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BUS. ASM.
\m 2-
COPVRIOHTEDIN 1936 BY WILLIAM B. DANA COMPANY, NEW
YORK.
VOL. 142. lMUtdW^^,,Copy-
ENTERED AS SECOND-CLASS
NEW YORK, FEBRUARY 29 1936.
Chartered
NO. 3688
NATIONAL BANK
Kidder, Peabody & Co.
1866
President
BROOKLYN
/-
YORK
tra-
bankers'- bank.
a
it
years
many
served
NEW
CHASE is
ditionally
For
OF
CITY
THE;
PHILADELPHIA
.
THE
OF
BOSTON
NEW YORK
George V. McLaughlin
NEW YORK
CHASE
THE
COMPANY
^
j
TRUST
BROOKLYN
THE ACT OF MARCH 8, H79.
MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER
has
large ; number
a
of banks and bankers
New York
Wells Fargo Bank
Government
FRANCISCO
Member Federal Deposit Insurance
Securities
Corporation
United States
OVER $200,000,000
RESOURCES
Deposit Insurance Corporation
United States
UnionTrustCo.
SAM
depository.
reserve
Member Federal
&
and
correspondent
and
COMMERCIAL BANKERS SINCE 185?.
>
as
Government
Securities
The
Hallgarten & Co.
FIRST BOSTON
CORPORATION
Brown Harriman & Co.
Incorporated "
Established 185$
BOSTON
NEW YORK
CHICAGO
NEW YORK
AND OTHER PRINCIPAL CITIHS
London
Chicago
Street, New York
Telephone: BOwling Green 9-5000
SAN FRANCISCO
PHILADELPHIA
63 Wall
Boston
Philadelphia
San Francisco
Chicago
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
npi
120
lhe
Broadway
State and
New York
Amsterdam
London
NewYbrkTrust
Municipal Bonds
i
61
BROADWAY
Capital Funds
NEW YORK
Berlin
Amsterdam
Company
Co.
Carl m. loeb
.
$32,500,000
INC.
New York
Paris
London
Barr Brothers & Co.
IOO
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
EDWARD B. SMITH & CO.
New York
31 Nassau Street
PHILADELPHIA
Cleveland
New York
•
•
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
United States Government
NEW YORK
SECURITIES
State
European Representative's Office:
Railroad
London
•
8 KING
Easton
-
-
Municipal
Public Utility
BONDS
WILLIAM STREET
LONDON, E. C. 4
Correspondent
*
R.W.Pressprich&Co.
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Member Federal Reserve
N.
Y.
System and
MEMBERS NEW YORK STOCK
New York
Clearing House Association
Chicago
EXCHANGE
Philadelphia
San Francisco
Chronicle
Financial
n
Feb. 29
1936
BAKER, WEEKS
&HARDEN
Je & We
Investment Securities
A. G. Becker & Co.
Members
Established 1893
Seligman & Co.
>
New York Stock Exchange
No.
64
New York Curb Exchange
Philadelphia Stock Exchange
Investment Securities
Chicago Board of Trade
52 WALL
Commercial Paper
New York
STREET, NEW YORK
London
Graybar Building, New York
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
Chicago
6
Correepondente
SELIGMAN BROTHERS
Lothbury, London, E. C. 2
Bourse
And Other Cities
Wall Street
NEW YORK
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
BIRMINGHAM
NEWARK
H.
THE
M. CHANCE
FOR
New
Jersey State & Municipal Bonds
AND
Newark Bank & Insurance Stocks
MARX & CO.
FLOTATION PROCESS
SAND
CLEANING
BIRMINGHAM, ALABAMA
COAL
CONCENTRATING ORES
SOUTHERN
Drexel Bldg., Philadelphia, Pa.
MUNICIPAL
AND
CORPORATION BONDS
J. S. RIPPEL & CO.
18 Clinton St.
Foreign
Newark, N. J.
Foreign
Australia and New Zealand
Royal Bank of Scotland
Incorporated by Royal Charter 1727
ST.
LOUIS
Capital (fully paid)
BANK OF
£3,780,192
Reserve fund
NEW SOUTH WALES
£3,857,143
.
Deposits
£64,009,174
(ESTABLISHED 1817)
(With which
amalgamated the Western Australian
Australian.Bank of Commerce, Ltd.)
are
Bank and The
Paid
St. Louis Securities
Over
200 Years of Commercial
£8,780,000
6,150,000
Reserve Liability of Proprietors—
8,780,000
CHIEF
3
5r/x
£23,710,000
Co.
4
SAINT LOUIS
FOREIGN
HEAD
Aggregate Assets 30th Sept., 1935. £115,559,000
A. C. DAVIDSON, General Manager
747 BRANCHES AND AGENCIES In the
Australian
States, New Zealand, Fiji, Papua,
Mandated Territory of New Guinea, and London.
The Bank transacts every description of Aus¬
tralasian
Banking
Wool
Business.
Produce Credits arranged.
and
other
Head Office:
London Office:
George Street,
William Whyte
Total number of offices, 254
Associated Bank, Williams Deacon's
Street, E.C.2
Bankers to the Government in
and
Bishopsgate, London, E. C.
in India, Burma,
Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
Stpcks and Bonds
Subscribed Capital
Paid
£4,000,000
Up Capital..........£2,000,000
Reserve Fund
Smith, Moore & Go.
The First Boston
St. Louis Stock
Corp. Wire
...
undertaken
of EGYPT
Head Office
.......
NATIONAL BANK OF NEW ZEALAND, Ltd.
Cairo
Chief Office in New Zealand:
FULLY PAID CAPITAL
RESERVE FUND
.
.
£3,000,000
8,000,000
.
Head Office: 8 Moorgate,
London, E. O. 2, Eng.
Subscribed Capital....
£6,000,000
Paid up Capital
Reserve
LONDON AGENCY
6 and
The
Bank
.£2,000,000
Fund........
Currency
7, King William Street, E. C.
and
...£1,000,000
Reserve
conducts
every
£500,000
description of hanking
business connected with New Zealand.
Branches in all the
BONDS
Wellington
Sir James Grose, General
Manager
DETROIT
CORPORATION
banking
and exchange business
Trusteeships and Executorships also
NATIONAL BANK
Exchange
MICHIGAN MUNICIPALS
£2,200,000
The Bank conducts every description of
/
St. Louis
Kenya Colony
Uganda
Head Office: 26,
New York
Southwestern
Bank, Ltd.
NATIONAL BANK OF INDIA, LIMITED
Agents Standard Bank of South Africa
Missouri and
OFFICE—Edinburgh
General Manager
29 Threadneedle
SYDNEY
DEPARTMENT
Bishopsgate, London, England
909 0UVE ST.
Members St. Louis Stock Exchange
Banking
Up Capital
Reserve Fund
principal Towns in
Correspondents throughout the World
London Manager, A. O. Norwood
EGYPT and the SUDAN
WATLING, LERCHEN & HAYES
Members {New
334 Buhl
York Stock Exchange
\Detroit Stock Exchange
Bldg.,
Detroit
Meetings
NORFOLK AND
WESTERN
RAILWAY COMPANY
MThe
Hong Kong & Shanghai
BANKING
MICHIGAN MUNICIPALS
CORPORATION
Incorporated In the Colony of Hongkong.
The
liability of members Is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Memfetf.'s of Detroit Stock Exchange
PENOBSf
IT BUILDING, DETROIT, MICH.
Currency) HI50,000,000
Paid-up Capital (Hongkong Currency) __HJ20,000.000
Reserve Fund in Sterling
£6,500.000
Reserve Fund in Silver
(Hongkong Cur¬
rency)
H310.000.000
Reserve Liability
of Proprietors
kong Currency)
.
(Hong¬
HJ20,000,000
C. DE C. HUGHES, Agent
72 WALL
the
will
- Stockholders
of
Railway Company
principal! office of the Com¬
in the City of Roanoke, Virginia, on Thurs¬
be held at
pany,
the
day, April 9, 1936, at 10 o'clock A. M.
Only Stockholders of record at the closeYof
business March 20, 1936, will be entitled
at such
to vote
meeting.
The
accompanying proxy is solicited by and
behalf of the management of the
Company
and will, if signed and
returned, be exercised in
the election
of a Board of
Directors, and in
approval of the Fortieth Annual
Report for the
year ended December 31, 1935—an
on
Authorized Capital (Hongkong
Charles A. Parcel Is & Co.
Annual Meeting of the
Norfolk
and
Western
STREET, NEW YORK
abstract of
accompanies this notice,—and of the
acts
of the Board of Directors and officers
of the Com¬
in the administration of its routine
which
pany
as
as
business
reflected therein; and upon such other
matters
may properly come before the
meeting.
By order of the Board of Directors.
I. W. BOOTH,
Secretary,
>
m,
(2\
oinmeirWfUh
Vol. 142
No. 3688
FEBRUARY 29 1936
CONTENTS
Editorials
Financial Situation
The
-
...
page
1337
.
Continuing Strain of Unemployment
British Policy and World Security
1350
1352
Should Brokers Be Forbidden to Trade?
1353
Comment and Review
The Trust
Week
on
Companies in New York and Elsewhere
the
European Stock Exchanges
1355
_ _.
Foreign Political and Economic Situation
1342
1342
Foreign Exchange Rates and Comment—
-
Course of the Bond Market.
1347
1354
Indications of Business Activity
.—1359
-
Week
on
the New York Stock
Exchange
1341
Week
on
the New York Curb
Exchange
.1410
News
1372
Current Events and Discussions
Bank and Trust
.1395
Company Items
General Corporation and Investment News
1454
Dry Goods Trade.,.
1501
State and
....
-
1502
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
..1453
....
Dividends Declared
1413
——1453
Auction Sales
New York Stock
1421
Exchange—Stock Quotations
New York Stock Exchange—Bond Quotations..1420 & 1430
New York Curb
Exchange—Stock Quotations....
1436
New York Curb
Exchange—Bond Quotations...
1439
Other Exchanges—Stock and
Bond Quotations
1442
Canadian Markets—Stock and Bond Quotations
.1446
Over-the-Counter Securities—Stock & Bond Quotations. 1449
Reports
Trust Company
1397
Returns
1345
.....r.1408
Foreign Bank Statements
Course of Bank Clearings.
1417
Federal Reserve Bank Statements
General
—1454
Corporation and Investment News
Commodities
The Commercial Markets and the
Crops
Cotton.,
Breadstuffs
Published Every Saturday Morning by the William B. Dana Company,
*
1493
1496
1499
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
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La SaUe Street (Telephone
State 0613)
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O.
Copyright, 1936, by William B. Dana Company.
Entered as second-class matter June 23 1879, at the post office at New York, N. Y., under the Act of March 3 1879. Subscriptions
in United States and Possessions, $15.00
per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50
per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months. Transient display advertising matter, 45 cents
per agate line. Contract and card rates on request.
statement
annual
91st
DECEMBER
31, 1935
LIFE INSURANCE COMPANY
NEW YORK
A MUTUAL COMPANY FOUNDED
To the Policyholders
IN 1845
INCORPORATED UNDER THE LAWS OF THE STATE OF NEW
The
and the Public:—
policy
including
liabilities,
the most conservative basis
During the
1935 the New York Life paid or credited
year
$141,602,272 to living policyholders and $67,991,240 to the
beneficiaries of those who died. These huge disbursements
social service rendered by this mutual
reflect the great
ance
of
Company's assets
1935,
Bonds
an
were
$2,243,587,752 at the close
companies,
were
are
carried at their
carried at market value
as
of December 31,
1935. The
following table shows the diversification of the Company's
assets at the
Mortality
December 31,1935.
$116,706,871.
favorably low. Expenses
was
slightly
were
higher, due chiefly to increased taxation.
The interest
yield
on
securities obtainable in 1935 of the
high quality and type demanded by the Company for the
investment of its
the year.
policyholders' funds declined throughout
In view of the general financial situation and in
Company's principle that safety is the
adherence to the
end of 1935.
on
Surplus funds reserved for general contingencies
including bonds in
State of New York. All other bonds,
default, and all stocks (guaranteed and preferred), are
$2,126,880,881
policyholders in 1936 are included in the liabilities.
amounted to
amor¬
tized value determined in accordance with the laws of the
calculated on
reserves
used by American life insur¬
by law, and reserves of $40,073,472 for dividends payable
to
increase of $134,082,528 over the previous year.
eligible for amortization
YORK
Special Investment Reserve of $40,000,000 not required
A
Company through the cooperative effort of its policyholders.
The
1936
Feb. 29
Chronicle
Financial
X
first
Per Cent of
each item to
Assets
Dec. 31,
Cash
on
Hand
Total Assets
United States Government, direct,
14.32
State, County and Municipal Bonds 218,461,034.63
9.74
fully guaranteed Bonds.
.....
Utility Bonds
to
to
53,235,381.24
2.37
1,500,627.37
.07
80,880,743.00
3.60
115,335,505.83
5.14
Foreign Bonds
Preferred and Guaranteed Stocks.
Office)
First
on
4,106,665.78
18.95
9,493,652.22
.42
16.93
29,544,227.37
1.32
Farms
Policy Loans
Interest & Rents Due & Accrued...
.....
be assured
may
their wisdom in
as to
A
through their insurance in
Company.
more
complete report listing the securities owned by
well
as
detailed information
on any
of our
policy contracts, will gladly be sent upon request to the
Company's Home Office, 51 Madison Avenue, New York,
to
any
of its Branch Offices throughout the United
1.34
146,303.28
.01
..$2,243,587,752.37
100%
Other Assets
TOTAL ASSETS.
every
States and Canada.
29,997,474.44
.
Policyholders
the Company, as
or
Net Amount of Uncollected and
Deferred Premiums.
New York Life has met
making provision for their dependents in event of death
.18
City Properties. 425,058,944.91
on
year was
paid $40,428,582
women
obligation it assumed. Today, as in the past, it is sound and
and for themselves in old age
379,961,059.47
Mortgages
and
During its history of 91 years, throughout every financial
and economic crisis, the
this
Redemption
men
for annuities to provide a guaranteed
the Company
safe.
(Including
Foreclosed Real Estate Subject
Mortgages
the Company during the
life income.
Canadian Bonds
to
insurance issued by
$466,35.6,000. In addition,
7.38
1.14
First
homes, families and business interests. The amount of
new
165,657,871.33
..
25,607,657.58
Home
Company had 2,672,636 policies in
giving insurance protection of more than $6,620,800,000
14.54
Industrial and Other Bonds
Real Estate Owned
the Company deemed it prudent to
reserves.
At the close of 1935 the
.326,116,485.74
Railroad Bonds.
Public
consideration,
force
321,276,844.71
or
first
strengthen its
2.55
$57,207,273.47
in Bank
or
1935
requisite in life insurance and must always be the
9S-VO&.GL..
Securities amounting to $35,722,134.15 included above are deposited as
President
required by law.
BOARD OF DIRECTORS
JAMES
ROWLAND ANGELL
Yale University
President,
New Haven,
jfolumbia U niversity
CHARLES
F* AYER
Treasurer, Cabol Mfg. Co. (Textiles)
BALLANTINE
Lawyer, Root, Clark, Buckner &
A.
Ballantine
CORNELIUS N.
Member of
President,
Conn.
NATHANIEL
ARTHUR
NICHOLAS MURRAY BUTLER
CHARLES
D.
President, Cannon Mills Co.
Kannapolis, N. C.
Advertising
HALE
HOLDEN
Chairman of Southern Pacific
HENRY BRUERE
BUCKNER
Chairman of Board,
New York Trust Co,
BUCKNER
President
L.
GEORGE B.
CORTELYOU
Former Secretary
of the
Treasury of the United States
HERBERT HOOVER
Former President
of
the U nited Slates
St. Louis, Mo.
PERCY H.
JOHNSTON
Chairman of Board,
Chemical Bank 6* Trust Co.
ROBERT E.
DOWLING
President, City Investing Co.
JAMES
G.
HARBORD
Chairman of Board,
Radio Corporation of America
WILLARD
V.
KING
Retired
GERRISH H. MILLIKEN
Company
Chicago, 111.
ALFRED
E.
SMITH
Former Governor
Palo Alto, California
Chairman of Board,
Ralston-Purina Co.
RYERSON, Jr.
V ice-Chairman,
Inland Steel
President, Bowery Savings Bank
THOMAS A.
EDWARD
Co.
State
WILLIAM H. DANFORTH
Board,
N.
Chairman of Board,
Frank Presbrey Co.,
CANNON
A.
BLISS
Bliss, Fabyan & Co.
MORTIMER
FRANK PRESBREY
HILLES
Resident Manager, New York State,
Employers' Liability Assurance Corp.
J.
of the
of New York
BARSTOW
SMULL
V ice-Presulent,
J. H. Winchester 6* Co.
PERCY
S.
STRAUS
President,
R. H. Macy &* Co., Inc.
RIDLEY WATTS
President,
Director,
Deering, Milliken 6* Co.
Chemical Bank b" Trust Co.
The Financial Situation
THE threatened by two hasthree developments fully realized, provided, of command Congressional
"breathing spell"
been interrupted created bureaucracy can course, that this newlyor
or
the
of
hest
ure
Administration
the
of
an
agricultural
meas-
adopted by both houses of Congress which
of the evils of the now discredited
was
carries
In the first place, at the be-
week.
past
most
Agricultural Adjustment Act, and appears to pre¬
old
the
of
or
measure,
has,
all bureaucratic organizations always
as
that have existed in some sections of the securities
markets in the past, and which in one degree or another, probably in an important degree in some in¬
stances have again raised their ugly heads.
As to the
merits of the cases against a well-known market oper¬
ator brought some months ago, but now apparently
,
place, the Securities and Exchange Commis-
second
si on
tax evils
their equivalent. In the
the
embodying
legislation
further
sage
support. Let it be said at once and without equivocation that we have no word of defense for the abuses
in
a
self upon a
tend its
campaign to
ex¬
Government and the
which it
of New York
itive
another
Wall
by bringing action
against
with
member of
a
a
of
number
curities
firm
in
memberships
important
ters
passage
for
sage
to
tell
may
der its terms, so
indefinite
are
visions.
that
may
its
major
The fact
however,
not
sets
up
a
or
un¬
broad and
to
sight of that the
ure
also
not be undertaken
pro¬
the
share of the burden of responsibility
must
assume
seven years
the relief
ought,
be
that
this year of our Lord 1936,
after the depression settled
down upon us, we still have more than 16,000,000 souls dependent upon government relief.
Government has learned nothing from 1929
experiences and has forgotten none of the
favored fallacies of that period.
On the con¬
trary, it has adopted them, in somewhat dif¬
ferent guise to be sure, as its very own, and
in addition has launched itself upon numer¬
ous
punitive expeditions which have done
their part to retard recovery and to perpetuate
nearly
is able at this time
just what
having to do with tariffs
for the fact that in
for the lack of immediate
one
of
major
responsible
interest in it, as may
no
financed by inflation and
bursting point.
Certainly government
unconstitutional may like¬
circumstance
one
and by the fail¬
government-controlled agency,
the Federal Reserve Board, to do anything
effective to check the speculative bubble that
was
quite obviously being inflated to the
has attracted relative¬
the
any
starve."
ure
that it appears to be quite
be
will not permit
and other important matters,
ly little attention. The fact
wise be partly
itself that "it
ernmental policies
pas¬
problem.
Government fails
lost
dismally to fulfill its obli¬
fact that they are
perpetuation of most of the evils
required, apparently for
of unsound
an
All that is now
indefinite continuation
agricultural subsidies and planned farm
management throughout the land is active co-operation
by the States, assuming that the law will stand
scrutiny by the courts, and, of course, that it is not
presently repealed
feeling
on
as a
result of
a
all the
other hand,
On the
do not
we
any means
fail
by
recognize the desirability
of
adequate disclosures vol¬
untarily made by corpora¬
tions
asking the public for
money, or
made under the
bankers
such
as
investment
of
influence
organizations
or
the stock exchanges
in behalf of those to whom
securities
offered,
are
who
those
depend
fair and open
or
upon
markets
su¬
pervised in their interests
by such organizations. The
has
"Chronicle"
a
long
record of earnest effort to
keep
investors
It was, as a
a
ures,
informed.
matter of fact,
the field of
pioneer in
corporate
proper
particularly
railroad
field,
at
disclos¬
in
a
the
time
when such disclosures were
not
generally favored, and
its attitude in
regard to the
matter has not
changed.
Control of Securities
Markets
these
which it replaces.
until
withheld
be
evidence is in.
But it
system, the practical effect
of which will be the
of the
needy.
permanent
of the old system
merits
the
upon
gations to the needy, whatever else it may do,
when it is itself largely responsible for the
new meas¬
opinion. As in
judgment
cases,
questions at issue should
little reflec¬
by nothing else.
The evil was greatly en¬
hanced in the 1920*8 by various unwise gov¬
long been taken for
so
granted that its final
upon a
is also the fact
as
struggle should be
in
has
its
an
such
all
to
clear
during the World War, when the
then Secretary of the Treasury deliberately
determined that our efforts in that awful
agricultural
about its present form
measure,
the needy
It began
»
pressing
from ex¬
refrain
local audience early this
that in very substan¬
responsibility for the very existence
of what we so lugubriously refer to as "our
perpetual relief problem" must be carried by
the government, which now uniformly flat¬
to
the
of
care
tion,
York Stock Exchange.
to
a
tial part
country, including the New
As
large
the duty of government to
What this means is
se¬
A Permanent AAA?
our
policies.
a
of the
exchanges
of
one
of
must,
we
course,
provided the needy
have done everything possible to take care
of themselves and have failed through no
fault of their own."
Perhaps; but the first duty of government
is to be certain that the needy are not made
more
numerous or more needy by any of its
take
pun¬
in
expedition
Street
Needy
former official of the City
a
told
that "it is
week
oper¬
ates), and in addition has
set out upon
faculty of
A member of the
universities and
suming the validity of the
law under
week,
past
(as¬
powers
during the
other operator
already almost in¬
credibly broad
and against an-
state of suspended animation,
do, definitely launched it¬
revulsion of national
are
seems
to
us
that
not the real issues
that are being raised at present. It is one thing to suggest to investors that they would be well advised to
demand adequate information about corporations
whose securities they may be asked to buy, and to
support them in any reasonable demand they make
for information, eitherjdirect or through the intermediary of the investment market, as a condition of
purchase of securities. It is quite another to support
proposals to require all corporations of substantial
these subjects.
importance with securities outstanding in the hands
The SEC and the Securities Markets
of the
in
general public to make known this information
such
form
as
some
bureaucratic
governmental
RECENT activities on the part of the Securities
and Exchange Commission
of much greater
agency
import to the country at large than
practices in the securities markets and to suggest
are
appears
to be
demands.
It is
one
thing to condemn evil
Financial
1338
that these markets keep
their
ment which
a govern¬
through all other departments has been
Let
lies in the fallibilities of human nature, par¬
ticularly
it is found in this country with its
as
a
good deal to encourage such evils.
speculative proclivities. But that no progress at all
for
a
moment look
seems
us
fully at the
dispassionately but
care¬
essential facts of this situation.
more
Securities and Exchange
Commission has
now
particularly since 1933, is to be attributed to the
fact that almost every
proposals which it is using all its influence to have
These
Securities Exchange
would amend the
measures
Act of 1934 in such
a way
as
(1) to perpetuate and greatly broaden the volume
of what is known
as
unlisted trading on stock ex¬
changes, and (2) to require all important issuers of
securities to
new
curities
both
and
provide periodical reports
far
so
as
not already required to do so under the Se¬
are
All this would be
Exchange Act of 1934.
subject to certain findings by the Commission
subject not only to rules and regulations imposed
in the discretion of the Commission,
unlisted
permit
In
not to permit trading,
or
in the sole discretion of that
to
to order such
or
or
in individual
body.
tion of
discussed
suggestion (with
a
every
indica¬
approval) that the Treasury Department be
directed to
of those
m
ake
public corporate income tax returns
companies with securities outstanding in the
hands of the
public which
are
der the Securities Exchange
lic very
un¬
re¬
which do not voluntarily make public such
the Commission
as
may
consider adequate.
in¬
Tinkering with the currency, obvious in¬
vestment.
clination at times to go
making unwarranted
meet the needs
farther with this tinkering,
of the banking system to
use
supposed needs of the Treasury,
or
constant demand for
lending and cheaper lend¬
more
ing, and other kindred tactics have not only placed
obstacle in the
every
way
of persuading the careless
investor, always inclined to gamble, to adopt better
habits, but have led
sion that the
sober men to the conclu¬
many
danger of inflation rendered conserva¬
tive and careful
investing about the most unintelli¬
These
gent way to proceed in the circumstances.
policies,
the rank and
join
they imply in regard to temptation to
file, always seeking
a
method of getting
In fine, the government with one hand
quick.
has been
and
have produced "boiling markets"
moreover,
with all that
constantly beckoning the public to come
mad securities market scramble, and with
a
the other
attempting to punish those who not un¬
naturally (whether justifiably or not) were inclined
to take
advantage of the conditions the government
itself has been
Act of 1934 to make pub¬
extended periodical financial and other
or
reports
either not required
act of the Federal government
discouraged any rational attitude toward
rich
report to Congress dated Jan. 3 1936, the Com¬
a
mission
ports,
as
trading, to the right of the Commission to
trading discontinued in its entirety
cases
but also,
and
that have followed since 1929,
years
has
Congress adopt.
training of investors
to have been made in the
during the
placed in the hands of Congress certain legislative
they
In part of course the
Why this indifference?
cause
doing
and is
The
department of
1936
29
Why the Indifference?
houses free of such
own
practices, but quite another to place control of such
matters in the hands of one
Feb.
Chronicle
sedulously cultivating.
Stung probably by charges that it is encouraging
madness in the securities
tion
some
markets, the Administra¬
time ago had the
Federal Reserve Board
employ the powers granted it by the Securities Ex¬
Up to the time of this writing, it has not translated
change Act of 1934 to increase required margins.
this proposal into a draft of a law.
Ever
so,
particularly since the
to
seem
whether
be
may
But
opposition.
expedient to push this
gestion at this time, the Commission is, it
us,
not do
it has submitted
measures
unexpected
meeting
not it finds it
or
It
sug¬
seems
to
rather plainly desirous of legislative action of this
type
on
the
cising
letin
following words:
"The power
bring forward definite proposals looking to this end
ments
if and when it deems the time propitious.
demand
of the Board to raise margin require¬
provides
an
credit
for
What the Record Shows
other
us
pause
Since
ord.
at this point for a glance at the rec¬
early autumn of 1933 the Securities and
Exchange Commission (or its predecessor, the Fed¬
eral Trade
Commission) has been in complete
trol of disclosures
issues.
new
Securities
Exchange Act of
1934 became effective it has been in
tion in
No
exchanges.
similar
posi¬
on
one
any
knows how
many
about
corporations
tons of white
under
these
two
Yet the Chairman of the Securities and Ex¬
Through the
the decisions of the average
The
the
reason
is of
course
public has really
formation
on
these
investor
as
they
ever
did.
on
the
of
use
subjects
credit for
extended than
a
means
of
supply
cost.
or
may
be
pos¬
restraining influence
speculation in the stock
a
stage at which the
general business and credit situation is unfavorably
affected."
It
seems
to
us
relationship to
policy
raids made
that all this bears about the
a
and well rounded
sound
five-finger exercise bears to
as a
Much the
symphony.
same
a
same
credit
Beethoven
is true of the sporadic
by the Securities and Exchange Commis¬
against certain individual alleged violators of
regulations
or
of the law
so
long
as
the
government itself continues its general policies of
inflation
in
effect.
\
Also Positive Objections
seriously demanded in¬
more
other
directly the demand
of this instrument it
use
to be found in the fact that
never
from
market before it has reached
its rules and
small a part in
differs
sible for the Board to exert
day to admit to a Princeton audience that financial
as
It
for credit rather than the available
sion
to-day played about
speculators in the stock
restricting the supply available for
borrowers.
change Commission felt himself obliged the other
statements
from
credit control in that it affects
of the national securities
have been used in compiling and disseminating
information
Acts.
a
respect to disclosures by corporations with
securities listed
paper
con¬
by corporations seeking to offer
Since the
instrument for controlling the
♦
market without
Let
speculation in this man¬
over
indulges in much the same line of argument
the
in
exercise
or can
The current number of the Federal Reserve Bul¬
ner.
of Congress, and doubtless will
part
since, word has been emanating from Wash¬
ington about the alleged control the Board is exer¬
But there
was
are
other and very
positive objections
already available to it, is not much interested in
to
such
brought forward by the Securities and Exchange
information, is not sufficiently trained to
derstand it
when it is
very
well, and rarely
placed in its hands.
ever
un¬
looks at it
the
type of proposals that have recently been
Commission.
As to the
suggestion that supposedly
confidential income tax returns be misused to fur-
Volume 142
Financial
nish information not otherwise
lic by corporations that
in the
are
supplied to the pub¬
laggard in this respect
opinion of the Securities
and
Exchange Com¬
Chronicle
life, the friction, the delays, and the costs of this
control
mission, the less
'
method
a
by which it
can,
beyond its direct control, the time has indeed
to call
a
tion of
means
dantly
come
on record as
issuers with
But this is of
but of ends.
not
course
only
a ques¬
The Commission is abun¬
desiring to bring all corporate
important amounts of securities in the
hands of the public under its control
degree that it
in the
same
has control of those asking for
funds and those whose issues are listed on
any of
i
now
the national securities
The
objections to
its lack
are
of
the
ual
exchanges.
obviously
are
perfectly valid
such program, apart from
any
utility,
not traded in
'
,
'
why
reasons
securities
important volume,
any
There
numerous.
many
are
at all, on
or
enormous
to call
come
proportions.
'
AT HIS
^
press conference yesterday the tax levies
President
let it be known that he desired
designed to raise
from
Washington late yesterday did not make the
point entirely clear, but apparently the program is
being arranged with the intention of raising most
of this amount
during the coming fiscal year. Some
part of the burdens imposed, however, might, it was
said, be spread
that part
the next three years—that is,
over
of it which is
designed to provide the
Treasury with funds it had expected to receive from
the processing taxes now invalidated
by the Supreme
Court.
With the exception of some
$120,000,000 to
be raised to
defray
all the funds
the
a
part of the cost of the bonus,
intended for
are
agricultural
program
use
in connection with
of the Administration, or
issues, the extent of public interest, and
from
a
and
way,
soundly for
the
most
natural
a
part, determined
which securities should be listed and which should
be left to the
type of transactions
over-the-counter markets.
of course,
but it is in
common
in
the
The system has its faults
our
judgment far better than
"managed"
any
program likely to be effected by
registration is presently to be re¬
quired of virtually all corporations with securities
bureaucrats.
If
outstanding in
any important volume, we shall of
by such requirement provide a purely arti¬
course
ficial stimulus to
listing, since most of the trouble,
and inconvenience of listing would be
expense
quired of issuers in
securities
are
any
listed now, or to put the matter more
accurately, securities for which there is
for
reason
traded
among
on
re¬
event. If anything, too many
listing
of
some
in
are
our
a
number of
exchanges,
or
no
good
cases
now
at least
are
those carried in the lists of the exchanges.
tain
listing with its addi¬
tional invitation to ill-considered
speculation
on
the
part of the general public is by no means the only
objection to the proposals
the
Securities
and
that matter the
to
seem
effort to
Exchange Commission,
most
be
to
us
bring
brought forward by
now
important.
part and
and
more
ity to
never
manage even
of those
its
for
parcel of the general
more
of
economic and
our
financial activities under the thumb of
government which
or
These proposals
a
centralized
has shown impressive abil¬
own
affairs, to
say
nothing
of the business
community, and which is
likely to develop much of such ability in the
future. It is certainly not showing a great deal of
a
scheme
it at present.
trative
we
If
we were
should of
infeasibility of
Commission
program
any
go
into par¬
point out the adminis¬
such organization
as
the
giving effective attention to the almost
numberless reports
the
disposed to
course
it
it would have to examine under
now
apparently advocates,
or
pass upon.
cer¬
validating the Agricultural Adjustment Act, which
of
involved
course
a
return
to
number of enter¬
a
prises of funds previously placed in
escrow
payment of processing taxes in
these levies
case
to insure
were
validated
little
by the Supreme Court, the President gave
indication of what'kind of taxes he favors.
It
remains to be
seen whether the
Supreme Court will
uphold levies designed to do exactly what the in¬
validated
processing taxes
were
expected to do.
The President is said to have been
the
expression of his view that
emphatic in
of these taxes,
none
except those to provide in part for bonus
costs,
could be considered "new," because
they are being
devised to take the
by Congress but
But whether
place of taxes already authorized
declared to be unconstitutional.
now
new or
not, they represent
a
much
more
comprehensive program than most members of Con¬
gress
had hoped he would demand at this time.
already put
moreover,
advocates, who
are
and determined to leave
efforts to have the
gram
of
by
a
way
new
reported to be again active
no
stone unturned in their
upon a pro¬
spending accompanied
by less
being made smooth temporarily
complete debauch of the currency system.
sumably the President is prepared for
finish with the
Meanwhile
minded
the
of the
a
Pre¬
fight to the
inflationists, so-called, but what the
ultimate result will be the future
country
is
only
again
can
tell.
painfully
offer securities in the amount of
some
$800,000,000 of which will provide
government to
use
$1,800,000,000,
new
money
during the next few months, including, apparently,
some
part of the bonus outlays.
Certainly one
would have to be
indication
of
an
optimist to find in all this
early
improvement
in
the
situation.
Federal Reserve Bank Statement
ONLY minor changes are to be noted in the
Reserve
has gone
much too far already.
curities markets,
the busi¬
This expansion
Not only in the
but throughout all
our
any
budget
the
But the real issue
community and business lives.
for
in meeting its requirements
bureaucratic Washington would exert
ness
an
Treasury that it intends to
is that of indefinite expansion of the control which
over
re¬
existing budgetary situation by
announcement from the
the
They
life into the fiat
country launch itself
enlarged
taxation, the
endless number of individual situations it would be
obliged to study and
being formu¬
result of the court decision in¬
as a
not
ticulars
Apart
purpose.
was
taxing "windfall" profits accruing to
enterprises
money
But artificial stimulation of
statement that
lated for
have,
Bureaucratic Control
new
f1,137,000,000., Dispatches
some
already been used for that
country in
•
The Fiscal Situation
have
a num¬
'
'
exchanges. The nature of the market for individ¬
ber of other real factors have under the free
system
heretofore prevailing in a free
The
nalt.
a
4
1
■
us
Constitution, indirectly control issuers
halt.
•'
not only unwise
If the Commission has been driven
seems
to this extreme to find
the
to
assumed
definitely
hear of it in the future the
we
The proposal
but dishonorable.
under
have
time has
r
better.
1339
se¬
economic
rent
condition
statement
banks, combined.
of
the
12
cur¬
Federal
In the week to Wednes¬
day night the United States Treasury permitted its
deposits to decline by $39,703,000,
tributed to
a
and
modest increase of member
this
bank
con¬
re-
Financial
1340
balances.
serve
over
legal
Excess
of member
reserves
noted
in
higher.
the capital stock, payable April 1, which compares
in circulation
Treasury
faces
now
by
slightly
was
tremendous
a
financing operation, terms of which
nounced next
to be
are
an-
Monday, and it was to be expected that
banking statistics would remain passive in advance
of
such
been
the
that
000,000 of strictly
tax
Announcement already
transactions.
made
paid J an. 2 last, while in previous
was
gold certificate holdings of the
the
currency
The
share
a
quarters only 25c. a share was paid.
Babcock &
Wilcox Co. declared a dividend of 25c. a share on
000,000 in the week to $3,060,000,000.
was
55c.
$20,No variation
increased
thus
requirements
banks, while
banks
Feb. 29 1936
Chronicle
has
Treasury will ask for $800,-
while large income
new money,
In mid-March, there-
payments also impend.
with only 10c. a share in previous quarters. Crowell
Publishing Co. directors declared a dividend of 50c.'
a share on the common stock, payable March 24,
which compares with 25c. a share in previous quarters. American Safety Razor Corp. declared a dividend of $1.50 a share on the common stock, payable
March 30, as compared with $1.25 a share in preceding quarters.
Columbia Broadcasting System declared
dividend of 50c. a share on the class A and
a
This compares
fore, the Treasury cash balances with the Federal
B common stocks, payable March 27.
Reserve
favorably with dividends of 40c. a share paid the
previous quarters. Budd Wheel Co. declared a quar-
banks
sharply and
will take
Gold
be
can
expected
increase
to
comparable decline of
a
place.
excess reserves
terly dividend of $2 a share on its 7% cumulative
.,
certificate
holdings of the 12 banks
unchanged for the week at $7,670,230,000, but
of cash in vaults
crease
$8,032,891,000
to
up
575,000
circulation showed
to
account
preferred be raised to $8 per annum when net income
for the year is between $600,000 and $800,000; only
last Dec. 31 the company cleared up the arrears of
$12,406,000
a
general account fell $39,703,000 to $433,-
on
bank
Foreign
deposits
$7
share
a
relatively
were
the stock,
on
The New York Stock Market
on reserve
Feb. 26, but Treasury
on
IRREGULAR
I
of
movements
developed
nature
New York, Stock Exchange,
The
changes, taken together, caused
increase
and
circulation
of
liabilities
78.2%
advance of the reserve ratio
an
on
Feb. 26 from 78.0%
on
changes in the current statement
nificant.
Discounts
$345,000
ers' bill
was
noted
Other
quite insig-
are
increased
$6,932,000, while industrial
to
dropped $95,000 to $31,773,000.
reserves
Feb. 19.
System
the
by
small,
was
deposit liabilities fell while total
as
increased,
to
decline
a
advances
Open market bank-
holdings held unchanged at $4,673,000, and
holdings
of
States
United
government
securities
$5,000 higher at $2,430,245,000.
were
conda
favorable again the present week.
declared
Copper Mining Co.
share
a
the
on
capital stock, payable April 20;
this will be the first dividend to be
1931. when
of Pa.
37%c.
declared
share
dividend
disbursement made
first
1931, when
a
Illinois Bell
share
a
which is
dend
Gulf Oil Corp.
of 25c.
share
a
the
on
ment of
on
over
the issue since Oct. 1
common
75c.
a
the $1.50 quarterly divi-
Montgomery Ward & Co. de-
of 20c.
share
a
share
on
the
common
This marks the first
stock since
on
a
quarterly
Aug. 15 1930.
Co. declared
share on the common
a
of
a
37%c.
share on
share
a
a
com-
quar-
share
an
Trading
on
the New York Stock Ex-
slightly more than 2,000,000 shares in
each session of the week.
Important developments
change
was
not
were
The Japanese military rebellion
lacking.
Wednesday occasioned much hesitation because
ward
maximum passenger fare rate of 2c. a
a
all railroads save a few small carriers in
on
the West
was
was
handed down yesterday, but this move
anticipated and it failed to affect prices of rail-
road stocks to any great
Stocks
and
accelerated
An Interstate Commerce Commission de-
cision for
mile
of stock quotations was
trend
thereby.
were
degree,
offered rather liberally on Monday,
Buy-
prices slowly receded under the pressure.
hesitant because of the great advance of
fested, and most recessions were fractional.
a
a
point
on
or more
off.
Some nervousness was apparent
Tuesday, and sporadic bursts of liquidation de-
veloped, with almost all groups again affected. Recent market leaders were sold more than others, and
in stocks of this
numerous,
were
while
group
a
losses of 1 to 2 points were
few recessions of 3 to 4 points
Sugar stocks and mail order issues
noted.
attracted followings, however, and the long list of
was
on
broken by gains
Wednesday
was
in such stocks.
The
distinctly lower, partly
capital stock,
payable
because of the Japanese situation, but a steadier
was
paid Dec. 28 1935, and
tone soon developed, so that losses for the day were
share was paid.
dividend of 40c.
a
Parke Davis &
share
stock, payable on March 31.
Some
of the speculative favorites in all groups were a
the
Sept. 30 1935, while in quarters prior
only 30c.
Co. declared
of stocks than in the sessions, of the pre-
ceding week.
opening
a
the other hand, was a much more modest
on
turnover
share, in addition to a quarterly dividend
35c.
mon
suring,
declines
31; 40c.
thereto
they illustrate well the speculative mood in which
the markets now find themselves.
Somewhat reas-
extra dividend
March
a
pay-
Westing-
stock, payable April 30, in
South Penn Oil Co. declared
12%c.
pay-
dividend of 25c.
parison with 12%c. a share paid in previous
of
the
the capital stock, payable March 31,
increase
house Air Brake
ters.
Thursday was extended yesterday,
pronounced and
the last 11 months, but a little interest was mani-
dividend
a
on
ers were
on
an
on
place
The alterations in sentiment were
quarterly dividend of 37%c. was paid,
stock, payable April 15.
ment
paid since Aug 17
paid.
took
but fresh buying was
levels and a sharp advance that
Telephone Co. declared a dividend of
previously paid.
clared
was
stock, payable April 1, which will be the
common
$2
a
a
Ana-
dividend of
a
Liquidation
of the possible international effects, and the down-
Corporate Dividend Declarations
25c.
ex-
pronounced in the first half of the week on the
induced by the lower
on
ACTIONS by corporations on dividends have been
very
sweeping
securities
portant only in a few groups of issues.
and these
deposits by $37,782,000 to $6,594,330,000.
on
changes in New York, but net changes were im-
was
total
rather
a
week
this
stable, while other deposits decreased moderately,
of
The by-
laws of the company provide that the rate on the
reserves
modest advance of
a
figure of $5,838,708,000
118,000.
in-
higher by $6,660,000 and attained
were
deposits
Feb. 26
Member bank deposits
$3,677,076,000.
an
first preferred stock, payable March 31.
against $8,027,-
brought the total
on
wrere
Federal Reserve notes in actual
Feb. 19.
on
very
on
the
com-
A dividend of
not excessive.
National Lead
was a
feature on an
announcement that the stock would be split 10 for
one,
and the issue advanced 27% points.
Spirited
buying of stocks was resumed on Thursday, with all
Financial
Volume 142
affected.
against 149;
ranged up
points in some important issues, while
others also improved.
Not in all instances, how¬
ever, did the advances suffice to wipe out the de¬
groups
to 4 and
The gains of the day
against
52%;
against 38%; National Biscuit at 33% against 34%;
National Lead
Continental Can at 80
being 39% points.
at
The upward movement was con¬
yesterday, but
dustrial issues
best results.
in
were
taken
was
in the
and
calmly,
small
States
proved,
despite announcement
slowly
sanctions
against 47
at
to
are
be
considered
on
new
new
Exchange
at
York
Exchange
remained
unchanged
closed;
on
Monday the sales were 2,197,560
Wednes¬
day, 2,036,355 shares; on Thursday, 2,315,407 shares,
and on Friday, 2,458,860 shares.
On the New York
Curb Exchange the sales on Monday were 518,160
shares; on Tuesday, 479,155 shares; on Wednesday,
444,725 shares; on Thursday, 1,019,700 shares, and
displayed
a
hesitant
diminished scale. In the
fore part of the week reaction characterized the
market and prices dropped from fractions to four
tone, with trading on a
to
Thursday, however, the market witnessed
upward tendency in the course of trading, only
react to lower levels at the close on Friday.
Gen¬
eral Electric closed
yesterday at 39% against 40%
of N. Y.
at 33% against 34%; Columbia Gas & Elec. at 17%
against 16%; Public Service of N. J. at 43 ex-div.
against 44%; J. I. Case Threshing Machine at 113%
against 116%;
International Harvester at 67
against 69; Sears, Roebifck & Co. at 63% against
62%; Montgomery Ward & Co. at 39% against 38%;
on
131
ex-div.
The railroad shares
Pennsylvania RR.
of last
133%;
Southern
Southern Railway at
and Northern Pacific at 34%
Among the oil stocks, Standard Oil
yesterday at 60 against 61 on Friday
week; Shell Union Oil at 18 against 18%,
and Atlantic
.
against
35% against 38;
copper group,
Refining at 31% against 32%.
In the
Anaconda Copper closed yesterday at
34% against 35%
on
Friday of last week; Kennecott
Copper at 37% against 38%; American Smelting &
35% against 35%.
Trade and
Friday of last week; Consolidated Gas
Woolworth at 52% against
& Tel. at
53%, and American Tel.
172% against 174%.
Allied Chemical &
173% against 165% on Fri¬
day of last week; Columbian Carbon at 103%
against 104; E. I. du Pont de Nemours at 143%
Dye closed yesterday at
industrial indices have taken
a
mod¬
erately favorable turn, but the change for the better
is not
Steel-making for the
especially pronounced.
week
ending to-day was estimated by the American
Iron
and
Steel
Institute
at
52.9% of capacity
as
last week and 47.9% a year ago.
Production of electric energy was reported by the
against 51.7%
Edison Electric Institute
at
hours for the week ended Feb.
Friday, 536,350 shares.
The stock market this week
an
the week.
for
Refining at 67% against 67%, and Phelps Dodge at
Exchange, Saturday being
shares; on Tuesday, 2,389,600 shares; on
points.
at
of N. J. closed
Washington's Birthday and a holiday, the market
on
Goodyear Tire & Rubber closed
against 18%.
18% against 19%,
167 stocks
%%.
On the New York Stock
was
at
Pacific
high levels for the year and 62 stocks
low levels.
On the New York Curb
Stock
ex-div.
yesterday at 36% against 38% on Friday of
against 35%.
Stock
94%
week; Atchison Topeka & Santa Fe at 75 against
Pacific
Wednesday.
York
at
77; New York Central at 38% against 39%; Union
the rebellion in Tokio.
New
Chrysler
60%;
against
recessions
closed
last
again with the exception of the Japanese yen,
on
46%
at
Friday of last week; General Motors
on
Goodrich at 19
show
drop in silk occurred
Foreign ex¬
sharp
a
58%
In the motor
yesterday
closed
week; U. S. Rubber at 19% against 19%, and B. F.
at
Exchange 78 stocks touched new high levels and 50
stocks touched new low levels.
Call loans on the
New
closed
Steel
yesterday at 27% against 28% on Friday of last
<
changes also were confined to a relatively narrow
touched
States
51% against 52%.
Auto
In the rubber group,
market, but sharp ad¬
Commodity markets were steady in
general, although
Wednesday
touched
yesterday with modest de¬
United
week.
against 98%, and Hupp Motors at 3 against 3%.
Other foreign bonds held to
Monday.
former levels.
the
the
Auburn
group,
In the foreign dollar
recessions took place in Japa¬
severe
Geneva next
On
for
Sheet & Tube at
the market next Monday.
on
ruled the stock
because
range,
51% against 48%, and National Distillers
yesterday at 63% against 63% on Friday of last
im¬
bonds, while Italian issues also were marked
which fell
against 42%;
week; Bethlehem Steel at 57% against 58%; Re¬
appeared thereafter.
lower
42%
public Steel at 24% against 25%, and Youngstown
bond section
nese
at
that financing for
placed
that
vances
Alcohol
30% against 31%.
clines
Highgrade corporate issues were firm, and new flotations
that appeared on the market were absorbed eagerly.
Speculative corporation bonds drifted lower in the
early sessions of the week, under the same influ¬
ences
17%
at
and refunding purposes of $1,800,000,060
money
would be
securities
government
Brands
Dry at 13% against 14%; Schenley Dis¬
The steel stocks closed
quieter than in any previous
and divergent trends were noted.
United
Standard
Westinghouse Elec. & Mfg. at 117
Industrial
tillers at
advances appeared
at
were
week of this year,
new
States
Canada
utility stocks.
Listed bonds
against 78%; Eastman Kodak
161;
against
against 119; Lorillard at 23 against 22%; United
the news that
to 2c. a mile next summer
fares would be reduced
160
against 17%;
modest scale. In¬
quiet demand and showed
on a more
In the railroad group
Sulphur at 38 ex-div.
Gulf
Texas
at 24%
Dairy Products
National
against 23%;
again advanced sensationally, the gain for the day
tinued
Register A at 27%
Cash
National
against 27%; International Nickel at 50% ex-div.
5
clines of the first half of the week.
1341
Chronicle
in
hours
the
by
a
preceding week, which likewise was
corresponding week of last year.
loadings of revenue freight for the week ended
Feb.
22
totaled
American
44,635
of
a
holiday, and with 1,728,293,000 kilo¬
watt hours in the
Car
22, which contained
This compared with 1,950,278,000 kilowatt
holiday.
marked
1,941,633,000 kilowatt
cars
586,712
Railroads
cars,
states.
the Association
This is
a
decline
of
of
from the previous week, but an increase
33,547 cars over the same week of 1935.
As
indicating the
course
of the commodity mar¬
kets, the May option for wheat in Chicago closed
yesterday at 100%c. as against 98%c. the close on
Friday of last week.
May
corn
at Chicago closed
yesterday at 60%c. as against 61c. the close on Fri¬
day of last week.
May oats at Chicago closed yester¬
day at 29c. as against 29%c. the close on Friday of
last week.
The
spot price for cotton here in New York closed
yesterday at 11.33c. as against 11.45c. the close on
Friday of last week.
The spot price for rubber
1342
"
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Financial
T
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.
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'
•
Chronicle
19S6
Feb. 29
'
'
'
'
'
■
yesterday
on
15.63c.
was
against 15.68c. the close
as
Friday of last week.
yesterday at 9%c., the
Domestic copper
closed
Friday of previ-
same as on
weeks.
ous
In London the
price of bar silver
against 19%
per ounce as
19%
was
pence per ounce on
pence
Friday
of last
week, and spot silver in New York closed
yesterday at 44%c., the close on Friday of last week,
In
the
transfers
of
matter
the
foreign exchanges, cable
London closed yesterday at
$4.99% as
on
against $4.99 the close
cable transfers
on
Friday of last week, and
Paris closed
on
yesterday at 6.68%c.
against 6.67y2c. the close on Friday of last week.
as
NLY
small
price
movements
recorded
were
week
current
stock
on
ex-
changes in the principal European financial centers,
Small
upward and downward fluctuations took place
London, Paris and Berlin, during most sessions.
at
There
was
a
more
pronounced decline at London
Wednesday, after reports
on
rebellion at
were
received of the
Tokio, but this movement affected prin-
cipally the Japanese securities listed
Stock
were
the London
on
Exchange. The declining prices at New York
important influence during the first half
an
of the week
all the
on
levels here turned
European markets, but after
upward in Thursday's trading the
atmosphere improved also
Atlantic.
There
currency
developments of
were no
the other side of the
on
further fears of immediate
unfortunate
an
nature,
partly because of the loan for France arranged by
British
bankers with the approval and aid of the
Bank of
tention
England.
markets.
In these circumstances
There
were some
arms
ment.
be
at-
indications in London of
further interest in armaments
the
more
paid to domestic developments in all
was
expansion
But in
securities, owing to
of the British
program
other respects
govern-
the market seemed to
waiting for signs of the long time trend of busi-
ness
and
industry. In Paris most thoughts
now are
directed toward the coming
general elections, which
probably will be held in May. The German situation
remains
Boerse
somewhat
was
on
a
uncertain
very
and
trading
the
on
small scale.
^
^
The London Stock Exchange
was
tial
^
quiet in the ini-
trading session of the week, with prices generally easier. British funds gained some support and
changes were small in the gilt-edged section. Home
rail and industrial stocks
quiet session yesterday, but industrial stocks and
foreign issues had a good tone.
Prices
regarding the political situation when trading
resumed
for
firm, but the
mining stocks
international group receded
were
the unfavorable
on
There
was
no
re-
increase of
Tuesday in the London market, but some
groups of issues had a better tone. British funds
on
drifted
slightly lower, as rumors of a large armaments loan persisted. Shares of arms
manufacturing
concerns were in
demand, while the general industrial list remained
irregular.
New declines devel-
oped in the international section.
tinued
in
on
The dulness
con-
Wednesday, when reports of the rebellion
Japan sent prices of Japanese securities materi-
ally lower. British funds
covered most of their
issues.
Eentes
securities
The
were
soft at first, but re-
early losses. Industrial stocks
The market remained
quiet
on
Thurs-
day, with British funds again marked slightly lower.
But more optimism appeared in other sections.
Innational
were
issues
better
improved
was
were
rally later in
a
off
were
fractionally, while other
likewise showed
modest
recover their losses.
recessions,
net
soft, and rentes
was
But French equities
jn the
day.
The Bourse failed to shake off the
implications of the large London loan on Wednesday, and further recessions were noted in rentes.
The
market was made
additionally
Japanese incidents and the declines
New
York,
lower.
that almost
so
all
by the
nervous
at London and
securities
drifted
Modest
rallying tendencies were reported
Thursday, largely because better reports were re-
ceived from
Japan, and other markets showed an
improved tone.
Rentes closed with small gains,
while
larger advances appeared in
bank, utility and industrial stocks.
issues also had
gji
a
firm tone.
The
Berlin Boerse
was
many
dull
and
French
International
The tone
departments yesterday, but gains
was
were
better in
small.
uncertain
last
Monday, with losses and gains about equally prominent at the close.
Heavy industrial stocks were
marked downward, while most other issues reflected
slight improvement. The market was so quiet on
Tuesday that
paralyzed.
commentators
some
Movements
again the gains
portant.
After
were
iosses
uncertain
an
corded in issues of
on
it
opening
on
once
Wednes-
the Boerse.
on
In
some
Thursday level
a
as
about equally im-
losses
Gains
were
companies with construction
tracts in the Far Eagt
session
described
small, and
very
were
day? prices tended to improve
were
modest, however, and
siightly
more
re-
con-
active
marked somewhat
were
lower.
Steel and mining stocks
than others, and fractional gains
were
were
more
active
recorded in
that group owing to favorable dividend declarations,
most
inertia.
other
The
securities
situation
and gmaU losses
again
drifted
was
lower
on
sheer
unchanged yesterday,
the rule,
were
Brazilian Blocked Accounts
ARRANGEMENTS
Jr\
ton
as
as
a
a
whole, while inter-
result of better ad-
on
were
Feb. 21 for
completed in Washingrapid liquidation of up to
$30,000,000 of American funds
which
the
no
exchange
Brazilian
effect,
the
was
foreign
American
held in
Brazil, for
available theretofore under
exchange
firms
restrictions.
and
individuals
In
con-
cerned will be able to realize on their balances in
full without delay, as the facilities of the
ExportImport Bank of Washington are to be made available for the purpose.
By this action, one of the outstanding difficulties in the trade relationships of
the United States and Brazil will be
swept away,
Negotiations
started
Brazil
news of a fresh drop
quotations unsettled the foreign list
dustrial stocks
Levels
and international issues improved on better demand
ducted
whole.
opening, and
opening Tuesday again
dragged, while the overnight
a
Monday.
on
the day failed to wipe out the recessions entirely,
so that final figures showed declines in almost all
in New York
as
week
marked lower at the
profit-taking.
Some of the gold
ports from New York.
the
dipped, with armaments
shares weaker than others because of
business
the Paris Bourse reflected uneasiness
on
failed to
European Stock Markets
0#
throughout the
vices from Tokio and late
reports of an upswing in
the New York market.
British funds were dull in a
soon
was
by
for
the
after the
exchange
agreement
were
reciprocal trade treaty with
completed, last
year.
the
Ambassador,
Brazilian
They
were
con-
Oswaldo
Aranha, and E. P. Thomas, President of the National
Foreign Trade Council. Brazil undertakes to make
available
immediately in dollars
up
payment of all claims up to $25,000.
to $2,250,000 for
Against larger
claims the Bank of Brazil will issue credit notes
pay-
Financial
Volume 142
able in
56
monthly instalments beginning July 1
.
1936, and 10% will be added to the claims in order
to
Such notes,
interest.
cover
Brazilian
guaranteed by the
government, will be discountable at the
Export-Import Bank of Washington, at
rate of
entire
an
annual
4%, which is approximately equal for the
period of 56 months to the 10% addition to
be made to the face amount of claims.
that this arrangement
will
cover
It is believed
virtually all the
blocked credits of Americans in Brazil.
...
cause of the very real and strong influence of the
Emperor, it may well be that the fate of the Japanese Empire and of world peace now hangs on the
decisions to be made by Hirohito.
The assassinations followed by less than a week
a general election in Japan which increased quite
materially the strength of the Liberal and Labor
parties in the Diet.
Balloting
on
Feb. 20 was car-
ried out quietly, and the election of
a
of proletarian
ample support
for
Japanese Murders
1343 J
Chronicle
Premier
virtue of
candidates assured
large number
Okada, who had ruled previously by
Imperial authority, rather than a Parlia-
ONE of the government and ever faced by the perhaps because of them, the murders were carried
mentary majority. Despite these indications, or
Japanese saddest events people occurred in
Tokio, Wednesday, when an extensive group of army
officers and men,
to be
inspired by what they conceived
patriotism, ran amuck and murdered four of
leading Cabinet members, all of them old and
the
defenceless.
This atrocious and
essentially cowardly
apparently resulted from the resentment felt
action
out last Wednesday by a group of so-called "young
officers," and approximately 2,000 men of the Third
Infantry Regiment of the First Division. The rebellious soldiers recently received orders to prepare
for departure to Manchukuo, and the people of Tokio
accustomed to seeing them carry out night
No surprise was felt, therefore, when
the battalions apeared on the streets of the capital
were
by the Japanese military clique against the con-^
maneuvers.
trolling and restraining hands of the wise statesmen
who were killed.
The murderers carried out their
in the small dark hours of Wednesday.
The troops
Those who
surrounded the homes of their selected victims, who
were aroused from their slumbers and shot.
When
were
surprised and assassinated are Premier Kei-
the dread realities of the situation were revealed on
suke
Okada, Finance Minister Korekiyo Takahashi,
Wednesday morning, the Imperial Guards and other
troops were ordered to suppress the rebellion, and
dreadful
plot in the small hours of the morning,
their
when
victims
Viscount Makoto
were
fast asleep.
Saito, Lord Keeper of the Privy
Seal, and General Jotaro Watanabe, Inspector-GenMilitary Education. Several other officials
eral of
they desired even to murder Prince Saionji, the
venerable Elder
is
assassins, and it is indicated
wounded by the
were
that
Statesman, whose counsel always
sought by the Mikado in times of crisis.
The
officers and several thousand men who perpethese deeds proceeded to barricade them-
young
trated
selves in
government buildings, and reports of subse-
quent developments are somewhat at variance.
rebels
were
reported
return to their
on
The
Thursday to have agreed to
barracks, but they
were
still at bay
Army and navy units surrounding
apparently permitted them to make forag-
early yesterday.
the rebels
ing expeditions to nearby restaurants without attempting to interfere.
These
of
shudders
sent
events
apprehension
throughout the world, for they made sensationally
the
clear
with the
of the
impatience of the Japanese militarists
more
State.
pacific counsels of responsible heads
It was realized in all capitals that
there is grave
of
danger of complete military control
Japan, and in that event an international con-
flict would be almost
militarists of
a
certainty, since the fanatical
Japan doubtless would embark on wild
schemes of conquest.
Fortunately, the views of Em-
Hirohito are known to be far more temperate
those of the militarists, for it was only because
peror
than
of the
support given the relatively pacific Cabinets
of recent years
by the Emperor that they
to remain in power.
in
were
able
The Mikado himself is inviolate
Japan, partly because he also is the mystic re-
ligious figurehead.
tained
by the
For some time it has been mainfanatical militarists that the
more
Japanese "liberals," among whom the assassinated
Ministers
and
were
numbered, misguided the Emperor
the murderers concentrated in the Police Headquarters and a group of government buildings in the
heart of the city. Some fighting is reported to have
taken place, but a strict censorship was imposed
and it may be some time before the actual course
of events is known.
It is quite evident, however,
that the citizens of the capital took no part in the
proceedings.
War-time military control was at first ordered in
Tokio, and troops lined the streets and closed the
Stock Exchange and the banks. On Thursday full
martial law was declared, and ships of the First and
Second fleets were ordered to Tokio and Osaka. EmHirohito is said to have intervened personally
and requested the rebellious troops not to continue
their resistance to constituted authorities.
Only
officially approved reports were permitted to leave
peror
the country, but these reports stated late on Thursday that the rebels had been persuaded to submit,
The enlisted men eventually are to be returned to
their barracks, it was stated, but the officers are
to have their choice of arrest and trial, or the traditional Japanese method of disposing of their
troubles and themselves. Emperor Hirohito early
on Wednesday instructed Fumio Goto, Home Minister in the Okada Cabinet, to form a provisional
Cabinet. Mr. Goto was reported to have resigned
within a few hours, but in most accounts this was
described as a mere formality which will clear the
way for the formation of a permanent Cabinet.
The
Emperor promptly started a series of discussions
and conferences with surviving elder statesmen of
Japan, in order to choose a successor to Premier
Okada. Foreigners were not molested by the military rebels, and direct international complications
fortunately have been avoided,
prevented him from knowing the real sentiments
of the
Japanese people.
Frankly fascist in their
aims, they desired to do away with Parliament and
the influence of the business men,
thing
Such
of
foreign
affairs
and
who knew
foreign
some-
sentiment,
views, circularized incessantly throughout the
Japanese army and navy, undoubtedly contributed
much to the dread events of last
Wednesday.
Be-
Naval Conference
XTEW difficulties continue to crop up in the naval
IN discussions at London, quite as fast as old
ones are adjusted.
With Japan out of the gathering, any conclusions necessarily must be tentative,
and it could easily be argued that there is no particular point in continuing the negotiations in such
Financial
1344
circumstances.
kind of agreement on naval
But any
construction
far
so
probably is valuable. No indications
available that the battleship problem will
are
The French endeavor
admit of conference solution.
obtain concessions in the American
to
stand for
35,000-ton limitation was quite unsuccessful.
H.
man
a
Nor-
Davis, head of the United States group at
London, formally notified the French representathat no reduction in the size
tives last Saturday
of such
ships is contemplated by Washington. Nor
the British succeeded in
swaying France
have
toward their idea of
inviting Germany to take part
The Anglo-German naval agree-
in the conference.
stipulated nothing more than a gross tonnage
ment
limitation for the Reich of
35% of the British fleet,
Chronicle
Feb. 29 1936
Locarno accord were contradicted in
Berlin, where
the view is held that ratification of the treaty between Paris and Moscow would nullify the Locarnoaccord.
The discussions started last week by
t
Italian, German and Austrian
officials were com
tinued and extended to include Poland and Hunand the European air was filled with rumors
of a new pact embracing these five countries. As
against such maneuvers, however, fresh negotiations
for a Danubian pact were undertaken by CzechoSlovakia and Yugoslavia. The only thing perfectly
clear in these circumstances is that all the Continental countries are engaged furiously in the old
gary,
game
In
of power politics.
his discussion of foreign policy before the
that this arrangement can be ex-
House of Commons, Captain Eden made much of
the problems of the day and the policy that Great
But France abides
Britain must pursue during the next two years,
steadily by the fiction that the Versailles treaty still
The present conditions, he admitted, are "dreadfully
similar in character and portent to those before
and the British
the conference
tended to
has
some
government wants the Germans in
so
types of vessels.
cover
validity, and an invitation to the German
government is opposed in Paris.
The Italian
of
means
tions,
government, searching desperately for
influencing other countries against sane-
to have decided that the London
an opportunity of bringing pres-
now seems
conference offers
sure
to bear.
It
would refuse to
sanctions issue
these
sign
was
rumored last week that Rome
any
naval agreement until the
settled to her satisfaction, and
reports were confirmed last Monday when the
Italian
delegation informed others at London that
naval
no
was
agreement would be considered binding
until sanctions
ha<| been discontinued and the Brit-
ish fleet withdrawn from the Mediterranean.
the modest
and
cruiser
gered,
so
while
the
a
way
craft limitation
small
thus is endan-
far as Italian participation is concerned,
capital ship issue is entirely up in the
The British
air.
Even
agreement reached several weeks ago on
government is endeavoring to find
around the French objections to German par-
ticipation, and it is possible that such efforts will
succeed.
It was indicated last Tuesday that Ger-
might be invited to sign an agreement with
many
Great Britain for limitation
by types and classes, in
accordance with the conclusions reached at London
1914." The full and active co-operation of Great
Britain with the League of Nations will be necessary,
according to the Foreign Secretary, and the coi¬
lective system should be "so powerful as to deter
would-be aggressor." The essential of British
policy, in any event, must be strength, and on this
any
line of reasoning Captain Eden called for increased
British armaments, while apologizing for the in-
creased expenditures necessarily entailed.
Great
Britain will take its full share in collective security,
he pledged, but "it will have no lot or part in encirclement." With Germany obviously in mind, the
Foreign Secretary emphasized that the system of
collective security must embrace all nations. Most
of the address was devoted to the situation resulting
from the Italian aggression in Ethiopia, but the only
point of significance in that part of the speech was
an assurance that Great Britain will take its full
part with other countries in the imposition of
sanctions.
The French policy of strengthening the ring of
steel around Germany is accepted as a matter of
by virtually all political groups and factions
in France, and the debates in the Chamber of Depucourse
Britain, and it is for that reason
ties on the Franco-Soviet pact were interesting
chiefly because of their international implications
and results. French opposition to the pact appears
to be based largely on the circumstance that Russia
possibility exists of obtaining German
Some satisfaction is to be derived, mean-
has not paid anything on its bonds, which are widely
distributed in France.
Former Premier Edouard
while, from the fact that British and American dele-
Herriot urged ratification of the treaty, on Feb. 20,
and he endeavored to assure the Chamber that it
could not be regarded as a breach of the Locarno
agreement. Foreign Minister Pierre-Etienne Flandin defended the proposed treaty last Tuesday as
"encirclement of the spirit of aggression," but
by the four naval Powers there assembled.
This
procedure is hardly calculated to assuage German
feelings, but the Reich is bent on strengthening her
ties with Great
that
some
consent.
gates seem to be working in close accord.
Obviously
enough, the two major Powers can dominate the
naval situation if
they are in agreement.
.
European Diplomatic Maneuvers
UNUSUAL diplomatic leading Chancelleries this he insisted of Germany. not obvious reply to the
activity was noted of circlement that this did In necessarily mean enthe
week
in
all
Europe, but the trend of the discussions still is
somewhat obscure.
ment is
So far
as
the British govern-
concerned, a little light was thrown on the
situation
when
Foreign Secretary Anthony Eden
spoke at length on foreign policy before the House
of
Commons, Monday.
new
But even the speech of the
Foreign Secretary is subject to a little inter-
pretation, since it obviously was colored by the desire of the British Cabinet to obtain
for
its
armaments
ment continued its
Soviet
program.
debate of the proposed Franco-
pact of mutual assistance.
in Taris that the
ample support
The French Parlia-
Statements made
treaty would not conflict with the
contentions of M. Herriot, the German
fice intimated last Saturday that
Foreign Of-
it had informed
the Franco-Soviet
violation and nullification of the Locarno accord. When M. Flandin spoke
on Tuesday, he suggested that if /views differed as
to the effect of the accord on the Locarno agreement,
the issue might be decided by the World Court at
The Hague.
The Chamber authorized ratification
of the pact, Thursday, subject to similar action by
other countries last May that
pact would be considered a
the French Senate.
Only in small degree was
there any clarification
activity
afforded this week of the intense diplomatic
Financial
Volume 142
centering in Rome and Berlin.
officials to
Italy
negotiations
Last
Sunday
to Poland
started by Italy and Germany.
of those interesting hunting trips
one
by the German Air Min¬
undertaken
was
Spanish Disorders
Visits of Austrian
noted even before the direct
were
were
SPAIN settled intothe disorders which were occa¬
a more normal routine this
week, following
sioned
that
ister, General Hermann Goering, but diplomatic dis¬
the
cussions
were
journey.
It
of the
will
acknowledged real intent of the
indicated in Warsaw, at the end
was
discussions, that all Polish-German problems
be
From Rome came the
adjusted speedily.
report,
Monday, that the talks really concerned
on
suggested pact to include Italy, Germany, Austria,
a
Poland and
taken
is
Such intimations were not
Hungary.
seriously in informed quarters, since it
too
quite evident that Germany would require a stiff
price in return for any agreement with Italy in the
present circumstances.
that
Italy
endeavoring to create a diplomatic
was
directed
diversion
The view was held, indeed,
against
of the moves,
cance
that the German
enter
the
further imposition
signifi¬
Rome admitted
on
Wednesday
government was not prepared to
such combination of Powers as the one
any
According to
suggested.
York
any
Whatever the real
of sanctions at Geneva.
a
dispatch to the New
"Times," Germany "looks with sympathy on
stand
Italy has taken and is prevented from
by the election of Feb. 16. * When it appeared
parties of the Left had made enormous gains in
next
the
1345
Chronicle
balloting and had gained virtual control of the
Cortes,
national Parliament, rioting broke
or
out in many
plain that they desired imme¬
these disorders made it
30,000 political prisoners who
diate release of all the
confined because of
were
formed
government to succeed that of Manuel
a new
provisional amnesty to some
for relatively short
promised
Portela,
25,000
participation in a revolt
Azana, who quickly
Manuel
Premier
1934.
in
Instigators of
parts of the country.
sentenced
prisoners
periods, but this did not content the Left groups,
and the
last
trial
incarcerated for
or
political offenses would be
immediately under an arrangement whereby
released
the
It was finally announced
rioting continued.
Saturday that all the 30,000 prisoners awaiting
of the old Cortes,
Parliamentary Commission
Right parties had a majority, would
in which the
the
share
caused
uneasiness
Some
responsibility.
political opponents
murdering their
of
convicted
freed, making it evident that
were
was
prisoners
by the wholesale releases, for even
Spain now is
accepting Premier Mussolini's proposals only by con¬
swinging quite as far to the Left as the country
siderations of
moved to
opportunity."
The initiative toward
resurrecting the scheme for a Danubian economic
accord
taken by
was
the Czechoslovakian Premier,
Milan
Hodza, who
week.
Belgrade agreed readily to participate in the
visited Yugoslavia early this
Further talks
negotiations, it was said on Monday.
are
take
to
place.
been
outstanding victory
Makale, two weeks ago, and thus opened
achieved
troops
south of
and
The carefully cen¬
reports of press correspondents
indicate that
of Marshal Badoglio are moving slowly
the troops
cautiously toward Mount Alaji, which repre¬
sents the southernmost
It is
in 1896.
able to their cause have been
reported.
From Addis
the other hand, dispatches have been re¬
guerilla tactics of the
ceived which state that the
Ethiopians are being carried on with notable suc¬
cess
by flying columns.
Italians
apparently are
their very
tion
now
On the southern front the
engaged in consolidating
substantial gains. Interest in this situa¬
veers
once again to
Geneva, where the
Sanctions Committee of the League
possibilities presented some
presumably
has been digested by the various League States,
whose political decisions are to be definitive.
The
British government is the only one that has pub¬
sanctions
on
weeks ago
by a special study committee
lished its attitude
the House of
Anthony
beforehand.
Discount
Eden stated merely that Great Britain
of Foreign Central Banks
Rates
any
Present
banks.
at
rates
shown in the table
FOREIGN CENTRAL BANKS
Effect
Date
vious
Feb.28
Established
Pre¬
Rate in
Pre¬
Rate in
Country
leading centers are
the
which follows:
DISCOUNT RATES OF
Effect
Date
vious
Feb. 28
Country
Rate
Established
Rate
Hungary
4
Aug. 28 1935
India.
3
Nov. 29 1935
May 15 1935
Ireland
3
Aug. 15 1935
Italy
5
Austria....
3^
July
10 1935
Batavla
4
July
1 1935
Belgium
Bulgaria...
2
6
3.65
Japan..
June 30 1932
Sept.
9 1935
July
3 1933
June
2 1935
Canada
Mar. 11 1935
Chile
Jan.
24 1935
Java
4
July
18 1933
Jugoslavia
3
Jan.
1 1936
5
Oct.
21 1935
Norway
May 23 1933
3J4
Poland
Oct.
Portugal
Dec. 13 1934
Rumania
vakia
Feb.
1 1935
6
Jan.
2 1934
Morocco
Czechoslo¬
Danzig
Denmark
tH
Lithuania..
Colombia..
6H
May 28 1935
.
25 1933
England...
2
Aug. 21 1936
June 30 1932
Estonia
5
Sept. 25 1934
Finland
4
Dec.
4 1934
South Africa
Feb.
6 1936
Spain
May 15 1933
July 10 1935
.
_
France....
.
.
Dec.
7 1934
4
Sept. 30 1932
Sweden....
Dec.
1 1933
Greece....
7
Oct.
13 1933
Switzerland
May
2 1935
Holland
2H
Feb.
Germany..
.
.
8 1936
Foreign Money Rates
IN bills Friday market discount rates for9-16@
LONDON open 9-16@%% as against short
were
on
%%
on
Friday of last week, and 9-16@5/s% for threeas against 9-16% on Friday of last week.
months' bills
Money on call in London on
Friday was H%-
^
Paris the open
market rate remains at 3 Yf/o and in
Switzerland at
2%%.
In a speech before
join with other countries in the imposition of
further sanctions, if such should be the decision of
committee.
Russia.
THERE have been no changes during the week in
the discount rates of
of the foreign central
Bank of
Commons, Monday, Foreign Secretary
would
the Geneva
matic relations with Soviet
of Nations is to
meet, next Monday, to consider the imposition of
oil and other drastic embargoes against Italy.
The
report
support of the League of Nations was promised, and
was indicated that Spain soon would resume diplo¬
point of the Italian advance
front.
Although the Italians expected their victory to cut
off Ethiopian forces in the north, no incidents favor¬
on
Spain has no desire
Further
expansion, the Minister said.
it
perhaps at that point that the next
major conflict will take place on the northern
Ababa,
document
merely reiterated what is known in European diplo¬
matic circles as the admirable Spanish policy of
an
the road to a further advance.
sored
Foreign
the
but
Tuesday,
policy,
foreign
on
elections.
Right after the preceding
16.
Augusto Barcia issued a brief statement
Minister
for colonial
MILITARY developments importance since war
in the Ethiopian the
of little
have
the
Cortes will assemble March
new
remaining behind the Pyrenees.
The War in Ethiopia
Italian
The
England Statement
THEfurther gain forbullion of £44,169, which brings
statement in the week ended Feb. 26 shows
a
the total to another new
year ago
high of £201,356,673.
gold holdings totaled £193,060,880.
A
How-
I
1346
Financial
the gain in gold
ever, as
of
far offset by
was
£2,997,000 in circulation,
£2,953,000.
and other
expansion
an
dropped off
reserves
Public deposits decreased
£2,257,000
deposits £1,956,059. ' Of the latter amount,
£1,440,348
was
from bankers7 accounts and £515,711
from other accounts.
The
ratio
reserve
dropped
a
Chronicle
marks.-
Feb.
Circulation last year stood
000 marks
marks.
and the year
of
at 3,323,145,-
previous at 3,228,599,000
A decrease also appears
checks
and
1936
29
in bills of exchange
in advances of
111,421,000 marks,
1,494,000 marks, in investments of 264,000 marks
and in other liabilities of
little to 40.85% from 41.65% last week; last year the
furnish
ratio
Below
183,000 marks.
we
years:
48.60%.
was
increased
fell off
Loans
£4,625,672.
represented
securities
on government
£3,385,000, while loans
other securities
on
Of the latter amount,
comparison of the different items for three
a
REICHSBANK'S COMPARATIVE STATEMENT
£654,628
Changes
for Week
Feb. 22 1936
Feb. 23 1935
Feb. 23 1934
Reichsmarks
Retchsmarks
Reichsmarks
Reichsmarks
decline in discounts and advances and
a
Assets—
£3,971,044 in securities.
The discount r£te of 2%
Gold and bullion
—3,014,000
No change
Of which
not
was
changed.
we
show
with other
years:
Below
table of the figures
comparative
a
depos. abroad
Reserve In foreign curr.
Bills of exch. & checksSilver and other coin...
Notes
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
Circulation
Feb. 27
Feb. 28
Mar. 1
Mar. 2
1935
1934
1933
1932
397,881,000 377,437,751 367,402,301 359,284,058 351,785,826
8,823,000 19,353.412 32,102,016 26,440,988
7,022,690
Other deposits
141,646,616 136,233,189 127,941,782 139,016,288 113,958,377
Bankers' accounts. 106,189,421
95,518,851 90,278,734 104,474,124 80,482,570
Other accounts
35,457,196 40,714,338 37,663,048 24,542,164 33,475,807
Governm't securtlee
82,105,001 82,421,044 75,648,981 86,500,258 47.235,906
Other securities
25,126,851 15,783,958 18,027,719 30,507,949 47,304,859
Dlsct. & advances.
10,998,547
5,804,612
6,246,262
11,964,868 11,356,645
Securities
12,223,107 18,543,081. 35,948,214
14,128,304
9,537,696
Reserve notes & coin
61,475,000 75,621,129 84.600,284 66,732,678 44,666,909
Coin and bullion
201,356.673 193,060,880 192,002,585 150,966,736 121,452.735
Proportion of reserve
i
to liabilities
40.85%
48,60%
40.3%
52,86%
36.92%
Bank rate
2%
2%
2%
5%
2%
_.
Other assets
+29,805,000
Liabilities—
Notes In circulation
...
Oth. dally matur. oblig.
Other liabilities
Propor. of gold & for'n
curr. to note
droula'n
MONEY market conditions in New rates were
quite unchanged this week, and York
were
continued at the low levels induced
policy.
money
recommended
THE weekly gold holdings of Feb. 21 showsfrancs,
statement dated 350,287,071 an in¬
in
bringing the total
year ago
Gold
to 65,437,493,937 francs.
up
aggregated 82,039,743,324 francs, and the
before 73,971,475,499 francs.
Credit balances
abroad, bills bought abroad and advances against
securities
register
decreases,
namely,
104,000,000
francs, 5,000,000 francs and 56,000,000 francs,
spectively.
liabilities is
year
The proportion of gold
now
record
a
of notes
79,715,340,210 francs.
A
year.
of
contraction
bringing the total
at
outstanding down to
year ago
a
circulation stood
at 81,-
years ago
bills
commercial
767,000,000 francs.
below:
BANK OF FRANCE'S COMPARATIVE STATEMENT
the
mined to take
Feb. 21 1936
Francs
Feb. 22 1935
circumstances.
ness
Francs
Francs
Propor'n of gold on
band to
a
+0.05
sight llab.
71.17%
Includes bills purchased In France,
80.54%
77.09%
b Includes bills discounted abroad.
of
loans
six
Call loans
were
on
available at
months.
issue of
and
rates in such
the New York Stock Ex¬
The
1% for all maturities
up
Treasury sold last Monday
to
an
$50,000,000 discount bills due in 273 days,
awards
were
made
0.074%, computed
on an
at
an
average
discount of
annual bank discount basis.
New York Money Rates
DEALINGExchange from day to day, % on 1%
in detail with call loan rates of the
Stock
ruling quotation all through the week
loans and renewals.
no
movement
Rates
are
73,610,000 marks.
Gold
a year ago
year
aggregated
before 312,433,000
marks.
An
currency
of 56,000 marks, in silver and other coin of
appears
30,126,000 marks, in notes
on
in
reserve
of
-
There has been
money
this week,
now
in foreign
other German banks of
kind having been reported.
any
quoted
at
1% for all maturities.
Transactions in prime commercial paper have been
very
brisk this week.
There has been
a
widespread
demand for prime paper and although the supply has
increased there is still a shortage of high-class bills.
are
%% for extra choice
four to six months and
3,014,000 marks, bringing the total of gold down
80,066,000 marks and the
new
change in the market for time
1% for
Bankers7
a
increase
money
change held to %% for all transactions, while time
THE February shows Bank for the third quarter
statement of the decline in gold and bullion
to
increase in
Bankers' bill and commercial paper
unchanged for the week, with little busi¬
done.
Rates
Bank of Germany Statement
of
total
reserve
$3,060,009,900 last Wednesday,
Francs
+60,000,000 9,339,664,130 3,998,436,823 5,963,337,834
—5,000,000 1,304,313,386
950,772,583 1,055,769,579
—56,000,000 3,228,552,048 3,079,735,616 2,932,258,654
—343,000,000 79,715,340,210 81,917,180,810 81,023,502,945
+767,000,000 12,228,201,521 19,946,246,133 14,935,146,339
Credit current accts.
were
excess
control
to be deter¬
$20,000,000 for the week, and it is
idle to talk of any
rates
The
now
seem
Feb. 23 1934
•French commercial
Note circulation
was
requirements,
remained the
+350,287,071 65,437,493,937 82.039,743.324 73,971,475,499
25,647,770
—104,000,000
9,894,353
14,523,467
bills discounted.,
action.
no
country
increase of
an
reserve
officially
Council has
Washington who
monetary affairs of the country
for the
no
b Bills bought abr'd
Adv. against secure.
increase of
an
indicated
Advisory
for both
Changes
for Week
OoM holdings.
was
by the official
dis¬
A compari¬
of the various items for three years appears
Credit bals. abroad.
It
but the authorities in
gain of 60,000,000 francs and creditor
current accounts of
son
French
francs.
counted show
Notes in circu¬
343,000,000 francs,
81,917,180,810 francs and two
023,502,945
re¬
hand to sight
71.17%, compared with 80.54% last
and 77.09% the previous
lation
on
9.9%
2.54%
2.10%
New York Money Market
easy
crease
—0.02%
yesterday that the Federal
Bank of France Statement
year
—92,718,000 3,756,462,000 3.323,145,000 3,228,599,000
522,278,000
+36,866,000
642,371,000
834,335,000
239,546,000
—183,000
293,800,000
273,859,000
____
Public deposits
a
+ 171,000
—1,494,000
—264.000
...
Investments..
1936
+ 30,126,000
oth. Ger. bks.
on
Advances
Feb. 26
+56,000
—111,421,000
312,433.000
80,066,000
73,610,000
19,088,000
21,397,000
20,264,000
7,940,000
4,606,000
5,372,000
3,523,844,000 3.258,565,000 2,645,341,000
305,190,000
260,782,000
244,299,000
11,961,000
12,728,000
4,380,000
70,718,000
46,315,000
44,484,000
659,876,000
663,973,000
755,455,000
600,115,000
816,431,000
672,043,000
names
names
running from
less known.
Acceptances
THE market quiet this bankers'The demand has
for prime week. acceptances has
been
been
very
fairly strong but the supply of prime bills has
been very poor.
of the American
and
Rates
including 90 days
171,000 marks, in other assets of 29,805,000 marks
unchanged.
Quotations
are
up
to
3-16% bid and %% asked;
for four
and in other
are
Acceptance Council for bills
and six months,
marks.
with
The
2.54%
daily maturing obligations of 36,866,000
reserve
a
year
ratio is
ago
Notes in circulation reveal
marks,
now
2.10%, compared
and 9.9% two
a
years
ago.
contraction of 92,718,000
bringing the total down to 3,756 ,462,000
months, \i% bid and 3-16% asked; for five
%% bid and 5-16% asked. The billbuying rate of the New York Reserve Bank is 3^%
for bills
running from 1 to 90 days, %% for 91- to
120-day bills, and 1% for 121- to 180-day bills. The
Federal Reserve banks'
holdings of acceptances
re-
Financial
Volume 142
main
concerned,
are
Open market rates
unchanged at $4,673,000.
for acceptances are
nominal in
far
so
as
the dealers
market accpetances are
SPOT DELIVERY
It
Prime eligible bills....
%
%
%
90 Days-
■■ ■ *■
■
xAs
X
lAs
Bid
———30 Days •
Bid
Asked
54
H
Asked
X
'As
H
% bid
% bid
....
...
...
........
credit
devaluation of the franc during
rediscount rates
following is the schedule of rates now in effect
the
classes of paper
various
different
the
at
Reserve banks:
the
is it
likely that
made until
been
Phiia/ifiiphift
Feb.
Feb.
2X
that
8 1034
17 1935
Jan.
Jan.
19 1935
2
Jan.
3 1935
Minneapolis
Kansas City
2
May 14 1935
2
2
2
Feb.
■•
May 10 1935
May
8 1935
2
..
San Francteoo..
Course of Sterling
method
equalization
reserves
16 1934
It may
of the
gold
be safely assumed that the greater part
on
There is
longer
no
as
trading
was
Washington's birthday and
Mardi
and
Gras
holiday
on
Tuesday last by
on
Continent.
the
The
for sterling this week has been between $4.9854?
$4.99% for bankers' slight bills, compared with a
The
between $4.97% and $5.00% last week.
or
range
range
cable transfers has been between
for
$4.98% and $5.00, compared with a range of between
$4.97% and $5.00% a week ago.
The following tables give
rate
on
market
the
concerned, at
This
dollar.
interrupted by the closing of the New York market
New York
from
Paris from day to day,
London check
the London open
gold price, and the price paid for gold by the
United States:
a
means
slight discount in terms of the
that the outward flow of gold
It is not
Europe has ceased.
to
likely to be resumed in the immediate future except
perhaps for special transactions not basically related
to the
the
On the other hand,
foreign exchange market.
of
drain
gold from
European gold
the
bloc
countries to the United States has also come to an
end and is not
likely to be resumed immediately.
Barring unforeseen events, the foreign exchange
market should
mean
against the dollar and
pressure
practically all other currencies are, so far as futures
are
dull than usual
"taken for unknown destinations"
as
will be for French account for some time to come.
During the past week the market
more
offer in the London open market and
officially stated
tive
has been rather
considerable
French
likely to favor
must have
which
fund,
purchases of gold but will be the more
STERLING exchange has for the seventh consecu¬
week been exceptionally firm in terms of all
other currencies.
really adopted the British
is
gold, will do nothing to hinder
of
them.
Exchange
It is surmised
selling sterling in Paris.
or
this
2X
2X
2X
2X
2X
2X
2X
2X
14 1935
2
Louis
Atlanta
Chicago
range
the latter paying
Thus the transfers
francs.
2
9 1935
May
if
m
May 11 1935
Richmond
the
Important financial circles believe
credit will serve to buy gold which
be made without the necessity of buying francs
in London
2 1934
Jan.
„
has
long after the present arrangement
that the London
may
lH
New York_.
on
French Treasury, nor
authoritative statement will be
any
liquidated.
Rate
Established
2
Boston
Dallas
to
as
Previous
Date
Effect on
Feb. 28
St
provided either in London or
the method of making the instalments
official information is
the British Treasury in
Rate in
Federal Reserve Bank
No
the event.
present credit postpones
will be sold to the Bank of France,
DISCOUNT RATES OP FEDERAL RESERVE BANKS
Cleveland-.
ultimately be devalued, but
be that the franc must
of the credit available to the
THERE have b?en of the Federal Reserve banks.
no changes this week in the
for
possible
the term of the credit.
general view held by London bankers seems to
The
Paris
Discount Rates of the Federal Reserve Banks
The
funds.
London
would scarcely have participated in so large
had not some pledge been provided that the
generally believed that the astute
bankers
that
WITHIN THIRTY DAYS
FOR DELIVERY
Eligible member banks
Eligible non-member banks
120 Days
Asked
Bid
60 Days-"
Asked
Bid
Prime eligible bills
is
stabilizing effect on the franc
a
partial repatriation of French
lenders would not be allowed to suffer from
—150 Days—
Bid
Asked
180 Days—
Asked
Bid
exerting
as
and may cause a
a
follows:
as
garded
they continue to fix their own rates.
as
The nominal rates for open
1347
Chronicle
experience a period of quiet and of sub¬
normal
activity,
middle
of
which
last until about the
may
Thereafter,
April.
increase in tourist
requirements should be helpful to sterling, the guilder
and the Scandinavian currencies, at least, but it
LONDON CHECK RATE ON PARIS
MEAN
seems
Saturday, Feb. 22
Thursday,
.74.803
74.847
Feb. 24
Tuesday, Feb. 25
Monday,
..74.813
74.781
74.72
Wednesday, Feb. 26
Feb. 27
Friday,
Feb. 28
74.718
quite probable that political disturbances in
the other European
countries
curtail the normal
for those
may
of seasonal tourist requirements
volume
LONDON OPEN MARKET GOLD PRICE
Monday, Feb. 24
140s. lOd.
PRICE PAID FOR GOLD
141s. Xd.
Thursday,
..141s.
Tuesday, Feb. 25
141s. Xd.
Wednesday, Feb. 26
Feb. 27
Friday,
Feb. 28
141s. Xd.
Saturday, Feb. 22...
BY THE UNITED
141s.
Id.
STATES (FEDERAL
RESERVE BANK)
Saturday, Feb. 22
$35.00
Tuesday.J Feb. 26
35.00
__$35.00
Thursday,
Friday,
35.00
35.00
Feb. 27...
Feb. 28
Except for the Japanese revolt,
Although
reached
news
of which
foreign exchange market for the past several days has
had
yen,
no
The Japanese disturbance
apparent effect on any currency except the
which declined noticeably from its pegged rate
are
steadily moving into the
for security and
a
seasonal matter sterling should be
firm in terms of the dollar on commercial account,
and
been devoid of incident.
As
investment.
and
on
funds
way
London market from every quarter
Wednesday, the
flashed to the Occidental world
to have
be said that in a
currently the market seems
inbetween season, it'may
an
general
Wednesday, Feb. 26
Holiday
Feb. 24
Monday,
currencies.
so
it is,
but the continued interest of British
Continental
offsets this trend.
American
extent
investors
market is
the
in
American
noticeable
of
movement
all
and
to
American securities is effected
Thus far, at
least, the market has not been in the
Were it not for this interest in American
least disturbed
by the loan of £40,000,000 made by
the
London bankers for the benefit of the French
government.
The London market views the French
credit
the
as
on
While the credit
whole
was
a
favorable
not extended
development.
with
a
view to
supporting the French franc, the operation is
re¬
by
doubtless sterling would be firmer
of the dollar.
Industrial
showing
a
European
sterling.
to
securities
The flow of Dutch funds to the
marked
funds to
of London.
way
investments,
than it is in terms
,
conditions
signs
trade is at last
of
throughout
improvement
beginning to show
the
world
are
international
tendency toward
and
a
expansion, which is conducive to a firmer and more
Financial
1348
active demand for the
Trade's
balance discloses that payments
net
trade
overseas
in 1935 resulted in
a
surplus of £37,000,000, compared with a debit
balance of
in 1933.
balance
shipping income in 1935 is estimated at
£2,000,000 in 1934 and
Net
an even
£75,000,000, against £70,000,000 in 1934.
Income
from overseas investments is placed at £185,000,000,
Feb. 29 1936
Referring to day-to-day rates sterling exchange
The British Board of
pound.
Great Britain's
of
estimate
Chronicle
on
Saturday last
Washington's birthday.
steady. The
Tuesday sterling displayed
in limited
trading.
were
tained for the
A favorable balance is ob¬
first time since 1930. However, a large
The
range
part of last year's improvement is attributable to
sight
and
heavy exports of silver.
On
continued
activity
British
of
trade
and
On Monday sterling was
$4.99%@$4.99% for bankers'
range was
sight and $4.99%@$5.00 for cable transfers.
against £175,000,000.
The
steady and firm in all markets.
was closed in observance of
was
In New York the market
On
fractionally easier tone
a
Most of the European markets
neglected because of the Mardi Gras holiday.
$4.99%@$4.99%
was
$4.99%@$4.99%
bankers'
for
transfers.
cable
for
Wednesday the market continued dull and the
pound
was
steady.
Bankers' sight
extension of
purchasing power is revealed by the fact
that the volume of the Bank of England's circulation
$4.99%, and cable transfers
is
$4.98%®
was
The range was $4.99
approximately £23,500,000 higher than last Feb¬
continuing the
ruary.
With
domestic
prosperity without interruption, the British
view to
a
present
Cabinet officials and the heads of the labor organiza¬
tions
to have reached an
seem
will be
strikes of any
no
agreement that there
kind for
period of three
a
'London and the
Money is in great abundance in
of funds is
pressure
concerted
efforts
short-term rates
induce
and
banking authorities
smaller
held above points which might
are
industrials
As
a
moving
more
point
an even
Most of the industrial
up.
seem
competent authority, are
on
no
one
seems
inclined to
The London "Financial
decline in prices.
a
News" index of
prices of 30 British industrial shares,
the average of July 1 1935 as 100,
on
on
Feb.
a
month
19
reached
a
114.5, which compared with
of
earlier, with 90
a year
earlier, and
low record of 41.6 touched in June 1932.
Day-to-day
in London is proving difficult
money
to lend at the rate of
%%.
barely being maintained at
months' bills
to
a
price of gilt-edged securities
overvalued, though
predict
a
returning
are now
result the
shares, it would
108.4
Three-months' bills
1-16% higher.
tations
$4.98%®$4.99% for bankers' sight
Friday
on
9-16%, three-months' bills 9-16%
are
%%, four-and six-months' bills %%.
on offer in the London open market this week
as
finished at
bills at
follows:
£225,000,
£244,000,
On Saturday
£79,000,
on
Monday
Wednesday
Thursday £305,000, and on Friday
Tuesday
on
on
£196,000,
on
Commercial sight bills
$4.99, sixty-day bills at $4.98, ninety-day
$4.97%, documents for payment (60 days) at
and grain for payment
Continental
and
the week ended Feb.
26, as reported by the Federal
Reserve Bank of New
York,
Other
Foreign Exchange
at
any
seven
weeks, when all the foreign exchanges moved
of the
terms
dollar.
The
firmness
up
in
the franc is
in
largely due to supporting operations of the British
Exchange Equalization Fund, but it must also be
recognized that European
financial
doubts
American
to
as
policies and fears that inflation will spread
here has much to do with the
improved position of the
The recent loan for the benefit of the French
franc.
Treasury
of
£40,000,000
also regarded as a
in
concluded
stabilizing influence.
tion that the Bank of France is
no
London
is
The realiza¬
longer losing gold
has further tended to restore confidence in the unit,
and
there
are
signs that the French citizenry
willing to lend money at least
in Paris.
are
short-term
on
For the past two weeks the Paris money
market has been somewhat easier.
Call money
been
were
quoted at 3%%-3%%.
market in
must be
Even
Paris, however, to
regarded
as
ease
the
has
money
off still further, it
extremely firm in comparison
with the low rates prevailing in New
York, London,
and Amsterdam.
The London loan to Paris is
of three renewals and will
run
subject to the privilege
for at least nine months.
It must be assumed that the British
received
follows:
was as
Cotton
closed at $4.99J
FRENCH francs continue time in the past
firm and are relatively
steadier than
£372,000.
At the Port of New York the gold movement for
Closing quo¬
$4.99% for demand and
were
$4.98 and seven-day grain bills at $4.98%.
are
Two-
On Friday the
$4.99@$4.99% for cable transfers.
more
Gold
was
The range was
and
discount market.
the
yield that is obtainable from government
once
peak
that
purchasing industrial and speculative
are
securities.
based
$4.99%@$4.99% for cable transfers.
general tone of the market continued unchanged.
public have turned from gilt-edged securi¬
where many
with
the
Industrial shares have advanced to
issues.
now
that it is only by the
so severe
of
especially to
losses,
The British
is
Thursday the market continued quiet and steady.
@ $4.99% for bankers' sight and
$4.99% for cable transfers.
years.
ties
On
$4.98%@$4.99%.
were
ample
assurance
bankers have
that there will be
no
change
in the value of the franc
GOLD MOVEMENT AT NEW YORK, FEB. 20-FEB. 26, INCLUSIVE
Imports
Exports
I
$3,000 from Guatemala
Net Change in Gold
Held Earmarked for Foreign Account
It
Note—We have been notified that approximately $277,000 of gold was
received at San Francisco, of which $210,000 came from Australia and
$67,000 from China.
figures
are
for the
On Thursday there
exports of the metal, or change
or
marked for foreign account.
week ended
were
in
no
on
imports
gold held
On Friday there
ear¬
were
imports or exports of the metal or changes in gold
held earmarked for foreign account.
no
Canadian exchange during
a
has
helpful
there
are
in
restoring
evidences of
seems
probable that there has been
funds from hoarding also.
some
release of
This change of aspect is
reflected in increased gold holdings of the Bank of
above
Wednesday.
been
circumstance
repatriation of French funds from other markets.
Decrease: $522,000
The
This
confidence in the franc and
None
«
during the life of the loan.
the week
premium of 1-32% to 5-32%.
was
quoted at
France.
The bank's statement for the week ended
Feb.
shows
21
an
increase
francs, which follows
francs
on
in
upon an
gold of 350,287,071
increase of 112,416,677
Feb. 14.
However, when the present position of the franc
is viewed in the most favorable
that much
anxiety exists
French financial
policy.
light, it is still evident
as to
the future
course
The London market
of
seems
Financial
Volume 142
to be convinced that after the
with the
and 17.03.
elections and
of the franc
French Treas¬
The lack of
is due to the
obscurity of the internal political and
financial out¬
liquidation of the recent credit to the
devaluation is certain to occur.
ury,
confidence in the future
look
and
reflected
is
the
in
extreme
weakness of
hoarding, and
government to
the large volume of
French rentes,
inability of the French
the complete
obtain credit accommodation at home.
leading Continental currencies are
All the
firm in
sympathy with the greater strength of the franc.
German marks have been quoted high ever since the
units seven
weeks ago, but the high quotations for the so-called
free or gold mark are purely nominal and reflect an
arbitrarily fixed valuation assigned by the German
exchange control and made possible by the extreme
scarcity of free marks. The gold mark is a fiction.
The internal marks (the various types of blocked
marks) are at severe discounts and in effect represent
for all practical purposes a devaluation of the mark
equivalent to the mean devaluation of all currencies
since 1931.
which have suffered this process
his
all
devalued. Currency experts
devaluations have resulted
gold or from a de¬
liberate design to stimulate trade.
Germany's re¬
strictions on payments abroad have eliminated the
gold export problem.
The economic ministry has
shown that Germany can promote trade sufficiently
all recent
that
argue
either from inability to export
de¬
without formally admitting that the mark
through credit inflation and internal currency
preciation
is devalued.
closed
schillings
statistical
bureau,
summarizing the
history of 1935, predicts that the Reichsbank's reserve will remain stable at its present low
currency
The bureau adds that the current
level.
of payments
balance
Germany's
condition
precludes re¬
the reserve, but is equally reassuring
against any further substantial decline. This state¬
plenishing
ment
53,000,000
in gold which was held by four small
issue banks whose privileges expired on
be taken to' mean that the
may
reichsmarks
private note
the gold and bullion
Dec. 31 will not serve to increase
holdings of the Reichsbank, but will doubtless be
added to a secret reserve believed to be concealed
between
reichsmarks gold
liquidation of the small note issue banks.
50,000,000 and 60,000,000
before the
Thus aside from
has
marks held in
The
the 73,600,000
marks gold of the
confidently believed that the
approximately 113,000,000 gold reichs¬
Reichsbank,
Reich
thought to amount to
form in the Reich and
some
it
is
disguised form.
on
against 19.09, and on
19.12
sight bills and at 0.95% for cable
0.95 and
following
table
shows
♦
EXCHANGE on the countries neutral during the
continues firm,
but unchanged in all
war
The Scan¬
of the
in close relation with the pound.
the relation of the
the United States
dinavian
currencies,
sterling bloc, move
(franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)..
Holland (guilder)
3.92
13.90
5.26
19.30
40.20
6.63
16.95
8.91
32.67
68.06
This Week
Parity
The London check rate on
6.67
17.01 H
8.02 H
33.01
68.60
6.68M
to 17.06^
to 8.04
to 33.07
to 68.76
to
Paris closed on Friday
week. In
New York sight bills on the French center finished on
Friday at 6.6834 against 6.6734 on Friday of last
week; cable transfers at 6.68% against 6.67%; and
commercial sight bills at 6.65% against 6.64%.
Ant¬
werp belgas closed at 17.05% for bankers' sight bills
at
important members
as
These countries are showing
The Swiss franc is exceptionally
Continental currencies, as
satisfactory levels.
firm
in
production and trade at
of other
terms
political disturbances of every kind in
direct
a
Europe tend to
flow of funds to the Swiss centers.
The Swiss
showed gold stocks of
1,424,700,000 francs, compared with 1,397,600,000
on Feb. 13.* The bank's ratio of gold to notes
francs
stands at
117.3% and its reserve ratio to notes
and
84.98%. The Holland
Netherlands Bank situation
sight liabilities combined at
guilder is firm and the
shows
steady improvement and
exceptionally
guilders to
The current
Bank of The Netherlands shows an
statement of the
increase in
rates are
money
Amsterdam.
in
easy
of 5,400,000
680,000,000 guilders. Gold cover to total
gold holdings for the week
stands
Despite
77.3%.
at
the strong
position of the Netherlands Bank and the abundance
and ease of money in Amsterdam, there are hardly
any
in the business and
Opinion in
the future of the gold bloc nations
Some circles point to the diminish¬
improvement
of
signs
of
situation
economic
Amsterdam
as
to
remains divided.
ing margin between
the
country.
British-American and gold bloc
while others believe that a
wholesale prices,
read¬
justment of gold currencies is unavoidable.
Bankers' sight on Amsterdam finished on Friday at
68.75
against 68.63 on Friday
transfers at 68.76 against
Swiss francs closed at
against 68.61.
bills at 68.73
of last week; cable
68.64; and commercial sight
checks and at 33.07 for cable
33.06 for
transfers,
against 33.02% and 33.03%.
Copenhagen checks
finished at 22.28 and cable transfers at 22.29, against
Checks
22.27 and 22.28.
and cable transfers at
while checks
on
on
Sweden closed at 25.73
25.74, against 25.72 and 25.73;
Norway finished at 25.07
against 25.06 and 25.07.
and cable
Spanish
at'13.84% for bankers' sight bills and
13.85% for cable transfers, against 13.83 and 13.84.
pesetas closed
at
Range
New Dollar
Parity
74.66
weeks.
important aspects from recent
——
Old Dollar
and
bankers'
transfers, against
0.95%.
dollar:
at
Finland at 2.21 against
closed at 0.95 for
Greek exchange
2.21.
transfers at 25.08,
leading currencies still on gold to
France
19.02 against 18.99;
at
Czechoslovakia at 4.19% against 4.19%;
Bucharest at 0.76 against 0.77%; on Poland at
exchange
on
against 8.02 and 8.03.
cable transfers,
8.04 for
Austrian
liabilities
Reich
The
in
with 40.63
Italian lire closed at 8.03 for
at
cable
and 40.64.
bankers' sight bills and
sight bills and 40.67 for
comparison
in
transfers,
bank statement for Feb. 22
Schacht asserts
Dr.
pronouncements
that the mark will not be
of
quotations for Berlin marks were
Final
bankers'
for
40.66
began in the major European
upturn
In
1349
Chronicle
against 74.75 on Friday of last
17.06% for cable transfers,
against 17.02
EXCHANGEsteady andSouth American increased
on the the prospects for countries
continues
freedom of exchange
recovery
transactions improves with the
in the export trade of
noted here last
reduced
March 1.
its
these countries.
