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FEB 15'337
The.
ammerria
V
COPYNIOHTED IN 1937 BY WILLIAM
B. DANA COMPANY, NEW YORK.
VOL.
144.1"u°dw;?no3^'y"rcopy-
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW
NEW YORK, FEBRUARY 13,1937
YORK, NEW YORK, UNDER THE ACT OP MARCH
rSS
BROOKLYN TRUST
THE
COMPANY
Chartered
Kidder, Peadody t Go.
George V. McLaughlin
NEW YORK
President
BOSTON
PHILADELPHIA
NEW YORK
BROOKLYN
OF
THE
Federal
Depot it
Corporation
CHASE
CITY
The
OF
BANK
NEW
chase
ditionally
For
Member
NO. 3738.
NATIONAL
1866
YORK
is
tra-
bankers' bank.
a
many
it
years
Insurance
served
B, 1S7B.
has
of banks and bankers
as
New York
WfelkEraoBank
STATE
SAN
MUNICIPAL
FRANCISCO
Deposit Insurance Corporation
RESOURCES OVER
$200,
Deposit Insurance Corporation
AND
UnionlrustCo.
Member Federal
depository.
reserve
Member Federal
5
bikI
correspondent
and
COMMERCIAL BANKERS SINCE 1852
-t
large number
a
BONDS
United States
Government
annum
Securities
The
Hallgarten Si Go.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
Established 1850
63 Wall Street, New
NEW
York
BOSTON
YORK
Telephone: BOwling Green 9-5000
NEW YORK
CHICAGO
Boston
PHILADELPHIA
London
Chicago
Philadelphia
Chicago
San Francisco
SAN FRANCISCO
>
AND OTHER PRINCIPAL CITIES
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
120
The
Broadway
State and
New York
Amsterdam
London
New\orkTrust
Company
CARL M. LOEB & CO.
61
Municipal Bonds
Barr Brothers & Co.
BROADWAY
Capital Funds
NEW YORK
♦
.
$37,500,000
INC.
New York
Berlin
Amsterdam
Chicago
Paris
London
IOO
BROADWAY
57TH ST. & FIFTH AVE.
United States Government
40TH ST. & MADISON AVE.
EDWARD B. SMITH & CO.
SECURITIES
NEW YORK
State
New York
31 Nassau Street
-
Municipal
Industrial
PHILADELPHIA
Cleveland
New y ork
•
•
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
London
•
European Representative's Office:
Easton
8 KING
Railroad
-
Public Utility
BONDS
WILLIAM STREET
LONDON, E. C 4
Correspondent
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
R.W.Pressprich&Co.
Members New York Stock Exchange
St. Louis
Member of the Federal Reserve System,
the New York Clearing House Association
and
of the Federal Deposit Insurance Corporation
New York
Chicago
Philadelphia
San Francisco
Feb.
Chronicle
Financial
II
13, 1937
BAKER, WEEKS
A. G. Becker & Co.
&HARDEN
Incorporated
Investment Securities
J. & W.
Seligman & Co.
Members
Established 1893
New York Stock Exchange
E. No. 64 Wall Street
New York Curb Exchange
Philadelphia Stock Exchange
Investment Securities
NEW YORK
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
Graybar Building, New York
Commercial Trust Bldg.,
Chicago
New York
Buhl Building, Detroit
I
6
And Other Cities
London Correspondents
Philadelphia
BROTHERS
SELIGMAN
Lothbury, London, E. C. 2
Bourse
Building, Amsterdam
52, Avenue des Champs-Elysees, Par.s
Foreign
Foreign
Foreign
Royal Bank of Scotland
NATIONAL BANK
Capital (fully paid)-.............. £3,780,192
Reserve fund
£3,944,171
of EGYPT
.......
Cairo
Head Office
FULLY PAID CAPITAL
.
Deposits............... ..........£66,800,985
3,000,000
Yeara
200
CHIEF
LONDON AGENCY
6 and 7,
3
of
(ESTABLISHED 1817)
which
the
Western
Australian
Australian Bank of Commerce. Ltd. are
Commercial
FOREIGN
BANK OF
NEW SOUTH WALES
(With
Ooer
£3,000,000
RESERVE FUND....
Australasia and New Zealand
Incorporated by Royal Charter 1727
Banking
£8,780,000
Paid up Capital
Reserve Fund....
DEPARTMENT
Bank and The
amalgamated)
7,780,000
Bishopsgate, London, England
King William Street, E. C. 4
HEAD
Branches in all the
£23,710,000
OFFICE—Edinburgh
Aggregate Assets 30th Sept., 1936. £115,150,000
A. C. DAVIDSON, General Manager
General Manager
principal Towns in
6,150,000
....
...
Liability of Proprietors
Reserve
William Whyte
EGYPT and the SUDAN
Associated Bank, Williams Deacon's Bank,
Australian
Ltd.
AND AGENCIES in the
New Zealand, Fiji, Papua,
BRANCHES
780
Total number of offices, 254
States,
Mandated Territory of New Guinea, and
The Bank transacts every description
Wool
tralasian
Banking Business.
Produce Credits arranged.
London.
of Aus¬
and other
George Street, SYDNEY
Head Office:
London Offices:
Street,
Threadneedle
29
E.C.2
Berkeley Square, W.l
47
Agency arrangements with Banks throughout
U.
the
*
the
IN
1936
seventy-fourth
S. A.
*
year
of
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Business for this Company
Chief Office in New Zealand: Wellington
Sir James Grose, General
Manager
Head Office: 8 Moorgate, London,
Assets
gained 8.87% over the previous year
making a total of $796,393,304. Liabilities
totaled
$721,196,887
on
December
Paid up
..£1,000,000
Currency Reserve
.......
conducts
<
£500,000
description
business connected toith New Zealand.
Banh
The
1936, including legal reserve of $655,797,513
£2,000,000
Capital
Reserve Fund
31,
E. O. 2, Eng.
....£6,000,000
Subscribed Capital
every
of banking
Correspondents throughout the World
policies in force on that date; also
including reserve for 1937 dividends of
on
London Manager, A.
O. Norwood
$17,446,614.
Income of
the
$193,089,958
was
the highest in
Company's history.
Insurance in force
totaled
at
the end
$3,815,663,270,
a
of the year
record for the
Company.
Hong Kong & Shanghai
BANKING
CORPORATION
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
In manner prescribed by Ordinance No. 6 of 1929
Payments to policyholders and beneficiaries
were $84,754,313.
of the Colony.
Currency) H?50,000,000
Currency)..-H$20,000,000
Authorized Capital (Hongkong
Surplus
increased to a total of
$75,196,417. This includes contingency
reserve of $25,000,000 and
general surplus
resources
fund of $50,196,417.
Paid-up Capital (Hongkong
Reserve Fund In Sterling
H$10,000,000
Reserve
Liability of Proprietors
• OSTON,
MASSACHUSETTS
.
.
,
COMPANY
GUY
W. COX,
**
Prulhil
(Hong¬
H$20,000,000
kong Currency)
72
LIFE INSURANCE
Cur¬
rency)
C.
iOHN HANCOCK MUTUAI
£6,550,000
Reserve Fund In Silver (Hongkong
DE C.
HUGHES, Agent
WALL STREET,
NEW York
NATIONAL BANK OF INDIA, LIMITED
Bankera to the Government in Kenya
and Uganda
Head
Office: 26,
Colony
Bishopsgate, London, E. C.
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
Subscribed Capital
Paid Up
Capital
£4,000,000
...£2,000,000
Reserve Fund
.£2,200,000
The Bank conducts every description of banking
and exchange business
Trusteeships and Executorships also
undertaken
1¥
oiitmercw f
Vol. 144
No. 3738
FEBRUARY 13,1937
CONTENTS
Editorials
pagb
Financial Situation.
984
Dictatorship Unmasked.
_
.
996
.
Neutrality That Leads to War..
998
Bonds in Bank Portfolios—By
999
H. Parker Willis.
Comment and Review
Gross and Net
Earnings of United States Railroads for
1002
the Month of December
New
Capital Issues in Great Britain—
Annual
Week
1001
Report of the Comptroller of the Currency.
on
the
European Stock Exchanges.....
Foreign Political and Economic Situation
Foreign Exchange Rates
and
Comment
1006
989
990
993 & 1046
.....
Course of the Bond Market..
1001
Indications of Business Activity
——...1008
...
Week
on
the New York Stock
Exchange
987
Week
on
the New York Curb
Exchange.
1045
News
Current Events and
1019
Discussions
Bank and Trust Company Items
.....1045
...
General Corporation and Investment News.,
..1095
Dry Goods Trade
1137
State and
1138
Municipal Department
Stocks and Bonds
1094
Foreign Stock Exchange Quotations..
Dividends Declared..
1053
Auction Sales...
1094
New York Stock Exchange—Stock Quotations
1060
New York Stock Exchange—Bond Quotations.. 1059 &
New York Curb
Exchange—Stock Quotations..
1070
..1076
New York Curb Exchange—Bond Quotations
.....
Other Exchanges—Stock and Bond Quotations
1079
...1082
Canadian Markets—Stock and Bond Quotations.
1087
Over-the-Counter Securities—Stock & Bond Quotations. 1090
Reports
Foreign Bank Statements..
...
Course of Bank Clearings..
...1046
Federal Reserve Bank Statements..
....
General Corporation and Investment News
992
.....1057
...
1095
Commodities
The Commercial Markets and the Crops
1128
Cotton—
1131
Breadstuffs
1135
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. Biggs, Business
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La SaUe Street (Telephone
State 0613).
London—Edwards & Smith, I Drapers' Gardens, London, E. O. Copyright, 1937. by William B. Dana Company.
Entered as second-class matter June 23.1879 at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain. Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia. Australia ana Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
Manager.
The Financial Situation
wisdom either of
EVENTS during the past two or three weeks, and
particularly during the past week, have brought
President
the President and his policies to one of the few real
upon
tests that
preme
they have been called
haps it would be
certain
to
The
trial is the
on
results,
New
in
encouraging.
longer
Deal
any
have
In
has far exceeded
probably
by
himself.
that
ex¬
not
have
to
time
obliged to face
been
con¬
cerning
comparable
any
people
as
follows:
our
citi¬
issue since he has been in
ceal the truth.
office.
Shall we as a
thoroughly aroused, make our¬
selves effective against this attack upon the
fundamentals of our whole system of gov¬
ernment?
We can put a quick end to the
whole matter if only we are vigorous and de¬
termined enough in letting the powers that
be know just what we think of the proposal,
or any other like it.
refusal
courageous
of the General Motors Cor¬
poration to adopt
ist
defeat¬
a
attitude in its contro¬
versy
bor
with law-defying la¬
which
groups,
obvi¬
Let
no one
underestimate the importance of
settling this issue
public officials acting
the President is bad enough in and of itself,
but if pressed to s successful conclusion at
and
ap¬
parently for the most part
under
the
perhaps
sponse
similar, though
less
marked,
Mr.
Lewis,
time
was
most
at
re¬
one
said to have al¬
limitless
support
seems
splinters.
generations to
vest,
they at
If the
popu¬
reasoning—as
some¬
times
happens
cases—there
nately,
that
unfortu¬
to doubt
no reason
the
such
in
is,
President
persuade
Congress
can
do
to
nearly anything and
every
it shall do.
it is
But
definite limits
are
least
at
plain that there
now
which Congress
without at least
beyond
will not
of resolute resistance,
that
of
President,
plainly in evidence,
eyes
and
the sympathies
even
the
go
showing
a
very
not
are
in the
excuse
of the public studied
indifference to the law of
the land and the
duly de¬
livered orders of the duly
constituted courts. Wheth¬
er
more
than this may be
from
inferred
accurately
the events of the past
weeks, only time
can
few
tell,
but this much is certainly
sufficient
afford
to
some
encouragement to those to
whom
it
has
limit to the
times
at
seemed that there
was
no
indulgence that
the American
people
were
willing to show.
Settlement
"We stand at Armageddon."
a
T
powers
turning point
General Motors Strike
come.
commanding figure in
political circles.
sort of
public feeling and
In the words of the other President Roose-
at
to be
The proposal of
If, on the other hand, we demonstrate to a
doubting world that not even the President,
now
enjoying a position of power and influ¬
ence
probably unequaled in modern times,
can
intrude upon the independence of the
judiciary, the issue will have been settled for
population.
who
Washington,
less
small
from all thoughtful
elements in the
decisively settling it.
ously from this time forward to prevent this
entering wedge from splitting our whole
system
of
government
permanently
into
self, has in the meantime
a
it ought to be settled,
there.
tion of the President him¬
evoked
as
this time it could hardly be expected to end
We should have to struggle continu¬
direc¬
a
in
now
ously had the sympathy of
directly
developments under
sufficient to
The question, therefore, is:
people,
The
Unless, indeed,
years.
thing that he is determined
and are
volume,
high and low rank, indicate plainly
that the people of this country realize, some
of them vaguely, some of them quite clearly,
that the warning of this learned educator is
quite appropriate to the occasion that has
been created by the proposal of the President
of the United States that he be given power
to
"pack" the Supreme Court.
Evidently
the "cleverness" with which this suggestion
was
brought forward has not served to con¬
a
no
of
lar
of
zens
bis
opposition has arisen of
sort that he has at
of
American
from the throats of vast numbers of
the fact remains that
way,
the
Wednesday the
Harvard
University
on
The cries of protest that have risen,
still rising, apparently in increasing
the President will be able
ultimately
address
should be lions under the throne?"
President
or
four
vide
Independence one of
the charges against George III was that he
had made judges dependent on his will alone
for tenure of their offices, and by the Con¬
stitution our forbears provided that no one
should be able to do anything of the kind
again in this land of ours; at least they at¬
tempted to do so.
Are we now to return to
the claim of the Stuart Kings that judges
Court
Whether
Armageddon
"In the Declaration of
anything
the
radio
a
warned
foreseen in most quarters,
pected
ington for the past
moderately
President-emeritus
in
"pack¬
Supreme
sweep
discussion themselves pro¬
people,
for
plan
real awakening of the
a
of the population to the broad
these
aroused by the President's
and
mass
danger inherent in what has been going on at Wash¬
We Stand at
of the
the homes
the
large
re¬
say
Congress but
devious
nothing that has occurred gives
no
sentment, not only in the
ing"
been
say,
convincing evidence of
any
for doubt that
room
of
and
and attitudes.
programs
case,
There is
opposition, not to
halls
Reasons for Encouragement
of the rank and
response
to the
power
Court.
Needless to
of the American people, since what has
really been
file
sense
large grants of
him by perinitting him to dominate the Su¬
accurate to say that these de¬
more
velopments have served to test the good
the courage
Per¬
to meet.
upon
new
the removal of constitutional restraints
or
that be felt
as
certain
General
Motors
HE terms of the agree¬
ment
between
Corporation and the union
the
repre¬
time appeared to feel that they en¬
sented
by Mr. Lewis, by which the strike is termi¬
joyed widespread public approval and support, it is
highly probable that they would long ago have
nated,
seem
adopted
the strikers have been permitted to continue unlawful
as
ment
a
one
much
against
There is
no
more
the
good
aggressive attitude of resent¬
General
Motors
management.
to doubt that the people at
quite plainly to bear the impress of this
public reaction to lawlessness.
Despite the fact that
occupation and possession of the Corporation's
prop¬
erty for weeks
on
large, already astounded at the timidity of the State
fiance
a
of
enforcing officials, they have apparently gained noth¬
reason
Michigan in ignoring both the law and
one
of its
ful
attitude
own
courts, have by
of
officials
reason
an
order of
of this disgrace¬
plainly under orders from
Washington been led to feel greater doubt about the
even
of
end, and notwithstanding their de¬
court order without action
by law-
ing of importance in the agreement with the
poration
or
cor¬
in the supplementary agreement between
the corporation and Governor
Murphy.
The terms
Volume
Financial
144
substantially the
are
"truce"
thrown
various
last
of
of
month.
Meanwhile, the workmen
employment and the
of the
properties involved have suffered very heavy
out
owners
the fact that the union insisted
damages through
learning by bitter experience that nothing more
upon
be gained.
to
was
those of the abortive
same as
upon
a
public
It had evidently been counting
rather different from that
response
Nevertheless it
is
feared
be
to
administered to Mr. Lewis, while
hold
his
employees
upon
among
that
defeat
the
the like.
so
about $347,500,000, against
far had little
half of this increase in the deficit is
no
picketing and
modes of
pro¬
capital collections during January of last
converted into revenues instead of being
statement carries them) as
are
carried (as the Treasury
substantial part of
but of course
encouragement is to be found in the fact that
deductions from
expenditures,
little
expenditures
contented
wage-earners
selves above the
them
law,
It would be
a
simple matter to rid ourselves of
very
those who have
their
to
sworn
acknowledged
All that is required is that
uphold the law proceed with
without
duties
fear
Unfortunately the General Motors strike
history without affording
a
willingness
greater
agencies
evidence whatever of
any
perform their
to
into
the part of law-enforcing
on
only hope that what
can
favor.
or
passes
normal
seems
functions.
We
to be
slow
now
a
awakening of the public to the truth of the situa¬
tion
will
continue
to
gain
until
momentum
the
country becomes once more a land of law and order.
a
number of other
significant trends of affairs
are
in
One of the most im¬
portant of them is to be found in the Treasury
danger of being lost to sight.
Much
statements.
said, it will be readily
was
re¬
called, at about the turn of the year regarding an
balanced budget.
early approach to
a
the New Deal
wont to
were
Defenders of
predict that the
very near
future, if not the immediate future, would see an end
to further net
borrowing by the Federal government.
A "technical balance" in the
budgetary figures from
about this time forward
a
much
was
favorite theme.
Not
heaid of all this for several weeks
has been
surance
are
000
the
same
so
this
kindred
and
far
as
anything at all has been said of
drought
matters,: the
brought to the front
as
has
been
the despoiler of well-laid
Generally speaking, however, the Adminis¬
tration has let the matter rest, possibly in the hope
plans.
that other issues would absorb the attention of the
public sufficiently to permit the actual course of
events to pass more or
less unnoticed.
However all this may be,
that far from showing any progress
of
a
the
balanced budget, either
figures reveal
a
in the direction
"technical"
steadily and
even
or
otherwise,
rapidly mount¬
ing deficit—a deficit that cannot by any means be
explained
away
by pointing to the floods.
the month of January
the
legitimately be attributed to the flood, or to the
strikes in the automobile and other industries, cannot
as
During
it is easy enough to
be accurately determined, but
of it is not to be accounted
that the larger part
see
for in any
such
Note the items that show the
way.
In the first place, so-called
important increases.
most
expenditures for the month
"regular"
$12,000,000
some
Conservation Work" (which
lays for "Emergency
recently been transferred to this category
heading "Recovery and Relief") are elimi¬
But turning to the
nated.
rose
if social security charges and out¬
even
"emergency"
or
"special"
"recovery and
relief" as
we find that the
Commodity Credit Corporation increased its net
volume of outstanding loans during January by some¬
expenditures for
they are officially called,
expenditures,
or
The increase last year
thing less than $36,500,000.
was
less than
The Farm Ciedit Admin¬
$4,900,000.
reported net collections during January, 1936,
istration
amounting to
little
a
This year the
The Public Works
$4,000,000.
over
figure is less than $1,250,000.
municipalities,
loans
made
Administration
and
States,
to
grants
amount of
in the
last month
etc.
This is
nearly $20,000,000 in excess of collections.
than $10,000,000 above the
a
year
is
this
Banks
taken
expenditures, cost
emergency
more
Public highway construction, if due
of entries in both regular and
ago.
account
for
listed
are
a
more
about $8,500,000
us
January than last.
January against
last
figure for January
The Federal Land
than
$4,000,000
The monthly cost of the Resettlement
year.
now
risen to
$13,000,000.
over
It had exceeded $11,000,000 a year ago.
struction
of
Finance
collections
net
more
this
net repayment of nearly $1,000,000
on
than
January.,
Corporation
direct
loans
$70,000,000
This
last
and
during
The Recon¬
year
reported
expenditures
the
month
of
it reports net outlays of nearly
year
$13,250,000.
reported by
Loans
on
the Increase
Secretary of the Treasury amounted to something
more
less
expenditures
than during
year
How much of this may
month last year.
Administration has
the fact of the matter is
this
greater during January of
more
past, and
after non-cash outlays for social in¬
deducted, were not far from $100,000,-
even
from the
WHILE all these the public have been however,
the attention of matters
elsewhere, drawing
than actually
year
total expenditures as re¬
remains that
fact
The
ported,
have only
The Budget
larger last
/
Many Items Increasing
shall in all probability find
taking advantage of their special privileges.
this particular curse.
were
safely consider them¬
can
we
a
the increase in expenditures disappears,
reported.
As long as groups of dis¬
of the others.
It is likewise
liability assumed is real enough.
the
law-enforcing agencies, either in the General Motors
any
involved,, but of course
actual cash outlay is
strike
or
accounted for
Security Act, and
by charges incident to the Social
year
nothing to fear from
or
was
whom he is con¬
These admittedly unlawful
cedure have
ments)
true that if
end to the "sit-down" strike, mass
an
retire¬
$228,000,000
a year ago,
an increase of about $120,000,000 per
month, or at the annual rate of approximately $1,500,000,000. It is true that somewhat more than
reported (after excluding debt
as
probably reducing
stantly endeavoring to make trouble, will not bring
$56,000,000 for the month, so that
about
rose
nues
the deficit
that
actually encountered.
985
Chronicle
than
than
little
In
$473,000,000 in January of last year, a
that
$635,000,000,
as
compared with
difference of about $162,000,000.
the rate of
nearly $2,000,000,000
a
This increase is at
per annum.
Reve¬
light of facts such
we are
making
no
as
these, it is evident, first,
headway with the budget, and
second that it is idle to undertake to
of progress to
floods
or
charge this lack
other unforeseen
or
unfore-
986
Financial
seeable
Still
developments.
nificance
is
be
to
another
fact
of
noted.
carefully
The
Federal
sig-
Chronicle
Feb.
the week with other officials, technically
President's committees,
mi
13,
of the
one
concerning foreign
in vest-
government, far from withdrawing from competitive
ments in our securities markets indicates plainly that
lending, is actually
the officials at Washington
in the
now
activities.
expanding such
from the details that have
made all the
more
of substantially
process
This
much
is
already been cited.
revolving funds
past been showing
creasing
collections.
net
apparently in the belief that the influx is responsible for
continued gold imports, and that it also leaves the
American market vulnerable since foreign investors
many
January
months
they
combined net advances in the amount of
might at
time conclude that the time had
any
withdraw.
to
of
cerning the
than
speculators) in the markets, and their tendency to
more
presence
many
low figures.
ending June 30,1938, in the amount
Considerable attention has of late
been focused upon the Works
tion.
of
This agency shows
January this
little
less
year
than
Progress Administra-
expenditures for the month
of about $145,500,000, against
$157,500,000
reduction here is far
last
than offset
more
but
year,
a
the
by increased
outlays elsewhere.
about this state of affairs is not clear.
reminded that these conditions
those existing at that time.
much
for
the
record.
As
the
to
future
the
closely similar to
are
Both the existence of
Securities and Exchange Commission have obviously
been unavailing
as
far
as
as
the
the prevention of such
concerned.
is
or
Nor
more
has
are
permitted to remain operative.
appropriations in
are
reported
debt
(excluding
retirements) shown in the tentative budget then
presented.
It
may
be that the President will find bis
hopes realized next month, but if
will be
when
additional
funds
quested and granted.
the stock
floods
excuse
for
in
next fiscal year.
dealing
has
large amounts
plans going
money
the
the
m
awry
such
an
During the past two
submitted
with
two
of
or
It
is
is
the
year;
for the
Congress
large
of
be
done
means
in
the
clear
budget
that
presented.
as
is
well
worth
At
rate, the question is
any
raising
and
counting
upon a
of government
one
higher
of
the
foundations
much to do with
This
confidently
debt outstanding in the hands of the
year.
of
money rates to come,
stocks.
are
one
Many
substantial reduction in the volume
public during the next fiscal
is
watching.
in the financial community
groups
This expectation
current
discussion
of
which in turn has had
sharp increases in tjhe prices of bank
b}pe of
a
reduction in publicly held
debt is based upon the expectation
of a balanced
budget for 1938 excluding public debt retirements
but
including expenditures to the old-age pension
reserve
account which
and which
are
budgeted at $540,000,000,
naturally involve
All this may
work out
as
no
actual outlay of cash.
expected, but it is well not
to count chickens too far in advance of the
now
hatching.
Security Markets
of
some
concern
to
public officials, and certainly
subject
bankers and investors, has to do with
certain aspects of the securities markets.
ment
on
a
Announce-
Thursday that the Secretary of the Treasury
planned to proceed with further discussions early in
case
succeed
They
only if budgetary
more
than
prevention of further increases in bank deposits
will be necessary if the forces
in Washington
are
now
apparently feared
to be held in check permanently,
This simple fact, coupled with t^he further circumstance that the banks of the
country hold
so
large
a
part of the public debt, clearly reveals the weakness
of the position which the government has taken,
Federa, Regerve Bank statement
D ANKING statistics this week reflect only^ moderate changes, most of them in the direction of
^panding credit resources. The figures supplied
weekly by the Federal Reserve Banks no longer are
adequate for a complete understanding of monetary
affairs, of course, since some important gold functions now ar.e confined to the United States Treasur^* ^bere is reason to believe that available figures on S°id fail to show the full amount received
acquired weekly by the Treasury and the stabil-
^
Nation fund.
The figures disclosed, however, indi-
cate a steady flow of metal to this side of the Atlantic, with receipts to Wednesday night recorded
at $23,000,000 from domestic and foreign sources
alike. This increased the total monetary gold
stocks to I11,387,000,000, which is another record in
mon°tonous succession of new highs. The Treasur^
no^
be sterilizing the receipts,
or
least not all of them, for no demand on the
eaPital market has been made to care for payment,
an(* ^be Treasury balance on general account with
ties.
Another situation that is apparently much in the
mind of
The authorities
to have turned their faces sternly
control is effected, but obviously much
mere
long
the forces of past inflationary activities
the Reserve banks
The
as
resources,
whether all these expenditures to be made prior to
June 30, 1938 are already included in the
figures
or
in the nature of the
of
sums
no
to
by
re-
three weeks the
conservation
areas.
this
excuse
of
prevention of floods and work
were
summer
reports to
expenditure
name
drought-stricken
this year
was
The drought of last
could easily furnish
President
his experience
so,
different from what it
very
No such
against further increases in bank deposits.
can
a
of
inflationary activities of the government itself
continue,
surplus
system
successful.
President in his budget message expressed the hope
of the
our
system is likely to be effective
that he would not feel obliged to ask for supplemental
excess
Those whose
the two securities acts and the functioning of the
mechanism
So
quoted at
back to the late twenties need not be
"managed money" been
Future
are
Just what the authorities plan to do
memory runs
situation
The
(or
small investors
buy securities merely because they
The President in his annual budget
listed such agencies for total net additional
$153,300,000.
con-
show
$67,000,000.
of
come
Concern is likewise in evidence
message
loans for the year
or
abroad,
operated by the
now
In
at least to reduce, this flow of funds from
com-
balance of substantial but de-
a
still entertaining the
are
idea of doing something to eliminate the influence
collections)
These agencies have for
government.
It is
striking by reference to the
bined net expenditures (or repayments or
of the various
evident
banks
Largely
also fails to reflect such activi-
because
of these
able to add to their
factors, member
balances, and
legal requirements moved up
$30,000,000 in the week to $2,180,000,000.
The
were
reserve
excess reserves over
statement of the 12
Federal^ Reserve banks, com¬
bined, shows gold certificate holdings down $11,000
in the week to Feb. 10 to
an aggregate of
$8,848,-
Volume
Financial
144
378,000, but
important reduction occurred in
a more
specie and certain other forms of cash in vaults, and
total
fell
reserves
total of money
in the
$11,962,000 to $9,138,214,000. The
in circulation increased $12,000,000
week, according to the credit summary, but
only part of this
reflected in Federal Reserve
was
987
Chronicle
company's plants from Dec. 15, 1936, to Jan. 27
last, the declaration of
dividend of 75c. a share,
a
payable March 15, in comparison with $1.25 a share
in the two
preceding quarters, cannot be reckoned
Canadian Pacific Railway de¬
altogether adverse.
clared
dividend of
a
1%
the 4% non-cumulative
on
notes, which increased $7,771,000 to $4,165,838,000.
preferred stock, payable April 1, which will be the
Total
first dividend
deposits with
the
12
banks
amounted
to
paid
on
the stock since Oct. 1, 1932.
$7,213,128,000, off $6,116,000 for the week, with the
Goodyear Tire & Rubber Co. declared a dividend of
individual account
$14.75
member
bank
854,000;
a
changes consisting of a gain of
balances
to $6,770,-
by $13,140,000
decrease of Treasury general account bal¬
by $43,593,000 to $132,152,000; an increase of
foreign bank balances by $26,538,000 to $102,803,000,
ances
and
drop
a
of
$2,201,000 to $207,319,000.
spects
fell
purely nominal.
are
by
balances
bank
non-member
Changes in
other re¬
Discounts by the System
$218,000 to $2,583,000, while industrial advances
were
off
$67,000 to $23,582,000.
ings of bankers' bills
unchanged at $3,081,000
equally motionless at $2,430,227,000.
ratio fell to
reserve
on
the
stock, payable March 13, which com¬
common
with 25c.
pares
15c.
share
a
the
on
share
a
common
quarterly dividend of
a
stock, payable March 22,
with regular quarterly dividends of
and compares
12c.
Frank
share in previous quarters.
a
Shattuck Co. declared
G.
previously, as well as 50c. a share extra
in'December last.
.
...
'
•
■
The New York Stock Market
The
80.3% from 80.4%.
(S.
S.) Kresge Co. declared a dividend of 30c. a share
holdings of United States Government securi¬
were
clearing up all
stock, the first since February, 1932.
common
1
and
ties
were
Open market hold¬
the $7 cumul. pref. stock,
on
accumulations, and a dividend of 50c. a share on the
UPWARD movements in stock pricesthis week,
were re¬
the New York market
sumed
Business Failures in January
on
with the trend
quite pronounced on the temporary
Thursday.
JANUARY failures are'frequently the highest of the
settlement
of
Occasional
periods of profit-taking interrupted the
the total for the year will be an
tendency
Should that
year.
for
in
January last there
casualties
involving
to be the
prove
no
case
in 1937
exceedingly small
were
than
more
one
business
only 811
$8,661,000
of
on
now
the
motor
strike,
early
and then, but fresh buying developed
setback and pushed levels of many groups
every
of issues
ever
Steel and motor shares were
higher.
liabilities while in the opening month of 1936, 1,077
the market leaders
firms failed for $18,104,000.
extended also to other industrial shares.
were
In December last there
fewer failures, 692 in number, but the $12,288,-
000 liabilities while small for
month
for that
matter,
December,
were
or any
other
considerably greater
than last month.
Considering the figures according to the various
number of failures in the
in
manufacturing line from 174
January, 1936 to only 136 last month; liabilities
were
even
reduced,
sharply
more
$2,502,000 in January this
in
drop in
the
month last year.
same
division there
ing this
year
liabilities
year
a
was
amounting
In the retail trade
similar decline, failures amount¬
to 498 in comparison with 704 last year,
involved
were
only
$3,746,000
while in
January, 1936 they amounted to $6,245,000.
wholesale group,
of the previous
of money
was
involved
totaling $1,072,000
January, 1936.
were
year;
however much lower this
no
year
compared with $1,723^000 in
while last
year
51 failed for
In the commercial service
liabilities of
ex¬
the amount
In the construction trade 45 firms
casualties
42
as
$1,015,000
$2,435,000.
In the
90 failures this year actually
ceeded by 1 those
failed for
to
against $5,834,000
compared with "59
more
group
a
there
year
ago;
than $326,000 this year
were
strikingly reduced from the $1,867,000 involved in
A
breakdown of the figures by
Districts reveals
a
failures in nearly
Federal Reserve
fairly proportionate reduction in
all Districts.
District however there
was an
In the Richmond
increase in the number
Traders and investors
obviously were encouraged by
signs that the motor strike was moving toward
settlement, by the passing of the Ohio and
ports of trade and industrial trends.
outweighed even the Administration move
toward
control
of
the
Supreme Court
Executive.
change
full
Dealings
on
close to 3,000,000 shares in each of the
were
terest in
Cash buying clearly accounts for
equities.
much of the
volume, for there is no great increase
of brokers' loans
from week
current week
were
highly favorable.
However, allowing for the strike in effect in that
to week.
Despite
re¬
peated warnings, most of the buying remains con¬
The trading this
centrated
in
week
interrupted, of course, by the observance
was
of Lincoln's
The
low-priced issues.
Birthday, yesterday.
share market was
of the
tone
brief session last
Saturday.
good in the
Most of the losses occa¬
sioned
by the surprise announcement of the Presi¬
dent's
plan to gain control of the Supreme Court
were
recovered, largely on account of the nation¬
The re¬
made possible
handsome gains in many issues.
The upward trend
was continued as trading for the week was resumed
Monday.
Scores of issues attained highs for the
opposition that instantly developed.
assuring
of sentiment
indications
and the movement, under the leadership of the
stocks.
Low-priced
base metal issues were
while other commodity
There was widespread
Tuesday, but the undertone
well,
prime
the
of the
the New York Stock Ex¬
sessions, which also reflects the increasing in¬
steel
larations
and still
greater centralization of power in the hands
year
WITH the exception of the Co., dividend dec¬
Libbey-Owens-Ford Glass action taken by
These circum¬
stances
amounting to nearly 40% but involving
Corporate Dividend Declarations
Missis¬
sippi flood danger, and by the continued good re¬
nevertheless less than half the amount of liabilities.
of failures
The
commodity stocks likewise were in favor.
so-called
wide
January, 1936.
Rail and
utility stocks engaged in spasmodic advances.
the
lines of industry it appears that there was a
throughout, with good support
favorites
stocks
joined the parade.
realization
remained
with
as
selling
on
good and the liquidation was absorbed
relatively modest recessions in
leaders.
the market
Shares of the rubber companies remained
988
Financial
firm, and demand also
stocks,
while
showed
noted for motion picture
was
miscellaneous
fair results.
nitely upward
The
industrial
trend
equities
again turned defi-
Wednesday, partly because of the
on
Chronicle
sales
Feb.
A
volume.
occurred
irregular only to
broad front.
a
in
pause
Tuesday,
on
when
again
soar
this
1937
13,
trend
upward
most groups turned
Wednesday along
on
In this session
the
steel, motor,
overnight disclosure that the Chrysler Corp. had
raised wages of its motor
workers, and partly on the
metal and rubber issues enjoyed the major gains,
decision
Yesterday the market opened firm, and values shot
of two
leading utility holding companies
register under the Public Utility Act.
Steel
to
stocks resumed their
leadership of the market, with
closing
to
one
upward
on
four
points
word that
higher
for
the
day.
temporary settlement of the
a
General Motors Corp. strike had been effected.
As
large gains recorded in the issues of all the large
companies.
Some favorable dividend and earnings
on
reports appeared and
strength to other sections
trie closed on Thursday at 62 against 61% on Fri-
Utility, railroad and commodity issues
day of last week; Consolidated Edison Co. of N. Y.
of the list.
gave
joined the upward swing.
The
compared with Friday of last week, closing prices
Thursday
were
generally higher.
General Elec-
that arrange-
at 45 against 45%; Columbia Gas & Elec. at 17%
ments had been made for return of General Motors
against 17%; Public Service of N. J. at 50% against
workers to their benches stimulated the entire
50%; J. I. Case Threshing Machine at 173% against
170%; International Harvester at 108% against
ket early
in
news
Thursday, and fresh highs
stocks.
numerous
But k
mar-
registered
of realization sell-
wave
ing modified the gains, and in
were
104; Sears, Roebuck & Co. at 87% ex-div. against
instances net
84%; Montgomery Ward & Co. at 61% against 57%;
some
losses resulted.
*
In the listed bond market the trend
was
Woolworth at
somewhat
uncertain, owing to the aloofness of institutional
58% against 59%, and American Tel.
& Tel.
against 183.
on
at 183
Western Union closed
Thursday at 77% against 76%
on
Friday of last
investors from the
high-grade issues market, pending
week; Allied Chemical & Dye at 239% against 235;
the
of
E. I. du Pont de Nemours .at 175% against 173;
effectiveness
United
creases.
the
reserve
their former range,
into
but best-rated corporate bonds
slipped slightly lower.
Fairly good results
National Cash
national
Register at 36 against 35%; Inter-
Nickel
at
65%
against
64%;
National
were
Dairy Products at 25% against 23%; National Bis-
the other hand, in the distribution of the
the market,
euit at 31 against 31; Texas Gulf Sulphur at 41%
against 40%; Continental Can at 62% against 61;
speculative sections of the bond market the
noted,
Eastman Kodak at 174% against 173%; Standard
on
several
large
In the
flotations placed
new
general tendency
with
requirement
States Government issues held
on
upward, in close conformity
equities performance.
Low-priced Latin-
the
was
Brands at 15% against 15%; Westinghouse Elec. &
Com-
Mfg. at 169 against 158; Lorillard at 27 against
26%:; United States Industrial Alhocol at 49%
modity markets showed good results, the tendency
of quotations being upward in
grains, cotton, rub-
against 39%; Canada Dry at 28% against 28%;
Schenley Distillers at 43% against 43%, and Na-
ber, base metals and other items.
tional Distillers at 27% against 27%.
American default issues
stimulated
share
market to
These movements
considerable de-
a
Foreign exchange developments
gree.
with
the
prime favorites.
were
were
modest,
previous conditions again in evidence.
francs remained
French
persistently soft and doubtless
The steel shares
again moved forward, with im-
pressive gains for the week.
closed
on
United States Steel
Thursday at 199% against 96%
on
Friday
re-
of last week; Inland Steel at 123% ex-div. against
quired official support from the French stabilization
115; Bethlehem Steel at 91% against 81%; Republic
fund.
funds
Sterling also reflected
New
to
garding the
a
heavy movement of
York, and further apprehension
flow
in
expressed
was
re-
Washington,
Thursday.
On
New
new
touched
York
Stock
Exchange 279
high levels for the
new
low
levels.
On
Exchange 173 stocks touched
77
burn Auto closed
on
the
touched
Steel at 37 against 34%, and Youngstown Sheet &
Tube at 85% against 82.
stocks
touched
new
low
year
the
while 87 stocks
New
new
levels.
stocks
York
Curb
high levels and
Call
loans
on
theN.Y. Stock
on
Friday of last week; General Motors at 79%
against 67%; Chrysler at 134 against 126%, and
Hupp Motors at 2% against 2%.
group,
at 41% against 34%
on
on
2,986,699 shares;
on
Tuesday, 2,593,359 shares; on Wednesday, 2,919,529
shares, and on Thursday, 2,916,899 shares. Friday
was
Lincoln's
York
Birthday and
a
holiday.
On the New
Curb
Exchange the sales last Saturday were
shares; on Monday, 765,385 shares; on
382,915
Tuesday,
844,668 shares;
shares, and
on
Wednesday,
Thursday, 781,549 shares.
on
895,379
Thursday
States Rubber at 57% against 54%, and B. F. Good-
shares;
were
on
Friday of last week; United
rich at 49 against 33%.
Monday they
In the rubber
Goodyear Tire & Rubber closed
Exchange remained unchanged atl%.
On the New York Stock
Exchange the sales at
the half-day session on
Saturday last were 1,453,489
on
In the motor group, Au-
Thursday at 33% against 32%
prevalent
among
they closed
Friday
a
on
Rising prices
were
again
the railroad shares this week, and
Thursday last at higher levels than
week
ago.
Pennsylvania RR. closed
Thursday at 43% against 42%
on
on
Friday of last
week; Atchison Topeka & Santa Fe at 76% against
72%;
New York Central at 44% against 42%;
Union Pacific at 134 against 131%; Southern Pa-
cific at 50 against 48%; Southern Railway at 34%
against 31%, and Northern Pacific at 32 against
28%.
Strength characterized the market this week, notwithstanding the many grave problems that remain
to
Among the oil stocks, Standard Oil of N. J.
closed
on
Thursday at 72% against 79%
on
Friday
of last week; Shell Union Oil at 39 against 29%,
plague business and industry. On Saturday last
prices rallied and closed with impressive gains from
and Atlantic Refining at 34% against 34%. In the
copper group, Anaconda Copper closed on Thursday
the setback suffered in
at 57% against 54% on Friday of last week; American Smelting & Refining at 93 against 93%, and
Phelps Dodge at 56% against 52%.
Friday's session
of the President's recommendations
Federal
judiciary.
as a
result
concerning the
This confident tone
was
carried
into
Monday's market, and advances of the previous
day were extended further, accompanied by a large
Trade and industrial reports continue to reflect
a
satisfactory trend.
Steel ingot production for
the
Volume
week
Financial
144
ending today
and
Iron
Steel
estimated by the American
was
Institute
at
capacity
of
80.6%
against 79.6% last week and 52.0% at this time last
Production of electric energy for the country
year.
reported by the Edison Electric Institute at
was
2,201,057,000 kilowatt hours for the week ended
Feb. 6 against
989
Chronicle
active, Monday, with gilt-edged issues inclined, to
recede, while industrial securities of almost all de-
scriptions were marked higher. Rubber and oil cornshares were favorites among the commodity
pany
issues, and
a
little interest also was displayed in
gold mining securities. Anglo-American trading fa-
2,214,654,000 kilowatt hours in the
vorites advanced broadly on good week-end advices
previous week and 1,962,827,000 kilowatt hours in
from New York. Movements on Tuesday were uncertain, and turnover also dwindled. British funds de-
the
corresponding week of 1936.
As
indicating the course of the commodity markets, the May option for wheat in Chicago closed on
clined and carried other gilt-edged securities to
lower levels. Liquidation was general in the recent
Thursday at 135%c.
industrial favorites, but new support kept the recessions within bounds. Oil 'issues improved, but
copper and precious metal shares declined,, while
May
on
at Chicago closed
corn
Thursday , at 109c. against 107%c. the close
on
Friday of last week.
on
May oats at Chicago closed
Thursday at 50%c.
on
against 133c. the close
as
Friday of last week.
as
against 50%c. the close
on
closed
close
price
spot
on
on
rubber
here
cotton
Thursday at 13.17c.
the close
closed
for
Thursday
as
Friday of last week.
on
21.41c.1
against
Domestic copper
Thursday at 13c., the close
on
York
New
The spot price for
21.53c.
was
in
against 13.20c. the
as
Friday of last week.
on
on
Friday of
on
Thursday
last week.
In
was
the
price of bar silver
pence per ounce as
per ounce on
New York
against 20 1/16 pence
Friday of last week, and spot silver in
closed
on
Thursday at 44%c., the close
Friday of last week.
on
In
little
publication of favorable
on
a
revenue returns,
and improvement also was the rule in industrial
Shipping shares were in exceptional deTransatlantic favorites continued to move
stocks.
mand.
higher, on further favorable reports of the trend on
New York markets. The downward trend of giltedged issues was resumed Thursday, and liquidation
London
20%
British funds gained
don market, Wednesday.
Friday of last week.
The
Anglo-American issues reflected steady buying. The
tone improved in almost all departments of the Lon-
the
matter
transfers
$4.89 11/16
of
the
London
on
as
foreign exchanges,
closed
on
cable
at
dealings, and a late rally wiped out only a part of
Friday
the losses. French equities of almost all descriptions
remained in good demand, and international securities also tended to improve. After an uncertain
Thursday
against $4.89% the close
on
of
last
on
Thursday at 4.66%c. as against 4.65%c. the close
on
Friday of last week.
week, and cable transfers
on
also was noted in the industrial sections, but AngloAmerican stocks soared on settlement of the motor
strike in the United States.
Movements on the Paris Bourse, Monday, reflected
the prevailing uncertainty on the monetary situation. Rentes were marked sharply lower in early
Paris closed
opening, Tuesday, rentes again recovered and closed
a little lower for the session. Commodity issues
only
European Stock Markets
were
jn keen
demand, and sharply better levels ap-
IRREGULAR tendenciesprincipal European finan- pearedsecurities of this character.copper, nickel and
for gold mining, rubber, French bank, inexchanges in the marked the trading on
other
stock
cial
Movements
week.
this
centers
closely resemble those
on
London
the New York markets,
with British funds and other
issues
at
high grade investment
soft, while securities with some speculative
attraction tend to advance.
flection, of
brakes
of the general expectation that
course,
boom conditions
on
This is merely the re-
surely will involve
some
tightening of the artificially low money rates. The
reflected much the
Paris Bourse
settlement that has
prevailed there
same
ever
sort of
since it
un-
was
rumored that another franc devaluation may prove
inevitable.
The list at Berlin was marked
steady.
were
The trend in rentes improved
quiet and
on
Wednes-
day, after a debate in the Senate during which Finance
Minister Vincent Auriol repeated his pledge
against further franc devaluation. Most of the
pre-
vious losses of the week were regained in rentes,
while confidence in the franc resulted also in losses
for French equities and international
securities.
Small losses in rentes and in most French equities
were
registered Thursday, but international securi-
ties were in good demand.
steadily
Little business was done on the Berlin Boerse
the four-year program announced by Chan-
during the initial trading period of the week. Heavy
industrial stocks, machine issues and chemical
lower,
as
cellor
Hitler and
involve
dustrial, chemical and other equities
his Nazi lieutenants appears to
The
shares all tended downward, but shipping stocks
political situation remains dubious in
improved. In the fixed-interest group a decided up-
heavy sacrifices by German investors.
international
ward trend developed in railway obligations. The
on Tuesday reflected a state of dullness un-
fleeted the
Europe, and dealings in the foreign markets reuncertainty. Continued intervention in
market
Spain by other countries, and the difficulty of at-
usual even for the normally quiet Berlin sessions,
taining any sort of general European settlement, resuit in
of the
liquidation of holdings, with augmentation
flow of funds to the United States, Argentina
and other countries that appear
to offer refuge for
Trading was so slow that the floor of the Boerse
virtually deserted at the end, reports said. Mi-
was
nor
losses were
recorded
in almost all issues.
dullness persisted on Wednesday,
The
and the trend
garding the business improvement in Europe, with
also remained soft. Heavy industrial stocks were
marked lower by small fractions in most instances,
the London market
although
fugitive capital. There is also some questioning retaking the view that peak activ-
a
few issues developed greater weakness,
ity in Britain is at hand. In the light of these and
Mining, chemical and utility issues also were in-
other
clined to seek lower levels. Movements were erratic
on Thursday, with small gains the rule as the net
factors,
European investors are perplexed,
and the markets reflect this situation
Trading
on
plainly.
the London Stock Exchange was fairly
result of the wide fluctuations.
990
Financial
Chronicle
Bank for International Stetlements
Feb.
furnished in the
of the
course
i3t 1937
meetings in Berlin.
THERE is little business for the World Bank to , favorable balance for last year ofstatistics reveal a
the monthly board Thus, the German foreign trade about 550,000,000
days, but
transact
these
meetings remain interesting
marks, but there is
afford
the gold
or
no reflection of that balance in
divisen holdings of the Reichsbank.
Payments
on
long-term debt, exacted by
for
occurrences, since they
European central bankers good opportunities
informal
conversations.
It
of
tive
that the
appears
meeting held early this week at Basle
produc-
was
not account for more than
good deal of criticism of the American
a
"currency club" activities. The complaint
dispatch to the New York "Times" notes, that the
a
American
management of
cumbersome and
to
States.
The
shipments
gold
occupied the bankers, it
French
Government
to
of the
central bankers
were
but there
tion
ap-
more
Netherlands
similar action by their
a
very
Re-
been expanded, with payment likely to be made from
holdings of German citizens.
a
own coun-
in that connection.
until this week that the securities actually
being utilized to provide the wherewithal for
The
re-
treaty restrictions and complications
sary
having stood in the
way
were
neces-
imports,
p
as
n.
uropean
—
,
lp omacy
DRITISH, French and German spokesmen having
But it also
D
admitted that the former status could not be
as
The German Govern-
ment last year issued a decree for registration of
all such holdings, but no intimations were available
position received its usual study,
facilitating devaluation of the mark.
regarded
to
the hiding places for sizable stores of gold
are
cent declaration that the Reichsbank is freed from
was
or
exchange realized through sale of foreign security
and
bankers seemed to consider Chancellor Hitler's
Versailles
the other hand, to doubt
of the Reichsbank statements
real need to import fats and other foodstuffs.
devaluation, if it occurs, would
new
or
reduction,
and divisen, for Germany has experienced
money
reported of the opinion that
nothing
was
form
one
the
grain from Argentina and elsewhere at length have
Switzerland
any
on
caused
comprise the B. I. S,
who
Bankers from The
The German
accuracy
since
answer,
marks
cent reports from Berlin suggest that purchases of
externally.
not involve
modest part of
many
board France will have to borrow still
further French franc
very
credit the theory that subsidiaries of that institu-
keep its currency
stable, internationally, and in the opinion of
tries.
the*
Much doubt prevailed regarding the ability
the
of blocked
There is little reason,
United
the
to
question of French finances ^and the
French franc likewise
pears.
of
also fail to supply the
another
accord is too
bureaucratic, and that its effect is
needless
cause
the gold
a
the favorable balance, while the standstill payments
made,
was
Euro-
some
countries under cleaning arrangements, can-
pean
their
aired
essentials of
of devaluation,
political
German Standstill Committee
were
views
regarding
the
general settlement of European
problems,
again
once
respective
any
private diplomatic
exchanges
resorted to this week in the
en-
FOR the seventh time in as many years, represen- deavor to further have beenadjustment. study of the
such an made, for Not much
to
*
tatives of banks in other countries that have
progress seems
extended credit lines to German institutions met in
speeches by Foreign Secretary Anthony Eden, Pre-
Berlin, Tuesday, to consider the further
mier Leon Blum and Chancellor Adolf Hitler indi-
be
pursued
are
course
to
the standstill problem. The meetings
on
cates wide divergencies of aims and methods.
being held at the Reichsbank and probably will
be less extended
this year
than
the
was
case
far
aims
as
are
British spokesmen long since barred
to
return of the colonies
1931.
came up
in
Spokesmen for banks in the United States,
Great
Britain,
Sweden
and
Holland,
Czechoslovakia
pate in the discussions.
headed
Switzerland,
assembled
to
ufacturers Trust
Company, and Joseph C. Rovensky,
Vice-President of the Chase National Bank.
Berlin
.
ciple"
was
almost
tween
1,000,000,000 and 1,100,000,000 marks, with
British
While
all
banks
the
the
were
other
reduced
in
concerned
remainder is
about
scattered
countries.
travel
would
they
among
the
mark
were
requirements
of the exten-
occasioned
by
to
and
the
As the Berlin conference started,
given that the British delegates
urge a more
extended.
use
rapid reduction of the credits
American
bankers
have
little
complain about in this connection, for there is
son
sum,
banks in
by 500,000,000 marks, it appears, the
Olympic Games.
intimations
half
During 1936, the credits
large reduction being due partly to
sive
be-
believe their credit lines to
to
rea-
German banks
corporations have been lowered almost to the
minimum requirements of trade.
Some
with
German
gold
and
foreign
position, and it is to be hoped that
a
exchange
answers
will be
starting negotiations
Western European
equally
difficulty
peace
is
pact.
An
presented
by
German antagonism to Soviet Russia and the firm
grave
French insistence that Moscow must be included in
general settlement.
any
are
These and other problems
inclining observers in London, Paris and else-
where to the belief that
a
long period of difficult
discussions lies ahead, with the outlook
none
too
encouraging.
In other respects, also, little sign of improvement
is reflected in the European political situation.
League
once
Council
having dodged
the
regarding recent
versations
Italian
Italy between
were
day that Italy would raise
area
Not much informa-
tion has been made available
in
The
Danzig issue
again, Nazis and their opponents in that
have resumed their bickerings.
authorities, but there
interesting questions remain in connection
the
reported to be the first point in the Ger-
list of requirements for
man
extended to Reich institutions
to
von
Recognition of the German demand for colonies "in prin-
regarding
amount
re-
for pushing the colonial issue with vigor.
reports indicate that the frozen short-term credits
now
such
any
Chancellor Hitler demands.
The German Ambassador to London, Joachim
partici-
by Harvey D. Gibson, President of the Man-
as
Ribbentrop, returned to the British capital late last
week, and he was said to have carried instructions
Belgium,
The American group is
ap-
parently relates to the former German colonies,
pre-
viously, for the standstill problem has been whittled
manageable proportions since it first
So
concerned, the chief difference
and
con-
Turkish
indications last Satur-
further objections to
the Montreux agreement which accords Turkey the
right to refortify the Dardanelles.
The Turkish
no
Volume
Financial
144
991
Chronicle
Spanish coasts that
Foreign Minister, Tewfik Rushdu Aras, proceeded
to Yugoslavia from
Italy, and he conferred at length
intervention
with the
aroused
Belgrade authorities.
Finland
sent its
to Moscow last
The government
of
Foreign Minister, Rudolf Holsti,
Monday, in
endeavor to improve
an
be set up to make the non¬
This, of course,
opposition from Germany, and the question
rendered still
was
may
agreement effective.
complex when Great Britain
more
the Russian
supported
contentions, last Monday.
relations and
dispel the suspicion that marred deal¬
Portugal presented still another obstacle when the
ings in recent
years.
The overtone to all diplomatic
representative of that country objected, Wednesday,
conversations
remains,
armament that
week goes
the
meanwhile,
rapid re¬
everywhere is in progress.
Not
a
to
supervision of the Spanish-Portuguese frontier by
representatives of the non-intervention group.
by without fresh indications of the extent
Mexican Land Problem
*
of
European
First Lord of the
in the
course
Britain is
any
increases.
arms
of
speech late last week that Great
building warships faster and better than
London reports early this week
that the British
rearmament
has reached the stage where any
program now
eventuality can he
Poland is the latest country to
met.
the
Samuel Hoare,
Admiralty, warned other nations
a
other country.
stated
Sir
armaments
increase
patches report that
virus,
for
Warsaw
dis¬
great area in South Central
a
Poland is to be set aside for the
the next four years
be affected by
of
huge
a
development during
war
industries region.
NUMEROUStodifficultiesproperly the program of
attempt
appraise are encountered in any
agrarian reform
Mexican
the
denas
can
formerly
owners,
this
the property of the great land
were
to be
seems
a
very
in
the not
be
could
transformed
plots,
many
almost
automatically.
The defeat of the loyalists in this
port of Malaga.
of
is
area
found it
undoubted
attack
authorities
from
still
another
all available and potential
arms
As usual, foreign inter¬
capital.
played an important part in the Malaga de¬
The
velopments.
attack
and the loyalist
prepared to meet the gravest test of the
by calling to
vention
on
that
city
landing of troops
of
Madrid
threatened,
were
defenders of the
were
on
Communications between Madrid and the
angle.
Mediterranean
war
for the rebels
significance,
possible promptly to turn northward and
the
resume
by taking the Mediterranean
Spanish
began
insurgents
the
weeks ago, with a surprise
some
at nearby towns.
Such forces
opposed successfully by the loyalist defenders
Malaga until last Sunday, when it appeared that
15,000 Italian "volunteers" had been added to the
attacking
insurgent
aided
force.
land attack that
a
Insurgent
gunboats
proceeded from almost all
directions, and on Monday the insurgents marched
into
half-ruined
the
With this
moved
city
of 200,000 inhabitants.
point in their possession, the insurgents
rapidly to close the highway from Madrid to
the Mexican
remained
aspects
educational program
of the Spanish
implementation of the general agree¬
stop the flow of arms and
ment to
war
"volunteers" to
The British Government really halted such
Spain.
movements, but France, Italy, Germany and
made their consent
restrictions
Russia
contingent upon application of
by all interested parties.
For the time
being, these countries apparently feel free to supply
arms
is
and
men
to their
respective favorites, and it
quite possible that the flow is heavier than ever
before in
anticipation of a possible solution of the
intervention
With the tentative agree¬
neutrality in hand, the Non-interven¬
problem.
ments for real
tion Committee in London resumed its
entire
study of the
question, and fresh troubles immediately were
The committee was informed by its
encountered.
Russian
representative late last week that Moscow
desires full
participation in any naval patrol around
be
solved
however, that
seem,
is lagging some¬
plans, for the peons
said
by competent authorities to be incapable,
in many
instances, of assuming the responsibilities
are
thrust upon
deplorable.
them, with results that are frequently
The
discussed this
the Mexico
Senator, David Ayala,
Mexican
problem courageously last Sunday in
City journal, "Excelsior," and it is worth
noting that Senor Ayala cited numerous instances
where the peons were
being exploited sadly by the
The attack
leaders of their communal farms.
reform program
land
circles for many a
on
the
to echo in Mexican
sure
day, and it is to be hoped that a
searching examination of the procedure will
more
For nationals of other
follow.
vested
doubt
countries, who in¬
large sums in Mexican haciendas, this is a
matter of much
importance, as there had long been
regarding the ultimate value of the bonds
tendered
while
tical
is
in
payment
questions
for the
now are
appropriated land,
introduced
as
to the prac¬
utility of the entire program.
Chinese Rebellion
J
unchanged, owing to the difficulties en¬
countered in
problems would
It would
what behind the land reform
artery quickly developed.
international
If all Mexican peons
hurriedly into hardy,
capable farmers of their own small
Mexican
Valencia, and bitter fighting for control of that
The
be expected to re¬
distant future to the benefit of
self-reliant and
some
progress
sound procedure, for improve¬
of the lot of the peon can
ment
Spanish week broke the long
INSURGENT forces thisrebellion and made dead¬
military
In an economic sense
domestic and foreign.
the entire Mexican economy.
the
Car¬
cardinal
landless laborers, many great estates
peons, or
which
real
in
a
point in their policy to distribute among the Mexi¬
thus
lock
President Lazaro
his associates have made it
and
dound
Spanish War
being pushed with energy by
now
Government.
•
r
*
I;
FEW things are more complex than Chinese poli¬
tics, and it is thoroughly in keeping with tra¬
dition that several months
elapsed before any real
adjustment could be reported in connection with
the
Shensi
which
Province
involved
eralissimo
the
rebellion early in
December,
kidnapping at Sianfu of Gen¬
Chiang Kai-shek.
After protracted and
patient parleying, a settlement of differences be¬
tween
Nanking and the leaders of Shensi was an¬
nounced
ment
It involved the retire¬
early this month.
of
the
elements from
and
Communist
other
rebellious
Sianfu, and it finally was confirmed
early this week that these terms really are being
carried out.
Several divisions of Nanking troops
were
last
dispatched to Sian, and they entered that city
Monday, according to American press corre¬
spondents.
This was said in Chinese
terminate the
threat of
a
civil
observers are convinced that
war.
there
circles to
But not all
ever was a
real
992
Financial
threat of
Chiang Kai-shek at Sianfu
engineered to make possible
ward the
change of front to¬
a
Others have contended that the machina¬
of internal
Chinese
politics occasioned that
incident, which ended in
abductor,
General
Chang
a
pardon for the
Hsueh-liang.
event, Chinese internal affairs appear
their
Formation of
is said to have caused
recent
any-
to be in
merely normal state of confusion and
tainty.
uncer¬
militaristic regime in Japan
a
some
misgivings in China, but
dispatches from Nanking indicate that Japa¬
militarists
nese
In
now
pressure upon
not
are
currently exerting much
the Nanking authorities.
Bank of France Statement
THE statement for the gold holdings, the total no
change in the Bank's week of Feb. 5 shows of
which remains at 57,358,742,140
with
a
Credit balances abroad, advances against
creditor current accounts register
year ago.
and
securities,
decreases, namely 3,000,000 francs, 83,000,000 francs
and
132,000,000 francs respectively.
ratio, at 55.01%,
and
compares
80.49% the previous
record
rates
any
rates
the
at
leading
centers
with 80,617,340,210
year
francs
the
compared
as
A decrease
a year ago.
in French commercial bills discounted of
changed at 4%.
and in bills bought abroad of
The discount rate remains
un¬
A comparison of the different items
for three years is
are
reserve
Notes in circulation
year.
86,896,875,550 francs,
115,000,000 francs.
Present
The
with 70.83% last
loss of 791,000,000 francs which brings
a
down to
total
528,000,000 francs
THERE have been no changes during the week in
the discount
of
of the foreign central
francs, in comparison
64,974,790,189 francs the corresponding period
also appears
Discount Rates of Foreign Central Banks
banks.
13, 1937
was
Japanese invaders of Blanchuria and Inner
Mongolia,
curious
Feb.
trouble, for the theory has been advanced
that the detention of
tions
Chronicle
furnished below:
OF FRANCE'S COMPARATIVE STATEMENT
BANK
shown in the table which follows:
Changes
DISCOUNT RATES OF FOREIGN
Pre¬
Rate in
Effect
Date
Established
for Week
Rate in
vious
Feb. 11
Country
CENTRAL BANKS
Rate
Pre¬
Effect
Date
vious
Feb. 11
Country
Established
Rate
3H
3H
Mar.
Holland
2
2 1936
2K
Austria
4~
Hungary-
4
Aug. 28 1935
4H
Batavia
4
4H
India
3
Nov. 29 1935
3H
Belgium
Bulgaria—
2
1 1935
May 15 1935
2H
Ireland
6
Aug. 15 1935
7
Italy.
Canada
2H
Mar. 11 1935
Chile-
4
Jan.
24 1935
4H
Java
3
Jan.
14 1937
Colombia..
4
July
18 1933
5
Jugoslavia.
5
Feb.
1 1935
Lithuania..
5H
July
1 1936
3
Jan.
1 1936
3H
Morocco...
6*
May 28 1935
Deo.
5 1936
3H
.
July
July
1 1936
10 1935
mm
Czechoslo¬
vakia
3
4
June 30 1932
H
3.29
Japan...
mm
Deo.
3H
May 18 1936
Apr.
6 1936
6
Danzig.—
Jan.
21937
Norway
4
Denmark
4
Oct.
19 1936
3H
Poland
5
Oct.
2M
5M
4H
Portugal—
5
Deo. 13 1934
Rumania
4H
Dec.
7 1934
6
South Africa
3H
5
May 15 1933
4
July
5H
.
.
2
June 30 1932
Estonia....
5
Sept. 25 1934
Finland
4
Dec.
England—
4 1934
.
.
4
.
Greece.....
Jan.
28 1937
2
Spain
4
France
Germany.
Sept. 30 1932
5
Sweden
6
Jan.
7
Switzerland
41937
2K
1H
25 1933
10 1935
6
5H
1 1933
3
Nov. 25 1936
2
Dec.
bills discounted.,
b Bills
8, 1935
Francs
57,358,742,140 64,974,790,189 81,883,243,599
14,247.047
8,667,042
219,647,770
Temp. advs. with¬
No change
out Int. to State..
Propor'n of gold on
hand to sight liab.
a
65.01%
+ 0.34%
Includes bills purchased In France,
80.49%
70.83%
b Includes bills discounted abroad,
c
Rep¬
resenting drafts of Treasury on 10-bllllon-franc credit opened at Bank.
♦
Gold holdings of the Bank were revalued Sept. 26, 1936, in accordance with de¬
valuation legislation enacted on that date.
Immediately following devaluation,
10,000.000,000 francs of the Bank's gold was taken over by the French stabilisation
fund, but it was announced a few days thereafter that 6,000,000,000 francs of the
gold had beeu returned to the Bank. See notation to table "Gold Bullion in Euro¬
pean Banks" on a subsequent page of this issue.
Note—"Treasury bills discounted" appeared in blank in the statement of Sept. 25*
all of these bills had matured and have since been transferred to the account
"Temporary advances without Interest to the State."
Foreign Money Rates
IN LONDON open market discount rates9-16%
bills
Friday
9-16%
against for short
as
were
Feb.
—528,000,000 7,987,001,354 9,263,664,130 3,796,075,396
—115,000,000 1,309,460,858 1,314,313,386
950,950.592
+83,000,000 3,784,069,234 3.330,552,048 3,140,668,937
—791,000,000 86,896,875,550 80,617,340,210 82,561,439,920
+ 132,000,000 17,367,635,587 11,117,201,621 19,164,928,020
bought abr'd
Credit current accts.
as
on
+ 3,000,000
Adv. against securs.
Note circulation
4
4
No change
♦Gold holdings
c
6H
Francs
aFrench commercial
3.65
5
Feb. 7, 1936
Francs
Credit bals. abroad.
4H
5
Argentina.
Feb. 5, 1937
Francs
on
Bank of Germany Statement
Friday of last week, and 9-16@^% for three months'
THE Bank'sshowed slight increase inquarterand
statement for the first gold of
February
bills
bullion of
as
Money
against 9-16@^%
on
call at London
on
on
Friday of last week.
Friday
was
J^%.
At
a
at
now
35,000 marks, the total of which stands
66,939,000
Paris the open
market rate remains at 434% and in
76,595,000 marks
Switzerland at
134%
gold and foreign
•
the
small loss of
total
£55,009 in gold holdings, reducing
to
£314,112,228 which compares with
£201,221,254 a year ago. However, as the gold loss
was
attended by a contraction of £2,317,000 in
circulation, reserves rose £2,262,000. Public deposits
fell off £519,000 and other deposits increased £2,122,514.
The latter consists of bankers
accounts which
£3,051,487 and other accounts which decreased
£928,973.
The reserve ratio is now 39.80% com¬
pared with 38.70% a week ago and 41.04% last
year.
Loans on government securities rose £781,000
and those on other securities fell off £1,142,925.
rose
securities consist
Other
in
compaiison
and
checks,
to note circulation is now
marks in other
also
investments
in
the
of
previous
reserves
of
increase
31,572,000
A loss
now
aggregated 3,920,347,000 marks
year
3,525,470,000 marks.
in foreign
marks.
110,000
of 239,000,000
4,560,770,000 marks.
circulation
marks, the total of which is
Circulation last year
and
and of
daily maturing obligations.
appeared in note
item
A decline of
year.
recorded in bills of exchange
of 17,568,000 marks in advances, of
marks
121,000
was
with
The proportion of
ago.
currency
311,347,000 marks
HE statement for the week ended Feb. 10 shows
a
marks,
year
1.6%, compared with 2.08% last
Bank of England Statement
T
a
currency
Below
The
registered
we
furnish
an
a
comparison of the various items for three years:
REICHSBANK'S
of discounts and advances
COMPARATIVE STATEMENT
Changes
for Week
Feb. 8. 1937
Feb.
7,1936
Feb. 7,1935
Reichsmarks
Reichsmarks
Reichsmarks
Reichsmarks
decreased
which
£2,011,535 and securities which
increased £589,610. No change was made in the 2%
discount rate.
Below are the figures for several
Assets—
Gold and bullion
Of which depos. abr'd
Reserve In foreign curr.
Bills of exch. & checks-
years:
Silver and other coin...
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Advances
Investments.
Feb. 10,
1937
Circulation
454,894,000
Public deposits
11,696,000
Other deposits...
136,501,768
Bankers' accounts.
99,157,140
Other accounts
37,344,628
Govt, securities..
81,231,000
Other securities
26,026,453
DIsct. & advances.
6,509,174
Securities
19,517.279
Reserve notes & coin
69,118,000
Coin and bullion
314.112,228
Proportion of reserve
to liabilities
39.80%
Bank rato
2%
Feb. 12,
1936
399,280.680
10,980,558
139,928,826
103,627,075
36,301,751
79,190,001
27,971,286
13,407,644
14,563,642
61,940,574
201,221,254
41.04%
2%
Feb. 13,
1935
Feb.
14,
1934
Feb.
15,
1933
374,945,595 366,280,410 355,073,533
18,340,176 23,375,578 15,849,635
142,246,340 135,697,489 139,093,691
101.819,644 99,278,011 106,327,281
40,426,696 36,319,478 32,766,410
82,766,413 72,195,610 90,858,315
17,922,000 19.387,454 29,387,456
8,200,336 11,970,324
7,942,597
9,979,403 11,187,118 17,417,132
78,076,139 85,562,634 52,873,605
193,021,734 191,843,044 132,947.138
48.61%
2%
53.82%
2%
34.12%
2%
—
Other assets..
....
+35,000
66,939,000
al8,063,000
5,701,000
+110,000
-311,347,000 4,546,715,000
al90,856,000
47,150,000
--17,568,666
525,049,000
—121,000
a767,703,000
76,595,000
79,844,000
20,264,000
21,316,000
5,236,000
4,646,000
3,752,095,000 3,529,205,000
207,224,000
237,906,000
53,890,000
63,906,000
664,215,000
756,389,000
654,323,000
645,144,000
Liabilities—
Notes in circulation
Other daily matur. oblig
Other liabilities
-239,000,000 4,560,770,000 3,920,347,000 3,525,470,000
674,996,000
610.299,000
-31,572,000
774,255,000
a349,754,000
265,385,000
404,334,000
Propor. of gold & for'n
curr. to note circula'n
a
Figures of
1.6%
2.08%
2.39%
Jan. 30; latest available.
New York Money Market
RATES were on the Newthis week in very quiet
dealings unchanged
York money market.
There is
a
general expectation of tightened levels
Volume
in
Financial
144
connection
with
to force the issue.
no
immediate disposition
This is due
largely to the exceed¬
Bankers'
ingly modest requests for accommodation.
bill and commercial paper
from last week.
issue of
The
rates were carried over
Treasury sold last Monday an
150,000,000 discount bills due in 273 days,
and the average rate of awards was
puted
ure
on an
with 0.401%
Call
loans
on a
similar issue a week
Stock
York
New
the
on
com¬
This fig¬
annual bank discount basis.
compares
earlier.
0.373%,
Course of Sterling
of
increases
announced
the
requirements, but
reserve
Ex¬
993
Chronicle
STERLING andinactive. Uncertainty prevails
and
the entire foreign exchange market
dull
is
the
to
as
held within
narrow
was
no
limits by the
market in New York.
between $4.89% and
week has been
sterling this
operations of the
On Friday, Lincoln's Birthday,
The range for
equalization funds.
there
especially in the
Fluctuations in exchange are
Continental countries.
$4.89 5-16
has
transfers
for
cable
and
$4.90,
range
compared
between $4.88 3-16 and
$4.90%
a
between
been
with
week
ago.
focused
the evident tendency of money rates to rise in
both London and New York. Markets are also watch¬
upon
DEALING in detail with call loan rates was the
on the
Stock Exchange from day to day, 1%
ruling quotation all through the week for
both
new
loans and renewals.
no
ing the tendency apparent in
standstill,
having been
transactions
nominal at
1 %%
aU maturities. There has been a ready
market for prime commercial paper
this week.
Supplies of prime paper have improved and the de¬
mand has been brisk.
Rates are %% for choice
names running from four to six months and 1% for
reported
this
week.
continue
Rates
less known.
names
more
Official
somewhat larger.
quotations
supply of prime bills
Rates
are
unchanged!
issued by the Federal Reserve
and including 60
as
Bank of New York for bills up to
days
are
5-16% bid and %% asked; three months,
%% bid and 5-16% asked; four months, 7-16% bid
and
%% asked; for five and six months, %% bid
and
%% asked.
York
for
The bill-buying rate of the New
Bank is %% for bills running from
Reserve
days, %% for 91- to 120-day bills and
1 to 90
121-
to
Federal Reserve
bills.' The
180-day
1%
unchanged
at $3,081,000.
Open market dealers are quoting the
same rates as those reported by the Federal Reserve
holdings of acceptances remain
Bank's
The rates for open market
of New York.
( Bank
acceptances are as follows:
Asked
Bid
H
■■'90 Days
-
Asked
Bid
— .—.
120 Days—
Asked
150 Days
Asked
Bid
fi
Prime eligible bills..
FOR
H
——60 Days
Bid
Asked
H
*i6
»i»
DELIVERY WITHIN
H
716
—30 Days——
Bid
Asked
*ie
Ji
%%
% % bid
Federal Reserve Banks
Discount Rates of the
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
following is the schedule of rates now
The
various
the
of
classes
in effect
at the different
paper
Reserve banks
FEDERAL RESERVE BANKS
Date
Previous
Established
Rate
Effect on
Feb.
12
Boston
2
Feb.
8 1934
2H
New York
1H
Feb.
2 1934
2
Philadelphia
2
Jan.
17 1935
Cleveland
May 11 1935
Richmond..
believed
a
about
an
the classical
trend
in
rates
and
San Francisco
few
money
will
weeks unless
In London it is
bonds of the better type.
sustained upward
in
firmer
money
For
some years
the yield of
gilt-edged issues has been unsatisfactory to investors.
Money rates have been held artificially low through
Sir
of
efforts
concerted
the
governmental authorities.
a
recent address before the
George Paish in
Chapter of the American Institute of
York
New
Banking praised the governments of all countries for
temporarily preventing the breakdown of the econo¬
mic
system by creating vast sums
000,000,000
for
of government
which, he said, aggregated more than $10,-
credit
per annum.
Indicating the possibilities
period of prosperity, he said that the world
a
had urgent
need of goods of all kinds, its productive
and its
that the
"What
can
of distribution were great, that
gold to extend private credit, and
power
bankers had the
spirit of enterprise
situation
the
was
active.
demands
with
an
urgency
exaggerated is that private enterprise
not be
in all directions,
both at home and abroad, should be
encouraged, that all obstacles to trade, whatever
their character may be, should be removed, not at
some
future day, but
The
immediately."
Federation of British Industries is unusually
optimistic in its quarterly trade forecast.
that the recovery
It suggests
of domestic trade is approaching
peak, although it is too early to judge whether
2\i
2
determining factors this
ment
year
would be the
The
rearma¬
policy, the volume of business for the Coro¬
nation, and public works which may be undertaken.
Prospects for export trade, the Federation report
May 14 1935
May 10 1935
2
May
2M
2H
2H
2H
8 1935
Feb. 16 1934
resulted
has
concomitant reduction in the price of
a
2
Jan.
2
very
In the past a
course.
2
Jan.
2
......
short-term
setback in business.
business
The continuing
2
St. Louis
City
a
development there must of necessity bring
2H
Chicago
Minneapolis
within
increase in short accommodation if it follows
3 1935
Jan
--
intended to bring about
between Great Britain and
that
here
sharply
19 1935
2
Dallas
is
declares,
Atlanta
9 1935
14 1935
Kansas
It
advance
2^
2H
2H
2
May
...
were
the climax will be reached this year or next.
Rate in
Federal Reserve Bank
Trade, in the House
concluded that his conversations
the United States.
its
DISCOUNT RATES OF
by Mr. Walter Runciman,
commercial agreement
that
THIRTY DAYS
Eligible member banks
Eligible non-member banks
for
was
with authorities here
a
power
180 Days
Bid
Prime eligible bills
of Commons it
industrial
THE market for prime bankers' this week. The
acceptances has
been somewhat
active
been
made
pointed out that the high degree of commercial and
Bankers' Acceptances
has
remarks
From
President of the British Board of
there should be
demand has been good and the
London to expand
foreign lending in the interest of the export trade.
The market for time money is
still
a
of
range
a
Interest in financial markets is at present
at
a
of between $4.88% and $4.90 1-16 last week.
range
The
New York Money Rates
with
$4.89 15-16 for bankers' sight bills, compared
change held to 1% for all transactions, while time
to six months.
of exchange,
future trend
loans remained available at
l1/4% for all maturities
Exchange
are
commodities
regarded
as
brighter than for
some
should increase the buying
many overseas
time.
rise in prices of important primary
power
of
countries and provide them with the
994
Financial
of
means
Chronicle
While
liquidating past debts and relaxing foreign
exchange restrictions.
offsetting
sterling is expected to receive
demand
almost
immediately
an
possibly approach
in
con¬
extremely
It is
money
generally believed that Great Britain will receive the
greatest
of
part
tourist
traffic
which
will
begin
trade
attention to the promotion of export
more
and
is
it
are
believed
that
there
will
be
more
was
countries
wealths.
in
and
in
British
common¬
New capital issues
offered^*) Great Britain
£27,614^000, as compared
January amounted to
with
the
£33,963,COO in
highest for
above the
any
January,
but
1936,
month since then and
was
£7,403,000
offer in the London open market this week
follows:
On
of
on
a
accord toward
Trade, made
a
full report to the
the week ended Feb. 10, as reported
Reserve Bank of New
which
One
follows:
said:
are
high British official is said to have hopefully
"There
no
was
not be stated
can
either British
of
war
debts and to have
than the usual reticence
more
about discussing them."
3,143,000 from India
None
trying
positively
only
$19,532,000 Total
form
some
possible
markets
London and
are
Net Change in Gold Earmarked for Foreign Account
None
The
above
credit
of
credit could be
where
New
assistance.
figures
Wednesday.
and
of
for
which
$2,545,800
foreign account.
report
The
days that British
In Berlin
a
available to
sources
lately discussed
mark
but
only
and
its
as a
exchange
the condition of
on
during
to
the
sterling bloc,
numerous
Saturday, Feb. 6
and
monetary
Berlin
can
emanating
matters
from
Monday,
Feb. 8
105.11
Tuesday, Feb. 9
105.10
is
bankers
Berlin
in
impracticable
as
recasting of the entire national
ment of the
it
declare
that
de¬
would require
economy
a
and abandon¬
it not for the
consistently heavy flow of
European funds to this side, attracted by investment
opportunities.
The major movement of funds into
the American
market is doubtless the result of the
Feb. 12
142s. l^d.
Wednesday, Feb. 10
141s. Hd.
Thursday,
141s. lid.
142s. Id.
Friday,
Tuesday, Feb. 9PRICE
PAID
FOR GOLD
$35.00
Monday, Feb. 8
Tuesday, Feb. 9
35.00
sight
$4.89M@$4.89 7-16,
was
$4.89
not
motivated
a
renewed trend
of Holland funds to the United States.
According to
foreigners bought between
cable
quiet with rates steady.
The
On
currencies
Bankers'
were
featureless.
$4.89 7-16@$4.89 11-16
$4.893^@$4.89%.
and
On
steady and dull. The
bankers'
circulation
season.
French
is
expanding at
an
England
note
increasing rate for
This is believed to be due largely to
hoarding of Bank of England notes.
transfers
was
$4.89J4@
Tuesday foreign
cable
sight
transfers
Wednesday
range was
sterling
was
were
was
$4.893^@$4.89 13-16
sight and $4.89 9-16@$4.90 for cable
On
more
Thursday the foreign exchanges
active.
The range
was
were
$4.89 9-16@
$4.89 15-16 for bankers' sight and $4.893/s@$4.90 for
cable
transfers.
markets
day
were
were
On
closed.
Friday,
Lincoln's
Closing quotations
Birthday,
on
Thurs¬
$4.895/8 for demand, and $4.89 11-16 for
4.89 9-16, 60-day bills at $4.88 13-16,
of
on
bills and $4.89 5-16@
$4,893^ for cable transfers.
cable transfers.
Bank
was
range
$400,000,000 and $500,000,000 worth of American
1936.
35.00
Holiday
On Monday the market
securities
during
„_$35.00
...
steady in limited trading. Bankeis'
5-16@$4.89j^.
slightly
which is
35.00
(FEDERAL
V:i'-v
:
Wednesday, Feb. 10_
Thursday,
Feb. 11
Friday,
Feb. 12
was
money
by such fears and at present there is
Feb. 12
STATES
Referring to day-to-day rates sterling exchange
theless there is
consistent flow of British
Feb. 11
BY THE UNITED
RESERVE BANK)
transfers.
the Federal Reserve Board
105.00
Feb. 11
142s. Id.
Feb. 8
for
market
105.09
Thursday,
Friday,
Monday,
Never¬
American
I
PARIS
LONDON OPEN MARKET GOLD PRICE
uncertainties of the French situation and the general
the
,
Saturday, Feb. 6.
uneasiness caused by the Spanish civil war.
a
London check
market gold price,
Wednesday, Feb. 10.
$4.89 7-16 for bankers' sight
four-year economic plan.
Sterling would doubtless be much firmer at this
were
.
Saturday last
hardly be accepted at face value.
Commercial
valuation
However, reports on all
business
mean
open
CHECK RATE ON
..105.12
hypothetical
improbable concessions in the domain of colonies
foreign credits.
ranged
week
price paid for gold by the United States:
Saturday, Feb. 6
new
the
Germany.
possibility the devaluation of
attachment
no
discount of 1-16% and a discount of 1-64%.
a
foreign banker is said to have asserted
recently that Dr. Schacht, Minister of Economics,
the
were
It has been
York.
have been trying to discover some method of making
substantial credits
There
On Friday, Lincoln's Birthday,
Paris, the London
and the
was
from Canada,
came
following tables show the
on
on
issued.
was
Canadian
rate
ended
week
change in gold held earmarked
or
MEAN LONDON
asserted in the past few
the
$2,008,200 from Switzerland.
between
•
for
are
On Thursday $4,554,000 of gold
exports of the metal
official authority
on
American, but the belief is held in
or
obtain
to
secured
29,000 from Nicaragua
no
banking quarters that German officials have been
this
INCLUSIVE
Exports
$12,833,000 from England
received
in government quarters
time
was as
movement for
by the Federal
Imports
proposed
"exploration" negotiations
mentioned British payment
into
York,
Wednes¬
on
GOLD MOVEMENT AT NEW YORK. FEB. 4-FEB. 10,
possible Anglo-American trade pact.
being conducted.
and
on
Thursday £587,000.
on
1,831,000 from Switzerland
Cabinet members expressed interest in the
and
£150,000,
Tuesday £713,000,
^At the Port of New York the gold
his recent "informal talks" with President
on
Roosevelt
has
Saturday last
day £355,000,
previous month.
Board
Cabinet
The
on
as
on
Wednesday Mr, Walter Runciman, President
of the
It
9-16%, four-months'
1,696,000 from Canada
On
now
Call
Two- and
19-32%, and six-months' bills at 21-32%.
the
was
though perhaps less artificial.
easy
a
can
rise, credit will remain
may
Monday £295,000,
important lending abroad, especially in the South
American
they
three-months' bills continue at
Gold
apparent that British business interests
giving
now
showing
are
against bills is in supply at 3^%-
bills at
earlier this year than in other years.
It is
London
than reasonable level, and
a more
matter how far
no
of the Coronation and tourist traffic.
sequence
in
rates
money
1937
13,
tendency to firmness, it is not believed that they
Despite the heavy flow of foreign funds to the
American market,
Feb.
$4,88 9-16,
Commercial
sight bills finished
documents for payment
at
90-day bills at
(60 days) at
and seven-day grain bills at $4.89J^.
Cotton and grain for payment closed at $4.89 9-16.
$4.88 13-16;
*
Volume
144
Financial
Continental and Other Foreign Exchange
encouraged
FRENCH to spot rates, duerelatively steady with
respect francs continue
to the cooperation of
the British
Exchange Equalization Fund with those
of Paris and
discounts
French
Washington.
and there
funds
fidence.
no
are
from
On the
Future francs
sharp
at
are
signs of repatriation of
abroad
of
or
returning
995
Chronicle
con¬
contrary, in the past few weeks
by
of
credit.
The
and
a
ratio of
reserve
all the
of
amount
gold,
It
increase in
British
from French
home.
money
reflected last week in the large
bank
hoarding.
circulation
note
resulting
is
Wednesday, French Finance Minister Auriol
that
its
to
Sept. 25.
lower
point fixed
by the law of
Nevertheless there is
disposition
no
the
on
no means
true
foreign exchange
much stronger than it is
The
following table shows the relation of the leading
currencies to the United States dollar:
New Dollar
Parity
Paritya
France (franc)
3.92
16.95
16.86H to 16.88^
'5.26
'.
(guilder)
■
•
1
8.91
19.30
32.67
22.82
to 22.85H
40.20
Switzerland (franc)
68.06
54.40
to 54.77
.
5.26^ to
confidence
France.
of
the
investing
Last week when it
and saving classes in
discovered that the
was
equalization fund had to take 3,000,000,000 francs
in
gold from the Bank of France
panic developed
on
which
among
had to
credit
few weeks
arrange a
railways
was
When
M.
be further
also
demand for
a
The fact that the French Treas¬
London
in
further
sentiment bordering
immediately expressed in
was
British bank notes.
ury
a
the French saving classes,
for
the
£40,000,000
ago a new
benefit
of
the
French
disturbing factor.
a
Auriol
denied
that
devalued, he said he
j
franc
foreign exchange control and that he would
adhere strictly to the tripartite agreement.
the vigor
not
was
intensified.
discourage speculators, but it is
as
not
on
the French center fin¬
ished
York
at
sight bills
4.6534,
on
Friday of last week.
against 4.64%
Friday of last
on
week; cable transfers at 4.6634* against 4.65 7-16.
Antwerp belgas closed at 16.87 for bankers'
and at
and 16.88.
Final
quotations for Berlin marks
transfers,
Italian
and
comparison
closed
at
and
5.26%
18.70,
at
in
lire
at
5.26%
5.26%.
against
on
5.26%
for
for
schillings
exchange
on
bankers'
cable transfers,
Austrian
18.70;
3.49, against 3.49;
0.74;
with 40.24 and 40.24%.
on
sight
against
closed at
Czechoslovakia
Bucharest at 0.74, against-
Poland at 18.95%, against 18.95%; and
Finland at
2.1634* against 2.16%.
on
Greek exchange
0.89%.
The
unwilling
are
abroad.
♦
banks, however,
To end such with¬
EXCHANGE onfor countries neutral guilders the
the sharp drop in during
except
war,
a
on
Wednesday, follows trends long familiar.
in the stabilized
The break
guilder, which has been strong for
months with repatriation of
the government's
policies and the difficulties of the
the
Treasury.
Minister of
the return flow of funds to Amsterdam since
The
estimated
at
this year.
Finance
francs
36,000,000,000
which the Treasury
?.
.....
improvement.
mention
was
the
above
made of attempts
effect
progress to
an
understood,
review
which
as
no
and extent
way
that
the
altogether
It must be
suggestions
are
been
of ascertaining the true character
publish budget figures. As
The
a year ago,
beginning of 1937 Germany presents
of
tradictions
contradictions.
are
Government
But
a
today the
pic¬
con¬
sharper, for the National Socialist
has
consistently
pursued
a
policy
which tends to conceal the truth from Germans
less than from
foreigners.
extremely low
reserve
Dutch
no
It is understood that the
position of the Reichsbank is
So marked
exchange
was
early in
control
was
repeatedly obliged to sell gold to the Netherlands
the
foreign
get guilders with which to abosrb
money
offerings.
amounted
of German national expenditures.
Reich does not
full
not
the
to be in
feelers of British and American sentiment.
There is
at the
was
that
control's total sales of
though doubtless they have
rumors,
put out
seem
of devaluing the mark.
October
sterling,
of
capital to Holland, took
exchange market by surprise.
Bank in order to
.
promise of
no
extension of credits to Germany
however,
largely
has
amount
7
and of the belief that Dr. Schacht
to the idea
the
7 '
.
..
In
himself
has been authorized to borrow
This German mark situation shows
ture
were
40.23% for bankers' sight bills and 40.24 for cable
drawals it is necessary to reassure capitalists as to
so
sight
16.87% for cable transfers, against 16.87%
difficult
prevent depositors from withdrawing their
funds and using them
averse
Thurs¬
on
In New
closed at 0.89%, against
now
the banks
favor their transactions.
can
Paris closed
raising of the Bank of France rate to 4% did
for them to borrow francs
to
Despite
of these statements the foreign exchange
demand for other currencies
The
would
also opposed to
on
currencies
day at 105.02 against 105.14
bills
the
was
The London check rate
5.26H
,
,
New dollar parity as before devaluation of the European
between Sept. 25 and Oct. 5, 1936.
heavy borrowing and gold changes shown in the
Bank of France statement have further shaken the
4.66 %
4.65H to
6.63
13.90
Belgium (belga)
Range
This Week
a
the
which
more,
made to appear.
Holland
part of French citizens to accept this statement and
6
There is fully twice this
the
of Germany is
Italy (lira)
devalued
This is by
Old Dollar
made the positive statement the franc would not be
Feb.
readily available to the Reichsbank.
originally owned by French interests.
On
of
of only 66,939,000 marks
and probably much
believed
also
position
It is believed that the major
part of the British gold arriving in New York was
of
purpose
statement
1.59%.
domiciled in Germany.
now
interests to
was
the
gold possibly available to the Reichsbank and
could be made
bring their
Reichsbank
showed total gold reserves
signs have multiplied of the disinclination of French
This attitude
for
Schacht
Dr.
impressing foreigners with Germany's urgent need
to
approximately
The rise in stock
been
It is understood the
gold to the Bank
up
to Feb. 1
300,000,000
guilders.
prices in the New York market has
increasingly attractive to Dutch capital and it is
thought probable that the exchange control decided
to withdraw from the market for
guilder
move more
in
a
response to
while and let the
the law of supply
and demand.
On
Tuesday the Dutch Government authorities
declared that they could not yet state at what level
the
guilder will be stabilized. It was asserted that
a
level as ihe business level and financial
such
situation of the country can sustain
It is
will be the guide.
possible that this statement, clearly indicating
further devaluation
of the guilder,
may
a
have been
responsible for Wednesday's and Thursday's break,
though it
can not
be denied that there is
demand for American securities
a
heavy
by Dutch investors
Financial
996
without
demand
commercial
offsetting
any
sight
Amsterdam finished
on
Thurs¬
on
day at 54.49%, against 54.76% on Friday of last
against 54.77; and
Swiss
week; cable transfers at 54.50,
commercial
sight bills at 54.35, against 54.66.
francs closed at 22.82 for checks and at 22.82% f°r
against 22.85% and 22.86.
cable transfers,
against 28.53
28.57,
were
Bankers'
Thursday
Closing quotations for yen checks on
for
guilders.
Feb. 13, 1937
Chronicle
Friday of last week.
on
30.51®
29.85®
30; Manila at 50.30, against 50%; Singpore at 57.58,
against 57%; Bombay at 37.00, against 37.02; and
Hongkong closed at 30%@30 9-16, against
30%; Shanghai at 29%@29 15-16, against
Calcutta at 37.00, against 37.02.
Copen¬
Gold Bullion in European Bank
hagen checks finished at 21.88% and cable transfers
at
and 21.86.
against 21.86
21.88%,
Checks
on
Sweden closed at 25.27 and cable transfers at 25.27,
against 25.23% and 25.23%; while checks on Nor¬
finished at 24.63 and cable transfers at 24.63,
way
against 24.59% and 24.59%.
not
THE following table indicates the amounts of -gold,
bullion (converted into pounds sterling at par
of
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to
Spanish pesetas
by special cable yesterday (Friday); comparisons
us
are
quoted in New York.
corresponding dates in the previous
shown for the
are
four years:
EXCHANGE on the South American countries is
steady, fluctuating closely with sterling-dollar
The underlying situation
rates.
currencies is
of the South American
showing progressive improvement,
as
is
1937
of—
refunding policy undertaken
by Argentina in New York.
for the last few years
countries
various
with
Argentina has followed
policy of trade agreements
a
France
Germany b.
Spain
on
the
of
basis
favoring
imports from those which favor Argentine products.
Sweden
-
Norway
Tot.
which
with
has
Argentina
favorable
a
90,124,000
42,575,000
55,726,000
97,137,000
46,827,000
23,816,000
6,555,000
6,602,000
£
191,843,044
599,061,657
16,192,500
i
90,462,000
15,993,000
76,700,000
74,341,000
78,448,000
67,541,000
14,560,000
7,395,000
6,852,000
7,398,000
6,574,000
67,960,000
72,669,000
69,071,000
132,947,138
652,645,855
39,213,350
90,351,000
63,095,000
85,634,000
74,628,000
88,965,000
11,440,000
7,399,000
8,015,000
b Gold holdings of the
of gold held abroad, the amount of which Is now
1935; latest figures available,
Amount held Oct. 29,
Bank of Germany are exclusive
held Aug. 1, 1936; latest figures available.
exchange of the French franc cannot be exactly determined, as
26, 1936 empowers the Government to fix
the franc's gold content somewhere between 43 and 49 milligrams.
However,
calculated on the basis on which the Bank of France has revalued Its gold holdings,
reported as £903,150.
countries
193,021,734
655,065,948
2,932,000
90,729,000
62,854,000
201,221,254
519,798,321
2,816,550
1,201,194,965 1,093,198,125 1,244,542,682 1,223,121,201 1,254,333,343
1,201,229,224 1,094,963,626 1,244,566,226 1,241,062,152 1,252.026.276
wk.
Prev. weeka
has generally operated in favor of those
This system
_
£
68,298,000
105,399,000
83,501,000
25,519,000
6,551,000
6,603,000
Nat. Belg-_
Switzerland
1933
1934
£
842,575,000
Italy.
Netherlands
Denmark
1935
£
314,112,228
458,869,937
2,443,800
c87,323,000
England-..
.
indicated by the recent
1936
£
Banks
c Amount
Note—The par of
yet, since the legislation enacted Sept.
of trade and
balance
The present
against others.
refunding of the Argentine dollar debts in this market
is believed
to be
establishing
Unemployment has
1930.
since
soundest
the
are
virtually vanished and industry is booming.
deposits in Lima
increased
has
are
during
greatly
Bank
Foreign trade also
at a peak.
the
past
and
year
service has been resumed on its external debt.
Argentine
closed
paper pesos
on
Thursday, official
The unofficial or free market close
against 32%.
Brazilian
30.20@30.30, against 30.10@30.25.
milreis, official rates, closed at 8.75, against 8.75.
The unofficial
or
free market in milreis is 6.10@6.18,
against 6.10@6.20.
Chilean exchange is nominally
Peru is nominal at
quoted at 5.19, against 5.19.
Nothing that has been said or done since Presi¬
dent Roosevelt sent to
altered
and
EXCHANGE on the FarFor the most partfollows
Eastern countries these
the usual trends.
There is
the Japanese yen
are
in close relation
some
evidence of improvement in
and fears of devaluation of the
authorities in Japan will
Is.
2d.
per
Eigo Fukai
yen.
as
hold the
yen
new
yen
financial
at the rate of
On Feb. 8 the resignation of M.
Governor of the Bank of Japan was
At the
announced.
dollar-sterling
to
It is believed that the
less keen.
same
time it
was
stated that
M. Fukai's recommendation that Sehin
on
Ikeda, who
recently relinquished the general managership of the
Mitsui
business interests,
of the Bank of Japan.
M.
Yuki,
back
the
industrial
as
the
proposes
to
was
The
the
message
explanation has availed
Paraded
as
an
exercise of
duty of the President to "give to
Congress information of the state of the Union
and
recommend
ures
as
he shall
invited
has
to
Congress to
consideration
their
judge
necessary
approve
such
meas¬
and expedient," it
the longest stride which
yet been proposed toward Executive dictator¬
ship.
If there still lingered in the minds of Sen¬
or
of Japan
judiciary,
as
the doubt
was
pur¬
na¬
hands and drive the
own
he has already driven the Fed¬
dissipated
as
the
message was
promptly to understand.
The message was
case
skilfully contrived to build
in favor of the drastic
dent demanded. Attention
ber of Federal
was
called to the changes
judges, and particularly in the
ber of members of the
up a
changes which the Presi¬
whch have from time to time been made in the
the
ac¬
authority in his
not failed
of Japan
has hitherto limited its
doubt about the
read, and what Congress realized the country has
for
of Japan in the latter's
any
legislature, in whatever direction he wished it
to go,
Finance Minister,
new
tivities to commercial financing.
eral
Representatives
of the President to gather all the reins of
Federal
the
financing, which would be a new departure
kind of
or
ugly fact.
the constitutional
appointed Governor
make the Bank
Industrial Bank
Bank
amount
no
proposals to
justice, the
proposal to pack the Supreme Court,
a
to hide that
tional
rates.
impressions which the message
facilitate the administration of
pose
move
first
the
Under the thin smoke-screen of
made.
ators
26%, against 26%.
currencies
Congress his extraordinary
the Federal judiciary, on Feb. 5, has
message on
announced
quotations, at 32.65 for bankers' sight bills, against
32% on Friday of last week; cable transfers at 32.65,
was
Dictatorship Unmasked
:;\>
Peruvian finances
economic upswing.
an
sterling is approximately 165 francs to the
pound (the old parity was about 125 francs to the pound). It Is on this new basis
we have here converted the French Bank's gold holdings from francs to pounds.
that
two
less than Argentina and Brazil, is also
no
enjoying
between the
agreement
;'.T:■'>
countries.
Peru,
part of a program for ultimately
trade
a
the parity between francs and pounds
Supreme Court,
as a
alleged "simple fact" that "today
a
num¬
num¬
basis for
new
need
legislative action arises because the personnel of
Federal
judiciary is insufficient to meet the
business before them."
eral courts
ets and
was
The expense
dwelt upon,
of suits in Fedr
and overcrowded dock¬
delays in the determination of appeals were
pointed to
as
the
cause.
The Supreme Court was
Volume
144
Financial
Chronicle
997
*
held up as a tribunal so
heavily burdened that, with
petitions for review presented to it in the last
fiscal year, it declined to hear
717, while of 803 ap¬
of
867
in
plications of private litigants it accepted only 103.
of
"Immediate
that
attention," it
said,
was
was
required
to "the
spectacle of conflicting decisions in both trial
appellate courts on the constitutionality of
and
of the
some
justices, and
which "little
by little
through old glasses fitted,
another
the
form of important legislation," and the "long
processes of preliminary motions, original trials,
of the
petitions for rehearings, appeals, reversals on tech¬
nical grounds
requiring retrials, motions before the
to
the
is
explore
future."
every
facts become blurred
it
as
it
as
same
for the needs
were,
generation," and "older
scene
to
cease
situation is conjured
a
new
assuming
men,
in the
was
past,
inquire into the present or the
or
If Mr. Roosevelt has in mind
any
decision
Supreme Court, rendered since he took office,
which mirrors this
tell what it
who
everyone
description, he
is.
What
read
can
he
can
may
means,
well be asked
of
course,
as
is that he does not
see,
Supreme Court and the final hearing by the highest
tribunal," during which time "labor, industry, agri¬
legislation which he has sponsored, and that, since
culture,
commerce
it would be too
through
an
and
and embarrassment."
"the
that
the
unconscionable
"brought to
of
of
go
uncertainty
Further, complaint
processes
itself
government
period
made
was
itself"
government
are
complete stop from time to time by
injunctions issued almost automatically, sometimes
a
without notice to the
government.
even
matters not that the
that the Executive has
ministrative
a
It
signed it, and that the ad¬
tion
"the judiciary, by postponing the ef¬
fective date of Acts of
Congress, is assuming
ditional function and is
coming
and
more
an
more
ad¬
to
a
to the Court
he
In
judges."
the 237 Federal
judgeships of all grades, all of
positions, 25, it was pointed out,
them life tenure
were
held
retire
to
by
full pay.
on
70 years of age and eligible
men over
The implication
conveyed that most, if not all, of the 25
condition of "lowered mental
the message
tions."
sured
"to
of
complicated
in the
to avoid
men
and
The life tenure which
were
physical vigor,"
or
put it, which "leads
examination
plainly
was
changed
as
an
condi¬
the Constitution
as¬
"was not
create
intended," Mr. Roosevelt declared,
static judiciary. A constant and
sys¬
a
of justice"
concepts
discovered
in
"an
Never before
to
in his message,
the
Ignoring the constitutional position of Congress
the
as
lation
department of government from which legis¬
is to
message
Mr. Roosevelt accompanied his
come,
with
bill which he has since indicated
a
Congress is expected to
out demur.
eral
judge who is 70
for
10
months
years
that wherever
thereafter,
an
a
Fed¬
old and has held office'
fails to resign
years
it stands, and with¬
pass as
The bill proposes
or
a
may
be
ap¬
not
or
debatable
wants is
a
question, but the
Court,
preme
which he
which
be
who
are
to be
pointments
nation
or
tional
beyond fifteen. The Chief Jus¬
tice, acting through
a new
is to transfer circuit
from
time to
none
district
a
proctor,
judges temporarily
time where the business
calls for extra
As
or
official called
of
a
court
other criticisms
or
recommenda¬
Su¬
a
legislation
on
which the main
purpose
will
appointed, and those also whose
are
retirement,
was
ap¬
to fill vacancies due to death, resig¬
to be subservient to the
are
The present
Supreme Court of nine
unanimous in its opposition to the Na¬
Industrial
Recovery Act, and the addition
justices would not alter that decision, while
determination to
probably be criticized much
appointees
see
are
to
it,
by 5 to 4.
There is
Roosevelt's proposal
as
far
as
a
possible, that
definitely committed in advance
support of New Deal policies and prepared to
take their
There
opinions from the White House.
are
signs that Mr. Roosevelt's ambition to
"run the whole show" may
less
The
at last have over-reached
dismay in Congress in the face of what
Lippmann has happily called the "law¬
legality" of the court proposal, and the action of
the House in
315 to
75,
a
passing, by
an
overwhelming vote of
judiciary,pension hill notwithstanding
Mr. Roosevelt's demand that his
be
divided,
At
judges.
of the
any
this amazing
implicit, therefore, in Mr.
to
What he
Congress to enact; the
have been decisions rendered
new
of certain judges
concern.
uphold
force
even
8 to 7 decisions would
as
old should,
accomplished unless the additional judges
Mr. Walter
not to be increased
will
or
is hung. Yet
purpose
not
years
age
principal
of the judges is only the peg
age
total number of such
appointments is to be limited
un¬
of jus¬
judiciary, and specifically
induce
can
itself.
50, and the membership of the Supreme Court is
judge who is 70
Federal
a
pointed to the court to which the judge belongs. The
to
audacity
"the essential concepts
are
is not Mr. Roosevelt's
retire within six
additional judge
President had the
a
general rule, be expected to retire is, no doubt,
a
of six
ever-changing world."
be
to
are
Supreme Court in order to bend its views to his.
justices
an
concepts
tice," and to demand that he be allowed to pack
courts and better
the essential
such
ever-changing world."
that he, rather than the courts,
derstands what
President's will.
needs and the facts of
comprehend "the essential
as
has
tematic addition of younger blood will vitalize the
equip them to recognize and apply
concepts of justice in the light of the
who live in the past,
men
assert, as Mr. Roosevelt by implication asserts
personal, was made
infirm
body of
to enable its members to
as
or
a
as hopelessly out of
the present, and in need of "new blood"
touch with
Whether
"aged
as
hopes to be able to indict it
scattered, loosely organized and slowly
operating third house of the national legislature."
The sharpest attack,
however, as well as the most
on
risky to try to change the Constitu¬
directly, he will try to change it indirectly by
changing the personnel of the Court. By pointing
machinery is waiting to function." As
consequence
constitute
...
Congress has enacted the law,
like the attitude of the Court toward the New Deal
a
are
own
bill shall not
encouraging signs of independence.
single stroke Mr. Roosevelt has lost the
fidence
of
influential members
of the
bar
con¬
and
of
tions of Mr. Roosevelt's extraordinary message are
recognized leaders of opinion in business, industry,
dealt with in the
bill, it is clear that Mr. Roosevelt,
education, the church and intellectual life.
in
bring the judicial branch of the
opinion, irrespective of parties, has been quick to/
his
effort
to
government under his control, has centered his at¬
tack in the first instance upon
the personnel of the
courts, with the Supreme Court
ject of attack.
The
avenue
as
the special ob¬
of approach is the age
Public
recognize the peril to constitutional government in
a
proposal which would subordinate the courts to
the
to
Executive, and
interpretations
open
the
way
for
years to come
of the Constitution framed to
Financial
998
meet the wishes of the President. It is not encourag¬
Chronicle
buy anything in this country, whether war ma¬
to
Mr.
terials
bring
dictatorship," "had
on a
"threw back his head and
of
dictatorship is clear
as
a
hearty laugh" and
roared," for the
essence
daylight in the issue
now
mi
impossible for a belligerent State or its nationals
ing, however, to read in a Washington dispatch that
Roosevelt, when asked if his proposal "would
Feb. u,
not, on credit.
or
As the
transport goods to
vessels to
transshipment to
neutral for
a
use
of American
belligerent, or to a
belligerent, is also
a
to be
prohibited, the only commerce that a belliger¬
could carry on from this country would be in
ent
presented. No effort should be spared, accordingly,
to make the full import of the message and the ac¬
its
companying bill fully and widely known.
paid for before delivery.
has
been
never
There
great a need for the sober intelli¬
so
and patriotic sentiment of the Nation to as¬
gence
sert itself
in
opposition to
which
a measure
can
The
practical effects of such
embargo can be easily foreseen.
hard and fast
a
In
so
far as a bel¬
ligerent was able to trade without the aid of credit,
the law would
nothing but disaster in its train.
carry
vessels, and the goods would have to be
own
operate to the benefit of the Power
having the strongest navy and to the disadvantage
of whatever other Power was unable to contest suc¬
Neutrality That Leads to War
discussion
The
in
of
cessfully its control of the seas.
neutrality which is going
that
on
Congress seems more than likely, if it results in
legislation
been
partially all belligerents would, accordingly, be de¬
the lines of some of the bills that have
on
feated.
introduced, to make neutrality more difficult
and
lies the various
should
There
to be
privilege of buying for cash in the American mar¬
not involved.
are
embargoes
trade with
upon
taking away its purchases in its own ships,
but the Russian navy
On the other
trade.
extended
more or
were
belliger¬
a
is
no
match for the
navy
of
Japan, and there would be little or no Russian
in which the principle is sought
applied. One is to provide by law for
less drastic
between Russia and Japan, for
ket and
national interests
two ways
are
war
is that the United States
measures
own
a
example, each Power would have theoretically the
keep entirely aloof from any foreign war
in which its
In
The principle that under¬
probable.
more
war
The expectation
prohibitions and restrictions would affect im¬
abroad in
to
hand, if the credit prohibition
cover
shipments of goods from
payment for goods purchased here, it is
ent, to become automatically effective upon the rec¬
improbable that trade could long continue without
ognition by the President of a state of
the
other is to
The
war.
supply, and a country at war will do its utmost to
considerable extent to the Presi¬
keep its gold. Any expectation that American trade
application to
a
dent's discretion. Each
method, it should be noticed,
involves the virtual abandonment of American
tral
rights
they have been recognized
as
in international
isolation
into
a
to
law, and
a
ald P.
Nye of North Dakota and Senator Champ
Clark of
Missouri, Democrats, and Senator Homer
T. Bone of
Washington and Senator Arthur H. Van-
denberg of Michigan, Republicans, embodying
"cash
called
that
and
whenever
carry" policy.
the
President
proclamation announcing that
between two
or more
any
have
state of
a
article
or
any
can
be reached
of
zone
a
belligerent operations
or
The
any
an
as
inter¬
sea
place which
are
within the
determined by the
or
interest shall
by Senator Nye and his associates
on
the export of
arms,
a
mandatory
em¬
ammunition and im¬
prolonged.
were
The goods which the United
glad to have, would simply be bought
elsewhere
replaced by substitutes not of Ameri¬
can.
or
origin.
It is
'
difficult, moreover, to see how such a rigid
automatic
and
embargo policy could be made to
harmonize with the Administration's
rocal tariff
agreements.
policy of recip¬
The tariff treaties which
Secretary Hull has negotiated embody reciprocal
concessions.
such
If
foreign State which is a party to
a
treaty were to find its privilege of buying in
a
the United States
the
war,
moment it
of
suddenly and heavily restricted
happened to become involved in a
it might fairly claim that the treaty had been
violated
through
Act
an
true
no
fault of its own, and by means
passed after the treaty was made.
that, in American jurisprudence,
Congress
that
may
trade
a
would go
It is
Act of
contravene a treaty, but knowledge
suspended in the event of
into
an
agreement may be largely or wholly
trarily thrown in the
war
way
by impediments arbi¬
of ordinary exchange
far to bring the reciprocal trade policy
contempt.
The
of the United
Neutrality Act of August 31, 1935, of which
amendment, already imposes
bargo
or
cor¬
court or officer pf the United States."
the bill offered
is
or
only by traversing those waters ad¬
belligerent State which
recognized by the government
States
a
exists
commodity exported by
President, and no such right, title
be
war
right, title
from the United States to any port or
jacent to
issued
association, business trust
company,
in
shall
American citizen, partner¬
poration to retain or assert
est
The bill provides
foreign nations, "thereafter it
shall be unlawful for any
ship,
a so-
maintain
supply, and which a belligerent would
on
1, under the joint sponsorship of Senator Ger¬
or
otherwise be
:
special interest attaches to a bill introduced
basis would reach
States could
being drawn
;
.
war
reliance upon national
keep the country from
war.
existing
as
cash and carry
a
on
large proportions would prove wholly illusory if the
neu¬
Of the various proposals that have been presented,
Feb.
necessity of drawing upon a belligerent's gold
provide for embargoes, but to leave their
policy of those who would leave a good deal
to the President's discretion is
other
represented by an¬
amendatory bill introduced on Jan. 26 by
Senator Pittman of
Nevada, and understood to
rep¬
resent, in general at least, President Roosevelt's
wishes.
The
important part of this
measure
is the
plements of war, while the Johnson Act forbids the
provision that whenever the President, having is¬
flotation of loans in this
sued
ernment,
faulted
or
on
country by
any
foreign
gov¬
its political subdivisions, which has de¬
debts owed to the United
States.
embargo provision of the present Act has been
tended
war
in
by Congress to
Spain.
cover
the
case
The
ex¬
of the civil
The Nye amendment would make it
a
proclamation recognizing the existence of
state of war,
tion
or
and the exportation of
arms,
a
ammuni¬
implements of war having thereupon become
unlawful, "shall thereafter find that the placing
of restrictions
or
on
the
shipment of certain articles
materials in addition to arms,
ammunition and
Voiuma
Financial
144
This is nothing more than a reappearance of the
old effort to urge the United States toward cooperation with the hopelessly discredited League.
If
there is any international agreement today that is
deader than any other, it is the Pact of Paris, and
the United States should not be put in a position
implements of war" to the countries named in his
proclamation "is deemed
security and
of nationals
to
or
the
the peace or neutrality of
preserve
United States
to promote the
necessary
protect the lives and commerce
of the United
States, he shall so pro-
claim, and it shall thereafter be unlawful for any
American vessel to carry
to any
where a formal infraction of a dead agreement is
such articles or materials"
to be made a ground of partisanship in war
of the countries covered by the proclamation,
to any
or
articles
or
either
with or without an approving vote of Congress. The
only proper course for the United States, in the
neutral country for transshipment. The
materials referred to are to be indicated
"from time to time"
999
Chronicle
by proclamation, and the Presi-
clamorous discussion over neutrality, is to assert
"may from time to time change, modify or re-
dent
its rights under international law and use all neces-
voke in whole
in
or
the Act calls upon
part"
any
The Pittman amendment is
from
execution of
==========
confer upon
President
restrict
to
or
any
i
tj
to
portfolio
.
.
.
scanty study, even from financial
This is the extent to which the banks are
eXper^g#
extent that he saw fit, but
*
investment position of our banks which
or
has received but
prohibit American trade
j.
orttolios
Pabker Willis
In several ways there has been brought to public
attention during the past few weeks, a phase of the
amendment permit the
,
also permit
it would
proposes
p
Bv
function, but
amendment
•
-
,
Bonds in Bank
the President is dangerous in the ex-
belligerent to
a
.,
the
Not only would the
treme.
with
which
,
D
legislative enactments is, to be sure, in-
discretion
force to maintain them,
highly objectionable
herent in the nature of the Executive
the
sary
Some discretion in the
point of view.
every
proclamation which
him to issue.
,
,
,
.
,
,,
,
,
,
becoming more and more committed to the bond
x
him to discriminate between
belligerents, thereby impowering him to sit in judg-
market thrcmSh their upbuilding of larSe Portfolios
and make the United
°I corporate securities. We say nothing at this point
ment
States
ihe
the merits of
on
indirectly
a
a
of the enormous government bond holdings with
As to this, we
party to it. However complacent
which the banks are overburdened.
belligerent Powers might affect to be under
trade restrictions which
of
war
applied impartially to all
have
them, there could be nothing but irritation at
changes or revocations proclaimed while the war
was m
progress or
operating to the advantage of one
party and the disadvantage of another.
Under the
Constitution, Congress alone can declare war, but
expressed ourselves fully in time past.
The
holdings of corporate bonds present however; a diffeMnt kind of gituation
•
and
one
b.
wbich raiseg
,x
„
lems of a sP€Cial and dlfflcult sort
report of ..the Comptroller of the Currency,
the Pittman
amendment would make it easily pos-
sible for the
President, especially if he were ambi-
made public on February 8, furnishes authentic information as regards this question in the field of
tious to
a
leading part in world affairs or sym-
national banking. The Comptroller notes at the last
play
pathized with the ambitions of political pressure
groups, so
to embroil the United States in a foreign
conflict
to
as
bring about virtual or even actual war.
dent
,
_
,
1
t»
x
•
has had one example of what a Presito lead the United States into war while
do
can
V
,
The country
osensibly observing neutrality in the work of WoodIt should not be
Wilson.
row
under
a
exposed to another
President whose dictatorial
policy has just
been
emphasized by an extraordinary attempt to
obtain control of the Supreme Court.
a
of
an
..j
.
.
|
agency
.
unneutral neutrality needed further
illustration, the illustration has been provided by
a
letter to the President,
signed by 32 more
or
less
mid-year report an aggregate holding by national
bankg of $4
,
,
dc.,
'
and
035,261,000 of corporate bonds, stocks,
.
...
,
-
^0^^000
&
as wel1 as
^
„
of "govern^„
holdings of $7,072,979,000
ments>
U ,374,385,000 "guaranteed" by
the Treasury. The steady increase of the bond portfolio not only in these, but in all commercial banks
in the country, is one of the outstanding phases of
recent banking development.
Entrusted with the re-
sponsibility of overseeing the investment of vast
of savings represented by their "time de®.
r
*. ,
*
masses
n
x
Poslts> and fmdmS n0 adequate, vehicle for such
investments in locally-issued securities, the banks
and made public on Monday
have been buying bonds of which they knew little,
by the New York office of the League of Nations
Undoubtedly they have been doing what they could
well-known
persons
Association.
for
After observing that it is impossible
for every
future contingency,
v
n
J
dent's hands, the
cast
wishes to
the
xv
j
ill
x
+vrt tt
A4.~AI
letter declares that "for the United
States to declare that in any
same
future controversy it
stigma upon the nation that
respect the Pact of Paris, the policy of
of Nations Covenant as upon the nation that wilfully violates them,
is to support international anarchy.
.
.
.
If the
t.he
good neighbor and the League
President
should
find that
a
belligerent
_
was
attacked
in
so
revoke his
country
so
country
contravention of the provisions of
treaties to which the United States is a
should
to keep up
advance in
advise
party, he
Congress, and with its consent
embargo proclamations in respect to the
attacked."
the quality of their portfolios; yet the
prices in the bond market and the absorp-
tjon 0f the floating supply
foreign affairs should be left m the Presi-
conduct of
will
provide
and urging that the
Congress "to draft a bill that would
,
,
more or
..
of desirable bonds have
,
.
_
,,
,
less neutralized their efforts, and there has
,
,
,
'
„
.
^ according to the best accounts, a fairly steady
deterioration of bond quality which is still progressing. Yet, of all this the Comptroller makes no mention.
very
He speaks of the condition of the banks as
satisfactory and "showing improvement."
He
jiag^ however, within the past few months, made
^
,
r
strengthen the portfolio situation,
...
„
'
b? requesting examiners to frown upon, or disallow,
ie presence of bonds of low grade in the portfolios
banks they examine. He would have them
hold securities only of A or at least of BBB grade,
1000
or
Financial
higher.
Many have complied with this request,
and others
in the way to
are
administrative
tion very
do
But does this
so.
requirement really change the situa-
materially?
The question at issue, after
Chronicle
Feb.
13, 1937
vested interests disinclined to admit the ex-
many
istence of the problems of theory which underlie the
whole situation.
as
Over and beyond these, and simply
matter of temporary expediency, we ought to
a
all, is not the "safety" of the portfolios, but their
try to work
adequacy
which shall govern banks in their choice of bonds for
reliance in the event of
as a
necessity for liquidation.
It
is
evident
acuteness
that
it
as
is
witnesses
before
situation, increasing in
from
day to day, raises
questions of banking.
recent
out some general tests of suitability
inclusion in their portfolios.
;
this
almost
fundamental
some
sudden
some
Eminent
investigating committees
have recommended that the function of
holding time
of such securities
and
"bank credit"
or
effect, the
as
we
preferably call it, is, in
may
of the country at the present
currency
moment; and should not be allowed, even by inference
or
assumption, to be subjected to conditions
of doubt either
to
as
solvency
or more
of
banks buy largely of bonds to protect the time
our
deposits which they
demand deposits
of two
obvious danger which ought to be closed. As long as
holding.
our
a concurrence
such rating agencies is required, opens a door
deposits be separated from that of demand deposit
They have felt that
ratings devised by private
upon
where
concerns, even
To base the selection
long
as
legally authorized to hold,
are
the latter
as
treated as demand
are
claims in time of stress, it will be incumbent
banking authorities to provide
our
of liquidating the securities
means
some
upon
positive
relieving the
or
danger of presentation for prompt payment, with-
liquidity to which
out resort to any "emergency" or "relief" enterprise,
savings accounts may necessarily be subject. Recent
x\ simple reliance upon the stock market in existing
studies have made it clear that much of the
conditions, with the absorptive
or
diffi-
power
of the market
culty from which country banks have suffered dur-
as
ing the past four
five years, has been the outcome
Deal" legislation, will unavoidably prove less and
of large time deposits and their
less successful in the future
or
of their acceptance
basing the latter
must find
the
bond investments, for which,
upon
in the event of any
situation
care
considerable withdrawals, they
ready market.
a
existing in
More hazardous still is
banks where bond
many
deposit holdings have been allowed to become
so
seriously impaired
of
a
nature which adds
risks of those
more
government deficits.
at the time of which
000 of time
deposits
their government
have
we
banks,
spoken, had $7,533,922,-
or an amount
little larger than
bonds; corporate bonds
were
thus
really held behind demand deposits.
There
of
be
can
no
banking stress and
perhaps in the
future,
near
arrives,
pressure
as
period
it will,
banks will find,
our
as
as
banks is thus
materially to the ultimate
immediate dangers which are
the latter will be by forthcoming
encouraged, not to
The Treasury has allowed and
say
forced, the banks to
go
on
creating bank deposits protected by government
se-
curities. At the
same
Administration
time, Congress and the Federal
evidently
with
look
the reappearance in
upon
doubt that when the next
our
produced by present large holdings of government
bonds, enhanced
The National
of taking
means
of the depositor in time of danger,
become, in considerable degree, the backing
tection for demand liabilities.
a
as
The corporate bond situation in
large that they "lap over" the savings accounts and
or pro-
it has been through "New
as
complacency
aggravated form of
an
the corporate bond situation already described. The
banks might be able to incur and
overcome one or
the other danger, but they certainly cannot avoid
they have in times past, that their assets in the form
the two when combined.
of bonds
supposedly salable
are un-
long called for rectification, but with which Con-
available,
save
in limited quantities and, perhaps, at
gress lias dealt only in the most hesitating and
prices which represent
1
T
loss.
It
due
-.
is
a
or
"shiftable,"
substantial percentage of
,
condition that
a
.
,
thought, to permit to develop further. The
easy
remedy for the situation constantly urged by bankand
ers
others is the
the
,.
the
of
means
ably by
a
phases
which
call
has lately urged
in
public,
broadening and the improvement of bond invest-
ments, the development of "consumer credit" and
'
'
v
a further
enlargement of mortgage loans. To follow
'
,
the advice of Mr.
guards of bond
Smith,
analysis
no
credit examination it
,
of
for
our
There
are
present banking leigislation
early attention
of this
kind, and
which present issues that Congress is quite certain
no^ v°luntarily to meet. Unless they are dealt with
f S°mf feCt!Ve
drag slowly along,
until
J* breakdown
^ ?e allowe? t0
the
long
so
threatening makes itself apparent,
matter by what safe-
or
•,
non-partisan body of experts?
many
Association,
.,
adjusting it and relieving the danger
growing out of it be carefully investigated, prefer-
"outlets" for
new
situation that has
>
;
■■■■/:■ vy,
Why should not this whole bond situation and
Thus, President Smith of the American
bank funds.
Bankers
finding of
a
in(~omplete manner.
,
ought not, without
>
we
It is
Jt may
well be that
finance will force the
our
present system of public
banking mechanism into dis-
might be protected, would be to work further along
aster, regardless of any technical rectification
the lines of
improvement. Such an event then would undoubte<^ be explained on the ground that public revenue
to
danger that
ignore the
are
sources
obvious in
,
.
,
our
are now
visible, and entirely
of fundamental trouble that
banking system.
X1X»
,«
The opposing
j
-xvi.
type of remedy-that of segregating deposit banking
from
savings
or
investment banking,
or
of depriving
time deposits of their practically immediate claims
in
fact, is much
more
difficult, and would encounter
necfsities had compelled such
is,
however,
gort
ag
there be
no
ground for
a
an outcome. There
poor
excuse
of that
regardg ^ corporate bond gituation.
no
Let
delay ^ carefulIy fixing the classes of
securities which the banks
may
furnishing
or
a
reliable
means
buy, and
whereby their
none
in
conver-
Volume
sion
may
be assured.
themselves may
As
be enabled to make
effective settlement in
some
who insist upon
counts
were
being treated
if their ac¬
as
really claims for "cash" with the
sultant embarrassment and
bank, in such
cases,
1935
1936
£33,963,149
13,041,644
£16,592,347
12,620,080
12,386,235
4,018,238
19,727,811
20,610,166
53,909,166
6,682,428
7,719,440
4,700,804
12,543,554
11,217,941
£150,189,757
£182,824,210
£217,221,225
February
March
April
re¬
May
June—
difficulty to which the
July
14,997,397
9,878,332
August
is subject.
September
October
6,747,571
23,446,272
November
13,056,095
December
New Capital Issues in Great Britain
Year
The
following
Midland Bank,
statistics
Ltd.
have
been
compiled
funds and undivided
The bond
profits; sales of already
of the company whose securities have
in
conversion
the
United
been offered; issues
all
Kingdom;
short-dated bills sold
authorities which
in antici¬
specifically limited.
not
are
the figures are based upon the
cases
20,211,176
United States Gov¬
fluctuations
no
all.
at
have
steady this
been quite
Chicago Burlington & Quincy 3%s, 1949, were off
week.
%
109%; Lake Shore & Michigan Southern 3% s, 1997, were
at
unchanged at 105%; Pennsylvania 4%s, 1960, closed at 121,
Year to
Jan. 31
Lower-grade railroad bonds have generally been
down 1%.
1921.
£18,341,000
42,446.000
22,469,000
1922.
42,343,000
1923.
1920.
bonds
High-grade railroad
prices of issue.
[Compiled by the Midland Bank, Limited]
1919.
virtually
experienced
part unchanged, although the rails made some slight gains.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
January
off,
Lower-grade corporate issues closed the week for the most
In
Month of
quiet and fluctua¬
been extremely
High grades revealed a tendency to sell
with the recent high of 118.16.
pares
ernments
pation of long-term borrowings; and loans of municipal and
county
6,194,413
9,546,101
20,943,859
20,939.125
price average for Aaa's declining to 115.85, which com¬
the
redemption of securities previously held
or
has
market
tions narrow.
issued securities which add nothing to the capital resources
for
19,505,122
18,410,698
24.402,925
Course of the Bond Market
The
vendors; allotments arising from the capitali¬
reserve
19,687,120
6,961,500
10,456,037
the
by
are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
zation of
£27,614,205
These compilations of issues of new
capital, which
shares issued to
1937
1934
£10,853,233
7,007,995
7,081,462
9,590,367
22,440,935
12,048,454
depos¬
January
itors
BY MONTHS
[Compiled by the Midland Bank Limited]
prompt and
a
form with time
IN THE UNITED KINGDOM
NEW CAPITAL ISSUES
alternative the banks
an
1001
Chronicle
Financial
144
£83,478,000
261,647,000
364,234,000
235,670,000
21,052,000
11,540,000
20,940,000
1920.
28,368,000
1927.
26,332,000
194,248,000
232,100,000
228,170,000
251,231,000
1928.
1930.
33,795,000
47,418,000
16,926,000
1931.
'12,332,000
1932.
2,896,000
8,310,000
88%; Missouri-Kansas-Texas 5s, 1962, rose 1% to 87%;
to
214,377,000
1924.
1925.
Boston & Maine 5s. 1967, advanced 1%
somewhat higher.
1929.
1933.
1930.
1937.
tained
322,177,000
376,143,000
reasonably
DISTRIBUTION
NEW
OF
UNITED KINGDOM
200,195,000
210,872,000
CAPITAL
included
BY MONTHS
India and
Other
Brit.
Ceylon
Countries
Countries
£
£
£
957,000
2,346,000
14,443,000
9,688,000
February
April
May
18,788,000
118",000
19,571,000
49,999,000
1,135,000
660,000
568,000 V"
872,000
11,076,000
13,000
3.443,000
June
July
August
-
—
September.
October
November
December
4,761,000
7,344,000
3,940,000
9,204,000
9,686,000
15,000
137,000
828,000 17,210,000
Total
,
16,592,000
12,620,000
12,386,000
254,000
4,108,000
19,728,000
154,000
20,610,000
287,000
53,909,000
6,682,000
7,719,000
4,707,000
5,000
188", 000
12,544,000
11,218,000
2,852,000 182,824,000
'33,963,000
33,109.000
March
-
April
May
June
—
--
194,000
751,000
18,502,000
6,877,000
8,795,000
964,000
221,000
84,000
19,687,000
6,961,000
232,000
1,356", 000
27,000
2,014,000
73,000
268,000
128,000
10,456,000
17,196,000
1936—January
February
153,000
24,403,000
78,000
August
—
September
-
4,346,000
8,018,000
22,730,000
18,271,000
45l",000
November
December
16,997,000
155,000
October
30,000
....
1937—January
190808 000
1,090,000 22,264,000
24,802,000
Year
19,505,000
18,411,000
9,546,000
568,000
1,487,000
2,405,000
Rubber
U. S.
Daily
AU
Corp.*
Feb.12— Stock
number
of fractional
advances.
although McKesson & Bobbins 5%s, 1950,
Wheeling
company
The steels have been generally higher,
Steel 4%s,
1966,
closing
102%,
at
%.
up
securities commanded higher prices.
up
2%.
The
a new
sugars
record
6s, 1955,
high at 105%, closing at 103%,
moved ahead, Manati Sugar 7%s, 1942
(ctfs.), advancing 2 points to 80.
The South American group
the
foreign
issues
again acquired the lead
bonds, with Colombian,
Peruvian
outstanding in the advance, while the balance of the
displayed
a
pronounced
no
tendency
either
way,
given in the
120 Domestic
following
yield
averages
tables:
(REVISED)
All
Exchan ge
A
Baa
RR.
P.
U.
Indus.
120 Domestic Corporate
120 Domestic
1937
120
by Ratings
Corporate by Groups
Daily
Aa
but
firm undertone.
Moody's computed bond prices and bond
are
among
and Chilean
(Based on Individual Closing Prices)
Corporate by Groups*
Aaa
Oil
Interest in
the amusements centered upon Paramount Pictures
which rallied to
MOODY'S BOND YIELD AVERAGES
tic
Averages
the industrial
issues improved and the foods tended to
% to 103%.
declined
maintained
27,614,000
sizable
a
liquor companies,
20.211,000
by Ratings
♦
re¬
There has been little action among the obligations of
rise.
list
3,060,000 217,221,000
407,000
been
26,944,000
20,939,000
120 Domestic Corporate *
120
Domes¬
Govt.
New offerings
off 2.
better tone has characterized
company
(Based on Average Yields)
Bonds
were
$16,000,000 Dallas Power & Light 3%s, 1967, and
have
there
MOODY'S BOND PRICES (REVISED)
1937
to
list, few declines of importance having been recorded, while
6,194,000
2,939,000
3,537,000
1,770,000
1,528,000
3,763,000
2,069,000
1,572,000
15.344,000
20,712,000
July
been
1961, fell % to 106%; Southern Cali¬
3%s, 1960, at 103
A somewhat
£
1,202,000
586,000
176,000
3,622,000
1,921,000
375,000
222,000
3,136,000
1,395,000
545" 000
169134000
Year
'
£
March
have
funding purposes.
Foreign
Kingdom
1935—January
high-grades
$75,000,000 Northern States Power 3%s, 1967, both for
[Compiled by the Midland Bank, Limited]
United
stability,
Consumers Power 3%s, 1966, declined %
off 1%;
West Penn Power 4s,
THE
IN
good
102%; Dayton Power & Light 3%s, 1960, lost 1% at 104%;
155,929,000
ISSUES
off % at 96%.
Cincinnati Gas & Electric 3%s, 1966, at 102%
2%;
down
were
fornia Edison
GEOGRAPHICAL
were
Brooklyn Edison 3%s, 1966, closed at 101%,
noticeably soft.
135,412,000
33,963,000
27,614,000
1935.
4%s, 1968,
Although medium-grade to speculative utility bonds main¬
223,257,000
231,567,000
79,230,000
118,453,000
10,853,000
16,592,000
1934.
Southern Pacific
Domes-
Averages
ticCorp.
Feb. 12- Stock
Clos ed
30
For-
Aaa
Exchan ge
Aa
A
Baa
RR.
P.tU.
Indus.
eigne
Clos ed
112,20
104.48
114.93
111.03
102.84
91.51
99.66
104.30
110.04
11-
3.75
3.22
3.41
3.84
4.52
4.02
3.76
3.46
10— 112.31
104.85
115.35
111.43
103.02
91.81
100.00
104.48
110.43
10-
3.73
3.20
3.39
3.83
4.50
4.00
3.75
3.44
112.34
105.04
115.57
111.64
103.20
91.81
100.00
104.67
110.63
9—
3.72
3.19
3.38
3.82
4.50
4.00
3.74
3.43
—
—
11
9
—
—
112.35
105.04
115.57
111.84
103.38
91.66
100.00
104.85
110.63
8—
3.72
3.19
3.37
3.81
4.51
4.00
3.73
3.43
112.30
105.04
115.78
111.84
103.38
91.66
100.00
105.04
110.63
6-
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
5..
112.34
105.04
115.78
111.84
103.38
91.66
100.00
105.04
110.63
5„
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
4—
112.32
105.22
115.78
112.05
103.56
91.66
100.00
105.22
110.63
4__
3.71
3.18
3.36
3.80
4.51
4.00
3.71
3.43
3—
112.24
105.22
116.00
111.84
103.56
91.66
100.00
105.22
110.63
3—
3.71
3.17
3.37
3.80
4.51
4.00
3.71
3.43
2..
112.25
105.22
116.43
111.84
103.38
91.51
100.00
104.85
110.83
2..
3.71
3.15
3.37
3.81
4.52
4.00
3.73
3.42
1
112.19
105.22
116.43
112.25
103.38
91.35
100.00
104.85
111.03
1—
3.71
3.15
3.35
3.81
4.53
4.00
3.73
5.18
3.41
8
6
—
5.19
Weekly—
Weekly—
Jan. 29— 112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
Jan. 29—
3.70
3.14
3.35
4.52
4.00
3.72
3.39
5.34
112.39
106.17
117.72
113.27
104.30
92.38
101.23
105.79
112.05
22-
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
5.39
112.53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
5.41
112.71
106.36 • 117.94
113.89
104.48
91.97
101.23
106.17
112.25
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
5.43
22—
15—
8
—
8
—
3.80
Hlgh 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Low
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.18
Low 1937 112.12
104.48
114.93
111.03
102.84
91.20
99.66
104.30
110.04
High 1937
3.75
3.22
3.41
3.84
4.54
4.02
3.76
3.46
5.43
3.95
3.31
3.56
4.13
4.81
4.32
3.97
3.57
6.09
4.61
3.70
4.14
4.65
5.95
4.80
4.80
4.24
0.02
•
1 Yr. Ago
Feb. 11
36 108.39
1
100.88
113.07
108.08
97.78
87.21
94.65
100.53
107.88
Feb. 11
90.14
105.41
97.61
89.55
72.87
87.35
87.35
95.95
Feb. 11
35 107.32
♦
level
the average
35
,
computed from average yields on the basis of one "typical" bond (4% coupon, maturing in 30 years) and do not purport to show either the average
movement of actual price quotations
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
These prices are
or
36
2 Yrs.Ago
2 Yrs.Ago
Feb. 11
1 Yr. Ago
yield averages, the latter being the truer
picture of the bond market
1002
Financial
13, 1937
Earnings of United States Railroads for the Month of December
Gross and Net
Financial
Feb.
Chronicle
of
results
the
operation
of
tons in December, 1929.
United
In the case of pig iron pro-
States railroads during December were quite favor-
duction, the December output was the largest
able
the month in all recent years, not
on a
selves.
comparative basis, and also good in themThere
weather
or
were
other
the carriers in the Ohio
carriers
ber, 1929.
adverse
than 3,115,087 gross tons in December, 1936, as cornpared with only 2,106,453 gross tons in December,
handsome increases of
and net earnings.
In subsequent
1935;
earn-
is
one
reflection of the destructive waters
the trend is
with the
accord
ditions.
The
normal
a
broad increase of gross
able to
were
whole finds
earnings.
repairs
this
now
The managers
large
a
of
many
which
were
during the worst of the depression, and
circumstance
net
sus-
echo
an
being made for extensive
are
improvement,
and
deferred
con-
keep the increase of costs to reasonable
Plans
necessarily will begin to affect
earnings before long.
Although the gains
now
apparent are most satis-
factory, it would be idle to claim that the problems
of the rail carriers
wages,
are
solved.
Heavy taxation, high
over-regulation and the inroads of competi-
tive modes of
that must
transportation all remain
taken
be
into
as
consideration.
546,080
tons in December, 1932; 980,376 gross tons in
December, 1931; 1,965,690 gross tons in December,
thoroughly in
proportions, and net earnings also show
advance.
gross
1930, and 2,836,915 gross tons in December, 1929.
good Christmas trade and the
as a
December, 1934;
Another large basic industry, which shows a huge
increase in the month under review as compared
with December, 1935, is the automobile industry,
The output of motor vehicles of all kinds in the
United States during December, 1936, according to
upswing in general business
tained volume of business
in
and
in
tons
other
In
ravages.
gross
are
Nashville, which
delayed because of the flood
respects
already
Our compilation, this month, omits
apparent.
the returns of the Louisville &
1,027,622
1,182,079 gross tons in December, 1933;
ings reports, note will have to be taken of the floods,
and
The "Iron Age" reports that the produc-
tion of pig iron in December, 1936, reached no less
lately affected
as
Valley, and the principal
able to report
were
both gross
exceptionally
no
conditions, such
for
excepting Decem-
factors
But
the
j
the figures compiled by the Bureau of the Census,
aggregated no less than 498,721 cars (an all-time
record for December) as against only 404,528 cars
in December, 1935, and only 153,624 cars in December, 1934. Going further back, comparison is with
80,565 cars in December, 1933; 107,353 cars in
December, 1932; 121,541 cars in December, 1931;
155,601 cars in 1930; 120,007 cars in December, 1929,
and 244,116 cars in December, 1928.
Turning to still another basic industry—that of
the mining of coal—we find that both the soft coal
output and the hard co§} output were on a greatly
increased scale as compared with December a year
ago.
According to the statistics compiled by the
United States Bureau of Mines, the production of
lying determinant of railroad earnings, and even
bituminous coal in December, 1936, was 44,487,000
the problem of reorganization that faces so large a
net tons (the largest December output since 1929)
percentage of rail mileage is likely to be mitigated
as compared with but 35,388,000 net tons in the same
if further progress is made.
For the month of * period of 1935; 32,526,000 net tons in December,
December the railroads, with the exception of the
1934; 30,377,000 net tons in December, 1933;
Louisville & Nashville, reported gross earnings of
31,522,000 net tons in December, 1932; 30,579,000
$362,854,580 against $289,006,576 in the same month
tons in December, 1931, and 40,222,000 net tons in
of 1935, a gain of $73,848,004, or 25.55%.
The ratio
December, 1930, but against 47,046,000 net tons in
of operating expenses to gross
earnings fell sharply,
the same month of 1929. The output of Pennsyland net earnings amounted to $112,341,992 against
vania anthracite, the Bureau reports, reached
$68,400,315, an increase of $43,941,677, or 64.24%.
5,180,000 net tons against only 4,726,000 net tons in
course
of business
naturally remains
Month of December-
1936*
1935
Grolf^1ngi^::;;//.:$362|54:580
SSfSiSSiSriSfiii: 250«
Net earnings
*
inc.
(+>
or
Dec.
+$73,848;oo4
$289,006,576
220S
$112,341,992
„
the under-
as
(-)
25:55%
+29« 13 56%
+$43,941,677
$68,400,315
64.24%
business
improvement that
gains possible takes in
Outstanding
the
rail
which
larger earnings of the railroads
are
industries, which show most
year;
4,687,000 net tons in
but comparing with
5,141,000 net tons in
Going further back, comparison is
only 4,679,000
net tons in
1931, but with
6,050,000 net tons in December, 1930, and with
no
less than 7,377,000 net tons in the corresponding
range.
during the month under review
steel
made
the basic industries
among
contributed to the
wide
a
1933,
December, 1932.
with
Louisville & Nashville RR. figures not available.
The
the month the previous
December, 1934, and 4,437,000 net tons in December,
the iron and
gratifying im-
period of 1929.
On the other hand, there was a very pronounced
falling off in the building industry during the month
compared with December, 1935, due
under review
as
provement. According to the statistics compiled by
the Americali Iron and Steel Institute, no less than
entirely to
shrinkage in public projects of
4,431,645
construction contracts awarded in the 37 States
in
tons of steel ingots
gross
December,
1936
December in the
4,018,208
gross tons
gross
in
tons),
in December
1,798,606
gross
December,
as
are:
years,
gross
produced
in
any
1928,
only
being
3,073,405
and but 1,964,257
tons, respectively, in December,
Comparisons with
pre-
back to and including December, 1929,
861,034
1,301,211
against
a year ago
1934, and December, 1933.
ceding
were
largest tonnage
history of the industry, the previous
established
record,
and
(the
gross
gross
tons
in
December,
tons in December,
1932;
1931; 1,979,547
tons in December, 1930, and 2,903,012 gross
a
description.
east of the Rocky Mountains in
called for
an
every
The F. W. Dodge Corp. reports that
December, 1936,
expenditure of only $199,695,700
against $264,136,500 in December
a year
ago,
as
but
comparing with only $92,684,900 in December, 1934.
Earlier comparisons
are:
$207,209,500 in Decem-
ber, 1933; $81,219,300 in December,
1932; $136,851,600 in December, 1931; $249,435,500 in Deeember, 1930, and
1929.
no
less than $316,368,100 in December,
The lumber trade,
however, in December
(contrary to its usual rule of following the trend
of the building industry, with which it is
so
closely
Volume
allied)
Financial
144
showed
increase of 2%
an
sponding period of 1935.
compiled
an
of 536 identical mills re¬
average
cut of 877,840,000 feet in the five weeks
a
Jan.
ended
According to the figures
by the National Lumber Manufacturers
Association,
ported
the corre¬
over
2
against only 862,510,000 feet in
as
1003
Chronicle
the roads dis¬
their. increases)
(with
separately
prevents our naming
Lack of space
of the net.
case
tinguished for gains in both gross and net alike, so
we shall therefore confine ourselves to mentioning
only
The Pennsyl¬
few of the most outstanding.
a
RR, which heads the list in the case of the
vania
amounting to 1,290,674,000 feet in the five weeks
and
Illinois
Central (which heads the list in the case of the net)
shows an increase of $1,679,611 in gross earnings
and an increase of $6,019,888 in the case of the net;
the Southern Pacific System, with 8,231,778 increase
in gross, reports $5,326,499 increase in net; the New
York Central, with $6,379,865 gain in gross, shows
$4,695,205 gain in net (these figures cover the opera¬
ended Jan. 2
tions of the New York Central and its leased
the
over
five weeks of 1935.
same
2%
the previous
of
comparable
of
1934.
mills in
Shipments
This is
increase of
an
and 61% above the record
year
period
the corresponding
of
lumber
the
during
five
weeks ended Jan. 2
aggregated 925,617,000 feet as
compared with 828,728,000 feet in the similar five
weeks
of
received
1935,
increase of 12%, while orders
an
likewise
were
as
and
year ago,
a
greatly increased scale,
against only 1,010,082,000 feet in the
period of 1935,
same
on
28% greater than those of a
or
more
than 68% above those in the
similar weeks of 1934.
the
grain traffic
find that the
increase
Western roads, here we
over
December, 1936, grain movement fell
net earnings; the
in
increase of
an
$6,995,259 in the case of the gross and
cific,
with
case
The Union Pa¬
of the net).
$3,824,349
in
increase
Santa Fe shows
&
$3,383,250 gain in gross accom¬
it
joined table
In the sub¬
panied by $1,902,344 increase in net.
much larger than in the
very
each of the four years
With the
month of
immediately preceding 1935.
single exception of wheat, the shrinkage
in the month under
less
same
review, extended in greater
detail with the Western
or
We deal in
degree to all the different cereals.
grain traffic in
here
merely that the receipts at the Western primary
markets of the five
roads and
we
show all changes for the separate
systems for amounts in excess of $100,000,
whether increases
or
cereals, wheat, corn, oats, bar¬
principal changes in gross earnings for
of december,
Dec.
26, 1936, aggregated only 37,440,000 bushels
four weeks
as
against 38,785,000 bushels in the
of
1935, but comparing with only 25,201,000 bushels*
in
the
the
four
period of 1934; 31,693,000 bushels in
same
weeks of
same
weeks
similar
of
1933; 280,040,000 bushels in the
1932, and 27,752,000 bushels in the
Southern Pacific (2 rds.).
8,231,778
New York Central
a6,379,865
Union Pacific
3,824,349
the
Increase
Atch Top & Santa Fe
Baltimore & Ohio
Chesapeake & Ohio
Chicago Milw St P & Pac
Missouri Pacific
niinois Central
Southern
Chicago & North Western
Chicago R I & P (2 rds.)_
Northern
Pacific
371,47l
in
Back
were
December,
1930,
55,267,000 bushels, and
corresponding period of 1929 they reached
76,931,000 bushels.
Northern
Grand Trunk Western..
best index of trade
very
during the month under
loading of
United
revenue
freight
showing the
the railroads of the
on
States, which furnish, as it were,
a
sort of
composite picture of the general traffic and rev¬
enues
of the roads.
These
figures,
as
collected by
the Car Service Division of the American
312,851
310,719
275,906
275,448
275,281
229,135
222,352
220,260
Minn St P & S S M
1,495,687
Rich
Fred
&
Potomac.
_
210,827
1,463,320 Western Maryland
1,378,001 Virginian
1,226,358 Spokane Port & Seattle..
1,138,942 Missouri-Kansas-Texas.
1,102,884 Chic Ind & Louisville...
1,058,234 N O Texas & Mex (3 rds)
Maine
209,032
196,659
185,295
180,040
179,642
178,411
Central
Duluth Missabe & Nor.
165,199
976,479
Florida
970,752
Chic St P Minn & Omaha
Colorado & Sou (2
Clinchfield
Boston & Maine
626,839
615,394
International Great Nor.
568,091
Alabama Great Southern
N Y Chicago & St Louis.
Seaboard Air Line
St Louis-San Fran (3 rds)
Wabash
...
Pere
Marquette
'
East
171,975
.
871,267
823,120
765,819
671,992
Atlantic Coast Line
Coast
rds.).
Chic & Illinois Midland.
Detroit Toledo & Iron ton
Central
Vermont
509,797 Monongahela
498,187
479,879
447,027
438,457
424,688
410,481
Denver & Rio Gr West..
St Louis Southwestern._
Delaware & Hudson
Western Pacific
Total (78
$72,020,648
roads)
Decrease
N Y Ontario & Western.
$176,661
Total (1 road)
of the New York Central and the
St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $6,995,259.
a
These figures cover the operations
Mincipal changes in net earnings for the month of
DECEMBER,
1936
Increase
Increase
1936, 2,775,618 cars were loaded with
December,
revenue
freight
the railroads of the United States
on
in the
four weeks
as
against only 2,322,522
of
1935; 2,105,569 cars in the same period of 1934;
2,087,640
1,936,187
cars
cars
cars
in the
cars
in
with
no
in
less than
of
1933;
period of 1932; 2,273,222
same
four weeks of
similar weeks of
the
same
weeks
similar
the
in the
same
cars
3,338,334
1931, and 2,781,582
1930, but comparing
cars
in the corresponding
In all the
to the
exhibits in
roads
as
a
in
excess
gross
of
Pacific
Fe—
Chesapeake & Ohio
Chicago RI & Pac (2 rds)
Atch Top & Santa
Norfolk & Western
& Ohio
Yazoo & Miss Valley
Baltimore
Chicago Burl & Quincy..
Erie (2
roads)
Chicago Milw St P & Pac
Missouri Pacific
foregoing
we
have been dealing with
757,384
Lehigh Valley
N Y Chicago & St Louis.
664,695
537,026
Southern
493,469
487,608
665,322
consonance
whole.
In
with
our
decreases in
$100,000, only
Turning
the
showing for the
compilations giving the
gross
one
and net earnings
road reports
a
loss in
earnings and but three roads decreases in the
Northern
Pacific—
Delaware & Hudson
collectively.
2,506,775
1,902,344
1,358,029
1,245,145
1,132,131
1,073,095
868,903
835,485
807,223
802,144
761,734
Seaboard Air Line
N Y N H & Hartford
St L-San Fran (3 roads).
separate roads and systems, we find the
increases and
Union
Wabash
the railroads of the country
now
$6,019,888 Chicago & Eastern 111—
Southern Pacific (2 rds.).
5,326,499 Western Pacific
New York Central
a4,695,205 Del Lack & Western
Pennsylvania
3,108,889 Missouri-Kansas-Texas_.
Illinois Central
Atlantic Coast Line..
four weeks of 1929.
$176,661
leased lines—Cleveland Cincinnati Chicago &
Railway
Association, show that during the four weeks of
156,393
151,111
147,088
145,275
134,355
131,759
119,934
112,915
106,710
104,054
511,871 Bangor & Aroostook
Bessemer & Lake Erie—
Texas & Pacific
review is to be found in the statistics
325,473
Central of Georgia
Yazoo & Miss Valley
conditions
business
356,199
345,530
Chicago & Eastern 111
1,636,678 Wheeling & Lake Erie
1,026,766
1,006,079
Reading
Lehigh Valley
Del Lack & Western
Perhaps, however, the
and
„
_
N Y N H & Hartford
Great
375,357
Chicago Great Western.
3,383,250 Alton
2,904,788 Kansas City Southern
1,943,097 Cine N O & Texas Pac..
1,855,075 Nashv Chatt & St Louis.
1,729,613 Mobile & Ohio..
1,689,043
1.679,611
Chicago Burl & Quincy-Erie (2 roads)
Central of New Jersey—
Elgin Joliet & Eastern
Pittsburgh & Lake Erie._
1931.
of
weeks
however, the receipts
in
same
thejmonth
1936
Tntrpfi^p
$8,374,434
Pennsylvania
Norfolk & Western
ley and rye, combined, during the four weeks ended
decreases, and in both gross
and net:
separate
a
paragraph further along in this article, and will note
reports
gross,
$2,506,775 increase in net, and the Atchison Topeka
considerably below that of December, 1935, although
was
lines;
including the Pittsburgh & Lake Erie, the result is
$4,828,358 in the
Turning for the moment from the trade statistics
to
reports $8,374,434 gain in gross earnings
gross,
$3,108,889
Great
Northern
Bessemer & Lake Erie—
Chicago & North West..
Elgin Joliet & Eastern
a
Cine N O & Tex Pac
Mobile & Ohio
Florida East Coast
Alton
Pere Marquette
Nashv Chatt & St Louis.
Spokane Portl & Seattle.
Virginian
Maine
:
275,137
270,745
236,477
223,643
194,394
190,075
181,414
169,053
162,881
156,919
144,847
141,799
141,762
Central
Rich Fred & Potomac—
139,137
Pittsburgh & Lake Erie.
N O Tex & Pac (3 rds.)..
Wheeling & Lake Erie
Central of New Jersey...
Kansas City Southern—
133,153
131,755
131,476
_
Internat Great Northern
125,892
115,149
113,837
104,232
Western Maryland
476,679
Total (57 roads)
$42,865,763
460,250
Decrease
446,856
$174,224
445,781 Denver & Rio Gr West—
159,536
418,401 N Y Ontario & Western.
101,240
412,161 Long Island
383,948
Total (3 roads)
$435,00
288,917
These figures cover the operations
of the New York Central and the
Louis, Michigan Central,
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $4,828,358.
leased lines—Cleveland Cincinnati Chicago & St.
Cincinnati
When
Northern
and
the roads
Evansville
are
arranged in groups or geo¬
graphical divisions according to their location, as
Financial
1004
is
practice, the gratifying improvement in the
our
results shown
is
ago
compared with December a year
as
strikingly brought out,
very
all the three
it is found that
as
great districts—the Eastern district,
Southern district and the Western districl^as
the
well
all the various
as
regions comprising these dis¬
Chronicle
Feb.
Adding barley and rye,
against 4,673,000 bushels.
the
receipts of which
and
with
were
bushels,
1,192,000
1937
13,
only 4,906,000 bushels
respectively,
compared
as
5,100,000 bushels and 1,582,000 bushels, alto¬
gether the receipts at the Western primary markets
of the five
cereals, wheat, corn, oats, barley and rye,
tricts, without a single exception, report gains in
in the four weeks ended Dec.
both
37,440,000 bushels as against 38,785,000 bushels in
and net earnings alike.
gross
by groups follows.
summary
previously explained,
we
the roads to conform with the classification
group
of
As
Our
Interstate
the
Commerce
Commission.
boundaries of the different groups
The
and regions are
District and Region
-Gross Earnings
1936
1935
$
Inc.
(+)
$
only 25,201,000 bushels in the
bushels
1933; 31,724,000
same
period of
and
1932,
27,752,000
period of 1931.
or Dec.
(—)
In the
corre¬
aggre¬
same
gated 55,267,000 bushels, and in the
$
%
61,693,677
17.89
22.35
24.85
details of the Western
165,875,005
134,786,005
+31,089,000
23.07
form,
38,334,082
22,485,868
30,671,333
18,258,404
+7,662,749
+4,227,464
24.98
23.15
4 Wks. End
60,819.950
48,929,737
+11,890,213
24.30
36,548,737
+6,619,474
+ 18,579,432
+5,669,885
22.12
70,900,692
28,710,196
29,929,263
52,321,260
23,040,311
35.51
24.61
105,290,834
+30,868,791
29.32
period of
Minneapolis—
136,159,625
same
Chicago—
Dvluth—
15,263,692
73,585,053
Central Eastern region (18 roads)-- 77,026,260
roads)
in
four weeks
same
1934; 31,693,000 bushels in the
+2,316,858
+ 13,439,559
+ 15,332,583
New England region (10 roads)
Great Lakes region (24 roads)
Total (52
of
sponding period of 1930, however, the receipts
SUMMARY BY GROUPS
Month of December—»
corresponding four weeks of 1935, but comparing
with
bushels in the
indicated in the footnote to the table:
Eastern District—
the
26, 1936, reached only
12,946,834
60,145,494
1929
were
than
less
no
76,931,000
grain movement, in
set out in the table we
are
The
bushels.
now
usual
our
present:
Southern District—
Southern region (27 roads) *
Pocahontas region (4 roads)
WESTERN FLOUR AND GRAIN RECEIPTS
Flour
Wheat
Corn
Oats
Barley
Rye
{Bbls.)
{Bush.)
{Bush.)
{Bush.)
{Bush.)
{Bush.)
1936
813,000
6,685,000
5,392,000
913,000
603,000
772,000
1,085,000
789,000
1935
870,000
941,000
140,000
2,713,000
3,784,000
838,000
938,000
211,000
1,673,000
1,511,000
414,000
490,000
1936
219,000
1,000
10,000
203,000
77,000
1935
497,000
81,000
584,000
292,000
448.000
13,000
126,000
637,000
404,000
82,000
1,451,000
90,000
42.000
1,759,000
23,000
430,000
151,000
306,000
317,000
1,557,000
634,000
1,000
4,000
10,000
106,000
87,000
46,000
.
Dec. 26
Total (31
roads)
Western District—
Northwestern region (15 roads)
Central Western region (16 roads).
Southwestern region (24 roads)
1936
—
1935
Total (55
roads)
Total all districts (138 roads)
362,854,580
289,006,576
District and Region
Month of Dec.
—Net
1936
Mileage—
Eastern District—
1936
New England regionGreat Lakes region..
1935
6,996
7,084
26,734
24,997
26,593
Central East'n region 24,800
m
------
1,106,000
Milwaukee—
2nc.(+)
Dec.{—)
%
3,771,370 +1,083,651
28.73
13,940,358 +8,268,710
59.32
16,734,295 +5,717,178
34.16
$
4,855,021
22,209,068
22,451,473
25.55
Earnings
1935
$
+73,848,004
—
300,000
or
$
1936
54,000
1935
66,000
Toledo—
1936
•
——————
1935
3,000
Detroit—
Total
58,389
58,815
49,515,562
33,824
6,048
33,936
6,010
11,522,671
11,334,880
39,872
39,946
22,857.5£l
10,324,528 + 12,533,023
121.39
Northwestern region. 46,022
Central West'n region 56,752
8,768,577
23,197,846
6,403,141 +2,365,436
11,851,776 + 11,346,070
+2,627,609
36.94
95.73
48.89
Peoria—
30,212
46,333
56,869
30,316
...132,986
133,518
39,968,879
23,629,764+16,339,115
69.15
Kansas City—
districts--231,247 232.279 112,341,992
68,400,315+43,941,677
64.24
34,446,023 + 15,069,539
43.75
Southern region *
Pocahontas region.
.
1936
101,000
.
+ 9,761,927 554.43
8,563,784 +2,771,096
32.36
1,760,744
76,000
3,614,000
727,000
5,041,000
55,000
519,000
Indianapolis & Omaha—
1936
——————
1935
Total
77,000
43,000
663,000
—
17,000
151,000
714,000
1935
Southern District—
85,000
216.000
St. Louis—
1936
Western JDistrict****
Southwestern region.
417,000
605,000
2,480.000
472 000
288,000
62,000
1935
377,000
522,000
1,560,000
356,000
209,000
2,000
68,000
1,067,000
106,000
255,000
155,000
122,000
27,000
1,141,000
163,000
268,000
202,000
49,000
2,707,000
1,653,000
922,000
2,042,000
119,000
151,000
278,000
200,000
334,000
440,000
166,000
1,254,000
23,000
3,000
1935
5,374,847
149,000
1936
8,002,456
1936
1935
Total
380,000
31,000
5,000
1936
Total all
*
51,000
—
122,000
------
------
.
'mm
mm
J*
——
St. Joseph—
Louisville & Nashville RR. figures not available.
1936
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups
1935
and regions:
EASTERN DISTRICT
1935
------
------
------
Wichita—
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Sioux City—
Central Eastern /teflon-—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
Total
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg,
Va., and
a
line thence to the southwestern
corner
W.
1936
36,000
391,000
84,000
16,000
1935
85,000
392,000
33,000
29,000
6,000
9,732,000
17,026,000
17,822,000
4,574,000
4,673,000
4,906,000
1,192,000
l,582,0o0
all—
1936
1935
1,482,000
1,219,000
—
9,608,000
5,100,000
of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT *
On the other
<4
hand, the livestock movement over
Southern Region—Comprises the section east of the Mississippi River ancfiouth
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
Western
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
larger than in
Virginia, east of
receipts embraced 9,847 carloads in December, 1936,
Kentucky and the Ohio
River n<rth
to
Parkersburg,
W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
j WE STERN DISTRICT
—
Northwestern Region—Comprises the section adjoining Canada lying west of cn
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central
Western
Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
Southwestern
Region—Comprises the section 'ying between the Mississippi River
south of St. Louis and
a
line from St. Louis to Kansas City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexico.
The
grain movement
month under
was
review,
over
as we
Western roads in the
considerably smaller than in December, 1935
(which
the largest for the month since 1930),
was
although at the
same
time it
was
much larger than
in December of each of the four years
preceding.
immediately
The falling off in December, 1936,
reached
this,
we
as
movement
December
at
the
weeks
bushels
of which
a
year ago.
Western
ended
as
weeks of
was
somewhat
larger than in
Thus the receipts of wheat
primary markets during the four
Dec.
26,
1936,
aggregated
against 9,608,000 bushels in the
1935; of
corn,
17,026,000 bushels
17,822,000 bushels, and of oats,
the
9,732,000
same
as
four
agbinst
4,574,000 bushels
month of
to the cotton movement in the South,
now
find,
was on
the
case
of the
shipments
bales in
greatly increased scale
so
concerned,
below that of December, 1935, in
port movement of the staple.
overland
reached
no
less than
Gross
176,312
December, 1936 (the largest amount for the
month in all recent
bales in
ber,
a
the overland movement of cotton is
but fell very much
bales
of wheat,
same
the
only 1,723 carloads against 2,094 cars.
Coming
1934 ;
exception
much
very
At Chicago
1935.
pared with 3,263 carloads, although at Omaha they
ex¬
with the single
been
to have
December,
1935, and at Kansas City, 3,659 carloads as com¬
tended in greater or less degree to all the different
staples,
appears
against only 8,503 carloads in the
as
far
have already indicated,
roads
years),
as
against only 143,882
December, 1935; 128,238 bales in December,
97,334 bales in December, 1933; but 65,166
in
December, 1932; 76,849 bales in Decem¬
1931;
150,261
142,249
bales in
bales in
December,
December,
1930, and
1929.
the
On
other
hand, receipts of the staple at the Southern outports aggregated but
1936,
but
1934.
as
609,986
bales in
December,
against 773,734 bales in December, 1935,
comparing
Going
with
further
432,371 bales
back,
in
December,
comparison
is
with
764,167 bales in December, 1933; 1,089,511 bales in
Volume
Financial
144
1931;
888,213 bies in December, 1930, and 1,107,014 bales
December, 1932; 1,113,458 bales in December,
in
In the table we now introduce
December, 1929.
of cotton
give the details of the port movement
we
for the
past six years:
OF
RECEIPTS
COTTON
AT
SIX YEARS,
SOUTHERN PORTS IN DECEMBER
1931 TO 1936, INCLUSIVE
Month of
FOR
December
Ports
1931
1932
1933
1934
1935
1936
attended
was
184,741
234,358
119,635
Houston,
150,309
256,738
85,245
7,991
278,355
1,151
151,740
1,908
156,643
16,493
6,174
17,997
3,455
2,145
214,073
Beaumont
Orleans
New
5,441
4,978
Christl
Corpus
178,519
53,831
5,704
10,997
26,345
Mobile
2,193
Pensacola
6,641
8,775
5,971
20,259
3,732
3,778
2,562
19,293
1,485
3,041
4,293
7,140
9,107
7,199
5,707
2,529
3.516
84
34
258
609,986
773,734
432,371
302,089
366,869
13,848
2,513
284,436
45,655
9,881
8,910
3,379
305,455
62,812
3,368
25,448
1,231
774
5,230
Savannah
Brunswick
11,952
1,548
3,826
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
254,001
383,267
9,572
293
12,283
9,253
7,895
10,105
8,157
4,256
1,185
9.768
5,770
1,270
764,167 1,039,511 1,113,458
by
reduction in expenses of
a
leaving, nevertheless, a
however,
should not be over¬
looked that comparison then was with extremely heavy
totals in the year preceding (1922)—so much so that some
falling off in traffic and revenues was rendered inevitable,
the moment the slackening of trade made its influence felt.
In reviewing the results for December of that year (1922),
Years
Earlier
for
1923, the circumstance
December,
noted
interesting fact that
an
as
railroads
increases (as indicated
and $43,in December of
tbe previous year of $38,679,418 (15.04%)
in tbe case of
tbe gross and of $7,658,607 (12.20%) in tbe case of tbe net,
and tbese increases, in turn, came on top of gains, tbougb
$73,848,004
alike—namely,
(25.55%)
in
gross
941,677 (64.24%) in net—followed increases
preceding
wbole body of
roads, and but $3,837,771 in tbe net, in December, 1934, as
compared witb tbe same montb of 1933 and but $2,297,276
and $1,268,259, respectively, in gross and net, in December,
1933, as compared witb December, 1932.
Tbese cumulative
gains are the more noteworthy as they follow four suc¬
amount, in December of tbe two
of very moderate
namely, $12,107,100 in gross for tbe
years,
cessive
shrinkage
cumulative loss for tbese four years
which therQ was a
during
years
in earnings, making a
of
month
the
for
December
which
large
stands
out
with con¬
The shrinkage in tbe gross in Decem¬
spicuous prominence.
converted into
a
gain of $4,372,095 in net through a cutting down of
expenses.
The falling off in December, 1931, was $89,259,333
in gross and $32,841,593 in net, and it followed $91,220,835
falling off in gross and $25,567,928 falling off in net in
December, 1930, and $27,767,999 in gross and $32,186,071 in
ber, 1932, was $42,454,535, though this was
It seems proper to point out, how¬
in December, 1929.
net
ever,
the falling off in
that
earnings in December, 1929,
after gains in gross and net in the
quite generally
came
previous year.
In this previous year (1928) virtually all
combined to bring about favor¬
circumstances and conditions
able results, and
gain in
of
of
gross
compilations then showed $27,178,944
our
earnings attended by a reduction in expenses
$21,265,477, thus yielding a gain in net in the large sum
$48,444,421,
borne
also be
54%.
over
or
that tbese gains
mind
in
On tbe other band, it must
followed a heavy
December, 1927, and, in tbe case of tbe net,
loss in gross in
losses in both 1927 and
1926.
In December, 1927, our com¬
pilations recorded $59,294,705 falling off in gross and
one,
with
$28,-
In December, 1926, the exhibit was a poor
169,018 in net.
there having then been only
$15,267,349 loss in net.
$2,943,972 gain in gross
In the years prior to 1926,
ing.
disappoint¬
In December, 1925, the exhibit was quite an indifferent
one,
due
likewise, the December showing was somewhat
to tbe strike at
the anthracite mines, witb the
coal involved, this
having operated to pull down tbe earnings of tbe anthracite
carriers, all of which suffered heavy losses in gross and net
complete stoppage of the mining of bard
alike
at
that
time.
showed no more than $18,591,184 increase
December, 1925,
in
giross,
or
Stated in brief, our compilations for
3.69%, and $10,354,676 increase in net, or 8.34%,
notwithstanding the country was then
enjoying great
pros¬
away
from
miners'
strike
of the
shopmen's strike of the summer, the returns
the railway
rather
In
moderate,
shown only
net
the improvement was
tables for December, 1924, having
previous year, too,
the
our
$11,308,819 gain in gross, or 2.29%, though the
earnings
the
of
roads,
by
$17,998,730,
losses in
The
or
16.90%.
On the other hand, this followed
both gross and net
contraction
of the growing
operated, increased
reasons
efficiency with which they were being
in the gross
in the year preceding (1923).
in December, 1923
pared with 1922), was not largg,
(as
com¬
relatively speaking, being
3.75%, but
it testified to a slackening in
trade, of which much had
been heard in the summer and
$19,212,804,
or
autumn of 1923.
This falling off of
$19,212,804 in the
gross
of
The addition to the gross
earnings were becoming better.
than
attended by an
augmentation in expenses in amount of $52,530,924, there
remained an increase in the net of $35,204,666, or 45.87%.
There was, however, a qualifying consideration to take
1922, over December, 1921, was no less
in December,
$87,735,590,
999012324367510458.
0
20.66%, and though this was
or
with the big gain made in Decem¬
Comparison was with a period of intense
bdsi-
tabulations for
December, 1921, having shown $120,615*992 falling off in the
gross earnings, though accompanied by a curtailment in
expenses in the huge sum of $144,215,090, leaving, hence, a
gain in net of $23,599,098.
As it happened, too, this gain
9912324835716405
in the previous year, our
depression
ness
the net in December,
in
the net in December,
1921, followed a moderate gain in
1920, making the December statement
for 1922 the third consecutive one in
which improvement in
had been recorded.
the net
It should
added that the improvement in the
be
net in
schedules
of passenger and freight rates which had then been put into
effect a short while before.
In December of that year busi¬
ness depression had already begun, and a marked falling off
December, 1920, followed entirely from the higher
in traffic had occurred.
But owing to the advance in rates
the falling off in traffic was obscured.
Our
tabulations for December, 1920, showed a gain of $96,073,439
referred
to,
in
and
gross
Moreover, this small
in the
immediately preceding.
Below we
of $13,804,825 in
net.
gain in net succeeded a whole series of losses in net
month of the years
same
furnish the December summaries for each year back to 1909:
|
Mileage
Gross Earnings
Month
r,
Year
Preceding
(-t-) or
Dec.
(—)
Per
Given
6.83
228,687
0.57
Preced'g
229,369
7.03
238,561
+87,735,590
—19,212,804
+ 11,308,918
+ 18,591,184
+2,943,972
20.66
—69,294,705
11.28
229,422
225,619
235,920
235,379
236,196
236,957
236,982
238,552
+27,178,944
—27,767,999
5.80
240.337
5.62
241,864
240.773
—91,220,835
—89,259,333
21.47
242,677
23.64
242,639
242,592
242,319
—42,454,535
+ 2,297,276
14.73
241,806
0.93
240.338
+ 12,107,100
4.94
238,570
+38,679,418
+73,848,004
15.04
25.25
237,074
231,247
12.68
238,072
4.51
243,322
9.94
246.807
26.82
248,437
262,171,169
242,064,235
+62,438,948
+20,106,934
8.31
210,811
343,875,052
438,365,327
451,991,330
539,197,615
406,864,055
512,433,733
493,099,550
504,818,559
523,041,764
i-26,038,666
317,836,386
335,607,571 + 102,757,756
+ 11,510,209
440,481,121
8.18
247,988
30.62
232,774
2.61
233,899
21.68
295,202,018
232.763,070
525,411,572
920
...
Year
Year
Cent
225,666
225,177
235,682
234,146
241,180
243,242
247,673
215,669
247,271
232,399
233,814
228,134
224,784
236,121
235,555
235,875
230,057
237,373
237,711
239,286
$217,724,459 $203,799,142 +$13,925,317
+ 15,067,962
229,379,163 214,311,201
+ 1,339,735
233,614,912 232,275,177
+29,681,242
263,768,603 234,087,361
254,218,891 266,224,678 —12,005,787
232,598,369 258,285,270 —25,686,901
919.
460,526,003
495,574,485
468,182,822
377,473,702
288,239,790
245,751,231
248,057,612
257,199,427
295,880,873
362,854,580
936x
+96,073.439
443,124,176
527,480,047 —120,615,992
424,698,143
512,312.354
493.509,641
504,450,580
522,467,600
525.820,708
468,395,541
495,950,821
468,694,537
377,499,123
288,205,766
245,760,336
245,092,327
257,201,455
289,006,576
-
Net Earnings
22.87
3.75
2.29
2.69
0.56
inc.
(+)
241,950
240.950
239,833
238,436
232,279
or Dec.
(—)
Month
Year
of
Per Cent
Given
Preceding
Amount
$68 317,388
—$1,302,623
1.91
68,276,448
66,101,371
61,225,377
81,701,974
56,776,970
+2,175,077
+4,448,407
7.83
68,800,026
61,134,750
917--
932
936x
Year
$67,014,765
December
916...
*
Inc.
Year
Given
°f
December
922.......
perity.
the country got
as
disturbing influence of the coal
previous spring and summer, and of
the
farther
ber, 1922.
above) recorded by the
during December, 1936, in botb gross and net
The large
in gross and net,
considering this shrinkage
In
in
into account in connection
Results
$16,773,652,
net, viz.,
small falling off in the
$2,439,152.
we
Galveston
265,365
1005
Chronicle
.,
105,878,758
83,237,395
85,715,727
44,738,149
38,536,432
51,322,679
67,849,188
111,942,758
106,248,158
124,480.894
134,445,634
119,237,349
90,351,147
138,293,445
106,315,167
80,419,419
*47,141,248
57,854,695
59,129,403
62,187,963
70,445,503
112,341,992
3.24
12.02
72,932,360
82,622,271
68,274,222
61,186,558
86,302,108
103,520,028
85,767,019
44,919,752
37,517,854
+8,769,614
—13,822,245
—7,139,472
+44,692,200
—3,064,713
—6.383,320
14.21
+ 13,804,825
36.79
44,250,090
+23,599,098
53.33
76,738,092
-r
35.204,666
—2,439,152
45.87
+ 17,998,730
10.90
108,687,310
106.482.164
124,090,958
134,504,698
118.520.165
89.849,024
138,501,238
105,987,347
16.73
10.46
73.04
3.55
—17,804,301
17.23
-—41,028,870
47.84
+ 10,354,676
2.25
8.34
—15,267.349
11.36
—28,169,018
23.76
+48,444,421
—32,186,071
—25,567,928
23.12
54.43
24.08
—32,841,593
+4,372,095
+ 1,268,259
+3,837,771
41.06
57,861,144
58,350,192
62,786,896
68,400,315
+7,658.607
+43,941,677
12.20
79,982,841
*53,482,600
8.17
2.19
0.58
64.24
in its return for 1931 included in expenses $6,453,714 for
In its return for 1932, in giving comparative figures for
of the latter year.
This will
explain the wide fifference in the 1931 totals in the respective comparisons,
x Louis¬
ville & Nashville RR. figures not available.
The Chicago & Alton
dismantled equipment.
1931, this item has been omitted from the expenses
1006
Financial
Chronicle
Annual Report of Comptroller of Currency
for Bank
Feb.
1937
13,
F. T. O'Connor—No Recommendations
Legislation—No National Bank Failures During
Year—Deposits of
National Banks June 30, 1936 at$26,200,453,000 Greatest in History—Preferred
Stock to
Aggregate of $183,001,627 Retired by 807 National Banks
No recommendations for additional bank
legislation of a
general character are made by the Comptroller of the Cur¬
rency, J. F. T. O'Connor, in his annual report for the year
ended Oct. 31, 1936, made public Feb. 8.
The Comptroller
indicates that he is prompted to withhold such
proposals
"in view of the very satisfactory condition of the banks of
the Nation, and the constructive legislation which has been
passed during the.past few years."
The report adds that,
"with respect to financial institutions within the District
of Columbia, which are under the supervision of this
office,
privilege, and due to the expiration of the circulating privilege on certain
two recommendations
theyear.
to the 75th Congress are renewed,
thoroughgoing revision of the code for building and
loan associations, the other for assessing
against each credit
union costs of examining it."
There was no failure of a National bank
during the year,
according to the report, which summarizes as follows some
of the more important activities of the Bureau of the
Comp¬
troller and events relating thereto
during the 12 months
ended Oct. 31, 1936:
'
for
one
a
19276
1920
No National bank failed in
1.
United
the
States.
This
which closed
2.
the Commercial National Bank of
was
were
Bradford, Pa.,
Nov.
The figures for deposits
of the four call dates
as
Each of the
are as
bank
5,392
June 30, 1936
5,374
follows:
have been retired.
notes.
Henry Morgenthau,
1935,
Jr.,
redemption
calling for
National
v
■
bank notes amounting to $535,418,115
There is at present outstanding $328,659,920 in such
;;
At the request of the Board of Governors of the Federal
15.
Reserve
System, this Bureau issued $2,115,345,000 in Federal Reserve notes during
'"'^V:
From the report we quote
in part what it has to say
garding the Federal Deposit Insurance Corporation:
Federal Deposit
From the establishment
re¬
Insurance Corporation
Federal Deposit Insurance Corporation
of the
up to Oct. 31, 1936, 71 member banks of the fund have failed with total
deposit liabilities at date of closing of $19,400,000.
with
deposits of $85,000,
insured
an
bank.
were
84,700.
70 banks
National banks.
All depositors
One of these banks,
subsequently reorganized and reopened
was
The remaining
paid their insured deposits immediately
were
as
placed in receivership.
were
Depositors in the 70 banks numbered
the presentation and proof of their claims.
banks to apply on its liability.
upon
Up to Oct. 31, 1936, the Cor¬
All payments made by the Corporation on
deposit liabilities and for its operating expenses have been paid out of earn¬
Of this
are
2,895 less Nationa
1922, when the largest number
above 90%.
deposits
was
increase of $6,753,692,000
an
In the 10 largest National
banks
for the
year
paid $25,778,356.
It is
ended
The percentage of
banks, 22.6%
of the total
insured by the FDIO.
are
was
1936, 5,367 National banks
insured by the FDIC
were
insured.
FDIC
reported
reports
that
May 13,
on
1936,
insured commercial banks
total of 57 million accounts, of which 56 million, or 98.4%,
a
were accounts
with balances not exceeding $5,000, the maximum insurance
for each depositor.
of all National
banks
with total deposits of $25,394,075,000, of which $10,626,017,000, or 41%,
The
$58,339,815,000,
the National
sum
deposits insured in National banks varies from 1.2% of the total deposits
up to
As of May 13,
the preceding year.
The consolidated returns
by
11,
34.59% of the total paid by the 5,351 National banks.
3. As of June 30, 1936, deposits in the 15,803 active banks of all classes
4.
issued
March
on
United States Panama Canal and Consol bonds which had the circulating
other United States bonds,
in existence.
over
Treasury,
of the
banks is $28,300,753.
interesting to note that the 10 largest National banks paid $8,916,421, or
$24,033,236,000
24,847,733,000
24,859,455,000
26,200,453,000
5,381
Attention should be called to the fact that there
in the country amounted to
receivership institutions by 33 going banks,
the order
ings.
Deposits
5,409
in
Secretary
with
The total assessments paid by all insured banks to the FDIC amount to
1, 1935
were
accordance
$47,035,025.
Number of
Bonks
Dec. 31, 1935
Mar.
4, 1936
banks in operation than there
In
poration has recovered approximately $2,900,000 in dividends from these
made on National banks.
last three calls successively established a new
high record in National
deposits.
14.
from
over
due these going
a
The last
Sept. 30, 1935.
on
Pour calls for condition
taken
and the balance
Five of these
establishes
56-year record in the history of the National banking system.
National bank to fail
have been
Deposits in these banks amounted to $45,000,000,000,
of which $19,500,000,000, or 43%, were insured.
On Oct. 1, 1934, total
June 30, 1936 showed net additions to profits of
$241,971,000, an increase
deposits of 14,060 insured commercial banks amounted to $36,000,000,000,
of 239% over the preceding year.
of which $15,600,000,000, or 43.5%,
NATIONAL
BANK
SUSPENSIONS,
RECEIVERS
Years Ended
ACTUAL
Years Ended
Banks
V
1912
Deposits
V: 8
1913
21
1915
12
1916
13
1917
7
1918...........
2
1919
1
6
•
38
1922
32
WHICH
No. of
Oct. 31—
1923
51
127
Deposits
95
$39,836,690
30,616,232
46,113,688
19,798,224
46,448,301
49,707,145
361,976,551
250,494,710
255,049,262
41,950
5,398,802
91
111
1928
52
1929
71
1930
88
1931
357
1932
322
1933 *
396
1934
1
1935
4
17,358,274
1924
Banks
1925
$3,665,576
5,995,997
7,516,182
8,203,765
1,997,020
4,327,166
1,543,397
283,684
3,154,793
13,084,637
8.982,862
5
1914....
FOR
WERE APPOINTED
No. of
Oct. 31—
FAILURES,
48,816,366
*
Revised figures.
5.
Total.
1,911
1,230,411,274
.'■■vy.V.
Receiverships numbering 215
were
Total disbursements
to
depositors and other creditors of these institutions, including offsets
allowed, amount to $64,016,705,
or
77.49% of the total liabilities
established.
6.
The
Bureau
are now
7.
termination
combine
to
The
the
bank
receiverships
percentage
of
current
cost
has
enabled
the
of liquidation
to
one
total
collections from
all
7.67% for the year ended Oct. 31, 1935 to 10.27%
report year.
With no new receiverships added,
annual
and only the less desirable assets remaining in the
trusts, it is expected that
the average cost of liquidation will continue to rise.
8.
par
value
of
by 807 National banks.
preferred stock
was
retired,
On Oct. 31, 1936 the aggregate
outstanding in 2,025
National
banks
was
$352,072,786.
9.
that date
as
are
volume
a
entitled
"Federal Laws Affecting Na¬
of Jan.
1, 1936," in which all such statutes passed up to
segregated from the various laws to make these important
provisions readily available to the banking world.
The Bureau also pub¬
lished Vol. V of the "Digest of Decisions Relating to National
Banks.".
.
10.
The retirement
system for National bank examiners,
assistant
.
ex¬
aminers and clerks, authorized by Congress at its last
session, was placed
in effect on June 1, 1936, and 711 individuals
11.
and
Charters
63
States.
were
new
banks
Before
as
other
Oct.
admitted to
surance
issued
were
banks
31,
are
sharing its benefits.
by this Bureau for six
than
1936,
National
two
new
National banks,
chartered
were
of these
63
newly
by the various
chartered
banks
Federal Reserve membership; 36 were admitted to in¬
not
members
of the
Federal
Reserve;
one
was
placed
in liquidation; and 24 are in operation and not insured.
(including
licensed
to
10 State banks in the District of Columbia) were not
reopen.
Their unsecured liabilities
were
$1,922,698,738.
There has been made available to depositors and creditors of these institu¬
tions $1,520,662,159, representing 79.09% of the total unsecured
liabilities.
13. From time to time various sums have been borrowed from the Re¬
construction Finance
Corporation for the purpose of paying dividends to
depositors in closed National banks, pledging with the RFC assets of the
trusts.
was
Statutes, continue to show
The greatest amount due the RFC
$143,662,107,
on
Dec.
31,
1934.
on
The
such loans at any one time
total
interest
loans through Oct. 31, 1936 amounts to
$10,024,539.
Corporation has had
no
losses to charge off
on
paid On these
Up to this date the
such loans.
RFC
loans
response
to calls made on
an
improvement in the banking situation of the
The last such call in the current annual report year
country.
30,1936.
was on
June
A comparison of the returns made for that date with the returns
for June 39,
1935, which
published in the Comptroller's last annual
were
shows increases in the loans and investments, cash in vault and
report,
balances with other banks,
increase
an
total deposits, and total capital
total assets,
The loans and investments
245,967,000,
June
on
30,
1936 aggregated $20,-
during the year of $2,160,864,000,
11.95%;
or
the total of cash and exchange, comprising cash in vault, balances with other
banks, and
reserve with
Federal Reserve banks, amounted to $8,381,426,-
increase of $1,513,205,000, or 22.03%; and the total assets of $29,-
an
702,839,000
were
greater by $3,641,774,000, or
of the capital stock on June 30,
13.97%.
The book value
1936 was $1,691,375,000, a decrease of
$118,128,000, due to the retirement of preferred stock and
the number of active banks.
or
15.46%.
16.35%, the total reported for June
sented by bills payable and rediscounts,
$4,643,000 to $2,872,000.
year
in the aggregate of $197,-
$3,682,207,000,
Borrowed money,
1935.
was
reduced $1,771,000,
repre¬
or from
The number of active banks decreased in the
5,431 to 5,374.
banking holiday, when there
30,
reduction in
The deposits were $26,200,453,000, the greatest In
the history of the National banking system, exceeding by
year from
a
However, surplus, profits and reserves total¬
ing $1,474,353,000 showed increases in the
438,000,
1936,
the
loans
and
103.48%; and the total
were
1933, the first call following the
4,902 licensed National banks, to June
investments
assets 42.39%.
rose
30.69%;
cash
and
exchange
The book value of capital stock
during that period increased 11.59%; the total of surplus, profits and
serves
re¬
9.95%; and deposits 56.20%.
A material improvement in the condition of all classes of banks in the
country is disclosed by a comparison of the returns for all active banks,
State and National, covering the three-year period from June 30, 1933 to
June 30,
1936.
15,803 banks
Loans and investments of $48,698,692,000, reported for
on
the latter date, exceeded by $8,380,211,000, or 20.79%,
the amount reported for 14,624 licensed banks operating on an unrestricted
basis three years ago.
reserve
Cash, balances due from banks, and
reserves with
agents, increased $7,357,596,000, or 94.76%; and the total assets
increased
12. At the close of the banking holiday in March, 1933,
1,417 National
banks
Situation
banks, under the provisions of Section 5211 of the Revised
In the three-year period from June 30,
The Bureau issued
tional Banks
all National
or
Preferred stock in the aggregate par value of $183,001,627
in full or in part,
Present Banking
The periodic reports of condition received in
000,
receiverships
under
receiver, and there
1,212 National banks in receivership in charge of 526 receivers.
sources has risen from
for
National
of
several
surveying the present banking situation, the report
points out that the deposits of National banks on June 30,
1936, at $26,200,453,000, were the greatest in the history
of the National banking system.
At the same time the
report notes "a material improvement in the condition of all
classes of banks in the country."
Its comments follow:
account.
terminated.
insured.
were
In
$15,896,673,000,
notes and
debentures,
on
or
30.99%.
Capital stock,
including
capital
June 30, 1936 amounted to $3,421,226,000,
an
increase of $521,685,000, or 17.99%, in the three years, and surplus, profits
and reserves,
The total
increase
of
totaling $4,549,867,000, increased $64,120,000,
deposits
on
June 30,
$16,806,345,000,
rowed money of
$46,231,000
or
was
1.43%.
or
1936 were $58,339,815,000, showing
40.46%, in the three-year period.
an
Bor¬
reduced 90.83%.
A comparison of returns for all classes of banks in the
country on June 30,
1936 with those for June 30,
1935, shows the loans and investments
to
have increased 9.10%; cash and exchange, 21.98%; and total assets,
11.27%.
Although the capital stock, capital notes and debentures show a reduction
of 5.11%, the total of surplus, profits and reserves was increased
The deposits of all banks
on
June 30, 1936 were
$6,753,692,000,
or
7.55%.
13.09%,
Volume
Financial
144
greater than reported In
1935.
Bills payable
and rediscounts decreased
been placed in receivership during such periods,
active National bank receiverships in the
24.63%.
The earnings figures for all classes of banks In the
country are not
by the Comptroller.
obtained
However, the earnings reports submitted by National
providing for losses and expenses, but before divi¬
fice, of 1,568
1,212.
banks show that after
dends,
there
added
in the year ended June
to the undivided profit accounts $241,971,000
30, 1936, which is the largest addition made to the
profits since the fiscal
year
was
1930.
exceeded by $170,599,000,
year
Net addition to profits in the current
239%, the amount reported for 1935,
or
and represented 14.25% of the total of common and
preferred
standing
June 30, 1936.
on
stock
ferred
1007
Chronicle
amounted
stock out¬
Dividends paid in 1936 on common and pre¬
to
$125,679,000,
7.40%.
or
dividends,
These
.
reduced as of Oct. 31, 1936, to
of July 19, 1934, had been
as
.
that the largest number of
history of the Comptroller's Of¬
.
During the year ended Oct. 31, 1936, total costs incurred in the liquida¬
tion of insolvent National banks, as
to
reported by receivers, were equivalent
10.27% of total collections from all sources, including offsets allowed.
The major portion of this increase in the percentage of expense for
year over
average
the current
that for previous years is, of course, the result of the
liquidation age of receiverships in process of liquidation,
with the well understood fact that the percentage of costs to
increased
combined
collections is
comparatively low during the early years of liquidation, but progressively
which included $10,345,000 payable in stock, were the largest in amount
increases from date of failure to date of final closing.
and percent paid in any of the last four fiscal
years.
considerable portion of this increase in expense is the result of interest pay¬
ments to the RFC and
Additional extracts from the report follow:
National
National
the
Banks
banks continued
to
in
the
for the fiscal year ended June 30, 1936.
powers,
with
in
progress
One thousand nine hundred and
that date had authority to
on
exercise trust
combined capital of $1,399,538,802 and banking assets of
a
$25,856,833,525, which represented 35.78% of the number, 82.41% of
the par value of capital, and 87.05% of the assets of all banks in the
National banking system.
Of the number authorized to exercise trust powers under the
provisions
of Section 11
(k) oi the Federal Reserve Act, 1,573 banks had active trust
departments
and
administering
were
aggregating
assets
$9,564,651,286,
16,997 corporate trusts and acting
132,842
and
in
as trustees
individual
addition
were
trusts
with
administering
for outstanding note and bond
issues amounting to $11,167,569,142.
Compared with 1935, these figures
2.27%, in the number of trusts being
represent a net increase of 3,327, or
administered;
increase of $313,359,339,
an
3.39%, in the volume of
or
totaled $10,405,109, of which approximately
the
in the volume of note and bond issues
banks had been named to
act as
$437,575,884, or 3.77%,
outstanding under which National
current
allowed,
70,194,
46.85%,
or
agreements;
62,648,
jurisdiction
of
were
During the past
year
assets
trusts being administered under the
the courts, and the remaining
trusteeships under corporate bond
comprised $7,741,956,366,
or
or
11.34%, were
note issue indentures.
Private trust
16,997,
80.94%, of the total assets under ad¬
or
ministration, while the remaining $1,822,694,920,
or
19.06%, belonged to
court trusts.
to
the private
were in
and court trusts under administration revealed that 51.01%
bonds; 30.09% in stocks; 7.48% in real estate mortgages; 7.22% in
real estate; and
4.20% consisted of miscellaneous assets.
The substantial
reflects
increase
an
during the decade
in the number of trusts being
or
an
Termination loans obtained in connection with the 38 final clos¬
volved.
administered;
increase of $8,704,015,826, or
That
the
pace
an
of 123,786,
or
475.13%,
increase of $8,642,322,609,
353.31%, in the volume of note and
earnings from trust
in
growth
department operations
has
with the increased volume of trusts which have been entrusted
National banking system is re¬
to the administration of the banks in the
vealed by the fact that
during the fiscal year ended June 30, 1936, gross
earnings aggregating $30,259,000 were reported as against $26,479,000 in
1935, representing
a
gain of $3,780,000, or 14.28%, over
$22,004,000,
increase of
or
266.55%,
over
1935, and an
1926.
Two hundred and eighty-eight National banks were acting as trustees
under 1,154 insurance trust agreements,
involving $56,956,881 in proceeds
698 National banks had been named trustee
under 17,049 insurance trust agreements not yet matured or operative,
from insurance policies, while
supported by insurance policies with a face value aggregating $654,388,938.
Three hundred and seventy-seven of the banks spent $230,485 during
the year for trust advertising, 39 banks
employed full-time trust solicitors
and 68 banks utilized the services of part-time trust solicitors.
Two hundred and forty-seven
banks were acting as transfer agent for
2,309 accounts and 382 banks were acting as registrar of stocks and bonds
for 4,365 accounts.
An
plan of effecting early terminations of receiverships, as described in detail
in my annual report for
the year 1935, consisted briefly in borrowing upon
the security of values existing in remaining assets,
ble for distribution
involved to
depositors' committees or trustees.
An additional plan of
liquidation involving the disposal at public acution
named trustees
for
were
1935, and designed to facilitate liquidation and expedite the final closings
Receiverships, 1865-1936
From the date of the first failure of
National bank in the year 1865 to
sold to other institutions or placed in voluntary liquidation.
to the 157 banks restored to
solvency, one bank
involving $153,152,791; 584
107 receiverships involving $1,356,371; 134 banks were
named to act
committee of estates of lunatics in 365 cases involving
as
$2,431,916, while 450 banks were named to act 6,377 times in miscellaneous
fiduciary capacities other than those enumerated above, involving $796,-
368,781.
Ninety-one banks were named to act as registrar of stocks and bonds in
involving $196,083,139, while 66 banks were named to act as
transfer agent in
ance,
leaving
receiverships to
2,797
these receiverships so
gregating $765,113,725, and were acting as trustees for outstanding bond
and note issues
be administered
administered, 1,212
amounting to
$402,825,715.
National Bank Failures
actual
failures
banks occurred during
receivers were,
,
of
National
banks or District of Columbia
State
During such period
however, placed in charge of six National banks, one Dis¬
the year ended Oct. 31, 1936.
trict of Columbia State bank and one District of
loan association.
Feb. 25, 1927, the date of the
Act," there
indebtedness
pared with
Columbia building and
of
such
institutions.
The remaining appoint¬
building and loan association located in the District of
were
a
passage of
closed, in addition to which one receivership was restored to
These 215 receiverships disposed of during the current year
like period during the
history of the Office of the Comptroller of the Currency.
It is also found
represent the largest number of final closings in a
as
a
the so-called "McFadden
in existence in the National system 372 branches as com¬
total of 1,460 branches in existence on Oct. 31, 1936.
banks which converted into National associations, and 510 were branches
brought into the system through consolidation of State with National banks.
During this same period, 815 branches were relinquished, 555 went out of
the system through the liquidation of parent institutions,
and the remaining
260 through consolidations or because of other reasons.
of these operations was a gain for the
since Feb.
During the
year
corded, 81 de
novo
ended Oct. 31, 1936,
a net
gain of 67 branches was re¬
branches being established, 75 of which
under the Banking
Act of 1933 to
operate
which the parent bank is domiciled.
the
The net result
National sytem of 1,088 branches
25, 1927.
were
authorized
in places other than the city in
There
were no
branches brought into
System through conversions of State banks to National banks,
through the consolidation of State banks with National banks.
branches
were
shareholders
discontinued through action
of the
•
of the board of directors
Investments of National
The table following
nor
Fourteen
or
bank.
parent
discloses
a summary
Banks
of the investments of National
as
of
June 30,1934, June 29,1935 and June 30,1936:
[In thousands, of dollars]
June
June
30,
1934
Numoer of banks.
June 30.
29,
1935
a5,422
1936
5,431
5,374
4,423
Obligations of—
Home Owners' Loan Corporation guaranteed by
U. S. Government as to Interest only
23,620
1,212,397
1
16,839
1,386,230
(c)
162,258
81,284
14,438
1,527,644
16.021
13,118
10,977
529,090
,
Federal Land banks
593,211
519,584
38,937
391,081
88,674
536,496
36,628
366,671
90,095
665,059
653,650
36,728
461,751
79,377
32,314
25,744
85,226
35,150
25,925
80,656
108,605
(b)
184,312
Joint Stock Land banks
/
119,330
83,487
1
Federal Intermediate Credit banks
__
States, counties and municipalities (d)._
Territorial and insular possessions of the United
States
Bonds, notes and debentures (not Including stock)
of other domestio corporations:
...
Real estate-corporations...
Other domestic corporations
...
Stock of Federal Reserve bank
Stock of other domestio corporations:
Real estate corporations
Banks and banking corporations
Foreign
34,879
25,405
securities:
Obligations of foreign central governments....
Obligations of foreign provincial, State and
municipal governments
Other foreign securities
Total miscellaneous bonds and securities
U. S. Government
securities, direct obligations..
Securities guaranteed by U. S. Government as to
interest and principal
Total bonds and securities of all classes
During the year ended Oct. 31, 1936, 214 receiverships were liquidated
solvency.
finally
During the intervening period, 1,903 branches have been added to the
Columbia.
and finally
of liquidation
95,341
65,167
90,395
48,796
53,764
39.042
50,941
42,662
40,149
3,344,901
3,543,379
4,035,261
5,645,741
6,077,724
7,072,979
e357,911
1,095,283
1,374,385
Of these total appointments, seven were for the purpose
unfinished business or enforcing stock assessments against
shareholders of banks, the collection of which was necessary because of
a
Of
by receivers.
process
system, of which 1,080 were de novo branches, 313 were branches of State
of completing
for
still in
are
Other domestic corporations
was
receiver¬
Branches
On
Public utilities.
engaged in administering 13,546 trusts, with individual trusts assets ag¬
ment
as a
and 1,585 have been completely liquidated and the affairs thereof
Railroads
382 instances involving $60,238,794.
National bank branches numbering 241 on June 30, 1936 were actively
unsatisfied
In addition
eliminated
was
1,226 bond and note issues aggregating $890,-
named to act in
No
associations
placedin charge of receivers.
either reopened,
Of this number, 157 have been restored to solvency and
named to act as individual trustees under 8,012
banks were named as
administrator under 1,517 appointments involving $23,765,755; 561 banks
were named under 2,741 guardianships involving $11,089,686; 5 banks were
named to act as assignee in 19 instances involving $720,940; 33 banks were
executorships
cases
a
Oct. 31,1936, 2,939 National banks and 16 State banks or loan
located in the District of Columbia have been
$317,090,906; 758 banks were named to act under
agreements involving
239
originally placed in operation in
of real estate properties held by receivers,
banks in United States Government and other bonds and securities
analysis of the new business placed on the books of the National
358,910; 852 banks
2,778
the largest amount possi¬
dividends to creditors, with subsequent sale of assets
as
banks between June 30,1935 and June 30, 1936, developed that 281 banks
were
This
ings effected thereby during the current year amounted to $366,140.
closed.
bond issues outstanding for which National banks were acting as trustees.
kept
the
specific purpose of effecting immediate final closings of receiverships in¬
1936 with that of 1926,
937.01%, in the volume of individual trust assets under administration,
and
38 of the 214 completed liquidations and final
of obtaining from the RFC so-called termination loans to receivers for
development of trust activities in National banks is
further emphasized by comparing the record in
which
$356,-
.
ship through revocation of the receiver's commission as of the date of issu¬
analysis of the $8,094,291,248 of Inv&tbd thist funds belonging
An
.
.
of receiverships, has been continued during the current year
trustees.
were
paid during
was
including offsets
closings of receiverships have resulted from the plan inaugurated in 1935,
those created under private or living trust
41.81%,
or
$4,000,000
all sources,
from
while similar total collections for the years 1933,1934 and 1935 were
Segregation of the number of fiduciary accounts in National banks reveal
that
collections
Total
year.
reported by receivers for the year, amounted to $185,513,595,
as
678,150, $501,718,516 and $358,511,944, respectively.
individual trust assets under administration; an increase of 196, or 1.17%,
in the number of corporate trusts, and a decrease of
not in¬
by receivers to Oct. 31, 1936, as indicated by the records of this office,
by statistics compiled
reflected
as
a
Total corporation and lending bank interest payments
payment purposes.
Field
show steady and substantial
development of trust activities,
twenty-three National banks
Trust
However,
lending banks upon loans to receivers for dividend
result of these receivership closings in
1936, together with other final
closings in 1934 and 1935, and regardless of many additional banks having
a
9,348,553 10,716,386 12,482,625
Licensed banks: i. e., those operating on an unrestricted basis.
b Included with securities
guaranteed by U. S. Government
as to
Interest and
principal.
c
d
Called for redemption July 1, 1935.
including school, irrigation,
drainage and reclamation districts, and instru¬
mentalities of one or more States.
e
Includes Home Owners' Loan
States
as to
Corporation 4% bonds, guaranteed by the United
interest only, the amount of which was not called for separately.
Financial
1008
Activity
Indications of Business
TRADE—COMMERCIAL EPITOME
OF
STATE
THE
comparative table follows:
A
1936.
at
strikes, disturbing developments
of
(Number
Cars)
in the General
and the continued deadlock
Wahington
continue in a
industry
the heavy industries and strong,
upward action of the securities markets.
Steel
vigorous
Feb. 6
Jan. 30
Feb. 8
Feb. 6
1937
1936
1937
1937
1, and possible labor troubles in steel plants,
*9,400
9,109
4,733
15,585
7,816
7,266
7.479
9,926
1,266
1,884
2,686
8,461
42,036
10,194
3,696
39,208
5,289
5,366
x6,929
8,442
323,173 306,645 295,539 213.972 189,060
Atchison Topeka &
188,259
Santa Fe Ry
Chesapeake & Ohio Ry
Chicago Burl. & Qulncy RR
Chicago Mllw. St. P. & Pac. Ry.
Chicago & North Western Ry
Pennsylvania RR
present backlogs assure production of all the steel that
steel will
raw
The outstanding feature of the auto¬
permit."
nouncing
10%
a
Wabash
action of the Chrysler Corp. in an¬
increase and publication of its net
wage
x
the net income for 1936 totaling $62,110,543.
history,
1,809
4,237
40,835
4,753
37,173
12,202
65,400
5,624
is
equally
3,971
7,825
S. P. Co-Pacific Lines and Texas & New
CONNECTIONS
RECEIPTS FROM
LOADINGS AND
(Number of Cars)
that should
obvious
Weeks Ended—
Committee for
the
industry would be the next in line to suffer.
of electricity in the
smaller
23,987
28,669
St. Louis-San Francisco Ry
15,195
67,851
73,827
Total
United States for the week ended Feb. 6,
than
for
the
preceding week,
tially above that for the corresponding period in 1936.
30, reported
week ended Jan.
Total
28,847
12,030
60,124
Railroads, in reviewing the
The Association of American
substan¬
was
1936
8,
20,247
24,335
31,417
18,075
Chicago Rock Island & Pacific Ry.
Production
Feb.
1937
Illinois Central System
General Motors, the other units in the
their demands upon
Jan. 30,
Feb. 6, 1937
Organization and Mr. Lewis succeed in forcing
Industrial
while
8.673
4,149
41,932
44,182
5,210
5,070
8,199
5,963
21,310 *10,323
9,486
5,193
the labor woes which have befallen its principal competitor,
it
11,350
35,046
11,204
42,929
11,777
4,664
4,079
20,758
58,645
has naturally been in a position to benefit from
company
but
1,760
2,284
2,861
11,066
1,735
2,380
2,868
Co.
RR.
TOTAL
The
2,724
4,792
Excludes cars Interchanged between
Orleans
earnings, showing the largest earnings in the corporation's
7.672
10,620
14,924
5,513
7,801
7,827
12,207
7,037
24,512
Ry—
Total
3,815
16,736
2,281
4,176
4,869
Southern Pacific Lines
13,278
8,733
8,716
14,954
16,019
8,118
23,251
Pere Marquette Ry
Pittsburgh & Lake Erie RR
28,202
25,257
15,588
3,498
4,850
19,338
66,440
St. Louis Ry—.
Norfolk & Western Ry
shortages of raw materials, particularly coke, pig iron and
motive industry was the
Missouri Pacific RR
N. Y. Chicago &
There is no doubt as to the first quarter,
of the first half.
RR
Missouri-Kansas-Texas
New York Central Lines
approximately present output through the remainder
tain
as
Internat'l Gieat Northern RR—
main¬
major steel companies do not doubt their ability to
1936 I
7,090
6,590
16,607
16,334
20,717
29,876
12,548
17,420
19,358
19,736
31,482
21,276
16,638
19,506
14,777
3,116
2,183
4,123
15,791
42,167
Gulf Coast Lines
about April
Feb. 8
Jan. 30
1937
Baltimore & Ohio RR
miners' strike on or
states "that barring a soft coal
Age"
Weeks Ended—
Weeks Ended—
particularly reflected in
production for the country as a whole has moved up to 81%
in the face of extremely adverse conditions.
The "Iron
Connections
Received from
Loaded on Own Lines
indications that business and
healthy, vigorous state, this being
strike, there are many
Motors
CONNECTIONS
LOADED AND RECEIVED FROM
REVENUE FREIGHT
weeks, due to floods and
ended Feb. 8r
business over the last few
Despite signs of spottiness in
thejpre-
lines, compared with 306,645 cars in
own
ceding week and 295,539 cars in the seven days
1937.
Thursday Night, Feb. 11,
their
on
13, 1937
Feb.
Chronicle
follows;
as
Loading of revenue freight for the week ended Jan. 80 totaled 669,790
This was an increase of 37,900 cars, or 6.1% above the corresponding
consumption of cotton, rayon, silk and wool in the United
cars.
States spurted to the
World War,
highest volume for
according to a report
compiled by "Rayon Organon."
that
servers
with
automobile
since the
any year
week in
the textile industry
on
of
all
manufacturers
ment
during the current month.
stores in 256 cities
disclosed
sales increase of
month
of
1936,
according
to the
Federal
Reserve
cars,
Board.
Outstanding features
the
were
dust storms in Texas
severe
Summer-like temperatures and gusty winds
the early part of the week.
Continued cold weather and deep snow in many places have
made the winter extremely hard
and
Northwestern
reported.
western
States, with
Severe dust storms
on
livestock in the Western
further moderate loss
some
also reported
were
Kansas, western Oklahoma, and
New Mexico, with some dust carried
Valley.
Early in the
week there
central
the freezing
portions
Mississippi.
In
a
and
temperature line
of South
as
of
the Ohio
as
reaction
to
con¬
and
Today it
the
area
the weather
was
fair and cold here, with temperatures
The forecast
cloudy, with slowly rising temperature.
was
12 to
was
for partly
Overnight at Bos¬
24;
26 to 42 degrees;
Baltimore, 20 to 42; Pittsburgh,
Portland, Me., 22 to 40; Chicago, 16 to 20; Cin¬
Cleveland, 14 to 18; Detroit, 12 to 20;
Charleston, 36 to 60; Milwaukee, 14 to 20; Savannah, 38
to 54; Dallas, 38 to 50; Kansas
City, 32 to 36; Spring¬
field, Mo., 30 to 34; Oklahoma City, 34 to 44; Salt Lake
City, 16 to 30; Seattle, 40 to 46; Montreal, 10 to
28, and
Winnipeg, 10 below to 2 above.
cinnati, 16 to 24;
corresponding week
the
preceding week,
week
same
in
but
It
1935.
Western
369
increase of
Live
453
stock
cars
above the
loading
districts
preceding week and
amounted
total of 323,173
alone,
of
revenue
freight
grain and
increase of 841
an
car®
car®
above the
same
week
decrease of 1,628 cars below the
same
week
cars,
in
This was, however, a
1936.
1935.
week
in
Western
30
Jan.
week,
districts
totaled
but
9,427
increase
an
loading of
alone,
cars,
of
a
cars
live stock
decrease of 104
725
above
cars
of
the
below the
cars
the
for
corresponding
1936.
products
above
the
6,605
cars
Ore
the
In
ended
decrease
a
loading
totaled
preceding week,
above
loading
the
2,383
amounted
cars
week
same
30,991
in
10,465
to
cars,
above
the
an
of 360
increase
car®
week in 1936,
same
and
1935.
cars,
an
increase of 1,443
cars
above
the
preceding week, 5,085 cars above the corresponding week in 1936, and
7,016 cars above the corresponding week in 1935.
Coke
the
loading
preceding
increase
of
amounted
week and
2,286
cars
11,670
to
17
above the
cars,
a
below the
cars
same
decrease
same
freight compared
with
the
468
in
below
cars
1936,
but
an
week in 1935.
All districts reported increases in the number of
the Pocahontas,
of
week
cars
loaded with
revenue
corresponding weeks in 1936 and
which reported'
a
1935 except
decrease compared with the two preceding
years.
Loading of
years
revenue
freight
in
1937
compared
with
the
two
follows:
1937
Week of
previous
'
Jan,
2
Week of Jan.
9
.
........
Week of Jan. 16
.....
1936
587,953
698,529
700,238
670,376
659,790
541,826
614,853
611,347
584,637
621,890
3,316,886
2,974,553
tu
cars
the
car®
357
12,519
to
below the preceding week, but an increase of 731
Total
a
below
cars
increase of 4,256
however, an
the
In
of
decrease
a
was,
Major Railroad's Loadings Higher During Week Ended
Feb. 6,1937 loaded
1936,
above the corresponding week in 1936.
Week of Jan. 23
The first 18 major railroads to
report for the week ended
in
week in 1935.
grain products loading totaled 30,205 cars, an increase of 104
Week of Jan. 30
Feb. 6, 1937
153,241
It was, however, a
grain products loading for the week ended Jan. 30 totaled 19,621 cars, an
preceding
as
Carolina, Georgia, Alabama and
ranging from 19 to 32 degrees.
ton it
above the
below
cars
same
corresponding week in 1936.
week
south
31,682
below the
the
above
cere
Forest
the New York City
was
*
week,
cars
and
Southeast, which
early part of the week, and clear and cold the latter
part.
12,580
Grain
far
mixed, with rain and relatively mild temperatures during
the
preceding
in
was
siderably colder weather in the East
carried
the plains
on
far east
as
in south¬
freight totaled
lot
carload
cars
loading amounted to 142,762 cars, a decrease of 12,071 cars below
Coal
Blizzard conditions crip¬
pled transportation in western Minnesota and the Dakotas.
than
decrease of 6,696 cars below the preceding week, but an increase
a
4,554
the
brought the year's first dust storm to sections of the South¬
west
1935.
above the corresponding week in 1936.
decrease of 658 cars below the same week in 1935.
of
and Oklahoma.
in
merchandise less
of
Loading
preceding week, 57,215 car®
67,432 cars above the corre¬
above the
1936, and
cars
corresponding week in
sponding week
during January, compared to the dollar volume for the like
Valley.
6,099
of
increase
an
above the
11%
Ohio
freight loading for the week ended Jan. 30 totaled 267,987
Miscellaneous
cars,
A survev of 509 depart¬
a
in
the
in
conditions
the exception of General Motors should near capacity
levels
62,829 cars, or 10.6% above the corre¬
increase of
an
1935.
Loading of revenue freight for the week of Jan. 30 was a decrease of
10,586 cars, or 1.6% below the preceding week, partially due to flood
It is stated by careful ob¬
production
and
1936,
sponding week
snow
1935
497.274
553,518
562,829
555,528
596,961
2,766,107
aiso
ine
loadings for separate roads and systems for the week ended
Jan. 30,1937.
During this period a total of 109 roads showed
increases when compared with the
same
week last year;
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JAN. 30
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenue
from Connections
1937
1935
1936
Southern District—(Concl.)
Norfolk Southern.............
Boston & Maine.........
Chicago Indianapolis A Loulsv.
524
1,153
2,325
7,951
1,338
257
10,434
2,135
30
.......
Delaware & Hudson
Delaware Lackawanna A West
16
16
62
921
962
6,325
10,977
5,905
2,076
7,454
6,686
1,757
6,730
6,469
10,224
338
197
211
104
2,716
2,982
286
371
323
12,413
3,526
12,733
12,650
3,877
157
150
131
1,377
9,057
3,390
5,991
2,267
40,835
11,016
1,990
4,753
7,271
4,792
2,011
3,208
4,699
2,224
38,848
10,410
1,880
4,028
5,783
5,199
1,763
9,220
3,350
3,915
2,075
37,026
10,137
2,142
3,951
5,225
5,632
1,193
1,505
14,081
6,597
1,869
1,428
8,520
2,810
Pittsburgh A Shawmut..
524
367
385
21
9
Pittsburgh Shawmut A North.
415
342
328
268
272
Pittsburgh A West Virginia...
1,524
1,223
1,149
1,238
1,035
8,664
2,842
158,029
Detroit A Toledo Shore Line.
Erie
....
...
Grand Trunk Western.......
Lehigh A Hudson River......
Lehigh A New England......
Lehigh Valley
Maine Central..
...
Monongahela
.......
Montour
a
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette.
...
.........
3,839
8,754
223
8,573
7,591
3,971
579
501
507
5,624
4,163
5,239
3,046
»3,427
153,521
Rutland...
1,479
1,070
9,109
3,112
148,235
144,586
152,383
.........
Wabash
Wheeling A Lake Erie..
Total
4,935
403
316
362
576
181
147
135
808
89,032
87,498
63,395
1,995
11,066
3,145
7,672
3,137
802
781
799
A North Western
Great Western
15,558
2,320
14,552
Mllw. St. P. A Pacific
St. P. Minn. A Omaha
19,358
13,534
2,050
18,054
3,717
...
Ft. DodgeiDes Moines
Great Northern.
713
604
358
5.428
5,295
5,641
274
225
233
157
9,141
9,079
9,640
2,846
583
611
711
A South
...—
Green Bay A,Western
......
Lake Superior A Ishpeming—
Minneapolis A St. Louis...
Minn. St. Paul A S. S. M
Northern Pacific.
...
240
252
71
1,408
5,242
9,069
1,475
4,835
8,228
1,706
2,304
3.498
61
121
81
316
1,295
1,187
936
1,480
80,478
75,677
71,041
46,167
20,717
3,138
16,785
2,614
16,967
2,473
7,090
3,579
332
279
214
116
17,429
15,343
1,942
9,478
3,336
13,737
1,652
9,796
3,244
1,223
2,263
7,801
...
Total
Central Western District—
437
544
862
862
27,209
1,601
26,720
1,193
13,278
2,413
14,695
1,322
Atch. Top. A Santa Fe System..
400
315
258
4
6
1,566
6,237
1,387
6,422
1,044
6,340
12
13
11,707
10,625
Bingham A Garfield
Chicago Burlington A Qulncy.
Chicago'A Illinois Midland....
Cambria A Indiana..
Central RR. of New Jersey....
Cornwall
Alton
......
914
54
63
64
Cumberland A Pennsylvania...
316
355
370
24
23
Ligonler V alley
Long Island
Penn-Reading Seashore Lines*
Pennsylvania System
Reading Co
Union (Pittsburgh)
210
185
30
21
Colorado A Southern
656
706
739
1,111
65,400
14,847
15,608
917
56,733
14,359
8,841
1,068
56,304
13,364
8,149
2,503
1,348
41,932
18,307
3,522
2,746
1,464
38.581
15,259
1,671
West Virginia Northern......
84
88
86
0
0
North Western Pacific
6,116
Peoria A Pekln Union
93,468
2,137
11,656
3,481
1,140
4,154
1,244
1,034
2,362
1,350
ChlcagoiRock Island A Pacific.
Chicago A Eastern Illinois
229
............
...
3,896
3,185
3,255
6,675
145,023
122,819
119,620
102^680
Maryland.
Denver A Rio Grande Western.
Denver A Salt Lake...
Fort Worth A Denver City—
Illinois Terminal
....
Nevada Northern
I
•'
■■
V:,:J
■■
1
■
3,299
968
10,529
2,381
1,369
2,679
896
487
4
962
1,008
2,084
1,726
1,825
1,061
1,471
22
108
795
468
423
48
42
80
6,790
1,124
8,129
17,557
15,503
13,705
396
330
276
14,005
1,150
1,171
12,352
11,126
733
492
11
1,253
1,175
2,137
105,108
90,707
82,201
57,850
113
4,938
Toledo Peoria A Western*
Union Pacific System...
•:
964
613
—
Southern Pacific (Pacific).....
Total
'
629
392
1,534
5,735
8,791
Spokane International
Spokeane Portland A Seattle...
494
Buffalo Creek A Gauley
\
146
597
727
797
8,100
Duluth South Shore A Atlantic
ElglniJollet A Eastern
2,047
19,571
4,676
4,647
1,100
Duluth Missabe A Northern..
29,876
3,389
........
Bessemer A Lake Erie
Western
6,727
18,365
89,530
Chicago
Chicago
Chicago
Chicago
Allegheny District—
Akron Canton A Youngstown..
Baltimore A Ohio
1,002
Northwestern District—
39,898
10,947
1,989
9,519
5,072
5,646
1,643
6,721
17,751;
8,586
18,053
Belt Ry. of Chicago.......—
43
35,046
12,301
5,616
3,934
13,629
Total
168
30
929
271
Winston-Salem Southbound...
1,745
3,720
14,446
7,850
2,014
1,255
7,273
3,096
.....
456
297
942
Southern System
Tennessee Central
72
3,061
Detroit A Mackinac
Detroit Toledo A Ironton.
948
421
438
Seaboard Air Line
85
1,166
4,922
9,282
Central Indiana.............
Central Vermont
803
479
Richmond Fred. A Potomac
270
10,453
1,698
1937
1935
Piedmont Northern......
1,338
596
2,538
7,748
1,346
511
2,201
8,624
1,436
M
..............
Bangor & Aroostook..........
1936
1937
Eastern District—
from Connections
Freight Loaded
Railroads
1936
1937
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
Ann Arbor
1009
Financial Chronicle
1*4'
Volume
Utah
Western Pacific...
Pocahontas District—
Chesapeake A Ohio
21,548
12,201
22,122
19,734
20,586
17,897
886
......
Norfolk A Western
693
900
Norfolk A Portsmouth Belt Line
3.815
4,149
1,111
7,267
3,517
1,076
3,543
3,394
3.426
587
708
29,178
Virginian
45,943
42,809
9,662
Total
12,568
...
Southwestern District-
Total
143
238
Alton A Southern:
289
Burlington-Rock Island
182
141
146
Fort Smith A Western
273
235
206
212
3,498
2,281
2,462
1,786
2,501
2,738
1,735
Gulf Coast Lines...
212
156
189
127
157
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast..
Atlantic Coast Line...........
764
677
651
1,151
1,075
131
1,593
1,077
2,380
1,070
2,108
1,035
658
610
668
742
7,853
3,510
7,940
3,486
4,550
4,011
Louisiana Arkansas A Texas...
159
113
139
446
2,429
2,492
Litchfield A Madison
396
438
441
740
367
294
349
872
926
Midland Valley
873
787
713
1,318
.........
1,108
1,446
92
55
99
223
4,417
14,751
4,211
13,945
2,868
11,350
1,340'
665
Louisiana A Arkansas.
Missouri A Arkansas
1,748
......
365
183
307
269
138
128
207
284
Missouri Pacific
1,208
803
712
851
875
4,176
16,019
Mlssouri-Kansas-Teaxs Lines.
148
....
Columbus A Greenville.
142
1,824
1,268
Kansas Oklahoma A Gulf
Kansas City Southern
9,441
4,182
Central of Georgia
Charleston A Western Carolina.
Clinchfleld
200
2,023
1,621
Northern
International-Great
Southern District—
Alabama Tennessee A Northern
...
Natchez A Southern
Durham A Southern
Florida East Coast.
205
15
31
50
60
246
42
36
40
71
89
Quanah Acme A Pacific
90
63
80
83
781
635
657
1,490
1,353
St. Louis-San Francisco
7,308
2,060
5,339
3,852
2,010
6,912
2,316
5,676
4,083
1,874
7,512
2,793
2,610
4,454
22,178
Gainesville Midland
18,892
13,146
3,639
Terminal RR. Assn. of St. Louis
8.362
2.363
6,955
4,620
2,188
Macon Dublin A Savannah....
161
122
114
404
361
Wichita Falls A Southern.....
260
191
163
65
Mississippi Central
214
109
134
251
284
Weatherford M. W. A N. W—
23
42
18
33
1,468
2,920
1,616
2,426
1,650
2,628
1,586
2,519
1,324
2,066
49,477
49,206
69,383
Georgia...
Georgia A Florida
................
385
268
306
1,688
18,979
15,147
1,384
19,848
20,778
1,312
19,049
....
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville b
...
...
Mobile A Ohio*
.........
Nashville Chattanooga A St. L.
*
Note—Previous year's figures revised.
431
375
St. Louis Southwestern
789
856
Texas A New Orleans
9,618
4,106
Previous figures.
Texas A Pacific
56,952
Total
•
Inoludes figures tor the Boston A Albany RR.,
the C. O. C. A St. Louis RR. and the
b Estimated.
Michigan Central RR.
Shipbuilding Statistics for 1936—Total Ton¬
nage of Merchant Vessels Launched Throughout
World 60% Above 1936
1935
1936
Lloyd's
An
increase
of
more
than
60% in the total tonnage of
1936, as
Great Britain a"d Ireland
United States.
_
„
__________________
Other oountrifi"
-
_,-
World total
returns have not been available for some
Launchings during 1936 aggregated 2,117,924 gross
tons, a gain of 815,000 tons over the figure for 1935.
The
1936 total is the largest annual output since 1930, and the
3rear's gain is the largest reported since 1919. Last year's
total of 2,117,000 tons, however, compares with one of
3,332,000 tons for the last pre-war year, 1913.
From the
statement made available Feb. 3 the following is also taken:
sia,
for which
time.
All but three of the 10
more
tonnage last
France
to
and
24,000
tons
for
showed
Italy
gross tons as
France.
As
leading maritime countries of the world launched
1935, Lloyd's Register reports. Denmark,
ones to show declines,
Denmark's amounting
than in
year
were
the
compared with 11,000 tons for Italy and only 3,000
against
these
Great Britain and Ireland
decreases,
gain of 857,000 tons, Germany one of 153,000 tons, and Japan
148,000 tons.
The output of the United States was increased 79,000
tons, that of Holland 86,000 tons, and of Norway 7,000 tons.
one
a
of
How
the
and
the
the
laBt
the
figures
launchings of Great Britain and
other
two
maritime
years
countries
is shown
taken
Ireland, the United States,
group, have compared in
a
by Lloyd's Register
representing gross tonnage:
as
in the following table,
Britain
Great
output
over
and
1,302,080
2,117,924
—
merchant vessels launched throughout the world in
compared with 1935, is shown by a statement issued Feb. 3
by Lloyd's Register of Shipping, covering all vessels of 100
gross tons each and upwards, for all countries except Rus¬
499,011
32,607
770,462
856,257
111,885
1,149,782
_.
_
Ireland
continue
the United States.
to
increase
their
lead in shipping
Before the war American shipyards were
launching one ton to every seven sent down the ways in Great Britain and
Ireland.
In
1919,
the United States launched about two and a
for Great Britain and Ireland.
In 1921 the United
however,
half tons to every one
although in 1932 the
the countries was only 44,000 tons.
In
gap had widened to 467,000 tons, and last year Great Britain
and Ireland increased their margin of leadership to 745,000 tons.
Of last
year's output in the United States, 87,136 tons were launched on the
Atlantic Coast and 10,627 tons on the Great Lakes, the remainder, of
States lost
gap
1935
its
between
lead, and has never since regained It,
the production
of
that
about 13,000 tons,
being built in other parts of the country.
.
.
.
2,117,000 gross tons of merchant ships launched in all countries
year, a total of 1,308,013 tons was built under the supervision of
Lloyd's Register of Shipping and intended for classification with that
society.
Lloyd's, therefore, supervised the construction of about 62%
of all the merchant shipping launched throughout the world last year.
Vessels launched during 1986 included 93,302 gross tons constructed
Of the
last
for
other
countries
volume of building
those
than
in
which
the
vessels
each
almost
combined
contrast
of
doubled
the
829,000
between
were
built.
This
for foreign account compares with 63,835 tons in 1985.
The output of steam and motor
tanker
table of gross tonnage:
tankers of 1,000 gross tons and upwards
1935, a gain for all countries
reported. ".
.
Lloyd's shows the
launchings in 1935: and 1936 in the following
total
tons
figure for
being
.
■
Financial Chronicle
1010
98,035
74,040
65,961
Sweden
United States
Holland
Of
—
667,794
338,021
For
all types
vessels of
motor
last year's launchings showed a gain of
the Increase in volume amounting to
389,000 tons.
.
.
.
Comparisons in motor ship launchings during the
past two years are shown by Lloyd's Register in the following table, the
figures representing gross tons:
almost
50%
1935 figures,
the
over
Sweden..
Japan
Denmark
tion
of
year
15,597
22,667
1,465
23,021
before.
ever
1,202,476
812,956
Italy
United States
Other countries
World total
about
...
Lloyd's states that during 1936, 87 steamers and motor vessels, ranging
in size from 6,000 to 9,999 gross tons each, were launched as compared
26
the ways last year as
down
sent
were
and upwards,
Of larger types of vessels, 10,000 gross tons
with 48 in 1935.
vessels
181,083 tons in 1935.
and turbines,
engines
launchings aggregated
year's
in
Special deposits
255,919 gross tons as against 111,288 tons
several changes
last
gross tons
more than
their nearest competitor, Germany, and last year the lead' was
widened to 476,000 tons.
Germany's lead of 80,000 tons over Japan, how¬
ever,
increased only 5,000 tons last year.
But Japan extended its 1935
lead of
40,000 tons over its next competitor to one of 140,000 tons.
Sweden, which ranked fifth in 1935, took fourth place last year, now
leading the United States (which advanced from eighth position to fifth)
by 42,000 tons, while the United States has a margin of 14,000 tons over
Denmark, which dropped1 from fourth place in 1935 to sixth last year.
Denmark leads Holland by 3,700 tons, and Holland, having dropped from
sixth position to seventh, leads France by 54,000 tons.
France, having
gone
from seventh to eighth, produced 6,000 tons more than Norway
last year.
Norway retains ninth place and Italy is tenth, about 20,000
continue to lead
named,
2,619,220
67,402,921
60,091,562
148,272,828
297,907,110
35,489,424
2,986,215
6,422,710
Traffic and car-service balances receivable
Net balance receivable from agents and conductors.
Materials and supplies
Interest and dividends receivable
Total current assets._
$1,340,659,699 $1,138,515,114
Selected Liability Items—
Funded debt maturing within six months b.
$169,508,486
$247,502,444
Loans and bills payable c
Traffic and car-service balances payable.
Audited accounts and wages payable.-..
$216,403,914
86,273,851
245,355,662
117,269,524
519,514,125
2,177,036
$343,462,101
75,556,287
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
38,391,250
119,681,670
40,741,667
Unmatured rents accrued
Other current liabilities
occurred
the
in
tons behind
relative
Great
1935
In
in volume of tonnage launched,
ranking
Total current liabilities.
Ireland launched
40,576,564
17,339,190
$1,885,569,211 $1,623,825,787
U. S. Government taxes.
Other than U. 8. Government taxes-.
$37,677,657
135,628,386
$96,321,559
144.130.856
reported Includes charges of 11,516,023 for November 1936.
and $16,196,199 for the 11 months of 1936 on account of accruals for excise taxes
a
as
levied under the Social Security Act of 1935; also $4,354,415 for
November 1936 and
$36,266,747 for the 11 months of 1936 under the requirements of an Act approved
1935 levying an excise tax upon carriers and an Income tax upon their
employees, and for other purposes. (Public No. 400,74th Congress). The net Income
for November, 1935 Includes credits of $346,014 and for the 11 months of 1935
credits of $8,008,150, on account of reversal of charges previously made for liability
Aug. 29,
under the Railroad Retirement Act of 1934.
debt
(other than funded debt matured unpaid)
principal of long-term
within six months after close of
month of report.
c
of the other shipbuilding countries
Britain and
121,981,735
24,916,386
Tax liability:
The net income
227,442,490
58,187,862
398,013.621
4,620,849
323,522,888
13,122,200
474,844,127
....
b Includes payments which will become due on account of
Great Britain and Ireland, Germany and Japan, in the order
Although
32,079,785
68,343,380
4,110,279
59,212,827
48,237,369
137,780,907
279,843,855
38,082,881
2,781,728
5,505,856
104.839,173
.
-
Miscellaneous accounts receivable
1935.
year.
$446,272,258
16,263,989
Loans and bills receivable
and
Of ships having a combination of reciprocating
267,234 tons were sent down the ways in 1936 in
comparison with 70,788 tons in 1935.
For vessels built on the Isherwood system of longitudinal framing, last
with
-
$733,987,303
$556,290,852
21,689,247
36,648,437
Time drafts and deposits
against 23 in 1935.
barges launched during 1936 aggregated 87,702
gross tons, a gain of 26,000 tons over the 1935 total.
These types of
craft, however, represent less than 2% of the total output of all vessels.
Again last year an increase was shown in the production of vessels
fitted with steam turbines, 244,914 tons of these being launched compared
Sailing
$680,220,126
Cash
Other current assets
67% of all the merchant tonnage
year as compared with about 62% in 1936.
With the excep¬
and1 1930, however, more motor tonnage was launched last
1929
than
1935
22,594
10,641
6,173
43,661
France
249,605
125,598
104,007
110,762
46,390
113,844
represented
vessels
launched last
Investments In stocks, bonds, Ac., other than those
of affiliated companies
Rents receivable
1936
1935
1936
408,004
254,637
150,942
139,346
86,863
79,615
Gt. Britain & Irel'd.
Motor
Selected, Asset Items—
Demand loans and deposits
vessels.
motor
1935
1936
26,653
54,490
26,912
667,794 gross tons, 659,690 tons were
total tanker launchings of
the
13, 1937
Balance at End of Nov.
59,968
35,462
18,687
67,421 Japan
50,735 Denmark
50,802 Other countries
26,522
World total
34,486
148,797
Gt. Britain & Irel'd.
1935
1936
1935
1936
166,844
Feb.
Includes obligations which mature not more than two years after
d Deficit or
other
reverse
date of Issue
items.
272,000
Norway.
Lloyd's shows the comparisons of tonnage launched in the various coun¬
Moody's Commodity Index Slightly Higher
Moody's Daily Index of Staple Commodity Prices ad¬
vanced slightly this week, closing at 206.3 this Thursday, as
compared with 206.0 last Friday.
The principal changes were the rise in wheat and the
declines in wool and sugar. There were also advances for
cocoa, rubber, corn, steel and coffee, and declines for hides
and cotton.
There was no net change in the price of silk,
hogs, silver, copper and lead.
The movement of the index during the week, with com¬
parisons, is as follows:
Fri,
P
Germany
Japan
Sweden
United States
1936
Denmark
97,537
Holland
499,011
226,343
145,914
105,538
32,607
856,257
379,981
294,861
154,044
111,885
Gt. Britain & Irel'd.
1936
1935
93,831
39,208
33,162
11,345
France
Norway
Italy
122,095
57,133
42,783
25,716
22,667
5
206.0
Feb.
6
....206.1
Mon.
Tues.
Wed.
in the following table of gross tonnage:
1936
Feb.
Sat.
tries in the last two years
Feb.
8
206.8
Month Ago, Jan. 11
Year Ago, Feb. 11
Feb.
9
205.6
1936 High—Dec. 28
Feb. 10
Thurs. Feb. 11
Fri.
Feb. 12
205.8
Low—May 12
162.7
206.3
1937 High—Jan. 14
Low—Jan. 29
210.1
gross
Prices
tons, built in England.
Statistics
fourth
page
851.
Income
Selected
and
Balance
Sheet
Items of
Class
I
The
Bureau
of
Statistics
Commission has issued
a
of
the
statement
Interstate
ber.
showing the aggregate
railways in the United States for the month of Novem¬
":V". ?: ■;
These
from
Ended
from 138.1
led
was
by wheat, steers and the petroleum group, the other
grains (except barley), flour, beef, pork and lard, butter, zinc and rubber
also
contributing. Losses
were
cocoa,
THE
'ANNALIST
WEEKLY
INDEX
PRICES
are subject to revision and were compiled
reports representing 144 steam railways.
The
present statement excludes returns for Class I switching and
restricted
fairly
included
and
hogs and
apples and bananas, butter, cotton, silk and tin.
hams,
figures
138
Feb.
Annalist
rose
The rise
Commerce
totals of selected income and balance sheet items of Class I
steam
Wholesale Commodity
9 at Highest Level
of
Index
Week
205.0
Weekly Index of Wholesale Commodity
(revised) on Feb. 2 to 140.2 on Feb.
9, a level last touched on Jan. 7, 1930.
In noting this, an
announcement issued by the "Annalist" also had the fol¬
lowing to say:
Prices
Steam Railways for November
The
Weekly
for
205.0
209.3
170.9
208.7
29
Since Jan. 7, 1930
by Lloyd's Register of Shipping, covering the
quarter of 1936, were referred to in these columns
of Feb. 6,
Holiday
''Annalist"
Largest of the vessels launched during 1936 was the Orcades, of 23,400
2 Weeks Ago, Jan.
OF
COMMODITY
WHOLESALE
(1913=100)
Feb. 9, 1937
Farm products
Feb. 2,
1937
Feb. 11, 1936
X143.6
145.9
122.9
The report in full is
as
follows:
131.2
126.8
X130.0
110.5
Fuels...
companies.
133.3
*131.3
Metals
terminal
Food productsTextile products
For the Month of
Nov.
For the 11 Months
of
171.9
167.5
171.5
124.7
124.5
110.8
Chemicals
98.3
98.3
97.9
Miscellaneous
96.3
95.6
86.0
140.2
X138.1
126.6
82.8
81.6
74.1
Income Items
1936
1935
1936
1935
All commodities
All commodities
$72,411,762
12,381,011
Other Income
Total income
$54,224,287 $597,013,629 $450,880,564
130,971,782
11,202,905
136,934,971
$84,792,773
Net railway oper. Income
on
old dollar basis...
$65,427,192 $727,985,411 $587,815,535
Miscell. deducts, from Inc...
1,633,373
Inc. avail. for fixed chgs...
$83,159,400
1,431,107
18,369,414
15,769,551
♦Preliminary.
Wholesale
xRevlsed.
Commodity
Prices
Rose
to
Highest
in
Fixed charges:
Rent for leased roads
11,174,338
40,652,324
234,496
Interest deductions
Other deductions
Total fixed charges
Income after fixed charges.
$52,061,158
.
Contingent charges
Net income a:.......,,.
31,098,242
1,014,832
$30,083,410
11,260,710
41,539,626
216,382
122,976,904
453,850,755
2,498,529
123,482,482
460,277,231
2,390,435
$53,016,718 $579,326,188 $586,150,148
10.979,367
130,289,809
dl4,104,164
999,832
11,048,551
11,018,551
$9,979,535 $119,241,258 d$25 122,715
The
tures &
Federal income taxes
Dividend appropriations*
On common stock
On preferred
stock
16,038,507
3,651,116
16,169,589
1,948,694
177,381,067
26,502,761
178,819,351
17,255,693
wholesale
National
period during the
registered 85.9%,
based on the 1926-1928 average as 100%, as against 84.6%
in the preceding week.
A month ago it stood at 85.5%
and a year ago at 77.5%.
The Association's annoucement
point yet attained in the entire
of Feb. 8 went
15,873,685
86,882,910
455,253
26,317,950
85,329,649
14,046,424
recovery
Last week the index
on
to say:
The rise in the index last week reflected
dustrial commodities
tive weeks the index
33,111,225
7,904,764
commodity price index compiled by the
Association advanced to the highest
Fertilizer
week ended Feb. 6.
as
(way & struc¬
equipment)
Depreciation
Point
6,
Recovery Period During Week Ended Feb.
According to National Fertilizer Association
$63,996,085 $709,615,997 $572,045,984
as
well
as
advancing quotations for in¬
farm products and foods.
For 19 consecu¬
representing the prices of aU commodities except farm
products and foods has shown an uninterrupted rise, with a particularly
sharp increase occurring last week.
The farm product and food indexes
Volume
last week
Financial
144
were
still below the levels reached in January.
Chronicle
Horwath
Higher prices for
bituminous coal, petroleum, fuel oil, and gasoline, resulted in an upturn in
1011
Horwath
&
made available
also
the
following
analysis by cities:
1
:
the fuel
price index. A sharp gain in the index of building material prices
brought about mainly by higher lumber quotations.
The metal and the
was
chemical and drug indexes also advanced during the week.
for
and cottonseed meal caused
tankage
a
JANUARY, 1936
Lower prices
small decline in the fertilizer
Sales
material index, following the sustained rise in recent weeks.
and 29 declined, with many of the declines being in commodities
small importance; in
the preceding week there
declines; in the second preceding week there
Per Cent
Latest
Feb.
Total Index
Month
PreceiFg
6,
1937
Foods
Ago
Jan. 9,
1937
Feb. 8,
Detroit—
—1
ts
1-16
bl7
-
Pacific Coast
1936
92.2
94.7
108.9
109.8
94.1
84.9
84.1
87.2
73.0
71.6
63.6
100.1
111.1
78.5
82.9
17.3
80.0
Fuels
80.9
80.2
84.7
84.8
84.1
80.3
80.4
79.1
,
65
'
65
+0
+ 11
+6
67
73
69
67
60
+28
+ 14
73
.73
68
66
+12
70
Ji
65
+ 14
+ 12
.
68
+ 12
95.6
93.9
Building Materials..
87.4
86.6
S
Chemicals and drugs
95.3
94.4
93.6
94.9
0.3
Fertiliser materials
Fertilizers
71.2
0.3
75.8
0.3
Farm machinery
92.7
+o
<
Analysis of Imports and Exports of the United States
77.0
1.3
+ 12
♦
82.9
6.1
95.7
89.4
+ 12
68.3
Metals
Total
72.1
Textiles
7.1
'
84.8
Miscellaneous commodities..
8.2
:
48
78.0
...
Livestock
10.8
76
51
76.0
79.5
Cotton..
Grains
72
79
+ 12
+ 12
+8
+ 10.
-12
74
+4
75.4
72.7
107.9
Farm products
23.0
+6
77.7
106.5
..
or
Last Year Dec. (—)
—9
+ 18
-18
—
All others—
80.1
87.3
84.2
89.6
Cottonseed oil
age of
Inc. (+>
Month
This
Restaur't
+10
+16
+ 10
+4
+7
+8
Hbio
Cleveland.—
Ago
Jan. 30,
1937
85.2
.
Fats and oils
Rooms
Month
Texas
25.3
Percent'
Same
Total
New York City—
Chicago
Philadelphia
Washington
Year
Week
Week
Oroup
;
Rate
Occupancy
(—)
of relatively
23 advances and 27
were
Decrease
34 advances and 30 declines.
were
weekly wholesale commodity price index
Each Croup
Bear* to the
or
Room
.
Percentage of Increase (+)
Thirty-nine price series included in the index advanced during the week
_.
...
100.0
All groups combined
85.9
73.0
92.5
85.5
77.5
Electric Output for Week Ended Feb.
Above a Year Ago
The
Edison
on
Feb. 2
in
December, 1936 and 1935, and the 12 months ended with
December, 1936 and 1935.
This statement indicates how
much of the merchandise imports and exports consisted of
crude or of partly or wholly manufactured products.
The
following is the report in full:
12.1%
6, 1937,
Department of Commerce at Washington
issued its analysis of the foreign trade of the United States
64.3
75.9
92.7
84.6
,
70.7
75.8
92.7
71.0
.....
for December
The
analysis
and
of
by
economic
imports
into
groups
the
of
domestic
states
united
exports
for
the
from
month
december, 1930
Electric Institute, in its weekly statement,
(Value In 1,000 Dollars)
disclosed that the production of electricity by the electric
light and
power industry of the United States for the week
ended Feb. 6, 1937, totaled 2,201,057,000 kwh., or 12.1%
above the 1,962,827,000 kwh. produced in the corresponding
week of 1936.
Month of December
1935
Class
Per
The Institute's statement follows:
percentage increase
Value
12 Months Ended December
1936
Cent
1935
1936
Per
Value
Per
Cent
Value
Per
Value
Cent
Cent
*
over previous year
Domestic Exports—
Crude
Major Geographic
Week Ended
Week Ended
Week Ended
Week Ended
Regions
Feb. 6,1937
Jan. 30.1937
Jan.23.1937
Jan. 16.1937
Crude foodstuffs
New England..
Middle Atlantic
13.9
14.6
17.9
17.1
10.9
12.7
14.6
12.5
Central Industrial
14.0
15.0
19.1
18.1
West Central
7.3
6.1
7.8
9.6
11.5
18.3
Agricultural
Non-agricultural
Mfd. foodstuffs & bev.
Agricultural
Non-agricultural.
9.3
Southern States
18.2
.
Rocky Mountain
5.8
Total United States
4.0
13.0
11.6
12.4
11.6
12.1
.
7.4
11.5
Pacific Coast
13.3
15.7
14.9
data for recent weeks
Jan.
9
Jan.
16
2,264,125
Jan.
23
Jan.
30
2,256,795
2,214.654
Feb.
6
Feb.
13
—
2,201,057
—
Feb. 20
-
Feb. 27
—
1935
H1-21.0
-
29.7
5.0
1.6
1.6
67
6.6
30.5
682,953
540,250
142,703
58,751
57,794
24.7
24.1
6.4
2.6
2.6
957
9,468
8,947
4.2
6.0
.6
521
.3
14.4
34,901
15.4
.1
14.3
292
.1
3.9
34,609
15.3
355
49.1
.2
86,495
39.1 110,853
48.9
7.0
157,211
143,018
14,193
349,858
:
2,551
347,307
994,308
4,079
990,229
0.4
.6
15.0
.1
15.5
44.3
.2
44.1
668,175
514,127
154,048
58,147
56,971
1,170
143,755
129,955
13,800
394,268
3,782
390,486
1,152,132
4,665
1,147,407
27.7
21.3
6.4
2.4
2.4
5.9
5.4
.5
16.3
.2
10.1
47.7
.2
47.5
Total domes, exports. 220,931 100.0 226,605 100.0 2,243,081 100.0 2,410,477 100.0
90,738 41.1 69,038 30.5
Agricultural
—
747,692 33.3
709,500 29.4
Non-agricultural— 130,193 58.9 157,566 69.6 1,495,388 66.7 1,706,977 70.6
from
1936
1,854,874
1,970,578
1,949,076
1,955,507
1,962,827
1,952,476
1,950,278
1,941,633
2,244,030
67,383
55,866
11,517
3,644
3,577
39.3 111,208
355
.2
31,476
86,850
Agricultural
Non-agricultural
1937
1936
2.3
2.3
222
Finished manufactures
Change
1937
4.9
14,528
13,291
1,237
31,698
.
Agricultural
Non-agricultural—
Percent
Week Ended
32.5
98
Semi-manufactures-
(thousands of kilowatt-hours)
37.4
82.685
71,798
10,887
5,170
5,072
materials
Agricultural
Non-agricultural
„
1,668,731
1,772,009
1,778,273
1,781,666
1.762,671
1,763,696
1,760,562
K14.9
H1-15.7
: [-13.3
-12.1
1.728,293
1932
1929
Imports for
Consumption—
materials
1,542,000
1,733,810
1,730,729
1,717,315
1,728,201
1,726.161
55,548
40,677
14,871
27,116
25.838
1,278
17,712
15,826
Crude
1,718,304
1,699,250
1,619,265
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1,512,158
Mfd. foodstuffs & bev.
Agricultural
Non-agricultural
Crude foodstuffs.
Agricultural—
Non-agricultural
_ _ .
Agricultural....—.
Non-agricultural.
3.7
75,383
55,331
20,052
4Q.221
39,092
1,129
33,036
31,672
1,364
48,967
5,321
20.2
43,646
20.3
42,228
8.3
15.1
14.4
.7
9.8
8.8
31.4
582,443
28.6
23.1
428,231
154,212
322,327
311,936
10,391
318,828
301,441
17,387
409,690
59,338
350,352
405,617
4,814
400,803
21.0
8.3
10.8
16.3
.5
13.8
13.2
1.886
1.0
23.9
Finished manufactures
42,957
6,609
36,348
36,427
Agricultural
Non-agricultural...
477
.3
597
.2
35,950
20.0
41,631
17,4
—
Semi-manufactures—.
Trend of Business in Hotels According to Horwath &
Horwath—Sales During January 12% Above Year
30.9
22.6
Agricultural
Non-agricultural—
—
Ago
.6
20.4
2.2
18.2
17.6
7.6
15.8
15.3
.5
15.6
14.8
.8
20.1
2.9
17.2
19.9
.2
19.7
733,063
626,813
206,250
348,701
336,648
12,153
383,635
365,136
18,499
490,113
71,209
418,904
465,643
5,195
460.348
30.3
21.8
8.5
14.4
13.9
.6
15.8
15.1
.7
20.2
2.9
17.3
19.2
.2
19.0
Total hotel sales
during January were 12% higher than
during January, 1936, according to Horwath & Horwath,
who state that this increase "is slightly less than the average
gain for the three months preceding—15%." The firm noted
that "the rise in percentage of occupancy was two points
against an average of five points for the last half of 1936;
the advance in rates was 6%, which is the best improvement
since the downward trend
halted in 1934."
was
Chicago, reporting several large conventions during the month, has
recorded for that month.
an
None
of the'other groups reported unusual business, yet in three of them the
occupancy was over 70%, and in four
Philadelphia had
a
the rates increased
more
than 5%.
slight decline in total sales from last January and
occupany of only 51%.
The total sales in that city for the year 1936
an
were
only 60% of those for 1929 whereas the average ratio for the whole country
was
sumption
Agricultural
Non-agricultural.
79%.
While there is still plenty of room for improvement in individual hotels,
sharp rises.
through rates, which
occupancy is nearly
are
The best chance of increasing sales
seems
to be
only three-fourths of the 1929 average, while the
back to that year's figures.
Decreases in total sales during the last six months from seven years ago
are as
follows:
.
.
179,700 100.0 239,835 100.0 2,038,905 100.0 2,421,056 100.0
89,427 49.7 132,012 55.0 1,105,701 54.2 1,304,900 53.9
933,144 45.8 1,116,156 46.1
90,333 50.3 107,823 45.0
facturing Activity During December
1
November
Manufacturing activity in December, as measured by the,
number of man-hours worked, increased 3.9% over
November, according to the National Industrial Conference
Board's regular monthly survey of wages, hours, and em¬
ployment in 25 manufacturing industries.
This gain, the
Board noted, was the result, of an increase of 2.5% in the
number of workers employed and an advance of 1.2% in
the average hours worked per wage earner.
Under date
of Feb. 1 the Board also announced:
Hourly earnings averaged 63.5 cents In December
Sept.
Oct.
Nov.
Dec.
Jan.
New York City---.
Chicago
Philadelphia-————
16%
24%
22
11
11
11
23
19
that wage
by average hourly earnings.
47
16
39
44
39
39
Washington
12
13
29
20
17
3
real
16
48
16
19%
20%
20%
24%
21%
Cleveland
17
24
30
32
38
Detroit
26
12
12
8
x3
0
14
19
20
22
9
All others—
————
Total
were
3.1%.
29
x
Denotes inorease.
Average
hourly earnings advanced during the year interval from 60.4 cents to
63.5 cents, or 5.1 %.
21
19
13
16
10
14
16
20%
19%
15%
14%
16%
16%
16%
30%
29%
27%
24%
28%
26%
27%
Nominal weekly earnings rose from $23.38 to $26.62,
f
13.9%,
'
.
.
»
kj-A comparison of conditions in December, 1936, with those prevailing
in1l929 shows that although manufacturing activity,
Same month of last year
Although part
still 2.6% higher than in November,
CJAt the dose of 1936 distinct gains were noted by the Conference Board
or
-
weekly earnings
earnings advanced from
or
offset by an increase in living costs,
asfcompared with conditions existing at the close of 1935.
In December,
1936, there were 13.2% more workers employed than in December, 1935,
16
31
Average weekly
$26.62 in December,
and their combined payroll was 28.8% higher than a year ago.
9
9
Pacific Coast
compared with
This rise in average hourly
substantial increase in employment indicates
rates have been raised even to a larger degree than indicated
earnings in the face of a
of the rise in weekly earnings was
Avge.
as
62.4 cents In November, an increase of 1.8%.
$25.83 in November to
Aug.
3.9% Above
,
total
country-wide figures are approaching levels from which it will be difficult
to achieve
—
National Industrial Conference Board Reports Manu¬
Horwath
& Horwath continued:
occupancy of 79%, the highest it has ever
Total imports for con¬
as measured by total
man-hours, was still 15.7% below the average 1929 level, the number of
workers employed was only. 2.7% less than in 1929.
The average work
1012
week
41.8 hours in December,
was
1929.
Financial
1936, as compared with 48.3 hours in
Hourly earnings averaged 63.5 cents in December,
pared with 59.0 cents in 1929,
December, 1936,
or
7.6% higher.
1936,
as
com¬
Real weekly earnings in
by
»
♦
about
We give below excerpts from the monthly reports on busi¬
the
districts
Federal
various
in
covered
Philadelphia,
the
Reserve
banks.
Reserve
remarks
following
The
are
Boston,
Richmond,
Cleveland,
Chicago,
St.
District
First (Boston)
District
Feb. 1, the level of
general business activity in New England was substantially
higher than in the previous year and, although business
November, there
activity declined between September and
distinct
a
November and
between
upturn
after allowances
December
made for customary seasonal changes.
were
in
One
the year 1935,
the Bank said, continuing:
this condition
month
of
The
1936
and
according
to
the
on
in
however,
years,
1936,
both
of
between
reported
were
and
in
Industries.
and payrolls
inclusive.
1925-33,
than
larger
Labor
declined
During the
November
and
December.
The
amount
December,
highest
of
1936,
daily
on
daily
a
in
in
consumed
cotton
raw
basis,
average
month since
New
England
,
Employment in
mills
bales.
3,948
was
1934.
March,
during
1936
the
the
830,855,
the
1936
year
in
concerns
reports
amount 8.3%
an
from approximately 800
sales volume of $253,-
received
were
with
Massachusetts
reported
a
larger than was reported by these concerns for
1935.
year
Textile
1935.
than
in
In its Feb. 1 "Business Review" the Federal Reserve Bank
said that "industrial productions and
em¬
ployment in the Philadelphia Federal Reserve District have
continued at relatively high levels, and the usual seasonal
recessions at the turn of the year have been
absent."
Continuing, the Bank said, in part:
After
four
highest since
The
than
May,
of
value
usual
been
most
of
the
prices
the
in
of
month
of
the
December
in
continued
the
or
average,
increased
considerably
of
Sales
somewhat
larger
less
than
in
automobiles last year were
the largest since 1929; the present strike in the automotive industry appar¬
ently is having a definite influence on the supply of new cars.
Activity
in
most other
new
lines for which current information is available has continued
•
Manufacturing
Activity
the
manufacturing plants
in
high
unusually
volume
buying
in
terials
level.
unfilled
of
also
Demand
orders
reflect
current
future commitments
some
time.
expanded
has
further,
demand
have
was
marked
a
This
improvement
Bank's
index
of
in
Purchases
of production
average rate
increase
was
was
of
output
productive
raw
of
part
ma¬
Reports indicate
the
was
which
is
for
case
by floods.
.
.
.
during
adjusted
rfverage
1923-25
more
pronounced than in
a
as
number of
past years.
by 10.4%,
unsettled
Cleveland Federal Reserve Bank, gen¬
to the
conditions
as
in
the
Fourth
District
in
January
"were
result of record-breaking floods in some sec¬
a
larger farm
Jan. SO:
parts
assembly
plants
volume and
to
and
of
materials
strikes,
continued
operate at
to
a
General
by
though
specify
high level.
Motors Corp.
completely
not
deliveries
.
.
.
of
materials
in
large
Were it not for floods
and strikes, manufacturing activity in this district would
ably with December; as it is, a set-back in the upward
occurred.
sharply
but other
was
stopped,
movement
of
has
all
the general manufacturing industries
of
operated
both
raw
materials
and
finished
products
were
larger
at
.
difficulties
apparently
employment indexes
further
.
Inven¬
at
the
.
responsible for the slight decline in
and these, together with floods, were
were
in December,
affecting conditions in January.
Trade
was
five
the
and
store
corresponding
lines
wholesale
for
December, 1935.
apparent not only in trade and in
was
the1
in
in
dollar
shown
were
exerted
wages
a
past
the
in
since 1929,
in
and
in
gains
of
drugs,
the
9%,
of
trade
and 33%,
and
electrical
exceeded
trade
supply
recorded
grocery
25%
hardware
hardware
electrical
the
retail
at
wholesale
but
sales
Business
The
year.
volume,
that
of
any
year
since 1930, the volume for which year it about equaled, while grocery
drug sales were the largest in five years.
Department store trade
and
the
best
since
1930
and1
14%
than
greater
trade
a
above
was
with
previous,
year
any
of the larger cities in the
1935
over
district.
The retail shoe trade rose 11% in the
21%, and the retail hardware trade 16%.
the furniture trade
year,
Reflecting the improved business activity, total employment and payrolls
in Seventh District industries at the close of 1936 were 12% and
28%
larger, respectively, than a year previous, and close to the level at the
end
of 1929.
The durable goods industries showed somewhat greater gains
both employment and payrolls in the past year than did the non-durable
in
Non-manufacturing
groups.
of the year recorded
facturing
groups.
employment
smaller expansion over
.
.
business
a
and
year
payrolls
the
at
earlier than the
end
manu¬
.
of
wholesale trade firms
in the
Seventh
District
was
exceptionally good in volume.
Sales of groceries and hardware expanded
8% and 11%, respectively, over November, whereas recessions are usual
in
the period,
electrical
The
and the gains of
supply trade
1936
were
Christmas
13%
and 34% recorded1 in the drug and
December.
greater than seasonal for
trade
of
Seventh
District
.
department
.
stores,
.
as
evidenced
by December sales data, was larger by 19% than in 1935. How¬
ever, with one more trading day this past December, daily average sales
for the month gained only 15% over a
year earlier.
As compared with
November, the dollar volume sold' in December rase 63% as against an
expansion in the 1926-35 average for the period of but 54%.
Eighth (St. Louis) District
The
30
Jan.
"Monthly Review" of the Federal Reserve
Bank of St. Louis (compiled Jan. 25) reveals that
"Eighth
District commerce and industry during the past 30 days
continued
the notable improvement which had marked the
of 1936."
The review said that "allowing
earlier months
for
seasonal
December
stimulated in December
factors
the
of
rate
sented the peak of the recovery
As
a
usual
business
activity
during
the highest level for the year and repre¬
was at
period."
It continud:
whole, industrial production declined in considerably less than the
seasonal
amount,
and
in
a
number
of
important
phases
of
manu¬
evidence of
the recession which ordinarily occurs
by the heaviest holiday trade since the
pre-depression era, retail distribution in December expanded! to the highest
volume of the year, and for that particular months since 1929.
Cumulative
this
retail
time
sales
pieceding
and
was
of
for
no
Bolstered
year.
1936
were
All
year.
showed
classifications,
hardware,
total,
for
Bank
was
the
recorded
year,
the
approximately 12% in
wholesaling
increases
of
highest
in
and
December
jobbing
over
including drugB
since
and
1930.
year
gains
of volume for the
excess
lines
investigated by this
earlier, and five im¬
and chemicals,
contraseasonal
wholesaling
a
over
furniture, groceries
November.
jobbing firms
Combined1
reporting
Although
to this
in
industry averaged only about 8% above 1935, available statistics indicate
payrolls increased from 12% to 16%.
Agricultural incomes of farmers in States partly or entirely within the
Eighth
.
.
.
employment
Federal
Reserve District, according to the United States
Depart¬
Agriculture estimates, was 23% greater in 1936 than in 1935,
approximately 63% in excess of the average for the four-year (19321935) period.
These results were achieved in face of the severest drought
ment
of
and
of
record1
in
this
general
livestock
a
year-end than at the close of 1935, but higher operating rates necessitate
larger stocks in most cases.
Labor
1%
only
livestock and
high rate in December and showed little change in early January.
tories
favor¬
compare
...
Practically
Department
in
year
portant
Notwithstanding these developments," the
noted, "general business continued close to the high
level of the recovery movement."
The Bank also had the
following to say in its "Monthly Business Review" of
of
of
regis¬
holidays
December
in
high.
sales
of commodities at wholesale and
improvement
increased
glass industries.
Bank
because
opened
very
sales in four
and
income
The merchandising
further
Bank
Buying
markets
were
exceeded
the
for
stimulating influence,
but also in the heavier industries, which accelerated pro¬
duction noticeably in the latter part of the year.
In many
phases business was greater in volume than for any year
since 1930, and in a few since 1929."
The foregoing is from
the Chicago Reserve Bank's "Business Conditions Report"
of J an. 28, which went on to say:
tions and of prevailing strikes in the automobile and plate
curtailed
burley
cotton prices
closed
were
month
last
cotton
more
and spot
purchasing power through increased employment and
and
facturing there
According
to
and
that "the betterment
at
Fourth (Cleveland) District
eral
due
somewhat,
an
78 a year before.
The
15% higher in 1936 than in 1935, and the
considerably
but
used
years,
markets
December
in
and
in
manufactures
activity,
the
at
strong,
reflecting
prevalent than
more
variation, rose to 96 relative to
compared with 91 in the previous month and
of
sustained
been
finished! products.
for
been
seasonal
rate
been
Current deliveries of goods have been hampered
December.
for
has
goods has
advance of anticipated price increases.
that
There
generally
finished
for
in prac¬
widespread improvement was manifest
during 1936 in Seventh District business activity," accord¬
ing to the Federal Reserve Bank of Chicago, which said
passenger
quite favorable since last fall.
the
Seventh (Chicago) District
goods
1923-25
levels
declined
available also exceeded sales in
are
December
sales
but
District
of tobacco
type
district
1935
which data
Fifth
auction
month,
past
for that
paid
sales
...
trade
November,
sustained.
well
98%
over
Preliminary reports for early January show favorable changes
with a year ago.
Activity at wholesale establishments has
compared
as
1930.
retail
from
recent years.
reached
conspicuously
movement, the output of manufactures and
of upward
years
December
in
January
for several
Tobacco
advance.
Chicago reporting the heaviest gain
Third (Philadelphia) District
mines
above seasonal
or
half of
the
in
mills
other month
any
an
was
of Philadelphia
to
first
supplies at wholesale.
During
Richmond
the
employees hired for temporary work prior to the holidays and
inclement weather for outside work in January.
Coal production
December was greater than in either November, 1936, or December,
respectively,
1933.
retail
in
of
tered
This is the
In
industry
very
in
any
and
up
daily
average cotton consumption in New England amounted to 3,306 bales as
compared with 3,893 bales in 1935, 3,282 bales in 1934, and! 3,507 bales
average
trade
the consumers' goods industries, where the effect of greater
increased 8.5%,
payrolls
employment
period,
gains
2.4%
was
Department
the nine-year
of
was
aggregate weekly
December
and
woolen
1935
employed in manufacturing establish¬
December,
Massachusetts
the
average
three
past
of wage-earners
the amount of
November
in the
was
in the year
the corresponding months a year ago.
exceeding
Massachusetts
in
November,
Between
England
number
total
ments
New
in
occurred
The following is also from the report:
"Continued
industry, but wool
the highest in any
post-war year.
Distribution, as measured by department store sales in
New England, was 10% higher in 1936 than in 1935, with sales in
every
to
exception
consumption
4%
increase of
an
December and early January, according to
in
Most lines of industry during the year 1936 were more active
than in
although
tically all lines."
in
Boston in its "Monthly Review" of
1929,
Richmond, "were
release
During the year 1936, states the Federal Reserve Bank
late
Jan. 31 "Monthly Review" of the Federal Reserve Bank of
to
was
under
Fifth (Richmond) District
Louis,
Kansas City and San Francisco:
of
20%
1936.
Developments
Reserve Districts
of
bonuses and dividend payments; department store
than in December, 1935, and the index of sales
below December, 1929.
Retail prices, howeyer, are
larger
only about 8%
in
13, 1937
wages,
23%
were
was
Conditions in Various Federal
Summary of Business
ness
the higher
sales
Feb.
still
8.3% higher than in 1929.
were
Chronicle
area,
"Business
and
do
not
include
revenue
recovery
level
from
(Minneapolis) District
in
the
Ninth
District
throughout December and at the close of the
eral
derived
products.
Ninth
continued
year the
gen¬
of business was more than
halfway back to the
1929," according to the Federal Reserve Bank of
Minneapolis, which, in its "Monthly Review" of Jan. 28 also
level
of
noted:
Volume
Higher
farm
livestock
Financial
144
product
prices
and
larger
and
livestock
of
marketings
and a continuation of government rental and benefit
together with the increase in national business volume, were
principal factors in the business improvement in this District, despite
the
smaller
The
in
November
unchanged,
indexes
.
.
.
rise
District.
all
the
was
volume in
for
highest
higher than in December
business
in
.
Retail
nevertheless
but
1936
a
higher in December than
farming centers which was
December
year
ago.
.
The
1930.
since
in
9%
the
district increased
10% in 1936
1935, according
over
Sales at city department stores
and
country department and general stores increased
Sub-dividing the rural reports by regions, it appears
increases during the year occurred! in northern Wisconsin
northeastern Minnesota, western Montana, and west central
1935.
over
largest
Michigan,
Wisconsin.
The Kansas City Federal Reserve Bank states that busi¬
activity in the Kansas City District "generally showed
substantial further improvement during the year 1936."
noted
was
by the Bank in its "Monthly
distribution,
by department store sales, increased
9.2%, retail lumber sales 34.7%, and build¬
had
as
compared with 1935.
Construction activity in
highest level since 1931, while retail and wholesale trade
the highest level since 1930.
at the
was
increased
to
.
for
the
but
1935,
have
10
past
years,
reshipments
been
small
in
the
consequent to
cattle
additional help.
gains and
and
lamb
Most of the metal industries
were
holding their recent
reported further increases.
some
biggest losses
of
stocker
volume.
1936
generally
were
and
drought
as
live
supplies
stock
in
were
in the stone, clay and glass group.
had closed down for the winter and
some
of the
Several brick yards
of the cement plants were not
some
operating because of full storage or plant repairs.
In the metals group,
railroad repair shops and manufacturers of automobiles, automobile parts
and miscellaneous transportation equipment
reported the only significant
reductions, other than the seasonal curtailment in silverware and jewelry
Most
manufacturers
railroad
of
equipment
dustries
were
employed
more
Reductions in other in¬
confined mostly to those which have a big Christmas demand
for their products or normally have a slack season in January.
Such in¬
dustries include furs and fur goods,
gloves and bags, men's furnishings,
women's
novelties, candy and tobacco.
underwear, toys and
These statements
based
are
games,
on
reports from 1714 of the 2000 representa¬
throughout the State which report each month to the Division
of Statistics and Information of the New York State Department of
Labor.
Dr. E. B. Patton, director of that division, stated that reporting factories
employ approximately 38%
of all factory workers
in the
Those
State.
included in the preliminary tabulations for January employed 393,593
had
total
a
weekly payroll of $10,567,051.
and
...
Four districts, Syracuse, Binghamton-Endicott-Johnson City, Rochester
in
the
country
and
prices
of | feed
In the first three districts, the shoe industry was an important factor in the
to
sharp reduction
a
Four Districts Gain
average
heavier than
and high
reflected
were
feeding operations
somewhat
feeder
The small
The
industry increased payrolls without taking
.
.
Marketings of grains and live stock, while generally below the
volume
few had resumed operations
a
industry had put several hundred people back to work since
Some firms in this
tive factories
27.2%
operations
1936
December.
of
reflected
as
9.1%, wholesale distribution
ing
Review"
30, which also said:
Retail
men's clothing
workers in January than they did in December.
ness
This
Most women's coat and suit and dress houses had made only slight
made substantial additions in preparation for the spring season.
concerns.
Tenth (Kansas City) District
Jan.
certain of the clothing
Shoe factories and millinery concerns were especially
Among the industries reporting fewer employees in January,
the
increased 11% and sales at
that
busy.
or
on
.
.
quite uniform throughout the
was
reports from 308 stores in the District.
about
and metal industries.
.
trade
Clothing and Metal Industries Losses Mostly Seasonal
The largest numbers of workers were taken on by
changes in their forces since December but
all
were
the bank debits index
except
were
The
to
production.
crop
seasonally adjusted trade indexes
1013
.
Gains in
products
payments,
the
Chronicle
compared with Jan.
in
1, 1936, and
a
further decrease in hog production in the coming spring.
prices had advanced by the close of the year to the highest general
and live stock values in 1936, with the exception of 1935,
Utica
rise.
In
creased
reported employment gains between December and January.
Syracuse
clay and metal products firms
some
employment and
also reported in
Most industries other than shoes in
payrolls.
prospective
the Binghamton-Endicott-Johnson
Grain
in payroll but the greatest payroll reduction was due to the discontinuance
level since 1929,
at the
were
Total
highest level in about six
yields
crop
stantially
below
the
average
drought, have brought
year.
December
month
period,
price advances reoorded
in
a
1935
result
of
7% larger than
in the last
sub¬
and
severe
a
year
of
half
the
and
January moisture supplies, following a dry twobeneficial to the unusually large acreage of winter
were
grains seeded for
big firm.
one
City district reported small reductions
The largest increases in the Utica district
reported by metal products firms but, in this district, textile mills also
reported gains.
Albany-Schenectady-Troy firms reported little change in
employment but reductions in payroll due mainly to the railroad equipment
and repair shops and the brush industry.
a
Most Buffalo metal industries
but automobile plants and railroad repair shops reported
reported gains
^-losses.
Trends in New York City were much the same as in the State as
whole, although seasonal cuts
were a
little
more severe.
harvest in 1937.
Twelfth (San
In
were
years.
district, while less than
from 1928 to 1932 as
return to producers about
a
to the sharp
owing
ago,
the
in
of overtime in
reviewing
Dec., 1936, to Jan., 1937
Francisco) District
conditions
in
San
the
City
Francisco
District
during December, the Federal Reserve Bank of San Fran¬
Syracuse
cisco
Binghamton-Endicott-Johnson City.
announced
creased
Jan. 28 that "industrial production in¬
on
considerably in December after allowance for
sonal influences."
In
than is
less
than
industrial
seasonally.
Employment
seasonally
and!
payrolls
a
the
that
ment
resulting directly
State
Relief
by
Administration
or
declined
indicate
new
high level.
reductions
—3.2
Buffalo
+0.5
other
lines,
allowance
after
Production
Reports
in
were
approxi¬
and
for
seasonal
in¬
We
give herewith
weeks ended
Jan.
was
indicated
also
by
larger-than-
a
expansion in sales of department stores in practically all parts of
district.
The
increase
actual
amounted1
to
68%
compared
with
for agricultural production during 1937 was
unfavorably
by weather conditions during December and early January.
The
comparatively small fall-sown wheat crop was in poor condition because
damage
Need
to
to
for
vegetables
unusually cold weather.
and
supplemental
citrus
feeding
fruits
In California considerable
resulted
livestock
of
was
from
The
year
of
1936
and
number
a
close
to
characterized
with
were
reported.
the
of
agriculture
by
manufactured
level
of
and
products
pre-depression
peak
and industrial employment
were
Although production
years.
of
products continued well below that of previous record
total output in all industries for which statistical data are available
averaged only 14% lower than in 1929.
large
as
than
identical mills for the four
reported by the National
as
as
Value of retail trade
was
nearly
in 1931, and the movement of freight by rail was 13% larger
year.
Agricultural cash income increased to the highest
that
in
total since 1930, but still was about
Feb. 9, 1937:
on
Barometer for the four weeks ended Jan. 30, 1937:
Shipments
Orders Received
(Jn 1,000 Feet)
1937
1936
1937
704,928
35,640
702,004
41,946
731,057
30,204
859,388
42,486
835,084
28,778
650,963
Hardwoods
1937
613,689
37,274
Softwoods
1936
740,568
743,950
761,261
901,874
863,862
Total lumber
Production during the four weeks ended Jan. 30, 1937, as
lumber and mineral
years,
on
1937,
1936
weather.
additions
continued recovery in industry,
trade, and by further expansion in
personal loans of district banks.
On an annual basis, output
was
construction,
business
freezing
increased,
production costs and heavy losses of new-born lambs
private
data
30,
Production
outlook
of moisture and
Four
an
affected
lack
Lumber During
a Year Ago
of
An average of 505 mills reported as follows to the National Lumber Trade
oidinary seasonal gain of 60%.
of
Shipments
Weeks Ended Jan. 30 Below
Lumber Manufacturers Association
Recovery in business in December
The
—1.1
employ¬
fluences.
seasonal
the
Utica—
industries
the adjusted
indirectly from the maritime strike
in
gains
California
in
from
offset
wage earners
for the third successive month,
employment index for December advancing to
mately
1.5
+0.5
+2.0
_
_
customary in December, and factory payrolls were reduced
less than
declined
the number of
_
Albany-Schenectady-Troy
New York City
The Bank further reported:
the Pacific Nothwest
tnore
no
sea¬
+ 1.7
Rochester
20% smaller than in 1929.
these mills,
was
12% below that of corresponding weeks of 1936.
wood production in 1937 was 13%
and
35%
of 1935.
reported by
Soft¬
below that of the same weeks of 1936
above the record of comparable mills during the same period
Hardwood output was 5% above production of the 1936 period.
Shipments during the four weeks ended Jan. 30, 1937, were 2% below
those of corresponding weeks of 1936, softwoods showing loss of 4%
and
hardwoods gain of 39%.
Orders received during the four weeks ended
above those of corresponding weeks of 1936.
Jan. 30, 1937,
were
4%
Softwood orders in 1937 were
3% above that of similar weeks of 1936 and 32% above the same weeks of
1935.
Hardwood orders showed gain of 48% above corresponding weeks
of 1936.
On Jan. 30,
1937,
gross
stocks as reported by 442 softwood mills were
3,588,223,000 feet, the equivalent of 119 days' average production (three-
January Employment in New York State Factories
Approximately Same Level
The total number of
factories in
January
Industrial
by
a
approximately the
same as
in De¬
statement issued in Albany, Feb. 9,
Commissioner Elmer
Andrews.
F.
were taking advantage of a breathing
spell after
holidays to take inventories and to make repairs to plant
and
equipment, while others
ditional workers for
a new
were
already taking
on
ad¬
season," Mr. Andrews said.
He
continued:
Monthly reports from a fixed list of representive factories, going back to
June, 1914, indicate that the average December to January movement is
a
decrease of about 1M% in the number of people at work
of
about
showed
crease
a
2H%
in
total
payroll.
and
Preliminary tabulations
a
decrease
for
January
decrease of 0.2% in the number of workers employed and a de¬
of 0.9%
in the amount of payroll.
Index numbers for January,
based on the average for three years 1925-1927 as 100, were 85.2 for em¬
ployment and 78.4 for payrolls, representing gains of 13%
spectively, compared to January a year ago.
.
,
.
average,
1934-5-6),
as
compared with 3,406,250,000 feet
on
Feb. 1,
On Jan. 30, 1937, unfilled orders as reported by 442 softwood mills were
1,448,441,000 feet, the equivalent of 49 days'
average
production, com¬
pared with 877,533,000 feet on Feb. 1, 1936, the equivalent of 30 days*
production.
^
"Some
industries
the
year
1936, the equivalent of 113 days' average production.
people at work in New York State
was
cember, according to
at
December
as
and 22%
re¬
Weekly
Report
The lumber
stood at
of
Lumber Movement,
Jan. 30, 1937
Week
Ended
industry during the week ended Jan. 30, 1937,
46% of the 1929 weekly average of production and
5S% of 1929 shipments.
Eroduction continued low, partly
due to high water and adverse weather.
Shipments made
some gain in this, the last full week of the maritime strike.
New orders for the third consecutive week were over 40%
above output,
and continued at the high levels of the past
National production reported during the week
ended Jan. 30 by 6% fewer mills was 1%% below the out¬
two months.
put of the previous week; shipments were 8% above ship¬
ments, and new orders 2% above orders of that week, ac-
1014
Financial
»
the National Lumber Manufacturers
cording to reports to
associations covering the opera¬
regional
Reported
and softwood mills.
tions of important hardwood
excess
The Association further reported:
the week ended Jan.
During
feet
booked orders
1935.
18% higher than a year earlier.
feet;
Revised figures for the preceding week
shipments,
feet;
183,245,000
but Southern
Northern hemlock reported orders
and
cypress
in the week ended Jan.
California
redwood,
shipments
above
Northern
those
of
hemlock
All
output.
corresponding
1937.
30,
regions
week
All but West Coast,
Northern
and
reporting
of
hardwoods
but West
all
1936;
For the United States as a whole, income from the sale of crops in
I
ber was 22% higher than a year earlier; from livestock and
the increase amounted to 15%.
Northern
similar week
Lumber
and
pine,
of
Northern
orders
mills.
feet,
reported for the week ended Jan. 30,
or
Shipments
as
feet,
for
the
Coast
production
above
1937, by 429 soft¬
Production
week
same
For the year 1936 the percentage increase in Income from crops exceeded
The larger income from crops was partly the result of
that from livestock.
heavier sales of crops during the first half of the year,
was
or
47% above production.
SeveraliStates in the North Central group recorded a marked increase in
Illinois. In
farm income for the year, the largest being In Minnesota and
Production
was
week
were
8,737,000 feet.
larger income from corn was also an important factor
The
Last
week's
feet, and
a
feet
and
Reports
feet
ago
it
and
203,836,000
was
174,261,000 feet; shipments
208,095,000
feet.
In
reported production last week and
were,
respectively,
I*. Higher priced wheat brought a larger income to Kansas and Nebraska,
while usually heavy sales of livestock from North and South Dakota pre¬
vented the income in those
a year
ago
64
identical mills
7,593,000 feet and 7,482,000
feet; shipments, 10,605,000 feet and 7,089,000 feet, and orders, 13,479,000
feet and 7,693,000 feet.
*
Automobile
Factory
'
Sales Total
January
;
.
269,839
Units
in
Factory sales of Automobile Manufacturers Association
members amounted to 269,839 units in January, the Associa¬
tion announced Feb. 8.
the basis of this report, last month's
On
increase in income, which was accounted for largely by the larger cotton crop
the
Income in Oklahoma was reduced materially as the drought cut
In the Inter-Mountain and far Western States the
the drought, and income
operations
shipments amounted to 276,451 units.
Last month's factory shipments were 67% above the
five-year January average, although they were 33% under
the total for December, 1936.
The Association's report, which covers the operations of
all but one of the major producers of motor vehicles in the
United States is summarized below:
wide variety of farm
Arizona had smaller
offsetting its larger re¬
The greatest increase in receipts in this area was in
Colorado, coming largely from sugar beets and potatoes.
California in¬
creased its income, derived especially from citrus fruits, cotton, truck crops,
wheat^andxbarley.
World Sugar Parley to Be Held in London April
United States Among Nations Invited to Attend
Dec., 1936
400,159
Jan., 1936
276,451
League of Nations, Geneva, on Feb. 4 officially con¬
international sugar conference to meet in London,
England,
April 5. It was stated in Associated Press ad¬
Geneva, Feb. 4, that the League Secretariat re¬
on
vices from
consider the possibility
of sugar, a
the World Economic Conference in
cently announced the parley would
of
agreement on production and marketing
an
suggestion offered at
The advices continued:
1933.
The
Secretary General of the League, acting as Secretary of the adjourned
Conference, invited these nations to attend the sugar meet¬
Germany,
ings:
Britain,
of
Union
the
Africa, Australia, Belgium, Great
States, France, Hungary, India,
South
Canada, China, Cuba, the United
Holland, Peru, Portugal,
slovakia, Russia and Yugoslavia.
Japan,
Italy,
Agricultural Economics Reports Small In¬
in Farm Real Estate Taxes During 1936
6—
an
World Economic
♦
of
for the State was lowered.
receipts from its truck crops and cattle, more than
The
crease
payments.
products and variations in weather conditions resulted in marked fluctua¬
tions in income in 1936.
The wheat crop in Montana was sharply cut by
voked
Bureau
Louisiana had a lower income from livestock and
of smaller
decline in Kentucky and Alabama was largely the result
Government
re¬
269,839
1 % below those
Mississippi was the only State in this area showing a substantial
of 1935.
sulted in the second highest January factory shipments—only
exceeded by the record of January, 1936 when factory
Jan., 1937
Government payments,
only 2% larger in 1936 than in 1935.
Total receipts in the South ^Central States in 1936 were
ceipts from cotton.
+.
>
States from falling below that of 1935.
In che South Atlantic States, receipts, including
219,297,000
of hardwoods,
case
150,530,000
received,
and orders
feet,
the
was
in Iowa,
Missouri and Indiana.
the crops in that State.
production of 420 identical softwood mills
year
183,201,000
Mill
Im¬
sales
barley, flaxseed and hogs.
of corn,
in 1936.
Identical
•
particularly
Illinois the increased receipts came largely from sales of corn,
14,941,000 feet,
same
apparent.
more
were
152,144,000 feet.
Reports from 80 hardwood mills give new business as
71% above production.
Shipments as reported for the
12,807,000 feet,
but was largely due
advance in prices as the extent of the 1936 drought became
to the marked
185,019,000
were
$36,-
amounted to
month
early in the season when much of the 1935 crop was going to market.
45% above the production of the
or
reported
22% above production.
or
reported
the
provement in Minnesota was due especially to increased receipts from
1936.
wood mills, totaled 220,484,000
same
hardwoods
during
payments
Decem¬
livestock products
,
000,000, compared with $50,000,000 in December, 1935.
reported shipments above last year's week, and all but West Coast, Western
pine,
Government
Total
•
showed
West
The
higher in all regions.
were
reported
Coast
but
Receipts
in the East North Central States, where the
greatest increase occurred
income from crops was unusually large.
231,618,000 feet.
orders,
All regions
above
160,881,000
197,826,000
shipped
,
.
December averaged
Cash receipts from the sale of farm products during
t
491 mills produced
combined;
163,297,000
production,
521;
above production
orders
1937,
30,
softwoods
of 236,426,000 feet.
Mills,
were:
feet;
and
hardwoods
of
than in 1935 In
They totaled $287,000,000, compared with $583,000,000 in
all regions.
of production; shipments were
23% above output.
Reported new business of the previous week was 42% above
production; shipments were 12% above output.
Production
in the week ended Jan. 30 was shown by reporting hard¬
wood and softwood mills 13% below the corresponding week
of 1936; shipments were 10% below shipments of last year's
week, and new orders were 10% above orders of a year ago.
in
production
greatly restricted by the drought.
Government payments to farmers in 1936 were smaller
46%
business during the week ended Jan. 30, 1937, was
new
13, 1937
proportion of the total income Is received from crops, and crop
was
from
Association
Feb.
Chronicle
the Dominican Republic, Czecho¬
A small rise in farm real estate taxes in 1936
was reported
by the Bureau of Agricultural Economics, United
States Department of Agriculture, on the basis of a pre¬
liminary survey by State tax officials and tax students in
38 States, The Bureau pointed out that replies to a similar
inquiry in 1935 agreed very closely with the final returns for
the year. An announcement issued by the Department of
Agriculture also had the following to say:
Feb.
8
A rise of one
point In the index for 1935 marked the end of the decline in
the trend in farm taxes which had continued since 1929.
taxes in
1935, reported by the Bureau at 37 cents
Farm real estate
per acre as an
average
for the country, averaged the same as in 1934—the lowest level since 1918.
The highest figure on
record
58 cents
was
an acre
in 1929.
The Bureau
points out that taxes per acre vary widely among the different parts of the
as an
index figure, the Bureau reported that the tax
per acre
In 1935 was 154, compared with 153 in 1934, 241 in 1929, and with 100 in
1913.
The average of the
1935 levies,
based
on
a
Section of the Agricultural Adjustment Admin¬
The Sugar
istration issued on Feb. 5 its statistical statement covering
1936, consolidating reports obtained from
the calendar year
refiners, beet sugar processors, importers and others.
Deliveries of sugar for domestic consumption during 1936
totaled 6,706,571 short tons, raw value, as compared with
6,632,516 short tons, raw value, in 1935, according to the
Sugar Section. Of the 1936 total, 4,453,146 tons represented
deliveries by cane refiners; 1,378,349 tons were delivered
cane
by beet sugar factories; 729,225 tons were delivered by im¬
delivered
Total
as
third table, the Bureau reported that taxes averaged $1.14 per $100
by domestic
further announced:
data received from 42
States, was about the same as that for 1934.
In
eries for Consumption
porters of direct-consumption sugar, and 145,851 tons were
country and among individual farms.
Expressed
Statistics of AAA for 1936—Deliv¬
Reported Above 1935
Statement of Sugar
deliveries
of
under the
~
are
of distributors
shown in the following table.
heading "short tons,
as
consumed"
Section
.
by the four types
sugar
compared with 1935
The Sugar
factories.
cane
\
during 1936
The two columns
represent deliveries of sugar
of farm real estate value in 1935, compared with $1.50 (the peak) in 1932,
in
and with $1.19 in 1929.
the two years, expressed in terms of raw value.
In 1913, taxes
were
55 cents
!—The Bureau reported decreases in farm real
during the period following 1929.
decline through
Figures
now
per
$100 of value.
estate taxes
In all
States
The average for the country continued to
1934, but in that
year
there were increases in 12 States.
available for 42 States show that in 1935 taxes increased in
23 States, declined in 17, and were unchanged in two States.
form
(The
Showed Gains During 1936 in Cash Receipts
The last
consumption.
raw
value
figures
deliveries
on
deliveries for
columns give the
two
computed
were
by
converting
refiners' deliveries in both 1935 and 1936 to
1.0575347,
of
raw
which is the ratio
sugar
of
during the calendar
tributors the factor 1.07 is used.
number
All Regions
for
of
tons
when
expressed
the sugar was reported as
raw value by using the factor
production of refined sugar to meltings
year
1935.
For deliveries by other dis¬
Using of these factors results in
in terms
of
raw
value than
in
a
larger
the form
delivered.)
from Sale of Farm Products
Short Tons,
Cash receipts from the sale of principal farm products for
the year
1936 were higher than the previous year in all geo¬
graphical regions of the country; the Bureau of Agricultural
Economics, United States Department of Agriculture, an¬
nounced on Feb. 9. All States showed larger farm receipts,
except Montana, Arizona, Oklahoma and North Carolina,
the Bureau said. It further reported:
The largest Increases
over
a
year
ago
occurred in the North Central
States, where, despite the drought and smaller crops, cash receipts averaged
as
'■
,
Consumed
1936
Deliveries by cane refiners
Less:
Short Tons,
Raio Value
j;v
4,272,591
1935
1936
1935
4,564,943
120,514
4,518,413
61,716
4,210,875
1.288.177
4,202,632
1,382,012
4,453,146
1,378,349
4,444,429
1,478,752
681,519
574,383
729,225
614,590
136,309
Exports of refined sugar..
Deliveries for domestic consumption
Deliveries by beet sugar factories
4,316,589
113,957
88,547
145,851
6,316,880
6,247,574
6,706,571
65,267
Deliveries by importers of direct-con¬
sumption (sugar.
Deliveries for direct
94,745
consumption by
domestic cane factories
'
**
nearly 20% higher In 1936 than in 1935,.
States showing the largest Increase were
sota, 30%.
Maine,
up
61%, and Minne¬
In Montana, which showed the greatest decrease, 18%. a large
Total
deliveries
sumption
for
domestic
con¬
6,632,516
Volume
Stocks
of
importers
tons
as
Dec.
the
in
sugar
Dec. 81,
on
31,
Financial
144
hands
of
beet
refiners,
1930, in terms of
and
factories
sugar
value, totaled 1,420,205 short
raw
1985.
On
refined form,
were
as follows:
Refiners' stocks of raws (not including 58,273 tons of
over-quota sugars), 142,335 short tons; refiners' stocks of refined, 249,080
short tons; beet factories' stocks of refined, 889,878 short tons; importers'
Stocks of direct-consumption sugar, 58,215 short tons.
These stocks, com¬
pared with those for Dec. 31, 1935, are given in the following table:
1,418,674 short
with
compared
these stocks,
1936,
the
tons
reported
as
at
in
either
{In Short Tons)
Refiners'stocks of raws.
Less: Over-quota
of
end
raw
United Kingdom with 26,722 tons also
respectively.
90,516
250,180
859,783
January Flour Output Totaled
249,080
Beet factories' stocks of refined
889,878
Importers' stocks of direct-consumption sugar
68,215
134,221
Total, exclusive of refiners' over-quota raiws
1,339,508
1,334,700
milling centers
as
indicated:
PRODUCTION OF FLOUR (NUMBER OF BARRELS)
:'
.
-
'
■>
which
data,
cover
the calendar year,
were
obtained in the admin¬
7
Mos.
End.
Jan.
31
•
1937
Lake, Central and Southern
1936
1937
1936
1,122,600
2,144,494
1,832,815
1,406,727
1,937,302
1,870,491
421,777
8,526,095
15,307,679
12,737,521
2,605,438
13,080,035
12,571,580
219,681
Northwest
Southwest
istration of the Jones-Costigan Act and Public Resolution No. 109, approved
June 19, 1936, which require the Secretary of Agriculture to determine
Barrels
5,319,590
General Mills, Inc., summarizes the following comparative
flour milling activities as totaled for all mills reportong in the
Month of January
Refiners' stocks of quota raws
Refiners'stocks of refined
The
In 1935, the
headed the list, while Uruguay and
Norway with 12,342 tons and 9,136 tons, respectively, followed.
1935
255,933
165,417
142,335
sugars
and Netherland with 4,567 tons and 3,954 tons,
or
1936
200,608
58,273 "
..
1015
Chronicle
5,319,590
5,636,297
39,176,733
38,380,540
Pacific Coast
Grand total for all mills report'g
9,890,670
2,838,255
consumption requirements and establish quotas for various sugar-producing
The
areas.
preliminary statement of charges against the 1936 sugar quotas
during the entire
"Chronicle,"
The
year
Jan.
16,
1936
is
issued
the
by
Jan.
on
the
Sugar
statement
Section
covering
Peak—Feb.
6
Total
Crude Sets
Barrels
152,150
Quota—Producers Watch New
Tax Moves—American Petroleum Institute to Hold
Meeting
on
Feb. 5:
barrels in daily average crude oil
production in Texas during the initial week of February
played the major role in lifting output to a new all-time
record high at 3,220,750 barrels, reports made public by the
An increase of 30,450
SUGAR STATISTICAL REPORTS
Vol. 3, Report 12—Period January-December, 1936
Table 1
Raw
Record
Above United States
the
AAA
the
of
New
;
'
v
.
statistical
Petroleum and Its Products—Daily Average
[This statement given in
6.
358.—Ed.]
page
following
year
released
was
Sugar: Refiners' stocks, receipts, meltings and deliveries for direct consumption
American Petroleum Institute disclose.
of Kansas, all other major oil producing
joined Texas in the upswing in crude output.
All
States produced crude in excess of both the State allowables
and the levels recommended in the monthly market survey
With the exception
States
Lost
Source of
Stocks on
Supply
Jan. 1,
Deliveries
Meltings
by
Stocks
for Direct
Fire,
Dec.
Consumption
Receipts
1936
&c.
on
31,
1936
of the United States Bureau of Mines.
Cuba
91,039 1,541,390 1,584,717
5,346
0
Hawaii.
28,900
937,058
762,129
888,686
3,578
0
122
273
1,303
102
259,723
683
0
0
0
0
0
0
7,099
67,308
0
3,698
19,583
61,979
3,698
74,463
36
3,092
3,128
0
0
0
255.933 4,469,684 4,513,602
165,417
11,032
375
200,608
Puerto Rico
45,873
Philippines
3,194
Continental
Virgin
c
Islands
Other countries
Miscellaneous
-
ings,
Total
Over-quota
-
11,947
46,042
(sweep-
&c.)
Balance,
42,366
636,981
56,173
948,717
772,824
898,844
239,140
sugars....
1936
(£58,273
quota
142,335
90,516
sugars
*
Complied in the AAA Sugar Section from reports submitted on Forms SS-15A
by 18 companies representing 23 refineries.
The companies are: American Sugar
Refining Co., Arbuckle Brothers, J. Aron & Co., Inc., California & Hawaiian Sugar
Refining Corp., Ltd., Colonial Sugar Co., Godchaux Sugars, Inc., William Hender¬
son, Imperial Sugar
Co., W. J. McCahan Sugar Refining & Molasses Co., National
Sugar Refining Co. of N. J., Ohio Sugar Co., Pennsylvania Sugar Co., Revere Sugar
Refinery, Savannah Sugar Refining Corp., South Coast Corp., Sterling Sugars,
Inc., Sucrest Corp. and Western Sugar Refinery.
6 Includes only those strike-bound sugars charged against the 1936 quota.
c Includes sugars received at refineries in Louisiana from their own sugar mills
and not chargeable to continental quota until marketed as refined sugar.
d Consists of 4,695 tons Cuba, 47,240 tons Puerto Rican and 6,338 tons other
countries.
•
Table 2
Refined
1936
Processors, January-December,
Sugar
as
(In Terms of Short Tons
Refiners
Deliveries
Final stocks of refined, Dec. 31,1936
1,138,958
1,318,272
61,288,177
889,878
barrels in the like 1936
and
859,783
1,109,963
5,589,763
beet sugar factories.
Deliveries Include sugar delivered against sales
of Commerce reports that exports of refined sugar
the calendar year 1936.
for export.
The Department
amounted to 61,716 tons during
6 Larger than actual deliveries by a small amount
representing losses in transit,
through reprocessing, &c.
Table 3
Stocks, Receipts and Deliveries of Direct-Consumption Sugar from Specified Areas,
January-December, 1936 (In Terms of Short Tons of Refined Sugar)
Deliveries
Stocks on
Jan. 1, 1936
Cuba
C122.748
Hawaii
0
Puerto Rico
1,908
Philippines
England
6,817
509
Receipts
403,851
18,814
6118,231
56,539
or
Usage
474,548
Stocks
on
Dec. 311936
052,051
18,814
0
119,809
330
59,906
3,450
5
1,754
1,250
0
116
0
6,712
6,572
02,379
134,221
.--i.......
116
02,239
China and Hongkong
Other foreign areas
605,513
681,519
58,215
Compiled in the AAA Sugar Section from reports and information submitted on
Forms SS-15B and SS-3 by importers and distributors of direct-consumption sugar.
a Includes sugar in bond and in customs custody and control.
6 Revised.
Table 4
Deliveries of Direct-Consumption Sugar from
Louisiana Sugar Mills
Deliveries of direct-consumption sugar by Louisiana mills
tons in terms of refined sugar, during the calendar year 1936.
United
States
Exported
amounted to 136,309
Less Refined Sugar
Year
in
1936
Than in Preceding
Refined sugar exports by the United States during 1936
totaled 55,713 long tons, as contrasted with 102,335 tons
during 1935,
a
decrease of 46,622 tons,
or
approximately
The 1936 exports are
for any year since 1933, when the shipments
45,520 tons, the firm said, adding:
45.6%, according to Lamborn & Co.
the smallest
amounted to
i
The refined sugar exports during 1936 went
while
Total daily average
week ended Feb.
the
No alarm
in the previous
year
United Kingdom led in 1936
to 66 different countries,
72 countries were included in the list.
The
with 27,617 tons, being followed by Colombia
was
period.
felt in trade quarters despite the
fact that
crude production was so far in excess of the
Federal agency's estimate.
It was pointed out that crude
stocks, now at the lowest point in 15 years, are still being
drained and until production shows unmistakably that it is
above actual, not estimated demand, there is little cause for
fear that it is too high.
Even though oil producers have won the increase from
crude purchasers that they have sought, and the period of
seasonal rise in consumption of crude and refined products is
drawing near, there is a "fly in the ointment" that is causing
increased agitation.
Briefly, it is the tax question. In Oklahoma, the Legis¬
lature is reported considering a proposal to increase the gross
production tax from 5% to 10%. A direct reflection of this
was seen in the fact that new well activity has slumped to
the lowest point in more than a year.
In Texas, legislation also is under way to increase taxes on
crude.
One bright spot in the Lone Star State is that the
move to tax crude oil production from 8 to 10 cents a barrel
will likely be abandoned, and the present tax of 2% cents a
barrel be increased by no more than 1 cent.
Speakers at the spring meeting of the mid-continent
producers division of the American Petroleum Institute to be
held in Tulsa, Okla., on Feb. 25 and 26 will include H. M.
Stalcup, of the Skelly Oil Co.; A. F. Van Everdingen, of the
Shell Petroleum Corp., and C. P. Parsons, Vice-President of
the Halliburton Oil Well Cementing Co.
There were no crude oil price changesjposted during the
daily
Source of Supply
produc¬
of January, also held output
allowables.
The total of 165,150 barrels compared with the Corporation
Commission's
187,918 barrels and the Bureau level of
tion under the closing week
production for the United States for
6 of 3,220,750 barrels was 152,150
barrels in excess of what the Bureau of Mines had estimated
as February market demand for the nation's crude producing
areas.
Production compared with output of 2,763,750
Refiners
Beet Factories
Compiled by the AAA, Sugar Section, from reports submitted by refiners and
-
225,100 figure.
Kansas, in addition to being the only State to cut
5,560,768
Factories
250,180
4,271,491
04,272,591
■249,080
Initial Btocks of refined, Jan. 1 1936Productlon
Total
Oklahoma, with a gain of 4,000 barrels as producers re¬
opened their wells after the usual month-end pinchback,
reported daily average output of 591,750 barrels, against the
581,900-barrel level set by the Corporation Commission in
compliance with the suggestion of the Bureau of Mines.
An increase of 4,700 barrels in California lifted the total to
588,100 barrels,
against
the 551,000-barrel level rec¬
ommended by the Central Committee of California Oil
Producers and the 573,300-level set by the Bureau. Louisiana,
despite a nominal increase of only 50 barrels, was far above
both the State allowable of 235,700 barrels and the Bureau's
170,000 barrels.
Produced)
Domestic Beet
a
of Mines.
under both the State and Federal recommended
,
Stocks, Production and Distribution of Cane and Beet Sugar by United States
Refiners and
*•
sharp spurt in the Lone Star State's production lifted
the daily average to 1,298,550 barrels, in contrast to the
February allowable of 1,329,478 set by the Railroad Com¬
mission and the 1,203,400-level recommended by the Bureau
The
average
week:
Prices of Typical
Crudes'per^Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
*2.57
1.26
1.42
Illinois
1.35
Western Kentucky
1.40
Mld-Cont't, Okla., 40 and above.. 1.30
Rodessa, Ark., 40 and above
1.26
Smackover. Ark., 24 and over
90
Bradford, Pa
Lima (Ohio OU Co.)
Corning, Pa
*
$1.27
1.27
Eldorado, Ark., 40
Rusk, Texas, 40 and over
Darst Creek
1.0®
Central Field, Mich
1.42
1.20
Sunburst, Mont
Huntington, Calif., 30 and over...
Kettleman Hills, 39 and over
Petrolla, Canada...
._
1.22
1.43
2.10
1016
Financial
PRODUCTS—JERSEY
REFINED
NEW JERSEY
ERS' PRICES
STANDARD
CUTS
NORTHERN
GAS PRICE—REDUCTION POSTED
OF
IN DEAL¬
CENT—MOTOR FUEL STOCKS
H
CONSUMPTION
WEEK—GASOLINE
FAR
AHEAD
IN
RISE
OF^1935
Jersey Wednesday announced
a reduction in the price of gasoline to dealers in northwest
New Jersey, including Newark, of Yi cent a gallon. The new
price to "undivided" dealers at Newark is 8 cents, not
including taxes.
An increase of 1,804,000 barrels in stocks of finished and
unfinished gasoline during the week of Feb. 6 lifted the total
to 70,353,000 barrels, a new record peak for this time of the
year, and an increase of 5,797,000 barrels over the like 1936
period.
The trade organization explained, however, that the in¬
Chronicle
would have been smaller had it not been for the
neces¬
revision in its figures for the final week of last
month. On the basis of statistics as reported for that period
originally, the gain would have been only 995,000 barrels.
Refinery holdings rose 1,134,000 barrels, with hulk termi¬
nals reporting an increase of 512,000 barrels. Stocks of un¬
finished gasoline rose 1,646,000 barrels.
Seasonal demands
brought a dip of 1,218,000 barrels in holdings of gas and fuel
oils to 101,136,000 barrels.
Daily average runs of crude to stills dipped 15,000 barrels,
totaling 2,980,000 barrels.
Refinery operations were at
76.4% of capacity, off 0.4 points from the previous week.
Daily average output of cracked gasoline rose 5,000 barrels
to 675,000 barrels.
An increase of nearly 10% in gasoline consumption in the
home market during the first 11 months of 1936 lifted the
total to approximately 17,945,429,000 gallons, against 16,333,228,000 barrels in the corresponding period a year earlier.
Representative price changes follow:
sity of
Feb.
a
10—Standard of New Jersey reduced gasoline prices to dealers in
Northeast New Jersey
The new Newark price is 8 cents
% cent.
less taxes.
a
pipe lines as of the end of the week, 70,535,000 barrels of finished and un¬
Stand. OU N. J__$.07%
jgasoline and 101,136,000 barrels
finished
of gas and fuel oil.
Cracked gasoline production by companies owning 94.1% of
the potential
charging capacity of all cracking units indicates that the industry as a
whole, on
Bureau of Mines basis, produced
a
of 675,000 barrels
an average
daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
'
B. of
Actual
M.,
Average
State
Product'n
Interior
Allowable
Calcu¬
Feb. 1
Week
Ended
Ended
Feb. 8.
1936
Ended
Oklahoma
581,900
170,000
Kansas
Previous
Feb. 6,
1937
(Feb.)
Week
73,835
West Central Texas—
62,310
168,968
101,405
451,000
215,611
West Texas
East Central Texas...
East Texas
Southwest Texas
Coastal Texas
6,
1937
+4,000
—8,450
595,600
171,650
487,550
131,660
71,500
65,800
32,700
171,150
105,100
449,100
193,050
180,700
54,500
56,500
25,350
159,950
44,550
434,300
117,000
165,060
591,750
165,150
64.400
North Texas
Feb.
71,600 —3,200
+ 1,450
67,050
32,700
172,300 + 1~,I66
+ 3,650
109,600
450,000
+650
212,650 + 25,100
+ 1,700
182,650
581,900
187,918
Panhandle Texas
ft Total
Four
Weeks
Week
lations
,
Change
from
Dept. of
191,949
1,203,400 1,329,478 1,298,550 + 30,450 1,269.100 1,057,200
Texas
North Louisiana
85,150
Coastal Louisiana
166,400
Total Louisiana
255,100
—1,200
+ 1,250
167,300
61,300
133,250
80,000
251,550
+ 50
247,300
194,550
28,500
114,300
29,400
41,900
24,150
112,050
29,350
46,350
+ 1,100
14,700
15.000
—2,450
—1,450
25,500
114,450
29,250
47,600
4,500
81,600
92,600
3,450
95,300
+ 2,450
29,700
95,900
33,800
34,300
13,850
3,900
57,100
2,495,300
573,300
♦551,000
Arkansas
Eastern
Michigan
Wyom'ng
Montana
Colorado
...
New Mexico
Total east of Calif..
California
235,700
—3,950
+350
16.050
—100
3,500
93,450
2,632,650 + 22,000 2.613,450 2,139,450
588,100 + 4,700
587,700
624,300
gallon,
Total United States. 3,068,600
New York—
that^all
basis, 2,980,000 barrels of crude oil daily during the week, and
H
New York-
1937
13,
companies had in storage at refineries, bulk terminals, in transit and in
Standard Oil Co. of New
crease
Feb.
♦
Shell Eastern.._...$.07K
Note—The figures indicated above do not include any estimate of any oil
-.05 %
Warner-Quinlan__$.07
Chicago
.05
Socony-Vacuum..
.07%
Colonial Beacon..
.07
New
Orleans.
.06 >$-.07
Tide Water Oil Co
.07%
Texas
.07%
Gulf
ports...
Richfield Oil(Cal.)
.07
Gulf
.07 X
Tulsa
.05%
-.05 %
05
3,220,750 + 26,700 3,201,150 2,763,750
Recommendation of Central Committee of California Oil Producers.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED FEB. 6,
Kerosene, 41-43 Water White, Tank Gar, F.O.B. Refinery
New York—
iNorth Texas
Fuel Oil, F.O.B.
(Bayonne)—
Bunker
Refinery
I California 24 plus D
i New Orleans C
$1.00-1.25 Phila., Bunker C
C
$1.20
1.851
Diesel 28-30 D
$ .95
1.20
.
F.O.B. Refinery
N. Y. (Bayonne)—
I Chicago,
27 plus.$.04% I
28-30 D
or
|
Gasoline, Service Station, Tax Included
*
New York
■
Brooklyn
I Newark
.165
I Buffalo
175
I
$.185
Total
Rate
.17
| Chicago
.177
P.
Oper¬
At Re¬
age
ated
fineries
P. C.
East Coast..
669
Appalachian.
Ind.,Ill.,Ky.
Okla., Kan.,
146
129
88.4
103
79.8
507
454
89.5
380
83.7
449
380
84.6
669 100.0
511
Unfin'd
C.
Daily
Aver¬
Reporting
tial
I Tulsa U S I..$.02%-.03
of Finished and
Unfinished Gasoline
Finished
Poten¬
Terminal
$.053
Stocks
to StiUs
District
I
Gas Oil,
Crude Runs
Daily Refining
Capacity
Terminal
or
76.4
of
Terms., Nap'tha
Distil.
&c.
4,828
1,188
7,649
8,892
1,102
2,894
1.413
585
4,920
601
2,875
1,348
6,637
1,722
296
77.9
337
183
54.3
103
56.3
82
268
793
757
95.5
686
90.6
4,857
1,640
7,717
2,499
Inland Texas
312
1,947
410
Mo-
8,047
949
Texas Gulf..
Boston
2% city sales tax.
bm
249
La. Gulf
.185
Not including
x
1937
(Figures In thousands of barrels of 42 gallons each)
Orleana_$.05%-.05%
'Tulsa
.03%-.04
iNew
$.05%'Los Angeles.. .03%-.05
(Bayonne)
N. Y.
$.04
which
might have been surreptitiously produced.
Gas Utilities
Revenues of Manufactured and Natural
164
158
96.3
118
74.7
821
326
No. La.-Ark.
91
58
63.7
29
50.0
256
90
52
Rocky Mtn.
Calif ornla..
89
62
69.7
48
77.4
101
726
821
746
90.9
472
63.3
1,434
10,596
2*347
1,018
71,078
3,596
88.4
2,746
76.4
40,986
18,544
7,008
3,159
765
73
98,366
2,770
.
428
Up 6,9% DuringJNovember, 1936
The American Gas Association reported that revenues
manufactured and
natural
gas
of
totaled $67,799,700
utilities
in November, an increase of 6.9% from the figure of $63,406,300 reported for November, 1935.
Revenues of the manufactured gas industry aggregated
$32,435,000 for the month, an increase of 3.6%. Natural
utilities reported revenues of $35,364,300,
10.2% above the figure for November, 1935.
gas
Sales
of
manufactured
amounted to
reported
gas
33,410,400,000 cubic feet,
which
for
an
up
increase of 13.5%.
gas
for
9%
these
for
the
purposes,
month.
Sales
however,
of
registered
were
manufactured
a
decline
of
nearly 3%.
♦
Daily Average Crude Oil Output Gains 26,700 Barrels
in Week Ended Feb. 6
The
daily
American
Petroleum' Institute
estimates
that
the
crude oil production for the week ended
6, 1937, was 3,220,750 barrels.
This was a gain of
26,700 barrels from the output of the previous week.
The
current week's figure remained above the 3,068,600 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 February.
Daily average pro¬
duction for the four weeks ended Feb. 6, 1937, is estimated
at 3,201,150 barrels.
The daily average output for the
week ended Feb. 8, 1936, totaled 2,763,750 barrels.
Fur¬
ther details, as reported by the Institute, follow:
average gross
Feb.
,Imports of petroleum for domestic
United
a
daily
States
ports
average of
for the
use
and receipts in bond at principal
week ended Feb.
6
99,714 barrels, compared with
totaled 698,000 barrels,
a
daily
average of
98,143
barrels for the week ended Jan. 30, and 97,536 barrels daily for the four
weeks ended
jFeb. 6.
Feb.
6 totaled
compared with
a
the week
226,000 barrels, a daily average of 32,286 barrels,
daily average of 16,714 barrels for the week ended Jan. 30
and 1,961 barrels for the four weeks ended Feb. 6.
Reports received from refining companies owning 88.4% of the 4,066,000barrel
estimated
daily
Jpotential refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
6'37
4,066
4,066
4,066
4,066
2,980
2,995
44,145 19,309
z43,011 xl8,797
7,081 101,136
X6.923 Z102354
U.S. B. Of M.
xFeb. 6 '36
y2,811
Estimated Bureau of Mines basis,
37,907
19,902
6,844
February, 1936, dally average,
vised—Comparable with week February 6, but not prior weeks.
x
y
99,763
z
Re-
Floods
Cause
Sharp Decline in Soft Coal Production
During Week Ended Jan. 30
weekly coal report stated
principal cause of a sharp
drop in bituminous coal production during the week ended
Jan. 30.
Flood conditions have delayed the customary
reports of railroad car loadings from affected areas, especi¬
ally in Kentucky.
From information now available, the
total output for the country as a whole is estimated at
approximately 8,285,000 net tons. In comparison with the
week of Jan. 16, before the effects of the flood were felt,
this is a decrease of 1,846,000 tons, or 18.2%.
The total production of Pennsylvania anthracite, includ¬
ing colliery fuel, during the week ended Jan. 30, 1937, is
estimated at 992,000 net tons, an increase of 156,000 tons,
or
18.7%; over the preceding week.
Production in the
corresponding week a year ago was 1,543,000 tons.
The Bu¬
that the Ohio River flood is the
reau's statement follows:
ESTIMATED UNITED
STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
Lai...
htfUri
kft.
Week Ended
<S*
Coal Year to Date
...J1
Jan. 30,
1937 d
■
t
Bltum. coal;
Van. 23,
1937
e
Feb. 1,
1936
1936-37
1935-36 f
1929-30 f
a
Tot. includ'g
coll'y fuel. 8,285,000 9,377,000 9,044,000 359,748,000 297,744,000 443,292,000
DaUy aver.. 1,381,000 1,563,000 1,507,000
1,412,000
1,728,000
1,167,000
Penn. anth.: b
Tot. includ'g
Receipts of California oil at Atlantic and Gulf Coast ports for
ended
Feb.
Jan. 30 '37
The U.S. Bureau of Mines in its
house heating, water heating, refrigeration, &c.,
nearly
234
xEst.tot.U.S.
113,169,-
Sales of natural gas for domestic purposes, such as cook¬
ing,
470
November
increase of 10.8%,
an
while natural gas utility sales for the month were
880,000 cubic feet,
was
Reported.
Estd.unrepd.
coU'y fuel.
Daily aver..
Com. prod, c
Beehive coke:
992,000
165,300
945,000
Tot. for per'd
63,600
Daily
10,600
aver..
Includes
836,000 1,543,000
139,300
257,200
g
g
g
g
g
g
796,000 1,469,000
g
g
63,500
10,583
34,000
5,667
1,673,900
6,438
796,900
3,063
g
5,203,500
20,010
lignite, coal made into coke, and local sales,
b Includes SulUvan
County, washery and dredge coal and coal shipped by truek from authorized opera*
a
Volume
tlons.
Financial
144
1017
Chronicle
Estimate for current week based
on railroad carloadlngs.
These are checked
promptly as possible against actual production reports furnished through
and State sources,
c Excluding
colliery fuel,
d Subject to
revision,
e Revised,
f Adjusted to make comparable the number of working
later
as
g Comparable data not yet available.
days in the three years,
WEEKLY
ESTIMATED
PRODUCTION
OF
COAL.
(IN THOUSANDS OF NET TONS)
Number of
Average Per
Working
Days
Working Day
(Net Tons)
January 1937 (Preliminary)—
STATES
BY
Bituminous coal.
[The current estimates are based on railroad carloadlngs and river shipments and
are subject to revision on receipt of monthly tonnage reports from district and
State
Total for
Month
(Net Tons)
association
trade
sources or
of final annual returns from the operators.!
Beehive coke.
December
25
271,900
26
10.458
44,487,000
26
4,947,000
260,600
26
1,711,000
190,300
10,023
26.1
1,507,000
1936—
Pennsylvania anthracite (a) (b)
Beehive coke
Week Ended
Alaska
4
2
2
256
Alabama
2
252
230
202
2
Bituminous coal
Avge.
Beehive
8
Arkansas and Oklahoma
119
127
124
102
Colorado
221
244
*172
187
1
1
1
1
1,295
1,259
1,273
1,252
1,596
366
417
391
425
659
Illinois
Indiana
Iowa
84
87
81
93
165
226
275
b Revised.
Note—All current estimates will Jater be adjusted to agree with
Kansas and Missouri
212
199
193
170
196
Kentucky—Eastern
696
794
735
653
985
1—Western
147
186
228
280
396
the results of the
complete canvass of production made at the end of the calendar year.
240
38
39
35
39
65
55
Maryland.-
5,244
140
101
103
mated at approximately 4,000,000 tons a year,
8
8
205,100
27
Includes Sullivan County, washer*
and dredge coal and coal shipped by truck from authorized operations.
Does not
Include an unknown amount of Illicit or stolen coal, which has been variously esti¬
2,111
325
Georgia and North Carolina
26
5,333,000
141,600
coke
Total production, including colliery fuel.
a
434
372
26
39,330,000
Pennsylvania anthracite (a) (b)
1923
8
.
January 1936—
Jan.
Jan. 23 Jan., 16 Jan. 25 Jan. 26 Jan. 26
1937 p
1929
1935
1937 p
1936 p
161,000
4,025,000
-
Bituminous coal
State
1,578,000
25.1
39,610,000
Pennsylvania anthracite (a)
190
607
'
Domestic
Copper HoldsTat 13c., Despite Uplift Abroad
—Zinc Advanced Sharply
~
Michigan
14
13
12
18
18
Montana
87
83
76
71
76
New Mexico
42
48
34
32
63
73
66
65
82
76
s58
s50
488
543
430
467
452
814
2,115
2,469
1,701
1,850
2,984
3,402
101
115
103
100
no
133
15
15
14
16
25
Utah
111
142
78
97
157
109
Virginia
271
295
219
184
287
211
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
32
"Metal'and~MinerarMarkets''"in its~issue of Feb. a
82
stated that
26
48
a
Northern b
46
34
45
58
74
1,813
1,935
1,544
1,478
2,158
1,134
646
Washington
West Virginia—Southern
646
448
503
791
762
166
112
117
173
186
1
1
82
87
8,385
8,436
11,988
11,850
164
Wyoming
♦
Other Western States
Total bituminous coal
*
9,377
10,131
a Includes operations on the N. & W„ C. & O., Virginian, K. & M., B. C. & G.,
and on the B. & O. In Kanawha, Mason, and Clay counties,
b Rest of State,
Including Panhandle District and Grant, Mineral, and Tucker counties,
p Pre¬
liminary.
s Alaska, Georgia, North Carolina, and South Dakota Included with
"other Western States."
* Less than 1,000 tons.
demand^for major base metals was fairly active
largely on fears that prices will continue to rise.
Copper moved upward in London to well above the domestic
parity on continued speculative purchases.
Producers here
were not disposed to follow London's advance until more is
known about the January statistics.
Zinc was in brisk
demand at higher prices on evidence that the surplus has
been reduced to what many in the industry regard as a dan¬
gerously low point.
Lead buyers, following the activity in
copper and zinc, bought on a larger scale.
The severe
winter in the West has curtailed production of non-ferrous
metals, but signs are not lacking that operations are again
expanding.
Tin prices moved within narrow limits.
The
last week,
publication further reported:
Copper
Domestic sales of copper for the week
Production and Shipments of Slab Zinc During January
1937 Below Previous Month
The American 7-inc Institute
on
Feb. 5 released the follow¬
ing tabulation of slab zinc statistics:
SLAB ZINC STATISTICS
over
ing London market made domestic consumers feel that a higher quota¬
tion was imminent.
Up to yesterday's close, however, producers continued
13c., though several sellers said the price was no more than nomi¬
The reason for not following London's latest move was uncertainty
nal.
(ALL GRADES)—1929-1937
what the January statistics, to
over
Most producers took the
Shipped
Stock at
During
During
Period
Period
End of
Period
Retorts
(a)
Shipped Operating
End of
for
Period
Export
Average
Unfilled
Retorts
The advance in copper has been so rapid, it is
End of
Period
Period
aver.
75,430
631,601
52,633
602,601
504,463
42,039
436,275
36,356
143.618
300,738
25,062
314,514
26,210
213,531
17,794
218,517
124,856
------
57,999
6,352
129,842
50,217
68,491
529
—————
Monthly
aver.
196
31,240
16
-----
-----
47,769
'
26,651
Monthly aver.
19,875
3
t_
-----
23,099
18,273
-----
— — — —
Monthly aver.
18,210
Mines.
Michigan in 1936 amounted to 48,300 short
This compares with 32,054 tons
1936 amounted to 602,875 tons, against 380,500
for the entire country in
170
21,023
14
------
.....
18,560
8,478
-----
— —
— — —
tons in
1935,
increase of 58%.
an
Monthly aver.
324,705
27,059
344,001
28,667
105,560
366,933
30,578
352,663
29,389
119,830
431,412
465,746
83,758
35,951
38,805
Lead
239
------
27,190
20
......
23,653
15,978
.....
— --- —
Monthly aver.
148
-----
30,786
12
------
market,
28,887
-----'
1935
Total for yearaver.
59
38,329
51,186
32,341
5
-----
-----
1936
41,917
46,468
79,207
°f
February
36,228
39,918
75,517
0
March
42,483
38,159
79,841
0
January
-
April
43,252
42,311
80,782
0
May
44,905
43,977
81,710
0
June
44,947
41,654
85,003
0
July
45,553
41,891
88,665
0
August
43,614
46,085
86,194
0
September
42,283
51,847
76,630
0
October
46,297
54,035
68,892
0
November
45,742
57,107
57,527
0
December
47,050
59,821
44.756
38,205
*34,291
38,004
*33,726
37,922
*33,849
41,400
♦36,657
41,048
*36,919
40,700
*36,934
41,308
*37,350
41,308
*37,418
40,672
*36,843
41,733
*38,052
43,103
*38,607
0
35,872
*34,358
34,334
*32,458
36,189
*34,516
37,778
*35,749
37,888
*36,296
38,176
*36,972
38,135
*36,734
38,358
*37,006
38,326
*36,897
39,157
*37,893
40,125
*38,588
Total for yr.
524,271
43,689
50,638
46,939
40,642
42,219
resulting in a
41,638
Buying was well
diversified, with manufacturers of sheet lead and pipe much in evidence, fol¬
lowed by pigment makers
ers
are
Consum¬
stocks held for
going forward at a
and storage-battery manufactuerrs.
continuing to release metal in good volume from
Shipments in general are
their account by producers.
due to the
Severe weather in the West has temporarily
flood and the motor strike.
curtailed intake of one producer, but
general mine production has not been
Quotations continue on a firm basis at 6c., New York, the contract
35,968
basis of American Smelting & Refining Co.,
28,370
27,090
Zinc
44,458
65,173
Publication of the January statistics,
showing total stocks of only 34,143
tons, or considerably less than the current monthly rate of
now
54,064
estimated at 50,000 tons, made consumers apprehensive
was
consumption,
and they came
Sales for the week, at rising
into the market for a substantial tonnage.
prices, were probably in excess of 10,000 tons.
60,513
Last Thursday, business
weighted average
booked at prices ranging from 6c. to 6.25c., with the
On Friday (Feb. 5) all business was placed at
the tonnage sold 6.225c.
175,891
on
178,626
virtually ail sellers quoted 6.40c., and this figure prevailed over
6.25c., which price continued until Monday (Feb. 8).
-----
Late on Monday
the remain¬
The shortage in zinc will be relieved in a month or two,
der of the week.
37",915
settling
Stl.
and at 5.85c., St. Louis.
Joseph Lead booked business on its own brands at a premium.
in the opinion of producers,
-----
week.
seriously hindered.
*38,538
-----
lead into the
consumers of
good week's business, sales totaling about 9,600
tons, comparing with 2,800 tons in the previous
good rate, though in some instances the movement is held up
56,829
0
563,273
40,025
42,965
*38,461
Monthly aver.
A firmer tone in copper and zinc brought
-----
32,944
1934
Total for year.
Mine output in 1936 amounted to only
60% of the 1929 peak.
1933
Total for year.
United States Bureau of
Mine output
produced in 1935.
—
1932
Total for year.
Monthly
market yesterday was at prices ranging
13.300c. to 13.425c., c.i.f. European ports.
Mine output of copper in
tons, according to a preliminary estimate by the
41
gains."
condition of
Domestic stocks of refined copper probably decreased in Jan¬
Business booked in the foreign
from
—————'
-----
1931
Total for year.
London prices.
claimed, that the industry
uary.
■
1930
Total for year-
days, will show.
The domestic market remains tight, owing to the sold-up
18,585
-----
a few
requires a more tranquil period in which to "consolidate the
now
1929
Monthly
be released in
stand that stocks of refined copper abroad have
increased, which may make for a period of unsettlement in
Orders
During
producers.
Total for year.
This increased business re¬
advanc¬
the price situation, for a steadily
to quote
(Tons of 2,000 Pounds)
Produced
amounted to 19,816 tons, against
8,060 tons in the preceding seven-day period.
sulted from nervousness
as
weather conditions have improved in the
West and operations are again expanding.
1937
January
0/
34.143
i
*
Equivalent retorts computed on 24-hour basis,
40,285
*35,719
a
40,613
*38,447
Tin
176,544
|
J
Export shipments are in¬
cluded In total shipments.
Note—These statistics Include all corrections and adjustments reported
at the
ers
appear
to
be taking the position that in view of the larger surplus
stocks of tin, prevailing prices are not so attractive.
pose of
The General Motors strike situation is slowing up business
metal.
in that industry.
Preliminary Estimates of Production of Coal for Month
of January,
1937
According to preliminary estimates made by the United
coal output during the
month of January, 1937, amounted to 39,610,000 net tons,
Chinese tin,
Feb.
5,
Therefore they have
Sellers, on the other hand, are reluctant to dis¬
been lowering their bids.
year-end.
Consum¬
Contrary to other metals, tin was very quiet during the week.
Tin plate operations are holding around 90% of capacity.
99%,
49.250c.;
was
Feb.
6,
quoted nominally as follows: Feb. 4, 49.800c.;
49.375c.;
Feb.
8,
49.625c.; Feb. 9, 49.475c.;
Feb. 10, 49.775c.
,
States Bureau of Mines, bituminous
compared with 39,330,000 net tons in the corresponding
month last year and 44,487,000 tons in December, 1936.
Anthracite production during January totaled 4,025,000
net tons as against 5,333,000 tons a year ago and 4,947,000
rns
in December 1936.
The Bureau's statement follows:
Monthly Steel Shipments Highest Since May, 1930
Shipments of finished steel products by the United States
Corp. in January totaled 1,149,918 tons, an increase
shipments in December, and compare
with 721,414 tons in January, 1936.
Below we list the
figures by months since January, 1933:,
Steel
of 82,553 tons over
,
.
Financial
,1018
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS
FOR
YEARS INDICATED
Chronicle
Feb.
and bessemer
1937
13,
ingots produced in 1929 the "Age" further
reports:
Month
Year 1933
Year 1934
Year 1935
Year 1936
331,777
385,500
588,209
043.009
745,003
985,337
309,938
378,023
370,300
343,902
721,414
670,316
783.562
979,907
1,149,918
300,119
418,030
634.055
683,137
008.056
591,728
598,915
578,108
547,794
624,497
614,933
686,741
681,820
661,515
a(19,907)
•(23.750)
That present high steel production can be maintained In the face
Year 1937
285,138
275,929
250,793
835.321
455,802
003,937
701.322
008,155
tinuance of the
January
February
March
April
May
June
July.
August
September
575,101
572,897
430,858
000,039
October
November
December
recovered from the flood to get
to a still
984.097
886,066
,
above
operation of 19%, points
an average
higher rate when the strike has been settled and flood-striken mills
have resumed.
Barring
950,851
923,708
961,803
"
soft coal miners' strike
a
about April 1 and possible labor
on or
troubles in steel plants, major steel companies do not doubt their
maintain
to
1,007,417
882,643
1,067,365
b(44,283)
Total tor year.....
•
Reduction,
5.905.966
6,805.235
b Addition,
7.847.649
ability
approximately present output through the remainder of the
There is no doubt whatever
first half.
as
to the first quarter, as
present
backlogs assure production of all the steel that shortages of raw materials,
particularly pig iron, coke and raw steel, will permit.
Yearly adjustment.
of con¬
General Motors strike and the fact that southern Ohio
plants, with nearly 5% of the country's capacity, have not sufficiently
siderable carryover of tonnage into
There will be a con¬
the second quarter, with sheets now being
sold for delivery in the middle of that period, and recent bookings of rails,
10,825,132
construction material and steel for railroad equipment will also extend Into
Cumulative
monthly shipments reported during
the calendar year are subject to some adjustments reflecting annual tonnage recon¬
ciliations, which will be comprehended in the total tonnage shipped tor the year as
the second quarter for delivery.
stated in the annual report
having booked more tonnage than in the corresponding period of January.
c
New business this month has been coming in at a good rate, some mills
Pressure for deliveries is insistent.
larger than in
any
built up.
during January
was
previous January in history, according to
report released Feb. 9 by the American Iron and Steel In¬
a
stitute, showing output of 4,736,697
tons of open-
gross
tons, and
was more
than
-55% above the January, 1936 production of 3,045,946
gross
In January,
tons.
gross
1929 the industry produced 4,500,131
appears
for the first time in the Institute's
report for January, replacing former calculations of produc¬
day.
was
calculated at 1,069,232 tons
week, 81.42% of capacity, which
tons per
of
week in December, which
capacity.
In .January, 1936,
compares
was
with 1,002,635
equivalent to 76.55%
the industry operated at
52.50% of capacity, producing 687,572 tons of ingots
119933724050
High spots of the week include rush orders from jobbers
and
consumers
replace damaged stocks; resumption of buying on a
fairly large scale by Pacific Coast steel users, following settlement of the
25,000 tons to recent large structural
maritime strike; additions of about
1932568
8,000 tons
approximately the same amount out for bids, including
International bridge
Thousand Islands
for the
over
the St.
Lawrence River; and advance in tin plate production to 97%; a prospective
stepping up of rail output to meet needs of railroads for spring work; a
firmer scrap market,
and
a
large increase in export inquiries,
which some
on
mills have declined to quote.
shortage of pig iron is Illustrated by an inquiry for 100,000 tons
for Great Britain, following recent large purchases by Japan.
Steel com¬
panies have no iron to spare and merchant furnaces that are not now in
blast
are
confronted by shortage of coke and ore.
Interest among buyers is keen as to
panies have little
or no
including tin plate)
second quarter prices, but steel
It is doubted that
information to give.
may
any
com¬
general
products, pipe and some coated products (not
be advanced.
There is also talk
among
some
pig iron producers of an increase of $1 a ton, based partly on higher scrap
By producing
ary,
apprehension in industry as to the possible future course of labor agitation.
advance will occur, but wire
per
week.
uary,
OIO, together with the failure of Michigan State authorities to enforce the
The world
During January, output
per
position of John L. Lewis in the General Motors situation.
holding out uncompromisingly for exclusive-bargaining rights for the
steel awards, with
Calculation of the tonnage of ingots produced per week
tion per
The untenable
In
in flood-striken areas to
tons of steel.
during the month
miners' strike
a
of the Federal administration toward the labor group, has created nervous
Production in January was 7% above the output in the
gross
Steel companies are fortifying themselves against
by laying in large stocks of coal, and steel production probably would not
suffer seriously unless there were a strike of long duration.
order of the court against sit-down strikers and the sympathetic attitude
hearth and Bessemer steel ingots during the month.
•preceding month, 4,431,645
and jobbers
some extent consumers
disturbances, but consumption is so heavy that no large stocks are being
January Steel Production 55% Above Year Ago
Tonnage of steel ingots produced
To
be trying to protect themselves against the effect of further labor
may
more
than 81 % of its capacity during Jan¬
the industry operated at the highest rate since Febru¬
1930, when operations
at 84.47%.
were
1936. TO JANUARY,
1937
(Reported by companies whlcb in 1935 made 98.03% of the open hearth and 100%
of the Bessemer Ingot production)
Reported Production
{Gross Tons)
Calculated Monthly
Prod, of Open Hearth
& Bessemer Ingots—
All
1936
tures, but also on a prospective advance in ore prices.
Scrap prices tend upward without much consumer buying.
of 25c. a ton on heavy melting
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL
INGOTS—JANUARY,
prices, which causes foundries to turn to larger use of pig iron in their mix¬
Companies
Weekly Pro¬ No. of
duction, All Weeks
*
at
An advance
Pittsburgh raises the "Iron Age"
composite price to $19, highest since Jan. 27, 1925.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates,
Feb. 9,1937, 2.330c. a Lb.
One week ago
Calculated
steel
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
2.330c.
2.330c.
—2.109c.
One month ago.:
One year ago
85% of the United States output.
Low
1936
Open
Hearth
Ingots
January
-
February
March
Bessemer
Gross
Ingots
Tons
*
% of
Cap'ity
in
Month
Tons)
2,793,421
2,707,562
3.095,376
196,389
202,445
185,040
3,045,946
2,964,418
3,342,619
52.50
67.61
687,572
716,043
754,542
4.43
8,590,358
583,874
9,352,983
54.93
719,460
13.00
54.67
4.43
4.14
2.124c.
Jan.
8
2.199c.
Apr. 24
2.008c.
Jan.
2
1933.
{Gross
High
2.330c.
Dec. 28
2.130c.
Oct.
1
1934..
Companies
2.015c.
Oct.
1.867c.
Apr. 18
—
1.977c.
3,565,821
3,670,401
3,678,044
304,775
302,092
334,897
3,942,254
4,046,253
3,984,845
69.73
Sec'd quar—
10,814,266
941,764
11,973,352
1st six mos.
19,410,624
1,525,638
21,326,335
June
70.16
4.29
70.92
918,940
913,375
928,868
70.26
920,319
13.01
62.60
819,928
26.01
4.43
4.29
3,525,281
3,768,832
3,782,056
July..
August
September.
326,606
350,560
303,048
3,922,731
4,195,130
4,101,108
67.76
74.23
887,490
946,982
972,221
4.28
11,070,169
980,214
12,278,969
71.40
935,184
13.13
72.30
4.42
4.43
Oct.
4
1.9260.
Feb.
Jan.
13
1.945c.
2.273c.
Jan.
7
2.018c.
Deo. 29
Dec.
9
2.317c.
Apr.
2
2.273c.
Oct.
29
2.286c.
-
1928
_
Dec. 11
2.217c.
July
17
Jan.
2.212c.
Nov.
.——.2.402c.
1927-
April
May
Nlne mos.
-
Feb. 9, 1937, $20.25 a Gross Ton
One week ago
One month ago
One year ago—
——_
$20.25
20.25
18.84
30,486,793
2,505,852
33,605,304
65.55
858,592
39.14
4,144,013
3,928,904
4,045,746
317,710
329,553
304,596
4,545,001
4,337,412
4,431,645
78.33
1,025,960
1,011.052
1,002,635
4.43
November
December
77.19
76.65
4.29
4.42
Fourth quar
12,118,663
951,859
13,314,058
77.36
1,013,246
13.14
Total
42,605,456
3,457,711
46,919,362
68.52
897,463
52.28
Philadelphia,
January
*
4,357,338
291.794
4,736.697
81.42
1,069,232
4.43
of: 1,172,160 gross tons open hearth Ingots and 137,624 gross tons Bessemer Ingots,
total 1,309,754 gross tons; based on annual capacities as of Dec. 31,1935, as follows:
Open hearth ingots, 61,280,509 gross tons; Bessemer ingots, 7,195,000 gross tons.
The percentages of capacity operated in 1937 are calculated on weekly capacities of:
1,175,307 gross tons open hearth ingots and 137,994 gross tons Bessemer ingots,
total 1,313,301 gross tons; based on annual capacities as of Deo. 31, 1935 as foUows:
Open hearth Ingots, 61,280,609 gross tons; Bessemer ingots, 7,195,000 gross tons.
81%
on
Top of Record-Breaking
January
The "Iron Age" in its issue of Feb. 11, stated that steel
ingot production for the country as a whole has moved up
to an estimated 81 % of capacity this week on top of a January
output that was an all-time record for that month and only
10% less than the peak figure of 5,273,167 gross tons of openhearth and bessemer steel in May, 1929.
Last month's total
was 4,736,697 tons (81.42% of capacity), which was 55%
above that of January, 1936, and'equal to 55,600,000 tons
on a yearly basis, against 54,312,279 tons of open-hearth
17.83
Aug. 11
May 14
1
16.90
Jan,
Dec.
5
13.56
Jan.
Jan.
5
13.66
Deo.
6
Jan.
6
14.79
Dec.
15
18.21
Jan.
7
15.90
Dec.
18.71
May 14
18.21
Dec. 17
18.59
Nov. 27
17.04
July
19.71
—
——
5
15.90
1928
Jan.
4
17.54
Nov.
Steel
Feb.r9, 1937, $19.00
One month ago
a
Gross Ton
$18.92
18.17
13.76
27
3
10
24
Scrap
Based
on
No.
1 heavy melting stee
quotations at Pittsburgh, Philadelphia
and
—
Chicago.
High
———$19.00
Low
9
Feb.
$17.92
12.67
17.75
Dec. 21
13.42
Dec.
10
10.33
13.00
1934
Mar. 13
9.50
12.25
Jan.
4
June
9
Apr. 23
Sept.25
Jan.
3
July
5
Deo. 29
Aug.
8
Jan. 12
6.75
11.33
Jan.
6
8.50
15.00
17.68
16.50
15.25
Feb. 18
Jan. 29
11.25
14.08
Dec.
Dec.
3
Dec. 31
13.08
July
2
Jan.
13.08
Nov. 22
8.50
1930--—
——
1929--——
-
American
Tbe
nounced tbat
Iron
and
the
steel
capacity
79.6%
year
for
one
ago.
Steel
11
Institute
capacity
on
-Feb.
8
9
an¬
the
of steel companies having 98%
of the
week
industry
beginning
Feb.
will
8,
be
80.6%
compared
of
with
week ago, 78.8% one month ago, and 52.0% one
This
represents
an
increase of
1.3%, from the estimate for the week
Weekly
6.43
telegraphic reports which it had received indi¬
cated that the operating rate
of
$18.73
Nov.
May
14.81
1927-
Steel Production up to
and
Low
16.90
1937
capacities
Valley,
18.84
One year ago
The percentages of capacity operated in 1936 are calculated on weekly
Buffalo,
Southern Iron at Cincinnati.
17.90
One week ago
1937
1
Based on average of basic Iron at Valley
furnace and foundry Irons at Chicago,
High
$19.73
Nov. 24
1929
October
4
2
Pig Iron
1933-—.
Third quar.
3
Mar. 10
2.037c.
1932
1930—
1929..—
First quar_-
2.084c.
indicated
1936, follow:
rates
of
steel
of
operations
1.0
Feb.
point,
1,
or
1937.
since Jan.
6,
Volume
Financial
144
1936—
Jan.
1936—
6
Jan.
27
Feb.
3
Feb.
10
Feb.
17
Feb. 24
Mar. 2
Mar.
Apr. 20
Apr. 27
49.4%
60.0%
52.0%
51.7%
52.9%
20
Jan.
49.2%
49.4%
49.9%
13
Jan.
May 11
May
May 18
May 25
June
8
June 15
65.8%
June 22
Mar. 16——00.0%
Mar. 23
June 30
53.7%
02.0%
64.5%
07.9%
Mar. 30
Apr.
Apr.
1
June
0
13
"Steel" of
markets,
July
6
13
July 20
July
July
27
Cleveland, in its
seek
consumers
fully
duction,
seme
better
even
There has been
be
72.2%
Nov. 30
Inquiries for freight cars have been practically all converted into orders,
taking advantage of price protections.
Placing of 10,792 cars last week
provides builders with requirements for close to 100,000 tons of steel,
.72.5%
71.5%
08.2%
72.5%
74.4%
Dec.
largely
Aug. 31
Sept.
7
Sept. 14
Sept. 21
Sept. 28
Oct.
Oct.
12
Oct.
26
Nov.
2
Nov.
9
into
80.6%
8
Feb.
Prompt
wrestle
to
On
with
In
spite of
business
new
no
effect
high
exceeding shipments, and in
strike
the
delivery situation will
The
the best
Week
December.
for
Co.
of
flood
conditions
79%%,
is
in
registered
points
rise of 3%
a
month
since
January,
with
May,
1936,
the
1930,
when
65,461
was
Federal
of
last
week
104,664
tons
were
tons.
units,
com¬
trade
is
to
increasing, December exports totaling 244,156 gross
203,297 in November, the increase being largely due
total manufactured steel
For 1936
scrap.
less
than
in
595,646
1935.
tons
exports
For
1935.
in
Imports in December
November.
For
1936
the
were
year,
1,221,608 tons,
scrap
exports were
52,584 tons compared with
were
they totaled 660,838 tone compared with
470,015 in 1935.
Far
of
East
foreign buyers
and
South
prices
to obtain
America
at
purpose
are
the
increase.
Tin
pig iron, semi-finished material and sheets.
on
and needs
for
domestic
use
the
material for export to Europe,
on
been
has
plate
premium, and the market is being tested for
a
High
tend to make the price too
freights
ocean
high for prospective
Proposals for two battleships,
of which
one
plate tonnage
requiring 80,000 tons of hull steel,
each
will
be built
over
several months.
in
private yard, offers prospect for continued
a
Following the heavy tonnage of two weeks ago, when a rush to cover
price protections expired, structural bookings reported last week
dropped to 16,570 tons from 04,988 in the preceding week.
The most
before
important
tonnage
6,500 tons
was
for
manufacturing plant
a
Front
at
Royal, Va.
Scrap
continues strong,
but prices of steel-making grades advanced only
slightly last week, although supplies
on
the
find
Eastern
seaboard
lower
are
far from plentiful.
are
than
for
domestic
Export prices
delivery, and dealers
difficulty in filling orders for dock delivery.
On slight advances at
"Steel's" composite price of scrap has risen 9c. to 18.79c.
The
Chicago,
iron
Steel
and
composite is
2c. to $38.64, and the finished steel
up
com¬
Reserve
New York City
Banks
10
Assets—
Chicago——
Feb. 3
Feb. 12
1937
1936
1937
Feb.
10
Feb. 3
1937
1937
Feb.
12
1936
$$$$$$
Loans to brokers and dealers:
In New York City
924
882
1
1
74
74
61
41
47
28
732
741
731
142
142
147
136
136
163
17
17
129
129
127
14
14
44
30
33
5
5
5
Other loans
1,461
1,463
1,101
370
309
260
$13,000,000 in member
U. S. Govt, direct obligations..
3,444
3,464
3,430
1,142
1,150
1,176
balances and $22,000,000 in non-member deposits and other
Obligations fully guaranteed by
454
455
434
95
95
90
1,081
1,097
1,110
272
272
251
2,697
547
543
495
$12,000,000 in
reserve
City
securities
on
others
to
(except banks)
Accepts, and com'l
Loans
paper
real estate
on
bought
Loans to banks
This increase corresponds with in¬
in circulation,
money
Outside New York
Loans
United States Government
Other securities
Treasury cash and deposits with Federal Reserve banks and an increase of
$23,000,000 in monetary gold stock.
Member bank reserve balances on
Reserve with F. R. Bank
estimated to be approximately $2,180,000,000 in excess of legal
requirements.
000 in holdings of United States bonds
was
offset by a decrease of $6,000,000
In U. S. Treasury notes.
Increase
.
Feb. 10,1937
\
Feb. 3,1937
$
■•.
or
Decrease
i
Feb
2,418
50
52
33
33
37
81
80
174
172
163
494
472
67
65
80
6,453
6,419
5,957
1,564
1,561
1,438
Time deposits
628
619
532
454
454
414
United States Govt, deposits
136
146
144
36
41
85
605
615
604
4
4
$20,000,000 commltm'ts—Feb. 10)
Other Reserve bank credit
—8,000,000
+ 14,000,000
Monetary gold stock
Treasury currency..
Money In circulation...
0,360,000,000
Member bank
6,771,000,000
balances
+12,000,000
+ 13,000,000
+597,000,000
+ 987,000,000
—10,000,000
—298,000,000
+22,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
2,695,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
-31,000,000
+ 14,000,000
—31,000,000
+23,000,000 +1,232,000,000
+35,000,000
2,477,000,000
11,387,000,000
2,531,000,000
—49,000,000
2,393
2,320
371
384
373
Foreign banks
Member
Banks
in
Other liabilities
367
362
305
25
19
33
1,475
Capital account
1,473
1,463
231
231
225
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As
explained above, the statements of the New York and
Chicago member banks
are
given out
the figures for the
selves, and covering the
until the following
rentp.week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday:
cities cannot be
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
Monday, before which time the statistics
compiled.
returns
of the entire
body of reporting member banks of
ended with the
Reserve System for the week
close of business Feb. 3:
ment
deposits,
Chicago
Feb. 3
Feb. 12
1937
1937
1936
1937
$
$
$
$
8,072
in
deposits credited to
domestic banks and
$25,000,000 in reserve balances with Federal Reserve banks.
Loans to
brokers and dealers in
New York City declined $23,000,000,
loans to brokers and dealers outside New York increased $9,000,000, and
loans
on
securities
to
others
(except
banks) increased $9,000,000 in the
New York district and $10,000,000 at all reporting member
of
acceptances
and
commercial paper
banks. Holdings
bought increased $1,000,000, real
$1,000,000, and "other loans" increased $2,000,000.
H>< ^Holdings of United States Government
direct obligations declined $29.-
$9,000,000 in the Cleveland district,
$8,000,000 each in the Richmond and Atlanta districts and $63,000,000 at
New York City
8,513
member banks in 101 leading
deposits, and decreases of $50,000,000 in Govern¬
$41,000,000
000,000 in the New York district,
(In Millions of Dollars)
Investments—total8,488
them¬
week, instead of being held
same
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
estate loans declined
Assets—
Thursday, simul¬
covering the entire body of reporting member banks in 101
of $25,000,000 in time
•Federal Reserve System for the New York City member
banks and also for the Chicago member banks for the cur¬
10
on
Reserve banks
and investments and $37,000,000 in demand deposits-adjusted, an increase,
Chicago—Brokers' Loans
Feb.
....
cities on Feb. 3 shows decreases for the week of $48,000,000 in total loans
New York City and
Below is the statement of the Board of Governors of the
/
5
....
The condition statement of weekly reporting
Returns of
■;
Borrowings
the Federal
569,000,000
v
■
2,381
taneously with
24,000,000
18,000,000
_
Total Reserve bank credit
•/
Domestic banks
$
■5,000,000
■2,000,000
U. S. Government securities
2,430,000,000
Industrial advances (not Including
reserve
2,658
492
__
Demand deposits—adjusted
12, 1936
$
3,000,000
3,000,000
Bills bought
(—)
Since
"
'■
Bills discounted.
(+)
'
■
„
10
57
Balances with domestic banks
Inter-bank deposits:
The statement in full for the week ended Feb. 10, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 1058 and 1059.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Feb. 3, 1937 were as follows:
15
1
77
Cash In vault
Other assets—net
Relatively small changes were reported in the System's holdings of bills
discounted, purchased bills and industrial advances.
An increase of $6,000,-
Loans and
72,295
at
posite is unchanged at $55.80.
10 total Reserve bank credit amounted to $2,477,000,000, an
were
estimated
is
tons, compared with
Federal Reserve accounts, offset in part by a decrease of $10,000,000 in
Feb. 10
and
933
increase of $14,000,000 for the week.
bank
billets
re-rolling
preceding week.
The decline is entirely due
stoppage, some other builders increasing their output.
Feb.
creases
of
tons
being covered, but most producers of
tonnage for sale.
excess
to
the
over
daily average volume of Federal Reserve bank credit
outstanding during the week ended Feb. 10, as reported by
the Federal Reserve banks, was
$2,485,000,000, an increase
of^$2,000,000 compared with the preceding week and a de¬
crease of $10,000,000
compared with the corresponding week
in 1936.
After noting these facts, the Board of Governors of
the Federal Reserve System proceeds as follows:
Feb.
80,000
small lots
The
On
locomotives
15
awarded
exporters.
effects
operating rate to
in
no
production
bought for this
-
Production
in
Motor
some
been
has
freight cars in January were 17,800,
74,148 the
Motors
Efforts
Pig iron output in January made a gain of 3% over December.
Total
production in January was 3,219,741 gross tons, at a daily rate of 103,863
tons, compared with 3,125,192 tons in December, a daily rate of 100,813
made.
General
61,970 in
a
is
with
pro¬
point to 53%, Youngstown four points to 81, Birmingham,
2% points to 79, Cincinnati one point to 22, and St. Louis two points
to 82.
Cleveland lost half a point to
75%, Buffalo is off five points to 85,
and New England nine
points to 74.
These declines are for relining and
repair.
v-V, V''
This
Automotive
pared
builder
Placements of
23,450
Ford
semi-finished have
while
sold
preceding week, bringing production practically to the pre-flood level.
Chicago, at 78%, and Detroit, at 90%, show no change. Wheeling regained
80 points to 77%.
Pittsburgh advanced one point to 82, Eastern Penn¬
tons.
locomotive
resulted in
are
the
sylvania half
A
tenders.
with
compared
slabs has
rate of
producers
a
steel
on
heavy backlogs
products
many
second.
settlement of the
from
recovery
of the steel
extra
Foreign
and steel
summary of the iron
further complicated.
rebound
plates.
11
Inquiry by
4.-79.4%
Jan. 11
78.8%
Jan. 18
80.6%
Jan. 26
77.9%
Feb.
1
79.0%
change in General Motors's stop orders, and when this
on
and
1937—
Jan.
76.9%
74.2%
74.3%
74.7%
74.0%
19
Oot.
75.9%
7——70.0%
79.2%
Dec. 21
77.0%
Dec. 28
77.0%
14
Deo.
75.4%
76.3%
5
74.1%
74.3%
greater than capacity.
no
tonnage is released
Nov. 23
.
compared with
deliveries.
mills have found
some
instances
Nov. 10
70.0%
■
<
continue
for first-quarter and
1019
Chronicle
71.4%
Motors labor difficulties showB
demand, and steel-makers
■
Aug. 24
Feb. 8 stated:
on
Continuance of General
1936—
Aug. 3
Aug. 10
Aug. 17
70.4%
71.2%
70.1%
09.1%
09.4%
07.9%
08.2%
09.5%
70.0%
70.2%
74.0%
07.2%
09.0%
70.9%
71.5%
4
53.5%
9
1936—
Feb.
10
2,099
Feb. 3
1937
$
2,112
all reporting
Feb.
12
1936
$
1,988
United
member banks.
States
Government
Holdings of obligations fully guaranteed by the
increased
$2,000,000.
Holdings
of
"other
securities" increased $11,000,000 in the New York district and $15,000,000
at all reporting
member banks.
<
"•
1
1020
Financial
Demand deposits-adjusted increased $19,000,000 in the Boston district,
and
declined
$26,000,000 in the Chicago district and $37,000,000 at all
reporting member banks.
Time deposits increased $16,000,000 in the New
Chronicle
.
Feb.
13,
7
the^city's
Franco's men waited until all their nine columns had reached
suburbs.
Then they advanced under the gray early morning sky
toward the
city, where terrorists had added to the fear of the civil popu¬
center of the
York district, $7,000,000 in the Cleveland district and $25,000,000 at all
lation
reporting member banks.
city by noon, and streets were jammed with crowds, cheering the insurgents
Government depostis declined in all districts,
the aggregate reduction being $50,000,000.
Deposits credited to domestic
swollen
and greeting
Brilliant sunshine flooded the
by thousands of refugees.
the newcomers with the Fascist salute.
banks declined $35,000,000 in the New York district, $14,000,000 in the
San Francisco district, $10,000,000 in the Boston district and $41,000,000
at all
reporting member banks.
Condition
of
Statement
the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Feb. 3, 1937, follows:
Increase
'•
Assets
'','
h
Loans and investments—total
(+)
'
Decrease
or
(—)
Since
Feb. 3, 1937
Jan. 27, 1937
$
$
22,579,000,000
Feb. 5. 1936
$
—48,000,000 +1,560,000,000
In New York City
964,000,000
240,000,000
—23,000,000
+9,000,000
+76,000,000
+66,000,000
2,034,000,000
bought.
392,000,000
+10,000,000
+1,000,000
—1,000,000
—30,000,000
+38,000,000
+11,000,000
—10,000,000
+811,000,000
+454,000,000
Outside New York City
Loans
securities
on
(except banks)
Accepts, and com'l
Loans
others
to
paper
real estate
on
...
Loans to banks
Other loans
U. S. Govt, direct obligations
Obligations
fully
1,151,000,000
60,000,000
4,100,000,000
9,149,000,000
+2,000,000
—63,000,000
by
guaranteed
United States Government
I
Cash in vault.
Balances with domestic banks
+2,000,000
+15,000,000
+35,000,000
+109,000,000
5,330,000,000
375,000,000
2,249,000,000
Other securities
Reserve with Fed. Reserve banks.
—25,000,000
—15,000,000
—6,000,000
+ 504,000,000
+35,000,000
—91,000,000
Liabilities—
1
Demand deposits—adjusted...
.
Time deposits
646,279,926
to
ary
Swiss
Swiss francs Dec. 31, it
—37,000,000 +1,498,000,000
+25,000,000
+185,000,000
—50,000,000
—122,000,000
francs
of condition as of the end of
and
hand
current
on
date was given at
—41,000,000
+3,000,000
—5,000,000
Borrowings
+336,000,000
+8,000,000
The following
Between Madrid and Valencia
in the Spanish civil
Basle, Feb. 4
it is believed
If the rebels succeed in
shortage of food supplies
a
Cash
latest
the
compared
as
Jan. 31
Dec. 31
Sight funds at interest
33,135,248.11
23,356,231.70
5,253,349.26
Rediscountable bills and acceptances:
1. Commercial bills and bankers' acceptances—102,044,085.43
2.
144,914,703.30
134,022,291.11
147,671,113.97
246,958,788.73
25,419,925.38
281,693,405.08
25,641,510.33
24,406,183.62
35,243,859.79
21,369,523.22
33,317,020.40
17,186,526.25
95,339,881.30
28,068,886.85
63,074,310.82
71,412,284.73
9,709,898.25
64,652,895.47
-253,298,633.94
245,730,083.95
1,358,818.47
160,433.78
1,382,671.32
1,519,252.25
Treasury bills
1,473,797.95
.r.—
Total
..
Sundry bills and investments:
1.
Maturing within three months:
2.
Between three and six months:
Over six months:
(a)
Treasury bills
Sundry investments..
(a)
-.
...
Treasury bills
(b)
Sundry investments
— -
—.,
Treasury bills
Sundry investments
.....
Total
35,247,447.19
Other assets
2.
Valencia, the temporary seat of the Loyal¬
at
38,989,328.35
30,707,602.31
49,386,395.62
hand and with banks—
on
banks on bills sold
Sundry items
series of
a
banks
:
Assets—
1.v Guarantee of central
recorded
war
important victories this week, with the capture of Malaga,
the second largest Spanish seaport, and the reported cutting
ist Government.
with
Gold In bars
(b)
off of Madrid from
January, issued Feb. 4.
is the statement for Jan. 31
(a)
Rebel troops
616,283,626
from
with Dec. 31, as contained in Associated Press advices from
—3,000,000
Spanish Rebels Capture Important Seaport of Malaga—
Also Report Success in Cutting Communications
31
30,707,602 francs against 23,356,232 francs
(b)
5,988,000,000
417,000,000
Foreign banks
Settlements, Basle,
Dec. 31.
Inter-bank deposits:
Domestic banks
Jan.
account
3.
United States Govt, deposits
International
is shown in the Bank's statement
Time funds at interest not exceeding three months..
15,493,000,000
5,077,000,000
476,000,000
for
of Jan. 31
Assets of the Bank for International
Cash
1,214,000,000
3,275,000,000
Bank
as
Switzerland, increased 29,996,330 Swiss francs during Janu¬
on
Loans to brokers and dealers:
of
Settlements
A summary of
Total
Total assets—
91,126.63
646,279,926.58
616,283,626.38
125,000,000.00
125,000,000.00
3,784,029.10
6,091,706.43
12,183,412.83
—
12,183,412.83
Liabilities—
Capital paid up
Reserves:
isolating Madrid,
1.
force that city
2.
Dividend
3.
General
may
Legal
fund
reserve
reserve
fund
fund.
reserve
..
3,784,029.10
6,091,706.43
to surrender.
Total.
On Feb. 11 the Catalan Council of Ministers at Barcelona
decreed
a new
mobilization to meet the threat of
Insurgent
offensive, the action having been taken after the bombard¬
ment of the port.
Associated Press accounts from Barce¬
lona
an
council
the
called
six urgent measures adopted
one of
out
second
General
decree
employment of all
A third
of all
militiamen
Defense Council.
The
Cabinet
and the
into
for
the
regular
149,787,579.25
6,242,181.80
282,355.89
67,271.48
38,025.15
51,662.71
349,627.37
27,069,989.90
89,687.86
27,263,148.85
1,363,385.72
41,204,921.27
1,384,675.02
40,163,511.27
.
army
the augmentation
ruled
that
Total
Sight
of fortifications
and
the
3.
Other depositors:
should
Not exceeding three months
(b)
a
Sight
Superior
Total
body in Catalonia.
be
a
redistribution of work
fixing of maximum and minimum salaries by
Sight deposits (gold)
Miscellaneous:
council.
1.
Guarantee
2.
Sundry items..
measures
declaration
necessary
on
control
to
prices.
Finally,
an economic
it
issued
an
the
rebel
General
Franco.
The loyalists also
during the capture of the city, Italian and German
warships had shelled the highway leading from Malaga.
The capture of Malaga was described as follows in Asso¬
ciated Press advices of Feb. 8 from that city:
said that
The surrender
Annual
Occupation
General
completed
was
Gonzalo
a.
when
Queipo de Llano)
(4:30
m.
a.
m.
insurgent columns (commanded by
converged in the Plaza de la Consti-
Eastern Standard Time)
with all major
resistance of the defenders overcome.
The entire central part of the city
and
men
"In
a
Amid
were
in the
van
had been sacked and burned.
Officers
horrible state."
$2,008,124, after provision for contingencies and reserves.
with $764,228, net, earned during the period
from March 11, 1935, the date of the Bank's opening, to
Dec. 31, 1935; reference to the Bank of Canada's statement
for
that
5,000 Estimated Slain
(
They said, however, they estimated 5,000 Rightists
had been killed while the Government held the seaport.
What
remained
of
the
Government
armed
Franco's legions squeezing in a semi-circle
on
forces,
pushed slowly by
city, streamed
back into Malaga as the insurgents advanced and melted into the crowds
lining the sidewalks to
greet
the invaders with cries of "Arriba Espanai"—
"Up Spain!"
'
a
last stand behind
station at the city's entrance.
advices from
Assets
$307,655,151.
market
a row
follows,
as
value,
($128,777);
liabilities of
as
follows
at
$356,985,905,
in
Feb.
Bank
the
1936,
15,
of
as
Canadian
while the
total
for
Dec. 31,
1936,
was
Balance in the rest fund at
were
of
Press
Ottawa, Jan. 26:
estimated
were
issue
our
with
$190,759,247
1935
figures
($186,380,025)
in parenthesis:
;
subsidiary
1935
was
$743,715.
Reserve,
coin,
at
$143,116
advances to the Dominion Government,
$3,465,812 (
) ;
not exceeding market values, $160,315,414
($114,282,844) ;
$350,718 ($111,911); other assets, $5,417,407 ($3,285,780).
were as
follows, with 1935 figures in parenthesis:
Capital,'
at
bank premises,
Liabilities
and
($173,092);
with
Dominion
able Jan.
As to
2,
paid
$10,100,000
($5,000,000)
;
rest fund, $743,715
($99,677,228) ; deposits
Government, chartered banks and other banks, $208,950,740
notes
in
up,
circulation,
dividends
;
$135,735,457
declared, payable Jan.
1936, $113,000); other liabilities,
the
2,
1937,
$1,273,197
$182,793
(pay¬
($2,026,697).
earnings of the Bank of Canada during 1936,
(Toronto) of Jan. 30 had the following
the "Financial Post"
to say :
-
The principal opposition to the insurgents was offered by a few hundred
anti-Fa8cists, who made
made in
principle assets and
31, 1936, were given
($200,665,132)
the coastal
was
The
authorized
Fascist officers said they found "not a single body in the streets" when
they entered the city.
period
1041.
investments
of wild
joy and enthusiasm, 300 Rightists held in prison
released and marched out singing.
scenes
Profits
This compares
Assets
of victorious Fascists cryptically described conditions
Canada—Net
of
Reported at $2,008,124
profits during the year ended Dec. 31, 193G, the first
year
in
which the
Bank operated,
amounted
to
full
Dec.
tucion at 9:30
Bank
of
41,548,186.29
616,283,626.38
According to the annual statement of the Bank of Canada,
net
government authorities remained to proclaim submission to the
insurgent
war machine as it moved with precision into the heart of the
city.
The defense had melted away.
Statement
for Year Ended Dec. 31
page
unconditional.
42,568,306.99
646,279,926.58
Total liabilities
No
was
commercial bills sold
Total
the necessity of order in the republic.
insurgant warship bombarded the port of Barcelona
on Feb. 10, but only slight
damage was inflicted. On the
same day the
loyalist Government accused Italian warships
of aiding in the capture of Malaga by preventing the Govern¬
ment fleet from going to the assistance of that
port.
The war in Spain was last referred to in the "Chronicle" of
Feb. 6, page 857.
In the capture of Malaga on Feb. 8, the
loyalists charged that at least 15,000 Italian Fascist troops
aided
on
urgent
An
had
76,640,000.00
1,425,900.00
43,489,833.94
Central banks for account of others:
2.
(a)
was no such
there
Sight
and
available for the work.
Previously there
Not exceeding three months
(b)
It
It ordered the creation of a committee of Ministers charged with
adopting
all
as
119,245,539.28
4,700,890.54
...
Short-term and sight deposits (various currencies):
1. Central banks for their own account:
...
provided for the immediate constitution of
also
1935.
single command connected
a
Staff of the republic.
called
men
measure
98,668,744.98
20,576,794.30
—
(a)
immediately the classes of 1934 and
placed all armed forces in the region under
A
274,835,733.94
I-.112,048,233.86
37,739,345.39
German Government deposit
French Government deposit (Saar)
French Government guarantee fund—
Total
incorporation
with the Central
.274,744,384.17
2.
4.
22,059,148.36
153,280,000.00
'
3.
early morning meeting of the Cabinet.
The
directed
22,059,148.36
153,280,000.00
76,640,000.00
1,423,000.00
43,401,384.1?
commitments:
Annuity trust account deposits
Feb. 11 said:
on
The mobilization order to-day was
at
Long-term
1.
an
of trees
near
the railway
Their action failed to check the oncoming tide.
Comparison of earnings with those shown in the 1935 statement is dif¬
as the Bank began operations in March, 1935, and the report for
ficult,
that
year
covers
a
period
of slightly
less than
10 months.
However,
in
Volume
that
time
earnings totaled $768,276,
standing.
about
Financial
144
On
similar basis,
a
$7.68
or
earnings
for
share
a
full
a
stock then out¬
on
While
profit
comment has been made
no
earnings reflect
and loss
nected
with
business.
Not
a
plane of operations.
only had sufficient to be issued to replace the old Dominion
of the public and the
banks, but a reserve supply had
to be
stocked up.
the
hands
Dividends
$239,000
distributed
proximately
in
$225,000
rate
for
amount
report.
to
Last
$294,793
compared
with
total comprises
year's
ap¬
to
the
on
on
mid-September to the year-end.
Deduction
In
$1,711,870.
one-third
the
of
total
the
dividends
accordance with
this
receiver
forward'
general
Income account
profit leaves
surplus for
as
to
$743,716.
contribution
a
The
remainder
to
Account, Periods Ended Dec.
1935
$764,228
5,952
$758,276
239,000
$570,624
revenue fund
$519,276
249,707,850
158,301,804
81,037,284
15,518,720
50,516,594
158,379,081
425,050,484
74,715,515
18,397,837
9,163,191,259
593,906,181
9,553,124
2,463,937,997
186,890,561
1,015,319,587
408,801,159
346,184
Land and realty
Machinery and metals
March
11
to
(excluding Iron)
Petroleum
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke--
103.97
end in
year
(operating)
1935.
a
$173,092
After
provision
102.47
104.30
98.61
37,496,604
12,267.540 105.50
258,243,707 104.00
96 22
105.63
159,375,421 104.63
80,306,868 100.12
14,420,978 57.94
51,551.447 103.87
104.57
101.01
62.32
102.26
161.777,276 74.74
429,294,591 100.96
73,682,373 99.08
19,083,892 96.21
74.30
100 18
100.63
97.39
9,240.840,865 85.86
596,839,671 104.54
9,662,966 69.01
2,442,666,211 106.47
188,084,581 95.33
85.22
105.05
68.98
105.27
94.73
78.33
721,872,820 108.08
406,422,885 77.85
Business and office equipment
22,400,000 112.00
22,000,000 110.00
Shipping services..
Shipbuilding and operating
24,459,573
18,090,086
73.15
Leather and boots
4,663,984 104.70
44,434,103 128.27
24,556,731 73 25
17,741,570 77.04
4,710,300 105.14
46,455,887 129.55
207,809,624 67.09
Tobacco.
U. S
companies operating abroad...
Foreign
cos.
78.55
69.47
70.76
6,008,750 109.25
96.83 45,053,593,776
45,113,047,758
following
table,
by
compiled
us,
gives
a
price of bonds listed
the Exchange:
on
4
GermanReichsbank Cancels Provision Requiring Rep¬
resentation at Meetings of Board of Bank for In¬
ternational Settlements
The
following United Press advices of Feb. 8, from Basle,
Switzerland, are from the New York "Sun" of that date:
delegate to the board meeting of the Bank for International
Settlements told the board today that Article XXI of the German
Reischsbank law, providing that the Reichsbank must be
represented at Bank for
International Settlement meetings, has been canceled.
untarily with the Basle bank.
The
in
move was
Average
Market
Price
Value
1935—
Jan.
1
1
May 1
June
1
July
1
Aug. 1
Sept. 1
Oct.
1
1
Dec.
90.73
Feb.
91.30
40,659,643,442
41,064,263,510
41,111,937,232
40,360,681,526
40,147,199,897
39,617,835,876
39,864,332,759
39,457,462,834
39,061,593,570
38,374,693,665
38,170,537,291
38,464,704,863
Mar. 1
Apr.
Price
$
Mar. 1
1__
Apr.
91.29
—
1
89.49
May 1
90.69
June 1
90.62
July
91.62
Aug. 1
91.71
Sept. 1
90.54
Oct.
89.93
Nov. 1
1
93.59
40,347,862,478
40,624,571,422
41,807,142,328
41,524,856,027
39,648,252,468
94.44
94.47
93.90
93.83
94.24
41,618,750,056
41,685,172,818
42,235,760,556
43,305,464,747
1
94.78
95.39
95.79
43,179,898,054
43,679,640,206
Dec. 1
90.24
95.92
97.01
1937—
91.08
1936—
Jan.
1
Jan.
Average
1936—
1
Feb.
Nov. 1
understood that the Reichsbank will continue to
co-operate vol¬
was
two-year
reserves.
Value
It
97.35
comparison of the total market value and the total average
Market
A German
70.42
1,185,099,982
6,008,750 109.25
All listed bonds.
The
105.25
215,100,858
1.180,549,666
(incl. Cuba & Canada).
Miscellaneous business
173,092
$743,716
1936: from
Rubber and tires
Amusements-
10.313,938 105.90
182,098,423 104.58
100,131,276 104.94
101.47
equipment manufacturing.
Food
$173,092
Rest fund forward
in
to
$1,711,870
1,141,246
Previous balance......
contingencies and
Electrical
Gas and electric
$2,006,663
294,793
Appropriation to Government
year
9,883,161
209,158,458
99,296,720
35,220,441
12,282,075
Financial
Communication (cable, tel. & radio).
Miscellaneous utilities-
lf46i
Dividends
Full
Autos and accessories
Gas and electric (holding)
$2,008,124
To rest fund--.
for
directed
was
1936
Surplus for period...
*
of
31*
Net profits--
Add:
year
funds.
government
Net earnings.a
Less:
Pension fund.......
Less:
Foreign government
Textile
,
Less:
the
figures for the last two years follow:
Income
-T
net
provisions of the Bank of Canada Act,
been appropriated to the Bank's rest
fund, bringing
has
carried
from
Price
%
25,876,936,771 106.88 26.086.922,401 107.71
2,281,338,076 69.29 2,255,854,198 68.43
United States Government
M lning
of
Value
$
Building
1936
previous
private or class A shareholders, representing
$5,000,000 of such stock issued; and payment at
the $5,100,000 of class B or
government-owned stock from
4%% yield
same
the
Price
Aver
Market
Value
Chemical
shown
Aver.
In 1935
opening
in
Market
by bank officials, it is probable that
"normal"
more
had been charged with organization expenses, con¬
of the Bank.
New notes also proved a costly
account
the
notes
the
Jan. 1, 1937
Feb. 1. 1937
would have been
year
$910,000.
increased
the
1021
Chronicle
91.85
39,398,759,628
1
45,053,593,776
97.35
Feb.
1
45,113,047,758
96.83
keeping with Fuehrer Hitler's Reichstag speech in which
he announced that
Germany would
complete control of the bank
assume
and the State railroads.
SEC
Studying Increased Dealings in Cheap Stocks—
Revealed
by James M. Landis at House
Plans
Fiscal
Agent Appointed for $29,000,000 of
4% External Loan Coupon Bonds
National
fiscal
of
City
Bank
of
New
for $29,000,000
agent
York
has
principal
been
appointed
of Kingdom
amount
Norway 26-year 4% sinking fund external loan coupon
bonds
due
Feb.
Reference
by
1, 1963.
the
offering
these bonds
of
the public
to
underwriting group headed by Lazard Freres & Co.,
an
Inc.,
to
was made in our issue
Fiscal Agents
Issue Data
of Feb. 6, page 857.
In answer to inquiries
dollar
7%
and 6%% sinking fund external
originally
reserves
provided for with respect to these issues, Hallgarten & Co.
fiscal
as
and
agents for the 7% bonds, and
Kidder, Peabody & Co.
bonds, announced
In
July
1932
distributed
$9.10
due
sists
bonds
on
these
Medellin
of
which,
a
issues.
7%
cash
distribution
having been
coupon
1, 1931
mainly
dollar
bondholders,
of
in these
$10.60
at
the Independent Offices Appropriation
Landis, Chairman of the SEC, told the sub¬
committee last December that the speculative shift to cheaper
securities had been a matter "under consideration" by the
SEC.
He appeared in behalf of the SEC budget for the 1938
fiscal year, totaling $3,850,000, or a reduction of $350,000
from the appropriation for the current fiscal year.
His
remarks were quoted, in part, as follows, in a Washington
dispatch of Feb. 1 to the New York "Herald Tribune":
Bill.
per
of
present
the
"I think it is
that it is
happy thing," Mr. Landis told the subcommittee,
very
a
good buy."
Asked
by
Representative
Massachusetts, whether
con¬
be
6%
equivalent
to
approximately $25 per $1,000 face value of the 7% bonds, and $16
per $1,000 face value of the 6^% bonds.
This information was given
out by the fiscal agents so that it might be available to all bondholders
rather than only to the few who had made specific inquiry.
B.
Republican,
Wigglesworth,
of
recommendation had been made on the question
hearing answered:
"The matter, of course, has been under consideration.
is supposed
otherwise.
coupons
any
Richard
stocks, Mr. Landis, according to the testimony of
of purchases of cheap
the
and
funds
the New York Stock Exchange,
increased purchases of cheaper securities.
stocks is this:
reserve
Mr. Landis was referring to the warning given in
December by Charles R. Gay, President of
on
coupon
$35
would
a
obvious advice given that merely because a thing is cheap does not prove
was
Colombia Government
prices,
on
James M.
funds
reserve
made with respect to the
The balance
dollar bonds and
if liquidated
subcommittee
that
substantially all of the
$32.50
per
Dec.
to
Hallgarten & Co.
fiscal agents for the 6y2%
as
Feb. 8:
on
Exchange Commission is studying the
question of increased dealings in cheap stocks, it was revealed
on Feb. 1 with the
publication of private hearings by a House
"that the tendency has been pointed to by the Stock Exchange and the
from certain holders of the Muni¬
bonds, relative to certain service
Hearing
The Securities and
Municipality of Medellin
on
7% and 63^% External Dollar Bonds
cipality of Medellin
Subcommittee
Norway
buy, let
to operate as a
If
I
us say,
have
$10,000
I think one thing
tendency to go into these lower-priced
I think I can spell it out perhaps
with
which
I
better
want
to
in
figures
than
speculate, and I
United States Steel, I have put up 55% of the purchase
Consequently, if Steel goes up 5 points, I will not make a terrific
price.
lot of money.
If I am of a very speculative turn of mind, I will take the
$10,000 and buy some stock that is selling at $3 or $3.50 or $4.'{, If I get a
2-point rise in that, I make a good deal of money.
"That is the attraction in lower-priced stocks to the person who is purely
speculatively minded.
That is
one
consideration that is supposed to under¬
lie the so-called tendency to go into lower-priced stocks."
Possible Accentuation Seen
Mr.
Market
Value
of
Bonds
Listed
on
New
York
Stock
New York Stock Exchange
on
nouncement
listed
As
of
bonds
Feb.
Feb.
on
the Exchange on
1937, there
1,
515,045 par value
market
value
of
5
listed
on
issued the following
showing the
were
total market value of
1,405 bond issues aggregating
Stock Exchange,
$46,591,-
with
a
total
$45,113,047,758.
total market
In the
on
the Exchange,
with
a
value of $45,053,593,776.
following table listed bonds are classified by gov¬
ernmental and industrial groups with the aggregate market
value and average
price for each:
questioning,
that the tendency might
be
accentuated by the fact that money was plentiful—" a tendency to purchase
fact," he said.
SEC Asks Routine Notification
by Exchanges on Sus¬
pended Issues—Amendments to Rule JD2 Also Ease
Procedure Where Security Is Removed from One
Exchange to Another in Same City
The
On Jan. 1, 1937, there were 1,409 bond issues aggregating
$46,280,123,462 par value listed
under
an¬
Feb. 1:
the New York
agreed,
is always accelerated by that
Exchange Feb. 1 Above Jan. 1
The
Landis
Securities
and
Exchange
amended Rule JD2(a) under the
Commission
on
Feb. 5
Securities Exchange Act of
1934 to provide for routine notification by exchanges in cases
wEere registered securities are suspended from trading. It
also added
a
cedure where
paragraph to Rule JD2 simplifying the
one
security is removed from listing on
change and listed
on
another exchange in the
pro¬
one ex¬
same
city.
Financial
1022
The
action
by the Commission was announced as
taken
follows:
13. 1937
Feb.
Chronicle
such securities have been issued is
if the person to whom
under the control
of the court in such proceedings.
♦
The SEO, deeming It necessary for the
execution of the functions vested
in it and necessary and appropriate in the public interest
tection of investors so to do, pursuant to
the
and for the pro¬
12(d) and 23(a) thereof, hereby takes the following action:
I.
The title of Rule JD2 is amended to read as follows: "Suspension of
II.
Subsection (a)
of Rule JD2 is amended to read as follows:
(a) (1) A security listed and registered on a national securities exchange
may be suspended from trading by such exchange, in accordance with its
rules.
Such exchange shall promptly notify the Commission of any such
suspension, the effective date thereof and the reasons therefor.
(2) Any such suspension or any suspension in effect on Feb. 5, 1937,
may
be continued until such time as it shall appear to the Commission that
12(d) and
and strik¬
ing of a security from listing and registration.
Within 10 days after the
close of every second calendar month during such suspension is continued
pursuant to this rule, the exchange shall file a statement setting forth the
reasons for such
continuance.
(3) Suspension of trading shall not terminate the registration of any
such suspension is designed to evade the provisions of Section
the rules and regulations thereunder, relating to the withdrawal
1
security.
III.
was
may
national
a
Exchange Commission
said:
of the InstructioDS to Form 8-K, under the caption "In¬
reference", is amended by deleting the second sentence of
announced by the Securities and
The Commission's announcement
Paragraph 8
corporation by
following sentence:
paragraph and inserting in lieu thereof the
such
subject to the provisions of paragraph (f) of Rule JB4,
matter contained in any part of the current report, other than exnlbits,
or in any part of any application or report previously filed by the registrant
pursuant to Section 12 or 13 of the Act, other than exhibits, may be in¬
corporated by reference as answer, or partial answer, to any item in tne
report."
*
.
"In addition,
adoption of Form 8-K by the SEC last November
our issue of Nov. 14, page 3071.
The
be stricken from listing and registration by
used for
up
Feb. 8.
on
The following subsection is added to Rule JD2:
(d) A security
Annual
to date information contained in registration
statements filed under the Securities Exchange Act of 1934,
keeping
fromjListing and Registration."
Trading, Withdrawal and Striking
Certain
Reporting
for
Occuring *in Interim Between
Reports Amended by SEC
An amendment to the instructions for Form 8-K,
Changes
Sections
Exchange Act of 1934, as amended, particularly
Securities
8-K
forT Form
Instructions
authority conferred upon it by
was
referred to in
securities exchange if
trading in such security has been terminated pursuant to a rule of
security is ad¬
(1)
such exchange requiring such termination whenever a
mitted to trading on another exchange; and
cause
Registration Statement Violate Securities Act—No
Exemption Available, in Opinion of A. E. Throop
On Feb. 8 the Securities and
public
Exchange Commission made
opinion of its General Counsel, Allen E. Throop,
an
concerning the application of the registration requirements
of the Securities Act of 1933 to the solicitation by financial
and
security houses of brokerage orders for the purchase of
securities the
tive.
of Floods
The Federal Reserve Bank of New
tations of brokerage orders for
constitute
opinion, solici¬
the purchase of securities
"sale" of such securities within the
a
the Act, and that
consequently
any use
meaning of
of the mails
in¬
or
York, in
circular let¬
a
and non-member clearing banks in the
Second
advised by the Federal
that, effective Feb. 15, its Louis¬
operations, which were recently
District, announced that it has been
Reserve Bank of St. Louis
will
ville Branch
resume
suspended because of the floods. The New York institution
on Feb. 2 informed direct sending banks that they should
but might
the Louisville Branch,
not send items direct to
the territory assigned to that Branch
Louis Reserve Bank. In its communication
send items payable in
direct to the St.
said:
of Feb. 6 the New York Bank
registration of which has not yet become effec¬
The General Counsel stated that in his
Be¬
16—Had Suspended Operations
Feb.
Resume
ter to member
Counsel of SEC Rules Solicitations of Brokerage Orders
for Purchase of Securities Prior to Effectiveness of
Federal Reserve Bank to
Louisville Branch of St. Louis
registration of such security has become effective on
such other exchange.
The exchange upon which such security has been so stricken shall notify
the Commission of its action within three days from the date thereof.
(2) listing and
forward direct to the
which
Louisville in the ordinary course of the
requested that direct sending banks
It is therefore
Bank of St. Louis, items
Louisville Branch of the Federal Reserve
should reach
when so forwarded,
mails, on or after Feb. 15, 1937.
♦
effective date of the registration of the securities in question
Reserve Requirements Taken to
Prevent Credit Expansion, J. A. Broderick Tells
Boston Bankers—Member of Board of Governors
would involve
Reveals Reserve
terstate
less
commerce
a
in making such a
violation of Section
exemption
some
solicitation prior to the
5(a)(1) of the Act,
un¬
points out that the exemption for brokerage transactions is
clearly unavailable to solicitations of brokerage orders.
The opinion, which was given in response to a request for
an interpretation of the Securities Act, is as follows:
Increasing
of Governors of the Fed¬
The recent action of the Board
requirements by
credit expansion"
inflation," Joseph A.
System in increasing reserve
eral Reserve
SSy3% was taken to "prevent an injurious
"not
and
counteract
to
As I understand the situation, in cases where corporate bonds have been
existing
an
member of the Board, told the Boston
called for redemption and a registration statement for new debentures of
Broderick,
the
of the American Institute of Banking,
same
issuer has been filed with
this Commission by its not yet effective,
certain financial and securities houses propose to circularize holders of the
called bonds with
bentures.
a
notification of the call of the
bonds for redemption and a suggestion that the securities be presented for
They will further advise the bondholder that a registration state¬
payment.
ment for a new issue of debentures of the same company,
bearing
expected to be offered for subscription within
are
and wiU proffer the services of the circularizing house as
to
purchase
new
a
debentures to replace the called bonds.
The proposed
communications wiU also state that these services wiU be confined to the
execution of orders solely for the account of customers,
sentations
or
recommendations
Injjmy ppinion,
madejwith respect to the
are
circular letter of this type
a
tation pf an offer to
buy" the
and that
new ^debentures,
new
a
of interstate commerce
by
a
as
Any
de¬
use
dealer (which term, as
defined in Section 2(12) of the Act, includes a broker) in circulating such
a
letter
new
prior to the effective date of the registration statement covering the
debentures would consequently be in violation of Section
the Securities Act unless
tion
were
some
Open
decides
to
5(a)(1) of
exemption from the provisions of that
sec¬
board,"
develop.
the fact that the senders thereof would act only in a brokerage capacity in
executing orders, it is possible that you believe
banks
exemption to be available
••Brokers' transactions, executed upon customer's orders on any ex¬
change or in the open or counter market, but not the solicitation of
-
such orders."
The
last
clause
described, of
an
of this section
a
means of a
letter of the type above
Consequently, unless some
or
in interstate
commerce
would constitute
a
violation
of
Section
Term "Unlisted Security" in Rule AN15
Securities Exchange Act
Under
made by the Securities and Exchange
Feb. 8 that it had amended Rule AN 15 under
Announcement
Commission
on
was
the Securities Exchange Act
of 1934 by adding at the end of
paragraph (a) thereof the following sentence:
For the purposes of this paragraph and of Forms 4-J and
5-J, the term
"unissued security" shall include securities issued for the purpose
tion, pursuant to
a
of
of distribu¬
plan of reorganization in proceedings under Section 77B
the,Bankruptcy jAct, to holders of securities dealt with in the plan, if
such securities have not yet been distributed to such security holders, and
May 1
of
open-market operations
This is the usual and desirable position
the banks have
Federal
influence the behavior of member
can
credit instruments
normal
the
While
Reserve system is powerless to
far
reserves
in
for the system
of their needs the
excess
influenc the rate of expansion or contraction
credit.
''The
end
power
through
business is
of
influence
to
open-market
Federal Reserve
in
Defines
through
position where it
a
discount rates.
System
tion
of
the
in
business
economic
of
our
life
national
resources
achieved
by
tribute
our
share to
this
Mr.
are
rate best
at
The
the
the
System recognizes
control that the goal of
all
at
without
times
alone.
means
achievement, and it is
We
a
violent
can,
full utiliza¬
fluctuations
however,
con¬
to this purpose that our
dedicated."
reserves
now
upon
adapted1 to a stable
Reserve
Broderick traced the change over the last 22 years in the
bank
which
credit through reserves
of seeing that legitimate
We also recognize that so many factors
our
monetary
a
The Federal
credit.
beyond
are
be
lies
aggregate is at
and
cannot
efforts
bank
of
and discount rates, places
responsibility
grave
gravity of this responsibility.
our
of
volume
the
operations
the
always accommodated at reasonable rates, and that the volume
accommodation
the
SEC
requirements accomplishes is to place the
increase in
System in
condition
5(a)(1) of the Securities Act.
taken the final step
-
,
an
be in.
to
clearly renders the exemption afforded
solicitation, by
order to purchase securities.
other exemption is applicable, the circulation of such a letter through the
mails
and
of
thereby unavailable to
Easily
"has now
explained,
The present volume of
$500,000,000.
"What
Reserve
an
Broderick
bank credit, notwithstand¬
ing a lower volume of business operations, is larger than it was at the
pre-depression peak in 1928 and 1929.
The purpose of the board's action
was
not to counteract an existing inflation, but to prevent an injurious
credit expansion; to use the language of the law.
The Federal Reserve
System is thus placed in a position where it will be closer to the market
and can more easily
prevent an injurious expansion if it should threaten
about
to
In view of the emphasis which the proposed circular letter places upon
4(2), which exempts from the operation of Section 5:
Mr.
through increasing reserve requirements to reduce excess reserves on
to
available.
under Section
by
Can Prevent Expansion More
"The
discount
stage for
the
to "set
used
be
will
eliminating remaining excess reserves, and the discount
be used to discourage member bank borrowing if the system
put the brakes on credit expansion.
will
rates
operations
market
policy"
rate
"solici¬
and would therefore involve
fined in Section 2(3) of the Securities Act of 1933, as amended.
or means
Boston advices to the
debentures.
aj|"sale" of such debentures within the meaning of the term "sale"
of the mails
his remarks is from
"Wall Street Journal" of Feb. 5:
The following bearing on
in the future.
no repre¬
would'obviously be
expansion
operations and discounts rates" to control credit
short period,
"buying agent"
System plans to
instruments of open market
credit
the "normal
to
Chapter
in Boston on Feb. 4.
Mr. Broderick intimated that the Reserve
return
a speci¬
fied Interest rate, has been filed with this Commission, and that the new
debentures
a
view to securing orders for the purchase of the new de¬
a
The circular letters wiU contain
Credit
System's Plans for Future
Control
The opinion further
available.
were
Action
are
root
action
which
first
devices
for
of
credit
of
the
were
regarded
as
controlling the
expansion
Board
and
of
conception
eafeguards against runs but
"high-powered money"
which
contraction.
Governors
of
the
Federal
Reserve System in increasing the reserve requirements was
referred to in our issue of Feb. 6, pages 861-862.
Volume
From Regulation
Definition of "Interest" Eliminated
Q by Board of Governors of Federal Reserve Sys¬
tem—Application as
Charges
Removed
Exchange
to
Collection
or
withdrawal of bankers'
from its
absorption
of exchange or collection charges which involve out-of-pocket
expenses."
According to the announcement, "the present
fied that "interest should include the payment or
of Governors
specification from its regulation."
The action was made
in a joint statement by the Board of Governors of
the Federal Reserve System and the Federal Deposit In¬
surance
Corporation, made available as follows to the
press, Feb. 12:
In
view
of
widespread
branches
administrative
of the
Governors
differences
of
the
the law-making and
intent of the law
opinion in
of
government
the
to
as
further consultations between the FDIO and the Board
result of
a
as
Federal
Reserve
their respective regulation!
relating to the payment of interest on demand! deposits have been brought
into uniformity by amendments adopted by the Board and by the Corpo¬
of
needed.
System,
ration.
27, 1937
RESERVE POSITION OF MEMBER BANKS. JAN.
Figures partly estimated)
(In millions of dollars.
Excess Reserves
After Increase>
in Required
Reserves with Federal
i
Reserve Banks
Class of Bank
'
Reserves
33 1-3
Percent
Percent
Total
Country banks
».
All member banks....
2,371
1,492
1,007
655
406
158
756
492
366
240
6,773
.....
Excess
3,378
2,147
1,248
Central reserve eity hanks....
Reserve city banks
Required
4,619
2,154
1,884
615
Figures in the table show that banks In each class taken as a whole, on the
basis of their Jan. 27 position,
would still have had large excess reserves
after the first 16 2-3% Increase in
the largest relative amount.
upon changes
bank
requirements, with country banks having
The effect of the second increase will depend
that may take place in the amount and distribution of
Board
"interest"
from
and
has been
situation that all the classes of banks would still have
substantial excess
tuting
IV of the FDIC
effect
these
of
amendments
is to
declare existing law
rather than
This will permit
general application by each agency of a uniform law and a determina¬
of
each
agency
specific
not
or
the
of the
upon
It will also permit
the facta involved.
any
such
cases
is
able to meet
statute employed by the banks
or
either from.
by using one-half of their balances with correspondents,
The
16 2-3% in that way.
Jan. 13 and the additional reserves
needed by banks in the various classes to meet Increases in requirements of
16 2-3 and 33 1-3% as of that date are shown In the following table:
Board's survey covered the situation on
BY MEMBER BANKS TO MEET
ADDITIONAL RESERVES REQUIRED
INCREASE IN REQUIREMENTS, POSITION AS OF JAN.
prohibition
the
to evade
increase of 33 1-3% in reserve requirements
an
and all but 60 banks could meet an increase of
"device" within the
a
Board's statement of Jan. 30, a recent survey by the
197 member banks, taken individually, were
As pointed out in the
13, 1937
(In millions of dollars)
law.
The Board of
(section
specification from
or
should
term
its
oj
2-3 Percent
16
out-of-pocket
Obtain¬
this
able by
Total
Class of Bank
Required
able
of
of
Bankers' Bankers'
Balances Balances
Balances Balances
prohibition against the payment of such interest, becomes, for both
agencies, a matter of administrative determination under the general law
Central
in
After
Using
One-half One-half
of
of
Total
Bankers' Bankers'
the
Required
by
Using
One-half One-half
device to evade
a
Obtain¬
Using
removes
regulation.
or
Increase of 33 1-3 Percent
After
Using
payment of interest upon a demand deposit
a
Increase
include the payment or
under both regulations the question of what in a particular
Henceforth
is
such
of exchange or collection charges which involve
The present action of the Board of Governors
expenses.
finding
Governors, in its original definition of the term "interest"
specified that
1(f)),
absorption
case
based
to determine, with respect to cases coming before it, whether
practice involved in
any
meaning
of
cases
Individual Banks
Board showed that all but
excess reserves
interpret and apply the law to particular practices.
tion
Reserve Position of
and
deposit shall be considered interest."
a
The
Regulation
•'<
eliminated from Regulation Q of
paragraph (a) of
section 2 of each regulation has been amended by inserting after the first
sentence the following:
"Within this regulation, any payment to or for
the account of any depositor as compensation for the use of funds consti¬
the
member
by the end of April, but it would appear from the present
reserves
reserves.
to
217
612
...
definition of
The
the
of—
16 2-3
this finding or
removes
known
and
effective on Jan. 27.
considerably affect the distribution of reserves will be the
balances by country banks from their city cor¬
factor that may
regulations was announced this week by the Board of Gov¬
ernors of the Federal Reserve System.
It is noted in the
announcement that the original definition of the term speci¬
of the Board
would have been
A
The figures indicate what the results
not be substantial.
if the increase in reserve requirements had become
respondents for the purpose of providing additional reserves
the definition of "interest"
of
The elimination
action
1023
Financial Chronicle
144
In
item in our issue of Feb.
an
that
cated
the
6,
861, it
page
effective date of the definition
had been deferred from Feb. 1 to
was
of
eity banks.
20.0
147.1
37.6
109.5
Reserve city banks..—..
of experience and1 as specific cases may develop.
8.0
48.0
47.8
.2
159.0
148.0
11.0
Country banks
the light
28.0
24.4
23.8
.6
70.4
68.1
2.3
100.4
79.6
20.8
376.5
253.7
122.8
reserve
indi¬
interest
May 1.
All member banks.
....
These figures indicate that to meet a
16 2-3% increase in requirements,
member banks outside of the central reserve cities would need to raise about
$70,000,000 of additional reserve funds, most of which would probably be
Increase of 33
1-3% in Reserve Requirements of Mem¬
ber Banks Will
Reduce Potential Expansion in
Deposits and Currency to a Maximum of $5,500,000,000, According to Boaifd of Governors of Federal
Reserve System—Comments in Monthly Bulletin
The increase of 33
1-3% in the
requirements of
reserve
member banks in the Federal Reserve
System, announced
by the Board of Governors, is commented
upon
Board's February Bulletin, made public Feb. 9.
therein that "the final increase in
reserve
the basis of existing
reserves,
It is stated
requirements will
reduce the amount of potential expansion in
currency, on
in the
deposits and
without
recourse
the Reserve banks, to a maximum of $5,500,000,000."
The increase—one-half of which will become effective
to
March 1 and the other half
May 1—was referred to in these
861.
In commenting upon their
Bulletin, the Governors of the Reserve
System point out that "member bank reserve balances with
Federal Reserve Banks on Jan. 27 were $6,770,000,000, of
which $4,620,000,000 were required reserves, leaving excess
reserves of $2,150,000,000.
Continuing, the Board of Gov¬
Feb.
columns
6,
page
action in the February
state:
ernors
After
reserve
December.
Dec.
23
as
requirements were increased by 50% last August, excess
to' $1,880,000,000
They were then temporarily reduced
on
result of withdrawals of currency into circulation to meet
holiday demands and of the building up of Treasury deposits at the Reserve
banks.
In the subsequent five weeks excess reserves Increased once more
currency
returned from circulation and Treasury deposits
were
as
reduced.
Further growth of $120,000,000 in the country's gold stock from Dec. 23 to
holdings of cash, including inactive gold.
other non-member deposits,
Treasury
An increase of foreign-bank and
amounting to $60,000,000 in the five weeks
and to $100,000,000 since the beginning of December, has also withdrawn
funds from member bank reserves.
increase
in
money
in
circulation in the three months
$360,000,000 in the following five weeks
was somewhat less
than the usual seasonal amount, indicating that the growth of money in
circulation, which has been pronounced in the past two years, continued
over
by correspondent banks with adequate excess
substantial portion of the withdrawals from reserve city
a
banks will be met in turn by withdrawals from central reserve city banks.
As
a
from
consequence,
large part of the additional reserve funds obtained
a
balances will in the end come from central reserve city
bankers'
banks, 15 of which on the basis of
their*positlon
as
of Jan. 13 would need
$28,000,000 of additional reserves, in addition to meeting such
to raise
withdrawals by correspondents as may occur.
The other 35 central reserve
city banks would still have over $500,000,000 of excess reserves.
this survey was made
chart
on
page
Since
the New York City banks as a whole, as shown In the
97, [This we omit.—-Ed
1 have increased their
excess reserves
by $100,000,000 and are in a position to meet the increase with a smaller
amount of
readjustment.
These figures indicate that the amounts involved in the necessary
ment of reserve
reserve
adjust¬
positions of member banks to the increase of 16 2-3% in
requirements at the end of February will be smaller than those
needed at the time of the 50% increase in requirements last August.
that time the change was accomplished with little
At
effect on the money
The effect of the final increase at the end of April will depend to a
market.
large extent upon the distribution of the excess reserves
remainlngfat
that time.
Reserves and Credit
Expansion
Growth of bank deposits and of currency In use by the public Is limited
The total of deposits and currency
previous time, and the excess
banks is
reserves
held by member banks provide the basis for
deposits.
now
Increases
larger than at
in
reserve
any
a
further expansion in
requirements^ substantially reduce^ the
magnitude of possible further credit expansion not only by decreasing the
Volume of excess reserves, but also by lowering the'ratio of
expansion pos¬
on the basis of a given amount of reserves.
sible
In 1922 member banks held $1,780,000,000 of reserve
balancesrwith
Federal Reserve banks and all bank deposits and currency at
therdlsposal
of the public aggregated about $39,000,000,000, or 22 times'member bank
By 1929 deposits and currency had expanded to $55,000,000,000
$2,360,000,000, giving^ ratiofof more than 23 to?l.r In
and reserves were
those years
required.
member banks held only the minimum' amount of reserves
In June, 1933 deposits and currency were $13,000,000,000 smaller
than In 1929, but reserves held
banks held
preceding
Christmas amounted to $450,000,000, the largest in several years, while the
decrease of
but
reserves,
reserves.
Jan. 27 was more than offset by an increase of $160,000,000 In
The
will be absorbed
drawals
outside
from $1,800,000,000 to $2,200,000,000 in November and early
a
balances with city correspondents. Probably
half of these balances are held with reserve city banks, and some of the with¬
by the amount of reserves held by banks.
Recent Changes in Excess Reserves
reserves grew
obtained by withdrawals from
on
$360,000,000 of
were'only
slightly smaller, andrmember
excess reserves,
the basis of the 1922 ratio
an
expansion
which would* have permitted
off$8,000,000,000 lnrdeposits.
From June, 1933, to June, 1936, notwithstanding an increase in
currency
to the 1929 level, the growth of
deposits'and
memberfbankfreserves was so
great that there were $2,700,000,000 of excess"*reserves. IThese
were sufficient to permit a further theoretical
expansionTof
reserves
$60,000,000,000
the holiday period.
In deposits.
The increase In reserve requirements made last August con¬
siderably reduced the possible expansion, butfat thefbeginningrof tbisryear,
Distribution^/ Excess Reserves
Effects
of the
announced increase in
various classes of member
banks
are
reserve
requirements
upon
the
shown approximately in the following
table based upon the reserve position of the banks as of Jan. 27,1937.
It is
possible to show precisely how each group will be affected,because by
the time of the effective dates of the two increases in requirements the total
not
amount of reserves and their
distribution
and also the amount of deposits on
have changed,
among
the various classes of banks
which required
reserves are based may
although the changes within the nex$ month will probably
with deposits and currency $2,000,000,000
mun, the
larger^than the"previous maxireserves'held by7 member* banks" could
further expansion of $32,000,000,000 In bank" deposits and
$2,200,600,000 of
still support a
currency, an amount far
the country.
in
excess
excess of the present
The final increase in
amount of potential expansion In
reserve
existing reserves without recourse to the
$5,500,000,000.
orrprospectlverneeds"of
requirements''will
deposits and currency,
Reserve'banks,
reduce the
therbasis
of
armaximum
of
on
to
1024
Financial
In making these computations deposits of non-member banks,
as
most of their
with member banks, so that in the final
reserves
deposits of member banks constitute
reserve
in the United States.
reserves
analysis
back of all deposits
Changes in currency are also reflected in and limited
by available member bank
reserves.
pansion
1936,
the basis of
on
The figures for June,
reserves.
ratio of reserves to deposits and currency.
on
In computing potential expansion
the basis of excess reserves now outstanding the 1922 ratio was reduced
by one-third to allow for the 50% increase in reserve requirements last
August
and by one-half to provide for the further increase to double pre¬
vious requirements.
In 1929 and 1933 corresponding ratios
and the bulk of the bureau's work has been reduced to the
year,
they
a
Reports have been filed with the court concerning the affairs of
not have been
were somewhat
effected by the further increase in reserve requirements;
no
what
or even of
as a
such increase.
practical matter could have
An expansion of
as
much
as
$32,000,000,000 in deposits and currency would
likely, because other forces would have prevented it, but
a
Liquidation orders have been obtained for 22 title and mortgage guaranty
companies while six others remain in rehabilitation.
business and credit system.
The extent to which deposits and currency
actually will expand in the future depends upon developments that may
the
reserves,
deposits and
amount
well
as
attitude
of
borrowers
and
lenders,
change the volume of
affect the composition of deposits and therefore the ratio of
or
required reserves.
currency to
of currency in circulation,
Increases or decreases in the
for example, would affect reserves as
the total supply of means of payment,
and shifts in the relative im¬
Liquidation proceed¬
The Title and Mortgage
ings have been completed in four companies.
Rehabilitation and Liquidation Bureau is now concerned mainly with
Test
the
Claims are being
determination of liabilities and the handling of assets.
filed and adjudicated.
substantial movement in that direction would have been injurious to the
influence
18 com¬
A total of $1,120,299.80
was paid out as dividends to creditors and up to Nov.
15, 1936 an ad¬
ditional $773,952.65 was disbursed on preferred claims, assessment returns,
payments to stockholders and payments to contingent creditors.
Of the 216 insurance companies taken over by the department since 1909,
a total of 201 are now classed as closed or inactive.
I
panies and 9 additional reports are in preparation.
general way the nature of the changes in the
are not exact measurements of
happened had there been
$60,000,000,000
started.
Delinquent Titie and Mortgage Guaranty Companies
figures indicate in
credit situation
disposition
No new proceedings of any con¬
of assets and determination of claims.
larger than in 1922.
»»^hese
Rehabilitations have been reduced by six during the
Conservations and
ex¬
1933, and June,
computed by applying to excess reserves on those dates the 1922
were
proceedings conducted by the Bureau of Liquidations,
Active liquidation
sequence were
|k (The figures for potential expansion indicate the maximum possible
13, 1937
Administration of Delinquent Insurers
well
those of member banks, are included because non-member banks hold
as
Feb.
Chronicle
before the Appellate Division.
cases are
still retains a substantial administrative task in con¬
of the com¬
The department
nection with the wholly-owned mortgages and the winding up
The department has supervised the collection and payment
affairs.
pany
holders of wholly-owned mortgages, from the
1933 up to Sept. 30, 1936.
Including
of $75,000,000 as interest to
in August
of rehabilitation
start
interest
to certificate holders before supervision of the
payment
certifi¬
transferred to the State Mortgage Com¬
cated mortgage investments was
paid out more than $116,000,000
mission in May 1935, the department has
portance of demand and time deposits, of deposits in the various classes of
as
cities,
been issued in making these payments.
those at member and non-member banks would change the ratio
or of
Approximately 2,300,000 checks have
interest to mortgage investors.
of potential expansion on the basis of a given amount of reserves.
liquidation has been the disposal of the real estate
Another major task in
and
This work has been entrusted to a
of the companies.
mortgages
Original sales lists of this
Real Estate Division set up late in July 1935.
Annual
Report of New York State Superintendent of
Insurance—Louis H. Pink Suggests Program for
Future Reform of Mortgage Guaranty and Title
Insurance Business
Louis H.
submitted to the State Legislature
surance,
annual report
three-point
covering the
program
title
and
guaranty
has been acquired to
year
on
Feb. 8 his
1936 in which he offered
insurance
business.
This
and
Should this recommendation fail
solution:
A. Mortgage
Indemnity Corporations permitted to indemnify investors
infwhole mortgages for loss of principal and interest under strict regulation
and with adequate safeguards.
B. Mortgage
Debenture Corporations permitted to sell debentures
against mortgages.
These would be in many respects similar to small
private mortgage banks.
Revival of title insurance as a private business under proper safe¬
Initiation of
a
program
designed to lead towards the eventual but
gradual removal of the mortgage moratorium.
home
pointed out in the report that "very substantial"
progress had been made during the year in the redrafting of
the Insurance Law of New York under the direction of
a
staff committee headed by Professor E. W. Patterson, of
Columbia University.
However, says the report, "at the
report states that the industry made a further recovery from
the effects of the
depression during the
year
with the
com¬
whole, improving upon 1935, their best previous
year since the depression.
This financial improvement it
says is reflected in a marked decrease in operations of the
Department's Liquidation Bureau. During 1936 only one
active insurance company was taken over by the Depart¬
as a
1935.
small
assessment
life,
health and accident
cor¬
poration.
Two other liquidations were commenced, but in
each
the insurer
case
was
involved
was
inactive and the
pro¬
begun solely for the purpose of dissolving its
summary:
problems involved in Insurance supervision
are constantly recurring.
Apparently there is no final solution to some of
them.
On others considerable progress has been made over a period of
It is significant that many
rbut much
remains to be done.
Nevertheless the Insurance
1936 as one in which considerable
made in clearing away a number of the important matters
more
Department looks back upon the year
headway was
inherited from the recent depression
insurance
of
on
loans
total
to
$3.77 lent in 1936 was to finance the building
a gradual rise in the proportion of construc¬
every
homes, and there
was
loans
the
as
along.
went
year
December
showed the
largest allotment to construction loans of any of the 12, 30.4%.
Morton Bodfish, Executive Vice-President of the League, estimates that
fully half of the volume of new one-family homes contracted for during
the
and
year,
financed
by
is
placed
credit
Loan
volume
at
at
ernization
of
home
construction
new
the
and
estimated
that
type of
one
loans
number
made
of
were
give
built
associations
with
the Federal
out,
only $280,000,000
groups
by the
houses
Bodfish points
Mr.
1935,
by all private lending
this
was
lent
their
Home
for all resi¬
put together, and thus the
private trustee lending institution shows
spectacularly.
more
American
of
In
Board
record
all the
up
half of them numerically,
financing institutions, which
lending programs.
than
more
and
$318,197,000,
98,500.
Bank
dential mortgages
1936
thrift
this type of business in their
total
The
considerably
these
preference to
homes
have undergone
during the
year
$83,587,000 worth of repair and mod¬
with the help of advances by the associations.
Monthly volume of this kind of loans ranged from $3,000,000 in January
February to $9,000,000 in May, and thereafter averaged somewhere
$6,000,000 and $7,500,000 a month.
Most significant factor in
and
between
the
modernization
credit extended by the associations is the $900 average
loans, Mr. Bodfish comments, the type of expenditure which calls
for
these
for
substantial
Mr.
Bodfish
materials
of
use
that
said
the
surprise to most of the leaders
seasonal
decline
in
the loan
and
building labor.
December
in the
loans
of
the
.
.
,
associations
were
a
business, since they had anticipated
demand which
would
naturally be reflected
in the lending done by the associations
during the same period'.
December,
however, proved to be the ninth consecutive month in which the associations
disbursed more than $100,000,000 and
brought
quarter up to second place in the year.
the record for the fourth
Liuqidation of 20 Receiverships of National Banks
Completed During January, Comptroller of Cur¬
rency Reports
Announcement was made on Feb. 9 by J. F. T. O'Connor,
Comptroller of tbe Currency, of the completion of the liqui¬
dation
and in carrying out the basic theory of
supervision that there is room in the insurance business for only
ary,
of 20
receiverships of National banks during Janu¬
1937, making
a
total of 571 receiverships finally closed
those, whether they be companies, agents,
or
restored to solvency since the so-called
are
of
March, 1933.
brokers or public adjusters, who
financially solvent and morally responsible.
Limitations on Investments
The
the United
reported
Introductory paragraphs of the report contain this
charter.
years
Chicago,
League's announcement continued:
dollar out
new
League,
Loan
5% above November and 32% above December,
was
The
One
of
and
During December, the League pointed out, the loan
volume
a
ment—a
families with
totaling $1,200,211,000,
money
Building
Feb. 5.
present writing it is impossible to say whether sufficient body
of the proposed revision will be ready for presentation to the
Legislature in the session of 1937."
Superintendent Pink gave in his report an encouraging
review of the general condition of the 821 insurance com¬
panies, with assets of approximately 25,000,000,000, licensed
to do business in New York State during the year 1936.
The
mortgage
States
tion
It is
general
During
During 1936 the savings, building and loan associations in
the United States furnished more than 500,000
guards, divorcing title business from both mortgage financing and banking.
ceeding
Increased
Associations—Loans
Loan
December
of passage, the Department urges as an alternate
panies
excluding the mortgages which have been
$1,200,211,000 Loaned During 1936 by Savings, Building
program
A repetition of last year's recommendation for the creation of private
3.
The sales experi¬
aggregating $9,008,441 in amount.
the real estate items,
on
largely for cash, shows an average cash payment of 19.9%.
sold
a
for the future reform of the mortgage
mortgage banks under state regulation.
2.
several hundred additional properties.
During 17 months of activity the division has sold 513 pieces of real
ence
includes:
1.
Since February when these lists were issued title
mately $20,000,000.
estate and mortgages
Pink, New York State Superintendent of In¬
prices of approxi¬
division included about 1,000 properties with aggregate
Total
of insurance company investments will be
detail in the forthcoming revision of the law. For that reason
subject of limitation
considered in
the report
makes no suggestions for legislative changes.
still urges, however,
that portion of
The Department
stricter limits on the investment of loss reserves and
their unearned premiums reserves representing funds of
banking holiday
The Comptroller said:
disbursements,
including
offsets
allowed, to depositors and other
creditors of these 571 institutions, exclusive of the 42
to
receiverships restored
solvency, aggregated $168,759,511, or an average return of 76.40% of
liabilities, while unsecured creditors received dividends amounting
an
average of 62.18% of their claims.
Dividends distributed to creditors
total
to
ol| all active receiverships during the month of January, 1937, amounted
to $3,319,430.
Total dividends paid and distributions to depositors of all
policyholders in fire and casualty companies. The department would limit
investments here to the type of investments permitted life insurance
receiverships
companies.
$762,952,332.
The Department
to curb
the use
still
feels"also that
a statutory
check should be provided
of subsidiaries or affiliated corporations to accomplish
indirectly purposes that are forbidden the insurer directly.
from
March
The following
finally closed
or
are
16,
1933,
to
Jan.
31,
1937,
amounted
to
the 20 National banks liquidated and
restored to solvency during January:
Financial
Volume 144
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING MONTH OF JANUARY, 1937
Total Dis-
%
Divi¬
%
Total
bursem'ts
Failure
Disburse¬
ments
Declared
referred to in
to
to All
Total
Allowed
Liabilities
Claimants
$293,274
310,635
149,924
221,935
| 61,996
404,020
903,172
149,871
133,890
515,209
106.15
111.25
105.97
858.
The following
4% bonds is from the prospectus to the
issue of Feb. 6, page
our
description of the
offering:
dends
Including
Offsets
Date of
1025
Chronicle
new
The $70,000,000 Argentine Republic
4% bonds due Feb. 15, 1972,
Argentine Republic.
109.8
sinking fund extrnal conversion loan
to be direct external obligations of the
are
The bonds
to be issued pursuant to and in con¬
are
formity with Law No. 12,345 of the National Congress of the Argentine
National Bank of Shawneetown, Shawneetown, III.*....-,-»
9-21-34
5- 9-34
Peoples Nat. Bank, Bronson, Mioh.*__
First Nat. Bank, Ransom, 111.*
11- 1-33
Hopewell Nat. Bank, Hopewell, Pa
First Nat. Bank, Letcher, S. Dak
First Nat. Bank, Caruthersvllle, Mo...
Chevy Chase Nat. Bank, Wash., D. C.*
First Nat. Bank, Auburndale, Fla
First Nat. Bank, Floyd, Iowa
Citizens Nat. Bank, Wilmington, Ohio.
First-Exchange
Nat.
Bank,
Coeur
d'Alene, Idaho
First Nat. Bank, Graettinger, Iowa *._
Peoples Nat. Bank of Winston, Wins¬
ton-Salem, N. C
Morris Nat. Bank, Morris, Minn.*..
First Nat. Bank, Humbolt, Iowa *
Third Nat. Bank, New London, Ohio..
First Nat. Bank of Gulf port, Miss
Montour Nat. Bank, Montour Falls,
12- 3-31
9-27-32
12-18-30
11-15-33
5-15-29
1- 9-31
3- 9-31
1-19-29
108.44
99.68
100.00
on
6.9
57.58
83.05
15.00
of efther J. P. Morgan &
66.88
in Boston at the office of The First National Bank of Boston (such banks
72.32
levied by or within the Argentine Republic or any political subdivision
or
taxing authority thereof.
!
17.535
73.89
102.65
101.6
through being called for redemption
102.04
24,310
192,418
11,217
tives of the Government in Buenos Aires.
102.0971
The bonds
are
„
to be in the form of coupon
bonds in the depominations of
75.35
76.80273
$1,000 and $500, without; privilege of registration.
21.179
delivery of bonds in temporary form, exchangeable for definitive bonds
when
were
our
payable only by the representa¬
36.07
Reference to the liquidation of National banks
made in
otherwise shall cease to be payable
in the United States of America and shall be
11.0287
completed
issue of Jan. 16, page*374.
It is expected that
prepared, will be made at the office of J. P. Morgan & CO.
Feb. 19,
on or
about
1937, against payment in New York funds for bonds offered in
the United States.
The temporary bonds will be exchangeable for definite
bonds, when prepared, at the office of J. P.,Morgan & Co.
The bonds
was
or
84.17
47.65
above.
during December
The Bonds of this loan provide that all bonds
and coupons not presented within five years of their maturity whether
84.41
paid in full by assumption of lia¬
Receivership for purpose of collecting assessment upon
stockholders to enable payment of deficit In assets sold.
This applies to each of the
named
or on
duties imposed
or
bilities by another bank.
banks
account of any present or future taxes or
or
*
four
interest for
88.2
103.6
46.10
Formerly in conservatorship.
Note—Depositors and creditors of record
The National City Bank of New York, or
or
91.57
86.52
1-34
Co.
being the fiscal agents of this loan), -without deduction from either principal
101.47
539,633
199,742
10-24-33
955,710
7-20-31
374,973
8- 9-32 1,116,791
2-
the time of payment
as at
legal tender for public and private debts, in New York City at the offices
77.88
9
11-20-30
4% per annum, payable semi-annually
Principal and interest are to be payable in such
United States of America
72.72
1- 2-34
1-36
dated Feb. 15, 1937, are to mature Feb. 15, 1972
41.14
6-29-31
5-
is
to be
are
to bear interest at the rate of
currency of the
or
76.52
108.00
ar6
Feb. 15 and Aug. 15.
coin
105.73
*
The Bonds
106.52
942,560
151,539
10-30-33
N. Y
City Nat. Bank, Spokane, Wash
Farmers Nat. Bank, Fairfax, S. Dak.
'
Republic.
and
to be redeemable at the
are
>
option of the Argentine Govern¬
ment, in whole or in part (but in case of partial redemption only in amounts
of not less than $5,000,000 if not for the sinking fund), on
payment date, upon at
any
interest
least 30 and not more than 90 days' published
notice, at 100%.
Offering of $70,000,000 of Argentine Republic External
Conversion Loan 4% Bonds, due Feb. 15, 1972—
$64,100,500 of 6% Bonds to Be Redeemed Sept. 1,
1937
Public
The
1937, due Feb. 15, 1972,
made
was
on
Feb. 9 by
by Morgan Stanley & Co., Inc.
cording to the prospectus,
interest.
were
„
a
syndicate
The bonds,
ac¬
priced at 91% and accrued
000
principal amount of Government of Argentine Nation
external sinking fund 6% gold bonds of 1923, series A, due
Sept. 1, 1957, and $33,727,500 principal amount of Govern¬
ment of Argentine Nation external sinking fund 6% gold
bonds, state railway issue of 1927, due Sept. 1, 1960.
The
net proceeds, exclusive of accrued interest and without de¬
duction of the expenses of the Government in connection with
the sale of the bonds, amounted to $61,600,000.
It was
explained in the prospectus that the Argentine Government
expects to obtain the balance of the requirements for the
retirement of the 6% bonds from its current cash resources.
The underwriters, according to the prospectus, were per¬
mitted to offer not in excess of $10,000,000 principal amount
of the new 4% bonds to certain banks or bankers in England,
known as a "British Selling Group," at the same offering
price of 91% plus accrued interest less a concession of 13^%«
The prospectus said:
Members of the British Selling Group will be permitted to accept in pay¬
the
Bonds being offered
Government of the Argentine Nation
external sinking fund 6% gold bonds of 1923. series A, due Sept. 1, 1957,
or
Government
of the
Argentine Nation external sinking fund 6% gold
bonds, state railway issue of 1927, due Sept. 1, 1960 (bonds of both such
issues being hereinafter
collectively referred to
all coupons maturing Sept.
at the rale of
as
the "6% bonds"), with
1, 1937 and subsequently apurtenant thereto,
$1,028.61 for each $1,000 principal amount of 6% bonds.
In
connection with exchanges by holders of such 6% bonds for the new bonds,
members of the British Selling
Group may pay out of che above-stated con¬
cession of 1M%, a brokerage commission not in excess of M%.
Members
of the British
Selling Group in making payment to the several underwriters
may use such
6% bonds at the said rate and the underwriters will use such
bonds
so
of this loan
bonds
pledge
received by chem in making payment to
has agreed that such bonds are to be
subject to retirement by means of
are
secured.
not
In the
bond,
a
cumulative
however, the
other lien on
own
any
of its revenues
or
assets, except as security for
maturing not more than one year from the date there¬
of, without thereby expressly securing the due and punctual payment of the
principal and interest of the bonds of this issue equally and ratably with
any and all
indebtedness, guarantees,
mortgage or pledge or other lien.
or
other obligations secured by such
There is
no
provision for the acceleration
of the maturity of these bonds if there is a default in this covenant.
The bonds
York
as
to be authenticated
are
by The National City Bank of New
authenticating fiscal agent of the loan.
The Government has agreed to make application for the
bonds
on
listing of the
the New York Stock Exchange and for the registration under the
Securities Exchange Act of 1934 necessary in connection with such listing.
Tenders of $179,465,000 Received to Offering of $50,000000 of 273-Day Treasury Bills, Dated Feb. 10—
$50,025,000 Accepted
Announcement
made
at
Average
Rate of 0.373%
Feb. 8 by
Henry Morgenthau
Jr., Secretary of the Treasury, that tenders totaling $179,465,000 were received to the offering of $50,000,000, or
thereabouts, of 273-day Treasury bills, dated Feb. 10, 1937,
and maturing Nov. 10, 1937.
Of this amount, Secretary
Morgenthau said, $50,025,000 was accepted.
The tenders to
the offering were invited on Feb. 4, as noted in our issue of
Feb. 6, page 863.
They were received at the Federal Re¬
serve banks and the branches thereof
up to 2 p. m., Eastern
Standard Time, Feb. 8.
>
/
The following details of the bids to the offering were con¬
tained in Secretary Morgenthau's announcement of Feb. 8:
was
on
The accepted bids ranged in price
from 99.742, equivalent to
a rate
of
about 0.340% per annum, to 99.707, equivalent to a race of about 0.386%
per annum, on a
bank discount basis.
the latter price was accepted.
Only part of the amount bid for at
The average price of Treasury bills to be
issued is 99.717 and the average rate is about
0.373%
per annum on a
bank
discount basis.
The average rate of 0.373% compares with rates at
of Treasury bills have sold of 0.401%
which
(bills
dated Feb. 3), 0.361% (bills dated Jan. 27), 0.345% (bills
dated Jan. 20), and 0.333% (bills dated Jan, 13).
recent issues
the Government which
surrendered for cancellation.
Associated with Morgan Stanley in underwriting the issue
the First Boston Corp., Brown Harriman & Co., Inc.,
Edward B. Smith & Co., Blyth & Co., Inc., Lazard Freres &
New Offering of
$50,000,000,
were
Co., Inc., Lee Higginson Corp., Kidder, Peabody & Co.,
White, Weld & Co., Bancamerica-Blair Corp., Clark, Dodge
& Co., Dominick & Dominick, Eastabrook & Co., Glore,
Forgan & Co., Goldman, Sachs & Co., Graham, Parsons &
Co., Hallgarten & Co., Harris, Hall & Co., (Inc.), Chicago,
Hayden, Stone & Co., Hemphill, Noyes & Co., Hornblower
& Weeks, W. E. Hutton & Co., Ladenburg, Thalmann &
Co., Lehman Brothers, F. S. Moseley & Co., Paine, Webber
& Co., E. H. Rollins & Sons, Inc., Schroeder
Rockefeller &
Co., Inc., J. W. Seligman & Co., Speyer & Co., Stone &
Webster & Blodget, Inc., Whiting, Weeks & Knowles, Inc.,
Boston, and Dillon, Read & Co.
It was announced on Feb. 10 that J. P. Morgan & Co.,
the National City Bank of New York and the First National
Bank of Boston have been appointed as fiscal agents of the
loan for the payment of principal and interest on the 4%
bonds.
The National City Bank of New York has also
been appointed authenticating fiscal agent for the loan and
J. P. Morgan & Co. sinking fund agent.
The filing of a registration statement under the Securities
Act of 1933, covering the new issue of 4% bonds, with the
Securities and Exchange Commission, in
or
obligations of its
retirement of the Republic's presently outstanding $30,373,-
for
are
.
.
Government covenants that, so long as any of the bonds of this issue shall
The proceeds from
the offering to the Govern¬
ment, together with other funds, will be used toward the
ment
.
be outstanding, it will not create or permit the creation of any mortgage or
offering of $70,000,000 of Argentine Republic sink¬
ing fund external conversion loan 4% bonds, dated Feb. 15,
headed
All bonds of this issue
sinking fund.
Washington,
was
273-Day Treasury Bills in Amount of
Thereabouts—to Be Dated Feb. 17,
or
1937
Announcement of
a new
offering of $50,000,000,
abouts, of 273-day Treasury bills
was
made
on
or
there¬
Feb. 10 by
Secretary of the Treasury Henry Morgenthau Jr.
Tenders,
Secretary Morgenthau said, will be received at the Federal
Reserve banks, or the
Standard Time,
at the
branches thereof,
up
to 2 p. m., Eastern
Monday, Feb. 15, but will not be received
Treasury Department, Washington,
The
new bills, which will be sold on a discount basis to the
highest bidders, will be dated Feb. 17, 1937, and will mature
on Nov. 17, 1937.
On the maturity date the face amount
of the bills will be payable without interest.
An issue of
$50,005,000 of similar securities will mature on Feb. 17.
The following is from Secretary Morgenthau's announcement
of Feb. 10:
They (the bills) will be issued in bearer form only, and in amounts or
denominations
of
$1,000,
$10,000,
$100,000.
$500,000,
and $1,000,000
(maturity value).
No tender for an amount less
chan
tender must be in multiples of $1,000.
on
$1,000 will be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used..
1026
Financial
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest"
Tenders from others must be accompanied by a deposit
ment securities.
of 10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by
are
bank1, or
an
incorporated
trust company.
Immediately after the closing horn- for receipt of tenders
all tenders received at the Federal Reserve Banks
or
Feb. 15,1937,
on
closing hour will be opened and public announcement of the accept¬
able prices will follow as soon as possible thereafter, probably on the follow¬
The Secretary of the Treasury expressly
to
reject
amount
all tenders
any or
or
parts of tenders, and to aliot less than the
applied for, and his action in
such respect shall be final .Those
any
enders will be advised of the
submitting
the right
reserves
rejection thereof.
acceptance or
Payment at the price offered for Treasury bills allotted must be made
the Federal
on
Reserve Banks in cash
or
other
The Treasury bills will be exempt, as to principal and interest,
.
taxation,
except
and inheritance
(Attention
taxes.
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No loss from the sale
shall be allowed
a
as
deduction,
the amendment. The President's telegram, which was read
by Mayor LaGuardia at a meeting Feb. 4 at Town Hall, in
New York City, under the auspices of America's Town
Meeting of the Air, follows:
I
friends and supporters
want all
Constitution
know
to
that
is
and
any
invited
to
from the
are not exempt
or
other dispotition of the Treasury bills
or
otherwise recognized, for the purpose
of any tax now or hereafter imposed by the United States
or
of its
any
to
Treasury Department Circular No. 418,
issue,
•
••'
'
•
toward
this
measure
to
protect
childhood has not changed. Only last month I wrote a letter
the Governors of 19 States asking that ratification of the amendment
be made
this
of the
one
major items in the legislative program in their States
my own State will be among those to
sincerely hope that
I
year.
ratify.
/
FRANKLIN
ROOSEVELT.
D.
President Roosevelt's earlier appeal to the Governors of
19 States for ratification by the State
legislatures of the
Child
Labor Amendment to
amended, and this notice
as
the conditions of their
govern
'•
♦
the Constitution
was
referred
to in our issue of Jan.
9, page 193. Since that time several
have voiced opposition to the President's recommendation
while others have supported it. Among those who have evi¬
denced opposition to the amendment
ray
possessions.
prescribe the terms of the Treasury bills and
of the Child Labor Amendment to the
attitude
my
the rights of
at
other disposition thereof will also be exempt, from all
or
estate
13, 1937
immediately available funds
Feb. 17,1937.
gain from the sale
Feb.
expressed the hope that the New York State Legislature
ratify it.
The New York Senate has already approved
branches thereof up
to the
ing morning.
Chronicle
Butler, President
and
Governor
are
Dr.
Nicholas Mur¬
of Columbia
University, New York,
Hurley, Democrat, of Massachu¬
Charles F.
setts, one of the Governors addressed by the President last
month.
Former President Herbert Hoover was
included
among those endorsing the ratification of the amendment.
♦
Sales of "Baby-Bonds" March 1, 1935 to
Total $862,781,212 Maturity Value
of the
Secretary
nounced
on
Treasury Henry
Feb. 1,
Morgenthau
1937
Jr.
an¬
Lending Investigators By WPA
Feb. 7 that the sale of United States Savings
so-called "baby-bonds," since March 1, 1935,
when these bonds were made available, to Feb. 1 of this year
has reached a total of $862,781,212, maturity value.
This
is a daily average of $1,472,322, maturity value, for each of
the 586 business days elapsed,
Secretary Morgenthau
pointed out.
He added that these bonds were bought by
approximately 750,000 individual investors, and approxi¬
mately 60,000 investors—over 50% of whom are repeat
purchasers—are now buying United States Savings Bonds
each month.
The Secretary continued:
Bonds,
President Roosevelt Signs $950,000,000
Deficiency Ap¬
propriations Bill—Compromise Measure Controls
or
The sale of Savings Bonds for the year 1935 amounted to $259,000,824,
maturity value.
For the year 1936 the sales
approximately 82.8%.
were
$473,515,140—an in¬
crease
ot
excess
of $130,000,000, maturity value—more than twice the sales of the
The January sales of this
year
were
in
corresponding month last year.
The highest total
for daily sales
was
reached
on
Jan. 4 of this
year
with
the receipt by the Treasurer of the United States of $6,230,330 from post
President Roosevelt
on
Feb. 9 signed the
$950,000,000
Deficiency Appropriations Bill, after the Senate and House
had reached
compromise
a
on
the
byl Congressional committees.
of executive employees
use
A
conference
report
was
hurriedly adopted when it appeared probable that Federal
funds for work relief would
soon
Press advices of Feb. 8 from
be exhausted.
Associated
Washington reported adoption
of the compromise as follows:
r
Disagreement
over a
House rider which would have prohibited the
regular departmental appropriations
to
Congressional investigating committees
pay salaries
was
the chief
of personnel
use
of
lent to
difficulty encountered.
Because of empty relief coffers, however, both Senate
and House made
last-minute
concessions and, as finally
passed, the rider merely would
prohibit the borrowing of certain personnel from relief
agencies, effective
thirty days after enactment of the bill.
Representative Clifton A. Woodrum, Democrat, of Virginia, a member
of
the House Appropriations Committee, which
fought for the rider, announced
the campaign for a complete ban on the practice would be
pressed when the
independent offices appropriation bill, now pending in the Senate, reached
.
offices selling these bonds throughout the country.
same
cash
In addition and
on
the
day the Treasurer received direct-by-mail orders accompanied with
representing $1,319,425, maturity value—or
a total sale for this
single
day of Jan. 4 of $9,626,532, maturity value.of United States Savings Bonds.
The Secretary stated that tabulation of sales by States to the end of the
year
1936 shows that the State of Illinois leads the United States with
a
maturity value sale of $72,337,850.
New York
maturity value sale of $49,021,675.
Ohio is third, then follows Pennsyl¬
State Is second with
vania, with Iowa, Missouri, and Minnesota next In order.
the eighth place, while
a
Michigan takes
California, Texas, Indiana, Wisconsin, Kansas, and
Nebraska follow in close succession.
a
maturity value sale of $35,611,666 from
New York is not
a
very
close second
The total sales for the 50 leading cities amounted,
Jan. 1, 1937, to $261,968,549. maturity value.
Tabulations of sales made during the last quarter of the year 1936 indicate
that
men
are
buying approximately 23.12% of the total of Savings Bonds
sold; while coowners—mostly man and wife who buy these bonds jointly—
account for
32.43%; and women, for approximately 17.14%.
is named in about 8.61% of the bonds sold.
Banks
are
A beneficiary
buying about 8.75%,
and the rest of the sales are to corporations, associations, and trust funds.
The small towns and rural America purchase in excess of 31.90% of the
total amount of bonds sold each month; and towns from 10,000 to 25,000
population, about 9.94%; while cities from 25,000 to 100,000, buy approxi¬
mately 13.72%.
The metropolitan cities of 100,000 or more, account for
about 44.44% of the total sales of Savings Bonds each month.
The most popular unit of the five denominations in which United States
Savings Bonds
are
6old is the $100, maturity value, bond, which accounts for
approximately 32.46% of all the bonds sold.
larity with approximately 23.12 %.
The $25 unit is next in popu¬
Then follows the $50 unit with 19.37 %.
The $1,000 bond is next in order being more popular than the $500 unit and
accounting for approximately
unit accounts
15.73% of the total sales, while the $500
fpr 9.32% of the total sales.
.
♦
Offering of $25,000,000 of Federal Intermediate Credit
Bank 1%% Debentures—Issue Oversubscribed
A
new
issue of
approximately $25,000,000 of 1K% deben¬
tures of the Federal Intermediate
Credit Banks
was
offered
Feb. 9 and the books to the
offering were closed the same
day, following an oversubscription, it was announced by
Charles R. Dunn, New York, fiscal agent for the banks.
The debentures, which are the joint and several obligations of
the 12 banks, were priced at a premium over par value.
They are dated Feb. 15,1937, and will mature in six months.
It is announced that approximately $21,000,000 of the
financing will be used for refunding outstanding debentures,
while the remainder will supply new money for the credit
on
The Deficiency Bill, carrying
appropriations of almost
$1,000,000,000, including $789,000,000 for relief, was sent
a
Savings Bonds in the 50 leading cities show
1, 1935, to Jan. 1, 1937.
with only $26,526,225.
on
The
deficiency bill carries $789,000,000 for the Works Progress Adminis¬
tration, but President Roosevelt has pledged "every cent" of that
sum, if
it is found necessary, for relief of flood sufferers.
to conference in
The sales of United States
Chicago well in the lead with
March
conference.
extension activities of the banks.
Feb.
Committee of the House and Senate
4, after the House bad refused to
on
in certain
concur
amendments to the
measure which had been
approved by the
The bill, with an appropriation of
$899,227,318.99
for the balance of the present fiscal year, was
Senate.
passed by the
House without
a roll call on Jan. 26.
Total appropriations
increased in the Senate to
$948,735,000 and was
were
ap¬
proved in
There
a
similar
was
manner
little debate
by that body
on
on
Feb. 3.
the bill when it
came up for
House.
Chairman Buchanan of the
Appropriations Committee said that the President is prepared
to use all of the $789,000,000 relief
appropriations to help
flood sufferers, if necessary.
The only amendments adopted
in the House were minor ones
proposed by the Appropriations
consideration by the
Committee.
The bill
was debated at
greater length in the Senate, with
Bailey of North Carolina warning that unless relief
is returned to local responsibility there will be a
steady in¬
crease
in the national debt, inflation, and
ultimately "a
national Socialism that will repudiate the
Republic."
The
Senate debate was outlined as follows in a
Washington dis¬
patch of Feb. 3 to the New York "Times":
Senator
"Here
we are
in the middle of the fiscal year, not
period, but providing for
a
period which
we
providing for
understood
we
a
further
had provided
for," the North Carolina Democrat protested.
Specially,
Senator
Baily pleaded for the
adoption
of
an
amendment
to require
States, cities and other political divisions to submit to the Presi¬
dent "certificates of necessity," supported by facts in each
instance, before
Works Progress Administration or other relief funds could be
allocated to
them.
The amendment
in like manner.
ment.
The
none
There
was
There
was
defeated without
were a
few
not one "no"
a roll-call, and the bill was
passed
scattering "ayes" In favor of the amend¬
In the vote
on
passage.
Senate's chief change was to strike out the House provision that
of the money could be used to pay executive
drafted
by Congressional
called for
a
department employees
Investigating committees.
The Senate Instead
full report by government agencies each month on the number
of employees
working for Congressional committees.
The introduction of the "certificate of necessity" amendment
by Senator
Bailey
President Roosevelt Reaffirms
Amendment
State
In
a
to
Support of Child Labor
Constitution—Urges New York
Ratification
telegram to Mayor LaGuardia
of New York
City,
President Roosevelt reaffirmed his support of the Child La¬
bor Amendment to the Constitution, and at the same time
was
the signal for a lively, and at times, bitter debate which
con¬
tinued for nearly five hours.
Senator
Bailey led the firing against the relief system, with
Senator
Vandenberg, Republican, of Michigan in the role of his principal supporter.
Senators Wagner of New York, Oonnally of Texas and Barkley of
Kentucky
frequently challenged the North Carolinian.
Although the amendment
was
defeated there
was no
substantial support from both sides of the aisle.
question that .it had
Volume
Financial
144
"In
three years and ten months the Oongress of the United States has
appropriated $9,500,000,000 for relief," said Senator Bailey.
"In the
period we have appropriated for relief and recovery combined $14,-
same
8.
but
we
and
thought, and
we
at the rate of
we were
we were
a
year
beginning
provided for
that we
as we
adding $775,000,000 to $9,500,000,000, and that is
are
$155,000,000
month.
a
running at last May.
We
expenditures.
On Feb. 3, 1937, we are spending more money than we
spending in February, 1932, when we were in the trough of the de¬
pression."
experiments."
should be developed.
resources
Complementary action, he said,
for the Government alone.
not one
must be taken
by States along these lines:
1. Each of the 10 States should push
legislation relating to farm tenancy*
leasing, taxing and tax delinquency to correct these economic liabilities.
2.
May, ,1936.
reducing'relief
were
is
That is precisely the same rate that
That Is the progress we are making.
propose to spend In May, 1937, just as much as we spend In
"We are making no progress whatever In the direction of
The area's other
President Roosevelt supported his committee in declaring that the task
fiscal year,
a new
crickets must be eradi¬
Preventive efforts should be pushed through "intensive research
extensive complementary
9.
different matter If
a
trying to carry through
are
Destructive pests such as grasshoppers and
cated.
000,000,000.
"It would be
1027
Chronicle
States should
vent permanent
"to
land for its proper use as cities do now
zone
pre¬
impairment of the land by unwise extension of cultivation
during periods of supernormal rainfall or of exceptionally high prices."
3. Co-operative
grazing associations could be established as they are
in Montana, making
now
possible operation of large tracts of land as single
units.
President Roosevelt Transmits to Congress Report of
Great Plains Drought Committee—Special Message
Asks Creation of Midwestern Authority to Super¬
vise Efforts of Federal
Government, States, Com¬
committee suggested adoption of a
of
a
special
message
to
a long-range drought rehabilitation
designed to protect Midwestern States from threats
of economic starvation through lack of rainfall.
The pro¬
formulated by the Great Plains Drought Commit¬
tee appointed by the President, who said in his message that
"a new economy must be developed which is based on the
conservation and effective utilization of all the water avail¬
able, especially that which falls as rain and snow."
He said
that the new policy should represent "a more rational adjust¬
ment of the organization of agriculture and cropping plans
to
natural
conditions."
current or average
Congress follows:
transmit
herewith for the
information of the
'
a courageous
The Great Plains drought report went
X. Shift planting to eliminate single
one
2.
an
developing.
by using pit silos.
3. Conserve
The settlers of the Plains brought with them agricultural practices de¬
humid regions from which they came.
By historic
circumstance the period of settlement was generally one of rainfall above the
and, although
average,
water was known to be scarce, these practices then
appeared to be suitable.
that *he rainfall of the
falls
below
the critical
agricultural methods
The long run experience, however, has disclosed
area
point at which it is possible to grow crops by the
humid regions.
A new economy must be
on
terracing, leaving
by contour plowing,
Government action
Itself" in the drought area.
communities was beginning to reverse
Letter of
Attorney General Which Accompanied Presi¬
Congress Recommend¬
Legislation for Reorganization of Supreme
dent Roosevelt's Message to
ing
Court and Other Federal Courts
In
bis
message
legislation
the conservation and effective utilization of
to Congress
week ago, recommending
a
President Roosevelt submitted
a
which represents generally
organization
rational
more
a
adjustment ot the
letter from United
States
Attorney General Cummings, which said the President "jus¬
tifies
statistics the common
reasoning and
by
the need
impression
over-crowded Federal dockets, and it proves
created by our
for additional
judges."
given on page 866
reference to the message
Attorney General's letter
The text of the President's message was
of
Feb. 6 issue, while further
our
appeared
868.
page
on
The
follows:
Feb.
The
2, 1937.
President, the White House.
ot agriculture and cropping plans and methods to natural
My dear
conditions.
The
Courts,
of the Federal
tbe reorganization
for
all the water available, especially that which falls as rain and snow; an
economy
houses
dust storms.
The committee stressed the necessity for immediate
hovers around, and, for considerable periods,
common to
developed which is based
moisture
4. Plant trees and shrubs as windbreaks around fields and farm
to stop
agricultural economy not adapted to the
later experience and of scientific information now available.
more
soil
all
stubble in ground and planting clover and winter rye.
crop
The problem is
climatic conditions because of lack of Information and understanding at
the time of settlement and of readjusting that economy in the light of
veloped in the
against dry years, made economical
Create feed and seed reserves
and energetic people who have been
situation which has been long
a
of arresting the decline of
"cash" crops such as wheat or cotton
in favor of "balanced" farming.
stricken by several years of drought during a period of economic depression.
It Is much more fundamental than that.
Depression and drought have only
accentuated
beyond Federal and State partici¬
For communities and individuals it
suggested:
Future of the Great
The report indicates clearly that the problem of the Great Plains is not
of relief of
Ownership and permanent occupancy of land should be promoted.
9.
pation in the rehabilitation program.
Congress, the report
Plains."
one
income from land.
through tax reductions.
can
of the Great Plains Committee under the title, "The
merely
reduce costs of roads,
taking into consideration
by declaring "the steady progress which we have come to look for in Ameri¬
To the Congress of the United State*—
I
lands to private
States should aid farmers in developing local water supplies for stock
8.
Committee's
The
report advocated the creation of a regional Midwest author¬
ity to direct a long range program by the Federal Govern¬
ment, States, communities and individuals.
The President's
message to
Local communities could aid by reorganizing to
7. Taxation should be made more equitable,
gram was
methods
States should avoid resale of tax-delinquent range
schools and other services without losing efficiency.
Congress, transmitting
and
Agriculture.
5.
individuals, making them available instead for use with other public lands
6.
Feb. 10 sent
on
The
conservation districts.
model law prepared by the Department
for grazing districts.
munities and Individuals
President Roosevelt
program,
Voters should be permitted to form soil
4.
whole subject of drought on
the Great Plains dovetails into the
studies made by the National Resources Committee in the larger aspect of
public works planning.
Previous and current studies of land and
water
problems have been undertaken on a nation-wide basis.
In this report
they have been reworked and applied by the Great Plains Committee In
of
Delay in the administration of justice is the
Mr. President:
defect of
outstanding
concern
to
mechanism
of
Federal judicial system.
our
It has
been
cause
a
office.
It has
exasperated the bench, the bar, the business community, and the public.
The litigant conceives the judge as one promoting justice through the
practically every one of my predecessors in
the
cooperation with other Federal agencies and with State and regional plan¬
ning agencies as a component part of our desire to develop a program of
judge is exercised
constructive action for the drought area.
He
courts.
assumes
that
the
directing
of the
power
its officers from the time a case is filed with the
He is entitled to assume that the judge is pressing
forward
Whatever
program
is
adopted must be cooperative and
require
will
complementary lines of action by the Federal Government, State govern¬
ments and all the citizens of the
interests
stake and
at
can
no
Region individually.
Each has material
longer afford to defer constructive action;
clerk
the present
responsibility for,unwitting contributions to the causes of
situation; and especially each has responsibility for undertaking
The problem is one that can be solved, but the
properly ordered system rights should be determined promptly. The
of litigation should be measured in months and not in years.
Yet in
Therefore
a
policy should be determined,
a
long-run
program formulated
and execution begun without undue delay.
The
program
transmitted by the President
was
outlined
as
follows in Associated Press Washington advices of Feb. 10:
Summarized in
a
phrase—to effect "a permanent change in the agri¬
persons
jurisdictions the delays in the administration of justice are
under
a
grave
pay
Statistical
data
indicate
unavoidable interval
families
driven
from
the
sections or elsewhere on the Great Plains.
not less than
165,000 people,
or
area
either
in
more
promising
The committee estimated "that
approximately 40,000 families" have left
the section since 1930.
3.
Inaugurate
a
program of
additional Government
surveys to
land and waters, and study
projects, soil erosion work and proper size of farm
a
case
and
must
the
in
labors
of
his
disheartening and!
elapse between the date that issue is joined in
time
when
do
computations
many
it
not
be
reached
into
account
can
take
a
for trial
the
in
due
delays
that
after
the
preliminary stages of litigation or the postponement
might normally be expected to be heard.
is a growing one.
The business of the courts is continually
The evil
The
load
average case
borne by each judge has grown nearly 60% since 1913, when the District
were first organized on their present basis.
When the courts. are
courts
working under such
The Government should purchase lands within the territory, perhaps
The number of
24,000,000 acres in range areas, "and distribute range rights in accordance
courts
with the objectives of general rehabilitation."
it
pressure
is
new
cases
inevitable that the character of their
offset those that
More
Land might be leased to
co-operative grazing associations.
5. Undersized farms should be expanded through two possible
Easing of credit and lease or sale of Federal land.
means:
The Government should
operate demonstration farms.
held
on
the land
by growing grass and farm crops
to resist drought.
7. Since Federal purchase of land would deprive local subdivisions of
they should be compensated for their losses.
are
unable to decrease the
are disposed of, so that the
backlog of undigested matters.
(exclusive of bankruptcy proceedings)
enormous
than
50,000 pending cases
overhang the Federal dockets—a constant menace to the orderly processes
of justice.
Whenever a single case requires a protracted trial, the routine
business of the court is further neglected.
It is an intolerable situation,
and
6. All water from the section's scant rainfall should be
and utilized through soil conservation,
tax revenue,
districts
means
because
work must suffer.
ownership.
4.
in
occur
case
These
that
disadvantage
increasing in volume, importance, and complexity.
10-year
determine the best use of farm and grazing
climatic risks, irrigation
pending
course.
the litigant of limited
man or
and constantly increasing
the price of justice.
a
2. Resettle
life-long adventure.
prompt
a
The small business
hardships.
the Government, States and individuals.
The board would report annually,
on a
submit to acts of injustice rather than resort I of the courts.
secure
with planning and coordination authority to foster rehabilitation work by
with recommendations for legislation.
course
judicial adjudication leads to improvident
and unjust settlements.
Moreover, the time factor is an open invitation
to those who are disposed to institute unwarranted litigation or interpose
unfounded defenses in the hope of forcing an adjustment which could not
be secured upon the merits.
This situation frequently results in extreme
Inability to
Midwestern Federal agency, perhaps by executive order,
a
some
interminable that to institute suit is to embark
inability to
cultural pattern of the plains"—the proposals were:
1. Establish
so
Many
solution will take time.
court.
litigation in the full recognition of the principle that "justice
delayed is justice denied."
It is a mockery of justice to say to a person
when he files suit that he may receive a decision years later.
Under a
each has moral
lines of action essential to effectiveness of action by the others.
the
of
over
we
should make shift to amend it.
Efforts have been made from time to time to alleviate
ditions that
contribute to
through the courts.
Court the
cases
the
slow
rate
of speed
some
with which
of the
cases
con¬
move
The Congress has recently conferred on the Supreme
authority to prescribe rules of procedure after verdict in criminal
adopt and promulgate uniform rules of practice for
and the power to
rivil
actions
law
at
district
the
in
courts.
It has
provided
terms
of
appoint
had not previously con¬
A small number of judges have been added from time to time.
certain
in
court
vened.
which
at
places
Federal
were
$23,000,000
and
$6,500,000.
annual
in
hardly perceptible percentage of
a
not
be
achieved,
however,
I
append
the
hereto certain
statistical
which will give point
information,
the
time has
To
it
of
beginning
The
of
first
your
carry
forward the
program
delays
HOMER
are
AND THE YEAR ENDED
CUMMINGS, Attorney General.
JUNE
30,
1936
1936 was selected as a basis of comparison because It was the first
of the district courts on the present basis.]
Year Ended
Year Ended
June 30,1913 June
92
Judges
filed (other than bankruptcy)--
^
30,1936
154
25,372
75,040
276
"
ment's case
tutional
*60,624
question to which the Government
OF
DISPOSED
YEARS
OF
CASES
IN
(OTHER THAN BANKRUPTCY) FILED AND
COURTS DURING THE FISCAL
THE DISTRICT
1931-36 *
by the President to Congress with his
The bill submitted
follows:
message
the Supreme and Other Federal Courts
Senate and House of Representatives of the
Be it enacted by the
of America in Congress assembled, That (a) when any judge
the United States, appointed to hold his office during good
1934
12,958
24,000
26,342
18,734
26,326
26,214
14,319
8,564
26,656
25,122
63,300
—
Criminal
No. of
1933
71,274
66,097
1936
1935
*No
this section.
shall any judge
more
be
so
two
additional members so
appointed to
Court of Claims, the United States
or
-
26,472
27,476
11,679
24,403
35,365
12,885
26,342
35,813
62,512
71,447
75,040
(3)
the Customs Court, or
14,435
26,949
36,396
United States civil
12,907
14,101
Other civil
24,375
30,180
26,045
27,794
14,474
26,074
25,513
11,200
28,035
Criminal
26,534
24,569
32,299
67,462
67,940
66.061
65.769
69,443
77,780
comparable, cases under the
Natlona1
Total
*
In order to render the figures properly
12,575
Note—The foregoing figures Indicate that the number of cases terminated
each
approximately equals the number of new cases filed, so that the courts are
making no substantial gain in disposing of arrears.
/
year
circuit court of appeals, the
than twice the number of judges now
district or, in the case of judges ap¬
pointed for more than one district, for any such group of
districts.
the United States consists, or
of the number of which the United States
Court of Appeals for the District
Claims or the United States Court of Customs
and Patent Appeals consists,
shall constitute of quorum of such court.
(d) An additional judge shall not be appointed under the provisions of
this section when the judge who is of retirement age
is commissioned to an
filled.
designated and
assigned from time to time by the Chief Justice of the United States for
service In the circuit court of appeals for any circuit.
Any district judge
hereafter appointed may be designated and assigned from time to time by
office
as
to which Congress
has provided that a vacancy shall not be
Any circuit judge hereafter appointed may be
the Chief Justice of the United States for service in any
district court, or,
judge of
A district
judge designated and assigned to another district hereunder may hold
court separately and at the same time as the district judge in such district.
All designations and assignments made hereunder shall be filed in the office of
subject to the authority of the Chief Justice, by the senior circuit
district court within the circuit.
the clerk and entered on the minutes of both the court from
Bill Submitted to Congress By
President Roosevelt to
Carry Out His Recommendations for Reorganiza¬
tion of Supreme and Other Federal Courts—Other
Pending Bills
Along with his message to
Congress
on
Feb. 5,
recom¬
mending legislation for the reorganization of the judicial
branch of the Government, President Roosevelt submitted
a
bill embodying
legislation which he advocates to provide
in the machinery of the United States Supreme
and other Federal Courts.
In his message (given on page 866
of our Feb. 6 issue and also referred to on page 868), the
President declared that today "a new need for legislative
action arises because the personnel of the Federal judiciary
is insufficient to meet the business before them."
Under
the bill advocated by the President, permanent increases in
the number of judges appointed to any court are provided
for; such increases are not to exceed 50 judges for the judiciary
as a whole, and it is stipulated that in the case of the Supreme
Court (now consisting of nine justices) its membership is
to be limited to 15.
The bill submitted by the President
for changes
provides that when a judge of a court of the United
States has attained the age of 70, and has held a commission
as Judge for at least 10 years, and has neither resigned nor
retired within six months thereafter, the President may
also
number
three-fifths
at least two-thirds of the
That number of judges which is
his circuit for service in any
Prohibition Act have been excluded from the computations.
a
Court of Customs and Patent Appeals,
more
authorized to be appointed for any
Sec. 2 (a)
Cases Terminated—
thereunder, nor
than 50 judges shall be appointed
appointed if such appointment would result in (1) more
the Supreme Court of the United States; (2) more than
of Columbia, the Court of
Filed—
Other civil
Total
1932
United State*
of a court of
behavior, has
heretofore or hereafter attained the age of 70 years and has held a com¬
mission or commissions as judge of any such court or courts at least 10 years,
continuously or otherwise, and within six months thereafter has neither
resigned nor retired, the President, for each such judge who has not so
resigned or retired, shall nominate, and by and with the advice and consent
of the Senate, shall appoint one additional judge to the court to which
the former is commissioned: Provided, That no additional judge shall be
appointed hereunder if the judge who is of retirement age dies, resigns,
or retires prior to the nomination of such additional judge.
(b) The number of judges of any court shall be permanently increased
by the number appointed thereto under the provisions of subsection (a) of
(c)
1931
Number of Cases
■,
(Dem.) of Ala¬
bama, would operate to carry out another recommendation of the Presi¬
dent's message to Congress and provide direct and immediate appeal from
any Federal Court of first instance to the Supreme Court of cases in which
questions of constitutionality are raised.
F 'The third, S. 877, sponsored by Senator Hugo Black
of which the Supreme Court of
United States civil
has not been made a direct
Originated in Senate
One
than 15 members of
enacted Sections 77 and
the
part of the judges, while much of the work In other bankruptcy proceedings is
done by referees.
This figure includes proceedings under the recently
77-B of the Bankruptcy Act, which require continuous personal attention on
II—-NUMBER
Sumners,
party.
484
20,788
Average number of cases filed per each Judge
Number of bankruptcy proceedings filed
*
H. R. 2260, also sponsored by Chairman
the Attorney General ample notice to present the Governin any court action involving the determination of a consti¬
is designed to give
citizen, to free
every
primary obligations of our
year of the existence
cases
(Dem.) of Texas, the Chairman.
Sumners
H. R. 4417
I—COMPARATIVE STATISTICS OF CASES FILED IN UNITED STATES
DISTRICT COURTS DURING THE YEAR ENDED JUNE 30, 1913.
Criminal and civil
W.
The second measure,
A Bill to Regulate
Respectfully submitted.
Total number of district
Hatton
for improv¬
government.
year
Court
years' service on the bench on full
pay, as is now done with judges of the lower Federal courts.
It is H. R. 2518
reported by House Judiciary Committee and sponsored by Representative
provide for the retirement of Supreme
The first measure would
judges reaching 70 years and with 10
essential.
speed justice, to bring it within the reach of
entanglements and
President Roosevelt's
for reform in the judiciary, not taken care of in the
Administration's draft bill providing for the appointment
of not more than 50 additional judges, already are covered
in bills now pending in Congress, a dispatch Feb. 6 to the
New York "Herald Tribune" added in part:
administration.
further legislation is
when
come
unnecessary
[The
Pointing out that three phases of
*
designed' to
ing the processes of justice which we have discussed and worked upon since
made
program
creating new
suggestions I have made.
These suggestions are
Supreme Court and be
there.
the first order of business
or
judges to pressure areas.
defend any Federal law
constitutional grounds; and that
appeals from such decisions go direct to the
increase in the
merely by
districts.
The reform should be
effectuated on the basis of a consistent system which would revitalize our
whole judicial structure and assure the activity of judges at places where
the accumulation of business is greatest.
As congestion is a varying factor
and cannot be foreseen, the system should be flexible and should permit
the temporary assignment of judges to points where they appear to be
most needed.
The newly-created personnel should constitute a mobile force,
available for service in any part of the country at the assignment and
direction of the Chief Justice.
A functionary might well be created to be
known as proctor, or by some other suitable title, to be appointed by the
Supreme Court and to act under its direction, charged with the duty of
continuously keeping informed as to the state of Federal judicial business
throughout the United States and of assisting the Chief Justice in assigning
to
before its enforcement can be halted on
the legislative branch of the govern¬
specific circuits
in
positions
judicial
3. That the Government be given a change to
budget.
should
authorized to appoint a proctor to report
the operation of lower courts.
constantly on
aggregate over
year
States be permitted to shifi
other where their
required by the pressure of litigation.
were
That the Supreme Court be
2.
An increase in the judicial personnel, which I earnestly recom¬
result
This
fiscal
the current
services
$2,100,000,000 for the permanent agencies of the executive
estimated cost of maintaining the judiciary is only about
would result
mend,
total
for
Chief Justice of the United
members of subordinate courts from one district to any
over
the
branch,
estimates
the
for the maintenance of
That the
1.
more
a
While
lishment.
ment,
70 years
Other recommendations in the President's message
summarized as follows by the Associated Press:
but this alone will
approached in
serve.
of age.
not meet modern needs.
The problem must
comprehensive fashion, if the United States is to
have a judicial system worthy of the Nation.
Reason and necessity require
the appointment of a sufficient number of judges to handle the business
of the Federal courts.
These additional judges should be of a type and age
which would warrant us in believing that they would vigorously attack
their dockets, rather than permit their dockets to overwhelm them.
The cost of additional personnel should not deter us.
It must be borne
in mind that the expense of maintaining the judicial system constitutes
hardly three-tenths of 1% of the cost of maintaining the Federal estab¬
istration,
to
Supreme Court there are six Justices over
In the
Despite these commendable accomplishments sufficient progress has not •
made.
Much remains to be done in developing procedure and admin¬
additional judge where those elegible to retire¬
an
continue
ment
courts
been
be
is, mr
Financial Chronicle
1028
and to which a
judge is designated and assigned, and thereafter the judge so designated
and assigned shall be
authorized to discharge all the judicial duties (except
the power of appointment to a statutory
is designated and assigned.
position or of permanent designation
funds) of a judge of the court to which he
of a newspaper or depository of
judge
The designation and assignment of a
shall not impair his authority to
perform such judicial duties of the court
The
time
by order of the Chief Justice or the senior circuit judge, as the case may be.
(b) After the designation and assignment of a judge by the Chief Justice,
the senior circuit judge of the circuit in which such judge is commissioned
may certify to the Chief Justice any consideration which such senior circuit
judge believes to make advisable that the designated judge remain in or
to which he
was
commissioned
as
may
be necessary or appropriate.
designation and assignment of any judge may be terminated at any
return for service in the court to
Justice deems the
reasons
which he was commissioned.
If the Chief
sufficient he shall revoke, or designate the time
of termination of, such designation
and assignment.
but has not been
judge
designated and assigned hereunder, the period of service shall, unless
terminated under the provisions of subsection (a) of this section, be deemed
(c)
In
case a
trial or hearing has been entered upon
concluded before the expiration of
to be extended until the
nated and assigned
than
his
own
trial
or
the period of service of a district
hearing has been concluded.
Any desig¬
another district
power, notwithstanding his absence from such
of any time limit in his designation, to decide all
district judge who has held court in
shall have
district and the expiration
matters which have been
submitted to him within such district, to
decide
authenticate
narratives of testimony,
or
perform any other act required by law or
the rules to be performed in order to prepare any case so tried by him
for review in any appellate court; and his action thereon in writing filed with
motions for new
trials, settle bills of exceptions, certify or
Volume
Financial
144
the clerk of the court where the trial or hearing was
if such action had been taken by him
as
Any designated and assigned
the period of his designation.
who
has
sat
another
on
of Governors of
within
Requirements of Member Banks
of the Federal Reserve System
is asked to report to the Senate the reasons for the action
of the Board in increasing the reserve requirements of
member banks, to which reference was made in our Feb. 6
circuit judge
participate in any act appropriate to
thereon shall
action
be
as
such court and within the
valid
the disposition or
he was sitting on such court,
review of matters submitted while
and his
The resolution, introduced by Senator
(Republican) of North Dakota, was agreed
by Majority Leader Joseph T. Robinson; a statement
as to the probable effect of the increase in reserve require¬
ments on the country is also sought in the resolution, which,
as adopted by the Senate, reads as follows:
while sitting on
if it has been taken
as
issue,
period of his designation.
3
The Supreme Court shall have power to
(a)
to
(S. RES. 78)
(b) The Proctor shall, by requisition upon the
%
Chief
Justice,
stationery,
supplies,
travel expenses,
On
miscellaneous expenses
imposed by this section. The ex¬
penses in connection with the maintenance of his office shall be paid from
the appropriation of the Supreme Court of the United States.
Sec. 4, There is hereby authorized to be appropriated, out of any money
in the "Treasury not otherwise appropriated, the sum of $100,000 for the
salaries of additional judges and the other purposes of this Act during the
professional and clerical assistance and
When used in this Act—
5.
(a) The term "judge of retirement age" means a judge of a court of
United States appointed to hold his office during good behavior, who
attained the age of 70 years
judge of
any
and has held a commission or
ment, has neither resigned nor
for retire¬
United States
,(c) The term "district court"
or
Chairman Jones
in the
(Dem., Tex.) of
Committee, is being withheld', however, by the
discussion of the measure with his committee
Agriculture
pending further
members.
includes the District Court of the District
district court in any Territory or
Defines Broad Principles
defined
made
Roosevelt's Crop Insurance Committee, headed by Secretary
Only the broad general principles of the insurance operation are
insular possession.
f
House
Chairman
.Columbia but does not include the
(d) The term "judge" includes justice.
Sec. 6. This Act shall take effect on the
proposal, being drafted by
similar
A
the
of Columbia.
^
Senator
Pope is from Washington advices, Feb. 8, appearing
New York "Journal of Commerce" of Feb. 9:
"senior circuit
the Chief Justice of the United States Court of Appeals
of Columbia; and the term "circuit" includes the District
judge" includes
following bearing on the bill introduced by
The
Court of Appeals for
for the District
thereto."
incidental
otherwise,
retired.
"circuit court of appeals" includes the
the District of Columbia; the term
(b) The term
the
has
commissions as
such court or courts at least 10 years, continuously or
whether or not he is eligible
and within six months thereafter,
the Senate the Admin-
bill, providing for the creation of
a
Federal Crop Insurance Corporation to insure wheat
growers against loss in yields of wheat due to drought,
flood, insect infestation, plant disease and other causes.
The Corporation would have capital stock of $100,000,000,
to be subscribed entirely by the government.
It would be
authorized to "purchase, handle, store, insure, provide stor¬
age facilities for, and sell wheat, and pay any expenses
istration's crop insurance
1937.
fiscal year
Pope of Idaho, as we indi¬
bearing on the remarks of Secretary
Agriculture Wallace, submitted to
of
Against
8 Senator James P.
Feb.
cated in another item
appropriate for performing the duties
Growers
Wheat
Insure
Corporation to
Losses to Crops
discretion
equipment,
He shall also be allowed, in the
by law.
for the services required
Sec.
transmit to the
to
Administration's Crop Insurance Bill Introduced in
Senate—Provides for Formation of $100,000,000
,(c) The salary of the Proctor shall be $10,000 per annum, payable out of
the Treasury in monthly instalments, which shall be in full compensation
the
requested
banking system of the country.
Public Printer, have any
Printing Office
Public Printer to do such printing and
conferred upon the
binding.
necessary
Federal Reserve System
Senate, as soon as practicable, a report
setting forth the reasons for the issuance of the recent order of the Board
increasing the reserve requirements of member banks after May 1, 1937,
the actual and probable effect of such order with respect to interest rates
upon public
and private obligations, and its probable effect upon the
is
printing and binding done at the Government
and authority is
of
of Governors of the
the Board
Resolved, That
the Court shall direct.
necessary
861.
page
Gerald P. Nye
appoint a Proctor.
It shall be his duty (1) to obtain and, if deemed by the Court to be desirable,
to publish information as to the volume, character, and status of litigation
in the district courts and circuit courts of appeals, and such other informa¬
tion as the Supreme Court may from time to time require by order, and
it shall be the duty of any judge, clerk, or marshal of any court of the
United States promptly to furnish such information as may be required
by the Proctor; (2) to investigate the need of assigning district and circuit
judges to other courts and to make recommendations thereon to the Chief
Justice; (3) to recommend, with the approval of the Chief Justice, to any
court of the United States methods for expediting cases pending on its
dockets; and (4) to perform such other duties consistent with his office as
Sec.
of Governors
Board
The
standing the expiration of any time limit in his designation, to participate
in the decision of all matters submitted to the court while he was sitting
and to perform or
Reserve
ing
notwith¬
than his own shall have power,
court
Adopted by Senate Seeks Reason for Action
Federal Reserve System in Increas¬
Resolution
had shall be as valid
within that district and
1029
Chronicle
30th day after the date of its
proposed law which seeks
the
in
President
by
to carry out the recommendations
of
Agriculture Henry A. Wallace.
The insurance, which is to apply to the wheat growers only, is to cover
a
enactment.
percentage of the average yield of the
»
tors of the
1939, President's
$2,000,000,000 Stabilization
Extending Until June 30,
Text of Bill
Relating
Powers
to
We have already
referred in these columns to
the action
reads as follows:
of
the
read
within which the powers relating to the
stabilization
A
emergency
dized
for
passed
on
Feb. 10 and sent to the House
a
the period dur'ng which d'rect
obligations of the United States may be used as collateral
security for Federal Reserve notes.
The bill, introduced
8
report of the Senate Banking
Feb. 9.
and Currency Committee
on
are
research
disregarded under the Pope bill, which calls
Representatives
approved
The bill
a
on
Feb. 9 by
a
vote of 285
three-year extension of authority granted
passed was unchanged from the form in which
by Chairman Doughton of the Ways and
Means Committee.
The latter approved the bill on Jan. 28,
at which time Associated Press advices from Washington
it
*
as
introduced
was
said:
Members said their vote
Chairman Doughton,
sideration
debate.
of the
measure
President
was
split along party lines.
said he would try to obtain prompt House con¬
under
a
rule
permitting ten hours of general
Roosevelt and Administration officials have indorsed
the extension as a means of stimulating permanent economic recovery
laying
a
ments, one of which
or
any
and
firm foundation for world peace.
Committee Republicans said the Democrats
on
by Senator Carter Glass, of Virginia, for Senator
Robert F. Wagner, of New York, received the favorable
Jan.
for furthering such
President Roosevelt to conclude reciprocal trade agreements.
noted in our issue of Jan. 30,
ment
The Senate
funds
Reciprocal Trade Pacts — Senate Finance
Considers Proposal.
Secretary Hull's
Letter to Committee Urging Senate Approval
702; the adoption of the bill by Congress was reported
page 544 of our Jan. 23 issue.
bill to extend for two years
use
Make
page
Approves Two-Year Extension of Period GovernObligations May Be Used as Collateral Se¬
curity for Reserve Notes
to
Committee
The House of
Senate
pur¬
for other commodities is authorized and the
empowered
board is
indemnity payments
to 101
was
authorized
payment of benefits out of premium collections.
the President shall sooner declare the existing
bill
cover any
House Votes to Extend for Three-Year Period Power to
ended."
The signing of the
is authorized to
♦
Approved, Jan. 23, 1937, 2 p. m.
on
in yield insurance
through utilization of the facilities of other agencies of the government.
Recommendations of the wheat conference last fall lor government-subsi¬
powers
expire June 30, 1939, unless
loss indemnities
equivalent.
$10,000,000 appropriation
corporate
conferred by this section shall expire June 30,
1939, unless the President shall sooner declare the existing emergency
ended and the operation of the stabilization fund terminated."
Sec. 2.
The second sentence added to paragraph (b) (2) of section 43,
title III, of the Act approved May 12, 1933, by section 12 of said Gold
Reserve Act of 1934 is amended to read as follows:
"The powers of the
President specified in this paragraph shall be deemed to be separate,
distinct, and continuing powers, and may be exercised by him, from time
to time, severally or together, whenever and as the expressed objects of
this section in his judgment may require; except that Buch powers shall
the
insurance premiums and payment of
except the payment of indemnities.
Research
follows:
All
of wheat
is to be in wheat or its cash
pose
as
determining policies.
in
Collection
be exercised.
House of Representatives of the United
"(c)
without
five, appointed by Secretary Wallace, will assist the
alteration of the weight of the dollar may
enacted by the Senate and
is
An advisory committee of
officers of the corpo¬
subject to approval of the Secretary.
agency,
of America in Congress assembled, That subsection (c) of section 10
Gold Reserve Act of 1934, approved Jan. 30, 1934, is amended to
Be it
States
but it
this session in order
The board may choose a manager to handle the affairs of the
pay.
ration
the time
enactment,
Department of Agriculture and to carry on their additional duties
AN ACT
fund and
its
...
Three-Man Board
extra
extend
about
bring
Operation of the insurance agency is entrusted to a three-man board of
directors, to be chosen by Secretary Wallace from the personnel of the
[S. 416]
To
to
taken
might be applied to the 1938 harvest
that it
As signed by President Roose¬
of the dollar.
devaluation
be
believed that efforts will be made to secure its passage
passing the bill which extends
velt on Jan. 23, the measure
given by the Senator when he introduced the measure
was
would
steps
insured farm, fixed by the direc¬
The premiums are to be established by the Board
or appraised average crop losses over a "repre¬
period."
No indication
what
until June 30,
1939, the President's powers with respect to the $2,000,000,000 stabilization fund, and his powers relating to the
of Congress in
of recorded
base
sentative
of Dollar
Fund and Devaluation
corporation.
the basis
on
defeated them
on two
amend¬
would have provided that any future trade agreement
renewal of an existing agreement must be approved by Congress.
The other would have provided that no
amount necessary to
of production.
tariff could be reduced below the
equalize the difference in domestic and foreign costs
>
Although Republicans in the House offered numerous
amendments, they were defeated.
Passage of the bill by
the House was described as follows in Washington advices
of Feb. 9 to the New York "Journal of Commerce":
amend the proposal was made by Re*
The first Republican attempt to
presentedve Reed of New York, who proposed that the agreements be
Senate, and unless rejected
submitted for ratification to the House and
20 days before their
within
effectiveness they would be permitted to go
This proposal was rejected by a vote of 147 to 69.
Into operation.
Representative Treadway of Massachusetts proposed that a provision
would prohibit reduction of any domestic
be written into the act which
This was defeated by a vote of
tariff duties below cost of production.
135 to 77.
The third amendment was offered by Representative
Knutson, of Min¬
shall be
who proposed that before negotiations are begun there
nesota,
would be required to post
a
The department also
State Department.
reasonable notice given by the
list of commodities likely to be included In
The amendment was rejected 115 to 60.
the agreement.
bodies
The
1937
13,
Feb.
Financial Chronicle
1030
would be the
bill
under the
be created
to
Mississippi Valley Authority, the Great Lakes Ohio Valley
Authority, the Atlantic Seaboard Authority, the Missouri
Valley Authority, the Arkansas Valley Authority, the Co¬
lumbia
Valley Authority and the Colorado Valley Au¬
thority, said the advices quoted, which added: <
The Ohio Valley Authority would have jurisdiction over the area in
which are the Ohio River and its tributaries, and rivers which flow into
the Great
Lakes, except the Tennessee River and its tributaries.
The
Atlantic Seaboard Authority would have jurisdiction over all rivers from
Maine to Florida, while the Missouri Valley Authority would cover the
area through which flows the Missouri and its tributaries.
The Arkansas
Valley Authority would exercise Jurisdiction over the
area served by the Arkansas
River and its tributaries, as well as all other
rivers flowing into the Mississippi and the Gulf of Mexico.
The Columbia
Valley Authority would have jurisdiction over the Co¬
lumbia
while
tributaries,
its
and
River
Colorado
the
Authority
Valley
the area served by the Colorado and its tributaries,
all other rivers south of the Columbia which flow into the Pacific
would control not only
but also
Duty Proposal Beaten
Ocean.
Representative Wilcox (Dem., Fla.) was defeated 134 to 67 on an amend¬
which
ment
would
have
prevented duty reductions on any agricultural
products below cost of production.
The manner in which the House dealt with the amendments was what
for its
amendments would be adopted in the face of the huge
Democratic majority,
but offered them to the House anyway as a matter of
record.
^
I urged upon
committee speedy enactment of that measure as a
your
of enabling our country to bring
means
waters
I eb.
6,
page
of
a
Hopkins, Works Progress Administrator, and a member of
the commission, outlined to President Roosevelt on Feb. 8
(according to advices from Washington, that day, to the
New York "Times" of Feb. 9) the following four-point re¬
habilitation program:
1.
Return refugees to
to health
in
persons
indis¬
pensable element in the drive which we were then making, on many fronts,
to bring about a recovery from the most severe economic depression which
country had ever experienced.
.
and which has become
continuously strengthtened by the experience of the intervening years—
an
expansion of international trade is indispensable to full and
economy recovery.
balanced
is
not
slightest doubt that our abandonment of the
the
economic
warfare
would
nations in the direction of military conflict.
In the
years
tensions and averting the
danger of war.
nation will be betrayed unless we are
to pursue
an
3.
Clean
The
of in¬
The most basic interests of our
able to continue, for some time ahead,
revival as we have
Neither constructive
actual experience has suggested any alternative method/of
attaining this vital objective.
No estimate of the cost
negotiate reciprocal trade agreements beyond the present
expiration date of June 12.
At the same time, it was stated
in Washington dispatches to the "Journal of Commerce:"
to
At the same time the National Association
record before the committee as opposed to
continuance of the unconditional
"since they extend the
tariff agreements to those who are not a direct party
giving the benefit and getting no equivalent in
He
added
within
the
where
He
return."
funds,
Authorities—Special Survey Commis¬
sion
Reports to President Roosevelt—Crest of
Mississippi Flood Passes Memphis
for
Helena, Yicksburg and
to Congress on
adoption of measures to prevent future
legislation
the
similar disasters.
was
submitted
doing
have
concentration
and
protect
should
camps
be
completed
receded.
not
Progress
kind of
every
and
men
Administration,
despite
in the clean-up
work
a
shortage of
employing
program,
using "every truck possible to hire."
As
the flood
to
advices from
situation
Feb.
on
He estimated that
possibly several months.
Associated Press
10,
Memphis, that day, to the New York "Sun"
said:
Rehabilitation
the
lists
of
there,
taries
and
The
few
in
the
at
and
hundreds
Memphis
at
remain
may
in
pace
Valley the spreading
of
the
Ohio
and
Valley
into their homes
tribu¬
waters swelled
lowlanders.
has
remained
its
at
quickened
while residents moved back
Mississippi
routed
stage
hours
ahead
went
homeless shrunk,
but
nearly
level
peak
for the last 24
for the next
constant
48.66
of around
days.
the
the Memphis
1927
mark
reached in
gauge
for
1913.
12
the Mississippi has been
days
The level
and
for
a
on
rising stage above
days above the
10
previous
almost four feet above the
was
record
previous record
today.
"The
usual
seepages
and sand boils continue,"
Eugene Reybold, district engineer, "but there
Colonel
reported
are
no
Lieutenant-
critical points
in the levees in this district at this time."
High Point at Helena
recorded,
the
and
Mississippi approached
steadily crept
ward off the thrust.
higher
Freeboard' of several
the highest
60-foot stage,
a
levees
on
feet
believed
existed
strong
on
ever
enough
most of the
to
dikes
from Helena southward, and there was little fear for them.
The water level continued to fall
slowly at Cairo, where the Ohio dumped
unprecedented billions of gallons into the Mississippi at Hickman, Ky.,
its
and
New
Madrid,
the
the
Mo.,
death
Ohio
list
and1
relieving
stood
pressure
436
at
Mississippi
and anxiety.
along the
Valleys,
Red
flood's
destructive
officials
Cross
path
said
the
refugee total remained almost stationary not far below 1,000,000.
The
removal
of
Arkansas, northern
hundreds
families
of
Louisiana and
along backed-up tributaries in
Mississippi tended to offset the number
returning to homes further north.
House Passes Bill to Permit Supreme Court Justices to
Retire at 70 Years of Age—Action on Another Court
Bill
A bill was introduced in the Senate on
10 by Senators
Robert L. Buckley of Ohio and Alben
providing for the creation of seven
These authorities, to quote Washington
W. Barkley of Kentucky
river
clothe
feed,
places in Arkansas and around Paducah, Ky.,
additional 100,000 men would be needed for
an
authorities.
advices, Feb. 10, to the New York "Times" of Feb. 11, would
be authorized to erect, maintain and operate dams, reser¬
Which
Would
Split
President's
Reform
Pro-
posals Reported Deferred "at Instance of President
The House by a vote of 315 to 75 approved on Feb. 10 a
^
Feb.
Hopkins told the President that
shelter,
of the Mississippi River's greatest flood
crest
crept past Memphis and on toward
10
flood waters
as
150.000
River
Feb.
done to
of
some
pictured the Works
through
Flood-Control Bill Introduced in Senate—Would Create
Orleans,
demobilization
week, except at
a
While
New
con¬
1,000,000 persons rendered homeless by the flood at its peak
At Helena
of Manufacturers went on
favored nation provisions of the agreements
benefits of reciprocal
While the
"Times"
600,000 still in refugee camps.
N, A, M, Registers Protest
Seven
Mr.
made.
was
been
had
necessary
of
On
most
the quickest possible time.
advices of Feb, 8 to the
the health
...
Opposition was voiced before the House Committee on
Jan. 25 by organized agriculture as represented by the
National Grange and the National Co-operative Milk Pro¬
ducers Federation to the extension of the President's powers
thereto
next
.
everything
single force for easing political
the same policy for bringing about such a trade
thought nor
for the
inundated.
were
devastated cities in
up
Washington
tinued:
pursued under the Trade Agreements Act.
far
work to protect health of residents
Enlarge sanitation
4.
in¬
...
lie immediately ahead, an adequate revival
which
ternational trade will be the most powerful
so
inevitably mean
political tension, which is already pushing
tensification of the present-day
many
for
.
Renewed
abatement.
loans
between those with bank credit and the
...
trade
agreements program at this juncture would mean a resumption of inter¬
national economic warfare, which is now showing such marked signs of
There
possible because of peril
provide "character"
to
agency
the "middle ground"
few months in cities which
firm con¬
My main purpose in addressing you today is to reiterate my
viction—which I expressed to you three years ago
that
credit
and about
.
.
as
destitute.
vigorous initiative on our part in the field of foreign trade was an
our
quickly
as
camps.
Federal
a
/
their homes
in concentration
Establish
2.
extraordinary method of dealing with ex¬
I urged it because I was firmly convinced that a
traordinary conditions.
of the flood regions of the
survey
a
Mississippi Valleys, and referred to in our item
week ago, returned to Washington on Feb. 8.
Harry L.
Ohio and
depression.
I urged its enactment as an
conduct
Roosevelt to
its influence to bear upon the im¬
peratively pressing task of achieving a removal or at least a reduction of the
numberless barriers to international trade which had arisen during the
by that river of thfe devastating
of the Ohio River, was made in our issue of
871.
The commission named by President
the absorption
ing from
flood
Hearings on the measure were begun before the Senate
Finance Committee, on Feb. 10, at which time a letter
from secretary of State Hull to Chairman Harrison of the
Committee was made public; in this letter Secretary Hull,
supplementing statements made before the Committee by
Assistant Secretary of State and others, said that so impor¬
tant do I regard the subject-matter of this resolution that I
cannot let this occasion pass without setting
forth my
thoughts with respect to it in the light of actual experience
since my appearance before your committee, nearly three
years ago in connection with your consideration of the
original measure." In part Secretary Hull continued:
Mississippi River flood, result¬
Previous reference to the
Republicans ever entertained the slightest hope that any of their
of the
approval.
None
expected from the start of consideration of the bill last week.
was
that any of the seven Authorities
deems such action desirable, recommend the development
power in connection with any project under its jurisdiction
it
electrical
of
the bill provides
clause in
final
The
might, when
#
bill to allow Supreme Court members to retire with pay at
the age of 70.
The bill, while in line with
President
Roosevelt's proposals for reform in the machinery of the
United States
Supreme Court, (referred to in our Feb. 6
866) would not compel retirement at the age
Regarding further House action which was
Feb. 10 Associated,Press accounts from Washing¬
voirs, canals and other works necessary to the control of
the "destructive" flood waters of the rivers of the United
issue,
States, to improve the navigability of such rivers, to direct
reforestation and conservation of natural resources, and to
planned
on
ton
that date said:
set
aside
national parks, wild
recreational and other purposes.
marginal lands for timber,
game preserves,
page
indicated.
on
Chairman Sumners (D., Tex.) of the House Judiciary Committee planned
for
a
time to Beek Immediate passage also of a second
Judicial bill.
This
would give the Government
Court from
the right to appeal diredtly to the Supreme
and to Intervene in private
adverse district court ruling,
an
Mr. Summers sud¬
giving one explanation
and then acknowledging it was wrong, said the White House had some
question about it.
Presidential aides then asserted the Chief Executive
wanted to look over the bill to see if it fitted Into his reorganization scheme.
'The President intervened," commented one Democratic House leader,
lawsuits where
denly decided
a
1031
Financial Chronicle
Volume 144
constitutional question was
not to
who preferred not to
involved,
cad up this measure and, after
be quoted by name
"^Opposition in the House on^Feb. 10 to the bill affecting
the retirement of Supreme Court members reaching 70 years
was led
principally by Democrats.
Representative Lamneck, (Democrat) of Ohio, according to the Associated Press
asserted that any enlargement of the high tribunal's member¬
ship might lead to a "Hitler, a Mussolini or a Stalin govern¬
ment."
Mr. Lamneck was joined by Representative Cox,
(Democrat) of Georgia.
In part the same advices said:
general press release.
Mr. Roosevelt read it through, with emphasis on
phrases which appealed to him.
With the reading of the letter it became
apparent to the listening newspaper men that the judicial reorganization
and speeding up of litigation to which the Attorney General was alluding
must inevitably lead up to Supreme Court action.
But the letter itself
did
Supreme Court was not definite.
The President read
the Attorney General's statistics as to the number
cf judges and cases filed and terminated in the Federal courts.
He pointed
out that one of the Attorney General's proposals would1 enable the Chief
eial
but the application to the
courts,
Justice
Mr. Roosevelt thereupon
it
read
He
was
presiding.
He in¬
Justices the
same
Court Judges by Congress in
1919.
IRepresentative Cellar, Democrat, of New York, ranking majority mem¬
ber on the Judiciary Committee, said before the debate began that the com¬
mittee had "information" that two members of the Court—Justices Van
Devanter and McReynolds—would have
taken advantage of it
had thejbill
been passed last year when it was up.
wereAheld^byAthe PresidentJonJFeb. 10 with
members of the Senate Judiciary Com¬
mittee, viz, Senators Neely of West Virginia, McCarran of
Nevada, McGill of Kansas, Hatch of New Mexico and
Hughes of Delaware.
The discussion, it is said, had to do
with the President's court proposals, including the naming
of six new justices to the Supreme Court.
Senator McCarran
was reported as saying "No one was asked if he had approved
or^disapproved it. One in the conference gave his whole¬
Conferences
Democratic Senators,
hearted endorsement."
Predict Compromise on Presi¬
Proposals for Supreme Court
Reorganization—Opposition
in Senate to An¬
nouncement
Which Surprised Washington—Six
Congressional Leaders
Roosevelt's
Court
Supreme
Would Be Affected by
Justices
70
Provision for Retirement at
and Senate this week
legislation that would
Roosevelt for the
reorganization of Federal courts, including the United
States Supreme Court, but that would eliminate other fea¬
tures suggested by the President in his message to Congress
predicted the adoption of compromise
many
by President
proposals
bill submitted
at the same time, were referred to in the "Chronicle" of
Feb. 6, pages 866 and 868.
The text of the proposed bill
and the letter of Attorney General Cummings to Mr. Roose¬
velt, endorsing the reorganization plan, are given in full
That message, and the proposed
Feb. 5.
on
the "Chronicle."
in this issue of
elsewhere
The Texas
Senate
from Texas to vote against the pro¬
posed legislation.
A similar resolution was approved on
Feb. 9 by the Connecticut House of Representatives.
Publication of President Roosevelt's message calling for
members of Congress
judiciary reorganization came as a complete surprise to the
Nation, since no hint that such action was contemplated
had
previously emerged
President's
from Washington.
closest advisers
were
Some of the
entirely ignorant of the
I>lan, and members of the Cabinet and Administration lead-:
ers in Congress were only informed by Mr. Roosevelt's pro¬
posal a few hours before the message was dispatched to
Congress.
Immediately after the conclusion of a hastily
summoned Cabinet meeting, on Feb. 5, the President called
reporters and
House
White
in
said that he had a most
important announcement to make.
He then read to the
assembled group the text of the message.
The proceedings
"Herald Tribune":
of Feb. 5 to the New York
the time newspaper men
By
already
was
circuit"
speculation
eager
the President said with a broad1 smile.
His auditors
acknowledgement of his direct reference to another famous
press conference, when he accused the Supreme Court at the time of the
National Industrial Recovery Act outlawry of dragging the country back
into the horse and buggy era.
The President remarked that this side
crowded into the President's office there
the possibility of action on labor
He fumbled
with
some
his message to Congress was actually
the newspaper men left his office,
to leave until the conference was fully
offices until
The copies would1 be ready when
he
and
newspaper
warned
visitors
his
not
Reads Mr.
As his visitors were aware,
For
a
of
the
laws
of
Cummings's Letter
said the President, the subject of the consti¬
Congress had
been under general
discussion.
good many months he had been going into the subject with small
of people on broad matters of principle rather than details.
In the matter of the Federal judiciary he and his conferees had
groups
to
the
position
that
there
was
required the
as was required for the
President then picked up a
judiciary
The
of
Feb.
2
President read
The
with the necessity of
cheaper and swifter.
There was no doubt left as to
what he was interested in particularly, however.
His next oral interpola¬
tion was when he said that now he was coming to the highest court.
He
read about the heavy burdens which he
said the Supreme Court was
laboring under, and he emphasized the fact that in the last fiscal year
the court declined to hear 717 cases presented for review.
The President
looked up and said that this was an extremely important point.
Here
were
867 petitions for review and in 717 the court would not give a
hearing.
The President's next paragraph, stating the necessity of enlarge¬
ment of the capacity of all of the Federal courts, was followed by another
parenthetical remark.
"Let's apply the same rule from top to bottom,"
litigation
he said.
"A
sufficient number of judges to
the problem of obtaining a
part of
the capacity of the judges themselves," he said. "This
brings forward the question of aged or infirm judges—a subject of delicacy
and yet one which requires frank discussion."
.
.
.
He stressed the thought that some judges had attempted "to perform the
duties of their offices to the very edge of the grave."
As if he had no
doubt that his allusion would be taken to apply to the present Supreme
eyebrows, threw in quickly the oral
It was in 1869 that pensions
with arched
President,
the
Court,
about 1869.
first offered' to retiring judges.
were
he
that
remark
talking
was
perceive their own infirmities and he read
marks in his message: "They
adequacy." This, he told the
newspaper men, was a quotation from a very important justice.
He was
not going to tell them who, he said.
(It was Chief Justice Charles Evans
Hughes, who made the statement in a lecture at Columbia University
of judges unable to
phrase which he had placed in quotation
seem to
be tenacious of the appearance of
a
1930.)
in
McReynolds's Recommendation
Justice
Cites
President went
The
to emphasize
on
that judges refused to retire upon
recommended' to Congress that when
the Attorneys General
1916
and
1913
a
In the years
eligible for pension.
reaching the age of 70, when they were
retire at 70, an additional judge be appointed so
affairs might be promptly discharged.
The President stopped
district judge failed to
that court
at this point and said he would end the suspense of the
Justice McReynolds,
then Attorney General, and
his reading
It
was
Thomas
General
Attorney
tions.
recommenda¬
made these
who
Gregory
W.
listen¬
former
...
Finishing the reading of his message, the President read a little
his bill so that, as he explained it, his autitors might get a practical
of
dealing
the
reached
He read the first four paragraphs of
of a judge for every judge who has
70, has served 10 years, and does not resign.
He
briefly the other sections regarding a proctor of the court
with the addition
of
age
mentioned very
shift district judges around.
proposed' power of the Chief Justice to
and the
idea
said', so he
the highlights.
only go over
bill
the
Most of the bill was technical, he
in mind.
he had
what
would
from
Supreme Court, six of the
Six of the nine justices of the
judges of the Federal Circuit courts, and an
number
of judges of Federal
District courts
unrevealed
would
be
eligible for retirement as having reached the age of 70
10 years of service on the bench, as provided in the
after
plan
A Washington dispatch
proposed by President Roosevelt.
of Feb. 5 to the New York
retirements
There
43
are
not
single
to
reveal
to
individuals,
out
six of the
but
today,
details
the
about
that
District
appointments.
of Justice
judgeships in the Circuit courts and 163 in the
but in some instances there are still vacancies in
Preferring
refused
"Times" commented on possible
follows:
as
it
the
Department
was
established
from other
Circuit justices could retire on these quali¬
fications.
As
could
and
of
President Roosevelt
leave
thus
six
the
the
stated that
bench, and
as
out of a total
25
it is
known
judiciary of 237
that six Supreme Court
classed, the 13 others must be members
district benches and special Federal courts.
Circuit
justices
were so
those who will be in the
In fact, he will be 75 years
11, and Justice Van Devanter will be 78 just six days later.
Justice McReynolds's 75th birthday fell on last Wednesday
[Feb. 8],
Justice
Brandeis, oldest member of the court, reached the age of 80
Nov. 13 last.
Justice Sutherland will be 75 on March 25, and! Justice
Justice
Chief
70-year-old,
Hughes
is,
of
course,
among
10-year service class this year.
old' April
concluded.
tutionality
his message.
a few more paragraphs dealing
comment was not in
sources
his desk and said he had a somewhat important matter to take
up today.
He added that there would be press copies of what he was
about to read, but that their contents should not be revealed to anyone
of
in
making
papers on
read.'
.
add, he said, that "riding
This might be called the pre-
riding actually on a horse.
meant
tribunals,
over
legislation or the Supreme Court.
.
.
.
The President got quickly down to business.
outside
of Court Burdens
He might well
looked up.
and buggy era,
laughed
described in part as follows in a Washington dispatch
were
Over repeated protests to
Telle
ers.
Feb. 9 adopted a resolution urging
on
.
of the courts
the personnel
Republic
the
He spoke
Administration leaders in the House
include
.
.
made his
the founding
dispose of cases is
♦
dent
Several
"have needed the attention
President Washington, he said,
the justices of the Supreme Court were required to "ride circuit" and, as
circuit justices, to hold trials throughout the country.
of
horse
intended to give Supreme Court
right to retire instead of resigning, as was given Circuit
Mr. Sumners explained the measure was
He
Congress.
This paragraph pointed out that since
comment.
oral
first
President
preserved,
took up a copy of his message to
He dwelt upon particular words and phrases.
with a smile and made parenthetical remarks.
down to the fifth paragraph of his message when he
The
that order was
where ligitation
slowly.
"A political and terrorized court is no tribunal of justice, and with the
independence of the Supreme Court destroyed and it made a pliable tool in
the hands of the Executive, ours becomes a government of men instead of
a government of laws."
Representacive Lanhann, Democrat, of Texas, was
to pressure areas
times he looked up
Congress."
structed the sergeant-at-arms to see
judges around
shift district
to
especially heavy.
wa6
of the
Cox, Democrat, of Georgia, had asserted:
numbers of judges in the Fed-
speak of necessity of additional
did
thejHousejrfter Representative
Chairman Sumners called the bill up in
packing of the highest tribunal.
suggest an enlargement or
not
It
to
the President, which
same
come
reorganization of the
executive branch of the government.
copy
was
of
the Attorney General's letter
later found to be
a
part
of the
Butler
71
Justice
Justice
on
March
Stone
Cardozo
17.
will be
67
Congressional
on
65
May
Oct.
.
Justice Roberts
11,
24.
opposition
.
62
on
May 2,
and
.
to the
President's suggestions
appeared strong this week, particularly in the Senate, where
many
Southern Democratic Senators joined with their Re-
Financial
1032
publican colleagues in attacking the proposals.
So-called
"Liberals," including Senators Borah and Norris, also joined
in condemnation.
Senator Glass, when asked on Feb. 5 to
made the rejoinder: "I thought
it was generally understood that I was opposed to any tink¬
ering with the Supreme Court."
Albert L. Warner, Wash¬
ington correspondent of the "Herald Tribune," had the fol¬
lowing to say, in part, on Feb. 7:
Senator Joeiah W. Bailey of North Carolina boldly ventured into the
comment
lead
the proposals,
on
for his
He promised a fight for the inde¬
the Supreme Court."
upon
pendence of the judiciary.
of
Rhode Island1, Edward R. Burke of Nebraska,
and William H. King of
Utah
were
already rallying toward the oppositionist camp among the
Democrats.
They looked for aid from Senators Ellison D. Smith of South
Carolina, Walter F. George of Georgia, John H. Overton of Louisiana, Alva
B. Adams of Colorado, and additions from among a substantial list of lipsealed
noncommittal
Democrats, including even the usually redoubtable
Harry F. Byrd of Birginia, Peter C. Gerry
Glass and
Carter
Senators
Senator Tom Connally of Texas.
Administrations,
highly
in
President's
the
at
prescription.
leave the
decided to
Democrats who
decision on Feb. 1 the United States
upheld the Maryland statute subjecting
stockholders of banking institutions to receivership assess¬
ments equal to 100% of the par value of their holdings.
The Baltimore "Sun" in advices from Washington, Feb. 1
unanimous
a
Court
Supreme
indicated this and added in part:
In both
cases
ruled upon today the
of
...
the
offended
statute
contracts made
the
previously.
stock in such banking
bill
item
In another
this
in
reference is
issue
made
mit
Restricted by Constitution
<
Constitution, no charter for banking purposes may
Under the Maryland
granted by the General Assembly except upon condition that the stock¬
of their respective share or shares of
be
holders shall be liable "to the amount
the
to
approval by the House on Feb. 10 of a bill which would per¬
and 1933, re¬
tribunal on the ground that
Constitution by supporting the obligation o
Hagerstown Bank & Trust Co., which were closed in 1931
spectively, had carried the issue to the highest
Republican leader of
McNary,
In each case,
the action of the court below.
of Smithburg and of the
Banking Co.
People's
the
stand.
L.
Circuit Court for Washington county,
Maryland, had upheld the contention of the stockholders.
the Senate; Senator
Arthur H. Vandenberg, Republican of Michigan, and Senator William E.
Borah, Republican of Idaho, met together informally.
At the end it was
indicated that they were resolved to let Democratic opposition to the
President develop and reserve their fire until later.
Representative Bretrand
H. Snell of New York, leader of the House Republicans, took the same
Charles
Senator
Maryland Law
Banks
town
In
Stockholders
meetings
informal
Supreme Court Upholds
however, the Court of Appeals had reversed
initiative in the battle for the Supreme Court to
present
balk
leaders
transfer by the cus¬
Imposing 100% Assessment on Bank Stockholders
Ruling Given in Case of Smithburg and Hagers-
Republicans Sit Back
Republican
explained the tax was not on a
transfer between the brokerage firms.
a
United States
"amazement" at
colleagues with an expression of
Democratic
the "attack
but upon
tomer
account to the
24,100 bales and later transferred his
Beane.
&
Benner
Government
The
purchased
that J. P. Abney, the customer,
said
company
contracts for
of
firm
Pont
du
The
futures
1937
13,
Feb.
Chronicle
institution, for all its debts and liabilities upon note,
otherwise."
or
It did not, however, take
from the Legislature, Justice Cardozo pointed
reading the court's opinion, the power to implement the
out in
liability;with
statutory remedies.
Supreme Court members to retire at 70.
"Nor," he added, "in the absence of such statutes
from the courts."
did it take that power
&
"Double Liability"
Joint
of
Committee
Named
posals—House
and
Senators
Representatives
Reorganization Pro¬
Federal
Consider
to
Bill
Ramspeck
Passes
All
Put
to
provision upon stockholders.
Postmasters Under Civil Service
The
House
Senate and
mittee
nine
of
and
Senators
Burdens placed upon
1 agreed to a joint com¬
Feb.
on
nine Representatives
which
under
sider
President
Roosevelt's
been taken
on
for
recommendations
Jan. 29, but attempts were
House to limit House representation
the
reor¬
later made in the
the body to seven.
on
These attempts were defeated on Feb. 1.
Meanwhile,
record vote,
House
the
28
Jan.
on
the Ramspeck bill to place all postmasters under
civil service.
The bill
in which the House
ments which
were
was
adopted after
rejected by
a vote
"Nor would it
"to
of
in
assume
six-hour debate,
a
of 216 to 164 amend¬
help the appellants anything," Justice Cardozo
a
does
a
change can be discovered.
meaning, if there is any, is not ascribed to the
new
because
later statute has said it must be done.
a
told us, and the good faith of its
offer
Smithburg Case
In the Smithburg case, the
"Whatever complaint is
the first,
of
second and third
with "satisfactory" records shall
terms.
For
class.
appointment
out
serve
promotion
service rules
the
to
in the
expiration
or
classification
and
of
position
of
case
of present
a
of
postmaster,
complaint
In the
in
terms.
The
their present
it concluded:
question
qualified for
no
the position
an
postmasters
General
with
It is also
provided that
no
person
Both
U.
position of postmaster unless he
she
was
and
the
Civil
actual resident within
an
to
Washington
a
account
to
year
preceding
one year
preceding
one
the
New
York
"Times," Jan. 28, Representative Boileau of Wisconsin, floor
the Farmer-Laborite-Progressive bloc, offered as
leader of
substitute for the Ramspeck measure a bill by Representa¬
tive Bacon of New York which would put strict civil service
regulations
with
no
exceptions whatever
around
all
post-
masterships and take them out of the realm
of patronage
forever.
a
The substitute
was
in the trust company."
F. Sterling, receiver for the
Feb. 8
on
The United States
delivery of the office in question and had been for
the appointment, where no examination was held; or for
the closing date for application for examination.
According
instuted against Warren
were
Supreme Court Begins Consideration of Labor
Cases—Arguments on Wagner Labor Relations Act
Follow Hearing on Federal Railway Labor Law—No Formal Opinions Rendered by Supreme Court
to
would be eligible for appointment to
or
cases
S.
competitive examination.
the
What
Peoples Banking Co., of Smith¬
by
civil
certify
may
postmaster,
open
this company acquired their shares
1910, with its new remedial devices.
to the stockholders of the
two institutions.
serving in the particular
one
of
as
burg, applies with redoubled force to the stockholders
Must Reside at Place
a
case
service employees
accordance
in
has been said
The
them might be changed from time to time."
after the adoption of the Act of
four-
■'
incumbent
Postmaster
Service Commission will then have to hold
the
Hagerstown
debts.
from stockholders who took their stock with notice
comes to us
that the remedies against
caused by death, resignation, removal
vacancy
the Civil Service Commission that there is
office
incumbent
1
'
the
However,
non-competitive examinations, but giving them to postal
for
the substitution of a new remedy in
as to
"All the complaining stockholders in
postmasters
year
Court found:
heard
1910 is not from creditors of that date, unable to collect their
provides:
postmasters
i
Constitution of the United States does
impediment."
an
ond
to
So the State court has
declaration is not successfully impeached,
"To changes thus wrought the
not
Constitution
The new meaning is the
production of the independent judgment of a court.
introduced that would actually have made
Appointment of all postmasters by the Postmaster General instead of by
the President, and without term instead of the four-year term now given
continued,
State has been
the Constitution of the
behalf that
their
meaning, if the new meaning is not due to the
new
a
civil service requirements in the
appointment of first, sec¬
and third class postmasters even less stringent than
those specified
by President Roosevelt in his Executive
Order last July.
Briefly, said a Washington dispatch,
Jan. 28, to the Philadelphia "Inquirer," the Ramspeck bill
"accepted at the outset."
Impair Contract
compulsion
statute.
Change by judicial construction of antecedent legislation
not impair a contract, at least in the forbidden sense, if it be granted
given
"The
a
.
stockholders by amendments to the acts of 1870,
institution was incorporated, the Supreme
Does Not
arguendo that such
approved, Avitliout
.
Court held, were no different from those
to con¬
Similar action had
.
Smithburg
the
»
ganization of the Federal government.
Smithburg
"double liability"
five months after the incorporation of the
In 1910, less than
bank, "remedial" legislation was enacted to impose the
later embodied in
Republican
motion to send the bill back to the committee, but was de¬
feated on a roll-call vote, 270 to 109.
Supreme Court this week began hearing
arguments in the numerous labor cases on its calendar, in¬
cluding the Wagner Labor Relations Act.
arise,
on
The first
Labor Act, under which the Virginian Railway Co.
from
case
to
Feb. 8, involved the validity of the Federal Railway
applied
decision of the Fourth Circuit Court of Appeals up¬
a
holding
a
ruling by the National Mediation Board giving a
branch of the American Federation of Labor authority to
represent the mechanical department
ments
then
this
on
case
were
of the railway.
Argu¬
concluded Feb. 9 and the Court
began consideration of the Wagner Act.
United Press
Washington advices of Feb. 9 described the hearing as fol¬
lows:
.
.
Before the Wagner
arguments started,
■
Solicitor General Stanley Reed
appeared in court to defend the Railway Labor Act, companion law to the
Wagner Act, also being tested before the tribunal.
Federal
Tax
on
Transfer
of
Cotton
Futures
John
Upheld
by United States Supreme Court
W.
Davis,
political fore,
was
veteran
of
S. Supreme Court affirmed a ruling by
the Second Circuit Court of Appeals upholding the Federal
Labor Relations Board
levy based
editorial writer, who, the Board
one
broker to
the protest
the transfer of cotton futures contracts from
another.
The
Supreme Court ruled against
of Francis I. du Pont & Co., member of the New
York Stock Exchange,
$729.
against the assessment of a tax of
The unanimous decision of the Supreme Court was
delivered
from
by Justice Roberts, said Associated Press advices
Washington, Feb.
1, which added:
Court pleading and New Deal
He is appear¬
ing in behalf of the Associated Press in one of five Wagner test cases.
On Feb. 1 the U.
on
Supreme
scheduled to open the Wagner argument.
legal fight with the National
the discharge of Morris Watson, a New York
Mr. Davis represents the news agency in its
over
ruled,
was
discharged because of his activi¬
ties in the Newspaper Guild.
All members of the bench were present as court
room
was
crowded.
convened.
Frank L. Mulholland, union counsel,
defense against the Virginian Railway
The court
presented his
Cos. attack on the Railway Labor Act.
Mr. Mulholland argued that the Railway
Act, which is similar to the
Wagner Act but restricted to carriers, placed a definite legal responsibility
on
both employer and employee to negotiate differences.
*
.
;
f'-'; W
•
,
Volume
The Appeals Court affirmed
The further
hearing on Feb. 9, during which arguments
validity of the Railway. Labor Act was referred to as
follows in Associated Press accounts from Washington that
day:
.
the
on
"unconstitutional"
Counsel for the Virginian Railway Co. called the law
and "unreasonable."
TJhe Government argued that it was well within
the
constitutional powers of Congress to regulate interstate commerce.
At
the
The
of the
conclusion
advisement.
argument, the Justices took
the case under
A decision by March 1 is possible.
Eastern
of shop
compelled to
refrain from interfering with the amployees'
Supreme Court after the District Court for
the
case came to
who
This petition asked that the railway be
employees.
negotiate with
union and to
a
choice of representatives
organized
as
The employees were
for collective bargaining.
System Federation 40 of the Railway Employees Department
of the American
but
collectively.
own
free from dictation by the
way,
Congress had
Government,"
bargain
times enacted legislation infringing on
many
employers and em¬
Mr. Reed said the Act, if accepted in good grace by
of
ployees, would "go far toward providing machinery for the adjustment
disputes between labor and the management."
questions by Chief Justic Hughes and Justic
to
answer
the Solicitor General said the "backshop" employees
cars to
be put back in
Sutherland
repaired engines and
He contended their work was closely
service.
related
railway operation and thus subject to the Congressional power to
to actual
regulate interstate
commerce.
land asked.
\ 7.
.
"There is nothing made that is
.'v.-
traded
•
-:
or
7v7.,\
sold to others?" Justic Suther¬
.-7.V7;7';
V
.
"Absolutely nothing," Mr. Reed replied.
H. T. Hall, counsel for the railway, contended the
process clause of the
Act violated the due
Constitution, attempted to abridge liberty of contract
,
deprived the railway "of the rights to bargain or contracc with those
and
of its employees who do not desire representation
by the Federation."
In
questions by Justic Brandeis, he acknowledged that the lower courts
Mr. Hall denied that the railway had tried to coerce ics
reply to
had
found
that
the railway
employees.
the company
had organized and dominated
evidence in the record up¬
holding that finding, and declared that the company union had been organi¬
He insisted, however, that there A^as no
union.
zed
at
the request of employees.
"The lower court found that way without any
taxes
;7-'
Labor
Relations
from
District,
paid under protest as
$439,667.19,
processing taxes
millers.
('windfall') tax is
satisfied that the
were
we
7
the opinion, can pay the taxes
three rice millers of
Those affected by the opinion were
Tyrell
and then sue
Rice Milling Co.,
Beaumont, the
Mills and the Steinhagen
the El Campo Rice Milling Co., of El Campo, and the
Milling
Rice
Co., the Beaumont Rice
The Federal Fifth Circuit Court of
Appeals, New Orleans,
(Jan. 8) that manufacturers
had ruled earlier in the month
paid processing taxes under the Agricultural Adjustment
bring suits in Federal courts for refunds.
The
that manufacturers could not sue collectors of
Internal Revenue for recovery of such taxes.
As to this
decision we take the following from New Orleans (Associated
who
Court held
Press) advices of Jan. 8:
David D,
by two Alabama
cotton mills seeking recovery of more than $1,000,000 in processing and
floor taxes paid to the collector of internal revenue for Alabama.
Both suits were filed prior to enactment of the Revenue Act of 1936,
which established procedure for recovery of processing taxes paid before
the United States Supreme Court invalidated the AAA.
The mills con¬
tended that since they had filed their suits they were not affected by the
The decision sustained a judgment of
Davis
Birmingham,
at
Judge Joseph C. Hutcheson,
who wrote the opinion,
said the Revenue
be made or allowed in pursuance of
court decisions or otherwise, of any amount paid as tax under the AAA
unless the claimant establishes to the satisfaction of the Commissioner (of
Internal Revenue) or the trial court or board, that he has borne the burden
of such amount, or that he had repaid unconditionally such amount to his
vendee who bore the burden thereof."
(
"provides that no refund shall
*
Crop Control Program
Insurance Is Not Only
Solution—Soil Conservation and Commodity Loans
Included in Policy—Legislation to Establish Fed¬
Wallace Advocates
—Tells Farm Leaders Crop
involving the
cases
Federal District Judge
dismissing suits brought
Ala.,
1936 Revenue Act.
Act
Secretary
eral
Board
Corporation—Farm Leaders
Insurance
Crop
Approve Granary Plan
broad
A
of farm production
program
control was pro¬
of Agriculture Wallace, in a
statement made at the opening session of a two-day confer¬
ence in Washington with agricultural leaders from all parts
of the country.
Mr. Wallace urged the adoption of - the
"ever-normal granary" plan, to be supplemented by com¬
modity loans and "universal and positive production con¬
trol."
Production control, Mr. Wallace said, is only "a
last-ditch operation in an emergency brought on by extreme
surplus," but he indicated that such control is necessary at
the present time
and that Congress should provide the
posed on Feb. 8 by Secretary
mill.
Among the companies appealing were the Bethlehem Shipbuilding Corp.,
Ltd.,
Francisco,
San
the
Brown
Shoe
Beaver Mills, Douglasville, Ga.; Cacabot
Co.,
Inc., Vincennes,
Leather
Ind., the
Manufacturing Co., Inc., Bruns¬
wick, Me.; Heller Bros Co., Newcomerstown, Ohio, and A.
C. Lawrence
Co., Peabody, Mass.
The seventh
appeal was brought by 62 employees of the
Beaver Mills,
Douglasville, Ga., in protest against holding a labor board election.
The
Court rendered
formal opinions on Monday
no
but handed down
petitions for reviews of lower court decisions.
several orders disposing of
Tax"
"Windfall
New
Upheld by Federal District Judge
Los Angeles—Court of Appeals in
Orleans Refused Injunction to Enjoin Collec¬
tion
of
Yankwich
of
Tax—Also
for Refund of
Forbids
Manufacturers
to
Sue
Processing Taxes
The constitutionality of the so-called "windfall tax,"
imposed by the Revenue Act of 1936 against processing com¬
panies following the invalidation of the Agricultural Adjust¬
ment Act, was upheld on Jan. 21 by United States District
Court Judge Leon R.
Yankwich of Los Angeles.
The
Revenue Act, passed by Congress after the United States
Supreme Court had declared the Agricultural Adjustment
Act unconstitutional, assess a levy of 80% against the sums
returned by the Government to processors which the proces¬
sors
had collected from consumers under the Adjustment
Act.
The decision rendered by Judge Yankwich on Jan. 21
was in a test case by the Union Packing Co., processors, who
sought to have the United States [ Collector of Internal
Revenue restrained from
collecting the "windfall tax."
The following, bearing on the case, is from the Los Angeles
requisite authority.
Crop insurance is not alone an
in part:
was
manifested in the
case
by
a
case
by
reimposing
the assessment.
so
far as
Second, farm
prices
basis
engage
in lawful business.
tion
Internal
Revenue
Bogan from collecting the tax
was
dissolved by Judge
The decision is the first of its kind to be handed down
"windfall tax" constitutional, Judge Yankwich declared
that the decision of the
Supreme Court in the AAA
case
recognizes the
"The only reason that particular tax was
tied to a program of
nullified was because it was
regulate," the decision reads.
.
United States Fifth Circuit Court of
Appeals, New Orleans, La., refused to issue an injunction
against the collection of the "windfall tax."
This is learned
from the New Orleans "Times-Picayune" of Jan. 22, which
on
to say:
for
for which it is best suited ;
purposes
Seventh, crop
insurance;
Eighth, storage of reserve supplies of food and fiber;
Ninth, increased security of tenure for both tenants and owner
possibilities
better
operators,
for tenants to become owners;
farm people whose standard of
subsistence basis; and
policies that encourage abundance for wage and
increased opportunity for those
Tenth,
living is now barely on
industrial
salary workers
a
I have expressed the thought that
and farmers.
direct bearing on agricultural security.
I want to discuss with you especially
tilings have a
today,
now,
all these
that element
policy to which I have just referred as "storage of reserve supplies of
and fiber"—or, in other words, what some of us have been calling
food
the
"ever
to say
I know that some of you here will
normal granary."
be quick
control. But I wish to remind
situation at the present time is far
what you really want is production
supply
agricultural
the
that
when the Agricultural Adjustment
mountain-high surpluses made it im¬
different from what it was four years ago
Act
enacted.
was
the
that
At that time the
first
great effort
should be toward' reduction of those
surpluses.
At
in
is
AlscLon Jan. 21, the
with
land from cultivation and its use
retirement of submarginal
Sixth,
agricultural control which the Court held was beyond
the power of Congress to
that can be done in conformity
soil;
the
of
perative
right of Congress to pass a processing tax.
line with adequate domestic consump¬
demand;
foreign
Fourth, foreign policies that do all
you
in California.
In holding the
and
peaceful relations to expand1 foreign markets for American farm products;
Fifth, conservation of natural resources, especially our precious heritage
of
enjoining Collector of
non-farming income;
Third, supply of farm products in
And
Order Dissolved
A temporary restraining order issued last Dec. 14
Yankwich's ruling.
in
long-time farm policy.
of
reasonable equality with
of
Eleventh,
Other charges made by the company are that the tax is not an income
levy, as designated, is confiscatory and that it is an unjust penalty on the
constitutional rights to
opportunity
First,
discussed what seemed
These have included:
for farmers to organize effectively in their own
such interests coincide with the general welfare;
that are fair and stable, to keep farm income on a
months I have several times
elements
essential
me
irterests,
charge that the tax is
attempt of Congress to nullify the judgment of the Supreme Court in the
the last few
Within
to
and
Wide interest
.
immediate answer to the
farm problem, Mr. Wallace declared.
His program contem¬
plates continuance on a Federal basis of the soil conserva¬
tion policy now in operation.
In his statement he said,
"Times" of Jan. 21:
went
of
The millers, according to
/brought on appeal from the Court of
In six of the cases the lower Court
refused to enjoin holding of hearings by the Board.
In the seventh, the
Court declined to enjoin holdings of any election among employees of a
AAA
Texas
total
proceedings."
Appeals, for the District of Columbia.
an
a
for recovery.
a
Appeals have been filed with the Court in seven
National
J. McMillan,
Texas rice millers for
Internal Revenue Collector
assessing and collecting "windfaU"
unconstitutional," the
opinion stated, "that of itself would not warrant an injunction.
Appellants
have an adequate remedy at law by suit against the collector and by adminis¬
trative proceedings.
All objections to the tax can be raised in other
"If
Washington dispatch of Feb. 8 to the "Wall Street
Journal" we take the following:
From
First
on
and later recovered by the
evidence in support," he
7 \' ■/.
declared.
United States Judge Robert
denied application of five
Act could not
"personal liberty" when it was necessary, he declared.
In
the
for
entitled "to operate
employees were also entitled to organize and to
added that
Texas,
Austin,
Gulf Coast Rice Mills of Houston.
Federation of Labor,
Solicitor General Reed conceded that employers were
their business in their
in
injunctions to restrain Frank Scofield, Austin,
Virginia and the Circuit Court of Appeals had upheld a petition
craft
1033
Financial Chronicle
144
present,
some
why,
cases
as
the supplies of most foods and feeds are not excessive and
reserves are hardly adequate to the national needs.
That
the
I
pointed out
few
a
days ago,
it will be a
good thing if
of food and feed crops this year produce abundantly up to the
point that good' conservation practice permits.
When the bins and
granaries are full, then it will be time enough to take action to see that
growers
they do not run over.
To
establish
an
both farmers and
%
ever-normal
consumers.
granary
If
will be clearly in the interests of
consumers
are
going to give their consent
1034
farm
to
Financial
that
programs
farmers
must
assure
adequate at all
farmers
to
willing
farmers
assure
that
consumers
times.
And vice
if
versa,
farmers from
food
of
consumers
produce enough to keep the granary
help safeguard
to
stable
and
fair
a
supplies
fiber
will
they must be
then
disastrous consequences
when the
overflows.
granary
Secretary Wallace, in his remarks, stated that "recently
approach
the
to
ever-normal
kind might be
granary."
He went
on
But without participation
farm
believe
that
Such
a
then
we
do not
But
putting
a
it
loans
out
A
number
only
of
wheat
on
people
at
and
the 1938 crop year,
even
insurance does not
crop
into
effect
accumulation
under
to be
appear
offer
crops
prices to
practical
a
large
are
supplies and
reserve
farm
do
corn,
whenever
of
to
on
to
keep them
enough
from
falling
injurious to business.
farmers and
is my 'belief
that the present soil conservation program,
should be supplemented with provisions for com¬
be made when and as needed.
Probably there
year,
that
can
yardstick
some
when the supply of
be made
the
loans
the
to
determine
what
is
"normal
a
supply"
producer
would have
from
be
a
decline
would' overflow.
keep
bumper
succession
a
unusual
an
to
this
the
commodity
the basis
on
and
preventing the price to the
demand,
in the soil rather than for
supplies
would
circumstances
it
one
pile
would
season,
if there
if there should be
or
up
and the
granary
manifestly be unwise
storage in the bin.
To
accomplish this, the government might offer producers conditional
payments in addition to their regular conservation payments.
This second
kind of payment would be conditioned' on the farmer's use of his land in a
that
would
conserve and
build up fertility for use in
succeeding
at a time when supplies might be below normal.
The program as thus far outlined should, I
think, meet the situation
of most commodities during most
years.
But it is possible that a suc¬
years,
cession
of
favorable
conservation
might make
years
the
program,
conditional
loan
payment program
this
even
program,
combination
and
the
Therefore, I believe that this conference will
tion
to
inclusion
would
make
brought
until
the
fourth
a
positive
control
conditional
soil
normal
ever
plan of
had
of
type
of
by extreme surplus.
on
after the
the
of
production
It would
granary
was
to
in
running
piling
an
operation
operation
and after
to
danger of very low prices.
Study should be given to the development of this type of positive
duction
control
merce,
the
or
through
under
pro¬
the
power of Congress to regulate interstate com¬
levy taxes to provide for the general welfare, or
cooperation between the States and the Federal gov¬
ernment.
So
thus
far
ing
far
this
as
is
Tobacco
principle.
would,
and
type of
which
program
was
Bankhead
is
concerned,
our
experience
gained in 1934 and 1935 under the
Cotton
Acts, which employed the tax¬
should be borne in mind that each
type of program I
best be regarded as a
separate step in a general plan
It
have mentioned
and
last-resort
limited to that
Kerr-Smith
According to
In
decisions
was
introduced
Mr.
Wallace's endorsement.
on
that day by Senator
would establish
measure
a
Pope of Idaho with
The dispatch said:
Federal
Crop Insurance Corporation with
capital of $100,000,000 to be subscribed1 by the
Treasury and with
appropriations of $10,000,000 to defray
operating expenses,
v
A board of three directors selected by the
Secretary of Agriculture would
hold
office
at his pleasure.
Authorized administrative
expenses would
annual
.
cost
of
rates
storing and
would
be
appraised1 average crop
sentative base period."
transporting wheat
established
loss
of
wheat
"on
the
the
on
of
participating farmers.
basis
of
insured
the
farm
recorded
for
a
or
repre¬
Advices from Washington, Feb.
8, to the New York "Jour¬
of Commerce" said, in
part:
nal
Senator Smith
Ellison
D.
Committee
Smith
and
a
maintained
from
the
Opposes Control
(Dem., S.
O.),
Chairman of the Senate Agri¬
participant in today's farm conference,
declared
point of the Wallace program tonight.
He has
his opposition to the fourth
outset
that
compulsory regulation
"contrary to the American principle of farming."
The farm leaders, meeting on Feb.
a
resolution
Wallace's
urged
a
production
is
crops
market
to
with
all years
in
relative
price
result.
a
is
prices"
"fixed
that
would
commodity
accompany
'
resolutions
also
proposed
system of
a
loans.
the
L.
J.
demand
Grange, and E.
of the National
Taber, head
Farmers'
the
"the
for
American
for
of
use
the
for
market
Federal
the
deplored lack of a
American
taxing
Everson, head of
H.
Union, while supporting the resolutions,
recommendation
prevent
to
the
and
farmer"
power
over¬
production.
Senator
Wagner of New York Indicates Plans to Intro¬
New Housing Bill—Program Would
Cover
duce
Four-Year Period Involving $1,000,000,000
After
President
conference with
a
Roosevelt
Feb. 8,
on
Robert F. Wagner of New York announced that he
Senator
will
introduce
soon
housing bill, probably calling for
new
a
expenditures in loans and grants of more than $1,000,000,000
It was stated in Washington ad¬
four-year period.
a
over
vices, Feb. 8, to the New York "Times" of Feb. 9 that the
former bill which
Senator Wagner introduced has been
introduced
as
a new
bill in the House by Representative
Henry Ellenborgen of Pennsylvania, who talked over hous¬
ing with President Roosevelt during a conference separate
Senator Wagner's.
The following is also taken from
from
advices quoted:
the
Senator
White
sized
the
approval.
he
program
The
Senator
said
in
being
bill
old
plan
size
*
of
the
bill, had
carry
he empha¬
for which he asked
increased measurably because
program,
been
housing by the flood, but he said that
the
revised
measure
would be required
carried
immediate
an
to finance
to
cut
new
down
formulas
the
size
of
$200,000,000
to
immediately.
appropriation
of
loans.
being considered,
he said,
government to housing projects,
fcr
would
when introduced,
he discussed the program,
as
and authorize the issuance of government bonds to a total
$450,000,000
One
the
into
which
finance grants
of
of
written
appropriations
The
that
his original
the destruction
were
However,
giving his personal ideas and not necessarily indicating
which Mr. Roosevelt would back in legislative form.
was
$650,000,000
of
indicated1 that his bill,
Wagner
House
that
cost,
depending
such projects.
related
which would
the financial
on
to grants
run
as
high
by the Federal
as
35% of the
condition of municipalities applying
'
Such grants would be paid in instalments over a
period of years, Senator
Wagner said, instead of in lump sums.
bill
The
would
provide for the creation of a new Federal Housing
Authority, with the right to issue bonds and thereby raise capital to make
housing loans to municipalities.
It was not specified today whether the
greatest emphasis would be placed on slum clearance or whether individual
dwellings would figure largely in the
granary" plan.
The resolution
Administration's policy from control
to regulation of marketings,
although use of
in
the
powers
was
prevent collapse of the program.
follows in
Gross
program.
a
advocated, if necessary, to
The resolutions
Business
were sum¬
Washington dispatch of Feb. 10
to
Transacted
by Federal Housing Ad¬
Up to Jan. 1, 1937, $1,350,157,149,
to Third Annual Report of Adminis¬
ministration
According
McDonald
Approximately
$810,000,000
Housing Administra¬
Government $23,454,886
Transacted in
tion to
—
1936—Cost of
Gross business transacted by the Federal Housing Admin¬
istration up to Jan. 1, 1937, totaled $1,350,157,149.
This
included
insure
mortgages selected for appraisal, commitments to
large-scale housing projects and modernization and
repair notes
insured.
Approximately $810,000,000 of this
the year 1936.
These figures are
contained in the annual report submitted to Congress by
transacted
Stewart
during
McDonald,
Federal Housing Administrator, and
The report states that on Jan. 1, 1937,
home mortgages accepted for insurance reached a total of
151,758, with a value of $609,044,017.
Of this total, $438,made public Jan. 28.
449,153 were accepted for insurance during 1936, represent¬
ing a gain of 157% over 1935. * Mortgages on large-scale
housing projects approved up \o
Jan. 1 amounted to
$41,141,000.
Modernization
and
repair
notes
numbering
1,326,102
amounting to $500,220,642 were insured up to Jan. 1.
Of
this amount $246,149,913 were insured during 1936, a gain
of 10% over 1935.
In addition, says the report, it is esti¬
mated that the Better Housing Campaign sponsored by the
FHA has generated over
tion
^ever-normal
production control
as
of
9, unanimously adopted
recommending legislation based on Secretary
shift
of production
marized
farmers
that
Federally regulated and con¬
trolled warehousing and terminal facilities, under which products stored
under the new program in years of plenty to offset potential crop shortages
later would always be under the closest scrutiny by the agency making
was
paid-in
Senator
products
expectation
The
dispatch, Feb. 8, from Washington to the
a
participating farmers, but be confined to wheat at the outset
of the plan, which would be
applicable to the crop of 1938,
cultural
of small
years
of
trator
New York "Times," legislation to
carry out the "crop yield
to be supported by payments in kind by
include
would
cash
and high prices, there would be a
assumption
the
loanB.
questions of major importance.
on
insurance plan,"
Premium
borrow against stored supplies of com¬
Upon
loans.
of course,
commodities.
advance of official
The
as
for
of large crops and low prices and repay the loans in
can
have to be adapted to the differing problems of the
developing the various steps of the general pro¬
gram as to any commodity, the producers and their
representatives should
be consulted and, whenever
practicable, formal referenda should be taken
several
in
The
total
to
power
effective
flow
stability
emergency
into
over,
encouraging conservation and storage of fertility
stabilize production
sufficiently to escape the
failed
during
regulated
soil
give considera¬
be thrown
and
the
from
last-ditch
possible
never
full
want
This
program.
of
etorage-in-the-ground
inadequate to keep supplies
up.
in
kind
or
years
in
cooperating
would be privileged to
eligible
in
of the Agricultural Adjustment Ad¬
soil conservation and other AAA
first few years
Farmers
point.
of favorable weather,
on
manner
during the
programs
of supplies of
making loans and piling up bigger and bigger supplies.
When
the supply of any commodity reached a
figure that exceeded normal by,
say, more than 10% to 15%, then I believe we should provide for storage
or
did
loans
keeping the surplus portion '
of
should be harvested in
years
Under these
effect of
use
certain
a
crop
of
in
double
future
falling below
However, if
should
the
for
the plan.
Then, during any marketing
commodity is larger than normal, loans may
any
producers of
in storage for
crop
from
crops
would be a permanent
granary program
effect of preventing domestic
descending below a fixed price, represented by
This rate would roughly approximate past aver¬
having
lending rate.
ministration.
commodity held in storage.
Such
of
the
to
policy
prices for commodities against which loans would be made.
The loans would, operate in much the same way as the cotton and corn
bring the
each of the commodities included in
year
principal
Federal
first.
problem.
plank
by
year
be
tried
insurance could not
crop
proportion of the wheat producers would
a
would' be ruinous
Therefore,
modity
be
that
problem.
like those made
put
the
continuing
should
be
can
levels that
to
should
big
the
loans,
possible
for
the
to
into effect until
go
how
answer
that
make
need
is evident
For all these reasons,
commodity
approach
to
know
large number of producers of each of the
a
it
answer
insurance
plan could not
immediate
an
partial
a
crop
participate.
by
commodities,
than
more
for
borrow
important
of the ever-normal
loan
the
modities
to say: '
be
_ot.
The keystone
commodity
age
it has been suggested that crop insurance in
an
the "Times":
be
going to expect
are
full,
then
income,
and
1931
Feb. 13,
Chronicle
and
repair
$2,000,000,000 worth of moderniza¬
work which
does
not
show
in
its
own
records.
It is pointed out that the FHA lends no money; that the
business on its books represents private capital supplied by
banks
and
struction
and
for
From
a
other
of
the
lending
institutions to
finance the
con¬
homes, to refinance homes already built,
repair and modernization of old structures.
new
summary
tion we also quote,
of the report issued bj* the Administra¬
in part:
Volume
The total
Financial
144
National
operating cost of the Housing Administration to the
This does
not
include
insurance claims
paid to lending institutions on defaulted
modernization and repair notes which are paid from a separate insurance
fund established by the National Housing Act.
Up to Jan. 1 these insur¬
ance
claims,
less
collections
and
repossessed
property, amounted to
Government
from
its
beginning up to Jan. 1 was $23,454,886.
$5,376,504.
for
losses
modernization
on
National
Housing Act.
istrator this
Congress'
and repair loans insured under Title I of the
the suggestion of the Federal Housing Admin¬
fund of $200,000,000 was made available by the
a
amount
At
reduced at
was
defining
in
the last session of
loans
It
made.
Title I have
been
is
thought
that
liquidated, at least
The
for operating costs has been used to
carry out the modernization and repair program under Title I, the emer¬
gency part of the Act which expires on April 1, from which the Adminis¬
tration receives no revenue, and in laying the foundation for the successful
A
large
of the
part
expenditure
These items represent non¬
Some of the insuring offices
in populous centers are now producing sufficient revenue through mortgage
insurance premiums and valuation fees to pay their expenses.
Revenue
is
now
coming into the FHA through mortgage insurance
premiums and valuation fees at the rate of around $500,000 a month.
This will increase as the volume of business grows.
It is believed that
insured
the
operation
of
recurring
expenses
eventually
all
meet
to
reserves
system.
Administration.
will be self-sustaining,
mortgages insured.
organization
entire
the
mortgage
to the
losses
on
tested
by the estimate that approximately 270,000 non-farm dwelling
constructed in 1936.
A further improvement is in prospect.
units were
It is con¬
450,000 non-farm dwelling
too precipitate rise in building
servatively estimated that between 400,000 and
units will
does
costs
during 1937 if a
constructed
be
During he last six months of
eligible
loans
non-farm
homes
on single-family
the FHA plan.
for insurance
financed' under
were
represented
by the FHA.
value of all
1936 newly-constructed homes
approximately 55% of the total value of mortgages accepted
For the same period, approximately 40% of the estimated
mortgage
State
States, and, together with the States,
newly-constructed
is engaged in a continuous process
...
Old-Age Benefits Program
old-age benefits program which will soon become the largest
The
activity
the
Board has been in its preliminary stages during
of the Social Security
The Board regards this plan as directed
objectives: - (1) Payment of benefits to qualified
period covered by this report.
three
primary
matter of right rather than on the
persons as a
basis of need; (2) budget¬
according to an
ing of the cost of old-age annuities to millions of persons
wise distribution between present and
future payments, and (3) provisions of larger and more stajble incomes in
old age for many individuals who have had little economic security in
orderly plan
the
effect
will
which
a
past.
mentioning establishment of the present "reserve system" as against
In
taxation, the
fundamental
theory of the present plan, "with its close relationship between earnings
a
the question cannot be considered apart from the
report says
and
of current
financed out
"pay-as-you-go system,"
possible
\•;
:'7
./•;'■ <'7':'
7"
benefits.
For Aid to Needy >
unemployment compensation law.
provision for aiding the needy aged,
dependent children, their funds could not keep pace with the
increasing demands upon them.
During 1934, State and local govern¬
ments spent about $77,000,000 for public assistance to these three groups;
but it was recognized that this expenditure did not meet existing needs.
The Federal appropriation of $128,000,000 for the three public assistance
programs for this fiscal year assumes matching appropriation by the States
of about $163,000,000.
This is expected to make some $291,000,000 in
combined Federal, State and local funds available for public assistance
to the aged, blind and dependent children.
Federal appropriations for the entire social security program for the
year ending June 30,
1937, total $467,269,000, exclusive of vocational
While
1935
only
to
the
had
State
an
some
and
rehabilitation.
tion
one
States had made
many
blind
the
of
cost
to the sums
addition
In
old-age
welfare programs,
retard further recovery.
not
uniformity among
says
of evaluation.
Before
Administration's mutual mortgage
Housing
of
with adequate
insurance fund in the
Treasury now stands at over $15,000,000.
This fund is available for the
payment of possible net losses under the insured mortgage system.
Of
this amount
$10,000,000 was supplied1 by the Congress as an original
revolving fund, and the remainder has been accumulated from premium
payments, valuation fees and other earnings.
By the 'end of the present
fiscal year the fund should approximate $20,000,000.
When the FHA came into being, home building was virtually at a stand¬
still.
In 1934 only about 50,000 non-farm homes were built in the entire
United States.
Evidence of the building revival now under way is furnished
The
lack
report
toward
will not be needed.
for such losses
State
each
them.
unemployment compensation laws are today, In
"experimental workshops" in which a variety of plans are being
The Board serves as a clearing house of
information for the
siderable
000,000, and the amount of the insurance was reduced from
of
where
where employment
Congress to $100,-
20% to 10%
after all claims for insurance under
$75,000,000 of the amount available
Coverage problems arise particularly
the employer-employee relationship is not
carries the worker from State to
sets up Its own requirements, there is a con¬
under State laws.
employments
in others
Since
State.
1035
.
coverage
certain
clear, and
effect,
'
Originally
Chronicle
sets aside for the first appropria¬
public
for
account,
reserve
includes $29,000,000 for
this
their
administering
unemployment
assistance,
and for other
grants to States to cover
compensation laws and
$30,800,000 to the Social Security Board for administrative expenses.
the
latter amount,
Of
$12,400,000 is a special non-recurring item for estab¬
the old-age benefit program.
1936, the five months of
preceding fiscal year during which funds were available, came to
$41,935,000.
Of this, only $28,445,292.50 was actually expended, because
of unavoidable delays in initiating State plana.
The increase hi appro¬
lishing initial
Federal
records under
wage
appropriations for February to June,
the
Mr.
McDonald, in his
comments upon the work of the
Housing Administration, stated that "we have set up a new
based upon the principle of insurance to spread
conservative,
standardized appraisals, long-term
monthly amortization, reasonable interest rates, and careful
consideration of the home buyer's ability
to pay. f He
system,
losses,
added:
is
before
been
in
made
the families buying homes
$2,500
only
vanished from the market two years
generally available for home financing on fairer terms than
the history of the country.
The acquisition of a home has
easier and safer for the family of moderate income.
Over half
now
ever
of
which
in
State
nation-wide
The
under the FHA plan have annual incomes of
lees.
or
the Act,
of
the
report
"The
of Social Security Board—Over
Applications
Received for Old Age
Under Social
Security Act—18,000,000
Covered By Unemployment Laws
broad
as
are
the provisions
even
face
with the Federal aid given them
difficulties in financing their
serious
from
a
sorry go
fell
destitution
of it if the whole burden of keeping
its provisions,"
upon
the report
asserts.
it is the reasonable certainty of what industry can provide that
it
to undertake
possible
for
the way
threat to
Report
States
many
plan would make
fact,
makes
First I Annual
that,
points out
it
Act,
people
"In
rapidly approaching
provisions is
conviction that,
its
of the security program.
part
a
all
under
...
emphasizes
it does not provide complete security in itself, and in the body
the
under
participation
scope.
Board
of
Mortgage money, which had almost
ago,
priations for 1936-37 in comparison with those of 1935-36 represents first,
a
12 months' as against a five months' budget, and second, a program
of individual thrift.
opportunities
government
hazards
the
lessens
and
its
task.
personal
of
carries
It
On the contrary, it
no
enlarges the
provision."
22,000,000
Benefits
Workers
In its first annual
report, submitted to Congress Feb. 8, the
"endeavored to
allocated to it in the Social
Security Act."
The report cites the progress in establish¬
ing a national program of old-age benefits; in developing
State systems of unemployment compensation, and in pro¬
viding assistance to the aged, blind and dependent children
through Federal and State cooperation.
With the steps preliminary to inaugurating the old-age
benefits system on Jan. 1 being completed as it went to press,
the report states that over 22,000,000 applications for bene¬
out the responsibilities
already
accounts had
been received.
In the matter of
unemployment compensation some 18,000,000 workers are
now covered by the
laws of 35 States and the District of
Columbia which have been approved by
Board
to Jan.
prior
the Social Security
The following, sum¬
issued
1 of this year.
marizing the report, is also from an announcement
by the Social Security Board:
With
but
all
assistance
1,500,000
persons
and
Federal
seven
State
f
States participating
in
one
or
more
of the
public
by the Social Security Act, approximately
were by January receiving regular cash payments from
funds.
For assistance to the aged, 42 State plans have
programs
been approved,
set
up
28 for the blind and 27 for dependent" children.
sub¬
Public health programs have been
expanded and strengthened in 51 States and territories; maternal and
child health programs in 50; programs for child welfare and services to
crippled children in 42.
Vocational rehabilitation is operating in 48
Under
stantial
welfare
progress
and
States
provisions
administered by other Federal agencies,
has also been made.
territories.
Federal-State
Problems
the report points out, must be measured not only by the
number of persons benefited and the amount of money spent, but by the
effectiveness of the service rendered.
The report commends State legis¬
lators and administrative officers, who, "laboring under great obstacles,
have made notable achievements" in getting programs under way.
Progress,
The major
In
of
of
of
spite
of
as
public assistance obstacle in many States is that of financing.
gains made in extending assistance to an increasing number
the Board and cooperating States realize that development
individuals,
has only begun.
Outstanding unemployment compensation technical problems are those
determining wages within the meaning of the Social Security Act and
an
Period—$1,253,895,591 Canceled—$6,338,835,334 Ex¬
pended for Activities of Corporation
Security Board observes that it has
Social
carry
fit
Report of Operations of RFC Feb. 2, 1932, to Dec. 31,
1936—Loans of $11,376,180,999 Authorized During
adequate public assistance program
w
In
bis
monthly
report,
issued
15, Jesse H. Jones,
Corporation, stated
Jan.
Chairman of the Reconstruction Finance
authorizations
that
and
commitments
RFC
of the
the
in
31, including disbursements of
$878,280,932 to other governmental agencies and $1,799,984,938 for relief, have been $11,376,180,999. Of this sum,
$1,253,895,591 has been canceled and $901,765,090 remains
program
recovery
available
the
to
Dec.
to
borrowers
and
to
banks
in the
purchase
preferred stock, capital notes and debentures.
The relief
disbursements
include $299,984,999 advanced
directly to
of
Corporation, $499,999,939 to the States upon
Emergency Relief Administra¬
States by the
certification of the Federal
$500,000,000 to the Federal Emergency Relief Admin¬
provisions of the Emergency Appropriation
Act, 1935, and $500,000,000 under the provisions of the
Emergency Relief Appropriation Act, 1935, Mr. Jones said.
Of the total disbursements, $6,338,835,334 was expended for
tor,
istrator- under
of
activities
other than advances to gov¬
relief, and of this sum $4,347,approximately 69%, has been repaid. The Chair*
the
Corporation
ernmental agencies and for
508,632,
or
continued:
man
Loans
to
authorized
Of
400,532.
7,484 banks and trust companies aggregate $2,482,-
$450,724,104
this amount
was
withdrawn
or
canceled, $56,-
available to the borrowers, and $1,975,529,887 was dis¬
bursed.
Of this latter amount, $1,772,773,775, or 90%, has been repaid.
Authorizations were made for the purchase of preferred stock, capital
remains
146,541
debentures
and
notes
of
6,737
banks
and
trust
companies
aggregating
1,120 loans were authorized in the amount of $23,322,755 to be secured by preferred stock, a total authorization for pre¬
ferred
stock, capital
notes and debentures in
6,860 banks and trust
$1,273,508,864
and
•
of $1,296,831,619.
companies
drawn
of
and
$112,988,730
authorizations
Loans
closed
was
have
banks
canceled
borrowers.
have been
been
met.
authorized
aggregating
or
$110,575,786 of this was canceled or with¬
available to the banks when conditions
remains
for
distribution
$1,250,017,261.
withdrawn
and
to
depositors
$271,016,722 of
$48,777,455
remains
of
this
available
2,707
amount
to
the
$930,223,083 was disbursed and $821,649,187 has been repaid.
1036
Loans
>
Financial Chronicle
have
been
districts
/on
drawn
$64,866,618
in
drainage, levee and lrrigawhich $8,641,989 was with*
$130,964,325, of
$57,455,717 remains
and
disbursed.
was
available
to
borrowers.
the
'
cooperation
with
the
National
$10,720,440 of
this
$2,842,023 has been
and
Under
the
struction
or
canceled,
program.
$5,626,835
the
5(d),
Act,
withdrawn
was
borrowers.
In
which
June
19,
was
1934,
added to
the
addition,
the
$28,719,300 remains avail¬
Corporation
has
authorized,
or
agreed to, purchases of participations aggregating $19,452,090 of 858
businesses, $7,544,247 of which was withdrawn or canceled and $5,353,682
available.
The
$472,702,571.
were
value
sold1 at
of
has
Public
of
a
purchased
Works
2,016
from
the
Federal
issues of securities
Emergency Admin¬
having par value of
Of this amount securities having par value of $345,022,909
premium of $10,467,874 (including securities having a par
$51,401,512
sold to issuers prior to
maturity at a premium of
$322,799).
Securities having par value of $8,858,022 purchased from the
Federal Emergency Administration of Public Works were
subsequently col¬
lected
at
Securities having par value of $118,821,640 are still
In addition, the Corporation has agreed to
purchase, at par, to be
held.
maturity.
held and collected
or
sold at
value of
aggregate
par
tration of
Public Works
Disbursements
later
date, such part of securities having an
$76,031,000 as the Federal Emergency Adminis¬
is
a
in
and
a
position to deliver from time to time.
repayments
follows:
poses were as
to
Dec. 31
for
all
pur-
j
Disbursements
Repaymente
$
Loans under Section 5:
$
Banks and trust
oompanles (lncl. receivers).—1,963,256,078.85 1,761,824,456.40
517,126,239.11
171,146,410,67
387,236,000.00
362,486,039.64
Mortgage loan companies
350,819,829.35
219,638,817.08
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations (lncl. receivers).
116,559,180.02
114,076,647.12
Insurance companies
89,519,494.76
85,489,288.87
Joint Stock Land banks
16,697,872.29
14,965,127.89
Livestock Credit corporations
13,101,598.69
12,695,099.92
State funds for Insurance of deposits of publlo
Railroads (including receivers)
Federal Land banks
—
.....
moneys
13,064,631.18
9,250,000.00
5,562,890.94
642,200.00
Federal Intermediate Credit banks....
Agricultural Credit corporations
Fishing industry
Credit unions
Processors
600,095.79
13,064,631.18
9,250,000.00
5,415,101.89
92,013.31
310,392.40
distributors for payment of pro¬
or
Canceled
14,718.06
14,718.06
3 ,656,694,469.76
to
Secretary
of Agriculture
2,943,712,385.15
Ala.Tenn. & Northern RR. Corp.
275,000
Boston A Maine RR
Carlton & Coast RR. Co
cotton
:..
3,300,000.00
Loans for refinancing drainage, levee and Irriga¬
tion districts
Loans to
public school
3,300,000.00
64,866,618.44
523,457.22
authorities for payment
of teachers' salaries
22,300,000.00
Loans to aid in financing self-liquidating construc¬
tion projects
22,300,000.00
-
(trustee)
Loans
Minn. St. P. ASS. Marie Ry. Co.
Loans
on
turpentine
Loans
on
tobacco
—
Other
Total loans, excl. of loans secured by
Purchase of preferred stock, capital
ik
F
562.45 repaid on loans secured by pref.
New York Central RR. Co
N. Y. Chic. A St. L. RR.Co..—
N. Y. N. H. A Hartford RR. Co.
Pere Marquette Ry. Co....
Pioneer A Fayette RR
375,635,096.63
128,464,977.44
6,925,985.16
161.15
17j602,526~94
Federal
disbursed
389,220,911.11
34,375,000.00
1,127,642,103.23
of
4,769,705.36
393,990,616.47
473,796,705.01
Administration
in
(now Land Bank)
Farmers
Joint Stock Land banks
to
the
railroad's five-year
490,000 at
a
To create mutual mortgage insurance fund
For other purposes
Sec. of Agriculture for crop loans to farmers (net).
Governor of the Farm Credit Administration for
revolving fund to provide capita for production
Credit corporations
Stock—Commodity Credit Corporation
Regional Agricultural Credit corporations for
purchase of capital stock (lncl. $29,500,000
held in revolving fund)
221
600,000
27,449" 000
18,200,000
34,200
3,000,000
28,900,000
3,000,000
17,000
4,475,207
750,000
6,000
300,000
2,806,175
18.672,250
300,000
7,995,175
117,750
18,672,250
1,200,000
162,600
22,000,000
200,000
200,000
~4"600
22,000,000
275,796
67,770
19.610,000
100,000
147,700
147,700
108,740
108.740
700"666
700,000
30,000
39,000
30,000
6,000
39,000
15,731,583
4,366,000
1
.403"66O
400,000
22,525
75.000
22,525
623.519,795 106,393,556 517,126,239 171,146,411
above loans authorized, the Corporation has approved,
upon
the performance of
4H% secured note, due Aug. 1, 1939, in the amount of $13,-
26,1933
an
40,500,000.00
97,000,000.00
878,280,931.56
299,984,999.00
4,330,288.00
499,999,939.13
Appropriation Act—1935-.
Relief Appropriation Act,
500,000,000.00
500,000,000.00
.1,799,984,938.13
Years
men
address
...
are
as
anxious
avoid
to
a
Feb. 9 before the Committee of One Hundred
on
4,330,288.00
Beach, Fla. What members of the Stock Exchange
hope to see, said Mr. Gay, is "a reflection in the securities
market of healthy industry, strengthened transportation,
steadily decreasing unemployment, and normal flow of new
capital flotations, just as we have seen these bulwarks of a
strong economy developing since early 1935." He urged the
business leaders of the country to seek to consolidate the
gains of the past two years before seeking new heights of
recovery, and he advocated a "statesmanlike leadership" to
"insure to the worker a wage which fairly reflects the value
of his effort, special opportunity to those who display initia¬
tive and intelligence, and a just allocation of business profits
to protect the right to work."
After discussing the progress that has been made by busi¬
ness since the low
point of the depression, Mr. Gay said in
part:
Now, nothing that I could say here or anywhere else could have any
Incisive influence
Interest on notes Issued for funds for allocations
and relief advances
and financiers
as
at Miami
10,000,000.00
36,000,000.00
115,000,000.00
Total allocations to Governmental agencies..
1935
Gay Urges Business Men to Avoid Condi¬
Creating a Boom—Says Greatest Progress
Made by
Consolidating Gains of Past
Be
they are to avoid a deflationary period, Charles R.
Gay, President of the New York Stock Exchange, said in
145,000,000.00
2,600,000.00
55,000,000.00
For relief—To States directly by Corporation
To States on Certification of Federal Relief
Administrator
R.
tions
boom
44,500,000.00
3,108,278.64
11,703,252.92
Expenses—Prior to May 27, 1933
25,000
27,499,000
18,200,000
7,699,779
28,900,000
discount of 1%, equivalent to $134,900.
Business
Federal Housing Administrator:
Grand total
25,000
27,499,000
18,200,000
7,700,000
29,500,000
3,000,000
'"206
Note—Loans to the Baltimore A Ohio RR. Co. outstanding, amounting to $69,959,923, are evidenced by collateral notes of the railroad in the total face amount of
$70,094,823.
Part of the outstanding loans was refunded by acceptance of the
Two
200,000,000.00
117,869,400.00
for loans to:
Total for relief
220,599
23,200,000
19,610,000
100,000
——
Can
Commissioner
Federal Farm Mortgage Corp. for loans to farmers
Under Emergency
Under Emergency
1,070,599
conditions.
Charles
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp..
Capital stock of Federal Home Loan banks..
Since May
785,000
1,070,599
principle, loans in the amount of $31,463,250
Allocations to Governmental agencies under pro¬
visions of existing statutes:
t.
23.134,800
99,200
785,000
700,000
30,000
45,000
Wabash Ry. Co. (receivers)— 15,731,683
Western Pacific RR. Co
4,366,000
Wichita Falls A Southern RR. Co.
400,000
Wrights vllle A Tennille RR
22,525
6,338,835,334.20 4,347,508,632.17
Loan
621,153
62,500
2,300,000
354,975,065.01
Total
Farm
95,000
Public
Works security transactions....
Bi
520,000
985,000
6.843,082
99,200
Texas Southern-Eastern RR. Co.
Tuckerton RR. Co..
specified
for
_
Emergency
744.252
162,600
Texas Okla. A Eastern RR. Co..
Texas A Pacific Ry. Co
In addition
20,000,000.00
preferred stock)
Total
3,500,000
800,000
2,550,000
50,000
17,000
Sand Springs Ry. Co
Southern Pacific Co
Totals—..
stock).-1,073,267,103.23
Purchase of stock of the RFC Mortgage Co
Loans secured by preferred stock
of insurance
$100,000
3,000
6,000,000
7,916
520,000
25,290,000
8,500.000
800,000
2,550,000
197,000
22,667
1,000,000
7,995,175
18,790,000
notes and
debentures of banks and trust companies (In$18,148,730 disbursed and $4,779,-
(Including
—
Mobile A Ohio RR.Co. (receivers)
M urfreesboro-N ash vllle Ry. Co..
eluding
companies
6,000,000
13,915
pref.stock.4,737,396,525.96 3,598,542,950.69
t
the purchase of
1,061,000
354,721
99,422,400
100,000
2.300,000
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Salt Lake A Utah RR. (receivers)
18,924,899.62
100,000.00
-
15,000
10,539
100,000
2,300,000
20,177,690.67
11,121,088.48
6,330,150.74
.......
Other
Loans to Rural Electrification Administration...
627" 07 5
227,434
8,176*000
785,000
Missouri Southern RR. Co
Sumpter Valley Ry. Co...Tennessee Central Ry. Co
on corn
Loans
16,582,000
4,475,207
300,000
454,416,480.74
133,764,916.46
6,925,985.16
8,299,628.36
53" 500
23,134,800
Missouri-Kansas-Texas RR. Co.
Southern Ry. Co
cotton
on
8.300,000
1.481,000
500,000
71,300
4,690
3,000
90,000
1,729,252
6,843,082
Pittsburgh A W. Va. RR. Co
Puget Sound A Cascade Ry. Co..
ing of agricultural commodities and livestock:
Commodity Credit Corporation for:
538
53*500
2,550,000
200,000
2,691,953.46
10,949,318.69
838
Meridian A Bigbee River Ry. Co.
54,653,309.70
495,000.00
155,632
4.338.000
8,081,000
3,182,150
219',606
800,000
20,224,586.66
74,713,569.36
1,872,500.00
12,273,808.05
*
2,098,925
53,600
60,000
53,500
8,300,000
3,182,150
Erie RR. Co
16,582,000
Eureka-Nevada Ry. Co
3,000
Fla. E. Coast Ry. Co. (receivers)
717,075
Ft. Smith & W. Ry. Co (receivers)
227,434
Ft. Worth & Den. City Ry. Co..
8,176,000
Fredericksburg A North. Ry. Co.
15,000
Gainesville Midland Ry.(receivers)
10,539
Galv. Houston A Hend. RR. Co.
1,061,000
Georgia Fla. RR. Co. receivers).
354,721
Great Northern Ry. Co
105,422,400
Greene County RR. Co
13,915
Gulf, Mobile A Northern RR. Co.
520,000
Illinois Central RR. Co-——- 25,312,667
Lehigh Valley RR. Co
9,500,000
[11,414,151.28
Loans to mining businesses (Section 14)
...
.oans on assets of closed banks (Section 5e)
Loans to finance the carrying and orderly market¬
140,000
5,916,500
46,588,133
1,439,000
15,340,000
1,150,000
13,718.700
8.300,000
28,925,300
500",666
Denver & Rio Grande W. RR. Co.
Denver & Salt Lake West. RR.Co
—
45,503
230,028
464,298
464,298
Copper Range RR. Co
Maryland A Penna. RR. Co.
12,150.477
41,300
535,866
1,000
60,000
Litchfield A Madison Ry. Co
Maine Central RR. Co
605,367
234,757
150,000
3,124,319
35,702
10,398,925
28,978,900
Columbus A Greenville Co......
240,974,761.33
Loans for repair and reconstruction of property
damaged by earthquake, fire, tornado, flood
Loans to aid In financing the sale of agricultural
surpluses in foreign markets
Loans to Industrial and commercial businesses..
53,960
13,200
Charles City Western Ry. Co
Chicago & Eastern 111 RR. Co
5,916,600
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,439,000
Chic. Milw. St. P. & Pac. RR.Co. 15,840,000
Chic. No. Shore & Milw. RR. Co.
1,150,000
Chicago R. I. & Pac. Ry. Co
13,718,700
Cincinnati Union Terminal Co—
Colorado & Southern Ry. Co....
22,500
7.569,437
500,000
140,000
Pennsylvania RR. Co
and other catastrophes
14,600
7,569,437
53,960
549,000
3,124,319
Central of Georgia Ry. Co
Central RR. Co. of N. J
3
127,000
275,000
2,500,000
634,757
400,000
82,110,400
41,300
Alton RR. Co
2,500,000
Ann Arbor RR. Co. receivers)—
634,757
Ashley Drew & Northern Ry. Co.
400,000
Baltimore A Ohio RR. Co. note). 82,125,000
Birmingham & So'eastern RR.Co.
41,300
Repaid
$
127,000
Mobile A Ohio RR. Co
purchase
to
Disbursed
$
Aberdeen & Rockflsh RR. Co.—
Missouri Pacific RR. Co
Total loans under Section 5
Loans
or
Withdrawn
$
Mississippi Export RR. Co
cessing tax
(as
Authorizations
Authorized
Buffalo, Union-Carolina RR—..
Corporation
istration
withdrawn
31, 1936):
Recon¬
the
or
the amount disbursed to
repaid by each are shown in the following table
of Dec.
was
has
remains
railroad, together with
r
canceled and
or
each
and
1937
13,
following tables, contained in the report, shows the
repaid.
Corporation has
1,892 loans to industry aggregating $131,337,462.
$34,458,743
amount
to
Corporation
Recovery Administration
withdrawn
was
provisions of Section
Finance
authorized
of this
amount
The
Feb.
loans authorized and authorizations canceled
for
and sixty-two loans, aggregating
$16,347,275, have been
through mortgage loan companies to assist business and indus¬
disbursed,
able
611
hundred
authorized
try
refinance
aggregating
canceled
or
One
authorized to
19,885,322.69
9,036,986,526.58 4.351,838,920.17
tionary period.
individuals
or
upon
conditions making either for
Too often
of groups
a
Such power simply does not exist in
men.
The power
a
boom
or
a
defla
misconception arises about the influence of
of men to "make
a
market," for weal
the hands of
which produces boom
or
any man or
or
woe.
groun
cf
deflation is generated solely
Volume
is
through the underlying factors of the industrial, and business and credit
What
fields.
one
man
might say publicly or what a group might do to
arouse
public interest In securities might create
unless
those
basic, such
fundamental
influences
securities
which
reflect
prices
to prevent inflation."
He believes that a few simple
changes in our economic
and says that one of the
has been the common
banking practice of lending bank credit, as distinguished
from savings, for financing the construction of new capital
goods. This practice brought about the construction of new
apartments, hotels, factories, and the addition of manufac¬
turing equipment, to the point where none of it was profitable.
are
structure
effect would be transitory and the effort would be a failure
an
chief
tojbe recalled with regret.
know
I
that
in
this
room
gathered many Influential
are
decisions and acts during the recovery period have been, and
of great Importance.
to be,
You
,
are
men
whose
will continue
ranked among the large employers of
labor, among the directing minds of industry, among the managers of sub¬
stantial credit resources, among the prominent investors of this country.
The auspices under which this meeting is being held, of themselves,
a\wide sphere of business influence, centered
suggest
Dr.
for the time being in Florida.
intelligence.
expansion.
as
well
as
Such growth does not include
boom or over-enthusiastic
a
Such growth takes into due account the full interest of labor
of capital.
Such growth girds itself against occasional set-backs,
and includes planning which, while always preparing
takes pains to see that each forward step is upon the
for the further future,
solid ground of economic
experience.
No, we do not want again to encourage either hope or action incited
the expectation of a boom.
tion of
a
year or two
For very many of
by
I am sure, the contempla¬
we
know from experience that high levels
of production in particular lines, when maintained evenly,
modities.
,•
havejnflation.
It behooves every economist,
legislator land intelligent citizen to take
stepipossiblejtojprevent the development of inflation, because with
the increasing severity^of each depression, and with the prolonged suffering
attending the one^from which we have just emerged, it is doubtful whether
our
American form of government and our American system
another
The
»
»
Adverse
of us will be
That is going to require business statecraft of a high
You in your factories and offices, on your railroads
will have
and in your
distinct duties and responsibilities; we of
power plants will have your own
Recovery—continued recovery—is
ours.
viewed philosophically.
Business men must grapple with
be fulfilled.
realism if the promise of last year and the year before is to
Effect
of
Increase
Number of Justices of
in
UnitedJStates Supreme Court Cited by Frederic R.
Coudert
Dr.
Lowell,
President
Emeritus
of
Harvard University, Critizes Proposals of President
forecast increas¬
of 1935 and 1936 before seeking new heights of recovery, most
—
Roosevelt—Views
of
President
Among) the numerous criticisms of President Roosevelt's
to Congress
(given in our Feb. 6 issue,
of
for legislation to provide for the reorganization
States Supreme Court and other Federal
866)
page
United
the
by Frederic R. Coudert, who contends
courts has been one
that the legislation in forcing the
70
over
result in
or
retirement of the justices
enlargement of the court from nine
an
to 15
would give the President power
acter
of
too,
field of Industrial relations.
A
the court.
to change the char¬
of the judges, he
forced retirement
six
Mr.
New York "Times" of Feb. 7,
which, in part, further reported him as saying:
injure
would
says,
+
Bar
American
recommendations
that the present recovery stage is not free from
be said,
of
Association
hampering forces which will require diplomatic attention throughout the
It must
would survive
pressing problem before America today,
most
and with great speed.
'*■ If the business leaders ot America seek, first, to consolidate their gains
too precious to be
depression.
therefore, is to prevent the next depression, which is approaching us surely
steel products.
the security markets
left to the judgment of individual bankers
will
every
Imagination in regard to benefits to be extended to industries which con¬
order.
As long jaa^it jis jto^be
to whether or not bank credit shall be used for these purposes, we
as
protracted high plateau of steel production stirs one's
content, I think.
of bank
has been through the use
of inflation
credit in financing speculation, whether in securities, real estate or com¬
The wide implications to
finding more and more employment for capital.
sume
the past
Goodbar continued:
ing activity in related lines, bringing more and more men into employment,
a
necessary,
If we could hold what we have in many lines of
Industry, it would be enough; for
be drawn from
are
of inflation in
of progress in recovery like the broad results
years
of 1936 would be enough.
us,
all that
are
causes
The second chief cause
It Is because the interests represented here are national in scope that
I
take it upon myself to urge that in so far as possible, you join in a continu¬
ing effort to consolidate the recovery which has come to us: to proceed with
your part in promoting further recovery deliberately, with the directing
thought that sound growth must be gradual and must be accomplished with
depression, and to prevent depressions, it is simply neces¬
sary
But
transient flurry.
a
1037
Chronicle
Financial
144
position,
its
and
the
of
addition
justices would not expedite the business of the court
Benson, President of Chicago Stock Exchange,
Urges Brokers and Dealers Establish Definite PriceValue Relationship in Deals with Average Cus¬
tomer
T.
Coudert is thus quoted in the
in
R.
Thaddeus R. Benson, President of the Chicago Stock Ex¬
change, speaking before 150 members of the Iowa Investment
Bankers Association meeting in Des Moines, Jan. 28, urged
brokers and dealers to emphasize the security business from
and investment point of view rather than from a speculative
point of view and to establish a definite, accepted pricevalue relationship in their dealings with the average custo¬
mer.
Mr. Benson pointed out that with the advent of
Federal security regulation, the strengthening of state se¬
curity laws and the tightening of exchange regulation, pos¬
sibilities of fraud
were
at
a
minimum.
He said:
The big problem of the security business today is the
Coudert said
Mr.
the
that
Federal
lower
the
suggestion to expedite procedure
careful consideration, but the
President's
should
courts
receive
important and far-reaching part of the President's program was that
most
present nine
said that it
was not at all evident that the age of some of the justices had prevented
them from properly performing their functions.
"On the contrary," he continued, "not only Justice Holmes, but other
justices well over 70 years of age have shown a mental activity and power
in the dispatch of business which many younger men might, and do, envy.
Without particularizing, one more instance is that of Justice Brandeis,
whose mental acumen and power of lucid statement were never greater
dealing
the
with
Supreme
justices had been able to
than
at
80 years
detail
of
perhaps
declared
He
calendar
up
that
the
to date and
and again, Chief Justice Hughes, whose mastery
age;
capacity
work
for
have
been rarely
matched,
and
excelled in the history of the court.
circumstances, criticism of the court because of the age
never
these
"Under
control of the ex¬
of
whose
and
Court.
keep the
tent to which facilities are to be utilized to carry on the functions of pro¬
justices does not seem to me to be predicated upon adequate
of the present
viding media through which capital may be properly directed to industry
data."
Mr.
with logical distribution of risk.
Mr. Benson
pointed out that increasing volume in security
transactions had brought
one
forth warnings from
many sources
of which urged a government investigation to
how far prices are out
determine
Mr. Benson said
of line with values.
he did not think the facts justified the warnings,
he recognized
the dangers of speculation and
Our 1936 volume was
merce on
as
net income of the same corporations increased
Since Jan.
June of 1933, while the
1, 1936, these averages have appreciated 43%; but who will
deny that the average corporation has increased its income in somewhat
the
same
proportion?
86% last year.
Dividends paid by our listed corporations increased
Divide that by two and it stiU equals the percentage of
increase in the averages.
It is proper to point out
"The
real
which
the
an
seventieth birthday, and to do this by indirection savors
constitutional right.
those justices, fearing the detrimental effects upon the prestige
their
"Should
court of such an increase of judges, retire therefrom, it would
give to the present Executive the power to change all at once the character
of the court in a fashion which seems to me to be inconsistent with the
spirit of the Constitution.
In my opinion, such a forced retirement would1
injure the position of our
great court as the ultimate defender of funda¬
mental
right against the temporary legislation of passing majorities, often
the pressure
acting upon
.
the
present justices
That will make people more
number of
15,
the business
customer, we are not likely to have a recurrence of an excessive specu¬
lative period like 1929 which none of us wants to experience
again.
Society
for
Stability
in
Money
The
and
of
1929
Situation—Points
to
Necessity of Preventing Inflation
In the view of Dr. Joseph E.
Goodbar, President of the
Society for, Stability in Money and Banking, Inc., "the
in this country is rapidly approaching the same
have
to
remain and the court be increased to the
of the court would not thereby be expedited.
presented, read the briefs and do
mind in regard to the case. • . .
legislative chamber, nor one which might,
hear
work of making up
has
court
of
never
been
a
cases
his
own
On the
be 'swamped' by the creation of Peers.
Lords,
concerning itself merely with the law and
will and must differ as to that interpretation
is obviously so, and 15 judges would1 differ as much as nine.
"It would, therefore, not lead to any greater certainty or unanimity to
increase the number of justices; but to do so at the present time and, in
contrary,
Banking Urges Changes in Economic Structure to
Recurrence
justice would
like the House
its
Avert
of a rapidly changing and sometimes hysterical-^
"Should
Each
of
"The passage by Congress
bill
public opinion.
value.
the
assault upon a
of that great
insist on a definite price-current earnings relationship for the aver¬
Goodbar
prevent
proposed
present
the individual
Dr.
shown that
could hardly fail to be looked upon as a
Congressional attempt to oust those judges of the Supreme Court who have
of
cautious and tend to retain a reasonable equilibrium; but to condemn all
age
had
whole situation is connected with present
propositions from being considered from a
general and abstract point of view," he added.
prices as having no relation to value today is, I believe, without basis of facts
we
States
that age had rendered signal service on
over
the dangers of purchasing securities at price,
that appear to have no relation to
If
the
in
1
difficulty of the
circumstances
of
74% for 1935 over 1933.
experience
able, although many judges
passed
compiled by the Chicago Journal of Com¬
Jan. 1, 1936, had appreciated 48% since
that
the Supreme Court.
Our 1935 volume was 22%
81% ahead of 1934.
Twenty issues
a recurrence
He continued:
of 1929 market conditions.
ahead of 1934.
although
said
Coudert
general proposition that judges should retire at the age of 70 was debat¬
it
has been a body
interpretation.
That
men
view)of present problems,
would, in
has
my
happened
At
so
greatly to augment the personnel of the court
judgment, more seriously affect the court than
since the ill-fated
Minneapolis,
on
anything that
decision of the Bred Scott case."
Feb.
the American
5,
Bar
Frederick
H.
Stinchfield,
Association, criticized the
situation
President
point that existed in the summer of 1929 and unless effective
measures are applied at once, within 24 months the country
will find itself on the brink of another serious depression."
Dr. Goodbar, whose views were presented in a statement
issued Feb. 8, says that "banking science through taking
the proper measures can stamp out the black plague of de¬
pression, just as medical science has exterminated its black
plague. The inevitable consequence of any kind of inflation
recommendations of President Roosevelt and said they were
of
"out of line" with the Constitution's segregation of
official
Pointing out that Congressional legislation in the
last four years had proposed "extraordinary changes," Mr.
Stinchfield observed that the Supreme Court had invali¬
dated some measures "because they invade the fundamental
powers.
rights of citizens and States."
In part (to quote from the
Associated
to say:
Press), he went
on
Financial Chronicle
1038
The
Administration
been
has
utterly dissatisfied -with
the decisions
of
[to validate the legislation] one is now
This proposal is not that the Constitution be
speaker on railroads, Professor George W. Edwards of the
College of the City of New York, told the conference on
changed by the method expressly provided by that instrument.
place of that, the method proposed is to place on the Supreme Court
In
1937
13,
Bankers Association, told .the Mid-Winter
Trust Conference held under the auspices of the American
Bankers Association in New York City on Feb. 10.
Another
of the Investment
the Supreme Court.
Of the many methods discussed
proposed by the President.
Feb.
with the present
Feb. 11 that railroads do not fail because of the size of their
sympathetic minority, give a majority on the Supreme Court; thus the
legislation will be upheld.
With that method of changing the Constitution, I am not in sympathy.
Its indirection alone is sufficient ^objection.
A stronger objection is that
the Constitution itself provides a why for amendment.
It is proposed that
ali branches of
the government—legislative, executive audi judicial—be
placed in the Executive's hand.
debt, since good carriers generally have a much greater pro¬
portion of debt per mile than poor roads.
Other speakers before the conference included Merrill
Anderson, President of Merrill Anderson and Co.; Tom K.
Smith, President of the American Bankers Association; L. H.
Roseberry, Vice President of the Security-First National
Bank of Los Angeles, Blaine B. Coles, Vice President of the
First National Bank of Portland, Ore. and Robert A. Jones
Personal Trust Officer of the Guaranty Trust Co. of New
opinions are 'already known and who will,
whose
men
The
entirely out of line with what
too great and
is
power
have
we
be the basic superiority and protection of our fundamental
that the powers of government be distributed into
supposed to
law, the Constitution,
three
departments—legislative, executive and
indicated
Stmchfield
Mr.
that
judicial.
the
York..
expression of
opinion represented his own personal views, and in no way
was to be regarded as the attitude of the Bar Association.
Dr. A. Lawrence Lowell, President Emeritus of Harvard
University, now 80 years of age and an authority on gov¬
ernment and law, had the following to say, in part, in
Boston on Feb. 10, in an address, said the Associated Press
(according to the New York "Herald Tribune"), transcribed
by the National Broadcasting Co.:
bill
The
Never
the
on
courts
before have
pending
now
vacancies
in
Congress
created
conditions,
has
double
a
and the
aspect:
other,
One,
its relation
its permanent effect
be able to
examined.
One
is
based will neither of
the
that
United
burdened, that their work is in
States
courts
if
at
are
than I could give now.
bonds.
In
the ability of the
sufficient to protect all conservative railroad
7:'
■'
,
V"'
when the Transportation Act Was
railroads to
to restore the
of
; i.'.v
P'-:/;',
,
recognized than it was in 1920
a
passed, and therefore that while the effort
conservative basis again may fail, the prospects
far greater now than they were in 1920.
success are
old days, your bonds have changed in status for the worse be¬
Since the
cause
the margin of earnings
has declined so as to reduce the ability of the
industry to weather storms.
I purposely chose as the title of this address.
"Changing Status" not "Changed Status" as it is my hope and belief that
will again
the future the relationship between earnings and expenses
in
change and this time change for the better.
impartially
;
<
-
Extracts from Professor Edwards' address as summarized
over¬
by the American Bankers Association, follows:
and that, to perform it properly,
arrears,
as to
regard to the future, therefore, while I can give you no assurances, I
do feel that the problem is more clearly
Contrary to the usually expressed opinion, the railroads as a whole have
debt over the last quarter of a century, but
judges are required.
more
Personally I have little fear
the next depression a return
in order
present
I do not remember any such arguments
and it Is my belief that the improvements
industry, if it is freed from unfair competitive conditions, to earn prior to
present political
the institutions of
them hold water
to the earning power of our railroads has
in traffic that are now under way will give a better answer to the question
For it is not a purely emergency measure to meet a tempo¬
rary difficulty but an enduring statute, altering permanently our judicial
institutions, and as such it must be judged.
The two principal grounds
which the bill is
as
since the depression.
in the pre-depression rate cases
the country.
on
This doubt
it.
earn
arisen largely
to
upon
the Government to permit the railroads to earn
adequate return does not in itself afford any guarantee that they will
an
change its complexion.
Never has it been enlarged that the Adminis¬
tration might control its opinions.
That its language is general, applying
permanently to all Federal judges over 70, conceals from no one the fact
that it enables the present Administration to appoint six new judges to
the Supreme Court who will be expected to produce a majority on constitu¬
tional questions favorable to the President.
bill
V.
/; H
.
Iam fully aware that for
to
The
;
Dick, in discussing the level of permissible railroad
earnings, said: .1'', '•
unprecedented.
is
the Supreme Court been
on
'
,
Mr.
above
shown little Increase in their
notwithstanding this fact many roads collapsed during the depression,
Supervisors of State Banks Protest Against Branch
Banking on National Scale—Also Seek Exemption
of State Institutions from Social Security Act
Professor
resolution
condemning the establishment by National
banks of branches beyond the confines of the State in which
satis¬
position of
railroads, he said, and moreover, the generally accepted tests such as the
operating ratio, the current ratio and the maintenance ratio are
in determining the
the parent
organization is located was adopted on Feb. 2
by the Executive Committee of the National Association of
Supervisors of State Banks. The committee had been in ses¬
sion, in Washington, Feb. 1 and 2.
Branch banking, if any,
said
"New Standards for Transportation
who spoke on
Debt and capital structure therefore do not serve as a
factory basis for determining the soundness of the financial
-
A
Edwards,
Securities."
New York, New Jersey, Connecticut, Mas¬
sachusetts and other New England States
railroad bonds
as
also useless
soundness of a railroad bond.
"likewise the legal tests of
for establishing the eligibility of
legal investments for savings and trust funds, have proven
unsatisfactory as judged from investment experience during the past
de¬
"These state requirements should therefore.be
the extent to which branches may be established should
be a matter for the several States alone to determine, the
pression," he continued.
committee agreed.
Newspapers and direct mail advertising are the main
media upon which trusts must depend for advertising in
1937, Mr. Anderson told the conference on Feb. 9.
News¬
papers are most important, he said, because trusts should
endeavor to reach not only a prime list of preferred prospects
or
revised in the light of this experience
Luther A. Harr, Secretary of Banking for Pennsylvania,
is Chairman of the Executive Committee, announced
who
Feb. 2 that the committee, after adopting the resolution,
on
called
on
Representative Robert L. Doughton of North
Carolina, Chairman of the House Committee on Ways and
Means, and Senator Pat Harrison of Mississippi, Chairman
of the Senate Finance Committee, to protest against dis¬
crimination against
Act.
lias
It
been
all
exempts
held
.
by recent rulings that- the Social
National
banks
and
State
members
Security Act
the
of
Federal
System from the operation of the Act.
The
the
National
law
be
Association
amended
to
proportion of the general public who would
trust mailing lists.
Broad constructive
education in the advantages of trusts, he continued, is pos¬
sible only through a mass medium like the newspapers.
Mr. Anderson added, in part:
.
of
State
place all
is
therefore
banking institutions
on
the
The
resolution
condemning
unlimited
Of
now
regulated
banks to
lished
various
establish
by laws
of
the
same
branches wherever
by State institutions, but there is
conditions
under
which
Federal
branches
National
no
are
of
in the community
establishment
of
branches
in
character
by
a
National
of business is located and then
only subject to all of the laws, rules, regu¬
lations, limitations, approvals and requirements which are prescribed for
the establishment of branches of whatever character
by State institutions
the
particular State.
"Congress is to be memorialized to amend the existing
laws to carry into effect the spirit and intent of
this resolution," the Association said.
Federal
of Railroad Bonds Analyzed at Mid-Winter
Trust Conference in New York by Fairman R. Dick
and Prof. Edwards—Other Speakers Discuss Varied
Problems of Trust Business
The future of railroad bonds depends upon whether the
railroads will be permitted to earn
enough money prior to
the next depression to enable them to survive
it, Fairman
R. Dick, Chairman of the Committee on Railroad
Securities
who is frankly ignorant of
any
financial question.
If this sounds unlikely to
probably just the man who needs to watch out for this reaction
self-conscious women.
Smith, who addressed the conference on Feb.
said that the future of the trust business
the continuance of the
on
10,
depends primarily
high standards which have brought
public approval in the past.
He also discussed the report
of the Securities and Exchange Commission in trusts and, in
that connection, said:
The report
of the Securities and Exchange Commission has already been
much discussed by all of you,
The members of your special committee,
in conjunction with others from the
had
a
American Bankers Association, have
number of conferences with the Commission concerning its report
and the proposed
federal legislation which may flow from it.
In
our con¬
ferences, we have proceeded on the broad basis that the objectives of the
Commission and the corporate trustee were
identical, the desire of both
being to give every fair and reasonable protection to investors; we differed
only in the method and the extent to which the corporate trustee would
be charged with
that nothing
Position
simple, relaxed basis of confidence
and believes that she is not only ignorant, but completely
the part of timid,
Mr.
permit National
to be estab¬
which the principal place
a
and his sheer physical impressiveness—all of which quali¬
incapable of grasping
on
conformity in respect to the
establish branches in
whatever
be on
valuable—is likely to terrify some woman
you, you are
>
of
are
money matters
banks may
banking association be limited to the State
in
ties
permitted
The resolution of the Executive Committee follows:
The
with the individuals who are asking these questions,
Too often the man who has been picked for a high
and understanding.
competition with State banks.
work at mere advertising.
publicity, or even with the best of speeches de¬
position in the trust world because of his unusual mentality, his prominence
by State institutions
laws
stop our trust education
All of these are necessary, but in addition you must
have personal contact
basis
establishment
the several States
States.
course we cannot
and that personal contact must
was
The establishment of branches in
on
livered by trust men.
asking that
adopted by the Executive Com¬
mittee as the result of report of a subcommittee appointed
in December to make a study of branch
banking, said an
announcement issued by the National Association, which
went on -to say:
'/;.>•
is
normally be
We cannot stop with news
Reserve
with respect to the applicability of the Social
Security Act.
National bank branches
a
now
,
Supervisors
substantial
but
not
State banks under the Social Security
Dr. Harr explained:
%
vices of
a
responsibility in the matter.
It is recognized by all parties
should be done to deprive corporations or investors of the ser¬
sound and responsible trustee, and to me this means that the as¬
sociation of banking and trust business
should!
not be disturbed.
What then is the outlook for American trust business 7
very
promising indeed.
is true of trust
I believe it to be
Confidence in banks is being restored, and the same
departments.
The ever more confusing tax situation, the
complicated and constantly changing investment problem, and the con¬
ditions nationally and internationally which make the future so
are
uncertain
causing many men of means to seek the assistance of trust companies.
You can help them in estate management
estate programs.
service and in planning their entire
This call for help will be an increasing one in direct
Volume
Financial
144
You
proportion to your preparedness to meet It with brains and ability.
Continue to apply
"Statement of Principles" and ten years
have just begun to develop trust service in all
the high ideals outlined in your
from
now you
its phases.
look back and wonder why any question was ever
can
raised
the
to
proposed
sion
Rosebbrry on Feb. 11 pointed out that the Comptroller
of the Currency has recently been expanding the scope of
examination of trust departments, and added:
any
satisfied with a mere balance sheet
No longer is that public official
and
He is becoming interested
the checking of trust securities in your vaults.
In your potential liabilities, your investment
and administrative machinery
and policies, your accounting systems, your
public relations and even your
fair warning of the
taking in the organization,
which the supervising authorities are
concern
issued by the
The subject matter of Regulation F recently
management.
Board of Governors of the Federal Reserve System is a
management and
Should we fail to
of our trust departments.
policies
businesslike and
promptly and intelligently put our fee schedules on a more
productive basis, we
of
reasonably expect that the Board of Governors
can
prescribe what it considers
for fees, applicable co all members of the
the Federal Reserve System may in due course
a
sound base and adequate rate
Federal
Reserve
System, which will in the opinion
them to meet the
prescribe, and
finally yield a reasonable profit to the institution itself.
There is impressive
precedent for such possible action.
This same board, under its Amended
Regulation Q, prohibited the further payment by member banks of interest
on demand deposits and also fixed a maximum of 2H % on savings deposits,
thus bringing order out of chaos in the matter of interest paid to bank
depositors, at a time when the very solvency of the members depended upon
"What
increasing their earnings.
such
major benefit to
a
Reserve Board, wisely
solution of
Might not similar action
chaotic fee problem,
our
accomplish
simple process this was to
a
banks!
ai least for all future business?
opening the conference on Feb. 9, Mr. Coles
said that one of the greatest problems of trust officers is the
lack of statistical information about the trust business.
He
In
address
an
added:
Fortunately, that condition Is about to be
Trust Division has for
remedied.
long time been at work on this
a
As you know the
problem and now
that
during which
you will hear from experts with whom I am not able and have no desire to
compete.
However, there is one step of far reaching significance which
the trust men of this country can take promptly and which I believe they
should take enthusiastically.
There are among my very close freinds in
with me on this matter,
Federal
Committee of the .Trust Division for
the formulation and promulgation of a Statement of the Ethical Obligations
says,
Trade
Commission
with "no
♦
Agreement
to
End
Automobile
General
Strike
Motors
Renewed efforts this week to
at
Plants
of
Corp.
terminate
the
"set-down"
strike at
plants of the General Motors Corp. brought agree¬
ment on a definite plan for the settlement of the strike,
a reference to which
appeared in Feb. 6, page 870. A series
of conferences of union leaders and company officials, held
at Detroit under the leadership of Gov. Murphy of Michigan
resulted in an announcement by the latter early in the
morning Feb. 11 that an agreement had been reached to end
the strike, and it was stated at the same time that the terms
would be made known at 11 a. m. that day.
With the
signing of the pact (Feb. 11) General Motors announced a
5-cent hourly increase for all its employees effective February
15, estimated to aggregate approximately $25,000,000 a year.
The terms of the agreement were summarized as follows
in Associated Press advices from Detroit:
1—The
corporation recognizes
2—The
the union
as
the collective bargaining
those employees belonging to the union.
corporation and
the union agree to
gaining negotiations on February
commence
16 with regard to
collective bar¬
the issues set forth
in the letter of January 4 of the union to the corporation.
3—The union agrees to end the present strike and
evacuate all plants
now^occupied by strikers.
4—The
corporation promises
operations in all strike-bound
to resume
idle plants "as rapidly as possible."
or
5—All
employees
to
are
return
to
work and
without
discrimination
against strikers.
6—The union agrees that
strikes
pending negotiations there will be no other
interference with production.
or
7—During existence of the collective bargaining agreement contemplated
all opportunities to negotiate shall be exhausted before any
of Trust Men,
courts
with records, papers and in¬
recognition" of the fact that many of
these records may have been obtained by the other agencies
"in confidence, under pledges of non-disclosure or in pur¬
suance of other statutes which prohibit publication." :
I refer to the proposal now
but I cannot refrain from speaking about it.
under consideration by the Executive
the
extend." Fur¬
the O'Mahoney bill would re¬
other branches of the government to furnish the
formation
You have three days before you,
the trust business some who will not see eye to eye
to which
embrace matters
thermore, the bulletin
quire all
of
of the division or touch on all
brief address to recount all of the activities
of the current problems.
shall
term
agency for
to try in this
business, nor do I feel it either reasonable or proper
trust
the
have held the Congressional powers does not
created a Trust Research Department
with^Gilbert T. Stephenson of Wilmington, Del., as Director.
I am not attempting to chart or point out ail the aims and possibilities
or
other form of business organization and thus to bring
commerce."
attempts "to destroy
judicial definition of 'commerce^ by a mere declaration
the
-
the Graduate School of Banking has
Trade Commis¬
the Act to individuals
authority to extend
within the Act any person engaged in
The pending bill, the bulletin said,
which the board may
by the Federal
exercised, provide the ideal method for a nationwide
our
O'Mahoney bill, but that the
the
would give the Federal
measure
"broad
that "only corporations"
true"
not
of the board, insure
which render trust service to enable
inherent and increasing risks of the business, furnish the
sufficient earnings to those institutions
standard and scope of trust service
"is
bulletin, it
would be licensed under
regarding the future of trust business.
Mr.
1039
Chronicle
other strikes or
production interference is attempted by the union.
8—After evacuation of plants the corporation agrees to dismiss the in¬
Control Over Individuals Seen by
Association
of Manufacturers in the
Federal
Unlimited
National
O'Mahoney
Licensing Bill, Calling for Federal
Incorporation of Businesses in Inter-State Com¬
merce—Comparison of Bill with Invalidated NRA
A
warning
invalid in law," and would re-estab¬
lish "unlimited and unfettered" Federal
viduals
well
as
bill
the O'Mahoney Industry Licensing
that
is "unsound in policy,
as
other form
every
control over "indi¬
method through
or
be done," is contained in a bulletin
issued under date of Jah. 29, and made public Jan. 31 by the
National Association of Manufacturers.
The bulletin, ema¬
which
business
may
nating from the law department of the Association, analyzes
it was pre¬
pared by James A. Emery, general counsel; John C. Gall,
associate counsel, and Raymond S. Smethurst, assistant
compulsory licensing features of the bill;
the
.
.
The
.
drastic
and'
control
of
matters
courts
have
wculd
adopt
of the
the
National
field
nite
.
"commerce,"
but
.
as
to
which
regulatory authority.
has no
Labor
Relations
the
They
but without repealing that Act.
Act,
The Federal Trade Com¬
drastic penalties.
mission would be given a
National
Board
The
trative
cretion
inquiry
agency
Act.
in
the
of
measure
violation
of licenses
Supreme
would
confer
would confer upon an adminis¬
Court under
drastic
constitutional
of
and
exile
from
the National
powers
guarantees.
commerce
for
of
Industrial
investigation
would
They
the most
bill
is
Federal control not
submit
to
now
designed
to
only
Federal
found in any Federal statute. .
under the Federal Trade
establish
over
and
permit
trivial viola¬
Commission
the internal structure of corporations which
incorporation,
but
to
reestablish
Federal control
virtually all the local, matters embraced within the National Industrial
Recovery Act and the host of codes formulated thereunder.
Comparing the O'Mahoney bill and the invalidated NIRA,
the bulletin quoted sections from both the Recovery Act
and the O'Mahoney proposal delegating- authority to the
executive branch
of
the
government.
necessitated by the delegation
Except for changes
of authority to the Federal
Trade Commission rather than the
President, says the bul¬
letin, the language in the O'Mahoney bill is shown to be
almost identical with that specifically condemned by the
Supreme Court in the Schechter NIRA decision. According
scope
in
success
re¬
of its original demands.
^A Detroit dispatch of Feb. 9 to the New York "Times"
discussed the negotiations between the company
follows:
;
General Motors statement declated
The
and union
that
General Motors
"what it believes to be a fair and honorable policy,"
sisted on
had in¬
one
that
would give the opportunity "to the representatives of any group of workers
to
negotiate any questions with the management, with the understanding
that any
advantages accorded
The statement pointed out
to one group
would be accorded
that the present series
to
all."
of conferences had
been held at the request of President Roosevelt, despite the fact that the
sit-down strikers
still in possession of some of the corporation's plants.
were
Yesterday's conferences began at 11
when
this field.
They would establish penalties novel in character and extreme in
The
over
pending
the
by
They
degree beyond anything
may
in
of the government the same unlimited and unfettered dis¬
condemned
revocation
tions.
Relations
provisions
Recovery
-
stricting the
dual and conflicting jurisdiction with that of the
Labor
Feb. 8 that the union had achieved much
on
In
employment relations they would create new and indefi¬
punishable with
During the conference held on Feb. 9, General Motors
a statement announcing that the company
was willing to have a secret ballot of its employees taken
to determine the proportion of those who wished to be rep¬
resented by the United Automobile Workers Union.
The
statement said that this proposal was not satisfactory to the
union.
It added that company officials were ready to re¬
spond to an early call by Governor Murphy to resume con¬
ferences "if in his judgment any good could result there¬
from."
John L. Lewis, Chairman of the Committee for
Industrial Organization, which
sponsored the strike, said
officials issued
are
.
They involve
sense
no
part of this measure the one-sided and arbitrary provisions
of local
offenses
the term
Congress
held
of the Act
voluntary.
features
They are in
within
not
uniformly
as
licensing
compulsory
far-reaching.
or any
members in Flint, Mich.
as
The bulletin concluded:
of the Association.
counsel
junction proceedings started by the corporation against the union
it
,
was
a
recess
was
a. m.,
taken until 7 o'clock.
the first one ending at 4 p. m.,
When the night session began
reported that it would be brief, but it continued into this morning.
W. S. Knudsen, Executive Vice-President of General Motors Corporation,
and Mr. Lewis spoke
by telephone yesterday with Edward F. McGrady.
Assistant Secretary of Labor, in Washington, and with Secretary Perkins
in New York.
Besides Mr. Knudsen the General Motors Corp. spokesmen were
son
Donald¬
Brown, Chairman of the Finance Committee, and John Thomas Smith,
General
Counsel.
Wyndham
For
Mortimer,
the
Union
the
Vice-President
conferees
of
General Counsel for the C. I. O.
the
composed
Union
and
Mr.
Lee
Lewis,
Pressman,
'
Governor Murphy declined to discuss the messages he
received Saturday
from William Green, President of the A. F. of L., and other Federation
leaders.
The only thing that Governor Murphy
respondence
was
would say about the Green cor¬
that he had not been asked specifically to open the door
of the conference to
representatives of the A. F. of L.
Under date of Feb. 8 United Press Accounts from Washingtion reported that the Executive Council of the A. F. of L.
on
that
vention
and
met
day for the first time since the Tampa con¬
overwhelmingly indorsed the suspension of
Lewis and his associates in the Committee for Industrial
Organization to discuss the automobile strike and other labor
problems.
In part these advices continued:
1040
Financial
has power to call
council
The
to futher
special convention of the Federation
a
punish the O. I. O. "insurgents," but this drastic step appeared
Chronicle
Feb.
help, who depend largely
upon
In freight
tips from passengers for income.
the steward's department changes
ships
1937
13,
are
as
Chief steward,
follows:
unlikely unless Lewis and his colleagues set up a permanent rival organiza¬
and
tion similar to the Federation.
cook and baker, $80 to $90; second cook, $70 to $80; messman,
Mr, Green declined to make the text of his telegram to Governor Murphy
and
steward
cook,
$110
admonition to warring factions in the auto strike
recent
to
settle their
differences about the conference table.
At the same time, Mr.
in
No Pay for Emergency
He said he didn't think "these matters should
be threshed out in the newspapers" and pointed to President Roosevelt's
Gredh impressed
as
indication
an
that the Federation had become an ally of General Motors,
"We do not want to be considered
an
It
was
"We will not try to start a rival union to the United Automobile Workers."
without
extra pay.
the steward's
department the working day at
sea
and in outports
would be fixed as nine hours within a spread of 14 hours on
freight ships
and at 10 hours within a spread of 15 hours on passenger ships.
and
ally of General Motors." he stressed.
agreed that boat drills and other emergency work for the safety
of ship, passengers or cargo may be required in excess of eight hours
In
the reporters that his action
upon
wiring Governor Murphy should not be interpreted
second
$47.50 to
cook, $95 to $105;
$40 to $50.
$57.50; messboy,
public when he met newspaper correspondents tonight at the close of the
council's initital meeting.
$120; Chief
to
at
terminal
ports the working day in that
eight hours between 6
a.
m.
and 7 p.
In home
department would be fixed
m.
The Federation head declined to comment on the sit-down strike, a new
in American industrial warfare.
He said It would be discussed
Goodyear Tire & Rubber Co. Plant in Akron Reopens
After Five-Day Shutdown—Union Accepts Com¬
pany Proposal
Activity on Pacific Coast Resumes with Termination
of
Shipping Strike—Terms of Agreements—New
Wage Scale of Atlantic and Gulf Seamen
Goodyear local of the United Rubber
on Feb. 7 to accept a proposal of
the Goodyear Tire & Rubber Co. to end the five-day shut¬
down at Plant No. 2 in Akron, Ohio. The workers returned
to their jobs at midnight, Feb. 7.
The plant was closed at
midnight, Feb. 2, after, said a company statement, union
workers had ordered a fellow employee out of a department,
allegedly for non-payment of dues. Approximately 5,000
workers had been affected. As to the agreement accepted by
the workers, Associated Press advices from Akron, Feb. 7,
had the following to say:
weapon
by the council.
With the ending of the strike last week, Pacific Coast
shipping this week began the trend to normal..
Maritime
workers returned to their jobs on Feb. 5 under what are
described as the shortest hours and best working conditions
of any seamen in the world.
Trans-Pacific American pas¬
senger ship transportation was resumed on Feb. 6 with the
sailing from San Francisco for the Orient of the Dollar liner
Hoover.
President
situation
The
the
on
West
Coast
on
Feb. 6, the first day following
to their jobs after the walkout
in
longest
the return of the workers
which lasted 98 days, the
shipping history, was described as follows in
Associated Press advices from San Francisco Feb. 6:
few
a
threatened to make waterfront trouble.
Employers said 50 of the 77 ships remaining in port here
Negotiations and Federal conciliators reported
strikes,
were
being
progress
This
was
a
strike
of
somewhere
between
2,000
and
5,000
crews
Negotiators reported a tentative accord on working conditions between
employers and the Mechanics Union, central organization in the strike.
The
which
Ship
was
Scalers Union and employers reached
tentative agreement
a
submitted immediately to a union vote.
Tugboat workers remained on strike, with no negotiations under way.
Eleven intercoastal ships of the Panama-Pacific Line faced the prospect
continued tie-up in Los Angeles Harbor when seamen picketed them
because the company had not signed the new West Coast agreements.
Termination of
the
Pacific
Coast strike
on
Feb.
4
was
issue of Feb. 6, page 871.
In that item
also made mention of wage increases granted to nearly
referred to in
our
member of the unlicensed personnel of 41 ship lines
operating from Atlantic and Gulf ports.
Atlantic and Gulf
seamen have also been on an insurgent strike in sympathy
with the Pacific Coast walkout; the strike of the maritime
every
workers
at
Atlantic
Gulf ports
seaboard and
settled
was
Jan. 24.
A
summary
workers
on
of the conditions under which the marine
work was given
the Pacific Coast returned to
United Press advices from San Francisco Feb. 4 to
the New
York "Journal of Commerce" of Feb. 5:
Sailors Union of the Pacific:
discussed at
vessels and $80
sea
that
similar to
Bailors.
on
A basic wage scale of
$72.50
schooners, an increase of $10;
month
a
on
control of the
given the
sailors and the same conditions
as
allowed the
f-
stewards:
nine-hour
day
on
An
passenger
cooks and
Marine
56-Day
cations ;
boats;
eight-hour day
on
as
Beneficial
Engineers'
Association:
scale of $125, a
an
increase of
Wage
of
increases
Longshoremen's Association:
a
A 95c. scale and
a
six-hour
Joint hiring hall operation.
day.
The
longshoremen alone failed to win a wage increase, but they strength¬
the
for
provision
their
six-hour
permitting
day,
overtime work at
$1.40 hourly rate.
The
on
shipowners
refused to give the cooks
and
stewards
eight-hour
an
boats and the masters and mates and engineers
preferential hiring.
passenger
union
In the New York "Times" of Feb. 3 the wage
granted
the Atlantic and
Gulf
seamen
were
a
system
Deck department:
to
increases
outlined
as
Able-bodied seamen will be increased from $62.50
$85; boatswain's mate,
to
$45 to $55; boatswain, $72.50
$65 to $75; quartermaster, $67.50 to $77.50;
carpenter, $77.50 to $85; carpenter's mate,
$65 to $75; storekeeper, $67.50
$77.50; deck boy, $50; watchman, $72.50.
Engine department:
Firemen
on
Ended
at
Canton, Ohio,
Corp.—Union Recognized
Sole Bargaining Agent
mately 100 union men,
since Dec. 10, vacated
of whom had not left the plant
Feb. 4. Operations were to have
some
on
been resumed
on Feb. 8.
With the signing of the agreement
ending the strike, Associated Press advices from Canton,
Feb. 3, reported:
...
The
controversy
affected
1,700
Hercules
Muskegon, Mich., branch plant.
workers
Charles Balough,
here
and
company
In^a
100
President,
said operations would be resumed next Monday.
Terms of the
union
as a
j
both sides said, included recognition of the
agreement,
bargaining agent for its members, seniority rights, consideration
of wage increases
three months hence if business conditions
so
warrant,
and possible adjustments in piecework rates.
The union's demands had included recognition as sole bargaining agent
and
blanket 22J4%
a
wage
increase.
Dick Coleman, organizer for the John L. Lewis Committee for Industrial
Organization, presided at
meeting of 1,100 union
a
men
in the City Hall
today and announced they approved the agreement unanimously.
An
unidentified
mediator
brought about the settlement but both the
company and union declined to disclose who it was other than to describe
as
"a business man."
Two Federal mediators, James F. Dewey and
Af, L. Faulkner, previously had sought to settle the dispute.
The strike indirectly made approximately 3,700
through the inability of customer concerns to obtain
The Twin Coach Co., of Kent,
Ohio, laid off 800
workers
other
idle
motors.
men;
the Cleveland
Tractor, Co., 900; the Federal Truck Co., of Detroit, 1,100, and the Dia¬
mond Truck Co.,
of Chicago, 900.
Incorporation of Labor Unions
State
Chamber
of
Urged by New York
Commerce—Resolution
Also
Adopted Opposing Delegation of Broad Discretion¬
ary Powers to President in Imposing Embargoes
On Feb. 4 the Chamber of Commerce of the State of New
on record in favor of the
incorporation and regu¬
York went
lation of labor unions and in
opposition to permanent em¬
bargo legislation "under the guise of neutrality."
Some
members, attending the regular monthly meeting in New
York City, voted unanimously in favor of a resolution which
declared that labor organizations and employers should be
held equally responsible for their unlawful acts or their
200
violation of contracts.
The
neutrality resolution condemned the delegation of
discretionary powers as to embargoes to the President
as contrary to established
principles of government.
Lewis R. Gwyn, Chairman of the Special Committee on
Industrial Problems and Relations, introduced the labor
union resolution which said that owing to the huge growth
of many of the unions, their handling of large sums of
money
and entering into contracts involving thousands of employees
and affecting the general public, the economic welfare of the
Nation demanded that hey should be brought under Federal
and State legislation.
To accomplish this and promote the
industrial peace and national economic welfare, the resolu¬
broad
follows:
month to $72.50; ordinary seamen, from
Strike
of the company signed a one-year agreement. Union officials
termed the strike the longest "sit-down" on record. Approxi¬
$15
basic
$10 increase; seniority preference in hiring; limita¬
An eight-hour day,
tion of work to radio duties.
International
"Sit-Down"
56-day "sit-down" strike at the Hercules Motors
Corp. plant in Canton, Ohio, terminated on Feb. 3 when
recognition of their union; cash for overtime.
Marine
a
be
meeting between company representatives and union leaders
freight vessels and
basic scale of $55,
a
monthly; union recognition; cash overtime.
American Radio Telegraphists' Association:
day
a
The
$10; and hiring hall control.
Masters, mates and pilots:
Wage increases of $15 monthly in all classifi¬
of
discrimination, including the employee involved in the
time this week.
some
him
hiring hall; payment of overtime in cash instead of time off.