As
week, the Central Bank of Argentina
rediscount
rate
to
3%%,
effective
Advances to banks will be met at
4%%,
The bank's total
stood at 1,223,417,645 pesos, while its gold abroad and foreign
exchange totaled 123,220,818 pesos.
The ratio of
gold reserves to note circulation stands at 136.76%,
or
1% above the rediscount rate.
gold holdings at home on Feb. 15
1350
Financial
while the ratio of
80.47%.
The foreign
amounted
to
to total liabilities stands at
reserves
of Peru in
commerce
483,683,138
soles,
1935
increase
an
of
13,586,199 soles over 1934. Exports were 308,923,449
soles, the highest since 1929, and exceeded only four
times in the history of the Republic.
valued at
Imports
Chronicle
Feb.
Treasury the buying rate for cable transfers in the
different countries of the world.
record for the week
FOREIGN
EXCHANGE
RATES
principal
customers
FEB. 22
1936 TO
Peruvian
paper pesos closed on Friday, official
quotations, at 33.27 for bankers' sight bills against
33.28 on Friday of last week; cable transfers at
33%
against 33%.
The [unofficial
or
free market close
27.60@27.70 against 27.65@27%.
official rates, are
for cable
official
Chilean
was
Brazilian milreis,
8% for bankers' sight bills and 8.56
transfers, against 8% and 8.56.
free market close
or
5.80
was
basis at 5.19 against 5.19.
un¬
the
on
new
Peru is nominal at 25.00
22
Feb.
in Tokio
moved
down
Wednesday.
on
sharply
attack, but made
an
as
would
be
of
was
realized
brought under
Japanese financial situation
although not serious.
the
yen
sudden
almost complete recovery in
Thursday's market when it
disorders
The Japanese
result
a
is
that
control.
not
the
The
entirely sound
Japan has been financing large
deficits in recent years
through bond issues absorbed
by the commercial banks,
followed
whether
the
in
the
United
banks
can
It
continue
is
question
finance
to
these
deficits.
However Wednesday's difficulties
may be
settled, the fiscal problems of Japan will be made more
difficult
leaders.
as a
result of the attack
It had been
bond issue in March and it
yen
that if this issue is
on
the government's
planned to float
now
a
500,000,000
seems
probable
floated, the Bank of Japan will
have to absorb it.
Feb.
$
26
Feb.
27
Feb.
$
$
28
S
.189616*
.189450*
.189633*
.170319
.170188
.170369
.170473
.013000*
.013000*
.013000*
.013000*
.041939
.189416*
.041927
.041882
.041900
.223037
.222900
.222672
.222841
.222733
4.996500
.994333
.988250
.991833
L990000
.022033
.022035
.022005
.022000
.022005
.041910
.066755
.066742
.066685
.066781
.066815
.406375
.406261
.406150
.406378
.406507
.009537
.009505
.009507
.009514
.009520
.687014
.686585
.686507
.686007
.686807
.297500*
.297250*
.297250*
.297250*
.080295*
.080315*
.080235*
.080225*
.080220*
.250979
.250904
.250600
.250820
.250683
.297250*
.190880
.190660
.190760
.190900
.045495
.045475
.045430
.045410
.045358
.007540
.007520
.007520
.007520
.138364
.138317
.138175
.138346
.138421
.257558
.257450
.257162
.257350
.257250
Swtlzerland, franc
.330335
.330232
.330032
.330378
.330492
.023225
.023212
.023137
.023200
.023187
HOLI¬
.300000
.300000
.300000
DAY
.300208
.300416
.300416
.300833
.300416
.299531
.299843
.299843
.300416
.300000
.300208
.300416
.300416
.300833
.300416
.327656
.327968
.327812
.327812
.327812
.376925
.376575
.376500
.376570
.376580
Asia—
checks yesterday were
28.96 against 29.14 on
Friday of last week.
Hong
Kong closed at 33.15@33 3-16 against 33.10@33%;
Shanghai at 30%@30 7-16 against 30%@30%;
Manila at 50.30 against
50%) Singapore at 58.55
against 58.60; Bombay at 37.70 against 37.70, and
Calcutta at 37.70 against 37.70.
yen
Gold Bullion in
European Banks
.007530
China—
(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hong Kong, dollar
India, rupee...
Japan, yen
Singapore (S. S.) dol'r
.300416
.291155
Australia, pound
New Zealand, pound.
.291280
.289265
.288775
.289015
.585000
.584375
.584375
.584187
3.981500* 3.978875*3.973375* 3.976250*3.974500*
4.012968* 4.009062*4.004062* 4.007968*4.006718*
Africa—
South Africa, pound..
North America—
4.936500* 4.936250*4.930000* 4.936041*4.934375*
Canada, dollar
Cuba, peso
Mexico, peso (s'lver).
Newfoundland, dollar
1.001197
1.000755
1.000454
1.000520
1.000546
.999200
.999200
.999200
.999200
.999200
.277550
.277675
.277675
.277675
.277675
.998812
.998312
.997937
.998125
.998062
South America—
Argentina, peso
Brazil, milreis
Chile, peso
Uruguay, peso
Colombia, peso
*
.300416
.584687
Australasia—
.332950*
.332850*
.083000*
.050950*
.332600*
.332720*
.332650*
.083000*
.083000*
.083000*
.050950*
.083000*
.050950*
.050950*
.050950*
'
.802500*
.802500*
.801875*
.801875*
.802500*
.583100*
.581400*
.581400*
.579800*
.579800*
Nominal rates: firm rates not available.
"
■
The
■
1
•
'
.
'
,
.
.'
'
.
'
'
•
i
Continuing Strain of Unemployment
Commenting on Feb. 6 on the estimate of 11,400,000 unemployed in December made by the Amer¬
ican Federation of
Labor, William Green, president
of
the
Federation, took a more than ordinarily
gloomy view of the outlook. Conceding that the em¬
ployment situation at the opening of the new year
"more
was
Closing quotations for
25
Feb.
.189783*
.
a
24
.190980
-•
States.
1936. INCLUSIVE
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
similar to that
a process
RESERVE
1922
.013000*
Hankow (yuan) dol'r
I
EXCHANGE on the Far Eastern countries was
only slightly affected by the attempted military
coup
OF
.170346
....
Chefoo
.
28
J
Austria, schilling...
Belgium, belga
Bulgaria, lev
Czechoslovakia, krone
Denmark, krone
England, pound sterl'g
Finland, markka....
France, franc..
Germany, relchsmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
against 25.10.
•—
FEDERAL
BY
Yugoslavia, dinar
The
against 5.80.
exchange is nominally quoted
FEB.
Europe—
...
Argentine
time
since
encouraging
the
on
the whole" than at any
President's
Re-employment Agree¬
launched, "there is still," he said, "no pros¬
pect of work except the spring pick-up in
industry
ment
was
this year
to create at least temporary jobs for a
portion of the unemployed," while "the vast
majority hav6 no assurance of anything but con¬
small
tinued
joblessness
government work
and
dependence
projects."
He
on
saw
relief
and
little to hope
for
par
from improvement in business.
"Clearly," he
declared, "re-employment is not keeping pace with
exchange) in the principal European banks as of
Feb. 27 1936, together with
comparisons as of the
the rise in business
activity. According to the
'Annalist' index, business has
already regained so
corresponding dates in the previous four
much of its loss that
THE following table indicates the amount of gold
bullion (converted into pounds
sterling at
of
years:
bring it back to
Banks of—
France
a
Germany b.
Spain
Italy
—
...
Netherlands
Nat. Belg'm
Switzerland
Sweden
Denmark..
Norway
...
1935
1934
1933
1932
£
England
1936
£
£
£
£
201,356,673
523,499,951
2,667,300
90,125,000
42,575,000
56,218,000
97,099,000
47,077,000
23,875,000
6,555,000
6,602,000
Total week. 1,097,649,924
Prev. week. 1,094,638,159
193,060,880
656,317,786
2.937,500
90,733,000
62,952,000
67,547,000
72,524,000
68,261,000
16,080,000
7,395,000
6,852,000
192,002,585
591,771,803
13,648,750
90,467,000
76,780,000
67,800,COO
77,676,000
67,548,000
14,568,000
7,398,000
6,574,000
150,966,736
648,133,556
36,540,500
90,354,000
63,263,000
85,636,000
74,768,000
88,884,000
11,440,000
7,399,000
8,015,000
121,452,735
600,474,377
42,440,200
89,942,000
60,854,000
72,310,000
72,202,000
64,694,000
11,438,000
8,160,000
6,559,000
1,244,460,166 1,206,234,138 1,265,399,792 1,150,526,312
1,244,487,320 1,213,871,313 1,262,572,017 1,139,166,923
These are the gold holdings of the Bank of
France as reported In the new form
of statement,
b Gold holdings of the Bank of
Germany are exclusive of gold held
abroad, the amount of which the present year Is
£1,011,950.
a
Foreign Exchange Rates
PURSUANT to Act requirements Federal Reserve
of Section 522
the Tariff the
1922, the
of
Bank is
of
now
certifying daily to the Secretary of the
a
Unit
products,
though in decreased volume.
give below
Noon Buyino Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
England continues to be
for
CERTIFIED
were
Feb.
the
We
just passed:.
BANKS TO TREASURY UNDER TARIFF ACT
174,759,689 soles in 1935, compared with
165,003,262 soles in 1934.
1936
29
is
ever,
so
additional rise of
an
normal level.
a
7% will
Employment, how¬
far below normal that it will take
an
employment increase of 28% to give jobs in
industry
to all those who want
them. Cleariy millions will
still be jobless when business
reaches normal."
Mr. Green's conclusion
regarding the
in
an
acute
continuance,
form, of the unemployment problem co¬
incides with the
those
opinion of the great majority of
who, whether in public
have been most
or in private
agencies,
directly concerned with the admin¬
istration of relief.
ployment is not
the
total for the
such
tion.
as
In
now
spite of the fact that
at
its peak,
country
as a
whole has not been
greatly to lessen the seriousness
More than two and
a
unem¬
the reduction of
of the situa¬
half years of colossal
ex¬
penditure, Federal, State and local, joined to
large
Financial
Volume 142
contributions from individuals and
still
leaves
with
us
ployed, while if to this
which
for
other
the
there
is
than
more
no
army
work
private agencies,
11,000,000 unem-
of potential workers
are
added
family
or
dependents, from one-fourth to one-third of
total
population is, in one way or another, in
A
need of relief.
bewildering multiplication of proj-
food,
ects, ranging from direct money allowances for
clothing
rent to various forms of productive or
or
unproductive work, has failed to take up the slack,
while if the
figures
upon
which Mr. Green relied are
trustworthy, the volume of unemployed labor is four
times
greater than industry and business, under con-
ditions of normal
Some
activity, is likely to absorb.
of the difficulties which the situation has
1351
Chronicle
Certain instructive principles and facts emerge
from the disappointing experience which the coun-
try has undergone. One is the imperative need of a
detailed and comprehensive census of the unem-
ployed. The fact that an employable person is, at
given time, unemployed is not in itself particularly informing. There are various reasons for unemployment, and until we have ceased thinking or
speaking of unemployment as a mass condition and
scrutinize the classes into which the unemployed
obviously fall, we shall not have made a sufficiently
intelligent approach to the problem. What is more,
without such a'study and enumeration it will not
be possible to know how many of the unemployed are
re-employable, how many cannot, for most practical
any
work
relief, however, for the provision of adequate
work
opportunity at regular hourly wages appears
the normal initiative and incentive of
be employed in any work that would inthem a living, how many are reluctant or positively unwilling to work even if work is offered, and
to what extent the total volume of unemployment
is being kept up by the addition of persons who
until recently were at work but who can find no
work now, or whose resources, drained perhaps for
years, have at last failed. There is some reason for
thinking that the unemployment turnover, due to
the elimination of some and the addition of others,
is an important factor in the present situation,
It should by this time be clear that public works,
however useful in themselves, cannot be relied upon
individuals to seek the solution of their own
to relieve unemployment on a large
forcibly indicated by Allen
developed have been
Wardwell, chairman of the New York State Commissiin on Unemployment Relief. "We have not
"how
yet learned," he is quoted as saying recently,
to
preserve
normal morale, attitudes, work habits
family relationships while providing relief re-
and
cipients with the necessities of life which they are
unable to secure otherwise.- This is a major shortcoming in home relief as a form of public aid.
situation is
to
The
equally serious in the case of
almost
restrict
many
Finally, we have yet to
personal economic needs.
discover the ideal solution of all the
in that
relief problems
have not learned how to return employ-
we
unemployed people to a state of self-support
able
through the medium of normal employment. If it
be assumed that such a solution is impossible, an
equally serious challenge awaits us if we are so to
adjust our economic and social life as to
in
normal
a
manner
and
proceed
yet care humanely and
adequately for that portion of our population
remains
Mr.
Wardwell's
not
have
larized.
which
dependent."
cogent summary of things "we
learned"
As long as
can
be
extended
and
particu-
the Federal government assumed
the
larger part of the cost, the average tax-payer
did
not realize how
ment relief
was
great the outlay for unemploy-
and how greatly it was
the national debt which must
was
at
or
in
he much
adding to
sometime be paid, nor
concerned, if indeed he was concerned
the obvious injustice of taxing New York
Pennsylvania for the support of the unemployed
Ohio or California. Now that Federal aid is being
all,
over
withdrawn
and
the relief burden
pally upon the States and their
devolved princi-
municipalities, the
realization of what it means in taxes is
causing wide-
purposes,
sure
scale. As Ogden
L. Mills has well said, there simply are not enough
worth-while public works to go round for such a
purpose. Even if carefully planned in advance as
parts of a comprehensive program, they cannot absorb any large number of workers, while to go in
for them in a hurry as an emergency measure, as
the Administration and some of the States have
done, is to invite prodigal waste. What is true of
public works of an inherently sound character is
convincingly true of the "made" work with which
the country has been deluged. It is a reflection
upon intelligence to suppose that the enforced provision of public buildings or parks which a community does not need, and whose construction and
maintenance only add to the local tax burden, or
"boondoggling" projects which adorn school houses
or court buildings with dreadful "art" or assemble
masses of data for a five-volume guidebook to the
United States, will make unemployment less permanent or severe. Every dollar spent in such undertakings is a charitable gift to the workers employed,
and while charity is certainly to be extended where
it is needed, there is no solution of unemployment
along that line.
The decision of the Administration
to leave to
the States the chief responsibility for dealing with
unemployment is, we think, entirely wise, for the
the government spent enough, would so far "prime
experience with Federal grants intended to supplethe pump" of business and industry that the abment State funds has not been a happy one. The
normal volume of unemployment would be absorbed,
magnitude of the obligation which the States must
but we now know that no amount of public expendinow assume, however, is beginning to be realized,
ture will bring the desired result. There is general
and predictions are freely made that State funds
agreement now that home relief, which is simply' will prove wholly inadequate, that many municipalicharity, will not solve unemployment, which is an
ties will find themselves unable to meet the share
economic problem, but the country has been slow to
of the cost which their numbers of unemployed
realize the fact. It has taken two years and more
would require them to bear, and that the hardof costly experiment to impress the further fact
pressed tax payers may revolt. There is no reason
that our relief methods, besides failing to break the
to expect that the States will meet the situation with
back of unemployment, have increased portentously
equal energy or success, or that industrial States
the number of men and women who appear to be
will be able wholly to prevent an influx of unemcontent with the low plane of living which home
ployed from other States where the industrial develrelief or government work provides, and who show
opment is less advanced. There could be no greater
no interest in seeking independent self-support.
mistake, however, than for any State which has a
spread alarm.
The country was led to believe that
government expenditure for public works, if only
1352
Financial
large volume of unemployment
ahead
with its
its hands to
on
go
expenditures without instituting
searching inquiry into the
of the present
causes
a
un-
Chronicle
Feb. 29
pounded it,
League.
was
me
of unqualified support of the
one
In maintaining "steady and collective
sistance to aggression"
re¬
the government would be
employment in the State, and the extent to which
"guided in its task by the spirit of the Covenant
the volume is maintained
itself." It
increased
or
other labor disturbances fomented
inquiry which would
by strikes
by agitators. An
of the ground is at
cover some
the moment under consideration in New
it
should be carried
State
out there
or
and in
York, and
"full part" with other countries in the imposition
of sanctions.
It
"perfectly willing at
was
time
any
machinery, however, will wipe
unemployment off the slate. The disap-
abnormal
the
early settlement of the
an
to enter into an examination" of the question of
pect to find there "some magic touchstone for all
to colonial
access
Neither money nor
pearance
anxious for
other
every
well.
as
was
between Italy and Ethiopia, but it wrould take
war
of unemployment depends ultimately
upon
ability of industry and business to absorb the
ills."
our
materials, but he did not
raw
For Britain to "play its full part," how-
he declared, it must be "strong and
ever,
ex-
mined" in both policy and arms.
deter-
He regretted that
unemployed.
Such absorption will
industry
go on rapidly if
freed from uncertainty
increased expenditure for armaments had become in-
business and
evitable, but he regarded rearmament to "strengthen
harassing governmental interference; it wall lag
as capital investment remains precarious,
ment," and "cheaper than rearmament within the
and
are
long
as
administrative
policies multiply interferences and
restrictions, and profits
wise fruitless
tax.
ance
imposts
Other
lessened by such other-
use
of
as
act of
an
charity
industry
much labor
profitably employ; it will not make
as
an
use
of
it
as
because government insists
or
tially useless services.
inent
can
more save
the performance of unproductive and
upon
or
essen-
Belief from the unemploy-
load, and from the
menace to
order and prop-
erty which large and continued unemployment al-
involves, waits
ways
upon
the recovery of industrial
and business
as
"the cheapest form of
rearma-
system of alliances and infinitely cheaper
pre-war
than rearmament in isolation."
the unemployment insur-
as
things being equal,
business will make
a
are
collective security"
With the exception of
repudiation of
a
an
emphatic and significant
policy of "encirclement," into which
his hearers may very well have read an indirect allu-
sion to
Germany and France, Mr. Eden's exposition
of his hopes for collective security was cast in genera! terms. "Our final objective," he said, "must be
world-wide system of collective security which
em¬
braces all nations, and the authority of which is
un-
a
challenged and unchallengeable.
that objective at present.
We
alize it by at
same
We
can
are
far from
only hope to
re-
freedom, the cessation of extravagant
government expenditures, and the return to sound
the authority of the
existing system and facilitating,
policies in government finance and administration,
by agreement based
on a
There is
operation of other nations in
no
other ultimate relief
anywhere.
one
Any speech by
British
Policy and World Security
and the
widely-heralded
British
speech
of
Anthony Eden,
Monday turns out, when read in full, to be considerably less specific in some of its statements and
on
press accounts
which
first
were
received suggested.
Mr. Eden had, apparently, two
objects principally in view in discussing foreign af-
fairs in the Commons.
charge, made by
a
The first
was
to refute the
spokesman for the Labor Opposi-
tion, that the League had been dilatory in dealing
with sanctions,
particularly with oil. The substance
of his
was
rejoinder
such sanctions
as
that the League, in dealing with
were
under the control of
League
members, had acted with all practicable speed, but
that its
action with
regard to oil had been
erence
here
of
oil. The
specific ref-
to
oil
was
to the United
States, whose exports
Italy, Mr. Eden declared, amounting to
6.3% of Italy's total oil import from January to
September 1935,
ber.
rose
Against this
to 17.8% in October to Decern-
were
set the figures of Persian
export, the country in which "the only British
com-
pany concerned
were
operates," where the exports to Italy
12% and 4.4% for the two periods respectively,
For the exports
them
from Russia and Rumania, both of
League States,
implication
United
was
no figures were given.
The
that, but for the fact that the
States is not
a
member of the League and
hence could not be counted upon to
support
action, sanctions
been
upon
League
oil might before this have
imposed.
The other main purpose was to
the
British
If
there
explain the attias
Europe. The
Mr. Eden
ex-
had
official
been
attitude
any
Britain will
conserve
and increase its
and with the aid of that
war,
policy it will take
a
resource
doubt
toward
League, the speech should have dispelled it.
the
Great
strength for
and
a
strong
leading part in the work of the
League, but it will seek to achieve its ends through
the League and will insist that the
League machinery
for peace
between Italy
shall be used. If
peace
anil
Ethiopia is made, it will have to be, apparently,
through the League and on League terms. Great
Britain will take
but
on
the
no
part in "encircling" any Power,
contrary will seek
a
world
agreement
on
principles, and presumably methods, which will
make aggression impossible.
As
was
to be
expected, Mr. Eden's pronouncement
has been received with mixed
feelings on the ConItaly, naturally, finds nothing in it to encourage hope that sanctions will not be pressed,
tinent.
0r
that the
peace
with Ethiopia can be settled
by a
in which the League will not be consulted.
war
France, it is reported,
tion of
senses
encirclement, and
danger in the repudia-
sees no reason to relax its
suspicion of Germany. Whether the speech had
thing to do with Chancellor Hitler's decision
any-
not to
join the proposed five-Power agreement with Italy,
Austria, Poland and Hungary is not known, but it
is significant that Hitler is reported to have explained
that
while
Italy's position, it
Germany
was
sympathized
nomic and military recovery and
dingly, in
a
in
with
still in the process of
was
eco-
not, accor-
position to do anything that might of-
fend either Great Britain
tude of Great Britain toward peace in
policy of the British government,
examination.
about
neces-
sarily delayed because the League members did not
control the world's market in
work."
our
portant, and what Mr. Eden said is particularly
Foreign Secretary, in the House of Commons
proposals than the
wide understanding, the co-
British Foreign Secretary is im-
a
worth
The
time strengthening
or
France.
Greece, Turkey and Yugoslavia has
The reaction
not been
re-
ported, but those countries might properly regard
the agreements which they are understood" to have
Financial
Volume 142
1353
Chronicle
made, at British suggestion, to act with Great Brit¬
announcement that Great Britain
ain in
war.
defending France against
joined to the
fleet
in
the
effect of
a
policy
a
Italian attack,
was
having in fact the
Italy even though en¬
as
encirclement of
as
an
large part of the British
Mediterranean,
an
circlement
of
presence
together in
renounced.1
unchallengeable agreement to insure
an
is interesting, but there are some weighty ob¬
peace
Three of the seven great
stacles to its realization.
the United States, Germany and Japan,
Powers,
outside
are
think of
as
the
States has
is
the
as
sition
its
to
which
member of the League
and
joining it. Japan, which was
first, withdrew because of oppo¬
in
course
admitted
was
a
to
ever
member from the
a
The United
of the desired union.
been
never
averse
as
League which Mr. Eden seems to
core
Manchuria, and Germany,
only after many years of exclu¬
sion, resigned because it found that, in the matter
of
armament, it was not regarded as an equal. There
is small
to
reason
expect that either of these Powers
would enter another
however restated
the League.
of
agreement whose prime object,
enlarged,
or
was
essentially that
The Kellogg anti-war pact was ac¬
cepted by most of the nations of the world, but it
proved wholly futile in preventing war or dis¬
has
preparations for war,
couraging
that
was
renounced. The complete failure of the
Conference
Disarmament
the
for
notwithstanding
by its terms war, as "an instrument of national
policy,"
shown
reduction
or
reach any
to
limitation
anxiety which is reported to be felt at Washington
agreement
of armaments has
to have made no substantial progress what¬
in
solving the restricted naval problems it was
The outlook for collective
security
basis has been further clouded
spoke.
will
pan
on a
universal
by events since Mr.
Whether the military outbreak in Ja¬
prove
which the
to be more than a domestic incident
government will be able to control is not
yet clear, but it has served to
the influence which the army
emphasize sharply
and
navy
exert in the
politics of Japan, and has naturally called attention
increasing friction between Japan and Soviet
to the
Russia in
could with
If Mr. Eden fancied that he
hand support
the League in its sanc¬
policy, and with the other draw Italy into a
tions
naval
sioned
been disillu¬
by Italy's prompt refusal to consider any na¬
agreement at London, he has
accord
val
Mongolia.
one
while
The
sanctions continue.
French
government labors to explain that the conditional
alliance which has been
negotiated with Russia is
but it has
also advised Italy that it is opposed to further sanc¬
tions and hopes that British pressure will not force
entirely consonant with the Covenant,
not
Chancellor Hitler's expressed rea¬
Even
hand.
its
sons
for refusing to
enter a five-Power agreement do
imply any waiver of Germany's right of inde¬
pendent action regarding either Great Britain or
France when Germany feels itself ready. There is
reason
to suspect
that the negotiations for an Anglo-
regarding which Mr. Eden
spoke hopefully in his speech, contemplate among
other things the use of Egyptian waters for some of
Egyptian
settlement,
the needs of the
We
apparently facing a situation in
are
a
circumstances, it is difficult
*
moved toward
believe that Mr. Eden,
in advancing the idea of
security, had
anything more practical than a reaffirma¬
tion of British
support for the League, and a frank
Instead of affording an oppor¬
war.
tunity for the calm examination of grievances with
view
a
to
amicable
an
adjustment of matters in
dispute, the League has for six months had no
of
penalties. It is quite beside the mark to
that
Italy is
im¬
except the imposition
portant business before it
reiterate
and that penalties are pro¬
Covenant, for conditions to-day have
an aggressor
vided for in the
passed far beyond either of those points. The plain
fact of the case was made entirely clear on Thurs¬
British Air Minister,
by Viscount Swinton,
day
the House of Lords that
he told
when
the reason
present defense preparations was
formula of "no war for ten years" upon
for Great Britain's
that the
previous governments had relied must now
which
dropped, and preparations made for war at an
earlier date. With the imminence of war no longer
be
the
of
the chart of Ameri¬
by responsible statesmen in Europe,
concealed
entanglement and the maintenance
avoidance of
neutrality
written large on
are
duties.
can
Should Brokers Be Forbidden
By Charles H. Meyer of
John
to\Trade?
the New York Bar
in the "New
Securities and Exchange
requiring complete segregation
Flynn, in a recent article
T.
attacks the
Commission for not
of the functions of brokers
and dealers in securities.
proposition, which
truism," that "no man whose
primary function is a fiduciary one—that of an
agent—should be permitted to enter the market in
which he appears as an agent for others and to
His
he
argument is based on the
lays down "as a
trade in that market
for himself."
obvious
stand up under anal¬
ysis.
Instances in which men appear in the same
market as both agents and principals without criti¬
Like
many
catch statements, this seems
quick reading but does not
on
cism
condemnation might be
or
A
number.
broker may
his
man
mentioned without
a real estate
who is primarily
nevertheless buy and sell real estate for
Merchants in many fields of
account.
own
frequently operate both as agents and as
endeavor
principals, such as chemical brokers, textile brokers
and brokers in food and farm products.
An author
who writes a book for a
publisher on a royalty basis
could, I think, write another book and publish it
himself without sacrificing his sense of fiduciary
responsibility.
A stockbroker who buys General
could not be criticized
Electric for his own account
because he has an order
for a customer to buy U. S.
Steel.
That
an
without
been
agent is under a fiduciary
saying.
obligation goes
His obligation, however, as it has
performed in practice and enforced in law from
mind, is not to stay out of the market
entirely, but merely not to enter it
*
universal collective agreement for
in mind
which the
League, dominated by Great Britain, is being used
as a smoke
screen behind which
Europe is being
time out of
British fleet.
In view of all these
to
longer possible to pretend
policy of the League is conducing to peace.
Republic,"
called to consider.
Eden
no
that the
impossible, and the London Naval Conference ap¬
ever
be thought about the course of Italy
Ethiopia, it is
within the League membership
that, even
itself, agreement on a fundamental peace issue was
pears
in which events in Europe are going.
the way
over
Whatever may
with
The vision of all the nations of the world bound
is preparing for
ample ground here for the increasing
There is
in a transaction
inconsistent with his agency.
That there have been abuses on
I do not
dishonest
stock exchanges
That there have been and still are
brokers is undoubtedly true.
But there
deny.
1354
also
are
Financial
,
turers,
dishonest
dishonest
dishonest manufac¬
merchants,
lawyers
Chronicle
and
details of the issue
members
Burlington
me that the way to pre¬
by brokers of fiduciary obligations is by
regulation and not by abolition.
are
minute
sion.
Whether the
present rules
If
they
not, let them be made
are
that the ethical standards of stockbrokers
lessly below those of others.
sitions
Southern
I
am
York
most
public
Here
owners
of all
New
or
over
the
the
acting through their brokers, congregate at
for sale.
wares
to
bargains,
fill
the
as
investment
case may
of the ticker every
broadcast
the
over
This
be.
to
or
the
country,
as a
eral Steel
trials
also
offset
part of
declined.
A
the losses.
sharp
rally
with
Highest-grade
bonds,
United
changed.
The
offer
States
governments have been
lower, while
Gen¬
off 1%.
(w. w.), at 110 showed
Hall Printing 6s,
points,
1947
Hygrade
4% points to 81%.
a
rather
substantial
a
(stpd.), stood out.
closing at 92%.
4%s, 1939, showed
conv.
Con¬
decline,
Food
Auburn
contrary movement
declining 3% points to 105.
losses.
Japanese
ground following the announcement of
an
some
issues
bonds
attempted
lost
mili¬
tary coup.
Declines also occurred in Italian issues, and in
Cuban and
un¬
El
Salvador obligations.
Foreign governments
are
Treasury
showing a tendency to call their dollar bonds, Belgium
and Norway having
recently announced that certain issues
Department
$1.8 billions
in
has
bonds
announced
next
that
it
will
would be redeemed.
week,
about $800
are
bond prices and bond
given in the following tables:
MOODY'S BOND PRICESt
MOODY'S
(Based on Average Yields)
(Based
U. S.
120
120 Domestic Corporate*
120 Domestic
1936
Govt.
Domes¬
by Ratings
Corporate* by Croups
Daily
Averages
Bonds
tic
**
Corp.*
Aaa
Aa
A
A refunding dollar issue is to be sold
by Norway.
Moody's computed
millions of which will be "new money" for the
payment of
bonus and other obligations.
The coupon rate and other
Feb. 28— 109.03
were
Foreign bonds for the most part have declined,
■
about
lost
Steel securities have been
Rand 5%s, 1947
points.
gain of 5
a
showing
repre¬
virtually
debentures
The 5s, 1968, lost 2 points for the
to other issues in the group,
sented by the Aaa rating, showed only
very moderate soft¬
ness.
Electric
Castings 5%s, 1949, declined 2 points to 92%, and
Automobile
process
as
&
petition for injunction filed by
Products 6s, 1949, A advanced
Thursday
on
Gas
new
Baldwin Locomotive 6s, 1938, at 101%
Rail bonds, which have led the
rather
a
vertible issues made up a large part of their earlier
in the advance, suffered most, but utilities and indus¬
way
Associated
evident according to industries.
correction
sharp upward trend which has been in
since the first of the year.
change in
a
March 2, and strength in the com¬
on
fractionally lower, While coal issues sagged further.
The Course of the Bond Market
a
American Water Works &
especially active and strong,
1% for the week, owing to
up
result of
but Remington
as
were
higher-grade issues held quite well, with fluctuations being
loss of 3
served
1944,
in the stock market, ending the week
generally
1359)
This week's decline in bond
prices
Lower
In the industrial list speculative issues reflected weakness
up
Through the medium
page
well re¬
offering of the week, but
new
week, closing at 34%.
compared to other markets, the floor of the Ex¬
change is bathed in flood-lights.
to the rather
only
the Federal government.
As
on
5s,
conv.
conversion price
ground
trade is, within a few minutes,
length and breadth of the land.
{Continued
the
$55,000,000
new
par, were
precedent with its low coupon rate.
a
pany's stock.
single
pick
and the
3%s, 1965, offered at
was
closing at 111%,
Here also pros¬
needs
points to 75%; Brie 5s,
grades have been erratic, displaying weakness in the first
pective purchasers, likewise through their brokers,
assemble
York Edison
it established
world.
a
Colorado &
losses.
the earlier
erase
few days and recovering later.
markets in
by
utility issues and those of good investment grade
ceived.
Neither of these propo¬
of securities from all
spot to offer their
to
4%s, 1980, declined 2%
Prime
Exchange is probably the
public
Aided
weeks.
many
have been firm in price this week,
Electric
Stock
in
time
dropped 5% to 87%.
willing to admit.
The New
first
%.
wave
1975, lost 3%, closing at 81%; Illinois Central jt. 5s, 1963,
or
hope¬
are
the
sufficient entirely
conclude either that
government regulation is hopelessly ineffective
for
were up
latter part of the week moved forward, but gains were not
To hold
so.
selling
a
sharply improved earnings reports, such issues during the
adequate is beside the point of this discus¬
that this cannot be done is to
98%
of
are
%, closing at 117%;
up
substantial
au¬
public utilities which is regulated in such
detail.
not
Chicago
% point to 112;
4s, 1958, advanced
Lower-grade railroad bonds witnessed
Exchange and the Securities and Ex¬
change Commission. There is no field of endeavor
are
& Quincy
Norfolk & Western 4s, 1996, were
thorities—the
outside of
active de¬
have continued in
Harlem River & Port Chester 4s, 1954, at
Stock Exchange
subject to regulation by two
now
bonds
mand, resulting in higher prices for most issues.
crystal clear to
vent misuse
issues to be offered will not be made
or
High-grade railroad
remedy for dishonesty in an industry is to
punish the offender, not to abolish the industry.
seems
1936
29
public until Monday.
dishonest authors.
The
It
Feb.
Baa
RR.
All
1936
BOND
on
YIELD
Individual
yield
averages
AVERAGESf
Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
120
ft
Domes
P. V.
Indus.
Daily
Averages
108.39
tic
30
ror-
Aaa
Aa
A
Baa
RR.
P.
U.
Indus.
tigns.
110.61
120.54
117.63
109.12
97.47
107.85
115.81
27— 108.92
Feb. 28-
4.14
3.64
110.61
120.54
3.78
4.22
117.63
4.91
108.94
4.29
97.47
108.03
108.39
4.26
3.87
115.81
27-
26— 108.93
4.14
110.61
120.75
3,64
3.78
4.23
117.63
4.91
108.94
4.28
97.47
107.67
108.39
4.26
3.87
115.61
26-
6.06
25— 108.90
4.14
110.61
3.63
3.78
120.75
4.23
4.91
117.63
108.94
97.62
107.85
4.30
108.39
4.26
3.88
115.61
25-
6.01
24— 108.91
4.14
110.79
3.63
3.78
120.75
4.23
117.43
4.90
109.12
4.29
97.94
108.57
108.39
4.26
3.88
115.61
5.96
4.22
4.25
4.26
3.88
5.91
110.79
120.96
Stock E xchang
117.43
109.12
4.88
Feb.21.. 108.95
20— 109.01
110.79
121.17
117.43
109.12
97.78
108.39
108.39
4.25
3.87
116.01
5.92
19— 108.82
20—
110.79
121.17
117.63
109.12
97.62
108.21
108.57
115.81
18— 108.64
17— 108.60
19-
110.79
121.17
117.63
108.94
15-
22..
e
24-
Close d
98.09
4.13
3.63
3.79
4.13
3.62
3.79
4.22
4.87
4.13
3.61
3.79
4.22
4.89
4.26
4.26
3.86
5.94
4.13
3.61
3.78
4.22
4.90
4.27
4.25
3.87
5.96
22108.57
108.57 115.81
6.03
Feb.21
Stock E xchang
e
Close d
4.25
97.62
107.85
108.57
116.01
18-
4.13
110.79
3.61
121.17
3.78
117.63
4.23
108.75
4.90
97.94
4.29
107.85
108.75
4.25
116.01
3.86
17-
108.52
4.13
110.61
3.61
120.96
117.43
3.78
4.24
108.94
4.88
97.62
4.29
107.85
108.75
4.24
115.81
3.86
15—
6.02
14— 108.48
110.61
4.14
120.96
3.62
3.79
117.22
4.23
108.75
4.90
97.62
4.29
107.67
108.75
4.24
115.81
3.87
13— 108.37
14..
6.05
110.61
4.14
3.62
120.96
117.43
3.80
4.24
108.76
4.90
97.47
107.31
108.75
4.30
4.24
115.81
3.87
13-
6.07
4.91
4.32
4.24
3.87
6.09
110.42
120.96
StockE xchang
117.22
108.57
4.24
108.39
10— 108.35
110.23
120.96
117.02
108.39
4.24
3.88
6.09
12..
11—
4.14
3.62
3.79
97.00
107.14
108.75
115.61
11-
4.15
3.62
3.80
96.85
e
106.78
108.57
Close d
12-
Stock E xchang
4.25
4.94
e
5.97
Close d
4.33
115.61
110.23
10—
4.16
3.62
120.96
117.02
3.81
4.26
108.39
4.95
96.70
106.60
108.57
4.35
115.61
3.88
108.21
8-
6.11
7—
110.23
4.16
121.17
3.62
3.81
117.02
108.21
4.26
4.96
96.70
106.60
108.57
4.36
115.61
4.25
3.88
108.28
7„
6.10
6..
110.05
4.16
3.61
3.81
4.27
4.96
4.36
4.25
3.88
6.10
8..
108.22
4.25
120.96
117.02
108.21
96.54
106.25
108.57
115.41
5— 108.18
6-
110.05
4.17
3.62
120.96
3.81
116.82
108.21
4.27
96.39
4.97
106.25
108.57
4.38
115.41
4.25
3.89
108.03
5„
6.12
4..
109.86
4.17
120.54
3.62
3.82
117.02
108.03
4.27
4.98
96.39
106.07
108.57
4.38
115.41
4.25
3.89
3—
107.94
109.68
4—
6.11
4.18
120.75
3.64
116.82
108.03
4.28
95.93
4.98
105.54
108.57
4.39
115.21
4.25
1—
107.96
3„
109.68
4.19
120.76
3.63
116.82
3.82
108.03
4.28
5.01
95.78
105.54
108.57
4.42
115.41
4.25
1
3.90
6.18
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
6.15
4.19
3.63
3.82
4.28
Weekly
Jan. 31._ 108.03
—
3.81
3.89
Weekly
6.12
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
107.89
Jan. 31..
109.68
120.54
116.62
108.21
95.78
5.03
105.37
108.57
4.43
115.41
4.25
3.89
108.34
109.31
24-
6.13
17-
4 19
120.11
116.62
3.64
3.83
107.85
95.18
4.27
104.68
5.02
108.39
115.02
4.43
4.25
17-
3.89
6.11
10-
108.02
108.39
4.21
119.90
3.66
115.41
3.83
107.14
4.29
93.99
103.48
6.06
108.21
4.47
114.04
4.26
6.17
3—
107.94
10—
3.91
107.31
4.26
119.27
3.67
114.63
3.89
106.07
4.33
92.53
5.14
101.97
107.85
112.69
4.54
4.27
3.96
3..
6.26
4.32
3.70
3.93
109.12
98.09
4.39
108.57
5.24
108.75
116.01
Low 1936
4.63
4.29
4.03
4.13
3.61
3.78
4.22
4.87
4.25
4.24
3.86
5.91
24.
.
High 1936 109.03
110.79
121.17
117.63
Low
1936 107.77
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
High 1935 109.20
High 1936
106.96
4.33
119.69
3.71
114.43
3.94
105.72
4.39
91.67
101.31
5.28
107 67
Low
4.65
112.11
4.29
4.05
6.31
1935 105.66
99.20
116.82
4.34
108.57
3.68
98.73
3.94
4.41
77.88
90.69
106.78
4.67
Hign 1936
4.30
4.06
4 80
6.78
1 Yr. Ago
Feb.28'35 107.94
94.14
5.30
3.82
4.25
4.83
6.37
6.13
4.36
6.97
119.48
116.16
101.64
82.87
97.94
101.31
108.21
1 Yr. Ago
Feb.28'35
0.40
102.30
4.61
3.69
4.11
4.65
5.97
4.88
4.67
4.27
6.05
5.09
4.17
4.65
5.21
6.34
4.96
5.59
4.74
7.43
Low
2 Yrs.Ago
Feb.28'34 102.05
2
94.73
110.05
101.64
92.97
78.65
96.70
87.69
100.17
1935
Yrs.Ago
Feb.28'34
*
6.23
These prices are computed from average yields on the basis of one
"Ideal" bond (4 M % coupon,
maturing In 31 years) and do not purport to show either the
or the average movement of actual
average
price quotations.
They merely serve to Illustrate In a more comprehensive way the
relative levels and the relative movement of
field averages, the latter being the truer picture of the bond market.
For Moody's index of bond prices
by months back to 1928, see the issue of Feb. 6 1932
••Actual average price of 8 long-term Treasury Issues,
page 907
t The latest complete list of bonds used in
computing these indexes was published in the issue of May 18 1934.
Date 3291.
ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages
of 40
level
foreign bonds
Financial
Volume 142
The
Chronicle
1355
Companies in New York and Elsewhere
Trust
Commission observes, after a survey of the period
from 1923 to 1934, that "banks have been making
fewer and fewer commercial loans, and that the
proportion of bank assets consisting of collateral
loans, real estate loans and investments has been
as well.
The steps taken to attain this end were * growing.
Even prior to 1929, when real estate loans
manifold and have been accepted for the most part
and loans on collateral were increasing rapidly, 'all
by the banking fraternity of the nation as a moveother' loans were growing very slowly and wTere de¬
ment in the right direction and one that augurs well,.
clining in relative importance to other types of
for the future of American banking.
•
assets." At this juncture the report pauses to quesThe antiquated laws governing the profession were
tion this change in our banking system and to
many and the need for improving the situation was
ponder the thought as to whether this trend will
recognized not only by the public, but by important
continue in the future.
.
leaders of the profession as well.
As a result of the
Commenting upon the decline in the volume of
many bank failures throughout the country prior to
commercial loans and the rise in capital assets of
and after the bank holiday, the people's confidence
banks the report attributes the cause for this conin banks as a whole was shaken and with the revised
dition to our changing industrial structure, such as
Changes of great importance occurred in banking
of these
changes should have a tendency of further strengthening the financial condition of banking institutions
generally and the economic position of the country
procedure
during 1935, and the nature
proceed along sound lines in the conduct of their
growth of large corporations, methods of financing,
improvements in industrial processes and transportation, and reduces the reasons generally given
for this change under four categories as follows:
(1) the need for less working capital as a result
of speedier processes in industry and transportation; (2) changes in methods of corporate financing, especially among large corporations^ (3) the
institutions.
urge
banking laws of the country now in effect, any doubt
at
of banks
The revised Banking
present existing as to the soundness
should
be
largely removed.
of 1935 became
Act
a
law
on
Aug. 23 of the past
and with its enactment many of the uncer-
year,
tainties that heretofore caused grave concern among
bankers
were
dispelled, leaving them in
a
position to
Preparations have been made toward an exhaustive
study of the provisions of the new law to ascerthe many
tain
and varied services that it is pos-
sible to render the
public under this broad and flex-
ible statute.
Much has been accomplished and fur-
ther progress
is looked for.
Surplus funds still continue to be a very big prob-
lending institutions, and the seeking out of
lem for
worthy borrowers to employ these funds remains a
The purchase of United
difficult task.
ernment
States gov-
obligations and those of State and munici-
pal governments still continues to be the main outlet
for
surplus funds of banks at present, commercial
and other loans
playing
a
minor role in this most
important function of banking, with little hope held
for any
noteworthy improvement in the near future,
its report
In
banking developments in New
Study of the Bank-
on
York State the Commission for
"The growth of banks' assets
ing Structure states:
for the
period 1923-1929 occurred chiefly in loans,
which increased
total
of
$795,000,000.
This
was
73% of the
growth in resources, and compares with a rise
only $140,000,000 in investments during the same
period.
At the close of 1929 loans formed nearly
60% of total resources, and investments only 26%.
securities," the
re-
port continues, "accounted for 85% of the total
in-
Real
estate loans and
crease
the
loans
on
The 'all other' loans,
in loans.
which include
strictly commercial loans, accounted for only
15% of the growth tn loans and only 11% of the
growth in total resources.
Just as the principal
growth in assets prior to 1929 was in loans, likewise
the decline after 1929 was limited largely to loans."
With respect
to investments, the report says: "The
1929 to 1934 was more
increase in investments from
than accounted for
States
ment's
by increased purchases of United
government
obligations.
In 1929 govern-
represented only about 15% of total invest-
ments, but in 1934 composed about 40%
Total real estate assets,
at the close of
of the total,
loans and property owned
1934 exceeded total capital funds of
banks, including preferred stock and debentures,
and were more than 50% above common stockholdthe
ers'
equities as shown on the banks' books."
The
for banks to expand as a result of easy reserves,
and (4) the growth of time deposits,
Enlarging upon th£ foregoing reasons, the report
states: "The development of the security markets
during the 'twenties enabled corporations to secure
all the funds they needed both for working capital
and for short-term purposes at moderate rates without resorting to the banks in any substantial degree,
Many of the manufacturers or producers of goods,
in turn, were enabled to grant credits to the purchasers of their products," implying that the course
pursued reacted to the detriment of the bank credit
method of financing the movement of goods. In
summing up this phase of the report, the Commission, in referring to the permanency of the change
or trend in future, states: "There is little to warrant the belief that the factors influencing the
growth of capital assets have ceased to operate. Improvements in technical processes will doubtless
continue, and there is little to indicate that large
corporations contemplate returning permanently to
bank borrowings for their short-term funds."
The above findings of the Commission in their
study of the banking structure of New York State
are for the most part applicable to all banking institutions throughout the country.
Departments have been established during the f
past year by many institutions for making construction loans, the purpose of which is to finance building during the process of construction and the
period prior to the point where permanent lending
institutions such as savings banks and insurance
companies may properly purchase mortgages on the
properties. Every indication has pointed to the need
for such service and well-established lending institutions have in the past readily assumed these loans
upon completion of construction.
The government,
in 1933, introduced the Federal Housing Administration mortgage to encourage new construction
through Federal insurance of mortgages on approved residential properties in single amounts not
to exceed $16,000. The mortgage which matures in
20 years is amortized monthly with a lending firm
servicing the mortgage.
The demand for these
mortgages has been great, and many such loans have
/
1356
Financial
been made by
ration
of
Chronicle
banking institutions since the inaugu¬
the
Federal
Housing
Administration.
While the amount of bank funds
employed in this
Feb.
way was not of
huge proportions, nevertheless it has
to
some
helped to take
at
the
home
extent
time
same
The
performed
great service to the
a
concerned bankers
are
the banks them¬
as
are
agreed
that the
Presidential election this year will tend to restrict
borrowing in
large degree.
a
The tendency will be
$
$
J
$
2,778,990
3,272,057
3,691,700
4,687,437
11,044,805
10,163,470
8.082,954
9,808,002
Banco dl Napoll Trust
5,336,467
Banco dl Sicilia Trust
6,372,754
6,354,979
4,412,083
9.049,249
9,098,162
6,121,550
6,843,616
9,522,472
10,019,244
558,413,189
Bankers
623,744,054
613,603,582
882,988,031
911,531,224
Bank of Athens Trust
3,082,555
2,976,173
4,978,419
3,740,621
375,156,092
352,960,270
105,769,791
104,970,279
123,080,731
200,470,170
180,600,321
Central Hanover Bk. & Tr
608,191,909
594,220,198
577,596,901
738,625,248
821,020,292
Chemical Bank & Trust
297,395,849
322,930,705
322,218,276
476,498,916
525,608,590
46,830,430
50,752,702
47,399,612
45,656,182
87,526,708
2,038,532
2,183,017
2,806,767
3,528,405
14,076,247
8,954,718
Continental Bank & Trust-
37,433,581
34,177,711
Corn Exchange Bank & Tr.
239,008,843
74,063,888
City Bank Farmers Trust—
Clinton Trust Co
Empire
proceeding
in the
or
*
*
*
*
6,905,182
31,981,380
53,307,684
61,916,380
213,525,939
211,789,105
237,557,793
284,442,507
58,898,276
56,024,440
62,588,513
66,470,564
*
664,188
*
*
28,927,885
6,150,900
5.593,867
7,275,596
9,243,573
11,713,414
22,023,308
3,486,725
8,835,431
9,299,738
11,548,934
16,543,427
Fulton
5,311,011
6,417,647
173,433
Federation Bank & Trust—
Guaranty
large-scale improvements to property
2,663,650
•
Equitable
Fiduciary Trust Co
to await the results of the election before
with
$
4,151,577
12,725,359
Banca Com'l Ital. Trust
Bank of New York & Trust
general outlook for business continues to be
selves
Dec. 31 *31 Dec. 31 '32 Dec. 31 '33 Dec. 31 '34 Dec. 31 *35
Borough of Manhattan—
Anglo-South Amer. Trust—
Bank of Manhattan Trust-
of business alike.
optimistic one, and in so far
an
1936
Colonial Trust Co
and to the recovery
owner
the slack and has
up
29
DEPOSITS OF NEW YORK CITY TRUST COMPANIES
16,244,083
15.072.656
17,217,086
1,061,029,364 1,031,433,872 1,019,582,652 1,260,064,445 1.508,419,706
Hellenic Bank & Trust
belief is
based
upon
the conditions which
generally in force in Presidential election years,
are
but since present
are
radically different
past, it is quite pos¬
sible that the renewed confidence of the
people and
impetus to business
to permit
as
so
proceed at its former
in mind
2,651,964
2,808,025
482,555,114
t
591,306,697
Lawyers Trust Co
17,573,382
53,400,853
pace.
With this thought
possible that bank earnings for the
it is
1936 may increase to a considerable extent,
thereby further stimulating the whole nation as
as
spreading the good influence to the rest of
the world.
This, of course, would be in spite of the
political conditions with which
fronted and would be further
of the American
people
as a
print
on
subsequent
now
Total
long time
us a
annual
pages our
com¬
The
on
practice of making bank
calls, the first since March 1933, when the national
holiday ordered by the President went into
effect.
With respect to
the figures for New York
have taken them from the
we
Superintendent's
re¬
port when it was practical to do so, but due to the
omission of bank calls in
previous
this
years
was
not
always possible.
There
were
the
March 5
to
Equitable Trust
in
common
June 25 by
on
an
was
on
made to
additional in¬
capital to $6,000,000.
on
Dec. 10
surplus account of the bank
$675,000 to $725,000 by transferring $50,000
undivided profits to surplus. One other
change
that occurred
year was
the approval
on
by the stockholders of the Lawyers County
Co. of the plan to change the name of the
institution to the
Lawyers Trust Co., which it
trust
foregoing
companies
companies
on
as
have been dealing with the
whole. As far as the separate
we
as a
concerned, the elaborate statements
are
subsequent
tain what the
pages
will enable the reader to
experience of each
between 1933 and 1935.
eral
survey we
ascer¬
6,738,870
9,371,922
12,390,441
26.699.657
18,006,232
19,149,344
3,460,836
3.683,237
4,467,962
5,920,686
6,516,732
7,532,198
8,718,338
10,651.692
63,542,541
States
68,592,558
58,792,461
63,261,322
73,340,427
company
To furnish
a
has been
sort of gen¬
introduce here the following table
oughs of Manhattan
deposits
4.490,801
4,389,184,781 4,358,219,995 3,928,476,890 5,075,954,865 5,872,780,231
a.
117,184,588
113,491,337
93,098,487
99,,025,940
113,289,797
30,948,050
27,092,448
30,962,512
36,596,067
393,036,410
382,273.563
600,316,730
565,713.371
418,223,545
Total.
29,474,440
270.090,907
536,002,187
502,464,498
630,305,182
715,599,235
Total Greater New York-.. 4,807,408,326 4,894.222,182 4,430,941,388 5,706.260.147 6,588,379,466
a
on
Corporation Trust Included In total for all the years; had deposits of $21,011
Dec. 31 1935.
*
Developments regarding the different trust companies are noted below
under the caption of each company.
t See footnote for Lawyers Trust Co. below.
Anglo-South American Trust Co.—Began business Dec. 3 1923.
Bank of Athens Trust Co.—Began business April 1 1926.
June 28 1927 acquired the Security Bank.
Absorbed the private banking firm of
Di Sesa & Di Sesa on Aug. 25 1928 and the private banking business of Louis M.
P. Scotto, 212 Columbia St., Brooklyn, as of March 1929.
The Bancomit Corp.,
Investment affiliate of the Banca Commerclale Italiana Trust Co., dissolved the
Banco di
Napoll Trust Co.—Opened for business May 24 1930.
Banco di
Sicilia Trust Co.—Began business April
Windsor Bank
20 1925 and acquired the
Aug. 4 1928.
on
Bank of Manhattan Trust
Co.—Banking business of the Manhattan Co.
con¬
tinued by the Bank of Manhattan Trust Co. as of Nov. 6 1929.
Merged with the
(formerly the Central National Bank) on June 12 1930; on Nov. 17
1930 the American Trust Co., a subsidiary of the New York Title & Mtge. Co.,
which in turn was owned by the Manhattan Co., and the International Acceptance
Trust Co. were merged into the Bank of Manhattan Trust Co., and on May 231931 the
Seward National Bank & Trust Co. was also merged into the Bank of Manhattan
Central Bank
Trust Co.
In April 1931 the Manhattan Co. acquired a dominant Interest in the
Corning Trust Co. and the North Side State Bank, both of Corning, N. Y.
On
Nov. 26 1932 title of the Bank of Manhattan Trust Co. changed to the Bank of the
Manhattan Co. through a merger of the Manhattan Co. and the International
Acceptance Bank.
Bank of New York & Trust Co.—New York Life Insurance & Trust merged with
Bank of New York, forming Bank of New York & Trust Co., September 1922.
Brooklyn Trust Co.—Acquired Bank of Coney Island on Jan. 10 1928; the
Mechanics Bank of Brooklyn on Feb. 8 1929, and the Guardian National Bank and
the State Bank of Richmond County (Staten Island) on Jan. 20 1930.
Central Hanover Bank & Trust Co.—Effective June 18 1918, the Central Trust
Co. and the Union Trust Co. of New York consolidated under the title of the Central
Union Trust Co.; a merger of the latter institution with the Hanover National Bank
approved on May 14 1929 under the
name
of the Central Hanover Bank &
Chemical Bank & Trust Co.—Stockholders of the Chemical Bank & Trust Co.
on Jan. 19 1933 approved the merger of the Chemical Securities
Corp. into the Chem¬
ical Bank & Trust Co. by reducing the bank's capital from $21,000,000 to $20,000,000
and transferring the sum to undivided profits; the assets of the Chemical Securities
Corp. in the approximate amount of $14,500,000
placed in
a
special reserve account.
were transferred to the bank
and
Chemical National Bank and the U. S. Mort¬
gage & Trust Co. merged on June 29 1929 under title of the Chemical Bank «fe Trust
Co.
On Dec. 31 1928 the U. S. Mortgage & Trust Co. had deposits of $75,057,000.
City Bank Farmers Trust Co.—Farmers Loan & Trust Co. became affiliated
with the National City Bank and title changed to the
on June 28 1929.
City Bank Farmers Trust Co.
Clinton Trust Co.—Opened for business on Dec. 19 1929.
Colonial
Trust
May 15 1929 and
Co.—No report
on
for Dec. 31 1933 available.
Began business
April 4 1931 acquired the Broadway & Plaza Trust Co.
Ef¬
no other
corporate change was involved.
Continental Bank & Trust Co.—Formerly Continental Bank; name changed
Nov. 11 1929 to the Continental Bank & Trust Co. and on Sept. 15 1931 acquired
the Straus National Bank & Trust Co. and the International Trust
Co., and on
on
Dec. 21 1931 acquired the Industrial National Bank.
The stockholders of the Con¬
& Trust Co. on Sept. 12 1933 voted the dissolution of the bank's
affiliate, the Continental Corp. of New York.
Corn Exchange Bank & Trust Co.—Corn Exchange Bank changed its name
to the Corn Exchange Bank & Trust Co. on May 21 1929.
Equitable Trust Co.—Merger with Seaboard National Bank under the trust
charter effective Sept. 16 1929; merged on May 31 1930 with the Chase National
Present Equitable Trust Co. is an affiliated
Institution of the Chase National Bank, being known as the Equitable Trust Branch
of the Chase National Bank.
On Dec. 19 1931 took over the trust business of the
on
and
which
was acquired by
Brooklyn, and
Dec. 31 of the last five
showing
years:
the Chase National
Bank as of the same date.
Federation Bank & Trust Co.—Formerly the Federation Bank of New York
and began business in May 1923.
Name changed to the Federation Bank & Trust
Co. and began business as a trust company on April 15 1926.
On Oct. 30 1931 the
State Banking Department took over the bank along with Its
affiliate, the Federation
Safe Deposit Co.
The bank resumed business on Oct. 3 1932.
Fiduciary Trust Co.—Began business in 1930.
Guaranty Trust Co.—Acquired the National Bank
comprising all the separate companies in the Bor¬
the
4,386,121
37,405,222
3,351,771
American Express Bank & Trust Co.,
the
366,083,280
Bank under the National bank charter.
now
bears.
In
334,157,758
tinental Bank
during the
Dec. 23
Trust
245,859,381
fective June 27 1932, title of Hlbernia Trust Co. changed to the Colonial Trust Co.;
voted to increase the
from
*
*
*
4,221,792
4,225,863
Manufacturers..
The direc¬
tors of the Federation Bank & Trust Co.
from
among
year,
Co. of New York,
A further adjustment
capital structure
crease
com¬
1935, increased its capital from $3,000,000
$4,000,000.
96,465,882
Trust Co.
changes in trust
panies in Greater New York for the
which
84,741,003
43,368,983
..
Kings County
was
minimum of
a
65,851,850
corporation on Aug. 17 1932.
Superintendent of Banking for New York
bank
61,865,031
Banco Commerclale Italiana Trust Co.—Began business June 16 1924 and on
Boston, Philadelphia, Baltimore and St. Louis,
State
38,092.629
89,779,232
Borough of Brooklyn—
Brooklyn
nation.
bringing down the figures to the close of 1935.
March 30 1935 resumed the
t
13,571,840
33,501,236
t
260,511,486
(J. Henry) Schroder Trust-
United
+
31,747,240
t
5,929,872
Trust Co. of Nor .Am., N.Y
Underwriters Trust Co—
con¬
parative returns of the trust companies in this city
(Manhattan and Brooklyn boroughs) and also those
in
t
252,070,083
Title Guarantee & Trust.
proof of the character
Continuing the practice begun by
ago, we
are
we
t
Savings Banks Trust Co
year
well
t
Mercantile Bank & Trust—
hope to have normal times may give
the necessary
it to
2,660,077
412,928,075
20,342,568
New York
conditions
from those that existed in the
their ardent
3,336,842
415,764,059
20,080,119
Marine Midland Trust
expansion of business generally.
This
3,738,165
440,018,586
County Trust Co
Lawyers County Trust Co.
Irving Trust Co
Hellenic Bank & Trust Co.—Began business
Irving
Trust
Co.—Flatbush
Trust
Co.
of
on
of Commerce on
May 6 1929.
Feb. 10 1930.
Brooklyn
was
consolidated
with
Broadway of New York City March 6 1912.
Trust Nov.
30
March 1918.
1917
and
Market &
The Broadway changed title to Irving
Fulton National consolidated with Irving in
On April 19 1920 the Irving Trust was
merged in the Irving National
On Feb. 7 1923 the Columbia
Bank and disappeared from the trust company list.
Co. was consolidated with the Irving
Trust
Bank, the new Institution becoming
Co., and accordingly reappeared in the trust
A merger of the Irving Bank-Columbia Trust Co. and the National
Butchers & Drovers Bank, under the name li lng Bank & Trust
Co., became effec¬
the
Irving
Bank-Columbia Trust
company list.
tive Sept. 20 1926.
American Exchange-Pacific Bank
was
merged
on
Dec. 11 1926
\
Financial
Volume 142
with the Irving Bank & Trust Co. under the name of American Exchange Irving
Trust Co., and on Feb. 1 1929 returned to its former title, the Irving Trust Co,
Lawyers Trust Co.—Lawyers Trust Co. began business Feb. 28 1925 to take
trust business heretofore done by the Lawyers Title & Tru9t Co. and merged
with the County Trust Co. of New York on Aug. 1 1933 under the title of the
Lawyers-County Trust Co.
Stockholders on Dec. 23 1935 approved a change In
1357
Chronicle
March
on
Cove
15, from $250,000 to $100,000; the Glen
Trust
Co.
from
$200,000,
over
title to its former name the Lawyers Trust Co.
21,
Aug.
on
to
$100,000, and the Madison County Trust & Deposit
Co.,
Institu¬
Oct. 7, to $100,000 from $200,000.
on
Manufacturers Trust Co.—Citizens Trust Co. took over Manufacturers Na¬
tional Bank Aug. 12 1914, becoming Manufacturers Trust Co., which absorbed the
West Side Bank, New York City, June 15 1918; the Ridgewood National Bank
tions
Sept. 1 1921; the North Side Bank of Brooklyn April 28 1922; the Industrial Bank
quently increased it were the Genesee Trust Co. of
of New York City Dec. 18 1922; the Columbia Bank Aug. 14 1923, and the Standard
Bank and the Commonwealth Bank as of July 29 1927.
Merger of the Capitol
National Bank & Trust Co., Longacre Bank and United National Bank into the
United Capitol National Bank & Trust Co. on March 9 1928, and later acquired by
Manufacturers Trust Co.
on June 6 1928.
On Jan. 28 1929 absorbed the State
Bank & Trust Co., which on Dec. 31 1928 had deposits of $109,362,900; the Pacific
on June 27 1930, and on Aug. 111931 the Midwood Trust Co. of Brooklyn.
On Aug. 25 1931 acquired the Brooklyn National Bank; stockholders received the
which
Batavia,
their
cut
Ithaca Trust Co., the Lockport Ex¬
the
change Trust Co., the Trust Co. of Northern West¬
chester of Mount
Kisco, the Olean Trust Co., the
Trust Co.
value realized
of
payment
the Manufacturers Trust Co. after
National Bank & Trust Co.
the assets turned over to
upon
all
The
liabilities.
Chatham
Phenix
Troy Trust Co., and the Mount Pleasant Bank &
Trust Co.
One other
change which took place early
merged with the Manufacturers Trust Co. under the title of the latter on Feb. 9
1932.
The N. Y. State Banking Department on the same date approved the merger
of the Empire City Safe Deposit Co. into the Manufacturers Trust Co. under the title
of the Manufacturers Safe Deposit Co.
1935 and subse¬
in
capital
in 1936
was
facturers
the retirement
Jam 23 by the
on
Co.
Trust
Traders
&
Manu¬
Buffalo
of
capital debentures in the sum of $4,000,000.
to the Marine Midland Trust Co. on
above
July 1 1930.
Mercantile Bank & Trust Co.—Chelsea Exchange Bank granted trust powers
and title changed to the Chelsea Rank & Trust
23 1930.
Reorganized and began business on
Co. on Oct. 28 1929; closed on Dec.
June 4 1931 under the title of the
institution was taken over by
the State Superintendent of Banks at the request of its board of directors, and its
Mercantile Bank & Trust Co.
business and affairs
Schroder (J.
On April 12 1933 the
placed in liquidation.
were
Henry) Trust Co.—Began business May 24 1929.
Underwriters
Trust
Sixth Avenue Bank
on
Co.—Opened for business Nov.
26
1930,
1930.
have
covered
merely from the standpoint of interest.
In tabular form the
York, and
give
we now
to the rest of the State.
set out in the
our
attention
Readjustments in capital
comprise the principal changes that have
place during the
mergers
playing
year
with absorptions and
small part.
a
On May 28 the Ithaca
Trust Co. reduced its
share from
capital to $160,000 of $10
par a
par a
share, and
the
on
capital to $260,000 in
con¬
absorption of the Tompkins County
National
Bank, the title of the
known
the
new company
$
25,000
100,000
75,000
May 28
160,000
260,000
100,000
July
8
100,000
200,000
100,000
Jan.
26
25,000
100,000
75,000
Feb.
7
25,000
100,000
75,000
Dec. 30
25,000
100,000
75,000
Mar. 16
100,000
150,000
50,000
Lockport—
Lockport Exchange Trust Co
Movnt Kisco—
Olean—
Pleas ant ville—
Troy—
CAPITAL
YORK
NEW
IN
DECREASES
STATE
OUTSIDE
GREATER
NEW YORK
being
Tompkins County Trust Co. of Ithaca.
Plans for the merger
of
Increase
6
May
Troy Trust Co
nection with the
Amount
Ithaca—
Olean Trust Co
$400,000 of $25
New
Capital
Batavia—
Genesee Trust Co
Trust Co. of Northern Westchester
date increased its
as
OUTSIDE GREATER
Capital
Date
Name
Mount Pleasant Bank & Trust Co
same
decreases
following:
INCREASES IN NEW YORK STATE
NEW YORK
Ithaca Trust Co
taken
or
Old
Greater New
structure
capital increases
State, outside Greater New York, are
in
institutions
financial
the
The
under the changes
organization for the past year, but we
CAPITAL
We
come
mention it
Acquired the
1929.
properly
involving
in New York
Feb. 14 1930; the Eastern Exchange Bank on Dec. 18
and the Union Bank of Bronx County of New York in December
does not
its
of
Marine Midland Trust Co.—Coal & Iron National Bank merged into the FidelityInternational Trust Co.; name of latter changed to Fidelity Trust Co. as of Feb.
27 1926; acquired by the Marine Midland Corp. as of April 16 1930 and title changed
'
Old
New
Capital
Date
Name
Capital
Amount
of
Decrease
of the Bank of Batavia and the
Bank of East Aurora into the Marine Trust Co. of
$
$
Albany—
April
8
500,000
500,000
1,000,000
May
First Trust Co. of Albany
Batavia—
Buffalo
approved
were
by the State
Dec. 23
on
6
100,000
*25,000
75,000
Mar. 18
Genesee Trust Co
150,000
105,000
45,000
150,000
Bath—
Banking Department, the consummation of which is
Farmers & Mechanics Trust Co
expected to take place early in 1936.
Geneva Trust Co
Geneva—
Trust Co. of
Clyde, with
converted into
capital of $100,000,
a
State bank
a
The Citizens
was
under the title of the
Mar. 15
250,000
100,000
Aug. 21
200,000
100,000
100,000
May 28
400,000
*160,000
240,000
July
8
400.000
*100,000
300,000
Jan.
26
100,000
*25,000
75,000
Feb.
7
100,000
*25,000
75,000
Deposit Co... Oct.
7
200,000
100,000
100,000
Mount Pleasant Bank & Trust Co—— Dec. 30
175,000
Glen Cove—
Glen Cove Trust Co
Ithaca—
Ithaca Trust Co
Lockport—
Citizens Bank of
Clyde by authorization of the State
Banking Department,
Nov. 26,
on
and
the
upon
Lockport Exchange Trust Co
Mount Kisco—
Trust Co. of Northern Westchester
' /■
Olean—
request of the institution its certificate of authoriza¬
Olean Trust Co
tion to act in
Madison County Trust &
on
Dec.
fiduciary capacity
a
business.
Permission
Trust Co. of New
Court
was
withdrawn
26, due to its discontinuance of the fiduciary
was
Rochelle,
Justice William B.
granted the Huguenot
on
Nov. 25, by Supreme
Bleakley, to organize
a
—
Oneida—
Pleasantville—
the bank
were
issued to
depositors when
reorganized in 1934.
was
On April 1 the
Northern New York Trust Co. of Watertown estab¬
lished
a
branch office at Alexandria
County.
their
capital
above;
Bay, Jefferson
Among the institutions which
the
enlarged
the Ithaca Trust Co., mentioned
were
Troy
Trust
Co.,
on
March
16, from
$100,000 to $150,000; the Lockport Exchange Trust
Co.
——
Co.
Trust
of
Northern
Westchester,
Mount
Jan. 26, and the Olean Trust Co. of Olean,
on.Feb. 7, all from $25,000 to $106,000.
Capital
*
are
follows:
as
Trust
Co.
by institutions during the
Approval
to reduce its
was
given the Syracuse
capital from $2,500,000 of
$25 par a share to $1,000,000 of $10 par
Feb.
a
8, the capital of the Mutual Trust Co. at Port-
chester
was
decreased from
$120,000 of $10
Albany,
on
par a
$300,000 of $100
par
April 8, from $1,000,000 to $500,000
$150,000,
on
200,000
*100,000
100,000
Change of Title
On May 28 1935 the
Tompkins County National Bank of Ithaca was merged with
Funds
paid
or
otherwise made available to de¬
positors and other creditors of closed trust com¬
panies for the State as a whole for the year 1935
and since the
closing of such institutions taken, in
part, from the Superintendent's report is as follows:
FUNDS MADE AVAILABLE TO DEPOSITORS AND OTHER CREDITORS
OF
CLOSED
TRUST
COMPANIES
FOR THE
STATE
AS
A
WHOLE
(As of Dec. 15 1935)
Total Funds
Liability to
and
Name of
Date of
Depositors
Institution
Closing
Other
at
Arcadia Trust Co..
Paid
or
Otherwise
Total Funds
Total
Paid or
Rate of
Return
Otherwise
Creditors Made Available Made Available
Closing
for Year 1935
Since Closing
to All
Creffors
6- 9-32
$2,775,982.82
$29.48
$1,'916,743.55
69.0
8 28-31
459,180.87
9,665,264.13
80.8
9-21-31
11,958,584.98
2,227,877.51
27.71
2,095,773.58
94.1
9-29-31
2,281,531.71
30.60
1,826,774.61
80.1
Co .of Middleport 12-31-31
479,885.31
87.6
83.3
Bank of Europe Tr.
Capitol Trust Co..
Citizens
Trust
Co.
of Binghamton..
Community
Trust
8-22-31
6,506,610.99
15.89
420,273.15
5,903,031.80
8- 5-31
8,060,512.55
1,116,554.40
224,015.93
1,588.18
6,715,799.79
725,784.93
4-11-33
2,511,800.45
170,771.84
1,869,414.09
74.4
8- 5-31
2,062,425.61
72,051.26
1,696,727.61
82.3
4- 4-33
698,072.27
28,334.46
488,414.65
70.0
1- 2-34
8,955,019.33
28,668.81
5,425,483.27
60.6
90.7
Internat'l-Madison
Bank & Tr. Co..
Long Beach Tr.Co_ 12- 6-31
65.0
Mercantile Bank &
to
share; the First Trust Co. of
Farmers & Mechanics Trust Co. of Bath to
from
on
1,500,000
the Ithaca Trust Co. of Ithaca under the title of the Tompkins County Trust Co.
Globe Bk.&Tr.Co.
share;
1,000,000
NEW YORK STATE
Co
year
2,500,000
Capital subsequently increased.
on
decreases effected
180,000
June 13
Troy—
Troy Trust Co
Lockport, from $100,000 to $200,060, as of
July 8; the Genesee Trust Co. of Batavia, on May 6;
the
120,000
Mar. 16
Co__
of
Kiseo,
*25,000
300,000
Syracuse—
The Syracuse Trust
corporation to absorb certain certificates of bene¬
ficial interest which
200,000
1
Port Chester—
Mutual Trust Co. of Westchester County Feb.
Trust
Co
Times Square Trust
Co
Union Trust Co. of
;
the
No. Tonawanda.
Westchester
$105,000
March 18; the Geneva Trust Co.,
Trust
Co. of Yonkera..
Totals
$49,634,857.93
$984,715.03 $38,749,485.16
—
Financial
1358
m
the
following table we present a list of reor¬
ganized trust institutions in New York State and
their
standing
from the
as
of Dec. 15 1935, taken, in part,
Superintendent's report for the year
:
Feb. 29
Chronicle
$620,781,667,
with
a
Dec. 31
1936
$665,685,889, Dec. 31 1935,
1934, to
proportionate increase in aggregate resources from
$792,749,398, Dec. 31 1934, to $827,738,132 as of the Dec. 31
1935 report.
Below is the record from Dec. 31 1900 to Dec. 30 1934:
REORGANIZED INSTITUTIONS
Aggregate
Surplus and
Closing
Other Creditors
Chelsea Bank & Trust Co.....................
12-23-30
Federation Bank & Trust Co.............—
10-30-31
316,419,640.35
12,943.489.85
2,838,129.22
3,255,293.88
1,331,587.03
Name of
Institution
at
Hudson River Trust Co.....................—
1- 2-34
Huguenot Trust Co
„
Massena Banking & Trust Co.......—........
1- 2-34
......
Mount Vernon Trust Co
—
Ontario County Trust Co...
Totals
1- 5-32
(Not closed)
10-6-31
Closing
4447,977.93
340,936,118.26
.......
....
Liability to
)
Funds Made
Depositors &
Available
Other Creditors
at Reorgan¬
Through
Reorganiza¬
ization
tion
'
Date
Name of Institution
•
of
Reorgan¬
1
ization
Chelsea Bank & Trust Co......
Federation Bank & Trust Co....
5-29-31
2-26-34
1-31-34,
8-30-32
Mount Vernon Trust Co
6-
...
Ontario County Trust Co
5-34
11-21-31
Totals
*
<1,021,868.25
Deo. 31 1904 (43 cos.)....
Deo. 31 1905 (44 cos.)
Deo. 31 1806 (52 cos.)
Deo. 31 1907
Deo. 31 1911 (58 cos.)
Deo. 31 1912 (56 cos.).
Deo. 31 1915 (56 cos.)
Dec. 31 1916 (56 cos.)....
60
Deo. 31 1921 (66 cos.)
50
Deo. 81 1922 (69 cos.)....
Deo. 31 1923 (76 cos.)....
Deo. 31 1924 (81 cos.)
50
66 X
76
Deo. 31 1925 (89 cos.)
Deo. 31 1926 (86 cos.)....
Dec. 31 1927 (82 cos.)
Dec. 31 1928 (80 cos.)
♦Deo. 31 1929 (66 cos.)...
Dec. 31 1930
Trust
No
(54 cos.)
Deo. 31 1931 (28 cos.)
oDeo. 31 1932 (28 cos.)...
Companies at Other Points
companies in Boston for the year 1935 totaled 11
institutions.
(58 cos.)
Deo. 31 1908 (58 cos.)....
Deo. 31 1909 (59 cos.)
Deo. 311910 (59 cos.)
662-3
Vernon Trust Co.
Trust
Deo. 31 1903 (43 cos.)
Deo. 31 1919 (57 cos.)
Deo. 311920 (64 cos.)
made available In capital stock of Mount
was
Deo. 31 1902 (41 cos.)
Deo. 31 1917 (54 cos.)....
Deo. 31 1918 (56 cos.).
100
343,910,203.21 $34,965,293.75
Of this amount.
Deo. 31 1900 (40 cos.)....
Deo. 31 1901 (41 cos.)
changes of consequence having
occurred
Deo. 30 1933 (25 cos.)
Dec. 31 1934 (25 cos.)
Dec. 31 1935 (25 cos.)
Deposits
Profits
Capital
$
Deo. 31 1913 (56 cos.)
Deo. 31 1914 (56 cos.)
Rate
39,522,862.99 39,522,862.99
10,749,847.41
8.222,044.39
2,505,633.35
1,620,959.22
1,660,288.85
2,865,099.17
985,923.87
584,144.68
13,485,671.51 ♦10,420,066.71
3,795,164.91
2,934,926.91
3-32
10-
Hudson River Trust Co........
Huguenot Trust Co......
Massena Banking A Trust Co...
PHILADELPHIA
Liability to
Depositors and
Date of
28,399,965
31,927,006
33,142,233
34,320,337
34,800,980
35,312,363
36,931,963
38,727,909
39,068,955
39,897,218
39,931,416
38,511,733
36,797,836
39,162,538
39,069,243
38,870,193
38,879,993
40,579,993
41,307,608
44,142,068
45,338,668
46,098,921
47.554.243
53,525,235
57.839.244
61,440,874
64,612,332
74,735,750
77,808,900
81.742,010
68,477,960
54,101,370
51,997,970
49,245,170
61,428,223
57,648,223
Resources
136,496,312
149,137,386
153,151,355
161,231,152
202,855,986
209,213,067
193,283,134
169,669,224
200,983,530
217,196,883
208,837,634
224,225,832
231,712,367
196,498,618
218,660,249
227,480,117
238,817.566
283,503,299
293,177,935
286,232,600
265,150,778
296,761,341
316,892,720
311,640,645
328,196,392
337,179,556
341,764,741
347,588,292
407,024,328
444,775,175
452,498,288
605,489,017
576,019,954
591,315,173
561,639,998
635,130,894
771,778,286
859,818,395
960,052,041
1026,146,591
1163,615,797
1241,311,008
1223,597,627
1160,931,671
867,708,944
793,268,045
724,733,995
792,749,398
827,738,132
■
27,826,941
33,885,857
37,514,329
39,654,877
42,344,733
45,594,298
49,590,018
50,840,244
52,000,976
55,374,618
59,187,488
62.262.427
64.847.539
65,535,659
65,932,688
69.298.540
73,775,140
77,779,452
78,408,601
81,801,490
87,915,257
91,183,753
88.125.428
110,457,610
129,778,397
146,171,713
148,436,275
150,738,418
172,946,116
205,455,959
199,120,865
149,983,688
120,275,110
100,503,994
89,808,056
89,618,935
232,941,234
238,256,333
297,235,195
331,108,286
327,597,906
335,093,397
405,373,275
417,307,021
407,600,404
489,308,036
599,915,842
656,621,057
759,772,771
795,599,739
924,937,431
897,506,491
923,889,600
896,244,975
659.659,295
579,623,410
533,144,636
620,781,667
665,685,889
♦
during the
respect to capital
with
year
absorptions, &c.
creases, mergers,
Boston trust companies for Dec.
300,000,
to
Aggregate capital for all
31 1935 remained at $12,-
the previous
unchanged from
undivided profits increased from
surplus and
year;
$12,897,108, Dec. 31 1934,
$13,173,266, Dec. 31 1935; deposits
Dec. 31
increases or de¬
rose
from $167,739,915,
1934, to $180,905,128, Dec. 31 1935, with aggregate
$186,876,293, Dec. 311934, to $208,304,551
up from
resources
Dec. 31 1935.
on
Following
are
the comparisons back to 1900 :
Capital
Deo. 31 1900 (16 Cos.).
Deo. 31 1901 (16 cos.).
Deo. 31 1902 (18 cos.).
Deo. 31 1903 (19 cos.).
31 1906 (16 cos.).
31 1907 (19 cos.).
31 1908 (19 cos.).
81 1909 (19 cos.).
81 1910 (19 cos.).
Deo. 81 1911 (19 cos.).
Deo. 81 1912 (21 cos.).
Deo. 31 1913 (23 cos.).
(24 cos.).
(26 cos.).
31 1915
81 1916 (29 cos.).
31 1917 (29 cos.).
(30 COS.).
Deo. 31 1918
Deo. 31 1919 (31 cos.).
Deo. 31 1920 (28 cos.).
Deo. 31 1921 (23 cos.).
Deo. 31 1922 (21 cos.).
Deo 81 1923 (17 cos.).
.
Deo. 31 1924 (17 cos.).
Deo. 31 1925 (16 cos.).
Deo. 31 1926 (16 cos.).
Deo. 31 1927 (17 cos.).
Deo. 31 1928 (17 cos.).
Deo. 31 1929 (21 cos.).
Deo. 31 1930 (18 cos.).
Deo. 81 1931 (14 cos.).
Deo. 81 1932 (11 cos.).
Deo. 30 1933 (11 COS.).
Deo. 31 1934 (11 COS.).
Deo. 31 1935 (11 COS.).
Total trust institutions
numbered 25 companies,
years.
Resources
Deposits
10.285.659
12,294,798
15,779,627
18,629,264
19,702,108
20,841,502
22,551.499
23,699,740
24,610,326
25,002,793
27.349,902
26.234.350
28,108,699
29.358.660
26.143.017
24,261,485
26,174,836
27,419,977
29.107.018
33,978,583
34,573,485
34,983.448
32,900,905
30,089,158
29,719,764
32,086,404
33,711,924
37,537,669
42,541,775
33.373.351
21,360,438
16,483,779
13,842,052
12,714,673
12,897,108
13,173,266
89,461,044
107.991,782
116,264,790
112,281,257
139,851,208
148,033,197
158,213,825
125,254,672
173,765.331
186,937,983
189,153,760
216,926,992
207,263,762
213,973,959
225,532,137
293,833,516
337,625.256
363,651,440
415,355,824
503,450,567
429,925,262
392,924,224
446,844,659
323,701,085
372,741,230
396,114,507
412,255,145
457,072,002
467,412,309
293,892,920
207,435,027
170,680,752
139.706,466
132,935,057
167,739,915
180,905,128
operating in Philadelphia in 1935
unchanged from the previous two
authorized
$15,000,000
from
$3,750,000
common
a
reduction in the company's
$11,250,000,
to
stock of $10 par a share.
company
consisting
of $5 par and $7,500,000
the
to the Land Title Bank & Trust Co.
Co. of Pennsylvania reduced its
$2,350,000.
of
of preferred
In addition, on Jan. 14 1936 the
stockholders approved a proposal to change
a
108,196,704
129,286,580
143,144,410
143,010,525
172,053,312
181,397,834
191,885,065
160,704,415
210,125,656
224,090,825
228,753,666
258,248,404
251,622.063
260,582,620
269,126,157
336,704,221
383,460,076
414,609,943
466.298,772
560,096,233
495,145,457
456,840,073
507,282,282"
413,589,462
438,755,961
469,871,200
476.561,535
521,144,380
533,453,314
353,392,375
246,048,257
203,373,921
167,711,492
155,948,167
186,876,293
208,304,551
On May 27 the stockholders of the Real Estate-Land
Title & Trust Co.
capital
name
of the
The Finance
capital to $2,300,000 from
The Security Bank & Trust Co. brought about
further decrease in aggregate capital by a reduction in its
preferred stock from $250,000 to $100,000, while the Wyom¬
ing Bank & Trust Co. took the opposite course by issuing
$150,000 of preferred stock during the
reduced
the
Aggregate
loss
capital
Dec. 31
and
1935;
in
aggregate
for
a
they were
on
which action
year,
capital
Philadelphia
all
$61,428,223
dropped from
by
that
trust
amount.
companies
Dec. 31 1934 to $57,648,223,
shrinkage occurred in surplus and profits,
reported at
$89,618,935, Dec.
31
1935, as
against $89,808,056 for Dec. 311934; deposits advanced from
Total trust
tutions.
while
companies in Baltimore comprised eight insti¬
During the
issue
entire
of
Union Trust Co. called its
the
year
the amount of $500,000,
capital notes in
the other hand
on
the
Equitable Trust Co, sold
Aggregate capital for
increased
31
an
capital debentures amounting to $750,000, thus off¬
capital.
Dec.
8.450.000
9.000.000
11.100.000
12.100.000
12,500.000
12,500,000
11,100,000
11,750,000
11,750,000
12,150,000
12,250,000
14,850,000
16,260,000
17,250,000
17.460,000
18,480,200
19,150,000
21,479,800
21,650,000
26,077,000
26,329,300
23,450,000
23,850,000
18,650,000
18,750.000
21,750,000
24,400,000
28,400,000
31,400,000
25,700,000
17,200,000
14,300,COO
12,100,000
12,100,000
12,300,000
12,300,000
Deo. 81 1904 (19 008.).
Deo. 31 1905 (19 008.).
81 1914
port.
setting the loss and accounting for
Aggregate
Surplus and
Profits
$
Deo.
Deo.
Deo.
Deo.
a It has been necessary for us to use the previous year's figures In the case of the
Gimbel Bros. Bank & Trust Co., owing to the non-receipt of their Deo. 31 1932 re¬
issue of
BOSTON
Dee*
Deo.
Deo.
Deo.
Deo.
Owing to the non-receipt of information for Deo. 31 1929/from the Allegheny
Title & Trust Go. and the Manufacturers Trust Co., we have been obliged to use
the previous year's figures for these two companies.
from
$12,750,000,
a
gain of $250,000 of
all
Dec.
Baltimore
31
1934,
to
new
institutions
$13,000,000,
surplus and profits declined further during
1935 and stood at $12,885,033 on Dec. 31 1935 as compared
with $13,000,130 on Dec. 31 1934 and $13,113,484, Dec. 31
1933; deposits show improvement and were $144,152,203 on
Dec. 31 1935 as against $132,991,634, Dec. 31 1934, with a
further rise in aggregate resources from $160,065,997, Dec. 31
1934, to $175,738,947, Dec. 31 1935.
The
following are the totals for Baltimore back to
1935;
Dec. 31 1913:
Aggregate
Surplus and
BALTIMORE
Deo. 31 1913 (10 cos.).
Deo. 81 1918 (11 cos.).
Deo. 31 1919 (12 cos.).
Deo. 31 1920 (12 cos.).
Deo. 31 1921 (13 cos.).
Deo. 81 1922 (13 cos.).
Deo. 31 1923 (14 cos.).
Deo. 31 1924 (14 cos.).
Deo. 31 1925 (13 oos.).
Deo. 31 1926 (14 cos.).
Deo. 31 1927 (13 cos.).
Deo. 31 1928 (13 cos.).
Deo. 31 1929 (12 cos.).
Deo. 31 1930 (11 cos.).
Deo. 31 1931 (10 Cos.).
Deo. 81 1932 (10 cos.).
Deo. 80 1933 ( 8 cos.).
Deo. 31 1934 ( 8 cos.).
Deo. 81 1935 ( 8 cos.).
Profits
Deposits
S
Deo. 81 1914 (10 cos.).
Deo. 31 1915 (11 cos.).
Deo. 31 1916 (11 cos.).
Deo. 81 1917 (11 cos.).
Capital
%
8,950,000
8,950,000
8,650,000
8,650,000
8,650,000
8,650,000
9,150,000
10,250,000
10,800,000
11,500,000
13,000,000
13,200,000
13,950,000
14,950,000
14,950,000
15,300,000
17,150,000
19,100,000
18,600,000
18,600,000
11,750,000
12,750,000
13,000,000
12,177,127
11,407.783
11,851,317
12,539,306
12,765,927
13,309,150
14,099,513
14,967,987
15,988,624
17,361,792
19,596,373
20,909,399
21,695,365
24,440,935
25,779,355
28,486,023
27,766,787
81.404,661
28,122.063
23,677,678
13,113,484
13,000,130
12,885,033
45,131,061
52,212,492
72,128,718
82,523,800
89,537.806
85,714,838
116,199,900
108,508,855
110,811,291
137,308.934
137,383,255
164,890,476
200,438,939
Resources
%
198,565,429
235,403,813
227,720,059
231,555,199
276,498,109
244,564,573
188,449.341
109,912,268
132,991,634
144,162,203
66,058,188
73,170,115
93,230.098
103,712,606
110,986,411
107,773,988
140,749,413
138,393,143
140,781.858
169,330,708
190,993,117
203,893,123
244,201,203
243,740,127
276.363,728
271,793,425
289,834,533
827,102,270
296,402,760
260,875.585
136,811,976
160,065,997
175,738,947
There were 16 trust companies in St. Louis on Dec. 31
1935, unchanged from the previous year.
However, several
adjustments to capital structure were effected during the
year.
The Mound City Trust Co. increased its capital from
$50,000 to $97,559, while the Security National Bank Savings
& Trust Co., on the other hand, decreased its outstanding
preferred stock from $500,000 to $300,000.
The Bremen
Bank & Trust Co. also revised its capital structure through
a reduction in its common capital from $700,000 to
$600,000.
Companies that retired their capital notes in full or in part
were the Lindell Trust Co., in the amount of $50,000; the
Mississippi Valley Trust Co., in the sum of $500,000; the
North St. Louis Trust Co., $200,000, and the Northwestern
Trust Co. from $550,000 £o $536,000.
Combined capital of
St. Louis institutions declined from $24,440,000, Dec. 311934,
to $23,423,559, Dec. 31 1935; surplus and undivided profits
increased substantially during the year, and were reported
at $9,286,657, Dec. 31 1935, as against $7,829,258, Dec. 31
1934; deposits showed an appreciable rise, and were $308,751,229, Dec. 31 1935, as compared with $276,037,234 on
Dec. 31 1934; total resources likewise moved up from $310,681,992 on Dec. 31 1934 to $344,924,593 on Dec. 31 1935.
Below
are
the items each year back to Dec.
ST. LOUIS
14,471.934
24,922,243
24,915,483
22,507.930
23,365,609
23,584,914
13,350,000
22,537,837
13,452,400
22,782,021
19.428,356
14,752,400
14,752.000
19,505,474
15,002,400
19,591,743
14,900,000
19,617,825
19,600,492
14,950,000
19,024,203
13,050,000
♦8,050,000 *12,738,269
8,250,000
12,879,829
8,350,000
12,795,317
12,909,504
8,350,000
8,450,000
13,519,789
9,350,000
14,146,690
*12,450,000 *15,300,040
12,650,000 / 15,662,452
12,950,000
16,147,139
15,620,518
13,400,000
13,600,000
16,262,276
13,950,000
17,542,268
19,874,590
13,950,000
21,447,250
16,700,000
25,000,000
18,792,155
21,030,288
26,700,000
23,700,000
16,423,553
22,700,000
14,478,686
22,095,000
9,181,635
24,440,000
7,829,258
23,423,559
9,286,657
13,425,660
20,485,300
19,000,000
16,000,000
16,100,000
16,350,000
Deo. 31 1904 ( 5 cos.)—
Deo. 31 1905 ( 6 cos.)...
Deo. 31 1906 ( 9 oos.)...
Deo. 31 1907 ( 8 cos.)...
Deo. 31 1908 ( 9 cos.)—
Deo. 31 1909 (13 cos.)—
Deo. 311910 (13 cos.)...
Deo. 311911 (16 cos.).__
Deo. 31 1912 (15 cos.)—
Deo. 311913 (16oos.)...
Deo. 31 1914 (16 cos.)...
Deo. 31 1915 (14 cos.)...
Deo. 31 1918 (15 cos.)...
Dee. 311917 (15 cos.)—
Deo. 31 1918 (15 cos.)...
Deo. 311919 (15 cos.)...
Deo. 31 1920 (17 cos.)...
Deo* 31 1921 (18 cos.)...
Deo. 31 1922 (17 cos.)...
Deo. 31 1923 (17 cos.)...
Deo. 31 1924 (20 cos.)...
Deo. 31 1925 (21 cos.)...
Deo. 31 1926 (22 cos.)...
Deo. 31 1927 (22 cos.)...
Deo. 31 1928 (21 cos.)...
yDeo. 31 1929 (21 cos.)..
Dee. 31 1930 (24 cos.)...
cos.)...
xDeo. 31 1932 (16 cos.)..
Deo. 30 1933 (15 cos.)
Deo. 31 1934 (16 cos.)...
Deo. 31 1935 (16 cos.)...
*
41,339,273
62,910,106
62,563,117
78,706,702
71,681,442
74,512,832
66,329,762
61,619,831
73,959,732
73,015,086
78,169,009
84,229,211
83,329,512
81,741,093
*62,012,906
70,380,425
79,518,642
102,137,663
121,424,904
125,581,165
*154,556,540
171,019,489
170,608,193
193,958,238
190,966,610
205,474,676
202,893,571
245,452,552
342.152.127
355,378,247
265,916,325
242,406,026
227.972.128
276,037,234
308,751,229
100 shares of
with
Resources
Deposits
He can walk into a broker's office
Portland, Me.
31 1901:
Aggregate
Surplus and
Profits
Capital
Deo. 311901 ( 6 cob.)—
Deo. 31 1902 ( 9 oos.)...
Dec. 31 1903 ( 8 cos.)...
Deo. 31 1931 (21
1359
Financial Chronicle
Volume 142
minutes
69,829,307
109,167,449
107,454,100
117,214,632
111,268,041
115,189,586
107,028,169
97,856,192
108,139,489
107,272,961
112,763,152
118,747,036
117,880,234
111,765,316
*94,068,996
91,509,254
98,906,145
123,397,168
153,394,692
145,780,855
*186,171,366
204,152,108
207,629,421
225,731,883
235,055,643
237,884,193
238,902,733
298,258,498
372,036,085
403,008,534
305,979,877
283,784,674
263,056,916
310,681,992
344,924,593
Reduction in totals due to the elimination of the St. Louis Union Trust Co..
whose banking business was taken over by the newly-organized St. Louis Union
Bank.
The trust company reported no deposits on Deo. 311915, against $25,710,-
but he
sents
have the
can
S.
U,
Steel, and inside of 10
get a report of its sale,
can
fair balance between
a
the time the sale is made.
bid, 50% asked, that
can
sell
can
do
Not only that,
that the price repre¬
assurance
supply and demand at
If Steel is quoted at
instantly at 50, and if he wishes to buy he
instantly at 50%,
so
What other market affords such facilities?
sider
again the parcel of real estate.
it for
$10,000, what
If you
have
diamond,
work of
can you
Should Brokers Be Forbidden to Trade?
{Concluded from
Does not the
provide
some
ciary duty?
as
real
safeguard against the abuse of fidu¬
Here there
estate,
or
Here
customer's
case
be
of
thousand
no
a
secret deals, such
purchase
a
or
private
con¬
one
another,
a
or a
of furniture, a suit of clothing, an
or a close corporation, a
partnership
a
art, or a book, the price which you will
have to pay
price
if
you
want to buy will be one thing, and
will realize if
you
you
want to sell will be
another.
Not so,
in
organized securities markets.
on
our
however, with securities traded
Liquidity of securities is to
economic system
How is liquidity
our
what lubrication is to a machine.
maintained if brokers
be
to
same
acquire.
Here is the instantane¬
security, with the customer
ever
ready
complain to the Business Conduct Committee if
he should be asked to
little
or
to pay an
accept an eighth of
eighth of
a
a
point too
a
degree
liquidity to securities not otherwise obtainable.
Any day in the business week, any hour of the
nation
day,
can
He may
or
acquire
any
listed security.
be in Miami, Fla., San Francisco, Calif.,
STATE
THE
security holder anywhere in the
any
dispose of
OF
TRADE—COMMERCIAL
or
EPITOME
Friday Night, Fel. 28 1936,
Business activity slowed up slightly the past week, due
mainly to the drop in car loadings and electric output. On
the other hand, steel operations showed a gain of 1.2 points,
advancing to 52.9% of capacity. Great predictions are made
for the steel industry as soon as weather becomes more
favorable.
The steady demand throughout the severe win¬
ter weather, and its highly diversified character, have been
very encouraging signs in the steel trade.
Heavy railroad
purchases continue, and indications point to a continuance
of this demand for some time to come. As spring approaches
demands from other sources are expected to broaden very
materiaUy, especially from the construction and automo¬
bile
industries.
The
stock
market
continued * its
upward
with daily transactions on a large scale.
To-day,
however, the market slumped on a late seUing wave due to
the announcement by the Interstate Commerce Commission
of a cut of 44% in railroad passenger fares and the prospect
trend,
of increased government taxes.
Commodity markets, with
few exceptions, were also on the up-grade, this
applying
especially to sugar, which is now selling at new high levels.
If
are
not
supply,
times when the demand will
or
prevailing will
now
stagnation where there
our
appear
incon¬
There will be periods of
sequential by comparison.
In
exceed
so
the supply so exceed the demand, that
price fluctuations
demand.
permitted to
only the public may buy and sell there
will be many
the
may
markets
be neither supply
as
now
nor
constituted the
Exchange member, and particularly the specialist,
is ever ready to step into the breach when there
is
other
no
is offered
or
buyer
or
seller, and take stock which
supply stock which is wanted.
forming this service he
In per¬
hopes to make a profit.
Sometimes he does and sometimes he doesn't.
the
If in
long run he does it is compensation for the
eco¬
nomic service he renders.
In
presenting
that I have
I
am a
no
my
axe
views I wish to make it plain
to
lawyer, and for
grind,
no
interest to
many years
serve,
have made stock
exchange law the subject of special study.
I have
represented Stock Exchange firms, but I have also
represented customers who have had claims against
Stock
point too much.
Trading by Exchange members imparts
business
trade?
ready to supply the stock which the
report of the result of the deal and of other deals
in the
of
sale of
buyers ready to take
stock, bidding against
customer wishes to
to
can
of the negotiation of
are a
thousand sellers
ous
1354)
public nature of this market in itself
might arise in the
tract.
page
If you buy
get for it the next day?
275 on Deo.
31.1914, and $11,244,321 aggregate resources Deo. 31 1915, against
$36,935,227 on Deo. 31 1914.
*H
x All items heavily Increased through the establishment of the Liberty-Central
Trust Co. by the merger of the Central National Bank and the Liberty Bank.
y Owing to the non-reoelpt of Information lor Deo. 31 1929 lor the Union-Eastern
Trust Co., we have been obliged to use the previous year's figures.
z Due to the non-reoelpt of Deo. 31 1932 figures for the Laclede Trust Co., the
Natural Bridge Trust Co., the Park Savings Trust Co., the Savings Trust Co., the
Shaw Bank & Trust Co. and the West St. Louis Trust Co., all of which failed in
January 1933, it was neoessary for us to eliminate them from our totals for the year.
Con¬
piece of machinery, an automobile, a
a
a set
interest in
the
50
if he wishes to sell he
means
Exchange firms, and I have endeavored to
protect the rights of each with all the earnestness
at my
of
I
command. I try to maintain a detached point
view, which, I believe, makes for sound thinking.
also believe that sound thinking rather than emo¬
tional
appeal should be the controlling factor in the
solution of this
as
well
as
of other social
problems.
Real estate is looking much more
promising, and the com
ing month of March is expected to show marked activity
in this department, weather, of course, permitting.
A keei
demand for the new fall lines Of wool goods for men's weai
is reported in the clothing trade, despite the fact that price;
show advances ranging up to 25c. a yard for suitings an(
50c. a yard for overcoatings.
Fear that wool prices ma:
further advances in the near future partly explains
early purchasing by clothing companies.
With som<
abatement in/the recent frigid weather over the country
score
the
retail business reached the best volume in three
weeks, anc
were more active.
The Federal Reserve
Bank stated that department store business in the
wholesale markets
metro
politan area increased 5.3% in the first half of this mont]
over last year following a
9% increase in January.
Lea<
and zinc were more active and higher.
As a result of th<
thaw following the prolonged spell of sub-zero
weather, man:
parts of the country are menaced by floods as the vas*
fields
of river ice begin to break up
streams and rivers in the Middle West
stage.
A three-mile ice jam backs
up
and
are
move.
Man:
at the overflow
water at Pemberville
Woodville and other afflicted towns in the State of Ohio
1360
Financial
Chronicle
Emergency crews battled floods and snow in the Pacific
States, with the death toll in this area mounting to 10.
Drifts
tain
and
Sierra
blocked
avalanches
and
Cascade
Loading of
Moun¬
near
Rampaging streams flooded thousands of
valleys.
Homes and cultivated areas
Nampa, Idaho, were abandoned as Indian Creek went
in
California's
of its
out
storms
since
banks
clouded
the
the first
for
Blizzard
clouds extended
over
Oklahoma
13
Kansas.
and
parts
the
years
of
A
Col.,
had
These
ago.
an increase of 11,804
the total loadings for the corresponding
1934.
For the week ended Feb. 15, loadings were
8.0% higher than those for the like week of 1935 and 5.2%
higher than those for the corresponding week of 1934. Load¬
ings for the week ended Feb. 8 showed a gain of 5.2% when
compared with 1935 and a rise of 8.4% when the comparison
Colorado,
snowslide
dust
Nebraska,
Texas,
killed
three
and
trapped 40 miners in the famous old Camp Bird gold mine
in Colorado.
rain,
on
much
of
ice and
its
New York, together with
helped to rid the city's streets of
and
major railroads to report for the week ended
Feb. 22 1936 loaded a total of 275,859 cars of revenue
freight on their own lines, compared with 301,524 cars in
the preceding week and 265,912 cars in the seven days ended
Feb. 23 1935.
A comparative table follows:
from
snow
week of 1934.
same
The first 18
recent storms.
To-day it
temperatures ranging from
30 to 40 degrees.
was for fair, slightly colder;
Saturday fair, somewhat warmer.
Overnight at Boston it
was 30 to 40 degrees;
Baltimore, 34 to 48; Pittsburgh, 24
fair
was
over
is made with the
Warmer weather in
27th inst.,
the
2,1%
or
week of
worst
vast
revenue
the total for the like week of 1935, and
cars,
Vast dust
Pueblo,
States.
five
Black
time in 10 years.
cold
here, with
The forecast
REVENUE
FREIGHT
LOADED
46; Portland, Me., 30 to 38; Chicago, 18 to 28; Cincin¬
nati, 26 to 36; Cleveland, 22 to 40; Detroit, 14 to 32;
Charleston, 52 to 64; Milwaukee, 14 to 26; Dallas, 50 to 68;
Savannah, 50 to 64; Kansas City, 34 to 46; Springfield, Mo.,
Seattle,
Feb.
Oklahoma City, 44 to 62; Salt Lake City, 36 to 54;
to 48; Montreal, 18 to 40, and Winnipeg, 4
22 Feb.
1936
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio Ry
Received from
15 Feb.
1936
Connections
Weeks Ended—
23 Feb.
1935
22 Feb.
15 Feb.
23
1935
1936
1936
Feb. 18.
on
coffee,
and
cotton
cotton
while the
goods,
tin,
4,435
8,761
13,813
6,927
15,146
7,024
7,549
6,145
13,758
15,142
15,048
6,434
7,305
6,333
12,518
12,199
12,155
10,735
9,789
2,449
8,786
1,017
1,976
2,330
3,208
1,757
2,051
1,801
1,485
1,875
3,777
4,445
3,588
2,181
2,637
RR
1,284
1,588
2,525
Missouri Pacific RR.
12,865
15,972
12,410
7,717
8,800
6,904
New York Central Lines
34,851
37.976
34,781
42,230
41,887
35,669
New York Chicago & St. Louis Ry
Norfolk & Western Ry
3,860
20,700
4,127
3,872
10,285
9,993
3,607
3,801
8,947
3,603
54,455
22,878
59,101
17,876
Pennsylvania RR
52,151
4,394
42,267
33,084
Pere Marquette Ry
4,656
Wabash
5,382
6,124
5,042
6,030
Ry
6,063
4,816
5,108
5,644
4,729
21,010
19,280
4,679
x6,918
*7,045
*5,676
9,165
8,698
8,340
5,533
also declined.
Total
x
5,369
5,554
19,703
5,454
Southern Pacific Lines
Potatoes, the fruits generally, and zinc and rubber advanced.
275,859 301,524 265,912 488,467 193,808 163,951
Excludes
interchanged between S. P. Co.-Pac.fic
cars
Lines
and
Texas
and
New Orleans RR. Co.
(1913=100)
TOTAL LOADINGS
products
4,975
15,164
8,402
International Great Northern RR
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Feb 25
5,076
14,298
22,124
12,048
Pittsburgh & Lake Erie RR
grains except wheat,
silk and
16,201
25,264
25,587
Missouri-Kansas-Texas
The "Annalist" stated:
prices went lower in sympathy,
16,968
28,733
24,020
13.229
Gulf Coast Lines
Moderating weather sent prices for hogs, cattle, butter
and eggs sharply lower and the "Annalist"
Weekly Index
of Wholesale Commodity Prices dropped 2.3 to 124.9 on
Feb. 25 from 127.2
15,786
26,586
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
Weekly Index of Whole¬
Commodity Prices During Week of Feb. 25—
Average for February also Lower—Foreign Prices
Rose in January
Farm
Own Lines
on
44
sale
and
CONNECTIONS
FROM
Weeks Ended—
Decrease Noted in "Annalist"
cocoa
RECEIVED
Loaded
below to 4 above.
Meat
AND
(Number of Cars)
to
38 to 44;
Week
freight for the week ended Feb. 22
1936 totaled 586,712 cars. This is a decline of 44,635 or 7.1%
from the preceding week, a rise of 33,547 cars, or 6.1% over
highways.
acres
Feb. 29 1936
.
Revenue Freight Car Loadings Fall 44,635 Cars in
1936
Feb.
119.2
18
1936
Feb 26
AND
1935
124.7
127.5
128.6
X110.1
171.5
171.5
Metals
110.8
Building materials.
CONNECTIONS
106.4
Fuels
FROM
122.7
124.8
*110.1
RECEIPTS
(Number of Cars)
Food products
Textile products—
-
[
<
Weeks Ended—
Feb. 22 1936
157.5
Feb. 15 1936
■*
Feb. 23 1935
110.8
109.5
111.8
111.8
111.9
Chicago Rock Island & Pacific Ry.
19,207
19,865
19,683
Chemicals-
97.9
97.9
98.7
Ulinois Central System
29,934
30,125
26,057
Miscellaneous
85.4
85.3
79.8
St. Louis-San Francisco Ry
11,288
12,128
10,275
124.9
127.2
73.1
74.5
60,429
62,118
56,015
All commodities
—
All commodities on old dollar basis..
y
-
124.9
Total.
73.8
*
Preliminary,
x Revised,
y Based on exchange quotations for France, Switzer¬
land and Holland: Belgium included prior to March 1935.
As to
prices during the month of February the "Annalist"
reported:
Reflecting the decline in the weekly index under
of the year, the monthly average for
to 126.5 from 128.3 in
way
since the beginning
February,also showed
a
loss, dropping
The Association of American
week ended Feb. 15,
Loading of
.
increase of 49,678 cars or
an
8.5% above the corresponding
increase of 31,079 cars or 5.2% above the corresponding
week in 1934.
Loading of
9,250
MONTHLY INDEX OF WHOLESALE
Railroads, in reviewing the
follows:
as
freight for the week ended Feb. 15 totaled 631,347
revenue
was an
week in 1935 and
January.
THE ANNALIST
This
cars.
reported
cars or
revenue
freight for the week of Feb. 15
was an
increase of
1.5% above the preceding week.
Miscellaneous freight loading totaled 213,069 cars, an increase of 6,796
COMMODITY PRICES
(1913=100)
cars
above the
preceding week, 710 cars above the corresponding week in
1935, and 8,066 cars above the corresponding week in 1934.
Feb. 1936
Jan. 1936
122.8
123.9
121.8
126.2
Feb.
Loading of merchandise less than
1935
cars, a decrease of
Farm products
i
Food products
X129.1
128.0
110.5
112.8
106.5
Fuels
171.5
173.7
158.2
the
Metals
110.8
111.4
109.6
and 43.062
Building materials
111.8
111.7
111.9
97.9
98.2
98.7
Textile products
i-,
Chemicals
Miscellaneous
85.7
Revised,
x
y
Based
on
80.0
X128.3
124.3
74.0
All commodities on old dollar basis._
y
85.9
126.5
All commodities
X75.8
74.0
exchange quotations for France, Switzerland and Holland;
Belgium included prior to March 1935.
The "Annalist" said that foreign wholesale prices generally
in January, and the "Annalist" International Composite
3,070
cars
Coal
loading amounted to 192,491
preceding week.
above the
cars
Grain and grain
below
cars
same
corresponding week in 1935.
below the
week in
same
increase of 827
cars
France,
been
the preceding week,
a
slight
decline in
Canada
and
a
above the
little
change in the United
cars
3,432
AND DOMESTIC
1,596 cars below the
Ore
1.438
the
Dec.
Nov.
Jan.
Change
1935
1935
1935
from
128.3
129.4
128.3
122.6
73.1
—1.2
Dec.
United States of America
Gold basis
75.8
76.7
76.2
113.9
Canada
113.6
113.6
/111.5
+0.3
67.2
66.8
66.9
66.5
+0.6
108.7
108.4
105.0
+ 0.4
65.7
Gold basis
65.4
'
65.3
62.8
364
354
348
350
Germany
103.6
103.4
103.1
101.1
of
1.735
1,704
cars
144.9
145.0
146.4
137.1
—0 1
49.8
49.7
50.1
46.6
+ 0.2
74.8
74.6
74.3
72.2
+ 0.3
Composite in gold
*
Preliminary,
—
Revised,
+ 2.8
Includes also Belgium and Netherlands; Germany
excluded beginning July 1934; Italy beginning November 1935,
x
y
same week
16,472 cars,
in 1935, and 6.495
15 totaled 7,045 cars, a decrease of
26,469 cars,
cars
an
above the
increase of 1,553
same
cars,
an
cars
week in 1935. and
increase of 238
above the corresponding
loading amounted to 11,329
same
cars
cars
week in
above the
cars,
above the
an
same
increase of 422
1935, and
cars
above
week in 1935 and 209 cars
week in 1934.
districts, except the Northwestern, reported increases in the number
cars
loaded with
revenue
freight, compared with the corresponding week
All districts, except the Northwestern, reported increases compared
corresponding week in 1934.
Loading of
revenue
freight in 1936, compared with the two previous years
follows;
1936
Four weeks in January
Week of Feb.
L
1935
2,353,111
2,183,081
3,922.648
Week of Feb.
8
621,839
622,097
Week of Feb.
15
631,347
2,169,146
596,961
591,327
581,669
4,228,394
3,939,103
+0.2
Japan,
y
15 totaled
week in 1934.
+ 0.4
France
Gold basis..
cars
1935
109.2
Gold basis
United Kingdom
above the
In the Western districts alone loading
Feb.
—0.8
x
cars
above the corresponding week in 1934.
preceding week, 3,528
in 1935.
Per Cent
Jan.
decrease of 435
week in 1935.
loading amounted to 5,615
Coke
All
1936
same
products loading totaled
cars
with the
*
below the
preceding week,
WHOLESALE PRICE INDICES
(1913=100.0)
a
decrease of 2,163
a
week in 1935.
same
week in 1934.
cars above the same
above the
FOREIGN
Un currency of country; index on gold basis also shown for countries, when different!
same
above the preceding week,
continuation of the advance
Kingdom.
below the
Forest
(the latter index not being
underway in that country for the past
The last weekly indices indicate
six months.
in
that has
however,
Livestock loading amounted to 9,975 cars, a decrease of 456 cars below
1,669
unbroken rise
cars,
increase of 2,917
an
was,
grain products loading for the week ended Feb.
an
of livestock for the week ended
the
but
In the Western districts alone grain and
1934.
of
yet available), much the greatest increases took place in France, continuing
144,290
week in 1934.
It
advanced for the sixth consecutive month to 74.8 (in terms
except the United States and the Netherlands
totaled
cars, an increase of 4.202 cars above
products loading totaled 28,109
the preceding week,
cars
While all the countries included in the index participated in the advance
lot freight
52.140 cars abov3 the corresponding week in 1935,
rose
gold: 1913=100.0) from 74.6 in December, 70.6 in July
and a depression low of 70.5 in March.
It added:
carload
below the preceding week, 11,460 cars below
the corresponding week in 1935 and 16.470 cars below the same week in 1934.
Total
In the
following table
1934
565,401
573,898
600,268
undertake to show also the load¬
ings for separate roads and systems for the week ended
Feb. 15 1936.
During this period a total of 100 roads
we
showed increases when compared with the same week last
Financial
Volume 142
The most important of these roads which showed
were the New York Central Lines, the Baltimore &
year.
increases
Ohio
RR.,
&
Pennsylvania System, the Chesapeake
the
Total Revenue
from Connections
1934
1935
1936
428
Boston
-
479
1,253
1,166
2,882
2,105
257
344
1,312
883
1,476
315
235
394
451
1,411
756
10,595
21,294
18,307
1,191
18,139
19,827
980
20,213
1,191
18,521
8,850
3,738
700
Gulf Mobile A Northern.....
Illinois Central System
Louisville A
606
396
7,678
1,304
7,636
10,346
2,032
11,346
1,265
23
Chicago Indianapolis A Louisv.
Central Indiana
1936
1936
1,351
24
30
88
80
1,851
6,693
Macon Dublin A Savannah
161
102
7,339
Mississippi Central
149
117
130
212
249
Mobile A Ohio
1,621
2,612
1,671
3,029
1,389
2,016
1,305
2,166
7,353
Maine
A
534
2.313
-
Bangor A Aroostook
Group B (Concluded)—
Georgia
Georgia A Florida
1934
1935
1936
Eastern District—
Ann Arbor
from Connections
Freight Loaded
Railroads
1935
1936
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
Ohio RR., the Norfolk & Western RR., the Southern
System, the Atchison Topeka & Santa Fe System, the
Illinois Central System and the Southern Pacific RR. >
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED FEB. 15
LOADED AND RECEIVED FROM
REVENUE FREIGHT
1361
Chronicle
.
899
927
926
6.092
4,305
5.995
Centra) Vermont
Delaware A Hudson
1,765
1,576
10.923
8,633
10,036
6,446
6,078
155
Delaware Lackawanna A West.
216
189
80
91
Detroit A Mackinac
2,089
327
275
12.303
10,935
13,486
4,024
14,648
3,675
4,089
Detroit A Toledo Shore Line...
Erie
Grand Trunk Western
2,449
1,790
340
3.449
2,602
Detroit Toledo A Ironton
...
382
421
94
364
363
386
683
657
Total.
55,334
49,884
52,203
28,146
25,077
Grand total Southern District
93,057
87,358
92,617
59,733
54,049
1,697
9,789
1,726
9,058
2,490
Tennessee Central
1,820
Lehigh A Hudson River..
Lehigh A New England...
Lehigh Valley
136
133
2,037
1,300
2,175
1,135
1,169
8,489
8.005
9.021
Maine Central
.........
3,369
3,618
2,950
6,969
2,992
6,775
3,498
7,018
4,092
4,940
169
171
.......
2,274
37,976
45
41,887
N. Y.N
10.111
9,916
1,795
38,381
10,695
2,049
29
b New York Central Lines.....
2,144
36,485
37,070
11,868
1,622
8,952
4,849
5,403
Monongahela
132
1,843
2,514
Chattanooga A St. L.
4,293
3,876
14,200
7,379
7,969
1,730
4,015
Nashvdle
Nashville..
'
■
Montour
H. A Hartford
...
5.938
Pere Marquette
5,382
605
5,133
1,967
9,993
5,769
6.030
454
Pittsburgh A Lake Erie.......
2,339
3,913
5,131
5,365
15
18
327
501
1,956
4,127
New York Ontario A Western..
N
Y
Chicago A St. Louis....
.......
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
...
11,038
3,845
4,120
373
364
365
297
1,337
1,004
1,347
1,111
550
538
527
949
1,063
1,091
5,533
3.468
4,701
3,284
4,854
8,698
8,598
3,391
2,905
3,142
149,136
Rutland
138,136
144,700
161,160
155,170
436
532
419
911
28,733
2,236
27,282
1,318
27,496
1,611
15,164
1,195
14,738
1,913
309
242
290
8
9
18
...
Wheeling A Lake Erie........
Total.
682
840
706
Western....
12,199
Chicago Great Western
Chicago Milw. St. P A Pacific.
Chicago St. P. Minn. A Omaha
991
14,240
2,233
15,142
13,194
1,882
16,687
4,035
3,363
3,645
1,589
7,305
2,159
601
580
593
135
Belt Ry. of Chicago
Chicago A North
Duluth Mlssabe A Northern
17.059
6,605
2,699
103
681
Elgin Jollet A Eastern
604
549
247
305
6 059
Duluth South Shore A Atlantic.
5,287
4,120
6,039
6,172
57
241
255
53
144
8,272
9,519
8,216
2,041
2,772
553
667
533
538
482
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western
Lake Superior A Ishpemlng
748
................
Wabash..
Northwestern District—
257
91
101
881
1,412
1,641
1,340
4,446
7,526
4,085
1,874
Northern Paolflo
4,954
8,220
7,981
2,273
1,524
2,258
2,397
Spokane International
Spokane Portland A Seattle
79
90
78
273
177
1,287
1,068
970
1,044
819
64,918
67,694
67,161
38,487
39,832
Atch. Top. A Santa Fe System
Alton
16,968
16,363
2,346
17,612
2,380
4,975
2,936
4,480
1,903
Bingham A Garfield
Chicago Burlington A Qulncy
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
330
213
188
74
33
15,146
2,563
12,769
1,649
9,551
7,549
6,521
1,054
6,632
2,973
14,335
1,699
10,547
3,034
869
964
938
845
2,142
2,153
2,223
1,783
381
199
22
288
225
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Total.
Allegheny District—
Akron Canton A Youngs town..
Baltimore A Ohio
.....
Bessemer A Lake Erie
Buffalo Creek A
Cambria
A
Gauley
1,448
6,003
Indiana
Central RR
of New Jersey
1,246
5,388
r
1,180
16
6,149
10,380
10,711
4
67
58
77
1
Cumberland A Pennsylvania...
407
392
383
Llgonler Valley....
Long Island..
256
199
210
22
17
706
749
679
3,191
Penn
994
1,008
1,064
1,548
42,267
15,683
2,718
2,847
1,232
35,068
15,841
1,559
Cornwall
d
Reading Seashore Lines..
Pennsylvania System
Reading Co..
Union (Pittsburgh)
West Virginia Northern
Western Maryland
59,104
...
55,105
56,239
13,069
7,559
.......
.............
12,612
14,928
8,217
20
21
5.750
123
93
98
3,232
3,200
.
Denver A Rio Grande Western.
Denver A Salt Lake
6,251
6",259
117,616
124,877
CO CO 1
119,700
91,038
6,874
3,845
1,188
8,761
3,801
1,067
25,587
22,878
1,081
4,082
Norfolk A Western
Norfolk A Portsmouth Belt Line
Virginian
Total.
22,404
21,453
18,673
1,258
18.538
3,755
3,625
678
746
53,628
Chesapeake A Ohio...........
46,090
44,516
14,307
989
974
803
1,868
1,278
1,066
101
65
564
545
289
202
56
71
114
58
29
14,107
13,454
4,227
3,643
...
5,185
1,885
4,724
1,527
347
956
1,009
132
274
307
50
80
95
1,179
1,106
1,212
448
914
832
9,195
1,111
1,263
Charleston A Western Carolina.
325
301
Durham A Southern..........
116
139
35
42
892
1,030
Piedmont A Northern
410
413
Richmond Fred. A Potomac...
321
316
286
3,600
7,035
18,769
6,861
18,073
7,351
20,028
3,885
12,933
3,223
3,516
11,827
158
134
135
769
700
37,723
37,474
40,414
31,587
28,972
Midland.
........
Seaboard Air Line............
Southern System
Winston-Salem
...
Southbound...
10,735
11,565
1,028
6,738
988
494
248
6
5
1,101
1,066
944
1,378
1,217
92,820
80,093
83,251
44,924
39,045
144
156
122
4,658
3,837
140
236
170
236
134
2,923
2,891
1,588
1,120
1,959
469
'
Western Pacific
Total
127
■
■
International-Great Northern..
Atlanta Birmingham A Coast..
574
136
673
3,649
Columbus A Greenville
252
...
931
Florida East Coast
•
Note—Figures for 1934 revised.
Michigan Central RR
Freight Cars
201
352
416
839
Midland
Valley
742
546
527
175
Missouri
A
78
103
77
206
182
4,455
15,972
3,732
12,823
4,292
13,256
2,637
2,433
8,800
6,472
Arkansas
Missouri-Kansas-Texas
Lines..
Missouri Paolflo
railroads
I
on
Line
Feb.
304
262
in
Need
of Repairs
on
line, the Asso¬
ciation of American Railroads announced
on
Feb. 27.
was
of
decrease
a
in need of such
266,876,
Freight
11.6%,
such
of
or
repairs
need of
in
decrease
repairs
on
totaled 51,927,
or
Locomotives
Jan.
need
21.8% of the number
the
number
in
need
of
on
This
compared with the number
Jan. 1, at which time there were
Feb. 1 totaled 204,584, or
with the number in need
in need of light repairs
increase of 4,268 compared with Jan. 1.
heavy repairs
14,633
of
3.0%,
in
cars
The Association further announced:
14.9%.
ears
a
10,365
1,
an
of
on
freight
classified
line.
such
This
repairs
on
compared
cars
while
cars
repairs
was a
on
Jan.
on
Feb.
1
totaled .9,825,
2,099
Class
I railroads
on
decrease of 89 compared with
1, at which time there were
Feb. 1 had 2,418 serviceable locomotives in
storage
3,666
1,948
14,269
202
207
53
59
25
22
29
32
44,682
48.323
58,919
45,403
Weatherford M. W. A N. W
|
i
t
r
1,608
-
52,911
Total.
RR., and the
Among the 15 items composing the index, there were six
The advances included wheat,
advances and six declines.
steel,
top hogs,
sugar,
lead and
cocoa.
The declines in¬
wool, corn and rubber.
Hides,
unchanged.
The movement of the Index during the week, with com¬
parisons, is as follows:
cluded cotton, silk, coffee,
silver and copper remained
169.3
Holiday
Fri.,
Feb.
Sat.,
Mon.,
Tues.,
Feb.
22
Feb.
21
24
Feb.
25-
Wed.,
Feb.
26
Thurs.
Feb.
27.
Fri.
Feb.
28
Number
of
2 weeks ago,
Month ago,
Feb. 14
Jan. 31
171.8
169.1
158.3
175.3
Year ago,
Mar. 1
1935 High— Oct. 7-9
Low—• Mar. 18
14
171.8
169.9
-
169.0
168.5
--168.6
169.5
4
167.2
1936 High—Feb.
Low—• Jan.
Staple commodity price movements have been relatively
narrow this week, with the exception of the metals, which
have been strong, and silk prices, which have been weaker.
Moody's Daily Index of Staple Commodity prices closed
on Friday at 169.9 compared with 169.3 a week ago.
Freight Cars in
Jan.
Class
148.4
I
railroads
on
Jan. 31
Good Repair Smaller
on
31
had 231,406
surplus freight
good repair and immediately available for service,
the Association of American Railroads announced on Feb. 28.
cars
in
This
1.
Moody's Daily Commodity Index Rises Slightly
.
or
9,914, or 21.8%.
compared with 3,054 on Jan.
103
3,191
1,999
1,991
3,106
b Includes figures for the Boston A Albany RR., the C. C. O. A St. Louis
256,511 freight cars in
1 bad
82
3,668
2,523
2,818
3,666
20,786
36
207
14.6% of the number
of repairs, or
106
7,298
1,893
5,311
3,823
228
2,592
1
21
66
6,811
1,819
5,297
3,986
Louis Southwestern
3,580
581
178
88
Wichita Falls A Southern
839
705
7,236
2,080
5,985
Terminal RR. Ass'n of St. Louis
Not available,
.
9
35
34
59
.......
Quanah Acme A Pacific...
925
a
721
296
131
774
1,155
886
1,380
913
463
733
1,103
Feb.
162
1,495
1,348
153
1,181
2,459
Previous figures,
on
on
Class
.
1,875
1,099
1,671
441
706
188
......
116
1,409
1,135
329
Louisiana Arkansas A Texas
629
3,533
Atl. A W. P.—W. RR. of Ala..
Central of Georgia
5,902
Litchfield A Madison
Texas A Pacific
615
1,682
1,321
132
622
1
2,058
City Southern
Louisiana A Arkansas
114
182
148
need
2,223
Kansas Oklahoma A Gulf
Kansas
St.
291
of
162
3,208
2,051
Gulf Coast Lines
Texas A New Orleans
1
Alabama Tennessee A Northern
14.6%
133
228
St. Louis-San Francisco
Group B—
t
District—
Island
Natchez A Southern
Total.
875
13,331
Union Pacific System
Utah
Fort Smith A Western..
9,054
Southern
a
lnU.P. S ystem.
413
261
Included
Joseph A Grand Island
Bur ling ton-Rock
8,430
1,232
Norfolk
729
15,025
Southern Paolflo (Pacific)
Southwestern
Gainesville
4
926
1,884
Alton A Southern
Cllnohfleld
1,983
12,653
900
Southern District—
Qtouv a—
Atlantic Coast Line..
7,827
2,085
953
Toledo Peoria A Western
Pocahontas District-
646
2,217
1,767
....
North Western Paolflo
St
2,508
708
Fort Worth A Denver City
Illinois Terminal.,...
Peoria A Pekln Union
Total.
8,818
3,381
1,206
3,670
1,187
Colorado A Southern
Nevada Northern
0
3.417
Central Western District—
was a
of
such
decrease of
cars
on
19,673
cars
compared with the number
Jan. 14, at which time there were
251,079
surplus freight cars.
Surplus coal cars on Jan. 31 totaled 47,475, a decrease of
6,106
below the previous period, while (surplus box cars
137,546, a decrease of 11,108 cars compared with
cars
totaled
Jan. 14.
Financial
1362
Reports also showed 27,102 surplus stock cars, a decrease
of 941
9,303,
The
♦
United States
of
Department of Labor Reports Increase
Commodity Prices During
0.2% in Wholesale
Week of Feb. 22
The Bureau of Labor Statistics' index number of whole¬
sale
commodity prices advanced 0.2% during the week
ending Feb. 22, according to an announcement made Feb. 27
by the U. S. Department of Labor.
Sharp increases in
wholesale prices of farm products were mainly responsible
for the rise.
The general index now stands at 80.8% of the
1926 average, slightly below the 1935 high point.
Com¬
pared with the low of 1935, however, the current index shows
an increase of 3.7%.
The announcement of the Department
of Labor continued:
and
metal
Feb.
above
The fractional advance in the index
1935.
1
entirely due to the slight gain in women's apparel
quotations.
The other major classifications remained un¬
changed.
An announcement issued Feb. 14 by Fairchild
Publications also had the following to say:
was
Current prices are only 1.5%
building materials declined
and
Chemicals and drugs, housefurnishing
during
the week.
goods and miscellaneous commodities
est
Raw materials advanced 1.4%
articles increased 0.3%.
advance
during the week and semi-manufactured
reduction resulting from
FAIRCHILD
THE
PUBLICATIONS
January 1931=100.
foods" remained unchanged at 79.0%
comparison between the week ending Feb. 22 and the high and
1935
Commodity Groups
Feb.22 Feb.15 Feb.
8
1936
1936
All commodities.
80.8
80.6
80.4
Farm
Date and
1936
Percent
High
Date and
P.C.In¬
Low
9-21 81.0
—0.2
1- 5
77.9
+3.7
Nov. 1
Dec. 1
1933
1935
1935
1936
1936
Composite Index
69.4
86.8
87.6
88.0
88.2
88.3
Piece goods..
65.1
85.8
84.8
84.9
84.7
84.7
70.7
87.4
87.2
87.2
87.3
71.8
87.9
89.1
89.4
89.4
89.5
76.4
93.9
92.6
92.7
92.7
92.7
70.2
88.2
89.0
89.1
89.2
89.2
79.9
79.4
4-20 81.8
—0.2
1- 5
75.6
84.0
82.9
9-28
86.6
—2.7
1 -5
78.5
+7.4
Hides and leather
96.5
97.0
97.1
12-28
96.4
+ 0.1
4- 6
85.6
wear
...
...
Silks
57.4
Woolens
66.8
70.5
70.6
73.1
products
70.7
11-23
—3.6
4- 6
68.7
77.2
76.9
77.2
11-30 75.9
+ 1.7
3- 9
73.8
86.0
86.0
11-23
86.4
—0.6
3-23
84.9
85.2
85.3
85.2
9-21
86.3
—1.3
4- 6
84.3
79.9
79.9
80.2
3- 2
81.6
—2.1
7-27
78.4
+ 1.9
Housefurnishing goods
82.8
82.8
82.8
1- 5
82.3
+0.6
6-15
81.7
+ 1.3
Miscellaneous
68.0
68.0
67.9
1-12
71.0
—4.2
9- 7
66.8
+ 1.8
79.0
79.0
79.1
11-16
79.0
0.0
4- 6
77.2
82.7
82.6
82.7
107.6
107.3
107.1
99.6
99.9
99.9
99.8
96.1
96.4
96.9
96.9
1
■.
+2.3
than farm products-
80.6
80.7
80.7
12- 7 81.3
80.0
78.9
78.6
X
Seml-manuf'd articles.
74.7
74.5
74.7
X
59.2
75.9
75.1
75.2
75.2
75.3
75.5
102.4
103.9
103.9
103.9
104.1
83.6
92.4
92.1
91.9
92.1
92.1
Finished
82.3
82.5
82.4
X
—0.9
89.9
95.8
97.1
97.1
97.2
69.2
85.1
86.3
86.4
86.4
86.2
76.5
81.7
81.7
81.7
81.8
81.8
Hosiery
64.9
87.2
86.9
86.9
86.9
69.6
92.4
91.5
91.5
91.5
91.4
Shirts and neckwear....
74.3
86.6
86.2
86.2
86.2
86.2
69.7
81.6
81.6
81.6
81.5
81.5
Clothing, Incl. overalls..
70.1
87.1
87.0
87.1
87.1
87.0
Shoes
1- 5 78.4
66.8
76.3
90.0
90.1
90.3
90.5
90.8
74.0
96.6
94.7
94.7
94.7
Men's apparel:
X
products
+2.8
X
'
*•••»«*
Infants'
Eggs advanced 15.5%;
14.1%; lemons, 4%; oats, 3.8%; alfalfa
Smaller
increases
reported
were
3.7%
hay,
for
wheat,
corn,
cows,
Lower prices
cotton, clover seed and territory wool.
the other hand, were reported for rye,
and dried
calves, lambs, live poultry, apples
timothy seed and white potatoes.
present farm products index—81.6—is 0.2%
beans,
copra,
rye
lower.
index
for
the
foods
group—84.3—is 2.7%
Rising prices of bituminous coal and petroleum products caused the fuel
cite and coke
Wholesale prices of anthra¬
0.4%.
group to advance
The hides and leather products group declined 0.5% as a result of marked
decreases in wholesale prices of hides and skins.
Decreases of 0.1%
metal products and
building materials groups.
Falling prices for cotton
goods, silk and rayon, burlap, manila hemp, and
in the textile group.
93.2
94.1
94.3
94.4
101.1
102.5
102.3
102.2
60.0
58.6
58.6
58.6
58.7
Luggage
60.1
76.5
74.9
74.9
75.2
75.2
Elec. household appliances
China
72.5
77.8
78.7
78.7
78.8
79.0
81.5
90.6
93.2
93.2
93.2
93.2
*
Wholesale
of
raw
jute caused the drop
Weakening prices of reinforcing bars, nails, automobile
general
the index
building materials group,
the sub-group of other
advances
in
lumber
and
building materials
paint
and
paint
more
a
on
the
con¬
decrease of 0.4%
than offset fractional
materials.
The
cement
and
structural steel subgroups were unchanged.
the chemicals and drugs group as a whole.
affect the index for
It remained at 79.9% of the
1926 average.
Cattle feed prices rose 2.3% during the week.
Wholesale prices of crude
rubber and paper and pulp remained firm.
The index
of the
Bureau
of Labor
Statistics
includes
784
price series
weighted according to their relative importance in the country's markets
and is based
on
the average for the year 1926 as
100.
The following table shows index numbers for the high and low weeks of
The
farm
commodity
week
ended
of
decline
livestock
week
the
to
ever,
farm
the
the
of
a
took place
cottonseed
the
metals
extreme
average
livestock
in
76.5
to
in
meat
the
prices,
downturn.
for
more
The
cotton,
rise
77.4
in
with
cotton
was
weather,
rise
was
in
during
week
the
10
preceding,
commodities
Due
index
fell
off
slightly, the
burlap, hemp and silk;
The fractional decline which
yarns,
wool.
the
and
prices
sufficient to
were
the
in
largely, how¬
representing all foods
index
textiles
than offsetting
continued
cold
higher
was
quotations
from
fertilizer materials index
"A
continued downturn
mixed during the week,
group to
tankage
meal.
index
were
declines
in the
price of
a
declining and eight advancing.
group
only item in this
to
grain price
downturns
prices
largely to lower prices for foods
specifically,
The
products
moderate
lower
due
was
more
price trends
experienced
of
week
meats.
but substantial
included' in
the
last
and
was
a
the result
50c.
price of steel
responsible
of
for
a
$1
a
advance in
the
scrap,
slight
drop in
price of
the
rise
result
in
the
index.
Thirty-two price series included in the index declined! during the week
and
19«advanced; in the preceding week there were 21 declines and 31
advances; in the second preceding week there were 25 declines and 21
advances.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
1934
1933
.
1932
Dale and
Date and
Date and
Dale and
Dale and
Dale and
High
Low
High
Low
High
Low
Latest
Each Group
Bears to the
8
77.8
1-
6
71.0 11-18
71.7
3- 4
9-
8
74.3
1-
6
57.4
7-22
62.7
Foods
9-
8
77.2
1-
6
62.7
7-22 66.5
Hides and leather
2- 3
90.5
8-18
84.2
9- 2
Textile products. 2-24 76.7 11-17 69.3 9-23
Fuel and lighting. 11-17 76.1 3-24 72.4 11-11
Month
Year
Week
Ago
Ago
Feb. 22
Feb. 15
Jan. 25
Feb. 23
1936
1936
1936
1935
products..
81.8
80.1
Mfttftla, An
Bldg. materials..
Housefurnishlngs.
Miscellaneous
62.2
Foods
82.2
80.4
2- 4 40.2
1- 9
55.6 12-31
43.7
22.3
Farm products
76.5
77.4
77.0
3- 4
53.4
1-
2
68.712-31
57.9
16.4
Fuels
80.0
80.0r
79.7
75.3
92.9
3-11
67.5
1-
9
79.7i
68.5
10.3
Miscellaneous commodities..
71.6
72.1
72.2
69.6
76.4
3- 4
50.6
1-
2
51.3
7.7
Textiles
68.4
68.6
68.0
68.9
60.8
7-
83.3
60.5
7-16
7-23
78.2
74.7
6-10
9
73.3.
67.7
6.7
Metals
83.0
82.9
5-12
88.8
83.5
4- 8
76.7
1-
2
82.3
7-23
79.0
5.8
Building materials
76.9
76.7
77.1
78.9
6-
87.8 12-22
84.7 12-30 85.4
2-11
69.6
1-
2
76.0
8-13
69.4
1.3
94.9
94.9
94.9
94.0
78.3
73.3
73.8
4-15
71.2
1- 2
76.4 11-12
72.2
0.3
Chemicals and drugs..
Fertilizer materials
64.5
64.6
64.3
65.7
Mixed fertilizers
Farm
9
Chemicals & drugs 12-29
All
68.312-31
28.6
Farm
2
59.6
1-
Preced'g
Week
Group
Total Index
9-
1926-1928=100
m
Per Cent
Commodity Groups
commodities.
prices was
22, according to
Feb.
compiled by the National Fertilizer Association.
products, and,
1934,1933 and 1932:
All
Week
Fertilizer
fell to 77.8% of the 1926-28 average from 78.3
preceding week.
A month ago the index was 78.0,
and a year ago 77.0.
An announcement by the Association,
Feb. 24, also said:
the
Housefurnishing goods remained unchanged at the previous week's level.
Average prices of both furniture and furnishings were stationary.
wholesale
of
the
National
the
result
A slight drop in wholesale prices of chemicals did not
in
During
to
This index
Foodstuff
Prices of antimony and scrap steel
In the
Dropped
According
level
somewhat lower
metal products
group.
Commodity Prices
Feb.^ 22,
Association
The
lower
advanced.
93.7
102.6*
Revised.
body sheets, wire and pig tin contributed, to the decline in the metals and
trary,
90.6
79.9
registered by the textile products, metals and
were
92.8
90.6
50.6
in
steady.
were
92.8
69.4
Average prices for
high and 7.4% above the low of last year.
lighting materials
92.8
90.6
Furniture
flour, hominy grits, corn meal, mutton,
glucose, and raw sugar.
The
92.8
90.4
Floor coverings
wheat flour, most meats, lard, Santos coffee, edible tallow, corn and cotton¬
were
93.5
91.5
below the 1935 high point.
The foods group advanced 0.4% due to higher prices for dairy products,
oatmeal,
74.3
80.9
Musical instruments
The
Compared with the low of 1935, it is higher by 7.9%.
fruits and vegetables,
94.7
....
.......
Shoes
in the New York market, flaxseed,
oils
..............
Underwear
The index for the farm products group rose 2.1 %.
-
86.9
wear:
Socks
Not computed.
below the 1935
k
Furs
Hats and caps
X
cocoa
98.0
Shoes
u
.
Raw materials
ewes,
"
96.6
72.9
Underwear
than farm and foods
All commodities other
3.6%.
65.0
Underwear....
All commodities other
hogs,
64.2
82.5
107.4
Hosiery.-.
Aprons A house dresses.
+ 1.1
Chemicals and drugs.-
64.3
82.4
108.2
Corsets and brassieres..
+ 1.2
Building materials
87.3
69.2
Blankets A comfortables
+4.6
85.9
products
64.5
64.5
Feb. 1
2
Women's apparel:
+2.6
Fuel and lighting
Metals & metal prod'ts
Jan
68.6
Cotton wash goods.....
Domestics:
+ 12.7
in
...
Home furnishings
Piece goods:
+7.9
84.3
and
apparel.
Sheets
81.6
seed
INDEX
Feb. 1
crease
Change
Foods
bacon,
RETAIL PRICE
Copyright 1936, Fairchild News Service
May 1
Infants'
beans,
The one
This item shows
Men's apparel
15 and 8 and the high and low weeks of
22,
1936
on
steadily upward is furs.
move
the greatest gain as compared with the corresponding month a year ago.
Women's
steers,
The tendency has
As yet there is no evidence of a
the elimination of the processing tax.
1933
Feb.
numbers for
oranges,
low, still show the
quotations have only shown nominal changes.
been definitely against sharp markups.
were
low points of 1935 are shown in the table below:
Textile
Piece goods prices
a year ago.
Despite the fractional gain during the past several months, prices of
most
of the 1926 average.
x
compared with
The index for the industrial group "all commodities other
0.1% lower.
than farm products and processed
a
as
The great¬
for women's apparel. This item also
was
while showing the greatest recovery from the depression
Finished products, on the other hand, decreased
0.2% and all commodities other than farm products (non-agricultural)
1935 and
1935^ow
gain recorded since the
showed the largest
item that has tended to
remained unchanged.
Index
below the 1934 peak recorded on April 1,
However, they have shown a gain of 3.6% above the 1935 low.
fuel and lighting materials
Hides and leather products, textile products, metals
products,
steady but slight upward trend in retail prices, evi¬
continued during January, accord¬
ing to the Fairchild Publications Retail Price Index.
Prices
on Feb. 1 gained 0.1 of 1% above Jan. 2 and are also 1.7%
dent since Sept. 1 1935,
largest decline below the January 1931 base.
In addition to farm products, the foods and
also advanced.
1936
During January in Retail Prices
Reported by Fairchild Publications—Index Rose
0.1 of 1% in Month
decrease of 313 for the same period.
a
Feb. 29
Continued Increase
compared with Jan. 4, while surplus refrigerator cars
totaled
groups
Chronicle
1-
1-
6
6
83.3 11-18
6-10
1-
9
5-26
83.9
1- 6
81.7 11-11
82.2
5- 6
71.7
1-16
78.7 10-15
72.5
0.3
12-15
71.2
1- 6
65.9 12- 9
65.6
4- 8
57.6
1- 2 66.612-31
63.1
0.3
4-28
79.2
1-
77.6 12- 9
77.6
4- 8
65.5
1- 2
machinery
81.7
71.9
71.9
71.9
76.1
102.7
102.7
102.7
100.6
77.8
78.3
78.0
77.0
commodities
other than farm
and foods
6
72.1^12-31
100.0
68.8
All groups combined......
Financial
Volume 142
New
York
Federal
Notes
Iincrease
January
as
1363
As to sales in the
of
During
Bank
Reserve
2.5% in Chain Store Sales
Compared with Year Ago
Chronicle
metropolitan area of New York during
February, the "Review" says:
the first half of
Sales of the reporting department stores in the Metropolitan New York
The Federal Reserve Bank of New York, in its "Monthly
Review" of March 1, states that during January sales of the
reporting chain store systems in the Second (New York)
District "were 2.5% higher than in the corresponding period
a
year ago, a somewhat smaller increase than was shown in
the previous three months."
The Bank says:
area
during the first half of February
there
5.3 % larger than a year ago, but
apparently due to the
were
less than the usual increase over January,
was
continuance of
severe
weather.
♦
V
Wholesale Trade in New York Federal Reserve District
During January 12^% Above January 1935
,
Smaller Increases than in the two
three preceding months were
reported
10-cent, and variety chain store systems, and
in the sales of the grocery,
or
drug sales showed the first decline from
sales of the
son
Total
previous since July.
a year
candy chains, however, registered the most favorable compari¬
since last April, and sales of the shoe chain stores showed larger increases
than in the preceding month.
The increase in sales per store for all reporting chains was virtually the
the
same
among
for total sales,
as
although there
the reporting groups.
considerable irregularity
was
The principal increases were in shoe and
variety chains, while the candy chains, which in January
considerable
than
more stores
a
year ago,
had
a
were
operating
According to the March 1
"Monthly Review" of the
Federal Reserve Bank of New York, "January sales of the
reporting wholesale firms in the Second (New York) District
averaged about 12}4% higher than a year ago, a somewhat
larger increase than in the two preceding months.
This
favorable comparison was due in considerable part to a gain
in sales of the men's
clothing concerns which showed the
largest advance over a year previous since March 1934,"
the "Review" says, frpm which the following is also taken:
sizable decline in sales per
Drug firms reported
a
moderate increase in sales, the largest since July,
and sales of stationery concerns showed larger gains
made
months.
Less
favorable
reporting lines, however.
Percentage Change January 1936
Compared with January 1935
Total
Sales per
Sales
Store
comparisons
were
by the
other
Diamond sales continued substantially above a
but the increase
year ago,
Type of Store
Number of
Stores
than In the two pre¬
ceding
store.
less than in December, and sales of shoes
was
registered the smallest gain since August.
Hardware, grocery, paper %hd
jewelry sales declined following increases in the preceding few months, and
sales of silk
i
+ 2.5
+ 1.9
+ 1.4
—
+ 0.5
0.9
—1.7
—0.8
0.4
+ 10.7
+ 11.1
+ 0.6
+ 5.9
+ 5.3
+ 18.1
Drug..
+3.6
—12.2
—
—
Shoe
—
Variety
Candy
——
-
Total.
Sales
+ 1.0
—1.5
Grocery
Ten-cent
+0.2
_
of
Department Stores During
York
Federal
than
Reserve
District
Year—Increase
Last
+2.4
+2.5
"In January
sales of the reporting department stores in
(New York) District were 9% higher than in_the
states the New York Fedcorresponding period a year ago
a
"AT
eral Reserve Bank,
though this was the largest year to
year increase to be reported since September," the Bank
points out, "the comparison is with a rather poor month in
1935, and sales showed more than the usual seasonal decline
from December, owing to adverse weather conditions.
Con¬
tinuing, the bank also has the following to say in its "Monthly
the Second
"
Review" of March 1:
Department stores in Northern New Jersey reported the largest increase
a year
previous since March 1934, and New York City stores
In Southern New York
showed the most substantial gain since October.
with
State and the Hudson River Valley District, the comparisons
ago were
also more favorable than in the preceding month.
a year
The increases
reported in Buffalo, Rochester, Syracuse, Bridgeport and Westchester and
Stamford sales, on the other hand, were the smallest in several months.
The Northern New York State and Capital District stores reported declines
Sales of the leading apparel stores were 18 H %
in sales from a year ago.
higher than
a year ago,
larger increase than in December, but approxi¬
a
mately the same as that registered in November.
•The retail value of stocks of merchandise held by the department stores
at the end of
January continued smaller than a year ago on the whole, but
The ratio
apparel store stocks remained higher than in the previous year.
accounts outstanding at the end of December averaged
of collections to
better in 1936 than in 1935
a
Per Cent
of
Outstanding
Stock
Net Sales
Locality
on
Feb. to
Hand
Dec. 31 Collected
in January
End of
Month
1935
1936
—3.0
53.3
55.6
Jan.
+9.7
+4.6
49.0
49.3
+2.7
+2.0
+ 11.4
+2.1
+ 6.0
+ 3.4
+ 7.0
+ 2.2
—0.3
47.0
48.0
—7.3
36.4
42.1
+ 8.9
——
Northern New Jersey
+ 5.5
—1.9
38.1
—3.0
34.6
+ 0.8
—8.2
+ 2.4
+0.4
+2.0
—1.8
—4.4
+ 11.8
+4.4
District.
+ 2.4
+9.0
All department stores
Men's clothing
Rayon and silk goods
year
91.4
44.5
48.9
66.5
63.6
+0.9
34.3
32.3
26.3
29.8
+ 15.7
"+4.2
—6.9
Drugs
—13.0
Hardware
.
-
44.7
43.6
+11.0
43.1
43.6
—0.8
Stationery
Paper
46.4
—
Diamonds.
...
+31.7
—
Jewelry
+
—4.2
Weighted
16*3
57.0
+ 12.7
average
54.7
44.9
J 44.9
—6.0
58.0
♦
Quantity figures reported by the National Federation of Textiles, Xno.
included in weighted average for total wholesale trade.
Electric Output Remains Above Like Week
a
not
Year Ago
The Edison Electric Institute in its weekly statement dis¬
closed that the production of electricity by the electric light
and power industry of the United States for the week ended
Feb. 22 1936 totaled 1,941,633,000 kwh.
Total output for
the latest week indicated
a gain of 12.3% over the corre¬
sponding week of 1935, when output totaled 1,728,293,000
kwh.
Electric output during the week ended Feb. 15 totaled
1,950,278,000 kwh.
This was a gain of 10.8% over the
1,760,562,000 kwh. produced during the week ended Feb. 16.
The Institute's statement follows:
1935.
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Major Geographic
Week Ended
Week Ended
Regions
Feb. 22 1936
Feb. 15 1936
Week Ended
Feb.
8 1936
Week Ended
Feb.
1 1936
New England
Middle Atlantic
8.3
6.7
12.5
10.6
10.1
8.4
Central
10.8
9.7
10.1
10.5
14.9
14.6
12.8
11.9
Industrial
Central-
Southern
7.4
7.4
.
Furniture
——
+8.1
48.2
49.8
43.8
50.8
Books and stationery
goods-.
Tolet articles and drugs
&—
Women's and misses' ready-to-wear.-—-
12.3
28.0
12.6
16.1
10.8
10.7
11.4
DATA FOR RECENT WEEKS
Weekly Data for Precious Years
P. C.
4...
Jan.
11--.
18.-.
Jan.
25--.
Compared with
January 1935
1...
8-..
Feb.
15...
Feb. 22...
Stock on Hand
Jan. 31
+ 1.0
3.8
1,854,874
1,970,578
1,949,676
1,955,507
1,962,827
1,952,476
1,950,278
1,941,633
1,668,731
1,772,609
1,778,273
1,781,666
1,762,671
1,763,696
1,760,562
1,728,293
1,734,338
1,724,131
1,728,323
Mar. 14__.
1934
+11.2
+ 11.2
+9.6
+9.8
+ 11.4
+ 10.7
+ 10.8
+ 12.3
1933
1,564
1,646
1,625
1,611
1,636
1,652
1,641
1.646
1,658
1.647
1,650
1,426 1,619
1,495 1,602
1,484 1,598
1,470 1,589
1,455 1,589
1,483 1,579
1,470 1,545
1,426 1,512
1,423 1,520
1,391 1,538
1,375 1,538
1932
1931
1930
1929
1,714
1,717
1,713
1,687
1.679
1,684
1.680
1,633
1,664
1,676
1,682
1,680
1,816
1,834
1,826
1,809
1,782
1,770
1,746
1,744
1,750
1,736
1,542
1,734
1,737
1.717
1,728
1,726
1.718
1,699
1,707
1,703
1,687
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Compared with
jfan. 31 1935
1935
Feb. 29...
Mar.
7—.
1936
in Millions of Kilowatt-Hours
Ch'ge
Feb.
Percentage Change
+29.3
+27.5
+ 16.4
+ 15.9
+ 15.7
+ 13.8
+ 12.9
11.9
26.7
13.4
12.3
.
10.8
25.7
15.8
-
Total United States
Jan.
—1.7
Net Sales
_
12.2
24.0
States.
Rocky Mountain
Pacific Coast
Jan.
Percentage Change
January 1936
Luggage and other leather
1936
90.8
+50.1
1936
previous in the following table:
Toys and sporting goods
Men's and boys' wear
1935
—13.0
—22.6*
(In Thousands of
Kilowatt-Hours)
January sales and stocks in the principal departments are compared with
a
of Month
Shoes-—.-—
Feb.
thos9 of
Stock End
—3.7
Week of-
+ 7.7
+18.5
Apparel stores
Collected in
Sales
Groceries
+0.4
—
Capital District-
January
Outstanding Dec, 31
Net
—2.4
Southern New York State
Westchester and Stamford
January 1935
Commodity
34.9
+2.0
Northern New York State
Hudson River Valley
Per Cent of Accounts
41.4
Bridgeport
Elsewhere
majority of reporting
Percentage Change
January 1936
Compared with
42.2
+3.7
Buffalo
Syracuse.
were
Collections of accounts outstanding at
37.9
+4.7
—
Rochester--.
diamond concerns
the end of December were ahead of a year previous in a
West
Jan.
—
hand of the drug and
on
but stocks held by the grocery, hardware and jewelry
lines.
Accounts
Year Ago
a year ago,
firms continued to show declines.
for both the department and apparel stores.
Percentage Change from
New York
higher than
Sales in
Metropolitan Area of New York During First Half
of February
in sales over
goods, reported on a yardage basis by the National Federation
Textiles, showed the largest reduction since last June.
Stocks of merchandise
January in New
Reported Higher
Noted in
also
of
Month
P. C.
1935
of
1934
Ch'ge
1933
1932
1931
1930
—
+ 17.7
+5.4
—1.3
+14.2
+29.3
Jan.
Feb
March
.
AprilMay...
June
+ 10.8
+9.2
—1.5
handkerchiefs.—-------—
Silverware and Jewelry—
+8.7
—7.0
4-7.2
—5.2
July
Aug
Sept.—
Hosiery
+ 6.4
—2.4
Oct
+6.3
+3.4
+0.4
+5.0
Nov
Cotton goods
——-—
Musical Instruments and radio
+4.4
Dec
—2.6
+5.1
—5.0
—8.6
—9.7
—4.2
+5.3
—1.8
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7.309,575
6,832,260
7,384,922
7,160,756
7,538,337
+8.9
+6.7
+4.2
+5.8
+4.1
+4.9
+9.6
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
8,021,740
7,066,78S
7,580,335
7,416,191
7,494,807
7,239,697
7,363,730
—6.1
Shoes
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
Home furnishings...
...
Men's furnishings
Linens and
Women's ready-to-wear
accessories
—
Woolen goods
Silks and velvets.
Miscellaneous
——
—
—
+4.8
Total- 93,420,266 85.564,124
+ 10.5
+ 14.0
+ 13.6
+ 14.5
+ 13.0
7,391.196
7,337,106
7,718,787
7,270,112
7,566,601
+9.2 80.009,501 77,442,112 86,063,969 89,467,099
Note—The monthly figures shown above are based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures arebased on about 70%,
Financial
1364
Monthly
Indexes
The
Governors
of
Board
of
Reserve
Federal
of
of the
|
System
they
1923-25.
years
While import prices have advanced considerably
are still only
as
have not fluctuated outside
Without
Seasonal Adjustment
Dec.
Jan.
Jan.
Dec.
Jan.
1936
1935
1935
1936
1935
1935
exports
p99
104
91
p96
95
88
p98
104
90
p96
95
7*88
pl02
101
94
p98
96
91
p62
8516
53
12
26
p50
p20
22
39
101
85.0
...
Factory payrolls .c
Freight-car loadings
Department store sales, value
27
67
p25
p92
Residential
All other
from
P75
79
r80.7
83.1
in a net balance of
This better economic
$11,521,000.
Imports
channels
arrival in the country, plus withdrawals for consumption
exports of foreign merchandise at $2,872,000.
upon
bonded
Gold
which
goods
include
warehouses,
wsre
valued
consumption
entering
$185,408,000 compared
at
with
10
smaller than in the last four months of 1935, when they
32
r64.3
76.6
305,000
of
70
71
64
63
62
58
84
74
2>63
145
January 1936 w^re considerably
imports totaling $45,981,000 in
7*78.8
84.6
72.2
mm
22
p79
59
averaged $218,-
be large; the value
Imports of silver continued to
month.
per
January imports, amounting to $58,483,000, compares with a value of
$47,603,000 in
December
1935.
Exports of both
gold and silver were
small, totaling $338,000 and $253,000, respectively.
and
The increase in value of imports for consumption was owing to a
*
86
103
80
83
90
77
pl06
111
103
pill
Iron and steel
105
83
r92
92
82
r91
126
104
108
126
86
pl20
124
7*108
pill
105
rlOO
59
42
46
from month to month has been influenced by quota arrange¬
25
.....
Leather and shoes
movement
108
92
111
Textiles..
Automobiles
gain of
$10,600,000 in the value of sugar imports of which the wide changes in the
Manufactures:
Cement
to
$179,493,000 in December 1935, and $168,482,000 in January 1935.
Total
Food products
our
consumption,
immediately
Construction contraots, value b—
Production Indexes by Groups
Industries—
amounting
export markets.
our
for
_
Import prices
1923-25.
since the middle of 1934.
Exports of United States merchandise were valued at $195,564,000 in
General Indexes—
Factory employment-c
very narrow range
approximately the same value resulted
at
January and
..
a
persisted throughout much of 1935, should contribute to the maintenance
of
Jan.
Minerals
1936 was
relationship between the value of merchandise exports and imports, which
Adjusted for
Seasonal Variation
Manufactures
in January of the
as
drop in the value of exports in January and the continuation of
imports
merchandise
Industrial production, total
high
the average volume in January of the period
The
INDEXES
BUSINESS
as
approximately 11% larger than in January 1935, and about the same size
trial
(Index Number* of Board of Governors, 1923-25=100) a
about 50%
Thus the volume of imports during January
issued
as follows, on Feb. 25, its monthly indexes of indus¬
production, factory employment, &c.:
1936
29
Feb.
1923-25.
years
since early 1933,
System for January
of Governors of the Federal Reserve
Board
Chronicle
...
-
-
'
ments.
base stocks decreased from
Imports for consumption of paper
$9,400,000 in value in
December to $8,000,000 in January.
Imports of
newsprint declined from $8,500,000 in December to $6,200,000 in January.
173
151
174
151
MERCHANDISE TRADE BY MONTHS—EXPORTS, INCLUDING
148
147
136
141
119
128
RE-EXPORTS, GENERAL IMPORTS, AND BALANCE OF TRADE
p78
p70
77
74
82
82
71
76
p87
p75
69
82
p 147
146
131
pl42
142
126
84
84
70
89
86
75
Petroleum refining
_
Tobacco manufactures
_
Minerals;
Bituminous coal
Anthracite
Petroleum, crude
Zinc
Silver
-
Lead
68
50
70
-
63
48
68
50
70
63
Mos.
Ended
January
Increase(+)
Imports^
1936
49
1,000
1,000
Decreasei—)
1935
1936
1935
Preliminary,
Revised.
a
Indexes of production, carloadings, and department store sales based on dally
averages,
b Based on three-month moving average of F. W, Dodge data centered
at second month,
c Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted, for seasonal variation compiled by F. R. Board of Governors.
Dollars
Dollars
176,223
166,832
1,456,089
1,240,246
1,272,971
958,045
11,521
9,391
215,843
314,926
Excess of exports
Month
or
Period
Dollars
Dollars
198,436
186,915
Exports
Imports
1,000
1,000
1,000
Dollars
p
r
7
January
Exports and
+
183,118
+282,241
1936
1935
1934
1933
1932
1931
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES BY GROUPS
AND INDUSTRIES.
(1923-25=100)
Exports
Including Re-exports
a
January
May
176,223
162,999
185,064
164,127
165,456
June
170,244
July
August..
173,181
172,176
September
198,264
221,248
269,308
223,477
198,436
February
Payrolls
Employment
March
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Variation
Adjustment
Adjustment
Group and Industry
Jan.
1936
Dec.
1935
Jan.
Jan.
1935
1936
Dec.
1935
Jan.
Jan.
1935
1936
Dec.
1935
Jan.
1935
April
77.6
77.9
69.4
75.8
76.6
67.8
64.4 7*68.8
51.9
October
94.6
93.9
81.4
92.5
93.1
79.6
78.3
80.7
60.8
November
93.5 103.3 ri03.4
92.4
89.7 ri04.4
79.4
December.
119.4 128.1 109.2 118.2 118.2 108.1
Iron and steel
Machinery
Transportation equipment.
Automobiles
104.6 rlll.l
99.6 118.8
55.9
52.4
55.9
55.8
51.6
52.2
57.1
43.8
7 months ended Jan.
90.4
91.4 r79.2
89.4
92.3 778.3
72.7
79.4 r58.7
12 months ended Dec.
Lumber and products
54.8
54.5
48.8
52.9
54.5
47.1
41.1
r44.2
Stone, clay and glass
55.8
56.4
51.7
50.8
55.2
47.2
38.0
44.6
31.6
95.0 r96.2
95.1
95.1 7*96.9
95.2
79.2 7*81.9
78.5
January.
93.0 r94.7
94.8
94.0 7*96.4
95.8
80.1 7*85.3
82.2
February
95.3
95.3
91.3
93.4
93.8
89.4
72.6 7*70.5
66.6
89.2 r90.3
89.1
88.4 7*86.3
88.3
79.0 7*75.4
76.4
114,148
106,830
108,599
132,037
153,090
138,834
131,614
249,598
224,346
235,899
215,077
203,970
187,077
180,772
164,808
180,228
204,905
193,540
184,070
31.7
Textiles and products
A.
Fabrics
150,022
153,972
154,876
135,095
131,899
92.2
56.7
Non-ferrous metals
120,589
101,515
108,015
105,217
114,203
119,790
144,109
131,473
160,119
193,069
184,256
192,638
172,220
162,752
190,938
179,427
160,197
170,519
161,672
171,984
191,313
206,413
194,712
170,654
Railroad repair shops
B.
...
Wearing apparel
Leather products
Food products.......
103.1 ri00.7 ri06 0
1,456,089 1,272,971 1,177,886
891,593 1,258,345 2,017.061
2,281,766 2,132,800 1,674,994 1,611,016 2,424,289
General Imports—
186,915
October
166,832
152,491
177,356
170,600
170,533
156,754
177,354
169,030
161,649
189,265
November
169,385
March
April
May
92.6 7*96.8 7*94.9
87.3 7*90.5 7*83.7
52.2
56.5
41.7
49.6
41.5
98.0
94.9
95.6
96.8
97.5
99.7
Chemicals & petroleum prods. 109.7 110.3 108.4 109.6 111.1 108.4
A. Chemicals group except
88.2
91.8
83.4
July
97.9 7*100.8
91.6
August
September
Tobacco products
56.0
58.0
60.7
58.2
Paper and printing
109.6 110.1 107.9 110.0 111.4 108.2
Petroleum refining
Rubber products
Total
90.5
99.3 7104.0
95.2
70.3 7*74.5
69.4
83.6
of
factory
83.4 T84.6
85.0
i
Indexes
a
97.5 7*99.8
110.3 rll0.9 111.1 108.2 7*109.6 109.9
petroleum refining
B.
85.6 r80.7
82.1
83.1
83.0 7*83.1
84.6 7*78.8
72.2
76.6' r64.3
June
,
December.
135,706
132,753
158,105
146,523
154,647
136,109
127,229
119,513
131,658
129,635
150,919
132,258
186,648
7 months ended Jan.
12 months ended Dec.
1,240.246
96,006
83,748
94,860
88,412
106,869
122,197
142,980
154,918
146,643
150,867
128,541
133,518
135,520
130,099
131,189
126,522
112,276
110,280
183,148
174,946
210,202
185,706
179,694
173,455
174,460
166,679
170,384
168,708
149,480
153,773
79,421
91,102
98,411
105,499
104,468
97,087
993,173
958,055
671,994 1,119,004 1,508,072
2,047,797 1,655,055 1,449,559 1,322,774 2,060,635
employment
and payrolls without seasonal adjustment
compiled by Bureau of Labor Statistics.
Index of factory employment adjusted
for seasonal variation compiled by F. R. Board of Governors.
Underlying figures
are for
payroll period ending nearest middle of month.
January 1936 figures are
EXPORTS
OF
UNITED
STATES
MERCHANDISE
AND
IMPORTS
FOR
CONSUMPTION
preliminary, subject to revision,
r
Country's
Foreign
Trade in January—Imports
Exports
a
comparatively large movement in December,
our
exports to foreign coun¬
tries continued at a relatively satisfactory rate during the first month of the
General imports which had increased considerably during
particularly toward the end of the year, were almost exactly the
1935
same
in
January 1936 as in December.
from December, unmanufactured tobacco.which declined $2,300,000 from
December, and petroleum and products which declined $4,500,000 were
primarily responsible for the decrease of 11 % in the value of total exports
The total value in January, including the value of re-exports,
in January.
was
Excess of exports
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
173,560
168,482
1,434,404
1,239,695
1,255,532
973,284
5,078
194,809
282,248
1.0C0
+
178,872
+266,411
Excess of imports
Month
Period
1936
1935
1934
1933
1932
1931
Exports—U. S.
1,000
1,000
1,000
1,000
1,000
1,000
Merchandise
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
or
January
195,564
February
March
April
May
July
August
September
173,560
160,305
181,704
160,486
159,788
167,278
169,577
159,617
187,418
176,490
157,161
167,902
159,128
169,851
188,860
203,536
192,156
168,442
167,815
__
169,733
195,500
218,124
266,729
220,939
October
November
December.
118,559
99,423
106,293
103,265
111,845
117,517
141,573
129,315
157,490
190,842
181,291
189,808
146,906
151,048
151,403
132,268
123,553
109,478
104,276
106,270
129,538
151,035
136,402
128,975
245,727
220,660
231,081
210,061
199,225
182,797
177,025
161,494
177,382
201,390
190,330
180,801
$198,436,000, approximately 13% larger than in January 1935, but
only half as large as the value in January of the years 1923-25.
Although prices of export commodities have advanced considerably sines
the low point reached in the
early months of 1933, their average unit value
The quantity of goods
exported in January 1936 was therefore, considerably larger in comparison
with the period 1923-25 then the value figures alone indicate.
Compared
with average exports during January of the years 1923-25, the quantity of
7 months ended Jan.
12 months ended Dec.
merchandise exported last-month was nearly four-fifths as large; compared
1,434,404 1,255,532 1,159,897
875,054 1,235,337 1,987,733
2,241,961 2,100,135 1,647,220 1,576,151 2,377,982
Imports for Con¬
sumption
(price) continues low relative to the period 1923-25.
January
185,408
February
March
April
May
June
with
of
Increase(,+)
Decreasei.—)
195,564
185,408
June..
Smaller shipments of unmanufactured cotton which declined $21,100,000
1935
10,156
_.
sharp decline in shipments of cotton during January from the
1936
1,000
Exports (U. S. radse.)
Imports for consumption
Department of Commerce
at Washington on Feb. 21 issued its statement on the foreign
trade of the United States for January and the seven months
ended with January, with comparison by months back to
1931.
The report is as follows:
1935
Dollars
and
The Bureau of Statistics of the
year.
January
Exports aud Imports
1936
Despita
7 Months Ended
January
Revised.
Since the middle
unit value (price) of exports has shown but slight
January 1935, the quantity was about 14% larger.
1934, the average
Thus the monthly
variation.
actual changes
change in total values have closely reflected
than
1935, and
in
during January 1936, that is all goods arriving in the
as
December.
December
valued at $186,915,000, only fractionally
The value was
in the case of exports, only
September
November
country during the month, were
more
August
October.
in quantity.
General imports
July
12% higher than in January
roughly half as large as in January
7 months ended Jan. 1,239,695
12 months ended Dec.
168,482
152,246
175,485
166,070
166,756
155,312
173,096
180,381
168,683
189,806
162,828
179,493
*
128,976
125,047
153,396
141,247
147,467
135,067
124,010
117,262
149,893
137,975
149,470
126,193
92,718
84,164
91,893
88,107
109,141
123,931
141,018
152,714
147,599
149,288
125,269
127,170
134,311
120,804
130,584
123,176
112,611
112,509
79,934
93,375
102,933
104,662
105,295
95,898
183,284
177,483
205,690
182,867
176,443
170,747
174,559
168,735
174,740
171,589
152,802
149,516
873,284
972,035
676,8151,126,252 1,489,787
2,038,638 1,636,003 1,433,013 1,325,093 2,088,455
Financial
Volume 142
Adjusted
SILVER BY MONTHS
GOLD AND
by
Months
7
January
Ended
1935
1936
1935
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
1,073
981,571
39,910
+497,533
149",392
980~489
444" 128
6,822
321,788
10,075
102,447
363
149,755
the
United
45", 643
Excess of imports
Silver—
Exports
253
1,248
Imports
58,483
19,085
314~966
17",837
58",230
—3,253
+219,341
92,372
of life insurance sold by companies in
during
The
Bureau
1936
1935
1934
1933
1936
1935
1934
1933
1,000
1,000
1,000
1,000
1,000
1,0 0
1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
363
44
37
16,741
-
-
May
49
1,780
166
6,586
made
public,
114
85,375
m
269
193
2,885
mmm
665
1,425
1,638
235
2,404
343
2,572
ending
year
1,789
1,741
1,424
7,015
260
1,162
1,698
1,014
2,281
As
sales
to
the
Canada
States.
during January the Bureau had
the following to say:
Sales
of
ordinary life
10,075
17,100
16,551
January a year ago.
The largest
Fifty-eight per cent, of the
companies reporting showed increases in their monthly production.
Figures for the past 12 months were 96% of the preceding 12-month
period.
British Columbia was the only province to record a gain, with
the Province of Ontario and the colony of Newfoundland practically equaling
for
British Columbia.
19,085
5,275
10,444
5,431
15,472
30,230
48,898
2,458
21,926
20,831
14,425
60,065
15,011
47,603
81,473
22,255
58,282
October
76
2,173
34,046
November
242
310
2,957
512
December
170
140
10,815
769
39,910 277,663
1
0,822
41,704
52,759 366,652
1,960
3,321
464
590
May
June
230,538
58,483
1,947 128,479
122,817 452,622 30,397
14,948
13,543 237,380
54,785
6,769
148,670
140,065
30,362
1,785
45,981 149,755
-
-
-
March
Aprii
16,287
70,291
52,460
46,085
51,781
156,805
315,424
3,585
13,010
July
August..
September
October
~
#. «.
-
November
190,180
20,842
11,002
1,497
1,085
...
-
30,820
_
45,689
1,545
'
1,696
2,174
1,687
«*
M -
«.
m
mm
m
4,386
11,602
3,494
favorable, according to the monthly "Business Summary" of
4,977
end. Dec
60,225
The
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Smaller than Seasonal Increase Noted in Industrial
Production from December to January
industrial
of
volume
in
increased
production
January, but, owing to a decline in activity in the automo¬
allied industries from
exceptionally high level
in December, the increase was less than is usual at this
season," says the Board of Governors of the Federal Reserve
System, in its summary (issued Feb. 25) of general business
and financial conditions in the United States, based upon
bile and
an
statistics for January and the first three weeks of
The Board further
in
sonal
index
to
99%
in
of
industrial
declined
changes,
production,
104%
from
at
In
the
mills
steel
weeks
first three
showed
than
in
The Board's
sharp
chiefly
for
allowance
makes
February the
Smaller
January.
the
and
iron
sea¬
December
reductions in
in
than is
estimated to be at a lower
was
seasonal
than
rate of operations
average
the January average
over
increases
in activity
considerably larger volume
in January than
month earlier.
a
the
and
textile
at
than
more
middle
of
January.
automobile
At
which usually increases at this
mills
employment declined.
season,
Factory
there
smaller
was
in
non-manufacturing enterprises show "decreases
employment and 2.7% in payrolls" during Janu¬
compared with December.
Mr. Swanish noted:
turing and
of 3.2% in
ary
as
the
For
a
December.
by
by the F. W. Dodge
Awards
for
publicly-
from the relatively high December figure,
projects decreased
was
in
seasonal decline in contracts
for
1935
thus
represent
employment
and
a
The following is
exhibit
ment
in
the influence
part,
usual seasonal
more
than
of
of unusually
severe
amount.
Freight
increased considerably,
car
January,
in
weather.
Sales
and
reflecting,
by department
declined by
more
than the
loadings showed little change; loadings
while rail shipments of miscellaneous freight
little
change
of
Prices
hogs,
of
level
during
cotton
wholesale
flour,
coffee and
decreased
somewhat
commodity
and
January
textiles,
petroleum,
foods
of
the
wheat
rubber
first
prices
three
and silk
increased
continued
weeks
declined,
of
while
considerably.
to
show
February.
prices
Retail
decrease
in
total
wage
of
prices
during January.
1936 indexes of employ¬
1935, the January
the number employed and 12.5%
in
The index of employment for all reporting industries
70.8 in January 1935 to 74.7 in January 1936, while the index
54.4 to 61.2, respectively.
Wages Paid, According
to Sex
3,633 industrial enterprises, which designated the sex of
employees, showed decreases of 1.1% in the number of male and
from
5.8% in the number of female workers during the December-January period.
Total
manufacturing
the number of
enterprises,
workers
female
of
females
and
1.2%
decreased
4.3%,
and
during the same interval.
the
Within
males
payments to
wage
respectively,
female
Commodity Prices
general
of
of 5.5% in
increase
an
Changes in Employment and
number
declined.
The
greater-than-seasonal de¬
somewhat
also from Mr. Swanish's review:
January
payrolls advanced from
their
seasonally
stores, and mail order houses all
stores, variety
of coal
reduced
was
a
smaller-than-seasonal
payments.
from
rose
residential construction.
Distribution
trade
with
Contrasted
Reports
Retail
records of the Division
1923-35, inclusive, the
period,
13-year
pf Statistics and Research show that the average December-January change
was a decrease of
1.8% in the number employed and a decline of 2.8% in
total wage payments.
The changes during January 1936 in comparison
total wage
January than
in Illinois, Peter
of data contained in reports from 4,271 manufac¬
summary
the
payrolls decreased
Value of construction contracts awarded, as reported
Corp.,
financed
Labor—Above Year Ago
Department of Labor, said that the statistical
of the Illinois
unchanged,
usual amount.
the
Employment and Payrolls in
to January Reported by
December
payments.
factories
was
they
Swanish, Chief of the Division of Statistics and Research
Factory employment showed a small seasonal decrease between the middle
and
orders than
with
have been narrow in their range.
Department of
in
of workers,
as
supplied
better
are
Illinois
December
December
and
ounces
Commodity prices have been stable, and such
from
cline
number
mills
winters.
Industrial
in
with
of
fine
Illinois
were
in
active,
very
311,056
have taken place
as
reported at textile mills and1 at shoe factories, while output of food products
was
steel
in recent
been
Decreases
T.
1923-25 average
reflected
usual, and at automobile factories output
level
totaled
January
in
fluctuations
from the high levels reached in Decem¬
of
smaller increase
a
which
of the
This decrease
January.
output of steel and of automobiles
ber.
and
have
continues
industry
In bis review of the industrial situation
January, while output at mines showed a seasonal increase.
combined
and external trade is still increasing in volume and value.
receipts of gold at the
compared with 281,155
January 1935; copper exports, at 196,016 hundredweights, were
off
8.5%, but nickel exports, at 141,111 cwts., were up 31.4%.
The
output of newsprint is well maintained
and amounted for January to
227,955 tons, a gain of 12.9% over the figure for January 1935.
In the
manufacturing field activity has not been uniform,
and in some lines
there has been
a
recession in operations.
Automobile plants are busy,
mining
February.
increased by a smaller amount than is usual
at factories
output
in January showed a
recent years,
The
reports :
Production and Employment
Total
The review states:
however, continues favorable.
Building
further tendency to rise from the low level
of business,
trend
general
permits
of
Mint
"Total
Montreal, dated Feb. 22.
the Bank of
4,083
10,659
*immm
Canada, has retarded retail trade and hampered the distribu¬
tion of merchandise, the general trend of business continues
4,106
8,711
92,249
Trend,
Favorable
Continuing
Although the abnormal severity of the weather throughout
1,520
ounces
in
Business
According to Bank of Montreal
1,693
37,241
11,630 343,944 321,788 102,447
354,531 102,725
1740979 1186671 193,197
mos.
production for the previous 12 months.
855
end. Jan. 981,571 484,038
mos.
12
16,351
-
1,136
210,810 121,199
December
—
made in
was
Canadian
Imports—
February
7
(22%)
1,763
13,501
3,593
2,128
1,823
1,955
4,435
14,556
86
1,073
gain
19,041
-
102
end.Dec.
4%
of Canada were
Dominion
the
in
insurance
January 1936 than
during
greater
7,131
18,801
-
1,547
2,009
1,472
-
95% of
Jan.
United
in
in
insurance
209
September
August
January
State-by-State
its
Taking the figures for the
their
July
mos.
21,
Feb.
on
ending Jan. 31 1936, the total of sales is
the
for
life
1,551
1,593
..
4,380
59
_
rn.mm.rn.
22,925
June
^
859
1,717
28,123
62
April
253
734
3,128
21,521
^
March
1,248
1,661
14
51
540
February
4,715
46
338
January
7mos.end. Jan.
before
31 1935, according to the
Bureau, whose analysis is based on figures received from
companies having in force more than 90% of the ordinary
that
Period
1,000
12
last year, just
January
increased,
generally
rates
12 months
Exports—
States
from the same month last year.
Silver
Gold
or
States
while United
12,
analysis of January sales, which reveals a decrease of 26%
Excess of exports
Excess of imports
Month
Feb.
ending
weeks
by $150,000,000.
is emphasized by the
report of sales during January 1936, which, by comparison,
show a substantial percentage decrease, according to the
Life Insurance Sales Research Bureau of Hartford, Conn.
premium
Excess of exports
four
Tlie large amount
—38,838
484,038
338
the
January Life Insurance Sales in United States Below
Year Ago—Canadian Sales Show 4% Increase
Gold—
45,981
in
declined
increased
Decrease(—)
1936
Imports
$290,000,000
which
of January,
banks,
member
reporting
of
(+)
1,000
Exports
deposits
the middle of December to the middle
government deposits declined
Jan.
Increase
Exports and Imports
demand
somewhat from
EXPORTS, IMPORTS AND NET BALANCE
1365
Chronicle
workers
in
classification
of
industries,
1,955
reporting
male workers decreased 0.6 of 1%, while the
2.6%.
Total wages paid to male and
declined
industries
manufacturing
1.3%
declined
respectively, during the December-January period.
The non-manufacturing industries, taken as a
4.3%,
and
representing
group,
1,678
showed decreases of 2.6% in the number of male and
10.6% in the number of female workers employed.
Total wage payments
to male and female workers decreased 1.2% and 4.5%, respectively.
reporting concerns,
Changes in Man-Hours During January in Comparison with December
Bank
Excess
Credit
of member banks fluctuated between
For
Jan.
19
total
reflecting principally fluctuations
Treasury holdings of cash and deposits with Federal Reserve banks.
in
female
near
a
$3,000,000,000
Investments of
level,
changes
weekly reporting member banks in leading cities increased
by $300,000,000 in the four weeks ending Feb. 12, and reached the largest
amount ever held by these banks, while loans decreased by
$130,000,000.
1.9%
In
other securities
and
and
the
Hours
during
10.0%,
January
for
male and
8.6%
female
for
in all reporting industries, the
Total hours worked
in
comparison
with
of
industries,
by male and
December
group
1,726
female workers combined, and
hours worked
worked
and
combined,
2.5%.
decreased
respectively.
manufacturing
ments the total
male
female workers
hours decreased
of
workers
man-hours
Holdings of United States government obligations increased by $140,000,000 ;
holdings of obligations guaranteed by the government by $50,000,000, and
by $110,000,000.
and
male
number
22 and Feb.
reserves
in
1,670
workers,
were
manufacturing
separately,
female workers.
enterprises
in
reported
these establish¬
2.3% less in January than in December.
plants,
decreased
for
workers
reporting inan-houre
2.1%
for
male
1366
In the
of
Financial
non-manufacturing
1,271 establishments reported
group,
a
2.8% in total man-hours worked by male and female workers
Within
of
this
classification
1.4% and
by male
Average
decrease of
a
and
of
female
1,204
by
worked
in
January,
decreased
from
in
39.4
non-manufacturing
week
0.5 of 1%.
or
wage
to
the
41.6,
was
38.8
in
the
2,997
from 39.8 in December
January,
number
average
2.7%
or
in
earners
In the manufacturing plants,
December
enterprises,
during January
decrease
Reports
of
In
1936,
637,491,000
feet, and
feet
Industrial
Conference
Reports World
Industrial Production During December at About
as in November
December
of
in
as
higher
in
December
Australia
United
the
in
and in most
countries,
remained about the
same
of
but declined
States,
Great
Britain,
South and Central American
the
in
Canada, Mexico, Germany, Bel¬
Little improvement was made in Holland
France, where conditions remained unfavorable.
Pro¬
gium and Italy.
and
duction
in
the
Scandinavian
countries
maintained
was
the satisfactory levels of recent months.
In
issued Feb. 24, the Conference Board stated:
The
stood
in
its
at
The combined
index
for 75 countries
38.7% of the 1929 monthly average, and
November
1934.
world
trade
of the
preceding
For
about
was
1923-25
December
the
first
1.2%
11
months
of
was
1935
the
gold
The
average,
in
Germany
Canada, Switzerland,
in
rise
a
and
Security
advanced
prices
in
stock
prices
Preliminary reports for January
and Canada, but moderate
Great Britain and Germany.
substantially
the end of
the
week
marked
1935 and
ending
11
on
important
in
all
the
of
major
countries
On Feb. 8 the index of
exchanges
8.0%
was
higher
than
17.6% above the autumn low point reached during
Sept.
21
1935.
The
in
recovery
stock prices
been
has
in all countries except
Foreign
half of
Germany, where the rise has been slight.
advanced in terms of the dollar. * During the first
currencies
February both the French franc and the guilder temporarily exceeded
import points.
From Feb. .3 to Feb. 11, inclusive, the United
lost approximately $30,000,000 of gold, of which $10,000,000 was
their gold
States
earmarked
for
the
In the United
Bank of
China
payment for silver purchases.
as
Kingdom substantial increases
were
reported in the electric
construction, iron and steel, and machinery industries.
power,
of
Central
cotton
in
England
declined
slightly
in
December,
Consumption
from the
November
for
in France
activity
failed
to rise
German
industries,
reached
In
increase.
to
depressed.
but
Italy
the
receded,
maintained
was
and
tourist
production
at
large orders placed
hotel business
especially
level
a
well
in
the
above
remained
ago
on
compared
production,
days'
production
average
Reports
softwood mills
was
166,712,000
were,
respectively,
received
186,770,000
it was 135,946,000 feet; shiDments
151,347,000
and
147,549,000
feet,
and
orders
feet.
of
3.7% Noted in Sugar Consumption in 14
Countries During 1935 as Compared
Under date of Feb. 23 the firm announced:
& Co.
The 14 countries included in the survey are Austria, Belgium, Bulgaria,
Czechoslovakia,
France,
Germany,
the
Holland, Hungary, Irish Free State,
Italy, Poland, Spain, Sweden,land the United Kingdom.
Sugar stocks
5,319,000 tons
crease
on
as
hand for these countries on Jan. 1 1936 amounted to
against 5,372,000 tons on the same date in 1935, a de¬
of 53,000 tons, or approximately 1%.
Production of sugar for the
14 principal European countries for the season
starting Sept. 1 1935 is forecast at 5,774,000 long tons, raw sugar, as against
6,488,000 tons in the previous season, a decrease of 714,000 tons, or ap¬
World
Sugar Consumption Reached Record During
Crop Year Ended Aug. 31 1935—New High Fore¬
cast for
Current 1935-36 Year
World consumption of sugar during the crop year ending
Aug. 31 1935 reached a new high according to Lamborn &
Co. who report that 27,188,000 long tons were consumed
during the year a$ contrasted with 26,287,000 tons in the
previous season, an increase of 901,000 tons, or 3.4%. The
previous high was established in 1931 when 27,125,000 tons
of sugar were consumed.
For the current 1935-36 year,
world consumption is expected to reach 28,163,000 tons,
another record, according to a forecast made by Lamborn's
Statistical Department, which estimates a further increase of
975,000 tons, or approximately 3.6%.
An announcement
issued by the firm on Feb. 26 had the following to say re¬
garding world production and world stocks of sugar:
World sugar production during
1934-35 totaled 26,191,000 tons
goods
previous
peak
against
as
25,709,000 tons in the previous year, an increase of 482,000 tons, or ap¬
proximately 1.9 %.
production is forecast at 27,654,000 tons,
increase of 1.463,000 tons, or 5.6%.
While world sugar production has been expanding during the past three
years,
time
producer
1928.
in
25
451
feet
with 1934
an
despite
government account, with the result that the volume of unemployment
continued
average
of
identical
production of 453
For the current 1935-36 season,
level, but remained well above that of December 1934.
Industrial
equivalent
911,715,000
as
proximately 11%.
France
during January and the first week of February.
common
orders
35 days'
orders
The
feet.
Consumption of sugar in the 14 principal European coun¬
tries during 1935, totaled 7,745,168 long tons, raw sugar
value, as compared with 7,470,359 tons consumed during the
previous year, an increase of 274,809 tons, or approximately
3.7%, according to European advices received by Lamborn
level advanced slightly during December in
but declined in the United States,
prices
give unfilled
3,494,350,000
European
silk, sugar, tea and tin.
Holland and Japan.
wholesale
the
1
1936
year ago.
feet
Increase
France,
declines in the United States,
unfilled
report
or
of
15
December.
50.5% of
compared with 51.2% in November and 48.9% in
in cotton, rubber and wheat were
more than
as
by declines
Britain,
indicate
of
Advances
1934.
general wholesale price
Great
value
higher than during the corresponding period
year.
counterbalanced
ac
report,
(excluding Italy)
7.8% higher than
World prices of foodstuffs and raw materials
again declined' in
The composite index of nine important commodities stood at
the
at
gold value of world trade advanced during November for the fourth
consecutive month.
a
a year
and
in
November, according to the monthly report
Industrial Conference Board.
Output was
the National
stocks
gross
Feb.
1936
29
Board
Same Level
World industrial production
feet,
on
Identical Mill
Last week's
193,348,000
National
and
mills
the equivalent of
or
similar date
on
per
than in December.
more
with
feet
softwood
15
softwood mills
the
worked
hours
of
474
man-hours
1.5%.
or
from
920,854,000
identical
Feb.
354,196
Feb.
Unfilled Orders and Stacks
combined.
a
respectively.
industrial enterprises reporting man-hours decreased
to 39.6
showed
concerns
14.9% in the total number of man-hours worked
workers,
hours
actual
industries,
Chronicle
decrease
the current year's production is still 1,267,000 tons below the all
record
established
in
1930-31
when
28,921,000
tons
were
manu¬
factured.
Based
on
on
the figures as reported by Lamborn & Co., world stocks of sugar
Sept. 1 1935
were
8,993,000 tons, a decrease of 997,000 tons, or 10%
when compared with the stock on hand on the same date in 1934.
Lumber
The
Mill
Shipments
Gain
Over
Preceding
Week
lumber
industry stood at 51% of the 1929 weekly
average of production during the week ended Feb. 15 1936
and at 59% of 1929 shipments.
Shipments were 12% above
those of the previous week; production and orders showed
slight declines (3% and 4%) which will probably be wiped
in
out
revised totals, according to reports to the National
Manufacturers Association from regional associa¬
For
Sept. 1 1936, it is estimated that the world stocks of sugar will ap¬
proximate 8,484.000 tons.
World stocks of sugar have been steadily
of 12,362,000 tons
was
the 15th was 10% above output; shipments were
13% above
production.
During the preceding week shipments were
3% below production and orders 11% above.
All items in
the current
week
were
shown
by reporting softwood mills
1935, production at these mills
in excess of similar week of
being 23% above last year's week, new business 27% above,
shipments 28% above.
The reports to the Association fur¬
ther showed:
.
Durihg the week
feet
of
hardwoods
booked
week
orders
809,000
All
of
feet;
but
Revised
hemlock
Coast,
reported
179,628,000
202,584,000
figures
for
feet;
the
feet;
Southern
cypress and
Western
All
pine
orders and
Northern
Northern
shipments
but
above
15.
pine
Northern
those
of
corresponding week of 1935; all reported production above last year's week.
Identical softwood mills reported unfilled orders on Feb. 15 the
equiva¬
lent of
25
35
days'
Feb.
above
of
15
days'
average
products
mills
mills.
ago.
of
cars
1935,
and
26,469
cars
during the week ended
above the preceding week; 1,735
3,432
cars
above
corresponding
cars
week
reported for the week ended Feb. 15 1936 by 479 softwood
189,567,000 feet,
Shipments
as
reported
16% above production.
from
81
or
35%
12%
for
the
above
same
the production
week
were
of
the
196,209,000
same
feet,
Production was 169,784,000 feet.
hardwood
16% below production.
6,375,000 feet,
or
mills
give
new
business
as
8,204,000
feet,
Shipments as reported for the same week were
below production.
Coffee
Destroyed
by
Brazil
Since
stated:
Brazil's present plan to buy and destroy a
further 4,000,000 bags of low
bring the total above 40,000,000 bags,
Production
was
or
calculating roughly
on
course,
New York
value about $400,000,000 worth.
Automobile Sales Lower in
9,744,000 feet.
January
Factory sales of automobiles manufactured in the United
States (including foreign assemblies from parts made in the
United States and reported as complete units or vehicles),
for January 1936 consisted of 367,252 vehicles, of which
299,926 were passenger cars, and 67,326 were trucks, as
compared with 407,804 vehicles in December 1935, 292,785
vehicles in January 1935, and 155,666 vehicles in
January
1934.
These statistics were released this week by Director
W. L. Austin, Bureau of the Census, Department of Com¬
merce.
The table below is based
facturers in
totaled
Reports
or
year
1,553
1934.
Lumber orders
or
was
week
same
a
loadings totaled
car
This
1936.
the
production and stocks of 134 days', compared with
131 days'
and
Forest
peak
Destruction of coffee in Brazil passed the 36,000,000 bag
mark, according to a cable to the New York Coffee & Sugar
Exchange. From Feb. 1 to 15, the Exchange announced
Feb. 21, 98,000 bags were eliminated bringing the total since
the inauguration of the program in June, 1931, to 36,048,000
bags, equivalent to total shipments from Brazil to world
destinations during the last two years.
The Exchange
180,-
ended Feb.
and
softwood regions
a
preceding
shipments,
production during the week
West
falling since 1931, when
June, 1931
feet.
pine,
shipments below production.
pine and Northern
shipped
185,526,000
but Southern
orders above
regions
mills produced
540
combined;
206,292,000
hand since
grade coffees is nearing completion and when consummated will, of
1936,
softwoods
orders,
regions
reported
softwood
reported
15
197,771,000 feet.
579; production,
new
softwood
hemlock
and
Mills,
were:
All
ended Feb.
on
recorded.
36,048,000 Bags of
Lumber
tions covering the operations of leading hardwood and soft¬
wood mills.
Reported new business during the week ended
This will be the smallest stock
1928 when the supply was 8,160,000 tons.
the
on
data received from 112
manu¬
United
States, 29 making passenger cars
and 83 making trucks (10 of the 29 passenger car manu¬
facturers also making trucks).
Of the 119 manufacturers
reporting prior to June 1934, 7 have gone out of business.
Figures for passenger cars include those for taxicabs.
The
figures for trucks include those for ambulances, funeral cars,
fire apparatus, street sweepers, and buses, but the number
Financial
Volume 142
of special purpose vehicles is very
factor in any analysis for which
Canadian production figures are
Bureau of Statistics.
NUMBER OF VEHICLES
1367
Chronicle
small and hence a negligible
the figures might be used.
supplied by the Dominion
Retail Financing
Year
Used Cars Financed
and
Number
Total
(All
Vehicles)
Trucks,
Cars
Total
&c.
Passen¬
ger
Trucks
Cars
1936—
11,261
13,302
67,326
299,926
2,041
292,785
335,667
429,793
477,691
364,662
361,248
336,985
239,994
89,804
275,024
398,039
407.804
L.
February
March
April
May
June
July
229,233
63,552
275,623
361,816
401,628
307,522
296,609
276,084
182,389
57,285
214,609
338,425
344,613
60,044
67,977
76,063
57,140
64,639
60,901
57,605
32,519
60,415
59,614
63,191
10,607
18,114
21,975
♦24,123
*20,702
15,745
13,069
7,692
5,323
8,313
13,496
13,775
8,269
13,885
18,179
*20,688
*17,030
12,276
9,471
5,524
3,819
7,128
12,042
11,370
2,338
4,229
3,796
3,435
3,672
3,469
3,598
40.459,144
6.642
43,696,574
40,244,973
33,339,341
3,127
3,172
$1,260,431
1,355,033
1,855,782
2,038,731
1,962,523
2,024,849
1,186,014
1,088,666
2,310
820,416
142,827
July
33.992,779
2.417
31,460,660
34,779,967
2,459
886,790
951,427
137,962
2,501
997,483
1,768,125
............
$419,463,885
45,061
$16,428,145
15,864,436
16,510,453
23,274,767
2.699
2,747
827,212
889,816
1,406,993
1,531,685
1,836,948
1,870,772
1,790,577
1,643,153
1,252,022
1,359,532
1.120,363
172,445
September
1935—
$20,650,382
24,107,645
34,267,163
41,002,364
41,462,893
141,597
;
August
January
Ions a
87,177
101,294
144,843
174,775
179,462
187,452
April..
May
367,252
in Dollars
171,485
March
June.,
January..
of Cars
;
February
Passenger
Volume
in Dollars
1935—
January
Year and Month
Number
Summary for 456 Identic al Organized
(Production)
Canada
sales)
Volume
of Cars
(INCLUDING CHASSIS)
United States (Factory
....
October
126,806
November
December
...
Total (year)
September
October
4,009,496
Total (year)
January...
71,607
February..
75,283
104,369
May
129,281
143,073
28,859,676
2,405
135,875
30,679,003
March
3,285,836
723,660 *172,934 *139,681
47,988
34,462
42,563
6,904
8,571
14,180
18,363
20,161
13,905
11,114
9,904
5,579
3,780
1,697
2,694
4,946
7,101
12,272
15,451
16,504
10,810
8,407
7,325
4,211
2,125
1,052
2,443
575,192
116,852
92,647
42,912
43,482
59,160
170,007
131,991
83,482
153,624
112,754
186,774
279,274
288,355
273,764
261,280
223,094
183,500
125,040
84,003
49,020
111,061
2,753,111
2,177,919
155,666
230,256
338,434
January
February-—
March
352,975
330,455
306,477
264,933
234,811
April
May
June
July
August
September
October
November
December.—
136,726
131.905
30,805,120
30,153,258
106,057
24,452,047
3,526
1,958
1,470
October
112,425
95,766
1,908
December.
83,892
26,011,360
22,103,212
19,652,395
4,012
November.
1,326,259
$300,521,929
47,006
$16,540,619
3,453
3,702
5,153
5,602
5.623
$1,260,431
1,355,033
1,855,782
2,038,731
1,962,523
5,642
2,024,849
3,127
3,172
2,310
2,417
1,186,014
1,088,666
33,253
64,620
56,691
45,197
41,839
51,311
44,967
April
July
August
...
3,657
3,095
2,707
2,579
1,368
1,655
645
251
Total (year).
Summary for 282 Identic al Organizat ions
79,937
93,275
133,473
February
March
...
161.447
April
...
165,507
June..
157,449
157,927
...
September...
Automobile Financing During December 1935
260,764 automobiles were financed in December,
which $103,200,806 was advanced, compared with 243,435
which $95,122,311 was advanced in November, the De¬
partment of Commerce reported last week.
Volume of wholesale financing in December was $154,-
November.
financing, based on data reported to
Bureau of the Census by 456 identical organizations, are presented in
table below for January to December 1935 and January to December
Monthly statistics on automobile
the
1934; and for 282 identical
and January to December
organizations for January to December 1935
1934.
130,500
November
115,435
Total
....
2,501
886,790
951,427
997.483
1,623,747
$385,976,175
45,061
$16,428,145
64,575
(year)
31,122,130
28,707,882
31,905,735
14,420,432
15,197,698
21,367,713
26,694,463
29,763,110
28,400,756
28,601,292
28,028,344
2,699
2,747
827,212
3,947
4,268
4,893
4,869
4,592
1,406,993
1,531,685
1,836,948
1,870,772
1,790,577
1,643,153
22,707,602
24,126,748
3,526
1,252,022
4.012
20.398.557
3.268
18,016,476
3,198
1.359,532
1.120,363
1,011,546
$277,723,191
47,006
$16,540,619
January.
68,830
February
March
95,477
119,542
132,072
125,389
126,725
122,521
....
April
May
June.........
July
August
98,181
September.,..
October
103,900
88,224
76,481
...
November....
Total
Financing
Total
Volume
Month
In Dollars
Volume
...
March.......
...........
May.............
$37,194,801
78,903,776
76.411
44,024.207
95.122,311
114,170
62.710.224
103,200,806
120,301
67,423,356
722,542,999
36,533,359
35,691
47,623,890
54,455
72,520,725
91,849,963
103,794,935
103,450,110
99,630,687
91,618,666
86.880
110,988
125,354
19,841,711
30,223,621
47,838,975
61,458.602
69,801,775
121.779.041
July
122,238,736
95,588.937
........
September.......
October.........
November
......
41.318.194
78,577,367
136.160,566
$59,105,614
159,094
187,566
270.099
69,873,418
100,076,895
118,663.435
113,601,251
320.855
312,186
303,334
324,633
292,614
111,893,982
119,372,346
106.472.612
82,148.583
229,302
221,655
243,435
154,382,330 b260,764
December...
Total (year)
44,410,740
63,953.950
75,622,340
70,175,835
69,409,989
74,489,758
65.138.973
47,988.826
1934—
February..
March..
....
April—..........
May
....
June.............
July
...
36,577,358
62,551,490
104,597,190
122,967,488
125,529,739
104,422,741
109,997
132,485
195,196
244,537
273,320
92.069,965
January..........
265,147
245,799
190,236
196,440
August...........
86,746,755
September
56,848,511
October
....
......
November
December
46,495,841
30,556,373
37,951,278
269,656
128,794
123.552
70.900,335
67,034,990
59,822,255
70,303,368
109,302
80,653
71,501,317
80,003
44,599,299
44.130,425
58.085,294
63.749
34.861,719
46,262,603
46,013
25,598,662
$893,174,917 1,045,434
$576,112,369
162,783
133,103
Summary for 282
Identical Orga nlsations
October
118,731,748
119,099,810
92,918,405
39,699.900
75,906,849
November
132.314,787
228.166
$56,151,891
66,418,983
95,184,296
113,026,005
107,820,587
106,174,481
113.125.098
100,761,009
77,651,066
74.187,694
90.190,623
December
149,727,695 d244,737
97,508,282
$93,830,358
February.—.....
106,054.455
145,574,233
159,930,306
132,074,003
March...
April
....
May
...
June
—
July
August..
September...—..
149.583
176,685
254,539
302.860
293,693
284,723
304,742
273,666
214,387
206,153
66,193
$35,936,838
79,608
115,913
135,811
42,779,415
61,721.726
122,663
121,632
128,876
112,567
82,047
73,236
110.272
73,058,338
67,630,632
66.913,016
71,665,282
62.661,023
46,114,273
42.178.774
116,208
60,531,314
64,605,064
1,365,862,549 2,933,834 1,098,200,015 1,265,026
Total (year)
....
February
March.....
....
695,795,695
34,426
52,772
84,300
107,925
122,155
19,189,736
29,290.038
46,427,926
59,772,079
67,991,000
April.....
May.....
June
...
July
August
125,073
68.842.069
120,017
106,041
78,179
65,092,674
58,028.789
September........
October
November
December
Total (year)
...
77,502
61.769
44,505
42.737,846
853,431,268 1,014,664
$559,167,458
35,879,064
61,513,896
102,775,967
121,060,526
123,691,003
102,706,220
90,294,039
85,107,739
55,586,456
45,363,396
101.700
124,349
183,724
231,735
259,120
34,437,380
45,377,552
69,202,632
29,729,762
153,261
87,998,227
99,591,058
99,113,597
95.484,543
87,700,286
67,209,428
68,224,126
55,303,319
36,530,495
124,184
43,789,120
255 449
251,611
233,154
'179,886
185.414
$890,238,563 2,283.587
this
51.5% used cars, and 1.0% unclassified.
pared with Same Period 1934
Shipments of coffee from British East Africa expanded
31% during the first 10 months of 1935 above the similar
period, according to information received by the New
Exchange, the Exchange announced
21, stating:
1934
York Coffee & Sugar
Feb.
In bags
of 132 pounds, exports during Jan .-Oct.,
1935 were 534,599 bags
1934, an increase of 126,209 bags.
Shipments from
Kenya Colony were 221,167 bags against 129,342 during the first 10 months
of 1934, a gain of 91,825 bags or 71% while from Tanganika were shipped
222,433 bags against 169,559 in 1934, an increase of 31 %. Uganda, on the
other hand, suffered a loss of 18,802 bags or 17%, shipments totaling 90,998
against 408,390 in
in 1935
against 109,800 during the previous
During October, 54% of the
equivalent period.
shipments went to the United States,
United
22%, 17% and 15% of the
total shipments respectively.
South Africa, Sudan, Germany, Italian
Somaliland, Egypt, Aden, France and Italy were among the countries
Kingdom, and Canada with the percentages
taking smaller shares.
coffee industry
of Kenya
particularly in the United Kingdom, through various methods of
The increased shipments were
in view of the recently
of particular interest to the
inaugurated campaign to increase the use
calling attention to its quality.
Petroleum and Its
43,249,804
33.784,399
24,761,098
Products—West Coast Crude Prices
Highest Since 1931—Advances Affect
Only Fields
Quota—Boost By Stand¬
ard
of California
Follows 12,700-Barrel Dip in
Production—Texas
and
Oklahoma
Lift
March
in
Line with Production
Quotas—Nation's Daily Average Crude Output Up
fields where production had
been held in line with the recommended 537,000-barrel daily
average were lifted 5 to 36 cents a barrel by Standard Oil Co.
of California Tuesday, prices rising to the highest level since
March 1931.
Several fields where overproduction continued
California crude oil prices in
1934—
January..
this
c
1935—
January..........
have discontinued automobile financing,
b Of
52.9% were used cars, and 1.0% unclassified.
have discontinued automobile financing,
d Of
31% Increase Noted in Coffee Shipments from British
East Africa During First 10 Months of 1936 as Com¬
coffee,
$907,314,729 2,418,699
Total (year).
4,987
in Dollars
a
68,464
82,570
120,103
140,478
127,201
126,207
134,054
116,997
85,395
$96,059,710
108,656,597
149,057,165
163,235.442
135,510,277
June
August
of Cars
Of these
889,816
Volume
1,402,564,352 3,125,537 1,158,435,029 1,312,351
January....—...
February
Identical Orga filiations
Number
in Dollars
Number
of Cars
Summary for 456
1935—
April.
New Cars Financed
1,221,917
(year)
organizations, 37
number, 46.1% were new cars,
c Of these organizations, 24
number, 47.5% were new cars,
a
Wholesale
and
2.459
1934—
AUTOMOBILE FINANCING
Year
820,416
126,028
December
December
Retail Financing
37,236,616
40,273,802
37.011.320
30.716.377
130,030
October
the
1,011,546
c
$18,954,622
22,284,535
31,606,788
37,928,936
38,227,432
172,739
August....
24,205
Revised.
382,330 as compared with $136,160,556 in
3,268
3,198
1935—
January
July.................
A total of
32,156,212
2,912
May
Total (year).
on
3,947
4,268
4,893
4,987
4,869
4,592
1934—
on
5,602
5,523
September.
November
December
♦
3,453
3,702
5,153
1934—
2,168
1,504
1,185
1,454
June
August
Unclassified
Month
..
were
omitted from the increase.
The increase
was
in line with the promise made by
Stand¬
West Coast oil men
told that curtailment of production to 537,000 barrels
ard of California in mid-January when
were
daily would bring higher crude postings by the company.
Since that time, production has been pared approximately
110,000 barrels daily for the State as a whole.
Included in the fields which have as yet failed to pare
production to the recommended levels were Signal Hill,
Alamitos Heights,
Huntington Beach, Playa del Reya,
1368
Financial
Chronicle
Dominguez, Santa Fe Springs, Kern Front, Elk Hills and
the
Lakeview section
REFINED
of
Midway Sunset.
When, and if,
they cut their output to the suggested totals, they will be
included in the higher prices, company officials said.
Oil from the Elwood field
barrel
was
advanced 29 to 36 cents
—WESTERN
GASOLINE
The advance
price for low grade oil being
Coast
to
of
total
a
advance
572,100 barrels, against
In line with
the previous announcements of the United
States Bureau of Mines, State control groups in both Texas
and Oklahoma announced increases in their March allow¬
The Bureau of Mines recently set March desired
ables.
40,000
some
barrels under actual current production but an increase of
more than 90,000 barrels over the Bureau's recommended
level for February.
The Texas Railroad Commission set the allowable for the
coming month at 1,110,420 barrels daily, compared with the
February quota of 1,168,000 barrels.
The East Texas level
for March was fixed at 438,942 barrels, against 425,000
barrels
in the current month.
The Conroe field won an
increase of 2,000 barrels daily.
The new allowable for Texas
is 6,000 barrels above the level suggested
by the Bureau of
Mines.
While the March allowable for Oklahoma, as approved by
the State Corporation Commission, represents an increase
of 22,600 barrels
daily
the quota for the current month,
recommended by the Bureau of Mines at
506,300 barrels daily.
The Fitts field won most of the
increase, the allowable there being lifted 10,000 barrels.
Increases of 3,000 barrels were voted to Oklahoma City
Wilcox, 2,500 barrels for Edmond, 2,000 for Lucien and
it is the
the
same
The
same
for South Burbank.
schedule lifted production among the class B
pools, also, with Seminole boosted 4,000 barrels daily.
The
increase, however, will be allocated from other class B pools
unable to reach their quotas.
The schedule set the share
at 141,353 barrels daily.
The new Fitts allowable is 44,000 barrels, with Oklahoma
City Wilcox moving up to 110,543 barrels.
Sharp increases in production in Louisiana and Texas
for
stripped
offset
unprorated
substantial
areas
reductions
in
California
and
other
oil
was
Feb. 24—Socony-Vacuum Oil Co.,
A cent
a
gallon.
New York
Brooklyn..
New Orleans
Philadelphia
Camden
.168
.16
Boston...
.15
.20
San Francisco
.19
St. Louis
Buffalo
165
Chicago
.165
at
12,177,000,000 barrels, and added, "in connection with
future discoveries, it must be remembered more than
1,000,000,000 acres of geological formation in which oil may be
found
remain unexplored—a much larger area than has
already been examined by the best current methods.
"In its refusal to accept a dictum of doom with
respect to
motor fuel resources, the petroleum
industry is vividly aware
of the existence of other sources: in coal,
lignite and shales,"
he said.
Mr. Byles added that he believed the
hydrogenation process of coal conversion offers "bright promise
from the standpoint of motor fuel
supplies to supplant
petroleum when needed."
Price changes follow:
posted in California
a
barrel.
Prices of Typical Crudes per Barrel at Wells
Bradford, Pa
—..$2.45
Lima (Ohio OH Co.)
1.25
Eldorado, Ark., 40.....
Rusk., Tex., 40 and over
Corning, Pa
1.42
Darst Creek
Illinois
1.23
Midland District, Mich
Sunburst. Mont
Santa Fe Springs, Cal 38 & over....
Western Kentucky..
...
1.23
$1.10
1.15
...
...
.97
1.02
1.23
Mld'Cont., Okla., 40 and above
1.18
1.07
Winkler, Tex....
.85 Huntington, Calif.. 30 and over....
.95
Smackover, Ark., 24 and over—. 75-.80 Kettleman Hills, 39 and over
1.43
Petrolla, Canada................ 1.10
(All gravities where A. P. I. degrees are not shown)
Pittsburgh
..
..
.195
.16
.135
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
(Bayonne)
I North Texas.$.03%-.03% | New Orleans.$.03K-.04
Ang 1 s_. .04%-.05
"Tulsa
*
.03H-.04
_$.05%-.05%|Los
Fuel Oil, F.O.B. Refinery or
N. Y. (Bayonne)
Bunker C
Diesel 28-30 D
Terminal
| California 27 plus D
I New Orleans C
..
$.90
..$1.05
$1.15-1.25 Phila., bunker C—. 1.05
1.651
«
N. Y. (Bayonne)
27
plus....$.04
I Chicago,
-.04%
I Tulsa
I
I
32-36 GO..$.02H-.02H
$ .02 M-.Q2 A
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard Oil N. J. .$.07%
were
Minneapolis
.175
.21
Tide Water Oil Co..