Marine firemen, oilers, water tenders and wipers:
A basic wage scale
ened
without
the United Automobile Workers of America and executives
taken unless the situation was ironed out quickly.
wage
It was
would return
dispute.
shipyard
of three ships
Employers notified waterfront unions that "extreme action" would be
a
work
presented
was
Plant of Hercules Motors
refused to pass yesterday.
deep
by company representatives,
The agreement accepted today provided that all employees
,
workers, through whose picket lines the newly hired
on
up
meeting by John House, President of the union local.
unanimously.
toward settle¬
of which directly menaced the waterfront
one
peace.
we
drawn
proposal,
accepted
could be expected by Monday.'
gangs
ment of collateral
a
the
of
In addition, all questions regarding the shutdown and the dispute will
worked by 136 longshore gangs of 18 men each and that a "peak" of 175
of
The
to the union
to
Shipping gained momentum on the Pacific Coast today, although
small quarrels still
Members
Workers of America voted
oil-burning ships, from $62.50 to $72.50;
firemen on coal burners, $65 to $75; deck engineer, oiler and water tender,
$72.50 to $82.50; coal passer and wiper, $50 to $60; storekeeper, $72.50
tol$82.50.
tion held that it
was
essential that:
$10
1. General incorporation statutes for labor unions be enacted in order to
except men now receiving less than $40 per month, in which cases increases
facilitate their regulation and functioning after the manner of other volun¬
Steward's
will be $5.
department:
All ratings
on
passenger
ships increased
The exceptions include waiters, bus boys and other unskilled
tary organizations in the field of business
or
public welfare
Volume
144
Financial
2. Provisions be made that the privileges now
enjoyed by trade unions
under government auspices only be given to
incorporated unions.
3. Labor organizations be required to file statements of their receipts
and
expenditures, salaries paid, etc.; and their accounts
made available to the public as well as to their members.
be audited and
4.
Union elections be properly supervised; and
voting on such important
actions as strikes be taken by secret
ballot, provision being made for an
honest count and freedom from intimidation and
corrupt influence.
Frederick J. Lisman, who
as noted in our Jan. 16 issue,
383 propbsed at the January meeting that the Chamber
consider such a resolution, spoke at
length in favor of it at
the Feb. 5 meeting.
Referring to the automotive strike,
Chronicle
However
1041
"Statistical
a
Supplement" has been created which
previously carried in the "Re¬
view," for the benefit of "those who require their statistical
contains the detailed figures
data in its fullest detail."
Willard L. Thorp is editor of the new publication as well as
director of the Dun & Bradstreet Research and Statistical
Division.
Previously Dr. Thorpe was Director of the U. S.
Bureau of Foreign and Domestic Commerce.
page
New "Charco Charts"
"The
center
General
largely
irrespective of property rights, seems to
the question of whether the O, I. O. has the support of a
majority of employees; the taking of
a vote
has been suggested, but neither
neither party to the conflict seems to be
willing to take such a risk.
Both
sides assert that
a majority supports them.
Both sides assert that the
opposite side intimidates the employees.
There should be some way in
disputes of this kind of providing for a secret vote, absolutely free from
intimidation by either side.
-
"Compulsory and intelligent regulation should really help the 'good'
labor unions and labor leaders, because it will
largely prevent racketeering
and give the honest ones a higher standing in every way with both em¬
ployers and employees."
A report
from the Special Committee on National Defense
sponsored the neutrality resolution was read by
Howard C. Smith, Chairman.
The report said in part:
which
"Your committee holds that the
to remain neutral
Prejudging
a
one
and only way for the United States
is to be neutral in respect to all foreign controversies.
a
a
Charts" will be ready within a few weeks. The popularity
of "Charco Charts," it is stated, began last year following
their first issue among banks,
been well received by insurance managers of large
powers on
Charts" presents statistical information, covering over 250
percentage of insurance business in the United States.
The
"Charco Charts" for
are
to prevent the outbreak of
a war
in
other dangers of great moment inevitably associated with the
delegation of such
Foreign nations recognizing the fact that the
powers.
markets of the United
States may be
closed to them for the purchase of
commodities in times of stress, will and must for their very existence de¬
sources
expected to contain
are
progress
of the
com¬
panies.
Elihu
of
Former Secretary of State and
Secretary of War
Root,
Elihu Root,
citizens, who may be inclined to favor drastic embargo legislation in respect
to neutrality, do not appreciate that the United States is dependent upon
foreign
of supply for
sources
defense.
committee feels
former Secretary of State and Secretary of
War, died at his home in New York City on Feb. 7.
would have been 92 years of age on Monday next.
born Feb.
N.
of
attack
an
In
that
connection
various
with
the enactment
this
commodities
essential
for
phase of the question, your
of mandatory legislation relating to
non-existent facts and unpredictable conditions may easily result in serious
embarrassment through reprisals, should we become unavoidably involved
famous
pneumonia.
The resolution, as
Resolved, That the Chamber of Commerce of the State of New York,
while recognizing the wisdom of the Congress in its recent special embargo
legislation in respect to the conflict
now
raging in
Spain, nevertheless
and
McKinley.
From 1909 until 1915 he served
Mr.
Mrs.
Hull
one
not
as
they arise and
as soon
before, and therefore this
Chamber is opposed to permanent embargo legislation under the guise of
joins
in
family
of
the
President
United States
as
Tributes to the
Cordell
State
expressing
in
me
memory
of Mr.
in all walks of
Hull, in
of
services
American
relationships
was
deepest
our
bereavement.
career
leading
international
under
a
telegram
to
Elihu Root Jr., said;
your
his
War
of
but likewise from leaders
Root's son,
the
York.
Secretary of
Congress dealing with war emergency situations
determinable and
Secretary of
only from those prominent in the affairs
the Nation,
throughout
are
not
came
Secretary
was
Senator from New
Root
believes that the best interest of the United States will be served by the
facts and conditions
was
Roosevelt,
life.
adopted, follows;
internationally
was
He
State for four years in the Cabinet of President Theodore
of
in war."
His death resulted from
Root
Mr.
lawyer and statesman.
a
as
He
He was
Funeral services were held at Clinton,
15, 1845.
Y., his birthplace, on Feb. 9.
of supply in times of peace.
"Your committee is of the opinion that a large number of our fellow
as
1937
interesting changes in recent
many
the President to impose general or con¬
as an agency
which the United States has not vital interest.
national
industrial
leading fire, casualty and surety institutions doing the largest
ditional embargoes whereby the United States may become a party to the
imposition of sanctions
certain
The study has also
organizations. Bound in two ready-reference forms, "Charco
Death
conferring discretionary
velop other
insurance
trust companies,
companies and their agents and brokers.
"Your committee is strongly of the opinion that there is grave danger in
"There
by the
Reviewers Charts Corp., New York, the new 1937 "Charco
wholly unneutral situation, and
of war.
cause
announcement issued this week
an
on
situation before it arises by enacting permanent embargo legis¬
lation, may place the United States in
be
According to
Motors strike,
on
Containing Statistical Data
Companies, to Be Available Soon
250 Insurance
he said:
Your
sympathy to you and to
distinguished
inestimable value to
his
statesmen
father
our
influence
fine
felt throughout the world.
rendered
country.
for
As
peaceful
His passing is ft
profound loss to the Nation.
neutrality; and, be it further
Governor Lehman of New York paid the following tribute
Resolved, That this Chamber condemns the delegation of broad discre¬
tionary powers
as
as to
embargoes to the Executive branch of the Government
to the late statesman ;
contrary to the principles upon which our Government was founded and
under which it has
prospered for 150
For
than
more
half
century Elihu Root served his State and country
a
with great devotion and rare ability.
years.
Dr. Luther H. Gulick, a member of President Roosevelt's
Committee on Administrative Management, who was the
guest speaker, urged the Chamber to support the President's
and
He
was
a
constant worker for world
and for the principle of settling international disputes by diplomacy
peace
instead of by
arbitration,
intellectual
most
I have
men
distinguished
He
war.
known.
ever
was
New
one
of the wisest and most
York State has lost
of its
one
in the death of Elihu Root.
sons
five-point
Government reorganization program which was
submitted to Congress on Jan. 12.
He said that while the
plan proposed had for its objective efficiency rather than
economy, he felt confident that eventually it would result
in a substantial saving in the cost of operating the Govern¬
ment.
Vice-President, presided at the
meeting in the absence of President Winthrop W. Aldrich,
out of town.
was
was
the end of his
the
and
over
Review"
this monthly
for
which is
Monthly Review."
to the "Dun & Bradstreet
The change of
name
is only incidential
to the more fundamental alterations which have been
made,
that is to say,
scope,
"Changed format, enlarged editorial
and increased distribution."
"The Review" will take
issues.
no
editorial position on current
Its editorial policy is that its function is to present
information and discuss arguments impartially, leaving the
conclusions to be drawn by the individual reader."
Circulation of the
process
new
magazine will be stepped
up
by the
of distributing it "to the executive heads of sub¬
ex¬
tending mercantile credits throughout the United States"
as
to the
paid circulation list of its predecessor.
as
The
initial circulation is 47,656.
Recognizing that, to
many
readers, "the unique statistical
contributions of the Dun & Bradstreet organization in the
field of business failures, bank clearings, building permits,
price endexes and so on" is of interest only in summary form,
new magazine will report such figures only in substance.
the
No brief word of
effort
which,
development
tribute
for example,
the
of
two
can
suffice to
arbitration and
the
describe
he brought to bear upon the
Departments of War and of
great
which he successively presided at Washington;
of
and
nor upon
orderly
procedure of international justice.
years
many
I had the pleasure of knowing Elihu Root.
however, I met him only rarely.
his wit
guided
to the end.
us
He
of his
type are rare, indeed.
valued now,
of having
was
In
later
helpful, charming, tactful,
His understanding of human kind! and
his desire for justice and peace effected an
extremely wise counselor.
Men
He had the
one great quality, not sufficiently
large experience from which he drew abundantly.
a
On Feb. 9 the New York State Legislature recessed as a
"a very great American—Elihu Root."
A
resolution offered by Republican Assembly Leader Irving
final tribute to
M. Ives
was
adopted
on
Feb. 8 by both houses terming the
death of the former United States
Senator "an irreparable
loss to the whold world."
A
resolution
career was
stantially all establishments and financial institutions
well
For
years,
February is the inaugural issue of
successor
enabled to retain until
Felix M. Warburg commented as follows;
Monthly
Publication
"Dun's
so
legal institutions.
reform
was
long life that extraordinary vigor and clarity of mind that
much over several generations to the conduct of our political
constructive
State,
First Number of New
happy circumstance that Elihu Root
a
contributed
methods
Dun & Bradstreet Issue
qualifications possessed by Mr. Root;
rare
It
and
J. Barstow Smull, Senior
who
Thomas W. Lamont, of J. P. Morgan & Co., thus extolled
the
paying tribute to Mr. Root's distinguished
adopted Feb. 8 at a State meeting of the Associa¬
tion of the Bar of the
City of New York at its clubhouse,
Street, New York City.
The resolution was
presented by Judge Thomas D. Thacher, a former President
42
West 44th
of the Association.
On Feb.
8
Mayor F. H. LaGuardia announced that flags
public buildings of New York City would be at halfstaff during the funeral services.
on
all
A brief
biographical sketch follows,
York "Sun"
Mr.
Root
structive
on
leaves
Feb.
life
public service.
bad attained
in the
as
given in the New
8;
after many
of
strikingly useful and con¬
Almost at the beginning of his public career he
a reputation which ranked him with
practice of law
years
a
Financial
1042
Choate
and
Charles
Seward,
Samuel
and
O'Conor
Tilden,
J.
the most brilliant
that Elihu Root came generally to be recognized as
years
The
the
with
greatest lawyers of the times, and his reputation was so increased in after
It
public service includes an astonishing variety of large achievements.
He was United States District Attorney in New York at the age of 88 and
His
him.
He
smooth all factional differences and was un¬
army's approval of Ikeda, who has an inter¬
feet
and
wrote every
He
the
world
in
any
in
the
Mr.
his
of
United
of
North
Atlantic
Court
of Arbitration
his
and
powers
in
country
Mortimer
New
from
fears
York
from
1909
commissions,
in
1910,
of
than
of
troublesome
problems.
law
international
until
His
for
was
unanimously elected President of the Exchange
the
intellectual
to
his
capacities.
Charles
of
Charles
and
R.
Mr. Moffatt, who is a
first elected to the Presi¬
dency of the Curb Exchange in February of 1935.
Prior to
that he had served as Vice-President of the Exchange and
the Exchange was
held
Ga.
R.
Crisp, Former
Representative
He
member
Democratic
Commission, died
United
States
of
United
the
States
Feb. 7 at his home in Americus,
on
66 years of age.
Mr. Crisp,
of the late Charles F. Crisp, Speaker of the
who was the son
House of Repre¬
sentatives, served 20 years in Congress.
In 1896 he com¬
pleted the unexpired term of his father and subsequently
was elected to represent the Third Georgia District for 10
consecutive terms, from 1913 to 1933.
was
President of the New York Curb Exchange
United States
Tells
man
Further
Trade
Was "Informal" Walter
British
Talks
House
of
Runci-
Commons—Indicates
for
Necessary
Anglo-American
Treaty
Walter Runciman, President
who sailed from New York
Co., Vice-President to succeed Charles S. Leahy who de¬
Mr. Landsberg has served as Treas¬
urer of the Exchange since 1925., Joseph A. Cole was elected
Treasurer to succeed Mr. Landsberg while Eugene R. Tappen
clined renomination.
re-appointed Secretary for the tenth year in succession.
Board
of
Governors also re-appointed Charles E.
McGowan First Assistant Secretary and James S. Kenny,
Martin J. Keena and James R. Murphy Assistant Secretaries.
Harold H. Hart was appointed Assistant Treasurer to suc¬
was
The
ceed Bernard W. Green.
on
of the British Board of Trade,
Jan. 29 after
a
brief visit to
velt and Secretary of State
and reported on his trip to
Hull, arrived in London this week
the House of Commons on Feb. 9.
Mr. Runciman was asked whether he had gone on an official
errand, to which he is said to have replied that it was an
than
was
not intended
the
United
States
formal"
a
visit.
said
He
we
that I should conduct negotiations with
Government on any subject."
As to
take the following London
(wireless) advices of
three-year terms:
Theodore W. Baumfeld, Clarence L.
AlanfL. Eggers, Charles M. Finn, W. E. Kimmelberg, Frank J.
McCabe, FredJO, Moffatt, Edwin Posner, Herman N. Rodewald, Benjamin
H. Rosaler, Edward J. Shean and Leonard Wagner.
Directors, one-year terms:
L. Sherman Adams and Frank C. Masterson.
Trustees of Gratuity Fund, three-year terms:
Francis Dickson and
Directors,
Eckstein,
John K. Mills.
"During
my
visit to Washington I have had
and Cordell Hull (the
interest
the
to
the Messrs. Kimmelberg,
M.
two
opportunities for
Secretary of State) on a variety of subjects of
countries."
Mr.
Runciman continued.
common
"It
Government
on
"As regards
any
L.
was
at
subject."
Morris L.
Cooke, Administrator of the Rural
tion Administration,
extended trip out of the
trade matters I had several conversations from which it
accepted by President Roosevelt on Feb. 6
was
for
Mr. Cooke had been Administrator of the REA since
am
lines
into rural
In Washington advices, Feb.
areas.
the New York "Times" of Feb. 7, it was
Mr.
glad to take this opportunity of expressing my gratitude to the
President of the United States and the members of the United States Gov¬
ernment for the
friendly reception they gave me.
I hope the result of
States
and
ourselves.!'
The advices
>
•
accomplished nothing definite on his American
tour, the impression in political circles here is that he brought back informa¬
a
long talk yesterday.
It is said, for example, that in the light of
his talks in Washington Mr. Runciman sees no reason for the British Gov¬
ernment
to
fear
further
devaluation
of
the
dollar,
although
President
5, a third resignation which
15.
at the request of the President, Mr. Cooke made
survey
of flood control $nd natural resources in the Mississippi Valley.
Soon
REA.
bility
the
of 1935,
report was acclaimed as one of the best treatises ever written on the
the
tion of great value to his chief, Prime Minister Stanley Baldwin, with whom
he had
a
subject.
quoted also said:
Although Mr. Runciman
about Feb.
summer
His
,
for personal reasons twice, it was
attempted to resign
be made effective
asked
6, to
stated:
In the
our
conversations will be to facilitate economic cooperation between the United
Cooke had
reliably reported, before he submitted, Jan.
he
the
formed to make loans for the extension of power
was
trade agreement.
reciprocal
a
"I
basis upon which detailed negotiations can take place
with the
"greatest reluctance."
appeared further exploration will be necessary before it can be determined
a
Roosevelt, "on
Mr. Cooke tendered
country."
resignation to the President in a letter written Jan. 5.
his
It
Electrifica¬
resigned from the office on Feb. 6 to
he explained in a letter to President
as
go,
body
whether there is
Rural Electrification
Cooke Resigns as
Administrator
time intended that I should conduct negotiations with the United States
no
.
many
exchange of views with the President of the United States
Governors for three years
Finn, Posner, and Wagner.
New members of the Board of
are
an
Feb. 9 from the New York "Times" of Feb. 10:
the informal
Board of Governors
Gratuity Fund of the Exchange:
Mr. Runeiman's further remarks before the House of Com¬
mons,
the
of
"it
that
following were elected
and trustees of the
At the annual election Feb. 8 the
Washington during which he conferred with President Roose¬
"informal rather
Securities Clear¬
their reorganization meeting Feb. 10,
Landsberg, of Brickman, Landsberg &
also elected Mortimer
members
Visit to
Feb. 8.
on
ing Corp.
Crisp, former United States Representative
one-time
Tariff
the Gratuity Fund of
partner of Moffatt & Spear, was
The Governors, at
Death
of the
The annual election of members
third term.
a
1915.
including the
invaluable
were
Moffatt
Board of Governors and of trustees of
member of the Permanent
a
special organization meeting of the Board of Gover¬
held Feb. 10, Fred C.
a
of New York Curb Exchange,
nors
and
countries
Hague and of other missions in which America
adjusted
command
all these
the
1903, counsel for the United States in
of
at The
of the
by
States
President
At
from
and his ad¬
Heads New York Curb Exchange—
Board—
Landsberg Succeeds C. S. Leahy as Vice-
Re-Elected President for Third Term by
Is
world.
Roosevelt
Hay,
large extent,
a
the
prouder of this achievement
international
Arbitration
amicably
to
United
banker and financier.
F. C. Moffatt Again
ready
was
of
life.
Senator
Fisheries
and
the
numerous
Boundary Tribunal
discussed1
China
side
Cabinet of President
perhaps
was
political
States
member
a
toward
Root
this
on
1909, sucoeeding John
dissipation,
entertained
was
was
Alaskan
national reputation as a
on
Philippines
the overthrow of the Boxer fanatics;
especially
the
in
January 27,
the
caused
success
and
over
State
of
1905, until
America.
He
to participate
Secretary
suspicions
He
revolt
order and began his important task of making friends for the
ministration
of
ended the
about the withdrawal of the allied forces when
July 7,
in¬
word of the organic law of the islands; sent the American
China
States
was
Latin
followed
independent nation;
an
to preserve
United
Hirota, and that he was appointed a
date.
The Premier was seeking to
which
competencies
hi ought
the Cabinet headed by Premier Koki
member of the House of Peers on that
simultaneously with the resignation of
derstood to have obtained the
ended the paralyzing jealousies and
the Spanish-American War; set Cuba
General Staff;
a
her
Aimy into
appropriations demanded by the army. . . .
submitted on Jan. 23, almost
revealed that Fukai's resignation was
was
1904, and in that capacity reorganized the
creating
as
and will return to the conservative
the military rebellion a year ago in which
Minister Korekiyo Takahashi was assassinated because of his "op¬
Secretary of .War in the Cabinet of William McKinley from
was
August 1, 1899, to February 1,
army,
President Arthur appointed
office to which
that
notable record in
a
Senjuro Hayashl's
Gen.
Interpreted to indicate that
was
13, 1937
theories which prevailed prior to
position to huge military
Service
His Public
made
action
Government will follow a moderate policy
Finance
legal analyst in the land.
Feb.
Chronicle
as
"dust
after
Last
he had
summer
he
with
entrusted
appointed
was
another
head of
major responsi¬
Chairman of the Great Plains Drought Committee, which toured
bowl" and submitted a report offering drought remedies.
This
report will be sent to Congress by Mr.
Mr.
he
filed his report
was
Cooke's
last
Roosevelt next week.
was to the Power Policy Com¬
appointment
special
mittee, which is expected to report within a few days a program to guide
the government
in its handling of major power projects.
Roosevelt continues to keep the devaluing power in his own hands.
Moreover, Mr. Baldwin now has a first-hand picture of President Roose¬
velt's attitude toward the
of Anglo-American trade.
many
neutrality problem
as well as
toward the subject
All this is valuable for a government which at
times in the past four years has felt itself more than 3,000 miles
away from
Mr.
was
departure from the United States for
referred to in our issue of Feb. 6, page 872.
Feb.
15.
As you know,
Mrs. Cooke and I are planning to go on an extended
The REA
the country.
is
from
named
banking and industrial interests, today
governor
I
and
beginning.
believe so thoroughly in what is being accomplished that this associa¬
with your
solid
for
Administration has been a heartening experience.
satisfaction
the
which
I have gotten
my
And for
various assignments
inspiration of your support and far-sighted leadership I shall
Very sincerely yours,
MORRIS
was
of the Bank of Japan, succeeding Eigo
The advices continued:
out of
always be deeply grateful.
Fukai, who has resigned, it was stated in United Press advices
from'Tokio, Feb. 9, appearing in the New York "Journal of
Commerce'' of that date.
seasoned organization and
the
Seihin Ikeda, former General Manager of the multi-billiondollar Mitsui
a
now
fully competent to carry on along lines you, Mr. President, have sponsored
the
ceeding Eigo Fukai
accept my resignation aB Administrator of the REA as of about
out of
tion
Seihin Ikeda Named Governor of Bank of Japan Suc¬
In accordance with our conversation this Is to
My dear Mr. President:
ask you to
trip
the heart of America's New Deal.
Runciman's
England
Mr. Cooke's letter of resignation read:
The
following
is
the
President's
letter
L. COOKE.
accepting
the
resignation:
My dear
your
Morris:
It is with the greatest reluctance that I accede to
request andi accept your resignation.
.
!
Volume
for the fact that I know so well your personal
it not
Were
Financial
144
reasons
asking to be relieved I would make another appeal to you to stay.
There is no need for me to tell you how sincerely I appreciate your
and contribution.
Remember, you promised to get in touch with
and Mrs. Cooke get back.
I hope that you get
for
fine
just as soon as you
me
much-needed rest and
a
have a grand trip.
that you
Committee to
Banks for New York,
Vice-Chairman.
Reference to the meeting
National
of the Executive Committee
Supervisors of State Banks
Association of
made elsewhere in our issue of
FRANKLIN D. ROOSEVELT.
Pennsyl¬
Superintendent of
Harr, Secretary of Banking for
vania, Chairman, and x William R. White,
the
Very sincerely yours,
of the absence
the chair in the event
occupy
Luther A.
of Dr.
loyalty
1043
Chronicle
of
is
today.
+
Washington
advices to the "Wall Street Journal" of Feb. 10, that Mr.
Cooke, following his vacation, will probably return to the
post of Rural Electrification Administrator or to some other
Administration position.
For this reason, the President ex¬
plained, he is not appointing a successor to Mr. Cooke.
President Roosevelt said
on
Feb. 9, to quote
Chamber of
State
Elects Seven
Commerce
Membership
to
the
previously approved by the Executive Committee;
of the nominees
names
were
given in issue of Jan. 30,
711.
page
♦
of the Federal
Jan. 31.
elected President
Surplus Commodities Corp., it was
Corporation.
At the same time it was also an¬
nounced that F. R. Wilcox, newly
appointed director of the
Marketing Agreements of the
of Marketing and
Society of Agricultural Engineers has joined
American Society of
the Process Industries Division of the
Council in
processing, to
University, New Brunswick, N. J., Feb.
is planned to bring together for group
FSCC.
AAA, has been elected Vice-President of the
Chemurgic
Farm
one-day meeting on agricultural
a
This meeting
26.
and
Engineers
sponsoring
thought the chemists and physicists who
originate processes
useful products from various farm grown ma¬
terials; the processing engineers who develop and apply the
processes on a commercial scale; and the agricultural engineers
who are interested in enabling farmers to deliver the basic
materials to processing plants within the required limits as to
cost, physical condition, and time and quantity of delivery.
of making new
Association
Held
Be
to
National Security Traders
in Atlantic City, N.
J.,
of
Convention
Annual
announced
formerly Executive Vice-Presi¬
Mr. Tapp was
dent of the
Division
Agricul¬
Tapp, Assistant Administrator of the
Jesse W.
tural Adjustment Administration, has been
on
Wilcox
Tapp Elected President of FSCC—F. R.
Named to Vice-Presidency
J. W.
Feb. 26
The American
be held at Rutgers
the Chamber of Commerce
of the State of New York elected to membership the seven
At its monthly meeting Feb. 4
nominees
at
Mechanical
♦
York
New
on Agricultural Processing to Be Held
RutgersAUniversity, New Brunswick, N.
J.,
Joint'Meeting
Sept. 8 to 11
Security Traders Association will
The National
hold its
convention in Atlantic City, N. J., from
annual
fourth
Sept. 8 to 11, under the auspices of the Investment Traders
of Philadelphia, it was announced recently.
Association
Philadelphia Stock
Sherrerd, of Philadelphia,
as honorary president of the convention.
Jr., President of the
Howard Butcher
Exchange and partner of Butcher &
Pierce
H.
H.
Resigns
of Banks
Commissioner
as
of
W. Leland Named Acting Com¬
Massachusetts—L.
will
serve
missioner
Following the resignation on Jan. 11 of Henry H.
Pierce as
Commissioner of Banks of Massachusetts, Governor
(of Massachusetts)
Hurley
assigned Deputy Commissioner Leroy W.
Acting Commissioner.
Mr.
resigned as Banking Commissioner to become Presi¬
of the Merchants' Cooperative Bank of Boston, said
Leland,
Newtonville,
of
as
Pierce
dent
be the largest
to
cooperative bank in Massachusetts.
succeeds the late Frank O. Whitney, who
He
died last May.
♦
Snyder Appointed Manager of St. Louis Agency
RFC—Succeeds
J.
K.# Vardaman,
Jr., Who
J. W.
of
Resigns to Head
a
St. Louis Bank
directors of the Reconstruction Finance
The
announced
on
succeed J. K. Vardaman
Manager of the St. Louis Agency to
and Chairman
Jr., who has resigned to become President
of the Executive Committee of the
when
Vardaman
Mr.
Tower Grove Bank and
The change will take place on Feb.
Trust Co. of St. Louis.
15
Corporation
Feb. 8 the appointment of John W. Snyder as
RFC and Mr.
leaves the
Snyder
Executive
Co., East St. Louis. Mr.
Snyder has been for the past few months
Mr.
Vice-President of the Union Trust
Vardaman has
served as Manager of the
of the RFC for the
and 26
Details of the program
St. Louis Agency
three past years.
of a series of three
sections of the country,
made available by F. N. Shepherd, Executive
bankers in various
for
recently
discussions on current banking
methods and policies.
A similar meeting was held Jan. 28
and 29 at Pittsburgh, Pa., and a third meeting will be held
March 25 and 26 in Atlanta, Ga.
Reference to the Pitts¬
forum
for
opportunity
and 710.
The speaker of the
Head of Department
of Political
Science, University of Washington, Seattle,
Wash., on the subject, "My Faith in China." The following
are
those scheduled to speak before the sessions of the
\
Smith,
K.
Tom
President American Bankers Association.
Superintendent of Banks, State of Washington, Olympia.
P.
Cramer
F.
P.
Champ, President,
George W. Wilson, Assistant Secretary and Floor Man¬
of the Chicago Stock Exchange, has resigned, effective
position
a
as
assistant
to
President
Frank
Shaughnessy of the San Francisco Stock Exchange,
It
announced in
was
Chicago
on
Masonic
evening will be Dr. Charles E. Martin,
T.
accept
the
at
President
E. Jenks,
1, to
held
meeting the evening of Feb. 26 in Shrine Hall, at
Tom K. Smith of the American Bankers
dinner
which
0.
ager
be
will
conference
Portland
The
Temple in Portland, and the headquarters will be at the
Hotel Portland.
There will be an informal subscription
Chicago Stock Exchange—
March
of Jan. 30, pages 698
burgh meeting was made in our issue
Willi Become on March 1 Assistant to President of
SanJFrancisco Exchange
^
The conference will provide
Manager of the Association.
Portland meeting:
♦
G. W. Wilson Resigns from
Associa¬
will be held in Portland,
25 and 26, as the second
Ore., Feb.
meetings
were
for the American Bankers
conference, which
regional
tion
Association will preside as toastmaster.
St. Louis Agency.
takes charge of the
Program of Regional Conference of American Bankers
Association to Be Held in Portland, Ore., Feb. 25
Mr. Wilson was
Feb. 5.
Floor
Manager of the San Francisco Exchange for several
years
prior to June, 1930, when he came to the Chicago
W.
Casper
Portland.
Jr., Secretary Oregon Bankers Association,
Cache Valley Banking Co., Logan, Utah.
Executive
Clarke,
Bank,
National
Pacific
Bice-President
Seattle.
T.
W.
First
A.
Spokane
Vice-President
Triplett,
Eastern
&
Seattle-
Division,
National Bank, Spokane.
Hugh
Gary,
L.
G.
San Francisco.
Vice-President Old National Bank & Union Trust Co.,
Vice-President Bank of America,
Fleming,
Sunnyside, Wash.
J.
Spangler, Vice-President Seattle-First National Bank, Seattle.
Turrill, Assistant Cashier the California Bank, Los Angeles.
W.
Gardner
Ross
P.
Williams,
Assistant
Bank,
University National
Vice-President
Seattle.
Stock Exchange.
Christensen,
P.
Henry
Cashier
Assistant
American
Trust' Co.,
San
Francisco.
National Associa¬
tion of Supervisors of State Banks—G. P. Hood
O. H. Moberly Becomes President of
Executive
Named Second Vice-Chairman of
Com¬
mittee
0.
H.
Commissioner of Banking
tion of Supervisors
Committee.
succeeds S. N.
who
for Missouri,
National Associa¬
of State Banks, it was announced at a
meeting in Washington,
consin,
T.
Cooper,
B.
Blaine
Security-First
Vice-President
Coles,
Vice-President
First
National
National
Bank
Bank
of
of
Los
Portland,
Portland, Ore.
Moberly,
has been elevated to the Presidency of the
tive
John
Angeles, Los Angeles.
Mr.
Feb. 2, of the Association's Execu¬
Moberly,
formerly
Vice-President,
Schafer, Commissioner of Banking for Wis¬
has resigned his State office.
At the same time, it
also
was
announced that Gurney P.
Hood, Commissioner of Banks for North
Carolina, had been
unanimously elected Second Vice-President of the Executive
Andrew Price,
John
Bankers
The
Member Committee
on
Banking Studies, American Bankers
N.
President
National
Bank
of
Edlefsen,
Association,
Member
Bank
Management
Commerce,
Seattle.
Commission,
American
Association, Vice-President United States National Bank, Portland.
first
John N.
session
on
Feb.
25 will be called
to
order by
Edlefsen, who is General Chairman of the Portland
bankers' committees making the local arrangements for the
conference;
President
succeeding sessions will be called to order by
Smith
of
the
A.
B. A.
At
the
Feb. 25, members of the Portland
tute
evening session,
Chapter, American Insti¬
of Banking Section, A. B. A., will present a demonstra¬
tions, "The Radio in Public
Relations."
1044
Financial
Chronicle
Feb.
1937
13,
Condition of National Banks June SO, 1936—The statement of condition of the National banks under the
trollers' call of June 30, 1936, has just been issued and is summarized below.
for
previous calls back to and including June 29, 1935,
are
For purposes of comparison, like
Comp¬
details
included.
ABSTRACT OF REPORT OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON JUNE
29, NOV.
DEC. 31, 1935 AND MARCH 4 AND JUNE 30, 1936
1, AND
June 29 1935
(5,431 Banks)
Nov. 1 1935
(5,409 Banks)
Dec. 31 1935
(5,392 Banks)
$7,365,226,000
3,491,000
6.077.724,000
$7,301,371,000
5,190,000
6,233,061,000
$7,505,321,000
3.463.000
4,235.000
4,193.000
6,554,770,000
6,480,438,000
7,072,979,000
1,260,535.000
3.684,778.000
80.906.000
650,478.000
1,257,342,000
3,665,424,000
89.101,000
647.677.000
183.242,000
3,436.909,000
493,839,000
4,209,574,000
12,058,000
1,305,541,000
3,803,037,000
85,774,000
647,194,000
184,211,000
3,637,060,000
1,374.385.000
4,035.261.000
Mar. 4 1936
June 30, 1936
(5,381 Banks)
(5,374 Banks)
f
'
JK. ssctS"'""
Loans and discounts
(Including rediscounts)
Overdrafts
United States government securities, direct obligations
Securities guaranteed by United States government
as
to
$7,759,149,000
interest
and principal
1.095.283.000
c3.543.379,000
86.753.000
651,463.000
171,455,000
3,092.178.000
405,513,000
Other bonds, stocks, securities, &c
Customers' liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
$7,430,864,000
-
Balances with other banks and cash items in process of collection
Cash items not in process of collection
b3.370,530,000
r
.
180.629.000
3,453,672.000
404.379,000
b4,007,999,000
*
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with
4,592,000
Securities borrowed
795.000
Other assets
180,623,000
«...
3,520.901.000
469,042,000
531.694.000
4,092,344.000
7,689,000
4,328.831.000
7,501.000
*12,060*,6o6
endorsement
Total
81.395.000
641.550.000
184.123.000
8,565,000
537,000
158,630,000
4.647,000
547,000
6.083.000
547,000
158,298,000
140,396,000
154,406,000
7,136,000
388.000
$26,061,065,000 $27,430,730,000 $28,224,701,000 $28,293,019,000 $29,702,839,000
Liabilities—
Demand deposits of individuals,
partnerships and corporations
$9,674,923,0^0 $10,549,984,000 $10,911,717,000 $10,863,696,000 $11,665,872,000
6,646,982.000
6,761,989,000
6,816,676.000
6,878,346,000
7.074.544.000
1,845,315,000
1,924,867,000
1,979.040,000
1,953,679.000
2,108.486,000
679,655,000
632,467,000
586,905,000
772,683,000
829,903,000
Time
deposits of individuals, partnerships, and corporations
State, county, and municipal deposits
United States government and postal savings deposits
Deposits of other banks, certified and cashiers' checks, and cash
letters
of credit and travelers' checks outstanding
3,671,371,000
Total deposits.
Secured
by pledge of loans and/or investments
by pledge of loans and/or investments
Not secured
Circulating notes outstanding
Agreements to repurchase U. S. government and other securities sold..
Bills payahle.....
_
__
$222,095,000
4,194,000
3,989,000
"$2,25l",006
"$2,301",000
4,521,648.000
$T,585".666
3,833.000
1,174,000
44,000
2,233,000
769,000
41,000
4,330,000
843,000
38,000
8,565,000
75,193,000
11,953,000
537,000
58,938,000
7,136,000
84,627,000
13.066.000
547,000
42,744,000
4,647,000
84,289,000
10,282.000
547,000
50,343,000
21,004,000
62,936,000
1,809,503,000
831,846,000
297,967,000
143,951.000
3,151,000
6,910,000
98,152.000
1,776,591,000
865,955,000
337,452,000
25,686,000
92,657.000
1,758.450,000
887,934,000
654.000
.......
Obligations on Industrial advances transferred to the Fed. Res. Bank..
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Acceptances executed for customers
Acceptances executed by other banks for account of repoting banks
Securities borrowed
aside
$586.006
\
2.425.000
447.000
262,000
6,083.000
81,865.000
13,794.000
388.000
47,316.000
for
Other liabilities
Capital stock (see memorandum below)
Surplus
Undivided profits, net
Reserves for contingencies
4,576,829,000
37.000
_.
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts set
dividends not declared
4,367,617,000
4,592,000
85,599.000
8,171,000
795.000
42,335,000
_
Rediscounts
4,163,929,000
$22,518,246,000 $24,033,236,000 $24,847,733,000 $24,859,455,000 $26,200,453,000
2,122,628,000
2,115,605,000
2,121,816,000
2,366,543,000
2,604.698,000
20,402,641,000 21,911,420,000 22,481,190,000 22,736,827,000 23,595,855,000
....
Preferred stock retirement funds
Total....
302,395.000
151,381,000
5,001,000
147,282,000
2,664,000
8,985,000
137,460,000
28.043.000
155.449.000
1,750,246,000
1,691.375.000
973.393.000
346,039.000
147,219.000
7,702,000
895,242,000
327,782,000
151,056.000
5,889,000
$26,061,065,000 $27,430,730,000 $28,224,701,000 $28,293,019,000 $29,702,839,000
Memorandum:
Par value of capital stock:
Class
A
Class
B
preferred stock
preferred stock
$503,914,000
21,208,000
1,288,848,000
$503,529,000
21,198,000
1,257,586.000
1.257,034,000
$481,708,000
21,021,000
1,254,381,000
1,254.762,000
$1,813,970,000
$1,782,313,000
$1,765,738,000
$1,757,110,000
$1,698,251,000
$2,004,611,000
720,798,000
52,627,000
$1,847,522,000
680,056.000
31,152,000
$2,056,526,000
685.274.000
31.894,000
$1,871,796,000
638,774,000
26,061,000
$2,352,584,000
$2,778,036,000
$2,558,730,000
$2,773,694,000
$2,536,631,000
$2,993,604,000
$225,444,000
805,797,000
1,067,782.000
$752,252,666
$858,188", 660
$70'5".160,666
$888,956,666
1,069,257.000
1,188,515.000
1,166,324,000
411,138,000
157,685,000
6,358,000
470.989,000
155,212,000
6,673,000
447.324,000
171,022,000
4,490,000
393,639,000
159,676,000
6,680,000
1,247,125.000
596.785.000
86,722,000
17,110,000
86.944,000
17,403,000
87,393,000
16,762,000
87,181,000
17,281.000
87,838.000
16.941.000
$2,778,036,000
$2,558,730,000
$2,773,694,000
$2,536,631,000
$2,993,604,000
Common stock
Total
Loans and investments pledged to secure liabilities:
U. S. government obligations, direct and/or fully guaranteed
Other bonds, stocks, and securities
Loans and discounts (excluding rediscounts)
Total
Pledged:
Against
Against
Against
Against
Against
Against
circulating notes outstanding
United States government and postal savings deposits
State, county, and municipal deposits
deposits of trust department
other deposits
borrowings
With State authorities to qualify for the exercise of
fiduciary
powers
For other purposes
Total
$487,683,000
21,021,000
$423,228,000
20.261.000
611.070,000
29,950,000
152.612.000
3.347.000
Details of demand deposits:
Deposits of individuals, partnerships, and corporations
States government deposits
State, county and municipal deposits
Deposits of other banks in the United States (except private banks
and American branches of foreign banks)
Deposits of private banks and American branches of foreign banks
Deposits of banks in foreign countries (including balances of foreign
branches of other American banks, but
excluding amounts
due to own foreign branches)
Certified and cashiers* checks (including dividend
checks), letters
of credit and travelers' checks sold for cash, and amounts due
to Federal Reserve Bank (transit account)
$10,911,717,000 $10,863,696,000 $11,665,872,000
585,289.000
436,656,000
692.527.000
1.670,364,000
1,668,095,000
1,786.484.000
United
3.507.044,000
82,163,000
Details of time deposits:
State, county and municipal deposits
Certificates of deposit
Deposits evidenced by savings pass book
Christmas savings and similar accounts
Open accounts
Postal savings
Deposits of other banks in the United States (except private banks
and American branches of foreign banks)
)
Deposits of private banks and American branches of foreign banks/
Deposits of banks in foreign countries (including balances of
foreign branches of other American banks, but excluding
amounts due to own foreign branches)
_
40,969.000
242,753,000
242,834,000
105,685,000
353,644,000
285,584,000
654,061,000
5,911,688,000
27.962,000
284,635,000
150,249,000
322.002.000
667,621,000
6,067.704,000
50,829.000
288,390.000
137,376,000
121,736,000
206.000
114,990,000
8,163,000
121,640,000
2.942,000
12.081.000
104,798,000 (
4,320,000
4.157.000
3,433,000
4,202,000
4.905,000
11.81%
7.41%
9.13%
4.99%
7.60%
11.90%
7.51%
9.27%
11.97%
12.01 %
7.51%
7.51%
9.34%
11.99%
7.55%
Other Reserve cities
All Reserve cities
Country banks
Total United States
b Includes cash items not in process of collection the
amount of which
o Includes Home Owners' Loan
Corporation 4%
365,238,000
254,442,000
187,394,000
\
Ratio of required reserves to net demand plus time
deposits:
Central Reserve cities
bonds, which,
194,184,000
308,676,000
644,178,000
5,905,975,000
249,791.000
637,126.000
5.799,725,000
55,611,000
269,527,000
193,699,000
167,986,000
450,622,000
246,326,000
677,721,000
5,685,539.000
3.772,714,000
71,619,000
202,413.000
_
3,864,604,000
51,646,000
are
was
not
4.77%
7.76%
9.30%
4.80%
7.80%
called for separately prior to
guaranteed by the United
4.80%
7.84%
Dec. 31 1935.
States as to interest only.
9.36%
4.87%
7.87%
Volume
Financial
144
ITEMS^ABOUTA.BANKS,iTRUST COMPANIES,
Arrangements
of
New
a
The
&c.
made this morning
for the transfer
Exchange membership at $110,000.
transaction was at $112,000, on Feb. 4 and
were
York
previous
Stock
Jan. 29.
*
Arrangements
of
a
New
York Curb
Exchange membership at $33,500, a decrease of
$1,500 from the previous sale.
of which he
Exchange was sold Jan. 29 to Thomas J. Beauchamp, for
another, for $12,250, this price being $750 in advance of the
previous sale.
•
the New York Coffee and
on
took place, one on Jan.
as
and
director of
a
was
sub-Arctic
Sugar Exchange
30, when M. R. Mayer sold
an extra
membership standing in his name to Richard T. Harriss for
$5,500, and one on Feb. 1, when Clark L. Wilson Jr. sold
bis membership to J. A. Higgons for $6,000.
+
the
trustee
a
homes.
1926
In
He. continued,
Baltimore
and
benefactor
financed
he
&
Ohio
of
and
several
hospitals
Rawson-MacMillan
the
expedition of the Field Museum.
♦
Fitzhugh L.
The membership of Leon H. Reid in the New York Cotton
the founder.
was
however, to
Chicago
Burlington & Quincy RR's. and of the Miehle Printing Press
& Manufacturing Co.
Among other interests, the deceased
serve
»
Two sales
1045M
in 1933.
At the same time he retired as Chairman of the
Board of the Mercantile Trust & Savings Bank of Chicago,
banker
made Feb. 6 for the sale
were
Chronicle
Farmers'
Murphy, for
National
President
of
the
Bank
many
of
institution
Board of Directors.
years
a
director of the
Appomattox,
at
a
Va., was elected
recent meeting of the
He succeeds M. C. Smith who declined
re-election after having served the institution, first as VicePresident and later as President, since its establishment in
1918.
Advices
from Appomattox to the Richmond "Dis¬
Jan. 29, from which we quote, also stated that
other officers chosen were Luther Jackson Morris and H.
Winston McKinney,
Vice-President; A. R.
patch"
on
Harwood, Cash¬
ier; and Don Moses and Miss Jessalyn Hancock, Assistant
Cashier.
Arrangements were completed Feb. 6 for the sale of a
membership in the Chicago Stock Exchange at $3,100, down
$400 from the last previous sale, on Jan. 30.
Bank & Trust Co.
Francis Crave, supervising officer for the 10 offices of
Manufacturers Trust Co., New York, in the Bronx and the
W.
five offices in
upper
Vice-President
a
Manhattan, who
of
was
the
recently elected
guest of honor,
bank, was the
dinner at the Circle Club that
Feb. 11, at a
was tendered
him by the officers at these branches.
Included among
the
guests were members of the bank's local advisory
to
boards.
A
handsome
Mr. Crave
to
as
a
leather
attache
of
memento
the
case
was
occasion.
Mr.
election to Vice-President of the Manufacturers
referred to in
these columns of Jan.
was
page
Crave's
Trust
was
552.
made
a
Vice-President
of
the
Irving Trust Co.,
New York, on Feb. 5.
Mr. Christensen
has been in charge of the company's receivership division
and will continue in that
capacity.
—
defunct Peoples National
of Chicago, 111., the Chicago "Journal of
Commerce" of Feb. 4 had the following to say;
Suit
Pearson,
Chicago,
tion
filed
was
W.
against
yesterday
receiver
1,454
(Feb.
of /the
3)
in
the
People's
stockholders
of
Federal
National
the
District
Bank
National
♦
The Merchants Bank,
at 434 Broadway, New York City,
receiving authority from the New York State Banking
Department, has changed its name to "The Merchants Bank
of New York," effective Jan. 28.
after
&
Court
Trust
by
Co.
of
Republic Bancorpora-
for
$788,300 stockholders liability plus interest.
Stockholders of the
latter company hold1 39,450
shares, it was pointed out, and have the obli¬
gation of double liability.
*
At the recent annual meeting of the
Michigan Trust Co. of
Grand Rapids, Mich., Howard C.
Lawrence, former State
Banking Commissioner of Michigan, was elected Executive
Vice-President
of
the
institution,
it
is
learned
"Michigan Investor" of Jan. 30, while at the
♦
—
Andrew Christensen
23,
presented
♦
Concerning the affairs of the
from
the
meeting
same
William J. Landman Jr., was made an Assistant
Secretary.
«
At the recent annual meeting of the directors of the
Mon¬
roe State Savings
Bank, Monroe, Mich., J. D.
Cook, hereto¬
fore Vice-President and
Cashier,
was promoted to Executive
Vice-President, it is learned from the "Michigan Investor"
of Jan. 30, which also stated that
Robert Meier, formerly
Assistant Cashier, was advanced to
Cashier, and Arthur C.
Marten appointed Assistant Cashier.
♦
•
On Feb. 1 the New York State National
On
Bank of
Albany,
placed in voluntary liquidation.
The
institution, which was capitalized at $2,999,900, consisting
of $2,000,000 common stock and
$999,900 preferred, is suc¬
Albany, N.
ceeded
Y.,
was
by the
State Bank of Albany, the organization of
which was approved by the New York State
Banking De¬
partment on Jan. 30.
The capital of the institution re¬
mains unchanged.
City National Bank of North Hudson, N. J., will take place
at the offices of Samuel
Stock, Federal receiver, on Feb. 25,
according to an announcement on Jan. 30 by Mr. Stock, it
learned
from
the
"Jersey
Observer"
of
Jan.
30, which
added:
The
of
preliminary
the
to
is
impossible
Just what
a
final
dividend will
bring
of calculation at this time.
♦
At the annual meeting of the stockholders of the
FidelityPhiladelphia Trust Co. of Philadelphia, Pa. on Feb. 8, Mar¬
shall S. Morgan, Thomas Newhall and T. Homer Atherton
were
elected directors.
•
R.
Milton
Thompson,
formerly
Secretary-Treasurer &
Trust Officer of the Citizens' Trust Co. of
Harrisburg, Pa.,
was advanced
to the Presidency of the institution at the
recent annual meeting of the
directors, it is learned from
and
Stone Streets, and no changes will be made
in its officers
or directorate.
In its statement of condition as of
Jan. 30,
1937, the bank shows total deposits of
$21,628,365; total
resources of
$23,604,310, and combined
of
J.
O.
Humphreys, L. S.
Chairman of the Board of
Directors; Frank J. Wallis
chosen First
Vice-President; Charles H. Hoffman
named Second Vice-President; Paul E.
was
was
Guyer, was made
Treasurer-Trust Officer; R. Gilchrist
Brininger, was elected
Secretary-Assistant Treasurer, and Albert W. Case was
named Assistant Secretary-Assistant
Treasurer.
.
Holbrook
♦
Rawson,
former
Board of the First National Bank of
died in Pasadena,
Calif., on Feb. 5.
health for several years.
Born in
Chairman
of
the
Chicago, Chicago, 111.,
He had been in
poor
Chicago in 1872, Mr.
following his graduation
1905, when he joined the Union
Trust Co. (an institution founded by his father in
1869) as
Rawson began his banking career
from Yale University in
entry clerk.
He became its Vice-President in
1901,
President in 1905, and Chairman of the Board of
Directors
in 1925.
Upon the merger of the Union Trust Co. with the
First National Bank of Chicago in
1929, Mr. Rawson was
an
elected co-Chairman with the late Frank O.
year
(1930) he
was made
office he held until his
Wetmore.
Chairman of the
Agee,
Brindley, J. T. McMillin, Albert J.
Gilbert, Vice-Presidents, and O. A.
♦
The semi-annual statement of the
Standard Bank of South
Africa,
Ltd.
ceived.
It
(head
covers
office,
London), has recently been
re¬
the six months ended
Sept. 30, 1936 and
£77,691,058 (as compared
with assets of £73,069,270 on
Sept. 30, 1935), of which the
principal items are: Bills discounted, advances to
customers
shows
and
as
of that date resources of
other
accounts,
£34,301,099;
cash
in
hand
and
with
bankers, and cash at call and short notice,
£11,424,861; in¬
vestments, £14,597,184; customers' bills, &c., for
collection,
per contra, £8,967,433, and bills of
exchange purchased and
current at this date
(Sept. 30, 1936), £4,485,197. The bank's
£2,500,000 and its reserve fund a like
The directors have
declared, the report tells us,
paid-up capital
amount.
an
interim
per
is
dividend of 5s.
per
share
(being at the
rate
of
annum), subject to income tax, and furthermore
bank's investments in the
aggeregate stand in the
books at less than market value
as at Sept.
30, and all the
usual and
necessary provisions have been made.
The Stan¬
dard Bank of South Africa
was established in
1862.
The
New York Agency is at 67 Wall
Street.
T*~
The curb*list
THE
CURB
EXCHANGE
featured this week by substantial
gains
with a goodly number of new
tops scattered through the
various
groups.
Industrial specialties attracted most of
the
speculative attention and the public utilities
was
the side of the advance at
ment
were
irregular intervals, the
active
on
unsettle-
being due in part to unfavorable reaction to
the news
Washington regarding the Supreme Court
proposed
changes and to the continuation of the General
Motors strike
Trading has been brisk, and while there were
occasionai
periods of irregularity, this was
generally absorbed by the
gradual advance.
from
The
Board,
retirement, because of ill health,
Its
Jr., and W. B.
Mangrum, Trust Officer.
that the
following
$1,874,096.
chief officers are;
Weichsel, Chairman of the Board of Directors;
Ernest R. Tennant, President; Oscar C.
Bruce, Vice-Presi¬
dent; J. C. Tenison, Vice-President and
Cashier; Dexter
Hamilton, Vice-President and General Counsel; John
Feb.
an
capital, surplus and
profits
Christian C.
10%
appearing in "Money & Commerce" of
At the same meeting John C. Kunkel was
elected
Frederick
Bank
a
Harrisburg advices,
6.
Dallas
the
70% of the amount of their claims.
them
the
Toole,
sale
remaining assets for cash to the highest bidders will be
final liquidation of the affairs of the banking in¬
stitution, one of the four in the A. M. Henry chain which closed on Aug.
6, 1931, and caused the greatest bank run in the history of the State.
Already depositors of the closed institution have received more than
a
1,
& Trust Co.,
Dallas, Tex.,
national institution under the name of the
Dallas
National Bank. The bank, which was
established in 1903,
will continue to
occupy its present quarters at Main
became
undivided
«
Public sale of the remaining assets of the defunct Union
is
Feb.
of
Mixed price changes were
apparent
the two hour session on
gressed, the upward trend
during the first half
Saturday, but as the day pro¬
was
resumed and
a
number of the
Financial
1046
speculative favorites picked up a part of the losses of the
previous session.
Specialties were in good demand and
public utilities "improved.
Dow Chemical led the advance
with Vgain of,4 points,to 148[and Singer Manufacturing Co.
made a similar
advancejto 346. Other noteworthy gains were
Apex (Electric, 3% points to 40%; Godchaux Sugar B, 3
points to:37; Pittsburghf& Lake Erie, 2% points to 96%;
Thew Shovel, 3 points to 56; Tubize Chatillon, 3 points to
73%,and:iCooper Bessemer, 3 points to 34.
f>The market was active on Monday and there was a brisk
advance Jail along the line.
Some of the market leaders,
particularly among the industrial specialties and the low
priced group, climbed up to new tops for the year and there
was Vgood demand at higher prices for the aviation shares.
Mining and metal stocks were active and there was some
buying in the oil shares, though the changes were generally
fractional.
The transactions for the day were 747,390 shares
with 1566 issues traded in.
Outstanding among the day's
advances were Aluminum Co. of America, 3 points to 165%;
Apex Electric, 2% points to 47%; Brill Corp., 6 points to 72;
E. L. Bruce Co., 4 points to 30; Penn Salt, 3% points to
175% and Pepperell Manufacturing Co., 3% points to 137.
Irregular price movements with a tendency toward higher
levels was the feature of the market on Tuesday. There were
several soft spots scattered through the list but there were
also a fairly large number of new peaks. Public utilities were
generally down and the oil stocks showed little movement
either way. Rubber issues displayed moderate improvement,
Fisk Rubber advancing 1 point to 14 and General Tire &
Rubber moving up 1% points to 26%.
In other parts of the
list the principal gains included A. M. Castle & Co., 3%
points to 64; Commonwealth Edison, 1% points to 133%;
New Haven Clock, 2 points to 27; Reed Roller Bearing, 2%
points to 39%; W. L. Douglas Shoe Co. pref., 3% points to
38 and Mercantile Stores (b3), 2 points to 42,
^►Renewed activity was apparent on the curb exchange on
Wednesday, and while there were some losses scattered
through the list, the trend of prices was toward higher levels.
Public utilities were stimulated by the announcement that
North American and American Water Works will register
with the SEC.
Industrial specialties were firm and rubber
stocks continued then* forward movement into new high
ground.
The transfers for the day were 881,145 shares
against 843,618 on Tuesday.
Prominent in the day's ad¬
vances were Dow Chemical 3% points to 146 3^, Gamewell
7% points to 97%, Jones & Laughlin Steel 2 points
to 113, Newmont Mining 2% points to 130, Sanford Mills
4fpoints to 69, Thew Shovel 3% points to 59 and Western
Auto Supply 2 points to 83.
Trading was moderately active during the opening hour
on Thursday following the announcement of the settlement
of the motor strike and several of the market leaders regis¬
tered substantial gains.
As the day advanced the dealings
fell off, and while a number of the more active issues held
their advances, the general list showed only fractional im¬
Co. pref.
provement at the close.
The transfers for the day dipped
to 782,000 shares against 881,145 during the preceding ses¬
compared with the closing quotations of Friday
last, the list was higher on Thursday night, Aluminum Co.
of America closing at 166 against 163 on Friday a week ago,
Carrier Corp. at 41% against 40%, Commonwealth Edison
at 134 against 130, Creole Petroleum at 35% against 35%,
Electric Bond & Share at 24% against 24, Fairchild Aviation
at 8% against 7%, Fisk Rubber Corp. at 15% against 12%,
Ford of Canada A at 29 against 27%, Hudson Bay Mining
& Smelting at 33% against 33, International Petroleum at
35% against 34%, Lake Shore Mines at 57% against 57,
Newmont Mining Corp. at 128 against 125, Sherwin Wil¬
liams Co. at 150% against 149%, and Standard Oil of Ken¬
tucky at 20% against 19%.
The New York Curb Exchange, the New York Stock Ex¬
purchase from Brokers and Investment
Firms
drafts, with securities attached, drawn
their
on
foreign correspondents and clients.
MANUFACTURERS TRUST COMPANY
PRINCIPAL OFFICE AND FOREIGN
55
DEPARTMENT:
YORK
BROAD STREET, NEW
Member Federal Reserve System
Member New York Clearing House
Association
Member Federal Deposit Insurance
-
Corporation
RATES
EXCHANGE
FOREIGN
FEB.
6,
BY
CERTIFIED
BANKS TO TREASURY UNDER
RESERVE
1937, INCLUSIVE
1937 TO FEB. 12,
Noon Buying
FEDERAL
TARIFF ACT OF 1930
Rate for Cable Transfers in New
York
Value in United States Money
Country and Monetary
Unu
Feb. 9
Feb. 8
Feb. 6
Feb. 11
| Feb. 10
Feb. 12
S
S
%
S
Europe—
.186767* .186828* .186757* .186771* .186771*
Austria, schilling
.168621
.168680
.168669
.168705
.168748
Belgium, belga
.013000* .012875* .013000* .012875* .012875*
Bulgaria, lev
.034882
.034883
.034885
.034885
.034880
Czechoslakia, koruna.
.218670
.218565
.218500
.218470
.218416
Denmark, krone
4.893250 4.893666 4.895041 4.896375 4.897833
England, pound sterl'g
.021575
.021580
.021587
.021597
.021555
Finland, markka
.046640
.046577
.046567
.046557
.046550
France, franc
.402239
.042260
.042257
.042271
Germany, reichsmark .402282
.008958* .008975* .008971* .008966* .008967*
Greece, drachma
Holland, guilder.
Hungary, pengo
.547539
.547528
.547423
.197875*
.197875*
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
.052605
.052607
.052610
.546257
.197750*
.052612
.544635
.197875*
.245858
.245891
.245925
.245988
.246112
.189350
.189266
.189300
.189266
.189266
.044441*
.044508*
.044475*
.044450*
.044450*
.007235*
.007279*
!007300*i !007275*
.007275*
.067071*
.068428*
...
dinar
.068083*
.068357*
.252266
Switzerland, franc.
Yugoslavia
.197875*
.052607
.252316
.252343
.068083*
.252392
.252529
.228437
.228430
.228287
.228217
.228178
.023060*
.023050*
.023040*
.023070*
.023070*
Asia—
HOLI¬
China—
(yuan) dol'r
.296500
.296291
.296291
.296083
.296083
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar.
.296666
.296458
.296458
.296250
DAY
.296250
Chefoo
Japan, yen
Singapore (S. S.) dol'r
.296041
.295833
.296666
.296458
.296458
.296250
.296250
.304416
.304000
.304000
.303833
.304250
.369754
India, rupee
,296666
.295833
.369685
.369785
.370062
.285233*
.285244*
.285333*
.369843
.285333*
.573875
.573875
.574437
.574437
.574437
.296041
.285350*
Australasia—
3.899583* 3.899107* 3.902946* 3.900052* 3.901458*
Australia, pound
New Zealand, pound- 3.926562*3.929687*3.932812*3.929895*3.931666*
Africa—
8outh Africa, pound.. 4.842031* 4.843203* 4.843125* 4.842812*4.845937*
North
America—
.999495
.999483
Canada, dollar
Cuba, peso
.999531
.999543
.999447
.999166
.999281
.999166
.999166
.999166
Mexico,
.277500
.277500
.277500
.277500
.277500
.997142
.997265
.996941
.996941
.997008
.326200*
.326200*
.326341*
.087138*
.326375*
.326550*
.087055*
.087072*
.061000
.051725*
.061087
.061000
.051725*
.051725*
.571612*
.789333*
.571612*
.571612*
.788500*
.788500*
peso
Newfoundland,
South
dollar
America—
Argentina,
peso
Uruguay,
*
.051725*
.573900*
.789000*
peso
.061188
.573900*
peso
.087055*
.061200
milrels
(Free) milrels
.087122*
.051725*
Brazil (official)
Chile, peso
Colombia,
.788500*
Nominal rates; firm rates available.
As
sion.
>
change and all commodity markets were
in observance of Lincoln's Birthday.
i
We
1937
13.
Feb.
Chronicle
DAILY
closed
on
pared with
a year ago.
based upon telegraphic
Preliminary figures compiled by us,1
advices from the chief cities of the
country, indicate that for the week
ended today (Saturday,
Feb. 13), bank exchange for all cities of the United States from
which it is possible to obtain weekly returns will be 1.9%
above those for the
corresponding week last year.
Our
for the week ended
summary
Thursday of 2.3%.
Our comparative
for the week follows:
Bonds (Par Value)
Chicago
Philadelphia.
Foreign
Foreign
Corporate
Per
Cent
1936
$2,381,187,192
196,955,400
228,000,000
+2.3
+ 1.5
+3.5
164,000,000
—16.3
66,627,011
57,700,000
—13.9
90,000,000
—0.6
236,000,000
137,264,000
_
Boston
Total
13
1937
$2,435,731,926
199,846,136
Week Ending Feb.
EXCHANGE
Governm't
pre¬
liminary total stands at $5,101,981,887, against $5,007,648,971 for the same week in 1936. At this center there is a gain
New York
of
Shares)
CLEARINGS
Friday
CNumber
Week Ended
BANK
clearings this week will again show an increase com¬
Clearings—Returns by Telegraph
TRANSACTIONS AT THE NEW YORK CURB
Stocks
OF
COURSE
Bank
Domestic
Saturday
382,015
$1,107,000
Monday
765,385
1,724,000
Tuesday
Wednesday
844,668
895,370
23,000
48,000
76,000
Thursday
781,540
1,825,000
2,172,000
2,176,000
$44,000
24,000
89,000
105,000
74,000
$26,000
86,000
HOLI DAY
HOLI DAY
Friday
3,668,978
Total
$1,177,000
1,771,000
1,962,000
2,353,000
2,336,000
$9,004,000
$336,000
$259,000
$9,599,000
Kansas City..
57,071,904
St. Louis
Feb. 12, 1937
55,500,000
San Francisco.
89,450,000
81,590,915
56,369,948
48,493,519
43,269,892
30,300,000
77,753,523
62,152,434
47,683,895
42,976,690
29,002,000
$3,470,888,240
530,697,270
$3,444,038,145
493,037,739
$4,001,585,510
1,100,396,377
$3,937,075,884
1,070,673,087
t 2.8
$5,101,981,887
$5,007,648,971
+ 1.9
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans..
Twelve cities, 5 days
Other cities, 5 days
Week Ended Feb.
Sales at
Jan. 1 to Feb. 12
12
Total all cities, 5 days
New York Curb
1937
Exchange
Stocks—No. of shares.
3,668,978
1937
1936
1936
27,099,850
4,368,870
31,294,586
All cities, 1 day
Total all cities for week.
—3.8
+4.9
—9.3
+ 1.7
+0.7
+4.5
t
0.8
7.6
1.6
Bonds
$9,004,000
$21,262,000
Foreign government..
259,000
500,000
Foreign corporate
336,000
188,000
$76,072,000
2,217,000
2,920,000
$175,154,000
$9,599,000
$21,950,000
$81,209,000
$179,876,000
Domestic
Total
3,259,000
1,463,000
fe* Complete
and exact details for the week covered by the
foregoing will appear in our issue of next week.
furnish them today inasmuch as the week
We cannot
ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
FOREIGN EXCHANGE
RATES
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Pursuant to the
give below a record for the week just
passed:
present further below, we are able to give final and complete
for the week previous—the week ended Feb. 6.
For that week there was an increase of 10.3%, the aggregate
results
of
clearings for
the whole country having
amounted to
Volume 144
Financial
$6,666,132,551, against $6,043,105,205 in thelsame week
in 1936.
Outside of this city there was an increase of 17.2%,
the bank clearings at this center having recorded a gain of
6.3%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this
city) the totals show
improvement of 6.9%, in the
Boston Reserve District of 10.6%, and in the Philadelphia
Reserve District of 0.2%.
The totals in the Cleveland
Reserve District show an expansion of 23.2%, in the Rich¬
mond Reserve District of 24.5%, and in the Atlanta Reserve
District of 27.3%.
In the Chicago Reserve District the
totals are larger by 28.2%, in the St. Louis Reserve Dis¬
trict by 8.8%, and in the Minneapolis Reserve District
by 20.1%.
In the Kansas City Reserve District the in¬
crease is 13.4%, in the Dallas Reserve District
33.5%, and
in the San Francisco Reserve District
17.7%.
In the following we furnish a summary
by Federal Reserve
an
1047
Chronicle
Week Ended Feb. 6
Clearings at—
Inc.
or
1937
1935
Dec.
1935
1934
$
%
%
$
$
bJ
ad
Seventh Feder al Reserve D istrict—Chi cago—
Mich.-Ann Arbor
575,181
+ 9.9
623,420
H
478,548
56,160,729
1,419,795
738,100
466,018
10,310,000
677,450
3,597,615
12,138,211
Springfield
267,164,990
605,009
3,132,156
738,425
1,065,773
+31.2
Total (IS cities)
districts:
100,183,438
3,817,836
1,546,413
1,068,597
20,065,000
1,352,691
4,644,236
21,868,362
1,087,273
8,143,146
2,971,315
455,819
347,974,272
956,628
4,336,544
1,082,626
1,398,572
424,818
70,056,569
1,673,662
987,583
702,922
12,604,000
715,944
3,231,304
15,512,509
796,021
6,446,983
2,438,801
264,821
216,602,820
581,551
2,331,686
616,190
859,770
523,527,949
408.255,041
+ 28.2
336,747,954
280,243,384
64,600,000
25,942,105
23,567,223
13,969,510
13,807,047
Detroit
Grand Rapids.
Lansing
Ind.—Ft. Wayne
Indianapolis...
South Bend
Terre Haute...
Wis.—Milwaukee
Iowa-Ced.
Raps.
Des Moines
Sioux City
111.—Bloomington
Chicago
Decatur
Peoria
Rockford
SUMMARY OP BANK CLEARINGS
81,000,340
2,862,332
938,030
916,056
15,560,000
986,738
3,731,262
18,921,756
943,212
5,861,132
2,875,433
428,977
+23.7
+ 33.4
+64.9
+16.7
+ 29.0
+ 37.1
+24.5
+ 15.6
+ 15.3
+38.9
+ 3.3
+ 6.3
+ 30.2
+ 58.1
+38.5
+46.6
278,050
4,495,691
2,114,683
261,353
183,072,228
453,097
2,313,906
438,544
829,367
Inc.or
Week End. Feb. 6, 1937
Federal
1937
Reserve Dists.
1st
Boston
2nd
New York .13
1936
S
12 oities
1936
Dec.
$
3rd
Philadelphia 9
"
402,419,054
401,629,855
4th
Cleveland-
5
"
288,697,378
234,268,756
6th
Richmond. 6
"
137,125,649
110,135,791
6th
264,923,027
"
4,212,455,639
3,941,275,162
Atlanta
10
"
149,237,116
117,270,641
7th
Chicago
18
"
523,527,949
8th
St. Louis
4
"
123,728,834
9th
Minneapolis 7
"
"
"
245,160,830
Total
110 cities
3,599,173,473
276,087,712
248,422,112
188,295,047
161,426,121
92,664,559
Eighth Federa 1 Reserve Dis trict—-St. Lo Ui8—
Mo.—St. Louis..
85,300,000
+20.8
70,600,000
21,476,270
27,906,000 —23.0
Tenn.—Mem phis
+ 10.5
16.335,564
14,782,858
b
b
b
111.—Jacksonville
Ky.—Louisville..
+27.3
108,210,819
96,955,030
336,747,954
128,728,834
113,779,858
Total (4 cities).
69,232,123
64,147,425
Ninth Federal
108,204,322
93,314,728
Minn.—Duluth..
45,579,006
40,964,159
Minneapolis...
165,348,278
153,766,506
4,865,050,842
5,123,602,823
N. Dak.—Fargo.
S. D.—Aberdeen.
1,816,548,717
1,615,466,211
Mont.—Billings.
+3.4
308,197,233
We
add
now
our
440,731,482
426,403,119
2,708,740
61,070,337
23,739,721
1,966,635
464,570
St. Paul
years:
Tenth Federal
1936
$
Lowell
New Bedford..
Springfield
2,158,004
251,635,146
667,162
465,485
667,548
685,402
2,267,506
230,164,432
+ 16.7
597,929
1,499,488
175,055,427
511,998
+ 9.3
442,689
2,019,411
179,003,959
319,331
+ 3.0
594,717
+ 14.0
+ 29.4
2,921,928
1,133,592
8,178,240
3,034,369
7,530,400
366,013
578,411
234,589
552,391
2,470,423
1,111,954
7,418,316
3,307,739
7,266,500
329,016
201,743,432
204,735,398
16,823,896
1,359,909
22,500,000
796,396
425,121
12,458,742
5,355,345
R. I.—Providence
10,883,200
N.H.—Manches'r
577,551
446,405
+ 23.9
+ 30.2
+ 26.0
+ 11.7
264,923,027
+ 10.6
Feder al Reserve D istrlct—New
Bingham ton...
Buffalo
Elmira
Jamestown..
New York..
Rochester
Syracuse
Westchester Co
Conn.—Stamford
N. J.—Montclair
Newark
Northern N. J-
11,152,175
5,941,098
1,721,565
1,281,784
33,300,000
26,800,000
1,633,022
996,659
773,166
580,906
4,070,995.284 3,829,293,758
11,173,371
9,062,574
5,701,758
3,703,093
3,807,773
2,715,593
5,384,761
3,216,551
*450,000
507,960
24,959,138
41,403,626
20,423,885
36,751,301
Total (13 cities) 4,212.455,639 3,941,275,162
Federal
Pa.—Altoona
...
Bethlehem
534,064
352,640
Lancaster
1,275,969
390,000,000
1,345,898
2,648,889
932,523
N. J.—Trenton..
1,883,071
3,446,000
Total (9 cities).
402,419,054
401,629,855
..
Scranton
Wilkes-Bar re..
York
+ 34.3
+ 24.3
+ 63.9
+ 33.1
+ 6.3
69,232,123
64,147,426
73,225
87,074
2,167,947
24,057,371
2,118,913
+20.1
+2.0
43,083
84,764
1,869,913
25,092,491
1,783,913
2,143,335
58,545,440
2,747,915
573,902
16,260,318
1.422,153
337,919
295,045
2,035,720
99,681
123,077
3,026,278
>
27,539,512
Kan.—Topeka..
City
—5.0
—3.9
+ 15.2
+8.8
2,684,007
80.909,067
2,704,217
709,384
688,524
+ 10.4
2,552,957
73,368,832
2,723,665
553,877
500,461
134,327,428
118,483,715
+ 13.4
108,204,322
93,314,728
1,563,613
34,638,170
5,313,308
1,840,000
870,767
30,681,640
5,643,148
1,819,000
Mo.—Kan. City.
St. Joseph
Colo.—Col. Spgs.
Pueblo
Eleventh Fede ral
Texas—Austin
as
2,823,506
3,268,856
93,255,571
2,757,301
673,193
760,453
Wichita
Total (10 cities)
104,937
128,066
2,627,092
25,310,224
2,618,197
.
Reserve
+ 7.8
+ 21.8
+ 15.3
+2.0
—5.1
429,972
District—Da Has—
La.—Shreveport.
1,490,058
49,976,134
6,518,107
2,486,000
a873,890
3,447,942
1,241,891
35,591,284
6,204,989
2,220,000
a746,759
2,634,640
+30.9
2,223,915
1,949,614
Total (5cities).
63,918,241
47,892,804
+33.5
45,579,006
40,964,159
Dallas
Fort Worth
Galveston
Wichita Falls.
.
+20.0
+ 40.4
+ 5.0
+ 12.0
b
b
+ 17.0
f
710,844
21,729,948
472,019
404,150
3,048,492,125 3,508,136,612
+ 23.3
6,799,817
+ 54.0
+ 67.4
3,628,262
2,434,673
3,000,038
—11.4
467.292
328,636
+ 22.2
21,691,253
39,677,193
16,685,061
23,254,553
+ 40.2
+ 12.7
7,547,575
3,246.627
1,715,477
2,483.229
+6.9 3,168,095,975 3,599,173.473
323,628 + 65.0
a317,786 +201.9
251,344 + 40.3
1,019,803
390,000,000
1,016,446
2,564,607
1,057,068
1,634,359
3,762,600
Philadelphia
Reading
+ 87.7
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
324,349
b
270,154
Ore.—Portland..
23,699,309
Utah —S. L. City
15,588,199
4,452,596
4,374,056
152,889,000
2,540,402
1,559,125
2,153,158
245,160,830
208,257,260
Yakima
'
Calif.—L. Beach.
Pasadena
San Francisco.
San Jose
Santa Barbara.
Stockton
Total (11 cities)
—11.8
248,130
625,672
240,000,000
1,153.224
1,643,783
1,180,544
+ 15.2
—8.4
1,136,643
2,520,000
+0.2
276,087,712
248,422,112
+ 3.3
Cincinnati
Columbus
Mansfield
Youngstown
b
49,056,328
85,258,490
11,543,000
1,777,079
b
45,657,179
64,007,702
9,655,400
982,864
b
..
+ 7.4
+ 33.2
+ 19.5
+ 80.8
b
b
b
b
35,899,252
44,426,348
7,436,700
853,527
b
Pa.—-Pittsburgh.
141,062,481
113,965,611
+ 23.8
87,011,662
72,810,294
Total (5 cities).
288,697,378
234,268,756
+ 23.2
188,295,047
161,426,121
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore
.
D.C.—Wash'ton.
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
208,994
2,071,000
30,064,771
961,532
57,411,036
19,418,458
137,125,649
110,135,791
Reserve Dist rict—Atlant
3,374,728
16,109,713
53,700,000
+ 25.5
844,023
46,125,184
+28.6
16,609,225
1,266,033
Canada—
Winnipeg
109,429
1,660,000
26,042,771
899,962
45,108,379
13,254,676
939,374
14,979,000
13,241,556
1,778,443
1,339,114
b
92,664,559
87,075,217
a—
--
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
—
Victoria...
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
New Westminster
+ 35.3
+ 7.1
b
Peterborough
2,553,626
12,660,501
39,100,000
821,618
783,263
13,806,000
14,077,475
1,161,463
b
1,844,288
10,077,789
33,200,000
1,103,601
720,987
12,121,000
11,747,126
991,324
b
161,189
29,637,900
+ 50.5
La.—New Orleans
242,635
34,608,029
+ 16.8
167,990
23,078,883
160,816
24,988,099
Total (10 cities)
149,237,116
117,270,641
+27.3
108,210,819
1936
Dec.
1935
$
Medicine Hat
+ 10.0
+ 18.5
+46.3
+ 32.8
1,033,334
17,755,000
b
+24.5
+ 14.2
+ 22.6
19,369,201
Miss.—Jackson..
+ 32.7
2,955,577
13,134,920
39,700,000
1,182,011
Fla .-—Jacksonville
Mobile
+ 18.8
+ 8.0
+30.8
Inc. or
1937
Edmonton
132,877
2,292,000
26,661,250
153,766,506
+ 13.2
Week Ended Feb. 4
Fort William
Ala.—Brim'ham.
Macon
+ 30.9
+ 37.6
165,348,278
+ 16.0
+ 21.3
Clearings at—
St. John
Reserve Dist rict—Richm ond—
273,485
2,850,000
35,715,060
1,276,108
72,041,142
24,969,854
+ 17.7
+36.2
+ 10.3 4,865,040,842 5,123,602,823
London
Fifth Federal
+ 23.9
+ 1.8
+ 17.2 1,816,548,717 1,615,466,211
Montreal
40,947,314
49,181,515
10,078,900
1,075,656
Sherbrooke
Kitchener..
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnla
Sudbury
Total
a
(32
cities)
157,407,360
125,255,169
46.974,696
21,826,258
28,678,591
4,898,532
2,289,433
5,740,141
5,475,662
1,940,512
1,944,738
3,357,944
3,732,201
3,289,173
501,436
1,048,439
943,340
584,722
193,907
519,015
586,202
1,206,164
3,451,194
327,313
768,955
610,614
563,377
436,695
935,958
440,731,482
Not included in totals,
1934
$
168,964,534
130,611,646
44,089,073
23,359,885
24,357,837
5,287,435
2,270.926
6,559,543
5.922,179
2,040,811
1,880,433
3,685,823
3,914,583
3,132,015
304,254
368,661
1,304,513
+ 7.3
+ 6.2
126,531,397
89,944,401
30,822,919
14,482,683
4,938,405
4,110,055
2,250,749
4,246,852
4,802,008
1,649,686
1,619,879
2,979,249
4,352,773
2,770,289
307,353
408,181
1,329,698
529,593
752,030
+ 54.7
606.350
+3.0
+4.3
—6.1
+ 7.0
—15.1
+ 7.9
—0.8
+ 14.3
+8.2
+ 5.2
—3.3
+9.8
+4.9
—4.8
+ 5.5
288,508
486,459
—24.2
1,519,606
—14.2
574,769
987,666
609,836
567,648
221,937
660,943
589,023
1,100,643
—12.8
2,698,839
390,274
604,872
+ 27.9
583.832
+4.6
486,166
475,811
+ 15.9
745,877
+ 25.5
539,071
194,241
604,000
536,274
936,552
2,899,698
354,861
602,415
534,679
465,161
459,270
636,561
426,403,119
+3.4
308,197,233
'
—12.6
—21.5
—0.5
+ 9.6
—16.1
+ 27.1
—8.2
96,955,030
Vicksburg
18,265,603
5,038,000
377,387
15,214,734
8,792,912
2,618,676
3,388,574
96,532,681
1,544,281
847,598
1,146,160
+ 62.3
6,666.132,251 6,043,105,205
cities)
Toronto
Cleveland
SCO—
21,341,251
6,109,000
468,867
10,006,572
10,145,883
2,855,301
2,744,498
107,454,536
1,810,444
978,083
1,433,843
+ 2.0
Outside New York 2,595,136,967 2,213,811,447
2,448,000
+ 32+
+ 10.5
(110
852,605
+25.1
Franci
b
323,696
953,759
267,000,000
986,074
2,011,475
831,716
Feder al Reserve D istrict—Clev eland
Ohio—Canton...
29,651,288
7,207,000
1,046,697
26,844,936
7,065,000
644,988
23,279,339
11,443,111
3,838,439
3,862,618
125,997,259
2,352,140
1,192,121
1,737,309
Spokane
Grand total
Reserve Dls trict—Phlla delphi
a959,436
Chester
Fourth
76,933.295
+7.8
—6.8
1,857,885
41,938,385
York-
N. Y.—Albany..
Third
+ 4.9
—4.8
+ 46.1
New Haven...
293,122,977
$
571,605
318,575
3,113,897
1,771,018
10,942,978
4,250,691
9,742,100
Second
1934
648,418
3,549,466
2,194,352
14,251,008
Total (12 cities)
1,943,033
43,000,645
18,962,475
1,604,808
442,057
488,296
2,790,809
—2.5
Reserve Dis trict—Kans
.
Omaha
1935
•Boston
Conn.—Hartford
Worcester
Dec.
$
Reserve Dlst rict-
718,710
Fall River
1,956,423
92,411,156
Lincoln
Inc. or
1937
Portland
+5.1
+ 29.1
553,755
Hastings
Clearings at—
Me.—Bangor
+21.8
22,594,139
1,825,075
498,450
542,724
1,907,398
Neb.—Fremont
Week Ended Feb. 6
Mass.—Boston..
2,224,305
47,292,179
-MM
detailed statement showing last week's
figures for each city separately for the four
First Federal
93,379,270
269,686,422
Reserve Dis trict—Minn eapolis
Total (7 cities).
#
b
305,000
104,831,615
+8.8
Helena
32 cities
b
420,000
+ 25.7
93,379,270
6,043,105,205
2,595,136,967
491,000
280,243,384
104,831,615
617,000
'
Canada
55,700,000
87,075,217
Quincy
+10.3
2,213,811,447 + 17.2
6,666,132,551
Outside N. Y. City
3,168,095,975
+28.2
+8.8
76,933,295 +20.1
118,483,715 +13.4
47,892,804 +33.5
208,257,260 + 17.7
63,918,241
12th San Fran..11
204,735,398
113,779,858
134,327,428
"
201,743,432
408,255,041
92,411,156
10th KansasCltylO
11th Dallas
6
%
S
,%
+10.6
+6.9
+0.2
+23.2
+24.5
293,122,977
1934
b No clearings available.
* Estimated.
97,134,464
87,193,712
28,481,889
14,297,780
4,386,535
4,179,191
2,080,453
4,000,075
4,654,523
1,543,171
1,607.943
2,419,190
3,934,229
2,531,587
265,705
355,156
1,161,282
488,721
730,162
612,770
447,788
201,433
572,871
524,408
952,244
2,164,691
255,358
618,091
508,236
489,185
388,567
505,012
269,686,422
i©
ha
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i
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ENGLISHJFINANCIAL^MARKET—PERJCABLE
The daily closing quotations for securities, &c., at London,
>*
3
s
Gold.
p.
fine oz. 142s.l%d. 142s.ld.
Consols,
Tues.,
Wei A
Thxtrs.,
Fri..
Feb. 9
Feb. 10
Feb. 11
Feb. 12
20d.
Feb. 8
20d.
20 l-16d.
per oz_.
20%d.
141s.lid.
Holiday
82%
81H
81%
...
104%
103^
103%
103%
British 4%—
1960-90--
Holiday
-
114%
114%
H4K
114%
—
mmm
(in cents) in the United
days has been:
ounce
States
the
on
Bar N. Y.
same
l©b.T*
»
i
I
.
|
H
44%
44 %
44%
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
'
!©©"
I
13
1
I
NHHNH
b- © N N CT> S-t*t*©N
COCOOO CO 0)H0I0)0)
NHS«0)0«MOO
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b. © © T* 00 T* © ©
T*
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©00©©rHCO©T*©
CO
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w
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77.57
III©1
I
I
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•
I
I
IN
•
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I
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©
I
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1
1
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•
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'
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I
I
|
I
-
TREASURY MONEY HOLDINGS
b-©NN©b.T*T*©N
following compilation, made up from the daily Gov¬
ernment statements,
shows the money holdings of the
Treasury at the beginning of business on the first of Novem¬
ber, and December, 1936, and January and February, 1937:
^
T*
NNt* rH
i-t
COT*b.
<N CO«f
IHOdH
IT*
I 00 N © N
100
K
.
rH
"
|
.
1
©" rH
$
Net gold coin and bullion.
Net silver coin and bullion
S
485,257,406
413,833,268
2,893,377
2,020.380
16,402.505
139,290
5,505,496
5,739,264
Net United States notes..
Net National bank notes.
Net Federal Reserve notes
bank notes.
Net subsidiary silver
Minor coin, &o.....
Jan. 1,1937
477.937,294
400.120.648
2,813,545
1,883,857
16,919.650
287,647
5,387,312
3,535,659
$
497.949,500
393,569,691
8,452,024
1,767,785
18,051,185
•-
939,482
5,772,858
4,704,697
—OS
CO
Feb. 1,1937
© © CO © 00 CO 00
IT* ©
I S»1
' b rH
© © rH
© CO ©
I CO
If
rH ©rH
,rH
S*
N © © © © © b>
—
-
I
$
"OijlN
IHONH
I CO IN 00 W
I Off
• © N © N
IS.
S'n*
^s-
931,790,986
156,039,431
908,885,612
156,039,431
775,751,555
752,846,181
©
©
S-
Dep. In Fed. Res. bank
Dep. In National banks—
JS
1
1
1
1
1
•
1^4
1
1
»
1
1
t
III!
1
9
•
1
•
•
988,859,000
275,743,342
921,880,348
Deposits In foreign depts
00 (N
O* rH
rH
CO 00
11,163,630
37,161,354
2,371,001
2,736,416
20,135,906
41,578,221
2,277,303
2,665,021
rH
rH
10,965,908
38.226.986
2.199,002
2,581.963
"8
nn
N
OOCO©b.S»S.©T*©
CO
T* N CO rH rH HH
©
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CO
IHH
w"
°
i
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IN
^*N
©
ICO
IS»
i
CO CO N
tw
5
CO
rH*
N*
a*1,
CO
S-b>©O00O©C0N
00©S.rH0000O©«
T*
ST*.H ©CO
b"
CO
I
*
T*
© CO
T# rH
rH
<
0
N
St
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■ ©©
l
i*
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T*
©
!
CO
I
I
©*
1
1,992,376,642 1,606,088,548 2,101,426,484 1.912,660.214
liabilities.
228,747,161
186,934.850
200,473,932
195,475,670
.
NpeOOOrHT*QCOCO©
q5oooohn9©n9
' CD-J.C'lOOo«o
CO* N N O* T* o © a 0*
00* ®"
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Treasury
Available cash balance
*
;8
©
CO
729,707,000
207,099,007
and in banks.......
Deduct current
18
I©
COS;rHrH©N«CO 00©
T*
10,621,621
40,253,438
1,564,544
2,843,925
,S>
CO*
s«
To credit dlsb. officers.
Cash In Philippine Islands
JrH*
I
•
i
U5 "5 (N CO
675,204,000
124,605,967
110
N 00
It*.
1
1
1
•
1
1
ooiooeoHoooco
.
1,006,107,000
155.234,559
IT* O
' b« rH
T*©
OH*
•*S-rHNT*W NT*rH
To credit Treas. U. S_.
in
©*
III
926.207,122 *1077.919,779
156,039,431
156.039,431
770,187,691
© 00 rH 00
©©©'3l©T*S
N
Dep. In spec'l depositories
account Treas'y bonds,
Treasury notes and cer¬
tificates of indebtedness
© © CO
OCOQC*Wt«C0tOiQ'*
Cash balance In Treas..
CO
rH
N
CD T* T*
eo* ih
!n*
!J-eT
rH
N©T*©©T*b-
ICO
rH©'*
©«©
601,684,471
437,612,371
2,715.606
2,506,037
17,182.670
744,855
6.215.610
9,258,159
nS
Total cash In Treasury.
Less gold reserve fund
©T*©
;n
I
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NO
OrHT*
"
1
I
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N
Dee. 1,1936
co
^
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Holdings in U. S. Treasury Nov. 1, 1936
•
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The
cash
rH
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Holiday
31
©
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^
sT © w* sTsT eo
CO* rH* CO CD* ©N©odi>
bU)
(newly mined)
Res
rH
«
44 %
50.01
I
•©,©.
W
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ION
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U
>05 00 00
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*88
J©
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U. S. Treasury
Net Fed
i
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CO©
00*00
,rHrH
CO
,rH
SSgS
S
,
Closed
i
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[> W 00
,
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.■«•«»
CO
»©t*N^IN NT*rH
U. S. Treasury
i_r
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2
iw©
ioo)9
.
*33
(for¬
eign)
Pwo.co
©
INT*
"oap
N£©
..Off
i
British 3%%—
W. L
'3
A
OHft
©<*©
3
■S
a
81%
Holiday
2%%
!•
<
h
142s. Hd.
142s.Id.
s|
2S22S
55<*j
M
20d.
Mon„
Sat.,
Feb. 6
Silver,
13, 1937
Feb.
Financial Chronicle
1048
IS1©
IrH
I
I
I
•©
CO
!© !
0
1.763.629,481 1,405,614.616 1,905,950,814 1,725,725,364
CO N ©
*
Includes on Feb. 1
5351,611,461 silver bullion and 52,932,314 minor, &c., coins
not Included in statement "Stock of Money."
3
*
REPORT
ON
GOVERNMENTAL
IS.
I
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!«P
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I w IOIQ-OIOOS.
OOrHrH© © CO©
I ©
I
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CO
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The monthly report of the Treasury Department, showing
as of Dec. 31, 1936,
of governmental
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assets and liabilities
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corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
"Daily Statement" for Jan. 30,1937.
The report is the 31st
such to be issued by the Treasury; the last previous one, for
Nov. 30, 1936, appeared in our issue of Jan. 16, 1937,
page 397.
The report for Dec. 31 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
terest of the United States as of that date of $2,716,176,423,
which compares with $2,747,827,467 Nov. 30.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of Dec. 31 was shown to be $1,198,696,582.
This
compares with $1,195,395,050 as of Nov. 30.
In the case
of these Government agencies, the Government's proprietary
interest is the excess of assets over liabilities, exclusive of
inter-agency items, less the privately-owned interests.
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Non-stock (or Includes non-stock proprietary Interests),
b Excess
lnter-agency assets (deduot).
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Deficit (deduct).
d Exclusive of lnter-agency assets
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and liabilities (except bond investments)
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Also Includes real estate and other property held for sale,
f Adjusted for lnter-agency Items and Items in transit.
ft Excludes contingent assets and liabilities
teed loans, Ac.
i
Includes U.
amounting to $70,955 for
guaran¬
S. Housing Corporation.
U. S. Railroad Administration, u. S.
Spruce Production Corporation, and notes received on account of sale of surolus war
supplies.
J Includes Electric Home and Farm Authority; Farm Credit Administration
(crop-production and other loans); Federal Housing Administration; Federal Prisons
Inc.; Indian Rehabilitation loans; Inland Waterways Corporation;
Puerto Rico Reconstruction Administration; Resettlement Administration; Rural
Electrification Administration; The RFC Mbrtgage Company; Tennessee Valley
Associated Cooperatives, Inc.; Tennessee Valley Authority; loans to railroads and
Interagency interest held by the United States Treasury.
Industries,
&J3
1S+; o
fcNet after deducting estimated amount of unoolleotlble obligations held by the
Farm
Credit
1 Includes
$6,094,100 due to Federal Land banks from the U. S. Treasury for
subscriptions to paid-in surplus.
m
Shares of State
! £
ial
Administration.
^§1 ifegjlg
•&§3i*<£3 gr<?3 g
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building and loan associations, $21,143,900; shares of Federal
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savings and loan associations, $104,477,400.
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Less
than
q
In liquidation.
Represents capital stock, paid-in surplus, and other proprietary lnter-agency
Interests which are not deducted from the capital stock and paid-in surplus of the
corresponding organizations.
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jfelfi
as.H-g
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USisli
Includes only the amount of capital stock held by the
United States,
r
2
lilifS I
$1,000«
Assets not classified.
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Volume
144
TREASURY
Financial
Chronicle
STATEMENT SHOWING APPROPRIATIONS AND
RELIEF
The various agencies of the Federal
Government,
AS
OF
JAN.
1049
AND
FOR RECOVERY
EXPENDITURES
30
it is shown in
a tabulationViven in the Treasury's "Daily Statement"
and relief up to the end or January, which compares with $19,176,568,584 appropriated as of Dec. 31, 1936.
The figure for Jan. 30 does not include amounts advanced under the Kerr-Smith
Tobacco Act, the Bankhead Cotton Control Act and the Potato Control Act of
1935, which laws were repealed by Congress
in^February, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutiona. The
Treasury's tabulation for Jan. 30 follows:
ofj|Jan. 30, appropriated $19,150,476,403 for
recovery
FUNDS APPROPRIATED AND ALLOCATED FOR RECOVERY AND RELIEF,
EXPENDITURES THEREFROM.
AS
OF JAN. 30.
AND UNEXPENDED BALANCES
1937
Sources of Funds
Expenditures
Appropriations
Statutory and Executive Allocations
Organization*
Emergency
National
Act 1935,
Recovery
Act
16
c260,000,000
1933
June 22
1936
37,554,000
Commodity Credit Corporation.®.....
77,625,000
124,669.809
60,000,000
18,000,000
Corporation...
Capital stock
mortgages.
Emergency Relief Admin
1
h604,918,257
152,072,943
"h332,481,750
399,548,290
317,566,732
Emergenoy conservation work
Department of Agriculture, relief
93,101,630
11,339,960
«fcc.e\
342,635,028
221,483,015
153.505
123,912,630
106,961,657
48,571,912
933,865
44,738,657
20,208,265
480,590,512
935,005,625
7,346,226 2,937,059,721
124,788,689
2,517,497
193.034
817,126,251
11,915.205
911,040,000 3.083,627,339
88,960,000
321,069,000
84,065,941
596,044",951
3,000,000
127.485,784
17,299,684
14,169,822
10,000,000
327,613,819
820,990,040
1,327,782,313
84,065,941
255.488,217
.....
Works Progress Administration
AU other
44,093,000
600,527,266
397,507,814
7,926,231
534,605.186
800,334,539
195,760,678
372,693,870
75,720,968
1,419,475
3,535,738
2,698,188,158 1,165,124,253 1,263,661,490
865.973.581
1,349,547,131
236,040,596
206,192,591
44,310.993
11,932,162
269,402,414
247,532,954
99,342,000
200,000,000
49,930,642
31,755,610
5,027,500
68,432,960
1,055,626,870
7,217,130
123.513,869
53,289,599
72,000,000
........
9
438,041,725
254,732,875
9^Q
508,755,627
144,183,347
15,887,376
2,698,188,158
74,945,061
419,557,981
1,202,287,808
93,809^609
783,044,087
1,000,000
492,725,832
16,887,376
owners:
Home-loan system:
Home-loan bank
stock....
125,000,000
200,000,000
Home Owners' Loan Corporation
Federal savings and loan associations.
J50.000.000
Emergency housing
29,516,260
Federal Housing Administration
107,275,483
1,000,000
19,938,968
...
Resettlement Administration
Subsistence homesteads
d48,000,000
3,389,487
335,829*825
6,403,484
125,000,000
200,000,000
50,000,000
136,791,743
49,000,000
359,158,281
6,403,484
20,630,500
8,589
23,450,376
8,708,684
90,601,146
139,669,386
14
6,142,514
61,127,427
19,619,285
150,000,000
17,758,142
24,240,593
""79.590
pwa
Export-Import Banks of Washington.®.
Federal Deposit Insurance Corporation.
1,250,000
loans and expenditures.®
Tennessee Valley Authority
35,000,000
150,000,000
Administration for Industrial Recovery.
Reconstruction Finance Corp.—direct
19,338,000
4,992,568
5o",ob"o"666
d3700,969114 3,700,969,114
25,boo",000
""
10*385
4
6285.752,449 2,031,195,725 1,955,525.838
75,000,000
75,000,000
2.283,904,816 3,217,627,633 1.343,020,014 6,116,342,194 6,176,116,227 19137,010,887 1,724,912,730 13119,386,142 4,292,712,014
Unallocated funds
6,366
Grand total
115,127
b The emergency expenditures Included In this statement for the
period prior
1934 Include only expenditures on account of the Reconstruction
Finance Corporation, and subscriptions to capital stock of Federal Land banks
under authority of the Act of Jan. 23 1932.
Expenditures by the several
ments and establishments for publlo works under the
depart¬
Emergency Relief and Conttructlon Act of 1932 were made from genera]
disbursing aooounts, and, therefore,
are not susceptible to segregation from the
general expenditures of such depart¬
ments and establishments on the basis of the dally
Treasury statements.
c The sum of $260,000,000 Includes
appropriations under the Acts of May 12,
1933, May 25, 1934, and Aug. 24. 1935.
d There
are
no
statutory limitations on the amounts of funds whloh may be
the Reconstruction Flnanoe Corporation for carrying out the
purposes of Sec. 5 of the Agricultural Adjustment Aot. and for the purchase by
the Reconstruction Flnanoe Corporation of preferred stock or
capital notes of
banks and trust companies under the Act of March 9 1933.
The Reconstruction
made available by
Finance Corporation Is required to make available to the Federal
Housing Admin¬
istrator such funds as he may deem necessary for the
purposes of carrying out the
provisions of the National Housing Aot.
The amounts lnoluded In this oolumn
for the purposes specified are based upon checks Issued therefor from time to
time
by the Reconstruction Flnanoe Corporation.
The authority of the Reconstruction
Finance Corporation to Issue Its bonds, notes, and debentures has been Increased
by such amounts
Expenditures
13,344,022
as may
be required to provide funds for such purposes.
stated
on a net basis, i.e., gross expenditures less
repayments
and collections, details of whloh are set forth In the
supplementary statement below.
are
f
h The appropriation of $950,000,000 provided
In
the Act of Feb. 15
1934 was
by the President as follows: Federal Emergency Relief Administration.
$605,000,000, of which $81,742.11 has been transferred to the Emergency Relief
Appropriation, and Civil Works Administration, $345,000,000, of which amount
$7,300,000 has been transferred to the Emergency Relief appropriation and $5,-
218,250 transferred to the Employees' Compensation Commission.
1 Under the provisions of the
Flnanoe
the
are
available
for the
making of grants.
The
purchases,
not to exceed $250,000,000.
Reconstruction Finance Corporation Is
The purchase of such securities by the
reflected as expenditures of the Recon¬
Flnanoe Corporation and as credits against expenditures of the Federal
Emergency Administration of Public Works.
The amount by whloh the available
funds on account of suoh transactions has been Increased Is, therefore. Included In
struction
the
funds
of
the
"Reconstruction
Flnanoe
Corporation—direct
and
loans
ex¬
penditures."
j Includes
by
Sec.
11
$700,000
of the
allocated
Aot
of
for
April 27
savings
1934.
k Under Sec. 3 of the Act of June 16
1934
and
loan
promotion
the Reconstruction
as
authorised
Flnanoe
Corpo¬
ration Is authorized to purchase at par obligations of the Federal Deposit Insuranoe
Corporation In a face amount of not to exceed $250,000,000, and the amount of
obligations which the Reconstruction Finance Corporation is authorised to have
outstanding at any one time Is Increased by $250,000,000.
The amount to be
Included in this column will represent the proceeds deposited with the Treasurer
of the United States on account of the sale of suoh obligations by the Federal
Deposit Insurance Corporation to the Reconstruction Flnanoe Corporation.
1 The appropriation of $500,000,000 for subscription to capital stock Is lnoluded
In the figures shown In the oolumn for Reconstruction Flnanoe Corporation,
m
Exclusive of the $82,366,000 transfer referred to In note (p).
Exclusive of the $34,119,249.20 and $46,370,608.92 transfers referred to In note
and $2,550,000 transferred to salaries and expenses, Farm Credit Administration.
n
allocated
by
President,
obligations which the Reconstruction Finance Corporation is authorised
have outstanding at any one time Is Increased by the sums necessary for such
to
p,
acquired
the discretion of the
amount of
Exoess of credits, deduct.
Reconstruction
19150,476,4021.724,912,730 13119,386,142 4,306,177,526
Recovery Aot, and, under the provisions of the Emergenoy Relief Appropriation
Act of 1936, not to exceed $300,000,000 of the proceeds of the sale of such securities,
in
Net, after deducting repayments to the Reconstruction Flnanoe Corporation.
g
13,465,515
13,465,515
2,283,904,816 m3217634 000 nl343,135141 p6126,686216 6,176,116,227
•o the fiscal year
the
36,250,000
150,000,000
24,330,568
k
1
.....
Total
securities
60,768
81,585,757
9,822,841
128,887,748
260,954
30,468,473
Miscellaneous:
e
<
3,670,654
15,160,020
332.553
58,891,605 1,253,730,688
83,443,698
289,689
._/
Publle highways
River and harbor work...
Rural Electrification Administration...
Aid to home
110,723,074
233,912,892
390,172,281
200,000,000
*M(
Public Works (lnoludlng Work
Relief):
Boulder Canyon project..
Loans & grants to States, munlo.,
Loans to railroads.®
187,461,008
623,777,585
614,983,719
125.000,000
169,000,000
82,950,000
Federal Surplus Commodities
Corp...}
Civil Works Administration...
....
6630,082
552,770,335
596,671,587
200,000,000
125,000,000
169,000,000
82,950,000
....
Paid-in surplus
on
297,554,000
1549,770,335
316,376,778
200,000,000
Federal Land banks:
Reduction in Int. rates
Relief:
$
d
3,000,000
Farm Credit Administration.®
Federal Farm Mortgage
Years b
April 8 1935
$
Agricultural Adjustment Administration
Prior
1937
Unexpended
1936 and
Fiscal Year
Total
Approved
1934
Agricultural aid:
Federal
Fiscal Year
Finance
Corporation
Acts
Approved
June 19
Approved
June
Reconstruction
Emergency
Relief
Appropriation Appropriation
Industrial
Specific
Emergency Appropriation Act, fiscal year 1935,
Corporation is authorized to purchase marketable
Federal
Emergency Administration of Public Works
but the amount which the Reconstruction Flnanoe Corporation may have Invested
at any one time In such securities may not exceed $250,000,000.
Moneys paid
tor suoh securities are available tor loans under Title II ot the National Industrial
p Includes $4,000,000,000 specific appropriation under the Act of April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936 and transfers
From the Reconstruction Finance Corporation,
$500,000,000; from the appropriation of $3,300,000,000 for National Industrial
Recovery, $82,366,000; from the appropriation of $525,000,000 for relief in stricken
agricultural areas provided In the Emergency Appropriation Aot of 1935, approved
June 19,1934, $34,119,249.20; from the appropriation of $899,675,000 for emergeney
relief and public works provided in the Emergency Appropriation Act of 1935,
approved June 19,1934, $46,370,608.92; from the appropriation of $950,000,000 for
emergency relief and civl' works provided in the Act of Feb
15, 1934, $7,381,742.11;
from unobligated moneys referred to In Seo 4 of Aot of March 31,1933, $21,527,113.76; and moneys transferred pursuant to Sec. 15 (f) of the Agricultural Adjustment
Act. $12,921,502.64.
of unexpended balances as follows:
DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE of GOVERNMENT RECEIPTS and EXPENDITURES.
This Month
Fissal Year 1937
Organisations
Repayments and
Payments
Commodity Credit Corporation
Collections
Expenditures
Payments
$14,186,925.01
21,491.933.30
180,411,739.49
1,222.031.87
Repayments and
$805,000.91
—
2,734,276.05
296.721.82
$36,424,611.92
al,220.321.02
19,910,880.26
a296,721.82
473,782 05
1,137,179.40
b20,046,681.71
a663,397.35
6,002,974.05
13,235,124.72
267,141,815.05
'
Export-Import Banks of Washington
Reconstruction Finance Corporation—dlreot loans & expenditures
Excess ot repayments and collections
bc$35619611.01
1,513,955.03
20,987,843.18
Farm Credit Administration
Loans and grants to States, municipalities, &o
Loans to railroads
a
Net
33,281.806.43
1,076,962.92
Net
Collections
Expenditures
b$37,964,510.38
36,475,653.24
53,364,039.45
4,755,862.91
6.130,401.96
b552,894,264.85
a$23,777,585.37
al4,983,719.94
127,047,700.04
a3,533,831.04
al,127,427.91
a285,752,449.80
(deduct).
b This Item Includes a net charge of $35,899,541.79 on account of the
redemption of obligations of the Commodity Credit Corporation, the proceeds from the sale of which
treated as collections In July, 1936, less collections from July 1, 1936, to Jan. 15, 1937, on account of the Commodity Credit
Corporation which was reflected as col¬
lections of the Reconstruction Finance Corporation.
c Counter entry (deduct).
were
Financial
1050
GOVERNMENT RECEIPTS AND
enabled to place
of
before
receipts
Government
and
our
EXPENDITURES
of the Treasury,
readers today the details
-Month
of January-
1937
1936
$
Receipts—
1,845,630,168
27,165,329
66,290,027
323,162,962
275,403,282
163,883,371
1,679,340,141
1.652,926,560
—180,225,449
—204,754,448
—955,784,840
+162,633,801
+95,177,833
-40,871,077
+723,555,301+1,815.560,361
34.406,920,921 30,557,324,063
33,778,543,493 28,700,892,625
$
^thefpu bllc^ebt3—!
Unjust enrichment tax
Taxes under Social Sec. Act..
35,465,424
748,165,976
590,280,362
168,024,744
Miscell. Internal revenue
137,892,179
1,300,952,177
1,112,446,527
123,630
588,291
2,540,890
6-—--
—
oVyeS?—4^——
L
30,516,452,986 34,502,098,794
30,516,462,986
126,480,080
149,100,327
2,564,173
Public debt this date
221,586
38,957
2,876,429
Customs
2,501
67,948,424
33,599,439
40,518,386
257,908,529
34,502,098,794
Accounts,
Trust
Increment
223,767,271
on
Gold, &c.
Receipts—
Miscellaneous receipts:
Trust accounts
Proceeds of Govt.-owned sees.
67,449
69,547
Principal—for'n obligations
Interest—for'n obligations.
21,914,697
—
28,925,355
reduc¬
I
In the weight of the gold
Increment resulting from
tion
54,345
48,172,406
56,383,028
Panama Canal tolls. Ac
1,478,263
2,078,306
14,160,761
13.588,996
2,961,670
2,365,388
35,986,824
27,882,014
4,290,065
10,281,846
32,981,224
143,223,346
51.590,670
209,720,479
292,767,038
23,634,831
127,148,552
118,831,606
b 64,037,102
b 41,430,346
14,025,255
48,579,737
295,833
156,002
Unemployment trust fund.
Other miscellaneous
443,365
23,919,858
Seigniorage
Seigniorage
1,428,754
22,605,095
18,183,466
163,004
3,405,868
60,220
2,452,542
357,897
21,246,836
37,447,313
other
dollar
Total reoelpts
227,964,879
283,826,440
2,129,974,388
2,442,131,892
36,207,061
Expenditures—
Trust accounts
40,192,896
Public highways, a
34,942,713
295,676,506
257,282,481
3,300,560
u
Public buildings a
1,035,159
16,349,880
7,582,062
5,930,231
River and harbor work
Panama Canal
65,110,159
"
5,494.277
11,201,323
a
46,057, £580
79,904,099
1,027,443
7,459,709
6,192,319
5,000,000
1,206,770
a
Postal deficiency
Railroad Retirement Act
22,527,758
1,639,332
65,454,426
Social Security Act
143,727,261
46,735,300
40,662,400
5,000,000
Adjusted service ctf. fund—
Agricul. Adjust. Admin.a c—
Agrlcul. Adjust. Admin. (Act
Aug 24,1935)
Agricultural Contract Adjusts.
28,713,707
211,801,454
2,171,019
amended)
8,306,477
32,555,086
278,418,700
337,168,404
335,106,653
55,928,857
48,462,257
10,844
100,000.000
126,568
323,162,962
54 727,000
200,000
50,000
Excess of receipts or
14,540,833
63,950,954
263,261,668
496,331,630
53,541,189
b 27,643.893
Total.
203,564,592
37,049,837
credits
340,668,959
32,616,337
b 1,301
5,501,323
66,290,028
9,853,000
vestments
219,180,205
47,369,460
575,000
27,165,329
Unemployment trust fund—In¬
169,294,524
Excess of expenditures
Public Debt Accounts
b2,068
1,394,667
34,268,477
Receipts—
104,958,128
8,864,411
Treasury bills.
Soli Conservation & Domestlo
Allotment Act
Melting losses, &c
Payment to Fed. Res. banks1
(See. 13b, Fed. Res. Act as1
Other
40,654,609
....
265
5,707,500
28,359,403
Veterans' pensions & benefits:
Veterans' Administration a
governmental agencies (net)
Chargeable agst. lncrem.ongold:
For retlrem't of Nat. bk. notes
National defense:a
Army
of
35,014,655
""430*572
Retirement funds (U. S. share)
Dist. of Col. (U. S. share)....
Navy
checking aoc'ts1
Transactions in
Expenditures—
57,891,787
11,785,477
Total
General—Departmental
...
,
their
&
employees
Processing tax on farm prod'ts
All
1,976,089,522
1936-36
1936-37
P
carriers
191,048,700
8,306,478
general fund balance
—July 1 to Jan.
42,602,999
tax
upon
283,709,760
retire't
Less nat. bank note
Increase (+) or decrease (—) In
-
Internal Revenue:
Taxes
*
+ 53,541,189 +203,664,692
-37,049,837
the fiscal years
1936-37 and 1935-36:
1935-36
$
-63.850,953
-- ---
Total excess Of expenditures—
General and Special Funds—
Income
expenditures f( + ) f_P——
1936-37
$
$
Increment on gold,
Trust accts.,
disbursements for January,
1936, and the seven months of
1937 and
July 1 to /an. 30--
—Month of January
1937
1936
Through the courtesy of the Secretary
we are
Feb- 13> 1937
Chronicle
29,251,403
Emergency Conserv. Work.a._
623,101
1,802,819
200,314,000
1,852,165,000
2,103,674,000
54,900,000
254.600,000
54,900,000
354,600,000
Justed service ctf. fund series)
159,923,535
26,657,648
Farm Credit Administration a
250,255,000
—
Certificates of indebtedness (ad-
64,510,020
4
4,875,667
7,444,999
Certificates of indebtedness (un-
a
3,760,200
1,530,895
25,274,144
1,530,895
Debt charges—Retirements..
Interest
3,674,600
16,669,400
53,670,000
351,894,200
14,197,054
18,833,559
417,105,770
376,572,824
1,802,456
1,446,509
9,373,121
9,625,229
1,453,657
1,635,111
16,464,117
18,988,600
Old-age reserve acct. series—
Civil service retirement fund.
325,863
260.709
4,981,181
10,070,003
54,777,000
9,853,000
Foreign service retlrem't fund
Tennessee
Valley Authority
Refunds—Customs
Internal
revenue
Processing tax on farm prod.
ployment trust fund
series)..
1,526,476,069
Treasury notes
Exchanges...
11,000
—
204,425,400
43,700,000
37^000^000
363,000
335,000
series
Total, general
336,114,853
232,022,913
2,338,876,389
2,462,978,141
Canal
fund
retirement
Zone
500,000
561,OOo
1,221,413,000
903,819.400
1,063,093,500
730,356,900
208,985,677
113,144,475
series
Postal Savings System
Recovery and relief:
30,000,00o
series-
Treasury bonds
Agricultural aid:
Exchanges
"
Agrlcul. Adjust. Admin
1,702,039
2,725,800
60,784,904
b630,083
159,539.135
36,424,612
4,886.871
Farm Credit Admin
bl,220,321
b4,076,894
b23,777,585
bl4,983,720
b34,232,356
Federal Land banks
4,158,903
b974,040
31,623,012
25,230,389
Commodity Credit Corp...
37,199,967
United States savings bonds
18,262,163
127,673,150
4,607,600
Adjusted service bonds
Postal Savings bonds
20,744*000
Deposits for retirement of Na¬
223,895,115
tional bank notes
Relief:
Fed.
Admin,
Emer.
(incl.
678,722,400
45,000,000
45,000,000
Relief
Fed.
Sur¬
992,070
19,804,526
9,863,724
Civil Works Administration
19,434
44,179
193,034
44,271,982
58,891,606
89,973
289,689
2,190,812
473,187,163
4,876,995.727
6,723,328,340
212,421,000
214,062,000
1,957,284,000
1,787,957,000
414,000
363,715,122
401,815,567
Total
479,797,895
Com. Corporation).
plus
Emerg. Conserva'n work..
Dept. of Agrlcul., relief
1,411,291
16,963
Boulder Canyon project.794,266
532.969
8,068,612
7,217,130
Loans and grants to States.
municipalities,
19,910,880
Public highways
River and harbor work
9,474,078
127,047,700
b6,834,471
b296,722
bl,590,932
b3,533,831
b51,829,702
15,250,550
5,809,859
&c
Loans to railroads
12,614,158
195,760,677
152,704,040
12,684,770
75,720,968
92,169,773
...
888,657
75,311
3,535,738
157,497,080
1,165,124,254
372,812,202
34,263,074
Works Progress Admin
All Other
34,153,285
236,040,596
224,132,315
35,356,885
Adjusted serv. ctf. fund series
Home-loan system
2,105,869
3,282,874
20,639,089
Emergency housing
4,442,638
1,609,743
23,450,376
19,404,048
Federal Housing Admin
Resettlement Admlnlstra'n.
1,001,131
1,101,885
8,708,685
7,494,234
13,138,775
11,173,810
90,601,147
33,761,814
14,356
15
428,237
*1*0*83,900
730,150
1,299,323,300
429,897*950
2,200,000
2,000,000
11,500,000
10,800,000
17,000
24,000
155,000
13,000
36,000
Foreign
service
retirement
fund series
Canal Zone retlrem't fund ser.
376,400
2,817,034
962
14,456
18,328
49,294
6,119,000
10,199,450
91,167,000
10,500
24,050
92,400
171,200
10,029,400
13,544,400
1,252,356,800
Postal Savings bonds
27,814,668
..
Total expenditures
298,946,900
240,709,902
1,724,912,731
1,915,517,128
635,061,753
472,732,815
4,187,890,871
36,700
1,436
2,403
9,727,977
31,155,779
76,025,955
343,330,641
306,637,734
514,058,240
4,153,440,426
4,907,767,979
723,655,301
1,815,560,361
Reserve bank notes
Total
351,235,313
244,767,936
2,124,419,130
1,745,758,979
95,177,833
40,871,077
Excess of expenditures.
a
for the months and the fiscal years art
Expenditures, the classification of which will be
and expenditures appearing on page 7
Additional expenditures on these accounts
shown in the statement of classified receipts
351,235,313
244,767,938
1,745,768,979
2,124,419,130
3,674,600
16,669,400
53,670,000
351,894,200
347,560,713
228,098,537
1,692,088,979
1,772,524,930
of the dally Treasury statement
for the 15th of each month.
b Excess of credits (deduct).
c
Excess of expenditures (exclud¬
ing public debt retirements)—
74,637,120
40
526
Fed'l
included under Recovery and Relief
Less public-debt retirements.
596,674,650
502
notes and
Excess of receipts
Summary
Exoess of expenditures
1,784,640
8,600
Other debt items
4,254,393,517
Excess of reoelpts
Excess of expenditures
1,770.500
Panama Canal bonds
National bank
Total recovery and relief
22,650
920,300
notes
Consols of 1930
b67,903,647
32,100
6,000
868,380
230,050
Victory
5,061,583
b285,752,450
114,400
73,300
26,300
7,850
1,583,350
2,550
5,100,566
10,385
2,567.167
9*687
6,846
L238
279
Fourth Liberty bonds
bl,127,428
333,475
b70,326,983
4,288,144
634,563,250
826.750
Second Liberty bonds
bl,259,541
13,235,125
1,500
15,991,811
835,500
17,854,500
First Liberty bonds
373
Authority..
141,000
55,000,000
""
Adjusted service bonds
War savings securities
Treasury savings securities
b663,397
—direct loans & expend's..
127,000
109,000
Postal Savings System series..
Admin, for Indus. Recovery..
Tennessee Valley
256,400,000
.......—
Export-Import Bks. of Wash.
Reconstruction Finance Corp.
130,800,000
Civil service retlrem't fund ser.
Treasury notes.
Third Liberty bonds
Miscellaneous:
2,825,450
1,487.100
143,450
247,700,000
60,000
Unemployment trust fund ser.
Treasury bonds
United States savings bonds
Aid to home-owners:
Subsistence homesteads
402.200
66,800,000
Certificates of indebtedness
336,071
145,560,831
Rural Electrifica'n Admin.
Expenditures (incl. Public Debt
Retirements shown above)—
Treasury bills
Public Work (lncl. work rel'f);
Payable from processing taxes on farm products or
processing taxes.
advances from the Treasury
to be deducted from
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of dally Treasury statements)
Aug. 31, 1919,
Mar. 31, 1917,
Pre-War Debt
Gross debt
Net balance in general fund
Gross debt less net balance In general fund..
Gross debt per capita
Computed rate of Interest per annum on inter¬
est-bearing debt outstanding (per cent)
When
War Debt
Was at Its Peak
Dec. 31,
1930,
Lowest Post-War
Jan. 31, 1936,
a
Debt
Year
Ago
Dec. 31, 1936,
Last Month
Jan. 31,
1937
$26,596,701,648.01
1,118,109,534.76
$16,026,087,087.07
306,803,319.55
$30,516,452,985.58
74,216,460.05
2,003,979,340.93
$34,406,920,961.66
1,905,950,813.33
$34,502,098,794.40
1,725,725,363.88
$1,207,827,886.23
$25,478,592,113.25
$15,719,283,767.52
$28,512,473,644.65
$32,500,970,148.33
$32,776,373,430.52
250.18
129.66
238.31
266.96
3.750
2.552
2.570
$1,282,044,346.28
12.36
i
2.395
.
267.54
m*
.
4.196
\
2.568
Volume
Financial
144
PRELIMINARY
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the
date in 1935:
same
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Sept. 30, 1936
Sept. 30, 1935
$
Balance end of
month'by dally statements, &o_.
■
2,187.682,078
Add'.or Deduct—Excess or deficiency of receipts over
or under disbursements on belated Items
$
1,798.553.089
-26,926,451
—28,632,366
2,160,655,627
1,769,920,723
32,474,525
592,863,299
3,677,500
885,037
715,094,072
3,781,605
3,856,175
629,900,361
754,051,959
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers' checks
Discount accrued
Settlement
War
on
on warrant
Savings certificates.
checks
Total
Balance, deficit (—)
or
31,320,107
+ 1530755,266 +1015,868,764
surplus (+)---
INTEREST-BEARING DEBT OUTSTANDING
Interest
Title of Loan—
Sept. 30, 1936
$
49,800,000
Payable
3s of 1961
3s convertible bonds of 1946-1947
A.-O.
758,955,800
J.-D.
1,036,762,000
758,955,800
1,036,702,900
M.-S.
489,080,100
__._J.-D.
454,135.200
J.-D.
352,993,950
M.-S.
544.870,050
J.-D.
818,627,500
755,476,000
M.-S.
F.-A.
834.463,200
1,400.534,750
A.-O.
A.-O.
1,518,737,650
1,035,874,900
J.-D.
J.-D. '
491,375,100
M.-S. 2,611,112,650
M.-S.
1,214,428,950
Savings bonds, series A
U. S. Savings bonds, series B
f 193,107,942
J.-J.
_
1
Aggregate of Interest-bearing debt
Bearing no Interest
115,045,669
206.600,569
508,948,950
119,974,320
3s Adjusted Service boDds of 1945
12l!,821,840
11,369.785,550 11,928,992,500
2,353,446.000 Al,952,134,000
33,085,772,581 28,432,444.659
582,308,634
843,143,445
162,747,645
145,718,185
Matured, Interest ceased
Total debt—
Deduct Treasury surplus or add Treasury deficit
The
preliminary statement of the public debt of the United
made up on the basis of the daily
Treasury statement, is as follows:
Bonds—
+1530755,266 +1015,868,764
Total gross debt Sept. 30, 1936, on the basis of dally Treasury statements, was
transit, &o.,
was
amountfof
net
$2,065,368.25.
on
April 15 and Oct. 15, 1934, and April 15, 1935.
30,"1936
CONTINGENT^LIABILITIES^OF THE.UNITED STATES,*SEPT.
Amount of
Detail—
Principal
$197,780,860.00
Treasury bonds:
44 % bonds of 1947-52
4% bonds of 1944-54
3% % bonds of 1946-56
3% % bonds of 1943-47
3% % bonds of 1940-43
3% % bonds of 1941-43
34 % bonds of 1946-49
3% bonds of 1951-55
34 % bonds of 1941
34% bonds of 1943-45
334 % bonds of 1944-46
3% bonds of 1946-48
334% bonds of 1949-52
2%% bonds of 1955-60
2*4% bonds of 1945-47
2% % bonds of 1948-51
758,955,800.00
1,036,702,900.00
489,080,100.00
454,135,200.00
352,993,950.00
544,870,050.00
818,627,500.00
755,476,000.00
834,463,200.00
' 1,400,534,750.00
1,518,737,650.00
1,035,874,900.00
491,375,100.00
2,611,112,650.00
1,214,428,950.00
1,223,496,850.00
-
1,626,688,150.00
24 % bonds of 1951-1954
2*4 % bonds of 1956-59
234% bonds of 1949-53
981,848,050.00
1,302,658,450.00
19,452.060,200.00
United States Savings bonds:
Series A
190,765,892.75
307,872.887.50
Series B
10,479,900.00
Series C
509,118,680.25
Adjusted Service Bonds
437,626.550.00
—
$20,596,686,290225
Total bonds
Treasury Notes—
34 % series A-1937, maturing Sept.
3%
series B-1937, maturing Apr.
3%
series C-1937, maturing Feb.
2% % series A-1938, maturing Feb.
24% seriesB-1938, maturing June
3%
series C-1938, maturing Mar.
234 % series D-1938, maturing Sept.
24 % series A-1939, maturing June
14 % series B-1939, maturing Dec.
134 % series C-1939, maturing Mar.
14 % series A-1940, maturing Mar.
14 % series B-1940, maturing June
14 % series C-1940, maturing Dec.
134 % series A-1941, maturing Mar.
1 % % series B-1941, maturing June
14 % series C-1941, maturing Dec.
15,1937—
$817,483,500.00
15,1937—
15,19371,1938—
15,1938—
15,1938—
15,1938—
15,1939—
15,1939—
502,361,900.00
22,249,000.00
276,679,600.00
618,056,800.00
455,175,500*00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
1,378.364,200.00
15,1939—
15,1940—
15,1940—
15,1940—
15,1941—
15.1941—
15,1941—
738,428,400.00
737,161,600.00
676,707.600.00
503,877,500.00
204,425,400.00
$10,288,948,050.00
3% Old-Age Reserve account series, maturing
45,000,000.00
June 30, 1941
4% Civil Service retirement fund, series 1937
306,900,000.00
to 1941
4%
Service retirement fund, series
Foreign
3,092,000.00
4% Canal Zone retirement fund, series 1937
3,240,000.00
to 1941
Postal Savings System series,
maturing
100,000,000.00
June 30,
1939 and 1940
Federal Deposit Insurance Corporation
series, maturing Dec. 1, 1939—
2%
100,000,000.00
10,847,180,050.00
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1938
$50,900,000.00
24 % Unemployment Trust Fund series, ma¬
turing June 30, 1937
73,636,000.00
124,536,000.00
Contingent Liability
a
Interest
Total
Guaranteed by the United States:
Federal Farm Mortgage Corp.:
2,252,793,000.00
Treasury bills (maturity value)
$33,821,095,340.25
Total Interest-bearing debt outstanding—________
Mcuured Debt on Wh ich Interest Has Ceased—
3% bonds of 1944-49
3*£% bonds of 1944-64
3% bonds of 1942-47
14% bonds of 1937—
24% bonds of 1942-47
14% bonds of 1939
862,085,600.00
98,028,600.00
236,482.200.00
22,325,000.00
103,141,100.00
100,122.000.00
9,698,463.00
132,747.06
1,478.013.75
34,882.81
228,486.18
120,980.75
871,784,063.00
98,161,347.06
237,960,213.75
22,359,882.81
103,369,586.18
100,242,980.75
♦1,422,184,500.00 11,693,573.55 1,433,878,073.55
Federal Housing Administration:
3% debentures
92.52
12,350.00
12,442.52
33,208,900.00
of 1932-47
4% and 44% Second Liberty Loan bonds of
1927-42-
1,493,900.00
—
—
7,046,000.00
24,195,000.00
272,750.00
——_
$346,681,016.00
Treasury bills
62,220.00
Debt Bearing No Interest—
United States notes
Less
$190,641,585.07
Deposits for retirement of National bank
▼ 86,403,000.00
3,015,191,899.21
Thrift and
.
.
3,267,126.54
-
544,356,153.89
f ;165,346,666.67
432,115.00
731,862.30
86,835,115.00
166,078,528.97
251,749,666.67
1^% notes, series K
and
notes—_—348,414,516.00
2,032,926.28
Treasury savings stamps, unclassi¬
Federal Reserve bank
Old demand notes and fractional currency.
2,993,369,650.00 21,822,249.21
156,039,430.93
gold reserve......—————————
fied sales, &c
Reconstruction Finance Corp.:
2% notes, series H
2,457,950.00
44,668,750.00
712,650.00
17,860,600.00
*4 % Third Liberty Loan bonds of 1928i
44 % Fourth Liberty Loan bonds of 1933-38.
34 % and 44 % Victory notes of 1922-23
Treasury notes, at various Interest rates----Ctfs. of Indebtedness, at various Interest rates
136,647,300,26
bg2,220.00
3% bonds, series A, 1944-52
1,068,566,525.00 13,083,308.30 1,081,649,833.30
24% bonds, seriesB, 1939-49— 1,271,360,250.00
5,807,534.56 1,277,167,784.56
14% bonds, series D, 1937
1.49,843,000.00
109,032.80
49,952,032.80
2% bonds, series E, 1938
123,830.25
149,532,100.00
49,655,930.25
14% bonds, series F, 1939
325,254,750.00
1,626,284.93
326,881,034.93
24% bonds, series G, 1942-44.
1,074,478.37
228,813,025.00
229,887,503.37
f
$4,730,800.26
1,1917
54 %, 4% and ±4 % First Liberty Loan bonds
Old debt matured—Issued prior to Apr.
Treasury savings certificates.
Home Owners' Loan Corporation:
4% bonds of 1933-51
1,163,977.30
c252,913,643.97
Tennessee Valley Authority.
Total gross debt..
-
.$34,502,098,794.40
—
TREASURY CASH AND CURRENT LIABILITIES
holdings of the Government as the items stood
30, 1937, are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury of Jan. 30, 1937.
The cash
Total, based"upon guarantees..
4,701,996,059.25
On Credit of the United Stales:
Seoretary of Agriculture
Savings System:
Postal
Funds due depositors
Total, based
28,894,500.00
119,086,360.00
public debt redemption and receipts
b No reduction.^ made on account of obliga¬
c Includes amount of outstand¬
tions of foreign governments or other Investments,
ing bonds called for redemption
$49,800,000.00
3% Panama Canal loan of 1981
3% Conversion bonds of 1946-47
2>4 % Postal Savings bonds (13th to 49th ser.)
1937 to 1941
a33.830,828,860 29,421,306.289
b32.300.073.594 28,405,437,525
$33,832,894,227.85, and the
JAN. 30, 1937
States Jan. 30, 1937, as
2%
Net debt
In
375,997,200
1,223,496,850
J.-D. 1,626,688,150
M.-S.
981,843,050
U. S.
a
489,087,100
454,135,200
352,993,950
544,914,050
818,646,000
755,477,000
834,474,100
1,400,570,500
1,518,858,800
1,035,884,900
491,377,100
2,611,156,200
M.-S.
24s Treasury bonds of 1956-59
Treasury bills
c505.066.250
A.-O
2J£s Treasury .bonds of 1945-1947
24s Treasury bonds of 1948-1951
24s Treasury bonds of 1951-1954
2Hs Postal Savings bonds
Treasury notes
*_
$
49,800,000
28,894,500
251,400.000
_—
Q.-J.
Certificates of Indebtedness
4>£8 Fourth Liberty Loan of 1933-1938
4J£s Treasury bonds of 1947-1952
3s Treasury bonds of 1944-1954
3J£s Treasury bonds of 1946-1956
34s Treasury bonds of 1943-1947
3%b Treasury .'bonds of 1940-1943
3%e Treasury .bonds of 1941-1943
3Hs Treasury bonds of 1946-1949
3s Treasury bonds
0^1951-1955
33^8 Treasury bonds of 1941
4Jis-3tfs Treasury bonds of 1943-1945.
3>£s Treasury bonds of 1944-1946
3s Treasury bonds of 1946-1948
3^8 Treasury bonds.of 1949-1952
2Jis Treasury bonds of 1955-1960
Sept. 30, 1935
28,894,500
105,818,000
Q.-M.
OF THE
DEBT STATEMENT
UNITED STATES,
The statement of the
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Sept. 30,
1936, delayed in publication, has now been received, and as
1051
Chronicle
COMPLETE PUBLIC DEBT OF THE UNITED STATES
Jan.
CURRENT ASSETS
1,244,499,066.90 29,036,652.45 dl273,535.719.35
upon credit of the
United States.
1,273,535,719.35
AND LIABILITIES
GOLD
Gold
$
$
Liabilities—
11,357,654,833.58
Gold certificates:
Assets—
Outstanding (outside
I
Other Obligations:
Fed. Res. notes (face amount)
♦
July
31,
fund—Bd,
Redemption
Sys 6,034,425,937.68
fund—
Fed. Res. notes.—
Gold
reserve
Exch. stablllza'n fund.
amount of notes and accrued Interest thereon,
d Figures;asgof
ctf.
of Govs., F. R.
bonds Issued and outstanding,
a After deducting amounts of
funds deposited with the Treasury to meet Interest payments,
b Interest to July 1,
1935, on $2,185,275 face amount of bonds and interim receipts outstanding which
were called for redemption July
1, 1935.
c Does not Include $3,760,000,000 face
public debt,
2,909,425,319.00
of Treasury)
Gold
__e4,036,756,939.07
Includes only
held by Treasury and reflected In the
1936—figures as of Sept. 30, 1936, not
12,119,105.85
156,039,430.93
1,800,000,000.00
10,912,009,793.46
available.
Offset cby tcashijin ^designated.depository banks and accrued interest
amounting to $171,935,373.65, which is secured by the pledge of collateral as
Gold in general fund-
provided in the Regulations *of the Postal Savings System having a face value of
$179,969,873.25, v.cash „in ^possession of System amounting to $127,525,977.22,
Balance of Increment
Inactive
126,517.069.91
.
and
result, from reduc.
GovernmentQand^Government-guaranteed securities
with a face value of
$964,435,130 held fas Investments, and other assets,
e In
actual circulation,
exclusive of $12,386,980.93 redemption fund deposited in the Treasury and $297,798,795 of their *own 'Federal!Reserve notes held by the issuing banks.
The col¬
lateral security
for Federal .Reserve notes Issued are (1)
certificates and credits with the Treasurer of the United
tion
$4,337,838,000 in gold
States payable In gold
Treasury notes of 1890 outstanding.
demption.
silver dollars In the Treasury.
weight
of
141,054,917.78
178,073,052.43
445,645,040.12
certificates, (2) United States Government securities of a face value of $88,000,000.
and (3) commercial paper of a face amount of $5,306,000.
f Includes only un¬
matured bonds Issued and outstanding.
Funds have been deposited with the
Treasury for payment of matured bonds which have not been presented for re¬
gExcess of credits (deduct).
in
the gold dollar
In working balance—
Total
11,357,654,833.58
Note—Reserve against
Total
11,357,654,833.58
$346,681,016 of United States notes and $1,174,272 o
Treasury notes of 1890 are also secured by
Financial
1052
Chronicle
SILVER
Assets—
1,290,908,333.611
TotaL.
Japan..
United States of America..
Germany
France
Assets—
Netherlands
Other countries
Liabilities—
$
Gold (as above)....
Silver (as above)
United States notes....
445,645,040.12 Treasurer's checks out¬
Federal Reserve notes-
17,182,070.00
744,855.00
2,506,037.00
6,215,609.59
2,932,313.55
350.867,655.88
National bank notes.
Subsidiary silver eoln.l.
Minor ooln
.........
Silver bullion (cost val.)
Silver bullion (recolnage
Postal
Collections, Ac
Deposits in:
Special depos. acct. of
729,707,000.00
bank
depositaries:
Foreign depositaries:
To credit of Treas¬
To
U. S__—
eredlt
of
other
Govt, officers
U. S
urer of
2,199,001.62
Jan.
Jan.
33d. * tan
....20.437d.
im£
recorded^during"the period
$4.91 and the lowest $4.89
was
the amount returned for the sliver received under the
ISSUED
CHARTER
Amount
30—Dallas National Bank, Dallas, Texas..
$1,000,000
Capital stock consists of $1,000,000, al 1 common stock.
Presi¬
dent, Ernest R. Tennant.
Conversion of Dallas Bank &
Trust Co., Dallas, Texas.
VOLUNTARY LIQUIDATIONS
1,912,660,213.45
TotaL.
$25,000
30—The First National Bank of Del Rey, Del Rey, Calif.
Jan. 19, 1937.
Liq. Agent, W. O. Marshall, 550
Effective
Montgomery
St.,
San Francisco, Calif. Absorbed by
Bank of America National Trust & Savings Assn., San*
Francisco, Calif.
Charter No. 13,044.
President's
1
proclamation dated Aug. 9, 1934.
£-16d.
cents
cents
cents
cents
45 cents
...45 cents
Jan.
Note 1—This item represents seigniorage resulting from the Issuance of silver
certificates equal to the cost of the silver acquired under the Silver Purchase Act
Note 2—The amount to the credit of
20
.20 7-16d.
20 7-16d.
1,725,725,363.88
1,912,660.213.45
1934 and
20Kd.
.20 7-16d.
NEW YORK
NATIONAL BANKS
Jan.
of
.20Hd.
IN
(Per Ounce .999 Fine)
Jan.
45
Jan.
45
—45
Jan.
Jan. 23..
—.45
following information regarding National banksTis
from the office of the Comptroller of the Currency, Treasury
Department:
To credit of Treas¬
Total
£528,670
The
10,602,042.65
—-
Philippine Treasury:
2,795
3,940
h, The highest rat e of exchange on New York
10,905,907.72
180,934,849.57
38,226,986.35 Balance today:
Inact. gold (as above)
126,517,069.91
Increment on gold (as
1,288,047.16
above)
141,054,917.78
Seigniorage (silver) see
note 1
339,820,714.81
1,293,316.32
Working balance^
1,118,332,661.38
other
1.480
1,925
Denmark................
Other countries
ex¬
changes, &0.........
officers
2223.
25.
408,400.09
,
Items,
21.
from Jan. 21 to Jan. 27
of Nat.
notes(5% fund
Uncollected
of U. S
urer of
74,479,408.69
lawful money)
To credit of Treas¬
—
^
Redemption
sales of Govt, secur.
18,400
11,714
1,790
5,251
...
Hungary
Egypt.—................
IN LONDON
Bar Silver per Oz. Std.
Cash
2 Mos.
20Ud.
.20\4d.
20 5-16d.
.20 7-16d.
Average
Deposits for:
Nat. and other bank
of
Jan.
—
207,099,007.41
Jan.
Jan.
60,800,000.00
31,332,118.83
Other deposits..—.
Postmasters, clerks of
courts,
disbursing
officers, &0-
6,325,844.71
Fed. Reserve banks-
credit
Jan.
Jan.
Jan.
System:
5% reserve, lawful
743,804.51
Govt,
2,177,932.70
Trustees,
Savings
money—
value)
urer
of
Canada...........
France..................
Switzerland.....
Quotations during the week:
officers:
Unclassified—
To
7.134,880.61
Post Office Dept—
Board
India.............£481,375
United States of America..
£180,365
standing
86,000.910.51
2,715.606.00 Deposits of Government
Fed. Reserve bank notes
.....
...
Belgium
1,290,908,333.51
Total
£96,837
9,460
35,649
9,735
11,006
10,103
2,776
" 1,625
3.174
...
...
Canada
GENERAL FUND
British
221650
267
Mexico...
$
785,075,488.51 Silver ctfs. outstanding. 1,203,733,151.00
505.832,845.00 Treasury notes of 1890
outstanding...
1,174,272.00
Sliver in general fund...
80,000,910.51
Silver dollars...
Exports
Imports
Liabilities
S
Silver
13, 1937
Feb.
2—The New York State National Bank, Albany, N.
Feb.
999,900
Preferred stock.
today was $2,240,518,191.55.
Y__ 2,999,900
$2,000,000
Common stock
disbursing officers and certain agencies
Feb. 1, 1937, at 12 o'clock noon.
Liq. Agent,
Mechanics & Farmers Bank, Albany, N. Y.
Succeeded by
State Bank of Albany, N. Y.
The liquidating bank had au¬
Effective
P_THE ENGLISH GOLD AND SILVER MARKETS
We
reprint the following from the
thority to operate two branches.
weekly circular of
GOLD
The Bank of England gold reserve against notes amounted to
669
on
Jan, 20, showing no change
as
Effective
Jan.
of
Bank
about £2,200,000, most of which was taken for the United States of
Prices continued to show
a
small premium over
the exchange ruling at the time of fixing.
Trust
Per Fine
21
Jan.
25
26
lis.
lis.
lis.
lis.
lis.
lis.
lis.
141s.
9^d.
141s. 10)4d.
141s. lOd.
141s.
9)4d.
141s.
8J4d.
141s. lid.
141s.
9.83d.
22
23
27
Average..
11.80d.
11.71d.
11.75d.
11.80d.
11.88d,
11.67d.
11.77d.
STOCK
Imports
£522,572
16,728
24,517
349,971
46,584
8,104
7,330
4,234,331
17,530
71,932
11,030
16,987
CHANGES
OF TITLES
CHANGES IN CAPITAL STOCK AS REPORTED BY NATIONAL
Retirement
Tanganyika Territory
Kenya
Australia
British India
British Guiana
Venezuela..
France
Germany
Netherlands
Switzerland
Other countries
1-14-37 The
1-30-37 The
Union of South Africa...
British West Africa
Southern Rhodesia
.....
Imports
£7,295,204
308,735
250 shs.
National
Bank
British India
British Malaya
Australia
!N*gw Zo&i&iid
and British
Guiana-
Germany
Netherlands
...
Belgium
France.—.
27.080
26,753
1,419,568
14,544
428,974
85,879
22.295
30,188
397,490
453,171
24,015,805
5,477
Switzerland
Sweden
Austria
42,912
231,528
Morocco
In
Venezuela
Other countries..
46,935
45,169
Bank
First
Side
National Bank
In
$3,000
12,000 shs.
$300,000
Bank
of
First
Nationa-
Bank
of
£21.918
5,450
Paterson, N
J
156,874
21.912
685,768
48.508
2- 1-37 The
Port
12-30-36 The
Leyden
Manufacturers
Bank of Troy, N. Y
12-21-36 First National Bank
National
None
$18,000
32,000
$500,000 A
499,000 B
251,000
$213,750 A
12,500 B
100,000
$800,000
C
600,000
P
$40,000
C
100,000
P
4,000 shs.
$2,000
P
24 shs.
$2,400
$2,400
16,000 shs
$400,000
30 shs.
$1,500
Bridgeport, Pa._
Bank
240 shs.
1-15-37 The Maytown National Bank,
64 shs.
1-15-37 The
Moxham
National
of Johnstown, Pa
12,821",152
$6,000
Maytown, Pa..
12"306
2- 1-37 The First Nat. Bank & Trust
1- 2-37 The Logan Nat. Bank & Trust
1-25-37 The
First
National
First
National
12-31-36 The
spot was yesterday reduced
First
National
Bank
of,
50 shs.
50 shs.
$5,000
$5,000
of
195 shd.
$5,460 "A"
Bank
5,000 shs.
1 $100,000 "A"
300,000 shs. 300,000 shs.
Bank/
& Tr. Co. of Chicago, 111
\
$10,000,000 $10,000,000
of
Kemmerer, Wyo
2- 1-37 Continental Illinois Nat.
1-30-37 The
future, but at the present
steady undertone.
$2,000
1,250 shs.
$25,000
3,125 shs
$50,000
Bank
Ralston, Pa
1-21-37 The
First
First
National
National
Bank
Bank
East Islip, N. Y.
*
x
60 shs.
60 shs.
$6,000
of
of
$6,000
C Common stock.
$300,000
$21,000
C
29,000
P $500,000
CI,000,000
P
$23,600
28;600 F
$70,000
150,000
$44,000
200,000
$23,000
40,000
$25,000
125,000
P $150,000
C 300,000
P $20,000
C
30,000
P $165,200 A
25,000 B
O
100,000
P $100,000 B
C
30,000
P$35,000,000
C 40,000,000
P
$14,000
O
30,000
P
900 shs.
P
None
$22,500
O
$75,000
Common stock Increased by conversion of "B" preferred stock,
Bank reported in voluntary liquidation Oct. 19, 1936.
P Preferred stock.
None
C
24 shs.
30 shs.
"2,125
The following were the United Kingdom imports and exports of silver
registered from midday on Jan. 18 to midday on Jan. 25:
P
250 shs.
$1,500
62H shs.
$5,000
Dexter, Dexter, N. Y
a
C
P
$1,000
New
in
Bremen, Ohio
12-21-36 The
level the market shows
P
$2,000
$100,000 "B
National
Bank, Port Leyden, N. Y___
The demand for silver for early shipment
near
20 shs
1- 6-37 The Bridgeport National Bank,
491,541
1,538,830
buying by the Indian Bazaars, readily
expected in the
C
$12,000
28,000
C $400,000
40 shs.
to 1-16d.
are
None
C $100,000
P
$5,000
3,333 1-3 shs.
Grafton, W. Va_
No wide movements
$3,000
P
P
*50 shs.
1-26-37 The Penn's Grove Nat. Bk. &
Co. of New Kensington, Pa.
on
30 shs
$23,750 "A"
Amsterdam, N. Y
last week, the market has been very
having slackened, the premium
1,000 shs.
$25,000
50 shs.
Tr. Co., Penns Grove, N. J.
2- 1-37 The Farmers National Bank of
Sales have been made on China account and there has been reselling;
sellers, however, have been inclined to hold back, and bear covering and
to India
$50,000
50,000
$160,000
C
300.000
C
portant.
absorbed the amounts offered.
$600,000 A
150,000 B
425,000
C
$2,000
Bank
12-17-36 The Paterson National Bank,
steady and during the week under review movements have been unim¬
some
20 shs.
$200,000 A
100,000 B
100,000
(x)
P
$1,000 *B"
National
Co. of Mount Joy, Pa
speculative purchases with
P
984 shs.
$9,840
1,000 shs.
$20,000
3,500 shs.
$35,000
of
Clifton, N. J
SILVER
seen
'
Bank
National
Chinook, Mont
First
I
30 shs.
£35,817,774 £15.838,203
Following the decline in prices
P
C
1- 7-37 The
389~699
682
Lumbermen's Nat.
Menominee, Mich
Omaha, Neb
Exports
31,819
..-
China..
United States of America
of/
Mich..
Osakis, Minn
529,686
Tanganyika TerritoryKenya
P
$25,000
3,750 shs
$150,000
Bank
St. Louis, Mo
1-26-37 The Farmers National
12-29-36 The
„
Algeria
First
1-21-37 South
The following are the details of United Kingdom imports and exports
of gold for the month of December, 1936:
Indian islands
of
National Bank,
National
Cheer, Iowa
Mount Airy, Md
£5,325,647
£308,000.
After
Changes
C
of
Jan. 23 carries gold
Par Value
1,000 shs.
$100,000 "B"
Portland, Maine
12-31-36 The
on
Bank
Ark
12-16-36 National Bank of Flint,
£5,327,616
British West
First
What
1-13-37 The Portland
...
Rajputana which sailed from Bombay
to the value of about
National
Arkansas
BANKS
Outstanding
Capital
O
1-21-37 The
The SS.
Com.byDiv.
No, of Shs.
Par Value
No.
Change
of Hot Springs,
...
Increase in
Pref. Stock
of Shi.
Name and Location
Date of
12-31-36 The
United States of America. £4,986.314
Kenya
24.495
British India
21,000
France
260.228
Netherlands
24,000
Switzerland
1,628
Syria
4,000
Other countries
3,982
ISSUED
National Bank of Hastings-upon-Hudson, Hastings-onHudson, N. Y., to: "The First National Bank of Hastings-on-Hudson."
Feb.
1—The American National Bank of Mansfield, Mansfield, La.,
to: "First National Bank of Mansfield."
Exports
British South Africa...
San
1 —The First
The following were the United Kingdom imports and exports of gold
registered from midday on Jan. 18 to midday on Jan. 25:
by
Absorbed
Savings Assn.,
3—The First National Bank & Trust Co. of Hamilton, Ohio:
Class "A," sold to RFC
$125,000
Class "B," sold locally
—...
50,000
Feb.
Equivalent Valu§
of £ Sterling
Ounce
„
Jan.
Jan.
Jan.
&
13,044.
Feb.
dollar parity, calculated
Quotations:
Calif.
Francisco,
San
National
Charter No.
Calif.
PREFERRED
disposed of at the daily fixing
America.
Jan.
Jan.
1937.
St.,
America
Francisco,
compared with the previous Wednes¬
In the open market the amount of bar gold
on
—
—
26,
Montgomery
£313,660,-
day.
was
$35,000
40,000
Liq. Agent, W. .0. Marshall, 550
Common stock
Preferred stock
•
75,000
3—The Calistoga National Bank, Calistoga, Calif
Feb.
Samuel Montagu & Co. of London, written under date of
Jan. 27, 1937:
Volume
Financial
144
Chronicle
1053
BRANCH AUTHORIZED
Jan.
30—Bank of America National Trust & Savings Assn.,
San Francisco, Calif.
Location of branch: Town of Herman,
W Fresno County, Calif.
Per,
Name
Certificate No. 1324-A.
Feb.
5—The First National Bank of Portland, Ore.
Location
of branches (both in the State of
Oregon): Town of Chiloquin,
Klamath County, and Town of Malin, Klamath
County.
of Company
Share
Heyden Chemical Corp
Preferred (quar.)
Hobart Mfg. Co. class A
(quar A
Hollinger Consol. Gold Mines, Ltd. (monthly)-.
Cer¬
tificates Nos. 1325-A and 1326-A.
Extra
COMMON CAPITAL STOCK REDUCED
Hutchins Sugar Plantation Co.
4—The Broadway National Bank of Bayonne, Bayonne,
N. J. (from $200,000 to $100,000); amount of reduction
$100,000
Jan.
30—The Idaho First National Bank of Boise, Boise, Idaho
(from $500,000 to $600,000), amount of increase
Jan. 30—The First National Bank of Caledonia, Caledonia,
N. Y. (from $5,000 to $25,000), amount of increase
Jan. 30—National Bank of Calais, Calais, Maine (from $84,000
to $112,000), amount of increase
Feb.
1—The First National Bank of Danville, Danville, Ind.
(from $75,000 to $100,000), amount of increase.
1—The Second National Bank of Union town, Uniontown,
Pa. (from $400,000 to $500,000), amount of increase
Feb.
3—Webster & Atlas National Bank of Boston, Boston,
Mass. (from $550,000 to $880,000), amount of increase
•
$100,000
20,000
28,000
25,000
Feb.
100,000
330,000
_
Feb.
4—The First National Bank of Montgomery, Montgomery, Ala. (from $750,000 to $1,000,000), amount of increase—
Feb.
4—The First National Bank in Wabash, Wabash, Ind.
(from $55,000 to $85,000), amount of increase
250,000
30,000
DIVIDENDS
Dividends
first
we
are
show
In the
bring together all the dividends announced
Then
current week.
we
grouped in two separate tables.
the
we
follow with
the
second table in which
a
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared:
The dividends announced this week
are:
Per
Name of
Share
Company
Holders
When
Payable of Record
Agricultural Insurance Co. (N. Y.) (quar.)
Special
Alabama Water Service Co. $6 pref. (quar.)
Allen Industries (quar.)
Amalgamated Leather Cos. pref. (quar.)
Apr.
20
1 Mar. 19
American Business Shares, Inc_
American Capital Corp. $5H pref. (quar.)
Mar.
Feb.
Apr.
Mar.
Mar. 22
Feb.
Feb.
Feb.
Feb.
Feb.
10c
Mar.
Feb.
Mar.
Feb.
87 He
7% preferred (quar.)
Inglewood Gasoline (monthly)
Mar.
Feb.
Feb.
Feb.
Feb.
Feb.
15c
Mar.
Mar.
h$ 4
h$ 2
Mar.
Feb.
lc
International Mining Corp
International Utilities Corp. $7 prior pref
$3H prior preferred series 1931
Interstate Home Equipment (R. I.) (quar.)
Iron Fireman Mfg. Co. (quar.)
-
-
-
Mar.
Feb.
Feb.
20
15
Feb.
19
30c
June
30c
Sept.
May 10
Aug. 10
30c
Nov. 10
Dec.
Feb.
Feb.
Mar.
Feb.
19
5
15
Mar.
Feb.
23
Feb.
20
Mar.
Mar.
Mar.
Feb.
1
15
Mar.
50c
Mar.
Feb.
Mar.
25c
$1.05
Feb.
$1H
30c
25c
$1H
Feb.
Feb.
15
5
75c
Feb.
Jan.
20
50c
Dredging (quarterly)
Metal Textile Corp., partic. preference (quar.)
Michigan Steel Tube Products
Minneapolis Gas Light Co. (Dela.)—
$5.10 series preferred (initial, quar.)
6% preferred (quar.)
5H % preferred (quar.)
5% preferred (quar.)
Mississippi Valley Public Service Co—
7% preferred A (quarterly)
Monroe Chemical Co. $3H preferred (quar.)
Motor Wheel Corp. (quar.)
Mt. Diablo Oil Mining & Development Co. (qu.)
Mueller Brass Co. (quar.)
18
18
20
20
28
Mar.
Feb.
$1
(quarterly)
McWilliams
Mar.
Feb.
50c
Mar.
Feb.
81 He
25c
Mar.
Feb.
Mar.
Feb.
I1.27H Mar.
1 Feb.
27
Mar.
1 Feb.
27
Mar.
1 Feb.
27
$1H
Mar.
1 Feb.
27
$1H
87 He
Mar.
$1H
$1H
Mar.
Feb.
lc
Mar.
Feb.
25c
Mar.
Mar. 10
10c
Nashua Gummed & Coated Paper Co
National Linen Service Corp. $7 pref. (s.-a.)
Nebraska Power Co. 7% preferred (quar.)
40c
Mar.
65c
Extra
Murphy (G. C.) Co. (quar.)
Apr.
Feb. 19
Mar. 13
Mar.
Mar. 10
Feb. 19
Feb.
Feb.
Mar.
$1
$3 H
$1H
$1H
5 Feb.
6% preferred (quar.)
Newberry (J. J.) Co. (quarterly)
61c
Apr.
Newmont Mining Corp
New York Air Brake Co
75c
Mar.
50c
Mar.
Nineteen Hundred Corp., class A (quar.)
Class A
20
24
8
Feb.
50c
Feb.
20
15
Feb. 15
Mar. 16
Feb. 26
Feb. 19
Mar. 31
(quarterly)
50c
(quarterly)
Class A (quarterly)
50c
May
Aug.
Apr. 30
July 31
50c
Nov.
Nov.
Class
25c
Feb.
Mar. 31
Mar.
Feb.
Feb.
Mar.
Mar.
Mar.
1 Feb.
Mar.
1 Feb.
15
American Dock Co. 8% preferred (quar.)
American Factors, Ltd. (monthly)
Mar.
1 Feb.
18
Mar. 10 Feb.
American General Corp. $3 pref. (quar.)
Mar.
1 Feb.
27
17
Mar.
1 Feb.
Mar.
1 Feb.
17
17
American Radiator & Standard Sanitary (quar.)
Mar. 31 Feb.
26
Ogilvie Flour Mills, pref. (quar.)
Ohio Power Co., 6% pref. (quar.)
Mar.
Feb.
Preferred (quar.)
Anglo-Canadian Telep. Co., 7% pref
Atlantic Refining Co. (quar.)
Barlow & Seelig Mfg. class A (quar.)
Bangor Hydro-Electric 7% prer. (quar.);
6% preferred (quar.)
Bendix Aviation (irregular)
Beneficial Loan Society (Del.) (quar.)
Biltmore Hats, Ltd., 7% pref. (quar.)
Mar.
1 Feb.
23
Ohio Water Service Co. class A
50c
Mar.
May
1
Onomea Sugar Co. (monthly)
Patterson Sargent (quarterly)
20c
Feb.
Mar. 15
Feb.
2
_
$2H preferred (quar.)
$2 preferred (quar.)
Mar. 15
13
1
1
20
Mar.
Mar.
20
11
15
15
15
1
Mar.
1 Mar. 20
1 Feb.
13
11
11c
Apr.
Apr.
Mar.
1 Mar. 20
18
30c
Quarterly
'Quarterly
Quarterly
Jaeger Machine Co..
Keystone Reorganization Fund B-4
Kobacker Stores, Inc
Preferred (quar.)
Kresge (S. S.) Co
Lexington Water Co., 7% preferred
Libby-Owens-Ford Glass Co
Life & Casualty Insurance Co. of Tenn. (s.-a.)._
A stock dividend of 25%
Magnin (I.) & Co., 6% pref. (quar.)
Mayfair Investment Co. (Los Angeles) (quar.)..
May Hosiery Mills A
Preferred
^
50c
25c
(monthly)
Lynn (quar.)
Extra
COMMON CAPITAL STOCK INCREASED
Holders
$1H
37 He
5c
Industrial Credit Corp. of
Feb.
When
Payable of Record
Feb" "23"
Mar.
1 Feb.
Apr.
Apr.
1 Mar. 10
1 Mar. 10
Mar. 12 Feb.
18
1 Feb.
20
20
Mar. 15 Feb.
15
Mar.
Bird-Archer Co. (semi-annual)
Mar.
1 Feb.
25
8% preferred (semi-annual)
Brandy wine Shares
Bridgeport Gas Light Co. (quar.)
Bucyrus-Erie Co. preferred (quar.)
Buffalo Niagara & Eastern Power Corp.—
6.4% preferred (quar.).
1st $5 preferred (quar
:.).
Bullocks, Inc
Burma Corp., Ltd., ord. reg. (interim)
Amer. dep. rec. for ord. reg. (interim)
Cabot Mfg. Co
California Art Tile Corp., class A
Canadian Pacific Ry. Co., preferred--
Mar.
1 Feb.
25 Jan.
25
Jan.
Mar. 31 Mar. 18
1 Mar. 20
Apr.
Apr.
May
1 Apr.
15
11
Mar. 24 Feb.
IP:
$1H
22
Mar. 31 Feb.
15 Feb.
11
4
1 Feb.
20
Feb.
Mar.
1 Mar.
1
Apr.
Mar. 31 Mar. 20
Mar. 31 Mar. 20
1 Feb. 15
Mar.
Mar. 15 Mar.
1
Feb. 23 Feb. 16
(quar.)
Carman & Co., Inc., class A
Carter (J. W.) Co
Casco Products Corp
Central Arkansas Public Service pref. (quar.)
Central Vermont Pub. Serv. Corp., $6 pf. (qu.)_
Mar.
—
Certain-teed Products Corp. 7% preferred
Called for redemption.
Preferred (quar.)
Distributors Group, Inc., pref.
1 Feb.
Feb.
$57
15 Jan.
Apr.
15a
10
30
15 Feb.
Mar. 13 Feb.
20
Mar.
1 Feb.
15
Apr.
Apr.
1 Mar. 15
5
1 Mar. 15
Feb. 28
Mar.
Feb.
1
Feb'." 15"
28 Feb.
Mar. 10 Feb.
Apr.
Apr.
Feb.
(quar.)
Feb.
Dominguez Oil Fields
Duquesne Light Co. 5% cum. 1st pref. (qu.)_.
Eastman Kodak Co. (quar.)
Apr.
Apr.
Apr.
Preferred (quar.)__
19
23
1 Mar. 20
1 Mar. 20
10 Jan.
27 Feb.
27
24
15 Mar. 15
2 Mar.
5
2 Mar.
5
Mar.
(quar.)
Electrolux Corp. (quar.)
...
15
1 Feb.
19
Mar. 15 Feb.
El Dorado Oil Works
1 Feb.
Mar.
Easy Washing Machine, Ltd., 7% preferred
B
Shattuck
5H% preferred (semi-annual)
Goodyear Tire & Rubber Co. (resumed)
01
$7 preferred
New $5 preferred (quar.)
Gosnold Mills Corp., 6% prefGraniteville Mfg. Co., extra
Great Atlantic & Pacific Tea Co. (quar.)
—
Spear & Co., 1st & 2nd pref. (quar.)
Spencer Kellogg & Sons (quar.)
Standard Oil Co. (Ohio) common (quar.)
Cum. preferred (quar.)
Sturat (D. A.) & Co., Ltd., class A pref.
Sun Life Assurance Co. of Can. (resumed)
Sutherland Paper Co., (quarterly)
Tubize-Chatillon class A (initial)
Preferred (quar.)
Union Gas Co. of Canada (quar.)
Union Twist Drill Co. (quarterly)
Preferred (quarterly)--United Wall Paper Factory. Inc.—
6% prior preferred (quar.)
Van
Preferred (quar.)
Great Northern Paper Co. (quar.)
Guggenheim Co., 7% pref. (quar.)
B (initial)
Hat Corp. of America A and
A and B preferred (quar.)
(monthly)
Heywood Wakefield Co. B pref. (initial)
15
20
Mar.
1 Feb.
$2H
Sept.
Apr.
1 Aug. 20
5 Mar. 20
Mar.
Sept.
$1H
May
Aug.
Dec.
8c
Feb.
June
Nov.
Mar.
Feb.
Feb.
Jan.
20
26
37 He
43 He
Mar.
Mar.
Feb". 20"
$1H
Mar.
lc
Mar.
Mar. 15
Feb. 16
Mar.
Feb.
Mar.
Feb.
Feb.
20
Mar.
Mar.
Mar. 15
Feb. 27
20c
$3H
40c
Mar. 31
Feb. 15
Apr.
Mar.
Apr.
Mar. 20
Mar. 10
Mar.
Apr.
Apr.
Mar. 10
12Hc
Mar.
Feb.
25c
Mar.
Mar.
Mar. 20
Mm. 20
Mar.
Feb.
20
Mar.
Feb.
Mar.
Feb.
17
17
Feb.
Feb.
15
20
-<
$1H
6i®
20c
Mar.
"hlOc
Feb" "l3"
50c
A & B (quar.)
(Wm.) Co. 7% preferred (quar.)
Feb.
Apr.
Mar.
Mar. 15
Feb. 18
7i$3
;
Western Auto Supply Co.,
2
15
15
15
Apr.
Mar. 15
8
Mar.
Feb.
Apr.
50c
Feb.
$1
—
(J. B.) Co. (quarterly)-Williamsport Water Co., $6 pref. (quar.)
Wilson Products (quar.)
Woolf Bros., Inc., 7% pref. (quar.)
Class B partic. preferred (initial)
$1H
28
Mar. 16
5
Feb. 20
Feb.
$1H
Mar.
25c
Mar.
$1H
Mar.
Feb. 27
Feb. 19
Feb.
Below
Feb.
12
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Mar. 25 Mar. 15
Mar. 31 Mar. 15
Feb.
15 Feb.
1 Jan.
Per
4
Feb.
When
Holders
29
Feb.
16 Feb.
9
16 Feb.
Feb.
16 Feb.
9
9
20
20
Mar.
1 Feb.
Mar.
Extra
Jan.
15
$2 H
50c
Feb.
Feb.
$1H
Williams
Sept. 30 Sept. 15
h$UH
$1H
Feb.
Mar.
25c
(quarterly)
Wailuku Sugar Co. (monthly)
Walgreen Co., a stock dividend of 50%
Walker & Co., A
1 Feb.
17 Dec.
Mar.
40c
Preferred
Whitemans
Dec.
$1H
1
20
17
25
19
31
15
15
15
15
Mar.
Wheeling Electric, 6% pref. (quar.)
June 30 June
Feb.
25c
Raalte Co
18
Mar. 31 Mar. 15
Feb.
Mar.
19
18
Feb.
Extra
Hawaiian Agricultural Co.
Hazeltine Corp
$1 h
Mar.
Mar.
87 He
Feb.
1 Feb.
10
1
Feb.
1 Feb.
15 Feb.
5
Mar.
Wayne Pump
15 Feb.
1
Feb.
Mar.
Mar.
West Virginia Water Service Co., $6 pref
Mar. 31 Mar. 10
Mar.
Feb.
Apr.
Apr.
Mar.
19
Feb.
Mar.
1
8
Mar.
15
15
Feb.
Mar.
$1
Mar.
,
Apr.
15
22
15c
Mar.
I.
Falconbridge Nickel Mines Ltd
(quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)
$5 preferred (quar *
$5 preferred (quar.;
$5 preferred (quar..
Fort Wayne & Jackson, 5H% pref. (s.-a.)
Feb.
(Frank G.) Co. (quar.)
1 Feb.
23
10
Mar.
1
18
8
Shepard-Niles Crane & Hoist Co
Mar.
Ely & Walker Dry Goods Co. (quar.)
Empire & Bay State Teleg. Co., 4% gtd. (quar.)
Equity Corp. $3 preferred (quar.)
Equity Fund, Inc. (quar.)
Feb.
Mar.
Mar.
Sherwin-Williams Co., Ltd., 7% pref
Simmons-Broadman Publishers preferred (quar.)
Mar. 15 Feb.
(quar.)
Mar.
75c
6 He
25c
25c
Penick & Ford, Ltd
Pennsylvania Hluminating Corp., class A (qu.)_
Peoples Drug Stores (quarterly)
Preferred (quarterly)
Pepperell Mfg. Co. (semi-ann.)
Philadelphia Co. $6 cum. preference (quar.)
$5 cum. preference (quar.)
Philadelphia Germantown & Norristown
Phoenix Hosiery Co., 7% preferred
Procter & Gamble Co., 5% pref. (quar.)
Public Electric Light Co., 6% prer. (quar.)
Puritan Ice Co., 8% preferred (semi-ann.)
Regent Knitting Mills, Ltd., $1.60 pref. (qu.)
$1.60 preferred (quarterly)
$1.60 preferred (quarterly)
$ 1.60 preferred (quarterly)
Roxborough Knitting Mills, Inc.—
Partic. preferred (quar.)
Sagamore Mfg
San Jose Water Works. 6% pref. (quar.)
Savannah Gas 7% preferred (quar.)
Schoellkopf, Hutton & Pomeroy 5H% PL (qu.)_
Second Standard Royalties, Ltd., preferred
Mar.
Extra
El Paso Natural Gas Co. pref.
$1H
Southwest Consolidated Gas Utilities Corp
Feb.
Champion Hardware Co. (increased)
Chrysler Corp
Cincinnati N. O. & Tex. Pac. Ry. 5% pf. (qu.)_
Chic. Jet. Rys. & Un. Stockyards (quar.)
6% preferred (quar.)
Collateral Trustee Shares of N. Y., ser. A
Continental Casualty (increased)
Crown Willamette Paper preferred
h
Detroit Paper Products Corp
Devoe & Raynolds Co. A and B (quar.)
Extra
1 Mar. 15
25 Feb.
Feb.
Canfield Oil Co
Preferred
15
Class A
1 Feb.
Feb.
Mar.
May
Feb.
Company
Share
Abbott's Dairies, Inc. (quar.)
25c
Mar.
50c
Feb.
Addressograph-Multigraph Corp. (quar.)
Agnew-Surpass Shoe Stores (semi-ann.)
25c
Mar. 22 Mar.
r20c
Mar.
$1H
Apr.
3%
Feb.
25c
Feb.
$1H
Feb.
15 Jan.
1 Feb.
29
20
All-Canadian
1 Apr.
27 Feb.
15
Alliance Oil, pref.
25
Alpha Portland Cement
25c
American Arch Co
50c
1 Feb.
1
20
Payable of Record
Acme Wire Co., voting trust certificates.--
Preferred (quarterly)
Alabama Great Southern RR., Preferred
Mar. 15 Mar.
Mar.
Name of
Properties (liquidating dividend)
(initial)
American Asphalt Roof common (quar.)
$2
1 Feb.
15 Jan.
15
30
2
1 Feb.
15
1 Mar. 15
17 Jan.
6
15 Feb.
1
15 Jan. 31
Mar. 25 Mar.
1
1 Feb. 18
Mar.
Feb. 15 Jan. 31
Financial
1054
Per
Name
Share
of Company
When
15 Jan.
25
American Chain &
Mar. 15 Mar.
American Chicle Co.
Mar. 15 Mar.
American
Mar.
1 Feb.
June
1 May 25
Cable Co., Inc 5% pref. (quar.)
(quarterly)
Envelope Co., 7% pref. A (quar.)—
5
1
25
Sept.
1 Aug. 25
Dec.
1 Nov. 25
American Hide & Leather preferred (quar.)..—
Mar. 31 Mar. 19
American Home Products Corp. (mo.)..
American Metals Co., pref. (quar.)
Mar.
—
Mar.
1 Feb.
1 Feb.
15a
19
Mar. 15 Mar.
pref. (quar.)-_
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
5
June
American Paper Goods Co., 7%
5
15 June
Sept. 15 Sept.
5
Dec.
15 Dec.
5
(quarterly)
American Smelting & Refining (quar.)
Feb.
15 Jan.
Feb.
27 Jan.
29
29
American Steel Foundries
Mar. 31 Mar. 15
Apr.
1 Mar. 16
American
Re-Insurance Co.
American Stores Co. (quar.)
American Sugar Refining Co.
1 Feb.
10
Mar. 15 Feb.
19
5
holders of
h$l
$2*
Amoskeag Co. preferred (semi-ann.)
Mar. 15 Mar.
July
la
2 June 19
19
1 Feb. 18
Anaconda Wire & Cable
50c
Mar. 15 Feb.
Archer-Daniels-Midland Co
Armour & Co. (Del.) 7% pref.
50c
Mar.
1 Mar. 10
Mar. 15 Feb. 23
Apr.
(quar.)
Armour & Co. (111.) (initial)
Apr.
Apr.
(quar.)
Armstrong Cork Co. (increased)
Art Metal Works (quar.)
Artloom Corp., preferred
Associated Dry Goods Corp., 6% 1st pref
Mar.
1 Feb.
May 10
Aug. 10
Nov. 10
Feb.
5
Mar.
5
Feb.
9
Sept.
Dec.
Mar.
Apr.
50c
$1
154%
-
-
Feb.
June
Collins & Aikman Corp., common.......
Extra
Preferred (quar.)
10
Mar.
guaranteed
guaranteed (quar.)
guaranteed (quar.)
•
guaranteed (quar.)
Colgate-Palmolive-Peet (quarterly)......
Preferred (quarterly)
Special
Special
Special
Special
Feb.
Feb.
Feb.
9
Mar.
Feb.
19
Columbia Gas & Electric Corp—
8
5
Feb.
Jan.
Feb.
Jan.
20
20
Feb.
Jan.
20
Mar.
Feb.
15
Mar.
Feb.
15
Feb.
Feb.
9
$2H conv. pref. (quar.)
...
Commonwealth Internat. Corp., Ltd., (interim)
Feb.
Feb.
Feb.
Feb.
Jan.
3
15
6% preferred series A (quarterly)
5% cumul. preferred (quarterly)
5% cumul. conv. preference (quar.)
Columbian Carbon Co., vot. tr. ctfs. (quar.)_._
Special
Consol. Gas Elec. Light &
15
Feb.
Mar.
Feb.
Jan.
15
4
30
Mar.
Mar.
Feb.
Feb.
15
15
Mar.
Feb.
15
Mar.
Feb.
Mar.
Consolidated Biscuit Co., common
Consolidated Cigar Corp., 7%
Consolidated Edison (N. Y.)
Jan.
Mar.
Mar.
Extra
Compania Swift International (s.-a.)
Compressed Industrial Gases (quar.)
Concord Gas Co. 7% preferred
Connecticut Light & Power Co., 534 % pref. (qu.)
Connecticut Power Co. (quar.)
Connecticut River Power 6% pref. (quar.)
10
15
5
Mar.
—
Mar. 15
Feb.
Power Co. of Bait
Feb.
Feb.
Apr.
Apr.
pref. (quar.)
Jan.
Mar. 15
5
15 Jan.
1 Feb.
25
1
26
Mar.
Mar. 15
15 Feb.
3
Continental Can Co.. Inc., common (quar.)
Feb.
Jan.
15 Feb.
15 Feb.
1
Continental Oil Co. (Del.)
Cook Paint & Varnish Co.
Mar.
Mar.
Mar.
Feb.
Mar.
1 Feb.
15
Mar.
1 Feb.
Feb.
15
3
Feb.
Feb.
Apr.
1 Feb. 26
Feb.
(s.-a.)
Feb.
(quar.)
Bangor & Aroostook RR. common
Cumulative convertible preferred
Bankers & Shippers Insurance Co. (quar.)
Baton Rouge Electric Co.. $6 pref. (quar.)
Beacon Mfg. Co., 6% pref. (quar.)
Beaunit Mills (initial)
SI >4 preferred (initial)
Belden Mfg. Co. (quarterly)
Belding Corticelli Ltd. (quar.)
7% preferred (quar.)
Bethlehem Steel Corp., 7% pref. (quar.)
5% preferred (quarterly)
Bigelow-Sanford Carpet (increased)
Preferred (quarterly)
Blauners, Inc. preferred (quar.)
Blue Ridge Corp. S3 pref. (quar.)
Opt. stk. div. of 1-32 sh. of com. or cash.
Borden Co. (quar.)
Border City Mfg. Co
Boss Manufacturing Co., common
Bourjois, Inc., $2%. preferred (quar.)
Bower Roller Bearing Co. (quarterly).
Brach (E. J.) & Son (quar.)_
Bridgeport Gas Light Co. (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quarterly)
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Union Gas Co. (quar.)-Brown Fence & Wire Co., common
20 Feb.
Apr.
1 Feb.
Feb.
1
10
1
26
15 Feb.
8
1 Feb.
15
30
$134
Mar.
50c
Mar.
15 Jan.
1 Feb.
3934c
Mar.
1 Feb.
15
15 Feb.
10
Feb.
15c
Feb.
$1
$IH
25c
Apr.
Apr.
Apr.
Apr.
50c
Mar.
Feb.
$1)4
Mar.
Feb.
$18
15
1 Mar. 15
Mar. 15
Mar.
5
Mar.
5
10
10
75c
Feb.
75c
Mar.
1 Feb.
5
40c
Mar.
Feb.
15
Feb.
Feb.
3
Feb.
Jan.
50c
$2
68 He
Feb.
15 Jan.
30
30
Feb.
1
50c
Mar.
30c
Mar.
Feb.
50c
Mar.
Mar. 18
60c
Mar.
Feb.
15
Feb.
5
Mar.
Feb.
Feb.
Apr.
Mar.
$2
$1*4
—
75c
Mar.
1
15
20
1
5% preferred (quar.)
Consolidated Paper Co
Container Corp. (increased,
-
75c
Mar.
20
Mar.
Feb.
Feb.
Feb.
rl234% Feb.
1
Mar.
Feb.
Feb.
Feb.
3
Mar.
Feb.
23
20c
Mar.
Feb.
5
15c
Mar.
Feb.
13
Mar.
Feb.
13
Feb.
Feb.
1
$1
50c
—
5% preferred (quar.)
Burroughs Adding Machine (quar.)
Butler Bros, (irreg.)
Preferred (quar.)
Byron Jackson Co. (quarterly)
Calamba Sugar Estates (quar.)
37Mc
(quar.)
(quar.)
(quarterly)
15
Mar. 15
10
Jan.
30
Mar. 10a
50c
Mar.
Feb.
19
5634c
Mar.
Feb.
Jan.
26
10
13
20c
Feb.
43Hc
$134
Feb.
Feb.
Feb.
Feb.
30c
Feb.
Feb.
Mar.
Feb.
Feb.
h$lH
8734c
$1,125
Apr.
Feb.
Mar.
Mar.
Feb. 15
Feb. 20
h35c
Mar.
Feb.
15
35c
Mar.
Feb.
15
30c
Mar.
Feb.
20c
Mar.
Feb.
13
15
Mar.
Mar.
Feb.
Feb.
15
15
Sept.
Aug. 14
Marl'
Feb 15*38
Mar.
$2
Mar.
Feb.
13
13
Feb.
Jan.
31
Apr.
Apr.
Apr.
Mar. 10
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
1
Feb.
Feb.
Feb.
4
$1H
37 He
6234c
50c
preferred (quarterly)
preferred (quarterly)
Preferred
(quar.)
Canadian Oil Cos. (quar.)
Carolina Telep & Teleg. Co., commonCarter (Wm.) Co., preferred (quar.)
Carthage Mills, Inc., 6% pref. A (quar.)
6% preferred B (quarterly)
Castle (A. M.) & Co. (quar.)
Caterpillar Tractor (quarterly)
Preferred (initial, quarterly)
Cedar Rapids Mfg. & Power Co. (quar.)
Central Cold Storage (quarterly)
Central Illinois Public Service Co., $6 & 6% pref.
Central Massachusetts Light & Power Co. (qu.)_
6% preferred (quarterly)
Central Surety & Insurance Corp. (Mo.)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
—
Quarterly
Century Ribbon Mills, pref. (quar.)
(Resumed)
—
50c
Convertible sharas
Eaton Manufacturing Co—
Electric Shareholdings Corp. preferred
Nov. 15 Nov.
Feb.
5
$154
$134
Ely & Walker Dry Goods (quar.)
Empire Capital Corp., class A
Emsco Derrick & Equipment (quar.)
Equitable Investment Corp., capital stock-Capital stock
Capital stock
Erie & Pottsburgh RR. Co., 7% gtd. (quar.) —
7% guaranteed (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)—
Guaranteed betterment (quar.)__
Guaranteed betterment (quar.)
25c
Feb.
Jan.
31
25c
Feb.
Feb.
6
Mar.
Feb.
h
$1
30c
Mar.
Feb.
hUH
Mar.
Mar.
27
15
1
50c
Feb.
Jan.
$1
Apr.
Apr.
Mar. 19
$134
30
Mar. 19
Feb.
1
g
1234c
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Feb.
15 Feb.
1
15 Feb.
15 Feb.
Mar.
1 Feb.
9
9
1
5
Ewa
60c
75c
Feb.
Feb.
$134
75c
25c
19 Jan.
29
Feb.
Preferred (quarterly)
-----
„
Faultless Rubber Co.
(quar.)
First Security Corp. of Ogden(Utah), ser A
First State Pawners Society (quar.)—.—
Fishman (M. H.) (quar.)
(s-a)
Fitz Simons & Connell Dredge & Dock (quar.)_.
May 15 May
Aug. 16 Aug.
5
Florida Power Corp., 7% pref. A (quar.)
5
7% preferred (quarterly)
Freeport Sulphur Co. (quar.)
6% preferred (quarterly)
Fuller Brush Co. 7% preferred (quar.)
7% preferred (quar.)
—
7% preferred (quar.)__
Galland Mercantile Laundry Co. (quar.)
General American Corp. (quar.)
—
General Cigar Co., Inc., preferred (quar.)
Preferred (quar.)
General Foods Corp. (quar.)
General Gas & Elec. Corp. (Dela.), $5 pref. (qu.)
General Metals Corp. (quar.)
General Mills, Inc., pref. (quar.)
General Motors Corp
Preferred (quarterly)
Feb.
Feb.
Feb.
15 Feb.
9
Mar.
P* Extra
Mar.
Chicago Ry. Equipment, 7% pref. (quar.)
Chicago Yellow Cab (quarterly)
Chile Copper Co
City Ice & Fuel Co. (quarterly)
Preferred (quarterly)
Apr.
Mar.
Feb.
1 Feb.
10
1 Feb. 10
1 Mar. 23
1 Feb. 18
27 Feb.
8
Mar. 31 Mar. 15
Mar.
1 Feb. 15
15 Feb.
11
May 11 May
4
Aug. 10 July 27
50c
80c
8734c
8734c
8734c
8734c
80c
28 Dec.
21
Mar. 10 Feb.
17
Dec.
June
10 May 31
Sept. 10 Aug. 31
Dec. 10 Nov. 30
Mar.
1 Feb. 27
June
1 Mar. 31
80c
Sept.
Dec.
1 Aug. 31
1 Nov. 30
Feb.
15 H'eb.
5
Mar.
1 Feb.
12
Mar.
1 Feb.
12
Mar.
1 Feb.
11
15
80c
Mar.
1 Feb.
Apr
1
50c
Apr.
1
Apr.
1 Mar. 15
1 Feb. 15a
1 Feb. 15
$134
$134
Federal Light & Traction, pref. (quar.)
Firestone Tire & Rubber preferred (quar.)
5
5
Nov. 15 Nov.
5
1 Feb. 20
Mar.
Feb.
10c
50c
Traders Life Insurance (quar.)
15 Feb.
15 Feb.
Feb,
15
25c
$154
$1
$2 54
Extra
Extra
15 Mar. 31
19
1 Feb.
Mar.
Feb.' 27 Feb.
25c
(quar.)
Plantation
Fairbanks, Morse & Co. (quar.)
Farmers &
Apr.
10c
80c
60c
Fajardo Sugar
50c
27 Feb. 15
Feb. 25 Feb. 15
Feb. 15 Jan. 31
Feb. 15 Feb.
5
Mar. 15 Feb. 20
Feb. 26 Jan., 21
Feb. 15 Jan. 30
Apr. 15 Mar. 31
25c
Guaranteed betterment
4 Mar. 24
Apr.
Mar. 15 Mar. 10
1 Mar. 20
Apr.
1 Mar. 20
Apr.
$2
$1)4
$134
Chicago Mail Order (quar.)
:
Feb.
Payable in 44-lOOOths sh. of com. stk. or opt'l
payment of $134 cash.
El Paso Electric Co. (Del.), 7% pref. (quar.)-E1 Paso Electric Co. (Texas), $6 pref. (quar.)__
Chartered Investors (quar.)
Chester Water Service Co., $5)4 pref. (quar.)__
(quar.)
Mar.
50c
10c
5
15 Feb.
1
15 Jan. 30
1 Mar. 15
Apr.
1 Feb.
Mar.
1
Feb. 15 Feb.
5
Co
Champion Paper & Fibre Co. (quar.)
10
7
6
50c
Feb".
I. A. stock held.
Canadian Industries, Ltd
1
1 Feb.
30
9
Feb.
$1)4
Cement Co.. preferred
Ltd. (quar.)
Canada Wire & Cable Co., Ltd., pref
Canadian Converters (quar.)
Canadian Cottons, Ltd. (quar.)
Preferred (quar.)
Canadian Industrial Alcohol Co., A & B
Distribution of one sh. of capital stock of
Oldetyme Distillers Corp. for each five
Feb.
Mar.
1 Feb.
15 Feb.
Feb.
Foundry (quar.)_
Canada
1
May 15 May
Aug. 16 Aug.
Feb.
Payable 10-200ths sh. $50 par 5% preferred.
Canada Vinegars
30
Feb.
Feb.
pref. (quar.)
Mar. 10
Mar. 31
50c
Quarterly
Quarterly
Quarterly
Apr.
Stock dividend
Campbell, Wyant & Cannon
Feb.
50c
Eastern Utilities Associates (quar.)
$1
California Water Service 6%
13
26
$1
40c
—
17
1
Mar.
37J4c
Calhoun Mills
California Packing Corp. common (quarterly)
30
75c
$154
$154
$134
$6 >4
$6
Feb.
Feb.
April
2c
$}51
Dow Drug Co. (quar ).
Duplan Silk Com. (semi-ann.)
Eastern Shoe Public Service Co—
Mar.
.
Bunte Bros
Preferred
Jan.
Mar.
60c
Dominion Bridge Co.
Dow Chemical Co
$1
Jan.
Feb.
25c
87 >4 c
r30c
Class A
15
Feb.
1
20
20
10
30
30
50c
Dixie-Vortex Co
15
Mar.
S1C5C
25
75c
Dictaphone Corp
Preferred (quar.)
Dieme & Wing Paper Co., 5% pref. (quar.)—
Feb.
18
5
75c
Preferred (sem-ann.)
Preferred (sem-ann.)
Feb.
Feb.
75c
(increased)
(sem ann.)
Feb.
16
Feb.
50c
Diamond Match Co.
Feb.
19
(quar.)
Feb.
Feb.
quar.)
(quar.)
Copperweld Steel (quarterly)
Corporate Investors, Ltd. (quar.)
Cosmos Imperial Mills Ltd. (quar.)
Creameries of Amer., Inc., $334 pref. (quar.)_.
Cresson Consol. Gold Mining & Milling (qu.)
Crown Cork International Corp. class A (quar.)_
Crown Cork & Seal Co., Inc., common (quar.)-$2)4 cumul. preferred (quarterly)
—Crown Cork & Seal. Ltd. (quarterly)
Crown Drug Co. pref. (quar.)
Crown Zellerbach Corp., A & B preference
Crum & Forster Insurance Shares, A & B
Ouneo Press, Inc.. preferred (quar.)
Curtis Mfg. Co. (Mo.)
Curtis Publishing Co., $7 preferred-Oushman's Sons, 7% preferred
Dayton Power & Light, 434% Pref. (quar.)
Deere & Co. preferred
—
Preferred (quar.)
Detroit Gasket & Mfg. (quar.)
Dexter Co. (quar.)
Preferred
15
Mar.
Mar.
——
Preferred
Dome Mines
(quar.)
(quar.)
Continental Assurance Co. (Chic., 111.) (quar.)__
15c
Buckeye Pipe Line Co
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Bulova Watch Co., Inc., $3)4 conv. pref
Called for redemption
Bunker Hill & Sullivan Mining
—
Consolidated Oil Corp., com.
Preferred (quar.)
30c
Old class B
Nov. 10
Dec.
Guaranteed (quar.)___
Mar.
Insurance
6% preferred (quar.)
Preferred
5
10
Aug. 10
15 Feb.
Mar. 10 Feb.
Bandini Petroleum Co. (quar.)
Belt
Feb.
Feb.
Sept.
2o
Feb.
Baltimore Radio Show, Inc.
Chain
Sept. 18
Feb.
Mar.
Service Co., $6 pref.
Cleveland & Pittsburgh RR. Co., gtd—.
Guaranteed (quar.)
Feb.
1
Feb.
Extra
shares of C.
June 19
Oct.
Feb.
Atlas Powder Co
Brown Shoe Co. common
Mar. 20
Apr.
July
Cincinnati Union Terminal Co., 6% pref. (qu.)Preferred (quarterly)
...
Preferred (quarterly)
Clear Springs Water
Holders
When
Payable of Recora
15 Jan.
Mar.
(quar.)
Plywood Corp. (increased)
Atlas Tack Corp
Baltimore American
Share
Company
Feb.
Mar.
Teleg. Co. 7% 1st pref
$6 first preferred
Atlas Corp. 6% preferred
Atlas
1 Feb.
Mar. 22 Mar. 11
Mar.
1 Feb. 15
7% 2nd preferred
Associated Telep. &
1 Mar. 10
1 Mar. 10
Mar.
$6 preferred (quar.)
7% preferred
Name of
13, 1937
Columbia Pictures Corp. (semi-annual)
2 Mar.
2 Mar.
Mar.
—
American Tobacco Co., com. & com. B (quar.)American Water Works & Elec. Co., Inc
Correction:
previously reported
rec. as Feb. 9.
American Woolen Co., preferred
5
Apr.
Apr.
(quar.)
Preferred (quar.)._
Per
Holders
Payable of Record
Feb.
American Can Co. (quar.)
Feb.
Chronicle
50c
$154
25c
25c
$154
8734c
Mar.
Mar.
June 15 June
Mar. 31 Mar.
1 Feb.
Mar.
1 Feb,
Mar.
1 Feb.
Mar.
1 Feb.
Mar.
1
22
15
18
15
15
Mar.
1 Feb.
May
Apr.
July
1 Apr. 15
1 Mar. 23
$154
Oct.
75c
Apr.
1 Sept. 22
1 Mar. 25
75c
Mar.
1 Feb.
15
Mar
1
Feb.
19
$134
$154
$154
$154
$154
50c
$154
3734c
$154
25c
$154
15
1 June 22
1 May 22
Feb. 15 Jan. 25
Mar. 15 Mar.
1
Feb. 15 Jan. 30
June
1 Mar. 10a
Apr.
Mar. 12 Feb. 11
1 Apr.
May
5
Volume
Per
Name of Company
Share
General Water, Gas & Elec. Co. (quar.)Girard Life Insurance (increased)
20c
30c
Glens Falls Insurance Co.
Glldden Co.
(quarterly)
40c
Preferred
(quar.)
Golden Cycle Corp. (quar.)
Feb.
20 Feb.
10 Feb.
$2M
Name
13
1
1
Mar. 17
1 Mar. 17
Mar. 10 Feb.
27
on
Mar. 25
Feb.
15
Grace National Banx
Mar.
Feb.
Feb.
Feb.
Feb.
Great Lakes Dredge & Dock Co.
Extra
Feb.
Fob.
Feb.
Feb.
Great Western Electro-Chemical
Feb.
Feb.
10
1
3
3
5
Feb.
Feb.
Feb.
10
Feb.
10
Feb.
Feb.
10
Feb.
Jan.
Apr.
Mar. 15
Mar.
Feb.
26
Feb.
Feb.
Mar.
Feb.
1
15
Mar.
Feb.
5
Feb.
Feb.
1
(quar.)
(quar.)
A deb
Capital stock
(quar.)
—
—
Havana Elec. & Utilities Co.,
Hawaiian Commercial Sugar
12Xc
SIM
SIM
50c
/i75c
6% pref
75c
620c
Hawaii Consol. Ry. 7%
preferred
(quarterly)
Heileman (G.) Brewing Co. (quar.)
Hercules Powder Co., preferred
Hershey Chocolate Corp. (quar.)
Feb.
Feb.
15
Apr.
7
Mar.
Feb.
15
Feb.
Feb.
1
Feb.
Feb.
5
Mar.
Mar. 15 Mar.
SI
SI
5
Feb.
15 Feb.
4
15,Feb.
15,Jan. 25
1
Feb.
15 Jan.
25
Feb.
16
20c
Mar. 26 Mar. 16
50c
Mar.
Feb.
15
25c
Feb.
Jan.
29
50c
Mar.
Feb.
8
10c
Mar.
Feb.
9
51
Feb.
25 Feb. 20
Feb.
Feb.
25 Feb. 20
15 Jan. 30
Mar.
52
May
Aug.
$2
Nov.
37 Mc
621?
(quar.)
SI.17
10c
SIM
7M%
10%
15c
15 Jan.
1 Feb.
Quarterly
Harvester, pref. (quar.)
International Nickel Co
International Products Corp., 6% pref
International Safety Razor, class A (quar.)
International
Jan.
30
Feb.
Jan.
30
Feb.
Feb.
5
Mar.
Feb.
Feb.
Feb.
5
15
Feb.
Feb.
5 July
5 Oct.
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 15 Mar.
Apr. 15 Mar.
.....
20
11
11
Apr. 10 Mar. 22
60c
SI
1
62 Mc
$2
—
11
1 Mar. 20
15 Jan. 30
Apr.
Feb.
Mar. 31 Mar. 11
Mar. 15 Feb.
Feb.
25 Feb.
Mar.
Feb.
Feb.
23
16 Jan.
20 Feb.
27
4
19
16
6
Mar.
3c
Mar.
2 Feb.
25c
$2
15
1 Feb.
51
52
25c
2l
May 25 May 15
1 Feb.
1 Feb.
25c
20
Mar. 31 Mar. 20
June 30 June
Mar.
1
Feb.
Feb.
Apr.
Mar. 15
Mar.
Feb.
25
Mar.
Feb.
25
Mar.
Mar. 15
June
June
75c
15
Feb.
Feb.
Jan.
31
Preferred
5
Feb.
Feb.
Feb.
Apr.
7i50c
Apr.
July
July
Oct.
Oct,
Jan.
Jan.
Mar.
Feb.
June
Sept,
May 27
Aug. 27
Dec.
Nov. 26
Feb.
24
Jan.
28
Mar.
Feb.
Mar.
Feb.
13
15
Mar.
Feb. 15
Jan. 30
Feb.
16
Mar.
Mar. 12
Feb.
- - - -
Feb.
Apr.
(quarterly)
Feb.
11
Feb.
1
Feb.
26
Feb.
Feb.
Feb.
Feb.
1
Mar.
Feb.
Feb.
,—
Feb.
Mar.
(qu.)
Extra
Feb.
18
1
1
Feb.
1
Mar.
9
National Pressure Cooker Co.
Mar.
Feb.
15
9
National
Apr.
Mar. 15
Apr.
Mar. 15
Mar.
Mar.
1
Feb, 15 Feb
1 Mar. 15
Apr.
Mar.
1 Feb.
1 Feb.
(quarterly)
(quarterly)
Neptune Meter Co. $8 preferred (quar.)
New Amsterdam Casualty (resumed)
Newberry (J. J.) Co., 5% pref. A (quar.)
New Jersey Insurance Co
Special
Newmarket Mfg. Co
New World Life Insurance Co
Niagara Share Corp. of Maryland—
Class A preferred (quarterly)
Nipissing Mines Co
15
25
15
Mar. 31 Mar. 20
Mar. 31 Mar. 10
Feb.
15 Feb.
1
Feb. 20 Jan.
30
Kendall Co. cum. pref. series A (quar.)
10a
Norfolk & Western Ry. Co.
Kentucky Utilities. 7% junior preferred
7% junior preferred (quarterly)—-—.—
Klein (D. Emil) (quarterly)
Kroger Grocery & Baking Co. (quarterly)
6% preferred (quar.)
j.
7% preferred (quar.)
;
Lake of the Woods Milling, pref. (quar.)
Lake Superior District Power, 7% pref. (quar.)_
6% preferred (quarterly)
Landis Machine (quarterly)
Feb. 20 Feb.
Feb.
1
Mar.
Apr.
May
1 Feb.
1 Mar.
1
1
Mar.
1
Mar.
1
Mar.
Feb. 15
Feb.
Feb.
Feb.
Feb.
15
15
15
5
May 15 May
Aug. 15 Aug.
Quarterly
Nov. 15 Nov.
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Lanston Monotype (increased)
Feb.
Dec. .15 Dec.
5
Secord Corp
Co., preferred (quar.)
Lessing's, Inc
Le Tourneau, Inc. (quar.)
&
June
Sept.
Mar.
Ligget & Myers Tob. Co. com. & com. B (qu.)__
Lincoln National Life Insurance Co. (qu.)
Quarterly
Quarterly
Lincoln Stores, Inc. (quarterly)
Preferred (quarterly)
5
Mar.
15
Feb.
15
Feb.
10
Mar.
25c
Feb.
Mar.
Feb.
Mar.
Feb.
18
26
Mar.
Feb.
20c
Feb.
Feb.
30c
Feb.
Feb.
l-3c
Mar.
Feb.
15
50c
Mar.
Feb.
15
412-3c
Mar.
Feb.
15
Mar.
Feb. 20
Mar. 15
$2
40c
Apr.
Apr.
—
10c
Jan.
Jan.
Mar.
Feb.
—
5
30
30
20
S4.1
Feb.
5
Jan.
Feb.
—
13
5
Mar. 20
Feb.
Feb.
Oswego & Syracuse RR. (semi-ann.)
30
301
151
12|
ended Dec.
15, 1936 payable to parties in whose names
the new pfd. stk. is initially issued upon ex¬
change of prior pref. stk. under co.'s re¬
capitalization plan. Time for exchange ex¬
1 May 15
1 Aug. 15
1 Feb.
Jan.
27
30
Mar.
pref. (quar.)--
Otis Steel Co., conv. 1st preferred
Div. covering three quar. periods
Decl *37 Nov. 15
Life Savers Corp. (quar.)
8
Feb.
hS 2
- —
7% preferred
4
Mar. 10 Mar.
Mar.
1 Feb. 16
Quarterly
Quarterly
Quarterly
Feb.
Feb.
Oshkosh Overall Co
20 Feb. 10
1 Feb. 15
Mar.
1 Mar. 15
Apr.
Feb.
Feb.
—
—
Ontario Mfg. Co. (increased)
Ontario Steel Products Co., 7%
5
9
Mar. 10
Feb.
Omnibus Corp., pref. (quar.)—
Sept. 15 Sept.
8
Feb.
Mar.
Olympic Forest Products Co., $8 pref
Mar. 15 Mar.
June 15 June
2
Feb.
Mar.
(increased quar.)
6% preferred (monthly)
5% preferred (monthly)
2
Feb.
Mar.
preferred (quar.)—
pref. (quar.)
(quar.)
Northern RR. Co. of New Jersey, 4% gtd. (qu.)
North River Insurance Co. (increased)
Nova Scotia Light & Power Co., 6% pref. (qu.)Oahu Sugar, Ltd. (monthly)
Occidental Insurance (quar.)
58
Ohio Public Service Co., 7% pref. (monthly)
7
Feb.
Feb.
Northeastern Water & Elec. $4 pref.
Apr. 20
16
Feb.
Northam Warren Corp., conv.
5
Feb.
Feb.
North American Edison Co
Feb. 20 Feb.
1
1 Mar. 20
Apr.
1
1
Mar.
Mar.
—
preferred (quarterly)
1
Feb.
Apr.
Noma Electric Co
Mar.
1 Feb.
Mar.
(quar.)__
(quar.)
Standard (new, initial)
New
Apr. 10 Mar. 26
15 Feb.
(initial) —
Neisner Bros,
1 Feb. 15
Mar. 20 Mar.
5
Feb.
(quar.)
National Paper & Type Co. 5% pref.
National Power & Light Co.. common
Kelvinator Corp
tended to close of business on Jan.
6
30, 1937.
Mar.
1
Feb.
16
Owens-Illinois Glass Co
Feb.
Jan.
May
Aug.
1 Apr.
2 July
24
27
Paauhau Sugar Plantation Co. (monthly)
Pacific American Fisheries, Inc. extra—-—-—
Mar.
Feb.
Feb.
Jan.
Nov.
Feb.
Loew's, Inc. (quarterly)
—
(quar.)
26
Pacific Fire Insurance Co.
Feb.
5
1 Feb.
23
Pacific Gas & Electric Co. 6% pref.
Feb.
Jan.
30
Mar.
1 Feb.
23
Feb.
1 Feb. .15
5M% preferred (quar.).
Pacific Lighting Corp., (increased)
Parker Pen Co. (quarterly)
(quar.)_
Pender (David) Grocery, class A (quar.)
Peninsular Grinding Wheel (quar.)
Peninsular Telephone 7% preferred
(quarterly)
Mar.
Jan. 30
Jan. 201
Feb. 15
Feb. 10|
Mar.
Feb.
Feb.
Jan.
26
Feb.
Feb.
>
1 Feb. 12
Mar.
Mar. 31 Mar. 12
Co., A. & B. (quar.)
Extra
1 Oct.
Mar.
Mar.
(quar.)
31
Mar. 20
Apr.
SIM
ftSIM
Nat. Credit Co. (Seattle, Wash.) 5% pref.
National Lead Co., class A pref. (quar.)
National Liberty Insurance (semi-ann.)
Mar.
B.) Co. (quarterly)
(quarterly)
Jones & Laughlin Steel Co., pref
Kable Bros. Co., 6% pref. (quar.)
Kalamazoo Vegetable Parchment Co. (qu.)
Kaufmann Dept. Stores, pref. (quar.)
Kayser (Julius) & Co
Jewel Tea Co.
$6H cumulated pref. (quar.)
Loose-Wiles Biscuit Co., preferred
15
Jan.
National Oats
Jarvis (W.
Link Belt Co.
1
Feb.
1
Mar. 31 Mar.
Feb. 15 Feb. 10
1 Feb. 18
Mar.
Mar.
Loblaw Groceterias
15
Feb.
Feb.
Mar.
50c
Ry. & Light Co.—
7% preferred (quarterly)
Jantzen Knitting Mills, preferred (quar.)
Leath
Nov. 30
Feb.
National Biscuit Co. (quarterly)
1 Feb. 15
1 Mar. 15
1 Feb.
Nov.
Mar.
Quarterly
1 Mar. 15
Mar.
28
Feb.
May 31
Aug. 31
Mar.
(quar.)
Muskogee Co., 6% cumul. pref. (quar.)
Mutual American Security Trust, payable in stk.
Nash-Kelvinator Corp. (quarterly)
National Bearing Metals Corp
1 Feb.
1
1
15
Mar.
Mullins Mfg., $7 pref.
30
Apr.
43 %c
Morse Twist Drill & Machine Co
Mar.
Feb.
Feb.
40c
50c
31
Mar.
Feb.
May
Aug.
SIM
SIM
31
Apr.
Feb.
Feb.
Quarterly
15 Jan.
Mar. 8 Feb.
Mar. 8 Feb.
10
Feb.
Quarterly
20
Feb.
1
Feb.
Mar.
(quar.)—...
Feb.
v
15
Feb.
Feb.
—.
25c
25
15 Jan.
1
—
Mar.
^
Extra
Ironwood & Bessemer
Laura
Mar. 22
—
Montgomery (H. A.) Co. (quar.)
Quarterly
Montreal Light, Heat & Power Co. (quar.)....
Moody's Investors Service partic. pref. (quar.) —
Participating preferred
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly
Quarterly
Morris Plan Insurance Society (quar.)
9
50c
h$ 3
Inter-Ocean Reinsurance Co. (s.-a.)
Interstate Hosiery Mills (quar.)
Inter type Corp. first preferred
Dec. 21
Feb.
$7 preferred (quarterly)
24
24
SIM
■ -
Sept. 21
Monar Knitting Co., 7% preferred
Monsanto Chemical Co. (quar.)
30
5 Apr.
SI
e5%
SIM
Ingersoll-Rand Co
Inland Steel Co. (increased)
International Business Machine
5
Oct.
4% new conv. preferred B (quarterly).
Mitchell (J. S.) & Co. (Increased)
Model Oils, Ltd
Monmouth Consolidated Water Co.—
25
Feb. 28 Feb.
Feb.
Participating preference (quar.)
Hutchison Sugar Plantation Co., Ltd. (mo.)
Illuminating Power Securities, 7% pref. (qu.)
Imperial Tob.cco Great Britain & Ireland ord—
Ordinary (extra)
Indiana Steel Products (initial, quar.)
Extra
15 Jan.
20c
»s
(quar.)
Household Finance Corp. common
1
6
30a
Jan.
Mergenthaler Linotype (quar.)
Metal & Thermit Co., 7% preferred (quarterly).
7% preferred (quarterly)
25c
Midco Oil Corp., vot. tr. ctfs. (quar.)
25c
Voting trust certificates (quar.)
75c
Middlesex Water Co. (quar.)
h$10M
Miller (I.) Sons, 8% preferred
50c
Minneapolis Honeywell Regulator (quar.)
1 Mar. 12a
$2
(Geo. A.) & Co. (quarterly)
Preferred A (quarterly)
Horn & Hardart (N. Y.), 5% pref. (quar.)
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)
Voting trust certificates (quarterly)
Voting trust certificates (quarterly) —
Houdaille Hershey, class B
Feb.
Feb.
Jan.
Feb.
Mercantile Stores, Inc., 7% pref. (quar.)
Merchants & Miners Transportation Co
15
Mar.
Apr.
25c
Extra
Hormel
31
June 22
May Dept. Stores (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
McColl Frontenac Oil (quar.)
*.
Mclntyre Porcupine Mines
Mead Corp., preferred (quar.)
Meadville Telephone Co. (quarterly)
Memphis Nat ral Gas, pref. (quar.)
Mercantile-Commerce Bk. & Tr. Co. (St. Louis)
15
Feb.
(quar.)
(participating dividend)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hires (Chas. E.) Co., class A common (quar.)_.
Hollander (A.) & Sons (quar.)
Holophane Co., Inc. (increased)
Holt (Henry) & Co., participating A
Homestake Mining (monthly)
Jan.
Feb.
Manufacturers Casualty Insurance
Extra
16
Feb.
25c
Preferred
Class A
Feb.
Mar.
Apr.
Hazel-Atlas Glass Co.
Preferred
17
Feb.
Feb.
Quarterly
25c
Hanna (M. A.) Co.. pref. (quar.)-_
Harbison-Walker Refractories Co., pref. (qu.)Hart-Carter Co., preferred
31
Dec.
Feb.
Apr.
July
Extra
Feb. 15,
(quarterly)
Sept. 28
Mar.
Mar.
--
Manhattan Shirt Co
1937.
Hancock Oil Co., A & B
Class A & B (extra)
June 28
Jan.
Feb.
L
...
Lynch Corp. (quar.)
Macy (R. H.) & Co. (quar.)
Madison Square Garden (increased)
Managed Investors, Inc. (quar.)
23
Mar.
(semi-ann.)
Hammond Clock, 6% pref. (initial)
Covers period from Dec. 15, 1936, to
SIM
S7 1st preferred (quarterly)
S6 1st preferred (quarterly)
Mar.
Gulf State Utilities, $6 pref. (quar.)
Gurd (Charles) & Co., Ltd., 7% pref. (quar.)
Hale Bros. Stores, Inc. (increased, quar.)
Hamilton Watch Co. 6% preferred (quar.)
Mar. 29
Oct.
Luzerne County Gas & Electric Corp.—
.
Green (H. L.) Co. preferred
Gulf Oil Corp.
Apr.
July
$2
Preferred (quar.)
Preferred (quar.)
J
UH
exchange of 2d pref. on Jan. 16 and on
each business day up to and incl. March
13 (or such earlier date as previously ex¬
plained)
Gossard (II. W.) Co., common
Green Bay & Western RR. Co., class
Class B debentures
Feb.
Mar. 27
Preferred (quar.)
Preferred (quar.)
preceding the record date for payment of
div. on 2d pref. stk.
Grand Union Cor., S3 pref
Graton Knight Co., 7% pref.
Feb.
Lunkenheimer Co
date next
New $5 conv. preferred
To holderstof rec. of new pref. orig. issued on
27
24
Jan.
Jan.
Mar.
$2
$2
$2
SIM
Ludlow Mfg. Assoc
common
Holders
50c
Louisville & Nashville RR. Co
Ludlum Steel Co.
When
Payable of Record
50c
.
Goodyear Tire & Rubber Co. 2d preferred
Offer to exchange 2d pref. for $5 conv. pref.
stk. & com. stk. has been ext. to Mar. 13,
1937, with proviso that should a div. be
dec. to holders of 2d pref. stk. of rec. on or
before March 13, exchange under plan shall
terminate after close of business
50c
Pipe Co. (monthly)
Monthly
Monthly
8% preferred (quar.)
8% preferred (quar
8% preferred (quar
8% preferred (quar
Lord & Taylor 1st preferred (quarterly)
Los Angeles Gas & Electric Corp—6% preferred (quarterly)
1 Feb. 20
1 Feb. 24
Mar.
Share
of Company
Lock Joint
1
Mar. 15
Apr.
Apr.
Apr.
Mar.
50c
(quarterl y)
Globe-Democrat Publishers, 7% pref. (quar.)__
Globe & Rutgers Fire Ins. Co. 2d pref. (s.-a.)__
Per
When
Holders
Payable of Record
Feb.
1055
Chronicle
Financial
144
—_
(quar.)
Parker Rust Proof Co., common
Mar. 31 Mar. 12
Feb. 15 Jan. 29
1 Mar 18
Apr.
V
(quar.)_.—
Feb.
Mar.
20
6
1056
Financial
Per
Name of Company
Share
Penman's Ltd. (quarterly)
When
Feb.
Feb.
Mar.
Feb.
20
Apr.
Mar. 20
Feb. 20
Mar.
$14
Mar.
Feb.
Mar.
Feb.
Feb.
15
20
Mar.
Phelps Dodge Corp
Philadelphia Co., 5% pref. (s.-a.)
Philadelphia Insulated Wire Co. (seml-ann.)
Philadelphia Suburban Water 6% pref. (quar.)_
Phillips Petroleum Co. (quar.)
Phoenix Finance Corp., 8% pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)
8% preferred (quarterly)
Photo Engravers & Electrotypers
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)
Pillsbury Flour Mills Co. (quar.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)-
—
—
uarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Suburban Water Service—
$54 preferred (quar.)
Pittsburgh Youngstown & Ashtabula Ry. Co.7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Plymouth Fund, class A
Special.
Poor & Co. $1 4 participating A
Portland & Ogdenburg Ry. (quar.)
Potomac Electric Pow. Co., 6% pref. (quar.)
5H% preferred
Prentice-Hall (quarterly)
$3 preferred (quarterly)
Procter A Gamble (increased quar.)
—
-
Extra
-—
Feb.
35c
Mar.
25c
Mar.
Mar.
Feb.
Feb.
Feb.
Feb.
Mar.
Feb.
60c
Feb.
19
10
1
9
50c
Apr.
5
Mar. 31
60c
Dec. 31
Feb.
20c
teb.
Feb.
75c
Apr.
Mar. 15
40c
Mar.
Feb.
Apr.
July
Mar. 10
Oct.
Sept. 10
Apr.
July
Mar. 10
Thatcher Mfg
July 10
Sept. 10
$14
$1*4
$14
$14
$14
10
Oct.
Mar.
Feb.
20
June
Sept.
May 20
Aug. 20
Toburn Gold
Dec.
Nov. 20
Mar.
Feb.
15
Feb.
20
Feb.
15
Feb.
15
70c
Mar.
75c
Mar.
Feb.
Feb.
18
18
60c
Feb.
!an.
25c
Feb.
Jan.
22
22
United Biscuit Co. of Amer., pref. (quar.)
Mar.
Feb.
at
rate
of
Feb.
27
27
Feb.
(quar.)
—
Shawinlgan Water A Power Co. (quar.).
Sheaffer (W. A.) Pen Co. (increased)
Shell Transport A Trading (Amer. shs.)_
Shenango Valley Water, 6% pref. (quar.)
(quar.)
Quarterly
Quarterly
Socony-Vacuum Oil Co
Sol ray American Investments 5H% pref. (quar.)
Soundview Pulp Co. (div. payabld in stock)
Quarterly
6% preferred (quar.)
South Bend Lathe Works (quar.)
South Carolina Power Co
$6 pref. (quar.)
South Pittsburgh Water Co., 5% preferred
Southern Calif. Edison (special)
Quarterly
Original preferred (special)
Southern California Edison Co., Ltd.—
6% preferred B (quar.)..
Southern Canada Power (quar.)
h$3
$14
$14
Feb.
Feb.
4
Mar.
Feb.
11
Utica Gas & Electric Co. pref. (quar.)
Feb.
Feb.
Mar.
Feb.
11
Utility Equities Corp. $5V$ priority stock
Vanadium-Alloys Steel Co
Vick Chemical Co. (quar.)
Feb.
15 Jan.
Feb.
Feb.
Mar.
1
Feb.
15
1
Feb.
$2
$14
$14
$14
S3
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Feb.
Feb.
Feb.
Mar. 10
5
Feb.
5
25c
Mar.
Feb.
27
75c
Mar.
Feb.
15
75c
50c
Mar.
Feb.
15
Apr.
Feb.
15
$14
$14
$14
$14
20c
May
Mar.
Apr.
July
17
Mar. 18
June
17
Oct.
Sept. 17
Jan.
Feb.
Dec.
Jan.
Feb.
Feb.
20
20
11
%
M
Feb.
Feb.
9
Mar.
Feb.
Feb.
Jan.
20
30
Mar.
Feb.
15
Feb.
Feb.
15
SI
$1
SI
May
Aug.
May
Aug.
1
1
Nov.
Nov.
25c
$14
300%
SI
$14
30c
Mar.
Feb.
1
18a
Feb.
Jan.
15
Mar.
Feb.
Feb.
Feb.
Mar.
Feb.
Apr.
Mar. 15
31
Dec.
16
1
28
June
Debenture (semi-ann.).
Debenture (semi-ann
i.).
Dec.
Mar.
(quarterly)
Apr.
Mar. 20
Feb.
$14
1 Feb. 15
15 Mar. 31
1 Feb. 15a
Mar.
Feb.
Apr.
Apr.
20 Jan.
1 Apr.
15 Jan.
1 Feb.
1 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
25c
15c
25c
95c
15
5
17
17
15
15
15
15
15
Mar. 15 Feb. 15
Feb. 15 Jan. 30
Feb. 15 Jan. 29
Mar.
124c
Feb.
12 4c
Mar.
$14
Mar.
20c
20
Feb.
1 Feb.
15
8
1 Feb.
Feb.
Feb.
15
Mar.
Feb.
15
May 15
May 15
June
Feb.
Feb.
Mar.
Feb.
1
Mar.
Feb.
15
20 Jan.
30
1 Feb.
10
Feb.
Mar.
1
Apr. 30 Mar. 31
July 30 lune 30
Oct. 30 Sept. 30
Jan.
Feb.
30 Dec. 31
26 Feb.
8
Feb.
26 Feb.
8
1 June
15
31
July
Feb.
15 Jan.
Mar. 15 Feb.
Apr.
28
1 Mar. 16
15.
West Penn Electric 7% preferred (quar.)..
Westvaco Chlorine Products (quar.)
West Virginia Pulp & Paper, pref. (quar.).,
Whitaker Paper Co
Preferred (quar.)
Williamsport Water, $6 preferred (quar.)..
Wilson & Co. (quar.)
Winstead Hosiery Co. (quarterly)
Extra
25c
—
*
Feb.
Feb.
Jan.
20
Jan.
20
Mar.
Feb.
10
Feb.
$14
$14
Feb.
Feb.
Apr.
Mar.
Feb.
Mar.
Feb.
1
20
15
May
May
Aug.
Aug.
20c
1
Mar. 20
Mar. 20
Feb. 10
Apr.
$14
Will & Baumer Candle Co., Inc., common
Preferred
Apr.
Apr.
July
July
15
15
15
15
Apr.
Apr.
Nov.
Nov.
Ixtra.
Quarterly plus extra
...
Quarterly plus extra
Quarterly plus extra
Wool worth (F. W.) Co. (quarterly)...
Worcester Salt Co. 6% pre . (quar.)...
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Youngstown Sheet & Tube, preferred.
Youngstown Steel Door Co., common.
Zeller's Ltd., 6% preferred
Zimmerknit Co., Ltd., 7% pref. (s.-a.)
a
e
15
Nov.
Mar.
Feb.
Oct.
15
Mar.
15
15
Feb.
10
Feb.
Eeb.
20
5
Feb.
Mar. 20
Feb. 18
Feb.
6
Mar.
1
Jan. 31
Feb.
Jan.
ar.
Feb.
Mar.
28
Payable in stock.
/ Payable in common stock,
dividends,
i
Payable
g
In
Payable in scrip,
pref"rr*ri stock.
h On account of
accun
Payable in Cauadian Minds and in the case of non-residents of Canada
reduction of a tax of 5% of the amount of such dividend *»djj be made
r
a
15
Apr.
July
Transfer books not closed for this dividend.
ulated
5
Oct.
Oct.
May
Aug.
Apr.
Yellow & Checker Cab Co., class A...
8
15 Feb.
Sept. 18
June
—
15a
26 Feb.
1 Feb.
19
19
19
June
Oct.
Quarterly
Westinghouse Electric & Manufacturing
Participating preferred
West Jersey & Seashore RR. Co. (s.-a.)
Westland Oil Royalty Co., Inc. class A (mo.)
Class A (monthly)
Weston Electric Instrument class A (quar.)
Correction: previously reported payable Apr.
Mar.
May
11
July
——
Apr.
Feb.
20
15
15
18
15
20 Oct.
Mar. 15 Feb.
—
Quarterly
Jan.
1 Feb.
16
Mar. 15 Feb.
(Hiram)-Gooderham & Worts (quar.)..
(quar.)
Waltham Watch, prior preferred (quar.)
Prior preferred (quar.)
Washington Ry. & Electric Co
5% preferred (quar.).
5% preferred (quar.)
5% preferred (semi-ann.)
Wayne Screw Products Co. (quarterly)
Weill (Raphel) & Co., 8% pref. (s.-a.)
Wesson Oil & Snowdrift Co., Inc., conv. pf. (qu.)
Western Cartridge 6% pref. (quar.)
Western Public Service Co. $14 pref. A
Weetlnghouse Air Brake (quar.)
Quarterly
Quarterly
Preferred
Extra
Feb.
1 Feb.
Oct.
Preferred (quarterly)
20
10
20
20
Mar.
15
Apr. 20 Apr. 10
July 20 July 10
Walker
30
15
Feb.
Jan.
1 Feb.
1 Feb.
Mar.
Virginia Coal & Iron (quar.).
Vogt Manufacturing Co
—
Vulcan Detinnlng Co.
Preferred (quarterly)...
Preferred
Feb.
Mar.
Mar.
Extra
15 Jan.
1 Feb.
Feb.
Mar.
314c
...
1
10 July
26 June
Mar. 15 Feb.
5c
...
15
15
18
Feb.
25c
(A.) & Co. (quar.)
Sterling Products, Inc. (quar.)
Feb.
Aug.
—
6% preferred (quar.)—
40c
Stein
Feb.
Utica Clinton & Binghamton RR
Feb.
20c
40c
preferred (quar.)
May
374c
$2
20c
Extra
reb.
$14
$14
124c
374c
124c
SI**
Storkline Furniture Corp
Stromberg-Carlson Telephone
64% preferred
Stuyvesant Insurance Co. (initial)
10
15
15
Mar.
Mar. 10
Mar.
J.) (quar.)
June
10
Mar. 10
(quarterly)
Quarterly
Upson Co
«
22
Feb.
14c
$14
Standard Oil of Indiana (quar.)
June
15a
Preferred
30
Mar. 15
Apr.
July
Universal insurance (Newark, N.
27a
1 Mar. 16
27 Jan.
Feb.
20c
Extra
Feb.
Mar. 20a
50c
Standard Oil Co. of California
(quar.)
pref
Apr.
May
20c
Standard Car A Seal, new
Preferred (quar.)
Apr.
Extra
Mar.
2c
5% preferred (quarterly)
Simon (Wm.) Brewing (quar.)
(quar.)
29a
19 May
Sept. 20 Aug. 31a
Dec. 20 Nov. 30a
1 Mar. 16
Apr.
U.S. Sugar Corp.—
Preferred (quarterly)
23
$14
Sherwin-Williams
Sovereign Investors, Inc
Spiegel, Inc., preferred (quar.)
Stamford Water Co. (quarterly)
Standard Brands, Inc. (quar.)
June
10
25c
*
30
Feb.
ad¬
(.extra)
(quar.).
2
15 Jan.
Mar. 20 Feb.
Feb.
7i50c
50c
(s.-a.)
13 Feb.
Feb.
*1#
30c
(quar.)
(quar.)
Extra
27
Mar. 22
50c
Southern New England Telephone
Southern Pipe Line Co
27
Feb.
10 Mar. 20
Mar.
Jan.
.
eb.
Mar. 31
Apr.
Feb.
25c
6
Mar. 31
(quar.)
B
United States Steel Corp.,
Mar. 31
Feb. 20
for each sh. held.
(guar.)
11
Apr.
$14
one
Series
Feb.
Apr.
Mar.
6
1 Feb.
Mar.
United States Electric Lt. & Power Shares,
1
Jan.
30
16 Feb.
16 Feb.
25c
Scott Paper Co., common (quar.)..
Sears, Roebuck A Co. (quar.)
Second Investors Corp. (R. I.) $3 pref. (quar.)—
Feb.
15
15 Jan.
Feb.
Corp., $7 preferred
$5 preferred (quarterly)
1
Feb.
50c
Scotten Dillon
Stanley Works 5%
—
Apr.
Feb.
Co., com
United Gas Improvement (quar.)
15
Feb.
1
21
Feb.
—
Ltd
30c
64% debenture D (quar.)..6% debenture preferred (s.-a.)__.
Schumacher Waif Board Corp., pref
Preferred
United Gas
May
1
10 Jan.
$14
74% debentire B (quar.)
Southern Fire Insurance
United Corp.,
United Engineering & Foundry
Preferred (quarterly)
25
Mar.
50c
7% debenture C (quar.)
Smith (S. Morgan) Co.
25
Inc.
(registered)
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)
Common (quarterly)
Common (quarterly).
United States Playing Card Corp. (quar.)—
SI
50c
Savannah Electric & Power, 8% deb. A (quar.)-
Preferred
Preferred
Preferred
15 Jan.
United Shoe Machinery (special)
20c
Rutland & Whitehall RR
Preferred
15
15
Feb.
1
r25c
6% preferred E (quarterly)
Rolland Paper Co., Ltd. (quar.)
Preferred (quarterly)
Rolls-Royce Ltd., Am. dep. rec. ord. reg
Seeman Bros., Inc., com.
Serrel. Inc. (quar.)..
Feb.
1
$14
Rochester Gas & Electric, 6% pref. O & D (qu.)
distribution
Feb.
1
Feb.
15
1
Mar. 31 Mar.
Jan.
15
1 Feb.
Mar.
United New Jersey RR. & Canal
Feb.
16
22
1 Feb.
Feb.
Mar. 31 Mar.
Mar. 31 Mar.
lan.
1 Feb.
1
1
Mar.
23
Mar.
Mar. 31 Mar.
15c
1 May 20
1 Aug. 20
5 Feb.
Mar.
$2
Riverside & Dan River Cotton Mills
bonus
(quarterl y)
50c
Rich Ice Cream Co. (quar.)
ditional ord. reg. sh
27 Feb.
1 Feb.
June
$14
$14
37 4c
Republic Insurance Co. of Texas (quar.)—
Reynolds Metals Co. (quar.)
Preferred (quar.)
Share
Feb.
9
Mar.
10
20
Union Bag & Paper
15
1
_
Mar. 31 Mar.
Feb.
United Biscuit Co. of America (quar.)
15
50c
5
1
1 Feb.
Union Tank Car Co. (quar.)
15
65c
15 Feb.
Mar.
Trustee Standard Oilshares series B
Union Oil of California (quar.)
20
41 2-3c
15
8
30
Mar.
Truax-Traer Coal Co
Feb.
Mar.
Mar.
Feb.
Feb.
15 Jan.
15
1 Feb. 13
Mar.
Mar. 10 Feb. 26
Mar. 15 Mar.
5
$14
Feb.
Feb.
Mar.
$14
Mar.
Mar. 15
1
1
Feb.
Trans-Lux Daylight Picture Screen Corp
Mar.
1
Mar.
7i50c
50c
15
15
1 Mar. 15
1 Mar. 15
1 Mar. 15
Feb.
Feb.
6% preferred (monthly)
5% preferred (monthly)
20
8% preferred (quarterly).
7% preferred (quarterly).
$5 preferred (quarterly
Pullman. Inc. (quarterly)
Purity Bakeries Corp
Quaker Oats Co. preferred (quar.)
Quaker State Oil Refining Corp
Quebec Power Co. (quarterly).
Quissett Mill (resumed)
Railway Equipment & Realty Co
Rainier Pulp & Paper class A & B (quar.)
Reading Co. 1st preferred (quar )
Reliance Mfg. Co.. preferred (quarterly)
1 Feb.
1 Mar. 15
1
Mar.
Mar. 15
Feb.
30
20
20
Mar.
Apr.
Feb
Feb.
Preferred
Feb.
Apr.
Ltd
Mar.
50c
Feb.
1
Sept.
Mar.
Feb.
6% preferred (mon hly).
1
Mar.
41
15
20
1
15 Jan.
Toledo Edison Co. 7% pref. (monthly)
Mine
20
1
(quar.)
Preferred
15
20
1
Timken Roller Bearing Co. (quar.)
Mar. 27
(increased quar.).
15 Jan.
...
5
Mar.
j t -
15 Jan.
15 Jan.
Co. preferred (quar.)
15 Feb.
Feb.
Mar.
/g pi oioiicu
31 Feb.
Thompson (John R.) Co. (guar.)
Tide Water Associated Oil Co
Tide Water Power Co., $6 pref. (quar.)
Timken-Detroit Axle Co. Preferred (quar.)
Preferred (quar.)
1
15
Mar.
u
31 Feb.
Texas Pacific Coal & Oil Co
15
15c
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. (N. J.)
Mar.
Sept. 30
i\i
19
1 Mar. 15
June 30
Oct.
Jan,
Mar.
June
20
15
Apr.
Apr.
Apr.
Apr.
Apr.
July
$14
$14
$1*4
$1*4.
25
1 Feb.
—
50c
Extra
5c
Prudential Security Co., 4% ser. A
10c
Public Service Co. of Colorado, 7% pref.(mo.)— 58 l-3c
Progress Laundry Co. (quar.)
25 Feb.
1 Feb.
....
50c
50c
Holders
When
Payable of Record
Preferred
15
Mar.
Sun Oil Co
Share
13. 1937
Susquehanna Utilities Co. 6% 1st pref. (qu.)—
Sylvanite Gold Mines, Ltd. (quar.)
Special
Syracuse Lighting, Inc., 8% pref. (quar.)
6% preferred (quar.)
6*i% preferred (quar.)
Tamblyn (G.) Ltd. (initial, quarterly)—.
Quarterly
Quarterly
Tampa Electric Co. (quarterly)
Tampa Gas Co. 8% pref. (quar.)
7% preferred (quar.)..
Tennessee Electric Power, 7.2% pref. (monthly)
7.2% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
5% preferred (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
.
7.2% preferred (quarterly)
Texas Corp. (Increased)
20
2c
2c
—
£r" EiXtrti
Pfaudler Co.. pref. (quar.)
Per
Name of Company
5
3l®
65c
Feb.
Holders
Payable of Record
76c
Pennsylvania Gas & Electric, class A (quar.)_
$7 and 7% preferred (quarterly)
Penna. Power Co.. $6 60 pref. (mo.)
Penna. State Water Corp.. $7% pref. (quar.)
Petrol Oil & Gas Co. (semi-annual)
Chronicle
-
Volume
Financial
144
Condition of the Federal Reserve Bank .of
Weekly Return of the New York City
Clearing House
The""weekly statement issued by the New York
Clearing House is given in full below:
STATEMENT
OF
ASSOCIATION
MEMBERS
FOR
THE
THE
OF
WEEK
NEW
ENDED
New York
City
The
SATURDAY,
in comparison with the
1937
FEB. 6,
following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 10, 1937,
CLEARING HOUSE
YORK
1057
Chronicle
previous week and the corresponding
date last year:
*
Capital
Net Demand
Tims
Undivided
Deposits,
Deposits,
Profits
♦
Clearing House
Acer ape
Aver ape
Surplus and
Members
$
Bank ofN. Y. A Tr.Co.
Bank of Manhattan Co..
Guaranty Trust Co
90.000.000
Manufacturers Trust Co.
Cent. Hanover Bk & Tr.
12.993 .000
77.500,000
20.000.000
42.935.000
746.893.000
259.834.000
60 651 .800
3,974 500
58 251,000
Feb. 10,
•
2.009.000
126.734 .200 d.987,067.000
4.000.000
100.270.000
1937
Feb. 11,
Feb. 3. 1937
1936
$
$
hand and due from
on
3.579.245.000 3.562.617.000 3,455,510,000
1,866,000
1,712,000
1,712.000
79,661,000
69.198,000
74.020,000
United States Treasury x
Redemption fund—F. R. notes..
Other cash f
.........
64.020.000
106,960 .900
600.000
3.655 .500
25.000.000
73.937 .800
Total
Secured
U. S.
by
obligations,
guaranteed-—
Govt,
direct and (or) fully
203,000
1,404.000
262,000
4,096,000
2,175,000
1,569,000
1,666.000
6,271,000
1,094.000
5.878,000
1.093.000
5,890.000
1,741,000
7,687,000
133,723.000
359,627,000
158,910.000
132.099,000
361.251.000
158.910,000
55,252,000
502,016,000
652,260,000
652.260,000
660,801,000
660,909.000
750,082,000
85,000
.6.478,000
133.035.000
10.138,000
10.893,000
85,000
7.369,000
146,472.000
4,507,000
159,982.000
1,366.000
-r.
77~.9b9~.665
Total bills discounted............
594,000
3.152.000
16 032 000
2.738 .600
I 3,650,155,000 3,638,349,000 3,537,037,000
.....
Other him dlscounted
d877.787.000
10.000.000
reserves
Bills discounted:
350.000
53.443.000
Marine Midland Tr. Co.
k.' '•
1.: /
3.500.000
66,798 .100
17,438 ,000
15.000.000
10.000,000
50,000.000
Title Guar. A Trust Co..
"
23.591.000
570.093.000
504.628.000
21.000.000
Bankers Trust Co
"
Gold certificates
173.987.000
28.556.000
35,651.000
92.879 000
49 293.000
First National Bank
Fifth Avenue Bank
'
■;
Assets—
12,317,000
31.469,000
142.899.000
3X9,950 000
656,117 .700 'U.453.464.000
53.3X2 .800
477,767,000
179.356 .600 51,433 819.000
469,042.000
41.778 ,600
Corn Exch. Bank Tr. Co.
.
'
$
25.431 .700
6.000,000
20.000.000
National City Bank
Chemlcak Bk & Tr. Co-
Irving Trust Co
Continental Bk A Tr Co
Chase National Bank...
'
,
$
5.000.000
8 768 .700
93.206.000
12.500.000
303.699 000
78.134.000
26,886.000
5,775.000
27,771 500
8,034 .100
9,007 .600
79,155.000
47.150.000
522.480.000
885.531.700
9,995.163.000
614,535 000
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
7,000.000
Public Nat. Bk. A Tr.Co.
Bills bought in open market...
...
Industrial advances..................
1,331,000
United States Government securities:
Totals
Bonds.
Treasury
♦
As
1936; State, Deo. 31, 1936; Trust
Companies. Dec 31, 1936.
e As of Jan. 5. 1937.
Includes deposits in foreign branches as follows: (a) 3249,998.000; (5) $77,131,000;
per
official reports: National, Dec. 31,
notes
.....
Treasury bills
Total U. S. Government
^$120,240,000; (d) $46,287,000.^1
The New York
"Times"
publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New
York Clearing House.
The
following are the figures for the week ended Feb. 5:
INSTITUTIONS
BUSINESS
NOT
IN
CLEARING
THE
FOR
WEEK
AND STATE
NATIONAL
HOUSE
ENDED
Disc, and
Manhattan
N.
Bank Notes
"
FRIDAY,
Res.
Including
Investments
FEB.
29.868.900
27,713 000
2,690.308
1.924,400
1,288,000
337,422
584,000
497,000
5,534,000
5.660,300
5.883.000
Trade Bank of N. Y.
4,446.398
294,366
4,896.060
98,000
/10,134.000
10,810,000
10.434.000
30.202,000
>
4,471,585,000 4.473,752.000 4,492,874,000
F. R. notes In actual circulation
775,994,000
879.481.000
877.867,000
Deposits—Member bank reserve aco't.. 3.132.757.000 3,116.507.000 2,796,287,000
U. 8. Treasurer—General account
400,399,000
31,448.000
44,073.000
37.243.000
37,254,000
27,563.000
Foreign bank
...
Other deposits
140,043,000
206,416,000
136.511.000
$
%
S
97,200
—
254,000
Liabilities—
Deposits
619,000
-
-
Bank premises.......................
Gross
Trust Cos.
22,850.000
-
Total assets
Banks and
26.084.900
...
1937
5,
\
—
All other assets..——
Dep. Other
Grace National
secuijltles..
and securities.....
TTncnllnoted items
FIGURES
Dep.,
Sterling National...
bills
Due from foreign banks..
Federa] Reserve notes of other banks...
OF
Y. and
Elsewhers
$
$
CLOSING
THE
BANKS—AVERAGE
Other Cash,
Loans,
WITH
Total
177,115,000
734,383,000
Total deposits
6.837.685
—
3,341,491,000 3.324,654,000 3,440,356,000
Brooklyn—
Peoples National
TRUST COMPANIES—AVERAGE
Res. Dep.
Loans,
N.
Cash
Disc, and
61,068,400
10.065.279
13.661.404
22.526.900
Fiduciary
Fulton
Lawyers
United States.
...
.....
Deposits
$
Total liabilities—
$
Ratio
♦9.687,700
11,828.400
3.612,300
75.491,600
227,410
1.595.647
910.355
570.500
1,835,661
11.625.531
♦1,219.587
♦4,935,600
29.396,700 ♦13.843.100
63,743,271 33.566.871
.......
156,550,000
51,031,000
50,825,000
7,744,000
8,849,000
149.660.000
51.454,000
51,474.000
7.744,000
9.260,000
1.649,000
1,525,000
Gross
Trust Cos.
129,122,000
51.330,000
61.474.000
7,744.000
9,260.000
1,683,000
...
...
Reserve for contingencies...
All other liabilities.....
Banks and
S
$
$
Manhattan—
Empire
Federation
Capital paid In.
Surplus (Section 7)
Surplus (Section 13b)
Dep. Other
Y. and
Elsewhere
Investments
Deferred availability Items........
FIGURES
579~2O6
total
reserve
deposit
to
and
F. R. note liabilities combined
to
make
86.5%
industrial
88.6%
83.9%
8,216.000
Commitments
13.567,271
3.713.000
17.587.142
of
4,471,585.000 4,473,752,000 4,492,874,000
8.218,000
9,773,000
ad¬
vances
24.085,200
44,649.700
t "Other cash" does not inolude Federal Reserve notes
85,080,266
or a
bank's
own
Federa
Reserve bank notes.
Brooklyn—
x
Brooklyn
......
Kings County
*
76.942,000
37.045,958
55,364,000
57,000 127.704.000
9,997,044
3,557,000
2,667,276
44.608,681
These
are
certificates given by the United States Treasury for the gold taken
banks when the dollar was on Jan. 31, 1934, devalued from
cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of te Gold Reserve Act of 1934.
over from the Reserve
100 cents to 59.06
Includes amount w'th Federal Reserve as follows:
Empire, $8,124,800; Fidu¬
ciary, $860,106; Fulton, $4,675,400; Lawyers, $12,820,400.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System 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 has
so as to show additional Items.
The amount of "Loans to banks" was inoluded heretofore partly In "Loans on securities—to others" and partly
ln"Other loans." The Item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships, corporations,
also been revised further
,
minus the amount of cash Items reported as on hand or In process of oolleetlon.
The method of computing the Item "Net
In two respects In accordance with provisions of the Banking Act of 1935: First, It includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are how deducted from
gross demand deposits, rather-tban 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,
whloh are now Included In "Inter-bank deposits."
The item "Due to banks" shown heretofore included only demand balances of domestic banks.
The Item "Borrowings"
associations, States, counties, municipalities, Ac
demand deposits," furthermore, has been changed
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
assets—net," and "Other liabilities."
Figures are shown also for "Capital acoount," "Other
By "Other assets—net" is meant the aggregate of all assets now otherwise specified, less cash items reported as on hand or In process
deposits.
of collection which have been deducted from demand
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES. BY DISTRICTS, ON FEB. 3,1937 (In Millions of Dollars)
Atlanta
Chicago
St.Louis
$
$
$
Federal Reserve Districts—•
Total
Boston
New York
Phtta.
ASSETS
$
$
$
S
S
1,208
9,405
1,189
1.918
650
584
3,143
4
8
54
53
200
Loans and Investments—total
22,579
Cleveland Richmond
$
Minneap. Kan. City
$
$
Sallas
San Fran.
$
$
686
410
706
5
3
497
2,183
4
3
22
43
Loans to brokers and dealers:
4
964
City—
933
9
25
76
20
16
2,034
Outside New York
14
240
In New York City
Loans on securities to others
145
215
1
3
(except
870
137
70
30
46
392
66
155
32
8
10
6
39
12
13
22
2
27
1,151
86
240
63
180
26
26
74
44
5
19
23
365
Loans to banks
60
4
31
2
3
1
9
6
......
1,618
3,698
188
232
119
169
526
142
112
149
140
396
348
935
291
201
1,668
237
190
276
200
719
banks)
Acceptances and com'l paper bought.
Loans on real estate
70
—
.
.
-
155
1
3
Other loans...
4,100
309
U. 8. Government direct obligations..
9.149
386
Obligations fully guar, by U. 8. Govt.
1,214
3,275
22
496
88
55
54
36
164
59
12
49
30
149
151
1,288
302
274
76
84
405
111
45
139
56
344
5,330
296
2,771
319
136
91
737
133
63
149
108
276
Other securities
Reserve with Federal Reserve Bank..
Balance with
•
251
375
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Other liabilities...
Capital account
18
11
63
12
5
11
9
18
224
150
140
398
144
80
236
178
231
90
673
88
107
41
38
97
24
16
24
28
223
1.037
6,985
824
1,107
429
333
2.298
416
267
489
384
924
279
1,019
260
715
196
177
851
180
123
146
121
1,010
476
7
165
46
48
19
26
69
8
2
13
31
42
242
2.463
316
376
230
235
842
300
121
387
201
275
1
6
......
1
......
......
......
......
......
417
—
Borrowings—
34
154
5,988
Demand deposits—adjusted
Time deposits
16
184
15,493
5,077
Other assets—net
LIABILITIES
65
130
1.349
domestic, banks
113
2,249
Cash In vault
6
386
4
1
mm
<m
m
m
•»
.
12
-
—
......
......
......
......
...
......
mm
867
31
374
21
15
29
6
25
10
5
2
5
344
3.564
235
1.606
227
340
92
86
347
85
55
89
78
324
Financial
1058
Chronicle
Feb.
13,
1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
on
on
Thursday afternoon, February 11
The first table presents the results
Wednesday.
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the
Reserve note statement
Reserve
returns
Agents and the Federal Reserve banks.
for the latest week
appear
COMBINED RESOURCES
Three ciphers (000)
in
LIABILITIES
AND
omitted
ASSETS
on
sV
5
hand and due from U. S. Treas-x
The comments of the Board of Governors of the Federal Reserve System upon the
OF THE
Feb. 3,
FEDERAL RESERVE
Jan.
1937
27,
1937
8
Jan.
20,
$
Jan.
Jan.
13,
$
6,
Dec.
$
S
30,
FEB.
Dec. 23.
1930
1936
1937
1937
1937
,
BANKS AT THE CLOSE OF BUSINESS
10 1937
Dec. 10,
1930
$
$
$
Feb.
12,
1936
•
S
8.848,378
12,746
277,090
8,849,882
8,851,383
8,851,878
12,533
12,741
8,851,876
12,741
8,853,024
13,330
12,133
15,920
304,749
278,370
247,672
199,574
232,753
337,337
9,138,214
9,150,176
9,170,414
9,177,196
9,167,961
9,142,286
9,112,291
9,064,191
9,098,610
8,014,480
2,359
2,344
1,506
1,487
2,191
4,521
5,142
513
875
861
850
856
7,029
1,853
5,856
442
1,828
2,876
2,801
2,857
2,381
2,348
3,041
5,377
8,882
7,684
8,018
3,081
23,582
3,081
23,649
3,081
24,085
3,084
3,089
3,089
24,328
3,089
24,768
3,088
24,999
3,089
25,313
4,674
31,801
498,232
1,339,913
492,182
1,345,963
492,182
490,643
1,340,963
489,570
592,082
598.621
490,643
1,340,963
598,621
1,347,163
592,082
593,488
489,570
1,347,103
593,488
1,626,808
587,752
2,430,227
.
8,849,893
12,729
314,574
2,583
reserves
8,849,914
12,729
307,771
441
Other cash *
8.848,389
12,746
289,041
2,142
Redemption fund (Federal Reserve notes)-.__
Total
The Federal
and liabilities separately for each of the twelve banks.
department of 44Current Events and Discussions."
our
co
Gold ctfs.
resources
(third table following) gives details regarding transactions in Federal Reserve notes between the
2,430.227
2,430,227
2,430,227
2,430,227
2,430,227
3,430,241
•
7,661,223
Bills discounted:
Secured by
U. S.
direct and (or)
Government obligations
fully guaranteed
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances.
United States Government securities—Bonds.1
Treasury notes
Treasury bills
Total U. S. Government securities
24,131
24,221
490.690
1,345,963
592,082
492,045
1,345,963
592,219
1,343,963
595,574
2,430,227
2,430,227
2,430.227
f
215,681
Other securities
Foreign loans
181
on
gold
_
Total bills and securities
2,459.473
2,459,758
2,459,823
2,460,250
2,459,885
2,460,085
2,463,461
2,407,190
2,460,313
2,474,915
Gold held abroad
226
""226
""226
223
"""220
""221
""226
646
22.897
24,497
584,725
25,018
574,286
31,902
34,381
29,225
23,834
760,266
46,146
39,200
37,727
48,082
41,253
20,046
896,842
48.082
40,369
747,244
48,082
40,147
564,697
46,145
41,841
671,914
46,146
660,987
46,140
29,821
665,840
46,146
40,144
12,305,891
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
12,318,180
12,419,193
12,417.228
12,382,432
12.454,798
562,251
Bank premises
46,152
41,465
All other assets
Total assets
""226
""226
17,653
39,468
47,799
39,382
12,390.915
12,575,081
11,159,572
LIABILITIES
Federal Reserve notes in actual circulation
4,165,838
4,158,067
4,140,492
4,159.036
4,176.758
4,242,336
4,278,786
4,350,488
4,268,972
3,656,138
Deposits—Member banks' reserve account
United States Treasurer—General account._
6,770,854
132,152
6,757,714
6,754,890
6,739,615
6,627,004
0,571,721
0,607,490
6,674,167
188,259
94,900
217,540
190,033
92,638
232,287
230,829
94,016
250,560
5,783,814
481,816
67,998
296,053
102,803
207,319
209,520
6,772,597
180,253
74,947
239,750
215,592
182,021
179,918
181.428
172,820
60,779
105,803
7,213,128
7,219,244
7,267,547
7,255,589
7,237,878
7,136,913
7,070,484
7.013,801
7,073,565
6,629,681
544,854
132,239
145,854
27,190
581,348
132,321
563,102
658,189
131,972
145,854
27,190
36,232
5,131
656.123
739,938
130,833
672,019
131,792
657,442
131,704
145,854
145,854
145,501
145,501
879,317
130,390
145,601
532,326
130,703
145,501
27,190
27,190
36,248
27,088
34.248
6,365
4,745
27,088
34,251
21,917
10,486
27,088
34,246
16,002
26,406
36,268
12,419,193
12,417,228
12,382,432
12.454,798
12,390,915
12,575,081
11,159,572
Foreign banks
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B).
Reserve for contingencies
36,235
5,340
All other liabilities
Total liabilities
175,745
76,265
145,854
27,190
36,235
132,105
145,854
27,190
5,632
36,235
5,655
12,318,180
,
95,601
74,383
130,024
34,047
4,770
12,270,678
12,305,891
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
80.3%
80.4%
80.4%
80.4%
80.3%
80.3%
80.2%
79.8%
80.2%
77.9%
Commitments to make Industrial advances
19,939
19,999
20,238
20,332
20,565
f20.640
20.959
21,004
21,371
26,562
1,893
1,914
7,757
0,297
5,831
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
2,615
4,737
245
110
16
18
171
189
5
3
255
144
143
101
176
78
80
82
254
251
302
421
230
137
246
1,595
564
347
"
/■
34
1-15 days bills bought in open market.......
16-30 days bills bought in open market
81-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought In
open market
35
71
41
20
14
6
339
347
108
2,583
.......
Total bills discounted
2,801
2,857
2,381
2.348
3,041
5,377
8.882
7,684
8,018
£'194
415
226
2,182
64
527
1,015
1,944
227
89
278
315
03
513
584
416
650
215
220
233
250
412
326
651
2,189
1,885
598
2,527
2,014
2,582
548
235
2,826
3,081
3,081
3,081
3,084
3,089
937
16-30 days Industrial advances
310
334
2,204
bills bought In open market..
142
235
416
1-15 days industrial advances
31-60ldays industrial
2,458
32
85
Over 90 days bills discounted...
Tota
2,651
17
112
2,335
_
.
955
1,003
M52
290
t
782
3,089
3,089
3,088
3.089
4,674
1,010
925
1,167
1,212
938
1,692
171
v
401
314
409
260
270
647
991
529
560
587
544
669
565
468
465
1,158
21,146
1,100
21,350
734
853
378
20,874
1,103
21,145
609
20,885
1,052
21,211
22,003
22,218
22.407
28,626
23,582
23,649
24,085
24,131
24,221
24,328
24,768
24,999
25.313
31,801
23,033
31,959
51,480
106,597
2,217,158
24,329
27,802
66,600
100,347
24,509
24,033
23,499
25,309
109,961
2,208,176
60,280
2,263,110
12,940
23,809
58,015
79,000
2,256,462
3,240
23,499
54,426
03,548
2,285,514
11,011
12,940
51.985
61,374
2,292,917
29,281
3,240
50,855
64,189
2,211,149
22,809
25,329
61,374
125,135
2,195,580
2,282,062
72,129
188,821
2.098.97L
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430.227
2,430,227
2,430,241
7
61-90 days industrial advances
Over 90 days Industrial advances
Tota Jlnd us trial advances
1-15 days U. 8. Government securities
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over„90 days U. 8. Government
320
1,012
434
advances
364
securities
Total U. 8. Government securities...
.
63,548
58,029
704
31,025
39,295
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
181
Total other securities
181
Federal Reserve Notes—
Issued to Federal Reserve Bank by F
Held by Federal Reserve Bank
by Agent
as
4,477,966
337,474
335,109
4,558,517
381,759
4,609,640
367,304
4,037,989
359,203
4,646,501
290,013
4,570,604
307,632
3,949,707
293,569
4,165,838
In actual circulation
Collateral Held
4,475,246
317,179
4,494,145
321,378
R Agent
4,158,067
4,140,492
4,159,036
4,176,758
4,242,336
4,278,780
4,350,488
4,208,972
3,656,138
4,492,132
4,491,132
2,556
4,491,838
2,588
87,000
4,488,838
1,897
93,000
4,540,838
1,735
101,000
4,582,838
2,331
101,000
4,010,838
4,636
95,000
4,616,838
7,397
95,000
4,535,838
6.143
95,000
3,881,843
4,581,426
4,583,735
4.643,573
4,686,169
4,716,474
4,719,235
4,636.981
4,006,086
4,487,216
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U
8
Treas..
By eligible paper
2,390
87,000
United States Government securities
Total collateral
*
"Other
cash"
.
does
not lnolude
......
Federal
4,581,522
Reserve notes,
87,000
4,580.688i
t Revised figure.
These are certificates given by the United States Treasury for the
oentson Jan
gold taken
over from the
Reserve banks when
the
dollar
was
31. 1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated
the provisions of the Gold Reserve Act of 1934.
6,243
118,000
devalued from
as
100 cents to 59.00
profits bv the
Treasury
under
Volume
Financial
144
Chronicle
1059
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS
FEB. 10, 1937
Three Cipheri (000) Omitted
Federal Reserve Bank of-
Total
Boston
New Yort
$
$
$
%
RE SOURCES
Gold
certificates
hand
on
and
Cleveland Richmond
Phila.
$
Chicago
$
$
%
480,956
12,746
277,090
558,672 3,579,245
1,712
1,258
69,198
22,385
417
733
573
27,394
21,052
9,138,214
582,315 3,650,155
508,767
647,510
8,848,378
Redemption fund—Fed. Res. notes..
Other cash *
Total reserves
625,725
282,717
Louis Minneap. Kan. City
$
$
Dallas
San Fran
$
$
$
256,242
1,502
883
614
652
1,391
20,534
232,465 1,638,204
563
2,448
13,521
32,238
16,692
8,728
14,794
5,793
24,761
303,824
248,434 1,671,005
274,436
176,623
259,532
185,983
629,630
Bills discounted:
167,012
obligations,
603,478
179,538
244,124
'
direct and(or) fully guaranteed..
2,142
45
1,366
523
10
1
7
50
441
7
203
9
9
4
103
~"ii
15
2
21
"40
17
2,583
52
1,569
532
.19
4
163
H
16
9
71
40
97
3,081
23,582
224
1,094
5,878
133,723
319
293
120
108
385
86
87
87
218
4,477
39,932
1,157
51,300
2,553
27,352
361
1,127
359
1,036
758
22,539
56,668
23,793
25,955
107,391
137,964
60,964
73,560
60,616
26,786
152,399
63,986
69,802
1,301
19,469
52,360
43,969
359,627
158,910
17,515
47,100
67,343
28,275
20,814
30,844
23,137
118,248
52,250
Other bills discounted
Total bills discounted.
Bills bought In open market.........
Industrial advances
U. S. Government securities:
Treasury notes....
Treasury bills
Bonds.
2,769
36,017
96,860
42,801
498,232
1,339,913
.....
592,082
Total U. S. Govt, securities
47,454
60
32,504
''
<>;'■'
60
80
1,806
2,430,227
175,678
652,260
194,777
250,228
133,416
109,941
276,410
116,054
85,429
126,601
94,966
214,467
2,459,473
178,723
660,801
200,105
251,697
136,093
110,573
277,933
116,515
86,634
127,517
96,394
216,588
226
Total bills and securities
17
85
23
21
10
8
27
4
3
6
6
6,478
133,035
10,138
10,893
699
1,020
55,926
1,640
51,255
1,569
33,603
5,113
6,372
4,690
2,800
2,701
1,857
1,098
12,061
1,501
1,399
1,389
31,412
4,952
2,496
22,966
2,237
3,289
42,632
822,655 4,471,585
762,291
967,236
498,323
388,428 2,034,222
430,374
279,219
Due from foreign banks
Fed. Res. notes of other banks......
22,897
314
562,251
55,707
Bank premises
46,152
All other resources
41,465
3,057
2,522
Uncollected Items
Total resources
12,270,678
73,325
4,710
3,933
1,714
LIABILITIES
2,390
-
16
616
2,289
3,285
1,944
22,550
1,261
1,581
27,779
3,449
425,085
308,391
882,869
3,118
-
F. R. notes In actual circulation
Deposits:
Member bank
St.
due
from United States Treasury
Secured by U. S. Govt,
Atlanta
4,165,838
879,481
306,170
417,488
198,042
182,853
948,021
178,006
133,502
159,595
87,447
324,434
6,770,854
132,152
reserve account
350,799
362,913
421,981
218,200
113,352
10,231
2,644
11,901
3,078
1,098
7,209
3,762
2,360
4,873
169,140
8,118
2,975
4,210
3,591
5,856
218,506
3,337
2,975
470,443
19,655
9,439
14,367
931,251
26,518
199,912
6,562
10,055
1,341
157,678
4,235
205
5,413
19,555
Foreign bank
102,803
Other deposits
207,319
374,721 3,132,757
31,448
6,825
37,243
7,490
140,043
3,149
7,213,128
392,185 3,341,491
380.871
465,442
237,053
171,360
970,768
212,843
124,347
225,023
185,646
506,099
41,950
12,240
52,531
48,376
4,810
21,702
4,315
71,031
29,095
3,810
12,000
30,563
24,300
28,392
5,616
10,172
9,645
3,422
754
545
2,945
3,116
1,003
4,000
4,869
U. S. Treasurer—General account-
Total deposits..
4.412
8,817
7,284
Deferred availability Items.
544,854
55,792
129,122
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
132,239
9,368
9,826
51,330
2,874
1,570
7,744
13,362
4,325
9,260
3,000
1,007
3,120
1,522
1,690
12,563
21,504
1,416
7,971
1,197
2,090
931
3.846
3,851
1,262
1.847
241
1,683
373
485
229
138
948
223
216
218
192
394
822,655 4,471,585
762,291
967,236
498,323
388,428 2,034,222
430,374
279,219
425,085
308,391
882,869
224
1,193
1,295
68
223
486
3,737
145,854
27,190
36,235
5,340
All other liabilities
Total liabilities
12,270,678
Commitments to make Indus.advanoes
*
19,939
51,474
1,942
8,216
12,840
14,323
2,262
.
283
4,655
10
3,613
1,142
1,696
2,037
"Other cash" does not Include Federal Reserve notes
FEDERAL
RESERVE
NOTE
STATEMENT
Three Ciphers (OOO) Omuiea
Federal Reserve Aoent at—
Total
Boston
New Yort
Phila.
$
$
S
$
Federal Reserve notee:
Issued to F. R". Bank by F. R. Agent
Held by Federal Reserve Bank
$
Atlanta
Chicago
$
S
$
3i.
Louis Minneap. Kan. City
$
%
San Fran
Dallas
t
$
f
4,487,216
321,378
379,484
977,721
98,240
326,623
20,453
441,380
210,359
207,262
977,669
190,665
23,892
12,317
24,409
29,648
12,659
138,462
4,960
169,156
28,685
9,561
95,193
7,746
373,242
48,808
4,165,838
350,799
879,481
306,170
417,488
198,042
182,853
948,021
178,006
133,502
159,595
87,447
324,434
4,492,132
406,000
990,000
332,000
443,000
212,000
168,000
990,000
171,632
128,000
2,390
In actual circulation
Collateral
Cleveland Richmond
45
1.440
523
10
held by Agent as seourlty
for notes issued to banks:
Gold certificates
on
hand and due
from United States Treasury
Eligible paper
.......
U. 8. Government securities
Total collateral
4,581,522
406,045
991,440
332,523
443,010
United States Government Securities
Below
furnish
212,000
on
167,000
95,500
389,000
160
13
7
68
37
87
45,000
87,000
22,000
15,000
5,000
193,645
143.007
172,068
95,537
389,087
213,160
990,000
the New York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices
Treasury
4*s. 1947-52
Feb. 8
Feb. 6
Feb. 6
Feb. 9
(High
120.10
120.10
120.9
120.7
Feb.
11
10 Feb.
Daily Record of U. S. Bond Prices
120.4
120.9
Treasury
2*s, 1945-47
Feb. 6
High
105.25
Feb. 8
Feb. 9
Feb.
10 Feb.
11 Feb.
105.24
105.26
105.25
12
105.23
iLow
[Close
120.7
120.7
Low.
105.23
105.24
105.23
105.23
105.22
120.10
120.10
Close
105.23
105.24
105.26
105.23
105.23
Total sales in $1,000 units...
12
3
2
34
1
Total sales in $1,000 units...
28
120
48
18
(High
108.23
108.24
108.23
108.23
108.23
High
104.9
| Low.
108.23
108.24
108.23
108.22
108.19
Low.
104.8
[Close
108.23
108.22
104.9
3*8, 1943-45
108.24
120.6
120.4
2KB, 1948-51
mm
108.20
Close
3
17
11
32
58
Total sales in $1,000 units...
7
High
114.21
114.20
114.22
114.23
114.22
High
103.13
Low.
114.18
114.18
114.20
114.19
114.19
Low.
[Close
114.20
114.20
114.22
114.23
mm
103.11
_■
2KB, 1951-54
27
104.10
Total sales in $1,000 units...
4s, 1944-54
108.23
120.4
120.6
120.9
mmmm
104.7
104.8
104.8
104.7
104.3
104.10
104.3
104.7
9
5
20
103.15
103.13
103.13
103.13
103.12
103.7
103.12
103.7
''
'm
m
m m
mmmm
114.19
Close
mmmm
103.13
Total sales in $1,000 units...
33
32
15
3
17
Total sales in $1,000 units...
3
31
89
14
(High
113.12
113.15
113.15
113.15
113.11
High
103.12
103.12
103.12
103.10
103.12
1 Low.
113.12
113.11
113.15
113.12
113.9
Low.
103.9
103.12
103.10
103.9
103.7
113.12
113.15
113.15
113.15
113.9
Close
103.9
103.12
103.10
103.10
3*8, 1946-56
(Close
To.ai sales in $1,000 units...
1
3
1
2
(High
109.10
109.10
109.12
109.11
109.8
j Low
109.6
109.10
109.12
109.9
109.8
109.10
109.10
109.12
109.11
2KB, 1956-59
109.8
3*8. 1943-47
(Close
2
2
17
5
5
110
101.20
101.22
101.21
101.21
101.19
Low.
101.18
101.20
101.19
101.17
101.15
Close
101.18
101.21
2KB, 1949-53
63
107
1
93
1
(High
106.23
106.25
106.23
106.25
106.23
Low
106.23
106.23
106.23
106.22
106.23
106.25
106.23
106.25
106.20
Total sales in $1,000 units...
5
26
1
13
24
High
107.10
107.14
107.12
107.10
Low-
107.10
107.13
107.12
mm'mm
Close
107.10
107.13
107.12
mmmm
Total sales in $1,000 units...
2
15
107.10
3
(High
3*8, 1940-43
-
mmmm
Low.
mmmm
Close
m
m
«
mm
m
m
^
^
„
—
3*s, 1941-43
Low
Close
"m
.
,
mmm —
Total sales in $1,000 units..
(High
3*8, 1946-49
Low.
Close
Total sales in $1,000 units...
(High
3*8, 1949-52...
Low.
Close
107.7
107.6
108.5
108.5
108.6
108.6
108.5
108.7
108.6
1
5
108.8
108.7
108.5
108.5
108.5
108.5
108.3
108.5
108.6
108.6
4
«.
•
—
M
108.8
m,m *
~
^
—
1
Low.
108.4
'
^
m
mmmm
108.4
mmmm
2
m'm
-
'
-
«
108.23
108.23
Low.
108.23
108.23
108.23
108.23
m
-
-
108.4
108.4
mm
m
m
108.6
M
m
m
m
mmmm
108.2
mmmm
108.24
105.7
105.7
105.6
105.7
105.7
105.8
108.22
108.22
108.24
108.20
DAY
3
78
30
105.10
105.10
105.12
105.10
mmmm
105.7
105.10
105.8
105.10
mmmm
105.10
105.10
3
105.12
2
3
103.31
104
103.30
103.31
104
103.30
103.31
1
105.10
6
1
6
mmmm
mmmm
mmmm
10~3~28
103.28
103.28
1
104.31
105
105
104.30
104.30
Low.
104.29
104.30
104.30
104.29
104.24
104.31
104.30
104.25
105
104.30
112
12
9
4
High
102.29
102.29
102.28
102.27
102.26
Low.
102.27
102.28
102.27
102.25
102.22
102.27
102.26
102.22
102.29
102.29
165
59
6
12
33
160
High
102.25
102.25
102.25
102.23
102.21
Low.
102.23
102.25
102.23
102.22
102.17
Close
102.25
102.25
102.25
102.23
102.17
Total sales in $1,000 units...
31
10
5
2
75
includes
only
sales
2*s, 1942-44
108.18
108.22
HOLI¬
7
108.21
12
2
8
2
26
9
(High
104.20
104.23
104.24
104.22
104.22
Low.
104.20
104.21
104.22
104.20
104.15
Close
105.8
105.29
1
Total sales in $1,000 units...
Home Owners' Loan
108.2
5
108.23
Total sales in $1,000 units...
104.20
104.23
104.24
104.20
104.15
7
43
17
12
96
Total sales in $1,000 units...
105.9"
103.30
Close
mmmm
3
105.11
....
1
Total sales in $1,000 units...
2*s, series B, 1939-49-.
108.8
-
•
Home Owners' Loan
108.4"
1
330
Close
108.8
108.8
108.8
105.31
104
Total sales in $1,000 units...
Home Owners' Loan
High
3s, series A, 1944-52
48
30
105.29
Low.
108.3
108.5
5
13
108.8
105.29
High
2*s, 1942-47
7
108.6
Close
2*8. 1955-60
Close
Total sales in $1,000 units...
Federal Farm Mortgage
108.5
108.6
3
Low.
105.31
Close
108.6
(High
3*8, 1944-46
13
1
108.6
108.8
(108.4
CloBe
107.6
107.7
3
3s, 1942-47
108.7
-
High
Total sales in $1,000 units..
105.7
108~.6~
Total sales in $1,000 units...
3*8, 1941
105.7
107.7
105.29
105.11
105.7
Close
107.7"
105.29
105.11
mmmm
Low.
107.8
107.8
3s. 1944-49
31
105.11
mm
Total sales in $1,000 units...
Federal Farm Mortgage
High
107.8
107.8
mm
Close
Total sales in $1,000 units...
Federal Farm Mortgage
High
mmm
2
107.7
4
(High
—
107.10
107.8
Total sales in $1,000 units...
DAY
'
Low.
.
HOLI¬
101.19
3
105.31
15
High
3*8, 1944-64
101.15
101.19
21
105.30
48
Total sales in $1,000 units...
Federal Farm Mortgage
106.20
Close
3s. 1946-48
103.7
Total sales in $1,000 units...
High
Total sales in $1,000 units...
3s, 1951-55
103.13
Note—The
bonds.
above
table
Transactions in registered bonds
1 Treas. 3*s, 1943^7..109.6
to 109.6 16
3 Treas. 3*s, 1944-46..108.16 to 108.2111
Treas.
of
coupon
were:
2*s, 1955-60..104.13 to 104.20
Treas. 2*s, 1945-47..105.15 to 105.15
Feb.
1060
United
previous
United States Treasury
Rates
quoted
Feb.
24 1937
-
3 1937
Mar.
Mar. 10 1937
Mar. 16 1937
17 1937-
Mar
Mar. 18 1937
Mar. 24 1937
Mar. 31
1937
7 1937
Apr. 14 1937
Apr. 21 1937
Apr.
-
Apr. 28 1937
May
6 1937—
-
-
12 1937
19 1937
May 26 1937-
May
May
June
21937
June
9 1937.—.
..
16 1937
June
Transactions at the New York Stock Exchange,
New
Daily, Weekly and Yearly
Stocks,
Bills—Thursday, Feb. 11
Bid
June 23 1937June 30 1937
30%
0.30%
0.32%
0.32%
0.32%
0.32%
0 34%
0 34%
0.34%
0.34%
0.38%
0.38%
0.38%
0.40%
0.40%
0.40%
0.40%
0.40%
0.42%
0 42%
040%
....
July
7 1937
July
July
14 1937
21 1937
July
28 1937—.
4 1937
Aug.
Aug. 11 1937
Aug. 18 1937Aug. 25 1937--.
1 1937
Sept.
Sept.
8 1937-.—
Sept. 15 1937
Sept. 22 1937
Sept. 29 1937
Oct.
6 1937
Oct.
—
13 1937
Oct.
20 1937
Oct.
27 1937
Nov.
Asted
0
3 1937
Nov. 10 1937
12,
1937
Saturday
Monday...
Tuesday
Wednesday
Thursday
Friday
Railroad A
State,
United
Total
Number of
Shares
Week Ended
Feb.
Asked
0.20%
0.20%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0 22%
0.22%
0 22%
0.22%
0.22%
0.25%
0.25%
0.25%
0.25%
0 30%
0.30%
0.30%
17 1937
the
on
page.
for discount at purchase.
are
Bid
Feb.
Securities
Government
States
York Stock Exchange—See
Miscell.
Municipal A
States
Bond
Bonds
For'n Bonds
Bonds
1,453.480
$5,119,000
9,773,000
8,505.000
1.702,000
2,091.000
10,417,000
11,760,000
2,234,000
1,916,000
HOLI DAY
one
more
or
Jan. 1 to Feb. 12
New York Stock
Stocks—No. of shares.
12,592,965
84.488,396
$2,988,000
8,631,000
45,574,000
$5,993,000
7,501.000
74,635,000
$34,283,000
65 982,000
$45,810,000
54.094,000
366,120.000
566.603,000
$57,193,000
$88,129,000
$466,385,000
$666,507,000
Bonds
Government
.
State and foreign
Railroad and Industrial
Total
32ds of
Below
are
the
daily closing
stocks and bonds listed
as
Bond
Averages
of representative
averages
the New York Stock Exchange
on
compiled by Dow, Jones & Co.:
Bonds
Int.
Bid
Rale
Ashed
10
Bid
Rate
Maturity
95,132,264
12,869,840
Stocks
Maturity
1036
1937
1936
1937
Exchange
point.
Int.
$57,193,000
$2,988,000
$8,631,000
$45,574,000
Stock and
Figures after decimal point represent
10.793.000
13,183.000
15,022.000
1,346,000
Week Ended Feb. 12
Sales at
11.990.000
197 000
632,000
HOLI DAY
12.869,840
Sales
$6,205,000
$398,000
515,000
$688,000
2.986.600
2.593.350
2.919,620
2,916.890
....
Total
Quotations for United States Treasury Certificates of
Indebtedness, &c.-yThursday, Feb. 11
a
1937
13,
Ashed
Date
10
Dec
Dec.
15
15
1941.—
Mar. 15
1939...
Mar
15
1941
June
15
1940...
Dec.
15
1940...
Mar. 15
1940
—
—
100.4
100 6
June
101.1
101.3
Sept. 15 1938...
100 14
100 16
Feb.
1
1938—
101.8
101.10
June
15
1938...
1^%
nl%
1939...
June
IX %
IX %
IX %
1HJ%
15 1941—
101
101.2
Apr.
15 1937—
101.2
101.4
Mar. 15
101
101.2
Sept. 15 1937—
101.15
30
20
20
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
101.17
IX %
IX %
15
1939—
102.21
102.23
102.30
103.3
2X%
2X%
2X%
2X%
3%
Feb. 11.
190.29
58.01
35.30
67.71
106.89
110.71
94.79
105 85
103 7
Feb. 10-
189.35
57.92
35.44
67.52
100.95
111.23
95.01
106.00
101.6
Feb.
9.
187.68
57.66
34.88
66.93
100.88
111.49
94 79
106.11
104.82
3%
102.26
102 28
Feb.
8.
187.82
57.80
35 08
67.05
106 99
111.58
94.63
106.10
104.84
3X%
1938—
102.10
103.14
101.4
102.3
102.5
Feb.
6.
187.11
57.29
35.11
66.76
106.94
111.51
94.46
106.29
104.80
102 8
104.56
104.80
New York Stock Record
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Sales
STOCKS
Feb.
6
$ per share
Tuesday
Monday
Feb.
Feb.
8
$ per share
9
$ per share
Wednesday
Feb.
Friday
Thursday
10
Feb.
$ per share
Feb.
11
$ per share
12
$ per share
the
Week
62
61
61
59
68
59
60
60
60
68
68b
177s
69b
69b
70b
71b
74
75
77
5"600
18
17b
18
18
10.100
27b
34b
*26b
27b
17b
26b
18
*26b
17b
26b
34b
34b
3b
3b
3b
75b
*4b
76b
17b
♦25b
177b
27
34
33b
33b
3b
378
3b
75»4
75b
4b
4b
75
4b
76
458
*98
*98
♦98
14b
"T
14b
"4b
14b
*179b
4b
14b
15
*
4b
""4b
54
52
52
55
47b
52
53
46
46
51b
53
52
43
45b
45
47
*46
39b
40b
40
237
237
28b
18b
29V
82
82
19V
234
28b
187b
82V
76
767g
76
36b
6b
*41 b
37V
377s
6b
678
43
91b
38b
*72
71 7b
5b
5812
......
235
29b
19b
82b
76b
37b
7b
41b 43b
110b H2b
55b
47
47
50
39b
39
38b
*108
236
,235
29b
29
19b
82b
18b
76b
77b
I 76b
38
38
82b
77b
37b
7b
44b
6b
*42b
110
7b
44
110b
37b
7
*42b
74
27b
32V
32
12
1218
98b
12b
*17
166b 166b
68b 69b
103b
83b 84b
126b 126b
103
*27
98b
*156
105b 106b
*101
32
16b
73
144
32
22b
28b
17b
300
74
73
104
98
300
74
144
*72
*43
104
*101
32
*27
28
28
31b
32
31b
99
98b
12b
12
17b
300
74
166
20b
*16b
*156
17b
300
lib
12
lib
12b
63b
*31b
63b
327s
63
63b
31b
33b
63b
32b
64b
33b
lib
64b
33b
53b
20b
54
54
64b
54
55
20b
20
20
19b
20b
54
20b
12b
64b
34b
Bid and asked prices; no sales on this day,
72
3,000
42,500
1,100
19,200
1,300
7,800
300
4,100
1,600
5,100
70
2,500
400
16,000
*163
168
Air Way El Appliance..No par
Ala A Vloksburg RR Co..100
Alaska Juneau Gold Mln.._10
^Allegheny Corp
68
6,300
*16
*156
lib
62b
32b
64b
19b
17b
1,500
6,800
....
20
vet
58
share
$
per
$
share
66
Fen
63b Jan
6
77
15
4
18b Jan 21
28b Feb 3
Jan
25b Jan 2
33b Feb 5
3is Jan 12
30
75
80V Jan
2
9
7
68
Apr
6b Jan 26
2
Jan
100b Jan 22
14% Jan 4
100b Jan 22
15b Jan 12
91
Mar
13
July
Jan
7,500
2,900
270
7,700
200
40,500
3,800
5,000
1,600
2,500
178
100
43b Jan
5
59
Pref A without warr
100
43
4
58
41b Jan 30
36b Jan 12
51
5%
preferred
—100
Allls-Chalmers Mfg.—No par
Alpha Portland Cem...No par
Amalgam Leath Cos Ino new 1
6% com preferred.......50
Amerada Corp
...No par
Am AgrloChem (Del)..No par
American Bank Note
10
Preferred
60
Am Brake Shoe A Fdy .No par
5H% oonv pref—
American Can
100
25
Preferred
100
Jan
Feb 10
12b
12b
Feb 11
27
Jan
Jan
Apr
Feb 11
41b Feb
1
Nov
64 b Nov
40b
Oct
Feb
Ulb
Jan
245
Aug
Jan 16
23
Aug
34
Nov
28b Feb 6
16b Jan 13
81
Jan 27
75b Feb
5
Jan
7
47s Jan
34b Jan
5
30b
5
33b
19b
84b
83b
39b
8b
48b
Feb
5
Jan
8
Deo
Jan
20 b Nov
Jaa
90
35b Jan
19b May
81
6b
69
Jan 22
Jan 28
Jan 22
4.
Jan 22
Oct
31b Nov
Nov
Deo
34b
5b
39b
125b
Nov
Deo
Dec
Nov
101
Jan
2
114
Feb
3
75
Jan
83
Jan
5
Jan 22
49
July
89
37b Feb
9
Jan 16
36
Dec
Feb
55b Apr
73
Nov
66
Jan
4
69
Jan
4
139
Jan
4
ioib
4ib
75b
78b
150b
105b Feb
8
121
Feb 10
166
Jan
Jan
4
5
m.No par
100
Feb
(Alleg Co)..26
29
»
60
98
4
65
4
Jan 25
13b Jan
7
Jan
29
40
Apr
Feb 11
124
May
Jan
9
110
Dec
4
162b May
30
Apr
57b Apr
13
Jan
5
Jan
31
Jan
Nov
87b May
27
8
9
Jan
111
Jan 25
22b Feb
6
29b Jan 13
96b Jan 21
8b Jan 4
Jan
Feb 11
87b Feb 11
131b Feb 11
105b Jan 22
10
Mar
5b Nov
61b Nov
60b Nov
157
Jan 25
Amer Hawaiian SS Co
Nov
17b Sept
195
1
72
Preferred...—..No par
2d preferred
No par
$6 preferred
No par
103
Jan 26
Feb
Amer A For'n Power—No par
Mar
Feb
Feb
100
Amer Enoaustlo Tiling new..]
Amer European Sees...No par
Amer Express Co
100
9
86b Nov
6b Apr
110
104b
6% 1st pref
Feb
Oot
Jan
242
2
115
delivery.
267f July
35*4
37b
21b
Jan
100
Chlole
Feb
15b Nov
Jan 26
174
71
Amer Colortype Co
.....10
Am Comm'l Alcohol Corp. .20
American Crystal Sugar
10
Feb
;
110
56
5% pref...
Nov
225
93b Jan 19
Amer Chaln&CabCoInoNo par
a Deferred
12b
.—100
Preferred
t Companies reported In receivership,
Feb 11
No par
American Car A Fdy
American
Jan
Aug
2b Apr
5b Feb 11
70
118
.74b
Mar
110b Aug
69
Apr
9b Apr
177f June
22b Jan
zlb Jan
7b Jan
4b Jan 26
37s Jan 29
43b Jan 2
Allied Chemical A Dye.No par
Allied Mills Co Ino
No par
Allied Stores Corp
No par
Highest
share $ per share
2
4
Jan 26
Jan
per
42
Feb 11
Feb 10
100
Am Coal of N J
35,200
No par
2H% prior oonv pref-No par
Allegheny Steel Co.
No par
Alleg A West Ry 6% gtd—100
1,200
300
12b
64b
33b
54b
*
Pre! A with 330 warr
Pref A with $40 warr
300
67
'
lib
54
39b
99b 100b
86
87b
129
128
131b
103b *102
103b
32
32
**27
20
21b
21b
28b
27b 28b
32b
31b 3lb
99
99
98b
12
12b
12b
11
20b
94
75b
78b
150b 150b
108b no
67b
68b
100b 102
85b
84b
*98b
12b
*16b
*160
38b
'72
75b
148b
105b 108b
22b
29b
21b
93
73b
126b
1,700
a06b 109
144
166
6,100
Birthday
x
No par
Address Multlgr Corp..
10
Advance Rumely
.No par
Affiliated Products Ino.No par
Air Reduotlon Ino new.No par
3,300
8,200
76b
37b
6b
No par
Adams Mlillfl
4,500
Closed—
Lincoln's
82b
78b
37b
6b
44b
Abraham A Straus
Preferred
..—.100
Acme Steel Co....
25
Ada ma Express
No par
16,100
40b
,82
Par
Lowest
Highest
Albany A Susque RR Co.. 100
132,200
Exchange
51
235
19
82
29
18b
*82b
6,300
*108
235b
29b
74
*28b
21b
27b
.
239b
29b 30
18b
19b
40b
39b
*99
-
58
37b
21b
.
59
*108
236
3,800
14b
68
38b
32
mm
57b
49b
39b
37b
104
8~.6OO
4b
58
38b
*166b 170
68b 69b
103b 103b
84b 85b
126b 126b
77
58b
38b
72b 72b
143b 144
105b 1067s
1,400
2,100
5b
59b
38b
747s
*27
♦
5
94
72b
34b
3b
58b
110
*97
*156
4b
55b
55b
90
84
97b
lib
16b
52
4b
56b
65b
55b
109
123b 125
31
14b
200
Stock
91
167
19b
27b
*98
14b
91
68b 69b
*102b 10478
82
14b
92
105b 106b
167
*98
92
144
*140
75b
4b
92
111
110
14b
77b
4b
3b
'
*108
*108
....
76b
4b
*34
26b
185
47b
45b
39b
4b
34
3b
26b
34b
3b
Year 1936
of IQO-Share Lots
Lowest
Shares
62
.
On Basis
EXCHANGE
67
*56
Range for Previous
Range Since Jan. 1
NEW YORK STOCK
Saturday
,
20b July
33b Jan 21
16b
99
Jan
89
13b
Jan 28
2
17
Jan 18
Jan 22
49
Jan
13b
68b
38b
587S
18
Jan
21
New stock,
r
Cash sale,
Deo
Deo
137b July
174
Deo
60b Dec
100
Deo
78b Deo
120b Deo
113b
Oot
35b Deo
16b Deo
35b Nov
Jan
32
Apr
3b Apr
9b Jan
101
175
7b Jan
68b Jan
20b Jan
Nov
7b July
70b
141
Mar
Oct
Aug
Sept
8b Dec
14b Feb
176
Oot
Jan 18
6b Apr
29b Jan
Ob Mar
60b Dec
Jan 22
Jan 22
12
25
Apr
Apr
Feb
13
Jan
22b Deo
60b Deo
21b July
x
5
Ex-dlvldend.
y
Ex-rlghts.
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
New York
•
Volume
LOW
AND
Chicago
•
Montreal
Buffalo
Boston
New York Stock
144
HIGH
SALE PRICES—PER
NOT PER
SHARE,
Toronto
•
Cleveland
•
Indianapolis
•
Monday
Tuesday
Feb.
Feb.
Feb.
6
S per share
7%
8
$ per share
39
7i2
39i2
7*2
40*2
83s
4234
51
51
51
61
35,
3*8
35s
334
24
24
23*2
15i2
1534
1534
2334
16
56
57
57
5784
9
S per share
8
Thursday
Wednesday
Feb.
Feb.
10
Sales
CENT
STOCKS
$ per share
$ pet share
the
Friday
Feb.
11
Shares
83s
8
42*2
♦41
50*2
35g
235s
6078
50
23%
23
23
23
23
15*2
16
16
16*4
10*4
107g
1,100
8,600
57
5734
57
577S
56%
57
6,000
384
384
*40
50*2
77,
60*8
3%
18,800
1,400
1,000
4,700
8%
42%
50
8*4
3%
3%
120
120
121
120
120
121
120*2 121*2 1197g 120
24
24
24
23i2 24
24*4
24%
2334 24*4
24%
12*2
1234
12*2
1234
13*4
12%
125g 12%
12%
13%
63
64
65
6234
6278
03*4
64*4
6278 64U
64%
*127*2 1291* *127*2 129*2 127*2 127*2 *122
128*2
12812 *122
70
70
70
73
73
73
72*2 *71*2 73
73*2
13*4
13&8
13*8
13*2
127a
13*2
14%
13%
14%
13*2
79
79
80
*78*2
81
78*2 79
78*2 78*2
80*2
66
60
66
*657,
67
67*s
65*4 67
64*2 65
29
27% 29
2834 29*4
28*2 29
28*2 29
28%
*167
170
*167*4 170
*167*4 170
*167*4 170
*167*4 170
345,
3478
3434
35*4
3458 35*8
34% 3778
38%
38*,
34
34
34
34
3412 34i2
35*4 35*2
35*2 35*2
27
2 75*4
28
26% 27
2778
27*4 277g
27%
26*2
42
42
42*2 42*2
42l2 4212
41%
41*2
41%
43*2
9314
94
*1501, 151*2
*106*4 106*2
64
*146*4
687g
*113
*2512
52l2
927„ 94*2
150*2 150*2
106*4 1003,
64
*63*2 64*4
148
♦146*4 148
68
09%
69*4
114
*112*4 114l2
26
25*2 26
52*2
52*2 52l2
140*2 1407,
24
24
181*2 182*4
*97*2
98*2
98*2
98*2
♦150
150*4
19*4
25*s
19*2
26
*105
108
1234
7434
1*4
7*8
13*8
75*2
1U
7*4
97,
9
*100
113
51%
52*2
54
55
*85*4 89*2
22*, 22U
*108*2 109
*32*2 3384
*8*4
445,
884
445s
*121
143
•24*8
182
98
99*8
150
19*2
25*2
*105
127,
74*4
143
92*4
63*4
148
68*2
25
98
993s
150
19*8
25*4
20
107
69*8
144*4
105
150*2
1978
26
105
13
12%
13*8
755*4
74*4
1*4
75*8
7*4
12%
75*8
1*4
13s
7*4
7*2
105,
1378
125
148
024*8 24*8
17978 1813,
z97*s 97*8
z96% 98*2
160
20
63*4
113*2 113*2
*25*2 2578
5234
53*8
*141
18234
93*4
150*4 150*4
10038 106*2
125
♦125
1*2
14
150
54
56
56
5734
55*,
50
55*2 56's
•85*4
8884
*85*4
8884
22*4 2278
223s 2278
1085, 109
•1085s 10938
♦32*2 3334 *30*8 32*2
8*4
8*4
8*4
8*2
44*| 44*2
44i2 45
*125
55*4
557,
87
22%
150
10984
105,
91
♦98
113g
91*4
100
66
66*4
15»4
165,
*99
16
I684
104
22
225,
*98*2 101
♦105
115
73*4
7434
IOI84 102
*99
22
104
*99
2234
*98*2 101
*100
115
*105
70*2
IOI84 102
3934
34
50*2
5184
2634
3934
3434
104
75
103
50*2
*2584
*39*2
3418
115
75*2
104
51%
26%
41
3434
1155*4
116*2 *115
11534 ♦115
82*4
8134 8134
8I84 82*2
*
12834
1283, 128*4 128*4
17
17
17
17
17*8
32*,
8*2
33*2
9
33
34
33*2
85S
34
46
46
48
48
48*2
*85,
878
48
85g
884
8%
9
884
958
9
958
9*8
8*4
118*2 118*2
115*2 118*2
117
8*2
11834
9*2
8
8%
IH84 115
116
117
115
2438
377,
4412
♦108*2 109*2
37
37*4
*2938
30
*395,
4034
34
33
*18%
*112
19
114
265,
*103*8
*4234
*104
2034
8*g
24*2
38*2
44%
25*2
25
39%
44*2
38*4
109*2 110*2
37
375*8
30
30
*395,
441,
110
3678
33
19*4
27
*2884
40
34
33*8
19*2
1958
114
*112
28*4
*103*4
106
44
40
*112
*43
44*4
10578 100
1478
1534
*853,
8534
145g
1478
*85*2
27*2
85»4
29*2
22*4
22*4
22
2938
22*4
57
57
56*2
81*2
193s
83*2
19'S
83*2
*43
105
855s
19
28*4
*103*4
57
1938
127*2 128*2
*64
60*2
35
3584
2834
9*8
115
25%
39%
44%
110*2
37%
30
40
3378
19%
113
283,
mmmm
44*4
105
*109
75%
50*2
*25%
39%
34%
33%
19%
*112
28%
*43
*104
22
22*4
57
57
8438
85*2
19*8
85%
19*8
129
*66
*67
35*2
36
*99
129
07*2
36
21%
34%
19%
28*2
147,
*85%
283S
*22
19
128
6934
36*2
28
44%
86
29%
22%
577g
88%
19%
128
14%
*85%
29%
5
68
25is Jan 11
21
10
May
Apr
297|
13&8 Jan 20
2
6534 Jan 14
27
Apr
54 7g
50*4
125
Jan 10
Jan
Jan 12
64
Feb
1
1178
Jan
2
78% Feb
64% Feb
2478 Jan
8
164
Jan
9
4
6
125
Feb
129% Feb
1
73% Feb 11
16% Jan 13
87I8 Jan 18
72% Jan 12
29i2
170
Feb
3
Jan 21
Jan
Jan
15'a Nov
2234 Jan 27
113s Jan 7
114
Jan
Dec
1221* Nov
15
Jan
Feb
118
Dec
134
Nov
July
x35%
7%
Jan
Feb
69
Nov
43
Feb
87is Sept
148a July
365s
Feb
I884
Apr
74is Sept
27»8 Jan
Jan
165% Aug
157
2384 July
37
3
31
Dec
3984
9
18
Apr
28«4 Nov
41
Jan 23
45
Jan
4
253g
Jan
46*8
Jan 29
Amer
80
98% Jan 12
5684
Jan
103
Nov
147
Jan
9
154
Jan 28
136%
Jan
15234
Mar
105
Jan 15
107
Jan 22
104
Jan
I08i| May
63
Feb 10
100
Jan 14
20% Jan 20
Jeb
1
5678
Jan 11
140
Jan
5
14384
Jan 13
No par
187
9334 Jan 15
99
Common class B...
...25
Preferred
100
33,500
Am Water Wka A Eleo.No par
Founders tne
1st preferred
10
No par
tAm Writing Paper
Birthday
200
Woolen..
No par
100
Preferred...
1
Preferred
No par
Amer Zinc Lead A Smelt
1
Preferred
25
65 prior pref
25
Anaconda Copper Mining..50
Anaconda W A Cable..No par
5,800
Anchor
280
66.50
Cap
...No par
600
900
243,000
Armour of Illinois new
66
2,400
2,900
5,600
conv
pref
20
par
No par
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp..
No par
Preferred
li'Ioo
par
6
Preferred
200
2,400
oonv
Associated
100
95%
147
Jan 16
Jan
5
16i2 Jan
25% Jan
102
8
Feb
1
...1
6% 1st preferred
7% 2d preferred
Nov
1021|
Feb
104
Feb
Jan
150
Mar
87i June
18
Deo
88% Mar
136
Apr
19%
92>4
Jan
Jan
100
Jan 13
44l2 Jan 7
521a Jan 29
Feb
8
5784 Feb
125
58
4%
44
Jan
78
Deo
9
24
May
50
Deo
28
Jan
84
Jan 26
947g Jan 11
35
18
Jan
4
Jan
7
97
Jan
May
111
Jan
30i2 Jan 26
245s Jan 16
110% Feb 11
371* Jan 12
0
June
43
Nov
8
10% Feb 10
3
July
7
Nov
8
37
Jan
118
Apr
May
50
8
122
Jan
1101|
7»s
Jan
5i2 Jan
Jan
7
110i2 Jan
10734 Jan
8
41
45i2 Jan
12H4 Feb
Jan 25
2
noi2
Jan
4
12%
Feb
9
81«4 Jan
Feb
06
2
95
Feb
9
4
126
Jan
6
6812 Feb
3
7
59i2 Jan 18
14
Jan 29
1514 Jan
7
10% Feb 8
178s Jan 21
151*
Jan
105%
Jan
4% June
60% Jan
104
Aug
47%
Feb
74
8ts
Jan
Jan
95
19i8 Jan 27
2278 Feb
9
Jan
12&8
Apr
Jan 28
95
Deo
112
Jan
9
98
Feb
124
773g Feb 11
59
Jan
Feb
2
90»4
Jan
107
Oct
215a Apr
11
Apr
13% Apr
20% June
49
Dec
Jan
2
8
116% Feb 6
851s Jan 30
9
133
101
112
5
104
Feb
9
6IS4 Feb 8
2784 Jan 16
44
Jan 18
Jan 13
84
Nov
131
Nov
18*8 Jan
9
14
4,600
3,100
Auburn
No par
No par
30
Jan
4
3684
9%
51l2
9U
11%
912
Feb
2
Feb
1
20% June
53s June
Preferred
101,000
Baltimore A Ohio
900
Conv
43,900
4,300
I...10
No par
Barnsdall Oil Co
6
Bayuk Cigars Inc
No par
100
~6~506
Beatrice
Creamery
65 pref w w
Beech Creek RR Co
"44%
25
..No par
Belding Hemlnway Co.No
Belgian Nat Rys part pref
100
47,700
1,800
5,000
61,500
*
5,500
2,500
69%
800
37
3,200
i
5
5
Jan 21
Dee
Deo
94^8
Deo
26
Feb 11
Feb 11
45
Feb 11
39
11012
4038
Feb
Jan
8
Dec
275s Nov
4114
401*
Oct
Feb
8
4
4
32
Jan 21
39
3
42
Jan 21
Feb
3514 Feb 1
20% Jan 16
26l8 Jan
177g Jan
243g Nov
13% Jan
14is
Jan
1684 June
112
Jay
114
Feb
2
25
Jan
2834 Feb
1031s Feb
9
18
Jan
4
100
Aug
Jan 16
35
110
May
38i|
Deo
288s Nov
28U Dec
22*4 Nov
115
Deo
288g NOV
July
427, Oot
105
Feb
5
Jan
8
85
Feb
par
13
Jan
5
1584 Feb
8
13
Dec
16*4 Mar
84
Jan 16
853s Feb
9
83
June
42
25
Best A Co.,
56
Feb
6
73
Jan
4
...No par
(Del),..No
par
6% preferred
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black A Decker
97a
947,
40
3578 Jan
2534 Jan
Aviation
6
Beneficial Indus Loan..No par
new
23a July
29% Apr
3384 July
157a Apr
21
Apr
IOIS4 Jan
40% Jan
Bendlx
Beth Steel
Jan 30
Feb
Jan
Dee
60
Beeoh-Nut Packing Co
21,800
15%
ll»4
Jan
784 Mar
20
"""600
106
2% July
Feb
105
preferred.........50
Jan 29
120
4
1018
46i|
120
Jan
30*i Feb
54'4 Mar
29*1 June
3
Apr
6
100
5% preferred
1st preferred
28%
6
June
118i*
Jan 12
88l2 Jan 21
205s Jan 4
33% Jan 4
41
Barber Co Inc
113
7U Jan
8684 Jan
50
Barker Brothers
470
34*8
19%
100
Bangor A Aroostook
390
16,000
100
Preferred
18,500
600
100
Pref assented
Apr
Deo
Jan
4
6
35*8
Jan
Jan
Jan
Oot
54*4 Nov
Sept
16
8
Oct
48
No par
Feb 11
3 Us
Oct
Aug
109
Atlas Taok Corp
7% Jan 6
39% Jan 13
634 Jan 4
881.
zll2
2,300
Assented
Feb
May
277, Nov
101
72% Jan
128% Feb
1,500
22%
108
116
357g Jan 25
No par
625s Mar
185s Nov
9
4
Baldwin Looo Works
Dec
6
Jan
No par
Jan
128
4
Feb 10
Corp of Del(The)new.3
Jan
84
Jan
39l2
Prior A
891* Deo
2684 Mar
69i2 Jan
301*
Avla'n
55 «s Nov
106
Atlantio Refining
Austin N'^hols
7*4 Mar
Feb 11
Jan
610
Feb
Feb
Jan 26
44,100
33,600
20,600
1,600
Oct
Feb
11%
7034
Feb 11
25
Automobile
27»4
109»4 Sept
14U
Jan
100
Jan
190 >s
683 Jan
98
100
263g
Apr
Mar
87
2
114
No par
Sept
10
4418
A
Jan
63^8 Aug
Apr
31* July
100
Preferred
36
145
84 May
Atl G & W I 83 Lines..No par
Preferred
100
4% oonv pref ser
Atlas Powder
145l| Nov
205s Mar
149%
5234 Sept
Atlantio Coast Line RR...100
10
Deo
Jan 22
100
800
Jan
Deo
1»4 Jan 22
21,700
200
64
984
100
....25
Jau
Jan 12
79
Jan
Ateh Topeka A Santa Fe..l00
Preferred
100
500
129
73%
145U
1*4 Jan
684 Jan
100
Dry Goods
Jan
Dec
7% Sept
17300
1,800
18,400
Apr
143s Jan 18
038 Jan
64
Jaa
Jan 28
9978 Feb 4
150% Jan 26
2018 Feb 3
29% Jan 13
107
Jan
Jan 20
2578 Jan 25
233s Jan 11
1707s Feb 9
25
7,800
■
115
100
7,400
214,500
Apr
48%
Am Type
100
5
52
—
Lincoln's
..
2
Feb
73% Jan 21
25
59 *8
Tobacco...
Amer Telep
American
*
111% Jan
148
100
7,300
6.200
,
5
100
100
Refining
Am Sumatra Tobacco
300
Closed—
Jan
67% Mar
13388
Jan
..No par
Stores
14,300
Exchange
143% Jan 14
68l2 Jan 29
20%
10734
24%
Preferred
400
Oct
Dec
25
Preferred
American
Nov
100
Preferred
5,500
Stock
3834 Feb 11
par
Amer Steel Foundries..No par
Amer Sugar
900
6
100
Smelting A Refg.No
Preferred
2d preferred 6% cum
American Snuff
American
1,200
19%
69%
36%
24
483g
Apr
Apr
23%
53|
Feb
11,000
77%
19
4
Jan
1678 Feb 11
587a Feb 4
517g Nov
Feb
400
22%
89
57%
42
7
Jan
2% Sept
161* Sept
95s Apr
36
104
30%
22%
58%
91%
22
4
37
28
260
128% 129
69%
37
*43
106
15%
4i8 Jan 22
2534 Jan 25
5
*104
106
52
5
46
4
1,500
102% 103*2
33%
19%
5
4
Oct
Jan
115
*112
Feb
Jan
21* Jan
17% Jan
13% Jan
share
83a Mar
Oct
Jan
2,000
51%
113
47
per
45s
3Ds
23%
Rolling Mill
25
Safety Razor new_18.50
Seating Co..No par
Amer Shipbuilding Co-No par
40
101
76
47% Jan 22
32
10,800
33
101
76%
6
33% Jan
600
150
*109
115
*104
56*4
68
104
37% Jan
Highest
6 per share
American
300
49%
50%
26%
♦25%
26*2
39*2
40%
*39%
34
347,
34%
*115
115% *115
115%
82
82
8178 817g
*
*
128%
128%
"10"
mm 17
167,
33%
3378
33%
34%
9
8%
9%
8%
49
51
50
51*2
8%
87,
8*2
8%
9%
9*2
9%
9*2
8
778
8*8
7%
112
113%
113% 113%
112
112% 113%
112%
25
26
2578
25%
40
38% 3978
39%
44
45
447,
447g
*109% 110
109*2 109*2
37%
387S
37%
39%
29% 29%
28*2
29%
40
39% 40
39%
85%
287g
15%
9*4
6 per share
914 Jan 21
American
430
mm.
103*2 103%
147,
85%
28*8
128*8 128*2
3534
*99
32
10*4
44%
6 per share
6i2 Jan 2
Amer
5,100
217S
21*8
21% 22
*100
101
♦98*2 101
75
40
37
65 preferred
Am Rad A Stand San'y .No par
Preferred
...100
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
343g
23*8
No par
No par
Archer Daniels Mldl'd.No par
337,
*44
66 preferred
Lowest
Highest
1,100
78,500
33
9
Year 1936
100-Share Lots
4,900
57
31
6% oonv preferred
100
Amer News N Y Corp..No par
Amer Power A Light
No par
10
40
85g
77g
m
No par
No par
No par
1,000
*2534
83,
m m
137,200
97
*87%
89*2
21%
23%
109*2 110%
Preferred
44
44*2
43*2
♦121U
121*4 121*4 ♦121
*121%
109*4 10934 *109*2 10984
109% 109l2
109% 109%
12
11*2
12*8
II84
12*4
11%
11%
1178
92
93
94
95
93
94
94
94%
100
100
♦100
*100
104
104
1047, *100
66
60
65
66*8
653s
65*4
65%
65%
1534
16*g
1584
1558
15*,
15*2
15%
15%
10
16
163,
17
107g
16*2
107,
16%
61*4
*16*4
m
58
227,
No par
loo
3,500
27
82*4
m
56*2
87
100
No par
9%
27
116
3,300
51,700
567,
109
non-cum pref..
Amer Internet Corp
American Locomotive
1,500
57
109
6%
1
par
preferred_N#
Andes Copper Mining
A P W Paper Co
No
48*4
*
100
800
55,100
57%
mm.