Richfield Oil (Calif.)
base price of $1.10
$.175
.192
.168
the prophets of petroleum exhaustion may have dismayed."
Mr. Byles placed the developed reserves as of Jan. 1 1935,
barrel
a
lots, refinery.
basis.
Newark
"in all, 40 new fields were discovered in the first nine months
of last year, a fact that should give assurance to those whom
a new
car
Gas Oil, F.O.B. Refinery or Terminal
Reporting that new petroleum reserves uncovered last
year totaled 1,810,000,000 barrels, Mr. Byles continued,
a
the
Gasoline, Service Station Tax Included
$.192
.
Colorado School of Mines Alumni Association.
Feb. 25—Advances of 5 to 36 cents
and
weakened A to A cent
Regular grade eased A to 6 to 6A cents, tank
z
by Standard Oil Co. of California, setting
small
Inc., advanced retail gasoline prices
Low grade eased A cent to 5 to 5A cents a gallon, same
z
gain of 4,850 barrels for the period, totaling
2,779,200 barrels.
This compared with the recommended
level for February of 2,648,100 barrels, and actual produc¬
tion in the like 1935 period of 2,536,200 barrels.
The possibility of "how can we make use of our oil" being
the paramount care of the petroleum industry rather than
the suggested "how long will our supply of oil last" was
suggested by Axtell J. Byles, President of the American
Petroleum Institute, in an article appearing in the current
ssue of the "Mines Magazine," official
publication of the
are
gallon throughout Greater New York.
Feb. 26—Mid-Continent bulk gasoline prices
showed
net
here
by the American Petroleum Institute.
The total of 62,306,000 barrels on Feb. 22 represented a gain of 2,351,000
at refineries, partially offset by a decline of 633,000 barrels
in bulk terminal holdings.
Refinery operating rates rose
2.6 points to 76.6% of capacity, with daily average runs of
crude to stills rising 85,000 barrels to 2,850,000 barrels.
Gas and fuel oil stocks dipped 381,000 barrels.
Representative price changes follow: -
States for the week ended Feb. 22, the American Petroleum
Institute reported.
The nation's daily average production
a
stocks
'
over
as
new
weather,
not
unexpected.
Fuel oils continued in strong
demand, but prices showed no open change.
Unsettled
retail gasoline markets again appeared in Brooklyn but
price-cutting was confined to limited areas.
Socony-Vacuum Oil announced on Friday that the spread
for dealers in the metropolitan area would be enlarged
34 cent to 5 cents for "divided" dealers and to 434 cents
for "undivided" dealers, effective Monday.
The move was
laid to a drive by other major companies to increase their
outlets by giving larger spreads and also to the general need
to aid dealers to meet cut-price competition of independent
factors, trade circles believed.
A slight weakening in prices in the Mid-Continent bulk
gasoline market appeared this week as a result of the bad
weather throughout that area over the past six weeks.
Motor fuel consumption has been curtailed and the market
reflected the reduced gallonage in fractional declines. Regular
grade eased 34-cent for tank-car lots to 6 to 6^ cents a
gallon, with some shading of the lower figure indicated.
Low-grade gasoline also slipped from the year's high, easing
3^-cent a gallon to a range of 5 to 534 cents a gallon.
Representatives of 12 mid-Western States attended a con¬
ference held in Chicago Thursday to consider approval of
a voluntary marketing code which then would be submitted
to the Federal Trade Commission.
The industry's reaction
to the proposed agreement was reported "very favorable"
by P. J. Schroeder of Minneapolis, Chairman.
The pro¬
posed code involves regulations forbidding the giving of
premiums, price cutting, financing of marketers and other
'unfair'' trade practices.
Gasoline stocks again rose sharply during the past week,
the period ended Feb. 22 registering an increase of 1,718,000
barrels over the previous week, according to reports prepared
a year ago.
production at 2,738,000 barrels daily, which is
unfavorable
the
was
California production was set slightly higher than in the
paper's estimate in the weekly production report of
the American Petroleum Institute.
The A. P. I. recorded a
decline of 12,700 barrels in daily average production of oil
West
was due to the
strong statistical position of
Despite the reduced gallonage resulting from
motor fuel.
trade
the
CODE-
MARKETING
ON
this week.
by California "Oil World" at 571,000 barrels
daily, against 585,650 in the previous week and 494,000
barrels in the like 1934 period.
The trade paper placed the
estimated average daily decline in West Coast crude output
at 14,650 barrels daily.
on
MEET
SHARPLY
3^-cent a gallon in retail gasoline prices in
on Monday posted by the Socony-Vacuum
Co., Inc., and followed by other major marketers,
featured developments in the local refined petroleum markets
estimated
488,300 barrels
UP
WEAKENS
Oil
lifted the base price for 27-degree Signal Hill
quality crude 20 cents to $1.10 a barrel.
Low gravity crudes
Production in California for the week ended Feb. 22
REFINERS
STOCKS
IN
GAS
RETAIL
BULK MARKET
greater New York
company
lifted 5 cents, minimum
advanced to 70 cents a barrel.
ADVANCES
An advance of
from $1.28 for 33 gravity to $1.43 for 38 gravity
and above.
At Kettleman Hills, advances of 24 to 32 cents
lifted the top to $1.43 for 39 gravity and higher.
The
or
were
PRODUCTS—SOCONY
NEW YORK—MID-CONTINENT
a
1936
29
Feb.
Socony-Vacuum....
.07%
.07%
.07 %
Warner-Quinland Co .07%
New York—
Colonial Beacon..$.07%
Texas
.07 A
07%
Los Ang., ex.
Gulf ports...
07 %
Gulf
Republic Oil
Shell East
z
Chicago
$.06
New Orleans. .06
Tulsa
-.06%
-.06HI
.05HI-.04%
.06
-.06%
05%-.05%
.07
Not Including 2% city sales tax.
Daily Average
Crude
Oil Output
Rises 4,950
Barrels
in Week
The American Petroleum Institute estimates that the
daily
the week ended Feb. 22
was
a
gain of' 4,950
barrels from the output of the previous week.
The current
week's figure was also above the 2,648,100 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 production for the
four weeks ended Feb. 22 1936 is estimated at 2,783,200
barrels.
The daily average output for the week ended
Feb. 23 1935 totaled 2,536,200 barrels.
Further details, as
reported by the Institute, follow:
average gross crude oil production for
1936 was 2,779,200 barrels.
This
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Feb. 22 totaled
1,039,000 barrels
a
daily average of 148,429 barrels, compared with
a
daily average of 99,857
barrels for the week ended Feb. 15 and 133,357 barrels
daily for the four
weeks ended Feb. 22.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Feb. 22, totaled 152,000
barrels,
a
daily average of 21,714 barrels
Financial
Volume 142
compared with
and 26,464
daily
a
barrels
average
15
of 39,714 barrels for the week ended Feb.
daily for the four weeks ended Feb. 22.
Reports received from refining companies owning 89.6% of the 3,869,000
barrels estimated
daily potential refining
indicate that the industry
as
a
States
capacity of the United
whole ran to stills, on a Bureau of Mines
basis, 2,850,000 barrels daily during the week, and that all companies had
in storage at refineries, bulk terminals, in transit and in
the end of the week, 69,353,000 barrels of finished and
and
96,856,000 barrels of
gas
pipe lines
of
as
1369
Chronicle
ESTIMATED
MONTHLY
daily during the week.
are
based
railroad
on
State
PRODUCTION
5
8
8
7
8
Alabama.
868
929
992
670
797
795
605
Arkansas & Oklahoma...
365
203
123
68
68
97
102
Colorado
641
489
470
328
336
4
3
4
3
3
3
3
2,567
1,077
3,066
1,996
1,193
672
Week
4 Weeks
Week Ended—
{February)
15
458
592
631
275
346
416
292
2,863
2,925
2,182
2,507
2,641
2,210
381
Ended
848
924
385
472
554
Maryland
184
172
187
105
90
138
1935
Michigan
77
69
73
33
39
39
12
305
224
256
202
199
182
173
New Mexico
128
107
117
99
104
103
92
508,350
499,050
136,600
524,800
135,900
146,750
435,700
70,200
216,850
157,300
47,000
434,500
69,700
213,100
62,750
57,400
25,650
149,950
51,600
436,400
59,050
174,300
1,077,150
West Texas
1,070,350
1,061,550
1,017,100
49,350
•
East Texas
Southwest Texas
-
Western
58,200
56,550
25,200
302
145
127
81
69
49
55
2,213
10,109
1,121
5,639
1,746
6,918
1,690
8,533
2,015
8,621
8,229
1,083
5,928
435
454
460
251
349
323
293
70
65
64
53
57
63
Utah
365
236
256
173
129
144
112
Virginia
843
841
976
647
726
817
665
Pennsylvania bituminous
Tennessee
Texas
-
60,900
133,200
North Louisiana
Coastal Louisiana
141,100
Wyoming
Montana
New Mexico
'
29,450
100,750
35,900
31,050
12,250
3,950
57,100
3,800
61,300
Colorado
132,400
185,750
194,100
29,900
102,000
44,800
34,400
11,900
22,950
94,200
58,350
53,950
131,800
195
142
135
119
86
98
85
6,422
2,268
2,299
6,913
2,851
4,966
1,376
5,580
1,960
6,413
2,135
5,286
1,416
490
391
430
345
375
378
320
3
3
4
1
1
3
2
36,752
6,102
34,834
5,930
38,701
6,394
21,970
4,819
26,849
5,230
30,117
4,168
22,339
3,430
42,854
40,764
45,095
26,789
32,079
34,285
25,769
Aug.
Sept.
W. Virginia—Southern, a
Northern.b
190,750
29,750
98,600
37,250
32,200
10,900
4,150
47,200
anthracite, c
Grand total
105,400
36,650
32,600
13,100
3,900
57,300
...
Total bituminous coal.
117,150
29,700
101,450
36,600
31,300
12,650
3,850
57,100
Other Western States
Penna.
62
6,568
Washington
Wyoming
1,068,200
74
2,080
North & South Dakota..
Ohio..
55,800
56,500
25,400
160,300
49,950
434,600
70,350
217,450
62,750
56,600
24,750
160,950
North Texas
West Central Texas
Eastern...,,.
146
247
240
106
435
382
748
2,901
1,032
Kentucky—Eastern
Feb. 23
1936
1936
523,800
141,600
Panhandle Texas
Michigan
714
Montana
Feb.
1936,,
483,700
137,400
Arkansas
2,020
1,909
Ended
Feb. 22
culations
Total Louisiana
5,112
1,707
266
304
Feb. 22
Int. Cal¬
East Central Texas
4,606
5,095
1,785
Kansas and Missouri
Average
July
June
May
April
6
Iowa
of M.
Dept. of
Total Texas
March
9
Indiana
Actual Production
B.
Coastal Texas
loadings and river shipments, and are
Feb.
Jan.
Alaska.
Illinois
(Figures in Barrels)
Kansas
car
receipt of detailed reports from the operators.
For certain
the estimates here presented, which are based on the latest available data,
Georgia & North Carolina
DAILY AVERAGE CRUDE OIL
STATES IN 1935
BY
on
and fuel oil.
potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 580,000 barrels
COAL
subject
States
differ
slightly from the current figures previously published in the weekly coal reports,
and the total of bituminous coal production for the year—369,324,000 tons—Is
higher than the figure—368,120,000—published on Jan. 11.]
to revision
unfinished gasoline
Cracked gasoline production by companies owning 95.9% of the
Oklahoma
OF
THOUSANDS OF NET TONS)
(IN
[Estimates
PRODUCTION
30,750
State
8
6
7
90
605
72
431
958
279
428
332
328
8,412
2,570
5,872
9
Alabama
690
Arkansas and Oklahoma.
177
Colorado
731
724
747
457
379
-
Total
Dec.
Nov.
Oct.
9
Alaska
4
2
3
4
4
40
2,427
2,910
887
4,182
1,406
5,054
905
4,810
1,530
Iowa
159
208
308
348
Kansas and Missouri
377
452
694
598
683
2,473
2,441
3,464
2,998
2,753
570
643
790
717
804
43,845
15,440
3,468
6,104
32,358
8,120
1,650
Georgia and North Carolina
Illinois
2,118,500
2,207,100
2,189,450
2,169,150
2,047,900
529,600
Total east of California.
572,100
584,800
614,050
488,300
California
Total United States
2,648,100
2,779,200
2,774,250
Indiana
Kentucky—Eastern
2,783,200
2,536,200
Western
1,655
431
163
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED FEB. 22
1936
113
105
172
147
Michigan
Note—The figures indicated above do not include any estimate of any oil which
might have beeu surreptitiously produced.
8
52
42
48
58
550
Montana
205
234
358
362
290
106
95
137
154
140
2,990
1,382
1,910
20,610
90,795
4,110
Maryland
New Mexico
—
—
— —
-
-
-
Crude Runs
Daily Refining
Capacity
Finished and
Unfinished Gasoline
Stocks
of
Finished
District
Daily
Reporting
P.
Aver¬
Poten¬
Oper¬
age
ated
tial
Total
Rate
P. C.
in
At Re¬
Terms, Nap'tha
&c. c
fineries
334
296
245
1,400
5,728
2,158
8,367
1,774
7,771
2,019
8,176
340
301
369
407
Distil.
493
612 100.0
612
.
6,407
8,919
1,020
5,926
Appalachian.
154
146
94.8
107
73.3
265
424
95.9
373
88.0
3,258
856
760
1,081
914
923
106
175
182
161
6,140
1,527
5,163
1,486
8,530
2,317
6,668
1,886
6,285
2,134
324
385
628
564
520
1
4
5
4
34
26,164
3,570
25,038
3,962
37,768
4,711
33,404
4,165
35,388 369,324
4,687 57,168
29,734
29,000
42,479
37,569
40,075 426,492
a.
Northern.b
--
Other Western States
2,254
2,670
1,377
8,079
2,824
67
388
704
2,985
9,915
1,575
74,934
23,655
5,150
-------
676
442
1,597
6,828
955
Ind.,IU.,Ky.
Okla., Kan.,
71
447
91
Washington
West Virginia—Southern.
OH
80.6
68
415
3
Virginia
Wyoming
East Coast.
65
179
778
Utah
Gas
Fuel
128
65
141
Texas
and
Unfin'd
C.
141
1,311
6,776
North and South Dakota
Tennessee
Stocks of
Stills
66
Ohio..
Pennsylvania bituminous
(Figures in thousands of barrels of 42 gallons each)
Pennsylvania anthracite, c
Missouri-.
453
384
84.8
264
68.8
4,580
2,323
657
Inland Texas
330
160
48.5
91
56.9
1,391
117
226
Texas Gulf..
680
658
96.8
611
92.9
7,270
271
1,735
La. Gulf
169
163
96.4
128
78.5
1,117
422
198
72
90.0
43
No. La -Ark.
80
59.7
234
73
94
Rooky Mtn.
California...
97
60
61.9
40
66.7
675
789
92.6
506
64.1
1,320
9,300
99
852
2",215
1,294
70,371
3,468
89.6
2,656
76.6
Reported
Total bituminous coal.
40,044
18,553
401
—
194
2,894
815
3,869
3,869
2,850
2,765
42,938
40,587
19,368
Estd.unrep'd
476
6,444 b95,328
603
1,258
it
Grand total
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, In¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal
shipped by truck from authorized operations.
a
Includes operations on
Apparent Tin Consumption During 1935 Over
20% Above Previous Year—Production Increased
30,416 Tons
World
aEst.tot.U.S.
Feb. 22 '36
3,869
3,869
Feb. 15 '36
7,047
6,877
20,001
96,586
96,967
2,529
a
31
c
Bureau of Mines basis currently estimated,
b38,548 b20,391
b5,949 bl01,085
b As of Feb. 28 1935.
On March
1935, total stocks of finished and unfinished gasoline were 66,290,000 barrels,
At terminals, in
transit, and in pipe lines.
Soft
of
Output
Coal
Again
Increases—Anthracite
Declines
The United
the end of 1935 have just
published in the February issue of the "Hague Statis¬
tical Bulletin"
of the International Tin Research and
Development Council.
Comparing the 1935 figures with
those of the previous year, world apparent consumption
increased by more than 20% from 117,681 tons to 141,524
tons, said an announcement issued Feb. 26 by the New
York office of the Council, which continued:
Tin statistics in detail up to
U.S.B. of M.
Feb. 1935.
-------
States Bureau of Mines, in
its weekly coal
report, showed that production of soft coal during the week
ended Feb. 15 is estimated at 10,400,000 net tons, an in¬
crease of 300,000 tons over the preceding week.
Production
in the like week of 1935 amounted to 8,705,000 tons.
Anthracite
production in Pennsylvania during the week
ended Feb. 15 is estimated at 1,535,000 net tons, a decline
of 71,000 tons from the preceding week.
Production during
the corresponding week last year amounted to 1,157,000
tons.
During the coal year to Feb. 15 1936 a total of 318,048,000
coal and 46,311,000 net tons of Penn¬
sylvania anthracite were produced.
This compares with
311,012,000 tons of soft coal and 47,453,000 tons of hard
coal produced in the same period a year ago.
The Bureau's
tons of bituminous
been
There
in 1935
was
a
very
close agreement between the amount of tin produced
(139,053 tons) and the quantity used in manufacture (139,000 tons
A change in the plicy of consumers is indicated by the
invisible
approximately).
fact that in
1935 there was an increase of about 2,500 tons in
stocks while in 1934 there was a decrease of 12,300 tons.
stocks of tin decreased during
this decrease was
The total visible
1935 from 17,107 tons to 13,841 tons but
largely offset by
a
rise to 16,052 tons in January of this
The United States of America used 44% of the world's tin in
year.
1935
compared with 37% in 1934.
Consumption Statistics
The following table
used
more
than
gives consumption statistics for all countries which
2,000 long tons:
Percentage
Long Tons
Increase or
1935
statement follows:
Decrease
1934
■
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
62,292
21,427
United States
United Kingdom
+42.9%
+ 1-7%
+3.7%
43,601
21,073
10,047
U.S.S.R
10,419
8,210
7,333
Italy—
6,113
4,133
Japan
4,185
3,991
+ 4.9%
2,550
2,222
2,086
1,786
Germany
Week Ended—
Feb. 15
1936
c
Feb. 8
1936
France
Coal Year to Date
Feb. 16
1935
1935-36
1934-35
1929-30
Tot. for per'd
Daily aver..
Tot. for
10,400,000 10,100,000 8,705,000 318,048,000 311,012,000 467,701,000
1,733,000 1,683,000 1,451,000
1,182,000
1,154,000
1,729,000
per'd
Dally aver.
_
1,535,000
255,800
1,606,000 1,157,000
267,700
192,800
46,311,000
173,400
47,453,000
177,700
66,232,000
248,100
Beehive coke:
Tot. for per'd
35,800
Daily aver..
5,967
a includes
36,300
6,050
26,100
873,700
4,350
3,189
734,500
2,681
ngnne, coai maae into coxe, local sales, and colliery fuel,
5,378,400
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision.
15,877
+ 14.8%
+ 16.8%
+6.5%
141,524
117,681
+20.3%
130,000
+6.9%
+2,500
Other countries
Apparent world consumption
—12,300
Approximate world consumption in
manufacture
Approximate
change
in consumers
stocks
19,629
b Includes
+30.9%
+47.9%
139,000
-
Canada
Pa. anthra.: b
—12.2%
5,604
16,909
British India
Bitum. coal: a
9,348
Striking Increases in Consumption
With the exception
the
important
12.2%) all
appreciably in
of France (where there was a decrease of
countries increased their tin consumption
Financial
1370
Consumption in the United States increased by 42.9% from
1935.
tons to
tons, exceeding the 1934 figure
of 5,604 tons by 30.9%; in Italy there was
for India 14.8%, Canada
16.8%, Sweden 15.1%, Czechoslovakia 16%
Tin showed little net change.
Silver was
holding at 44%c.
Antimony closed threeeighths cent lower.
The publication further stated:
Tuesday.
on
Copper Holds at 9}4.c.
and
such volume that there
pricewise. Those pro¬
preceding
week held to that basis, but booked no business at that level.
In other
words, they have temporarily withdrawn from the market.
The volume
of business during the last week involved a little more than 6,500 tons,
compared with 57,000 tons in the previous week.
Some producers believe
Offerings of copper at the 9.25c. level continued in
The Netherlands 13%.
was
of Tin
World Production
question about the position of the market
no
ducers who had announced an advance in
World production of tin in 1935
increased by more than 30,000 tons over
the
The outputs of the principal countries are given in
the 1934 output.
following table:
Increase
Tons
Over
1934
1935
the price to 9.50c. in the
requirements of consumers for the next four months are
that
estimating consumption at 50,000 tons per m.onth.
1934
45,919
27,168
34,127
20,634
11,792
6,534
24,613
9,779
18,418
6,195
*808
6,412
10,587
4,935
4,602
2,014
1,810
18,213
15,334
2,879
139,053
108,637
30,416
Malaya
Bolivia
Dutch East Indies
Slam
6,949
Nigeria
Congo
Other countries
World total
price remained firm, hovering around 9c.,
The foreign
dustry abroad, however, is watching the price situation
closely.
Imports of copper into Germany, not including copper
and scrap,
1934
From—
British South Africa
24,871
Sweden
The monthly cement report of the U. S. Bureau of Mines
disclosed that the portland cement industry in January 1936,
produced 3,630,000 barrels, shipped 3,889,000 barrels from
the mills, and had in stock at the end of the month 22,649,000
barrels.
Production and shipments of Portland cement in
January 1936, showed increases of 13.4 and 36.6%, respec¬
tively, as compared with January 1935.
Portland cement
stocks at mills were 4% higher than a year ago.
The factory value of the shipments from the mills in 1935,
74,934,000 barrels, is estimated as $113,411,000, represent¬
ing an average value of $1.51 per barrel.
According to the reports of producers the shipments totals
for 1935 include approximately 2,109,000 barrels of highearly-strength Portland cement with an estimated mill
value of $4,032,000.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 162 plants at the close of
January 1935 and 1936.
November
December
October
that consumers roust be in
March shipment
among
metal, with battery makers and pigment manufacturers
viewed
active of late, which is
1935
1935
25.6%
28.6%
32.2%
28.1%
33.1%
The month
14.1%
16.1%
The 12 months ended...
28.8%
29.0%
27.6%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN JANUARY 1935 AND 1936 (IN
THOUSANDS OF BARRELS)
the news got around
ness was
booked
on
that important sellers had raised ths price, some
Feb. 26
on
Shipments
1936
1935
of Month
1936
1935
1935
Zinc Advanced to 4.90c
It is estimated that virtually 20,000 tons
471
477
0
0
77
118
1,611
.
3,844
1,644
3,659
54
144
221
283
2,860
3,228
Michigan.
116
171
75
148
1,869
2,072
Wis., 111., Ind. and Ky
Va., Tenn., Ala., Ga.. Fla. & La.
East. Mo., Iowa, Minn. & S. Dak.
458
492
181
263
391
461
448
2,331
1,619
2,274
345
467
354
179
205
2,728
On
Feb.
25
some
295
266
259
324
2,009
that level on that day was insufficient to influence our
On Feb. 26, however, practically all sales were
Louis, for Prime Western.
Most of the
reported at the 4.90c. level, St.
during the week was for second-quarter delivery
260
240
for the
production.
Zinc production of the world during January was 132,957 short tons,
according to the American Bureau of Metal Statistics.
This compares
galvanizers, who are reporting a good rate of
1935.
1,044,635
Bureau reports.
Of this total, 406,500 tons consisted of
produced in foreign countries exclusive of Russia and Japan
with 131,112 tons
in December 1935 and 120,771 tons in January
Production outside of the United
short tons, the
States during 1935 totaled
Fair Call
active than in recent weeks.
period,
for Tin
the last weak was fair, with large consumers more
Quotations showed little change for the seven-
but the tone was steady, particularly on nearby
material.
Feb. 26 at 47.875c., with April at 47.875c.,
Naws on the political disturbance in Japan was a
Feb. 26, firming the ideas of sellers in the East.
Spot Straits tin was quoted on
and May at
46.500c.
1,836
294
booked on th^ 4.85c. basis.
but the
producers marked up the quotation to 4.90c.,
3,023
W.
of zinc were sold in the last
seven-day period, practically all of which was
day
368
to influence our quotation.
St. Joseph
for delivery in the
Lead advanced to 4.60c., New York, on its own brands
East.
Demand for tin in
1936
547
Eastern Pa., N. J. and Md
New York and Maine.
busi¬
the basis of 4.50c., New York, but the quan¬
tity sold was not large enough
Stocks at End
Production
District
Feb. 26,
York, the contract settling basis of
Louis.
Before
Smelting & Refining Co., and at 4.40c., St.
electrolytic zinc
•
favorable development.
establishing the market at 4.55c., New
'•
.«
Cable interests have been a little more
as a
buying caused the price to advance five points on
the American
in the
regarded as ample proof
Most of the demand was for
need of supplies.
the important buyers.
The heavy
that
buying that set in during the preceding week was more
face of rather unfavorable January statistics was
account of
1935
180,247 153.365
The fact that this buying came into the market
than sustained.
business placed
1936
1935
1935
16,588
2,067
35,173
3,635
the last week exceeded 13,500 tons, indicating
Sales of lead during
the improvement in
quotation for Feb. 25.
January
49,643
9,663
22,806
4,171
.
Lead Buying Improves
tonnage sold at
TO CAPACITY
OF PRODUCTION
RATIO
4,576 United States
3,750 Canada
11,671 Chile
3,291 Elsewhere
47,623
Totals
24,991
2,822
45,405
Belgian Congo
1934
From—
1935
10,441
1,495
8,930
Yugoslavia
Cement
13.4%
Year Ago
contained in ore
follows:
in metrictons, for 1934 and 1935, by countries, were as
United Kingdom
Portland
Month a
c.i.f. The in¬
in this country
.
Belgium
January
Production
of
Higher than Same
business again
improvement.
shows
Decrease.
well covered,
Others think a fair
portion of the unfilled orders will be absorbed as soon as
*
1936
29
featureless here,
Notable increases are recorded also
increase of 47.9% to 6,113 tons.
an
43,601
record of 7,333
62,292 tons; Russian consumption reached a new
Feb.
Chronicle
Ohio, Western Pa. and W. Va_.
Mo., Neb., Kan., Okla. & Ark
Texas
-
395
1,659
725
607
Colo., Mont., Utah, Wyo. & Ida.
113
94
128
128
412
577
California
471
909
482
942
1,402
181
72
158
560
669
2,846
3,889
Chinese tin, 99%, was
quoted nominally as follows: Feb. 20, 46.875c.;
21st, 46.250c.; 22d, holiday; 24th, 46.250c.; 25th,
World
Oregon and Washington
Total.
3,630
3,202
.
21,785
22,649
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY
BARRELS)
MONTHS,
IN
1935
AND
1936
(IN
THOUSANDS
States
The American Bureau of Metal Statistics has
issued the
following statistics which show (in short tons), the pro¬
duction of copper in the world from ore originating outside
of the United States, according to countries where produced
as blister copper, with few exceptions as noted.
Stocks at End of
Shipments
Production
OF
46.250c.; 26th, 46.625c.
Copper Production for 1935, Excluding United
1,216
42
factor in tne market on
January..
February
1935
1936
July
8,725
8,021
August
7,235
September
7,173
October.
7,510
2,846
2,951
4,878
6,198
7,428
7,632
7,813
8,105
7,799
8,794
November
7,093
December
3,202
3,630
3,053
.
March
4,298
6,136
8,222
...
June
1935
1936
3,889
1936
21,785
22,649
U. S. (foreign ore).a...
21,899
Mexico.b
21,289
Canada
21,219
Chile
21,991
Peru
23,083
Germany
23,287
Russia
22,415
Other Europe, c
21,783
20,501
Japan.d
5,976
21,613
Other Asia
5,803
4,514
a22,908
76,471
74,934
India
Australia
Africa, e
Total
Note—The statistics here given are compiled from reports for January, received by
the Bureau of Mines, from all manufacturing plants except one.
Monthly average.
Daily average
Revised.
Zinc
Advanced
Five
Points
Each
on
Active
Buying—Copper Is Unchanged
"Metal
and
Mineral
Markets"
in
its
issue
of
Feb.
27
stated that copper held the attention of consumers of nonferrous metals most of the week, owing chiefly to the dis¬
agreement
among
producers
on
the question of whether the
market is strong enough just now to support a higher trading
level.
Orders for copper in the domestic trade closed during
the last week
booked
the old basis of 9J4c.
Lead
business showed further improvement, which was followed
by a five-point advance in the price.
Zinc sales were quite
impressive, and, with London higher, producers announced
a five-point advance that became effective in some quarters
were
on
Fourth
Quarter
Year
Year
1935
1935
1935
1934
8,300
11,500
48,800
87,000
8,800
12,200
50,000
79,500
7,800
13,800
18,000
18,500
9,600
10,600
46,300
59,400
8,300
16,800
19,000
2,000
18,000
1,900
10,600
12,100
48,600
60,500
8,100
15,800
21,300
22,900
20,000
1,800
300
300
300
300
4,200
83,800
5,400
4,600
78,000
64,600
325,800
108,600
313,300
104,000
281,700
3,620
3,443
8,100
15,000
15,600
22,200
19,000
2,000
18,000
23,300
37,300
46,400
193,700
286,400
32,300
61,400
72,900
86,900
29*100
51,900
168,200
271,600
30,000
58,400
48,600
88,200
73,300
3,700
64,200
76,000
7,700
1,200
17,900
290,600
7,100
1,000
12,400
290,400
93,900
289,900
96,633
1,210,700
100,892
1,130,200
94,183
3,062
3,151
3,317
3,096
Copper content of ore and matte Imported at 95%
including receipts from
Cuba, admitted duty free,
b Imports of blister copper Into the United States
from Mexico,
c Partly estimated; includes Great Britain, Spain, France, Norway,
Sweden, Italy, Yugoslavia, Rumania, and Belgium ex-Katanga; copper from
Katanga matte smelted in Belgium Is credited to Africa,
d Japanese production
Is given in terms of refined copper, which Includes a certain proportion of re-worked
scrap and perhaps some other duplication,
e Partly estimated; comprises Belgian
Congo, Rhodesia, and South Africa.
a
Lead and
Third
Quarter
1935
—
Totals
a
Second
Quarter
1935
Month
1935
April
May
First
Quarter
Month
Foundry Operations in Philadelphia Federal Reserve
District According to University of Pennsylvania
—Increases Noted in Production of Iron and Steel
Castings During January
of iron and steel castings increased during
according to reports received by the Industrial
Research Department of the University of Pennsylvania,
from foundries operating in the Philadelphia Federal Reserve
Production
January,
Financial
Volume 142
District. Most of the steel foundries and many of the iron
foundries, especially those operating outside of the city of
Philadelphia, shared in the increased activity, the Bureau
said.
The total tonnage of castings produced during the
month was the largest in any January since 1931.
Con¬
tinuing, the Bureau stated:
Shipments
indicates
of
steel
accumulated
in
increased
castings
reduction of the
a
December.
This
production.
than
more
of finished
inventories
The iron foundries, however,
Stocks of
raw
mora
materials
iron
castings,
however,
con¬
beginning of the
reported
for collective bargaining.
COMPOSITE PRICES
THE "IRON AGE"
Finished Steel
Feb. 25
1936, 2.109c.
a
One week ago
One month ago
One year ago--
Based on steel bars, beams, tank plates,
Lb.
wire, rails, black pipe, sheets and hot
2.109c.
rolled strips.
These products make
2.130c.
85% ol the United States output.
2.124c.
smaller at the
2.130c.
High
Jan.
7
2.109c.
Feb.
2.130c.
Oct.
1
1934
2.199c.
Apr. 24
2.015c.
3
4
13
Jan.
7
Apr.
2
Dec. 11
Jan.
4
2.124c.
2.008c.
1.867c.
1.9260.
1.9450.
2.018c.
2.273c.
2.217c.
2.212o.
Jan.
8
Jan.
2
Apr. 18
consecutive
1933
1932
1.977c.
December.
end of January than at the
1931
2.037c.
1930.—
2.273c.
month.
1929
2.286c.
2.402c.
Firms
January
Change
1936
ing
Short Tons
from
Dec. 1935
Jan. 1935
from
Iron Foundries—
Production
30
Gray iron
0.0
29
Jobbing
4
+24.9
+22.4
1936
$18.84
+6.3
+ 35.5
—30.7
1935
18.84
—3.3
3,156
+ 21.1
+2.1 '•
—28.7
18
1,382
—22.6
—2.5
325
Scrap
2,190
25
Raw stock—Pig iron..
666
26
Unfilled orders
—21.7
—30.5
8,630
2,887
0.0
—3.7
—5.5
Jan.
7
5
17.83
1
7
Jan.
May 14
Jan. 27
$18.84
Nov.
16.90
1934
17.90
May
1933..
16.90
14.81
5
13.56
Jan.
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
Jan.
7
15.90
Deo.
0.0
Coke
Low
High
1932
+ 39.9
+ 11.4
—49.4
and
Valley
Buffalo,
Philadelphia,
Birmingham.
+6.1
522
29
Malleable Iron
Shipments
One year ago
of basic iron at Valley
foundry irons at Chicago
on average
furnace and
18.84
17.90
+5.2
311
For further manufacture
0.0
Based
Feb. 25 1936, $18.84 a Gross Ton
One week ago
$18.84
One month ago
11,872
3,308
2,786
2,475
Feb. 2
Dec. 29
Dec. 9
Oct. 29
July 17
Nov. 1
Pig Iron
Change
Report¬
30
4
Per Cent
Per Cent
No. of
Oct.
Oct.
Jan.
2.317c.
1928
1927
Capacity
Low
1936
drop in the volume
a severe
than offset the increase reported for
were
articulate in opposing outside inter"
ference with their present arrangements
1935
of
Deliveries
Unfilled orders for steel castings increased for the second
of unfilled orders which
representation plans will become very
castings which were
tinued to lag behind production.
month.
1371
Chronicle
18.21
1930
3
16
1929
18.71
May 14
18.21
Deo. 17
1928
18.59
Nov. 27
17.04
July
19.71
Jan.
4
17.54
Nov.
1927
,
Dec.
24
1
Steel Foundries—
8
Capacity
For further manufacture
+27.4
+ 14.4
+30.8
180
8
......
Jobbing.
+9.7
2,707
Production
—32.1
—8.4
Steel Scrap
,
+34.0
Based
Feb. 25 1936, $14.75 a Gross Ton
One week ago
Shipments
8
7
2,737
3,315
+ 32.1
Unfilled orders
Raw stock—Pig iron
6
392
—0.1
6
7,617
—3.9
+ 33.1
1936
Coke
6
242
—24.8
—17.2
1935
+ 15.3
heavy
1
steel,
melting
and Chicago.
—1.6
Scrap
+ 36.5
No.
on
quotations at Pittsburgh, Philadelphia
$14.33
13.58
11.67
One month ago
One year ago
Low
High
7
Feb. 25
$13.33
13.42
Dec. 10
10.33
Apr. 23
1934
13.00
Mar. 13
9.50
Sept. 25
1933
Steel Production Rises for Fourth Consecutive Week—
$14.75
12.25
Aug.
8
12
6.75
Jan.
6.43
July
Jan.
6
Feb. 18
8.50
Dec. 29
-
8.50
1932
15.00
production continues to rise this week despite the
depressing influences of declining automobile production,
price irregularity and unsatisfactory weather conditions the
"Iron Age" in its issue of Feb. 27, stated.
Ingot output is
now estimated at 55% of capacity, an increase of 1J^ points
over last week.
Chicago district operations are up three
points to 63%, Pittsburgh output is one point higher at 39%
and production in the Far West is up 15 points to 60%.
Ex¬
cept for minor declines at Buffalo and Cincinnati, operations
elsewhere are unchanged.
The "Iron Age" further said:
The remarkable vigor of the industry this month, after a rather
January performance, is
However,
pany executives.
of
a source
raw
some
bewilderment,
faltering
steel
even to
com¬
steel output in February normally antici¬
pates active spring demand and this factor is still important despite tempor¬
arily bearish influences such
weather conditions and price weakness.
as
The
American
probably
60,000 units, February output of cars and trucks is likely to ap¬
January total.
a
decline of more than 110,000 units from
the
March production is naturally expected to be higher, but the
extent of the gain over February will be gaged entirely by actual car sales.
Anticipated improvement in March motor
flected to
a
car
construction is already re¬
slight extent in finished steel releases.
Cleveland makers of
of steel operations
Feb. 25
Mar.
47.9%
48.2%
47.1%
46.8%
46.1%
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
42.8%
42.3%
39.5%
4
Mar. 11
Mar. 18
Deo.
3
July
2
13.08
Nov. 22
Institute
Steel
on
Feb.
24
an¬
8
Apr. 15
Apr. 22
Apr. 29
May
6
May 13
May 20
May 27
3.
June
since Feb. 25 1935 follow:
June
1936—
193f—
48.9%
50.8%
49.7%
50.4%
51.8%
51.9%
50.9%
52.6%
53.7%
55.4%
66.4%
55.7%
64.6%
49.5%
46.7%
Sept. 23
10.....39.0%
38.3%
June 17
Sept. 30
June 24
Oct.
7
1
8
15
July 22
July 29
37.7%
32.8%
35.3%
39.9%
42.2%
44.0%
5
40.0%
Nov. 18
48.1%
48.8%
Nov. 25
47.9%
45.8%
Deo.
9
Dec.
16
July
July
July
Aug.
Aug. 12
Aug. 19
Aug. 26
Sept.
Sept.
2
Oct.
21
28
5
Nov.
Nov. 11
2
Deo.
Dec. 23
49.7%
48.3%
9.
Sept. 16
14
Oct.
Oct.
Dec. 30
"Steel" of Cleveland, in its summary of
markets,
on
Jan.
6
Jan.
20
Jan.
49.2%
49.4%
49.9%
49.4%
50.0%
52.0%
51.7%
52.9%
13
Jan.
27
3
Feb.
Feb.
10
Feb.
17
Feb. 24
the iron and steel
Feb. 24, stated:
Railroad and structural steel demand last week reached a new peak for
possible.
Continued weakness in finished steel prices, particularly on sheets and
strip steel, has led to drastic action
on
A
radical revision of extras
leading producer is considering
a
the part of
some
of the larger mills.
on
wide cold-
rolled sheets and strip which would reduce prices on some sizes but leave the
base
1
Apr.
significant tonnages in the last week. Ford,
however, is holding up shipments of raw materials and parts whenever
14.08
13.08
11
1935—
1935—
sheets and strip steel report a limited improvement in sales, and Chevrolet
is understood to have purchased
&
29
Jan.
telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having
98.0% of the steel capacity of the industry will be 52.9%
of the capacity for the current week, compared with 51.7%
last week, 49.4% one month ago, and 47.9% one year ago.
This represents an increase of 1.2 points, or 2.3%, from the
estimate for the week of Feb. 17.
Weekly indicated rates
Mar. 25
With automobile assemblies this week slated for another drop,
Iron
Jan.
Deo. 31
nounced that
Apr.
proximate only 270,000,
9
17.58
-
Also the period of unseasonably light automobile releases is believed to be
to about
6
Deo.
11.25
16.50
1928
1927
about ended.
f-
3
15.25
1929
Steel
Jan.
11.33
1930
Output Now at 55%
1931...
Jan.
quotations unaltered.
Other changes are in prospect and it is now believed that no general recog¬
quotations
are
be forthcoming when second quarter
announced next week.
Rather it is likely that the present
published prices will be adhered to rigidly
tion of selling
figures
may
automobile requirements.
As there is
on new
business and that stabiliza¬
be achieved during the next three months.
This
would not prevent the shipment of much low-priced tonnage during March
no
indication of abatement in railroad buying, and as con¬
struction work is accelerating with
approach of spring, steelmakers look to
early revival in automobiles to expand operations.
an
nition of shaded current prices will
Meanwhile, they are wrestling with one of the most
ments for second quarter.
Last week it
lb.
generally believed most of the
and strip, at first intended only tot
The $3 a ton concession on sheets
Michigan automobile manufacturers,
and other districts.
a
was
official prices would be reaffirmed.
the first half of the year.
is unaltered at 2.109c.
difficult price pro¬
Sharp and widespread com¬
blems since abandonment of the steel code.
petition in some of the lighter finished steel products has delayed announce¬
and Avould enable buyers to protect themselves over a considerable part of
The "Iron Age" composite price of finished steel
54M%. against the freeze-up in
the year, bracing steelworks operations at
Mills
are
has spread to
Pittsburgh, eastern
considering quantity differentials for these
Nails and
products, similar to those in effect on bars.
ducts have sold $2 a ton under the official market.
some
The $2
other wire pro¬
ton advance in
Steadily rising scrap prices have not been without influence in forcing
mills to adopt a firmer attitude on steel quotations.
The "Iron Age" com¬
semi-finished steel "Was not in effect last week, although the latest suspension
posite price of
of this increase
crease over
scrap has
again risen sharply, to $14.75
the last fortnight having been $1 a ton.
a gross
ton, the in¬
While weather condi¬
tions are still affecting quotations markedly, supply and demand will not
likely be regulated for several weeks, during which time
a
sharp increase in
furnace melt may be expected.
Important railroad orders include 17,000 tons of rails for the Missouri
cars
for the Union
Refrigerator Transit Co. and 300 box
national Great Northern.
cars
for the Inter¬
Northern Pacific is inquiring for 12 large loco¬
motives in addition to the 1000 freight cars announced last week.
structural awards of the week having totaled 25,950 tons.
were
7650 tons and sheet piling orders were 7650 tons.
some
Plate lettings
New structural steel
of the firmness of scrap.
1
heavy melting steel at $16.
Pittsburgh dealers
"Steel's"
programs,
period
compared
with
a year ago.
940.
It is
Freight car awards have amounted to
the
largest
introduced into both houses of Congress last week which would abolish the
basing point system of quoting prices.
The
measure
is largely
a
repetition
buying
movement
since
Public Works Administration poured out funds to the railroads in 1934, and
most of it is
Including
being done with the carriers' funds.
car
repair material, it is probable the railroads have purchased
week included 31,000 tons of rails, Western
'
on
rail orders have totaled 370,069 tons, compared with 111,457
tons in the same
week and 25,350 tons a
ago.
holding
based
Since Dec. 1, three months in which railroads shape up their early buying
more
fortnight
are
scrap composite,
actual sales, is up 58 cents to $14.29.
projects call for 21,800 tons, compared with 13,600 tons in the previous
The steel industry is naturally evincing considerable interest in the bill
This product
Scrap shortages, augmented by weather
conditions, have led to strong advances.
17,501,
The construction industry is still a growing outlet for steel, fabricated
to terminate Feb. 15.
was
Pig iron prices have been extended for second quarter.
shares
No.
Pacific, 10,000 tons of accessories for the Western Pacific, 250 refrigerator
a
than 600,000 tons of steel since Dec.
1.
Outstanding purchases last
Pacific; 17,800 tons, St. Louis,
San Francisco; freight car awards, 250 each for Northern Pacific and Union
Pacific; and 300, Missouri Pacific.
Structural awards totaled 30,967,
largest since the June building
season
of the chronic agitation on this subject which has characterized the entire
last year.
New Deal, but it is not known whether or not the current bill has Adminis¬
Fort Peck dam, Montana; 3,500 tons, Federal Reserve Building, Washing¬
tration support.
ton; 3,100 tons for
Of
more
Its passage, therefore is entirely
immediate
concern are
the
plans for
a
a
matter of conjecture.
unionization drive in the
steel industry which have been announced during the week.
ternal disorganization in the ranks of organized labor
However, in¬
now seems
the chief ally of management in combating this move.
likely to be
It is also expected
that the several hundred thousand members of the steel company
employee
These included 6,500 tons for
a
a
city hall, Kansas City; 6,325
to
commercial building, New York; and 2,000 tons for
American Steel & Wire Co.'s rod mill building, Joliet, 111.
For New York's
tri-boro bridge, 4,000 tons of reinforcing bars were placed.
Sun Shipbuilding
& Dry Dock Co., Chester, Pa., purchased 20,000 tons
of plates for recent vessel awards, San Francisco
for
a
pipe line.
bought 4,400 tons of plates
Early award of 45,000 to 50,000 tons of steel pipe for the
Financial
1372
Detroit
Columbia Gas & Electric Co.'s 285-mile line into
now seems
Auto¬
62,800 units, down 12,200.
Automobile output last week totaled
mobile manufacturers and parts makers have been
before, and
59%, com¬
weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
U.
specifying steel a little
given in
in Great Britain
The British steel industry is
shortage of pig iron and semi-finished
a
steel.
.
Pittsburgh district steelworks operations last week declined 1 point to
Youngstown
1935.
others unchanged.
"Steel's"
iron
and
—
IX
15X
—IX
21
—2
$53.70
—IX
25 X
—1
24 X
1931
52
+ 1X
53
+1
51X
—2
+2X
1930
80
—1
85 X
75
—2
1929
89 X
+1
91
1928
83X
90
1927
87
X
+3X
daily average volume of Federal Reserve bank credit
outstanding during the week ended Feb. 26, as reported by
the Federal Reserve banks, was $2,482,000,000, a decrease
of $22,000,000 compared with the preceding week and an
increase of $29,000,000 compared with the corresponding
week in 1935.
After noting these facts, the Board of Gov¬
proceeds
of
as
follows:
$2,475,000,000, a de¬
and deposits with Federal Reserve
other Federal Reserve
in monetary gold stock and $3,000,000
accounts and increases of $3,000,000
Treasury and national bank currency, offset in part by increases of $4,-
000,000 in money in circulation and $7,000,000 in member
balances.
Member bank
balances
reserve
approximately $3,060,000 in
Relatively small changes
on
banks in 101
$18,000,000 in
total loans and investments, $31,000,000 in reserve balances with Federal
Reserve banks, $51,000,000 in demand deposits-adjusted, and $44,000,000
The
and
purchased bills, industrial advances and United States Government securi¬
on
statement
Increase
(+)
$
■
"
Government securities..
+ 1,000,000
—1,000,000
32,000,000
1,000,000
+13,000,000
Other Reserve bank credit
—31,000,000
+13,000,000
currency._2,5O2,OOO,0OO
—30,000,000
+ 3,000,000
+3,000,000
+25,000,000
+1,639,000,000
—18,000,000
6,775,000,000
5,839,000,000
+4,000,000
+7,000,000
+333,000,000
+1,251,000,000
2,949,000,000
—30,000,000
—57,000,000
577,000,000
—5,000,000
+120,000,000
2,476,000,000
10163,000,000
Monetary gold stock
Money in circulation
Member bank
reserve
week.
_
balances
Treasury cash and deposits with Fed¬
eral Reserve banks
Non-member deposits and other Fed¬
eral Reserve accounts
standing to the credit of domestic banks, and a decrease
as
loans
$3,000,000,
declined
real
loans
estate
$6,000,000
the
commercial paper bought declined
$8,000,000,
increased
York
New
the
in
New York
securities to others, show small increases for
on
Holdings of acceptances and
•
Holdings
of
"Other loans"
and
and
district
$15,000,000 at all
States
United
government
obligations
direct
increased
holdings
fully
obligations
of
guaranteed
government showed no net change for the week,
United States
by the
and holdings of "Other
securities" increased $13,000,000.
Demand
Industrial
Total Reserve bank credit
well
as
banks,
$
7,000,000
6,000,000
2,430,000,000
advances
(not including
$26,000,000 commitm'ts—Feb. 26)
member
$7,000,000 in the New York district and $9,000,000 at all reporting member
Feb. 27 1935
$
■
(- -)
or Decrease
Since
Feb. 19 1936
v"
Bills discounted
Bills bought
reporting
reporting member banks.
Feb. 26 1936
Treasury & National bank
City,
follows:
as
weekly
Loans to brokers and dealers in New York City and outside
parison with the preceding week and with the corresponding
date last year, will be found on pages 1418 and 1419.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
were
of
19 shows increases for the week of
Feb.
of $23,000,000 in government deposits.
The statement in full for the week ended Feb. 26, in com¬
U. S.
condition
in deposit balances
ties.
Feb. 26 1936
+4X
close of business Feb. 19:
leading cities
reported in holdings of discounted
were
+1
—1
80
+3
94
bank reserve
Feb. 26 were estimated to be
of legal requirements.
excess
87
77
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
This decrease corresponds with de¬
$30,000,000 for the week.
of $30,000,000 in Treasury cash
banks and $5,000,000 in non-member deposits and
—
+1
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
The Week with the Federal Reserve Banks
crease
+2
18X.
The
creases
4QX
25
ingot production for the week ended Feb. 24, is
placed at nearly 54% of capacity according to the "Wall
Street Journal," of Feb. 26.
This compares with 53% in
of the Federal Reserve System
—3
'
1932
Steel
On Feb. 26 total Reserve bank credit amounted to
X
+1X
52
+4
'
1933
Pending further price clarification, the finished steel index remains
ernors
59
—1
42
+1
cents to $33.54.
price composite advanced 9
steel
46
—3
45
'+
—2
50
48
54
1934
3 to
was up,
1936
Independents
U. S. Steel
Industry
Cincinnati, 8 to 72.
65; Birmingham, 3 to 66; Buffalo, 1 to 35; and
39%; Chicago M-point to 59; New England, 8 to 75;
in
48%, against 47K% in the week
Leading independents are credited with
ago.
pared with 57H% in the preceding week, and 57% two
London.
cable from
"Steel's"
working at capacity, and there is
Steel is estimated at
S.
46% two weeks
liberally for March requirements.
Further evidence of the remarkable industrial recovery
is
The "Journal"
and 52% two weeks ago.
further showed:
able.
more
the previous week,
prob¬
1936
29
Feb.
Chronicle
district,
increased
deposits-adjusted
$24,000,000
in
the
New
in
$27,000,000
York district,
the
Cleveland
and $51,000,000 at all
reporting member banks, and declined $9,000,000 in the Chicago
Time deposits showed no net
declined
$23,000,000,
change for the week, government
and deposit
creased $26,000,000 in the
district.
deposits
balances of other domestic banks in¬
New York district, $18,000,000 in the Chicago
district, and $44,000,000 at all reportnig member banks.
A summary of the principal assets and liabilities of the
reporting member b#nks, together with changes for the week
and the year ended Feb. 19 1936, follows:
Increase
(+)
Decrease
or
(—)
Since
Returns of Member Banks in
New York
City and
Reserve
System for the New York City member
Chicago member banks, for the current
week, issued in advance of full statements of the member
banks which latter will not be available until the coming
Monday.
banks and also for the
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
26
Feb.
1936
AsS€tS'm^*
19
1936
Feb.
8,048
8,094
Chicago
27 Feb.
1935
26
Feb.
19 Feb.
1936
1936
27
7,401
1,980
*+3,000,000
—3,000,000
+8,000,000
—165,000,000
—90,000,000
+19,000,000
3,281,000,000
8,726,000,000
—1,000,000
*—15,000,000
+ 9,000,000
+ 931,000,000
1,197,000,000
3,186,000,000
+13,000,000
+487,000,000
+220,000,000
Loans
on
others
to
real estate
1,146,000,000
Loans to banks
69,000,000
Other loans
U. S. govt, direct obligations
fully
1,689
Reserve with Fed. Reserve banks.
4,772,000,000
359,000,000
2,334,000,000
Balances with domestic banks
Liabilities—
Demand
to
(except banks)
Accepts, and com'l paper bought
Loans on real estate
14,112,000,000
4,889,000,000
524,000,000
deposits—adjusted
882
582
28
Time deposits-
62
56
25
27
25
United States govt, deposits
Inter-bank deposits:
736
738
764
145
146
171
160
160
228
15
15
40
others
Domestic banks
5,659,000,000
397,000,000
2,000,000
Foreign banks
134
134
131
15
15
18
Loans to banks
31
33
61
5
5
8
Other loans...
1,100
1,095
1,170
255
258
3,431
3,438
3,108
1,177
1,175
Borrowings
+31,000,000 +1,096,000,000
+49,000,000
+2,000,000
+28,000,000
+265,000,000
+51,000,000 +2,458,000,000
+15,000,000
—23,000,000
—642,000,000
+ 44,000,000
—5,000,000
+ 826,000,000
+217,000,000
—3,000,000
236
TJ. S. Govt, direct obligations..
—44,000,000
+43,000,000
by
guaranteed
61
Outside New York City
securities
(except banks)
2,057,000,000
Accpts. and com'l paper bought..
351,000,000
securities
869
In New York City
on
+209,000,000
+4,000,000
on
Cash in vault
1935
1,985
Loans to brokers and dealers:
Loans
+1,000,000
+3,000,000
City
Outside New York City
Other securities
Ǥ>*$$$$$
Loans and investments—total__
909,000,000
178,000,000
In New York
Loans
United States government
New York City
$
+18,000,000 +1,614,000,000
Loans to brokers and dealers:
Obligations
(In Millions of Dollars)
Feb.
$
Loans and in vestments—total..-.21,100,000,000
Below is the statement of the Board of Governors of the
IN
Feb. 20 1935
A. sscts~T
Chicago—Brokers' Loans
Federal
Feb. 12 1936
Feb. 19 1936
873
Obligations fully guaranteed by
United States government....
444
436
285
89
89
78
Other securities
1,082
1,116
1,016
254
255
2,533
2,498
1,773
487
504
Feb. 12 figures revised
Sanctions Committee to Meet March 2 to
Embargo Against Italy—Italian Troop
Continue Advance in Northern Ethiopia—No Prog¬
ress Made in Naval Parley at London
401
Cash in vault
54
50
54
36
36
Balance with domestic banks.._
77
80
67
167
165
475
471
629
80
78
6,020
6,028
4,936
1,418
413
80
1,431
414
82
1,222
374
42
579
4
501
Other assets—net
Consider Oil
36
186
7
97
The
* Liabilities—
Demand deposits—adjusted
Time deposits
542 1
537
610
United States govt, deposits
131
137
525
2,339
2,345
367
1,959
Inter-bank deposits:
Domestic banks
Foreign banks
<
364
151
580
4
3
Other liabilities
327
315
4
282
34
33
43
Capital account
1,464
1,464
1,457
221
225
224
Borrowings
*
Revised figures.
....
(Chicago district).
League
212
Reserve with F. R. Bank.
*
League of Nations Sanctions Committee of Eighteen
will meet in Geneva
oil
embargo
Ethiopian
against
war.
on
March 2 to discuss
Italy
an
effort
application of an
the Italo-
to halt
Meanwhile it is indicated that Italian troops
under command of General
in
in
Bodaglio continued their advance
northern
Ethiopia, and Italian officials predicted the
early capture of Alaji, the furthest point reached by the
Italian expedition of 1895-1896, which was virtually wiped
out.
Ethiopia,
on
the other hand, claimed
on
Feb. 25 that
its troops had made a successful raid
of Eritrea and destroyed a supply
exceeding
into the Italian colony
base, killing over 400
all
the
Previously the Japanese representatives had with¬
parley. As a result of the Italian move and
apparent reluctance to conclude an agreement,
Great Britain was reported this week to be considering the
proposal of a naval agreement between the United States,
Germany and Britain.
The French delegates on Feb. 25
sought to block such a move by proposing that the confer¬
ence conclude
a four-power accord
signed only by Britain,
the United States, France and Italy.
Our latest reference to the Italo-Ethiopian war was in the
part
25
Feb.
of
France
commented
willing for Britain to seal
was
Britain
the
and
While
United
France
separate naval pact with Ger¬
a
three-power agreement between Germany,
which would leave France and Italy out.
States
3-power agreement,
draft treaty providing
Cabinet
met
Berlin
in
the
German
for
qualitative naval limitation
consider
to
and
a
a
naval building pro¬
exchange of
an
evolved during the present conference.
Britain apparently is leaving the door open to both solutions—a 4-power
grams
as
Britain,
between
pact
United
the
States,
Anglo-German arrangement and
the United States
and Germany.
by
The
French
De Leuze
It
L.
R.
Craigie,
French
the
understood
was
the
of
Foreign
accompanied
Italy
and
conferred
that
at
if
Anglo-German
an
4-power
Associated Press Geneva advices of Feb. 22 described the
agenda of the meeting scheduled for March 2 as follows:
agenda
The
first
also
the
for
meeting contained two questions:
application of the proposed embargo
concerned
coal,
date
be fixed
to
The
second
until
the investigation
of or less than $25,000 will be given cash until
$2,250,000 has been exhausted.
The payment of this amount
pledged by the Bank of Brazil.
Creditors for larger amounts will be paid in "serial notes of the Bank
Creditors holding claims
fund
is
experts, recently drawn
on
Italy conditional
Italy to
first
strengthen
imposed
States
United
the
upon
the
arms,
Italy
upon
in
each series to mature
to
and
in
its
holding
oil sanction
oil
exports to
for
punishment
nation's
the Fascist
We also quote from a London dispatch of
This
in the "Chronicle"
report
warfare
on
Feb. 20 to the
Feb.
of
interdepartmental committee under the chairmanship
Permanent
Under-Secretary
the Colonial
in
Office,
of
June by
an
Maffey,
instructed
Sir John
which
was
report on the probable effect of Italian occupation of Ethiopia on British
interests in that country.
"We
In the preamble to its findings the committee said:
not asked to
were
whether
should
Italy
annum."
With
opinion on the fundamental issue of
Abyssinia, thereby violating at least three
express our
occupy
Preamble
in
Italy.
to
as
It
from
Rome
also declared in
That
also
London
in
to-day,
that
committee went
so
far
omitted
was
from
last
on
the
Rome
version.
is
It
four months before
June,
as
the
Italy began
Maffey report
as
her
and
war,
of
theft either
of
an
official
that under the
neighbor has greatly deteriorated.
never communicated to the Italian
a
was
government through proper diplomatic channels, there
case
provided that
furnish
the creditor must
ceeds of the notes which
the bank is
resolution
the
of
"the pro¬
that
evidence
discount hereinunder will
directed to
be to enable such creditor to carry on or
Bondholders'
increase its export business."
Colombia
Contends
Committee
Dis¬
criminates
Against American and British Bond¬
holders—Cites Payments to French and Belgian
Although the Colombian government has ceased to make
payments upon its obligations to American and British bond¬
the Republic during 1935 "faithfully continued to
obligations to French and Belgian creditors as
well as to the American-French syndicate, which holds the
Colombian short-term credit," said an announcement made
public on Feb. 24 by Lawrence E. de S. Hoover, Secretary
her
meet
the Colombian Bondholders Committees.
of
stated
tions
document
or
of
a
seems
to be
photostatic
a
clear
copy.
"Colombia
that
to
foreign
It
data—that
of
during the
her
obliga¬
announcement of
Mr.
recently made by the Bondholders
estimates
based
2,860,000
to
pesos
certain
paid
the
represented
creditors.
her
of
official
Colombian
upon
1935 the Colombian government
year
these payments
of
likewise
It is
meet
study of the Colombian government
a
estimated1—the
approximately
portion
The
to
The announcement continued:
been
has
on
1935,
during
Committees.
also continued
contractors."
based
was
finances
redemption
the
of
total
a
large
A
principal
itself to the French and Belgian creditors.
amount
syndicate
interest
the basis of
on
last
June
the
of
than
paid for
short-term
the
on
syndicate of American and French bankers
a
while
ments
the
to
pesos
Colombia
her French
and
largely the redemption of the debt itself.
distributed to
American
their
on
bonds
bondholders
bonds.
paid
Belgian
weekly
during
creditors,
repay¬
1935
more
representing
The balance of the above fund
applied to the consolidated external debt, the
would
The
receive
amount
outstanding in the
of
United
(par) excluding $5,483,000
the
$16,951,000
foreign contractors.
similar payments were
If
of
than 1,000,000
into with this banking
initiated
government
Likewise,
credit
was more
agreement entered
an
Colombian
principal.
1,100,000
was
country to have the Italians instead of he Ehiopians as
British frontiers in East Africa is that the report was made
present circumstances Italy's status
Inasmuch
the
notes,
determine, or in case of failure to agree upon a specific note or notes those of average
maturity then unpaid as nearly as may be calculated.
Maffey committee admitted it would
better for this
neighbors
the
of
says:
"Any creditor whose deposit of notes shall have beenlacceptedlmay from time
June 1 1937, direct the bank to discount,
The
the report published last night
London that the
London's retort to the fact that the
be
received
omitted from the version of
is
Discounting Plan
discounting
and in such case the bank will discount all of the notes deposited by said creditor,
or such specific notes or notes therefrom as the bank and the creditor may Jointly
due to
Not Published
in its report that Italian occupation of Ethiopia would be inde¬
say
fensible.
dispatches
to
was
the
to
to time thereafter up to and including
pesos,
According
respect
Export-Import Bank
existing treaties and the Kellogg pact and the League covenant."
preamble
be the
will
amounts—the aggregate of which
substantially equal
principal amount of the eligible claims of the creditor plus 10% as interest
for the entire period of the .notes, at the rate of approximately 4% per
Hoover
22:
British Foreign Office last
made to the
was
1
holders,
embargo was proposed .as an additional measure,
financial and economic sanctions already being
New York "Times" regarding the British report on Ethiopia
which was recently published in Italy, and which was re¬
to
1936, and another each month
July 1
1941,'' according to a letter by the
"The notes of a series issued to each creditor shall
including Feb.
Foreign Trade Council.
be
dated March 2 1936, the
by the Brazilian government,
of
thereafter
committee of
an
Ethiopia.
ferred
indorsed
note
Creditors
of
success
normal level.
a
oil-coal-iron-steel
The
to
which made the
up,
of
Brazil
of
made.
was
question concerned the report by the League
oil
to
in which the shipments were made.
an
be
whether claims are payable in dollars or milreis and upon
upon
and
oil,
on
iron and steel.
The committee has already voted in principle
embargo upon these products, but decided the sanctions would not
imposed until it was found that they could! be made effective, with no
on
Brazil before Sept. 12
cleared in Brazil through
of exchange,
goods
on
to be determined by varying rates
are
depending
*
accord—thus relieving France
of the onus of blessing German naval rearmament—France's political objec¬
tions to a naval pact will have been overcome.
Then, it was expected,
Italy would fall into line.
The
Amounts
the period
when Capt.
delegation
naval expert.
confident
are
the British
to
French
Office
agreement can be separated from a
60% of subsequent claims
1935.
11
-
presented)
was
Paul-Boncour
Jean
and
with
noon
counter-proposal
France
British naval understanding with
a
an
be 4%.
for Claims
The agreements cover payments for goods reaching
1934, and
Feb.
a
sought to counteract proposals for
The discount rate will
to the amount of $27,750,000.
Bases
in
the naval conference
on
Washington providing for the discount of such
the Export-Import Bank of
notes up
of trustees of
A resolution was passed by the board
monthly instalments.
a
but she shied away from
many,
United Press London
follows:
as
will be made in serial notes On which cash is to be paid in
The payments
of France's
advices
made known on Feb. 24
by the National Foreign Trade Council, it was stated in the
New York "Journal of Commerce" of Feb. 25, which said:
drawn from the
1208-09.
Brazil, backed
56 monthly instal¬
next.
The terms of the agreement were
League members abandoned the use of sanc¬
"Chronicle" of Feb. 22, pages
it is estimated, will take care of virtually
This,
through cash payments.
to receive credit notes on the Bank of
are
ments, the maturities beginning on July 1
delegates indicated that they could not join a naval agree¬
tions.
claims
by the Brazilian government, which will be issued in
The Italo-Ethiopian war had an indirect effect this week
on the naval conference being held in London, when Italian
unless
$25,000 each.
smaller
Larger creditors
Italian soldiors
ment
1373
Financial Chronicle
Volume 142
States
than
has
50%
of
national
been
amount to
the
due
interest
dollar
$45,731,000
government
reduced to
held by the Colombian
(par)
sterling bonds taken at
more
Colombian
$6,860,000.
Treasury, while
interest due
the dollar bonds outstanding in the United States amounts to $2,745,000
upon
par
The
annually, while that upon the British to about $350,000, making
of
$3,095,000, or equal to approximately 5,425,000 pesos taken
a
total
at the
exchange.
It is obvious, therefore, that the Colombian government has been
repay¬
ing her other creditors (while she has completely defaulted on her dollar
and sterling bonds) to an amount which would be sufficient to meet more
than 50% of the interest denied to the American and British bondholders.
current rate of the
Brazil
SignsiPact Releasing to American Creditors
$30,000,000 of Frozen Exchange—Payments to Be
Made in Cash and Bonds
over
Period of 56 Months
On Feb. 21 Oswaldo Aranha, Brazilian Ambassador to the
United States, and E. P. Thomas, President of the National
Furthermore, Colombia retired
Foreign Trade Council, signed
1935.
agreement whereby Brazil
to $30,000,000 of frozen ex¬
change to American creditors.
It is stated that the credits
were frozen before February 1935, Brazil having since liqui¬
will
undertake
to
release
an
up
dated most of her commercial transactions.
As to the agree¬
the
and
year,
in
addition
a
substantial
reported
sum
of its internal debt during
budgetary
surplus at the end of
Lopez assumed the Presidency in July 1933, the
internal debt of the Colombian government was reduced by
nearly 6,000,000
pesos, while several millions of foreign obligations for war materials and
Since
armaments
Dr.
a
Alfonso
liquidated.
In addition, the gold reserve of the Banco
(the central bank) were increased from nearly 18,731,000
pesos to 32,214,582 pesos at the end of 1935.
de
were
la Republica
...
ment, Washington advices, Feb. 21, to the New York "Times"
of Feb. 22 stated:
The
the
agreement followed extensive negotiations and
reciprocal
States
and
Brazilian
frozen
trade
Brazil
agreement
by which,
government
concluded
through
pledged itself
commercial credits
as
a
a
to
means
of
last
was
year
between
collateral exchange
take
measures
outgrowth of
an
the
of
aimed
United-
notes,
at
the
releasing
further stimulating trade between
the two countries.
The
application
of
will make available
a
$2,250,000 in United States currency in New York funds for
toward
the
claims
of
conditions,
Colombian
the
it
government
debt instead of
Colombian
would
government
appear
would
only
suspend
are
to be substantiated by
reasonable
payments
to
expect
that
the
the entire foreign
singling out the consolidated and sterling bond issues. .
upon
.
This
attitude
of
the
Colombian
government
American and British bondholders is
a
discrimination
towards
these
.
in
denying payments to the
indefensible, and this action is obviously
creditors.
To
agreement provides that Brazil by March 1
maximum
If
actual
liquidation
of
claims
of
United
States
citizens
not
deny payment to the holders of her external debts is denying payment
to the American public, who hqjd
tnqre than 80% of the Colombian foreign
debt while also
consuming
more
than
80%
of the
Colombian coffee,
main article of export and source of revenue to Colombia.
the
March
for
on
subdivision
in the denomination of
1933, securities of a foreign
government which has continued the full service of its obliga¬
tions in the United States, the proceeds of which are to be
devoted to the refunding of obligations payable in the United
States, may be publicly offered upon the expiration of a 7-day,
period following the filing of a registration statement. This
provision enables the bankers to offer the Kingdom of Nor¬
way issue ahead of the usual 20-day period required of cor¬
porate registrants.
A registration statement covering the
Kingdom of Norway loan was filed with the Securities and
Exchange Commission on Feb. 24; filing of the statement is
referred to elsewhere in our issue of to-day.
to
as
bonds
The
of^the bank.
South
Wales
Calls for Redemption
Sinking Fund gold Bonds
(Australia)
$83,000 of External 5%
due April 1 1958
made Feb. 27 that the Chase Na¬
York, as successor fiscal agent, is notifying
holders of State of New South Wales, Australia, external
Announcement was
tional Bank, New
5% sinking fund gold bonds due April 1 1958, that there
been drawn by lot for redemption at their principal
amount on April 1 1936, for account of the sinking fund.
has
$83,000 principal amount
will be
Trust
of these bonds.
Drawn bonds
Corporate
payable on that date, it is stated, at the
Department of the bank, 11 Broad St.
The
each
Field, Glore & Co
Graham, Parsons &Co
Goldman, Sachs & Co
tina, has completed the
deposit of funds with them a- paying
under the Loan Readjust¬
agent, due on the adjusted basis
ment Plan of 1934, for the Sept. 1
1935 and the March 11936
service of interest and sinking fund with respect to Province
of|Santa Fe public credit external 7% sinking fund gold
bonds due Sept. 1 1942.
Coupons due Sept. 1 1935 will be
paid upon presentation and the March 11936 coupons will be
paid on the due date upon delivery to the Paying Agent of a
waiver properly executed, it is stated.
Copies of the waiver
may be obtained from the paying agent.
Rulings on the bonds by the New York Stock Exchange
were
announced as follows on Febl 25 by Ashbel Green,
Secretary of the Exchange:
/
NEW YORK STOCK
Feb. 25 1936.
received that the interest due
Septal 1935 (2%), on
Province of Sante Fe public credit
external 7% sinking fund (3% annual
cumulative) gold bonds, due 1942,
stamped, is being paid, and that the
interest due March 1
1936, (2%) will be paid on that date:
The Committee on Securities rules
,
that the bonds be quoted ex interest
2% on Feb. 26 1936, and 2% on March 2 1936;
That the bonds shall continue to be dealt in "Flat" and to
the bonds
Stock Exchange on Feb.
York
New
The
Kingdom of Norway filed on Feb. 24 a
registration
2-1932) under the Securities Act of 1933
covering $17,000,000 of 20-year 4%% sinking fund external
loan coupon bonds maturing March 1 1956.
In an announce¬
ment issued Feb. 24 (Release No. 674) the Securities and
statement
(Nth
Exchange Commission also
said:
statement, the net proceeds from the 6ale
bonds, together with other treasury funds, are to be devoted to the
According to the registration
$16,445,000 of 30-year 6% sinking fund external loan gold
16 1922, due Oct. 15 1952, to be called for redemption
April 15 1936.
Also, $110,902.19 of the proceeds are to be applied
the payment of interest on the bonds to be redeemed for the period
refunding of
bonds, dated Oct.
to
25 requested
registered firm, and every Exchange member who is
not a partner in any firm, to submit to the Committee on
Business Conduct by noon Feb. 28 (yesterday) information
in respect to their full-lot transactions on Feb. 17 in group
of 13 public utility stocks.
The request was the result of
unusual activity in trading in the stocks on Feb. 17, the day
the United States Supreme Court handed down its decision
upholding the Tennessee Valley Authority.
Filing of Registration Statement with SEC
Illinois Light Co. Covering $7,178,500
Consolidated Mortgage Bonds
On Feb. 25 the Central Illinois
by Central
First and
Light Co. filed a registra¬
(No. 2-1937, Form A-2) under the Securities
Act of 1933 covering $7,178,500 first and consolidated mort¬
tion statement
bonds, due 1966, the Securities and Exchange Commis¬
(in Release No. 677), stating:
gage
sion announced Feb. 25
proceeds from the eale of the issue are to be used, together with
estimated at $400,000, to redeem, on April 1 1936,
treasury funds
company's outstanding $7,178,500 first
the
and refunding mortgage 30-year
5% gold bonds, due April 1 1943, at 105% (total required $7,537,425).
The bonds are to be redeemable at the option of the company, as a whole
and accrued interest, together
1943; and if
redeemed after April
1 1943, and on or before April 1 1962, with the
premium decreased by % of 1% for each full 12 months' period elapsed
after April 1 1942 ; and with no premium if redeemed after April 1 1962
in part, on
with
of 7%% if redeemed on or before April 1
prior to maturity.
and
commitment
firm
No
if
at least 30 days' notice, at par
premium
a
the
issue
is
missions
further
information
issue.
as
When, as and
to underwriting and
the registration statement;
supplied by amendment are the underwriting discounts or com¬
be
also to
the
made to take
has been
underwritten,
will be supplied by amendment to
underwriters
and the
price
at which the
issue is to be offered to the public,
although the registration statement states that the
ing price is 105%, of an aggregate of
proposed maximum offer¬
$7,537,425.
statement states that the company is not a holding
company within the meaning of the Public Utility Holding Company Act
of 1935, but that it is, however,
a subsidiary of the Commonwealth &
Southern Corp.
(Delaware), which has not registered as a holding com¬
The
pany
registration
The Commonwealth & Southern Corp. has filed a bill
United States District Court for the district of
of obtaining a decree preventing the enforce¬
against it.
The registration statement further states that
under that Act.
complaint
for
in
the
the
ment of the Act
purpose
opinion of counsel for the company, so long as the
Commonwealth &
under the Holding Company Act, its
provisions with reference to subsidiary companies of registered holding
companies do not apply to Central - Illinois Light Co.
Accordingly, no
declaration with respect to the securities covered by this registration has
Southern
Corp.
been filed under
of
is
not
registered
the Holding Company Act.
Wallace is President
Barthold is Chairman of the Board and R. S.
the company.
Jones &
Secretary.
Registration Statement Filed by Norway Under Securi¬
ties Act Covering $17,000,000 of 4^% Sinking Fund
External Loan Coupon Bonds
on
Utility
every
Laughlin Steel Corp. Files with SEC—Regis¬
Statement
Covers
$40,000,000
of
First
Mortgage Bonds
That the Jones & Laughlin
the
Exchange Asked for Data
Trading Feb. 17—Inquired into Deals in
Stocks Following TVA Decision
tration
ASHBEL GREEN,
of
March 2;
of the
is expected on
is made elsewhere in to-day's issue
on
coupons.
The
500,000
300,000
225,000
♦
W. H.
be a delivery
in settlement of transactions made beginning Feb. 26 1936, must carry the
March 1 1936, and subsequent coupons; and in settlement of transactions
made beginning March 2 1936, must carry the Sept. 1 1936, and subsequent
of
offering
Members of New York Stock
in the
Notice having been
,
$500,000
"Chronicle."
Delaware
Committee on Securities
L
be
to
reference to this
of
EXCHANGE
by
price to the public and the underwriting discounts or commissions
furnished by amendment to the registration statement.
The
are
underwritten
Stone & Webster and Blodget,
Inc
3,600,000
2,700,000 Coffin & Burr, Inc
2,700,000 Harris, Hall & Co., (Inc.)
675,000 Baker, Weeks & Harden
500,000
Kidder, Peabody & Co
or
Trust Co., New York, announced
Feb. 24 that the Province of Sante Fe, Republic of Argen¬
Manufacturers
$5,300,000
Lazard Freres & Co., Inc
Halsey, Stuart & Co., Inc—_
'
to be
the amounts
follows:
as
The net
Exchange
and after March 1
on
and
underwriters
principal
are
other
The
four
1946, at the
option of the government, after
at the
in part,
whole or
in
principal amount and accrued interest.
♦
(Argentina) Provides for Payment
of Interest on Public Credit External 7% Gold
Bonds—Rulings on Bonds by New York Stock
Province of Sante Fe
exchangeable
in the denomination of $1,000, registerable
coupons,
redeemable
are
notice,
Public
Sewerage and Drainage
53^% Gold Bonds due
April 1 1950 Drawn for Redemption
City Bank Farmers Trust Co., New York, successor fiscal
agent, is notifying holders of Metropolitan Water, Sewerage
and Drainage Board, New South Wales, Australia, 20-year
5y2% sinking fund gold bonds due April 1 1950, that $54,000
principal amount of these bonds have been drawn by lot
for redemption on April 1 1936, at their principal amount,
it was announced Feb. 28.
Bonds so drawn should be
presented for payment on that date at the principal office
$54,000 of Metropolitan Water,
Board, New South Wales,
in temporary form, without coupons,
The temporary bonds will be
only.
principal
weeks'
bonds
The
Norway.
in
thereon
taxation
to
$1,000.
with
for definite bonds,
Under the Securities Act of
New
subject
in the first instance
issued
to be
are
taxing
or
otherwise
holders
payable
the Kingdom of Norway or by or within any political
authority thereof, except when in the hands of
levied by or within
noted in these columns of Feb. 22,
.
be
will
bonds
the
on
1.
or
are
proceeds.
semi-annually on Sept. 1 and
Both principal and interest will be payable without deduction
account of any present or future taxes or duties imposed or
Interest
1209.
page
net
the
from
represent the first European government financing in this
market since 1934. It had been expected that the issue would
be offered this week, as
other than sales commissions or discounts,
bonds,
$17,000,000 of 20-year 4J^% sinking fund ex¬
bonds of the Kingdom of Norway is ex¬
pected to be publicly offered on Monday (March 2) by a
group headed by Lazard Freres & Co., Inc.
This issue,
which will mature in 1956, is for refunding purposes and will
The issue of
ternal loan coupon
1936.
sale of the
also to be deducted
incurred by the government in connection with the
The expenses
Expected March 2
Bonds of Norway
1936
29
the date of delivery of the new bonds and April 15
beginning with
4^ External Loan Coupon
Offering of $17,000,000 of
Feb.
Chronicle
Financial
1374
Steel Corp. bad filed a regis¬
(No. 2-1941, Form A-2) that day covering
tration statement
$40,000,000 of first mortgage bonds, series A, due March 1
was announced by the Securities and Exchange Com¬
mission on Feb. 26
(in release No. 679).
Of this issue,
1961,
the
Commission
said,
$31,500,000
is
to
applied
be
to
construction and equipment of a new plant, constituting
the
the
largest amount of "new money" ever registered by a single
issuer under the Securities Act of 1933. The Commission's
announcement continued i
The
under
company
this
states
that the
registration will be
net
proceeds
of the
applied substantially
bonds
as
to be
offered
follows:
(a) $25,000,000, as estimated by the registrant, to cover the cost of the imme¬
diate construction at the Pittsburgh Works of the registrant a continuous wide
strip-sheet plant and additional electric generating capacity therefor.
(h) $5,500,000 to discharge indebtedness of the registrant to the Union Trust
Co. of Pittsburgh, which Indebtedness was contracted on Feb. 18 1936, to provide
Financial
Volume 142
the corporate trustee under the Indenture
Co., dated May 1 1909, for the retirement
and redemption on May 1 1936 of all the outstanding first mortgage 30-year 5%
gold bonds of Jones & Laughlln Steel Co. due May 1 1939 (assumed by the regis¬
trant), at 105% of their principal amount.
The balance of $10,400 required for
the retirement and redemption of said bonds and the accrued interest on said bonds
to May 1 1936 was paid to the corporate trustee by the registrant out of its treasury
in part the funds paid on Feb. 21 1936 to
of first mortgage of Jones & Laughlln Steel
funds
Feb. 21 1936.
on
estimated by the registrant, to cover expenditures already made
and to be made for the construction of a new 44-inch electrically driven blooming
mill at the Pittsburgh Works of the registrant.
(d) $1,500,000, as estimated by the registrant, to cover expenditures already
made and to be made for the construction of additions and improvements to the
four-high cold reducing mill at the Aliqulppa Works of the registrant.
(e) Any balance of such net proceeds to be used for additional working capital
(c) $5,000,000,
as
and other corporate purposes.
and the under¬
supplied by amendment
to the registration statement.
Provision for sinking fund is made in con¬
nection with the issue as follows: (a) on July 1 1938 and thereafter an¬
nually on July 1, 2% of the aggregate principal amount, and (b) on July
1 1937 and annually thereafter on July 1, 10% of earnings available for
dividends.
The bonds furthermore may be redeemed by lot on Sept. 1 of
"any year beginning with 1937 on dates and at prices to be announced later,
The
interest rate
writers
and
have
callable
are
the bonds,
on
not yet
dates
on
the price to the public,
been determined and will be
to be announced later.
at prices
and
the
to
plant and equipment to be
new
Works of the corporation
hot rolled strip colls now
and in place of the light weight
temporarily being produced by an independent manufacturer from slabs furnished
by the corporation.
Furthermore, wide skelp may be produced by the new mill
for the pipe mills of the Aliquippa Works and, when desirable, for sale to the trade.
On
S.
31
Dec.
E.
Haeket
1935
the
corporation
assets of $181,692,941.97.
corporation.
had! total
Pittsburgh is President of the
of
The
being registered will be
stock
common
warrants at $20
purchase
year
a
offered to holders of the 10-
share until April 1
after April
1936, and on
1
the warrants
on
April 1 1946, at $35 a share.
are redeemable at 105% until April
1 1939, and at
The debentures
less
1937, and thereafter
for each full year elapsing
and after April 1 1942, until the expiration of
April 1 1942, at $20 a share plus $2.50
until
each
for
redeemable
The
full
at
year
thereafter, until April 1 1948,
^%
when they will be
par.
corporation also filed
another registration
,
be used for general corporate purposes.
the proceeds are to
The
corporation
was
tion of the following
Founders
ties
1935 as a result of a consolida¬
American & Continental Corp., American
formed on Nov. 23
corporations:
Corp., American & General Securities
Corp.
Securities
Corp., International Securi¬
Management Corp., Second International
Corp., United Founders Corp., and United States & British Inter¬
of
Reliance
America,
Co., Ltd.
,
Milton, of Jersey City, is President
David M.
of the corporation.
SEC Seeks Data from Fixed Investment
Trusts by May
15—Questionnaire Covers Period from Jan. 1
to
Statement
Steel Hoop
Debentures
SEC by Sharon
with
Filed
Co. for $2,000,000 of 434}% Convertible
and 40,000 Shares of $5 Convertible
Preferred Stock
the Securities and
filing that day of a
registration statement (No. 2-1938, Form A-2) by the Sharon
Steel Hoop Co. of Sharon, Pa., has filed a registration state¬
ment under the Securities Act of 1933 covering $2,000,000
15-year 4%% convertible debentures and 40,000 shares of
$5 convertible cumulative preferred stock, without par value.
The registration statement also covers an unnamed number
of shares of no par common stock to be reserved for issuance
upon conversion of the debentures and the preferred stock;
In
Release
No.
issued
676,
Feb. 25,
Exchange Commission announced the
also
scrip to be deliv¬
unnamed amount of common stock
an
conversion in lieu of fractional shares, the Com¬
mission pointed out; it added:
The proceeds from the sale of the debentures and the $5 preferred stock
covered by this registration statement are to be used to redeem $5,328,000
principal amount of series "A" bonds now outstanding, at 103% and
erable upon
total redemption price
The
interest.
accrued
accrued
is
interest,
$5,487,840.
quired to pay the redemption price is to be
for
be used
to
The Securities and Exchange
Commission, in connection
and investment companies
States directed the Com¬
mission to make, published on Feb. 27 a questionnaire to be
sent to incorporated and unincorporated fixed and semi-fixed
investment trusts.
Replies to the questionnaire, the Com¬
mission announced, are required on or before May 15 1936
from such investment trusts which had at any time total
assets and deposited property amounting to $500,000 or
with its study of investment trusts
which the Congress of the United
questionnaire covers substantially the period
31 1935, or from the date of or¬
The
more.
from Jan. 1 1927 to Dec.
debentures
the
of
paid into the company's treasury
purposes.
are
to be redeemable as a whole or in
part
103% if redeemed on or before March 1 1941.
102% If redeemed after March 1 1941 and on or
101% if redeemed after March 1 1946 and prior
The
terms
of conversion
$107.50
an
price
redemption
before March 1 1946.
to maturity.
have not yet been determined.
the
if redeemed on or before Mar.
share
per
for
amendment to the registration statement.
states, however that the
The registration statement
convertible debentures will be offered at a maximum
price of
100% and the $5 preferred stock will be offered at a maximum
price of
$100 per
A.
Henry
share.
Roemer, of
questionnaire requires information
Pa., is President
and Chairman of
the
Board of the company.
the price at
In addition,
General
Corporation,
Jersey
City,
Files
and Common Stock
(No. 2-1929) was filed on Feb. 21
by the American General Corp., of Jersey City, N. J., under
tbp Securities Act of 1933, covering $22,000,000 of 20-year 4*^
debentures due April 1 1956, with 10-year purchase warrants
for common stock attached, and 440,000 shares of 10c. par
A registration statement
value common stock, the
sion announced Feb. 24
The debentures
are
Securities and Exchange'Commis¬
It said:
(in Release No. 670),
to be offered in
exchange for outstanding debentures
corporations assumed by the issuer, on a par-fof-par basis, but
of $20 for each $1,000 principal amount of such deben¬
tendered for exchange.
The outstanding amount of the debentures
of predecessor
tures
a
cash bonus
assumed
and
the corporations by which they were
issued
International Securities Corp. of America
Second International Securities Corp
United States & British International
Reliance
Any
;
Co., Ltd
Management Corporation
of
future be
the
debentures
offered
a
are as
follows:
$13,106,000
3,731,000
2,354,500
' 1,056,000
in the exchange plan may in the
price not to exceed 104% of the principal
not issued
for cash at
amount.
supporting schedules covering the past nine years are
requested.
In connection with
the formulation of this
received the co-operation
questionnaire, tbe Commission
of a committee composed of J. S. Myers, Dis¬
Co.; J. M. Hencks,
Inc. This
Committee acted for fixed or semi-fixed investment trusts which represented
a substantial portion of the total resources of that type trust.
In addition, the Commission conferred with the Investment Trust
Committee of the New York State Society of Certified Public Accountants
tributors Group, Inc.;
and with other
The
B. F. Castle, Ross, Beason &
H. I. Shaw, Massachusetts Distributors,
Calvin Bullock, and
representative independent accountants.
Commission
answered by fixed or
also released a summary
statement required to be
semi-fixed investment trusts which did not at any time
$500,000 or more.
The answers
and deposited property of
have total assets
to this summary
statement are due not later than
April 1 1936.
Applications Filed with SEC by 3 Foreign
for Permanent Registration of Bonds
Governments
on
New York
Three foreign governments during the past week filed ap¬
plications with the Securities and Exchange Commission for
the permanent registration of their bonds on the New York
Stock Exchange, as required under provisions of the Securi¬
ties Exchange Act of 1934. |Foreign nations have until
March 31 to comply with the requirements of the Act after
which their securities will be removed from trading.
The following are the governments which filed during the
past week, as announced by the SEC:
City of Trondheim (Norway)—$2,232,000 of City of Trondheim (or
Trondbjem) 5)4% bonds of
June 1, 1958 issued.
Dominican Republic—$8,280,000 of 14-year
5)4%
issue of 1926, second series
$8,012,000 of 20-year 5)4% customs administra¬
administration sinking fund gold bonds
due Oct. 1
tion
1927, due May 1 1957, issued.
(Republic of Poland)—7% 30-year sinking external
gold bonds of 1928, dus
Government of the
Registration Statement with SEC Covering $22,000,000 of 4% Debentures—Also Files for Preferred
with
which trust shares were sold to or redeemed from the public.
annual statements of trust assets and liabilities and distribu¬
tion accounts and
customs
American
Information is sought as to the method of fixing
depositors and trustees.
Province of Silesia
Sharon,
relating to the history and de¬
semi-fixed investment trusts; their structure, in¬
distribution of securities and the indentures
and agreements relating to such securities; the nature, scrope and extent
of their activities; their investment policies, including contents of portfolio
and volume of securities transactions; and their relationship with their
velopment of fixed and
Stock Exchange
convertible $5 preferred stock is to be
1 1939, and thereafter
$105 per share plus accrued and unpaid dividends.
The names of the principal underwriters, the underwriting discounts or
commmi8sions, and the price of the issues to the public are to be supplied
The
by
The
Jan. 1 1927.
cluding the issuance, sale and
following rates plus accrued interest:
the
at
other corporate
convertible
The
exclusive of
proceeds not re¬
of these bonds,
balance
The
1927
Dec. 31 1935
ganization if the trust was created subsequent to
The Commission's announcement continued:
Registration
(No. 2-1930)
statement
$3 dividend series convertible pre¬
ferred stock,
2,290.3 shares of $1 par value $2.50 dividend series con¬
vertible preferred stock, 32,240.2 shares of $1 par value $2 dividend series
convertible preferred
stock, and 153,988,435 shares of 10c. par value
common
stock.
'
The stock is to be offered at the market price at the time of sale and
1,673 shares of $1 par value
covering
national
constructed from the proceeds
of this issue, the prospectus makes the following statement:
A portion of the proceeds from the sale of the series A bonds, to which this pros¬
pectus relates, is to be applied by the corporation to the immediate construction
at Its Pittsburgh Works of a continuous wide strip-sheet plant and additional
electric generating capacity therefor at an estimated cost of $25,000,000.
This
plant will add new lines of products for sale to the trade.
In addition it will produce
light plates of better quality and finish than those now being rolled on both the
sheared and universal plate mills at the Pittsburgh Works of the coproration,
and at a considerable saving in cost.
These new facilities for the production of
light plates should prove an important factor in the operations of the corporation,
as light plates rolled on the present plate mills cannot be sold competitively.
The
new plant will also supply the tin plate department of the Aliquippa Works with
light weight hot rolled strip colls.
It is expected that a considerable saving will
be effected by the use of these light weight hot rolled strip colls in place of the
heavy strip coils formerly produced on the 45-inch Universal mill at the Pittsburgh
As
1375
Chronicle
1940, issued.
sinking fund gold bonds issue
due March 1 1942, issued.
260,765 Shares of Common Stock of Ludlum Steel Co.
Covered by Registration Statement Filed with SEC
Announcement was made by the Securities and Exchange
Commission
on
on
Feb. 27 (in Release No. 681) of the filing
Feb. 26 by the
Ludlum Steel Co., Watervliet, N. Y.,
registration statement (No. 2-1942, Form A-2) under
the Securities Act of 1933 covering a maximum of 260,765
shares of $1 par value common stock, and rights to subscribe
to such stock, to be offered subject to approval by the stock¬
holders and the Board of Directors. Continuing, the Com¬
of
a
mission
said:
The company plans to
offer to its common stockholders of record at the
close of business on April 2
at
1936, rights to subscribe on a pro rata basis,
$22 per share, to 42,250 shares
of $1 par value common stock, now
*
authorized but unissued.
The
company
further plans to call for
plus accrued dividends, its
outstanding preferred stock, to be effective
simultaneously with this registration statement
that on
becoming effective ana the
day thereafter.' The registration statement
Feb. 17 1936 there were 218,515 shares of authorized but
redemption date to be the 46th
states
.
redemption, at $110 per share
Financial
1376
unissued
for
stock reserved
common
ferred stock.
the conversion of outstanding pre¬
Feb.
expired because of
During January 1936
re¬
demption of the preferred stock, are to be allotted to the company's com¬
stockholders at $22 per share.
Eighty-five
of the amount of the January 1936 registrations of
per cent
securities
new
for
was
bonds, debentures and short-term notes; as against
68.4% in the previous month and
The net proceeds of the issue of 42,250 shares are to
be used
follows:
as
1. $149,728.28 are to be used to pay off the balance of a bank loan.
2. Approximately $450,000 are to be used to reimburse the company's
treasury for capital improvements made out of earnings during the five
years preceding Dec. 31 1935.
'
3. The balance of the proceeds of the 42,250 shares to be offered, ap¬
1936
29
Type of New Securities Included in 39 Registration Statements Fully Effective
Rights to subscribe to any or all of these 218,515 shares
which remain after the conversion privileges have
mon
Chronicle
and common stocks together
at all in January 1935.
none
Preferred
totaled 11% and certificates of participation,
beneficial interests, &c., amounted to 4%.
Per Cent of Total
No. of
No. of
Gross
Issues
Type of Security
proximately $279,500, is to be used for working capital.
Units
Amount
reimburse
the
218,515 shares
payments made to redeem outstanding pre¬
treasury for
price of $22 per share, the shares of
described in the underwriting agreement.
are
to be
The names of the underwriters
Filing of
a
Eroposed maximum aggregate Commission saidthe shares to
issued is $6,300,000, the offering price of
(in Release
e
680), adding:
to
are
be offered for subscription,
rata, to the stock¬
pro
holders of the company and to holders of certificates for shares of common
United
of
Aircraft
&
Transport
subscription will be issued.
Corp.
Transferable
warrants
of
Shares not subscribed for will be sold to the
underwriters.
The
names
offered
of the
underwriters,
underwriters
the
to
and
which the shares
prices at
the
to
public,
are
to
be
and the record date for
determining stockholders who will be entitled to subscribe to the shares
to
are
8
3,138,110
be supplied by amendment to
the registration statement.
According to the registration statement, the proceeds of the issue
to be used, so far as is presently determinable, for the purpose
outstanding bank loans,
2
$275,696,001
11
Debentures
3
Chairman
52.0
9.8
12.4
35.6
an
4.0
2.3
78.0
42.4
5.6
6.9
1.4
19.1
100.0
100.0
100.0
Landis of SEC Says
Is
tion
Stock Market Specula¬
Education of Public,
Is Only Effective Remedy
Increasing—Says
Rather Than Legislation,
A
warning that speculative activity is increasing, and that
impossible to legislate speculation out of existence, was
given on Feb. 22 by James M. Landis, Chairman of the
Securities and Exchange Commission, in an address before
it is
200 members of the Princeton National Alumni Association
at
Efforts to teach the public to "buy and
tape"
may
also prove futile, Mr. Landis declared.
Without
referring directly to the recent Supreme Court decision up¬
holding the government in the Tennessee Valley Authority
case, Mr. Landis in discussing speculation was apparently
recalling the stock market activity which occurred during
the reading of that ruling.
/
Customers' men, he said, often encourage activity by
"irresponsible" talk, and this must be counteracted by
efforts to educate customers away from a tendency to
speculate.
Further quotations from his address follow, as
given in a Princeton dispatch to the New York "Journal of
Princeton, N. J.
sell
the basis of balance sheet rather than ticker
on
Commerce":
/
■
are
One
of repaying
providing additional working capital, and pro¬
viding additional manufacturing equipment and facilities for
19.5
1.1
11,027,450
214,915,627
15,395,000
3,955,000
tion, beneficial interest,
warrants, &c
Total
registration statement (No. 2-1939, Form A-l)
by the United
Aircraft Corp. of East Hartford, Conn., covering a proposed
issue of shares of capital stock and full and fractional war¬
rants bearing the right to subscribe to such shares, was
made known on Feb. 26 by the Securities and Exchange
Commission.
The registration statement states that the
stock
9.9
$27,278,224
3,124,700
#
Feb. 25 under the Securities Act of 1933
The shares
1935
participa¬
Short-term notes
supplied by amendment to the registration statement.
Filing by United Aircraft Corp. of Registration State¬
ment with SEC for Proposed
Issue of Shares of
Capital
Stock of
Maximum Offering
Price of
$6,300,000
No.
31,080,025
662,488
20
of
Secured bonds
Hiland G. Batcheller of Watervliet is President of the company.
on
4
48
Certificates
registration and not subscribed for by com¬
stockholders, has been made, subject to certain conditions more fully
mon
Common stock
Preferred stock
stock covered by this
common
Jan.
1935
be used to
are to
ferred stock.
A firm commitment to take, at the
Dec.
1936
The net proceeds from the sale of the
Jan.
increased
with
sees
the efforts of traders to outguess events, like court
concern
decisions, and the increasing tendency subtly generated to induce people to
their savings into the market with the same heedlessness as before.
pour
volume of business.
Hits
Donald L. Brown of East Hartford is President of the company.
Official Trading
-
Hitting at trading by officials of companies, Mr. Landis declared that
"still too prevalent, as our monthly reports show, is the tendency of officers
Thirty-Nine Registration
696,001 of Securities
SEC
Statements
Covering $275,During January,
Effective
Announces
Securities for which registration statements became fully
January 1936, totaled $275,696,001, the Securi¬
ties and Exchange Commission announced Feb. 27, which
compared with $212,084,696 in December 1935, and $11,044,405 in January 1935.
The Commission pointed out
that included in these amounts
securities which have been
are
registered but are not intended to be presently offered for
sale, as follows:
/.
for
of
with
issues
Jan. 1936
Dec. 1935
$6,466,620
3,429,142
$250,000
1,181,250
500,000
Reserved for other subsequent issuance
debentures,
stock issues.
and
short-term
notes,
and
about
was
10%
participation.
ba offered for cash for their
of these securities,
expenses
own
proceeds,
at
expected
to
be incurred;
3.8%
0.6% for other costs in connection with
issues, including
estimated
are
was
In connection with the sale
account.
of 4.4%
for commission and discounts and
the flotation of the
about
expenses
of registration.
$246,900,000,
Of the net
approximately
$192,-
400,000 (77.9) is proposed to be used for the repayment of indebtedness—
$142,400,000 of this amount for repayment of debt before maturity, $45,100,000 for repayment at maturity,
other liabilities.
In
and $4,900,000 for the payment of
addition to repayment of
indebtedness, 4.6% of the
cash proceeds is intended for the purchase of real estate, plant, equipment
and other assets;
5.4% for general corporate
of securities by investment trusts;
purposes;
10.1% for purchase
Among the large issues for which registration statements became effec¬
Dominion of Canada $48,000,000 3H % bonds,
due
1961; Republic Steel Co. $45,000,000 general mortgage 4bonds,
due
1961;
Wheeling
Steel
Corp.
$35,000,000
1st
mortgage sinking fund
4J^% bo ads, due 1966; Inland Steel Co. $35,000,000 1st mtge. 3% serial
bonds, due 1937-46, and $10,000,000 1st mortgage 3H% bonds, due 1961,
and West Penn Power Co. $27,000,000 1st mtge. 3H% bonds, due 1966.
The average size of the 48 issues which became effective
was
n
$5,744,000.
This compares with
an average
during January
of $3,721,000 for 57 issues
December 1935 and $614,000 for 18 issues in January 1935.
The following tabulation was also made available by the
SEC:
nation
a
of gamblers may
and upon the basis of such a
to make them
But what
true.
come
opportunity to reject that
rejection to remodel
our
way
we
can
of life,
financial institutions
responsive to the demands for investment rather than
mere
speculation.
Sees " Weakness" of
"The weakness of such
to any one
a
means
in university life.
The
it.
grasp
of
Control
governmental control must be obvious
No teacher worthy of his salt has not been
somehow
that
class to indulge in the intellectual effort necessary to
a
pessimism is intrinsic to the government.
same
carry on-the first
make
in
for
the
possible of achievement.
simism, but to neither
we
blind faith
But both
that the increase of knowledge may
happiness—the second in its
blind domocratic faith
through knowledge realization of the Benthamite ideal will become
more
to
admit it
would be at
an
as
can
more
both
True,
pessimism be
than
have their draughts of pes¬
more
such, the very
than
a
passing phase.
Were
of both institutions
essence
end."
+.
Chairman Landis of SEC and
On Feb. 25
Conference
a
Charles
Exchange Confer
was
R. Gay of New
Stock Market
on
held at Washington between
James M. Landis, Chairman of the Securities and Exchange
Commission and Charles R. Gay, President of the New York
Stock Exchange.
It was stated in advices from Washington
the
to
New
York
"Herald
Tribune"
that
while
the
an¬
nounced
objective of the meeting was a discussion of the
SEC bill to continue unlisted departments on 16 stock ex¬
changes, was reported that the conference also centered on
ways and means of avoiding "excessive" market trading by
brokers, and on what Mr. Landis recently described as the
"increasing tendency subtly generated to induce people to
pour their savings into the market with the same heedless¬
ness" as in the boom days of the late '20s.
The dispatch
from which we quote added in part:
1.6% for retirement of preferred stock
issues, and 0.4% for organization and development expenses.
tive during the month were:
be
to
do is to afford the public mind the
for
was
The balance represented preferred stock issues
According to the registrants, approximately $258,400,000 (93.7%)
cash
continue
York Stock
cent of the total of the January registrations
per
bonds,
common
Our
by affording the means of knowledge to effectuate that change.
"It may be that we shall fail and the prophecy of cynics that we will
announced:
and certificates of
to
But to harry them out of existence by legislative fiat is impossible.
unwillingness of
during January, the
Commission said, more than 96% represented proposed
flotations by already established enterprises, whereas less
than 4% was for initial public offerings of newly organized
companies.
Almost 60% of the month's effective registra¬
tions was for manufacturing companies—iron and steel com¬
panies alone representing 47 % of the January total.
Foreign
governments (Dominion of Canada) accounted for 17% and
utilities and investment trusts for 10% each.
The SEC
Eighty-five
executives.
filled with pessimism over his own inability to portray a problem and the
75,000
Of the amount of securities effective
for
as
only mechanism is to induce change by inculcating the whish for change
con¬
Reserved for exercise of options
further
their corporations at the expense of
responsibility of functioning
and
Jan. 1935
$1,755,000
conversion
vertible features
secured
their true
"These things are the ways of life that we condemned in the early thirties.
effective in
Reserved
and directors to toy with the stock of
A
to
continuing co-operation between the SEC
guard against the abuses of the 1929 period
pal conclusion.
the
Stock
Exchange
believed to be the princi¬
Most particularly, it was said, both the Commission and the
Exchange plan to
see
membership from
trading
that
the latter's rule,
"which
in
beyond that necessary for
market, is kept in the public
Mr.
and
was
effect
a
prevents its
fair and orderly
eye.
Gay, following his conference with Mr. Landis, made
it known that he would not appear at the
hearings beginning
on Feb. 25 before the Senate
Banking and Currency Com¬
mittee
on the bill submitted
by the Commission to continue
expand unlisted trading on security exchanges.
In
stating this a Washington dispatch Feb. 24 to the New York
and
"Times" added:
Financial
Volume 142
There have been various reports concerning the reaction of the manage¬
ment of the New
taken by Mr. Gay was accepted generally as
would do
nothing to
oppose
It
was
indicating that the Exchange
bill thoroughly with the
surmised that other topics touching on
Exchanges
the officials would
also were taken up, but if this was done, none among
.
SEC's
the attitude of
the SEC in regard to the upward swing in security prices on the
comment about it.
.
.
interested in
would
authority to permit unlisted trading on any Exchange in any
security which was registered on another Exchange.
Some had expressed
The New York Stock Exchange, according to reports, was
the bill largely
have
because, under
one
of its provisions, the Commission
the
that this would
concern
active trading on other
cause
Exchanges in a num¬
ber of the securities registered on the New York Stock
into business
on
Exchange and cut
the latter.
The language of the bill, however,
provided that the unlisted
trading
privilege should be given under these circumstances only when it was demon¬
was a sufficient demand to make it in the public interest,
strated that there
been expressed that the New York
and doubt has
'
*
suffer to any great degree.
Stock Exchange would
„
for unlisted
registered only on
applica¬
At present there is no un¬
the law would open up the possibility
On the other hand,
trading on the New York Stock Exchange in securities
tion to the SEC that such privilege be granted.
bill would permit the expansion of
The
ties" of
lower designated standard than those
a
char¬
distinctly predominantly speculative, or "investment securi¬
are
1
which are distinctly or pre¬
.
The purchase of securities which are in default, either as to
principal or
interest, is also prohibited.
The regulations also prohibit the
stock at the option
purchase of securities
of the issuer.