*109
*125
Amer Home Products
American Ice_..No
Amer Metal Co Ltd
1,700
96*2
60
8,700
13,400
97*2
6% oonv pref
Amer Macb 4 Fdy Co
Amer Maoh A Metals
106*2 106*2
100*2 106%
63
03%
*62*2 74
147
147
*146% 148
68*2 69*8
69%
65%
113
113
113%
113%
2578
25*2 2578
25*2
63
52*2
53*8
52*2
*141
144% *1417, 142%
24
24%
24*g
24%
182% 183
181% 182%
95%
95% 96%
96%
97
Amer Hide A Leather.......l
1,300
93
91%
92%
93%
150*2 150*2 *149*2 151
150
1497, 14978 *148
19*8
19%
19%
19%
20
26%
27%
26%
103% 103% *104*4 105
12%
1278
12%
127g
74
75
75
73*4
1%
1%
1%
1*2
7*4
8*2
8*8
7%
12
137g
13*4
14%
Par
8,400
8,600
m.
Range for PresUms
Range Since Jan. I
On Basis of
Lowest
42*2
42
1061
EXCHANGE
Week
12
% per share
Norfolk, Va.
•
Record—Continued—Page 2
NEW YORK STOCK
Saturday
Richmond, Va.
•
Mfg Co No
par
Jan
4
2Fs Jan 29
185s Jan 27
125
64
Jan 12
111
112
Deo
Feb 11
215g
Jan
Jan
5
20
Jan
80*8 May
328, Oct
25U Oct
Jan
8
48
Jan
72
30i2
23«4
6234
918s
Feb 11
20
Jan 18
129
Feb
106
Feb
9
Apr
16is Apr
107ii July
46*4
77*4
20
Deo
Deo
135lj Nov
Jan
6
6984 Feb 10
23
Jan
65i|
33% Jan
4
38
28«4
Dec
z34%
Jan 21
Nov
Deo
Deo
'
1
»
Bid and asked prices: no sales on this day,
t Companies reported In receivership,
a
Deferred delivery,
n
New stock,
r
Cash aale.
x
Ex-dlvldend.
y
Ex-rlghts.
N ew York Stock Record —Continued— Page 3
1062
LOW
AND
SALE PRICES—PER
HIGH
NOT PER CENT
SHARE,
NEW
for
Saturday
Feb.
6
$ per share
26%
27)8
*30%
34
*92
93
3938
*4314
9214
43l2
2678
43%
4312
9212
4312
2714
80
9i2
378
'
78i4
87s
378
Feb.
27%
30%
*92
4878
2134
23 h
♦113
22%
24
115
9234
45%
44%
9238
43%
43
91%
9234
44%
44
91%
43
43%
27%
81%
27%
27%
82
9%
3%
9%
384
203s
57
50
19%
57%
9%
384
20%
45%
45%
43
43%
43%
27%
28
27%
79
82
81
934
4
3%
49%
45%
7
*34
9%
384
19%
20%
58%
49%
45%
7%
34%
*48%
47%
21%
23%
115
102
*48%
21
31
5734
4934
45%
2784
*25%
21
24
115
23%
*114
21%
24%
Borg-Warner
50%
£45
2134
23%
115
34%
61
60
43
60
43
42%
42%
3484
934
34%
34%
3434
59%
42%
3434
59
42%
35%
3484
158.1
714
30
40%
15%
32
7%
30%
40%
37%
1534
16%
32%
15%
1634
£15%
3134
32%
£31
8%
834
30%
85%
27%
32
784
30%
84
84%
84%
283S
2784
234
17%
28%
44%
3
18%
33
33%
28%
*60%
16%
28%
61%
1634
*58
5934
*58
44
*17
1784
50
50
45%
2%
105
105
7%
7%
169% 173%
125
125
96%
97%
29%
29%
108% 108%
42% 42%
*78%
34I4
11%
8134
34%
11%
106
*105
38%
18%
10%
40%
18%
10%
112
*111
6884
69%
20%
20 84
77
77%
♦110%
48
48
45%
45%
88
67
3%
10%
87%
6534
3
9%
2%
3%
30
*8334
27%
4534
30%
8334
28
7,200
4,100
39
35%
15%
1538
31
31%
5,400
8%
2934
8334
8S4
30%
84
54,900
28%
29%
46
7,300
3,200
834
31
85
28%
9,500
16,700
200
Burroughs Add Maoh._2Vo par
313s Jan
4
35% Feb
No par
-.100
Butler Bros
10
.
16%
51%
105
16%
16%
*50%
51%
16%
16%
1,000
*50%
51%
l"
9834
98%
a
'
42%
41%
*78%
42%
108% 110
41% 42%
80% 81
300
80%
35
35
35%
35%
35%
11%
11%
11%
11%
Stock
106
106
80
*105
106
106
40'
40%
3934
3934
40%
41
4034
18%
17%
1734
17%
19%
19%
10%
11
11
11%
11%
11
20
11%
111%
111
111
70%
2134
80)8
70
70%
21%
80%
♦111
2134
81%
....
4834
47%
88%
6734
3%
48
48%
46%
46%
3%
3%
10%
10%
10%
88%
89
67
67%
3
3
5
No par
42% Feb
5
30)2 Jan 18
48% Feb 2
*110
70)2
*110
111
72%
22
23%
81
82
*46
88%
66%
72%
23%
48%
88%
67
Capital Admin olass A
500
89%
3,700
67%
10,500
3
3
10%
10%
3
15%
3
3
10%
3
1,700
3,800
2,800
Jan 23
106
Jan 18
91
Jan
10334
Deo
7
Jan
6
684 May
934
Feb
100
138
Jan
4
100
124% Feb
par
par
85% Jan
26% Jan
4
5
8% Jan 18
176% Feb 9
12984 Jan 22
100
106)2 Jan
Caterpillar Tractor
No
Celanese Corp of Amer.iVo
7% preferred
fCelotex Co
No
5%
preferred
par
100
Century Ribbon Mills..No par
Preferred
100
Cerro de Pasco Copper.No par
Certain-Teed Products
1
6% prior pref
100
ChampPap A Fib Co 0% pf 100
No par
Common..
Checker
2%
2%
2%
7%
6%
7%
6%
7
6%
*25
26
26
*2034
21
2034
20%
2034
13%
*4934
1334
13%
4934
14%
4934
14
*4934
20
4
86%
9%
86%
86%
934
87
10
89
10%
36%
37%
37%
37%
36
*107
*97
107%
38
*37
934
107
*82
90
*47
*86
88
*128
130
*133% 135
*57%
57%
1934
20%
103% 103%
60%
6I84
90
90
*47
136
138
112
112
*25
29
57
57%
19%
20%
6034
103
61%
112% 112%
*25
29
22
22
23
23%
49%
23%
26
26
26
2634
27
27
*23% 26
26
125
123
123% *123
3534
3534 *36% 37
45
44%
44%
45%
17«4
17%
1734
17%
*101% IOI84 10034 10134
25
25
46%
49
*23%
*94
97
57%
19%
3%
0434
16%
40 84
*
3%
64%
16%
41%
3%
65
16%
41%
20%
3%
65%
6034
50%
1734
10034 101%
95
17
41%
3%
20%
103
25
..5
No par
Preferred
100
City Stores
6
Clark
90
3,700
98%
"4",200
130
103
62%
112% 112%
61%
29
29
29
51%
51
5134
Equipment
No par
C C C A St Louis Ry Co pf 100
Clev El Hlum Co pref ..No par
Clev Graph Bronze Co (The) .1
Clev A Pitts RR Co 7% gtd.50
"i',700
Coca-Cola Co (The) __-No par
Class A
10
10,300
.No par
Colgate-Palmollve-Peet No
1,100
8,500
220
6%
par
Preferred
100
Colo Fuel A Iron
No par
Corp .No par
Colorado A Southern
100
4% 1st preferred
4% 2d preferred
100
100
19%
19%
19%
3%
3%
3%
3%
65%
65%
6634
6534
16%
18
17%
41
41%
41%
18%
42
500
64,900
Columbian Carbon v 10 No par
Col Plot Corp v t 0
No par
$2.75 oonv pref
No par
Columbia Gas A Eleo.-No par
700
6% preferred series A...100
200
5%
8,600
100
preferred
Commercial
10
Credit
100
111%
400
75%
5,700
Comm'l Invest Trust..No par
113%
900
$4.25 oonv pf ser '35.No par
19%
39,100
3%
66
18%
19%
41%
42
4% % conv pref
Commercial
Jan
4
Jan
6
9
Jan 12
Feb
5
35
Jan
5
9
Jan 11
91
Solvents
No par
Feb
8
Jan
8
July
51
Deo
13884 Nov
23
Nov
72%
Jan
484
Jan
13% Nov
2384
Jan
40)8 Mar
Feb
98
Oct
Jan
11134
Deo
July
47%
Oct
113
Jan
7
40% Feb 11
107%
33
8934 Nov
Jan 14
82
Feb
90
48
Mar
61
98% Feb 11
48
Apr
Jan 30
124
Jan
129
Feb 10
84
Jan
134
Nov
58
Nov
90
Jan 14
2
120
Jan
4
129
122% Jan
6
138
6
57% Feb
19% Feb 11
Jan 15
21% Jan
104% Jan
2
8
6
4
62 % Feb
11
39%
110% Jan 20
26
Jan 18
113% Jan 12
107%
8%
51% Feb 10
2484 Jan 14
57
Jan
Jan
44% Jan
4
21
Jan
4
24
Feb
3
25
Feb
4
117% Jan
4
4
3434 Jan
42
2984 Jan 20
18% Jan
3% Feb
2
6
Feb
5
13% Jan
4
2
Congoleum-Nairn Inc..No par
3034 Jan
New stock,
r
Jan
69% Jan
114
8
Jan 12
80% Jan 26
120
30
Oot
48
Deo
19
Deo
19%
Jan
36% Feb
37% Mar
Jan
39%
Dec
14
Jan
90)2
8034
Jan
44
Jan
Jan
100% July
55
Jan
Jan 25
97
Jan
Jan 21
Jan 13
14% June
2% Apr
21%
4%
75%
19%
Jan 13
69%
Apr
Feb 11
7
42
Feb
Cash sale.
£
3
116% Nov
28% Sept
Jan
8
0034
Jan
May
Jan 14
5
Feb
Nov
31
101
Feb
100)2
16
2
113
Aug
Apr
94
Jan
6484 Jan 29
109% Feb 2
73% Jan 4
Deo
100
3
39% Jan 20
46% Jan 20
20% Jan 14
108
Oct
July
21%
Jan 14
4
Deo
Deo
June
Jan 25
5
3
Feb
Jan
77%
13
29
Jan
91
55%
30
124% Feb
17% Feb
10034 Feb
63
n
Jan
3
Feb 10
Jan
$6 preferred series...No par
No par
Conde Nast Pub Ino
Deferred delivery,
1%
Feb
10% Jan 22
38% Jan 18
78
Commonw'lth A Sou—No par
a
Feb
7
135% Feb 11
20% Jan 13
90
2,900
t Companies reported in receivership.
4
107
74,500
12,500
8,100
5% Jan
1%
90
85
56
550
6,100
Feb
Feb
32% Jan
103
670
600
24)2
20%
12%
46%
110%
1834
100
Colonial Beacon Oil
100
3% Jan
No par
preferred
Collins A Alkman
23%
23)2
2
60
Cluett Peabody A Co..No par
Preferred
100
26)2 2734
26
26
25%
123
123
123% £123
37
39%
38%
3834
44
44% *45
46%
17%
17%
17%
18
102% 102% *102% 104
92%
92%
93%
93)8
66% 67
6534
66%
25%
Bid and asked prices: no sales on this day.
Chile Copper Co
Chrysler Corp
City Ice A Fuel
400
61%
10
...No par
Special
27%
17%
Chllds Co
400
10,400
112% 11234
*25
Chlckasha Cotton Oil
2,400
19%
*102% 103%
100
100
5,900
57%
23%
38%
44%
65
Jan
19%
23%
36%
*44)4
1934
Jan
85)2
15%
57%
6534
66%
65% 66%,
65%
*109
111
111% 110
112% *108
112% *109
75
75
74%
75%
75%
7434
75%
75%
75%
113
113% *113
113% 113%
114% 114%
113% 113%
1934
25
4,600
20
137% 138
27
65%
20
51
107,000
20%
*109
19%
Jan
Deo
57%
50%
23%
123% 123%
94
30%
1484
preferred
preferred
Chicago Yellow Cab..-No par
*47
135
93%
40%
*87
135
29
97
38%
135
113
*94
10812 10834
135
*25
46
109%
*87
3734
97
*112
45%
*109
*85
103
Oct
Jan
500
*97
*128
61%
32%
7
50
97
103
Jan
17% Sept
50
130
103
1984
11,600
290
95
Z6038
27% Jan 14
22% Jan 29
16% Jan 28
2,300
14%
*128
57%
20%
Jan 12
Jan 4
Jan 16
Jan 22
Jan 4
7%
6%
2,300
21%
130
20
Apr
Apr
Apr
26%
*128
*57%
3%
13%
38
90
3%
2034
130
89/
8% Jan 15
7% Jan 8
Preferred
2,500
26
*128
88%
100
70% Jan 25
234 Jan 21
Deo
fChlo Rock Isl A Pacific
4
2
2
6
65)2
7,700
Jan
Jan
14%
*47
*47
Oct
61%
2%
684
534
2034
107
Feb
par
2534
38
37%
6%
1,500
13%
*97
4%
Feb
Dec
20%
10
36%
484 Jan
2%
24%
25%
91
25s8 May
12% Apr
4084 May
26
934
Jan
33% Nov
Jan 20
33
2034
14%
36
Dec
12
4
6%
£91
14%
Jan
8,700
6%
934
Jan
May
23
7%
91
Feb
4
6
Jan
Deo
par
7%
37
2%
Chicago Pneumat Tool.No
Conv preferred
..No
7%
984
3%
8)s
Apr
1%
12%
67%
90%
1% May
Jan
2%
2% Jan 11
32
Apr
Nov
77«4 Nov
4
5
Deo
684 May
67%
2%
36
69%
100
Deo
Deo
4% Jan 22
67%
2%
9%
3834
15% Jan 22
31
89%
72%
111
Jan
3034 Jan
Oct
Nov
19% Mar
4
2
6
33
36
•
11% Jan 25
3% Jan 22
1034 Jan 22
11% Jan 22
74
11% Jan
Chicago A North Western. 100
2,900
13234 135%
19% 20
8% Jan 13
8
108)2
100
10,700
50%
6
Deo
Apr
2% Apr
2)2 Apr
10,600
*97
107% 107%
37
37%
5
5%
20%
47% Feb
13% Jan
4)4
134
Aug
100
Preferred
14%
32%
67%
2%
7%
6%
20
Mar
19
2
4)8
4934
101
Feb
6
4
13%
131
23% Feb 10
Feb 10
Jan
284 Jan
6% Jan
14%
51
97% May
4
Jan
Dec
9%
Feb
5234 Jan 22
85
3712
Nov
4
41
Deo
Sept
12
8% June
67)2 Sept
82
86
Jan
Deo
57
2% Jan
5%
128% 130%
19%
20%
20
35% Jan
39%
Apr
47j4
111
Jan 30
110
Apr
6%
7584 Jan 11
67% Jan 28
16% Jan 6
67% Jan 6
109
35
100
0% preferred
Chicago Great Western
14%
32%
6%
11% Feb 10
115
Jan 14
Jan
5%
6%
9
5
108% Jan 14
32%
Jan 26
4134 Jan 15
2434 Jan 11
2
17% Feb
10% Feb
May
Jan
0% Nov
Jan
4%
14
33
67%
2%
37% Jan
107%
64
25%
Jan
tChlc Mil St P A Pac.-No par
Preferred
100
2%
7%
Jan 25
Apr
59
Chicago Mall Order Co
67%
106
82% Jan 7
39% Jan 12
12% Jan 28
6
4
19
51
700
68
8% Jan
5
Dec
22%
3,500
68
34% Feb
43% Feb
Nov
100
Jan 22
2%
6734
2%
7%
108% Jan 19
July
2134 May
8934
31%
6734
6
36% Jan 13
7888 Jan 28
June
143
i91
Jan
68% Jan 8
3% Jan 15
2%
31%
31% Jan 28
180
Jan
5484
2
31%
31
6
Oct
Jan
92i2
116
6
2%
5%
4%
293s
1
Jan
31%
29
Feb
63% Feb
5
No par
25
tChlc A East 111 Ry Co
100
*31%
12%
100
100
Cab
Chesapeake Corp
Chesapeake A Ohio
31%
29
Feb
Nov
104
tChlc Ind A Loulsv pref... 100
5%
53
1
100
4%
18%
100
Stamped
9,900
5%
6884 Nov
Jan
1034
4
Apr
1234 May
Jan £100
15%
2
37
87
10%
2%
Feb
9
Jan 21
4584
15
,
Aug
10
8
9)4
2
60
Jan
2
9%
15
Dec
Jan
Feb
1,200
66%
30'4
54
"'10%
52% Jan
*^i20
88%
18
Nov
102
Central Vloleta Sugar Co...19
49
/
Jan
Deo
3
10% Nov
40% Apr
5
Central RR of New Jersey. 100
49
4
Jan
Jan
2
Jan 14
17% Feb
61% Jan
%
6
6
3,300
41,300
Jan
9
Jan
2,000
1,700
9,100
Feb 10
15
Feb
Dec
Oct
4884
Feb
Lincoln's
Birthday
58
4
Dec
50
9%
*97
Apr
30% Apr
99
Central 111 Lt 4^% pref--100
40
3
1
15%
20
22
6% Mar
10
Preferred A
9%
£31%
128% 129%
834 Feb
Carolina Clinch & Ohio Ry.100
20
2,560
47%
..No par
Cannon Mills
Closed—
82
*46
50
25
Central Agulrre Assoo..No par
Central Foundry Co
1
800
111
10%
2%
111
3,000
111
*111
48%
71%
22%
80%
5
100
14%
54%
29%
88)2
3334
Jan
10%
13%
1934
Apr
27
1534
12584 128
33% Nov
No par
34,900
Exchange
4134
18%
2:10%
26
1034 Nov
Dec
Jan
10)2
Canadian Pacific
140
11%
*25
Deo
54)8 June
Jan
33% Deo
3134 Nov
2%
29%
Jan 21
15
6%
Mar
Jan 25
Case (J I) Co
Preferred certificates
310
4,400
10%
14
584
16% Feb
3234 Feb
9
Jan
Jan
Apr
91
7,300
43,400
35
14
684
5
Jan
2)2
8%
14%
13%
33
Carriers & General Corp
9834
8038
4
13%
2%
Jan
Deo
Deo
Oct
2
100
Byron Jackson Co
California Packing
Callahan Zlno-Lead
70
31%
11%
5%
4%
13%
29)4
53s
2734
25
Jan
No par
7,700
30
35
*
30
£98
99
30
30%
3034
108% 108% *108% 110%
10%
5%
4%
1
1
5
5
9
Mar
59%
35%
34%
83% Feb
5
Preferred
50
35
5%
Feb
Deo
Deo
Sept
Jan
4
2
2
30
5% conv preferred
Copper & Zlno
Byers Co (A M)
Butte
Canada South Ry Co.
300
8
29%
42%
1
66", 200
*101
105
105
*104)2 104%
734
8%
7%
8%
172% 174%
17434 176%
174)2 174%
*125
129
12834 *125
12834 *125
98
,
t
105
7%
:
*60%
*101
*100%
96%
5
3%
39
45% Feb
22%
2134
115
Apr
Apr
61
*50
29%
30%
108% 108%
42%
42%
80% 80%
2%
7
7
Jan
15% May
3
4
16%
17
51%
3I84
5
Jan
24% Jan
27
Oct
65%
14
60% Feb
14% Jan
59
2%
7% Jan
9
1134 Jan 29
Oct
67
115% Sept
Apr
59
31%
11%
2034
Jan 18
106
Apr
Jan
Apr
10%
59
2
5
Feb
51
69
Jan
8%
Jan
30
58
10%
1134 Feb 11
62
pf otfs.100
9%
85
98
32% Jan 13
60
31%
7
9
5
4
*58
2
4
Feb
9% Jan
27% Jan
60
*884
31%
8% May
8% Jan
107)2 Sept
Canada Dry Ginger Ale
16%
3
24% Jan 11
Feb 3
25 %
45%
Debentures
Sept
115% Jan 28
14% Jan 11
4
Jan 12
4
JBush Terminal
45
Campbell W A C Fdy.-iVo par
16%
2%
7
14,800
16%
*9%
Jan
4
15%
15
50
11,800
16%
3%
Jan
2
5234 Jan 14
40% Jan
9734 Feb
44% May
28%
*60%
10
102)4 Jan
9
33
20% Jan 12
36% Feb 11
17%
66%
Feb
Jan 12
4
61%
8734
51% Mar
68)4 Sept
53
2
4
*60%
1634
48%
46%
Dec
38% Jan 14
Feb 10
Feb 6
2% Jan
61%
17%
77%
*110%
12% Mar
15% Jan
32)4 Jan
*60%
6934
20%
Jan
4)s
1
28%
*111
Jan 13
Calumet & Hecla Cons Cop..5
29
*105% 106
50% July
8
47,700
34%
96%
Jan
205,900
27%
125
Dec
41
12% Jan
85
64% Mar
47
Jan
Bush Term Bldg gu
90% Nov
11% Jan
5% Nov
18% Feb
Jan 23
3434 Jan
No par
Bullard Co
Apr
1% July
yl2% July
43% Apr
Feb 11
-.No par
Bulova Watch
Jan
6
3%
33%
125
100
No par
Apr
Nov
64
19%
36%
28%
172
No par
preferred
Budd Wheel
47
32% Aug
3%
384
34
8
175%
7%
20
100%
47
4734 Jan 29
20% Jan 4
110
Oct
Deo
63% Mat
52
No par
6
37%
6
6
Jan 26
Jan
Jan
Brown Shoe Co
100
Deo
38% i>ov
Jan 25
48
7% preferred new
Budd (E G) Mfg
24%
120
Jan
19
4534
28
102
5
42%
038
34%
4034
100%
June
25%
46
3%
4
33
7%
4
1634
48
39
18
46%
18%
34
104% 104%
Jan
Feb 11
Feb 11
Jan 11
Feb 5
59% Feb 11
83%
10%
4%
2034
5
51% Jan
Jan 18
40)8 Dec
80% June
18%
3%
29%
1634
3% Jan
Jan 22
14)2 July
18% May
77% July
16% Apr
18
46
3%
28%
*50
28
26% Jan 2
72% Jan 5
8% Jan 28
Feb 11
Jan 7
Jan 16
Feb 8
Feb 11
45
18%
33%
16%
Jan 12
No par
800
500
15%
3134
8%
$6 preferred series A .No par
92
Brooklyn Union Gas
1,000
52,600
9%
3434
36
18%
35%
101
♦102
8%
31%
85
28%
38%
37%
38%
9%
No par
Bucyrus-Erie Co
34%
60
42
No par
Preferred
Bklyn Manh Transit
Bruns-Balke-Collender.No par
110
35%
60%
42
No par
M anufacturlng. No par
Brlggs
Brlggs & Stratton
Bristol-Myers Co
9,700
35
60
100
5,600
22)8
24%
115
35%
9%
11%
3138
200
49
3,500
11,700
88%
11
Corp
Bridgeport Brass Co
400
44
13%
87
15
10
JBotany Cons Mills olass A.50
2,300
5834
13%
10%
No par
Class B
Borden Co (The)
400
10,600
43
13%
87
10%
No par
Bon Ami class A
No par
5
900
2,500 ^Brooklyn & Queens Tr.No par
1,800
40,100
1338
8734
10%
40%
1,300
20,600
9,700
59%
52
4538
13%
88%
1134
59%
13
9%
4534 Jan 14
Boston & Maine
85
*34
93)
7
7,800
13%
v
4
4,900
87%
9%
Jan
4234 Jan
10%
3%
13
35
88
83%
10% ' 1034
9%
5
27%
87
33
Jan
934
3%
19%
58%
10%
10%
4
41
82
49
115
33% Jan
£27%
*48%
49
6
2284 Jan 4
30% Jan 18
Highest
$ per share $ per share
share
5
380
180
per
Bohn Aluminum & Brass
15,600
6,100
20%
Range for Previous
Year 1936
Lowest
Highest
$
share
Boeing Airplane Co
43%
67,800
$ per
28%
32%
94)2
45%
4634
No par
Blaw-Knox Co
Bloomlngdale Brothers.No par
Blumenthal <fc Co pre!
..100
92%
13)2
36
20
43
8734
9%
110
45%
4634
92%
44%
49
48%
Par
4234
10)4
*33
22,000
28%
31
100-Share Lots
Lowest
Week
Shares
92
13%
3414
9%
12
$ per share
92
87
34
Friday
Feb.
On Basis of
YORK STOCK
EXCHANGE
the
6%
684
7
7%
34%
34% *34% 34%
4634
47%
47% 47%
101% 101% *110% 111%
49
49
50
49%
7%
34%
22
23%
115
115
4934
4434
102
48
49
22%
24%
81%
27%
48%
6%
34%
47% 48%
48%
48%
*100% 101
100% 101
48%
49
48)2 49
*48
*26%
43%
11
$ per share
9234
*91
57%
$ per share
27%
Thursday
Feb.
10
27%
30%
*92
93
9%
Feb.
5634
*483S
28
30%
42%
44%
923g
44
20%
35
27%
30%
Wednesday
9
$ per share
45%
44%
92%
43%
20%
*34
Feb.
8
$ per share
57U
67%
»49)2
50
45U
4514
7 )8
714
20
Tuesday
Monday
Range Since Jan. 1
STOCKS
Sales
Feb. 13, 1937
36
Mar
130)2 Aug
£45)2 Jan
51% Jan
23% July
IO884 Oct
103
Aug
84% Sept
128
Nov
91«4 Nov
130
24%
5%
Nov
Feb
Feb
82
Feb
July
15)2
Deo
30% Aug
44)2
Jan
Ex-dividend,
y
Ex-rights.
,
Volume
AND
LOW
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
NEW
Feb.
6
Feb.
20
16%
*90
90%
90%
5%
17
46
5
16%
45%
I
92
90%
5%
17
12%
16%
16%
16%
*104% 106
*10434 106
7%
7%
8%
8%
1
1
1
1%
16%
834
834
8%
9%
36
36%
37
38%
31%
31%
3434
30%
34%
31%
35%
4%
4%
33%
4%
4%
108
*106
60%
60%
24
25
41
41%
3%
44%
3%
44%
30%
2934
75%
74%
68%
*165% 172
7%
7%
53
54%
*36%
24%
95%
*120
1*18
16%
45%
85
85
108
22%
75
67%
36%
26
98
*54%
57
*55
45%
4534
*45
64
64%
135
*125
65
*127
23
65%
6634
*127
130
2%
2%
2%
2%
♦13%
14%
11%
*13%
11%
1438
11%
129
al334
11%
2%
♦
119
42
119
11%
120
120
7%
7%
20%
21%
41% 41%
19%
18%
104% 105
7%
7%
20% 2184
90
*84
*41%
18%
18%
*105% 106
■
54%
"86%
86%
18
18
*23
23%
106% 106%
123
121
2534 Jan 23
4234 Jan 23
...1
5
Jan
.168% 168%
57
22%
65
67
11%
11%
1238
11%
120
120
120
4134
19
10434
Cudahy
1,100
7%
7%
20%
21%
42,900
104
105
87%
27%
5234
2634
50%
1934
19
8%
9%
8%
27%
52%
19%
89
9
142
140
140
*9
140
*140
142
140
140
142
*7
11
*7
11
*7
11
*9
*16
28
*18
28
*16
26
10%
*18
*18
28
70
71
71%
35%
7034
71
70
70
35%
35%
35%
35%
234%
35%
*40
40%
39%
40
24%
25
39%
24%
39%
25
92
70%
35%
102
Jan
17% Jan
42% Jan 22
20% Feb 11
109% Jan 6
7% Jan 12
5
99 %
86
Jan 14
Jan
55% Jan 25
82
Jan
90
17
Jan
18% Jan 16
No par
20
Preferred
Corp. 10
100
Diesel-Wemmer-Gllb
1,300
19,400
Delaware <fe Hudson
85,200
Delaware Lack & Western. .50
Denv & Rio Gr West
3,600
pref. .100
100
Detroit Edison
500
Det & Macklnao Ry
Co... 100
5% non-cum preferred. .100
Birthday
1,400'
1,300
Raynolds A—No par
Diamond Match
No par
Devoe &
Participating preferred—25
23834
39%
900,
25
24%
25%
7,900;
Distil
92
*90%
92
24%
24%
4" 100
Dixie-Vortex
23% Feb 10
106% Feb 2
104% Jan 5
2934 Jan
4
26% Jan 27
42% Jan
4
17% Jan
7% Jan
140
Feb 10
Jan
Jan
10%
Deo
Nov
58% Nov
4938 Nov
110
125
3%
20
Nov
Deo
Oct
Deo
Deo
Deo
14% Mar
129
Deo
44%
Jan
24%
Apr
114
Dec
9% Mar
21% Deo
90
Jan
Jan
70%
8884
Deo
Apr
19% Nov
Sept
69
36% May
43%
7%
Jan
24
Feb
5
109
Jan
5
107
Deo
12834 Feb 11
62
Jan
27
Jan
32% NOV
Apr
33% Nov
Jan
5434
23%
9%
31% Feb 10
29
Jan
5
53% Jan 20
22% Feb 11
934 Jan 15
19%
3684
14%
4%
Apr
Jan
128
May
108%
10834
153
Deo
Deo
Oct
Feb
Feb
Feb
146% Jan
Jan 19
611
Jan
31
Jan 12
;2
7
12
Feb
1034 Feb
23
Jan
2
4
Apr
11%
26
Jan
8
13
June
21%
Jan
71% Feb
8
42
Jan
63
Deo
Jan
Aug
Oct
36% Feb 2
40% Feb 4
28% Jan 12
30%
18%
Oct
Oot
Apr
40%
1
Feb 11
94% Jan 13
93
Dec
95%
9
19
Oct
40
Aug
40% Deo
41%
7%
50%
Jan
Apr
Jan
61% June
12% Deo
*3834 Feb 11
Corp-Seagr's Ltd No par
6% pref with warrants.. 100
24% Feb
No par
No par
2O84 Jan
*90%
92
24%
*90%
*9034
92
*23%
24
24
24%
24%
25
41%
41%
41
41
41%
41
30
8
41%
24%
*40%
Jan
*41
/
Mar
4
22% Jan 25
Jan
Sept
6% Jan
63% Jan
35% May
16% June
Jan 11
5
101% Jan 14
140
19%
9
4
14% Jan 12
127
49
Deere & Co
12,100
1,700
Lincoln's
Jan 11
5
25
Dayton Pow & Lt 4)4 % pf.100
120
Closed—
5
No par
Davega Stores Corp
Conv 5% pref
700
Exchange
Feb
No par
Ino
Deo
73g Mar
50%
5684
28
7% pref.. 100
8% preferred
300
Stock
18
170
Apr
95% Apr
1% Sept
Feb 11
Jan 13
39% Jan
Apr
69% Oot
82% June
7% May
80
1,600
9%
28
1
Class A
11
834
9%
140
Feb 10
3
Jan 30
6% Jan
19% Jan
1
Curtiss-Wrlght
Cutler-Hammer
17%
9
No par
"26
90
18
*17%
17%
23%
23%
23%
23%
*106% 10738 *106% 107%
125
127%
12634 12834
30%
31% $30%
31%
27%
26%
27%
27%
51
50%
52%
523s
21
22%
19%
21%
50
(The)...No par
Preferred
Cushman's Sons
55
87
Dec
122
12% Feb
11% Feb
Packing
Curtis Pub Co
28,800
1,700
86,100
Oct
44
129
20%
July
f
47% Jan 28
120% Jan 18
2% Feb 3
41%
46
91% Nov
8
69
18%
Dec
35% Sept
56% Jan
110
Mar
15% Mar
100% Feb
4
10
Feb
4
43% Jan
46% July
2834 Jan 15
3
7
4
Jan
100
46
44%
37% Nov
51
100
87% Jan
248g Mar
Mar
Crown Zellerbach y t o.No par
Preferred
Nov
NOV
Nov
Crucible Steel ol America. .100
Cuba RR 6% pref
Cuban-American Sugar
4
109
35
54% Jan
No par
Jan
Deo
136
45,000
(The)
1%
9%
37% Deo
26% Mar
35% Nov
Jan 16
24% Jan 22
Cuba Co
Deo
Jan 28
5
100
9% Nov
17%
37
Jan
5,300
Feb
Oct
July
4
74% Jan
100
109
41
17
Preferred
Aug
158
Jan 15
Cr W'mette Pap 1st
Feb
20%
48%
121
21% Jan 25
$2.25 conv pref w w ..No par
Pref ex-warrants
No par
90
19
4
300
*83
2634
5134
8
Crosley Radio Corp...No par
No par
230
*50
19%
Jan
3534 Jan
Crown Cork & Seal
12,700
<j
24
*23% 23%
106% 106% *106% 107%
124
12634
122% 12334
31
31
31% 31%
119
No par
Nov
7%
3
109
41%
90
100
preferred
7%
Nov
94
4
834 Feb
56% Feb
pf.No par
12
55.'.
89
4
65% Apr
63% Aug
Feb 10
15
90
17%
4
Jan
Dec
25
45
120
*53%
88
9
Jan
28% June
21,100
69
*14
15
14%
1334
121
Feb
6
46
Cream of Wbeat ctfs
280
128% 128%
2%
4 2%
2%
167
800
67
129
2%
56%
100
Apr
Apr
35%
2%
Jan 21
32
Jan
25
400
45
67
No par
Preferred
9,900
11912 120
2134
20%
122
*128
99%
>45
21%
2%
2534
97%
7/55%
25
Coty Ino
1,300
2,500
*84
52%
9
3% Feb 11
45% Feb 4
Crane Co
100
25%
Motors
Continental Oil of Del
10,000
6,600
;
45
Continental
200
7%
7%
55%
53%
120% 120%
36%
36%
7%
55
27
7
69%
68%
172
90
17%
*40
69% Jan
6
71% Jan 15
171% Jan 14
*84
31
67%
35%
40%
24%
8
20% Jan
39% Jan
234 Jan
Jan
63»4 Dec
17% June
67%
7634 Feb 11
*50
50
67%
35%
59% Feb
63% Jan
55
26%
9
20
Continental Diamond Fibre. .5
Corn Products Refining
734
31
8%
Continental Can Ino
2,200
5,200
62,400
7,400
6,800
22%
88
108% Jan 25
69%
7%
*17%
5% Jan 15
102% Jan 13
42%
26% Jan
90
18
2
Corn Exch Bank Trust Co. .20
54%
*17%
23%
2
Jan
Continental Steel Corp .No par
21%
104
32% Feb 3
3734 Jan 14
4
Jan
3
$2.50
June
12% June
15»4 May
10% Jan
1% Jan
1,080
41%
41%
18%
18%
104% 10434
7%
7%
21
21%
41%
18%
7
29,500
Continental Insurance
95
1234 Nov
2
7
29
..100
Nov
106% June
% May
Jan
Jan
Deo
85
Jan
1% Jan 19
10
33%
1934
5% Sept
4
4034 Jan
Jan 29
Apr
Apr
3%
11%
101
20% Jan
No par
Preferred
10% Jan
2
% Jan 2
8% Jan 26
34
3
17% Jan 8
105% Jan 23
7,000
120
23%
66%
22%
7% Feb
5% preferred v t o
100
1,790;
17,700? Container Corp of Amerioa_20
7,000} Continental Bak class A No par
200
1284 Feb
Jan
102
Jan 12
108
Jan 14
7634
45
125
*114
No par
2,000, Consol RR of Cuba pref.-.100
11,600} f Consolidated Textile..No par
12,900t Consol Coal Co (Del) v 10..25
18,400*
49% Jan 23
9% Jan 4
15% Jan 27
105% Jan 23
No par
Class B
5
9
32
*55
4534
125
Corp
Preferred
1834 Jan
634 Jan 20
76
7%
57
*45
Consol Oil
I
4
106
$5 preferred
No par
Consol Laundries Corp
5
5,400
9
2
4
16% Jan
43% Jan
No par
Consol Ed Co of N Y..No par
45,100
Feb
90% Feb
2
Jan
6
Preferred
1,400
92
90% Feb
1
June
6684 June
72% Jan
73% Feb
4% Sept
15% Apr
27% Apr
31%
54
54%
*119% 121
363s
36%
36%
25%
25%
2534
99%
9634
97%
9534
100
pref ex-warrants.. 100
Consol Film Industries
4,200
2,500
24,400
4
44
121
36%
25%
94%
Prior
*88% Jan 14
100
Prior preferred
10
Feb
Aug
8
18% Jan 15
85
76%
54%
53%
*120
121
25%
22%
30
170
15
Jan 14
22
7
Jan
80
45%
3134
3%
334
67%
7%
7%
6
16% Feb 11
3%
44%
*168
167
167
3
18% Feb
75%
45%
30%
75%
68%
44%
17% Feb
No par
41%
3%
44%
30%
3%
30
36%
23
2,100
*108% 109%
63%
62%
62%
24%
24%
24%
42
4134
41%
59%
24%
24%
4134
41%
3%
24%
96%
*113
1*80%
No par
Cigar
Highest
$ per share $ per share
16
Jan
2534 Mar
$ per share
19% Jan 23
share
per
Consolidated Cigar
Preferred
j,
10
16%
$
Connecticut Ry <fe Ltg pi..100
Congress
200
19
17
85
91%
108
108
60
59%
24%
36%
125
*113
18%
•
1634
Par
Shares
Lowest
Highest
Lowest
18%
19
1634
55
55
$ per share
Year 1936
Lots
EXCHANGE
the
Week
1*18%
18%
*18%
85
108
*106% 108
59% 6034
24% 24%
41% 42
3%
3%
44% 45
30% 31%
74% 75
68% 68%
*165% 172
8
7%
53% 54%
121
♦120
$ per share
12
_
45%
106% 106%
12%
12%
12%
10
Feb.
11
9134
92
91%
91% 1*90%
*
*
110
110
*91% 110
5
'
5%
5%
5t4
5
5%
17
17
16%
17% fl7
17
45
45%
4434
4534
45%
46%
*106% 107
>06% 106% 106% 106%
11%
12
12%
12% fcll%
12
16%
16%
16%
1634
16%
1634
*10434 106
*10434 106
*10434 106
9%
10
*8%
8%
8%
9%
1
1
1
1%
1%
1%
9%
934
9%
9%
9%
9%
40
38
38
38%
3934
3884
31
30%
31%
31%
31%
31%
3334
3434
3384
34%
3434
35%
4%
434
4%
434
4%
4%
45%
107
107
85
*91%
Feb.
$ per share
19
85
*83
17
18
*18%
16%
19
*18%
16%
♦16%
*83%
*90%
5%
18
*18
19
1838
16%
85
92
1838
9
$ per share
$ per share
$ per share
*17%
Feb.
8
Feb.
Friday
Thursday
Wednesday
Tuesday
Monday
On Basis of 100- Share
STOCK
YORK
Range for Previous
Range Since Jan. 1
STOCKS
Sales
for
Saturday
1063
New York Stock Record—Continued—Page 4
144
41% Jan 25
4134
42
42%
42%
43
4,000
Doehler Die
40% Feb
49
49%
4,500
Dome Mines Ltd
4734 Jan
4
51
Jan 28
49%
4934
900
32,600
Douglas Alror Co Ino..No par
69
Feb
3
11% Jan 21
77% Jan 25
A No par
Convertible class B__No par
Duluth S S & Atlantic
100
50% Jan
2
55
Jan 16
39%
Jan
7
1% Jan
3% Jan
8
43
34%
Jan
Feb 11
49%
Casting CoNo par
No par
Dominion Stores Ltd. .No par
43
4134
41%
8
40%
49%
37%
24%
"49"
10%
10%
*10%
69%
*90%
24%
*40%
50
49%
4934
11%
1034
70%
1034
1034
1034
11
11%
72
72%
69%
71
69
71%
69%
71%
54
54
54
54
54
54
5434
5434
*54%
55
36%
3634
37
36%
36%
36%
37
1%
234
1%
*234
7%
7%
16
16%
121
*118%
17534
173%
136
133%
113% *113%
1%
2%
7%
16%
36%
*1%
*2%
36%
1%
1%
*1%
234
7%
2%
7%
16%
*
*36%
*1
*2%
7%
*15%
3
7%
17
*118% 121
7%
16
*118%
1%
234
17334
*133%
132% 133
113% 113%
16
15%
15%
15%
174
174
174
174%
172% 173%
*113
161
161
35%
35
13%
13%
44%
43%
111% 111%
12%
6%
22%
83%
79%
41%
*1%
6%
13
7%
35%
13%
13%
44%
44%
111% 111%
12%
13%
634
6%
22%
22
22%
83%
81%
80
77%
42%
83
79
42%
1%
41%
1%
6%
26
27
1%
6%
26%
*57
58
58
*111
113
111
111
*14
15
14
14
*75%
*78%
78
*73
78
80
*79
79%
84
84
9%
9%
15
16
29%
30%
23%
24%
82
*76
13%
29%
4%
25%
67%
60%
*26%
*160% 161
37%
36%
13
13%
6,200
Eaton
6,800
Eltingon
161
36%o36%
13%
13%
44%
44%
1334
6%
2234
81%
23%
7634
42%
41%
78%
42
6%
634
58%
26%
58%
113
26
i! 26%
58%
I
58%
*111
15
58%
78
75%
75%
74%
80
80
80%
7934
86
86
86% **86
9
9
86%
8%
30%
31%
30
3034
1634
31%
24%
24%
24
24%
24
24%
*76
82
13%
13
13%
3134
31
31%
6
6%
6
4%
434
26
68%
26
25
25
4%
25%
68
68
68%
67%
61%
26%
6%
>26
79%
16%
30%
5834
2634
'
14%
*75%
9%
208
|1%
,*14%
16%
82
6%
22%
7934
75%
42%
U3
113
15
14%
13%
27%
83%
1% M1%
6%;* 6%
1%
al3%
£*
7734
30
60%
14%
6
4%
30%
i24
*76
82
*76
16
23%
33,600;
6%
1,800
2634
6,100
El Paso Nat Gas Co
60
1,000
Endlcott-Johnson
1,700
1,800
113
30
1434
74%
400
7934
500
800
89
300
9%
2,400
16%
31%
19,300
preferred—.——.100
1
$5 conv preferred
No par
$5H preferred
No par
$6 preferred
No par
Equitable Office Bldg.-No par
Erie
59
3198% 200
59%
59%
60%
26%
26%
203
27
26%
260%
26%
3,200
26%
1,900
100
*97
100
80
80
80
500
120
*105
43%
*
39%
106%
43%
38%
11%
9%
5%
38%
106% 106%
4334
43%
11%
9%
10%
8%
4%
5%
*37%
38%
5%
38%
1034
106
43%
9
44
43%
4334
this day,
10%
8%
5%
38%
106% *105% 105%
Bid and asked prices; no sales on
10%
8%
5
38%
10%
9%
5%
38%
105% 106
43%
4334
8
6
Federal Water Serv A ..No par
Federated Dept Stores.No par
4K% preferred
1,000
1,400
Deo
87%
Dec
Jan 19
%
Jan 18
1%
2234
53%
Jan 18
60
Feb 11
115% Jan 19
17»4 Jan 16
Fidel Phen Fire Ins N Y
t Companies reported In receivership,
a Deferred delivery,
100
50
n New
110
65%
Jan
1%
Feb
6%
Dec
29% Deo
69
Feb
116
July
16%
8434
Deo
5
78% Jan 30
80% Feb 10
45%
48
Jan
89% June
8
86% Feb 10
55
Jan
97
2
7%
Oct
June
Dec
11
Apr
Apr
10%
1634 Feb 10
31% Feb 8
16
Apr
34%
II84
Jan
29
Oct
Jan
934 Jan 15
8
5%
18% Sept
Oct
68
Jan
69
12
Jan
15% Aug
40% Jan
Jan
6
3% Jan
5
684 Jan 21
5% Jan 28
28% Jan
Federal Motor Truck..No par
500
Jan
Jan
Deo
Jan
Jan
Nov
July
Aug
94%
29%
39%
14% Jan 21
32% Jan 21
5
Federal Screw Works..No par
1
3284
8
Jan 14
6
5,100
3,400
Feb
7
Jan
80
25,000
Feb
6
12% Jan
100
784
87
Jan 14
No par
17%
Dec
92% Jan
80
Preferred
Apr
5
Deo
..50
Preferred
Nov
Jan
10
25%
24% Feb
Federal Mln & Smelt Co.—100
115
110%
Jan
Jan 27
6% conv preferred
40% Nov
15% Nov
47% Nov
6%
22
25
100
684
26% Jan 14
26%
Preferred
700
5%
7% Feb
100
Evans Products Co
60
78
10%
834
Jan
14% Feb 10
100
preferred
5
21%
66
*98
5%
45% Feb 11
Second
198
60%
Jan
834 Jan 27
13% Jan 4
100
Fajardo Sug Co of Pr Rlco.20
Federal Light «fc Traction... 15
80
9
Jan
82
Fairbanks Morse <k Co. No par
100
10%
70
700
*76
5%
39%
Mar
Jan
Apr
30«4 Apr
28%
Jan
Jan
77% Feb
400
100
120
166
29
8
Feb
2,800
80
120
14
67
103
'
Feb
27
199%
*76
120
July
First preferred
Fairbanks Co
26
152
8
8
55% Jan 14
Deo
Jan 11
14% Jan
2
25% Feb
111
Deo
Aug
Jan
1,980
*100
10%
8%
100
Eureka Vacuum Cleaner
66
120
.......
Exchange Buffet Corp .No par
198
120
60
7,900
2,500
75
120
par
3
50
Corp
Erie & Pitts RR Co
82
par
5%
5,600
100
120
par
Engineers Public Serv
13,700-
24%
par
preferred
$6
Deo
185
44% Jan 16
$7 preferred
12%
Apr
37% Feb 11
114
116
156
7934 Feb 11
75% Feb 9
1,800
4",606
26
25%
x67
163
*111% June
5% July
3
175% Feb
41% Feb
1% Jan
5% Jan
No
No
Elec Storage Battery..No
t Elk Horn Coal Corp .No
6% part preferred...
3,300
77%
42%
1%
14%
4%
136%
37,900
shares...
31%
434
4
Jan
Feb
5
5% Jan 4
21% Jan 30
82
5%
4%
Jan
Oct
Deo
129
Jan
Elec & Mus Ind Am
13%
5%
Jan 16
18%
Jan
18434 Nov
16% Jan 18
12
Jan
884
Apr
135
4
3
133
115% Jan 22
Jan 16
Deo
180% Jan 18
2
11% Jan 29
3834 Jan 4
Deo
36%
1%
120
2
3234 Jan
1% Jan
4% July
13% Aug
Oct
61
Feb
5
159
5% Jan
% May
82%
Deo
Nov
114
Jan
11%
167% Jan 29
Jan
29
25
Jan 19
122
131% Feb
112% Jan
111
31
6
8% Jan 16
17% Jan 19
5
-.3
14
5%
4%
5
Jan
169
100
Boat
Feb
Electric Power & Light-No par
75
120
(The)
Preferred
Electrlo
25
79,000
100
120
100
4
No par
5
3138
13%
30%
67%
*200
14%
6%
Schlld
Elec Auto-Lite
510,
81%
26%
86
18,900,
44%
(N J)-No par
6% cum preferred
Manufacturing Co
120
45%
75%
41%
1%
*111
10
lii%ttn% 8111% 111%
80
58%
_
161
161
161
37
35%
1334
13%
44%
4334
111% 111%
1334
13%
634
6%
22%
21%
9
210% *201
*201
100
6% non-voting deb
500
Eastman Kodak
13%
4%
Nemours(EI)& Co.20
1,800
16
*76
7,200
133
Du P de
35% Jan 4
% Jan 12
121% Jan 20
Preferred
i
10% Jan 20
100
Duplan Silk....
700
39
4
No par
1
Dunhill International
1,100
90
2% Jan 8
7% Jan 5
15% Jan 11
100
Preferred
300
7,300
9%
16
600
Duquesne Light 1st pref—100
Eastern Rolling Mills
5
16%
*9%
800
115
26%
I
133
136
133% *133
Dresser (SR)Mfg conv
600
121
30
6%
6
*84
17
17
*1634
*118% 121
*118% 121
175
173
176%
173%
17434
Class A
*113% 115
*113% 115
16
15%
15%
15%
1534
15%
173
17484
174
173% 174
173%
*160% 163%
35
7%
1%
234
7%
Co
28
Jan
Jan
Feb 11
Jan 28
71% Jan 15
210% Jan 14
Jan 11
6884 Feb
8
70
25% Jan
2
29% Jan 18
97
Jan 13
4
Jan
4
Jan
2
Jan 26
102% Jan 22
42% Jan
stock,
6
8%
Apr
3484 Jan
122% Jan
31% Feb
1884 Apr
4
84
Jan
37
Aug
5
69% Mar
11% Feb
9% Feb
8
7%
3
3
120
Jan
Jan
2% June
Feb
80
Jan 14
8%
5%
4%
36%
4%
Feb 10
103
66% Jan 27
105
23% July
6
Jan
Jan 14
42% Jan 9
107% Jan 11
45% Jan 18
r Cash sale,
x
2%
20%
Jan
Apr
Jan
Jan
105
Dec
38
Apr
Ex-dlvidend.
8% Mar
584 Mar
25
Dec
71«4
Dec
210%
Deo
61% Dec
2734 Deo
101% Deo
92
Mar
123% Nov
12% Mar
6
Deo
6
Oct
46% Nov
115% Nov
4984 Nov
y Ex-rights.
New York Stock
1064
LOW AND
HIGH
SALE PRICES—PER
Record—Continued—Page
SHARE, NOT PER CENT
Sales
5
Feb.
Monday
Tuesday
Feb.
Feb.
Feb.
6
S per share
35
8
$ per share
3558
35<*g
Wednesday
Feb.
9
$ per share
1 per share
66
56
4414
*5612
457g
58
37
37Bg
10714 107i2
5014
51
4438
455g
*6684
68
*33
35
*34
35
*34
106i8 106U
*50i2 5O84
4412 4558
81*
60i2
♦1047s
61
8i2
50i2
52
♦126i2 135
♦143s
1534
*74
29l2
*10912
35
Thursday
Feb.
38
37i2
38i2
10714 10712 *105
61
5088
508g
45U
457g
57
57
35
35
11
$ per share
Feb.
95g
15
*74U
2884
*110l2
80*4
2984
14is
*7412
30
1434
1434
8OI4
31i4
*74l2
15l2
80
30
3U4
♦111
*11058
120
Firestone Tire & Rubber... 10
1,100
1,400
15,600
\
45i2
6712
35i8
9i8
51i2
57U
First National Stores..No par
Fllntkote Co (The)
No par
7U2
68
68
*65
68
*65
68
*65
43
4284
43
42
42
42
42
*42
58s
3012
31
514
30i2
5i2
31
6i4
31
*105
514
58g
30
31
*105
53g
*105
*106
63s
106
153
115S
2784
6614
♦110
153
ii84
127g
28
28i2
56i2
66
57
117
4814
*147
*150
ii84
28»8
49
151
6034
62l4
433|
44
3
3
*116
11634
47l2
*147
48I4
151
627g
6214
4312
44ig
3
64
*150
153
*152
153
♦152
13ig
13l2
28
1,900
10
10
100
2,800
390
10
5,400
5,400
"moo
>
3,800
6i84
4334
284
6384
151
*147
154
54l2
116
400
2,500
628s
50",300
19,800
6334
64
64
*69
71
*69
717g
*70
78
*76
78
*76
8,900
638g
717g
*76
78
63i2 64
*12014 123
61
6314
6312
627g
*12014 122
*120l2 122
66ia
6734
66i4
67
121
120i2 I2U4 120i2 121l2
66i4
*55i2
57
l*55l2 57
67
68i4
121
56
60
~4"900
61
6OI4
62l4
615g
*121
123
12084 121
£6684
67i2
693s
7012
121
121
120i2 120l2
*55l2
57
66i2
55l2
80
209.100
2,000
500
3,300
500
*
10
2,100
2,700
....
144
144
*60
68
36
3812
1263s 128i2
1103s 1147g
ii84
9312
12ig
94
4
414
1214
3914
40Sg
136i2 138
11714 122
1184
1178
*9312
94
4i8
484
U78
12U
4i8
414
z237s
237g
463s
4714
115g
4i8
23i2
4734
4412
48g
24
48ig
4434
20
20&g
20
47i2
365s
4834
3684
47Sg
14312 143l2
4438
363s
3638
36
*74
36
36&g
14312
*57i2
36i2
*74
*60
68
443g
20ig
483g
3634
14312
68
3534
4084
139
42i4
141
41U
143
425s
m
*74
*74
4U
4ig
2318
4612
44
mm »
m
1.000
3,000
770
3,100
2,900
19,900
300
15,500
1,600
9,900
800
19,300
7,000
69"806
3,300
166,400
3
Gen Arner Investors...No par
Preferred
No par
Gen Am Trans Corp
General Baking
6
6
preferred....
Class A
7%
cum preferred
100
General Cigar Inc
No par
preferred...
...100
General Electric
.No par
General Foods
No par
Gen'l Gas A Elec A
No par
No par
Common
160
7,900
2,400
4,200
205g
2u4
48
49
37
37
3,700
14312 143l2
66
*57i2
160
~2~,500
36i8
Jan 16
88
Jan
83^
Jan 29
435s
Jan
5
55
Feb
3
512 Jan
5
2678
8784
5U2
58i8
65s
195g
28
1978
2012
28
1914
28l4
20 B8
20
25,900
2734
107
105
54l2
*133
55
----
*2784
*106l2 107
105
105
54l4
5434
*133
*2734
17ig
165g
165g
10612 *1041410612
7l2
734
738
784
*103i8 10412 »1033g 10412
2812
29lg
107
107
107
*107
105
105
*103
105
5334
54
x5378
54lg
*133
1658
17
104U 104U
678
734
167g
53i2
*133
1714
167g
\rnrn.
*66
67
*108i8 11218
51
5112
*115
117
25
25
34l2
3434
*113
405
41
41
26i8
68i4
15l2
77ia
*514
*1334
215g
214
24l2
56
2634
17U
10612
734
10414
15U
1281s
*395
67
67
*41
247g
25
33ig
3414
*112
405
417g
Preferred
...100
Hat Corp of America cl A
1
67
67
*65ig
68
24l2
3314
25ig
34
*112
3997g 3997g
4014
41
400
2478
34
140
18,800
500
13,800
100
10
»
<
7,000
400
190
400
26U
265g
*40l4
26l4
2712
6978
70
*67
70
41
*40i4
100
2
25
Hecker Prod Corp v t c-No par
Hercules
Motors
cum
Jan
Jan
Jan 26
144
136
Jan
4
6212 Jan 23
38l| Jan 11
22
Apr
65
May
Dec
Jan
8
81
14«4 Jan
4
3>2 Feb
9
1678 Feb 8
434 Jan 11
45
Feb
8
13
Jan 13
501* Mar
14«4
15g July
24
July
9U Jan
59
Jan
Jan
5
15
Jan 20
51U Jan
6
56
Jan 18
5512 Jan
6
34
5
81t2 Feb 11
3434 Feb 8
30
Jan
36
7
33
June
20% Feb 10
6
Jan
Jan
2934 Jan 11
107U Feb 2
zl04
Dec
Jan
105
100
June
3258
I3i2
27i2
105U
IOH2
6oi4
129
Jan
Jan 12
Jan
4
Feb
Jan
Jan 22
67
Jan
Feb
5
301!
288g
14
30<s
Jan
Jan
Jan
Jan
134l2 Jan 21
Jan
120
Jan
1784 Jan 11
12
Jan
106l2 Feb 10
104
Nov
16i2 Jan
103U Jan 20
578 Jan 2
101
105
13U
9
Jan 13
8
Jan 14
Feb
1
45s Apr
995s Dec
125s Aug
Jan
4
Jan
7
126
Feb
9
117
160
Jan 15
166
Jan
6
150^ July
395s Feb 11
25i| Apr
157s Jan 25
May
4
150i2 Jan
12984 Jan
5
185
3
84
Jan
5
13512 Feb 2
6784 Jan 21
126
Aug
111
102
Feb
9
Feb
415
Jan
407
Dec
Jan
403_12
No par
700
6
No par
Houston Oil of Tex
Howe Sound Co
514
1438
53g
1434
5I4
53g
53g
2,100
1434
1434
14i2
700
22 i8
225g
23g
26i4
22
225g
227g
214
255s
56
56
56
1,500
Class B
com
2l2
23,000
16,900
2558
265g
31,900
56
56
56
*6684
6734
6734
6784
40
18
1914
18i2
185s
1,350
800
t Companies reported In receivership,
A
par
40
Jan
6
41
2334
65U
Jan
4
2778 Feb
v t c new
25
....6
Illinois Central
55
Hudson
366
stk No par
Hudson Motor Car
23g
263g
514
143s
2214
214
257g
Manhattan
100
Preferred
100
No par
Hupp Motor Car Corp
10
100
Jan 26
4
1258 Jan
18*8 Jan
2's Jan
100
Leased lines
Jan 28
Jan
65
»
Sept
Jan
June
Jan
Jan
11
3978 June
22U July
5484 June
17l2 Jan 22
8
1578 Jan 21
46
30i8
108
19U
578 Jan 21
Jan
6878 Sept
Jan 11
73
8434 Feb
22i2
RR Sec ctfs series A....100
delivery.
Jan 18
12i2 Jan
6234 Jan
4
7
.100
6% pref series A
a Deferred
Jan 19
3234 Feb
11234 Jan
No par
Household Fin
21
Jan
100
Houdallle-Hersheycl A. No
28,800
12,300
64i2 Jan 14
100
Homestake Mining
21,400
Jan
31
108
16
this day.
4
16
32U
2
Feb 11
4312 Jan
113ia Jan
837g
on
Jan
Apr
33i4 Jan
Holly Sugar Corp
7 % preferred
153g
Bid and asked prices; no sales
139
16
24i| Aug
28i| Jan
1
5,900
"""400
81
6734
177g
4ig Feb
253s Feb
157g
66i2
*17i8
June
13s July
3»s Apr
Jan 27
83 7g
67i2
18
Jan
2
4
153s
*665g
1712
77
5
81
17
5
9
Jan 12
5234 Feb
157g
56
Jan
434 Feb
15
120i2 Jan
83
214
96
Jan
6i2 Jan
9
15U
212
258g
3
81| Apr
Jan 26
81
227g
Jan
Dec
1114 Jan
92i2 Feb
Jan 22
16
514
87
zlOO
Conv preferred.....No par xl07
Holland Furnace
No par
48
$5 conv preferred...No par
112
150
8434
63s
1514
227g
23g
263g
*14ig
22ig
214
25&g
Feb 11
127l2 Feb 11
13I2 Jan 18
Jan
100
1,900
8112
53g
144
100
..No par
100
preferred
1584
15i2
215, July
11412 Jan
120
Hollander A Sons (A)
70
Jan
Sept
Herehey Chocolate..
2,800
41
Feb
No par
2514
34i2
2778
13&s
74
42 5g Feb 11
Jan
6U Nov
116
100
Hercules Powder
$7
37s
8478 Feb 11
Jan 21
.....25
Helme (G W)
Preferred
83
2714
*68
Jan 21
Oct
300
*112
400
preferred
Hayes Body Corp
Hazel-Atlas Glass Co
267g
6912
6734
♦
3414
253g
35
Harbison-Walk Refrac.No par
■«.
108iS 108ig *1087s 11212 *109U H2l2 *10938 112i2
5U4
52i2
4934
51
5014
5014
5012
51'2
116
116
115
116
*115
115l2 *115
115i2
25
2,700
Todd
64
2614
687g
1512
69
56
16i2
66
*113
*390
*66
66
10
Hamilton Watch Co...No par
Preferred
100
Hanna (M A) Co $5 pf.No par
30
mmm.
10414 10612 ♦1045s
7
714
7U
10412 104i2 10414
15
1478
15
15*4
15
153g
1514
1514
147g
*122
*122
130
130
126
126
*120
128ig *120
*160
166
160
160
*148l2 166
*14812 166
*148i2 166
36
3558 355g
36
363g
3834
38i2 39'g
38U
395g
*175
181
*175
181
180
180
179
180U I8OI4 *175
134
134
133
133
133
*133i2 134
133l2 13312
13312
104i2 10412
25
70
1,400
*10184 105
*133.
171*
*104
29
107
62U Sept
4114 Feb 11
73
7% preferred class A
Hall Printing
107
Jan 18
7
100
Greyhound Corp (The). No par
250
Jan
37ij Dec
4
27h
Aug
Jan 28
Jan
Jan
Jan
No par
25
684
79h Jan
31
34
Water
70
112l2 Jan 29
1
Gulf States Steel
17
July
30»s July
13&8 June
6
8
Jan
2
Apr
26i| May
33U Apr
32i| Apr
2
Jan 13
100
Gulf Mobile A Northern.. 100
Preferred
100
106
Jan
60
..
312 Apr
32t2 Apr
Jan
684
111
Jan
84
4212 Jan
36
*103
4
49
*34
193g
2
Feb
584
Feb 11
2114 Feb 10
35
19
Feb
3
35
187g
2814
4
4
35
*34
4
Jan
2
35
3378
6612 Jan 27
117ia Jan 22
584 Jan 20
4878 Jan 7
Feb
35
3312
177,
2
5
19
Hackensack
16,600
Feb
405g Jan
355g Feb
100
8U2
Jan 14
4U Jan
Gt Nor Iron Ore Prop. No par
35
80
Jan
Great Northern pref
100
Great Western Sugar. .No par
Preferred
100
Green Bay A West RR Co. 100
*34
8OI4
105
4
Jan 22
35
7914
Jan 19
53a Jan 13
6518 Feb
4312
*34
797g
130
600
110
4
4
55g Jan 22
2734 Feb 1
4818 Feb 8
475g Jan 5
35
79
1,200
4
Jan
5684
Jan
*34
46l4
141s
5412
54
10712 Jan
4ig Jan
Jan
No par
jan
Feb
1514
8418
2018
Green (H L) Co Inc
Greene Cananea Copper.
185s
38
6
1
Jan
1
4378 Feb 11
2078 Peb 1
60
Jan
1
Feb
Jan
80i2
3434
46i4
*1384
9
Oct
537|
1514 Feb
41
79U
3434
35
14l2
55
6012 Jan
2112
7834
77i2
*34
1384
Jan
July
80
Jan 26
Grand Union Co tr ctfs
1
Conv pref series
No par
Granite City Steel
No par
Grant (W T)
No par
*13i2
54i2
191|
68
6
37
.100
1412
53i2
Jan
Jan
4
Preferred
1412
53l2
55
5
1278 Jan 15
69
70U Feb
Gr'by Con M 8 A P 2dstpd__5
14l2
54i2
143g
54i2
Jan
Feb
88
Graham-Paige Motors
14
54i2
Jan 27
6578 Jan 18
3334 Jan 25
No par
Guantanamo Sugar
Preferred
78
Jan
4
No par
47
34ij Apr
338s Feb
Jan
Jan 26
.No par
45
Jan
118
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
.No par
48
Dec
7012 Feb 11
1225s Feb 2
preferred
47ia
10
Jan
49
19
No par
$5 preferred
70ij
140
8
No par
15 preferred
Jan
14
Jan 25
No par
Glldden Co (The)
17
70
77
Jan 1
Jan
64i2 Jan 29
No par
3i2
2,300
Jan 13
Jan
Brothers..
1634
49,600
Jan 16
152
80
preferred
3i2
3»4
2
29U
Conv preferred
163s
165s
Jan
6012 Jan
4
Gen Time Instru Corp. No par
Gillette Safety Razor..No par
334
79
Oct
534
Jan
Gen Steel Castings pf_.No par
Gen Theat Equip Corp.No par
167g
16lg
3i2
7
Jan
Gotham SUk Hose
138,600
17,200
141
6012
7,700
7,100
45s
125g
414
2384
4714
4484
4
4414 Feb 9
384 Jan 18
6
Jan
Feb 11
14
6478 Jan 21
Jan
97
4214 Apr
IO84 Apr
116
43
conv
Feb
Nov
15U Dee
8i2 May
1
114
4H%
5
5214 Jan 23
60'4 Feb 10
100
$6
Jan
Jan 14
29l2 Jan 12
123
Jan 30
5284 Jan
39is Jan
2B8 Jan
Gen Realty A Utilities
1
$6 preferred
No par
General Refractories
No par
80
46
Feb
46*2 Feb
Jan 18
Feb 11
Jan
Ills May
100
124
No par
358
46
Jan 26
1
5
No par
Gen Railway Signal
Preferred
Glmbel
Jan 16
19i2 Feb
Nov
473s
31i| Apr
384 Jan
Jan
General Printing Ink..No par
$6 preferred
...No par
Gen Public Service
No par
16i2
46
5
10
4
Jan
July
23>i July
No par zll9i2
No par
56
General Motors Corp
$5 preferred
Gen Outdoor Adv A
80
46
4
Jan
72
63
153
Jan
11
11884
Aug
108
4
145
100
June
24i8 Apr
9584 July
9
15i8
105U
82i4
19i2
4
70*2 Jan
1684 Jan
No par
Preferred
Deo
32
Jan
33
15>s
12ig Jan
103
Jan 21
116
45
106
106U Jan 28
Jan 12
69i2 Jan 25
35g
165g
384
Jan
58
i684
79
Jan
147
Apr
30>| Sept
Jan
Jan 14
73
No par
80
16U
334
26
105
Jan
Feb
40
25ij Mar
3?8 Aug
48i2 Jan 8
558 Jan 22
$8 pref class A
General Mills
i6i4
35s
78
Feb
41*2 Jan
45g Jan
Conv pre! series A ...No par
Goodyear Tire A Rubb.No par
$7 2d preferred
No par
2,600
18,000
39,100
35
Gar Wood industries Inc
4,800
125U 12712
115s
12ig
9312
93t2
1214
mm
37.200
144
12214 126l2
1134
1214
9312
94
4i2
4S4
1178
12i2
4ig
414
2334 24
467g 475g
44
44U
20
2U4
473s
48i2
3634
37
143i2 143i2
*57l2
66
3512 35l2
Gabriel Co (The) d A..No par
Gamewell Co (The)
No par
Gannet Co conv $6 pf_ .No par
65
z247g
100i2
Highest
1838 Jan 12
$7 pref class A
14is
14U
1434
1434
14lg
1414
14l8
145g
1418
14U
7878
*78
7878
78
78
78
78
78i2
785g
785g
*109i2 112
*109i2 110
10912 109i2 *108
10912 *108
109i2
4i2
4i2
434
478
4l2
47g
484
4l2
484
484
61
63
6oi4
63
63l2
6312
6212
6234
62i2
63U
♦11612
*116l2
*116l2
*11612
*11612
5
5
47s
5
5i2
512
514
5i2
518
5i2
44
43i8 4318
43
44l2
45
45U
44i2 44l2
4334
6884
69i2
69
6884
69i2
68l2
69
6884
69i4
67l2
85
86
8484 85i8
85
86
84
84
85
84i4
32
321s 32 I8
327g
3134
3214
318s
32
313s
3134
38
38
38U 38i4
39
39
42
39i2
42
4378
187s
1912
19
1914
1934
1834
1914
1914
20
197g
87
*86
*8578
87
87
87
8684
86s4
8684
8684
2584 2618
255s
26l4
Stock
25U
257g
255g 257g
263s
263g
*86
86
86
86
86l2
87
87
86iS
86ig
87»4
49
483g 487g
49 lg
495g
483s
50
48i2 49l2 Exchange
497g
*55
*657s
56
56
66i2
56
55i2
56
56l2
5513
6 7«
6
6i8
6I4
Closed—
6i8
6U
6ig
6i4
6i8
63s
73s
7i2
75g
75g
7i2
75g
73g
7i2
7i2
75s
*112l2 115
*1121* 115
*112l2 115
Lincoln's
*112i2 115
*11212 115
3318
36
3384
3312
35l2
37U
3784
39U
39U
4114
*8314 8312
8312 84i2
84U
8484
8414 8484
84i2 8478 Birthday
345,
3534
125l2 125i2
109
109i2
ii84
1178
*92i2 93i2
4
4ig
ni2 1184
414
438
231« 23i2
4614 4712
44l2 4458
193s
19i2
4434 4714
36i2 3634
Fuller (G A) prior pref.No par
$6 2d preferred
No par
7%
4358
27g
78
10912 Jan
Feb
Feb
54i2 Feb
83
54
284
6384
717g
100
Preferred
Feb 9
Feb 11
Feb 5
Feb
3214 Jan 13
115i2 Feb 11
No par
2,400
61«4
*76
Feb
25?s Jan 11
433s
*69
Jan
76
2684 Jan
No par
3
78
14
10
Sulphur Co
No par
6
623s
7178
Francisco Sugar Co
No par
Fk'n Simon & Co Inc 7%pfl00
Feb 11
Jan
122
135
Bronse......
44
*76
Jan
4
Cable
618g
4314
278
*69
124
Free port
$8
627g
4414
3
65
Jan
No par
Preferred
43
General
49&s
*63*4
47i2 Jan 25
116ia Jan 19
10
General
154
27g
*6384
preferred... 100
conv
5,200
116
49
*147
Food Machinery Corp new.. 10
Foster-Wheeler
634 Jan 14
28^500
28i2
6612
*147
4
4
YoVm
14
28 ig
1234
137g
2714
2784
54
55l2
54l2
56
116
116i2 all5l2 11S12
46l2
4712
4812 49
Jan
Jan
153
1234
4
Jan
48
30
106
27
41
4
34
4H %
i8i4
18i2
18i2
185g
i8i4
185g
i8i4
18&s
183s
187g
14
14
1418
1438
1414
143g
14ig
14ig
14i8
143g
*10314 105
*10314 105
*10314 105
*10314 105
*10314 105
80
81
82
82
8012 80l2
8u4
8012
81i2
8214
1714
1738
1714
18ig
17i2
18
1714
1734
173g
17i2
*150
3778
107i2
6U2
46U
58i2
35i8
978
5484
4
Feb 11
488s Jan
No par
1,000
5i2
30i2
30l2
13284 Jan
100 £105
Florence Stove Co
"moo
43
31
$ per share
Florahelm Shoe class A .No par
t FobMHbee Bros
No par
12,200
6712
♦4U2
*5i8
Lowest
$ per share
400
*74
8oi4
z29l2
3084
11512 115l2
*65
Preferred series A..
Highest
$ per share
200
15
M84
Par
26.400
5112
44l2
Lowest
Shares
3878
Range for Previous
Year 1936
<
EXCHANGE
Week
12
S per share
105
*34
Range Since Jan. 1
On Basis of 100-<Sftare Lots
the
Friday
9
884
914
gi8
85S
*51
50i2
51 I4
5112
5U2
5212
6118
*115
119
♦1147s 119
*115l2 119
*11478 119
51
5184
5012
5H2
5012
51i4
5084
51l2
130
133
130
130
130
*127l2 1347g *130
8l2
15
81
2884
36i2
io684 10634
4984
503g
10
STOCKS
NEW YORK STOCK
Saturday
1937
13,
23i8 Feb 2
25g Jan 16
265s Feb 11
683
Jan
48>4 Jan
3i8 June
8i2 Apr
13i2 May
1
Jan
185s Apr
4
66
Jan 21
30
Feb
2
72
Jan 20
58
Jan
1434 Jan
4
19U Feb 10
11
May
New stock,
r
Cash sale,
x
Ex-dvildend.
June
y
Ex-rlghts
Volume 144
New York Stock Record—Continued—Page 6
LOW AND HIGH
Feb,
f per share
17
Tuesday
Feb,
6
Feb.
8
$ per share
17
37U
SALE PRICES—PER
Monday
38U
9
S per share
Feb.
10
141
135
135
17*8
36*4
.
140
135
135
116*4 117U
30
31U
55s
12i2
578
1278
5
5
5i8
5U
18*8
67*
18l2
7*s
1812
187b
8*s
30U
55s
12U
5*8
183s
758
63-
53*4
53
57
56
121*
121*
7
182
♦177
17712 1777b
105*8 106
104*4 104*4
15*4
9U
15U
9
157*
l6*s
64
65
15*4
6478
15*8
1
57
12i2
6*8
187b
8
17712 177U
178
178
157b
9*8
9
16*4
65i4
1434
85s
16i2
64i4
16*2
878
16*4
64*4
6.500
153s
8*2
16*2
64
50,000
2,700
2,800
11,300
68,900
74,800
6,400
15U
8i2
165s
647b
16U
85g
17*8
65U
131
131
•42*4
132
44
♦120
437s
♦118
132l2
44
m
—
—
21U
22
22U
431*
43U
43 U
44
32
31
31*8
*30
1
132
44is
m
22h
21U
43
♦30
26
25U 25*4
*25*2 261*
♦104U 110
♦104U 110
♦104U
22
22
22*8
21*2 223s
187S
18*8
18*8 18*4
18i2
♦109
1093s *109
109*8 *108
597l 60*4
69*4
59s* 603s
18
18U
18's
18U
18U
♦41
*41
43
♦40*4 43
7
7*4
7U
6*8
7U
63
67
70
67U
6278
28
28
28
28*s
28*s
15
15
15
15*8 •14
♦120
160
♦42*4
22*8
23U
36U
22
15U
24*8
49
♦195
♦120
431*
42*4
22*4
25U
♦36U
23
25
361*
22*8
151*
24*4
491*
22U
129
800
76
59U
481*
76U
78U
59U
48*2
77*8
♦1067s 108U
43U
225s
♦23*2
144
*130
43U
•427b
225s
23
38
36*2
2378
23U
♦29
25*4
36*2
23*2
86*2
2278
15U
15*8
16
16
16
25U
50U
26U
257b
50U
26*8
507b
26U
497a
196
sou
201
1934
19
19*2
3
3*s
16*2
3
200
16*4
128*s 129U
20 U
20*2
56
112U 112*2
1661* 166*2
223* 221*
23
25U
*133
55U
55U
314
16U
167b
127*2 127U
20*4 21
55*4 56
7678
76U
76U 76U
13U
13*4
13U
27
26U 27
112*4 112*4 ♦111
112
112*2 113
♦166*4 1671* *16684
22 U
223s 223s
76
76*4 78U
60
60
59*2
♦48
48
48*4
7634
77U
77*4
♦1067* 108
*10678
13»4
27
114
1133s
167U
22*8
77*4
60*2
48*s
200
202
♦196
193s
20*4
3
3*4
16 U
16*2
126U 128
112
113
225s
59*2
60
48*8 48U
78
77*2
107*2 ♦1067B 108
♦34
37
145s
14*8
15*s
29
29
29*8
12U
*2U
♦161*
5*4
125s
25g
171*
6*2
127S
♦2U
16U
16i2
♦36
37
37
37
558
♦6
6*2
*4*4
65s
13U
2*8
5l2
35
38 U
»
200
5,100
3,800
18,400
10,100
1,800
130
260
600
62i2
!
14*4
♦40
.
14*|
62i2
14*4
♦41
4278
45
45
*110*2
*
147b
4278
♦
45
♦llOU
.
....
7% preferred
....100
Inter Telep A Tel eg
No par
Interstate Dept Stores.Wo par
Preferred..
100
Intertype Corp
No par
Island Creek Coal
..1
1
Preferred
...Wo par
Jewel Tea Ino
5,500
1,800
700
1,000
-m'
7,700
4,200
10
44,900
8,600
100
Stock
Exchange
8,000
3,790
13,100
700
74
39U
*155
60U
1478
74
397b
40
74
7334
*155
*155
62
62
62i2
147b
147s
15
43
45
45
♦42
♦__
40
40%
163
*40
*110*2
7334
Birthday
163
43
>
£6078
1434
427S
*
45
110*2 110*2
*116*2
6
11»4 Jan 4
29*2 Jan 26
103U Feb 8
19*4 Jan
5
25*2 Jan 26
121
Jan 16
78l2 Feb
1
Jan 20
Jan 20
Jan 22
Feb 11
Jan 6
Feb 8
Jan 30
Feb 6
28*4 Jan 25
49*8 Jan 4
44*4 Feb 2
103
Feb
1
14*8 Feb 10
36*8 Jan 8
106
Jan 26
261s Jan 30
28*4 Jan 7
Jan 20
125
87*8 Jan
5
3
Jan
19U
Jan
Apr
23
47
Oot
15
Apr
50
June
Hi* Sept
10*8 Apr
581*
100
Preferred
-
Stores.312.50
Kayser (J) A Co
5
Keith-Albee-Orpheum pf..l00
Kelsey Hayes Wheel oonv cl A1
Class B
.1
Kendall Co pt pf ser
Kennecott Copper
A .No par
No par
Keystone Steel AW Co No par
Kimberly-Clark
No par
Kinney Co
No par
Preferred
No par
Kresge (S S) Co........... 10
Kresge Dept. Stores..-Wo par
Jan
6
Feb
3
20
Jan
4
42
Feb
5
28*8 Jan 13
25
110
Jan
Jan 14
19U Jan
16*4 Jan
103
5
5
4
Jan 26
Jan 11
Jan 21
41
46
Feb 11
Jan 25
42
Feb
22
Jan 27
23
17,700
900
320
43.300
11,600
4,800
2,100
2,200
600
7,100
8,200
1,000
114
300
4,200
Jan
4
100
36*8 Feb
4
Lambert Co (The).—Wo par
18*2 Jan
15*8 Jan
2
8
17
Jan
4
38*4 Jan
4
Lane Bryant
No par
Lee Rubber A Tire.........5
Lehigh Portland Cement...25
4% oonv preferred..... 100
Lehigh Valley RR
.50
Lehigh Valley Coal
No par
Preferred
Lehman Corp (The)..-Wo par
Lehn A Fink Prod Corp
5
No par
Llbbey Ownes Ford Gl. No par
Llbby McNeill A Libby No par
Life Savers Corp
5
Liggett A Myers Tobacco. . .25
Series B
25
Preferred
500
270
680
2,000
2,200
57,100
400
M.
,
•
800
800
60
5,600
26,900
80
Jan
4
18
Jan 16
62
Jan 27
67U Jan
9*4 Jan
26*8 Feb
108
Loft Ino
Wo par
.......Wo par
.100
1
—10
MacAndrews A Forbes
6% preferred
Mack Trucks Ind
No par
Wo par
Maoy (R H) Co Ino
Wo par
Madison 8q Gard v t c.Wo par
237s Feb
9
16*2 Jan 21
27*8 Feb 11
61*2 Feb 1
June
157* July
71* Jan
12
July
226a Feb
9
80*2 Feb 11
160
Oot
19
Apr
257*
Jan
5
4
61
Jan 14
36
52
Jan 15
321* June
4
5
79
Feb
43
2i2 Jan
4
6
23*8. Jan
£88*4 Jan
29U Jan
34U Feb
131*2 Feb
42*4 Jan
50*2 Jan
13*2 Jan
5
9
110
Jan 23
37b
70U
10*4
43U
109U
28>s
147*4
Feb 2
Feb 11
Jan 26
Jan 8
Jan 2
Feb 8
Jan 20
July
107
211* Apr
140
Deo
13
Jan
28*4 Jan 13
94U Jan 22
37*4 Feb 11
20
36
Feb 11
132*2 Feb 9
68*4 Feb 11
56
4
61
■
Feb 11
15*8 Jan 20
Jan 12
May
571* Jan
22I4 July
Oct
33
1271*
Jan
27*8
Jan
4018 Apr
8*8 Jan
Jan
l*a Jan
7U Jan
Feb
5
167s Jan 11
7
June
33
Feb 11
Jan 14
32
Deo
127*
Deo
30
Preferred.........—...100
70
Prior preferred.........100
2d preferred..—
Marlin-Rockwell
778 Jan 12
39
Jan 11
13*4 Jan
237b Jan
6
4
16*8 Jan 20
29*8 Jan 30
4*4 Jan
10U Jan
2
2
14
Jan
9
6*4 Jan 25
Feb 11
27b Jan 20
16*8 Feb 9
35*s Jan 19
20
Jan 21
39
Jan 20
Jan 20
100
5
Jan 28
6
.Wo par
47
Jan 26
51
Jan 18
187b Jan 4
9U Feb 11
*4 Feb 11
23
Martin-Parry Corp....No par
Rights
Masonite
60
Marshall Field A Co...No par
..Wo
par
Mathieson Alkali Wks.Wo par
Jan
4
38*8 Feb
6
159
Feb
5
11*2 Jan
*2 Feb
74
Feb
8
9
41*4 Jan
8
110
7% preferred........—100
8
165
61
May Department Stores... 10
59*2 Jan 22
64
15
1,900
2,000
Maytag Co
Wo par
14
15*2 Jan 11
43
300
Preferred
No par
42U Jan 28
45
20
Deferred delivery.
«
Jan
43*2 Feb
106*2 Jan
New stock,
r
4
5
7
361* Nov
33U Feb
Nov
110
28*8
247*
Jan
Jan
Oot
107
63*8 Nov
24&8 Oot
46i* Deo
7*8 Jan
61
Nov
82*8 Nov
181* Nov
135
Deo
51
Nov
28
Jan
337a Jan
5014 July
26*4
181*
18*4
451*
Feb
Nov
Deo
Nov
Jan 25
Jan
341*
17i* May
214 Jan
81* Apr
lis Jan
6i* July
18*4 Jan
2U July
41
May
Ills Jan
61* Apr
6
2712 Apr
15378 Jan
4314 May
131* Apr
431* Dec
44
Jan 13
45
Jan 13
44
Nov
111
Jan 22
103
Jan
Cash sale.
*
Nov
180
22
Oot
4
Feb
19
Oot
123*4 Nov
Nov
65
13
Nov
311*
Jan
115
Jan
U6i*
Jan
170U Deo
23U Feb
631* Nov
55
Deo
461*
Deo
45
Jan
113
Sept
Jan
261*
Jan
151
511* May
Oot
Oot
SOU
102**
35
Feb
42
Jan
1341* Nov
49U Oot
65U Nov
16&8 Dec
Nov
57
9
Deo
351* Dee
18
.
Nov
5714 Jan
23U Feb
24*4 Deo
6*4 Mar
12*4 Aug
3i* Mar
23
Nov
45
/Nov
71* Deo
561* Nov
25*8 Nov
12
Mar
6
163
Preferred ex-warr'ts.Wo par
Prior preferred
No par
Feb
Deo
60U Deo
Apr
26
Apr
481* Aug
3*8 Feb
617s Deo
8*s Mar
Jan
Oot
May
14
2
1261* Deo
Apr
Jan
2
351*
3*8
*38*4
...Wo par
Corp (Del).5
100
Deo
152
671* Deo
1087S July
35*4 Jan 14
26
18
6U Feb 10
Oot
Apr
1041* Feb
30
25
Jan
27
29
4
3
2
Nov
21*4 Nov
Jan 13
Jan 11
93
19U Feb
377* Nov
8OI4 Nov
Jan
Jan
28
Nov
Jan
12
175
4
4
Oot
531* Feb
35
387* May
47U Jan
Feb
131
Feb 11
2
30
4
1
Jan
56
Sept
111* Oot
108a Oct
6H* Nov
21*8 Feb 11
58*8 Jan 9
79
Jan 16
Feb
21*4 Feb 11
3*4 Jan 18
I8I2 Jan 18
97*4 Mar
4
112
15i* Apr
941* Apr
81* Jan
2
July
98* Apr
89
May
203
9
18
a
32
Feb
Market Street Ry—
t Companies reported In receivership.
201* Apr
21
Maraoalbo OH Exploration..]
10
7478 Feb
35*4 Aug
19is June
100
Bros
Corp
Apr
4*8
53
Preferred
Marine Midland
Jan 14
181* Jan
37i May
Apr
201* Apr
30
JO
100
Magma Copper
t Manati Sugar.......
Mandel
Jan 23
Jan 14
Jan 14
28U Jan
17*4 June
Jan 28
107*2 Jan
22*4 Jan
142
Jan
Ludlum Steel
47*2
24U
277b
41*2
Feb
87
114
5% preferred
100
(P) Co..........l0
Louisville A Nashville
Jan 13
147
191* Deo
171* Dec
6
4
Louisville Gas A El A..Wo par
295g Jan 2
157b Jan 16
Jan
Mar
4
7% preferred-.———100
t Louisiana Oil preferred..100
Jan
May
Jan
Lorillard
Jan
97
6*2 Jan
41
Feb
Corp No par
Jan
17
25
Jan 20
Long Bell Lumber A...WO par
Loose-Wiles Bisoult
25
Lone Star Cement
13
19U
May
Jan
Preferred
6
8
Deo
Deo
Deo
Deo
Nov
121
7
54U
43*8
64*2
106*2
Liquid Carbonic
Wo par
Loew's Inc...........Wo par
Feb
23*8
147b
8is
98U
48*4
133
14*8 Jan 19
28*8 Jan 18
113*4 Feb 4
106*8 Jan
165
4
2
5
Jan
3712
1,600
11,000
2,000
6,600
2,200
5,100
118
21*8 Jan 21
240
500
6
59
110
32.700
10,700
1,900
Jan
17*4 Jan 27
27b Jan 7
16*8 Feb 4
Lima Looomot Works.-Wo par
Link Belt Co
.....Wo par
30
40,900
100
160
Lily Tulip Cup Corp...Wo par
100
17,000
13,200
8,900
.60
Lerner Stores Corp
600
1,000
9,200
1,100
1,000
15,600
6
Jan 16
7*4 Feb
70
Nov
136
Nov
80
23*8 Feb 11
19*2 Jan 14
109*2 Feb 4
Feb
8
75i8 May
391* July
Jan 14
110
Deo
I8I4 Dec
66*8 Nov
116
237* Dec
64
5*2 Jan 5
47U Jan 12
27U Feb 2
11*4 Jan 6
Jan
May
Feb
Jan 15
Jan 16
Feb 8
Jan 18
20
.100 £127
5% preferred......
23*2
447b
31U
27U
56*4 Jan 29
17*4 Jan 6
Kress (S H) A Co new. .Wo par
70
Feb 11
46
120
194
1051* Deo
160
Apr
101* Deo
22*4 Apr
31*8 Nov
126
Sept
93*8 Nov
134
5
I8I4 Deo
57s Mar
714 Deo
107
117
8
241* Deo
778 Jan
187s Jan
57s Deo
Jan
123
4
Deo
Nov
Jan
B No par
Kansas City Southern.... 100
Jan
140
122
15
Jones A Laugh Steel pref.,100
Kalamazoo Stove Co.
10
Jan
Feb
147
82
24*8 Aug
113
Apr
88
437b Feb
Jan
125U Feb
3*4 Apr
21* Jan
18* Jan
201* Apr
37
May
107
Apr
3*4 Jan
121*4
Kaufmann Dept
143
Kroger Groo A Bak
No par
Laclede Gas Lt Co St'Louis 100
12,200
4,500
202
40i2
2
8,300
160
23*s
163g
273g
50*4
74
31*4 Jan
90
Jan
5
2
Preferred
29*4
36*2
*8
Jan 12
Jan
Jan 20
8
37
12
48
135*4
21*8
14*2
7*2
108&8
45U
111*4
97b
8*4
66*2
Jan
♦16*2
So
6*2 Jan 26
48
Jan 13
26U Jan 7
300
Lincoln's
65s
49U
22U
9i2
4
4
113s Jan 7
534 Jan 12
90U Jan 6
Jan
Closed—
43l2
23
534
62*8 Jan 29
1326s Jan
16*4 Jan
1678 Jan 29
9*8 Feb 5
18*4 Jan 7
65*4 Feb 4
668*
Kan City P A L pf ser
1,140
1,300
_
212
15*4 Jan 26
160
1481* Jan
2*4 Apr
41* Jan
13*s Deo
431* May
126
100
16U
215s
9*4
*4
4
Jan 18
123*2 Jan 19
Preferred
40
37U
5U
10
Jan
155
No par
16U
9*2
189
Feb 10
Feb 11
Jan 20
Johns-Manvllle
37i2
Bid and asked prices; no sales on this day.
No par
International Shoe....No par
International Sllvere
100
14
22%
62
Preferred———100
International Salt
*2*4
♦16*2
•36*4
*484
47
48
393s
No par
5*2
1334
215s
160
Certificates
............
1,300
3,700
100
2*2
18*2
10
4
2
Jan .4
....
5*2
13*8
48
62
Preferred
5*2
13*8
*2*4
22U
Deo
Jan
July
July
July
Apr
Int Printing Ink Corp—Wo par
41
Jan 21
Preferred
.100 z1097b Jan 20
Internet Rys of Cent Am.. 100
8
Jan
6
90
600
1,100
No par
55s
13U
2*8
48
39
Class O
110
182,500
2,900
100
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
*46
159
Preferred
500
1,000
1,300
Wo par
_
Inter Pap A Pow ol A .-No par
Class B.. .......... No par
120
44
144
Int Nickel of Canada.
Manhattan Shirt—
55s
Oct
107*
21*
98*
27*
22?*
4
4
2,600
*4*4
5
Jan 20
Jan 18
Feb 11
87b Jan
6*2 Jan
Int Hydro-El Sys cl A......25
2,500
*5
Jan 18
13*4
6*4
20*4
8*4
59ig
Int Mercantile Marine.2Vo par
Internet Mining Corp..
1
1434
37
6
5
6
43,800
6,400
27,500
31,400
8*4
33
512
Jan
May
Aug
888* July
61* Jan
6
16
175s
65U
29
2134
ylO
38*s
Int Business Machlnes.Wo par
Internet Harvester
33
1012
160
*142
5
42
14*2
28*4
23S
16&8 Jan
Prior preferred......... 100
145g
13
558 Jan
11*2 Jan
4*« Feb
.No par
2834
227s
74
Agricul
35
48
73
No par
No par
Interlake Iron
34
10
74
Interoont'l Rubber
14i2
28*2
lg
74
1
v t O..100
15
22*|
♦47
t Interboro Rap Tr
35
10*8
217*
Insuranshares Ctfs Ino
28*s
1434
£28
22*8
48
*47
♦10
Inspiration Cons Copper..„20
111*2 Jan 22
3*8
35s
3U
35s
3U
3U
3*4
3U
3*8
68
6934
67*4
69*2
69*4
69*4
7014
69U 6934
10
9*8
978
9*4
9i2
9*2
9*2
95s
95s
*41
41
41
41
41
41
*41
41*4
4H2
415g
108
♦1071* 1081* ♦107*2 108*2 ♦107U 108lz 108
*107*4 108U
28U
26 U
27
27
27*4
28*s
275s
27*4 28&s
2778
*146
146
14678
146*2 146
1467g 146*4 1467B 146*4 146*4
29
29i2
29U 2934
295s 2984
♦301* 3178
28U 29*4
25
2458
25U 2534
25U 26
25U 255g
25*8 25l2
93
93
93
93
90
92
92U 93i2
92i2 93
32
33U
37*8
34I2 363g
36*4
33U 343s
36*2 37*4
35
*35
35
34U 341* ♦34U 35
355s
355s 36
132
13H2 131U *132
132% 132i2 *132i2
13212
53
55
56
631*
5734
50U
5434 56i2
67*a
58*4
62
62
521 g
52*4
66
52*4
52*4
517b
5378
6334
14U
14i2
14*2
14U 1458
14i2
14i2
141*
14i2
145g
*67
56
57
57
67
56
68
58*8
577s
5778
6*4
6*4
6*4
6*4
*6U
65g
63s
6*4
634
6*4
24
21
♦22
24
24
*21U 25
213g
21U
24%
15
14*4 *13
147b
14i2 15U ♦13
147g ♦14
14*4
37
125
162
33$
145*
28*4
106
Jan 21
3
8
66U
9U
•34
6
137
Feb
7
•22U
78*4
79
Feb
135
112*2 Jan 25 £123*4 Feb 11
22*2 Jan 4
82i2 Jan 12
6
166U
22*4
80*2
£59*2
59*2
48U 483s
78
765s
1067a 1067a
78
No par
Jan
165
226g
77
100
-
Jan
113U 113*8
16612 167*2
No par
6% preferred
Inland Steel
Feb 10
103
205s 21U
3*8
83s
16U
165s
127*2 128
21% 21*s
56
5612
77U
777b
13*4
135s
26*4
277b
21U 21U
56
•55U
76U
76*4
13*2
135g
♦26*2 27*8
112U H284 ♦112
Ingersoll Rand
Internet
130U Jan 20
2
Jan 20
Jan 11
Feb 8
6 per share $ per share
15i* Nov
41* Jan
41*8 Nov
268* May
22U
40*2
17b
144
12«4 Jan 4
36*4 Jan 26
177*2 Feb
22
2134
22*4
22%
44
44
43U 43*2
30
30
♦30U 307b
26
26U 26*2
26U
26*4
110
•104U 110
♦104U 110
22U
21*4 22*4
22i2 233s
1878
18*4
185s
18*4
19U
IO934 109*8 109*8 ♦107*2 1093s
60*2
60U ,62*8
62*8 63U
183s
1834 19*8
19*4
19%
43
41
41
♦40% 43
7
7*8
678
684
7*8
63
69
65
62
635s
27U 2884
28U
273s 28U
15
14ls
14*8
14U
14U
23
10
No par
....
160
43
43U
-
3 per share
No par
31*8
145
Rights
3 per share
Preferred..............100
22
193g
20U
26*8
23*8
25 U
♦36*4
44
♦117
16
497b
161*
113
♦111
38
*417b
2234
45
Indian Refining
Industrial Rayon
Highest
Lowest
Highest
200
9,700
h co cS 05 ih co
132
44
25U
60*8
198
193*
3U
75*2
13*4
25U
♦127
132
♦117
16
129
20U
♦65U
75*2
13 >8
263*
43 U
23
44l2
245s
197
18*8
27*
16U
160
132
*117
Par
Year 1936
Lots
162
177*2 177*2
10612 108U
106U 107U
1607a 1607s *158
On Basis of 100Share
Lowest
490
*135
Range for Previous
Range Since Jan. 1
Shares
1,000
6,700
29,400
1,300
1758
118*4 120
£120*2 123*4
30U 317b
305s 817a
6
558
6*8
55s
12
1218
12*4
12U
6
578
684
55s
20*4
197b
185s 20*8
85s
8*4
8*4
75s
68 •
66
69
69*2
105*4 106*8
162
$ per share
13412 1341, *133*8 135*4 ♦1335s 135*4 ♦134U 13534 ♦134
135*4
18
18
18
18
1712
18*4
1784
1734
1878
18U
12
12
115s 12
117s
11*4
12*4
12*4
12U
13*8
6U
6U
6*8
6U
63s
6U
678
678
658
6U
100
101
99
99U 10H2
99U 100
9984 1025g
101*8
44
•43
45
45
45
44i2 45
45U
43*4
44*4
111
♦111
111
111U *111*8
111*8 110*2 HI
♦9
9
978
9U "¥12
9U
9*4
♦8*2
~~9*2
9*2
8
♦8
8
8*4
8i4
8*4
8»4
834
884
8I4
56
54
65
56U
66i2
54U 5414
53U
6434
53*8
♦27
27
27
*2678 27*2
27*4
28*4
28U
27*2 27*2
48i2 48*4
4884
♦48U 48U
4884 48*4
4834 4834 *48*2
43
43
42
43
41
43l2
42*4
42l2 4212
4312
♦98
98
101
98
♦96
98
100
lOOU 100
98i8
14
14
12*4 13i2
13%
12*8 12*4
13*4
14*8
14%
32 U
32
32*4
32*8 325s
32i2
3134
32U
3H2 33
105
105
♦103U 105
103U 103U *10384 105
10334 105
25
25
25
25
25
25
*24i2 25*a
25U 25U
27** 2778
*27
27*8 28
27*4 277b
277b
27*2 27*2
♦124
132*2 ♦124
132U ♦124
132U ♦124
132*2 ♦124
132U
80
81
80
80
80
79
79
79
♦80U
795S
145*4 145*t 1451* 146*4 144l2 147
147*4 147*4 147*4 147*4
♦125
1257*
1257s 12578 12578 1257b *124
1257a 1257a 1257a
1
i1
31*8
5*8
*135
162
♦162
♦162
135
117U 1175s
STOCKS
EXCHANGE
Week
12
Feb.
37*2
15a
178
136l2 138
n2
1161* 1167s
29*4 30*4
684
55*
11
S per share
S per share
17
17U
17U
17*2
•17U
37*2
36*2* 377B
37%
87*4
2
178
17b
15a
17b
♦137
140
13812 140
£136*2 136*2
17U
y365g
Friday
Thursday
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
Feb.
Sales
for
Saturday
1065
Ex-dlvldend.
y
42** Nov
163
Deo
70
Nov
211*
Feb
56
Feb
SOU Apr
llOU Oot
Ex-rights.
New York Stock Record—Continued—Page 7
1066
LOW AND HIGH SALE PRICES—PER
SHARE, NOT PER CENT
Sales
Fed.
Feb.
6
8
Feb.
3484
2284
3458
2312
102
*101
103i2
4214
*4184
*26i2 2634
4018
4018
83i2
8312
135g
133S
*4638
47i2
18
183«
*4134
26i2
40i4
83
13l2
46i2
1778
3478
2384
3434
22i2
102
103
*
99
*79"
"so"
7978
137s
*133
1434
1434
135
135
134
133
*38
135
*39
40U
66
6512
66
2338
^2458j
118l2
*104is
108l2
*11412
1438
315s
31l2
4134
3114
*41
11884
1073s
10812
117
1458
2
2
*358
2
*358
4l2
*514
6
27i2
738
28
2538
27
314
758
3712
9334
5778
1
91
*46
*6534
I 158
ii 36
23i2
3584
5^4
3012
100
80
79U
1538
1558
14014
142
40U
67i4
66
24
253s(
31
91
*8812
2
2
4i2
*358
514
514
28i2
7»8
2712
338
758
28U
27i2
3i2
3i4
28
8
8is
3834
95
9334
5884
*46i2
9334
66i2
66
8
3912
47l2
784
85s
39
66i2
5838
134
158
103
25ig
1458
91
2
414
514
28i2
8i4
283S
3i2
8h
38ig
59i2
9434
6612
50
2
i8i4
Molntyre Porcupine Mines..6
MoKeesport Tin Plate.No par
109
803S
15i2
100
1,300
46,000
410
■*M «•
850
10
•
14,000
55.400
1
.
•
:l
•
3112
32
43
4412
8,100
7,500
143g
1434
91
*90
218
*334
514
2734
1414
91
*5i2
2784
8
8i2
29i2
33g
884
3834
9834
6h4
4634
66i2
6058
49
287s
314
83g
38i4
9634
6058
*4614
66i2
178
66i2
2
178
66i2
800
"""126
"•
i
•••'
'•
-
''
3,100
20,000
3,100
3,500
2,800
42,000
...
"""260
2
2338
2384
3578
2378
25
2514
2578
21,100
35i2
35
3514
35
36
96
96i4
34I2
76i2
*108
108i2
1934
20»4
61
*5938
23
225g
4212
4212
23
2258
17ig
17l2
3H4
3H2
108
20
*593s
20U
1934
*593g
2234
61
23
2314
40
42
2178
4212
225s
1678
43i2
23U
16i8
2214
16&8
31
31l2
3114
3158
*163
*163
32
*3134
*41
223g
175
3558
37
36
2412
243s
*3134
3634
2358
26is
112
111
2
78
34
80
82
695s
6958
12612
1078
11
1258
1258
5578
56
112
*102
3558
2538
*110
108l2 10812
22i8
227g
9U
9i2
108l2 108i2
21U 2258
938
9U
2758 2734
*34l2 3534
3458
35U
*167l2 169
*14714 150
58
58i8
1234
1212
103
2734
169
*102
112
150
*34
4038
3912
4058
93
94U
95
4412
4314
44ig
3978
9H2
9H2
387s
9H2
4278
5558
4418
4378
58
58
5934
58
5884
91
9434
9512
9434
11
94l2
llU
11
1138
11
9534
iii4
23
23
22
2278
22i2 2278
*131
13478 *13012 135
158
134
15g
134
6
6
6i8
618
18
1758
18
18i2
5i2
578
55g
558
5l8
5i8
*514
538
13l2
137g
135g
1414
72
72
*99
100
110
109l2 109l2
258
234
73i2
*7214
*98
74
100
"moo
Stock
32is
100
112
*146
5812
3834
4,600
13,600
102
35U
3478
146i2 *146
25
100
313g
7,500
170
3178
*167
25
*99
17i2
168
29
*109
17i8
168
6912
6978
12612 126i2
1034
1078
1234
127g
*54i2
57i2
5912
5912
265
265
2978
16
*261
llli2 *110
*110
56i4
234
30i2
3038
*56
56i4
1658
16l8
270
llll2 *109
30
3034
57i2
*5612
17
16i2
270
69
56
3078
28,300
Birthday
1,860
12,200
57
17ig
a.
—
400
34
34
86i4
8714
70i2
12612
1034
127g
5612
593g
16,400
70
5938
*109
25
2514
40
3814
9812
4458
95
3,400
Preferred
.
'
5934
5,500
No
Mo-Kan-Texas RR
1078
225g
2212
22lg
2334
135
13012 130i2 *130
134
*15g
134
158
6
6
6ig
67g
175g
i8i4
1912
175s
534
57g
57g
5i2
5
*5
518
514
1358
1414
1334
137g
*72
7214
7214
7214
100
100
80
3,000
1,040
No par
Preferred series A
Conv
265
*260
11112 *109
3H2
32
5612
56i2
16
165g
3H8
*56
161*
2i2
10
2,300
30
31
*52i2
56
5
47g
5ig
37
3714
*35i2
367g
*100
preferred
32
No par
Preferred
Munslngwear Ino
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America..100
Myers F A E Bros
National
Acme
Nat Aviation
National
1
Corp
No
...10
Biscuit
1
No par
No par
100
7% prefolassB
100
t Nat Depart Stores...Wo par
6% preferred.....
10
Nat Distil Prod.......Wo par
*n334
*16512 170
1934
21
1234
1234
30l2
2234
3078
30i2
♦
2234
3078
163s Feb
41
9
Jan
49 U Nov
213g Nov
108U
2834
Deo
Deo
Dec
122
Jan
678 May
91
Oct
12
Deo
107U
Deo
x95
55U
30
May
Nov
Jan
45
Oct
40&8
Jan
65
Nov
Jan 11
534
Jan
16»4
Deo
3234 Feb 3
44l2 Feb 11
X17U
Apr
307S Nov
Jan
75
-
---
Bid and asked prices; no sales on this day,
2678 Jan 14
678 Jan 2
5
l*a Jan
6
Jan 30
2784
Jan
70
Jan 27
Jan
Jan
173s Jan
3812 Jan
165U Jan 16
31
Jan 29
99l2 Jan 25
29&s Jan
2318 Jan
Jan 21
110
107l2 Jan
17l2 Jan 27
77g Jan 28
27l2 Feb 5
30
Jan 14
3334 Jan 27
9&s
333g
Feb
Oct
1978 Aug
79
May
3534 Jan
2 if
Jan 15
2838
Apr
43i2
15i|
38i2
98
36i2
76i2
10812
2034
62
Jan
2
3234
May
21
Jan
Jan 26
102i« July
14
Apr
9
Jan
8
Jan 18
3384 Jan 13
103i2 Feb
3
Feb
2618 Feb
37
101i2 Nov
3684 Deo
79i2 Aug
70
Jan
43
153
6
21
8
21
Apr
Apr
28U July
112*4 Mar
112
23i2 Feb 10
1078 Jan 28
10
Apr
29
Jan
7
3734 Jan 25
3778 Jan 12
Jan 18
2
Feb 11
2
87l4
7H2
127l2
1218
5
1278
62
Jan 26
100
123
Jan 15
Bros
1012 Jan
1134 Jan
255g June
28
Jan
1
60
Jan
5
109
19
Jan
6
29
3484 Jan
4
4184 Jan 18
78i2 Jan 18
9812 Feb 10
4478 Feb 11
6H2 Jan 22
6612 Feb 11
Feb
8
41
Jan
100
83
Jan 14
1084 Jan
5
1278 Jan 22
100
2U2 Jan
1295s Jan
9
253s Jan 22
10U May
1
...Wo par
Wo par
40
Jan
4
N Y Chio A St Louis Co... 100
4
Preferred series A
New York Dock
Preferred
N Y A Harlem
50
{NY Investors Ino... Wo par
JNYNH&Hartford
100
preferred
—100
preferred
100
No par
Norfolk A Western..
North American Co
Wo par
50
Preferred....
North Amer Aviation
1
No Amer Edison pref..No par
Northern Central Ry Co...50
Northern Pacific.
100
5
135
H2 Jan 14
5i2 Jan 2
2
16U Jan
5
Jan
2
4
Jan 13
12
Jan
70
Jan 20
98
Jan 29
108l2 Jan
Jan
4
11
4
Jan 11
Jan
9
Jan 22
Jan 20
101
Jan 23
110
Jan
3U
2
Jan 21
Jan
May
2318
Apr
55i2 Jan
1338 Jan
10212 Jan
5
67 U Feb 3
173s Jan 21
10412 Jan 8
5234
65g
Feb
5
98
Jan
105
Jan 28
100
A
IIOI4 Feb
4
par
Wo par
100
Preferred
Steel
No par
Prior
preferred
$5.50
conv
100
1st pref..Wo par
Outboard Marine A Mfg
Outlet Co
Preferred
5
No par
100
Owens-Illlnols Glass Co
25
Paciflo Amer Flshertes Ino—.6
Pacific
Coast
1st preferred
2d preferred...
10
Wo par
No par
Pacific Finance Corp (Cal).lO
a
Deferred delivery,
4
1314 Jan 14
3578 Jan 5
135
Jan
4
16i2 Jan
11212
75
Oct
Sept
15
Nov
29U Nov
40
19i2
623g
2538
iioi4
1678
45U
140
Jan
150
104
3l0i2
Oct
115
Oct
351a July
59
14U
Aug
57
Jan
Jan 18
19
Aug
Jan 14
12i« Aug
24ig Jan
Feb
4
17
Feb
4
107
Jan
Feb
3
8
Jan
Jan 21
Feb
3
July
2414 Apr
123
Jan
June
Deo
106ia July
2
8
Nov
109U Aug
27a Jan
50
Feb
Oct
155g Mar
99
Sept
103
578 Jan 18
par
Oct
53ia
95
9712 Apr
23?a July
323g Feb 11
53i2 Jan 22
Otis Elevator
Mar
105
4
Oppenhelm Coll A Co—Wo
May
210
8
8
1,400
57
83
93l2 Apr
ll8 Aug
Jan 14
4
OmnibusCorp(The)v t cWo
Deo
495g
Feb
Feb
Jan
4
Dec
83
7i2
53g
July
Jan
9i2 Apr
3478 Jan 14
4
Apr
40
2i2
4
114
8
Nov
43
55s Jan 22
1912 Feb 11
76i2 Jan 22
272
Jan
Nov
64U Nov
Feb
Deo
Dec
4
17i8 Jan
53i2 Jan
I8I4 Jan
60
110
6ia
18U
6
29
Deo
12U Nov
1314 Jan
2U
314 Jan
50
133
Jan
5112 Jan
No par
Feb
75i2 Nov
Jan
2714 Jan
...No par
Feb
Dec
Api
73g Apr
100
-
78
Feb
1
Telegraph...50
Preferred
li2
Deo
3
Jan 26
Jan 20
3
Nov
119
Feb
10312
61i2
147a
7
Jan
297S Feb
6
377a
678 Feb 11
19'2 Feb 11
678 Feb 11
Norwalk Tire A Rubb-.Wo par
Otis
Jan
77« July
10>4 June
323| Apr
41
Apr
10412 Apr
10U Feb
9
Apr
32i2 Jan
2734 Jan
17«4 Jan
36i2 Jan
3i8 July
100
New York Central
Preferred
147
Dec
9Sg May
78 Jan
74ig
9
53
Jan 15
54
3
Jan 15
Feb
33«a Mar
Apr
36i2 Nov
171
Deo
100
N Y Air Brake
7%
Feb
June
24U Nov
Oct
263g June
3
107
t New Orl Tex A Mex
Conv
Feb
No par
100
Newport Industries
t Companies reported in receivership,
Oct
i2 Jan
57U Apr
197g Jan
..Wo par
5412 Feb
107i2 Deo
325s Nov
Oct
1
25
Oct
Dec
155a Mar
3884 Jan
164i2 Deo
37*4 Dec
Dec
2
Jan
47i2
19i2
107
Jan 26
137»4
70
Deo
2234 Mar
6212 Nov
107»4
112
Jan 29
25
108
109U Jan 14
*4 Jan
mm,*,*.
Dec
Dec
1434 Jan 14
2'4 Jan 18
1,200
4,400
Jan
3078
100
6178 Jan 22
60
Jan
20i2 May
12i2 Apr
9i2 Apr
28>4 Oct
150
4
Oct
Nov
3934 Nov
447g May
Feb 11
27
Feb
Apr
Feb 11
z245g Jan 28
4312 Jan 13
23U Feb 3
167
Jan
Feb
Nov
11
Feb 11
4
Wo par
Wo par
Nov
Jan
5
Preferred
Mar
68
Jan 12
6
National Steel Corp
National Supply of Del
103
71
Jan
100
Feb
Jan
Jan
preferred
Feb
7«4
33i2 Deo
60]2
>4
1U2 Jan
lh Jan
2d
4
5934
54
3,500
1,450
1,600
Feb
Feb
Deo
I634 June
512 Jan
14i2 Jan
2
Sept
378 Jan
Deo
144
50
860
6i2
2978
B
Northwestern
1,670
Feb
514
41ia
160
300
12,200
234
Preferred
110
1,300
Jan 18
National Power A Lt...No par
Nat Rys of Mex lit 4 % pf.100
259i2
30
Jan 21
61U Feb 11
45U Jan 11
66i2 Jan 18
2
Deo
13s July
155
100
500
94
Jan 22
100
75
Jan
2i2 Aug
234 Jan
8i2 Feb 10
29I2 Feb 10
3i2 Jan
101
67U
171
Adjust 4% pref....
97,500
Deo
123g Mar
Feb 10
2
81,500
Nov
120
Jan
168
100
10
112
Dec
6i|
100
t Norfolk Southern
'
Apr
119
A
1,900
45,300
Mar
z85
8
183® Jan 21
Jan 30
31
Wo par
400
8
18i2 Jan
13^8 Jan
N Y Steam $6 pref
$7 1st preferred
40",765
6
585s Jan 23
80
10
4
95
17
88
Jan 20
215s
2578 Feb 11
36i2 Feb 5
Jan
107
Jan 22
485s Sept
1311s Mar
109
Sept
45g Jan
6I4 Jan
2934 Jan
9
93i2 Feb
5312 Jan 27
427a Jan 4
Jan
Feb
4078 Jan 23
30U Jan
65
110
2
Nat Mall A St Cast'b Co No par
40
56
*11334
*11334
*11334
*11334
171
171
170
16934 170
17014 171
17134
205s
2078
203g
207g
2058
2084
2034
223g
13
14
13
14
14
15
1338
145g
35
3H2 3H2
3H2 34l2
3612
35i2 3558
27
2314
2314
2234 2434
2434
24l2 2578
32
315g
32
*3H2
32
32
3H2 3178
Deo
1234
Preferred
Ohio Oil Co..
75
par
7% cum pref
106
Nat Bond A Invest CoiNo par
Oliver Farm Eq new
75
Jan
218s Jan
32i2 Jan
5
7,200
17,300
75
5
Motor Wheel
25,600
*35i2
10
Mulllns Mfg Co class B.....1
19
19
1834
185S
1878
18U
185g
i8i4
i884
61
60
62
60i2
6238
6012
6H2
62i4
6oi4
6158
24
237s
24U
2434
2438
2434
24i2
2358
23i2 24
*10978 114
*10978 114
*1097g 114
*10978 114
*10978 114
16
16l2
16i2
16i2
1534
163S
1534
*16i4
1534
1638
42
42
4214
4134
42U
42i2 4234
41i2
4214 42l2
140
140
*140
145
140
140
*140
142
13738 13738
19
19
19U
193g
187S
1834
2014
19ig
2012 2138
125
125
125
125
*
*11914 125
125i2
125i2 125i2
85
89
8278
8512
86U
82is
87i4
8734
857g
90i4
27
27
27
2634
2634
27
*2512 27
*25i2 2634
*
Jan 13
155s Jan 18
95i8 Jan 18
2i4 Jan 23
Jan
Jan
N Y Railways pref
Wo par
N Y Shlpbldg Corp partstk..l
105
J 185s
11
7
100
20
N Y Ontario A Western... 100
58
1634
2914 Jan
34
11.000
75
z95
1181s Jan
1434 Nov
9
Motor Products Corp..Wo par
514
3778
*
Feb
6
Jan
Mother Lode Coalition.No par
323g
75
147
59
Jan
50
5
*
II714 Jan
3
No par
3012
*52i2
36
9
24U
Mont Ward & Co Ino_.No par
Morrel (J) A Co..
Morris A Essex
11U2
105
*26
Feb
100
1,200
4,500
269
*100
3038
56
514
par
18,200
15,900
4,000
109
105
5ig
2
145
100
Mohawk Carpet Mills
Monsanto Chemical Co
910
100
109
2l2
100
100
t Missouri Pacific
5,100
11
9912
1158
*100
56
Feb
86
178 Jan
384 Jan
preferred
4 % leased line ctfs
Mission Corp
Nelsner
98
105
36
8
7914 Feb 10
lli2 Jan 2
io6i4 Jan 2
Minn St Paul ASS Marie. 100
Newberry Co (J J)
5% pref series A
90
97
*100
*52l2
458
Jan
100
88i2 Jan
600
)
■
129,800
105
434
Jan 12
11212 Jan 14
333g Feb 1
Jan 12
95
No par
600
'
'J
447g
105
56
Jan 20
8312 Dec
85g Apr
3734 Jan
1U2 Apr
Jan
Natomas Co
44i8
58 I4
*10358 104l2 *10H2 10358
35
8
122
National Tea Co
597S
4358
5834
9514
1034
104
*52i2
458
Jan
Jan
111
400
38,500
*103
29l2
*52l2
Deo
493s
106
3,700
2514
3914
9612
104
30i2
24 U
Oct
Jan
2,600
110
*103
2978
Nov
June
II484 Feb
700
56i2
59i2
4,400
21,000
134
104
2984
46
16
102
100
—
13
*103
285S
40i2 Nov
10334 Jan
No par
pref
..100
Mllw El Ry & Lt 6% pf—.100
Minn-Honeywell Regu.No par
4% conv pref ser B
100
Minn Mollne Pow Impl No par
cum 1st
600 Nat Enam A Stamping.No par
.10
10,500 .National Lead
5884
109
2434
3878
95l2
265
19
Deo
38is
Jan
8%
200
1258
134
56
*58i2
Lincoln's
169
12512 125i2 *12512
11
105S
10i2
1234
127g
1234
iiu2 *109
4
Jan
share
23i2 Nov
lODa Deo
Jan 19
122
10
Midland Steel Prod
7% pref class A
190
3534
5818
110
*109
10934110
*212
258
212
25g
26858
45
16ig Jan 27
108i2 Jan 26
2534 Jan 6
37
Jan 14
38i2 Jan
11718 Jan 19
Mld-Conlnent Petrol
30
8,100
'
214
6
June
3112
38,300
Exchange
35U
78
855g
695g
8438
*98
125« Jan
Jan 21
92
26
5% pref ser A
Nat Cash Register
Nat Dairy Prod
Closed—
59i8
1338
134
1258
134
109
827S Feb 10
42i2
28i2
42i2
9234
14U
47i2
Feb
214 May
2
Nashv Chat A St Louis...100
31
*110
168
*25
1334
112
*167
78
84i4
5
Feb 10
29
1684 Jan
6
<
320
23
10812 1085S *1083s 10834
2214
23i2
2234
2338
9
9
914
93g
2734
28i8
2734 28
34
8334
Jan
104
Feb 11
Miami Copper
49,000
800
2534
158
38
2*8
Jan 16
233s
4314
22
36i2
59U
125g
1&8
8
Jan 25
Jan 12
Jan 4
Jan
Highest
$ per share $ per
68i4 Feb 10
No par
Nash-Kelvinator Corp
5
36
3534
29
1358
2234
*41
40
2458
34
1214
Jan 29
32ig
18U
981s
403g
2384
$ per share
36
Jan
2
8
30,700
2578
35i4
5834
1
100
100
-
2034
6H2
365g
34
146
60
2514
36
147U 147U
59
5734
1212
1234
158
158
34
34
8218
8334
69i2
70i2
*12512 126i2
11
1034
125s
1234
*54is
57i2
20U
36
*110
No par
share
Jan
90
.
4,600
1,200
108
102
3534
109
5i2
103
35
28is
108
*165
3134
3534
109
53g
170
22i2
938
60
Si8
538
76i2
103
109
134
3612
76i4
31
58
6i8
183s
95
3434
*165
109
13478
95
34
32
36ig
26i8
4,000
*76
170
60
*5512
*108i8 110
134
578
1738
*95
2158
9i8
2734
34l2
36i4
169
17i2
108l2 108i2
28i4
34l2
34I2
315g
*163
3238
*102
2278
17ig
3114
17
105
2038
61
23l2
42i2
No par
No par
per
38i4 Feb 11
6,700
2378
3638
108
100
$
Meroh & Mln Trans Co .No par
Mesta Machine Co
6
*
■
36
*10738 10812
20
2014
5934
5934
23
22i2
1
preferred
Mengel Co (The)....
7% preferred
7% pref ctfs of dep
30,000
2334
76
Stores...
7%
36
3414
No par
preferred
conv
Melville Shoe
400
6
2734
17,000
-
43g
96
5912
30
2
*358
514
95
*178
28i2
8i2
29i2
3I2
8i2
38I2
*46
"moo
145g
9114
2i8
4I4
8is
2778
338
8ig
38i4
450
2378
96i4
Year 1936
Lowest
Highest
f
38i2
75
oonv
Corp
$6 pref series A
130
8038
157g
6
Mead
3758
96
S3
MoLellan
6%
37
35l2
74i2
10738 10738
i
5,400
317g
6
McKesson & Robbing
70
•
161*
1534
*140
14618 147
146i8 147
14384 14334
*39
40l4
38i4
38l4
67
68i4
67i4
68i4
25i2
253s
243g
2414
McGraw Eleo Co—...
McGraw-Hill Pub Co ..No par
37
3334
*71
46 s4
18
♦
80i2
600
3638
74
*131
46
4678
183s
109
MoCall Corp
No par
McCrory Stores Corp new—1
6% eonv preferred
-100
700
36i8
957s
*24
1334
Par
12,100
2,600
23,100
1,300
6,600
3638
34i2
126
14i4
43i2
26ig
403g
88l2
14i8
3638
74
*15S
84
3984
36
9678
*111
84ig
26
500
.
49,000
2,500
34l2
3134
1,700
21,800
119i2 120
1073s *105
10738 *105
1073g
109i2 4io884 10912
109L 109l2
117
117
117
11658 .117
3358
*102
*43
3138 a313S
3134
43
4134
4078
fl20
120
120
*4612
*6534
178
2
35
Range for Previous
100»<SAars Lots
Lowest
Shares
% J>er share
1937
13,
EXCHANGE
Week
12
24l8
W
67
59
50
4212
263s
40i2
80
Feb.
♦1031a 107
"3l"
3H2
3100
99U 100
80
38ig
93i2
5914
34i2
23I4
31
3178
11
On Basis of
YORK STOCK
NEW
the
Friday
$ per share
104
4238
263s
3934
827g
13i2
4684
100
*9514
*72
104
r%
3214
Feb.
24
163s
14U2 145
14112 147
*38
40i4
28
314
8I4
225g
1334
46
46i2
18
18
183s
108i2 10812 *105
4212
4H4
1197g
11878 11914
*105
1073s *105
*109
108i2
10912
*11412 117
11658
1478
1414
1414
91
2314
42i2
4178
91
,
243s
.
35
13l2
99
10
$ per share
263s
4058
83i2
83
Thursday
35
42
40
4658
18i2
108l2 108i2 *108l2 109
31
3184
3H2
3134
*
Feb.
35
263B
42i4
26i2
4012
83l4
1334
Wednesday
9
$ per share
$ per share
$ per share
345s
22i2
Tuesday
Ran at Since Jan. 1
STOCKS
for
Monday
Saturday
Feb.
36*4
Nov
Feb
Mar
4ia Mar
32
Nov
18
Deo
6912 Deo
25i8 Mar
1151a Feb
195jj
Nov
3984 Nov
136
June
4
2138 Feb 11
Jan 23
125i2 Feb 10
70
July
12684 Nov
Jan 26
9oi4 Feb 11
79
Dec
83i2 Dec
12i2 July
2034 Mar
2684 Jan 28
28
Jan 26
70
75
Jan 12
47
Jan
70
Nov
114
July
114
July
17134 Feb 11
128
Jan
13
July
•150
Jan
4
Jan 13
23
Jan
7
1U2 Jan 27
153s Feb
1
25*2 Jan
36i2 Feb 10
1934 Feb
6
4
2118 Jan 27
30i2 Jan 5
n New stock,
r
2714 Feb 2
3234 Jan 14
Cash sale,
x
3i2 Jan
8I4 July
414 Jan
30
Ex-dlvldend.
Dec
y
164ia Mar
22
Deo
15
Deo
32ia Deo
297g Dec
395g Nov
Ex-rlghts.
Volume
LOW
AND
HIQH
SHARE, NOT PER CENT
SALE PRICES—PER
Sales
Monday
6
Feb.
Feb.
34
8
34%
48%
33%
48
38%
39%
40%
Feb.
9
$ per share
11
Feb.
10
Feb.
% per share
33
33%
I per share
33
3384
33%
34
46
34%
48%
41%
48
148«4 *147
147
Feb.
1 per share
$ per share
Wednesday
Tuesday
Friday
Thursday
4734
40%
46%
48
47%
40
39%
147
147%
147
Week
Shares
26
33
Feb
9
No par
46
Feb
9
...No par
38
Feb
1
4478 Jan
9
147
Feb
6
152
Jan
4
118
Jan
153
Dec
147
Feb 10
149
Jan
2
140
Jan
152
July
Paclfie Gas & Electric
Pacific Ltg Corp
Pacific Mills.....
280
Pacific Telep & Teleg
60
6%
100
..100
preferred
147
147
al47
147
*144% 148
♦147% 148% *147% 148
28
26
28
27
27%
27%
27%
2784
24% 24%
11%
11%
11%
11%
11%
11%
11%
11%
11%
11%
16
1634
16%
17% *16%
16%
17%
•16%
16%
16%
3%
3%
3%
3%
3%
334
3%
3%
334
3%
69
72
60
70
74
70
67%
7234
66% 70
86
86
86
86
86
86
*85
86%
86%
8684
*107
*107% 120
120
*107% 120
*105% 120
*107% 120
27
25%
26%
27%
2684 27%
26% 27%
26%
2734
193
190
190
180% 189
I8684 190% 187% 193% 184
23
25
2484
25
24%
23%
24%
24%
24%
24%
32
*31
32
*30%
*30% 3184 *30% 31%
*30% 32
5%
5%
5%
4%
5%
4%
6%
4%
5%
5%
43
43
43
43
42%
43
42% 43
42% 42%
29
28
28%
27%
28%
28%
2734 2734
28% 28%
7
7%
7
7%
7
7%
7%
7%
7%
7%
148",000
9%
21,300
Pathe Film Corp
29,500
Patlno Mines A EnterprNo Par
23,500
Peerless
8%
9%
8%
14%
1434
5%
5%
14%
5%
6I84
61%
99
99
9834
6%
11%
11%
72
25
25
41%
43
*72
*85
82%
*81%
*22
20
20
12%
54
12%
54%
5334
53
6%
12
75
18%
*75
98
*8
55%
86
*82%
*81%
24
*22
20
20%
12%
53
7
18%
384
6%
12%
1384
234
7434
18%
56
*8
18%
2%
74
18%
*75
98
55%
56%
66
18%
18%
334
334
3%
31%
31%
32
*53
59%
*53
*15
16%
15
15
*69'
72
68
69
*173
Mi
*25%
27%
109% 110
*2%
3%
25
*21
684
7%
27%
110
2%
20%
7%
131% 132
34% 34%
234
*2%
2534 26%
134
*20%
31%
934
3%
13%
28%
28%
21%
3I84
76
35
31%
*53
59%
61%
24%
51%
*80
56%
56%
*8%
834
*63
66
17%
18%
3%
3%
31%
31%
59%
15
15
*62
*50
68
15%
66
*165
131
134%
36
35%
21
32%
31%
31%
934
3%
1434
14
1434
29%
31%
*9%
3%
13%
29%
29%
2934
29
29%
30
77
29%
7834
62%
78%
3%
13%
62
51%
26%
21
61%
*117
71
984
3%
3%
117%
.
6I84
117
141
*138
162% *159
71
23%
23%
23%
22%
110% 110% *110% 111
*104%
77%
8%
77
----
78%
3534
*35
44
8%
35%
36
44
8%
*63
17%
18%
3%
3%
23,900
*31%
31%
600
*50
59%
15%
*63
66
*111
70%
44
44
834
8%
3534
4284
*234
3%
21%
7%
*22
7%
32%
31
85%
113
---
84
63
63
61%
117%
117% *117
51
50
50%
50%
111% 111% 111
123% 123% *122
69
71
22%
23%
111
111
112%
8%
35%
3534
44
*42 34
48
49
49
49
44%
43
43%
12
12
78%
3%
*72
78
*11S4
12
*72
78%
*72
3%
28
26%
26
91%
*87
108
*101
7%
8
3%
*23
2134
26%
*89
*106
8%
35
35%
119% *117%
106%
34
*117
106% 108
36%
*74%
38
76
131
131
9434
9434
28%
*28
*108% 110
30%
55%
31
66%
37%
7534
132
*90%
28
3%
28
223s
*3%
*23
2134
12
'
.3%
*23
28
21%
2134
*42
11%
*72
3%
3%
*23
28
2134
21%
78%
834
3584
7534
132
*73
76
74
74
*74
134
*133
135
*133
95
94
95
*90%
28
27%
28
31%
31%
55%
56%
38
*132
95
*108% 110
38%
*90»4
38%
77
55%
67
*65
65
*65
14
*12%
14
♦12%
2834
28
7834
*78«4
130
♦127
*7%
4734
8%
49
130
734
48%
130
8%
50%
334
3%
384
7%
14%
7%
7%
8%
14%
14%
1434
*25
32
3%
*27
*127
130
134
8
8
*7%
8%
50%
3%
49%
*3%
7%
50%
8%
8%
14
15%
15%
49%
3%
734
14
8
14
*27
•Bid and asked prices; no sales on
130
*130
334
*28%
this day.
8%
50
3%
6
4
100
66
Feb
9
100
1638 Jan
4
79%
135
1
Jan 20
20
Jan 16
87%
Jan
6
57% Feb 11
Jan 13
Jan 23
Feb
1,800
600
20,000
8
Jan 18
1%
27%
Jan
Dec
Jan 22
4934
Dec
9%
23,500
870
Deo
77
Dee
Jan 18
175
Jan 18
155
Mar
160
May
Feb
9
190
Jan
7
176
Feb
187
13% Jan 2
2484 Jan 27
1834 Feb
1
Deo
Feb 11
7% Apr
23% Dec
13%
32
29
Deo
Jan 26
49
110
Deo
Plttsb Screw A Bolt—-No par
Pittsburgh Steel Co
7 % cum pref
Pitts Term Coal
No par
100
Corp
1
100
6% preferred
Pittsburgh United
.-25
100
Preferred
100
103
278 Feb
20% Feb
3% Jan
(The)
Plymouth Oil Co
No par
5
Jan
Jan 22
112
Feb 11
4
Jan 12
8
28
Jan 12
2
8% Feb
1
137% Jan 30
36% Feb 10
5
245, Jan 19
Feb
2
8
107l2 Jan
31% Jan
2i2
Jan
5
3
Jan 12
Class B
No par
No par
t Postal Tel A Cable 7% pf 100
Pressed Steel Car Co Ino
conv 1st
1
Procter A Gamble
No par
6% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..No par
$5 preferre 1
No par
6% preferred
100
7% preferred
100
8% preferred
100
Pub Ser El A Gas pf $6.No par
Jan
IO84
255s Jan 4
25U Jan 27
Jan 12
67
Feb 10
Feb 11
6
112% Feb
4
128% Jan 21
140% Jan 20
162% Jan 25
113% Jan 25
72% Feb 4
159i2 Jan
7
Jan 16
11214
Pullman Ino
No par
66%
Jan
4
Pure Oil (The)
No par
1934 Jan
4
99
Jan
7
106
183s Jan
2234 Jan 15
18% Jan 21
4
12% Jan 15
Jan
7
76% Jan 14
778 Jan 4
6
Raybestos Manhattan.No par
3412
50
60
60
6
4178
Jan 30
2d
2
7
Jan 15
Copper A Brass
29
Jan 15
22% Feb
8
27% F eb 4
94% Jan 30
Jan
4
100
Jan
4
5
Jan
2
9
Feb
9
27%
Jan
4
37
5
Class A
Reynolds Metals Co
Jan 20
334 Jan 18
100
10
Jan 19
Jan
2
No par
5H% conv pref
100
1
Reynolds Spring new
par
100
10
t St Louis-San Francisco.. 100
ist preferred
..100
J St Louis Southwestern... 100
St Joseph Lead
*29
t Companies reported in receivership,
Preferred
a Deferred delivery,
..100
19%
14%
Oot
Jan
108% June>
80
July
10% Nov
383g Nov
Feb 11
119% Jan 29
108
Feb
6
9%
Jan
65% Oct
1% Apr
12% May
16
Aug
17% Aug
81
Deo
16>4
100
4%
31
Jan
Deo
Deo
Deo
24% Nov
25
Nov
90% Nov
99% Sept
4% July
16% Apr
114
77
128
May
Oct
Apr
8% Mar
29% Dec
Dee
78% May
104%
Oct
Apr
3934
79%
Deo
Deo
39% Jan
5
10
Jan
6
24% June
Feb
4
90
Apr
138
Oct
9534 Jan 26
30% Jan 14
92
Dec
98
Nov
22% May
105
Apr
25
July
34
Feb
117
Jan
4
29% Jan
4
67
Ruber'dCo(The)capstkNo
Rutland RR 7% pref
Jan
20% Nov
Jan 21
71
55l2 Feb 11
No par
Roan Antelope Copper Mines
Jan
Apr
117% Mar
3312 Jan 19
Reynolds (R J) Tob class B.10
Rltter Dental Mfg
5
28%
Deo
Deo
...6
99
16% Oct
934 May
83% Jan
68% Apr
133®4
Nov
100
109
91% May
9% May
59%
24% Mar
47
2
5
Apr
Jan
50
100
Motor Car..
114
36%
50»4
83
1
Jan
112
July
144% July
Jan
1
Preferred with warrants. .25
July
130
Jan
5
Remington-Rand
164
Jan
5
4
Feb
37
Jan
2112 Jan
80% Jan
Deo
Apr
Apr
Apr
Apr
39
Feb
Jan 25
Deo
Jan 11
3
Feb
146
73%
56
122% Feb
50% Nov
113
July
39
128
28%
28%
384
13%
49
11% Feb
1834
Oct
Oct
Deo
Deo
Deo
Deo
Deo
11%
35%
78
23
17%
1784
57% Oct
40% May
II584 Dec
26% Mar
29% Deo
9% Jan 20
3634 Jan 11
4584 Jan 20
100
Co
Jan 19
43
Reliable Stores Corp...No par
Revere
80
Jan
No par
Hosiery
Rels (Robt) A
47% Jan
103
4334 Jan 8
13% Jan 16
preferred
Real Silk
3
2
Jan
Reading
1st preferred
Feb
Jan 13
103
Fe'.
Deo
May
100
No par
384
4% Jan
1% Jan
684 May
103%
113%
112% Nov
41% Apr
2784
103
100
1078 Jan
Jan
Aug
112% Feb 10
17
Jan
Apr
16
6
No par
58%
21
3
Jan
Quaker State Oil Ref Corp..10
Corp of Amer
Feb
8
108
Radio
Apr
Jan
11934 Jan
Jan 11
Dec
9%
12
31
Deo
Oct
2%
Jan
May
86
Oct
4%
20
Jan 22
Deo
30%
Jan 22
3%
Jan
Aug
June
Feb
2
138
Jan
37%
62%
18%
1% May
14
21
4734 Jan
108% Jan
4
Jan 20
Apr
35%
28%
65% Jan 15
118% Jan 4
5234 Jan 21
5512 Jan
117
7% June
1%
11%
Jan 26
79%
135
112
Jan
8
34% Jan 22
31% Feb
79% Feb
4
Apr
58% Sept
884 Nov
19% Feb
4
32
Feb
8
8% Jan
2
8
68
Jan
67
Jan 26
Rhine Westphalia El A Pow_.
4
Deo
Feb 10
Reynolds (R J) Tob class A. 10
16%
Deo
66
100
900
18%
3%
182
200
200
Feb
Jan
8
175
6% conv preferred
100
6 % conv prior pref ser A. 100
19,000
7,600
Deo
84
11%
100
800
8%
Mar
52%
100
Preferred
1,000
51%
Nov
88
Jan
6% July
70
July
100
Preferred.
Republio Steel Corp...No par
800
May
8
153,700
1,100
3% Jan
10134 July
Feb
Reo
2,600
16%
Mar
Apr
7»4
68
Mar
15
100
229~400
16,400
Mar
66
Oot
12
Pittsburgh Coal of Pa
Rensselaer A Sar RR Co
3,000
3% Jan
8% Jan
1% July
Deo
54% Aug
102%
9
500
5,700
Jan
4
1st preferred
~3"70(j
81%
Dec
19% Mar
4
Preferred
"800
6684
38%
9% Jan 20
74%
19%
378
33%
53%
18%
76%
10% June
25% Jan
45% Jan
Jan
A o par
93.50 conv 1st pref.-No par
14
28
78%
13% Jan
86% Jan 25
4912 Jan 4
Jan
X Radlo-Kelth-Orph ...No par
67
*65
Jan 12
3% Feb
93% Jan 6
26% Jan 4
10914 Feb 10
*12%
2
81
Jan
128% Jan
14
*28
14
Jan
2% Jan
100
67
78%
12
74
100
56
29%
7% Feb
534 Jan
Preferred
31
78%
54% Jan 14
100% Jan 8
S\i% preferred
3034
*28%
8
40
♦12%
7884
4
Jan
20
*65
30
Jan
94
14
78%
52
100
134%
67
29
57% Jan 12
Jan
28
2184
5
18%
3% Jan
78
3%
5
Feb
12% June
60
200
11%
4
62
8
35,400
44%
*65
79%
No par
"3",200
48
*1234
29%
79%
29%
No par
Preferred B
300
28
*28
28%
2734
110%
109% 109% *105
31
31%
3034
3034
56
55%
56%
55%
*108% 110
10
No par
800
26
26%
26% 27
26%
26%
91
90
90
90
88%
88%
*106% 108
*106% 108
*106% 110
9
884
834
8%
8%
834
8%
37
36%
36%
35%
35%
35%
3534
116
118
115% 117% 116
118%
119
106
106
106
10634
106% 106%
108
37
No par
Purity Bakeries
12,100
45
90
37%
50
50
17% Jan
11% Jan
20% Feb 2
Jan 12
13
Nov
28%
....
2634
37%
Nov
preferred
108
37%
Deo
31
8% conv preferred
7834
*48
12%
90
Jan
6%
78
35%
4384
112
Jan
16
300
700
3534
Jan
56
240
146,100
49
78%
7,900
12
43
64%
60
54,800
Oct
58
7% Feb
46% Aug
8
6% conv 2d pref
18
77
Jan
25% Apr
7
4,000
21%
*103%
Apr
4
6
Jan 30
9
5
Jan 11
6
11%
9%
34
65% Feb
4
Oot
45
Jan
pref
*17%
8%
38
11634
Jan 15
48% Jan
4% Jan
2784 July
Jan
6%
*20%
9%
II684 June
Deo
25
1,200
1734
78
Mar
15% Jan 20
31% Feb 11
21%
12
110
5
21%
1734
1134
*103%
44%
♦73
111
105% 105%
105% 105%
59% Nov
Jan 27
33% Feb 4
11% Jan 22
113
*112
71
Feb
June
17
253g Jan 20
834 Jan 2
2% Jan 4
160
23%
30
Porto Rlc-Am Tob ol A .No par
700
113
28% Apr
8
Poor A Co class B
6,500
74
Plllsbury Flour Mills
.-25
Pirelli Co of Italy "Am shares'
700
20
10% Mar
Jan
8
1,500
6,800
Jan
Feb
55
6,200
7,100
Jan
6%
43% Feb
4
Jan 14
1878
38,100
Feb
73
112% Nov
4%
28%
Pond Creek Pocahon..No par
200
70%
Mar
3% June
91
Plttston Co
140
2234
*112
Aug
69
12% Feb 2
76% Feb 1
2934 Feb 10
4
Jan 13
4934
113%
60
1
Jan 23
87
Pittsburgh A West Va
123%
162% *159
2
.
111
*138
140
♦48
*11%
86
61%
*43
*43%
11%
14
31%
31%
*117
71
«.
1334
30%
*30%
31
934
3%
73s Jan
Jan
9
63a
3
Hosiery
300
800
2
8
100
690
l
5
Jan
17% Nov
3% Deo
Jan 16
preferred
Pierce Petroleum
650
131
8,000
80%
141
35,600
19%
32%
8034
162% *159
Birthday
26%
14%
31%
*138
60
25
7%
200
19
30%
30%
62%
840
Lincoln's
36%
234
934
117
3%
5,300
Jan
6
64
Jan
IO284 Feb
64
97
Apr
11%
Feb
Pierce Oil Corp pref
50
21,200
Closed—
3% Jan 2
60% Jan 28
Jan
6% June
10% May
1% Jan
24
Pitts Ft W A Chicago
Exchange
10% Jan 5
I684 Jan 20
684 Feb 11
86
Preferred
400
25%
44
21%
Stock
68
184
*2%
35%
3%
.23%
110% 111%
78
184
3%
23
*103%
184
49
3%
"""500
15%
*165
----
*43
21%
1,800
17%
5
8212 Feb
No par
Phillips Petroleum
10
8% Feb
14% Feb
100
Phillips Jones Corp
Phoenix
8%
70
4%
7% Jan 14
Dec
Deo
Jan
47% Mar
32% Nov
10
Apr
5%
No par
preferred
7%
lMOO
3%
*48
♦23
200
18%
4084 May
23
Apr
3
4
6
June
40% Feb 11
t Phlla Rapid Tran Co
87
57%
59
4
Corp of Am
6
Co..-No par
Phelps-Dodge Corp
26
Philadelphia Co 6% pref-..50
7%
Jan 28
Jan
Prior preferred
670
31%
59%
15%
10%
106% *105
106% *105% 106
21%
21%
1934 20%
20% 22
18
18
18
18%
17%
1784
12%
11%
12%
11%
II84
11%
76%
*8
8%
70
9%
*105
*104%
56%
3%
13%
30%
30%
5138
*110% 113
70%
690
7% Aug
100
100
*
*80
131
♦
51%
50%
112% 112%
112% 112%
124% 124% *123% 125
50%
*138% 140% *138
*159
162% *159
113
10
2%
10C
19
31%
36
.100
Pere Marquette
6
Jan 28
Jan
3934 Jan
People's G L A C (Chlo)...100
87
57%
par
60
Phillip Morris A Co Ltd
13134 13134
36
36%
2%
2%
26%
25»4
2034
*19%
134
26%
2%
No
Pennsylvania
Peoples Drug Stores..-No par
*6 preferred
112
*2%
Penn G1 Sand Corp v t o
2
22
..100
Phlla A Read C A I
111
6%
Preferred series A
7,600
111
21%
No par
Penney (J C)
No par
Penn Coal A Coke Corp
10
Penn-Dlxle Cement
No par
2,900
29%
7%
Penick & Ford
234
29
22
3
Preferred
18%
6%
Corp
76%
32
22
No par
Pet Milk
13
17%
734
29% Feb
2%
31
21
10
13
18%
21
4
75%
*18%
234
31
*234
5
24% Jan
1
Parker Rust Proof Co
300
7
18
110
37%
Pfelffer Brewing
*182
3
17% Jan
2«4 July
Feb
34% Jan 5
6% Jan 12
4434 Feb 3
Petroleum
18%
29%
110%
2
5,500
182"
3
2934 Feb
4U Jan
Ino—
7,500
18
110
..1
Feb
22'4
12%
29
2%
8% Aug
24%
20%
6%
July
Jan 28
1,500
700
103
26'4
Preferred
19,700
4
4
Peoria A Eastern
54%
*98% 100
Deo
Feb
4%
4
1,000
57%
Deo
174
Jan
Apr
Jan
Park Utah C M
500
io'ooo
Deo
25
67
213s Jan
166
6
600
Apr
Apr
97%
109%
8
10
42
19,400
74%
Feb
13%
100
Parmelee Transporta'n.No par
16,600
20%
1st preferred
23% Jan
1
No par
2.50
17,700
23%
2d preferred
Jan 25
105
100
Parke Davl6 <fe Co
600
Deo
Oct
Jan
Apr
11»4
8634
10634
2834
200%
4% conv preferred
Paramount Pictures Ino
87
182
110%
6
3,300
2,200
73
18%
187"
6
Jan
7,700
54%
12%
*18
Jan
76
2,600
2,400
84
6684
75
98
21
112%
70
12%
60
12%
7
2%
74%
74%
18%
26%
*123% 125
*110
7
6%
12%
234
100
No par
20
24%
20
20%
12%
12%
56
57%
53%
5334
*98% 100
20%
8% conv preferred
Parafflne Co Ino
76,400
61
84
*22
88% Jan 26
6
Jan
Deo
47%
18%
117g Feb 11
17% Jan 20
4% Jan 25
4
Park-Tilford
16%
634
*85%
89
*2%
26%
117
112
73
234 Jan 12
16
4,800
12,600
99% 100%
5%
5%
11
11%
*22
76%
117
61
84
*81%
*165
*173
*180
♦174% 187
18
18%
17%
*82%
89
*8
834
70
3%
*3034
84
12%
12%
65%
56%
53%
53%
*98% 100
55%
2%
74%
18%
*66
70
18
7
*75
834
*65
5%
28
1,420
1,100
26%
82%
12
2%
*18
54%
5%
♦98% 100
*98% 100
12
5%
11%
7334
16%
5%
6I84
9%
15%
5%
*60%
5
10% Jan
58«4 July
6% Jan
12% Aug
1% Jan
Feb 10
22% Jan
No par
Packard Motor Car
4434 Dec
14% May
10
Corp
Pan-Amer Petrol & Transp_.6
Panhandle Prod & Ref .No par
400
43%
12%
62%
2%
74%
74
98%
26
19%
6%
72
6134
99
10%
Pac Western Oil
5384 Jan 14
4,600
29
29%
28%
2934
28%
43%
42%
4284
43%
42%
4234
55
55
54
55
55
*5434
54%
*54%
11634
11634 *116
*115% 1163„ *115% 11634 *116
62
63
61% 62%
63
6134
64%
6134
9
884
9
*7%
*8%
*738
8%
834
*39
41
38
40
40
40%
40%
3984
24
*53
72
1584
5%
43
90
*22
5%
1034
72
15%
5%
25%
*53% 5334
♦115% 11634
6I84
65%
8%
8%
37% 38
*82% 84
99
11
99%
6%
11%
9%
1534
934
16%
5%
6134
99%
5%
11%
9%
6I84
*61
5%
5%
IO84
72
9%
23,600
46,800
Highest
$ per share $ per share
41
July
30>4 Jan
% per share
Jan 12
38
$ per share
Par
Lowest
Highest
Lowest
9.200
147
147
147
Year 1936
On Basis
STOCK
EXCHANGE
8,600
3.000
3934
40
149
$ per share
47«4
39%
12
NEW YORK
the
Range for Previous
Range Since Jan. 1
of 1QO-Share Lots
STOCKS
for
Saturday
1067
New York Stock Record—Continued—Page 8
144
24% Jan
6
72
Jan
6
117
Jan
4
7%
4334
Jan 27
Jan 29
3
Jan
6%" Jan
k
11
28% Jan
n New stock,
2
4
Jan 27
4
130
51%
4
Feb 11
Jan
8
9% Feb 11
16% Feb 11
31% Jan
r Cash sale,
*
8
50
Jan
74»4 Apr
5% June
July
22
36% Nov
60% Nov
65% Feb
75%
13%
35
119
10%
50%
Jan
Mar
Deo
Dec
Feb
Deo
3% Mar
1%
2%
Jan
Jan
7%
Jan
15
Oot
Jan
37
Oot
18
Ex-divldend.
684
Deo
y Ex-rights.
New York Stock Record—Continued—Page 9
1068
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
NOT PER CENT
Monday
Feb.
Feb.
6
• per share
42
99*2
♦110*2
112i2
19*4
435g
♦9788
284
♦20*4
3984
1»4
0*2
43*4
♦9
847g
33
16
16*2
9
• per share
3234
1578
33*2
33*4
163s
16*8
34
33*8 34
109.
♦107
3434
34
108
13
62i2
108
1284
*00*8
13*8
6212
43
44
*43
• per share
Feb.
Wednesday
Feb.
10
Thursday
Feb.
• per share
11
% per share
42%
42i4 43
42i2 43
4234 43
4284
4388
99*2
99*2
*99*4
99*4
100
99*2
99% 100
100
111*4 *110*2 111*4 110*2 110*2 110% 110*2 *110% 112
112
112*8 *11112 11214 *112
113
112% 112% 112%
193s
1958 21
21
21*4 22
21*2 22
21%
44
44
44*2
4378
443g
43% 44
43%
43%
9734
97*2 97*2 *97*2 977g
97% 97%
97%
97%
3
278
278
3*8
3
3*4
3%
3%
3%
21
2058 22
223s
23*4
22
23% 23%
22%
40
40*4
4034
40
40*4
405s
40
40%
40*2
1*8
1%
ls4
134
1*8
1%
1%
1%
1%
7
7
7
634
678
7
7
6%
7%
4358
43*2 4378
43*2 45
44
43*2 443g
43%
*9
9*2
9*2
9
9
9*8
9
9*8
9
87
86*4
87
803s 8684
863g
87% £87%
88%
327g
125a
62i2
8
Tuesday
44
108
33*2
1634
3484
108
Feb.
33%
16*2
17%
34% 3634
10784 108
13% 1
1284 13%
*58
6212 *59% 62%
43*2 4312 *40% 43
29
29
29*4
29*2
105
105
104% 104%
14
15
14*2
15%
54
547g
5434 54%
32%
17%
3534
$ per share
107
110
11,300
7,700
400
29,200
4,700
27*2
19*s
27
27*4
51*4
50
2734
19*2
27*4
19
19
18*2
113*8 113*8 *112*4 113
*112*4
5
6*4
5*2
5*8
5*4
36»4
3684
307g 37*8
36*2
*145
154
*145
29*8
48*4
29*2
315s
33
56*8
51
58*2
*61*2
95s
70
64
984
70
*93
94
♦33
34*2
64
65
33s
4784
3*2
4838
615s
3484
59*2
65
*61*2
934
10
*145
295s
495g
34
5734
*62
9*2
71
72
102l2 103
103
9
884
30*8
30*2
*94
22*2
32*4
4934
2738
111*4 111*4
43
4384
16
1584
*127
128*4
11*8
11*8
12
II84
2084 27*4
*56
57*2
2I84
29*4
505s
3384
58*2
2934
71
♦10212 103
85g
878
30
303s
*31*2
*49*4
2584
154
884
283g
95
*94
3312
*33*4
227g
115
6,300
3,700
300
6,700
49*2
4
60
60%
400
*40%
43
30
14%
3%
*145
30
29*2
5078
35*4
593g
34*8
67s4
35
65
*62%
65
10
*9%
934
71*4
7184
103%
50
103*2 *103
884
28%
28*2
94%
*94
35
*33
29%
51%
59
9
29
49*2
34%
5784
713g
40
*38
40
7234
19*8
*1634
30*2
16*2
7234
163s
7484
123
30*4
1678
7434
123
58*2
63g
3934
*38*2
*18%
2658
3178
22*4
16*4
14*2
*55
58*2
65S
3934
3878
19*4
27*8
3178
22*2
16*2
1412
5678
8
75
72*8
40
31*2
303g
31
31
17
16*2
73*4
16%
7434
16%
74%
75
123l2 123*2 £119*2 12234
59
6*2
395s
38*4
1858
2738
3134
21*2
16*4
14*4
56
6034
634
6*2
39
60*2
634
*183g
19
2778
27*2
28
32
32
32%
22*2
16*2
22
145g
2134
16*4
14*4
56
55
778
778
57*4
8*4
40*4
58
5734
83s
1338
583s
41
155s
137g
16*8
14*8
40&8
1578
1378
60
4034
38*2
185g
1234
44
72%
49*4
*27*2
71*4
40*2
71*2
19%
1634
7212
19*2
17*8
13*4
83s
50
33
17
1958
17*8
13
*734
4938
*27*2
7134
39*8
7134
19*4
8*2
38
778
39
38
16%
14«%
55
119
60
6*2
38*2
3734
18%
27%
32%
21%
16%
14%
56
7%
1358
5678
58
13%
55%
8%
33
72%
40*2
71%
20%
17
8*4
4138
41
16*4
1434
1578
14*4
834
4112
16%
14%
4634
37*2
28
32%
22%
16%
14%
56
41
15%
14%
45%
37%
*18%
27%
£31%
21%
16
14%
*55%
5*4
96*2
66*2
105
106*8
27*8 2738
131
131
99
99
30*4
2958
3038
3034
130
77
23*2
17*8
24
100
Spang ChalfaDt A Co Inc pf 100
Sparks Withlngton
No par
13,900
1,400
Spear A Co
30
360
60
20
2
Closed—
10,500
Lincoln's
1,400
3,100
Birthday
33,200
Standard Oil of Calif
13,300
Standard
2,500
800
Prefei red
28,200
700
No par
cum
No par
Indiana...26^
Oil of
Standard Oil of Kansas
10
Standard OH of New Jersey .25
Starrett Co (The) L 8. .No par
Sterling Products Ino
10
Stewart-Warner
5
Stokely Bros & Co Ino
Stone & Webster
1
No par
t Studebaker Corp
Sun Oil
200
14,700
74
101
Jan 23
75s Jan
5
(The)...l
8
33% Jan 13
20% Jan 4
28*2 Jan 4
4884 Jan 5
22% Jan 26
Jan 14
2
4112 Jan
15*4 Jan
126
Jan
10%
884
25*2
65*4
63
4
4
Jan
4
Jan
4
Jan 27
Jan 30
Feb 11
7
9*2 Jan 28
3012 Feb 8
94
Feb
2
36
Jan
2
67t
Jan
Oct
11484 Nov
9*4 Mar
Oct
27
92lt Oot
36*4 Jan
24ig Aug
32*2 Feb 10
735g June
29*4 May
157g Apr
138g Jan
50
44
Jan
53*4 Mar
99
Mar
1096a Nov
4384 Nov
18*a Nov
23*14 Jan 12
Jan 11
37
Nov
2834 Feb 11
112
Jan 22
4578 Jan 11
16*4 Jan 20
128*2 Feb 8
128s Jan 22
14*8 Jan 18
3U2 Jan 12
65
Jan 12
728a Jan
7
2I84 Apr
14% Apr
120% Jan
9*2 July
5*8 Apr
9*2 Jan
24*4 Apr
2684 Apr
129
Feb
13*4 Mar
97g
Feb
277g
Deo
62
Deo
Deo
Jan
6
2
Feb
72*4
3*4
493s Feb
9
35
Aug
47%
Feb
46%
Jan
8
50
Feb
91
328|
Jan
48ig
Deo
31
Jan 11
32
Jan 25
4
6784 Jan
34l2 Jan
71*4 Jan
17*4 Jan
15*2 Jan
28*8 Jan
13*4 Jan
4
Jan 11
9
7238 Feb
25
Mar
4034 Feb 11
55*i Jan
2484 May
75
Jan 29
65
21
Feb 11
16*2 Apr
8
.17*2 Jan 20
335s Jan 9
77*2 Jan 11
18
Jan 26
100
Feb 10
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
54
9
10412 Jan
63*4 June
101*2 Mar
684 Apr
2
73
Without warrants
4
DeJ
117a Nov
Oot
82
38s Feb
119
Preferred
Jan
684 July
43*4 Jan
........No par
350
4,700
32,000
31,200
1,600
1
prior pref
No par
•7 cum prior pref
No par
Stand Investing Corp..No par
107,800
5
...100 £106
t Stand Gas A El Co. ..No par
400
68i2 Feb
Jan 27
Stand Comm Tobacco
•6
59
92
..No par
Standard Brands......No par
Preferred
No par
2,600
22,400
Jan
No par
6)4% preferred
Square D Co
900
Jan
Jan
Spiegel Inc
31,000
19
65*8 Jan 20
10% Jan 11
34
2
23
Spencer Kellogg A Sons No par
Sperry Corp (The) vtf
1
8plcer Mfg Co
No par
Conv preferred A
No par
33,000
8
6
Feb
9
1
...
•5.60 preferred
2,300
59 *2 Feb
5512 Jan
par
125
Feb 11
~14~%
9*8
Jan
Jan
31
Deo
70*8
Dec
40*4 Oot
78*t Nov
24*2 Apr
30*2
Deo
Oct
Jan
157g
70
Dec
91
Mar
37
Jan 27
32i2
Jan
13
Jan
25*8
318s
Jan
I884 Jan
14*4 Jan 6
13«4 Jan 27
Jan
4
118
Jan
125
Nov
6I84 Feb
Jan
4% Jan
3
27
Jan
60
Dec
73g Jan 28
4534 Feb 11
3
Jan
6*4 Mar
95| July
42% Deo
377a Oot
13*2 Nov
2088 Nov
357g Jan
203g Deo
15*2 Deo
397g
8
Jan
20*2
£32*4
3234
2334
173g
Jan 25
23
Jan 20
Jan
Jan 22
65g Jan
20*4 Apr
28*2 Apr
Jan 20
15
Jan 21
12«g Nov
Feb 11
1534 Jan
Nov
8
337a
Apr
487g Nov
59
Mar
63*8
38
47g
1st preferred
47«4 Jan 29
32*2 July
477g
20*a L/w*
54*4
64
37
96*2
66*8
260
Feb
4234 Feb 11
12%
28*2
4412
15*8
Mobile A Ohio atk tr otfslOO
Spalding (A G) A Broa.No
25
23*2 Jan
1284 Apr
4
7*2
12*8
27*2
938
207g
100
32l2 Jan 13
515s Feb 8
35*4 Feb 9
9
12%
86
Preferred.....
6
Jan
92
86
4
Mar
Feb
12%
8%
12%
28%
44l2
*1434
4
Jan
160
62
92
36
Jan
24
Feb
35*2 Aug
700
12%
3534
Feb
4212
.
Jan
July
o71*
300
92
23
29
Southern Pacific Co...—.100
Southern Railway
..100
150
114
3,800
*91
*22
Southern Calif Edison......26
48,800
76,900
23,500
2
Jan
Apr
12%
12%
978
109*4
934
~6~906
155
Mar
37f July
26
65%
91
934
5
110
Jan
4234
11*8
*108
Feb
4
30*2 Deo
17*2 Nov
Sept
1212 May
4312
37*8
91
23 38
154
4% Jan
21
Texas A Pacific Ry Co
100
Thatcher Mfg
....No par
14%
12*2
8*4
1678
203g
5
Nov
72
45*2
16%
92
76
Jan
85
118*2 Deo
40*4 June
Texas Paoiflo Coal A Oil...10
Texas Paoiflc Land Trust
1
8%
41%
*91
9%
29
Apr
19,800
27,500
1,100
8%
4134
16%
14%
46%
42%
92
21*4
100*4 106*4
2734
28%
77
76*8
17
1678
21
20*4
5
10% Jan 15
111*8 Jan 22
132
1178
5038
778
3 884
13*8
11*2
65%
21
26% Feb
Jan
Dec
Tennessee Corp
*62%
12%
9*2
Jan 13
116*2 Jan 15
54l2 Jan 11
684
473g
Texas
1234
9
138
7
Jan 26
Oct
487a
47,200
14,300
7,100
12*4
35*2 36*2
£21*8 21*2
106*4 106*4
275g 2838
4
Dg
Nov
28*4 Dec
127*2 Nov
14*2 Jan
20,800
62
7*2
Feb
64
45
1334
127g
12
102*4
Deo
11*4
5334
62*8
27*4
2
Dec
884 July
1984 Jan
£3*2 June
19*2 Jan
97% Dec
54
Sept
657| Jan
Deo
Dec
1/52%
8%
40%
15%
13%
45%
62*8
*1238
8
Jan
102
Nov
5634
1278
23*4
958
Snider Packing Cerp...No par
So cony Vacuum Oil Co Ino .15
47
2
Jan
48
1068$ Feb 2
15*4 Jan 12
5578 Jan 28
4*8 Jan 18
Deo
Nov
1,200
63
12
1484 Apr
4
700
Jan
43*8 Jan
30*4 Apr
Jan
Exchange
July
484
8
34
Stock
89
1
lni«
31»8
19*4
3278
104*2
5634
7%
7%
*62
27
Feb
l*n Deo
165g Jan
llig Jan
2084 Jan
Dec
77g Nov
101*2 Nov
13%
8
45
8
60
14
3*a July
69% Jan
44
13%
42*4
62*4
1234
4
2*8 Deo
87g Dee
Apr
30*2 Aug
Jan 21
Talcott Ino (James)
45
27*2 27*2
9
834
35*2 35*2
21*4 2138
106*8 106*4
26*8 2734
76*2
75*4
17*8
1684
20*8 2058
5
2
Jan
Feb 11
Symington-Gould Corp ww..l
4134
*12
5
Jan
4
20*2 Feb
7g
Feb
9,600
46
11%
Jan
10% Jan
Feb
175s Feb 10
3 684 Feb 10
109*8 Jan 30
10184 Mar
4*4 Feb
44
3,000
42
12
29
102
171C Jan 13
34
114*2 Mar
177g Nov
557g NOV
1% May
65
4,400
2,300
45
12*2
4
Dec
495g Nov
70s June
30
32%
40
42
4
Jan
155s Jan 26
June
Feb 11
21%
16%
14%
4412
12*4
778
7s Jan
28
11
377| July
93
40% Jan 5
267g Jan 29
102U Jan 4
Sutherland Paper Co
10
Sweets Co of Amer (The)...60
Swift & Co
25
Swift Internet Ltd
No par
1834
28
Jan
Solvay Am Invt Tr pref...100
32,100
40
*91
7% Jan
South Am Gold A Platinum. 1
So Porto Rico Sugar...No par
Preferred
100
21
*38
127g
Jan 15
19*2 Feb 8
113*8 Feb 6
584 Jan 26
42l2 Jan 12
~62~606
4234
88*4 Feb 11
Jan 26
85% Jan
72%
4034
71%
634
4
6
41
111
33
60*2
2
9
Feb 10
Jan 14
Jan 2
8*2 Jan 2
47*4 Jan 25
11*8 Jan 21
100
9%
6%
4534 Jan 21
18,900
4,600
28%
59*2
9
Sloas-Sheff Steel A Iron...100
7% preferred
100
Smith (A O) Corp.........10
131,600
103% 103*2
61%
Feb
Jan 26
7
72
6%
43%
38%
18%
22
Jan
Jan
2.500
59%
31
32%
18
17%
17%
74%
73%
73%
123
119% *120
110*8 Sept
99
110
35
16%
108
3
100
7184
16%
No par
Preferred
100
£71%
20%
6
Feb
Jan 27
1,900
3934
Nov
Jan
113
42
700
29%
51%
4934
114
113
Jan
10
9%
£48%
*27%
71%
Deo
Aug
Jan
25
154
31%
7%
13
49%1
99
Slmms Petroleum
62%
28
Dec
Skelly Oil Co
62%
9*2
834
28%
94%
34%
July
6,000
570
154
27
96
2,200
4
2,800
*145
Jan 13
Jan 21
12% Jan 26
44i2 Jan 4
3% Jan 5
6,200
43,200
72*2
17*4
42,500
233g
23*2
2234 23
22%
23%
31
32
32
31
3214
32
31% 32%
*49*4 4984
49*4 4984
*4984 50
4984
4984
273g 277s
27*2 28
27% 28%
27%
2834
111*4 111*4 111*4 111*4 *111*4 111% *111% 111%
435s 44*8
44
44l8
44
44*8 *43% 44
16
16
157g
1534
1534
15%
1534
15%
128
128*2 *128
128*4 *128
128% *128
128%
11
11
11*2
11*8
11%
11
11%
11%
115s
12*4
115s
121s1
12%
13%
12%
12%
27
27%
2658 27*4
27% 28%
26% 27
57
57
58*4
565s
57
57
55%
55%
65
65
63*2 6434
63
64% 66*2
64
*3
*3
3*2
*3
3*2
3%
*3%
3%
48*8 4834
4834 493s
48% 49% £48%
49%
723g
19*8
*1634
29*4
19*2
700
14%
54%
40
100
Sliver King Coalition Mlnes.5
Simmons Co
No par
11,900
54
7
5
Sheaffer (W A) Pen Co-No par
Shell Union Oil
No par
Conv preferred
100
90
29*4
4
115
1
share
per
Jan
Jan 21
81
Highest
• per share
share
per
Jan
Jan 11
1*2 Jan 29
par
par
No par
Conv preferred ser A-No par
800
33
Feb
Shattuck (F G)
....No par
Sharon Steel Corp.....No par
$5 conv pref
3334
4978
3*4
23&8
45*4
2*8
Sharpe A Dohme
94
*38
33
2
Servel Ino
1,200
3334
49*4
*27*2
7158
*27*2
7078
Jan
•
£38
12,400
'
1*4884
Jan 22
2
13
93
33*2
2212
98
17
108
115% 115%
878
2
1
Seagrave Corp
No
Sears, Roebuck A Co..No
Rights...
27,500
50
49*2 49%
5084
27*2
27% 28
27%
2734
19*2
18%
19%
18%
19%
113
*112*4 113
*112% 113
53g
5*4
5%
5%
5%
37
37*4 37%
37%
37%
72
Jan
Scott Paper Co
No par
t Seaboard Air Line..-No par
Preferred
100
Seaboard Oil Co of Del-No par
10,600
50*4
154
41%
97%
10984
111%
14i8
42i2
9484
100
12%
115
116
50
par
...100
Sohulte Retail Stores
Preferred
590
15,300
115
*114
4934
No
Year 1936
Lowest
Highest
• per share
6% preferred
....100
7% preferred
100
Savage Arms Corp
No pa*
Schenley Distillers Corp... .5
5)4% preferred
100
130
13,900
132l2 13212
115
49
5% preferred
36%
Range for Previous
of 100-S/»ar« Lots
Par
8af§way Stores
17%
*114
378
455s
102
Shares
200
45
45% 46%
46%
102% 102*3 *10134 102
130
132*2 *129% 133
384
Range Since Jan. 1
On Basis
Lowest
5,200
104% 105
1937
13,
EXCHANGE
Week
12
33
28*2 29
28% 293g
*10478 105
*1047g 105
13
133s
143g
135s
64
54%
54l2 553s
378
384
384
334
45
45
44*4 45
102
102*4 102*4 102*4
133
133*4 13384 *130
45
STOCKS
NEW YORK STOCK
the
Friday
......
3234
1234
102
Sales
for
Saturday
Feb.
13
8
7%
*12%
12%
28
27%
9%
934
36%
37%
2034
21%
106% 106*4
28%
2834
77
75*2
17
16%
1934 20*4
23*4
42
*62%
12%
36%
8%
12%
28%
9%
36%
2034
21%
9
106% 106%
28%
77
16%
20%
28%
7834
17%
20*2
24
2334
23% 24%
24%
97g
958
9*2
9%
9%
9%
10
9%
*108*4 109*4 *108
109% *108% 109% *108% 109%
*9*2
934
958
934
9%
10
9%
9%
*21
22
22
22
*20*2 23
22%
22%
3534
363g
36ig
36%
3534 36%
3534
36%
45
44*4
44*2
45*2
45%
45%
45*4
45%
15
1534
15*8
15*4
15%
15%
1434
15%
86
86
88
87
88
*86*4
87%
8734
5*4
5*2
5*2
534
5%
5%
5%
5%
96
96
93
9734
95
94
96%
95
67
67
66*2
67
65*2
6734
64% 66
10558 106*2
10534 10634 107% 108%
108
108%
27*8 2778
2678
27%
27
20%
27%
26%
133*2 135*8
132*2 133*2
132% 134
133% 134%
99
99
99
99
9878
99
99%
99
303g
3034
30*4
30*2
30
30%
30*2
30%
2934 32*4
3134
32%
30%
3134
30%
31%
160
514% preferred
Telautograph Corp
300
3,500
20,500
•3.60
,3,100
conv
pref
The Fair
5
Preferred
1
.....100
Thompson (J R)
Thompson Prods Inc..No
Thornpson-Starrett Co.No
cum
par
par
100
Third Avenue
•3.50
25
No par
....No par
Thermold Co
1,300
14,700
4,400
44,100
8,000
17,800
15,900
6
Corp (The)
Texas Gulf Produc'g Co No
Texas Gulf Sulphur...No
140
18,800
2,100
60
pref
Tidewater Assoc 011
Preferred
25
par
par
No par
10
...100
Timken Detroit Axle
H*2
90*2
10*4
6*8
12
25
6*4
32
Jan 15
Jan
2
Jan
4
Jan
4
Jan 28
CorpNo
240
Preferred
par
No par
Jan
10*4
Jan 25
Jan
40«4 Jan 25
Jan
2
United Aircraft Corp
26
—100
100
No par
5
Feb
4
56
3
278s Jan 22
10*2 Jan 16
24*4 Jan 21
4U
64
Jan 28
Jan
17% Feb
8*2 Jan 11
91*4 Jan 22
Jan
79
10% Jan 15
34*4 Jan 4
4234 Jan 13
Jan
12*8
223g Jan 11
38*2 Jan 20
47*2 Jan 21
17l2 Jan 22
94
Jan 20
67g Jan 20
100*8 Jan 8
68
Jan 11
Jan
Apr
14*4
1006s
8
109*8 Jan 21
5
Union Oil California..
Union Pacific
Jan 13
24%
47S
Jan
Jan
26
283g Feb
6
Jan
35,700
4,300
4
4
Jan
No par
Feb 11
Jan
5
Oot
8*4
Jan
Jan
8*4 June
85
8*2 May
3*4 Jan
9
22
Jan
Jan 16
215g Feb
108
7*2 Jan
9*4 June
28
Jan 13
108
85
10,200
Union Tank Car..
Jan 13
100
Under Elliott Fisher Co No par
Union Bag A Pap Corp No par
Union Carbide A Carb.No par
Preferred
5
4
Ulen A Co
1,800
4
1334 Jan
5,300
Jan 13
3
par
2,600
3,000
6
Feb
Jan 16
Rap Trans..No
Jan
13*8
8*2
13*4
287g
Jan 27
Preferred
165s Jan 22
153g Jan 28
49
Jan
16
Twin City
44*i
5
185s Jan
1,300
55*4
87g
Jan
4
70
20th Cen Fox Film
Nov
33
Jan 12
Jan
20*8 Jan 16
105*8 Jan 4
1934>
6
43
13*2 Feb
Jan
9*8
55g Apr
287t Jan
93*8
Jan
684 May
14*8 Jan 12
593g Feb 3
9*4 Jan 20
Jan 27
Timken Roller Bearing.No par
Transue A Williams St'l No par
57*2 Feb 3
8% Jan 12
Feb
Transamerloa Corp
No par
Transcont A West'n Air Inc. 5
"3366
4,100
83,000
2
Jan 18
Jan
Tri-Continental Corp..No pa>
2,500
Jan
22
6% preferred
No par
Truax Traer Coal....-No par
Truscon Steel
10
400
5
2
10
10,900
11,800
Feb
7% Feb
55
11
Apr
Apr
147|
Jan
10*8 May
7*8 Jan
93
Jan
47g
Jan
7*8
Apr
22*2 June
31*8
Apr
884 May
July
Oot
10
Nov
110
Feb
126s
9*2
1358
32*4
8*2
39*4
21*4
100*2
277g
74*2
18*8
275g
Mar
Feb
Nov
July
Mar
Feb
Deo
Mar
Deo
Nov
Nov
Apr
22*8
Deo
12
Feb
110
Oot
9*s Nov
28
Dec
385s Nov
47«4 Nov
17*2 Dec
85g
Jan
102*8
Deo
5
4
28*4 Feb
4
20*4 Aug
4
135*8 Feb
8
98
Jan
2
9984
20% Jan
2738 Jan
5
4
31*2 Feb
3278 Feb
108*2 Jan
90*8 Jan
225g Jan
205g Apr
9
15*4 Feb
143$ Mar
49
109
Jan
4
Deo
Deo
Nov
745$ June
38*2 May
715s Jan
126*2
Jan 13
Deo
65*4 Jan
27g June
101*2 Jan
25*4 Jan
1087| Feb 11
Jan
13
70
Dee
Deo
105*4 Nov
28*2 Feb
149«4 Aug
100
Juno
31%
Feb
323g
Feb
1
*
Bid and asked prices; no sales
on
this day,
t Companies reported In receivership,
a
Deferred delivery,
n New stock,
r
Cash sale,
x
Ex-dlvidend.
y
Ex-rights
Volume
HIGH
AND
SALE PRICES—PER
Saturday
Monday
Tuesday
Feb.
Feb.
Feb.
6
8
$ per share
5 per share
SHARE, NOT PER CENT
Wednesday
9
$ per share
<
22i2
22i8
23
22%
23
21
22
21%
27
28i2
28
28
29
30%
30
31%
30%
♦31
32
7
4458
14%
14%
24
102
102
7%
54%
82i4
168s
28%
88
88
*31
7%
46
*22
29%
32%
7
7%
45%
16%
23
4478
1434
*2278
102
8%
6534
83%
15i2
8%
67
2834
104
8%
59%
104
32%
7
44%
15%
23
104
30
*134
18%
3038
136
*171%
18%
18%
♦55%
57%
39%
7%
14%
♦100
41
7%
15%
102
68
69%
16%
54%
*96%
87%
♦71
17
55%
18%
30%
7
15
23%
*104
59%
97%
97%
89
167
♦81
72%
99% 102%
149%
149
8%
7%
84%
7%
*81
*78
•158
161% *158
*102
104
3%
3%
2
*101
3%
2
167
167
8%
9
7%
778
55
33%
33%
42
41
114%
43%
44
*
88
*85
378
2
58
8%
58%
*113% 114
11
*10
30%
30%
132
132
*70%
♦7%
*40%
30
♦117%
*3%
17% 17%
44i2
43%
115% 115%
*
11%
*6%
17%
4578
115
30
30%
132
132
*95
18%
49
115%
18
47
19%
19%
*19%
48%
47
85$
8%
9%
97%
*95
15%
67
7%
*79%
79
83
79
♦158
162
378
8%
58%
10%
132
47
8%
*94
*96
16%
*65
108% *107% 109
99
99%
16%
lli",500
67%
100
1%
1%
1%
3,500
9
8%
33,300
29%
8%
29%
42%
43
38
37
37%
8%
47%
*80
'9
8%
*80
*80
1%
1%
1%
48
48
*80
83%
170
*162% 167
2778
28
37%
*37% 37%
2478
24% 24%
34
*33% 34
88%
*79
83%
100% 100%
108
108
*99
100
99
99
98
167
37%
z24%
27%
24?8
*33%
*161
27%
37%
34
27%
*37%
24%
33%
5%
109
98%
120
120
114
114
90
2%
1,000
7%
8%
9,000
19,500
10,800
37%
Convertible
5%'
59%
11%
5%
1178
86
85
5%
11%
88
88
60%
44l2
95%
45
88%
89%
96%
♦118% 123
*72%
73
59
*58
32%
33%
139
139
*45%
81%
*104
46
8278
107
37%
8
37%
8%
*
59%
45
60%
45%
5%
11%
87%
z58%
43%
5%
97%
1234 Jan
7
37
5
127%
Jan 12
12
Jan
Jan 21
30
Dec
Feb
8
19% Jan
50% Feb
8
9% Feb
Feb
14% Jan 29
65% Jan 26
1% Jan 5
6% Feb 1
18
Jan
69% Jan 23
1% Jan 21
12% Jan 25
35%
Jan 16
35% Jan
4
43% Feb
3
Feb
5
38
Jan
8
9% Feb
1
preferred
No par
West Penn El class A—No par
100
Preferred
...100
West Penn Power pref—100
6% preferred
100
Western Maryland.
100
2d preferred..
...100
6% preferred
...100
100
Western Pacific
98
Jan
4
102
Jan
9
91%
Jan
107
Deo
Sept
4
109
Feb 11
96
Jan
110
Apr
6 zl00% Jan 19
6
122% Jan 21
87
Feb
102
Sept
Jan
95
120
Jan
Jan
Jan
Jan
8
116%
111%
Jan
Jan
10% Feb 10
8%
Apr
12% Feb
23% Sept
115% Jan
113% Feb
8%
17%
2%
7%
74%
48%
124% Sept
8
2
Jan 22
Apr
1% Nov
6% Aug
72% May
Feb
34%
21% Feb 10
3
Jan
8
Feb 11
Jan 22
23% Jan
4
15% Jan
4
5% Jan
2
6% Jan
4
« 6
6%
42
42%
Jan 29
46% Jan
4
42%
Mach—.No par
Conv preferred..
No par
1,100
Deo
Feb
June
104% Jan
50
White Sewing
11%
85
Jan
Deo
White Rk Mln 8pr otf. .No par
White Motor
1,400
39%
8384
Jan
65,800
2.100
Feb
Deo
Deo
Dec
284
62%
Jan
6
Deo
1284
38%
37%
Feb
38
18%
Deo
2%
78
103
30%
18%
69
33% June
....—100
5%
41%
Nov
Nov
9
7
Jan 18
30
105
4
Jan 18
18
18
Nov
7% Nov
84% Feb
90
Preferred
52
2% Jan
51% Jan
114
600
Aug
20
4
5)4% conv preferred—100
Wheeling 8teel Corp...No par
~18~3O6
1
Jan
4
40
52
May
Deo
Deo
4934 Nov
12%
5
33
110
Jan
21
Apr
19% Apr
6% June
15%
Nov
Jan
5% preferred..
30
Wheeling A L Erie Ry Co.. 100
51
% June
4% Jan
39%
118
Jan
26% Feb 11
110
47% Jan
9% Apr
44
Apr
734 Mar
19
Fob
2
30
3,600
1.100
Jan
Feb
81
23% Jan
Class A
Apr
86
137% June
4% Feb
10% Mar
46
Westvaco Chlor Prod..No par
37%
26%
34%
Westlngh'se Air Brake.No par
Apr
Apr
Dec
58% Deo
114% May
1334 Dee
41% Dec
131% Aug
8%
"""l%
37% Jan 23
Preferred
Western Union Telegraph-100
Jan
5%
26%
17%
10%
83
100
1
9%
2%
48% Jan 18
99
6
Jan
114
6% Jan 26
Jan 26
94
7% Jan
5
4% June
Jan 28
17
2
Jan
Aug
Aug
2% Aug
Jan
Apr
11% Jan 4
45% Jan 14
19% Feb 6
Feb
Apr
May
19% Feb 11
Feb
8
49
118
6
4
14
zll4%
70
5
Jan
Mar
120
2
42
109
5
Jan
114
4% Jan
28% Aug
122% Jan 11
4% Jan 21
12% Jan 21
Feb
37%
Jan
Feb 11
7
33%
40
Jan 13
Feb
5
Jan 14
4
Jan 22
15
II684
94% Jan
123% Jan
22% June
35% Oct
19% June
31% Nov
153%
105
Feb
8
34
116
Feb
6
52
Feb
4
4
110
Deo
Oct
Oct
160
33*4
Jan
39
Jan
32
July
Oct
35%
99
4
Feb
9%
x50%
7
Feb
4
96% Nov
Jan
34% Jan
Dec
Jan 28
Feb 11
30% Feb 11
18% Jan 25
Jan
91
Nov
Oot
July zl20
39%
21% July
84
July
109%
18%
Feb
13% July
3% Apr
16
Apr
Deo
Feb
28% Nov
17% Nov
6% Nov
43
Nor
-
5%
5%
f zll%
5%
5%
12
11%
87
88
87%
88
58%
69%
58
59%
.44%
1134
45
97
*87%
89
122% 124
*72%
73
Sept
36% Jan
87%
59%
45%
Bid and asked prices; no sales on
84
No par
34
97
98% % 97
89
88% 1*88
87%
121
122
124% 124%
73
73
7234
72%
60
59
59%
*58%
57%
59
33%
31%
31% 32%
3178
33%
140
140
13934 140
*137% 139%
45
45
*45
45%
45% 45%
84
85
83
83%
84%
84%
105
105%
105%
104% 104% *105
37%
36%
37% 37%
37% 38%
8%
8%
8%
8%
8%
8%
96
Aug
Sept
61% Jan 22
114% Jan 16
76
Aug
48% July
84
133
16
116
Feb 10
Jan 19
2
Dec
30% Deo
49% Nov
80
Jan 14
8
67
Jan
zllO% Feb
40
Apr
May
30
9% Jan 15
6% Mar
2% Oot
72
30% Jan 22
51
5%
10%
8
Jan 15
...
Jan 19
170
25%
107% 108
30%
29%
k
Feb
5
50
6%
42%
2
35
Wesson Oil A Snowdrift No par
118
42%
28%
4
110
41
Jan 20
4
*116
41
June
16% Apr
Jan
*106
41
July
30
Jan
118
41
1
Jan 20
Jan
110
J778
4
Jan
Jan
Jan 20
26
*116
18
54% Jan
5
Wells Fargo A Co.Conv
87
3%
Feb 11
9% Jan 27
7% Jan
113
2%
58%
34%
44%
11434
46%
<186%
145
*106
30%
Feb 10
87
pref—A 0 par
No par
No par
Aug
Apr
161
110
6
Jan 18
42% Jan
086% Jan 19
114
24
Webster Elsenlohr
Nov
4% Jan 13
5
No par
92
165
5
Warren Bros
67% Apr
115
4
5
July
8% Nov
Jan
Jan
—No par
t Warner Qulnlsn..... No par
168
Nov
6
Mar
4
Deo
July
60
Jan
Apr
144
153
7% Jan
$3.85 conv pref
79%
154% Nov
Jan 18
9
Warner Bros Pictures
76%
Jan 19
1% Jan
Nov
103% Nov
108
3% Jan
.100
101
164
3% Feb
Sept
63% Deo
19% Dec
49% Nov
9
100
No par
9%
18%
104
Jan 21
100
No par
69
86
70% Feb
117% Feb
class A—.No par
20%
62%
Feb 11
79
Jan
Feb
Nov
Nov
Apr
Jan
Jan
102
Weston Elee Instrum't.No par
*37%
Jan
Jan
169%
84% Jan 11
Westlngbouse El A Mfg.—.50
1st preferred
66
120
28%
17%
81% Jan 13
10
26
68%
46%
39%
126% Nov
Apr
67% May
2,500
*116
28%
17%
5%
6
28
6,800
72% July
23% Nov
9
8% Feb
170
*106
51%
Jan
163
120
108
Jan
47
159
27%
28
78%
56%
105
49
16%
9
*165
169
54%
102
108
9
Feb
8%
83%
56%
167%
77
*116
49%
51%
*107% 108%
29%
28%
29%
17%
17%
18
6
6
6%
Feb
92% Jan 14
9% Feb
100
Class B
4,400
2%
Apr
4
100
No par
Walgreen Co
No par
6)4% preferred
100
X Walworth Co
No par
Walk(H)Good A W Ltd No par
50
21%
120
50%
100
Waldorf System...
50
21
Jan
7%
7% Jan 15
Preferred A
16,400
105
108
100
No par
t Wabash
150
10%
♦98
49%
Chem
6% preferred
130
10%
*116
108
100
5
pref
non-cum
Va-Carolina
200
10034101
167
.......
Preferred
3,100
108
27%
7% 1st pref
Vlck Chemical Co
Warren Fdy A Pipe
"""360
108
121%
121% 121
121% 121% 121% *121
114
*114
114
115
*113% 115
*113% 115
10
10
10%
978
9%
9%
978
10%
20
20
20%
21%
19%
19%
19%
1978
2%
2%
2%
2%
2&8
2%
2% • 2%
7%
7%
7%
7%
7%
7%
7%
8
78%
76%
74% 76%
76% 77%
75% 77%
65
56
55%
56%
54% 55%
55%
66
158
160
159% 160
156% 158%
158% 160
27%
37%
*2412
*33%
Preferred
Waukesha Motor Co.—
1%
21%
Oct
3,500
3,000
47%
3
Jan 12
160
----
108
100% 100%
♦121
♦160
1%
47
48
Jan
5
4,800
1,700
71
Jan
Preferred
16%
8% Jan
Aug
31% Aug
4% Oct
10
Aug
49
169
97
*62%
80% May
May
5
Preferred
17%
24% June
160
167
Ward Baking
97%
Apr1
131
800
67%
Feb
Jan
10
Feb 11
500
*96
Jan 21
Nov
6
134
24,900
8%
9
Jan 21
17% Jan 21
100
Jan
4
9%
9%
9
~2~0~" "Feb
Jan
129% Feb
6% Jan
Jan
Apr
US Tobacco..........No par
Jan
19%
2
Jan
Apr
100
Nov
13"
116%
Preferred
87
91
Jan 22
19%
43%
9
2,100
113% July
150
United Stockyards Corp
1
United Stores class A..No par
Dee
Jan
109
4
75
June
8%
60% Nov
4
47%
29%
1%
178
48%
83%
46%
July
Jan
8,700
220
4
16% Feb
29% Aug
105
32%
June
66% Jan
14% Nov
139% Jan
100
Preferred
Birthday
85,900
Feb 11
43% Feb
Jan
100
U 8 Steel Corp..
Preferred B
T.966
20% Feb 11
61
Jan
75% Jan 18
109% Feb 11
*19%
37
9
71% Feb
*44
28
*80
50
Preferred...............50
19%
43%
9
9%
100% 100%
46
60% Jan
6
5
47
1%
8%
38
*80
47%
114% 114%
16%
15%
1%
35%
99
Lincoln's
3
71%
19%
58%
100%
Jan
83% Jan
Preferred
11,600
1%
43
30
48
9
98
35%
98
Closed—
47%
9%
43%
108
600
133
48%
46
....100
Virginia Iron Coal A Coke. 100
6% preferred
.100
Virginia Ry Co pref
100
Vulcan Detlnnlng
100
120
12,600
46%
1st preferred
U 8 Smelting Ref A Mln
20% Jan 19
34% Jan 13
104
16% Feb
44% Jan
92% Jan
300
Exchange
19%
*19%
13% Jan
U S Realty A Impt
No par
U 8 Rubber
.....No par
Va El A Pow $6 pref...No par
19%
114% 114%
16%
16%
..No par
t c
60
19%
19%
26%
*81
133
132
31
21% Feb 11
100% Feb 3
3% Jan 28
4
1
15
93
8
Jan
41
53% Jan 11
37% Jan 7
6% Jan
89
6,400
48
47
42
83%
31
20,700
Jan 14
16% Feb
17
Vlcks Shr A Pac Ry Co oomlOO
Stock
17
113% Jan 14
Feb
Prior preferred v 1 o..—_ 100
U 8 Pipe A Foundry....
20
10
9
8%
68%
58%
113% 113%
11%
10%
9
Feb 10
U S Industrial Aloohol.No par
U S Leather v t o.....No par
380
18%
47%
35
*99% 101
11
30%
132
18%
25
*1%
9%
69%
114
30
30
8%
47%
•
Feb
137
28% Jan
39% Jan
88
9
60% Feb 10
85% Feb 11
172
48
900
8
5
Vanadium Corp of Am.No par
Van Raalte Co Ino
......5
43%
Feb
4
11,000
41%
114% *113% 114
104
Jan
Utilities Pow A Light A
1
Vadsco Sales
..—No par
Preferred
100
*85
114
6
Jan
1,500
9% Feb
48% Aug
Jan
29% Feb
Feb
42
Apr
167
100
U S. Hoffman Mach Corp
5
5H% oonv pref
—.50
100
90
5%
122
...
7% preferred
Jan
161
4,100
35% Nov
18
Universal Picture* 1st pref. 100
33,500
96% Nov
Jan
...No par
..20
U S Freight
U S Gypsum
20
34%
Jan
22%
.100
200
33%
41%
x43%
4
Jan 21
79%
34%
43%
7
Jan 21
No par
.....100
55
43%
Jan
Universal Leaf Tob
55
68
3
400
2
114
17
100
No par
56
33%
41%
4
14% Jan 4
111% Jan 26
6% Jan 4
Preferred class A
2
*83
35i2
8%
17s
47%
83%
4
7% Jan
46% Jan
80% Jan
100
*54
111
3
..No par
Preferred
v
14% Jan 4
18% Jan 4
96% Jan 26
89
163%
104% 105
4
3%
2
2%
87
41%
*1%
7%
No par
Preferred...
10
18,200
13,500
8%
*158
*
88
24%
47
7%
167
8%
7%
88
♦79%
17%
87fi
8%
87
41
-
167
8%
1,500
1
No par
2,700
134
*165
131% 131%
228.800
106% 109%
149
149%
132
..100
Improve...No par
100
*83
35%
8%
-
5.700
72
149
5
10
4
Jan
117
6
Feb
91
40% Apr
10% Apr
Preferred
Class A
Oot
25% Sept
37% Nov
33% Nov
117% Feb
8% Jan 14
46% Jan 14
15% Jan 19
26% Jan 21
X United Paper board new
10
U £ & Foreign Seour...No par
12.000
87
24
-
99%
91
*165
8%
27%
43%
•
98%
72
10234 10578
34%
41%
8%
26%
*80
4,800
26,700
30,400
89%
149
68
7%
57%
69%
17%
58%
72
2%
15
1%
102
91
89%
*71
4
68
7%
101
4,000
5,800
1,100
8%
15%
99%
17%
56
15%
1%
8
97%
778
68
1%
7
15%
69%
17%
9%
15
*64%
1%
40%
8%
16%
57
48%
114% 115
1678
16%
46
98
42%
6934
17%
58%
69
4778
47%
15
800
34,400
101
100
10,200
20%
61
42
-
19%
477,
*63%
19%
59
59
*71
71
71
72%
7278
♦117% 135
*117% 135
*117% 135
135
4
4
4%
378
378
378
4
11
11
11
11%
11%
11%
11%
10%
10%
*6%
*6%
10%
*6%
10%
46
46
*19%
47%
8%
230
*72
70%
17
16%
800
88
*85"
16%
15%
7,000
9
8%
8%
9%
58%
58%
60
58%
*113% 114
*113% 114
11%
10%
10%
11
70%
11%
10%
31%
170
Jan
4
U S Distrlb Corp
135
30%
Jan 11
79
13
16% Apr
24% Mar
6% Jan
43% Jan
No par
United Gas
100
100%
30% Jan 11
No par
United Drug Ino
United Dyewood Corp
Preferred.
300
31% Feb 10
Jan
Highest
share $ per share
Corp.No par
Corp....
United Electiio Coal—No par
26,300
5,000
6
28% Feb 10
114% Feb 10
per
32% Jan 25
United Eng & Fdy—
United Fruit
170
114% 114%
*43
4434
44%
88
132
73
*117% 135
4
3%
11
33
*85
♦85%
8%
*98
105
114% 114«4
44
82%
5
25
$
4
12,000
3,800
25,400
.
20% Jan
$ per share
24% Jan 12
$ per share
29% Jan
33,400
8
6034
135
104
*54
190
104
171% 172
19
19%
161
42
*114
59
1,000
No par
Preferred
210
80
34%
42
8%
18,700
19%
161
55
32
104
United
4,300
;i8%
*101% 104
378
2%
2%
66%
15%
2378
75,700
3%
80
83
♦54
7%
45%
15%
2378
82
16178
Unlted-Carr Fast
*284
41%
8%
15%
....100
United Carbon
31
82
85
104
167
Preferred
70
700
600
3%
*58
No par
No pat
United Biscuit...
87
7%
44%
878
6078
83
Corp___6
United Amer Bosch
115
18%
18%
31%
30%
13384 135%
18%
130% 131%
130% 130%
*165
8%
81
81
89%
28%
Un Air Lines Transp
Lowest
Highest
Lowest
Par
Shares
115
31
100
*234
98% 100%
89%
89%
*71
72%
100% 102%
148% 149%
98%
*71
89
96%
148% 149
130% 130%
8%
7%
100
EXCHANGE
1,600
2,500
85%
15%
15%
15%
15%
112
112
*111% 112
1434
15%
15%
1534
21%
2134
20%
21%
82%
the
On Basis of
Week
26,000
2134
31
7%
45%
1534
24
105
8%
30% 30%
132% 133%
134l2 135
171% 171% ♦171% 175
18%
19
18% 19%
59
59
57% 57%
42
43%
40% 42%
8
8%
7%
8%
16%
16%
14%
16
101
*100
102
101%
69% 70
69%
70
18%
1678
18%
17%
5878
67%
5534 57%
72%
98%
♦165
18
$ per share_
31
31
44%
8%
9
59%
5978
82%
82 84
15%
15%
*111% 112%
18%
30%
88
88
12
STOCKS
NEW YORK STOCK
87
114% 114%
88
83%
15%
*112
113
112
112%
145s
15%
1538
16%
15%
15%
20
20%
20% 2078
20% 2034
*98
101
*100
100% *100
100%
*3
*278
3%
*278
3%
3%
18%
82%
15%
3178
678
44%
1478
2284
£28%
28%
28%
11?% *114% 117%
Feb.
11
$ per share
$ per share
217g
283s 28%
28%
11784 11784 *114i2
88
88%
89
Friday
Thursday
Feb.
10
Feb.
Range for Previous
Year 1936
1
IQb-Share Lots
Range Since Jan.
Sales
for
LOW
1069
New York Stock Record—Concluded—Page 10
144
this day.
42%
97%
88%
11%
44%
4,200*
141,300
1,400
27,600
2,500
97%
360
*72
73
500
59%
59%
32%
33%
1,100
148,000
700
86%
17,300
104% 104%
37%
36%
8%
8%
4,700
Preferred A—.... ....106
Preferred B
...
—.100
Wright Aeronautlcal. jNo par
Wrigley (Wm) Jr (Del) .No par
25
Yale A Towne Mfg Co
Yellow Truck A Oo*ch 01B..1
Preferred
—
100
4% Jan
8% Jan
79% Jan
68
34% Jan
81
Jan
91
4
Zonlte Products Corp.
t Companies reported In receivership,
o Deferred
delivery,
.1
47
76
Jan 22
Jan 23
Jan
7
62% Jan 27
33% Feb 6
142
Jan
Jan 23
46% Feb
4
86% Feb 11
8
2
7% Jan
2
n New stock,
65% Jan 20
126% Jan 11
Jan
33
47
8
49% Jan
20% Jan
104% Feb
.No par
Nov
9
Feb
f Feb
100
6)4% preferred—-
Jan
71
Feb
88
42% Jan
75% Jan
Zenith Radio Corp
87
12
5
72% Feb
128
11
June
44% Apr
23% Apr
66
Apr
6% Jan 25
2
77% Jan
116
5% Mav
2% Jan
6% June
99% Jan 22
4
Feb 11
Young Spring A Wire., .No par
.No par
Youngstown S A T
400
11,300
100
preferred...
10
Co.
Worthlngton P A M— —.100
120
138% 138%
46%
45%
84%
$6
1,000
123
No par
Wilson A Co Inc
Woolworth (F W)
590
88%
121
5
Wilcox Oil A Gm—
115
Jan 27
38% Feb 3
9% Jan 16
r Cash sale,
z
70
Jan
Jan
63
Aug
33% Apr
62%
8% Jan
83% Jan
42% July
41% JaD
105
Jan
11% Jan
5% July
Ex-dividend.
Jan
36*4
Deo
86»4
Deo
80*4
Oct
140% Sept
79
Feb
61
Nov
23%
Deo
163%
Deo
55
Apr
87%
122
Oct
Aug
42% Nov
9%
j/Ex-rlghts.
Jan
1070
1937
Bond
Record, Thursday, Weekly and Yearly
On Jan. 1, 1909, the
Exchange method of quoting bonds
NOTICE—Cash and deferred delivery sales
are
changed and prices
was
are now "and
disregarded in the week's range, unless they
outside of the regular weekly range are shown In a footnote in the week In whioh
they occur.
interest"—except for income and defaulted
are
bonds.
the only transactions of the week, and when selling
No account is taken of such sales in computing the range for
the year.
Thurs
BONDS
N.
STOCK
Y
Week's
Nft,
Range or
Range
BONDS
Sale
Week Ended Feb. 12
Thursday's
Since
N„ Y. STOCK EXCHANGE
Price
Bid
A
Low
U.
S.
ThUT8
Last
EXCHANGE
Asked
High
Jan. 1
No.
Low
1^
Week Ended Feb. 12
Sale
Range or
Range
*
Thursday's
Bid
Price
A
Since
Askea
Low
High
Jan. 1
No.
O
120.4
120.4
120.10
52
119 30 121.14
A
O
121
108 .16 109.26
D
108.20 108.19
114.19 114.18
108.24
J
114.23
100
114
115.20
M
S
113.9
113.9
113.15
9
113 .2
114.9
D
109.8
109.6
109.12
265
109 .2
110.18
J
M S
106.20 106.20
106.25
69
106 .12 106.28
J
D
107.10 107.10
107.14
22
107 6
J
D
107.6
107.8
21
106 .31 107.27
107 .31 108.24
M
107.6
S
108.5
108.5
108.7
16
J
D
108.3
108.3
108.8
100
J
D
108.5
108.8
108.2
4
107.30
108 .3
108.24
108 .4
108.18
F
A
108*2
108.4
19
107 .29 108.24
A
O
108.20 108.18
108.24
47
108 .16 109.25
M
S
104.15 104.15
105.23 105.22
104.24
175
104 .6
M 8
105.26
241
105 .13 106.16
M S
104.3
104.3
104.10
41
103. 31 104.16
J
D
103.7
103.7
M S
103.7
103.7
J
101.15 101.15
D
3s
15 1944-1964 M S
May 15 1944-1949 M N
3s
Jan
2%s
Mar
Mar
103.15
137
104.26
102 .31103.16
103.12
139
102 .26 103.12
101.22
400
101 .6
Colombia
O
36%
30%
Costa Rica (Republic of)—
♦7e Nov 1, 1936 coupon on.. 1951
Cuba (Republic) 5s of 1904
1944 M
External 6s of 1914
1949 F
1949 F
ser A
A
External loan 4%a
J
SlnklDg fund 5%s.__Jan 15 1953 J
♦Public wks 5%s...June 30 1945 J D
Czechoslovakia (Rep of) 8s
1951 A O
Sinking fund 8s ser B
1942 A O
105.29 105.29
105.36
56
105.25 106.10
105.6
105.11
113
104.30105.17
105.7
105.12
Denmark 20-year extl 6s
External gold 5%s..
1952 J
1955 F
26
30%
16
30%
23
99
98%
23
97%
99
13
97
30%
28%
18
*104
"162
103%
59%
105
I62"" "l7
60%
76
104%
104%
105
7
104% 105%
104%
1
104% 105%
25
105
105%
100% 101%
99% 100%
105%
13
45
78
Dominican Rep Cust Ad 5%s..l942 M S
1st ser 5%s of 1926
1940 A O
102.22 102.22
102.29
270
102.20 103.2
102.17 102.17
102.25
123
102.17 102.31
2d series sink fund 5%s
1940 A
50
2
50%
Agricultural Mtge Bank (Colombia)
.
.1963 M N
♦Antloqula (Dept) coll 7s A
J
1945 J
99
18%
18%
17
♦External
s
♦External
s
f 7s series C
1945 J
18%
17
♦External
s
f 7s series D
1945 J
♦External
s
f 7s 1st series
1957 A
18 %
16
13%
♦External
seo a f
♦External
sec s
.
.
.
.1945 J
7s 2d series. 1957 A
16%
f 7s 3d series. 1957 A
16%
99 %
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 6s._.1960 A
Argentine 6s of June 1925
1959 J
External
s
External
s
16
13%
13%
30
8
102%
101%
1955 J
J
109%
109%
1957 M S
108
108
1956 M N
J
1957 J
101
101
102
101%
102%
17%
16%
16%
99%
12%
101%
102
20
20%
13
102%
102%
101%
102**
102%
102%
15
13
32
57
64
151
62
27
187
98
35
27 %
29%
99%
20%
20
14%
36
41
102%
101%
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927--. 1961 M N
External 5s of 1927
49
101%
A
1960 M S
External g 4 %s of 1928
Austrian (Govt) s f 7s
11
102%
1962 F
External
Public Works extl 5 Mb
Australia 30-year 5s
30
101%
102%
102%
101%
D
1960 M N
Ry)
14%
14%
99%
102%
102%
102%
101%
102%
102%
102%
102%
102%
109%
1957 M S
1958 J
f 6s (State
20
102%
f 6s of Oct 1925... 1959 A
f 6s series A
98
101%
External 6s series B
Extl s f 6s of May 1926
s
15%
21
98%
O
♦Dresden (City) external 7s... 1945 M N
81
80%
76
2
73
80
23
23
23
23
*72
77
67%
75
98
99
*98%
100
1945 M S
107
107%
6
19
20%
121%
26
121%
117
117
128
128%
29
123%
123%
1
168
French Republic 7%s stamped. 1941 J
F
1945
1949 M S
Belgium 25 yr extl 6%s
External
1955 J
External 30-year s f 7s
J
1955 J
f 6s
s
A
♦External
s
f 6%s of
101
103
110%
109
25
108
101%
102%
40
101
110
102%
___
f 6s
ser
f
21%
19%
50%
25%
24%
25%
20%
21%
31
30%
33%
55
25
26%
5
23%
21%
33%
26%
24
26%
38%
25
38%
31%
32
5
23%
33,
27%
26%
38%
33
98%
100
5
96% 100
1
20
♦7s unstamped
1949
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6%s
D
26%
s f ser 7s. .1964 M N
♦Sink fund secured 6s
1968 F A
"32"
♦7s unmatured coupon on
1958 F
101
on
A
D
C-3
29%
1962
101
101%
1960
1961
"87%
1961
1977
"80%
1976
1976
81%
82%
1975
"62%
♦Sink fund 7s July coup off-.1967 J
J
♦Sink fund 7%s May coup off 1968 MN
23%
1984 J
87%
80%
81%
81%
84%
1960 A
6s
O
1952 M N
10-year 2%s
25-year 3%s
♦Carlsbad (City)
Aug 15 1945 F
1961
J
1954 J
1950 M
s f 8s
♦Cent Agrlc Bank (Ger) 7s
♦Farm Loan a f 6s. .July 15 1960 J
♦Farm Loan s f 6s...Oct 15 1960 A
♦Farm Loan 6s ser A Apr 15 1938
♦Chile (Rep)—Extl s f 7s
1942
♦External sinking fund 6s...I960
♦Extl sinking fund 6s...Feb 1961
30%
3
8
102
101%
al03
87%
88%
81%
82%
'"3
101
103
26%
100% 102
78%
78%
81%
A
♦Sink fund 6 J* a of 1926
♦Chilean Cons Munlc 7s...
♦Chinese (Hukuang Ry) 5b
113
37
100%
100%
29
55
60
"42"
40
42
"~6
89%
82%
83%
83%
60
85%
64%
21%
24%
30%
26%
32
42%
41
30%
18%
42%
21%
20%
8
21
65
42%
25%
83
20%
58
20%
103
62
18%
18%
18%
18%
18%
18%
18%
15%
15%
15%
15%
S
18%
20%
20%
20%
18%
15%
20%
17%
71
15%
15%
16%
17%
35
17
29
17%
28
1960 M S
15%
16%
14
1951 J D
*53%
J
D
1961 J
D
"17%
O
16%
1962 M N
17%
8
21%
19
20
31
7
24
24
24
24
24
24
20
19%
20
53%
*21%
98%
16%
♦6s series A.
External
s
20
18%
55
19%
21%
15
4%s
11
3
7
6%
10
8%
6%
6%
10%
6%
1
79%
"79%
32
31%
31%
*66%
31%
F
A
O
62%
I
1
21
00 »©
68
32
31%
.....
5
25
....
6
63
26
105
104%
105%
104%
104%
106%
104%
9
12
A
S
100%
100%
103%
1965 A O
f 5s... 1970 J D
101%
102%
100%
103%
101%
155
102%
102%
2
Oslo (City) sf 4%s
Panama (Rep) extl 5%s
♦Extl s f 5s ser A
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off
1952 F
....1953 M
A
'l07%
A
S
1953
J
O
14
58
21
1
21
"loo"
D
1963 M N
21
77%
73%
99%
79%
24
75
11
100
107
*105%
78
1958 M N
1955 A
107
106
85
"74%
85
74%
75%
...
_
1
18
S
28
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser.. 1960 J
D
♦Nat Loan extl b f 6s 2d ser..1961
25%
20%
25%
146
23
19%
23%
713
1947 M
♦Poland (Rep of) gold 6s...._-1940
♦Stabilization loan s f 7s....1947
1950
26%
28
6%
9
9%
9%
9
13%
11
8
Oriental Devel guar 6s
Extl deb 5 %s
6%
11
1
107%
107%
100%
Municipal Bank extl s
♦Nuremburg (City) extl 6s
11
7
16
6%
*10
A
Apr 1958
10
7%
11%
11%
7
.1943 F
....1944 F
I 5s
20-year external 6s_
f
68
11
*7%
1959 M N
(State) extl 6s. .1957
Norway 20-year extl 6s
s
16%
*9
6%
♦Sec extlsf 6%s
1958 M S
♦Sec extl s f 6%s
..1959 M S
♦Montevideo (City) 7s.......1952 J D
New So Wales
13%
6%
11
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦{Treas 6s of *13 assent(large) *33
♦{Small
Milan (City, Italy) extl
6%s... 1952
Minas Geraes (State)—
♦External sink fund g 8s
For footnotes see page 1075.
14
*6
Externa!
O
M S
80
81%
*4%
32
7
M N
97%
80%
*92
1954
26%
3
32
18%
18%
96%
81
D
♦Medellin (Colombia) 6%s
D
1954
♦Mexican Irrlg assenting 4% s_. 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5e of 1899—
1945 Q
J
External sink fund 5s.......1963 M
External sink fund 4%s
1956 M
32
J
17
1950 J
42
32
19%
93
13
on
35
32
20%
M
114%
101%
103%
50%
51
32
20%
20%
20%
20%
♦Cologne (City) Germany 5 %s.1950
26%
110%
J
A
M
22
108%
112%
100%
100%
O
O
..1961 A
...
112%
100%
100%
F
♦Extl sinking fund 6s.-Sept 1961
♦External sinking fund 6s.-.1962
♦External slnkii g fund 6s
1963
♦Chile Mtge Bank 6%s
1957
♦Guars! 6s
112%
A
Jan 1961 J
f 6s
38
80%
71%
24
7%s June 1 1935 coup
103
85%
20
99
28
35
100
77%
63%
99
80%
"92" "19
20%
♦4s of 1904
55
24
79%
♦Assenting 5s large
♦Assenting 5s small
31
23%
J
220
92
90
*99332
91%
79%
96%
1
101%
85
62%
"91%
20%
102
5
6
S
20%
♦7s with all unmat coup
100
11
4
91%
S
Japanese Govt 30-yr • f 6%s..l954 F A
Extl slDking fund 5%s
1965 M N
Jugoslavia State Mtge Bank—
100
1
4
D
101% 103%
103% 105%
S
M N
M
A
47%
102
47%
113% 115
85%
93%
« f 7s
1947 F
(Province of)—
41%
82%
84%
*52%
1947
♦Leipzig (Germany)
Lower Austria
4
50
*113%
79%
47
23
J
MN
29%
47
26%
100%
1960
8
41
108%
100%
6s
35
41
56
23
24%
25%
21%
24%
51
35
93
20
21%
21%
24%
21%
23
O
104
45
22
*47%
20%
15%
18%
105% 106
25
22
*21%
*21%
*21%
25%
1957 A
59%
101%
102%
104%
22
105%
19
20%
18%
27%
93
81
99%
85%
50
24%
J
J
J
1946
3
20%
*105%
Italian Public Utility extl 7s... 1952 J
53
108%
A
■ f
f ser B
22
108%
26
sec s
18%
of)—
Canada (Dom of) 30-yr 4s
♦Guar sf 6s
*100%
101%
....1961
s f $ bonds
s
101
al03
J
♦Ry ref extl
101
♦103%
External
19%
43%
101%
...1950 J
20%
*15%
1951 J
Italian Cred Consortium 7s A.. 1937 M
99
45
101%
100
Italy (Kingdom of) extl 7s
18
45%
1952 J D
1957 M S
1958 J
♦Hungarian Land M Inst 7%s.l961 M N
♦SinkiDg fund 7%s ser B
1961 M N
♦Hungary (Kingdom of) 7%s..l944 F A
10
102%
22%
130
20%
33%
26%
17
44%
52%
1965 J
128
123% 123%
D
♦5%s of 1930 stamped..
22
43%
4%s-4%s
s f 4%s-4%s
(Kingdom
102
22%
22
46
Refunding
Bulgaria
11
45
Extl re-ad J 4%s-4%b
Extlsf 4%s-4%s.
3% external
117%
102%
22%
105% 107
115% 117%
O
♦6%s stamped
s
108% 109%
1957 A
♦Buenos Aires (Prov) extl 6s
♦6s stamped
Extl
2
16
1927...1957 A O
Buenos Aires (City) 6%s B-2..1955
External s f 6s ser C-2
1960
s
108%
107
52%
46%
Sinking fund gold 6s
20-year s f 6s
Budapest (City of)—
♦6s July 1 1935 coupon
19
99
117
'102
1
99% 102 H
106%
D
♦7s (Central Ry)
5
2
106% 107%
18
20%
120% 124%
117
119%
♦5%s unstamped
1965
♦German Rep extl 7s stamped. 1949 AO
Haiti (Republic) s f 6s ser A
1952
♦Hamburg (State) 6s...
1946
♦Heidelberg (German) extl 7%s '50
Helslngfors (City) ext 6%s
1960
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on... 1945
109
21
128%
-.1949
101% 102%
101% 102
102
103%
101% 102%
101% 102%
102
102%
96
1941 J
Brisbane (City) s f 6s
External
21
"d
♦Greek Government
108%
"l06%
D
Bergen (Norway) ext s f 5s...-I960 M S
♦Berlin (Germany) s f 6%s
1950 A O
♦External sinking fund 6s
1958 J D
♦Brazil (U S of) external 8s
♦External s f 6 %s of 1926
a21
1949 J
German Govt International—
Irish Free State extl
♦Bavaria (Free State) 6%s
D
1941
7s unstamped
50%
74%
72
1967
7%s unstamped
External 7s stamped..
45
6
3
1948
102
102%
101% 102
101% 103
88
10
63%
76%
75%
♦Frankfort (City of) s f 6%s...l953 M N
25%
25%
98
78
Estonia (Republic of) 7s
13
58%
102
104%
78
Finland (Republic) ext 6s
Foreign Govt. & Municipals—
14
98
103
76%
♦EI Salvador 8s ctfs of dep
27%
29%
99%
18%
18%
18%
18%
16%
16%
16%
99%
101
59%
100%
104.21105.3
27%
27
30%
104% 105%
1
101
103.26 104.10
25%
99*
99*
5
105
302
29%
30*
30*
100
104%
100%
99%
105
A
31
a98%
99%
104.25 104.24
O
37*
37<1
101%
a98%
103%
105%
104.30105.23
♦Sink fund 6s Feb coupon on. 1947 F
♦Sink furd 6s Apr coup on _.1948 A
29%
29%
23%
23%
23%
10
100
100%
9
1942-1944
192
J
14
1 1939-1949
188
37%
31
A
104
A
98~
30%
10 3* 28 103.28
F
30%
37%
31%
31%
25%
25%
24%
99%
97%
98%
101.22
105.8
J
1 1942-1947 M
30%
S
A
S
15 1942-1947 J
36%
J
♦Colombia Mtge Bank 6%a— 1947 A O
♦Sinking fund 7s of 1926....1946 MN
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 6s
...1952 J D
25-year gold 4%s
1953 M N
Cordoba (Prov) Argentina 7a. -1942 J
J
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
f 7s series B
High
(Republic of)
♦68 Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on .Jan 1961 J
External g 4%s
Apr 15 1962 A O
Deutsche Bk Am part ctf 6s...1932
M S
{♦Stamped extd to Sept 1 1935..
Akershus (Dept) Ext 5s
Low
Foreign Govt. & Mun. (Concl.)
A
Treasury 4%s
Oct 15 1947-1952
Treasury 3%s.. .Oct 15 1943-1946
Treasury 4s
Dec 15 1944-1954
Treasury 3%s
Mar 15 1946-1950
Treasury 3%s... Judo 15 3943-1947
Treasury 3s
Sept 15 1961-1955
Treasury 3s
June 15 1946-1948
Treasury 3%s
June 15 1940-1943
Treasury 3%s
Mar 15 1941-1943
Treasury 3%s
June 15 1946-1949
Treasury 3 %s
Dec 15 1949-1952
Treasury 3%s
Aug 16 1941
Treasury 3%s_..Apr 15 1944-1946
Treasury 2%s
Mar 15 1955-1960
Treasury 2%s
Sept 15 1945-1947
Treasury 2%s.__Septl5 1948-1951
Treasury 2%s
1951-1954
Treasury 2%s
Sept 15 1956-1959
Treasury 2%s
Deo 15 1949-1953
Federal Farm Mortgage Corp—
2%s series B__Aug
2%s series G
Week's
Last
High
Government
3%s_
©
11
13
70%
82
27
33%
27%
66%
61%
33
67
64
104% 105%
104% 105
106% 107%
106%
100%
102%
100%
109
102
104%
102
102% 102%
18%
214
75%
71%
80%
76%
99% 100
105% 106
85
82%
76
73%
25%
20%
18%
29%
25%
23%
23
19%
23%
620
19
62
60
62
27
58
62
80
78
80
9
80
63%
60%
63%
76%
57%
89
23%
63%
Volume
144
New York Bond Record—Continued—Page 2
BONDS
N.
Lost
y. STOCK EXCHANGE
Week Ended Feb. 12
Sale
Nft.
Foreign Govt. &Munlc. (Conct.)
Porto Alegre (City of)—
♦8a June coupon off
1961 J
♦7 X» July ooupor off
Prague (Greater City) 7X8--
1966 J
Price
A
Queensland (State) extl s 17s..1941 A O
25-year external 6a
1947 f A
♦Rhlne-Maln-Danube 7s A....1950 M B
No.
"99?*
21
22
112Hi
30
29
12
99**
20)*
20**
99**
7
21
7
22
Low
11
28)*
J
-1962 M N
♦Prussia (Free State) extl 0X«1951 M S
♦External • f 6s
1952 A O
High
5
112 k
113**
112**
*25)*
32**
30V*
99**
92
9
2
112
17)*
113
23**
Rio Grande do Sul (8tate of)—
♦8a April coupon off
1946
♦6s June coupon off
1J68
♦7s May coupon oft
♦7s Judc coupon off
1966
31)*
30 Hi
o
1953 F
O
A
36
D
1946 A
30
33
4
28**
31
100
24**
34X
325*
28)*
26
8
30)*
82
24
33
31**
49
26
32)*
31**
17
26X
32)*
81X
48
M N
31$
D
31**
29
1967 J
81
♦7a August coupon off
♦Saarbruecken (City) 6s
31)*
31)*
32
24)*
24)*
24)*
80
102
102
1
83)*
72**
108
102
A
J
Oct 1952 MN
♦8axoo State Mtge Inst 7s
1945 J
♦SlnklDg fund g 6His..
1946 J
Serbs Croats A Slovenes (Klnvdom)
J
O
1959
D
D
♦8« Nov 1 1935 coupon on..-1962
♦7s Nov 1 1935 coupon on.-.1962
IVI N
M N
1958 J D
♦Silesia (Pror of) extl 7s
♦Hllealan Landowners Am 6s.. 1947 F
96
24
6
Atlantic Refining deb 5a
1937
Auburn Auto conv deb 4?*«.__1939
5s assented
1940
Taiwan Elec Pow a I 6 X»
Tokyo City 6s loan of 19 .2
External b15^< guar
1961 A
Trondhjem (City) 1st 5Xi
1957 M N
♦Uruguay (Republic) extl 8s.. 1946 F A
♦External s f 6a
1960 M N
1995 J
Venetian Prov Mtge Bank 7s..1952 A
S
28
72
27)*
4s stamped
1951
Battle Creek A 8tur 1st gu 3s. .1989 J
76
95
98
Beech Creek ext 1st g 3)*s
1951
22
22
Bell
1948 J
115X
1960 A
128
25 X
24
30**
Belvldere Delaware
"23$
29**
28)*
29?*
29**
54
16
48
4
...2000 M
4)*s
Con
rel
1996
52
54
33)*
93 X
104)*
92
90K
105 X
75**
75 X
105)*
104
715*
76**
68)*
67**
72 X
75%
102
67
70
67
68X
67
69 X
67)*
67%
67)*
69 %
92)*
95H
53)*
82)*
51X
53 X
64
46
81X
26
77)*
1
92 X
94 )*
115
105
105 X
7
105
105)*
63
.1943 J
D
*114)*
1943 J
D
110
IIo
'"2
♦Albany Perfor Wrap Pap 6S..1948 A O
76
76
1
Undergr 6 His 1956
Beth Steel cons M 4)*s -or D..1960
Cons mtge 3 Vis ser E
1966
Allied Stores Corp deb
debentures
♦Aiplne-Montan'Bteel 7s..
Am A Foreign Pow deb 5s
s f
deb 6s
Amer I G Cbem conv
74
96)*
58
1st
5s
stamped
194i
Bklyn Union El 1st g 5«
1950
Bklyn Un Gas 1st cons g 5s
1945
1st lien A ref 6» series A.....1947
106)* 107
100
101X
debentures
1966 J
D
♦Am Type Founders conv deb. 1950 J
Amer Water Works A Electric—
100)* loo**
13
gold 4?*g
June 15 1955 J D
Guaranteed gold4Xs..
1956 F A
Guar
102?*
199
31
169
200
110**
91X
39
137
109?* 110)*
69 X
94
91X
22
70
96
38
38
39
70
3
36)*
70
72?*
104)* 105
103?* 104)*
99$
100)*
J
1946 M S
5s eoulp trust CtfS-.__
-.1944 J
Coll trust gold 5s....Dec 1 1954 J
Collateral trust 4 Xs
1960 J
104X 106
103 X
105X
102
"92"
X
88
62
90
93
29X
5
27
29
5
28
30$
30$
85
88
92 X
88
71X
25
66
71
26
61X
'163"
102$
8
104
103 X
105
35X
45
35X
31X
42
118
119
12
118
119X
112**
112X
116X
117X
113X
116X
119X
28
112$
116$
117$
116
118X
118X
5
115X
113X
112X
116X
11
115V*
114X
37
113$
113X
13
112X 110
126 X 128X
99 X
98
U5X
113X
126$
98
98
127
99 X
103 X
103 X
18
20
33
170
39
114
114
7
110
28
J
104**
109 X
104 X
104 X
48
D
cons g
126 X
103**
*76 X
118X
121
118X 121
102$
118X
116X
104
113
115X
109X
104 X
110$
72 X
105X
72 H
105
105$ '~23
105
105X
109
109
109
7
109
111
106
106
106
8
105
100 X
93
{♦Central of Ga 1st g 5s_.Nov 1945
109)*
9
107** 109)*
109
6
107
110
108
108
105
108
108)*
110**
107
107
1
111)*
9
112
F
92
81
81
34X
19X
4
18$
1959 A
O
♦Ref A gen 5s series C
1959
O
4a.. 1951
D
1946
J
♦Mid Ga A Atl Dlv pur m 5S.-1947
J
18X
*37 X
*25 X
*19X
J
*30
"33"
222
230
119
121
...1946 J
Central Foundry mtge 6s..—.1941 M S
222
1941 M S
Cent Hud G A E 1st A ref 3 X»-1965 M 8
1951 A O
104
Cent Illinois Light
107**
Cent 111 Elec A Gas 1st 5s
113
Central N J gen g 5s
3X8
{♦Cert New Engl 1st gu 4s
1966 F
1961 J
A
19
19
19X
22 X
fig
31
23 X
30
34
3
172
245
7
107
125$
*106 X
104
108 X
104 X
"16
107X
107 X
4
107X 109
103 X
104$
107X 108X
63
74X
74
73
74
60
.1987 J
J
86 %
84
85X
61
84
88X
1987 J
4s
J
J
77
77
4
75
78 X
Vilas & Hickey
Members— New York Curb Exchange
NEW YORK
—
18$
29 X
24
29X
Railroad, Public Utility and Industrial Bonds
Telephone HAnover 2-7900
22
39 X
BOND BROKERS
—
40
78 X
31$
♦Ref A gen 5X« series B
19X
18%
91X
36
65
1945 M N
108)* 111
106?* 107
Ill)* 113
49 WALL STREET
5
33 X
♦Consol gold 5a
Gen mortgage 5a
113
38 X
*78 X
32 X
A
92 X
*37
For footnotes see page 1075,
X
31$
73$
118
109 X
6s ser A.Dec 15 1952 J
lBt A
♦Mobile Dlv 1st g 5s
15
Private Wires to
83
1
J
General
•jc
1
70
69
102 X
105
D
108
5
108)*
Exchange
101X 102
108X 110
109
101",6
114
J
J
4a...... 1949
♦Chatt Dlv pur money g
♦Mac A Nor Dlv 1st g5s
108**
New York Stock
108X 109
105
106X
D
1938 J
guar g
Caro Clinch A O 1st 5s
105** 108
111)* 118
108** 110**
108?*
108 X
114
pcrpei J
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Ad 1st gu g 4s
1981 J D
♦Cent Branch U P 1st g 4a
1948 J D
105** 107
111)*
*111)*
131
8
94
106
109
nix
4% deb stk
Coll trust 4 Xs
100** 102X
3
132$
3
102 X
104 X
A
100
58
13
131
104 X
109
103$
1970 F
109)*
108)*
119X
119X
113X 115X
118X 122 X
102 X
gold 5a
37
J
83
"29
17
Guaranteed
110
D
77
103 X
80?*
195
D
31
103 X
116X
357
119
104
78 X
101X 105**
X
X
103 X
117X
291
113)*
S
J
100
111)*
71
J
100**
108?*
88
O
100**
1996 A O
1995 Nov
101$
100
93 X
114
29
Oct 1969 A
100
18
92
6a
Canadian Pao Ry
105**
111)*
40 X
103
*108X
gold
113
105**
33 X
80
*
Guaranteed
112)*
J
1962 M
Canadian Nat guar 4Xa
1957 J
Guaranteed gold 5s...-July 1969 J
110
119
40X
106
104 X
*108 X
'105X
93 X 100
111
100X
106X
29
34
101V*
71
99?*
J
J
36
100)*
9
84 X
26$
103 X
131
N
112)*
111)*
101X
101X
"H
47
90X
79$
103 X
J*
113X
119**
104 X
N
110
37
124
X
89 X
77
U3X
70 X
111**
104X
Trans-CoD Short L 1st 4s...1968 J
1940 J
deb 5s
J
110**
88
100 X
72
99
112
83 X
85 X
*85
77
O
111**
1996 M N
1955 J
D
Cal-Arli 1st A ref 4H> A
conv
O
Guaranteed gold 4Xs..Sept 1951 M S
Canadian Northern deb 6X3.-.1946 J
J
105**
100
101X
1065*
103?*
D
A
87
103?*
1960 J
D
105
70
1948 J
.1985 J
A
108
88
100
J
16
*104
Rocky Mtn Dlv 1st 4s
J
26
J
Corv deb 4 His
A
32
1995 Q
Conv g 4s Issue of 1910
A
1955 J
100
Ark A Mem Bridge A Term 58.1964 M S
Armour A Co (111) 1st 4 His
1939 J D
1st M s (4s ser B (Del)
1955 F A
1955 J
39
39X
39 X
132
91)*
Conv 4s of 1905
38X
♦Camaguey Sugar 7s ctla....—1942 A O
Canada Sou cons gu 5s A
1962 A O
{♦Car Cent 1st
Stamped 4s
Conv gold 4s of 1909
..1952
5s
100 X
J
1950 J
♦Consol
{♦Bush Term Bldgs 5s gu
By-Prod Coke 1st 5X« A
100
1967 J
Armstrong Cork deb 4s
Atch Top A 8 Fe—Gen g 4«
Adjustment gold 4s
38 X
108)*
105**
4s
O
106**
O
g
76
29
21
♦Anglo Chilean Nitrate—
{♦Ann Arbor 1st
85
91X
108)*
Anaconda Cop Min a f deb 4 Ha I960 A
S f Income deb
90 X
84
97 X
111$
29
105**
J
158
27 X
108)*
{♦Am Writing Paper 1st g 6a..1947 J
♦Certificates of deposit
112 X
88 X
88 X
83 X
1981 F
1937 M S
Consol 4Xs
1957 M N
II^Burt C R A Nor 1st A coll 5s 1934 A O
100 X
93
211
90 X
84
105**
92
48
98 X
29
87 J*
93)*
109)*
110)*
915*
1975 M N
F
Cai Pack
229
106X
105 X
98 X
1938 J
100**
J
Deb g 6s aeries A
.1950
69
102X
110X 112X
Am
3Xs
f deb 3?*s
Brurs A West istgu g 4s
Buffalo Gen Elec 4)*s ser B
Buff Roch A Pltw gen g 5s
62
84**
22 X
105
X
A
1957 IVI N
101
83 X
21
105
IVI N
6
84
21
22
22
O
M N
3
.2030 M 8
1963 J D
21X
20
21
86$
M N
69
98 X
Telep A Teleg—
20-year sinking fund 5Xs---i943 M N
J
3Xs debentures..
1961 A O
1
23X
18X
1
101
....1950 J
gold 5s
20 X
1
103
F
126** 131
21
101**
J
115$ 121X
21
103 X
111)*
100
21X
MN
101
S
Convertible debenture 4 Xs-. 1939 J
Brown Shoe
J
100
100
"23X
"l5
•VI N
93)*
110)*
25
102X 102X
38X
85)*
101
5
128 X
105 %
98 X
♦Certificates of deposit...
423
93)*
117X
22 X
1965 IVI N
{♦Bush Terminal 1st 48
94
64
5Xs
1949 M N
6^8—1949 J
J
69
73
90
115X
126**
1997 M
Brooklyn City RR 1st 6a
1941
Bklyn Edison cons mtge 3V*s_.1966
Bklyn Maohat Transit 4V*s...l966
Bklyn Qu Co A Sub con gtd 5s. 1941
78
76
I02X
1944 J
1st g 4?* 9 series JJ
1961 A
{♦Boston A N Y Air Line 1st 4s 1955 F
f {♦Botany Cons Mills 6 Xs.... 1934 A
89 X
93X
115X 116
110X 110X
113X U6X
21
♦Certificates of deposit
76
96
68
'110$
93 X
80
75
21
A
Boston A Maine 1st 5a A C
6
102**
"~23X
J
...1960
1945 M
Cal G A E Corp untf A ref 5a...1937 M
93)*
Am Internal Corp conv
76
282
O
1955 M
1
103)* 103
79
99)*
114)* 114)*
108)* 110
106 X
96
4J4s.--.1950 A O
1951 FJ A
3
105
101
D
1950
1998 A O
1942 Ml S
69)*
98)*
104
100 X
95
1950 A
6s
99$
89 X
*105
A
Big Sandy 1st 4s
115
*78
"l02**
1955 A
♦Debenture 6a
IIox "7 5
115
115**
3)* s.. 1943 J
♦Berlin City Elec Co deb 6)*s..l95l J
♦Deb sinking hmd 6)*s
1959 F
104
110X
D
O
84
307
104)* 106
106 X
100)*
1949 J
Allegb A West 1st gu 4a
Allegh Val gen guar g 4s
American Tee
69
1948
"99$ "16
84
A
cons
1st M 5a series II
78
100)* 102
68)*
*115X
no'x
1951
X
80
93 X
92
92?*
1943
4s
Telep of Pa 5s series B
1st A ref 5s series C
30 X
79 X
..I960
Bangor A Aroostook 1st 5s
30
36
80
.1946 A O
1944 F A
105
97
24
22
93
2
97
92 X
76 X
"92**
96**
"98"
conv
104X 107 X
32
A
♦5s stamped
103 X
44
34
O
conv 68
47
X
105)*
97
30
962 A
♦6s with warr assented...
104 X
105 X
105)*
43)*
34)*
34)*
1946 F
Alb A Susq 1st guar 3 His
Alleghany Corp coll tr 5s
94 X
116X
104
104 X
J
44
81
■
89 X
111$
J
1st lien A ref 5s series B
...
112
94'
100X 103X
1941 M N
Debenture
10-year deb
92?*
106X
105X 106 X
106
108 X
60
34?*
28%
67**
94
106 X
56
108
35
40
75
'l05"
107 X 107 X
102 X
5
53 H
D
85X
113X
23
95X
1947 J
83 X
101
39
INDUSTRIAL
Coll trust 4s of 1907
107 X
83 X
1019,6 102
112
43
COMPANIES
48 series B
93 X
Ref A gen 5« series D
95 X
♦({Ablttbl Pow A Paper 1st 5s. 1953 J D
Adams Express coll tr g 4s
1948 M 8
2
102**
Southwest Dlv 1st 8)*-6s...l950 J
*80 X
A
D
1019,6
87 X
60 X
64
113
Conv
O
Warsaw (City) external 7s....1958 F
Yokohama (City) extl 6s
1961 J
79
D
34**
1952 M N
Vienna (City of)—
6s Nor coupon on...
Ala Gt Sou 1st cods A 5s
D
34
102
1964 Ml N
6a
51)*
8
99 X
95)* 99 X
105X 106 X
O
26**
75 X
68)*
56 X
4
82
X
106**
107
30
*74%
_
36
52 X
*106
o
6
*90
104 X
59
*106 X
2
53 J*
*32**
A
1955 F A
1971 J
J
1952 M 8
97**
58
107)*
Bait A Ohio 1st g 4s
July 1948 A
Refund A gen 5s series A
1995
1st gold 5s
July 1948 A
♦Berltr Elec El A
1948 F
63
98 X
1019,6
1941
1910 IVI N
P L E A W Va Sys ref 4s
32
24
25**
21**
Styrta (Province of)—
♦7s Feb coupon off
Sydney (City) s f 5 X«
114X 116
103X 105X
,
*84
32
♦22)*
A
10
72
98
81
101V
32
*21)*
28)*
116
67 X
"82"
95 3*
"31$
High
111X 111X
105 X
57 X
97
105**
1948
Ref A gen M 5s ser F
♦External 6a July coupon off-1968 J
Secured sf 7s
1940 A
Adriatic Elec Co extl 7s
J
97
36?*
39
-
Low
104 X
97**
105?*
58 X
32**
|*8s July coupon off
1936 J
J
♦External 8s July coupon off .1950 J
J
♦Erteraal 7s Sept coupon off 1966 M 1
No.
nix "~~7
51X
M N
315*
32
♦Coll A
104
98
43
IVI N
Col! A
104
32
1952 IVI N
♦Extl 6)4* May coupon off..1957
San Paulo (State of)—
cods
115)*
Tol A Cin Dlv 1st ref 4s A... 1959 J
1959 F
1963 J
♦8a May coupon off
1st
J
Ref A gen 6s series C
Sao Paulo (City of Brasil)—
AND
1944 J
111X
115%
May 11945
1948
Atl A Dan 1st g 4g
2d 4s
High
*118**
J
Atl Coast Line 1st cons 4s July 1952 M fl
General unified 4)*s A
1964 J D
10-yr coll tr 6s..
Since
Jan. 1
Asked
40
31
A
Low
LAN coll gold 4s
Range
or
Thursday's
Bid
D
Austin A N W 1st gu g 6a
36
Range
Sale
Price
1944
Baldwin Loco Works 1st 5s
35
29)*
29)*
$
Rome (City) extl 6X«.
1962 A O
Rotterdam (City) extl 6s
1964 M N
Ron mania (Kingdom of) Monopolies
RAILROAD
il
1946
Atl Knox A Nor 1st g 5s
Atl A Charl A I 1st 4 V*s A
1st 30-year 5s series B
Atl Gulf A W I 8S coll tr 5s
♦8a April coupon off
♦6 Vis Aug coupon off
s f
Last
EXCHANGE
STOCK
High
27%
26)*
Rio de Janeiro (City of)—
♦External
Y.
Week Ended Feb. 12
21%
16 X
22
112
113)*
26 Hi
112**
N.
Since
Jan. 1
Asked
29)*
30
BONDS
Range
Ranoe or
Thursday's
Bid
Low
D
1071
Week's
Thurs.
Week's
Thurs.
A. T. & T. Teletype NY 1-911
Chicago, Indianapolis and St. Louis
Feb. 13,
New York Bond Record-Continued—Page 3
1072
BONDS
Last
Bennett 'Bros. & Johnson
cMembers
Low
Columbia G A E deb 5s—-May 1952 MN
Debenture 5s......Apr
16 1952 A O
I ^ew r°rk Stock Exchange
j
<*p^ew Xark Curb Exchange
^aWAD
J
Debenture 5s
.Jan
15 1961 J
Col A H V 1st ext g 4s—
1948 A O
Col A Tol 1st ext 4s—.-——.-1955 F A
Columbus Ry Pow dc Lt'48—1965 MN
'BONDS
Tork, ?i. T.
Commercial Credit deb 3%s—1951 A O
Commercial Invest Tr deb 3%s 1951 J
Chicago, III.
'Private Wire
One Wall Street
A
4%s.—1951
Stamped guar 4%s
1951
Conn River Pow s f 3%s A
1961
Consol Edison (N Y) deb 3%s.l946
3 %s debentures
1956
Dig by 4-5200
Connections
Randolph 7711
*2Nt- Y. 1-761 -<• 'Bell System Teletype ->- Cgo. 543
99
99
102%
102%
*106
J
J
Conn Ry A L 1st dc ref
104%
103%
103%
*113%
106%
106%
1943 A
Conn dc Passum Rlv 1st 4s
135 So. La Salle St.
104%
103%
103%
112%
112%
*106
F
104%
105%
103%
104%
A
106
A
104%
Jan. 11
Asked
High
104%
No.
68
104
93
104%
79
115
107%
99%
103
107%
112%
106%
105%
106%
105%
!
Since
Thursday's
Bid
Price
Week Ended Feb. 12
•Range 1
Range or
Sale
N. Y. STOCK EXCHANGE
1937
Week's
Thurs.
Low
High
104
105%
103% 105
103% 105 %
112% 114%
115
115
70
106
108%
56
99
32
....
2
....
100%
102% 105%
105% 106
112% 112%
106% 107%
13
104% 108%
67
104% 106%
103% 107%
27
♦Consolidated Hydro-Eleo Works
Thurs,
N
Y. STOCK EXCHANGE
*?
Week Ended Feb. 12
Sale
Bid
A
Low
1949
4s—1954
Cent Pac 1st ref gu g 4s
F
A
A O
Through Short L 1st gu
Guaranteed g 5a.
1960 F A
Cent RR & Bkg of Ga coll 5s. .1937 M N
Central Steel 1st g a f 8s..
19.41 M N
Certain-teed Prod 5%s A
.1948 MS
Champion Pap dc Fibre deb 4%sl950
Chesap Corp conv 5s
1947
10-year conv coll 5s
....1944
Ches dc Ohio 1st con g 5s.
1939
General gold 4%s
1992
Ref A lmpt mtge 3 Ha ser D1996
Ref dc lmpt M 3 Ha ser E
1996
Craig Valley 1st 5s
May 1940
M S
M N
J
D
M N
M
S
M N
F
A
109%
109%
"102%
102%
93%
93H
125%
Range
Since
Asked
High
110
108%
103%
94
No.
"~70
104%
8
95
10
"~95%
95 %
107%
150%
132%
108 H
122H
99%
99%
107%
150
153
131H
132%
12
137
108
109
37
109
99%
99%
125%
89
20
108
36
154
96%
16
123%
100%
161
101,
111
nok
J
4s.....1989 J
J
v.1989 J
1941 MS
110%
*110%
117H
U6H
114
114
Chic A Alton RR ref g .3s
1949 A
Chic Burl A Q—-111 Dlv 3%s—1949 J
Illinois Division 4s
.....1949 J
O
58
109%
109%
37
58%
109% 110
J
110H
110
111
61
110
1958 M
S
114
113%
113%
117%
114%
41
113% 117%
114
28
117%
16
113% 116%
117% 119
J
J
Potts Creek Branch 1st 4s... 1946 J
J
R A A Dlv 1st
con g
2d consol gold 4s
114
U7%
5
111
111%
*13
120%
5
115
Warm Spring V 1st g 5s
General 4s..
J
..>.1977 F A
1st A ref 4Ha ser B
1st A ref 5s ser A.
1971 F
♦Certificates of deposit
Chicago A Erie 1st gold 5s
1982
ChG L A Coke lBt gu g 5s
1937
{♦Chicago Great West 1st 4s__1959
{♦Chic Ind dc Loulsv ref 6s—.1947
♦Refunding g 6s ser B
1947
♦Refunding 4s ser C
1947
♦lBt A gen 5s series A
.1966
♦1st dc gen 6s series B.May 1966
Chle Ind A Sou 50-year 4s
1956
Chic L S dc East 1st 4%s_
1969
M N
J
J
M S
1987
1936
51
100
21
39
36%
37%
290
141
*123%
*101%
47%
47%
48%
40
41
40
36%
M N
23
22
J
J
23
23
J
J
J
D
106%
"39"
24
106%
♦111
144
23%
106%
112%
4
M N
32 %
10%
"51%
61
26
21%
26%
10
*49
MN
M N
1
51%
53%
"58 %
D
"34 %
31
D
34 H
31
N
20%
17H
21
78H
A
60
35%
34%
34%
40H
O
M~S
21%
19%
11%
34
430
611
2
16
2
5
18
78%
"~28
tl°M
21%
19%
21%
20%
11%
1501
107
67
9
280
D
D
*111H
*94%
D
98%
"98%
7
98%
99%
30
87
90
18
113
106 H
.1963 J
J
.1963 J
.1951 M S
E
3Hs guaranteed...
J
Chic dc West Indiana con 4s... .1952 J
.1962 M S
lBt A ref M 4%s ser D
.1943 A O
Chllds Co deb 5s...
{♦Choc Okla A Gulf cons 5s... .1952 M N
,1966 F A
Cincinnati Gas A Elec 3%s
Cln Leb A Nor 1st con gu 4s... 1942 M N
Cin Un Term 1st gu 5s ser C_. 1957 M N
1st mtge guar 3Hs series D.. 1971 M N
J
.1943 J
Clearfield A Mah 1st gu 4s
Clove Cln Chi dc St L gen 4s... 1993
1993
General 6s ser B—
D
,1941
J
66
106
67
105%
55
90 H
90 H
91
*36%
"l02% 102%
108%
108%
107H
107%
*107%
38
103H
Ref A lmpt 6s ser C
Ref A lmpt 5s ser D
Ref dc lmpt 4Hs ser E
D
J
1977
J
1939
J
Cln Wabash A M Dlv 1st 4s. 1991 J
1990 MN
St L Dlv 1st coll tr g 4s.
Cairo Dlv 1st gold 4s
4s——— 1940
1940
W W Val Dlv 1st g 4s
Cleve-Cllffs Iron 1st mtge 4%s. 1950
Cleve Elec Ilium 1st M 3%s—. 1965
Cleve A Pgh gen gu 4%s ser B. 1942
1942
Series B 3Hs guar
1942
Series A 4Hs guar
Series C 3Hs guar....
1948
1950
Series D 3%s guar.....
Gen 4Hs ser A
1977
Gen A ref mtge 4%s ser B... 1981
Cleve Short Line 1st gu 4%s— 1961
Cleve Union Term gu 5Hs
1972
Spr dc Col Dlv 1st
1st
s
1st
s
g
f 58 series B guar...... 1973
f 4Hs series C—...... 1977
*105
103 %
97
97
1
108
13
104%
18
105%
104%
97%
18
105 %
105%
100
"ioo"
100
*102%
*106
J
*103
108%
105%
107%
108%
69
3
18
J
MN
J
A
O
J
107%
*
O
A
107 %
J
J
O
111%
o
108
o
105
95
74
.....
1980 M N
111%
107%
104%
111%
*107%
90%
73%
101
103
106%
21
106
107
104%
1013,6
25
104% 106
100
101%
S
78%
58%
65
Cuba RR 1st 5s g—
1952 J
J
58%
58%
60%
18
1936 J
D
65%
2
56%
62%
64%
72%
65%
64%
65%
4
61%
61%
(♦1st ref 7%s series A
...
♦Certificates of deposit
ser B
♦Certificates of deposit
1936
65%
j "6
*61%
104%
.....
Dayton Pow A Lt 1st A ref 3 %s I960 AO
104%
Del A Hudson 1st dc ref 4s.... 1943 M N
Gold 5%s
1937 M N
100%
Del Power A Light 1st 4%s—. 1971 J
1969 J
1st A ref 4%s
J
1969 J
J
1st mortgage 4 %s
Den Gas A El 1st A ref
;
s
J
f 58— 1951 M N
1951 M N
Stamped as to Penna tax
J
1936 J
(♦Den dc R G 1st cons g 4s
J
1936 J
(♦Consol gold 4%s
{♦Den A R G West gen 5s. Aug 1955 F A
♦Assented (subj to plan)..
♦Ref A lmpt 6s
B...Apr 1978 AO
ser
Detroit Edison Co 4%s ser D.. .1961 F A
Gen A ref 5s ser E—
.1952 A O
Gen dc ref M 4s ser F
.1965 A O
Gen A ret mtge 3%s ser G_. .1966 MS
..
.1995 J
....
94
100%
105%
*102%
D
.1995
—
♦Second gold 4s...
.1995 J
♦2d 4s assented
......
.1995 J
J
.....
19%
34%
21%
58
21%
18
21%
203
18
30%
29
31
89
29
114%
108
108
108
108
105%
105%
69
....
....
1
69
115%
105%
34
23
135
135%
*113
115
*103%
104%
157
157
......
*110%
......
157
114
*97%
105%
105%
.....
12%
Ref dc lmpt 5s of 1927
Ref dc lmpt 5s of 1930
Erie dc Jersey 1st s f 6s
.1967 M N
87%
.1975 A
O
86%
.1955 J
J
118%
98%
Genessee River 1st
.1957 J
J
116%
99%
90
N Y dc Erie RR ext 1st 4s._. .1947 M N
3d mtge 4%s
.1938 M B
*113%
*101%
.....
104
104%
90%
7
....
2
....
....
8
....
105%
105%
104%
91
90%
3
2
24
56
"92"
92%
.1953
—1954 F
95
86%
1956 J
D
104
103%
S
103
103
1942 M
S
1942 M
...1942 M
S
1954 J
S
118
88%
118%
116%
199
.....
103% 107%
105%
103% 105
97
98%
103
103"
107% 107%
109% 111%
111%
.....
*101%
*103
75
104%
103%
....
1
36
3
104%
104%
96
14
1
6
1
81%
81%
81%
82
29
.1974 M S
16%
16%
18
308
16%
16%
17%
*9%
10%
({♦Proof of claim filed by owner MN
♦Certificates of deposit
5%
*4%
*104%
5%
4%
*108%
Il0%
J
♦Certificates of deposit.....
Fonda Johns A Glov 4%s
.1952
—
Fort St U D Co 1st g 4%s_——1941 J
Framerlcan Ind Dev 20-yr 7%s 1942 J
J
.....
J
Francisco Sugar coll trust 68—1956 M N
Galv Hous A Hend 1st 5%s A—1938
Gas dc El of Berg Co cons g 5s. 1949
_
Gen Amer Investors deb 5s A.. 1952
Gen Cable 1st s f 5%s A
1947
♦Gen Eleo (Germany) 7s Jan 151945
O
80%
D
A
J
J
41
♦Sinking fund deb 6%s...—1940
♦20-year s f deb 6s
.1948 MN
15-year 3%s deb
A
....
....
....
80%
81%
4
99%
99%
9
121%
121%
101%
101%
105%
106
14
40
1
102%
102%
102%
102%
102%
96%
43%
*47%
103%
90
103
97
J
.....
.....
D
105%
96%
J
1st mtge 4%s—
D
—1956
1957 M N
Goodyear Tire dc Rub 1st 5s
2
112%
Gotham Silk Hosiery deb 5s w wl946 M
107%
Gouv A Oswegatchie 1st 5s....1942 J
Gr R d; I ext 1st gu g 4%s
.1941 J
77%
"39% "4
O
J
113
95
"38%
J
111%
105%
62
40
1
5
"38%
A
35
90
—
1951
Gen Pub Serv deb 5%s
1939
Gen Steel Cast 5%s with warr.1949
{♦Ga dc Ala Ry 1st cons 5s....1945
({♦Ga Caro A Nor 1st ext 6s.. 1934
22
75%
121%
101%
105%
S
105%
101
104%
104%
104
104%
D
J
103
96%
43%
51
26
101
26
105%
101%
104%
105
1
110%
85
89
91
H
•
3
32
1
....
1
60
185
78
101% 101%
102% 103%
102%
104%
102% 104%
82
96
81% 81%
81%
15%
15%
87
19%
19%
71
9%
4
5%
3%
4%
107% 107%
108
108%
80% 87%
97% 100%
121% 122%
101
105%
39%
39%
38%
102%
101%
101%
95%
42%
49%
26
102%
106%
40
40
40
105
105%
103%
HU
52
26
105
105%
100% 101%
21
103% 105
103% 107%
10
103%
110%
1
H
64%
103% 105
102% 103%
9%
1
D
60
95
...
85%
94%
94%
93%
89
91%
116% 117%
114% 114%
.....
95
J
~91%
3
.....
103%
104%
.....
D
105
116%
122
118% 119
105% 106%
100
112
105% 105%
105% 107
103% 106%
89% 92%
2
81%
81%
{♦Florida East Coast 1st 4%s—1959 J
♦1st A ref 5s series A
111
115% 116%
105% 107%
135
139%
112% 113%
104
104%
157
172%
——
75
A
18
30
....
88%
87
1942 M
1946
—1943
93
92%
92%
*
.....
D
{♦Fla Cent A Penln 5s
45
....
({♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s_.—1982
101% 104%
108% 108%
108
109%
106% 110%
45
117% 118%
1025,6 102%
61
72%
106% 110
108
10%
38
111
6
115%
.1953
5s International series
1st lies s f 5s stamped
108
....
102%
♦
......
4s series D. .1953
1st Hen 6s stamped
30-year deb 6s series B
Flat deb s f g 7s
108
117%
107%
9
105% 109%
....
106%
6%
114"
35
....
67%
22%
21%
32%
29
102%
102%
37
18%
116%
110%
117%
......
36%
33
.1951
...
Ernesto Breda 7s
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
20
66
Gen
86%
108%
109%
107%
65
20
96
50
*41
32%
....
*41
Conv 4s series A.
Series B
f 6s
66%
115
*50
22
s
22
85
20
conv
8%
*50
......
J
.1996
106% 107
34
8%
*50%
114%
106
106% 107
34%
20%
14
U
101% 102%
106% 106%
215
......
.1996
4a prior
....
....
105
34%
19%
18%
cons g
1st consol gen lien g 4s
Penn coll trust gold 4s
2
——
108
18
Erie RR 1st
17
104
32%
J
Erie dc Pitts g gu 3%s ser B—. .1940
Series C 3%s
.1940
272
106
*107
J
.1965
94%
10013,6
60
60
59% 66
104% 108
91% 95%
100% 101%
34%
....
O
21
.....
......
Detroit Term dc Tunnel 4%s_. .1961 MN
6
„
105%
*106%
D
.1995
65
*106%
......
8%
{♦Des M A Ft Dodge 4s ctfs—. .1935 J
{♦Des Plains Val 1st gu 4%s.. .1947 M
♦Detroit A Mac 1st Hen g 4a.
♦1st 4s assented
94
105%
19%
"97%
99% 100%
37
83%
43%
42%
23
113%
1
101% 103%
01
♦Good Hope Steel A Ir seo 7s..1945
Goodrich (B F) conv deb 6s
1945
108
1013,6
......
5
105
60
113%
112%
108%
111%
......
10
104
60%
Gen Motors Accept Corp deb 3sl946 F
1
J
O
J
113%
33
106%
104%
D
109
O
101%
106%
.1965 A
I6§"
ui%
*105%
99%
101%
100
101%
.1946 J
116%
*108 %
100
A
......
*110
F
D
F
......
110% 113
A
J
D
112%
A
103
.1951 J
*106
MN
102%
.1941 M N
*110%
*110%
102%
Elgin Joilet A East 1st g 5s
101% 104%
16
D
61
I6B%
103
M S
Colo dc South 4Hs ser A
108%
1
J
55%
38
36
1*120
104
Coal River Ry 1st gu 4s
D
1945
Colo Fuel dc Ir Co gen s f 5s... 1943
A
♦5 Income mtge..
1970 A O
For footnotes see page 1075.
103%
102%
108%
26
104%
.1939 J
55
106%
t
104
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons g 5s
40%
103%
104%
East Ry Minn Nor Dlv 1st 4s_. .1948 A O
East T Va dc Ga Dlv 1st 5s..., .1956 MN
39
108%
M N
56
110% 113
108
111%
105% 108%
105% 108%
103% 105%
90% 94
104
.
54%
105% 106%
105%
.
51
4
104
2
.
51
20
105%
103*a
103]
102;
.
50%
106%
111%
106
18
.
48%
49%
109
110%
103%
M N
Dul dc Iron Range 1st 5s...... .1937 A
{(♦Dul Sou Shore dc Atl g 5s.. .1937 J
Duquesne Light 1st M 3%s... .1965 J
113
108
106
J
.1963
110%
108%
39
36%
12%
49%
52%
Chicago Union Station.1944 J
106]
21
105
35%
38%
69%
110%
107%
D
El Paso A S W 1st 5s
5s stamped
2
19
105%
103%
102%
40
J
34
12
107%
103%
40%
1942
34;
21
112
63
107
31%
16%
58
103%
70
9%
35%
35%
35%
35%
103%
68
44
3
M N
56%
69%
69%
1
68%
35
36
66
68%
624
....
23%
107%
104% 107%
Cuba NorRy 1st 5%s
30%
42
36
......
67%
66%
....
22%
106
M N
Crown Willamette Paper 6s
1951 J
Crown^Zellerbach deb 6s w w—1940 M
30
41
18%
20H
90
55
64%
36
1
42
447
1950 MN
f 4s
s
193
1188
J
1st mtge 4s series D
1st mtge 3%s series
May 1 1965
1970
1966
Container Corp 1st 6s
1946
15-year deb 5s with warr
1943
Copenhagen Telep 5s.Feb 15 1954
Crane Co s f deb 3%s
1951
El Paso Nat Gas 4 %s ser A
Conv deb 4%s
J
Guaranteed 4s
1st mtge 3%s_.
1st mtge 3%s
1st mtge 3%s
106%
36%
*35%
Consumers Power 3%s.May 1 1965 J
30
J
Chic T H dc So East 1st 5s
1960 J D
Inc gu 5s...
.....Dec 11960 M S
61
36
22%
106%
36
1960 J
f 5s
s
102
237
40%
20%
19H
M N
10
40 %
21
107%
52
58%
32%
D
106
110% 111%
26
51
101% 102%
47% 60%
37% 44%
21%
68%
51
124
17
68%
69%
52
41%
39%
63
1
34%
10%
45%
100
43
56%
51%
52%
~53%
34
38%
64
07%
68H
68H
32H
9%
45%
60%
*69""
35%
39
56H
"68%
100
113%
36
8
63%
63H
55
122
*39 %
J
♦1st ref g 5s
—.May 1 2037 J
♦1st dc ref 4Hs stpd.May 1 2037 J
♦1st A ref 4%s ser C-May 1 2037 J
M
♦Conv
4%s series A
1949
({♦Chicago Railways 1st 5s stpd
Aug 1 1936 25% part pd—
{♦Chlo R I dc P Ry gen 4s
-1988
♦Certificates of deposit
(♦Refunding gold 4s
1934
♦Certificates of deposit—
(♦Secured 4Hs series A.....1952
♦Certificates of deposit......
♦Conv g 4Hs
—1960
Ch St L A New Orleans 5s
1951
Gold 3Hs
..June 15 1951
Memphis Dlv 1st g 4s
1951
58
37 %
100
38H
37%
J
—1987 M N
-
"165"
J
♦Gen 4%s stpd Fed inc tax..1987 MN
♦Gen 6s stpd Fed lno tax
1987 MN
♦4Ha stamped
(♦Secured g 6Hs
114
J
{♦Chlo Mllw St P dc Pac 5s A—1975
♦Conv adj 5s..—
Jan 1 2000
{♦Chlo A No West gen g 3%s..l987 MN
♦Stpd 4s non-p Fed lno tax 1987
109 %
J
♦Gen 4%s series C..May 11989
♦Gen 4%s series E..May 1 1989
♦Gen 4%s series F
May 11989
♦General 4s
56%
J
♦Chle M A St P gen 4s ser A—1989
♦Gen g 3%s ser B_.May 11989
♦Consolidation Coal
22%
106%
105%
......
1956 A
♦Debenture 4s
(♦1st lien A ref 6s
A
({♦Chicago A East 111 1st 6s.. 1934 AO
{♦C A E 111 Ry (new Co) gen 58.1951 MN
♦Debenture 4a
Crown Cork A Seal
128%
102%
102%
J
1955 J
—1955 J
♦Debenture 4s
High
112%
108%
72
7s.-.1956
{♦Consol Ry non-conv deb 4s—1954
Jan. 1
125%
96%
107%
122
22%
106%
105%
36%
of Upper Wuertemberg
Range or
Thursday's
Price
J
Consol Gas (N Y) deb 4%s—1951 J
Consol Oil conv deb 3 %s
1951 J
Week's
Last
BONDS
In*
New York Bond Record—Continued—Page 4
Volume 144
Thurt.
BONDS
N.
Last
Y. 8TOCK EXCHANGE
Week Ended Feb. 12
Range or
Thursday's
Sale
Price
Bid
A
Range
Since
Asked
Jan. 1
►nA.
Low
Grays Point Term 1st
gu 5s... 1947
r
Gt Cons El Pow (Japan) 7s
1944
1st A gen s f 6 Mis
1950
Great Northern 4}*s series A..1961
General 5Ha series B
1952
General 5s series C
F
1
j
1
j
r
j
r
j
r
j
r
j
1977
1946
1946
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
j
Feb
Feb
1940
M N
Gulf Mob A Nor 1st 5
Ha B...1950 A
1st mtge 5s series C
1950
Gulf A S 11st ref A ter 5s Feb 1952
Stamped
—
O
1961
10-year deb 4Hs
o
1946
Hackensack Water 1st 4s
1949
Hocking Val 1st cons g 4 Ha
♦Hoe (R) A Co 1st
mtge
o
1952
♦Harpen Mining 6s
1999
1944
J
J
J
J
J
Houston Oil sink fund 5Hs A.. 1940
M N
Hudson Coal 1st s f 5s ser A...1962
J
Hudson Co Gas 1st g 5s
1949
A.1957
♦Adjustment Income Ss.Feb 1957
Illinois Bell
Telep 3Hs
ser
F
A
A
119
118H
119H
24
116H 119H
U4H
114H
115}*
13
107H
107 H
108 H
29
106
105H
123 H
109H
*62 H
106 H
78
114H 115H
1073* 109 H
105H 108 H
124
109H
"U"
1955
M N
M N
"13
103 H
36
99H
99 H
90
104H
23
*90
99H
105~~
105
105
5
107 H
*24 H
108
10
123
123H
123"
97
90
83 H
ioln
101H
101}*
101H
102 H
103 H
53
53
*1205*
"84 H
83 H
34 H
343*
106 H
91H
92 H
88
92 H
88
76
78
1013*
J
{♦Iowa Central Ry 1st A ret 4s. 1951
M
19
126 H
84
97
80
86 5*
101K 102 %
101}* 101H
102 H 103 H
57 H
50 H
122}* 124
80 H
85}*
32 H
36H
106H 110
105H 107 H
92 H
93
78
O
91
74
85 H
12
107H
27
J
14
"35"
79H
47
88 H
79 H
102 H
79
100
49
12
102 H
3
98}*
4
75
146
88 H
174
154
.3 H
80H
3H
99 H
99H
100}*
36
104H
104}*
105
16
78 H
97
93H
48 H
95H
56
46
52 H
91H
91
101H 102 H
102
13H
36 5*
33
207
72 H
86 H
94 H
11
88 H
102}*
97}*
74 H
105H 108
32
35
94 H
1055*
145 H 166
34 H
38
12
94
105
101
32
101H
99 H
36H
79 H
90
72
79H
101
102 H
98 H 101H
95
92 h
102
96%
103
102
70
75
82 H
75
89
3
65
80^
4H
99H 102H
cons
cons
5s
Leh Val Term Ry
lstgug 5s
Lex A East 1st 50-yr 5s
gu
5s
"63H
~65~" "75
61
108
66 H
64
91H
106 3*
103
106 H
102 H
*40
12
59
93
34
91
95
99}*
61H
QQ
65
97
100
107}*
103 H
62
62
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4Ha--. 1961
S
J
98
1961
Kings County Elev 1st g 4s... .1949 F
Kings Co Lighting 1st 5s
1954 J
A
106H
100H 100 H
77H
103 H
S
S
98
109 H
..1937 IVI N
1940 J
J
"99"
20
1023i6
6
115
1
2003 A
102
101H
102 H
96 H
30
95H
Mob A Montg 1st g 4 Ha
South Ry Joint Monon 4s
1945 M
114}*
95H
114H
1952 J
100H
1955 IVI N
♦Lower Austria Hydro El 6 Ha. 1944 F
106H 109 H
102H 103H
a f deb 5s 1951 IVI N
McKesson A Robblns deb 5 Ha. 1950 M N
Maine Central RR 4s ser A
1945 J
D
It^Manatl Sugar 1st
a f 7
2
"17
cons g
108
105 H
104 H
80
55
16
50
51
31
*30
32
2013 J
D
Manila Elec RR A Lt s f 5s... 1953 IVI s
Manila RR (South Lines) 4s
1939 IVI N
1st ext 4s
^♦Man G B A N W 1st 3 Ha.—1941 J
Mead Corp 1st 6s with warr. .1945 IVI N
IVI
Metrop Ed 1st 4Ha ser D
1968,... S
~
Metrop Wat Sew A D 5 Ha
19501A O
98 H
102 H
(Sept 1914 coupon)
Jack Lans A Sug
1st gold 3 Ha
Ref A
106H
24
109}*
109H
13
103 H
15
104
2
15
1
*2H
D
27 H
J
104H
*110
106H
104
104
104H
13
1971 J
104H
104 H
104H
20
—.1940 A
1st Mtge 5s
ext
106 H
88
1961 J
J
4Ha(1880)1934
1st ext 4 Hs.
J
1949 IVI
1962 Q
91H
4
43 H
42 H
443*
31
*55
13H
"7
6
6H
14
4 }*
4}*
1
32 H
28
32 H
28
33 H
26
J
J
37
36 H
37}*
25
1946 J
J
26 J*
24
26 }*
23
1949 IVI
s
23
20 H
24
15
J
94}*
.1978 J
1st Chicago Term s f 4s
1941 MN
J
1990 J
D
94 %
94 H
95 H
1962 J
J
87 H
75 H
86
88
73
75}*
78 %
57
77
70 H
74 H
155
45 H
46 H
62
Prior Hen
1962 J
4Hs series D
ser
1978 J
J
O
1965 F
A
A
56
J
Jan 1967 A
433*
43 H
99 H
45 H
52
99H
33
68 H
68 H
69
28
65
70H
68 H
6
65
70H
♦1st A ref 5s series I.
67
67
4
*60
67
Lehigh A New Eng RR 4s A... 1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref s f 5s. 1944
Is A ret s f 5s
14
103 H
104 H
103 H
104 H
19
O
M S
F
913*
A
1964
1st A ref s f 58
105 H
J
A
105
1954
1st A ret s f 5s
J
*98
1974
Secured 6 % gold notes
Leh Val Harbor Term gu 5s
"74 H
46
For footnotes
see page
1075.
93
39H
99 H 100H
75
78
69H
77
70
70
1
70
75
99
106 H
106
H
.1981
FA
100H
10
99
107
49
105
H 100}*
107
46 H
56
H
45
13H
143*
45 H
46 H
45
46
43 H
"455*
44
'l09
61
45
X
139
10
99 H
95
53
52 H 54
1977 M S
37 H
37
38H
38
383*
38 H
101
1938 M S
95
95
96 H
9
94H
4
10
45
*43
91
"2
180
45 H
14H
32
70
337
45
45 H
O
Monongahela West Penn Pub Serv
1st mtge 4Ha
...I960
75H
18H
46 H
1949 M N
104 H
100
45
17
1980 A
104
75H
63
45 H
44
*43
4
69 H
""99H
1978 MN
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July 1938 MN
{♦Mobile A Ohio gen gold 4s...1938 M S
♦Montgomery Dlv 1st g 5s_.1947 F A
♦Ref A lmpt 4 Ha
♦Secured 5% notes
7
75
163
44 H
Mohawk A Malone 1st gu g 4s. 1991 M S
Monongahela Ry 1st M 4s aer A '60 M N
70
A
*43
104 H 106 H
103H 104 H
"75 H
1938
1954 F
91H
37
"56"
1959 J
"69"
104 H 109 H
40
37 H
94 J*
94}*
*95H
{♦Mo-Ill RR 1st 5s series A
Mo Kan & Tex 1st gold 4s
♦Certificates of deposit
♦Conv gold 5H8
♦1st A ret g 5s series H
♦Certificates of deposit
12
29
Mo-K-T RR pr lien 5s ser A
♦Certificates of deposit..
♦1st A ret 5s series G__
38
13
1938 J
1938 J
100
44
73
13H
6H
J
cons 5s
'n
98
91
F
4s Int gu.1938 J
g
90
97
91
^♦Mll Spar & N W lstgu 4s.—1947 IVI S
{♦Mllw A State Line 1st 3 Ha—1941 J
J
{♦Minn A St Louis 5s ctfs
1934 M N
con
1
88
*80
1939
..1939
100
39 H
39 H
15
106 H
88
1979 J
102
105H
104 H
*95
1952 IVI N
Mid of N J 1st ext 5sMllw El Ry A Lt 1st 5a B
M St P A SS M
106
*2H
...1951 M S
3Hs
lmpt 4 Ha series C
9
103 H
1977 M S
♦Mlag Mill Mach 1st s f 7a
1956 I
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
3
13
103
109 H
al06
5t»Met West Side El (Chic) 4s.l938 F A
♦Mex Internat 1st 4s asstd
1977 M S
♦4s
98 X
98 5*
98H
98 H
102 H
*101H
68 H
70
42
Mfrs Tr Co ctfs of partlc in
A I Namm A Son 1st 6s
1943 J D
Marion Steam Shovel s f 6s
1947 A O
Market St Ry 7a ser A...April 1940 Q J
D
106
78
*37
J
45 H
63 H
68
16
87 H
*7§"
"l8H
106
16
*92 H
*
1959 IVI N
s
*106
66
76 H
53 H
s
46 H
17
84 H
80
53 H
ivi
101
23
104JH
77
1977 IVI
43^
105}*
104
80
1975
107 H UIH
104 H
83 H
O
♦1st A ref 6s series F
"21
104H
103 H
103 y*
50
♦Second 4s
{♦Mo Pac 1st A ref 5s
H
43
83 h
4s. 1990 A O
40-year 4s series B
106H
114 H
100 H
114H
1942 A
Ha
♦Cum adjust 5s ser A
161
96
D
♦Certificates of deposit
108
108 H
102H 102H
161
64
111
*93 H
♦Certificates of deposit
^♦Manhat Ry (N Y)
107 H
1960 J
1st ref 5Hs series B
102 H 103 U
115
115H
A
McCrory Stores Corp
Gen mtge 4 Ha ser A
100
114
♦Certificates of deposit
♦General 4s
f 4Ha A.... 4954
Cons sink fund 4Hs ser C... 1954
95H
111
114
s
79
2003 A
119}*
Lehigh C A Nav
101
29
114
108 H
109 H
21
109H 109 H
102 H
122 X
98 H
110
119
38 H
105
106H
111
6s debentures..
.....1965
Mont Cent 1st guar 6s.......1937
1st guar gold 5s.
1937
62
88
108 K
105 H
108 H
79H
101',« 101H
106
3Ha series E
69 H
126H
106H 106H
1035* 103H
105H 108
103H
106 H
♦1st A refunding gold 4s
100 H 101H
104
107 H
161H
38 H
78 H
2003 A
1st
101H
105
108
101H
109 H
25-year 5Hs
38 3*
108
100
6
2003 A
99
38 H
122
107 H
109 H
120
Coll tr 6s series B
1942
Lake Erie A West 2d g 5s
.1941
Lake Sh A Mich So g 3 Ha
1997
♦Lautaro Nitrate Co Ltd 6s... .1954
♦Certificates of deposit
10
l6"f" "74
*100H
107 H
129 H
131H 136
"25
122H
J
107H 109
122 H
A
F
1969 J
1945 M
High
103H
133"
131H
1951
Low
128 H
131H
121 J*
107H
116H
1942
10
131H
*118
1960
86
108
O
106H
*113H
Coll A ref 5 Ha series D
Coll tr 6s series A
76H
80
105 H
J
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5Ha series C
1953
71H
67
105
25
108
148
86
*100H
J
J al02
72
76 H
*104H
1954 J
{♦Kreuger A Toll secured 6s
66
*102H
.1941 J
Kresge Foundation coll tr 4s.. 1945
J
First and ref 6 Ha
Kinney (G R) 5 Ha ext to
102
105H
96h
*
31
214
S
1st cons 5s gu as to int
1st & ref 6s series A
*107}*
O
No.
1949 M
35
102 H
122
'108H
1937 (VI N
30
*109H
O
122 H
1950 A O
1938 J D
♦Ref A ext 50-yr 5s ser A
43
*104"
1937 A
1997 A
D
1949 IVI
35
*
1961
1961
A
1952 J
p m deb 5s
Guar ref gold 4s
29 H
25
102 H
115
107H
127H
131H
FA
cq(
103 H
72
73 H
82 H
20-year
35
98
102 H
115
85 H
Unified gold 4s
36
*31
S
76H
..1946 F
Long Dock Co 3}*a ext to
Long Island gen gold 4s
35
1943
1946 M
1948 M
68 H
1962 M N
A
*29
1943
• 71H
1951
Little Miami gen 4s series A
Loews Inc s f deb 3H3
ser
103
______
1941 A
1965 A
Liggett A Myers Tobacco 7s
Lombard Elec 7s
J
Oal07H
O
1944 A O
131}*
4H8
General
1940 J
2003 IVI N
-.2003 M N
2003 M N
4s
Con ext 4Hs
104H 106
168
"64H
cons g
General
{♦Mllw A No 1st
"91H
♦Karstadt (Rudolph) 1st 6s.
1943 M N
♦Ctfs w w stmp (par §645).. 1943
29
101H
78
S
1950
88 H
85H
A
A
9
10
11H
41H
88H
88}*
51
48
88 H
32
107
37
103 3* 105 H
48
102 H
91H
81H 87 H
107H 107H
107
88 H
88 H
99H
85
104H 104H
15
79 H
102
Lehigh Val (Pa)
Atl Knoxv A Cln Dlv 4s
1005* 101H
95}*
86
Asked
High
Paducah A Mem Dlv 4s
1946 F A
St Louis Dlv 2d gold 3s ....1980 IVI S
89
*32 H
A
1st A ref
101H
96
"34H
Bid
1st A ref 4 Ha series C
1st A ref 4s series D
"98
95 H
94 H
34 H
Leh Val N Y 1st gu g 4H3
Unified gold 4s
1st A ref 5s series B
54
102 H
Thursday's
Price
5s
105
103H
*101
Range or
Sale
Week Ended Feb. 12
Louisiana A Ark 1st 5s ser A
Louis A Jeff Bdge Co gu 4s
Louisville & Nashville 5s
38
106
102 H
t
Last
EXCHANGE
Lorlllard (P) Co deb 7s.—•—.1944 A
58
105H
50
Y. STOCK
29
106
J
Ref A lmpt 5s
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric
4Hs--. 1980
Purchase money 6s
88
123
105 H 107 5*
41
J
James Frank A Clear 1st 4s... 1959
J D
Jones A Laughllu Steel
4}*s A.. 1961 (VI S
Kan & M 1st gu
g 4s
1990
{{♦K C Ft S A M Ry ref g 4s. 1936
4Hs unguaranteed
107 H
37H
50
BONDS
N.
108
92
107 H
O
J
Kings County El L A P 5s
107
87
89 5*
85
m"s "88 H
..1939 J
1955 F
Plain
99 H
Week
Thurs.
90"~
*107
94 H
J
Stamped
83
"84
95 H
4Ha.. 1952 J
stmp (par S925)..
♦Ctfs with warr (par
$925)..
Keith (B F) Corp 1st 6s.
Kendall Co 5Hs
35H
*104H
s
w w
983*
103 H 105 H
104 H 105 H
58
*
F
♦Ctfs
85
105}*
O
A. T. A T. Tele. N. Y. 1-1598
1033*
21
41
A A B...1947 J
1955 ■VI
♦Certificates of deposit
Kan City Sou 1st gold 3s
54 H
122 H
*106}*
Int Rys Cent Amer 1st 5s B...1972
M N
1st coll trust 6% g notes
1941 M N
1st lien A ret 6Hs
1947
Debenture 5s
4
88 X
89
85}*
1951 M N
g
103 H
101H
107H
O
Telep A Teleg deb
Conv deb 4Hs
1
87 H
89 H
A
Int
101H
*100H
*100H
♦Adjustment 6s ser A—July 1952 A
♦1st 5s series B
.1956 J
♦1st g 5s series C
1956 J
Internat Hydro El deb 6s
1944 A
Int Mero Marine s f 6s
1941
ser
1
3
92
J
Ref 8 f 6s series A
36
83 %
101H
87
A
YORK
NEW
Telephone Whitehall 4-2900
104H 106H
100
*96 H
Int Agrlc Corp 5s
stamped 1942
M N
Internat Cement conv deb 4s.. 1945
M N
{♦Int-Grt Nor 1st 6s ser A
1952
Internat Paper 5s
"24
100H
1961
Interlake Iron 1st 5s B
97
88 H
101H
1966
♦Certificates of deposit
15
Low
101H
98
{♦Ind A Louisville 1st gu 4s
1956
Ind Union Ry 5s series B
1965
Ref A Imp mtge
3Ha ser B..1986
_
12
"96"
107H
A
Illinois Steel deb 4Hs
1940
Ind Bloom A West 1st ext 4s..
1940
Ind 111 A Iowa 1st
g 4s
1950
Members New York Stock Exchange
Wall St.
63
*90
3H8...1951
♦Certificates of deposit..
{♦10-year 6s
1932
♦Certificates of deposit.......
{♦10-year conv 7% notes
1932
"38
106"
105H
102 H
!03
91H
Western Lines 1st g 4s
1951
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A
1963
1st A ref 4Hs series C
1963
{Interboro Rap Tran 1st 5s
14H
103H
105H
Omaha Dlv 1st gold 3s
.1951
St Louis Dlv A Term
g 3s...1951
Gold 3 Ha
1951
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302
D* H. SlLBERBERG & Go.
118H 125
108 H HI H
75
*92 H
3Hs—.1953
g
110H
*106
Aug 1 1966 F
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1950
Litchfield Dlv 1st gold 3s... 1951
Loulsv Dlv A Term g
Springfield Dlv 1st
470
*106
1952 J
J
1953 M N
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Refunding 5s
40-year 4Ha
125
*110
1952 A
..1955
14
106 H
(VI
BANKS AND DEALERS
86 H
113}* 116H
1951
Collateral trust gold 4s
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Purchased lines 3Hs
FOR
94
3
21
1951
1951
90
85
85 H
1951
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1st gold 3s sterling
"15
High
U4H
O
B...1970
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gold 4s
1st gold 3Hs
91
85
D
M N
ser
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BROKERS IN BONDS
Low
113H
o
{♦Housatonlc Ry cons g 5s
1937 M N
Houston A Texas Cent 5s gu__1937
J
J
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Hudson A Manhat 1st 5s
91
J
o
1966
No.
113H
O
J
Gulf States Steel s f
4Hs
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High
*97
J
r
1976
A
r
1973
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General 4Hs series E
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d
1073
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108H
6
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108 H
106 H
19
109 H
102*32 102*32
♦lOH'sz 1013*
12
5
106}*
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Last
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Sale
Price
Bid
ds
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10354
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84
84
April 1 1935 lnol coupons.. 1945
North Pacific prior lien 4s..... 1997 Q
Gen lien ry A Id g 3s Jan..>.—2047 Q
94
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93
97
117
119
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J
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77
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76
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1
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32
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......
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20
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1957
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1981 J. J
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1943 M N
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...1948 M N
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1960 F A
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Pillsbury Flour Mills 20-yr 6s.. 1943 A O
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1975
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.1950
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.
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124%
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1953 F A
Port Gen Elec 1st 4)4s ser C...1960 M S
J
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1st 5s 1935 extended to 1950
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{♦Debenture gold 6s
For footnotes see page 1075.
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1955
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D
1938 F A
♦2d extended gold 5s
1938 J
J
Pacific Tel A Tel 3%a ser B
1966 A O
Ref mtge 354s ser C
..1966 J
Paducah A 111 1st s f g 4 54s
1955 J
5 (♦Pan-Am Pet Co (Cal) conv 6s *40 J
1st M s
101X
102 X
9754
96%
112
Pat A Passaic G A E cons 58—1949 M
105
A
.1946 J
1964 J
1st A ref mtge 3 54 s ser H
Pac RR of Mo 1st ext g 4s
41
;io2
M S
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G.
1944 A
O
17
112
99%
Parmelee Trans deb 6s
O
106
*
114)4
112%
11254
1963
28
A
19
105
A:...1941
53 X
F
ioiX 10454
2954
112
10654
1968 M S
1953 J
A
"26
103"
104
121
1955 J
A
15
10254 10354
103
10354
10554 105)4
10754 108%
8254
*10454
J
(♦Park-Lexington 6 Ha ctfs
94 X
£94)4
*98)4
"36
79
10854 110
*109
i0454
1961
Paris-Orleans RR ext 5 54s..
112
108
10754
28
2854
♦Certificates of deposit
108
J
100 %
101
A
J
10554
10754
*10654
101%
1946
Oslo Gas A El Wks extl 5s
"25
103%
103%
10554
103
10554
10754
MN
58
X
108X
10154
10254
94 X
*10354
A
J
Paramount Pictures deb 6s
112X
10154
O
O
1st A ref 7s series B
1947 F
A
Ohio River RR gen g 5s
1937
Ontario Power N F 1st g 53—1943 F
M N
Ontario Transmission 1st 5s... 1945
J D
Otis Steel 1st mtge 6s ser
10254
10354 106
111% 112
Paramount
27
X
57X
,112
A
A
M N
Ohio Edison 1st mtge 4s.......1965 MN
Ohio Indiana A West 5s..Apr 11938 Q J
A
Ohio Public Service
Ore Short Line 1st cons g
Guar stpd cons 5s
108)4
58
46
10954
10854
*108
10254
81% 81%
10854 112J4
101
10454
11154
10354
11154
10854
76
8054
O
____
*110
F
J
A
——
57
*52
A
J
83
79
11154
J
J
56
%
*
......
A
i J
J
MN
104
J
50X
55
....
F
♦1st 5Xs series A.
J
J
83
"82
109
High
121H 122 H
80
73 X
J
J
45
106 X
73 X
O
J
88
J
Oregon RR A Nav com g 4s
——
.....
1st A ref 6s ser B...
Ref mtge 4 %a ser
Ref mtge 5s....
Ore-Wash RR & Nav 4s.
Nat'Steel 1st coll s f 4s.
Low
80
*8154
10754
10754
7954
—1941 A O
..1941 A O
Nor States Pow 5s ser A
7%a A
....
5
A.—2047
2047
Ref A lmpt 5s series C_——2047
Ref A lmpt 5s series D—2047
Nor Ry of Calif guar g 5s...... 1938
Ref A lmpt 454s series
Ref A lmpt 6s series B
J
F
J
♦Og A L Cham 1st gu g 4s—1948 J
Ohio Connecting Ry 1st 4S....1943 M S
.....
.
High NO.
*81
♦Oct 1935 and sub coupons.. 1945
--->
.
Since
Jan. 1
Askea
*8754
85
Nat Ry of Mex pr lien 4 Ha.
J
A
Low
(Northern Ohio Ry 1st guar 5s—
♦April 11934 A sub coupons. 1945
83
111
117
Bid.
High
103X 104
Range
Range or
Thursday's
Sale
♦Stpd as to sale of April 1 *33 to
—-
102
*99 X
10554
105%
M N
2
95X
10154
61%
M N
Price
86 X
82 X
O
A
Morris A Essex 1st gu
Last
N. Y. STOCK EXCHANGE
Week Ended Feb. 12
107
A
15a series B
BONDS
Since
Jan. 1
Low
9654
A
s
II
9654
J
Montreal Tram 1st & ref 5s.-—1941 J
A O
Gen A ref s f 5s series A....
Gen A ref
Range
Asked
High No.
LOW
D
J
Week's
Thurs.
Thurs.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 12
1937
13,
Feb.
New York Bond Record—Continued—Page 5
1074
121
11954
125
Volume
New York Bond Record—Concluded—Page 6
144
Week's
Thurs.
BONDS1
N. Y. STOCK
Last
Week Ended Feb. 12
Si,
Thursday's
Bid
Price
A
Low
Reading Co Jersey Cent coll 4s.l951
Askea
Range
1|
High No.
BONDS
N.
Since
Low
103 M
104
41
102 M 104?*
107
106M
107?*
31
106?* 108 M
1997 J
J
107
107
107
8
114
114
115
152"
166"
598
99M
129
M
M S
F
A
M N
♦Rhine-Ruhr Water series 6s_.1953 J
"
99
M
99
111
115
99
99
1053*
1053*
*25 M
115
45
99M
158
1053*
3
J
193*
20 H
M N
*24 M
22 M
23?*
1953 j
108
115
a
98'
100
104?*
106
25?*
27
23
24
8
20
9
20
j
♦Tyrol Hydro-Elec Pow 7Ms..
24M
24M
24M
18
22M
23
22M
22 M
63
64J*
105
583*
66
63 M
62 M
643*
129
52 M
♦Guar
sec s f
*103M
1955 F
*53 M
{♦Rio Grande June 1st gu 5S..1939 J
♦Rio Grande West 1st gold 4s. 1939 J
♦1st
con A
J
O
1977 M
Roch G A E 4 Ms series D
.
Gen mtge 5s series E
S
87 M
o
------
j
♦Rutland
RR
1st
4Ms... 1941 J
Saguenay Power Ltd 1st m 4?*sl966 A
31M
con
1996 J
1996 A
St'Louis Iron Mt A Southern—
♦{Rlv A G Dlv 1st g 4s
♦Certificates of deposit
s
A
O
31M
104
283*
34
"2
8
38
103M
104M
112
112
8
101?*
St Joe A Grand Island 1st 4s.. 1947 J
St Jos Ry Lt Ht & Pr 1st 5s... 1937 M N
St Lawr A Adir 1st g 5s
2d gold 6s
s
ivi
~28M
1949 J
101?*
6
30
>
34 >*
1033* 104M
112
1123*
100M101»32
*100
102 M
103
103
102
ivi N
A
(Del)
O
S
j
108?*
111M
983*
983*
107?*
5s.
U S Pipe A Fdy conv deb 3 Ms. 1946 M
j
N
88
89
57
84
J
D
87 M
87 M
Rocky Mt & P 6s stpd...l955
{♦St L-San Fran pr lien 4s A..1950 J
♦Certificates of deposit
1950
j"3
1978
M~8
A
4s.. 1968
4Ms...1947
{♦St Paul E GrTrk 1st
g
J
J
{♦St Paul A K C Sh L gu 4 Ms. 1941 F
St Paul Minn & Man 5s
1943 J
Mont ext 1st gold 4s
1937 J
{Pacific ext gu 4s (large)... 1940 J
St Paul Un Dep 5s guar
1972 J
4
82
85
Vanadium
34 M
77
323*
36 M
32M
44
293*
33M
29?*
293*
35
•50
31M
30?*
313*
29?*
135
26 M
99
28
142
69 M
62
70 M
62
51
49M
109
D
*30
J
A
J
24 M
23 H
103
103
*101
D
121"
J
28?*
26?*
9
96
70 M
28
68
62 M
11
51
8J
109
1
323*
25
63?*
A
"44
7
1013*
33 M
32
29 M
Corp of Am
{♦Vera Cruz A P 1st
conv
o
f
gu
5s.
A
Santa Fe Pres A Phen 1st 5s. .1942 M
{♦Schulco Co
s f 6
102M
112
108?*
S
J
ser
J
J
d
MN
A
ivi
108 M
*114?*
1946 J
6 Ms
J
1946 A
Ms series B
a
o
54
Virginian Ry 3?*s series A
ivi
41
♦Stamped
Scioto V & N E 1st gu 4s
1989 M N
S{♦Seaboard Air Line 1st g 4s. 1950 A O
{♦Gold 4s stamped
1950 A O
118
*30 M
29
29
31M
23
103
60
41
413*
39 M
1
118
"34
29
s
s
fa
♦Ref A gen 5s series B
16
12
15
1945 M S
19
18M
20 M
232
♦Certificates of deposit
{♦Alt & Birm 1st g 4s
1933 MS
{♦Seaboard All Fla 6s A cts___1935 A O
18
18
193*
40
17M
36 M
36
M
11M
363*
12M
4
11
353*
113*
12
114
18?*
♦Debenture
s
f 6 Ms
♦Silesia Elec Corp 6M8
SUesian-Am Corp coll tr 7s
Skelly Oil deb 4s...
Socony-Vacuum Oil
82M
*98 M
54M
1935 J
..1951 M
*21M
1946 F
—
345*
12?*
18 M
17?*
21?*
20?*
38 M
o
S
98?*
S
543*
ivi
6s
o
ivi
S
A
A
100
1961 j
J
j
1st mtge 4s ser H
J
21
23
573*
22
A
O
68
823*
J
j
a
"~59
105
105
101?*
105?*
125?*
6
106 M
105M
107?*
27
106M
16
107 M
125?*
106?*
31
100?* 101M
98 M
60
110
S
96 M
95 M
96?*
74
1969 IVI N
95 M
95M
96
95M
Devel & gen 6s.
Devel & gen 6 Ms
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
East Tenn reor Hen g 5s
Mobile & Ohio coll tr 4s
96
J
101M
95M
101M
101?*
O
107 M
106M
108
102?*
210
130
102?*
104?*
104?*
1063*
"lio?*
no?*
833*
1033*
112
104?*
109M
J
1st 48 stamped.
,
1955
Southern Ry 1st cons g 5s..... 1994
Devel & gen Is series A
1956
Funding & real est g 4 Ms
25-year gold 5s
85
18
94?*
98
63
853*
1053*
110
,74
1053*
10
1013*
35
137
*102
1938 M S
24
98 M
76
70
71
25
80
10
2
110M
40
90
M 99
98?* 1003*
60M 55?*
96
76
102 M
37 M
83?*
2
99?*
543*
72?*
39
413*
106?* 109
177
65M
65M
80
76
76?*
80
102M 102M
110
110?*
-----
126?*
1193*
107M
1073*
1053*
106?*
1103*
1083*
d
ivi
S
j
J
j
J
j
J
M
37
1083* 108?*
....
126 M 1273*
8
119
8
106?*
107?*
104?*
1053*
106
36
103?*
105?*
1083*
105?*
107M
107
20?*
983*
95 M
------
983*
------
*106
23
9
110M
383*
37?*
103?*
108?*
1233*
108?*
109?*
106M
18
107
7
3
32
106 M 106 3*
1123* 1133*
75
101
1133*
1133*
1023*
102
103
M n
1043*
1043*
1043*
40?*
40?*
51?*
38M
38M
51?*
*104M
102 M
*112M
30?*
J
D
j*
j
D
1053*
J
j
196(
J
j
------
{♦Wis Cent 50-yr 1st gen 4s... 1941
J
j
------
85
98 M
101?* 110
102
1053*
98?*
103
1043*
105
Winston-Salem S B 1st 4s
♦Certificates of deposit
{♦Sup A Dul div & term 1st 4s '31
1938 M S
"95?*
S'western Bell Tel 3Ms ser B..1964 J D
S'western Gas A Elec 4s ser D.1960 M N
106 M
1063*
1063* 1093*
103?*
107 M
1043*
17
103M
47
♦Certificates of deposit
{♦Wor A Conn East 1st 4M8-.194!
103
33 M
343*
2
33
4
106
103
-----
,
8
40?*
37
40?*
533*
208
34?*
17
40?*
35
40?*
51?*
38
105M
1033*
103 M
103?* 104 M
62
1023* 103?*
112M 115
30M
35M
113M
313*
23
28?*
28?*
2
28?*
32?*
23 3*
22
28?*
23 M
25
9
22
25?*
23?*
5
22
24
Youngstown Sheet & Tube—
33M
MN
------
23
95M
973* 100?*
94 M
96
------
j
109 M
83
------
j
20 M
99 M
S
MN
104 M
54
S
♦Ctf dep Chase Nat Bank
39?*
103M
16
23
A
112M
403*
35 M
13
106
f
1043* 1083*
36
85
108
M
RR 1st consol 4s
107?*
1093* 1HM
46
107 M 1113*
105?* 107 M
1063* 109 M
382
100 M
"IOOM
1951
106
37?*
103?*
1951 J
West Shore 1st 4s guar...
943*
94?*
IOOM 102 M
"_92
107
1996
104?*
1063*
41
38
37
102?* 103M
218
105
1956
105
ivi N
105M
1956
106?*
------
S
ivi
Western Union coll trust 5s...
973*
993*
993* 100 M
So Pac Coast 1st gu g 4s
1st ref guar 4s._._1955 J
106?*
39?*
35
108?*
ii9"
"383*
108
1013*
So Pac RR
*112?*
*
)"}
130
105 M 106?*
1003*
5S..1937 MN
J
1937 J
------
42
373*
49
90
»
SB
100?* 102?*
11
101M
973*
99?*
con gu g
110
o
823*
100 %
So Pac of Cal 1st
102 M
110
------
*
503*
97 M
1946 J
1950 A
80
------
84?*
99 J*
1981 M N
72
a
f
100 %
10-year secured 3?*s
98?*
51M
66 M
69M
♦Deposit receipts.
F
38
373*
1083*
98 M
ivi
Pict deb
Q ivi
1951 AO
San Fran Term 1st 4s
873*
a
Warner Bros
143*
So Pac coll 4s (Cent Pac
coll). 1949 J D
1st 4Mb (Oregon Lines) A...1977 M 8
Gold 4MB
1073*
713*
99?*
37M
37
88M
— —
39
6
34 M
a
97?*
32
40
......
—
102 M 106M
78M 78 M
38
*34
------
S
125 M
1968 M
383*
101?*
1023* 1033*
96
983*
82 M
86
1
39
ao
♦Certificates of deposit
100"
1043* 1073*
41
39
ivi
"54M ""l3
5M
41?*
107M 109?*
653*
67
66
39?*
*34
39
------
100
4
31?*
69
39
------
------
81
69
673*
983* 105
99?*
38
j
101M
Gold 4 Ms
Gold 4Ms
*993*
....
38
d
4
60
58
69
40 M
J
82M
....
80
39
J
99
-----
40 M
102
112
3
*66?*
------
12
97
*78
113?*
6
75
5
82 M
M
*105
14 M
46
106?*
82
11
105
1951
3Ms..... 1950
South A North Ala RR gu 5s.. 1963
South Bell Tel & Tel 1st s f 5s. 1941
Southern Colo Power 6s A
1947
Southern Natural Gas—
1st mtge pipe line 4 Ms
72
78
1941
96
*353*
AO
f
1952 J
97
12
1123*
1003*
45
67
101
------
------
♦Certificates of deposit..
121
31?*
93*
Shinyetsu El Pow 1st 6 Ms
♦{Siemens A Halske s f 7s.
22
24M
103?* 106
104M 106?*
60
109
38
43
15 M
99
108 M
*62 M
108 M
j
ivi
42 M
44
15
112
167
....
31
39?*
35
4
1033*
41?*
88
99
114M
36?*
1063* 107
22
283*
10
43*
35M
1023*
39?*
17?*
112?*
35
1023*
114?* 115
10M
Sharon Steel conv deb 4Ms_..1951 M N
Shell Union Oil deb 3 Ms
1951 M 8
43*
*3?*
31?*
------
J
108?* 110?*
9M
A
33 H,
1133* U33*
-----
A
111?* 112M
16M
15M
1935 F
114
148
31
103
f
115M
16?*
♦Series B certificates
102
1093*
114 M
1013*
101M
107?*
103?*
-----
j
109
10M
12M
1113*
983*
983*
1073*
147
ivi N
103
O
♦Certificates of deposit.
♦1st <fe cons 6s series A
643*
68
102
A
i.
67
137
101?*
105?*
102?*
112M
1959 A
{♦Refunding 4s
63
1043*
124
Oct 1949 F
♦Adjustment 5s
2
22
*112
J
31
108
....
24 M
104?*
105M
101M
*111M
O
118
-----
1043*
A
41
*41M
....
s
j
413*
O
43
26 M
109 M
34
J
403*
106?*
26 M
103?*
583*
48?*
108
121
41
8
3
23
1193* 1213*
102M 1113*
1143* 1163*
T
J
70?*
101*32 1013*
106?* 106?*
41
164
62
S
1
J
643*
Va Iron Coal A Coke 1st g 5s..
Va & Southwest 1st gu 4s
1st cons 5s
100
122
41
guar
♦Stamped
♦Guar
102 M
903*
85?*
1053* 1063*
1053* 106?*
9
j
J
4M8-.
{♦July coupon off
♦Vertlentes Sugar 7s ctfs
Virginia El A Pow 4s
102
------
M n
ivi
S A & Ar Pass 1st gu g 4s
J
1943 J
San Antonio Pub Serv 1st 6s..1952 J
J
San Diego Consol G A E 4s... 1965 M N
1
34
62
107
*
J
33
99M
1033*
D
a
Vandalia cons g 4s series A
Cons s f 4s series B._
35
33 M
35 M
99
82
114
24 M
1043*
104 M
63?*
105
1013* 103
90
95M
90?*
95
48
30 M
30
103?*
*23?*
24 M
j
873*
33 M
28
1989 MN
♦2d g 4s lnc bond ctfs...Nov 1989 J
J
♦1st terminal A unifying 5s. .1952 J
J
♦Gen & ref g 5s series A
J
1990 J
con
83M
42?*
34
31M
{St L SW 1st 4s bond ctfs
St Paul A Duluth 1st
83?*
6
41
99 M
107?*
42
106 M
*24 3*
1043*
f
32 M
J
♦Certificates of deposit
♦Con M 4 Ms series A
♦Ctfs of deposit stamped
46
823*
St L
♦Prior lien 5s series B
>87M
42M
gu 5s...1948
1
163
------
J
O
f
{♦S L Peor A N W 1st
31
46
33?*
------
j
Utah Power A
"72
102 M
106?*
D
1213*
20
29
99?*
34
j
89
5
114
j
102
88 J*
3
983*
983*
107?*
«...---
1073*
119"
24
108
103
A
1933 M N
32
1063*
4113*
S
J
Drug Co
ivi
ivi
United
103M
*100?*
J
O
883*
1063*
U4M
1093*
111M
j
ivi
107?* 103 M
19 M
24
22 M
22 M
28
32?*
1
"1143* "1143*
j
37
1
95
120M
84
25
11
95 M
1193*
91M
23 M
1
103
*23
52?*
73
78?*
1063* 108M
1013* 103
107"
O
79M
1083*
73?*
463*
101M
----
119M
A
48?*
21M
High
----
JN
10
*
—
XT
48
107 H
21 J*
—-
F
IVI
120
S
{{♦R I Ark A Louis 1st 4Ms.. 1934 M
♦Ruhr Chemical s f 6s
1948 A
-
H/1
56M
50 M
"3
9
124
87 M
105?*
106?*
J
"8l"
91
8
-
95
5s.. 1957 a
79M
*
101
77
-
119M
1023*
95 M
ivi
Union Elec Lt & Pr (Mo)
78?*
106 M
1023*
*120
A
48 M
79 M
50
S
1962 M
♦Rut-Canadian 1st gu g 4s
*91
D
1949 A
coll trust 4s A
563*
------
M n
103 M 103 M
57
67?*
38?*
3
77
106 M
1023*
♦1083*
*105?*
ivi N
A
1952 J
f 7s
Low
191
1013*
1013*
J
1952 f
7s
66
s
1023*
Toronto Ham A Buff 1st g 4s. .1946 j D
Trenton G A EI 1st g 5s
1949 ivi S
20
633*
Rlchm Term Ry 1st gen 5s
1013*
Sirtce
Jan. 1
16
73 M
45
783*
A
♦Rlma Steel 1st
72 M
43 M
106 M
O
M N
No.
High
72 M
D
100
1955 A
mtlcates of
deposit
Ranoe
Bonds Sold
Asked
A
44
Tol & Ohio Cent ref A Imp 3?*s 1960 J D
Tol StL& W 1st 4s
1950 a O
Tol W V A Ohio 4s ser C
1942 M S
97?*
1953 F
♦C
Bid
Tokyo Elec Light Co Ltd—
166
{♦:"Mchfleld Oil of Calif 6s...1944 M N
23
Price
127
22
"6
Thursday's
109M 1153*
"i§
24 M
1952 M N
♦Rhlne-Westphalla El Pr 7S...1950
J
Trl-Cont Corp 5s conv deb A_.
Truax-Traer Coal conv 6Ms..
27
O
1937 j
1st 6s dollar series.....
166
J
Jan 1960 a
♦AdJ lnc 5s
Third Ave RR 1st g 5s
108
Week's
Range or
Sale
Low
1960 j
Third Ave Ry 1st ref 4s
M N
Gen mtge 4 Ms series C
1956 M N
Revere Cop A Br 1st mtge 4?*s.l956 J
J
♦Rhelnelbe Union s f 7s
J
1946 J
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
92
106
It
Last
High
103?*
Remington Rand deb 4?*s w w.1956
Rensselaer A Saratoga 6s gu___1941
Republic Steel Corp 4 Ms ser A. 1950
Gen mtge 4 Ms series B
1961
Purch money 1st M conv 5 Ms '54
Inter st Period
STOCK EXCHANGE
Week Ended Feb. 12
J
4
Y.
Jan. 1
1997
Gen & ref 4 Ms series A
Gen & ref 4 Ms series B
O
Thurs.
Rangt or
Sale
EXCHANGE
1075
{♦Spokane Internat 1st g 5s._.1955 J
Staley (A E) Mfg 1st M 4s
1946 F
Standard Oil N J deb 3s
Staten Island Ry 1st 4 Ms
J
106
A
1961 J
D
1943 J
"_99?*
Tenn Cent 1st 6s A or B
1947
Tenn Coal Iron A RR gen 5s..l951
Tenn Cop A Chem deb 6s B
1944 IVI
Tennessee Corp deb 6s ser C..1944 M
Tenn Elec Pow 1st 6s ser A
1947
Term Assn of St L 1st g 4 Ms. .1939
gold 5s.....
Gen refund s f g 4s
con
gold 5s
1063*
37
106 M
144?*
115
106
30
105 M 1073*
157
195
Conv
deb
22
}"}
*153*
A
136?*
1303*
137M
157
1961 m N
103?*
103 M
104M
95
1951 f
3 Ms
1st mtge s f 4s ser C
1233* 137M
103M 105
112M 1443*
105?*
187?*
*
S
"l04?*
187?*
1
140
1059,6 105",6
121?*
121?*
104?*
104?*
102
121
"65
10
1
143
104M 105
99?*
100
80
993*
104"
108
108
1
108
1173*
1173*
3
109M
1093*
107?*
109M
1083*
10
1083*
1033*
1033*
104M
131
1163* 118M
1093* 111M
107M 1083*
1023* 105M
*110
1943
..2000
Gen & ref 5s series C
..1979
105 M
1980
107 M
108?*
108?*
Tex Pac Mo Pac Ter 5Ms A..1964 M S
Cash sales transacted during the current week and not Included In
1063*
19
109?*
125"
106M 110
1243* 128?*
1063*
1053* 1063*
106
1053* 108
1073* 108M
107?*
108?*
108?* 109M
the yearly
No sales.
r
Cash sale; only transaction during current week,
transaction
"_99?*
..1944
1977
e
range:
1043* 105?*
121?* 126
8
Gen & ref 5s series D
,
I
219
124M
105M
105M
1073*
Texas & Pac 1st gold 5s
Gen A ref 5s series B
95?*
134
105?*
105916
1953
Texarkana A Ft S gu 5Ms A..1950
Texas Corp deb 3 Ms
1951
Tex A N O
106
92
100 M
99?*
"144?*
•
cons
~95?* "~32
D
♦Studebaker Corp conv deb 6s. 1945 J
J
Swift A Co 1st M 3?*s
1950 M 8
♦Symington-Gould conv lnc wwl956 F A
Without warrants
1956
1st
95
during current week,
current week,
n
a Deferred delivery sale; only
Under-the-rule sale; only transaction during
Ex-Interest.
§ Negotiability Impaired by
interest payable at exchange rate of $4.8484.
x
{ Companies reported
maturity,
f Accrued
being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
♦
1
as
Thursday's bid and asked price.
No sales transacted during current week.
Bonds selling flat.
Deferred delivery sales transacted
In the yearly range:
No sales.
during the current week
and not Included
New York Curb
1076
NOTICE—Cash and deferred delivery sales are
Exchange—Weekly and Yearly Record
Feb.
13, 1937
disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete
record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Feb. 6, 1937) and ending the present Friday (Feb. 12, 1937).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
Last
Par
Acme Wire
Week's Range
for
Sale
of Prices
Low
High
com...20
54
53
Adams Mlllis 7 % 1st pf 100
Aero Supply Mfg class A.*
111
111
111
c
Class B
21
Conv
preferred
Warrants
22
4%
SIX
4%
31X
*
preferred.
Alios & Fisher Inc
Jan
Feb
4%
5
4%
5
5%
Jan
Jan
28%
Jan
34%
Jan
1316
72%
Jan
1%
Jan
British
6%
preference......100
Aluminum Goods Mfg..
Aluminum Industries com *
Aluminium Ltd common.
6%
preferred
*
_
78%
Jan
87
Jan
Jan
77
Jan
1,700
23
Jan
27%
Feb
American Book Co
100
4
Feb
5%
Jan
3%
Jan
5
Feb
Jan
2%
Jan
24
Jan
119
U8% 119X
"llx
17 X
13
"2 8X
23%
Feb
Brown Forman Distillery. 1
10%
Bruce (E L) Co
*
29
115
119%
Buckeye Pipe Line
50
Buff Niag & East Pr pref 25
50
$5 1st preferred
*
Bunker Hill & Sullivan.. 10
Burco Inc common
*
'103""
300
17%
Jan
17%
Jan
13X
9%
Jan
14%
Feb
98%
Jan
124
Jan
Jan
129
Jan
1,600
1,200
121
Jan
28
2%
Jan
32%
3%
Jan
Jan
62
7",300
Jan
64
Feb
17%
Feb
21
Feb
10c
IX
1%
1%
1,600
preferred
*
$5.50 prior pref
Jan
10%
Feb
1316
Jan
1%
Feb
Jan
40%
Feb
*
Am Cities Power & Lt—
25
Class A with warrants 25
Class B
Amer Cyanamld class A. 10
Class B n-v
10
Amer Dist Tel N J pref 100
Amer Equities Co com
Amer Foreign Pow warr
39
Feb
41X
45%
300
44 x
Feb
47
0%
3,900
40 X
41
45 X
45X
OH
0%
Preferred
"32%
~32% ~33%
Amer Meter Co
*
Amer Pneumatic Service.*
Amer Potash & Chemical.*
Seal-Kap common. .2
Superpower Corp com *
1st preferred
19~306
Preferred
*
American Thread pref.-.5
Anchor Post Fence
*
Angostura Wupperman__l
Apex Elec Mfg Co com._ *
Appalachian El Pow pref.*
4%
4%
23X
5,500
43X
15,000
111%
300
110 X
300
Jan
32
Feb
33
Jan
600
32
Feb
32
Feb
Jan
Jan
61%
Jan
Jan
2%
38%
1,350
1,900
44
Jan
64
13
Jan
200
27
Feb
9%
2,100
1,150
33%
39%
28%
35
700
9%
Feb
12%
Jan
Jan
30
Feb
Jan
12
Jan
49%
116%
50
600
46
Jan
50
Feb
25%
25%
600
24%
25%
Feb
250
113% 116%
5
103
Jan
Feb
106%
Jan
625
100
Feb
117
Jan
400
104
103
5
4
Jan
5
Jan
Jan
37
36%
%
Carib
Jan
11%
Feb
Carman & Co class A
Class B
Jan
Jan
30%
Feb
Carnation Co
42
Feb
Carnegie Metals
Jan
Jan
24
Jan
35
Feb
34%
Feb
Jan
Jan
27X
100
27 X
Jan
20%
28%
40X
675
2
17,000
54
400
2
600
2
2X
8X
2X
9%
2X
Jan
Jan
10%
Jan
7% 1st partlc pref... 100
Celluloid Corp common. 15
Feb
21,100
Jan
3
Jan
95
Jan
99
Jan
Jan
4%
900
4%
Feb
4%
Jan
4%
5X
500
4%
Jan
5%
Jan
8%
42%
17,200
5%
Jan
8X
42%
Feb
Jan
109% 109%
2%
2%
100
Jan
110x
Jan
2%
12%
13%
Feb
0% pref without
7% preferred
Feb
10%
Jan
Centrifugal Pipe
96
Jan
Charls Corp
33
108 X
36,100
IX
Jan
28,100
7%
Jan
Jan
Jan
11%
13% 128,100
10X
8,600
7%
10
Arkansas P & L $7 pref..*
Art Metal Works com
5
Ashland Oil & Ref Co___„l
94 X
94%
40
94^
"l4%
14X
15%
1,400
13%
Feb
Feb
9%
l
2%
Class A
i
$5
*
4%
2%
warrants.
Feb
Feb
Jan
%
50%
Jan
56
Feb
10%
Jan
Feb
Feb
17%
Jan
51%
52%
50 X
Jan
52%
Feb
3%
3%
5,300
7,700
3%
Jan
*
20 X
20%
2,300
19
1
2X
24%
2X
7X
2%
6,900
7%
8%
4
Jan
Jan
27 X
Jan
Feb
Feb
3%
Jan
1,800
2%
7X
8
Feb
1,600
7
Jan
8%
Jan
40
3X
6
41
149%
3%
0%
19
21
1
13%
1
ex
100
166 x
*
13%
ex
3%
Jan
7
Feb
17%
Jan
21
Feb
Colt's Patent Fire Arms 25
Columbia Gas & Elec—
Jan
103
Jan
12 X
Jan
15%
Jan
Conv 5% preferred.. 100
Columbia Oil & Gas
1
5%
Jan
7%
Jan
Jan
166%
Feb
124
80
161
124
10
121%
Jan
4%
Feb
4%
100
Jan
2%
1%
Jan
15%
15%
200
14 X
36
Jan
Jan
18%
Jan
*
~40~~
40%
38%
(H C) Co com
*
7% 1st preferred
100
Borne Scrymser Co..
25
Botany Consol Mills Co..*
10%
10%
23%
3%
48%
40%
10%
5,000
3%
22%
3X
51
51
16
16%
X
1,400
1
23
*
Blumenthal (S) & Co
Bohack
Bourjo's Inc
'Vox
X
Bower Roller Bearing
3%
3%
2
X
5
com..*
4
2X
15%
37%
Feb
Feb
2X
2d preferred
loo
Brazilian Tr Lt & Pow.__ +
Bridgeport Gas Light Co. *
1081.
Jan
Feb
13
11%
14%
46,000
10%
Jan
Feb
£35
Community
Jan
Pub Service 25
Community Water Serv__l
Feb
Compo Shoe Mach
Jan
Jan
900
35X
275
9X
Jan
11
60
50%
Jan
56%
Jan
300
16X
Jan
17
Jan
3%
X
Jan
Jan
Feb
New
v t c ext to
v t
110
64
Jan
54
Jan
64
Feb
Jan
10%
Jan
108%
Jan
110%
Jan
9%
9,800
8%
109% 110%
275
12
12
200
13%
Jan
150
10%
39%
Jan
Jan
45
Jan
50
93 %
100
17%
Jan
Jan
96%
17%
40%
94%
17%
19
Jan
Feb
2
23%
22
45
43
Jan
825
5%
Jan
51%
Jan
24
Jan
20
Jan
33%
26%
Jan
Jan
5%
15%
Jan
Jan
16%
Jan
71%
16
24
42%
25
125
24%
16
5%
24%
22%
5%
Jan
82
Feb
1,400
100
110%
Jan
115
64
61
64
1,050
52%
Jan
64
Feb
37
33
37%
5,400
27%
Jan
37%
Feb
1%
Jan
2%
Feb
112
50
112
1%
84
2%
13,300
525
86
76
4%
Jan
Jan
86
Jan
Jan
5%
4%
4%
61,200
52%
55%
2,400
52
Jan
5%
100
5
Feb
Jan
58
Jan
Jan
79%
Feb
25
72%
66 %
Jan
76
Feb
13,000
12%
Jan
14%
Jan
4%
%
Jan
Jan
4%
3%
Jan
""2% "2% ~li", 800
Jan
10%
Jan
48%
12%
Jan
Jan
77%
75
14%
"~2%
79%
75
13%
14%
100
9%
9%
100
47
12
4%
350
45.
Feb
"11%
45%
11%
2,100
10
Jan
1,200
4
Feb
1%
Jan
4%
4
600
2
8%
8%
58%
6%
4%
4%
19%
57%
24%
59%
85
83%
89
24
8%
134""
68,400
4%
500
4%
8,600
13,700
3%
4%
3 %
Jan
Feb
Jan
60
5%
Jan
Jan
Jan
Jan
5
Jan
2%
Jan
16
9%
8%
Jan
4%
Jan
4%
24%
18
Jan
800
57%
Feb
3,025
Feb
67
9%
38,300
83%
7%
38%
132% 137
50
35%
Jan
39
Jan
1,500
118%
Jan
139
Jan
%
19,700
si6
1%
Jan
7%
38%
Feb
104%
10%
Jan
Jan
com
8%
2%
58%
32%
1%
2%
600
Jan
7j6
2%
Jan
Jan
68
59
250
58
Jan
64
Jan
32
32%
1%
100
31 %
Jan
34
Jan
1,700
1%
Jan
9%
41,200
7%
Jan
9%
Feb
1,300
85%
114%
Feb
89%
Feb
114%
Jan
Feb
Jan
81%
10%
5%|pref class A
100
Consol Min & Smelt Ltd. .5
Consol Retail Stores
..5
*
Consol Steel Corp com
Jan
5X
Feb
Cont G & E 7 % prior pf 100
Continental Oil of Mex...l
1,900
18X
Jan
24%
Feb
Jan
36%
Jan
Jan
Jan
6
8%
Jan
8
Jan
20
9%
Consol G E L P Bait
Copper Mines
Feb
Jan
27 %
850
200
2%
2
Jan
9%
35%
28
Jan
2%
9
32%
1,400
6%
Jan
25%
Jan
Jan
Jan
1%
9%
6
Jan
Jan
3%
25%
Jan
%
OX
Jan
1
Consolidated Aircraft
Consol Biscuit Co....
Consol
Feb
3,200
2%
5
Feb
1
Jan
Jan
Feb
35%
2%
24%
35
200
38
8%
16%
c._l
1946...
preferred
Consol Royalty Oil
900
33%
23%
1,200
14%
38%
1%
16%
16%
600
6
£35
60%
""8%
16
Feb
Jan
400
Jan
& Southern
24X
5%
34
%
43%
Warrants
Jan
44
1,600
Commonwealth
Commonwealths Distirib
Community P & L $6 pref *
Feb
24%
4%
48%
43%
100
see page
4%
18%
Columbia Pictures com..*
Commonwealth Edison 100
34%
*
97
Jan
Rosenberger Inc. .*
Development...! sh
5% Income stock A.__£i
6% conv pref
£1
Colorado Fuel & Iron warr.
18
Bickfords Inc common...*
$2.50 conv pref...*
Feb
Feb
50
20
16
Colon
100%
4%
3%
2%
97
30
1%
Jan
Jan
*
Club Alum Utensil
Co
Cockshutt Plow Co com..
Jan
2%
Bliss (E W) &Co com
Blue Ridge Corp com
$3 opt conv pref
Cleveland Tractor com
*
Clinchfield Coal Corp.. 100
Feb
105
Feb
90
*
4
2,200
1,500
9j6
102%
11,600
97
%
9%
43
26,100
17,900
warrants
Clayton & Lambert Mfg..
Cleveland Elec Ilium
156
*
Berkev & Gay Furniture. 1
City Auto Stamping
*
City & Suburban Homes" 10
Claude Neon Lights Inc.
Jan
ex
14%
Feb
91%
*
Jan
124
% pf.100
Benson & Hedges com
Preferred
preferred
Jan
Baumann
com
$6
39
2,800
Jan
Feb
42%
"pref I *
92
20 x
Jan
3%
54
128
13,300
35
5%
~~I*
375
2%
Jan
Feb
97
2%
*
340
7,100
3
31,100
Cohn <fc
Tobacco—
144
32%
40%
85%
4%
52%
Feb
Jan
13%
53%
40
Feb
7%
97
l
Feb
X
Jan
145
25%
Feb
41%
preferred..IIlOO
Jan
732
1%
Jan
.10
Feb
7
3%
%
" io
Preferred
Preferred B
II
Preferred BB.IIII
Cities Serv P & l $7
3%
com
*
Jan
16 %
Seelig Mfg A...5
(L) & Co com..*
7% 1st pref
100
lOO
preferred..... 100
Conv pref opt ser
'29.100
30
47
Barlow &
100
1,400
380
3%
ex
warr
Cities Service common
7,700
*
Baldwin Locomotive warr.
Barium Stainless Steel... 1
Jan
25%
9,500
13,500
Chllds Co
17%
Babcock & Wilcox Co
Jan
2%
5%
Jan
13%
7%
Jan
Jan
Feb
23
2%
24%
45%
Jan
53%
7%
400
27,200
Jan
Jan
1%
5%
39%
3
17%
51%
7%
33%
3%
%
Jan
Jan
2%
5%
Cent & South West Uttl__l
Cent States Elec com
1
Chief Consol
Mining
4,300
100
200
7
15
89
Jan
12%
Automatic Products
5
Automatic Voting Mach.. *
3%
2,0 JO
11,900
3%
Jan
Jan
51
12%
Jan
7%
85
3%
15% Feb
%
"17%
1%
5,300
82%
8%
300
2
350
Feb
Feb
87%
2,200
24,100
Jan
Jan
6%
5%
87
2%
Jan
73%
2,500
87%
5%
-
Jan
55%
Feb
Jan
L 7 % Pref- -100
Feb
500
55
22%
31%
Feb
28%
21%
8X
*
55%
Feb
Feb
13X
%
31%
17
Jan
6,800
Assoc Laundries of Amer.*
Jan
Feb
Jan
9,000
Jan
316
%
5%
21%
OX
532
316
Jan
Jan
Feb
18%
12 %
%
32
Feb
1
%
5%
21%
800
4X
33X
700
1
13,200
3%
31X
25%
33
33
*
Cherry-Burreli CorpII" *
Chesebrough Mfg
"_25
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach..*
8
2%
2%
23
2%
93%
13X
7%
2%
21%
7
...
Cent Hud G & E com
Cent Ohio Steel Prod
«
Associated Elec Industries
Common
2%
Conv
13
1%
Jan
40
$7 div preferred
1st preferred
59%
10X
Atlas Plywood Corp
Austin Silver Mines
common. 1
42
2X
Jan
8X
2,800
Jan
Celanese Corp of America
2%
2%
11%
7X
prefll.*
Jan
Jan
*
13%
1
Casco
Jan
6
£1
_*
*
47 X
37
1%
91%
P & L $7
4%
109 X
22
■
preferred
1,200
7X
6%
25%
2%
*
Products
*
Castle (A M) Co
I.IlO
Catalln Corp of Amer
1
59
io
Warrants
$6
52 X
12%
50
Carolina
97
40%
Jan
Jan
%
49
"~4%
Jan
1
20
77
6%
*
com..
90X
49
7%
50
30
77
77
Rights
Carrier Corp
Carter (J W) Co
700
200
25c
common..
Feb
45
32 X
Syndicate
Jan
Jan
1%
Jan
52% J Feb
1%
Jan
38
45
Feb
22
30
Capital City Products...*
Jan
Jan
1%
200
B
Feb
24
J an
52%
IX
4%
31
%
Hydro-Elec—
6% preferred
100
Canadian Indus Alcohol A *
48%
112%
Jan
32 X
U X
preferred
8,700
Jan
24 %
21%
2X
Associates Investment Co *
Atlantic Coast fisheries
*
Atlantic Coast Line Co..50
Atlas Com common
..5
1%
%
5%
4X
200
11X
V t c common
1%
716
5%
Jan
4,500
5,500
*
preferred
1%
non-voting
*
Canadian Marconi..III. 1
34%
IX
%
Jan
0%
5%
Jan
23X
1
Preferred
Jan
31X
52%
Jan
Jan
4
_
5X
27X
"45
Feb
Feb
21%
Calamba Sugar Estate. .20
22
34 X
23 X
28
4,100
Am dep rets A ord sh. £1
Am dep rets B ord shs. £1
Jan
Jan
£15%
300
10%
30
1,000
32-
11X
30X
26%
Jan
300
1%
Jan
39
11
Arcturus Radio Tube
23%
1
Jan
136
4X
2%
20 X
3%
Arkansas Nat Gas com
Common class A
For footnotes
Jan
1%
35%
32
34X
*
7% 1st preferred
Feb
Canadian
11%
Amer
Bowman-Biltmore
25%
32
29
Camden Fire Insur Assn. .5
Canadian Car & Fdy pfd 25
SOX
25
Amer Mfg Co common 100
Amer Maracaibo Co
1
Purchase
Jan
10%
*
Jan
10 X
"32 X
Bell Tel of Canada
Bell Tel of Pa 6 %
Cable Elec Prod v t c
Cables & Wireless Ltd—
Feb
200
111
Amer Laundry Mach___20
Amer Lt & Trac com
25
Corp
Jan
24%
300
.
8
41%
28%
Bell Aircraft
30
*
36
23X
"42
Amer Hard Rubber com.50
Amer Invest of 111 com... *
Bellanca Aircraft
Jan
Corp Am dep rets.
Burry Biscuit Corp.. 12%c
6
134
*
Class A common
Feb
10%
Warrants
33
4%
American General Corp 10c
$2 preferred
$2.50 preferred
Axton-Flsher
$3 convertible pref
Burma
Jan
400
41
3%
Amer Fork & Hoe Co com *
Amer Gas & Elec com
*
6%
Feb
77
Jan
Amer dep rets pref shs £1
Common class B
8
36%
100
Option
16
Jan
10
*
10X
Amer deposit rets
Assoc Gas & Elec—
Jan
53%
100
32%
14% £15%
27%
Bruck Silk Mills Ltd
100
3%
25%
27
Jan
10X
Am
15
27
*
Feb
10 X
preferred
Class A pref
173
10c
6%
Brown Fence & Wire com. 1
Jan
400
21
6%
780
2%
Jan
100
19%
Feb
37%
Jan
500
3%
19 %
Feb
7
>59
59
22
17X
29
3%
Jan
_
146
107 M 110
28
Feb
2%
32
dep rets ord bearer £1
Amer dep rets reg
£1
500
124X 124X
107 X
Jan
2
8,200
5,400
100
7
16
73
10%
32
Am
550
23%
Capital—
Class A
25%
Jan
common
S3
13%
70%
10%
Am dep rets ord reg. 10s
British Col Power class A. *
Brown Co 6% pref
100
100
Amer Box Board Co com
Class A
23 X
21%
British Celanese Ltd—
360
1,100
102 X 167
100
American Airlines Inc...10
American Beverage com.
American
23 X
High
Jan
23%
14
71%
21%
166
17 %
Amer Tobacco—
Jan
81%
71%
*
Allied Products cl A com 25
Aluminium Co common. _*
2,400
30
5%
British Amer Oil Coupon.*
Registered
..*
Jan
Low
Shares
*
5%
2
pref
19%
2
2
*
100
.
18%
Range Since Jan. 1 1937
for
Week
High
6%
100
Class A
Low
2
*
preferred
Brlllo Mfg Co common
Jan
Common
conv
Class A
7%
19
*
3%
Allied Internat Investment
S3
Corp class B
200
140
4%
com..
Alliance Invest common..*
Brill
18
600
27%
4X
Jan
22
300
27
22%
Jan
IX
27 X
Jan
111
Price
Bridgeport Machine
*
Bright Star Elec class B_.*
Jan
Feb
75 X
1
Allen Industries com
Jan
Jan
21
56%
Feb
85X
75 X
Jan
4%
IX
75
45%
110%
19
75 X
75
of Prices
Par
14%
8SX
*
Week's Range
Sale
High
400
1,600
"84%
*
Low
1,600
5X
"i%
Gt Southern..50
Ala Power $7 pref
$6
400
10%
21X
1%
Alnsworth Mfg common..5
Air Investors common
*
Alabama
4%
15X
~22~
1
com
20
"5%
*
Agfa Ansco Corp
1,150
21X
Last
Range Since Jan. 1,1937
Shares
55
v t
STOCKS
(<Continued)
Week
Price
Sales
Thurs,
Sales
Thurs,
STOCKS
100
17
86
9
.....
Cont Roll & Steel Fdy
*
Continental Secur Corp. .5
Cook Paint & Varn com..*
75%
9
113
3
11%
2%
26
11%
200
16
Jan
17
Jan
17%
500
15%
Jan
17%
Jan
4,600
22%
Jan
27%
£9
Feb
11
27
87
10
76%
425
9%
900
113
30
3
200
13% 124,600
75
8%
113
Jan
3%
Jan
13%
Feb
Jan
102 %
2%
100
26%
9,600
17%
11%
18%
15
25
500
Jan
Jan
Feb
Feb
2%
21
117
Jan
6
22%
20%
Jan
Feb
Jan
2%
98%
1%
15
"20%
Jan
17
114% 114%
*76%
10
*
85%
1%
Jan
2%
Jan
Jan
Jan
Jan
Jan
26%
Feb
15
Feb
21%
Jan
Volume
144
New York Curb Exchange-Continued-Page 2
ThUTS,
Sales
STOCKS
Last
Weel's Range
for
(Continued)
Sale
of Prices
Low
High
Thurs.
Week
Par
Cooper Bessemer
Price
com
*
3354
33
35
7,200
$3 prior preference
*
42
42
*
5
155*
4454
1554
1,500
55*
1454
554
554
l
654
654
654
Copper Range Co
Cord Corp
Corroon & ReynoldsCommon
$0 preferred A
Cosden Oil
*
90
1
com
Preferred
86
6
3554
*
1
Crowley, Mllner & Co
454
Jan
1454
Jan
254
254
1354
454
1354
454
254
1354
5,300
13
Grand National Films Inc 1
Grand Rapids Varnish
*
Jan
10
Jan
Gray Telep Pay Station. 10
2
Jan
Jan
1354
500
10854
150
16
1654
100
®16
1754
"2454
44,200
Jan
Non-vot
Feb
14
Jan
5
25
7% 1st preferred
Gt Northern Paper
Jan
Jan
Feb
Feb
Jan
*
stock
com
31
31
1554
1554
15
25
Greenfield Tap & Die...*
Grocery Sts Prod com__25c
Jan
Jan
5054
Jan
Guardian Investors
106
Jan
10854
1654
Feb
Gulf Oil
145
Jan
70
72
Feb
$6 preferred
Jan
Jan
54
Jan
1854
Jan
Jan
1654
Jan
"3",200
1954
Jan
2554
Jan
Haloid Co
3054
Jan
32
Jan
500
15
Jan
16
Jan
73
160
6954
Jan
654
1,500
554
Jan
1754
1854
700
1954
1854
1954
300
17
14
1454
11,200
10
10
1054
1,200
'fg
9
9
954
2,200
854
60
60
63
3,100
27
2754
5254
2554
Jan
28
28
100
28
Feb
3854
1754
3854
100
3754
Jan
43 54
1854
600
12
Jan
1854
Douglas (W L) Shoe Co—
7% preferred
..100
Jan
754
Hartman Tobacco Co
*
Harvard Brewing Co
1
Hat Corp of Am cl B com.l
Jan
Hey den Chemical
1054
Jan
Hires (C E) Co cl A.
*
Hollinger Consol G M....5
2954
Jan
Jan
Holophane Co com
.__*
Holt (Henry) & Co part A *
Feb
Horder's Inc
*
4054
100
10854
300
30
Jan
3954
Feb
135
Jan
16954
Jan
Hud Bay Min & Smelt.._*
84
Jan
Jan
30
Jan
5%
preferred
70
79
Common
Feb
i
Jan
11
Jan
Jan
Jan
Jan
100
.
Britain and
Jan
1354
Jan
Jan
23
Jan
Jan
62
Jan
354
2154
Jan
Jan
Jan
454
2854
Indiana Pipe Line
10
Indiana Service 6% pref 100
7% preferred
100
Indpls P & L 6 54 % pref 100
Jan
Jan
80
Feb
*79
8454
8754
2,900
Jan
8754
Jan
1
954
1054
400
954
Feb
1154
Jan
l
8
854
700
8
Jan
954
JaD
200
66
Feb
80
Jan
1,000
11
Feb
14
Jan
554
Jan
754
Jan
Non-voting class A
Class B
V t c common
7% preferred
100
Insurance Co of No AmerlO
International Cigar Mach *
Internat Holding <fc Inv__*
94?*
600
94
Feb
9854
Jan
2054
165*
2254
1,450
15
Jan
4,400
16
Jan
2254
1754
Feb
Elgin Nat Watch Co
15
Empire District El 6%. 100
Empire Gas & Fuel Co—
1754
38
38
38
3754
5654
Jan
39
Jan
Jan
60
Jan
International Petroleum.. *
International Products
*
6% preferred.-.
100
614% preferred
100
7% preferred
100
8% preferred
..100
Empire Power Part Stk..*
72
*7654
Emsco Derrick & Equip. .5
Feb
Feb
68
Jan
200
7254
Jan
8054
Feb
30
31
100
30
Jan
1754
2,100
1754
Feb
254
254
254
12,500
Jan
4754
4754
150
254
4654
3154
1854
254
4754
Jan
1854
254
100
32
2654
l
854
2354
754
Falstaff Brewing
Fanny Farmer Candy
l
954
254
3454
954
1
Fansteel Metallurgical...*
23
1654
FE D
Corp.
*
Fedders Mfg Co com
*
Ferro Enamel Corp com..*
Fidelio Brewery
1
"32 "
4554
154
2654
4,700
52,800
2,200
15,500
3,600
FIsk Rubber
Corp
1
Am
1554
...
56 preferred
Florida P & L 57 pref
Ford Motor Co Ltd—
*
"6254
dep rets ord reg..£l
754
Class B.
29
Fox
lOOfrcs
(Peter) Brew Co
454
.6
Franklin Rayon Corp com 1
Froedtert Grain & Malt—
Common
"1054
1
Conv preferred
15
Gamewell Co 56 cum pref. *
General Alloys Co
.._*
56 preferred
1
Jan
conv
Jan
33 54
Jan
Jan
47 54
Feb
3854
54
Jan
154
Jan
Feb
8254
Jan
11254
Feb
26,300
1054
Jan
1554
Feb
7254
Jan
8854
Jau
64
Jan
550
59
Feb
Jan
114
Jan
100
For footnotes see page
1081
Jan
36
32
Feb
39 54
400
254
7054
"354
2054
175
7254
1,450
28
2054
2854
900
354
4154
354
3954
39
7414
Jan
4,800
Jan
2854
354
2,500
3154
Jan
44
54
Jan
400
2
254
16
3554
7,300
Jan
18
33**
Jan
36
654
Feb
5
Jan
100
3454
3554
654
654
900
154
154
""I60
154
Jan
154
.700
1654
Jan
37,700
Jan
2154
354
H
54
100
20
6
3854
2054
21
Jan
6
Feb
7
3854
2454
Jan
54
"16
1,800
2454
1554
2754
2,000
2754
700
235*
1554
Jan
1654
Feb
ISH
154
254
2,600
54
Jan
316
2654
.....
316
400
Jan
13ig
854
2954
3154
554% preferred
6% preferred
7% preferred
10
Jan
14
8554
8554
350
85
Jan
89
92
94 54
50
9054
Feb
97
98
60
97
100
100
..100
Jonas & Naumburg
2.50
Jones & Laughlin Steel. 100
92
Common vtc
Feb
Kingsbury
Jan
Breweries
111
11954
654
Jan
Jan
1054
Feb
Jan
1054
Feb
354
1254
Feb
1454
Jan
Jan
19
Jan
975*
10
75
Jan
9754
654
13,200
3
Jan
Feb
200
6,900
100
Kleinert (I B) Rubber
Knott Corp common
Feb
Kobacker Stores Inc
10
1
Jan
23
Feb
1954
Jan
2354
Feb
6454
Jan
Lackawanna RR N J... 100
Lake Shores Mines Ltd
1
154
Jan
Jan
Feb
Jan
97
Feb
Jan
1,800
9054
Jan
954
11954
Jan
Lakey Foundry & Mach.. 1
Langendorf Un Bak cl B
*
.
54
1,000
10
11354
Feb
54
454
11454
Jan
2554
300
254
70
7454
Feb
82
20
62
Feb
6554
85-4
854
82
64
754
6554
854
27,400
654
Jan
754
6,700
Jan
154
154
300
554
154
Jan
154
1154
125*
700
1954
1054
Jan
125*
2054
1354
15
15
11054
109
15
25
11154
12
12
17
1754
100
100
400
400
57 H
516
Jan
1,300
Jan
Lefcourt Realty com
Preferred
s_.
86
20
8254
Jan
Jan
Lehigh Coal & Nav.
*
Jan
Leonard Oil Develop
25
Jan
Line Material Co
*
Jan
Lion Oil Refining
*
1754
Feb
Lit Brothers com
.*
554
16,600
30
185%
Jan
100
Jan
254
2254
6154
2954
106
Jan
1754
25
11154
1154
Jan
1254
17
Feb
2154
Jan
78
5854
2,900
56
Feb
5854
834
854
9,100
6
Jan
Jan
954
554
Jan
1
96 54
86
Jan
Jan
3 54
Jan
Jan
Jan
Jan
Feb
354
54
Jan
1354
2154
106
5654
8
92 5*
154
Jan
7654
1754
50
5054
354
654
3,100
21
Jan
754
316
100
•
754
935*
800
19
300
354
81
93 54
86
1,600
Jan
2354
.
*
30
54
3 54
Jan
600
'
354
25
22
154
8554
754
2354
com
Koppers Co 6% pref...100
Kress (S H) & Co pref 1.. 10
Kreuger Brewing
1
56
9,700
100
600
354
354
11354 11354
Kirkld Lake G M Co Ltd .1
Klein (D Emil) Co com
*
Jan
9654
Jan
754
54
1
854
1754
11954
754
*
Feb
Jan
30
'"754
Julian & Kokenge com
*
Kansas City Pub Service—
254
2954
Jan
Feb
800
10V4
104
]17H
7054
2454
254
52,500
100
235*
254
2254
1754
1154
100
104
454
Jan
15
1,400
2
454
Jan
11
1054
51
105
1154
1054
215*
Jan
1754
954
15*
Feb
354
354
..1
Kings County Lighting
Class B 7% pref
100
Class D 5% pref
100
Kingston Products
1
Kirby Petroleum
1
2154
754
._.*
V t c preferred A
*
Kansas G & E 7% pref. 100
Ken-Rad Tube & Lamp A *
18
29
1054
31
30
2,200
103*
Jersey Central Pow & Lt—
Jan
450
2
Jan
50
316
Jacobs (FL) Co
Jeannette Glass Co
Jan
51
General Tire & Rubber...5
6% preferred A
Warrants
Feb
1,400
2154
4454
3254
254
2054
7054
*
Feb
19
pref
14 54
Feb
4054
31
954
200
54
Gen Rayon Co A stock...*
General Telephone com.20
53
Superpower A..
54
13
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 56 pref
*
2154
Jan
Jan
Italian
Jan
154
Jan
1954
716
Feb
754
97
21
80
854
2554
154
22
1005*
Feb
Jan
2254
97
6254
Jan
Jan
1254
154
71
Jan
Jan
1854
*
500
Feb
2154
3454
654
17
...*
com
56 preferred.....
Warrants
41
54
900
Gen Gas & Electric—
Gen Investment
200
3854
Mfg v t C..10
Irving Air Chute
1
200
235*
7154
31
3854
Iron Fireman
1,100
2054
48
1,700
Feb
33,100
2354
554
Jan
Feb
654
975*
*
Jan
52
32
1054
654
Gen Electric Co Ltd—
Gen Fireproofing com
41
1
Feb
305*
23
5
4554
14
2154
International Vitamin
Feb
29?*
23
200
5,000
60
Feb
375
23
5,800
554
54
19
Amer dep rets ord reg.£l
1154
154
'l6
254
754
2754
5
2754
Jan
300
1254
""554
Jan
3,000
Jan
40
454
17 54
54
Feb
4,900
454
410
54
2654
Ford Motor of France:—
Amer dep rets
25
54
34 H
14,200
8
Jan
716
1054
...
154
254
Jan
3054
Ford Motor of Can cl A..*
554
2,038
54
54
3054
154
635*
2
2
54
1254
4754
61
154
2454
3
Jan
900
4454
15?*
112
954
1
_
1,800
400
83
19 '
154
Old warrants
Class B.
Jan
1054
2354
33
12)4
87
Jan
New warrants
54
154
Jan
32
82
100
3554
Jan
17
Jan
2,900
11254 113
Feb
7754
300
Jan
National Stores—
11254
3254
3354
87
19
2154
354
7954
100
7,400
7,600
21
1854
Jan
Feb
2354
%
Feb
*
2154
716
8
(Phlla).lO
7% 1st preferred
Class A
Interstate Hosiery Mills..*
Interstate Power $7 pref.*
Investors Royalty
1
22
2254
1354
54
1
Jan
500
17
108 ^
11
International Utility
""650
154
100
10854 110
6% preferred
100
Internat Safety Razor B. *
7654
3
First
Feb
73
8054
,S16
154
2854
4154
154
72
79
1
Jan
*
Jan
7054
Ex-cell-O Air & Tool
Falrchild Aviation
Fire Association
50
A stock purch warr
Intl Metal Indus A
Jan
31
*
7% preferred
Internat Hydro-Elec—
Pref $3.50 series.
66
80
European Electric Corp—
Option warrants
Evans Wallower Lead
Feb
6754
50
3854
1
94
com
280
.__*
1754
Eureka Pipe Line
1954
4054
Industrial Finance—
*2l"
.10c
Jan
40
*
pref w w_.__
*
Elec Shovel Coal $4
pref..*
com
15$
Indian Ter Ilium Oil—
7154
Electrographlc Corp com.l
Equity Corp
3914
3354
Ireland. _£1
5754
400
Jan
Jan
cl A__ *
20
72
42 54
854
1854
600
72
70
Jan
2iU
100
2154
Feb
25
10 54
2814
39K
Jan
11
4,600
2654
654
8254
8254
2,900
Feb
Feb
11
71
Jan
654
Feb
Jan
21.54
Feb
6
1754
154
85*
Jan
2154
2154
76
654
1754
19
67
24
conv
Jan
1354
71
25
$6
1554
400
2154
2554
Common
4
1454
l",866
7154
2554
1154
254
Jan
1554
48
Imperial Oil (Can) coup. *
Registered
*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
70
Jan
12
3054
6654
Illuminating Shares
11
200
4554
Jan
66
300
71
Jan
70
11,300
154
48
Jan
5,400
1954
Hygrade Sylvania Corp. _*
1054
95,500
1,000
1754
3,800
1,200
1454
100
Hydro Electric Securities. *
Hygrade Food Prod.
5
Jan
Feb
154
1
7 % pref stamped
Feb
1054
354
15
29
Feb
275-1
80
70
Jan
1454
654
Jan
2554
1,700
354
1054
Feb
154
254
29
Jan
Jan
2,000
24
Huylers of Delaware Inc—
Jan
78
200
254
42
Feb
654
3 54
23?*
41
1854
2054
"6,766
1754
154
Feb
354
'58
Feb
2254
36
xl9
8554
21,300
100
600
23
Jan
Jan
6
27
1754
3254
Feb
4,800
354
1414
19
80
*
95
3,100
86
71
Option warrants
Electric Shareholding—
Jan
754
3354
Jan
Class A
Elec P & L 2d pref A
88
*
Jan
84 54
Feb
*
Co
Jan
com
8754
Hussman-Llgonier
61
56 preferred
Elec Power Assoc
150
Humble Oil & Ret..
654
6954
354
154
6354
Jan
275
2454
Jan
Jan
4254
11054
96
1,250
Elec Bond & Share com..5
$5 preferred
*
6
54
5754
254
354
1354
1654
.10
7654
1 354
4454
1454
7,900
1
...25
w w
6854
1154
Jan
6154
90
*
Preferred
66
*1254
38
5954
8754
*
75
Edison Bros Stores com..*
Elsler Electric Corp
1
128
2
76
Easy Washing Mach "B".*
Economy Grocery Stores.*
Jan
25
06
Jan
25c
Helena Rubensteln
Heller Co
66
55
11754
Jan
29
900
76
Feb
2254
Feb
*
6% preferred
554
Jan
11054
12654
660
1454
Feb
Hazeltlne Corp
Hecla Mining Co...
4 54 % prior
preferred. 100
76
22 54
95
63
154
76
Jan
654
Jan
194
""554
45*
1854
Jan
Jan
2054
35*
125*
1854
Jan
1,800
2,400
Jan
400
Jan
7654 ,7654
$7 preferred series A
$6 preferred series B...*
17.100
5
6
Illinois P & L $6 pref
6% preferred
Eastern Malleable Iron.25
Eastern States Corp
Jan
354
1754
1
Feb
7654
9
27 5*
1954
"5954
Feb
47,200
854
Feb
Jan
1054
"654
+
235*
375*
454
II
110
100
1,700
Jan
Jan
Jan
2,000
1754
30
9
26
*
500
2754
100
2354
354
1654
554
Jan
11054 11054
354
654
854
35
Jan
Jan
100
Feb
5*
754
854
Jan
900
2554
107
Jan
50
Feb
3954
854
Jan
9,900
20
87
2654
Jan
54
55*
3354
1454
554
Jan
148
East Gas & Fuel Assoc—
105
11,600
4354
Jan
38
Eagle Picher Lead...... 10
Feb
1254
Feb
84
Duke Power Co
100
Durham Hosiery cl B com*
Duval Texas Sukphur
*
385*
4354
19
143
100
Jan
14
88
14754
"39~~
Feb
28
"4354
Jan
31
3954
Jan
5054
10
54
110 54 11254
xl28
xl28
Jan
3854
*
Common
112
1554
1754
954
Doehler Die Casting
*
Dominion Steel & Coal B 25
15
Jan
4,400
105
3is
2554
354
1754
2054
Horn & Hardart
50
5
28
Feb
Feb
35
7654
£1
28
Feb
Feb
700
Amer dep rets pt pref 8s
Hartford Electric Light.25
654
Jan
Feb
Handley Page Ltd
54
1854
Detroit Paper Prod
1
Detroit Steel Products.._*
Diamond Shoe Corp com. *
Jan
1254
415*
2,800
13 54
4954
3754
105
"~"~54
Gypsum Lime & Alabast.*
Hall Lamp Co
*
$
Detroit Gasket & Mfg com 1
6% pref ww
20
Detroit Gray Iron Fdy
5
Det Mich Stove Co corn-
Jan
35
1
Corp of Penna.25
Gulf States Util $5.50 pref *
16
1,400
654
72
854
4054
28
100
Jan
254
50
'23*54 "2454"
400
Great Atl & Pac Tea—
254
agreement extended
15
1
Dubiller Condenser Corp.l
Jan
c
z48
Dennlson Mfg 7% pref-100
Derby Oil & Ref Corp com*
7% preferred
Jan
1
454
2354
154
1254
107
35
10
20
Jan
8,100
716
.*
V t
Jan
""266
13
1454
955*
1554
45 5*
Gorham Mfg Co—
Feb
Jan
454
1654
Driver Harris Co
54
Feb
1254
4754
_.*
38
1254
54
Draper Corp
54
I
87
*
Jan
700
1754
Dow Chemical.
Jan
""254 ""254
5
Amer deposit rets
154
3454
1454
High
100
1454
*
1
Low
8754
*
.
10
1854
5,900
5,500
6,400
Range Since Jan. 1 1937
Shares
*
$7 preferred
Goldfield Consol Mines
Gorham Inc class A
Jan
3854
Jan
High
87
..*
Preferred.
Jan
Feb
,S16
Darby Petroleum
Distilled Liquors Corp
Distillers Co Ltd—
93
Feb
54
1654
Prcfcrtfid
Feb
354
*
Dejay Stores
1254
4754
3554
2854
3654
654% preferred
100
Curtis Mfg Co of Mo
5
Cusl Mexican Mining..50c
Class A
*
Godchaux Sugars class A.*
Class B
*
600
1316
tc.*
com
Gladding McBean & Co.
Glen Alden Coal
Jan
4,600
3554
1754
*
Davenport Hosiery Mills *
Dayton Rubber Mfg com.*
Jan
7 54
654
26
Cuneo Press Inc
654
Jan
454
400
354
1854
Crown Cent Petroleum...1
Crown Cork Internat A..*
Crown Drug Co com
25c
com v
Jan
7,700
*
Cuban Tobacco
Gilbert (A C) com
Jan
Low
*
$3 preferred
Creole Petroluem
Crocker Wheeler Elec
Croft Brewing Co
com
Jan
1854
Jan
86
Price
52 54
Feb
1254
Cramp (Wm) & Sons Ship
& Eng Bldg Corp...100
Preferred..
Week
Georgia Power $6 pref
42
£1
Crystal Oil Ref
for
of Prices
Feb
35
3054
354
30
Week's Range
Sale
Par
14
3 54
100
Courtaulds Ltd
Last
High
Jan
200
90
Low
2954
500
Sales
STOCKS
(Continued,)
Range Since Jan. 1 1937
Shares
1077
"17" "17"
12 54
17
Feb
20
9
Jan
135*
Jan
3054
303*
Feb
254
3054
17
18
3,100
16 54
Jan
1954
300
554
Feb
654
154
*
45*
100
11,200
254 155,500
3054
2,500
12
254
"17"
55*
1254
554
54
,st«
Jan
New York Curb Exchange—Continued—Page 3
1078
Thurs.
Thurs
Sales
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Week
Par
Loblaw Grocerias A
6
Lockheed Aircraft
1
Corp....—*
Low
Shares
17
18
11%
12%
13
14%
13
*
...100
100
*
5%
5%
90%
77%
90%
.....
6
Louisiana Land & Explor.l
Louisiana P & L $6 pref..*
13%
Lucky Tiger Combinat'n 10
Lynch Corp common
5
"*1%
1%
41%
1
1
4%
41%
4%
Majestic Radio & Tel
Mangel Stores
13%
100
4,700
54,100
3,200
Jan
Jan
Feb
Jan
14%
Jan
North Amer Rayon cl A.
*13%
9%
11%
Amer dep rights
Margay Oil Corp
£1
*
Marlon Steam Shovel
*
Mass Utll Assoc vtc
1
Master Electric Co.
6%
91%
Jan
80
Jan
No Am Utility Securities.*
Nor Cent Texas Oil
5
3,400
5%
Feb
6%
Jan
14
4,900
13%
Feb
15%
Jan
50
100
700
1%
41%
200
4%
1,500
9%
73%
1,100
Jan
Feb
1%
39
Jan
Jan
100
2%
42
4%
Feb
*
Mead Johnson & Co
16%
27%
17%
"9% "16%
19
19%
Northern Pipe Line
10
Nor Sts Pow com cl A.. 100
-
20
Jan
7in
10%
Jan
82
Jan
Northwest
Jan
21%
Jan
Jan
1,000
1,200
12", 000
10
Jan
29
Feb
16
Jan
Jan
Jan
Ohio Power 6%
Ohio P S 7 % 1st
Feb
Oilstocks Ltd
Jan
Oklahoma Nat Gas com. 15
Jan
18%
3%
83
Feb
10%
18%
Jan
20%
Jan
55
Jan
10%
Jan
Feb
21,300
30
Jan
14}
44}
111
114
46%
44%
114
100
6%
41%
6%
46%
2,500
6%
6%
200
*9% "16%
ll",200
1,200
Feb
10%
79
73%
1
1%
1
Metal Textile Corp com..*
Part preferred
*
5%
36%
34
Co
80%
1%
6%
36%
625
..*
4
Steel Tube..2.50
Sugar Co
50
1
118
Jan
Overseas Securities
Jan
7
Jan
Pacific G & E 6% 1st pf-25
27,900
8%
17
1%
v t c
.*
1%
5%
Class Bvtc
*
1%
*
8%
pref
4
29
29
31%
Jan
31%
Jan
Pacific Public Service
*
6%
Jan
Jan
Jan
$1.301st preferred
Pacific Tin spec stock
*
*
23%
Jan
61%
716
Jan
11%
2%
80%
Feb
Pan Amer Airways
10
"70%
Jan
5%
Jan
Pantepec Oil of Venez
1
Paramount Motors Corp.l
Parker Pen Co
Jan
3%
Jan
3%
16,400
6,900
3,400
1,000
2%
2%
15%
1%
7%
Jan
9%
5%
1%
1%
106
4%
Jan
Jan
5%
1%
8%
*
4
14
2.50
1
Montgomery Ward A
4%
.
Montreal Lt Ht & Pow___*
71%
•2,200
59%
Jan
8%
66,300
5%
1,600
4%
Feb
Feb
""16
100
Jan
48
36%
Jan
Jan
Jan
9%
Jan
5%
Feb
30
Jan
Jan
53
Feb
Jan
42%
Feb
Feb
Jan
1,500
7
Jan
9%
600
28
Feb
30%
113
112
Jan
125
162
Jan
175%
Feb
2,500
6,300
39%
175
Jan
Jan
174
*
94
3%
Jan
Jan
Pepperell Mfg Co
100
Feb
43
Jan
Perfect Circle Co
*
98
Jan
Philadelphia Co
com
*
115
Jan
118
Feb
Phila Elec Co $5 pref
33
Jan
15%
Jan
400
13%
Jan
14%
Jan
9%
Jan
11
Feb
500
3%
Jan
4%
Feb
Common
115
14%
"14% "15% "2",755
1
Jan
Pierce Governor
149
Jan
157
Feb
Pines Winter front
10%
10
Conv pref ser A
17
38%
38
27
25%
3%
._*
com
Jan
12%
Jan
37
20
116%
15%
Mountain Sts Tel & Tel 100
Mueller Brass Co com
1
149%
Jan
47%
Jan
*
26%
24%
26%
900
Feb
48%
28%
Jan
Murray Ohio Mfg Co
41%
24%
Nachman-Springfiiied
*
23
22
23
200
18
Jan
23
Feb
37%
36%
38
500
32%
Jan
38%
Feb
11
1,000
6%
Jan
11
Feb
5,200
1,000
36%
19%
Jan
27
3%
100
2%
Jan
10%
38%
27%
3%
6%
6%
7,300
5%
Jan
6%
Jan
9
8
Jan
9%
Jan
42
6%
10%
38%
8%
1
Jan
Jan
500
Jan
Phoenix Securities—
Jan
Feb
18%
Jan
145
136
50
*
*
Jan
525
35
18
89%
Jan
95
400
35
17%
Jan
94
136% 138
35
Jan
175%
93%
137
39%
Feb
Jan
18%
88%
Jan
8%
400
6
Jan
Jan
Feb
Feb
Jan
Feb
Postage
Meter
*
800
Pitts Bessemer & L Erie RR
Common
50
Pittsburgh Forgings
1
Pittsburgh & Lake Erie .50
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc
*
Pneumatic Scale Corp
10
42
Jan
146
1,300
2
2
600
1%
Jan
17
100
16%
Jan
17%
6
144
27%
99%
147%
2%
17
25%
99%
8
200
24%
26%
7,900
94%
99%
860
143
2
125
Jan
Jan
6
Feb
Feb
Feb
Feb
Jan
Jan
8
Feb
53%
2%
51%
Jan
3%
Jan
Potrero Sugar com
5
4%
5,900
3%
Feb
4%
Jan
Jan
55%
Feb
Powdrell «fc Alexander
5
12%
11%
12%
3,400
10%
Jan
Feb
41
Feb
Power Corp of Can com..*
33%
33
33%
150
26%
Jan
12%
33%
Feb
41
55%
300
12%
Jan
Jan
6% 1st pref—.
Jan
Pratt & Lambert Co
*
40
38%
40
34%
Jan
41
Feb
Premier Gold Mining
1
3%
Feb
Jan
Pressed Metals of Amer..*
32%
Jan
Jan
%
Jan
%
Jan
12%
lb
18
17%
3,200
17%
Jan
80
74
l|%
14%
19%
3,600
80
2,400
64%
3%
Jan
3%
3%
102% 102%
Jan
95
Jan
12%
3%
1
Warrants
80
>3i
10
400
16
2
2
2%
800
12
12
12%
200
46%
42%
47
89
88%
90%
10
1,100
3%
Jan
"16
2%
Feb
15%
"14% "l5%
9",100
Jan
Prosperity Co class B
*
8%
33%
Jan
13%
Feb
Providence Gas
Feb
Prudential Investors
*
Jan
47
87
Jan
91%
Jan
Jan
8%
Jan
16%
Jan
7,900
%
Jan
Jan
4%
5%
900
Jan
Feb
National Steel Car Ltd
*
National Sugar Refining. _*
3%
52%
Jan
57%
Jan
26%
26%
9%
10%
2%
1%
26%
9%
11%
3
300
25%
Jan
28
Jan
50
9%
Feb
9%
Jan
Jan
41
42%
"41*
,
2
500
10
11%
Jan
5,000
Jan
3%
Jan
900
Feb
2%
Jan
Jan
42%
I'eb
Jan
80
Jan
700
*
32^
80
Nelsner Bros 7% pref..100
17%
"~2H
100
114% 114%
16%
19%
19
17%
2%
2%
18%
18%
89
100
""~5%
5%
25
80
1
4
Newmont Mining Corp. 10
New Process common
*
128
26%
5
*
N Y & Honduras RosariolO
5%
135%
110%
4,300
1,300
Jan
114%
19%
16%
Jan
19%
Jan
1%
18%
88%
Jan
Jan
Feb
2%
23%
89%
4%
50
25
300
Jan
14
Jan
Feb
Feb
Jan
Jan
Jan
6
Jan
70
135
Jan
136%
Jan
25
30
4,200
20
Jan
30
79%
3%
82%
4,650
79
Feb
85%
135
"30
89
26
300
126
26%
5
32%
4
1,100
130
Feb
Feb
3%
5
135
$6 preferred
1,000
716
%
%
%
10,500
%
2,500
15%
2,700
%
15
14
Jan
11
15%
$7 prior pref
$6 preferred
Jan
Jan
4%
35
Jan
Feb
5?
16
\in
12%
Jan
50
102%
Feb
103
Jan
109
108%
Jan
64%
360
62
Feb
*
31%
34
230
31%
Feb
Pub Serv of Nor 111 com..*
94%
92
94%
550
86%
90%
Jan
98
Jan
Jan
93
Feb
118
Jan
119
Jan
100%
Jan
103
Feb
103
Jan
106%
Jan
Jan
4%
Jan
Jan
Jan
Common
60
6% preferred
—100
68%
37%
Jan
Jan
Pub Service of Okla—
6% prior lien pref--.100
7% prior lien pref.-.100
102% 103
20
Pub Utll Secur $7 pt pf...*
Puget Sound P & L—
3%
$5 preferred
*
85%
85
86%
220
$6 preferred
*
51%
51
52
775
Pyle National Co com
5
Pyrene Manufacturing.. 10
Quaker Oats com
*
6% preferred
Quebec Power Co
*
Jan
Ry & Light Secur com
Ry & Utll Invest cl A
Jan
85
Jan
"10%
46%
Jan
90%
60%
20
Jan
23
10%
10%
120% 121
2",000
"23% "23% ~24%
Tooo
22%
Jan
350
22%
1%
Jan
%
Jan
%
Jan
30
Jan
8
Jan
Feb
10%
124%
Feb
120%
148
120%
100
Jan
150
Jan
25%
28%
1%
Jan
Jan
Rainbow Luminous Prod—
Feb
*
Class A
*
1%
___*
9,*
%
26
Jan
26%
Feb
5
Feb
8%
Jan
Rath Packing Co.
Feb
Raymond Concrete Pile—
Common
._*
33%
400
43
Jan
47
Feb
113% 113%
10
113
Jan
115
Feb
105
10
104
Jan
105%
Jan
25
1%
Class B
120
100
Jan
24%
1
100
34
1,000
63
1,600
Jan
13%
13%
102% 102%
64%
33%
*
5
29%
13%
*
26%
*
4
35
7% 1st pref
100
Public Service of Indiana—
Jan
5.
16
11%
%
3
Feb
Pub Service Co of Colo—
5%
"11%
3%
33%
3%
1,000
2,900
*
103
.1
*
3%
35
Producers Corp
1
Propper McCallum Hos'y *
Jan
8
550
L
4
100
%
1%
Conv part preferred.. _*
1,900
16
600
10
Jan
2
Jan
Jan
Jan
%
Jan
32
Jan
32
Jan
105
105
Shipbuilding Corp—
Founders shares
1
N Y Steam
Corp com.
*
Telep 6%% pref.. 100
29%
31%
675
24%
Jan
34
Feb
46
45%
46
250
41
Jan
46
Feb
7
6%
7
4
Jan
14%
11%
15
1,000
5,900
10
Jan
15
42
36
42%
4,100
33
Jan
42%
7%
Jan
7%
%
5%
2%
Jan
Jan
1%
5%
2%
Jan
12%
Jan
Jan
7H
Feb
*
11%
19
118%
New York Transit Co
6
N Y Water Serv 6% pf.100
12%
600
8%
Jan
Reed Roller Bit Co
19
20%
700
17%
Jan
Reeves
117% 118%
400
115
Jan
Reiter-Foster Oil
*
Jan
Reybarn Co Inc
1
""260
52
Jan
Reynolds Investing
Rice Stlx Dry Goods
1
"2%
*
1
"61"
5%
"63%
Niagara Hudson Power—
10
16
100
96
15%
16%
22,600
(Daniel)
com
..*
*
%
Richmond Rad
98
575
96
Feb
100
Feb
50
93
Feb
94
Feb
50
98
Feb
115
Feb
Roosevelt Field Inc
Root Petroleum Co
1
%
2%
916
2%
15%
Feb
4,700
Feb
800
Feb
16%
91S
2%
Feb
Niagara Share—
.5
15%
97%
Nlles-Bement-Pond.
Niplssing Mines
*
49%
5
Noma Electric
l
3%
8%
1081
""1%
20",200
5%
5%
700
2%
6,200
10%
2%
10%
11%
800
7%
5%
7%
26,100
5
Feb
"T
6% preferred cl D...100
111
*"!%
10%
5%
Jan
7%
Feb
Feb
Feb
Jan
Feb
Jen
Rochester Gas & Electric—
93
108
100
Class A opt warr new
Class B opt warr new
Feb
96
93
100
Class A pref
30%
$3 conv preferred
*
Raytheon Mfg v t c__.50c
Red Bank Oil Co
N Y Pr & Lt 7% pref.. 100
$6 preferred
*
Feb
Jan
7%
155%
see page
Jan
450
Jan
5
For footnotes
8%
24%
44%
75%
Feb
Feb
Jan
common
Jan
Feb
23%
40%
108
Jan
Class B
89
110%
6
5% 1st pref new
5% 2d pref cl A
5% 2d pref cl B
67
Feb
Jan
Jan
10
4%
Common new
42%
Jan
"""250
6,500
N Y
200
Jan
111%
7%
N Y
1,000
23%
84
109% 109%
7%
N Y Merchandise Co
20
il6"%
7%
com
100
Jan
Feb
Feb
116%
Pltney-Bowes
New Jersey Zinc
New Mex & Ariz Land
32%
29%
107%
*
pref——*
*
50
$6 preferred
Penn Salt Mfg Co
Pa Water & Power Co
Pioneer Gold Mines Ltd..l
New England Tel & TellOO
New Haven Clock Co
*
10%
Jan
Jan
Jan
5
Jan
Jan
Jan
New Bradford Oil
9
31%
28%
104%
Jan
5
Feb
*
6
Jan
8
Nestle-Le Mur Co cl A
Feb
4%
16%
44
Nelson (Herman) Corp
5
Neptune Meter class A...*
5
Jan
Feb
17,500
37
*
1,900
32%
5
Jan
1st preferred
106
4%
Jan
(Oscar) Co com
Nehl Corp common
Feb
Feb
4%
Jan
Nebel
14%
30
105
1
6%
National Tea 5%% pref. 10
National Transit
12.50
Nat Union Radio Corp
1
Jan
200
Feb
Pennroad Corp vtc
Pa Gas & Elec class A
34%
36%
*
Feb
Jan
Feb
150
*
13%
12%
Jan
Feb
100
.4
Feb
8%
5,000
25
111%
14%
69%
35%
common...
Jan
41%
41%
8
$5.50 preferred
Jan
108
Jan
Jan
35%
39%
6%
National Fuel Gas
*
National Gypsum cl A
5
National Investors com__l
112
Jan
Feb
200
Feb
Feb
88%
19,700
111%
5%
Jan
3%
110
Jan
41%
69%
71
55%
1,800
*
7%
Nat Breweries Ltd 7% pf25
Natl Container com
1
300
Jan
50
9,200
3
10
Jan
600
4%
8
110
43%
107%
109%
110%
8%
14%
3
Feb
75
41%
10%
11
50%
750
300
6%
*
39%
Nat Bellas Hess com
1
Nat Bond & Share Corp..*
Jan
41%
$2.80 preferred
$5 preferred
*
Nat Auto Fibre A v t c
*
National Baking Co com.l
Feb
35%
8%
225
"46% "47% ~2~306
37
Jan
100
50
Jan
Jan
33%
125
29
50
6%
25%
900
86%
7%
7%
Feb
5,100
106%
86%
7%
23%
Jan
Feb
100
Moore (Tom) Distillery.. 1
Mtge Bk of Col Am shs
Mountain Producers
10
Moody Investors pref
Jan
8%
41
1
Jan
""340
3
Jan
Penn Mex Fuel Co
Jan
156"
200
34%
Jan
3%
154"
108
Jan
6%
1%
15
*
Jan
97
Jan
Jan
Jan
Feb
Feb
9%
10
Monroe Loan Society A..*
Montana Dakota Utll
10
Jan
96%
103%
Penn Central Lt & Pow Co
Mock, Jud, Voehrlnger Co
Molybdenum Corp
Jan
Jan
10
""16
91%
Jan
Jan
23
118"
10
I
500
8,600
5%
42%
Phillips Packing Co
"Il8~
%
25
98
39%
Jan
1%
Jan
4
*
Minnesota Mining & Mfg. *
%
8
Jan
Mining Corp of Can
Minn P & L 7 % pref. .-100
Miss River Pow pref
100
Gh
Jan
8%
3%
49%
4*1
Jan
Jan
22%
4%
41
8%
Peninsular Telep com
Preferred
250
4
8%
29%
Feb
200
4%
20
*
Feb
3,200
Mid-West Abrasive com50c
95
*
Class B
Jan
9%
Jan
Feb
49%
46,800
42%
9%
30
3%
1%
9%
87
7%
Patchogue-PlymouthMllls*
A—*
18%
3,400
88%
Feb
41%
Pender (D) Grocery
Jan
5%
*
Midvale Co
Jan
7%
3%
50
400
10
Jan
4%
22%
Feb
106
106
Feb
47%
200
106
1%
Jan
2,000
5%% 1st preferred...25
6%
35
10%
Pacific Ltg $6 pref
*
Pacific P & L 7 % pref--100
36%
3,300
47%
49%
4%
32%
Jan
Jan
Jan
Feb
32%
Feb
Jan
77
48%
"32%
Feb
Jan
Jan
Jan
5%
10%
6%
4
<1*
35%
"~5%
46%
2,200
23
88%
N Y Auction Co
105
104%
Pa Pr & Lt $7
$2 non-cum div shs
com
13%
31%
Jan
32
950
8,900
4%
37
33%
34
33%
48%
50%
108% 108%
111
111%
110% 110%
111% 111%
14%
14%
13%
13%
31%
31%
Jan
Midland Steel Products—
7% preferred
110%
8%
37%
4%
Feb
50
10
Nev Calif Elec
33%
50%
*
400
Jan
3,700
103% 103%
6
Middle States Petrol—
Nat Leather
38%
100
6% conv pref..
Oldetyme Distillers
Jan
18%
3%
8%
18
*
Preferred
3%
3%
Bumper Corp.-l
Gas & Oil
1
Common
$3 preferred
6
39
High
6%
107
6
com
104
6
Metropolitan Edison pref.*
conv
pref..-100
pref. -100
101%
-
6%% A pref erred. ..100
Midland Oil
103%
95
%
Participating preferred.*
Merritt Chapman & Scott*
Class A
95
104 %
100
Low
72%
48%
'16
16
Ohio Edison $6 pref——
Ohlo Oil 6% pref
100
Jan
65
39%
Range Since Jan. 1 1937
Shares
5%
"4%
"36
*
Jan
300
Merchants & Mfg cl A...1
Michigan
Michigan
Michigan
Michigan
Engineering.
Novadel-Agene Corp
17
T.666
42%
47%
Nor Texas Elec 6 % pref 100
Feb
Jan
19%
Mercantile Stores com...*
Mexico-Ohio Oil
100
pf 100
Nor N Y Utll 7 % 1st
Jan
"14" "13% "14%
6%
Warrants
7% preferred
Jan
3%
3!
Memphis Nat Gas com...5
7% preferred
Nor European Oil com...l
Nor Ind Pub Ser 6 % pf. 100
Ohio Brass Co cl B com... *
.
5%
65
42%
41%
49%
3%
6% prior pref erred... 50
Jan
Jan
May Hosiery Mills pref--*
Dredging—*
—*
com
Jan
9%
27
27%
16%
Massey Harris common..*
McCord Rad & Mfg B.._*
6
88
5%
High
65%
75%
90
Low
48%
100
7,300
1
Iron
Common
$6 preferred
21%
73%
Price
Nor Amer Lt & Pow—
Jan
Jan
23%
18%
14%
Jan
Marconi Internat Marine—
Mesabi
Week
6%
91%
78%
6%
100
9
9%
$5 conv preferred
*
Mapes Consol Mfg Co—*
McWllliams
for
of Prices
Ciass B
Common
Loudon Packing
Week's Range
Sale
Par
Long Island Ltg—
7% preferred
6% pref class B
iMSt
High
23%
17%
13%
1937
13,
Sales
STOCKS
(Continued)
Range Since Jan. 1 1937
*
—
Locke Steel Chain
Lone Star Gas
Price
Feb.
15%
97%
49%
3%
8%
16
97%
6,800
25
50%
1,000
3%
2,700
8%
2,000
13%
97
44%
2%
8
16
Feb
Jan
97%
Feb
Jan
Jan
51
Jan
3%
Feb
Feb
11%
Jan
Jan
.
$1.20
conv
com
pref
20
104
11%
3%
10%
4
11%
Jan
Feb
104
Feb
4
Feb
700
2%
Jan
4,600
10%
16%
Feb
13%
Jan
Jan
18
Jan
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
Rossla International
*
Royalite Oil Co Ltd
*
Royal Typewriter
*
Russeks
*
32
31
*
16%
16%
*
5)4
5%
Shares
Ave
Rustless Iron & Steel
Consol Petrol
Ryan
Ryerson & Haynes com__l
Safety Car Heat & Lt.100
St Anthony Gold Mines-1
St Lawrence Corp Ltd—*
$2 conv pref A
50
St Regis Paper com
5
7% preferred
Sanford Mills
-.100
*
com
Savoy Oil Co
*
5%
127
128
%
9)4
♦
S16
9%
Schulte Real Estate
*
Scoville Manufacturing_25
Scranton-Spring
Water
Serv
$6
Bros
69
39%
%
52%
52)4
2,400
17%
6%
Jan
Am dep rets for or dreg
Trunz Pork Stores
52
Jan
Jan
7
1
Seton Leather
27%
3)4
Seversky Aircraft Corp..1
Shattuck Denn Mining..5
loo"
5%
24%
150%
Jan
300
38
5% preferred
Unexcelled Mfg
Jan
4%
Jan
Jan
39%
Feb
50
1
Jan
Union Gas of Canada.—.*
54
Jan
United
Jan
78%
Jan
United Chemicals
5%
50%
4%
Jan
Jan
Feb
$3 cum & part pref
*
United Corp warrants
United Gas Corp com...l
8%
Jan
1st $7
Jan
Option
2%
Jan
Jan
27%
50
27%
Feb
3%
3%
100%
1,400
3%
94%
Jan
Feb
30
100
101
250
2,050
96
Jan
Jan
4%
101
Jan
Feb
101
Feb
2%
700
1
11%
1,000
6%
23%
32%
25%
33%
2
%
149
700
5,800
6
151
17,700
400
1,150
10
112
1%
Jan
"16
Jan
2%
1%
Jan
11%
10
Feb
29%
Jan
Feb
Jan
162
Feb
Jan
114
Feb
Jan
25%
Jan
*
%
340
80
350
*
*
Standard Brewing Co
Standard Dredging Co—
*
39%
"~2%
37
40%
"2
"2%
40%
28%
27%
6%
Jan
370
Jan
Standard Oil (Ohio) com 25
5% preferred
Standard P & L
6%
3
10%
7,200
1,900
27%
20%
1%
Jan
Jan
Jan
49%
Jan
U S Stores
20%
2%
27
6%
6%
2%
10
41%
Jan
Jan
29%
Feb
Universal Pictures
700
27
Feb
28
6%
900
Universal Products
Utah Apex Mining Co.-.5
Utah Pow <fc Lt $7 pref..*
Utah Radio Products
Jan
3%
Jan
Utility Equities Corp
10%
Feb
Priority stock
Utility & Ind Corp com.
1,300
2,900
2
Jan
9
Jan
Jan
48
Jan
Jan
42
44
38
9%
40
3%
6%
Jat
%
Jan
10
Jan
850
36%
Jan
7% preferred
100
Venezuela Mex Oil Co.. 10
3%
Feb
42%
4%
Jan
300
4
Jan
Venezuelan Petrol
Jan
Va Pub Serv 7%
9
300
%
Jan
1
1
9%
9%
Wagner BakiDg vtc
Jan
Jan
Jan
11%
Jan
Jan
104%
5%
Jan
105%
Jan
7%
800
5
Jan
60
Feb
400
13
40%
33%
50
13
5,600
12,300
19%
38%
19%
100
20%
20%
5%
6%
6
5%
5%
5%
60
%
33%
10
60
23%
%
24
33%
8%
20
Jan
7i«
31%
7%
Jan
2,400
®16
34%
10
33,500
1,400
14,300
Sterling Brewers Inc
Sterling Inc..
Stetson (J B) Co com
Stlnnes (Hugo) Corp
Stroock (S) & Co..
12%
12%
37%
13%
39
14
13
14
2,200
75
60
66%
Jan
1%
*17%
2%
.....
8%
71%
10
79
.._*
2%
*
26%
4%
5%
87%
"5%
2
24%
4%
"20%
"17"
Taggart Corp common—*
Tampa Electric Co com..*
Tastyeast Inc class A
1
15%
"2%
Taylor Distilling Co
1
Technicolor Inc common.*
20%
107
5%
Jan
Feb
10
Feb
7%
69
9%
%
12
200
2%
Jan
600
30%
7%
66%
Feb
10%
4,600
Jan
3,800
950
West Texas Util $6
13%
Feb
7%
7«e
J4
110
6
Jan
"is
Jan
3%
Jan
50
16%
30
5%
84%
'1%
3%
6%
79%
Jan
4%
12%
Jan
18
Feb
100
11%
Jan
150
25%
1%
66%
Jan
49,600
725
Jan
3
6%
87%
1%
100
Jan
Jan
3
Feb
Jan
1,000
4%
Jan
350
83%
1%
4%
1%
Feb
Jan
5%
1%
5%
2,500
1,900
1%
12,800
3
3%
1,500
3
Jan
25%
1,100
4,600
20
Jan
9%
7%
Jan
3
6,700
1%
Jan
70
94%
Jan
14
Jan
96%
18
700
9
200
22
8%
21%
Jan
Jan
Jan
6%
400
19
Jan
4%
4%
100
10%
200
4%
10%
Feb
10%
2
3%
37%
"28~"
3
36%
10%
25%
9%
2
3%
300
13,800
Feb
2
Jan
2%
Jan
34
Jan
38
5,600
11
300
10%
Jan
25%
Feb
8%
Jan
88%
80
90
2,400
1,100
1,600
17
17
18
150
100
101
20
98
29%
Jan
10
87%
3%
Feb
9%
28%
10
71
Jan
101
pref..*
87%
4%
4%
Jan
6
Jan
Wii-low Cafeterias Ino.-.l
8%
11%
1%
20%
Jan
27%
Jan
200
5%
78
Feb
1
18"
6%
Jan
4,300
2,700
15,400
26,400
1%
3%
5%
Jan
3%
32%
8%
71%
Western Tab & Sta
Jan
4%
87%
4%
4,700
Feb
17
Feb
Jan
Jan
8%
100
8
Jan
11%
900
9%
Jan
1%
1%
500
*
7%
100
«
Feb
Wilson-Jones Co..
*
51%
7%
52
300
45%
Jan
Jan
Wilson
1
14
15
200
14
Jan
Jan
6
Jan
95
Jan
Jan
Feb
Conv
C) & Co
preferred..
Jan
900
24
Jan
27%
Jan
Feb
19
Jan
Wolverine Portl Cement. 10
4
Jan
Jan
Wilverine Tube com
Jan
Woodley
8%
11
Jan
Jan
Wool worth (F W)
4%
28,600
500
2
25%
45%
Jan
Jan
Jan
4%
50
Products
17
7%
18%
10,700
5%
13%
10%
2
10%
1,000
8%
Jan
21%
8
1.500
21%
Feb
7%
21%
7%
73%
71%
73%
3%
3,700
1,800
4,200
&
6%
8%
Petroleum
Jan
17
105% 107
16%
15%
98
Jan
110
Jan
8,600
11%
Jan
16%
Feb
Yukon Gold Co....
39%
100
37%
Jan
41
2%
600
1%
Jan
5%
4
Jan
5%
Jan
23%
Jan
Jan
6%
Feb
Abbott's Dairy 6s..
77%
Jan
Alabama
4,100
Jan
Jan
19%
20%
8,000
19%
Jan
21%
Jan
22%
125
20%
Feb
22%
Feb
15
17
500
13
400
2
4%
20%
21%
10,900
5,400
5%
6%
5,100
75
25
7%
16%
9%
18
9%
1,600
5,050
7,000
400
20%
5%
73%
"3% "3%
"600
Jan
Jan
Feb
2%
5
3
Feb
Power
tl03
1942
_.
1946
106%
102%
100%
Jan
7%
66%
Jan
1st &ref 5s
1951
Jan
Feb
1st & ref 5s
1956
Jan
18
Feb
1st & ref 5s....
1968
Jan
10%
Jan
1st &ref 4%s
1967
90%
Jan
66
Jan
Aluminum Co
f deb 5s '52
Feb
4
Jan
Aluminium Ltd deb 5s 1948
106%
105%
9
3%
Jan
Jan
Am El Pow
s
102
104
Jan
106%
Feb
Co—
1st & ref 5s
6%
12%
Jan
2%
BONDS
Jan
112
3
Jan
43%
66
Tobacco and Allied Stocks*
Corp deb 6s '57
96
37
105% 106%
102% 102%
100% 102*
19,000
19,000
8,000
96% 28,000
90%
92% 125,000
105% 106% 12,000
8,000
105% 106%
33
37
28,000
95
101%
Jan
100%
Feb
Feb
95
90%
105%
Feb
105%
Feb
Feb
32%
Jan
18%
Jan
Jan
54%
54%
54%
50
"hi"'
Jan
54%
Jan
Amer G & El deb 5s..2028
106%
106% 107%
46,000
106%
Jan
Am Bow & Lt deb 6s. .2016
18%
dep rets ord reg
Am dep rets def
102
102
81,000
101%
Jan
9,000
103%
103%
Jan
104%
104%
Jan
Amer Radiator 4%s..l947
Am Roll Mill deb 5s—1948
111% 111%
'"%
Tonopah Mining of Nev
25
*16
%
1%
1%
3,200
1,500
llOg
1%
Jan
111%
Jan
Jan
516
Jan
Jan
1%
Jan
1946
Appalachian El Pr 53.1956
Appalachian Power 5s .1941
Ark-Louisiana Gas 4s
2024
1951
Arkansas Pr & Lt 5s_. 1956
For footnotes see page 1081,
103%
103% 104%
'104
103% 104
106
Amer Seating 6s stp_.
Debenture 6s
32
900
96%
100
7% 1st preferred
Feb
19%
107
7,300
62%
era
Feb
91
Jan
Jan
Western Maryland Ry—
Jan
26%
7
3%
Jan
8$
2%
90
8%
»
110
17%
16%
4,800
Winnipeg Electric cl B—*
Wise Pr & Lt 7% pref.100
54
£1
reg—£1
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
7% pref erred A
100
Tonopah Belmont Devel
Feb
9i6
2
7%
Tobacco Prod Exports—*
Tobacco Securities Trust
25
5%
30%
2%
60%
1
11,300
2%
*
3,350
2
Roofing Inc
Jan
Mfg Co
Ltd—
Amer dep rets (new) ...5
Wrlght-Hargreaves Ltd..*
Youngstown Steel Door..*
75
Tishman Realty & Const. *
18%
2%
23%
West Va Coal & Coke
22,800
49
39%
6
17%
9%
2%
Williams (R
30%
Thew Shovel Coal Co....*
Texon Oil & Land Co
69%
1
5
Western Air Express
1
Western Auto Supply A..*
West. Cartridge 6% pf 100
Western Grocery Co—20
20%
Swan Finch Oil Corp...15
Swiss Am Elec pref
100
41%
3%
23%
Williams Oll-O-Mat Ht..*
5%
49
_
Teck-Hughes Mines
1
Tenn El Pow 7% 1st pf-100
Texas P & L 7% pref. .100
7%
r..
2%
4
29%
30
4%
Feb
102
Feb
1
.
Wayne Pump common... 1
Wellington Oil Co
1
18
5
29%
975
3
Jan
600
91
30
6%
Jan
26%
5)4% conv pref
50
Sunshine Mining Co... 10c
Superior Ptld Cement B
*
Walker Mining Co
36
Jan
Jan
43%
3%
16%
6%
26%
300
90
"l8~
14
*
6
*
1%
ilg
si*
3
32
39%
1,400
5,200
1%
43
3%
91
Jan
5%
Jan
Jan
75
Jan
6%
Jan
28
Jan
5%
Jan
8
150
6
6%
8
1,000
1,700
10
5%
29,600
10
68
*
Class B
Feb
Jan
Jan
Jan
Wentworth
Jan
10
45
36
6%
1
9%
9%
9%
64%
150
1
26
Jan
Feb
Feb
Jan
37
250
.1
Sunray Drug Co
Sunray Oil
Jan
18
50
20
Jan
107
100
preferred
19
Jan
Jan
45
Wahl (The) Co common..*
Waitt & Bond class A...*
'38%
13%
122%
3%
3%
60
*
Jan
Jan
18%
65
*
Jan
24
*
Waco Aircraft Co
4%
15%
1
Sterchl Bros Stores..
Jan
57
1
Lead
Standard Steel Spring com*
Starrett (The) Corp v t c .1
Stein (A) <fe Co common._*
5%
100
2,700
113%
Jan
17
850
5%
Jan
93
pref. .100
19
4%
113%
16%
2%
1%
58%
Standard
Am
7
Class B
18
Standard Products Co
Tilo
Jan
58
5%
60
Stutz Motor Car.:
Sullivan Machinery
%
Jan
18%
*
preferred
%
9%
6%
4%
Jan
118$
1%
12%
120
1%
58
Preferred
1st
1,500
40%
..100
pref
Conv preferred
*
*
Jan
*
2d
9%
9
38%
3%
%
Common class B
6)4%
300
Jan
Feb
6%
9,100
*
Util Pow & Lt common..
%
%
5
3
700
Utlca Gag <fe Elec 7 % pf 100
Jan
50
300
1,200
1,500
54,100
1,200
*
Jan
160
5
400
6%
3%
1%
12%
120%
3%
com._l
Jan
100
39
8
11%
8
Insurance
Jan
Jan
47
7%
Jan
5%
Jan
39
26
Jan
United Wall Paper
*
Universal Consol Oil...10
28%
3
11%
13%
Jan
1%
Jan
40
6%
Jan
16%
28
3%
50
10%
8%
10%
Jan
6,000
31,800
Jan
50c
United Stores vtc
United Verde Exten
400
6%
21,400
25
19%
9%
1%
com
29
27%
Jan
11%
13%
20%
2,500
*
Corp
40%
5%
75
28
"13%
Jan
Jan
24
*
*
Feb
60
700
*
Jan
6%
100
Universal
46%
47
1
Silver
*
10
com..*
7% preferred
100
U S Rubber Reclaiming..*
159
25
(Neb)
1
336
Jan
9
27%
17
Vogt Manufacturing
Conv preferred
*
Standard Invest $5)4 pref*
Standard Oil (Ky)
10
Oil
U S Foil Co class B
U S Playing Card
U S Radiator Corp
Jan
42
Jan
16%
..25
$7 conv 1st pref
*
Common
Standard
Preferred
Jan
6%
Feb
6%
*
United Shipyards com B.l
United Shoe Mach com.25
Feb
100
Jan
9
15%
11%
10
35
Jan
75
100
16,200
3,100
17
*
Preferred.
Jan
7.«
1,100
-1
Am
Square D class A pref
Stahl-Meyer inc com
$6 1st preferred
*
United Milk Products...*
1st pref with warr
U S Lines pref
Spanish & Gen Corp—
dep rets ord reg..£l
Spencer Chain Stores
*
*
31
%
%
5% original preferred.25
6% preferred B.
.-25
Southland Royalty Co—5
South Penn Oil
25
So West Pa Pipe Line. .50
Common class B
U( S and Int'l Securities..*
Southern Calif Edison—
Southern Union Gas
United G & E 7% pref. 100
United Lt & Pow com A.*
Am dep rets ord reg
United Profit Sharing
Jan
25%
33%
110%
24%
warrants
Jan
6%
Jan
133
pref non-voting.*
Feb
Jan
Jan
4%
71%
9%
9
27%
..*
com
$3 preferred
United Molasses Co—
18
9
23%
Transport
Feb
6%
100
3
27%
Aircraft
3%
48%
9,300
*
7% preferred.
100
South New Engl Tel..100
Southern Pipe Line
10
10
Union Elec Light & Pow—
7% preferred
100
Jan
2,800
4%
Jan
5%
3%
2
:
Warrants
500
75%
Co
Jan
H
200
250
Works.. 1
Lamp
Ulen & Co 7%%
Jan
Jan
65
Simmons-Broadman Pub—
5%% pref series C—25
Southern Colo Pow cl A.25
7%
8%
113%
Jan
7%
112
Shreveport El Dorado Pipe
Line stamped
25
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Sioux City G & E 7% pflOO
Smith (L C) <fc Corona
Typewriter v t c com..*
Smith (H) Paper Mill—*
Sonotone Corp
..1
pref--25
80c div preferred
Twin Coach Co
11
2%
6% cum pref ser AAA 100
Sherwin-WlUlams of Can.*
Conv pref
24%
Tung-Sol
Jan
Jan
4%
48%
3%
....—
Shawinlgan Wat & Pow__*
Sherwin-Williams com..25
*
Jan
3%
48%
3%
6%
27%
100
*
com
9%
12%
Feb
%
11%
28 %
Selfrldge Prov Stores—
Amer dep rec
£1
Sentry Safety Control—1
*
128 %
Feb
Inc—
.
$5.50 prior stock
25
Allotment certificates..
9
26
Jan
Jan
6%
Jan
4%
2%
42
*
Jan
Jan
72
3%
Industries
2,200
2%
%
114
3%
%
*
Common
4%
5%
20
69
38%
39
1
Selected
4%
2%
9%
27%
575
*
*
4%
2%
Common
100
20^500
Selberllng Rubber
Selby Shoe Co
4%
Trl-Continental warrants..
Triplex Safety Glass Co—
3,700
116% 116%
116%
Segal Lock & H'ware
conn
1
Jan
Jan
Tubize Chatlllon Corp-..l
Class A
1
Brook—
pref—*
Inc
Feb
36
Jan
""9)4 "~9% "~9%
Securities Corp general—*
Seeman
52
105
12
%
48%
Low
Trans Lux Pict Screen—
Jan
7,700
1,300
50
Range Since Jan. 1 193 7
for
Week
Shares
Feb
32%
17
5%
6
%
9%
of Prices
High
Feb
31
128
Week's Range
Low
Jan
700
800
Price
1
Jan
500
5
Schlff Co common
5%
Par
High
Low
%
'16
Sale
(Concluded)
90
%
Last
STOCKS
1 1937
Range Since Jan.
Last
Sales
Thurs
Sales
Thurs.
STOCKS
(Continued)
Fifth
1079
New York Curb Exchange—Continued-Page 4
144
105%
106
105% 105%
tl08
108%
117
117
118%
101%
101% 102%
104
103% 104
95,000
6,000
10,000
108
Jan
Jan
Jan
16",000
117
32,000
100%
Jan
64,000
102%
Feb
.
Feb
101
*32
New York Curb
1080
Thurs
Sales
Thurs.
BONDS
Last
Week's Range
for
(Contlnwd)
Sale
of Prices
Low
High
BONDS
Week
Price
Range Since Jan. 1 1937
Low
%
63)4
63
64
60,000
62X
Jan
67%
Jan
75
76)4
7,000
72%
Feb
82
Jan
Georgia Power ref 6s.. 1967
Georgia Pow A Lt 5s_. 1978
Conv aeb
4%* C---1948
4)4®
1949
61)4
60
61)4
62%
Jan
Gesfurel 6s
58)4
60)4
6,000
102,000
Jan
60
62
60
61
64)4
99)4
65)4
99)4
91
1950
1968
Debenture 6s„
Conv deb
61)4
60)4
65)4
-1977
1950
Assoc T A T deb 514s A '65
Atlanta Gas Lt 4%s_ -1955
6%s
Assoc Rayon 5s
99)4
91
104)4
60
55,000
81,000
56
Jan
61
Jan
Feb
65%
65%
Jan
Jan
Gobel (Adolf) 4)48.-1941
Grand Trunk West 48.1950
2.000
64
Jan
5,000
99%
Feb
71,000
13,000
87)4
104)4 105
104%
86
Jan
Feb
Jan
Grocery Store Prod 6s. 1046
Feb
Guantanamo A West 6s '68
Jan
91
105%
Gt Nor Pow 6s stpd—1950
Jan
69
100%
Guardian Investors 6s. 1948
6s
stamped
w
212
_.
196
193)4
1938
Bell Telep of Canada—
1st M 58 series A
1956
5)4s
1957
-I960
1st M 5s series B
5s series C_
122)4
Jan
230
Feb
158
Jan
228
Feb
207
76,000
146%
Jan
225
Feb
184
207
252,000
143
Jan
224
Feb
15,000
28,000
8,000
120)4 121
122)4 123
145
Blnghamton L H A; P 5s '46
Birmingham Elec 4%s 1968
Birmingham Gas 5s. - . 1959
84
84
Canadian Pac Ry 68—1942
Carolina Pr A Lt 5s_—1966
112
105)4
Cedar Rapids MAP 5s.'63
112
112
-
.
—1956
-
105 %
Canada Northern Pr 5s '53
Jan
115%
Jan
Heller
(WE)4sw w-1946
102)4
Jan
124
Jan
Houston Gulf Gas 0s.. 1943
104)4
101
Feb
125
Jan
Jan
145
Jan
Jan
105%
Jan
Hygrade Food 6s A—.1949
99)4
Idaho Power 5s
Jan
Illinois Central RR 6s. 1937
Feb
88%
101%
107%
Jan
98)4
106%
Jan
HI Northern Utll 5s._. 1957
106)4
105)4
104
112)4
105
Jan
106
Feb
111 Pow A L 1st 6s ser A '63
Jan
3,000
84
Feb
Jan
99
Jan
6)4s
1st & ref
1966
103)4
103)4
..1968
5sseries G
4%s series H.
103
1981
101)4
Cent Ohio Lt & Pr 6s. 1950
104)4
Cent Power 6s ser D—1967
Cent Pow A Lt 1st 5s. 1956
«.
"97)4
69
5J4s ex-warrants
68 series B.
•»
«.
Cent States Elec 6s...1948
1954
Cent States PAL 6)4s '63
Chic Dlst Elec Gen 4)4s '70
69)4
73
105)4
1961
Chicago A Illinois
Midland Ry 4%s A1956
Chic Jet Ry A Union Stock
1940
Yards 5s
Chlo Pneu Tools 6)4s.l942
Chic Rys 5s ctfs
1927
Cincinnati St Ry
6s series B
-
-
-
109)4
„
_
"76)4
1955
103
104
Jan
111)4
Feb
114%
Jan
1st A ref 5)4s ser B.1954
1st A ref 5s ser C—.1956
56,000
3,000
104%
Feb
105%
Jan
S f deb
112
Jan
112%
Jan
112
Line 6s
1943
Cities Serv PAL 5)4s. 1962
103)4 104)4
103)4 104
103
103)4
101)4 101)4
104)4 104)4
92)4
93)4
96)4
98
68)4 69)4
69)4
99)4
7,000
30,000
15,000
5,000
2,000
16,000
95,000
73,000
70)4 109,000
73
73)4
105)4 105)4
$105)4 107
25,000
18,000
1953
106
58 series C
1951
99
Jan
Feb
104%
103%
Jan
Indiana Hydro-Elec 5s '68
103%
89)4
Jan
104%
Jan
Indiana A Mloh Eleo 6s '55
Jan
95%
68%
69%
Jan
73
Feb
105%
Jan
99)4
109)4
103)4 103)4
75)4 78)4
100)4 101)4
102)4 102)4
10,000
Feb
Jan
99
Jan
Indiana Service 5s
1950
Jan
72%
Jan
1st lien A ref 5s
1963
Jan
Jan
Ind'polls P L 5s ser A. 1957
Jan
106
Interoontinents Pow 6s '48
99
Jan
100
Jan
Jan
4.000
32
Jan
Jan
88)4
Feb
79
Jan
86
Feb
109
16,000
103 %
96
Jan
Jan
Jan
105
Jan
Jan
106)4
Jan
Jan
99
Jan
Jan
Jan
106)4
Jan
110)4
Feb
Jan
79)4
Jan
Jan
78
Jan
78
3,000
Feb
82)4
Jan
105)4 106
106)4
13)4
Jan
64,000
53 000
Jan
13
12)4
13
18.000
Jan
77
77
77
Jan
82
83
3,000
34,000
80
81
105)4
101
Jan
Jan
17,000
78
6)4 s series C
7s series E
1955
1957
...1952
107 % 107)4
77
Jan
Jan
Feb
83
Feb
Jan
.81
Feb
7,000
7,000
46,000
Jan
107)4
Jan
Jan
102
Jan
Feb
110
Jan
international Salt 5s..1951
Jan
104
Jan
International Sec 5e—1947
25,000
75%
84
Jan
Interstate Power 6s
1957
101%
72 %
101)4 102
Feb
73
90,000
Jan
76 %
Jan
14,000
99
Jan
101%
Feb
.1952
67)4
72)4
67)4
68
35,000
Jan
69 %
Jan
4,000
100
Jan
105%
Jan
9,000
77
16,000
26,000
12,000
2,000
Debenture 6s
Interstate Publlo Service—
Feb
103
Jan
Iowa-Neb LAP 5s_..1957
5,000
102%
Jan
103%
Feb
Iowa Pow A Lt
63,000
74%
Feb
79%
Jan
Iowa Pub Serv 5s
70,000
23,000
74%
52
Jan
80
Jan
Isareo Hydro Eleo 7s. 1952
Jan
56
Feb
Isotta Frasohlnl 7s
111)4 112
110)4 110)4
110)4 111
4,000
6,000
6,000
110%
Jan
112
Feb
Jan
111
Jan
Jan
111
Feb
110)4 110)4
16,000
50,000
44,000
Jan
Jan
Feb
111%
106%
106%
Jan
4)4 s series C
1961
Kansas Gas A Eleo 6s.2022
Jan
104
Jan
Kansas Power 6s
62,000
110%
110%
105%
104%
102%
83%
Stamped
Jersey Central Pow A Lt—
Jan
12,000
100
Kentucky Utilities Co—
1st mtge 5s ser H..1961
130
Jan
130
Jan
6)4 s series D...
5)4s series F
48,000
103
Feb
104%
Feb
6s series I
109%
Jan
109%
Jan
Jan
96
Jan
Jacksonville Gas 6s...1942
110%
5s series B
76
77
56
76)4
56
1961
4)4s..1958
1957
—
—
—
-
—
«.
-
86)4
83)4
100
$128
86)4
100)4
9,000
132
Jan
Feb
Feb
Jan
90%
101
Jan
103
103
104)4
5s series B
1947
1948
..1955
1969
"2",000
124
Feb
125%
Jan
97
97
2,000
97
Feb
98%
Jan
43
46
16,000
164,000
32%
94%
Jan
47
Jan
Lone Star Gas 5s
Jan
98%
Jan
101)4
93)4
Edison El Ill(Bost)3)4s '65
Eleo Power A Light 6s.2030
105)4
Elmlra Wat Lt A RR 5s '56
115
94)4
El Paso Elec 6s A....1950
u.
«
-»
-
Empire Dlst El 5s
1952
Empire Oil A Ref 5%s_ 1942
Ercole Marelll Elec Mfg6)4 a series A
1953
Erie Lighting 6s -----1967
Farmers Nat Mtge 7s. 1963
103)4
Federal Water Serv
91)4
5)4 s '54
"92)4
Finland Residential Mtge
Banks 6s-6s stpd_..1961
101)4
Firestone Cot Mills 6s. 1948
Firestone Tire A Rub 6s '42
103)4
104)4
First Bohemian Glass 7s '67
Florida Power A Lt 6s. 1954
99)4
»
Certificates of deposit...
28
28)4
107)4
Jan
~i~,665
101
Feb
103)4
Jan
96
Feb
99)4
Jan
104
32,000
2,000
13,000
43,000
1,000
95
104
103)4
Feb
98)4
Feb
Jan
105)4
Jan
Jan
104)4
101)4
111)4
103)4
Jan
105
15,000
103*4
Jan
Jan
104
3,000
Feb
105
103)4
104)4
105)4
105)4
105
110 %
104)4
Feb
106
Jan
105
Feb
106)4
Jan
98
Jan
105
Jan
99)4
110)4
104)4
105)4
103)4
110)4
104)4
105)4
105%
105%
7s without warrants. 1941
Jan
Feb
Jan
107%
Feb
McCallum Hosiery 6)4s '41
McCord Rad A Mfg 6s '43
Memphis P A L 5s A..1948
Feb
107
Jan
Feb
106
Jan
Jan
Jan
2,000
10%
9%
Feb
13%
Jan
Jau
12%
4%
4%
Jan
Jan
Midland Valley 5s
1943
Mllw Gas Light 4)4s_.1967
Minn PAL
4)4s
1978
Jan
2%
100%
93%
105%
93%
Feb
Feb
109%
Jan
115
103%
Jan
104
Feb
103
Jan
103)4
93%
Jan
Munson SS
Jan
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
90%
63
105%
91
Jan
Feb
Jan
Jan
Jan
Jan
5s
1955
Jan
Jan
Jan
96%
Miss River Pow 1st 5a. 1951
Missouri Pub Serv 5s. 1947
110)1
Jan
Jan
Jan
5)48
1955
1957
1944
6)4s ctfs.. 1937
2,000
............
«.
-
.
«.
-
105)4 105)4
95
94)4
5,000
7,000
73,000
95)4
96)4
93%
Feb
Nevada-Calif Eleo 6s. 1966
Jat
Feb
New Amsterdam Gas 5s '48
Jan
105
Jan
Jan
96
Jan
N E Gas A El Aasn 68.1947
Conv deb 5e..
1948
99%
Jan
Jan
Conv deb 5s
.1950
101%
Jan
Jan
104%
Jan
Feb
102%
Jan
Jan
101%
101%
104%
Jan
Jan
Jan
95
Jan
99%
Jan
70%
Jan
Jan
23
Jan
24
Jan
76%
25%
25%
Feb
Feb
Debenture 5)4 s
1964
New Orleans Pub Serv—
5s
stamped
$107)4 108
83
83)4
24,000
99)4 100)4
5,000
7,000
2,000
105
106)4
9,000
95
28,000
49
95)4
50)4
108)4
126
109
98
12
126
96
Feb
99)4
92 %
105)4
Jan
96)|
Jan
101)4
Feb
106)4
102)4
104 H
Jan
106
94 H
Jan
97)4
105)4
107)4
78)4
Jan
99
109)4
11
97)4
Jan
100)4
105)4
Jan
108
Jan
84)4
99
Jan
100)4
11
Feb
14)4
Feb
Jan
Jan
107
Jan
Jan
107)4
97)4
Feb
27,000
105)4
102)4
92)4
47)4
Jan
6,000
107)4
Jan
108)4
1,000
8,000
47,000
124
Feb
126)4
Jan
Jan
118
17,000
117
83
98)4
Jan
51
Jan
Jan
Jan
110
Jan
Jar
99)4
121)4
Jan
Feb
78)4
Jan
84)4
Jan
78)4
Jan
85
Jan
78)4
Jan
99
Feb
84)4
101)4
Feb
102)4
108)4
96)4
Jan
117)4
80)4
117
32,000
81)4
80)4
100)4
101)4
33,000
80)4 82)4 61,000
100)4 122,000
128,000
100)4 102
100)4
28,000
33,000
5,000
87)4
102)4
Jan
104)4
Feb
108
Feb
109)4
Jan
80)4
80)4
93
1942
Income 6s series A.. 1949
N Y Central Elec 5)4s '60
QQ
108
105"
60
102%
104%
100%
101)4 102)4
96
105)4 106
11)4
Nebraska Power 4%s.l981
6s series A
...2022
Neisner Bros Realty 6a '48
Jan
Feb
100
Nat Pub Serv 5s ctfs. 1978
Jan
99
83)4
95
Feb
101%
103%
103%
104
107)4
$104 % 105)4
2030
Deb 6a series B
94
34,000
94)4
99)4
Feb
107
Jan
Feb
106 % 106)4
102)4
105)4
104
101%
102)4
104)4
96
96)4
Jan
8,000
4,000
18,000
1,000
52,000
1,000
19,000
103)4 103)4
102)4 103
104 % 106
Montana Dakota Power
Feb
73%
103
Mississippi Rlv Fuel 6s '44
Feb
109
Miss Pow A Lt 5s
Jan
95%
Mississippi Pow 5s
Jan
102
103)4
Metropolitan Ed 4a E. 1971
Middle States Pet 6)4s '46
3
•
For footnotes see page 1081
Jan
102
95
106
Jan
Feb
$25)4
$25)4
Jan
102
"95"
104%
102%
7,000
6)4s.l951
108%
105%
105%
102
98)4
Jan
26
87",000
77
99 H
$20
$40
99)4 100)4
103
Feb
Feb
5,000
6,000
96)4
$74
95%
106)4
106%
101)4 102)4
103)4 104
104)4 104)4
$(94
98
102
23,000
10,000
2,000
6,000
26,000
„
96)4
$107)4 107)4
11,000
7~ooo
-
Jan
95)4
101
Feb
_
Jan
Feb
105)4
121)4
104)4
100
99
*
Feb
100
100
_
Feb
3,000
16,000
104)4 105)4
120)4 121)4
102)4 102)4
Mansfield Mln A Smelt—
103
*
Jan
59,000
104)4
Manitoba Power
100
-
105)4
Jan
_
96)4
*
Feb
Feb
11,000
M
0%s A. 1956
Jan
8.000
80
100
100)4
$100
101
99)4
99)4 ,99)4
-
Feb
56)4
99%
51,000
48,000
«.
71
Jan
Jan
99)4 100)4
103)4 103)4
„
Jan
12.000
103 )4 104
1942
New Eng Pow Assn 5s. Iw48
103)4
41",066
55)4
Jan
2,000
10,000
2)4
2)4
2,000
101)4 101)4
5,000
93%
94)4 113,000
105)4 106)4 66,000
68,000
94)4 95)4
115
115
1,000
104
104
1,000
103)4 103)4
13,000
91
92)4
49,000
100
70
78%
Gary Electric A Gas—
100
67)4
97
*
71)4
72
$106)4 107
$30)4
91
93)4
Jan
54
106
18,000
Eastern Gas A Fuel 4s 1956
Feb
105
12)4
10)4
3)4
3
80
105
10)4
10)4
__
Jan
Louisiana Pow A Lt 5a '57
Detroit Internet Bridge—
3
Jan
Feb
Jan
32,000
Aug 1 1952
Feb
78
103%
19~, 000
Certificates of deposit
Dixie Gulf Gas 6)4s.. 1937
Jan
Feb
Jan
83)4
104
95)4
88)4
105)4
104)4
105)4
105)4
25,000
Feb
105)4
Certificates of deposit.
54
Jan
Jan
102
-
Aug 1 1952
"67)4
Jan
Feb
1,000
7,000
21,000
105)4
»
^
$76)4
78
Feb
3l",000
2,000
15,000
106)4
104)4
103)4
-
76
Long Islind Ltg 6s...1945
95)4
97
103)4 103)4
99
99)4
78)4
79
106)4
104)4
104)4
102)4
$107)4
105)4
105)4
105)4
105)4
«.
105)4
104)4 104)4
$105)4 106
104)4 105)4
104)4
1947
Kimberly-Clark 6s ..1943
Lake Sup Dlst Pow3)4sl966
Lehigh Pow Secur 6s..2026
Lexington Utilities 6s. 1952
Llbby MoN A Llbby 5m '42
$107)4 108)4
124)4 124)4
w
93)4
1942
Italian Superpower 6s. 1963
Ill %
Cuban Telephone 7)4s 1941
Cuban Tobacco 5s
1944
102
Jan
78)4
98
103)4 103)4
75)4 76)4
1940
General Rayon 6s A.. 1948
Gen Vending C rp 6s. 1937
97)4
$105)4 106)4
$110)4 111
76
75)4
76)4
75)4
76)4
76)4
101)4
Crucible Steel 5s
Gen Pub Utll
Feb
32
30,000
99
103)4
76)4
96)4
General Bronze 6s
1940
General Pub Serv 68—1953
101
Jan
86 %
1958
1941
2,000
Jan
Feb
Jan
99)4
94)4
Cont'l Gas A El 5s
Deb 6s series B
104)4
10194
105)4
95)4
86
"46_"
6s ex-warr stamped. 1944
Gatlneau Power 1st 6s. 1966
Deb gold 6s. June 151941
104)4
Jan
9,000
3,000
28,000
93)4
1943
Deb 7s
Jan
102)4
104)4
104
1954
1960
100
Jan
Jan
86
1st A coll 6s ser A.. 1943
6s 1st series B
23
109
Oonsol Gas Utll Co.—
Det City Gas 6s ser A. 1947
Jan
Jan
99
104
1939
1952
Feb
26
102%
3,000
3,000
Cosol Gas El Lt A Power—
6s series C
Jan
102)4
Jan
Jan
1958
100)4
Delaware El Pow 6)4s. 1969
Denver Gas A Elec 5s. 1949
106
Jan
Feb
Jan
Jan
1966
Community Pr A Lt 6s '57
Community P 8 6s
1960
Conn Light A Pow 7s A'51
Dallas Pow A Lt 6s A. 1949
Feb
Jan
Jan
106)4
106)4
5s series D.._
102)4
w w_
Jan
75)4
109)4
Jan
4)4s series F.
6)4s '48
6%s
62
Jan
105 %
105
Jan
104)4 105)4
102)4 102)4
Conv deb
Jan
30,000
17,000
63,000
19,000
Jan
106)4 106)4
4)4s
Jan
70
Feb
83
105
Gen mtge
59
109)4
103)4
98)4
101)4
82
106)4
5s
Jan
Jan
107)4
Jan
8)48 series H
(Bait) 3%s ser N... 1971
Oons >l Gas (Bait City)—
"98"
Indianapolis Gas 5s A. 1952
Jan
72%
75%
94)4
107 %
79
1st 4Hb series C
1956
1st 4%s series D__. 1967
1st M 4s series F
1981
Gom'wealtb Subsld
1967
5s
94
106)4
Jan
$107
Indiana Gen Serv 6s—1948
103
101%
97 %
Jan
Jan
106)4
6)4 s series B...
Jan
Jan
106)4
88)4
Jan
106
Jan
104%
105
Feb
104)4
105
Jan
Feb
Feb
107
104
Jan
89)4
89)4
102
6,000
61,000
Jan
Jan
Jan
106
104
Feb
88
101
1947
103%
Jan
Jan
97
105)4
3.000
99
98)4
Jan
6,000
Feb
1954
.1965
105)4
104
86)4
85)4
Jan
Feb
24,000
107
107)4
101)4 101)4
107)4 107)4
105)4 106)4
105)4 105)4
103)4 104)4
5)4s—.May 1957
Indiana Electric Corp—
103%
Commonwealth Edison—
1st M 5s series B
105)4
1 86
76%
101%
77 '
1949
Commers A Privat 5)4s '37
1st M 5s series A-.. 1953
101%
'
88)4
85)4
International Power Sec—
109
77
77
—I960
Cities Service Gas 6)4 s '42
Cities
Service
Gas
Pipe
84)4
93)
101
1 1937
High
20)4
—
76)4
79)4 243,000
101)4 102
21,000
1966
Conv deb 6s
1947
9,000
40,000
101
85
.....1949
6s series B
7s series F
6)4s A '52
Cities Service 6s
~87~
101
$31)4
6)4s wltb warrants. 1943
Hungarian Ital Bk 7)4 s '63
105%
97%
28
102)4 103)4
104)4 el04%
Low
23
$20)4
6s series A
4%s ser F. 1967
5s series E
24,000
55,000
113%
Central 111 Publlo Service—
'
100)4 102)4
$23
19,000
2,000
2,000
104)4 105)4
-—
101)4
1977
5sseries A..
21",000
86
99)4
106)4
105)4
103)4
111)4
Buffalo Gen Elec 5s.—1939
Gen & ref 6s.
103)4 103)4
1947
Hamburg Elec 7s
1935
Hamburg El Underground
A St Ry 5)48
1938
Hall Print 6s stpd
120)4
Feb
"T,666
3,000
122%
7,000
72
109)4 109)4
144
145
$105)4 105)4
97)4
97)4 98)4
1964
Broad River Pow 5s.
10,000
58,000
158
220
113)4 114
"120)4
1998
Bethlehem Steel 6s
220
196
183
1938
W..1938 "265"
6s wltnout warrants 1938
6s stamped x w.
72
109)4
103)4
Hackensaok Water 6s. 1938
Baldwin Locom Works—
6a wltb warrants
96)4
87)4
Glen Alden Coal 4s...1965
60%
59%
Range Since Jan
S
102
..—1953
55
Jan
Week
95
96)4 29,000
101)4 103)4 188,000
86 %
15,000
87)4
30
$24
86 %
""§6)4
88)4 113,000
87)4 87)4
10,000
87)4
102
12,000
102)4
,103
$106)4 109
13~666
"93)4
92)4 94)4
$60)4 61
Gen Wat Wks A El 5s. 1943
76
Conv deb 5s
for
of Prices
Low
High
Price
5148-——1938
Conv deb
Week's Range
Sale
High
1937
13,
Sales
Last
(Continued)
Conv deb
Associated Eleo <1%B—1953
Associated Gas A El Co—
Feb.
Exchange—Continued—Page 5
90)4
82)4
94
89
90)4
104)4 104)4
91
Jan
Jan
95)4
92
Jan
Jan
Jan
Jan
Jan
New York Penn A Ohio—
Ext
4%« stamped..1950
108
108)4
5,000
Volume
New York Curb
144
Week's Range
for
Sale
of Prices
Low
High
Week
Price
44s *67
N Y State E A O 44s. 1980
1st 648
1962
NY4 Westch'r Ltg 4a 2004
>1954
Debenture 6e
•
-
«
Nippon El Pow 04s~1953
1956
Nor Cont'l Utll fi4s—1948
100
No Indiana G A E 08.1962
1074
1044
Jan
Feb
1024
Jan
14,000
8.000
1064
1024
Jan
Jan
1034
1114
Feb
112
3~666
864
Jan
864
30,000
8,000
4,000
954
Jan
1004
Jan
66
Jan
694
Jan
Jan
1074
Feb
1064
1064
1930
1054
105
5e series D
...1969
1054
105 4 1054
44« series E
No States Pow
1970
1940
6,4s
N'weetern Elee 6s stmpl945
1034
1024
1034
Ogden Gas 5e
1945
1940
Jan
7-4% stamped
1946
494
{52
Feb
2d stamped 4s
1946
J 52
Jan
105
Jan
107
Jan
105
Jan
1054
Jan
90
~i03~~
1953
109^4
6e series D
...1954
1064
1034
Jan
Texas Eleo Service 5s_1960
Feb
1044
1034
Jan
1024
1024
Jan
Texas Gas Utll 6s
Feb
1054
Jan
874
Jan
934
Jan
Feb
105
Jan
1114
1054
Jan
,
Okla Power A Water 5s '48
1014
"1664
1054
"l094
1968 al054
Peoples Gas L A Coke—
4s series B
1981
974
1034
Jan
1034
Jan
5s series B
...1907
964
24,000
29,000
12,000
1,000
984
Jan
1004
Jan
1034
Jan
1084
Jan
944
Jan
100
Jan
1014
Jan
1024
Jan
1054
974
Jan
108
Jan
26,000
117
Feb
119
Jan
14,000
118
1004
117
94~000
90
-
«.
-
-
32~000
16,000
28,000
1,000
1,000
1054
1064 1064
109
106
97 4
974
1064
_
"78
Feb
1024
Jan
Un Lt A Rye (Del)
Jan
117
Jan
Jan
Jan
102
Feb
93 4
102 4
Jan
United Lt A Rys (Me)—
6s series A
1952
6s series A
...1973
1034
Feb
1054
Jan
1114
984
Jan
1054
Jan
1014
Feb
103
Jan
1064
Jan
Jan
1064
Jan
Jan
Jan
Jan
1064
Jan
974
Feb
100
Jan
264
Jan
1104
Feb
111
Jan
78 with warrants
1954
Ward Baking 6s
1937
Wash Gas Light fie... 1958
Wash Ry A Elee 4s..1951
1094
Jan
Feb
304
Jan
964
1054
Jan
1114
984
Feb
106
Jan
624
Jan
76
Feb
West Penn Elee 5s
2030
West Penn Traction 5s *60
West Texas Utll 5s A. 1957
Feb
Jan
108
Jan
West
Jan
107
Jan
West United G A E
22
Jan
784
1054
Jan
85
Jan
Jan
1084
^
—
1064
Jan
107
Jan
109
Jan
76
Jan
80
Jan
100
Jan
104
Feb
1014
Jan
594
Feb
204
Jan
Feb
147
Jan
1104
Jan
112
Jan
1044
Jan
105 4
Jan
Feb
1034
1034
Jan
1034
1054
Jan
Baden 7s
Jan
1054
984
Jan
74» stamped
.1947
Cauca Valley 7s
1948
Cent Bk of German State A
28,000
1034
95
63,000
95
Jan
93
954
30,000
64,000
914
Jan
884
1034
Jan
103
1044
1044 1044
I960
104
104
Puget Sound PAL 64* '49
95
1st A ref fie series C_ 1950
934
1st A ref 44s ser D. 1950
1968
1034
9,000
103
3,000
Jan
Jan
Feb
Jan
Pub Serv of Oklahoma—
89
884
894
1034 104
3,000
Jan
Jan
96
Jan
924
Jan
104
244
"21
1064
164
1054
204
1054 1064
{132
"169"
{23
Saxon Pub Wks 6s... 1937
109
2,000
52,000
924
11,000
854
904
1054
14,000
1044
Feb
944
49,000
914
Jan
91
1054
934
114
114
Sorlpp (E W) Co 548.1943
1024
"l044
{1054 106
1044
Jan
1044
Jan
{106 4 107
1064
Feb
1064
Feb
Jan
100
Jan
101
1074
1024
Feb
1024
Feb
15,000
102
Jan
104 4
Jan
35,000
1004
Jan
1024
Jan
Jan
101
Jan
434
Jan
Jan
72
105
794
107
20-year 7s
...1947
284
Jan
Jan
29
Feb
Jan
194
Feb
864
864
91
Feb
Jan
914
Feb
15
Jan
21
Feb
Prov Banks 6s B
234
Feb
22
Jan
994
Jan
1024
1952
54s
1955
100
1004
Certificates of deposit.
22 4
Jan
25 4
Jan
6,000
204
Feb
21
Feb
6,000
1044
Jan
107
Jan
External 04s
1952
German Cons Munio 7s '47
Secured 6s
1947
164
Feb
18
Jan
1054
Jan
107
Jan
132
Jan
132
Jan
109
Feb
109
Feb
Lima (City) Peru
Maranhao 7s
23
Jan
Jan
Medellin 7s series E..1951
194
94
•
-
-
-
-
-
11,000
-
*.
-
-
1,000
234
6s
1953
Hanover (City) 7s
1939
Hanover (Prov) 64s.. 1949
64s.1958
72 4
274
24
Jan
Jan
Jan
Feb
99
1,000
984
Jan
704
724
0,000
614
Jan
724
Feb
2l"
—
---
21
9,000
17
Jan
21
Feb
20
21
15,000
17
Jan
21
Feb
19
Jan
Jan
184
Feb
214
214
18
Jan
22 4
Jan
Feb
244
Jan
304
Jan
224
{20
194
224
10,000
30
2,000
194
194
5,000
18
Jan
20
Jan
934
94
7,000
914
Jan
94
Feb
23
..1958
"2",000
30
22
194
21
194
23
2,000
23
Feb
Jan
244
154
254
8,000
214
Feb
25 4
25 4
20,000
154
Jan
184
Jan
Jan
"994
Feb
Feb
Jan
Mtge Bk of Denmark fie '72
Parana (State) 7s
1958
274
274
Jan
Rio de Janeiro
304
30
3,000
8,000
83,000
30,000
43,000
29,000
684
100
1064*
Feb
714
Jan
1054
1024
1024
4,000
12,000
37,000
7,000
10,000
6,000
17,000
27,000
12,000
8,000
254
Issue of Oct 1927..
Mtge Bk of Chile 6s... 1931
0s stamped
16
Feb
107
Jan
108
Jan
108
Jan
Santiago 7s.
Jan
1094
Jan
Feb
1104
Jan
1044
1024
Feb
106
174
3,000
99
6,000
254
Jan
34
4,000
294
Feb
354
14
15,000
14
Jan
14
Jan
14
14
10,000
Jan
14
Feb
14
"14
994
274
304
14
7,000
Jan
14
Jan
14
754
164
16 4
14
20,000
754
184
1,000
25,000
5,000
174
k
Jan
Jan
Jan
14
Jan
024
Jan
754
10
Jan
204
Feb
Jan
16
Jan
204
Jan
Feb
1034
...1949
Jan
17
14
Santa Fe 7s stamped.. 1945
Feb
Feb
101
10
{154
994
1931
Feb
Jan
Jan
84
Jan
Feb
87
7s.
196)
Jan
1024
Jan
1034
Jan
1024
Jan
104
Jan
994
Jan
1044
Jan
1044
874
Mtge Bk of Bogota 7s. 1947
issue of May 1927
64s.. 1969
Russian Govt 04s...1919
64s certificates
1919
548
1921
54« certificates
1921
1074
108
854
"874
7,000
"7",000
Jan
Dansig Port A Waterways
105
"874
Jan
294
Jan
87
Certificates of depositConvertible 6e
1935
37,000
234 234
{21
25
994 1004
1044
Stand Gas A Elee 6s..1936
Jan
99
Jan
{1054 106
S'west Pub Serv 6s...1945
1,000
21
15
1951
6s series A
91
91
{914
21
Jan
So'weet Pow A Lt 6«—2022
Jan
Jan
Jan
1024 103
100
1014
Jan
1074
1004
254
184
104
"1624
1024
264
104
1034
864
Jan
9,000
19,000
854
100
10,000
Feb
1024 103
Jan
Feb
28
105
103
Jan
Jan
4
1064
22
Jan
864
107
29
104
"l034
105 4
28
Jan
S'western Assoc Tel fie. 1961
794
Jan
274
29
..1951
1034
1064
1054 106
Jan
Feb
Jan
Jan
{107
Feb
714
105
Jan
*{184
Agricultural Mtge Bk (Col)
20-year 7s
1940
90
8ou Calif Edison Ltd—
1st A ref mtge 4s...1960
Sou Calif Gas Co 44s. 1961
Jan
1064
994
Feb
34s B.July 1 '00
Jan
994
17,000
1064
1024 1044
114 4
Jan
39,000
102
1024 1044
Feb
Jan
107
18,000
1,000
42,000
1054 1064
Jan
Jan
994 100
100
1024 1034
1054
Feb
1054
1054
1004 1004 107,000
107
Jan
1064
1004
105%
974
2,000
1004
Jan
Jan
112
1,000
106
108
105
11,000
106
444
1014
Jan
105
72,000
1054
1054 1054
78
1054
Jan
1054
1064
89,000
Jan
1024
40
1014
2,000
994
974
Jan
103
98
4,000
112
112
984
39
34"
1945
34s-May 1 1960
4,000
40
434 111,000
{1014 1024
4O"6O6
1054 1064
{1064
{106
1064
105
7,000
1054
40
Ref M
Jan
1024
Feb
Debenture
Jan
1014 1014
984
994
102
1024
Feb
1074 108 4
99
1,000
994
1024 1024
30
1004 101
5,000
14,000
994
28
69
Jan
102
2,000
69
894
103
Jan
24,000
"69"
Jan
J an
Jan
Jan
324
{1044 105
1044 1044
964
115
Jan
Jan
101
30
1044 105
Jan
107
Jan
Jan
1014
'I6I4
107
25
1064 1064
..1948
Jan
85
9,000
864 874
1024 1024
1014 1014
Jan
114
10,000
115
28
"~32"
Jan
874
30
1935
Jan
Feb
894
944
4,000
214
Jan
Sohulte Real Estate—
6s with warrants... 1935
Jan
22 4
Jan
214
Jan
M
109
224
Feb
214
214
87
21
1064 1064
164
164
Feb
39,000
Mendosa 4s stamped.. 1951
{234
214
214
~8~666
794
105
10,000
1,000
884
Feb
1104
10,000
1064
884
Feb
1064
1174
794
FOREIGN GOVERNMENT
Jan
Queens Boro Gas A Elee—
106
Jan
100
Jan
AND MUNICIPALITIES—
Danish
1064
1064
Jan
1054
1164
67 4
77
Buenoe Aires (Province)—
7s stamped
1952
Feb
8,000
105
964
1981
1900
103
2.000
Jan
105
Feb
Yadkin Rlv Pow fie... 1941
York Rys Co fie
1937
1414
1024
1024
1024
1044
103
Wlso-Mlnn Lt A Pow 5s '44
Wise Pow A Lt 4S....1906
13,000
1,000
112
1980
1064
14,000
107
Jan
214
Newspaper Un 6s '44
54s '55
Wheeling Elee Co 5s.. 1941
2,000
1024 1024
103
103
S'weetern Lt A Pr 5s..1957
944
Jan
Feb
100
^
......
1414 1414
1044 1044
Sou Counties Gas 44s. 1968
Sou Indiana Ry 4s
1951
Feb
474
1054
1940
Feb
-
•»
•
1024
0S
194
-
5,000
1044
Ref M
914
60,000
Waldorf-Astoria Corp—
1054
—
10,000
5,000
11,000
112
Southeast PAL 6s...2025
42,000
58
574
Wash Water Power fie. 1960
1084 1084
78
784
.1978
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow fie. 1957
924
914
1st ref 5s series B ..1950
1044
Jan
1114
1064 1064
{21
Jan
106
1054
1054
1,000
25,000
844
«
106
Valvollne Oil 7s
1937
Vamma Water Pow 54s '57
Va Public Serv 54s A. 1946
Feb
Feb
-
1
194
82
1044
44s
1944
Utlca Gas A Elee 5s D. 1956
5s series E
1962
30^000
110
.1966
Shawlnlgan WAP 44s '67
44s series B
.1968
1st 44s series D...1970
36,000
1074 1074
Utah Pow A Lt 6s A..2022
54s '52
Feb
1034 104
......
1959
7,000
22,000
13,000
6,000
1,000
41,000
98 4
284
102
25
1974
109
5,000
1054 1054
{101
64s
54s
1054
22,000
1054 1054
74
754
"824
1st a f 6s
..1945
United Lt A Pow 0e.__ 1976
77,000
1094
1054 106
274
United Elee N J 4s... 1949
United El Serv 7s ex-w 1950
United Industrial 04s 1941
87
1044
2~5~000
1044 1054
5s series C
Servel Inc 5s..
Feb
29
{20
—1957
117
1004 1014
884
6s 3d stamped
1944
Union Eleo Lt A Power—
44e
1014 1014
44 s series D
44s series E
1st A ref 44s
44s series 1
6e ex-warrants
14,000
1054 106
...1954
112
San Joaquin L A P 6s B '62
Sauda Falls fie
1955
404
Jan
914
6s series A
Pub Serv of Nor Illinois—
San Antonio P 8 fie B..1958
384
2,000
54s *52
Feb
Public Service of N J—
St Louis Gas A Coke 6e '47
Jan
Jan
Feb
194
Prussian Electric 6e..l954
Ruhr Housing 64s
1958
Safe Harbor Water 44s '79
106
Jan
1064
1064
{108
Power Corp(Can)44s B *59
Power Securities 6s
1949
54e series A
1952
Rochester Cent Pow fie '63
Ruhr Gas Corp 644—1853
Jan
1054
Jan
1074
Jan
984
44s8erles F.
Quebec Power fie
Feb
Jan
Jan
111
"l054
4s series A
78
106 4
105
Pomeranian Elee 6s..1953
ser F.
Jan
1074
1034
1114
"744
1958
Jan
66
1902
7,000
106
1104 1104
Pittsburgh Steel 6s... 1948
1st A ref 6s
854
Toledo Edison 5s
Twin City Rap Tr
3,000
1,000
4,000
1094 1104
1064 1064
284
44 '57
Pledm't Hydro-El 64s '60
Pittsburgh Coal 6s... 1949
6% perpetual certificates
1074
984
JaD
Feb
Jan
1104
Phil Sub Co G A E
1901
Potrero Bug 7s itpd.,1947
Feb
804
Feb
Feb
106
44s series B
Potomac Edison fie E. 1956
78
Jan
934
1044
1044
105
105
......
1954
Portland Gas A Coke 5s '40
1084
1~9~ 000
21,000
47,000
57,000
Jan
1104
Penn Ohio Edison—
Phlla Elee Pow 54s—1972
Phlla Rapid Transit 6s 1962
Jan
Jan
Jan
103
Jan
{1044 1064
1014 1024
1979
Phtla Electric Co 5s.. 1966
Jan
8,000
Feb
"1014
Peoples Lt A Pr 5s
109
Jan
1034 1034
109
{113
1979
Penn Water A Pow 5s. 1940
Jan
1034
103
{102
1024
1034 1044
54s series B._. 1959
Jan
107
Tide Water Power 5s..1979
Tletx (Leonard) 748.1940
7,000
"i034
6s series D
1044
1044
113
103
"894
Penn Pub Serv 6s C—1947
5,000
106
Jan
1034
Jan
Jan
1044
Jan
Jan
494
1054
1054
2,000
1054 1054
39
404
105%
Jan
54
Jan
Feb
1,000
117
1938
1950
75
504
Jan
4,000
1074 1084
tl064 1074
934 954
81
834
78
Jan
53
1124
Jan
Palmer Corp 6s
Penn Cent LAP
6s series A x-w
81
45
454
4,000
494
"55"
105
1094
Pacific Ltg & Pow 6s..1942
Pacific Pow A Ltg 58—1955
1971
Jan
9,000
41,000
{1074 1074
1941
fie
57
1124 1124
24,000
Pacific Gas & El Co—
Penn Electric 4s F
Jan
1124
1104
974
Oswego Falls 0e.
1941
Pacific Coast Power 5s *40
44s. 1977
Jan
53
2022
0s
110
{1034 1034
Okla Nat Gas 44s.-.1951 ""994
994
994
5s conv debs
107
1074
1946
1074
A. 1948
"934
1945
1024 1034
1940
«er
1074
Texas Power A Lt 5s..1956
1034 1034
Okla Gas A Elee 5s... 1950
Pacific Invest 5s
Tenn Public Service 5e 1970
Terni Hydro-El 04s..1953
1024
106
1961
1st 0e series B
444
Ulen Co—
6s series C
6s series A
Jan
104% 1044
1054 1054
104%
1957
28,000
22,000
5,000
Ohio Public Service Co—
54s series E
58serie8 B__
1054 1054
1104
Ohio Power let 68 B..1952
1st A ref 4^8 iter D_ 1956
Super Power of 111 44s '6S
1st 44s
1970
Syracuse Ltg 54"
1954
40,000
1024 1024
1034
103
90
"I624
10,000
5,000
1034 104
N'weetern Power 6e A. 1960
N'weetern Pub Serv 5s 1957
1054
394
59
t55
Tennessee Elee Pow 5e 1950
.1906
High
42 4 231,000
39 4
42 H
7-4% stamped
2d stamped 4s
Northern Indiana P S—
5a Berlee G
Low
$
Stlnnes 'Hugo) Corp—
1074
43,000
66 4
674
1074 1074
Week
Starrett Corp Inc 5s..1950
Feb
No Amer Lt & Pow—
64s series A
Range Since Jan. 1 1937
for
of Prices
Low
High
Jan
1054
984 1004
.
Week's Range
Sale
Price
32,000
1054
1034
1034
1074
1074
1034
{1114
Last
High
Low
*
1064
1044
1074
1034
112
86 4
864
106
N Y PAL Corp 1st
Deb
BONDS
(Concluded)
Range Since Jan. 1 1937
Last
Sales
Thurs.
Sales
Thurs.
BONDS
(Continued)
1081
Exchange-Concluded—Page 6
Jan
106
Jan
87
Jan
92
Jan
85 4
Feb
92
Jan
864
804
Feb
864
874
874
874
Jan
914
Jan
Debenture 6s
1951
86
86
874
46,000
86
Feb
92
Jan
Debenture 6s Dec 1
1966
854
85
864
31,00
85
Jan
91
Jan
No par value
a Deferred
the rule sales not inoluded In
100
Jan
102
Jan
range,
Standard Investg 54s. 1939
Standard Pow A Lt 6s. 1957
864
"844
{1004 1014
844
864
~
~
~
47,000
844
Feb
914
904
Jan
Jan
*
t
year's range,
{ Thursday's bid and asked price.
t
n Under
Cash sales not Included In year's
delivery sales not lnomded In year's range,
r
Ex-dlvldend.
No sales were transacted during current week.
Cash sales transacted during the current
week and. not Inoluded In weekly or
yearly range:
j
Houston Gulf Gas 6s 1943,
Feb. 9 at 1054*
V Under-the-rule sales transacted during the ourrent
weekly or yearly range:
week and not Inoluded In
No Bales.
• Deferred
delivery sales transacted during the current
weekly or yearly range:
week and not Included
.1
No sales.
Abbreviations
Used
Above—"cod,*
certificates of deposit:
"cum," cumulative; "conv," convertible
"r-w." without warrants
"00ns.' consolidated,
"m," mortgage; "n-v," non-voting stock.
"v","o," voting tiust certificates: "w 1." when Issued
"w
w,"
with
warrants
Financial
1082
Chronicle
Feb.
1937
13,
Other Stock Exchanges
Thurs.
New York Real Estate Securities
Stocks (Concluded)
Par
Week's Range
for
Sale
Closing bid and asked quotations, Thursday, Feb. 11
of Prices
Week
Price
New England Tel A Tel 100
Bid
Dorset ctfs of deposit...
32
1941
26
28%
French (F F)
French (F F)
1938
6%s
(The) 6s
36
39
Oliver Cromwell ctfs..
Park
13
Investing pf.
Oper units. .
16
---
4%
39 Bway Inc units
-
N Y N H & H RR (The) 100
6%
1
*
Old Colony RR
Old Dominion Co
12
Lincoln Bldg Corp vtc...
-
-
Ask
4
551 Fifth Ave units
.
Fox Theatre A Office Bldg
Granada
Bid
Unlisted Stocks
Ask
7
100
Pacific Mills Co
Place Dodge Corp—
95c
43%
Jan
Jan
10%
25 %
Jan
Feb
16
29%
Suburban Elec Securities.*
95
40c
5
28%
26%
12%
12%
STEIN BROS. &> BOYCE
New
York
and
Baltimore
Jan
33%
Jan
3%
Jan
Feb
98 %
Jan
35c
Jan
40c
Jan
25%
Feb
28%
13%
Feb
Feb
50
470
45
.
89%
Jan
98
Jan
Jan
46%
6%
Jan
2%
5%
6%
Utah Metal A Tunnel
1
2%
1%
1%
2%
1%
15
17%
7%
19%
564
8%
994
45
45
46
88%
88%
88%
*
"l9H
Warren Bros Co
*
8%
Warren (S D)
Exchanges
*
System Inc
Co
Jan
40%
"~6%
Waldorf
10
858
5
Venezuela Holding Corp..*
Jan
2
35
91
43
Jan
90
Utah Apex Mining
39 Broadway
NEW YORK
York, Pa
Stock
90
43
90%
25
Jan
40
28%
12%
Preferred
14%
28%
Jan
3%
16%
220
40c
Union Twist Drill Co
Feb
625
95%
40c
Jan
2%
1,001
in
2%
"95"
25
50
16%
United Gas Corp..
1
United Shoe Mach Corp.25
Baltimore Stock Exchange
60
IB *sa
16
Members
Jan
44%
31%
Louisville, Ky«
Jan
1%
Jan
*
Hagerstown. Md.
29%
Jan
Jan
*
BALTIMORE, MD.
Jan
%
Jan
Stone & Webster..
Established 1853
22%
581
39%
7%
Shawmut Assn tr ctfs
SoS. Calvert Sh
115
38%
35
on
23
391
56
Orders Executed
Jan
Feb
272
33
Copper Ld A Min_25
1%
2,085
Pennsylvania Bldg ctfs
Union
6%
Jan
43%
9%
81 Bway Bldg 5%s...1950
*
Jan
Jar
40%
8%
Reece Buttonhole Mach.10
,
5%
68c
140
42
9%
Reece Folding Machine. 10
Torrlngton Co
Feb
39%
50
25
12
--
558
9,730
High
Low
135
1
1
10
Income bonds vtc
491
1%
22%
1
Range Since Jan. 1, 1937
Shares
137%
5%
6%
*
Pennsylvania RR
High
135
22%
26
Quincy Mining Co
---
Low
137%
North Butte
Unlisted Bonds
Sales
Last
Exchange
2,640
29,760
35
1%
16
Jan
2
Jan
Jan
Feb
Jan
Jan
Feb
;
Jan
19%
Feb
12%
Jan
35
Jan
46
Feb
86%
Jan
88%
Feb
6%
Chicago Board of Trade and Commodity Exchange, Inc.
Bonds—
Eastern Mass St Ry—
Series A
Baltimore Stock Exchange
Feb. 6
to
Feb.
1948
Last
Stocks—
Par
Arundel Corp
*
Week's Range
for
Sale
of Prices
Price
21
"~W
7%
1st pref v t c
Black A Decker com
*
5% preferred
*
"87 H
100
Consol Gas, E L & Pow.
113 %
40
-.
Eastern Sugar Assn com.. 1
Preferred
1
Fidelity A Deposit
Low
High
20%
21%
53
t C-*
*
com v
132 %
Finance Co of Am class A. *
Range Since Jan. 1, 1937
Listed and Unlisted
High
3,152
18
Jan
21%
Feb
10
46
Jan
53
Feb
162
2
Jan
3
Jan
7%
Feb
9
Jan
38
Jan
New York Stock Exchange
89%
Jan
New York Curb
2%
7%
1,140
35%
87%
113% 114%
36%
40%
70
86
Low
Shares
53
2%
7%
35%
33%
Jan
416
86
Feb
92
113
Jan
640
Feb
36%
115
129% 132%
13%
13%
50%
Jan
48
Chicago Stock Exchange
Chicago Curb Exchange
(Associate)
10 So. La Salle
Jan
133
St., CHICAGO
Jan
122
Jan
17
12%
Jan
*
Preferred
Members
Jan
43
110
13%
13%
10
12%
Jan
*
Class B
Guilford Realty com
Paul H.Davis &(?o.
Jan
1,150
45
20
SECURITIES
CHICAGO
Week
Atl Coast Line (Conn)._50
3%
3%
280
3
Jan
13%
13%
3%
63
55
Jan
60
20%
Feb
23%
Jan
Feb
1%
10%
2%
Feb
12 %
Jan
Jan
Feb
2%
Jan
2,900
1,150
3%
Feb
4%
Jan
115
39%
26%
4%
Feb
41
Jan
Feb
Jan
Feb
27%
5%
70
Jan
75
Feb
*
60
60
60
Houston Oil pref-..'... 100
21
20%
21%
605
1%
26
Feb
Feb
Feb
Chicago Stock Exchange
Feb 6.
to
Feb.
12, both inclusive, compiled from official sales lists
Feb
i
Sales
Thurs.
Last
Mfrs Finance
com v
*
t
1st preferred
1
25
2d preferred.
25
Mar Tex Oil
2%
1
*
11
10%
2%
2%
3%
3%
Common class A
3
Mercb A Miners Transp.. *
39 X
26 %
26%
5H
3%
40%
27%
5%
39%
Monon W Penn P 8 7 % pf2 5
Mt Ver-Wood MUlscomlOO
5%
Preferred
100
New Amsterdam Casualty 5
75
18%
Northern Central Ry___60
Penna Water A Pow
Seaboard Comm'l
74
75
17%
104
18%
182
95
287
30
197
2,225
104
*
com.
com A
Class B
10
Feb
1
Feb
93%
95
217
18
18
88
18
18
"26%
26%
27%
36
36
10
U 8 Fidelity A Guar
2
Jan
16%
103
93 X
18
Western National Bank.20
Jan
7
1%
1%
3
7,550
"I H
Owlngs Mills Distillery
7
Jan
Jan
18%
Feb
Feb
104
1%
Feb
88%
Jan
95
Feb
15
Jan
18
Feb
15
Feb
18
Feb
Feb
29%
Jan
Jan
37
Jan
2,123
123
3%
35%
Bonds—
Stocks—
Par
(flat) '75
38%
38%
39%
$2,500
Ga Southern & Fla 5s. 1945
72%
72%
72%
5,000
6 to
Feb.
Common (new)
Last
Sale
Par
Price
Week's Range
of Prices
High
Low
55%
5,250
49%
Jan
55%
16
17
710
15%
Jan
17%
10%
550
6%
Jan
12%
Jan
Advance Alum Castings..i
Allied Products Corp—
10%
10
10%
8,300
8%
Jan
10%
Feb
22%
24%
Feb
22
21
18
Jan
22%
22%
24%
2,200
24%
2,350
22
Jan
40%
40%
40
40
Jan
79
79
79
90
70%
11%
10%
12%
32,150
Asbestos Mfg Co com...l
Associates Invest Co com.*
3%
55%
3%
54%
3%
2,350
55%
800
61
Jan
55%
Feb
A they Truss Wheel cap
4
Automatic Products com.6
15%
7%
15%
1,300
13%
Jan
17
Jan
7%
700
7%
Feb
8
5%
300
3%
Jan
6
Jan
160
14%
Feb
16
Feb
1,050
17%
Jan
20%
Feb
2,250
2,550
5,900
19
Jan
23%
Feb
25
Jan
30%
Feb
72%
Feb
Barlow
A
Seellg
22%
Berghoff Brewing Co
1
13%
28%
13%
Binks Mfg Co cap
1
com.*
Bliss A Laughlin Inc cap.5
1%
Jan
2%
Jan
5
Jan
6%
Jan
1st
50
26
26
10
26
Feb
Boston Elevated
100
Boston Herald Traveler.
66%
29%
66%
28%
Jan
187%
100
1st pref stpd. 100
Feb
147
Jan
Canal Constr
conv
67
774
66
Jan
67%
Jan
Castle (A M)
29%
465
28%
Feb
30%
Jan
9%
9%
320
8%
36%
8%
40%
1,248
36
Jan
409
11
45
15
14
15
CI A 1st pref
100
11
11
11
20
100
100
17
16
17
526
15%
15%
Class D 1st pref
Boston Personal Prop Tr
*
"~7
Calumet & Hecla
25
18%
.26
15%
*
1%
East Boston Co..
8%
5%
Jar
9%
8%
Feb
Jan
Jan
41%
17%
Jan
Feb
4%% prior pref
100
76
6%
loo
65%
100
2%
cum
pref
Eastern Mass 8t Ry—
Common
1st preferred
Adjustment
11%
153%
Employers Group..,
*
23%
General Capital Corp
*
Georgian, Inc (The) cl A pf 20
Gilchrist Co
*
Gillette Safety Razor
»
19%
pref
Loews Theatres (Boston)25
Maine Central com
100
100
•
....
100
see
page
2%
18%
2%
Conv preferred
Cent 111 Pub Serv pref
Central S W —
78%
5%
106%
105
10
Jan
Common...
1
14
Jan
Prior lien preferred
*
Jan
19
Jan
Preferred
*
10
15%
Feb
15%
Feb
Jan
16%
Jan
Jan
23
Jan
Chain Belt Co
Feb
18%
Jan
55
16
Feb
18
Jan
Cherry Burrell Corp com.*
Chic City A Con Rys
10
149
Jan
151
Feb
Common
710
4
Jan
Feb
Chicago Corp
16
17
151
7%
7%
19%
15%
1,482
2,371
15%
Jan
20%
12%
Jan
17%
Tan
95c
1%
1,320
85c
Jan
1%
Feb
8%
75%
65%
9%
123
Jan
10%
Jan
11%
23%
45%
14
18%
15%
45
3%
Preferred
Jan
1,950
6,250
1,050
21%
Jan
30
Feb
13%
29%
Jan
16
Feb
Jan
32%
Feb
1,050
1,750
2%
51%
Jan
5%
Jan
5,900
1%
Jan
18
2%
18%
400
15
Jan
19
Jan
77
78%
600
70%
Jan
78%
Feb
5%
9,400
32%
4%
Jan
6%
*
Chicago Elec Mfg A
*
Chicago Flex Shaft com. .6
Chicago A N W Ry comlOO
Chicago Rys—
Part ctfs "1"
100
Chic Rivet A Mach cap..*
Chicago Towel conv pref.*
69
Jan
81
Jan
63
60
Jan
69
Jan
Jan
3
Jan
Cities Service Co
Feb
51
Jan
6%
11%
245
156
190
555
2%
45
6%
Jan
10%
Jan
12
Jan
Jan
160
Jan
150
7
Jan
Feb
3%
Jan
98%
Jan
110
Jan
61%
Jan
77
Feb
15
Jan
20%
Jan
64
Feb
70%
Feb
Jan
83
Feb
18%
100
70%
240
83
80
72
%
5%
46%
6
47
18
6
46%
72%
•
com
6%
Jan
24
Jan
Consolidated Biscuit com.l
43%
Jan
45%
Feb
Jan
19%
75
20%
53
28
20
64
1,300
4
37%
1%
33%
%
6
Jan
Feb
47%
Jan
Jan
32
Feb
Jan
64
Feb
4%
300
3%
Jan
4%
1%
210
1%
Feb
1 %
Jan
37%
160
27%
Jan
37 H
Feb
108
26
20
26
100
Jan
100
108
25
108
Jan
Feb
Jan
27%
Jan
4%
4%
10,700
4%
Jan
1%
100
1%
Jan
5%
2%
Jan
1%
4%
35
35
129
136
Feb
60
34
Jan
35
Jan
900
119
Jan
139
Jan
45
46%
250
43%
Jan
47%
Jan
9
46%
9%
550
9%
Feb
11
Jan
%
10,950
Consumers Co-
423
Jan
61
9
22%
5
Jan
Jan
44 H
28
135
410
%
4%
600
4%
Commonwealth Edison. 100
Compressed Ind Gases cap*
23%
45%
1%
14%
450
43,850
%
"64"
Club Aluminum Uten Co.*
Coleman Lp A Stove com.*
74
Feb
2%
490
66
*
*
89
160
69
—
common
68%
2%
Jan
240
109
82
*
76
49
5%
69
83
*
com
100
1%
Jan
2
155
13%
Jan
14
Jan
15%
Jan
20%
Feb
5%
1%
18%
Jan
7
Jan
Feb
2
Jan
Jan
Common
5
6
135
Cord Corp cap stock
Crane Co common..
%
100
%
9%
*
6% prior pref A.
Continental Steel com
31%
100
6
99
5%
19
15%
265
10%
Jan
17
Feb
305
36
Jan
47
Feb
Cudahy Packing Co preflOO
Cungham Drug Stores.2%
Curtis Lighting Inc com..*
"25%
46
939
3
Jan
Jan
Dayton Rubber Mfg com.*
24%
31
54
27
15%
28%
71
15%
43%
3%
750
Jan
Central States Pr A Lt—
16
153
35%
72
1%
18%
Linotype..*
For footnotes
4%
60%
Jan
9%
1%
3%
56
38
145
53%
Feb
Jan
19
3%
66
Jan
Feb
Narragansett Racing Ass'n
Inc
4%
68%
*
common..
Preferred
Mergenthaier
15%
14%
6
*
Mass Utilities v t o__
30
15%
30%
14
1%
14%
Hathaway Bakeries cl A..*
5% cum pref
27
15%
30%
60
6%
*
100
com
Class B
150
28%
83
Chicago Yellow Cab Co..*
100
Eastern 88 Lines
Edison Elec Ilium
Feb
Jan
85
2%
Jan
Feb
13
45
47
..100
Feb
22
850
12
East Gas A Fuel Assn—
Common
83%
Jan
15%
28%
16%
14%
Jan
21%
14%
28%
15
18
73
15%
28%
30
Preferred
Copper Range
Feb
50
21
6%
40%
21%
20
151
16
Brown-Durrell Co
Jan
Jan
21%
16
Boston A Providence.. 100
13%
14
79%
15
20%
100
Jan
Jan
Central 111 Sec—
Class B 1st pref stpd
Class B 1st pref
CI C 1st pref stpd. ..100
Cl D 1st pref Rtpd.. 100
Jan
Jan
8%
40%
.100
Preferred stamped... 100
Jan
9%
32%
*
conv preferred
Common
Prior preferred
Class A
6%
Feb
Boston A Maine—
Common
4
11%
1
Butler Brothers
146
"40%
200
*
Bruce Co IE L) com
26
100
12
30%
13%
12%
*
1%
5
179%
144%
Jan
10
Class A
1%
119
Feb
10,250
1
5
1,804
3%
12%
40%
83%
Borg Warner Corp com.10
Brach A Sons (E J) com.. *
1%
30
Oct
Jan
Jan
7
Brown Fence A Wire—
High
5
179% 183%
144% 146%
20%
23%
23
29%
25
182%
16
19
5
60
100
14%
Bendlx Aviation com....*
6% non-cum pref
Boston A Albany
16
Feb
Jan
47%
84%
Mfg A—
Common
Amer Tel & Tel
15%
7%
5
oonv
Bastlan-Blessing Co
Amer Pneumatic Service—
preferred
Jan
10
Jan
Low
Feb
25
Common
913
9%
Class A
72
Range Since Jan. 1, 1937
for
10%
Common
Altorfer Bros con pref
*
Amer Pub Serv Co pref. 100
Armour A Co common...5
Jan
Week
High
50
41%
Shares
Low
17
Jan
Sales
Range Since Jan. 1, 1937
Shares
55%
*
38%
12, both inclusive, compiled from official sales lists
Stocks-
Price
Week
Adams (J D) Mfgcom...*
Adams Royalty Co com..*
pref *
Backstay Welt Co com
*
Exchange
Thurs.
of Prices
Low
High
Abbott Laboratories—
Common
Boston Stock
Week's Range
Sale
Automatic Wash
Bait Transit Co 4s
Feb.
$5,000
1
Sales
Thurs.
Bait Transit Co
4%s
12, both inclusive, compiled from official sales lists
...25
Cum class A pref
36
55
5%
12
100
5,050
55
109
23%
50
5%
54
109
9%
740
31%
99%
200
10
%
Jan
Feb
Jan
31%
100%
5%
55%
107%
21%
Jan
109
Feb
5
Jan
26%
9%
Feb
%
Jan
26%
98%
Jan
7
4%
48
Jan
Jan
Jan
12
Feb
Jan
Feb
Feb
26%
3,700
9%
170
23%
24%
600
19%
Jan
25
Jan
31
31
50
30%
Feb
31%
Jan
10
10
100
10
Feb
11%, Jan
8
Jan
Feb
Decker (Alf) A Cohn—
6%
1086
6%
7
468
6%
Feb
7%
Jan
Common
10
Volume
Financial
144
Thurs.
Dexter Co (The) com
Weel's Range
for
Sale
Par
1083
Sales
Last
Stocks (Continued)
Chronicle
of Prices
Thurs
Week
5
Price
Low
Sales
Last
Stocks (Concluded)
High
Low
Par
Week's Range
for
Sale
Range Since Jan. 1, 1937
of Prices
Week
Price
Low
16
16%
110
Wahl Co
*
Class A__
Shares',
24
25
700
Walgreen Co
48
3%
42%
*
Dixie-Vortex Co com
High
40%
30%
11%
37%
18%
41
450
Williams-Oll-O-Matlo com*
11%
11
32%
11%
380
Wisconsin Bankshares com*
9%
Eddy Paper Corp (The).. *
Elec Household Utll cap.6
Elgin National Watch. ..15
31%
11%
37%
Fit* Sim A Son(DAD)com*
19
2
com
Zenith Radio Corp. com.. *
750
19
*
common
Woodall Indust
2,650
38
*
com
4%
High
4%
14%
8%
14%
49%
11%
9%
14%
37
37
38%
Range Since Jan. 1 1937
Shares
Low
High
Jan
2,000
4,850
3%
Feb
5
37%
Jan
49%
Feb
460
9%
Jan
12%
8
Jan
9%
Feb
Jan
Feb
Feb
4,150
3,200
2,300
13
Jan
14%
32 %
Jan
38%
300
Gardner Denver Co—
*
Common
$3 cum conv pre!
59
57
General Finance Corp coml
Feb
67
Jan
18%
4%
4%
59
67
20
General Candy Corp A...5
19
Jan
Members Cincinnati Stock Exchange
Active
*
Common—
8%
7%
Godchaux Sugar class A..*
49
35
*
Class B
Goldblatt Bros Inc
36%
40%
27%
40
40
Great Lakes D & D com..*
27
27
Hall Printing Co com—.10
19%
19%
10%
19%
16%
10%
com.
Harnlsohfeger Corp com. 10
Helleman Brew Co G cap.l
Heller (W E) pref
..25
Hibb Spenc Bart com...25
Without warrants
Hordere Inc com
*
Houdallle Hershey
B
50
$7
19%
11
50
Cincinnati and Ohio Listed and
Feb
Jan
50
60
Jan
1,300
1,150
1,150
Jan
41
Jan
29%
Jan
-
38
960
Jan
Jan
UNION
SB
2,200
BALLINGER
6 to
Feb. 12, both inclusive, compiled from official sales lists
27%
Thurs.
18%
Last
Week's Range
for
Sale
of Prices
Low
High
Week
109
84
88
20%
20%,
30
Feb
Aluminum Industries
Stocks-
Par
*
26%
24%
1
29
26
27
29%
2,450
15,900
Feb
Jar vis (W B) Co cap
Jan
American Laundry Mach20
Amer Prod partlc pref
*
*
49%
49
50%
450
Jan
Baldwin Locomotive
1
15%
14%
2,450
36
15%
10%
23%
38%
78%
80
Kata Drug Co-
Ken-Rad T & Lamp com A*
10
9%
23%
23%
Ky Utll Jr cum pref.....50
100
"78%
1
2%
La Salle Ext Unlv com...5
2%
cap
2%
2%
48
pref. 100
cum
Leath & Co oom
*
"9%
Ubby McNeil & Libby_.tC
9
3
3%
48
550
14
9%
*
Preferred
Feb
*
$3% preferred
High
Lion Oil Refining Co com.
Loudon Packing com
McCord Rad A Mfg A..
Feb
30
Feb
19
Jan
36
Feb
20
78%
Feb
Churngold
1,600
10,500
2%
Jan
1%
Jan
Cintl Ball Crank pref
*
Clntl Gas A Elec pref.. 100
10
40%
7%
Jan
Jan
28
Jan
*
Preferred
111
*
CNO ATP pref
Cincinnati Street Ry
Jan
8%
96%
108%
Feb
15
15
5
15
Feb
26
27
134
20%
Jan
21
23
111
20
Jan
*
34
35
382
32
Jan
8%
49%
10%
120
8
Jan
561
45%
200
Jan
Gibson Art
16%
1,100
Jan
Goldsmith
5%
6
6%
3,500
Feb
Hobart A
*
*
52
com
1st pref
100
48%
43
Kroger
54
54%
Lunkenheimer
3%
Jan
14%
9,400
Jan
6%
7%
2,100
12%
5%
7%
1%
11
8%
8%
7%
7%
7%
7%
41%
43%
9%
9%
48
49%
1%
12
9%
9
*
B
Rapid
*
10
Jan
Jan
1,100
Jan
Jan
300
Jan
Feb
Western Bank
Wurlitzer pref
Jan
810
1,500
40
Feb
Feb
100
8%
43%
*
Preferred..
50
Jap
90
10
Jan
100
Feb
100
19
23
15
22%
Jan
31
32%
4%
50
21
Feb
4
8
8
2%
Jan
8
123
4%
Jan
3
14
61%
1,330
190
Jan
14%
62J4
435
55£
Jan
22
183
21
Feb
10%
61%
21%
727
vy
29%
31%
4%
38
"10%
10
29%
35
147
32%
5%
18%
32
33%
6%
265
5%
1,490
10
Jan
Jan
Feb
Jan
Jan
19
21
337
17
Feb
10
9
9
75
9
Feb
100
93
93
10
92
Jan
Jan
Jan
US Printing
Jan
Feb
100
4%
*
*
140
23
*
Randall A.
4,500
Jan
9%
Jan
49%
Feb
154
Montgm Ward & Co clA_*
Muskegon Motor Spec A.*
"166"
3
*
National Pumps
Procter A Gamble.
Jan
47
10
B
U S Playing Card
1%
"47"
*
2.50
Moores Coney A
Midland United Co11
8%
*
Magnavox
3%
34%
*
.
47%
15
108% 108%
*
4%
18
4
4
2,600
154
Jan
25
25
Jan
21%
21%
22
Jan
31%
31
31%
74%
75
.....
2
10
National Pressure Cooker 2
Nat Rep Inv Tr conv pfd.*
Natl-Standard Co—
Jan
Jan
Jan
2%
16%
8%
9%
16%
Jan
10
Jan
34
10%
900
Capital stock
10
National Union Radio coml
36
2%
2%
36%
2%
200
Noblltt-Sparks Ind com..5
56%
54%
66%
3,300
North Amer Car com...20
9%
15%
8%
9%
15
15%
4,300
8,200
36
35%
36
Northwest Bancorp oom.. *
Northwest Eng Co com...*
230
*
4%
15
com..
502
10
30%
Sprlngfilled com*
National Battery Co pref. *
Nat Gypsum A n-v com..5
10
97
Formica Insulation
4%
Nachman
10
97
120
Eagle-Plcher Lead
30%
•
Jan
Feb
63
43
42%
4%
Preferred
5%
105%
120
Jan
30%
Common.
60
134
6
120
Feb
Jan
6%
100
Jan
Jan
105% 106%
100
10
40
22%
pref..*
*
109%
116
4,200
6%
conv
35%
39
12%
12
21%
0% prior lien
100
111
11%
6%
Modine Mfg com
Monroe Chemical Co—
48%
12
50
Cincinnati Telephone...50
Cintl Union Term pref. 100
Jan
"21%
Midland Utll 7% pr UenlOO
48%
100
12
9%
Mer A Mfrs Sec cl A com
*
Jan
44
53
60
Marshall Field common.
Conv preferred A
3%
40
30
2,600
3%
Common
175
44
30
13%
"54~"
Middle West Corp cap...5
Stock purchase warrants
4%
3
Jan
13%
Manhatt-Dearborn com.
1
Feb
44
1,050
42
Common
Feb
7
100
com..
Prior preferred
Mickelberry's Food Prod-
8
100
4,250
48
McQuay-Norrls Mfg com
>10
7
Jan
10%
17%
»
337
8
8%
24%
*
Kahn
10
34
7
"3%
31
8
34
60
30%
42%
com
National Leather
Low
13%
50
Carthage Mills
Champ Paper A Fibre
Jan
Cohen (Dan)
Lincoln Printing Co—
Common
Miller A Hart
Range Since Jan. 1, 1937
Shares
30%
13%
Cumulative preferred..*
McGraw Electric
Sales
13
8
Burger Brewing
Common
Kellogg Switchboard com.*
Lindsay Light
Price
*
Iron Fireman Mfgvtc...*
6%
CO.
Cincinnati Stock Exchange
Feb.
Jeflerson Electric com
Lawbeck
&
CINCINNATI
—
preferred
6% preferred
Kingsbury Brew
BLDG.
Phone Cherry 6711—First Boston Wire—Bell Sys. Tel. Cin. 291
18%
17%
TRUST
11%
109
109
Unlisted Securities
10%
50
50
27
18
8,800
25
18
Indep Pneu Tool v t c__-*
Interstate Pow—
20%
24%
"l8"
27%
Illinois Brick Co cap.... 10
111 North Utll pref
100
9%
49
Trading Markets in
Jan
4%
Gen Household Utll—
100
29%
1%
39%
Feb
6%
Feb
12%
25%
Feb
Jan
Feb
Jan
Northwest Utii—
Cleveland Stock Exchange
Feb.
6 to Feb.
12, both inclusive, compiled from official sales lists
7% preferred
100
46
47%
Jan
7% prior lien pref
100
79%
81
Jan
Thurs.
Ontario Mfg Co com
Oshkosh Overall—
*
21
21
Jan
Last
Week's Range
for
Sale
of Prices
Week
Common
Parker Pen
*
...
14
10
com
Peabody Coal Co B com..6
14
28%
14
29%
2%
16%
35
Penn Gas A Elec A com..*
16%
2%
16%
Perfect Circle (The) Co..*
35
35
2%
Pines Wlnterfront com...l
3%
Potter Co (The) com
Prima Co oom
l
4%
3%
4%
4%
*
2%
2%
2%
3%
50
Jan
6% preferred
7% preferred
Quaker Oats Co
60
93
95
High
Airway Elec Appl pref .100
25
100
Jan
Akron Brass
___*
13
50
Jan
Apex Electric Mfg
2,450
1,450
6,600
Feb
Feb
Prior pref
City Ice A Fuel
*
.100
...»
20
Jan
Clark Controller
...1
40
37
40%
Range Since Jan. 1,1937
Shares
Low
High
Jan
Jan
95
99%
Jan
99
Feb
117% 118%
119
119%
10)
Low
Jan
95
95
95
Price
300
.
Cieve Builders Realty
*
Common
Par
1,000
Public Service of Nor 111—
Common
Stocks-
Sales
120
27
80
22
Jan
33%
Jan
Jan
13
13%
195
12%
Jan
14%
38
40
266
35
Jan
40
Jan
97%
*
99
93
96
Jan
100
Jan
20
20
10
20
Jan
20
40%
"90"
Cleve Ry ctfs of
Cliffs Corp vt c
*58~
32
Jah
33
4
Jan
90
89%
489
4
4
Cleve Cliffs Iron pref
*
Cieve Elec 111 $4.50 pref..*
dep—100
25
601
86%
Jan
5
90%
109
109
29
109
Jan
55
58
135
53
Jan
63%
112
Jan
Jan
Jan
Jan
Jan
Jan
Feb
122
*
38
36%
38%
33%
Jan
38%
Jan
1120
122
Feb
125%
Commercial Bookbinding *
38
36
38
276
30
Jan
38
Jan
100
148
148
Jan
150
Elec Controller A Mfg
*
72
70
72
210
68
Jan
72
Jan
Rath Packing Co com...10
33
33
Jan
33
Faultless Rubber
*
27
27
27%
90
27
Jan
30
Jan
Foote-Burt
*
18%
19%
225
17%
Jan
19%
.100
Raytheon Mfg—
Common v t c
6% preferred
*
com
Preferred
50c
5
v t c
119%.
121
7
£2%
i 8*
.3%
Reliance Mfg Co com... 10
33
Rollins Hosiery Mills pf..»
Ross Gear A Tool com
*
30
Sangamo Electric Co
Roebuck
*
com
Slgnode Steel Strap com..*
Preferred..
30
*
Schwltzer-Cummlns cap.-l
Sears
15
30
179
"28%
27
j27
186%
1 26%
33%
133%
87%
Slvyer Steel Castings com. *
So Bend Lathe Wks cap..5
*
"23% ; 21%
South Colo Pow A com..25
Southw G A E 7% pref. 100
Southw Lt A Pow pref...*
23%
,
95
7%
3%
33%
Jan
Greif Bros Cooperage A..*
59%
Feb
Interlake
58
10
Feb
Jaeger Machine
35%
Jan
28
27%
30
890
25%
Jan
30
Jan
395
9
Jan
14
Jan
Jan
200
Jan
Leland Electric
*
26%
26
20%
1,215
19
Jan
27
350
Jan
44
42%
44
244
42
Jan
44
Jan
20
Jan
McKee (A G) class B
*
Medusa Portland Cement *
57%
40
Jan
60
Jan
Jan
24%
57%
7%
15
170
200
23%
33%
24
Metropolitan Pavg Brick *
Miller Whoesale Drug
*
Monarch Machine Tool--*
95
70
Jan
83
20
Jan
National Tile
*
1,000
2,250
Jan
National Tool
50
Jan
1*7%
100
Jan
5%
32%
28
28
3%
1%
2,150
3,150
1,300
4,900
4,450
2,350
cum pref
-.100
Nestle Le Mur cum cl A..*
Jan
Nineteen Hund Corp cl
Jan
Ohio Brass B
7%
5%
9%
8%
Jan
14
14%
110
Jan
15
Jan
25
235
22
Jan
25
Jan
26
50
25
Jan
30
Jan
8%
8%
105
7%
Jan
8
8
8%
500
7%
Jan
8%
8%
2%
2%
2%
335
Jan
2%
15
230
Jan
15
2
60
1%
Jan
2
30
29%
Jan
30%
Jan
44
Jan
50
Jan
15
13%
2
A.*
29%
30%
50
..*
50
120
Jan
Jan
Jan
Jan
Jan
Jan
Ohio Confection cl A
*
6
6
100
6
Jan
6
Jan
Jan
Packer Corp
*
16
16
16
45
16
Jan
18
Jan
Jan
Patterson-Sargent
*
32%
30
243
26%
Jan
34
Jan
3,355
3%
Jan
5%
Jan
56%
Jan
"
Peerless Corp
Jan
Common
*
24%
24%
Jan
24%
Preferred
*
40
40
Jan
40
For footnotes see page 1086.
Jan
24
3
5%
5%
Richman
7
7%
25
25
*
..25
Murray Ohio Mfg
National Refining
Viking Pump Co—
Jan
Jan
27
11
5
Jan
61
24
87%
ill
3%
1%
5%
60
Jan
607
13
19%
26%
3%
1%
5%
59%
56%
Feb
245
35%
12%
fl7%
Sundstrand Mach ToolCo*
59%
58
33
13
18%
31%
10
59%
56%
34%
*
Jan
126%
126
Feb
Lams on A Sessions
Jan
27%
Jan
33
Jan
Feb
"32%
104
Feb
1,050
10
15
Jan
33
Jan
60
25
102
13
400
1,600
Swift A Co...
10
33
79%
28%
23%
Swift International.
*
104
33
*
Kelley Isld Lime A Tran..*
6
>16
106% 106%
4
Steamship
Jan
104
33
150
Convertible preferred..*
Utll A Ind Corp
Convertible pref
Gen T A R 6% pref A..100
Great Lakes Towing.-.100
2,800
"5%
Utah Radio Products com. *
Jan
16
Standard Dredge com ...»
Storkllne Furn Corp com 10
Jan
30
95
1.83
# 4%
St Louis Nat Stkyds cap.*
3,250
6,200
3,418
*
53%
Selberling Rubber
*
53%
7%
8% cum pref
100
7
45%
32%
5%
54
7%
50
559
53
Jan
165
6
Jan
30
39
Jan
8
59%
Jan
Jan
Financial
1084
Par
S M A Corp
for
of Prices
Week
Low
Price
Vlchek Tool
Warren Refining
Jan
19
2
*
Jan
Menasco Mfg Co
93*
Jan
Mills Alloy Inc B
*
50c
45c
230
954
Jan
13
Jan
Mt Diablo Oil Min & Dev 1
80c
7734c
1,400
14
Jan
Jan
12 34
Jan
Jan
Natl Funding Corp
Nordon Corp
12 34
5
1534
5 34
1834
Jan
Occidental Pet Corp
20
534
15
17 34
Jan
32c
19,100
18c
Jan
43c
Feb
5,500
45c
Jan
80o
Feb
13,560
70c
Jan
1.50
Feb
1
23c
18c
5,600
18c
Jan
23c
Feb
1634
1634
18
32
31
32
333*
33
333*
300
34
333*
34
*
48
48
*
273*
Pacific Lighting Corp
Pacific Western Oil
Chicago Stock Exchange
.47
734
263*
734
Pacific Public Service.--
New York Curb Associate
Auto City Brew com..
*
-
l%
lSVs
2134
.1
1
Baldwin Rubber com
Capital City Prod com—*
Consolidated Paper com. 10
Crowley Milner com
m
12
1834
21**
34
1
Cripple Creek
Det-Mich Stove com
Prod com
9 34
21
Federal Mogul com
Goebel Brewing
1,105
2,955
6,989
1,988
2,775
7
22
27
4,890
4
63*
2034
2634
2134
2734
6?
Hall Lamp com
10
21
*
27
22
Hudson Motor Car com.
10
8
Lakey Fdy & Mach com.
4 3*
*
4t
73*
Mid-West Abras com..50c
5
19J4
1134
4234
16**
73*
4%
Murray Corp com
10
Packard Motor Car com..*
*
com
Parker Rust-Proof com 2.50
5
Reo Motor com...
River Raisin Paper com..*
Stearns
(Fred'k) com
*
Timken-Det Axle com..10
Jan
734
8
Jan
Jan
14534
Feb
11
10
Jan
133*
Feb
14
Jan
20
Jan
25
Feb
195*
834
603*
634
334
Jan
23
Jan
Jan
1034
6834
7J4
454
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7
Jan
17
Jan
22
Feb
Feb
27
Feb
Jan
23
Feb
Feb
Jan
6
23
28
93*
4,144
43*
900
2634
183*
2734
63*
334
320
16
Jan
734
Feb
270
29
134
73*
33*
2154
1734
103*
4234
293*
93*
43*
1734
13*
73*
434
2334
2034
115*
445*
25
Jan
28
4,133
5
Jan
734
Feb
Jan
5
Jan
Jan
34
Feb
Jan
26
Feb
Jan
1,264
4,831
850
145
1,340
330
2,646
2,951
1,608
33
.2*
10
com
Feb
34
586
26
100
Jan
Jan
Feb
Jan
Jan
Jan
Jan
24
220
Jan
45*
534
2934
26
2
Rickel H W com
Jan
160
570
17**
13*
73*
434
2334
2034
113*
443*
634
434
63*
740
760
28
"Ik
*
10
Mich Sugar pref
10
392
1734
134
73*
434
2334
193*
1134
4234
Mich 8 Tube Prod com 2.50
Scotten-Dillon
21%
103*
67J4
734
43*
4
Graham-Paige com
Parke-Davis
25
734
Motor Wheel com
4,675
11
10
133*
10
Mich Sugar com
Jan
143
225*
5
634
2,095
2,185
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
65*
Jan
245*
93*
934
85*
634
Jan
11
200
7
Jan
*
10
11
10
700
Unlv Cooler A
*
9
9
9
100
Univ Cooler B
*
7
1,070
Walker & Co units
*
Warner Aircraft com
1
1%
734
73*
734
134
73*
734
134
634
1,590
7,265
134
53*
"is
"16
ii,c
400
"16
Jan
Wayne Screw Prod com. .4
com
1
Wolverine Brew
Wolverine Tube
18
*
com
234
18
47
Feb
52 34
Jan
734
Feb
2334
Feb
83*
273*
Feb
9
Jan
12 34
Feb
8
Feb
934
234
Jan
3
120
36
119
'
119
266
Jan
56
Jan
60
5,000
2c
Jan
4c
Feb
1434
60
4c
4c
4c
25
Sou Calif-Edison Co
25
25
25
Orig preferred.
6% preferred
534% preferred
*
2934
403*
2934
293*
500
1234
2934
Feb
323*
Jan
40
405*
250
40
Jan
41
Feb
29
2834
29
200
28 34
Feb
293*
Jan
2734
5034
2734
4934
27 34
51
500
2734
Jan
28
500
45
Jan
51
Feb
49
48
49
600
4354
434
Jan
49
Feb
45*
434
1,100
1734
165*
49
2634
26 34
1734
5134
275*
8,700
49
Sunray Oil Corp
43*
i_.
*
300
Jan
Jan
17 34
Jan
Jan
53
Feb
Jan
2834
Feb
Feb
16
Feb
Feb
4034
Feb
Universal Cons Oil Co. .10
16
1534
16
500
Van de Kamps
4034
39
4034
200
39
25
Bakeries..*
Weber Showcse & Fix pf_.*
Wellington Oil Co
1
9
9
9
11
6,800
1134
314
734
Feb
11
1,300
103*
Jan
1134
Jan
20c
Jan
37c
Feb
2c
Jan
3c
6734c
134c
Jan
72 34c
Jan
Jan
9c
Feb
19,000
lc
Jan
3c
Feb
Mining—
Blk MammothConsMinlOc
37c
25c
37c
10c
9
2 34c
2 34c
2 34c
1
70c
70c
70c
500
Imperial Develop Co. .25c
5c
9c 139,500
Oatman Rainbow Gd MIOc
834c
234c
2c
3c
Tom Reed Gold Mines—1
38c
38c
39c
2,800
38c
Feb
48c
Jan
Zenda Gold Mining
10c
9c
11c
14,000
9c
Feb
15c
Jan
2834 2834
1793* 183
300
261
2534
1793*
Calumet Gold Mines
Cardinal Gold Mining
1
Jan
Jan
7
American Tel & Tel Co
100
Anaconda Copper Min..50
Aviation Corp (Del.) —
Cities Service Co
Commonwealth & Southern
Curtiss-Wright Corp
2834
183
573*
834
434
33*
573*
834
434
...
1
33*
73*
734
Jan
2934
Feb
18734
100
63*
Jan
934
Jan
600
434
33*
634
23343634
Jan
534
Jan
334
500
754
1,400
25
25
200
Goodrich (B F) Co
3634
3634
200
14
143*
N Y Central RR
3634
143*
433*
435*
435*
North Amer Aviation Inc.l
1634
16
17
North American Co
3134
3134
3134
Packard Motor Car Co
1134
1134
Radio Corp of
113*
113*
834
834
100
1534
100
200
2,000
-
-
Feb
Standard Brands Inc
1534
834
1534
Tide Wat Assoc Oil
2034
2034
Warner
Bros
7
734
United Corp (Del)
Inc—5
Pict
1534
163*
200
—
-
-
Feb
115*
1.4Q0
103*
2,200
11
Jan
Feb
Feb
>1
13
Jan
Jan
Jan
1734
Par
Stocks-
Price
2134
1534
834
Jan
Feb
173*
Feb
NEW YORK
30 Broad Street
Philadelphia Stock Exchange
to
Feb.
12, both inclusive,, compiled from
Last
Sale
Par
Stocks-
*
100
Price
255*
18234
Bankers Securities pref..50
Barber Co
Range Since Jan. 1, 1937
Shares
Low
Preferred
Chrysler Corp
High
*
73*
73*
3934
3934
85c
62 34 c
85c
Berkey & Gay Furniture-
334
3 34
3 3*
Warrants.
234
Bolsa Chica Oil A.
10
Broadway Dept St pref-100
Buckeye Union Oil com..l
Preferred vtc
1
California Bank
25
Central Investment
100
Chapman's Ice Cream Co. *
Chrysler Corp
__5
Citizens Nat'l T & S Bk.20
234
7
7
10434
104 34
7c
7c
13c
12c
5034
503*
323*
40
434
135
42 34
334
135
Claude Neon Elec Prod..*
1134
413*
1034
Consolidated Oil Corp
Consolidated Steel com..
1634
1634
*
1134
Preferred
*
Creameries of Amer vt
2334
c...
6
Emsco Der & Equip Co-.5
18
Exeter Oil Co A
_]
Farmers & Mer Natl BklOO
General Paint Corp com
General Motors Corp
934
23
634
63*
Jan
3934
Feb
934
3934
Feb
General Motors..
37,313
4,500
45c
Jan
85c
Feb
Gimbel Bros
1,500
234
Jan
1.20
Jan
2 3*
734
3,100
7
10434
105
104
Jan
334
Jan
23*
Feb
Jan
734
106
.
-
6c
"Feb
8c
"Feb
8c
Jan
13c
Feb
5034
200
4334
Jan
5034
460
800
29
Jan
40
Feb
Pennroad Corp vtc
Feb
Pennsylvania RR
434
135
44
1134
1634
1334
2434
6 3*
1,300
234
Jan
434
Feb
Feb
Phila Elec of Pa $5 pref
900
1034
Jan
123*
Jan
Phila Elec Pow pref
200
16
Jan
1734
1334
2434
Jan
Phila Rapid Transit
Feb
Feb
Phila & Rd Coal & Iron
63*
Feb
Philadelphia Traction...50
19,200
2,300
1,700
400
53,900
1334
Jan
19
Jan
534
18
Jan
Jan
19
Jan
Jan
1834
Feb
Sun Oil Co.
65
Feb
100
1834
Jan
293*
"Feb
700
934
Feb
113*
Jan
Feb
Union Traction
1.25
Jan
13c
Jan
62 34c 6734c
4,400
34c
60c 129,600
13
14
4,600
45c
Jan
72 34c
Jan
55*
10
1086
106 34 107 34
534
10
534
10
'47 %
Tacony-Palmyra Bridge..*
Tonopah-Belmont Devel. 1
Tonopah Mining
1
Jan
107 34
"ml
*
Jan
14
Jan
*
450
8c
55c
Feb
Jan
21
Jan
24
60c
27c
Jan
934
Jan
14
178
10634
Feb
110
21,700
43*
73*
Jan
500
Jan
634
10
Feb
Feb
50
United Corp com..
*
—*
Preferred
United Gas Imp com—._*
*
Preferred-
Westmoreland Coal
*
4354
Jan
12434
Jan
1454
Jan
Feb
87
Feb
Jan
1,026
40
Jan
695
Jan
115*
13354
2034
4454
Feb
Feb
Feb
Jan
Jan
45
Feb
493
Feb
1,565
Jan
70
Jan
10
Jan
1,023
1,401
Jan
1334
Jan
Jan
21
Feb
13
Jan
4
Jan
5,731
Feb
205
Jan
10,661
2,597
Jan
Jan
I
69
255*
112
534
1834
534
4334
Jan
Jan
Jan
Feb
Feb
Jan
Jan
11534
117
158
Jan
11734
3534
754
13J4
334
1634
Feb
12
130
85c
133*
87
44
Jan
Feb
35
400
700
Lockheed Aircraft Corp__l
Los Ang G & E 6 % pref 100
15
Jan
175
73*
125*
1
*
7,900
65c
ilsk
5
4,400
KInner Airpl & Motor
1
Lincoln Petroleum Corp__l
534
38
3534
1215*
123*
11
Jan
35
Salt Dome Oil Corp
13c
11c
20
200
Feb
Jan
68
50
Reo Motor Car Co
Jan
1.15
2334
1,790
Jan
Feb
175
25
50
7% preferred
Feb
1034
233*
For footnotes see page
*
Scott Paper
Jan
10
1.10
234
534
1834
1795*
834
263
1833
174
50
82 34c
460
60c
10
Los Ang Industries Inc
2
Los Ang Investment Co .10
43
44
Globe Grain & Mill Co..25
12c
5
454
4234
1
__50
135
283*
2334
21
1834
Jan
283*
1.10
21
"bVs
Feb
135
283*
__10c
1234
*
353*
100
183*
10
*
Natl Power & Light
10,650
Gladding McBean & Co..*
com
12
1834
234
254
1254
Penna Slat Mfg
1734
Holly Development Co..l
110
1234
Jan
170
sa
110
High
235*
1,047
87
103* 115*
12634 13354
1834
4254
663* 6834
253* 2554
Low
612
Feb
40
Week
Shares
2554 26
1795* 18334
834
934
4134 44
385* 385*
12334 12434
13
1354
25
Preferred.
1,000
2,000
173*
Hancock Oil A
Lehigh Coal & Nav
*
Lehigh Valley
50
Mitten Bank Sec Corp..25
100
80c
"42k
10
Horn & Hard (N Y) pf.100
c
1734
Jade Oil Co
*
*
com
13c
7
75c 82 34c
459
460
18
Jan
2,400
110
834
40
100
Barnhart-MorrowCons _.l
Barker Bros pref
"ilk
5
com
Electric Storage Battery 100
of Prices
High
Range Since Jan. 1, 1937
for
Week's Range
Low
87
100
Budd Wheel Co
Curtis Pub Co
Bandini Petroleum Co.-.l
1334
Budd (E G) Mfg Co
Sales
High
10
Bell Tel Co of Pa pref.. 100
official sales lists
Sales
Thurs.
compiled from official sales lists
of Prices
Feb
Philadelphia Stock Exchange
Feb 6.
Week
Low
........
Members
Jan
Angeles Stock Exchange
for
.
New York Stock Exchange
Jan
Baldwin Locomotive
Week's Range
Jan
934
16
DeHaven & Townsend
Feb
American Tel & Tel
Sale
Jan
12 54
Jan
Established 1874
Jan
American Stores
Last
Feb
Jan
1734
3434Feb
113*
Jan
Jan
7
800
Feb
143*
433*
Jan
.123*
Jan
.
-
Jan
100
---
Jan
8
27
-
123*
433*
1334
3134
100
1,100
-
434
Jan
2034
734
175*
-
1534-
2134
-
834
America
Radio-Keith-Orpheum
Jan
543*.
25
Int'l Tel & Tel Corp.^
Feb
57 34-
100
573*
834
434
Electric Bond & Share. ..5
Jan
Jan
Teletype L.A. 290
Thurs
Jan
Unlisted—
Amer Rad & St Sanitary..
Exchange Chicago Board of Trade
Angeles Stock Exch. San Francisco Stock Exch.
Los
Feb
53,500
3,000
New York Stock
Feb. 6 to Feb. 12, both inclusive,
Jan
434
16
433*
2534
1534
Union Oil of Calif.
Jan
Feb
MEMBERS
Angeles
Jan
14
Jan
934
734
734
15*
Wm.Cavauer&Co.
Los
Feb
Feb
13
1513 Walnut Street
523 W. 6th St.
Feb
133*
PHILADELPHIA
Los
"Feb
120
4534
5334
5534
57
Corp—25c
Feb
.
2,300
5134
Jan
Feb
1
-
3,450
53
60
Jan
100
119
7% pr pref..100
12
Jan
300
734
273*
123*
834
Feb
Jan
243*
1
United Shirt Dist com
850
Feb
Feb
Feb
8
243*
Tlvoli Brewing com
4,011
34
1
Feb
Jan
66
McAleer Mfg com
22
Jan
734
Kresge (S S) Co com
213*
Jan
Jan
1034
_
Jan
Jan
67 %
Houdallle-Hershey B
15
Feb
73
Jan
15
Superior Oil Co
234
34
143
29
1
Transamerica Corp
9
1,100
Jan
800
1
Feb
125
*
10
—
Hoover Ball & Bear com
Jan
134
1334
2134
Jan
775
com—__1
General Motors com
Jan
Wa.
95*
3734
1
Standard Oil of Calif
2H
'%
21
Ex-Cell-O Aircraft com—3
Fed Motor Truck com
415
25
5
Det Paper
685
934
93*
133*
1
Eureka Vacuum com
300
21,578
Feb
5,200
1,200
1,900
Southern Pacific Co...100
High
9
143
143
100
1
Detroit Edison com
Low
2%
34
10
Det
134
1334
2134
213*
Range Since Jan. 1, 1937
for
Week
Shares
33
1,000
3
Sontag Drug Stores
9
*
Det & Clev Nav com
Low
32
254
Sierra Trading
Exchange
of Prices
High
Price
3034
Jan
3
S J L & P
Sales
Sale
Par
Stocks—
18
834
Republic Petroleum Co_.l
Randolph 5630
Week's Range
Jan
Ryan Aeronaut Co
Samson Corp B com
both inclusive, compiled from official sales lists
Last
12
400
Roberts Public Market—
DETROIT
Thurs.
—
1.40
Security-First Natl Bk._20
12,
~
Jan
6234 c
Secu Co units of ben int..*
6 to Feb.
*.
Feb
Pacific Indemnity Co—10
Members
Feb.
'Jan
12
8234c
12 34
*
Pacific Finance Corp
10
Pacific Gas & Elec Co..-25
Watling, Lerchen & Hayes
Detroit Stock
Jan
70c
M
41c
Pacific Clay Products
Telephone
Feb
50c.
45c.
65c
Ollnda Land Co
Building
300
12 34
Feb
97340
434
1.45
5
Oceanic Oil Co
Buhl
Jan
323*
Jan
18
Detroit Stock Exchange
354
Jan
450
New York Stock Exchange
Jan
3,400
434
80c
8 34
15
534
434
High
Low
1,400
95c
9734c
434
Mascot Oil Co
Shares
323*
1,780
18
Jan
Price
Week
20
13
534
Par
(Concluded)
of Prices
Low
Hit
665
143*
*
Weinberger Drug Ino
17
10
13
..*
Van Dorn Iron
85*
834
1
Upson Walton.
17
323*
9
Stocks
High
90
17
*
Low
1937
Range Since Jan. 1 1937
for
Sale
Shares
High
323*
17
1
Steuffer clA
Week's Range
Sale
(Concluded)
Last
Range Since Jan. 1 1937
Last
13,
Sales
Thurs.
Sales
Thurs.
Stocks
Feb.
Chronicle
41
654
234
1554
754
1734
3534
73*
1334
254
1634
9
185*
40
41
7454
3134
7534
316
154
734
73*
4434
1534
11234
11
6
32
3*
154
754
634
443*
45^
15
155*
477
Jan
294
Jan
242
Jan
119
Jan
739
Jan
9
Jan
Feb
Jan
Feb
Feb
Feb
1,015
Jan
1,667
Jan
20
Jan
178
Jan
Jan
111
Jan
4534
7634
3234
30
Jan
600
Jan
535
Jan
4,128
3,157
Jan
273
Jan
Jan
Jan
Feb
Jan
15*
754
834
4654
1734
1143*
Jan
Feb
Jan
Jan
113
282
4334
145*
11154
10
11
200
754
Jan
11
Feb
1534
16
$27,000
1134
Jan
1634
Feb
,
11154
7,360
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Bonds—
Elec & Peoples tr
ctfs 4s '45
'
Volume
H. S. EDWARDS & CO.
Dean Witter
' Pittsburgh Stock Exchange
MemhflrH
New York Curb Exchange (Associate)
I
BANK BLDG.,
UNION
1085
Financial Chronicle
144
120
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
PITTSBURGH, PA.
Tel. Oourt-6800
Co.
&
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago Board ofTrade
A. T; & T. Tel. Pitb-391
(AssoJ, SanFrancisco Curb Exchange, Honolulu Stock Exchange
New York Curb Exchange
BROADWAY, NEW YORK
San Francisco
Specialists In Pittsburgh Listed and Unlisted Stocks and Bonds
Oakland
Sacramento
New York
Portland
Tacoma
Seattle
Stockton
Beverly Hills
Fresno
Honolulu
Los Angeles
Pasadena
Long Beach
Pittsburgh Stock Exchange
Feb. 6
Feb.
to
12, both inclusive, compiled from official sales lists
Tfiurs.
Par
for
Sale
Stocks-
Week's Range
of Prices
San
Feb 6.
Sales
Last
to
Francisco Stock Exchange
Feb. 12, both inclusive, compiled from
Week
Price
Low
High
Range Since Jan. 1, 1937
High
Shares
Last
Week's
for
Range
Week
of Prices
High Shares
Sale
Allegheny Steel Co
300
Arkansas Nat Gas Corp..*
Preferred
100
official sales lists
Sales
Thurs.
Range Since Jan. 1, 1937
190
Blaw-Knox Co
Par
40
3X
Clark (D L) Candy Co
*
Columbia Gas & Elec Co.*
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Ino
7,755
26,433
20
Bishop Oil Co
Byron Jackson Co......
681
5
645
2,035
ll*
12%
105
105
11%
11
Clorox Chemical Co
45%
44
Neata Machine Co
5
"loli
3,280
2,328
211
Mountain Fuel Supply Co.
Natl Fireproof Corp Com.
8
_
Pittsburgh Brewing Co
Preferred
*
48
Cons Chem Indus "A"
103%
*
Crown Willamette pref
Crown Zellerbacb v t c
40
Preferred "A"
133
*
*
Preferred "B"
—*
6%
120%
20%
119
119%
D1
870
Giorgio Fruit eom... 10 |11%
100 £50
$3 Preferred..
10
Eldorado Oil Works
Plymouth Oil Co
5
20
Emporium Capwell Corp
Renner Brewing
1
2%
1
3c
*
7%
.*
4%
24
4%
5%
Jan
Jan
Stock
315 North Fourth
Golden State Co Ltd
*
.*
10
Preferred
15
Langendorf Utd Bak "A"_*
LeTourneau, R G, Inc—1
Libby, McNeill & Lib com*
Board
L A Gas & Elec
pref.-.100
2%
Magnavox Co Ltd
Trade
of
1
Co com
6% preferred
St., St. Louis, Mo.
*
100
Marchant Cal Mach com .1
Market St Ry pr pref—100
Nat Automotive Fibres. _*
Sales
Last
Sale
Price
Week's Range
of Prices
High
Low
Conv pref
Low
High
Burkart Mfg pref
Burkart Mfg com
com
*
9%
1
...
~~34~~
Hamilt n-Brown Shoe com*
Hussmann-Llgonier com. _*
Hussmann-Ligonier pref..*
Huttig S & Djcom—
*
International Shoe com
Johansen Shoe eom
.
.
48%
""l4%
Key Co com
*
Knapp Monarch com....*
Laclede-Christy C> Pr com*
Laclede Steel
com
24%
Natl Bearing Metals eom.*
Natl Candy 1st {pref... 100
56
Natl Candy com
Natl Oats com
12%
28%
11%
7%
*
*
113
Jan
1,215
31 m
76
3%
331
103
Feb
-
...
-
4%
85
135%
5
Jan
Feb
Feb
Jan
308
19%
|621
8
Jan
4
116
Feb
116
32
Jan
34
Jan
3% IJan
16% [Jan
50
[Jan
6
Feb
34
125
6
1,060
»
18%
50%
19%
48%
19
772
50%
20%
48%
320
13
[Jan
300
48
Jan
U«
100
7
IJan
14%
15%
30%
14%
5
35
14%
Feb
£
1150
31%
19%
fcisi
23%
Ti 335
14%
27%.
28%
795
24
140
53
[Jan
[Jan
[Jan
[Jan
^4%
152
17%
[Jan
24
-
Roos Bros com—
11
17%
Feb
16
Feb
31%
Feb
20
Feb
29%
Feb
55
Jan
25%
Feb
Feb
Feb
56
119
Jan
13
Feb
29
125
29
Feb
4
58
110% 110%
125% 125%
12% 12%
44
45
Feb
Jan
50
Feb
22
Jan
27
21)
17?
Jan
23%
Jan
Feb
18%
Feb
39
Jan
40%
180
92%
Jan
96%
Feb
Jan
765
47%
Jan
55
781
700
5
665
153
20
5
3
[Jan
[Jan
[Jan
25o
Jan
23
17%
140
36%
61%
2,086
1,281
558
430
2,393
355
For footnotes see page 1086
33
33
5%
Jan
Jan
21
Feb
Feb
Jan
39%
70%
Jan
40
Jan
Jan
18%
29%
8%
Feb
Jan
Jan
21
Feb
Jan
Jan
Jan
1.238
53%
Jan
62
43%
36%
4%
Jan
Jan
695
1,440
1,010
120
452
Feb
8
Feb
24
Jan
16%
Jan
1,437
45
Jan
240
14
Feb
14,340
85
Jan
Jan
Jan
Feb
Jan
Jan
13
Feb
Feb
30
98%
45
94
Jan
15%
Feb
1,518
5
10
Jan
17%
17%
17%
88
88
88
72
72%
12%
30
Preferred
....100
*
100
Shell Union Oil com
Jan
18
Jan
450
22%
18%
Jan
Feb
38
Jan
32%
29%
53%
Jan
2,350
2,440
2,149
512
1,406
320
1,211
1,330
Preferred
Signal Oil & Gas Co "A"—*
Soundview Pulp Co
6
Southern Pacific Go...100
So Pac Golden Gt "a".—*
Spring Valley Water Co—*
Standard Oil Co of Callif—*
1
17
29%
104%
jok
Jan
10
148
18%
89%
Jan
1,440
72
Feb
3,787
6,203
72%
Feb
12%
Feb
31
Jan
70
750
690
1,711
75
43
45
1,312
165
834
12%
8%
Super Mold Corp of Calif 10
Jan
Telephone Inv Corp.——*
42
4
Feb
Thomas-Allec Corp "A"..*
70c
Jan
Tide Water Ass'd Oil com. *
ioH
47%
18
49%
18%
42
42
1,039
200
1,095
2,574
Feb
16
51%
Jan
100
Jan
Feb
Transamerica Corp——*
Feb
Union Oil Co of Calif
Jan
Feb
Union Sugar Co com
25
United Air Lines Trans..5
Jan
Universal Consol Oil
Feb
Waialua Agricultural Co. 20
110%
125%
13%
45
6% preferred
25
10
3%
21%
105%
17%
26%
3%
4
21%
105% 105%
16%
17%
26% 27%
21
24
24
24
21%
15%
71%
21%
15%
71%
21%
16%
71%
28,000
88
Jan
96
Jan
2,000
33
Feb
34%
Jan
349
665
10
500
1,188
25
38,158
3,396
546
235
4,192
70
349
11
38%
38%
39
725
Yel Checker Cab Co "A" 50
58
58
60
440
52
52
52
25
Second
349
Feb
Feb
5%
160
10
86%
108
150
45
50%
1%
Jan
150
165
51%
Jan
45
1,475
104% 105%
24
Jan
Jan
50
17
8%
Jan
Jan
152%
120
9Q
107
Jan
45
1
117
Jan
110
560
5
32
26%
11%
723
1,217
Western Pipe & Steel Co. 10
93%
7
Jan
Jan
39
86
120
Wells Fargo Bk & U T.100
92%
36%
14%
18%
Jan
Jan
27
107% 108
pref. 100
Schles'ger & Sons, B F, com*
S J L & Pow 7% pr
17%
Jan
86
108
105%
7%
31
58
39
23
46%
1
23%
1,001
47%
105%
7%
11%
30%
Jan
Jan
29
58
Jan
Feb
32%
64%
Jan
Feb
32%
11%
19
110%
122%
12%
33%
29
72
12%
50
17
33
71
51
20
17%
*
Petroleum
7-5
188
16%
21%
1
•
2,591
740
22
48%
18%
,
93%
4
248
Feb
Feb
23%
44%
Jan
12% Feb
27% IJan
Jan
10%
16
125%
Repubfio
Jan
49
11%
*
Preferred.
Feb
118
200
25
5%% preferred
25
Pac Light'n Corp com
.*
6% preferred
*
PacPubSer (non-vot) com. *
Feb
*5
11 4
6% 1st preferred
19
155
28%
Pacific Amer Fisheries—.5
50%
20%
49%
568
15%
............
Jan
Jan
Feb
56
56
100
12
10%
118 T118
12% 13
50
13
42
200
5
13
i6
Jan
220
1,765
2,795
610
Pig'n Whistle pref
*
Ry Equip & Realty com..*
6%
100
Rainier Pulp & Pap com.*
135%
4%
3%
35
35%
21%
Feb
Feb
3,640
Feb
IJan
50c
1941
120%
13
115
80
16
tScullin Steel 6s
United Ry 4s e-ds
Jan
120%
Jan
27
Jan
54
50c
15
24%
Jan
38
:
147
185 m
33%
38
147
[Jan
58
com
Jan
109
38%
147
4
23%
Bonds—
17%
109%
25
36
6% preferred———100
Paraffine Co's com—
*
Preferred
100
40
Scullin Steel pref
Wagner Electric
Feb
25%
Feb
4%
15
Stlx, Baer & Fuller com. 10
120%
4.239
31
Jan
*
Securities Inv pfd
Jan
25%
36%
25%
Jan
Feb
37
2,040
Southwest Bell Tel pfd. 100
110
107% 107%
147%
32
Jan
116
107%
25%
36%
147%
Feb
11%
8%
*
Jan
Feb
Jan
Pae Tel & Tel com..—. 100
15
Sugar
33
15%;
_*
Jan
6%
108
Jan
Jan
Paauhau
115
*
com
38
20
35%
Feb
*
Scruggs-V-B D G com..25
Securities Inv
105
Jan
Jan
55
5
31
-25
7%
15%
3%
Dry Goods com.*
St L Pub Serv pref A
St Louis Pub Serv com
970
35
23
10
Pacific G & E com
54
McQuay-Norris com—..*
Mo Port Cement com...25
RIce-Stix
25
770
1,828
3,555
9,756
1,588
610
31
Pacific Can Co—
19
19
.—20 -28%
St L Bk Bldg Equip com..*
St Louis Car com
10
,
12%
45%
Jan
Jan
12,219
25%
Feb
9%
4%
23
10%
16%
*
Feb
11
19
............
*
*
*
43%
102%
Feb
26
.
49
5
6
v
.*
Johnson-S-S Shoe com
780
14%
109%
31
—10
.....*
Jan
116
Globe-Democrat pfd
100
Griesdleck-West Br com .*
107
13%
12
14%
106% 107
4%
4%
22% 23
98%
89%
15%
Oliver United Filters "A"
110% 113%
31
.
Falstaff Brew com
41%
13%
13%
98%
89%
15%
Jan
31
31
Ely<fcWalker Dr Gds com25
Emerson Electric pref. 100
15
27%
30
36
_*
15
8
22%
15%
42%
98%
89%
15%
30
16
115
135
,
7%
22%
Jan
Feb
32
mmm-m
4
22%
27
47%
31%
85
8
21
52%
42%
35%
4%
42%
34%
37%
12%
29%
34%
4%
52
25
29%
35
35%
5
com
6
29%
34%
"
Century Electric Co—100
Cocoar-Cola Bottling com.l
Columbia Brew
35
29%
34%
48%
5
Dr Pepper com.
Jan
32
(new). .1
Central Brew Ino
30%
35
49
20%
52%
42%
34%
4%
26
10%
16%
22
17%
34%
32%
29%
48 m
106%
7%
23%
149
260
34
*
21
8
13
—10C
100
6% preferred.
5% % preferred
Occidental Ins Co
34%
25
com
5
1,049
Jan
Range Since Jan. 1, 1937
for
Week
Shares
35
25
28%
^
7%
27
North Amer Oil Cons—10
"B"
*
7%
28
*
No Amer Inv com
11, both inclusive, compiled from official sales lists
,
39%
66%
38%
17%
100
Natomas Co
St. Louis Stock Exchange
4%
20
70%
Hutch Sugar Plant.
telephone Central 3350
Par
1 5
139%
I Magnin &
Thurs.
.51%
10
Lockheed Aircraft
Chicago
Exchange
13
50
24%
18
25
10
Honolulu Oil Corp Ltd—*
Hunt Bros "A" com
10
New York Curb (Associate)
New York Stock Exchange
11
45
51%
5
20%
39%
70%
39%
18
Home F & M Ins Co
MEMBERS
Brown Shoe
20% 23
112% 120%
112% 120%
95
Hawaiian Pineapple
LOUIS MARKETS
Enquiries Incited on all
Mid-Western and Southern Securities
8% pref
6H
114
.18%
*.17%
Gladding, McBean & Co.* *28%
Business Established 1874
Amer Inv.
37
,
23
General Paint Corp pref-.*
Common
*
I. M. SIMON & CO.
com
Jan
Jan
Feb
51
Hale Bros Stores Inc
American Inv
105%
11%
45%
103%
37%
6%
120%
94
General Motors com
2
5
*24%
Gailand Merc Laundry—*
327
*
Stocks—
Feb
40%
"A" preferred
1,135
58% 158%
ST.
Feb. 6 to Feb.
48%
140%
Foster & Kietser com..2%
50
West'se Elec & Mfg Co..50
Unlisted—
Louis
825
,.,95
495
6%
1
Westlnghouse Air Brake.. *
St.
Jan
Feb
Fireman's Fund Insur—25
Food Mach Corp com—10
*
C
Jan
1%
49%
Fireman's Fund Indem.-lO
Emsco Derrick & Eq Co..5
768
Victor Brewing Co
Pennroad Corp V T
Jan
Feb
105
100
104
103*
23%
1,850
8,000
3,305
Preferred..
United Engine & Fdy
United States Glass Co..25
Vanadium Alloy Steel
Feb
31%
12%
270
26%
23%
18%
40%
550
San Fay Mining
Shamrock Oil & Gas.
Feb
10
29%
13
795
100
Co
104
37%
,
Creameries of Amer Inc..* I
673
Pittsburgh Forging Co
1
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass. .25
Pitts Screw & Bolt Corp.. *
Pittsburgh Steel Fdy
*
Preferred
CstCosG&E6% 1st pf. 100
740
7%
*
104
10
Jan
Feb
24%
46
Claude Neon Elec Prods..*
7,407
Feb
Feb
6%
%
49%
110
4
*
com
155%
30%
205
225
105
%
49%
45%
691
12%
Jan
Jan
700
Calif Packing Corp
*
Calif Water Serv pref.-100
111%
Jan
7,620
2,445
11%
10
»
23%
5%
19%
High
Jan
230
Jeannet Glass pref
»
Low
151
150
32
Calif Ink Co "A"
McKinney Mfg Co
608
31
50
Lone Star Gas Co..
933
1,835
32
Harb-Walker Refrac Co__ *
Koppers G & Coke preflOO
50
155% 155%
29
30%
6%
6%
23% 23%
202
207%
8% 10
27% 29%
7% preferred
..100
Callf-Engels Mining Co
1
938
23%
46%
1%
6%
23%
207%
9%
29%
Low
Calamba Sugar eom
20
Calaveras Cement Co com *
564
Duquesne Brewing Co
5
Follansbee Bros pref
100
Fort Pittsburgh Brewing. 1
30
10
Atlas Imp Diesel Eng Co. 5
1,326
10
155 %
Bank of California N A.80
500
8%
Price
Alaska Packers' Assn. .100
398
_
Carnegie Metals Co
Rights
Central Ohio Steel Prod..*
Devonian Oil Co.;
Stocks-
Jan
Jan
Financial
1086
Feb.
Chronicle
STRASSBURGER & CO.
MONTGOMERY
133
SAN
1937
13.
Canadian
Wood,
STREET
FRANCISCO
Bonds
(Since 1880)
Stock
Members: New York Stock Exchange—San Francisco
Curb
Francisco
Exchange—San
Exchange—Chicago
Board ol Trade—New York Curb Exchange (Associate)
Direct Private Wire
Francisco Curb
San
Feb.
Exchange
Week's Range
Last
Sale
Far
Alaska United Gold
Low
Shares
High
45c
Jan
70c
Jan
100
6c
Jan
20c
Jan
jan
Feb
4
340
20%
50
10
26%
Jan
182%
202
179%
Feb
5%
20%
29%
186%
80c
3,473
78c
Jan
91c
Jan
5
Amer Hard SS
American Rad ASS
American Tel & Tel
100
1
American Toll Bridge
3
Aviation Corp
"iVA
Bancamerica-Blair
Central Eureka Mining—
57%
27%
11%
Feb
Feb
Jan
13
Feb
17%
9%
13%
Jan
Jan
102
4
Jan
Jan
116
Jan
Jan
%
Jan
6*4
Feb
Jan
50c
Jan
4%s
Jan
75c
Jan
4%s
/•
80
16,859
7,800
150*
Jan
Jan
5s
40c
Jan
9Sc
Feb
5s
Oct
1 1969
40c
Jan
95c
Feb
6s
Feb
1 1970
i 2,278
4%
Jan
3,990
70c
Jan
5%
3%
115
185
115
165
16%
150
125
Jan
15%
Jan
Jan
8
50
Jan
64
15
18%
Jan
30
106%
22%
71%
Feb
75
22
Jan
25
46
Jan
23%
48%
165
245
Jan
6%
155
Flbreboard Prod pref--100
1,950
24%
General Metals
60
20
'22%
-------20
10
20
Hawaiian Sugar—
Hobbs Battery A
25
-
35c
125% 126%
1 1946
Grand Trunk Pacific Ry—
4s
_Jan
1
1962
3s
Jan
1
1962
107%
99% 101
106
Private wire connection between New
Feb
Corporation
•
York, Montreal and Toronto
Royal Securities Corporation
Feb
Feb
30 Broad Street
Feb
70c
SECURITIES
Municipal
•
New York
•
Bell System. Tele.
Feb
HAnover 2-6363
•
NY 1-208
Jan
1,35
1
1.15
80c
Jan
1,655
5%
Feb
7%
Jan
1.60
7,931
1.10
Jan
1.75
Feb
13%
894
Jan
14%
Feb
70c
12,975
10,823
25,609
51c
Jan
77c
Feb
4.35
Jan
5%
Feb
Abltlbl P A Pap ctfB 6s '53
/94%
95
MaoLaren-Que Pr 5%s "61
97%
45c
Jan
72o
[Jan
Alberta Pac Grain 6s ..1946
98%
99
Manitoba Power 5%s.l951
99% 101
Jan
Beauharnols Pr Corp 5e '73
/57%
58%
Maple Leaf Milling—
Bell Tel Co of Can 68.1955
113% 114%
Holly Development
5,500
6
International Tel & Tel.
_
-
Italo Petroleum
5*4
Preferred—
1
Kinner Air & Motor
66c
12
22
100
10
Klelber Motors
"~54c
Mj&M&MOil
"l5%
16*4
.
71
48
Feb
Feb
Jan
Canadian Inter Pap 6e '49
Canadian Lt A Pow 5sl949
Jan
50cJ Feb
Jan
44Jan
Cedar Rapids M A P 6s '63
Consol Pap Corp 5%s_ 1961
Jan
43c
82c
Jan
Jan
46
25
Feb
pn m>m
18%|Feb
' r
Jan
East Kootenay Pow 7s 1942
8%
60
5%
Jan
7%
Feb
Eastern Dairies 6s
Feb
Fraser Co 6a
Jan
1 i960
1956
"n%
Radio Corp (Del)
19
Riverside Cement A
Schumacher Wall Board—
440
Jan
925
3.25
Jan
25
29
Standard Brands
*
29%
27%
185
Jan
10
2.45
4,405
Feb
Feb
Jan
General Steelwares 6a. 1952
9
Jan
20
Feb
6.75
3,825
Feb
24%
32%
28
Jan
Jan
Feb
29%
16%
2.45
Texas Consol Oil
1.30
10
46
Feb
47%
20
Feb
21
57%
50
57%
Feb
57%
3.25
16,148
Jan
3.25
Feb
Jan
75
Feb
7
No par value,
8,450
1.25
Jan
2.90
Feb
215
77%
Jan
107%
Feb
50
2.25
Feb
2.50
Cash sale,
7%
1,635
6%
17
760
15
Jan
7%
17%
Feb
Feb
18
955
14%
Jan
18
Feb
20
e
20%
217
20
Jan
10
10
Jan
9%
21%
10
Jan
National Standard Co. split
Jan
up its
Jan
old no par
capita stock for new capital stock of $10 par on a 2- or-1 basis.
g
•
Included
In
for
range
*
No par
Alberta—
Jan
Oct.
4%s
Bid
1 1948
year,
x
Ex-dividend,
y
Ex rights
or reorganization.
1 1956
70
July
4%s
Oct
12 1949
1 1953
Province of Ontario—
53
Sept
Bid
As*
111% 112%
116% 117%
6c
6s
120
121
4s
106
107
94%
112
113%
96%
4%s.„ --Jan
15 1943
15 1965
Manitoba—
Aug
1 1941
6a
June
6s
Deo
4%e
Province of Quebeo—
....
92
15 1954
....
90
2 1959
....
92
Prov of New Brunswick—
4%s
4%s
4%s
—
4s
4%s
..Apr
16 1960
109% 110%
15 1961
107
5%s
Sept
Mar
16 1962
1
1960
2 1950
1958
—Feb
—
5s
Apr
6s
...Mar
1
...May
1 1961
110% 112
108
109
110% 112
Prov of Saskatchewan—
109
Province of Nova Scotia—
4%s
5%s '47
-
102
.
104
103%
_
_
103
Quebec Power 6s
104% 104%
/92
103%
1968
Saguenay Power 4%a.l966
Sbawlnlgan WAP 4%e '67
Smith H Pa Mills 4%s '61
103% 104%
104
104%
104% 105
102% 103%
Southern Can Pow 6s. 1955
103
101%
86%
87%
Steel of Canada Ltd 6s '40
112
United Grain Grow 5s, 1948
99
81%
...
--
101
_
.
.
.
99%
82%
value.
101
•
/ Flat price.
4%S
109% 110%
110% 111%
NOTICES
—Henry Kemp & Co., Ill Broadway, New York, have issued a new
analytical discussion on Wyoga Gas & Oil Corp. for distribution to dealers.
—Allen
Bindler
&
Co.,
Inc.,
29
Broadway,
New York,
have issued
special reports on Irving Trust Co. and Bank of The Manhattan Co.
—Nichols, Terry & Dickinson, Inc., Board of Trade Building, Chicago,
have prepared a leaflet on railroad equipment trust
—B.
W.
Pizzini
monthly bulletin
on
&
Co.,
52
Broadway,
certificates.
New York, have issued their
guaranteed and minority railroad stocks.
—Wilson, Warkentin & Co., 41 Broad St., New York, have prepared for
distribution
on
a
detailed analysis of York Ice Machinery Corp.
Eastern Sugar Associates $5 cumulative preferred stock.
15 1943
86
89%
...Nov
15 1946
85
87
1 1951
86
87%
...Oct
now
associated with J. Arthur Warner & Co. i
Kirk and Harry C.
e
Reton have become associated with Hart
Texas 5% Refunding Bonds series
for $673,500 City of Lufkin,
1936-A.
—Hart, Smith & Co., 52 William St., N. Y. City, has prepared a com¬
parative table of Canadian bank stocks.
—Peter P. McDermot't & Co., 39 Broadway, N. Y. City, have
on
Tubize Chatillon
—Scherck,
bulletin
on
Richter Co.,
brochure
issued
a
Corp.
Landreth Building,
St. Louis,
have issued a
real estate securities.
—Newkirk &
--.June
—
U.
bulletin
'
Province of
Provincial Pap Ltd
99
103
1 1957
—Manufacturers Trust Co. is paying agent
69
98
102% 102%
103% 103%
....Deo
5s
Smith & Co. in their bank stock department.
99%
Prov of British Columbia—
6s
85%
84%
101% 102%
5%s. 1955
Ottawa Valley Pow 5%s '70
Power Corp of Can 4%s'69
bank stock department of their New York office.
Municipal Issues
Ask
f67
fS7
87%
100
CURRENT
—J.
Provincial and
6s-
1951
1961
—I. G. Osterweil is
t Company In bankruptcy, receivership
Province of
91
104
—L. M. Otis Co., 39 Broadway, New York, has prepared a memorandum
t In default.
Listed,
91
89
Nova Scotia LAP 5s. 1958
Ottawa Traction
96%
95%
United Secure Ltd
Stock dividend of 100% paid Sept. 1, 1936.
rCash sale—Not
89
..
Jan
15
1
c
2.90
10
5
Western Air Express
Jan
16%
16%
16%
20*4
Warner Bros Pictures
West Coast Life Ins
8%
Jan
2.25
"7%
5
Preferred
6%
107%
100
2.25
Victor Equipment..
70
590
7%
2.75
1.55
123
75
72%
107%
95
Northwestern Pow 6s-I960
Feb
25
:
5%s
5%s
Feb
2.75
United States Steel
103% 105
New Brunswick Pr 5s. 1937
Jan
225
7
United States Pete
50%
Feb
Feb
46
2.90
75
Gt Lakes Pap Co 1st 6a '66
Int Pr A Pap of Nfld 6s '68
Jan
21
3.15
Title Guarantee pref
United Corp
--
/50
3s
Feb
57%
Texas Corp..
90%
par value)
70%
104
Feb
Jan
30c
99% 100
112%
112
/90
Jan
20
"46
—
.
Feb
Jan
46
Sterling Oil & Devel—
Superior Ptld Cement A___
1989
Montreal Tramway 6s 1941
-
Lake St John Pr A Pap Co
Jan
1.90
1.30
80c
Feb
11%
5%
12%
Jan
15%
158
28
Jan
18
160
103
6s. 1945
5%s *57
6%s '52
WInnlpge Elec 6s.Oct 2 '54
Jan
Jan
/70%
101% 102%
1949
Gatineau Power 6a
Jan
29%
27%
28%
15%
1,282
29
2.20
2.35
Spearman Ham Air
100
24%
29%
27%
28%
15%
29%
27%
25
25
1,220
6%
22
p
60
Jan
720
10%
4%
10%
8%
16%
550
20
6%
6%
24
11%
5%
12%
8%
Radio-Keith-Orpheum
54
28
27%
11%
5%
11%
60
s
89
98
97%
104% 105%
Montreal L H A P ($60
86%
4.15
7%
98
88%
2%s to *38—6%s to '49
Montreal Island Pr
1958
Jan
1
B
3
Jan
3.35
Ask
Massey-Harrls Co 6s-.1947
McColl Frontenac Oil 6e '49
Minn A Ont Paper
6%s.l945
Donnaconna Paper Co—
12%
124
-
109
108
Dom Gas A Elec
545
60
—
Certificates of deposit.
3,140
60
87
[Feb
48
Bid
103% 104
Canadian Vlokers Co 6s '47
Feb
16%
34%
17%
1941
4.10
27%
11%
Pacific Western
♦
CanadaNorthPow 6s.. 1953
18
60
Park Utah Mines
z
Canada Bread 6s
Feb
4.00
100
Packard Motors-
Vica Co
Jan
3.25
Jan
17
7
6% pref
4.80
Jan
4.10
_
100
5%% pref
Jan
17
Pacific Clay Products-..
Pacific Coast Aggregates.
South Calif Edison
99
Jan
Utility Bonds
As*
85
3,200
48
;
Preferred
5%s-3%s_1948
Calgary Power Co 6s-.I960
40
165
42
60c
67c
20
Pacific Ptld Cement
Burns A Co
Feb
334
51
40%
Occidental Pete
Onomea Sugar
361
17
35c
__5
20
NevadaPorph
Jan
13%
35c
20
Oahu Sugar
60c
10%
30%
13%
13,562
North American Co
North American Aviation.
Jan
3.00
40
Mountain City Copper
Bid
11
190
4.40
1
Industrial and Public
3.80
100
Menasco Mfg Co
35
Jan
43c
645
Monolith Ptld Cement
Jan
8
[Jan
13%|£Feb
48,450
McBryde Sugar
McKesson & Robblns—
z
July
6%s
International Cinema— 1
Idaho-Maryland
z
Government
|Jan
450
Jan
111% 112%
116
116%
119% 119%
117% 118
m
Feb
Feb
250
Jan
450
15
Holland Land Co
Jan
114% 115%
112
112%
CANADIAN
Jan
■
I Jan
2%
106%
24%
Jan
4%s
Feb
i
Great West El-Chem
112%
Feb
131
779
4%b
[Jan
17%
Jan
113
1,075
53
Dominguez Oil Fields
Edwards Dental Supp
112
Jan
Jan
2%
16%
128*4
7*4
z
Canadian Northern Ry—
National Ry—
Canadian
Ask
Bid
As*
Bid
18c
125
pref
Curtiss-Wright Corp
Bonds
Dominion Government Guaranteed
Jan
67c
2%
Crown Will 2d
z
104% 104%
400
Consolidated Oil
z
103% 103%
109% 109%
1 1960
Jan
310
Coen Co's A
z
1 1964
July
3,500
4%
1
Claude Neon Lights
z
1 1946
Deo
4%s
70c
92c
Preferred
Cities Service.
z
Sept
6s
98
98%
perpetual debentures.
Sept 15 1942 /111% 112%
102%
Dee 15 1944 102
113% 114%
5s
!July
1 1944
90c
I
Cal Wa Co com
B
4%s
6s
4%s
35c
Cardinal Gold
Paolflo Ry—
4s
.
Sept
1 1951
June 15 1955
Feb
1 1956
July
1 1957
July
1 1969
~6
Calif Art TileB
Calif Pacific Trading
Preferred
Canadian
Jan
Jan
65
10
Bunker Hill-Sullivan
Ask
Bid
As*
Bid
Paclflo Ry—
Canadian
Feb
Feb
Feb
Jan
Jan
22%
10%
560
7%
178
16%
6%
>
350
13,165 f 9%
"17 H
Atlas Corp
53
100
10%
6
Argonaut Mining
Arkansas Natl Gas A
Feb
415
27
Anglo Natl Corp..
20%
875
57 %
Anaconda Copper
z
Railway Bonds
200
Alleghany Corp
z
Range Since Jan. 1, 1937
for
Week
of Prices
High
Low
Price
25
5
Alaska-Tread well
z
Private wires to Toronto and Montreal
Sales
Thurs.
Stocks-
Co ,f Inc.
&
.
12, both inclusive, compiled from official sales lists
Feb.
6 to
14 Wall St.
New York
on
Co., Inc., 71
Broadway, New York City,
has issued a
The Lanatin Corp.
—Weed, Hall & Co., 40 Wall St., New York, are distributing a circular
on
International Radio Corp.
members
HAnover
Telephone
new york security
2-0980
SPECIALIZING
IN
Bell
UTILITY
CANADIAN
52
BUILDING
ALDRED
System
NEW
PRIVATE
Volume
AND
WILLIAM
MONTREAL
WIRES
association
dealers
Teletype
NY
STOCKS
INDUSTRIAL
STREET
BONDS
AND
ROYAL
BANK
BUILDING
TORONTO
YORK
CONNECT
Hartwal
Cable Address
1-395
OFFICES
144
1087
Canadian Markets
LISTED AND UNLISTED
For miscellaneous Canadian
this section, see
page
tables, usually found in
Montreal Stock
1086.
Exchange
Sales
Thurs.
Last
Stocks (Concludes)
Montreal Stock Exchange
both inclusive, compiled from official sales lists
Last
Sale
Par
Stocks—
Price
Weel's
Ranoe
of Prices
Low
High
Price
9
9
Agnew-Burpass Shoe
*
17
Range Since Jan. 1,1937
for
10
Alberta Paclflo Grain A..*
Week
Breweries.
6
12
-
100
107%
Assoc Tel & Teleg pref—*
54%
17%
4%
Preferred
Bathurst Pow & Paper A.*
Bawlf (N) Grain
*
Bell Telephone.
100
169%
*
24%
38%
Brazilian Tr, Lt & Pr
British Col Power
B
Corp A. *
*
♦
Brack SUk Mills
Building Products A
10%
10%
*
-
64
L*
Canada Cement
100
Preferred
CanadaForglngs class A..*
Can North Power Corp
*
Canada Steamship
*
Canada Steamship pref. 100
Canadian Bronse
100
107%
54
17%
4%
54%
18%
4%
169% 169%
23% 24%
37%
38%
10%. 10%
11
10%
63
15%
107
Jan
Sbawlnigan W A Power. .*
32%
32%
25%
33%
4,656
29
Jan
290
24
Jan
Low
15
Preferred.,
High
.100
130"
12
Jan
Simpsons pref-——
Jan
7
Jan
Southern Can Power
Jan
Steel Co of Canada.
Canadian-Pacific Ry
Cockshutt Plow
Jan
13
Jan
Saguenay Pow pref..
107%
54%
Feb
Tooke Brothers
20%
5%
Jan
Jan
Tuckett Tobacco pref. .100
United Steel Corp
38
Jan
Wabasso Cotton.
Feb
Western Grocers Ltd
2,676
17%
Feb
70
3%
20
26%
Jan
Jan
203
Jan
24%
39%
Feb
Jan
80
10%
Feb
11%
Jan
Jan
11%
Jan
Jan
66
Jan
Jan
16%
Jan
170
19%
28%
70
438
Canada
...60
4
Jan
Canadlenne.
Commerce
..100
60
60
60
3
107* 107%
50
18%
18%
29%
27
19%
30%
27%
121
"28"
79
30
106
106
28
77%
6%
26
21
30
1,378
1.190
122
21
30
3,467
Famous Players C Corp
*
General Steel Wares
*
7
Gurd, Charles...
*
Gypeum. Lime A Alahast.*
Hamilton Bridge-..
*
Feb
10
105
Jan
108
*
International Power.
*
29
340
26
Jan
30
847
72
Jan
81%
Jan
-.100
1,801
57
100
100
54
Jan
19%
Jan
15
Jan
115
150
Jan
153
Jan
13
Jan
19
Feb
481
73
Jan
80
430
13%
Jan
16
Jan
1
Jan
2 %
Jan
5
Jan
1,060
21%
Jan
24
Jan
5%
600
34
15
Par
Stocks
Jan
8
Jan
33
Jan
37
Jan
Abltibi Pow A Paper
Co—*
6% cum pref-.——.100
Pref ctfs of dep
100
Acadia Sugar Refg Co..£1
Asbestos Corp voting tr..*
Bathurst Pr A Paper ol B. *
580
24%
Jan
Jan
Brewing Corp of Can
14%
14
15%
16
16
16%
540
Jan
Jan
Jan
Jan
Feb
17
Jan
78
78
5
63%
Jan
84
Jan
17
17
15
Jan
17
Jan
14%
15%
22%
13%
18%
Jan
15%
23%
Jan
Jan
40
25
100% 100
100
Jan
Jah
Jan
102
Jan
8.400
13%
Jan
14
Jan
50
7%
Jan
I4j|
14%
7%
33%
36
591
34
Jan
38
Jan
64
65,
6,569
64
Feb
65
Feb
10
215
5
Jan
12%
Jan
98
Jan
95
95
41
90
Jan
35
35
10
35
Feb
131
131
5
132
19%
39
39
20%
39%
13
78
10%
65
97
7£
36%
Jan
Jan
Jan
226
Feb
Municipal
Public Utility and
1883
Industrial Bonds
Sales
Beauharnols Power Corp.*
*
—*
51
43
51
840
5
5
5
25
95
95
102
1,832
8%
7%
7%
8%
8
8%
8%
8
8
""3%
S3 cum pref
Brit Amer Oil Co Ltd....*
19
3%
18%
25
25
25%
BC Packers Ltd........*
17
17
18
5.50
Calgary A Edmonton Ltd. *
Canada Malting Co Ltd..*
Can Nor Pow Ltd pref. 100 "111"
Canada Vinegars Ltd
*
Can Dredge A Dock Ltd..* "45"
Cndn Int Inv Trust Ltd—*
5% cm pref—.——.100
Cndn Marconi Co
—1
Range Since Jan. 1,1937
Shares
43
5.30
36%
111
"93%
2%
3%
19
10%
Jan
41%
Jan
57
Jan
41
Jan
56
Jan
5%
Feb
Jan
Jan
8%
Jan
Jan
Jan
Jan
9%
Jan
8%
Jan
4
Jan
5,073
7%
6%
7%
2%
14%
22%
Jan
Jan
21%
25%
Feb
161
17%
Jan
19
Jan
792
4,909
149
3,140
645
112
Jan
Jan
3.00
Jan
34
Jan
110
100
Jan
111
Feb
'Jan
10,400
6.40
37%
10
19
Jan
20
105
44
Jan
46%
4%
720
3
Jan
93%
200
93
2%"
6%
1,185
Feb
Feb
Jan
19
1.85
Jan
Jan
Jan
298
5
Jan
23
23
60
20
Feb
13%
13
14
651
13
Feb
55
55
55
5
59
*
3
3
Ltd.*
6
*
5% cum pref
Canadian Vlckers Ltd—♦
Cum pref
Jan
95
.100
Cndn Pow & Pap Inv
5%
480
6.40
45
2%
High
Jan
37
19
93
Low
7
111
45
4%
5
70
Jan
75
Jan
8%
13%
Feb
10%
Feb
Jan
14
Jan
Feb
Commonwealth Pete.
1
Feb
Consol Bakeries of Can—*
21
Consolidated Paper Corp.*
David A Frere Ltee A—*
14
25
28
Jan
31
80
58
Jan
65
46
91
Jan
95
Jan
2.401
40
Jan
42%
Feb
411
Jan
43
Jan
515
Feb
57%
Jan
43
Jan
54
Feb
1,563
53
120
75
1,753
73%
Jan
Jan
30
48
10%
Jan
Feb
Canadian Wineries Ltd.
.
.
6
cum preferred
—15
City Gas & Electric Corp. *
Claude Neon Gen Adv Ltd*
11
Jan
80
Jan
17
17,578
20%
10%
Dominion Stores Ltd
*
5%
Dom Tar A Chemical Ltd *
"11%
17
A—.*
"l4"
104
104
5
104
Feb
European Elee Corp Ltd. 10
Fairchild Aircraft Ltd
b
11
Ford Motor Co of Can A.
28%
100
127
127
130
80
130
Jan
3,420
1,601
10
10
435
23
23
75
35
26%
22%
Jan
8%
Jan
19
103%
Jan
Jan
Jan
*
Feb
18%
5%
Feb
62
Jan
65
Jan
10
Jan
Jan
11%
18%
Jan
15%
11
11%
765
16%
17%
1,025
14
Jan
14
*
*30
Feb
Jan
365
110
Jan
117
Jan
2,379
14
Feb
17
Jan
Jan
14
15%
14%
425
14
Jan
16%
28
25
33
Jan
33
24
60
17%
Jan
30
10
200
10
Jan
9%
27%
11%
29%
3%
3,535
9
Jan
2
Ottawa L Heat & Power..
Preferred....
100
.
4
50
10
13
Foreign Pow Seo Corp
56
65
115
Feb
23
18
Jan
5%
Jan
21
28
Ontario Steel Products.—*
*
5%
114
Dom Tar&Chem cm pf 100
Donnacona Paper
B—-
13%
65
Ea Kootenay P 7%cmpf 100
Eastn Dairies 7 % cm pf 100
Jan
Feb
21
Jan
61
Jan
70c
Jan
*
Jan
4
33c
Ltd
Jan
1.80
Feb
100
Dom Eng Works
11%
2%
70c
21
Jan
Feb
80c
70o
Feb
20
Jan
3%
10
Jan
70c
Jan
50
Jan
*
Jan
66
1.25
3%
Jan
63
10
40c
2%
15
20%
20
60c
2%
165
19%
25
1.50
Feb
Jan
Commerical Alcohols Ltd *
245
63
11
3%
6%
860
855
19
19%
11
165
220
55c
20
63
10
1.50
168
100
*
3%
9
270
105% 106
Canadian Government
19,900
2,945
18
330
Jan
7%
44%
166
106"
Jan
201
7%
44%
267
Rolland Paper pref-—100
Jan
314
Catelll Food Products B 5%
30
10
Feb
217%
for
Price
Jan
74%
25
Jan
Week
*
...
59
5
of Prices
Low
High
Jan
54
33%
24%
Jan
86
Week's Range
...100
Preferred.
57
241
15
51%
26%
Jan
201
43%
51
24
Jan
335
Jan
85
33%
Jan
241
Jan
41%
24
10%
10
85
333
223% 223%
8
11,315
1,737
.
Jan
240
39
42
*
78
Jan
Jan
5%
5%
711
282
240
Catelll Food Prods Ltd.—*
96,
Preferred
2,404
Jan
Jan
42
Power Corp of Canada.—*
8
7%
82%
Feb
Feb
41
Quebec Power..
Regent Knitting .
Jan
155%
21
97
Penmans
Jan
Jan
43
211
132
41%
Ottawa Traction
8
23
Jan
Jan
Jan
National Breweries......*
Preferred
Jan
Jan
30
15
Jan
Jan
Montreal Tramways... 100
Ogllvle Flour Mills
4
12
34
143
110
31
65
Feb
183
105
78
70
36
15%
2,045
13
Jan
169
Brewers A Dist of Vane— *
7%
14%
12%
28%
17%
13%
17%
Jan
8%
53
65
Jan
25
6
Sale
4,421
3,340
3,141
2,235
1,215
Jan
38
Last
17
14
27
102
Jan
215
4
Jan
Jan
22%
Thurs.
26
"52"
60
24
Feb. 6 to Feb. 11, both inclusive, compiled from official sales lists
16%
7%
25
70
10
Jan
Jan
25
9%
30
157
Jan
Montreal Curb Market
Jan
14
9%
24
Jan
Jan
155%
7%
Jan
16%
14
3,415
330 Bay SI, Toronto
26
"78"
20
9
Jan
80
31
Niagara Wire new
Noranda Mines Ltd..—.*
Nova Scotia Steel pref—
17
81%
28%
57%
21%
10
Mtge—25
National Steel Car Corp—*
Feb
Jan
22,848
Montreal Telegraph....40
Preferred—
17;
Jan
19
13%
Montreal Loan A
Jan
Jan
"lii"
159
9
206
Sparks St, Ottawa
Jan
95
Jan
255 St. James St., Montreal
56
Jan
Feb
151
14
*
Jan
Feb
23
14%
74%
110
22%
7%
8:
Jan
24%
55
115
Jan
Feb
16%
*
Massey-Harris.......... *
780
21%
19%
Preferred...
6
16%
14%
35
..*
pref.. 100
6%
Jan
9%
21
58
58%
155% 155%
ESTABLISHED
Jan
9%
80
Feb
79
14
65
33
INCORPORATED
34
"35%
Industrial Acceptance.
International Paper.
Jan
HANSON BROS
Jan
Jan
50
21
3
Feb
20
14%
Feb
; 5
Feb
125
14
21
Jan
5%
34%
5
205
58%
'OO
31%
14%
102%
205"
-100
......
14
-100
Imperial Tobacco of Can.5
Preferred.
—£1
32
27%
-100
Scotia
31%
Hillcrest Collieries pref. 100
Holllnger Gold Mines....6
Howard Smith Paper
*
Howard Smith Paper pf 100
7
34
*
Foundation Co of Can
22%
3%
21%
Jan
Jan
vh
Feb
3,210
1,930
1,705
1,122
...*
*
McColl-Frontenae Oil
28
24%
30
16%
17%
78%
14%
Jan
Feb
21%
77
English Electric A
English Electric B
Lindsay (C W)
21%
Jan
25
1
Prod..*
Lang (John A) & Co
Lake of the Woods
Feb
Jan
75
Eastern Dairies...——..*
Jamaica P S Ltd
18%
21
24%
56%
20%
14%
Preferred...
Royal
107%
29
16%
76%
24%
56%
20%
79
Jamaica PS Ltd
N
Feb
61%
Feb
50
9,511
*
.
Montreal
11
Feb
25
17
*
_
Jan
Feb
Feb
Feb
16%
17%
Jan
11
58
107%
558
16
Jan
20%
29%
122
320
5%
Jan
99%
7%
..100
Jan
107%
Feb
Jan
74
205
Banks—
10
Jan
Feb
81
80%
327
Feb
Jan
Jan
88
90
7
Jan
6
Eleotrolux Corp
Enamel A Heating
108
Feb
82
82%
100
6%
151
—,
Jan
Feb
18
38
B...
Woods Mfg pref
2%
151
..
104
108
83
6
435
115
Dryden Paper
8
56%
15%
Jan
Jab
14%
22%
Windsor Hotel pref
100
Winnipeg Electric pref-100
Winnipeg Electric A
*
385
102
23
Windsor Hotel
Jan
3,285
Jan
49
70
18%
37%
16%
107%
Feb
101
159
9%
22
....
741
100
Dominion Textile.
170
Jan
16
Jan
33
100
410
Dominion Glass pref... 100
Dominion Steel A Coal B 25
.....
Jan
130
Jan
5
Preferred
Feb
Jan
14
101
1,270
2,256
100% 101%
3%
115
.
159
.Preferred
245
11,441
18
*
Feb
Feb
17
Dist Corp Seagrams
Dominion Bridge
*
Dominion Coal pref—100
Dominion Glass.
107%
54
6%
Con Mln A Smelt new...25
82
53
5%
17%
16%
25
89%
6
Jan
127
5
15%
79
.*
Jan
Jan
Feb
Jan
135
130
101
108% 108%
16%
18%
18
25
5
11
*
*
*
63
*
Class B
101
100
7%
27
Canadian Locomotive
Preferred-
Jan
3
48
Canadian Ind Alcohol
8%
95
130
15
Simon (H) A Sons pref. 100
7%
25
Can Cottons pref
100
Candlan Foreign Invest--*
Can Hydro-Elee pref-—100
Jan
18%
3
7%-———100
"Rights
—*
Canadian Converters. .100
Jan
7%
"28"
;.*
Preferred.
Canadian Celanese
16
17%
26%
19%
27%
Feb
68
4%
10
64
Feb
33%
26%
758
10
31
30%
77%
3,945
100
107H
Jan
30
75
26
Jan
11%
72
525
6
High
Jan
28
55
54%
Low
of*
25
6,045
72
25
pref*
conv
Canadian Car A Foundry.*
Preferred
15%
107%
*
-
Preferred
Can CannersLtd
54%
12%
135
5%
30
-100
Preferred
10
5%
Amal Electric Corp
*
Ang-O T pf 7% Can reg.50
Associated
10
Shares
10%
28
Sberwln Williams of Can. *
Shares
17%
Range Since Jan. 1,1937
.60
Simon (H) A Sons
Aome Glove Works Ltd--*
;
Week
St Lawrence Paper pref-100
Sales
Thurs,
Par
St Lawrence Corp
A preferred..
of Prices
Low
High
I
for
Sale
Feb. 6 to Feb. 11,
Week's Range
8,040
22%
Jan
230
1.25
Jan
iS*
2$
Jan
Jan
Feb
Jan
Feb
Feb
31
31%
482
30
Feb
Voting trust otfs.*
Frelman (A J)6% cm pflOO
30%
30
31%
2,989
30
Feb
34%
34%
48
48
48
30
49
Jan
49
Jan
GenSteelWares7% ompflOO
95
98% 100
555
76
Jan
100
Feb
Fraser Cos Ltd.........*
*
No par value.
4 4
Jan
Jan
1088
Financial
Chronicle
Canadian Markets
Montreal
Curb
Thurs
of Prices
Week
Price
Loto
High
Range Since Jan. 1, 1937
Shares
70c
70c
70c
15c
15c
15c
Loto
500
Hunter Valley opt warr...
2,000
7,494
Imperial Oil Ltd-
21*
21*
•
10
10
21*
10*
Intl Paints 5 % cum pref. 20
Int Petroleum Co Ltd
19
19
20
Stocks (Concluded)
High
70c
Jan
15c
70c
Jan
Feb
15c
Feb
B C Power A
Jan
21*
Jan
Building Products A
Jan
11
Jan
Burt (FN)
Jan
20
Jan
Canada
Par
British American Oil
19
147
21
365
6*
Week's Range
for
of Prices
Low
High
Week
Price
25*
37*
62*
37*
64
235
57'
Jan
66
42
43
105
42
Feb
44*
1,600
8
Jan
102*
61*
Jan
103
Jan
58
Bread
*
35
2,307
33*
Jan
36
Jan
A preferred
21
585
16*
Jan
21
Feb
B pref
Jan
29*
17,605
1,195
1.65
MacLaren Pow & Paper__*
Ma88ey-Harrls5% cm pflOO
McColl-F Oil 6% cm pf 100
29*
Feb
37 *
Jan
535
52*
Jan
64*
Jan
100
296
99*
Jan
Jan
Canada Packers
14
635
12*
Jan
Jan
4*
25*
115
Canada Steamships
♦
Canada Steamships pf.100
Can Wire A Cable A
*
9*
Canada North Power
Melchers Dlst Ltd A
*
B
3*
100
13 *
13*
4
Mitchell A Co (Robt) Ltd *
Page-Hersey Tubes Ltd.,*
Price Bros & Co Ltd-100
6*% cum pref
Power of Can
100
25
102
24*
*
54
*
Samia Bridge Co B
*
Southern Can P pref. .100
45
99
5,920
25
Jan
890
98
Jan
139
Jan
106
7
104
Jan
105*
Jan
Jan
4*
55*
Jan
Feb
22
Jan
37*
Jan
101*
4*
10
4,960
43
Jan
18*
15
13
Jan
100
8
Jan
16
Jan
195
104
Jan
107
Feb
Canadian
10
7
Jan
Jan
42
26
Feb
7
7
26
26
15*
93
2%
Walker-Good & Worts (H) *
Walker-Good A Worts pf *
46 *
47
20
6
19*
770
19*
Feb
11
10*
11*
735
10*
Feb
*
18*
18*
1,775
18*
Feb
25
Dredge
*
Canadian Pacific Ry
Canadian Wineries
25
Cocksnutt..
Jan
4c
20,650
3*c
Jan
6c
7c
8,700
4*0
Jan
9o
Jan
Consolidated Bakeries..
Consolidated Smelters..25
1.00
1.00
1.07
2,200
85c
Jan
1.15
Feb
Consumers
Base Metals Mining
Beaufor Gold
*
46c
46c
46c
500
Jan
29c
Jan
Cosmos
_
Gas.
100
>1
55c
55c
60c
36,350
45c
Feb
65c
Feb
60c
65c
4,787
60o
Jan
69o
Jan
Dominion
92c
90c
Feb
Coal
25
46c
Jan
Brazil Gold A Diamond Ml
8c
8c
9c
2,200
7c
Feb
15c
Jao
Dominion Steel A Coal B 25
Dominion Stores
*
11c
10c
12c
75,700
9*c
Feb
13c
Jan
Eastern Steel Products
29
28*
29
1,691
Cndn Malartlc Gold
2.15
2.05
2.20
6,850
38c
32c
1
~4~75
4.70
4.75
*
9c
8*c
9*c
1.93
1.80
2.10
*
3.60
Dome Mines Ltd
*
Duparquet Mining Co_..l
East Malartlc.
1
_
3.50
2.95
49*
~8*c
8c
1.78
1.63
50
2.50
2.50
2.67
11
11
11
Graham-Bousquet Gold__l
Greene Stabell Mines Ltd.i
Home Oil
*
Homestead Oil A Gas
1.30
48c
1.28
~33*
1
English Electric A
Feb
1.63
Feb
4.20
Jan
Jan
Equitable Life
Fanny
Feb
Ford
Jan
3.55
Jan
50*
Feb
10c
Feb
Goodyear Tire
1.20
Jan
2.03
Jan
Preferred
15,250
Jan
Jan
2.70
Jan
12*
Jan
1.58
60c
67,350
60c
A
Feb
17*
10*
19*
15,198
11*
1,010
21
14
7
37
Jan
36*
17*
14
6
22*
27*
15*
87
56
56
56*
3*
3*
20*
15*
6*
21*
14
Jan
♦
35
34*
15c
Jan
27*c
Jan
InternatI Utilities A
»
30*
30
5,134
18c
Jan
30c
Jan
Internatl Utilities B
*
3
Lee Gold Mines Ltd
1
6*c
6c
6*c
30,500
5*c Feb
7 *c
Jan
Kelvinator
♦
38
Macassa Mines
1
7.95
7.85
8.00
6,550
40*
40*
7.30
59
Jan
Jan
Jan
39
8.50
42*
Lang A
Jan
4.15
4.15
100
3.80
Jan
1
5*c
5*c
6c
23,200
3c
Jan
8c
Jan
Montague
25c
Jan
41c
Feb
Jan
13*
Jan
Feb
4.15
1
40c
40c
41c
2,000
O'Brien Gold Mines Ltd__l
9.15
9.00
9.75
7,140
Pamour Porcupine M Ltd*
Parkhill Gold Mines Ltd._l
3.50
150
"26c
22c
26c
48,550
21c
Jan
2.10
2.08
2.20
4,350
2.08
Feb
2.51
Jan
Pickle-Crow
8.50
8.40
8.50
8.05
Jan
9.10
Feb
85c
85c
1,200
73c
Feb
85c
Feb
6.30
6.20
6.70
6,375
5.00
Jan
6.85
Feb
14c
10c
16c
1.65
1.99
Sylvanite Gold
1
4.40
Teck-Hughes G M Ltd___l
Thompson Cad
.1
Towagamac Exploration 1
Wayside Cons
4.05
"
Preferred
19*
*
22*
22*
24*
22*
Jan
16c
Feb
76o
Jan
1.13
Feb
Monarch Knit.
2.90
Jan
3.60
Jan
Moore
5.10
Jan
6.65
Jan
1.90
Jan
2.50
Jan
1.48
Jan
1.75
Feb
1.95
2.05
195
1.95
Feb
2.25
Jan
4.40
4.65
550
3.90
Jan
4.70
Feb *
5.85
5.80
6.05
1,525
5.30
Jan
6.10
1.50
1.50
1.72
Jan
2.15
Jan
1.55
51,805
1,800
1.30
1.50
1.31
Jan
1.67
Feb
2.90
2.90
200
2.88
Jan
3.15
Jan
Pressed
60
Feb
7c
Jan
Remington-Rand
7.60
Jan
8.20
Jan
6c
6,000
8.05
470
Preferred
Corp
1
Feb
I
*•
"44*
1.15
&
Members Toronto
«•
Hi
IIII*
I*
IIIHI*
.".III
*
..._.*
com.....II.*
(Hiram)
com
Preferred
Par
6% preferred
*
..100
Alberta Grain
Price
7%
45
*
100
*
Beatty Brothers
*
Beauharnols
*
Telephone
Week
Low
------
17*
------
8*
169
*
15
*
Blue Ribbon pref
50
Brantford Cordage pref ..25
Brazilian
*
4*
37
------
24*
Brewers A Distillers new.5
8
Brewing Corp of Canada..
3*
Preferred
45
36
100
Biltmore Hats com..
Blue Ribbon
7*
5*
100
Bathurst Power A
Bell
for
of Prices
High
Range Since Jan. 1, 1937
38
13*
107
11*
Low
21
730
10
106*
Feb
106*
20*
Jan
3*
39
210
15*
Jan
72
Jan
520
23*
Jan
24*
245
21
Jan
22*
10
2*
Jan
5
6*
Jan
11
9
Jan
8
10
62*
13,625
10
Jan
65
Jan
14*
70
99
Jan
20
5
Jan
100*
5*
Jan
44*
Jan
1*
42*
1,370
805
1.15
.400
42*
9*
20*
20
39*
Jan
1,140
8*
Jan
43*
1
15
20
Jan
175
98
Feb
99* 102
8*
7*
23* 25*
1,910
7*
Jan
300
23*
Jan
31*
33*
35*
26*
2,005
27
Jan
880
33
Jan
150
22
Jan
31*
85
31
Feb
1
5
101
32
38
190
14
475
108
100
13*
106
12*
Jan
52*
13*
1,767
44*
33
77
100*
20
Jan
Jan
9*
21*
102
9*
26*
33*
35*
29
33
101*
38
11*
Jan
17
bs
146
Jan
110
Feb
17
9
46*
19*
14*
48
10*
11*
49*
46
Jan
83
90*
960
80
Jan
16*
49*
90*
75*
80
375
73
Jan
80
30
100
17
17
16*
10*
16*
2,145
10*
70
17
17*
3,070
9
9*
47*
3,435
1,485
46
17
Feb
17
15*
Jan
16*
10*
16*
Jan
11*
Jan
19
Jan
j*
10*
Feb
48*
20
"l7*
19*
980
19*
Jan
11
11*
255
11
Feb
12
85
11
85
80
80
Jan
90
19*
17* 18
104* 105*
2,210
'
Feb
18*
Feb
106*
Jan
10
100
104*
45
7*
7*
8
925
4*
37*
37*
60*
38
30
31
Jan
44
5
53
Jan
75
Wood (Alex A
....
Jas) pref. 100
Zimmerknlt
Shares
36
Jan
Jan
60*
5
6*
High
5*
Jan
6*
Banks—
Abitlbl
Alberta Grain pref
Ault A Wlborg pref
Week's Range
Sale
Jan
15*
1*
30*
17*
104*
New preferred..
Sales
Last
14*
65*
Winnipeg Electric A
*
Winnipeg Eleo pref...100
both inclusive, compiled from official sales lists
Thurs.
*
Western Can Flour
♦
Western Can Flour pf__100
Westons (Geo) oommon
*
Toronto Stock Exchange
Jan
22
105
34
830
101
16*
Gas
Walker
9,147
Jan
1.00
26*
"17"
Tip Top Tailors
United Steel
35*
~90"
Stuart pref
Union
8*
"33*
*
Tamblyns Lts
WA. 3401-8
21
6
43*
20*
101
I~~25
Preferred
(Associate)
King Street West, Toronto.
*
Standard Steel pref
Exchange, Inc.
14
5*
31
Steel of Canada
Stock Exchange
9*
9
»
Simpsons Ltd pref_._Hi6o
Standard Chemical....
*
Co.
22*
Feb
41*
III*
Plpe.I.II*
Metals
7
Jan
14
210
5*
*
Photo Engravers
Power Corp
Jan
20
25
1,743
99*
common.
Page-Hersey
Pantepec Oil
5*
275
5
14
13*
99* 100
M uirheads
National Sewer
1,055
3*
9*
13*
100
National Breweries
National Grocers
stock brokers
Canadian Commodity
New York Curb
17*
10*
61
Riverside A
6c
7.95
94c
Duncanson, White
Stocks—
9*
9
10*
61
Simpsons B
Feb 6. to Feb. 11,
10*
*
Saguenay Power pref. .166
Simpsons A
„»
15
5
"9*
100
7*c
6c
39
74
23*
100
M cColl-Frontenac
'
20
19*
Maple Leaf Gardens pref 10
Maple Leaf Milling
»
j
38
"24*
Maple Leaf Milling pf.100
Massey-Harrls com
♦
34,175
16,615
6.25
7,700
2.28
17,650
1.66 161,620
7.95
Jan
Feb
106*
74
118,400
Gold..-60c
Jan
29*
13*
(John;
B.
Jan
36
106
*
1.06
...»
Wrlght-Hargreaves
Feb
2*
"*
3.35
.
Ventures Ltd.
3.50
Sons Ltd.
Lang Co.)
Laura Secord
Loblaw Groc A
26*o Feb
Perron Gold Mines Ltd...l
8.50
1.100
Preferred
Jan
Moffatt-Hall Mines
*
Sullivan Cons Mines Ltd.l
2*
10
35,652
36*
8,750
27c
11
125
2,265
35*
31*
3*
395
Jan
22c
Stadacona-Rouyn
57
Jan
18c
1.97
Jan
Jari
25c
6.00
66
13*
26c
2.00
544
102*
62*
20c
6.05
89*
120
58 *
1
17*
Jan
520
1
Sladen Mai
Jan
11,087
1
Slscoe Gold Mines Ltd...l
Feb
8
21*
Lamaque Contact G M._*
92c
7
14*
14*
103* 103*
21*
7
23*
29*
85
7,326
1.35
21*
Jan
290
14
6
Lebel- Oro Mines
3.00
140
Jan
1,485
35
13*
19,730
Feb
Feb
22*
1,965
65*
Lake Shore Mines
93c
3*
35
14*
6*
20*
14*
5*
22
60
7
16*
160
5
14
64
Jan
9*
Jan
31
64*
1.14
Jan
34
15
♦
700
400
4*
60
14*
1.20
19*
11*
24
37
103*
1.15
Jan
Jan
32
5
1
3.20
553
Jan
19
32
lou
Klrkland Lake Gold
85c
27*
28*
21*
37
_I»
Feb
1
8*
22
12*
10*
75
Intl Milling pref
InternatI Nickel com
Internatl Petroleum
Jan
57c
1
Jan
Imperial Oil Ltd—
Imperial Tobacco
35*
Jan
Shawkey
Feb
20
Jan
Jan
Jan
Sherritt-Gordon
24*
74*
25
*
57c
1
Feb
*
43c
Ritchie Gold.
25
Hinde A Dauch
32*
1
207
Hunts B
700
1
82
Feb
Jan
515
Gold
Jan
201
Feb
15,300
Jan
207
1,985
46 c
70c
350
20*
1,016
4.05
52c
17
77
Jan
33*
Feb
207
87*
*
14
1,875
20
28*
*
4
105
16*
22
23*
29*
7*
17
87*
Gypsum L. A A
Harding Carpets
17*
Jan
103*
5,336
8
Jan
Jan
20
21
23*
50
14*
150
Jan
70c
Read-Authler Mine Ltd..l
19,072
3*
Feb
45c
Quebec Gold Mining
17
105
18c
33*
3.50
135
32c
35,420
1
M clntyre-Porcupine
5
Mining Corp of Canada..*
19
Jan
25*
~8~
7*
Jan
20*
17*
Feb
14
126
24*
11*
Feb
5
2.75
39c 123,500
57* ' 57*
30
21
7
Great Western Sad
Preferred
Feb
75
46*
8*
50
Frost...
Jan
1.15
20*
205"
32
Feb
6*
5*
70
.*
General Steel Wares
Jan
2.35
16
Jan
43
130
*
1.37
47*
5*c
Feb
16
105
28
85
25*
♦
230
10*
76*
*
83,950
J-M Consol G M Ltd
Hudson Bay Min A Smelt *
25
Farmer
Feb
585
3.95
*
Feb
2.70
22
206
*
B
Feb
5.15
9*c
12,700
28c
3.30
Easy Washing
*
Economic Investment...50
Jan
1.42
42c
28c
3.60
Feb
47 *c
1.80
•
Falconbrldge Nickel M._*
Francoeur Gold Mines Ltd*
Feb
2.28
Jan
6*c
10c 157,600
1.83
12,180
Eldorado Gold Mines Ltd 1
29*
Jan
1.63
37,930
Dalnousle Oil Co
Jau
1.85
69,250
1
16*
105
*
27*
620
Clerlcy Consol Mines
Consol Cblbougamau
5*
15*
5*
15*
130
20*
12*
21*
265
24*
pref
Brownlee M ines (1936)... 1
Bulolo Gold Dredging Ltd 5
Central Patricia Gold
3,220
25
Distillers-Seagrams
62c
Bouscadillac Gold Mines. 1
1.63
6*
.
Big Missouri Mines Corp.l
Mines. 1
6*
16*
4*c
Castle-Trethewey
29*
43*
6*
3
100
1
30c
29*
45
19*
30
45
..100
*
40c .122,450
1.63
500
19*
*
Preferred
Arntfleld Gold
*
6
*
100
Amo Mines
Cartler-Malartlc G M Ltd 1
30
9
Preferred
Jan
1.15
65
73
Jan
1.14 264,500
25
Feb
Jan
49*
19*
29c
30
4
9*
56
8
Jan
4*c
90
370
Feb
4*c
65
8*
20
19*
1.85
63
8
46
Jan
65
Jan
Canadian Oil
1.42
Jan
Jan
Jan
Jan
22,315
93
2*
6*
Jan
Jan
1.59
Jan
15
5
Feb
1.50
86
300
750
*
Carnation Co pref
1.55
3*
7*
19
Can Canners 2nd pref
Canadian Car
Jan
93
28*
67
3*
85
7*
16*
107
Feb
15
1.15
20
3*
Jan
Jan
26*
35
Jan
Mines—
90
16*
103
5
50
155
Jan
330
2,750
6
.85
26
15*
16*
106* 106
26*
26*
10*
71
2*
47*
20
3
45
30
300
1.05
5
58*
39
6
2,535
1.00
2*
103
Jan
70
Cndn Industrial Aloohol A*
B
7*
3*
7*
9*
15
100
Canadian Cannere
1st preferred new
12
12*
105* 107
107
58
100
Preferred
55*
1.05
Aldermac Copper Corp...*
Alexandria Gold Mines.--1
Jan
18*
4*
103
Canada Wire A Cable B._*
Canadian Bakeries
___*
Jan
41*
4%
♦
Walkervllle Brewery Ltd
Jan
53%
*
United DlBtliiers of Can..*
30
8*
50
Preferred
Jan
Jan
21*
5
133
35
6* %cmlstpf25
Utd Amusement Ltd A
14*
Jan
126
""m
Royalite Oil Co Ltd
Sarnla Bridge Co A
Thrifts Sts
100
37*
100
Canada Cement
Feb
106
»
Quebec Tel & Pow A
4
1,800
99* 102
36*
126
pref .100
cum
4
3*
25*
42
34*
31
m
High
Jan
64
20
62*
Low
7,455
*
35
2*
25*
*
20*
29*
61*
24*
Range Since Jan. 1 1937
Shares
25
Inter Utll Corp class A
*
Inter Utll Corp class B...1
3
Sales
Last
Sale
Hunter Valley OH Co Ltd
Int Paints (Can) LtdA
Exchange
Thurs.
for
Sale
Par
Toronto Stock
Sales
Week's Range
1937
13,
Listed and Unlisted
Market
Last
Stocks {.Concluded)
Feb.
19
8*
51
5*
36
102* 102*
17*
18*
18*
19
8
10,235
955
100
120
5
600
170
9
1,505
164* 170
14*
15
238
4*
36
•25*
23*
7*
3*
18*
4*
37
26*
24*
8*
3*
19
170
25
6*
42
4*
28
102*
17*
15*
Jan
10
Jan
57
Jan
Bank of Nova Scotia....
Bank of Toronto
Jan
Jan
6*
Jan
Jan
43*
Jan
Feb
102*
Feb
Feb
20*
Jan
Jan
21*
Jan
6
Jan
158*
13*
4*
Jan
176
15
Commerce
Dominion
204
58*
63
312
Jan
340
33
260
Jan
270
Jan
60
Jan
68
6*
Jan
35
Jan
40
25*
Jan
26*
Jan
100
183
Jan
210
Jan
248
250
25
234
Jan
250
Jan
248
250
43
235
Jan
251*
Jan
240
245
47
221
Jan
239
Jan
222
224
69
200
Jan
226
Jan
155
250~
24*
Canada Permanent
Jan
195
7*
Jan
9
2*
Jan
3*
Jan
323
14*
Jan
21
Jan
154
154
155
121
145
Jan
100
90
80
90
88
72
Jan
14
11
14
120
11
Jan
14
100
206
206
206
5
206
Feb
212
50
110
110
110
30
106
Jan
110
A
Erie
20%
National Trust
Jan
3,325
100
Huron
Jan
Ontario Loan
|
*
No par value.
Jan
206
Loan and Trust—
Jan
18*
Feb
203
100
Royal Bank of Canada
Jan
60
57*
224"
...100
Montreal
267
58
100
Imperial
Feb
Feb
9*
15,796
115
100
340
265
60
330
Jan
Jan
Canada
330
90
Volume
Canadian Markets
Toronto Stock
Feb. 6 to Feb. 11,
Week
of Prices
Price
Low
High
Sales
Last
Range Since Jan. 1,1937
for
Exchange—Mining Section
Thurs.
for
of Prices
Low
Price
Par
High
*
38c
28c
39c
1
28c
25%c
33c
_»
60c
58c
80c
14%
15%
Jan
775
34
Jan
37%
Feb
Homestead Oil
1
75%c
65c
78c
36%
9%
37%
10
37
19%
19
20
190
18%
Jan
21
Jan
Howey Gold
1
61c
60c
63c
24
100
23
Jan
25
Jan
1
16 %c
16c 16%c
650
23 %
Intl Mining ctfs
J M Consolidated
1
45c
53c
1
45 %c
2.45
2.30
2.55
I
1.17
1.13
1.25
1.09
1.05
1.10
11
Canada Bud
11
9
—.
Canada Vinegars
Canadian Wire Box A
9
4 %
30
4%
Feb
10
Jan
11%
4 %
Silk
Hargal Oils
345
7%
8%
Jan
Jan
12
Jan
315
Barker Gold
Highwood Sarcee
Hohinger Cons
15
—5
2,395
15
Feb
19%
Feb
Feb
Lake 8hore
1
57 %c
57c
82
20
67
Jan
82
Feb
Lamaq ue Oontaot
1
20c
17 %c
23c
15,200
5,875
57,835
24,300
2,096
134,500.
7 %
8
50
4
Jan
8
Feb
Lapa-Cadiliac Gold
1
1.07
1.09
1.23
35,180
56 %
16
57
380
Lava Cap Gold
Lebel Oro
1
83c
80c
1
28c
25c
_?
6%c
"~2%
2
18
18
15
12 %
Jan
18
Feb
Kirk Hudson Bay
Consolidated Sand pref. 100
Crown Dominion Oil
*
"60"
60
60
20
47
Feb
60
Feb
Kirkland-Lake
10
DeHaviland
"19%
15
2%
19%
80
Canadian Marconi
1
Consolidated Press
*
2%
*
Preferred
_
100
Dlsher Steel
Dominion Bridge
Preferred
*
57
100
16
3,740
1.45
17
90
16 %
*
Int Metal Indust..
2%
17
545
79
Hamilton Bridge
...»
Hamilton Bridge pref.. 100
Honey Dew
%
80
56
85c
1.50
2,250
1.60
3%
Jan
1.50
Fob
2%
109
Jan
57%
Jan
54%
Jan
115%
Jan
Jan
12%
Jan
17
Jan
63
Jan
85
Jan
6O0
1%
Jan
Jan
Laguna Gold Mines
Lee Gold Mines
6c
1
1.10
1.03
»
Leltch Gold
Little Long Lao
7.50
7.50
58c
18%
Jan
♦
78c
71c
90c
Macassa Mines
1
7.90
7.60
8.00
23
Jan
32
Jan
410
34
Jan
Jan
51%
54%
4%
240
37%
57%
Shawlnigan
♦
Stop & Shop
Toronto Elevators
Jan
2.70
Feb
27c 31%c
40c 40 %c
1.91
1.78
Jan
Jan 42%c
27c
26c
30c
17o
Jan
36c
Feb
82c
80c
95c
81c
Jan
1.18
Jan
23 %c
39o
Feb
12c
Jan
3.25
Jan
Merland Oil
*
33c
Mining Corp
•
4.00
3.85
4.10
11,945
♦
26c
21 %c
26c
5,300
20c
Jan
51
Mlnto Gold
Model Oil
1
1.00
90c
1.15
45c
Jan
Feb
Moneta-Porouplne
i
1.78
1.67
1.78
1
73c
70c
82c
47,950
84,265
21,100
64c
Jan
10c 420,000
4%c
25
38%
114
51%
"59"
57%
"~3%
2%
2%
3%
Jan
37
Jan
Jan
10
19
Jan
25
Feb
M orrls-Kirkland
300
37
Jan
40
Jan
Murphy Mines
1
9%c
8c
Jan
Naybob Gold
*
87c
87c
6%c
150
112% 114
30
51%
450
60
110
118
Jan
51%
52
Jan
51%
Jan
62%
Jan
Jan
1.02
Newbec Mines
»
6%c
6c
New Golden Rose
1
1.36
1.32
1.44
3.10
3.10
3.35
2%
55
2%
Jan
3%
Jan
Nipisslng
5
3%
1,160
2%
Feb
4
Jan
Noranda
♦
Norgold Mines Ltd
1
Northern Canada Mining. *
O'Brien Gold
i
74%
13%c
~
74
75
9 .20
13c
14 %c
75c
~
77c
9.05
9.75
8%c 10%c
Olga Oil & Gas New
9%c
1
1.00
97c
1.10
Okalta Gold
GRAIN
BONDS
STOCKS
*
Omega Gold
F. O'HEARN ^ CO.
*
3.50
2.75
4.10
22,550
28,000
22,250
1.55
Jan
OFFICES
Feb
Feb
4c
Jan
Jan
1.49
Jan
2.68
Jan
3.60
Feb
73%
Jan
Jan
79%'
16%c
Jan
8%c
11,075 72 %c
8.75
13,005
6c
39,100
Jan
90c
Jan
Jan
13.25
Jan
Jan
12c
3,730
3,677
98,600
73,935
79,905
72c
2.00
Jan
Feb
4.10
Feb
13c
Jan
Feb
1.03
1.00
2.10
2.02
2
3.00
2.50
Montreal
Noranda
The Toronto Stock Exchange
Ottawa
Sudbury
Petrol Oil & Gas
*
Hamilton
Kirkland Lake
Winnipeg Grain Exchange
Montreal Curb Market
Pickle Crow
l
_
_
8.50
57,600
1.10 149,235
2.25
16,290
3.25
23,900
65c
65c
8.30
9.00
6.25
6.65
1,162
17,613
4,915
25,486
Jan
98c
Feb
2.02
Feb
2%c
Jan
1.28
3.50
44c
Jan
Jan
30c
1
Jan
8%c
1.16
35c
Peterson-Cobalt
Feb
10c
32c 43%c 642,200
3.75
8,650
Perron Gold
MEMBERS
Cobalt
Feb
105.
3.50
40c
Feb
1.78
88c
Jan
3.60
*
*
Pauiore Gold Mines.
Jan
Jan
6.15
Jan
40%c
Pacalta Oils
Pamour-Porcupine
TORONTO
WAverley 7881
4.10
28c
65c
Paymaster Consolidated.. 1
11 KING ST. W.
Jan
19%c
♦
Jan
1%
Jan
Jan
1
Jan
33
Jan
2.03
McWatters
Jan
60
44c
M cVlttie-Graham
Feb
9
215
Feb
38c
56
2
Jan
16c
Jan
Jan
33
37
4.85
10c
25c
Jan
2
*
Toronto
Jan
Jan
37 %
*
Feb
8.60
6
25
Waterloo Mfg
90o
Jan
43
38
Walkervllle Brew
Jan
Jan
7.30
37c
80
25
100
8.40
690
35
Toronto Elev new pref. .50
United Fuel pref
29c
Jan
Feb
1.35
Jan
205
49%
Toronto Elevators pref.100
Mclntyre Porcupine
Jan
Feb
7
*
pref
Thayers
Feb
1.33
Jan
Jan
29%
Jan
28c
33
*
*
*
Super Petroleum ord
4%
122
Jan
7%
Jan
6%
6%
-100
Preferred..
8%
4%
118
14o
32 %
33
*
Standard Paving
25
2,755
56%
Jan
48,250
23,950
39c 202,700
25
36
122
Feb
59%
Jan
29
7%
Jan
1.10
Jan
13c
27 %
35 %
120
1.35
Jan
16c 156,250
14c
8%
Jan
14c
3.20
12c
122
1.06
90c
15c
2.70
14c
"~~4%
Feb
1
2.95
*
6
2.65
1
*
Manitoba & Eastern
100
Jan
McMillan Gold
M aoLeod-Cockshutt
Jan
Rogers Majestic Corp Ltd.
1.90
1.82
Jan
65
Robt Simpson pref
Feb
1.83
100
Feb
Jan
Jan
59c
40% c
Jan
55
May Spiers Gold Mines...
Jan
Jan
43c
6
16
90%
15
Jan
Jan
72c
Feb 19%o
McKcnzie Red Lake
545
985
60
Feb
87c
Jan
60c
29,670
20,045
148,261
154,600
25,150
2,975
25,433
17%
61%
Jan
55c
15%o
7%c
97
310
Jan
Jan
16 J*
4%
15%
Jan
55
•
Jan
13%
Jan
95
North Star pref
Feb
30o
17
National Steel Car
Jan
80c
Jan
97
36
35c
Jan
94c
*
"~27%
Jan
15c
Jan
100
100
Feb
15c
Feb
100
cons
39c
1.09
Preferred
Mercury Mills pref
Jan
80c
8,800
28c 146,966 18%c
19,200 5%c
6%c
1.03
1.25
57,835
7.05
8.00
7,935
Langleys pref
Montreal Lt Ht & Pow
16c
85c
Lowery Petroleum
Jan
High
Low
Shares
26,500
304,150
133,400
4,439
86,350
41,950
Beath & Son
Range Since Jan. 1, 1937
Week
High
Low
Shares
Stocks (Concluded)
Week's Range
Sale
Sales
Week's Range
Sale
Par
Stocks—
Malting
Listed and Unlisted
Toronto Stock
Exchange—Curb Section
Last
Canada
-
both inclusive, compiled from official sales lists
Thurs.
Bruck
1089
Chronicle
Financial
144
Jan
35c
Jan
4.00
Jan
46c
Jan
1 38
Jan
2.50
Jan
Jan
3%c
65c
Feb
68c
Jan
8.00
Jan
9.20
Feb
6.00
Jan
6.75
Jan
1
6.30
1.72
1.72
1.78
1.55
Jan
1.90
Feb
Premier Gold
l
3.85
3.80
4.00
6,100
3.90
Feb
4.50
Jan
Preston (new)
♦
*
1.40
1.38
1.45
20,150
lt29
Jan
1.47
Jan
1.20
1.20
1.24
2,000
1.20
Feb
1.55
19c
19c
500
15o
Jan
48c
Jan
6.25
6.25
6.65
6,785
5.00
Jan
6.85
Feb
1.56
1.18
Jan
1.78
Feb
Sarnia
North Bay
Canadian Commodity Exchange (Inc.)
Pioneer Gold
Owen Sound
Bourlamaque
Chicago Board of Trade
Powell-Rouyn Gold.—
Timmln8
Prospectors Airways
Quemont Mining
Toronto Stock
Exchange—Mining Section
Last
Week's Range
Sale
Par
Stock*-—
Afton Gold
Oil.....—*
1
...
Price
of Prices
High
Low
16c
16c
8c
9%c
53c
—1
AJax Oil & Gas
for
4c
4c
8c
6%c
8.50
8.25
8.75
7,122
Argosy Gold Mines
*
*
*
1.16
1.16
1.28
Arnt field
1
1.05
99c
1.10
19,875
13,750
1
—1
12 %c
10%c
15c
Alder mac
*
1.53
Bagamac Rouyn
Bankfleld Cons Ltd
1
6%c
6%c
1
1.45
1.41
7 %c
1.53
44c
35c
54c
Base Metals..
15c 23 %c
1.48
1.60
19c
Beattie Gold Mines
♦
1.50
1.45
1.60
Bldgooe Kirk
Big Missouri
1.47
1.45
1.60
58c
65c
Boblo Mines
1
1
1
24%c
Bralorne Mines
*
8.65
1
British Dominion Oil
B R X Gold Mines
24c 26 %c
8.50
1
Buffalo Canadian
*
8.65
85c
85c
12c
16c
"il%
11%
45,700
716,920
90,860
44,900
22,510
139,700
12,100
53,132
25,425
56,750
2,540
49,000
4,700
5%
5%
1.10
..
Castle Trethewey
Central-Patricia
4.50
1
*
1.41
1.40
1.65
2.07
1.98
2.25
1.65
1.60
1.70
46,060
26,207
2,000
l
1
Canadian-Malartlc.
17c
5.50
1
Calmont Oils
19c
*
Cariboo Gold
1.55
1.48
1.62
4.70
4.65
5.00
*
■__*
*
*
Commonweath Petroleum *
Chromium Gold Mones—
Central Porcupine
Chemical Research
Chromium Mining
Clerloy Consolidated
10%c
Jan
Jan
57c
Jan
3%c
Jan
4%C
5o
Jan
9%c
30c
30c
33c
1.20
1.20
1.26
1.04
1.04
1.20
8%c
8%c
9c
75c
66c
95c
1.95
1.90
2.00
Jan
Jan
6.50
Jan
8.75
Feb
1.12
Jan
1.42
Feb
Jan
8.15
Feb
9%C
Jan
25c
Feb
9c
Jan
250
Feb
Jan
1.83
Jan
8%c
Feb
85c
1.43
6%c
1.41
25c
Jan
Feb
1.85
Jan
54c
Jan
Feb
1.30
Jan
1.75
Feb
1.33
Jan
1.70
Jan
58c
Jan
70c
Jan
19c
Jan
29c
Jan
7.90
Jan
8.95
Jan
25c
Jan
1.10
Feb
9c
Jan
15c
Feb
12%
Feb
11
2,620
5c
32,500
20c
24,790 12 %c
2.60
6.55 144,735
*
Hill
Calgary & Edmonton
Jan
42c
12%
6%
50c
Buffalo Ankerlte
Bunker
62c
6%c
67,700
3,450
4%c 36,700
8c 123,350
1
Astorla-Rouyn
Jan
55c
Jan
Jan
•
6%o
2.12
2.25
94c
88c
1.05
65c
65c
70c
Sherrltt-Gordon
1
3.15
3.00
3.30
Siscoe Gold
1
6.00
5.90
6.20
Sladen Malartlo
1
1.99
1.96
2.30
South Tiblemont
*
4%c
3%C
4%c
22,900
3%c
*
1.65
1.50
2.00
21,645
*
1.62
1.46
1.35
Reno Gold
1
1.20
1.20
1.23
Roche-Long Lac
Royallte Oil
1
41c
40c
46c
*
54%
53%
55
1
San Antonio
Sheep Creek
20c
9%c
2.12
*
50c
64,520
1.20
15,100
36c
94,300
14,184 43 %c
2.12
7,416
76c
51,490
65c
5,500
2.90
63,335
5.00
15,065
1.90
49,280
*
1.35
Shawkey Gold
High
Jan
14c
Algoma Mining
Ashley Gold
Low
26,500
18 %c
Alexandria Gold
Anglo Huronian
Range Since Jan. 1, 1937
Week
Shares
1
Red Lake-Gold Shore
Sales
Thurs.
Acme Gas &
Read-Authier
11, both inclusive, compiled from official sales lists
Feb. 6 to Feb.
*
Jan
Jan
23c
Feb
Jan
6.55
Southwest Petroleum
Stadacona-Rouyn
_
Jan
1.65c
Feb
Jan
2.30
Feb
1.60
jan
1.75
Jan
44,590
1.46
Jan
1.66
2.40
Jan
1.10
Feb
Jan
3.60
Jan
6.65
Jan
Jan
2.49
Jan
Jan
5%c
Jan
62c
Jan
2-00
Feb
1.64 122,530 90 %c
Jan
1.74
Feb
28c
26c
29c
5.90
5.50
6.00
36c
35c
40c
Sullivan Consolidated
1
1.92
1.92
2.04
Sylvanite Gold
1
4.45
4.40
4.65
1
26c
26c 28%c
81,850
3,010
37,000
18,713
13,765
21c
Jan
32 c
Jan
5.50
Feb
6.25
Jan
35c
Jan 40 %C
Jan
1.92
Feb
3.25
Jan
3.75
Jan
4.80
Feb
17c
Jan
28%c
Feb
Jan
*
Gold
Texas-Canadian
5.95
5.90
6.00
91,100
8,868
Jan
6.00
*
Gcldflelds
2.15
2.05
2.20
24,495
2.00
Jan
2.35
4.10
1,405
22,510
14,680
3.80
Feb
4.65
Jan
1.30
Jan
1.66
Feb
2.80
Feb
3.19
3,05
Jan
4.10
1
3.80
3.80
Exploration. 1
1.55
1.50
1.58
*
2.80
2.80
2.99
Toburn Gold
Ventures
*
3.50
3.45
3.60
Consolidated.50c
6.25
6.00
6.50
White
Eagle..
W iltsey-Coghlan
*
1
4c
3%c
4c
8,054
26,000
26,950
13c
12 %c
14c
31,600
Wood-Cadillac
1
70c
68 %c
Wrlght-Hargreaves
*
7.90
7.90
8.05
Ymir Yankee Girl
*
50c
42c
50c
Walte Amulet
Jan
18,385
65,971
8,350
22,865
4.20
Jan
5.25
Feb
30c
Feb
43c
94,750
67,775
5,350
Feb
77c 150,530
7,990
72,352
5.35
Jan
Jan
Jan
Feb
Jan
7%c
4%c
Jan
5c
3%c
5%c Jan 16%c
Jan
Jan
45c
Jan
77c
Feb
7.55
Jan
8.10
Jan
34c
Jan
50c
Feb
Feb
1.80
42c
Jan
Jan
Feb
55o
Jan
•
1
Wayside
Feb
1.35
48%c
Jan
1
Towagamao
Jan
80c
St. Anthony Gold
Teck-Hughes
Jan
Jan
Sudbury Basin
Sudbury Contact
Tashota
Jan
Jan
Toronto Stock
Feb.
Exchange—Mining Curb Section
11, both inclusive, compiled from
6 to Feb.
Last
Jan
1.20
Jan
1.44
Feb
1.47
Jan
Sale
Jan
1.04
Par
Stocks—
6%c
Jan
9o
Jan
95c
Feb
Brett-Trethewey
Jan
Central Manitoba
Week's Range
of Prices
Low
High
for
Range Sinn Jan. 1, 1937
Week
Shares
Low
High
Feb
24c
Price
official sales lists
Sales
Thurs.
Jan
21c
94,190
1.85
Feb
18c
Jan
31c
Jan
4%c
Feb
6c
*
Jan
5.50
Feb
7.75
2c
Jan
2.90
3.50
39c
23%c
45c
*
2.95
2.85
3.35
3.70
3.30
4.00
32%c 33%c
32%
Feb
35%
Jan
44c
22,800
23c
Jan
48c
Feb
5c
7%c 116,400
3%c
4%c 71,200
48c
59c
32,050
4%c 79,800 3%c
17 %C
49c 241,900
6c
10c
56,900
23c
1,200 22 %c
Jan
Jan
Jan
8%c
4%C
Jan
69c
Jan
So
Jan
Jan
49c
Feb
Jan
12c
Jan
Jan
30c
Jan
21%C
Feb
26%c
Feb
3c
Jan
6c
Jan
3.15
Jan
40c
Jan
1.22
Feb
Foothills Oil
Jan
2.05
Jan
Home Oil
1
92c
40 %c
,
'
9c
86 %c
1.60
1.88
63,450
2.32
Jan
2.70
Feb
Hudson Bay-.—...
1,600
10%
46c 205,400 20% c
Feb
12%
Jan
Kirkland-Townsite
Jan
54c
Jan
Lake Maron
70c
Feb
1.25
Feb
Malrobic Mines—
1.15
Jan
1.58
Feb
Mandy Mines
38,730
8%c
8%c
23c
23c
10c
Jan
22c
25c
26,350
11c
44,300
18c
40c
63c 293,650
45c
54c 116,208 23%c
7c
12 %c 14 %c 21,600
Jan
18%c
Jan
Pawnee-Kirkland
1
4c
3%c
4%c
Feb
Pend Oreille
———1
4.10
3.50
4.10
25,700
45,425
Porcupine Crown
Ritchie Gold., j
1
8c
8c
1
14c
10c
18c
15c
Greene Stabell
29c
29c
Grull-Wlhksne
16 %c
16%c
20c
10c
41c
16c
40c 392,200
18c
1.09
—1
32c
26c
4,500
40,450
16,000
Gunnar Gold
43c
1
13c
45c
*
4%c
4c
OH Selections
Jan
41c
13c
4c
50c
Parkhlll.
87c
ll%c
47c
4c
56c
Osisko Lake
Jan
30,315
95c
41c
1
7c
Jan
24c
87c
12% c
48c
7 %c
Jan
24c 26 %c
25,995
59,875
1
1
35c
Jan
1.20 124,615
1.43
—J
15c
36c
23c
*
87c
18c
33%c
49c
25c
50c
*
1
Jan
40c
1
—1
1.20
*
1
*
1
5
*
1
95c
3.40
6,400
82,630
249,540
58,005
35,150
3,915
15c
1.30
Hard Rock
2%c
Jan
1.00
Halcrow-Swayze
2c
7c
1.30
Grandoro
2%c
Jan
Ltd.
Graham-Bousquet
Granada Gold
1
Dalhousle Oil
——*
East Crest Oil—
*
Cobalt Contact
2.95
Foundation Petroleum Ltd
Gold Bolt
300
51
2.70
Goodflsh
6.00
Jan
11
Goldale
5.50
Feb
2.45
Golconda Lead
6.00
2.30
10%
God's Lake
5%c
5
48
13,900
3,410
10c
22,100
1.12 137,015
2.50
Glenora Gold..
Churchill Mining
33,300
66,800
2.45
10%
Federal-Kirklan d
20c
4c
50
—*
Francoeur Gold Mines
19c
4c
2.30
1.75
Falconbridge
19c
49%
9%C
Eldorado
Feb
32,800 12 %c
49%
1
Gold M.l
1
Eastern Malartlo
2.68
20c
Jan
Dominion Explorers..... 1
Dorval-Slscoe
Feb
2.14
17c
2.45
Dark water Mines Ltd...
Dome Mines..
2.15
Jan
17c
Coast Copper
1.85
2.00
Preferred
1.80
1
1
1
1.09
1.15
5%c
5c
6c
2.60
2.45
2.75
6,000
28,550
27,100
72,073
29o
12c
1.05
3%c
2.45
Jan
Jan
Jan
30c
1.02
15c
63c
57c
Jan
18c
Feb
45c
Jan
Night Hawk
Jan
Nordon Corp
Feb
Jan
10c
JaD
1.90
2.75
Jan
Jan
Jan
Jan
3.50
Feb
Feb
45c
3.35
4.05
.
Feb
Jan
Feb
Jan
Jan
4.05
Jan
Jan
11c
Feb
16c 514,930
6%o
Jan
16c
Feb
9c 10%c 146,100
4c
55,600
9o
Feb
12 %c
2%o
Jan
4c
Jan
20c
Jan
54c
Feb
10%c
*
Jan
Robb Montbray
1
10 %c
18c
Feb
Sudbury Mines
3%c
3%c
Jan
1.25
Jan
Temiskamtng
1
1
48c
42c
Jan
7c
Jan
Feb
3.44
Jan
No par value.
Jan
92,150 '6%c
Jan
*
1.30
3%c
54c 191,120'
Jan
1090
Financial
Quotations
Bid
03>*S July 11975
a33*s May 11954
a33*sNov 11954
o33*s Mar 11960
a33*s Jan 16 1976
03^8 July 11975
a4s
May 11967
048
Nov
o4s
May 11977
04a
Oct
104
a43*s
a43*s
107
1083* 04Mb
1053* 1063* a43*s
106
107
<z43*s
109
1123* a43*s
112
114
a43*8
112 3* 1143* a43*a
1123* 1143* a43*s
115
117
a43*s
116
1173* o43*s
1163* 1183* a4,3*s
117
119
043^8
1173* 1193*
May 1 DSf
o4s
11980
a43*S Sept 11960
a43*s Mar 11962
a4>*sMar 11964
Par
Bid
1063* 1083*
11958
New York Trust
City Bonds
Ask
1023*
Feb.
1937
13,
Over-the-Counter Securities—Thursday Feb. 11
on
New York
Chronicle
Apr 11966
Apr 15 1972
Ask
1173* 1193$
1183* 1203*
1193* 1213*
June 11974
Feb 15 1976
Jan
11977
120
Nov 15 1978
Mar 11981
May 1 & Nov 1 1957
Mar 11963
June 11965
120 H 1223*
122
1233*
July
122
120 3*
Dec 15 1971
Dec 11979
126
Companies
Ask
Ask
Bid
Par
105
115
Empire
10
35
36
Bk of New York A Tr. .100
540
550
Fulton
100
260
275
10
Guaranty
Irving
Kings County
Lawyers
100
387
392
Bankers
Bank of
83
85
20
10
12
7
17
18
152
Slcllly
157
Bronx County
1223*
1183* 120 3*
1203* 1223*
1213* 1233*
122 3* 1243*
123
1253*
11967
Bid
Banoa Coram Itallana.100
Brooklyn
Central Hanover
20
1483* 1513*
Chemical Bank A Trust. 10
82
97
100
60
Colonial Trust
Continental
203*
193*
25
Preferred..
68
20
New York
573*
543*
20
Manufacturers
84
Clinton Trust
10
100 1740
70
573*
553*
25
163
160
—25
193*
213*
Title Guarantee A Tr_..20
193*
Bmk A Tr. 10
213*
22X
Underwriters
100
98
76
77
United States
100 2070
Corn Exch Bk A Tr...
20
128
203*
108
2120
Chicago Bank Stocks
New York State Bonds
Par
Bid
Ask
Par
American National Bank A
Bid
Ask
Bid
8s 1974
D2.55 less
1
World
3s 1981
62.65 less
1
43*8 April 1940 to 1949.
Highway Improvement—
Canal A Highway—
56 Jan A Mar 1946 to '71 62.90
•
130
---
127
—
Port of New York
Bid
Bonus—
Trust
62.00
116
Gen A ref 2d
ser
Gen A ref 3d
ser
3j*s '65
33*8 '76
Gen A ref 4th
ser
3S.1976
1939-53
JAJ
Inland Terminal
43*s
983*
Members New
60.75
MAS
43*s
York Stock Exchange
CENTRAL ROW
6
MAS
1942-1960
HARTFORD
2.25
110
Tel. 5-0151
112
A. T. T.
MAS
MAS
60.50
113
Ask
Bid
100
1013*
Honolulu 5s
43*8 Oct
1959
43*8 July 1962
5s
April 1955
109
1103*
109
1103*
U S Panama 3s June 11961
Govt of Puerto Rico—
101
103
5s
111
114
63*8 Aug
1941
HawaU 43*8 Oct 1956
Ask
Aetna Casualty A Surety 10
Aetna Fire
10
Bid
3s 1966 opt 1946
MAN
313*
873*
243*
253*
383*
413*
5
123*
143*
Lincoln Fire
6
1113* 113
American of Newark..
-23*
13
14 3*
1123* 1133*
American
o23*
85 3*
Maryland Casualty
1
Mass Bonding A Ins..
123*
American Alliance
U 8 conversion 3s 1946
Conversion 3s 1947
Re-Insurance. 10
48 1957 opt
Ask
MAN
MAN
1023* 1025*
1033* 104
43*s 1957 opt. 1937
MAN
43*s 1958 opt 1938..MAN
1003* 101*| 6
1053* 106
—25
Baltimore Amer
1937
—10
American Surety
Automobile
4s 1958 opt 1938
.23*
303*
Bank
Bonds
Ask
Chicago 5s
65
■
---
n
8
100
102
89
91
First Carolines 5s
100
Maryland-Virginia 6s
Mississippi-Tennessee 5s..
100
National Liberty
National Union Fire
New Amsterdam Cas
New Brunswick Fire
223*
—10
Carolina
New York 5s
993* 1003*
993* 1003*
Ohio-Pennsylvania 5s
99
100
64
68
97
Pacific Coast of Portland 6s
101
94
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5a_.
Pac Coast of San Fran 5e_.
Pennsylvania 5s
Phoenix 5s
99
3* 101
109
111
Potomac 5s
100
St Louis 5a
/28
San Antonio 5s
100
98
100
100
Fremont 5s^
102
74
Greenbrier 6s
78
100
Greensboro 5s
-
.
*
100
Southwest 5s
Illinois Midwest 5s
86
Illinois of Monticello
99 3* 101
43*s.
Iowa of Sioux City 43*s—_
Kentucky of Lexington 5s.
88
97
100
100
La Fayette 5s
~mm
97
100
100
1013*
100
100
mm
100
303*
27
28 3*
383*
293*
313*
New York Fire
53*
513*
82
/20
Bid
933*
973*
81
Preferred Accident
5
223*
243*
13
14 3*
Providence-Washington. 10
373*
293*
_
_
...5
94
Land
11
343*
Reinsurance Corp (N Y)_2
Republio (Texas).
10
10
323*
263*
28
45
—5
47
Rossla
13
96
Georgia Home
..10
29
Globe A Rutgers Flre. -15
2d preferred
46 3*
Seaboard
76 3*
Surety
10
Security New Haven...10
*
99
Par
40
Lincoln
40
45
New York..
93
96
Southern Fire
293*
83*
93*
Springfield Fire A Mar..25
Stuyvesant
5
1283* 1313*
83*
93*
213*
£30
10
Bid
23 3*
Sun Life Assurance
100
825
875
..10
363*
383*
Travelers
100
506
516
283*
30
U 8
-10
713*
73 3*
U 8 Fire
713*
733*
U S Guarantee
Fidelity A Guar Co..2
263*
4
543*
10
Westchester Fire
m m
.64
153*
2.50
..100
3
Bid
11
Ask
80
North Carolina
...100
27
14
Pennsylvania..
...100
12
75
80
Potomao
100
42
First Carollnas
3
8
San Antonio
100
55
1
3
Virginia
Virginia-Carolina
5
Bid
100
43
mm
m
1
523*
483*
543*
1964
Series B 2-58
Potomao
Bond
Corp
503*
81
(all
1953
79
Potomao Cons Deb Corp—
1953
13*8—.Feb
13*8—.Mar
13*8—.Apr
FIC 13*s—.May
FIC 13*3
15 1937 b .35%
15 1937 b. 40%
FIC
1937 6 .55%
48
51
40
»N
w» 3
sA Par
Bensonhurst
Chase
National..50
13.55
City (National)
123*
Commercial National.. 100
Bid
2-6s
1963
Potomao Maryland Deben¬
82
m
_
ture
Corp 2-6s
1953
703*
Realty Atlantic
Debenture Corp 2-6s *53
Realty Bond A Mortgage
483*
Potomao
/363*
483*
79
•
•
503*
deb 2-6s
1953
413*
68
65
62 3*
573*
237
643*
593*
1937 6.80%
Par
Penn\Eichange
Peoples Natldnal
100 1080
1120
2706
Sterling Nat Bank
TradeiBank
Bid
Ask
Par
Am Dist Tel eg (N J) com.*
Preferred
100
Bell Telep of Canada.. 100
..10
50
25
A Tr.25
123*
Bid
100
153*
76
-
124
Peninsular Telephone com*
97
99
50
56
25
Ask
29
•*
29
—
—
30 3*
100
110
113
47
100
103
152
New England Tel A Tel 100
1363* 1383*
I
For
Footnote
see
page
-
-
1093.
155
Roch Telep 36.50 1st pf 100
112
115
So A Atl Telegraph
25
Sou New Engl Telep... 100
S'western Bell Tel pref. 100
23
24
1623* 1643*
1243* 126
Wisconsin Telep 7% pf.100
58
~
96
46 3*
35
28
25
Bid
105 H 1063*
20 3*
54
65
44
Mtn States Tel A Tel.. 100
—
443*
Pac A Atl Telegraph
Preferred A
Emp A Bay State Tel. .100
223*
173*
-
123
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph... 100
115
50
20 3*
New York Mutual Tel. 100
N'west Bell Tel pf 63* % 100
Cincln A Sub Bell Telep.50
Cuban Telep 7% pref. .100
Ask
1263* 127 3*
133
1343*
1643* 166 3*
Bell Telep of Pa pref—100
tSi^Par
FlrsttNatlonal of N Y..100 2660
Flatbush National
100
37
Kingston National
100
65
mm-
42
Telephone and Telegraph Stocks
1937 6.80%
Merchants Bank
100
National Bronx Bank...60
National Safety Bank. 123*
Public National
42
503*
40
1937 6.70%
243
Fifth Avenue
503*
483*
Ask
1937 6.80%
Ask
393*
63
603*
43
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-68.1953
New York Bank Stocks
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
503*
483*
Potomac Deb Corp 2-6s '63
13*s—.July 15 1937 6.60%
FIC 13*8... Sept 15
FIC 13*8
Oct 16
FIC 13*8—Nov 15
FIC 13*8...Deo
15
15 1937 b .45%
15 1937 6.50%
June 15
Bid
50 3*
483*
483*
Unified Deben Corp 5s '65
Ask
Ask
583*
Potomao Franklin Deb Co
(Central Funding series)
Federal Intermediate Credit Bank Debentures
1954
2-6s
1946
Inc 2-5s
1953
Nat Bondholders part ctfs
48
m
Series A 2-6s
Issues) 2-5s
Interstate Deb Corp 2~5s'55
Mortgage Bond Co of Md
58
m
79
2-3a
46
3*
1953
m
55
Contl InvDeb Corp 2-6s'53
Empire Properties Corp.
18
Fremont
81
Cont'llnvBd Corp2-5a'53
30
10
83
Debenture 2-6s
15
75
F I C
563*
373*
Nat Union Mtge Corp—
1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6a '53
Associated Mtge Cos Ino—
6
100
100
FI C
28
68
Surety Guaranteed Mortgage Bonds and Debentures
Ask
100
F I C
32
..10
101
Dallas
Bid
16
35
373*
Hartford Steam Boiler -10
100
Denver
9
13
33
363*
283*
Great American
—.5
Great Amer Indemnity ...1
Halifax Fire
-10
m
Bank Stocks
35
«
143*
2133* 2183*
St Paul Fire A Marine. .26
Seaboard Fire A Marine..5
223*
73
6
...
Republic
31
443*
203*
Glens Falls Fire
Globe A
6
Hartford Fire
m
100
100
Ask
Atlantlo.
100
—.10
100
Atlanta
Des Moines
134
1373*
1353* 1393*
25
Phoenix
79
All series 2-5s
Par
2.60
Hanover Fire
22
Virginia-Carolina 5s
Virginian 5s
373*
463*
513*
233* 263*
97
1003*
273*
293*
84
Southern Minnesota 5a
Tennessee 5s
Union of Detroit 5s
353*
49
12.50
Pacific Fire
48
1303* 1333*
19
443*
Northwestern National. 25
8
63*
45
10
2
Northern
North River
113*
142
173*
New Hampshire Fire
10
New Jersey
.......20
Allied Mtge Cos Ino—
Joint Stock
10
139
363*
45*
65
2
283*
493*
15
23
63
2
10
-
Connecticut Gen Life.
623*
13
Harmonla
30
«■»
593*
53*
83*
71
21
20
10
City of New York
mmm
m
683*
Merch Fire Assur com
5
Merch A Mfre Fire New'kS
National Casualty
10
National Fire
10
1103*
205*
General Reinsurance Corp5
95
98
713*
193*
700
5
Franklin Fire
90
96
173*
43*
73*
mm
North Carolina 5s
100
70
107
100
J—..
•*>
—
100
First Texas of Houston 5s.
Ins Co of North Amer_. 10
Knickerbocker
690
........
Fireman's Fd of San Fran26
m
43*s._
First Trust of Chicago 43*s
Fletcher 3s
83*
Bankers A Shippers.. -25
■m-wmm
100
First of Montgomery 5a...
First of New Orleans 5s
First of Fort Wayne
6
Boston
Camden Fire
7
233*
5
Fire Assn of PhlladelphlalO
97
Oregon-Washington 5s
Dallas 5s
Denver 5s
93*
Ask
403*
Firemen's of Newark
Ask
95
Louisville 5s
55
65
34
83*
Federal
Bid
Lincoln 5s
100
323*
63
32
10
Continental Casualty.
5
Eagle Fire
-23*
Employers Re-Insurance 10
Excess
Land
100
100
Importers A Exporters
25
Bid
383*
53*
213*
1.10
—
Agricultural
Fidelity A Dep of Md. ..20
Atlantlo 58
90
6
....
American Equitable.. ...5
American Home
10
3.50
1133*
1113* 1113*
Burlington 5s.
California 5s..
33 3*
Home Fire Security
Homestead Fire
d3.75
Bid
83*s 1955 opt 1945—MAN
Bid
50
111
Ask
48 1946 opt 1944——.JAJ
Atlanta 5s
109
48
5s July 1948
1033,6 1033*
1033,6 1033*
1033,6 1033*
1043* 1043*
Joint Stock
Par
Home..
105
Aetna Life
American Reserve
JAJ
Companies
Ask
d3.50
3.00
119
121
Federal Land Bank Bonds
JAJ
Bid
43*8 July 1958
1133* 1153*
1173* 1193*
38 1965 opt 1945
38 1956 opt 1946
Hartford 35
1143*
Par
4s 1946
1952
—
2.00
Insurance
Feb
Teletype
ser E
1942-1960
1133*
Bid
900
PUTNAM & CO.
Ask
1053* 1063*
United States Insular Bonds
Phllllpplne Government—
860
182
•
3
1937-1941
112
Ask
387
490
BOUGHT—SOLD— QUOTED
ser D
1937-1941
Holland Tunnel
George Washington Bridge
43*8 eer B 1940-53.MAN
Bid
382
Hartford Insurance Stocks
...
Authority Bonds
102 3* 1033*
983*
100
Harris Trust A Savings. 100
Northern Trust Co....100
t
Bid
107 3* 1083*
104
105
178
33 1-3
Bayonne Bridge 4e series C
Gen A ref 4a Mar 1 1975.
mm-
122
1133*
Ask
Port of New York—
270
122
Barge C T 43*s Jan 11945
130
First National
100
Continental Illinois Bank A
4s Mar A Sept 1958 to'67
Canal Imp 4s JAJ'60 to '67
Barge O T 4s Jan '42 to '46
••
Highway Imp 43*s Sept '63
Canal Imp 43*s Jan 1964..
Can A Imp High 43*8 1965
War
Ask
Trust
114
116
Volume
144
Financial
Quotations
Chronicle
1091
Over-the-Counter Securities—Thursday Feb. 11—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
.
Earnings and Special Studies
3o$epb Walkers Sons
Members 7\rw York Stock
Exchange
Dealer* in
120 Broadway
on
john
Tel. REctor
Members
GUARANTEED
NEW YORK
41 Broad
Monthly
Request
Bulletin
e. sloane & co.