With
regard to speculative securities, the rules said that "the
terms employed herein may be found in recognized rating
manuals, and where there is doubt as to the eligibility of a
security for purchase, such eligibility must be supported by
not less than two rating manuals."
Banking officials said
on Feb. 26 that the new
regulations would not drastically
change banking practices, since most banks already have
instituted most of the prescribed procedure.
It was stated
in a Washington aceount to the "Wall Street Journal" of
Feb. 28 that in an "interpretative ruling" the Comptroller
of the Currency has restricted powers of national banks when
they purchase securities for their customers' accounts. These
convertible into
advices continued:
unlisted trading under various
conditions only after an Exchange had made application
be granted and obtained approval of the
The
interpretative
ruling which the
accompanied the general
ruling
Comptroller made public Wednesday [Feb. 26] and which limited the invest¬
the New York Exchange.
on
acteristics
New York Exchange should decide to make
other Exchanges, if the
listed division
The purchase of "investment securities" in which the investment
dominantly speculative, is prohibited.
enactment of the measure.
Mr. Gay, it is understood, discussed the
chairman.
The position
York Exchange to the provisions of the bill.
1377
Chronicle
ment securities
eligible for purchase by member banks.
It contains three sections the most important
that the privilege
of which sets forth seven
practices in which national banks may not engage when
SEC.
securities for customers' accounts.
1.
of Outstanding Bankers' Acceptances Drop
$12,810,630 in Month—Total Jan. 31 $384,146,874—
Warehouse
Acceptance
Credit
Responsible for
Volume
Charging of commission
These
buying or selling
practices are:
seven
fee in excess of the fair handling cost of the
or
transaction.
2.
Retaining of
commission, rebate or discount obtained on the pur¬
any
chase of any security—such
reduction in price must be passed on to the
purchaser.
Decline
3.
Selling or distributing securities which are the obligation of a customer.
bankers'
4.
Using solicitors to obtain orders.
acceptances as of Jan. 31, announced Feb. 24 by the Amer¬
ican Acceptance Council, is almost entirely due to the retire¬
ment of warehouse acceptance credits which, in turn, is a
5.
Acting
6.
Purchasing securities without advance payment or Authorization to
of
reduction
The
$12,810,630 in
the volume of
according to Robert H. Bean, Executive
seasonal movement,
as
middleman to bring purchaser and seller together.
debit the customer's balance—a bank may not use its own funds.
7.
Making
without disclosing that it is acting merely as an
any purchase
agent.
Secretary of the American Acceptance Council of New York,
♦
■
.
who further said:
31 amounted to $384,146,874,
bills reported on Jan.
volume of
The total
While
Conceding Stimulating Effect of Bonus Money,
Guaranty Trust Co. of New York Sees Business
Viewing Influence of Payment as Unfortunate
which, compared with figures for the 6ame date in 1935, shows a reduction
of
$131,665,783.
of
class
The
modities
acceptances
off
went
used
to
finance
the
storage
of
staple
other types of financing changed very
The total volume of bills for
little
higher, the
gains were all unimportant.
Imports increased $446,097; exports, $238,151 ;
dollar exchange,
$190,669, and bills drawn against goods stored in or
shipped between foreign countries, $334,837.
Acceptances drawn to finance
shipment of goods within the United States showed a reduction in volume
the month
during
of
while they were slightly
and
January,
of
very
At
payments
in
the inactive condition of recent months.
Slight
the demand for bills was noted, but the supply of bills
accepting banks remained small.
the end of. January accepting banks held of their own bills $181,in
113,817 and of other banks' bills
$172,323,755, a total of $353,437,572.
went
It
is
expected
DOLLAR ACCEPTANCES OUTSTANDING FOR
RESERVE DISTRICTS
BANKERS'
OF
ENTIRE COUNTRY BY FEDERAL
into
issue
by
of
banks
for
$32,385,512
405,847,602
13,045,688
$31,060,175
299,523,636
12,295,881
other
The
stimulating
undoubtedly have
2,036,625
2,693,383
20,909,284
$384,146,874
$396,957,504
business
many
payment
Decrease for year, $131,665,783.
burden at
the
From
that
93,739,957
9,344,120
86,646,727
2,605,574
Dollar exchange
stored In or shipped
foreign countries
$86,460,751
132,925,361
8,116,901
171,299,707
2,589,644
$107,489,165
93,501,806
10,684,329
99,326,902
2.414,905
$107,935,262
Domestic warehouse credits
Based on goods
between
CURRENT
MARKET
BANKERS'
PRIME
114,420.293
83,540,397
83,875,234
ON
RATES
ACCEPTANCES
FEB. 21 1936
Rate
30
Ys
Ys
Ys
3-16
90
Days—
Selling Rate
3-16
60
Dealers'
Dealers'
Dealers'
Buying
Days—
3-16
120
excess
the veterans,
purchasing
extent,
will
it
there¬
with¬
power
represent newly-
objects
available
other
Buying
i
150
8
180.
H
Rate
Dealers'
Selling Rate
of
the
the
when
time
of
ex¬
it
is
in
will
influence of the
from the economic point of
upon
to meet another heavy
already under
more
than sufficient
be given to the activities of groups with
.
Considerations
the long
much
of
money
period of months does not
course,
is the most important
the payment of the bonus is an
run,
greater weight than the size
of
the figures
at
comes
a
inconvenient time
very
from
the viewpoint
The government is in its sixth successive year of deficit
The
more
for the last
bonus
the
of
a
The seriousness of the situation arises in part from the fact
payment
financing.
public
gross
at
obligations,
The dificit
exclusive
of
exceeded $3,500,000,000; the deficit for the current
rate
a
guaranteed
eince the middle of 1930.
debt,
than $14,000,000,000
fiscal year
is running
year
over
point of view which, of
business
influence
Treasury.
has risen
spending
to the fact that the longer-term
men
a
fiscal
would suggest.
Jan. 31 1935
Dec. 31 1935
Jan. 31 1936
the
which
trade and! industry
Fiscal
unfavorable
ACCORDING TO NATURE OF CREDIT
Domestic shipments
the
upon
of
amount
only will the government be called
consideration to
Imports
Exports
at
with
bestowed
only be regarded as unfortunate
can
Not
financial
$515,812,657
CLASSIFIED
effect
on
pressurp, but new impetus will
supposed claims on the Treasury,
21,551,012
$12,810,630
up
and
securities,
view.
11
Increase for month,
thus
by the
addition to the current volume of demand
power—a net
services,
commodities,
raised
funds
large
a
be
of which will probably be taken
power
To
sources.
purchasing
will
individuals
cash will
institutions
equivalent
5,977,679
23,054,577
964,920
3,196,232
19,775,113
607,133
2,496,497
10
Grand total
purchasing
The
immediately
will
veterans
million
and the
most
financial
2,669,238
588,980
3.435,250
12
-
other
the
Several
cash;
blind1
1,610,409
1,636,283
175,000
2*.807,764
26,013,925
9
ready
not represent an
from
created
majority of
securities,
and
disposal.
will
drawn
of
possession
government
the
large
a
for redemption.
penditure.
$30,870,968
290,155,567
12,201,335
3,342,632
572,835
2,422,132
19,211,347
526,197
1,256,224
7
Jan. 31 1935
Dec. 31 1935
Jan, 31 1936
Federal Reserve District
that
present their bonds
come
The "Survey"
published Feb. 24.
to say:
on
fore,
TOTAL
that such an
be doubted
hardly
it can
monthly review of business and financial conditions in the
their
supplied by Mr. Bean follow:
details
Further
business has undoubtedly been overestimated
on
quarters,
some
influence will appear, states the Guaranty Trust Co. of New
York in the current issue of the "Guaranty Survey," its
change from
little
improvement
from
in general, the discount market showed
volume of acceptances
the
in
Although the probable stimulating influence of the bonus
United States and abroad,
$1,340,209.
As
from Economic Point of View
com¬
$12,680,175.
somewhat
in excess
of that
figure;
and that
legislation is passed, is likely
to be even larger.
A very high proportion of the increased' debt in recent
years has taken the form of short-term obligations that must be refinanced
at frequent intervals, making the Treasury very dependent on current con¬
ditions in
the money
market, and the banks have absorbed such large
amounts
of
these obligations that
they, in turn, have become unduly
the
for
unless
coming year,
new
revenue
dependent on the state of the market for government securities.
Possible
3-16
5-16
Future
Demands
standpoint, are the
to future demands on the
For many years there has been
increasing tendency to regard the government as the guardian
Equally important, if not more so, from the business
5-16
implications
the
of
payment
with
respect
Treasury for the benefit of special groups.
evident
Barred from Purchasing Speculative
Securities for Portfolios—J. F. T. O'Connor Issues
Member
Banks
Regulations
Defining
Stock
vertible
Practice
"Investment"
Purchases
Also
List—Con¬
Forbidden—Fair
T.
Banking Rules
O'Connor,
reads:
Comptroller of
the
war
veterans.
This attitude, of course, has long
In recent years it has become increas¬
ingly manifest in the case of the agrarian population.
of
the
has
F.
individuals.
interests of
existed with regard' to
depression
The
wards.
Currency, on
Feb. 26, made public comprehensive regulations prohibiting
the purchase of speculative securities for portfolio accounts
in national and other member banks.
The rules were issued
under authority of the Banking Act of 1935.
One regulation
J.
an
of the economic
continuous
much
as
taxes,
has
described
been
to fall under the
as
"government
by blocs,"
for
groups
which
legislators tend
less
aid from the public treasury.
In as
politically strong but pay comparatively small
pecuniary
are
the aid extended to them takes the form
income
in
domination of organized groups carrying on a more or
agitation
these
Since the beginning
unemployed have been added to the list of public
been a progressive development of a system that
the
result
through the
of a large-scale
exercise of the taxing power
tion
of
This
practice clearly represents a dangerous
redistribu¬
of government.
tendency from the fiscal
point
Financial
1378
of
Chronicle
Feb.
view, since the interests of tht politically dominant groups and sections
8
o
iiit
lie, or appear to lie, in ever-increasing expenditures by the government.
ii
i
1936
29
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by Walter Lichenstein, Secretary.
The Council urged
that the cut be effected through an immediate and sub¬
stantial increase in the reserve requirements..
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a dispatch from Washington to the New York "World Tele¬
gram" the recommendation states in part:
building of
MO?
tOMONffliOMN
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action in order to avoid the possibility of the
q os q q
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made known yesterday (Feb. 28) in behalf of the Coun¬
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Governors of the Federal Reserve System
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The recent recommendations, anent the excess reserves of
member banks, which the Federal Advisory Council made
were
o
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tP to (» w* © oo"
NNOOCSV
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Bank—Proposes
Requirements
o
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CO
Advisory Council Again Urges Upon Board
of Governors of Federal Reserve System Cutting
Down Excess Reserves of Members
o
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Federal
Increase in Reserve
o us
o o
reserves as at
present constituted that it recommends to the Board of
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Governors of the Federal Reserve System at this time a substantial increase
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The recommendations were made to the Board early this
month; the meeting of the Council and the Board was re¬
ferred to in our Feb. 15 issue, page 1045.
No official in¬
formation was given out at the time regarding the recom¬
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by Banking Act of 1935—Between 50 and 60
Absorbed by Other Institutions or Replaced
to Be
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operations. In reporting the
Crowley, Washington advices, Feb. 14,
to the New York "Herald Tribune" of Feb.
15, also had the
following to say:
no
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will be suffer
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to
60 unsound banks
five States will be merged with other institutions of
recognized strength or will be replaced by new banks, under
power granted the Corporation by the Banking Act of 1935.
It was pointed out that the depositors of the affected banks
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Crowley, Chairman of the Federal Deposit Insur¬
Corporation, announced on Feb. 14 that during the next
four and
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those
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being secured through consolidation with
establishment of
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Banking
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if
banks to
new
operation,
Act
in
of
in
a
weakened
economic place in their communities.
no
Mr.
institutions
under
Crawley
given
powers
were
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the
allowed
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the
anticipation of what might be greater losses to
the institutions
or
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removal
replace those liquidated.
developed
1935,
other
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Elimination moves are already in effect, the FDIC head said. At Beth¬
lehem, Pa., the E. P. Wilbur Trust Co. has been closed, with the Insur¬
Corporation buying its assets.
ance
opened.
The
resources
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88
Eh
of the old one, Mr. Crowley
explained.
At Ann Arbor,
&
into
a
open
new
Monday (Feb.
on
11
Savings Bank have been consolidated
Ann Arbor Savings & Commercial Bank,
bank, the
for business
Arbor
17).
The
which will
institution will have
new.
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banks
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the
acquiring
slow-moving
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eld
by
and
unsound
assets.
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to
the
partially
FDIC
These
would
assets
may
may
bank
new
or
completely the
also
guarantee
authorized, he said.
assets taken
any
insured
frotn the
bank
from
thus anticipate
a
more
and
50
are
are
60
scheduled to terminate
year.
While between
now
being studied by examiners of the corporation
there is expectation that the number will be
There is also a possibility that the time limit of the
increased by July.
law
July 1 of this
liquidation,
institutions
marked! for
on
extended.
Mr. Crowley expressed the belief that two really great problems are in
prospect for the banking system; chartering of more banks than a com¬
munity can use and chartering of institutions with a potential earning
capacity compelling an extension of credit that is not sound.
might
be
Stock of
Money in the Country
2
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Revised figures.
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be
may
through acquisition immediately of slow assets.
condition
rn
to
a
p
serious loss to itself
Mr. Crowley also pointed
out that the depositor is safeguarded, while other banks in the community
are
aided through stronger and more economic institutions.
The powers of the FDIC to buy in assets of banks in an unsatisfactory
agency
p
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2
be
of its assuming the liabilities and purchasing the assets of
described as "open or closed" insured institutions.
Federal
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reason
is
The
FDIC
secure
The
institution.
loss
what
the
from
would
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New Bank May Get
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liquidated.
This loan
CS
a
carrying Federal deposit insurance.
Sound assets of a
be passed over to a new one, he said, with the FDIC
may
es
to
OS CS
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pointed out, gives a wide latitude to
FDIC to strengthen the banking system, particularly in
the
nit
cq cq
cs* co" ©* co*
Mr. Crowley
banking law,
oo
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capital structure of $1,180,000.
The
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Mich., the First National Bank & Trust Co., the Farmers
Mechanics Bank and the Ann
oo
co
The Union Bank & Trust Co. has been
bank has the sound
new
than that held by the Treasury
b These amounts are not Included In the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard silver dollars, and silver bullion, respectively.
c
This total Includes $15,684,053 deposited for the redemption of Federal Reserve
(1932,115 In process of redemption).
/
notes
d Includes
e
$1,800,000,000 Exchange Stabilization Fund,
Includes $60,078,546 lawful money deposited as a reserve for Postal Savings
deposits.
f The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted firm this amount before combining with total money held In the Treasury
to arrive aTCie total amount of money in the United States
6 Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
h The money in circulation includes any
paper currency
held outside the
con¬
tinental limits of the United States.
Note—There Is maintained in the
Treasury—(1)
as
a reserve
for United States
notes and
Treasury notes of 1890—$156,039,431 In gold bullion; (11) as security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
notes are being canceled and retired on receipt); (ill) as security for outstanding
silver certificates—silver In bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates (including gold certificates held in the Treasury for credits payable
therein)—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first
Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount of circulation after deducting
The Treasury
held in the United States Treasury and by
The figures this time
are for Jan. 31 1936 and show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
the
moneys
Federal Reserve banks and agents.
$5,737,070,747, as against $5,881,525,846 on Dec. 31
and $5,380,428,959 bn Jan. 31 1935, and comparing
$5,698,214,612
of the World
on
Oct. 31 1920.
1935
with
Just before the outbreak
War, that is, on June 30 1914, the total was
only $3,459,434,174.
The following is the full statement:
lien on all the assets of the issuing Federal Reserve Bank.
Federal
are secured by the deposit with Federal Reserve agents of a like
gold certificates or of gold certificates and such discounted or purchased
paper as Is eligible under the terms of the Federal Reserve Act, or, until March 3
1937. of direct obligations of the United States if so authorized by a majority vote
Reserve notes
amount of
of the Board of Governors of the Federal Reserve System.
Federal Reserve banks
must maintain a reserve In gold Certificates of at least 40%. Including the redemption
fund which must be deposited with the United States Treasurer, against Federal
Reserve notes in actual circulation.
Federal Reserve bant notes and national
bank notes
are
In process of retirement.
FHLBB
Reports 55% of Total Mortgage Financing of
Homes in
1935 Advanced by Members
of
Federal Home Loan Bank System
New
No less than 55% of the estimated $220,000,000 total
mortgage loans made in 1935, for the building of new urban
Financial
Volume 142
one-to-four-family homes by all classes of private
financial
States, was made by member
institutions of the Federal Home Loan Bank System, ac¬
institutions
cording to
in
United
the
analysis made public Feb. 23 by the Federal
Loans made last year by these
an
nominations of $1,000,
for
associations
about
aggregated
homes
new
in
System, established late in 1932, now
The Home Loan Bank
has 3,495
and loan associations.
The large
home-financing in 1935 indicates the important part
members, chiefly savings and building
of their
extent
which
these
new
local,
thrift institutions
private
of small-home
recovery
taking in the general
are
construction, through their new
home-financing
activities.
Including refinancing loans, the 1935 total of loans made by all members
Home Loan Banks is estimated at $347,000,000, or 44% of the
of the
$776,000,000 total of home mortgages
estimated
private institutional lenders, including
life
>
insurance
placed last year by all
commercial and savings banks and
loaned on
Approximately $110,000,000 was
companies.
homes in 1935 by individual lenders, it is believed.
Of the $347,000,000 of loans made in 1935 by members of the Bank
the 1,000 Federal
44 States under supervision
of the FHLBB, exceeding by 22% the loans made in that year by the 6,000
associations of the building and loan typ9 which are not members of the
System, $122,000,000 was advanced to home owners by
savings and loan associations, now operating in
from the
FHLBB, and restricted
to refinancing distress mortgages, aggregated $816,000,000 during 1935.
This was 48% of the estimated $1,700,000,000 total of all urban home
mortgages made in that year by all Federal and private institutions and
individual lenders combined.
Thus, $1,163,000,000, or over 68% of all
non-farm loans made last year, was loaned either by the HOLC, or by
private home-financing institutions which are members of the Federal
Loans by the Home
Bank
special
Banks
tender
Owners' Loan Corporation, wholly distinct
System, but also under supervision of the
for
application therefor.
amount
an
than
less
$1,000 will be considered.
The price offered must be
tender must be in multiples of $1,000.
the basis of 100, with not more than
Tenders will be accepted without
and trust
companies
vestment
incorporated banks
recognized dealers in in¬
must be accompanied by a
cash deposit from
and from responsible and
others
from
Tenders
securities.
deposit of 10% of the face amount of Treasury bills
tenders
applied for, unless the
by an in¬
accompanied by an express guaranty of payment
are
corporated bank
trust company.
or
tenders on March 2
thereof
be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
Immediately after the closing hour for receipt of
1936, all tenders received at the Federal Reserve Banks or branches
to the closing hour will
up
made at the Federal Reserve Banks in cash or other
on
immediately avail¬
March 4 1936.
The Treasury bills will be exempt, as to
principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,
taxation,
except
from the
other disposition of the Treasury bills
gift tax.)
No loss from the sale or
shall be allowed as
deduction, or otherwise recognized, for the purposes
a
of any tax now or hereafter imposed
by the United States or any
418, as amended, and this notice
Bank
New Offering of
or
In
at
New York City)
only, and in amounts or
$500,000, and $1,000,000
They (the bills) will be issued in bearer form
denominations
of
$10,000,
$1,000,
$100,000,
(maturity value).
No
tender
for
amount
an
tender must be in multiples of
less than $1,000 will
Each
The price offered must be expressed
decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted
without cash deposit from incorporated banks
companies and from responsible and recognized dealers in invest¬
securities.
Tenders from others must be accompanied by a deposit
and trust
ment
applied for, unless the tenders
guaranty of payment by an incorporated
10% of the face amount of Treasury bills
of
are
at the Buffalo
St.,
Branch of this bank (272 Main St.,
Monday,
1936.
,be submitted on special form and In special
It is requested that tenders
envelope enclosed herewith.
payment for the
invited to the fact that
Attention is
Treasury bills
War Loan Deposit Account.
other immediately available funds.
by credit through the
cannot be made
ment must be made in cash or
GEORGE
L.
Pay¬
HARRISON, Governor.
Received to Offering of $50,000,Bills Dated Feb. 26—
$50,000,000 Accepted at Average Rate of 0.074%
Tenders of $98,970,000
000
A
of
of
total
Treasury
273-Day
$98,970,000 was tendered
to the offering of
$50,000,000, or thereabouts, of 273-day Treasury bills, dated
Feb. 26, Henry Morgenthau Jr., Secretary of the Treasury,
announced Feb. 24.
The tenders to the offering, referred
in
to
our
1213,
issue of Feb. 22, page
banks
and
the
were
received at the
up to
branches thereof,
accompanied by an express
bank or trust company.
Immediately after the closing hour for
receipt of tenders on March 2
branches thereof
and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
Federal
Reserve
2
received,
$1,000.
the basis of 100, with not more than three
on
be considered.
or
be received
this bank (second floor, 33 Liberty
Buffalo, N. Y.) until 2 o'clock p. m., Eastern Standard Time, on
March 2
Eastern Standard Time, Monday, March 2. Tenders
will not be received at the Treasury Department, Washing¬
ton.
In his announcement of the offering, Secretary Mor¬
►
above announcement tenders will
with the
Securities Department of
the
Federal Reserve
branch thereof.
accordance
p. m.,
genthau said:
conditions of their
Copies of the circular may be obtained from any
issue.
offering of 273-day Treasury bills in amount of
$50,000,000, or thereabouts, was announced on Feb. 27 by
Secretary of the Treasury Henry Morgenthau, Jr. The bills,
which will be sold on a discount basis to the highest bidders,
will be dated March 4 1936.
They will mature on Dec. 2
1936, and on the maturity date the face amount will be
payable without interest. There is a maturity of bills on
March 4 in amount of $50,010,000.
Tenders to the new issue of bills will be received at the
Federal Reserve banks, or the branches thereof, up to 2
of its
possessions.
prescribe the terms of the Treasury bills and govern the
new
from all
(Attention is invited to
and inheritance taxes.
estate
Treasury Decision 4550, ruling that Treasury bills are not exempt
Home Loan Banks, it is estimated.
A
Each
expressed
99.125.
three decimal places, e. g.,
Fractions must not be used.
Treasury Department Circular No.
$50,000,000, or Thereabouts, of 273-Day
Treasury Bills—To Be Dated March 4 1936
Federal Reserve
which will be supplied by the
envelopes
branches upon
or
No
able funds
Home Loan Bank System.
'
the
and forwarded
be made on the printed forms
It is urged that tenders
on
$121,000,000, the Board said, continuing:
and $1,000,000 (ma"
$10,000, $100,000, $500,000
turity value).
Home Loan Bank Board.
member
1379
Chronicle
Eastern Standard Time, Feb. 24.
Of the tenders
Secretary Morgenthau said, $50,000,000 were ac¬
cepted.
He added:
m.,
p.
accepted bids ranged in price from 99.950, equivalent to a
The
0.066%
about
per
annum,
to 99.939, equivalent to a rate of about
rate of
0.080%
bank discount basis.
Only part of the amount bid for at
the latter price was accepted.
The average price of Treasury bills to be
issued is 99.944, and the average rate is about 0.074% per annum on a
annum,
per
on
a
discount basis.
bank
1936, all tenders received at the Federal Reserve banks or
to the closing
up
horn* will be opened
made at the Federal Reserve banks in
funds
on
and Interest, and any
will also be exempt, from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.)
No loss from the sale or other disposition of the Treasury
bills will be exempt, as to principal
bills shall be allowed as a deduction, or
otherwise recognized, for the pur¬
United States or any of
of any tax now or hereafter imposed by the
its possessions.
Treasury Department
prescribe the terms
Circular No. 418, as amended, and this notice
of the Treasury bills and govern the conditions of
their issue.
FEDERAL
RESERVE BANK OF NEW YORK
of the United States
Fiscal Agent
[Circular No. 1664.
Public Notice of Offering of
To all Incorporated Banks
Feb. 28 19361
$50,000,000,
Bills Dated March 4 1936.
or
thereabouts, of Treasury
Maturing Dec. 2 1936
and Trust Companies in the
Second Federal Reserve District and Others
Concerned;
made public by the Treasury
Treasury bills payable at
without interest to be sold on a discount basis to the highest
Following is the text of a notice to-day
Department with respect to a new offering of
maturity
change for $558,819,000 of 27A% Bonds Maturing
April 15—Approximately $450,000,000 of Bills due
March 16 to be Paid
quarterly financing for this year the Treasury
Monday, March 2, securities for cash in amount
As its first
will offer
gain from the sale or other disposition thereof
poses
s
cash or other immediately available
March 4 1936.
The Treasury
Treasury to Offer Next Week $1,250,000,000 of Securities
for Cash—Refunding Issue to be Offered in Ex-
on
$1,250,000,000, and in addition, will also seek to refund
$558,819,000 of 2K% Treasury notes due on April 15 1936,
it was revealed on Feb. 27 by Henry Morgenthau, Jr.,
of
Secretary of the Treasury. From the cash borrowings, the
Secretary explained, the Treasury will pay off in cash nine
issues of Treasury bills, due March 16, and approximating
$450,000,000, thus leaving a cash balance from the operation
of about $800,000,000.
It is stated that the Treasury will
also provide for the redemption in cash of any of the 27/s%
notes not tendered in exchange for the new refunding issue.
Secretary Morgenthau did not make known the type of
securities to be offered, nor did he reveal whether there would
be one or two issues.
Complete details, it is pointed out,
will be announced on March 2.
As to the Treasury's pro¬
posed financing, Washington advices,
York "Times" of Feb. 28, stated:
In addition to the
Feb. 27, to the New
$800,000,000 from the security sales, the Treasury's
cash in March will be increased
income taxes as the first
between $400,000,000 and $500,000,000 by
receipts from incomes of the calendar year 1935,
and several hundred million
from other sources.
bidders.
Statement by Secretary
Treasury's Condition Forecast
Morgenthau
gives notice that tenders are invited for
$50,000,000, or thereabouts. They will
273-day bills; and will be sold on a discount basis to the highest bidders.
The Secretary of the Treasury
Treasury bills to the amount of
be
Tenders will be received at the
thereof,
1936.
up
to 2 o'clock p. m..
Federal Reserve Banks, or the branches
Eastern Standard Time, on Monday, March 2
Tenders will not be received at the Treasury
Department, Wash¬
The Treasury
bills will be dated March 4 1936 and will mature on Dec. 2
1936, and on the maturity date the face amount
will be payable without
and in amounts or de¬
They will be issued in bearer form only,
balance on March 16, resulting from the financing,
expected to exceed $2,500,000,000 as the government prepares for its
gigantic task of paying the soldier's bonus, to meet costs
Farm Bill and for other
will
be raised from
crease
general and emergency purposes.
on
of th9 anticipated
The public debt
$30,500,830,000 to about $31,300,000,000, or an in¬
of about $15,274,000,000
000,000
ington.
interest.
Th3 Treasury's cash
was
from the post-war low point of $16,026,-
D9C. 31 1930, and of about
$10,363,000,000 during the present
administration.
"No funds are earmarked for any
said.
"After examining all sources of
specific purpose," Mr, Morgenthau
probable revenue and getting reports
i
/
Financial
1380
from all spending agencies as to
future,
we
decided
Chronicle
In the Feb. 24 statement of the Treasury it is shown that the
silver was received during the week of Feb. 21 as follows:
requirements for funds in the immediate
the $1,250,000,000 cash borrowing.
on
"The Treasury is doing all it can to
1936
29
Feb.
get the bonus payment out on time.
Silver
I cannot break down the net cash increase into the specific purposes for
Transferred to United States
(Under Executive Proclamation of Aug. 9 1934)
which it will be used."
Fine Ounces
it had been definitely stated last Summer
Philadelphia
by Thomas J. Coolidge, former Under-Secretary, that the bills maturing
New York
Mr. Morgenthau explained that
March 16 would be paid in
on
cash and would not be eligible for exchange
Denver.
710.62
New Orleans..
for any new securities to be issued.
231.79
Seattle
Opposes Convertible Bills
remarking that no one in the Treasury had even intimated
The Secretary,
that the bills would carry the
It
Secretary Morgenthau yesterday to
was
discuss the late Winter financing.
believed it informed him that prospects were
doubt that the new issue or issues would be
was no
excellent and that there
absorbed by the investing
public and banks.
advices, Feb. 27, appearing in the New
Feb. 28, it was said:
In Washington
Total receipts through Feb. 21 1936
*
market executive committee of the Federal Reserve System
The open
met
25,990.71
Total for week ended Feb. 21 1936
exchange privilege, said that he did not be¬
give holders of bills the right of conversion.
lieve it good fiscal policy to
3,857.00
2,650.30
18,541.00
San Francisco.
Plus 216,836.37 oz. adjustment.
announcement of an adjustment in
omitting the table, compiled by us,
heretofore given weekly in these columns showing
receipts by weeks.
The tabulation last appeared in
"Chronicle" of Feb. 22, page 1214.
of the
In view
figures,
we
♦
balance rather
ments were
It
gradually so that by July 1, when the bulk of the cash pay¬
expected to begin possibly $3,000,000,000 or more would be in
This would avoid an abnormally heavy borrowing at any
the cash balance.
time.
one
of Newly Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 1,242,028.22 Fine Ounces During Week of Feb. 21
when $686,616,400 in
He stressed that the forthcoming borrowing was for
may be that the Treasury will build up its cash
1}4% notes fall due.
"immediate needs."
During the week of Feb. 21, it is indicated in a statement
by the Treasury Department on Feb. 24, silver
amounting to 1,242,028.22 fine ounces was received by the
various United States mints from purchases by the Treasury
issued
in accordance with the President's
+.
proclamation of Dec. 21
referred to in our issue of
It authorizes the Treasury to
absorb at least 24,421,410 fine ounces of newly-mined silver
annually.
Receipts by the mints since the proclamation
was issued total 67,987,138.63 fine ounces to Feb. 21, the
Treasury said on Feb. 24. The receipts during the week of
Feb. 21 were announced as follows by the Treasury.
The
1933.
sury
Financing
The mid-March
the
Secretary Morgenthau New Trea¬
With
Discusses
Federal Reserve System
of
Committee
Market
Open
financing
discussed by Secretary of
was
Treasury Morgenthau at a meeting yesterday of the
open
market executive committee of the Federal Reserve
that date to the New York "Journal
which we also quote:
proclamation
Dec. 23 1933, page 4441.
system said a dispatch on
of Commerce," from
New York Federal Reserve Bank,
Receipts of Silver by the Mints and Assay Offices
was
San Francisco
informed Secretary Morgenthau as to
Denver
"going on" in the various reserve districts.
Asked if the Reserve chief
predicted
a
successful financing, Secretary
pleasant."
Morgenthau said: "The conference was very
dications led to the belief that
cellent the prospects
Reference
the
forthcoming
Treasury's
financing
is
made in another item in this issue.
*
Plus
Week
Feb.
of
Announcement
Assay Offices During
21—Imports Totaled $897,246
and
Mints
made
was
Department that receipts of gold by the mints and assay
during the week of Feb. - 21 totaled $3,645,510.41.
Of this amount, it is noted, $897,245.65 represented imports,
$396,598.71 secondary, and $2,351,666.05 new domestic.
The amount of gold received during the week of Feb. 21
by the various mints and assay offices is shown in the follow¬
ing tabulation issued by the Treasury:
offices
Secondary
Imports
$114,055.60
191,500.00
41,172.88
17,533.45
24,152.63
8,184.15
$12,159.70
166,400.00
667,007.65
51,678.30
Philadelphia
New York
San Francisco.
Denver.
New Orleans..
Seattle
$396,598.71
$897,245.65
Total for week ended Feb. 21'36
Roosevelt
Leaving Philadelphia early in the day on Feb. 22, follow¬
ing
visit
liis
52,500.00
1,576,440.13
535,735.20
162.01
186,343.86
$2,351,666.05
$242,911 of Hoarded Gold Received During Week
Feb. 19—$12,131 Coin and $230,780 Certificates
The
Reserve
Federal
banks
of
and the Treasurer's office
certificates during the
week of Feb. 19, it is shown by figures issued by the Treasury
Department on Feb. 24. Total receipts since Dec. 28 1933,
the date of the issuance of the order requiring all gold to be
returned to the Treasury, and up to Feb. 19, amounted to
$137,628,279.39. Of the amount received during the week of
Feb. 19, the figures show, $12,131 was gold coin and $230,780
gold certificates.
The figures issued by the Treasury on
$242,911 of gold coin and
Feb. 24 follow:
President Roosevelt
Banks and the Treasurers Office
the
to
hundredth
one
university's
1933)
Gold Coin
$12,131.00
initiation
John.
in
club
into
The
Week ended Feb.
31,173,132.39
Received previously
$103,789,740.00
$267,056.00
19
Gold Certificate*
$228,980.00
103,560,760.00
19
Received by Treasurer's
Week ended Feb.
2,384,420.00
office:
19
$1,800.00
-
Received previously
A
club.
two
his eldest
of
club
President
President
the
the
sons
$267,056.00
Total to Feb. 19
N0te—Gold
bars
$2,386,220.00
deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
tion
the
viz.:
last
dinner, said advices from Cambridge to the
also said, in part:
It
rather
was
Franklin
as
to the midwinter dinner to
of
United
the
their
States
to-night.
eons
that
Roosevelt
another
he
.
.
D.
see
dinner
James B.
was
Conant
not
from
removed
attended
was
eon
joined his old
'04
as
coming back
the President
classmates and his
and
own
Strictly Private
only by
members of the club,
being present.
the
the class of
of
"takin in" than
.
Dinner Is
The
public
within
Once
its
President
even
walls, Mr. Roosevelt
and all proceedings of the dinner
gaze
were
strictly private.
Mr.
the
receipt of the
the
of
Roosevelt's
enjoyment
of
the
of the death
news
however,
occasion,
of his
and
cousin
marred
was
by
Assistant Secretary
Navy, Henry L. Roosevelt.
notified, the President cut short his
9:41
p.
&
return
m.
his
for
special
train,
stay at the dinner and' left
waiting
Allston
at the
yards of the
to
Maine RR.,
for his
trip to Hyde Park,
Washington on Monday.
Drawing its membership from Harvard
N.
Y.
He
undergraduates
up
of
now
who
plans to
attended
from Boston,
men
New
York,
Philadelphia and other large cities.
Despite the prestige surrounding the Presidential office, the club members
welcomed
Mr.
hut
for
as
hardly
a man
the
of
the
club
initiation
son's
club
old
an
And
sincerely opposed
was
his
Roosevelt
background.
the fact that
watched
United States Under Nationaliza¬
Order During Week of Feb. 21 Amounted to
members,
are
son,
of
New York "Times" of Feb. 22, which
Details
Silver Transferred to
youngest
member
a
as
Franklin Jr., whose initiation
year.
All of the President's
and
son,
his
of
others
witnessed
President's
installed
was
the
held to
also marked by the
banquet was
except Elliott, who did not go to college, were present
sons
educational
.
honorary
"Fly Club,"
anniversary of the
private schools, the Fly Club is largely made
Total to Feb.
the
present at the celebra¬
was
occasion, which was
the
1902;
James,
Boston
$31,185,263.39
Received by Federal Reserve banks:
where
at Cambridge, Mass., incident
undergraduate
commemorate the
at
(Under Secretary's Order of Dec. 28
that night
tion at Harvard University,
When
Gold Received by Federal Reserve
University,
Temple
to
degree of Doctor of Jurisprudence was conferred upon him,
New Domestic
$484.85
at
Cambridge, Mass., Sees Son
Fly Club at Harvard University
Inducted into
with him at the
received
adjustment.
oz.
1214.
President
Feb. 24 by the Treasury
on
898,735.04
The table which we have heretofore given showing the
receipts by weeks is omitted in view of adjustment which the
Treasury Department indicates has been made in the total
receipts.
The table was last given in our issue of Feb. 22,
page
by
Receipts
1,242,028.22
*67,987,138.63
Total receipts through Feb. 21 1936
the Federal Reserve leaders regarded as ex¬
with there being no doubt that the new issue or issues
to
Total for week ended Feb. 21 1936
This and other in¬
rapidly by the banks and the investing public.
would be absorbed
Gold
795,127.67
438,625.09
8.275.46
Philadelphia
-
what
Fine Ounces
Week ended Feb. 21 1936:
and accompanied by Gov. Marriner S.
Eccles of the Federal Reserve Board,
was
(Under Executive Proclamation of Dec. 21 1933 as Amended)
headed by Gov. Georga L. Harrison of the
Members of the committae,
the
the
Receipts
that there might be other important
Secretary Morganthau intimated
the
and
are
York "Journal of Commerce" of
borrowing before the next quarterly period June 15,
*112,657,236.90
,
yet
friend,
environment
same
noted
a
curious
and
contrast
.
function
were
ceremonies.
watch
the
of
observers
in
of the 300 graduates and undergraduates present
to the present Administration in toto.
charm,
necessarily
According to
a
little
sparse.
club
gold heraldic
.
President
The
tradition,
lion,
.
he paid
known
as
a
"kitty."
25,990.71 Fine Ounces
Silver in amount of
to the
25,990.71 fine ounces was transferred
United States during the week of Feb. 21 under the
Executive
Order of Aug.
9 1934, nationalizing the metal.
Receipts since the order was
issued and
up
to Feb. 21 total
112,657,236.90 fine ounces, it was noted in a statement issued
by the Treasury Department on Feb. 24.
The order of
Aug. 9 1934 was given in our issue of Aug. 11, page 858.
President Roosevelt in Address
at Hyde Park in Obser¬
Day" Holds Present Is Time
to Make Capital out of
"Religious Understanding"
Rather than "Religious Disagreement"—Regards
vance
of "Brotherhood
State of World
Declaring
religious
Summons to Stand
Together
is
capital
as
that "this
disagreement,"
no
time
President
to
make
Roosevelt
on
out of
Feb.
23
Financial
Volume 142
described it "as
capital out of re¬
rather to make
time
a
"We who have faith cannot afford
ourselves," said the President, who added:
very state of the world is a summons to us to stand together.
For
as
I see it, the chief religious issue is not between our various beliefs.
It is between belief and unbelief.
It is not your specific faith or mine
that is being called into question—but all faith.
ligious understanding."
across
make
common
The
creeds, clasp hands
the lines between our
reach
and
cause."
whose address was broadcast over
from his home at Hyde Park, N.
President,
nation-wide network
a
Y.,
Brotherhood Day, under the auspices
and Christians, an or¬
ganization designed to promote a better understanding
among those of differing creeds.
It was observed by the
Hyde Park correspondent of the New York "Times" that
while Mr. Roosevelt did not mention by name any of the
foreign countries where religious groups have felt the force
spoke in observance of
National Conference of Jews
of the
hostile
of
such
governments,
Russia and
Germany,
as
Mexico, he made quite clear his hope that the moral weight
of all denominations in the United States, whether Jewish,
united in common cause.
The President advanced the opinion that the Good Neighbor
Idea—as we are trying to practice it in international rela¬
Catholic
tionships—needs to be put into practice in our community
relationships.
"When it is," he said, "we may discover that
the road to understanding and fellowship is also the road to
Suggesting it as "a fitting thing for
as the National Conference of Jews
spiritual awakening."
an
organization such
and Christians to undertake this
kind of a project in neigh-
borliness," the President made the further observation:
"I
should like to see associations of good neighbors in every
and city and in every rural
town
community of our land."
The President's address follows:
I
ties
aside
has set
Catholics
day on which we can meet not primarily as
a
kind
of
believing Americans;
Now of all times we require that
united.
are
we
day on which we can
a
which divide but to the things which
At
citizens of
the
among
there are among the citizens of mine.
It is a part of the
Brotherhood Day as it is a part of our American heritage to
spirit of
as
this
those differences.
And it is well for us to remember that
of ours is the product of no single race or creed or class.
respect
America
and women—your
And yet each in his own way
beliefs that widely varied.
of the earth with
laid his
fathers and' mine—came here from the far corners
special gift upon our national altar to enrich our national
own
life.
It is
honest.
who
We
faith
the chief
religious
faith.
all
a
to
summons
fall out
to
to stand together.
us
issue is not between our
understanding.
The
ourselves.
among
For,
various beliefs.
as
very
specific faith
Religion
do
irreligion;
distinguish
which
of
areas
the
of
is being confronted
earth
in our American tradition.
The spiritual
brought us a long way toward the goal
best
the
to
have
.forbaers
our
before the nation
set
was
nation.
its founding as a
at
We
still requires the
same qualities
of faith in God and man for its fulfilment.
No greater thing could come to our land to-day than a revival of the
spirit of religion—a revival that would sweep through the homes of the
I
do
still
in
Yet
are
these United States as a finished product.
not look upon
the making.
vision of the early days
The
and stir the hearts of
nation
world.
their
doubt
I
would
if
women
of all faiths to a reassertion
dedication to his will for themselves and for
there
melt
not
and
men
of their belief in God and their
nomic—that
is
any
problem—social,
the fire of
before
away
political
such
or
eco¬
spiritual
a
awakening.
that
ship
like
I
each member
by
now
sacrifice
to kindle such a fire than through the fellow¬
makes possible.
like this
Brotherhood Day,
For
experiment in understanding, a venture in neighborliness.
of
think
to
way
occasion
an
after all, is an
are
our
bound
country
up
as
one
home in which the
interests of
We ought to know
with the happiness of all.
that the welfare of your family or mine cannot be bought at the
of our neighbor's family; that our well-being depends, in the
long run,
upon
the well-being of our neighbors.
"Good Neighbor
The Good Neighbor Idea—as we are
relationships—needs
He
we
It
find
may
would
in the institution.
1,500-word prepared' address only in
one significant particular,
and that was to emphasize his conception of the
service that has been rendered to education and to the youth of the country
to
Conference
neighborliness.
I
be put
trying to practice it in international
into practice
in
fitting thing
for
our
community
relation¬
an
should like to see Associations
town and city and in every rural community
Such associations of sincere citizens, like-minded
every
principles and
nomic
status.
would' reach across
ideals,
It would bring together
share their problems
Here,
forward
of Good Neighbors in
of our land.
as
to the
underlying
the lines of creed or of eco¬
men
and
women
of all stations to
and their hopes and to discover ways of mutual and
neighborly helpfulness.
«
perhaps, is a way to pool our spiritual resources; to find common
ground on
as
from
departed
President
The
his
through Federal subsidies.
In stating that more than $400,000,000
labor that
of
hours
"I
think,
that you will agree with me that the experiment
useful purposes.**"* .
.
.
his hearers immediately by describing himself as an alumnus
however,
at least two
has served
of
yourselves.
for
out
that
has been spent for such purposes,
into higher
won't go
"I
manuscript:
mathematics to tell you the number of manhas provided for the unemployed, but you can work
glancing up from his
he said,
won
by
speaking of the University's
by consistently
and
Temple,
its affairs
spoke at "Founders'
The President
Day" exercises at the
ninety-third anniver¬
The address of the Presi¬
which commemorated the
of the birth of Dr.
dent follows, in full:
sary
Conwell.
Earle, President Beury and
Governor
family and
of the first personal pronoun.
use
University,
Friends of Temple University:
two-fold honor. I am honored
of Temple University, and I am honored
me for the first time the degree of Doctor
had bestowed upon
have just
me a
having been made an alumnus
had conferred upon
having
in
in
of
Jurisprudence.
It
is
happy
a
coincidence
that we should meet
to the cause of education
respects
on
together to pay our
the birthday of the father of
which all of us of all faiths can stand; and thence to move
and women concerned for the things of the spirit.
men
by Washington of Importance
Appreciation
this
of Education
George Washington deeply appreciated the
republic and the responsibility of the govern¬
promote it.
Let this simple statement stand by itself without
the proof of quotation.
I say this lest, if I quoted excerpts from the
somewhat voluminous writings and messages of the first President of the
United States, some captious critic might search the Library of Congress
to prove by other quotations that George Washington was in favor of just
the
opposite.
Therefore, on this anniversary of his birth I propose to
break a century-old precedent.
I shall not quote from George Washington
and
wise
his
In
kindly way
importance of education in a
to
ment
his birthday.
on
Alexander
been alive
perhaps, favored—&c., &c., &c."
it, therefore, to say what
or,
not intend to
with these words:
"If George Washington had
to-day," or "If Thomas Jefferson had been alive to-day," or "If
Hamilton had been alive to-day," or "If Abraham Lincoln had
to-day—beyond peradventure of a doubt he would have opposed—
sentence
any
alive
been
breaking precedent once more, I do
this, and
than
More
commence
pointed out
that a broad and cosmo¬
politan education in every stratum of society is a necessary factor in any
free nation governed through a
democratic system.
Strides toward this
fundamental objective were great in the two or three earlier generations of
the Republic, but you and I well realize that the greatest development of
general education has occurred in the past half century.
As literacy increases people become aware of the fact that government
and society form essentially a co-operative relationship among citizens and
Suffice
President Washington
occasions and in many practical ways
many
When
the road to understanding and
At our neighbor's fire¬
fuel for the fires of faith at our own hearthsides.
new
a
T.
William
Dr.
representatives of those citizens.
the selected
organization such as the National
of Jews and Christians to undertake this kind of a project in
be
and it
Temple
draped about his shoulders by
Governor George H. Earle,
Charles E. Beury, President of
Dr.
by
him
upon
"In¬
The purple-lined cape was
Caldwell, Professor of Chemistry
University.
Idea"
fellowship is also the road to spiritual awakening.
side
ceremonies the Philadelphia
the
of
presented for the degree by
was
bestowed
was
speak of modern progress it seems to me
we
that we place alto¬
gether too much emphasis upon progress in material things—in
in industrial development, in growth of national wealth.
But
When it is we may discover that
ships.
Genuine education
nation.
account
quirer" said, in part:
on
know of no better
I
as a
us
its
In
mine that is being called into question—
or
wide
in
our
also,
credit,
resources
free to pursue it.
are
men
springs from which knowledge comes are pure.
It is this belief in the freedom of the mind, written into our fundamental
law and observed in our everyday dealings with the problems of life, that
only when the
present
nation.
faiths are being challenged.
It is because of that
threat that you and I must reach across the lines between our creeds,
clasp hands, and make common cause.
To do that will do credit to the best of our religious tradition.
It will
with
found when
truth is
The
is
I see it,
It is between
unbelief.
and
It is not your
but
afford
cannot
the world is
state of
belief
time, rather, to make capital out of religious
a
have
taking place in the
He added:
I
out of religious disagreement, however
time to make capital
no
Feb. 22, the
University. In an address
acknowledging the honors conferred upon him, the President
stressed "the qualities of a true education," which, he said,
"remain what they were when Washington insisted upon its
importance."
"First among these qualities," said the Presi¬
dent, "is a sense of fair play among men."
The second
great attribute of education, the President observed, "is
peculiarly appropriate to a great democracy."
"It is," he
went on to say, "a sense of equality among men when they
are dealing with
the things of the mind."
"Finally," de¬
clared the President, "a true education depends upon free¬
dom in the pursuit of truth.
No group and no government
can properly prescribe precisely what should constitute
the
body of knowledge with which true education is concerned."
The Present No
This is
President Roosevelt, the ceremony
upon
on
Jurisprudence was conferred
auditorium of Mitten Hall of the
gift that each has given all have gained.
Time to Make Capital Out of Religious Disagreement
From the
in Philadelphia,
University,
Temple
honorary degree of Doctor of
He
belief
religious
of
Democracy—At Temple University
Receives Degree of Doctor of
Philadelphia
Jurisprudence
begun to see how many and how important
differences
honest
are
town
Men
in
thinking.
There
your
as
which
the things on
are
but
not to the things
I hope that we have
us.
Christians
Protestants or
The National Conference of Jews and
Day.
Jews,
or
ourselves
dedicate
unite
communi¬
day which has been observed in so many of your home
Brotherhood
as
home on the evening of a
to you from my own
speak
happy to
am
Sabbath
Upon Freedom
Truth—Sees Attribute of Education
Education Depends
Appropriate to
Protestant, might be
or
Pursuit of
in
The
pointed out that "religion in wide areas of the earth
is being confronted with irreligion;
our faiths are being
challenged.
It is because of that threat that you and I must
True
Declares
Address,
Washington Birthday
President Roosevelt, in
to fall out among
He
1381
Chronicle
these
in the things of the mind has
progress
past
50
In my
years.
exceptional opportunity for an
was
invention,
been even more striking in
childhood a high school education was an
American boy or girl; a college education
possible only to an exceedingly small minority.
Professional schools
come into existence.
Since 1900, while the nation's population
had
hardly
has
increased by about
of
70%, the enrollment in all branches of institutions
higher learning has increased about 400%.
At the beginning of this century the total enrollment in our
I think
it
too bad
is
colleges
just one student short of 108,000.
and universities was
they did not get that other one
to round out the number and ease
the
way
student—if only
for future statistics.
million students are seeking degrees in our colleges
and universities, and more than 700,000 are enrolled in extension courses
To-day well
and
summer
cising
my
over
a
schools.
right
now
I
to
think
University—I am exer¬
alumnus—can take special pride in
that we of Temple
speak as an
1382
Financial
the part that our institution here has taken
in this growth.
has
of
carried
Dr.
in
Russell
practice
H.
and he
of
education,
those
who
might
believed
into
that
be able
not
education
shall
and
the
of Temple University
keenest
interest
cation
this
guiding ideal.
of representatives of
fessional
interests
understand
body,
it,
this
set up
to
The "Associates
of
the
clearly
according to
"eyes
and
a
structure;
and
far
the
Government's
substantial
contribution
economic
distress.
a
walls.
pro¬
As
and'
draft
to
to
of
a
associates
they
the
of
cause
the
have
out
carry
serve
community,
the
as
constantly
and continuously interpret¬
in
even
period
a
of
also
are
providing,
for
courses
competent unemployed
tration
funds for
their
earn
of the
nomic
Progress
of
groups
and
$400,000,000.
Works
adults
through the
denial
National Youth Adminis¬
the position
distressing
of
to
to
burdens,
that
see
in
spite
might impose
years
unavoidable
educational opportunities
them
use
and
the nation
that
these
for
the
the
fact
the
upon
who
before
in
new,
the
truth
of
aware
the
complexities
of
modern
it
include
to
this
civilized
the
life
a
is
old.
insisted upon its importance.
First among these
qualities is
As
one
education
grows
the other.
upon
men
a
sense
to
come
There
is
and of government
which, in a
human co-operation.
The second great attribute of
of
fair
velt
to
their
them
large measure,
was
the
first,
second
third
and
under civil
are
indicate
not
service.
preference.
a
science
are
Finally,
truth.
and
a
No
what
should
is concerned.
education is
are
but
Washington
dependence
nature of society
in the art of
culminates
should
true
group
be
and
no
constitute
great
and
freedom
is
this belief
men
are
mental
law
and
the
In
our
freedom
in
face
the
the
these
winnow
"On your
the
calmness
details
lie
From
us
in
as
ability to keep
to
and
freedom
observed
life, that distinguishes
of
of
fact
our
own
heads, in
and!
the
pursuit
to
of
report the Ramspeck bill.
Republican
the
of
of
the
mind,
sources
from
written
the
of
good
the
your
into
knowledge—in
grain—in
everyday relationships—in
our
Philadelphia the
Genuine
knowledge
our
needs
of
children's
own
temporary
the
comes
funda¬
our
our
mind's
even
temper
willingness to
emergencies—in
all
future.
The
Two
hands, the sin and the saving lies!"
also quote therefrom:
staff
group
was
recently balked
services
his
at
should
which
conference
press
be
President Roosevelt in
President Roosevelt lias consented
to speak before the
National Democratic Club in
April, in the event that a con¬
venient date can be
arranged.
While he had already con¬
the club
at
its Jefferson
April 18, the President later found that
Day dinner
on
that
on
date he
scheduled to speak at the dinner of
the Gridiron Club.
In view of this, Mr. Roosevelt
has suggested in a letter to
officials of the Democratic Club the
postponement of their
dinner until a week
later—April 25. The invitation to the
Jefferson Day dinner was tendered
by Thomas J. McMahon,
President of the Democratic
Club, and Judge Cornelius F.
Collins, Chairman of the club's Jefferson Dinner Committee.
was
civil
Roose¬
Robert
Rams-
.
.
to
the
the bill
pass
civil
belief
service,
all
from
permanent
those
even
emer¬
the administration of laws that
are
time.
some
Letter to
Lieut.-Colonel
Iiams
ofi Military Order of World War, Says Army Day,
April 6, Should Serve to Remind Us of Laudable
Service of Soldiers in Peace and War
In
letter made public at the White House
to
Lieutenant-Colonel George E.
a
addressed
of the Military Order of the World
Army Day, April 6, President Roosevelt said:
Dear Colonel
should
to
serve
in peace
and
remind
war
a
in
score
of
us
our
the splendid
century and
and sacrifice
half
of
a
dozen
unrelated
service rendered by
a
fields
anent
April 6,
soldiers
half of national existence.
the members of
major
on
our
21,
com¬
War,
Army Day, which is annually observed
during
courage
secure
in
Ijams:
Feb.
on
Ijams,
mander
wars.
our
army
Through
have kept
their
our
constructive
they have served the nation well in
time of peace.
opening to settlement
great domain, in constructing canals and
improving navigation, in extending our knowledge of preventative medicine,
in contributing to the advancement of science in
numerous other ways,
our
and
the
has written
army
American
of
a
brilliant record of constructive service
the pages
yours,
FRANKLIN D.
Honors
on
history.
Very sincerely
to
Placed
ROOSEVELT.
President
Washington at Capital on Anni¬
of Birth—Wreath from President Roosevelt
on
Tomb
The two
hundred and fourth anniversary of the birth of
George Washington, the nation's first President, was appro¬
priately observed by all branches of the government and
patriotic organizations at the shrines erected to his
memory.
President Roosevelt, although en route to
Philadelphia and
Cambridge, Mass., sent a wreath to Washington's tomb, at
Mount Vernon, by his naval
said
ald
aide, Captain Wilson Brown,
Washington dispatch, Feb. 22, to the New York "Her¬
Tribune," which also stated, in part:
a
A
similar tribute was paid
by Dr. Ernesto Bonnetti Burgos, Minister of
Foreign Affairs of the Dominican Republic, who was accompanied on the
pilgrimage by Dr. Andres Pastoriza, the Dominican Minister to the United
States.
The
to-day
...
Senate
and House, which
usually recess
primarily to hear the annual reading of
Senator
Nathan
in
the
The
House.
L.
Bachman,
Democrat of
over
the
Tennessee,
the
week-ends,
the
read
the
of
the American
and Children of
Constitution
Hamilton
greeting
address
in
McLean, Republican of Michigan,
...
largest and most elaborate of the birthday celebrations
Hall under auspices of the District
of Columbia
Sons
met
"Farewell Address."
was
Constitution
The
President Roosevelt to
Speak in New York City Before
National Democratic Club in
April if Satisfactory
Date
Can
Be
Arranged—To Address Gridiron
Dinner April 18
efforts
voiced
brought under
engaged' in
are
likely to continue to be in effect
tion,
to address
the
pending, but Mr.
.
the Senate, and Representative Donald H.
necessitated
by Mr. Roosevelt's plan to proceed
to-night from Cambridge to Hyde
Park, N. Y., for a stay of three or four
days, to be devoted primarily to work on
the new tax
bill, which is
expected to provide about
$500,000,000 of additional revenue.
sented
are
extend
to
measures
One by Representative
An objection by Representative Henry C. Ransley,
Pennsylvania,
President
agencies
gency
New
York "Times"
reported that
accompanying Mr. Roosevelt from
Washington were Mrs.
Roosevelt, Senator Guffey and a skeleton official
staff.
We
The
numbering
postmasters,
calendar.
consent
of
everyday dealings with the problems of
the
pure
and
future
of
nation.
a
chaff
our
our
wonders
free to pursuit it.
only when the springs from which
in
the
in
government can
properly prescribe precisely
body of knowledge with which true education
the
The truth is found when
present
literature
upon
grade
was
versary
depends
postmasters
Farley favors the O'Mahoney bill.
thought, however, in view of the support the President is giving
legislation, that an effort will be made to have the Rules Committee
It
to all.
open
education
pure.
It
of
great music,
of
Georgia, would bring the non-competitive grades under
immediately.
Another by Senator Joseph O. O'Mahoney,
Wyoming, would make the change on Jan. 1 1938.
It is
service
education is
peculiarly appropriate to a
demorcacy.
It is a sense of
equality among men when they are
dealing with the things of the mind.
Inequality may linger in the world
of
things,
grades
Secretary of the Navy in the
Only the fourth class, numbering
great
material
correspondents that he
all
to
Assistant
peck, Democrat of
labors
men.
essential
the true
appointments
he
embrace the non-competitive grades
to
did
In
play among
recognize
revealed
conference reminded
press
service
At that time
30,000,
service
country
true education remain what
they were when
a
his
at
civil
present
By their
Qualities of True Education
The qualities of
for
Cabinet.
At
some
ever
our
history.
And while the methods of
spreading education
the lessons of education are eternal.
The books may be new but
the
of
favor
in
From the dispatch we also take
about 14,000, are Presidential appointees.
to
word,
than
is
Washington, dispatch to the New York
a
similar status.
President
1913.
since
the
country
of
from
a
been
eco¬
willing and ready
advantage.
sense
more
The
of the
owed
should not
were
that
youth
government
burdens
those
of
Educational progress in the past
generation has given
population more literate, more cultured in the best
are
are
part-time employment to help
deserving young people to
accredited colleges and universities in all
parts
rightly taken
future of
and
there
Roosevelt
following:'
Federal
Administration,
wherever
through
way
adversity through these
country
to
the
United! States.
We have
the
teachers,
than
more
of
given
had
colleges
through
thousands
be
the
various
to add
library buildings amounting to
We
President
understood that Postmaster-General
1933
educational
that
the Agricultural Adjustment Administration would likewise
a
agencies
the
government
is
to their present
equipment.
Since
the government has made,
through the various governmental agencies
of the
Administration, allotments to local communities for
schools,institutions
learned
Democrat
of Education
that has sought to make
education,
as
"Herald Tribune," he expressed the hope that employees of
some of
the more permanent emergency bureaus such as
civil
Cause
to
will
will
also
legislation to give civil service status to post¬
masters of the first, second and third class was indicated
at his press conference on Feb. 21, at which time, also, it
integral and organic
an
the
government
fact
Wilson
which
throughout
Contribution
Through
helping educational
and
Employees of Emergency Bureaus such
The
I
advisory
mere
and their purpose will be to
university
proud to be the head
am
than
individual
the
alert to the changing social and economic
needs,
ing these needs to the university.
I
university's
more
infrequent occasions
responsibilities,
definite routine;
of
industrial, financial and
Temple University" will be
duties
ears"
be
and
practical appli¬
general character.
a
of
university's
defined
will
special
on
plan
for
community outside the
organization
meet
recommendations of
part
the
into
the
of
forming an organization
University," and to be composed
of Temple
the various commercial,
of
out
Civil
Giving
enactment of
is
working
further
even
I refer to the plan
the "Associates
as
the
Legislation
Postmasters—Would
All
to
AAA
elsewhere.
respond to
recently adopted by Temple for carrying
to be known
education
Favors
Status
needs
:
.
with
college
a
the
meet
Roosevelt
Include
community needs and fit
complex life that modern conditions have
us.
watch
afford
to
should
to
1936
Feb. 29
Service
chance to obtain
a
founded Temple University
Associates
I
should be given
young person
the many-sided
imposed upon
President
late
tbe
,
good
itself
This institution
founder,
great
•
every
He
its
•
He believed that
a
ideal
basic
the
Conwell.
Chronicle
Revolution,
the American
held in
societies
of
Daughters of the American Revolu¬
Revolution.
Hall
program
included a speech by Representative
Fish, of New York, music by the Marine Band and
messages of
from various patriotic societies.
President Roosevelt Vetoes
$50,000,000 Seed Loan
—Points Out No Provision Was Made
Bill
in
Budget
Funds—Says Necessary Expenditures Can
Met from Relief
Appropriation—Senate to Con¬
for Such
Be
sider
Overriding Veto
President
Roosevelt
Feb. 26 vetoed a
$50,000,000
crop-production loan bill, which would have continued the
practice of providing Federal funds for seed loans to farmers.
The measure, which
originally passed both the Senate and
House on Feb. 3, was introduced in the Senate
on Jan. 13
by Senator Ellison D.' Smith of South Carolina and was
submitted to the Senate Committee on
Agriculture and
Forestry, of which Senator Smith is Chairman. The Comon
Financial
reported the measure back to the Senate with an
provide a maximum loan of $1,000 to any one
borrower, instead of $500 as had been provided in previous
similar legislation; the Senate on Feb. 3, without a record
vote, passed the bill with the Committee amendment.
Under suspension of the rules, the House, also on Feb. 3,
amended and passed the measure by a vote of 139 to 14.
The House bill provided for a loan up to $300 to any one
borrower and also an appropriation of $40,000,000 to carry
out the provisions of the measure.
The Senate disagreed
to the House amendment on Feb. 4, while the House on
Feb. 5 insisted upon the change.
The bill was submitted to
President's
1383
Chronicle
Volume 142
mittee
conference and the conference report, providing for a maxi¬
mum loan up to $500 to any one person and an appropria¬
tion of $50,000,000, was submitted to both the House and
Senate on Feb. 11.
The report was agreed to by the two
bodies on Feb. 12. Senator Smith said on Feb. 27 that he
would
move
March 2 to override the President's veto.
on
principal
reasons for disapproval his previously announced intention
of stopping this practice and his
further determination not
to approve any expenditures which were not included in
the budget submitted to Congress in January. At the same
the President gave as his
In his veto message,
said that there "still exists a need for
time the President
production loans to farmers whose cash requirements
are
so small that the
operating and supervisory costs, as
well as the credit risk, make credit unavailable to them at
this time through the usual commercial channels."
He
added, however, that such needs can be met during the
year 1936 by an expenditure "materially less" than $50,000,000, and pointed out that without new legislation he
can allocate the necessary funds from the relief appropria¬
tion which the Comtroiler-General has assured him "can
crop
be utilized for such loans
Order
desirable
be
to
I might
as
and
indicate by Executive
as relief measures."
necessary
The veto message follows:
To
the
I
return
the
without my approval
Farmers
to
and for
bill authorizes
for
Other
bill entitled "To
a
Purposes."
appropriation of $50,000,000 from the general
an
Treasury for loans to farmers during the year 1936
for
pro¬
loans.
I stated that I did
off the crop loan system
so
the theory
on
serve
useful purpose in
a
that it was proper to taper
which had been initiated
1931, rather than to cut it off abruptly
would
on a
large scale
tion Credit Associations
be
considered
as
was
and
areas
balances
relief
allocations
stricken
production loan
I recommended to the Congress that the cost
defrayed from the appropriation for relief
Accordingly $60,000,000
under
in
from
agricultural
was
the
areas
reappropriated from unobligated
for
of $525,000,000
appropriation
contained in
Emergency Appro¬
the
priation Act passed the previous year.
In my budget message,
transmitting the 1937
budget, I stated:
Congress enacts legislation at the coming session which will impose
charges upon the Treasury for which provision is not already
this budget, I strongly urge that additional taxes be providedito
additional
made in
cover
such
charges.
No provision was made in the financial program for
or
the fiscal
the fiscal
year
1936,
1937, for additional crop loans, and, notwithstanding
year
budget statement, quoted above, the Congress by this bill authorizes
my
an
$50,000,000 for
additional draft upon the Treasury for
without making provision
However, while I
nize
that
am
ing
a
still
there
exists
a
need
new crop loans,
for crop production loans to farmers
small that the operating and supervisory
the usual commercial channels, and who,
though
other form of relief from
those
areas
doubt find it
fully
the government.
in
which
seek
budget to the balance—except for relief
prevail
because
during the year
1936,
of
cultural Adjustment
The tax program is
referred
,.
.
.
be met during the year 1936 by an
can
I have
expenditure of funds
ma¬
bill under discussion.
be met without the necessity of enact¬
terially less than that proposed by the
Furthermore,
these
needs
can
ing authorizing legislation, through an allocation
appropriation
provided
in
1935, which appropriation,
the Emergency
of funds by
me
from the
Relief Appropriation Act for
I am informally advised by the Comptroller-
General of the United States, can be utilized for such
cate
loans
as
I might indi¬
by Executive Order to be desirable and necessary as relief measures.
I believe, therefore, that a
special appropriation by the Congress at this
time is both inadvisable and unnecessary.
of such
That being so, and in the absence
legislation, I propose in order to meet this need to issue an Executive
Order within the next few days.
FRANKLIN
D.
ROOSEVELT.
The White House, Feb. 26 1936.
We also quote from a
to the New
Washington dispatch of Feb. 26
York "Times" regarding Congressional reaction
to the veto:
A sharp clash
addressed,
Chairman Smith of the Agricultural Committee said
in the Senate, to which the veto message was
followed its reading.
he would
is as
demand
a
vote to override,
great among farmers as
Senator
Administration.
designed to produce permanent
000 annually, with the addition
receipts of $620,000,the year's farm
of $500,000,000 to pay for
program.
The program as he
outlined it is:
annually for nine years
retirement.
annual taxation to supplant revenue out¬
Approximately $120,000,000 of new revenue
1.
additional costs of early soldiers' bonus
to pay
$500,000,000 of permanent
2.
lawed by the AAA
decision.
$500,000,000 to be obtained by temporary
3.
taxation possibly spread
which would have
decision.
Part of the last sum, Mr. Roosevelt beli9vss, will be obtained from "wind¬
fall" income taxation assessed against processors of foodstuffs who obtained
refunds of impounded AAA taxes after the Supreme Court decision had out¬
lawed th9 New Deal farm relief plan.
He estimated that "windfall" tax
proceeds would be from $250,000,000 to $350,000,000.
President Roosevelt estimated farm program expenses of the 1936 and
1937 fiscal years at $1,017,000,000.
He estimated additional bonus costs
at $120,000,000 annually beginning with the 1937 fiscal year.
This pro¬
over
the Treasury for AAA taxes
three years to reimburse
been collected in the current
vided the total of
fiscal year but for the Supreme Court
$1,137,000,000.
must be imposed to cover
these Treasury out¬
levy required for the bonus,
new
Robinson
stating that the need for the money
it ever was.
Democratic
leader, pointing
to
Mr.
Roosevelt's
crop-production loans to farmers still in distress would be
provided by Executive Order from relief funds advised the Senate not to
pledge that
attempt repassage
of the measure.
his belief that, with the
exception of the
of re¬
he regarded the tax program as one
placement—replacement of income which the Treasury had expected, but
which it lost when the Supreme Court ruled the AAA and its processing
unconstitutional.
taxes
Mr. Roosevelt made
no
administration would sub¬
Congress other than the amount
it equally clear that the
specific recommendation on taxes to
the legislative branch to determine
the method of
Following the conclusion of the White House
Feb. 27, Senator Pat Harrison (Democrat) of
Conference
Mississippi,
needed, leaving it up to
obtaining the revenue.
on
said:
of the country
informed us that he would send his
message next week to Congress as to the additional needs of the government
together with suggestions for revenues to balance the 1937 budget.
The conference discussed
fully the whole fiscal condition
government, and the President
According to advices from Washington
Feb. 27, to the
Tribune" Senator Harrison, Spokesman
for the conferees, said that so far as the writing of the tax
bill is concerned, the President will take no part.
The bill
will be written by Congress.
The conference lasted nearly
four hours, breaking up shortly after midnight.
Incidentally it may be noted that the President (as stated
in these columns last week, page 1215) had planned to spend
a few days at his Hyde Park, N. Y. home this week to study
new taxation proposals; he was however, obliged to curtail
his visit there owing to the death of Assistant-Secretary of
the Navy Henry L. Roosevelt.
The President left Hyde
Park late Monday night (Feb. 24).
New York "Herald
Farm-Aid Bill—And Bill
Congress Passes
Enacted As
Invalidated Agricultural Adjustment
Act—Measure / Regarded
as
Granting
Broader
Powers to Secretary of Agriculture Than Agricul¬
tural Adjustment Act
Substitute to
,
Congress speedily
Soil Conservation
disposed of the Administration's new
Bill, designed as a substitute
for the in¬
validated
and
House
but I feel that other borrowers should
convinced that the immediate and actual needs to which
am
of the bonus and
passage
This is particularly true with
unusual conditions
seek credit elsewhere.
I
levies to restore
costs—which existed before the
the decision by the Supreme Court on the Agri¬
He made clear that he intended Congress to enact new
the
some
with the Congress that provision should be made for such
agree
borrowers
Yesterday
Congressional leaders.
(Feb. 28) the President made known that a tax program to
yield a total of $1,137,000,000 is proposed. To quote from
United Press accounts from Washington yesterday:
unless extended
necessary to
drought, dust storms, floods, rust and other unforeseen disasters.
I
and the payment of the bonus was indicated follow¬
night Conference at the White House which the Presi¬
for any revenue to cover such loans.
assistance of this character, would no
to
send to Congress
message
dent held Feb. 27 with
costs, as well as the credit risk, make credit unavailable to them at this
respect
a
returning this bill without my approval, I recog¬
whose cash requirements are so
time
and Pay Bonus
program
and the
primarily for relief purposes principally in the
of such loans should properly be
purposes.
should
tapering-off loan.
a
but this loan
drought-stricken
early
Farmers' Produc¬
and that the 1934 loan by the government
It is true that I gave my approval to a $60,000,000 crop
for 1935
as
particularly since such loans
aiding certain farmers unable to qualify
for crop production loans through the newly established
thus
Ask
making recommendations for new taxa¬
tion to balance the 1937 budget, and meet the requirements
of the Government incident to the financing of the new farm
next week
mit
approving the bill providing $40,000,000 for crop production loans
for 1934
as
S. 3612
Crop Production and Harvesting During
duction of crops—principally seed
In
gram
However, he made clear also
hsrewith,
Year^SG
This
Proposals—To
lays.
Loans
fund of the
Tax
The intention of President Roosevelt to
He emphasized that taxes
Senate
Provide
New
Roosevelt's
Congress For Legislation to Provide $1,137,000,000
In Levies To Balance Budget, Finance Farm Pro¬
amendment to
dis¬
Agricultural Adjustment Act, after Senate
conferees on Feb. 25 agreed on major points of
On Feb. 27, both the Senate and House adopted the
Conference report, and the measure was thereupon sent to
the President for his approval.
As was noted in our Feb. 22
issue, page 1217, the bill was passed by the Senate on Feb. 15,
and late in the day Feb. 21 it was adopted by the House by
a vote of 267 to 97.
Conferees had little trouble in reaching
an agreement, and the compromise conformed most closely
to the measure passed by the House on Feb. 21.
It included
the House amendment for re-establishment of the ratio of
net income of farmers to city dwellers as it existed from 1909
to 1914.
In order to protect consumers, however, the con¬
ferees stipulated that the powers given the Secretary of
Agriculture to effectuate this purpose should not be used to
reduce production below the normal human consumption
1920 to 1929, as determined by the Secretary, with considera¬
tion taken of export trends, population increases and other
pute.
market developments.
Prior to passing the
$500,000,000 Soil Conservation Bill
House made a number of changes to give the
Secretary of Agriculture greater powers to adjust farm pro¬
duction than he had under the old Agricultural Adjustment
on
Feb. 21, the
the House, by a vote of 224 to 146,
Representative Boileau of Wisconsin
recommit the bill to the Committee on Agriculture with
Act.
Before passage,
a motion by
defeated
to
1384
Financial
instructions that it be amended to prevent the
verted
use of con¬
production of dairy products and
for commercial
acres
to limit
payments to individual farmers to not
$2,000
year.
a
follows in
The action of the House
than
more
summarized
was
as
Washington dispatch of Feb. 21 to the New
a
York ''Times":
As passed
the
by the House, the administration-sponsored
Secretary almost
bill would give
carte blanche to determine the amount of benefits
or
He would also be the judge, within broad limitations, of the volume
of farm output to be approved within a
given year.
In several important respects the House version
further than that passed by the Senate.
ment
undertakings in the
went
considerably
beginning with 1938 and directed the restoration
of farm "net income" to
a
by
support,
Representative McCormack of Massachusetts.
The amendment is intended
primarily to protect consumers from sharp rises
in food and other costs incidental to the conservation
program.
Specifically, the Secretary would be prohibited from doing anything in the
name
a representative
Stricken out
of conservation
or
was
peripd"
approved.
was
House language saying "farm population of the respec¬
spective states during
the
re¬
representative period," but retained was the House
a
including "acreage and productivity of land devoted to agricultural
production."
This latter clause
was
expanded to include lands devoted to
dairy production.
The
conferees accepted House amendments directing the Secretary to
"protect the interests of small producers" and permitting the Secretary to
poses of the
the pur¬
proposed act.
Another House amendment accepted would make available $2,000,000 of
unexpended relief funds for allocation to states in the southern Great Plains
areas
or
to farmers therein for wind erosion control under
plans to be ap¬
proved by the Secretary.
parity with that of non-farm workers.
pre-war
The latter authority was contained in an amendment offered with ad¬
ministration
ing
tive states and the value of
agricultural commodities produced in
It broadened the basis of adjust¬
considered in making State allotments from the S500.000.000 fund under
the permanent program
1936
29
allot funds to Federal bureaus and state governments to carry out
of conservation, liberalized factors to be
name
Feb.
in making allotments, should consider the
"acreage and value of the major
soil depleting and major
export crops produced in the respective states dur¬
clause
grants to individual producers and the basis on which such grants should be
made.
Chronicle
The Senate group won restoration of a
provision giving the Secretary sole
authority to review the "facts" constituting the bases for grants, but allow¬
ing Comptroller General to audit the payments and say whether they were
in
conformity with the bill.
The House title of "Soil Conservation and Domestic Allotment Act" was
accepted instead of the Senate's "Soil Conservation Act."
erosion prevention that would reduce the volume of
farm
production below the average for 1920-29.
In determining such
volume, however, the Secretary would be permitted to give consideration to
Text of Executive Order
reduced foreign markets for farm products, increased
population trends of
Purchasing Power Order
Preceding this
protective provision
consumer
The
bill
prohibiting
Presidential
was
a
definite instruction
Placing Control of Tin Exports
of State
Under Secretary
consumption and quantities of substitute foods for domestic consumption.
license
of
exports
under
except
tin-scrap
signed by President Roosevelt
was
on
that "the ratio between the
purchasing power of the net income per person
on farms and that of the income
per person not on farms that prevailed
Feb.
16
Feb.
22,
during the five-year period 1909-14" be restored, "at as rapid a rate as the
Secretary determines to be practicable and in the general public interest."
President delegating to the Secretary of State the power to
grant licenses for the exports follows:
Under the AAA the mandate
and industrial
purchasing
was
power be
to
on a
prescribed commodity
reporting the adoption by Congress of the Conference
report a dispatch Feb. 27 from Washington to the New York
"Times" said in part:
farm-relief program.
In the House Speaker Byrns had to pound re¬
peatedly for order to remind members they w ere about to pass this most im¬
portant legislation
Whereas,
As adopted, the bill remained in
substantially the form in which it
was
first passed by the House.
direction that
the
reported in our issue of
Executive Order issued by the
The
as
EXECUTIVE ORDER
Act
to
of
sources
of
2
an
provide
tin,"
of
Act
for
the
over
and
of tin.
sources
Feb.
approved
protection
15
1936,
preservation
of
the
There shall not be exported from the United States after the expiration of 60 days
the enactment of this Act any tinplate scrap, except upon license issued by
The President is authorized to grant licenses
rom
upon such
conditions and regulations as he may
Senate following its adoption in the
as to
farm-city income ratio
pre-war
House,
find necessary to assure in the
public interest fair and equitable consideration to all producers of this commodity.
Now, therefore, I, Franklin D. Roosevelt, President of the United States,
acting under and by virtue of the authority vested in
Act, do hereby delegate to the Secretary of State
National
Munitions
Control
Board,
tions
he
as
may
find
upon
necessary
the workability of the
prescribe by and with
power
to
by the aforesaid
me
as
Chairman
grant
licenses
He had
of
the
for
the
such conditions and under such regula¬
assure in the public interest fair and
equitable consideration to all
be restored.
to
the
producers of this commodity, and
the advice and consent of the Board.
previously that the provision would give Secretary Wallace virtual
control
the domestic
Congress
provides:
exportation of tin-plate scrap
in the
Senator Borah took the floor to express doubt
stated
Section
"An
domestic
new
up
18
the President of the United States.
No record vote was asked to
bring adoption of the conference report
which resolved differences between the Senate and House versions of
the
brought
1226.
page
•
entitled
In
Feb.
on
To provide for the protection and
preservation of
in adjustment programs
be treated
being specified.
When
not
that the pre—war parity Between farm
restored, but
basis, the commodities authorized
and
he may
as
FRANKLIN D. ROOSEVELT.
the incomes of all workers.
The White
House, Feb. 16 1936.
Payments to Farmers Provided
Under the bill, until January,
1938, Federal payments made directly to
cooperating farmers would be in order
tributions toward conservation of soil
rewards for their
as
voluntary
con¬
Bill Presented to Senate
After two years, Federal
resources.
SEC
payments would be made only to States Having adopted
authorizing legis¬
lation and a conservation plan
acceptable to the Secretary of Agriculture.
The measure goes considerably further than, the invalidated
During the temporary two-year period, payments could be made for:
"Preservation and improvement of soil fertility.
"Promotion of economic use and conservation of land.
"Diminution of exploitation and wasteful and unscientific
use
of national
soil resources.
"Protection of rivers
and harbors against the results of soil erosion in aid of
maintaining the navigability of waters and watercourses and in aid of flood
control."
.
.
.
Subject to the practical limitation that
no more than $500,000,000 be
the program in a single year, the Secretary receives carte blanche
to do whatever he considers
necessary to achieve the purposes of the measure
spent
on
within the field of soil conservation and erosion control.
...
AAA Officials Puzzled
At
the
Only
one
agency
carrying out the most far-reaching farm relief
enacted in this country, officials had
only
placed in operation.
thing
a vague
idea
how it
as
to
be in¬
measure
was
ever
to be
certain in the minds of those charged with the re¬
was
sponsibility of carrying out the conservation program—about 30,000,000
of land, normally planted to cash crops, would havs to be shifted to
acres
grasses and
legumes if the program
Data
Over-the-Counter
on
ing Trading in Unlisted
;
mittee
Securities—Senate
The Senate Banking and Currency Committee on Feb. 25
began hearings on the bill drafted by the Securities and Ex¬
change Commission, and introduced in the Senate on Feb. 14
by Senator Fletcher, Chairman of the Committee, extending
unlisted trading privileges in certain securities after June 1.
Introduction of the
Feb. 22, page 1216.
James M. Landis,
measure
was
referred to in
issue of
our
Chairman of the SEC, submitted
a re¬
draft of the bill to the Committee
on Feb. 25, and at the
time presented legislation, amending Section 15 of the
Securities Exchange Act of 1934, which would
same
require com¬
panies to reveal full information to investors concerning
traded
country.
He also submitted to the Committee
in
on
over-the-counter
markets
of
the
proposal to
write into law the rules and regulations of the SEC
previously
a
issued under the over-the-counter section of the
Securities
Exchange Act of 1934.
In Washington advices, Feb. 25,
appearing in the New York "Journal of Commerce" of
Feb. 26, it was stated:
was to be successful and cash rewards of
about $500,000,000 probably would be disbursed.
Com-
Hearing
securities
Agricultural Adjustment Administration, the
trusted with
Group by Chairman Landis of
Full
Issues—Also Submits Redraft of Measure Extend¬
provisions
of the AAA, in the direction of soil
conservation, adjustment of agricultural
output and the restoration of farm income on a prosperity basis.
Requiring
Chairman Landis offered the bills for meeting the problems encountered
in
Associated Press Washington advices of Feb. 25 outlined
the agreement reached
by Senate and House conferees as
follows:
attempted regulation of over-the-counter trading for the purpose of
securing the reaction of the committee and over-the-counter dealers and in¬
dicated that he would not press for their enactment at this time.
Passage
of the bill extending unlisted trading, he felt, was
imperative before the dead¬
line goes into effect June 1.
Fundamentally the
measure
carrying the original broad
came
powers
of the
out
conference chamber still
for the Secretary of Agriculture to make
grants to farmers directly or through states for two years, to be followed
by
a
permanent program of subsidies
going only to states that adopt Federal
formulas for crop control through changing from commercial to
soil-building
crops.
t^The conferees
accepted the controversial House provision requiring the
Secretary of Agriculture to re-establish
parity between the purchasing
power
as
fast
as
practicable the
pre-war
of farm and non-farm net income
without discouraging production below the normal domestic
consumption
in the years' 1920-'29.
This so-called "consumer protection" amendment had been overwhelm¬
ingly rejected by the
Senate when offered
by
Senator
Robert Wagner.
Democrat, New York.
Also accepted with
some
tion
modification
was
the House amendment per¬
Substituted for the House language declaring that the
Secretary of Agri¬
culture in making grants should consider the contribution in services and
loss of income sustained by tenants and sharecroppers,
saying that the Secretary should,
as
far
as
practicable,
was a
provision
"protect" their
deemed
necessary
as
to the full disclosure of informa¬
in the public interest.
SEC
officials
regard the
present over-the-counter provisions of the Securities Exchange Act as being
unworkable because the burden of compliance is placed
upon the dealer and
it is the purpose of the revision to correct this situation.
The provision would go into operation on
$2,000,000
cases
or more
where
a
same
class to $2,000,000
For example, it was explained, an issuer
offerings of
an
as
issue of
well
as
in
or more.
might have outstanding $2,000,-
000 of substantially the same securities which
the-counter markets.
same
new
of substantially the same class of securities
smaller issue raises the amount of securities
outstanding of
substantially the
the
mitting tenants and sharecroppers to participate in subsidy benefits under
the temporary program.
any
Effect of the revision relating to over-the-counter
trading would be to
place the burden of proof upon the issuer
Should he offer
an
class of securities full disclosure
ties would be required.
are
being traded
on
the over-
additional $100,000 of substantially
as
to the entire
$2,100,000 of securi¬
It is extimated that approximately 3,000 companies
would be affected.
Years to Develop Facts
Because of the fact that the requirements are
imposed only in connection
with new issues, it is estimated that it will take from five to
10 years to bring
about full disclosure of facts concerning the securities and issues
now
being
traded in.
interests.
tJA compromise
for
was
reached
on
determining state allotments.
conflicting provisions laying ground work
The
The Senate language saying the Secretary,
advices:
following is also from the "Journal of Commerce"
Financial
Volume 142
Chairman Landis offered the bill during his appearance
before the Com¬
continued trading in unlisted
mittee in support of legislation authorizing
securities beyond the June 1 deadline.
Pointing out that the Securities Exchange Act emphasized the importance
of
having securities listed
tion
on
the exchanges, he said that when an
found that approximately 1,370 issues of stock
of bonds
examina¬
securities listed, it was
made into the situation with respect to the
was
and $6,800,000,000 par
value
found in the unlisted class.
were
Chairman Explains
leges, he continued, it
enjoying unlisted trading
privi¬
that
for the Commission to recognize
was necessary
attempting to bring about listing of the securities eventually it was neces¬
in
sary
Also, he added, it is
to adjust certain conflicting demands.
imperative
listing re¬
that will dis¬
of the exchanges to improve their
not to break down the power
quirements and not to bring about an extraordinary change
turb the financial markets.
gradual change from unlisted to listed securities by persuasive
stead of drastic and direct action.
It
was
that the proposed legislation continuing
to create
a
methods in¬
The Senate sent the bill to
introduced on Feb. 11 by Senator
Fletcher of Florida, directs the Secretary of Agriculture and
the Governor of the Farm Credit Administration "to take
pluses from
.
.
The measure,
the CCC
Finance
Corporation "to acquire $97,000,000 of the non-assessable
capital stock of the CCC."
Incident to the passing of the
bill by the Senate, Washington advices, Feb. 25, to the New
to increase the capital stock of
by $97,000,000," and also directs the Reconstruction
with this thought in mind,
"Journal of Commerce"
York
the
floor,
this
appropriation
into
some
Senator
the
the
Chairman Landis said that
mis¬
Urging that all opposition be heard by
objection to the details of the legislation and a very wide
conception of the effects of the bill.
be added that some
the Committee before action is taken on the proposal,
Others evince no particular interest,
exchanges are in favor of the bill.
while
some
of the over-the-counter dealers oppose it because
of a misunder¬
standing of its effect.
write into law better standards
years' operation of the
break down the re¬
of trading privileges which have resulted from two
He emphasized that the Dill is not intended to
act.
oftfull disclosure.
quirement
The redraft of the Fletcher bill, Mr. Landis said, is
aimed at "stiffening
legislative standards" by having the standards written into law.
Mr. Landis
of trading in
asked by the Committee as to the extent
was
He said that most bank stocks are sold over the counter.
bank stocks.
legislation,
when
not
was
valid," he said.
"If
one
asked
Senator
unwise
been held
the
iiow
until
the
lower
coming
These
that
ties beyond June 1 was indicated as members
of the Senate Banking and
Currency Committee asserted to-day that the bill should not be
rushed,
have
we
mittee to oppose expansion of the authority
of the SEC, at least without
careful study.
Committee, while making no criticism
trading privileges to unlisted securities which had
this right before March 1 1934, said,
"we should
of the bill.
Senator Wagner, Acting Chairman,
the
go
slow"
on
other portions
agreed with a witness that
should not be "speeded."
measure
James M. Landis, Chairman of the
of
yesterday (Feb. 25), reiterated that the Commission was not striving to
force listing of the unlisted
securities
on
Stock Exchanges to the detriment
of the over-the-counter dealers and that it did not seek greater power to
compel listing.
As
on
legislation.
Couzens
denied
were
Senator Couzens's
privileges
on
which would continue unlisted trading
stock that had been in this category before March 1 1934.
to the three other
of
South Carolina,
has
been
to the
reported
Senate
In
to
these
order
in
realize
that
Feb. 15, page 1049,
11, it was said
would increase the capital of the CCC
"Chronicle"
measure
to
on
the bill
CCC
The
is
loans
is
for
the
of
purpose
the
no
capitalized.
To enable CCC to better serve
and to provide credit and facilities
inadequately
in
established
agency
Corporation were authorized by the Corporation
Department of Agriculture under circumstances
longer exist.
Under existing conditions, the
the
with
which
conditions
CCC
Senate Banking
agricultural commodities, to finance the carrying
the orderly marketing of such commodities.
The out¬
of
co-operation
and
A favorable report
19 by the
on
facilitate
to
standing
Feb.
which said:
governmental
a
loans
Feb.
on
Currency Committee,
making
in
ordered
was
of
on
of $100,000,000.
$10,000,000 instead
and
bill
the
of
introduction
the
even."
"break
to
the
referring in
the
Higher Costs
Michigan suggested that the longer the Corpo¬
commodities, the higher becomes the market cost which
the
marketing
orderly
for
the committee feels that CCC
should be supplied
with larger capital funds.
These additional funds can be supplied by the RFC without increasing
the
from season to season,
surpluses
carrying
borrowing power of the RFC.
Your
margin
so
the
on
without
and
feels
committee
to
passed
of
security
government
the
to
on
that
capital
a
of
$100,000,000
will
enable
to enable it to borrow from private
commodities at very low interest rates
guarantee.
This interest saving! could !be
loans
its
as
the
farmers.
As
features, however, he said:
"If you are going into a new
Smith
Chairman
Vandenberg of
holds
must
sources
objections, the Senator explained, were not aimed at
the first proposal of the legislation,
by
Agriculture, which called attention to the fact
on
Stresses
CCC
Explains His Stand
In order not
be produced this year and
government.
Senator
yesterday, he said there were many "misconceptions"
to the intent of the
as
surplus.
enormous
will
"which will facilitate
and also with some
profit to those who have placed their products in the hands
bill
some
the
farmers
SEC, who submitted the legislation
the fatuous
it is important that they shall not be sold."
year,
another
and
Senator Couzens, a member of the
of the plan to extend the
hand this
on
price of commodities which
contentions
hope of
of over-the-counter dealers appeared before the com¬
and representatives
not pursued
disposal of these commodities jeopardizing the market,
it
extend trading in unlisted securi¬
has
CCC
Democrats condemned so much when
we
of the Senate Committee
The Committee continued the
Revision of the proposed legislation to
the
"whether
Glass
policy which
by the Farm Board, and acquired large quantities of cotton and
ration
erroneous."
hearing on Feb. 26 and then
adjourned indefinitely. Regarding the testimony that day,
advices from Washington, Feb. 26, to the New York "Times"
of Feb. 27, had the following to say:
limited debate
Utah inquired if the present
doing exactly what it had complained of in
of
King
followed
other com¬
modities ; and instead of
disposing of them in an orderly way as the
Corporation purchased them, or within a reasonable time thereafter, it has
and
thinks fluctuations in bank stocks are less
off th6 exchange, than on the exchange, they are
King Raises Question
Senator
now
"Personally I have felt that arguments against trading in bank stocks are
not very
transferring a
last Administration.
He
to
In effect, the Chairman said, the bill would
in charge of the measure
bookkeeping transaction, since no
a
the Hoover Farm Board was raised during the
The ghost of
not
Urges Full Hearing
represents
securities issue.
a
he said,
Administration
there is
really
involved and the RFC will take the stock,
is
commercial debt
.
In response to Senator Couzens, of Michigan,
Feb. 26 said:
of
According to Senator Carter Glass of Virginia,
on
disturbance.
to season."
season
the House.
unlisted trading was drafted which
unlisted trading but in such a manner as
would provide a limitation on
enable
orderly mar¬
carrying sur¬
$3,000,000 to $100,000,000, to
Corporation "Jto better serve the farmers in
keting, and to provide credit and facilities for
on
proceeded on the policy of effecting
He explained that the Commission has
a
Credit Corporation from
the
all necessary steps
Objectives
Because of the large amount of securities
1385
Chronicle
Rejects Bill Passed by Senate to Exempt from
Preferred Bank Stock Held by RFC
House
field I believe we should go pretty slow about
Taxation
it."
The three features in question
By
would extend the unlisted trading privi¬
leges to any security listed and registered on any other Exchange; to any
bill
security of any issuer of any other security so listed and registered: to any
notes
security for which there is information substantially equivalent to
able in respect of a listed and
that avail¬
registered security.
Representatives of the over-the-counter markets expressed
fear that the
member dealers accordingly would suffer.
Colonel Oliver J. Troster of Hoit, Rose & Troster,
President of the New
Security Dealers Association; John D. Rocamora, a partner in
Troster firm; Waldo
the
S. Kendall, President of the New England Security
Dealers Association, and Edward E. Chase, President of the
ties Company, all appeared in
Maine Securi¬
The hearings were suspended to
opposition.
indefinite date.
an
Rise in
Congress.
"speeded" through
Explaining that the legislation "has broken on us rather sud¬
and other cities.
be unduly
Washington dispatch, Feb. 25, to the New York
a
said, in part:
The
Den¬
Senator Wagner agreed that the legislation should not
that
security dealer to furnish
information on the stocks direct to his client rather than to
have the informa¬
securities and their issuers reposing with the SEC in
Wash¬
to-njght
About the only way
than
the
sent
to
under
was
course
be pursued
would
bill phrased differently and with other
If it could be passed, it would be
conference, where the two houses might agree upon an acceptable
intent
But
measure.
wrong
tell what
the Administration plan can be enacted, it was said,
by the introduction of
was
to
similar measure before the present session ends.
put through a
of
this
the
a new
rejected bill.
course
was
Patman
Representative
It would be better, Colonel Troster said, for the
backers,
refused
they
of
House leaders until it was too late to muster
and they were so amazed at the turn of
not foreseen by
was
events
to
the revolters, led by Representative Wright Patman
strength of
Administration
more
hurried.
tion respecting
Regarding this week's action of the House in rejecting
879.
Texas,
denly," he said he wanted to confer with security dealers in Chicago,
ver
reference
'Times"
Troster warned the Committee:
Troster said he hoped the bill would not be
Supreme Court upholding the right of the State of Maryland
preferred stock of National banks held by the RFC;
was made to the decision in our Feb. 8 issue, page
to tax
"half-listed"
By opening the door and allowing half-listed securities on the Exchanges,
you are adding fuel to the fire of speculation.
You are only adding securities
to margin accounts and increasing speculation.
In my opinion we are run¬
ning the chance of increasing the possibility of banks becoming three-ball
hock-shops.
Colonel
The bill was passed by the Senate on
of 38 to 28, and earlier (on Feb. 12) the
House Banking and Currency Committee favorably reported
the measure, which, as was noted in our Feb. 15 issue (page
1049), was designed to overcome the recent decision of the
Finance Corporation.
the bill,
Speculation Feared
Contending that unlisted securities should really be called
securities Colonel,
provide for the taxation of preferred stock, capital
and debentures of banks owned by the Reconstruction
Feb. 24 by a vote
legislation would force securities into the Exchanges and that the non-
York
vote of 172 to 164, the House on Feb. 25 defeated the
a
to
doubtful.
described
the
measure
as
a
"long step
in the
It was called up in the House
special rule, and the pending Agricultural Department Supply bill
direction," and "a bad precedent."
a
laid aside
temporarily.
ington.
Kendall Warns of
The
was
Early Opposition Spasmodic
"Dangers"
by common consent, is con¬
both from economic and social viewpoints the best section of the
fraught with grave dangers "to what,
sidered
inancial markets, that is conservative investment."
^
its passage
who
of CCC from
The
Senate
on
Feb. 25 passed,
bill designed to increase
Capital Stock
$3,000,000 to $100,000,000
without a record vote, a
the capital stock of the Commodity
developed
strike
of the
The
Mr.
during
debate,
the
and
turning point
came
when Representative Golds-
of the bill in
the absence
of Chairman
amendment
Banking and Currency Committee, offered1 an
out the retroactive
Previously,
measure.
early
considered almost certain by almost every member present
borough of Maryland, in charge
to
Senate Passes Bill Which Would Increase
was
opposition
favored the bill.
Steagall
♦
f
spasmodic
Only
legislation, according to Mr. Kendall, the New England witness,
Mr.
clause.
Goldsborough
...
had
urged
the
necessity of
passing the
,
Goldsborough told the House that only $27,000 was involved
State, and that it already
had been paid by the banks.
in! his
1386
"Do
Financial
you
State
own
Mr.
Patman
The
for
by
State,"
own
that
point
sentative
could
motion
4% to 3%%,
5%
limit
to
of
to
funds
borrowers
by Representative Pettengill
the bill to two
rejected
the Banking
the
loans
on
Repre¬
which
interest
obtained
Patman
of Indiana
banks
motion
defeated
was
after
after
consideration had been
completed.
Representative
Bankhead,
Mr. Bankhead said that it
a
it, and that it had been asked for by Jesse H. Jones. Chairman of the RFC.
Mr.
his
sought
feet
Mr.
almost
again
defeated,
final
intently to the debate from the gallery.
constantly during the closing minutes, Mr. Patman
Jones, meanwhile, listened
On
Patman
The
have
to
to 78,
102
bill recommitted to the committee, but was
He demanded a division vote on
the
on
standing vote.
a
and when Speaker Byrns announced 111
passage,
objected because it did not show
harassed
Speaker
"counted"
than
and 89
yeas
nays,
quorum.
a
and
present,
this
encouraged Mr. Patman to demand a roll-call.
"It
simply
members
Congress
apprehensive
are
getting too
and
the
"The
precedent
result shows that
convinced
are
Members
benefits.
many
certainly against
and
securities,
this," the Texan said later.
means
of
already
are
that
bankers
against tax-exempt
are
of
exempting
local
Senate,
led
was
by Senators Couzens and Ashurst, said the Washington ad¬
the "Times," which added that Mr. Couzens
vices that day to
bill
the
using
was
as
vehicle
a
to
A
draft
existing
apply
for
attack
arrangements
the
to
Secretary
of the Treasury in the Woodin regime, became Chairman of
the Board of the Continental Illinois National Bank & Trust
Co., in which the RFC had bought $50,000,000 worth of pre¬
ferred stock.
These advices, in part, continued:
that
Mr.
a year.
Cummings
the Chicago Milwaukee & St.
of
had
Democratic
the
the
criticized
He
Committee
RFC
and
for
not
Mr.
that
Jones,
Mr.
a
salary of $15,000 a
a
Cummings became Treasurer
.
.
attempting to make the banks
no
.
the
pay
question of
State
a
of its agencies.
one
Cummings had made
The
a
wonderful
Senator, however,
with
record
improvement
banks.
all
He said that since the
added
had
stock
common
RFC subscribed to
increased
in
value
$112,000,000 to the equities of its
Adams, who
Senator
its
from
He
that
in
the
Congress had
has
"Nothing
"The
amendment
feature
The
offered
rejected by
was
was
the
putting the banks
by
Mr.
Couzens
on
a
how
see
of
greater
sound basis," he said.
strike
to
out
of the
The
RFC
of
subscription
was
for
bank
for
means
17 of the States had
stock,
before
the
(Associated
the
Press)
Bank
not
&
out
Cummings,
Trust
Co.,
Chairman
asserted to-day
of line with the
bank's
Referring also to his position
of
that
the
The
as
Illinois
his salary of $75,000
of
resources
than
more
a
a
billion
National
was
year
vide
"I did not ask for either position.
I was asked to accept them.
When the bank
$75,000 a year I told them I would take $50,000 the first year.
In January 1935 the board unanimously voted to increase my salary to $75,000."
His
Wilkerson
was
also fixed his
as
a
approved
Milwaukee
by the
trustee
Interstate
by
Federal
Commerce
Judge
James
Commission,
H.
which
salary of $15,000, he added.
Prior to the passage of the bill by the
ment by
Senate, an amend¬
Senator Vandenberg, as indicated above, reducing
the rate of interest
on
RFC loans to closed banks and trust
companies from 4% to 3y2%
text of the bill
Be
it
enacted,
as
&c.,
was
approved
on
Feb. 24.
The
passed by the Senate, Feb. 24, follows:
That
Section
304
provide relief in the existing national
purposes,"
adopted
March
9
1933,
of
the
emergency
as
amended,
Act
in
entitled
further
side and the Commerce
Navy
Department,
and
Navy Departments.
profits in
Office
Guffey
Department.
.
also
Alabama,
less
sup¬
.
It has
indorse¬
the
The Guffey bill, not yet intro¬
operation and pro¬
and
Postmaster-General James A.
Farley and
close political friends.
are
to administer
funds allocated
the New
Described
a con¬
on
provisions
Washington dispatch of Feb. 18 to
a
"a middle
as
of
members
instead
United1
a
appointed by
with
two
shipping firms
York "Journal of Commerce":
creation
years,
to
A summary of some of its principal
tract basis.
of
the
not
the
of
States
road
the three-man
commission
United
States
five
of
consisting
Maritime
Authority pro¬
Members of the proposed commission would be
President
for
than
more
bill," the Guffey plan proposes the
maritime
of
terms
two,
three members
three,
four,
designated
and
five
either
from
six
one
of
major political parties.
Carrying out provisions of the President's shipping message of March 4
last year, the bill terminates existing ocean mail contracts not later than
3Q
Holders of the
1936.
would be
contracts
given two alternatives:
1. Enter suit in the Court of Claims for "just compensation" due as a result of
termination of the contracts.
2. Apply to the United States Maritime Commission within 60 days for "adjusof the contracts and award of new direct subsidy contracts for a period
ment"
up to 20 years.
the
joint resolution adopted by Congress
President's power to
the
modify
cancel
or
Guffey idea is to permit contractors to
of Claims without prejudicing their rights
Court
at the last session the
mail contracts expires March 81,
ocean
The
"An
Act
amended
bill
Copeland
of
ment
the
Department
by
"a
sue
the
for damages in
to apply for direct subsidy
breathing spell"
adjustment of
favor
Department officials
the
of State banks
and trust companies, heretofore or hereafter acquired by Recon¬
Finance Corporation, and the dividends or Interest derived therefrom
by the RFC, shall not, so long as RFC shall continue to own the same, be subject
taxation by the United States, by any Territory, dependency, or possession
or the District of Columbia, or by any State, county, municipality, or
local taxing authority, whether now, heretofore, or hereafter Imposed, levied, or
assessed, and whether for a past, present, or future taxing period."
the
one
adjustment
one-year
insisted
of
year
after enact¬
Officials of the
contracts.
but
period,
Post
termination of the contracts at
upon
the end of the fiscal year.
The construction provisions of the new bill follow the form of the
which
paved the
however,
way,
the
for
government build vessels and lease them
on
a
Moran
of
Guffey
a
bill,
for
$1
every
vessel the government,
$1
It
$1,
thus
Copeland
having the
of
an
up
alternative.
toward
carrying
out
Under
construction
through the Maritime Commission,
would "do¬
1/3%
the 33
con¬
subsidy idea.
stated in the
was
as
the shipowner puts
and advance another
struction differential
plan
bare boat charter basis with
provision for ultimate sale to private operators
New York 'Times"
conflicting proposals which have
ington with respect
to
a
of
Feb. 21
that
been advanced in Wash¬
Federal
merchant marine policy
have made it impossible for the shipping industry to commit
itself on the subject of Federal aid, according to operators.
In part, the same account added:
Shipping
who
men
sought in vain for
in
the
returned yesterday
a copy
from
of the Guffey bill.
informed, to President Roosevelt
they were
Senator Black of
to
allows
legislation for
Senate.
Shipping
men
Administration
Alabama, but that
.
.
are
no
were
Departments
to
said they had
Senator
Copeland and
.
of the opinion that the Guffey bill is intended
measure
and
consulted.
have
Washington
Copies have been submitted,
and
date has been set for its introduction
that
it
was
subsidy also is said to have prompted the
falls
or
more
side.
construction
"Notwithstanding any other provision of law or any privilege or consent to tax
expressly or impliedly granted thereby, the shares of preferred stock of national
banking associations, and the shares of preferred stock, capital notes, and debentures
thereof,
other
the New York Senator ia Chairman.