New
St., N. Y.
2-6600
STOCKS
.
QUOTED
York
Security Dealers Association
HAnover 2-2455
-
-
Bell Syst. Teletype NY
1-024
Since1855,
Railroad
Guaranteed Railroad Stocks
Bonds
(Guarantor In Parentheata)
Bid
Dividend
Bid
Par in Dollars
Alabama 4 Vlckshurg (Illinois
Central)
..100
Albany 4 Susquehana (Delaware 4 Hudson)
Allegheny 4 Western (Buff Roch 4 Pitts)
..100
98
180
185
6.00
110
113
2.00
50
42 H
44 H
8.75
146
149
8.50
York Central)
73
74
6a, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
74
75
98
100
—
103
105 H
...
Boston 4 Albany 1st 4Hs, April 1, 1943
Boston & Maine 3s, 1950,....
107
69
—,
(New Haven)
Canada Southern (New
103
6.00
10.50
Beech Creek (New York Central)
Boston 4 Albany (New York
Central)
Boston 4 Providence
Asked
149
154
2.85
60
4.00
102
5.00
—
104
Chicago Cleve Clnn 4 8t Louis pref (N Y Central) 100
Cleveland 4 Pittsburgh
50
(Pennsylvania)
98 H
90
92
51
2.00
Michigan Central (New York Central)
Morris 4 Essex (Del Lack 4 Western)
New York Lackawanna 4 Western (D L 4 W)
Northern Central (Pennsylvania)
106
5.00
53
2.00
47H
50
5.50
91
95
10.00
200
205
4.00
77
50.00
950
—60
3.875
-100
79
mm~.-mw
69
5.00
97
100
4.00
__
66
103
100
72
86
-
-
-
90
97
103
Chateaugay Ore 4 Iron 1st ref 4s, 1942..
Choctaw 4 Memphis let 5s, 1952
Cincinnati Indianapolis 4 Western 1st 5a, 1905---.
Cleveland Terminal 4 Valley 1st 4s, 1995
Georgia Southern 4 Florida 1st 5s, 1945--
-
92
94
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1901
mm
3.50
Betterman stock
Delaware (Pennsylvania)
25
Fort Wayne 4 Jackson pref (N Y
Central)
Georgia RR 4 Banking (L 4 N-A C L)
.100
Lackawanna RR of N J (Del Lack 4 Western).. -100
Prior lien 4s, 1942
Prior lien 4Hs, 1944
62
-100
-100
—
Carolina Cllnchfield 4 Ohio (L 4 N-A C
L) 4%
Common 5% stamped
Asked
Akron Canton 4 Youngstown 5 Ha. 1945
105
94
91H
61
63
102
101H
98 H
99 H
71
Goshen 4 Deckertown 1st 5 Ha. 1978
Great Northern 3 Hs series 1,1907
73
99
102
97
98
Ho bo ken Ferry 1st 5s, 1940
Kanawha 4 West Virginia 1st 5s, 1955
Kansas Oklahoma 4 Gull 1st 5s, 1978
Little Rock 4 Hot Springs Western 1st
4s, 1939—.
Long Island refunding mtge. 4s, 1949-.-—
/31
33
105
106
106
108
Northern RR of N J (Erie)
4.00
62
4.50
70
74
Macon Terminal 1st 5s, 1905
1.50
42
44
3.00
84
7.00
172
178
7.00
183
188
0.82
107
110
0.00
148
3.00
75
105H
Maryland 4 Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
88
96
mmm
mm
67
Oswego 4 Syracuse (Del Lack 4 Western)
94
103
104 H
Pittsburgh Bessemer 4 Lake Erie (U S Steel)
Preferred
Pittsburgh Fort Wayne 4 Chicago (Pennsylvania) -100
Preferred
Rensselaer 4 Saratoga (Delaware 4 Hudson)
St. Louis Bridge 1st pref (Terminal RR)._
Second preferred
,100
Tunnel RR St Louis (Terminal RR)
United New Jersey RR 4 Canal (Pennsylvania).. -100
6.00
148
10.00
78
254
mm — mm
258
0.00
91
6.00
98
Vlckshurg Shreveport 4 Pacific (Illinois Central). -100
5.00
80
5.00
87
92
3.50
49
63
3.00
07
69
Preferred
Minneapolis St Paul 4 Sault Ste Marie 2d 4s, 1949
Montgomery 4 Erie 1st 5s, 1950
81
101H
50
60
99
101
New York 4 Hoboken Ferry general 5s, 1940
Piedmont and Northern Ry. 1st mtge. 3Hs, 1900..
80
97H
98 H
Portland RR 1st 3 Ha, 1951
72
73H
93
95
—
Consolidated 5s, 1945
Rock Island Frisco Terminal 4 Ha, 1957
82
97H
99
St Clair Madison 4 St Louis 1st
4s, 1951
Utica Chenango 4 Susquehanna (DL4W)
Valley (Delaware Lackawanna 4 Western)
Warren RR of N J (Del Lac
4 Western)
West Jersey 4 Sea Shore (Pennsylvania)
79
99 H
95
98
Shreveport Bridge 4 Terminal 1st 5s, 1955
89
95
,
90
I
Somerset Ry 1st ref 4s, 1955
72
Southern Illinois 4 Missouri Bridge 1st 4s, 1951—
Toledo Terminal RR 4 Ha, 1957
74
93 H
90
113H
Toronto Hamilton 4 Buffalo 4H8, 1900
Washington County Ry 1st 3H8. 1954
114H
99 H
102
71
73
EQUIPMENT TRUST CERTIFICATES
MISSISSIPPI
Quotationa-Appraisalg Upon Request
Stroud & Company Inc.
Private Wires to
and
Bid
Atlantic Coast Line 4Hs.
Baltimore & Ohio 4 Ha
n. y.
stock
n.y. curb
3Ha Deo. 1 1936-1944..
Teletype N.Y. 1-1146
exchange
Equipment Bonds
Ask
61.50
1.00
62.50
2.00
Bid
Missouri Paciflo 4Hs
5s
Ask
63.75
Public
2.00
Utility Stocks
Par
Ask
3.00
63.00
Bid
Par
1.75
63.00
2.00
2.25
New Orl Tex 4 Mex 4Hs—
63.75
3.00
Alabama Power $7 pref—♦
Arkansas Pr 4 Lt $7 pref.*
95
84 H
97
Mississippi Power $6 pref
63.25
63.25
2.60
New York Central 4Ha—
62.50
2.00
Assoc Gas 4 Eleo orlg pref *
14H
16
Mississippi P 4 L $0 pf...*
Miss Riv Pow 0% pref. 100
Mo Pub Serv $7 pref
100
Canadian Paciflo 4 Hs
Cent RR New Jer 4Hs
5HB
5s
62.50
2.00
N Y Chic 4 St. L 4 Hs
58
62.50
2.00
62.50
2.00
63.75
3.00
2.00
N Y N H 4 Hartf 4 Hs
6s
63.75
3.00
63.00
2.25
62.70
2.00
62.70
National 4Ha..
5s
2.00
62.60
Chicago A Nor West 4 Ha..
6a
Chlo Mllw A St Paul 4 Ha..
58
Chicago RI A Pao 4Ha...
5s
.....
Northern Pacific 4Hs.....
0.50
Pennsylvania RR 4 Ha
0.60
58..
62.20
1.25
4s series E due
1.00
63.75
3.00
63.75
5s
1.25
61.00
61.00
61.75
Chesapeake & Ohio 5 Ha..
OHa
4Hs
3.00
64.75
4.00
61.70
64.90
4.00
82
85
82
85
5 Ha
2.50
63.60
6s
63.60
2.50
63.50
2.50
61.60
1.00
61.50
Erie RR6H8
6s
1.00
61.50
1.00
61.35
1.00
41.25
0.75
Jan 4 July 1936-49
62.70
2.00
2Hs series G
non
—
5s
BangorHydro-El 7% pf 100
Birmingham Eleo $7 pref-*
Buff Niag 4 E pr pref—.25
Carolina Pr 4 Lt $7 pref..*
0% preferred
*
29
31
30
32
7%
137
82
24 H
83 H
25 H
94
97
91
100
96 X
98 H
100
4 Lt 7 % pref. -100
86 H
89
86 H
88 H
preferred
$0 preferred
$7
1.75
Cent Pr
2.00
5s
St Louis Southwestern 5s__
1.80
0.75
99 H
6s
preferred A—.100
100
4jGas $0 pref-
109 H 112
107 H 109H
Consol Traction
(N J) .100
63
Consumers Pow $5 pref--*
104
105
2.25
62.75
2.00
62.40
1.75
1.75
0% preferred
0.00% preferred
-100
100
preferred
105 H 106 X
99 H 100 x
100
Lt 7 % pref 100
113
195
4Hs
62.50
1.75
62.75
2.00
Dallas Pr 4
6s
62.25
1.75
6s
62.50
2.00
61.50
1.00
5Hs
61.25
0.75
Derby Gas 4 El $7 pref--*
Essex-Hudson Gas
100
1.00
Federal Water Serv Corp—
Great Northern 4 Ha
6a
61.50
1.00
Hooking j Valley_58
61.25
0.75
IUlnote^Central 4 Ha
62.50
2.00
61.75
Southern Ry 4 Ha
Texas Pacific 4s
62.00
53 H
1.00
$0 cum preferred
62.00
1.00
$0.50 cum preferred
61.10
0.50
61.10
0.50
$7 cum preferred
Gas 4 Elec of Bergen..100
61.25
0.75
Hamilton Gas Co v t o
61.25
0.75
Hudson County Gas.—100
195
Idaho Power $0 pref
*
109
100
110
Illinois Pr 4 Lt 1st pref—*
Interstate Natural Gas...*
70
72
32 H
34
61.50
1.00
Virginian Ry 4Hs
Internet Great Nor 4 Ha..
63.75
2.50
Long Island 4 Ha
62.40
1.75
62.25
1.50
100 H
102 H
Loulsv «fc Nash 4Hs—
61.20
0.75
5Hs
101
103
61.20
0.75
6s
100
101H
-
6s
Maine Central 5s
5Hs
Minn St P 4 SS M 4s.
63.10
2.50
63.10
2.50
63.75
2.75
6s
Wabash Ry 4 Ha
5S
Western Maryland 4Hs—-
'
I
62.25
102
1.75
7%
preferred
51H
52 H
53 H
122
Interstate Power $7 pref..*
19H
1.75
Jamaica Water Sup
pref.50
•
20
6
7H
57
NewEngG4 E5H% pf-*
N E Pow Assn 0% pref.100
New Eng Pub Serv Co—
*
New Orl Pub Serv $7 pf—*
N Y Pow 4 Lt $0 cum pf.*
7% cum preferred...100
Nor States Pr $7 pref. .100
-
126
53 H
87
54 H
81H
82 H
88
80
81 H
103H 105H
113H 115
96 H
99 H
»
preferred
*
107 X 108 X
113
114H
Ohio Power
0% pref—100 110H 112 H
Ohio Pub Serv 0% pf_.100
105
106 H
7% preferred
100 X110X 112
Okla G 4 E 7% pref...100
114 H 117
7% pf 100
Penn Pow 4 Lt $7 pref
87
89
*
110H 111H
92 H
94H
Pub Serv of Colo 7% pf 100
Z108H no
2.75
97 H
63.75
2.75
Jer Cent P 4 L 7% pf-100
Kan Gas 4 El 7% pref .100
Queens Borough G 4 E—
-
-
X
-
-
-
«
-
-
21H
54 H
63.75
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf-100
7% preferred
100
Memphis Pr 4 Lt $7 pref *
18
45
,
54 X
56
X
62.25
5s
Western Pacific 5s
5 Ha.
For footnotes see page 1093*
100
115H
Philadelphia Co $5 pref..*
62.00
1.00
83
Nassau & Suff Ltg pref.100
43
Nebraska Pow 7 % pref.100 xlll
Newark Consol Gas
100
125
Pacific Pow 4 Lt
—
5s
6s
81
-
79
75
4H8
Union Pacific 4 Ha—
5s
100
73
81H
54
$7
105H 106H
Continental Gas 4 El—
7%
preferred
Ohio Edison $0 pref
66
101
63.00
Ask
77
33
30
100
62.40
-
Southern Paciflo 4 Hs
1st $6
$0.50 preferred B
Consol Elec
Bid
69
preferred
$7 prior lien pref
Columbus Ry Pr 4 Lt—
62.40
$7
Mountain States Proom..*
114H
89
62.40
61.50
/98
/98H
/99
St. Louis-San Fran 4s
5Hs
*
62.50
oaU Deo. 1 1936-50
Pere
Marquette 4Hs
Reading Co 4Hs
$0.50 preferred
$7 preferred
*
Atlantlo City El $6 pref—*
82 H
Central Maine Power.
4Hs
Denver & R G West 4HS-.
5Hs
ONE WALL. ST., N.Y.
exchange
62.25
6s
Boston A Maine 4Hs
6s
Canadian
Tel. dlgby 4-2800
EST. 1908
members
Railroad
PREFERRED
Bmtell Brothers
Philadelphia, Pa.
New York
POWER & LIGHT COMPANY
CUMULATIVE
$6
84
77
78 H
90
91 H
82 H
80
100
1
89
91
7H
8H
Rochester Gas 4 Eleo—
0% preferred C
100
102
H 104
Sioux City G 4 E $7 pf-100
Sou Calif Edison pref B.25
100
ioi
South Jersey Gas 4 E1.100
Tenn Eleo Pow 0% pref 100
193
28 H
H
29 H
198
68 X
69 H
100
75 X
76 H
7% pf.100 no X 112
Toledo Edison 7% pf A lOOlzlll
xlll
112 H
United G 4 E(Conn)7% pf
93 H
95 H
7%
99
113H 114H
82
0% preferred
Republic Natural Gas
preferred-
Texas Pow 4 Lt
Utah Pow 4 Lt $7 pref—*
Utica Gas 4 El 7 % pf—100
102 H 104
Virginia
180
Ry
100
79
80
185
Financial
1092
Quotations
Feb.
Chronicle
Over-the-Counter Securities—Thursday Feb. 11-Continued
on
Securities of the
OFFERINGS
Associated Gas & Electric
& CO.
Water
York and Boston
1-1074
Federated Utll 5 Ms...1957
Green Mountain Pow 6s '48
Tel. 2-3761
92}*
Houston Lt A Pow 3 Ms 66
Iowa Sou Util'5Ms
1950
Specialists in—
Ask
87
89
Water Works Securities
103 m
102 m 103 m
Complete Statistical Information—Inquiries Invite#
102 m
94
95 m
Ark Missouri Pow 1st 6s '53
93
Kansas Elec Pow 3 Ms. 1966
Associated Electric 58.1961
68m
94 m
69 m
Assoc Gas A El Co 4 Ms '58
52
54m
Keystone Telep 5 Ms. 1955
99 m 100
108 m 108 m
103
104 m
41m
42 m
Louisville Gas A El 3 Ms '66
102
44
44 m
Metrop Edison 4s ser G '65
Missouri Pow A Lt 3 Ms 66
Mtn States Pow 1st 6s 1938
105 X 106 m
Kan City Pub Serv 3S.1951
Kan Pow A Lt 1st 4Mb '65
48
50
SmRT,BRENT&Co.
INCORPORATED
40 EXCHANGE
Assoc Gas A Elec Corp—
3&s—1978
47 X
48 m
Inoome deb 4
Ms—1978
1973
Conv deb 4 Ms—1973
52
53
Conv deb 4s
83
Conv deb 5s
1973
94
Conv deb 6 Ms
1978
Income deb 4s
m
96
1973
105
45
1965
4s
orthern N Y Util 58.1955
lno4Ms~1983
50
55
55
58
Ohio Edison
Sink fund ine 5 Ms.. 1983
60
63
Old Dom Pr 6s May 15 '61
_
101H 102
3Ms
1972
Sink fund lnc 4 M-5 Ms 86
61m
Sink fund ino 5M-6H8 86
66
Participating 8s xtfl.1940
102
79
103
104m
Blaokstone Y G A E 4s '65
108m
Cent Ark Pub Serv 5s 1948
100
1st lien coll tr 6s
1946
Cent Maine Pr 4s ser G *60
Telep Corp 1st 4s '65 105m
102 m
Peoples LAP 5 Ms—1941 /100
105m 106
105
105 m
-
83
89
87 m
104j* 104 H
Sioux City Gas A El 4s 1966
Sou Calif Gas 1st 48—1965
1958
Sou Cities Util 5s A
with stkl952
1953
Conn Lt A Power 3 Ms 1956
Income 5 Ms
Colorado Power 5s
/10m
106 j*
12 m
105
New Jersey Water 5s. 1950
New Rochelle Wat 5s B '51
102
90}*
92}*
5 Ms
1951
New York Wat Serv 5s '51
91
93
Newport Water Co 5s 1953
OhlQ Cities Water 5 Ms '53
100
Ohio Valley Water 53.1954
Ohio Water Service 5s. 1958
109
Ore-Wash Wat Serv 5s 1957
95
Tel Bond A Share 5S..1958
104
104m
105m 106
MH M o o tWo
103
-
1966
1966
series F
series G
Conn River Pr
103m
—1962
6% secured notes.. 1937
Cumberl'd Co PAL 3Ms'66
102
5s
85
68
66
1st coll trust
100m 100 X
105
105 m
59
60
87 m
89
124m 125 M
103m 103 m
102
103}*
104"
1950
101
1948
100
1st consol 5s
1948
101
1948
3M8—1961
100
83}*
Pittsburgh Sub Wat 5s *58
Plainfleld Union Wat 5s '61
107
1961
87
102 m 103 m
90
Richmond W W Co 58.1957
100
Roanoke W W 5s
4 Ms
95}*
19fi
98
105
—
E St L A Interurb Water—
5s series A
1942
100
102
102
5s series A
1952
5s series B
...1952
Hackensack Wat Co 5s '77
104
104
Real £state Securities
our compre¬
91
101
St Joseph Wat 4s ser 19A'66
Scran ton Gas A Water Co
106
101M 103
101
103
1958
Scran ton Spring Brook
Water Serv 5s
1901
1st A ref 5s A
1967
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '60
Sou Pittsburgh Wat 5s '55
BAKER
& CO.
BArclay 7
150 Broadway,
2360
N.Y.
1902
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Alden 1st 6s
Jan 11941
Broadmoor (The) 1st 6s '41
68.1941
A 41st Street—
B'way Barclay 1st
B'way
1st leasehold 6MS-.1944
51
56
m
41
stamped—
1948
Chanin Bldg Ino 4s... 1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s..1948
Court A Remsen St Off Bid
1st 6s
Apr 28 1940
Dorset (The) 1st 6s...1941
East Ambassador Hotels—
1st A ret 5 Ms
1947
Eauit Off Bldg deb 6s 1952
Deb 6s 1952 Legended..
60 Bway Bldg 1st 3s Ino '46
—
unstamped
1949
502 Park Ave 1st 6s...1941
62d A Madison Off Bldg—
6s
....Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
4« '**vay 1st 6s
1939
14uo Broadway Bldg—
1st 6Ms stamped... 1948
Fox Theatre A Off Bldg—
1st 6 Ms
Oct 1 1941
Fuller Bldg deb 6s
1944
5 Ms unstamped
1949
Graybar Bldg 5s
1946
Harriman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s...1950
Kelth-Albee Bldg (New
Rochelle) 1st 6s
1936
Lefoourt Manhattan Bldg
1st 4-5s extended to 1948
67m
69 m
Bldg—
Ms...-Apr 15 1937
Lincoln Bldg Ino 6M8-1963
Loew s Theatre Realt Corp
1947
1st 6s
London Terrace Apts 6s '40
/54m
/35
72 m
57 m
38m
87
13 m
90m
85
88
fllX
/54m
57 m
44 m
/33m
1st
(Bklyn)...-1942
1936
Ms (LI)
92 m
Ask
36 H
96
6s
1947
estern
N
99
103
Joplln W W Co 5s
104 M
102
Kokomo W W Co 58—1958
Middlesex Wat Co 5 Ms '57
96
100
iooM 101}*
...1950
100
102
99m
103
105
99 M 102"
104 M 106
105
102}* 104}*
1st mtge 5s......-.1951
1st mtge 5 Ms
1950
100"
Lexington Wat Co 5 Ms '40
Long Island Wat 6 Ms. 1955
104
Y Water Co—
5s series B
...1958
1015*
102
106
105
102
5s series C...
1960
6s series A
1949
104m
103 }*
103 m
105}*
99
36m
1945
Munson Bldg 1st 6M8.1939
N Y Athletic Club—
76 m
/43m
Par
1st mtge 2s stmp
1st A gen 6s
39 m
/37$*
/37m 39$*
101$* 103
5 Ms series BK—
5 Ms series C-2
5 Ms series F-l
/60m
/50m
/61m
/49m
A reg'55
1946
N Y Eve Journal 6 Ms. 1937
N Y Title A Mtge Co—
5 Ms series Q
19th A Walnut Sts (Phila)
1st 6s
July 7 1939
Oliver Cromwell (The)—
1st 6s
Nov 16 1939
f52 H
/53m
75 m
84 m
/43m
46
/33m
62 M
62 M
52 M
30 m
92
/07m
57
88 m
70 m
/52
86
98
69 m
73 m
73 m
26 m
82
57
87 m
68 X
7% preferred
B/G Foods Ino
/13m
71m
59
61M
69
Ask
(S H) 6% pref
4M
15
5%
15}*
38
O) common..*
.100
7% preferred
10
53
104
Ask
UX
12 M
18
22
0M% preferred
.100
Murphy (G C) $5 pref. 100
Nelsner Bros pref
.100
44
51
108
109
113
115
11
50
Diamond Shoe pref... .100
Bid
*
Miller (I) Sons com
36}*
Bohaok (H
Par
Kress
18
♦
--
Reeves (Daniel) pref- .100
Schiff Co preferred
.100
108
108
United Cigar Sts 6% pf .100
*
Fishman (M H) Stores
*23
25
106
--
*
104
20
19 X
215*
0% pref otfs
U 8 Stores preferred...100
19}*
21M
11
14
109
*
Kats Drug preferred..
Kobaoker Stores
68 m
16
*
com...
32.50 conv pref——
17
165 Bway Bldg 1st 5 Ms '61
Prudence Co
Bid
104
Preferred
89 m
23
71
5Ms double stpd—1961
Realty Assoc Sec Corp—
1943
/55m
I57X
/29m
/29m
31m
31m
/39m
49 m
/42
/56m
Sugar Stocks
59
Savoy Plaza Corp—,
Realty ext 1st 6 Ms. 1945
68.
—1945
92
7% preferred
57
Roxy Theatre—
1st fee A l'hold 0 Ms. 1940
44m
58 m
5s Income
/24$*
79m
f55
85 m
66 $*
*
Borland Shoe Stores..
Bickfords Ino
02 M
2nd mtge 6s
...1951
103 E 57th St 1st 6s
1941
77 X
Chain Store Stocks
78 m
45m
1 Park Avenue—
Ludwlg Bauman—
1st 6s
1948
6s
SfdebSs....
69 ~~
99 m 100$*
Lewis Morris Apt
1st 6
mx
W Va Water Serv 4s. .1901
Interstate Water 6s A.1940
Metropol Playhouses Ino—
f72
600 Fifth Avenue—
6 Ms
Majestic Apts 1st 6s. .1948
Metropolitan Chain Prop—
Water Serv Cos Ino 5s '42
100 M
103 m
Metropolitan Corp (Can)—
/40m
Broadway Motors Bldg—
6s
Bid
Ask
Union Water Serv 5 Ms '51
104""
102}* 103}*
1957
.1949
sxarkaua Wat 1st 6s. 1958
104
Indianapolis Water—
1st mtge 3 Ms
1966
Indianapolis W W Secure
Bell System Tel.
NY 1-588
5s
/48
/53m
/37m
102 H
82 m
105
6s series A
102 M
102}*
80m
103
...1960
102
1954
102 m 104
5s series B
Spgfleld City Wat 4s A1956
Terre Haute Water 6s B '56
6s
104m
103
109
Illinois Water Serv 5s A '52
102}*
103 m 105 H
1960
103 M
68
INCORPORATED
103
5s series A
1977
6 Ms series B
93
105 m
Huntington Water 6s B *54
issues.
105
1950
4 Ms
Davenport Water Co 6s '61
—
102
103
Roch A L Ont Wat 5s. 1938
Consol Water of Utlca—
100
AMOTT,
102 m
103 m
106
107 m
102 m 102 m
inquiries for copies of
105
Peoria Water Works Co—
Phlla Suburb Wat 4s__1905
103
hensive statistical reports on real estate
97
iooj*
Pinellas Water Co 5 Ms '69
105
102 m 103
We invite
98 H
105"
Commonwealth Wat (N J)
98
99m 100
/64m
103
81}*
96
101m 102
73}*
Federal Pub Serv 1st 6s '47
92
101
Prior hen 6s
102
104
99}* 100}*
1st consol 4s
105
lst 5s series C
Clinton W Wks Co 5s.
105
1st A ref 5s
101M
68
Dallas Pow A Lt 3 Ms.-1967
4}*s..l966
Penna Water Co 5s...1940
1941
5s
City W (Chat) 5s B..
100 m 101}*
Penna State Water—
103
Wisconsin G A El 3 Ms 1966
1st mtge 4s
67
72 m
Consol E A G 6s A...1962
105
Citizens Water Co (Wash)
"Wisconsin Pub Ser
104 j* 105
3Ms A.1981
6s series B
103
105
102}* 104
Wise Mich Pow
3 Ms
3 Ms
105 M
104
Cn
106
Penn
85
Central Public Utility—
102}*
M uncle Water Works 6s '65
100 X 100 $*
102 m 105 H
105
101m
5 Ms
1950
Morgan town Water 5s 1965
104
81
103$* 103 H
...1966
Ask
Monongahela Valley Water
103 M
99$* 100m
aclUo Gas A Elec Co
3Ms series I
Bid
Monmouth Consol W 5s '66
105
Alton Water Co 5s....
101 j* 102 m
103
Bellows Falls Hy El 5s 1968
Ask
101M 102}*
100 X 101m
102 m
1946
Debenture 4s
Sink fund lnc 5-6s—1986
83 m
Bid
Okla Gas A Elec 3Ms. 1966
50
60 M
Central G A E 6 Ms—1946
Water Bonds
107
.
Sink fund inoome 5s 1983
Sink fund ino 4-58.-1986
102
102 m 103
106
50
PLACE, NEW YORK
Teletype: New York 1-1073
Tel. HAnover 2-0510
100m 101
100
Newport N A Ham 68.1944
New Engl Pow 3Ms. -1961
Y. State E A G Corp.
89
Sink fund inoome 4s 1983
Sink fund
102 m
Narragansett Elec 3 Ms '66
87
Inc.
Est. 1854
PORTLAND, MAINE
Bid
Ask
96
103 m
91
Inoome deb
Co.,
(Maine)
Utility Bonds
102
1978
Electric
H. M. PAYSON & CO.
HANcock 8920
Direct Private Telephone between New
Bell System Teletype—N.Y.
Income deb 3 Ms
&
75 FEDERAL ST., BOSTON
150 BROADWAY, NEW YORK
*
COrtlandt 7-1868
/94
Works
Consumers Water Co,
Member* New York Curb Exchange
Bid
WANTED
First Mortgage Bonds of Subsidiaries
System
American
S. A. O'BRIEN
Public
1937
13,
Sherry Netherland Hotel
1st 6Ms—May 15 1948
70
59 m 60 Park PI (Newark) 6s '37
616 Madison Av 1st 6Ms'38
61 Bway Bldg 1st 5 Ms 1950
Syracuse Hotel (Syracuse)
1st 6 Ms
Oot 23 1940
Textile Bldg 1st 6s
1958
64 m Trinity Bldgs Corp—
1st 5 Ms
88
1939
2 Park Ave Bldg 1st 4s 1941
99 m Walbridge Bldg (Buffalo)—
1st 6 Ms
Oot 19 1938
61m
Westinghouse Bldg—
Par
Bid
Ask
Eastern Sugar Assoc
Preferred.....
1
39
41
..1
44
Haytlan Corp Amer
*
45}*
IX
X
Par
Savannah Sug Ref com
West Indies Sugar Corp..1
Bid
36}*
m
Ask
38
8}*
96
—
...
—
1st fee A leasehold 4s '48
41M
For
/73
footnotes
see
page
1093.
CURRENT
NOTICES
—J. Arthur Warner & Co. of New York and Kneeland & Co. of Chicago,
57 X
both firms specializing in over-the-counter securities, announce that, with
97 X
99m
the installation of a direct private wire linking their offices, arrangements
66 m
69
have been completed whereby they will act as correspondents for and deal
/26m
...
exclusively with each other in those two cities.
—F.
/76$*
79
T.
Sutton &
Co., 64 Wall St., New York, are distributing the
current issue of their "Facts and Comments," in which they discuss trends
in transit and prospects
for 1937 in that field.
Volume
Financial
144
Quotations
Chronicle
1093
Over-the-Counter Securities—Thursday Feb. 11- Continued
on
Investing Companies
Climax
Molybdenum Co.
American Republics Corp.
Lawrence Portland Cement Co.
Amer. Dist. Tel. (N. J.) Com. &
Pfd.
Bell System
329*
1.35
1.48
12
Bid
American Book
6
Major Shares Corp
Maryland Fund Ino
49*
Mass
5.58
..100
Par
68"
64 M
6%
8% cum preferred... 100
American Hard ware....26
Amer Maize Products
44 J*
Preferred
87
National Casket.
6
5%
Norwich
7 10
12
SI cum preferred......*
120
$7 preferred
...100
*
Dictaphone Corp
100
Preferred
Dixon (Jos) Crucible... 100
519*
51
65
639*
74
100
98
129*
101
19*
1
Steel
.150
199*
(4
T189*
* *419*
4
89*
89*
:ioo
*20
439*
106
229*
239*
i 19*
29*
Warren Northern—
19
21
44
99*
79*
47
7% preferred
100
West Va Pulp & Pap com. *
25
409*
46
45
106
37
39
100
105
107
5
$3
159*
469*
Golden Cyole Corp.....
Good Humor Corp
429*
Welch Grape Juice com..6
West Dairies Ino com v t c 1
149*
449*
10
9*
conv
preferred
*
Preferred
9
$3 cum preferred
439*
White (S S) Dental
68C
Nation Wide Securities.. 1
4.98
5.08
39.73
Voting trust certificates.
N Y Bank Trust Shares...
2.27
2.43
259*
5.20
No Amer Bond Trust ctte
649*
55
No Amer Tr Shares 1963..
2.96
7
10
28.05
11
199*
42
69*
3.86
Crura A Forater com 10
8% preferred
319*
100
Northern
Blass B
339*
112
429*
1894
20
*
39*
1.02
1.13
19.48
21.34
14.99
15.49
55c
75c
16.38
17.83
.
Selected American Shares.
Selected Cumulative Shs..
----
5.55
5.20
4.26
11.24
—
-
-
-
--
—
Selected Income Shares...
5.93
3.75
Selected Industries oonv pf
279*
289*
24.39
3.55
Spencer Trask Fund
*
Standard Am Trust Shares
4.50
5.45
Standard Utilities Ino...*
1.11
8.05
8.96
State Street Inv Corp
25c
2.10
2.25
Super Corp of Am Tr Shs A
Eqult Inv Corp (Mass)..5
Equity Corp oonv pref
1
Fidelity Fund Inc
.*
35.18
37.81
419*
449*
29.59
31.88
Fixed Trust Shares A
*
14.33
C
*
11.90
D
Foundation Trust Shares A
5.40
5.70
Fundamental Investors Ino
26.20
27.66
6.71
7.50
D
Fundamental Tr Shares A
*
Group Securities—
Agricultural shares
1.97
2.13
-
-
-
2.98
8.57
(
8.57
Supervised Shares
16.74
15.40
Trustee Standard Invest C
3.34
D
8.14
-
4.71
BB
«.
-
2.98
m.
-
-
—
-
-
-
—
-
3.28
Trustee Standard Oil Sh
7.48
1.20
-
4.51
B
General Investors Trust..
4.75
123
AA
6.13
B
~
23.66
129*
Diversified Trustee Shs B.
O
B
49*
2.97
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B..
Dividend Shares
__
76
419*
Selected Amer Shs new.
----
39
6.86
Securities... 100
Plymouth Fund Ino A. 10c
Quarterly Ino Shares new.
Representative Trust Shs.
Republlo Investors Fund. 5
Royalties Management...
....
-m-mm
1179*
37
3.55
Pacific Southern Inv pref.*
Class A.
♦
Cram A Forater Insurance
Common B shares....10
mm
3.76
Series 1958..
3.00
3.86
689*
3.83
Series 1956
129*
20J*
3.16
3.00
—
8.27
\
B
7.84
Trusteed Amer Bank Shs B
1.05
1.16
Trusteed Industry Shares.
U S El Lt A Pr Shares A..
1.64
1.82
Automobile shares
1.64
1.68
209*
209*
Building shares
2.34
2.62
B__
3.24
3.34
Chemical
1.72
1.87
Voting trust ctfs
1.22
1.30
1.07
1.17
Un N Y Bank Trust C3..
39*
Investing shares
1.86
2.01
Un N Y Tr Shs
19*
19*
Merchandise shares
1.54
1.67
Wellington Fund
21.63
23.70
1.81
1.96
shares
Food shares
Petroleum
.....
ser
F
1.55
1.68
Investm't
1.87
2.03
Bancamerioa-Blair Corp..
2.14
shares
2.31
First Boston Corp
1.30
Pomeroy Ino com
Tobacco shares
1.19
Guardian Inv Trust com.*
1
23
Preferred
36
Incorporated Investors. _*
Banking Corps
13.14
........
469*
479*
69*
79*
25
1.03
Huron Holding Oorp
49*
Sehoelkopf, Hutton A
19*
RR Equipment shares.
Steel shares
37
29*
39*
100
101
Wlloox-Glbbs common. .50
24
Willys Overland Motors.. 1
59*
119*
59*
129*
WJR The Goodwill Station
32
34
100
61
1.38
27.45
29.52
67
Young (J 8) Co oom... 100
100
114
260
$7 1st preferred
10
8% preferred
-
-
—
—
—
—
120
30.16
-■+-
459*
no
Series 1955
White Rock Mia Spring—
42
3
49*
4.80
249*
Mfg.20
45
63
29*
20.02
50
34
♦
60
439*
18.32
Mining Shares
*
oom
Tublxe Chatlllon eum pf. 10
United Merch A Mfg oom *
39*
24
1
119*
?
*
United /Piece Dye Works .♦
Preferred
100
Gen Fire Extinguisher..
Klldun Mining Corp
*
rrico Products Corp.
78~~
Draper Corp
........*
Foundation Co. For shs..*
*
1409* "429*
1579*
209*
f449* 459*
669*
119
87
Preferred
92
Taylor Wharton Iron A
62
789*
Oalr (Robert) Co com....*
105
Stromberg-Carlson Tel Mfg
Sylvanla Indus Corp
*
84
*
95
..5
Standard Screw
56
1089*
369*
shares..
109*
339*
29*
50
* 748
Remington Arms com
* * 49*
59*
Scovlll Mfg
53
25 *52
346
Singer Manufacturing. .100 "340
23
49
Douglas Sboe preferred. 100
American
113
Publication Corp com
499*
11.72
32.33
1
Mutual Invest Fund
48c
7% preferred....... 100
Cumulative Trust Shares. *
789
Pathe Film 7% pref
Petroleum Converslon...l
Columbia Baking com...*
Dentists' Supply Co of N Y
Pharmaeal
Ohio Matoh Co
49
54
99*
"319*
100
439*
7 47
Growell Pub Co com.....*
110
*
.100
100
30
Climax Molybdenum....*
Columbia Broadcasting A *
Class B
♦
preferred
New Haven Clock pf
Northwestern Yeast
79*
539*
519*
.100 r27
* '419*
1st preferred
359*
199* "209*
499* 519*
*
Nat Paper A Type com
50
269*
Bur dines Inc com..
19*
97
*
Preferred
169*
15J*
49
259*
Indust Serv el A*
339*
Muskegon Piston Ring....
83
Andlan National Corp...*
Beneficial Indus Loan pf.*
Bowman-BUtmore Hotels
Ask
114
100
459*
359*
Art Metal Construction. 10
Bankers
l
100
339*
*
American Mfg 5% pref.100
American Republics com.*
Bid
Mock Judson A Voehringer
110
39*
10.72
30.47
239*
1
Century Trust Shares...*
Gonsol. Funds Corp ol A.
Continental Shares pref...
Corporate Trust Shares
1
preferred
*
com..
Trust.. 1
Investors
37.15
1
_
Series ACC mod
Maytag warrants.
Merek A Co Ino com
American Hard Rubber—
26.66
89*
Series AA mod.
Ask
57
24.32
4
Series AA
•
9
Keystone Oust Fd Ino B-3_
1.28
17.31
Central Nat Corp cl A
*
Class B........._....*
Teletype NY 1-1493
1.91
16.97
Canadian Inv Fund Ltd.l
Tel. BArclay 7-0700
2.37
1.77
47
Investors Fund C
79*
Accumulative series
Par
Insurance Group Shares
Invest Co of Amer com. 10
59*
Bullock Fund Ltd
1020
Ask
2.19
Group Shares
Bankers Nat Invest Corp *
Basic Industry Shares
*
Industrial Stocks
American Arch.
Bank
13
1.15
Bid
Institutional Securities Ltd
Am Insurance Stock Corp *
Assoc Stand Oil Shares..2
York Security Dealers Association
Broadway, N. Y.
12.92
309*
Amer A Continental Corp.
Amer General Equities Ine
Bristol & Willett
116
Par
21.86
11.94
British Type Invest A
Broad St Invest Co Ino
Established
Ask
20.55
.*
Amerex Holding Corp...*
Amer Business Shares...1
Bought—Sold—Quoted
Members New
Bid
Par
Administered Fund.
Affiliated Fund Inc
mm —
109*
129*
68
Worcester Salt
71
7%
preferred.
---
27
Submarine Signal Company
ROBINSON, MILLER & CO.
126
100
INO.
Hi&»282 52 William Street, N.Y.
N.£'f
•
SYLVANIA INDUSTRIAL CORP.
Bought, Sold & Quoted
Miscellaneous Bonds
Bid
QUAW & FOLEY
30
BROAD
American Tobacco 48.1951
Members New York Curb Exchange
98
Armour A Co 4s.....1957
98 J*
Associates Invest 3s.. 1946
969*
Journal of Comm 69*s 1937
999*
979*
1953
Chicago Stock Yds 5s. 1961
Cont'l Roll A Steel Fdy
1940
1st eonv s f 6s
CLIMAX MOLYBDENUM COMPANY
Oudahy Pack conv 4s. 1950
1st 39*s
1955
Deep Rock Oil 7s
1937
Elec Auio-Llte
conv
4s '52
Members
61
UNTERBERG & CO.
E.
f New York Security Dealers Association
Commodity Exchange, Inc.
j
BOwllng Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
*
No par value,
Am. Writ. Paper, New
United Cigar Stores Com.&
Eastern Footwear Corp.
Pref •
Electrol, Inc.
e
a
ser A
(Glenn L)
260
/73
75
N Y Shipbuilding 5s..1946
Otis Steel 49*s
1962
97
101
iom 105
1029* 103
Reynolds Investing 5s 1948
939*
conv
—
6s.
Nat Radiator 5s
1009* 1029*
/929* 949*
1129* 113
100.28
270
Scovlll Mfg 59*8
1945
Std Tex Prod 1st 69*s as'42
Strath Wells Titus 69*8 '43
98
979*
959*
109
107
259*
JT24
95
289*
Tide Wat Assoc Oil 3 9*s '52
Union Oil of Calif 3 9*s 1952
1139* 1149*
100.26
101.31
Witherbee Sherman 6s '44
/41
Woodward Iron 5s
100.28
interchangeable,
Ex-rights.
Kopper Co 4s
1939
—
1039* 1049*
us
Sept 1 1939 100.25
Haytlan Corp 8s
1938 /279*
Home Owners' Loan Corp
I9*s
Aug 15 1937 100.22
2s
Aug 15 1938 101.27
June
1 1939 100.25
1Mb
a Coupon,
1951
1009* 1029*
1029* 1039*
1948
1946
104 J*
Federal Farm Mtge Corp¬
C.
Conv deb 6s
Martin
River Bridge 7s
919*
889*
Kelsey Hayes Wheel Co—
Bear Mountain-Hudson
Telephone HAnover 2-9030
Ask
Bid
Ask
112
Am Wire Fabrics 7S..1942
NEW YORK
STREET
/ Flat price,
selling on New York Curb Exchange,
b Basts price,
w.
1009* 1009*
1952 /1439* 1479*
*rnm
e Registered ooupon
f When Issued,
s ex-dlvldend.
(serial)
v
Now
t Now selling ex-coupons,
t Now listed on New York Stock Exchange,
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold
inquiries incited
CURRENT
M. S. Wien & Go.
Established 1919
—John B. Dunbar &
Members of the New York Security
25 BROAD
Dealers Assn.
Co. of Chicago have moved into air-conditioned
offices on the fourth floor of the Field Building, 135 South La
ST., N. Y.
Teletype N Y 1-1397
Tel. HAnover 2-8780
The new quarters have one
PETROLEUM
distribution operating
SHOPS
well as
DENNISON MFG.
and statistical reports
on
the Gramercy Park Building
City and the Walnut Hill Apartments in Philadelphia.
GENERAL ALLOYS PFD.
—Jenks, Gwynne & Co. announce that they have become members of
A
the Montreal Curb Exchange and are parpared to execute orders on that
MIDWEST OIL
3
LANCASTER & NORVIN GREENE
The New York office of the firm is connected by private wire
with its Canadian offices in Montreal and Toronto,
analysis of Third Avenue Railway
BROAD STREET
Bell Tele. N. Y.
Exchange.
,,
—Robinson, Miller & Co., 52 William St., N. Y, City, has prepared An
I ncorpora ted
as
Corp., Lefcourt State Building and 400 Madison Ave. Corp. in New York
CONVERSION
ALLENDALE CORP.
SO
of the largest telephone installations,
trading tables, in the city.
—Amott, Baker & Co., Inc., 150 Broadway, New York, has ready for
GAIR
FEDERAL BAKE
HAnover 2-0077
Salle St.,
Chicago, it was announced by Robert Carpenter, manager of the building.
the most modern
ROBERT
NOTICES
1-1786
System with special reference to its
adjustment mortgage 5% income bonds due Jan. 1, 1960, supplemented
with an official route map.
1094
Shares
Quotations on Over-the-Counter Securities
Thursday Feb. 11—Concluded
150
Bid
/19
22
Hungarian Ital Bk 7%a '32
6
/25
30
1 Boston Athenaeum,
99)4
99)4
2
91)4
91)4
Ilseder Steel 6s
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s.-.1956
7
/22
25
8
/22
/24
/20
25
8
5
Bavarian
change Bank 7s
1948
Nov 1932 to May 1935
22
Land M Bk Warsaw 8s '41
23
Leipzig O'land Pr 6)4s '46
Leipzig Trade Fair 7s 1953
1943
0
14)4
Mannheim & Paiat 7s. 1941
3
A9
21
Merldionale Eleo
1
8s.
83X
f92
f20X
A6)4
84 %
Munich 7s to
5
7
8
9
6B.
Brazil funding 6%.
.
b
6s.
1940
British
-
U7A
12)4
7Xb
Light
-.1948
7s.. 1957
.....1945
23)4
f35
—
Recklinghausen 7s. .1947
Nassau Landbank 6%a '38
Natl Bank Panama 0)4 %
68""
/6 5
.
D A14
7)4s
1962
3
/20
21)4
1
/6
A5
A5
Chile Govt 6s assented
78 assented
"
74
/72
/32
84~"
/81
61
/59
/76
72"
/70
136X 38X
26 X
/25
37
/35
A8
A9
/20
A9
22"
A9
A9
f20X 22 "
6s
Cundlnamarca
6Xa
Panama 5% scrip
Porto Alegre 7%
1968
Rhine Westph Eleo 7% *36
Rio de Janeiro 6%...1933
Rom Cath Churoh
1957
1957
7s ctfs of dep
4s scrip
88
1948
1948
inta
mm
Catharlna
1947
July to Dec 1934
Jan to June 1935
July to Deo 1935
Jan to June 1936
July to Deo 1936
German scrip
German Dawes Coupons
49
.1951
63^8.
..
/19
/6 7
70
f26X
28X
2d series 5s
1956
368
371
28,000
1,162
27,900
27,500
27,650
1,170
1,173
1,570
1,560
1,590
■
mm
fl7X
—
'
'mm
-
«•
mmmm
m
m
-
m
mm
1,600
m
725
725
831
230
mm m
230
299
■
299
819
ml
1
mmmm
/64
/56
28
17X
674
671
1,710
1,690
mmmm.
1,610
1,610
mmmm
418
419
419
672
671
669
855
867
845
1,620
1,640
1,610
725
758
760
762
766
804
385
375
375
26
25
33
2,140
2,160
2.100
73.50
73.60
75.10
74.60
72.60
72.75
74.00
73.90
71.50
71.60
73.10
72.90
76.10
75.90
77.50
77.30
76.50
76.20
77.90
77.70
95.50
95.40
96.40
96.00
5,100
Closed
.....
—
Royal Dutch
20X
5,180
5,190
2,490
2,490
1,382
'
m mm
112
108
.
-
-
Soclete Lyonnalse
48
44
176
378
-
«.
*
1956
47
529
524
227
512
515
m
m
mmmm
mmmm
mmmm
mmmm
138
144
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
138
STOCK EXCHANGE
BERLIN
THE
Closing prices of representative stocks as received by cable
Oct 1935 to Oct 1936
17X
1936
Certificates 4s
11)4
13%
7s unstamped
1946
each
day of the past week:
Feb.
/60J4
/50X
MX
MX
Feb.
6
■
,
8
Feb.
Feb.
Feb.
Feb.
9
10
11
12
Per Cent of Par
39
39
39
131
131
169
39
131
169
131
Berliner Kraft u. Llcht (8%)
Commerz'und Prlvat-Bank A. G._
169
169
169
114
114
114
114
114
99 X 100 X
Dessauer Gas
118
118
118
99)4 100 X
118
Deutsche Bank und Disconto-Gesellschaft.117
117
117
117
117
Deutsche
(4%)
...148
Deutsche Reichsbahn (German Rys) pf 7% 123
Dresdner Bank
...107
148
124
147
146
146
124
124
124
107
106
106
106
Farbenlndustrie I G (7%)
Gesfuerel (6%)
169
145
151
17
169
168
168
145
144
143
162
17
151
152
151
17
17
17
Mannesmann Roehren
1946
Certificates 4s
99
120
119
119
118
118
18
185
.227
181
201
17
185
222
17
17
17
Allgemelne Elektrlzitaets-Gesellschaft..-.. 39
Berliner
89
A6
Prov
7s...1950
17 X
nion of Soviet Soc Repub
20 X
1943 t86.55
7% gold ruble
100
91.15
101
100
Handela-Gesellsohaft
131
(6%)
(7%)
Erdoel
-
to...1945
/19
/17
fl9X
1093.
were
SALES
.——170
-
—....
Hamburg Elektrlzitaetswerke
Hapag
.—145
...
Rhelnische Braunkohle (8%)..
sold at auction
on
Wednesday
Saixdetfurth (7)4%)
Siemens A Halske (7%)
181
200
118
185
185
186
222
221
221
198
.....
201
181
199
180
week:
CURRENT
NOTICES
$ ver share
$3,600 lot
—A. R. Titus & Co., 32
32 Webster A Atlas National Bank, Boston, par
3 Merchants National Bank, Boston, par
50 United States Trust
46
465
20
$50
$100
Co., Boston, par $10
-310
7234
73)4
32)4
95)4
» 10)4
3)4
10 Brookline Trust
Co., Brookline, par $100
Naumkeag Steam Cotton Co., par $100
20 Naumkeag Steam Cotton Co., par $100
5 Massachusetts Utilities Associates, preferred, par $50
3 Central Maine Power
Co., 7% preferred, par $100
$5
preferred, par $100
5 Missouri Kansas Pipe Line, common, par
150 M. J. Whittall Associates,
Per Cent
Bonds—
$4,000 Commonwealth of Mass. 4s, Jan. 1956 reg. tax
118)4 A int.
23% flat
exemption
$2,500 Hotel Bellevue Trust Inc. 6s, 1960
$2,000 Kentucky Fuel Gas Corp. 6 34s, Jan. 1942 series
certificate deposit..20)4 flat
By Crockett & Co., Boston:
—An analysis of the Scullin
-
10 Charlton Mills,
par $100
10 Farr Alpaca Co., par $50---'
12 Berkshire Fine Spinning Associates,
-
par
preferred, par $100
$50
Shops, 1st preferred, par $100
-
been issued by H. D. Shuldiner
Y. City.
Francis G. Kulleck has been
and that James G. Fisher has
—Telephone Securities Corp. announce that
appointed manager of their Chicago office
become associated with them.
—Lancaster
&
Norvin
Greene,
ferred stock, $10 par value.
—Distributors Group,
a
statistical
study
Broad St., New York,
have
Co. class A cumulative 7%
pre¬
Inc., 30
prepared an analysis of General Alloys
,
Inc., 63 Wall St., New York City, have prepared
of American
European
Securities Co. covering the
period 1930-36 inclusive.
of Thomas P. Brooks as ViceEngland territory, with headquarters In the
—Hare's, Ltd. announces the appointment
President in charge of the New
firm's Boston office.
&
Co.,
49 Wall St., New York, have
study of International
57
53
—
Steel Co. giving the proposed reorganization
plan, with comparative 1936 earnings, has
Trew
% ver Share
Stocks
15 Arlington Mills
St. Louis Southwestern Ry. Co. and the effect
the road.
of the plan on securities of
$ ver share
Slocks
Broadway, N. Y. City, have prepared a summary
of the reorganization plan of
& Co., 39 Broadway, N.
By R. L. Day & Co., Boston:
mm
mmmm
112
'r
515
Coupons—
Co., Robbinsville, N. C. (Del.) pref., par $100
$1,000 lot
preferred
$1,200 lot
$3,000 Guaranteed Mortgage Certificate Lawyers Mortgage Co. No. 101581.
Participation in $68,000 mtge. S. E. corner Broome A Clinton Sts.
Interest
5X% paid to last intererest day
—
$1,200 lot
4 Saco Lowell
m
mmmm
.
220
Wagon-Lits
f55
/38
A9
7
8%
Stocks
Alpaca Co.,
m
mmmm
'
48
104 Ohmer Fare Register Co. (N. Y.),
Farr
mmmm
mm
mmmm
524
220
48 X
44
1,000 International Arms A Fuze Co. (Me.), common, par $25
25
mmmm
■mrn'm-m '
1,615
Soolete Marseillaise
290
500 Bemis Lumber
Shares
mmmm
•
mmmm
178
1,642
Tubize Artificial Silk, pref
Union d'Electrlcltle
By Adrian H. Muller & Son, New York:
Shares
l
mmmm'
'
1956
AUCTION
Shares
mmmm
mmmm
-
Norddeutacher Lloyd
Relohabank (8%)....
current
mmmm
1,590
114
175
1,606
8ociete Generale Fonciere
48)4
2d series 5s
mx
/31X
following securities
mm
mmmm
m
mmmm
1,400
Soolete Francalse Ford
m,
mmmm
•
2,425
1,390
„
mmmm
5,100
Saint Gobain CAC
Schneider A Cle
27X
21X
5s
/54)4
/62
the
■mmmm.
220
mmmm.
1,640
Orleans Ry 6%
Pathe Capital
12X
m
uouman
The
rn
mm.
1,710
Nord Ry
m
'
/45
of
m
mmmm,
.
110)4 111%
For footnotes see page
,
mm
675
Energie Electrique du Littoral..
35
87
97
mmmm
m
''
Gt Brit A Ireland
fl8X
mmmm
mm'
1,610
Lyon (P L M)
/55
Nov 1935 to Nov 1936
/38
/260
7s.
.1940
/98
'
-
-
1,690
Lyonnalse
Energle Electrique du Nord
28
/20H
fl8X
/21X
12
Francs
Rentes, Pepetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4)4s, 1932 A
Rentes 4)4%, 1932 B
Rentes 5%, 1920
/35
/26
Feb.
11
•
825
Eaux Lyonnalse cap
158
17
f38
f33
Feb.
Pechiney
/23
/26
----
10
290
Credit Commercial de France-
Credit
Feb.
230
1
/23
mrn
695
Comptoir Nationale d'Eacompte
Coty S A
Nov 1932 to May 1935
German Young Coupons
flOH
A3
/93
381
Courrleres.li...
Oct 1932 to April 1935
f8%
mx
382
Paoifio
Cle Dlstr. d'Eleotricitie
Coupons—
/24)4
S23X
;ex
071
Cle Generale Transatlantlque...
Citroen B
47
23
12
134
.113)4
8,500
1,511
679
Cle Generate d'Electrlcltle
/26
i
Jan to June 1934
8,700
1,534
675
Canal de Suez cap
MX
German Building A Land-
/58
/38
/28
/27
/26
8,500
1,511
Canadian
/31
/97
/46
/19
/78
..
f20
8,400
Bauque de l'Union Parlalenne..
/80X
Sorip.
..
f25X
Francs
Bauque de Paris et Des Pays Bas
(Brazil)
121
f70
/55
Francs
Bank of France
/31
flOX
II
120
U6
Feb. 9
Francs
L'Alr Liquide
Salvador 7%
—
Feb. 8
fl 8X
Saarbruecken M Bk 6s '47
^..
Francs
R O Churoh Welfare 7s '46
1945
i
PARIS BOURSE
Kuhlmann
8%
/32
-—------- - -
Feb. 6
fl9%
/32
fl9X
-w
day of the past week:
6)4 s '46
Royal Dutoh 4s
-
;
Francs
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s *36
/
68.
...
Ohuroh
8s ctfs of dep
European Mortgage A In-
French Govt 5)4s...
1945
Protestant
22
/20>4
7s.
1947
to
i
3
4s
Oberpfals Eleo 7%.—1946
Oldenburg-Free State 7%
3
Co
Trust
Bank
91
Mtge 7%
1948
North German Lloyd 6s '47
i
Girard
each
86
Hungary
-
Quotations of representative stocks as received by cable
21X
1948-1949
16%
16
preferred, par $50
preferred.
Passenger
93
i
July to Deo 1933
f!8X
/21
National Hungarian A Ind
7
Citizen's
THE
87
22 X
—
«.
90
Nat Central Savings Bk of
...
$10
par
25 Philadelphia National
5
43)4
10)4
17
12)4
3)4
55
-
Co.,
Rwy. Co
1 Fairmount Park A Haddington Passenger Rwy
1
1946-1947
/21X
ns%
A4)4
8
Annuities,
$10
20 Leeds A Lippincott, 7%
(CAD)
/24)4
-
20 Philadelphia Rapid Transit,
/19
/20
f87
/20
/19
8
14)4
426
-
Co., Philadelphia, par $10
25 Industrial Trust Co., par $10
(A & B)
196 3
par
Municipal Gas A Eleo Corp
19)4
'
—
50 Pennsylvania Company for Insurances on Lives and Granting
50 Integrity Trust
A
Munlo Bk Hessen 7s to '45
Brown Coal Ind Corp—
6HS
Power
Water 7%
12%
Hungarian Bank
196 2
Luneberg
$ per Share
1
Slocks
10 Fidelity-Philadelphia Trust Co., par $100
/20
/19
Kobolyt 6%b
—
2nd preferred, par $100
7 Security Bank A Trust
48 X
48
44
23
Nov 1935 to Nov 1936
fl2X
f2lX
/21
fllH
fl2H
fllH
A3
7
/31X
fl9X
47
-
-
100 Land Title Bank A Trust Co., par $5.
/55
/38
/20
/50
8
5
...
Shares
...
Coupons—
--
.
1936
par
By Barnes & Lofland, Philadelphia:
Ask
/31H
4
44
-.-.402
28
9)4
28)4
66)4
—
Co., 4% preferred, par $100
$300.
50 Dewey A Almy Chemical Co., common
2 Saco Lowell Shops, common
5 N. E. Power Association, $2 preferred
Hungarian Discount A Ex¬
1
$ per Share
22 Saco Lowell Shops,
Hd
At It
6
8%
13,
7
Stocks
M. J. Whittall Co., preferred
10 United Cape Cod Cranberry
Foreign Unlisted Dollar Bonds
Antioquia
Feb.
Chronicle
Financial
Argus Cameras.
24)4
91)4
24)4
prepared an analytical
Radio Corp., manufacturers of Kadette Radios and
distribution a special
131
—Spencer
Corp.
Trask & Co., 25 Broad St., New York, have prepared for
analysis of American Radiator & Standard Sanitary
I
Volume
Financial
144
General
109511
Chronicle
Corporation and Investment News
UTILITY—INDUSTRIAL-MISCELLANEOUS]
RAILROAD-PUBLIC
drawal of $34,350 of deposited cash held as
collateral under said indenture.
—V. 144, p. 921.
Allegheny Steel Co.—Obituary—
RIGHTS-SCRIP
Harry E. Sheldon, a founder of this company, died on Feb. 10 at the
of 75, after a short illness.
While his activity in the company had
decreased in the last several years, he remained as its President and par¬
ticipated in its management until just before his death.—V. 143, p. 4143.
age
Specialists since 1917
Allen
Industries, Inc.—Earnings—
McDonnell &fo.
1934
1933
$220,615
$130,745
66,000
66,000
$2.92
$1.52
a After
all charges, including depreciation, Federal income taxes and
prov.
for special reserves,
b Shares outstanding upon completion of
financing and after a 3-for-l split-up during year. On a comparable basis,
earnings per share for 1934 were equivalent to 84 cents per share,
c After
deducting surtax on undistributed profits.—Y. 144, p. 602.
New York Curb Exchange
Telephone REctor 2-7815-80
Broadway, New York
Bell Teletype
NY 1 1040
shs.
Alliance Investment
Monthly Gross Earnings of Railroads—The following
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes),
of all the
monthly
Class I roads in the country reporting
returns to the Interstate Commerce Commission:
1934
1933
$65,936
12,359
$61,064
19,571
$55,095
18,697
$109,277
amortiz.
1935
$101,064
8,213
_
Total
&
Corp.—Earnings—
$78,295
$80,635
$73,792
1936
Years End. Dec. 31—
Divs. (excl. stock divs.)
Interest on bonds
Int.
$538,480
b237,600
b$2.16
c$735,705
246,000
$2.99
profit
outstanding.
Earnings per share
Members
New York Stock Exchange
120
Net
Com.
1935
1936
Years Ended Dec. 31—
a
of deb.
disc. & exp., incl. Fed.
&
State taxes under
0
.
..
.
•
'
■
•
'
;
'
'
Length of Road
Gross Earnings
Month
1935
Miles
Dividends amounting to
January
—
263,877,395
March.....
264,566,767
280,492,018
April
274,185.053
February
__
257,728,677
248,122,284
292,798,746
265,037,296
May
279,153,707
281,642,980
June
280,975,503
274.963,381
282,406,506
July
August—.
September
October
.
...
November
.
December..
293,606,520
306,566,997
340,591,477
300,916,282
295,880,873
275,610,064
282,324,620
275,158,450
292,495,988
256.637,723
257,201,455
January
February
..
298,704.814
300,049,784
March
307,833.663
April
312,908,137
May
320,487,420
330.212.333
263,862,336
254,555,005
November.
349,256,586
350,084,172
356,633,472
390 826,705
357,966,993
December..
362,854,580
289,006,576
June
August
September.
October
239.433
239,246
237,995
237,951
237,800
239,129
Cash in banks
238.980
Cash tor deb. int..
239,020
239,000
Due
238,955
238,819
Acer. int. on inv._
+3.45
—0.88
—0.51
237,700
238,629
—0.23
+4.00
+ 11.41
+ 16.44
+ 17.26
+ 15.04
237,431
237,385
237,306
238,791
238,668
238,436
237,074
237,054
237,028
+ 14.82
237,012
236.814
238,019
+27.04
236,672
236.685
236.686
236,554
236,428
231,247
237,892
237,831
236,918
237,051
+ 19.25
+16.34
+ 14.74
+ 18.95
+25.25
59,927,200
83,942,886
65,252,005
65,305,735
May
70,416,370
64,920,431
72.083,220
67,586,762
71,686,657
72,390,908
81,039,275
60,061,636
62,786.896
August-._
57,478,685
72,794,807
88,955,493
October..
108,551,920
November
74,529,254
82,747,438
70.445.503
December.
Per Cera
March
78.326,373
80,729,491
88,872,678
101,398,055
104,272,144
108,659,760
April.....
May
June
July
August
September
October..
—8.30
December.
Acme Steel Co.—To
The directors
on
Alliance
—12.89
—14.96
+ 1.55
+22.88
+33.95
+37.77
+29.82
+ 16.60
+5.14
+20.11
+ 14.78
+37.09
+ 76.82
123^ cents on Oct. 1, and July 1,1936, 25 cents on April
12K cents per share distributed on Oct. 1, July 1
on Oct. 1, July 2 and Jan. 2, 1934.
+22 21
+ 19.89
+33.29
+64.24
the common
1 and Jan. 2,1936,
and Jan. 2, 1935,
Earnings for 3 and 12 Months Ended Dec. 31,
Co.
of
1936
$711,022
$2.17
12 Mos.
$2,155,495
$6.57
dividend of 25 cents per share in
quarterly dividend of 75 cents per share on the
capital stock, par $25, botn payable April 1 to holders of record March 20.
—V. 141, p. 3526.
Alaska Juneau Gold Mining
Co.
1934
$419,000
x$335,500
x$385,600
200,400
130,000
202,200
1936
$466,000
251,200
after operating
& develop, chgs.,
but before depr., depl.
Net profit
exps.
k
& Federal taxes
x
1933
$52,464
54,902
$71,688
81,274
$7,173
$2,438
$9,586
97,099
205,551
79,951
$105,484
34,699
20,989
$89,926
34,524
19,984
$203,113
35,605
19,078
83,750
2,533
$70,365
35,048
24,860
132,107
4,177
$49,796
$35,037
—
Gen. corp. exps. & taxes
Depreciation
Properties abandoned—
""380
Interest on loans
Net
earnings
Includes gold premium.—V.
1936
Liabilities—
1935
1936
Assets—
1935
Preferred
Acc'ts receivable-.
stock...$2,400,000 $2,400,000
660,000
660,000
Accounts payable.
12,939
10,865
Cash
Int.
y
Real estate,
se¬
mtges..$2,362,422 $2,244,899
35
7,810
171,309
228,786
Furn. & fixtures..
1
1
cure.
&
x
Common stock..
&
taxes
pay.
z32,703
571,874
and accrued....
Deficit
$2,533,768 $2,481,496
Total
Total
32,301
621,669
$2,533,768 $2,481,496
Represented by 132,000 shares of $5 par value,
possible losses of $1,850,298 in 1936 and $2,077,134
interest payable only.—V. 142, p. 1972.
x
y After reserve for
in 1935. z Accrued
America—Bonds Called—
has drawn for redemption on March 1,1937, at 105% of the
principal thereof, together with accrued interest to March 1, 1937, the
$952,000 principal amount of the 5% sinking fund debenture gold bonds
due March 1, 1952.—V. 143, p. 3989.
The company
Allied International Investing
dividends
Legal fees
General and administrative—...
Provision for taxes
expense
loss
1935
$36,625
5,598
1934
$39,887
6,211
202
2,440
3,403
2,800
3,495
3,293
365
....
realized on
«
......
....
Net income for the year
Corp.—Earnings—
1936
$44,149
5,337
Years Ended Dec. 31—
3,742
4,400
—$31,659
$24,621
$23,093
securities sold during 1936, amounting to
against a special account under surplus. Aggre¬
depreciation in market value of securities as compared with cost:
of Dec. 31, 1935
$489,046
As of Dec. 31. 1936——
240,384
$2,677, has been charged
gate
As
$248,662
during 1936
Statement of
Surplus Dec. 31, 1936
Capital surplus, Dec. 31, 1935
Realized losses on securities sold to Dec. 31,1935 $1,382,593
Net loss realized on securities sold during 1936..
2,678
144, p. 269.
.
Co. of New York, as trustee under the corporation's
dated Feb. 1, 1929, has notified the N. Y. Stock
Exchange that, since its last report on Jan. 29, 1937, there has been sub¬
stituted 400 shares of the Chesapeake Corp. common stock against the with¬
Undistributed income, Dec. 31, 1935
Net income for the year, as above
Dividends .on $3 conv. pref. stock.
$2,272,796
$107,972
31,659
$139,630
26,779
112,852
collateral trust indenture,
$62,145 loss$125,827
1936 statement does not include losses of $226,836 which
charged against reserve for possible losses.
Balance Sheet Dec. 31
Note—The
1,385,270
Alleghany Corp.—Change in Collateral—
The Guaranty Trust
1934
$50,180
57,353
99,317
Decrease in this item
Earnings—
1935
1937
1935
other inv.
(including interest)
Note—Net
the regular
Month of January—
Gross earnings
from
Miscellaneous
Watertown—Special
The directors have declared a special
to
1936
Interest
Dividend—
addition
market value of securities owned
$2,338,333 in 1935.
c Includes
prof.$6,167
Income
Interest and cash
3 Mos.
after interest, deprec. & Fed. taxes.Earnings per sh. on328,108 shs. cap. stk.(par $25).
—Y. 143, p. 3134.
1,165,314
$3,392,820 $3,446,742
There are also in 1936, 8,455
$70,007
63,840
Aluminum Co. of
and
Total
+43.53
and
Insurance
1,358
868,000
1,000,000
375,074
Realty Co.—Earnings-—
operations and sales..
Int. charges on mtges—
+ 12.20
stock, par $25, payable March 12 to holders of record Feb. 25.
A like
payment was made on Dec. 12, last, and compares with 75 cents paid on
Oct. 1 and July 1, last, and 62 H cents per share paid previously each three
months.
In addition the following extra dividends were distributed:
Net profit
1,358
868,000
1,000,000
a Common stock..
375,074
Capital surplus... 1,102,005
purchase warr'ts
Net inc. from real estate
+0.08
Pay $1 Dividend—
Feb. 9 declared a dividend of $1 per share on
Agricultural
4,156
Represented by 187,537 no par shares.
reserved against exercise of common stock purchase warrants at
a
—2.31
+ 10,397,914
+24,046,259
+44,052,680
+31,621,369
+19,749,522
+21,598,065
+27,413,082
+43,941,677
82,347,215
68,400,315
14,550
exercise of stock
$40 per share to Jan. 2, 1938.
b The
Dec. 31, 1936 was $3,323,690, against
dividends receivable.—Y. 144, p. 442.
—19.40
+ 15,478,511
+9,199.020
+3,506,818
+ 13,112,171
108,567,097
130,165,162
109,760,297
112,341,992
November
""746
taxes, &c
Res. for dlvs. agst.
shares
—17.50
—$10,907,615
—5,030,495
—16,283,565
+53,730
—1,666,850
—9,608,823
—10,108,077
+ 1,108,150
+ 16,564,585
+27,512.645
+22,685,802
+7,658,607
51,905.000
55,402,531
68,205,090
65,214,202
70,331,577
64,826,419
57,345,375
72,650,775
88,910,238
229
17,236
Res've for Federal
$3,392,820 $3,446,742
Total
1935
1936
67,383,511
64,601,551
71,711,908
February.
7,218
purch..
securs.
2,788
3,287,657
45,684
Pf. stk. (par $100)
were
January..
1935
$21,700
Due to brokers for
Unclaimed divs—
16,494
c5,726
1936
Acer. int. on debs.
brokers
Invest., at cost. 3,218,320
Bond dist. &exp__
42,169
Furn. & fixt., less
3,812
depreciation
237,573
237,485
232,279
(+) or Dec. (—)
Amount
April
September
$84,758
21,700
b
238,159
+ 17.53
1934
July
$84,597
21,700
$21,700
Liabilities—
1935
for securs. sold.
238,208
237,078
+ 17.87
+9.75
+ 14.14
Inc.
$62,258,639
June
from
SheetJDec. 31
193d
Assets—
Years End. Dec. 31—
S51.351.024
54,896,705
67,659,321
March
Balance
**
238,393
238,280
238,226
+ 13.20
+34,842,478
+45,494,779
+27,349,607
+38,763,402
+41,354,127
+49,244,684
+74,334,762
+56,505,915
+50,080,594
+50,213,876
+57,039,877
+73,848,004
1935
.
$11,558
1935
Month
February
$20,880
5% gold debens..
Net Earnings
January..
$9,595
$120,000 were!paid onlthe'pref.[stock during
239,506
238,162
238,011
4.20
1936
280,484,056
274,144,735
279,133,293
280,967,649
274,921,824
293,578,257
306,552,878
340,612,829
300,927,116
July
238,245
-r2.6C
1935
1936
52,320
9,913
1936 from the capital surplus account.
+2.39
+6,148,718
4-6 ,'444,483
—12,306,728
+9,147,757
—2,489,273
—1,431,003
—'646,683
+ 11,281,900
+31,408,547
4-48,095,489
+44,278,559
+ 38,679,418
•
50,033
9,723
$42,951
Operating income
1934
Miles
Cent
Dec.
50,188
18,512
.
Per
(+) or
(—)
Inc.
1934
1935
16,519
49,806
debentures
Miscellaneous expense.
Total surplus at Dec.
31, 1936......
$1,000,377
1096
Financial
Chronicle
Balance Sheet Dec. 1
Assets—
1936
1935
Securities at cost$l,411,303
rec. & accrd.
a
Liabilities—
Interest
2,587
71,311
Bank balances
Secured
$1,429,925
Divs.
3,472
51,448
1936
loans
1935
$175,000
Accounts payable.
Res. for taxes pay.
2,928
297,540
b$3 conv. pref. stk
Common stock..
on secur.
sold
Total
$1,485,202 $1,484,845
Total
Investments Dec. 31, 1936
1,385,270
112,852
1,873
3,500
stock
4,099
64,750
1,773
60,000
$1,485,202 $1,484,845
a The
aggregate book value of these securities
market value, based on published quotations
(or
not consolidated (See note) ]
Carrying Value
American Brake Shoe & Foundry Co. of
Calif,
capital stock
$187,300
Dominion Brake Shoe Co., Ltd. (Canada), capital
Shares
297,540
9,039
2,272,796
1,382,593
107,972
Capital surplus... 2,272,796
Undistributed lno.
exceeded the aggregate
estimated fair value in
American Bakeries
Miscellaneous
income._
Total income
Depreciation—
-
Int.
k
repairs
15-yr. div.
paid on
29,'34
$710,583
30,270
$878,751
274,503
192,600
$461,110
265,928
211,139
41,750
24,702
$550,955
$331,253
$220,083
34,547
35,690
36,184
$518,766
$296,706
x$134,295
co.
131,369
1,141
660
41,001
19,592
24,533
10,000
acquired....
985
1,750
$352,914
$12,509
583,883
1,189
$26,753
$572,562
Total surplus
$507,379
$219,648
596,268
14,368
After deducting $2,021 net expenses of parent
company,
Dec. 26,'36 Dec. 28,'35
$486,618
2,591
275,000
U. S. Treas. bonds
U. S. Govt, securs.
Sundry accts.
102,088
3,832
401,952
73,877
rec.
Inventories
Prepaid
expenses.
Miscell.
invest'ts.
b Plant &
equip.
98,917
7,882
289,587
45,084
600
Goodwill
600
2,781,757
2,093,861
_
Liabilities—
2,712,025
2,093,861
$60,314
$33,983
2,400
2,400
1,414
189,587
2,572
67,671
455,000
515,842
474,700
515,841
1,876,700
1,876,700
2,221,841
and accrued int.
Pref.
stk.
of
sub.
company..
5% 15-yr.div.notes
7%
Class A stock
cum. pf. stk.
2,221,842
232,110
232,110
Earned surplus
507,379
219,648
Capital surplus
159,589
159,589
Total
for
$6,222,176 $5,807,057
Total
$6,222,176 $5,807,057
After reserve of $6,547 in 1936 and $5,535 in 1935.
b After reserve,
depreciation of $1,684,574 in 1936 and $1,521,405 in 1935.
c Repre¬
sented by 50,330 no par shares, after deducting 8,170 shares held in trea¬
sury.
d Represented by 77,370 no par shares after deducting 12,630
shares held in treasury,
e Represented by 18,677 shares, after deducting
2,235 shares held in treasury.—Y. 143, p. 4143.
a
&
Foundry Co.—May Consolidate
\A;■"'■-
:■
Brill
:■■■>
reported under consideration for the merger of the subsidiaries
of the J. G. Brill Co., Charles J. Hardy, President of the American Car &
Foundry Co., which controls Brill, said on Feb. 1.
Liquidation of accruals
of $35 a share on Brill preferred shares and issuance of additional stock or
are
Car
$9,570,018
$9,313,300
$9,255,822
| 39,726
$9,631,673
no
65,891
$9,631,673
Louis, Cleveland
The last-named company manufactures and repairs electric and steam rail¬
way cars, gasoline-propelled railway cars and other rolling stock.
Arrears of about $29.75 are listed against the 37,184 Brill
Corp. 7%
preferred shares outstanding.
The company has 217,288 class A shares
400,000 class B shares outstanding, with American Car & Foundry
holding about 60% of the class B stock.
The Brill Corp. owns 200,000 of the 287,713 common shares and
24,097
of the 43,517 7% preferred shares of the American Car &
Foundry Motors
Co. outstanding.
Changes in the capitalization of the motors company
also are under consideration.—V. 143, p. 3831.
and
......
$9 ,380,305
$9,295,548
16.946
cost in excess of par__
cost of minority
.
15,353
Excess
acquired
during
year—written-off
Transf. to
139,582
for contin.
res.
Surplus of subs. co.
longer consolidated
65,891
no
166.341
Profit & loss surplus..
Shs.
com.
$9,476,738
y611,672
$2.95
outst'g (no par)
per share
Earnings
$9,403,"677
$9,297,468
y611,692
y611,692
$1.70
$9,295,548
612,916
$0.53
$0.83
x After
deducting manufacturing, administration and selling expenses
including dividends received on stocks of associated companies whose
earnings are not incorporated herein and other net income,
y Excludes 1,224 shares of treasury stock.
and
Consolidated Balance Sheet Dec. 31
[Includes subsidiaries 95%
1936
Assets—
Property acct... 9,568,215
Pat'ts & goodwill. 1,370,596
3,079,055
593,481
633,481
U. S. Govt. sees..
Marketable
securs
Notes & accts. rec.,
after reserves
2,624,172
4,302,210
Inventories
Other assets
83,365
7,170,235
183,091
Deferred
charges.
controlled]
1936
$
x
Cash
or more
1935
$
Liabilities—
Earned surplus
Total
x
no
1935
$
$
9,740,339 7% cum. pref. stk.
1,391,597 5%% cum. conv.
3,093,350
pref. stock
9,395,500
1,064,522 y Common stock.. 7,647,150
780,355 Accounts payable689,820
Accrued accounts.
.922,580
2,124,576 Res. special contin
395,306
3,412,257 Res. gen. conting.
965,965
110,922 Min. int. in consol.
subsidiaries
7,069,636
114,843
140,778 Capital surplus
5,078,319
&
Foundry owns a majority of the voting stock of
the Brill Corp., which in turn holds 47,942 of the 48,102 common and
45,684 of the 45,800 7% preferred shares of the J. G. Brill Co. outstanding.
$9,570,018
Loss on sale of Welland,
Ont., plant
Treasury stock acquired
Investments
of convertible debentures has been discussed.
^
Brill subsidiaries include companies with offices at St.
and Springfield, Mass.
The American
def$43,467
9,299,289
1,114
claims
for
'"^Plans
$17,752
9,295,548
15,694
Balance
int.
men's fidel. bds.
d Class B stock...
Subsidiaries—
$272,550
9,297,468
acquired
Res. in lieu of sales
Prov. for inc. taxes
c
Car
$212,302
9.403,677
Total surplus
Excess of cost over stated
value of common stock
Dec. 26,*36 Dec. 28,*35
e
American
$986,692
662.410
367,750
Previous surplus
on sale of plant &
unused land, net
Reserve
Houston Bis. Co
receivable
$1,169,341
662,235
489,354
11,500
_
longer required
$331,484 Accts. payable &
accr.
liabilities.
2,590
225,023 Unrepres. bonds of
aCustomers' accts.
\
$1,699,400
662,235
764,615
States
dividends
Common
Consolidated Balance Sheet
Assets—
1933
$1,902,499
852,912
62,895
undistrib'd
Net profits
Pref. divs. (7%)
$583,883
572,562
credits
Cash
1934
—
United
on
controlled]
$2,177,132
835,957
171,834
>
$3,802,186
1,037,358
401,360
Profit
.inc. $287,731
219,648
year
for
surtax
or more
1935
$2,837,057
926,618
211,038
$2,351,968
549,229
1,590,437
Federal taxes.
earnings
22,051
Previous surplus
x
1936
Operating profit
131,456
Decrease in surplus for
Surplus
Consolidated Income Account for Calendar Years
Prov.
131,369
515,841
for add'l Fed. tax.,
subs.
surplus.
equity in subsidiary companies not consolidated has been
$302,744 since date of acquisition as a result of
profits, losses
Depreciation
$184,394
Excess of cost over par
value of pref. stk. of
^
$7,170,234
and distributions.
or re¬
prior years
balance sheet
per
[Includes subsidiaries 95%
131,369
75,489
Class A stock
as
$2,357,438
The combined
increased
to
Preferred stock
Equip, abandoned
placed
Total investments
x
parent company.._
Divs. paid by parent co.:
14,250
'
Note—Investments in subsidiary companies not
consolidated are carried
at cost except that the investment in one
company was revalued in 1925
and the appreciation arising therefrom was
included in capital
co.
accruing
/
T:iii
$170,480
32,190
Net income.
paid on sub.
pref. stock..
inc.
12,896
67,500
$2,181,942
161,245
V
Miscellaneous
$439,016
22,094
$740,853
267,881
Companies
common
Cleveland Production Co., preferred
Cleveland Production Co., common
1.950
31 ,'33
State
&
Bucyrus-Erie Co.,
1,000
Dec.
187,500
Fed.
Div.
Prov
Dec.
$4,812,796
Other
112:800
25,791
for
income tax
Net
28,*35
$849,191
29,560
$1,298,478
282,799
251,433
notes
Prov.
Dec.
40,875
Maintenance and
Dec. 31, 1936
Represented by
exchange loss.—
c
Corp. (& Subs.)—Earnings—
Years Ended—
Dec. 26,'36
Net operating profit... $1,257,603
70,000
348,040
925,355
112,731
3,079,552
89,817
National Bearing Metals Corp., preferred
National Bearing Metals Corp., common
Ramapo Ajax Corp., preferred
Ramapo Ajax Corp., common
Other (including advances, less
reserve)
the opinion of the directors for securities not then
quoted) at
by $240,384.
b Represented by 29,754 no par shares,
90,385 no par shares,
d Includes reserves for foreign
V. 144, p. 602.
1937
13,
total issue of 89,825
[Subsidiary companies,
2,897
9,039
a
shares.
common
$175,000
d2,195
318
c
Loss
Feb.
The company's holding is now 77,650 shares out of
4,398,419
9,460,500
7,646,150
453,212
677,676
359,860
727,425
199,832
5,093,962
4,309,715
29,607,902 28,928,332
Total.
29,607,902 28,928,332
depreciation,
y Represented
by 611,712 (611,692 in 1935)
shares, excluding 1,224 shares held in treasury.—V.
144, p. 921.
After
par
American
Life
Insurance
Co.—Financial
Statement
Dec. 31, 1936—
Assets—
Liabilities—
1st mtges. on real estate
Policy
loans
and
premium notes
$8,083,410
renewal
(net)
3,634,582
2,958,962
Real estate
Municipal bonds
Reserve
for
all
policies
In
force Incl. disability
reserve$14,097,855
Reserve for instalment trust
benefits
916,307
Railroad bonds
William B. Given Jr., President, says in part:
The 1936 equity in the undivided profits of non-consolidated controlled
companies showed an increase of $50,584 or $.08 per share on Brake Shoe
common stock.
In 1935 there was a reduction in such
equity
87,098
243,300
Public utility bonds
U. S. Govt, bonds
190,400
Reserve for unpaid claims...
85,175
Cash
to
Interest
143,103
622,016
626,234
169,680
Reserve for premiums & Int.
paid in advance and divs.
American Brake Shoe &
Foundry Co.—Annual Report—
amounting
$116,542, or $.19 per share.
Operations of the principal non-consolidated subsidiaries, Ramapo Ajax
Corp.. and National Bearing Metals Corp., improved during the year.
The Ramapo Ajax Corp.'s net earnings were $102,482, which
equals
$3.65 per share on the outstanding 7% preferred stock.
Dividends amount¬
ing to $5.75 per share were paid.
In 1935 a net loss of $51,761 was shown.
As of Dec. 31, 1936 the accumulated preferred dividends of
$19.25 per
share totaled $540,155.
The outstanding bonds, amounting to $672,000,
were retired March 1, 1936.
Net quick assets declined $355,051.
The National Bearing Metals Corp.'s net earnings were
$701,211, equal
after preferred dividends to $4.07 per share on the common stock.
In
addition to 7% on the preferred stock, common dividends amounting to
$2.60 per share were paid.
In 1935 the net earnings were $433,343, equal
after 7% on the preferred stock to $1.81 per share on the common.
The
outstanding bonds were reduced $111,500, leaving a balance outstanding
of $1,219,500.
It is planned to call these bonds Nov. 1,1937. Net current
assets increased $79,325.
The Bucyrus-Erie Co. reclassified its capital structure,
This effected
the payment of the accumulated preferred dividends and the
change of
the convertible preference stock into common.
Of the outstanding 1,256,968 shares of common, this company holds 112,800, at an average
cost of $19,343 per share.
Sales and shipments increased materially over
1935 and in consequence earnings will be substantially above those for that
year.
As contemplated in the 1935 report substantial
progress has been made
infthe dissolution of controlled companies.
The Southern Wheel Co. and
American Forge Co. are now operating as divisions of the parent
company,
and the Racor Pacific Frog & Switch Co. has been absorbed
by the Ramapo
Ajax Corp.
Plans are now being formulated to dissolve the American
Manganese Steel Co. and the American Brakeblok Corp.
During the year
5,875
additional
shares
of
American
Brakeblok
common
were
acquired.
Real estate sold
due
on
contract.
and accrued...
Def. & uncoil, prems.
(net).
Reserve for present value of
disability benefits.
left
on
Reserve
and
deposit
funds
set
aside
316,947
34,500
103,599
apprortioned
for
dividend policies
for
agents'
Reserve
annual
....
22,201
credit
balances
Reserve for other liabilities..
Reserve for State and Federal
taxes
Reserve for other taxes
7,719
44,556
69,500
and
tax Items
180,412
Capital stock
500,000
322,537
227,828
Surplus above capital
Res. for invest, fluctuation..
Total
-Y.
.$16,843,962
Total
$16,843,962
142, p. 1973.
American Capital
Corp.—Annual Report—
Net assets applicable to the
company's capital stock were $8,739,902
Dec. 31, 1936, equivalent to
approximately $345.88 per share of prior pre¬
ferred stock outstanding.
After deducting from such net assets
$100 per
share plus accrued dividends since Dec.
1,1936, on the 25,268 shares of prior
preferred stock (the amount of its preference), the
remaining net assets are
equivalent to approximately $61.40 per share of the $3 dividend
preferred
stock outstanding.
This is an increase of approximately
51% over the
corresponding figure of $40.43 per preferred share at Dec.
31, 1935, and
compares with $20.54 per share at Dec. 31, 1934.
After deducting from
the balance applicable to the preferred stock an
amount equal to $50 per
share plus $8.25 per share accrued and
unpaid dividends (the amount of
its preference), the remaining balance is
$317,922, equivalent to $2.88
share on the class A common stock
per
outstanding.
Volume
Financial
144
Income
Account
Years Ended Dec.
1935
1936
31
1933
1934
1
$351,336
200.500
$148,158
573,787
$158,658
388,319
$551,836
23,300
$721,945
17,400
$546,976
17,400
$603,238
21,617
41,278
26,677
6,239
12,528
43,479
12,246
39,604
10,705
40,797
36,789
$432,725
138,971
229,417
$648,538
138,971
153,675
Profit from sales of sees.
Total income
LINE MATERIAL Common Stock
$149,549
Interest and dividends.-
Research fees and exps__
of transfer agents,
453.689
Bought—Sold—Q noted
22,588
Pees
trustees, &c
Gen. exps., incl. salaries
Federal income tax
Surtax
undist. profits
on
Net
Prior pref. dividends
Preferred dividends
Balance Sheet Dec.
Sees, sold undeliv
d Inv. sees, at cost
6,667,610
Cap. stock of Pac.
220,000
Capital Corp...
Co.'sown pref. stk.
52,247
14,450
4,830
7,997
(cost)
Dlvs.
receivable..
Accrued Interest..
Deferred charges..
143,351
307,350
260,836
76,838
$27,025
$154,686
31
under option for sale to the
are
management of Standard Cap & Seal
1936 amounted to $9,016,904, practically all of
which mature during 1937.
It is the intention of the board to extend these
loans for a period of two or three years, if satisfactory rates can be arranged;
Bank loans at Dec. 31,
1935
1936
11,047
63,266
4,304,616
507,452
...
7,750
$1,759,860
103,643
25,121
$6,198,822 in 1935.
Note—There were outstanding at Dec. 31,
1936 warrants entitling the
purchase 537,437 shares of class B common stock on or before
ftti $10 ft share
The company is also ooligated to issue before Jan. 1, 1938 warrants en¬
titling the holders to purchase, under conditions set forth in a contract
dated March 19, 1936, not to exceed 70,000 shares of class B common stock
$764,785610,038
1,131,608
107,424
222,225
$1,160,879
287,969
Total income
$1,374,823
98,813
362,920
e401,864
$511,225
1,593,432
37,323
Oper. exp., taxes and int.
d Appropriation
Special appropriation
Provision for Federal and
State income taxes—
Total
$222,225
909,382
$l,16d~879
$1,759,860
Cash divs. and interest..
1933
1934
,1935
1936
Stock dividends
a
2,400,460
1,024,500
Calendar Years (Including Subs.)
Income Account for
$15,359
$8,433,335 $8,326,700
W a Represented by 25,268 no par shares,
b Represented by 102,450 no
par shares,
c Represented by 110,472 shares class A stock and 632,662
shares class B stock in both years,
d Market value $7,153,281 in 1936 and
holders to
shares
Corp.
$45,771
$411,827 Acer. exps. & taxes
bought
57,433 Securities
& not received.,
11,885
7,829,610
a Prior pref. stock 2,400,460
b Preferred stock, 1,024,500
c Class A com. stk.
11,047
c Class B com.stk.
63,266
13,549 Capital surplus... 4,304,616
571,789
6,531 Earned surplus
..$8,433,335 $8,326,700
Total
MILWAUKEE, WIS.
$492,359
Liabilities—
1935
1936
$1,466,200
$477,726
$355,892
$64,337
Surplus.
Assets—
iloiswu & ©m.
Phone Daly 5392
Teletype Milw. 488
income.
Cash
1097
Chronicle
Prov. for Fed'l surtax on
undistributed
17,496
profits.
$1,429,274
1,796,676
$1,019,913
468,778
$801,958
319,006
c2,472,771
c770,636
1,900
c98,764
$5,698,721
$2,259,327
$1,221,628
462,662
462,652
463,241
485,943
289",610
434",163
<
Adjustments
applicable
to prior periods
July 1
before Jan. 1, 1942, at $1 a
Total....
Losses
on
f Divs.
share.—V. 143, p. 3831.
stk.
•
sales of securs.
on conv.
.optional div .series
CI .A stk .paid in cash
American Chicle Co.—Earnings—
income
1935
1934
1933
$6,096,329
3,058,536
$4,682,020
2,419,213
$4,151,704
2,290,101
$3,638,629
42,643
$3,037J93
25,974
$2,262,807
81,945
$1,861,603
122,029
$3,681,272
$3,063,767
421,440
$2,344,752
338,354
$1,983,632
$2,642,327
3,558,546
$2,006,398
3,973,883
$1,699,315
4,023,586
$7,575,155
$6,200,873
c2,420,000 gl,657,946
(net)
Gross income
$5,980,281
1,546,989
$5,722,901
1,366,587
e874,746
undis
on
$4,542,927
f445,000
$3,558,546
£445,000
$5.94
$4.51
$100,632
profits.
|
524,894
31—
Balance Dec. 31—
$4,471,792
$1,796,676
$468,778
$133,937
Shares of class B stock
outstanding (par $1)__
Earnings per share
2,907,509
$0.33
2,908,486
$0.19
2,908,486
$0.12
2,908,485
Nil
$3,973,883
£470,000
$3.62
$117,965
of book value of investment as at Dec.
d382,431
591,551
57,493
Income taxes
Surtax
Approp .applied in reduc.
1936
Net earnings
Other
184,489
579,778
CI. B stk .paid in cash
$7,237,442
3,598,813
Calendar Years—
Gross profit
Selling &adm expenses.
a
$2,104,657
b$525,721
A
class
at market prices, following respective dividend record dates,
b Includes losses on the sale of securities, determined on the basis of book
284,316
Valued
a
Dec. 16, 1930, by application of capital surplus.
Computed on basis of averaged book value, based on April 29, 1933
prices as to investments acquired prior to that date and cost as to
subsequent purchases.
d Of above value of stock dividends applied in reduction of averaged
values as adjusted
Net
$3,032,228
4,542,927
profit
Previous surplus
Total surplus
dividends
Common
between cost
& stated value of cap.
Difference
Surplus
Shs.
com.
stock (no
par)
$4,886,564
440,000
$6.89
After deducting:
a
book value of investments
e Of balance
of above value of
stock dividends applied in reduction of
book value of investment,
b268,591
stock retired
Earned per share
c
market
f Paid in cash and in class B
stock (capitalized at $1 per share).
a
Investments
1936
1935
$
$
Excluding dividend paid Jan. 2, 1936.
d 20,000 shs.
e 25,000 shs.
f Including shares held in treasury: 2,881 in 1934 and 1935
and 25,571 in 1933.
g Including dividend paid Jan. 2, 1936.
'
reserves—
77,151
c
Consolidated Balance Sheet Dec. 31
389,020
Federal inc. taxes.
649,702
Earned surplus
4,886,564
131,627
424,409
4,542,927
payable—
mach'y, after de¬
preciation
$2,099,228 $2,057,727 Accruals..
General reserves.
pats. &
trade-marks
1,500,000
1,500,000 Res. for selling and
advance expense
Marketable secure. 1,773,189
896,509
Goodwill,
.
Inventories
Advances
—
2,198,041
477,456
1,898,522
2,834,979
382,833
1,484,472
589,691
b Accts. receivable
336,699
26,700
12,962
132,264
234,551
Notes rec. secured
DT 129,616
stock.
and interest
Divs.
chicle
49,342
9,016,905
480,500
6.802.035
480,500
42,617
47,405
6.764.036
to
Res.
for Fed.
_
and
State inc. taxes.
Capital stock—10,513,059
Operating surplus .1
Undistributed prof.
[4,471,792
c
1,796,676
from sale of sees. J
Capital surplus...11,639,192
36,351,086 24,673.256
Total
a
452,651
d Treasury
8,541
Cash..
payable
banks secured.
Res've for conting.
321,131
3,447,696
stock.
receivable
4,450,000
115,986
128,736
226,353
Common stock..
Accts.
Cash
$
4,400,000
140,950
106,312
248,119
c
Land, bldgs. and
1935
$
Liabilities—
$
$
Assets—
a
new com.
Accts. receivable..
1936
1935
1936
Notes
Invest, in Standard
$
187,020
accrued expenses
Cap & Seal Corp.
General
1935
Accts. payable and
b Securities at cost
b 5,000 shares,
$
Liabilities—
32,441,453 22,460,309
1,602,034
$89,415
69,752
$113,937
Depreciation
31
Consolidated Balance Sheet Dec.
1936
AjoCifu
Based on Dec. 31,
8,733,262
36,351,086 24,673,256
Total
1936 prices, the aggregate market value was $41,-
196,141 ($30,373,850 in 1935).
Net unrealized appreciation of investments
Dec. 31, 1936, including potential profit of $208,869 which will be
Corp. new common stock is sold under
at
realized when Standard Cap & Seal
agreements an option, was $8,963,557.
No provision for normal Federal
profits tax or surtax on undistributed profits is required
as no taxable profit would result from the realization of such appreciation.
b Reserved for sale to other interests and also deposited as collateral on
income tax, excess
purchases
32,509
Prepayments
68,205
252,032
Investments
213,045
These securities which consist of 493,149 common shares
Corp. and 49,314 shares of common stock of Central States
received as a distribution thereon, are reserved for sale under
agreement expiring June 14, 1936.
c Represented by 154,222 shares of serial class A stock (par $25)
150,000
shares of $2.75 cumulative class A stock, optional dividend series of 1936
and 2,907,509 shares class B stock (par $1).—V. 144, p. 269
notes
payable.
of Blue Ridge
9,890,422
a After
depreciation of $2,996,550 in 1936 and $2,877,758 in 1935.
b After reserves of $74,115 in 1936 and $54,807 in 1935.
c Represented by
440,000 (445,000 in 1935) shares of no par value,
d 2,881 shares (at cost).
Total
—V.
10,820,666
9,890,422
10,820,666
Total
144, p. 921.
American Public Service Co.—Par Value
At
a
special meeting of stockholders, held on
American Department
Cut—
Feb. 5, the par value of
the company's common stock was reduced from $100 per share to $80 per
share and the capital represented by the common stock as recorded on the
company's books was reduced to an amount equal to $80 per share.
This
creates a capital surplus which will be used primarily to absorb the deficit
of approximately $1,750,000 created by the recognition on the books of
this company of the losses and capital adjustments of the company and
those of its subsidiary, West Texas Utilities Co., recorded in and sub¬
sequent to the year 1933.—V. 144, p.
American
Radiator
&
761.
Standard
Sanitary Corp.
(&
Subs.)—Earnings—
Calendar Years—
Gross sales.
Net
earns,
Shs.
com.
Electric Corp.
1936
1935
1934
1933
$130,715,892 $103,797,204 $81,737,999 $67,972,625
2,798,860
1,455,227 loss881,575
10,039,719
10,041,086
10,037,506
$0.24
$0.11
Nil
undistributed profits.—V. 143, p. 3304.
after all chgs. x7,379,205
stock (no par) 10,039,719
Stores Corp.—Plan Approved—
Judge Nields, in the U. S. District Court, Wilmington, Del., has handed
an opinion to the effect that the amended plan of reorganization
would be satisfactory if it is filed providing for exchange of one share of
down
first preferred stock for one-quarter share of the new stock.
The court disapproved the original plan on Oct. 29,
amended proposal was drawn up,
last, and the
providing for distribution of 95% of the
stock of Brager-Eisenberg, Inc., principal asset of the debtor,
among certain security holders.
To this effect the Brager company will
increase its authorized common capital stock from $5,000 to $25,000.
The master appointed had recommended the amended plan not be
confirmed because in his opinion it is not a plan or reorganization under
Section 77-B.
Judge Nields ruled that because of the unanimous expres¬
sion of opinion that the creditors be permitted to continue interest in the
Brager firm, the Court will approve the amended plan.—V. 143, p. 2989.
capital
American States Utilities
See American States
Corp.—Organized—
Public Service Co.—V.
143,
p.
2990.
Earnings per shares$0.70
x
After deducting surtax on
American Cities Power & Light
Corp.—Annual Report
based on Dec. 31, 1936 market prices, amounted to
$35,587,601; the corresponding figure at Dec. 31, 1935 was $25,207,515.
This increase in net assets is largely accounted for by the issue and sale of
150,000 shares of class A stock, optional dividend series of 1936.
The
net unrealized appreciation of investments (excess of market value over
book value) at Dec. 31, 1936 was $8,963,557, and the corresponding figure
at Dec. 31, 1935 was $7,913,541.
The net assets of the corporation on
Dec. 31, 1936 were equivalent to $116.98 per share of both series of class A
(preferred) stock outstanding, and, after allowing for both series of class A
stock at the amount to which they are entitled in liquidation, to $6.71 per
share of class B stock outstanding.
In Aug. and Oct., 1936, corporation purchased 648,568 shares of the
common stock of Electric Shareholdings Corp. at an average price of $5.75
The
net
assets,
per share.
to purchase
In connection with this purchase an option
has been granted
from this corporation 162,140 shares of its class B stock, expirMarch 25, 1937 respecting 81,070 shares at $7.86 per share and expiring
on Sept. 25, 1937 respecting 81,070 shares at $8.36 per share.
Corporation disposed of the major part of its holdings in the common
stock of Standard Cap & Seal Corp. following the issue by that corporation
of one share of new common stock and one-half share of preferred stock
in exchange for each share of its common stock then outstanding.
At
Dec. 31, 1936 corporation held 25,000 shares of the new common stock,
5,000 shares of which were sold in Jan., 1937, and the remaining 20,000
American
Seal-Kap Corp. of Del. (& Sub.Earnings$870,358
Years Ended Dec.
Balance
Interest received
on
paid
disposal of equipment
Provision for Federal income tax
x
761,580
33,562
602,530
31,050
462,415
26,097
$68,247
1,233
$45,499
5,156
5,218
$76,463
7,588
$69,480
7,546
$55,874
8,628
bonds
Balance
Interest
Loss
$534,011
$75,217
1,246
Provision for depreciation
Profit from sale of Liberty
1935
$701,827
1936
31—
Cost of sales, selling, delivery, admin¬
istrative and general expenses
Net profit.
Dividends
1934
697
~
y6~000
5~800
5,400
$62,875
41,687
$56,134
27,791
$41,147
416,871
$21,188
$28,343 def$375,724
ng
Surplus
Earnings per share on 138,957 shares
capital stock (par $2)
$0.45
$0.40
$0.29
infringement expenses amounting to $7,855
in 1934, $12,284 in 1935, and $18,860 in 1936. y Including $200 estimated
x
Before deducting patent
surtax on
undistributed profits.
1098
Financial
Consolidated, Balance Sheet Dec. 31
Assets—
1936
1935
$77,843
$72,181 Accrued Interest,
42,343
taxes, wages, &c
57,529 Unclaimed dlvs
Liabilities—
1936
hand
on
Accts. receivable
x
Inventory
Shop
and
57,230
69,999 <
plant
Sec.
4,463
from
and
2,031
officers
5,566
3,166
7,618
3,297
7,309
134,563
277,914
376,356
147,162
10,381
139,500
277,914
376,356
144,834
$984,307
taxes
Mtges. payable...
823
employees.
demand
$15,406
$975,309
Reserve for Federal
supplies
Rec.
1935
$32,281
Cash In banks and
1,355 Cap. stock (par $2)
note
9,801
10,775
496,292
32,855
235,000
235,000
$984,307
$975,309
rec., less reserve
Land, buildings,
machine & equip
y
at cost
,
Deferred
charges.
Goodwill
Total
514,243
39,850
Total
x After reserve for doubtful accounts of
S3,845 in 1936 and S4.416 in 1935.
After reserve for depreciation of $281,839 in 1936 and $252,363 in 1935.
—V. 144. p. 921.
y
American States Public Service
Co.—Reorganization—-
J. B. Whit worth and F. D. Fenhagen, trustees, in a letter addressed to
holders of obligations and $6 cumulative preferred stock of the
company
state:
Pursuant
the
to
modified
plan
of reorganization confirmed
Sept.
28,
1936, by the U. S. District Court for the District of Maryland, $1,046,800
of first mortgage bonds of Edison Sault Electric Co. and $3,400,000 of first
mortgage bonds of American States Water Service Co. of Calif, (the name
of which company has since been changed to Southern California Water
Co.) have been sold for cash by the trustees after registration of such
bonds under the Securities Act of 1933 as amended, and the cash
proceeds
of such sales are now available for the purposes specified in the modified
plan of reorganization.
The incorporation and organization of American States Utilities
Corp.,
the new company to take over the assets of American States Public Service
Co. has also been completed and preferred and common stock,
scrip for
fractions of a share thereof and warrants to purchase common stock of
such corporation are now available for delivery under the modified plan of
reorganization.
Baltimore National Bank, 803 Calvert Building, Baltimore, has been
appointed distributing agent for the cash and new securities deliverable
under the plan.
Under the modified plan of reorganization:
(a) Holders of first lien 5}4% gold bonds series A, with Nov. 1,1935, and
subsequent coupons attached, or of trust receipts for such bonds, will
receive in settlement for each $1,000 of bonds 22 shares of preferred stock
and 7.3 shares of common stock of the new
company (scrip to be issued in
lieu of fractional shares) and $538.55 cash (such sum representing $132.50
distributable in cash under the plan plus the cash equivalent of $400
prin¬
cipal amount
of first mortgage 414% bonds of American States Water
Service Co. of Calif, with interest from Oct. 1, 1936, through Feb. 1,
1937,
the amount of interest received by the trustees upon sale of the
bonds);
(b) Holders of 10-year 6% convertible gold debentures series A, with
June 1, 1934, and subsequent coupons attached, or of trust receipts for such
debentures, and holders of general unsecured claims, will receive in settle¬
ment one share of common stock of the new
company for each $20 of deb.
general claim (odd amounts over the $20 multiple on general claims to be
paid in cash in order to eliminate fractional holdings); and
(c) Holders of $6 cumulative preferred stock of American States Public
or
Service Co. will receive in settlement warrants to purchase five shares of
stock of the new company per share of old $6 cumulative preferred
common
stock.
Feb.
order
effect
to
exchange, the securities of American States Public
Service Co. or trust receipts therefor should be promptly surrendered for
cancellation to Baltimore National Bank with appropriate letter of trans¬
mittal properly filled out and signed.—V. 143, p. 2989.
1937
13,
During all the time that the Public Utility Holding Company Act was
before Congress, American Water Works & Electric Co., Inc., took the
position as did some of the other holding companies, that it favored the
regulation of Public Utility Holding Companies.
It urged, however, that
regulation should not be such as would destroy values to the injury or
investors, or, substitute Government control for the sound and experienced
management which many of the companies enjoyed.
The Act as passed
seemed designed to accomplish both these things.
The company's opopsition to the Act as passed was not because of any fear that it would not be
administered with the utmost fairness by the Commission entrusted with
the duty of administration, but because of the very provisions of the Act
itself which might be construed to leave the Commission no alternative but
to impose severely burdensome restrictions upon the company.
The effect
of Judge Mack's decision is that a company registering will not waive its
right to question in the courts the validity of such provisions.
I.
The company welcomes the opportunity to cooperate with the Com¬
mission in the administration of the Act, and will afford the fullest co¬
operation consistent with its duty to protect its security holders.
Only
in the event of threatened injury will it appeal to the courts.
The necessity
may never arise.
If it does arise and the validity of any provisions in¬
juriously applied to the company must be determined by the courts, the
company believes it will be able to obtain a prompt adjudication of the
question.
The company expects to proceed promptly with plans for the simplifica¬
tion of its capital structure and for extensive refinancing, which, they have
been approved and carried out, should improve the position of the company
and result in substantial economies.
Such plans also will provide for
additional funds for the expansion of facilities to meet the demand for
electric energy which increased rapidly in the territory served during the
last year.
Weekly Output—
'
Output of electric energy of the electric properties of American Water
Works & Electric Go. for the week ended Feb. 6, 1937, totaled 52,042,000
kilowatt hours, an increase of 17.8% over the output of 44,163,000 kilowatt
hours for the corresponding
period of 1936.
Comparative table of weekly output of electric energy for the last five
follows:
years
Week Ended—
Jan. 16
Jan. 23
Jan. 30
Feb.
6
1937
1936
1935
1934
1933
49,494,000
50,441,000
50,683,000
52,042,000
44,401,000
43,821,000
43,089,000
44,163,000
37,637,000
38,469,000
39,285,000
38,450,000
32,519,000
33,056,000
32,957,000
33,939,000
28,844,000
27,932,000
27,657,000
27,438,000
—V. 144, p. 921.
American Woolen
Co.—Earnings—
Consolidated Income Account for Calendar Years
[Including all subsidiaries except Textile Realty Co.]
1936
1935
1934
less disc., returns and allow¬
ances, &c
$71,022,579 $70,317,232 $48,711,188
Cost of sales, exl. of depreciation
63,442,259
62,756,882
49,729,050
Selling, gen. and adm. expenses
3,134,828
2,821,077
2,685,756
Sales,
Profit from operations
credits
$4,445,492
658,407
$4,739,2731oss$3703 618
627,993
414,413
charges & depre. $5,103,899
$5,367,2661oss$3289204
29,166
92,660
Other income and
Profit before other
Prov. for doubtful accounts
22,809
395,619
220,700
113,950
15,484
2,008,575
349,294
Flood loss and expense
Loss on fixed assets, sold or scrapped
Interest charges
Pensions
Provision for depreciation
reserve for Fed. income taxes
Surtax on undistributed profits
_
No provision was made in the plan for the common stock class A or com.
stock class B of American States Public Service Co., or for claims
arising
from tax refund obligations or for any contingent claim.
In
Chronicle
Add. to
146,610
63,805
17,539
1,913,567
455,979
47,485
Profit after Federal income taxes._
Preferred dividends
$1,929,983
1,532,860
$2,740,5981oss$5458494
Consolidated Surplus Dec. 31, 1936
Capital surplus Dec. 31, 1935
Liquidating dividend from Textile Realty Co. in 1936
$28,422,952
200,000
-
American Surety Co, of New
Calendar Years—
Net premiums written._
York—Earningf
1936
1935
1934
$9,082,626
976,952
$9,065,337
999,591
$9,018,318
1,116,273
.$10,262,520 $10,059,578 $10,064,928
5,797,460
5,629,933
5,669,467
466,033
390,289
232,611
2,284,309
2,585,713
2,798,694
Total income
Expenses
Taxes
Net losses
Capital surplus at Dec. 31. 1936
1, 1932:
Deficit Dec. 31, 1935
Net income for the year ended Dec. 31, 1936
1933
$9,468,672
793,848
510,134,591
5,556,226
232,872
3,901,978
Other income
Net income
$1,714,718
$1,453,643
$1,364,156
—
<jjj
Net deficit
Dividends
on
Real estate
10,000,000
Bonds
Premiums in
course
Res.
of collection
1,473,576
1,430,312
2,963,775
2,140,852
119,198
114,601
•Cash In banks and
offices
Reinsurance & oth.
accts.
Int.
&
1935
$
$
10,000,000 Capital stock
7,500,000
5,830,378
5,365,268 Surpl. & undivided
5,940,938
profits
5,099,494
5,120,993
•Stocks
due
losses_
and accrued
56,164
58,966
taxes
liabilities
Contingency
26,384,032
24,209,4941
Total.
res..
1,020,438
200,000
299,998
57,538
.26,384,032 24,209,494
-V. 144, p.604.
Telephone & Telegraph Co.—Earningi
Operating revenues
Uncollectible oper. rev.
Operating expenses
Operating taxes
is Net
_
1936—Month—1935
1936—12 Mos.—1935
$9,876,603
5,524,001 $107285,771 $94,773,033
35,824
48,528
364,987
523,590
6,808,375
6,584,747
74,847,934
72,507,285
def1025,808
375,352
6,762,993
5,879,722
income
$4,058,212
1935
$
1936
Liabilities—
$
Bank
604._
American
9,050,000
2,955,568
2,040,717 Accts. pay.—trade 1,414,623
Accts. receivable.il,903,151
9,562,244 Accrued liabilities.
438,994
Inventories
33,566,986 30,533,026 Reserve for Fed.
Ad vs.
on
raw
ma-
income taxes
terial purchases.
44,000
with SEC—
Section
—V. 144, P.
5(a)
of the Public
registration
of 1935.
Utility Holding Company Act
443.,,
storage,
rents, int., &c_.
Mtge.
a
notes
88,939
Textile Real. Co.
165,779
29,968
Mill
property,
plants & equip.,
& N. Y. real est.29,428,246 28,286,078
Unexp. insur. and
sundry assets...
44,740
13,819
1,100,000
863,911
493,343
331,383
HAHobart Porter, President, announced Feb. 9, after a special meeting
•of the board of directors, the company's intention of
registering with the
Securities and Exchange Commission under the Public
Utility Holding
Company Act of 1935 and withdrawing its suit to enjoin the enforcement of
Act, which suit is now pending in the District Court of the District
the
of Columbia.
company
for this decision.
made public
a
letter to stockholders, giving its raesons
This letter follows:
Following the decision of Judge Mack
on Jan. 29, 1937, in the U. S.
District Court for the Southern District of New York, that the
registration
provisions ;of the Public Utility ^Holding Company Act of 1935 are separable,
and that the rule of the Securities and
Exchange Commission effectually
protects the rights of registering companies to question the validity of the
regulatory provisions of the^Act, American Water Works|& Electric Co.,
Inc., will register with the Commission.
The^company's suit to enjoin the
enforcement of the Act
againstithejcompany/now,, pending in the District
Court of District of Columbis,
willibe^withdrawn.
rentals,
charges,
and deposits
5%
b
$
Bldg., N. Y. C. 1,100,000
788,284
80,461
141,381
7,670
1935
1,900,000
1,698,115
210,232
455,981
storage
rec.
dwellings
mtge.
Amer.
sec.
by
Woolen
Res. for conting..
7%
cum. preferred
stock
($100 par)38,321,500 38,321,500
Common stock.. 2,000,000
2,000,000
Capital surplus.-.28,622,952 28,422,952
c
Profit & loss since
78,629,284 71,029,6591
Total
1
'32—def.
3,559,731
3,956,853
78,629,284 71,029,659
a The
Textile Realty Co., a wholly owned subsidiary, holds inactive
plants, properties, dwellings, and other assets with an adjusted net book
value of 1,499,618 as of Dec. 31, 1936 based on 1934 assessed values when
such
values
tion
of
400,000
American
Water
Works
& Electric
Co., Inc.—To
Register with SEC Under Public Utility Holding Company Act
—To Withdraw Suit Attacking Act—
'
\
$788,284
407,922
Prepaid
Accured
Total
Utilities Service Corp.—Files
$
loans
hand
$1,515,374 $25,309,857 $15,862,436
Lee Barroll, Charles H. Bliss, Mord M. Bogie, Robert D.
Gordon, and
Thomas A. Tunney, voting trustees, have filed a notification of
The
...
Jan.
oper.
—V. 144, p.
under
1936
Cash in banks and
on
Period End. Dec. 31—
60,994
14,633
[Including all subsidiary companies except Textile Realty Co.]
Assets—
on
1,137,874
1,000,000
374,997
$863,911
Condensed Consolidated Balance Sheet Dec. 31
3,863,065
1,536,646
1936
—
1 Federal St., Boston,
Reserve for contingencies Dec. 31, 1936
5,680,132
expenses,
and other
Res. for deprec...
American
Reserve Dec. 31, 1935
4,051,676
1,523,323
Dividend payable.
Total
7,500,000
3,931,402
losses
for
$25,063,222
Rental under lease of premises at No.
vacated—less net rentals collected
1930 claims settled in 1936
unearned
premiums
5,795,443
Res. for reported
Res.
3,559,731
Consolidated surplus Dec. 31, 1936
Res. for unreported
receivable
rents
for
$2,026,871
1,532,860
7% cumulative preferred stock
Total earned deficit Dec. 31, 1936
$443,515
1936
Liabilities—
$3,956,854
1,929,983
-
Reserve for Contingencies Dec. 31,
1935
$
$28,622,952
Profit and loss since Jan.
Balance Sheet Dec. 31
1936
*\.SSCtS
61,043
111,149
19,938
1,865,873
18,624
were
lower
than book values,
$8,940,710 in
no par
1936 and $7,140,046
shares.—V. 144, p. 921.
b After reserves for deprecia¬
in 1935.
c Represented
by
Anglo-Canadian Telephone Co.—Pref. Stock Called—
^Stockholders have approved redemption on May "l of present outstand¬
ing $3,300,000 of 7% pref. stock ($50 par) at $55 a share and accrued divi¬
dend.
Creation of $7,500,000 pref. stock, of which
$3,630,000 will be
issued immediately as 5H% curnu. pref. stock
($50 par), to refund the 7%
pref. stock, was also approved.
Holders of present pref. will be offered
the new preferred on share for share basis, plus $2.50 a share in cash.
Con¬
version of the preferred shares has been underwritten by W. O. Pitfield &
Co., of Montreal, and Robert Benson & Co., Ltd., of London, England.
Offer to holders of the present preferred to exchange stock for the new
preferred will not be open to United States holders, as the securities of the
company are not registered with the SEC.—V. 143, p. 3305.
Arcturus Radio Tube Co.—New President—
In furtherance of plans for the expansion and diversification of its produc¬
tion activities, the company announced the election of Clarence A. Earl as
President.
Mr. Earl, who is well known in both the radio and automotive
industries,
succeeds
Chester
Braselton.
The company also announced that it expects to make public at an
early
date plans for the manufacture of several new lines of products allied to the
radio tube business in which it is engaged at present.
Volume
Financial
144
In making these announcements, the company
stated "The radio tube
industry is in the healthiest position it has occupied in years.
Prices are
on a sound basis at an average advance of approximately 11% over prices
prevailing in 1936, and the volume of business is running substantially
ahead of previous years."—V. 143, p. 1710.
by that amount the capital outlay for which it
dining the year.
The Bankers Trust Co., trustee, announced that holders of first and
refunding mortgage 4#% 50-year bonds, due 1961, may submit proposals
until March 11 for sale of these bonds to it to be paid out of sinking fund
moneys amounting to $12,396 at a price not exceeding 105 and accrued
interest. The trustee requests that accepted bonds be delivered on March 22.
on which date payment will be made.—V. 142,
p. 1457.
1936
The directors have declared a dividend of 20 cents per share on the com¬
mon stock (not 30 cents as reported in last week's "Chronicle"), par $5.
payable March 22 to holders of record March 11.
Previously regular
quarterly dividends of 15 cents per share were distributed.
See V. 142,
p. 1276, for detailed dividend record.
The company in addition to regular
dividends paid an extra dividend of 60 cents on Dec. 17, last, an extra of
25 cents on Dec. 24, 1935, and an extra dividend of 5 cents per share on
Dec. 20, 1934.—V. 143, p. 3832.
Output—
derwriters
13.1%, above the
to
Jan.
31
same month last year.
Production for the 12 months
amounted to 4,245,021,133 units, which is 479,404,999 units,
12.7%, above the previous
or
year.
Gas sendout for January was 5.4%
below January of 1936, declining to
2,078,667,500 cubic feet for the period.
This was due in part to the un¬
seasonably warm weather and in part to the floods in some of the area served.
For the year ended Jan. 31, sendout was 5.3% higher than in the previous
comparable period, rising to a total of 21.129,760,600 cubic feet.
Consolidated Statement of Earnings and Expenses of
Properties Irrespective
of Dates of Acquisition
-Increase—
12 Months Ended Dec. 31—
Electric
$6,474,102
772,362
492,768
102,228
68,870
30,534
$118,119,485 $110,178,621
60,293,576
55,638,355
12,880,657
11,657,955
$7,940,864
4,655,221
1,222,702
Gas_
Transportation
Heating
Water
Ice
Total gross oper. revenues
Oper. exps. & maintenance
Provision for taxes.
Net operating revenue
Provision for retirements
Decrease.—V.
Atchison
%.
Co...
Deficit
193,739
Total...
x
P.
7
8
10
5
xl
$2,157,176
6
j
921.
p.
Topeka & Santa Fe Ry.—Asks for Bids
on
The company is asking for submission of
bids on Feb. 24 for $13,800,000
equipment trust certificates to mature in 1 to 15 years.
The
certificates will represent 75% of the cost of the equipment that will secure
them.—V. 144, p. 763.
2H%
Gulf & West
Period End. Dec. 31—
Indies SS.
Lines
Barber
3991.
Bell
Telephone Co. of Pennsylvania—Earnings—
Period End. Dec. 31—
def$74,310
12,069
$174,057
5,293
$1,561,189
63,022
$400,958
86,271
Interest, rentals, &c_.
def$62,241
109,698
$179,351
118,562
$1,624,212
1,381,475
$487,230
1,485,968
$5,326,879 $65,654,062 $61,145,634
17,796
170,633
237,639
$5,829,789
Uncollectible oper. rev..
14,101
4,104,095
344,940
Net operating income.
3,732,720
338,378
def$171,939
$60,788
a
These operating earnings are
$242,737 def$998,737
before any year-end audit adjustments.—
$1,236,985 $16,114,282 $13,916,923
$1,366,653
Bendix Aviation
Corp.—Smaller Dividend—
have declared a dividend of 25 cents per share on the
stock, par $5, payable March 12 to holders or record Feb. 20.
This compares with 50 cents paid on Dec. 12 and on Sept. 12, last, and
25 cents per share paid on June 12 and March 12, 1936, and on Dec. 12,
1935, this latter being the first distribution made since April 1, 1932, when
a dividend of 15 cents per share was paid.
From Jan. 2, 1931, to and in¬
cluding Jan. 2, 1932, regular quarterly dividends of 25 cents per share were
disbursed.—V. 144, p. 606.
The
directors
Beneficial Loan Society
(Del.)—Larger Dividend—
have
directors
stock,
no par
Best & Co.—Earnings—
1937
Years Ended Jan. 31—
1936
Net profit after depreciation, Fed. taxes, &c.x$1,281,458
Earns, per share on 300,-
000 no
stock
par
shs.
Bastian-Blessing Co. (& Subs.)—Earnings—
_
com.
Blaw-Knox Co.—Changes in Personnel—
Cordes, President, has
The company announced on Feb. 6, that Frank
been elected Chairman of the Board of Directors.
Vice-President, was chosen
as
Chester H. Lehman,
Vice-Ohairman of the Board and Executive
Vice-President and William P. Witherow was elected President to succeed
Mr. Cordes.—V. 144, p. 272.
Inc.—Earnings—
Income Account—Year Ended Dec. 31, 1936
profit on sales
Selling, shipping and administrative expenses
General expenses
1
$764,701
734,867
$29,834
83,404
$485,523
25,362
69,950
Selling, general and administrative expenses
$113,238
32,660
17,500
$390,211
1,375
$63,078
Operating profit
Other income
.
Total income
_
-
_
Interest expense
Federal taxes
-
_.
Net income
Dividends
on
$5.50 preferred stock
Earns, per shu on 173,665 shs. of com.
—
stock..
$833,127
5,419
—
Interest
Assets—
1935
1936
$614,693
9,309
174,736
Patents
Cash
y
|
10,370
144,278
923,259
1,148,750
57,964
Inventories
Value of life insur.
and
officers &
1936
Liabilities—
1935
pref. stock
6% pref. stock of
$286,200
6,227
2,644
Miscell.
8~6~8~325
31,950
126,594
30,511
40,189
tax
Accrued liabilities.
69,950
73,434
67,782
Capital and paidin surplus
Earned surplus...
b723;603
422,300
.
Treasury stock...
$2,997,399 $2,292,9051
17,500
23",010
857,072
118,660
z£>r348,403
$2,997,399 $2,292,905
Total...
Represented by 173,665 shares (no par) stated value, $5 per share,
y After reserve for losses of $171,289 ($93,939 in 1935) .
z Treasury stock
vat cost) represented by 10,340M shares common stock and 489 shares
x
§referred stock of Bastian-Blessing 6,500 no 1,900 shares of pref. value of
oda Fountain,
Represented by Co. and par shares at stated of Russ
a
$100 per share,
b Paid-in surplus only.—V. 144,
Beauharnois Power Corp.,
Calendar Years—
Gross
revenue
Expenses
Fixed charges
Uncoil, ad vs. written off
1936
p.
1935
Deficit
x
1934
$2,227,555
Cr 1,631
$34,238xsur$545,795
$8,175
1933
$1,185,756
450,473
1,433,928
150,000
Cr21,475
466,682
1,637,186
153",337
Deprec. & amortization.
Interest income
923.
Ltd. (& Subs.)—Earnings—
$2,872,882
569,374
1,759.343
$1,663,250
1,697,488
145,226
Unamortized discount on bonds retired—
Premium on bonds retired.
Additional Federal income taxes
$667,583
898,205
58,589
$1,624,377
20,361
437,465
28,980
23,385
8,883
dividends
—
Balance Dec. 31, 1936
Earnings per share on 114,384 shares common stock (par $5)--
$1,105,303
x$3.94
After dividends paid on 5% preferred stock issued during the year.
Balance Sheet Dec. 31, 1936
Liabilities—
Cash
Accounts
receivable-—
surrender
surance
value
$236,134 Accounts payable.-..
838,809 Accruals..
833,331 Pref. 5% cum. (par $30)--.
Common stock (par $5)-...
-------
life in¬
39,378
policies—
Paid-in surplus.
15,937 Earned
...al,103,985
Fixed assets...
surplus
a
-
$3,067,575
Total.
After reserve for depreciation of $1,071,050.—V.
$138,771
212,563
536,880
821,920
252,138
1,105,303
Bonwit Teller & Co.—To
$3,067,575
144,
p.
764.
Recapitalize—
Directors have voted to recapitalize the company with a new issue of
200,000 shares of 6% preferred stock, $10 par value, and 320,000 shares
of common stock, $1 par value.
The authorized capital stock is now
$2,320,000.
After taking this action, the directors declared a dividend of 3-10ths share
of new 6% pref. stock on each share of new common.
The new class of 6% pref. stock is redeemable in whole or in part, at any
time, at $10.50 a share, plus accrued dividends, and is entitled in liquidation
to $10 a share, plus accrued dividends.
The new 6% pref. stock in units of five or multiples of five shares may be
exchanged at tne option of holders at any time for full and paid non-assessable
shares of new common of the company at the rate of 6-10ths of a share of
new common for each new 6% preferred share.
Holders of the old preferred stock, no par value, will receive in exchange
10 shares of new 6% preferred stock, $10 par value, or they can elect to
receive one new share of common for each share of the old preferred stock,
surrendered for cancellation.
The plan provides that holders of old common, $5 par value, will receive
one share of new common, $1 par value, for each share of the old surrendered
for cancellation.
By resolution of the board, holders of the new common were given the
right to purchase at any time on or before Feb. 15 one unit of the securities
of the company, consisting of one share of 6%
pref. and one new share of
common
at $20 a unit, plus accrued dividends on the pref., if any.V. 139, p. 2358.
$848,645
This amount has been reinvested in the development (as contemplated
under the scheme of reorganization made effective in 1933), thereby reducing
and
—
Common dividends
Total
31~445
payables.
Deferred income.
taxes
$838,546
23,334
1,519
246
636
81,345
Res. for Fed. inc.
Deferred charges..
—
profits
Total
Preferred
Deferred charges
868,325
100,930
21,074
.
excess
1936
Adj. of fixed assets & reserves for deprec. to Treas. Dept. basis
Cash
357,750
a650,000
Custs. credit bals.
accts.,
em pi.
Federal income and
undistributed profits
Inventories..—
Russ Soda Foun¬
387,945 $5.50 cum. pf. stk.
941,607; x Common stock..
39,230 Trade payables
Long-term rec., in¬
vestments, &c_.
Total...
for
Assets—
tain Co
receivable..
—
bonds
Income tax deposit on tax-free covenant bonds
Interest on additional Federal income tax.
Provision
v
$600,048! 6%
Aects. and notes
Notes
on
Bond discount amortization
Nil
Consolidated Balance Sheet Nov. 30
Capital assets
,
Miscellaneous additions
x
$2.04
—
$1,740,374
818,954
88,294
-
Earned surplus Jan. 1,
1935
$1,240,801
818,206
$422,594
62,929
—
1934
$711,971
$953,448
Net profit
1936
---;
1935
$1,133,953
$4.21
$3.73
$3.14
$2.33
deducting surtax on undistributed profits.—V. 144, p. 272.
After
surtax on
Years End. Nov. 30—
43,425,303
3,565,769
common
V. 144, p. 445.
Gross profit
44,421,976
4,947,171
—V. 144, p. 605.
Total income
Net income
1936—12 Mos.—1935
1936—Month—1935
Operating revenues
Operating profit
Other income
Operating income...
fill the
caused by the death of his father, Horatio G. Lloyd.—V. 143,
Gross
$1,982,075 $24,414,559 $21,241,354
1,768,884
22,412,645
20,615,978
39,134
440,724
224,417
Operating revenues
$2,113,532
Oper. exps., &c., deprec.
2,125,851
Taxes
61,992
143,
Inc.—New Director—
Co.,
H. Gates Lloyd, Jr., was elected a director of this company, to
(& Subs.)—-
1936a-12 Afos-1935
1936a—Month—1935
76,900,066 77,064,433
Total
by 762,000 common shares of no par value.—V.
Bliss & Laughlin,
Atlantic
116,094
1221.
x
$13,800,000 Equipment Trust Certificates—
of
76,900,066 77,064,433
Represented
883,875
593,441
134,388
4,795,363
64,617
159,501
declared a dividend of 15' cents per share on the
value, payable March 1 to holders of record Feb. 20.
Previously regular quarterly dividends of 10 cents per share were dis¬
tributed.
In addition an extra dividend of 20 cents was paid on Dec. 5,
last, and extra dividends of 5 cents per share were distributed on Sept. 1
and on March 9, 1936—V. 143, p. 3620.
$2,062,941
x94,235
....
Lt., Ht. & Pow.
4'
Reserves
The
$35,528,370 $33,371,194
144,
'•
un¬
Lt., Ht. & Pow.
common
....$44,945,252 $42,882,311
9,416,882
9,511,117
Operating income.
x
Amount
1936
1935
$94,634,924 $88,160,822
13,466,889
12,694,527
5,847,847
5,355,079
1,650,834
1,548,606
1,289,850
1,220,980
1,229,141
1.198,607
.
$
Capital stock...
of B.
Operating expenses.
Operating taxes
January Output—
For the month of January Associated Gas & Electric System reports net
electric output of 389,977,559 units (kwh.), an increase of 45,120,719 units,
1935
$
Liabilities—
x
_
Amt. due from
P.
For the week ended Feb. 5 Associated Gas & Electric System reports net
electric output of 89,114,373 units (kwh.), which is 15.0% above the cor¬
responding week a year ago.
The output has been showing increases in excess of 10% since early in
July of 1936, or for approximately seven months.
of
$
1,800,000
1,800,000
& power devel.,71,194,071 70,799,955 Funded debt
74,155,900 74,155,900
Cash dep. as guar.
25,000
25,000 Accounts payable.
216,338
108,563
Cash..
380,996
941,362 Int. accrued on 1st
Accts. receivable.
mtge. bds. of B.
176,919
278,635
vacancy
Associated Gas & Electric Co.— Weekly
issue bonds
1936
1935
$
Assets—
Co. 1st mtge... 4,795,363
Prepaid charges..
133,979
Works, Inc.—Corrected Common Dividend—
was necessary to
Consolidated Balance Sheet Dec. 31
Cost of prop.,rights
Aroostook Valley RR.—Tenders—
Art Metal
1099
Chronicle
(J. G.) Brill Co .—May Merge—
See American Car & Foundry Co. above.- -V. 142, p. 4332.
Financial
1100
Brill
Corp.—May Merge—
-V. 142, p. 4332.
See American Car & Foundry Co. above.
Broadway Motors Building Corp.firmed—
•Amended Plan Con-
The plan of reorganization proposed by the company as
-confirmed by Court order signed on Dec. 23, 1936.
The attention of the holders of first mortgage leasehold
amended,
was
6% sink, fund
gold bonds is directed to the fact that the tax free covenant contained in
the original indenture of mortgage securing the bonds has been eliminated
by the plan.
This elimination affects the interest payments to be made
hereafter, and it likewise affects the interest payments made during 1936
on the Feb. 1, 1936 and Aug.
1936 coupons appertaining to the bonds,
1, "
Therefore bondholders
tax returns for tax
must
not take credit in their
ot
paid at the
source
1936 Federal income
in respect of these interest payments.
—V. 143, p. 3621.
Feb. 13.
Chronicle
1937
Brooklyn Daily Eagle Properties Corp.—Preferred Stock
Offered—Falvey, Waddell & Co., Inc., New York, on Feb. 1
6% cum. conv. pref. stock of the
corporation (a subsidiary of the Brooklyn Daily Eagle).
The pref. stock was offered at par ($25 a share) and is con¬
vertible into common stock of the Brooklyn Daily Eagle
at the rate of 10 shares for each share of the preferred stock.
offered 40,000 shares of
Trust Co., 22 William St., N. Y.
Lawyers Trust Co., 160 Broadway, N. Y. City.
Capitalization—Corporation was incorporated in New York,
Oct. 30, 1936, with an authorized and outstanding capital of 40,000 shares
of 6% cum. conv. pref. stock (par $25) and 100 shares (no par) common
stock.
The preferred and common stock are all owned by the Brooklyn
Transfer agent: City Bank Farmers
Registrar
City.
Business and
Daily Eagle (N. Y.).
The preferred stock is callable at $26.25 per share plus dividends and
into the Brooklyn Daily Eagle common stock (par $1) at a
ratio of 10 shares of common stock for one share of the preferred stock.
convertible
(The) Brooklyn Daily Eagle—Common Stock—
A prospectus issued in connection with the registration with the Securities
and
(par $1)
Exchange Commission of 675,000 shares of common stock
affords the following:
Transfer agent for the stock: City Bank Farmers Trust Co., New York.
Registrar: National City Bank, New York.
1
Capitalization—As of Oct. 31, 1936, company was authorized to issue
3,500,000 shares of common stock (par $1). Tnere were as of that date
issued and outstanding 2,689,700 shares, and there were held in the treas¬
ury 518,700 shares.
Company has no other class of stock.
History and Business—A New York corporation engaged in the publi¬
cation or
a
daily and Sunday metropolitan newspaper, which was founded
It is a charter member of the Associated
in 1841 and incorporated in 1870.
Press.
Circulation and goodwill of the Brooklyn "Times-Union" has just
been acquired.
Service.
Has recently contracted for and is receiving United Press
On Oct. 30, 1936, the company organized a corporation in New York
under the name of Brooklyn Daily Eagle Properties Corp., with a capital
•of 40,000 shares of 6% cumulative
and 100 shares of common stock (no
convertible preferred stock (par $25)
par). To this corporation the company
transferred its real estate situated at No. 305 Washington St. and 24 John¬
son St., Brooklyn, N. Y., together with 400,000 shares of common stock
(par $1) in exchange for all of the authorized preferred and common stock
of the subsidiary, Brooklyn Daily Eagle Properties Corp.
► A wholly owned subsidiary of the Brooklyn Daily Eagle, the Tri-County
Publishing Corp., publishes the "Suffolk Daily Island News," a five-dayper-week tabloid, devoting its entire contents to the interests of Suffolk
County.
The Brooklyn Daily Eagle publishes on Wednesdays and Fri¬
days a semi-weekly paper called "Home Talk."
The Brooklyn Daily Eagle Broadcasting Co., Inc., a wholly owned sub¬
sidiary, was recently organized and its sole activity to this date has been
the filing of an application, which is still pending, for a broadcasting permit
with
the
Communications
Federal
Commission.
Proposed Joint Publication of 11 Eagle" and "Times
has leased from its wholly owned subsidiary, Brooklyn
ties Corp., the two buildings mentioned above.
Union."—Company
Daily Eagle Proper¬
The company has purchased the circulation and goodwill of the Brooklyn
"Times Union" but none of its tangible assets other than its morgue. This
purchase will give the company a preeminent position in the local news¬
paper field in Brooklyn.
The Brooklyn Daily Eagle will henceforth publish both the "Times
Union" and the "Eagle" in the Eagle plant as separate newspapers.
The
"Eagle" will continue as the same independent Democratic paper it has
been since 1841.
The editorial policies of the "Times Union" will be con¬
tinued.
To provide for the conversion feature, 400,000 shares of Brooklyn Daily
Eagle common stock are held by the company.
Since its organization the company has acquired the above-mentioned
400,000 shares of the common stock of Brooklyn Daily Eagle and has also
acquired from such corporation the title, subject to a mortgage for $990,000,
to two parcels of property at 305 Washington St. and 24 Johnson St.,
Brooklyn, N. Y., issuing in payment therefor to the Brooklyn Daily Eagle
the 40,000 shares of 6% cum. conv. pref. stock and the 100 shares of com¬
mon
outstanding.
both preferred and common, has been
Brooklyn Daily Eagle.
stock of the company now
All of the stock of the company,
issued and is now held by the
Property—Assets consist of land and buildings at 305 Washington St. and
(no par) common stock.
One of these structures, facing the Brooklyn
Bridge Plaza, is now a general office building.
Three other units adjoining
this building and abutting on Johnson and Adams Sts. form the present
publishing plant of the Eagle.
The cost to the Brooklyn Daily Eagle
of the properties acquired by this company was $2,990,713 and was carried
on the books of the Brooklyn Daily Eagle at Oct. 31, 1936, at $2,158,471
after depreciation.
The real estate and buildings were conveyed on Oct. 31, 1936, by the
Brooklyn Daily Eagle to Brooklyn Daily Eagle Properties Corp. subject to
the lien of a mortgage in the principal amount of $990,000, which is to be
amortized at the rate o
$10,000 semi-annually.
Brooklyn Daily Eagle
Properties Corp. has not assumed the liability under the bond.
Lease to the Brooklyn Daily Eagle—The Brooklyn Daily Eagle (N. Y.),
of lease in writing with the company under which
the company has leased to the Brooklyn Daily Eagle the two buildings at
305 Washington St. and 24 Johnson St., in Brooklyn, for a term extending
to Dec. 31, 1959.
The Eagle intends in one of these buildings to conduct
its newspaper publishing business.
Under the terms of lease, the Eagle
has agreed to pay to the company until Dec. 31, 1939, an amount sufficient
to put the company in funds to declare and pay the quarterly dividend on
the outstanding 6% cum. conv. pref. stock, but in no event less than
$5,833.33 per month.
From Jan. 1, 1940 until Dec. 31, 1959, the Eagle
is to pay the company an amount sufficient to put the company in funds to
declare and pay the dividends on the preferred stock and in addition an
amount sufficient to enable the company to purchase or retire at a price
has executed an agreement
not exceeding the call price of such stock ($26.25 per share) $50,000 of such
preferred stock in each year and in no event a rental of less than $120,000
a
payable in monthly instalments of $10,000 each.
year,
In addition the Eagle agrees to pay during the entire term
Purpose of the Issue—Of the 1,075,000 shares of the company's common
stock referred to above, 400,000 shares are owned and held by the Brooklyn
Daily Eagle Properties Corp. for the purpose of providing for a conversion
privilege on the Properties' preferred stock; 300,000 shares of common
stock have been optioned to the principal underwriters by the company
and are to be sold directly to the public, and the proceeds from the sale of
such shares will accrue to the company; 375,000 shares of registered com¬
mon stock are now owned of record by Brooklyn Publishing Co., Inc., but
have been optioned to the principal underwriters by M. Preston Goodfellow,
President of the company and of Brooklyn Publishing Co., Inc., and will
be offered to the public after the underwriter has exercised in full its option
to purchase the above mentioned 300,000 shares from the company.
The
proceeds from the sale of this 375,000 shares will go directly to Mr. Goodfellow.
The company intends to use the net proceeds from the sale of 300,000
shares of its common stock, estimated to be $283,750, and the net proceeds
from the sale of 40,000 shares of 6% accumulated convertible preferred
stock of Brooklyn
Daily Eagle Properties Corp. (which see), estimated to be
$850,000, as follows: for the payment of the purchase price of certain assets
including circulation and goodwill of the Brooklyn "Times Union," $600,015; for the payment of commissions which will become due to one L. N.
Rosenbaum, for certain services rendered in connection with the acquisi¬
tion of certain assets of the Brooklyn "Times Union" estimated at not to
exceed $21,000; for the payment of promissory notes of the company in
the aggregate principal amount of $240,000 now held in equal amounts by
the Lawyers Trust Co. and the Brooklyn Trust Co.; for the payment of
gromissory notes of the company of Toronto, Can., and the estimated
in the principal amount of $265,500
eld by the Mail Publishing Co.
balance of $7,235 for general corporate purposes.
The net proceeds to the company from the sale of its common stock will
be $1.089 per share. Of this amount $1 will be credited to capital stock and
the balance of $.089 will be credited to paid in surplus, such allocation to be
made by the board of trustees.
Underwriting—The principal underwriter, Falvey, Waddell & Co., Inc.,
New York, has made a firm commitment to purchase from the company
24,000 shares of 6% cumulative preferred stock (par $25) of its suDsidiary,
Brooklyn Daily Eagle Properties Corp., at $21.25 per share plus int.
The 675,000 shares of the common capital stock offered under this pros¬
pectus are to be sold at the following prices: 300,000 shares at $1.75 per
share; 125,000 shares at $2.25 per share; 125,000 shares at $2.50 per share,
and 125,000 shares at $2.75 per share.
These prices may be varied from
time to time by the principal underwriter.
Statements of
with the annual interest upon
the
premises and held by the Union Central Life Insurance Co. of Cin¬
cinnati, Ohio.
Purpose—The 40,000 shares of 6% preferred stock has heretofore been
issued by the company tgether with its entire common stock (100 shares
no par) in payment for the acquisition of the real property now owned by
the company and of 400,000 shares of the common stock ($1 par) of the
Brooklyn Daily Eagle.
Therefore, none of the proceeds from the sale of
the 6% preferred stock will come to the company.
All of the proceeds will
fo to the present owner of the 40,000Eagle intends to use stock netBrooklyn
shares of preferred such of proceeds
>aily Eagle.
The Brooklyn Daily
amounting to $850,000 in payment of the purchase price of $600,015 for
certain assets, including circulation and goodwill, of the Brooklyn Times
Union, which the Brooklyn Daily Eagle has contracted to acquire.
The
balance of such net proceeds will be used to pay the expenses incidental to
the registration of the 6% preferred stock, all of which expenses are to be
borne by the Brooklyn Daily Eagle and in partial liquidation of the in¬
debtedness of the Brooklyn Daily Eagle and for its general corporate pur¬
poses.
In connection with acquisition of the Times Union, the Brooklyn
Daily Eagle has agreed to pay to L. N. Rosenbaum for services rendered a
commission of $16,000 and in addition 1% of all moneys received from the
sale of the common stock of the Eagle and of the preferred stock of the
company, in excess of the first 28,236 shares.
Joint Publication of
Eagle and Times Union—Included in the buildings
mentioned above is a modern newspaper building erected in 1930 and 1931
at a cost of more than $1,600,000.
It has a capacity far in excess of the
needs of the Eagle.
To take advantage of that situation the Eagle has
purchased the circulation and goodwill, but none of the tangible assets of
the Times Union except its morgue.
The Brooklyn Daily Eagle will henceforth publish both the Times Union
and the Eagle in the Eagle plant as separate newspapers.
The Eagle will
continue as the same independent Democratic paper it has been since 1841,
The editorial policies of the Times Union will be continued.
Under the
joint publication duplication of expense will be eliminated wherever possible.
Balance Sheet as at Oct. 31.
Land &
1936
buildings, $2,990,721; less reserve for depreciation, $836,881
Organization
expenses
Securities of affiliate—Brooklyn Daily Eagle (held for conversion)
Total
10 Mos.End.
Years Ended Dec. 31
1934
1935
$3,400,612
3,671,846
$3,182,318
3,381,847
Oct.
31, '36
$1,000,000
no par)
Mortgage payable, $990,000; less instalments due within one year—in¬
cluded as
a current
Mortgage payable—instalment due within one year
$2,596,602
2,763,973
Operating loss.
$193,328
72,032
_*
Operating loss.
$121,295
117,034
Deductions
$271,233
102,782
$168,451
131,785
$199,529
98,369
$101,159
128,654
$167,371
86,473
20,000
Indebtedness to affiliated company
$80,897
93,329
3,114
before prov.
for N. Y. StatefranN.
Y.
$300,237
$229,814
$174,227
1,596
2,712
2,304
1,529
$302,950
$232,118
$175,756
$239,926
as
Assets—
of
electric
1936—-3 Mos.—1935
340,385,479 314,531,939
From miscell.
at Oct.
31,
Total
1936—12 Mos.—1935
energy
1243122927
1149657962
$12,510,637 $11,143,326 $46,444,482
$45,492,355
2,775,133
sources.
530,871
1,399,903
2,086,991
revenues_$13,041,507 $12,543,229 $48,531,473 $48,267,488
Operating expenses
5,958,105
5,444,456
20,930,424
19,927,328
Retirement expense
1,356,309
1,209,899
4,888,489
4,648,914
Taxes
(incl.
prov.
for
Federal income tax). J
2,289,900
2,543,773
9,435,000
9,728,500
oper.
Liabilities—
Cash....
$126,602
Marketable securities, cost...
Notes & accts. rec. (net)
Inventories
456
302,600
69,081
Accounts payable (trade)
4146.
Gross corp. income...
$3,545,478
2,689,700
256,362
Earned
Int. on long-term debt..
596,545
$3,421,480 $13,657,584 $14,458,084
837,258
3,021,529
3,349,030
Misc. int., amort, of dt.
Operating income
3,047
surplus
disc. & exp.
45,620
$3,792,698
p.
$3,345,102 $13,277,560 $13,962,746
97,653
469,867
617,100
Dr21,275
Dr89,843
Drl21,762
505,500
Deferred income
Long term debtfL
Total
$3,437,194
135,662
Dr27,377
98,265
Capital stock (par $1)..
Deferred charges
Non-oper. revenues
Non-oper. rev. deduc'ns
84,408
Other current liabilities......
Investments
14,234
1,482,748
Fixed assets (net)
442,957
Name, circulation, &c.1,308,400
$155,415
Accrued liabilities
Other current assets
143,
Period End. Dec. 31—
Sales
State
tax
Balance Sheet
-V.
143, p. 4146.
Brooklyn Edison Co., Inc.—Earnings—
revenues—
From sales of elec. en.
$238,330
for
franchise
$2,556,96
(kwh.)
Operating
Net loss
Prov.
—V.
563,840
970,000
liability, $20,000
Total
Other income
$2,153,840
3,114
400,000
$2,556,954
6% pref. stock (par$25)
Common stock (100 shares
Including Wholly-owned Consolidated Subsidiaries
Earnings—less
rebates,
discounts, &c
$3,377,083
Oper. and other expenses
3,570,411
all taxes and
the leased premises as they become due, together
the first mortgage of $990,000 now a lien on
assessments levied upon
Liabilities—
Consolidated Income
1933
24
St., Brooklyn, which property together with 400,000 shares of
Brooklyn Daily Eagle common stock ($1 par), it acquired by purchase from
the Brooklyn Daily Eagle, an affiliate, paying in consideration therefor
all of its authorized preferred stock, 40,000 shares ($25 par) and 100 shares
Johnson
& miscell.
28,472
Total
;
$3,792,698
Net
—V.
income
143,
P.
2828.
77,569
219,321
400,579
$2,920,461
deductions
$2,506,654
$10,416,734
$10,708,475
Volume
144
Financial
Brown Shoe Co.—New
Directory &c.—
Alfred G. White has been elected a director of this
company.
The board
also elected Clark R. Gamble as Vice-President and member of
the executive
L.
E.
committee.
Boneau
was
promoted
Building Products, Ltd.-
sales
manager,
on
1936
investments
1935
Recovery of deprec. prev.
props. sold during year
pro v.
oni
$449,405
properties
$300,910
44,464
~
43,469
of
„
"~8~ 453
~~8~, 453
1,379
3,260
46,625
24,618
28,206
$271,119
235,650
$153,158
151,057
$154,216
151,057
$2,101
$3,158
Directors fees
and
Carib
"
l",880
provincial
income tax
Common dividends.
Balance, surplus.
Comparative Balance Sheet Dec. 31
Assets—
1936
Land, bldgs. &
Stock
1935
$538,283
419,474
1,211,200
22,208
charges..
9,582
Accounts recelv___
Other acets. receiv
Notes receivable.
Deferred
Total
y
1936
1935
Class A stock...$1,438,110 $1,438,110
Class B stock
45,000
45,000
Accts. payable, &c
Prov.
for
Dom.,
149,301
52,776
27,648
Prov., &c., taxes
1,193,200
119,350
9,585
Res. for conting..
54,070
212,921
797,251
28,022
229,215
764,287
18,348
.
$2,696,654
x
231,522
.
Investments
Cash
Liabilities—
$648,383
475,995
312,749
16,536
eq.
hand
on
Surplus
$2,557,409'
Total
$2,696,654 $2,557,409
x Represented
by 116,346 (non-voting) class A shares tno par),
y Re¬
presented by 4,500 (voting) class B shares (no par).—V. 143, p. 3834.
Bullock's, Inc.—50-Cent Dividend—
The
directors have declared a dividend of 50 cents per share on the
stock, payable Feb. 25 to holders of record Feb. 11.
This com¬
common
pares with an extra dividend of $1.50 paid on Jan.
dend of 75 cents paid on Dec. 1 and on Sept.
of 25 cents per share previously distributed.
of 50 cents was paid on Dec. 16, 1935.—V.
26, last; a regular divi¬
1, last, and quarterly dividends
In addition, an extra dividend
144, p. 606.
(F.) Burkart Mfg. Co.—Earnings for Years Ended Nov. 30
1936
1935
1934
1933
...$1,468,983
Cost of goods sold, sell.,
admin., & gen. exps
430,600
Depreciation
33,909
$1,116,468
$2,263,813
$1,204,848
350,309
33,439
1,896,317
46,607
1,023,679
49,379
$1,004,474
Cr6.495
$732,720
4,158
$320,889
25,226
$131,790
17,563
y163,363
yl28,362
46,000
19,000
Net sales...
—V. 144, p. 926.
1,560
66,578
2,080
officers
Dominion
territory served by the
Gross earnings.
bonuses paid to executive
for
•
$279,594
50,146
45,146
Legal fees
Prov.
IU67
"The year's earnings, and therefore the rate of dividend on the
preference
stock, have been affected by the very unfavorable drought conditions in
company
and also by the Soo Line, which resulted
in substantial curtailment of the
earnings for the last quarter
fixed
__
con ting, reserve
Salaries &
a dividend from the
earnings of 1936 of 1% on the
Preference stock, payable April 1, 1937, to shareholders of record Marchll,
the
Total income
Trans, to
directors have declared
•
$190,460
56,132
33,001
24,763
Prov. for depreciation
Reserve
for
amortization
"Upon consideration of the results of the company's operations in 1936,
having in view its obligations as guarantor of the interest on certain
of the Mineapolis St. Paul & Sault Ste. Marie
Ry. Co., the
and
1934
$207,233
46,604
22,310
38,059
38,618
investments
1101
This will be the first dividend
paid since Oct. 1, 1932, when a semi-annual
dividend of 2% was paid.
The company issued the
following statement in connection with the
current dividend:
securities
$372,728
on
filling the
-Earnings-
Calendar Years—
interest
Profit
to
by Mr. Gamble's election.—V. 143, p. 3992.
vacancy caused
Chronicle
of the year."
Earnings of -System for Week Ended Feb. 7
1937
1936
$2,407,000
$2,181,000
Increase
$226,000
Syndicate, Ltd.—Report to Stockholders—
The report of the board of directors dated Jan.
29, states in part:
Company's chief asset consists of 20,868 shares of stock of Colombian
Petroleum Co.
Other assets include cash, accounts receivable and market¬
able securities of
approximately $245,000, an investment in a leasehold
in Texas of
approximately $85,000, and an investment in Astillero Oil
Corp. of approximately $30,000.
At a special meeting of stockholders held
July 10, 1936, the certificate
incorporation was amended to increase the number of shares from
800,000 shares (par 25c.) to 2,000,000 shares of the same par value.
None
of such additional shares has
yet been issued.
Proposed Sale of Stock of Colombian Petroleum Co.—At the adjourned
special meeting or stockholders held Nov. 25, 1936, approximately 70%
of
of the stockholders gave
proxies in favor of authorizing the sale of com¬
pany's holding of 20,868 shares of Colombian Petroleum Co. for $2,000,000.
Less than 2% of the stockholders opposed the sale.
However, the board
has decided that it is
necessary to resubmit the matter of the sale and is
calling a special meeting of stockholders for Feb. 16, 1937, immediately
after the annual meeting.
Prior to the date of the adjourned stockholders' meeting on Nov. 25,
1936, the board had understood that the Texas Corp. and Socony-Vacuum
Oil Co., Inc., which companies control
approximately 80% of the stock of
Colombian Petroleum Co., were not interested in acquiring Carib's minority
interest.
The letter to stockholders accompanying the notice of the special
meeting
contained a statement to this effect.
After the stockholders'
meeting, however, it was learned that the Texas Corp. and Socony-Vacuum
Oil Co., Inc. were to become the ultimate purchasers.
Since the vote of
stockholders on Nov. 25, 1936 contemplated a sale on the basis that neither
the Texas Corp. nor Socony-Vacuum Oil Co., Inc. were interested as
purchasers, the board did not consider that it was authorized to effect a
sale to these companies without resubmitting the matter to stockholders.
The offer to purchase Carib's Colombian Petroleum Co. shares by its
terms expired on Dec. 5, 1936 and the board now has no contract for the
of such shares.
sale
Insofar
as
have been
no
the exploitation
of the Barco Concession is concerned there
developments which would lead the board to alter its earlier
recommendation of
a sale of the Colombian Petroleum Co. shares.
Directors
therefore asking stockholders to renew the authority to them to effect
are
the sale of such shares which
authority will be exercised if a purchaser can
be found and if at such time directors consider it desirable to proceed with
The notice and proxy fix a minimum price of $2,050,000 rather
the sale.
than
Other charges net
Prov. for Fed. &
State
$2,000,000 in view or Carib's added expenses and the increased taxes
which might be incident to a sale in 1937.
If the sale of the Colombian Petroleum Co. stock is now approved by
stockholders
inc. taxes (estimated).
$847,608
837,912
Previous surplus
Miscellaneous credits
$600,200
458,261
>.45,449
$249,664
259,268
13,124
$95,226
132,019
32,482
$1,103,910
a76,023
189,974
$522,056
$259,727
461
$837,912
$11.88
$458,261
$4.11
422
$1,685,942
Miscell. deductions.....
Divs. on pref. stock
28,536
60,035
169,774
Common dividends
the
x$5.74
$259,267
$0.64
After
Balance Sheet Nov. 30
Assefs—
1936
Cash...
a
-.
851,563
value
of
Liabilities—
•
$45,083
431,511
824,277
536,134
_.
Inventory
Cash
1935
$364,000
Receivables
life
Accrued
Timberlands at cost
15,278
b Land, bldgs., ma¬
chinery, equ., &c
Unexpired
Insur.
628,960
15,467
$44,702
16,640
162,000
15,2781
463,022
a
$2,482,501
Preference stock
d Common stock.
c
18,074
672,775
135,819
1,427,596
Capital surplus
$1,858,582'
Total
Profit
$2,482,501 $1,858,582
Represented by 26,911 no par share in 1936 and 28,427 no par
shares in 1935.
d Represented by 135,819 $1 par shares in 1936 and 45,273
no par shares in 1935.—V. 143, p. 2359.
Interest
Total
General and miscellaneous
Net income for year
■
3,048
1,201
2,524
$1,625
loss$16,984
1936
930
$89,894
receiv-.
Marketable
145,398
&
943,498
85,983
2,251
73,763
2,069
242
$1,103
199,755
1,012,872
306
de¬
velopment rights
& fixtures..
to
1935
1936
$16,651
Capital stock.__
199,755
Capital surplus.1,051,123
a
111" 918
933,776
securs.
Furn.
Co¬
lombia office—
$1,267,528 $1,213,730
Total
a
$82,177
9,984
Investments
Leaseholds
;
Liabilities—
1935
Accounts payable.
hand
Accounts
gold bonds are notified that there is now available at the office of Conti¬
nental Bank & Trust Co., 30 Broad St., New York, for distribution, the
balance of funds heretofore determined by the Court to be due such holders.
on
5~465
3,050
951
3,942
2,118
$38,990
Balance Sheet Dec. 31
Assets—
Hall, New York—Distribution—
on
2,079
5,063
1,236
2,202
4,174
;
Taxes
Holders of distribution warrants given in connection with the reorganiza¬
of Butler Hall Apartment Building first mortgage serial 6% coupon
.23
$7,286
11,100
"
and
Office rent
Advances
$1.15
$2.30
income
Salaries
agent
$23,043
9,278
213
_
Stockholders' meetings
transfer
$4,125
2,948
1,725
$80,971
15,044
8,034
6,228
on
Legal fees and expenses
Fees and expenses of registrar
1934
1935
x$5,886
yl5,431
2,350
sale of temporary invest
temporary investments.
Dividends from securities
tion
$
on
x$7,327
y7l,294
temporary investments
Cash in banks and
c
This second
Years
1936
on
710",675
After allowance for doubtful, &c. of $15,000 in 1936 and $10,000 in
b After allowance for depreciation of $565,615 in 1936 and $535,121
Butler
sale, the notice
45,273
837,912
73,379
1935.
in 1935.
oil
holding.
Dividends
on
Total
through, and after providing for all
for taxes, the board proposes to
properties, oil securities and other
reserve
x Net income from operations under Texas leasehold after provision for
depreciation and depletion of $8,564 in 1936 and $7,737 in 1935.
y Profit
on sale of securities, net.
462
I Earned
surplus
20,043
entire
taxes—
reserve
I
premiums, &c_.
a
in
In order to give the board some latitute in the matter of a
130,000
profits
excess
estimated
Compensation ins.
468
250
carried
and proxy for the special meeting of stockholders cover authorization to
vote for the sale of all or any part of the Colombian Petroleum Co. stock
at an average price not less favorable than that set forth above for the
1935
$68,383
Income and
60,868'
66,273
1936
pay..
expenses.
Trade accts.
|
insurance.
Traveling advances
is
received
investments.
63,794
giving effect to three-for-one stock split up.
y Income and excess profits taxes,
z Adjustment based upon examina¬
tion of income tax returns by Bureau of Internal Revenue:
Depreciation
disallowed, charged to income in prior years of $44,449 and loss on timber
lands disallowed of $1,000.
a Amount segregated and set up as capital
surplus representing the excess of stated value of capital stock purchased in
prior years over cost of such stock of $76,023.
x
the sale
cash
net
Income Account for Calendar
$1,427,596
Earns, per sh. on com..
and
incident thereto, and
expenses
invest
Represented by 799,020 shares
$1,267,528 $1,213,730
Total
(25 cents par).—V. 144,
p.
100.
Carman & Co., Inc.—Accumulated Dividend—
and final distribution amounts to:
The directors on Jan. 29 declared a dividend of 50 cents per share on ac¬
warrants numbered C 1-715;
the $2 cum. conv. class A stock, par $100, payable
1 to holders of record Feb. 15.
A dividend of $1.50 was paid on
18, last, and dividends of 50 cents were paid on Dec. 1, Sept. 1, June
and March 7, 1936.
A dividend of $1 was paid on Dec. 1, 1935.—V.
count of accumulations on
warrants numbered D 1-573; and
on warrants numbered M 1-792,
be received upon the presentation of such warrants accompanied
by properly executed ownership certificates.—V. 143, p. 1715.
and may
March
Dec.
1
143, p. 3993.
California Art Tile Corp.—Accumulated Dividend—
The directors have declared
of accumulations
on
the
a
$1.75
payable March 1 to holders of record Feb. 20.
Dividends of 50 cents per
share were paid on Dec. 1 and on Sept. 1, last, and compares with 25 cents
paid on June 1 and March 1, 1936, this latter being/the first distribution
made since April 1, 1930, when a regular quarterly dividend of 43 % cents
per share was paid.—V. 143, p. 3140.
International
Canadian
Investment
Trust,
Ltd.—
Accumulated Dividend—
The directors have declared a dividend of $2.50 per share on account
of accumulations on the 5% cumulative preferred stock, par $100, payable
March 1 to holders of record Feb. 15.
A similar distribution was made
on
Carnegie Metals Corp..—Listing—Rights—
dividend of 25 cents per share on account
cum. conv. class A stock, no par value,
The New York Curb
1937, are being offered the right to subscribe to additional shares of com¬
stock in the ratio of one additional share for each five shares held at
the price of $1 per share:
The right to subscribe will
1937
■_
1936
$3,374,104
$3,005,083
p.m.
Mountain Standard
be forwarded to
100.
have
been
invited
to
bid
Increase
$369,021
Feb." 17
on
$1,815,000 2%%
The certificates will be guar¬
anteed by Louisville & Nashville and Atlantic Coast Line railroads.—Y. 140,
p.
2697.
Carpenter Steel Co.—Transfer Agent—
Canadian Pacific Ry.— To Resume
on
houses
equipment certificates due in 1 to 15 years.
—V. 144, P. 926.
The directors
expire at one o'clock
Time, on Feb. 23, 1937, and subscriptions are required to
the Phoenix Title & Trust Co., Phoenix, Ariz.—V. 144, p.
Bond
Ry.—Earnings-
-
stock, $1 par,
Carolina Clinchfield & Ohio Ry.—Asks for Bids—
Earnings of System for Week Ended Feb. 7
Gross earnings
common
mon
Dec. 1. last.—V. 143, p. 3308.
Canadian National
Exchange has admitted the
listing and registration.
The Exchange has also admitted to when issued
dealings the rights of holders of common stock to subscribe at $1 per share
for additional shares of common stock in the ratio of one additional share of
common stock for each five shares held.
Holders of common stock of record at the close of business on Feb. 3,
to
Feb. 8 declared
a
Preferred Dividend—
dividend of 1%
pref. stock, par 1 pound, payable April
1
on the 4% non-cum.
to holders of record March 1.
The Guaranty Trust Co. of New York has been appointed transfer agent
and dividend disbursing agent for this company's 500,000 shares common*
stock of the par value of $5 per share.—V. 143, p. 3308.
Financial
1102
Carolina Insurance Co. of
Wilmington, N. C.—Balance
Sheet Dec. 31—
Assets—
Stks. & bonds
Real estate
112,146
16,696
Reserve for losses.
129,397
124,436
Res. for taxes, «fec.
Conting.
35,000
100,000
1,038,020
reserve..
Surplus.TotaL
1936
$500,000
460,654
65,731
144,714
30,000
100,000
931,297
$500,000
644,349
Unpaid relnsur
1,606,473
89,700
111,530
16,820
,
Uncollected prem.
Accrued Interest.-
1936
Liabilities— *
1935
$159,102 Capital stock
248,770 Unearned prem
$151,831
208,202
1,983,337
98,990
Mtge. loans
Total
.$2,571,203 $2,232,396
$2,571,203 $2,232,396
Chesapeake & Ohio Ry.—Obituary—
L. C. Probert, Vice-President, died on Feb. 2 of pneumonia,
Chrysler Corp.—Annual Report—W. P. Chrysler, Chair¬
in part:
man, says
Sales, for 1936, were $667,138,391.
Company-sold 1,066,229 vehicles
earned $62,110,542 after all charges.
These earnings amount to
The company has filed a new schedule of rates for Its residential and com¬
mercial customers with the Maine Public Utilities Commission which re¬
duces the top step of its rates from 10 cents to 8 cents and will effect a total
saving to its residential and commercial customers of $232,570 annually.
These new rates become effective on bills rendered after March 15, 1937.
Officials stated that territories now having a 10 cents top rate will re¬
ceive the most substantial savings in this reduction as the top step is reduced
from 10 cents to 8 cents a kwh., placing the new schedule on a uniform
8-5-2 cents sliding scale basis.
Only two small isolated towns are not af¬
fected by the new rate schedule.—V. 144, p. 766.
Central & South West Utilities.Co.—Par Value Cut—
Central States Electric Corp.—Annual Report—
The investments of the corporation at Dec. 31,1936 were as follows
North American Co., common
580,489 shs.
American Cities Power & Light Corp., class B
2,027,255 shs.
American Cities Power & Light Corp., class A
2,100 shs.
Electric Shareholdings Corp., common
737,189 shs.
1,468,800 shs.
Blue Ridge Corp., common
$14.25 per share of common stock outstanding.
Cash and marketable securities at Dec. 31,
Detroit Edison Co., common
3,200 shs.
option to purchase on or before Feb. 1, 1939, 73,380 shares of
General Realty & Utilities Corp. common at $10 per share.
In addition to the 737,189 shares of common stock of Electric Sharehold¬
ings Corp. owned by this corporation, American Cities Power & Light
Corp. also owned, at Dec. 31, 1936 648,568 shares of this common stock
which was purchased during the year 1936.
During the year, the corporation sold the remainder of its holdings in
Atlas Corp. warrants and General Realty & Utilities Corp. common stock,
and with the proceeds purchased additional shares of American Cities Power
& Light Corp. class B stock.
The market prices on Dec. 31, 1936 for the
securities listed above, plus the cash on hand and cash dividends receivable,
less current and accrued liabilities and reserves, make a total of $40,220,364,
compared to $37,364,239 at Dec. 31, 1935. Directors still believe that such
market prices do not adequately reflect the actual value of the corporation's
security holdings.
,
The balance of
the year
current
Gross
1936
a
f$l ,362,114
1934
$364,446
648,139
$776,632
$1,299,925
302,852
c
Reduction in
$1,362,114
$776,632
$1,012,585
$1,602,777
2,130,562
2,211,890
2,328,928
364,446
-
426,952
872,972
int.
stock dividends
d Special appropriation-
Loss
on
$775,228
$1,353,930
def21,396,239def3,145,783
588
sale of securities.
403,355
16,896,537
5,909",154
$2,026,076
b8,863,568
12,462
2,514,837
Cr7,005
121,099,942
c
Reduction
in
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¬
ceived.
f Cash dividends only,
g Surplus.
1936
25,000
2,065,212
receiv¬
$
6,400
187,809
dis¬
deben¬
721,289
tures
853,876
1935
$
*
1,719,985
87,204,126
45,076,672
38,429,886
40,890,672
2,406,540
30,860,170
2,834,643
20,154,594
4,087,264
8,931,095
1,847,023
2,058,909
Admin., selling, adv. &
general expenses
47,657,402
90,239
Interest paid & accrued.
Provision for est. U. S.,
Canadian, &c., taxes- 12,800,000
tm
for surtax
Prov.
inn
'
-
on
un¬
properties
1,200,000
Net income for year--
62,110,543
65,612,041
34,975,819
39,300,875
9,534,837
35,198,273
12,129,120
27,372,721
52,190,692
74,276,694
8.664,652
44,733,110
5,432,235
39,501,841
4,303,567
Dec. 31- 75,531,892
65,612,041
39.300,875
35,198,273
Earned surplus
Jan. 1__
on common
stock..
14,094,000
Opt. 5H% debs..23,099,000 23,099,000
Int. accr. on debs.
715,671
722,896
Accts. pay & accr.
80,090
104,932
Reserves for taxes
149,392
Res. for conting..
752,000
683,639
a Capital...,
31,174,981 31,175,548
.
Excess of par value
of pref. stks held
In
treasury over
cost thereof
Deficit
Shares capital stock out¬
4,361,427
4,332,326
4,345,788
$2.78
$8.07
$2.19
of sales and
x Depreciation and amortization have been charged to cost
expenses in amount of $142,211,152 in 1936, $16,986,564 in 1935, $12,standing (par $5)
Earned per share
4,358,391
$14.25
...
450,953 in 1934 and $13,127,419 in 1933.
Consolidated Balance Sheet Dec. 31
498,573
498,573
22,574,233 21,396,239
-
cost
Car shipments against B-L drafts,
and accounts receivable
&c
a
47,482,722 49,200,1031
Total
47,482,723 49,200,103
7% preferred stock, issue of 1912, cumulative (par $100), 75,433 shs.;
Balances in closed banks
operations
Sundry investments and miscell. accounts
Notes and accts. receivable due from officers and
2,127,961
Prepaid insurance, taxes, &c
payable, accrued payrolls, &c
Notes payable to banks,
Due April 25, 1937
Products
Corp.—Option Granted—
Y. Stock Exchange that
an
option has
share, 5,000 shares to be taken up during the calendar year 1937 and 5,000
1938, and giving Mr. Baumhogger the right
shares during the calendar year
to
purchase during the year of 1938 any of the 5,000 of such shares not
chased during the year 1937.—V. 144, p. 766.
pur¬
174,603
823,500
1,680,913
53,577,484
2,165,573
Tjf.n. MU tips—
Accounts
preferred stock, option, series of 1929, 36,561 shs.; common stock ($1 par),
10,130,067 shs. (10,130,634 in 1935).
b Investments, at average cost,
including valuation placed by the board of directors upon stock dividend
received (carried to surplus).—V. 143, p. 747.
Certain-teed
57,428,625
1,688,961
9,326,360
10,994,858
48,765,679
1.316,109
2,695,489
2,872,374
210.676,184 193,510,531
60,296,714
835,162
Accrued interest, insurance, taxes, &c
The company has notified the N.
2,787,858
employees
208,271
Inventory in and accounts with subsidiaries not
wholly owned
934,737
Advances to Chrysler Management Trust
738,709
a Land, buildings, machinery, equip., dies, &c—
60,229,755
Goodwill
1
serial preferred stock (par $100), preferred stock 6% series, 101,240 shs.;
convertible preferred stock, optional dividend series, 15,788 shs.; convertible
been granted to Walter G. Baumhoggers for the purchase of 10,000 shares of
the authorized and unissued common stock of the corporation at $14 per
46,551,621
14,352,803
10,460,517
1 8,171,300
60,565,447
880,599
2,666,608
Inventories
Real estate not used in
$
$
hand and on deposit
Total
Total...
1935
1936
i
on
b Notes
5% conv. debens..l3,805,OGO
expenses
able
Unamortized
on
Liabilities—
wholly
843,136
count
1936
^
45,886,897 46,093,206
owned sub
Dividends
36,709,901
1,720,943
123,858,184
Marketable securities,
1935
<5
**■
Cash
43,355,729
1,365,468
Other income
Cash
Consolidated Balance Sheet Dec. 31
in
85,838,658
2,758,242
—
profit
Earned surp.
$3,145,783 bg$4,320,117
a Valued
at market prices following respective dividend record dates,
b Consisting mainly of balance of credits accumulated from valuation of
Bal. deficit Dec. 31... $22,574,233 e$21,396,239
Invest,
451,734
15,000
contingencies--
b Investments
598,884
$
$
$
$
parts„667,138,391 516,830,333 362.254,626 238,675,952
546,038,449 430.991,675 318,898,897 201,966,051
Sales of autos. &
Cost of sales-
843,599
1,066,229
& com'l
Cars sold, pass.
Div.
Transferred to res've for
dividends,
4
Total earned surplus .127,722,584
$1,563,751
b4,320,117
11
Adj. applic. to pr. period
stock
_
,
,
distributed
Net deficit
,
during the year
Depreciation was charged to operations last year at the same rates as
previous year and, together with amortization, amounted to $14,211,151 for 1936.
The corporation's taxes in various forms aggregated
$36,469,201.
1A
.
During the year, the corporation increased its wage rates and continued
to pay wage rates higher than the average in the automobile industry,
which
itself, is one of the highest wage-rate industries in the country.
The wage rates now being paid employees are the highest in the history of
the corporation.
In large measure as a result of the change from mid¬
winter to fall introduction of new models and the further development of
the policy of manufacturing and stocking parts and sub-assembly inven¬
tories, employment was stabilized to a greater extent than was possible
under previous /operating conditions.
The resultant standard of wages
and working conditions is notably beyond anything the corporation attained
heretofore.
In addition to the foregoing, the corporation shared its success
with its employees by distributing to them three bonuses, aggregating about
$8,000,000, the bulk of which went to its hourly-wage employees and none
of which went to management executives.
Of the 60,000 shares of common stock previously reserved for the pur¬
pose of the Management Trust plan, the corporation during the year
sold
at cost to the corporation, 44,000 shares to trusts established under
that plan.
167 of the corporation's executives participate in such trusts.
New models of Chrysler, DeSoto, Dodge and Plymouth cars were intro¬
duced early in November and have been well received.
In addition, a
new line of Plymouth commercial vehicles has been created and new models
of Dodge commercial cars and trucks recently introduced.
Consolidated Income Account for Calendar Years
1936
1935
1934
1933
-
value of
Balance Jan. 1
Miscellaneous credit
J
^
equipment
for the
Gross
1933
2,137,342
Total income
exps., taxes,
and discount
,
and
re-opening of the corporation's plant in Dayton, Ohio, for the use of
Airtemp, Inc., in manufacturing air conditioning equipment, and provid¬
ing facilities at Marysville, Mich., for the corporation's service parts
Total income
Oper.
'
,
plant
property,
to
Years (Incl. Subs.)
1935
Stock dividends
Cash divs. & interest
liabilities.
additions
amounted to $21,650,504 and included, among other items, the opening
of a new DeSoto factory, the building of a large modern press plant, the
x
Income Account for Calendar
1936, amounted to $60,and net current assets were $64,969,811.18.
$10,000,000 bank loans outstanding at the beginning of
was paid.
Corporation now has no debts outstanding other than
904,423.96,
business.
special meeting of stockholders, held on Feb. 5, the par value of
s com. stock was reduced to 50 cents per share and the capital
represented by the shares of com. stock, as shown by the books of the com¬
pany, was reduced to $1,686,368.
This creates a capital sin-plus which
will be used primarily to absorb the deficit of approximately $22,000,000
created by the recognition on the books of this company of the losses and
capital adjustments of this company and those of the subsidiary companies
recorded in and subsequent to the year 1933.—V. 144, p. 766,,
a
the company
an
which de¬
His age was 53.—V. 144, p. 927.
veloped from influenza.
and
Central Maine Power Co.—Rates Reduced—
Also
1937
13,
Guaranty Trust Co. of New York, as trustee for the Chesapeake
Corp. 20-year 5% convertible collateral trust bonds due May 15, 1947,
Exchange of the conversion, on Jan. 28, and 29, of a total
of $33,000 principal amount of that issue.
As a result, 751 shares of the
Chesapeake & Ohio Ry. common stock were withdrawn from the collateral
pledged with it as trustee.—Y. 144, p. 927.
-V. 144, p. 607.
At
Feb.
The
has notified the
1936
Cash in banks
Chronicle
cl4,000,000
Income taxes
due April 25, 1936
-
12,224,833
Reserves for contingencies, &c
Capital stock (par $5)
21,791,955
Capital surplus applic. on account of repurchase of
capital stock
629,920
Unappropriated
25,365,707
Earned surplus
75,531,892
Total
a
—
210,676,184
-
52,311,816
658,481
8,931,095
5,000,000
5,000,000
9,616,449
21,661,630
760,245
23,958,774
65,612,041
193,510,531
in 1936 and $61,099,315 in 1935.
in 1935.
c Federal, State
foreign income and excess-profits taxes and surtax on undistributed
After
depreciation of $57,375,361
b Less allowance of $51,664 in 1936 and $59,030
and
profits.
Champion Hardware Co.—Dividend Doubled—
a dividend of $1.50 per share on the capital
$100, payable Feb. 15 to holders of record Feb. 5.
This compares
with 75 cents paid on Nov. 15, last, and 50 cents per share paid on Aug. 15,
and May 15, last, and on Dec. 15, 1935, this latter payment being the first
made since Aug. 15, 1934, when 75 cents per share was paid.
Dividends
of 75 cents per share had been distributed each three months from Aug. 15,
1931, to and including Aug. 15, 1934.
Prior to Aug. 15, 1931, quarterly
dividends of $1.50 per share were paid.
In addition an extra dividend of 25
cents per share was paid
oij Aug. 15, 1936.—Y. 143, p. 2831.
The directors have declared
stock,
par
Chesapeake Corp.—Changes in Collateral—
To
Pay $1.50 Dividend—
The directors on Feb.
10 declared
a
dividend of $1.50 per share on the
stock, par $5, payable March 13 to holders of record Feb. 20.
with $5.50 paid on Dec. 14, last; $4 paid on Sept. 15, last;
$1.50 paid on June 30, last; $1 on March 31, 1936; 75 cents paid on Dec. 31,
1935; 25 cents paid each quarter from March 31, 1934, to and including
Sept. 30, 1935; 50 cents paid on Dec. 31 and Sept. 15, 1933; 25 cents paid
each three months from Jan. 2, 1931 to Dec. 31, 1932, incl., and 75 cents
common
This compares
paid per share quarterly from April 2, 1926 to and incld. Sept. 30, 1930.
In addition, extra dividends of 25 cents per share were distributed on
Sept. 30 and June 29, 1935, and on June 30, 1934.
Increases
Wages—
The Guaranty Trust Co. of New York, as trustee for the Chesapeake
Corp. 10-year 5% convertible collateral trust bonds due Dec. 1, 1944, has
notified the New York Stock Exchange of the conversion, on Jan. 28, of
$5,000 principal amount of that issue.
As a result, 100 shares of the Chesa¬
peake & Ohio Ry. common stock were withdrawn from the collateral pledged
The corporation announced on Feb. 9 a wage increase of $13,000,000 to
$14,000,000 annually covering all its employees.
The average increase,
on the basis of the increase made last May, is estimated at 10'^ per employee.
The increase will apply to all Detroit shop workers of the various branches
with it as trustee.
of the
corporation, including the Chrysler, Plymouth, Dodge and De Soto
Volume
Financial
144
Of the 67.000 employees of
divisions.
the corporation, about 69,000 live
1103
Chronicle
The balance sheet of company and of its subsidiaries does not include
loans or advances (other than for current travel expenses) to any di¬
officer or employee of company or of any of its subsidiaries, nor
does it include any reacquired shares of capital stock of company.
There
were no outstanding options or agreements to purchase or to sell any of
the issues of capital stock or notes,of company or of any of its subsidiaries
in the Detroit area.
any
The corporation issued the following statement:
"In response to inquiries it was stated at the office
Feb. 9 that the corporation had made an increase
rector,
of the Chrysler Corp.
today which, on the
$13,000,000 to
basis of last year's operations will amount to approximately
$14,000,000
a
year."—V. 143,
p.
Calendar Years—
Co.—Earnings—
1934
1935
1936
Net income after charges,
Federal income taxes
the end of the year.
American Credit Indemnity Co. of New York—Company acquired
shares of 50,000 shares of outstanding capital stock of American
at
3994.
Cleveland Graphite Bronze
deprec. &
x$l,238,659
$1,273,117
$510,803
321,920
321,920
100,000
share
^
$3.85
$3.95
$5.10
x After deducting $65,444 for Federal undistributed profits tax.
Before
provision for undistributed profits tax, net profit for the year 1936 was
$1,304,103, equivalent to $4.50 per shareu—V. 143, p. 3994.
Shares capital stock
Earnings
per
Cockshutt Plow Co.,
Year Ended Nov. 30, 1936
Consolidated Statement for the
28,026
$383,137
31,822
1,600
Total income
Executive remuneration
Directors' fees
_
Legal fees
Interest
1,033
-
on
118,361
bank loans
187,595
16,967
Depreciation of buildings and equipment-Uncollectible accounts of subsidiary
Provision for Dominion and Provincial income taxes.
Consolidated profit for year
4,273
$21,487
have been written off
-
Note—Uncollectible debts of the parent company
against reserves.
Consolidated Balance Sheet Nov. 30, 1936
Liabilities—
Assets—
c$6,382,876
Capital stock
Land, bldgs. & equipment-_.a$3,819,198
Pats., trade marks, goodw, &c
1
Invest, in Canada Carriage A
1,717,000
157,301
Bank loans—Secured
Accounts payable
b471,213 Res. for Dom. & Prov.
taxes
2,392,767
2,927,633 Unclaimed dividends
34,839 Contingent reserve
113,944 Capital surplus
Body Co., Ltd
Inventories
Accts. <fe notes receivable
Def. charges to future opere..
Cash in banks & on hand
inc.
4,273
12,477
435,000
971,247
79,420
-
Consol. earned surplus.
of specific customers.
"Credit insurance
is closely allied with "factoring"
financing of open accounts receivable done by company, which hopes
develop new and improved credit insurance and financing plans through
and the
to
from investments of American Credit
Indemnity Co. of New York, after providing for all Federal and other taxes
required by law for 1936, was $340,196, of which only $135,431,
accruing from July 1, 1936, date of acquisition by company, has been in¬
and reserves
$355,111
Income from investments
Credit
Insurance reimburses manufacturers and wholesalers against
credit losses on their receivables in excess of an agreed percentage or their
total annual sales and also guarantees the payment of current open accounts
the combination of these facilities.
New income from operations and
Ltd., (& Subs.)—Earnings—-
Operating profit
49,965
Credit
Indemnity Co. of New York during 1936, the capital and surplus of which
was increased during December, 1936, by the sale of 100,000 shares of stock
at $15 per share, of which company acquired 99,930 shares.
cluded
the consolidated net income from operations of company.
This
$335,646 for 1935, none of which accrued to the benefit of
There was also an appreciation of $209,880 during 1936 in the
market values of securities held by the company on Dec. 31, 1936, which
is not included in the consolidated net income from operations of company
in
compares with
company.
for 1936.
Net premiums received, after provision for reinsurance, by American
Credit Indemnity Co. of New York for 1936 were $1,273,512, compared
with $1,137,061 for 1935.
Two Factoring Subsidiaries—Textile
Banking Co., Inc., is 99.2% owned
by company, but is financed independently through its direct loans from
depository banks.
It gross volume for 1936 was $81,494,368, compares
with $92,524,869 for 1935, and $83,456,375 for 1934.
Net income from operations available for dividends, after charging off or
providing ample reserves for doubtful items, was $609,210 for 1936, com¬
pared with $739,557 for 1935, and $681,776 for 1934.
Edmund Wright Ginsberg Corp. is wholly-owned by company, and is
financed entirely through loans to it by company.
Its gross volume for
1936 was $20,653,766, compared with $9,189,828 from April 6, 1935 (date
of incorporation) to Dec. 31, 1935.
Net income from operations available for dividends, after charging off
or providing ample reserves for doubtful items,
was $196,152 for 1936,
its
compared with $58,764 from April 6, 1935 (date of incorporation) to Dec.
Gleaner Harvester Corp.—When Gleaner Harvester Corp. was organized
1932, to facilitate the liquidation of certain receivables, companv received
75,000 shares (62.6% of the total) of its common stock in connection with »
loan, which has since been paid.
Net income from operations available
for dividends of the Gleaner company for its fiscal year ended Sept. 30,
1936, was $292,307, prior to surtax on its undistributed profits.
On Dec.
17, 1936, company received a dividend of $2.50 per share, or $187,500
($37,500 cash and $150,000 in 6,000 shares of common stock valued at $25
per share), which increased its holdings to 81,000 shares, but only the 6,000
shares received as a dividend are carried in its balance sheet.
in
Total
a
$9,759,594
After
$87,687.
—$9,759,594
Total
for depreciation of $1,793,052.
b After reserve
Represented by 300,678 no par shares.—Y. 140, p. 4066.
Commonwealth Investment Co.—Annual
Report—
The following tabulation indicates the progress of the company over
past four years:
Dec. 31—
Total net assets
-
of
reserves
c
the
~
$35,485
$70,544
yl6,602
$2.12
26,960
$2.62
$185,372
58,000
$3.20
8
No. of shs. outstanding
Net asset val. per sh.x.
26
101
No. of stockholders
x
After
reserve
for taxes,
y
1936
1935
1934
1933
1932
$647,601 $2,294,200
142,000
400,000
$5.74
$4.50
241
1,410
Adjusted to $1 par value shares.
Earnings for the Year Ended Dec. 31, 1936
Income: cash dividends
$53,600
8,458
—
Interest
$62,059
13,307
Total income.
Expenses
688
Interest
$48,063
187,897
Net income
Net gain realized from sale of marketable securities
profits taxes
$235,960
2,512
undistributed profits
136
Net income before provision for Federal Income tax.
Income and
Surtax
on
excess
$233,311
13,542
Earned surplus, Jan. 1, 1936
$246,853
232,000
-
-
Dividends
Earned surplus, Dec. 31, 1936
$14,853
.
Balance Sheet Dec. 31, 1936
Liabilities—
Assets—
Cash—demand deposits
Interest receivable
Invests. In market,
$356,331
913
1,634,123
secure..
Accounts
payable
Com. cap. stock (par$l).
Earned surplus
$1,991,367
$3,773
Accrued taxes
Paid-in surplus
Total
.
5,816
400,000
1,566,924
14,853
In the absence of
serious results from possible strikes, the outlook for company for 1937
as may require additional resources to take care of its expected
increase in business.
Directors have therefore authorized that a special meeting of stockholders
be
called to consider a proposed amendment to the certificate of incorpora¬
The directors will recommend that a new issue of $35,000,000 of convertible preferred stock be authorized with rights on a parity
with those of the remaining outstanding shares of the AM% cumulatiye
convertible preferred stock, except that the rate of dividend, the conversion
ratio, and the call price of the new issue will be determined by the directors.
Company will then be in a position to increase its operating resources
promptly when needed, either through the sale and (or) exchange of the new
convertible preferred stock or through the sale of an issue of its 5 or 10year debentures.
tion of company.
Summary of Consolidated Operations for Calendar Years
[Company and Subsidiaries]
Commercial Credit Co.—Annual
Report—
E. Duncan, Chairman of the Board, states in substance:
Volume, Interest and Discount Charges—Gross volume of all receivables
purchased during 1936 were $789,508,418, compared with $525,999,303
for 1935.
Net income from operations available for
consolidated interest and dis¬
charges for 1936, after charging off or providing ample reserves for
items, was $16,511,336, compared with $10,491,748 for 1935.
Consolidated interest and discount charges were earned 8.50 times for 1936,
compared with 7.75 times for 1935.
count
doubtful
Net Income Available for Dividends—Net income
for dividends for 1936, was $12,159,887, compared
from operations available
with $7,800,133 for 1935.
This net income does not include any net income prior to July 1, 1936, of
American Credit Indemnity Co. of New York, acquired on June 30, 1936,
appreciation of any of the assets of company or any of its subsidiaries.
It includes $187,500 taxable dividend of $37,500 cash and $150,000 in 6,000
shares of common stock valued at $25 per share, received Dec. 17, 1936,
on the capital stock of Gleaner Harvester Corp., Independence, Mo., held
by company.
After payment of all dividends aggregating $821,452 on the convertible
preferred stocks outstanding during 1936 (which dividends were earned
14.79 times before and 14.61 times after surtax on undistributed profits),
and after deducting $8,305 income on minority common shares of sub¬
sidiaries, there remained $11,330,129, or $6.15 per share ($6.07 per share
after surtax on undistributed profits), applicable to 1,840,744 shares, in¬
cluding scrip, of common stock of company outstanding on Dec. 31, 1936.
This compares with $6,537,172, or $5.60 per share, applicable to 1,166,932
shares of common stock outstanding on Dec. 31, 1935.
Dividends on Common Slock—Cash dividends on the common stock have
any
Disct.
increased from Oct. 1, 1934, to an annual rate
of $2 per share; increased from July 1, 1935, to an annual rate of $2.50
per share; again increased to an annual rate of $3 per share from April 1,
1936; and to an annual rate of $4 per share from July 1, 1936.
In addition,
an extra dividend of 25 cents per share was paid on Sept. 30,
1936, and
another of $2 per share on Dec. 15, 1936.
This makes a total of $5.62K
in cash and the 20% common stock dividend paid on the common stock
during 1936.
Book Value of Common Stock—The balance sheet does not include any
value representing goodwill of company, Textile Banking Co., Inc. (in
the acquisition of which $1,294,105 was charged off), or any of its sub¬
sidiaries, and includes only $4 to cover all plant equipment. Afterpayment
of the 20% dividends in common stock Sept. 30, 1936, the book value of
the common stock of company on Dec. 31, 1936, excluding all reserves,
was $27.21 per share, compared with $23.93 on Dec. 31, 1935.
notes
on
Cr59.939
Dr23,018
Dr28,019
17,477,707
14,242,474
8,780,223
11,386,067
Crl ,345,657
7,339,776
CY353.817
4,446,923
246,132
1,941,880
1,353",550
6.024,108
0364,607
900,000
1.368,633
2,409,569
1,338,064
923,207
42,874
12,014,084
7,800,133
5.391,133
2,951,919
056,065
OS7.392
8,306
4,178
8,236
2,071
Oper. exps. (excl. int. &
discount)
Net loss in exc. of res
Res. for contingencies-_
Int. & discount charges.
for
Fed.
inc.
Res. for surtax
on
undis¬
145,803
tributed profits
Net income
reserve
bank
accts.
to earned
on
1,092,375
taxes
(less credit aue to fil¬
ing consol. return)
Excess
$
26,551,747
Gross income
Res.
1933
199,683.169
8,735,766
72,475
& debs.
retired
closed
returned
surplus
—
Net income for minority
interest, undistributed
Dividends:
Comm'l Credit Tr. pf.
Comm'l Credit Co.—
57,010
114,020
117,984
670,068]
..
638,218
277,630
423,045
664,631
284,813
430,253
6& 7% 1st pref._
8% class B pref
6% class A conv
5H% conv. pf. stk.
434% cum. conv.pf.
been paid in every year during the past 24 years, with the exception of 1933.
been several extra dividends paid in common stock during
annual rate of $1 per share;
1934
1
$
$
$
purchased.789,508,418 525,999,303 377,959,931
Gross earnings
26,210,909
17,339,592
14,213,493
Sundry income
340,838
78,175
51,999
Grossreceivs.
stock
There have also
the company's history, the last, of 20%, having been paid Sept. 30, 1936.
Cash dividends were restored on the common stock on Jan. 1, 1934, at an
1935
1936
marketable securities at
A.
or
Proposed New Financing—^Current volume and operations of company
have for several months been the largest in its hi story.
is such
$1,991,367
Total
Dec. 31, 1936, market
quotations aggregated $1,946,546, which amount is $312,422 in excess of
the cost less reserve for decline in market value.—V. 144, p. 930.
Note—Investments in
Of the issue of $25,000,000 4M % cumulative convertible preferred stock,
$12,730,100 has since been converted into common stock, leaving only
$12,269,000 outstanding on Dec. 31, 1936.
In October, 1936,
company also sold $30,000,000 3H% 15-year deben¬
tures, the net proceeds of which were used for retirement of outstanding
short-term notes and(or) for the purchase of receivables in the ordinary
course of business or to make advances to subsidiaries for such purpose.
very
Net income for the year
Total
Except as to said dividend, the operations and balance sheet of company
not include those of the Gleaner Harvester Corp., as its business is
entirely different from that of company, and the investment is treated as
temporary.
The Gleaner company is in good financial condition, with
very small liabilities except for Federal and other taxes, and it has no
obligations to company or any of its subsidiaries.
Financing During
1936—During 1936, company issued $25,000,000
4M % cumulative convertible preferred stock, of which $12,375,600 was sold
to the public and $12,624,400 was used in an exchange for the shares of the
company's outstanding 5 H% convertible preferred stock which had not
been converted into common stock or called for redemption.
do
Common
Furn. & fixts. written off
Res. for loss
on accts.
531",772
531,706
289,680
8,982,790
202,351
2,459",365
1,173", 815
84,275
44,025
350,000
liquidat'n—closed bks.
Res.
for
on
Fed.
capital
excise tax
stock—six
months of 1932
35,500
Transfer to cap. surplus.
Net profit
Earned surplus balance,
320,612
2,055,252
11,734,101
Earned
surplus
4,080.929
7,653,172
2,391,532
1,062,879
5,261,640
4,198.759
7,653,172
5,261,639
$4.11
%\ .59.
bal.,
close of period.
Net income per share on
com. stock outs't'g
x
"3,787
in
13,789,352
x
$6.07
11,734,101
$5.60
After provision fo* surtax o^ undistributed profits.
1104
Financial
Consolidated Balance Sheet Dec. 31
Motor lien retail time sales notes.
lien
wholesale
acceptances
1933
$
-
$
18,282,279
77,068,300
15,811,101
54,449,131
32,121,51^
16,662,274
14,968,071
11,887,109
39,880.037
18,076,791
36,948,482
29,626,535
Indust. lien retail time sales notes
Motor
1934
$
$
23,529,530
143,998,168
30,365,062
11,176,967
15,488,030
4,115,641
15,677,786
527,629
1,980,699
6,391
424,738
3,113,041
61,426
679,411
31,952
3,111
19,909
26,930
Open accts., notes & factoring rec.
Assets of Credit Alliance Corp.
22,191,367
725,331
130,151
779,746
Sundry accts. & notes receivable.
78,698
.
Repossessions in co.'s possession
at depreciated value:
Other than motor
Canada)..
57,088
7,061
cars
58,138
Investments:
Sundry marketable securities-Securities
held
by
Credit
378,224
132,600
124,942
134,760
3,309,772
15,000 shares
average cost 816.91
inc
253,689
253,689
200,000
300,000
491,057
240,361
179,724
5
5
94,534,123
1935
(Gleaner Harvester Corp.)__
&
,
(2-2845, Form E-l)
an undetermined amount of $25
par value shares to be offered in exchange for the following securities of
Public Service Co. of Northern Illinois: 131,359 shares of $60 par value
common
stock; 538,548 shares of no par value common stock; 100,000
shares of $100 par value 6% cumulative preferred stock, and 63,567 shares
of $100 par value 7% cumulative preferred stock.
According to the registration statement, a portion of the securities to
be received by Commonwealth Subsidiary Corp. under the exchange plan
are to be exchanged for 66,704 shares of $100 par value 6H % cumulative
preferred stock, and 65,756 shares (series B and C) of $100 par value 6%
cumulative preferred stock of Western United Gas & Electric Co. and for
46,828 shares of $100 par value 6% cumulative preferred stock, and 7,817
shares of no par value $7 junior cumulative preferred stock of Illinois
Northern Utilities Co.—V. 144, p. 930.
also filed
company
employees
(stock purchased and advances,
secured)
Deferred
charges, interest and
90,422
discount prepaid, &c
Furniture and fixtures
1,276,966
.
4
Consolidated Aircraft
Total
Liabilities—
Unsecured short-term notes
142 142,273
Sec. short-term notes & accept..
94,653,288
52,844,165
27,433
33,197,000
2,430,600
5,254,500
1,463,229
Funded debt after deduct, amts.
reacquired..
Conting. liab.
on
foreign drafts
sold
130,151
78,598
6,391
61,426
6 176,507
4,693,487
2,399,411
1,294,961
4,470,478
4,907,592
4,007,578
3,567,315
4,862,866
2,800,252
3,479,596
2,277,633
2,534,300
2,840,454
1,920,831
Sundry accts. pay., including all
Federal and other taxes
ZM % debentures due 1951
Manufacturers
&
selling
credit balance (Textile
Contingent
30, 000,000
agents
Co.)
reserves:
Margin due cust. only when
re¬
ceivables are collected..
Dealers' partic. loss reserve
5,283,987
Margin due specific cust. of C.
A.
359,196
Reserves for: Possible losses
Exchange fluctuation
on
3,766,356
Minority pref. &
2,689,107
120,212
(unearned).
12 ,369,094
5,972,570
4,048,733
3,625,630
74,228
1,498,301
9,526,150
3,470,525
1,513,969
9,526,150
3,470,525
7,071,250
and
com. stocks
surplus (subsidiary cos.)
45,235
See y
See y
Preferred, class B—8%
CI. A conv., ser.A.,6%(pref'ce)._
Conv. pref. stock
cum.
pref.
conv.
7,071,250
19,371,800
changing
its name to Fleet Aircraft, Ltd., and increasing its
10,000 shares without par value to 100,000 shares
value.
Of the total authorized shares, 10,000 are reserved
for subsequent option to selected key employees and officers for
purchase
over a period of five years
(no stock has been issued or options granted
as of this date); 50,000 shares were sold
by Fleet Artcraft, Ltd., to under¬
without
par
and 40,000 shares were received by Consolidated Aircraft Corp.
(the former parent company) in consideration of its previous investment
n the company and as
part payment of certain design rights, production
drawings, and special tools delivered to Fleet Aircraft, Ltd.
Of the 40,000
shares received by the Consolidated Aircraft Corp. 5,000 shares were paid
out as fees to the underwriters and others
solidated Aircraft
Corp.
now
18 ,407,440
17 ,901,982
11,669,320
4,530,166
3,145,696
9,540,520
2,625,084
Earned surplus
13 ,789,352
11,734,101
7,653,172
5,261,639
272,533,345 166.559,626
115,170,965
94,534,123
Total
9,540,520
x Shares changed from no
par to $10 par value, effective June 28, 1933.
June 30, 1935.—V. 144, p. 101; V. 143, p. 3836.
Connecticut Power
y
Retired
1936
Consolidated Coal Co. of St. Louis—Tenders—
The Chase National
Bank of the City of New York, successor trustee,
it will purchase the Consolidated Coal Co. of St. Louis
general mortgage 30-year 6% sinking fund gold bonds in an amount suf¬
ficient to exhaust the sums or $51,939 in the sinking fund, $7,393 in the re¬
lease account and $1,457 in the insurance account.
Tenders at prices not
above par and interest will be received up to noon, Feb. 11, 1937, at the
corporate trust department of the bank, 11 Broad St., New York.—V. 143»
268.
1935
$5,948,047
973,755
$5,668,530
976,091
$6,921,802
$6,644,621
197,087
$6,921,802
3,639,912
686,000
Gas sales.
$6,447,534
3,595,976
606,499
671,285
Value of free electricity and gas.
Consolidated Goldfields of South Africa—Special Div.
on
The company has declared a special jubilee dividend of 2s.
6d., less tax„
the common stock.—V. 143, p. 106,
Consolidated Steel Corp., Ltd.—Earnings—
Calendar Years—
Total operating revenue
Retirement reserve accrual.
Taxes
819,694
$1,776,195
97,943
revenue.
Other income
$1,573,772
107,416
2,671
408
common
stock dividends and surplus
Balance to surplus
Net direct charges to surplus.
as
1936
profits.
$
Misc. special funds
$2,002,521
1936
debt,
discount <fe exps.
Work In progress..
Mlscell.
188,171
suspense.
135,015
139,714
6,668
98,195
14,968
119,655
1935
$
$
Com.stk.($25 par) 16,569,775 16,563,275
Premium on stock.
17,000
17,000
Bonds
2,955,000
2,969,000
Notes payable
500,000
250,000
Accounts payable.
225,863
238,400
Misc. current liab.
112,580
109,545
Taxes accrued
486,572
367,054
Interest accrued..
32,665
32,245
617 shares
com.
Misc. accrd. liabs.
103
1RQ
331,601
274,602
4,185,881
Reserves
Power
4,589,955
2,006,645
1,997,514
5,006
27,009,7151
Total...
27,827,761 27,009,715
All of the subsidiaries of Connecticut Power Co. were merged into and with
it as of June 30,1936 with the exception of East Hartland Improvement Co.,
which is shown
as
an
investment in the amount of $7,450.
figures for Dec. 31, 1935
—V. 143, p. 3625.
are
on
a
14,021
Balance sheet
consolidated basis with this exception.
loss$62,046 loss$l72,901
Nil
Nil
Nil
as
patents were written down to a nominal value of $1 as o
Feb. 15, 1935, no amortization of
patents is included in expenses after that
date.
Condensed Balance Sheet Dec. 31
Assets—
1936
Cash
1935
Liabilities—
$456,031
$759,607
Accts. & notes rec.zl, 165,852
526,690
Inventories
Prepaid
1,564,772
35,366
939,152
items
Plant & equipment
1,946,541
Patents.
Accts.
pref.
stk.
Accts. & notes
from
1935
other than taxes
Notes pay.to banks
1
a
Prov.
for
awards,
&c
Conv.
20,000
20,000
8,476
11,054
44,741
54,183
compen¬
sation
9,513
$181,82$
work¬
men's
10,071
$361,458
800,000
128,494
(short-term)
1,952,996 1 Accrued taxes
92,716
100,655
923,000
gold
924,000
3,554,725
notes
49,072
rec.
officers
1936
trade,
666,437
of
Nordberg
Mfg.
Co. at cost
pay.,
incl. accrd. items
from
Joint venture...
1st
Accts.
40,745
1,000,000
1
rec.
6%
x
Preferred
y
&
employees
Common stock..
stock.
3,554,725
Surplus
1
330,609
220,723
Def'd charges and
Total
a
.$6,191,003 $5,036,113
Consists of $17,715 in 1936
compensation
awards
provision for workmen
....27,827,761
$121,514
$0.73
Inasmuch
other assets
Co.
surplus
Applic. to min. Int.
Total
162 56ft
14,021
stock
(nopar)..
x
,
Conn.
,753
1,824,744
0120,488
surtax on
undistributed
Land...
Misc. unadj. creds.
180,556
03.009
162,644
16.154
$425,650
266.604
Liabilities—
25,000
4,758,672
Dr40,269
157,189
10.912
Oper. profit for year..
Divs. on pref. stock
Earns, per share on 241,
1935
$
3,597,570
62.093
$1,539,766
1,645,705
Condensed Balance Sheet Dec. 31
Sinking fund
profits taxes..
$1,741,418
1,647,752
$2,006,645
24,232,934 23,428,877
359,560
325,322
Notes & accts. rec.
949,586
1,032,724
Int. & divs. recelv.
1,884
2,394
Materials & suppls
492,729
460,851
Prepayments
17,692
11,138
Mlscell. Investmts. 1,298,178
1,315,657
$1,707,93ft
xl
Prov. for Fed.
Figures for 1936 include the operations for the 6 months ended June 30
Electric Co., Thomaston Electric Light Co. as an investment
organization, and of all subsidiaries except East Hartland Improvement
Co.
Figures for 1935 are on a comparable basis except that the operations
of Bolton Electric Co., and Thomaston Electric Light Co. as an investment
organization, are excluded.
Fixed capital
Cash
1933
$4,870,281
_
$1,683,861
144,094
$93,665 def$105,938
89,541
18,719
2,002,521
2,127,179
of Dec. 31
1934
$3,934,449
Amortization of patents
Prov. for Fed. inc. & ex¬
of Bolton
Assefs—
1935
$1,874,547
133,129
Interest charges, amortization, &c
Balance for
1936
Completed work
$5,243,303
Cost of completed work
incl. of selling and ad¬
ministrative expense._
4,556,395
Other expenses, net
DrS 1,023
Depreciation provision..
157.230
cess
Unamortized
issued and outstanding,"—V.
are
announced that
p.
Co.—Earnings—
Calendar Years—
Surplus
shares
12 ,269,900
Common stock
Capital surplus
Dividend
effecting the transaction.
Con¬
holds 35,000 shares out of the total of 100,000
authorized shares, of which 90,000
143, p. 3462.
stock
(par $100)
x
supplementary letters patent under the Companies Act of the Dominion
writers;
917,725
1st pref. 6H% and 7%
4M%
1,820,224
...
Am. Credit Indemnity Co. of N.
Y.—Ins. reserve, &c
Deferred inc. & chgs.
2,594,628
Invest.
Canadian subsidiary
common stock.
The option to purchase the preferred stock expires 90
days from the date of the option, or forthwith upon termination of employ¬
ment within said 90 days.
The option to purchase common stock expires
on May 29, 1942, and shall be exercisable no faster nor in greater quotas
than 10%, 15%, 20%, 25%, and 30% of the total of such shares, after
May 29 of the years 1937, 1938, 1939, 1940
and
1941, respectively,
with the privilege to such employees to accumulate each maturing quota
or portion thereof until May 29, 1942, in event that
any preceding quota
is theretofore not fully taken up and paid for.
The following notice has also been received from Consolidated Aircraft
Corp.:
"Fleet Aircraft of Canada, Ltd., (100% owned foreign subsidiary), filed
authorized stock frorfl
collected
are
Corp.—Options—
The company has notified the New York Curb Exchange that it has
granted to 102 employees options to purchase an aggregate of 916 shares
of convertible $3 preferred stock and 22,900 shares of common stock at
prices of $50 per share for the preferred stock and $20 per share for the
of Canada,
Corp. only when receiv¬
ables
statement
a
5
272, 533,345 166,559,626 115,170,965
Coll. trust notes, 7s due
officers
detailed) proposes exchanges of Commonwealth
outstanding securities of Public Service Co. of
United Gas & Electric Co., and Illinois Northern
securities for
Co.
Northern Illinois, Western
Utilities Co.
registration
under the Securities Act of 1933 covering
per share, for option in ac¬
quisition, Textile Bkg. Co.,
from
already
plan (as
,
[Opportunity for hearing on these matters will be given on March 1,1937.]
sec. held by Am. Credit
Indemnity Co. of N. Y
Due
The
Edison
The
370,111
Invest,
common
Commonwealth
Subsidiary Corp., a wholly-controlled subsidiary of
Commonwealth Edison Co., also has filed an application (46-29) asking
approval of acquisition of securities of Western United Gas & Electric Co.
and Illinois Northern Utilities Co. as part of the same plan.
Both applicants have applied for exemption as holding companies, but,
as affiliates of other public utility companies, are required by the Act to
receive Commission approval of acquisitions of securities of public utLity
companies.
Commonwealth Edison Co. already owns directly, and indirectly through
Commonwealth Subsidiary Corp., 32.97% of the total voting power of
Public Service Co. of Northern Illinois, and, also through Commonwealth
Subsidiary Corp., 60.16% and 48.47% of the total voting power respectively
of Western United Gas & Electric Co. and Illinois Northern Utilities Co.
Al¬
liance Corp
Treasury stock,
as
,,
subject to specific contlng. res
Customers' liab. on foreign drafts
Motor cars (U. 8. &
1937
13,
part of a plan contemplating the simpli¬
fication of the financial structure of its utility interests in the Chicago area.
26,144
and
notes
;
Feb.
Service Co. of Northern Illinois
1935
1930
Assess—
Cash
Chronicle
of estimated
and
s
Total
$6,191,003 $5,036,113
($25,655 in 1935) provision for workmen's
commitments
payable
after
1937
and
$75,000
compensation awards and commitments in
excess
known
liability carried as self-insurance reserve,
x 142,189
par shares in 1935 (155.489 in 1934).
y Represented by 241,617 no par
shares,
z Accounts receivable
only.—V. 144. p. 930.
no
Consumers Gas
Co.
of
Toronto—Stock
Sold—
The offering of 5,000 shares of capital stock ($100 par) upon which the
accepted tenders, has been oversubscribed three times.—V.
company
Commonwealth Edison Co.—Files Application with SEC
for Approval of Acquisition—To Issue Stock in Exchange—
Company on Feb. 4 filed with the Securities and Exchange Commission
application (48-30) under the Public Utility Holding Company Act of
asking approval of acquisition of outstanding securities of Public
an
1935
144,
p.
448.
Continental Casualty Co.—Larger Dividend—
The directors have declared a dividend of 30 cents per share on the capitalstock, par $5, payable March 1 to holders of record Feb. 15.
This comp .res
with 25 cents paid in each of the four preceding quarters and 15 cents paid
Volume
each
Financial
144
three months
from
March
1934
1
to
and including Dec. 2,
1935.
—V. 142. p. 780.
Crane
The
Co.—Delisting Inquiry Postponed—
Securities
and
Commission on Feb. 4 announced oral
the company for permission to withdraw
% cumulative preferred stock ($100 par),
and its $25 par value common stock, originally set for Feb. 5, has been
postponed to March 8 at the request of the Chicago Stock Exchange.—
V. 143, p. 3626.
Exchange
arguments on the application of
from listing and registration its 7
company announces that up to and including Jan.
attached to its $2.25 cumulative preferred stock were exercised
of 41,938 shares of common stock.—-V.
November
December
Month of—
January
1936
$724,949
694,117
856,257
1937
$697,020
warrants
to the extent
144, p. 102.
February
March
683,854
657,313
713,909
693,959
724,192
676,693
652,199
April
May
June
July
August
September
Total for year
—V. 144, p. 276.
1933
$441,400
416,387
550,718
1934
$467,536
439,564
1934
$656,882
641,810
760,543
1935
$584,693
554,535
621,239
595,098
1935
$640,363
699,164
786,497
1936
$656,298
656,703
633,817
668,240
680,480
626,287
601,199
505,856
498,558
554,394
592,636
597,466
585,652
624,080
'
$7,624,823
®Q °41.635
Within the portion of such county served there is
privately owned electric public utility company in direct competition
municipally owned electric light and power plant.
Company furnishes the entire electric energy requirements of Dallas Rail¬
way & Terminal Co., an affiliated company.
Company has no subsidiaries.
IgkThe company produces at its own generating station all electric energy
sold and distributed by it except such amounts as are from time to time
received from Texas Power & Light Co., an affiliated company.
The entire gas fuel requirements of the company's generating station,
which is equipped to burn either natural gas or fuel oil, are purchased from
United Gas Public Service Co., an affiliated company.
During the year
1936 the company purchased from United Gas Public Service Co. 4,376,149
Mcf of natural gas at a cost to the company of $580,189, its fuel oil consump¬
tion being negligible.
Company began operation in the Oity of Dallas in 1917, when it acquired
all the properties of the Dallas Electric Light & Power Co., which had been
conducting an electric power and light business in Dallas since 1902.
In
addition to the City of Dallas, the company now serves the cities of High¬
land Park and University Park and territory adjacent to these three cities.
The present population of the territory served is estimated by the company
at 313,000.
Summary of Earnings
no
28,
Crown Drug Co.—Sales—
Month of—
October
1937 on, company's $12,600,000 1st mtge. gold bonds, which will be called
for redemption on July 1, 1937; and (2) the balance, estimated to be
$2,549,995, will constitute additional capital available for the genreal cor¬
porate purposes of the company, which will be used for extensions, better¬
ments and improvements in accordance with the provisions of the franchise
of the Oity of Dallas.
Business—Company, incorp. in Texas on Sept. 22, 1917, is a public
utility principally engaged in the production, transmission, distribution
and sale of electric energy to residential, commercial, industrial, govern¬
mental, municipal and street railway customers.
It operates wholly within
Dallas County, Texas.
Crown Cork & Seal Co., Inc.—Warrants—
The
1105
Chronicle
with it, nor is there any
1934
1935
Operating revenues
$4,967,382
Operations
1,539,558
Maintenance and repairs
207,374
Taxes (other than Federal income taxes)
455,011
$5,217,543
1,631,731
257,368
$5,466,101
1,772,199
321,555
534,288
647,193
621,729
$2,765,437
$2,794,155
$2,725,153
1933
Crown Willamette Paper
Co.—Accumulated Dividend—
The directors have declared a dividend of $1.16 2-3 per share on account
or accumulations on the $7 cum.
1st pref. stock, no par value, payable
Feb. 28 to holders of record Feb. 19.
Dividends of $1.75 per share were
paid on Jan. 1, last, Oct. 1 and July 1, last.
Dividends of $1 per share were
paid on April 1, Feb. 15 and Jan. 1, 1936, Dec. 14, Oct. 1, Sept. 14, July 1,
April 1, Feb. 1, and Jan. 1, 1935, and each quarter from July 1, 1931, to
and ind. Oct. 1, 1934.
Prior to the July 1, 1931, dividend the company
Merger Proposed—
See Crown Zellerbach Corp.—V. 143, p.
11,049
13,565
5,184
$2,927,642
3,478
$2,776,486
$2,807,720
$2,730,337
$2,931,121
Property retirement re¬
serve appropriations.
_
450,745
472,288
425,665
639,022
$2,325,741
$2,335,432
$2,304,671
$2,292,099
17,071
17,777
18,071
Net
from oper_.
Other income
revs,
Gross corp. income
Misc. income deductions
3626.
15,313
(incl.int.oncust.deps.)
Crown Zellerbach Corp.—To Merge
Crown Willamette—
The boards of directors of Crown Zellerbach Corp. and Crown Wilamette
Paper Co. on Feb. 9 voted to submit to special meetings of stockholders
of the two corporations a plan of reorganization which, if adopted, will
in
the
merging of the Crown Willamette Paper Co. into Crown
Zellerbach Corp. as the surviving corporation.
The plan provides for the creation of a new issue of $5 cumulative con¬
vertible preferred stock of Crown Zellerbach Corp. and the change of the
present commcn stock from a no par value stock to a $5 par value stock.
Exchanges will be made of the present preferred stocks of each corporation
for^varying amounts of the new convertible preferred stock and common
stock of Crown Zellerbach Corp., and the no par value common stock will
belexchanged share for share for the $5 par value stock.
-
fe^Orown Willamette Paper Co. $7 first preferred stock will, for each share,
be, exchanged for 1 1-5 shares of the new convertible preferred
1-5 share of common stock.
I
Crown
stock and
Willamette Paper Co.
$6 second preferred stock will, for each
share, be exchanged for 8-10 share of the new convertible preferred stock
and 2)4 shares of common stock.
Crown Zellerbach Corp. $6 preference stock will, for each share, be
exchanged for 1 1-40 shares of the new convertible preferred stock and
share of common stock.
Crown Zellerbach Corp. common stock (now
one
will be dissolved.
The
preferred stock to be received in exchange will be convertible
stock, on the basis of one share of preferred into four shares
a period of 18 months; into three and one-half shares
for an additional 18 months or into three shares for an additional two years.
fc-.The indicated value of the stock involved in the reorganization is more
than $100,000,000 of which approximately $60,000,000 is represented by
preferred stocks.
Notices of the special meetings of stockholders, which are called for
March 16, will be mailed from San Francisco on or about Feb. 15 to stock¬
holders and will be accompanied by an official statement relating to the
plan of reorganization and the merging corporations.
The close of business
on Feb.
19, 1937 is the record date fixed for the determination of stock¬
holders entitled to notice of, and to vote at, the meetings.—V. 144, p. 931.
new
common
of common stock for
llCurtiss-Wright Corp.—New Director, &c.—
John R. Dillon of Hayden, Stone & Co. has been elected a director of the
corporation to fill a vacancy created by the death of Mr. Hayden.
George N. Armsby, Chairman of the Board, on Feb. 8 announced the
election of Floyd B. Odium as a director of the company.—V. 144, p. 609.
Cmshman's Sons,
Inc.—Accumulated Dividend—
The directors have declared
a
dividend of 87 )4 cents per share on the 7%
cumulative preferred stock, par $100, payable March 1 to holders of record
Feb. 15.
A like payment was made on Sept. 1 and June 1, 1936, and prior
to
then, regular quarterly dividends of $1.75 per share were distrubuted.
—V. 143, p. 3144.
Cusi Mexicana Mining
Co.—Director Resigns—
of this company.—V. 143.
2205.
Dallas Power & Light
Co.—Bonds Offered—An issue of
$16,000,000 1st mtge. bonds, 3J^% series due 1967, was
offered Feb. 10 through an underwriting group headed by
Lee Higginson Corp. and the First Boston Corp.
The bonds
were
priced at 102%.
Other members of the offering
group were Coffin & Burr, Inc.; Harris Hall & Co.; Brown
Harriman & Co., Inc.; Bonbright & Co., Inc.; J. & W.
Seligman & Co.; Edward B. Smith & Co.; Halsey, Stuart
Co., Inc.; Mellon Securities Corp.; Goldman, Sachs &
Co.; White, Weld & Co.; Bancamerica-Blair Corp.; Hayden,
Stone & Co.; W. E-.HIutton & Co.; Kidder, Peabody &
Co.; Lazard Freres & Co., Inc.; F. S. Moseley & Co.; Stone
Jc Webster and Blodget, Inc.; Jackson & Curtis; E. H.
Rollins & Sons, Inc.; Tucker, Anthony & Co. and Hale,
Waters & Co., Inc.
Dated Feb.
1, 1937; due Feb. 1, 1967.
Interest payable F. & A. 1 in
N. Y, City and in Boston.
Old Colony Trust Co., Boston, trustee.
Red. (other than pursuant to Section 88 and other than by the application
of cash deposited pursuant to Section 20 of the mortgage and deed of trust)
at option of company in whole at any time or in part from time to time
upon 30 days' published notice at following prices plus in each case accrued
int.: Prior to Feb. 1, 1942 at 108%; on and after Feb. 1, 1942 at 107)4%;
with successive reductions in the redemption price of 34 of 1 % of the prin¬
cipal amount during each successive year to Feb. 1, 1946; on and after
Feb. 1, 1946 at 105)4 %. with successive reductions in the redemption price
of H of 1 % of the principal amount during each successive two-year period
to Feb. 1, 1964; and on and after Feb. 1, 1964 at 100%.
Also red. at re¬
duced premiums pursuant to Section 88 or by the application of cash de¬
posited pursuant to Section 20 of the mortgage and deed of trust.
y
Purpose—Net proceeds (estimated at $16,002,245) will be devoted
<1) $13,452,250 to payment of principal and premium of, and int. to July 1,
$2,286,894
$2,274,027
amortization of discount and expense on funded
Before interest and
x
$2,318,360
$2,310,428
Balance
debt and provision for Federal income taxes.
The annual interest requirements on the $16,000,000
first mortgage bonds,
334% series due 1967, which will be the only funded
$560,000.
indebtedness, will
amount to
Capitalization (Giving Effect to Present Financing)
Authorized
due 1967
x Unlimited
Capital Stock—
7% preferred stock, cumulative ($100 par)
35,000 shs.
$6 preferred stock, cumulative, no par value
50,000 shs.
Funded Debt—
1st mtge. bonds, 3)4% series
Common stock, no par value
x
Unlimited
as
to authorization, but
other provisions of the mortgage and
Outstanding
$16,000,000
35,000 shs.
43,731 shs.
262,500 shs. 262,500 shs.
limited by property, earnings and
deed of trust.
agreed to
of $16,000,000
Underwriters—The underwriters named below have severally
purchase, in the respective amounts set forth, an aggergate
principal amount of the bonds:
Lee Higginson Corp., New York
The First Boston Corp., New York.Coffin & Burr, Inc., New York.
Harris, Hall & Co., Inc., Chicago
Brown Harriman & Co., Inc., New York
Bonbright & Co., Inc., New York
J. & W. Seligman & Co., New York
Edward B. Smith & Co., New York
Halsey, Stuart & Co., Inc., Chicago
Mellon Securities Corp., Pittsburgh
Goldman, Sachs & Co., New York
White, Weld & Co., New York
Bancamerica-Blair Corp., New York
Hayden, Stone & Co., New York
W. E. Hutton & Co., New York
Kidder, Peabody & Co., New York
_
Lazard Freres & Co., Inc., New York
F. S. Moseley & Co., New York
Stone & Webster and Blodget, Inc., New York
Jackson & Curtis, Boston—
E. H. Rollins & Sons, Inc., New York..
Tucker, Anthony & Co., New York
Hale, Waters & Co., Inc., Boston
"
-
-
$3,058,000
3,058,000
"
834,000
750,000
700,000
700,000
700,000
700,000
600,000
600,000
500,000
500,000
400,000
400,000
400,000
—
400,000
400,000
300,000
300,000
200,000
200,000
200,000
100,000
Balance Sheet Nov. 30, 1936
Liabilities—•
Assets—
7% preferred stock
$3,500,000
4,427,134
7,455 $6 preferred stock.
5,250,000
5,500 Common (262,500 shares)
—12,600,000
1,748,526 Long-term debt
95,126
250,000 Accounts payable
292,570
14,584 Customers deposits.
1,032,431
326,544 Accrued accounts
Plant, property & equlpm't_$28,456,356
Construction contract advs
.
«...
.
Investment
—
Cash in banks—on demand__
Time deposits
...
Notes receivable
Accounts receivable
Franz Schneider, Jr., has resigned as a director
p.
x
-
represented by voting trust
certificates) will, for each share, be exchanged for one share of the new
common stock $5 par value of Crown Zellerbach Corp.
The voting trust
into
$5,696,624
1,890,177
257,075
Balance before interest
paid regular quarterly dividends of $1.75 per share.
ics|Accumulations after the payment of the current dividend will amount
to $11 per share.
result
11 Mos.End.
Nov. 30 '36
Year Ended Dec. 31
$6,274,250
Miscell. current liabilities...
496,464
41,453
Materials & supplies
Prepayments
-
Sundry credits
6,720
Special deposits—interest—
Consigned materials (contra)
Reserves
12,889
676,478
Deferred charges
Earned surplus (reserved)...
Earned surplus
$32,052,806
Total
-V.
129
6,720
M atured interest
Consignments (contra)
9,836
Miscell. current assets
12,889
9,737
4,692,120
58,540
75,407
$32,052,806
Total
144, p. 931.
Daniels & Fisher Stores Co.—Bonds
Offered—Bosworth,
offered at
Bonds sold
Chanute, Loughridge & Co., Denver, recently
101 and int. $650,000 gen. mtge. 4%% bonds.
to residents of Colorado only.
Dated March 1, 1937; due March
1, 1957.
Principal and int. (M. & S.)
payable at United States National Bank, Denver, Colo., trustee, or the
Chase National Bank, New York. Coupon bonds in denoms. of $1,000 and
$500, registerable as to principal. Red. at option of company in whole or in
part at any time on 40 days' notice at 10214 and int. on or before March 1
1942; thereafter at 102 and int. on or before March 1, 1947; thereafter at
101 and int. on or before March 1, 1952, and thereafter to maturity at
10034 and interest.
Capitalization (Giving Effect to Present Financing)
1st mtge. serial notes (closed)— average
General mortgage (closed) 4)4% bonds
Common stock (no
int. rate 3%%
par) authorized and issued
$450,000
650,000
...40,000 shs.
History—Company, one of the largest department stores in the Rocky
Mountain region, was founded in Denver in 1864. From the original store,
the business has grown until at this time the buildings cover an area of
16)4 lots, with a floor space of approximately 294,750 square feet.
Purpose—The 4 34 % general mortgage bonds will be secured by a general
subject to the lien of the first mortgage serial
notes (which were privately placed in Jan., 1936, in the amount of $500,000)
and which mature serially $50,000 each Jan. 15, starting in 1937, with the
final maturity Jan. 15, 1946. These serial notes were issued by the Daniels
& Fisher Realty Co., which company has recently been merged with the
Daniels & Fisher Stores Co., the latter corporation assuming the obligations
of the Realty company and acquiring title to all of its assets. The lien of the
mortgage on the property,
1106
Financial
first mortgage serial notes is senior to the lien of the
general mortgage bonds.
The proceeds from the sale of the
general mortgage bonds will be used by the
company in retiring on March 1, 1937, at 105 and div., the total out¬
standing
6^%
cum. pref.
expenses incident thereto.
stock
of the
and
company,
will
deft-ay the
Sinking Fund—The mortgage will provide that the company must
apply $50,000 per annum to the reduction of its funded debt, so
long as
any of these bonds are outstanding.
This payment will be applied to the first
mortgage serial notes so long as any of these notes are
outstanding.
This
sinking fund is calculated to be sufficient to reduce the funded debt of the
company to $150,000 within the life of the general mortgage bonds.
The
company is prohibited from paying any dividend which would reduce net
current assets below the par Value of the
outstanding funded debt.
Consolidated Income Account for the Year Ended Dec. 31, 1936
Gross income from
operations
Federal taxes
on
income
.
Net profits available for divs.
pref. andjcom. stocks
$335,127
Note—As of March 1,
1937," the entire"issue of preferred stock will be
retired and canceled at $105
per share and accrued dividend, and the
general mortgage bonds will be issued.
on
Balance Sheet
as
of Dec. 31, 1936
Assets—
Liabilities—
Cash
Notes & accts. rec. (net)
Inventories
.
Value ol life insurance
Notes & contract accts
Deferred & prepaid items
_
.
Land, buildings, & c. (net)
Autos. & trucks, after deprec.
Total
Serial notes (current)
$153,420
893,064
721,351
7,793
24,424
29,628
1,347,195
9,000
$50,000
Accounts payable
Accrued liabilities
179,361
160,600
65,741
450,000
Preferred stock 6H %
591,600
Common stock (39,911 shs.)._
498,775
Surplus
1,189,807
.
Res. for Fed. taxes
on
was offered Feb. 10 by Stone & Webster
Blodget, Inc., and Bosworth, Chanute, Loughridge&
Co., subject to reservation by the trustees of $1,435,000
thereof for sale by them to, banks in the territory served.
Of the total, $1,800,000 l%'% certificates, series C, dated
Feb. 1, 1937 and due Dec. 31, 1937, except those reserved
to banks, are priced to yield 0.80%; and $3,200,000
2lA%
certificates, series D, due Feb. 1,1939, except those reserved,
are
priced to yield 1.40% to Feb. 1, 1938 and 2^8%
and
Total
.$3,185,876
constitute
an expense of administration and shall be a paramount lien
upon
all the property of the road, except securities pledged to mortgage trustees,
ahead of all the road's
outstanding mortgage bonds, which aggregate ap¬
proximately $114,000,000.
The shorter term certificates are non-callable while the certificates due
Feb. 1, 1939, are acllable at 100 plus accrued interest, on 30 days' notice,
and after Feb. 1, 1938.
The proceeds to be derived by the trustees from the issue will be applied
on
to the payment at maturity of outstanding trustees' certificates, series
B,
due April 30, 1937, and to the payment of operating expenses, taxes, or
charges to road and equipment account as provided in the order of the
District Court which authorized the issue.— V. 144, p. 931.
Derby
terms under which it will retain
jurisdiction of the
new company as
Under the terms of Section 77-B of the
Bankruptcy Act, unless the final
order of confirmation entered Feb.
3,1937, is reversed or modified on appeal
or otherwise, all holders of
notes and preferred stock, whether or not
they
have accepted the plan, are bound
by and entitled to the benefits of the
plan as finally confirmed by the District Court.
The Shinner's committee
therefore recommend that the holders of notes and
preferred stock who
have not
already deposited their securities and accepted the plan, do
277.
once.—V. 144, p.
Devoe &
excl. of
y$l3,909,137 $11,948,108
$2,019,562loss$2567090
1,300,386
976,708
$17,204,885 $14,398,276
1,518,509
1,444,327
Net profit
Depreciation
$3,319,948loss$l590382
1,341,841
1,346,159
Prov. for Federal income
and other taxes
3,900,947
2,422,945
775,493
856,801
565,709
683,668
508,439
184,123
159,920
3,358,193
131,946
175,863
206,659
Net profit for
year...$11,601,306
Previous surplus
13,784,528
$6,105,452
9,384,076
Adminis. & gen. exps___
Interest on notes payable
See y
&
sundry obligations.
Repairs and maintenance
Rents paid
Gross surplus
$25,385,834 $15,489,528
3,703,200
1,705,000
Preferred dividends
Surplus end of
$9,849,075
465,000
$9,779,341
310,000
year... $21,682,634
stock out¬
$13,784,528
$9,384,075
$9,469,341
standing (par $20)1,001,454
Earnings per share$9.42
1,001,454
1,001,454
1,003,308
$3-91
Nil
y After deducting from net sales $57,617,878 for cost of
manufacture,
distribution, collection, and administrative and general expenses, including
provision for possible losses in collection of receivables, for decline in market
values of inventories, and for
contingencies, &c.
.
Consolidated Balance Sheet Oct. 31
1936
1935
$
i
I
$
1936
Liabilities—
•
.
1935
$
$
Property & equipl7,883,349 17,270,270 Preferred stock
31,000,000 31,000,000
Investments
2,493,744
2,356,909 g Common stock_20,100,000 20,100,000
d Notes &
accts.rec44,011,612 35,990,423 Dividends payable 2,092,500
542,500
e Inventories
18,101,853 16,752,279 Empl. savs., depos
859,281
911,191
f Co. s stk. owned.
147,428
147,428 Accts. payable... 2,381,019
1,921,396
Pension fund inv..
943,358
1,840,056 Notes pay. banks.
3,500,000
Cash
4,005,845
3,973,597 Accrued taxes
3,656,290
2,204,708
c
Deposits In closed
banks
escrow
agent...
Notes & accts. rec.
20,000
Surplus
93,845
614,698
$843,954
$1,044,533
4,532,138
4,093,367
2,112,084
1,598,832
—21,682,634 13,784,527
$778,643
112,302
81,777
54,500
$707,210
37,930
62,580
270,000
270.000
$459,513
80,549
59,909
267,358
$119,501
$51,697
$510,300
135,000
135,000
$2.88
135.000
xl35,000
$3.78
.
$4.49
1936
1935
$
Plant, equip.,&c.
1st
1936
$
Liabilities—
3,357,426
3,332,465
213,809
183,932
28,249
989,039
1,618,279
pref. stk. pur.
sinking fund
39
Notes receivable..
Accts. receivable..
135,953
1,966,395
3,439,705
315,095
Total
88,415,947 79,656,524
134,579
1,883,309
issue
of
RR.—Trustees'
$5,000,000
1Ys
Certifi¬
and 2]^%
3,539,746
1,333,333
1st pref. stock
2d pref. stock
Accts. payable, &c
Notes payable....
Prov.
for
1,109,200
894,000
894.000
677,573
900,000
493,806
Federal
income tax
10,417,421 10,293,725
Total
Total
10,417,421
10,293,725
Res. for conting..
a
Represented by 95,000 shares of no par value,
b Represented by
40,000 shares of no par value,
c After depreciation of $3,079,189 in 1936
and $3,010,561 in 1935.
d Represented by 255 shares of 1st pref. stock at
costs.—V. 144, p. 932.
Group, Inc.—Initial Preferred Dividend—
The directors have declared an initial
quarterly dividend of 25 cents per
on the cumul.
pref. stock,
share
payable Feb. 10 to holders of record Jan. 27.
—V. 144, p. 770.
Duquesne
Brewing Co. of Pittsburgh—Earnings—
Years Ended Dec. 31—
Gross profit on sales
Other income
1936
$2,503,958
Total income
$1,545,891
14,343
$1,560,234
717,005
Selling, administrative
and general expenses
Provision for doubtful accounts
Loss (assets sold and
scrapped)
Interest
981,515
20,265
42,088
55,424
170,680
284,704
40,916
Depreciation
Provision for Federal and State income taxes
Provision for Federal surtax on undistributed inc..
Net profit from
operations
Dividends on class A cum. conv.
pref. stock
Dividends on common stock
i
Divs. on 1,875 shs. com. stock set aside to
exchange
for Independent
Brewery Co. pref. & com. stks.
"_*J
J
'
_
Shares
common
Earnings
x
xl935
$2,479,037
24,921
stock
(par $5)
'
1,296
54,535
136,703
108,696
$908,367
10,320
658,139
$541,998
36,966
65,544
317,768
$2.90
703
181,509
$2.78
...
per share
Consolidated.
Balance Sheet Jan. 1
on
1937
cl936
hand and
Liabilities—
1937
Accounts payable.
$1,173,509
$515,458
120,279
133,109
Accrued taxes
457",857
2,195
342,967
Accrued expenses.
Acer. int. on bonds
Notes & accts. rec.
Advs. to salesmen.
Inventories
curr. assets..
Accrued
payroll.
.
2,853
Sink, fund, cash in
hands of trustee
$283,305
3,635
63,063
20,092
27,120
Dividend payable.
3
cl936
$185,911
1,359
32,844
8,074
27,195
9.138
Prov. for Fed. and
Prop., plants and
equipment
3,270,354
Deferred charges..
132,791
State inc. taxes.
2,885,621
70,795
Reserves
50,000
325,621
338,723
108,696
251,067
902,000
906,500
1st mtge. 6% coup,
gold
97,910
bds. of In-
dep. Brew'g Co.
of
Pittsburgh-_.
CI. A
cum. pf conv
stock ($5 par).,
b Common stk.
par)
Capital surplus
$51,500 general mortgage 5% gold bonds have been called for
May 1 at 105 and interest.
Payment will be made at the
Chase National Bank of the
City of New York.—V. 142, p. 1118.
new
$
3,539,746
stock 1,333,333
61,895
Paid-in surplus
Earned surplus
on
Offered—A
b CI. B com.
1935
$
stock
2,861,745
A total of
cates
com.
129,674
Denver Gas & Electric Co.—Bonds Called—
Denver & Rio Grande Western
CI. A
186,405
2,756,689
$6,155,550 in 1936 and $5,347,505 in
f Represented by 7,000 preferred shares and 3,546 common shares,
Represented by 1,005,000 no par shares.—V. 144, p. 770.
redemption
a
Surplus
Prepaid Ins., &c__
1935.
g
On
2,806,948
305,923
Inventories
Oth.
|
y
Consolidated Balance Sheet Nov. 30
Investments
88,415,946 79,656,524
$2.36
Includes 116 class A shares and 1,259 class B shares
reacquired,
second preferred and common stocks.
x
131,942
After reserve for depreciation of
$21,091,628 in 1936, and $20,164,875
in 1935.
d After reserves for cash discounts, returns and
allowances, and
possible losses in collection of $10,582,793 in 1936 and $8,284,491 in 1935.
e After reserve for
possible losses of
$656,336
85,330
60,706
35,397
70,329
I
425,019
c
$843,954
81,891
$336,701
,
_
.
a
Total
$643,737
117,095
14,748
52,381
$530,064
78,011
62,552
129,551
110,402
.
in banks
Res. for conting..
ployees
7,260,882
$600,802
97,370
Net income for year
1st preferred dividends.
2d preferred dividends.
Common dividends
pen¬
sions
20,000
of officers & em¬
Deferred charges..
.
Assets—
com
pensat'ns &
Cash deposit, with
8,216,358
$778,643
Prov. for Fed. inc. tax
Cash
insur.accid.
748,600
9,237,987
42,935
Total income
Res. for group life
100,213
1933
$8,104,836
$1,044,533
Deprec.of plant & equip.
Disc., int. & sundry chgs1
Nil
x After
provision for cash discounts and possible losses in collection of
receivables and special reserve
provisions for pensions and possible losses
from decline in market value of
inventories, &c.
Companies)
1934
$8,817,160
investments.
Distributors
$379,7341oss$4335309
9.469,341
14,114,650
Subsidiary
1935
10.674,744
.
Cash
1933
2,450,168
3,295,748
_
depreciation
d Reacquired stock
1934
(Including
1936
'
Investments
1935
Account
$11,719,277 $10,016,630
A. sscts
Consolidated Income Account for Years Ended Oct. 31
Profit for year
Other income
Income
Years End. Nov. 30—
so at
Co.—Earnings—
Co.—Definitive Bonds—
Raynolds Co., Inc. (& Subs.)—Earnings—
Consolidated
c
x
Unlisted
The Bankers Trust Co., as trustee under the general & refunding
mtge.
3M% series G bonds, advises that definitive coupon bonds are
expected to
be available for delivery in exchange for
outstanding temporary bonds on
and after Feb. 17, 1937.—V, 144, p. 932.
follows:
$5,000,000, unless the
Court shall determine sooner to release its
jurisdiction after the principal
amount of income debentures shall have been
reduced to $5,000,000;
provided, however, that if all of the outstanding income debentures of the
new company are retired
by a refunding operation or otherwise, prior to
the expiration of the
five-year period, the jurisdiction of the Court over the
affairs of the new
company shall thereupon be finally terminated."
Counsel for the Taylor
committee, representing objecting preferred stock¬
holders, stated to the Court their intention to appeal.
If they do so, it
will necessarily mean the
postponement of the consummation of the plan.
The Shinner's committee states in
regard to the possible appeal: "We
are of the
opinion, however, that the order of confirmation of the District
Court should be sustained
by the Court of Appeals, and if an appeal is
perfected the Shinner's committee will do
everything in its power to Expedite
the review, to the end that the
attendant expense and delay may be mini¬
mized to the fullest
possible extent."
1936
Corp.—Removed from
The New York Curb Exchange has removed from unlisted trading
privileges the 1st lien gold bonds 5% series, due Aug. 1, 1946.—V. 144,
p. 932.
'The Court shall retain
jurisdiction of the new company's affairs for a
period of time at least five years after the date of the income debentures
to be issued by the new
company, or for a longer period of time after the
expiration of such five year period and until the
outstanding principal
amount of income debentures has been
reduced to
Assets—
Electric
Detroit Edison
The U. S. District Court for the Northern
District of Oklahoma on
Feb. 3, 1937, entered a final order
confirming and approving the amended
plan of reorganization filed Nov. 9, 1936, as modified
by the order entered
Dec. 22, 1936.
By order entered Jan. 18, 1937, the Court conclusively determined the
com.
&
$3,185,876
Deep Rock Oil Corp.—Plan Confirmed—
Shares
Gas
Trading—
-V. 144, p. 448.
Deere &
,
The certificates have been authorized by the U.S. District Court for the
of Colorado and approved by the Interstate Commerce Com¬
mission.
The order of the District Court provides that the certificates shall
District
income.
_
1937
13.
trustees' certificates
1st mtge. serial notes
.
Feb.
thereafter.
$523,296
34,739
66,312
18,099
69,017
Depreciation on buildings and fixtures
Property and excise taxes
Total interest on bonds,
notes, &c
Chronicle
Total
a
After
b Par $5.
$5,255,556 $4,000,149
1,568,840
296,623
394,771
907,545
338,040
17,000
1,031,764
841,229
$5,255,556 $4,000,149
for depreciation of $463,582 in 1937 and
$305,843 in 1936.
Consolidated.—V. 144, p. 611.
reserve
c
Total
365,550
($5
Financial
Volume, 144
Dome Mines, Ltd.—Value
Month
of—
1936
Comparative Balance SheetJDec. 31
1935
$607,835
$573,749
1934
$641,637
611.
Eastman Kodak Co.—Increases
on Feb. 10 declared a dividend of $1.50 per share on the
stock, no par value, payable April 2 to holders of record March 5.
Previously regular quarterly dividends of $1.25 per share had been distrib¬
uted.
In addition extra dividends of 25 cents per share had been dis¬
tributed on Jan. 2, last, and in each of the five preceding
quarters.
An
extra of 75 cents was paid on Jan. 2,1935, and extra dividends of
$3 per share
were paid each Jan. 2, from
1925 to 1932 incl.
A special dividend of
75 cents was paid on Dec. 10, 1936.—V. 144, p. 449.
Operating
1936
Taxes
-
Gross income--Interest on bonds
Preferred dividends
Common dividends
Earns, per sh. on 14,989
shs.
$35,547
$1.82
reserve
Net Income
$187,813
$51,216
24,003
14,989
Miscell. int. & other deductions
stock (par $100)
4,489
$218,687
99,625
7,846
60,000
$0.77
$163,036
99,625
7,506
99,625
7,640
45,000
45,000
Nil
Balance Sheet Dec. 31
1936
Assets—
1935
Liabilities—
Property and plant$4,633,574 $4,428,464
6
Miso, Investments
6
Cash
77,645
88,353
49,378
9,859
disc. & expense.
Bond int. dep. with
trustee
Total
1,498,900
Long-term debt.
1,850,000
Accounts payable.
29,331
Accrued taxes
68,652
Accrued interest.32,783
Consumers' depos.
29,554
Reserve.
600,470
Misc. unad) .credits
8,790
Bond int. coupons
51,309
Surplus
472,570
50,944
1,498,900
1,850,000
23,165
66,468
32,722
26,353
418,647
21,370
50,944
451,028
($100
par)
.-
$4,782,5051
$4,985,265
Total
$4,985,265 $4,782,505
—V. 142, p. 951.
Easy Washing Machine Co., Ltd.—Initial Pref. Div.—
The directors have declared an intial dividend of 35 cents per share on the
7% pref. stock, payable March 1 to holders of record Feb. 15.—V. 143,
p. 4152.
Ebasco Services,
Inc.—Weekly Input—
For the week ended Feb. 4, 1937, the kilowatt-hour system
input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as compared
with the corresponding week during 1936, was as follows:
#
Oper. Subsidiaries of—
1937
American Power & Light Co. 98,709,000
Electric Pow. & Light Corp. 49,393,000
National Pow. & Light Co
86,289,000
x Decrease.—V. 144, p. 934.
_
'Increase
1
Amount Percent.
1936
98,739,000
42,146,000
80,146,000
-
Accts.
"
8,655,000
Taxes accrued..
2,025,000
1.198,649
Sundry liab
Capital surplus.
Dive.
1,944,437
425
UnadJ. debits..
Total
Earned surp.e..
21,918
3,086
(subs.)
reo.
"
tion of trust,
convertible
c
17.2
7.7
liquidation, or $100'
involuntary liquidation, plus accrued dividends, except that
1938, the $5 preferred is entitled to $105 per share upon'
redemption or voluntary liquidation).
Total preferred stock authorized,.
431,000 shares,
d Represented by: 1,909,968 shares of $1 par value (1935—
1,909,968 shares of no par value).
Authorized, $2,349,000.
©sBeforeprovision for cumulative dividends not declared, including those normally
payable on:
Zi
after June 30,
Cash dividends and interest
—
Net Income for year
$221,436
29,786
$202,845
4,131,559
135,783
-
Dividends paid
$191,650
4,046,749
$4,470,187
200,000
Surplus Jan. 1
Excess of amounts received for securities sold
$3,485,306
$5,808,843
net profit of $609,460, credited in Sept.
1936, arising from
by the company of a partial interest to purchase El Paso
Natural Gas Co. common stock and sale of 60,000 shares of common stock
of that company of the 171,357 shares held by the trustee under declaration
of trust, less Federal income tax and expenses applicable thereto.
Note—There are outstanding common stock purchase
warrants, which
were
originally issued attached to certificates for the $5.50 cumulativedividend preferred stock, to purchase 196,934 shares of common stock at
$68 per share on or before Nov. 1, 1938; and 158,080 shares of $5 (cum.)
dividend convertible preferred stock convertible at option of holders
up toJune 30,1938, into one and one-half shares of common stock for each share
of preferred.
Comparative Consolidated Balance Sheet Dec. 31
f Includes
assignment
1936
1935
$
Assets—
S
Property, plant
& equipment.323,783,860 319,321,561
Investments
10,092,867
12,681,911
Cash in banks &
on
8.670,362
U.S. Treas. bills
Notes receivable
573,030
6,476,841
585,408
267,630
330,365
291,662
93,157
1,620,208
520,134
debt
10,408,169
308,661
Unadjust. debits
144.000
Dec. 31
__
7,163
40,060
$4,217,774
$4,131,558
Cash
$117,863
Liabilities—
$380,409
1936
Accounts payable.
1935
$1,891
1,412
$1,255
Reserve for taxes.
4,544,730 Class A stock (par
value $1)
9,178
400,000
400,000
Securities, at book
value
4,893,014
Int. recelv., &c.._
10,200
Com.
stock
788,032
Others
74,045
Accts.
payable.
Customers' dep.
1,867,844
Divs. declared
188,932
3,877,475
1,504
10,294,981
224,517
Sundry liabilities
Retirement
res.
value $1)
Earned surplus
766,224
189,283
24,434,030
1,555,292
471,616
675,000'
320,378
1,891,985
749,356
51,432
3,359,944
463,678
22,931,381
1,431,482
not
305.203
declared
(subs.)
Mln.lnt.ln
cap.
sur p.
8,881,455
&
of directly
controlled cos.
581,646
Capital surplus- 56,149,545
4.015,369
Earned surplus.
366,745,966 363.825,582
7,185,275
com.
stks.
Total.
576,507
5,802".097'
-366,745,966 363,826.582-
Electrolux Corp.—Extra Dividend—
The directors have declared an extra dividend of 10 cents
per share in
to the regular quarterly dividend of 40 cents
per share on the
addition
common
stock, both payable March 15 to holders of record Feb. 15.
An
extra of 30 cents was paid on Dec. 15, last, and extra dividends of
10 cents
per share were paid on Sept. 15 and June 15 last.—V. 143, p. 2996.
Elgin Joliet & Eastern Ry,—Asks Bids
on
Equip.—
$2,250,000 of equipment trust cer¬
bearing 2H% interest and dated March 1, 1937.
These notes
will cover purchase of six Diesel electric locomotives. 750 50-ton
and 100
70-ton gondola cars and 200 50-ton hopper cars.—V. 144, p. 934.
tificates
Equity Fund, Inc.—Extra Dividend—
declared
extra dividend of 5 cents
per share In
quarterly dividend of like amount on the capital
stock, par 20 cents, both payable Feb. 15 to holders of record Feb. 10. An
extra dividend of 4 cents was paid on July 15, last.—V.
143, p. 3465.
an
addition to the regular
Federal
(par
Capital surplus
__
Operating res.Unadj. credits..
The directors have
Balance Sheet Dec. 31
1935
.
Notes payable:
The company is asking for bids on
45,250
—
Surplus Dec. 31
69.450,138
78,679
78,679
142,871,000 146,498,500
4,000,000
Coupon notes
2,919.500
2,919.500
Debentures
Int. & taxes accr.
disc. & exp—
69,449,796
onpref.stk.
Banks
.
$
Bonds
248,805
2,590,557
Sink, fund cash.
1,909,968
41,075,63358,059,513
Prem. & disc,
468,412
Mat'ls &supp_Appliances
on
41,075,633
cos.:
7,884,159
2,000,156
638,537
7,321,671
166,006
2,707,919
Accts. receivable
Special deposits
Subsidiary
1935
$
Pref. stock...
hand
Unamort,
1936
Liabilities—
Preferred stock.
Common stock.
$4,315,618
77,219
El. Power
Corp. written-off
Surplus approp. to provide for deprec. of sees, at
1936
$1,976,000*
2,707,843
1,125,000
—V. 144, p. 772.
1935
$236,918
34,073
Jan. 1,1936*
$1,185,600
1,624,706
675,000
(cum.) div. conv. pref., $7.50 (1936—$12.50)
share
$5.50 cum. div. pref., $8.25 (1936—$13.75) per sh$6 cum. div. pref., $9 (1936—$15) per share
per
Total
1936
Assets—
a
Cum. pref. divs.
Income Account Years Ended Dec. 31
-
by
Represented by: 158,080 shares $5 (cumulative) dividend,
shares $5.50 cumulative dividend preferred
$9,379,331 which is equivalent to $11.72 a share on the outstanding class A
As of Dec. 31, 1935 the net assets,
computed on a
similar basis, amounted to $8,003,704 or $10 a share on the class A and
common stocks, the increase in net assets between the two dates
being
$1,375,627.
A dividend of 10 cents a share was paid Oct. 1, 1936 and a dividend of
15 cents a share was paid Dec. 23,1936.
of U. S.
assumed
preferred, 196,934
and common stocks.
sec.
104,067,999 106.647,014
and 75,000 shares $6 cumulative dividend preferred, of no par value
(en¬
titled to $110 per share upon redemption or voluntary
Associates, Inc.—Annual Report—
Total
Total
Investments in subsidiary companies are carried at an amount based<
the stated value of securities of the parent company
issued, and cash
paid, to acquire stocks of subsidiaries and an amount of $5,263,498 arising
from revaluation,
b Beneficial interest in 111,357 shares of common stock,
of $3 par value of El Paso Natural Gas Co. held by trustee under declara¬
The net assets of the corporation as of Dec. 31, 1936, with securities
valued at market quotations as shown in the balance sheet, amount to
Book value of invest, in
0,192".249'
a
rental
—
7,931
23,673
288.114
on
Int. receivable.-
x30,000
7,247,000
6,143,000
Electric Bond & Share Co.—Federal Court Rules Utility
Holding Companies Must Register with SEC—Decision Does
Not However Discuss Constitutionality of Entire Act—See
last weeks "Chronicle" page 869.—V. 143, p. 2835.
Expenses (including taxes)——
4,645
210,862
24,819
60,149,545
b4,692,526
21,981
104,067,999 105.047.0141
Prepayments—
Electric Power
payable.
8,065.000
2,011,000
41,075,633:
58,059,513
$5
$342,900
stock
1,909,908
Time notes
Accts. receivable
$
Com. stock.d_.
Income notes-
Cash in banks..
1935
$
41,075,033
Jan. 1,1937
1935
$342,900
Com.
80,126
51,309
Materials & suppl.
Prepd. & def. accts
Unamortized debt,
1936
7% pref. stock
95,686
73,994
46,729
6,554
75,141
Accts. & notes rec.
Liabilities—
Pref. stook.c...
per share upon
$10,904
com.
—
1930
-
93,746.483
subsidiary.
$399,419
159,693
72,796
3,894
72,531
$
Inv. insub.cos.a 90,604,157
Miso. invest.b.
927.975
TM^ount of municipal bonds
1934
$467,391
202,557
273,664
79,037
4,361
Uncollectible accounts
Approps. for retirement
1935
$575,750
expenses and maintenance-
1935
$
Contingent liabilities: Possible claim for additional Federal income tax for
the year 1932. Indemnity agreement in connection with guarantee of
paymeht of $340,000 principal
Oregon Light & Power Co.—Earnings—
Years Ended Dec. 31—
Gross revenues
1936
Assets—
Notesreo. (subs.)
Common Dividend—
The directors
common
Eastern
1107
of Production—
1937
$644,377
January--—V. 144, p.
Chronicle
400,000
2,348,080
1,869,694
400,000
2,264,709
1,866,849
Banks
Water Service Corp.—Investor Accuses
Two
of Unjust Profit—23 Others Defendants—Banks Enter
Denial—
The Central Hanover Bank & Trust Co. and the Chase
National Bank
in disposing in
Total
—V. 144, p.
$5,021,077 $4,934,318
Total
$5,021,077 $4,934,318
1932 of their controlling interest in the Federal Water Service
Corp., "unjustly enriched themselves" at the expense of the utility corpora¬
tion
and caused a direct loss of $900,000 and indirect losses
of "many
utility, it was charged Feb. 3 in a suit for an accounting
brought in New York Supreme Court by a stockholder of Federal Water
771.
millions" to the
Engineers Public Service Co.—Earnings—
Service.
Comparative Income Statement (Parent Company Only)
12 Months Ended Dec. 31—
Revenue from subsidiary companies:
1936
Interest—income notes
$225,000
63,057
'
Interest—time
notes
Interest—miscellaneous
-
-
Dividends—preferred
-
87,672
2,343,244
44,543
-
Dividends—common
Total gross revenues..
Taxes.a
....
Preferred dividend requirements
...
87",924
1,168,649
$1,396,170
142,088
$2,537,891
$1,233,923
2,323,537
2,323,537
19,980
179
a Includes
$78,119 (1935—$3,878) normal Federal income taxes,
In
addition, $107,552 normal Federal income tax on profit realized from sale
of miscellaneous investments was charged to earned surplus in 1936.
Note—In 1936, two dividends on preferred stock were declared aggre¬
gating $4,647,074, payable out of earned surplus, on account of cumulative
dividends accrued and in arrears.
(1935—none.)
.
The plantiff, Bella Gallup, said she was owner of 100
shares of Class A
stock of Federal Water Service.
The banks' controlling interest was
sold
"for a nominal consideration and upon
extremely favorable terms" to the
Utility Operators Co., the stock of which was held by officers and directors
of Federal Water Service, the complaint
said, and the "real consideration*'
was the unjust enrichment of the banks
at the expense of Federal
for the sale
$2,763,564
105,227
118,853
1,593
Expenses
Balance for dividends and surplus
$78,000
61,598
49
-
Revenue from miscellaneous investments
Interest-...
1935
Water Service.
The alleged unjust enrichment came about
through the exchange of in¬
come-producing bonds held by Federal Water Service for non-incomeproducing debentures held by the banks, at a price three to nine times the
latter's value, the
complant charged, and in tnis exchange Federal Water
Service Corp. overpaid the banks
aproximately $900,000 and "suffered
further losses amounting to many millions of dollars. '
Besides the two banks, the suit named as defendants
Federal Water
Service, the Utility Operators Co., C. T. Chenery, president of Federal
Water Service, and 20 other present or former
officers and directors of the
utility.
The suit
was
disclosed when
Utility Operators and 13 Individual
defend¬
unjustly at the
expense
ants, including Mr. Chenery, moved to dismiss the suit on the
ground it
did not state a cause of action.
Chase National Bank and Central Hanover Bank & Trust
Co. denied
on Feb. 4 that they had sold their
controlling intrest in Federal Water
Service Corp. on such terms as to enrich themselves
of stockholders.
Financial
1108
Dismissal of a suit has been asked by the Federal Water Service Corp.
The court has also been asked by the holding company to order the com¬
plainant to present a bill of particulars regarding the sale of control of the
company to Utility Operators Co. on terms which are alleged to have caused
Federal Water the indirect loss of many millions.
The Chase National Bank issued the following statement in connection
with the suit filed in the Supreme Court Feb. 3 by Bella Gallup,, owner of
100 shares of Class A stock of Federal Water Service Corp., concerning the
sale by it in 1932 of certain securities of Federal Water Service Corp.
"On March 14, 1932 and for some time before then, The Chase National
Bank was the owner of $2,150,000 of 6% sinking fund debentures of Southern
Natural Gas Corp., and 200,015 shares of Class B stock of Federal Water
"Water Service Corp. These debentures and stock had been acquired through
foreclosure of a loan to Tri Utilities Corp.
At this time, Southern Natural
Gas was in receivership.
On March 14, 1932, the Bank received a letter
from Federal Water Service Corp., in which Federal offered to buy these
debentures from the bank in exchange for the $717,000 of first mortgage
bonds of Southern Nat viral Gas Corp. This offer was accepted by the bank
and the exchange was made.
The exchange was considered advantageous
to the bank, because the bank thus received senior securities of Southern
Natural Gas Corp. which were not in default.
The exchange was con¬
sidered advantageous to Federal, which had and was making a large in¬
vestment in junior securities of Southern Natural Gas Corp. and the owner¬
ship of this additional block of debentures gave Federal an important voice,
and the prospect of acquiring a controlling interest, in the reorganization
of Southern
Natural.
"In 1935, Southern
Natural Gas Corp. was recognized and Federal Water
constituting a controlling interest in
Service Corp. received new securities
the reorganized company.
"The first mortgage bonds of Southern Natural Gas
fected by the reorganization.
These bonds were called
Corp. were not af¬
for redemption on
Jan. 22, 1937, at 103 and interest.
"The new securities received by Federal
Baltimore—Earnings—
Finance Co. of America at
440,329
162,311
54,370
33,824
476,671
162,109
85,370
32,340
360,853
136,639
88,227
1,412
295,679
116,494
76,337
$189,823
20,161
62,500
62,500
$196,852
22,719
59,375
$134,575
28,849
62.500
$102,848
16,966
37.500
outs
expense
Interest
Federal income taxes
Net inc. avail, for divs.
.
Preferred dividends
Common dividends
y
Stock divs. extra
$44,662
$114,758
$43,226
Net loss applic. to
years
1,305,024
1,319,580
Cr8l",84l
Drl04.985
26,716
Cr2,731
17,171
Dr55,311
Cr9,545
prior
6,917
Dr
Deprec. of securities
Surplus adjs. (net)
Common
equity—end
$1,453,624
$1,327,122 $1,324,265 $1,305,024
company's own stock,
y Extra dividend on
securities previously held in portfolio.
of period
dividends
Includes
x
Comparative Balance Sheet Dec. 31
on
a
on
2,082,000
Short-term notes..
$1,110,209 $1,297,440
1935
$663,000 $2,787,000
Coll. trust notes..
hand and
deposit
1936
Liabilities—
1935
1936
Assess—
Cash
Dividends payable
Open accts. rec.
2,360,862
860,599
1
1
Due It. employees.
2,306
30,228
Prepd. & unamort.
disc. & lnsur'ce.
17,831
Jan.15.
1,888,441
336,439
1,036,778
3,840
37,836
Sec. notes
a
Industrial liens.
rec.
Sundry accts.
__
rec.
Stocks and bonds.
Fed.
21,256
Reserves
21,816
89,241
7% pref. stock
7% pref. stk. cl. A
Common stock
—
36,813
35,476
9,838
17,151
25,138
29,962
133,250
160,000
166,000
163,750
C625.000 bl,054,287
828,624
Surplus
An.
272,834
interest in the stocks
Resources—
on hand and in banks....
Government
315,827
......
...
Customers' liability on acct.
resources
......
$4,569,664 $4,541,718
Total
Net sales—
Profit before taxes after deducting stores,' general
$448,366,051 $429,911,817
Surplus
Undivided profits
Accrued expenses, taxes
*
and interest
1
Deposits.
Letter of credit and acceptances
Other liabilities
114,717
Inter-bank balances eliminated from both sides
of balance sheet
232,258
Follansbee Brothers Co.—Hearing
$7 per share, on the following basis:
5,000 shares each at any time up to the close of business on Nov. 1,1939; and
An additional 5,000 shares up to the close of business on Nov. 1, 1940, it
si ill in the employ of the company as of Feb. 1,1938:
A further 5,000 shares on or before Nov. 1,1941 if still in the employ of the
company as of Feb. 1, 1939.—V. 143, p. 3466.
Fundamental Investors,
Assets—
Funds
Inc.—Balance Sheet Dec. 31—
Accounts
with
custodian_$l,201,437
Securities owned-. 8,042,625
and
$382,577 Accrued
fee
2,465,095
9,213
12,742
receiv'le
value,
a
Fixed assets
$74,226
5,142
Accrued Interest on mtge
489
salaries
10,750
and
surtax
life
Insurance
1,696
567,448
34,659
44,486
437
Miscellaneous taxes
27,500
Mortgage payable
Preferred stock
(par $100)..
Surplus
Miscell. and deferred assets.
352,600
125,000
801,305
Total
$1,441,936
b
$1,441,936*
Total
a
Less
reserve
for depreciation,
Common
stock
b Represented by 75,000 no par shares
—V. 144, p. 935.
First Bank Stock
Corp.—Earnings—
Consolidated Earnings of
Affiliated Institutions
Interest earned..
Other earnings
Gross earnings
Int. paid or accrued
1936
$10,177,140
3,348,814
1935
1934
1933
$9,810,618 $10,722,798 $13,008,410
3,309.245
3,393,335
3,254.592
$13,525,954 $13,119,863 $14,116,134 $16,263,002
4,167,300
3,028,593
1,961,924
1,582,543
Other exps. paid or accrd
8,834,643
8,356J 02
387,618
8,084,743
Net operating earns..
$3,108,768
33,153
$2,801,836
$2,615,177
37,054
35,770
$3,878,292
56,427
$2,764,782
$2,579,407
$3,821,864
Fed'l deposit insurance.
Minority interest
Propor'n of net oper.
earns, rep. by Fred
B.S.Corp .ownership $3,075,615
1,459
6,000
Federal
12,639
900
700
18,000
y356,273
48,400
3,073
323
sold.
charges.
income tax
19,112
"""336
Capital stock
z732,418
Paid-in surplus— 6,554,175
2,380,243-
Unrealized net ap¬
preciation
over
cost of invests.. 1,695,035
206,547
x Includes $450
Par 25 cents,
y
z
Par
Total
$2.
The earnings for the year ended
Garford Corp., Marion,
& Share Co., Cleveland, on
Dec. 31 was published in V. 144, p. 935
Ind.—Stock Offered—The Bond
Jan. 11 offered at $10 per share
conv.
5% pref.
speculation.
shares
as a
110,961
$9,308,599 $2,876,451
provision for Federal surtax on undistributed income,
$9,308,599 $2,876,450
stock
(par $10).
Stock
Each share of
preferred stock, (subject to the provisions as to redemption,
option or the holder into two shares
time before Jan. 1, 1947.
Capitalization—The 100,000 preferred shares now offered for public sale,
constitute the entire issue of authorized preferred shares. There are 500,000*
authorized common shares (par $1) of which 200,000 shares are now out¬
standing, 200,000 shares have been reserved for conversion of preferred
shares, and 100,000 shares have been reserved for the exercise of outstand¬
ing warrants entitling the holders to purchase common shares at any time
common
stock at any
before Jan. 1, 1942, at $5 per share.
History—Corporation was incorp. in Indiana on Oct. 5, 1936, having been
originally incorporated with authorized capitalization consisting of 200,000common shares (par $1).
On Oct. 27, 1936, articles of incorporation were
amended so as to increase its capitalization to 600,000 shares, divided into
100,000 preferred shares and 500,000 common shares.
The corporation was organized for the purpose of manufactur ng and
selling motor trucks, motor vehicles, trailers and automotive parts and
accessories.
In the manufacture of light trucks, initiaUy the corporation,
plans to build its frames and bodies and to purchase transmissions, motors,
axles and wheels, assembling them at its plant.
It intends to manufacture
completed trailers, except wheels and tires.
For the present it does not
intend to manufacture other kinds of vehicles, but expects to make a line of
replacement parts for "Garford" trucks now in use, as well as for those
to be assembled.
[Including earnings of the parent company, other than inter-company divs.
Calendar Years—
,
hereinafter stated) is convertible at the
Accounts payable
Accrued dividends.
capital
3,800
x3,450
Prov.
tal stock
of
Federal income,
for
$2,615
manage-
capital stock...
for Federal
119
„
Subscribers to capi¬
sec.
Prov.
1935
$99,836
payable.
Reserve for taxes.
in¬
receivabie
Accounts
1936
Liabilities—
1935
1936
deposit
on
100,000
Dec. 31, 1936
Accrued
Postponed■—
of the company at
offered
Liabilities—
5,139
4,676
$11,371,217
Inc.—Options Granted—
Franklin Simon & Co.,
$53,469
$2.21
the close of 1936 35 stores.
Assets—
Prepaid rent
_
The company has notified the N. Y. Stock Exchange that options have
been granted to Messrs. LeRoy O. Palmer and Russell E. Dill for the pur¬
chase of 15,000 shares each of the authorized and unissued common stock
112,500
Balance
Accounts receiv. (sundry)
,
Judge R. M. Gibson in Federal Court at Pittsburgh has continued to
1 the hearing on reorganization plan of the company.
The action was requested by William B. Paul, counsel for the company,
without objection from other committee members or interested parties.
Counsel for the company stated that such progress is being made that it
appears certain that before March 1 sufficient acceptances would be on file,,
and the company would be prepared to offer all the required evidence
which would warrant confirmation of thecompany's plan.—V. 144, p. 773.
41,386
Earned per share on 75,000 shares common
Merchandise In transit
_
$14,784,127
....
-
March
$3,929,872
$190,871
24,902
540,224
26,501
$250,000
21,620,000
15,429,070
2,794,330
1,122,405
2,915,771
383,753,177
2,000,016
27,049
$448,366,051 $429,911,817
Total
*
and adminis¬
Net profit
Dividends on 7% preferred stock
Dividends on common stock
surrender
16,133,700
4,351,083
1,480,691
1,898,680
402,524,236
1,222,944
—
__
Earned surplus
-
$261,591
3,066,629
377,330
Liabilities—
Total
trative expenses and depreciation charges
Provision for Federal income and surtax..
inventory..
2,012,008
9,810,186
1,492,766
227,759
Total
Earnings for Year Ended Dec. 31, 1936
Cash
1,243,468
9,216,441
.....—.....
(M. H.) Fishman Co., Inc.—Earnings—
Cash in banks and on hand..
102,667,398
16,582
of letters of credit
and acceptances
Bank buildings and fixtures
Interest earned but not collected
Other
35,052,342
106,744,317
40,600
obligations)
Overdrafts
Deferred
Balance Sheet,
in the capital,
to $42,029,649
Cash
Rec. for
Merchandise
$38,502,292 $38,865,161
of banks and active affiliates
1936
1935
.$133,906,296 $112,997,693
159,507,722
128,474,478
Other bonds and securities
35,670,854
35,437,172
Adjusted compensation loans (secured by U. S.
*
terest
customers' contingent reserve and reserve for doubtful
b Represented by 75,000 shares of no par value class A stock
50,000 shares no par value class B stock,
c Represented by 75,000
shares, $5 par, class A stock and 50,000 shares, $5 par, class B stock.—
V. 143, p. 1720.
in operation at
115,513
73
—
U. S. Government securities
and
were
8,039,460
_
accounts,
There
_
.OA
8,044,803
104,904
Total
The book value of
n...
--$30,352,585 $30,710,115
represented in this total, based on porportionate interest
surplus and undivided profits of each affiliate, amounted
on Dec. 31, 1936.
Consolidated Balance Sheet Dec. 31
After applying
a
30,886
2,010
36,594,714
$38,502,292 $38,865,161
Total.
Liabilities
Dividends
$4,569,664 $4,541,718
Total
taxes
Sundry accts. pay.
Furn. & flxt. & Hie
insurance..
-
-
Capital stock outstanding
Surplus
Reserve for expense and taxes
Accounts payable
17,513
(quar.)
a
452,082
215,284
200,543
„„
Stocks of affiliates....
on
stock paid with
common
Real estate and assets
Interest accrued
$48,382
1,324,265
begin¬
equity
ning of period
704,126
322,600
161,859
23,567
,4,583
x36,286,682
Bills receivable
x
lVoo
$1,369.639>
—V. 143, p. 1720.
1,327,121
Added to surplus
Common
iy*iu
$998,872
U. S. Govt, bonds and bonds guaranteed by U. S.
Govt, (market value $717,367)
---Other bonds & securities (market value $369,561)
Reserve for contingencies
Gross inc. less charge-
Operating
[First Bank Stock Corp.]
Cash in banks
oiSiSi SS™::::::::::-:::::::::: wmoM
1933
$26,452,599 $22,273,636 $19,410,248 $13,906,581
Purchases
x
1934
1935
1936
1937
13,
Comparative Balance Sheet Dec. 31
Resources—
Loans and discounts
Water Service in the reorganiza¬
tion, in exchange for the $2,150,000 of Southern Natural debentures, have
a present market value substantially in excess of the redemption price of
the $717,000 first mortgage bonds given to the Chase; and the net result
of the exchange, followed by the successful reorganization of Southern
Natural Gas Corp., is a large profit to Federal Water Service Corp.
"The Chase National Bank continued to own the 200,015 shares of
class B stock of Federal Water Service until they were sold to Utility
Operators Co. in June, 1934."—V. 143, p. 4153, 3465.
Calendar Years—
Feb.
Chronicle
8,217",4i5
_
In the fall of 1936 Homer
.
K. York and Emery H. Komlos, acting as
H. Boyd, Margaret M. Crobaugh, W.
trustees for themselves and for H.
M. Boyd and O W. Moore, acquired the plant formerly occupied by Indiana
The trustees also acquired from Dallas E. Winslow, Inc.,
Detroit. Mich., the goodwill and exclusive right to use the name "Garford"
in connection with the manufacture and service of motor trucks and motor
Motors Corp.
vehicles, the entire inventory of "Garford" truck parts, and records,
castings, jigs, dies, fixtures, patterns and tools for use in the manufacture of
"Garford" trucks.
The trustees also acquired from Consolidated Motors
Corp. of Lima. O., certain motor trucks
built for experimental and dem¬
drawings and engineering data compiled in the
motor trucks, together with the exclusive
right to manufacture motor trucks of similar design. The real and personal
property so acquired were on Oct. 14,1936, conveyed and transferred by the
trustees to the corporation in exchange for 200,000 common shares (par $1)
each, which were issued to the beneficial owners, named above.
onstration
purposes
and
construction and design of these
Financial
Volume
Purpose—Net proceeds will be $850,000. JProm this amount it is estimated
required and expended for the purchase of machinery
be installed in the plant at Marion, Ind., and that the
balance will be used for working capital and for other general corporate
purposes.—V. 143, p. 3631,
that $125,000 will be
General
Motors
Corp.—January Sales—The company
following statement:
Feb. 8 released the
L. Nye, William G„ Baker, Jr.
The committee is comprised of Ernest
and Frank D. Potter.—V. 142, p. 126.
and equipment to
on
1109
Chronicle
General
Telephone Corp.—Gain in Telephones—
The company reports for its subsidiaries a gain of 1,810 company-owned
telephones for the month of January 1937, as compared with a gain of
1,029 telephones for the month of January 1936.
The subsidiaries now have in operation a total of 336,526 companyowned telephones.—V. 144. p. 453.
January sales of General Motors cars to dealers in the United States
and Canada, together with shipments overseas, totaled 103,668, compared
with 158,572 in January a year ago.
Sales in December were 239,114.
Sales of General Motors
cars
totaled
to consumers in the United States
"92,998 in January, compared with 102,034 in January a year ago.
Sales
in December were 173,472.
Sales of General Motors cars to dealers in the United States totaled
Gillette
1935
769 shs.
1933
$4,229,001
$3,659,022
$1.51
$1.34
$1.05
stk.
common
$1.72
outstanding (no par).
in
1934
$4,568,805
1936
all
charges and taxes
$4,975,888
Earns, per sh. on 1,998,-
Sales
70,901 in January, compared with 131,134 in January a year ago.
December were 197,065.
Safety Razor Co. (& Subs.) —Earnings—
Calendar Years—
Net
income
after
-V. 144, p. 105.
Total Sales to Dealers in United States and Canada Plus Overseas Shipments
1935
158,572
144,874
196,721
229.467
222,603
217,931
204,693
121,943
19,288
90,764
191,720
239,114
March
April..
May
June
July
August....
September
October
November
December
Globe Indemnity
1934
98,268
121,146
169,302
184,059
134,597
181,188
167,790
124,680
39,152
127,054
182,754
185,698
62,506
100,848
1936
1937
103,668
January..
February
153,250
153,954
132,837
146,881
134,324
109,278
71,888
72,050
61,037
41,594
1,240,447
1,715,688
2,037,690
1936
$
banks
1,080,463
un¬
6,089,236
6,492,641
earned prems
uncoil,
14,057,007 13,332,293
1,000,000
1,538,934
of collection
538,218
635,000
2,200,000
3,741,403
2,500,000
5,000,000
2,396,783
2,500,000
5,000,000
Res. for taxes and
sundry accounts
x
Voluntary reserve
2,845,724
2,596,297
217,792
634,231
219,450
574,462
Capital
35,664,264 33,180,927
Total
for
and rents
Sundry bals. due..
535,996
771,000
2,200,000
prems._
Reserve for losses.
Premiums in course
Interest
,
14,421,002 13,823,913
Res. for comm's on
other bonds and
stocks
for
Reserve
1,137,334
13,782,156
State, railroad and
Real estate
$
Liabilities—
Reserve for claims
Cash in office and
U. S. Govt. bds._ 15,829,044
1935
$
1935
$
due & accrued..
Total.
Co.—Financial Statement Dec. 31-
1936
Assets—
conting's--.
Surplus
-
Sales to Consumers in United States
March
April
May
June
July
August
September
October
November...
December
Total
1934
23,438
58,911
98,174
106,349
95,253
112,847
101,243
86,258
71,648
69,090
62,752
41,530
54,105
77,297
126,691
143,909
109,051
137,782
108,645
127,346
66,547
68,566
136.589
122,198
102,034
96,134
181,782
200,117
195,628
189,756
163,459
133,804
85,201
44,274
155,552
173,472
92,998
...
1935
1936
1937
January
February
x
927,493
1,278,996
1,720,213
Sales to Dealers in United States
1934
1935
1936
1937
131,134
116,762
162,418
194,695
187,119
186,146
177,436
99,775
4,669
69,334
156,041
197,065
75,727
92,907
132,622
152,946
105,159
150,863
139,121
103,098
22,986
97,746
147,849
150,010
46,190
82,222
119,858
121,964
103,844
118;789
107,554
87,429
53,738
50,514
39,048
28,344
1,682,594
1,370,934
959,494
Unit sales of Chevrolet, Pontiac, Oldsmobile, Buick, La Salle
and Cadillac
70,901
January..,
February..
March
April
May
June
July
August
September.
October
November.
December.,
Total
and commercial cars are included in the above figures.
passenger
Calendar Years—
General Railway Signal
gen. exp
$1,821,894
674,968
$473,360
114,269
Operating income
Other income
Profit
$526,179
645,134
$778,312
601,716
$1,146,926 def$118,955
72,766
89,881
$176,596
94,765
temp, invest,
in U. S. Treas. notes.
on
Total income
Deprec. and amortiz
Maintenance and repairs
Cap. stk. & franch. taxes
Fed. & State taxes (est.)
$587,629
298,565
55,378
$7,551
289,587
34,248
25,867
$1,219,692
xl0,300
292,103
41,395
X14.709
y29,275
$271,361
295,480
172,552
—
Liabilities—
|
Accts. payable & accrued exp.
$187,333
Cash
and de¬
prepaid expenses
1st & 2d mtges. on leased prop.
Lease and power deposits
a
16,505
6,533
350,131
Sales cars & plant assets
Capital stock ($1 par)
Capital surplus
Earned surplus...
trade-mark and ter¬
Patents,
588,090
ritorial rights
After reserve for depreciation of
Tire
Goodyear
&
$1,206,207
Total..
$1,206,207
Total
a
164
91,741
350,000
600,000
143,156
Fed. & State inc. tax reserve..
57,614
and
$21,145
Unclaimed dividends
inventories
receivable,
$422,894.—V. 143, p. 2840.
Co.—Preferred
Rubber
Arrearages
Cleared—Common Dividend Resumed—
dividend of $14.75 per share on account
stock, payable March 25 to holders of
The directors on Feb. 8 declared a
of accumulations on the $7 preferred
full of all accruals
This dividend represents payment in
record March 15.
the preferred stock as of April 1, 1937.
The directors also declared a dividend of
on
stock, payable April 5 to holders of
mon
50 cents per share on the com¬
This will be the
record March 20.
stock since Feb. 1, 1932, when 25 cents
share was distributed.
Consolidated
Income
Account
1934
1933
$
(returns, dis¬
counts, freights, allow¬
ances & inter-co. sales
deducted)—
185,915,675
Mfg. costs & chgs. (Incl.
deprec.), sell., admin.
& gen. exps. & prov,
for taxes-—.—.—.172,676,123
Net
1935
1936
Calendar Years—
$
sales
164,863,974 136,800,764 109,655,636
156,914,014 130,408,351 103,474.667
13,239,551
1,070,252
7,949,960
947,350
6,392.414
1,621,880
6,180,969
1,664.600
Total profit before int.
and other charges..
14,309,804
8,897,310
8,014,294
fund. & misc. dt-
2,683,823
2,730,568
2,765,640
7,845,569
2,872,817
Operating profit--.
Other income
Int.
on
..
..
Prop, of disc, on funded
debt & prem., &c. (net)
36,625
...
1935^^
$291,088
Consolidated Balance Sheet Dec. 31, 1936
Assets—
1933
1934
1935
$1,193,707
720,347
Gross operating income.
Sellg., admin. &
Co.—Earnings—
1936
Calendar Years—
1936
x$404,978
350,000
x After deducting reserves for Federal and State income taxes,
preciation, amounting to $169,747.
per
Sales of General Motors cars and trucks to dealers in the overseas markets
during January totaled 26,990 units, representing an increase of 5.5% over
the volume in January of last year.
For the 12 months ended Jan. 31, 1937 sales totaled 326,166 units, an
increase of 12.2% over the volume of 290,696 in the 12 months ended Jan.
31, 1936.
These figures include the products of the corporation's American, Cana¬
dian, English and German factories sold outside of the United States and
Canada.—V. 144, p. 936.
"'
,
Net earnings for year
Dividends paid
first dividend paid on the common
Overseas Sales Show Increase—
2840.
Good Humor Corp.—Earnings—
Accts.
Total
35,664,264 33,180,927
Including fluctuation in market value of securities.—V. 143, p.
233,009
48,979
135,242
149,630
11,392,972
6,117,763
5,113,412
4,823,122
561,939
665,523
10,831,032
4,967,324
5,452,240
3,006,840
4,553,964
4,508,907
6,021,535
1,516,056
5,863,708
1.753,175
$3.90
Total profits for year.
& equity in undist.
2,445,400
1,540,542
$0.12
45,057
1,493,769
4,505,479
1,493,769
$0.47
Divs
of
earns,
subs,
not
wholly owned
Foreign exch. adjust
825,727
689,117
Cr266,280 Crl,887,529
Balance of profits car¬
Net profit
Diva,
Divs.
138,228
on com. stock
321,030
Deficit
Shs. com. stk. outstand'g
Earnings per share
x
$698,934 loss$342,151 loss $24,120
138,228
138,228
138,228
320,865
320,700
320,700
$194,109
pref. stock
on
$265,149
321,030
$0.17
Federal capital stock tax only.
$801,079
320,700
Nil
sur$239,841
321,030
$1.74
$483,048
320,700
Nil
Ass€ts~mmm
d Plant,
$
.
Liabilities—
$
fixts., &c. 2,041,778
goodwill
4,440,876
1,414,175
&o
Cash
Accts.
receivable-
902,243
4,508,871
1936
740,482
171,691
533,853
Inventories
1,632,577
Off. & empl. invest
48,703
Contr. work unbill
Mkt. sec. at cost
and
Land, bldgs.,
mach'y & eq. 75,686,817
Mortgage
rec.
2,303,800
6,420,600
2,303,800
6,420,600
Accts. payable and
23,912,044
Inventories
21,618,481
b Accts. & notes
receivable
151,712
164,940
Prov. for Fed. and
71,000
114,814
Paid-in surplus... 1,737,751
Earned surplus
1,328,173
180,000
Total
114,814
Good-will,
accr.
expenses..
Dlvs.
payable
Govt,
1,737,751
1,343,322
1,550,043
13,078,142
1,850,235
24,136,988
1,826,854
secure.
reserves
12,127,851 12,265,227
Total
and
by 321,030 no par shares, after deducting 3,970 shares reacquired
$79,400.
d After
120,053 in 1936 and $3,053,477 in 1935.
par.—V. 144, p. 936.
Florida
&
reserve
e
Alabama
for depreciation of $3,-
Represented by shares of $100
RR.—Amends
1,710,945
10,823,334
52,549,500
9,357,388
53,149,500
2,458,297
275,363
1,911,197
7,609,161
442,913
3,336,507
4,126,098
16,349,573
18,974,095
cos.' stock
owned
Fund, debt (co.)
debt of
Funded
subs. & real
es¬
tate mtges
Accts. and Fed'l
payable
197,350,217 192,252,7781
Total
depreciation of $90,770,508
of $5,044,193 in 1936
sented by 1,753,174.9 no par shares in
in 1935.
a
Represented by 752,854
638,322 no par shares,
f Represented
p. 453.
a
Less
b Less
reserves
Total
197,350,217 192,252,778
in 1936 and $87,021,721 in 1935.
and $5,781,506 in 1935.
c Repre¬
1936 and 1,540,541
no par shares
no par shares,
e Represented by
by 114,532 no par shares.—V. 144,
Gotham Silk Hosiery Co., Inc.—Earnings—
Deposit
Agreement—
The bondholders' protective committee for the 1st mtge. and refunding
6% gold bonds, series A, due Aug. 1, 1952, on Feb. 10 notified holders of
the bonds of an amendment to the deposit agreement whereby the time
within which the committee may adopt or approve a plan and agreement
for the, readjustment of the company's capitalization, indebtedness or the
reorganization of the road is extended to Feb. 27, 1940.
Depositors who
do not withdraw from the deposit agreement within the 15 days period
provided in the agreement shall be bound by the amendment.
11,453,200
1,923,576
pat¬
132,800
81,013
>
Georgia
stock
Sub.
_
f854,026 in 1935. The estimated market value Dec. 31, 1936 was $714,306.
After amortization of $3,014,607 in 1936 and $2,812,538 in 1935. c Rep¬
resented
Common stock
conv.
taxes
for shrinkage in market value of $580,815 in 1936
and held in treasury at
$
pf. stk 63,619,426
f$7cum.2dpfd.
ents, &c
Deferred charges
1,347,940
63,374
12,127,851 12,265,227
After
$5
not
Gash
633,896
1,534,594
317,924
68,669
1935
d75,285,400
e
U. S. & Canad'n
132,800
$
c
5,602,867
75,693,446
Investments
77,554,547
5,731,471
58,902,758
on
real estate
Liabilities—
1st pref. stock.
advances..
Prepaid item
a
$
$
8,131,582
Aocr'd Interest437,912
Res. for pensions
3,741,493
Miscell. reserves
1,902,986
Earned surplus. 23,353,314
Capital surplus. 19,138,529
Preferred stock.
Common stock..
State taxes
companies
1935
Nil
1936
1935
$
Assets—
1,228,899
387,015
Inv. In affil., &c.,
a
1936
$
e
c
2,028,901
|> Patents,
Shs .com .stk.out. (no par)
Earnings per share. .—
Consolidated Balance Sheet Dec. 31
a
•
1935
dividends
Profit at Dec. 31
Federal surtax not assessable.
y
Balance Sheet Dec. 31
1936
ried to surplus
Preferred
Years End. Dec. 31—
Consolidated
net
1936
1935
1934
1933
profit
after prov. for deprec.,
int. on funded debt &
income
Earns
mon
taxes
per
$405,651
$423,809 loss$274,745
$96,400
sh. on com¬
stock
$0.54
$0.59
Nil
Nil
Note—The figures for 1936 contains no deduction for U. S. Federal income
as deductions from taxable income, including the claim charged to
taxes
surplus, offset the taxable income of the year.—V. 144. p. 105.
1110
Financial
Gowanda National Gas
Chronicle
Co.—Merger Denied—
(M. A.) Hanna Co. (& Subs.)"—Earnings—
The New York Public Service Commission denied on Feb. 3 the petition
•of the Gowanda Natural Gas Co. and the Boro Oil & Gas Co. to consolidate
into the Gowanda Gas Corp.
The companies serve portions of Erie and
Oattaragus Counties. N. x.M
(W.
Calendar Years—
Net profit
1936
1935
1934
1933
$3,612,238
$2,321,963
$2,182,657
359,057
418,845
295,864
122,647
104,167
266,794
85,049
$1,418,585
x211,953
188,500
$2,834,336
19,819,308
$1,903,452
20,064,717
$1,726,647
19,455,655
funded debtDepreciation & depletion
Interest
4
on
Prov. for Fed. inc. tax..
T.) Grant Co.—New President—K
William T. Grant, Chairman of the Board and founder of the
company,
Jan. 29 announced the retirement of B. A. Rowe as President and the
succession of Karl D. Gardner to that office.
Mr. Gardner, who had been
on
General Manager and Vice-President, was elected by the
company's
board.
Mr. Rowe, who has been with the company since
1910, will continue his
association with the organization as Vice-Chairman of the Board.—V.
144,
Previous surplus
•
.
Total surplus
'
Reply—
The company on Feb. 8 affirmed that the Robinson-Patman Act is uncon¬
stitutional and void, when making formal denial of
charges of the Federal
Trade Commission that it had received discounts from sellers of
merchandise
In lieu of brokerage for which no service was rendered.
Such practice
would be in violation of the Act.
"Since June 16, 1936 (date of passage of the Act)
respondent has neither
-demanded
nor received 'anything of value as a
commission, brokerage or
other compensation, or any allowance or discount in lieu
thereof,' but has
accepted non-discriminatory discounts available to all purchasers on pro¬
portionately equal terms; and has accepted advertising allowances forservices
and facilities rendered
purchasers
on
to
the sellers which
were
accorded
proportionately equal terms," the company said in its
all
to
answer
to the Commission.
The following reasons,
others,
among
were named
for holding the Act
unconstitutional:
The Act deprives
of the right to contract,
persons
the effect of such contract
the
on
commerce
irrespective of
ance
sheet
$21,025,250 $19,819,308 $20,064,717 $19,455,655
Hancock Oil Co. of California—Extra Dividends—
Heywood-Wakefield Co.—Initial Series B Dividend—
The directors have declared an initial dividend of 31 cents per share on
the new series B preferred stock, payable March 1 to holders of record
Feb. 20.—V. 143, p. 4156.
Hiram Walker & Sons
A Federal court
The directors have declared an extra dividend of 25 cents
per share in
addition to the usual quarterly dividend of $1.50 per share on the common
stock, no par value, both payable Feb. 16 to holders of record Feb. 9.
Like amounts have been paid each quarter since and incl.
Sept. 1, 1931.
—V. 144, p. 453.
Great Northern
an
extra dividend of 12
Distilleries, Inc.—Wins Suit—
jury at Chicago has given
a
decision in favor of the
com-
?any, in its $1,500,000 suit against the Springfield Fire & Marine its Peoria
!o., and 11 other insurance companies in connection with fire at Insurance
distillery.
The $1,500 covered the company's warehouse.
In addition,
$310,070 on the warehouse contents, making total
be paid $1,810,070 together with interest of 5% per annum
from Nov. 19, 1935, to date.—V. 142, p. 312.
there
was
amount
insurance of
to
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.
Paper Co.—Extra Dividend—
The directors have declared
stock
common
The directors have declared extra dividends of 12 M cents per share in
addition to the regular quarterly dividends of 25 cents per share on the
class A and B common stocks, no par value, all payable March 1 to holders
of record Feb. 15.
Like payments were made on Dec. 1 and on Sept. 1.
ast.—V. 144, p. 937.
rendered.
Usual Extra Dividend—
874,162
outstanding (no par).
1,016,961
1,016,961
1,016,961
1,016,961
Earnings per share
$2.24
$1.09
$0.83
$0.14
x After
deducting discount on debentures redeemed during 1933 amount¬
ing to $23,898.
y Resulting from exchange or redemption of $7 preferred
stock (including $655,330 premium) and issuance of $5 preferred stock.
—V. 144, p. 106.
;
.
of the several States.
It deprives persons of the right to freely contract with respect to the
rendition of
personal services and is not due process of law.
p (3) It seeks to make unlawful an agreement between persons with
respect to the payment for services without regard to the effect on interstate
commerce of such services; and seeks to make unlawful the
determination
by the parties to such contract of the value to each of the services so
875,635
241,950
Surplus carried to bal•
Shares
(2)
cents per
share in
of 25 cents per share on the
common stock, par $25, both
payable March 1 to holders of record Feb. 20.
Like payments were made on Dec. 1, last.—Y. 143, p. 3317.
addition to the regular quarterly dividend
790,288
483,899
y874,674
656,520
971,874
Common
Miscellaneous charge
Great Atlantic & Pacific Tea Co.—Patman Act
$1,018,130
19,311,687
$22,653,644 $21,968,170 $21,182,302 $20,329,817
Dividends paid by co.:
On $7 cum. pref. stock
p. 937.
(1)
Feb. 13, 1937
The directors have declared an extra dividend of 5 cents per share in
addition to the regular monthly dividend of 5 cents per share on the capital
stock, both payable Feb. 25 to holders of record Feb. 11.
An extra of
10 cents was paid on Dec. 31, last.
Extra dividends of five cents per share
paid on Dec. 1, Nov. 3, Sept. 7, July 14, May 19, March 24 and
1936 and on Dec. 2, Oct. 7 and July 15, 1935.
See also V. 140,
973 for further dividend record.—V. 143, p. 4002.
were
Jan. 28,
(H. L.) Green Co., Inc.—Sales—
p.
-Month of—
1936
1935
$1,867,874
February
$1,609,115
1,981,446
2,383,537
2,157.556
2,229,407
2,048,810
2,157,231
2,088,155
2,475,845
2,683,513
4,941.424
March
2,043.153
2,521,571
2,514,305
April
May
June
December
2,625,257
2,411,795
2,429,731
2 500,927
3,027,656
2,904,440
5,842,412
1937
1936
January
2,021,862
1,752,685
July
August
September
October
November
Holly Sugar Corp.—Bonds Offered—An issue of $6,000,000
offered publicly Feb. 10 by Central
Republic Co.; Halsey, Stuart & Co., Inc.; Glore; Forgan &
Co.jDominick & Dominick, and Piper, Jaffray & Hopwood.
Bonds are dated Jan. 1, 1937.
1st mtge. bonds was
The date of maturity,
$500,000 series of 1938,
500,000 series of 1939,
500.000 series of 1940,
500,000 series of 1941,
500,000 series of 1942,
3,500,000 series of 1947
interest rates and price to the public follows:
1M%, due April 1, 1938, price 100%.
2%.
due April 1, 1939, price 100%.
2 H %. due April 1, 1940, price 100%.
3H%. due April 1, 1941, price 100%
3^%, due April 1, 1942, price 100%.
4%
due April 1, 1947, price 98%.
be added to above prices.—Y. 144, p. 775.
,
Accrued interest to
12 months
.$32,710,983 $28,508,704
—V. 144, p. 280.
,
Howe Sound Co. (&
Calendar Years—
Group Securities, Inc.—Report for 1936—
Total
net assets increased
39.2% dining 1936, amounting to $7,350,135
on Dec. 31, 1936, compared with
$5,119,605 at the end of the preceding
year, according to the annual report.
The 1936 total includes unrealized
profits of $2,300,333.
to; Shares representing the building industry showed the
largest aggregate
investment of the 18 classes of stock, each of which represents a crossinvestment of an individual industry or business.
Shares rep¬
resenting the railroad equipment industry showed the largest percentage
gain in asset value per share, adjusted for dividends paid, the increase
amounting to 68.6% for the yeair.
Total income from dividends during the year amounted to $260,227
compared with $146,059 for the previous year.
Net profits of $745,021
Operating
1935
1934
1933
$13,227,666 $12,294,650 $10,097,874
9,309,714
8,583,832
7,490,699
1,063,543
1,103,876
576,334
335,424
265,216
339,698
&c
exps.,
Subs.)—Earnings—
1936
Total oper. revenue
Taxes
Depreciation.
Net income
Dividends
$6,911,194
5,640,552
156,264
286,930
$2,518,984
2,297,886
$2,341,726
1,918,854
$1,691,143
1,421,373
$827,449
562,749
$221,098
473,791
$5.32
$422,872
473,791
$4.94
$269,770
473,791
$3.57
$264,700
473,791
$1.74
sectional
were realized on sale of securities
Surplus
Sh8.cap.stk.out.($5 par)
Earnings per share
Consolidated Balance Sheet Dec. 31
1936
compared with realized profits of $110,594
•during 1935.
1936
1935
Invests, in stks-_a$7,183,445 $4,965,408
•Cash in bank
Accts.
rec.
279,560
tor
274,601
sec.
Liabilities—
{•sold
1936
Accounts payable.
Reserves
y
3,015
Cap. stock
1935
$125,871
23,179
$173,418
17,106
(par
lc.).
Rec. from Distrib.
Group, Inc., lor
Paid-in surplus
Undistrib. income-
the purch.ol cap.
&
for
inci¬
on
dental items
Dlvs. receivable.
Taxes
paid
9,275
15,012
52,987
12,213
3,158
5,720
.
56,603
4,818,855
45,201
3,885,004
5,194
50,955
169,150
119,653
2,300,333
Metals
owned at Dec. 31
__
of stock of 1,601,000 shares each.—V. 143, p. 4000.
Gulf States Steel Co.— To Be
Merged—
Official announcement was made on Feb. 5 of the
proposal of Republic
Steel Corp. to acquire Gulf States Steel Co.
It was also revealed that the
Gulf States board of directors has instructed its counsel to
prepare, in
•collaboration with counsel for Republic, a form of agreement to be
presented
to the two boards of directors.
The announcement was made by W. H. Coverdale, President of Gulf
States.
It was confirmed by T. M. Girdler, Chairman and President of
Republic, who stressed that the proposed merger would strengthen Re¬
public's position in the South.
Commenting on the announcement, Mr. Girdler said
"Acquisition of the properties of Gulf States Steel Co. will round out
Republic's facilities in the South.
At present Republic owns ore and coal
mines and blast furnaces for the production of pig iron in Alabama, but has
steel finishing capacity there.
"The Gulf States' plant will greatly improve Republic's position in the
increasingly important market for steel in the South."
Gulf States' plants are located a GadSden, Ala.
They will add approxi¬
mately 450,000 tons to Republic's ingot capacity, giving the company a
no
total of 6,450,000 tons.
Under the proposal, holders of Gulf States stock would be offered 2
shares of Republic common for each share held, and
the outstanding first mortgage 4M % bonds and
-Gulf States.—V. 144, p. 614.
Hearn Department
1-3
Republic would
other
assume
indebtedness of
Stores, Inc.—Acquisition—
and that within
once,
a
few weeks the
new
complete department store, similar to
store will be known
as
store
10,915,823
459,752
112,727
37,100
would reopen to operate
Hearns 14th St.
Hearns' Bronx.—Y. 144, p. 775.
store.
The
as a
new
After
208,812
475,324
734,920
3,776,056
1,256,267
245,625
18,645,754 18,222,4051
deducting
1935
%
%
2,368,955
1,057,759
Reserves
2,368,955
1,075,807
352,131
43,246
18,200
294,430
66,425
18,200
Payrolls, vouchers,
Ac
Acer, market chgs.
Misc. curr. liab
U.
S.
and
taxes
foreign
387,759
324,269
13,986,220 13,642,846
431,482
431,482
-
Earned surplus
Capital surplus
Total
.
—
18,645,754 18,222,405
for depreciation of $5,980,232 in 1936 and
b Represented by shares of $5 par value.—V. 144,
reserve
Household Finance
Corp.—Annual Report—
During 1936 the company made 614,737 loans tor a total of $100,855,787,
which compares with 447,665 loans totaling $74,731,201 in 1935.
Company
began the year with $41,504,212 customers' notes receivable on the books
and closed the year with $52,219,475.
Net income for 1936, after all expenses and provisions for uncollectible
loans, depreciation, contingencies and taxes (including the Federal tax on
undistributed earnings) was $5,268,285, which compares as follows with
net income of previous years:
1929 .-$3.372,419 1931. -$4,154,60811933 .-$3,589,13211935 .-$4,203,926
1930-- 4,066,156 1932.. 3,634,280) 1934-3,643,64611936
5.268,285
Subtracting dividends of $4.85 per share paid on the 212,701 snares of
participating preference stock, net income available for the 601,674 shares
of common stock outstanding Dec. 31, 1936, was
$4,236,685, equivalent to
$7.04 per share.
Pursuant to action taken at
a
stockholders' meeting on May 11,
1936,
65,799 shares of class A common stock were issued on May 15, 1936, to 12
stockholders in exchange for the surrender by them to the company of a
like number of shares of class B common stock. This exchange was made to
facilitate the sale through investment bankers of 125,000 shares of class A
common stock on May 19, 1936.
One of the purposes of this sale was to
reduce the aggregate ownership by the vendors and their families to less
than 50% in value of the company's outstanding stock.
The company
desired that this reduction in ownership of the vendors take place, so as to
remove the company from the definition of a "personal
holding company"
defined by Section 351 of the Revenue Act of 1934. Another purpose of
was to accomplish a distribution and listing on the New York
Stock Exchange of the class A common stock.
In a letter dated Nov. 18, 1936, a plan of recapitalization was submitted
to the company's stockholders.
On Dec. 11, 1936, a stockholders' meeting
as
the sale
was
The Adams-Flanigan Store, at 150th St. and Third
Ave., in The Bronx,.
New York City, has been
purchased by this company.
It was announced
that an extensive alteration and remodeling program would start at
635,958
$5,650,123 in 1935.
p. 614.
at Dec.
•directors has authorized the issue of 28,818,000 shares divided into 18 classes
207,046
hand
Total
a
$7,499,186 $5,310,1291
Total
$7,499,186 $5,310,129
Cost, $4,883,112.
Unrealized appreciation (net) of securities owned
31, 1936. based on market quotations $2,300,333.
y The board of
on
535,091
Govt, bonds, &c_. 3,798,444
Cash
1,849,798
Deferred charges..
180,229
3,158
1,760
(net) of securities
Total
a
investments
Due from smelters
1,018,890
secur.
Unrealized apprec.
under
protest
Deferred charges
sale of
Railroad bonds
1936
Liabilities—
b Capital stock
Fire insurance fund
Net profit realized
stk.
$
Prop., plant and
equipment
10,824,362
Inventories
618,694
Accts. & notes rec.
96,129
a
Balance Sheet Dec. 31
Assefs—
1935
$
Assets—
held pursuant to which the following capital changes have been made:
14, 1936, 38,494 shares of class B common stock held in treasury
On Dec.
the 65,799 shares of class B common stock represented by canceled
certificates were retired to the status of authorized and unissued stock.
On Dec. 15, 1936, the certificate of incorporation was amended in various
and
respects, among others, by (1) authorizing 400,000 shares of preferred stock
issuable in series, none of which may be issued until all participating prefer-
Volume
Financial
144
1111
Chronicle
stock shall have been retired, (2) changing the shares7of class A com¬
stock and class B common stock into one class of common stock on
share^for share basis, and (3) increasing the authorized.amount of common§9tock to 1.600.000 shares.
On Dec. 31, 1936, the capitalization was:
ence
mon
a
Issued In Treasury
Authorized
OutsVg
Participating
preference
stock,
shares of $50 par value
None
212,701
400,000
212,701
None
Pref. stock, shares of $100 par val.
None
None
400,000
None
Common stock, shs. of no par val. 1,600,000
601,674
601,674
uui.un
In Jan., 1937, pursuant to stockholders' action at the meeting of Dec. 11,
1936, the company offered to the holders of its 212,701 shares of partici¬
pating preference stock.
share of 5% preferred stock and 45-100 share
of common stock for each share of participating preference stock surrendered
in exchange therefor. 200,888 shares of participating preference stock were
so exchanged, the remaining 11,813 shares being called for redemption on
Feb. 1, 1937.
Shares of 5% preferred stock and common stock reserved
for the unexchanged participating preference stock were bought by invest¬
ment bankers.
The company also sold to the public at par through these
bankers 73,649shares of 5% preferred stock for cash in order to obtain
additional working capital. Giving effect to the issuance of the 5% preferred
stock and additional shares of common stock and to the retirement of all
the participating preference stock, the capitalization of the company is:
Authorized
5% preferred stock
400,000 shs.
1,600,000 shs.
....
-
Common stock.
Consolidated Income Account for Calendar
Calendar Years—
1936
1935
Gross income from oper.$14,656,628 $12,540,287
Operating
x7,352,834
expenses
Outstanding
180,000 shs.
697,389 shs.
General 5s,
due 1967
DEPARTMENT
TRADING
Eastman, Dillon 8 Co.
MEMBERS NEW YORK STOCK EXCHANGE
New York
15 Broad Street
A. T. & T. Teletype
N. Y. 1-752
Hygrade Food Products Corp.—Acquisition—
Irving Kane, trustee for creditors, announced on Feb. 2 the sale of the
Cleveland Provision Co. to the Hygrade Foods Products Corp. for $400,000.
The company
began business in Cleveland in 1857, but got into financial
difficulties in 1921, when, Mr. Kane said, it negotiated a
on which it paid 8% interest.—V. 144, p. 455.
$1,000,000 bond
issue
Years
Independent Pneumatic Tool Co.—To Increase Stock—
1933
1 934
$12,364,225 $12,744,067
z7.554,752
y7,568,466
z7,115,829
INDIANAPOLIS RAILWAYS
Stockholders
Feb. 5 voted to increase the company's capitalization
on
200,000 shares of no-par value capital stock to 400,000 shares of
value and to issue one additional share for each share held as of
Feb. 16—V. 144, p. 939.
from
no-par
Net income
Other income credits
36.049
surtax
$4,809,473
7,610
$5,175,600
9,981
$7,339,843
261,658
Gross income
Interest paid
Federal & Dominion inc.
& cap. stock taxes
Fed.
$5,424,458
62,774
$5,487,233
201,860
$4,817,083
351,280
$5,185,581
520,112
$7,303,794
1,142,725
371,500
290,000
2,206
Other charges
Prov. for losses
295", 000
29,393
289",612
33,367
13,055
of sub.
2,015
275
$4,203,926 a$3,643,646
1,005,012
780,833
2,372,602
1,847,573
$3,589,132
891,330
1,771,504
2,308
3,469
Partic. preference divs..
Common dividends
Balance, surplus
$826,312
$1,015,240
$926,297
$1,746,000
586,113
586.072
590,674
601,674
$5.42
$4.88
$7.04
$4.60
a Not
taking into account $335,000 proceeds of life insurance policies
of which $135,000 appropriated to reserve for contingencies and $200,000 to
surplus,
x Including provisions for losses on instalment notes receivable
and after deducting recoveries on notes previously written off—1936 re¬
coveries exceeded provisions by $211,125.
y Includes
instalment notes
receivable written off as uncollectible, $2,449,047, and less recoveries on
notes previously written off, $260,473.
z Including provision for losses
on instalment notes receivable, less recoveries on notes previously written
off, $550,792 in 1935 and $1,784,762 in 1934.
Com. shares outstanding
Earns, per share
Miscell.
1935
1936
Net income
$1,811,563
26,363
21,693
$201,021
2,979
38,306
$2,107,493
38,958
457.247
$1,833,256
37,221
$159,736
$2.10
$1,611,288
$21.20
$1,322,090
$17.40
Net inc. per sh. of
stock
Indianapolis Water Co.—•Earnings—
Calendar Years—
1936
1935
1934
1933
Operating revenues
Oper. exps. and taxes
$2,660,267
1,273,115
$2,473,747
1,143,518
$2,536,165
1,142,540
$2,464,970
1,143,657
$1,387,152
$1,330,229
$1,393,625
719,366
642,375
51,265
642,375
53,070
$1,321,312
642,375
55,877
$698,180
$623,059
Net oper. income
Interest
91,005
Amort., &c., deduc'ns..
x
Net corp. Income
Before
depreciation.
200.000
$7,623,943
Fixed capital
20,200,594 20,105,135
1,718,696
2,319,554
Notes receivable..
$6,586,418
I
0130,193
.
Common dividends
.
261
352
283,024
Mat'ls & supplies.
110,720
22,323
12,200
3,488
222,265
70,330
Cr44,655
015,693
143,286
$11,280,677
1,031,600
2,490,685
$9,259,812
1,005,012
2,372,602
$7,639,636
780,833
1,847,573
$6,443,132
891,330
1,771,504
Prepayments
Special deposits
Balance, Dec. 31
1936
Assets—
Cash
on
$5,882,199
$7,758,392
6. 771,242
5,633,680
39,270,549
4,251
Loans to officers &
suant
to
dian
1
&c.
50,820
460,196
157,830
433,250
ve
804,391
629,119
36,205
13,105
78,183
745,220
455,053
exchange
for conting.
Minor,
interest
subs,
63,867
in
21,079
17,487
Partic. pref. stock. 10,635,050
10,635,050
company.
Common stock..bl5,041,850
z Com. cl. A stock
...
a
Com. cl. B stock
188,740
Earned surplus... 7,569,652
Capital surplus
Total
57,376,660 45,874,9521
4,596,600
10,170,250
58,547
5,823,651
57,376,660 45,874,952
Total
x After reserve of
$2,503,901 in 1936 and $2,233,663 in 1935.
y After
depreciation of $353,948 in 1936 and $313,446 in 1935.
z 183.864 shares of
no par value,
a 456,304 shares
(no par) excluding 49,474 shares held in
treasury,
b Represented by 601,674 no-par shares.—V. 144, p. 776.
H.
Sharp has been appointed
a
Imperial Life Assurance Co. of Canada—Balance Sheet
1936
$
1st mtges. on real
12,279,511 13,146,580
1,000,000
1,000,000
2,207,043
1,691,412
Bonds and debs..42,170,239 37,654,278
Loans on policies..12,606,708 13,356,381
Stocks
3,817,638
2,456,711
for
Net outstanding &
deferred prems. 1,746,055
Outstanding int..
369,133
but
not due
891,672
for
.64,102,244 61,675,784
unre¬
ported claims—
Value
of
supple¬
60,000
60,000
1,491,246
1,299,034
pension fund— 5,539,692
1,802,855
414,744 Claims awaiting
proof
426,485
63,233
923,710 Sundry policy liab.
4,967,723
mentary contr.
Amts.
left
on
_
de¬
Total
Industrial Rayon
31,731
13,186
20,273
1, 656,524
Corporate surplus. 2 ,109,510
1,632,588
1,940,142
24,530,242 23,097,805
Corp.—Earnings—
$2,281,009
70,538
Cash discount earned—
24,904
Adj. of 1934 tax accruals
(net)
——Excess prov. for loss on
scrapped
equip,
re¬
Profit from operations..
Profit sale of Govt, sec--
Govt.
sec.
1933
$2 .604,095
12,943
40,840
96,394
166,569
22,372
10,594
previous
of
U.
of
writedown
1934
$2,089,775
204,18/
1935
$1,448,537
7,241
turned to income
Realization
S.
value
at par
71,691
8,804
Interest earned
Sundry income
Gross profit
Reserve for depreciation
57,231
$2 ,456,947
623,312
.,545,976
648,202
!,431,195
203,192
67,566
217,831
654,294
Interest charges
Experimental expense &
equipment scrapped
Prov. for contingencies.
Cost of license agree. &
__
in
47,891
10Y,366
218,000
40,840
261,000
$608,012
8,540,630
$1,340,121
8,206,509
$1,806,792
6,713,886
connection
Pro v. for doubtful accts.
Loss
on
$2,783,606
623,940
3.142
950
_
sale
of
U.
5,275
23,106
113,499
6,506
S.
891
Govt, securities
of U. 8. Govt.
to par value
2,709,825
other
companies
411,457
63,831
7,095 Div.
on
4.
$1,361,460
8,248,976
Excess of sell, price over
stated value of capital
cost of treasury
108,333
_
126,847
262,957
stock.
Net adj. of deprec. res..
Total surplus
$9,610,436
$9,256,976
$9,546,630
Dividends
1,000,000
1,000,000
1,000,000
funds.... 4,871,498
1,000,000
4,159,152
fund
up.
$8,910,482
44,526
abandoned, &c
37,500
323,641
contingency
Total
Net profits
Prior surplus
37,600
329,432
reserve
142, p. 788.
3,090
profits tax
Addit. Fed. inc. tax paid
for prior years
Cap. stk. paid
Surplus
undistr.
165,469
Jan. 2
79,100,808 75,163,593
237,510
(est.)
179,478
capital due
Shareholders' acct.
Gen'l
est.
Net book value of assets
accr'd & outst'g
accounts
1,969
for
Excess of sell, price over
Taxes & commis'ns
2,010,836
Federal inc. tax
Prov.
stock sold to officers.
posit, incl. staff
Cash at banks and
-V.
$
assure.
annuities.
and
Reserve
1935
$
Liabilities—
Res'ves
estate
head office
1936
1935
$
Head office bldg..
Real estate
Total
dividends
Other accr. liabil..
Reserves
Adjust,
Assets—
from
463,629
138,924
108.
144, p
sec.
Due
14,225
posits
24,530,243 23,G97,805
Total
-V.
Sundry charges
Dec. 31—
accrued
416,200
therewith charged off-
Vice-President of this company.—
V. 144, p. 614,
Int.
39,789
Accrued taxes....
Accrued
271,915
debits.
invest,
Howe Sound Co.—New Vice-President—
H.
38,282
17,206
1936
637,369
fluctuations—.
Res
42,970
Office equip, and
improvements..
12,450,000
Reserve for Cana¬
490,249
closed banks
y
1,556,282
Miscellaneous
stock
against
Other recelv.,
j
$
73,662
28,713
Consolidated Income Account for Calendar Years
stock taxes
371,894
■
88,426
43,445
Consumers
424,459
202,154
308,432
1,306,163
count & expense
capital
Dividends payable
pur¬
ownership plan.
Claims
and
.
Replacem't fund..
Federal and Dom.
inc.
.
1935
Notes pay., banks.20,625,000
Notes pay., empls.
242,030
hand and
in banks..
Instal. notes rec.49, 715,574
Accounts rec., <fcc.
6,935
x
m
$
Liabilities—
.
depos.
Other current liab.
Main extension de¬
$3,780,297
1936
1935
$
employees
$5,011,231
— Consolidated Balance Sheet Dec. 3l""
-
$
23,226
5,549
Unamort. debt dis¬
Undlstrib.
I
1935
$
1 ,054,900
1,054,900
Common stock
5 ,250,000
5,000,000
Funded indebted. 13 827,000 12,692,000
Preferred stock
Accrued interest..
gen'l.
Investm'ts,
.
1936
Liabilities—
*
Acc'ts receivable..
$9,215,157
Dec• 31
1935
1936
jA sscts
Cash
$11,150,484
$636,588
$576,781
Balance Sheet
$64,029
2,933,257
3.589,132
•
$3,780,297
3,643,646
s473,945
—V. 144. p. 455.
1933
1934
' $3,476
5,007,755
4,203,926
$58,547
5.823,652
5,268,285
$2,081,130
13
$40,872
$0.54
deductions
x
Summary of Consolidated Surplus Year Ended Dec. 31
Balance, Jan. 1:
Capital surplus
Earned surplus
Net income (as above)..
Transferred from special
temporary reserve
$201,034
$82,015
3,283
37,860
Fixed charges
$5,268,285
1,031,600
2,490,685
514,064
823.243
$80,239
1,776
Total income
co
1,048,608
997.002
Net ry. oper. income-
'
earns,
37,983
64,843
90,000
Other income
against closed banks..
Minority interest against
Net income
$8,522,014
5,373.144
269.560
87,641
oper. revenues.
696,449
claims
on
$788,875 $10v479,637
485,015
6,352,897
$1,019,674
582,234
Railway
Railway
1936—12 Afos.—1935
1936—Month—1935
oper. expenses.
Railway tax accruals
Equip. & joint fac. rents
757,382
771,083
undis¬
on
tributed profits.
for contingencies.
Prov.
Indiana Harbor Belt RR.—Earnings—
Period End. Dec. 31—
x
Surplus
1,322,170
1,008,000
1,006,000
37/297
622,150
$8,288,266
$8,248,976
$8,540,630
$8/206,509
Shs. cap. stock outstand¬
79,100.808 75,163,593
606,500
606,500
y600,000
200,000
$2.24
$1.00
$2.23
$9.03
x Includes
capital surplus.
y Stockholders
in May, 1934 increased
authorized stock from 200,000 shares to 1,200,000 shares and issued three
ing (no par)
Earnings per share
new
shares for each share held.
Financial Chronicle
1112
Consolidated Balance Sheet Dec, 31
1935
1936
$
Assets—
Cash.-----------
Time deposit
3,223.067
1,000,000
—
U. S. Govt, seour. 4,800,000
Accts. receivable..
975,717
Bank stock-.-...
39,990
5,248
Accrued int. rec—
1936
$
Liabilities—
Capital stock... 8,080,607
3,370,837
1,400,000 Accounts payable
and accruals.-..
3,080,000
867,312
857,321 Dividends payable
303.250
24,990 Prov. for custom.
quantity dlscts
2,890
Prov.
bank.
12,832
life Insurance...
2,671
26,750
698,049
28,208
2,049
Mtge. note recelv.
Inventories.
Water & 1ns. dep..
Officers accts. rec.
8,086,667
for
047,041
252,000
114,985
redmp.
and advances—.
2,282
Fixed assets—
0,718,240
Good-will, patent
2
rights, Ac
'..
Deferred chgs., Ac
49,998
—
Total
7,110
64,795
2,360,792
5,888,183
53,750 Reserves
39,607
1,729,208 Capital surplus.— 2,360,793
27,673 Profit A loss surp. 5,927,473
2,081
year-ends and with Dec. 5, 1933,
operation by this company:
Com.
2
Total--.. —-17,585,102 17.421,574
depreciation of $4,-
After
y
Guaranty Trust Co. of New York has been appointed agent to accept
subscriptions to capital stock of corporation, from stockholders of record
Feb. 9, 1937, who will be entitled to subscribe for one additional share at
the price of $30 for each four shares held.
The subscription payment may
be made in full or at the subscriber's election in three equal instalments
payable one-third of the full subscription price on subscription, one-third
on April 30, 1937, and one-third on June 29, 1937.
The privilege of sub¬
scribing will terminate at 3 p. m., Eastern Standard Time, March 1, 1937.
No subscriptions will be accepted for fractional shares.—V. 144, p. 939.
Indianapolis Water Works Securities Co.—Bal. Sheet
Dec. 31 *36
shares)...
Cash-...
—
Dec. 31 '30 Nov. 30 '30
Liabilities—
Nov. 30 '36
Common stock
b 5% gold notes—
Other accts. pay—
(499,935
$6,000,000 $6,000,000
22,953
31,543 Taxes accrued
Coupons receiv'le.
Sinking fund.—..
Unamort. dt. disc.
275
229
343
343
Unmat'd
int.
$2,000,000 $2,000,000
3,598,500 3,598,500
10,000
5,179
5,400
on
113,951
Special depositsReacquired recurs.
6,428
11,000
..
74,969
4,752
478,747
fund. dt. accr'dOther accr'd accts.
A expenses
114,403 Surplus
4,629
11,000
4,725
536,325
:
Total
a
Net9Asset
Shares of
Common
Value per*
Outstanding Com? Share
Stk.
Dec. 5, 1933
Dec. 31,1934—.——
43,315
Water Co.
the common stock^and'
1936,1 and comparison
the dateiof beginningtof
Net Assets
Agent to Accept Subscriptions Appointed—
Ind.
Investment Co. of America—Annual Report—
The following table shows net assets applicable to
the net asset value per common share at Dec. 31,
Applic'le to
x Represented by 606,500 no par shares,
641,996 in 1936 and $4,088,989 in 1935.
Assets—
Inc.—Initial*Div.~-~
with previous
2,069
6,814,091
.17,585,102 17,421,574
stook
.
Interstate Home Equipment Co.,
pe ishare
Ind, Fibre Corp.
of America.....
Mlscell. accts. rec.
y
Acquisition—
According to Ivan Selig, President, company has just completed arrange*
acquirement of the Bromley Manufacturing Co., operating
a full fashioned hosiery mill at 8th and Lycoming Avenues, Philadelphia,.
Pa.
This mill is equipped with the latest type 45-gauge machines .with
production of approximately 150,000 dozen stockings per year.—V. 144,
P. 940.
'
ments for the
Directors have declared an initial quarterly Interim dividendrof 11 centspayable March 15 to holders of record Feb. 15.—V. 144, p.L777.
of com. stock of
13,345
of
val.
sur.
$
x
Depts. with closed
Cash
1935
$
Feb. 13, 1937
———$0,154,950 $6,162,147
Total ———.$6,154,950 $6,162,147
499,935 shares
b Secured due 1958.—V. 144, p. 108.
International Mining Corp.—lb-Cent Dividend-—
directors have declared a dividend of 15 cents per share on the
stock, par $1, payable March 20 to holders of record March 1.
year-end dividend of 45 cents was paid on Dec. 24, last and a quarterly
dividend of 15 cents was distributed on Sept. 21, last.—-V. 143, p. 4004.
The
common
X98.089
97,989
I $21.03
Dec. 31, 1935Dec. 31,1936-
87.478
100,182
49.78
x$2,061,527
2,664,112
4,354,651
5,995.225
Giving effect to issue ofnew shares Dec. 6,1933.
— -
——
made and similar disbursements of 60c. each were
_
made
Oct. 1 and Dec.
on
In addition, a special dividend of 15% in stock, or at
23.
the option of the
paid on Dec. 23. Each share of stock which had'
an asset value of $49.78 at the beginning of the year received $2.80 in rash
dividends and (except for those who elected to receive the $7 special dividend'
in cash also) at Dec. 31,1936, was represented by 1.15 shares with an asset
value of $59.87 per share or $68.85.
This resulted in a cash dividend return
on the net asset value at the beginning of the
shareholder $7 in cash, was
and
a
In
and^paicf out
$31,046 in connection therewith. The assets acquired wereprimarily marketable securities, the majority in value being listed, on theNew York Stock Exchange.
There were sold to Management Group, Inc., on Dec. 31, 1936, 2,085
shares of company's common stock at a price of $61,606 per share, .This
sale represented an investment by Management Group, Inc., In accordancewith its agreement with the company, of the compensation which had
accrued to it for the third period of the agreement.
The wide discrepancy
between the price paid and the market value at that date of the company's-'
shares, is due to the fact that purchases by Management Group, Inc. are
made at "liquidating value" as that term is defined in the agreement.
Ail of the $2,550,000 5% debentures were called fbr redemption Nov. 16.
The company, prior to the issue of the call had completed an arrangement
under which it can place in force at any time within five years, and from"
time to time during that period, bank loans up to $2,500,000.
The terms
are such as to produce a substantial saving in interest charges, as compared
to the amount payable on the debentures.
Of the $2,500,000 credit which
runs through Oct. 1941, only $500,000 was borrowed at Dec. 31,1936.
^
„
Income Account Years Ended Dec. 31
1935
investments in bonds.
Other interest-..
$12,379
on
1934
$14,537
1936
Interest
Divs. from investments in stocks
Acquires
27.19
759.87"
x
y This figure is after
ments in 1936 of cash and stock dividends as set forth below,
payr
C<
ompany inaugurated dividends on its common stock with a paymentror
$1 per share on Feb. 20,1936. On July 15 a quarterly payment of 60c. was
A
International Paper & Power CoChase Bank
Shares—
......
—
— ---—
$28,065-
......
863
303,430
160,131
175,731
$315,809
42,117
20,433
110,859
21,814
$174,669
36,746
11,720
127,068
22,152
$204,660
34,859
11,786
126,607
16,113
$120,586
loss$23,017
$15,289
-
....
Archibald R.
Graustein, who resigned a year ago as President of the
company, last December turned over to the Chase National Bank, New
York, 41,000 shares of class A stock, 41,000 class B shares, 181,000 class C
shares, and 2,784 shares of 7% preferred.
As
Bank
or
a
result of its
on
acquisition from Mr. Graustein, the Chase National
Dec. 31 last held 81,000 shares, or 9.7%, class A common, 211,000
25.7%, of the
Total income.
.
Administrative and research...
Custodianship and agency.
Interest on 5% debenture bonds
Fed. cap. stock tax and misc. taxes..
—
B, and 481,000 shares, or 22.7%, of the class O
common
common.
The Chase bank previously had held no preferred stock.
The
transaction was in partial settlement of a loan to Mr. Graustein made to
Excess of income
stock purchased directly from the company on subscription over a
period of time during 12 years he Was its President.
v
A record of the holdings of the common and preferred stocks as of Dec. 31,
1935, released last summer by the Securities and Exchange Commission
shows that at that time Mr. Graustein held 46,000 shares of common A,
46,000 shares of common B, 186,000 shares of common C, and 2,814 shares
of the 7% preferred stock.—V. 143, p. 3321.
Prof, from the sale of invest, in
carry
expenses and
over
financial charges, &c
on
sees,
the basis of cost to this co. "first
2,232,168
A general advance in wholesale shoe prices ranging from five to 25 cents
$292,646
268,098
2,667
4,795
120,129
132,610
1J.657
87'.909
"""764
$1,957,065
tingency payable.—
...
.......
pair, effective immediately, has been announced by this company.
The company stated that the advance accounts only in part for increased
costs of raw materials, and a continuation of present market prices for
hides and leather may result in a further upward revision in shoe prices.
—V. 144, p. 777. ;
277,357
$1,256,424
$1,035,905
$275,223
Prov. for manage, compensation con¬
Interest on bank loans...
Provision for surtax.
International Shoe Co .-—Prices Raised—
1,279,441
$2,352,754
Provision for Federal income tax
a
International Utilities
At
a
on
Feb. 9, the remaining
preferred
ff
$4 per share on the $7 prior preferred, and $2 per share on the $3.50 prior
preferred, series 1931, both payable March 1, to stockholders of record at
the close of business Feb. 20.—V. 144, p. 615.
!
Interstate Department Stores,
Period End. Jan. 31—
Sales.
a
......
Being 8,823 shares
Balance Sheet Dec. 31
Assets—
1936
demand deps.—
Cash In closed De¬
1936
.....
$9,446,001
8,070,071
269,614
...
335,958
on
sales
unpaid
$770,359
Operating profit...
accrued int. reo.
$532,683
12,758
172,476
70,045
$440,263
1,238,927
1,989
$277,404
1,155.505
$1,681,179
$1,432,909
242,478
...
Taxes
Net profit...
Surplus at beginning of year..........
Sundry adjustments..........
.....
...
Total.
Dividendspaid.
—.....
~
~
Provision tot dividend payable on Feb.
fbr
193,982
15,1937—
60,619
Surplus at end of year..
.;
$1,378,082
Earnings per share on 96,991 shares capital stock
(no par)...
$4.54
....
$1,238,927
$2.86
Comparative Balance Sheet Dec. 31
1935
1930
$145,082
Accounts rec. (less
reserve).
Merch. inventorySundry..
—
863,475
1,473,392
25,239
Patents and good¬
will-.—x
Fixed assets
Deferred charges.
Total.
x
y
------
After
120,129
4,795
25,106
"4" 152
—
Income tax.
24.699
4,313,560 Res. for Fed.surtax
Discount on debs.
Common
stock...yl,001,820
Capital surplus— 1,397,848
Earned surplus.
2,383,098
.
$5,455,880 $5,780,223|
Total—..
—
_
1935
87,909
2,550,000
2,127
874,780
876,641
1,303,916
—$5,455,880 $5,780,223
x Includes unclaimed dividends,
y Authorized 600,000 shares, par $10
each, issued 99,769 shares, $997,690: to be issued subsequently 413 shares,
representing the unissued balance of common shares of the capital stock
required under the plan or reorganization placed in force as of Dec. 5,1933.
The plan called for issuance of one common share with respect to each pref.
share of the predecessor of this corporation; the balance of $4,130 indicated
accrues to holders of pref. shares not yet surrendered for cancellation.
Option warrants outstanding and which may be outstanding (upon com¬
pletion of conversion of common shares and option warrants or predecessor)
are as follows: Option warrants to purchase 137,827 common shares of the
capital stock of this corporation at $115 per share, the options being ex¬
ercisable at any time without limit.
Option warrants to purchase 282,173
common shares of the capital stock of this corporation at $155 per share,
the options being exercisable on or before Dec. 31,1942.
Notes—(1) As at Dec. 31, 1936, securities having a cost value of $1,084,143 and a quoted market value as of that date of $1,250,739 were
pledged as collateral for note payable to bank of $500,000, per contra.
(2) As at Dec. 31,1936, the securities taken at market quotations or bid
prices amounted to:
Bonds...................................................
1936
$173,285
$485,136 Taxes payable
Dividend payable.
60,619
542,574 Sundry-——.
111,072
985,603 y Capital stock
1,939,820
20,848 Surplus——....— 1,378,082
Stocks....—
...
....
$232,273
6,143,064
$62,075
Total...
27,874
1,939,820
1,238,927
—
.......—
$6,375,339
...
Cost of securities as above...........
Gross unrealized
appreciation
4,817,880
——————-—$1,557,459
If this unrealized appreciation were realized, certain Federal! taxes' and
v
1
1,138,940
16,148
management compensation would be payable.
It is impracticable to* esti¬
excess-profits tax and surtax on undistributed profits which might
be payable.
The normal Federal tax on the unrealized appreciation (at
1936 rates) would amount to $168,410 and management compensation (com-
1,218,770
mate the
15,765
—$3,662,878 $3,208,697
reserve
Liabilities—
19,600
Reserve for Federal
19,550
6,621,628
250,279
202,072
$471,422
61,260
1,446
19,600
tal stock tax
on
1935
$822,828
24,127
182,204
176,233
......
............
~31~875
xl,761
Accounts payable.
14,858 Accrued Fed. capi¬
$7,545,401
52,469
Total incomeOther deductions
—.
12,347
stks. ex-div. and
Total....
Other income—
$27,775
$500,000
1,722
5% gold debs—...
Receivable
Hosiery Mills, Inc.—Earnings—
Manufacturing overhead
General overhead
Cash...
Accrued interest..
12,574
Res. for con ting..
1937—12 Mos.—1936
$1,070,197 $23,508,967 $19,951,448
Years Ended Dec. 31—
Sales.—
Prime cost of sales..
Assets—
Note pay to bank.
Investm'ts—at cost 4,817,880
Interstate
purch.
obligations.....
$598,270 $1,414,531
7,833
1935
1936
Liabilities—
1935
Investment
troit banks...
Divs.
144, p. 456.
Depreciation..
at $46 a share.
Cash In banks and
of investments—
Inc.—Sales—■
1937—Month—1936
$1,228,674
472.025
405,858
....
Stock.a..
Corp.—-Clears Pref. Arrears—
meeting of the board of directors held
accumulated and unpaid dividends to Feb. 1, 1937, on the prior
stocks of the corporation were declared as follows:
—V.
Dividends, cash
Total. ———$3,662,878 $3,208,697
for depreciation of $1,000,374 in 1936 and $928,985 in 1935
Represented by 96,991
no par
shares.
euted on basis of allowingfor excess-profits tax and surtax on undistributed
ut without any allowance for normal Federal income tax (at 1936 rates)
profits) would amount to $173,631.
■>'
>
W Unrealized
Financial
144
Volume
for determining man¬
of the management contract except
appreciation does not become the basis
agement compensation under provisions
at the termination of the contract.—V.
Iowa Public Service
144, p. 282.
delayed beyond the effective date of the registration
statement, Feb. 10.
Change in market conditions and inability of com¬
pany and underwriters to agree on a price at this time accounted for the
delay, according to R. B. Stevens.
In an amendment filed with the Securities and Exchange Commission
the company discloses the names of underwriters for the issues as follows:
Debentures
Bonds
A. C. Allyn & Co., Inc
Bonbright & Co., Inc
Halsey, Stuart & Co., Inc
Bancamerica-Blair Corp
W. O. Langley & Co
Schroder Rockefeller & Co., Inc
Kidder Peabody & Co
Lee Higginson Corp
E. H. Rollins & Sons, Inc
Stifel Nicolaus & Co., Inc
White, Weld & Co
-
-
1932
$1,100,000
1,100,000
$3,825,000
3,825,000
1,500,000
750,000
750,000
750,000
500,000
500,000
500,000
500,000
500,000
300,000
--
.
on
have declared four quarterly
the common stock, no par value,
Sept. 1 and Dec. 1 to holders of
on
dividends of 30 cents perpayable March 1, June 1,
Dividend—
quarterly dividend of 25 cents per share
value, payable March 1 to holders of record
Feb. 19.
A 10% stock dividend in addition to a regular cash dividend of
25 cents per share was paid on Dec. 15, last.
Previous dividend distribu¬
tions were as follows: 25 cents on Sept. 1, last; 15 cents on Dec. 2, 1935;
10 cents on Dec. 10, 1934; 20 cents on June 1, 1931, and quarterly distributions of 31M cents per share previously.—V. 143, p. 3150.
I,
the common stock, no par
Jewel Tea Co.,
additional
those
Per Sh.
on
280,000
Total
Shares Issued
$248,457
$0.89
426,897
1.52
1934—
589,069
2.10
1935
676,717
2.42
1936850,605
3.04
Social Security taxes amounted to $49,185 in 1936 and will be approxi¬
mately $160,000 in 1937, on the basis of existing law.
Other taxes are
likewise increasing, both in number and in rate.
On Oct. 31, 1936, the subsidiary, Jewel Tea Co., Inc., a West Virginia
corporation, was merged with the parent company. Jewel Tea Co., Inc., a
New York corporation.
All operations are now carried on by the one
—-
company.
Consolidated Income Account
Jan. 2 '37
Dec. 28 *35 Dec. 29 '34 Dec. 30 '33
$20,762,707 $18,804,498 $17,217,177 $14,377,593
17.986,540
16.414,286 14,962,287
12,734,853
Years Ended—
Net sales
Costs and expenses
entity no longer exists.
voted at a meeting of the stockholders of each company
However, Kelvinator's fiscal year ended on Sept. 30,
1936, and it is believed that a review of the operations of Kelvinator Corp.
for that fiscal year, together with the financial statements which the stock¬
holders have been accustomed to receive, would not only be of interest to
those who were stockholders in the Kelvinator Corp. .but also be of interest
to those who were stockholders only of Nash Motors Co.
Accordingly, this
report is being sent to all stockholders of Nash-Kelvinator Corp. and will
be the last report on the operations of Kelvinator Corp. alone.
The year just closed also represented the largest dollar volume of any year
in the Company's history.
This was due in part, of course, to increasing
general prosperity throughout the world, but was due even more, we believe,
to the increasing prestige of Kelvinator products.
This merger was
23, 1936.
Dec.
Cost of sales.
$1,699,650
x330,501
other
76,706
-—--
$1,905,588
$1,913,265
38",513
551,905
23,297
529.846
29,707
Depreciation
515,120
497,606
for loss in closed
banks
Estimated Federal taxes
2T2~.0d0
153,666
165", 666
$1,552,163
$1,199,445
$1,203,438
808,388
799,712
$743,775
$399,733
other in.
Other ded, less
Interest
Prov.
Net profit
Dividends
Shares com. st. (no
211,456
$1,546,222
426,897
210.000
$1,536,186
1,061,814
$1,243,123
923,146
$909,325
800,176
$75,688
2,334,986
—
$1,794,101
1,718,413
$474,372
1,860,613
$319,978
1,540,636
$109,149
1,431,487
273,080
$2,334,986
271,222
$1,860,614
$6.57
$5.66
$1,540,636
267,686
$3.40
Balance, surplus
Previous surplus
Total surplus
$2,199,949
589,069
367,757
—
$2,410,674
Oom. shares outstanding
Earns, per share on com.
269,569
$4.61
Consolidated
b Notes accts,
Inventories.Inv.
Land, bldgs.,&c.$l,930,342
1
$1,944,913
2,365,185
Accts. receivable.222,712
Marketable securs. 2,559,739
used
Cash
210,856
53,973
35,314
Sundry accruals
investments
482,241
—
339,114
1,051,977
1,479,917
4,171
1,133,353
951,402
235,229
gencies, &c
Minority interest
281,781
Paid-in surplus
aside
Surplus
1,491,623
4,373,069
226,103
2,800
1,463,993
3,629,294
5,999
7,090,550
7,283,014
1
1
Deferred assets
353,346
348,640
482,241
285,000
285,000
--
339,114
21,421,264 18,702,757|
Total
43,773
190,058
177,560
228.241
232,324
2,410,674
dent & fire losses
—
-
&
bldgs.
equipment..—
2,334,986
Res. for alterat'ns,
impt. & develop.
243,965
Earned surplus—
to
deal. dep.
Land,
I 148,220
Reserve for contin¬
Pats., good-will &
developments
Res. for auto, acci¬
Common stk. for
120,984
371,307
7,426
-
_
47,938
&c
16,103
89,821
151,474
Surety deposits—
Trad'g stamps out¬
standing
set
cover
$
br'ches,
29,811
203"6n
500,848
--
Res. for conting.
Cash
1935
Res.for free service
at retail
-—
&c
$0.64
$
419,170
banks
.
.
88,730
108,617
Deposits in closed
c
Dividends payable
9,298
184,762
fund assets
277,500
$723,561
1,125,592
2,474,966 a Capital stock —12,138,711 12,031,151
658,637
1,078,920 Accounts payable. 1,260,365
143,400
144,929
4,726,456 Dividends payable
153,000
Fed. income tax-.
212,000
240,159
Accrued expenses.
393,123
2,183,978
Res. for 5 yr. warr 1,115,540
285,647 Res. for dealers'
7M 5,999
service deposits
officers
&
Empls'
402,223
Wage extra
trust
Loans to empl'ees.
Deferred charges--
& bns_
other taxes
46,659
34.007
policies
Accounts payable-
119,434
166,104
263,728
259,857
458,926
Federal, State and
Value of life lnsur.
and deposits
acceptances
Acer .wages
operat'n
suit,
value
30
Liabilities—
Misc. accts., adv.,
Letters of credit &
2,608,451
2,692,845
in
life insurance—
Common stock_$4,935,462 $4,935,462
1,900,679
Goodwill
Inventories
y
cos.
accts. & adv
Jan. 2 *37 Dec. 28*35
Liabilities—
'37 Dec. 28 '35
affil.
in
not consolidated
Land & bldgs. not
$723,561
1936
$
3,962,400
1,063,501
5,141,237
&c_
$1.08
1935
$
-
Cash
$642,162
1,110,068
Balance Sheet Sept.
1936
Assets
Consolidated Balance Sheet
Jan. 2
Assets—
From
1,159,331
1,147,107
$1.33
$1.05
Refrigeration Discount Corp.
par)
115,000
112,000
561,276
Earnings per share
$2,212,904
676,717
xl30,000
155,058
307,974
850,605
$1,654,804
$1,784,804
272,869
orro
63,868
$1,334,766
$2,644,705
Common divs. (cash)
*260,000
$2,354,581
Total income
348,109
Fed. & all other taxes—
Net income
$1,576,559
_
Surplus
Total income
5,556,178
95,850
$1,906,781
293,168
241,695
1933
$23,239,867 $16,969,449
16,107,129
,0" 11,406,465
11
3,908,179
$1,420,029
559,081
Operating profits
Other income less
deductions
367,414
Conting. reserve, &c
employees
5,338,955
Dividends received
x
x
6,420,670
Selling, adv. & ad'n exp.
$2,022,798
190,106
Other income
Cash
$31,669,442 $24,223,867
23,549,122
17,464,883
Net sales
373,157
Operating profit
Years Ended Sept. 30
1934
1935
1936
$2,403,010
Depreciation.
Co. has now
assets with
Kelvinator
Corp. as a separate
on
Consolidated Income Account
Tax Cost
empl.
Corp. and Nash Motors
and Kelvinator Corp. has merged all of its
G. W. Mason, President states.
Motors Co.,
of Nash
best told by the following
last five years:
Year—
Jewel
between Kelvinator
The merger
been consummated,
wcoks' stock
Misc.
Corp.—Annual Report—
Kelvinator
his message to stockholders, stated in part:
$20,762,707 compared with $18,804,497 in 1935
an increase of 10.41%.
The fiscal year 1936 included 53 weeks, the extra
week (incident to company's operation on the 13-period calendar) being
taken up every five or six years in order to keep the company's fiscal year
in practical agreement with the calendar year.
Excluding sales for the
extra week, the increase if 8.31% over 1935.
The number of operating
units was increased by 21 routes (1.39%) and 13 stores (14.94%) and the
cost of such developments was charges to current operations.
Net working capital amounted to $4,708,828 and the ratio of current
assets to current liabilities was 4.16 to 1.
Marketable securities include
the following groups of bonds at market quotations on Jan. 2,1937: Federal
Government obligations $917,236, State and municipal bonds $779,605,
industrials, public utilities and others $897,701.
Company had on hand and was committed to the receipt of a total of
114,537 bags of coffee at the end of the calendar year, a stock sufficient to
meet roasting needs for 28 weeks.
Minimum requirements for coffee on
hand and in sight to avoid interruption in roastings and shipments is 13
The story of the amounting toll of taxation is
tabulation of company's tax bill for each of the
Feb.
nick, Hornblower & Weeks, Kidder, Peabody & Co., Edward B. Smith &
Co., White, Weld & Co.
•Corporation has made application to list the 100,000 shares of
common stock on the New York Stock Exchange and it is expected that
trading in the subscription rights on the New York Stock Exchange will be
authorized.—V. 144, p. 777.
Inc.—Annual Report—J-
Total sales amounted to
x
record at the close of business on
cording to an announcement Feb. 8, from the corporation.
The corporation has filed a registration statement with the Securities
and Exchange Commission covering the 100,000 shares and full share and
fractional share subscription warrants.
Subject to the registration state¬
ment becoming effective on Feb. 15, the corporation proposes to issue
about Feb. 20, 1937, such subscription warrants giving the right to sub¬
scribe.
These rights will expire at 3 p. m. on March 11, 1937, up to which
time they may be exercised at the office of J. P. Morgan & Co.
It is also proposed that Morgan Stanley & Co., Inc., head a group to
underwrite the offering of these 100,000 shares.
The group may also
include: Chas. D. Barney & Co., Clark, Dodge & Co., Dominick & Domi-
President M. H. Parker, in
"
Corp.—Rights to Stockholders—
1937, that corporation proposes to offer at $100 per share, 100,000
shares of its authorized but unissued common stock in the ratio of 2-l5ths
of a share for each of the 750,000 shares of outstanding common stock, ac¬
record Feb. 19, May 10, Aug. 10 and
of 25 cents
dividend of $1 was paid
Jaeger Machine Co.—25-Cent
of $25,000,000, which is
surplus fund of $50,196,417,
consist of the contingency reserve
resources
Johns-Manville
The directors have declared a
on
Surplus Resources
Surplus resources of the John Hancock amount to $75,196,417, which is
10.43% of the assigned liabilities.
This total represents an increase of
$10,208,601 during the year in surplus resources.
This is the result after a
year in which low interest rates prevailed on investments meeting the re¬
quirements of the highest life insurance standards.
The company's situa¬
tion with respect to surplus strength continues to be highly satisfactory.
It is to common stockholders of
share were distributed.
In addition an extra
Dec. 21 last.—V. 144, p. 282.
per
196,887.
19,
Previously regular quarterly dividends
Nov. 10 respectively.
Suicides
business.
highest on record, $193,089,958, or $12,724,044 greater than 1935, of which $6,394,962 was an increase in premium
payments.
Total premium receipts were $147,519,393.
Legal reserves are now $655,797,513.
Assigned liabilities are $721,-
These
Co.—Larger Common Dividend—
Iron Fireman Mfg.
The directors
There was a 12%
policies.
decreased.
The company's income was the
$7,000,000 larger than last year, and the general
which is $3,208,601 more than last year.
—V. 144, p. 940.
share each
^The company has set aside $17,446,614 for dividends to policy holders in
Mortality decreased slightly on industrial and group
bonds and $2,200,000
Offering of the $14,200,000 3%% first mortgage
1113
'
Seventeen per cent less money was loaned on
increase in cash repayments on policy loans.
Co.—Offering Delayed—
debentures has been
Emanuel & Co
Chronicle
Total...
21,421,264 18,702,757
Represented by 1,159,331 no par shares in 1936 and 1,147,107 in 1935'
for doubtful accounts, &c., of $112,719 in 1936
and $88,872 in 1935.
c After deducting allowance for depreciation of
$4,389,016 in 1936 and $4,037,659 in 1935—V. 143, p. 4159.
a
b After deducting allowances
Kobacker Stores,
Inc.—50'Cent Dividend—
50 cents per share on the com¬
stock, payable March 1 to holders of record Feb. 15. A similar payment
was made on Jan. 25, last, and a dividend of $1 was paid on Dec. 21, last,
this latter being the first dividend paid since May 31, 1930, when a $1
dividend was also distributed.—V. 144, p. 616.
The directors have declared a dividend of
mon
$10,022,462 $9,761,8341
Total
x
After deduction of $1,379,556 for
Total
$10,022,462 $9,761,834
depreciation in 1937 and $1,217,516
Represented by 280,000 shares of no par value,
z 7,337
shares in 1937 (9,238 in 1935) of which 417 shares (460 in 1935) are under
contract for sale to employees.—V. 143, p. 4004.
in
1935.
y
Kingston Products Corp.—Stock Rights—
The stockholders, at a special meeting Jan. 28, approved an
John Hancock Mutual Life Insurance Co.—1936
"At the beginning of its
Report
75th year the company stands at the highest
point in its history, in insurance in force, in assets, in surplus strength and
in ability to serve," said President Guy W. Cox in his report at the annual
meeting held Feb. 8 at the home office in Boston.
Admitted assets are now $796,393,304, a gain of $64,892,388 or 8.87%.
This is $17,457,239 more than the gain in any prior year.
The company paid $84,754,313 to policy holders and beneficiaries in 1936.
Insurance in force in the John Hancock on Dec. 31, 1936 was $3,815,663,270, a company top record, which is an increase of $222,514,748 over
1935.
Of this increase, $121,410,704 was ordinary and group insurance
and the weekly premium coverage was
$101,104,044.
the
authorized
capitalization to
The
increase In
1,250,000 shares of common stock from
m
1,000,000.
company
manufactures automotive parts
and
accessories, radio
receiving sets, roller skates, toys.
filed a registration statement with the SEC under "the
for 360,965 shares common stock ($1 par) to be
stockholders at $5 each in the ratio of one additional share
for each two shares held.
Unscribed for shares will be sold to Carlton M.
Highbie Corp.. Alison & Co. and James J. Boylan, underwriters, at $5 each
and offered by them publicly at market price.
rife
< *
|
The proceeds are to be used to purchase 31,504 shares common stock
($10 par) of H. A. Douglas Manufacturing Co., manufacturers of electric
The company has
Securities Act
of 1933
offered to present
1114
Financial
equipment, at $41.27 per share, and to purchase the assets of H. A. D.
Sales & Engineering Co.
The consolidated profit and loss statement of the company and its sub¬
sidiaries for the year ended Dec. 31, 1936 showed a net income of
$252,473
after all charges and provision for Federal taxes.—V. 144, p. 616.
Chronicle
Louisville Gas & Electric Co.—Definitive
1937
$9,348,850
_
1935
1934
$8,488,424
$8,824,821
31, last, company had 676 American and 51 Canadian stores in
operation, against 692 American and 48 Canadian at end of January, 1936.
—V. 144, p. 283.
The Interstate Commerce Commission
declared
a
dividend
of 30
per share on the
stock, par $10, payable March 13 to holders or record Feb. 23.
Dividends of 25 cents per share were paid on Dec. 21. Sept.
30, June 30,
April 1 and Jan. 2, 1936. An extra dividend of 30 cents was paid on Sept.
30, 1936.
For detailed record of dividend payments see December, 1936
issue of "Railway & Industrial Compendium. '—V. 144. p. 283.
(S.
1937
$5,108,854
Laclede Gas Light
1936
1935
1934
$5,204,273
$4,761,726
$5,106,517
Co.—Earnings—
Calendar Years—
1936
1935
1934
$6,845,344
401,119
431,821
$6,774,545
457,056
$6,739,590
488,077
$7,375,133
3,506,784
792,855
406,351
501,143
$7,277,165
3,484,502
787,377
303,638
496,925
$7,231,601
3,319,210
760,148
289,063
494,677
$7,227,667
3,069,845
734,852
$2,167,999
1,945,016
5,465
Int. during construction
Cr7,618
$2,204,723
1.941,273
6,236
Cr4,914
$2,368,503
1,930,000
7,348
Cr5.251
$2,688,674
1,930,000
12,271
168,233
20,891
144,764
25,913
Non-operating
Total
revenue-
revenue
Operating
-
expense
-
Taxes
Maintenance expense.
Retirement expense...
-
awarded
on
Trusts Awarded
Feb. 9, $4,950,000 2\i% equip¬
941.
p.
247,293
487,003
1935
1936
Years Ended Dec. 31—
Net profit after int., deprec., &c
x$2,436,168
_
$1,769,257
1934
*$4,694,119'
*
Loss,
x Operations of the company by the Irving Trust Co., trustee,
for the period beginning Jan. 1, 1936 and ended May 4, 1936, have been
included in the above statement.—V. 144, p. 942.
McKeesport Tin Plate Co.—Merger Terms Announced—
98,294
25.296
revenues
were
certificates, due in 1 to 15 years, by the road, on a bid of 98.53,
Solomon Brothers & Hutzler bid 98.277, Halsey Stuart & Co. 98.7, Free¬
man &
Co. 97.535, First Boston Corp. 98.137, Brown Harriman 8c Co.
97.859 and a syndicate headed by Evans Stillman & Co., 97.03.—V. 144,
ment trust
1933
$6,974,014
Operating
28 issued a certificate
McCrory Stores Corp.—Earnings—
H.) Kress & Co.—Sales—
__
Jan.
Louisville & Nashville RR.—Equipment
Wood Struthers & Co.
cents
common
Month of—
January
—V. 144, p. 778.
on
permitting abandonment by the company of a line of railroad extending
from Saxton in a southerly direction to a point near Jellico, 2.8 miles, all
in Whitley County, Ky.—Y. 144, p. 941.
(S. S.) Kresge Co.—To Pay 30-Cent Dividend—
have
Bonds Ready—
Temporary bonds of the company's first and refunding 3K% series due
Louisville & Nashville RR.—Abandonment—
1936
$8,597,317
On Jan.
The directors
1937
13,
Sept. 1, 1966, may be exchanged for definitive bonds at the office of the J.
Henry Schroder Trust Co. .New York and at the office of the Harris Trust 8c
Savings Bank, Chicago.—V. 144, p. 110.
(S. S.) Kresge Co.—Sales—
Month of—
January
Feb.
G. V. Parkins, President, stated on Feb. 10 that
the agreement of merger
and its subsidiary, National Can Co., provides among other
things that McKeesport will be merged into the National Can Co., the
name of which will be changed to McKeesport Tin Plate Corp.
Two shares
($10 par) of the McKeesport Tin Palte Corp. will be exchanged for each
share now outstanding of the McKeesport Tin Plate Co. and of the Na¬
tional Can Co.
It is anticipated that substantial economies will result
from the merger in the way of tax saving and from integrated operation
of the two companies.
A special stockholders' meeting of McKeesport Tin Plato Co. will be
held on March 11 and a special meeting of the National Can stockholders
will be held on March 8, at which meetings stockholders will vote on approval
of the merger.—V. 143, p. 3323.
of company
,
Operating profit
Interest
Int.
funded debt.
unfunded debt..
on
on
Amortization of debt dis¬
count and expense
185,875
15,334
Miscellaneous
Net income
Preferred
y$23,926
*$73,003
$265,729
$622,813
125,000
dividends
Common dividends
642,000
Balance, surplus
$23,926
$73,003
Nil
Nil
$265,729 def$144.187
Earns, per sh. on 107,000
shs. of com. stock out¬
Exclusive
of
$334,434
charged to earned surplus,
under
rate reduction
a
$1.31
$4,65
extraordinary expense caused by strike and
y Provision for possible refunds to consumers
order
of Missouri
Public
Service Commission
has
been made by a charge to earned surplus.
A stay order has been obtained
against the commission order but, if the commission order is sustained, the
operating revenue and net income of the year 1936 as
shown in the above statement by approximately $322,264.
refunds will decrease
•
1936
1936
Cash...
.
Accts. receivable..
Unbilled income..
Inventories......
y
installm'ts.
301,613
742,478
419,491
481,519
119,340
156,982
762,831
406,524
805,569
162,330
House heat.burn¬
Installed
ers
on
consumers prem¬
2,500,000
2,500,000
10,700,000 10,700,000
debt...-.36,000,000 36,000,000
Accounts payable308,953
281,013
Accrued accounts
867,908
892,635
x
Common stock..
Funded
Matured
interest
&c., unpaid
18,731
144,620
3,154,403
Misc. unadj. cred's
23,247
Capital surplus
6,455,358
Earned surplus.
3,313,733
Consumers' depos.
Reserves
__
ises under rental
130,187
1935
1934
$27,379
$24,415
38,425
34,600
2,652,046
2,287,182
2.376,322
2,824,217
$2,710,612
100,097
x72,000
$2,349,162
92,698
3,600
$2,400,737
110,446
3,000
$2,909,907
130,669
2,500
$2,538,515
y2,515,318
$2,252,863
2,151,167
$2,287,291
2,152,849
$2,776,738
2,695,565
Operating
expenses
Prov. for Fed. taxes
Net profit
Dividends paid
....
Balance Sheet
at Dec. 31
as
1936
$
Div. pay. Jan. 2_.
Marine Midland
b Owing
23,559
Other banks
178,226
1,512,592
1,782,266
U. S. Treas. Govt.
6,211
Deferred charges.. 2,333,156
58,366
2,577,292
securities
Accrued interest
a
Cap, stk. of
ployees
to
1,300,000
5,349
con¬
537,738
2,410
226,241
276,169
162,965
Em¬
Service
Corp
Gen.
$
832,652
Res. for taxes, Ac.
1,600,000
5,842
1935
19^6
Liabilities—
Cash in banks—
11,077
CHolding Company Only)
1935
$
Assets—
19,333
6,485,658
3,386,448
....
Balance
$23,197
$101,696
$134,442
$81,173
x Includes $21,000 for Federal surtax,
y Including dividends of $95,481
applicable to Employees Service Corp.
19,243
135,474
2,914,848
delinquent
accounts
1933
$85,699
Div. from constit. banks,
trust cos. & sec. affil—
banks
agreement
Ousts,
1936
$20,140
Interest
Profit from sale of U. S.
Govt, securities
$
Preferred stock
equipment
58,238,499 57,972,839
Special deposits...
706,183
402,190
Investments.
^
8,275
18,651
Mdse.
1935
$
Liabilities—
plant &
Corp.—Earnings—
Total income
1935
«
Assets—
Property,
Stock Exchange that options
Operating Statement—Years Ended Dec. 31 (Holding Company Only)
Comparative Balance Sheet Dec. 31
•
Inc.—Options—
mencing Feb. 1, 1939 and terminating 30 days thereafter, and that options
have been granted for the purchase of 2,300 shares of treasury stock at
$11.18 per share during the period commencing Feb. 1,1940 and terminating
30 days thereafter.—V. 144, p 617.
Marine Midland
standing ($100 par)..
x
Mandel Brothers,
The company has notified the New York
have been granted to various employees of the company for the purchase
of 3,500 shares of treasury stock at $10 per share during the period com¬
8,620
1,284,863
Cap. stk. (par $5).27,755,050 27,755,050
Capital surplus...24,323,565 17,568,050
reserves
stituent
Total
63,486,956 63,334,6531
Total
63,486,956 63,334,653
x Represented by
107,000 shares ($100 par.) y Installed on consumers
premises under rental agreements with option to purchase.—V. 143, p. 4005.
tr. cos.
Cap.
banks,
& afflls..48,580,860 43,147,559
stk.
of
ployees
Em¬
Service
1,423,560
Corp
Lane
Bryant, Inc.—-Sales—
Month of—
January
—V. 144, p. 616.
1937
$1,039,433
Total
1936
$902,114
1935
1934
$906,500
$952,055
Libbey-Owens-Ford Glass Co.—Smaller Dividend—
The
directors
have declared a dividend of 75 cents per share on the
stock, no par value, payable March 15 to holders of record March 1.
Dividends of $1.25 were paid on Dec. 15 and on Sept. 15,
last, and com¬
pare with 50 cents paid on June 15 and March 16, 1936, and 30 cents paid
each three months from Dec. 15, 1933, to and
including Dec. 16, 1935,
and on Oct. 2, 1933.
This latter was the first dividend paid since Sept. 1,
1930, when a quarterly payment of 25 cents per share was made.
common
_x$10,379,538
$8,167,420
$3,161,832
$4,200,542
2,503,168
2,504,253
2,554,253
2,550,642
Earnings per share
$4.14
$3.26
$1.24
$1.65
x After
deducting surtax on undistributed profits.—V. 143, p. 3636.
stk. (nopar)..
1937—Month—1936
$252,482
$192,681
1937—12 Mos.—1936
$5,614,436
—V. 143, p. 4159.
$4,736,121
deprec. & Fed .inc.tax^
Earns, persh. on 350,000
shs. cap. stk. (no par)
x
Before surtax
on
Consolidated Operating Statement—Year Ended Dec. 31
(Marine Midland Corp. & its constituent banks, trust companies & affiliates)
1936—3 Mos.—1935
x$10,211
$0.03
1936
1935
1934
1933
$20,140
$27,379
$24,415
$85,690
Profit from sale of U. S.
Govt, securities
38,425
34,600
Int. inc. of Marine Mid¬
land Corp., incl. int.
Oper.
of
on
exp.
fds. depos¬
& Fed. taxes
Marine
Midland
96,298
113,446
133,169
$34,318
$89,031
$47,479
4,552,970
4,015,754
4,194,879
4,907,927
Dr78,246
Dr68,735
Dr70,628
Dr75.965
Oper. profits for year
carried to surplus.. $4,361,193
$3,912,699
$4,035,220
$1,784,483
Oper. profits of constit.
banks, tr. cos. & affils.
minority interests
1936—12 Mos.—1935
loss$84,829 x$l,215,072
Nil
172,097
$113,532
Net loss.
for the year
Shs. of earns, applic. to
Liquid Carbonic Corp.—Earning
Period End. Dec. 31—
Consol. net profit after
1,724 shs. in 1935, of Marine Midland Corp.
capital stock borrowed in connection with bank acquisitions.
Corp
Lincoln Stores, Inc.—Sales—
Period End. Jan. 31—
Sales
.53,416,087 47,317,286
b For 482 shs. in 1936 and
earned
Federal taxes
com.
Total
a Valued on the basis of book value of net
tangible assets as at Dec. 31,
1936, as shown by accounts submitted by responsible officials of the re¬
spective companies, $49,446,618
($43,915,782 in 1935).
Less amount
applicable to minority interests, $865,757 in 1936 and $768,224 in 1935.
ited with constit. bks.
& trust cos., &c
Earnings for Calendar Years
Net profit after all chgs.,
incl. depreciation and
Shs.
1,173,560
.....53,416,087 47,317,286
$3.47
$920,237
$2.62
Statement
of Consolidated Capital Surplus for
Balance at Dec. 31,
undistributed profits.- -V. 143, p. 3847.
Loft, Inc.—Cited by FTC—
The company has been ordered by the Federal Trade Commission to cease
desist from "falsely disparaging the candy products" of its com-
and
Setitors. The order grew out and 1935. The company program conducted
y the company during 1934 of an advertising and sales is ordered to
Year Ending Dec. 31, 1936
1935
$17,568,050
Operating profits of holding company and constituent banks,
trust companies and affiliates
4,361,193
Amounts transferred from general reserves by the following:
Constituent banks and trust companies
3,902,505
Employees Service Corp
250,000
Marine Midland Corp
1,000,000
-
cease
representing, in advertising matter or In radio broadcasts, that glucose,
whether in commercial or any other form, as now produced, used or con¬
tained in candy, is impire, harmful to the health, or unwholesome or unsafe.
—V. 144, p. 283.
Long Island Lighting Co.—Drops Rate Suit—
The company has determined to abandon its efforts to have courts set
aside order of the N. Y. Public Service Commission which instructed the
company to reduce its rates $1,190,000 in December 1935.
A new schedule
of service charges will be filed shortly with the commission.
By thus accepting the unamimous decision of the third appellate
of the
New York
division
Supreme Court, which upheld the commission's order,
the company will have to rebate
approximately $640,000 to customers for
extra
charges made since Jan.
reduction in rates
on
1, 1936.
The company made a voluntary
July 1, 1936, of about $550,000.—V. 143, p. 2847.
Total..
Appropriations to general
$27,081,747
reserves
from undivided profits of
constituent banks and trust companies
177,431
Together
.—$26,904,317
Proportion of amounts transferred from general reserves ap¬
plicable to minority interests, together with miscellaneous
adjustments
160,915
Dividends paid and accrued by Marine Midland Corp
2,419.836
Balance at Dec. 31, 1936
$24,323,565
General reserves previously applied to write down assets were restored
during the year by $4,322,098, net losses and write downs on loans, securi¬
ties, mortgages,.&c., charged to general reserves during the year amounted
to $812,430.
r
—-
r
Financial
Volume .144
Consolidated Balance Sheet
as
at\Dec. 31
Underwriters & Distributors, Inc., New
(Marine Midland Oorp. & constituent banks, trust companies & affiliates)
1936
Assets—
$
Cash & with bks. 88,147,824
CaU loans
35,321,363
U. S. Govt.
sees.
80,953,967
Notes of RFC..
1,000,000
State
&
1936
Liabilities—
$
69,458,293
25,561,408
87,679,153
$
Cap.stk. (par$5) 27,755,050
Capital surplus. 24,323,565
Capital notes &
27,755,050
17,608,050
4,060,000
1,973,972
10,130,000
3,439,377
1,275,518
1,157,107
pref. stock
1,000,000
munlo.
*
securities.... 26,116,416
Other bonds &
1935
$
1935
Reserves
27,308,318 Prov. for taxes,
Interest,
<fcc..
securities
74,553,080
61,357,105 Mln. Interests In
138,911,492 131,017,746
cap.
stock &
Mortgages
20,382,900
surplus of con¬
20,000,220
Bank
bldgs.
&
stituent banks,
other real est. 18,510,491
trust
cos.
&
18,048,296
Loans & dlsc'ts.
Cust's
llab.
accepts. & let¬
Llab.
ters of credit.
3,757,973
1,741,638
' 1,078,682
Acer. Int. ree'le.
Other assets
1,805,950
1,094,331
on
&
3,300,300
Co., St. Louis, by means of a prospectus. The stock was
priced at $3.50 a share.
Of the present offering 70,000
shares will represent new financing for the company, and it
is the intention of the corporation to use the net proceeds
for working capital to be applied in part towards increasing
its advertising campaign and in the manufacture of its
products to meet an increased demand.
The remaining
94,000 shares are being offered for account of present
The corporation has no funded debt or bonds
Its outstanding capitalization at Sept. 30, 1936,
708,224
805,757
accepts.
letters
York, and Detjen
&
i
stockholders.
affiliates
on
1115
Chronicle
of
3,954,133
3,757,924
1,171,114
1,257,816
deps..276,397,930 230,813,244
Time deposits..153,898,154 151,100,598
Dlvs. payable.806,633
537,738
credit
Other liabilities.
Demand
authorized or outstanding.
consisted of 235,000 shares
($1 par) common stock of an authorized issue of 500,000 shares. On Dec. 21
i936, the common stock was placed on an annual dividend basis of 30 cents
per share with the declaration of a regular dividend of 7 )4 cents and an extra
dividend of 16)4 cents, payable Jan. 15, 1937.
Corporation was incorp. in Michigan in October, 1933, and commenced
operations in Jan., 1934. At present it produces approximately 60 different
kinds of gins, cordials, liqueurs and other distilled spirits, which are being
marketed in 33 different States. Its products are distributed through more
than 300 distributors in the United States.
Total
x
496,481,825 454,291,1291
490,481,825 454,291,129
Total
After applying certain reserves to write down assets.
Condensed Combined Statement of Resources and Liabilities Dec.
31
(Of constituent banks and trust companies, but excluding affiliates)
1936
Assets—
Cash
$
85,419,875
35,321,363
79,353,907
Call loans
U. S. Govt.
State
&
sec.
67,890,175
25,561,408
86,379,153
fr.
vided
26,116,410
27,308,318
Midland
Cap.
x
4,669,052
1,000,000
Notes of RFC..
11,531,262
1,000,000
Llab.
and
securities
72,470,180
59,557,393
Loans and dlsct. 138,585,416 131,465,146
Mortgages
26,382,900
20,000,220
&
10,130,000
1,471,312
on
llab.
accepts,
18,486,491
1,106,557
3,954,133
3,757,924
740,404
797,801
The holders of first mortgage collateral 5)4% bonds
of deposit therefor) are advised by the bondholders
letters of cred.
Mortgage Co. of Pennsylvania—Sale &c.—
of
-
Other liabilities.
Deposits.......434,823,453 400,406,439
1,800,608
1,094,331
Total
x
494,378,109 460,890,690
Total
494,378,109 400,896,690
After applying certain reserves to write down assets.—V. 144, p. 942.
Manufacturers Trading Corp.—Stock Offered—Corpo¬
ration, with principal offices in Cleveland, Ohio, is offering
through Thomas & Griffth, as agents, 211,143 shares of
common stock ($1 par).
The initial offering price is $3 a
share, the prospectus states.
According to the prospectus, the company is engaged in a commercial
banking business principally in the States of Ohio, Michigan and Pennsyl¬
vania.
Alfred H. Sachs of Cleveland is President of the issuing corporation.
—V. 144, p. 457.
1.
Marshall Field &
Co.—Option Agreement Modified—
The company has notified the N. Y. Stock Exchange that the terms of
the modified option agreement entered into between it and James O.
McKinsey as previously reported to the New York Stock Exchange and as
published in the weekly "Chronicle," page 942, were incorrectly reported
and that Item No.
reported
.
holders of these bonds
committee proposes to request the Court to allow the
a reasonable time
following the settlement date to
Morton Salt Co.—Purchase—
expenses
the initial distribution on this
MaintenanceProvision for retirements
Federal income taxes
Other taxes
P Operating income
Other income-
Month
1935
$3,977,408
1,642,316
$3,016,910
1,693,418
Interest charged to construction..
$5,619,724
1,843,989
72,672
130,514
Cr196
$4,710,327
1,913.947
62,125
117,235
03,004
Balance of income
Dividends on preferred stock
$3,572,746
1,276,317
$2,620,025
1,276,317
$2,296,429
To
1936
$2,003,071
1937
$2,519,023
of—
income
Interest
on
funded debt
Interest on unfunded debt
Amort, of debt discount and expense..
dividend of 65 cents per share on the com¬
value, payable March 1 to holders of record Feb. 19. <■
dividend of $1.30 paid on Dec. 28, last; an
23, last; a dividend of 50 cents paid on Dec. 1,
last; one of 40 cents paid on Sept. 1, last, and one of 30 cents per share
distributed on June 1, 1936, this latter being the initial dividend on the
larger amount of common stock now outstanding.—V. 144, p. 944.
stock,
no par
This compares with an extra
extra of 75 cents paid on Dec.
Nash-Kelvinator Corp.—Reports
x
Preliminary, subject to annual audit and such sundry book adjust¬
incident to closing for fiscal year ended
Nash Motors
Co.—Earnings—
Sales
Costs & expenses
1936
1935
1934
$30,965,894 $27,811,719.$19,670,777
30,342,004
28,589,495 21,454,108
694,362
Operation loss.......
Other income, (net)
Dec. 31. 1936.—V. 143, p. 4160.
*
621,256
823,426
$70,472
xl,131,179
$1,399,032
788,805
$2,606,757
981,679
successor
the company's indenture dated Sept. 1, 1931.—V. 141, p. 2742.
Net income
Dividends
Michigan Steel Tube Products Co.—25-Cent Dividend—
The directors have declared
a dividend of 25 cents per share on the new
$2.50, payable March 10 to holders of record Feb. 28.
This compares with 40 cents paid on Dec. 10, last; 25 cents paid on Sept. 10
and June 10, last, and an initial dividend of 19 cents per share paid on this
issue on March i0, 1936.
The company paid dividends of 25 cents per
share on the old no par common stock on Dec. 10 and Sept. 10, 1935, the
latter payment being the first made since Oct. 1, 1931, when a dividend
of 10 cents was distributed.—V. 143, p. 3324.
common
stock,
Minneapolis Gas Light Co. (Del.)—Initial Pref. Div.—
The
directors
have declared an initial quarterly dividend of $1.27
the $5.10 first preferred stock, payable March 1 to holders
of record Feb. 27.—V. 144, p. 617.
share
on
Fiscal Year—
Directors have adopted a resolution changing the company's fiscal year
from the calendar year to Oct. 31, and the date of the annual meeting from
the third Tuesday in March to the third Tuesday in January.
The change
Will become effective, Oct. 31, 1937; so the current period will include only
10 months.
The change in annual meeting date will become effective next
year.—V. 144, p. 111.
>
Mohawk Liqueur Corp.—Stock Offered—Public offering
of 164,0QP shares of common stock was made Feb. 10 by,
,
763,941
y$610,227 y$l,625,078 y$l,188,863
y$610,227 y$l,625,078 y$l,188,863
2,646,200
1,984,650
1,984,650
Deficit
$1,626,017
$3,256,427
$3,609,728
$3,173,513
share on
2,645,700 shares com.
(no par)
$0.38
Nil
Nil
Nil
x Includes $362,406 profit on sale of U. S. Government securities,
y Loss.
Incl.
Consolidated Balance Sheet Nov. 30
wholly owned subsidiary Seaman Body Corp. from July 16.
1936
1935
1936
$
3,811,973
2,750,910
1
1
3,788,170
3,765,546
Real est. &eq...
Goodwill
Cash...
—
5,372,006
al8,985,734 20,754,909
Inventories
5,620,239
2,733,119
Accts. rec., etc...
1,431,683
1,113,233
217,655
258,830
44,625
42,038
Accrd. Int. rec.
Prepaid insur
I
Liabilities
$
Investments .....z2,569,990
x
Govt, sec, at cost
Minneapolis-Moline Power Implement Co.—To Change
$1,952,804
Earn per
par
AssctS"****
per
10,024,052
912,726
$1,020,707
2,646,724
Federal income tax
trustee of
1933
$8,983,974
$1,060,707
40,000
Total income
Metropolitan Edison Corp.—Successor Trustee—
The Continental Bank & Trust Co. of New York is
of Units—•
The annual reports both of Nash Motors Go. and Kelvinator Corp. (now
merged into Nash-Kelvinator Corp.) are given under their separate heads
—V. 144, p. 618.
Depreciation
ments, if any, as may be necessary
_
Pay 65-Cent Dividend—
The directors have declared a
mon
Years End. Nov. 30—
Balance....
1935
1934:
>
$1,803,350 $1,554,500
1937 as against-
195 stores in operation on Jan. 31,
$1,343,708
k Gross
stock.—V. 143, p. 3850..
(G. C.) Murphy Co.—Sales—
The company had
189 a year ago.
$12,220,869 $11,046,915
4,589,195
4,219,446
1,135,456
1,059,871
1,400,000
1,604,160
413,715
360,047
705,096
786,481
,
The directors have declared an extra dividend of 10 cents per share in
to the regular quarterly dividend of 25 cents on the common
stock, par $1, both payable March 29 to holders of record March 10. Similar
payments were made on Dec. 28, last, and dividends of 20 cents per shrae
were distributed in each of the four preceding quarters, the Dec. 2, 1935,
January...
xl936
Operating
;
(
addition
An initial
Metropolitan Edison Co.—Earnings—
132, p. 1630.
Mueller Brass Co.—Extra Dividend—
dividend of 50 cents per share on the class
Total operating revenues
\
*
This company
erties of the Palestine Salt & Coal Co.—V.
dividend being
a
under the terms
\
has purchased the salt mine and refinery and other prop¬
May Hosiery Mills, Inc.—Larger Class A Dividend—
A common stock, payable March 1 to holders of record Feb. 18.
dividend of 25 cents was paid on Dec. 1, last.—V. 143, p. 3848.
join in the plan by,
presenting their bonds to the new company for exchange
provided in the plan.—V. 144, p. 285.
;
4 of the summarized terms therein should nave been
follows
"4. Mr. McKinsey agrees that he will purchase at least 20,000 shares
of common stock of the company under his first option, of which 10,000
shares must be purchased before he shall be entitled to receive any cash
with respect to the balance of the 50,000 shares covered by the option."
V. 144, p. 942.
as
The directors have declared
pursuant to the plan
of the assets in the
of the outstanding first mortgage collateral 5)4%
been scheduled for Feb. 15 for confirmation of this
purchase and the allowance of certain fees and expenses.
If the Court confirms the sale, it is proposed that final settlement will
be made on or about March 1, 1937, and bondholders who have deposited
their bonds may thereafter surrender their certificates of deposit in exchange
for debentures and certificates of stock of the new company, to be known
as Realty Realization Co.
(or other suitable name), all as set forth in the,
plan of reorganization approved by the Court April 17, 1935, and as sub¬
sequently amended.
Non-depositing bondholders will receive in cash only their pro-rata share
of the price ($1,100,000) paid for the collateral at the foreclosure sale,
after deduction of their pro-rata share of certain fees and expenses as
provided in the decree of sale.
Bondholders who have not heretofore deposited their bonds with the.
committee may still do so at any time prior to the date of settlement.
As
only 5% approximately of these bonds have not yet been deposited, the
trust fund securing all
bonds.
A hearing has
3,360,301
1,735,796
1,078,081
(and of certificates ;
committee (George,
Ramsey, Chairman) that on Feb. 4 at a public auction held pursuant to
order of the U.S. District Court for the Eastern District of Pennsylvania
the reorganization committee caused to be purchased
of reorganization, for the amount of $1,100,000, all
17,942,373
3,757,973:
resources.
,
—V. 144, p. 285.
oh
Accrued Interest
1937—Month—1936 !
1937—12 Mos.—1936_
$22,578,088 $18,508,149 $376,944,690 $306,101,505
1,094,388
and
Other
Montgomery Ward & Co., Inc.—Sales—
accept,
letters
credit
;
Period End. Jan. 31—
Sales
for taxes,
bldgs.
& equipment
Cust's
19,977,056
4,000,000
942,144
and
interest, &c__
Other bonds and
Banks
noted
Reserves
Prov.
bks.
23,250,000
22,800,000,
25,963,587
profits.
pref. stock
Marine
$
Surplus <fc undi¬
munlo.
securities
Due
$
Capital
banks
1935
$
Liabilities—
with
and
1936
1935
For the three months ended Dec. 31, 1936, the first quarter of the com¬
pany's fiscal year, the corporation reported net sales of $409,080, compared
with $325,309 for the quarter ended Dec. 31, 1935.
Net earnings for the
quarter, after all charges but before taxes, amounted to $84,717 compared
with $55,108 for the corresponding quarter in 1935.
For the fiscal year ended Sept. 30, 1936, the company reported net
profits, after all charges including taxes, of $88,476.
The company's balance sheet, as of Dec. 31, 1936, showed total assets
of $452,837, current assets of $331,508, including cash of $90,294, and
current liabilities of $51,786.—V. 144, p. 458.
y
3,249,573
1,820,807
304,981
bal
460,551
Fed. excise & local
410,593
tax
Fed. income tax
_.
Earned surplus
Total
255,656
40,000
Contingent reserve 1,000,000
Other reserves
90,125
Capital surplus—
-.38,030,103 35,230,6191
$
Common stock .13,887,000 13,887,000
Accts. pay, etc...
Dlstrib. & deal. cr.
Initial surplus
Total
1936.
1935
1,000,000
111,622
839,909
839,909
b577,014
17,630,908 16,855,074
38,030,103 35,230,619
x After depreciation,
y Represented by 2,730,000 issued (no-par) shares,
including shares in treasury,
z Includes 84,300 shares of Nash Motors
stock (1935, 83,800 shares) carried at market, which was less than cost.
1116
Financial
aTMarket value $20,654,328.
b Credit arising from acquisition of 50% of
capital stock of Seaman Body Corp. on July 16,1936, this purchase trmidng
that company a wholly owned subsidiary.—V. 144, p. 944.
National Aviation Corp.—Earnings—
1936
Calendar Years—
Profit from sale of securs.
& divs. rec'd, &c—
Int.
-
,
$902,669
132,188
,
$435,689
58,396
Net profit for year
Previous deficit
Prov. for prior yrs." taxes
Dividends paid
$854,538
2,318,263
y
x$90,457
78,717
x$60,792
74,096
38,535
459
$1,941,078
1936
818,990
918
...
Total .........$6,583,572
455,513
......
$2,318,263
$2,642,135
1936
1935
$2,832
Res. lor Fed. taxes
93,755
x Capital stock
2,386,760
Paid-in surplus... 6,041,302
Deficit (earned).. 1,941,078
Stocks
$2,088
62,975
2,386,760
6,041,302
2,318,263
Total
$6,583,572 $6,164,862
186,000
Mortgage loans
$7,500,000 15-year debentures, series 1952, will be SK%.—V. 144,
National Can Co., Inc.— To
p.
944,
Merge—
See McKeesport Tin Plate Co. above.—V. 143, p. 4161.
National Investors Corp.—Extends Time for Deposits—
within which holders of warrants for common stock who have assented to
the Dec. 9 reorganization plan may deposit them with the Bankers Trust
•
-
National Life Insurance Co.—New President—
Fred A. Howland, President of the company since 1916, has resigned to
become Chairman of the Board of Directors, and Elbert S. Brigham, VicePresident and Chairman of the Finance Committee, was elected President
to succeed him.—V. 140, p. 1493.
Total...
—V. 144, p.
89,332
1,416,966
8,935,754
accrued
lor
595,162
553,002
552,260
2,092,042
164,486
1,198,219
New
Corp .—Defers
Auction
of
The Circuit Court of Appeals enjoined the New York- Trust Co. from
selling 712,411 shares of Jersey Central Power & Light Co. common stock
at auction Feb. 9 and postponed the sale until Feb. 17.
The stock, twothirds of the company's outstanding common shares, is collateral behind
$20,000,000 of defaulted debentures of the National Public Service Corp.
—V. 144, p. 944.
National Tea Co.—Sales—
1936
1935
1934
$5,135,421
$4,387,876
$4,344,298
144, p. 619.
(J. J.) Newberry Co., Inc.—Sales—
1937
$2,750,328
Life
Insurance
1936
1935
1934
$2,455,772
$2,345,084
$2,360,766
Co.—New
The board of directors, at its regular meeting on Feb. 3, elected T. Jeffer¬
Oooiidge as a director to fill the vacancy caused by the death of the late
Gordon Abbott on Jan. 24.-—V. 142, p. 963.
New
England Power Association—Seeks Listing
on
New
York Curb Exchange—•
Filing of applications to list its preferred and common shares on the
New York Curb Exchange was announced this week by Frank D. Comerford, Chairman of the Board.
In accordance with present regulations,
application is being made to the Securities and Exchange Commission for
registration pursuant to Section 12 (b) and (c) of the Securities Exchange
Act of 1934, in addition to the regular listing application to the Curb
Exchange. In connection with this filing, Mr. Oomerford indicated that an
will probably be made in
announcement
the near future regarding the
refinancing plans now under consideration by the Association.
There are over 17,000 investors, he said, in the securities covered by these
applications, comprising 658,260 shares of $100 par 6% cumulative pref.;
26,900 shares of $2 cumulative preferred and 962,609 shares of common
Of the latter total, 30,000 shares are not yet outstanding and 821,780
shares were owned, as of the close of last year, by the International Hydrostock.
Electric System.
To
Register Note Issue
as
Initial Step in Refunding —
In
accordance with its plan for complete refinancing of outstanding
obligations, the company intends to file registration statements within the
next two weeks covering the initial steps in its refunding program, it was
announced Feb. 10 by Frank D. Oomerford, Chairman.
He said that
contemplated new financing includes an offering of notes convertible into
the common shares of the Association and called attention to the approval
of the New York Curb Exchange for the listing of the Association's pre¬
ferred and common shares, which was undertaken as a preliminary to
the refinancing operation.
Company was the first large public utility organization to register under
the Public Utility Holding Company Act, having done so on Dec. 1, 1935.
—V. 144, p. 286.
New
England Telephone & Telegraph Co.—Earnings—
Period End. Dec. 31—
Operating
1936—Month—1935
Operating
....
Net oper. income..
—V. 144. p. 945.
New Jersey
$5,850,716 $71,788,721 $68,031,597
25,103
133,653
244,248
4,149,920
50,932,217
49,095,225
444,488
6,869,111
5,419.346
$1,187,778
expenses....
Operating taxes
1936—12 Mos.—1935
$6,314,957
26,088
4,568,032
533,059
revenues
Uncollectible oper. rev.
$1,231,205 $13,853,740 $13,272,778
Power & Light Co.—Earnings—
12 Months Ended Dec. 31—
Total operating revenues....................
xl936
$1,339,979
445,275
-
Other taxes
Operating income
...
Other income..
...
...
Gross income
on
funded debt
...
....
unfunded debt
Amortization of debt discount and expense.
Interest charged to construction
Interest
on
...
......
Balance of income
Dividends on preferred stock....
...
575,000
135,193
316,938
$983,575
470,687
$1,785,254
Federal income taxes
$3,795,063
1,322,203
462,153
575)000
....
Provision for retirements
Interest
1935
$4,094,578
1,304,586
148,359
319,115
Operating expenses..
$1,454,262
626,400
626,400
35,255
45,420
Cr286
42,339
45,423
Crl0,983
...
$1,078,465
203,565
$751,084
203,565
$874,900
.....
Balance
$547,519
x Preliminary,
subject to annual audit and such sundry book adjust¬
ments, if any, as may be necessary incident to closing for fiscal year ended
Dec. 31, 1936.—V. 143, p. 2852.
New
Jersey Zinc Co.—Earnings—
Period End. Dec. SI—
x Income
Dividends
1936—3 Mos.—1935
1936—12 Mos.—1935
$1,657,204
981.632
(4%)
$1,323,784
981,632
(2%)
def$675,572
Rate
■
Stock—
1937
$5,251,312
Mutual
England
23,260,620 20,949,294
Total
son
Sales for January were approximately $250,000, or about 28% ahead of
the $195,000 sales in January, 1936.—V. 144, p. 944.
Service
23,260,^20 20,949,294
945.
Director—
National Manufacture & Stores Corp.—January Sales
9,410,664
654,978
223.476 Res. lor all liab
Res. for coating.. 1,898,794
307,231
5,616,235
undeter¬
lor
commission....
Bureau—
1,000,000
2,200,000
for unearned
premiums...... 6,801,131
Res.
Res.
Reinsur¬
Cas"> in suspended
banks
Res.
mined claims
with Work¬
men's
Compen¬
$
$
Capital.......... 1,000,000
Surplus...
4,000,000
....
The New York Curb Exchange has been notified that the corporation
has extended to the close of business on next Tuesday (Feb. 16) the time
fonth of—
January.—
6,696,410
6,944,486
3,037,442
186,000
2,609,776
Dep.
sation
1935
1936
Liabilities—
$
6,696,410
8,109.220
3,711,606
Prems. accts. reo.. 2,746,964
National Bond & Investment Co,—Files Amendment—
An amendment filed with the Securities and Exchange Commission by
the company states that the interest rate on its $7,500,000 10-year deben¬
tures, series 1947, will be 3% per annum, while the interest rate on the
—V. 144, p. 286.
$178.8451oss$1337728
$200,000
Inc.—To Increase Capital—
value of $1 each, in order to provide for the conversion of the preferred
stock; (b) amending the provisions of the certificate of incorporation con¬
cerning the number of directors so that the same may be fixed by the stock¬
holders at the regular annual meetings, at a number not exceeding 11 nor
less than seven such directors; (c) to approve and ratify the actions of the
officers and directors in connection with the subject matter of said amend¬
ments; and (d) such other business, in connection with or arising out of the
said amendments, as may be presented to the meeting.
The reasons for these proposals are briefly as follows, according to Carl
D. Berry, President:
The business of company is active and encouraging and in order that its
growth may be continued, company now requires additional capital.
Its
plans for expansion have been carefully made, subjected to searching scru¬
tiny and tested over a period of years; and it is now proposed to create an
additional issue of $2,000,000 of preferred stock mainly for this
However, not all of this issue is immediately required, nor Is it all Intent
for the purpose of securing additional capital.
About $1,000,000 will be
required^ immediately, and has been underwritten; the shares aggregating
the remaining $1,000,000 will be held in the treasury for future financing
and for payment of dividends to common shareholders.
As you are no doubt aware, Federal tax legislation of 1936 imposed a
raduated tax upon the undistributed earnings of corporations, the top
racket of which tax is as high as 27% of such earnings, in addition to the
normal Federal tax, which is also graduated up to 15 %.
This tax is payable
by company on or before July 31, 1937, and company will be compelled
either to pay a very large tax on its undistributed earnings or make a sub¬
stantial distribution to stockholders.
Either course would deplete the cash
working capital of company, now vitally needed to carry on company's
landing business.
At the same time, the directors desired to distribute
a dividend to the common stockholders.
After the above issue of preferred
stock has been completed, it will be possible to pay a dividend to common
shareholders, either directly out of the remaining preferred shares, or alter¬
native, at the option of each common shareholder, either in cash or such
preferred shares, and such payment of dividends wili comply with the requi¬
sites of the Federal tax legislation as to distributions and company will
receive credit therefor in the same manner as though cash had been dis¬
tributed.
In this way the company will achieve a three-fold objective:
it will avoid the heavy taxation to which it would otherwise be subject;
shareholders will have received a valuable dividend in preferred shares
which they may either retain for income or dispose of for cash; and the
company's cash working capital will not have been depleted.
The preferred stock intended to be distributed as dividends will carry the
same conversion rights, voting privileges and bear the same dividends as
the preferred stock to be sold for cash.
The immediate needs of the company, as stated, are approximately
$1,000,000, and it is presently estimated that some time next year an addi¬
tional $400,000 cgn be utilized.
Underwriters have agreed to purchase
the shares necessary to secure the first $1,000,000, so that the company is
definitely assured of this sum.
In addition, an option
upon the shares
necessary to secure the additiona $400,000 has been granted the same under¬
writers, which option, however, may not be exercised until approximately
six months have elapsed after the completion of the distribution of the first
$1,000,000 of preferred shares, so that the company will not be under the
necessity of paying interest upon moneys which it cannot immediately
utilize.—Y. 143, p. 1407.
—V.
$362,178 loss$730,228
183,333
607,500
1936
$
....
Bonds..
Liabilities—
(2)^increasing the capital of the corporation by the addition of 600,000 com(2)iincrea6ing
corpc
mon shares similar to the presently authorized common shares of the par
.
$200,000
1936
Assets—
A special meeting of stockholders will be held on March 3 for the purpose
ef considering and taking action upon (a) proposed amendments to the
charter of the corporation (1) increasing the company's capital by the creation of ar issue of cumulative convertible 6% preferred stock aggregating
>f the
consisting of 100,000 shares of tne par value of $20 each;
$2,000,(
4 Weeks Ended—
Jan. 30-
$362,178 loss$268,883
Dr461,345
$509,718
_
......
Cash....
Public
5,068,084
9,168,677
5,099,935
8,917,207
Dr258,861
Z>r50,857
$1,800,000
......
$2,462,194
Represented by 477,352 no par shares.—'V. 143, p. 3326.
National
......
Cr549,039
Crl93,248
-
Transferred to surplus $1,800,000
Real estate
Accruals
$6,164,862
National Bellas Hess,
Co.—Y. 144, p. 618.
...
Dividends paid.
ance
x
profit
5,000,102
8,910,377
Balance Sheet Dec. 31
1935
Invest, (at eost)..$5,761,242 $5,701,559
Accts. receivable..
2,422
3,000
Bond int. receiv..
4,790
781,530
745,822
881,233
$1,057,711
reserves
477352
...
Funr, & fixt. (net)
5,230,818
8,356,518
Operating profit
10,767
x$134,890
2,327,304
1933
1934
1935
$13,538,965 $13,633,498 $13,186,348
in¬
exps.,
curred
Net
x$169,174
2,462,195
Balance Sheet Dec. 31
Cash
Underwriting
Losses & claim exps. pd.
8,152
$324,331
2,642,135
Casualty Co.—Earnings—
$14,645,047 $14,420,198 $14,379,320 $13,967,878
Total
Adjusts, book value
Contingency reserve
New York & Suburban Air Lines, Inc.
Assets—
New Amsterdam
Adjust, of
14,426
81",856
Loss,
x$73,245
12,453
Feb. 13, 1937
Years End. Dec. 31—
1936
Net premiums written..$13.674.051
Net investment earnings
970,996
1933
x$163,635
73,178
120,934
owned subsidiaries y.
Est. Fed'l income tax..
Prov. for Fed. surtax on
undistributed profits.
x
1934
$314,755
Profit.
$1,034,857
Managem't & corp. exps.
90,316
Loss on invest, in wholly-
Total deficit..
1935
Chronicle
$342,152
—..
Surplus..
$5,250,789
4.908.160
(10%)
$4,666,000
4.908.160
(tod)
$342,629 def$242,160
Earns, per sh. on 1,963,264 8ns. capital stock
(par $25)
—
$0.85
$0.67
$2.68
$2.37
x Income (including dividends from subsidiary companies), after deduct¬
ing for expenses, taxes, depreciation, maintenance, repairs, depletion and
contingencies.—V.
143, p. 3155.
Newmont Mining Corp.—75 Cent Dividend—
The directors
have declared
a
dividend of 75 cents per share on the
stock, par $10, payable March 15 to holders or record Feb. 26.
This compares with $2 paid on Dec. 15, last; 75 cents paid on Sept. 15,
common
last, and 50 cents per share distributed in each of the three preceding quar¬
ters and on Aug. 15, and April 30, 1935, and Oct. 31 and April 30, 1934.
From July 15, 1927, to and including April 15, 1931, the company paid
quarterly cash dividends of $1 per share, and in addition a 5% stock pay¬
ment was made in January, 1928, 1929 and 1930.—V. 143, p. 3474.
New York Air Brake Co.—To Pay
50-Cent Dividend—
The directors on Feb. 9 declared a dividend of 50 cents per share on the
common
stock,
no par
value, payable March 1 to holders of record Feb. 19.
Volume
Financial
144
Ardividend of $1.50 was paid on Dec. 15, last, and 50 cents was distributed
onlDec. 1, and on Sept. 1, last, this latter being the first distribution to be
made since Aug. 1, 1931, when 25 cents per share was paid.
►
Calendar Years—
Net profit after deprec.,
shs.
x
$54,5561oss$333,378
x$763,557 loss$101,667
stk. (no par)
$2.94
Nil
deducting $9,045 for Federal surtax
$0.21
Nil
undistributed profits.
com.
After
1933
1934
1935
1936
Fed. income taxes, &c
Earns, per sh. on 259,120
on
—V. 143, p. 3155.
premium
The issuing corporation
was organized last year to publish "The New
weekly magazine directed particularly to the womaniin
published Sept. 9, 1936.
York Woman," a
Proceeds from the sale of this issue will be used for corporate purposes
New York
in
(The) New York Woman, Inc.—Stock Offered—Public
offering was made Feb. 8 by means of a prospectus of an
additional issue of 110,000 shares of common stock (v. t. o.)„
The shares are offered as a speculation at $1.62 3^ each
Brown, Young & Co., Inc., of New York.
and about New York and first
Casualty Co.—Report—
Calendar Years—
Net premiums written..
Increase
1117
Chronicle
1936
1935
1934
1933
$2,450,287
$2,204,044
$2,258,377
$2,233,864
unearned
95,623
17,010
Cr22,562
Crl00,171
$2,354,663
$2,187,034
1,488
115,162
$2,280,938
728
124,974
$2,334,035
$2,303,684
$2,486,090
511,754
259,973
reserve
Earned premiums
Income from rents
Int. & divs. from
695
121,211
secur..
W Total income
Oper. expenses paid
204,186
Investment expenses
Commissions paid
8,271
545,444
504",409
515",881
548",451
Taxes
77,833
972,084
62,232
996,231
57,143
1,091,609
64,357
1,154,422
$185,695
$37,060
loss$449
loss$52,866
Claim expenses
Losses incurred
499.565
weekly net paid
publication, the
management states in connection with this offering that, in its opinion, the
magazine has a fine opportunity for substantial circulation growth.
The corporation reported total dollar receipts for the unaudited first 17
weeks of publication amounting to
$164,957.—V. 143, p. 4011.
New York Westchester & Boston
152,056
$2,406,641
498,962
243,495
$2,476,570
503,842
183,400
necessary to the further advancement of the publication.
CaUing attention to the magazine's record of an average
circulation of 71,551 copies for the first 17 weeks of its
Ry.—Plan Amended
The reorganization plan proposed by the Sartorius committee repre¬
senting first mortgage bondholders has been amended to provide as follows:
(1) To issue new first mortgage bonds amounting to $1,000,000 of an
authorized issue of $5,000,000;
to present bonds.
said
be used to pay charges superior
sum to
(2) To issue one share of new common stock, no par value, for each
$100 of bonds in the hands of the public.
(3) To issue no bonds to the New York New Haven & Hartford for
rentals of leased lines.
Excess of income
(4)
over
outgo
Financial Statement Dec. 31
*
.
Assets—
1935
$48,877
744,410
$95,436
728,450
2,636,506
2,195,544
Securities,
a
vided
for
519,681
469,829
Res.
490,894
for
344,144
886,191
ing purchase of equipment which would be required if a connection could
be made with the Manhattan Ry.
It also called for issuance of $5,000,000
holders of first mortgage bonds.
The amendments were made because some of the bondholders had not
understood that the entire $5,000,000 in new money
former plan would not be required except on condition
71,687
Int. due & accrued
246,585
Res. for exp.,
Contingency
$4,495,760 $3,931,4081
224,761
tax
& other llab
26,316
226,768
14,930
res..
$4,495,760 $3,931,408
Total.
Represented by 40,000 shares, $25 par.- -V. 144, p. 782.
New York Central
1936—Month—1935
Niagara Share Corp. of Md.—Annual Report—
Net Asset Value Dec. 31—
Each $1,000 debenture..
Each share of class A preferred
Each share of class B
$1,484,383
497,227
Syndicate
Rents
$1,779,938
3,669,400
$5,449,338
233,115
4,657,384
Total income
MisceU.
deductions
Fixed charges
$3,464,119 $45,278,626 $35,964,711
5,652,567
22,465,462
24,250,408
$9,116,686 $67,744,088 $60,215,119
115,060
1,669,362
1,516,928
4,832,898
57,141,551
58,583,145
Net income
$558,839
$0.11
Net inc. per sh. of stock.
$4,168,728
$0.83
$8,933,175
$1.79
$115,046
$0.02
11,992
profits
received
Commissions
Miscellaneous
382
$2,014,380
$1,380,326
382.194
665,536
$1,583,160
405,990
698,891
funded debt.
632,500
$1,147,917
129,922
635,873
Amortization
of
bond
discount and expense.
Inc. tax paid at source
29,737
30,312
31,444
34,302
6,629
6,234
6,178
9,988
a44,272
"3", 157
6,357
6,947
22,842
Crll3,418
59,300
53,890
3,700
Crl 19,770
$261,532
960,100
$515,326
622,623
General
Interest
159,406
expenses
on
debentures.
on
Int. on unfunded debt..
Reserved for taxes
Sec. losses of subsidiaries
Crl97,672
charged against inc..
—V. 144, p. 945.
Miscellaneous reserves..
New York
Chicago & St. Louis RR.—
New York, Chicago & St. Louis R.R.
The company is asking for bids on
Feb. 15 for $2,330,000 of 2H% equipment certificates due in one to 10
Their face value represents 80% of the cost of the equipment—V,
144, p. 782.
Special legal expenses
Loss on foreign exchange
Miscellaneous
years.
New York Merchandise
Co., Inc.—To Split Stock—
Stockholders at their annual meeting on Feb. 18 will vote on a plan to
increase the authorized common stock to 315,000 shares par $10. from the
present 105,000 shares of no par value. It is understood
action is to pave the way for a splitting of the stock on a
the contemplated
3-for-l basis. On
paid 20% stock dividend on its common shares.—
July 24, last, the company
p. 286.
—V. 144
New
Bonds
York
Electric
State
&
Gas
Corp.—Permanent
are now
ready for exchange for the temporary
bonds of this issue at
the office of the trustee, the Continental Bank & Trust Co. of New York,
30 Broad St., New York, N. Y.—V. 144, p. 945.
New York
Telephone Co.—Earnings—
Period End. Dec. 31—
Operating
revenues
Uncollectible oper. rev..
Operating expenses
Operating taxes
1936—Month—1935
1936—12 Mos.—1935
$17,647,244 $16,599,565 $199918,538 $189753,056
52,396
50,310
805,776
937,462
11,889,117
11,716,755 136,182,770 136,181,493
2,495,322
1,765,950
25,057,269
20,040,289
Net oper. income
—V.
come tax
$3,210,409
$3,066,550 $37,872,723 $32,593,812
144, p. 946.
-Annual
New York Transit Co.
1936
Calendar Years—
$193,802
Operating revenue
Operating expenses
Depreciation
129,970
14,889
*
Report1934
1935
$199,361
118,199
14,607
1933
$169,826
120,190
11,747
$184,343
117,326
11,829
Total
$48,943
8.981
$55,189
10,383
$75,406
22,034
$49,084
21,416
$65,573
19,678
174
651
Cr2~187
Cr10" 167
$52,723
30,000
$29,855
30,000
$56,062
30,000
def$952
revenue*.
Local, State & Fed. taxes
Misc. income charges
$37,889
11,195
$57,924
23,702
_
revenue-
$66,555
8,853
$34,048
35,000
Net oper. revenue
$22,723
def$145
common
Cash
Net income.
Dividends
class
1,340
$1,508,283
$1,222,973
$1,137,949
182,233
181,319
Cr2,327
180,177
801
class
182,226
B
B
on
30,028
stock
div.
on
stock
892,792
clOO.656
Reserve for contingencies
Int. on Fed'l income tax
def .relating to acq .cos.
11,747
50
Sundry deductions
bEarnedsurp. Dec. 31 $1,243,845
Earns, per sh. on avge.
class B shs. outst'g
$0.63
a
Includes $2,258 taxes
tax and
Federal normal
for
$1,196,022
$1,029,857
$0.19
New York
State franchise tax,
corporation's invest¬
the year 1936, and
$13,071,326 in 1935, and increased $903,028 during the year ended Dec. 31,
1934, and $6,692,702 in 1933.
c Provided during
period of ownership by Niagara Share
land, by subsidiary disposed of effective Sept. 30, 1935.
Consolidated Statement.of Capital
Corp. of Mary¬
Surplus Dec. 31,1936
$14,796,600
10,311,970
Capital surplus, Jan. 1, 1936—
Adjustment to conform with value of investments
applicable to investments sold or disposed of during
year (net)
100,000
$0.34
100,000
$0.52
100,000
$0.30
Gross capital surplus
:
$25,619,239
Adjustment from market value to par value of 14,400 shares of
class B treasury stock received as a partial liquidating dividend
on security owned
104,400
108,646
Adjustment of debenture discounts, &c
Miscellaneous reserves, &c
16,512
Balance Sheet Dec. 31
1936
Assets—
a
Plant
1935
$348,880
U. S. govt. bonds-
158,567
51,650
Municipal bonds..
2d pref. stock....
89*539
Cash
Accts.
receivable..
17,173
Mat'ls &' supplies.
11,003
Int. receivable
1,301
13,946
Working fund advs
Insurance
$727,904
After deducting
1936
$500,000
1935
$500,000
644
807
3,293
4,858
525
479
1,734
1,543
720
U.
33.434
38,983
187,980
$
187,654
292
1936
Liabilities—
Accounts payable.
Int. & divs. pay..
S.
1935
$
$
83,789
45,480
553,293
106,417
151,976
x Accts.¬esrec.
259,794 20-yr. 5H% conv.
x Int. & divs. rec..
132,553
debs., due 1950.11,500,000 11,500,000
130,311
Reserves for taxes61,429
32,684
y Invest'ts (bonds,
notes & stocks).48,849,722 38,398,667
Res. for conting's. 1,500,000
1,500,000
Class A pref. stock 3,037,100
Unamort. bd. disc.
3,037,100
&
421,254 Class B com. stock
expenses
391,864
745,618
242,439
380
23,004
Miscell. assets
Total
x
27,000
...50,382,957 39.792,5591
After reserves,
y
(par $5)
7,460,697
7,532,696
Capital surplus...25,389,680 14,796,600
Earned surplus—. 1,243,845
1,196,021
Total
50,382,957 39,792,559
Indicated present value.—V. 143, p. 3475.
39,000
North Shore Coke & Chemical Co.—Bonds Called—
$735,0321
Total
$727,904
$735,032
depreciation of $611,180 in 1936 and $599,919 in 1935.
b Par value $5.—V. 143, p.
and
1935
$
Assets—
Cash
Treasury bonds.
93
Other def. debits..
.....
insurance
Surplus
2,301
33,450
Carrier insur. fund
a
14,326
prems.
paid in advance.
Total
Liabilities—
$359,627 b Capital stock—
166,650 Capital stock red.
account
56,650
1 Accounts payable.
Divs. mat'd unpd.
69,328
21,335 Accrued taxes
6,302 Other def'd credits
for
carrier
1,520 Res.
$25,389,680
Consolidated Balance Sheet Dec. 31
1936
100,000
$0.56
462,019
48,650
—
Net recovery from miscellaneous reserves, &c
of
capital stock
outstanding (par $5)..
Earns .per sh.on cap .stk.
and $4,741
on undistributed profits.
b Unrealized depreciation in the market value of the
ments based on cost decreased $16,094,630 during
reserved for surtax
Capital surplus Dec. 31, 1936
Surplus.
Shares
$960,100
$0.05
$0.22
paid to foreign governments, $37,272 reserved
$26,062
Misc. non-recurr. items.
2,317
$2,319,664
source
prior years (net)...
Divs. on pref. stock
div.
"""713
1,196,022
to
Reserves
Non-operating
pd. at
Gross earned surplus.
Miscell. adjust, applic.
32,254
$476,109
1,029,857
$1,123,642
Previous earned surplus.
Refund of prior years' in¬
63" 270
13,623
3,931
639
expenses.
income
common
The permanent first mortgage gold bonds, 4% series, due 1965, in coupon
form,
Net
Stock
Ready—
1933
$882,572
560,608
6.025
8,980
113,745
11,227
804
...
Total gross income
Net ry. oper. income.
1934
$605,564
623,425
3,116
10,408
136,034
1,778
$603,975
531,567
31,965
Interest
22.59
Years Ended Dec. 31
1935
1936
Dividends
1936
$4,194.74
1,209.69
15.34
common
_
1936—12 Afos—1935
1935
$3,273.14
860.73
■
Consolidated Income Account
Railway oper. revenues.$34.607,189 $28,227,324 $361063,872 $310030,771
Railway oper. expenses. 24,798,795
23,114,135 268.830.436 237,197,455
Railway tax accruals...
6.755,936
258,125
30.812.037
20.619.431
Equip, and joint facility
rents
1.272,520
1,390,945
16.142,773
16,249.174
Other income
proposed in the
of the connection
946.
Corporation's net assets as of Dec. 31, 1936, applicable to securities
outstanding in the hands of the public, were greater than a year ago, as
evidenced by the following figures:
RR.—Earnings—•
[Including All Leased Lines]
Period End. Dec. 31—
p.
905,853
272,357
losses..
33,094
22,296
equipment until transfer or connection facilities
in new common stock to present
Res. for unreported
accts. receivable
no new
being made with the elevated, it is stated.—V. 144,
reported
losses
offices.
Reinsur. and other
Total
426,737
1,132,358
un¬
earned premiums
Cash in banks and
a
862,644
1,227,981
profits...
Reserve
Premiums in course
of collection
1935
Capital stock
$1,000,000 $1,000,000
and undi¬
Surplus
stocks
and bonds
1936
Liabilities—
1936
Real est. & lmpts.
Real estate mtges.
To purchase
have been effected with transit lines.
The plan as previously filed with the court had provided for issuing
$5,000,000 in new bonds to raise money for rehabilitation purposes, includ¬
1725.
All of the outstanding 1st mtge. 6% 8. f. gold bonds, series A, due March lr
1947 have been called for redemption on March 1, next, at 103 and interest.
Payment will be made at the office of City National Bank & Trust Co..
of Chicago (successor to Central Trust Co. of Illinois, as trustee), 208 Soutb
Financial
1118
La Salle Street, Chicago 111. or at the office of The National City Bank of
New York in the Borough of Manhattan City and State of New York.—
V. 144 p. 114.
North American Co.—To Register with SEC Under Public
the
the
Withdrawn—
Mr. Landis stating that he was
happy to learn of the decision.
r'The board of directors of the North American Co. have concluded
register, and had received a message from
that the interests of the stockholders will now be best served by registration
Public
the
under
Utility Holding Company Act," Mr.
Fogarty said in
his letter to stockholders.
North
expressed itself to committees of Congress, to its stockholders, and to
the public.
Therefore, it is not our intention to combat any constructive
regulatory provisions of the Act, but to endeavor, in harmony with the
Government, to obtain a legal test of the constitutionality of such pro¬
visions as may seem to us to impose inproper burdens upon this company.
We believe that after this company has registered if a practical difficulty
should arise, we will be able to obtain a prompt and final adjudication
of the relevant provisions of the Act as applied to this company.
"The financial position and capital structures of the North American
Co. and its subsidiaries are sound; the business of the operating companies
is showing healthy increase.
The use of electric power is steadily growing
and the possibilities of continued growth are, in our opinion, large.
It
has always been the policy of the companies in which we have substantial
interests to give the public the benefit of the lowest rates consistent with
high standards of sefvice and a fair return.
The result has been that the
rates of these companies have continuously been among the lowest in the
country.
We believe this policy can and should be maintained and that
it is entirely consistent with improved earnings for the stockholders.
Further, it is possible to eliminate duplicate taxes, which have been sub¬
stantially increased under the present tax laws, through certain corporate
simplifications now feasible under amendments to State corporation laws
made since the Holding Company bill was introduced, and to effect savings
through refundings.
In our opinion, such steps can be promptly and
effectively taken only in cooperation with the SEC.
»
"We have complete confidence that our program and policies have
been and are sound and, in this confidence, we are prepared to join whole¬
heartedly with the Commission in an effort to achieve constructive
^The^letter
stockholders pointed out some of the findings of Judge
Federal District Court in his ruling on Jan. 29 last
in the suit brought by the Government against the Electric Bond & Share
Co.
The letter also stated "there is no prospect of an early trial of our
case on the merits of the major questions involved."
The North American Co. had filed suit to test the constitutionality of
the Holding Company Act, in the Supreme Court of the District of Colum¬
bia, on Nov. 26, 1935, just before the Act became effective, in the belief
that a final and comprehensive judicial determination could be promptly
secured.
Delay has ensued, although a stay order obtained by the Govern¬
in
the
court
lower
was
eventually vacated by the United States
Bond & Share case held, in substance, that
the registration provisions of the Act are separable from other provisions,
including the so-called "death sentence"; that such registration provisions
are constitutional as applied to the companies involved in that case; that
a company does not waive its constitutional rights by registering; and that
a
in the Electric
registered company can raise the
provisions of the Act.
Question of the constitutionality
of the substantive
circumstances," Mr. Fogarty's letter continued,
"it appears not only that continued failure to register will not bring about
the prompt legal clarification of the situation which we expected, but that
such clarification may be facilitated if we register with the reservations
of constitutional rights which the rules of the Commission permit, and
which a court has now, for the first time, decided are legally effective."
Mr. Fogarty supplemented his letter to stockholders by saying that
the North American Co.'s suit filed in November, 1935. will now be dropped
"Under
the
present
—V. 143, p. 3475.
Northern States Power
Co. (Minn.)—Secruities Aggre¬
Offered—The largest public offering of
utility securities thus far made under the
gating $102,500,000
electric and gas
Securities
form
the
and
of
a
Exchange Act was announced Feb. 11 in
issue of $75,000,000 1st & ref. mtge.
new
bonds, 3lA% series due 1967, and a new issue of 275,000
shares (no par) $5 series cum. pref. stock, of this company.
This offering totals $104,075,000 at the respective offering
prices.
The offering was made by a group of 30 investment
houses headed by Bancamerica-Blair Corp. and including
the following:
The First Boston Corp.; Schroder Rockefeller
& Co., Inc.; Edward B. Smith & Co.; H. M. Byllesby &
Co., Inc.; W. C. Langley & Co.; A. C. Allyn & Co., Inc.;
Emanuel & Co.; Brown Harriman & Co., Inc.; Blyth &
Co., Inc.; Lehman Brothers; Bonbright & Co., Inc.; Gold¬
man, Sachs & Co.; Hay den, Stone & Co.; Granbery, Safford
& Co.; Ladenburg, Thalmann & Co.; Kidder, Peabody &
Co.; Lee Higginson Corp.; Harris, Hall & Co. (Inc.); Spencer ;
Trask & Co.; Glore, Forgan & Co.; J. & W. Seligman &
Co.; Hemphill, Noyes & Co.; A. G. Becker & Co., Inc.;
F.
S. Moseley & Co.; Wells-Dickey Co.; Minneapolis;
Kalman & Co., St. Paul; Sterm Brothers & Co., Kansas
City; Piper, Jaffray & Hopwood, Minneapolis,
West Co., Minneapolis.
The bonds are priced at
the
Purpose—Net proceeds of the issues, $101,275,762.50 together with other
estimated amount of $3,354,567 wil be used
(or) pay all of the company's funded debt now outstanding
except the issue of St. Paul Gas Light Co. gen. mtge. gold bonds, 5%, due
March 1, 1944.
The principal amount or each issue proposed to be re¬
deemed and the respective proposed redemption dates and prices, includ¬
ing in each case accrued interest to redemption date, are set forth below
$26,546,500 1st & ref. mtge. 25-year gold bonds, due April 1,
1941, series A 5% on April 1, 1937 at 102^%.—$27,873,825
7,490,500 1st & ref. mtge., series B 6s on April 1, 1937 at
102
%
7,902,477
45,000,000 Refunding mtge. gold bonds, 4H% series, due
1961 on April 21, 1937 at 105%
48,375,000
10,000,000 Refunding mtge. bonds, 5% series, due 1964 on
6,
10,965,278
April 6, 1937 at 107 M %
gold notes, due Dec. 1, 1940 on June 1,
7,500,000 5M% g
it 101^%
1937 at 101
7,818,750
1,500,000 St. Paul Gas Light Co., gen. & ref. mtge. gold
bonds, 6s series A, due Jan. 1, 1952 on July 1,
1937 at 110%
1,695,000
'
"
-
—
and Thrall
Interstate Light & Power Co.
Interstate
pref. stock is priced at $103 phis accrued
1937.
dividend from
Light &
Power Co.
Croix
St.
Falls
Description of Bonds—Dated Feb. 1,
cipal payable either at office of trustee
1937, due Feb. 1, 1967. Prin¬
in Chicago, or at agency of com¬
pany
of trustee
cipal and int.
M
Coupon in denom. $1,000, registerable as to principal only and inter¬
changeable in like aggregate principal amounts with fully registered bonds
without coupons, in denoms. of $1,000, $5,000 and $10,000 or such mul¬
tiples of $10,000 as the company may determine to issue.
Red. as a whole
or in part on any date at option of company on 30 days notice, at prin¬
cipal amount thereof and accrued int. thereon to date of redemption, and
a premium on the principal amount, if any, as follows
7Yi% if redemp¬
tion date occur prior to Feb. 1, 1942; 5% if red. date occur on or after
Feb. 1, 1942, and prior to Feb. 1, 1943, this premium decreasing }4% on
Feb. 1, 1943. and Y~ on first day of February of each year thereafter to
%
" ' "
"
There shall be no premium if redemption date
and incl. Feb. 1, 1 62.
occur on or after Feb. 1, 1962.
Issuance—Authorized by the Board of Railroad Commissioners of
„
Dakota.
Taxes—Company, upon proper
prope
Co.
(Minn.)
Improv.
States Power Co.
Northern
States
St.
Western Wisconsin Power Co. (Wis.)
St.
Co.
Wisconsin
Falls
(Wis.)
Anthony
(Minn.)
(N. J.)
Securities Corp.
Northern Transit Co.
Improve.
Croix
Navigation
River
Northern
Co. (Minn.)
St.
Falls
Croix Power Co.
(Del.)
(Minn.)
Power
Water
(Wis.)
Co.
1
St. Croix Lumbermen's Dam & Boom
Co. (Wis.)
In addition to the foregoing, the company has six subsidiaries none of
which is of material significance and in none of which It has any invest¬
None of these six subsidiaries is active, owns or operates any proper¬
ment.
ties, has any assets or receives revenues from any source.
Company and its subsidiaries own and operate (a) electric power and
light properties furnishing retail electric service in 342 communities and
adjacent rural territories, and electric service at wholesale for resale in
147 additional communities, all located in Minnesota, North Dakota,
South Dakota, Illinois, Wisconsin or Iowa, having an aggregate popula¬
tion, based on the 1930 Federal census, of approximately 1,200,000; the
major part of the territory is served by an interconnected system extending
approximately from the Minnesota-Wisconsin State line, including parts
of western Wisconsin, through central and southern Minnesota into and
including part of southeastern South Dakota and northwestern Iowa;
the remaining
territory is served by four systems, not interconnected nor
connected with the above main system, centering around Fargo, Grand
Forks and Minot, North Dakota, and Galena, Illinois, respectively; said
latter systems furnish electric service at retail to 36 communities and their
adjacent rural territories, and also furnish electric service at wholesale for
resale in 11 additional communities; the communities served by said four
systems have an aggregate population, based on the 1930 Federal census,
of approximately 94,000; (b) gas properties furnishing gas, manufactured
or natural, at retail in 20 communities in Minnesota, North Dakota and
Wisconsin having an aggregate population, based on the 1930 Federal
census, of approximately 422,800 (of which
16 communities having an
aggregate population, based on said census, of approximately 401,600 are
also served with
electricity); (c) steam heating properties serving six
communities in Minnesota and North Dakota; (d) a street railway property
furnishing transportation in and between Fargo, N. D., and Moorehead
and Dilworth, Minn.; and four buses
operating in Fargo, N. D.; (e) a tele¬
phone property serving Minot, N. D., and its immediate vicinity; and (f)*a
water distribution property serving Tracy, Minn.
Company and certain
of said subsidiaries merchandise electric and gas appliances.
During the 12 months ended Oct. 31, 1936, of the consolidated
operating revenues of the
gross
and its subsidiaries approximately 85%
electricity, approximately 11% from the sale
of gas and the balance from miscellaneous services; and of tne consolidated
net operating revenues
(before appropriation for retirement reserve) of
the company and its subsidiaries for the same period approximately 93%
was derived
from the sale of electricity, approximately 4H% from the
sale of
gas and api
•
was
company
derived from the sale of
to
o
3H% series due 1967, and to the issuance and" sale of *275,000 shares of
cumulative preferred stock, $5 series, all of which are authorized by the
stockholders and directors but not issued, and to the application of the net
proceeds thereof and to the reclassification as common stock of all pref.
and class A and class B
will be as follows:
a.
_
,
_
St. Paul Gas
_
common
stocks outstanding as of Oct. 31,
Authorized
„
Light Co.,
gen. mtge.
1936,
Outstanding
gold bonds,
.5% due March 1, 1944
$5,000,000
$4,999,000
1st & ref. mtge. bonds, 3^ % series, due 1967-- x Not limited
75,000,000
Preferred stock (no par)
y3,175,000 shs
Cumulative pref. stock, $5 series
275,000 shs.
Common stock (no par)
4,000,000 shs. 4,000,000 shs
Additional bonds may be issued under the indenture only upon comProvisions thereof,
y Issuable in series and of which
275,000 shares
are
designated "cumulative preferred stock, $5 series."
Summary of Earnings
Years Ended Dec. 31-
10 Mos. End.
1933
1934
Oct. 31, '30
1935
Operating revenues....$27,121,066 $28,045,996 $28,619,766 $24,787,617
a
Operating expenses... 14,375,467
15,890,882
16,712,242
14,844,540
Balance.
Other
$12,745,599 $12,155,114 $11,907,524
1,009,315
1,030,854
1,150,446
income
Total income
Approp. for retire,
Balance
res..
-$11,278,914 $10,716,368 $10,620,561
384,935
412,845
308,535
Balance
Interest
on
$9,943,077
875,656
$13,754,914 $13,185,968 $13,057,970 $10,818,733
2,476,000
2,469,600
2,437,409
2,024,328
$8,794,405
$10,893,979 $10,303,523 $10,312,026
4,879,555
4,892,689
5,055,766
$8,485,906
4,212,971
Inc. taxes of company..
.
funded debt.
308,499
Amort, of debt disc, and
expense
—
—
Other int. & inc. deduc.
North
and timely application, will reimburse
i % series due 196
1967, any taxes, other than
to any owner of bonds of the 3
that are or may be
sueuessivj-i,
iuv;uu»j
ouu
v*
««
estate, succession, income and inheritance taxes, uuuu
imposed and paid under laws of Penn. upon such bonds or upon such
owner as a resident of Penn., by reason or the ownership of such bonds,
not exceeding, however, in any year 5 mills upon each dollar of taxable
value of such bonds.
Company also will reimburse, upon proper and timely
application, to any owner of bonds of the 3 H % series due 1967, any income
or corporation
taxes in respect of or measured by the interest on such
(111.)
(Wis.)
(Minn.)
Minnesota
Im-
Croix
St.
(111.)
Minneapolis Gen. Elec. Co. (N. J.)
Minnesota Brush Elec. Co.
&
provement Co.
(Minn.)
Minneapolis Mill Co. (Minn.)
Mississippi & Rum
River Boom
(Del.)
Elizabeth Light & Power Co.
Interstate Light & Power Corp.
x
101% plus accrued interest, and
-
— .
Company and Business—Company was incorporated in Minnesota on
June 16, 1909.
Company is an operating public utility company and
controls (through the ownership, direct or indirect, of the entire outstand¬
ing issues of capital stock) the companies listed below, all subsidiaries
Jan. 1,
exceeding in tne aggregate in any year 6% of
to redeem and
to
SUThTdedsimi
only
interest thereon, not
interest thereon.
Description of Preferred Stock—Holders entitled to receive, in preference
to common stock, cumulative dividends at rate of $5 per share per annum,
and no more, payable Q-J 15.
Dividends accrue on Jan. 1, 1937. Holders
entitled to one vote for each share of such stock held by them, respec¬
tively.
The amount which the shares of the stock are entitled to receive
in preference to the common stock upon voluntary liquidation or dissolu¬
tion is fixed at $110 per share, and upon any involuntary liquidation or
dissolution is fixed at $100 per share, plus, in each case, cumulative divi¬
dends accrued and unpaid thereon.
The redemption price of the shares
of the stock is $110 per share, plus cumulative dividends accrued and
unpaid thereon.
Mack in the New York
ment
1937
funds of the company in the
American Co.," the letter continued, "has consistently
favored the enactment of sound holding company regulation, and has so
"The
13,
bonds (or, in case of savings banks or trust companies having savings
departments, measured by the amount of deposits invested in such bond
or bonds), which such owner may lawfully pay under any present or future
law of Mass. on account of the ownership of such bonds or on account of
Utility Holding Company Act—Suit Filed Against Act to Be
J. F. Fogarty, President, announced Feb. 9 in a letter to stockholders
that the board of directors have authorized registration with the Securities
and Exchange Commission under the Public Utility Holding Company Act.
In making the announcement, Mr. Fogarty said that he had informed
James M. Landis, Chairman of the SEC, of the company's intention to
Feb.
Chronicle
497,670
56,999
504,424
62,722
532,260
59,808
444,162
43,009
Net income
a
*"
$5,459,755
$4,843,688
$4,664,192
$3,785,764
Including taxes other than income taxes of the company, but exclud—
for retirement
reserve.
at for the
$4,999,000 St. Paul Gas Light
1, 1944 and $75,000,000 1st
due March
Volume
144
Financial
Chronicle
275,000 shares of cumulative preferred stock, $5 series, to be outstanding
will be $1,375,000.
•
Management and Control—Company is a unit in the Standard Gas &
Electric
Co.
Public
system.
Utility Engineering & Service Corp., the
stock of which is owned, by certain of the
operating utility companies (incl.
the company) of Standard Gas &
Electric Co. system, furnishes operating,
financial and engineering services to
company.
Underwriters—The name of each principal underwriter and the
prin¬
cipal amounts of bonds and number of shares
severally to be purchased
by each are as follows:
Bonds
Name
Address
Bancamerica-Blair Corp., New York
The First Boston
Corp., New York.
—
Schroder Rockefeller & Co., Inc., New York
Edward B. Smith & Co., New York
Byllesby
Co., Chicago
W. C. Langley & Co., New York.
A. C. Allyn & Co., Inc., Chicago
*
Emanuel & Co., New York.
Brown Harriman & Co.,
Inc., New York
Blvth & Co., Inc., New York
Lehman Brothers, New York
Bonbright & Co., Inc., New York.
Goldman, Sachs & Co., New York.
Hayden, Stone & Co., New York.
:
Granbery, Safford & Co., New* York
Ladenburg, Thalmann & Co., New York
Kidder, Pea body & Co., New York
Lee Higginson
Corp.,
to Be
Purchased
.
New York
Harris, Hall & Co., Inc., Chicago.
Spencer Trask & Co., New York
Glore, Forgan & Co., New York
J. & W. Seligman &
Co., New York.
Hemphill, Noyes & Co., New York.
A. G. Becker & Co., Inc., New York
F. S. Moseley & Co., New York
Wells-Dickey Co., Minneapolis
$8,049,000
5,490,000
5,307,000
5,307,000
8,049,000
5,122,000
5,122,000
3,293,000
2,780,000
2,415,000
2,415,000
2,049,000
2,049,000
1,829,000
1,462,000
1,316,000
1,316,000
1,316,000
1,097,000
1,097,000
1,097,000
1,097,000
1,097,000
841,000
841,000
951,000
732,000
549,000
549,000
366,000
Kalman & Co., St. Paul
Stern Brothers & Co., Kansas
City.
Piper, Jaffray & Hop wood, Minneapolis—
Thrall West Co.,
Minneapolis
^
—
Purchased
29,510
20,100
19,430
19,430
29,510
18,780
18,780
12,070
10,200
8,850
8,850
7,510
7,510
6,710
5,380
4,840
4,840
4,840
4,030
4,030
4,030
4,030
4,030
3,090
3,090
3,490
2,680
2,010
2,010
1,340
Actual and Pro Forma Balance, Oct. 31, 1936
Actual
After
(Note 2)
Recapitalize' n
Assets—
Cash
$
3,257,280
Liabilities—
time
deposits
Bond
int.,
Accounts
270,250
receivable
1,547,450
1,835,829
671,073
(consol.)
fll'd
of
cos.
671,073
Dlvs.
121,588
|
Indebt.
68,875
106,794
106,794
533,066
533,066
cos.
(not
10,063
10,063
461,360
461,360
101,484,866
93,926,436
Fixed assets.. —125,631,039 108,038,941
Total
to
20
978
814
from
7,568,843
common
1935,
Liabilities—
78,779
576,042
1,260,985
3,116,282
—
.
1935
$442,435
$144,909
Reserve for taxes.
189,578
40,779
116,883
Reserve for dlvs..
Pref. stock (20,000
See
shares)
Com. stock
_
2-5
shs.)
Total
1936
Accounts payable.
534
.$7,907,833 $9,215,538'
2,000,000
x
(347,no
par
and surpl.
Total
7,275,819
6,912,967
...$7,907,833 $9,215,538
x In
December the entire issue of 20,000 shares of preferred stock was
redeemed at 105 and divs.
Funds for this transaction were made avail¬
able through sale of government and municipal bonds.—V.
143, p. 4011.
Otis Steel Co.—Time Extended—
The company has notified the New York Exchange that the time within
which prior preference stock may be surrendered for exchange, pursuant
to the plan of recapitalization dated Oct. 5, 1936, for new convertible first
preferred stock and common stock of the company has been extended to
the close of business on March 31, 1937.—V. 144, p. 947.
Overseas Securities Co., Inc.—Annual Report—
During the year the net assets of the company before deducting the out¬
debentures, increased $1,022,350, or 44%.
This increase of
standing
$1,022,350
was calculated after all expenses and after distributions to stock¬
Net unrealized appreciation of investment securities over cost
holders.
amounted
on Dec. 31, 1936 to $333,303, as
compared with net unrealized
depreciation of $670,030 on Dec. 31, 1935.
The net assets of the company as of Dec. 31, 1936, based on market
quotations, before deducting the outstanding debentures, amounted to
$3,344,238, equivalent to $3,212.52 per $1,000 of debentures, as compared
with $2,230.44 on Dec. 31, 1935.
After deducting the outstanding deben¬
tures at par, the net assets per share of outstanding capital stock were
equivalent to $15.65, as compared with $8.68 on Dec. 31, 1935.
Earnings for the Year Ended Dec. 31,1936
operations—Dividends
$84,717
1,348
Interest
Total income
$86,065
48,838
52,050
Expenses
Interest
on
debentures.
Net loss from operations before profit from sales of securities.
$14,823
106,111
_
Net profit from sales of securities
7,291,663
...
(no par) and
an
Balance of net profit
$91,288
73,586
for the
$17,702
year—
Balance Sheet Dec. 31, 1936
$scts~~~~
Cash (incl. $2,350 on deposit for matured debenture interest).,
$48,244
2,686
Accrued interest and dividends receivable
securities
Investment
(cost, $3,012,932),
market quotations Dec. 31, 1936.,
Prepaid expenses.
90,000,000
Total
valuation based
on
...
—
—
3,346,236
2,019
$3,399,186
—
cl bi 1% t
of
Due for securities bought but not received
8,402,791
Paid-in surplus.
Earned surplus.
Total
Net profit for the year
arising
appr.
properties
4,000,000 Shares of Common
2,999,594
Nil
Nil
.245,986,386 218,418,825
Stock Sanctioned by SEC—
attendant exchange plan
$17,750
Sundry acc'ts payable, accrued Fed. and other taxes and
(incl. $2,350 matured debenture interest)
Accrued interest on 5% debentures
Reserve for directors' compensation
'
Reserve for managers' compensation
5% gold debentures, 1947
5% gold debentures, 1948
Capital stock
Paid-in surplus
Profit
exps.
8,281
11,113
7,918
9,886
456,000
585,000
b750,000
2,149,687
929,752
and loss deficit
Net unrealized appreciation
of investment securities
arising from valuation at market quotations
over
cost
a333,304
Total
$3,399,186
a Without deducting possible Federal taxes and directors' and managers'
compensation, payable only if the appreciation is realized,
b Represented
by 147,172 no par shares.—V. 144, p. 785.
Pacific
Telephone & Telegraph Co.—Earnings—
1936—Month—193 5
Period End. Dec. 31
Operating
revenues
Uncollectible
oper.
$5,461,391
rev.
17,500
—
Operating expenses
Rent from lease of oper.
Net
—V.
3,662,176
$982,671
&
Producing
866
865
7,520,474
70
584,491
operating fncome $1,208,714
144, p. 460.
Panhandle
<■
1936—12 Mos.—1935
$5,009,488 $62,752,555 $57,070,467
119,899
201,330
13,500
42,285,229
38,913,377
3,428,896
70
573,071
property
Operating taxes
6,582,361
$12,747,819 $11,374,264
Refining
Co.—To
File
Petition Under Section 77-B—
The directors have authorized the filing of a petition under Section
of the Bankruptcy Act, in the U. S. District Court in Delaware,
Roy B. Jones, president, states in a letter to stockholders.
Together with
the petition will be a plan of reorganization substantially the same as that
previously approved by stockholders.—Y. 144, p. 947.
77-B
for Northern
States Power Co.
The immediate purpose of the commission was to an¬
Feb. 2 as the effective date.
Paris-Orleans RR.—Interest
nounce
In its order the commission
pointed out that company,
which recently
registered under the Holding Company law, also made application covering
bonds and preferred stock, but that the present order was not concerned
with this phase of the declaration under the
Holding Company law.
Northern States Power declaration related to a reclassification of all of
its outstanding capital stock into 4,000,000
shares, without par value, of
common
stock, with an aggregate stated capital of $90,000,000.
The
declaration called for the issue of the 4,000,000 shares and the
exchange of
the certificates for outstanding preferred and common stocks.
setting the date for the reclassification, the SEC said that it was
on compliance with the terms of the
declaration, and on filing
conditioned
a
1935
$637,087
3,546,360
Distributions paid to shareholders during the year.
The Securities and Exchange Commission, in one of its initial
approvals .
of simplification of capital
structure
under
the
1935
Hublic
Utility
Holding Company Act, on Feb. 3 approved the issue of 4,000,000 shares of
In
1936
$685,004
Marketable secure. 1,592,441
Notes receivable—
61,416
Accounts recelv..
826,671
Inventory
1,717,876
Mfg. plants & eq. 3,024,425
814
Common stock
Surplus
978
9,985,876
a
245,986,386 218,418,825
stock,
$0.16
in
con¬
a 4,000,000
shares (no par).
Note—At meetings held on Dec. 10, 1936 and Jan. 15,
1937, the directors
approved (1) the reclassification as common stock of all preferred and class
A and class B common stocks then
outstanding and the reduction in its
stated capital represented by such stocks from
$119,664,363 to $90,000,000;
(2) the charge against surplus arising from appraisal of properties as at
Dec. 31, 1924 ($8,402,791) of (a) the reduction of the
ledger amount of
the company's investment in its
subsidiary companies by an amount of
$7,558,430 which was equivalent to the aggregate water-power value of
those companies as reflected in their accounts on the basis of
appraisals
and which was concurrently charged off by those
companies, and (b) the
writedown of the ledger amount of the
company's water-power value
reflected in its accounts, as determined by appraisal,
by $844,361, thereby
exhausting the balance of surplus arising from appraisal of properties, and
(3) the charge against the paid-in surplus of $29,664,363 created through
the above recapitalization of items
aggregating $26,664,769 which consist
of (a) excess of cost over net appraised value of
major property acquisi¬
tions since Dec. 31, 1924, $6,573,470, (b) discount and
expense on sales of
preferred and common stocks, $9,383,058, (c) the provision for an invest¬
ment reserve of $7,500,000,
(d) the balance of expired debt discount and
expense (determined on the basis of amortizing unexpired debt discount
and expense or refunded issues over the lives of the
refunding issues) not
absorbed by earned surplus at Oct. 31, 1936, $2,417,031 and
(e) the
balance ($791,208) of water-power value reflected in the
company's ac¬
counts.
The owner of all issued and outstanding stock of the
company, on
Feb. 3, 1937, consented in writing to the recapitalization approved by the
board of directors as stated above, and appropriate entries
recording the
recapitalization and other trnasactions approved by the board of directors,
as
above, were made in the company's accounts on Feb. 3, 1937.
common
$54,261
Consolidated Balance Sheet Dec. 31
Assets—
423,677
affll.
(not
Class B
city and gas.
Investments
Special deposits
Def. charges...
$1.09
pref.
solidated)
82,752
82,752
Long-term debtl04,834,208 104,834,208
Def. liabilities..
384,229
384,229
UnadJ. credits—
14,079
14,079
Reserves
8,225,869
15,725,868
7% pref. stock. 39,107,700
6% pref. stock. 39,109,900
Class A common 34,155,100
from
consolidated).
Unbilled electri¬
on
(consolidated)
121,588
Int. recelv. from
cos.
153,836
2,368,375
825,279
stocks
Int. & dlvs. rec.
affll.
$0.66
Indebt. to subs.
68,875
subsld'y
(consolidated)
1933
$2.64
Cash
Income from
Other
Accts. and notes
recelv.—other
153,836
2,368,375
825,279
20
Interest
(not
company
1934
$500,271
x After full
depreciation charges ($249,678 In 1936, $263,590
$268,323 in 1934, and $292,086 in 1933).
207,233
423,677
Taxes
af-
consolidated).
Indebt. of parent
com.
1935
$348,992
347,534
stk. (no par)
on
398,857
207,233
Salar. & wages
Indebt. of subs.
Indebted,
Earns, per sh.
shs.
-Earnings—
1936
$918,261
Accrued liabll.:
270,250
1,547*450
1,835,829
(& Subs.)-
Net profit
$
398,857
on
common
Accts. and notes
Mater, and sup.
$
pay..
Dlvs. payable
&c.,
deposits
After
Recapitaliz't'n
Actual
%
3,257,280
and
Ohio Brass Co.
Calendar Years—
x
Shares
Be
to
—
1119
certificate of notification showing that the reclassification had been made
Payment—
Holders of company's 5H % external sinking fund bonds, due 1968, have
been notified that March 1 coupons will be paid at the office of J. P. Morgan
& Co., New York, in (a) United States currency at the dollar face amount,
(b) United States currency at the dollar equivalent of French francs
(25.52 per dollar of face amount of the coupon) upon the basis of J. P.
Morgan & Co.'s buying rate for exchange on Paris at the time of pre¬
sentation .—V. 143, p. 1411.
or
Park &
An
Tilford, Inc.—Stock Offering—
amendment
filed
with
the
Securities
and
Exchange
Commission
discloses that the offering date of the capital stock to present shareholders
will be made Feb. 23.—V, 144, p. 785.
.■
;
effective.—V. 143, p. 783.
(J. C.) Penney Co., Inc.—Sales—
Oklahoma
Natural
Gas
Co.—Admitted
to
Listing and
Registration—
The New York Curb Exchange has admitted to listing and registration the
convertible 6% prior preference stock, $100 par.—Y. 144, p. 287.
Otis Co.—Par Value Reduced—
r
Stockholders at their meeting held on Jan. 6, authorized a reduction in
the par value of common stock from $80 to $45 a share, such reduction to
be accompanied by a payment on Jan. 20, 1937, of $35 a share in cash to
shareholders of record at the close of business on Jan. 13, 1937.
Before the distribution of $35 a share is made, the certificates for the
outstanding common stock must be surrendered (to New England Trust Co.,
transfer agent, 135
Devonshire St., Boston), in order that they may be
stamped to reflect the reduction and distribution.—V. 14-3, p. 3643.
Month of—
January..
—V. 144, p. 461.
1937
1936
1935
1934
$15,928,239 $13,968,709 $12,924,114 $12,440,233
Peerless Casualty Co., Keene,
In
addition
to
the
30,000 shares of
N. H.—Stock Offering—
common
stock offered by Falvey,
Waddell & Co. (mentioned in V. 144, p. 948) at $23.50 per share the com¬
pany offered 1,000 shares of 6 % cumulative preferred stock at $ 105 per share.
In addition to this 1,000 shares of preferred stock, the company registered
with the Securities Exchange Commission an additional 80,000 shares of
its common stock and 1,000 shares of its preferred stock.
20,000 shares
of the additional 80,000 shares of common stock and the additional
1,000
6% cumulative preferred stock are presently issued and outstanding
public.
30,000 shares of the additional 80,000 shares
of common stock (as noted above) are being offered to the public by and
shares of
in the hands of the
Financial
1120
Feb.
Chronicle
Balance Sheet Dec. 31
Pennsylvania Water & Power Co.
1936
Penna. & N. Y. Canal & R. R. Cons. 4s, 4%s, 5s
Lehigh Valley R. R. Genl. Cons. Reg'd 4s, 4)£s
John Wanamaker 1st 5^s, due 1949
Lehigh Valley R. R. Annuity 4K* ftnd 6s
Buffalo, Roch. & Pitts. Cons. Reg'd 4 H»» due 1957
A. T. & T. Teletype—Phlla. 22
Street
Philadelphia
through Falvey, Waddell & Co., N. Y. City, at $23.50 per share.
Of
the remaining 30,000 shares of common stock 12,000 shares are proposed
to be distributed to present holders of the common stock as a dividend at
the rate of 60% on the 20,000 shares presently issued and. 18,000 shares
of the remaining 30,000 shares of common stock are proposed to be distrib¬
uted to the holders of the 30,000 shares of stock to be offered to the public
by the principal underwriter after the completion of the purchase by the
principal underwriter of the 30,000 shares of common stock.
19354—
History and Business—Company was organized in New Hampshire on
March 7,1901, for the purpose of insuring any person against bodily injury,
disablement, or death resulting from accident, and providing benefits for
disability caused by sickness.
From date of inception to April 9, 1909,
it conducted its operations as a combined stock and mutual company.
On April 9, 1909, the form of organization was changed from a combined
stock and mutual company to that of a stock company.
After gradual increases the capital stock in 1932, in the aggregate of
$300,000, was reduced to $200,000, by the reduction of the par value of
8,000 shares of common stock ($25 par) to $12.50per share.
On the dates
of July 24, 1936, Oct. 7, 1936 and Oct, 22, 1936, the company by amend¬
ments to its charter increased its authorized capital from $200,000 to
J750,000, consisting of 2,000 shares of 6% preferred stock, $100 par, and
10.000 shares Of common stock $5 par.
Upon the completion of the pro¬
posed financing the company will have issued and outstanding preferred
and common stocks of the aggregate par value of $600,000 and a surplus
computed upon the balance sheet of Aug. 31, 1936, of $475,839.
The company has operated successfully since its inception, adding to its
underwriting certain general casualty lines, fidelity and surety underwritings, and has extended its operations to other States.
At the present
time approximately 350 agents are writing business for the company in
12 States and in the District of Columbia.
The following is a table showing the
volume of business done by the
company:
1931
1932.
Gross Premiums
Less
Reinsurance
Return Premiums
.
Ceded
—
-
—
—
-
1936 (8 mos. to Aug. 31)Proceeds and Purpose of
-
$397,191
371,344
394,603
294,557
359,424
317,125
Premiums
Net
Premiums
Written
$54,698
60,783
119,647
7,828
11,937
8,202
$342,492
310,560
274,955
286,728
347,487
1935
$
$
308,923
of the sale of the 30,000 shares of common stock, are estimated at $591,000.
Such estimated net proceeds from the sale of both classes of stock will be used
for the purchase of securities which are qualified as legal investments for insur¬
companies organized under the laws of the State of New Hampshire.
The requirements of the insurance law of the State of New York for a
casualty
company writing the lines which the company proposes to write
within the State of New York are that the company so applying for qualifi¬
cation shall have a minimum paid-in capital of $600,000, and a minimum
accrued surplus of $300,000 or a total of $900,000.
If the company is
not successful in selling all of the preferred stock being registered, it will
not have the necessary paid-in capital or accumulated surplus to qualify
within the State of New York.—V. 144, p. 948.
778,064
1,480,097
restricted
assets
Res. for retirement
annuities......
137,693
surplus... 2,689,302
Earned
750,000
2,219,671
47,441,203 47,674,658
Total
....47,441,203 47,674,558
Total
168,025
4,000
Represented by 429,848 shares (no par).
b Represented by 21,493
no par.
c Represents certificates for funds in reorganized banks
and notes receivable from former fiscal agents.
The income account for calendar years was given in
Chronicle
of
Feb. 6, page 948.—V. 144, p. 948.
a
shares
Peoples Gas Light & Coke Co.—Annual ReportIncome Account for Years Ended Dec. 31 (Company Only)
1936
1935
1934
1933
sales———$36,575,342 $34,328,891 $32,696,883 $30,143,814
Other oper. revenues.
497,591
562,450
544,347
591,388
Gas
—
earnings..$37,072,932 $34,891,342 $33,241,230 $30,735,202
Gas purchased..
11,211,349
9,743,525
7.593,699
12,940,537
Gas produced
1,452,565
11,831,253
10,290,307
12,153.354
Operation expense
9,833,969
1,374,055
Maintenance
1.418.692
1,966,685
1,546,348
State, local and miscell.
1
x3,293,137
3,319,822
2,615,577
Federal taxes
3,527,553
100,700
Federal income taxes—
See y
158,400
2,735,281
2,731,925
2,849,030
Depredation.
3,004,524
Total gross
$4,347,098
1,469,964
$4,357,283
605,497
$4,095,313
808,741
$5,448,723
868,272
Net earnings
$5,817,062
Int. on funded debt—3,528,528
Int. on unfunded debt..
163,418
Amort, of dt. disc. & exp.
195,645
$4,962,780
3,977,674
$4,904,054
4.127.693
107,438
144,069
100,955
185,690
$6,316,995
4,276,078
31,586
196,647
$733,599
$489,717
$1,812,683
Net earns, from oper.
Other income
Profit
on
sale of miscell.
Cr73,706
investments
Net
$2,003,177
income
Dividends
1,597,208
—...
—...
$733,599
$489,717
$215,475
x Indudes Federal taxes,
y No provision has been made by the company
for Federal normal income tax or Federal surtax on undistributed earnings
for the reason that the net income which would otherwise be taxable is
offset by certain non-recurring deductions arising from the refunding pro¬
Surplus for year— $2,003,177
gram
which are allowable for income tax purposes.
Years Ended Dec. 31
(Including Sub. Cos.)
Consolidated Income Account
Gas
1936
zl935
1934
1933
—$38,975,110 $36,181,118 $33,806,249 $30,696,408
revenues—
841,904
800,342
845,857
1,014,495
sales
Other oper.
Pennsylvania RR.—Authority to Increase Debt Asked—
Total gross earnings-$39,817,015 $36,981,460 $34,652,106 $31,710,904
At
13.
725,016
1,433,516
Acer. int. on bds..
168,010
Other accr. Uabll..
14,222
and expense
Surplus reserve for
Issue—The net proceeds to be received by the
The annual meeting of the stockholders will be held on April
Liabilities—
Property aooount.35,573,790 34,780,310 a Common stook..10,868,312 10,868,312
2,130,895
Materials & suppl.
240,327
206,764 b Preferred stock. 2,130,895
Investm't seours.. 5,412,975
5,279,796 1st mtge. bonds...10,998,000 10,998,000
Aocts. receivable.
593,649
539,315 1st ref. mtge. 4^8,11,134,000 11,135,000
120,668
146,197
Cash
2,216,329 3,438,158 Accounts payable.
Special deposits...
737,072 Matured int. on
743,429
funded debt—.
279,857
281,205
Sinking fund lor
456,714
456,714
102,069 Dividends payable
redemp. of bds.
141,097
765,378
874,827
268,380 Taxes accrued-...
Subscr. to cap.stk.
268,380
574,800
287,400
c Restricted assets 1,433,516
1,480,097 Equalization res..
64,529 Subscr. payable for
Prepaid charges..
92,692
268,380
268,380
capital stock...
Amortization debt
778,064 Res. for renewals
disc. & expense.
725,016
& replacements. 4,853,040
4,651,164
Res. for debt disc.
company, upon the completion of the sale of the 1,000 shares of preferred
stock are estimated at $102,000.
The net proceeds, upon the completion
ance
$
.
YARNALL & CO.
1628 Walnut
1936'
1935
$
WE WILL BUY
1937
13,
Gas purch. & produced.
this meeting directors will subniit to the stockholders the annual report
for 1936 and will request authortiy for the stockholders to increase the
expense
Maintenance
company's indebtedness to the extent of $95,000,000, this additional
authority to be used at such times as the directors may decide.
This is the customary procedure under the laws of Pennsylvania, i.e., the
directors do not make new issues of the bonded debt without first having
obtained authority from the stockholders.
This does not mean that any
new debt is to be issued immediately, but the authorization gives the
directors the power to sell, if and when necessary, the capital
obligations
for the improvement of the property, equipment and facilities for more
efficient and economical operation; to pay off maturing obligations and
to refund existing indebtedness at lower interest rates.
The last increase of indebtedness authorized by the stockholders in 1936
is now almost exhausted.
That authority was for $75,000,000, of which
$20,000,000 was issued in general mortgage bonds and used for capital
expenditures and for redeeming capital obligations, and $52,670,700 will
be used for the recently announced convertible bond issue, leaving, with a
previously unused balance of $905,000, an available margin or unused
authority of only $3,234,000.
The company must always be in a position
to take advantage of market conditions for refunding debt issues, and to
provide funds for additions and betterments and for other capital purposes.
The directors will exercise the same discretion in the use or the proposed
new authorization to be requested at the April meeting, as heretofore has
characterized the management of the company.
Looking back for the last five years Notwithstanding important ex¬
penditures for additions and improvements to the property, such as new
electrification and improvement work, and for refunding of existing debt at
lower interest rates, the net increase or bonded debt, exclusive of equipment
trusts, averaged only slightly over 1% per annum during the five-year
period, while interest on bonded debt actually showed a slight net annual
decrease because of refunding.
These results flow from a continuation of the company's policy in the
conservative use of new capital issues, supplemented by the use of earnings
and surplus in improving the property.
During the same five-year period, 1931-1936, the company has sub¬
stantially improved the carrying capacity and efficiency of its equipment,
including the new electric locomotives and freight cars, but this did not
result in greatly increased annual charges on the total equipment trust
obligation,
It did increase the outstanding principal amount.
However,
even including the principal of equipment trusts, the net increase in the
combined outstanding bonded debt and equipment trusts of the Penn¬
sylvania RR. Co. during that period averaged only 1.6% per annum, be¬
cause annually a substantial amount of
equipment trust obligations was
16,120,230
9,521,008
2,006,745
14,100,253
10,109,862
1,564,752
10,203,445
11,859,223
1,432.926
7,599,429
10,156,433
1.385.522
3,623,458
84,803
2,695,855
220,213
2,173,249
*3,463,637
State, local and miscell.
terest
Sdd offcharges on bonded debt and equipment trusts during that period.
and retired. There was only a slight increase in the combined
—Y. 144, p. 785.
Pennsylvania
Water
Co.—Bonds
Offered—Mellon
Se¬
Operation
Federal taxes
Federal income taxes—
Surtax on undist.
.....
17,917
3,288,246
3,174.477
2,974,148
2,961,682
Net earns, from oper.
Other income
$5,154,605
1,521,801
$5,116,047
824,688
$5,755,938
1,018,999
$6,141,200
837,405
$6,676,406
$5,940,735
$6,774,938
3,847,760
4,350,940
166,282
158,808
4,507,501
114,153
202,919
$6,981,605
4,771,208
35,548
213.876
of sub.
cos
—....
Depreciation
Net earnings..
on funded debt
Int.
Int.
on
unfunded debt—
226,921
Amort, of dt. disc. & exp.
Amort, of intangibles of
197,463
subsidiary companies.
Losses of minority int..
209,276
209,276
135,411
Cr 15,563
investments
Cr73,706
Net incomeDividends
....
$1,070,989 ' $1,953,365
$2,133,280
$1,960,974
1,518,207
$1,953,365
$442,767
—
$1,070,989
Surplus for year
$2,133,280
Shs. cap. stock outst'g
(par $100)
664.421
Earned per share
$3.21
-
y
676.210
664,421
676,377
$2.90
$1.61
$2.89
in 1936 and
x Indudes Federal taxes,
y Does not indude 35,297 shs.
1935, 34,897 shs. in 1934 and 34,801 shs. in 1933 acquired by Peoples Gas
Subsidiary Corp.
z
As adjusted.
31
Balance Sheet Dec.
(Company Only)
•/.
1936
'
Assets-*
"
..........—...—
Deposits for matured bond interest, Ac
Deferred charges and prepaid accounts....... —
Other assets
Cash
Peoples Drug Stores, Inc.—Sales—
*
Month of—
January,-—.--—
—Y. 144, P. 461.
1937
$1,798,040
1936
1935
1934
$1,613,084
$1,466,958
$1,322,136
22,016,189
748,310
9,586,673
112,467
6,668,183
4,934,213
Materials and supplies...
1,916,921
........
......————
Total....—
Liabilities
—
—
—
—
...
Depreciation
;
reserve
reserves......
...
Insurance reserve
b Reserve for prospective loss.—
Reserve for contingencies
Capital surplus
——
Earned surplus...............—
...........
157,600
73,548,000
1,676,272
1,952,420
•
525,603
8,652,231
228,356
20,571,565
579,560
500,000
...
Total.
314,145
69,971,800
*
...
Funded debt..
Miscellaneous
1935
25,986,693
698.330
9.055.326
120,337
5,685,490
3,112,386
418,996
2,106,737
—.—191,067,739 201,803,423
Deferred liabilities
Accounts payable......
Accrued interest on funded debt...i..
Accrued taxes
Miscellaneous current liabilities
bonds, due Sept. 1, 1940.
Balance of the proceeds will be
available for working capital.
Company supplies water service for domestic, commercial, industrial
and municipal purposes in suburbs of Pittsburgh.
► The new bonds are secured by a first mortgage lien on real estate and
rights of way owned by the company.—V. 144, p. 786.
.
■
on hand and demand deposits....—.—...
a Accounts receivable
Tax anticipation warrants
.....
....
due Feb. 1, 1967.
coupon
'
.—.144,770,636 154,619,126
Plant, property, rights, franchises, &c
Investments and advances
Capital stock ($100 par)
Capital stock subscribed
gold
Cr3,6oi
Profit on sale of miscell.
curities Corp., Pittsburgh, on Feb. 11 offered at 102 and
accrued int. $2,238,000 1st mtge. bonds, series A, 3J^%,
The net proceeds will be used to retire a bank loan amounting to $2,152,600.
ThiB debt was contracted on Jan. 28 for the purpose of redeeming
on March 1 all of the outstanding 5% general mortgage and collateral trust
253,177
earns
...
4,165,703
1,419,700
.............
69,971,800
159,400
77,800,000
1,659,168
2,277,401
563,019
7,331,351
384,467
26,874,716
1,102,135
500,000
—...
1,419,700
6,629,893
7,118,926
5,130,373
...................19^067^739
201,803.423
a After reserve for doubtful accounts,
Ogden Gas Co., a subsidiary.
.........
b Due to guarantee of bonds of
Volume
•
Financial
144
Consolidated Balance Sheet Dec.
31
1936
Assets—
Invest, in and advances to affil. & other
764,235
9,613,909
182,643
8,564,083
5,288,911
314,145
Other assets
on hand and demand
deposits
b Accounts receivable
Tax anticipation warrants
Cash
Due on sale of natural gas investments
Materials and supplies
Total
Net gain
Preferred dividends
66,442,100
215*200
79,287,100
2,713,157
2,194,208
574,188
9,086,922
Funded debt
Deferred liabilities
Accounts payable
Accrued interest on funded debt
Accrued taxes
Natural gas securities deliverable
Assefs—
reserve
Miscellaneous reserves
Insurance reserve
Reserve for contingencies
__
Capital surplus
Earned surplus
Total
Merchandise
After reserve of $8,681,652
in
for doubtful accounts,
V. 144, p. 116.
c
25,826
118,886
surr. value life insurance
Accts. rec. & advs. (miscell.).
b Plant and
equipment..
Patents and goodwill
Deferred and prepaid items^..
Total
$2,381,854
Less amortization,
c
to
Approval has been given by Pennsylvania Public Service Commission
the application of the company for the sale of
$130,000,000 refunding
bond issue.
The issue also must be registered with Securities and
Exchange
Commission at Washington. Proceeds of sale will be used to
retire $125,128,600 of funded debt and reimburse company treasury for $4,871,400.
New bonds will bear interest at 334 %,
replacing gold bonds outstanding
carrying 4 to 5% interest. Savings of approximately $1,000,000
annually
n interest
charges will result to company.
The new bonds will be dated March
1, 1937, and are to mature in 30
years.
New bonds are to be redeemable at option of
company at any time,
at prices which, beginning March
1, 1941, will decrease at three-year inter¬
vals to Feb. 28, 1962, after which
they will be redeemable at par.
The redemption prices of the new bonds have not
yet been fixed, for the
company does not know the exact price at which the bonds will be marketed
to the
public, but it has stipulated that initial redemption price shall not be
than 5 points in excess of the
public offering price.
The entire issue is to be sold for cash to investment
bankers at a price
which will be not lower than the public
more
offering price less 2 points, and in
any event not less than par.
The new issue will refund the
following: Philadelphia Electric Co. first
mortgage gold bonds, due Oct. 1, 1966, 4% series $1,498,400 and
5% series
$32,464,700; Philadelphia Electric first lien & ref. mtge. 434 % bonds,
due Nov. 1, 1967, $31,533,000; Suburban Gas Co. of
Philadelphia 1st mtge.
5s, due April 1, 1952, $1,323,000; Philadelphia Suburban-Counties Gas &
Electric 1st & ref. mtge. 434s. due May 1,
1957, $18,309,500, and Phila¬
delphia Electric 1st & ref. mtge. 4s, due Feb. 1, 1971, $40,000,000.—V.
144, p. 948.
Total
The 1st mtge. 4% bonds mature
July 1 next.
Although there are no
present defaults under the mortgage indenture, Bankers Trust
Co., as
trustee, has called a meeting of bondholders in anticipation of this
maturity.
It understands that the
company will be unable to meet the principal at
maturity and it is informed that the Hon. Manuel Quezon, President,
and other representatives of the Commonwealth of the
Philippines, will
be in the United States some time
during February and March.
In its letter to bondholders, Bankers Trust Co. is
urging every bondholder
who can to attend the meeting
personally.
However, it has likewise created
machinery through proxies to permit complete representation of those
who cannot attend.
The meeting should afford bondholders an
oppor¬
tunity not only to discuss the situation in advance of
maturity but spe¬
cifically to organize a protective committee.
It will be held at 10 30 a.m.,
Feb. 26, at 14 Wall St.
at not less than their face amount and the
not
extend
to the principal.
Last year, under date of
advised the bondholders of the probable impossibility
of paying the principal at maturity and called for a
deposit of bonds in
connection with a proposed offer by it to the Commonwealth of
the Philip¬
pines for the sale of the deposited bonds at 35.
This offer, however, was
never acted upon by the
Philippine Assembly.—V. 144, p 620.
period of 1,000 years from
April 1, 1907.
By the terms of the lease the company was required to
assume and unconditionally guarantee all indebtedness of the lessor then
existing or thereafter to be incurred.
The Rangeley Lakes prior to the date of its lease, had issued $400,000 of
first-mortgage 5% bonds, and $300,000 of 20-year 4% mortgage bonds.
The latter matured Nov. 1, 1923, and were refunded by the issue of a like
amount of 6% sinking-fund mortgage gold bonds.
Of the $400,000 of 5% bonds which will mature Oct. 1, 1937, $258,500
is held by the trustee in a sinking fund, $18,000 is held by the company,
and $123,500 is outstanding in the hands of the public.
Of the $300,000
of 6% bonds, $156,000 has been retired, $30,000 is held
by the company,
and $114,000 by the public.
These bonds will mature Nov. 1, 1948.
The
railroad of the Rangeley Lakes, and the operation thereof, have been
,
abandoned as to inter-State and foreign commerce.
The company, under the terms of its lease, will be required to pay I at
maturity
on
Oct.
Phoenix Hosiery Co.—Accumulated Dividend—
a
not
bonds, with accrued
exceeding 6% per annum, and will be sold to the Maine Central at their
Providence Washington Insurance
Income Account for
Co.—Earnings—
Years Ended Dec. 31
1936
Net
Other
Loss
*
reserve
Underwriting
profit
Income from investments.
Dividends
paid'.
.
$5,079,557
2,249,173
2,240,327
144,796
73,188
65,260
18,175
Crl54,445
$450,164
447,780
Dr9,724
$443,082
405,488
Drl0,240
$762,758
420,000
$888,221
$838,330
330,000
$513,221
1,868,359
Dr57,786
$508,330
632,057
$1,468,639
...
reserves
$5,214,526
2,142,597
2,304,780
237,220
94,195
70,724
Crl32,730
47,574
$342,758
1,389,131
Dr263,250
—
$8,302,378
3,222,822
$208,783
575,474
Dr.21,500
Taxes
Unearned premium reserve
Federal tax reserve
1934
$8,595,091
3,380,565
$5,340,782
2,450,164
2,378,071
286,347
57,320
34,260
Cr 165,410
91,246
premiums
Net losses paid
Expenses
1935
$8,882,481
3,541,699
Gross premiums
Returns and reinsurance
Appreciation of securities
Federal tax
reserve on
Coke
Bonds and Stock—
&
Iron
Co.-
Increase in surplus
$2,323,794
$1,140,387
Balance Sheet Dec.
1936
375,000
$
bonds
S.
•Registration
Filed for
>
The company has filed a registration statement with the Securities
and
Exchange Commission under the Securities Act covering $3,000,000 of
434 % first mortgage bonds, series A. due 1952, 20,000 shares of $5 cumula¬
tive convertible preferred
stock, 340,000 shares common stock, no par,
and common stock scrip, 1948 series, for
300,000 shares to be issued in
lieu of fractional shares.
Of the common stock being registered, 40,000
shares are to be offered
through underwriters and 300,000 shares are
reserved for issuance upon conversion of the bonds and
pre v. stock.
The proceeds are to be used toward the
purchase of $3,385,000 6%
more
and
State, Municipal &
1,697,791
2,081,100
1,602,487
1,823,440
1,451,674
Preferred stocks.. 1,429,440
Other stocks
5,387,560
Anchor Ins. Co...
Pittsburgh & Lake Erie RR.—Earnings—
building...
100,000
Bills receivable...
1,127,917
3,588
1,324,195
1,284,430
4,382,835
100,000
1,069,117
3,982
922,765
from ry. oper.
299,139
165,986
4,998,882
Railway tax accruals
♦Equip, and joint facil.
476,235
68,075
2,127,418
161,279
140,918
2,023,763
1,729,971
df$15,817
372,176
$238,829
118,549
$4,895,227
534,527
$3,762,399
$356,359
*14,354
6,749
$357,378
26,541
7,652
$5,429,754
695,346
143,159
$4,168,839
626,380
297,086
$363,964
$323,185
$4,591,249
$3,245,373
$0.37
$5.32
$3.76
Net ry. oper. incomeTotal income.
Miscell.
deductions
Fixed charges
.
3,164,148
of stock
$50.
♦ Credit.
Accruals covering excise tax account
1,131,720
4,215,915
Capital
Surplus
606,279
3,000,000
7,579,974
399,829
3,000,000
6,111,335
Total
16,262,901
14,431,307
for
unearned
premiums
Res. for taxes, exp.
& other liabilities
856,398
Office
Cash
Agents' balances &
other assets
Total
16,262,901 14,431,307
-V. 143, P. 4165.
Public
Service
Holding
Corp.—Fraud and Conspiracy
in
Wallace G. Garland, Arnold O. Mason, and 18 others went on trial Feb. 8
Federal Court on a 43 count indictment
alleging mail fraud and con¬
Four other defendants accused of playing parts in a fraud that cost the
public between $3,000,000 and $5,000,000 through the sale of stock of
the Public Service Holding Corp. and its subsidiaries, entered pleas of
guilty before Judge John C. Knox.
They were:
Irving Levinson, Paul Moscou, Herbert W. Schmidt and
Max
Silver.
p.
786.
according
to
the
Holding Corp., organized by Garland, was capitalized,
Government, by non-earmng stock in some 15.or 20
corporations.
406,440
Railroad Retirement Act for the
were charged to Railway Tax Accruals
period March 1 to Dec. 31, 1936,
In the month of December.—V. 144,
4,273,235
Res.
The Public Service
*
Income per sh.
value
704.227
spiracy.
Period End. Dec. 31—
1930—Month—1935
1936—12 Mos.—1935
Railway oper. revenues. $2,053,240
$1,437,846 $22,204,490 $16,822,332
Railway oper. expenses.
1,754,101
1,271,860
17,205,608
13,658,184
Other income
trust cos.
$
$
803,412
Trial—
Hemphill, Noyes & Co. will be principal underwriter.
The names of
other underwriters and offering
prices will be filed by amendment.
rents
&
(stocks)
Company states that part of the purchase price of the debentures is to
& Chemical Co. of 5,000
be paid through the issuance to Neville Coke
shares of the preferred stock being
registered.
2,084,423
1935
1936
Liabilities—
Reserve for losses.
Treasury ctfs... 2,061,066
first
than $2,000,000 10-year con¬
$
31
1935
Assets—
U.
Bank
mortgage bonds and to purchase not
vertible debentures.
investments—
;
other bonds....
Pittsburgh
par
1937, the principal of the 5%
the money for payment of the principal of these bonds, aggregating $237.500. the company proposes to obtain a loan or loans from the Maine Central,
and will issue therefor its promissory note or notes in the aggregate amount
of not exceeding $237,500.
The notes are to be payable in not more than
12 years from the date or dates thereof, and to bear interest at the rate of
dividend of 87 34 cents per share on account
of accumulations on the 7% cum.
pref. stock, par $100, payable March 1
to holders of record Feb. 17.
A similar payment has been made in each of
the 15 preceding quarters, as compared with
8834 cents paid on March 1,
1933, and 87 cents on Dec. 1, 1932.—V. 143, p. 2857.
rev.
1,
interest thereon, and has been requested by the Rangeley Lakes to provide
funds for the payment, on May 1, 1937, of the 6% bonds which are to be
called for redemption on that date at par and accrued interest.
To obtain
company
The directors have declared
Net
proceeds applied to the payment
The company, which is controlled through stock ownership and lease by
the Maine Central RR., acquired
by lease, control of the properties of the
Rumford Falls & Rangeley Lakes RR., for a
The
bonds are issued to a total amount of about
$8,500,000 and repre¬
95% of the original cost of railway lines in several islands of the
Philippines constructed pursuant to concessions granted through the
Bureau of Insular Affairs of the War Department.
While interest was
guaranteed for a period of 30 years by the Philippine
Government, the
sent
does
.
Portland & Rumford Falls RR.—Notes—
The Interstate Commerce Commission on Feb. 3 authorized the company
to issue a promissory note or notes for not
exceeding $237,500, to be sold
Meet Feb. 26—Maturing
to
Bond Issue to Be Discussed—
May 8, the
$2,381,854
-
b After depreciation of $1,752,357*
d Less reserve.—V. 143, p. 4164.
face amount.—V. 140, p. 3731.
Philippine Ry.—Bondholders
guarantee
90,000
147,760
1,200,000
762,346
stock
Surplus.
After depreciation of $186,244.
a
,
36,800
23,767
Common
50,444
13,889
211,269
973,381
22,159
c
$22,550
98,630
.....—
Deferred notes payable
Preferred stock
2
Cash
....
of outstanding bonds.
Philadelphia Electric Co.—To Issue $130,000,000 Bonds
total
Reserve for Income taxes.....
Inventories
machines
626,914
1936 ($10,480,101 in 1935).
b After
Includes notes payable of $653,420.—
$270,638 Notes payable
313,568 Accounts payable
381,789 Accrued accounts
Invest. Redler Conveyor Co._
Miscellaneous Investments
195,464,186 211,356,889
reserve
hand.._
Leased and measured service
a
7,788,080
8,818,164
on
d Notes & accts. receivable...
1,682,326
c3,103,879
231,168
23,385,062
597,215
500,000
1,419,699
a
Liabilities—
Cash in banks and
221,600
85,254,200
435,158
491,511
29,272,808
1,023,754
500,000
1,419,700
6,629,893
6.464,965
$130,444
10,534
-
Consolidated Balance Sheet Nov. 30, 1936
66,442,100
-
Miscellaneous current liabilities
.....
Note—There has been absorbed in operating costs and in expenses
of $200,810 for depreciation and development.
418,996
435,158
2,294,499
195,464,186 211,356,889
Liabilities—
a
-
3,473,473
2,143,150
Capital stock ($100 par)
Capital stock subscribed
Depreciation
Receipts from sales, machines on lease and other sources—.— $1,281,478
Shop cost, operating, administrative and selling expenses
1,018,945
Development
107,852
Income taxes, Federal, Massachusetts and Canadian—
24,237
716,079
9,073,260
326,752
9,659,878
.
Subs.)—Earnings
Earnings for the Year Ended Nov. 30, 1936
$
154,489,414 168,229,706
14,103,693
16*729,085
cos
Deposits for matured bond interest, &cr
Deferred charges and prepaid accounts
1121
Pneumatic Scale Corp., Ltd. (&
1935
$
Plant, property, rights, franchises, &c
a
Chronicle
(Including Subsidiary Companies)
One of the first Garland concerns was the Automatic Signal Corp.,
organized in 1927 to manufacture a so-called electric-eye system for traffic
guidance.
Ten corporations also are on trial.
They are the Automatic Signal Corp.,
Cooperative Finance Corp., Elliott Myers & Co., Inc.; theiEngineering
& Research Corp., George Henriques &
Co., Heavry W. Sieg & Co., Inc.;
Public Service Holding Corp. of Del., Public Service Holding±Corp. of
N. Y., the Stirlen Corp. and J. Winfield & Co.
(N. Y. Times Feb. 9).
Prudence
Bonds
^
Corp.—Committee
Advises
Against
Approval of Plan—
Albert
dence
D.
Phelps, Chairman of the executive committee of the Pru¬
Bondholders'
Protective
Association
on
Feb.
7
sent
a
circular
to
Financial
1122
holders of 15 series of Prudence bonds urging them to stand against ratifica¬
tion of the recent reorganization plan.
He charges it would give the Pru¬
practical control of the underlying collateral until 1945.
Other objections outlined against the plan are its failure to provide for
fixed interest payments, its failure to wipe out stockholders' interests and
ts failure to make interest payments cumulative.
dence Bonds Corp.
Payments
Ruling on Bond Payments—
inch in U. 8. Court, Brooklyn, has decreed that $1,790,000 of
Judge
which are owned by its affiliate Prudence Co.,
Inc., shall earn no interest until the $50,000,000 of other bonds of PrudenceBonds Corp. that were sold to the public have been paid in full.—V. 144,
Prudence-Bonds Corp. bonds
p.
463.
annual
their
at
meeting
March 2 will consider the
on
granting of options to officers of the corporation and its subsidiaries, in
amount to purchase 27,500 shares of common stock; also to grant to persons
who may be or become officers or employees of the corporation and its
subsidiaries, an option to purchase 6,069 shares of common stock (2,000
shares of which to be granted to John MacManus as an inducement to his
immediate execution of an agreement of employment by Oushman's Sons,
Inc., a subsidiary of the corporation).
Consolidated Income Account
Jan. 2, '37
Years Ended—
Dec. 28, '35 Dec. 29, *34
$14,323,390 $11,802,694 $11,651,747
690,008
629,007
524,868
Depreciation of plant and equipment1,205,429
1,124,858
1,157,222
Selling, gen. & adminis. expenses
10,921,763
9,694,150
9,151,712
Gross operating profit
Maintenance and repairs.
_.
_
144,747
$354,677
18,538
123,761
$817,945
32,805
107,075
Amortization of debt discount & exps.
Prov. for Federal income tax
$1,659,983
328,866
31,496
278,923
$496,977
335,853
31,496
140,487
$957,825
349,199
31,496
121,647
Net
operating profit
Discount
on
$1,506,190
-
Total income
Int.
debs. & other indebtedness
on
Prov.
for
profits
9,046
debs. retired through s. f.
Interest, discount & sundry receipts _
Fed.
surtax
on
undistrib.
86,418
_
co.
Common dividends.
$455,483
246,265
$690,114 loss$251,583
771,476
771,476
pref. stocks
loss$10,859
240,724
$209,217
771,476
Deficit.
$81,362
$1,023,059
$562,259
Nil
$0.89
stock (no par).
$0.27
Consolidated General Balance Sheet
Liabilities—•
$
$
Assets—
xProperty, plant &
equipment
16,780,989
Prop, to be acq. in
y
of contra
acquire, prop.
in year 1939
RCA Communications,
&Sbl°ePopef.exp.
Teleg!
Goodwill, &c_.... 10,578,268 10,571,545
1,668,146
1,920,685
335,370
29,739
268,214
1,243,612
1,245,772
receivable
Sim. tr. accts., &c.
Inventories
141,500
100,000
3,467,832
4,180,972
7,087,974
Treasury stock..Dr419,743
3,348,787
4,171,384
160,000
of
holders'
stock¬
in
int.
95,920
74,762
348,372
5,320
391,112
Capital surplus
13,053
Earned surplus
723,339
749,264
State authorities
stock of subs
.
z
Prepaid expenses &
deferred charges
y
100,000
100,000
Indebtedness
Minority
sundry invest.
Bal. duefr. empl__
1935.
140,487
Contingency res've
deps. with
reserve
7,169,336
Z»r419,743
.32,279,063 32,164,185
Total
32,279,063 32,164,185
After
a365,341
tax...
Mtge. receivable &
x
886,231
expenses
Provision for Fed-
40,102
69,950
_
Total
982,985
Accts. pay. & accr.
subsidiaries
20-yr. 5% sink. fd.
gold debs
Statut.
6,400,000
Int. on debentures
accts.
for depreciation of $8,450,154 in 1937
and $7,882,371 in
Represented by 805,045 shares of no par value, z Represented by
a Includes $86,418 surtax on undistributed
33,569 shares at stated value,
profits.—V. 144, p. 949.
Statement of
$1,600,812
Total
87,227
certificate of incorporation
t
36,479
stock reacquired
Representing the equalization of the per-share amounts
tribution account at dates of reacquisition.
Balance Sheet Jan.
Investments, at cost
Cash
on
dep.
Dividends
with trustee..
receivable
$27,733,970
1,585,023
24,475
1
Furniture and fixtures
to
-V.
$135,000
income
Red
accr'd taxes
brokers
$248,890
20,855
net
profit
from
447,540
a 1936
b 1935
$101,850,000 $89,228,900
11,500,000
10,343,200
all sources..
Federal
income
taxes,
preferred stock will be accompanied by an option warrant
5,400,000
b Actual.—V.
Radiomarine Corp.
Period End. Dec. 31—
Teleg. & cable oper. rev.
Teleg. & cable oper. exps.
Uncollect, oper. revenues
to
oper..
Operating income
Non-oper. income
Gross income
144,
p.
5,216,300
$6,100,000
goodwill
Taxes assign,
$5,126,900
117.
1936—12 Mos —1935
$923,235
$1,038,587
786,097
800,634
3,000
50,164
3,000
250
250
6,258
1,048
$13,286
$10,240
3,544
$184,789
2,178
$107,115
7,831
$13,784
$186,967
$114,946
$13,784
$186,967
$114,946
485
$13,771
'
Net
income
144, p. 289.
$13,771
,
...
had franchies covering some 900 miles of
inaugurated a broad expansion program.
In Sept. 1934 a franchise from Victoria to Sinton was acquired. During
1935 Red Arrow success!vley obtained three franchises:
(1) Covering the
"Hug-the-Coast" route from Houston to Corpus Chrisit; (2) covering a
line from Victoria to San Antonio, and (3) covering a line from Houston
northward to Huntsville, Trinity, Lovelady and Groveton.
1, 1934 Red Arrow
Soon thereafter Red Arrow
line.
1936 brought even more important developments.
First, Red Arrow
purchased a line whose principal franchises extended from Dallas to Pale¬
stine.
Then another line with franchises from Houston to Palestine was
obtained.
Joining together these two previously unrealted lines. Red
Arrow constructed a through route between Houston and Dallas, Texas'
two largest cities.
At the beginning of 1937 Red Arrow owned franchises- upon 2,060 miles
and leased franchises upon 103 miles, total 2,163 miles of line.
This is
believed to be the largest franchise mileage of any strictly Texas motor
freight line.
In Jan. 1937 Red Arrow contracted to purchase franchises between
Dallas and Fort Worth, from Fort Worth to Stephenville and from Fort
Worth via Cleburne and Hillsboro to Mexia.
This purchase, however, is
subject to approval by the Interstate Commerce Commission and by the
Railroad Commission of Texas.
Now pending before the Railroad Commission of Texas is another appli¬
cation by Red Arrow for an additional franchise covering the route from
Bremond southward through Hearne, Rockdale, Giddings, La Grange and
Yoakum to Cuero.
If granted, this franchise will permit Red Arrow to
inaugurate an exclusive overnight service from Dallas to Corpus Christi.
Purpose—Thus far, Red Arrow has financed its growth entirely through
re-invested profits, bank loans and purchase money indebtedness.
These
limited sources of capital, however, have not kept pace with the company's
rapid growth.
Through the present public financing funds are being raised:
(1) To build and equip a new freight terminal upon the company's land
at the corner of Chapman and Conti Streets, Houston.
.
(2) To clear indebtedness from the above land.
(3) To liquidate bank loans and other debts
purchasing franchises, trucks and other equipment.
(4) To augment the company's working capital.
heretofore incurred in
To Be
,
Authorized
Outstanding
1,500 shs.
1,500 shs.
Capitalization—
$6 preferred stock (no par)
Common stock (no par)
*28,500 shs.
...
16,465 shs.
Presently to be outstanding, 16,465 shs.; reserved against option war¬
$10 per share, 7,500 shs.; optioned to underwriters at $10 per share;
3,750 shs.; authorized for general corporate purposes,
Profits for Calendar
785 shs.
Years
1935
Freight revenue and other income
Operating expenses
Depreciation
Interest, licenses and other deductions
Federal
$341,743
288,598
17,463
5,173
xl936
$561,911
472,473
25,886
15,278
4,331
6,184
$26,177
1,500 shares of $6 pref. stock pre¬
$42,089
taxes
Dividend requirement on
9,000
sently to be outstanding
33,089
Balance for common stock
stock (based on 16,465 shs.
First 11 months audited;
books
without
$2.00
month of December included as per company's
audit.
Option Warrants—Each share of $6 preferred
by an option warrant giving the owner thereof
stock will be accompanied
the privilege of purchasing
share until Feb. 1, 1940.
These option warrants may be exercised at any time during their life.
They become void, however, (a) if detached from their appurtenant $6
preferred stock certificate, or (b) if the appurtenant $6 pref. stock certifi¬
five shares of common stock at $10 per
cate is redeemed.
Regent Knitting Mills, Ltd.—Initial Dividend—
initial dividend of 40 cents per share on
stock, payable March 1 to
Republic Service Corp.—Bonds—
Commission on Feb. 5 declared effective
amendments filed by the corporation under
connection with the issue and sale by it of $400,000
5% first lien collateral trust bonds, series "A," due 1951. The Commission
found that the bonds are to be sold solely for the purpose of refunding or dis¬
charging outstanding securities. While the bonds are being sold at a sub¬
stantial discount, the Commission said it did not find that such a price
was unreasonable.—V. 143, p. 1245.
The
Securities and Exchange
of Feb. 3 a declaration and
Republic Steel Corp.—May Acquire Gulf States Steel—
of America—Earnings—
1936—Month—1935
$81,413
$87,464
69,874
67,670
27,022
See
Gulf
States
Directors
Steel
Co.,
above.
Resigned—
The corporation has
notified the New York Stock Exchange that Henry
Hancock resigned as directors on Jan. 29.
K. Bourne, Julis Kahn and W. W.
—V.
Deductions
-Y
privilege of purchasing five shares of common
Feb. 1, 1940.
the Public Utility Act in
and
Net profit.
1,500 shares
flat. Stock
Transfer Agent—The National Bank of Commerce of Houston.
History—Leonard B. Brown started his motor freight business in Corpus
Christi, Texas, on July 19, 1927 with initial capital of $298.80.
In March
1928 his brother, Harry P. Brown, joined him to form Red Arrow Freight
Lines as a partnership, with headquarters in Corpus Christi.
The enter¬
prise was incorp. in Texas in Sept. 1931, and the main office was moved to
Houston in January 1932.
'
As of April 1, 1934 the two brothers divided the business into two por¬
tions, eastern and western.
The western portion was taken over by Harry
P. Brown, who incorp. it separately as Brown Express, Inc., with head¬
quarters in San Antonio.
The eastern portion was continued without
interruption as Red Arrow Freight Lines, Inc., owned by Leonard B.
as
interest,
depreciation, and amortization of patents
Inc.—Pref. Stock Offered—
Lines,
the $1.60 non-cumulative convertible preferred
holders of record Feb. 15.—V. 143, p. 2534.
of America—Earnings—
Calendar Years—
Gross income from
Estimated,
$229,429
Arrow Freight
Each share of $6
$29,343,469
Total
Net income before the following deductions
•
$486,425
The directors have declared an
Radio Corp.
for
$8,765
giving the owner thereof the
stock at $10 per share until
144, p. 787,
Provision
$665,528
436,099
Moroney & Co., Houston, Texas, are offering
of $6 pref. stock (no par) at $100 per share
offered to residents of Texas only.
x
1,457,909
Common stock (par 10 cts.)_
243,205
Paid-in surplus
26,925,070
$29,343,469
$859,758
373,333
presently to be outstanding)
sales of securities
Total
$44,137
35,372
Net income per share of common
Distributions pay. Feb. 1...
Unapprop.
$88,515
577,013
143, p. 3855.
—V.
►
Acc'ts payable &
Due
$1,457,909
of the dis¬
15,1937
Liabilities—
Assets—
$315,392
544,366
$164,312
29.313
Net income
a
163,536
def$6,269
50,406
a 19,197
Remainder (regular distribution of 30 cents a share and extra
distribution of 30 cents a share payable Feb. 1, 1937)
lfiq'llfi
127,290
139,109
rants at
Distribution Account for 3 Months Ended Jan. 15, 1937
$816,673
784,139
and changes in capital structure
Portion of consideration paid for capital
u!'S
$109,551
54,762
Deductions.... "I
unappropriated net profit from sales of securities.
Operating expenses
Costs incidental to amendments to
$4,161,195
3.844,989
158,530
12,000
247,545
Operating income
Non-operating income..
.
Transfer from
it'!??
12,455
1.000
47,683
*
Quarterly Income Shares, Inc.—Earnings—
Dividends
$4,643,206
4,011,676
15,423
8,290
9,005
Uncoil, oper. revenues..
Taxes assign, to opers..
Net
1936—12 Mos.—1935
371.339
330',039
Other oper. revenues—
Other oper. expenses—
underwriters
143, p. 1569.
Inc.—Earnings—
1936—Month—1935
$492,205
$389,293
Period End. Dec. 31—
Teleg. cable oper. revs.«
,
147,500
6,200,000
5% debentures
Cash.....
Customers'
10,066,203
to
147,500
_
Common stock. 10,066,203
17,142,215 Contractual oblig.
1939 in terms
yr.
Jan. 2, '37 Dec. 28/35
$
$
37 Dec. 28,'35
Jan. 2,
proposed amend¬
would be underwritten, involving an option to
for 15,000 additional shares at the same price.—V.
Brown in Houston.
......
$934,279
244,165
Stock—
meeting on March 15 will vote on a
Such offering
for one year
On April
Net profit
Divs. on sub.
a
increasing the capital stock and on an agreement looking to raising
additional capital by offering about 48,000 shares to common stockholders.
Gross income
Purity Bakeries Corp.—Options—
Stockholders
Raytheon Mfg. Co.— To Increase
Stockholders at
1937
13,
ment
Bonds—
on
The reorganization trustees on Jan. 29 paid $1.25 on each $100 of the
company's 12th series.
Payment amounted to $55,000.
A disbursement of $1 on each $100 bonds of its 13th series was made
Feb. 1.
Payment amounted to $50,000.
Feb.
Chronicle
144,
p.
787.
Rochester Gas & Electric Corp.—Earnings—
31—
1936
1935
1934
$14,722,949 $14,117,800 $13,624,672
Net after operation, taxes & reserves
4,372,547
4,270,705
4,329,301
Surplus after all charges incl. pref.
dividends
1,372,285
1,333,325
1,428,600
—V. 144, p. 118.
12 Months Ended Dec.
sales.
Gross
Volume
Financial
144
Richman Brothers Co.
Calendar Years—
Operating profit
Other income
—
FTotal income...
$1,795,074
155,977
$2,590,643
*363,600
$2,405,339
305,000
$2,071,574
251,000
$1,951,051
231,500
$2,100,339
1,787,460
$1,820,574
1,787,460
$1,719,551
1.787,460
$216,129
...
Net profit
Dividends
x
$1,792,861
278,713
$2,066,414
338.925
$2,227,043
2,010,913
...
Federal taxes
Surplus for
$2,369,496
221,146
1933
1934
1935
$312,879
$33,114
def$67,909
year
Calendar Years—
Rev. from power sales-Miscell.
1936
hand,
on
$
2,358,613
6.211,887
2,047,672
7,174,674
receivable
77,717
2,706,472
156,073
3,777,384
82,901
Mdse. inventory.. 2,984,823
Other assets
239,434
b Permanent assets
Leaseholds and
895,683
Taxes
3,674,138
254,981
134,089
307,050
144,090
$1,800,037
$1,600,045
251,345
33,940
118,329
88,696
945,000
55,506
$1,454,468
$23,368
76,203
55,478
$314,263
214,512
249,929
81,000
$188,808
201,938
176,233
$107,228
99,570
$197,846
Dec. 31-
$214,512
$201,938
1936
$
Fixed capital
Cash
$
663,938
509.490
10,462
192,746
159,035
213,359
Mat'ls & supplies.
95,813
Special deposits.-.
(at
Dr407,482 Dr407,482
10,507
168,760
111,495
Total
16,592,614 15,739,290
16,592,614 15,739,290
Represented by 603,446 no-par shares,
b After reserves for deprecia¬
1936 and $865,572 in
tion and amortization of leaseholds of $886,177 in
1935.-—V. 143, p. 4166.
stock
805,275
805,275
securities.
23,500
Antelope Copper Mines, Ltd.—Deb. Stock Called—
The company has called for redemption on May 11 its outstanding
£1,441,800 of 6% debenture stock at 107H %, according to cabled advices
received from the company on Feb. 9 by the Irving Trust Co. at New York
To provide funds the company said that it had sold to Cull & Co., Ltd.,
420,000 shares of ordinary stock for £1,554,000, or £3 15s. a share less Is.
a
"Subscribers to
the original
of—
1937
$317,107
January
—V.
Inc.—Sales—
1936
$257,051
1935
$213,387
1934
$186,000
144, p. 465.
Russell Mfg. Co.
(& Subs.)—Earnings—
Consolidated Income Account Year Ended Nov. 30,
Netfloss before depreciation, plant rearrangement
taxes and insurance on inoperative properties
Depreciation
expense
1936
and
Net loss for year
$362,339
Consolidated
Assets—
1935
1936
Cash
Balance Sheet
30
$105,909
Liabilities—
acc'ts receivable
313,117
432,831
80,930
583,909
79,967
818,522
100,000
1,590,345
20,500
3,002
Cash surr. value of
life ins. policy..
—
b Investment
100,000
Fixed assets
Deferred charges..
727,142
18,355
Goodwill & patents
3,002
$258,750
157,166
4,000
Property
1935
1936
Notes pay. (banks)
Accts. pay., trade.
$77,723
Notes, drafts and
Inventories
Nov.
taxes
$411,750
132,444
5,072
Fed'l, State & Can.
income & capital
stock taxes
Payrolls, corn's, &c
Uncompleted plant
rearrang.
15,268
2,021
1,765
9,985
15,000
exps..
Capital stock
cl,000,000 d2,000,000
451,973
Surplus
on
167,005
6,035
10,507
78,750
131,206
4,552
483,575
347,385
10,462
78,750
Taxes accrued
1,272,988
1,217,509
5,528
10,980
Res.
renewals
for
& replacements.
11,314
annuities
31,050,614 30,870,657
214,512
197,846
Surplus unapprop.
Total
31,050,614 30,870,657
Total
Represented by 98,011 shares (no par) of non-voting class A common
196,024 shares (no par) of voting class B common stock.—V; 144,
622.
x
stock and
p.
Seaboard
Commercial
Corp.—Proposes
Issuing
New
Preferred and Common—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 covering 20,000
cumulative serial preferred stock, series A, ($50 par) warrants
to purchase 20,000 shares common stock, and 40,000 shares common stock
($10 par).
The warrants are to be attached to the preferred stock, entitling
holders to purchase one share common for each share of preferred.
Company also will issue warrants to the principal underwriters for 10,000
shares of common, while warrants for another 10,000 shares of common
are to be set aside for officers and employees.
The 40,000 shares of common
shares 5%
stock will be reserved for exercise of the warrants.
$154,459
126,937
61,221
19,722
Plant rearrangement expense
Taxes and insurance on inoperative properties
int.
Matured
Res. for retirement
issue of debenture stock," the cable read,
Rose's 5, 10 & 25 Cent Stores,
Month
a
count & expenses
Other defd charges
share commission.
"received certificates for options on 750,000 shares at £2 each which were
not exercised.
The directors are now carrying out the original intention
to redeem the debenture stock by a share issue and on terms substantially
more favorable than would have been obtained had the option at £2 a
share been exercised."—V. 144, p. 788.
1979.21,000,000 21,000,000
89,638
33,142
44,105
62,482
payable.
payable
Other accr. liablls.
Unamort. debt dis¬
Roan
series due
Int. accr. on bonds
26,000
23,500
8,194,725
805,275
gold bds., 414%
Accounts
funded debt
of bonds
Invest,
Capital stock... 8,194,725
Cap. stk. subscr..
805,275
1st mtge. sink. fd.
x
Divs.
Sink, fund for red.
$
$
Liabilities—
27,860,807 27,744,302
Accts. receivable-
1935
1936
Restricted funds..
stock—
$99,569
31
1935
Assets—
1,034,476
Capital surplus.-. 1,411,986
1,411,986
Profit and loss
12,911,117 12,694,988
Total
a
221,861
40,651
100,000
68,085
945,000
55,506
'¥.859
Balance Sheet Dec.
603,887
Subscrip. to capital
W
323,003
45,391
147,152
95,177
945,000
55,506
945,000
Previous surplus
Divs. on common stock.
Net deduc'ns from surpTotal surplus
634,466
7,697 shares
cost)
45
$2,001,337
347,775
57,676
156,979
124,165
501.434
Deps. on st'k. subs.
112,366
a Capital stock...
1,034,476
Treasury
re¬
modeling
Deferred expenses.
37
income
taxes—
county
$1,600,000
$1,800,000
Int. on funded debt
Amort, of dt. disc. & exp.
Federal, State and
estimated
accts.
$
$
Liabilities—
Accounts payable.
on
b dep. & in trans—
U. S. Govt, securs.
Customers'
1936
1935
$
Assets—
1935
1934
1935
*-
1,337
Operating expenses
Maintenance expenses.Renew. & replace, exps.
Net
Consolidated Balance Sheet Dec. 31
1936
$2,000,000
revenue
Total gross revenue--
Surtax provision $1,900.
Cash
Corp.—Earnings—
Safe Harbor Water Rower
(& Subs.)—Earnings—
1936
1123
Chronicle
590,060
are exercisable at $15 per share from the date bf
andincluding June 30, 1938; at $17.50 per share from July 1,1938.
30, 1939, and at $20 per share from Jan. 1, 1940, to and
iucl* Dec. 31
1941*
G. M.-P. Murphy & Co. will be the principal underwriter.
The offering
price will be filed by amendment.
Proceeds received from sale of the securities will be used to reimburse
the treasury for redemption on Feb. 16 of its 5H % preferred stock, the
balance of the proceeds will be used for operations and reduction of bank
indebtedness.—-Y. 143, p. 789.
All of the warrants
issue to
to and incl. Dec.
Schulte Real Estate Co.,
Inc.—Plan Consummated—
The plan of reorganization dated Sept. 10, 1935, approved and confirmed
by order of the U. S. District Court for the Southern District of New
York, entered May 9, 1936 was consummated on Feb. 10, 1937, pursuant
to order of the Court dated Dec. 18, 1936.
Holders of 10-year 6% sinking fund gold notes or of certificates of de¬
posits therefor, or of certificates for old common stock, may now exchange
such securities for the new securities to which they are entitled pursuant
plan; by forwarding their notes or certificates of deposit or certifi¬
accompanied by the prescribed letter of trans¬
executed, to:
Chase National Bank, 11 Broad
St., N. Y. City which has been appointed distributing agent by the court.
Holders of 10-year 6% sinking fund gold notes, due June 1, 1935 or of
certificates of deposit therefor, are entitled to receive under the plan, for
each $1,000 of notes bearing the Dec. 1, 1932 and subsequent interest
coupons, or of certificates of deposit therefor, upon surrender thereof,
new securities of Schulte Real Estate Co., Inc., as follows:
$476,479 plus
to the
cates for old common stock,
Total
a
$1,904,179 $3,151,0781
Total
$1,904,179 $3,151,078
After allowance for doubtful accounts, notes and drafts of $71,953 in
1936 and $119,251 in 1935.
sented
by shares of $50 par.
b In affiliated company, at cost,
c Repre¬
d Represented by shares of $100 par.—Y. 143,
p. 3331.
Rustless Iron & Steel
Stockholders at
Corp.—Par Value Changed—
special meeting held Feb. 5 approved an amendment
incorporation authorizing directors to change the
present common stock without par value into common stock with par
value of $1, and the issuance of 50,000 shares of preferred stock m series.
O.
E. Tuttle. chairman and president, stated that the
corporation
contemplated offering to the public a series of 25,000 shares of cumulative
preferred stock without par value, with a dividend rate of $2.50 a share, the
net proceeds of which are expected to amount to approximately $1,250,000.
The purpose of the issue is to raise funds with which to retire indebtedness
of $275,000 to Federal Reserve Bank of Richmond, and finance the 1937
program of plant expansion, for which an expenditure of $625,000 already
has been approved by the Board and to add to working capital.—V. 144,
p. 950.
to
the
St.
certificate
a
of
Louis-San
Francisco
Ry.—Purchase
of Past
Due
Equipment Trusts—
C. W. Michel, Eastern representative of the trustees, on Feb.
9 issued
the following notice
J. M. Kurn and John G. Lonsdale, trustees, have heretofore made offers
to purchase at not more than
the face value thereof all past-due equipment
obligations of the company matured up to and including Dec. 31,1935.
on deposit in respect of any not yet presented.
Ik The trustees anticipate that on and after Feb. 23, 1937 cash will be
available to purchase at not more than the face value thereof (without
interest subsequent to their respective maturities) the following additional
mittal filled out and duly
principal amount of income debentures, due June 1, 1951; 7.147 plus share
of new preferred stock and 6.030 plus shares of new common stock.
Holders of certificates for common stock without par value are entitled
to receive under the plan upon surrender of such certificates, certificates
for new common stock of Schulte Real Estate Co., Inc., at the rate of
12-100ths of a share of new common stock for each one share of old common
stock.
1
/
As provded in the plan, no debentures will be issued in denominations of
less than $100, and no certificates for new preferred stock or new common
stock will be issued for fractions of shares, but in lieu thereof scrip for
debentures, scrip for new preferred stock and scrip for new common stock
Such scrip for new preferred stock and for new common
will be issued.
Jan. 5, 1940, and after such date shall be
exchangeable only for the net cash proceeds of a sale by the company on
Jan. 5, 1940 of the stock represented there by.
The new securities will be delivered in the largest denominations possible
unless otherwise requested.
The New York Curb Exchange has approved
the application of the company for listing thereon of the debentures.
The
stock shall, however, expire on
has filed application for registration of the debentures pursuant
the Securities Exchange Act of 1934, and it is expected that the deben¬
be admitted to trading on the New York Curb Exchange on or
about March 1, 1937.—V, 144, p. 951.
company
to
tures will
trust
Scott Paper
Cash is
Sist-due equipment trust obligations of the railway Sept. 1, 1936,
quipment trust ctfs. series AA, which matured company:
together
interest coupons (No.
27) which matured March 1, 1936, and
(No. 28) which matured Sept. 1, 1936, from all outstanding series AA
with
certificates.
Equipment trust ctfs. series BB, which matured Feb. 15, 1936, togethe
with interest coupons (No. 20) which matured Feb. 15,1936, and (No. 21)
1936
with interest coupons (No. 12) which matured April 1,1936, and (No. 13)
which matured Oct. 1, 1936, from all outstanding series DD ctfs.
r Purchases will be made upon tender of above certificates and (or) coupons
on and after Feb. 23, 1937, at the office of C. W. Michel, Eastern repre¬
sentative for the trustees, Room 1949, 120 Broadway, New York, N. Y.
b This cleans up all equipment trust notes and coupons which matured to
the end of 1936.—Y. 144, p. 950.
k
San Jose Water
Works—Proposes Refunding Issue—
The company has asked the California Railroad Commission for au¬
thority to issue $949,000 of 3% % first mortgage bonds, proceeds of which
are to be used to retire 60,600 shares of 6% cumulative convertible pre¬
ferred, of which 19,679 shares are owned by General Water, Gas & Electric
Co.
The latter also owns 60,060 common shares and will convert the pre¬
ferred holdings into common.
b San Jose Water also asks permission to issue $110,000 of 3%% bonds for
additions and betterments.
)
Last month company refunded $2,100,000 of 5% bonds of 1953 with issue
of 1961.—V. 144, p. 290.
of $2,051,000 3Hs
1935
Years
1934
1933
$11,624,477 $10,206,961
Mat'ls, labor & exps.,&c.
6,046,526
5,242,249
Repairs & maintenance.
494,429
336,020
Depreciation and depl'n.
596,443
563,749
Sell., admin. & gen. exp.,
incl. freight paid on
2,753,727
goods sold
3,145,512
$9,011,644
4,494,352
282,287
494,178
$7,612,940
3,796,361
234,001
479,673
2,559,174
2,105,995
$1,341,565
42,348
$1,311,216
37,982
$1,181,653
38,670
$996,910
38,821
$1,383,914
13,927
$1,349,198
7,513
73,117
212,141
$1,220,323
15,885
$1,035,731
23,962
189",797
144",666
Net sales.
which matured Aug.
15, 1936, from all outstanding series BB ctfs.
Equipment trust ctfs. series CO, which matured May 15, 1936, together
with interest coupons (No. 16) which matured May 15,1936, and (No. 17)
which matured Nov. 15, 1936, from all outstanding series CO ctfs.
Equipment trust ctfs. series DD, which matured April 1, 1936, together
Co. (& Subs.)—Earnings—
Consolidated Income Account for Calendar
Operating income
Other income
Total income
Int. paid & misc. exps..
Prov. for conting. liabils.
Prov. for Fed. tax
x235,292
Prov. for Pennsylvania.
inc. & cap.
y
stk. taxes.
Other Federal taxes
Net earnings
Divs. on pref. stock
Cash. divs.
on com.
stock
136,683
95,453
22,219
108",885
"4l",821
$998,011
46,703
598,412
$938,754
136,504
333,528
$905,757
140,518
312,407
$825,948
147,566
287,012
$468,721
$452,831
$391,369
$352,896
168,848
253,031
168,868
284,990
$4.01
$4.53
$3.17
Earnings per share
z$3.34
x Including
estimated surtax on undistributed profits amounting to
$20,700.
y Including compensatory processing tax in effect since latter
part of 1933.
z Earnings per share on 284,990 no par shares of common
stock outstanding on Dec. 31, 1936, and $1.67 a share on 569,980 common
shares outstanding after payment of the 100% stock dividend on Jan. 11,
1937.—V. 144, p. 788.
Balance to surplus
Shs. com. stock outst'd'g
1124
Financial
Sears, Roebuck & Co.—Sales—
Period End. Jan. 2b— 1937—4 Weeks—1936
Sales
1937—52 Weeks—1936
$30,576,843 $25,644,8168526,292,136$417,080,465
—V.
144,
951.
p.
Calendar Years—
1935
1934
1933
$4,917,719
3,775,921
$5,114,122
3,671,982
129,543
132,106
$4,950,330
3,467,849
138,987
Operating Income
Income credits
$1,425,849
89,780
$1,012,255
99,164
$1,310,034
100,990
$1,343,494
$1,515,629
299,670
92,000
$1,111,419
346,973
16,600
$1,411,024
323,111
X146.358
$1,343,494
221,515
1936
Total income
Other deductions
Provision for Federal tax
x
Net profit
dividends
The company also filed a declaration (43-31) under the Public Utility
Holding Company Act of 1935 covering the proposed issue.—V. 144, p.952.
$747,846
801,797
$941,555
859,068
$975,379
916,339
$322,162
def$53,951
$82,487
$59,040
Surplus
$0.41
depreciation,
y
Nil
Includes
0$.18
provision
for
$0.22
contin¬
gencies.
Note—No
provision
made for
was
Standard Brands, Inc.—To
Standard Gas & Electric
surtax
on
which
data
is
unavailable due to flood
p.
director to succeed Thomas Newhall:
3011.
,
Shell Union Oil Corp .—New
Chairman, &c.—
director of
40
some
or
50 companies in the Royal
Dutch-Shell group.
S.
Belither, President of Shell Oil Co., the west coast operating sub¬
sidiary, and a newly elected director of Shell Union Oil Corp., has also been
appointed a Vice-President of the corporation.
Directors on Feb. 5 filled four vacancies on their board by the election
of B. M. Culver, Gayer Dominick, Daniel Pyzel and S.
Belither.—V. 143,
P.3648.
Shepard-Niles Crane & Hoist Corp.—$1 Dividend—
The directors have declared
a dividend of $1 per share on the common
$25, payable March 1 to holders of record Feb. 19.
This com¬
pares with $3.50 paid on Dec. 1, last, and 50 cents per share paid on Sept. 1,
last and in each of the three preceding quarters, the Dec. 15, 1935 dividend
being the initial distribution on this issue.—V. 143, p. 3857.
par
Standard Textile Products Co.—Hearnigs Adjourned—
a hearing Feb. 4 in proceedings for the reorganization of the company
under Section 77B of the Bankruptcy Act Judge Julian W. Mack, adjourned
the case until April 12.—V. 144, p. 292.
been called for redemption on
f. 20-year 5% gold bonds, due 1948 have
March 1 at 102 and interest.
Payment will
Philadelphia, Pa.—V. 144, p. 625.
be made at the Gerard Trust Co.,
Life
Sun
Co.
of
Canada, Ltd.—Accum. Div.
The directors have declared a dividend of $1.75 per share on account
on
the 7% cum. preferred stock, par $100, payable
March 1 to holders of record Feb. 15.
A similar payment was made on
Jan. 2, last, Oct. 1, July 1, April 1 and Jan. 2, 1936, and on Oct. 1, July 2,
April 1 and Jan. 2. 1935, this latter being the first dividend paid on the
pref. stock since the regular quarterly dividend of $1.75 per share was
of accumulations
Dec. 31, 1932.—V. 143, p. 4015.
on
Soundview Pulp
Co.—Earnings-
Calendar Years—
Net income after all charges, Incl. Fed. taxes
Balance Sheet Dec
on
hand and demand de¬
$522,109
22,500
344,964
48,869
575,792
posits in banks
a
Cash
deposit-
on
Accounts
receivable
Insurance claim.
Inventories
Inv.
in
&
Eastern
b
c
$256,880
Liabilities—
Assets—
Cash
1935
1936
$568,253
31, 1936
advs.
Hartford
to
Ry
Capital assets
Process rights
Deferred charges
—...
15,168
5,847,989
23,175
29,996
Accounts payable (trade)
d Contracts & accts. payable..
Interest
on
$142,857
641,282
serial notes
22,500
Salaries and wages payable...
16,561
30,266
Real and personal prop, taxes.
Prov. for Federal Income and
capital stock taxes
Serial notes, series A, maturing
112,739
100,000
July 1, 1937
Series A 4% serial notes
Series B 5% serial notes
400,000
500,000
6% cum. pref. stock ($100 par)
293,008
Common stock ($5 par)
523,125
Capital surplus
4,406,889
Earned surplus...
241,335
$7,430,5641
..._T....
Total
1
The report reflects the general improvement in business'conditlons in
the United States, Great Britain, Canada, and other countries where the
company secures its business.
Of special interest is the announcement
that in 1937 dividends to participating policyholders are to be increased.
The statement shows an increase in assets during the year of over $70.000,000 which—now exceed $777,000,000—the highest in the company's
history.
Incidentally, the assets have increased by over $209,000,000
since 1929.
The assurances in force show an increase over 1935 a definite
sign of a general recovery in business conditions, while new business for
the year was well maintained at over $219,000,000.
The financial statement for 1936 is a strong one.
The company's securi¬
ties are carried in the balance sheet at book values which in the aggregate
are lower than market values.
The amount of government and other bonds
is now over $310,000,000, an increase of more than $90,000,000 since
1935, the total representing 40% of the assets.
Investment income shows
a substantial increase and in addition profits from redemption or sale of
during the year exceeded $10,000,000.
The total income
increased to over $164,000,000; while disburse¬
leaving an excess of income over disbursements amount¬
ing to more than $60,000,000.
The average rate of interest earned on
the company's investments shows an increase for the second consecutive
ledger
assets
from all sources is up and
ments are down,
•
contingency reserves and surplus total over $77,000,000.
In addition to the special contingency reserves other reserves have been
further strengthened.
Taxes paid, exclusive of those on real estate,
amounted to nearly $2,000,000 for 1936.
Apart from the news that dividends to policyholders are to be increased,
perhaps the highlight is the fact that since the company issued its first
policy in 1871, it has paid out in benefits over $1,000,000,000 to policy¬
holders and beneficiaries.
In 1936 $77,000,000 was paid under this heading.
In making the announcement regarding the $1,000,000,000 payments,
Mr. Wood declared the company had passed another milestone of achieve¬
ment in public service and that the benefits paid out by the Sun Life
were only made possible by the thrift and foresight of men and women
brought together for mutual protection.
He stressed the fact that life
insurance is a great cooperative enterprise by which millions of policy¬
holders are able to provide financial security for their dependents and
themselves.
The savings of policyholders in the form of premiums invested
in government securities and in basic industries are an important factor in
national progress and stability while the benefits distributed maintain
homes and lessen the demand for public and private relief.
Mr. Wood
spoke of general business and economic conditions in those countries where
the Sun Life secures its business, suggesting that there are definite signs
of a growing conviction among investors that interest rates have reached
their low point and that it is possible that the end of the decline has been
seen and that rates may have a slight upward re-action from the low point.
Mr. Wood concluded his brief review of general business conditions by
declaring that signs are not wanting; that the business and economic
improvement will continue.
In this regard he declared that a definite
sign of an improvement in general business conditions and a betterment in
purchasing power of the public was that during 1936 there had been a
marked decline in the number of life insurance policies terminated and also
The
special
reduction in loans on policies.
Perhaps the best illustration of the Sun Life's growth
considerable
$7,046,630
revenues
Uncollectible oper. rev
Operating
Rent
for
expenses
lease of oper¬
3,908
839,580
ating property
Operating taxes
3,846
610,331
47,050
8,735,580
68,177
8,330,331
Income
in Force
-$2,775,949,087
1,293,840,970
282,687,733
102,566,399
1916
1906-
$164,083,595
78,972,906
18,499,131
6,212,615
$2,251,708
$935,667 $20,293,528 $16,573,894
a
dividend of
*
.
Company on Feb. 8 filed with the Securities and Exchange Commission
registration statement (No. 2-2858, Form A-2) under the Securities Act
1933, covering $7,250,000 of first mtge. bonds, series A, due Feb. 1,
1967.
The interest rate is to be furnished by amendment to the registra¬
.75 per share on the capital
_
stock, payable April 1.
This will be the first dividend paid by the company
when a similar distribution was made.
been appointed Joint Treasurer
1136.
with rank of senior officer of the company.—V. 142, p.
Sutherland Paper
Light & Power Co.-—To Issue $7,250,000
Series A Bonds—
Assets
$777,803,539
345,251,714
82,948,996
24,2922,69
since July 1, 1932,
144, p. 952.
Southwestern
Policyholders
$77,489,304
38,576,463
7,578,016
1,980,855
Resumes Dividend—
The directors have declared
H. P..Thornhill, Associate Treasurer has
Net oper. income
—V.
told in this
Payment to
Insurance
1926
1936—12 Mos.—1935
1936—Month—1935
$5,869,829 $80,224,973 $73,874,679
Cr20,721
307,497
280,102
22,495
4,340,706
50,841,318
48,622,175
3,928,939
Period End. Dec. 31—
Operating
is
table:
1936
Southwestern Bell Telephone Co. —Earnings—
released Feb. 9 by Arthur B. Wood,
who presided at the 66th annual meet¬
The 1936 financial statement was
President and managing director,
$7,430,564
With trustee of serial notes to pay interest due Jan. 1, 1937.
b After
reserves for depreciation and depletion,
c After reserve for amortization of
$2,575.
d In respect of construction in progress.—V. 144, p. 789.
a
of
Canada—Summary
of
ing.
a
Total
Co.
Assurance
Report—
year.
Sherwin-Williams
paid
conditions, for the week ended
13.3% com¬
Strawbridge & Clothier—Bonds Called—
a
F. Godber has been elected Chairman of the board of directors to succeed
Sir Henri Deterding.
Mr. Godber, whose headquarters are in London, is
stock,
Corp.—Weekly Output—
undistributed profits.
a quarterly dividend of 15c. per share on the
value, payable March 22 to holders of record March 2.
This compares with regular quarterly dividends of 12c. per share previously
distributed.
In addition an extra dividend of 50c. was paid on Dec. 21,
last and an extra dividend of 25c. was paid on Dec. 28, 1935.
—V. 143 p.
3482.
or
Merger—
After
no par
executive officer
on
Feb. 6, 1937 totaled 99,472,094 kilowatt hours, an increase of
pared with the corresponding week last year.—V. 144, p. 952.
(Frank G.) Shattuck Co.—Larger Quarterly Dividend—
an
Vote
$927,917
Electric output of the public utility operating companies in the Standard
& Electric Co.'s system excluding Louisville Gas & Electric Co. for
The directors have declared
stock,
1935
$1,260,469
A total of $175,000 1st mtge. s.
Edward Starr Jr., has been elected
common
1934
1936
$1,457,489
^
Stockholders at a special and annual meeting on April 6 will vote on a
proposed merger of Royal Baking Powder Corp. into Standard Brands, Inc.
—V. 144, p. 952.
New Director—
Whoresigned.—y. 143,
1937
$1,840,562
Gas
801,797
Earns, per sh. on 776,627
shs. com. stk. (no par)
x Includes
additional
Spiegel, Inc.- •Sales—
Month of—
January
—V. 144, p. 466.
yl46,600
1 $1,123,959
Preferred
1937
13,
The price of the bonds to be offered to the public, the names of other
underwriters and the underwriting discounts or commissions are to be fur¬
nished by amendment to the registration statement.
Sharpe & Dohme, Inc.—Earnings—
Manufacturing profit— $5,513,975
Selling & admin, expense
3,963,082
Depreciation
125,044
Feb.
Chronicle
F.
Co.—New Vice-President—
»
Sutherland, has been elected Vice-President in addition to
W.
the
post of Secretary, which he previously held.
Other officers were reelected
except O. F. Miller, Vice-President, who remained a director.—V. 144,
page
953.
a
of
tion statement.
•
The proceeds from the sale
of the bonds, together with other funds of the
company, are to be applied as folllows
$5,547,812.50 to the redemption on or before April 10, 1937, at 102%%
and int., of $5,412,500 of the company's first mortgage 5%
gold bonds, series A, due Feb. 1, 1957;
1,721,542.00 to the redemption, on or gefore April 10, 1937, at 103% and
accrued int., of $1,671,400 of the company's first mortgage
5% gold bonds, series B, due Oct. 1, 1957;
250,000.00 to be deposited with the trustee under the indenture securing
the bonds of series A, which cash may be withdrawn by the
the extent of 70% of net expenditures for bondable property made subsequent to Feb. 1, 1937 (against
which note additional bonds may be issued), or may be
company to
applied to the purchase or redemption of bonds.
The bonds are redeemable at the option of the company, in whole or in
part at any time or from time to time, after 30 days' notice, at the following
prices plus accrued interest: If red. on or before Jan. 31, 1942, 105%; there¬
after and incl. Jan. 31, 1947,104%; thereafter and incl. Jan. 31,1952,103%;
thereafter and incl. Jan. 31, 1957, 102%; thereafter and incl. Jan. 31, 1962,
101%; and thereafter at par.
The company states that if Public Service Co. of Oklahoma, a parent,
acquires the mortgaged properties and offers to issue its first mortgage bonds
carrying like interest rate, maturity date and redemption prices in exchange,
par for par, for the outstanding series A bonds of Southwestern Light &
Power Co., then the latter shall be redeemable at a price to be furnished by
amendment to the registration statement.
The underwriters are as follows
Harris, Hall & Co., Inc., Chicago;
Halsey, Stuart & Co., Inc., Chicago; Glore, Forgan & Co., Chicago;
A. G. Becker & Co., Inc., Chicago; Bonbright & Co., Inc., N. Y. City;
Brown Harriman & Co., Inc., N. Y. City.
Symington-Gould Corp.—Bonds Converted—
The Marine Midland Trust Co. of New York, as trustee for SymingtonGould Corp. and Gould Coupler
Corp. first mortgage convertible income
York Stock Exchange that from Dec.
15,1936, to Jan. 30,1937, inclusive, bonds of this issue aggregating $228,200
bonds of 1956, has notified the New
principal amount were
shares of
were
converted and retired,
against which
19,016 2-3
special stock (10 cents par value) of the Syncington-Gould Corp.
withdrawn from collateral account.—V. 144, p. 625.
(James) Talcott, Inc.—Volume of Business—
The company reports
$8,039,473 volume of business for January.
This
$6,214,951 for January, 1936, an increase of 29.36%.
This increase in the volume of business done in January continues the
compares with
upward trend maintained during 1936, which showed an increase of 21%
over the volume of business for the previous year.—V. 144, p. 953.
Taylor-Colquitt Co.—Stock Increased—
At
a special meeting held Feb. 3 stockholders amended company's charter
provide 105,000 shares of capital stock consisting of 100,000 common
and 5,000 preferred shares of $100 par. Of the new common
71,000 shares are to be exchanged 2 for 1 for present non par common, on
or before March 1, 1937, and the remaining 14,200 shares are to be offered
at $25 per share, one share for each five held, to common stockholders of
record on date of closing of books for purposes of issue.—V. 144, p. 121.
to
shares of $5 par
(K.) Taylor Distilling Co., Inc.—New President—
The company announced on Feb. 6 that Harry D. Henshel of New York
has been elected President and will assume active charge at once.—V. 143,
p.
3858.
Tecumseh (Mich.) Products Co.—Stock Offered—Keane
&
Co., Detroit,
on
Jan. 28 offered 25,000 shares of
common
Financial
Volume 144
stock
($1 par) at $7.05
per
Stock offered to residents
share.
of Michigan onlyBank,
Registrar:
Detroit.
Capitalization—The stockholders agreed Dec. 5, 1936, to increase the
capitalization to 125,000 common shares ($1 par) and to exchange 100,000
shares of common stock for the present 5,000 (no par) common shares, and
1934652
to sell 25,000 common shares to the underwriter.
The capitalization, after giving effect to the changes authorized by the
stockholders Dec. 5, 1936, is 125,000 shares (par $1) authorized and out¬
standing.
as
History—Company was incorporated in Michigan on March 26, 1930,
the Hillsdale Machine & Tool Co., Inc.
In the fall of 1934, the business
moved to Tecumseh, Mich., where the manufacturing plant and offices
was
are now
located.
At that time, the name of the
organization was changed
to Tecumseh Products Co.
Company produces refrigeration compressors and condensing units, and
Is one of the large independent manufacturers in the United States for
domestic use.
During 1936, the above products accounted for approxi¬
mately 74% of sales.
Company also specializes in the machining of forgings and castings for the automotive industry.
Among this group of
products are toggle brake levers, operating brake levers truck brackets,
and gas tank filler and outlet flanges, which made up approximately 26%
of 1936 sales.
The products are distributed through the company's sales
division to manufacturers, dealers and jobbers.
Sales and Earnings
„
Net Sales
Calendar Years—
1930 (nine months)
x
Net Earns.
$26,627
9.160
value of $13,300
A
,
_
„
Jan. 15, 1937.
There are now owned and held in the treasury $526,900 first lien & re¬
funding series A and series B 5%% bonds, which will be used for meeting
the sinking fund requirements under the trust indenture securing these
bonds.
$271,500 par value of the series A bonds were canceled to meet the
sinking fundfrequirements in 1936.
As a result of these transactions, there
are at the datelof this report $17,492,600 of bonds outstanding, not includingltreasury bonds.
A dividend of $14 per share on the preferred stock of the company was
declared|andipaid in December, 1936.
After this payment there remains
accumulatedlandiunpaid $21 per share on the preferred stock at the close
of thejyear 1936.
^
Income
JAccount for Calendar
Years
(Including Subsidiaries)
1936
1935
1934
1933
Rev. from transporta'n.
Other revenue
$9,216,607
45,741
$8,596,193
40,714
$8,447,459
41,954
$8,030,929
45.603
Total oper. revenue
$9,262,349
974,532
749,330
$8,636,907
926,514
677,453
$8,489,413
894,686
703,691
$8,076,532
888,490
708,739
2,300,782
Calendar Years—
deduction of taxes; however,
undistributed profits
deduction has been made for a possible surtax on
for the year 1936.
no
an
„
1.242
defl4,201
def31,027
25,865
112,723
284,719
413.499
608.343
1,482.449
1933
The figures represent net earnings after the
$830
164,474
170,582
.
1931..
x
15, 1936.
Fractional scrip certificates of the
were redeemed by the company for cash at a price of
equal amount of bonds were returned to the treasury of the
company.
Scrip certificates in the amount of $50,000 still remain out¬
standing.
These will be redeemed with bonds if presented in $100 lots,
or in cash at 78% if presented in smaller lots, prior to Jan. 15, 1938.
If
-redeemed in cash, an equal amount of bonds will be returned to the treas¬
ury of the company.
After Jan. 15, 1938 the scrip certificates become
worthless and bonds which have been issued to redeem them will be returned
to theftreasury of the company.
The Cable Consolidated bonds of St. Paul City By. Co. matured on Jan.
15, 1937.
Of these bonds, $2,208,000 were paid and retired.
There have
been extended $1,500,000 of these bonds at 4%% interest to mature $150,OOOjannuallylfor 10 years.
After the bonds were extended, the company
purchased and^now holds in its treasury all of the extended bonds,
Theselbondslwill|be held in|the treasury uncanceled until maturity unless
and until required as collateral for needed funds.
This will reduce the inter¬
est requirements $67,500 per annum.
The bonds were purchased after
called for redemption on Jan.
par
78% and
Transfer
agent: Manufacturers National
Union Guardian Trust Co., Detroit.
1125
Chronicle
Waylandlstructures
Equipment
1
^ Purpose—The funds resultant from the sale of the stock will be used for
the payment of (a) notes payable vendors $24,380 and (b) note payable on
840,727
Conductingjtransporta'n
•
817,832
2,284,010
2,249,061
43,531
606,657
795,403
785,732
2,391,207
Power
45,719
610,825
49,319
637,589
817,004
{mrchase of equipment capital In the transaction of the company's business
The balance of the proceeds will be used
br additional working $4,445.
Motor bus expenses
44,139
640,940
and for further expansion.
Gen'l & miscel. (net)---
774,176
713,547
844,045
$6,133,759
2,355,654
898,332
$6,197,326
$1,457,322
83,237
$1,185,322
$1,281,953
1,170,611
Texas
Traffic-.---
Corp.—Rights to Subscribe—
Total oper. expenses..
$6,415,052
$6,069,546
Holders of capital stock of record at the close of business on Feb. 15, will
be offered the right to subscribe at $40 per share for capital stock of $25 par
value to the extent of one share for each six shares held.
Upon subscription,
Net oper. revenue
Taxes.-----.---------
2,847,296
2,567,362
1,049,014
901,311
time
of subscription and the remaining 50% before 3.00 p. m.. May 14, 1937.
Payment of the final instalment may be made at any time prior to May 14,
1937.
The rights to subscribe expire March 19, 1937.
The registration statement filed with the Securities and Exchange Com¬
Operating income.
Non-oper. income-
$1,798,282
$1,666,050
mission in connection with the offer to stockholders to buy 1,556,694 shares
of its capital stock at $40 a share, became effective Feb. 5.
Miscellaneous.-
payment may be made either in full or in two instalments, 50% at the
Part of the proceeds from the sale of the additional stock will
51,592
Int.
be used to
on
funded debt-
78,100
$1,849,874
1,115,251
85,137
Gross income
$1,744,151
1,144,340
127,735
$472,076
$241,724
220,000
$1.19
Shs.com.outst. (no par).
$10,700,000 paid to retire funded debt and bank loans in 1936.
With the
exception of $3,000.000, which will be used to pay offpurchase money obliga¬
tions, the rest will be used mostly for expansion.—v. 144, p. 625, 792.
Earns, per sh. on com..
1935
1936
$
$
t.57,553,397 58,696,465
DeposltAfor retireAssets—
1936
1935
$4,565,523
3,376,803
$3,849,761
2,734,405
Balance
Other income
$1,649,623
75,199
$1,188,720
84,664
Road & equipm
1934
$6,195,159
4,545,536
$1,115,356
76.115
of
ment
cons.
Total income
$1,724,822
$1,273,384
206,351
Federal income tax,
Federal surtax
280,892
250,302
Deposit Ato
$1,191,471
203,179
217,224
1,500,000
2,208,000
38,756
99,965
$1,015,567
440,082
330,355
$811,053
440,795
146,822
z
guar.
Common dividends.
___
mtge. prop, sold
Cash
440.822
36,705
5,770
768,909
Surplus
$245,130
$223,436
$158,087
146,832
146,836
146,836
$3.92
$2.52
$1.32
Consolidated income account for quarter ended Dec. 31, 1936, follows:
Net sales, $1,445,459; cost and expenses, $1,108,128; balance, $337,331;
other income, $18,953; total income,
$356,284; depreciation, $50,888;
Federal income taxes, $8,787; other deductions, $88,414;
net
profit,
$208.195.—V. 143, p. 3485.
Shares
754,282
per
5,618
14,483
Tide
Water
Associated
Demand—Preferred
600,000
New
and
$4.50
Oil
Common
Conv.
Pref.
Rent
^.Preferred in
Want 87% of
Shares—No Public Offer
8,997
926
886
due)
178,702
Tax liability
1,084,791
Res've for injuries
179,792
912,852
264,345
299.918
(not
40,345
633,070
107,052
Reserve for depre¬
ciation
16,149,840 16,702,267
107,757
Unadjusted credits
166,556
x Capital surplus— 8,714,937
Profit and loss
2,883,242
155,753
8,714,782
2,445,054
insurance
57,270
69,464
1,056,541
1,143,556
advance.
fund. dt. amort.
64,776,712 64,779,711
Total
64,776,712 64,779,711
Total
y 220,000 shares no par.
by reduction in capital.
secured dividend notes first lien and ref. 5%% series B bonds.
P.
Y. 144,
793.
Union Oil Co, of
The company announced
California—Earnings1936
Calendar Years—
cum. conv.
For
z
Created
x
Expected—>
Feb. 11 that of the 500,000 shares of $4.50
preferred stock recently registered under the Securities Act of
1933, as amended, a total of 436,668 shares has been taken by the holders
of its 6% cumulative preferred stock and of its common stock.
This repre¬
sents over 87 % of the issue.
The underwriters, headed by Kukn, Loeb & Co. and Lehman Brothers,
had severally agreed to purchase from the company the shares of new
$4.50 preferred stock not taken by the company's preferred and common
44,070
Disct. and exp. on
Co.—New
Holders
&
I* paid in
904,581
11,024
26,450
42,640
779,885
Misc. accts. receiv.
Mat'ls|& supplies.
Injuries and dam¬
ages reserve fund
stock (no par)
share
19,447
15,048
2,053,397
Loans & notes rec.
-
common
670,409
payable..
wages
$4 and damages—
Int. & dlvs. receiv.
Earnings
4
88,700
Acer, interest
20,000
88,700
5,770
of claims..
Dep. with trustee
$635,614
bonds..21,200,600 20,689,000
Secured div. notes
Misc. accts. pay-.
867,498
Deposits in lieu of
SNet profit
Preferred dividends
1935
1936
Audited accts. and
Misc. phys. prop.
Other investm ts_.
45.919
_
Nil
$
Liabilities—
I $
Common stock. .11,000,000 11,000.000
3,000,000
Preferred stock
3,000,000
and&crip ctfs—.
pay.
175,000
209,855
&c
Other deduct
220,000
y
Mortgage
Cable
mtge. bds.
Trust fund »for se¬
cured div. notes
andscrlpjctfs—
Depreciation
60,906
$50,436
,
Consolidated Balance Sheet Dec. 31
Thatcher Mfg. Co.—Earnings—
Calendar Year*—
Net sales
Cost and expense
96,630
220.000
$0.14
income
Dividends on pref. stock
Net
pay off $22,500,000 of bank loans incurred in connection with the redemption
of a part of its funded debt early last year and to reimburse the treasury for
693,883
$1,540,559
1,166,254
132,582
$649,487
420,000
220,000
$1.04
1,879,206
Sale of products
$65,130,914
Net profit after interest,
^xes.deprec.^^let.
E070 8IlS.^pO8tk:3.f::
^ ^
1933
1935 SS
1934 ^
$61,169,527 $57,368,455 $51,125,553
1.954,279
^ ^
^ ^
.45
$1.40
$1.15
* <110.66
Note—No provision for surtax on undistributed profits was required.
shareholders.
With only 63,332 shares remaining after the requirements of the existing
preferred and common stockholders have been satisfied, no general public
offering of the new $4.50 preferred stock is expected.
With the proceeds of tne $40,000,000 3H% debenture issue recently
sold and of the preferred stock purchased by the common stockholders
—V. 144, p. 627.
and the underwriters there will
Operating expenses
burse
outstanding bank loans of the
of $18,800,000, the balance being used to reim¬
the amount
the company for cash
company in
be retired
payments
made pursuant to
the exchange
offer made to present preferred stockholders, to redeem on April 1, 1937
all shares of the 6% preferred stock not exchanged pursuant to the ex¬
change offer, and to increase working capital.—V. 144, p. 792.
.
Union Street Ry.,
Directors have declared
a
the 7% cumulative preferred stock of the company, payable
April 1 to
City Rapid Transit Co.—Annual Report—
D. J. Strouse, President, says in part:
The number of revenue passengers carried on the street cars increased
7.2%, while the car miles increased 1.2%.
The cost of conducting trans¬
portation fairly represents the normal cost of furnishing the service provided
„
Cr55
11,250
11,471
13,315
15,327
53,308
52,203
45.063
$1,256
416,098
-
Adjust, of accts., &c—Credit bal. Dec. 31--
def$35,635
451,864
Drl31
$2,523
448,107
Crl ,234
def$31,924
483,455
Dr3,424
$416,098
^$451,864
$448,107
Drl52
prevailing wage scales.
During the year 174 unserviceable wooden underframe obsolete cars,
with both entrance and exit ait the rear, were scrapped.
These cars were
unfit for service, not having been operated for more than five years.
They
were a fire hazard in the car yards and were a great hindrance to the effi¬
cient conduct of the work at the various car stations where they were stored.
On this account the property and plant account has been reduced $1,111,637.
The wage contract with the employees, which expired on Nov. 1, 1936,
has been renewed for a period of one year ending Nov. 1, 1937.
The in¬
creased wages and improved working conditions provided under the new
contract were agreed upon with representatives of the employees and con¬
firmed by the membership of the Employees' Association.
The cost to the
company, based upon the operations in 1936, on account of the new agree¬
ment is estimated at $275,000 for the 12 months' period.
First lien & refunding series B bonds in the amount of $680,000 were
exchanged for secured dividend notes and scrip certificates which were
$417,201
General Balance Sheet Dec. 31
1936
Assets—
Cost of railway—$1,612,587
Cost of equipment
Cost
of
land
1,393,983
1935
Accts. receivable.
2,404,046
102,481
30,536
_
1936
Liabilities—
1935
$2,437,500 $2,437,500
250,000
250,000
Deferred credits..
34,242
35,498
Accounts payable.
26,403
17,116
$2,039,389 Capital stock
1,398,648 Funded debt
and
buildings
Cash
2,403,562
48,917
25,051
776
Accrued liabilities
Deprec. and other
accounts.
Mat'ls & supplies.
8,459
26,239
1,868,766
2,248,254
stock..
545,800
Profiti& losajbal—
5,634
31,420
Prepaid
at the
$720,405
691,995
$767,624
699,584
dividend of $1 per share on the Class A stock of
holders of record March 10.—V. 143, p. 4017.
Twin
1933
1934
1935
$749,218
720,073
59.608
Interest charges
Taxes
Surplus
the company, payable April 1 to holders of record March 10.
This is the
first dividend to be declared by the company on its Class A stock.
Directors also declared the regular quarterly dividend of $1.75 per share
on
$816,582
744,468
Miscell. income (int.)—
Previous surplus
Tubize Chatillon Corp.—Initial Class A Dividend—
New Bedford, Mass.—Earnings—
1936
Calendar Years—
Gross earn, from oper..
417,201
545,800
416,098
reserves
Prem. account new
issues
Total
—V.
$5,580,689 $5,950,266
Total
$5,580,689 $5,950,266
143, p. 3164.
United Fruit Co.—Earnings—
Year Ended Dec. 31—
1936
4 d *1935
1934
1933
JSTefc inc
after deprec
int., Fed. taxes, &c..x$14,176,995 $10,359,222 $12,049,299
$9,240,942
Earns, per sh. on 2,906,000 shs. capital stock
(no par)
$4.84
$3.54
$4.14
$3.18
x After
deducting $180 for Federal surtax on undistributed profits.
—Y. 143, p. 3651.
1126
Financial
United Gas
Improvement Co.—Earnings—
United
Income Statement for 12 Months Ended Dec. 31 (Company Only)
cl936
1935
1934
1933
Divs.—Sub. companies.$22,834,718 $22,272,581 $23,419,823 $23,486,602
Other companies—...
6,628,396
7,539,044
6,334,361
8,183.075
Int.—Advs. to sub.
Bank balances
cos.
$29,463,115 $28,606,942 $30,958,867 $31,669,678
197,950
272,977
304,269
498,376
18,112
37,443
48,659
85,586
Feb.
Chronicle
States
14,013
3,991
54,892
$230,075
Miscell. inc.—Services to
sub. companies
1,863
$312,284
$356,918
$638,854
386,841
361,438
375,415
compensation for oper.
of
Philadelphia
Gas'
Works, &c
789,748
786,510
802,434
863.378
$1,147,949
$1,177,849
$1,316,557
,
Inc.
_
,
—.......
avail,
for
Income Account for
1935
1934
1933
$932,652
71,841
16,755
$773,069
60,932
$705,348
158,616
$1,607,029
$1,021,249
$834,001
Total income
Total
profit
Cap. stk. & other taxesReduction of 1933 pro¬
$1,607,029
36,641
$1,021,249
34,110
$833,588
loss700,193
Cr6,000
$850,440
276,323
$1,643,670
17,129
$1,055,359
47,977
$139,396
18,274
$1,126,763
44,956
Cr7,500
vision for taxes-*
Prov. for Fed. surtax on
undistributed profits.
Prov. for Fed. inc. taxes
4,125
30,000
118,621
Expenses
Balance to surplus...
$875,920
$658,104df$l,504,572 def$496,199
$1.04
$1.03
$1.13
$1.18
Includes $69,469 provision for Federal surtax on undistributed
profits,
b Represents advances, without interest, to the Connecticut Gas & Coke
Securities Co., to create sufficient surplus on the books of the Coke com¬
pany,, to enable it to pay dividends on its cumulative preferred stock,
c Preliminary figures, subject to verification
by auditors.
zl936
1935
$
$
zl936
y
$5 div.
Other investm'ts
1935
$
Liabilities—
199,867,042 208,675,794
$
pref'd
lte35
Advances to sub.
Divs. & int.
Oth. accrued
7,686,423
1,216,847
6,275,175
663,411
rec.
$888,5^2
933,628
437,856
not delivered.
Divs. rec.,
Secure, purch. not
27,289 Reserved for
121,687
__
123,875
7,775
46,297
25,600
(
taxes
and accrued exps
accrued
132,094
203,871
interest, &c
Securities at cost. .42,748,462 42,183,673
$
$
Liabilities—
delivered
Securities sold but
1935
1936
|
I
$
$
Assets—
pref. stock..23,920,000 23,920,000
c 2d pref. stock...
500,000
500,000
d Special reserve.- 9,475,000
9,4*5,000
e Common stock..
24,855
24,855
b 1st
Capital surplus... 9,346,831
9,825,231
Operating surplus.
75,018 def501,777
43,511,876 43,276,685
Total
43,511,876 43,276,085
Total.....
by 239,200 no par $5 div. shares,
c Represented by
100,000 no par $5 div. shares,
d Set up out of amount paid in cash by
subscribers to 2d pref. stock,
e Represented by 2,485,543 no par shares.
—V. 144. p. 295.
i
stock...
75,146,600
75,140,600
at cost or less. 120,553,677
118,417,343 x Com. stock...204,111,554 204,109,642
Invest, in Nash.
*
Accts. payable.
158,666
145,414
Gas & Ht. Co.
1,710,648
1,610,094 Accrued taxes..
533,128
1,204,218
...
111",988
$969,819
b Represented
Balance Sheet Dec. 31 (Company Only)
...
90,948
$37,674
Balance Sheet Dec. 31
1936
a
companies
lb",900
107,919
$1,473,795
Net income...
Earns, per sh. on com...
Cash
$863,963
13,524
413
Net profit on secnrs. sold
Profit on synd. partic- - -
Cash
Other advances.
——
,
Net income
$27,953,755 $27,735,936 $30,223,600 $31,231,952
Divs. on $5 div. pf. stk._
3,826,080
3,826,080
3,826,080
3,826,080
Divs. on com. stock
23,251,755
23,251.753
27,902,093
27,902,072
cos.
Calendar Years
1936
int., divs. & surplus$29,199,538 $28,202,492 $30,769,853 $31,815,091
al,180,782
466,518
544,266
582,646
37
1,987
493
b65,000
-
which is
$1,496,951
Int. receiv. and accrued.
98,284
Other income---11,794
Cash divs. received-
taxes,
Provision for taxes
Int. on notes pay., &c
Advs. under agreement.
InV. in sub.
$42,000,000,
securities owned.
Net profit—
$30,869,780 :$30,067,175 $32,493,634 $33,625,089
Salaries, traveling exps.,i'
office rentals, supplies,
&c_._
1,246,367
1,321,823
1,328,271
1,445,279
General expenses
423,875
542,860
395,510
364,719
_
had an indicated value,
equivalent to approximately $175 per share of first preferred stock.
(H
The appreciation during the year in the indicated value of the assets of
corporation represents largely an increase in the market quotationsJ[of
Less—Interest p; id
$1,176,589
Corp.—
Securities
On Dec. 31, 1936 the net assets of corporation
based on market quotations, of approximately
453,179
Other inc. incl. profes¬
sional
services reim¬
bursement
items
&
International
Annual Report—
Notes, bonds & misc.
interest
&
13,
ac¬
counts
7,813,174
30,292
1,169,871 Miscell. reserves
32,145
3,828,341 Contingent res. 29,594,098
611,527 Earned surplus. 33,897,058
United States Tobacco
19331
1935
1934
$4,356,890
672,481
$3,600,883
646,448
$3,582,872
445,188
$3,557,463
466,543
$5,029,370
Operating profit
Divs., int. & misc. inc..
Total income
29,662,766
33,023,009
Co.—Earnings—
1936
$4,247,331
138,052
515,638
$4,028,060
$4,024,006
136,325
$3,593,641
$3,411,116
164,937
a3,250,735
$3,396,482
178,090
c4,274,092
$7.10
$9.40
Calendar Years—
Deprec. & obsolescence-
135,689
Federal income taxes—
657,819
122,397
494,547
491,199
Accts. and notes
receivable
136,708
22,691
37,132
91,624
...
Mat'ls & suppl.
Office equipm't.
Deferred charges
Total...
344,161,381
Net
earnings
Preferred dividends (7 %)
57,404
28,215
45,184
376,802
Common dividends
Total
344,161,381 342,633,811
x Represented by 23,252,010 shares of no par value in 1936 (1925.
23,251,755 shares no par value), y Represented by 765,216 shs. (no par),
z Preliminary figures.
Note—Contingent liabilities of United Gas Improvement Co. as guarantor
of principal and {merest of funded debt, amount, in principal to, $12,019,500
(net), of which $2,983,000 is covered by indemnification agreements of
others and by* deposit of $210,500 of United States securities with trustee.
The company is also guarantor of interest only, on $12,153,000 principal
amount of Connecticut Ry. & Lighting Co. 1st and refunding mortgage
4>£% bonds due Jan. 1, 1951. In addition, bonds not now guaranteed as
to interest becomee interest guaranteed when acquired by the sinking
fund.
The company is obligated to indemnify the Koppers Co. of Del.
(now Koppers Associates, Inc.), on account or that company's guarantee
of the payment of dividends at the rate of $3 per share per annum in 198,997
shares of preferred stock of the Connecticut Gas & Coke Securities Co. for
25 years from Oct. 1* 1926.
^
Balance, surplus
Previous surplus.
Profit
United States Hoffman
94,362,068
Jan.30, '37
94,488,872
Feb. 8, *36
86,274,820
Machinery Corp. (& Subs.)—
Earnings—
Sell.,
gen.
& admin, exp.
1,403,450
1,172,103
1,044,980
1933
$861,146
1,025,633
$740,152
224,800
Gross profit
Reserve for charges
Federal, &c., taxes
Prov.
for surtax
on
$284,694
195,334
$171,286 def$164,487
155,679
139,874
$964,952
219,462
95,001
Interest, &c., income
$480,028
181,745
23,699
$326,965
121,438
15,960
loss$24,613
120,065
2,813
25,000
20,818
13", 598
17", 890
O~24",707
un¬
distributed profits (est.)
Loss on foreign exchange
Prov. for obsolete & in¬
active materials, &c..
156",692
Depreciation
Prov.
for
losses
on
140,161
127", 303
19,212
131,466
de¬
posits in closed banks.
25,890
Amortiz. of patents
_
Earnings per share
$447,980
215,353
$1.92
$120,825
215,203
$0.56
$44,376 loss$299,353
215,203
215,203
$0.20
Nil
—V. 143, p. 2865.
Freight Co.—On Interim Dividend Basis—
The Company has decided to put its dividend declarations on an interim
baiis rather than on the quarterly basis which has been followed heretofore.
No action was taken on Feb. 10 on the quarterly dividend of 25 cents, which
would ordinarily have been declared at that time.
ment said:
The company's state¬
"After due consideration, directors have decided to change their dividend
policy of previous years from a regular quarterly dividend to that of iterim
dividends.
This change of policy is based upon the present tax law taxing
any net profits in excess of dividends paid.
The futhre policy of the com-
Jjany as to in the interim preceding any such interim dividend declarations."
ngs shown these periods dividends will be dependent upon the actual earnFor dividend record see—V. 143, p. 3165.
U. S. Radiator
Corp.—Plan Effective—
The directors have declared the plan of reorganization effective.
Elwood S. White, President, announced that preliminary figures for the
year ended Jan. 31, 1937 show net profit after all deductions except reor¬
ganization expenses were slightly over $200,000, and net profit after esti¬
mated reorganization expenses was about $100,000.
In the preceding year
there was a net loss of $394,896 before special charges of $132,618.—v. 144,
p.
627.
U. S. Steel
def$4,555def $1055,701
5,303,467
5,883,484
4
475,683
co.'s
_
tax.
14,624
prior years—/>r__
over par of
on treas.—Dr
62,606
pref.
Profit & loss surplus..
Shares
of
common
$5,513,328
$5,447,012
$5,284,286
$5,303,467
457,850
$8.89
457,850
$7.49
457,850
457,850
$7.09
$7.03
out¬
standing (no par)
Earns, per share on com.
a Includes special dividend ($2.25) amounting to $1,030,163.
b Includes
specual dividend of ($3.75) amounting to $1,716,938.
c Includes special
dividends ($5) amounting to $2,289,250 and excludes $29,698 applying on
shares owned by company during year,
d Excludes treasury stock,
e In¬
cludes special dividend ($2) amounting to $915,700.—V. 143, p. 3860.
Utilities
Power
&
Light
Corp .—Protective
Committee
for Class A Stock—
At the request of certain of the larger holders of the class "A" stock of
the company, the following have agreed to act as a committee ro represent
the interests of the class "A" stock.
It is the intention of the committee
study carefully from the standpoint of the class "A" stock any plan of
reorganization that may be presented.
The activities of the committee
can be most effective if it has the cooperation of all of the holders of class
"A" stock.
No deposit of stock is requested, but all holders of class "A"
stock
urged to notify, by letter, the Secretary of the committee their
addresses, and the amounts of their respective holdings, authorizing
are
this committee to appear for them in the above mentioned proceedings,
it being understood that no such authorization will involve any financial
liability whatsoever on the stockholders granting the same.
C. Ray Phillips (Ohairman), Chicago, 111.; O. H. Simonds, N. Y. City;
Ralph B. Durell, N. Y. City, with D. Dunlap (Sec.), Room 2115, 11 S. LaSalle St., Chicago, 111., and Poppenhusen, Johnston, Thompson & Ray¬
mond, Counsel, 11 S. LaSalle St., Chicago.—V. 144, p. 956.
Van Raalte Co.,
Inc.—62^ Cent Dividend—
The directors have declared
a dividend of 62 H cents per share on the
stock, par $5, payable March 1 to holders of record Feb. 17. This
compares with $2 paid on Dec. 1, last, $1 paid on Sept. 1, last and 25 cents
per share distributed in each of the four preceding quarters, the Sept. 1,
1935, payment being the initial dividend on this stock.—V. 143, p. 3166.
common
Directors announced the election to the Presidency of the company of
Alex Speer, who is resigning the Presidency of the Florida Power Corp. to
fill his
new
post, effective immediately.
Walgreen Co.—Proposes to Sell New Preferred—
A special meeting of stockholders has been called
for Feb. 20 to approve
following:
(1) Issuance of 100,000 shares of 4H% cumulative preferred stock
($100 par) with warrants.
(2) Retirement of existing 6)4 % preferred with the balance to increase
working capital.
(3) Increase in the common shares to 2,000,000 from 828,000 presently
outstanding and issuance of 50% stock dividend. After the payment stock
dividend cash dividends are expected to continue at 50 cents a share.
It is expected that the stock dividend will be paid to holders of record'on
March 2.
Stockholders of record as of Feb. 15 are entitled to vote.
The company has had negotiations with a nationally known underwriting
house, should approval be forthcoming from shareholders, for the sale of
the new preferred and warrants.
It is contemplated that holders of 6)4 %
preferred will be given the privilege to purchase from underwriters a number
of shares of new preferred with warrants equal to the number of shares held
at the time of offering.
the
Month of—
October
December---.
Corp.—January Shipments—
793.
He succeeds J. S. Avery, who
Corp.
has resigned to become a Vice-President of the Utility Management
in New York.—V. 142, p. 4359.
November
See under "Indications of Business Activity" on a preceding
page.—V.144,
p.
$225,332
5,284,286
Virginia Public Service Co.—New President—
Net profit
Shs. com. stock (par $5)
U. S.
$7.00
$66,316
5,447,012
Excess of cost
names,
Profit from oper
of
-
Additional Fed. income-
to
Consolidated Income Account for Calendar Years
Calendar Years—
1936
1935
1934
Gross profit on sales
$2,143,602
$1,456,796
$1,216,266
sale
on
_
treas. com. stock
Weekly Output—
Feb. 6, *37
163,359
e3,204,950
$8.75
Rate
342,633,8111
Week Ended—
Electric output of system (kwh.)
—V. 144, p. 955.
$4,235,863
163,359
b4,006,188
1936
$5,516,529
5,328,696
7,218,252
1937
January
—V. 144, p. 795.
5,354,045
1935
$4,906,900
4,903,826
6,117,516
1936
4,744,594
1934
1933
$4,682,548
4,527,253
6,154,934
$4,159,933
3,871,256
5,318,061
1935
4,698.604
1934
4,303,469
Volume
Financial
144
Walker & Co.—Accumulated Dividend—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $2.50 cumulative class A convertible stock, no par
1127
Chronicle
operations, Ac.
z Interest allowed on prepaid accounts, disco£n
bad debts and franchise taxes, Ac.
Consolidated Balance Sheet Dec. 31
v^lue, payable- Feb. 18 to holders of record Feb. 13.
Similar payments
were made on Nov. 30, Oct. 15, Aug. 31, July 1, April 25 and Feb. 15,1936,
and on Dec. 20, Nov. 15, Aug, 15, May 15 and Feb. 15, 1935.—V. 143,
Cash
p. 3337.
Mktable.
1936
Assets—
securs—
Notes A trade
Warner Brothers Pictures, Inc.—Plan to
Stock
Offer Common
Dropped—
The company has abandoned its proposed plan for offering new com¬
mon
stock for subscription to stockholders.
The company on Feb. 9
announced that "it is no longer deemed advisable to issue additional com¬
mon stock as contemplated and it has therefore' discontinued negotiations
for the underwriting."
«r
1935
$
$
105,948 Real est. demand
mortgage".
850,237
10-yr. 7)4% notes
Wickwire Spen¬
4,439,842
re¬
serves
4,475,494
Investment in sub¬
cer
Class
601,667
601,657
A
Arrangement virtually had been concluded with Hayden, Stone & Co.,
ctfs.—
Worcester
De¬
for the underwriting of 925,000 new shares of common stock to be offered
in the ratio of one share for four to Warner stockholders ah a tentative price
positors' Corp—
Stock of Worcester
of $12.50 a share.
«£
►* As is the case with most underwriting arrangements of the kind, the final
offering price of necessity was contingent upon the market price of the
stock at the time the offering was actually made, since under the Securities
and Exchange Commission about three months must elapse for the prepara¬
tion and filing of registration statements.
It is understood that the offer¬
ing price of the new Warner shares was to be adjusted up tor down according
to the market conditions at the time.
Nat.
.39,256 Chase Nat.
799,400
193,854
303,752
145,801
Bank
184,149
184,150
1
note int. accr'd.
116,283
Ac. 17,533,587 17,824,374 Bonded debt (first
mtge.
60,798
67,267
A
prior
lien bonds)
12,679,000 12,679,000
Bonded debts, int.
accrued...
11,316,447 9,876,439
Prop. acct. deposit.Dr209,365 JDrl59,355
Class A notes..... 2,515,000
2,515,000
ClassB notes—... 3,639,340
3,639,340
machinery,
127,332
Deferred charges..
payables and serial bonds
Class A notes Int.
accrued
1,672,475
1,496,425
2,074,424
Res. for contlng—
198,452
Capital and sur-
1,856,063
198,452
Class B notes Int.
accrued
The sale of the gasoline stations, which was stayed by the Circuit Court
Feb. 3, has been put over to
March 11.—Y. 144,
p.
plus—Dr
11,340,589 10,025,003
956.
Total
Warren Brothers Co.—Another Committee Seeks to Repre¬
sent Note and Debenture Holders—
a
799,400
195,792
note
48,329
able, Ac
Warner-Quinlan Co.—Sale Postponed—
In
674,475
Bank
lower interest rate.
a
[674,475
Rev. tax claims.
falling due in the current year.
This operation was to have been followed
by±a permanent refinancing of the company's $31,490,000 6% debentures
at
Corp..
Amer. Wire Fab¬
rics Corp
Chase
Real est., bldgs.,
The decline in Warner common to around 15 following the announcement
of the proposed plan caused the bankers and the company to conclude to
abandon the offering particularly since the management of the company
are said to have been reluctant to sell new shares at less than $12.50.
Warner is in no immediate need of funds. Proceeds from the offering were
to have been used to clean up certain current
13,000
104~485
Acer. int. tax claim
59,789
receiv¬
accounts
IL 13,000
Accounts payable.
124.302 Collector of Int'nal
County Tr. Co.
Miscell. notes and
x
Steel
1st mtge. bonds—
sidiary & affili¬
ated companies.
$
•
265.458
Accrued accounts.
ac¬
Inventories, less
$
498,105
32,273
194,762
_
ceptances rec'le260,238
Accts. rec., less res. 1,220,860
1935
Ail 936
Liabilities—
811,800 Accounts payable.
12,335 Rec'shlpf allow'a.
991,384
12,335
x
25,264,472 24,877,018
-
After
Total
—25,264,472 24,877,018
for depreciation and obsolescence of $10,461,937
reserve
in 1936
and $10,112,885 in 1935.—V. 144, p. 796.
letter to.holders of the 5H % notes due 1937 and 6% debentures due
1941, the protective committee of which Louis J. Hunter is
Other members of the committee include Robert Baldwin, Winthrop L.
Carter, Stuart W. Webb, and C. Oliver Wellington.
Counsel for the
committee are Ropes, Gray, Boyden & Perkins of Boston, with E. T.
Dickinson, Sec., 82 Devonshire St., Boston.
Noting the filing on Feb. 1 of the company's petition for reorganization
under Section 77-B of the Federal Bankruptcy Act, the committee calls
attention to the court hearing to be held on Feb. 15, in Boston and urges
prompt cooperation with the committee, members of which are stated
to represent owners of substantial amounts of these securities.
Common Committee Formed—
Announcement is made of the formation
Winsted Hosiery
Chairman
requests powers of attorney to represent such holders in proceedings looking
toward readjustment of the company's affairs.
Calendar Years—
Sales
1936
$1,197,949
82,120
Net profits for year
of
a
protective committee of the
stockholders.
The members of the committee are William F.
Stafford of New York (senior partner of Stafford & Co., members of the
New York Stock Exchange); George A. Brown (President of J. Brown A
1935
$915,909
56,324
Balance Sheet Dec. 31, 1936
Assets—
Fixed assets
a
—
Treasury stock
Inventories
Cash..
5,000!
-
—
—
Accounts receivable..
Notes receivable
Total
Sons), Salem, Mass., and William H. Pihlcrantz (of Jackson & Curtis),
a
|
Liabilities—
$416,696'Capital stock.-,
38,326
Investment in sales corp
b Bond Investments
common
Co.—Earnings—
-
280,742 Reserve for depreciation.
256,004 Reserve for taxes
313,896 Reserve for bad debts—
215,539
3,000
...$1,529,2041
—
$600,000
200,000
464,558
239,808
21,768
3,070
Surplus capital-——.
Undivided profits
Total
$1,529,204
b Market value $350,112.—V. 144, p. 631.
414 shares,
Boston.—V. 144, p. 957.
Washington
Assurance
Corp.
of
N.
Y.—Financial
Statement Dec. 31, 193&—
Mobilities—
Assets—
x
$1,634,441 Unearned premiums
191,912 Losses payable
32,061 Taxes, Ac
6,941 Capital
119,462 Net surplus
Bonds, stocks, Ac
Bond A mortgage loans
Prems.
Interest
receivable, &c
accrued
Cash
Total
x
-.$1,984,8071
—
Valuations
on
Total
$153,052
23,048
15,000
600,000
1,293,707
—
$1,984,807
-
New York State Insurance Department basis.
Using
policyholders would be $1,796,-
market quotations for securities, surplus to
241.—V. 143, p. 1252.
Wayne Pump Co.—50 Cent Dividend—
Directors have declared
stock payable
an
a
dividend of 50 cents per share on the capital
April 1 to holders of record March 15.
The
company
paid
initial dividend of 50 cents per share on Jan. 2,1937.—V. 144, p. 795.
Went worth Mfg.
Co.—Earnings—
3 Months Ended Jan. 31—
Profit after charges, but before Federal taxes-—
Equivalent to 80c. per share on
p. 469.
x
Western Auto Supply
Month of—
1936
Co.—Sales—
1937
$1,770,000
January-
1937
x$101,70l
$94,023
102,474 common shares.—V. 144,
1936
$1,113,000
1935
1934
$1,116,000
$870,000
—V. 144,,p.630.
Western Pipe
home office from Chicago, where the subsidiary makes railroad
equipment.—V. 143, p. 4172.
of the
Western Ry. of AlabamaGross from railway
Net from railway-
Net after rents
From Jan. 1—
Gross from railway
Net from railway
.
1935
Trustee, the Royal Trust Co.
Sinking Fund—Commencing Jan. 1, 1948 there will be provided for the
15-year i)4% bonds an annual cumulative sinking fund sufficient to retire
the entire Issue at par by maturity.
Company incorp. in Canada in 1912 as Smart-Woods, Ltd., being a con¬
solidation of two predecessor companies, Smart Bag Co., Ltd., and Woods,
Ltd.
The business and assets of Empire Cotton Mills, Ltd., of Welland,
Ont., were merged in 1914.
Company's name was changed to present
form in 1918.
Company manufactures jute, cotton and paper bags, whicn
are supplied to such basic industries as flour and cereal
mills, sugar refineries,
primary agricultural producers, Ac.
It also manufactures cotton doth,
including heavy-duty hose and belting, ducks and drills, together with
tents, tarpaulins and heavy dothing and supplies as used by lumbermen
Company operates six factories, comprising three bag mills situated re¬
spectively at Montreal, Toronto and Winnipeg, a cotton mill at Welland,
Ont., a factory at Hull, P. Q., for the manufacture of lumbermen's and con¬
tractors' supplies, and a small factory held under lease at Ogdensburg,
N. Y., for the manufacture of sleeping bags.
Capitalization (After Giving Effect to Present Financing)
Authorized
1934
$152,182
19,231
12,668
$121,553
6,250
5,529
$106,293
defl 1,706
defl9,213
1,595,383
1,365,425
def5,907
def48,447
1,298,765
def28,267
1933
$109,971
4,277
4,152
156,857
49,888
def55,651
1,246,673
def27,000
def84,879
Frst mortgage
bonds
7% cumulatve preferred stock-Common stock (no par)-
$1,500,000
2,481,800
24,920 shs.
Outstanding
$700,000
1,528,300
17,106 shs.
Earnings—Average annual net profits for the four years ending Dec. 31,
(before providing for bond interest, depredation or income taxes)
Virginia Water Service Co.—Accumulated Div.—
The directors have declared a dividend of $3 per share
on
account
of
payable
A similar payment was made on
Jan. 1, last.
Dividends of $1.50 per share were paid on Oct. 1, last and in
each of the four preceding quarters and compares with $1 paid on July 1,
April 1 and Jan. 1, 1935, this latter being the first distribution to be made
April 1 to holders of record March 15.
this issue since April 1, 1932, when the regular quarterly dividend of
$1.50 per share was paid.
Accruals after the payment of the April dividend will amount to $13.50
per share.—V. 143, p. 3166.
on
Wickwire Spencer
depreciation would be about $65,000.
Maximum interest requirements of
of $700,000 of series A bonds will amount to $26,800,
which amount will decrease year by year as the $440,000 of serial bonds
are retired.
The above profits therefore represent average coverage of
maximum interest requirements for the present issue by over five times be¬
fore provis on for depreciation, and over three times after such provision.
Purpose—Proceeds will be used to retire on April 1, 1937 the company's
present $551,500 6% first mortgage bonds, the balance to be used to in¬
crease the company's working capital.—V. 142, p. 977.
Dec. 31 *36 Sept. 30 *36
$363,786
$369,198
40,631
42,556
Total income
—
Provision for depreciation
—
—
Legal and other professional services
for trustees, Ac
Int.—Am. Wire Fabrics Corp. bonds
Int.—10-yr. 7H% conv. gold notes
Wickwire Spencer St'l Corp. at 6%
Net profit
Dec. 31 '35
$248,993
30,256
Go.—-Reorganization—
Woolf Brothers, Inc.—Initial Class B Dividend—
The directors have declared an initial dividend of $1 per share on the
class B partic. pref. stock, payable Feb. 23 to holders or record Feb. 12.
—V.
142,
p.
1140.
$404,417
48,249
113,689
$411,754
48,721
113,689
$279,250
34,043
113,662
11,624
13.989
1,656
13,990
2,105
13,990
Gross from railway
Net from railway
9,690
8,836
8,327
$207,175
$224,862
Net after rents
From Jan. 1—
Gross from railway
$107,123
Yazoo &
Mississippi Valley RR-
December—
administrative and general expenses, but
before provision for depreciation,
y Interest earned, discount taken, dock
After deduction for selling,
Woodward Iron
An order approving the reorganization plan for the company under Section
77-B of the National Bankruptcy Act was signed by Judge David J. Davis,
Jan. 29 in the U. S. District Court at Birmingham, Ala.
See outline of
plan in V. 144, p. 296.
Steel Co. (& Subs.)—Earnings—
Quarters Ended—
x Profit from operations
y Other income——
Other deductions
amounted to $146,307, and the profits on the same basis for the 11 months
ended Nov. 30, 1936 amounted to $162,208.
Average requirements for
the present issue
accumulations on the $6 cumulative preferred stock, no par value,
tive, maturity dates.
1935
.
Net after rents
—Y. 144, p. 469.
x
1937: to mature Jan. 1, 1938-1947 and 1952.
Principal
(J. A J.) payable in lawful money of the Dominion of Canada
principal office of company's present bankers in Montreal, Toronto,
Ottawa, Halifax, St. John, Winnipeg, Regina and Vancouver.
Coupon
bonds in denom. of $500 and $1,000, registerable as to
principal only.
Red.
in whole or as to sinking fund bonds in whole or in part, at the option of the
company, on 30 days' notice; the sinking fund bonds to be red. at 103 if
red. on or before Jan. 1, 1942; thereafter at 102 if red. on or before Jan. 1,
1947, and thereafter at 101 if red. prior to maturity, in each case with ac¬
crued interest to the date of redemption; the serial bonds to be red. only in
event of entire issue being redeemed in full prior to maturity, at par plus a
premium of )i of 1% for each year or portion thereof prior to their respec¬
-Earnings-
1936
December—
z
Dated Jan. 2,
and int.
at
and contractors.
& Steel Co. of Calif.—Subsidiary Sold—
The company has announced the sale of its wholly owned subsidiary,
the Western Pipe A Steel Co. of Illinois, to the Union Asbestos & Rubber
Co.
The price was not stated.
The sale was made because of the distance
West
Woods Mfg. Co., Ltd.—Bonds Offered—Hanson Bros.#
Inc., Montreal, recently offered $700,000 1st mtge. bonds,
series A ($440,000 serial 3%, 3lA%, and 4% bonds, and
$260,00015-year sinking fund 4H% bonds) at 100 and int.
Net from railway
Net after rents
—V. 144. p. 469.
1936
$1,602,502
744,595
525,307
-_
16,111,613
5,629,043
2,911,164
Earningsr—
1935
$1,092,705
defl24,308
def303,039
12,^92,220
2,895,316
560,293
1934
$972,626
279,590
143,751
$1,179,653
510,889
313.767
11,916,718
3,215,435
734,093
11,991.684
4,078,063
1,451,846
1933
I
Financial
1128
Feb.
Chronicle
The Commercial Markets and the
1937
13.
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
On
COMMERCIAL EPITOME
11, 1937
futures closed 2 to 5 points
Thursday Night, Feb.
6th inst.
the
Coffee—On
higher, with sales of 79 lots,
The old "A"
13 lots.
terme market
contract
was
or
19,750 bags.
New Rio con¬
points lower to 2 points higher, with sales
tracts closed 2
was
on one
sale
575 to 750 reis higher.
500 reis
of
Rio
The Santos "A"
5 points higher.
was
The Santos "B" contract was
higher.
For
more than a week now the open market dollar rate has been
firm, with the Bank of Brazil quoting 16.180 and others
650 to 675 reis
higher, and the "C" 625 to 650 reis up.
16.160.
On the 8th inst. futures closed 7 to 8
Santos contract, with sales
tract
was
9 to 3
Rio contract
(Monday)
The old
Today
holiday in Brazil, but private advices said
points higher, with sales of 56 lots.
was
was a
1 point off,
that the Santos terme
cost
points lip for the
The new Rio con¬
of 118 lots.
with sales of 2 lots.
500 reis up in curb
was
and freight offerings,
trading, while
though few, were generally 10
Havre futures were 3.50 to 2.25 francs lower.
A cable received by the exchange announced that the re¬
tained coffee stocks in Rio on Jan. 31 were 628,000 bags.
points higher,
On the 9th inst. futures closed 6 to 2
points
up
for Santos
Rio contract
closed 2 to 6 points up, with sales of 22 lots.
The old Rio
contract was nominally unchanged. The trend was generally
upward throughout the day.
There were no quotations from
Brazil owing to the holiday.
Havre futures were 1.50 to 1.25
contracts,
with sales of 71 lots.
The
new
francs higher.
On the 10th inst. futures closed 13 to 16 points up
for the
The new Rio con¬
tract closed 7 to 9 points up, with sales of 73 lots.
The old
Rio contract closed 26 to 31 points up, with sales of 26 lots.
At the close a large commission house came in and sent the
March contract for old Rio up to 31 points from the previous
close, or 4.10 for March.
Rio futures were 825 to 475 reis
up from Saturday's close at 21.300 for February and 21.225
for April.
The Rio spot quotation advanced 1.400 milreis
Santos contract,
to
21.000.
with sales of 205 lots.
All the contracts traded
on
the Santos terms
from Saturday.
The "A" opened and
closed at 29.500 in March, 29.725 in May and 29.700 in July.
The Santos spot quotation was likewise 500 reis up at 26.000.
The open market dollar rate was unchanged at 16.160,
were
while
500
reis
up
Bank
of
Brazil
quoted 16.180.
Harve futures
higher.
Today futures closed 20
to 27 points up for the Santos contract, with sales of 273
contracts.
The new Rio contract closed 21 to 28 points up,
with sales of 157 contracts.
The old Rio contract closed
were
the
1.00 to 2.50 francs
unchanged, with sales of 6 contracts.
Rio Janeiro futures
were 250 to 375 reis higher, while in Santos the market ad¬
vanced 500 reis.
Cost and freight offers were 10 to 15
points higher.
Manizales were % of a cent higher.
Havre
prices gained 13^ to 3 francs.
Rio coffee prices
closed
as
follows:
March
8.201 July
7.92 September
May
8.12
8.18
8.051
December
Santos coffee
as follows:
11.34 December
11.43 September
prices closed
March
May
July
Cocoa—On
11.43
11.43
11.41
the
6th inst. futures closed 9 to
19 points
Transactions totaled 393 lots or 5,266 tons. London
came in
13^d. to Is. 3d. lower, with sales of 1,170 tons.
There was nothing especially noteworthy in the domestic
market, though the trade and manufacturers gave further
evidence that at current levels they were ready to average
their future costs.
Local closing: March, 9.60; May, 9.88;
July, 9.97; Sept., 10.01; Oct., 10.05. On the 8th inst. futures
closed 27 to 38 points higher. The close was slightly under
the top prices of the day. Transactions totaled 487 lots, or
6,526 tons.
London came in unchanged on the outside
market and Is. 6d. to Is. 9d. stronger on the Terminal Cocoa
Market, with sales of 1,280 tons.
Local closing: March,
9.95; May, 10.17; July, 10.32; Sept., 10.37; Oct., 10.35;
Dec., 10.32. On the 9th inst. futures closed 19 to 24 points
down.
Sales for the day totaled 365 lots, or 4,891 tons, a
comparatively quit session. Moderate liquidation was in
evidence, and these offerings were not so well taken, with the
result that prices eased considerably. London came in 6d.
higher on the outside and 43^d. lower to unchanged for
Terminal Cocoa Market, with 1,640 tons trading there.
Local closing: March, 9.77; May, 9.97; July, 10.09; Sept.,
10.13; Oct., 10.17; Dec., 10.10.
higher.
the
10th inst.
futures closed 17 to
10 points down.
London re¬
the outside and a break of 9d to Is 1
on the
Terminal Cocoa market, with 2,130 tons trading.
In the local market selling by longs for profits and liquida¬
tion by tired holders continues a source of pressure.
The
trade was not very conspicuous in the day's operations.
Local closing: Mar., 9.62; May, 9.81; July, 9.91; Oct., 9.98;
Dec., 9.98.
Today futures closed 15 to 22 points up.
Transactions totaled 419
ported
a
loss of Is
Transactions
lots,
or
5,615 tons.
on
totaled
476
The
contracts.
of
sentimental
settlement
the automobile strike seemed to have a favorable
around, especially on the cocoa market.
There
speculative buyong both by Wall Street and by
foreign interests, which advanced prices 19 to 25 points by
the early afternoon, prices finally closing at near the tops
of the day.
Warehouse stocks continued to increase.
An
overnight gain of 3,600 bags brought the total up to 604,000
bags.
Local closing: Mar., 9.79; May, 9.96; July, 10.11;
Oct., 10.17; Dec., 10.20; Jan., 10.24.
effect all
was
active
Sugar—On the 6th inst. futures closed 1 to 5 points
higher.
Transactions totaled 171 lots or 8,550 tons. Rumors
were current that a memorandum from Government sources
would be issued to the effect that the fall in sugar prices
during the past few weeks was unwarranted.
The inference
to be gathered was that Secretary Wallace, if this report
were true, was receding from his original view of an excise
tax of 13^ or lc. per pound.
However, no confirmation of
these rumors could be had.
In the market for raws there
appeared to be no interest on the part of refiners.
There
were hedged quantities of Cubas and Puerto Ricos and first¬
hand parcels of Puerto Ricos offered definitely at 3.60c.
Volume of business in the world sugar contract on Saturday
was the smallest on record, totaling only 35 lots, or 1,750
tons.
The tone, however, ruled steady, with final prices
ranging from unchanged to 1^ points higher.
On the 8th
inst. futures closed 1 to 5 points lower.
Transactions totaled
369 lots.
Further long liquidation induced by the lower
raw market and Washington reports that Secretary Wallace
was
standing pat on his original statement to ask for a
processing tax of ^ to lc. per pound—weakened domestic
sugar futures today (Monday).
In the market for raws, sales
were effected at 3.55c.,
and following this business, more
was available at the same price.
This represented a decline
of 5 points from a sale on Friday of 3,680 bags of Cubas for
February shipment to the National at 3.60c., a new spot
price.
The spot was not changed from that level by the sales
at 3.55c.
These sales included 10,000 bags of Puerto Ricos
for second-half March shipment to Arbuckle; 3,000 tons of
Cubas for second-half April shipment at 2.65c. c. and f.
(equal to 2.55c. delivered), and 10,000 bags of Puerto Ricos
for April shipment to National.
The world sugar contract
market closed iy2 points lower to iy points higher, with
sales of 67 lots, or 3,350 tons.
On the 9th inst. futures
closed unchanged to 1 point higher, except the March
position, which was off 1 point.
Transactions totaled 260
lots.
It was estimated that about half of this volume of
260 lots was absorbed by a Cuban operator and a cotton com¬
mission house, the latter possibly for the account of a refiner.
The Cuban buying to a large extent was believed to be hedge
lifting and short covering, while the demand through the cot¬
ton house was new accumulation supposedly.
In the market
for raws, offerings were available at 3.55c. delivered. * One
first hand seller was offering 1,000 tons of Philippines for
Feb .-March shipment at 3.60c., and while it was believed
there might be further sellers at that level, nothing was
offered.
In the world sugar contract market prices closed
13^ to 3 points up, with sales of 220 lot, or 1,000 tons.
On the 10th inst. futures closed 1 to 3 points higher.
Sales
were
light, totaling 5,050 tons.
The trading consisted
switching operations and short covering.
An
was the report that lawyers for the refiners
are in Washington expressing the opinion that a processing
tax of anything over He. would be a violation of the treaty
with Cuba.
In the market for raws nothing of interest de¬
largely of
item of interest
veloped, refiners showing little or no interest.
Refiners
appear to be awaiting a clarification of views with respect
to a processing tax before making new commitments.
The
world sugar contract market closed 1 point higher to 1 point
off.
Sales were 182 lots, or 9,100 tons.
Today futures
market. Sales
which has been
change of sentiment
closed 2 to 3 points up in the domestic sugar
totaled 139 contracts.
The No. 3 contract,
weak of late, rallied
sharply because of a
regarding Washington's attitude.
The world or No. 4 con¬
tract, was %to iy2 points higher, with September at 1.183^.
In the market for raws, no change of quotations or sales
were
reported.
In refined second hand offers were reported
hundred, a drop of 10 points.
London futures
3€d higher to 3<£d lower.
Raws there were soldfat
at $4.70 a
were
1.08c. f.o.b. Cuba.
Volume
Prices
Financial
144
follows:
were as
July
March
September..
2.6 5
2.65
2.65|December
2.621 May
„
2.63
J
377,385 Short Tons Sugar Charged Against Quotas for
Off-Shore Areas in January—Nine Foreign Counttries Fill Their Allotment
The first
monthly report on the status of the sugar quotas
Feb. 6 by the Sugar Section of the Agricultural
Adjustment Administration.
The report shows that the
quantity of sugar charged against the 1937 quotas for Cuba,
the Philippines, Puerto Rico, the Virgin Islands and Hawaii
during the month of January amounted to 377,385 short
tons, raw value, it was announced by the Sugar Section,
was
issued
on
which added:
This report includes all sugars
the Virgin
from Ouba, the Philippines, Puerto Rico J
Islands, and Hawaii recorded as entered or certified for entry
from those
The statistics pertaining to full-
prior to Feb. 1, 1937.
areas
duty countries Include, in addition to the
Feb.
1,
1937,
after final outturn
on
including such certified
The figures are subject to change
Feb. 1, 1937.
weight and polarization data for all importations are
available.
I
actually entered before
sugar
quantities certified for entry,
all
quantities in transit
.
Quotas for the various offshore
DAILY CLOSING
PRICES OF
LARD FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
Sat.
shown as established by General
Mon.
12.95
January
13.02
12.92
March
Sugar Quota Regulations, Srries 4, No. 1, issued Dec. 12, 1936.
I
points lower.
Heaviness was attributed largely to the
extremely slow cash demand for domestic lard and fairly
heavy hog receipts. Western hog receipts were 63,800 head,
against 41,400 for the same day a year! ago.
Prices at
Chicago closed 10c. lower, due to the heavier receipts. The
top price for the day was $10.30, with the bulk of sales ranging
from $10 to $10.20. There were no export clearances of lard
from the port of New York. Liverpool lard futures were very
quiet, with prices unchanged.
On the 10th inst. futures closed|32 to"40 points down.
This decline was influenced largely by the heavy western
hog marketings and extremely slow cash demand for lard.
Closing hog prices at Chicago were mostly 10c. lower on all
weights, with the top price registering $10.25, and major
portions of sales ranging from $10 to $10.20.
The Western
run of hogs totaled 67,700 head, against 57,300 for the same
day a year ago. There were no export clearances of lard report¬
ed today
(Wednesday) from the Port of New York. Liverpool
lard futures were quiet, with prices unchanged to 3d lower.
Today futures closed 2 to 15 points up.
This firmness was
attributed largely to short covering over the holiday.
.
.
areas are
1129
Chronicle
The quantities charged against the principal offshore areas during the
13.20
13.25
13.17
May
July..
13.40
13.62
13.42
13.37
13.57
13.65
12.60
12.77
13.02
13.20
12.62
12.92
13.15
13.32
HOLI-
DAY
month of January are as follows:.
(Tons of 2,000 pounds—96 degrees)
1937 Sugar
Established
Area
Quotas
Amounts
Under the
Charged
Latest Regulations
Against Quotas
Cuba
1,922,423
191,456
Philippines
1,035,742
831,508
110,700
976,685
0
Puerto Rico
Hawaii....
75,229
5,462
0
4,771,820
377,385
Virgin Islands
Total
Direct
Direct-consumption
sugar
Consumption Sugars
is included in the
above
charged
amounts
against the various quotas since the direct-consumption sugar quota is
included in the total
the
quotajfor each
fdirect-consumption
sugar
sugar
area.
quotas,
The following tabulation indicates
amounts
consumption
direct
or
admitted during the month of January, 1937,
as
well as the amounts
which may be admitted for the remainder of the year:
''
Quantity Charged
Against Quota
Remaining
422,933
126,033
29,616
80,214
Hawaii
Philippines
Total
17,682
8,292
405,251
117,741
0
2,943
29,616
77,271
658,796
Puerto iRico
28.917
629,879
Full Duty Sugars
to'the
In addition
sugar
$10.51 to $11.35.
charged against the quotas for Ouba and the
aTlarge part of the sugar which may be admitted from
?was ^entered or certified for entry during the month of
other insular areas,
full-duty countries
The following table shows, in pounds, the amount of sugar which
January.
may
be
admitted
in
1937,
the amount
charged against
during
quotas
January and the amount which may be admitted during the remainder of
thejyear from the
area
specified.
Charged
May Be Admitted
Against
Balance
Quota
Remaining
in 1937
0
Canada
564,2d5
564,205
0
China and Hongkong
288,114
263.302
120,327
132
1,065
Dutch East Indies
211,384
167,787
263,302
6.668,480
211,384
Guatemala
334,902
334,902
0
921,614
6,031,877
50
63,348
921,564
5,968,529
217,865
11,114.100
0
Dominican Republic
Haiti
Mexico
11,114,100
350,667
3,764,140
United Kingdom
Unallotted reserve
Total
JgNo
-
-
sugars
countries:
6,668,480
217,865
Netherlands
Peru
31,026,155
0
0
.
:
■■
•-
:■
0
0
350.667
0
68,030
3,696,110
20.318.560
10,707,595
have been entered against the 1937 quotas for the following
Argentina, 14,577 pounds; Australia, 204; British Malaya, 26;
Colombia, 267; Costa Rica, 20,597; Dutch West Indies,
Germany, 117; Honduras, 3,432,568; Italy,
6; France, 175;
1,751; Japan, 4,009; Nicaragua,
10,221.004; Salvador, 8,208,542; and Venezuela, 290,002.
Lard—On the 6th inst. futures closed 5 to 7 points higher.
pointed out]that during thejpast seven weeks the market
declined 200 points, which should make for a strong
technical position.
However, there does not seem to be any
It is
has
disposition to take an aggressive position on the upward
side.
Receipts for the Western run were light and totaled
14,600, against 16,400 for the same day a year ago. Export
clearances of lard from thejport of New York today (Satur¬
day) were nil. Liverpool lard futures closed 6d. to Is. 3d.
higher.
On the 8th inst. futures closed .2 to 7 points up.
Trading was light, and without feature.
Hog prices were
quite steady, with|Chicago prices 5c. to 10c. higher, the]top
price registering $10.40. Western marketings totaled 69,200
head, against 26,800 for thejsame day last year. The major
portioniof sales ranged from $10.10 to $10.30. Over the
week end it was reported that 206,480 pounds of lard cleared
from the port of New York for Liverpool, Hull and South¬
ampton.
Liverpool lard futures were dull, with prices 6d.
lower to unchanged.
On [the 9thlinst. futures [closed 7 to 10
April...
May
v.
11.07®
....
11.07®
11.15®
11.10®
11.07@11.10
July.
August.
September
"Petroleum and
Its Products."
Rubber—On the 6th inst. futures closed
294,308
Czechoslovakia
March
in the article entitled
294,308
1,197
Brazil
June
11.05@
11.08®
11.05®
February
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications."
Quantity Which
Belgium
Cottonseed Oil, sales, including switches, 157 contracts.
Crude, S. E., 10c.
Prices closed as follows:
Petroleum—The summary and tables of prices formerly
(Pounds—96 degree equivalent)
Area
inherently strong position of the oil,
Quotations: China
drms., spot 1534c.
Coconut: Manila, tanks, spot 824c., March 834c., April
834c., Coast, April for'd 8c. nominal.
Corn: Crude, tanks;
outside, 1034c.
Olive: Denatured, Nearby, Spanish, $1.65;
Nearby $1.65 nominal.
Soy Bean: Tanks, mills, futures,
10c., C. L. Drms., 11c., L. C. L., 11.5c.
Edible: 76 degrees,
1534c.
Lard: Prime 15c., Extra winter, strained, 1434c.
Cod: Crude, Japanese nominal; Norwegian Yellow, nominal;
light filtered, 4734c.
Turpentine: $10.05 to $13.35. Rosins:
Balance
1937 Quota
Area
Oils—Linseed oil crushers stated that they no longer would
do 9.1c. in view of the
and that they should get 9.3c. or better.
Wood: Tanks, M-J for'd 14.6 to 15.0;
(In short tons—96 degree equivalent)
Cuba
Pork—Mess, $31.00 per barrel; family, $32. nominal, per
barrel; fat backs, $25. to $28.50 per barrel.
Beef: Steady.
Mess, nominal; packer, nominal; family, $17.50 to $18.50 per
barrel nominal; extra India mess nominal.
Cut Meats;
Pickled Hams, Picnic, Loose, c.a.f. 4 to 6 lbs., 1334c.;
6 to 8 lbs., 13c.; 8 to 10 lbs., 1334c.
Skinned, Loose, c.a.f.
—14 to 16 lbs., 21c.; 18 to20 lbs., 2034c.; 22 to 24 lbs., 1834©.
Bellies, Clear, f.o.b., New York—6 to 8 lbs., 19%c.; 8 to 10
lbs., 20c.; 10 to 12 lbs., 20c.
Bellies, Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 17^c.; 18 to 20 lbs., 1734c.;
20 to 25 lbs., 17c.; 25 to 30 lbs., 16J4©.
Butter: Firsts to
Higher than Extra and Premium Marks: 31c. to 3434c.
Cheese: State, Held,
1936, 22 to 2234c.
Eggs: Mixed
Colors, Checks to Special Packs: 19 to 2434c.
6 to 9 points
higher.
Transactions totaled 510 tons. Outside prices
were
quoted at 2124c for standard sheets.
London and
Singapore closed steady, with prices l-16d to 3-16d higher.
Local closing: Feb. 21.47; April 21.50; May 21.50; July 21.50;
Sept., 21.46; Dec., 21.42.
On the 8th inst. futures closed 3
to
11
points higher.
Transactions totaled 1,760 tons.
Factory buying and shipment business were small.
Outside
prices were quoted on a spot basis of 21 ll-16c for standard
sheets.
The London and Singapore markets closed quiet and
dull, respectively.
London closing prices were unchanged to
1-16d lower. Local closing: Feb., 21.50; Mar., 21.53; May,
21.55; July, 21.55; Aug., 21.55; Sept., 21.55; Oct., 21.54;
Dec., 21.53.
On the 9th inst. futures closed 22 to 25 points
down.
Transactions totaled
1,660 tons.
Outside prices
were reduced to a spot basis of 2124c. for standard sheets.
London and Singapore closed dull and quiet, respectively,
prices unchanged to 3-16d. lower. Local closing: Feb.,
21.26; Mar., 21.29; May, 21.33; July, 21.32; Sept., 21.30;
Oct., 21.30; Dec., 21.28.
On the 10th inst. futures closed 1 to 22 points higher.
Trading rather limited, with transactions totaling 1,430
tons.
Outside prices were quoted on a spot basis or 2134c.
for standard sheets, with some dealers quoting a slightly
higher figure.
The scarcity of crepes has become so pro¬
nounced that both thin and thick crepes now demand a
premium of 2c. over standard sheets.
London and Singa¬
pore closed steady and quiet, with London prices slightly
righer and Singapore slightly off.
Today futures closed 15
;o 17 points up.
Transactions totaled 468 contracts.
Re¬
lief
over
the
strike settlement
rubber market in
was
reflected
in
the
crude
opening gains of 37 to 54 points, due mainly
to short covering.
On the rise profit taking caused moder¬
ate recessions.
London market closed unchanged to 34d
higher.
At Singapore the market was closed.
Local clos¬
ing:
Mar., 21.55; May, 21.65; July, 21.65; Oct., 21.65;
Dec., 21.65.
Financial
1130
Hides—On the 6th inst. futures closed 9 to 12
points
up.
Feb- 13 > 1937
Chronicle
to the
Tin arrivals so far this
1,982 tons; Pacific ports, 35
have increased to 1,123 tons.
United States is 8,601 tons.
totaled 2,240,000 pounds.
Stocks of certifi¬
cated hides in warehouses licensed by the Exchange remained
month have been: Atlantic ports,
unchanged at 741,956 pounds. No business was reported
from the domestic or Argentine spot markets. Local closing:
March, 14.67; June, 15.01; Sept., 15.30; Dec., 15.52. On
the 8th inst. futures closed unchanged to 2 points lower.
The market was generally quiet, with transactions totaling
only 1,400,000 pounds. Stocks of certificated hides licensed
by the Exchange remained unchanged at 741,956 hides. No
sales were reported in either the domestic or Argentina spot
markets.
Local closing: March, 14.67; June, 15.00; Sept.,
15.28; Dec., 15.51. On the 9th inst. futures closed 10 to 13
points down. Transactions totaled 2,480,000 pounds. Stocks
of certificated hides in warehouses licensed by the Exchange
decreased by 963 hides to a total of 740,993 hides.
The
undertone of the domestic spot hide market continued weak
yesterday, and it was reported that light native cow hides
were sold at 1334>c. a pound, a decline of Mc. a pound from
the last previous business.
New York City calfskins were
easy and 5-7s were reported at $1.80.
Local closing: March,
14.54; June, 14.88; Sept., 15.18; Dec., 15.41.
On the 10th inst. futures closed 3 to 7 points lower. Trans¬
actions totaled 4,320,000 pounds.
Stocks of certificated
hides in warehouses licensed by the Exchange remained un¬
changed at 740,993 hides.
No new business was reported
in the domestic or Argentine spot hide markets.
Local
closing: Mar., 14.49; June, 14.82; Sept., 15.10; Dec., 14.38.
Today futures closed 29 to 33 points up.
The market was
strong throughout the entire session.
Transactions totaled
105 contracts.
A substantial portion of this rise was at¬
tributed to evening up operations by the shorts over the
holiday and the favorable sentimental effect of the automo¬
bile strike settlement.
Local closing:
Mar., 14.80; June,15.15; Sept., 15.41; Dec., 15.67.
Strait
Transactions
Ocean
Freights—Chartering was quiet, with nothing of
importance in the reports. Freight brokers say whether
Liverpool goes up or Canada down, an adjustment is needed
to sell Canadian grain freight.
Advancing tendencies again
appear in the sugar trade, and the readjustment of the
Plate grain rates, now that it has been brought about, had
real
such drastic effect
no
Charters
as
some
had feared.
Trip: Prompt, Atlantic range, redelivery United
Kingdom via Vancouver, about 6s. Scrap Metal: March, Tampa to Hull,
Coal: Prompt, Hampton Roads-Mediterranean (no rate specified).
Trip Over: Prompt, Atlantic range to South America (no rate specified).
23s.
Coal—A
and
sharp drop in temperatures in the Southwest
Central West toned up the Western market
other hand mild temperatures prevailed
recently.
in many
parts of the -East, which did not help the demand in these
areas.
In the flood week of January 30th Hampton Roads
dumpings fell 29,000 tons; there was no Cincinnati report;
the New England all rail bituminuous movement fell about
On
500
the
cars
and
the
anthracite
rose
five
cars.
The
United
States Bureau of Mines says:
"The Ohio River flood is the
principal cause of a sharp drop in bituminous coal production
during the week ended January 30th.
Flood conditions
have delayed the customary reports of railroad carloadings
from the affected areas, especially in Kentucky.
From
information now available, the total output for the country
as a whole is estimated at approximately 8,285,000 net tons.
In comparison with the week of January 16th, before the
effects of the flood were felt, this is a decrease of 1,846,000
tons, or 18.2 per cent."
Copper—The upward trend of copper continues on the
London Metal Exchange, reaching a new high recently, the
equivalent of 13.40c. per pound. The strength of the red
metal abroad naturally is having its effects here. Monday's
sales in the domestic market totaled 9,814 tons, which
brought the running total for the month to that date to
21,862 tons. The spurt in domestic sales, the largest total
so far this month, was due in no small measure to the strength
of the metal abroad and the possibility of higher prices for
domestic copper. It is the belief of some that if the foreign
price should reach 13He., it would almost certainly cause an
advance in the domestic price, and perhaps if present foreign
levels hold, it will eventually result in higher prices here.
That the scarcity of copper is becoming more acute, is
reflected in the series of meetings being held by independent
copper fabricators,
wire drawers and producers of elec¬
trolytic copper.
One proposal calls for removal of the
present 4c. duty on copper so that the red metal may enter
this country from Canada, Mexico and South America. At
the same time, however, another group of copper producers
is working for the extension of the duty when it expires on
June 30th, 1937.
Those who favor the repeal of the tariff
state that their chief obstacle is the group of Western
Senators who are in cohoots with the oil, coal and lumber
interests, since the copper tariff was passed as a conservation
measure along with tariffs on those resources in 1933.
Tin—Warehouse
stantially,
stocks
of
zinc have increased
so
sub¬
being well above the 1,000-ton mark here,
that tin consumers are inclined to remain out of the market,
though prices here are considerably under world markets.
As a matter of fact warehouse stocks are increasing both here
and in the United Kingdom, and tin seems to be generally
plentiful.
Stocks of tin in warehouses of the United King¬
now
dom increased 285 tons last week to 1,987 tons.
Tin afloat
stocks
tin, New York, nominal.
futures—February, 50%c.; March,
May, 50.20c.; June, 50.20c.
Spot, 50 %c.
Straits,
50.30c.; April, 50%q.;
zinc and copper have apparently
lead, but despite this fact, those
in the trade are not looking for further advances in prices, as
the statistical position of lead is not as strong as zinc and
copper.
Lead statistics will be issued in another two weeks,
but are expected to reveal an increase in surplus stocks.
Lead
business was reported as very brisk ever since last Thursday,
thus making up for the preceding dull week.
Reports from
some quarters were to the effect that one or two prominent
producers recently had sold the equivalent of twice their
day's production.
Recent prices were unchanged at 6c.
to 6.05c. per pound, New York, and 5.85c., East St. Louis.
It is estimated that February needs are from 85 to 100 per
cent bought up, total sales so far having been perhaps as
much as 34,000 tons.
It is estimated that mine production
in February will have been 34,000 to 35,000 tons.
Lead—The strength in
a wholesome influence
had
Zinc—The
on
outstanding development
was
the rise of $3
advance of $5 per ton a
week before, making the new prices 6.40c. per pound, East
St. Louis, and 6.75c. per pound, New York, the highest
prices since October, 1929, when the average price for the
month was 6.72c., East St. Louis.
The advance followed the
publication of January statistics, which revealed a surplus of
34,143 tons, the lowest stocks since 1927, and a reduction for
the month of 11,600 tons.
A further stimulus to the rise in
prices, was the report by the American Zinc Institute of large
sales last week, a total of 13,101 tons, which compares with
3,000 tons sold during average quiet weeks.
This consisted
of 12,373 tons of prime Western, 528 tons of brass special and
200 tons of select grades.
Total unfilled orders at the end of
last week stood at 82,233 tons, the substantial character of
which is appreciated by comparison with the total stocks of
per
ton Tuesday, which followed an
34,143 tons.
Steel—Steel
operations have had a substantial recovery
and operations this week
placed at 80.6 per cent by the American Iron and Steel
Institute.
This compares with the rate of 78.8 per cent a
month ago, and at this time in 1936 operations were at
52 per cent, according to the "Institute".
Discussion con¬
tinues in steel circles of probable second quarter prices,
which it is expected will very likely be announced by March
1st. Some have predicted a general advance in prices, while
others maintain stoutly that there will be only sporadic
advances, mostly in the nature of price adjustments. Thus
certain wire products and steel pipe seem slated to rise since
prices are regarded as too low. Pipe prices were reduced in
March 1936, and have not been advanced since.
Approxi¬
mately $50,000,000 unfilled orders are on the books of the
steel mill equipment companies, a new high record.
With
the expected placing of large additional business by the
Carnegie-Illinois Steel Corporation, subsidiary of the U. S.
Steel Corporation, by spring in its $60,000,000 improvement
program at the Clairton and Braddock works, there is a
belief that the unfilled orders of the mill equipment com¬
panies will experience little decline during the first half of
now
included:
Warehouse
tons.
that
the flood is receding,
are
1937.
Pig Iron—Business here is reported to be very steady.
agent has been booking almost exactly 350 tons per
week for the past three or four weeks.
Shipments are still
One
several times the volume of
sumers are
new
business.
American
con¬
yet taking very seriously the rumors that second
quarter pig iron prices may be advanced.
In another three
weeks
pig iron prices for second quarter delivery will have
There is a difference of opinion as to whether
there is to be a general advance in steel prices for second
quarter, and on this question probably hinges a rise in pig
iron.
A general rise in finished steel would probably imply
an advance in pig iron, certain quarters assert.
The latest
word from Pittsburg is to the effect that there will be no
general rise.
been defined.
Wool—Latest advices report
the Boston wool market
as
very quiet on domestic and foreign wools.
Mill demand
has shown little urgency on most lands of apparel wools for
several
weeks,
steady to firm
report.
Asking prices continue
most lots of domestic wools, but it is
showing no interest.
Large increases
observers
on
stated that mills
are
in
receipts of foreign wools since the middle of December
greatly broadened the selection of wools available to
manufacturers.
Wool tops meanwhile are a little easier,
but the slightly lower prices named may be viewed in good
part as some temporary concession brought about by avail¬
able supplies of lower priced Australian wool.
It is declared
by the well informed, that domestic wool conditions do not
warrant any recession in top prices.
Foreign wools are
quite a factor at the moment in establishing wool top prices,
have
but it is stated that their influence will tend to decrease in
the weeks ahead, and the determining factor for the second
part of the year will apparently be found in the prices at
which domestic wool growers will be found willing to con¬
tract or sell the remaining two-thirds of the 1937 clip as yet
in the hands of the producers.
Volume
Financial
144
closed 1 to 2h£c. higher.
Silk—On the 8th inst. futures
Opening sales were at a
gain of lc. to a loss of 2c.
Cables reported grade D 15 yen
lower at both Yokohama and Kobe, with the price at both
places registering 865 yen.
At Yokohama Bourse quotations
ranged from 17 to 22 yen lower, and at Kobe 3 to 13 yen lower.
Sales of actual silk in these markets were 525 bales, while
transactions in futures totaled 6,550 bales.
Local closing:
Feb., 1.89; April, 1.90; June, 1.91; Aug., 1.90^; Sept., 1.88.
On the 9th inst. futures closed lc. higher to lc. lower. Initial
sales were worked at gains of 1 to 3c.
However, liquidation
caused prices to sag.
Sales totaled 2,550 bales. Grade D
at Yokohama was 872% yen, 7% yen up from previous day.
At Kobe grade D was 10 yen higher at 875 yen.
Bourse
quotations at Yokohama were 16 to 23 yen up, while at Kobe
they were 12 to 18 yen up.
Sales of actual silk at both these
markets were 700 bales, while transactions in futures totaled
6,325 bales.
Local closing: Feb., 1.90; Mar., 1.903^;
Apr., 1.90; May, 1.92; July, 1.903^; Aug. ,1.88^; Sept., 1.88.
On the 10th inst. futures closed unchanged to 2c. higher.
Sales totaled only 1,360 bales.
Grade D at Yokohama was
2%, yen up, with the price at 875 yen.
At Kobe the price
of Grade D was 875, unchanged from the previous quotation.
Bourse quotations at Yokohama were 3 to 8 yen higher,
and at Kobe 2 to 9 yen higher.
Cash sales for both centers
totaled 775 bales, while transactions in futures totaled 4,750
bales.
Local closing:
Feb., 1.92; Apr., 1.91; May, 1.92;
July, 1.92^; Aug., 1.893^; Sept., 1.89.
Today futures
closed 3 to 4 points up.
Sales totaled 309 contracts.
This
market was firm throughout most of the session, with prices
closing at about the top levels of the day.
In the local spot
market crack double extra silk advanced %g. to $1.97 a
pound.
The Yokohama Bourse and spot markets were
closed owing to a holiday in Japan.
Local closing: Feb.,
1.96; Mar., 1.95;^ May, 1.95J& June, 1.95K; July, 1.95J^;
Transactions totaled 2,120 bales.