President
struction
measure,
a
bill
Democrat of
Department,
the
on
adding at the end thereof the following:
to any
Black,
such
The
The Guffey bill provides for virtual government owner¬
ship of the merchant marine, and would create a commission
banking and for other
be
L.
of
blow.
government ownership in the Merchant Marine, has won sympathy
Post
Senator
me
appointment
principles
death
Senator Hugo
which would limit
for
nate"
Paul & Pacific RR., he said:
directors offered
the
the
to
Copeland bill is the approved product of the Senate Commerce Com¬
the
the
dollars.
trustee of the Chicago Milwaukee St.
a
contributed
one
the
of Commerce
duced,
Chicago,
from
Continental
subsidy bill sponsored by Senator Copeland,
initiated
by Senator Joseph F. Guffey,
Pennsylvania, and differences of views between the Post Office
on
mittee, of which
ment
bill,
J.
House
'
to the Capitol that he would not personally
go
antagonism of
by
Commerce
Feb. 24:
Walter
on
the ship
of
White
Roosevelt
Democrat of
Office
following
require the holders to
subsidy awards was submitted to
Feb. 18 by Senator Guffey of Penn¬
the complications of a rival proposal circulated'
the
by
authorized
by which government money
As bearing on Mr. Couzens's statements in the Senate, we
the
end all 42
and
contracts.
poured into the banks during the banking crisis in the spring of 1933.
quote
contracts
direct
measure
enactment
President
and
the principal
Govern¬
ship subsidy bill, these advices stating, in part:
.
.
retroactive
against the preferred stock held by the RFC.
device
Banking Act of 1933,
mail
By letting official word
Under
.
the
voice vote.
a
remainder
the
thereby.
1933, to
not
Administration
present
invalid,
Copeland bill or the
Guffey bill reported to the Senate, the Washington corre¬
spondent of the" New York "Herald Tribune" on Feb. 23
reported that developments of the week indicate the killing
interpreted the language otherwise.
under
brought out during the debate that all but
assessed' taxes
was
done
the country than
held
is
is a compromise, designed as a sub¬
subsidy bill sponsored by Senator Cope(of New York), but opposed by Senator Black, who
favors drastic regulation of shipping lines.
While it was
stated earlier that President Roosevelt would probably be
June
Banking Act of
from taxation, and that he could
government aided not the banks but the depositors."
An
It
been
intended,
phrase, of this Act, or the application
or
stitute for another
the
the bankers.
the Supreme Court could have
to
.
.
Senate that the bill was
or
exempt the preferred stock
benefit
.
in charge of the bill in the absence of Chairman
was
help the RFC, not the banks
said
which
share,
a
stockholders.
common
Fletcher of the Banking Committee, reminded the
intended to
$174
to
by the RFC
ship subsidy bill which would
a
posed in the Copeland bill.
preferred stock the bank's
$24
construed to
loans
land
Continental
the
attributed the bank's
only to the general upturn in business throughout the country, which has
benefited
shall be
such
on
this Act.
of
Roosevelt—Provides Virtual
follows, as given in
Chairman of the RFC, had written him, Mr. Couzens said,
as
Bank.
Illinois
appointed
truseeship afterward.
taxes, since in that event, he held, there would be
taxing the government through
been
also
Paul RR. at
the
affected
new
sylvania.
at
the bank appointment coming before Mr.
year,
of
declared
Couzens
interest
of
circumstance,
or
President Roosevelt
ported
Mr.
of
ocean
National Committee and former Assistant
trustee
rate
enactment
Guffey Sends Compromise Ship Subsidy Bill
Department
salary in that post is $75,000
of this Act
provision
no
the
provision, word,
President
whereby Walter J. Cummings, Treasurer of the Democratic
His
shall
Ownership of Merchant Marine—May Be
Substituted for Copeland Bill—Views of Ship Men
ask
Feb. 24, opposition to the bill
on
interest
Act,
of this Act,
ment
although
the
this
of
enactment
Act, and the application of this Act to other conditions or circum¬
to
taxes
by Acts of Congress."
In
of
asked to decide whether he wishes the
members
219
in
date of
condition
any
Senator
the
was
which unanimously approved
committee,
good bill, had been heard by the
the
stances, shall not be
Mr.
which
majority leader, pleaded with the House to wait and attempt to recommit
after
enactment
annum:
however, That
If any
to
the
per
reduction
a
Sec. 3.
of
of
date
1936
29
the
from
limit the life of
to
and Currency Committee,
the enacting clause.
strike out
moved to
Patman
Provided,
thereof
the
upon
subsequent to the date
3Vz%
retroactive from
providing
was
made
or
exceed
from date of its enactment was adopted without any
years
from
objection
The
Michigan
individual
from
It would have been amended by
56 to 43.
Effective
authorize
RFC loans
Feb.
all loans by the RFC to closed banks and trust companies, now
on
force
to
us
in control.
were
3%%.
at
A
of
Brown,
charge
RFC
in the next breath asks
and
2.
charges
not
chided.
on
Sec.
your
right?''
incredulous.
Vandenberg amendment adopted by the Senate yesterday,
standing vote of
a
be passed
he
also
was
Mr. Patman and! his followers
on
reduction of interest
a
for
money
fyom the same
in
Massachusetts
McCormack of
the bill -must
us
his
From
claim that
would
you
asked in astonishment.
tells
exempt
that
me
yet deprive me and other members
Representative
"He
tell
to
mean
and
Chronicle
been
The
unable
fact
to
that
agree
drafted
the
on
Post
after
Office
certain
Guffey
advisers
and
phases
measure.
of
.
as
to
an
the
Commerce
.
shipping
.
The most important feature of the
Guffey bill, shipping men said, is its
proposal that the 42 mail contracts now held by American shipping lines
be
canceled
to file
not
later
than
June 30
application within 60 days for
1936,
new
and that the lines be permitted
contracts.
By this means the shipping subsidy would be removed from its associa¬
tion with the transportation of mails at sea and subsidies would be arranged
Financial
Volume 142
with
view
a
to
petition with
Shipping
the
future
flag lines where they are in com¬
strengthening Ameijican
contend that they have been handicapped in
men
because
of uncertainty
legislation.
The
would
but
Certain
planning for
regarding the ultimate form of merchant
be
aid
an
they
subsidy arrangements up to 20
years,
here.
Shipping men believe this feature
obtaining the'long-term financing which they need,
in
declined
would
officially until a copy of
speak
to
is made
the bill
Pennsylvania, urged passage of the Ellenbogen bill.
of
In
statement read
a
the
on
done
is
the
Committee, headed by
Representative Kent E. Keller of Illinois, concluded, on
Feb. 6, hearings on the Ellenbogen textile control bill, known
as the National Textile Act.
The hearings began on Jan. 27.
introduced at the last session of Congress—
Representative Henry Ellenbogen of Penn¬
sylvania, would establish a "little NRA" for the textile
industry similar to that created for the soft coal industry
under the Guffey Coal Conservation Act.
It provides for
minimum wages, maximum hours, and would regulate child
The measure,
possibility that a substitute bill would be introduced
the Ellenbogen measure was seen on Jan. 30
when Mr. Keller told the committee that he had drafted a
designed to meet constitutional requirements.
measure
new
However, on Jan. 31 other members of the committee pro¬
tested the substitution and voted to confine the hearings
the original
to
Associated Press advices from Wash¬
bill.
ington, Jan. 31, said that it was expected that Representative
Keller would ultimately introduce the substitute bill.
Testimony at the hearing was both for and against the
Governors of all the textile manufac¬
Ellenbogen measure.
turing States, excepting Georgia, were invited to appear
during the hearings; several of them sent representatives
testify in their stead.
At the opening session of the
on Jan. 27, the Governors of Connecticut and Rhode
to
hearing,
As to
presented testimony through intermediaries.
Island
testimony, we take the following from the New York
"Journal of Commerce" of Jan. 28, according to Washington
27:
Metcalf
for
Walling,
Commissioner
Labor
of
refused
he
to
Rhode
Island,
appearing
/
else it will
Townsend
into
of the House who, under
into all old-age pension schemes,
particularly the Townsend
by Speaker Byrns on Feb. 22.
Those
appointed to the committee are:
plan,
named
were
Democrats—Representatives C. Jasper Bell of Missouri,
Scott W. Lucas of Illinois, Joseph A. Gavagan of New York,
Tolan of California.
and John H.
Republicans—Representatives John B. Hollister of Ohio,
J. William Ditter of Pennsylvania, Samuel L. Collins of
California, and Clare E. Hoffman of Michigan.
Mr. Bell, who has been made Chairman of the committee,
introduced the resolution,
which
passed by the House
was
Feb. 19, and to which reference was made in our issue
of Feb. 22, page 1218.
On Feb. 24 Representatives Hollister
on
Illinois issued
and Lucas of
of Ohio
statements indicating
appointment on the committee was
conditioned upon the investigation being confined to the
financing of the Townsend plan and the disposition of
money contributed to Dr. F. E. Townsend and those associ¬
that their acceptance of
with him.
ated
Representative Hollister said:
have accepted a
I
position
plan because I believe there
is
to
to
the
measure,
the
believing that it would be a forward step in
as
secure
It is
my
on
the committee to investigate the Townsend
should be the fullest publicity
as
to the mem¬
legislation from Congress.
particular
some
understanding that it is not the function of this committee to
inquiry or finding as to the economic or financial practicability, or
the organizers and leaders
tarian
effort,
asserted
they allege,
as
plan, but merely to find out whether
of the movement are conducting it as a humani¬
or
as
a
money-making racket,
be accepted
should
it
a
as
public service with
and rendering a
subject deep study
future,
as
has been
by some.
The work of this committee should be non-political,
recently of business men in the States at the request
feelings on the measure.
conference
or
recently passed by the House, are to inquire
the political wisdom of the Townsend
Strong opposition to passage of the bill, however, was voiced on behalf
Governor Wilbur L. Cross of Connecticut by John W. Nickerson, who
a
Inquire
to
The committee of eight members
the resolution
correcting the ills of labor.
called
whole
and Other Old-Age Pension Plans
make
Step
indorsement
specific
give
represented
was
for
except by national Igislation.
Called Forward
While
Named
Committee
House
Green, expressed the belief that the problems of j
the industry cannot be met
Governor
as a
bership, control and financing of all organizations whose advertised purpose
Theodore F.
Governor
nation
its way and requiring subsidies in order to exist."
parasite unable to pay
the
advices of Jan.
the textile industry that it must accept
declared, "in saying to
eventually degenerate to the point where it will virtually become a social
The
replace
the Governor expressed the belief
bill would tend to stop the shift of the
regulation in the interest of the
Aug. 8—by
labor.
hosiery
full-fashioned
32
1933,
and
1929
Ellenbogen
Speaks for Pennsylvania
Federal
to
between
the
"Pennsylvania would join with the Federal Government," the Governor's
statement
Constitutionality
A subcommittee of the House Labor
"social parasite" that will eventually
industry.
Industry—Representative Keller Ex¬
pected to Introduce Substitute Measure to Insure
on
that
out
a
Treasury.
the State for lower-wage areas,
that enactment of
Textile
for
of
industry will become
be subsidized by the
to
voicing the views of the Governor
the committee
to
legislation, Senator Guffey predicted that unless something
drastic
Pointing
EllenNRA"
of Feb. 5 it was stated:
Commerce"
mills left
Hearings Concluded by House Sub-Committee on
bogen Textile Control Bill, So-Called "Little
In
"Journal of
Washington advices of Feb. 4 to the New York
have
available.
Guffey of Pennsylvania, appearing be¬
behalf of Governor George H. Earle
Senator Joseph F.
fore the committee in
received
reports
to
lines
provide
would
Guffey bill
according
legislation was also opposed on Feb. 3 by G. H. Dorr,
The
Chairman of the Board of the Cotton-Textile Institute.
foreign lines.
be willing to build new ships,
it is said, if they were certain of governmental aid over a period of years,
but without such aid believe it wiser to carry on with present equipment.
marine
1387
Chronicle
a
and membership
on
view tqward giving the
full and unbiased report in the near
that the country can be adequately informed of the facts.
so
of the Governors to sound out their
In
the opinion of Mr.
the
as
Nickerson,
bill
of
Connecticut.
committee
New
two
England
Governors
told
the
Jan. 28 that unequal labor costs were destroy¬
on
ing the textile industry in the North.
The testimony that
day was devoted largely to denunciation of labor standards
and conditions in the South, said Associated Press advices
from Washington,
William
the migration
of
land grants
Jan. 28, which added:
Second
Kelley,
much
which
Commerce
of
he
Vice-President of the United Textile Workers,
of textile mills were due to small Chambers
were "subsidizing the chiselers" through
charged
and appropriations to move machinery to their communities.
Joseph L. Hurley, representing Governor James M.
Curley, told the committee that unless something was done to make com¬
William
the
industry,
"our textile
com¬
series of deserted mill villages."
a
Fitzgerald,
that there
of hours and
had been
Deputy
wage
a
of wages
as
a
result of lengthening
reductions in the industry in other Stated
representatives testified before the com¬
abandoning code standards
by cutting wages, lengthening hours and increasing work.
Arthur Besse, President of the National Association of Wool
Manufacturers, told the committee on Jan. 30 that certain
On Jan. 29 labor
mittee that mill operators were
provisions of the bill are either "unfair or unworkable, or
He said:
both."
bill proceeds
This
which
will
lead
to
opinion the point of view from which the
the
bill has been written precludes
possibility of adequately amending it.
There are countless provisions
are unnecessary and which
are either unfair or unworkable, or both.
which
A
denial
cotton
that
textile
child
industry
labor
since
had
been
reinstated
the National
in
Industrial
the
Re¬
Act was invalidated was uttered on Jan. 31 by Dr.
President of the Cotton-Textile Institute,
New York.
Dr. Murchison said that the bill "would put the
covery
C.
T. Murchison,
industry into a straitjaeket and prevent progress toward a
better form of organization."
The committee was told on
Feb. 3 that the measure
at least
would increase costs of production
50%, by Sidney Munroe, assistant to Dr. Murchison.
which
Mr.
quoted
Lucas
-
Those conditions were, first, that the
as
.
committee would make this investi¬
gation strictly in line with the purposes as outlined in the resolution and
committee discuss or investigate the
that under no consideration would1 the
economic
or
of the so-called Townsend plan.
social philosophy
And, second, that members of the committee, while engaged in
making
investigation under said resolution, will not barnstorm over the country
either
for
or
against the Townsend plan.
By way of answer to some of the statements made that this investiga¬
a matter of political persecution, let me say, as one member
tion becomes
of
the committee,
that every man
of
demerits
On
that
I enter into this inquiry with
an
open
mind, and
who appears before the committee will be given a fair
And any conclusions
hearing.
impartial
will be based
resolution
the
and
that I reach on the merits or
solely
upon
the evidence as it
from the record made.
Feb. 26
tbe
committee appointed James R.
Sullivan
counsel.
He is Assistant City Counsel
and former City Investigator.
At tbe same time it was
decided by the committee to seek an appropriation of $50,000
from the House to conduct the investigation.
We give here¬
with the text of the resolution providing for the inquiry as
Kansas City
of
as
passed by the House on Feb. 19:
RESOLUTION
Resolved, That the Speaker appoint a select committee of eight Members
of the House and that such committee be instructed to inquire into the
and
acts
from an incorrect premise and adopts mistaken means
most unfortunate results to all concerned.
In my
"Times,"
/
appears
Commissioner of Labor of Connecticut,
adhering to the 40-hour week
breakdown
York
New
the
follows:
Connecticut textile manufacturers were
said
but
J.
throughout
uniform
conditions
munities will become
Speaker Byrns and agreed on two con¬
ditions, according to a dispatch, Feb. 24, from Washington
the
Lieutenant-Governor
petitive
the committee with
to
for
Spokesmen
said
Mr. Lucas said tbat be discussed the invitation to serve on
enactment of the legislation would be
employers and the employees, and such aid
purports to render in the way of regulation is not desired in
both
against the interest
conduct
of
any
partnership, group, trust,
person,
association, or
purporting to promote, organize, or further old-age
pension schemes, and that such committee be further instructed to inquire
into the history and records of the various operators, promotors, or schemers
corporation claiming
engaged in promoting such schemes and to inquire into their various
now
methods
papers,
of
raising
the
and
and'
collecting
money,
and
to
examine their books,
and records, and inquire as to the disposition,
holding, spending,
collected.
The committee shall have
right to report to the House at any time the results of its investigations
recommendations, if any, and in the event the House is not in session,
appropriation of
or
or
such
report
may
such
moneys
so
be submitted to
the
Speaker
for
printing as a public
document.
That
and
act
United
said
committee,
or
during the present
States,
any
subcommittee thereof, is authorized to
Congress at such times and places
whether or not the House
sit
within the
or has
is sitting, has recessed,
adjourned, to hold such hearings, to require the
attendance of such witnesses
Financial
1388
and
the
shall
be
and
under
issued
such
take
to
documents, by subpena
such books, papers, and
production of
otherwise,
the
testimony
as
it deems necessary.
or
Subpenas
Chairman, and shall be served
by any person designated by him.
The Chairman of the committee or any
member thereof may administer oaths to witnesses. Every person who, having
been summoned as a witness by authority of said committee or any sub¬
committee thereof, wilfully makes default, or who, having appeared, refuses
to answer any questions pertinent to the investigation heretofore authorized,
shall be held to the penalties provided! by Section 102, Chapter 7, of the
Revised
signature of the
of the United
Statutes
States,
Chronicle
it
rate
Nationwide
June
Effective
Is
Cut
The
In
five to four
a
tion
decision, the Interstate Commerce Com¬
decision made public February 28, ordered a re¬
duction in basic rail passenger fares from 3.6 to 2 cents a
mile.
The Commission also ordered a reduction in Pullman
a mile.
These rates now average 4 cents.
Under the order, the new fares will be effective June 2.
The order revised the passenger fare structure throughout
rates to 3 cents
and Southern roads already
experimental fares its chief effect will fall
Commission's majority opinion,
written by Claude
R. Porter, on whose motion the general fare investigation
was initiated, dealt at length with the revenue situation con¬
fronting the Eastern carriers, and expressed the opinion that
they would be benefited rather than injured by a downward
of
plants
the reports
"extra fare" trains offering a
"definitely superior" service.
Dissenting commissioners were Chairman Charles D.
Mahaffie and Commissioners B. H. Meyer, Frank McManamy and William E. Lee.
Commissioners Clyde*B. Aitcheson, Carroll Miller, W. M.
W. Splawn and Marion M. Caskie joined Mr. Porter in sup¬
porting the reductions..
Commissioner Hugh M. Tate did
not participate in the case.
a
cut might have the effect of sub¬
stantially reducing the revenues of the Eastern carriers, w;hile Mr. Meyer
expressed the opinion that the reduction was not great enough.
The majority
a
possible refund to
prohibiting
the
opinion followed the recommendations of Examiner Irvig L.
ruling said in part:
A
during
consumers,
litiga¬
any
the
surplus
earnings
municipal
of
purposes.
those portions of their reports
making
corollary
requirement
ban
of all
forms
outlets, number of
An
in
aimed
is
and
utilities
Any
must
person
rates
based
with
file
to
amendment
mergers
put
Tax
State
number
the
of
or
Commission
of
unwritten
by the utility.
gas
all
ones,
This
subsidiary companies.
certifying
appraisal
an
Service
the Public
permit
the
to
Commission
report is submitted.
Commission
authorize
to
barring itself from later objecting to
the physical assets taken over in the merger or con¬
without
consolidations
or
value
to
the
on
the
summaries
explain his relation to the utility for which the
An
the
between
corporation
or
furnish
utility.
a
and
arrangements,
transactions
at
evi¬
house, &c.
a
requiring
contracts
Commission
electric
residential
of
rooms
amendment
written
the
that
filed with it by
Department information
A
admissable in
cases.
on
solidation.
More
An
amendment greatly
the
A
capital
Investigating Authority
broadening the Commission's authority to investi¬
and
structure,
permission
values,
property
bonds and
issue stocks,
to
before
notes
giving
An
each
within
ments
not
month at the most
amendment
which
the
would
economical
bring
each
residential
rate, and
trustees
under
voting
provisions of certain sections of the
presently applying to
utility
a
indebtedness.
of
requirement making it obligatory for utilities to bill
customer
trust
agree¬
Public Service
Law
them.
Regarding the report, we quote the following (Associated
from Albany Feb. 24:
Press)
In
111-page report of its two-year investigation of utility operations in
State, costing $550,000, the Committee advocated:
a
New
York
1.
Employment
ditional
first plan
Commission
the
expedite
to
of
the
base
rate
the
Commission
protection
to
longer trial for
This
that immediate extraordinary measures are im¬
perative in order to enable the railroad to continue in the passenger business
and to effectively compete for passenger traffic.
or
trial
lawyers
work
within
at
and
hearings,
the
a
be
and
the
given
and
company
its
two
with
Commission,
if
a
offer substantially
to
power
consumers
determination of
that
court
a
ad¬
the
the
the
gives,
now
temporary rate base,
and
the
permanent rate base.
a
"will leave
no
need for courts to inter¬
injunctions and restraining orders, either
permanent
The
"The passenger market for the future looks as promising as at any time in
two
authority
the Committee said,
power,
with
vene
of
reduction
rate
fails to speed the work.
That
2.
by
deputies
establishment
pending quick trial
The decline in the passenger traffic and revenues of the respondents gen¬
so severe
of
use
general municipal
for
and!
dence in rate
6ame
erally has been
the
rate cut order of the Commission, and making
report last July.
The majority
summarized
showing reproduction cost new, and the present value of their
properties,
company
expressed the view that
25
for
it is wrong
said that its
character of
Another to compel utilities to file tax reports with the Commission, with
gate
Koch in
Feb.
inflated
on
a means
the cost of the proceedings if it loses.
pay
amendment
The present experimental fares in the West and South will
not be disturbed by the ICC ruling, nor will the rates charged
Mr. Mahaffie
for
temporary
any
revision of fares.
on
of
having to do with the purchase of electricity
the Eastern roads.
With the exception of the Baltimore & Ohio, Eastern car¬
riers had vigorously opposed any reduction, contending that
a cut would seriously impair their revenue.
The
interest
and
giving the Public Service Commission power to impound
collections
rate
An
the country, but because Western
on
Journal"
Street
amendment
electric
a
have instituted low
"Wall
company
2—Pullman
Charges Reduced to Three Cents
mission in
dividends
of
Municipal plants can be effective as
obtaining lower rates, the report added, but
to regard them as a panacea.
The Committee
inquiry had revealed nothing reflecting on the
legislators or utility legislative agents.
An
Fares Ordered Reduced to Two
Mile by Interstate Commerce Commission—
a
need
the
values.
recommendations of the Committee as follows:
Second Edition, 1878.
Passenger
Cents
1936
inevitably forces the maintenance of high rates be¬
of
cause
excess
Railroad
Feb. 29
as
to
temporary rates
rates."
Committee,
the history of the country, but the railroads cannot hope to share reasonably
1934
in that market except at fares more nearly commensurate with the cost and
with
John
Mack
E.
as
counsel,
organized
was
by
the
utility companies.
convenience of travel by
district,
in the East¬
compared with the Southern and Western districts,
as
Continuation
highway, and with changed economic conditions.
The circumstances and conditions affecting passenger traffic
ern
are
sub¬
Legislature
to
of
the
unlikely, although
complete.
Its
stantially similar and do not differ in sufficient degree to warrant the opinion
with
that material reductions in fare in the Eastern district would not result in
investigate
Committee
Mr.
life
connections
Mack,
in
extended
was
a
by
the
separate
Feb.
to
15
between
1936
public
Legislature
report,
1936
said
officials
and
considered
is
its work
was
not
by the 1935 Legislature
bitter debate.
improved passenger revenue for the Eastern respondents.
Ends Pullman
$250,000 appropriation made at the close of the session, only after
a
The
suggested rate base authority
appointed by the
Surcharge
the
same
as
now
Governor each
It said that under its orders the carriers could reduce this
received
New Bill for Establishment of
York
torium
A
Amendments
to
New
York
State
Utility Laws
Recommended
by Mack Legislative Investigating
Committee—Report Based on Two Years of Inquiry
Says State Regulation Has Been Failure—Munici¬
pal Plants Held No Panacea
Eleven recommendations for changes
in
New
York
State
were
made
in
in utility legislation
the
final
report
of the
joint Legislative Committee to Investigate Public Utilities,
which
was
formed
in
the
spring of 1934 at the request of
Governor
Lehman.
said
regulation of utilities in New York
that
The
report,
made
public
on
Feb.
State
23,
was
a
failure, although it was no worse than in any other State.
It expressed the belief that with additional men, and with
the use of its recently-acquired revolving fund, the New
York Public
Service Commission
better record in the future.
should
be
able to make
guilty of abuses which far outweighed
any benefits conferred on their subsidiaries.
The Legislature immediately began a study of the report,
which charged utility companies with rate base padding, as
well as inflation of capitalization.
The report said that
ing companies
were
although the latter factor has no direct effect
on
electric
members
Introduced
Mortgage Banks in New
in
Legislature—Assembly
Favorably Reports Bill Extending Mora¬
Mortgage Foreclosures
for
State
the
was
establishment
of
introduced in the
mortgage banks
New
York
in
Legisla¬
ture
at
until
report on bills extending
July 1 1937 the present moratorium on mortgage fore¬
Albany on
Assembly received
Feb. 19,
at
which time
also
the
State
favorable
a
closures.
The Assembly committee action was announced
by the Chairman, Assembljman Harold P. Herman, Repub¬
lican, who stated:
"There is no doubt that the emergency
prompted the original
exists."
moratorium law in
The
bill
for the creation
introduced in
the
Senate of
of
Senator
1933 still
mortgage banks
Lazarus
Joseph,
was
com¬
panion measures being introduced in the Assembly by
Assemblymen Carl Pack and Saul Streit. According to Mr.
Joseph, the new bill is the outgrowth of conferences which
he
held with
Louis
S.
Messrs.
Posner and
Pack
and
Lawrence
Streit, Wendel P.
B.
Barker,
Cummings, members of
the State
Mortgage Commission; William R. White, Superin¬
tendent of Banks; Louis H. Pink, Superintendent of Insur¬
ance, and others.
The Senator explained that under the original bill backed
by the Mortgage Commission a minimum surplus and capi¬
tal
of
$6,000,000 would be required for mortgage banks, no
community in which they were
matter what the size of the
to
a
The Committee said that hold¬
on
bill
new
New York
which
Eleven
State
Committee
of three
up
nine-year terms at $15,000 annually—
by Public Service Commissioners.
As to Pullman service, the Commission said, a smaller
spread between Pullman and coach fares might be justified.
spread only by revising Pullman rates downward under the
stipulated maximum of 3 cents.
The present Pullman surcharge, it was said, has "met with
such marked public disfavor and resistance that it is resulting
in far greater injury than benefit."
By fixing the Pullman fare at 3 cents the Commission
changed the basis for these charges and eliminated the
present Pullman surcharge.
The effect of the order is to place Pullman fares on a flat
3-cent basis instead of on the former basis of surcharges,
which made Pullman fares average 4 cents per mile.
would be made
for
operate.
In the New York "Times" advices from Albany
he is also quoted as
The
bill provides
new
if its principal
inhabitants
city of
in
smaller
mitted
a
minimum capital and surplus of
place of business is to be in
(New York City)
over
"Another
saying:
for
500,000
but
less
a
city of
more
than
$4,000,000
1,000,000
and $2,000,000 if its principal office is in a
than 1,000,000 inhabitants, and $1,000,000
communities.
important difference," he said, "is that the previous bill per¬
mortgage banks to issue debentures to the extent of 20 times their
capital and1
capital,
and
assets
own
secuirty
for
The
surplus.
surplus
bank's
debenture
limits the
bill
new
This places
reserves.
debentures
the
behind
an
and
issuance to 15 times the
additional cushion of the
greater
provides
thereby
holders.
parcel of real estate acquired
18 months, whereas the new
bill extends the period to five years.
This is intended to prevent the
bank from taking unnecessary losses by being compelled to sell in a bad
"The
provided that
bill
previous
1389
Financial Chronicle
Volume 142
(On this basis it is estimated that 80% of utility property in the
country would be exempt from the Act).
3. In the case at the bar no collusion was involved and the trustees acted
in the faithful discharge of their responsibilities to the Court and to the
security holders involved in appealing to the Court for immediate instruct¬
ions as to the propriety of registering under the Act.
company.
every
Many Units Are Intrastate
by the mortgage bank was to be sold within
market."
said:
Senator Joseph also
previous bill provided that loans might
The
be made by the bank up
estate, irrespective of whether it was
improved or unimproved, or whether it was of the type known as a
specialty.
The present bill limits loans to improved and income-producing
properties and provides that as to non-specialties, loans may be made up
to
66 2/3% of the appraised value, but that as
to specialties such as
hotels, theaters, factories, &c., loans shall be made only up to 50% of the
value and that not more than 20% of a mortgage bank's assets shall be
to
60%
loaned
of
value
the
of the real
Act invalid in the
at bar, a case
case
report of Superintendent Pink advocating privatelyfinanced State mortgage banks was referred to in these
Feb. 8, page
columns
881.
quote the following
23 to the New York
Government counsel, however,
decision and the
decree that the Act is
favorable to the
belief that the case
Supreme Court if an effort was
should be omitted" were
unconstitutional in its entirety
These lawyers indicated a
government contentions.
would not be reviewed by the
it there on
"Times":
felt that the nature of the
Court that "the declaration in the
statement by the
United States
writ.
a
objective of the government to
Under such circumstances, the
The
these findings the Court
analagous to the utility
As to the views of the Government we
from Washingtoh Feb.
made to get
specialties.
on
held the
industry gener¬
ally in the application of the opinion to one of the foundations of the Act, the
so-called 'use of the mails' clause and to a large majority of th8 industry
whose operating subsidiaries are wholly intrastate in character."
Th8 Committee added: "On the basis of
bring about
Act through its case against the
Company would be enhanced.
The government
the first test of the constitutionality of the
Electric Bond and Share
tending that
a
States case, con¬
not warranted in the
of the court" in the American
had appeared as a "friend
broad test of constitutionality was
proceedings.
Utility Executives Hail Ruling of Federal Court of Ap¬
peals at Charlotte, N. C., as Sweeping Victory—
Assert Decision "Strikes at Heart" of Utility Hold¬
Company Act—Court Says Law Does Not
Apply in Intra-State Commerce
A decision of the United States Ciicuit Court of Appeals at
United
ing
Charlotte, N. C., that the Public
Utilities Holding Company
applied to bodies involved only in indescribed on Feb. 23 by the Committee
Act of 1935 is invalid as
tra-State business was
Utility/Executives as striking "at the very heart of the
Holding Company Act." The ruling in question was handed
on Feb. 22; the Federal District Court of Baltimore
of
down
previously (Nov. 7 1935) held the entire Act uncon¬
Reference to their decision was made in these
columns Nov. 9 and Nov. 16, pages 2985 and 3149.
The
case involved Burco, Inc., of Baltimore, which was seeking
to force the trustees of its debtor, the insolvent American
States Public Service Company, to register with the Securi¬
ties and Exchange Commission.
Regarding the Circuit
Court decision, Associated Press advices from Charlotte to
the Raleigh "News and Observer" said:
had
stitutional.
In
more
a
circumscribed opinion by Judge Soper,
Coleman of the District Court at
the American States Public
Service Company, in the hands of trustees,
register with the SEC, but his reason for
not
Judge William C.
Baltimore was upheld in his ruling that
need
Instead the Circuit Court held that the company,
invalid.
no
sought to force registration.
contended the constitutional question
from
test case involving
disposition of a
Company, which was said to cover
field of the Act.
the entire
•
Soper of Baltimore dissenting, and Judge
To-day's decision was directed
attorneys
specifically only to the American States
described the decision as incon¬
clusive, and said that both sides might claim a victory.
It
was
described as follows in a dispatch of Feb. 22 from
Buzzard's Roost, S. C.
The case of the American States
in the Federal District Court at
company, a
mission.
was
Public Service was brought to the
Circuit
decision by Judge William C. Coleman
Baltimore which instructed trustees of the
the Securities Com¬
that the Utilities Holding Company Act of 1935
ruled against the contention of Burco, Inc., that
debtor to Burco, Inc., not to register with
The Judge held
unconstitutional, and
registration would benefit a reorganiza¬
States.
Judge Morris A. Soper of Baltimore, in to-day's opinion, wrote:
"We conclude that the Public Utility Act is invalid, in so far as it relates
to the reorganization of the debtor, and that the decree of the District Court
should be affirmed in so far as the trustees were directed not to register with
the SEC and the trustees and reorganization managers were directed to con¬
tinue with the plan for reorganization of the debtor in accordance with the
orders of the court; but that the declaration in the decree that the Act is un¬
regardless of the constitutionality,
tion plan which was
at that time under way for American
constitutional in its entirety should be omitted."
The decision was based on
the finding that American States,
stock in concerns w hich might b8
at
least
while holding
involved in interstate commerce, was itself,
while undergoing reorganization,
an
intrastate concern.
It was
the American States case, and
that the overruling of the District Court on its constitutionality decision
specifically set the case apart as one in which the decision did not attempt
pointed out that the decision applied only to
to settle that issue.
Washington dispatch of Feb. 23 to the New York
quoted the utility executives as follows:
A
"Herald Tribune"
"It constitutes a sweeping
and significant victory for the utility industry,
despite the limitation by the
Appeals Court to the specific case before the
bar," the committee said.
sel for the company,
the United States Supreme
lawyers, the Com¬
found in a study of the decision indications that "the higher court
into th3 constitutional issues involved" and sustained the lower court
Expressing a view differing from that of government
delved
"Times":
Reversal in Duke Case
decision of Judge H.
Congress exceeded its powers to
regulate interstate commerce and its
post office and post roads authority in barring use
companies failing to register under the Act.
2. Inasmuch as the subsidiaries of the American
of the mails to holding
States Company, each
of them, was doing a wholly intrastate business, they could not come within
the control of the Fede-^l government even though owned by a holding
case
involved the
constitutional right of the PWA to make loans for
The Circuit Court held that Judge
projects of such a nature.
The majority
that
no
opinion the Circuit Court reversed
H. Watkins of the Western
injunction petition because of a
Watkins
lack of equity.
John J. Parker, also held
irreparable loss had been shown by
opinion, written by Senior Judge
possibility of an immediate and
the Duke company.
The Public Works Act, the
opinion set forth, is within the powers of
Con¬
of local projects might not be valid in¬
dividually, an objection could not be sustained against them as part of a
great general program designed for public welfare and the relief of a condition
of unemployment "which was nation-wide in scope and had become a men¬
ace not merely to the safety, morals, health and general welfare of vast
numbers of the people but also to the stability of the government itself.
and while the construction
PWA Loans Upheld
pounty," the opinion continued, "is but an agency of the
of South Carolina and remains subject to control by that State in the
"Greenwood
State
project as well as in other matters. The rates to
remain subject to State control. All that the
do is to make a loan and grant to the county to
enable it to engage in an enterprise which, as a subdivision of the State, it
has been given by the State the right and power to engage in.
"In other words, the administrator's action will not in any senselimit the
management of its power
be
charged by public utilities
administrator proposes to
powers
of the State but will furnish to
the State the means of exercising a
which it already possesses, i. e., the power of engaging in public
benefit of citizens.
We are unable to see how lending or
power
business for the
giving money to a State agency
for such a purpose can be said to be an en¬
croachment on State power.
"Even if the statute were
trator
unconstitutional or the action of the adminis¬
unauthorized, they (the Duke
Company) would not be entitled to the
injunction which they ask, for the reason
fringed by any proposed
that no legal right of theirs is in¬
action of the county or of the Commissioner
of
Public Works.
"The county, in
it is thoroughly
its proposed action, will not
infringe any such right, for
settled that competition by a county or
municipality vio¬
doing business therein, which,
as in the case of the plaintiffs here, has no exclusive franchise.
"To conclude, we think: (1)—that the loan and grant which the Adminis¬
trator of Public Works proposes to make to Greenwood County cannot be
condemned either on the ground that the Act of Congress under which they
will be made is unconstitutional or that the administrator in making them
will exceed his powers under the Act; and (2)—That, even if this were not
true, no rights of plaintiffs would be invaded either by the county in the
building of the power project or by the administrator in the making of the
lates
no
right of a public service corporation
In
a
grant".
dissenting opinion Judge Morris A. Soper
ernment had no right to
ground that such regulation was
making project.
maintained that the gov¬
exercise a "yardstick" over private industry on the
incidental to the construction of a laborof a gift
government's duty of protection of
He construed the PWA funds to be in the nature
breaking down what should be the local
rulings that:
1.
Court.
following further advices as to the decision were con¬
tained in Charlotte advices Feb. 22 to the New York
The
loan and
Find Constitutional Issues Studied
mittee
12,000-word opinion, W. S. O'B. Robinson, chief coun¬
announced to-night that an appeal would be taken to
After reading the
Charlotte to the New York "Times":
Court Jan. 13 on an appeal from a
constructed by Greenwood County at
against a $3,000,000 plant to be
gress,
situation.
Government
far-reaching decision by Judge John
should not have ruled on the
their fight to prevent lower courts
passing judgment on the Act pending
the Electric Bond and Share
a
The
part in the case, and won
"News and Observer'^ said:
J. Parker, with Judge Morris A.
Elliott Northcutt of West Virginia
concurring, the Court upheld the power of Congress to enact the public
works law; held that the administrator was acting within the Act in making
such a power loan; and ruled the Duke Power Company had not had
sufficient equity in court to warrant a lower court injunction it obtained
In
Judge Watkins's decision.
appeal from Burco, Inc., creditor of the in¬
Government counsel, intervening,
had
Charlotte to the Raleigh
Coleman's decree
that that portion of Judge
solvent concern, which had
publicly owned power plant was upheld on Feb. 22
by the United States Circuit Court of Appeals at Charlotte,
N. C.
An account of the decision (Associated Press) from
tion of
the act as applied
passed over
should have been omitted."
The case was brought on an
Duke Power Case
the
District Court of South
Carolina.
Greenwrood County, S. C., which proposes to build the hydro¬
electric plant, and Secretary Ickes, PWA Administrator, appealed from
The question of constitutionality was
merely with the notation
lotte, N. C.—Ruling Given in
The right of the PWA (Federal Emergency Administration
of Public Works) to make loans and grants for the construc¬
In the Duke Power Company case
in process of reorganiza¬
engaged only in intrastate commerce, and that
tion ,was
to it would be
Circuit
States
his decision—that the utility
unconstitutional was not taken into consideration.
act was
Owned Power Plant Upheld By
Court of Appeals at Char-
PWA Loan to Publicly
the power company
from injury.
He also held that the Duke company
terest to
did have a sufficient
financial in¬
give it a case in equity.
Attorneys for the Duke
Power Company are
United States Supreme Court.
preparing an appeal to the
Financial
1390
From
Washington Feb. 22, Associated Press advices said in
Jubilance
the
on
hand and a muted claim of victory on the other were
one
elicited from government lawyers to-day following the decisions at Char¬
Utility Holding Com¬
lotte, N. C.f on municipal power allotments and the
Act.
The Public Works Administration said it would cooperate with the Duke
consulting when she determined to take part in the controversy, that is,
was
In the light of this record, and in the light
More than fifty of PWA's 274
appeal to the Supreme Court.
ing in the
tied
now
injunction suits filed under the direction of Newton D. Baker, attor¬
up by
for the Edison Institute, who argued the Duke case before the Circuit
Court of Appeals.
s
,
of world peace
way
is stand¬
occupies the position of ah immoral and
or
selfish nation, is the most transparent piece of propaganda that
has afflicted
this country since the World War.
fere with
non-Federal power allotments are
of the movement of all nations,
the charge that the United States, in adopting a policy of neutrality,
And let
Power Company in expediting an
ney
1936
29
Feb.
national interests.
part:
pany
Chronicle
us
bear in mind that, while as to some
legislation
things which tend to inter¬
policy of neutrality, the nation may deal with them through
our
through administration.
or
But against the selfish forces of propaganda, parading
all wise or humanitarian garbs, only the
can
protect
us.
under the livery of
vigilance and poise of the people
,
♦
First
Estimate for
Quarter Places Dividend Disburse¬
Senator
by Standard Oil Group Above Corresponding
ments
Oil
of 1936 are estimated at
$19,901,570 compared with $18,122,737 in the corresponding
quarter of 1935, according to figures compiled by Carl H.
for the first
group
&
Pforzheimer
Co.
quarter
However,
it
is
stated,
in
the March
quarter last year the Standard Oil Co. of New Jersey dis¬
tributed in the form of a stock dividend 1,399,345 shares of
Mission Corp.,
of
value
which
date of distribution had a market
and which is not in¬
on
approximately $13,206,000,
cluded in the total for that quarter.
from
change
policy adopted
of
whereby dividends
not
The following is also
announcement issued in the matter
an
The
by
of these
many
Administration's Fiscal
Works Hardship on Poor
of
1932,
does
quarterly,
permit direct comparison with the preceding quarter when $70,616,298
distributed.
was
The
the largest
three of
Imperiol
Jersey,
disbursements
is the
Oil
Co.
and
dividend
Oil,
in
difference is
great
and
second
the
for by the fact
that
of the group, Standard Oil Co. of New
payers
Ltd.,
accounted
International
fourth
and
Petroleum
Co.,
while
quarters,
Ltd.,
speaking before the New York
Feb. 19, attacked the Adminis¬
tration's financial program, and asserted that President
Roosevelt's "soak-the-rich" taxes actually "soak the poor,"
in that they lay the increased burden of taxation directly on
the American standard of living.
He said that the adminis¬
tration will seek to blame the Supreme Court or the Constitu¬
tion for its failures.
Next November's elections, Senator
Dickinson declared, will be "a solemn referendum on the
future of America.
form
Increased
dividends by
Oil
and South Penn
Co.
to pay dividend semi-annually in March
company
Socony-Vacuum,
account for
the
Standard
Oil
Co.
of California,
larger total of cash payments this
quarter when compared with the similar period of last year.
Socony-Vacuum declared
with
distribution
will
be
15c.
about
of
larger than
Co.
Oil
of
payments
to
share
a
March
in
$6,230,876 by
that
of California,
addition
semi-annual dividend of 20c.
a
of
this
other
any
which declared
the regular
September
and
in
company
member
of
the
quarterly dividend of
25c.
1935.
Total
current
quarter
the group.
extra dividend
an
share compared
a
of
Standard
5c.
share
a
share, will distribute
a
Penn
South
Oil
Co.
of 37 %c.
dividend
quarterly
declared
compares
with dividends of
and
and
25c.
40c.
share,
a
extra
an
share,
a
30c.
a
total
of
50c.
share and
a
of
a
share.
This
in
the third and
fourth quarters
Indiana, Humble Oil & Refining,
"Now this development is almost wholly unexpected.
dimly perceived
quarterly,
at
the
are
this time
among
last
member
only
corresponding
record
The
by
American
the
It has
people.
year
the
of
the
also
leading companies
and Standard' Oil
of
the
Standard
paid
group
to
an
pay
less
this
quarter than
period; of 1935.
quarterly disbursements during recent
years
First
Second
Third
Quarter
Quarter
Quarter
is
as
Fourth
Quarter
1936
in
18,122,737
1934
24,312,981
32,406,332
46,801,053
63,101,797
1933
1932
1931
"Because of the false premises which underlay, from the beginning, the
present administration's attack upon grave economic maladjustments, that
failure
inevitable.
was
The important fact which must now be faced is that
for these failures the blame—or alibis, if you will—is to be laid at the
of the Supreme Court or assessed against the Constitution
Oil
Totals
for Year
$63~,821~486 $17,653", 161 $70,516",298 *$170,113~682
58,908,391
34,527,547
46,278,873
57,843,467
18,582,065
19,546,576
43,858,468
51,263,688
67,289,092
42,457,920
44,112,501
48,530,230
169,092,529
128,938,375
181,050,895
220,739,182
Does not Include
Co.
1,399,345 shares of Mission Corp. distributed by Standard
New Jersey.
of
Senator
Borah
Urges "Isolationist" Policy By United
States—Sees
Attempt
to
Abandon
Traditional
Principles—Compares British Attitude in ItaloEthiopian War and Japanese Invasion of Man¬
churia
In his first
of
his
that the blame might not lie in the rules, but "in their own botching and
"Nor does it
have
occur
to them," he continued, "that, if the American people
choice but to decide between three years of bungling on one hand
no
and 150 years of constitutional government on
the other, the answer is likely
to be—throw the bunglers out.
I do not believe the
people will be misled by false propaganda or mere sentimentaiism.
More
Direct Taxes Viewed
Means
by H. H. Heimann as Best
Impressing People of Need of Lowering
of
Taxes
,
The best way to impress upon people that taxes to-day
take almost 20 cents out of each dollar earned is to have
more direct taxes,
Henry H. Heimann, Executive Manager,
National Association of Credit Men, declared in his monthly
business review sent to the Association's 20,000 members
on
Feb. 21.
He says:
If we are conscious of
becoming
escape
Business
men
governmental
aware
will
no
taxes at any
of them
have
to
both
economy,
on
time during the year we can hardly
the 15th of March each year.
make
vigilant and continued demands for
national
State.
and
budgetary deficits and
duction in
the
tax
to whether the indirect taxation which features
urged continuation of
for
prevent
eventual re¬
an
so
much of our
To develop a tax-reduction consciousness
in this country we will have to make it
apparent to those who pay
—and that includes all of us, both rich and
poor—that taxes
are
the taxes
really the-
great burdens that statistical investigation proves them to be.
By showing how much
taxes actually cost us, direct taxes serve an ad¬
♦
an
United States Gold Reserve Could Not Prevent Disaster
American policy of isolation.
if Currency Inflationists in
Congress Were Success¬
ful, Dr. Klemmerer Warns—Says "Backing" Argu¬
The Senator's address stressed the "isolationist" tendencies
he
displayed in the League of Nations and World
Court discussions. As bearing on neutrality, he said in part:
When the people of the United
States determined to remain neutral in the
Italian-Ethiopian war and when they determine,
neutral in all European controversies,
as
they will, to remain
they will be acting in harmony with
believe to be our national interests—that which determined the
policy of Great Britain in Manchuria and Ethiopia and which has deter¬
mined her policy through the centuries.
In staying out
way
on
of Great Britain in the Italo-Ethiopian war with the British
policy when Japanese troops were invading Manchuria.
Speaking over a Nation-wide radio network, Senator Borah
said that Washington's Farewell Address outlined policies
that could well be followed at the present time.
He asserted
that all policies of Washington's time are present to-day,
and he listed these as national credit, a sound and sufficient
currency, economy of Government, constitutional integrity,
neutrality as the policy toward foreign powers, and the experi¬
ment in popular Government.
'
the
Moreover, it is becoming increasingly ques¬
public address since the formal announcement
cerning this country. He charged that there is an unceasing
campaign of propaganda to break down the isolation of the
United States, and he compared what he called the attitude
what they
burden.
taxation program is desirable.
The United States, he said^ should refrain from entangle¬
ments with foreign powers in affairs not specifically con¬
which
as
pave
will
This
further rise in
mirable purpose.
Presidential candidacy, Senator Borah of Idaho
Feb. 22
door
itself."
Senator Dickinson said it apparently never occurred to the administration
tionable
♦
yet only
have arisen out of the depression.
the
follows:
$19,901,570
1935
as
about largely
Oil
Standard Oil of Kentucky,
extra dividend of 25c. a share,
of
Year
It is
come
through the failure of the New Deal to solve those basic problems which
currently paying dividends at the rate
are
to continue regular dividends this quarter.
which
is
of
Kentucky, all of which
25c.
group
philosophy and that political
"When the present campaign is thus understood,
Standard Oil Co.
of
that political
ship of George Washington is still adequate to our national needs.
last year.
Co.
to live."
are
"The real issue is whether
a
share in the first and second quarters
a
of
bungling of recovery."
dividend of 12%c.
or
respectively,
decide, not
system of balanced powers established by the Constitution under the leader¬
in
$3,930,870 to its stockholders this quarter.
We shall be called upon to
formula of recovery and another, but the very
Government under which our children and our
The New York "Times" of Feb. 20 gave other extracts
from his speech as follows:
September.
only major
on
one
children's children
make
Socony-Vacuum
Taxes—
Actually
Program
Senator Dickinson of Iowa,
Young Republican Club
between
companies since
semi-annually instead
paid
now
are
Feb. 26:
on
"Soak-the-Rich"
Attacks
Says
Quarter of 1935
Cash dividend payments by the companies of the Standard
Dickinson
of this controversy and in remaining neutral, we
Always Proved False
gold
any
of the
held by the United States govern¬
reserve
ment would not avert
numerous
catastrophe if Congress should adopt
currency inflation proposals now be¬
fore it,
Dr. E. W. Kemmerer, President of the Economists'
National Committee on Monetary Policy, said in a radio-
address
on
principal
conditions
where
Feb.
11.
Dr.
arguments
are
of
different
inconvertible
Kemmerer
all
said
inflationists
than they
paper
disastrous results."
money
were
got
at the
time of the
that
is
one
that
of
French
revolution
the
"with
us
in other countries
out
of
control with-
Inflationists, he continued, usually
ploy the so-called "backing" argument.
em-
He pointed out that
French
officials
sai&
that the
paper money could not depreciate because it was
backed by millions of acres of first-class
land, and yet the*
eventually became worthless.
Similarly, Dr. Kemmerer said, at the time of the American
money
Civil
War
could
not
the sponsors of greenbacks asserted that they
depreciate because they were backed by the un¬
limited resources of the greatest country in the world; yet
within three years they declined to 35% of their
gold valua¬
He added, in part:
tion.
When
were con¬
sulting exactly the same interests from our viewpoint that Great Britain
Has
ment
The huge
of
1933
the United
and
started
States
down
went
the
off
skida
the
gold coin standard in the spring:
towards
our
present "59c.
dollar," ite
,
Financial
Volume 142
is
at
United
States,
Next to
gold reserve of any country in the world.
had by far the largest
the
France
to-day
has
the largest gold
reserve.
Yet there
widespread anxiety that France may be forced off the gold
now
almost
any
standard
time.
silver, which
standard country, our
piesent $10,000,000,000 gold reserve in the United States must support not
only about $6,000,000,000 of money in circulation, of which 93% consists
of various kinds of paper money, but must also
support something like
$50,000,000,000 of bank deposits with which, through the use of bank
checks, we do over 90% of our American business.
If our $6,000,000,000
of money in circulation and our $50,000,000,000
of bank deposits were
convertible on demand into gold coin or gold bars, and if, as a result of
inflationary measures the public, through losing confidence in their money
or
for other reasons, should demand gold on a large scale in exchange for
Leaving out of account our accumulated Treasury hoard of
as
monetary reserve is dead and useless in a gold
a
and bank checks, for exportation and for hoarding, the first
$10,000,000,000 of notes and checks presented for payment in gold would
take the country's entire gold reserve, leaving $46,000,000,000 of notes and
deposits with no gold whatsoever supporting thetn.
If, on the other hand,
the government should refuse to pay out the gold in exchange for notes and
deposits, as it almost certainly would when the demand for redemption
became strong and threatened to turn into a dangerous run on the reserve,
then
gold
our
reserve,
like the previously
24 in an address on
"Radio Responsibility" at the Founders' Day convocation
at Rollins College, Winter Park, Fla.
Urging greater tem¬
perance of language in radio addresses, Mr.
Young said
that with the present wide broadcasting of addresses by
public figures, freedom of speech depends on wisdom and
self-restraint in utterance.
He cited statements in recent
tional
Smith
in maintaining
the
It would have
ceased to provide a means for relieving the country of a supply of currency
that was becoming udreudant and so the paper currency would depreciate.
While a large gold reserve fund may be a great help in maintaining
the gold parity of a currency, it offers no certain guaranty of the gold
parity against the onslaughts of increasing inflation.
Feb.
said
Co.,
Broadcasting
President Herbert Hoover, Alfred E.
T. Robinson as examples to be
He included "even the President of the United
by former
speeches
Senator Joseph
and
condemned.
States"
appealing for the use of "the choice word and
in
phrase, spoken with malice toward none and
the measured
charity toward all."
Mr. Young said, in part:
Three
whom
men,
spoken
have recently
admire,
much
I
before
this
Each was listened to by millions. • I Bhall
sounding board of the nation.
quote from their statements briefly:
The
President
former
managed
mentioned gold reserve in Ger¬
would be dead and would have practically no effect
value of the country's paper money and bank deposits.
many,
Council of the Na¬
of the Advisory
and Chairman
trialist
money
paper
1391
Chronicle
behold!
"But
of
United
the
Hoover, speaking
Mr.
States,
of a
said:
currency,
Our
mystery
fund has
been most successful in stabilizing our
within a few per cent of the pound sterling for over a year.
We have
from leaning up against the British.
We are
the 31st member of the 'sterling bloc' of nations.
"Let us remember that the British also have a managed currency and In the
currency to
attained that stability which comes
'sterling bloc' we are only one of the 31 planets which revolve around the British
We have thus trustingly reposed in London a large influence in American
sun.
values and freedom of American
trade.
that I prefer
the British."
pretend to know where all this will take us, but I do know
"I do not
a currency
that no 'national planning' can manage for us, not even
Governor Smith has said:
Distributed Over $23,000,000 of
Surplus Dairy Products Since 1933, AAA Announces
Government
Federal
than
More
$23,000,000 worth of
price-depressing surplus
bought by the government to relieve occa¬
sional surpluses in the dairy industry, have been distributed
to persons on relief during the last two and a half years, the
Dairy Section of the Agricultural Adjustment Administra¬
tion announced Feb. 20.
It said:
Since the surplus dairy products purchase program began,
in August
1933, with funds made available to the AAA by Congress, a total of
69,016,429 pounds of butter, 18,112,278 pounds of cheese, 16,842,263 pounds
of dry skim milk, and 47,026,785 pounds of evaporated milk were bought.
In addition, a total of 5,908,020 pounds of butter was purfchased by the
Federal Surplus Commodities Corporation with funds made available to it.
Expenditures for surplus dairy products from funds made available to
the AAA by Congress follow:
Butter, $16,433,251; cheese, $3,065,878;
dry skim milk, $982,121 ; evaporated milk, $2,436,311.
Distribution of purchases began Oct. 1 1933.
From then until Dec. 31
1935 a total of 74,875.803 pounds of butter, 18,105,271 pounds of cheese,
15,490,500 pounds of dry skim milk, and 46,086,400 pounds of evaporated
milk were distributed to the needy and unemployed who otherwise would
atmosphere of government, the clear, pure, fresh air of free America, or
breath of communistic Russia.
There can be only one flag, the Stars and
anthem, 'The Star-Spangled Banner' or the
The
DISTRIBUTION
OF
Evaporated
Dry Skim
Milk, Lbs.
Milk, Lbs.
1,578,151
435,336
1,601,649
2,630,362
Arizona
Arkansas
California
Colorado..
Connecticut
409,285
494,890
706.230
Alabama
246,744
198,704
70,041
445,493
373,998
139,797
1,238,969
371,936
275,582
219,438
454,620
250,292
142,388
189,985
558,447
710,307
407.327
310,836
316,950
180.259
138,420
101,407
91,458
520,566
115.260
105,941
1,804,530
1,113,390
364,377
Delaware
Florida
Georgia
Idaho
6,679,644
2,166,379
895,037
821,334
1,533,810
126,000
337,392
591,000
2,516,520
3,946,487
1,100,341
1,014,180
1,507,894
423,964
426,892
121,307
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana..
Nebraska
Nevada
—
146,217
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota...
—
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
1,903,704
81,153
11,434,773
511,470
476,902
4,911,870
890,085
642,052
3,483,210
451,751
2,039,773
1,108,398
1,613,842
3,995.379
559,630
21,000
601,128
1,183,682
2;070,202
1,106,730
115.231
429,804
.
South Carolina
---
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington....
Virginia.....:—*—
Wisconsin
—
Wyoming
District of
Cheese,
Columbia
Puerto Rico..
165,131
290,790
761,140
2,091,834
159,656
184.328
993,590
307,330
234,702
938,240
87,733
355,024
313,347
263,973
800,058
113,770
47,810
205,103
231,369
384,694
412,143
93,758
191,238
54] 780
Virgin Islands
765,600
243,600
760,200
eager to place him in the White House.
Now we have
grlm-visaged fellow in the high hat and tails, who warns us
1,566,000
452,400
348,000
34,800
974,400
835,200
139,200
2,679,600
1,078,800
440,000
600,150
720,350
200,000
1,680,200
730,800
452,400
939,600
522,000
139,200
382,800
1,287,600
1,635,600
870,000
556,800
1,496,400
243,600
348,000
640,000
844,600
480,100
this other A1 Smith, this
that we are going straight
to Moscow."
questioning their right to freedom of speech, without
Without
ments
are
inquiring
may
well ask whether such state¬
wise exercise of the great powers
and responsibilities of trustee¬
of their belief,
the sincerity
to
as
a
one
these men hold.
ship which
Henry W. Taft Warns Against
States'
Constitutional Changes
Rights—Criticizes Experiments
Professors"
"Learned
by
Regards Federal Relief
as
End
to
Depression—
Lowering Morale
against constitutional experiments designed to
A warning
strengthen the Federal government and to curtail States'
rights was given on Feb. 22 by Henry W. Taft, lawyer and
brother of the late President William Howard Taft, in a
Birthday meeting in New York City.
Mr.
"learned professors" who propose experi¬
ments to end the depression, and said that if the Federal
Government helped States to care for their sick and needy
it would deplete the Treasury, injure the morale of many
citizens, and rob State governments of their initiative.
He
praised Washington as a patient, far-sighted leader who
helped to create the constitutional system of checks and bal¬
ances
as a
permanent barrier to despotism and internal
Washington's
criticized
Taft
661,200
derby has
with those
fish markets, and now his gaze rests fondly upon the glided towers
and palaces of Park Avenue.
"Somehow I think there must be two A1 Smiths.
One Is the happy, carefree
fellow behind whom we marched and shouted in 1928, proud of his principles and
FOR
Pounds
Butter,
Pounds
changed sides in the great battle but his
transformation.
He has forgotten appa¬
little shops and
the AAA, shows
States:
SURPLUS DAIRY PRODUCTS TO STATES
OCT. 1 1933 THROUGH DEC. 31 1935
States
West
"Yes, Governor Smith not only has
of surplus dairy products to
RELIEF PURPOSES,
'Internationale.' "
said:
rently the issues upon which he ran for the Presidency.
The brown
been discarded for the high hat; he has turned away from the East Side
Lessening
following tabulation, also issued by
the distribution
has
whole outlook seems to have undergone a
without these products.
gone
Robinson
Senator
the foul
Stripes,
There can be only one national
godless Union of the Soviets.
the flag of the
or
dairy products,
have
There can be only one
"Now, in conclusion, let me give this solmen warning:
disaster.
An account of Mr.
Mr.
Taft spoke
below:
before 1,300 members of 30 patriotic organizations which
in the ceremonies sponsored by the Sons of the Revolution
New York.
Augustus C. Hone, President of that society,
joined
State
Taft's speech, as contained in the New
"Herald Tribune" of Feb. 23, is given
York
of
440,100
duced
69,600
200,000
160,000
40,000
240,000
Union.
600,300
280,000
present
intro¬
to act
139,200
1,357,200
104,400
in the
5,881,200
696,000
487,200
2,888,400
1,264,000
the
speaker.
Passing over Washington's known feats of heroism in war, Mr. Taft con¬
on
his part in setting up a Federal government Strong enough
for the whole nation but sufficiently checked! and balanced so that
centrated
authority would not become oppressive to
its
That system,
economic and financial depressions comparatively as severe as the
one.''
The American spirit of frugality and self-reliance rescued
"many
Sees Threat of
440,000
240,150
2,331,600
1,240,950
243,600
69,600
240,050
382,800
556,800
730,800
1,044,000
69,600
120,000
640,300
that
us
Mr.
now,"
from
139,200
1,670,400
69,600
2,162,650
46,086,400
15,490,500
he continued, "the counsel of restless
our
Taft said,
who would
40,000
200,000
Autocracy
experimentation tells
unless we make
fundamental changes in our Constitution which will permanently convert
our government
into a huge, bureaucratic, centralized autocracy, obliterat¬
ing the State lines and removing those checks upon power by which alone
the liberty of the individual citizen may be secured."
The "restless spirit of experimenters with the Constitution is abroad,"
"But
680,300
he said.
those crises,
in
the nation
1,160,100
313,200
3,932,400
174,000
800,400
452,400
835,200
the component States of the
Mr. Taft said, took the nation through 150 years and
particularly
plunge
Discussing
present troubles
us
among
we
can
never
"professors
in
recover
our
learned institutions,
into speculative adventures in amendments."
Federal relief expenditures,
Mr. Taft said:
"The extension of the powers of the national government to the internal affair
of the States,
the supply of vast sums of money in relieving the States from the
in sickness and in want, and in providing funds
burden of caring for their citizens
74,875,803
Total—
18,105,271
for municipal
projects, thus encouraging extravagance and even profligacy—these
things will not only deplete the national treasury but will affect the morale and
weaken the self-reliance of millions of our citizens, and will destroy the initiative
of the State
D. Young Urges More Temperate Language in
Radio Addresses—Takes Exception to Statements
Owen
by Herbert Hoover,
Alfred E. Smith, and Senator
Robinson
Spokesmen
the
of both major political parties have
privilege of freedom of speech,
abused
Owen D. Young, indus¬
Mr.
true
governments."
Taft said that
no
other American had
so
fully realized the ideal of
patriotism as George Washington.
American to follow to the
end that the blessings of civil liberty may be perpetuated under a Consti¬
tution free from mutilation by the profane hands of dreamers, fanatics
"What
and
a
rare
apostates."
example,"
he said,
"for
an
Financial
1392
Criticism of New Deal Before Bond
Assurance of Fair
Be Solved if
Treat¬
Industry
ment Were Given to
The
New York
Club of
by John F. Neylan—Refers to Country, Once Land
of
Opportunity, as Developing into "Nation of
Remittance Men"—Declares Unemployment Prob¬
lem Would
Chronicle
Criticizing the policies of the Administration, before the
New York, on Feb. 24, John F. Neylan told
after
is worthy of thought on the part of all of us."
years,
He
further commented:
I
interest.
I think its present implications are
And I think its perpetuation or termination is a matter of
think
its
important.
It
all of
to
concern
in
is
men
national
less
or
in studying this matter, that the present effort to turn
the land of opportunity, into a nation of
perfectly logical development of our last three years
which
country,
remittance
us.
to me,
seems
this
is of
origin
was
a
two
.
brought the
wages
of
closed shop,
the building,
for
work.
overtime
the
a
The
more
Eeither
things is certainly true:
we
going to terminate
are
of this psychology or not later than in one generation we are
a social upheaval in the United States.
It doesn't take a
very clever mathematician to arrive at the correct answer to all of the
idiotic schemes now projected which have some chance of adoption.
We had an era in which we were all going to ride into the promised
freedom
of
1929.
You
Yankee
have
would
standards.
to
politicians
who
did
those who
furnish
do?
we
We
is
rushed
through
into the wastebasket
informed
which
their American
exercise
the
which
confusion
sad conclusion
the canny
of
that
who
.
to
were
..
appropriate
and
point
this
be
resulted'
in
up,
of
legislation
closed
declaring that it would not grant the
Building Service Employees Union for a
the
of
The Board has an agreement with
shop.
to
way
In
relation
to
squandered
In
and
if those
would
just
of
some
perpetuating the other great problem
explanation of
displacing the
deal
of
it,
alone,
been
has
hear
we
Of
for
the truth
and
man,
weight.
mobile
all
unemployment,
there
course,
surface
incidental
Of
have
the
last
of
25
created,
of
due
kind
some
them, that there
ment embodied
assurance
next
not
recent agreement
Associations
Zone
its
this
in
the
agreement
the
was
labor;
and
of
think
and
if they
intention to
auto¬
only in its
of
not
the
most
important
be for
could
not
fields
new
to-day,
hand of
in
the
going forward
given
were
believe what
destroy industry,
undertaking
laymen
I
if
think
would
good
do
think
do
we
in
the
will
we
in
to
told
was
honest effort.
or
reason¬
private
which
imported from abroad.
let
not
us
business,
and frankly consult
our
domestic
affairs,
common-sense
this
was
a
why
of
the
land
of
If
do that
we
government;
agricultural
let
us
who
Yankee
opportunity,
larger
will
we
in
us
have
land
we
solved
to-day,
and
without
a
I
the
much philosophies which
hark
and
as
in
the
this
a
our
that
to
back
founded
in
field?
And
philosophy
nation,
reward
foreign
for*
who
his
in
our
and
letter
a
believed
efforts
own
he
of this world's goods and spiritual
other system?
good-bye to the psychology of remittance men
things in this nation; we will adjust
will absorb the employables who are un¬
stabilize
problem;
we
Regents of the University of California.
Board
Area—Provides
for
Closed
Shop—Employees
Buildings in City Threaten
in
to Strike March 1
three-year agreement affecting 20,000 building
surrender
reached
strike,
is
stated
the
that
on
Feb. 18 after the workers had threat¬
said
was
offered the
agreement was
union
made
to
on
in
be substantially
Feb.
5;
issue
same
as
reference to the earlier
of
Feb.
difficulties had arisen
over
our
the
8,
page
the
884.
It
language of
previous settlement.
The
expires
new
on
agreement
Jan. 31
order
of
the
that
of
rest
the
shop wherever it
open
of the
owners
the
union,
Realty
Mr.
Advisory
prevails,
now
employee has to join
no
job."
a
Bambrick,
J.
that there
was
and
with
will
the principle that
on
hold
to
agreement
circumstances
principle of tlje
James
statement
Board's
no
squarely
Chicago will at 2
President
would
be
the
of
union,
Mr.
to
strike.
a
a. m.
Federal
Chicago To-morrow
Reserve
Bank
Com¬
to-morrow (March 1) change from
ordinance adopted at that time by the Council
was
referred
issue of Nov. 9, page 2988.
our
The following announcement
the Federal Reserve Bank of
Change
was issued
Chicago:
m
Feb.
on
25 by
Time
Effective March 1 1936, the City of Chicago will be on Eastern Standard
Time instead of Central
Standard Time.
Banking hours will be from 9:00
12:00
Time, except
a.
2:00 p. m. daily,
to
m.
Saturday when they will
be from 9:00
Eastern
a.
to
m.
m.
FEDERAL
RESERVE
BANK OF CHICAGO.
"Foreign Trade of Japan, A Statistical Survey"
A history of Japanese foreign trade is presented by Tanzan
Ishibashi, Editor of "The Oriental Economist,1' in a book
"Foreign Trade of Japan, A Statistical Survey."
The book, consisting of over 700 pages, reviews the
foreign
trade of the country in two chapters, one bearing on the
time prior to what the author terms the "Meiji Restoration,"
entitled
and the
other after the "Meiji Restoration" covering the
period from 1868 to 1934.
In another chapter on "Fluctua¬
tions in Trade Volume," the value and volume of trade are
discussed.
Statistical tables
are
given in the book
the volume of
on
imports and exports of merchandise, together with their
value, both for the country as a whole and by individual
ports.
Data on exports and imports of coin and bullion,
and details of principal articles exported and
imported, are
also presented.
The book is priced at $5 in the United
States.
Celebration
effective
As
to
as
its
of
Feb.
1
1936
terms, the New
the following to
say:
and
fork
of
Tenth
Anniversary of American Arbi¬
tration Association—Charles L. Bernheimer Guest
of Honor at Luncheon at Hotel Astor
Charles L. Bernheimer, guest of honor at
tendered at the Hotel Astor, New York, on Feb.
to the celebration of the tenth
Arbitration
arbitration
a
luncheon
20, incident
anniversary of the American
declared that "the conception of
kin, mediation and conciliation, is older
Association,
and its
than codified law and court systems.
In the evolution of
man's attempt to administer justice," he
added, "it is diffi¬
cult to tell when the former method ended and the latter
or
when the two merged."
Mr. Bernheimer, who is
Chairman of the Arbitration Committee of the Chamber
of
Commerce of the State of New York and Honorary President
of the American Arbitration
Association, also said, in part:
In
celebrating the tenth anniversary of the American Arbitration Asso¬
ciation, we take note of an event of the first magnitude. But in celebrating
this
anniversary,
day
child;
life—we
at its
rest
its
the
of
of
the
an
and
the help of
those
Thus,
think
we
from
the
New York
not
whom
ancestry
Chamber
arbitration committee
only of the birth¬
it
has
dates
derived
back
to
its
the
of
Commerce,
where,
was
established.
From
attempts made by the Chamber.
They
the legal profession, in putting commercial
many
legally sound footing and made the leadership of Chamber
Association, in this field, a by-word in this country as well as in the
of
tion
the
on
a
world.
representing
has eternal life;
You
a
it
are
principle
was
participating in the anniversary of an institu¬
which nothing can destroy.
This principle
indeed existent when
man
several hundred thousand years before the
Judicial systems,
rise
think
pedigree.
various
with
anniversary,
any
first meeting,
very
culminated,
and
of
the founding
evolved
arbitration
indeed
likewise
we
think
1768,
state,
is
1939.
"Times" of Feb. 20 had
for
Central Standard Time to Eastern Standard Time in accord¬
ance with action taken last Nov. 4 by the
City Council.
An
this
agreement,
that
in
reply
the managing • agents
to
the
(March 1)—Chicago
plies with Change
Zone Association—and heads of Local 32-B of the
Building
Service Employees
International Union.
The
was
precedent
a
Eastern Standard Time Effective in
year
to
the
union
The
Rawlins's
by
"under
"it will stand
service
of New York City was
signed on Feb. 19 by representatives of two employer groups
—the Midtown Realty Owners Association and the Penn
workers in the garment and fur area
ened
that
said
the
began,
Building Service Workers Union Signs Agreement
Affecting 20,000 in New York Garment and Fur
which
as
Rawlins,
D.
be known
Open Shop Retained
yesterday
covered
and
that
Mr. Neylan, who is a lawyer, is a member of the Board of
A
sent
buildings
Rawlins
the
employed.
Other
regarded
it
affairs
measure
under any
will say
we
so
national interests
own
benefits than he would
will
William
district,
...
not
would probably receive a
projected
responsibility to
agriculture what
we
confronting
happy promised
discriminating intelligence
use
and
are
guidance of all of these gentlemen who admire
Why
be
could
power
it out of the hands of the politicians.
relatively
a
that
of real
unemployment and
own
our
difficulties
into
go
to
relation
relation
of
many
In
8,000
there
course,
were,
paralyzing
are
be
to
fur
Advisory Board, let
entire world,
of
unemployment
we
and
Realty
Wants
manu¬
of the other things
and I believe it to be absolutely true, that if
to-day would
shop, similar to the arrange¬
with the Midtown Realty and Penn
city.
Standard
own
solved at the
the farm problem and take
the
great
millions
would if the industrial world
we
stability;
take up
in
a
the
that
created
while,
the
fact that
garment
the
Secretary of
problem.
year.
I
America
are
been
given to industry of fair treatment, the unemployment
rate of 500,000 jobs a month within the
were
problem would be
closed
a
in
about the machine
fact
has
and all
condition
the
to
as
of
was no
I undertake to say,
able
the
nation, and of the
every
of
the static
and
pioneering projects
new
assurance
the
of
years
wages,
politician has stunted American initiative,
in
of
the
to
have
explanation carries
highways
of
progress
redistribution
humble opinion, is
my
bureaus
dollars
opportunities in the old fields that there
same
been
the
a
means
demand for
Because of the union's
the automobile.
to
necessity, in
not the
are
of
nonsense
that
hear nothing
we
but in the construction
invention
propaganda
appreciable solution
opportunities at American standards of
facture,
the
of
great deal of
a
in
instance,
"Times" said:
its issue of Feb. 21 the
to in
is that billions
no
the
on
the city and affecting approximately
and other service employees.
In
buildings throughout
75,000 elevator operators
"mueted"
confronting the country, namely, unemployment.
contrary notwithstanding,
the union
expiring March 1, covering 8,000 apartment, loft and office
those
as
might get rid of
we
President of
Bambrick,
J.
statement
a
demand
legislation which
subsequently to
objective
the
are
rights and talk
has
James
were
looked
we
the
the size
depending upon
On Feb. 20 the Realty Advisory Board on Labor Relations
issued
.
heart all
"must"
would
we
with
by the Supreme Court of the United States,
subjects
on
and
accordance
turned right around
into it.
orders of
under
experience,
in
taking to
if, instead of
on
now
of lurid colors
cars
came to a
the descendants
are
leadership,
the promised land and conduct us
From
who
to lead us out of the wilderness,
were
unselfish
in motor
effort, and that
we
somewhat
beings
what
as
to
were
indulgence
no
that
something from that
human
But
with
think
learn
assayed
and
work
from
would
.
.
.
and all that sort of thing,
signers
week,
a
48-hour week, with time and a half
a
Scalise,
George
going to have
in
and
Vice-President, and John Holly and Thomas
Shortman, representing Local 32-B.
Lawrence D. Mayer of the Midtown
and Samuel Kheel of the Penn Zone Association signed for the employers.
union;
Executive
.
.
the progress
land
to $26
$22
of
.
I don't speak with any ill-feeling; I speak
government.
philisophically.
One of
once
in Mayor La Guardia's office at City Hall
conflicting groups into agreement.
It
signed
was
had
Mayor
provides minimum
Bond Club of
the gathering that "the remittance man's psychology, which
has entered our national life so thoroughly in the last three
agreement
the
1936
29
Feb.
and
panics and depressions, will
fall, but the principle of
arbitration
be.used basically very much in the manner
emerged from the animal
caveman.
come
will
now
and go;
nations will
It will
still be there.
practiced in the American
Financial
Volume 142
Arbitration
former
the
Association
the
and
co-operating
Can
there be any
The
the
Chamber
Their
arrived
at
by
fair,
.
.
is
the
Commerce,
of
and that of
aim,
common
organizations,
higher purpose?
168
commercial
and legal methods.
foster
to
orderly
.
the American Arbitra¬
helped- by the
intensified in collaboration with
years,
Association
during
the
last
10
valiantly
(and
years
profession), was to produce an arbitration system which leans enough
legal
the courts to enjoy the benefit of a wholesome, often necessary
upon
and
York
New
objective and achievement of all this labor by the Chamber during
last
tion
the
sponsoring
understanding,
and
peace
and
blossom, the latter its cradle.
not
machinery,
like court
is
perfect.
laws
will
sooner
calked.
and
Side
later
or
discovered
have
crevices
be
to
made.
in
talent,
Legal
must
which
imperfections
and
be
contested
stopped
the
American
the
and
Association,
Arbitration
relieving
Chamber
the
continue
will
of
one
no
to
telegram
a
the
death
who
as
the
Praise for
arbitration
performed by him in the cause of
work
accorded Mr. Bernheimer at the celebration
was
and, according to the New York "Journal of Commerce," he
called the "father of commercial arbitration" in this
principle
as
Amendment
From the
same paper we
take the following:
400
the
attended
persons
of
opponent
of
Cotton
Merchants
Textile
New
of
York,
Cotton
Textile
Association of Gar¬
Textile Fabrics,
National Federation of Textiles, Inc., National Rayon Weavers Association,
New York Board of Trade, Textile Brokers Association, Textile Color Card
Association of the United
States, Inc., Textile Converters Association of
Cotton Thread
Inc.,
Manufacturers,
Union
Chairman Flower were Willis H. Booth, ViceTrust Co., and William L. DeBost, President of
Dime Savings Bank, representing the State Chamber of Com¬
for many years.
letter
was
arbitration
American Union,
it had resulted in extending the
his years of work had succeeded
Bernheimer in
not only the public to the cause of commercial arbitration
also had brought the international bar to the point where it lent a
dowment Funds in Common Stocks Granted by
Judge James at San Jose, Calif.—Former President
Hoover in Petition Urged Step Because of Possible
Inflation
Superior Court at
the
San Jose, Calif., on Feb. 25,
Judge William James granted the petition of the trustees of
Stanford University to invest part of the endowment funds
of the latter in common stocks.
Former President Herbert
15, page 1052,
appeared in the San Jose Superior Court on Feb. 10 to
testify as one of the trustees of the university, who con¬
tended that the menace of possible inflation is jeopardizing
Hoover,
noted in these columns Feb.
we
as
In handing down his
educational institutions.
endowment
decision, Judge James took cognizance of Mr. Hoover's testi¬
mony, said United Press advices from San Jose on Feb. 25,
from which we also quote as follows:
Judge James's opinion supported the right of
common
stocks
"I
of
am
investments
tures
and
have
shares
primary
that
the
duty of
educational
that
they command
a
the
the general confidence of
the trustees of Stanford University is to see to
is carried on as intended by the donors of
work
a
Young
public
University
however.
of
purchase
common
was
nothing in the grant to Stanford
stocks.
Grants to other schools might
specific bans against change in the financial set-up.
The court found the Stanford trust fund was established "to provide
an
of
tlie
"Therefore," Judge James adds, "it is the duty of the trustees not only
to
maintain
income
the
body
to carry out
Nowhere
in
the
of the
the
trust but also
purposes
opinion
did
Hoover's fear of possible currency
died
as
Feb.
Albert
of
to
obtain from it sufficient
Mr.
at
years
Maryland
the
the
solving
communities
the
desiring
For
service
the
beginning
had
1876.
29
furnished
His
a
him.
as
been
nation.
Aug.
family
for
he
years
Mr.
defeat by
career
15
in
Va.,
His
experience
public
32-year
Virginia.
nomination,
Maryland.
disappointing
whose
in
His
many
father
mother
dis¬
men
Judge
was
Albert
distinction.
of
child
of
his
parents,
Johns
at
Hopkins
educated
was
in
the
and
University,
the
School.
Law
C.
Latrobe
in
naval
and
Department
ceived
at
of
Mr.
United
Cannon
Roosevelt,
States
Secretary
tured
rib
a
in
Cambridge,
itiation
dent
who
fromN
was
Corps,
fall.
a
by
where
in
he
had
York
out
a
"Herald
of
public
of
man
bore
also
he
Roosevelt
dent
and
of the
the
Secretary's
that
he
in
height,
related.
was
matter
a
home,
returning to
was
fifth
a
the
follows,
to
White
circulated
Department
the
as
New
early
been
the
his
with¬
capital for
confirmation.
President
to-night said
flashed
All flags
former
the
issued
were
of
President
that
the
all naval
to
news
stations
ordered to half-staff.
stocky build and ruddy
to
temporarily
in
made.
was
House
had
sea.
The
of
Department
Colonel
complexion,
Theodore
Roosevelt,
to
question of his relationship with Franklin
good-natured controversy between the Presi¬
President Roosevelt contended that the
Navy
was
in¬
Presi¬
(New York)
desired to notify
death
resemblance
a
was
himself.
Roosevelt
Navy
announcement
from
medium
Roosevelt
Navy
his,death
they had
ships of the Navy at
whom
the
The
curtailed,
was
the
of
the
that
any
Assistant
to all
A
before
explained
left
Reports
announcement
the
death
head.
minutes
before
attend
Tribune":
Roosevelt's
civilian
many
to
gone
"Fly Club."
his Hyde Park
death
University,
biography of
Colonel
Roosevelt
Washington dispatch of Feb. 22
a
Secre¬
Roosevelt's
Harvard
at
into the
John
son
after left for
brief
Assistant
He became Acting
-
Colonel
of
however,
his stay
Washington on Feb. 24.
A
on
foreign nota¬
Colonel of the
been
has
News
where,
given
and
many
retired
a
President
the
Mass.,
his
of
soon
on
which
in February when Mr. Swanson became
pleurisy, which developed after he frac¬
early
ill of
received
was
services,
Washington
in
tary of the Navy since March 17 1933.
critically
Washington
17-gun salutes.
The Navy
Secretary Swanson had re¬
that
Marine
Secretary
on Feb.
25, were attended by
officials, and the burial was in
condolence
•
in
Funeral
old.
fired
sea
announced
messages
bles.
other
Cemetery.
vessels
Assistant
President Roosevelt,
attack
heart
a
years
Washington
President
Arlington
of
56
was
Roosevelt,
distant cousin of
a
result
He
held
were
court
express
itself
on
whether
sixth
cousin,
Colonel
cousin.
while
Colonel
Roosevelt
was
Assistant
Roosevelt
related
to
Secre¬
thought
Theodore
degree.
same
Chosen for Post
Mr.
inflation was justified.
Although
Ritchie
Former
Governor
of
Albert
C.
Ritchie
of
Maryland
a
he
for
received
his
was
his
of
Navy
Colonel
Roosevelt
Roosevelt family to
he
Roosevelt
held
kinsman
of
Department
Roosevelt
professed to
Colonel
dore
a
by Mr. Swanson
the
post
President,
by
free hand to select his assistants.
choice
Roosevelt
died
his home in Baltimore on Feb. 24.
He was
old.
Funeral services were held on Feb. 26.
Ritchie, who served four terms as Governor of Mary¬
suddenly
59
Governor
against
were
were
of the trust."
the
Maryland—Was Prominent Critic of New Deal
Former
and
Richmond,
only
Henry
22.
selected'
Death
in
Baltimore,
Navy and
tary
definite purpose."
a
he
speak
Henry L. Roosevelt Assistant Secretary
Navy—Was in Charge of Navy Department
During Illness of Secretary Swanson
D.
carry
for
State
little
Gover¬
the
to
of
probably would have to be decided on its merits,
of
his
they
enlist
was
one
arose
Presidential
the
for
in a
Cabell,
the
by
one
confer¬
to
1922
stand then
which
by
in
Ritchie
said,
Baltimore.
service
of
he
nation.
pioneer
a
Governors'
a
wet
and
Mr.
as
of
the
engulf¬
Death of Col.
and
Judge James found there
forbade
polls
Marylander
Ritchie,
schools
A
Governor of
continuous
for
at
House
people of
the
hovel
of
born
native
That,
set-up.
in endowments.
case
White
option,
as
a
the
Caskie
Ritchie,
Officials
individual
occurred
sections,
bid
1932
term
at
was
in
An
income
critic
a
asserted
it."
got
record
Ritchie
private
It
enacted,
local
Solicitor
tinguished
in turn, opens up the possibility
major changes in stock and bond markets because of the immense sums
that
as
He
prominence
into
the
at
bluntly
was
first
City
Elizabeth
death
Each
affairs
Administration.
him
many
was
his
1934
his
was
the way for all endowed' colleges
change their financial
it
fifth
a
in
Assistant
Mr.
in
by
in
sought
Republican
was
called
conference
"actually
It
projected
heresy
Before
Unsuccessful
Ritchie
Colonel
decision is reversed, it opens
Unless the
of
by 1932
figure, and
dib for the Democratic
national
in
Deal"
Eighteenth Amendment.
prohibition
well managed
the trust."
to
place
"New
prohibition.
problem
intelligent investors.
"The
it
private corporations which are
in
considerable period of time such a reputation for
a
stability
and
and
petitioners may lawfully and properly
funds coming to their hands in bonds, deben¬
that the
trust
from
of stock
enjoyed for
permanence
careful
the trustees to invest in
by saying:
the opinion
make
and
able to
dry sentiment.
When
bombshell into the meeting.
Colonel
Stanford University to Invest Part of En-
Petition of
In
the
against
national
a
was
their
told
sympathetic hand in the cause.
^
made him
advocated this
Eighteenth
prominently
stand
His
that he
such
Harding
the
political
voiced
educating
but
follows
as
American countries.
South
to
said that Mr.
Booth
Mr.
Rowe, President of the Pan
read from Dr.
Bernheimer's work in that
Mr.
of
cause
Bernheimer in the cause of arbi¬
lauded the work of Mr.
of
Governor—a
in the absence of President T. I. Parkinson.
extolling
in
Finishers of
of
the Guaranty
Each speaker
A
in part,
generation's foremost champions
first
Maryland
conspicuous
a
temperance
besides
speakers
tration
his
of
one
of
years
was
national
of
prohibition.
International
Institute,
Association
National
Inc., Textile Fabrics Association.
President of
merce
early
incident
President
He
old
very
a
24:
Feb.
of
prohibition.
Roosevelt's
dramatic
ence
pre¬
were:
Association
the
its
took
D.
dropped'
Henry O. Flower Jr.
affair.
Co-operating with the State Chamber and the American Arbitration
Association
The
of
and other expanded Federal functions were
ing local self-government and menacing bedrock principles of the
nors
Over 400 Attend
than
America,
distinguished
State eminent
nomination.
he
Franklin
country.
ment
passing
the
regret
described,
was
was
of
stature
Presidential
A
sent
was
•
Governor
foe
in
political
short
Institute,
Ritchie
a
enforcement
sided.
a
period
I
"Times"
rights.
four-time
Later
career
York
Cabell
was
More
Maryland has lost
rendered the
Ritchie,
Executive.
which
telegram,
Stuart S. Jenney, said:
unprecedented
jOliief
New
States'
his
Governor
an
Ritchie's
the
The
President's
friend.
Mr.
of
of
for
its
described him as a "per¬
Feb. 24,
on
The
Ritchie's law partner,
service
in
Despite his
outspoken
criticism
Administration, President Roose¬
Federal
friend."
Mr.
In
nominee.
grand-scale spending
object.
can
sonal
to
surely
litigations,
long-drawn-out
from
courts
our
organizations
co-operating
as
present
Albert
travel,
fostering the arbitration principle to relieve business and enterprise and
service the world over, from costly time- and temper-impairing litigation;
striving to relieve our courts from congestion and incidentally the law
office from cases that are a drag on their office costs.
And if at the
same
time we save money to the State, by no means a negligible amount,
by
the
velt, in
...
side,
by
Commerce
an
Presidential
of
personal
has
cases,
had
light of experience we all agree that revision in the arbitration
the
In
outstanding critic of the New Deal and
a
leading champion of States' rights. . He
frequently been mentioned as a possible Democratic
was
known
was
citizen
and as such
invention
human
an
land,
control,
independence enough to enjoy freedom from red tape.
Arbitration,
1393
Chronicle
in
his
first aid
in
receive the recommendation
was
the fourth
Roosevelt
Swanson,
Swanson
March
his climb to
Franklin
was
had
1933, President
"with great
Roosevelt and the fifth
who
announced
surprise."
member of the
hold the post of Assistant Secretary of the Navy.
had helped
1897-98.
as
Colonel
Secretary
When Mr.
Theo¬
the Presidency by his post, which
D. Roosevelt served in the
same
office from
1394
1913
to
Financial
1920.
Philippines,
Douglas
Theodore
held
the
Robinson,
President
and
Roosevelt
post
from
nephew
Colonel
Jr.,
later
Governor-General
to
1924.
Succeeding him
1921
Theodore
of
Roosevelt
Roosevelt.
represented the
Of
the
Democratic
was
Supervisor
T.
Under Smedley
D.
of
the
Dr. H. G.
Y.,
he
service
in
Cuba,
the Philippines
and
where
Haiti,
in
join the Radio Corporation of America.
of the R.
ager
Estate
for five years,
C. A.
and
He
was
European
man¬
President of the Radio Real
was
1936
public
on
Moulton, President of Brookings Institution
Dr. Harold G. Moulton, economist and author, will be
the guest speaker at the regular monthly meeting of the
Chamber of Commerce of the State of New York on March 5.
Dr. Moulton has been President of the Brookings Institution
under the command of Major-General Smedley D. Butler, retired.
resigned from the United States Marine Corps in 1920 after 20 years'
He
service to
29
Discussion
York, March 5
Skaneateles,
was
active
saw
presiding.
Address Chamber of Commerce of State of New
to
Butler
Colonel Roosevelt, whose family home was at Roosevelt Hall,
N.
Research,
relations.
family.
Served
Feb.
Information
of
the
five,
wing
Chronicle
the
of
at
Corp. before he became Assistant Navy Secretary.
Washington since 1928.
be held at
Dr. Moulton will speak directly following the business
at which reports from various committees will be
chair.
George L. Harrison Appointed to Office of President
session
of the Federal Reserve Bank of New York in Lieu
The meeting of the Chamber will
with President Thomas I. Parkinson in the
noon
acted upon.
of
Governorship—Change Made Under Banking
Act—Allan Sproul Appointed First Vice-President
Harold
The Federal Reserve Bank of New York announced yester¬
day (Feb. 28) the appointment of new officers as provided
under the Banking Act of 1935.
As was expected, Governor
"v The
of the Bank and under him
rank.
same
were
assume
and
A large number of
presidents in Manhattan, Bronx and
present.
Among the matters discussed
were the multiple dwellings laws now under consideration
at Albany.
The speakers included Andrews Mills, Jr.,
President of Dry Dock Savings Institution, and Stewart S.
Hathaway, President of the Institutional Securities Corp.
Deputy Governors,
law, which becomes
new
over
the duties pre¬
detailed
to the Governor while the First Vicerank above the other Vice-Presidents and
will
the duties of President in the latter's absence.
Bank of New
Second of Regional Conferences of American Bankers
Association to Be Held in Memphis, Tenn., March
26 and 27
York, with the approval of the Board of
Local banks have received invitations from the American
Governors of the Federal Reserve System, has appointed George L. Harri¬
son
for
Bankers Association
term of five years
office of First Vice-President of the bank for the
the
appointment
former Assistant
March
of
in the Southern
commencing March 1 1936 and Allan Sproul to the
in the official staff of the
former
Deputy
Deputy Governors
Governors
Other changes
term.
same
bank, made necessary by the
law, involve
new
Vice-Presidents,
as
and.
Assistant Vice-Presidents, effective
as
1936.
1
The Deputy
Governors of the bank who
now
become Vide-Presidents
W. Randolph Burgess
Charles H. Coe
are
Leslie R. Rounds
Louis F. Sailer
Walter S. Logan (and General Counsel)
John H. Williams
The Assistant
Vice-Presidents
Deputy Governors of the bank who
now
become Assistant
are:
J. Wilson Jones
L. Werner Knoke
Walter B. Matteson
Arthur Phelan
Herbert H. Kimball
to
send representatives
to participate
Banking Service which will
be held under its auspices at Memphis, Tenn., March 26
and 27.
This Conference will be one in a series of regional
meetings in various parts of the country arranged under the
direction of Robert V. Fleming, President of the Association,
for the purpose of aiding and developing banking service
along sound lines and promoting public understanding and
co-operation with banks.
Mr. Fleming will preside at the
general sessions of the Conference.
The first meeting in
the series, held in Philadelphia, Jan. 23 and 24, was attended
by some 1,500 bankers, and, it is said, was one of the most
successful regional gatherings ever held by bankers.
In a
to the office of the President of the Federal Reserve Bank of New York
a
bank
were
The
Acting under the provisions of Section 4 of the Federal Reserve Act,
as amended by the
Banking Act of 1935, the board of directors of the
Reserve
President of the group, presided.
savings
Westchester
following is the announcement issued yesterday by the Bank:
Federal
Banks
activities of the Association with reference to real estate and
several
Under the
Estate
mortgage problems.
R. A. Bookmeyer, Manager, Real
Estate Department of the Dry Dock Savings Institution
the Chief Executive
was
effective March 1, the President takes
President
Savings
the
Under the old order the Governor
Real
Real Estate Managers held their
Night dinner at the Hotel Pennsyl¬
vania, in New York, Feb. 27.
The principal speaker was
Harold Stone, President, Onondaga County Savings Bank
and President of the Savings Banks Association of the State
of New York.
Mr. Stone discussed briefly the co-operative
of the Bank.
viously
Addresses Savings Banks
Managers at Annual Dinner
second annual Presidents'
George L. Harrison, Chief Executive Officer since Nov. 22
1926, was named to the office of President.
However, the
appointment of Deputy Governor Allan Sproul to the office
of First Vice-President was not as widely anticipated although
his duties as Assistant to the Governor and Secretary during
1934 and 1935 would appear to provide an excellent back¬
ground for the position to which he has now been appointed.
Since Jan. 1 1936 Mr. Sproul has been, a Deputy Governor
all of the
Stone
James M. Rice
Valentine Willis
Conference
on
received from the New York office of the Asso¬
statement
ciation, Mr. Fleming states:
Meeting of Regional Administrators of SEC
We shall ask for and welcome aid from everyone who believes that the
to be
Held
in
Washington March 9 to 13—Enforcement
Securities and Utility Laws to be Discussed
strengthening of
of
Banking is
The Securities and
Exchange Commission announced on
general meeting of administrative officials of
regional offices of the Commission will be held in Washington
Feb. 24 that
engaged in
as
problems in connection with the enforcement of the
Securities Act of 1933, the Securities Exchange Act of 1934
and the Public Utility Holding Company Act of 1935. James
M. Landis, Chairman of the SEC, will open the conference
Place
in
Administrative
center
around
powers
the
will
Organization."
preside
and
Joseph
discussions
national
Perhaps bankers in the
form of real
public service.
a
We must realize that public
bank's aims and problems are just
We
must
as
are
good loans and invest¬
take the mystery out of banking.
Conference will be held at the Peabody
from the following States have been
invited to attend:
Alabama, Arkansas, Florida, Georgia,
Kentucky, Louisiana, Mississippi, North Carolina, Okla¬
homa, South Carolina, Tennessee and Texas.
In this
territory, the association states, it has 2,500 bank members,
but representatives from non-members are also being urged
to go to the Conference.
Reference to the Philadelphia
meeting was made in our issue of Jan. 25, page 559.
9) will be "The Regional Ad¬
Commission's
Co-ordinator,
to
The Memphis
Hotel
a luncheon to be held on March 9.
As to the program of
the 5-day meeting, Washington advices, Feb. 24, to the New
York "Journal of Commerce" of Feb. 25, said:
The topic of the first meeting day (March
a
essential to the soundness of its structure
ments.
at
Sheehan,
of banking is essential
business of human relationships.
a
understanding of and sympathy with
The regional administrators will dis¬
cuss
ministrator—His
private system
past have not been sufficiently conscious of the fact that they are actually
a
from March 9 to 13.
our
The program of the conferences will deal with practical phases
progress.
of bank activity and will stress public and customer relations.
R.
will
and
bankers
and authority.
duties
Francis P. Brassor,
of the
regional
administrator's responsibilities and
Secretary of the Commission, will preside
ing meeting the following day
(March
10)
at the morn¬
National Association of Mutual Savings Banks to Hold
Annual Conference in Atlantic City May 13-15—
when discussions will center
around organization setup and divisional functions of the
Commission, ad¬
ministrative problems, and standardization of
procedure.
Issues 1936
Judge John J.
Burns, General Counsel, later will address the meeting on the
legal work of
the Commission.
gas
interests and rules, regulations, forms and
opinions and complaints.
represents $11,000,000,000 of assets owned by 14,000,000 de¬
'
The program for the remainder of the week follows:
.
March
11
presiding.
(morning): Robert Kline, Assistant
to
the
General Counsel,
Discussion
ministrators
are
on enforcement problems with which
regional ad¬
concerned, including investigations, preparations for in¬
junctions and co-operation
with
the
Department of Justice in criminal
Afternoon session: David Saperstein, Director of
Trading and Exchange
Division, presiding.
and the
Discussion on trading investigations and pending rules
registration of brokers and dealers. Paul Gourrich, Director of Re¬
presiding. Discussion on research work of thd commission.
search Division,
March 12 (morning): Baldwin B.
presiding.
Bane, Director of Registration Division,
registrations under the Securities Act of 1933.
Harold Neff, Assistant General Counsel,
presiding.
Discussions
Afternoon session,
Discussion
on
on
forms and rules.
meeting, the Association said.
At the
same
March 13 (morning): Commissioner
ings
Healy, presiding.
Discussion of the
Utility Holding Company
Act.
Afternoon Sessions: Baldwin B. Bane, presiding.
under
the
Securities
Discussions
Exchange Act.
E.
on
A.
registra¬
Sheridan,
in
time the Association also announced the
new
the
1936 issue of
United
pub¬
directory of mutual
a
sav¬
States,
containing a complete
roster of all mutual institutions, their officers, assets and
deposits as of Jan. 1.
The directory is an interesting book
from many standpoints and shows in detail how the
$10,000,000,000 of deposits are distributed among the 14,000,000
depositors.
during the
senior
tives.
of securities
banks
Numerous
work of the Commission pursuant to the Public
tion
positors, will hold its sixteenth annual conference at the
Traymore Hotel, in Atlantic City, N. J., May 13, 14 and 15.
Approximately 700 delegates will be in attendance at the
lication of the
prosecutions.
,
The National Association of Mutual Savings Banks, which
The afternoon session will be given over to discussion of
co-ordination of
interpretative work, oil and
Directory of Mutual Savings Banks in
United States
with
The Association said:
changes
year
officers
As
their
a
among
since
rule,
ahead
practically
institutions,
extremely small.
officers of
the publication
have moved
a
these institutions have taken
of the
step
on
all officers
the number
of
1935
edition.
In
of
the
outsiders
mutual
who
enter
banks
this
place
many
the retirement of older
cases
execu¬
grow
field
up
being
Financial
Volume 142
Madison
347
located
office of the Association, now
New York, will move
The headquarters
at
to-day
Avenue,
Bank
of
Marietta,
Cashier of the
elected
been
has
Pa.,
Gettysburg National Bank of Gettysburg, Pa., according to a
dispatch from that city appearing in "Money and
to 60 East 42nd Street, New York.
(Feb. 29)
1395
Chronicle
of Feb. 22.
•
Commerce"
-■
.
»
Hold
Transit Association and Affiliates to
American
Annual
Convention
White
in
Springs,
Sulphur
Announcement
made
was
on
Feb. 24 by Joseph K. Willing,
receiver for the Commercial National Bank of Philadelphia,
Sept. 20-23
W. Va.,
that
Pa.,
and will bring total payments up
brier, White Sulphur Springs, W. Ya.
The call to the
convention was issued Feb. 19 by the President of the Asso¬
May 22
ciation, Edward Dana, Executive Vice-President and General
Manager, Boston Elevated Railway.
An announcement in
the matter also said:
the convention, which will bring together a thousand
Plans for
well
are
under
according to
way,
the
announcement of
Gordon,
These delegates represent more
the United States, Canada and
Mexico, and all companies engaged in the manufacture of related transit
Managing Director of the Association.
than 90% of the transit operations of
Actually, six separate conventions of the various affiliates
will be occurring simultaneously under the auspices of the American Transit
Association.
There will be no manufacturers' exhibits this year.
equipment.
dinner the convention will close with a revue in
outstanding events in the transit field during 1936 will be portrayed
Following the annual
which
...
Convention of National Association of Real
Boards to Be Held in New Orleans—Date
Annual
Tentatively Set at Nov. 16-21
the
which
according to action taken by the execu¬
committee of the Association.
The convention, now the
only national meeting held by realtors of the country
during
definitely expected to be the largest realtor
convocation since 1929, is tentatively planned for Nov. 16-21.
the year, and
The Real Estate Board of New
Orleans will be hosts to the
TRUST
BANKS,
ABOUT
&c.
COMPANIES,
Arrangements were completed Feb. 25 for the sale of
memberships on the Chicago Stock Exchange at $6,500,
two
$1,500
over
has been
meeting of the board of directors of Sterling National
Co., New York, it was announced Feb. 24,
Robert J.
Kiernan was elected a Vice-President.
Mr.
Kiernan will make his headquarters at the Broadway and
office.
the 100th
on
66 years
been
Mercantile
1896 became associated with the
When this institution
in 1911, Mr.
bined banks.
Trust
merged with the Bankers Trust
Jones became Assistant Secretary of the com¬
He
appointed Secretary iD 1916 and Vice-
was
President two years later.
In 1924 he was elected to the
board of directors of the bank, resigning this post in 1931.
Mr. Jones was also a director of the National Distillers
Corp. since
and during the World War served as
Credit Board, of which he
1924,
Executive Secretary of the War
was
the only civilian member.
1836.
vania
Company had been limited to insuring lives and selling
However, the success in India of "Agency Houses"
annuities.
which
estates
York
State
Banking Department on Feb. 20
authority to the General Motors Acceptance Corp.,
branch office in Burlington, Vt., and
C.
000
one
Feb.
S, the Camden Safe Deposit & Trust Co.,
Camden, N. J., acquired the assets and assumed the deposit
liabilities of the Haddonfield Trust Co., Haddonfield, N. J.
The office of the latter is now being operated as a branch
of the Camden Safe
Deposit & Trust Co.
hundred years
First
a
National
personnel
Bank
of
of the trust department
Erie,
Pa.,
were
noted
as
dispatch from that city, printed in "Money and
known
Officer,
Both
Trust Officer,
are
experts
Erie has elected E. J. Mattis,
and has elected E. F.
in
the
administration
former Assistant
Ahrens, Assistant Trust
of
trusts
and
are
well
in Erie County.
the
C.
com¬
C. S. Newhall is President of
ago.
National Bank
Riggs
which he
of his
the ablest financiers
Mr. Glover
old.
D.
Washington,
of
C.,
with
associated for 70 years, and considered one of
was
time, died at his home in that
He
city oh Feb. 25 after a prolonged illness.
At the age of
born
was
was
89
years
farm in Macon County, N. C.
on a
19 he entered the employ of Riggs & Co.
as a
he became
Bucher,
National Bank,
The
banker
deceased
in
served
and
was
that
capacity
the first members
of
one
Stock Exchange
Washington
and
of the
President for
its
many
dispatch from Charleston, W. Va., appearing in "Money
and Commerce" of Feb. 15, reports that
Virginia
Banking
George Ward, West
has made
the announce¬
Corporation will ad¬
$30,000 toward the reopening of the Wirt County Bank
vance
Elizabeth
at
Commissioner,
that the Reconstruction Finance
ment
and
the
that
institution
will
about
resume
March 1.
Announcement was made on Feb. 21
President of the Lorain Street
by Robert M. Huston
Bank of Cleveland,
Ohio, of
the purchase
by his institution of the Peoples National Bank
of Lakewood, Ohio.
Mr. Huston stated that the purchase
bring together the only two independent banking or¬
ganizations
25%,
the West Side of Cleveland, and would in¬
of the Lorain Street Bank by almost
on
the resources
crease
from about $3,128,000 to approximately $4,100,000.
or
The Cleveland "Plain Dealer," authority for this, continued,
in
part:
Negotiations
time the
Huston and Carl W.
who
National,
organized
in June 1933, immediately after the banking crisis.
institution
that
the sale took place between Mr.
for
counsel for and director of the Peoples
Rchaefer,
Peoples National
organized there was
was
no
At the
bank function¬
open
ing in the Lakewood area, branches of both the Union Trust Co.