Aug., 1.933^; Sept., 1.93.
1131
Chronicle
corresponding week last year total exports were
88,796 bales.
For the season to date aggregate exports
have bteen 3,631,438 bhles, against 4,222,126 bales in the
same period of the previous season.
Below are the exports
the
In
for the week:
Exported to—
Week Ended
Feb. 11. 1937
Exports from—
Britain France
Mon.
Sat.
Receipts at—
530
Galveston
408
6,538
5,962
192
616
3,205
2,322
2,203
Totai
Fri.
Thurs.
697
1,821
506
11,110
.74
5,816
7,508
1,323
223
17
61
609
36
10,794
1,818
2,202
79
522
214
224
Mobile...
12,563
4,232
3,559
18,157
20,342
9,631
2,230
63,231
32,314
13,219
5,007
15,482
5,895
5,084
14,936
966
15,007
6,340
7,540
16,664
200
17,049
Savannah
•
2,062
2,230
-
-
-
769
-
131
131
Norfolk-
Total
Total
1936
Total
1935
8,835 123,354
928
88,796
66,907
Exported to—
From
Aug. 1, 1936, to
Feb. 11
Exports from—
Galveston...
Houston
Corpus Christ! *
Beaumont
New
...
Orleans.
_
Lake Charles..
Mobile
Jacksonville.
Pensacola,
France
Britain
142,455 164,155
138,686 105,402
50,970 44,785
913
9,328
248,927 222,103
19,745
9,160
67,087 30,497
1,431
39,754
40,956
55,718
_.
&c.
Savannah
Charleston
1,494
1,791
82,523
9,903
2,931
103,672
3,359
44.935
1,268
28,523
30,588
40.936
73,944 498,549
65,280 232,052
65,430
8,045
16,890 163,307 1181,979
1,478 115,203 740,624
355 23,629 203,117
50
13,222
56",936 122",087
"580 117,983 872,288
2,805
482
166
391
955
York
"222
Boston—....
Philadelphia...
2",225
372
8,112
2,516
655
18,000
2",222
1,584
""54
1,147
192
4,755
283
Los Angeles...
4,528
1,552
Francisco.
1,788
1,397
5,038
71,886
18,722
2",850
4",751
14,658
100
4
Baltimore
3,063
1,466
5",845
9,761
60
133
Gulf port
47,089
172,783
2,689
79,597
82,474
117,170
1,200
12,434
2,878
14,615
210
6", 922
485
2,170
Norfolk
Total
Other
China
Japan
Italy
many
122,639
1,200
Wilmington
New
Ger¬
Great
1937
2",560
814,916 597,009
2,460
1,169
100
58,407
3,831
15,464
487|
50
19,403 476,074 3631,438
483,622221,3581019,056
582,312244,2241135,119 29,046 676,2004222,126
522,655279,202 256,777292,5891148,170 73,643487,218 3060,164
998,756 556,469
Total 1934-35.
Brownsville.
♦Includes exports from
Canada—It has never been our practice to include In the
shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
NOTE—Exports to
above table reports of cotton
receiving regarding the matter, we will
the exports to the Dominion the present Beason
however, of the numerous Inquiries we are
say
that for the month of December
bales.
In the corresponding month of the preceding season the
exports were 43,708 bales.
For the five months ended Dec. 31, 1936, there were
145.808 bales exported, as against 100,359 bales for the five months of 1935.
have been 45,482
In addition to above exports, our
telegrams tonight also
shipboard, not
give us the following amounts of cotton on
cleared, at the ports named:
154
■
1,348
Charleston
Hoi.
Wilmington
69
75
66
144
Norfolk
39
234
12
214
335
834
15,008
10,372
14,214
3,943
14,283
57,820
On
Shipboard Not Cleared for—
•
Leaving
Feb. 11 at—
Ger¬
Other
many
France
Britain
Foreign
wise
557
23,000
25,276
13,259
2,900
1,531
433
2,900
1,363
Oreans-.
New
6,517
3,800
3,477
1,859
Galveston
Stock
Coast¬
Great
Houston
Totals this week.
-
mm
15,107
354
154
Christi--
New Orleans
16,204
1,263
35,936
12,863
501
New Orleans
Mobile.
35,228
4,047
2,395
2,308
Houston
Corpus
Wed.
Tues.
800
4,303
WW*-
Total.
the South tonight, is given below.
For the
this evening the total receipts have reached
57,820 bales, against 54,826 bales last week and 61,831
bales the previous week, making the total receipts since
Aug. 1, 1936, 5,375,132 bales, against 5,868,975 bales for
the same period of1935-36, showing a decrease since Aug. 1,
1936, of 493,843 bales.
56,957
1,336
1,263
3,473
Corpus ChristL.
Total 1935-36.
grams from
week ending
5,204
928
37,759
10,365
Total
Other
China
Japan
Italy
many
3,547
9,519
3,703
Houston
COTTON
Thursday Night, Feb. 11, 1937.
Crop, as indicated by our tele¬
Ger¬
Great
Galveston
San
The Movement of the
other destinations.
Japan, 928 to China, and 8,835 to
to
"237
Total
590,972
407,255
590,076
155.863
44,469
92,883
34,324
124,285
36,600
31,530
27,263
4,000
689
5,195
Savannah
the week's total receipts, the
the stocks tonight, compared
The following table shows
total since Aug. 1, 1936 and
with last year:
Charleston
Mobile
zizi
Other ports
Total 1935
Receipts to
Week
Since Aug
1 1935
1936
1937
11,719 1,395,553
44,190
627,572
5", 962
17",514 1,555,757
438,785
49,198
25,729
617,339
99,187
6,045
2,288
155,863
City
Houston
281,683
13,137
35",228 1,623,436
204,295
4,047
86,827
3,615
112,828
2",395
Beaumont
New Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
Brunswick
1,190,681
154
Corpus Christ!.-.
1,714
50
259,768
37,945
23",458 1,481,384
1,255
345,447
136,570
3,655
286,657
4,372
687,290
10,244
598,600
47,822
30,334
562,920
148,214
18,132
3,782
191,216
....
149",945
l",148
53,916
19,440
83
"354
688
30,349
526
834
...
Boston
til! til 11 11
Baltimore.
Philadelphia
•
24", 059
1
63,630 5,868,975 2,141,824 2,431,043
1933-34
Savannah
l"l48
1,543
27,637
24,208
18,227
1,675
1,018
3,261
1,547
354
834
688
64
315
526
564
154
&c_
OrleansMobile
"2",950
"l",475
57,820
63,630
40,895
84,994
6,538
5,962
35,228
4,047
2,395
Brunswick
11,719
17,514
23,458
4,372
1,255
13,176
8,673
13,096
1,445
859
"
Charleston
__
Npt. News,&c
All others
Total this wk.
Since Aug.
1934r35
"2"308
Galveston
New
Wilmington
Norfolk
1935-36
_
1932-33
'
16,642
32,518
36,228
8,741
799
1,200
695
1931-32
43,660
50,166
49,492
9,179
5,434
2,139
1,284
518
569
562
337
282
"6",544
"4",852
13,212
102,480
175,417
W
1- 5,375,132 5,868,975 3,564,588 6,096,544 6,910,782 7.984,485
because of the
for the week ending this evening reach a total
of 123,354 bales, of which 18,157 were to Great Britain,
20,342 to France, 9,631 to Germany, 2,230 to Italy, 63,231
cotton were the sagging tendency
of the new crop de¬
delivery
March
into
long commit¬
the distant months
approach of first notice day for March con¬
Bullish weather reports, together with
factors
further
responsible
government crop control,
for
evidence of
were
other
the firmness of the new crop po¬
-.On the 6th inst. prices
Trading
being largely of
selling, which
There
interest
a
was
a
was
up
to 1 point off.
limited,
extremely
routine character.
There
trading
was some
hedge
thought to have been against loan cotton.
were rumors
far, though in
interest,
closed 2 points
quiet, with prices moving within a narrow
was
Outside
range.
some
that 75,000 bales had been marketed so
quarters this was doubted. There was one
Southwestern spot house, which was quoted as
estimating that only 25,000 bales had been sold.
ton
reports said that a resolution had been
House
Washing¬
introduced in the
authorizing the Government to purchase 1,000,000
bales of cotton to be used for flood relief.
This
was
said to
provide that the cotton be purchased from the 12-cent loan
holdings,
must
The exports
light and without appreci¬
The real
price movement.
sitions.
1
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1936-37
in
due in part to shifting of
was
the
from
ments
1,675
In order that
Houston,
This
liveries.
prospective
169
factor
of the near months and the firmness
"4",645
17,147
1,153
a
as
.features of the week in
tracts.
11
57,820 5,375,132
Totals..
Receipts at—
influence
22,724
23,847
34,136
New York
we
able
45", 293
Newport News...
9,884 101,697 2,040,127
2,000 83,203 2,347,840
1,784 90,039 2,539,840
Pressure of loan-cotton could hardly be called
feature, it being so unexpectedly
3,156
1,175
55,529
19,808
31,026
Charles
Wilmington
Norfolk
a
44,469
15,061
21,045
34,324
198",539
66,239
46,292
63,086
4,864
14,007
8,958
Speculation in cotton for future delivery was moder¬
ately active.
"'538
2",308
Charleston
Lake
Week
6,538 1.580,921
Galveston
Texas
This
Since Aug
1 1936
This
Feb. 11
10,211
6,417
7,968
10,499
14,487
8,243
Total 1937-Total 1936
Stock
1935-36
1936-37
6",304
4",704
Norfolk
be
cotton
or
in the
open
market, and added that the cotton
non-tenderable grades,
was
considered
whereas the 12-cent loan
tenderable.
Brazil said that the 1937 cotton crop
Private
there
may
advices
from
not equal last
1132
Financial
year's production of 779,204 bales, owing to insect ravages,
which
said to have reduced the
prospects by 10 per cent.
are
Southern spot markets
lower to 2
officially reported,
as
5 points
were
Chronicle
Staple Premiums
00% of average of
1 inch k
inch
longer
months
near
higher
months
new
New crop months
exchanging of long accounts from
on
lack of moisture in portions of the Western
firm
a
distant positions, which
technical position
domestic and foreign crops.
as
On the 9th inst.
Middling.
do
.63
Strict Low Middling...
Low Middling
do
12.94c.
was
prices closed unchanged to 6 points
The feature of the market is the further
between old and new crop positions.
Futures opened
steady and unchanged to 3 points higher, with the disap¬
pointing Liverpool cables offset by fairly active trade and
Offerings of March
were
rather liberal for
a
time, longs liquidating in preparation for first notice day,
Feb. 23.
Houses with foreign connections bought new
crop
months
and
the
steady narrowing of differences reflected
do
1 34
do
2.00
do
do
2.59
do
.73
Strict Middling
.71
Middling
.32
.63
Strict Low Middling
.22
.46
.35
The poor response
effects of the floods and the
motor
of buyers to proffered loan cotton
brought predictions that if the Credit Corporation is de¬
selling any large quantities, it might change the
announced grade and location differentials, and an increase
sirous of
in sales might bring more pressure on old crop positions.
Average price of spot cotton at the ten designated spot
markets
12.90c.
was
On the 10th inst. prices closed 2 to 5 points down.
ing
was
further
was
March
against loan-cotton.
months
near
further
was
so
much
and
Houses with
points decline.
hedging,
of holdings
presumably
as scattered
March to
so
there
the
liquidation by tired longs.
uncertainty and
new
There
little of incentive to operate
either side of the market that
trading has lapsed into a
on
relatively dull state.
indicate
hands.
only
Reports from the South continued
moderate amount
a
The little business done
hedging in the local market.
ficial
estimates
far, but
so
of about
local
large amount.
of
was
New
loan-cotton
reflected
Orleans
spot
markets,
as
changed to 7 points lower.
the
10 designated
were
held
this
sitions
of
the
to
doubt
this
and
barter plan.
officially reported,
were
un¬
Average price of middling at
spot markets
active
new
was
12.90c.
up.
steady, 3 to 7
Futures
quite strong
strike
opened
points higher,
in
on
the
on a
of
the
session.
and
po¬
general belief that the
ending
automotive industry
cotton.
Nearby
There
was
some
would
have
an
buying, appeared suf¬
take
care
of all
offerings.
An estimate of the
Cotton
at
do
1.32
do
do
1.99
do
do
2.68
do
on
do
65
do
OS off
.25
do
46
Middling
do
60 off
♦Strict Low
do
139
do
do
2 09
do
Exchange Service placed consumption in
684,000 bales, compared with
693,000 bales in
Middling...
♦Low Middling
.24
47
.24
.47
Good Middling
Strict Middling
do
44
Good Middling..
47
47
•
do
•
2.57
do
do
do
do
174
do
1 12 off
do
2.37
do
do
Good Middling
Strict Middling
•Middling..
do
2 04
Yellow Stained
♦Middling
.27
do
.1.31
....
♦Strict Middling
.27
do
.61
do
do
♦Low Middling
do
.40 off
do
♦Strict Low Middling
.24
.14
...Tinged
♦Middling
....
...Gray
.68 off
do
do
.83
do
do
1.22
do
Not deliverable on future contraot.
The official quotation for
middling upland cotton in the
New York market each day for the
past week has been:
Feb. 6 to Feb. 12—
Sat.
Middling upland
Mon.
Tues.
13.21
-
New York
The
13.16
13.16
Wed.
13.11
Thurs.
13.17
Fri.
Hoi.
Quotations for 32 Years
quotations for middling upland at New York
Feb. XI for each of the past 32 years have been
1937
1936
1935
1934
1933
1932
1931
13.17c.
11.80c.
12.55c.
12.65c.
1925
-18.50c.
-14.10c.
-20.30c.
-24.60c.
1924
-33.40c.
1916
11.00c.
15.90c.
1930
1929
1928
1927
1926
6.10c.
6.70c.
1923
1922
-28.00c.
-17.60c.
1915
1914
-20.20c.
---
....
1921
1920
1919
1918
1917
Market and Sales
Closed
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
__
——
at
13.85c.
37.75c.
25.35c.
31.50c.
15.55c.
12.10c.
8.65c.
12.75c.
Steady, 1 pt. adv
Quiet, 5pts. dec
Steady, unchanged.
Quiet, 5pts. dec
Steady, 6 pts. adv.
on
follows:
as
1913
1912
1911
13.05c.
10.65c.
14.35c.
15.15c.
9.85c.
11 65c.
11.15c.
11.25c.
1910
1909
1908
1907
1906
New York
Futures
Market
Closed
Spot Market
SALES
Spot
Steady
Barely steady..
Steady
Steady
Steady
HOLI DAY.
240
i
i
i
i
i
*
i
"355
"e55
73", 100
closing
as
240
*
i
Feb.
6
Monday
Feb.
Tuesday
8
Feb.
Wednesday
9
1,140
134,753
prices
at
follows:
Thursday
Feb. 10
Feb.
11
Friday
Feb. 12
Feb. (1937)
Range.,
Closing
12.60n
_
12.55m
12.55m
12.50m
March—
Range__ 12.67-12.74 12.65-12.72 12.61-12.67
12.61-12.66 12.64-12.69
Closing
12.71
_
—
12.66
12.60
12.61
April—
12.67
Range..
Closing. 12.63m
12.59m
12.59m
12.55m
12.60m
May—
Range.. 12.52-12.57 12.52-12.59 12.50-12.54
12.48-12.54 12.50-12.57
Closing
12.54-12.55 12.52-12.54 12.52
12.49
12.52-12.53
.
June—
Range..
Closing
12.46n
_
12.44m
12.45m
12.42m
July—
Range
Closing
12.45m
12.33-12.42 12.36-12.43 12.33-12.38
12.33-12.37 12.35-12.40
12.38-12.39 12.36-12.38 12.38
12.34 —
12.37-12.38
—
_
HOLI¬
Range..
Closing. 12.20m
DAY.
12.20m
12.23m
12.19m
12.23m
12.04m
12.08m
12.04m
12.09m
Sept.—
Range—
Closing. 12.02m
Oct.—
Range— 11.78-11.85 11.87-11.92 11.88-11.93
11.87-11.94 11.90-11.97
Closing. 11.83 —
11.88 —
11.92
11.90 —
11.95-11.96
Nov.—
Range
_.
Closing
.
11.79m
11.86m
11.91m
11.89m
Dec.—
11.95m
Range.. 11.71-11.77 11.80-11.88 11.85-11.89
11.84-11.89 11.88-11.94
Closing. 11.75 —
11.84
11.89m
11.87
11.94
Jan. (1938)
Range.. 11.70-11.75 11.81-11.84 11.83-11.90
11.85-11.89 11.90-11.90
11.73 —
Closing
11.84 —
11.90
11.85-11.86 11.91m
n
Nominal.
Range for future prices at New York for week
ending
trading began on each option:
Feb. 11, 1937, and since
January
Option for—
Feb.
Range for Week
1937..
Mar. 1937— 12.61 Feb.
1937..
10 12.74 Feb.
Apr.
May 1937— 12.48 Feb.
10 12.59 Feb.
June 1937..
July
1937— 12.33 Feb.
Liverpool cables stated
that the market received
news of the strike
settlement quite
favorably, and prices advanced 4
points.
6 12.43
Feb.
Aug. 1937—
Sept. 1937—
590,000 in January
of 1936.
Oct.
1937— 11.78 Feb.
6 11.97
Feb.
Nov. 1937..
Dec.
Jan.
1937- 11.71 Feb.
1938— 11.70 Feb.
Range Since Beginning of Option
9.94 Feb. 25 1936
6 11.52 Nov. 12 1936
10.20 Mar. 27 1936
8 11.51 Nov. 12 1936
6 11.94 Feb.
6 11.90
Feb.
12.76 July
12.88 Feb.
10 1936
12.78 July
12.71 Feb.
10 1930
10.48 June
1 1936 12.78 July
Nov. 12 1936 12.55 Jan.
11.50 Aug. 29 1936 12.55
July
11.52 Nov. 4 1936 11.92 Jan.
11 11.05 Nov. 12 1936 12.10
Jan.
8 11.41
11.93
Jan.
11 11.56
Dec.
9 11.70
Feb.
19 1937 11.93
1
•
i
-
Total
i
i
•
i
1,140
01,653
i
i
i
"600
•
i
.
Futures—The highest, lowest and
New York for the past week have been
Contr 'ct
"300
...
Total week.
Since Aug. 1
December
and
Spotted
increased trade
price-fixing in March and purchasing
by foreign connections.
This, together with commission house
to
do
do
...
.
during most
range
were
indirect effect
ficient
do
.35
Aug.—
reported unof¬
inclined
Today prices closed 3 to 7 points
moderately
in moderate
Exporters state that moderate business had
finally been closed with Germany under the
Southern
to
changing*
125,000 bales of loan cotton sold
spot houses
68 off
do
Saturday
foreign connections sold
from
do
do
Good Middling
Strict Middling
The
There
bought the distant deliveries, and
shifting
well
crop, as
is
and
liquidation
do
do
on
34
even
Trad¬
just slightly active, with the undertone heavy.
market opened barely steady at 1 to 3
do
do
.54
do
do
Ordinary.,
65
spot cotton fell off somewhat, reflecting less demand for
and possibly
do
Low Middling
♦Strict Good
Buying was attracted to the new crop
months by reports from Washington that the
Secretary of
Agriculture favored continued crop control.
Demand for
textiles
Extra White
...
do
♦Good Ordinary.......
change in sentiment.
strike.
Mid.
♦Good Ordinary
Good Middling.
ences
foreign buying.
59 off
.........
.38
up.
narrowing of differ¬
do
do
.37
believed to be
spot
do
Basis
♦Strict Good Ordinary..
display¬
Southern
do
34
.73
belt, contributed
were
Mid.
on
64
46
months to
near
72
.63
.38
generally
were
unchanged to 5 points lower.
were
do
White
.22
Average price of middling in the
tenjdesignated spot markets
markets
Strict Middling
.71
either
result of hedging against
a
.73
.32
furthermore, there was considerable
foreign and commission house buying of new crop months.
The possibility of farm legislation, as well as
complaints of
in
do
do
.37
the distant deliveries;
to the firmness of
Strict Good Middling__
Good Middling
relatively quiet, with the
showing heaviness and the
ing considerable firmness.
.73
.38
underlying basic conditions
firm, with domestic mills sold far ahead and consuming
cotton steadily and with prospects of a
pick-up in exports of
was
Middling Fair.
.73
.38
were
The market
.73
.38
developments at Washington—all tending to make
American cotton.
on
average
.38
feeling of apathy appears to prevail throughout the trade '
generally, due to the general uncertainty over the loan-cotton
liquidation, the final outcome of the motor strike, and the
on
contract to Feb.
18,1937
quotations of the ten
markets designated by the Secretary of
Agriculture.
the
are
15-16
A
traders wary of taking on any large commitments
side of the market.
However,
for deliveries
Feb. 10,1937
points higher.
On the 8th inst. prices closed 5 points down to 11
points up.
recent
Differences between grades established
six markets quoting
for deliveries on
Average price of middling at the
designated spot markets was 12.96c.
ten
Feb. 13. 1937
1 1937
1 1937
10 1930
28 1937
27 1938
22 1937
28 1937
19 1937
17 1936 12.13 Dec. 28 1936
3 1937 11.98 Jan. 28 1937
Jan.
Financial
Volume 144
Supply of Cotton tonight, as made up
The Visible
cable and
as
afloat
figures
telegraph, is
are
this week's
To make
brought down to Wednesday evening.
are
by
follows. Foreign stocks as well
returns, and consequently all foreign
as
1133
Chronicle
totals show that the interior stocks have
during the week 49,348 bales and are tonight
206,110 bales less than at the same period last year.
The
receipts at all the towns have been 41,984 bales more than
The
above
decreased
the
week last year.
same
.
•
•
'
complete figures for tonight (Thursday) we
the total show the
add the item of exports from the
United States, for Thursday
only.
Feb, 12—
Stock at Liverpool
Stock at Manchester.
1935
808,000
1934
936,000
75,000
118,000
897,000
206,000
278,000
21,000
bales.
—
Total Great Britain.
Stock at Bremen
Stock
Stock
Stock
Stock
Stock
790,000
107,000
1936
606,000
93^000
699,000
250,000
206,000
16,000
883,000 1.054.000
291,000
590,000
172,000
290,000
26,000
19,000
74,000
94,000
34,000
107.000
19,000
6,000
8,000
11.000
1937
.....
at Havre.
at Rotterdam..
at Barcelona—........-..
at Genoa........
at Venice and Mestre
Stock at Trieste
69,000
...
—
Total Continental stocks
in Bombay, India
1,332.000 1,507,000 2,171,000
186,000
132,000
129,000
284,000
218,000
378,000
155,000
—
123,000
147,000
316,000
548,000
309,000
533,000
exports today....
descriptions are as follows:
Of the above, totals of American and other
American—
*
stock..
66,000
150,000
250,000
23,000
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
......
U. S. port stock
U.S. interior stock
273,000
476,000
51.000
58,000
245.000
138,000
88,000 1,033,000
218,000
378,000
323,000
62.000
206,000
190,000
60,000
284,000
320,000
.....bales-
Manchester stock...........
310,000
U.S. exports today
Feb. 11—
Shipped—
Manchester stock
41,000
Bremen
stock...............—
Havre stock..
Other Continental stock.
45,000
33,000
......—....
Indian afloat for Europe...
Egypt. Brazil, &c., afloat.......
Stock
in Alexandria,
Stock in Bombay,
41,000
219,000
Egypt.....
India........
155,000
385,000
968,000
460,000
60,000
535.000
24,000
46,000
34,000
73,000
132,000
147,000
309,000
683,000
283,000
31,000
44,000
16,000
117,000
186,000
123,000
316,000
548,000
470,000
84,000
129,000
95,000
418,000
984,000
Via
Via
Via
Via
St. Louis
Mounds, &c
......
.2,357,000 1,664,000 1,983.000 2,230.000
5,232,642 5,719,097 5,353,705 7,393,492
Total visible supply
7,589.642
Middling uplands, Liverpool....
7.30d.
Middling uplands. New York....
13.17c.
Egypt, gooa Sake,, Liverpool....
11.02d.
Broach, fine Liverpool.........
5.88d.
Peruvian Tanguis, g'd fair,L'pool
9.55d.
O.P.Oomra No.l
♦
staple,s'fine.Liv
9.53d.
5.41d.
9.75d.
5.12d.
......
3,662
6,648
124,965
416,520
4,939
10,213
118,199
439,292
-24,775
Via Virginia points...
Via other routes, &c
892,028
22,510
752,937
1,153
8,334
24,059
8,109
294,452
17,205
6,093
164,738
8,585-
326,620
6,035
188,036
565,408
16,475
564,901
-
...
week of
74,683 bales, a gain of 206,545
increase of 252,937 bales ovdr 1934, and
2,033,850 bales from 1933.
Interior
Towns
the
—
251
-
Total to be deducted
....
-16,190
Leaving total net overland ♦...16,190
♦
1935, an
decrease of
a
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
been 16,190 bales, against 16,475 bales for
year, and that for the season to date the
aggregate net overland exhibits a gain over a year ago of
this year has
the week last
507 bales.
movement—that
tonight, and the
is,
the
same
items for the
•
;
565,408
16,475
Feb. 11.130,000
3,605,000
100,000
5,868.975
564,901
2,805,000
204,010
*49,348
9,545.540
768,493
180,105
*37,607
9,238,876
1,034,320
57,820
16,190
.....
Total marketed—
Interior stocks in excess_*
Excess of Southern mill
Week
Season
Ship¬
Stocks
ments
Receipts
Movement to Feb. 14 1936
Feb.
Week
11
-
takings
consumption to Jan. 1....
5,375,132
>
11,370,176
Feb. 11. 27,721
1,212,423
sight in previous
Eufaula
2,911
196
Montgomery.
Selma
1,625
121
...
Ark., Blythville
Forest City
.
Helena
170
490
329
Hope--.
-
96
Jonesboro-.
Little Rock-
Newport.
--
3
1,136
70
Pine Bluff-
2,694
Walnut Ridge
132
Ga., Albany..
Athens
—
Atlanta
"300
17,100
2,537
Augusta
Columbus..
200
Macon.
650
Rome..—--
200
La., Shreveport
100
Miss.Clarksdaie
1,470
Columbus
100
Greenwood.
2,000
Jackson
200
Natchez
2,828
Vicksburg.
Yazoo City..
138
Mo., St. Louis.
8,663
N. C. Gr'nsboro
151
_
76
69,449
8,852
47,078
53,974
167,111
32,162
68,782
53,898
18,836
175,014
27,479
127,799
43,452
13,259
29,115
278,770
167,781
13,125
37,671
20,998
99,389
153,863
37.854
254,116
59,011
18,526
38,612
51,310
229,001
7,968
4,115 46,452
10,269
1,753 62,012
833 62,064
8,687 66,348
1,394 10,482
3,390 12,099
910 13.402
19 10,302
7,636 89,007
13,764
8",038 48,609
242 14,746
,713 17,885
I 300
30,372
10,626 235,219
4,062 115,884
400 36,300
521 38,226
200 31,907
1,000 17,157
7,925 17,044
300 32.769
12,000 29,022
1,200 18,380
4,077
1,055
833
7,330
2,381
5,480
8.285
2,298
278
3,787
S. C.,Greenville
Tenn.,Memphis
Texas, Abilene
Austin
Brenham
Dallas
—
Paris
Robstown—
San Antonio.
Texarkana
Waco
Total, 56
*
—
461
172,478
2,681 91,289
6.286 89.770
13,907
161,602
34,989 2,153,251 46,432 633.849
180
118
4,107
38,336
13
1,022
15,977
"58 2,109
14
6,003
912 10,286
931
78,649
433
86
68.855
6,677
3
407
13,698
26
603
"~63
8,686
439
41
7,993
,34,599
468
357
77,706
2,843
Week
Season
Ship¬
Stocks
ments
Receipts
21
746,608
Since Aug. 1—
Bales
—.126,361 1934—
150,940 1933
190,297 1932
Week—
1935—Feb.
1934—Feb.
1933—Feb.
15
16.17
Bales P
7,197.454
10,170,313
10,920,680
the
are
closing quotations for middling cotton at
Southern and other
principal cotton markets for each day
of the week:
Closing Quotations for Middling Cotton
Galveston.
Saturday Monday
12.68
.
New Orleans
Mobile
Savannah
13.26
13.29
13.30
12.95
13.56
12.70
12.74
12.60
—
Norfolk
Montgomery—
Augusta
Memphis
12,54
12.54
Tuesday
12.68
13.14
12.84
13.24
13.25
12.89
13.49
12.69
HOL.
12.87
13.27
13.30
12.92
12.66
13.21
12.86
13.28
13.30
12.93
13.53
12.65
12.72
12.55
12.53
12.53
180
13.52
12.60
12.71
12.55
12.60
12.68
12.50
12.49
12.49
12.52
1,057
69,226
84,211
T07.919
541
1,180
64,604
91,497
25
26,703
205
Fort Worth
20,073
103
36.217
80,592
9,691
154,754
30,317
106,554
34,130
24,127
65,728
254,793
161,668
30,639
50,149
14,691
71.218
111,128
1,188
15,789
680
51
37
9
842
105
966
68
17
43
2,802
2,120
400
178
~~12
727
413
933i 18,477
122
1,030
3,186 100,434
626
18,237
1,840
61,600
17,119
17,630
65.645
181,124
140,943
25,500
43.041
26,229
25,670
29,774
26.848
45,561
24,164
3,433
9,533
19,074
748
109
1,120
8,576
2,398
250
807
"844
1,980
220
577
2,674
77
53,320
476
6
8,730
29,509
37,589
134,156
4,540
"21
40
37,945
11,732
40,205
165.421
5,627
Friday
12.71
13.07
12.87
13.27
13.25
12.92
13.52
12.60
12.71
12.55
12.47
12.47
--------
14
291
11
on—
Wed'day Thursday
Feb.
Week
57,867
14,980
79.536
57
479
1,316
5,568
826
354
3,431
366,219
3,826
7,247 160,690
4,361
115,646
3,897 60,564
80.289 1,605,027 40.849 662,283
401
381
52,614
2,592
31
50
18,105
2,887
43
60
11,540
4,342
297 12,153
182
46,872
55
383 12,619
83,295
20
10,622
1,626
"12
622
4,874
"201 12,413
143
24,171
51
916 10,060
78,423
towm1 97,666 5,224.095147,0141952548 55,682 4.398,3901 93.2892158658
Includes the combined totals of 15 towns In Oklahoma,
-*... 10.887.151
18,219
Decrease.
Little Rock
Oklahoma—
15 towns •-
613,955
142,498
years:
♦
—
New Orleans Contract Market—The
Ala., Birming'm
63,630
1,056,143
—-
Came into sight during week.....154,662
Total in sight Feb. 11
-
Dallas
Towns
Aug. 1
Week
Aug. 1
Week
.
Net overland to Feb. 11
over
Since
Since
Takings
Houston
Movement to Feb. 111937
1935—36
—1936-37In Sight and Spinners*
Week Ended
Feb. 11
corresponding period of the previous year—is set out in
detail below:
232
4,650
over
receipts for the week and since Aug. 1, the shipments for
the week and the stocks
.
ipmentsOverlamd to N.
Below
Continental imports for past week have been 72,000 bales.
The above figures for 1936 show a decrease from last
the
o
70
Quotations for Middling Cotton at Other Markets—
Figures for Jan. 24; later figures not available.
At
385
8,677
....
...
......
5.90d.
9.20d.
6.04d.
...
Aug. 1
134,035
52,349
5,668
1,720
3,319
12,000
....
....
Movement into
7,383.097 7.336,705 9,623.492
6.21d.
7.06d.
6.68d.
■.
11.80c.
12 65c.
12.55c.
Since
,
,
Week
228,581
111,652
8,285
985
1935-36
_
186
Rock Island
Louisville
North splnn's' takings to
Total East India, &c.
Total American
from telegraphic
Aug. 1
Week
Southern consumption to
Liverpool stock................
up
1930-37
Since
v
|
Receipts at ports to Feb. 11—...
5,232,642 5,719,097 5,353,705 7,393,492
Total American
East Indian, Brazil, &c.—
made
The results for the week and since
Aug. 1 in the last two years are as follows:
2,141.824 2,431,043 2,629,879 3,494,863
1,952,548 2,158,658 1,708,042 1.910.901
19,270
4,396
2,784
42,728
...
>
statement showing the overland movement
a
413,000
984,000
7.589.642 7.383,097 7,336,705 9.623,492
Total visible supply
below
reports Friday night.
2,141,824 2,431,043 2,629,879 3.494,863
1,952,548 2,158,658 1,708.042 1.910,901
19,270
4,396
2,784
42,728
ports
in U. S. interior towns
Liverpool
We give
for the week and since Aug. 1, as
95,000
385,000
968,000
Egypt. Brazil,&c.,afl t for Europe
Stock in Alexandria, Egypt.....
in U. S.
624,000 1,117,000
633,000
542,000
Total European stocks........1,439,000
India cotton afloat for Europe...
219,000
American cotton afloat for Europe 310,000
Stock
Stock
Stock
U. 8.
♦76,000
♦11,000
5,000
15,000
12,000
10,000
....
\
•
Overland Movement for the Week and Since Aug. 1—
closing quotations
leading contracts in the New Orleans cotton market for
for
the past
week have been as follows:
Saturday
Feb.
6
Monday
Feb.
8
Tuesday
Feb.
9
Wednesday
Thursday
Friday
Feb. 10
Feb. 11
Feb. 12
Mar (1937) 1264&1266a 12.61-12.63
April
12.54
12.52
12.37
May
12.37
June
July
August
HOLI¬
...
DAY.
September
October
—
11.86
11.81-11.82 11.88
November
11.92
December. 11.85
Jan. (1938) 118461187a 11.89
11.91
Bid.
11.91
Tone-
Spot
Options—
Quiet.
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady.
Quiet.
Japanese-American Provisional Cotton Agreement,
following advices (Reuters) from Osaka,
Ratified—The
Japan, are from the "Wall Street Journal" of Feb. 9:
Representatives of five Japanese cotton textile associations held a con¬
and ratified Japanese-American provisional cotton agree¬
concluded Jan. 22 with the American cotton industrial mission.
News of the ratification of the agreement was cabled to Dr. Murchison, head
of the mission, now on its way back to the United States.
The provisional agreement sets a 1937 quota of 155,000,000 yards and a
basic quota for 1938 of 100,000,000 yards.
The amount involved in the
1937 quota represents the total volume of business booked prior to the date
of the final agreement.
In recognition of the fact that the 1937 quota
precludes additional booking for the remainder of the year the American
mission granted to the Japanese the option of transferring not more than
one-fourth of the 1938 quota, or 25,000,000 yards, to 1937•
No action was taken by the commission regarding manufactured Items,
however, the agreement includes full acceptances by Japanese manufacturers
of the principle of quota application on goods of this type also.
Provision has been made for the establishment of a joint standing com¬
mittee to negotiate an agreement upon fabricated goods and to work out the
administrative details of a piece goods agreement.
ference yesterday
ment,
1134
Financial Chronicle
Weather
Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that rains have fallen over much
of the eastern belt just when some sections were
drying out
sufficiently to allow plowing.
In the extreme southeast
rainfall was very heavy in scattered localities.
It has been
pointed out by some observers that the mild winter in the
cotton belt may mean a cold and late
Rain
Days
Inches
1
0.14
Texas—Galveston
Amarillo
Brownsville
Corpus Christi
Dallas
Del Rio
.
El Paso.
1
l
Houston
Palestine
74
82
Arkansas—Port Smith
Shreveport
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
Florida—Jacksonville
24
40
38
55
82
42
62
76
22
78
82
78
78
1
2
1.74
1.72
0.78
1.18
0.08
5.06
1
2
2
1
1
0.94
0.84
1
Raleigh
Wilmington
2.04
2
3
0.01
2
0.36
3
1.02
2
0.06
Nashville
55
22
28
51
54
38
52
66
32
*
52
59
63
37
22
47
28
56
26
51
35
16
43
24
76
72
76
76
48
54
28
52
28
50
28
52
22
49
20
76
1937
Feb. 14,
1936
Memphis
Above
zero
Nashville
30.2
15.6
51.3
Above
Above
zero
3.0
14.7
12.7
5.4
10.7
48.5
Above zero of gauge.
zero of gauge.
Shreveport
Vicksburg
Feet
17.8
of gauge.
of gauge.
of gauge.
Receipts at Ports
Stocks at Interior Towns
1934
1936
1935
Receipts from Plantations
1934
1936
1935
I
|
1934
Nov.
13..
'264,096
330,485 134,427 2,342,886 2,316,783 1,963,293 305,198 359,714175,466
20.. 251,440 271,993 133,5252,373,757 2,321,538 1,983,174282,311276,748153,406
27.. 217,563 222,432 119,7552,397,188 2,350,425 1,973,968 240,994251,319110,549
Dec.
4..
'211,898 258,950 104,014^,366,617 2.358,279 1,960,556181,327266.804'
11.. 133,018 177,455 109,9452,327,953 2,369,180 1,934,215 94,354188,356
18- 143,595 188,143 105,0292,290,467 2,371,801 1,915,166106.109190,764
24-
119,319 158,812
31- 117,505 99,705
Great
Conti-
Britain
Total
nent
Japan
dk
China
Total
3.0001 10,000 81,000' 94,000
2,000, 26,000 33,000 61,000
33,000
173,000
35,000
188,000
522,000
21,000
24,000
165,000
626,000
48,000
67,000
180,000
488,000
8,000
8,000
26.000
143,000
308,000
264,000
101,000
278,000
379,000
7,000
14,000
799.0001,005,000
1936-37..
19,000
1935-36..
1934-35..
407,000
9,000
22,000
2,000
58,000
81,000161,000
213,000
481,000
1935-36-
33,000
14,000
178,000
125,000
452,000
799,0001.493,000
522,0001,152,000
17,000
34,000
16,000
69,600
1934-35..
443,000
626,0001,194,000
Total all—
1936-37..
47,000
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
11,000 bales.
Exports from all India ports record again of
92,000 bales during the week, and since Aug. 1 show an
increase
increase of 341,000 bales.
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
Alexandria, Egypt.
84.550 2,253,715 1,911,138 2,188.745
82,567169,268
62,3712,250,247 2,361,505 1,883,029112,749 78,953
1936-37
1935-36
1934-35
210,000
7,903,963
90,000
6,892,016
180,000
5,646,972
<
Feb. 10
Receipts (cantars)—
This week
Since Aug. 1
Week
Since
This
1
Aug.
Since
Week
Liverpool
Manchester, &c
9,000 139,487
To
125,167
To Continent & India.— 21',066
429,984
To America...
27,282
Total exports.
This
Week
1
Aug.
15—
22..
29..
1936
96,101
1935
1937
1936
1935
I
1937
1936
15,000 706,301
24,000 647,938
15",660
30,000 721,920
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ended Feb. 10 were
210,000 cantars and the foreign shipments 30,000 bales.
Manchester Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and
cloths is firm.
Demand for yarn is good.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
1936
00 &
83,604
32s Cap
Twist
85,980
80,522
34,262
1935
13—.
..
98,804
55,4622,180,501 2,337,209 1,851,022
23,455
65,908 2,142,612 2,311,287 1,825.437
52,473 2,090,671 2,285,388 1,801,024
26,355
23,351
30,702
74,508
61,240 92,756
82,643 103,103
61,831 86,523
66,834
77,204
40,323
28,060
44,8842,046,413 2,249,736 1,767,312
17,573
50,871
11,172
4...
54,826
57,820
54,6142,001,896 2,196,2651,740,457
40,8951,952,548 2,158,6581,708,042
10,309
8,472
17,101
26,023
27,759
Lbs.
1935
Shirtr
ings, Common
to Finest
d.
s.
@11 0
U
@12H 10 6
@12 Yt 10 2
@10 4
11
@12K 10 6
@11 0
s.
d.
Cotton
m
Middl'g
Upl'ds
32s Cap
d.
d.
Lbs. Shirt¬ Cotton
ings, Common Middl'g
Twist
to Finest
Upl'ds
d.
s.
@10 2
6 76
10H@llJi 10 0
10 1
10M@12
@10 2
6 77
6.72
10H@12
10 3
@10 5
6.69
10H@12
10 3
@10 6
6 67
10
2
@10 4
6.50
10
0
@10 2
6.38
s.
d.
20...
..
27
—
..
8,480
24...
CO H
1
•
11H@12^
6.81
@10 3
6.93
@10 6
6.88
@10 6
@10 6
7.01
10
0
@10 2
6.41
7.10
9
6
@10 0
6 44
H@12H 10
..
■■
@11 0
6
10
11
4
11K@12K 10 4
Jan.
10X@11X
19 37
8...
.
22...
19 36
.
29...
-
11H@12*A
9
4
@96
7.11
WA@12H
9
4
@96
7.20
12
9
6
@10 0
7.16
12K@13H
.
15...
PAh
JP CU
10 6
d.
d 77
10 4
..
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1936, are 6,132,341 bales;
in 1935-36 were 6,875,005 bales and in 1934-35 were
4,113,120
bales.
(2) That, although the receipts at the outports the
past week were 57,820 bales, the actual movement from
plantations was 8,472 bales, stock at interior towns
having decreased 49,348 bales during the week.
6.71
Deo.—
11...
11..
11
18...
70,572
63,630
1
6,000 92,535
7,000 91,431
11,000 440,833
23.139
90.602
Feb.
5__
Since
Aug.
146,697
98,271
437,009
24,324
Nov.—
1937
8..
815,000
17,000,
d.
Jan.
745,000
Other Indla-
To
Ended
1935
China
1
This
receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
1936
92,000 1,120,000
Since August 1
Jap'ndkt
nent
Exports (bales)—
Receipts from the Plantations—The following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
Week
616,000 103.000 1,189,000
48
Feet
zero
I ContU
1934-35..
received
Feb. 11,
Above
Aug. 1
50
by telegraph, showing the height of rivers at the points named at
8 a. m. on the dates given:
New Orleans
1936-37..
1935-36..
57
44
en
L
Since
Week
Aug. 1
Bombay—
53
35
76
72
0.60
1
30
70
72
1.16
2
Tennessee—-Memphis
Chattanooga
58
76
72
78
1.00
North Carolina—Asheville
Charlotte
57
Great
Britain
52
82
1.24
Augusta
73
80
80
80
80
72
1.10
Atlanta
Week
Aug. 1
Exports
53
34
26
80
80
1.11
2
26
28
36
114,000
From—
49
1.04
cabled,
1934-35
Since
For the Week
56
72
Bombay.
60
34
2.91
2
Macon
South Carolina—Charleston
72
46
0.42
2
Tampa
Georgia—Savannah
54
50
80
78
1
1
Pensacola
32
68
2
Miami
67
94
dry
•
68
50
76
dry
as
1935-36
Since
Week
56
52
84
0.01
0.04
1
Aug. 1
56
28
84
0.15
1
...
Little Rock
30
0.01
1
Louisiana—New Orleans.-
14
60
44
84
dry
Oklahoma—Oklahoma City
1936-37
Mean
44
0.10
2
San Antonio
Low
High
dry
Port Arthur
1937
Feb. 11
Receipts—
-Thermometer——
dry
dry
dry
dry
dry
dry
dry
Austin
Abilene
ports for the week and for the season from
for three years, have been as follows:
spring.
Rainfall
Feb. 13,
India Cotton Movement from All Ports—The
receipts
of Indian cotton at
Bombay and the shipments from all India
9
6
@10 0
7.34
12H@13K
12)4 @13)4
9
6
@10 0
7.30
9 6 -@10 0
7.30
@12 ^
10
9
5
@97
6.07
9
4
@96
6.13
9
4
@96
6.17
9J4@11 K
9 4
@96
6.14
9M@11H
9X@11M
9 2
@94
@ 94
6.07
@11)4
9J4@11H
10
@11)4
—
5—
..
11—
-
92
6.21
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
obtainable; also the takings
sight for the like period:
are
Cotton
Takings,
or
from which statistics
amounts
out
gone
of
Bales
GALVESTON—To Liverpool—Feb. 8—Comedian, 6,146—.Feb. 5
—West Ekonk, 2,007
1936-37
1935-36
Week and Season
Week
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 123,354 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Season
Week
Season
8,153
8—P. N. Damm,
1,160— -Feb. 5—West
Ekonk, 1,366
2,526
To Japan—Feb. 5—Patrick
Henry, 9,729—Feb. 6—Fernglen,
17,100—Feb. 10—Kurama Maru, 9,43936,268
To China—Feb. 5—Patrick Henry, 728—Feb. 10—Kurama
Maru, 1,691
2,419
To Ghent—Feb. 4—Effingham, 2,232
2,232
To Antwerp—Feb. 4—Effingham, 100
100
To Havre—Feb. 4—Effingham, 2,896-;
2,896
To Dunkirk—Feb. 4—Effingham, 651
651
To Rotterdam—Feb. 4—Effingham, 1,712
1,712
NEW ORLEANS—To Hull—Feb. 6— Oakman, 501
501
To Bremen—Feb. 6—Kellerwald,
933—Feb. 4—Frankfurt,
To Gdynia—Feb.
-
Visible supply Feb. 5
Visible supply Aug. 1
American in sight to Feb. 11
7,664,325
4,899*258
—
Bombay receipts to Feb. 11
Other India ship'ts to Feb.11Alexandria receipts to Feb. 10
Other supply to Feb. 10 * 6__
—
Total supply—
Deduct—
Visible supply Feb. 11
Total takings to Feb. 11 a
Of which American
Of which other
♦Embrac
es
7,507,956
154",662
114,000
67,000
42,000
18,000
11,370,176
1,616,000
488,000
1,584,200
332,000
4,295",259
142~,498
103.000
8,000
18,000
15,000
10.887,151
1,189,000
407,000
1,368,600
282.000
8,059,987 20,289,634
7,794,454 18.429.010
7,589,642
7,589,642
7,383,097
470,345 12,699,992
306,345 9,228,792
164,000 3,471,200
244,357
167,000
7.383.097
411,357 11,045,913
7,955,313
3,090,600
receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated
consumption by
Southern mills, 3,605,000 bales in 1936-37 and 2,805,000 bales in 1935-36—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners. 9,094,992 bales in 1936-37 and 8,240,913 bales in
1935-36, of which 5.623,792 bales and 5,150,313
b Estimated.
bales American.
-
450
-
To Hamburg—Feb. 6—Kellerwald, 910
1,383
Feb. 4—Frankfurt,
1,1801,303
To Japan—Feb. 5—Volunteer, 9,197—Feb. 6—Santa
Marta,
5,91015,107
To Ghent—Feb. 4—Nemdra, 469
469
To Venice—Feb. 8—Maria ,1,100
1,100
To Antwerp—Feb. 4—Nemdra, 150—-Feb. 3—Gand, 687
837
To Trieste—Feb. 8—Maria, 1,130
1,130
To Aalborg—Feb. 5—Delaware, 100
100
To Havre—Feb. 4—Nemdra ,7,771--. Feb. 3—Gand, 3,842
11,613
To Rotterdam—Feb. 4—Nemdra, 556
556
To Oslo—Feb. 5—Delaware, 100
100
To Dunkirk—Feb. 3—Gand, 950
950
—
Volume 144
Financial
Bales
HOUSTON—To Japan—Feb. 8—Kurama
Maru, 4,720—Feb. 3—
Santos Maru, 1,000
Feb. 4—Skagerak, 4,645
10,365
To Liverpool—Feb.
5—Comedian,3,703
3,703
To Bremen—Feb.
5—Bokum, 433
433
^
-
-
To
Hamburg—Feb. 5—Bokum, 903
To Gdynia—Feb. 6—P. N.
Domm, 800
903
800
CORPUS CHRISTI—To Bremen—Jan.
30—Bokum, 1,263
NORFOLK—To Livenjool—Feb. 10—City of
Flint, 54
To Manchester—Feb.
10—City of Flint, 77
MOBILE—To Havre—Feb. 8—Wacosta, 4,232
To Rotterdam—Jan.
31—Arizpa, 162
To Liverpool—Jan.
31—Bellingham, 2,235
To Manchester—Jan.
31—Bellingham, 2,068
To Antwerp—Jan.
31—Arizpa, 607
1
To Bremen—Jan.
31—Arizpa, 653—Jan. 30—Karpfanger,
2,492
1,263
64
77
4,232
162
2,235
2,068
607
„
„
31—Arizpa, 314—Jan. 30—Karpfanger,
414
Total
123,354
Cotton
Freights—Current
for
rates
from
cotton
York, as furnished by Lambert & Barrows, Inc.,
follows, quotations being in cents per pound:
High
Stand-
Density
Liverpool
.37c.
Manchester.37c,
Antwerp
.37o.
Havre
.37c
High
Stand-
High
ard
Density
Trieste
d.45o.
.60c.
Piraeus
.52c.
Flume
d.45c.
,60c.
Salonica
.52c.
Barcelona
.52c.
Japan
52c.
♦
.68c.
Bremen
.64c.
Rate Is open.
Shanghai
Bombay x
Hamburg
x
Stand
.85c.
,85c.
ard
1.00
1.00
Venice
d.45c.
,60c,
♦
*
Copenhag'n.40c.
Naples
d.45c,
Leghorn
d.45c.
Gothenb g .49c.
.550,
.600.
•
.50c
.37 c.
65c.
.52c.
.52c.
.37 c.
Only small lots,
as
*
*
.60c.
New
are
Density
ard
.52o.
Rotterdam .37o.
Genoa
d.45c,
Oslo
.53c.
Stockholm .49c.
*
■
3,145
-
To Hamburg—Jan.
100
bushels
in
1135
the
United
States
wheat
visible
supply total,
„
-
-
Chronicle
.600.
.64c.
which decrease
larger than expected.
was
It
was pointed
rapid rate of reduction implied that the amount
of wheat
remaining would be unusually small on May 1.
Broader commission house
buying of wheat futures was in
out that the
evidence the greater part of the
time, especially new crop
months.
However, profit-taking was anything but absent,
especially when May wheat reached $1.35%, the highest
level since Jan. 14. On the 9th inst.
prices closed unchanged
to y8c. lower. As the result of
sharply lowered prices at Liver¬
pool,
the
market
large
Chicago wheat market
of
amount
countries
sagged.
The Liverpool
adversely influenced by the unusually
wheat
on
ocean
passage to importing
said to be
was
and
by general rains received throughout India
in the nick of time to
prevent crop failure.
of the domestic
market
almost
Towards the close
complete
a
recovery of the
early losses of l%c. took place, as a result of unfavorable
domestic crop conditions in the
Southwest, including word
of
formations of solid ice in
many Kansas wheat fields.
new
Damage to
wheat in Oklahoma and Texas
new-crop
result of dust storms
was
d Direct steamer.
also
influence.
an
that export purchases of Canadian wheat
500,000 bushels, with Germany among the buyers.
were
Liverpool—By cable from Liverpool,
have the follow¬
ing statement of the week's imports, stocks, &c., at that port*
Jan. 22
Forwarded
Of which American
Total imports
Of which American...
Amount afloat
Of which American
Jan. 29
59,000
822,000
315,000
52,000
34,000
200,000
95,000
Total stocks
f...
we
Feb. 5
52,000
852,000
339,000
111,000
48,000
168,000
90,000
60,000
385,000
203,000
52,000
21,000
203,000
90,000
■
The tone of the Liverpool market for
spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Spot
On the 10th inst. prices closed
Feb. 11
70,000
799,000
329,000
270,000
21,000
237.000
93,000
factor in the wheat situation
Monday
Tuesday
Wednesday
Thursday
12:15
Good
•
Quiet.
business
Moderate
doing.
offerings
of
early gains held.
all
were
Mld.Upl'ds
7.27d.
Futures.
7.30d.
Quiet but
Market
stdy., 2 to 2
4
opened
Market,
pts.
dec.
Steady,
4
1
P. M.
2
to
7.25d.
Steady,
to
7.23d.
7.30d.
4
Quiet,
decline.
last
to stdy.,
Steady,
2 to 2
5 pts. dec.
4
to
Quiet, un¬
pts. changed
advance.
Liverpool for each day
are
estimated
Germany
of wheat
week
the
was
the
were
given
to
as
Feb. 6
Sat.
Mon.
Tues.
Wed.
Thurs.
that
in
Close Noon Close Noon Close Noon Close Noon Close Noon
Close
Caution
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
March (1937)...
7.03
7.05
7.03
7.00
6.98
6.98
7.00
7.05
May
7.01
7.03
7.02
6.99
6.97
6.97
6.99
7.04
7.01
July
6.96
6.98
6.97
6.94
6.92
6.93
6.95
6.99
6.57
6.59
6.59
6.57
6.57
6.59
6.60
6.63
6.60
December
6.51
January (1938)..
6.50
March
6.49
ican
6.96
October
d.
7.02
6.53
"6.53
6.52
6.51
"6.51
6.51
6.50
6.55
"6.53
domestic
and
of
was
world
a
stocks
"6.57
6.53
Liverpool will be
expected led
BREADSTUFFS
sions
of
worked
a
few
area
disappointment at
was
the
slow.
in
volume
during the recent strong period
Mills
quarters.
remark
that
days ahead.
flour
was
business
heard in not
a
were
due to enter for
more
new
than
about 30
than
a
On this information wheat
prices
vanced sharply 2c. a bushel in the late session.
giving impetus to the rise
was
the
here
ad¬
Another item
sharp advance of 4c.
a
bushel in the
Winnipeg market, this rise being figured from
the early low point. The pronounced
strength in this quarter
was attributed to
heavy buying by foreign houses. Reports
of
dust
storms
in
western
Nebraska
apparently, though heavy snowfalls
other sections of the State.
May wheat in Chicago
had
were
their
influence
also reported in
Today's ('Saturday's) top for
within 3c. of the season's high
from last Tuesday's low point.
On the 8th inst. prices closed %c. to l%c. higher. A number
price record, and 8c.
of
was
up
developments favored prices in this session.
Severe dust
storms in
Kansas, Oklahoma and Texas, with sudden cold
following high temperatures throughout much of the domestic
winter
territory, forced wheat prices upward today.
Another bullish development was the decrease of
2,262,000
crop
was
OF
Some
of the
Mon.
153%
CLOSING
PRICES
OF
f
May
July-—September...
-
Season's High and
of
When
WHEAT
Sat.
Tues.
154%
prices
acute
an
food
Open interest
Wed.
Thurs»
Fri.
154% 154% 154% HOL.
FUTURES
IN
CHICAGO
Mon.
Tues.
Wed. Thurs.
Fri.
134% 135 % 134% 135%
135%
116% 117% 11734 117%
117% HOL.
112% 113% 113% 113%
113%
Made
Season's
Low
May
July
September
and
Sat.
Mon.
When
105%
Sept.
96"
Oct.
Jan.
107
DAILY CLOSING PRICES OF
WHEAT FUTURES
May.
July
selling
as
WHEAT IN NEW YORK
Sat
„
No. 2 red.
DAILY
Amer¬
as
104,936,000 bushels.
stocks shortly.
Wheat—On the 6th inst. prices closed
%c. to l%c. up.
were a number of bullish
developments responsible for
to-day's rise, chief of which was agitation over reports that
large purchases of Canadian wheat afloat were being made
Europe.
,T
and at times
upturns of Chicago wheat
30 days'
There
for
usual.
regarded
DAILY CLOSING PRICES
fairly good level, chiefly
because consumers of such rarely hold
Canada this year.
trading,
Reports of the approach
pick-up trade
a
more
This does not apply to the family flour
sale,
which is believed to have reached
supply, and
of
only
developed, with very little being sold
wheat
General expres¬
are
Pre-holiday profit-
shortage in Germany received much
notice.
Thursday Night, Feb. 11, 1937.
Flour—Business in this
late
wheat
and that the
spreading against
Decidedly higher Liverpool quotations than
to material
early today.
a
tomorrow, while Winnipeg
as
was
to
than l^>c. from the
day's top.
closed
open
wheat futures here
other markets.
6.54
6.53
the
of
year ago,
carryover in
more
be
sales
owing
displayed by Chicago wheat traders
will
coun¬
flour
two! months,
than
featoe in
exchanges
6.55
6.54
6.49
the
was
forced price setbacks of
of
Renewed general attention
that
record low
a
substantial por¬
a
little part in the buoy¬
Today prices closed Ys to %c. down.
taking
Fri.
to
the
been
having been bought today
report
largest
estimates
outlook is for
given below:
and
k
Feb. 11
has
be shipped to Germany from other
to
400,000,000 bushels smaller
to
2 pts. adv.
The big
was
About 2,500,000 bushels
flurry of family buying orders.
advance.
was
Quiet but
un¬
2 pts. adv."
1 pt. adv.
by
A factor that also
played a
ancy
Steady,
advance.
Prices of futures at
tries.
Quiet, un¬
Steady,
pts. 1 to 2 pts. changed to 1 to 2 pts.
pts. changed
decline.
(Wednesday)
Quiet.
purchasing
fairly well absorbed
were
the
Friday
demand.
demand.
Ys to %c. higher.
today (Wednesday)
way, these heavy purchases of Argentine, Canadian
Czechoslovakian wheat causing prices to soar on the
Chicago Board almost 2c. in the early trading. This
bulge
appeared to be the signal for heavy
profit-taking, but the
A fair
P. M.
totaled
under
wheat in
Market,
large-scale
a
and
tion
Saturday
that
news
as
Late estimates
Tues.
IN
Wed.
Made
2. 1936
2. 1936
28, 1937
WINNIPEG
Thurs.
Fri.
128% 129% 128% 128% 128
123% 124% 123% 123% 122% HOL.
112% 113% 112% 112% 112%
-
October.
Corn—On the 6th inst.
prices closed unchanged to %c.
Trading in this grain was relatively
quiet, attention
the trade seemingly focused on wheat
and rye, the
higher.
of
of which
helped by
this
strength
most
was
an
season
at
marked.
Late advances
of
official estimate figuring Argentine
a
corn
corn
were
acreage
reduction of 13 lA% from last
year.
prices closed 1% to 2%c. higher.
On the 8th inst.
pronounced strength of this grain
was
The
due to the circumstance
that for the first time in
many weeks the
corn visible
supply
contributing to the
market's strength was the scantiness of
receipts of corn,
totaling only forty-five cars in Chicago
today (Monday).
Adverse weather conditions also
played their part in the rise.
showed
decrease.
a
Another
factor
On the 9th inst. prices closed
The day's
developments
At first the
corn
bushel in
sympathetic
However,
a
corn
were
unchanged to %c. higher.
largely in favor of the upside.
market underwent
soon
move
rallied
with
a
drop of almost
lc.
a
lowering wheat prices.
briskly, and from $1.08% for
Financial
1136
$1.10K at the last. Aggressive
available to be delivered without delay, did
May contracts, climbed to
demand for
corn
However, particular attention
much to stiffen this market.
receipts of corn in Chicago
today were meager, being only thirty-five cars, shipping sales
there were relatively large.
An outstanding feature was that
during much of the day numerous so-called spread traders
bought corn futures against sales of wheat.
was
The action of corn was
the strength
early
closed unchanged to %c. lower.
quite
disappointment in view of
a
There was a moderate
and buoyancy of wheat.
prices, but there was such a weak
and absence of supporting orders that it didn't
in
upturn
undertone
corn
take much selling to
knock down the early improvement and
The reaction was in the face of cold
weather, which is likely to enlarge feeding of livestock.
register net declines.
Corn receipts
prices
closed ^4 to %Q. down.
affect
this
Today
No news of importance to
the
sagging tendency being due largely
grain, the
adverse
38,211,000 bushels.
interest in corn was
Mon.
Sat.
Wed.
Tues.
Thurs.
Fri.
124** 127X 128 X 126X 126X HOL.
DAILY CLOSING
PRICES OF CORN FUTURES IN CHICAGO
Mon.
Sat.
May
July
May (new)
July (new)
September (new)
Thurs.
Wed.
Tues.
105*6 107 X 107 X 107 X
99 X 101X 101X 101X
107X 109X 110*£ 109*2
101*2 103*4 104*1 103*4
95*4 97 X 97 X 96*1
-
:
Fri.
107
lOl^HOLI109
DAY
103*4
96*4
When Made
|
Season's Low and When Made
July 29. 1935
85 X
Jan. 14,1937 May
High and
May
110
July
105*4
May (new)
113*4
July (new)
108*2
Sept. (new).—104*2
85
89 X
86 X
93 X
Jan. 14, 1937 July
Jan. 14, 1937 May (new)
Jan. 14, 1937 July (new)
Jan. 14, 1937 Sept. (new)
Oats—On the 6th inst. prices
Oct.
Nov.
Nov.
Feb.
1.
2,
2.
2,
1936
1936
1936
1937
up.
This
due in large measure to the firmness of wheat,
firmness was
On the 8th inst. prices closed 34 to 34c. up.
view of the pronounced strength displayed in wheat and
corn
and
rye.
be expected. On the 9th
inst. prices closed unchanged to J4c. lower.
Trading was
relatively quiet, attention of the trade apparently being
the firmness of oats was to
corn,
focused
There
was
being
decidedly
very
despite the reported cold wave in
to %c. off. This was
dull
Today prices closed %
the West.
declines.
V; '
DAILY
DAILY
.
CLOSING
Sat.
Sat.
OF
Sat.
No. 2 white
1
64*4
IN NEW YORK
OATS
Mon.
Tues.
64*4
64*4
Thurs.
Wed.
Fri.
64|gfHOL.
64*$
—Mmtm
CHICAGO
m
Sat. Mon. Tues. Wed.. Thurs. Fn.
May
50*ig 51*1 51
51
5054HOLIJuly
———-—
44*4 45*4 45
45
44*| DAY
September
—— 42
42*4 42*4 42*4 42
Season's High and Whon Made
I
Season's Low and When Made
May
54*4
Jan. 14. 1937 May
40*4 July 29, 1936
July
48
Jan. 14, 1937 July
37*4 Oct. 1,1936
September
45X
Jan. 14, 1937)September
40*4 Jan. 23, 1937
t—.J—M
~—
■ •■■man————
DAILY CLOSING
PRICES OF OATS FUTURES IN
85
HOL,
85
FUTURES IN WINNIPEG
Tues.
Mon.
Fri.
Thurs.
Wed.
81*4
70*4
82*4
71*4
87*4
71*4
May
July
Fri.
Thurs.
Wed.
85
85
OF BARLEY
DAILY CLOSING PRICES
Tues.
Mon.
85
May
80*4 HOL.
69*4
81*4
70*4
Closing quotations were as follows:
GRAIN
Oats, New York—
No. 2 white
Wheat, New York—
No. 2 red, c.i.f., domestic.--154*
Manitoba No. 1. f.o.b. N.Y.141
No. 2
64
Y—121
Rye, No. 2, f.o.b. bond N.
Barley, New York—
47*4 lbs. malting
Chicago, cash
Corn, New York—
yellow, all rail.—.....126*4
110*4
100-146
FLOUR
6.65
6.45l
protein_8.05< >8.35 Rye flour patents
Spring oats, high
7.65< >7.95 Seminola.bbl., Nos.l-3-11.90(
3.30
6.60< >6.80 Oats, good....
3.20
Soft winter straights
—6.40< >6.70 Cornflour
>7.25 Barley goods—
Hard winter straights....6.90l
Coarse
4-7o
Hard winter patents
7-10< >7.40
Fancypearl,Nos.2,4&7 5.75@6.2f>
Hard winter clears
6.06 < >6.25
Spring patents
Clears, first spring..
»•••••••
regarding the movement of grain
—receipts, exports, visible supply, &o.—are prepared by us
from figures collected by the New York Produce Exchange.
First
give the receipts at Western lake and river ports
Saturday and since Aug. 1 for each
we
for the week ended last
of the last three years:
bush 56 lbs
bbls 196 lbs bush 60 lbs
76,000
13,000
126,000
28,000
24,000
262,000
115,000
66,000
16,000
2,000
8,000
85,000
1~42~,666
Louis
43,000
Peoria
17,000
City..
278,000
1
City...
Buffalo
Total wk.1937
480,000
Same wk.1936
341,000
412,000
67,000
73,000
6,000
18,000
163,000
2,733,000
3,485,000
1,679,000
968,000
1,490,000
764,000
10,111,000 251,750,000 90,043,000
9,909,000 145,680,000 125,582,000
1934
Total receipts
the week ended
~2,65o
30,000
164,000
438,000
956,000
101,000
504,000
18",000
18,000
16,000
Halifax
13,000
26,000
5,000
42,000
440,000
Boston
New Orleans *
Galveston
Total wk.1937
30,000
8,000
16.000
36,000
291,000
43,000
144,000
33,000
31,000
397.000
49,000
229,000
123,000
"3~66o
~i",666
1,471,000
4,000
919,000
4,601,000
120,000
456,000
522,000
3,877,000
261,000
Since Jan.1'37
Barley
4,000
11,000
1,000
12,000
St. John West
Rye
bush 32 lbs bush 56 lbs bush 48 lbs
264,000
132,000
28,000
147,000
.
1.271.000
732,000
52,002,000 11,725,000 62,849.000
94,935,000 15,858,000 60,397,000
33,602,000 9,402,000 43,817,000
OatS
bush 56 lbs
24,000
13,000
17,000
Phlladelphia
Baltimore
64,000
111,000
Corn
Wheat
Flour
York...
82,000
of flour and grain at the seaboard ports for
Saturday, Feb. 6, 1937, follow:
bbls 196 lbs bush 60 lbs
New
1,000
"lCf.OOO
169,000
309,000
15,000
2,000
Since Aug. 1—
1936
11,608,000 158,580,000 102,846,000
1935
28,000
14,000
304,000
247,000
1,455,000
1,629,000
1,033,000
Joseph
Wichita
77,000
386,000
6,000
134,000
65,000
23,000
70,000
28,000
120,000
Omaha
10,000
88,000
606,000
28,000
172,000
21,000
442,000
Indianapolis..
Sioux
136,000
22,000
1,000
16,000
Milwaukee...
St.
628,000
"ee'ooo
Duluth
Kansas
Barley
Rye
bush 32 lbs bush 56 lbs bush 48 lbs
307,000
37,000
262,000
Chicago .....
Minneapolis..
St.
Oats
Corn
Wheat
Flour
Receipts at—
Receipts a*—
.
PRICES
BARLEY FUTURES IN CHICAGO
CLOSING PRICES OF
with the wheat and corn markets'
sympathy
in
largely
%c. up.
little of interest in this market, trading
unchanged to
prices closed
inst.
10th
the
On
109*4 109*4 109*4 107*4 107
HOL.
104*4 104*4 103*4 102*4 101*4
May
July
Same wk.1935
and wheat markets.
corn
on
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Toledo
closed % to 34c.
WINNIPEG
OF RYE FUTURES IN
DAILY CLOSING PRICES
All the statements below
CORN IN NEW YORK
DAILY" CLOSING PRICES OF
No. 2 yellow
Season's
Open
influence of lower wheat markets.
When Made
Aug. 11, 1936
Oct. 3, 1936
Jan. 28,1937
Made
Season's Low and
Dec. 28, 1936 May
75*4
Dec. 28, 1936 July
71
Dec. 29, 1936 September
88*4
When
in Chicago today (Wednesday) were only 49
offerings to arrive were more liberal.
but
cars,
In
119*4
112
103*4
given to the fact that whereas
On the 10th inst. prices
to
Season's High and
May
July
September
1937
13,
Feb.
Chronicle
16,000
-
-
ii
~DAIL Y"CLOSINOrPRICES~OF~OATS FUTURE S IN W1NN1 PEG
Sat.
Tues.
Mon.
56 *4 lk. 56*4
53
53*4
May
July
_
55*4
52*4
Wed.
Thurs.
65*4
52*4
Fri.
55*4 HOL.
52Xmmm
instTprices closed
% to lc. up. With
pronounced strength in wheat and a good spot demand for
rye, the market for rye showed considerable firmness, at one
time advancing l^c. up from the day's lows.
On the
8th inst. prices closed %c. down to 3^c. up.
The action
of rye was decidedly disappointing, in view of the marked
strength in other grains.
The heaviness of rye was attributed
largely to heavy snows in the Northwest, which of course were
regarded as a bearish influence.
On the 9th inst. prices
closed unchanged to %e. down.
The lack of response to
the firmness of wheat and corn in the late trading, was
Rye—On the 6th
rather
313,000
1,993,000
1,643.000
7,993,000
♦
on
12,000
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from
the several seaboard ports for the week
Saturday, Feb. 6„ 1937, are shown in the annexed
ended
statement:
Wheat
New
York
New
Orleans
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
Bushels
Barrels
Bushels
Bushels
Bushels
St. John West
♦l",666
812,000
1936
~~8~, 666
18,000
26,000
1,000
1,000
16,000
8,000
16,000
~4~,666
84,580
1,794,000
Total week 1937..
Same week
*
5,000
440,000
Halifax
]
35,580
352,000
20,000
116,540
4,000
39,000
9,000
Argentine corn
The destination of these exports
July 1, 1936, is
for the week and since
below:
as
disappointing.
On the 10th inst. prices
action of rye was
of
Week 1936.
Since Jan. 1'36
wheat.
In
closed unchanged to %c. off.
The
certainly not in line with the strong action
Germany and bullish weather reports,
rye was expected to respond in a substantial way, and its
failure to do so was more or less of a surprise to many
in the trade.
Today prices closed % to y^c. down.
There
was almost a complete absence of support, and the slightest
DAILY
of selling caused prices to ease.
CLOSING PRICES
OF RYE
Sat.
May
July
September
-
United
Kingdom.
Week
Since
Week
Since
Feb. 6
July 1
1936
Feb. 6
July 1
Feb. 6
July 1
1937
1936
1937
1936
Barrels
Bushels
Bushels
Bushels
Bushels
25,605
5,975
Continent
So. & Cent. Amer.
West Indies
12,500
40,500
Brit. No. Am. Col.
1,577,042
471,779
408,000
440,000
368,000
4,000
16,000
821,000
"
l",666
"
i",66o
3,000
2,204,666
87,283
84,580
3,381,104
812,000
116,540
Total 1936
49,499,000
33,367,000
296,000
16,000
Other countries—
Total 1937
|
Since
Barrels
July 1 to—
buying of wheat by
pressure
Corn
Week
1937
and Since
the heavy
view of bullish grain statistics,
Wheat
Flour
Exports for Week
2,376,098
1,794,000
85,382,000
57,845,000
1,000
4,000
1,000
53,000
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.Fri.
.112
112*4 111*4 111*4 111*4
102*4 102*4 102*4 102*4 101
HOL.
92*4
92*4
91*4
91*4
91*4
The
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Feb. 6, were as follows:
granary
at
Volume
144
Financial
GRAIN STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
Boston
376,000
1,000
32,000
545,000
47,000
Philadelphia
479,666
Baltimore
1,487.665
28,000
505,000
370,000
376,000
232,000
20,000
26,000
700,000
204,666
1,000
28,000
New York.
••
ftfloftt
69,000
*
New
Orleans
Galveston
1,000
696,000
2,635,000
Fort Worth
Wichita
534,000
Hutchinson
10,082,000
2,978,000
St. Louis
Peoria
9,000
x
5,818,000
afloat
"Y.666
8,000
12,000
115,000
796,000
1,301,000
31,000
5,000
784,000
4,000
5,661,000
1,251,000
80,000
10,482,000
Minneapolis
134,000
239,000
20,000
5,418,000
2,088,000
109,000
Duluth y
...
Buffalo
afloat
1,030,000
Argentine
Chicago also has 56,000 bushels Argentine
grain
1,223,000
corn in
corn in
4,644,000
1,223,000
627,000
5,000
Included
above:
Buffalo
bond,
494,000 bushels;
572,000; Milwaukee
bay,
river
Corn
Oats
Rye
Bushels
Bushels
Bushels
and
seaboard
20,589,000
9,433,000
1,470,000
1,700,000
Other Canadian & other
elevator stocks
Total Feb.
Total Jan.
...
45,405,000
75,427,000
30 1937... 40,323,000
Total Feb.
8
1936.-.116,431,000
45,500,000 13,814,000 28,132,000
75,427,000
12,966,000
Canadian
Total Feb.
6 1937
120,927,000
Total Jan. 30 1937—
88,084,000
Total Feb.
8
—
1936—178,006,000
1,268,000
2,888,000
521,000
12,966,0004,233,000
5,284,000
Summary—
American
Barley
Bushels
178,000
873,000
9,796,000
...
6 1937...
*
4,747,000
1.572,000
1,068,000
3,433,000
8,903,000
4,280,000
3,915,000
4,291,000 12,583,000
1,572,000
8,903,000
13,814,000 41,098,000
5,863,000 21,486,000
14,356,000 33,702,000
5.477,000 17,130,000
6,039,000 45,524,000 11,593,000 18,871,000
The world s shipment of wheat and
corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended Feb. 5, and since
July 1, 1936, and July 1, 1935, are
shown in the
following:
Wheat
Exports
Week
Feb.
5
1
1936
Bushels
Black Sea
Argentina
Australia
India
Oth. countr's
Total
.
Since
July
1937
North Am or.
Corn
-Since
Week
July 1
1935
Bushels
Feb.
14,654.000 323,042,000
272,481,000
Bushels
July 1
Bushels
|
Since
July 1
1936
5
1937
Bushels
2,644.000 135.396,000 100,608,000
792,000 45,760.000 33,538,000
7,930,000 68,016,000 55,943,000
2,656,000 49,686.000 59,367,000
176,000
7,712,000
256,000
456,000 16,472,000 22,769,000
Since
Bushels
1,000
4.000
434,000
14,680,000
1935
8,000
5,346,000
8,908,000255,163,000 195,225,000
315,666 14,894,666 32,462",000
vr*
VitV
if
VUXV
JLjIIUCU
weather for the week ended Feb.
10, follows:
Early in the week there
In the East and
Southeast,
far south
as
the central
Mississippi.
There
was
*
CUl
JL\J
X JJLXJ
the'
the
a reaction to
which carried the
portions
was
a
of South
rapid
considerably colder weather
freezing temperature line as
Carolina, Georgia, Alabama,
reaction to warmer,
however, the
latter part of the week and
temperatures were again
abnormally high in
all eastern portions of the
country.
Low temperatures continued in the
Northwest.
Rain or snow was
frequent throughout the week in the far
Northwestern States, but
mostly fair weather prevailed in other sections
until near the close of the
week when precipitation was
widespread, with
heavy snow in Central-Northern States and
heavy rains in some south¬
eastern districts.
Chart I shows that the
temperature for the week averaged much
below
normal from the
upper Mississippi
and somewhat above
tains,
Valley westward to the Rocky Moun¬
rather
generally in the South and
were
unusually low In the
normal
most eastern sections.
The
mean
temperatures
northern Great Plains, with minus
departures from normal
ranging from
9 deg. to as much as 22
deg.
The southern limits of
freezing weather and
subzero temperatures are
shown on the chart. Below-zero
weather occurred
in the interior of the
Northeast and in the Middle
West as far south as
southern Iowa and southern
Nebraska.
The lowest reported from
a firstorder station was 30
deg. below zero at Miles City,
Mont., on Feb. 9.
In the central portions of the
country the lowest for the week ranged
from 12 deg. to 18 deg., and
mostly
in Gulf sections
mostly in the 40's.
The table on page 4 shows
that rather heavy
precipitation occurred in
a belt
extending from the lower
Mississippi Valley to the upper Ohio
Valley; the weekly totals ranged from 1 inch to
more than 2 inches.
There
also heavy rain or snow
throughout the Pacific States,
ranging up
4hi inches of rain in parts of the Sacramento
Valley of California.
In
most of the Atlantic States
and in the Great Plains the
weekly totals of
precipitation were very light to
only moderate.
With comparatively light
rainfall in the Ohio
Valley since the flood
rains in January, soil conditions
have considerably
improved, though at
the close of the week
additional rains caused further saturation
over con¬
siderable areas,
especially south of the Ohio River.
In the more
was
to
States there
western
has been a material
increase in snowfall in
Rocky Mountain
sections, and considerable additional snow
in central-norhtern
districts.
The snow depths now
range up to two feet or more in the
extreme upper
Mississippi Valley, and from eight inches to more than
a foot in the northern
Great Plains.
From the Rocky Mountains
westward, except in the ex¬
treme South, there Is a
good snow cover, with substantial
storage in the
higher mountains.
Some of the greater
depths reported were 141 inches
at Mount Baker Lodge,
Wash., 140 inches at Crater Lake, Oreg., and
110
inches at Soda Springs, Calif.
In the Southeastern States the
premature advancement of
vegetation
was checked somewhat
by lower temperatures early in the
week, but at
its close the weather was
again abnormally warm, which revived
growth.
Frost killed some more advanced
fruit bloom in North Carolina
and some
tender vegetation in
Florida; otherwise, the low temperatures were not
especially harmful.
Vegetation over a large southeastern area
continues
dangerously advanced, with pears
already set in southern Georgia, and
even late peaches now in
bloom.
In Florida all fruit
trees, Including
citrus, are in full bloom; potato
planting is nearing completion and
.
have
come
up.
some
Continued cold weather and deep snow in
many places have made the
wlnterxextremely hard on livestock in the Western and
Northwestern
to make itself felt in the afflicted sections,
appeared likely.
The ending of
Pacific Coast, and more en¬
couraging reports concerning the labor troubles in the
automotive industry helped to
improve sentiment. In the
metropolitan area, retail sales continued satisfactory al¬
the
maritime
recovery
strike
on
the
though consumer buying was hampered by rainy weather
during part of the week. For the country as a whole, depart¬
ment store sales
during the month of January, according to
the usual
compilation of
the
Federal Reserve Board,
gained 11% over last year. Best results were shown by the
Chicago district with a gain of 20%, while the New York
area
and the districts of Kansas
City and Minneapolis
showed the smallest increase of
7% each.
Trading in the wholesale dry goods markets continued
fairly active, although most stores were reported to be well
covered against initial
spring requirements.
Some orders
were placed
by firms in the flood districts for the purpose of
replenishing damaged stocks, and wholesalers were con¬
fident that, with the waters
slowly receding, such purchases
will be made in
growing volume. Prices continued firm in
some
divisions, but showed increasing softness in staple
goods, such as gray cloths, with a downward revision in
percales reported to be in the offing. Business in silk goods
expanded appreciably, as prices continued to follow an
easier trend.
Trading in rayon yarns remained extremely
active, and orders for April delivery received thus far
by
several producers were said to
already exceed that month's
production capacity. Mills took all the yarn they were able
to obtain, as they
prepared for heavy replacements by re¬
tailers
in the flood area.
Stocks of yarns continued to be
negligible, their total amounting to not more than about
two days' supply, with
many producers said to be behind in
deliveries of certain numbers
Domestic
A
feneral summary of the weather bulletininfluence by
issued
)epartment of Agriculture,
indicating the
of
and
early gradual
on
9,658,000284.741,000 233,041,000
«
»
Friday Night, Feb. 12, 1937
Retail trade during the
past week continued to make a
good showing, and sales were well above those for the same
period of last year. While the effect of the recent disastrous
an
Barley—Buffalo,
Bushels
Ft. William & Pt. Arthur
THE DRY GOODS TRADE
floods continued
bond,
Wheat
Lake,
■
New York,
4,291,000 12,583,000
4,409,000 12,850,000
8,160,000 14,956,000
afloat, 364,000; Duluth, 2,425,000; Duluth
afloat,
afloat, 1,047,000; Chicago afloat, 360,000;
total, 5,262,000 bushels, against 21,000
bushels In 1936.
Wheat—New York, 7,438,000
bushels; New York afloat, 126,000;
Philadelphia, 5,000; Albany, 2,771,000; Buffalo.
3,706,000; Buffalo afloat, 2,307,000;
Duluth, 2,837,000; Cleveland afloat,
310,000; Erie, 100,000; Toledo afloat, 111,000;
Chicago, 239,000; Detroit afloat, 120,000; Canal
(Erie), 1.924,000; Canal (Sowlanges)
99,000; total, 22,093,000 bushels, against
27,223,000 bushels in 1936.
Canadian—
siderable complaint of stock
injury by falling on the ice in upper Missis¬
sippi Valley sections.
In the southwestern Great Plains
precipitation was
again light and moisture is
badly needed.
Severe duststorms were re¬
ported in southwestern Kansas, western
Oklahoma, and on the plains of
New Mexico, with some dust
carried as far as the Ohio Valley.
Farm
work was still
largely at a standstill, except In some southern sections
where the soil is
sufficiently dry for plowing.
Small Grains—Water is still
standing on a good many wheat fields in
the Ohio Valley, which is
unfavorable, with reports of harm also on some
uplands where rainfall has been heaviest.
Otherwise, winter grains are
in generally good condition in
eastern sections.
In the upper parts of the
Mississippi Valley the ice situation has changed but little and there is still
apprehension as to smothering of wheat and
grass, but in Missouri and the
southern Great Plains wheat
apparently has not been seriously affected.
In Kansas most of the snow
cover has
been removed, but runoff was
heavy because of frozen soil.
There was some damage in the southwestern
Plains by soil
drifting, but in the Southern States progress of winter grains
is generally
satisfactory.
In the Pacific Northwest and most of the Great
Basin wheat fields are still
heavily covered with snow rather generally.
However, in Washington the ground beneath the snow is frozen
hard,
which would favor
heavy runoff and be of little advantage to the soil in
case of a rapid thaw.
189,000
87,000 bushels of feed wheat.
not
1137
States, with some further moderate loss reported.
The weather was espe¬
cially unfavorable for lambing in the Pacific Northwest.
There was con¬
390,000
671,000
236,000
Total Feb.
6 1937— 45,500,000
13,814,000 28,132,000
Total Jan. 30 1937-..
47,761,000 14,356,000 29,469,000
Total Feb.
8 1936... 61,575,000
6,039,000 40,240,000
♦
Baltimore also has 101,000 bushels
Note—Bonded
3,826,666
1,702,000
142,000
184,000
1,025,000
y Duluth wheat includes
1,380,000
150,000
14,000
5,000
Canal
22,000
109,000
1,285,000
3,690,000
3,000
4,866,000
—
10,000
53,000
1,000
6,000
5,000
278,000
979,000
201,000
Milwaukee
x
1,000
1,000
28O",666
336,000
273,000
3^,000
778,000
1,638,000
141,000
5,007,000
303,000
2,203,000
1,077,000
-
Indianapolis
On
139",000
919,000
Kansas City
Omaha
Sioux City
Detroit
"~3~,666
327,000
283.000
3,517,000
St. Joseph.
Chicago
28*,000
Chronicle
Cotton
their limited allotments.
Goods—Trading in the
gray cloth
quiet.
Several second-hand lots
at prices below
regular quotations, causing the
latter to show further recessions. Later in the
week, prices
steadied as second-hand
offerings virtually disappeared.
Inquiries for forward deliveries somewhat below mills'
markets
were
continued
very
sold
quotations increased perceptibly, but actual
limited,
as
mills,
in view of
their
unfilled
sales remained
substantial backlog of
orders, were unwilling to book any business except
asking prices. Trading in fine goods quieted down.
Some lots were sold for immediate
delivery, but their total
remained negligible.
Prices continued firm.
Closing prices
in print cloths were as follows:
39 inch 80s, 10M to
93^c.;
39 inch 72-76s, 10^ to
9)^c.; 39 inch 68-72, 8^ to 8c.;
383^ inch 64-60s, 7
to 7c.; 38K inch 60-48s, 6
to 6c.
at full
Woolen
Goods—Trading in men's wear fabrics con¬
seasonally dull, with business in spring goods practi¬
cally completed, and fall lines not expected to be opened
by the majority of mills before the beginning of next month.
Mill operations,
however, remained active, in view of the
large backlog of unfilled orders, equalling about three to
four months' production.
Prices ruled steady, and, not¬
withstanding the recent moderate, decline in raw wool
values, quotations for the new fall lines were expected to
show slight advances over
existing prices. Clothing manu¬
tinued
facturers continued busy on
spring merchandise, but reports
from retail clothing centres were less
satisfactory. Business
in women's wear goods also
quieted down, as many mills
withdrew their lines due to an oversold condition.
Garment
manufacturers reported
and
cloaks, although
a
slowing
up
in deliveries of suits
number of replacement orders
received from flood districts.
a
was
Foreign Dry Goods—Trading in linens continued active
the New York show
exerting a stimulating effect on
buyers. Prices pursued their steady advance as the
delivery
situation in several items grew
quite tight, with cambrics
and sheers almost
impossible to obtain for immediate ship¬
ment. Business in
burlap quieted down considerably. Some
interest was shown in
spot and afloat lots, but total sales
were limited. Prices on
shipments eased slightly in sympathy
with
with the lower trend of the Calcutta
market.
lightweights
were
Domestically
quoted at 3.90c., heavies at 5.40o.
Financial
1138
Rate
Name
Page
Maturity
314 East Grand Rapids,
1938-1944
Mich
24-2%
h
Mich ...2)4-2*4
1.1
3*4
652 East Smithfield U. D., R
487 Ecorse Twp., Mich__
4
647 Ecorse, Mich
4
647 Ecorse, Mich
3%
Bonds
I'linois & Missouri
1938-1945
314 East Grand Rapids,
Specialists in
1942-1966
1940-1958
1959-1964
1938-1949
815 Elko, Nev
3
3
646 Ellis, Kan
34 10-20 years
815 Eklo, Nev
1938-1946
1950-1957
485
District, Pa
4
H. S. D., Kan
2
1939-1956
Eureka Ind. S. D., S. Dak
4
Fergus Co. S. D. No. 1, Mont.__3JMt
1937-1951
Fullmore Co. S. D. No. 130, Minn.2>£
1938-1957
Florham Park, N. J
-3
Fond du Lac Co., Wis
1% 1938-1943
Forest Grove, Ore
3%,
1938-1952
Framingham, Mass
2
Frazeybury, S. D., Ohio
44 1939-1947
1940.1966
Fremont, Ind
--4
2-25 yrs.
Fremont Co. S. D. No. 24, Wyo —3A
Geneva, Neb
Genoa, Colo
5
1938-1949
Gibson Co., Ind. .
6
1937-1946
Giles Co., Tenn
2%
Glenfleld, Pa
4
1939-1963
Goodland S. D., Kan
24-3
495
Grafton, Vt
818
Ell port
646 Elmdale,
653
MLSTIFEL. NICOLAUS & CO.,
814
489
496
ST. LOUIS
WIRE
CHICAGO
649
314 N. Broadway
DIRECT
St.
105 W. Adams
Inc.
818
486
651
811
654
MUNICIPAL BOND SALES IN JANUARY
814
484
We
detailed list of the municipal
present herewith our
during the month of January, which
the crowded condition of our columns prevented our pub¬
lishing at the usual time.
The review of the month's sales was given on page 970
of the "Chronicle" of Feb. 6.
The total awards during
the month stands at $205,513,246. This total does not
include Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
promised to States and municipalities during the month.
The number of municipalities issuing bonds in January was
312 and the number of separate issues was 403.
bond issues put out
Name
Rate
County,S.D. No. 53,Colo.3
Alameda County, Calil
2)i
Albert Lea S. D., Minn
Alexander City, Ala
5
Page
644 Adams
484
748
809
3)4
Ky
Anahuac Ind. S. D., Texas
812 Allen County,
819
2%
3*4
2)4
2*4
2)4
811 Ankeny, Iowa
643 Arkansas
812 Augusta,
(State of)
Me
652 Bally, Pa
County, Md
812 Baltimore
S. C.
6
314 Bay St. Louis, Miss. (2 issues)—5
8116 Blar Lake Co. Ind. S. D. No. 1
Class A, Idaho
--4
493 Beaver-Slough D. D., Ore.
6
812 Belleville, Kan
2.14
484 Bent County H. S. D., Colo—-.3
494 Barn wall,
484 Benton, 111
5
—
3)4
N. H.
Beresford, S. Dak
314 Berrien County, Mlch_>>
314 Berrien County, Mich
649 Berlin,
819
809
—2)4.
2)4
4)4
3
of
Sch. Twp., Ind
Bloomsburg, Pa
Board of Regents of Univ.
Arizona
486 Board of Supervisors
Univ. & Agrlc. &
4
of La. State
Mechanical
4
College, La
488 Bogota,
--3*4
S. D., N. J
S. D. No. 1, Idaho- ».
Bordentown, N. J.
4
Boston "Metropolitan Dist., Mass.23^
Bowdon, N. Dak
5
811 Bonneville Co.
649
313
817
818 Brad dock, Pa
645 Brighton
Com. H. S. D.
111
316 Buffalo, N.
No. 192,
4
—2%
24
2)4
(State of)—
311 California (State
of)
-
Mass
Hill S. D. No. 162,
813 Cambridge,
811 Campbell
111
Hartsville, &c„ S. D.
316 Canisteo,
N. Y
Girardeau, Mo
319 Canonsburg, Pa
818 Capitol High, U. D.,
652 Carbon County, Pa
1938-1947
1-20 Years
1937-1940
1937-1942
1939-1952
1940-1963
1946-1965
1938-1947
no,ooo
4,000
r45,000
39,600
80,000
110,000
9,000
r800,000
36,000
14,000
300,000
r94,000
38,600
88,000
16,000
35,000
66,000
160,000
45,000
r30,000
920,400
233,500
11,950
95,000
1937-1956
1938-1952
1939-1949
1938-1967
1938-1952
1938-1941
1942-1946
1938-1950
1937-1955
1944-1963
m
no. i,
--2M
24
4
814 Cape
Ore
1938-1955
320
316
811
2y2
34
-2*4
Cedar Falls, Iowa
319
3*4
Texas.5
S. D.
Centerville S. D., Pa
310
651
816
485
819
652
312
314
810
645
646
318
493
643
815
316
495
316
646
496
486 Danville,
811
812
818
316
Ky
652 Douglas County
Ore
...
-
Road Dist., Miss
819 Dyersburg, Tenn
645 East Chicago, Ind
319 East Conemaugh S. D., Pa
314 Duncan Sep.
11,
_...4
534
434-434
334
334
101
99.30
2~.62
2.54
315
319
495
312
495
813
815
495
495
486
Con.S.D.,So.Dak-3tf
——.4
313 Iberia Parish, La
Y
2
2
1.90
2, 2)4, 2%
2, 2)4, 2%
44
4
(2 issues)
2
3
2^,3
490 Islip, N. Y. (2 Issues)
315 Jackson Co., M
Mo
651 Jamestown, N. D
485 Jasper Co., Ill
812 Jefferson Co., Kan.
809 Jeffersbn Co., Ala
315 Jackson Co.,
100
4.00
100
6.00
319 Jefferson Twp. S.
2.92
1938-1943
1939-1955
1938-1956
1938-1956
10 yrs.
1938-1952
1939-1958
1940-1951
1938-1967
1939-1975
La
—
1938-1962
1937-1950
Dak
651 Kathryn, N.
14
2)4, 3
5
44
Kan
812 Keota, Iowa
100.03
3.53
812 Keota, Iowa
105.55
2.37
654 Kimberly S. D. No. 6,
Wis..
313 Knox Co., Ky
3
1938
1-10 yrs.
318 Konawa, Okla
100.05
2.19
1938-1954
1938-1967
200,000
100
811
648
4~66
1940-1966
300,000
55,000
60,000
16,000
50,000
55,000
20,000
100,000
1938-1959
1942-1949
190,000
r25,000
90,000
25,000
11,000
4,500
13,500
30,000
49,000
560,000
1939-1963
1937-1948
1938-1955
1938-1946
1937-1946
1945-1954
1947-1956dll,000,000
25,000
-------56,000
1938-1944
7*200,000
1938-1943
7*100,000
1937-1946
1938-1940
1938-1954
1942-1960
1937-1950
1939-1960
10 years
70,000
494
22,000
175,000
46,000
18,000
30,000
10,000
120,000
7*74,000
65,000
7*182,000
812
644
818
484
484
100
2.50
810
101.86
1.99
643
100.54
819 London County, Tenn
101.02
101.16
2.40
2.14
3
-4)4
of) (2
Issues).—13)4
646 Louisiana (State
653
493
100.66
653
100.25
Calif
\3%
Lubbock Co. R. H. S. D. 1, Tex.4
McAdoo S. D., Pa
4
McMlnn County, Tenn..
4
D., Iowa
2)4
Mich. (4 iss.)—3H
312 Macedonia Con. S.
487
lob'so"
Macomb County,
652 Malln, Ore
316 Malone, N.
100.54
2.46
101.51
2.57
817
100.14
3.23
813
312
644
100
2.75
446
105.64
3.01
649
100.29
2.44
493
101.65
2.84
651
103.57
1)4
D., Wis
—
Mankato S. D..N0. 76, Kan
Marietta, Ohio
2)4
Marlon, Mass
1%
Manteno H. S. D. No. 305, HI...4)4
Marlon County, Fla
Marysvllle, Wash
—
Matawan Twp., N. J
4
Mead Twp. S. D., Pa
-4
Mecklenburg Co., N. C. (2 Issues) J3
\2*4
488 Meridian Sep. S. D.,
4"71
487 Michigan (State
100.03
3.50
Miss. (2 iss.)/3.90
\4
4)4
3
of)
485
100
Michigan City, Ind
820
Mlddlebury, Va
649 Middlesex, N. J.
*
(2 Issues)
2~50
4.23
3)4
354
650
200,000
13,500
100*62"
2~42
645
100.01
,2.99
650
115,000
100.10
8,400
101.19
650
646
3.84
Ohio
254
3
646
Con. S. D., Miss._554
Mount Vernon, N. Y
2.80
Mount Vernon Twp., Ill
3)4
Muscatine County, Iowa
154
Nassau County, N. Y. (2 issues)..2)4
Nassau County, N. Y. (4 Issues)..3
Natchltockes Parish S. D. 1, La...5
Natchitoches Parish S. D. 5, La...5
'
489 Newark, N. J
r116,000
98,000
254
Conn
653 New Hope, S. D., Texas
649 New Milford, N. J
2
4
644 New Britain,
100.66
3~44
101.75
3.09
100.33
101.13
3.89
lbo'Ii"
2~73
3,000
35,000
110,000
7*12,000
9,000
21,000
275,000
40,000
10,000
7*450,000
100.02101.55
2*79
105"56-
2*72
100.26
2.44
104.36
3.11
70,000
100.22
55,000
100.14
19,500
103.31
1.95
100.97
3.65
100.18
1.97
46,000
7*296,300
12,135
140,000
33,000
7*260,000
500,000
50,000
750,000
25,000
40,000
4,200
150,000
20,000
100.52
1.85
100.15
1.87
100.78
2.59
100.78
2.59
100.13
1.98
99.61
3.07
100.12
101.57
100
""
2~87
4~75
100
ioo.oV
1.24
100.55
100
5"00
ibb"68"
2" 99
3.99
2.69
100
4.00
1941-1963
1939-1976
1,240,000
1938-1946
7*9,000
7*6,000
1938-1942
1939-1956
1939-1964
1938-1977d23,500,000
1977
<123,500,000
100,000
1939-1963
7*387,000
1941-1960
6,500,000
1941-1960
5,500,000
1938-1959
1-40 yrs.
1938-1952
1-25 yrs.
34,000
7*100,000
6,000
1939-1956
1938-1947
rd796,000
6,000
75,000
11,000
61,000
35,000
145,000
8,500
7*83,000
20,000
7*67,000
23,000
443,000
630,000
7*35,000
7*28,000
1,900,000
55,000
22,000
301,000
7*7,000
50,000
2,225,000
755,000
7*51,000
152,000
7*68,000
37,500
125,000
38,000
10,000
7*48,000
165,000
48,000
1942-1944
18,000
1938-1957
2,000,000
1,500,000
300,000
15,000
2,549,000
55,000
15,000
35,000
1938-1942
1938-1956
1938-1952
"l954"
1-20 yrs.
1937-1956
1-20 yrs.
1938-1953
1954-1957
1-25 yrs.
1-20 yrs.
20 years
1939-1968
1938-1969
1938-1967
1937-1951
1938-1956
1941-1960
1938-1962
1938-1950
1937-1948
1937-1946
1938-1955
1938-1948
1938-1967
1938-1949
100.39
105.89
103.04
3.33
3.67
99.10
100
b'ob
100
4.00
100.10
2.99
3.51
3.61
lbb" 13*
3"ei
100.13
3.61
lOo""
4" 00
40,000
1944-1955
Morton, Pa.
315 Moung Bayou
645
4.60
2.49
Morrlstown, N. J
490
98.03
1M
100
100.90
1937-1956
489
2.84
100
10"59"
100.10
819
2.08
652
1.55
50,000
1,100
35,000
60,000
3,500
9,000
6,400
60,500
13,000
140,000
7*25,500
100.02
2
1942
Y
1)4 1938-1942
Mich
154 1938-1939
Montgomery Co., N. Y. (2 issues) ? 1.70 1938-1947
t1.70 1938-1947
Montgomery County, Tenn
2)4
818 Morral,
109.19
32,000
45,000
23,000
10,850
11,500
16,000
9,500
23,000
Minnesota (State of)
3.94
1.20
3.00
7*75,000
Milan, Tenn
101.62
101.95
3~75
100
1939-1957
819
100.55
101.22
100
1937-1940
648 Montcalm County,
100.15
7*28,000
4,000
7*134,000
120,000
275,000
7*88,000
21,000
316 Monroe County, N.
100.27
3.53
2.00
100
1937-1957
488
1.96
97.99
1939-1957
815 Millard, Neb
100.54
100.31
8,000
-
Y
2.74
100.17"
100.31
30,000
50,000
29,360
654 Manawa Union H. S.
486
7*57,000
6,600
23,500
13>|
311 Los Angeles County,
101.29
3.50
1940-1949
—
Mo.24
Miss
5%
Lancaster Comity, Va
Latah Co. High Dist. No. 3, Ida—4
2)4
Laurel, Miss
Lawton, Mich
3
Lawton, Mich
4
Lennox, So. Dak
4
Leonardville, Kan
2)4
Levy Co. Spec. S. D. No. 1, Fla—6
Lincoln Twp. S. D., Pa
4
Little Rock, Ark
4
Logan Co. S. D. No. 2, Colo
Logan Co. S. D. No. 91, Colo
4
Los Angeles, Calif. (2 Issues)
2.46
•
17,126
20,000
70,000
$85,000
487
813
99.35
25,000
2-12 years
653
101.59 A
106.05
27,335
—
814 Ladue-Deer Creek San. Dist.,
3.95
IL Basis
100.05
100
7*7,000
35,000
95,000
308,200
2,465,000
1943-1961
320 Kenosha Co., Wis
100.11
Price
100.05
31,000
25,000
7*41,000
1938-1946
2%
4*4
646 Kensington 8. D.,
100.11
r146,000
7*610,990
7*389,000
35,000
25,000
<Z64,000
d6,000
1939-1958
486 Kaplan, La
104.11
r22,000
119,000
150,000
1940-1957
3
D., Pa
814 Kansas City, Mo
486 Kaplan,
Amount
7*24,000
Hollis, Okla
494 Humboldt Ind.
819 Jefferson Co., Tex
29,000
2,500,000
30,025
25,000
3,000,000
--------
H. S. D. No.
101
1939-1957
1941-1945
1939-1956
De Qulncey Sewer Dist. No. 1, La.534
1958-1975
Des Moines, Iowa..
---234 1938-1951
Dewey S. D., Okla
3
1940-1952
Dona Ana County, N. Mex
234 1-20 years
J
3.75
2~49
234
4
Davenport, Iowa
489 Deal, N.
811
2
Wis
100
100.13
—
434
-
Dane County,
819
1940-1956
Mich
4
1938-1963
Greenwood Co., S. C
——3
1938-1952
Guide Rock S. D., Neb
34
Hallam S. D., Pa
34
1940-1964
Hamilton Co., Tenn. (3 Issues)...2H [1939-1947
Hammond, Ind
.....
-.34 1939-1949
Hampton, Va—
..
—
Harrison, Mich
Hawthorne, N. J
44
Henry Co., Tenn
3^
Henry Co., Tenn
3 M
Herington, Kan
3 jy 1938-1947
Hinds Co. Agrlc. High School—
1937-1961
Junior College Dist., Miss
3
Grand Blanc,
811 Indianapolis, Ind
170,000
Ohio
4*4
Springs, Colo.1Vs
Colorado Springs, Colo
1944*\19fJ
Compromise Twp., Ill
--334
1946
Concordia, Kan. (2 Issues)
Conneaut S. D., Ohio
2 years
Con8bocken, S. D., Pa
2
1942-1967
Contra Costa County, Calif
1^-2 1-5 years
Conway, N. H
234 1938-1948
Corning, N. Y
2.10 1938-1957
Covington, Va
3
1938-1960
Curry Co. S. D. No. 61, N. Mex..4
1940-1957
Cynthlana, Ky
--------
818 Dale, Pa
487
650 Illon, N.
lbl"77~
1943-1959
1939-1952
817 Coal Grove,
3.50
101.42
34
810 Colorado
100
100.50
2*4
4
%
3
3
3
5.00
2*4
2%
313 Graham Co., Kan
318
iob""
36,000
1938-1957
85,000
1937-1954
35,000
1938-1962 24,973,000
2,500
1937,1951
Mo
Cherokee County, Ala
Chattanooga, S. D., Okla
Cherry Valley, N. Y
Chester, 111
Chester, S. C
Chester County, S. C—
Chicago, 111
Clarksdale, Miss
649 Charleston,
100.05"
1,000,000
315 Carrollton Twp.,
315
319
814
478,000
334
Mo
Carter County, Mont
Cass County S. D. No. 1A,
Catherine Montour, &c.,
No. 1, N. Y
Price
495
314 Lafayette County,
2.20 1938-1947
34 1938-1947
1957
Y. (2 Issues)
812 Burrton, Kan
809 California
1939-1948
Amount
--
645 Bethel Imp.
493
Maturity
Basis
645
1937
13,
Feb.
Chronicle
101
100.08
2".49
100.22
1.43
101.79
101.02
1.61
lbb"87"
103.07
100.20
3.81
100.20
3.81
102.03
2.84
100.69
3.20
100.70
3.68
96""
100.23
1.95
100.14
1.45
100.14
1.68
100
1.70
100
1.70
100.26
100.03
2~24
100.57
2.93
100
100.41
2.77
100
1.75
100.07
2.66
100.07
2.66
102.50
4.52
102.50
4.48
100.43
2.68
102.23
100
100.12
.97
4.00
Volume
316
Financial
144
Page
Name
Rate
New Providence Twp.( N. J
Maturity
1937-1951
—3J/£
490
New York, N. Y
3
487 Niles (City & Twn.) 8. D. No. 1,
Mich.
2)4
653
645
317
849
645
812
Valley, Okla. (4 Issues)
645 Pekin, 111
817 Pelham Manor, N. Y
314 Perham, Minn
485 Perry School Twn., Ind483 Peru, Neb
819 Philadelphia 8. D., Pa
317 Plermont, N. Y
649 Plies Grove Twp. 8. D., N. J
813 Pinconnlng, Mich
491 Plttsford, N. Y
817 Pleasantvllle, N. Y
495 Port Isabel Ind. 8. D., Texas
650 Port Jervis, N. Y
650 Port Jervis, N. Y
813 Prince Georges County, Md
494 Providence, R. I. (2 Issues)
Ravalli Co. S. D. No.
Reconstruction
1938-1952
2.70
1939-1957
1
5
651
648
2%
1939-1951
134
234
3
1937-1948
...
1938-1957
..
1938-1956
234
1938-1942
-
_.
3.10
3.10
2
2
334
1938-1962
434
1937-1960
1938-1947
1938-1942
1938-1957
1938-1956
354
2, Mont
11, Ore..
1937-1956
1938-1947
_.
1938-1957
4
..
334
3
Rochester Ind. 8.
D., Texas
Rocky Mount, N. C
Rocky Mount, N. C_.
Rosalia 8. D., Wash
Rosedale, Miss
Sac
1942
234
234
2.4
City, Calif
Reynoldsburg, Ohio..
1938-1942
—
1938-1949
—3
1960-1957
254
1938-1960
—354
4 years
6
1938-1946
3
2>4
1938-1947
City, Iowa
816 Saddle
100.77
2.10
100.81
2.14
100.06
1.98
River, N. J
4
-
Sallna, Kan
2
....
313
Sallna Sch. District, Kan
809
San Diego
650
Santa Rosa Min.
2
2
County, Calif
School District
5-7 years
200,000
50,000
45,000
Lrl7,000
12,000
55,000
26,000
<13,000,000
12,000
159,000
30,000
92,000
5,000
3,000
95.77
3.40
100.18
2.68
100
1.00
100*"""
2:66
100
4.00
100.13
2.73
135 S. La Sail* St.
NEW YORK
CHICAGO
Page
Name
319
493
315
314
494
489
319
100.603
314
100.28
2.45
100.66
2.93
lbbli"
2C58
100.50
2.08
I66:33"
6:66
100.33
3.06
100*
311
314
101.30
2.12
100.13
3.23
6:75
200,000
350,000
8,400
5,000
13,000
7-16,000
40,000
10,000
28,000
r24,000
7-19,000
20,000
7-23,000
55,000
4,500
15,000
15,000
133,000
7-32,500
7-32,500
500,000
494
485
651
652
811
316
318
312
312
647
1939-1952
1937-1939
5
1938-1966
1.74
1938-1942
1938-1942
1938-1961
1947
1942-1967
1938-1942
1939-1966
1938-1962
1939-1945
—3
1940-1946
2
3
1942-1956
1-26 yrs.
Wyo.._254
1-25 yrs.
20,000
7*75,000
12,000
2)4
820 Canada (Dominion of)
496 Canada (Dominion of)
3
654
Vernon, B. C
820 Victoriaville, Que
820
100.25
2.97
100
100.67
~2~.69
96.60
100.85
3~.63
161""""
sfes
104.10
5.00
3.16
2.41
4.00
100.11
100
4.50
for Decem¬
IN
Amount
JANUARY
Price
3)4
3)4
Basis
15,500,000
20,000,000
0.747
*30,000,000
........
2)4
r55,000,000
*25,000,000
,
Yarmouth, N. S
*
1943-1947 r6,000,000
1948-1962rl5,000,000
30 years
300,000
1-15 yrs.
50,000
20 years
25,000
1-20 yrs.
21,500
25 years
120,000
0.759
98.65
98.52
93
3.89
100.40
100
100.05
4.00
101.18
3.43
January$141,016,500
Temporary loan; not Included In total for month.
1:62
issues and
101.27
4.65
100
4.25
lowing is
166:64"
"4:26
100
2.75
101.02
2.18
100.14
2.65
100
5.00
103.81
2.46
107.65
100.53
6:62
100.32
2.22
3.00
2.66
1937-1940
102.12
3.77
160""
~3~.50
106:31"
::::
1947-1966
1954
2.80
3
1941-1971
1939-1951
58,300
100
5.75
100.30
2.77
100
3.00
100
4.00
101.08
2.89
1939-1956
1938-1956
817 West Seneca, N. Y. (2 issues)
4
Idaho..4)4
\)4
434
3)4
1937-1961
2-18 yrs.
100.29
4.20
7798,000
21,000
1947-1955
22 years
1939-1959
1938-1964
2%
71,384,000
9,000
12,000
25,000
26,900
50,000
100
3.50
100.34"
100.28
3.37
100.25
Total bond sales for January (312
municipalities, cov¬
ing 403 separate issues)
$205,513,246
d Subject to call In and during the earlier years and to mature In the later year.
t Not Including $75,207,641 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
following items included in
our
totals for the previous
months should be eliminated from the same.^ We give
page number of the issue of our paper in which reasons
these eliminations may be found.
Name
Rate
645 Canton, 111. (Oct.)
—
494 Muhlenburg S. D., Pa. (Nov.)— --
Page
Maturity
-
Amount
$200,000
submitted for 16 others.
The fol¬
of the bids received:
Iqy0q bonds.
No bids
received
on $35,000 Arroyo Grande Grammar School Dis¬
Obispo County, Calif., school bonds.
bid of 97.11 for $123,000 municipal
improvement district No. 1 of Torrance, Calif., waterworks bonds.
Branch Banking & Trust Co. of Wilson, N. C., submitted high bid of
98.66 for $35,000 Southern Pines, N. C., water and sewer bonds.
No bid was submitted for $24,600 St. John School District No. 3, Rolette
County, N. Dak., school construction bonds.
First Cleveland Corp. was high at 105.2 for
$30,000
Seville, Ohio,
were
waterworks bonds*
No bid
works
was
submitted for $20,000 Waterville, Ohio, first mortgage water¬
revenue
bonds.
First National Bank & Trust Co. of Oklahoma City submitted high bids
for four issues: 106 for $40,000 Copan, Okla., school building and repair
bonds; 105 for $20,000 Fox Consolidated School District No. 74, Carter
County, Okla., school building bonds; 106.15 for $33,000 Board of Educa¬
of Ochelata, Okla., school building bonds; and 105.61 for
$23,200
Board of Education of Texhoma, Okla., building bonds.
No bid was recieved for $12,000 School District of Stonycreek,
Pa.,
improvement bonds of 1936.
R. S. Dickson & Co. and McAlister, Smith & Pate submitted identical
high bids of 97.33 for $538,000 Georgetown County, S. C., toll bridge
tion
bonds.
Thomas L. Lewis & Co. submitted high bid of 101.32 for
District No. 7, Laurens, S. C., school bonds.
G. H. Crawford & Co. submitted high bid of 97.62 for
$38,000 School
$27,000 Summerton
High School District, Clarendon County, S. C., school bonds.
E. J. Prescott & Co. was high at 110.56 for $24,000 Sioux Falls, S.
Dak.,
disposal bonds of 1933.
C. H. Little & Co. submitted high bid of 98.1 for $56,000 Fayette
County,
Tenn., school bonds of 1935.
George V. Rotan Co. submitted high bid of 100.55 for $64,000 Benavides
Independent School District, Texas, school house bonds.
No bid was submitted for $470,000 Liberty County, Texas, road
bonds,
sewage
60,000
1.
1937-1961
320 Yakima County, Wash—
496 Yakima Co. S. D. 81, Wash..3}£-3^
491 Yorktown Heights, N. Y. (3 iss.)_3.40
37,000
24,000
14,575
were
Walton, Sullivan & Co. submitted high bid of 98.27 for $67,000 Jonesboro, Ark., court house bonds.
Mercantile Bank of Jonesboro, Ark., submitted high bid of 92 for
$6,700
Lake City, Ark., court house bonds.
Southern Securities Co. of Little Rock submitted high bid of 94.40 for
$18,000 Dermott, Chicot County, Ark., waterworks revenue bonds.
James Weir, Washington, D. O., submitted high bid of 98.06 for
$15,000
Board of Directors of St. Francis Levee District, West Memphis,
Ark.,
revenue
58,300
4
3
bids
John Nuveen & Co. submitted high
100.37
n
no
a summary
trict of San Luis
87,000
12,000
14,000
<22,000
717,500
10,000
25,000
112,000
High Bids Received on Bond Issues—At the offering by the
Corporation on Feb. 10 of the 66 issues of bonds,
aggregating $4,201,140, noted in these columns recently—
V. 144, p. 808—discount bids were received on 23 of the
above
100.45
1938-1957
334
5
25
644 Yuba City, Calif
100
100.32
100.67
100
6:66
7158,000
320 White Salmon, Wash
4.00
96
1944
3)4
100
1939-1950
489 Woodbrldge Twp., N. J
652 Wood Twp. S. D., Pa
1.47
100
1.87
100.71
28,000
656 Valencia Co., N. Mex
489 West New York, N. J
811 Whitebird Highway Dist,
3.49
3.00
2.39
98.25
1952
4
4
1937-1946
1939-1952
1938-1956
648 West Branch S. D., Mich
812 Westfield Con. S. D., Iowa
3.00
100.01
100 P
107.08
101.53
100.15
1944 r$30,000,000
2)4
2.23
101.65
6.00
1967
100.18
100.165
are
3.00
M
of RFC and PWA loans)
Maturity
3
1937-1953
4,000
225,000
Wellsville, Ohio
Wellsville, Pa
indicated)
MUNICIPALITIES
Rate
6:89
3
2.70
1938-1957
645 Vincennes, Ind
814 Way land Twp., Mo
818 Wayne Rural S. D., Ohio
491 Webster, N. Y
as
CANADIAN
l66:66"
554
3
Tuckahoe, N. Y
648 Tunica, Miss
492 University of North Carolina, N.C.4
312 Urbana, 111
254
820 Vancouver, Wash
495 Verlbest S. D., Texas.
BY
Name
Canada (Dominion of)
654 Canada (Dominion of)
820 Canada (Dominion of)
654
Ontario (Province of)
820 Ottawa Sep. Sch. Board, Ont
820 Salaberry De Valleyfield, Que
55,000
28,000
10,500
354
491
(except
320
D„ Junior
652 Susquehanna Twp. S. D., Pa
818 Texola S. D„ Okla
819 Troy, Pa
2)4
..4)4
982 Canada (Dominion of)
320 Ontario (Province of)
2.94
254
434
College S. D., Minn
1937-1956
9141
1939-1966
3.75
100.47
4.30
254
234
2.70
........5
314 Storden S. D., Minn
654 Sublette Co. S. D. No.l,
4
100
4.21
5
434
495 Staunton, Va
312 Steen School Twp., Ind
645 Sterling, 111
320 Stevens Point, Wis
1957
1937-1943
1938-1952
2.82
3.00
1938-1942
South Odgen, Utah
317 Spring Valley. N. Y
318 Spruce Pine, N. C
5
3)4
..2)4
2.82
100
3
3
1938-1947
484 South River, N. J
646 Spearvllle S. D. No. 3, Kan
319 Spring City, Pa
1938-1945
100.16
101.50
1938-1952
Iowa
Shenango Township, Pa
817 Sidney, N. Y
1941
1938-1942
U
100.16
<262,000
1938-1952
319
SOLD
Page
1941-1951
-254
354
District, Pa
1)4
.
'
These additional December issues will make the
DEBENTURES
1938-1956
District,
3
ber, 1936.
103.32
3.95
2.60
38,000
7,000
r225,000
50,000
246,000
r6,500
r2,080
r75,000
r60,000
29,000
40,000
16,000
8,000
r52,000
1946-1955
total sales (not including temporary
for that month $96,997,934.
4:66
4.00
100
105
107.62
r500
40,000
1939-1957
1943-1949
2.14
100
100
1939-1946
2.49
5
Shamokin School
1937-1956
1951
100
100
4,200
r21,500
1938-1942
4
Basis
I
60,000
3,000
rl68,000
1937-1939
3
3
Price
175,000
1937-1939
100.02
3
Seneca School
494
C—254
496 Sheboygan Falls, Wis
812 Shelby County, Iowa..
County, Minn
Middletown, Del
Muhlenburg S. D., Pa
Muncie, Ind. (2 Issues)
New Vienna, Ohio..
Norristown S. D., Pa
Palatine, 111. (Nov.)
Ringwood, N. J
Rossford Rural S. D., Ohio
Washington Park, Hi
Washington Twp., Ind
West Monroe, La...
Amount
RECONSTRUCTION FINANCE CORPORATION
1946-1955
Girt, N. J
Maturity
1939-1964
1939-1960
100.02
102.15
645 Sullivan S. D., Ill
Sea
Rate
Pere, Wis
3)4
Evansburg S. D., Pa
3
Green Twp., Pa
5
Hoboken, N. J
3
Ionia County, Mich
4
Lake City Ind. S. D., So. Dak...3
Laurel Springs, N. J
..4)4
Lead, S. Dak
4
Livonia Twp. Sewer Dist. 1, Mich.4M
Los Angeles County, Calif
3)4
All of the above sales
645 Summit, 111
814 Sunflower Agric. H. S.
815
645
"
De
Marshall
311
100.03
1.83
100.50
200,000
380,000
100,000
75,000
T16,000
758,000
55,000
30,000
6,500
1,500
30,000
120,000
17,000
35,000
15,000
60,000
780,000
77,000
714,000
200,000
70,000
28,000
30,000
The
On« Wall Street
CLEVELAND
1.89
4,935,900
15,000
& CO.
Union Trust Bids.
100.07
r50,000
50,000
50,000
3,000,000
25,000
7-560,000
20,000
MERICKA
INCORPORATED
Rural Dist.
494 Santee High School Dist., 8.
310 Selma, Ala
818
WM. J.
Total long-term Canadian debentures sold In
1/4
2)4
Calif
320 San Patricio County
No. 1, Texas
BONDS
Dealer Markets
107"25"
i
3
No. 8, N. Mex
647 Sanford, Me
643 Santa Clara County,
494
MUNICIPAL
Finance
Rotan, Texas
817 Roxbury Fire Dist., N. Y
650 Rye, N. Y
646
1938-1967
2.60
320
312
1938-1954
234
4
645 Rivoli Twp., Ill
814 Rochester, Minn
651
3.82
2.94
654
815 Richardson Co. D. D. No. 6, Neb.
649 Ridgefield Park, N. J
496
1938-1946
Corp.
(4 Issues)......—4
Redwood
97.79
102.33
1,
Twp., N. J
652 Reeds port H. 8. D. No.
320
1957
1938-1957
1938-1957
334
234
Red Bluff, Calif
484 Redwood City, Calif
492
1938-1947
5,000
25,000
11,000
rd20,000
46,000
424,000
100,000
15,000
r4,500
..1.90
3
809
484
1939-1943
234
334
817 Putnam & Ticonderoga.
Raritan
1938-1950
2
.....
482
1945-1949
2)4
817 Ovid Romulus & Lodi 8. D. No.
N. Y
493 Pauls
315
r50,000
3,500
4
Norwood, Ohio
Oberlln, Ohio
Obion County, Tenn
Olney, 111
Onondaga County, N. Y_
Orangeburg, 8. C. (2 Issues)
Orangeville, 8. D. No. 203, 111
Oskaloosa, Kan
489
1938-1947
1139
31, So.
Dak
492
Amount
r84,000
r50,000,000
4
495 Northside S. D., Texas
494 Northville Ind. S. D. No.
492
1977
Chronicle
Basis
Price
Price
the
for
Dewar, Robinson
Marion, Guadalupe
series
1935.
& Pancoast submitted high bid of 95.1 for $22,000
County, Texas, waterworks system revenue bonds,
Brown, Crummer Co. submitted high bid of 98.6 for $41,000 Richmond,
Texas, waterworks system revenue bonds, series 1934.
No bid was submitted for $13,440 Wills Point Independent School Dis¬
trict, Van Zandt County, Texas, school house bonds.
Mason, Hagan, Inc., submitted high bid of 101.89 for $5,000 Sanitary
District No. 3 of Henrico, Va., waterworks bonds.
H. P. Pratt & Co. submitted high bid of 91.63 for $9,000 Brewster,
Okanogan County, Wash., 1935 waterworks revenue bonds.
bid was submitted for $5,900 Naches, Yakima County,
Wash.,
Irrigation System revenue bonds.
Magnus & Co. submitted high bid of 97.03 for $41,000 New Cumberland,
Hancock County, W. Va., waterworks revenue bonds.
No
Naches
Basis
.
series G.
-—
J. R. Hylton, M.
246,000
We have also learned of the following additional sales for
D., submitted high bid of 100.60 for $3,000 State Board
of Charities and Reform of State of Wyoming revenue bonds.
W. W. Lanahan & Co. submitted high bid of 112.55 for $200,000
Arling¬
ton
previous months:
page
Name
811 A vena Twp., 111. (Nov.)__
644 Benton, 111
318 Bettsvllle, Ohio
490 Cheektowaga, N.
Y. (Oct.)
County, Va., sewer bonds.
& Boyce suDmi
submitted high bid of 93.76 for $80,000 Murray,
Calloway County, Ky., sewer:revenue bonds.
L
No bid was submitted for $18,000 New Haven, Nelson County,
Ky.,
Stein Bros.
Jros.
Rate
4 ,
5
3
3.90
Maturity
1937-1946
1942-1944
Amount
$26,000
r80,000
4,000
15,000
Price
Basis
100
100.39
3.00
waterworks
revenue
bonds.
Stein Bros. & Boyce submitted high bid of 95.02 for $22,000
Taylorsville,
Spencer County, Ky., waterworks revenue bonds.
Financial
1140
Citizens Bank & Trust of Houma submitted high
bid of 101.1 for $9,500
Houma, Terrebonne Parish, La., serial garbage Incinerator bonds.
Scharff & Jones submitted high bids for three issues, as follows:
101 for
$52,000 School District No. 1 of Lafourche Parish, La., School District
No. 1 bonds; 101 for $18,000 Shreveport, La., general improvement bonds
of 1934, and 97 for $8,000 Tensas Parish, La., improvement bonds.
Callender, Burke & MacDonald submitted high bid of 90.1 for $37,000
Standish, Arenac County, Mich., waterworks bonds.
Callender, Burke & MacDonald submitted high bid of 90.1 for $22,000
Galena, Stone County, Mo., waterworks bonds,,
No bids were submitted for $27,000 Kennett, Dunklin County, Mo.,
sewage disposal bonds, or for $26,000 Consolidated School District No. 1
of Pemiscott County, Mo., bonds.
Bank of Mill Spring, Mo., submitted high bid of 100 for $18,000 Consoli¬
dated School District No. 3, Wayne County, Mo., bonds.
Bancamerica-Blair Corp. submitted high bid or 98.9 for $280,000 Bayonne, N. J., school bonds.
Harrison National Bank, Harrison, N. J., submitted high bid of 110.05
for $7,000 Borough of Florham Park, N. J., water improvement bonds.
No bid was submitted for $33,000 Hagerman, Chaves County, N. M.,
water system bonds.
Sidlo, Simons, Roberts & Co. submitted high bid of 98.37 for $17,500
Hatch Municipal School District No. 11, Dona Ana County, N. M., school
district bonds, and high bid of 95.33 for $9,000 Hope Municipal School
District No. 8, Eddy County, N. M., school district bonds.
A. O. Allyn !& Co. submitted high bid of 101.33 for $5,000 Central School
District No. 7 of towns of Jay, Keene, Chesterfield and Wilmington,
Essex County, and Black Brook in Clinton County, and Franklin in Frank¬
lin County, N. Y., school bonds.
A. O. Allyn & Co. also submitted high bid of 104.45 for $18,000 Union
Free School District No. 1 of Thompson, Sullivan County, N. Y., school
building bonds.
A. C. Allyn & Co. submitted high bid of 105.55 for $6,000 Board of Edu¬
cation of Central School District No. 6, of towns of Truxton, Solon, Preble,
Ouyler and Homer, Cortland County, N. Y., school building bonds.
A. C. Allyn & Co. submitted high bid of 1031.23 for $63,000 Waverly,
Franklin County, N. Y., water supply bonds.
Southern Ohio Savings Bank & Trust Co. submitted high bid of 101.85
for $15,000 Hawaii County, Territory of Hawaii, public improvement
serial bonds.
No bid was submitted for $11,000 Homedale,
bonds.
Owyhee County, Idaho,
waterworks
Huyck & Co. submitted high bid of 96.11 for $24,000 Algonquin,
McHenry County, 111., combined waterworks and sewerage revenue bonds.
Lewis, Pickett & Co. submitted high bid of 100.33 for $45,000 Bradley,
Kankakee County, 111., combined waterworks and sewerage revenue bonds.
h«A. S. Huyck j& Co. submitted high ibid of 104.57 for $28,300 Chatham,
Sangamon County, 111., community building bonds.
No bid was submitted for $33,000 McLean, 111., waterworks revenue
bonds; $23,000 Stonington, 111., water revenue bonds, or $29,000 North
Vernon, Ind., sewage disposal works and plant revenue bonds.
Securities Trust Co. or Lexington, Ky., submitted high bid of 95 for
$3,000 Burgin, Mercer County, Ky., waterworks revenue bonds.
Chase National Bank and associates were high bidders for $563,000
Greensboro, N. C., bonds, offering 100.65.
B. J. Van Ingen & Co. and associates submitted the only bid for $618,000
Perth Amboy, N. J
sewage disposal bonds, offering 91.
A. S.
,
Feb.
Chronicle
1937
13,
Legislature Approves Pay Cut Restoration—The three bills
were passed by the Legislature on Feb. 9
and were forwarded to Governor Lehman, it was stated in
discussed above
Acting under emergency messages
Legislature decided that the emer¬
gency of 1932 had passed and authorized the City Board
of Estimate and Apportionment to restore the reduction.
Wording of Bill Viewed as Ambiguous—The Citizens'
Budget Commission points out what it claims to be an
error in the drafting of the above bills, which might cost
the city the sum of $90,000,000.
The measure authorizes
complete pay restoration, thereby laying the foundation
for the legal claim that not only are salaries to be restored
to the 1932 levels but also that the city must pay the accrued
salary deductions made during the years from 1933 up to
the first half of 1937, according to the said commission.
Albany news advices.
from the Governor, the
New York City—Realty Valuation for 1937 Set at $16,599;695,194—Real estate in the city has a 1937 final valuation
of $16,599,695,194, a total $79,070,354 less than the 1936
final figures, the Board of Taxes and Assessments an¬
nounced
on
Feb. 6.
On the basis of the final assessment figures,
the tax rate
for the current year,
it was said, probably will be 2.62, a
drop of three points from the 1936 rate, due to the reduction
of about $5,000,000 in the city's debt service and an increase
in new buildings of another $5,000,000.
The basic tax rate,
however, will not be set by Comptroller Frank J. Taylor
until the end of this month.
The final valuation set by the tax board marked a reversal of last year's
upward trend and the lowest valuation set on privately owned real property
in New York City since the depression began in 1929.
In its report the tax board, as is customary, separated real property into
three classifications—ordinary real estate, real estate owned by utility
corporations and special franchises.
For the last two years the board pointed out. It has been transferring
property owned by utilities, previously listed under ordinary real estate, to
the category of real estate owned by utility corporations.
This naturally
has resulted in a substantial decline in the ordinary real estate total and a
corresponding increase in the utility total.
In 1936, the board reported,
such transfers amounted to $533,593,175 and for this year they total
$86,698,650.
This transfer, however, did not account for the total decrease in ordinary
estate valuations for the five boroughs for 1937, which was set at
$14,579,279,807, a figure $289,349,099 btuow the 1936 level.
Real estate
utility corporations for 1937 was set at $1,312,934,925, an increase of
$198,132,550, and special franchises totaled $707,480,462, a $12,146495
increase.
The special franchise valuations are set by the State Tax
real
of
Commission.
SUBJECT TO PRIOR SALE
WE OFFER
The final
1947-48
r'This department considers 1931
city," the board observed.
Price—3.00 Basis
In this
Thomas M. Cook & Company
Harvey Building
WEST PALM
figure was a substantial drop from the tentative
on last Oct. 1 by the tax board.
At that time the board put a
value of $16,030,706,291 on all property except special franchises. Yester¬
day's final total was $15,892,214/732, a reduction of more than $100,000,000.
$50,000 MIAMI BEACH 4V2% Bonds
Due
assessment
total set
BEACH, FLORIDA
the peak year of assessed valuations
"The total of ordinary real estate in
as
that year was the sum of $17,761,512,367.
Although the assessed valuation
of ordinary real estate for 1932 was the sum of $18,524,732,917, there were
included in
enjoying
that
total
a ten-year
approximately $910,000,000 for homes theretofore
exemption, which were restored to the tax roll for 1932."
Act Upheld by Supreme
Court upheld the general State
Authority Act on Feb. 4 in an unanimous opinion, according
to a United Press dispatch from Philadelphia, from which
we quote as follows:
Pennsylvania—State Authority
Court—The State Supreme
News Items
Connecticut—Governor Signs State Bond Bill—According
to an Associated Press dispatch from Hartford on Feb. 10,
signed the $25,000,000 bond bill
floating
indebtedness and will finance a building program aggregat¬
ing about $11,000,000, as noted from time to time in these
columns—V. 144, p. 810.
The measure was passed unani¬
mously by both houses and was signed on Feb. 9 in the
original by the Chief Executive.
Governor Wilbur L. Cross
which will make available funds to retire the State's
Louisiana—Booklet
on
State
and
New
Orleans
Bonds
Prepared—A booklet, dated as of Jan. 27, 1937, has been
prepared by Newman, Harris & Co., Maritime Building, New
Orleans, relating to the bonded indebtedness of the above
State^and its principal city. Also contained therein is in¬
formation regarding the obligations of the State University,
the State Charity Hospital, the Orleans Levee District and
the Orleans Parish School Board.
Describing, as it does, the various issues of the State and
City of New Orleans in some detail, in addition to
pertinent facts regarding their past history in debt matters,
this booklet should prove of great benefit to dealers and
investors in bonds of the Southern state and its widely known
the
outlet to the Gulf.
New
York City—Governor
Signs Tax Reserve Bill of
$12,000,000—Governor Herbert H. Lehman on Feb. :8,
signedjthe Dunnigan bill Jmodifying the bankers' agreement
under jwhich the reserve to be carried in the New York City
budget against tax delinquencies for this year is reduced to
not
morejthan5112,000^000, according to Albany advices on
that date.
Whenjtheiagreement was adopted originally it
called
for
a
reserve
or
not less
than $25,000,000 a year,
although this requirement was cut to $17,500,000
for 1936.
Pay Cut ^Restoration Bills Introduced in Legislature—Bills
were introduced in the State Legislature on Feb. 8 to effect
the restoration of pay cuts to New York City employees
in "accordance with the action taken last week by the Board
of
^Estimate Jonjthe recommendation of Governor Lehman,
arejinformed.
*Two of the bills repeal the 1932 economy act under which
the pay cuts were instituted, one applying to teachers and
the second to other city employees, while a third measure
authorizes the city to reopen its 1937 budget, so as to add
the required amount necessary to make up the increased pay.
we
This amount has been
estimated at about $4,500,000.
The opinion, written by Chief Justice John W. Kephart, emphasized that
was the court s duty "not to declare any act unconstitutional unless it Is
imperatively necessary to do so," and made it clear that constitutionality
of the authority act has been considered "in keeping with the end to be
obtained" rather than "through a forced, strained or unnatural construction"
it
of the Constitution.
The
provided that the State authority should be empowered to
$60,000,000 worth of public buildings which would be rented
a period of thirty years.
The new 17-page opinion reversed the same court's decision slightly more
act
construct
to the Commonwealth for
than
a year
ago.
Pennsylvania— -Liability of Municipality for Improvement
Bonds Determined- -The following report on a State Supreme
Court ruling in a case involving the general status of improvement bonds of a municipality, is taken from the
January issue of the monthly bulletin published by the
Internal
Affairs,
Commonwealth
of
Department
of
Pennsylvania:
In the recent case of Price et al., Executors v. Scran ton. Appellant, re¬
ported in 321 Pa. 504, the Supreme Court reached the following conclusions:
First—"Where the liability of a city for improvement bonds, or for a
contract for the construction of an improvement, Is limited to the amount
collected from assessments on the improved properties, the city is bound to
exercise a high degree of diligence in the levying
and collection of .the
assessments, and failure to do so is a breach of contract which renders the
city liable for the unpaid face of the bonds or contract price.
Second—-"In an action of assumpsit against a municipality on bonds
issued by it to a contractor in payment for the construction of a municipal
improvement, which bonds rested alone for their security upon assessments
levied upon the land abutting the improvements and were payable within
five years, the evidence was on appeal held sufficient to sustain a finding
that the municipality was negligent in its collection of the assessments
upon which the bonds were secured, and to support judgment for plaintiff
for the amount of the bonds, where it appeared that during the five year
abutting
than one-third
Eeriod, ofpaid, liens filedproceeds of which one-sixteenth of the principal of
the from the against
properties, less
adjbeen
thejjbonds Issued had been paid and the balance applied to interest; that
which
bought the properties at tax sales, but that the defendant had neither
nor preserved the liens against its own properties, nor sold the prop¬
erties in satisfaction thereof; and that the remaining liens, which totaled
one-fourth of the amount of the unpaid bonds, had been kept alive by writs
of scire facias but not yet collected."
Mr. Justice Maxie filed a dissenting opinion.
more
than one-third of the liens had been entered against the city,
had
paid
Public Works
Administration—Report on Purchases and
of Municipal and Other Securities—The following is the
text of a statement made public on Feb. 8 by the above
Sales
named Federal agency:
Approximately $615,500,000, which the
Public Works Administration
loaned to municipalities and railroads for work creating construction, would
be almost entirely recovered with interest on the basis of current surveys.
It was reported to Administrator Harold
Director of PWA's -Finance Division.
L. Ickes today by B. W. Thoron,
has collected as Interest on its loans the sum of
$18,173,000.
This interest is turned over to the Federal Treasury.
PWA
is continuing to collect interest as it comes due.
Also a profit of $9,706,000 has been made by PWA on Its sale through
Reconstruction Finance ^Corporation tto the public of bonds taken as
collateral for loans.
This profit is the cash amount PWA sold the bonds
Latest reports show PWA
Volume
Financial
144
Chronicle
1141
for above the amount It paid for them.
Additional profits are being made
as additional
municipal bonds are put up for sale from the PWA portfolio.
Meanwhile, a total of one-tenth of 1 % of the amount loaned by PWA to
municipalities or railroads is in default, technical or otherwise, in payment
on
principal or interest.
This default total on Dec. 31, 1936, aggregated
$636,000 on 203 issues which amounted to 6.5% of $9,706,000, the cash
profit already realized on resale of bonds.
A large number of these defaults are technical because
they are on bonds
and coupons which borrowers are entitled to have cancelled in the final •
settlement of the grants due them.
Others are on revenue bonds issued to
construct new systems which require time to develop earning power.
A
small portion of the defaults is deliberate, and in each of these cases, PWA
plans immediate legal action.
It
was
58 due 1957
price to yield 4.50%
McALISTER, SMITH & PATE, Inc.
67
Therefore, in the course of creating employment, it became a duty of
PWA to lend money to municipalities and railroads at
4%.
"With the revival of municipal credit and the investment market, PWA,
having fulfilled this function nas pursued a policy of selling its bonds to the
public as opportunity for profitable disposal arisee,"Mr. Thoron continued.
The PWA has always encouraged communities to sell their bonds to
others, thus enjoying any saving they could achieve through obtaining
lower interest rates.
As a result, few applicants today seek PWA loans;
hundreds who have had applications on rile have withdrawn their requests
seeking only grants and securing from other sources, loans the
Government might have made.
With PWA's possible continuation, even in a modified form, Director
Thoron expressed confidence that it may continue to exert a stabilizing
effect upon the municipal bond market at times when interest rates tend
for loans,
sharply.
"From the financial point of view," Mr. Thoron's report continued, "the
results of PWA's lending policy have been extremely gratifying.
"The $615,500,000 worth of securities, purchased up to Dec. 31, 1936,
included about $200,500,000 railroad obligations and $415,000,000 muni¬
cipal and other bonds.
Of these, over $195,000,000 of railroad securities
and $276,500,000 of municipal bonds have been sold to the RFC for resale
to the public or to the public directly.
The greater part of the proceeds of
BROAD
STREET
M. McLeod, City Clerk,
4H%
Prin¬
cipal and semi-annual interest (April 1 and Oct. 1) payable at the Chemical
Bank & Trust Co., in New York.
Due on April 1 as follows: $1,000, 1944
to 1955; $3,000, 1956, 1957 and
1958; and $2,000, 1959.
Sale will notsbe
made at a price less than 95.
Cert, check for $500, payable to the City,
required.
Approving opinion of Storey, Thorndike, Palmer & Dodge or
Boston will be furnished by the city.
*0 ADDITIONAL BOND OFFERING—At the same time bids will be re¬
ceived by the above City Clerk for the purchase at not less than 95 of an
issue of $14,000 4% coupon water works bonds.
Denom. $1,000.
Dated
Aug. 1, 1929.
Principal and semi-annual interest (Feb. 1 and Aug. 1)
payable at the Guaranty Trust Co. of New York.
Due Aug. 1, 1959.
Cert, check for $300, payable to the City, required.
Approving opinion
of Storey, Thorndike, Palmer & Dodge of Boston will be furnished by the
City.
TUSCUMBIA, Ala .—BOND SALE CONTEMPLATED—It Is reoprted
that the city will offer for sale in the near future a block of $119,000 bonds
of an authorized issue of $131,000, to be used for the purchase of
the
Alabama Power Co.'s local distribution facilities.
It is said
also that
the city Is to pay $106,500 for the plant and $12,500 will be held in reserve
for any needed development or extension.
district
Arizona Industrial
obligations of the
follows, and comprising some 1,600 issues.
CHARLESTON, S. C.
TUSCALOOSA, Ala.—BOND OFFERINO—H.
issuers made up
as
YORK
will receive bids until 10 a. m., Feb. 23 for the purchase of
$23,000
coupon water works bonds.
Denom. $1,000.
Dated April 1, 1932.
sales has been reloaned.
"Of the balance of the securities, over $10,000,000 had either matured
In the hands of the PWA and been paid or had been canceled
by agreement
in settlement of grants due borrowers.
(
"At Dec. 31, 1936, the PWA still owned slightly over $133,000,000 par
value of bonds all valid, binding and legally enforceable
approximately
NEW
Telephone WHitehall 4-6765
GREENVILLE, S. C.
necessary for the PWA, on its creation in June of 1933, to step
into the municipal bond market, because the condition of municipal credit
and of the private investment market made it Impossible for even cities
with good credit rating to borrow except at exorbitant rates.
to rise
City of Montgomery, Alabama
ARIZONA
NOG ALES SCHOOL
has
sold
an
DISTRICT
NO.
issue of $16,000
1, Ariz.—BOND SALE—The
4% warrant funding bonds to the
Commission.
Municipal Securities—
General
obligation bonds
$33,000,000
Revenue bonds
71,000,000
4,000,000
10,000,000
•
5,000,000
10,000,000
Other special obligations.
Bonds of limited dividend housing corporations
Railroad securities
Miscellaneous corporate securities
ARKANSAS
Largest Retail Distributors
"Of the $471,000,000 bonds purchased by the RFC from the PWA for
the revolving fund, all had been resold to private investors or had been paid
except approximately $119,000,000, of which $52,000,000 were obligations
of railroad and the balance municipal securities.
WALTON, SULLIVAN & CO.
"Naturally the issues sold represent what the general market considers
more attractive types.
This Is due to the fact that it has been the
policy of the PWA not to sell Issues which would not bring a price very
the
LITTLE
close to par or a cash profit to the Government.
This policy was adopted
for the reason that it has been PWA's feeling that with
proper supervision
and assistance, the
very great majority of the loans
can
be liquidated in full.
was expected when the loans
"It
revenue
were
which have
made that
some
bond issues would cause difficulty.
It takes time for a new water
system in a small community to develop earning power.
"PWA's experience to date has shown that the overwhelming
majority
of borrowers have a serious regard for their obligations and are
willing to
or sewer
cooperate in every way to meet payments promptly when due.
few loans made which are apparently beyond the
There
capacity of the
are a
com¬
munities to repay.
It is too early to make even a rough guess as to what
this percentage will be, but It is safe to say that it will be small.
Considering
the speed with which it was necessary to pass upon thousands of applications
for
loans, basing approval solely upon written statements without an
opportunity to view the communities, the loss will be surprisingly small.
Unfortunately there are a few communities whose officials apparently
accepted loans from the Federal Government without taldng action or
precaution to secure their repayment.
These few instances of communities
well able to meet their obligations whose officials are making no effort to
collect rates and taxes are glaring exceptions to the general attitude.
"Up to the present time, it has been thought desirable to give such
communities an
opportunity to come to a more cooperative frame of mind,
and some have done so.
Now, however, the PWA is about to institute
proceedings to enforce the legal remedies of the Government as bondholder
against those communities able but unwilling to meet their obligations.
"At Dec. 31, 1936, the total amount of principal and interest in default
on loans other than to railroads aggregated $636,000
including 203 issues.
This sum included a number of Items which undoubtedly were merely
delayed payments not yet reported by the Federal Reserve Banks, and
$271,000 or matured bonds and coupons of 42 Issues which had been with¬
held from presentation because of the fact that the borrowers would be
ROCK, ARK.
ARKANSAS
been made
of the smaller
BONDS
ARKANSAS,
State
of—ATTORNEYS
APPROVE DRAFTING OF
BOND REFINANCING BILLS—It is stated that attorneys for New York
St. Louis bond houses have approved the drafting of proposals to
authorize the refinancing of $88,000,000 highway and toll bridge bonds.
It is understood that the bills will be presented to the State Legislature.
and
ARKANSAS (State of)—BOND TENDERS ASKED—Earl Page. State
Treasurer, is advertising for tenders of outstanding bonds and notes of the
following issues: State Highway refunding bonds, series A and B; State Toll
Bridge refunding bonds, series A and B; DeValls Bluff Bridge refunding
bonds, road district refunding bonds, series A and B; refunding certificates
of indebtedness and funding notes or bonds issued to contractors.
Sealed
tenders will accepted until 11 a.m. Feb. 25.
All funds on hand available
for the purchase of the obligations will be applied to the acceptance of
securities offered at the lowest prices, which are not to exceed the equivalent
of par and accrued interest.
Tenders are to be made on forms supplied by
the State Treasurer.
Certified check for 3 % of the par value of securities
tendered, required.
BLYTHEVILLE
SCHOOL
DISTRICT
(P.
O. Blytheville), Ark.—
BONDS REFUNDED—It is stated by the Superintendent of Schools that
the $227,000 refunding bonds approved by the voters on Oct. 22, have been
refunded through the Arkansas Municipal Bond Bureau, for outstanding
bonds.
California Municipals
entitled to have them canceled in the final settlement of the grants due them.
"This leaves existing defaults of $365,000 on 161 issues
aggregating
$7,424,000.
The total par value of Issues held on which a default exists
other than those to be settled by a grant is less than 2% of the bonds of the
same classes purchased by the PWA and only 5H % of the bonds still
held,
which
DONNELLAN & CO.
for the most part
of the less marketable issues.
eighteen of these items aggregating $219,000 are on
revenue bond issues, payable from the revenues of new systems which have
not had time to develop their earning power.
When the amount of issues
affected by defaults is compared with the total amount of bonds purchased
are
"One
111 Sutter St.
hundred
by the PWA, it indicates that the Government
may expect In the end
almost complete recovery of the amount loaned to municipalities."
Wayne County, Mich.—Board of Tax Review Held Un¬
constitutional by High Court—The United States Supreme
Cout
on
Feb.
1
held unconstitutional the Wayne
County
body which fixed asseessments for
until litigation halted its activities, according
Board of Tax Review, a
tax purposes
to the Detroit "Free Press" of Feb. 2.
It is said that the
decision may have the effect of invalidating all assessments
levied by the board.
It also may pave the way for many
lawsuits in which taxpayers could
levied by the illegally constituted
demand a return of taxes
body.
The decision is reported to mean that the State Legislature
cannot constitutionally enact laws giving specific powers or
making specific exemptions for local bodies in the State's
most populous county.
San
Francisco, Calif.
Telephone Exbrook 7067
Teletype-S F 396
CALIFORNIA
CALIFORNIA
of)—WARRANT OFFERING—On Feb. 15 at
10 a. m. State Controller Harry B. Riley will offer for sale $2,444,651.69
registered warrants, being issued to replenish the revolving fund from
which general fund State expenses are paid.
Warrants will be sold to
bidders offering to take them at the lowest interest rate, in blocks of not
less than $50,000.
Interest rates must be in multiples of %%.
Bidders
are to specify denominations desired.
(Stat®
LOS ANGELES COUNTY (P. O. Los
Angeles), Calif.—BONDS
SOLD—The $6,000 San Dimas School District bonds that were offered for
sale without success on Nov. 17, as noted here at that time, have been
pur¬
chased by the County Employees' Retirement Association, as
5s, at par.
Dated Jan. 1, 1936.
Due $2,000 from Jan. 1, 1937 to 1939.
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—BONDS
VOTED—We are now informed by Leda Douglass, bond clerk to the County
Counsel, that at the election held on Jan. 15—V. 144, p. 311—the voters
approved the issuance of $375,000 in bonds, divided as follows:
$300,000 for junior high school purposes, by a count of 1,494 to 266.
60,000 for elementary school purposes, by a count of 1,485 to 254.
15,000 for high school purposes, by a count of 1,484 to 268.
She goes on to say that these proceedings will be checked over and trans¬
to the Board of Supervisors with the request that bonds be ad¬
vertised for sale, the Board should be in a position ot take action thereon
about Feb. 9.
mitted
Bond Proposals
and Negotiations
ALABAMA
PHENIX
CITY, Ala.—BOND TENDERS INVITED—It Is stated by
8. Bird, City Clerk, that he will receive sealed tenders until noon on
March 10, for the sale to the city of series A, series D and series 7 refunding
J.
public improvement bonds, dated Jan. 1, 1936, due and payable on Jan. 1,
1956, at the Central Hanover Bank & Trust Co., New York City.
It is
said that tenders are to be in sufficient amounts to retire $2,000 of series A
$3,000 of series D bonds of said date and $1,000 of
series 7 bonds of said date.
Tenders are to be mailed to the City Clerk
or delivered to him in person and shall not be opened until 30 days from
notice, at which time the holders of bonds offering them at the lowest
tender to the city will be accepted In sufficient amounts to retire bonds
in each of-the particular series of bonds mentioned.
bonds of said date,
(This report supplements the notice of approval given in these columns
recently—V. 144, p. 972.)
SACRAMENTO COUNTY RECLAMATION DISTRICT NO. 833
(P. O. Sacramento), Calif.—BONDS DEFEATED—At the election held
Jan. 30—V. 144, p. 809—the voters are said to have rejected the
proposal
to issue $702,500 in bonds to take over the water
rights of the Sutter-Butte
on
Canal Co.
SACRAMENTO MUNICIPAL UTILITY DISTRICT (P. O. Sacra¬
mento). Calif.—VALIDATION BILL SIGNED—Governor Merriam Is
reported to have signed Senate Bill No. 488, validating all the procedure of
the district in annexing territory and fixing boundaries preparatory to the
sale of $12,000,000 in bonds approved by the voters for the acquisition of
a power distribution system and upheld by the State Supreme Court on
April 29. 1936.
Financial
1142
SAN FRANCISCO
Chronicle
Feb.
1937
13,
(City and County). Calif—BOND ELECTION
DETAILS—-We are Informed that Secretary ickes commented on the bond
election to be held on March 9, to finance the purchase of the Pacific Gas
& Electric Oo.'s distribution system or the building of a separate distribution
Florida
system for the marketing of power generated by the Hetch Hetchy dam, as
reported in these columns recently—V. 144, p. 809.
The Secretary said
that the Oity of San Francisco had submitted the plan to him and it had
been approved.
Two years ago Secretary Ickes, as administrator of the Raker Act, ruled
that the city was violating the Act by selling power to the Pacific Gas &
Electric Go.
The Act required that power from the Hetch Hetchy dam
should only be sold for municipal use and not to private utilities.
Municipals
LEEDY. WHEELER & CO.
Fla.
Jacksonville,
Bell
TULARE COUNTY SCHOOL DISTRICTS (P. O. Visalia), Calif.—
Orlando
System
Teletype
Jacksonville
10
No.
96
BOND SALE—The three issues of bonds aggregating $120,000, offered for
sale on Feb. 6—V. 144, p. 972—were awarded as follows, according to the
County Clerk:
$60,000 Lindsay Unified School District bonds to Redfleld, Royce & Co.
of Los Angeles, as 3%b, paying a premium of $270.00, equal to
100.45. a basis of about 3.68%.
Due $4,000 from Feb. 6, 1938 to
incl.
1952.
30,000 Orosi Union High School District bonds to the same purchaser, as
4s, paying a premium of $110.00, equal to 100.36, a basis of about
3.965%. Due from Feo. 6, 1941 to 1957, incl.
30,000 Woodlake Union High School District bonds to Dean Witter &
Co. of San Francisco, paying a premium of $11.00, equal to 100.036,
a net interest cost of about 3.41 %, on the bonds divided as follows:
$8,000 as 5s, maturing $2,000 from Feb. 6, 1938 to 1941; the re¬
maining $22,000 as 3 Ms, maturing on Feb. 6: $2,000, 1942 to
1945; $4,000. 1946; and $5,000, 1947 and 1948.
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA
NEW MEXICO—WYOMING
FLORIDA
carrying 6% interest payable semi-annually, is alleged,
Actual amount of
interest coupons due totals $1,018,280, the suit charges.
FORT
LAUDERDALE,
Fla.—BOND
REFUNDING
AGREEMENT
DECLARED
OPERATIVE—Refunding agreement for refinancing the
bonded indebtedness of the city through the Broward County Bond Owners
Association of Chicago has been declared operative by the City Commission.
The Association already has notified the city formally that it is prepared to
proceed with the program.
The refunding covers approximately $4,482,000 of municipal bonded
debt, exclusive of $2,000,000 of bonds issued for construction or Port Ever¬
glades which will be refunded through a separate agreement with the
Broward County Port Authority.
George W. English, city attorney, said
he had been authorized by the Association to proceed with validation of the
refunding bonds.
After declaring the program operative the Commission
authorized City Manager A. J. Merrill to take up some $4,000 of delinquent
coupons in the Broward Bank & Trust Co. from the debt service funds as
part of the plan.
LAKE WORTH DRAINAGE DISTRICT (P. O. West Palm Beach),
Fla.—BONDS SOLD— It is reported by George B. Butler. Clerk of the
Board of County Commissioners, that the Public Works Administration
has agreed to purchase at par a total of $398,750 in 4% semi-ann. bridge
DONALD F. BROWN & COMPANY
DENVER
bonds.
Telephone: Keystone 2395
—
Teletype: Dnvr 580
MILTON, Fla.—BONDS TO BE SOLD TO PWA—It is stated by S. D.
Stewart, Town Clerk, that the Public Works Administration has agreed to
purchase $24,000 4% semi-ann. sewer system bonds at par.
COLORADO
CONEJOS COUNTY (P. O. Conejos), Colo.—WARRANT PAY¬
MENT NOTICE—The County Treasurer is reported to have funds on hand
ordinary county revenue and school district warrants. <
to pay various
CORTEZ, Colo.—BOND OFFERING—Mrs. Rachel Crawford, Town
Clerk and Recorder, will receive bids until 7:30 p. m., March 2 for the
Surchase of optional in 10 years.4M% waterworks extension bonds. Due
115 years, an issue of $70,000
CONNECTICUT
PERRY, Fla.—REPORT ON BOND REFUNDING PLAN—It is stated
by Harry A, Dunn, Secretary of the Florida Municipal Bondholders' Asso¬
ciation, Hildebrandt Bldg., Jacksonville, that a plan has been drawn up for
refunding $400,000 bonds of the above city, which shall become operative
subject to the approval of the holders.
The plan is said to call for the
issuance of 30-year refunding bonds, dated Aug. 1, 1936, which are subject
to call.
Pending an exchange, the existing bonds will bear 2% interest
annually from Aug. 1, 1936, and after exchange the rates will gradually
increase to 5%.
It is understood that the validity of the bonds will be
certified by the counsel for the committee.
BRIDGEPORT, Conn.—PLANS NOTE ISSUE—The city would issue
not to exceed 4% interest 5-year notes to finance purchase of the
Municipal Bonds of
$115,000
Mollison Airport, under a bill now before the State Legislature.
ILLINOIS
CONNECTICUT,
State—VARIOUS
TAX
PROPOSALS
INTRO¬
DUCED—We are informed that among the bills presented through the
Governor's office was one proposing a State income tax to yield about
,000,000 annually, based on $1,000 minimum income for single persons,
INDIANA
BONDS
SOON—The
General
one
block
or
piecemeal, depending on market conditions.
HARTFORD, Conn .—PLANS FINANCING FOR FLOOD CONTROL—
The city has introduced a bill in the State Legislature to issue an un¬
determined amount of bonds for flood control purposes.
MIDDLETOWN.
Conn.—NEEDS $280,000—The Common Council
informed recently that an additional $280,000 will be needed to cover
operations in the remaining three months of the current fiscal year.
The
funds, it is believed, will be obtained through a note issue ana provision
for payment of the debt included in the new budget.
was
NEW
now
BRITAIN, Conn.—TO ISSUE $300,000 BONDS—Under
sewer
as
to
bill
and $100,000 subway bonds.
NORWALK, Conn.—BOND SALE—The $35,000 school bonds
on
a
before the State Legislature, the city would be empowered to issue
$200,000
offered
Feb. 5—V. 144, p. 973—were awarded to the National Bank of Norwalk,
Dated Feb. 1, 1937 and due $5,000 annually on Feb. 1 from 1938
2s.
1944, inclusive.
135 So. La Sallo St.,
ture has passed
a
anticipation notes offered on Feb. 11 were awarded to the Bank of
the Manhattan Co. of New York and G. M.-P. Murphy & Co. of New
revenue
1937.
Other
bids
were
as
Dated Feb. 11, 1937 and due Oct. 8,
follows:
Bidder—
First National Bank of Boston
-
Discount
0.94%
Faxon, Gade & Co
0.974f
Leavitt & Co
1.125%
WATERBURY, Conn.—PLANS TO REFUND—The city seeks legis¬
lative authority to refund $620,000 bonds maturing in the present year and
$500,000 due in 1938.
FLORIDA
BONDS
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE.
-
First National Bank Building
Building
-
Branch Office:
.FLORIDA
TAMPA
T. S. Pierce, Resident Manager
FLORIDA
CALHOUN COUNTY (P. O. Blountstown), Fla.—BONDS SOLD TO
PWA—It is stated by J. A. Peacock, Clerk of the Circuit Court, that $488,000 4% semi-ann. bridge revenue bonds were purchased on Jan. 16 by the
Public Works Administration.
DUNNELLON SPECIAL TAX SCHOOL DISTRICT (P. O. Ocala).
Fla.—BOND ELECTION—It is stated by the Superintendent of the Board
_
of Public Instruction that
an
election will be held
on
March 2 to vote
on
the issuance of $15,000 in school addition bonds.
EVERGLADES DRAINAGE DISTRICT (P. O. West Palm Beach),
Fla.—SUIT FILED ON DEFAULTED INTEREST PAYMENTS—A
$3,600,000 suit alleging defaulted interest coupons on bonds has been filed
in U. S. District Court at Miami against the Board of Commissioners of the
Everglades Drainage District by H. O. Rorick and James R. Easton,
bondholders of Ohio, and Joseph R. Grundy, bondholders of
Pennsylvania.
Defaulted payments on interest coupons on bonds dated from July 1, 1920,
Teletype CGO. 437
MAYWOOD, 111.—BOND ISSUE DETAILS—In connection with a
previous report on the public offering by the H. C. Speer & Sons Co. of
Chicago of $180,000 4% water works and sewerage revenue bonds, at prices
to yield from 1.25% to 3.30%, we learn that the bonds mature as follows:
$3,000, 1938 to 1942 incl.: $4,000, 1943 to 1946 inch; $5,000, 1947 to 1951
incl.; $6,000, 1952 to 1955 incl.; $7,000, 1956 to 1959 incl.; $8,000, 1960
to 1963 incl.; $10,000 in 1964 and 1965, and $20,000 in 1966.
Financial Statement
Assessed valuation,
x
1935
x
Does not
$12,834,046
75,000
-
General obligation bonds---
-
25,829.
include $486,000 revenue bonds.
census,
"
PEKIN, 111.—BOND OFFERING—The City Clerk will receive
bids
(City of), Conn .—TEMPORARY LOAN—The $500,000
York, jointly, at 0.917% discount.
State 0540
ILLINOIS
Conn.—PLANS BOND ISSUE—The State Legisla¬
bill authorizing the sale by the town of $250,000 high
school building bonds.
STAMFORD
Chicago
ALTON
COMMUNITY
CONSOLIDATED
SCHOOL
DISTRICT
NO. 151, 111.—BOND OFFERING—G. A. McKinney,
Secretary of the
Board of Education, will receive seated bids until 7:30 p. m. on Feb. 17 for
the purchase of $40,000 school bonds.
Dated Feb. 1, 1937.
Denom.
$1,000.
Due Feb. 1 as fol ows: $2,000 from 1943 to 1947 incl. and $3,000
from 1948 to 1957 incl.
Bids to be made on the basis of bonds at 3% in¬
terest, and for bonds to be sold at par, with the rate of interest optional with
the bidder.
Prin. and semi-ann. int. payable at the First National Bank &
Trust Co., Alton.
A certified check for $1,000 must accompany each pro¬
posal.
Legality approved by Chapman & Cutler of Chicago.
Population, 1930 Federal
RIDGEFIELD,
tfnc.
MUNICIPAL BOND DEALERS
Assembly submitted for
signature of the Governor on Feb. 6, a bill authorizing the issuance of
$25,000,000 bonds and creating a State Commission, headed by the Gov¬
ernor, to arrange for the issuance and sale of the obligations.
About
$14,000,000 will be used to fund the State's temporary debt and the balance
used to finance the construction of new buildings.
The bonds may be
offered in
WISCONSIN
IOWA
SRcSin&cm 9P
,000 for married persons and a $200 exemption for each dependent,
A tax proposed on dividends and interest would yield about $4,000,000,
tax would yield $1,500,000 and an inheritance tax to yield
$1,000,000.
It is said that changes in the liquor and cigarette taxes would
yield additional millions.
.
an amusement
MAY ISSUE
MICHIGAN
Bought—Sold—Quoted
on
Feb. 15 for the
sealed
purchase of $15,000 motor bus bonds.
RANKIN TOWNSHIP SCHOOL DISTRICT NO. 223 (P. O. Rankin),
III.—BONDS OFFERED—An issue of $30,000 not to exceed 4% interest
high school bonds
was offered for sale at public auction at 7:30 p. m. on
Issue will mature annually on Jan. 1 as follows $1,000 from 1940
1943, incl. and $2,000 from 1944 to 1956, incl.
Interest payable J. & J.
Feb. 10.
to
Bonds will be sold
- •
and conditioned
located in Vermilion,
...
.
_
.
iroqu
The County Clerk of Vermilion County has certified that the assessed
value of the taxable property in the District for the
year
1935, for taxes
payable in 1936 was $1,433,212 and the year 1934 for taxes payable in
1935 was $1,498,490, and for the year 1933 for taxes payable in 1934 was
$1,500,625. The County Clerk of Iroquois County has certified to the same
amounts.
The County Clerk of Ford County has certified only as to the
valuation of the taxable property of Ford County alone.
The County Treasurer of Vermilion County has certified that the tax col¬
lections of the taxable property in this District for Vermilion County has
been: For taxes payable in 1935, $10,802.38 of a spread of $11,592.01; for
taxes payable in 1934 there has been collected $12,075.14 of a
spread of
$13,115.85; and for the taxes payable in 1933 there was collected $12,106.13
of a spread of $13,360.34.
The County Treasurer of Iroquois County has
certified that the collections on the taxable property in this District for
Iroquois County has been: For taxes payable in 1935, $2,832.72 of a spread
of $2,847.21; for taxes payable in 1934 there was collected
$3,102.12 of a
spread of $3,229.32 and for the taxes payable in 1933 there was collected
$2,950.01 of a spread of $3,043.78. The County Treasurer of Ford County
has certified that the tax collections on the taxable property in this District
for Ford County has been: For the taxes payable in 1935 was $669.44 of a
spread of $735.19; for taxes payable in 1934 there was collected $1,018.17
of a spread of $1,061.48: for the taxes payable in 1933 there was collected
$1,105.58 of a spread of $1,218.71.
RIVERSIDE-BROOKFIELD
TOWNSHIP
HIGH
SCHOOL DISTRICT NO. 208, 111.—WARRANTS OFFERED TO INVESTORS—Rogers &
Tracy, Inc., of Chicago, are offering an issue of $75,000 Riverside-Brookfield
Township high school district No. 208 educational 1937 tax anticipation
bearing interest-^O.OOO at 2M% and $25,000 at 3%.
The2H~
warrants are offered at prices to yield 2% and the
3% warrants are bei
offered at par to estimated maturity.
warrants
INDIANA
FORT WAYNE, Ind.—SCHOOL BONDS APPROVED—The Board of
Trustees recently approved an issue of $575,000 school building construc¬
tion bonds.
Volume
Financial
144
HARRISON SCHOOL TOWNSHIP (P. O. Monroe City). Ind.—
4% school building bonds offered on Feb, 8.—V.
144, p. 645—were awarded to A. S, Huyck & Co. of Chicago at par, plus a
BOND SALE—The $32,200
Jremlum of $1,287, $2,300 yearly
equal to 103.996, a 1. from 1939 to 3.46%.incl.
Dated
1, 1937.
Due
Jan. basis of about
1952,
an.
on
HUNTINGTON, Ind.—BOND OFFERING—The City Clerk-Treasurer
noon March 1 for the purchase of $12,500 fire truck
will receive bids until
CEDAR RAPIDS, Iowa—BOND OFFERING—L. J. Storey, City Clerk,
a. m. Feb. 25 for the purchase of $80,000 jail
will receive bids until 10
bonds.
Dated March 1,
of—TAX
LIMITATION
LAW
ASSAILED
IN
$1.50 per $100 tax limitation law is scored in a
pamphlet prepared by Harry T. Ice of Matson, Ross, McCord & Clifford,
municipal bond attorneys, and May burn F. Landgraf of City Securities
Corp., Indianapolis, on which we gave a brief notice in these columns
recently—V. 144, p. 642.
The writers contend that the law, "designed to
reduce taxes on real estate," has operated so as to add $500,000 to the
annual tax burden.
The law, which covers all* expenditures, including
debt service, should be revised, the writers contend.
"If a unit of government is authorized to borrow money upon its credit,
it should be given the unquestioned power to levy sufficient taxes to pay
the obligations," it is held.
"Restrictions upon the power to levy sufficient taxes to pay obligations
are always reflected in the price which must be paid for credit.
If restric¬
tions upon the use of creait are deemed desirable, those restrictions should
come into play before the unit is permitted to obtain credit.
.
.
.
It is
to the district advantage of the
taxpayer, once the power to borrow on
credit is exercised, to have the full faith and credit or the unit of govern¬
ment pledged to the payment of the obligation.
Limitations upon the levy
which may be made to pay the bonds upon the records appear to be 'penny
wise and pound foolish' for the reason that the bonds must ultimately be
paid if the unit is to maintain its credit, and in the payment the taxpayer
must carry the burden of the additional interest cost on the type of restricted
obligation which was employed to obtain the credit."
INDIANAPOLIS,
SCHOOL
CITY,
Ind.—LOAN OFFERING— Sealed
Ind.—BOND
C.
Boetcher,
Feb. 23, for the
OFFERING—Walter
City Controller, will receive sealed bids until 11 a. m. on
purchase of $115,000 not to exceed 5% interest city hospital bonds, first
issue of 1937.
Dated Jan. 25, 1937.
Denom. $1,000.
Due as follows:
$5,000 Jan. 1 and $10,000 July 1, 1943, and $10,000 on Jan. 1 and July 1
from 1944 to 1948, incl.
Bidder to name one rate of interest on the bonds,
expressed in a multiple of % of 1%.
Interest payable J. & J.
A certified
check for 2M % of the bonds, payable to the order of the city, must accom¬
pany
each proposal.
Bonds will be delivered to the purchaser at
Indianapolis.
(The bonds are part of a total issue of $210,000, due $10,000 each six
months starting with July 1, 1938.
A block of $95,000, designated first
issue of 1937, was awarded on Jan. 27 to A. S. Huyck & Co. of Chicago, as
2s, at a price of 100.528, a 1.85% basis.)
KOKOMO, Ind.—WARRANT OFFERING—On Feb. 13 at 10 a. m.
the City Clerk will offer for sale an issue of $70,000 time warrants to fund
the city's current expenses.
1
as
$5,000,
1949.
follows:
MADISON
INDEPENDENT
SCHOOL DISTRICT
(P. O.
Madison) Iowa—BOND OFFERING—It is reported that bids will be
April 1 as follows:
$4,000, 1938; $10,000, 1939 and 1940, and $6,000 in
1941. Payable at the office of the District Treasurer. Bonds and attorney's
opinion to be furnished by the district.
LE
MARS,
Iowa—BOND OFFERING NOT SCHEDULED—In con¬
in these columns recently, that $8,000 park
on Feb. 3—V. 144, p. 812—we are informed
by Mrs. Eunice M. Honnold, Secretary of the Park Commission, that this
is incorrect.
She points out that $8,000 park bonds were sold on Nov. 16,
nection with the report given
bonds were scheduled for sale
noted in detail in these columns at that time.
as
MUSCATINE
COUNTY
O.
La
Porte),
(P.
O.
Muscatine),
Iowa—BOND
borne by the county.
Coupon bonds, dated Jan. 2, 1937.
Due $6,000 on Dec. 1 in 1942, 1943 and 1944.
Interest
SALE
Denom. $1,000.
payable J. & D.
MUSCATINE INDEPENDENT SCHOOL DISTRICT (P. O.
Musca¬
tine), Iowa—BOND ELECTION—It is now reported by Helen Ahlscb"
lager, Secretary of the Board of Education, that an election will be held
on March 4 in order to vote on the issuance of the $280,000 in high school
building bonds, mentioned here recently—V. 144, p. 645.
COUNTY
(P.
O.
Des
Moines),
Iowa—BOND SALE POST¬
the sale of
PONED—It is stated by Allen Munn, County Treasurer, that
the $24,000 levee
building bonds, scheduled for Feb. 9—V. 144, p. 645—
postponed.
was
ROLFE, Iowa—BOND SALE—The $4,000 issue of 3H% semi-annual
improvement fund bonds offered for sale on Feb. 8—V. 144, p. 974—was
purchased by the Carleton D. Beh Co. of Des Moines, according to the
Town Clerk.
Dated Nov. 1,1936.
Due from Nov. 1, 1937 to 1947.
SAC CITY, la.—BOND OFFERING—On Feb. 24 at 3 p. m. the City
Council will offer for sale the following two issues of bonds: $10,800 warer
bonds and $4,000 purifying plant bonds.
revenue
SHELBY COUNTY
(P. O. Harlan),
Iowa—CERTIFICATE OFFER¬
10 a. m.
feed loan anticipation
ING—Fred W. Peters, County Treasurer, will receive bids until
Feb.
16,
for the purchase of $75,000
emergency
certificates.
VINTON, Iowa—BOND ELECTION—It is said that an election will be
held
on
March 8 to vote on the issuance of $70,000 in grade school building
bonds.
INDEPENDENT SCHOOL DISTRICT (P. O. WauIowa—BOND ELECTION—It is reported that an election will
March 8 to vote on $50,000 in school bonds, to be issued in
connection with a Public Works Administration project.
WAUCOMA
be held
(P.
COUNTY
DETAILS—The $18,000 issue of funding bonds that was purchased by the
Carleton D. Beh Co. of Des Moines, on Feb. 1, as noted in these columns
—V. 144, p. 974—was sold as lMs, at par, the expense of issuance to be
coma),
Denom. $1,000.
Ind.—BOND SALE— The
Issue of $31,000 court house bonds offered on Feb. 5—V. 144, p. 485—was
basis
March
received until 7:30 p. m. on Feb. 16, by James Low, District Secretary, for
the purchase of a $30,000 issue of refunding bonds. Denom. $1,000. Due on
POLK
INDIANAPOLIS
bids will be received by the Board of School Commissioners until 8 p. m.,
Feb. 23, for a temporary loan of $600,000 for the relief of the Special Fund.
a
on
FORT
State
PAMPHLET—Indiana's
LAPORTE
Due
DAVENPORT, Iowa—BONDS SOLD—We are advised by the City
Clerk that $475,000 sewerage plant bonds have been purchased by Vieth,
Duncan, Worley & Wood, of Davenport.
Fort
awarded
1937.
1939 to 1943; $8,000, 1944; $9,000, 1945 to 1948, and $11,000,
purchase bonds.
INDIANA.
1143
Chronicle
2^s, at a price of par plus a premium of $107, equal to 100.34,
of about 2.69%.
Dated Feb. 1, 1937 and due $l,5o0 on May 15
as
and Nov. 15 from 1938 to 1947 inclusive.
on
O. Sioux City), Iowa—BOND SALE—
funding bonds offered for sale on Feb. 8—V. 144,
WOODBURY COUNTY (P.
The $100,000 issue of
6 646—was awarded at public premiumto the Carleton D. Beh Co. of
Moines, as 2Ms, paying a auction
of $1,101, equal to 101.101, a
es
NEW
CASTLE
SCHOOL CITY
(P.
O. New Castle),
Ind.—BOND
OFFERING—Sealed bids will be received by the Board of School Trustees
until 1 p. m. on Feb. 26 for the purchase of $66,000 not to exceed
4%
building bonds.
Dated Jan. 15, 1937.
Denom. $1,000.
Due as follows: $3,000, Jan. 1 and July 1, 1942; $4,000, Jan. 1 and $3,000,
July 1, 1943; $3,000, Jan. 1 and July 1, 1944; $4,000, Jan. 1 and $3,000,
July 1, 1945; $3,000, Jan. 1 and July 1, 1946; $4,000, Jan. 1 and $3,000,
July 1, 1947: $3,000, Jan. 1 and July 1, 1948. and $21,000 on Jan. 1, 1949.
Interest payable J. & J. (first coupon on each bond shall be for 17 M months).
Bidder to name one rate of interest on all of the bonds, expressed in a
multiple of M of 1%.
A certified check for 3% of the aggregate amount
of the bid, payable to the order of the Board of SchoolTrustees, must
accompany each
proposal.
The approving opinion of Matson, Ross,
McCord & Clifford of Indianapolis, will be furnished the successful bidder.
No conditional bids will be considered.
The bonds, pkyable from ad
valorem taxes within the limits prescribed by law, will be ready for delivery
within 10 days after the award.
interest
SHELBY
COUNTY
(P.
O.
Shelbyville),
Ind.—NOTE SALE—The
144, p. 811—was awarded to
the Indianapolis Bond & Share Corp. of Indianapolis, at 1H% interest, at
plus
of about
1947
to
1950,
2.39%.
Dated Jan. 2, 1937.
inclusive.
Due $25,000 from Jan. 1,
school
issue of $40,000 notes offered on Feb. 2—V.
par
basis
a
premium of $3.25.
Due June 15, 1937.
VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND SALE
DETAILS—The $100,000 jail and annex improvement bonds awarded on
Feb. 4 to A. S. Huyck & Co. of Chicago, as 3lA&, at a price of 101.38, as
previously reported, bear date of Feb. 15, 1937 and mature in Nov.
1956.
Coupon bonds of $1,000 each.
Interest payable M. & N.
An account
composed of Bryan R. Slade & Co., Evansville, City Securities Corp.,
McNurlen & Huncilman, Inc. and Jackson-Ewert, Int., all of Indianapolis
bid a price of 100.515.
VINCENNES TOWNSHIP
(P. Oy Vincennes), Ind.—BOND OFFER¬
ING—Perry D. Green, Township Trustee, will receive bids until 10 a. m.
Feb. 20 for the purchase at not less than par of $10,500 3H% refunding
bonds.
Denom. $500.
Dated Feb. 20, 1937.
Interest payable Jan. 1
and July 1.
Due $5,000, Jan. 1 1947 and $5,500 July 1, 1947.
Approv¬
ing opinion of Matson, Ross, McCord & Clifford of Indianapolis, will be
furnished by the township.
KANSAS
GARNETT, Kan.—BONDS SOLD—It is stated by Denis B. Lardner,
City Clerk, that $27,000 refunding bonds approved recently by the City
Council, have been sold.
KANSAS,
State
of—REPORT
ON
FINANCIAL
CONDITION
OF
STATE AND ITS MUNICIPALITIES—The tax rates for city purposes
cities in Kansas of more than a thousand population
than they were in 1935, according to the 1936 Tax Rate Book published
recently by the League of Kansas Municipalities. It also indicates that the
average total tax rates for all purposes in all the cities of more than 1,000
in 1936 are lower for all
population are lower this year.
The average school tax rates in the cities of the third class with population
which increase accounts in part for the
higher average total tax rate for the smaller cities.
It will be noted also that the total assessed valuation of cities, which
includes tangible and intangible property, increased by more than $15,000,000 in 1936.
This helps to account for the decreased city levies.
Tax rates for school purposes averaged slightly higher this year for most
city school districts.
While the total population of the State of Kansas decreased 4,445, the
total population of the 585 cities increased by more than 13,000, or approx¬
imately 1%, bringing the total city population to 1,048,301, or 56.9%
of the total State population of 1,840,749.
A 1% increase in city popula¬
below 1,000 were higher this year,
tion occurred last year.
The total State assessed
valuation was $2,710,976,546, an increase of
than $3,000,000 over last year.
City indebtedness, after decreasing steadily for the last five years from
$75,500,000 to approximately $55,500,000 in 1935, showed a total in¬
crease of $932,000 during the year 1936.
This increase probably was due to
expenditures for public works and works-relief.
The city special assess¬
ment indebtedness, however, decreased by more thgjn $1,600,000 during the
less
year
The cities had only $86,659 of registered warrants outstanding
1936.
at the
end of the
year.
of the 585 city school districts was $25,237,000,
approximately $2,000,000 during the last year.
This in¬
crease may also be credited to increased school building activity under the
Public Works Administration and other works-relief programs.
The total
city school indebtedness reported in 1931 was $29,136,000.
At that time,
however, the schools had more than $1,500,000 of registered warrants.
Now they have only $15,455 in registrered warrants.
During the year 1936 the total county indebtedness of the State increased
by only $182,000 as compared with nearly $1,000,000 increase in 1935.
The counties have, however, doubled the amount of their outstanding
registered warrants during the last year.
The total county bonded indebedness in 1931 was $27,000,000 with $1,346,000 in registered warrants out¬
standing.
It now stands at $26,003,225 and $211,240, respectively. There
are
12 counties which have no bonded indebtedness.
They are Barber,
Cloud, Elk, Harvey, Kearny, Kingman, Lincoln, McPherson, Morris,
Osage, Republic and Stafford.
McPherson, Greenwood and Cloud have
the smallest county levies with 3.46, 3.67 and 3.75, respectively, while
Wyandotte has the highest county levy of 15.84.
The cities of the first class with the smallest levies for city purposes are
Coffeyville, 8.264. Salina, 11.796, and Pittsburg, 13.198.
There are two cities of the second class which have no levies for city
purposes.
They are Chanute and Colby.
However, the two cities of the
second class with the lowest total levies for all purposes are Nickerson, 22.24
and Lyons 23.33.
There are eight cities of the third class which have no levies for city
The bonded indebtedness
Iowa
an
Municipals
Polk-Peterson Corporation
Des Moines
DES
Waterloo
Ottumwa
Sioux City
Davenport
Cedar Rapids
A.
Building
MOINES
Sioux Falls, S. D.
Iowa City
T.
&
T.
Teletype: DESM
31
IOWA
ALLISON TOWNSHIP INDEPENDENT SCHOOL DISTRICT (P. O.
Rock Rapids), Iowa—BOND OFFERING—It is stated by Henry Danish,
District Secretary, that he will receive bids until Feb. 18, for the purchase
of
a
$7,000 issue of school bonds.
Bidders are to name the rate of interest.
1, 1944. These bonds were approved by the voters on Jan. 20.
Due on Nov.
F BR ITT, la.—BONDS SOLD IN PART—Of the five issues of bonds
aggregating $92,087.67 which were offered on Feb. 8—V. 144, p. 974—four blocks totalling $53,700 were disposed of as follows:
11,000.00 sewer outlet and disposal plant bonds to Jackley & Co. of Des
Moines, as 2^s, at par plus a premium of $50, equal to 100.454.
Dated Nov. 1, 1936.
Interest payable semi-annually on May 1,
and Nov. 1.
Due yearly on Nov. 1 from 1937 to 1957.
20,000.00 general obligation sewer bonds to the First State Bank of Britt,
as 2s,
at par plus a premium of $10, equal to 100.05.
Dated
Nov. 1, 1936.
Interest payable semi-annually on May 1 and
Nov. 1.
Due yearly on Nov. 1 from 1938 to 1946.
7,700.00 town improvement fund bonds to the White-Phillips Corp. of
Davenport, as 3s, at par plus a premium of $5, equal to 100.065.
Dated Nov. 1, 1936.
Interest payable semi-annually on May 1
and Nov. 1.
Due yearly on Nov. 1 from 1941 to 1952.
15,000.00 water works revenue bonds to the Carleton D. Beh Co. of Des
Moines, as 3%&, at par plus a premium of $130, equal to 100.866,
a basis of about 3.60%.
Dated Feb. 1, 1937.
Interest payable
May 1 and Nov. 1.
Due serially on Aug. 1 as follows: $1,000,
1938, 1939 and 1940; and $1,500, 1941 to 1948; redeemable on
and after Feb.
1, 1942.
increase of
Surposes.
loscow,
They are Wamego, Natoma, Deerfield, Roseland, Nashville,
Denton and Radium.
The smallest total levies for all purposes
Latimer, 14.67, Olpe, 16.20 and Denton, 16.22.
in cities of the third class are
MOUNDRIDGE, Kan.—BOND OFFERING—J. W. Dirks, City Clerk,
that the city is offering for sale an issue of $33,000 2}4% gas
Sale will not be made at less than par.
Denom. $1,000.
Dated Feb. 1,
1937.
Interest payable semi-annually.
Due $2,000 in
1938; $3,000 yearly from 1939 to 1947; and $4,000 in 1948.
The offering is
made subject to rejection of the bonds by the Kansas State School Fund
announces
plant bonds.
Commission.
PARSONS, Kan.—BOND SALE—The city recently sold an issue of
$99,000 2H% park Improvement bonds to the Brown Crummer Invest¬
ment Co. of Wichita at par, plus a premium
of $402.93, equal to 100.407.
Kan.—BOND ELECTION CONTEMPLATED—We are
by the City Clerk that no details are available as yet in regard
TOPEKA,
informed
to a
contemplated election on the issuance of $850,000 in auditorium bonds.
1144
Financial
Chronicle
Feb. 13,
KENTUCKY
MARYLAND
DANVILLE, Ky.—BOND CALL—The City Treasurer is said to be
calling for redemption at his office on March 1, on which date interest
shall cease, all water revenue bonds now outstanding.
It is reported that
allflof said bonds will*be redeemed on the date called, upon presentation
thereof, together withlall unmatured interest coupons thereto appertaining,
at;par, plus a premium of M of 1% for each year or fraction of year, from
date called to maturity date thereof, but in no event shall such
premium
bejn excess of 5%.
MONTGOMERY
COUNTY
EVANGELINE PARISH SCHOOL DISTRICTS (P. O. Ville
Platte),
— BOND
OFFERINOtDETAILS — In connection with the offering
scheduled for Feb. 18*. of the $105,000 school bonds, reported in these
columns recently—V 144, p. 646—it is stated by F. V.
Launey, Secretary
of the Parish School Board, that the bonds mature as follows:
$55,000 School District No. 1 bonds.
Due on Jan. 1 as follows: $1,500,
1940 to 1946; $2,000, 1947 to 1950; $2,500, 1951 to 1954; $3,000,
1955 to 1958: $3,500, 1959 to 1961, and $4,000 in 1962.
50,000 School District No. 3 bonds.
Due on Jan. 1, as follows; $1,000
1940 to 1947; $1,500, 1948 to 1955; $2,000, 1956 to 1959;
$2,500,
1960 to 1963, and $3,000, 1964 to 1967.
Denom. $500.
Dated Jan. 1, 1937.
The approving opinion of Campbell
&>Holmes. of New Orleans, will be_furnish~
P~ HAMMOND7La.—BON^FFERIN^-Sealet^S will beTeceTvtuIuntil
11 a. m. on March 1, by H. W. Carroll, City Clerk, for the
purchase of two
issues of refunding bonds aggregating $36,000, divided as follows:
......
$21,000 6% series A bonds.
Due on April 1 as foUowTi$3,000, 1937 and
1938; $4,000, 1939 to 1941; $5,000, 1942 to 1945. and $4,000 in
awarded
an
$500. i Interest payable AT&~(5T*i^he
bond?mllBSe'sold
Bidder—
Discount
Washburn & Co
Jackson
&
at not
bid is
required.I.,
0.73%
Second National Bank of Boston
Mass.—BOND OFFERING—Albert
193654
ported by L. P. Abernathy, Chiarman of the State Highway Com¬
for the retirement of all State Highway Commission
warrants, due or past due on Dec. 31, 1936, will be availableinot later than
Feb. 20, 1937, and the holders of such warrants are
advisedtto present them
for payment at the earliest possible date.
Warrants may be mailed direct
Auditor
of
the
P. Briggs, Town
Feb. 18 for the purchase of
Treasurer, will receive sealed bids until noon on
$337,000 coupon high school bonds.
Dated March 1, 1937.
Denom.
$1,000. Due March 1 as follows: $40,000 in 1938, and $33,000 from 1939
to 1947 incl. Bidder to name one rate of interest, expressed in a multiple of
K of 1%. Principal and interest (M. & S.) payable at the First National
Bank of Boston.
The bonds will be valid general obligations of the town,
exempt from taxation in Massachusetts, ana all the town's taxable property
will be subject to the levy of unlimited ad valorem taxes to provde for
payment of principal and interest. The bonds will be engraved under the
supervision of and authenticated as to genuineness by the First National
Bank of Boston. Legal opinion of Ropes, Gray, Boyden & Perkins of Boston
Bonds will be delivered on or about
March 1, 1937 at the 17 Court Street office of the First National Bank of
Boston.
will be furnished the successful bidder.
Financial Statement (Feb. 1, 1937)
Assessed valuation 1936 (incl. motor vehicle excise)
Total bonded debt (not including this issue)
Commission
or
may
$165,321,651
1,642,000
debt)
308,000
Population, 1935
60,319
Tax Report
1936
mission, that funds
the
0.89%
•
BROOKLINE,
UB
"LOUISIANA, State ot-WAMANT vxnmrr MFTS
to
0.69%
-
...
Curtis
Water bonds (included in total
less than par and accrued interest .^A certified check for at least
3% of the
amount
Mass.—NOTE SALE—The Bridgewater Trust Co.
discount.
Due Oct. 8,
issue of $20,000 notes at 0.69%
were as follows
Other bids
1946.
15,000 5% series B bonds.
Due on April 1 as follows: $4,000, 1937 to
rM
1940; $5,000, 1941 and 1942, and$4,00Q in 1943.
,u
Rockville), Md.—BOND SALE
MASSACHUSETTS
1937.
La.
O.
bonds sold recently to John Nuveen &
Co. of Chicago, as previously reported, bear 3 % % interest, are dated Feb. 1,
1937, and mature $12,000 annually from 1942 to 1956, incl.
Issue was
sold at par.
was
LOUISIANA
(P.
DETAILS—The $180,000 school
BRIDGE WATER,
jjTDenom.
be
presented
for
Uncollected
Feb. 1, 1937
on
1935
$3,872,976.00 $3,744,957.74
538,331.00
16,828.00
Levy
CAMBRIDGE,
Mass.—NOTE SALE—The issue of $500,000 revenue
on Feb. 10—V. 144, p. 975—was awarded to the
0.67% discount.
Dated Feb. 11,
1937 and due Nov. 3, 1937.
Other bids were as follows:
anticipation notes offered
Merchants National Bank of Boston, at
Bidder—
collection
through the regular banking channels.
Discount
.
Day Trust Co
0.68%
Leavitt & Co
VILLE
PLATTE,
La.—BONDS
OFFERED
1937
TO INVESTORS—'The
0.717%
Whiting, Weeks & Knowles
0.72%
,
National Securities Co. of New Orleans is offering to investors at a price
of 103 an issue of $27,500 534 % sewerage revenue bonds.
Denom. $500.
Dated June 1, 1936.
Interest payable June 1, and Dec. 1.
Due on June 1
First National Bank of Boston
as^follows: $500, 1939, 1940iand 1941; $1,000, 1942 to 1945; $1,500, 1946
tojl949; $2,000, 1950 and 1951; $2,500, 1952 and 1953; $3,000, 1954 and
1955; and $1,000. 1956.
the Town Treasurer until
noon on Feb. 12 for the purchase at discount of
$50,000 notes, dated Feb. 15, 1937 and due Oct. 15, 1937.
HAVERHILL, Mass.—OTHER BIDS—The $300,000 notes awarded to
discount, as previously
the National Shawmut Bank of Boston at 0.87%
reported, were also bid for as follows
MAINE
Bidder—
BIDDEFORD, Me.—BOND SALE—Arthur Perry & Co. of Boston and
Graham, Parsons & Co. of New York, jointly, purchased at private sale
recently an issue of $165,000 3M% funding bonds.
Dated Jan. 2, 1937.
Denom. $1,000.
Due $11,000 annually on Jan. 2 from 1938 to 1952 incl.
Principal and interest (J. & D.) payable at the First National Bank of
Boston.
Legality approved by Ropes, Gray, Boyden & Perkins of
Boston^
PORTLAND, Me.—BOND OFFERING—John R. Gilmartin, City
Treasurer, will receive sealed bids until 11 a. m. on Feb. 16 for the purchase
$750,000 coupon refunding bonds of 1937.
Dated March 1, 1937.
of
Denom. $1,000.
Due March 1, 1952.
Bidder to name one rate of interest
all of the bonds, expressed in a multiple of
}i of 1%.
Prin. and int.
M. & S. payable at the First National Bank of Boston.
These bonds will
be valid general obligations of the city, exempt from taxation in
on
They will be en¬
graved under the supervision of and authenticated as to genuineness
by the
First National Bank of Boston; their legaility will be
approved by Ropes,
Gray, Boyden & Perkinu of Boston, whose opinion will be furnished 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.
Bonds will be delivered to the purchaser on or about
Monday, March 1,
1937, at the First National Bank of Boston, 17 Court St. office, Boston,
Mass., against payment in Boston funds.
as
of Feb. 2, 1937
4,962,000.00
HOLYOKE, Mass.—NOTE SALE—The $500,000
-
Deductions:
Sinking fund cash balance
Bank deposits impounded
LEXINGTON, Mass.—NOTE SALE— The $100,000 notes, maturing
19, 1937, which were offered on Feb. 8, were awarded to the New
England Trust Co. of Boston on a .463% discount basis.
Whiting, Weeks
& Knowles of Boston, were next high, bidding .50% discount.
Other bids:
Bidder—
$4,993,215.41
Uncoil. End Year
$493,252.62
407,840.38
376,265.16
260,627.97
Tax deeds held by city (Jan. 31, 1937), $182,750.53.
Census 1930, 70,810.
50,330.31
Jan. 31,1937
$6,344.03
6,900.66
MALDEN,
Me.—BOND
188,193.67
Population, U. S.
OFFERING—Harry
A.
Brinker-
hoff, City Treasurer, will receive bids until 2 p. m. Feb. 16 for the pur¬
chase at not less than par of $47,000 coupon school bonds.
Bidders are to
name rate of interest, in a multiple or
Denom. $1,000.
Dated
Feb. 15, 1937.
Principal and semi-annual interest payable at the Mer¬
chants National Bank of Boston or at the Canal National
Bank, Portland,
at holder's option.
Due $2,000 Feb. 15, 1938, and $3,000 yearly on Feb.
15 from 1939 to 1953, incl.
These bonds will be prepared under the super¬
vision of and certified as to their genuineness
by the Merchants National
Bank of Boston, and their legality approved by Storey,
Thorndike, Palmer
& Dodge of Boston, whose opinion will be furnished the
purchaser.
Deliv¬
ery will be made in Boston for Boston funds.
Legal paper incident to the
issue will be filed with the Merchants National Bank of
Boston, where
they may be inspected.
levy,
$597,437.28.
Uncollected
Feb.
2,
1937,
$3,145.25
levy,
$595,170.00.
Uncollected
Feb.
2,
1937,
$4,558.16
1935—Tax
levy,
$592,844.52.
Uncollected
Feb.
2,
1937,
$3,465.34
1936—Tax
levy,
$596,231.76.
Uncollected
Feb.
2,
1937,
$7,417.24
1936 assessed valuation, $12,146,245.
Tax rate, 1936. $48 per $1,000.
Population, 1930 official census, 13,800.
Population 1936 (est.), 16,000.
1934—Tax
bonds
issue
Total
0.605%
---—
Mass.—NOTE
OFFERING—Walter
E.
purchaser.
by The Na¬
under advice of Ropes, Gray, Boyden &
be filed with said
tional Shawmut Bank of Boston,
Perkins, and all legal papers incident to this issue will
bank, where they may be inspected.
AS
OF
FEBRUARY
1,
1937
Levy—1934, $2,574,273.52; 1935, $2,550,236.06; 1936, $2,606,308.58.
1936 $712,668.71.
Uncollected Taxes—1934, $6,474.21; 1935, $161,012.17
Gross debt
$2,905,801.86
2,555,971.96
244,829.90
343,302.84
Net debt
Cash
on
-
—
hand
.
MASSACHUSETTS (State of)—NOTE SALE— The issue of $3,000,000
on Feb. 8 was awarded to the Northern Trust Co.
renewal notes offered
of Chicago at 0.50% interest, at par plus a premium of $10.
1937, and due Feb. 8, 1938.
Other bids
were as
Dated Feb. 15,
follows
Bidder—
Int. Rate
National Shawmut Bank. Merchants National
Premium
Bank,
Day Trust Co. and Jackson & Curtis-.
0.56% '
Bankers Trust Co. and Second Nat. Bank of Boston.
_
0.58%
'
Par
$111.00
Halsey, Stuart & Co., Inc., Ladenburg, Thalmann &
Co., G. M.-P. Murphy & Co. and Spencer Trask
& Co
0.58%
0.65%
0.65%
National City Bank—
Salomon Bros. & Hutzler
F. S. Moseley & Co
36.00
134.00
67.00
0.68%
Par
0.73%
—
Whiting, Weeks & Knowles
37.00
NATICK, Mass.—NOTE SALE—The issue of $100,000
on
Feb. 8
was
discount.
notes offered
awarded to the New England Trust Co. of Boston at 0.64%
Due Nov. 19, 1937.
Other bids were
as
follows:
Bidder—
Discount
Merchants Nationa* Bank
0.69%
Second National Bank
A.
R.
C.
Allyn & Co.,
L. Day & Co
Tyler & Co., Inc
First
0.709%
Inc
0.71%
-
0.78%
0.79%
Bank
0.81%
Faxon, Gade & Co
E. H. Rollins & Sons
0.83%
0.86%
National
COUNTY
(P.
O.
Dedham),
Mass.—NOTE SALE—The
$400,000 tax anticipation notes offered on Feb. 9—V. 144, p. 813—were
awarded to the Second National Bank of Boston on a .478% discount basis.
The Merchants National Bank of Boston bid
.48% discount.
Notes are
dated Feb. 9, 1937 and will be payable Nov. 10, 1937.
Bidder
Discount
Jackson & Curtis (Plus $2.22 premium) New England Trust Co. and Tyler & Co., Inc.-
-
0.50%
0.517%
Day Trust Co. (Plus $6 premium)
Bonds Outstanding as of Feb. 2, 1937
Highway and miscellaneous...
-—
Milliken,
City
Treasurer, will receive bids until 7:30 p. m. Feb. 11 for the purchase at
discount of $500,000 revenue anticipation temporary loan notes.
Note will be dated Feb. 15, 1937, and payable Nov. 15, 1937, at The
National Shawmut Bank of Boston, in Boston, and will be ready for de¬
livery on or about Feb. 15, at said bank.
Notes will be in denominations
NORFOLK
Financial Statement
1933—Tax
School
0.507%
0.52%
-
Lexington Trust Co
First Boston Corp.*
7,823.10
L'<* Proceeds from these bonds will be used to pay $700,000 high school
bonds maturing March 1, 1937, and $50,000 city hall bonds
maturing
April 1, 1937.
PORTLAND,
0.50%
Second National Bank of Boston
Sinking fund
Uncoil.
SOUTH
Discount
Tyler & Co., Inc. (plus $1.50 premium)
Tax
$4,942,885.10
Tax Levy
$3,670,116.87
3,710,808.15
3,806,128.16
3,792,239.94
anticipation
on a
Nov.
31,215.41
$19,194.67
31,135.64
Net debt
Year—
revenue
144, p. 975—were awarded to Leavitt & Co. of
.715% discount basis.
The First National Bank of Boston
bid .737% discount.
Notes are dated Feb. 9, 1937 and will be payable
Nov. 5, 1937.
New York
STATEMENT
Total debt
0.917 %
Notes will be authenticated as to genuineness and validity
$81,710,525,00
5,311,184.12
$17,215.41
14,000.00
....
.
0.89%
0.94%
—
notes offered on Feb. 9—V.
*
Assessed valuation, 1936
Debt limit 6 J4% of 1936 valuation
Total bonded debt (not including this issue)-*..
Floating Debt:
u Balance due account land purchases
Notes payable
Corp
Faxon, Gade & Co
to suit the
Financial Statement
Discount
Boston
First
First National Bank of Boston
Maine,
and all taxable property in the city will be
subject to the levy of unlimited
ad valorem taxes to pay both principal and interest.
This
0.73%
CLINTON, Mass.—NOTE OFFERING—Sealed bids will be received by
$481,671.00
74.329.00
47.000.00
$603,000.00
0.52%
First National Bank of Boston
0.52%
0.56%
Faxon, Gade & Co
NORTHAMPTON,
Mass.—NOTE OFFERING—Albina L. Richard,
will receive bids until 5 p. m., Feb. 15 for the purchase on
City Treasurer
an interest basis of $150,000 revenue anticipation temporary loan notes.
Volume
Financial
144
193645
Denom. 5 for $25,000 2 for $10,000 and 1 for $5,000.
Dated Feb. 17, 1937.
Payable Nov. 10, 1937 at the Merchants National Bank of Boston.
The Merchants National Bank of Boston will certify that the notes are
Issued under the authority of an order of the City Council of Northampton,
the legallity of which has been approved by Storey, Thorndike, Palmer &
Dodge of Boston,
and that the signatures thereon
are
Legal
genuine.
papers incident to the issue will be filed with the Merchants National Bank
of Boston where they may be inspected.
Delivery will be made at the
Merchants National Bank of Boston for Boston funds.
Bids stating the rate of Interest that bidders will offer
not for any
for the whole, but
interest to
part, of the loan must be sealed and must include
date of delivery.
Interest on a 360-days to the year basis is to
no offer to discount the loan will be considered.
follow and
Ta^
Uncoil. Feb. 1, *37
$3,180.45
74,795.10
183,378.87
Levy
154,000.00
Bonded debt
26,032,800.00
31.60
1936 assessed valuation
Tax rate, 1936
Tax titles Feb. 1,1937
59,893.46
10,000 45
Borrowed against tax titles
25,525.
STOUGHTON,
offered
on
Feb. 9
Mass.—NOTE SALE—'The
was
0.51 % discount.
of
issue
$150,000
notes
awarded to the Merchants National Bank of Boston, at
Other bids
Dated Feb. 17, 1937 and due Dec. 17, 1937.
follows:
were as
Bidder—
Discount
0.536%
'
Second National Bank of Boston
New England Trust Co
Norfolk County Trust Co
0.627%
0.70%
*
0.88%
First National Bank of Boston
WALTHAM, Mass.—NOTE OFFERING—H. W. Cutter. City Treasurer,
will receive sealed bids until 11 a. m. on Feb. 16 for the purchase of $300,000
notes issued in anticipation of revenue for the current fiscal year.
Dated
Feb. 16, 1937. Denoms. $25,000, $10,000 and $5,000. Due in instalments
of $100,000 each on the following dates: Oct. 15, Nov. 1 and Nov. 18,1937.
Payable at the First National Bank of Boston or at the Central Hanover
Bank & Trust Co., New York City.
The notes will be authenticated as to
genuineness and validity by the First National Bank of Boston, under
advice of Storey, Thorndike, Palmer & Dodge of Boston.
They will be
delivered
16 at the 17
about Feb.
or
on
Court Street office of the First
Financial Statement
Assessed valuation, 1936
Total bonded debt
$53,687,090
2,731,000
366,000
Water bonds (included in above)
Tax Collection Report
1936
Uncollected
$1,949,879
515,532.08
on
Feb. 8, 1937
Tax titles, $231,490.88; tax title loans,
1934
1935
$1,935,614
5,623.02
$1,966,890
1,886.39
$137,108.92.
WELLESLEY,
offered
on
Mass.—NOTE SALE—The $300,000 revenue notes
Feb. 8—V. 144, p. 975—were awarded to the Wellesley Trust Co.,
Wellesley, on a 0.49% discount basis.
The New England Trust Co. and
Tyler & Co., both of Boston, bid 0.52% discount plus a premium of $3.
Notes are payable $100,000 on each or the dates Nov. 12, Nov. 19 and
Dec. 1, 1937.
,
Other bids
were
as
follows:
POINTE
FARMS.
Discount
Bidder—
0.52%
0.53%
Second National Bank of Boston
First National Bank of Boston...
0.567 %
0.62%
Faxon, Gade & Co., Inc
0.64%
for Our Own Account
MICHIGAN MUNICIPALS
Cray, McFawn & Company
DETROIT
Telephone CHerry 6828
has
1937.
troit, Mich.
cease to
All bonds not presented for payment on
bear interest from and after said dates.
the above dates shal
1
BOND CALL—Lilias
F.
Evans, City
PARK, Mich
announces
announces' that !$15,000 4H%. sewer refunding bonds of
HIGHLAND
omptroller,
Comptroller,
Sept. 15, 1949, will be redeemed at
1934, dated Sept. 15, 1934 and due Sept
par and accrued interest to March
racturers National Bank, Detroit.
15. 1937, the call date, at the Manu1. 12, 14, 28.
Bond numbers are:
HUDSON,
Mich.—BONDS
AUTHORIZED—The
City
Council has
disposal
passed an ordinance authorizing the issuance of $41,000 sewage
plant bonds.
COUNTY (P. O. Howell), Mich.—BOND CALL—
Eastman, County Treasurer, announces that funds are avail¬
LIVINGSTONE
Jennie M.
bonds:
$15,000 5s, dated March 1, 1922 and due March 1, 1936.
5,000 5Ms, dated Nov. 1, 1921 and due Nov. 1, 1936.
Interest will cease to accrue on the bonds after Feb. 1, 1937.
able to redeem the following defaulted road
They are
payable at any bank in the City of Howell.
(P. O. Mount Clemens), Mich.—BOND
MACOMB COUNTY
SALE
CORRECTION—Of the $796,000 bonds and notes for which no bids were
received on Jan. 11, all but the $117,000 series B callable refunding issue
were sold privately as 3Hs to Stranahan. Harris & Co.* Inc. of Toledo and
McDonald, Moore & Hayes, Inc. of Detroit.
The bankers, it is said,
3H% basis. Previously it was
reported that the sale had involved the entire $796,000 of obligations. The
issues making up that total, including the $117,000 callable loan which
was not included in the private sale, are:
$380,000 series A refunding bonds.
Due Aug. 1 as follows: $8,000, 1938;
$10,000, 1939 and 1940; $15,000, 1941 and 1942; $20,000, 1943;
$22,000, 1944 to 1946, incl.; $24,000 from 1947 to 1952, incl.; $23,000 from 1953 to 1955, incl., and $23,000 on Feb. 1, 1956.
117,000 series B refunding bonds.
Due Feb. 1, 1956, optional on Feb. 1
or Aug. 1 of any year, with provision for an annual tax levy for
redemption at the rates of $5,000 per year on the rolls for the years
1938 to 1950, incl., and $10,000 for the years from 1951 to 1955,
incl.
228,000 series C refunding bonds.
Due Aug. 1 as follows: $7,000, 1938
and 1939; $8,000, 1940; $10,000, 1941 to 1943, incl.; $14,000,
1944 to 1947, incl.; $15,000 from 1948 to 1954, incl., and $15,000
Feb. 1, 1955.
Due as follows: $10,000, Aug. 1, 1937; $10,000,
71,000 refunding notes.
Feb. 1 and Aug. 1 in 1938 and 1939; $8,000, Feb. 1 and Aug. 1,
1940.
BERRIEN COUNTY (P. O. St. Joseph), Mich.—BOND CALL—
Highway improvement refunding bonds, county portion, dated Nov.
1,
1932, in the principal amount of $1,153,900, have been called for payment
at par on May 1, 1937, at the Farmers & Merchants National Bank &
Trust Co., Benton Harbor.
Accrued interest on the bonds will be paid to
the call date.
CLARK TOWNSHIP SCHOOL DISTRICT (P. O. Cedarville), Mich.
—BOND OFFERING—Arvilla C. White, District Secretary, will receive
sealed bids until 10 a. m. on Feb. 20 for the purchase of $50,000 not to
exceed 4% interest coupon public school bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due $2,000 annually on June 1 from 1938 to 1962, incl.
Bidder to express the interest rate in a multiple of H of 1 %.
Principal and
interest (J. & D.), payable at the Bank of Pickford in Pickford.
A cer¬
tified check for 2% of the issue, payable to the order of Anna M. Windsor,
District
Treasurer, must accompany each proposal.
The approving
opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished
the successful bidder.
.COMSTOCK TOWNSHIP AND KALAMAZOO TOWNSHIP FRAC¬
SCHOOL DISTRICT NO. 1 (P. O. Comstock), Mich.—
BOND SALE—The $15,000 4% coupon, registerable as to principal only,
ST.
CLAIR, Mich.—BONDS VOTED—The voters recently gave their
approval to a proposal to issue $25,000 paving bonds.
company
Legality approved by Miller, Canfield, Paddock
BRANCHES
DRAINAGE DISTRICT.
each proposal.
UTICA, Mich.—BOND SALE DETAILS—The $34,500 bonds awarded
Jan. 25 to Guy G. Wedthoff & Co. of Detroit, as previously reported
—V. 144, p. 976—were sold as follows:
on
$22,500 gen. obligation sewage disposal system bonds as 4^s, at par
plus a
Sremium1937, and due Jan. 15 as follows:of about 1938 and $1,000
of $225, equal to 101, a basis $500 in 4.64%. Dated
15,
an.
from 1939 to 1960, incl.
12,000
Jan. 2 from 1938 to 1942,
t
TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O. Holt),
Mich.—BOND SALE—The issue of $38,000 school bonds offered on
Feb. 8 was awarded to Siler, Carpenter & Roose of Toledo.
Dated March 1,
1937 and due May 15 as follows:
$7,000 in 1938 and 1939, and $8,000
from 1940 to 1942, incl.
The election authorizing the issue provided for
an increase in the tax limit from 15 to 22 mills in order to service the obliga¬
AND
April 15, 1940, although subject to call as provided in Act No. 13 of Public
Acts of 1932.
A certified check for 2% of the amount bid for must ac¬
plus a premium of $405, equal to 102.70, a basis of about 3.04%.
DELHI
RIVER
TUSCOLA AND HURON COUNTIES (P. O. Bad Axe), Mich.—BOND
OFFERING—W. J. Steadman, Drain Commissioner, will receive sealed
bids until 2 p. m. on Feb. 18 for the purchase of $50,000 not to exceed 3 H%
interest refunding bonds.
Dated Oct. 15, 1936.
Denom. $1,000. Due
TIONAL
general obligation school bldg. improvement bonds offered on Jan. 13—
V. 144, p. 314—were awarded to E. H. Schneider & Oo. of Kalamazoo, at
the voters ap¬
ORION, OXFORD AND OAKLAND TOWNSHIPS FRACTIONAL
SCHOOL
DISTRICT
NO.
2,
Mich.—CERTIFICATES CALLED—
H. E. Curtis, Secretary, announces that all outstanding 3% "1936 certifi¬
cates of indebtedness," dated March 2, 1936 and due March 2, 1946, will
be redeemed at par and accrued interest to March 2, 1937, the call date,
upon presentation at the Detroit Trust Co., Detroit.
^
SEBEWAING
Dated Jan. 2, 1937 and due $3,000 annually on
1937.
NILES, Mich.—BONDS VOTED—At a recent election
proved a proposition to issue $203,500 sewage plant bonds.
ALGONAC, Mich.—BOND OFFERING—Neal P. Merrill, Village Clerk
will receive sealed bids until March 1 for the purchase of an issue of $18,000
water works bonds.
Dated March 15, 1937 and due serially from 1938 to
1955, incl. The issue was approved at the Feb. 1 election.
tions-, according to report.
& Stone of Detroit.
village
The holders of the bonds above enumerated are notified that the same
should be presented for payment on the first day of April,
1937. and the
fifteenth day of April, 1937 at the Detroit Trust Co., in the Oity of De¬
A. T. T. Tel. DET 347
MICHIGAN
inclusive.
CALL—The
$12,000 trunk and relief sewer refunding bonds, 4}£%. dated Oct. 1, 1933,
Nos. 3 to 14, both incl., due serially Oct. 1, 1937 to 1942, both
incl., called for redemption April 1, 1937.
7,000 Kercheval Ave. improvement and Lake Shore Road refunding
bonds, 4^%, dated April 15, 1933, Nos. 2 to 8, both incl., due
serially, April 15, 1937 to 1943, both inclusive, called for redemp¬
tion April 15, 1937.
9,000 Grosse Pointe Blvd. paving and Grosse Pointe storm sewer re¬
funding bonds, 4% %, dated Oct. 15, 1932, Nos. 2 to 10, both incl.,
due serially Oct. 15, 1937 to 1942, both incl., called for redemption
April 15, 1937.
8,000 Grosse Pointe Blvd. paving and Grosse Pointe Blvd. storm sewer
refunding bonds, 1%%, dated Oct. 15, 1933, Nos. 2 to 9, both
incl., due serially Oct. 15, 1937 to 1942, both incl., called for re¬
demption April 15, 1937.
7,000 combined water filtration and pumping plant refunding bonds,
4J^%, dated April 15, 1933, Nos. 2 to 8, both incl., due serially
April 15, 1937 to 1943, both incl., called for redemption April 15,
Each issue is dated Feb. 1,
par
Mich.—BOND
April 1 and April 15, 1937, of the following
call for redemption on
bonds:
a
refused to purchase the optional issue on a
Tyler & Co., Inc. and New England Trust Co. (plus $3)
Wellesley Nation Bank
We Buy
GROSSE
36, 40, 41, 42, 48, 51, 54. 58. 73, 75 and 85.
National Bank of Boston, for Boston funds.
Levy
bonded debt to $9,862,400.
Of these assets, $1,280,000 is applicable to
bonds, reducing that figure to $1,461,200, and
$1,125,000 applicable to water works bonds, cutting that total to $1,730,000.
Mr. Green reported interest paid on gross bonded debt in 1936 was as
follows: General bonds, $318,105; special assessment bonds, $77,165.50;
water works bonds, $129,437.50, making a total of $524,708.
Board of education bonds not included in these figures are given as follows
Outstanding, Jan. 1, 1936, $3,451,835.80; paid in 1936. $402,451.50; out¬
standing Dec. 31, 1936, $3,049,384.30; maturities in 1937, $434,060.20.
reduction of the general city
described
$850,965.59
851,202.54
837,340.19
Population,
The auditor estimated the approximate cash and securities in the sinking
fund
applicable to bonded debt as $3,005,000, which would reduce the gross
issued
Financial Statement
Year—
1145
Chronicle
sewage disposal plant and sewage disposal system revenue bonds
as 5s, at par plus a premium of $120, equal to 101, a basis of about
4.88%.
Dated Feb. 1, 1937, and due Feb. 1 as follows: $500 from
1940 to 1945, incl., and $1,000 from 1946 to 1954, incl.
WOODLAND TOWNSHIP SCHOOL DISTRICT (P. O. Woodland).
Mich.—BOND OFFERING—Lawrence L. Paul, District Secretary, will
receive sealed bids until 6 p. m. on Feb. 15 for the purchase
of $23,000 4%
bonds.
Dated March 1, 1937.
Denom. $500.
Due
$4,500 from 1938 to 1941 incl. and $5,000 in 1942.
Prin. and int. M. & S. payable at the Hastings City Bank, Hastings.
A
certified check for $1,000, payable to the order of the District Treasurer,
must accompany each proposal.
Issuance of the bonds has been approved
by the State Public Debt Commission.
coupon
March
RAPIDS, Mich.—REDUCES BONDED DEBT—During the
1936 the city paid $240,000 on the first maturity of its last refunding
(of 1935) or $2,400,000 in bonds, issued to call in outstanding bonds
of the original refunding issue.
44
Of the total, $1,300,000 is represented by general refunding bonds and
$1,100,000 of the special refunding bonds; they are due in amounts of
refunding
1
as
follows:
GRAND
year
Issue
Northwestern
Municipals
Minnesota, North and South Dakota, Montana,
l-10th of the principal each year.
Oregon, Washington
Municipal Auditor Byron Green has prepared a table of the city's gross
debt, showing the total outstanding as of Dec. 31, 1936, to be
$12,444,000, compared with $12,687,400 outstanding as of Jan. 1, 1936.
Of these, general city bonds of $7,771,200 and $7,647,800 were out¬
standing on the dates mentioned; special assessment bonds outstanding
were $2,061,200 and $1,951,200 ana water
works bonds, $2,855,000 on
bonded
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
Teletype—Mpls 287
both dates.
The city paid
in $133,400 on its general bonds, as well as the $110,000 on
bonds; no payments were made on the water works
the special assessment
bonds.
Maturities in 1937 are: General city bonds, $498,900; special assessments
bonds, $314,000, and water works bonds, $55,000, a total
of $867,900.
MINNESOTA
SCHOOL DISTRICT NO. 65
Columbia Heights), Minn.—BONDS CALLED—It is reported
ANOKA
(P.
O.
COUNTY
INDEPENDENT
1146
Financial
Chronicle
Feb.
that all 5M% school bonds dated Dec. 1, 1925, were called for payment at
the Midland National Bank & Trust Oo. of Minneapolis on Dec. 1, 1936.
It is also said that school bonds numbered 109 and 110, due on Dec. 1,
1940. called for payment on Dec. 1, 1934, have not been presented as yet.
Interest ceased on above bonds on dates called.
CANBY.
conditions
Minn.—BOND
OFFERING
CONTINUED—Severe
weather
having blocked the road and impairing train service, the offering
of $38,500 community hall bonds on Feb. 8 has been continued to Feb. 16
at
1:30
City Recorder J. R. Guddal Informs
p. m.,
us.
CLAY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 2 (P. O.
Moor head), Minn.—BOND OFFERING— Sealed bids will be received until
7.30 p. m. on Feb. 19, by O. D. Hilde, District Clerk, for the purchase of an
issue of $150,000 issue of school bonds.
Interest rate is not to exceed 4%,
payable M. & S.
Denom. $1,000.
Dated March 1, 1937.
Due $15,000
from March 1, 1939 to 1948 incl.
Payable at any suitable bank or trust
company designated by the purchaser.
The approving opinion of Junell,
Driscoll, Fletcher, Dorsey & Barker of Minneapolis, will be furnished.
A
certified check for $1,500, payable to the District, must accompany the
bid.
13, 1937
MONTANA
^
Mont.—BOND OFFERING—Sealed bids will be re¬
Gough, City Clerk, for the pur¬
bonds.
Interest rate is not to
exceed
6%, payable semi-annually.
Amortization bonds will be the
first choice and serial bonds will be the second choice of the City Council.
The bonds will be sold for not less than par and accrued interest to date of
delivery and all bidders must state the lowest rate of interest at which they
will purchase the bonds at par.
A certified check for $1,000, payable to the
City Clerk, must accompany the bid.
(This report supplements the offer¬
ing notice given here recently—Y. 144, p. 976.)
EAST
HELENA,
ceived until 7 p. m. on March 3 by John
chase of a $40,000 issue of sewer system
JOLIET, Mont.—BONDS NOT SOLD—It is now reported by Bodley
Hough, Town Clerk, that because of a flaw in the proceedings, the $27,000
of not to exceed 6% semi-annually water system bonds offered on
Nov. 30, 1936, as noted in these columns at that time, was not sold.
He
states that an election will be held on Feb. 20 to vote again on the bonds.
issue
MONTANA, State of—REPORT ON BONDED DEBT REDUCTION—
State on Dec. 31, 1936, totaled $11,224,177.
as follows: Capitol bulding, $576,177; highway debentures. $3,000,000; education refunding,
$858,000; educational, $966,000; Montana
funding, $4,061,000; mines residence hall, $245,000; univertisy union build¬
ing, $222,000; agricultural college residence hall, $192,000; tuberculosis
sanitarium, $162,000; insane asylum, $295,000: industrial school, $60,000;
Eastern Montana normal, $170,000; Northern Montana college, $151,000;
deal and blind school construction, $169,000; normal school construction,
$97,000.
On Dec. 31, 1935. the State's bonded debt amounted to $12,474.924.50, a reduction of more than $1,250,000 being effected during 1936."
Bonded indebtedness of the
DULUTH,
Minn.—BOND OFFERING—Sealed
bids will be received
until 10 a. m. on Feb. 17 by O. D. Jeronimus, City Clerk, for the
purchase
of a $50,000 issue of unemployment project bonds.
Interest rate Is not to
exceed 6%, payable A. & O.
Denom. $1,000.
Dated April 1, 1937.
Due
$5,000 from April 1, 1942 to 1951, incl.
Prin. and int. payable at the
Irving Trust Co., New York City.
The bond forms will be furnished by
the city at its own expense and no allowance will be made to any bidder
who may prefer to furnish his own bond forms.
The approving opinion
of Chapman & Cutler of Chicago, will be furnished the successful bidder
by the city at its own expense. A certified check for 2% of the par value
of the bonds, payable to the city, must accompany the bid.
JACKSON SCHOOL DISTRICT (P. O. Jackson), Minn.—BOND
ELECTION—We are informed by the Superintendent of the Board of
Education that an election will be held on Feb. 16 to vote on the $110,000
high school
144, p. 976.
addition
bonds,
mentioned
in
these
columns
recently—Y.
divided
PONDERA COUNTY SCHOOL DISTRICT NO. 18 (P. O. Valier),
OFFERING—C. P. Fuller, District Clerk, will receive
Mont.—BOND
refunding bonds,
bids until 8 p. m. Feb. 23, for the purchase of $20,000
to be issued onleither the amortization or serial plans.
Interest rate is
6%.
Dated April 1, 1937. Interest payable semi-annually
on April 1 and Oct. 1.
The bonds will be subject to redemption from and
after five years after date of issue.
Certified check for $1,000, payable to
not to exceed
the Clerk, required.
NEW
ULM,
Minn.—BOND
AWARD
AGAIN
DELA YED—Accept¬
of the bid fof the Citizens State Bank of New Ulm for $15,000 of the
ance
$60,000 coupon sewer bonds offered on Feb. 2, which had been delayed to
Feb. 5—V. 144, p. 976—has again been deferred, this time to Feb. 16.
POLK COUNTY (P. O. Crookston), Minn.—BOND OFFERING DE¬
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 45 (P. O. Wolf
Point), Mont.—BOND SALE HELD UP—It Is stated by E. I. Farrell,
District Clerk, that the sale of the $15,000 not to exceed 6% semi-annual
school bonds, scheduled for Jan. 4, as noted here—V. 143, p. 4193—was
held up due to a legal technicality.
TAILS—In connection with the offering scheduled for Feb. 17 of the $90,000
bridge bonds, notice of which was given in these columns recently—
V. 144, p. 976—we are informed that sealed bids (no auction) will be re¬
coupon
unconditional, except
OMAHA, DOUGLAS COUNTY, LINCOLN
ROCHESTER, Minn .—CERTIFICATE OFFERING— Amiel L. Glabe,
City Clerk, will receive bids until 7:30 p. m. Feb. 15 for the purchase at not
Certified check for
PAUL, Minn.—BOND SALE—The $150,000 issue of
public
welfare bonds offered for sale on Feb. 10—V. 144, p. 976—was awarded to
Lazard Freres & Co., Inc., of New York, as 2.20s, paying a premium
of
$538.50, equal to 100.359, a basis of about 2.13%.
Dated Feb. 1, 1937.
coupon
Due from Feb. 1, 1938 to 1947, incl.
The second best bid was a tender of $537.00 premium on 2.20s,
NEBRASKA
3 % refunding bonds exchanged with the holders of the original bonds, as
noted here recently—V. 144, p. 814—are due on Feb. 1 as follows: $6,000,
1942 to 1945, and $8,000, 1946 and 1947; optional after five years.
AUBURN SCHOOL DISTRICT
(P. O. Auburn). Neb.—BONDS
VOTED—It is stated by the Secretary of the Board of Education that at
election held on Feb. 5—V. 144, p. 649—the voters approved the
the
GERING
VOTED—At
$65,000 in not to exceed 3% school bonds.
DISTRICT
SCHOOL
an
election held
on
UNITED PUBLIC
Cambridge),
(P.
O.
Neb.—BONDS
approved
Gering),
Feb. 2 the voters
the issuance of $50,000 in high
Offerings Wanted:
A. T. & T. Teletype OMA 81
ALLIANCE SCHOOL DISTRICT (P. O. Alliance), Neb.—MATUR¬
ITY—It is now reported by the Superintendent of Schools that the $40,000
issuance of the
offered
jointly by the Harris Trust & Savings Bank of Chicago, and Bigelow, Webb
& Co. of Minneapolis.
OMAHA
First National Bank Bldg.
2%, payable to the City Treasurer, required.
1956 and 1957.
ST.
OF
Due $5,000 July 15, 1937, and $6,000 on Dec. 15,1937.
RUTHTON, Minn.—BOND SALE—The $11,000 water bonds offered
on Feb. 5—V. 144, p. 814—were awarded to Harold E. Wood & Co. of
St. Paul, as 3s, at par, plus a premium of $10, equal to 100.09, a basis of
about 2.99%.
The Farmers & Merchants Bank of Ruthton, the only
other bidder, offered a premium of $165 for 3^s.
Dated Feb. 1, 1937.
Due yearly on Feb. 1 as follows:
$500, 1939 to 1954, and $1,000 in 1955,
NEBRASKA ISSUES
THE NATIONAL COMPANY
less than par of $11,000 2% street and alley fund certificates of indebted¬
ness.
Dated Feb. i5, 1937.
Principal and interest payable at the City
Treasurer's office.
OTHER
AND
legality.
as to
BONDS
MUNICIPAL
NEBRASKA
ceived until 10 a. m. on that date by Henry J. Welte, County Auditor.
Due $10,000 from Jan. 1 1938 to 1946, incl.
Interest rate not to exceed
3%, payable J. & J.
Place of payment to be designated by purchaser in
his bid.
No bids for less than par will be considered.
All bids must be
are
said
to have
school bonds.
POWER AND IRRIGATION
Neb.—CONSTRUCTION
PROJECT
DISTRICT (P. O.
CONTEMPLATED—
A. C. Tilley,
State Engineer, to construct irrigation works at a cost of $821,080.
It is
expected that the project will be financed by a Public Works Administra¬
tion grant and a bond issue.The district officials are said to have made an application to
LOUISIANA & MISSISSPIPI
MUNICIPALS
Bond
WHITNEY
NEW
Bell
Department
NEVADA
NATIONAL
BANK
LAS
ORLEANS, LA.
Teletype N. O. 182
Raymond 5409
Nev.—BOND ISSUANCE AUTHORIZED—The State
Supreme Court is reported to have rendered a decision which authorizes
the city to issue bonds to acquire or construct a municipal power system.
VEGAS,
WASHOE COUNTY
(P. O. Reno), Nev.—BONDS AUTHORIZED—
is said to have voted to authorize the
The Board of County Commissioners
issuance of $513,500 in Boca Dam Project bonds, representing the county's
share of construction costs.
Denominations: 37 bonds for $13, 500 each,
MISSISSIPPI
and
BOYLE
SEPARATE
ROAD
DISTRICT,
Boliver County,
bond for $14,000.
one
Due annually beginning Feb. 15, 1940.
Mis..—
BONDS OFFERED TO INVESTORS—Dane & Weil, Inc. of New Orleans,
are offering to investors at prices to yield 5%, an issue of $134,000
5}4%
Denom. $1,000.
Dated Jan. 1, 1937.
Principal and
(Jan. 1 and July 1) payable at the Chemicai Bank &
Trust Co. of New York.' Due on Jan. 1 as follows:
$2,000, 1940 to 1946;
$5,000, 1947 to 1951; $6,000, 1952 to 1956; $8,000, 1957 to 1963, and
$9,000, 1964.
HAMPSHIRE
NEW
refunding bonds.
MANCHESTER, N. H.—TEMPORARY LOAN— The issue of $500,000
semi-annual interest
revenue
notes offered on Feb. 11—V.
National
144, p. 977—was awarded to the First
discount.
Dated Feb. 11, 1937, and
Rollins & Sons of Boston, only other bidder,
Bank of Boston at 0.88%
due July 15, 1937.
E. H.
named a rate of 0.92%.
NEW
MISSOURI
BONDS
BAYONNE,
J.—NEW
N.
are
making public offering of
SCHERCK, RICHTER COMPANY
LOUIS, MO.
ment house.
$75,000
50,000
50,000
25,000
The bonds
are
divided into four issues
as
local invest¬
follows:
2H% hospital imp. bonds, maturing on Feb. 1 from 1939 to 1953.
2% police imp. bonds, maturing on Feb. 1 from 1939 to 1948.
2% Brush Creek imp. bonds, maturing on Feb. 1 from 1939 to 1948.
2% safety zone and imp. bonds, maturing on Feb. 1 from 1939 to
1948.
MARSHALL SCHOOL DISTRICT. Mo.—BOND SALE—An issue of
$12,000 refunding bonds has been sold to Stern Bros. & Co. of Kansas
City at a price or par plus a premium of $213, equal to 101.775.
ST.
JOHN'S
OVERLAND
SANITARY
SEWER
DISTRICT
(P. O.
Clayton), Mo.—BOND ELECTION CONTEMPLATED—We are Informed
by Edward A. Fulton, District Secretary, that an election will be held in
the near future in order to vote on $175,000 in general obligation bonds, to
be used for the 55% loan portion of a Public Works Administration allot¬
ment, for a sewer project.
Interest rate to be named by bidder.
Due
serially in 20 years.
ST.
stated
LOUIS, Mo.—BOND ISSUANCE NOT CONTEMPLATED—It is
by the Deputy City Comptroller that at a meeting of the Board of
Estimate and Apportionment held on Jan. 29, it was decided not to submit
to a vote at the April aelection a proposal to issue
$1,000,000 in sewer
bonds.
York
Bancamerica-
on
Dated Jan. 1,
Jan. 1 from 1938 to 1966, inclusive.
payable at the Tenafly
Hoyt & Washburn of
City.
GREENWICH
a
OFFERING—The
issue of $280,000 4% school bonds at
CRESSKILL, N. J.—BOND SALE—-J. S. Rippel & Co. of Newark and
Ewing & Co. of New York, jointly, have purchased an issue of $85,000 4%
MISSOURI
city has sold $200,000 10-year plan bonds to
a new
and $5,000 in 1947.
Principal and interest (J. & D.)
Trust Co., Tenafly.
Legality approved by Reed,
CITY, Mo —BOND SALE—City Manager, H. F. McElroy
states that the
'v
serial funding bonds.
Dated Dec. 1, 1936.
Denom. $1,000.
Due Dec. 1
as follows:
$5,000 from 1937 to 1940, incl.; $10,000 from 1941 to 1946, incl.,
New
KANSAS
*
JERSEY
ISSUE
prices to yield from 1.50% to 4.10%, according to maturity.
1936, and due serially
BUILDING, ST.
'
Blair Corp. of New York and MacBride, Miller & Co. of Newark, jointly,
Markets in all State, County & Town Issues
LANDRETH
'
,
TOWNSHIP
(P.
O.
Gibbstown),
N.
J.—OTHER
BIDS—The following other bids were submitted for the $57,000 refunding
bonds awarded recently to the First National Bank & Trust Co. of Paulsboro, as 4s, at par plus a premium of $469.11, equal to 100.823, as pre¬
viously reported—V. 144, p. 977:
Bidder
Int. Rate
"
Hendricks & Eastwood, Inc
Farmers & Mechanics National Bank
4%
4%
4^%
O. C. Collings & Co
HAWTHORNE
Premium,
$221.73
Par
213.75
SCHOOL
DISTRICT, N. J.—BOND OFFERING—
District Clerk, will receive sealed bids until 8 p. m. on
$8,000 4>£% coupon or registered school re¬
funding bonds, being part of a total issue of $925,000.
The bonds offered
are dated Feb. 1, 1937.
Denom. $1,000.
Due Nov. 1, 1967.
Prin. and
int. (M. & N.) payable at the Peoples Bank of Hawthorne.
A certified
check for 2% must accompany eacn proposal.
Legal approving opinion
of Hawkins, Delafield & Longfellow of New York City will be furnished the
A.
E.
Feb.
Patmos,
18 for the purchase of
successful bidder.
HIGHLANDS
SCHOOL
DISTRICT,
N.
J.—BOND EXCHANGE—
John P. Adair, District Clerk, informs us that the Teachers Pension and
Annuity Fund, Trenton, accepted $150,000 4K% refunding bonds in
exchange for its holding of a similar amount of 5%s.
Previously it was
reported that the amount involved was $175,000.
The bonds mature July 15 as follows:
$4,000 from 1939 to 1947, incl.
and $6,000 from 1948 to 1966. inclusive.
Volume
Financial
144
$2,000 annually on March 1 from 1938 to 1947 incl.
Bidder to name a
single interest rate on the issue, expressed in a multiple of H or l-10th of
1%.
Principal and interest (M. & S.) payable at the Bellport National
Bank, Bellport, with New York exchange.
The bonds are general obliga¬
tions of the Fire District, payable from unlimited taxes.
A certified check
for $400, payable to the order of the Fire District, must accompany each
H. L Alii A Commit
Proposal. will be furnished the successful bidder.
rork City Approving legal opinion of Clay, Dillon & Vandewater of New
ipal Bonds
New Jersey
1147
Chronicle
Financial Statement
'or 2-7333
Telephoi
The assessed valuation of the property subject to the taxing power of
the District is $2,084,565The total bonded debt of the District including
N. Y. 1-528
A.T.&T.
New York
100 Broadway
The estimated population of the
The bonded debt above stated does not
subdivision having power to levy taxes upon
any or all of the property subject to the taxing power of the District.
The
fiscal year commences Jan. 1.
The amount of taxes levied for the fiscal
years commencing Jan. 1, 1934, Jan. 1, 1935, and Jan. 1, 1936, was re¬
spectively $6,500, $6,500, and $7,870.
The amount of such taxes not
received by the District at the end of each of said fiscal years was respectively
none for all three years.
The amount of such taxes not received by the
District as of Feb. 3, 1937, is respectively none for all three years.
The
taxes of the fiscal year commencing Jan. 1, 1937, amount to $8,755 of
the above mentioned
bonds is $20,000.
District (1930 census) was 650.
include the debt of any other
BONDS
MUNICIPAL
New
Jersey and General Market
B. J. Van
67
WILLIAM
Ingen & Co. Inc.
Telephone: John 4-6364
STREET, N. Y.
A. T. & T.:
N. Y.
Issues
Newark Tel.: Market 3-3124
1-730
$371,000 Township of Woodbridge, N.
J.
yield 3.76%-4.46%
Colyer, Robinson $ Company
JbRTLANDT (P. O. Peekskill), N. Y.—BOND OFFERING POST¬
offering of $161,000 coupon or registered highway bonds
was set forJFeb. 8—V. 144, p. 978—has been postponed to Feb. 16
PONED—The
INCORPORATED
1180 Raymond
New
at 2.30 p. m.
A. T. & T. Teletype
York Wire:
REctor
which
MArket 3-1718
Blvd., Newark
CANANDAIGUA, N. Y.—BOND OFFERING—Thomas D. Kennedy,
City Treas. will receive bids until 3 p. m., Feb. 16 for the purchase at not
registerable, general obligation, special
appropriation bonds.
The bonds are payable from taxes within the limits
prescribed by Section 185 of the City Charter.
Bidders are to name rate
of interest, in a multiple of M % or 1-10%, but not to exceed 5%.
Denom.
$1,000.
Dated Feb. 15,1937.
Principal and semi-annual interest (Feb. 15
and Aug. 15) payable at the Canandaigua National Bank & Trust Co. of
Canandaigua.
Due $1,000 yearly on Feb. 15 from 1938 to 1942, incl.
Certified check for $100, payable to the City, required.
Approving opinion
of Clay, Dillon & Vandewater of New York will be furnished by the city.
less than par of $5,000 coupon, fully
Refunding 43^8, due December 1, 1940-57
To
which $8,755 has been received,
ELMIRA, N. Y.—BOND SALE—The issue of $115,000 series A of
NWRK 24
2-2056
1937
registered debt equalization bonds offered on Feb. 10—V. 144, p.
978—was awarded to Adams, McEntee & Co., Inc. of New York, as 1.60s,
at a price of 100.21, a basis of about 1.56%.
Dated Feb. 1, 1937 and due
coupon or
JERSEY
NEW
Feb. 1
IRVINGTON, N. J.—BOND OFFERING—W. H. Jamouneau, Town
Olerk, will receive sealed bids until 8 p. m. on Feb. 23 for the purchase of
$180,000 not to exceed 6% interest coupon or registered emergency relief
bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due Feb. 1 as follows:
$25,000 from 1938 to 1944, incl., and $5,000 in 1945.
Rate of interest to
be expressed in a multiple of
of 1%.
Principal and interest (F. & A.)
payable at the Merchants & Newark Trust Co., Newark.
A certified
check for 2% must accompany each proposal.
The approving opinion of
Hawkins, Delafield & Longfellow of N. Y. City will be furnished the suc¬
cessful bidder.
Purchaser to pay for and accept delivery of bonds on Feb.
26 at the Peoples National Bank & Trust Co., Irvington, or at such other
place mutually agreed upon.
COUNTY
MIDDLESEX
(P.
O.
New
Brunswick),
J.—BOND
N.
sealed bids
of $450,000 not to exceed 6% inter¬
registered bonds, divided as folows:
in
as
1943.
est coupon or
$350,000 improvement bonds.
Due March 15 as follows: $25,000, 1938:
$33,000 from 1939 to 1947, incl., and $28,000 in 1948.
100,000 tuberculosis hospital bonds.
Due March 15, as follows: $3,000
from 1938 to 1957, incl., and $4,000 from 1958 to 1967, incl.
Each issue is dated March 15,1937.
Denom. $1,000.
Bidder may name
single interest rate on all of the bonds or different rates on each i; 11 .
In any event, such rate or rates must be expressed in a multiple of H or
1-1 Ota of 1 % and all of the bonds of each issue must bear the same coupon
Bids must be made on an all-or-none basis.
Separate prices must b? named
for each issue.
The price bid for the improvement issue must be not less
than $350,000 or more than $351,000, and for the hospital loan not less than
$100,000 or more than $101,000.
Principal and interest (M. & S. 15)
payable at the County Treasurer's office.
A certified check for 2%,
payable to the order of the County Treasurer, must accompany each pro¬
posal.
The approving opinion of Caldwell & Raymond of N. Y. City will
be furnished the successful bidder.
Bonds will be ready for delivery on or
a
about March 15.
to
MAMARONECK, N. Y.—NOTE SALE—The $75,000 tax anticipation
by the town on Feb. 9—V. 144, p. 978—were awarded to the
First National Bank of Mt. Vernon on a 1 % interest basis, plus a premium
notes offered
The County Trust Co. of White Plains bid 1
1937 and payable May 10, 1937.
Other bids were as follows:
of $5.
% flat.
Premium
$7.50
Par
Int. Rate
Bidder
Marine Midland Trust Co., New
1.50%
1.50%
York
Lockwood, Sims & Co., Inc., New York
NEW
Dated Feb. 10,
YORK
CITY
TUNNEL
AUTHORITY,
N.
Y.—MAYOR
$36,000,000 T UNNEL—M ayor Fiorello H. LaGuardia
has recommended to the authority construction of a $36,000,000 vehicular
RECOMMENDS
tunnel
connecting
Brooklyn and Staten
Island.
He requested an early
report on plans for the facility so that methods of financing the project can
be considered.
Borough President Palma of Richmond suggested a 40-year
4% bond issue to provide the necessary funds.
_____
.
N. Y.—PRICE REDUCTION SPURS DEMAND FOR
CORPORATE STOCK—Reduction in
the retail price on a substantial
amount of the 3 % 40-year corporate stock which the purchasing syndicate
could not dispose of at the initial offering price was following by a heavy
demand for the liens from institutional and other investors.
The slash in
price, from 103.50 to par and accrued interest, became effective at 1 p. m.
on Monday, and at the
close of business on that day only $7,516,000 of
the obligations remained in the account.
Members of the syndicate, headed
by the National City Bank of New York, did not anticipate any difficulty
in placing the unsold block in investment account.
It is understood that
about $37,000,000 of the original amount of $50,000,000 was offered at the
NEW
YORK,
lower price.
PLEASANTVILLE, N. J.—BOND EXCHANGE—The city has com¬
pleted the exchange of $1,091,000 refunding bonds as provided in the
refinancing offer submitted to holders of the original bonds last September.
The program called for the issuance of that amount of new 4H% bonds,
dated March 1, 1936 and approved as to legality by Clay, Dillon & Vandewater of New York City.
Payment of past due interest at the rate of 4%
per annum, to March 1, 1936, was to be made on the basis of 2% in cash
and 2% in tax revenue bonds, maturing Sept. 1, 1939.
The refunding
agents were Antinoph & Classman of Atlantic City.
The new refunding
bonds are designated as follows:
$338,000 series A; $194,000 series B;
$559,000 series C.
SADDLE RIVER TOWNSHIP (P. O.
SALE—J. S. Rippel & Co. of Newark and
Rochelle Park), N. J.—BOND
H. L. Allen & Co. of New York,
have purchased an issue of $133,000 4% serial funding bonds.
Dated Dec. 1. 1936.
Denom. $1,000.
Due Dec. 1 as follows: $10,000
from 1937 to 1949, incl., and $3,000 in 1950.
Principal and interest
(J. & D.) payable at the City National Bank & Trust Co., Hackensack.
Legality approved by Reed, Hoyt & Washburn of N. Y. City.
*Sale of
these bonds was reported in a previous issue.)
jointly
SOUTH
in 1942, and $10,000
York bid 100.03 for
The bankers are offering the bonds at prices to yield from 1.25%
1.55%, according to maturity.
OFFERING—William A. Allgalr, County Treasurer, will receive
until 2 p. m. on Feb. 18 for the purchase
follows: $40,000,1940; $45,000,1941; $20,000
The Harris Trust & Savings Bank of New
1.60s.
RIVER,
N.
J.—BOND
OFFERING—Guy
Gilbert,
Borough
Treasurer, will receive sealed bids until 8 p. m. on Feb. 15 for the purchase of
$32,000 not to exceed 6% interest coupon or registered emergency relief
bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due $4,000 on Feb. 1
from 1938 to 1945, incl.
Rate of interest to be expressed in a multiple of
H or l-10th of 1%.
Principal and interest (F. & A.) payable at the First
Bids for less than all of the bonds offered will
Y.—CORPORATE STOCK REPRICED AT PAR—
National City Bank of New York which was
issue of $50,000,000 3% 40-year corporate stock at
price of 102.33, and made public offering of the obligations at that time at
price of 103.50, is now reoffering the unsold balance of about $37,000,000
NEW
YORK,
N.
The syndicate headed by the
awarded in January an
a
a
of the issue at a price
of par.
YORK, State of—MEMORIAL BOND BILL INTRODUCED—
It is stated that a bill was introduced in the Legislature, providing for the
creation of a State debt in the sum of $10,000,000, to be used for the con¬
struction of a World War Memorial Building in Albany.
If approved, the
proposition will be passed on at the general election this year.
NEW
RYE (P. O.
Port Chester), N. Y.—NOTE SALE—An issue of $179,"
1, 1937, has been sold to
912.44 notes, dated Feb. 2, 1937 and due Oct.
Faxon, Gade & Co. of Boston, at 1.09% interest.
SLOAN, N. Y.—BOND OFFERING—-Robert A. Kersten, Village Clerk,
Feb. 24 for the purchase at not less than par
coupon, fully registerable, general obligation, unlimited
will receive bids until 4 p. m„
of the following
tax,
bonds:
$50,000 pubJc works bonds.
Due $5,000 yearly on
1947, incl.
9,000 fiie apparatus bonds.
Due $2,000 yearly on
1941; and $1,000 Jan. 1, 1942.
Bidders
are
to name rate of interest,
but not to exceed 4%.
Jan. 1 from 1938 to
Jan. 1 from 1938 to
in a multiple of M% or l-10th%,
Denom. $1,000.
Dated Jan. 1, 1937. Principal
1) payable at the Marine Trust
National Bank, South River.
and semi-annual interest (Jan. 1 and July
be considered only if the bonds bid for are those first maturing and the
amount bid equals or exceeds $32,000.
A certified check for 2% payable
to the order of the Borough Treasurer, must accompany each proposal.
Co., of Buffalo, in New York exchange.
Cert, check for $1,180, payable
to the Village, required.
Approving opinion of Clay, Dillon & Vandewater
of New York will be furnished by the village.
The approving opinion of Caldwell & Raymond of N. Y. City will be fur¬
nished the successful bidder.
Bonds will be delivered on or about Feb. 25.
NEW
MEXICO
State of—HIGHWAY BOND AUTHORIZATION
BILL APPROVED BY LEGISLATURE—We are informed by Elizabeth
F. Gonzales, Secretary of State, that the bill introduced by Senator A. S.
Jones (Senate Bill No. 69), authorizing the State Highway Commission to
issue $10,000,000 in road building bonds, as noted in these columns re¬
cently—V. 144, p. 977—has passed both House and Senate and is now
awaiting the approval of the Governor.
NEW
MEXICO,
NEW
ALBANY,
N.
Y.—JANUARY
YORK
TAX
SET
NEW
mark.
The collections, which represent 17.09% of the total city budget of
$6,268,306.90 and 13.97% of the combined city and county levy of $7,662,058.11, said City Treasurer Frank J. O'Brien, is evidence "there is money
in Albany."
Mr. O Brien attributed a large part of the payment to the 1% discount
allowed until Feb. 9 and said the results are especially favorable in view of
the fact the tax rate is $1.80 less than last year.
January tax collections dropped from $800,297.35 in 1931 down to
$643,207.88 in 1934, rising to $815,638.42 in 1935.
FIRE
DISTRICT
(P.
O.
Bellport),
N.
Y.—BOND
OFFERING—Leslie B. Raymond
Secretary of the Board of Fire Com¬
missioners
will receive sealed bids until 3 p. m. (eastern standard time) on
Feb.
exceed 5% interest coupon or
Dated March 1, 1937.
Denom. $1,000. Due
18 for the purchase of $20,000, not to
registered building bonds.
FREE SCHOOL DISTRICT NO.
6 (P. O.
SYRACUSE, N. Y.—BONDS TO BE SOLD SOON—The City will offer
COLLECTIONS
RECORD—Breaking the all-time high of 1928, tax collections in the city for
the month of January were $1,071,563.78, or $241,181.26 more than the old
BELLPORT
STILLWATER UNION
Stillwater), N. Y.—BOND OFFERING— Helen T. Scott, District Clerk,
until 1:30 p. m. on Feb. 19 for the purchase of $9,000
not to exceed 6%
interest coupon or registered school bonds.
Dated
March 1, 1937.
Denom. $1,000.
Due $1,000 annually on March 1 from
1938 to 1946, incl.
Bidder to name a single interest rate on all of the bonds,
expressed in a multiple of
or l-10tn of 1%.
Principal and interest
(M. & S.) payable at the Bank of Waterford, with New York exchange.
The bonds are general obligations of the district, payable from unlimited
taxes.
A certified check for $200, payable to the order of Webster E. Deyoe, District Treasurer, must accompany each proposal.
The approving
opinion of Clay, Dillon & Vandewater of New York City will be furnished
the successful bidder.
will receive sealed bids
at public sale in the latter part of February a total of $4,260,000 bonds
comprising $1,350,000 series A 20-year general refunding, $710,000 series B
10-year general refunding, $1,500,000 10-year welfare, and $700,000 in
10-year bonds to cover the city's share of the cost of Works Progress
Administration work projects.
DATE OF OFFERING—It is reported
that sealed bids for purchase of
Feb. 25.
the above bonds will be received until noon on
THREE
TOWN FIRE DISTRICT NO. 1 (P. O. Moravia), N.
Y.—
registered fire equipment bonds offered on
651—were awarded to the First National Bank of
Moravia, at a price of par.
Dated Jan. 27, 1937.
Due $500 on March 1
from 1938 to 1946 incl.
Redeemable at any time at a price of 102.
BOND SALE—The $4,500 4%
Jan.
27—V.
144, p.
UTICA, N. Y.—CERTIFICATE SALE—The $500,000 tax anticipation
certificates offered on Feb. 8—V. 144, p. 978—were awarded to the First
National Bank of New York on a 0.46% interest basis.
Phelps, Fenn &
Co. of New York bid 0.54% interest, plus $3 premium.
Notes are dated
Feb. 10, 1937 and are
payable July 10, 1937.
1148
Financial
Chronicle
WEST HAVERSTRAW. N. Y.—BOND SALE POSTPONED—We
are
Informed by Mr. Samuel Miller, Attorney for the
Village of West Haverstraw
that the sale of $5,000 street
paving bonds scheduled for Feb. 10 has been
postponed and said bonds will be re-advertised for sale at a later date.
(Details of the original call for bids appeared in V. 144,
p.
Feb.
required.
817.)
OBERLIN, Ohio—BOND OFFERING—H. A. Broadwell. Village Clerk,
will receive bids until
NORTH
CAROLINA
OREGON TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Toledo
No. 5), Ohio—BOND SALE—The $125,000 school bonds offered on
8—V. 144, p. 492—were awarded to Stranahan, Harris & Co. of
R.
Feb.
1957, incl.
MOUNT, N. C.—BOND OFFERING CONTEMPLATED—W
informed by L. B. Aycock, City
Manager, that the $30,000 gymnasium
bonds authorized recently by the
Legislature, as noted here—V. 144,
p. 979—will be handled by the Local Government Commission
sometime
within the next month or two.
PERRY TOWNSHIP RURAL SCHOOL DISTRICT (P. O. George¬
town), Ohio—BOND SALE—The issue of $47,000 school building bonds
offered on Feb. 5—V. 144, p. 651—was awarded to Ryan, Sutherland &
Co. of Toledo, as
33£s, at par plus a premium of $513, equal to 101.09, a
basis of about 3.14%.
Dated March 1, 1937 and due Dec. 1 as follows:
WAYNE COUNTY
(P. O. Goldsboro), N. Caro.—BOND SALE—The
$200,000 coupon refunding bonds offered on Feb. 9—V.
144, p. 817—were
awarded to tne Branch Banking & Trust Co. of Wilson and
the William B.
Greene Co. of Winston-Salem.
The first maturing $123,000 bonds will
bear interest at 4% and the balance of the issue
$2,000 from 1938 to 1953 Incl. and $2,500 from 1954 to 1959 incl.
Other bids were
$20,000,
NORTH
1941; $5,000,
1942; $10,000,
DAKOTA
Due Feb. 20, 1938.
20, 1937.
Cert, check for 2%
Bidder—
Int. R"te
First Cleveland
incl.
Braun, Bosworth & Co
is
stated
Bliss Bowman & Co
bonds
here recently
1937 to 1956
ROUNDHEAD RURAL SCHOOL DISTRICT, Ohio—BONDS SOLD
—An issue or $65,000 334% school bonds has been sold to the State
Teachers' Retirement System of Columbus, at a price of par.
STRUTHERS. Ohio
BOND OFFERING — John F. Pearce
City
Auditor, will receive bids until noon Feb. 27 for the purchase at not less than
par of the following 4% coupon sidewalk construction bonds:
$7,285.25 special assessment bonds.
Denom.
$1,000, except one for
$1,285.25.
Due $2,000 on Oct. 1 in 1938, 1939 and 1940; and
$1,285.25 Oct. 1, 1941.
972.84 city's portion bonds.
Denom. $500 and $472.84.
Due $500
Oct. 1, 1938 and $472.84 Oct. 1, 1939.
,
Dated April 1, 1937.
Interest payable April 1 and Oct. 1.
Cert, checks
for $100 and $15 are required with bids on the larger and smaller issues,
respectively.
—
WARREN, Ohio—BOND OFFERING—B. M. Ilillyer, City Auditor,
will receive sealed bids until 1 p. m. on March 1 for the purchase of $130,000
not to exceed
WAYNE RURAL SCHOOL DISTRICT
(P. O. Wooster, RR. No. 2),
Ohio—BOND SALE DETAILS—The $25,000 school bonds sold to the
State Teachers' Retirement System of Columbus, as
previously reported,
bear 3% interest, were sold at par, and mature $1,000
annually.
SPRINGFIELD
OHIO
WILLIAMSBURG, Ohio—BOND OFFERING—W. E. Laycock, Village
Clerk, will receive bids until noon March 1 for the purchase of $1,800 6%
BARBERTON, Ohio—FINANCIAL STATEMENT—'The
following is
given pursuant to the recent public offering by
Bonniwell, Neil & Camden,
Inc. of Chicago, of a new issue of
$231,000 4% first mortgage sewer revenue
bonds at prices to yield from
1.50% to 3.30%:
Financial
Statement
(As officially reported
Assessed valuation (1935)-Total bonded debt
Water works bonds
Nov.
.
21,
water main bonds.
Denom. $90.
Dated Jan. 15, 1937.
Interest payable
Due $90 on each Jan. 15 and July 15 beginning July 15,
1937 and ending Jan. 15,1937.
Cert, check for $100 payable to the Village,
semi-annually.
required.
,
1936)
$19,743,635.00
*969,391.10
General sinking fund (cash and
City of Barberton
bonds).
$33,000
$583,500.00
Creek
181,732.61
765,232.61
Net debt (1.03%) of assessed valuation
204,158.49
*
This does not include this issue of
$231,000 Sewer Revenue 4% bonds
dated Dec. 1, 1936.
BELLEFONTAINE, Ohio—BOND CALL—Sanitary
BELLEVUE, Ohio—BOND OFFERING—W.
or
SCHOOL
Established
OKLAHOMA CITY,
$25,000, have been
AT&T
planning to refund about 30% of the bonds
Linda E. Schrock, Clerk of the Board of
GIRARD, Ohio—BOND OFFERING—P. W. Wilson, City Auditor, will
1 for the purchase at not less than par of
$3,800 4% judgment funding coupon bonds.
Denom. $700 and $1,000.
Dated March 1, 1937.
Interest payable April 1 and Oct. 1.
Due $700 on
Oct. 1 in 1938, 1939, 1940 and
1941; and $1,000 Oct. 1, 1942.
Principal
and interest payable at the First National
Bank, Girard.
Cert, check for
$100, payable to the City Treasurer, required.
CITY
SCHOOL DISTRICT, Ohio—BOND OFFERING—
Geo. Bartholomew, Clerk of the Board of
Education, will receive bids until
noon March 2 for the purchase at not less
than par of $35,000
3% school
building bonds.
Denom. $1,750.
Dated April 1, 1937.
Interest payable
semi-annually.
Due $1,750 on April 1 and Oct 1 in each of the
years from
1938 to 1947, incl.
Cert. check for $100, paya ble to the Board of
Education,
required.
NOW HELD APPROVED—
Solicitor Rex Bracy recently stated that the
proposed water filtration
plant bond issue was approved at the general election in
November, In¬
stead of rejected as announced
following the tabulation of votes.
The
measure required a favorable vote of
only 60%, not 65% as was originally
understood.
The issue was approved by
61% of the voters, it is said.
The information will be included in a brief which will
be filed in the State
Supreme Court in answer to the mandamus action brought by the State
Board of Health to require
village officials to show cause
improve water facilities was not obeyed.
why its order to
I MT. BLANCHARD RURAL SCHOOL
DISTRICT. Hancock County,
Ohio—BOND
a
ELECTION—An election is scheduled for Feb. 23 at which
proposition to issue $24,000 school improvement bonds will be voted
upon,
MT.
VICTORY, Ohio—BOND OFFERING— Howard
Clerk, will receive bids until
noon
O. Hager, Village
Feb. 23 for the purchase of $2,500
4%
Okla.—BONDS SOLD—It is
now
reported
by
the
City
time, have
CARTER
COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
(P. O. Berwyn), Okla.—BOND SALE— The $14,000 school building
equipment bonds offered for sale on Feb. 9—V. 144, p. 979—were
purchased by the First National Bank of Oklahoma City, as 5s, paying
a premium of
$11, equal to 100.078, a basis of about 4.99%.
Due $1,000
from July 1, 1941 to 1954.
71
and
CHICKASHA
SCHOOL
DISTRICT,
Okla.—BOND SALE—The
$42,000 school building bonds offered on Feb. 8—V. 144, p. 979—were
awarded to C. Edgar Honnold of Oklahoma City on a
2.65% int. basis.
R. J. Edwards, Inc., of Oklahoma City bid on a
2.72% int. basis.
Due
$3,000 yearly, beginning three years after date of issue.
receive bids until noon March
ISSUE
Long Distance 168
since been sold privately.
FRANKLIN TOWNSHIP SCHOOL DISTRICT
(P. O. Fayette),
Ohio—BOND SALE—The issue of $36,000
coupon school bonds offered
Feb. 6—V. 144, p. 979—was awarded to
Ryan, Sutherland & Co. of
Toledo, as 3s, at par plus a premium of $151, equal to 100.419, a basis of
about 2.92%.
Dated Marcn 1, 1937 and due $1,800 on March 1 and
Sept. 1 from 1938 to 1947, incl.
Ohio—BOND
OKLAHOMA
19
Clerk that the $4,000 6% semi-ann. water and fire
equipment bonds offered
for sale without success on March 4, 1936, as noted here at that
on
MONROEVILLE,
CY
OKLAHOMA
BROMIDE,
Education, is requesting holders of bonds which came due on Oct. 1 last to
supply her with details of their holdings, as follows: Bond
number, date
of issue, interest rate and denomination.
GIRARD
OK
Inc.
1892
B. Snyder,
DIST., Ohio—BOND REFUNDING PLANNED
•—The Board of Education is
which matured Oct. 1, 1936.
1944 ($ 3.00 basis
R. J. EDWARDS,
sewer bonds bear¬
City Auditor,
will receive bids until noon March 1 for the
purchase of $10,500 3 % pumping
station bonds.
Denom. $1,000, except one for $500.
Dated Jan. 1, 1937.
Interest payable semi-annually.
Due $1,000 yearly on Sept. 1 from 1939
to 1948; and $500 Sept. 1, 1949.
Cert, check for $150 required.
EUCLID
County, Oklahoma Funding 6%
due June 11,
Population, 1936 official estimate, 32,000.
ing 5% interest, dated Sept. 1, 1909 and in amount
called for payment on March
1,1937.
Dated
1%.
Interest payable A. & O.
A certified check for 1% or the issue,
payable to the order of the city, must accompany each proposal.
BUILDING, CLEVELAND
COLUMBUS
4% interest general improvement refunding bonds.
March 1, 1937.
Denom. $1,000.
Due $13,000 annually on Oct. 1 from
1939 to 1948 incl.
Rate of interest to be expressed in a multiple of 34 of
MITCHELL, HERRICK & CO.
CINCINNATI
$188.50
120.25
118.00
103.00
55.25
27.00
104.00
169.85
works
MUNICIPALS
700 CUYAHOGA
-----
Weil, Roth & Irving Co
Johnson, Kase & Co
Seasongood & Mayer
by
Premium
334 %
3 34 %
334%
334%
334 %
334%
3 % %
4%
Willard National Bank
WELLS COUNTY (P. O.
Fessenden), N. Dak.—CERTIFICATE SALE
DETAILS—We are now informed by the County Auditor that the
$25,000
certificates of indebtedness sold on Feb.
3, at 5% interest, as noted in these®
columns—V. 144, p. 979—were purchased as follows:
$12,500 by the First
National Bank of Fessendon, and
$12,500 by the First State Bank of
Harvey.
Due $12,500 in one year and the same amount the second
year
from date.
AKRON
Corp
Saunders, Stiver & Co
RICHARDTON, N. Dak.—BOND SALE DETAILS—It
the City Auditor that the $10,000
5% semi-annual water
purchased by the Bank of North Dakota, of Bismarck, as noted
—V. 144, p. 139—were sold at
par.
Due $500 from June 1,
$179.00
87.11
50.00
540.50
385.40
267.90
197.40
TOWNSHIP RURAL SCHOOL DISTRICT
(P. O.
R. D. No. 2), Ohio—BOND SALE DETAILS— The $32,500
building bonds awarded on Feb. 1 to Stranahan, Harris & Co., Inc.
of Toledo, as previously reported—V. 144, p. 979—were sold as 3s.
Price
paid not disclosed.
Other bids were as follows:
TO BE SOLD—It Is reported by the
City Auditor that $17,000 warrants to be used on a Public Works Ad¬
ministration paving project will be taken
by the City Water Department,
as 4s.
CANTON
—
Premium
3H.%
3K%
3 34 %
334 %
334 %
334 %
334%
Willard,
FARGO, N. Dak.—WARRANTS
OHIO
Int. Rate
school
for the purchase at not less than
par of $1,000 certificates of indebtedness
bearing interest at no more than 7%.
Denom. $500.
Dated Feb.
Interest payable semi-annually.
follows:
RICHMOND
CUT BANK
SCHOOL DISTRICT NO. 34, Bottineau
County, N.
Dak.—CERTIFICATE OFFERING—Jay E. Reed, District
Clerk, will re¬
ceive bids at the County Auditor's office in Bottineau
until 2 p. m. Feb. 18
of amount of bid, required.
as
Bidder—
Nida, Schwartz & Seufferle, Inc., Cincinnati
Edward Brockhaus & Co., Cincinnati
Seasongood & Mayer, Cincinnati
Walter, Woody & Heimerdinger, Cincinnati
Stranahan, Harris & Co., Toledo
Van Lahr, Doll & Isphording, Inc., Cincinnati
Widmann, Holzman & Katz, Cincinnati
334%.
The purchasers
premium of $226, equal to 100.113.
Dated Dec. 1,
paying par, plus a
1936.
Due on June 1 as fodows:
1943; and $15,000, 1945 to 1955.
March 2 for the purchase of $20,000 5% street
March 1 and Sept. 1.
Due $2,000 yearly on Sept. 1 from 1938 to 1947.
Cert, check for 10% of amount of bid, payable to the Village, required.
are
are
noon
lighting system bonds. Denom. $1,000. Dated Mar. 1, 1937. Interest payable
GREENSBORO.
N.
C.—BONDS OFFERED
TO
INVESTORS—A
$536,000 issue of 4% sanitary sewer improvement bonds purchased from
the Reconstruction Finance Corporation on Feb. 10 was
offered on Feb. 11
for general public subscription at
prices to yield from 1.75% to 3.90%,
according to maturity,, by a group composed of the Chase National Bank,
the First of Michigan Corp., the
Equitable Securities Corp., the Wachovia
Bank & Trust Co. of
Winston-Salem, and Oscar Burnett & Co. of Greens¬
boro.
The bonds mature from Nov.
1, 1937 to 1966. incl.
ROCKY
13, 1937
water works system bonds.
Denom. $125.
Dated March I, 1937.
In¬
terest payable semi-annually.
Due $125 on March 1 and Sept. 1 in each
of the years from 1939 to 1948, Incl.
Cert, check for 1 % of amount of bid,
CLEVELAND. Okla.—BOND ISSUANCE CONTEMPLATED—We
are
by G. W. C. Jackson, City Clerk, that the city has made applica¬
a Public Works Administration allotment on a
power plant pro¬
ject, on which it is expected that $78,000 will have to be issued to secure
the loan portion of said allotment.
advised
tion for
.
CREEK COUNTY SCHOOL
DISTRICT NO.
69
(P. O. Sapulpa),
Okla.—BOND SALE—The
$5,500
school
building bonds offered on
Feb. 1—V. 144, p. 818—were awarded to C. Edgar Honnold of
Oklahoma
City.
DRUMRIGHT
SCHOOL
DISTRICT
(P.
—BOND
O.
Drumright).
Okla.
EXCHANGE SCHEDULED—It is stated by the Clerk of the
Board of Education that $80,000 refunding bonds
approved recently by
the Attorney General, are to be exchanged for the
held
original bonds, now
by an insurance company.
HASKELL,
Okla.—BOND SALE CANCELED—W. H. James, Town
Clerk, states that the sale of the $12,000 water works bonds on Jan. 29
to R. J. Edwards, Inc., of Oklahoma City, as noted here—V.
144, p. 979
—has
been
canceled.
He
voters again on March 2.
that the bonds will be submitted to the
Due $1,000 annually from 1941 to 1952, incl.
says
NOBLE, Okla.—BONDS SOLD—It
$10,000
sewer
is stated
by the City Clerk that
bonds have been sold.
OKLAHOMA COUNTY SCHOOL DISTRICT NO. 63
(P. O.
homa City), Okla.—BOND SALE—The $35,000 issue of school
Okla¬
building
Feb. 9—V. 144, p. 979—was awarded to C. Edgar
Honnold, of Oklahoma City, divided as follows:
$12,000 as 434s, due in
1940, and $23,000 as 434s, maturing $12,000 in 1941, and $11,000 in 1942,
according to the District Clerk.
offered for
sale
on
Volume
OREGON
COUNTY
CURRY COUNTY SCHOOL DISTRICT NO. 17 (P. O. Brooking.)"
Ore.—:BOND SALE—The $5,500 issue of coupon school bonds offered for
on Feb. 5—V. 144, p. 818—was awarded to Atkinson, Jones 8c Co.
of Portland, as 4 Ms. paying a premium of $3.85, equal to 100.07, a basis
of about 4.49%.
Dated March 1,1937.
Due $500 from March 1,1942 to
1952, incl.
•
v
sale
FORESTIGROVE, Ore.—MATURITY-—It Is stated
by~the
City Re-
corder that the $32,000 3 M % light revenue warrants purchased by the First
National Bank of Forest Grove, as noted in these columns recently—V. 144,
p.
£18—are being paid off at the rate of $800 monthly.
KLAMATH COUNTY SCHOOL DISTRICT (P. O. Klamath Falls),
Ore.—BOND SALE—The $75,000 school bonds offered on Feb. 10—V. 144,
P. 980—were awarded to Oamp 8c Oo., Inc., of Portland and Conrad,
Bruce & Oo. of San Francisco as 2Ma at a price of 100.57, a basis of about
2.24%.
Dated March 1,1937.
Due on March 1 as follows: $15.000,1939,
and $20,000, 1940, 1941 and 1942.
The First National Bank of Klamath
Falls bid par for $55,000 2%a and $20,000 2Ms.
OFFERING NOT
CONTEMPLATED—
Ryan, City Recorder, states that no plans have been made as yet to
ONTARIO,
F. P.
Ore.—BOND
reoffer the $40,000 not to exceed 5% semi-ann. water bonds that were
offered for sale without success on Dec. 28, as noted here at that time—
Y. 144, p. 140.
Due $5,000 from Dec, 1, 1940 to 1947, inclusive,.
POLK COUNTY SCHOOL DISTRICT NO.
WARRANT OFFERING—Sealed bids will be
Feb. 24, by Mattie I. Carr, District Clerk, for
issue of warrants.
Bidders to name the rate
June 1, 1938 to 1947, incl.
Prin. and int. (J. &
of the District Clerk.
4 (P. O. Dallas), Ore.—
receivedflmtil 8 p.m. on
the purchase of a $4,000
of int.
Due $400 from
D.) payable at the office
(These warrants were offered for sale without success on Jan. 8, as noted
In these columns—V. 144, p. 980.)
City of Philadelphia
3
Sayre Borough, Bradford County; $55,000; funding floating indebtedness
$49,000; refunding bonded indebtedness $6,000; Feb. 2.
Mahaffey Borough, Clearfield County; $6,000; refunding bonded in....
SCHOOL DISTRICT NO. 8 (P. O. Coquille),
Ore.—BOND SALE—-The $22,500 Issue of 4% coupon school bonds
offered for sale on Feb. 2—V. 144, p. 818—was awarded to the Coos
Bay National Bank of Marshfield. for aSpremium of $720.80, equal to
103.203, a basis of about 3.30%.
Dated March 1, 1937.
Due from 1941
to 1943.
The second highest bid was submitted by the First National
Bank of Portland, an offer of 102.59,
______
COOS
1149
Financial Chronicle
144
H % Bonds due July 1, 1986-56
Price: 105.158 and Interest To Net
2.90%
debtedness * ITot)
2
Coal Township,* Northumberland County, $175,000; funding floating
indebtedness; Feb. 3.
Troy Borough, Bradford County; $28,000; refunding bonded indebted¬
ness $10,000; street and sewer improvements $18,000, Feb. 3.
Meadville, City of, Crawford County, $74,000; refunding bonded in¬
debtedness; Feb. 3.
Lincoln Township School District, Allegheny County; $23,000; pay part
...
cost of
purchasing or acquiring a proper site for a central school
erect, equip and furnish a school building thereon; Feb. 3.
Approved
Amount
Jan, 25
$70,000
Philadelphia
PENNSYLVANIA
ALTOONA SCHOOL DISTRICT, Pa .—BOND SALE—The H50.000
Feb. 8—V. 144, p. 818—were awarded to S. K.
Cunningham 8c Co. of Pittsburgh, as 2 Ha, at par, plus a* premium of
$847.50, equal to 100.565, a basis of about 2.32%.
Dated March 1, 1937,
Due yearly as follows $30,000 in 1938,1939 and 1940, and $20,000 in 1941,
1942 and 1943.
Other bidders were:
■
Price or
Name—
Int. Rate Premium Bid
Singer, Dearie 8c Scribner, Pittsburgh——*
2%%
$947.00
Bancamerica-Blair Corp., Philadelphia
3%
101.2764
Leach Bros., Inc., New York
3%
100.03
Stroud & Co.. Philadelphia..
3M%
100.349
.
...........
AMBRIDGE SCHOOL DISTRICT, Pa.—BOND SALE—The $120,000
coupon school bonds offered on Feb. &—V. 144, p. 652—were awarded to
Brown, Harriman & Co. of New York, as 2 Ms, at par, plus a premium of
$357.60, equal to 100.298, a basis of about 2.19%.
Singer, Deane 8c
Scribner or Pittsburgh offered a premium of $131.84 for 2 Ms.
Dated
Feb, 1, 1937.
Due on Feb. 1 as follows $20,000 in 1938 and 1939, and
$10,000 from 1940 to 1947.
Brown Harriman 8c Co., Inc. of New York are making public offering
at prices to yield from 0.75% to 2.25%, according to maturity.
The
bonds, in the opinion of the bankers, meet the present requirements as legal
investments for trust funds in Pennsylvania, and are exempt from personal
property taxes in that State.
a
basis of about 3.76%.
Due
as
follows: $9,000 in 1942, 1947,1952, 1957:
$4,000 in 1962.
ETNA SCHOOL DISTRICT, Pe.—BOND OFFERING—C. W. Clark
will receive bids at the High School office until 7:30 p. m. March 1 for the
purchase of an issue of $25,000 coupon bonds.
Bidders are to name rate
of interest, in a multiple of M%. but not to exceed 3%.
Denom. $1,000.
Due $5,000 in each of the years 1939, 1941,1943, 1945 and 1947.
Cert,
check for $500 required.
The bonds will be dated March 1,
bejpayable
on
March 1.
1937.
Principal due annually will
Approving opinion of Burgwin, Scully & Churchill
of Pittsburgh will be furnished the successful bidder.
Amount
,
.....
$18,000
600,000
16,000
.....
Seven
Valley Borough, York County—Erecting and
operating water works.......
Goldsboro Borough, York County—Purchasing a town
haU
16,000
Jan. 8
^
,
Jan. 8
—
3,200
Date
Municipality and Purpose—
Approved
Kingston Township School District, Luzerne County—
—Constructing an addition to high school building,
equipping same....
Jan. 11
Clarks Summit Borough, Lackawanna County—Pay¬
ing part cost of construction of an out-fall sanitary
sewer and sewage disposal plant
...
North Versailles Township, Allegheny County—Per¬
manent street and sewer improvements $13,000; funding floating indebtedness $12,000
Evansburg Borough School District, Butler CountyPurchase suitable location and pay for the erection
and construction of a high school building thereon..
Masontown
Borough,
Fayette County—Refunding
bonded indebtedness
Harris Township School District, Centre County—
...
Amount
$26,000
Jan. 11
54,000
Jan. 12
25,000
Jan, 12
60,000
Jan. 12
8,000
Jan. 13
....
24,500.
Jan. 14
50,000
Jan. 14
90,000
•
_
and
with
Carbon County—Constructing an annex to the Court
House-equipping and finishing same
Centerville
Borough
School
District,
Washington
and
—
SOUTH HUNTINGDON TOWNSHIP SCHOOL DISTRICT (P. O.
West Newton, R. D. 1), Pa.—BOND SALE—The issue of $90 000 coupon
school bonds offered on Feb. 5—V. 144, p. 653—was awarded to Singer,
Deane 8c Scribner Inc. and Glover 8c MacGregor, Inc., both of Pittsburgh,
as 3MS» at par plus a premium of $93 equal to 100-103, a basis of
3.23%,
Dated Feb. 15, 1937 and due Feb. 15 as follows: $7 000,
1938; $8,000, 1939 and 1940: $9,000, 1941 to 1943 incl., $7,000, 1944;
$6,000, 1945; $5 000, 1946; $6,000, 1947; $4,000 from 1948 to 1951 incl.
and $1,000 in 1952.
All bonds numbered from 41 to 90 are subject to call
on any interest date prior to maturity,
r
Jointly,
about
WINT6N, Pa.—BOtffiSALE^The borough has sold an issue of $60,000
judgment and debt funding bonds to the Pennsylvania Public School Em¬
ployees' Retirement Board at par.
Denomination $1,000.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
KIRCHOFER & ARNOLD
INCORPORATED
BERWICK POOR DISTRICT (P. O. Berwick), Pa.—BOND OFFER¬
ING—The Overseers of the Poor will receive bids until 11 a. m. Feb. 27,
for the purchase of an issue of $31,000 3 % refunding bonds.
Dated April 1,
1937. Due on April 1 as follows: $2,000,1938 to 1952, and $1,000 in 1953.
► CLARKS SUMMIT, Pa.—BOND SALE—The issue of $40,000 4% sewer
and disposal plant bonds offered on Feb. 9—V. 144, p. 980—was awarded
to the Abington National Bank of Clarks Summit at a price of 102.50,
25.000
Date
County—Paying part cost of constructing
equipping a high school building........
coupon bonds offered on
Jan. 26
Municipality and Purpose—
' Approved
Lykens Borough, Dauphin County—Erect and equip
fire house, and acquire land for same
Jan. 5
Norristown
Borough
School District, Montgomery
County—Acquire land and erect school buildings and
other school purposes.
Jan. 5
Hatfield Borough School District, Montgomery County
—Refunding bonded indebtedness..
Jan, 6
Purchasing necessary land for and the erection
1520 Locust Street
building;
Date
Municipality and Purpose
Conshohocken Borough School District Montgomery
County—Altering senior high school building;
purchasing site for and the construction and fur¬
nishing of an addition to said school building
Huntingdon Borough School District, Huntingdon
County—Funding floating indebtedness
construction of a public school building thereon
all necessary equipment.
...
.......
Moncure Biddle & Co.
,
,
A. T. T. TELETYPE RLGH 80
RALEIGH. N. O.
SOUTH
CAROLINA
McCORMICK
COUNTY
(P. O. McCormick), S. Caro.—BOND
SALE—The $20,000 coupon, registerable as to principal, general obligartion, unlimited tax, highway refunding bonds offered on Feb. 6—V. 144,
p. 980—were awarded to Johnson, Lane, Space 8c Go. of Savannah.
Due
$2,000 on May 1 in each of the years 1940, 1942, 1943, 1944, 1945, 1946,
1947. 1948, 1949 and 1950.
COUNTY (P. O. Bennettsville), S. Caro.—BOND
coupon highway bonds offered on Feb. 10—V. 144,
awarded to R. S. Dickson 8c Co. of Charlotte, as 3Ha. at
par plus a premium of $2,452.50, equal to 100.545, a basis of about 3.20%.
Dated Jan. 1, 1937.
Due $45,000 yearly on Jan. 1 from 1946 to 1955,
incl.
The Robinson-Humphrey Oo. of Atlanta was second high bidder,
offering a premium of $6,030 for 3Ms.
MARLBORO
SALE—The
$450,000
p. 819—were
HAMBURG SCHOOL DISTRICT, Pa .—BOND SALE—'The $30,000
registerable as to principal, refunding bonds offered on Feb. 5—
Y, 144, p. 493—were awarded to Singer, Deane & Scribner of Pittsburgh,
as 2Ms, at par, plus a premium of $223, equal to 100.743, a basis of about
2.40%.
Chandler & Co. of Philadelphia offered a premium of $547 for
2Ha and E. H. Rollins & Sons of Philadelphia a premium of $354 for 3s.
Dated Feb. 1, 1937.
Due $2,000 yearly on Feb. 1 from 1938 to 1952, incl
coupon,
INDUSTRY TOWNSHIP (P. O. Box 21, Vanport), Pa .—BOND
OFFERING—T. P. Normile, Township Secretary, will receive sealed
bids until 1.30 p. m. on Feb. 27 for the purchase or $2,500 not to exceed
5% int. township bonds.
Dated March 1, 1937.
Denom. $500.
Due
March 1, 1943.
Prin. and int. (M. 8c S.) payable at the Midland Bank of
Midland.
A certified check for $50 must accompany each bid.
Legal
opinion will be furnished by the Board of Education.
KITTANNING, Pa .—BOND SALE—The $23,000 3% coupon, regis¬
as to prin., fire house bonds offered on Feb. 8—V. 144, p. 652—
awarded to Glover & MacGregor of Pittsburgh at par, plus a premium
terable
were
of $883, equal to 103.839, a basis of about 2.58%.
George G. Appelgate
and S. K. Cunningham 8c Co., both of Pittsburgh, offered a premium of
$810.75 for the issue.
Dated Dec. 1, 1936.
Due $1,000 yearly on Dec. 1
1937 to 1956, incl., except that in the years 1943, 1950 and 1956,
$2,000 will come due.
from
OLYPHANT SCHOOL DISTRICT, Pa.—BOND OFFERING—John R.
O'Connor, District Secretary, will receive bids until 8 p. ,m. Feb. 15 for
the purchase of an issue of $40,000 coupon bonds.
Bidders are to name
rate of int., making choice from 3M%. 4%, 4M% and 5%.
Denom.
$1,000.
Int. payable semi-annually on Feb. 1 and Aug. 1.
Due $8,000
Certified
on Feb. 1 in each of the years 1942, 1947, 1952, 1957 and 1962.
check for 5% required.
The issue will be dated Feb. 1,1937.
PENNSYLVANIA
(State of)—LOCAL ISSUES APPROVED—The
following bond issues have been approved by the Department of Internal
Affairs, Bureau of Municipal Affairs.
Details include the name of the
municipality, amount and purpose of issue and date approved.
Spring City Borough, Chester County, $35,000; constructing a sanitary
system, pumping station and disposal plant: Feb. 1.
"Overseers of the Poor of the Borough of Berwick,
Cambria County;
$31,000; refunding bonded indebtedness; Feb. 1.
sewerage
SOUTH
DAKOTA
BRITTON, S. Dak.—BOND SALE—An issue of $75,000 3 M % refunding
bonds has been sold to Walter, Woody 8c Heimerdinger of Cincinnati.
FALL
RIVER
COUNTY
(P.
O.
Hot
Springs),
S.
Dak.—BOND
SALE—The $110,000 issue ot AH% coupon semi-ann. funding bonds
offered for sale on Feb. 1—V. 144, p. 653—was purchased by the First
National Bank 8c Trust Oo. of Minneapolis, at par.
Due serially in 20
years.
LEMMON, S. Dak.—BOND OFFERING—It is stated by Fred F. Voigt,
City Treasurer, that he will receive sealed bids until 2 p. m. on Feb. 22,
for the purchase of a $17,000 issue of 5% semi-ann. street
bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Due $1,000
improvement
from 1940 to
1956, inclusive.
MADISON INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
Madison), S. Dak.—BOND OFFERING—Q. N. Arneson, District Clerk,
will receive sealed and oral bids until 8 p. m. on Feb. 16, for the purchase
of a $40,000 issue of refunding bonds.
Interest rate is not to exceed 4%,
payable A. 8c O.
Dated April 1,1937. Due on April 1 as follows: $3,000,
1940 to 1943, and $2,000, 1944 to 1957.
The approving opinion of Junell,
Driscoll, Fletcher, Dorsey 8c Barker, of Minneapolis, will be furnished.
A certified check for $1,000 must accompany the bid.
(These are the bonds mentioned in these columns recently, to be sold
on Feb. 19—V. 144, p. 980.)
MARSHALL COUNTY
(P. O. Britton), S. Dak.—BONDS SOLD—
It is reported that $75,000 refunding bonds were purchased recently
Walter, Woody 8c Heimerdinger of Cincinnati, as 3Ms.
by
PIERPONT, S. Dak.—BOND SALE—It is reported by the Town Clerk
that the First State Bank of Pierpont has purchased the following 5%
semi-annual bonds aggregating $6,900: $4,500 electric system refunding,
and $2,400 park improvement bonds.
TENNESSEE
CANNON COUNTY (P. O. Woodbury), Tenn.—BOND SALE— The
County Court has sold an issue of $56,000 3% funding and county building
1150
Financial
Chronicle
Feb.
1937
13,
bonds to Clark & Co. and the J. B. Joseph
Co., both of Nashville, at par,
plus a premium of $16, equal to 100.028.
£OU1£TY (P* °- Rock wood), Tenn.—BOND
BILL SIGNED—We
are now
informed that
on
NORTHWESTERN
(p- °* Memphis), Tenn.—SCHOOL
A
MUNICIPALS
Washington
VALIDATION
Feb. 1 the Governor signed
a bill
validating the issuance of $496,000 funding bonds.
(We had pre¬
viously reported that another bill was signed on Jan. 19, validating the
issuance of $245,000 in funding bonds.)
Idaho
—
Oregon
SPOKANE
SEATTLE
Teletype—SPO 176
TEXAS
sewer
bonds.
COLORADO
It is stated by
COUNTY (P. O. Columbus), Tex.—BONDS SOLD—
County Judge H. Buescher that $40,000 5% semi-annual
purchased by the Van H. Howard Co. of San Antonio.
road bonds were
the"
FORSAN, Tex.—BONDS
SOLD—It isreported by
Superintendent
school bonds have been purchased by the State
or Schools that
$10,000
Board of Education.
FERRY COUNTY SCHOOL DISTRICT NO. 308 (P. O. Republic),
SALE—The $16,500 school bonds offered on Feb. 6;—
Y. 144, p. 820—were awarded to the State Finance Committee of Wash¬
ington on a bid of par for 3H%.
Dated Feb. 15, 1937.
Due on Feb. 15
as follows: $300,1939 and 1940; $500,1941; $700,1942 and 1943, and $1,000,
1944 to 1957.
Wash.—BOND
LINDSAY
IRRIGATION DISTRICT
(P. O. Sequim). Wash—
the District,
$62,500 refunding bonds have been purchased by the State of Wash¬
ington.
BONDS SOLD—It is stated by J. W. Lindsay, Attorney for
that
HASKELL COUNTY (P. O. Haskell), Tex.—BOND AND WARRANT
REDEMPTION—Charlie Conner, County Judge, states that the
county
has exercised its option to redeem on
April 1, on which date interest shall
cease, the following warrants and bonds:
$38,000 6% county court house improvement warrants, series 1931.
Dated
April 13, 1931.
73,000 5% % county court house improvement funding bonds, series
1932.
Dated Oct. 1, 1932.
Denom. $1,000.
The said bonds will be redeemed at
par and accrued interest on the date
called, plus a premium of 3%, at the office of the
Guaranty Trust Co.,
HOUSTON INDEPENDENT SCHOOL DISTRICT (P.
O. Houston),
Tex.—BOND SALE—The $225,000 Houston Heights school
refunding bonds
offered on Feb. 9—V. 144, p. 981—were awarded to the
George Y. Rotan
Cok£" Houston. Bonds maturing from 1938 to 1947 will bear interest
t
07.
Tirl
fKo
V
a
i
1
1942; $15,000, 1943 to
i947;
f
~
1
and $20,000, 1948 to
g% 4 o
_
-infA
ao/m
1952!
WEST VIRGINIA
is
LAMAR
COUNTY
(P.
O.
Paris),
Texas—BOND ELECTION—An
$150,000
MILAM COUNTY ROAD DISTRICT NO 10 (P. O.
Cameron), Tex.—
BOND REFUNDING ARRANGED—The Commissioners' Court
of Milam
County is said to have entered into a contract with Bowman, Roche & Co.
of Austin, for the refunding of $56,000 bonds.
PORT ARTHUR INDEPENDENT
SCHOOL
Port
Arthur), Texas—BOND SALE—The
DISTRICT
(P.
O.
$130,000 refunding bonds
on Feb. 9—V. 144,
p. 819—were awarded to the W. K. Ewing Co.,
Inc., of San Antonio and Sutherlin & Scran ton, Inc., of New Orleans,
jointly.
The purchasers offered par, plus a premium of $29.70, equal to
100.022, stipulating an interest rate of 3% on the first $113,000 bonds
and 2%% on the remainder.
Due on May 1 as follows
$7,000, 1938;
IR'0.00^1939 and 194°: $7,000, 1941; $8,000, 1942; $5,000, 1943; $15,000,
1944; $20,000, 1945; $33,000, 1946; and $17,000 in 1947.
H. C. Burt &
Co. of Houston submitted the only other bid received.
offered
PORT ISABEL, Tex.—BONDS SOLD—It is reported that A. S.
Huyck
Chicago purchased recently a $40,000 issue of water works bonds.
& Co. of
WHARTON, Tex.—BOND
SALE—The $85,000 coupon paving bonds
981—were awarded to A. W. Snyder & Co.
plus a premium of $101, equal to 100.118, a
basis of about 2.98%.
Russ, Roe & Co. of San Antonio were second high,
offering a premium of $121 for 2H% and 3K% bonds.
Dated Feb. 10,
1937.
Due on Feb. 10 as follows: $7,000, 1938 and
1939; $8,000, 1940 and
1941: $9,000, 1942 to 1946; and $10,000 in 1947.
offered
of
on
Feb
Houston,
as
8—V.
3s,
144,
BRIDGEPORT, W. Va .—BONDS AUTHORIZED—The City CouncJ
said to have approved recently a $35,000 issue of building bonds.
GREENBRIER
AND
TALCOTT
MAGISTERIAL
p.
at par,
DISTRICTS
(P. O. Hinton). W. Va .—BOND REDEMPTION NOTICE—We are in¬
5% road and bridge bonds, called for payment at
formed that the following
the Kanawha Valley Bank of Charleston, on
Jan. 1,
time, have not been presented for payment as yet:
Greenbrier Magisterial District, numbered 73 , 74
Denom. $1,000.
All bonds are dated Oct.
election is said to be scheduled for Feb. 27 to vote on the issuance of
in road bonds.
Carroll,
on April
1 as follows
$330,000, 1938; $700,000, 1939; $800,000, 1940;
$985,000, 1941; $1,025,000. 1942; $1,050,000, 1943; $1,100,000. 1944:
$1,110,000, 1945; $1,150,000, 1946 and 1947, and $1,550,000, 1918 and
1949.
Prin. and int. payable at the State's fiscal agency in New York,
or at the office of the City Treasurer.
Talcott Magisterial District, numbered 48, 49, 52
denom. of $1,000 each, and numbers 119 and
IRION COUNTY (P. O. Sherwood), Tex.—BONDS
SOLD—R. J.
Atkinson, County Judge, states that $50,000 court house and jail bonds
were sold on Jan. 25 to
Mahan, Dittmar & Co. of San Antonio.
W.
City Comptroller, confirms the report given in these columns recently that
Council approved an ordinance providing for the issuance of $12,500,000 in 4H% transportation revenue refunding and improvement,
series Y bonds, to be submitted to the voters at the primary election on
March 9—V. 144, p. 820.
Denom. $1,000.
Dated April 1, 1937.
Due
the City
New York.
^
Wash.—BOND ELECTION DETAILS—H.
SEATTLE,
GEORGETOWN, Texas—BOND SALE DETAILS—It is now stated
by the City Secretary that the $25,000 3M% water bonds purchased
by
Mahan, Dittmar & Co. of San Antonio, as noted here recently—V. 144, p.
981—were sold for a premium of $28.75, equal to
100.11, a basis of about
3.49%, on a maturity of $1,000 annually from Dec. 15, 1937 to 1961 incl.
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
WASHINGTON
to
COLORADO, Tex.—BOND REFUNDING COMPLETED—It is re¬
ported that the city has completed the refunding of $20,000 in street and
Montana
—
Ferris & JHardgrove
BONDS
AUTHORIZED—We are informed that the Governor signed a bill on Feb. 3,
authorizing the County Board of Education to issue $500,000 in bonds.
BARTLETT, Tex.—BOND SALE—The City Council has agreed to sell
Bowman, Roche & Co., Inc. of Austin an issue of $84,000 414 and 4*A%
electric light and power system revenue bonds.
—
as
noted here at that
77,
78, 81 and 82.
4
to 54, 56, 58 to 62, in the
120 in the $500 denom.
,
1, 1915.
WISCONSIN
Wis.—BOND OFFERING—Sealed bids will be received
26 by Wm. A. Gergen, City Clerk, for the purchase
3% coupon waterworks improvement bonds, 1936.
Denom. $1,000.
Dated March 1, 1937.
Due on March 1 as follows:
$3,000, 1938 and 1939; $6,000, 1940 to 1945, and $9,000 in 1946 and 1947.
Principal and interest payable at the office of the City Treasurer.
Interest
payable annually on March 1.
Authority for issuance is Chapter 67,
BEAVER DAM,
until 8 p. m.on Feb.
of a $60,000 issue of
Statutes, 1935.
Bonds will be sold for not less than par and
The purchaser is required to furnish the approving legal
A certified check for $1,000, payable to the City Treasurer,
must accompany the bid.
(These bonds were originally scheduled for sale on Feb. 15, as noted in
our issue of Feb. 6—V. 144, p. 981.)
Wisconsin
accrued interest.
opinion.
BRIAR
HILL, SANITARY
DISTRICT
O.
(P.
Madison),
Wis.—
BOND SALE—The $15,000 issue of sewer and water bonds offered for sale
on Feb. 8—V. 144, p. 820—was purchased by Hawley, Haydon & Co. of
Chicago, as 3Hs, at par.
Dated Feb. 15, 1937.
Due $1,500 from April
15, 1938 to 1947, incl.
No other bid was received, reports the Secretary^to
the Commissioners.
^
_
FALLS, Wis.—BOND SALE—'The $65,000 coupon "voca¬
10—V. 144, p. 820—were awarded to
Bartlett, Knight & Co. of Chicago as 2Hs at par, plus a premium of $10,
equal to 100.015, a basis of about 2.49%.
The Wells-Dickey Co. of Min¬
neapolis bid par for 2^s.
Dated Feb. 1, 1937.
Due as follows; $3,000,
1938 to 1947, and $3,500, 1948 to 1957.
CHIPPEWA
tional school bonds offered on Feb.
PORTAGE COUNTY
(P. O. Stevens Point), Wis.—NOTE REFUND¬
ING AUTHORIZED—The County Supervisors are reported to have passed
resolution providing for the refunding of $100,000 in corporate purpose
a
ROSWELL SCHOOL DISTRICT (P. O.
Meridian), Texas—BOND
ELECTION—An election is reported to be scheduled for Feb. 23 to vote
on the issuance of
$75,000 in school bonds.
OFFERINGS
WANTED
UTAH—IDAHO-NEVADA-MONTANA—WYOMING
notes at \ H%The new notes will be dated Feb. 1, 1937, will mature on
Aug. 15, 1938, and will become optional on Feb. 1, 1938, it is said.
thattlUe
TOMAH, Wis.—BONDS SOLD—It is stated by the Town Clerk
$9,300 artificial lake bonds approved by the voters at an election on Sept.
8, 1936, have been sold.
WAUSHARA
COUNTY
O.
(P.
Wautoma),
Wis .—NOTE
SALE
DETAILS—J. J. Johnson, County Clerk, states that the $50,000 corporate
which were sold recently, as noted in these columns—V. 144,
p. 982—were purchased by C. W. McNear & Co. of Chicago as 3s at par.
purpose notes
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT
Phone Wasatch
LAKE
Canadian
CITY
3221
Bell
Teletype:
SL K-372
UTAH
Municipals
Information and Markets
!
;
BRAWLEY, CATHERS & CO.
GARLAND
Utah—BONDS SOLD TO PWA-lt is stated by Ethel
Rogers, City Recorder, that $31,000 4% semi-ann. water revenue bonds
approved by the voters on Sept. 19, 1936, were purchased by the Public
25
KING
ST.
ELGIN
WEST, TORONTO
6438
Works Administration.
CANADA
BRANTFORD,
$25,000
NEWPORT NEWS, Va., 5s,
Due
June
1952
Ont.—OTHER
BIDS—The
awarded to the Bank of Montreal of Montreal at
@ 3.10% basis
of about
for
as
3.39%,
as
previously reported—V.
a
$215,000 3^%
bonds
price of 100.62, a basis
p. 982, were also bid
144,
follows:
Bidder—
Rate Bid
R. A. Daly & Co
100.278
Cochran, Murray & Co
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
Harrison &
Co
100.07
—
MONTREAL
CATHOLIC
SCHOOL
Montreal)—BOND SALE—The
registerable
as
—
COMMISSION,
$4,550,000
non-callable
to principal only, refunding bonds offered
_
Que.
334%
on
98.01
(P.
O.
coupon,
Feb. 8
were
awarded to
a syndicate composed of A. E. Ames &
Co., Toronto; L. G.
Co., Montreal; Dominion Securities Corp., Toronto; Hanson
Bros., Inc.; Rene T. Leclerc, Inc.; Ernest Savard, Ltd.; Banque Canadienne
National, and the Bank of Montreal, all of Montreal, at a price of 99.29, a
basis of about 3.59%.
The bonds are dated Feb. 15, 1937 and will mature
on Feb. 15 as follows: $2,000,000 in 1944; $1,000,000 in 1947; and
$1,550,000
in 1949.
Bonds to be refunded mature Feb. 15, 1937.
Beaubien &
VIRGINIA
TAPPAHANNOCK, Va .—BOND OFFERING—i t is stated by R. B.
Rouzie, Jr., Town Clerk, that he will receive sealed bids until 2 p. m. on
Feb. 18 for the purchase of a $36,000 issue of utility bonds.
Interest rate
is not to exceed 4%, payable A. & O.,
to be stated in
multiples of
or
Dated Oct. 1, 1936.
Due on Oct. 1 as follows: $1,000,
1944, and $2,000, 1945 to 1959.
Each bidder must state in his
proposal a single rate to be borne by the bonds and no proposals will be
considered for bonds bearing interest at a rate higher than the lowest rate
stated in any legally acceptable
proposal.
When the same rate is specified,1
the award will be made to the bid complying with the terms of sale and offer¬
ing to pay the highest price therefor.
In addition to the amount bid, the
l-10th of 1%.
1939 to
ate of the bonds
Surchaser must pay accrued interest at the rate borne by the bonds from the
the date of payment of the purchase price.
A certified
to
check for
2%, payable to the town, must accompany the bid.
Second high bid of 98.1848 was made by a group composed of Wood,
Gundy & Co.; the Royal Bank of Canada; Bank of Nova Scotia, Provincial
of Canada; Bell, Gouinlock & Co.; McLeod, Young, Weir & Co.;
Mills, Spence & Co.; Collier, Norris, Henderson, Mead & Co.; McTaggart,
Hannaford, Birks & Gordon; Nesbitt, Thomson & Co.; Societe De Place¬
ments, Inc.; Greenshields & Co.; Paul Gonthier & Co.; W. C. Pitfield &
Co.; and Henri Turgeon, Ltd.
Bank
The bankers reoffered the $1,000,000
10-year liens at a price of 99.25,
yield about 3.59%, and the $1,550,000 12-year obligations at 98.25,
yield about 3.68%.
The $2,000,000 seven-year loan was sold prior to
the formal offering of the bonds.
to
to
@FedFRASER