Trust Co. having been closed.
and the
Guardian
said
Huston
Mr.
with the
connection
the
Lorain
Street
banking
room
be
Street capital
no
felt,
ever
opened1, in January 1935, that a union of
forward step.
the
deposit liabilities and will
Peoples
Detroit and Cook Avenues,
occupy
in lieu of the
Lakewood,
Avenues,
Lakewood,
...
exchange
of stock
other
or
in the Lorain
alterations
structure, the transaction being purely a purchase and not a
amounting
undivided
of
$200,000
to
profits.
The condensed
showed cash
.
•
statement
stock
in
$51,731.80
and
in
surplus
.
.
of the Peoples Bank
as
of Thursday
(Feb.
20)
$371,973.85; United1 States government securities of $560,-
Federal Reserve bank stock of $7,200 (not included in the sale) ;
942.05;
other
had
The stockholders of the Peoples National retire with their capital
merger.
and
a
institutions
Street branch at Detroit and Cranford
Lorain
will
was
both
of
purchase of the assets of the Peoples National,
assumes
at
which will be closed.
There
managements
would be
institutions
the two
In
the
Street Bank
since the Lorain
securities,
The
showed
Lorain
as
bonds and
$10,000;
loans
and discounts, $202,881.14;
furniture and
$904,258.23,
Street,
assets:
of
as
close
of
$517,245.97;
Cash,
other securities,
$3,806.84.
reserves
the
$798,143.82
business
governments,
;
.
.
.
Thursday
$703,500;
(Feb.
20)
municipal
real estate mortgage loans,
$576,-
255.45; other loans and discounts, $211,879.99; banking house and branches,
formerly
receiver
of
the
Millersville
Street's
The Lorain
$1,485,106.29
$300,000
undivided
Millersville, Pa., and the Exchange National
its President
until June 21 1921, when he resigned because of ill health.
Its
Isaac
the
$200,000; furniture and fixtures, $21,497.14; other assets, $80,630.81.
The First National Bank of
Officer.
of
fixtures, $3,627.20, and other assets, $3,172.63.
Commerce" of Feb. 22:
Trust
individuals and
or
attention
the
Charles Carroll Glover, honorary Chairman of the Board
of
Deposits totaled
Changes in the trust
follows in
trustees
company.
investment,
♦
Effective
the
for
attracted
pany's directors as early as 1827. Total resources of the in¬
stitution now aggregate $254,390,000, as compared with $758,-
its
New York, to open a
also in Greenville, S.
of
business
transacted
present
The New
gave
charter for that
supplement to its
a
by the Commonwealth of Pennsylvania on Feb. 25
Previous to that date, the activities of the Pennsyl¬
purpose
would
Feb. 21 following a heart attack. He would
old on Feb. 24.
Mr. Jones entered
banking in 1890 as an employee of Kidder, Peabody & Co.
Long Island,
Co.
Philadelphia, Pa., celebrated
anniversary of its entrance into the trust business,
having been granted
#
Bethune Wellington Jones, Vice-President of the Bankers
Trust Co., New York, died at his home in Garden City,
and in
the receiver said.
without litigation,
far
On Feb. 25 the Pennsylvania Company for Insurances on
a
Bank & Trust
have
$2,000,000, of which $840,-
have been assessed
collected! thus
not appointed until
was
»
Guaranty
St.
receiver
a
Lives & Granting Annuities of
A
39th
but
made to bring about a reopening.
were
•
Feb. 27 the
At
efforts
as
to say:
years.
the last sale on Jan. 29.
Trust Co. of New York announced on
appointment of James V. Carr and Walter H.
Potter as Assistant Treasurers.
The bank also recently
announced the appointment of B. Frank Patton as Assistant
Trust Officer at the main office. Mr. Patton was formerly
an Assistant Trust Officer at the London office.
The
1934,
28
Stockholders of the bank
000
bank
up
on
1933,
Feb.
clerk, and seven years later was made a partner and execu¬
tive head of the firm.
Upon its reorganization as a National
convention.
ITEMS
quote, went
closed
we
To date $1,235,000
to 30%.
The Philadelphia "Record" of Feb. 25, from
paid.
The bank
annual convention
Real Estate Boards,
tive
has been
La., has been chosen as the meeting place
of the National Association of
New Orleans,
will equal 10% of each depositor's claim
The payment
the
Estate
for
15.
administered
by leading transit officials and manufacturing executives.
♦
16,000 depositors of the defunct institution about March
the
delegates,
Charles
be distributed among
total of $675,000 would
a
annual convention of the American Transit
Transit Engineering
Association,
American
Transit
Operating
Association,
American Transit Claims Association, American Transit
Accountants Association, and the American Transit Associa¬
tion Bus Division, will be held Sept. 20-23 1936 at the Green¬
The fifty-fifth
Association and its affiliates, American
demand deposits
segregated deposits,
;
stock,
$200,000
capital
totaled $950,485.82 ;
Its
$3,136.
debentures,
time deposits,
capital structure includes
$75,000 surplus,
$80,436.41
profits.
deposit
Corporation.
accounts
.
.
.
are
insured
by
the
Federal
Deposit
Insurance
Financial Chronicle
1396
An
additional dividend of 1%%,
making a total of 44%,
paid on Feb. 21 to stockholders of the Industrial Bank
of Toledo, Ohio, which went into voluntary liquidation early
was
depression, it is learned from the Toledo "Blade" of
which went on to say:
in the
that date,
Depositors of the bank
A.
the
were
paid in full.
A son-in-law of
Trust
Force of the Ohio State Banking Department
for
prior to his affiliation with the Citizens National Bank here five
10 years
years
W.
Martin, J. E. Kelly, Mr. Thigpen and Mr.
P.
1
Concerning the affairs of two closed Montana banks—the
Helena State Bank, Helena, and the Security State
East
Bank of Terry—the
Helena
East
Assistant Cashier of the First
Bellaire, Ohio, was elected Cashier of the
Merchants'
National
Bank
in
Bellaire
at
advices
printed in "Money and Commerce" of Feb, 22. Mr.
Noice, who will assume his new duties March 2, succeeds
Thomas Murtha, who resigned several months ago to accept
position with one of the large Columbus financial insti¬
tutions.
to
Bank,
Closing of the Columbia State Bank of Columbia City,
Ind., was reported in the following Associated Press dis¬
patch from Indianapolis, under date of Feb. 19:
tions,
McKinley,
to-day
announced
Columbia
(Feb.
are
$773,000
the
19)
department
for liquidation.
City State Bank
approximately
$5,000
Director of the State Department of Financial Institu¬
deposit
on
and
Mr.
had
taken
over
the
McKinley said there was
emphasized
all
deposits up to
Payments
guaranteed under the Federal Banking Insurance Act.
depositors, he said, would start within 10 days.
to
said action
He
of doubtful
the department
of
prompted by several large loans
was
value, totaling $80,000, which were made by H. Alton
President, without the
knowledge
Beeson,
the directors.
of
♦
The New Ann Arbor Savings &
Commercial Bank of Ann
Arbor, Mich., formed by the union of the Ann Arbor Savings
Bank, Farmers' & Mechanics' Bank, and First National
Bank & Trust Co., opened for business last week in the
former
building of the Farmers' & Mechanics' Bank. Previ¬
board of 17 directors was chosen by
the stockholders, which thereupon confirmed the appoint¬
ment of Rudolph E. Reichert (former State Banking Com¬
missioner for Michigan)
as President of the institution,
and of M.
C. Taylor as Executive Vice-President,
and
elected other officers as follows: William L. Walz (former
President of the Ann Arbor Savings), Vice-President; Fred
T. Stowe (former President of the Farmers' & Mechanics'),
ous
the opening, a
to
Vice-President and Cashier; Robert F. Gauss (former Presi¬
dent of the First National), Vice-President, and Alfred F.
Courtney A.
Staeb,
Irwin
Stoll,
all
of
Maulbetsch,
whom
had
Norman A. Ottmar, and
been associated with the
three banks for many years, Assistant
Cashiers. The "Michi¬
gan Investor" of Feb. 22, from which the foregoing informa¬
tion is obtained, continued in part:
The
of
Ann
new
Arbor
Savings & Commercial Bank has
capital structure
a
$1,180,000, of which $800,000 is represented by preferred stock,
by common stock, and $230,000 by paid in surplus.
.
000
.
Earl
$160,-
out
Bank,
date
Cress, Vice-President of the Ann Arbor Trust Co., was selected
by the stockholders of the three institutions to represent their interests in
the liquidation of the slow assets of the old banks.
He will work in co¬
operation with the Federal Deposit Insurance Corp. in the program
liquidation of the assets not turned over to the new bank.
of
♦
The
First
National
Bank
of
Kansas
City, Mo., which
city, will complete
fifty years of service on March 1. Opening on that date in
1886 with a paid-in capital of $250,000 and deposits of
$513,000, the institution to-day has a capital structure of
$5,543,718 (consisting of $2,000,000 capital, $2,000,000 surplus
and $1,543,718 undivided profits) ;
deposits in excess of
$117,000,000, and total resources of approximately $123,000,000. E. F. Swinney and H. T. Abernathy head the insti¬
tution, as Chairman of the Board and President, respec¬
tively, the other officers being C. W. Allendoerfer, G. P.
Reichel, Sidney Silverman and Taylor S. Abernathy, VicePresidents; Raymond W. Hall, Vice-President and Trust
Officer; Guy H. James and Robert S. Heddens, Assistant
Vice-Presidents; Ohas. I). Hayward, Cashier; C. H. Cheney,
claims
to
be
the
oldest
bank
in
that
Wm. T.
McCarthy, arid Winifred Haines, Assistant Cashiers;
Edward M. Cox, Trust Officer; Fred S.
Riley, Assistant
Trust Officer, and T. S. Burch, Auditor.
■
:
•
The
,
First National
Bank
of
of
Mount
Olive, N. C., estab-
was authorized to become a State institution
Feb. 12, we learn from the Raleigh "News and Observer"
Feb. 13,
The
through
change
as
which also supplied the following details:
over
rapidly
from
as
100%, reports
liquidated
Final liquidation was effected with a 10% dividend jUBt
amounting to $5,821.11.
The bank closed when the "holiday"
Superintendent Johnson also reports an eighth
of
10%—$4,247.60—just
of
of the Security State
85% and total returns to
closed Dec. 17 1931.
paid
depositors
which brings that liquidation to
Terry,
$26,105.33.
This bank was
♦
National Bank of Los Angeles, Calif.,
is to open a branch in San Marino, Calif., in the near future,
and lias already secured a permit from Washington for this
purpose, according to an announcement by G. M. Wallace,
President of the institution, on Feb. 13.
In noting this, the
"Times" of Feb. 14 went on to say:
of
without banking facilities for some
time.
The site
just west of City Hall, on property owned by the
Construction Work will be started in the immediate future.
the branch
bank.
is located
*
Orra E. Monnette, a
Vice-President of the Bank of Amer¬
ica National Trust & Savings Association, died in Los An¬
geles, Calif., on Feb. 23 of toxemia.
Mr. Monnette, who
was 62 j'ears of age, was born at Bucyrus, Ohio, and was
graduated from Ohio Wesleyan College in 1895.
The follow¬
ing year he was admitted to the Ohio bar, and subsequently
practiced his profession at Bucyrus, Toledo and at Los
Angeles.
In 1923 he helped found the Bank of America,
Los Angeles, and the Lincoln Mortgage Co. of California.
The original Bank of America was merged in 1924 with the
Bank of Italy of San Francisco, which later changed its
name to the Bank of Italy National Trust & Savings Asso¬
ciation, and is now known as the Bank of America National
Trust & Savings Association.
Mr. Monnette was also Vicechairman of the Board of the Ameri-commercial
Corp.,
Treasurer of the Prudential Building and Loan Association,
a member of the Municipal Annexation Commission of Los
Angeles, &c.
♦
A
syndicate of San Francisco and Los Angeles investment
bankers on Feb. 28 purchased control of the American Trust
Co. of San Francisco from the Atlas Corporation of New
York, it is learned from San Francisco advices by the United
Press on that date, which we further quote:
Fred T. Elsey, President of the
one
of the
American Trust, announced the purchase
biggest single bank deals in the history of the West.
American
Trust,
with
headquarters
in
San
throughout northern California, has resources of
Francisco
more
and
branches
than $271,000,000.
"Return of American Trust to local control," Elsey's announcement said,
"was accomplished by the purchase by a
syndicate headed by Blyth & Co.
of 50,000 of the 75,000 shares of the bank owned by an affiliate of the Atlas
Corporation."
Parties to the negotiations were Elsey, Charles R. Blyth of Blyth & Co.
Floyd B. Odium, President of the Atlas Corp.,
pany
an
investment com¬
with headquarters in New York.
^Appointment of R. L. Rehorn, Vice President of the Bank
of America (headquarters in San Francisco and Los Angeles)
to have charge of upwards of 100 of the bank's branches in
the southern district outside of Los Angeles, has been an¬
nounced by L. M. Giannini, President of the institution.
Mr. Rehorn, who has been a Vice-President at the bank's
Los Angeles headquarters, has been
promoted to fill the
vacancy caused by the transfer of Dwight L. Clarke to the
position of Executive Vice-President of the Occidental Life
Insurance Co.,
a Transamerica affiliate.
by Mr. Giannini continued:
The announcement
Mr. Rehorn, who was born in Fresno, Calif., and is a graduate of the
University of California, began his banking
Union National Bank in Fresno.
career
This institution
in 1916 with the old
later consolidated
was
into Bank of America, and Mr. Rehorn has since held a number of positions
of responsibility with our institution.
and executive at the Los
For the past five years, he has been
Angeles headquarters.
«
The
United
This
expansion
States
National
Bank of Portland, Ore., is
increasing its capital stock from $4,000,000 to $4,500,000 and
its surplus from $2,050,000 to $2,300,000, we learn from the
Portland "Oregonian" of Feb. 19, which went on to say:
has been provided for by the sale of 25,000 shares of
$30 to present stockholders, it was announced yesterday
(Feb. 18) by Paul S. Dick, President.
From this $750,000 of new funds, $500,000 will be
placed in the capital
account and $250,000 in the surplus account, he said.
capital stock at
lished in 1901,
on
been
The Security-First
and
.
H.
has
declared in March 1933.
San Marino has been
A.
Helena,
Montana's Superintendent of Banks, returning $58,802.47
depositors.
Los Angeles
♦
R.
"Commercial West" of Feb. 15 had the
a
meeting of the directors on Feb. 18, we learn from Bellaire
a
State
Frank H. Johnson,
dividend
&
Casey.
*
was
Albert V. Noice, formerly
Farmers'
Thigpen is President and E. C. Casey is Cashier of the institution,
which are L. A. Bird Jr., C. C. Henderson, H. J. Pope,
R.
sent
ago.
National Bank of
The new institution
and $6,200 in
surplus of $50,000,
$25,000,
of
profits.
directors of
the
United States Senator Donahey, Mr. Ogden was a member
Examining
permit to it to open.
a
stock
capital
institution
Hood,
and Commissioner
Governor
the
by
following to say:
"Money and Commerce" of Feb. 22 added:
of the
bank
deposits of $589,000 as of Jan. 23.
has
bank
have
T.
Ohio, to accept the position of Trust Officer in the National
Exchange Bank & Trust Co. of Steubenville, Ohio, was an¬
nounced recently by H. J. Knoedler, President of the Zanes¬
ville bank.
In noting this, Zanesville advices appearing in
issued
the latter
The
will
that
State
a
as
the
by Secretary of State Stacey W. Wade, the
issued
was
licensed
was
♦
Resignation of Park G. Ogden as Assistant Cashier and
Trust Officer of the Citizens National Bank of Zanesville,
involved, Gurney P. Hood, Commissioner of
had been authorized.
Federal Deposit Insurance Corporation advised
the change was acceptable to it.
Promptly, a
being
11)
Hood
Commissioner
charter
undivided
$200,000.
of
(Feb.
Yesterday
and
are of
The bank had an original
ret. 29 1936
business
and
Banks, said in announcing the conversion
Spieker, President, said the bulk of the remaining assets
G.
type which will take some time to liquidate.
capital
holders
National to State classification
possible,, with the
same
officers,
will
be
directors,
carried!
stock-
.
With
past
an
year,
average
increase in deposits of $1,000,000
total deposits
$102,841,623
on
Dec.
advisable now, Mr.
31
a
.
.
month during the
have passed the $100,000,000 mark (they were
last), a fact that makes capital enlargement
Dick explained.
Financial
Volume 142
1397
Chronicle
We furnish below complete comparative statements of the condition of all the trust companies in New
York, Brooklyn, Boston, Philadelphia, Baltimore and St. Louis. This is in continuation of a practice begun
34 years ago, the compilation having been enlarged 18 years ago by the addition of Baltimore's institutions.
The statements occupy altogether 12 pages.
The dates selected for comparison are Dec. 31 1935, Dec. 31 1934 and Dec. 30 1933.
In the case of
the Boston, the Philadelphia, the Baltimore, and the St. Louis companies, we have sought to get figures
for these dates and have largely succeeded.
As, however, returns for these dates are not required in all
the States, a few of the companies have not found it convenient to compile statistics for Dec. 31, but have
furnished instead the latest complete figures available.
Formerly it was the practice of the New York State Banking Department to require the trust
companies to render a statement of their condition, showing resources and liabilities for the last day of
December, and also to furnish certain supplementary statistics for the 12 months of the calendar year.
In December 1911 this practice was abandoned, and for some years thereafter it became the custom to select
Nov. 15 as the date.
In 1928, 1929, 1930, 1931 and 1932, however, the Superintendent again returned
to the old practice and once more made the date Dec. 31, but during 1933 and 1934 no call of condition what¬
ever was made
by the Superintendent, and it was necessary for us to obtain these statements from the banks
themselves, and with few exceptions they bear the date Dec. 31 1934.
The Superintendent on March 30
1935, however, resumed the practice of requiring statements of condition to be rendered as of a given date.
Beginning with 1911, too, the Banking Department has waived entirely the requirment as to the supple¬
mentary items of information.
As these supplementary statistics, dealing with earnings, expenses, dividends,
&e., constituted a most valuable feature of the annual returns and the record extended back a quarter of a
century or more, we have not felt satisfied to let the record be broken.
Accordingly we have made direct
application to the companies in each instance, and in a few of the cases we have been successful in obtaining
the supplementary statistics, the number of companies supplying such data in the past has been greatly
reduced as compared with the original number.
^
NEW YORK
COMPANIES
Commerciale It&liana Trust Co.
Banca
Anglo-South American Trust Co. (New York.)
curr.
30 '33.
$1,127
$1,498
$1,039
54.564
47.883
38,611
153
8pecie
Other
Dec. 31 '34. Dec.
169
524
Dec. 31 '35
author, by laws of U. S—
Cash items
.
$11,709
146.986
163.270
depositaries
1,383,129
Due from other banks and trust cos..
247 156
7,130.508
817.669
840.787
580.307
3.381,976
5.076.745
♦3,589,323
Specie
-
auth. by laws of U. S.
Other currency
Cash items
Due from approved res've
depositaries-.
1.335.498
864.958
687.550
734.908
959.442
Due from foreign banks
Stock and bond investments..
2,113.994
2,111.507
2,179,173
381,536
518,547
639,575
36 954
Stock and bond investments
1,308.440
res.
3,216,450
201.714
151.300
1,313.558
Loans, discounts and bills purchased
375.333
965.528
89,032
Own acceptances purchased
105,432
34.506
16
31,364
394,828
by collateral
865.638
600
not secured
444,948
231,718
Overdrafts
Customers' liability on acceptances-_
Customers'liab.
on
35.679
bills purchased...
103.802
116.136
$6,749,102
$5,811,640
$5,372,538
$1,000,000
$1,000,000
$1,000,000
534,505
533.275
509.458
62.433
70.103
237.473
120 698
108.993
95.077
Deposits, not preferred, demand
3,249.877
1.716.095
1,116.223
Deposits, not preferred, time
1,316,862
1,866,612
2,060.757
Surplus and undivided profits
Rwservt for taxes, expenses, &c
Pr ferred depos ts, demand
Bills payable
19.036
Bills purchased
35.679
396.712
Other liabilities
445.228
232.686
68.015
Acceptances
71,334
66,149
$6,749,102
Amt. of dep. on which Int. is paid—
$1,947,002
$5,811,640
$1,916,612
379,888
$15,861,879 $16,534,359
$13,811,128
Customers' liability on acceptances. _
Customers' liability on bills purchased
Other assets
Liabilities—
Capital
Surplus and undivided profits
Reserves for taxes exp.. conting., &c.
Preferred deposits, demand
Bills
purchased
Acceptances
Other liabilities
Total
Amt.of dep.on
int.
Dec. 31
& coram
Other
curr.
auth. by laws of U. S
$2,145,138
'35 Dec. 31 *34. Dec. 30 *33.
06 999
rec.
Due from other banks, tr. cos., & bkrs
from other banks, trust cos.,
and bankers
Stock and oond investments
4,390,400
Loans & discts. secured by bond and
mtge. or other real estate collateralLoans & discts sec. by other collat..
not secured
3,883,750
3.282,576
982,800
927,285
bills purchased
by collateral
571.515J
Customers'
liability
683i366
Other currency
Cash items
auth. by laws of U. 8.
113 246
$8,528,992
$8,487,990
Other assets
res.
Y_
depositaries.
other
from
banks,
trust
collateral
not sec. by coll
Loans and discounts sec. by
L'ns. disct. & bills pur.
Liabilities—"
~
Capital.
Surplus, undivided profits &
.
.
-——-
res
Preferred deposits, demand
Preferred deposits, time
Deposits, not preferred, demand
Deposits, not preferred, time__
Due to tr. cos., banks and bankers--.
Acceptances
Other liabilities
Total
♦
Began business May 24 1930.
$1,000,000
720,487
$1,000,000
711,216
292 128
'
8*836
980 774
5 104 415
6,372,754
6.354,979
2^663,097,
683.366
8.608
434.511
1.240
419,118
$11,473,536
$8,528,992
$8,487,990
2,677
.
surplus to undivided profits.
Co.
(New York).
Dec. 31 '34. Dec. 30 '33.
56.877
$1,370,250
$590,946
2.264,398
2.520,362
287,372
437.693'
223.334
18,333
47,015
2,734.868
169,1721
3.8991
188.129
34
40.563
58,760
2.053
43,235
$3,773,861
$3,881,537
$3,443,968
Capital
Surplus Including undivided profits.Reserves for taxes, expenses, &c
Preferred deposits, demand
Preferred deposits, time
$500,000
100,000
192,469
$500,000
$500,000
227,358
Deposits, not preferred, demand
Deposits, not preferred, time
Due truit cos., banks and bankers...
576,899
2,135,008
liability
on
acceptance...
Other assets
$1,000.000
732,312
.
of which $833,049
20,000
Real estate
Customers
~
485.338
7,661,982
4,000
cos.,
Overdrafts
Total
4,130
20.060
approved
and bankers (foreign)
419,118
111,803
246./11
278.624
472.273
9,309,000
$2.5131
Stock and bond investments
434,511
81.079
acceptances..
105.000
■—---
472.663
8,484,095
Dec. 31 '35
Specie
Due
47 600
$11,473,536
on
12,500
of Athens Trust
Due fr. other bks., tr. cos. & bankers.
1,167.327]
Bonds and mortgages owned
328.694
79.093
165.232
4,459
Due from Fed. Reserve Bank of N.
Own acceptances purchased
1933^.
$621,006
169,874
86,309
During 1935 $250,000 was transferred from
Due from
$7,661,982
$686 659
■
Resources—
55,739]
339,659)
I
$684,176
during year
Bank
350,319,
$13,811,128
1934.
1935
21,068
t
(foreign).
Loans, discounts and
b
440.229
96.280
Represents bond investments only.
Surplus reduced from $2,000,000 to $1,000,000,
for charge-offs and $166,951 to undivided profits.
a
was
2,005.529
7.471.376
485.204
10.799
408,167
7,471
depreciation
Int. credited to depos. during year..
Expenses during year, exclud'g taxes
Amt. deposits on which inc. is paid
*
$3,747,208
212775
1,727.562
1,606.131
Due
4,765.091
2.118,480
5.579.585
117,882
All other profits rec.
Taxes paid
$3,146,852
2.138.936
3.414,873
6,355.159
37,971
70.055
520,077
420.764
al, 100.022
121,199
201.361
44.343
211.500
55.506
during year
Charged to undivided profit—
140,271
_
Due from Fed. Res. Bank of N. Y_.
Due from approved res. depositaries.
121,770
42,776
during year.4
Total
$717
Cash items
5782.274
$15,861,879 $16,534,359
which int.is beng paid $8,484.095
$9,309,000
On account of reserve
Resources—
$2,000,000
$2,000,000
1,105.463
$2,000,000
Preferred deposits, time
Foreign currency accounts
Deposits, not preferred, demand
Deposits, not preferred, time
Due to trust cos., banks & bankers..
$5,372,538
Napoli Trust Co. (New York).
24.243
736
Bonds and mortgages owned
On account of other losses
Specie
1,412.630
91.945
173,100
558.406
365.120
10.799
407,610
Real estate
On account of
*Banco di
203.850
2.887.462
1,232.234
156.625
334.217
409.690
Supplementary—For Cal, Years—
Total
2.100.512
95.256
170.100
161
Overdrafts
Total
Liabilities—
Capital
Sundry foreign accounts
Loans A discts. sec. by bond & mtge.
by other collateral
Loans, disc & bills pur. not sec.by coll
Own acceptances purchased
Loans & discts. sec
158.024
Other assets
Total
..
4,669.835
684.717
65.591
1.166
3,225
389.897
502.423
70,054
281,605
•
Loans & discfc. secured by collateral..
30*33.
$15,342
$16,937
202.449
Due from other banks and trust co's..
Due from approved
(New York)
Dec. 31 '34. Dec.
Dec. 31 '35
Resources—
Resources—
Total
Liabilities—
Total.—
192,615
174,800
3,082,555
89,466
Acceptances—
Other liabilities
100,000
5,219
$3,773,861
2.663,650
6,367
2,053
50.907
$3,881,537
$3,443,96§
Financial
1398
Bank of
Dec. 31
*35
♦Bronx County
(New York).
Trust Co.
York &
New
Resources—
Specie.
Trust Co.
Resources—
Dec. 31*34 Dec. 30'33.
1936
29
Feb.
Chronicle
Dec
31
(New York).
31
*35 Dec.
'34.Dec. 30 '33.
Sp6cio«
iiimi
onfk
Other curr. auth. K-trlotxra Af
by laws of
Cash items_C
TT
H
$1,506,152
7,684,095
5,872,009
6.303.600
3,178.662
3.516,329
1,573,444
Real estate
$52,097,825 $80,089,711 $21,361,036
Duefr. Fed. Reserve Bank of N. Y__
$3,380,047 ] $1,936,220
collateral
Bonds and mortgages owned
U. S
1,262,943
1,634,757
881.408
299,479
1.410
313,210
928,657
$17,378,670 $14,155,343
$15,151,589
$542,500
257,500
2,187,900
617,908
$542,500
257,500
2,179,900
583,917
<1.550,000
13.751,142
10,577,524
10.379.691
21,720
14,002
42,991
$17,378,670 $14,155,343
$15,151,589
Other curr. authoriz. by law of U. S-_
Cash items
Due from approved res. depositaries-J
Stock and bond investments
Due fr. other bks., tr. cos. & bankers^
Stock and bond investments
97,111,289
84,990,645
68.242,420
40,526,974
43,542,034
43,321.844
Loans and discounts secured by bond
& mtge. or other real estate collatLoans & disc, secured by other collat.
Loans & disc. sec. by bonds <fc mtges.
or other real estate collateral
Loans and disc.
Loans, disc. & bills purchased not
secured by collateral
«.—
I
Own acceptances purchased
j
Overdrafts
J
Bonds and mortgages owned
2,533,061
7,955,759
4,730,033
2,318,984
7,857,345
3,743,892
844,785
Real estate
Customers* liability on acceptances—
Other assets
3,803,863
Customers' liability on acceptances-.
Other assets...
8,050.354
5,873,693
607,465
619,131
1,995,671
by other coll
Loans, disc. & bills purch., not sec. by
sec.
Total
2.025,824
1,995,074
396.661
Liabilities—
$2045010948224,460,374$151,260,675
Total
Liabilities—
Capital stock
Surplus fund and undivided profits.
Capital notes
Reserves for taxes, exp., &c
Preferred deposits, demand
Preferred deposits, time
Deposits not preferred, demand
Deposits not preferred, time
Due to trust cos., banks & bankers—
_
Capital
$6,000,000
$6,000,000 $6,000,000
Surplus and undivided profits
10,758,087
10,298,117
9,745,789
Capital note
1,000,000
Reserves for taxes, expenses, &c
1,808,762
1,696,423
4,243,343
Preferred deposits, demand
Preferred deposits, time
180,600.321 200,470,170 123,080,731
Deposits, not preferred, demand
Deposits, not preferred, time
Due trust cos., banks and bankers.-J
Acceptances
(
4,734,345
5,373,299
6,499,960
Other liabilities...
599,579
622,365
690,852
—
-
$204501094$224,460,374$151,260,675
Total
Amt. of dep. on which int. is
$12,000,000
paid
$7,000,000
—
Other liabilities
Total
*
as
—
279
385,270
1934
1933
$5.74
;
979
520,320
Quarterly Earnings—
First
14
14
Approximate price range
Bronx
Dec. 31 '34
$6,000,000
$6,000,000
10,758,087
10,298,117
180,600,321 200,470,170
Gross deposi ts
Dividend rate per annum, payable quarterly
Book value
and
Bank &
♦Central Hanover
Dec. 31*35
-
National Bank
County Trust Co. consolidated
of Aug. 1 1929.
$9,500,000
Supplementary Statistics
Capital (par $100)
Surplus and undivided profits
Fordham
2,179.900
1935
$5.82
$6.35
Resources—
Trust Co. (New
Dec. 31
'35 Dec. 31
York).
'34 Dec. 30 *33.
$3828285831402,801,403$301,484.374
19,630,113 20,395.428
19.146.909
3,312,337 4,134,936
Stock and bond investments
Real estate
Bonds and mortgages owned
Loans on bond or mtg. or oth. r. e. coll
Loans <fe disc. sec. by other collateral
255,219,621 158318816
241266791
246,294,609 239112100
110868289
6,319,819 10,502,092
1,166,646
890,579
21.924.781
2.222.490
Loans,disc.& bills pur .not sec.by colDue from the Fed. Res. Bank of N.Y.
4.49
6.52
4.22
5.09
Due from other bks.,tr. cos. & b'kers.
Third
7.97
6.62
Specie
Fourth
6.02
5.20
3.61
Other currency auth. by laws of
Cash items
Second
$22.77
$23.21
$21.67
Customers liability
Other assets
U."s
-
acct. acceptances
_
Total
Bankers
Trust
Co.
Resources—
Stock and bond investments
Real estate
Bonds and mortgages owned
Loans
on
bond
and
mortgage
other real
estate
Loans & disc.
(New* York).
Dec. 31
*35
Dec. 31 *34
or
collateral
987
by other collateral.127,955,456
Loans, discounts and bills purchased
not secured by collateral
76,868.393
Own acceptances purchased
4,089,191
Overdrafts
6,156
Due from trust cos., banks & bankers
5,816,699
Due from tr. cos., bks. &bkrs., (for'n)
3,419,889
Specie
■
■
54»442
Other currency auth. by laws of U. S.
1,029.299
Cash items
100,049.058
233104640
*
Liabilities—
Dec. 30 '33.
..-$511633809 $484628525 282.748,672
21,805.225
21,556.386
22.085,814
2,367,853
3.550,599
3,937,306
sec.
$914,771,7281836,155.354$696.913.634
272084242
Capital stock
Surplus fund and undivided profits
Capital note
Reserve for taxes, int., &c
Preferred deposits, demand
Preferred deposits, time
Deposits, not pref., demand
Deposits, not pref., time
Due trust cos., banks and bankers
Acceptances
$21,000,000S21,000,000 $21,000,000
62,597,416 61,512,764
61,264.418
5.000.000
2,434,160
2,231,037
5,471,259
821,020,293 738625248
....
Total
*
245077417
138626241
5,937.672
2,764"285
23.956.056
2,625.000
$914,771,728$836,155,354$696.913.634
Hanover
National
Bank
and
Central Union
Trust
Co.
consolidated
14.955,865
35,328
3,136,701
11,211,305
1,575.000
6,669,859
1,050,000
Other liabilities
^
577596901
as
of
May 15 1929 under title of the Central Hanover Bank & Trust Co.
Due from the Fed. Res. Bank of N.
Y.162,020,699,
Customers' liability on acceptances..
3,765,942
Customers' liability on bills purch.,
sold with endorsement
7,149,707
3,884,991
Other assets
Total
♦Chemical Bank & Trust Co. (New
$1031668957 $997326107$737,202,420
Liabilities—
Capital stock
$25,000,000 $25,000,000 $25,000,000
Surplus fund and undivided profits.. 68,386,035
62,018,798
60.030.599
5.000.000
Capital note
Reserve for taxes, exp., conting., &c-dl5,053,449 cl8.264.656 ol6,993,490
Preferred deposits, demand
21,100,382
Preferred deposits, time
11,200,000
884863031
613603582
Deposits, not preferred, demand
584,483.868
Deposits, not preferred, time
36,813,828
Due trust cos., banks and bankers._257,933,146.
Bills purch., &c., sold with endorsem't
35,328
7,149,707
6,803,883
Acceptances
4,193,582
16,172.954
Other liabilities
354,960
340,411
401.795
Resources—
Dec. 31
Specie
_
_
1031668957 $9973261071737.202.420
1935
1934
1933
Net profits for year before dividends.
Dividends paid during year
a
$7,500,000
689,605,510
$7,500,000
This figure includes contingency fund in the amount of $15,849,892.
c Includes contingency fund in the amount of $16,922,710.
6 Net loss,
d Contingency
fund of $13,966,038 included.
Bank of
Sicily Trust Co. (New York).
Dec. 31 '35 Dec. 31
Resources—
Specie
Other
curr.
author, by laws of U. S__
Cash items
Due from approved res've depositaries
Due fr. other banks, tr. cos. & bankers
Due
from
other
banks,
trust
cos.,
and bankers (foreign)
and bond investments
Stock
Loans
&
disc,
secured
*34
$194,883
160,321
384,706
Dec. 31 '33.
$2,498,579
587,909]
Stock and bond Investments
,
Loans and discounts secured by bond
& mortgage or other real estate coll.
r
Loans & disc, secured by other coll__
Loans, discount and bills purchased,
not secured
176,774,687 185717919
by collateral
Own acceptances purchased
659,225
1,162,288
394,762
219,551
183,999
2,402,363
44,513
494,236
80,062
345,576
8,289
532.284
37,968
294,082
509,015
294,849
214,371
.$12,461,312 $11,836,291
$9,515,216
-
Customers'
liability
on
Other assets
acceptances....—.—
Total
--
and
undivided
profits
Reserves for taxes, expenses, &c
Preferred deposits, demand
Preferred deposits, time
Deposits, not preferred, demand
Deposits, not preferred, time
Due to trust cos., banks & bankers-.
Acceptances
-
Other liabilities
-
.
$1,800,000
530,428
25,234
1,330,518
1,326.081
6,578,537
784,105
80,062
6,347
$1,800,000
423,624
21,046
1,254,000]
.
1,139,850
6,318,174
$1,800,000
450,231
6.843,616
3,677,576
2,138,726
$20,000,000 $20,000,000 $20,000,000
Capital notes
Surplus and undivided profits
Reserve for taxes, exp., conting., &cPreferred deposits, demand
Preferred deposits, time
Deposits, not preferred, demand
Deposits, not preferred, time
Due trust companies, banks & bankers
Acceptances
Bills pin-chased
5,000.000
49,888,302
10,388,932
48,104,410
15,247,937
47,490.328
14,201,512
525,608,590 476498 916
322218276
12,702,159
10,462,061
6,652,884
-
-
288,055
23.364.986
10,016,636
5.424.832
$6252408671570,601,379S447.716.570
♦Old Chemical Nat'l Bank converted to a State institution and merged
with U. S. Mortgage & Trust Co. as of June 29 1929 with name as above.
Chemical Securities Corp. merged into the Chemical Bank & Trust Co.
on
Jan. 19 1933 and capital of the latter reduced from $21,000,000 to
$20,000,000 in connection with the merger.
♦City Bank Farmers Trust Co. (New York)
Resources—
294,849
$12,461,312 $11,836,291
$9,515,216
as
of April 27 1932.
Dec. 30 *33.
a$7,078.995
$2,960,000
7,828,538
49,882
27,959,588
11,990.087
179,882
18.193,053
18,750
5.348.782
7,750
13,527,932
150
6,199,429
1,346.722
6.075.788
2,087,879
4,577,242
8,029,257
5,295,720
4,726,511
2,306,911
6,269,821
5.414.092
2.618,279
by laws of U. S$10,284
Due from Fed. Res. Bank, N. Y.__-
25,225,856
Due fr. approved reserve depositaries
Duefr. other banks, trust cos.&bkers.
11,050,095
Stock and bond investments
53,412,103
Loans and discounts secured by bond
& mortgage or other real estate coll.
Loans & disct. secured by other coll.
Loans, discounts and bill purchased,
6,390,244
2,694,951
Overdrafts and secured advances
126,520
'35 Dec. 31 *34.
Dec. 31
Other currency auth.
Cash items
not secured by collateral
810.447
37,968
31,182
Capital increased from $1,600,000 to $1,800,000
5,247,583
7,973,952
9.524,569
...
Capital-J
Bonds &
owned
mtges. & real est. securities
-
-
Real estate
Total
11,512,243
43,081.489
1,892.692
14,026
5.973.173
7,267,421
22,614.439
10.016.636
2,762,985
""665
Liabilities—
Capital
Surplus
Liabilities—
162.106
1,814,333
66,493,129
$625240867$570.601,379$447.716.570
-
3.596,039
1.380,778
-
-
Total—
7,065.714
1,467,958
392,796
46,930
acceptances purchased
Real estate
Total
Other liabilities
118,65lJ
8,313,931
Overdrafts
Bonds and mortgages owned
Real estate
Customers' liability on acceptances..
Customers' liability on bills purchased
Other assets
5,957,230
15,002
5,276.944
6,646.806
Overdrafts
—
89,714
by bond and
mortgage or other collateral
Loans & disc, secured by other coll..
Loans, discounts and bills purchased
not secured by collateral
Bonds and mortgages owned
Own
$17,513
176,299
101,225
33*
$124,793
$309,742
1.729.078
2,748.382
22,155.010
77.127.805
42,156.690
56.211.132
9,121.976
33,172.854
5,000.000
5,000.000
248,020.946 179,309,149 205,498,700
$163,668
3,045.272
61,937.475
Due from Fed. Res. Bank of N. Y— 99,671.819
Due fr. other banks, trust cos. & bkrs.
2,839,204
Notes of Reconstruction Fin. Corp..
5,000.000
Other currency auth. by laws of U. 8Cash items
—.—
Total
York).
'35 Dec. 31 '34. Dec. 30
Other assets
Total
-
$111,390,182 $68,159,828 $69,324,563
Financial
Volume 142
♦Corn
♦City Bank Farmers Trust Co. (New York) {Concluded).
Exchange Bank & Trust Co. (New
Capital
Surplus and undivided profits
$10,000,000 $10,000,000
12,805,960
12,223,691
1,045,207
279,955
33,431,456
20,558,246
25,405,996
2,359,744
demand
25,208,679
19,226,283
time
2,595,539 , 2,581,348
and bankers
885,037
930,561
12,308
_
Reserves for taxes, expenses, Ac
Preferred deposits, demand
Preferred deposits, time
Deposits, not preferred,
Deposits, not preferred,
Due to trust cos., banks
Other liabilities
$10,000,000
11,748,151
176,048
19,023,170
1.914,782
25,421.427
240,620
799,613
752
$111,390,182 $68,159,828 $69,324,563
which
(?)
$2,734,813
$1,508,206
*
Organized June 28 1929 to take over the trust business of the National
City Bank and the Farmers' Loan & Trust Co.
a Lawful reserve with
Total
of deposits
amount
on
interest is being paid__
Federal Reserve Bank.
♦Clinton Trust
Dec. 31 '34. Dec. 31 *33.
[$96,955,491
$55,761,863 $45,008,897
Dec. 31 '35.
]
:
Other
curr.
Cash
Items
author, by laws
Dec. 31 '34. Dec.
30 *33.
of U. 8.1
Due from Federal Reserve Bank
Due from approved res. depositaries
■
*
Due from oth.bks., tr.cos. A bankers J
Reconstruction Finance Corp. notes.
by bond A mtge.]
or other real estate collateral
1
Loans A discts. sec. by other collat..
sec.
[28,999,718 37,040,324
not secured
by collateral
Own acceptances purchased...
Overdrafts
I
...
J
45,244
36,124
.cl9,783,136 620,043,953
15,711,520
15,357,947
acceptances..
1,176,095
1,157,220
1,446,517
1,480,787
owned
Customers' liability on
Other assets
$1,514,842
_
Due from approved res. depositaries.
Stock and bond investments
'
$958,537
$578,244
2,873,508
1,905,88a
1.371.811
1,767,622
1.663.836
1,819,983
42,500
276,205
153,063
42,500
190,347
26,106
133.539
$6,627,740
$4,787,215
■
Loans, discounts and bills purchased
not secured by collateral
Real estate
...
Bonds and mortgages owned
Other assets
Total
21,297
Liabilities—
$500,000
200,000
450,090
131,824
$500,000
$500,000
250.000
352.469
156.341
350,041
268.066
\ 5,311,011
3,528,405
2,806.767
..—$318626
$4,787,215
$3,924,874
J
$6,627,740
Total amount of deposits on which in¬
terest is being paid
............
$753,100
(?)
(?)
a
Less $650,000 reserve.
In
Dec. 31 '35.
$17,4671
Specie
currency
authorized
by
6 Less $850,000 reserve.
bonds and mortgages owned
1935
$153,552
$18,608
154,241
of U. S
107,763
306,687
1,176,222
386
4,956
696,711
1,759,064
1,004,328
646,448
2,184,623
2,419,836
351,619
2,379.322
506,325
3,201,588
39.500
61,750
2,024,511
2.299.828
1,279,874
discts.
secured
..
58,596
61,928
20.911
by bond A
mtge. or other real estate collateral.
Loans A discts. secured by other coll.
Loans, discounts A bills purchased not
secured by collateral
Own acceptances
purchased
Customers' liability on acceptances..
Other assets
120,668
$8,784,170
Total
$8,363,274 $12,696,967
Liabilities—
$1,000,000
Capital
646,943
Surplus A undivided profits
151,290
Reserves for taxes, exp., conting., Ac1,072,348
Preferred deposits, demand
160,050
Preferred deposits, time
5,048,519
Deposits, not preferred, demand
404,742
Deposits, not preferred, time
219,523
Due to trust cos., banks & bankers
69,129
Acceptances
$1,000,000
$3,000,000
670.920
202.279
612,589
8.749
1,083.813
150.000
4,341,283
535.862
305.361
64,376
1.427,565
9.380
11,626
Other liabilities..
$8,784,170
Total
62,600
6,421,536
497.442
545,575
67,335
53.575
$8,363,274 $12,696,967
deposits on which interest
(?)
(?)
$6,724,335
Broadway Plaza Trust Co. merged
1929.
Hibernia Trust Co. April 4 1931.
Effective June 27 1932 title
Hibernia Trust Co. changed to the Colonial Trust Co., no other
Into the
of the
corporate change was involved.
t Figures for Dec. 31 1933 unavailable.
♦The Continental Bank & Trust Co.
Dec. 31 35
Resources—
authorized
curr.
under
laws
ofU.S
Cash items
—
Due from Fed. Res. Bank of N. Y
Due from oth. bks.. tr. cos. A bankers
Due
(New York).
Dec. 31 *34. Dec. 30 *33.
$25 818
Specie
Other
from
other
banks,
trust
370 354
14,818,493 $18,977,188
6,051.141
3,188,445
8,572.415
15,349.204
100.000
17,000
6.107,169
collateral.
19,471,325]
5,020.662
333,873
4,705,081
657.850
270,000
371,021
14,300
2,395,982
1,097,509
1,130.301
.........
Customer liability on acceptances
Customers'liability
on
bills purchased
3,834.861
r
—
468,205
Other assets
446,948
414,009
$74,594,727 $60,662,190 $48,667,324
-
$500,000
148,783
$500,000
$500,000
147,138
373,688
147,377
378,749
$1,380,149
Reserves for taxes, expenses,
Preferred deposits,
357,514
12,983
12,046
264,348
$1,294,268
331,606
Ac
12,661
8,350
demand
Deposits not preferred, demand
Other liabilities
Total
Capital
$4,000,000
Surplus and undivided profits
3,791,210
Capital notes
Reserves for expenses, taxes, Ac
1,538,136
Preferred deposits, demand...
19,694,356
Preferred deposits, time
830,100
Deposits not preferred, demand.1
37,337,616
Deposits not preferred, time
604,195
Due to trust cos., banks and bankers.
3,450,110
Federal funds purchased
Acceptances other banks sold with our
$4,000,000
3,608,859
$4,000,000
4,627.380
1,547,974
100,000
762,804
-
Stock and bond investments
2,638,594
710,410
OU,dU/,OS4
3i qri 3R0
Ol.UOl.OOU
1,500,000
1,146.236
51,437
3,834,860
1,464.543
396,357
$74,594,727 $60,662,190 $48,667,324
Formerly Continental Bank; changed to a trust company Nov. 11 1929.
a Straus National Bank A Trust Co. merged into the Continental Bank A
Trust Co. and acquired the International Trust Co., both as of Sept. 15
1931.
Also acquired as of Dec. 21 1931 the Commercial banking business
of the Industrial National Bank.
On Sept. 12 1933 stockholders of the Continental Bank A Trust Co.
voted the dissolution of the bank's affiliate, the Continental Corporation
Total
•
of New York.
$1,470,816
Bonds and mortgages
Real estate
owned
—...—--—.
bond A mtg.or other
Loans A disc. sec. by other collateral
Loans
on
Dec. 31 '35 Dec. 31 '34. Dec. 30 *33.
$26,251,663 $22,343,234 $18,947,430
757.813
703,167
764,042
2.612.003
2,188,083
2,185,745
25,847,930
27.697.309
1,951,172
2,607,572
3.169.318
[22, 383,572
16,535,147
12.145.934
2,255
451,113
19,949
617,393
839,378
re.coll.j20,081,572
.
L'ns, disc. A bills pur. not sec. by coll.
Res.
Due from Federal Res Bk. ofN. Y—]
approved[res. depositaries.,
Due from other bks
j., tr. cos. A bkro—
Specie
—Other currency auth. by laws of U. 8.
Due from
Items
Cash
Customers' liability on acceptances—
Other
assets..
$74,071,134 $70,862,475 $66,169,185
Liabilities—
$3,000,000 6$3,000,000
Capital stock
—Capital notes
Surplus fund and undivided profits —
$6,000,000
2,700,000
2,421.163
57,850
•2,649.212
1,420,533
62,588,513
56,024,440
19,949
75,000
75.000
2,000,000
2,487,540
35,775
Reserves for taxes, expenses, Ac—-—
Preferred deposits, demand
Preferred deposits, time
66,470,564
Deposits, not preferred, demand
Deposits, not preferred, time—....
Due trust co's, banks and bankers—
Acceptances
2,255
75,000
liabilities
$74,071,134 $70,862,475 $66,169,185
Total
$750,000 reserve for contingencies.
stock reduced from $20 to $10 par value per share on Jan.
together with $350,000 of undivided profits added
cover depreciation in all the company' assets.
After deduction of
reserves to
♦Federation Bank & Trust Co. (New
Sp6Ci6
•* m
■»«»<■•
17
to
York).
Dec. 31 *35 Dec. 31 '34. Dec. 30 *33.
m*'m
Other currency auth. by
$14,346]
+m
+
168,622
154,702
702,911
2,368,779
3.000,175
laws of U. S_
Due fr. oth. bks., tr. cos. A
bankers.
8tock and bond investments
investment
63,224,606
secured by bond A
mtge. other real estate collateral..
853,475
Loans, discounts, and bills purchased
not secured by collateral
544,679
Special
$2,034,683
$1,584,475
1,834,560
3,741,055
1.122,317
a4,652,200
Loans and discts.
1,341,315].
1364,049
84,402
103.730
44,727
51,149
$11,116,697
$9,094,882
$7,818,917
$825,000
$825,000
737,207
55,810
39,539
Other assets
Total
Liabilities—
$825,000
| 859,073
Capital
Surplus, incl. undivided profits
Reserves for taxes, expenses, Ac
Homarwt
Preferred deposits, demand
Preferred deposits, time
Deposits, not preferred, demand
Deposits, not preferred, time
Due to tr. cos., banks and bankers
.
ko 307 fi«/i
endorsement
*
58,642
20^690
370,658
Empire Trust Co. (New York).
Resources—
Furniture and fixtures
Liabilities—
Acceptances
Other liabilities
$1,470,816
Cash Items
Due from Fed. Res. Bank of N. Y—
635,000
Real estate
Total
8,116.548
704
Bonds and mortgages owned..
Furniture and fixtures
$1,294,268
Resources—
Loans,
Overdrafts
638,368
Liabilities—
6,178,561
Notes of Reconstruction Fin. Corp..
discts. A bills purchased not
secured by collateral
Own acceptances purchased
1.9LS
1,755
534,450
-
Capital stock
Surplus and undivided profits
♦
21,516,541
Loans A dlsct. sec. by bond A mtge.
or other real estate collateral
J'RfX
1ȣ90
1,603
484,855
-
.......
1934 and $3,000,000
6,898.255
18,090,723
........
Stock and bond Investments
87
$1,380,149
b Capital
cos.,
and
Loans A disc. sec. by other
authorized by laws of U. S
Other assets
Other
$8,011,871
266,884]
bankers (foreign)
Call loans to brokers
5502,340
326,888
51
638,257
54
bankers.
Total
paid
business May 28
curr.
Cash items
2,087.977
37.839
57.140
108.868
panies A bankers
Stock A bond investments
Dec. 30 *33.
$418,728
337,979
$253,990
2,503,990
1,497,272
28,419
65,595
Due from approved res. depositaries..
Due from other banks, trust com¬
York).
Dec. 31 *35 Dec. 31 '34.
Total
Due from Fed. Res. Bank of N. Y.
•Began
represent the gross before the
Corporation Trust Co. (New
Resources—
Other
Dec. 31 '34. tDec.31 *32
laws
Cash items
is being
««
«««
Specie
♦Colonial Trust Co. (New York).
Resources—
Amount of
6385268,718,775$245,800,442
deduction of reserves for contingencies.
Due from trust cos., banks A
A
211789105
237 593918
23,218,500 36,241,200 32,597,000
changed from Corn Exchange Bank as of May 21 1929.
Stock and bond investments
Began business Dec. 19 1929.
Loans
3,000.000
34,815
Total
Other
$15,000,000 $15,000,000
16,124,857 16,011.337
Total amount of deposits on which interest Is being paid-....
Name
1.845.197
333,155
....
c
1
Acceptances
*
Other liabilities
*
1.512,797
"
Total
Capital
Capital notes
Surplus and undivided profits
Reserve for taxes, expenses, Ac
Preferred deposits, demand
Deposits not preferred, demand
Deposits not preferred, time
15,654.456
6385268,718,7755245,800,442
Capital
$15,000,000
Surplus and undivided profits
16,325,145
Capital note
*
Reserves for contingencies
1,275,399
Preferred deposits, demand
1
Preferred deposits, time
__)
Deposits, not preferred, demand
[284,442,507
Deposits, not preferred, time
.]
Due trust cos., banks and bankers..J
Acceptances
1,250,432
$3,924,874
Loans and discounts secured by bond
and mortgage or other real est. coll.
Loans A discount secured by oth. coll.
$318626
lilies
-—--
fl20,745,242
....
Total
Due from Federal Reserve Bank
36,952,398
purchased)
Loans, discounts and bills
Specie
Other curr. authorized by "laws of U.S.
Cash items.
6,000.000
3,000,000
31.840,557 121,081,455
154,508,917
Stock and bond investments
Loans A discts.
Bonds and mortgages
Real estate
Co., New York.
Resources—
Specie
York).
Dec. 31 '35.
Resources—
Liabilities—
Total
1399
Chronicle
™110,198
OAttO 1VO)
2,462,172
K'41,002
4,181,583
2,307,880
•
94,507
h
P
7,275,596 hi 6,150,900
250,937,
78,852
124,599
50.000
$11,116,697
$9,094,882
$7,818,917
Other liabilities
Total
775.180
"IB
*p
Taken over by the State Banking Dept. on Oct. 30
on Oct. 3 1932.
1931 and resumed
business
a
Senior interest in the assets of the old institution totaling
at book value, consisting of stocks and
$7,877,019.15,
bonds, loans, secured and unsecured,
bonds and mortgages and real estate.
6 Senior interest in assets of old institution
totaling $6,295,209 at. book
value, of which bonds and securities and secured loans at market total
$850,503; remainder of assets consist of bonds and securities not readily
marketable and other secured and unsecured loans, Ac.
1400
Financial
Chronicle
Feb. 29
♦Fiduciary Trust Co. (New York).
Resources—
Specie
by collateral.
Loans, discounts and bills purchased
not secured by collateral
Other assets
$2,435,037
$1,728,412
5,480,949
4,542,253
6,113,477
2,694,424
6.557,609
475,000
146,322
225,000
130,841
498,443
87,369
_
Total
Irving Trust Co. (New York)
Dec. 31 '35 Dec. 31 *34. Dec. 31 '33.
Other currency auth.
by laws of U. S_ $3,328,708
Cash items
Due from approved reserve
depositors,
Stock and bond investments. J
5,768,883
Loans & discts. secured
$14,261,166 $14,385,304 $11,566,257
_
Liabilities—
$1,000,000
1,000,000
317,948
4,682,976
6,936.308
Deposits not preferred, time
—
Due to trust cos., banks and bankers
Other liabilities
433.503
237,782
31,731
505,609
4,117,503
7,436,179
$1,000,000
1,000.000
178.559
.
Reserves
Preferred deposits, demand_ _:
Deposits not preferred, demand
Resources—
Dec. 31 '35
13,930
87.904
178.615
1.357.774
7,494,531
Other curr. author, by laws of U. S—
Cash items
]
Due from Fed. Res Bank of N. Y— I
Due from other bks.,trs. cos. and bkrs
J
Stock and bond investments
Loans & discts. on bonds &
$249175101 $185265828
$109913935
onftAJO
241,411,509 224,162,340 210.899,048
mtge. deed]
other real estate collateral
Loans & discts. sec. by other collat—
or
182,151,968 154703171
Loans disc. & bills pur., not sec.
by coJ
Own acceptances purchased
177945472
10,900.936
26,331,881
4,993,429
3,489,546
11,552.818
26.31/.361
12,736.074
3,137,067
—-—
Bonds and mortgages owned
Real estate
10,103,475
26,582,753
7,399,999
3,203,176
Customers' liability on
acceptances-Other assets
-
Total
—.
155,540
46,335
_
Dec. 31 *34. Dec. 30 *33.
Specie
Overdrafts
Capital
$1,000,000
Surplus, including undivided profits.1 ,000,000
1936
$720,027,981$609,847,1311552,501.775
Liabilities—
Capital stock
$50,000,000 $50,000,000 $50,000,000
Surplus fund and undivided profits—
58,959,819
57,819,840
57,564,161
Capital note due July 31 1934
(a)
M *710
Reserves for conting., taxes,
o'§Vn RRfi
exp., &c_
8,052,641
9,586,719
9,310,88b
Preferred deposits, demand
___
Total...-
$14,261,166 $14,385,304 $11,566,257
$910,000
$1,088,559
$503,503
Amt. dep. on which int. is
being paid.
♦
Organized in 1930.
Preferred deposits, time
Fulton Trust Co.
Resources—
(New York).
Dec. 31 '35
Stock and bond investments
Bonds and mortgages owned
Dec. 31 '34.
Dec. 30 '33.
$13,511,499 $12,372,349*$11.950.864
558.370
614,350
632,850
Loans & disc. sec. by bond &
mtge.
or other real estate
collateral——
3.765.417
3.499,114
Loans & disc. sec. by other collateral
3,152,784
Loans, disc. & bills pur. not sec. by col
302,757.
Overdrafts
Real estate
Due from Fed. Res. Bank of N. Y
Due from approved res.
depositaries.
Due from other bks. .trust cos. &
bkrs.
Due from other
banks, trust
-
and bankers
233,000
5,853.418
1,521.523
1,462,343
411,632
3.309,504
1,227,665
Other assets
Total
(
not
not
182.981
141,968
114,571
135,192
$2,000,000
2,692.462
$2,000,000
2,600.552
5l",504
250.000
119,153
17,217,086
174,806
2,338,875
■
15.072.656
150,000
28,020J
52,489
-
Total.
$26,963,511
*
64,814
65.736
$22,025,866 $20,108,097
Net profit realized on
security transactions not included in net operating
Income.
All securities valued at the market
on Dec. 30 1933 and the dif¬
ference between market and book value
charged to undivided profits.
♦Guaranty Trust Co. (New York).
Resources—
Stock and bond
Investments....
Real estate
Dec. 31 '35
Loans & disc.
Dec. 31 '34.
7>c. 30 '33.
2!579,303
2,990,699
2.393.977
983.620
by other collateral.402,824,620
Loans, discounts and bill purchased
not secured
by collateral
155,312,994
Own acceptances
purchased
33,982.565
sec.
579712918
541614199
Specie
Other
Cash
trust
cos.,
currency auth. by laws of U. S.
Items
Bullion abroad and in
transit
Notes of R. F. O
Other
& disc, secured
by bond and
mtge. or other real estate coll
Loans & disct. secured by other
coll..
Loans, dlsct. & bills purchased not
-
secured by collateral
Overdrafts
$7,603,338
17.754,245
15.576,199
604.789
5,542.763
-
Loans
$8,212,587
9.326,565
10,196.822
1.792,131
1.813.130
390,385
384.541
7.427
253,135
2,943,247
340
-
Bonds and mortgages owned
1,681.449
193,725
-
Real estate, furniture and
fixtures.-.
Customers liability on
acceptances—.
Other assets...-
9,750
544,210
-
Total
243,050
$42,611,562 $37,718,963 $35,834,592
Liabilities—
Capital
Surplus. Incl. undivided profits
Capital notes
Special reserve account
$2,000,000
2.017,877
Rest
for taxes, expenses, &c.
Preferred deposits, demand
Preferred deposits, time
1.221.388
250.000
J
148,394
a313.216
195.901
33,501,236
31,747.240
81,573
7.427
99,420
(
7,192.830
800.498
...
Deposits
Deposits
not preferred, demand.
not preferred time
Due to trust co.'s, banks & bankers
Acceptances
$2,000,000
b
354,006
\
J
rves
$2,000,000
1,987,760
b
28.870,907
922.659
305,735
9,750
...
137,300
.$42,611,562 $37,718,963 $35,834,592
on
1935.
(?)
capital stock
1934.
1933.
$192,000
$192,000
•
202490022
95,697\ 349718601
Merger of the County Trust Co. and the
Lawyers' Trust Co. under
lawyers' County Trust Co. becime effective Aug. 1
1933.
on Dec. 23 1935
approved a change in the title of the institution
to the Lawyers Trust Co.
title of the
Stockholders
1.384,737
88,618,760J
assets
1,726,995
6.699,483
1.862.673
545.009,
19,537 314
Due from Fed. Reserve Bank of N.
Y_
Due from approved res.
depositariesDue from other banks, tr
cos. & bkers.
Stock and bond Investments
Amt. of divs. declared
14,960,217
Customers' liability on
acceptances..
Customers' liability acct. bills
purch.
Dec. 30 *33.
694,687
Supplementary—For Cal. Year—
1
5,583,0011
Dec. 31 '34.
$25,128
by laws of U. S._
Total
—
Overdrafts
141,431
Due from Fed. Res. Bank of N.
Y_._486.397.205l
Due fr. other tr. cos., bks. &
bkrs.. 38,491,1261
Due from other
banks,
(foreign)
Dec. 31 '35
Other curr. auth.
Cash Items
Other liabilities
...
and bankers
$5,000,000 paid July 2 1934.
.......
$558,832,055 560.560.123S500.886.783
13.884,934
14,027.110
14.18p.861
Bonds and mortgages owned
Loans on bond and
mortgage or other
real estate collateral
14,113.956
3,584,697
♦Lawyers' Trust Co. (New York),
19,506,412
Due to trust cos., banks and
bankers.
Other liabilities
amount of
Specie
-
preferred, demand
preferred, time
5.924,343
3,961,115
$720,027,981S609,847.1311552,501,775
Capital note in the
Resources—
2,255
200,559
2,325
159,879
$2,000,000
2,712,909
-—.
8,735,b31
2,973,192
Total......
943". 265
$26,963,511 $22,025,866 $20,108,097
Reserve for taxes, expenses, &c
Preferred deposits, demand
Preferred deposits, time
412928075
417,739
2,414,502
Liabilities—
Capital stock
Surplus fund & undivided profits
Capital note to R. F. C
482555114
bankers.
Other liabilities
cos.,
Other currency auth.
by laws of U. S.
Cash items
preferred, demand..- 591,306,698
preferred, time
not
Acceptances
a
2,799
not
Due to trust cos., banks and
(foreign)
Specie
Deposits,
Deposits,
Deposits,
Deposits,
a
20.000,000
29.637,638
34,458,356 106,189.769
35,645,468
8,810,400
10.033,190
In April 1933 the
policy of carrying all securities at the current market
value
was
market
adopted.
quotations
Special
in
the
reserve
value
16,034,327
22.155.564
Total
$1859 032719 U.577,090,738S419,553.813
Liabilities—
Capital stock
-$90,000,000 $90.000,000$$90.000.000
Surplus fund and undivided
profits..177,398,412 177,294,720 177,985.636
Capital note
20.000,000
Reserve for taxes,
exp., conting., &c. 13,305.414
10,267,571
Preferred deposits, demand.....
30,614,679]
Preferred deposits, time
Deposits, not preferred, demand
1048526519) 1260064445 1019582652
Deposits, not preferred, time..
48.177,1771
Due trust cos., banks and
bankers.-.381,101.332)
Acceptances
37,352,025 a34,458.356 106,189,769
Other liabilities
23,716.761
4,500.000
5.708.549
Bills purchased sold with
endorsement
8,840,400
505,646
87,207
b Capital notes liquidated on
account
of
subsequent depreciation in market
represents the appreciation in
$313,215.74 against which fund any
may be charged.
value
July 2 1934.
—
♦Manufacturers' Trust Co. (New York).
—
„
Total
*
—
$1859 032,719$ 1577,090,7383419.553,813
National
Bank
of Commerce converted to a
State institution and
Guaranty Trust Co. as of May 6 1929.
a Own
acceptances in the amount of $60,449,862 held for investment
not
included in total.
merged into the
♦Hellenic Bank & Trust Co.
(New York).
Resources—
Specie
Other currency auth.
by laws of U. S_
Cash items—
Due from approved res've
depositaries
Due from oth. bks.,tr. cos. & bankers
Stock and bond investments
Loans and discts. secured
by collateral
Loans, discounts and bills purchased
not secured
by collateral
Own acceptances purchased.
Overdrafts
Customers' liability on acceptances..
Dec. 31 '35
Dec. 31 '34.
$902
15,678]
1.145J-
$588,664
104.647
363,847j
Dec. 30 '33.
$10,833
5 155
1.121
92,029
638,882
2,424.932
1,066,603
3,262.529
206,853
3,244,501
210,094
356,127
56,349
800
999
32,027
55,106
49,109
28,556
66.793
$4,254,627
$4,238,401
$4,391,253
$1,000,000
$1,000,000
$1,000,000
224.883
205.259
150.000
214.073
Other resources
Total
Surplus. including undivided profits.
Capital reserves
Res. for taxes, exp., conting., &c
Notes
payable
Deposits not preferred, demand
Deposits not preferred, time
Due trust cos., banks & bankers
Acceptances
Other liabilities
Total
♦
Began business Feb. 10 1930.
_
,150.000
17,866
21,010
-
421,047
2,361,415
25,563
32,027
21,826
$4,254,627
1
2,651,964]
'
Dec. 31 '35
Dec. 31*34.
Dec. 30 '33.
Stock and bond investments
$309524 717S278.133,809$192 992,753
20,146,829
20 .562.922
20,132,092
24,654.914
25,383.939
25 .730,422
12 .970.420
8,603,163
9,296,751
84.307,630
71,854.186
80 .617,910
by coll. 72,958,913
50 762.673
61,079.878
Own acceptances purchased
2,079,910
13 .711,883
7,738.559
Overdrafts
59,024
20,224
43,0»2
Due from Fed. Res. Bank of N. Y
86,190.926
49 .625.519
55,861,325
Due from other tr.co's. bks. &
bankers
8,032,366
19,016,151
10 ,248.539
Specie
811,393
808.085
641.136
Other currency auth. by laws of U.
S.
5.114,306
4 .373.910
6,630,027
Cash Items
28,368.870
29.444.108
12 .269.357
Customers' liability on acceptances—
23 .269 04a
18,896,646
16,272,679
Customers' liability on bills
purch
6 .548.X08
Other assets
3,202,113
3,075.387
2 ,827,/44
Real estate.L
Bonds and mortgages owned
Loans on bond & mtge. or oth.r.e.coll.
Loans & disc. sec. by other coll
Loans disc. & bills pur.not sec
Total
$673011720S604.747,2001507.196,126
Liabilities—
Capital stock
$32,935,000 $32,935,000 $32,935,000
Surplus fund and undivided profits—
11,548.816
10.297.483
10,297 483
Capital notes
25.000.000
25,000.000
25,000.000
Reserves for taxes, expenses, &c
16,689.976
18.598,600
25.344.731
Preferred deposits, demand
77,525,983 116.066,531
64.738.838
Preferred deposits, time
2,197.305
34 193.934
33.175,478
Deposits, not preferred, demand.
323,519,927 243,972.510 196.147.663
Deposits, not preferred, time
80,923.098
68,947,355
65.589.829
Due to trust companies and
banks— 81,547,059
38,154,855
2t,603.299
Acceptances
19,931,322
17,211,522
24.449.991
Bills purchased
6.548.808
---T'¬
other liabilities
1,193.234
387,866
346.550
-
...
Liabilities—
Capital.
Resources—
300.000
50.273
100,000
335,858
2.247,008
77,211
28.556
210,168
37,674
$4,238,401
$4,391,253
Total
$673011720S604,747.2001507,196.126
Amt. dep. on which int. is paid
$93,594,818 $96.765,141S112.695.453
*
State Bank & Trust Co. merged into
Manufacturers Trust Co. as of
Jan. 26 1929.
Pacific Trust merged into Manufacturers' Trust
Co. as of
June 27 1930; Mid wood Trust Co. on
Aug. 11 1931, taken over for liquida¬
tion and Brooklyn Nat. Bank on
Aug. 25 1931.
As to liquidation or lnt.Madisou Bank & Trust
Co., American Union Bank, Bank of Europe &
Trust Co!, Times Square Trust
Co., Globe Bank & Trust Co., see V. 133.
pp. 2866, 2711, 2555, 1394 and 896.
t Chatham Phenix Nat. Bank &
Trust Co. merged into Manufacturers Trust
Co. as of Feb. 9
1932, and
capital increased from $27,500,000 to
$32,935,000 in connection with the
merger.
Financial
Volume 142
"'Marine-Midland Trust Co.
1,068,131
Overdrafts
Due from Fed. Res. Bank of N. Y...
Real estate
326
17.503.576
238,308
Due from other bks., tr. cos. & bkrs..
8,729.438
Specie
40,639
Other currency auth. by laws of U. S_
851,000
Cash items
354,210
Customers' liability on acceptances A
letters of credit
2,733,808
Other assets
893,150
Total
Title
(New York.)
Dec. 31 *33.
Resources—
Dec. 31 '35. Dec. 31 *34.
Stock and bond investments
—$36,041,053 $25,708,068
Bonds and mortgages owned
1,343.170
1,454,630
Loans on bond A mtge. or oth. r.e. coll
332.300
282,700
Loans & disc. sec. by other collateral. 32,177,990
33,224,014
Loans disc. & bills pur. not sec by coll 11,376,305
9,050,415
Own acceptances purchased
$35,244,423
1,604,280
403,250
23,246.411
7.400.922
2,067,601
1,361,490
2,151
10,630,035
1,519
5,648.240
163.260
98.000
15,148,936
131,583
750,998
441,850
5.705,381
117,427
3,774,128
5.259.807
587,347
495.187
507,796
838,578
$113683404$102,962,836 $88,387,591
Liabilities—
Capital stock
R. F. O. capital note
Surplus fund and undivided profits..
Reserves for taxes, expenses, &c
Preferred deposits, demand
Preferred deposits, time
Deposits, not preferred, demand
Deposits, not preferred, time
Due trust co's. banks and bankers...
Acceptances and letters of credit
...
Other liabilities
Total
$5,000,000 a$5,000,000 $10,000,000
1,000.000
8,069,278
5,269.912
7,503,239
259,854
261,378
156,631
17,235.861
13.869,874
17,670,769
400.000
925,100
1,918.046
56,255,3.32
37.591.220
47,591,357
2 740.425
2,593.161
3,020,334
19.834,264
9.879,549
15,533,442
3,131,431
5,404.172
4,096,661
755,435
601,803
1,465,303
$113683 404S102.962.836 $88,387,591
$3,177,500
$2,072,468
$5,755,346
Amt. deposits ©n which int. is paid—
Supplementary—For Cal. Year—
comm. received during yr
All other profits received during year.
1933.
1934.
1935
Total int. A
$2,767,938
813,481
$2,511,889
108,301
$2,502,293
351,67u
Charged to profit and loss—
On account of depreciation
On account of other losses
Int. credited to depositors during year
Expenses during year, excluding taxes
Amt. of divs. declared on capital stock
Taxes paid during
•
Co.
year
Formerly Fidelity Trust Co.
of Julv
as
1
Chronicle
753 128
43.210
1,412.688
1.050.000
19.950
Name changed
20,675
164.497
72,246
1.376,607
1,232,166
750.000
1,050.000
20.000
23,000
to Marine Midland Trust
1930.
1401
Guarantee
&
Trust Co.
(New York).
Assets—
Dec. 31 *35 Dec. 31 '34 Dec. 30 *33.
Cash, due from Fed. Res., etc., banks $6,075,224
$4,230,959
$7,468,570
Call loans
600,000
1,325.000
850,000
U. S. Govt, securities, market value2,026,803
1,154,016
2,926,330
State A munlc. bonds, market value
1,646,761
1,417,775
1,015,475
Other stocks A bonds, market value899,656
1,447,901
1,653,933
Demand or short-term loans secured
2,139.728
1,967.465
1,589,759
Other loans and discounts (less res.)
8,575.808
6,427,728
5,711,073
Accounts receivable (less reserve)
471,143
498,601
470,257
755
392
Depositors' overdrafts
896
Advances as trustees—secured
76,127
119,321
Interest receivable (less reserve)
282,069
412.058
458,116
Real est. mtges. A int. thereon—
Unpledged
10,606,1651
7,813,344
16,058,182
Pledged to secure debenture notes
4.185.162/
4,586,337
Pledged to secure notes payable in
instalments
1,042,203
-
-
Real estate:
_
6,628,620
2,168,467
5,832,861
236,804
x6,920,292
2,368.467
3,301,825
6.909.868
2,368,467
2,275,825
192,533
233,902
698,057
135.306
270,901
695,846
1,442,825
176,672
Acquired
for
company's
offices
Acquired for other corp. purposes—
Acquired through foreclosure
Int. in real estate through foreclosure
Title insurance reserve fund
(cash
and marketable securities)
Stocks of associate companies
Other assets (lass reserve)
Customers' liability for acceptances
123,972
319,817
and letters of credit
Total
$50,480,184 $47,165,500 $54,217,663
Liabilities—
Capital
Surplus
Undivided profits
Capital notes (sold to RFC)
Secured deb. notes (sold to RFC)
Notes payable in instalments
Reserve for contingencies
Reserve for title insuranceReserve for taxes, interest,
—$10,000,000 $10,000,000 $10,000,000
10,000.000
7,500.000
5,000,000
660.355
669.252
416,102
3,000,000
3.000.000
3,933.125
9,539,084
410,258
2,937,544
5,274,004
192,533
3.190,355
135,306
expenses
and unearned Income
216,936
247,495
18,585,206
18,006,232
610,472
Clients' funds held awaiting invest
Deposits
Certified and officers' checks
664,139
181,922
Acceptances and letters of credit
Total
cOn Jan, 10 1934 capital reduced from $10,000,000 to $5,000,000.
330,928
134.971
234.282
104,300
26.304.141
395,516
319.817
$50,480,184 $47,165,500 $54,217,663
Comparative Income Account
New York Trust Co.
Resources—
Stock and bond Investments
R. F O. Notes
Years Ended—
1
Dec. 31 '34.
$188165867
2.500,000
150.834,851$120.672.178
1,797,458
3,085,479
1,860.957
3,422.882
Real estate
Bonds and mortgages owned
Loans
on
bond
and
mortgage
(New York).
Dec. 31 '35.
2.500.000
1,795.262
2,079,558
Dec. 31 *33.
2.500.000
5,307,074
Loans & disc. sec. by other collateral. 85.591,224
Loans, discounts and bills purchased
not secured by collateral
29 666,623
Own acceptances purchased
2.327.611
Overdrafts
Due from Fed. Res. Bank of N. Y.„
Due from approved reserve deposit...
150.920
Due from trust co's, banks A bankers
Specie
51.781,128
415.865
1,385,706
54.699
Other currency auth. by laws of N. Y.
Cash items
569.343
41,117.868
Customers' liability on acceptances..
2.985,243
Customers' liabilities on bills purch..
4/7.486
Other assets
2,296,177
Total
3,944,856
77.492.225
29,950.689
761,674
173,428
47,158.445
450,1 L7
899.071
53.003
605,788
51.908,010
8,244,434
15,488
11.048.816
4,591,789
75,904,990
26.125,496
7,538.420
87.409
30.961.538
397,821
252,242
46.591
633,283
17.132,370
14,246.168
30,222
4,027.907
$419675 771$389,915.715$310.432,263
Liabilities—
Capital stock...
$12,500,000 $12,500,000 $12,500,000
Surplus fund and undivided profits.. 21,727,329
21.361,491
21.047,551
Capital notes..
2,500,000
Reserves for taxes, expenses, Ac
11 866,924
9,779.381
10,721,065
Preferred deposits, demand
Preferred deposits, time
30.317.197
16,294.300
Deposits, not preferred, demand
208 829.989
Deposits, not preferred, time..
5 917,980
Due trust co's, banks and bankers...104,723,815
Acceptances
3.421.923
Bills purchased
477.486
Other liabilities
5,686.371
Total
32.022.519
8.733.400
192,321.229
8,327.848
Dividends
.
Increase of undivided profits for year.
Earned per share before reserve adjust
x
a244,252
o$0.49
500,000
After deducting mortgage of $135,000 held by another.
Indicates decrease
Shares outstanding
9.172.200
144.782.173
6,519,358
93,377,762
66,375.749
8,749.622
14.672.071
15,488
30.223
1,785.291
1,956,113
*(J. Henry) Schroder Trust Co. (New York).
curr.
Dec. 31
Notes—During 1933 $10,000,000 was transferred from surplus to reserve
$2,500,000 during 1934, with charges aggregating
$2,752,811.73 net made against reserve for contingencies in 1934, of which
$2,376,091.92 was used to provide or strengthen specific reserves.
In 1935 $3,735,810.72 was added to specific and unallocated reserve
accounts—$2,500,000 by transfer from surplus, $437,922.83 by provision
from earnings deducted in above statement, $395,860.56 from realized
and unrealized recovery of depreciation in market value of securities,
and $402,027.33 from other sources.
Charges of $448,004,80 were made
against reserves during the year for losses from sale or realization of real
estate and mortgage assets, Ac., while assets of a book value of $1,482,295.78
were
written off against reserves previously provided and specifically
for contingencies, and
allocated for that purpose.
♦Underwriters Trust Co. (New York).
Resources
Cash
items
Due from Fed. Res. Bank of N. Y
Due from approved res. depositaries._
Due from oth. bks., tr. cos. & bankers
8tock and bond investments
ijoans
$1,828,848
$1,428,804
$45,061]
Other currency author
Cash items
9,907,051
6.937,891
14,245
91*. in
27,969
$14,686,413 $11,426,966
$8,440,575
203,879
Liabilities—
Capital
$1,000,000
Surplus and undivided profits
1,014.562
Reserves for taxes, exps., con ting.. Ac
274,004
Preferred deposits, demand and timel 12,390.442
Deposits not pref., demand and time J
Other liabilities—
7,405
Total
$14,686,413
$1,000,000
686,323
$700,000
807,298
364,526
191.752
9,371,922
6,738,870
4,195
2,655
$11,426,966
$8,440,575
Company of North America (New York).
Resources—
571,314
862,474
1,718,977
25,000
2,726,113
sec.
by bond A mtge.
sec.
Dec. 31 '35 Dec. 31 *34.
Specie
99,818}-
Due from Federal Reserve Bank
Due from approved res. depositaries.
Due from other bks., trust cos. A bkrs
Due from other banks, trust cos.,
and bankers (foreign)
Loans, disc'ts A bills purch. not sec.
by collateral
Own acceptances purchased
Overdrafts
Customers' liability on acceptances..
Other assets
45,611
------
67,952
Total
123,869
215,885
$9,811,516
Liabilities
Capital
$1,000,000
Surplus and undivided profits
789,270
Reserve for taxes, expenses, Ac
17,722
Preferred deposits, demand—
3,141,569
Preferred deposits, time
Deposits not preferred, demand
6,562,318
Deposits not preferred, time
945,267
Due to banks, trust cos. and bankers2,536
Liability on acceptances
45,611
Other liabilities
25,565
—
Total
2,624,815
1,973,038
......
14,375
74,575
51,668
30,083
284,829
55,691
$5,659,791
$5,722,624"
$5,022,566
$500,000
206,589
$500,000
226,668
450,000
$500,000
278.739
500.000
Acceptances
Other liabilities...
Total
400,000
1,026,674
- - - - - -
103,586
$9,811,516
States Trust Co.
(New York).
Dec. 31 '35 Dec. 31 *34. Dec. 30 *33.
Resources—
$28,052,500 $25,081,264 $24,645,762
2,125.000
2.000.000
2.000,000
Stock and bond investments
Loans, discounts and bills purchased
not secured by collateral
5,250,403
17.373.880
Due from approved res've depositaries 19,854,832
Other assets
412,618
-
6,687,226
30,210,587
^
Due from Fed. Reserve Bank of N.Y.
1,949,875
9,619,956
18,377,873
515,460
6.719,785
32,308,216
nn.
1,811.029
6,586,882
14,577,913
574.209
$104,918,961 $94,442,241 $89,223,796
$2,000,000
28,005,479
1,346,088
18,626,690
$2,000,000
27,704,868
demand
46,447,354
not preferred, time
3,963,849
Due trust cos., banks and bankers-4,229,501
15,660,287
Capital stock
IT
Liabilities—
Capital stock
Surplus fund A undivided profits
Capital notes
Preferred deposits, demand
Preferred deposits, time
Deposits not preferred, demand
Deposits not preferred, time..
Due to trust cos., banks A bankers
7.532,198
Liabilities—
9,103
19,150
8,718,338
806.388
369,344
♦Began business Nov. 26 1929.
Total
973,274,
-
$1,000,000
34,566
and mortgages owned
5,874,337
Loans A disc, secured by other collat. 25,975,391
32,653
2,280,050
/
$1,000,000
810,860
32,932
$12,529,858 $10,596,696
Total
Real estate
1,199,890
14,150
39,253
801.402
$12,529,858 $10,596,696
Other assets
Bonds
1,444,311
.
Bonds A mortgages owned
$1,479,035
15,711
996.575
1
886,486
Dec. 31 *33.
1.114,515
76,517
Stock and bond Investments
Loans A disc. sec. by bond A mtge.
or other real estate collateral
Loans A disc. sec. by other collateral.
2,990,906
17
—
United
$1,512,880
5,029,481
2,761,809
1,274,183
78,200
Bonds and mortgages owned
72.525
5,127
10.000
$1,002,939
4,028,837
5.015.138J
by other collateral-
Loans, discounts and bills purchased
not secured by collateral
$1,171
Other currency auth. by laws of U. 8.
Cash Items
$2,566,598
I
other real estate collateral
Customers'liability on acceptances-.
12,653,686
Other assets
Total
.by laws of U.S.
Due from approved res. depositariesDue from oth. bks., tr. cos. A bankers
Stock and bond investments
Overdrafts
A discts. sec.& unsec'd by coll.
Trust
$1,460,470
Dec. 31 '34. Dec. 30 *33.
Dec. 31 '35
Specie
Loans A disc.
35. Dec. 31 *34. Dec. 31 '33.
profits for excessive provisions
Includes in 1934 $237,497 and in 1935 $383,134 interest and expenses
of money borrowed from Reconstruction Finance Corporation.
or
auth. by laws U.8.
loss.
c
Loans A disc.
Resources—
or
b Before credit of $67,496 to undivided
to reserves in prior years.
29.009.901
$419675 771 $389,915,715S310,432,263
Specie, other
'34 Dec. 30 '33
$3,965,746
$3,400,887
3,233.998
2,999,932
197,085
c409,852
534.663
a8,897
400,000
6134.663
a8,897
$1.07
o$0.02
500,000
506.000
Dec. 31
'35
a
or
other real estate collateral
31
Dec.
Gross earnings
$3,235,743
Operating expenses.
2,965,324
Other deductions, incl. interest
c514,671
Net profits before reserve adjustments
a244,252
-
Surplus fund A undivided profits—
Reserves for taxes, exp.„ Ac
Preferred deposits, demand
Preferred
Deposits,
Deposits,
deposits, time
not preferred,
Other liabilities
Total
300,000
2,624,422
724,756
114,400,
4,467,962
3,683,237
39,253
23,149
49,274
28,720
34,641
25,949
$5,659,791
$5,722,624
$5,022,566
35,371,184
100,754
6,682,670
5,746,427
9,639
$2,000,000
27,100.941
1,030.394
29,427,692
1,482,000
16,649,456
8,365,766
2,867.547
300,000
$104,918,961 $94,442,241 $89,223,796
Supplementary—For. Cal. Year—
548
1,166.412
1935
Total int. A comm. rec'd during year
All other profits received during year
Int. credited to depositors during year
Expenses during year, excluding taxes
Amt. of divs. declared on capital stock
Taxes paid during the year
Amt. deposits on which int. is paid..
unavail-
Figures
able
1934.
1933.
■
$3,408,577
$4,038,731
493,232
35.126
379,563
1,435,901
1,286.542
1,400,000
1,400,000
428.473
351,259
12,683,568 13,302,713
Financial
1402
Chronicle
1936
29
Feb.
BROOKLYN COMPANIES
"'Brooklyn Trust Co. (Brooklyn).
Resources—
Cash
on
Dec.
Kings County Trust Co. (Brooklyn).
'35 Dec. 31 *34. Dec. 30 *33.
31
hand & due from Federal Re-
$20,699,189 $16,849,218 512,884,855
Real estate
1,081,621
752,078
698,493
Bonds and mortgages owned
2,083,237
2,305,491
2,368,083
Loans on bond & mtg. or oth. r.e. coll.
284,750
453,971
537,936
Loans & disc. sec. by other collateral4,458,544
6,547,410
5,983,794
Stock and bond investments
—$41,310,812 $23,766,195 $22,083,313
U. S. Government bonds
23,950,984
17,863,091
8,194,336
Reconstruction Finance Corp. notes__
2,000,000
Municipal bonds
4,225,779
3,644,927
4,200,366
Other securities
12,464,859
18,180,971
20,479,687
Call loans & bankers' acceptances
7,434,470
19,065,984
20,031,249
Demand loans secured by collateral—
8,173,503
8,303,409
11,486,481
Time loans and bills purchased
20,803,861
17,295,956
18,314,118
Loans on bonds & mortgages
2,319,007
2,132,300
2,164,399
Bank buildings
6,223,186
6,367,898
6,512,609
Customers'liability on acceptances.572,364
1,457,826
2,031,671
Other resources
1,930,591
2,217,374
1,707,614
serve Bank & other banks..
—-
Bankers'
acceptances
Loans disc.& bills pur .not sec. by
Overdrafts
coll-
1,378,915
_
1,828,399
346
166
,
„
10,574,871
33,411
15.382
2,360,693
2,178,661
2,032,458
92,339
432,525
U.8--
7,076,010
30,786
20,853
Due from approved res. depositariesDue from other tr. cos., bka.& bankers
Specie
Other currency auth. by laws of
Cash items—
896.411
2,488,899
33
6.329,457
30,254
—---
-
-----
Other assets--.----------
Total
'35 Dec. 31 '34. Dec. 30 '33.
Dec. 31
Resources—
34,963
507,291
95.528
464,566
—
------
^
7.697
$129,409,416S122,295,931S117,205.843
$43,498,669 $38,582,451 $34,818,464
Total.
Liabilities—
Capital stock
Surplus
Undivided profits
$8,200,000
4,000,000
1,328,453
1,825,832
113,289,798
164,000
601,333
Reserves
Deposits
Dividend payable Jan. 2
Outstanding acceptances
Total
$8,200,000
4,000,000
1,323,739
8,104,934
99,025.939
164,000
$8,200,000
4,000,000
1,309,274
8,425,568
93.098.487
82,000
1,477,319
2,090,514
$129,409,4163122,295,931S117,205,843
♦
Mechanics Bank merged into Brooklyn Trust Co. as of Feb. 8 1929.
Guardian Nat. Bank and State Bank of Richmond County merged into
Brooklyn Trust Co.
Liabilities
Other liabilities
Total—
of Jan. 20 1930.
as
$500,000
6,053,967
322,486
14,270,832
19,351,971
2,703,896
269,369
26,148
Capital stock
Surplus fund and undivided profits
Reserve for taxes, expenses, &c—.—Preferred deposits, demand
Deposits not preferred, demand
Deposits not preferred, time
Due trust co's, banks and bankers—
$500,000
6,768,387
$500,000
6,053,327
919,800
13,476,480
15,915.870
*31 200
9.916.436
16.001,647
1,540,467
1,109,315
150.661
25,846
65,050
26,429
$43,498,669 $38,582,451 $34,818,464
BOSTON COMPANIES
♦Banca Commerciale Italiana Trust Co,
Resources—
Stocks and bonds—
Demand loans
Other time loans
Dec *31 '35
Customers'liability acct. of accept-Safe deposit vaults, furn. & fixtures..
Interest accrued but not collected
Due from Reserve banks
Due from other banks
currency and
specie
Other cash items
Prepaid expenses
Foreign exchange future contracts
Other
*Day Trust Co.
(Boston).
'34
resources
Capital stock
Surplus fund
Undivided profits, less exp. & int
Deposits
Reserved for taxes, &c
$1,826,292
$2,022,020
$2,012,737
$750,000
175,000
13,296
2.567
34,083
33,802
20,006
$750,000
250.000
25,079
1,160
97,262
31,246
20,000
$750,000
250,000
51,641
1,150
138,246
15,205
59
Liabilities—
Capital stock
Surplus fund
Undiv. prof, less exp.,int. & tax. paid
Reserved for int., taxes & expenses..
Reserved for contingencies
Due to other banks
U. S. Government deposits
;
Demand deposits—
Subject to check
424,672
96,048
4,500
6,408
560.392
125,543
5.043
11,693
511,921
14,057
9,820
18,612
10,000
7,151
Open accounts
Certified checks
Treasurer's checks
Time dep. not pay. within 30 days:
10,000
6,644
127,958
Other liabilities
$2,022,020
$758,045
$1,826,292
Savings department (additional)
$827,961
Resources—
Bonds and stocks
Cash
in office
Cash In banks
112,489,360/
1,173,411
1,213,341
J
5,651,372
1,093,139
4,591,790
21,321
1,332
1,700.000
1,700.000
53.248
307,638
Overdrafts and accrued Interest-——
Cash items
—
Real estate
1,700,000
471,194
Other resources.,
Total
476.965
Dec.
31 '35 Dec. 31 '34. Dec. 30 '33.
$15 888,253 $15,462,165 $10,616,866
1,840.000
1,885,000
1,915.000
7,050,347
7,860,160
9,626,288
16,669,702
11,040,738
6,848 927
119.224
112.453
108,028
bonds
Real estate-Demand and time loans
Cash in bank and office
-
Other assets
Total
$41,567,526 $36,360,516 $29,115,109
-
Liabilities—
«-
Capital stock
Surplus
Undivided profits
$1,000,000
2,000,000
949,429
Reserved for taxes
252,937
Reserved for contingencies
350,000
36,970,695
-
Deposits
Discount collected not earned
1
/
Total
.$39,555,647 $35,973,384 $32,176,239
$2,000,000
3,000.000
923,349
33,239,635
-
—
Profit and loss.
Deposits
Reserved for taxes, etc
Int. reserve & for. ctf. of deposit
Other liabilities
$2,000,000
3,000.000
895,336
29,686,822
25,920.277
$2,000,000
3,000,000
871,403
1
392,633/
388,7l6
*
]
2,510
Total
.$39,555,647
1935
Rate of interest paid on deposits
Dividends paid in calendar year
H, 1 & M%
$8 & $8 ext.
Dec. 31 '35
Dec. 31 '34
Dec. 30 *33.
$187,893
3,527
2
81,175
639,246
111,662
392,085
79,677
54,832
3,091
43,717
172,774
41,870
$2,694,319
$2,498,673
$2,494,129
$100,000
369,480
1,852,282
109
177
155,630
Federal Deposit Insurance
—
Cash In banks
Other
resources
-
Total
Capital stock
Surplus and profits and
Deposits
reserves
-
Other liabilities
$2,694,319
*Day Trust
Resources—
Stocks and bonds
Loans and discounts
Cash and due from banks
Other resources
Total
-
Co.
Dec.
70.111
196.707
1,360,484
535,804
$2,498,673
$2,494,129
Began business
31
'35Dec. 31 '34.
921,410
4,466,643
'34 Dec. 31
*33
$247,385
14,102
11,314
100,196
1,418
21,333
$3,449,139
$1,773,450
$200,000
160,499
$200,000
110,189
$200,000
65,000
2,963.762
100,196
6,627
3,365
25,202
1,445,014
2,391
743
$3,449,139
58,538
509,729
61,857
287,095
574,078
2,391
100,100
$1,773,450
June 12 1933.
on
Stabile Bank & Trust Co. (Boston).
_
Resources—
Dec
»
Cash and due from banks
Loans and discounts
31
*35 Dec. 31 '34. Dec. 30 '33.
$166,726
$162,566
$156,197
379,643
531,036
273,568
380,480
14,928
313,395
428,885
43,180
66,449
14,655
$1,147,763
$1,033,290
$896,695
$200,000
$200,000
60.000
49,417
58.485
722,152
57,709
80,651
34,085
605,529
63,025
$250,000
75,000
33,399
11,920
423,446
102,930
$1,147,763
$1,033,290
$896,695
Foreign department
Real estate, furn., fixtures & vaults.
65.959
Other assets—
$7,883,456
1,202,851
3,211,786
807
$13,233,633 $12,298,093
—
Total.
Dec. 31 '33.
$6,792,222
1,587.899
1,531.407
18,689
$9,930,217
62 049
18,032
Liabilities—
Capital
Surplus
Reserve
Undivided
profits
Deposits-Other liabilities
Total
—
State Street Trust Co.
Resources—
Loans
on
loans
loans
Investments
-
-
Interest & rent accrued, not collected
liability
on
account
Total
274,974
234,945
204,362
30,331
873,562
8,189
37,539
546,096
11,177
820.429
1,492
12,692
ac¬
ceptances and letters of credit
Acceptances of other banks end. & sold
Other assets
(Boston).
31 '35 Dec. 31 '34. Dec. 30 *33.
$741,832
$823,265
$911,316
28,648,184
23,907,114
22,690,802
5,110,999
6,823,150
7,477.653
21,132,648
18,148,517
13,549,372
7,488.688
10,160,366
7,755,315
8,722,059
7,808,359
4,316,448
738,774
778,219 >
820,312
-
Demand
Customers'
50,000
Dec.
real estate
Due from Federal Reserve Bank
Cash In office and banks
Real estate and safe deposit vaults
(Boston).
$7,844,773
31
$403,314
155,780
1,073,828
83,834
693,978
922,689
$5,217,507
Total
Time
Total
14,053
4,676.351
68,909
22,000
19,169
fund
Letters of credit
Reserve for taxes, contingencies
Other liabilities
$100,000
386,217
2,224,730
$100,000
381,329
2,017,167
174,386
1,168,965
218,600
Time loans
Cash in office
'35 Dec.
$84,850
108,865
$125,340
186,296
1,243,760
346,884
54,518
-
-
•'
70.579
guar
Securities-..-
Demand loans
13,326
$5,217,507
Liabilities—
Capital stock
Surplus, undivided profits &
U. S. government deposit
Other deposits.
1933.
$8 & $8 ext.
Columbia Trust Co. (Boston).
Resources—
U. S. and Massachusetts bonds.
Other stocks and bonds
Loans on real estate
33.334
26,644
$35,973,384 $32,176,239
1934
$8 & $8 ext.
59,558
350.000
24.781.812
68,909
2,470
-
Total
*
$1,000,000
2,000,000
876,352
$219,169
318,645
1,690,759
217,47 1
1,198,216
1,476,005
9,000
16,863
Customers' liability account of accept.
and letters of credit
Other resources
114
31.877,630
44,465/
\
Dec. 31
Other time loans
5,234
914,413
178,503
350,000
Pilgrim Trust Co. (Boston).
Stock in Federal Reserve Bank
Furniture and fixtures
379,211
I
$1,000,000
2,000,000
$41,567,526 $36,360,516 $25,115,109
v
Resources—
49
Liabilities—
Capital stock
Surplus
6,307
$9,930,217
20,960
t
Exchanges for clearing house
-
801
New England Trust Co. (Boston).
Resources—
Demand loans with collateral
Time loans with collateral
Trust Co. (Boston).
Dec. 31 '35 Dec. 31 '34 Dec. 30 '33.
$13,413,828 $15,022,526 $14,228,102
11,481,265
11,257,035
9.637,394
Loans
-
51
$13,233,633 $12,298,093
Cash in office and banks
Boston Safe Deposit and
28,881
7.050.029
50,000
-
—
U. S., State & municipal bonds
Other bonds.
1929.
$2,500,000
295.000
$2,500,000
325,000
111,802
9,360,490
♦Began business in July 1929.
$2,012,737
$677,850
248,759
Total
Incorporated in
156,712
10,226,870
Rent collected not earned
Acceptances
Foreign exchange future contracts
•
$2,500,000
350,000
Total
105,493
3,865
142.668
Open accounts
(Concluded).
——
Stocks and
Total
(Boston)
Liabilities—
Dec. 30 '33.
$859,541
$895,523
85,807
129,150
7l,355
183,052
189,978
43,746
9,582
28,722
6,431
6,644
3,865
Ill
12,261
10,276
11,990
151.404
309,280
230,563
347,026
306,203
249,727
38,997
73,592
89,214
2,605
2,015
2,417
3,715
3,873
248,310
130,826
150,314
6,522
41,328
31,273
Bankers' acceptances purch. or disc—
Cash,
31
Dec.
$794,105
99,814
$73,770,240 $69,278,747 $58,560,193
Volume 142
Financial
State Street Trust Co.
Chronicle
(Boston) (Concluded.)
•United States Trust Co.
Liabilities—
Capital stock
Surplus and undivided profits
$3,000,000
3.725,000
206,422
98,052
39,456
Acceptances of other banks end. & sold
Acceptances
and
letters
of
credit
Issued and guaranteed
Deposits
Other liabilities
$3,000,000
3.747,104
99J10
79*456
13,758
28,940
23,781
62,236,194
158,200
874.380
50,674,198
190,111
99.902
-
Total
-
-
U. 8. and Mass. bonds
Other stocks and bonds
Demand loans with collateral
Time loans with collateral
Other demand loans
\756.078
679,330
993.641
Other time loans
on
a
44,916
3,827,001
24,004
.....
Total
Winthrop Trust Co. (Winthrop, Mass.).
43,224
127,294
.$11,662,020
Preferred stock
$8,490,955
$500,000
250.000
300,000
139.620
39.234
$500,000
Surplus fund
Undiv. prof., less exp., int. & taxes..
Reserved for taxes & contingencies..
Due to banks
U. 8, Government deposits
Deposits (demand)—
Subject to check
For payment of coupons, &c
Certified checks
Treasurer's checks
10,042,106
44,916
as
of Nov. 1
Demand loans with collateral...
Other time loans and discounts
Customers' liability under letters
.
31
$1,221,927
562.761
of
credit and acceptances
Safe deposit vaults, furn. & fixtures..
Cash and due from Reserve banks
1
Due from banks excl. reserve
71,171
136.460
194.551
11,435
17.710
$100,000
128,171
$100,000
131,642
$100,000
124,891
2,395,350
2,406,718
2,295,158
32,587
41,686
38,568
$2,656,108
$2,680,046
$2,558,617
Resources—
Dec. 31 '35
Commercial paper purchased
Loans upon collateral
Bonds and stocks
....
474,110
Mortgage and judgments of record—
508,826
115,606
191,010
56,309
118,333
361,320
Furniture and fixtures
Other assets
12,587
4,116
$3,557,207
$3,413,421
$1,000,000
$1,000,000
300.0001
$1,000,000
421,606
300.000
42,808
30,661
12,651/
1.779*279
2,126,070
71,171
...
Letters of credit and acceptances
Reserved for expenses, taxes, Ac
Future foreign exchange contracts...
Total
1,468.522
194,551
136.460
64.817
165,451
508.826
24.783
Other liabilities
$35,466
50,573
256,469
158,677
445.731
176,881
56,310
118.957
12,390
9.722
219,689
165,556
94,550
Office building and lot
Other real estate
Certified and Treasurer's checks
Deposits
Dec. 30 *33.
$50,993
48,069
222,874
138,358
475,880
193,091
56,310
96,033
11,994
5,883
$53,598
599,370
401,504
Liabilities—
Capital stock
Surplus fund
Undiv. prof.,less exp..int. Ac taxes pd.
(Philadelphia).
Dec. 31 '34.
Cash, specie and notes
Due from approved reserve agents
$4,104,319
Total
98,549
328,742
$3,557,207
$4,104,319
$3,413,421
Total
$1,389,864
$1,299,485
$1,321,182
$250,000
-
$250,000
75,000
$250,000
Liabilities—
Capital stock
Surplus fund
Undivided profits
Reserve for depreciation
Demand deposits
Time deposits
Bills payable
Other
75,000
19,426
42,928
448,772
553,738
8,547
47,205
359,345
559,388
125,000
1.032
33,119
285,452
509,578
116,300
liabilities
701
Total
—
$1,389,864
$1,299,485
$1,321,182
Began business Nov. 1 1929.
Banca d'ltalia & Trust Co.
Resources—
U. 8. bonds
Mortgages and Judgments of record-.
Dec. 31 '34
Dec. 30 '33.
$17,536
111,334
133,355
.....
$51
1.150
87.348
130.550
38,093
,
80,068
65.642
142,095
62.021
154,314
8,924
31,646
368
34
26
19,895
55,650
38,891
26,492
6.363
5,448
19,557
55.650
27.317
21.128
13,879
12,474
$637,495
Time & demand loans with collateral.
Commercial & other paper purchased.
$501,651
Overdrafts
Office bldg., furniture and fixtures
Real estate.
...
Due from
Fidelity-Philadelphia
(Philadelphia).
Dec. 31 '35
....
Other stocks and bonds
...
Reserve banks
.....
Cash, currency and specie
.......
Other assets
Due from banks, excluding reserve
Total
...
.............
21,917
Capital stock
Surplus fund
Undiv. profits, less
Co.
Dec. 31 '35
Bonds and mortgages owned
Stocks and bonds
Loans and discounts
$7,085,814
62,419,601
26,999,248
Real estate, office buildings and lots
6,183.431
Furniture and fixtures
2,313,692
Oust. liab. on accep. & let. of credit—
145,625
Cash on hand
564,478
Due from approved reserve agents—
9,967,007
Due from other banks,10,334,786
Exchanges for clearing house
2,625,236
Miscellaneous
1.255,569
.
10,504
7,747
18.282
$392,019
Total
(Philadelphia).
Dec.
*34
Dec. 30 *33.
$5,004,321
52.298.766
33.827,346
4,714,128
2,495,153
119,301
551,600
9,482,909
16,042,735
1,519,602
1,039,607
31
$5,443,078
47,580,741
31,106,260
4,639.637
2,626,144
172.826
521.934
6,209,345
3,150.728
903,808
1,060,298
$129894 4871127.095,468S103.414.799
Liabilities—
$150,000
25.792
exp.,
$150,000
$125,000
25.434
3.368
3.590
85.840
25,000
1,845
42,311
122,311
int. & taxes.
Demand deposits
151,920
294,829
Time deposits (savings fund,
&c.)
Bills payable
215,635
Reserves
3*695
15*292
Other
7,891
5,860
36.530
29.902
9.120
$637,495
$501,651
$392,019
"
liabilities
Total
."
Broad
Trust
Resources—
-
64.677
34.739
Liabilities—
Street
Resources—
*
Trust
Co.
Dec. 31
Loans secured by bonds & mortgages.
$196,856
609,714
786,914
a538,595
260,805
883.404
1.067,908
896!394
1,01*0",877
$2,530,753
$3,248,592
$400,000
6510,080
$400,000
427,710
$1,000,000
360.393
1,264,620
1,030,309
1,299,647
381*256
1
827,789
$2,555,950
Mortgages & judgments of record
99,154
390.000
183,580
13,647
390,000
$2,530,753
$3,248,592
Banking house and other real estate
Miscellaneous resources
2,737
Total
$129894487
Deposits subject to check...
Treasurer's checks
Special time deposits
Rosorve
Mortgage on banking
house!
Bills payable
$2,555,950
Below market value,
b Includes reserves.
1,058,087
458.537
78.705.783
172,826
458,182
H27,095,468$103.414.799
(The) Finance Co. of Pennsylvania (Philadelphia).
Cash on hand
Due from banks, Ac
Commercial & other paper ownedLoans on collateral
Stocks, bonds, &c__MortgagesReal estate, furn. & fixtures
Other assets
Liabilities—
Certified checks
$6,700,000
15.860.784
(additional)—$1800093341$1010112743$1.010,602.354
Resources—
'
Furniture and fixtures
Total
Trust department
$382,893
678,612
{
$6,700,000
$6,700,000
16,335,362
16,019,499
1,262,969
1,003,973
682,158
794,761
103,531.993 102,257,130
145,625
119,301
1,236,380
200,804
Letters of credit Issued
Other liabilities
'34 Dec. 30 *33.
J $191,797
Due from banks
Capital stock
Surplus and profits
Reserve for contingencies
Reserve for taxes, Int. & expenses
Deposits
(Philadelphia).
Dec. 31 '35
-
Cash, specie and notes
a
$2,558,617
564,474
352,104
165,451
107.436
1,012,798 f
J
Future foreign exchange contracts...
Other assets
*
$2,680,046
M
Chestnut Hill Title & Trust Co.
*34 Dec. 30 '33.
$1, 444,754
502.164
266,164
4,391
COMPANIES
(Philadelphia).
Dec
$1,823,348
310,878
261,692
25,000
180,927
$2,656,108
Total
PHILADELPHIA
Dec. 31 '35
204,441
3,723
Certified checks
Treasurers' checks
United States Government deposits.*.
Due to banks and bankers
Reserved for taxes and interest
1932; formerly the Kidder Peabody Trust Co.
On Dec. 1 1933 the Harris
was merged inw> the Union Trust Co.
Resources—
1.496.600
25,000
168,153
/
Forbes Trust Co. of Boston
•Banca Commerciale Italiana Trust Co.
29,483
1,346,953
Liabilities—
$6,845,872
Title changed to the Union Trust Co. of Boston effective
13,746
1,272,745
7,424
1
Capital stock..
Surplus and undivided profits
Deposits
138.383
1.925
$8,490,955
'34 Dec. 30 *33_.
$440 603
333.888
81,593
25,000
Total
306,147
Stocks and bonds
[
Other assets
996,540
13,342
11,383
$11,662,020
31
$883,996
185,741
36,329
J
...
Cash, currency and specie
50.129
Total
Dec.
1
Due from banks
7,217,185
.........
Deposits (time)—Ctfs. of deposit
Open accounts
Contingent liabilities
♦
71.028
80,073
31'35.
$934,586
151,173
43,270
Real estate by foreclosure
Banking bouse and vaults
215*666
4.768,069
...
Dec.
Demand loans with collateral
Other demand loans
Time loans with collateral
Other time loans
Loans on real estate
$6,845,872
$500,000
250.000
310,000
235,024
18,743
...
$14,973,496 $14,228,989 $13,584,938
Resources—
U. 8. and State of Mass. bonds
Other stocks and bonds
Liabilities—
Capital stock
1,000.000
350,000
294.249
185,809
11.053,324
1.656
This amount comprises U. 8. bonds only.
as of Jan. 31 1934.
1,740.794
J
96.188
....
6S700.000
-
b Changes in capital structure effective
other banks
Other assets..
208,821
272,109
12,404.278
38,288
$700,000
1,000,000
350,000
308,972
138,504
11,707,874
23,639
74
\ 4,329,785
Cash—Currency and specie
Checks
306,147
350.000
*
732
Oust. liab., letters of credit & accept.
Revenue stamps
Due from Reserve banks.....
...1
Due from other banks
$700,000
1,000.000
Bank of Commerce & Trust Co. and United States Trust Co. consoli¬
dated as of Dec. 31 1931.
3.406
Overdrafts
r
,'i
Total
J 87,970
\173.511
Coupons for collection...
.
Preferred stock
Surplus
Undivided profits
Reserves
Deposits
Other liabilities
31'35. Dec. 31 '34. Dec. 30 *33.
$3,189,410
$1,506,479
$2,925,966
750,096
444.117
440,584
(573,812
2,383,248
1,551,040
2,305.065
144,570
$14,973,496 $14,228,989 $13,584,938
Liabilities—
Capital stock
Dec.
2,116,109
2,524,595
261.130
1,914,862
104,743
Total...
*(The) Union Trust Co. (Boston).
\
J
Cash and due from banks
Other assets
$73,770,240 $69,278,747 $58,560,193
Resources—
(Boston).
Resources—
Dec. 31 '35 Dec. 31 '34 Jan 31* 34.
U. 8. and State of Mass. bonds
$3,641,478
$3,250,569 a$2,484,947
Other stocks and bonds
3.576.370
3,712,502
3,296,609
Furniture and fixtures
65,000
Real estate other than
banking house.
283,670
Loans on real estate
1 5,251,241 f
2,779,977
Demand and time loans
5,073,986
$3,000,000
3.713.108
9,622
66,591,786
Reserve for contingencies....
Reserve for taxes. &c
1403
184,905
Total
Dec. 31 '35
Dec. 31 '34.
Dec. 30 '33.
$587,231
$469,767
$368,464
581,702
861,161
894,836
5,536,448
139,300
4,797,725
103,595
5.276,023
139,800
5,293,110
4,797,310
4,793,005
100,232
._
._
101,908
148,315
$11,746,001 $11,645,969 $11,597,962
Liabilities—
Capital stock
Surplus & undiv. prof
Res. for deprec., int.,taxes, &c
Deposits....
Dividends unpaid
Miscellaneous liabilities
Total
*
Capital decreased.
*$2,320,000
7,797,818
929,117
630.252
58,478
10,336
.$11,746,001
$2,350,000
7,786,456
879,182
557,224
59,500
13,607
$2,350,000
7,784.463
805,699
594.102
55.842
7.956
$11,645,969 $11,597,962
1404
Financial
♦Integrity Trust Co. (Philadelphia).
Frankford Trust Co. (Philadelphia).
Dec. 31 '35
Dec. 31 *34.
$1,002,294
4,792,325
1,121,116
Loans on personal securities.......
1.077.745
Real estate
1,169,402
Cash on hand and reserve bonds—
698.551
Cash on deposit
532.552
Other assets (incl. vault, furn. & fixt .)
53,845
$889,489
3,993,341
1,199,727
1,074,881
1,154,706
778,819
655,991
50,335
$903,065
2,963,642
1,447,412
1,097.641
1,095,455
910.540
691.212
58.062
$9,797,289
Resourced—
Dec. 31 *33.
$9,167,029
Resources—
Real estate mortgages
Stocks and bonds..
Loans on collateral
........
.........
...
Total
$10,447,839
Dec.
Gen. dep. payable on
Other liabilities
$500,000
$500,000
1,283,454
57,855
58,461
$500,000
1,338,469
173,378
7,096,402
58,780
$10,447,839
$9,313,578
$9,797,289
$9,358,877
$9,167,029
$9,912,985
1,091,703
235.944
8,562,337
.....
demand & time
Total..
Trust department (additional)...
204.746
7,750,628
(Philadelphia).
11,681,797
2,227,789
14.331.681
8,231,162
18,953
285,095
2,893,122
$46,195,533 $44,269,866
$42,545,391
$7,995,973 fl$7,995,973
1,000.000
1,000,000
Undivided profits..193,280
131,389
Reserve for Interest, taxes, &c
32,302
39,986
Deposits
36,717.349
34,856.327
Reserve for contingencies
\
84,866
197,186
$2,987,920
9,984,969
purchases
paper
Banking houses, furniture & fixtures.
Cash on hand & due from banks
Customers' liabil. on letters of credit.
Other assets, accrued
2,295,891
8,593.627
75,466
Interest
371,652
Total
Capital stock
Surplus fund
-
-
-
Bills
payable
Stocks, bonds, &c
10.249.047
237.849
2,749.601
183,972
Commercial paper
Real estate, furniture and fixtures...
Other assets
Total
75,466
96,297
I
7,812,109
270,605
2,544,143
190,129
6,724,735
293,727
2,415,198
186,169
$1,400,000
2,496,667
666,216
17,511,987
Total
$1,400,000
2,532,884
1.510,300
13.725.143
$22,074,870 $19,906,277 $19,168,327
$46,195,533 $44,269,866
of July 1
Dec. 31
'34
Dec. 31
1,865,814
27,168
3,554.682
1,300,693
1.025.063
412.956
446.353
20.269
$8,673,458
$7,511,737
$1,000,000
$1,000,000
1,100.000
1,100.000
1.100 000
44.651
212,777
1,045
7.068.319
94,693
168,880
923
f
...
...
\
2,966,357
1,724,159
...
...
877.641
purchased-.
498,725
Total
246
212
Undivided
80
150
767
Reserve
11,150
9,134
22,213
1,760,573
1,676,171
1,259,360
78,179
Time loans with collateral
83,365
\
Call loans with collateral
Bonds and stocks
Bonds and mortgage owned
125.200
Capital stock
179,556
Surplus
115,000
Furniture and fixtures
Overdrafts
Other real estate
86,436
110,000
16,201
18,340
$9,426,792
$2,125,926
$1,865,951
$200,000
60,603
$200,000
70,595
$200,000
573,034
456,806
410,935
Certified checks
56.596
Treasurer's checks
Mitten Men &
1,579.792
1,367.360
10,008
14,086
18.770
12,395
1,191,125
Dec. 31
collateral..
Call loans on collateral....
Character loans...
Bonds and stocks
Bonds and mortgages owned
on
"7,295
Furniture and
$2,437,523
Resources—
$2,125,926
$1,865,951
Due from b jinks & clear, house
31 '35
13.520,956
44 005,346
on
resources
Dec. 30 '33.
exchs/
V. 8. Govt, securltlea
Other secuiltles
Customers, liability
Dec. 31 *34.
\$33,058,149 $28,500,677 $13,308,431
Loans
Other real estate
27,367.900
2,610.342
2,415,387
2,305.913
letters of credit
126.284
66,144
Total
15,030,122
49,322.585
25,205,159
2.676,812
2,415,387
1,438,118
118,812
20,743
14,754.247
45,757,215
25,875.114
2.666.082
2,415.387
295.256
146,786
23,166
$125,476,4211124,728,415J105,241,684
Liabilities—
Capital stock
Surplus fund
Undivided profits.
$4,000,000
9,000.000
1,765.144
Reserve for taxes
280.263
Reserve for deprec. of securities
Special reserve
Deposits
1,135.272
726.226
Total
$4,000,000
86,218.197
*400.000
146,785
524,430
$8,151,880
$7,101,120
$6,979,828
..................
$1,500,000
$1,500,000
$1,500,000
........
410.000
400,000
100,159
607,540
997.758
3.475.319
1,026.955
fixtures
collateral
Dec. 31 *34.
Dec. 30 '33.
$1,331,486
5,476,552
$1,599,162
5,693,574
$932,896
6.326.717
1
1,536,798
2,320,644
...
Customers' liability on letters of credit
2,113,814
resources
'otal
1.197,337
2,791,887
408,870
4,625,998
867,199
158,587
405*681
209,644
$12,779,294 $12,716,616 $12,502,530
_1 •'
Reserves
.J
Deposits
Acceptances and letters of credit
Bills payable
Other liabilities
Total
Trust funds (additional)
$882,250
$882,250
1,634,080
2,688,255
3,056.312
10,241,831
}•
9,127,962
8.262.096
1,594
300,000
21,133
18,149
278
$12,779,294 $12,716,616 $12,502,530
$15,728,146 $15,844,027 $14,627,209
*
Consolidated with Fern Rock Trust Co. as of Feb. 15 1929.
Name
changed from Industrial Trust, Title & Savings Co. to Industrial Trust Co.
of Jan. 9 1929.
Consolidated with Textile National Bank as of Jan. 2
1930; purchased assets of the Northeastern Title & Trust as of Nov. 12 1930.
618.438
2,843.732
3.230
3,230
628.022
17,114
42.988
$8,151,880
Total
$7,101,120
$6,979~828
$335,795
$292,198
$272,603
Trust department (additional).—...
Capital reduced in 1932 from $3,500,000 to $1,500,000.
♦Ninth
Resources—
Bank
&
Trust
Co.
(Philadelphia).
Dec. 31 *35. Dec. 31 '34. Dec. 30 '33*
,
Loans and discounts
Investments
$8,389,025
7.704.044
1,005,621
112,754
$8,470,713
7,743.769
$9,196,468
7,788.535
...
985.659
115.090
264,762
995.265
122,668
102,904
...
1,465,389
1,186,195
364 007
140,690
171.324
123.869
2,122,425
9,140
53,428
2,081,144
1,338.022
2.000
31.375
13,498
22.748
Banking house, vault, &c
Interest accrued
Other real estate....
Due from banks
Clearing House exchanges
reserve
,
$21,371,065 $21,677,878 $19,073,588
Liabilities—
Capital stock
$1,375,000
1,000,000
a559,445
6432,173
16,072
17,979,235
Preference stock
Surplus and profits
Reserve for taxes, &c
Deposits
unearned
...
Bills payable and rediscount
Dividend payable Jan. 2
Total
$1,375,000
1,000,000
1,642,200
138,666
13,494
17,485,893
2,000
$1,375,000
11,776,353
684.007
14,802
15,189,303
9,140
20", 625
—
13,498
20,625
..$21,371,065 $21,677,878 $19,073,588
$15,619,943 $15,477,009 $15,882,859
*
Incorporated In Pennsylvania Sept. 12 1923 as a consolidation of The
Ninth National Bank, incorporated in 1885 and The Ninth Title & Trust
Co. incorporated May 22 1920. Northern National Bank
and Ninth Bank
& Trust Co. consolidated
of March 4 1929 under name of latter.
Also
as of June 11 1929.
t On Jan. 4 1933 the
in the surplus fund from $2,000,000 to
$1,375,000 as of Dec. 31 1932. The $625,000 charged against this account
was transferred to the reserve for
contingencies. At the same time the board
of directors authorized charging
$202,868.47
as
merged with Fairhill Trust Co.
directors
authorized
tingencies, leaving
a
as
300.000
16.463
25,842
Trust department (additional)
$882,250
92,239
388.883
.......
Acceptances & letters of credit Issued.
Liabilities—
Capital stock
Surplus
Undivided profits
1,713.884
3,863,986
3,230
&c—
Other liabilities
Discount
1,594
...
Other real estate
125.312
509,626
....
Time deposits
Due to banks, trust companies,
Bills payable
Total
(Philadelphia).
Dec. 31 '35
Commercial paper purchased
/
Bonds, mortgages and judgments
Stocks, bonds, &c
Banking house, furniture and fixtures
86.763
..........
Customers' liability acct. acceptances
Other resources
reserve
Loans
Capital stock
Surplus fund
Cash and
Dividend payable Jan. 2.
♦Industrial Trust Co.
201.334
283.836
778.688
67.692
3,114.339
1,551.942
486,596
3,782.925
1,364,802
Undivided profits
Res've for int., taxes & contingencies.
Demand deposits......
293.023
3,941.055
$988,379,011$958,758,5091940,010,412
Resources—
382.032
773,239
276,542
3,280,949
1,412,765
87,063
505.239
.....
....
Other assets
9,000.000
1,242,624
.$125,476,421$124,728,4151105.241.684
Trust dept., excl. of corp. trusts
$118,843
$4,000,000
9.000,000
1,511,335
362.550
2,132,936
108.043.232 107,202.782
*400.000
*400.000
126,284
118,812
Dividend
Letters of credit issued
Cash and
22,482
665,770
$71,819
330,459
340.774
22.271
Liabilities—
(Philadelphia).
Dec
reserve
Mortgages
Banking house
290,284
.....
Total......................
Girard Trust Co.
$7,511,737
'35 Dec. 31 '34. Dec. 31 *33.
$140,235
887.593
...
..—....
Due to banks, excluding reserve
Other liabilities
Total
$8,673,458
Management Bank & Trust Co* (Phila.)*
Resources—
Cash specie and notes
Due from approved reserve agents...
Commercial paper
.....
Time loans
Savings fund deposits
Special time deposits
652
(additional)—.—$13,048,711 $12,281,320 $12,756,624
Liabilities—'
Capital
Surplus, undivided profits & reservesDeposits subject to check.....
5.052.919
22,376
$2,437,523
743
6.196,834
112,128
Other liabilities...——....—.——
Total
154.506
202.917
.
115.000
—
....
"
...
Title Insurance reserve fund
Trust department
10
Other assets
—
profits
for depreciation, etc
Deposits
/
527.452
Liabilities—
241
Exchanges for clearing house
*33.
$224,269
$238,448
1,077.929
3.073.806
1,134,633
927.154
397.417
1,669,199
154,872
$1,000,000
Stocks, bonds, &c
Mortgages
Commercial paper
Dec. 30 '33.
$54,831
'35 Dec. 31 '34. Dec. 31
\$l,466,928f
Due from banks, &c
Loans on collateral
$52,266
106,742
64,506
Cash due from approved res. agents..
Due from other bks., tr. cos., &c
Integrity Trust Co.
National Bank
"$9,426,792
Cash on hand
$64,207
258,200
138,682
Nickels and cents
$42,545,391
$40,939,716
Liberty Title & Trust Co. (Philadelphia).
(Philadelphia).
*35 Dec. 31
4.850
17.711
1929.
Real estate, furniture and equipment
Gimbel Bros. Bank & Trust Co.
385 244
780.000
Market Street Title & Trust Co. merged as of
Feb. 28 1930. a Effective May 29 1934 the capital structure was increased
to $7,995,973, consisting of $995,973 common capital, $4,000,000 1st pref.
shares and $3,000,000 2nd pref. shares.
as
Other resources..
Resources—
Cash, specie and notes
37,860,475
18,953
30,052
.$37,478,946 $39,945,320
Resources—
$1,400,000
2,495.405
1,185.445
14,825,427
375.000
134,190
of Feb. 28 1929 and Columbia Ave. Trust Co. and Tenth
merged
$22,074,870 $19,906,277 $19,168,327
Capital stock
Surplus and profits
Reserve for contingencies, &c
Deposits
.
♦West Philadelphia Title & Trust consolidated with
as
Liabilities—
Other
4.850
278.971
------
Letters of credit & acceptances
Other liabilities
„
on
2.731.375
...
Trust department (additional)
Resources—
'Dec. 31 '35 Dec. 31 *34. Dec. 30 *33.
Cash on hand, due from banks, &c_— $1,904,453
$1,539,336
$1,187,470
Loans on collateral
4,554,922
5,126,811
5,818.124
Loans on bonds and mortgages..—..
2,195.026
2,423,144
2,542.904
*
Dec. 30 '33.
„
Total
Germantown Trust Co.
Other
'35 Dec. 31 '34.
Liabilities—
Capital stock...
Surplus and reserve fund
Undivided profits
Cash and
31
Mortgages and other real estate
$14,885,414 $13,856,111 \$22,305,392
9,988,514
7.968,959/
Stocks, bonds and other investments.
" "or> "J
n ACO nKn
Loans on collateral and commercial
Liabilities—
Total
1936
29
Feb.
Chronicle
a
reduction
against the
reserve
for con¬
a balance of $1,003,287.98 in that account.
On March 30 1935 $1,250,000 was
transferred from surplus to reserve
accounts.
6 In addition to this account
$191,151.81 was set aside as a reserve for
on investment
securities, and was deducted from the book value
of the bank's Investment securities in its
published statements.
valuation
Philadelphia Trust Go.
North
(Philadelphia).
$2,816,723
$2,447,722
30 '33.
$2,120,927
1,836,521
1,734.576
1.712.020
695.481
387,123
314,544
895,459
300,762
332,881
372.642
Real estate
698,497
1,009,588
547,864
941,218
488,282
823,874
Other assets..
29,206
30,293
9,914
$7,787,683
$7,230,775
$6,740,274
$500,000
1,000.000
bonds
$500,000
1,000,000
$500,000
1,000,000
Mortgages
▲mount loaned on collaterals..
▲mount loaned on
personal securities
Cash on hand
Cash on deposit with banks.........
Real estate, furniture and fixtures...
Other assets
Total
Dec. 31 '34. Dec.
933,775
142,424
103,979
12,742
•,
,
110.194
148.930
12,699
69,609
203,169
36,277
...
3,215
2,060
1.805
demand & time...
6,025,323
5,456,892
4,922,860
Title Insurance reserve
Gen. dep. pay. on
Dec. 30 '33.
1,894.527
3,418,709
I'i'lo'cZ!
—$54,935,349 $58,157,948
$50,453,939
$7,500,000
$7,500,000
hand and due from banks..
on
Loans
Total
*$3,750,000
Capital stock paid in
Other liabilities
-
Total
-
Stockholders on May 27 1935
$7,787,683
$6,740,274
$5,687,304
$7,230,775
(additional)...... $5,047,120
$5,351,380
Total
a
(Philadelphia).
$54,935,349
Dec. 31 '35 Dec. 31 '34. Dec. 30 '33.
loans........ $1,642,053
$1,760,740 $1,793,990
Investment securities.....
4,304,495
4,746,765
5,258,079
U. S. Govt. & municipal securities...
4,583,453
3,516.772
1.636,472
Loans on collateral
1,150,861
1,435,063
1,456,352
Commercial paper
52,034
40,644
52,820
Real estate
838,299
814.961
§07,381
Cash on hand and in bank......
1,763,748 ,1,202.681
1,656,513
Exchanges for Clearing House
122,124 1
86,211
-----Other resources—accrued Interest—34,781
57,588
98,732
Resources—
...
$14,491,848 $13,661,425
Total.
$12,760,339
Liabilities—
Surplus fund
2,000,000
377,571
444,939
572,038
Undivided profits
$500,000
2,000,000
$500,000
$500,000
2,000,000
Capital stock
953,286
1,112,508
9,763,200
8,770,260
$14,491,848 $13,661,425
$12,760,339
Reserves
580,568
Deposits
10,839,242
Total
•
Lawful
on
$2,289,825
82.735,905
51.950,352
hand
Due from banks and bankers..
Loans
on
31 '34 Dec. 30 '33.
$2,017,528
$1,901,249
54,163,377 40.432,899
67,121.471
69,661,883
Dec. 31 '35. Dec.
Resources—
Cash
....
collateral...
...
73.259 263
10.172.916
Commercial paper purchased
18.369.044
Reserve fund for protec'n of trust bal.
7,986,749
Interest accrued
821,452
Furniture and fixtures.............
1,013.405
Bank building
880,000
Real estate (other than bank bldg.)..
3.957.909
Stocks, bonds, &c
Mortgages
...
63,245,998
10,535.511
18,706.897
9,240.968
883.302
1,000,247
980.624
73,146,954
10,409,121
16,277,154
5,024,035
1,207,128
1,162,825
1.077,132
------
Customers' liab. let. of cred. & accep.
120.414
1,096,774
Other assets........
841,062
4,520,816
212,783
5,175,904
$254398296 $233.513,513S225,689,067
Total
54,406
bonds
reserve
Philadelphia.
Dec. 31 '35
$342,183
Due from banks and bankers........
Call loans
Dec. 31 *34 Dec. 30 '33.
$206,810
1,509,377 $1,401,739
939,121
on
hand.....
on
..............
collateral
...—.
------
Undivided profits...
Reserves....
$8,400,000
12,000.000
2,070,461
......
Interest
$8,400,000
17.000,000
1,788,452
803,190
2,293,704
9,606,558
228,439,827 205.826,032 187,146,365
303,000
317,994
307,231
336,000
336,000
336,000
1,912,676
1,547,723
740,996
acceptances.
120,414
1,096,774
212,783
12,728
26,690
150,682
...
Deposits
$8,400,000
12,000,000
1,668,596
....
payable to depositors
Dividend payable Jan. 2-_
Treas. checks & Clearing House bills
Letter of cred. issued &
Other liabilities
$254398 296$233.513,513 $225689,067
Total
Trust department
(additional)......$874538830$886,798,604$859,689,610
Co. consolidated with Pennsylvania
Annuities as of June 1 1929 under
Colonial Trust Co. merged March 29 1930.
On Dec. 27
Bank of North America & Trust
name
of latter.
Continental-Equitable Title & Trust Co. discontinued its banking
deposit accounts to the Pennsylvania Co.
for Insurances on Lives & Granting Annuities.
On March 29 1934 the Main
Line Trust Co. was merged into the Pennsylvania Co. for Insurances on
1931 the
business and transferred all its
Lives A Granting Annuities.
6,130,825 J
3,790.316
156,207
3,814,713
109,891
3.795,465
194,927
$12,252,721
on one
Stocks, bonds, &c
Real estate
Other assets......................
Total.
r
Liabilities—
'34 Dec. 30 '33.
$66,620
$55,662
33,097
33,325
316,815
223,488
492,221
455,054
376,720
492,339
1,437,007
1,433,686
Dec. 31 '35. Dec. 31
Resources—
$86,099
18,839
271,696
391,305
339,079
Reserve fund
Cash on hand
...
Due from bks. & bankers excl. reserve
Loans & discounts................
Investment securities owned........
*32,776
1,403,231
85,257
Real estate, furniture and fixtures...
Other real estate
...
Other assets......................
$2,628,282
Total
—---
88,348
78,272
$2,810,828
$2,771,826
Capital stock (paid in common)
$1,500,000
Surplus
2,000,000
Undivided profits and conting. reserve
597,035
$1,500,000
2,000,000
$1,500,000
2,000,000
9,132,175
9,223,629
63
8,217,089
Deposits.-.
Dividends unpaid
558,856
190
132,527
Liabilities—
$750,000
849,251
820,296
50,000
878,963
250,000
758,131
400,000
4,501
4,637
14,444
$2,628,282
Reserve......
$750,000
927,228
$2,810,828
$2 ,'771,826
$750,000
..1 1,003,485
.............
823
$13,361,927 $13,295,406
$12,252,721
(additional)..-...$61,035,290 $55,692,323
$53,635,608
-----
....
Total
•
Security Bank & Trust Co. (Phila.).
Resources—
Dec. 31 '35 Dec. 31 '34.aDec. 30
o
Real estate mortgages
Loans on collateral & personal secur.
Stocks, bonds, Ac
Cash on hand and on deposit
Banking houses
.......
...
...
Total..
*
Banking house and furniture and fixtures
Provident Trust Co.
exclusive of other real estate.
Total
$550,000
145,694
2,765,042
2,369,866
767.908
7,553,546
—---
1.931.683
4,138
26,018
Kensington Trust Co. and National Security Bank & Trust Co. con¬
on June 28
1930 under name of Kensington Security Bank &
Trust Co.
Kensington Security Bank & Trust Co. placed in liquidation
*
solidated
and on Sept. 26 1934 was succeeded by the Security Bank &
a Report for the Kensington Security Bank & Trust Co.
b Preferred stock reduced from $250,000 to $100,000.
c
Sonsitaly Bank & Trust Co. (Philadelphia.)
Dec. 31 '35
Resources—
$23,456
141,304
Cash, specie and notes
approved reserve agents—
161
Nickels and cents
30,800
4,822
Legal reserve securities at par
Due from bank'g instit., excl. res—.
Time loans with collateral
Call loans with collateral—....—...
Loans secured by bond and mortgage.
Commercial paper
Bonds and stocks
9,139
22,647
230.836
419,505
136,001
95,293
143,149
171,562
40,487 f
50,000
6.377
50,000
6,377
50,000
12,425
8
333
$790,503
$718,626
$947,900
$125,000,
$125,000
37,662
$125,000
110,390
385,300
169,429
384,985
1,550
155,910
556,511
$790,503
$718,626
$947,900
~7~97d
10.320
182,421J
232,128
207
——
Other resources
Total
Liabilities—
Capital stock.....
...
10,0001
Surplus fund
13,905]
Undivided profits
Demand deposits..
Time
256,298
deposits
—
...
Total
Dec. 31 '35
Stocks and bonds....
35,288,994
31,344,057
25,176,896
$220,100
14,000
610,230
2,181,606
1,190,581
7,749,828
6,489,280
10,968,999
515,048
9,217,383
5,889,926
10,363,160
559,560
581,769
10,534,989
4,833,943
6,577,152
Mortgages and judgments of record..
Office building and lot
Furniture and fixtures
Cash on hand 8c due from bks. &; bkrs.
Miscellaneous assets
10,690
630,6941
473,164
resources
119,119/
98,775
135,700
142.4731
208",700
115,722
26,540
64.098
Liabilities—
.....
Total
$3,200,000
12,260,000
1,665,508
572,436
384,099
$3,200,000
12.260,000
1,605,955
450,000
285,631
42,572,801
32,527,269
169,059
151,744
$65,122,476 $60,823,903 $50,480,599
Trust department (additional), incl.
$396.190,802$386,873,101 $373183116
$2,196,530
$1,839,398
$1,413,737
Capital stock
Capital stock
$3,200,000
Surplus.
12,260,000
Undivided profits
1,731,490
Reserve for contingencies & deprec..
500,006
Reserve for taxes, etc
406,399
Deposits
46,908,313
Other liabilities
116,274
405,490
464.686
.$65,122,476 $60,823,903 $50,480,599
Total
corporation trusts
Other
551,578
6,750
864,200
87,050
105.740
161,300
115,7201
16,600 f
8,840
Other real estate
....
•34 Dec. 30 '33,
$58,510
47,513
$150,869
Dec. 31
—
$2,311,164
Real estate
89
Wyoming Bank & Trust Co. (Philadelphia).
Resources—
Cash, specie and notes
Due from approved reserve agents—
Legal reserve securities
...
Time loans on collateral
Call loans on collateral
$2,259,236
Loans
Dec. 31 '34 Dec. 30 *33
$28,703
$18,820
73,999
139,227
370
655
25,000
32.270
60,2571
Mortgages owned ...
Judgment of record ownod
Office building and lot
Furniture and fixtures
Overdrafts
$1,928,721
Commercial paper
Trust Co.
Includes reserves.
Mortgages
Dec.30'33.
4,021
$3,069,698 $13,700 624
$3,335,905
-
$1,300,000
2,117,448
6$400,000
cl70,863
Loans payable on demand
U. S. and other bonds
Preferred stocks—investment
Dec. 31 '34
289,910
$3,069,698 $13,700,624
Liabilities—
Capital stock-.--.-.-...-.........
Surplus and undivided profits
Contingent fund
Deposits
Reserve for taxes, &c
Bills payable
Miscellaneous liabilities............
Loans on call on one name
(Philadelphia).
Dec. 31 '35
Resources—
$1,494,869
6,709,465
3,467,387
933,268
26,940
50,715
$3,335,905
Total
'33.
$36,170
806,675
969,948
949,965
280,000
$45,995
764,380
1,357,186
867,629
250,000
Other assets
J
Deposits
Bills payable.....................
Other liabilities
—.
—---
_
12,864
Other liabilities
Other liabilities
Capital stock
Surplus and undivided profits
5,280,596
_
.....—
Pennsylvania Warehousing & Safe Deposit Co. (Phila.).
1,579,994
$13,361,927 $13,295,406
on
Loans
Due from
♦
Co. for Insurances on Lives & Granting
,
1,423,790 )
120,2571
425,667/
6,241,771
bonds and mortgages
and two name paper
Loans
Liabilities—
Capital stock..
Surplus fund
3,654.544
$58,157,948 $50,453,939
authorized a reduction in the
381,3441
965,061 f
Cash
Trust department
•Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
------
11.905,351
1.239,593
26.154,451
capital from $7,500,000 to $3,750,000 and on Jan.
change in the institution's name to the Land Title Bank
Resources—
Real estate mortgage
3,832,667
'600.000
The Real Estate Trust Co. of
Northern Trust Co.
21,070.869
19.777.801
$184.912.457$165.178.431$175.399.668
company's
14 1936 approved
& Trust Co.
Trust dept. (additional)
*
£3.856,931
11.811,585
328,924
30.963.039
.
common
Trust department
7,500,000
7,882,394
329,405
35,428.873
44,678
—
.....
Surplus and reserves
Undivided profits
Deposits
6.554
Other liabilities
1,929,104
2,283,894
........
......
Preferredstocx
•
Dec. 31 '35 Dec. 31 '34
$8,714,115
&L373.275
16,834.819
21,923,536
25.173,417
26,547,901
Resources—
Cash
Investments
Liabilities—
Capital stock
Surplus fund
Undivided profits
Reserve for depreciation & conting.—
Reserve for interest and taxes
....
& Trust Co.
♦The Real Estate-Land Title
(Philadelphia).
Dec. 31 '35.
Resources—
Stocks and
1405
Financial Chronicle
Volume 142
$200,000
$200,000
$200,000
Preferred stock
*150,000
Total
Liabilities—
Surplus fund
Undivided profits
Demand deposits
Time deposits
Bills payable & rediscounts
Reserve for depreciation
1,7091
7,2431
718,3041
1,099,708 f
*
Npw prefemd stock issued in
1,587,3031
16,934
2,632
Miscellaneous
Total
52,595
$2,196,530
1935.
58", 666
532,969
510,734
110,000
"l",368
$1,839,898
$1,413,737
Financial
1406
1936
29
Feb.
Chronicle
BALTIMORE COMPANIES
Mercantile Trust Co. (Baltimore).
Colonial Trust Co. (Baltimore).
Dec. 31 '35 Dec. 31 '34. Dec. 30 *33.
$216,055
$325,961
$359,469
Resources—
Loans and discounts
Overdrafts, secured and unsecured..
Stocks, bonds, securities, Ac
------
___
,
_|1
.4
1,084,489
.
t
1.687,942
1,628.664
81,600
77,150
83.150
201.881
222.612
224.444
150,837
211,654
20,543
22,279
Mortgages
BkgTnouse7 furn., fixtures A
vault—
Other real estate
-
OheckB and cash items
Due from approved reserve
Lawful money reserve in
Miscellaneous
Federal Deposit Ins.
Total
.
6,248.097
413.888
162.636
574,879
33,232
648.988
19,448
359,123
26.300
338.475
Customers'liabil. under letters of cred
Other assets........
41,402
415,415
32,401
645,984
63,909
477.452
2,124
—
O.plSS'SS'paldla
2,068
2^053
$2,773,986
$2,131,006
33°:o86
2i§:8^
DSS'™dXdrohM—"4:240
D^SoSts-II
$400,000
$400,000
*400.000
—....
1,920.756
1,088
2,092,748
5,488
1,392,346
2,927
211
$2,566,295
Reserve for interest and taxes——..
662
$2,773,986
785
$2,131,106
General reserve
Other liabilities
Total
-
;.
...
....
Equitable Trust Co. (Baltimore).
1,348
—§*614
Miscellaneous
Capital debentures.
*750.000
------
------
1,000,000
203,753
776,445
1,124,869
16,102,081
1,000,000
175,362
1,000,000
103-667
784,723
667.239
12,299,477
544,000
9,6?o'§£t
8,6?o'??i
is'??!
346,202
103,894
262,772
51,617
386.134
.......
Surplus fund
.................
Undivided profits
...
.........
Due to banks, bankers and trust cos.
Due to approved reserve agents
Deposits (demand)...
Deposits (time)
Dividends unpaid
Reserved for taxes, interest, Ac
Miscellaneous.
$1,250,000
$1,250,000
Capital stock paid ln_.__.......... $1,250,000
*
128,144
115,345
117,431
$31,261,993 $25,097,912 $20,782,952
—
—
2,751
12,793,090
—
250,000
17,025
1,767,361
399,069
250,000
24.159
L990.388
499,016
120,112
108,883
77,411
Accrued interest receivable
•
17,291,750
16,906,983
house, vaults, furn, & fixtures.
262,521
Due from banks, bankers & trust cos.
36,254
Due from approved reserve agents...
4,660,174
Lawful money reserve in bank
622,030
—
,.303,247
—
10,722.881
12,228
12,431
o12,405
$29,798,115 $28,331,324 $21,522,140
Total
Liabilities—
Capital stock, paid In..—...
Surplus fund
...
.......
Undivided profits
48,636
$1,500,000
3,500,000
314.976
20.082.022
12.970,961
2,725.471
3.047.636
41,402
21,404
32.401
20,747
63.908
23,986
.......
Total
$29,798,115
100,673
.$28,331,324 21.522.140
Real Estate Trust Co. (Baltimore)
Dec. 31 '35
Resources—
Loans and discounts—
Investments
Dec. 31 '34. Dec. 30*33.
$487,719
$757,877
484,203
567.574
339,246
309.322
134.333
531.529
429.342
$531,671
Mortgages
-
Other real estate owned—
Furniture and fixtures
184,363
4.280
-
-
~
742.058
471.258
25,517
15,849
871
16.883
14,909
1,256
6.868
252.094
15.852
19 095
29.712
$2,328,058
$2,008,848
$2,042,369
$600,000
150,000
44,865
$600,000
150.000
41,455
$600,000
930,275
726,634
996.670
582,040
18,202
2,676
474.780
14,777
1,202
199,934
11.764
19.646
$2,328,058
$2,008,848
$2,042,369
Due from approved reserve agents—
Cash and due from other banks—
Interest earned not collected
Miscellaneous
1
——
—-
Total
5.594
Liabilities—
Oapital stock
Surplus
-
Undivided profits and reserves
Deposits (demand)
Deposits (saving and special)
Reserve for interest and taxes.
Other liabilities
Total
Safe
Fidelity Trust Co. (Baltimore).
$3,038,666
551
"33.
$4,099,028
263
10,172,062
8,505,833
Dec. 31 *35 Dec. 31 '34. Dec..31
Resources—
...$2,753,224
Loans and discounts
Overdrafts, secured and unsecured—
Stocks, bonds, securities, Ac
Due from banks, bankers & trust cos.
366
11,751,861
1,158,503
Exchanges for ciearing House.......
289,717
Checks and other cash items........
59,789
on
,
125,985
344,698
473,877
Deposits (demand)
Deposits (time)...
Letters of credit
Other liabilities
$1,500,000
3.500,000
19,361,257
4,673.099
Reserve for interest, taxes, Ac.......
Capital debentures issued in 1935.
Cash
$1,500,000
3,500.000
227,076
...
150.000
64,455
$31,261,993 $25,097,912 $20,782,952
-
Due from
-
....
o
34, Dec. 31 33,
$4,803,708 $5,310,167
$8,584,123
.......
Bank,
Total
on
Dec. 31 *35 Dec• 31
Resources—
Loans and discounts..
Overdrafts, secured and unsecured—
Stocks, bonds, securities, Ac
.
Total
Cash
12,627
$2,566,295
Corp———>r
-
2,013,171
8,582.993
Foreign department——————.
Clearing House exchanges.....—
128,826
ior§I
12.830
17.315
—
hand and on deposit.—...
Accounts receivable —————
220,490
agents...
187,998
270,757
bank—lV55n
—-
Dec. 31 *35 Dec. 31 *34. Dec. 30 '33.
$7,775,720
$7,178,208 $8,410,833
Stocks, bonds, securities, Ac..
10,636,477
12,435.427
8.402,418
Banking house, furniture and fixtures
1,250.000
1.250.000
1.214.703
Resources—
Loans and discounts...............
.
1,490,163
approved reserve agents...
580,891
hand—
8,435
Due from cust'rs under letters of cred
Furniture and fixtures-—.—-—
75,000
23,675
Miiwflilftnflftini assets...............
$18,191,624
Total
1,046,862
879.474
198,988
221,550
o77,197
73,992
1,880.290
1,922,860
274,055
7.050
75.000
12,210
$16,928,458 $16,031,950
367,274
4,210
75.000
27,993
Deposit & Trust Co. (Baltimore).
Dec. 31 *35
Resources—
Stocks and bonds
Loans, secured-.Mortgage loans—
Cash on deposit
—
Bills receivable—
Real estate
—
Accrued interest receivable
...
Other assets—
Total
—
—
483,368
579,072
24.235
9,845,101
3,392,997
,30.182
_
41,303
1
cof'Soe
4,210
20%
Sav., 2%
1933.
20%
21%
Sav., 2% l%,sav.3%
Dec. 31 '35 Dec. 31 *34. Dec. 30 *33.
Loans-—
$9,510,350
-
Stocks, bonds, securities, Ac....
—
15,709,036
Due from banks, bankers & trust cos.\10,918,611 /
Cash on hand and on deposit
-J
i
Banking houses and office buildings .
1,700,000
336,797
Miscellaneous assets...............
$9,671,770 $13,133,346
12,781,481
8,168,580
4,304,473
2,605,302
5,602.694
1,700.000
354,248
3,797,554
1,708,076
312,488
.—$38,174,794 $34,414,666 $29,725,346
Total
Liabilities-*—
$2,500,000
Capital stock..................... $1,000,000
Capital debentures
2,000.000
Surplus..........
500,000
Undivided profits....
.........
250,000
Reserves....533,342
$1,000,000
2,000,000
500.000
150,000
659,933
100,244
Deposits............... 33,836,945
30,051,134
25,540,606
54,507
53,599
Miscellaneous...——————
69,585
$38,174,794 $34,414,666 $29,725,346
Total
*
Continental Tr. Co., Drovers A Mechanics Nat. Bank and
Trust Co. merged as of July 26 1930 under name of Maryland
Maryland
Trust Co.
2,094.222
709,340
7,139.182
142.875
275,000
11,956
5,708
$2,000,000
$2,000,000
3,000.000
3,000.000
1,182.157
117,863
7,746,473
4.847,094
1,145,560
142,641
5,776,157
2,682,761
DepositsDeposits, trust funds
——
Res've for deprec. In val. of securities.
Total
1,067.337
118.777
3,843,895
4,600.797
70.000
—$18,893,587 $14,747419 $14,700,806
•Union Trust Co. of Maryland (Baltimore).
Dec. 31 *35 Dec, 31 *34 Dec. 31 *33.
$10,503,406 $11,304,447 $14,609,687
Stocks, bonds, securities, Ac.—— 11,230,390
11,498.677
6,756.179
Banking houses,.furniture A fixtures.
2,035,074
2,195.023
2,269,473
Cash and due from banks
10.046.455
9.908.975
5,627.759
Credit granted on acceptances
6.848
Other assets709.156
856.562
605,361
Resources—
Loans and discounts
$34,524,481$35,763,684 $29,875,307
Liabilities—
Oapital stock paid In......
8urpius fund
Capital notes.
Undivided profits.
$2,500,000
1,500,000
......—
a
...
...
.
343.859
199,142
29.981,480
Reserve for interest and taxes, Ac..
Deposits
$2,500,000
1,500,000
500,000
254,727
$2,500,000
1,500.000
500,000
205.939
71,411
25.963
30,803,018
25,198,069
Other liabilities..
79,864
Total
*
------
1.250,000
264,911
$4,322,523
3,000.000
Total
Maryland Trust Co. (Baltimore).
Resources—
566,967
6,626,537
3,275
275,000
4,217
19,037
$2,000,000
—
Reserve for taxes
167,536
1,533.325
*34 Dec. 30 '33.
$5,548,012
1,704,074
.$18,893,587 $14,747,119 $14,700,806
Surplus
9,928,765
1,942,466
1,106,558
,
1934.
1935
Divs.pd.onco.'sstk.incal.year
Rate ofinterest paid on deposits.....
*
$1,000,000
500.000
208,554
7,050
$18,191,624 $16,928,458 $16,031,950
9,000
Other liabilities
Total
$1,000,000
500,000
164,197
Dec. 31
Liabilities—
Oapital stock
Undivided profits
Capital stock paid in.............. $1,000,000
Surplus fund.....................
500,000
Undivided profits.................
239,083
Due to banks, bankers and trust cos.
918,121
Dividends unpaid....
Deposits (demand)......
........
11,421,350
Deposits (savings and special)...—
3,156,709
Reserve for taxes and Interest,Ac—
50,172
Certificates of deposit
-----Trust deposits
897,189
$5,587,308
1,446.823
374.467
11,182.081
1,585
275.000
2,353
23,970
$34,524,481 $35,763,684 $29,875,307
In October 1929 purchased the
National Bank of Baltimore.
Absorbed
the Monumental City Bank July 1 1930 and the Farmers A Merchants
Nat. Bank July 31 1930.
On Dec. 12 1930 assumed management of
American Trust Co. (Bait.) and guaranteed the deposits.
Placed on a
restricted basis in March 1933; reorganized and reopened for normal busi¬
ness on Dec. 18 1933.
Member of the Federal Reserve System and the Federal Deposit Insurance
Corporation.
a
Company called its entire issue of capital notes during 1935.
ST. LOUIS COMPANIES
'Bremen Bank & Trust Co.
*Cas8 Bank & Trust Co. (St. Louis).
(St. Louis).
'35 Dec. 31 *34. Dec. 30 *33_«
$1,098,713
$961,424
$657,072
Dec. 31
Resources—
Loans on collat. A real est. security.
Overdrafts by solvent customers—..
Bonds and stocks-.
Stock in Fed. Res. Bk., St. Louis—.
Stock in Bremen Investment Co——
Real estate (company's office bldg.)-.
Other real estate..-.
....—
United Sates Liberty bonds
—
...
Safe deposit vaults,
206
1,569,088
21,000
750,000
1,815,685
19,500
750.000
176,000
51,191
548,908
25,200
519,746
146,317
$5,963,377
$5,760,178
$5,151,441
o$600,000
$700,000
100,000
13,734
$400,000
250,000
36,496
Other resources
Total-—.-
2,203,975
24,000
19,600
783,245
99,000
100
54,395
1,841,671
—-
——
181
750,000
172,000
74,513
885,475
22,400
536,213
124,797
4,999
168,000
furniture A fixt—
Due from banks and bankers
Cash on hand
382
-
—
.
—-
100,000
paid
27,820
12,975
14,000
—.—.—
--------
1,512,846
1,338,093
2,256,014
7,164
1,293,159
37,840
-—
Undivided prof, less exp. A taxes
Reserve accounts
Deposits
2,169,643
15,011
Time certificates of deposit.
Other deposits.-...-,
Savings deposits
Treasurer's checks
„
1,489.230
—
.......
35,678
19,807
as
174
174
$5,760,178
$5,151,441
the Bremen Bank in 1868; name changed to Bremen
Bank A Trust Co. as of May 11930
Capital reduced from $700,000 during year.
1,104,965
174
Total
a
1,002,379
2,328,422
9,199
$5,963,377
Unpaid dividends
Organized
$1,162,029 * $1,118,344
567,233
629,189
2,870,018
2,610,331
Stock in Fed. Res. Bank, St. Louis
21,600
21,000
Real estate (company's office bldg.)..
150,000
150,000
Other real estate..................
136,546
95,516
Safety deposit vaults
70.000
80,000
—-
Bonds and stocks
_
........
$1,414,107
483,918
2.078.932
18.000
150.000
84,399
90.000
Due from Fed. Res. Bank and other
banks and trust companies
Checks and other cash items........
Cash on hand
885.200
Total
361,352
154,290
121,298
146,320
169,092
7,945
378.142
98,979
109,322
7,062
$6,185,983
$5,350,691
$4,912,861
$300,000
300,000
....
9.371
$300,000
$300,000
300,000
100,000
24,243
300,666
Liabilities—
Capital stock paid in
•
Dec. 31 '35 Dec. 31 '34. Dec. 31 '33.
.
All other resources
Liabilities—
Surplus
Resources—
Loans on collateral security
Loans on real estate security.—
Capital stock
Capital nouss
...
...
....
Surplus...
120,000
47,143
Undiv. prof, less curr. exp. A taxes pd.
Deposits subject to draft at sight by
individuals and others
_.—....
Time certificates of deposit
—
Other time deposits..
—...
Savings
deposits
U. 8. Government deposits...
Cashier's checks
Other liabilities
Total
*
.
......
....
1
15.374
1,348,594
1,274,333
189,000
1,386.144
2,199,106
1,049,801
1,764,669
1,889,226
134,366
141,075
5,266
1.687,595
42,645
39.922
9.000
17,000
70,041
$6,185,983
$5,350,691
$4,912,861
1,082.617/
—/
Member Federal Deposit Insurance Corporation.
12.375
1
*
Chippewa Trust Co. (St. Louis).
380
524
98,488
388,147
15,000
166,500
37,500
37.862
383 951
Acceptances of other banks.....
7,500
180.000
51,000
642" 341
10.200
Banking house....................
163.500
Furniture and fixtures..—........
34,500
12,928
554,474
10.129
Other real estate
Liberty bonds and U.S. Govt, certifirates of indebtedness...
50,459,910
Stock in F. R. Bank, St. Louis
360.000
Real estate (company s office bldg.). _
2,500.000
Safe deposit vaults—
600.000
20.112
204 076
68.375
$2,638,582
$2,314,622
$1,941,777
a$340,000
a$340.000
9,201
$200,000
/ 50.000
\ 22,153
Gash and due from banks....—.....
Other assets——
Total
—
Liabilities—
Capital stock..
—
.
.....—.......—.1
Undivided profits
11,700
1
....—
5,000
Redemption Fund capital notes
Reserves..-......-.-.-.-...----..
"
4,670
693,543
1,267,208
776,606
1,489,920
4,973
499.424
999,367
2 700
Deposits subject to check...........
Savings deposits
1
Time certificates of deposit......../
Bonds borrowed
Bills payable
50.000
115,860
12,656
—
$2,314,622
$2,638,582
—
.........
...
Bonds and stocks
Cash due from banks
stock at $100 a share and 2,000 shares common stock at $20 a share.
Dec. 31 *35.
■
.$10,000,000 $10,000,000
2,000,000
2,000.000
Reserve for interest
1,463.302
119*992
170,000
477,166
415.000
1,108.028
4,110
140,009
........
reserves
....
„
7,058,416
28.049,322
90,628,640
228,980
of Commerce under name of Mercantile-Commerce Bank &
72,544
7,773
9,129
171,729
Stocks and bonds.
16.558
25.944
538.800
110.874
56.034
7,773
9,129
86.293
44,187
$2,104,544
$1,765,347
109.823
653.355
638,607
...
resources
Total
$1,464,397
Liabilities—
$200,000
100.000
Surplus
Deposits, demand
...
Time deposits......
25,000
....
6.734
11,876
644.413
134,674
617,555
10,095
839,336
Savings deposits..................
Treasurer's checks outstanding.
19,142
13,655
liabilities
...i
Total.
$2,104,544
$1,765,347
Loans
collateral
on
/
$8,715,805
.....
28,068.136
—
3,127,679
12,011,002
....
11,314,239
164,767
Other negotiable Ac non-nego. paper..
Customers liability on accept. Acc—
Real estate....
Cash on hand
Due from banks
Other resources
5,579
6,611
492.096
225,459
424,216
10,369
67
$1,464,397
Dec. 30 '33.
$9,918,915 $10,772,800
25.958,452
13,686.983
3.406.673
2.552,772
20.245.926
14,448.241
9.800.405
11,499,759
382,279
251,556
1,375.364
1,390,281
20.460,638 14,472,209
Dec. 31 '35 Dec. 31 '34.
—
U. 8. Government securities
Loans on real estate
mood
40,000
•
.............
......
Undivided profits...
Reserves for interest, taxes, &c._
1,291,193
j.23,790,220
Jefferson Bank & Trust Co. (St. Louis).
Dec. 31
Loans
$818,113
1,061,338
122.800
127,539
$1,020,248
1,101,125
120,550
121,385
469,548
...—.........
....
Bonds and stock
'35 Dec. 31 *34. Dec. 30 33.
—
Banking house and equipment..——
Other real estate owned
Cash and due from other banks——
.....
422,018
$1,002,990
763,350
122,800
88,589
307,675
$2,832,856
$2,551,808
$2,285,404
Capital.....
♦$445,259
Surplus and undivided profits—...
Reserve for interest, taxes. Ape
12,236
Deposits..............
......
2,375,361
♦$400,370
2,142.082
$200,000
77,673
2,857
2.004,874
$2,832,856
$2,551,808
$2,285,404
Total
87,530,708 $75,617,404
—
Liabilities—
Capital stock...
Capital notes
—
Undivided
$6,000,000
500,000
1,200.000
735,068
>$6,000,000
.—
a
Surplus fund
....
1,200,000
...
.....
1,101,559
250,000
profits
Reserve for contingencies
407,000
8.139,824
Deposits (savings)
8,674,174
Deposits (time)-.-.
.....
—
782,654
Deposits (demand)...
70,973,673
Acceptances and letters of credit
164,767
Accrued int. Ac taxes payable (net)—.
11,156
Other liabilities...
20,637
—
Total-.—
-
-
"d',356
♦
Capital account—common stock 2,000 shares at $100 a share, capital
notes "A" $150,000 and capital notes "B" $100,000.
Trust Co.
Lindell
Dec. 31 *35 Dec. 31 '34.
Resources—
Loans and discounts—...
Bonds and stocks
Dec. 30 '33.
$959,168
974,948
1,286,441
12,000
412,581
35,440
$870,299
728,035
946,546
15,000
356,505
40,850
$945,280
235,079
27,043
24,094
239,079
$3,966,794
$3,253,538
—
—.........
United States securities..—........
Stock in Federal Reserve Bank
Cash on hand and in other banks—.
Furniture and fixtures.............
Bank building.
Other real estate owned...—......
Interest earned, not collected...—.
Other resources...
Total
————
26,384
24,192
6,648
595.234
792.901
12,000
235,268
45.487
243.079
21,772
20,857
229
$2,912,107
16,639
201,935
.......——
—
.....—-
.
$300,000
50,000
100,000
36,680
$300,000
♦
100,000
67,103
6,582
Treasurer's checks outstanding
10,853
41,861
Reserve for interest and taxes
38,339
2,708,054
Name changed to Mississippi
Valley Trust Co
a Capital notes in the sum of $500,000 retired during year.
Mound City Trust Co.
(St. Louis).
31 '34 Dec. 31 '33.
$656,770
$689,553
402.963
603,730
47,860
194.241
359,752
14.422
14,413
1,918
2,925
11,663
10,058
Dec. 31 *35 Dec.
Resources—
Loans and discounts.
$845,8 S9
-
660,468
Bonds and stocks
Real estate
14,878
507,880
—
14,000
Safe deposit vault and fixtures
Federal Deposit Insurance Corp
2,427
10,928
Other resources, accrued interest
$2,056,470
$1,680,432
$1,329,837
*$97,559
150,000
$50,000
150.000
50,000
$200,000
2,774
Total
Liabilities—
Capital stock—
—
Capital notes
...
Surplus-....-..
Undivided profits
Due Federal Reserve BankDeposits—
Reserves, depreciation, &c
....
1,793,588
15,323
1,415.586
12,072
$2,056,470
$3,966,794
-
23,701
19,854
7,355
9,612
$3,253,538
$2,912,107
........—_
$1,680,432
$1,329,837
Manufacturers Bank & Trust Co. (St. Louis).
,Drc. 31 *35 Dec. 31 '34. Dec. 30 '33.
Resources—
on collateral
Loans
..)
Commercial paper & invest, securs. .)
Loans on real estate...
J
Customers' liab. a-c accept. Ac L.O —
$2,332,903
Overdrafts....
Stock in Federal Reserve Bank—...
117
30,000
4,248,360
—
Real estate
$2,588,269
(company's office bldg.) —
Safe deposit vaults
Assess, for ins. under Bkg.
159
350,000
350.000
37,500
1,944,398
37,500
2,796,007
57,950
2,082,617
350,000
37,500
4.593,285
22,434
12,601
75,218
$9,314,237
$9,797,440
57,950
,
4,220,433
Act 1933—
Other resources
—
Liabilities—
—
$600,000
$600,000
400,000
400,000
68,977
16,926
—
Preferred stock
—-
Undivided profits. —
Reserve for preferred dividends...
ing & vaults
.......
15,500
Inunicipal deposits Ac trust funds—
Deposits subject to draft by trust'
companies, banks and bankers
Deposits subject to drafts by indi¬
viduals and others—.—.—
Time certificates of deposit....—v
Demand certificates or deposit
550,784
1,243,788
Contingent liability on letters of credit
2,000
------
...
1,321,203
2,362,950
—
903
421
103,833
8,602
6,079
19,228
80,598
8,709
5,820
3,975
$5,539,662
$3,375,006
$200,000
40,000
74,731
$200,000
40,000
32,773
Equity in building and safe deposit vaults-.
Furniture and fixtures
Prepaid insurance and other resources—
Net accrued interest--Total
-
Capita]
Surplus
—
...
Undivided profits
—
Reserve for bond amort., ins., int. taxes, &c—
Other liabilities
U. S. Government deposits
...
Ail other deposits
14,866
Total—
——
——
"l",826
—
—
——
—
179,031
5,031,034
300,000
2,800,407
$5,539,662
$3,375,006
♦Opened for business April 23 1934.
-
North St. Louis Trust Co. (St.
7.857.359
$1,650,463
1.168,578
680,189
113,238
693,556
118,050
50,558
38,327
22,024
33,546
338,137
122,380
50,074
37.363
$4,111,415
-
resources.
Total.
7.045,773
——
-
$3,686,217
$3,199,051
$300,000
$300,000
738,319
1,948.749
$3,199,051
Liabilities—
Demand
1,255,421
Savings
2,292,664
3,750
21,630
12.468
$300,000
200,000
184,626
1,025,310
1.947,293
3,750
11,577
13,661
$4,111,415
$3,686,217
Capital
Capital notes
Surp., undivided prof. A; conting. res.
—
11,074
$8,984,546
$9,314,237
Dpc.ZO '33.
$1,145,102
1,505,995
$2,395,960
833,143
Loans and discounts
Other
7,338,211
Louis).
Dec. 31 *35. Dec. 31 '34
Resources—
Bonds and stocks
banks and cash on hand-.—.
Real estate; furniture and fixtures—
$9,797,440
Lafayette-South Side Bank Ac Trust Co. of St. Louis reorganization
plan was completed on Dec. 1 1933 and the institution was re-opened under
title of the Manufacturers Bank Ac Trust Co. on Dec. 20 1933.
Other bonds—-City of St. Louis
Other real estate-
Savings deposits
Cashier's checks and certified checks
Cashier's checks acct. reserve purcta..
-
Dec. 31 *35 Dec. 31 '34
$999,254
$1,457,845
953.026
1,580,222
Cash and due from banks.
U S. Government securities
Due from Federal Reserve and other
7,750
U. S. Govt., State, county or
♦
(St. Louis).
$430,000
1,215,000
286,667
6,929
1.485
Reserve for depreciation, bank build¬
Total
Mutual Bank & Trust Co.
w
Surplus-....................—...
Capital stock..
*
Resources,—
Liabilities—
11,074
30,194
.....
Cash and due from banks and bankers
Total
$1,829,754
$8,984,546
Bonds and stocks.........
Capital increased from previous year.
Loans and discounts
Overdrafts
Capital notes in the amount of $50,000 retired.
♦
Total
♦
50*666
2,287
50.000
1,023,734
3.816
------
—
mood
2,456,277
4,920
Deposits..3,449,675
Other liabilities.
1,573
Total..—
$300,000
506.724
1,000,000
6,978.193
4.825.569
54.416.875
382.279
2,918
4,846
Mississippi Valley Trust Co., Merchants-Laclede National Bank and
as of July 1 1929 with name of Missis¬
Liabilities—
Capital stock.
Capital notes
Surplus.....
Undivided profits...
1,500.000
-$89,178,620 $87,530,708 $75,617,404
Total..
*
$6,000,000
State National Bank consolidated
Cash and exchange...—
(St. Louis).
3.666,588
66,412,098
251,556
...........
sippi Valley-Merchants State Trust Co.
Liabilities-
1.574.765
1,050,094
695,579
Total
....
Resources-
Tnist Co.
^Mississippi Valley Trust Co. (St. Louis).
Resources—
$200,000
$200,000
100.000
7,143
8,071
778,032
114,265
Capital stock paid in
Capital notes
136,642
2.868,075
25.930.720
73,340.434
On May 18 1929 the Mercantile Trust Co.
$356,383
Real estate.
♦
106,635
oc§.412
145,462
$164,156,049$140,267,048$116.410,697
merged with National Bank
Total...
*
650,477
4,841
11,037
,
Bank's liability acc't letters of credit.
Bank's liability acc't acceptances—..
22,360
U. S. Government deposits.—.....
3,076,378
Time deposits—
30.289,795
Demand deposits
...114,671,627
120,650
40.330
633,706
387.727
110.644
7,773
9,129
184,137
....
Furniture and fixtures....
Safe deposit vaults
Other
$10,000,000
2,000.000
1,722,164
2,428,742
profits
$254,693
Bonds and stocks (present value)
Due from banks and trust cos...
Cash on hand, Acc
Other
Dec. 31 *34. Dec. 30 *33.
$269,470
155,680
...........
Loans on real estate.........
Other securities.
5,412
------
16,434
Loans on collateral
136,642
$164,156.049$140,267,048$116,410,697
Total.
Liabilities—
Capital stock—
Surplus
Eastoa-T&ylor Trust Co. (St. Louis).
Resources—
11,037
45,507
Other resources
Other
1,500,000
3.452
22,912,595
1,500.000
8.481
49,694,372
145,462
22,360
-
700.000
700.000
.
1,500,000
4.508
53,190,169
140,009
Gust's liabil. on letters of credit
Customers liability on acceptances..
360.000
2,600.000
2,550.000
—....
———
35.731,978
38,231,158
360.000
....
Other real estate..
Overdrafts
1.072,728
24,404,785
------
_
23,533,327
26,193,367
.....
Unpaid'dividends
$1,941,777
Capital account Includes—Capital notes $100,000, 2.000 shares pref*
Total.
a
Demand loans
Undivided
.....
Other liabilities
Dec. 31 '35 Dec. 31 '34. Dec. 30 '33.
.$20,998,755 $16,152,184 $18,245,397
8,141,464
7,381,027
8,737,708
$946,154
$1,254,499
118
302,578
295.656
—..
Overdrafts
—....—...
U.S. Government securities
Other bonds and securities..........
Stock in F. R. Bank, St. Louis
Mercantile-Commerce Bank & Trust Co. (St. Louis).
Resources—
Time loans
30 *33.
$1,018,486
Dec. 31 '35. Dec. 31 '34. Dec.
Resources—
Loans and discounts
Surplus....
1407
Financial Chronicle
Volume 142
deposits
------and time ctfs. of deposit—
Dividend payable Jan. 1 1935—Treas. checks and div. checks.
-
.
.
-
.
Other liabilities—res. for Int. Ac taxes
Total...
-
225,482
139*443
16*022
6,518
1408
Financial
Resources—
Dec. 31 '35.
Loans and discounts
Dec.
hanks
Other real estate owned
Overdrafts
975,811
342,157
-
'34
Dec. 30 *33.
$2,980,866
523,191
191,751
189,866
259
129
Banking house, furniture & fixtures—
117.000
4,201,277
30,750
12,472
Bonds and stocks
Stock in Federal Reserve Bank
Other assets
Total
31
$1,985,626
1,115,195
$1,927,766
259
120,000
120.000
3,869,097
4,517,020
17,438
18,401
$7,297,481
$8,351,488
Liabilities
$500,000
536,000
$500,000
550,000
$500,000
98,832
86,205
20,000
6,399,908
6,155,101
\
Undivided profits..
Retirement fund for capital notes
\
J
Other liabilities
33,430
2,975
3,200
4,000
7,740
$7,607,362
Total
Tower
Bank
Grove
$7,297,481
$8,351,488
Trust
&
Resources—
Co.
Dec. 31 '35.
Loans
on
collateral
Loans
on
real estate
Overdrafts
(St.
Dec.
$3,278,0 6
1,302,000
Other real estate
U. S. Govt. ctfs. of indebtedness
31
crust
1,100
Other
Other assets
Total
150,292
38,398
497,000
915,885
29,556
1,681,000
25,000
1,343,762
11,890
112,210
127,906
35,692
789,065
35,560
138,519
113,561
44,913
Deposits subject to draft
Time certificates of deposit
Demand certificates of deposit
Savings deposits
4,723,142
1,386,107
900
5,110,962
217,961
1,478
103,500
Total
300,000
45.871
14,260
78,728
11,788
900
Cashier's checks
$500,000
3,982,116
83,164
89,992
265,083
38,508
.$13,734,206 $11,759,528
3,315,731
1,012,055
104,641
2,633,729
88,698
107,705
461,336
109
$8,584,135
Began business Oct. 14 1911.
THE
ENGLISH
Undivided profits
Reserve for interest and taxes, etc
Board of Education deposits
U. S. government deposits—
All other deposits
GOLD
AND
SILVER
Total
at the
daily fixing. Offerings were readily absorbed by general demand and
prices continued to be maintained at a good premium over gold exchange
parities.
Quotations during the week:
Per Fine
Equivalent Value
of £ Sterling
Ounce
140s. lid.
-
Feb. 7
140s.
Feb.
Feb.
Feb.
Feb.
8
10
140s. 6d.
140s. 8d.
11
12
7%d.
12s. 0.95d.
*
140s. 10%d.
140s. 8.50d.
Average
12s. 1.12d.
12s. 0.95d.
12s. 0.73d.
12s. 0.90d.
The
following were the United Kingdom imports and exports of gold
registered from mid-day on the 3d inst. to mid-day on the 10th inst,:
Imports
-
Venezuela
France
„J
Switzerland
Netherlands
Germany
Exports
£1,080,761
144,730
567,214
14,052
France
.£223,244
57,561
Netherlands
Finland
.
.
Other countries
-
22,661
.
2,133
125,000
50,298
10,878
199,299
53,914
Other bonds and securities
Stock of Federal Reserve Bank
36,000
a600,000
Stock in United Corp
81
Safe deposit vaults, furn. & fixtures
Leasehold banking premises
Other real estate
Cash and due from banks
Other resources, int.
earned, uncollec.
£305.599
gold to the value of about £523,000 consigned to London.
The Transvaal gold output for January 1936 amounted to
924,081 fine
ounces
as
compared with 906,496 fine ounces for December 1935 and
890,875 fine ounces for January 1935.
Undivided profits
Reserves
Demand deposits
Time deposits
Savings deposits
deposits...
Deposits by City of St. Louis
U. S. government deposits
Bank
Unearned
SILVER
-
discount
a
rise of %d. over the last quotations;
Imports
Exports
-£732,700
39,648
115,213
195
Belgium
Netherlands
Other countries
$9,353,547
$8,524,095
$1,000,000
200,000
58,681
56,349
4,821,246
1,000,937
873,024
43,964
300,000
997,100
$1,000,000
500.000
11,466
9,599
3,894,613
1,127,941
708,471
35.323
700.000
533,771
2,911
2,246
$8,524,095
Quotations during the week:
IN
LONDON
IN NEW YORK
Bar Silver per
Oz. Std.
Cash
6
(per Ounce .999 Fine)
2 Mos.
19 7-16d.
19 9-16d.
19%d.
Average
20d.
19 13-16d.
19 ll-16d.
Feb. 12
19%d.
19%d.
19 15-16d.
7
Feb. 10-Feb. 11
19%d.
_19.6750d.
5,760
2,718
6.215
13,076
U. S. A
British India
Iraq
Egypt
Sweden
Denmark
France
Other countries
-£486,405
340,995
1,600
1,785
8,668
2,275
1,427
1,954
—
4,165
1,762
£921,452
Feb.
5
Feb.
6
Feb.
7
Feb. 10—
Feb. 11
45 cents
45 cents
45 cents
—
45 cents
45 cents
19.6875d.
The highest rate of exchange on New York recorded
during the period
from the 6th inst. to the 12th inst. was
$5.02% and the lowest
Commencing
$4.99%.
on
Feb.
15,
and until further
notice,
market will be open on Saturdays.
COURSE
OF
BANK
the Londonisilver
CLEARINGS
Bank
clearings this week will again show an increase com¬
pared with a year ago.
Preliminary figures compiled by us
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Feb. 29), bank exchanges 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 preliminary total stands at
$6,355,528,358, against
$6,239,654,748 for the same week in 1935.
At this center
there is a gain for the week ended
Friday of 1.3%.
Our
comparative summary for the week follows:
Per
1936
Philadelphia
-
-
Boston
'
Kansas City
St. Louis
San Francisco
Cleveland
Twelve cities, 5 days
Other cities, 5 days.
Total all
cities, 5 days
All cities, 1 day
Total all cities for week
$3,198,908,753
212,102,207
300,000,000
177,000,000
73,771,396
290,168,721
327,000,000
205,431,000
78,214,682
71,000,000
116,028,000
109,527,010
93,374,266
62,159,085
52,410,996
27,512,000
66,200,000
99,500,000
88,424,141
99,586,848
55,208,356
49,726,725
27,900,000
Cent
+ 1.3
+36.8
+9.0
+ 16.1
+6.0
+7.3
+ 16.6
+23.9
—6.2
+ 12.6
+ 5.4
—1.4
$4,672,122,661
$4,448,328,426
624,150,971
606,461,335
f5.0
f2.9
$5,296,273,632
1,059,254,726
$5,054,789,761
1,184,864,987
—10.6
$6,355,528,358
$6,239,654,748
+ 1.9
+4.8
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them to-day, inasmuch as the week ends
to-day
(Saturday) and the Saturday figures will not be available
until noon to-day.
Accordingly, in the above the last day
of the week in all
cases has to be estimated.
the elaborate detailed
statement, however, which we
present further below, we are able to give final and
complete
results for the week previous—the week
ended Feb. 22.
In
For that week there is
£845,109
1935
$3,239,296,901
Chicago
Detroit..
the market, however, appeared rather overstrained at this level
and there
was a reaction, prices
being fixed to-day at 19 ll-16d. and 19%d. for the
respective deliveries.
There have been further China sales,
but, although on a moderate scale,
offerings have been more general. The American Treasury has not
bought
in this market and the slackening of demand for
spot was reflected in the
quotations, cash silver on three occasions during the week
being at a dis¬
count of 1 16d. as compared with two months'
delivery.
The tone has been quiet and the outlook is still
very undecided.
The following were the United Kingdom imports and
exports of silver
registered from mid-day on the 3d inst. to mid-day on the 10th inst.:
-
206,718
1,397,808
62,642
a The United
Corp. is a wholly owned subsidiary of this bank, with no
liabilities and whose assets consist entirely of U. S. government
obligations
Baltimore.
-
•
as of Aug. 1
1929 under name of United States Bank & Trust Co. and later
changed
to United Bank & Trust Co.
New Orleans
delivery, representing
Iraq
233,318
2,283,574
46,581
$9,123,403
$9,353,547
Broadway Trust Co. consolidated with United States Bank
two months'
British India
342
23,099
Total
continuation of buying by the Indian Bazaars caused an
advance in
prices, which, on the 10th inst. reached 19 15-16d. for cash and 20d. for
British Malaya
33
$1,000,000
200,000
61,595
61,569
4,231,445
964,237
1,029,071
43,186
600,000
930,600
1,700
Surplus
*
$3,358,133
2,541,582
888,771
45,000
$9,123,403
Pittsburgh
A
British West Africa
'34 Dec. 30 '33.
18,025
29,338
42,420
228,792
2,310,553
49,244
Liabilities
New York
Japan
31
$2,692,901
3,188,500
245,615
45,000
a600,000
546,093
Week Ended Feb. 29
£2,230,049
China.
Dec.
$2,209,382
3,071,500
Clearings—Returns by Telegraph,
The SS. "Rajputana" which sailed from Bombay on the 8th
inst. carries
Hongkong
i
(St. Louis).
Dec. 31 '35.
Loans and discounts
U. S. Govt, bonds and securities
15,301
9,787
18,815
;
Other countries
150,000
223.593
23.220
5,539,630
315,983
5,522,356
100.000
350,000
♦United Bank & Trust Co.
12s. 0.69d.
12s. 0.99d.
140s. 8d.
Canada
U. S. A.
151,224
11,315
8,282,667
220,016
5,807,319
105,047
341,350
$16,740,724 $15,918,938 $12,574,782
Resources—
Feb.
Feb.
GOLD
Tanganyika Territory
$350,000
150,000
♦Preferred stock reduced from $500,000 in 1935.
MARKETS
The Bank of England gold reserve against notes amounted to
£200,528,066
on the 5th inst., as compared with £200,468,734 on the previous
Wednesday.
In the open market gold to the value of about £1,700,000 was available
British India
$350,000
500,000
and cash.
Feb. 12 1936:
British South Africa
British West Africa-—
$350,000
*300,000
350,000
reserves..
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
6
15,794
81,764
12,744
8,842,788
210,000
6,593,428
...
Surplus
We
Feb.
30,456
$16,740,724 $15,918,938 $12,574,782
Total.
$500,000
300,000
300,000
1,250.209
Postal savings deposits
U, S. Government securities
Other liabilities
52,122
6,526,367
1,663,604
17,500
6,145
95,607
8,298
31
Liabilities—
$8,584,135
$500,000
300,000
300,000
149,066
49,742
119,421
5,630,967
Reserves for expenses
Reserves for contingencies
♦
53,202
11,719
Capital
...
8,886,014
2,687,917
17,500
Overdrafts
Liabilities—*
Capital stock paid in
Capital notes
Surplus
Undivided profits
9,550.204
2,489,877
......
Preferred stock
24.000
$13,734,206 $11,759,528
resources
15,000
310.564
•
Total
1,787,648
33,000
144,021
100,835
364,000
1,007,824
5,289
106,620
145,558
24,870
Furniture and fixtures
30,000
460,739
72,465
455,283
79,521
Cash and due from banks
Five per cent redemption fund
323
4,029,884
20,000
companies and banks
2,219.921
30,000
Insurance premiums prepaid
Interest and commissions accrued
$2,969,815
1,049,600
Due from Federal Reserve Bank .other
Checks and other cash items..
Cash on hand
1,055
2,022,390
Other real estate owned
'34 Dec. 31 '33.
$2,748,217
1,001,011
5,559,470
33,000
137,134
192,338
1,921,578
U. S. Liberty bonds
Safe deposit vaults
$1,680,265
2,516.551
31 '35. Dec.
Circulating notes outstanding
Louis).
429
Bonds and stocks
Stock in Fed. Res. Bank, St. Louis..
Real estate (company's office bldg.)..
Dec. 30 *33.
3,110
U. S. Govt, certifs. of indebtedness
and Liberty Loan bonds
Other
*
'34
$1,670,887
264
Capital stock
180,000
19.192
1936
29
$1,554,103
Stock in Fed. Res. Bank, St. Louis..
Real estate (company office building)
16,765
6,642.983
-
Reserves
Dec
Bonds
f 1,000,000
.....
Deposits
Bills payable
Resources—
Loans
Overdrafts..
...
$7,607,362
Capital stock
Capital notes
Surplus
Feb.
Security National Bank Savings & Trust Co. (St. Louis).
Northwestern Trust Co. (St. Louis).
Cash and due from
Chronicle
of
an increase of
1.8%, the aggregate
clearings for the whole country being $4,794,362,576
Financial
Volume 142
against $4,710,424,300 in the same week in 1935.
Outside
of this city there is an increase of 6.0%, the bank clearings
at this center having recorded a loss of 0.7%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
a loss of
0.8%, but in the Boston Reserve District the totals
register a gain of 10.5% and in the Philadelphia Reserve
District of 0.2%.
In the Cleveland Reserve District the
totals are larger by 7.9%, in the Richmond Reserve District
by 9.3% ana in the Atlanta Reserve District by 5.1%.
The Chicago Reserve District has to its credit an increase of
9.1%, the St. Louis Reserve District of 8.3% and the
Minneapolis Reserve District of 2.7%.
In the Kansas
City Reserve District the gain is 3.2%, in the Dallas Reserve
District 14.9% and in the San Francisco Reserve District
5.3%.
In the following we furnish a summary by Federal Reserve
districts:
Chronicle
1409
Week Ended Feb. 22
Clearings at—
Inc.
1936
1935
or
1934
Dec.
1933
%
Seventh Feder al Reserve D istrlct—Chic ago—
Mich.—Adrian
46,074
278,819
74.984
59.460
249,601
78,782,662
1,997,495
1,144,057
818,990
r 10,915,000
874,110
3,713,824
14,532,049
262,508
84,410,824
1,465,169
1,032,148
532,028
653,397
635,808
5,583,700
2,004,004
221,555
227,837,609
5,477,214
2,049,295
250,775
200.865,590
—11.7
232,991
355,296
143,823,635
373,562
+13.4
+54.6
172,551,758
577,363
385,200
277,588
3,238,538
2,168,532
+49.3
779,149
760,654
602,652
660,965
+29.3
+15.1
1,988,142
459,881
775,747
1,689,654
376,481
932,847
354,758,741
325,140,880
+9.1
271,891,825
174,503,339
Eighth Federa 1 Reserve Dls trict—St. Lo uis—
+ 13.5
72,500,000
63,900,000
25,091,520
+4.1
26,124,430
—8.6
13,341,041
Tenn.—Memphis
12,196,418
55,900,000
21,354,670
43,600,000
16,109,263
7,869,874
..
Ann Arbor
Detroit
Grand
Rapids.
Lansing
Ind.—Ft. Wayne
Indianapolis...
South Bend
Terre Haute..
.
Wis.—Milwaukee
Iowa—Ced. Rap.
Des Moines
Sioux
City
HI.—Blooming ton
Chicago
Decatur
Peoria
Rockford
Springfield
10,136,000
544,310
3,176,427
10,437,613
+26.1
4.9
—6.7
°
5,987
62,759,988
1,182.539
+36.3
+ 10.8
+53.9
+7.7
+60.6
+ 16.9
+39.2
+2.8
+ 1.9
226,177
721,554
463,752
8,475,000
593,851
3,748,530
10,760,867
702,518
8,118,000
409,413
3,231,139
8,889,679
255,359
4,187,519
2,024,254
—2.2
c
'
i
4,038.342
1,456,683
SUMMARY OF BANK CLEARINGS
Total (19 cities)
Inc.or
Week Ended Feb. 22 1936
1936
1935
Federal Reserve Diets.
$
$
1934
1933
S
Dec.
$
Mo.—St. Louis..
1st
Boston ....12 cities
2nd New York..12
"
187,203,925 +10.5
206,928,720
172,512,111
188,585,747
3,001,867,614
3,025,340,055
—0.8
3,374,091,553
2,746,676,271
3rd
Philadelphia 9
"
299,037,178
298,570,930
+0.2
246,761,091
279,981,572
4th
"
196,685,051
182,220,817
"
90,670,851
82,923,870
79,168,413
71,329,372
Atlanta....10
"
110,576,096
105,239,135
90,877,771
69,368,742
7th Chicago ...19
"
354,758,741
325,140,880
+9.1
271,891,825
4
"
111,199.848
102,641,561
91,363,379
Minneapolis 7
10th KansasCIty 10
"
"
68,436,890
66,663,304
113,403,437
109,858,570
11th Dallas
5
"
50,127,615
43,629,089
Fran..12
"
13,792,709
174,503,339
8th
-
159,940,954
6th
+7.9
+ 9.3
+5.1
157,779,539
5th
Cleveland.. 5
Richmond .6
Ky.—Louisville.
St. Louis
12th San
Total
Canada..
We
Ninth Federal
49,105,944
Minn.—Duluth..
75,268,710
Mlnneapolis...
40,601,999
28,114,697
St. Paul
180.992,164
145,730,636
125,766,717
4,710,424,300
+1.8
4,829,098,683
4,036,414,862
1,770,047.328
+6
0
1,630,144,769
1,368,892,208
263,553,258 +48.1
263,274,247
195,114.111
32 cities
add
now
67,772,797
190,670,535
Outside N. Y. City
390,361,239
our
Total (4 cities) _
94,544,517
4,794,362.576
Ill cities
detailed statement showing last week's
figures for each city separately for the four
years:
1936
First Federal
Me.—Bangor
Reserve Dlst rlct—Boston
Lowell
New Bedford..
Springfield....
Worcester.
Conn.—Hartford
New Haven...
R.I.—Providence
N.H.—Manches'r
Total (12 cities)
163,757,253
599,549
River
441,274
1,106,063
180,999,573
Mass.—Boston.
444,593
1,632.452
...
Portland
Fall
1935
549,224
222,196
527,642
380,658
578,744
2,313,871
1,236,765
8,385,987
2,925,020
7,177,900
353,608
2,105,648
1,116,928
7,228,022
2,390,917
6,909,200
849,658
Total (7
cities).
Tenth Federal
Neb.—Fremont-
....
.
Wichita
Pueblo
393,470
1,856,094
148,793,688
577,319
242,589
560,598
2,030,262
824,305
8,047,633
2,703,831
6.142,000
340,322
—58.4
252,136
1,536,057
167,237,280
536,193
279,435
388,292
2,596,034
1,290,535
5,156,368
3,162,260
5,875,100
276,057
Total (10 cities)
187,203,925
+ 10.5
York-
Dallas...
Fort Worth
Galveston
Wichita Falls..
La.—Shreveport.
172,512,111
4,006,203
793,160
+49.5
+ 14.5
5,946,047
10,893,219
908.038
679,020
553,512
25,200,000
23,100,000
+ 9.1
23,304,660
22,921,262
509,196
481,366
658,992
433,403
—22.7
414,495
+ 11.1
402,535
438,298
395,962
Ore.—Portland..
Utah—S. L. City
—0.7 3,298,953,914 2,667,522,654
Calif.—Long B'h
Jamestown..
New York..
Rochester...
Syracuse
Conn. —Stamford
N. J.—Montclair
Newark
......
Northern N. J.
2,918,889,821 2,940,376,972
5,612,682
4,965,972
3,098,371
3,104,144
Bethlehem
Chester.
Lancaster.....
Philadelphia...
Reading
...
Scranton......
Wiikee-Barre.
York....
N. J.—Trenton..
Total (9 cities).
+ 13.0
300,000
13,397,506
31,073,474
+ 16.7
299,386
a*275,000
152,030
306,307
778,125
245,711
763,633
289,000,000
1,067,957
1,963,384
1,080,406
857,809
3,440,000
287,000,000
852,229
2,226,871
968,575
1,033,685
5,572,000
299,037,178
298,570,930
42,252,649
Cleveland.....
Columbus.....
58,566,232
9,316,200
1,501,770
Youngstown...
Pa.—Pittsburgh
Fifth Federal'
W.Va.—Hunt'ton
Va.—Norfolk....
Richmond
S. C.—Charleston
Md.—Baltimore
D.
C.—Wash'g'n
Total (6
cities).
Sixth Federal
Tenn.—Knoxvilie
Nashville-....
Ga.—Atlanta
Augusta
Macon
.......
Fla.—Jack'nville
Ala.—Birm'ham
b
85,048,200
Total (5 cities).
.
Mobile
Miss.—Jackson..
Vicksburg
b
39,699,313
52,960,988
8,436,200
1.324,899
196,685,051
b
79,799,417
182,220,817
Reserve Diet rict-
198,617
1,812,000
24,509,440
816,110
47,026,839
16,307,845
90,670,851
13,037,676
20,972,835
—24.0
5,159,341
2,422,790
1,804,468
260,563
14,379,434
19,924.768
—0.8 3,374,091,553 2,746,676,271
*
242,079
+24.7
+ 1.9
272,856
619,375
—0.7
239,000,000
840,809
1,930,526
1,038,015
734,431
2,083,000
b
—20.2
+ 13.4
—10.4
+20.5
+62.0
+0.2
246,761,091
233,473
a284,275
221,781
746,252
269,000,000
966,801
1,703,039
1,070,207
670,019
5,370,000
279,981,572
and—
b
b
b
+6.4
32,808,216
31,422,463
+ 10.6
48.854,832
57.523.385
+ 10.4
7,018,200
924,907
6,578,400
819,302
+ 13.4
b
+6.6
+7.9
b
68,173,384
157.779,539
b
63,597,404
159,940,954
+47.4
1,880,000
25,219,979
752,427
42,251,877
12,684,845
—3.6
—2.8
+8.5
+ 11.3
+28.6
120,042
1,450,000
24,723,187
723,014
41,657,118
10,495,052
243,460
1,765,000
21,918,042
559,755
34,511,789
12,331,326
+9.3
79,168,413
71,329,372
2,382,946
11,111,181
36,300,000
+ 15.7
+7.0
+5.8
1,773,253
824,985
556,258
14,694,000
13,895,037
902,905
+ 19.1
+ 7.4
2,478,218
7,084,656
22,100,000
620,987
303,667
82,923,870
15,580.000
13,028,535
1,140*772
b
84,384
b
+6.0
—6.2
+26.3
b
9,165,713
33,100,000
1,002,246
516,152
11,099,000
10,027,949
904,204
b
8,281,066
6,780,343
611.050
b
101,374
26,114,353
113,817
24,458,006
—25.9
La.—New Orl'ns.
+6.8
23,187,880
67,143
21,041,612
Total (10 cities)
110,576,096
105,239,135
+5.1
90.877,771
69,368,742
Yakima
Pasadena.....
Sacramento
San Francisco
San Jose
-
Santa Barbara.
Stockton
Total (12 cities)
1,629,812
40,288,872
32,471,671
—3.8
—22.0
18,335,247
1,183,533
332,700
260,360
1,745,325
12,133,390
1,105,933
426,085
186,615
1,474,266
+2.7
63,775,849
49,105.944
30,019
91,477
1,181,567
15,208,305
1,974,349
41,894,954
18,390,909
1,481,987
499,780
370,796
2,050,529
68,436,890
66,663,304
2,563,249
44,523,389
17,685,285
1,349,560
403,657
Reserve Dis trict—Kansa
s
City-
2,169,258
—2.0
2,641,264
2,105.691
75,485,844
434,600
454,811
+4.2
2,607,775
+37.7
+4.4
+26.4
+ 12.5
1,889,044
58,564,471
392,747
384,889
1,905,049
2,513,163
52,133,788
529,279
461,840
109,858,570
+3.2
94,544,517
75,268,710
616,178
31,218,371
4,540,132
2,345,000
542,857
21,295,236
3,303,980
1,067,000
87,598
78,717
1,851,450
24,549,337
113,403,437
,
—15.6
51,645
51,301
1,690,174
27,521,882
1,390.589
69,497
1,869,249
23,749,652
2,125,985
2,752,659
2,898,901
78,795,097
549,314
511,865
—8.9
—19.2
1,308,084
—20.7
3.2
t!
1.0
—3.3
1.214.223
District—Da Has—
755,707
38.472,449
6,256,139
2,067,000
a677,279
2,576,320
1,041,584
33,401,182
5,452,247
1,950,000
a729,424
1.784,077
—27.4
+44.4
1,882,318
1.905.624
50,127,615
43,629,089
+14.9
40,601,999
28,114,697
+ 15.2
+14.7
+6.0
Not
—7.1
ava
liable
25,765,312
6,027,000
21.089.392
10,749,320
3,961,397
2,913,073
5,785,615
108,651,219
2,219,917
985,446
1,777,433
6,016,000
443,287
19,829,405
10,536,697
2,648,749
2,441,937
6,685,653
107,593,467
1,437,365
998,022
1,272,190
190,670,535
180,992,164
552,882
21,281,921
Franci
SCO
+39.7
18,124,229
5,291,000
379,263
16,408,245
8,105,675
2,341,065
2,112,038
2,230,104
87,622,403
1,242,353
768.115
1,106,146
15,186,751
3,475,000
268,258
12,666,190
6,475,704
2,400,963
2,283,920
2,069,908
78,479,644
827,684
677,749
1,054,946
+5.3
145,730,636
125,766,717
+22.2
+0.2
+24.7
+7.3
+2.0
+49.6
+19.3
—13.5
+ 1.0
+54.4
—1.3
(111
4,794,362,576 4,710,424,300
cities)
OutsideNew York
+ 1.8 4,829,098,683 4,036,414,862
1,875,472,755 1,770,047,328
+6.0 1,530,144,769 1,368,892,208
Week Ended Feb. 20
Clearings at—
Inc.
or
1936
Toronto
;
Montreal.......
Winnipeg
Vancouver.
Ottawa
Quebec..
Halifax
Hamilton.......
Calgary
St. John
Victoria
....
London.........
Regina
Brandon.....'...
Lethbrldge
Saskatoon.......
Moose Jaw
Brantford
...
Fort William
New Westminster
Medicine Hat...
...
Sherbrooke
Kitchener
...
Windsor
...
Prince Albert
Moncton
Kingston
1934
$
%
$
166,284,351
,
410,198
387,848
734,148
Sarnia
Sudbury.
a
Dec.
112,269,184
38,801,908
16,998,318
18,386,580
3,876,867
2,063,562
3,634,673
5,169,470
1,971,250
1,561,194
2,840,137
2,876,687
2,260,180
271,275
344,440
1,088,423
422,049
703,266
523,833
443,794
175,226
505,025
492,098
918,565
2,637,242
292,949
588,141
428,358
Chatham
Total (32 cities)
1935
$
Canada—
Peterborough.
Reserve Dist rict—Atlant
2,757,566
11,889,841
38,400,000
982,964
597,681
Sopkane
Edmonton
-Richm ond—
134,742
Wash.—Seattle.
Grand total
+96.9
b
b
Cincinnati....
Mansfield
+2.0
Reserve Dis trict—Phila delphi
Fourth Federa 1 Reserve Dis trict—Cleve
Ohio—Canton..
5,370,056
2,592,349
2,193,127
224,839
—0.2
3,130,229
♦350,000
13,666,076
23,622,142
Total (12 cities) 3,001,867,614 3,025,340,055
Third Federal
Pa.—Altoona
+ 13.0
3,538,665
+29.8
+6.3
Reserve Dis trict—Minne apolis-
Twelfth Feder al Reserve D istrict—San
5,991,257
Bingham ton...
Elmira
67,772,797
188,585,747
N. Y.—Albany..
Buffalo
91,363,379
Eleventh Fede ral Reserve
Tex.—Austin..
Total (5 cities)
206,928,720
+8.3
81,218
Mo.—Kan. City.
Colo.—Col. Spgs
+ 16.0
Feder al Reserve D Istrlct—New
Second
1933
J7o
+22.3
+3.9
102,641,561
Helena
Omaha
1934
+0.8
+38.6
+ 10.5
+9.2
+71.3
+9.7
+9.9
+ 10.7
193,660
111,199,848
Mont.—Billlngs.
Kan.—Topeka..
St. Joseph...
or
Dec.
316,000
313,055
1,598,695
N. Dak.—Fargo.
S. D.—Aberdeen.
Lincoln
Inc.
+22.7
-
Week Ended Feb. 22
b
b
309,000
Hastings
Clearings at—
b
b
b
379,000
Quincy
63,775,849
+8.3
+2.7
+3.2
+ 14.9
+5.3
1,875,472,765
9th
111.— Jacksonville
390,361,239
Not included in totals,
closed.
♦ Estimated.
1933
$
106,140,849 +56.7
+46.4
76,710,051
29,344,324 +32.2
+32.4
12,842,397
4,298,930 +327.7
3,092,215 +25.4
+6.5
1,938,155
+13.6
3,198,531
+20.6
4,287,061
+42.2
1,385,861
+ 12.7
1,385,182
+26.4
2,246,775
22.9
3,731,423
[-2.0
2,215,703
[-3.5
262,123
—3.4
356,504
—4.9
1,144,189
411,964
[-2.4
-4.3
674,474
-1.4
516,726
-9.9
403,809
18.5
214,876
+2.4
493,303
+8.1
455,125
806,437
+ 1.3
+ 10.9
2,377,412
+13.0
259,137
-3.6
610,332
+8.0
396,622
—1.2
415,266
+5.0
369,529
567,973 +29.3
105,620,148
81,817,853
24,089,143
14,601,109
3,870,849
3,649,402
1,738,743
3,221,854
3,990,864
1,424,298
1,339,530
2,225,706
3,318,053
2,207,706
219,913
310,032
1,007,197
370,399
490,467
2,788,926
4,069,183
1,388,485
1,072,497
1,993,195
2,588,705
2,228,880
216,472
218,899
927,145
346,660
583,369
408,079
315,190
128,941
431,888
435,262
756,982
1,845,862
177,874
561,803
368,907
344,408
327,16
344,483
+48.1
263,274,247
195,114,111
—
-
-
263,553,258
b No clearings available,
401,355
643,171
511,859
440,697
192,861
481,973
500.432
865,979
2,084,636
233,216
604,472
447,862
352,468
c
68,460,538
61,684,492
21,730,620
10,258,100
3,428,867
3.001,796
'1,680,436
No clearings—all banks
1410
Financial
Chronicle
THE CURB EXCHANGE
r
Irregular price movements, with
lower levels, were the
though there
that
the present week.
confined within
channels,
number of the regular trading favorites
were a
pushed foward
the
against
trend.
Public
utilities
registered both gains and losses, and specialties recorded
of Washington's
were
closed
amount
shares
of
buying in
were
the utilities,
and
list of
and
specialties.
and light
power
without
were
North American Match Co.
a
19% d.
19% d.
141s.%d.
141s.%d.
141s.Id.
Holiday
85%
85%
85%
85%
85%
107%
107%
107%
106%
106%
Holiday
2%%
The
118%
118%
118%
118%
price of silver
on
the
same
118%
per
ounce
(in cents) in the United
days has been:
■
,
A,' %' '"V.'-- '
BarN. Y. (for-
%
v"
■-'
44%
44%
44%
44%
44%
50.01
50.01
50.01
50.01
60.01
77.57
U. S. Treasury
44%
50.01
elgn)
77.57
77.57
77.67
77.57
77.57
S. Treasury
U.
(newly mined)
BREADSTUFFS
small
were
quiet
noteworthy
Utilities Power &
Light pref. was another active stock and closed with
an
2% points at 28% and Crane Co. pref. reached
Figures
below
Brought
from
1500—All
Page
the
statements
regarding the movement of grain—receipts, exports,
visible supply, &c.—are prepared by us from figures collected
by the New York Produce Exchange.
First
we
give the
re¬
ceipts at Western lake and river ports for the week ended last
Saturday and since Aug. 1 for each of the last three
years:
top of 126 % with a gain of 2% points.
a
The market turned heavy on
Tuesday though the changes,
in most instances, were in minor fractions.
There
were
especially
and Standard Oil of Ohio which dipped 1% points to
Other losses of
25.
point
a
or more were
Aluminum Co. of
116%; American Hard Rubber, 2
America, 2% points to
points to 35; General Tire & Rubber, 5 points to 74; Singer
Manufacturing Co., 3 points to 351; and Jones & Laughlin
Steel, 2% points to 4034the
general list
was
price changes
the feature of the trading
were narrow
Wednesday.
on
with the exception of
a
few
issues among the specialties and utilities which moved
to
These included such market favorites
American
Hard
Rubber,
2
points
37;
to
Lynch
Milwaukee..
on
apparent through most of the session.
Mining and metal
were in good demand, particularly New Jersey Zinc
which bounded forward 334* points to 83%; Aluminum Co.
of America which jumped 9 points to 127 and Heela Mining
which made a net advance of 1 point to 15%
Other note¬
worthy gains were Aluminum, Ltd. 4% points to 62%;
Gulf Oil of Pennsylvania which closed 2% points higher at
84; Jones & Laughlin Steel, 3 points to 42, and Square D Co.
B stocks, 2 points to 75%.
The volume of sales jumped to
approximately 1,025,710 shares as compared with 442,725
shares sold on the preceding day and 128,763 a year ago.
Trading on the Curb Exchange was fairly steady during
the early dealings on Friday, but quieted down as the day
progressed.
The transactions totaled 536,000 shares or
about one-half of the volume of the preceding day. Specialties
were in demand and showed modest gains as the market
closed.
Mining and metal shares also attracted some buying
•
toward lower levels
as
compared with Friday of last week, prices were somewhat
lower, American Cyanamid B closing last night at 37%,
against 39 on Friday a week ago, Atlas Corp. at 14%,
against 15%; Consolidated Gas of Baltimore at 88, against
90; Ford of Canada A at 26%, against 27%; Humble Oil
at 69, against 71%; Lake Shore Mines at 57, against
58%;
Newmont Mining at 88, against 89, and Sherwin Williams
Co. at 122%, against 125%.
TRANSACTIONS
AT
THE
NEW
YORK
CURB
EXCHANGE
Week Ended
Feb. 28 1936
Bonds (Par
Domestic
Friday
1,019,700
536,350
Total wk.1936
316,000
359,000
338,000
Same wk.1935
Same wk.1934
1934
$4,208,000
3,763,000
3,443,000
3,605,000
3,399,000
2,998,090 $18,418,000
Total
Exchange
New York
Foreign
government—
Foreign corporate
363,000
$19,044,000
879,000
1,840,000
643.000
167,000
77,000
3,605,000
1,208,000
145,000
$68,000
55,000
41,000
53,000
78,000
124,000
65,000
56,000
34,000
$363,000
1935
847,918
$26,076,000
329,000
205,000
$26,610,000
1,000
2,000
2,000
32,000
3,000
5.000
Corn
Oats
432,000
8,000
37,000
1,000
17,000
14,000
35:660
8,000
21,000
-
Baltimore
♦New
11,000
Orleans
Galveston
>
729,000
519,000
1,000,000
{
Rye
Barley
2,000
"
1
19,000
eeoo
6,000
29,000
14,000
19,000
St. John
St. John, West
34:666
Boston
18,000
24,000
602,000
120,000
Halifax.
14,000
67,000
264,000'
Total wk.1936
"9:660
4,000
3,000
1,300,000
Since Jan. 1*36
2,168,000
10,477,000
54,000
571,000
42,000
512,000
304,000
173,000
Week 1935.—
196,000
SinceJan.1'35
1,803,000
1,388,000
4,950,000
233,000
1,659,000
924,000
3,396,000
75,000
3,195,000
170,000
*
on
50,000
16,000
Receipts do not Include grain passing through New Orleans for foreign port
through bills of lading.
The exports from the several seaboard ports
ended
Saturday, Feb. 22 1936,
for the week
shown in the annexed
are
A
statement:
Exports from—
Wheat
New York..
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barries
Bushels
Bushels
Bushels
498,000
120,000
291,000
Boston
Philadelphia
Baltimore-
New
St.
54,010
'261,000
Nrfolk..
80,000
5,000
Orleans..
2,000
24,000
602,000
67,000
John, West
1,943,000
1,415,000
1935
$4,328,000
3,871,000
3,562,000
3,794,000
3,489,000
July 1 1935 is
34,000
14,000
9,000
3,000
5,000
104,010
72,446
12,000
19,000
"16:666
$263,000 $19,044,000
as
for the week and since
below:
Flour
Wheat
Corn
Exports for Week
July 1 to—
Week
Feb.
22
Since
Week
Since
Week
Since
July 1
Feb. 22
July 1
Feb. 22
July 1
1935
1936
1935
1936
1935
Barries
Bushels
Bushels
Bushels
Bushels
Jan. 1 to Feb. 28
1936
40,202,800
1935
6,303,271
United
Kingdom.
31,235
671,000
1,261,000
2:606
1,660,422
331,257
159,000
299,000
7,000
112,565
$223,070,000
4,065,000
2,191,000
$202,857,000
4,195,000
2,301,000
104,010
72,446
2,569,244
2,448,399
1,943,000
1,415,000
So. & Cent. Amer.
10,775
21,000
39,000
Brit. No. Am.Col.
Other countries.—
Total 1936
Total...
2,906,000
Wheat
West Indies.
263,000
1,118,000
1,006,000
2,213,000
The destination of these exports
Bonds
$18,418,000
109,000
136,000
Philadelphia
Continent
Domestic
34,000
1,000
9,000
376,000
36,000
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.bOlbs. bushA8lbs.
Barries
1936
64,000
29:666
Total
Corporals
$52,000
Week Ended Feb. 28
2,998,090
48,000
22,000
3,000
36,000
Saturday, Feb. 22 1936, follow:
Flour
Receipts at—
New York Curb
Stocks—No. of shares.
66.000
iKooo
12,000
10,000
receipts of flour and grain at the seaboard ports for
the week ended
1936
Sales at
48,000
139,000
58,000
179,000
10,752,000253,894,000' 96,368,000 96,824,000 16,260, 0006 1,907,000
10,648,000147,449,000128,823,000 34,668,000 9,555, 00044,861,000
10,286,000154,746,000 135,722,000 49,976,000 8,357, 00035 ,064,000
and Since
Total
319,000
Buffalo
Same week
Foreign
Government
HOLIDAY
518,160
479,155
444,725
10,000
317,000
15,000
Total week 1936—
Foreign
of
Saturday
Monday.
Tuesday
Wednesday
Thursday
124,000
172,000
203,000
Value)
(Number
Shares)
567,000
St. Joseph..,
1933
51,000
34,000
6,000
2,000
484;66o
Wichita
Since Aug. 1—
1935
6~6~66O
10,000
175,000
35,000
9,000
18,000
29,000
51,000
City-
Halifax
Stocks
Barley
182,000
47.000
21,000
7,000
116,000
Omaha.
St. John
DAILY
Rye
24,000
9,000
52,000
27.000
Kansas
719,000
49,000
2,000
67,000
110.000
Peoria
the session ended.
As
Oats
39,000
61,000
Louis.
shares
was
14,000
Indianapolis.
St.
Corp.
the Curb Exchange
on Thursday, and while the gains were not
extensive, the
trend of the market continued upward and a strong tone was
but the trend
35,000
Detroit
points to 49; and Pan American Airways 2 points to 58 %.
Increased activity was in evidence
Corn
332,000
13,000
.
Toledo
as
higher levels.
150.000
Minneapolis
Duluth
Sioux City...
Irregularity in the utilities which, at times, extended to
The
Wheat
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.58lbs bushA8lbs.
Chlcago
exceptions, particularly in the oil stocks which
80 Y%
Flour
Receipts at-
were some
weak, Gulf Oil of Pennsylvania slipping back 3% points to
2
19%d.
19%d.
140s. lOd.
19%d.
141s.
3% %—
1960-90
on
opened 3 points
at 38 and held the gain until the close.
advance of
Feb. 28
goodly
a
also recorded by
were
industrials
Feb. 27
Many of the gains
Mining stocks and oil issues
miscellaneous
movement.
up
substantial
a
registered in the public utilities which formed
Advances
Fri.,
Feb. 26
19%d.
oz_.
W. L
States
the general list and
the outstanding characteristics of the trading
part of the buying.
Thurs.,
Feb. 25
Holiday
Consols,
Saturday in observance
on
Monday following the two-day rest.
were
Wed.,
Feb. 24
Gold, p.fineoz. 141s.%d.
the stock market and
the Curb Exchange as the market resumed its sessions
on
Silver, per
Tues.,
Feb. 22
-
British
Birthday.
Narrow price changes in
follows the past week:
as
Mon.,
British 4%—
York Curb Exchange,
commodity markets
CABLE
Sat.,
a
number of substantial advances.
The New
reported by cable, have been
as
The changes
narrow
FINANCIAL MARKET—PER
daily closing quotations for securities, &c., at London,
■
the most part were
for
The
decided tendency toward
outstanding characteristic of the trading
the curb exchange during
on
a
1936
Feb. 29
ENGLISH
$229,326,000
$209,353,000
Total 1935.
-
11,000
34,561,000
26,156,000
422,000
1,000
"MOO
9,000
50,000
1,000
3,000
mmmmmm
73:666
61,213,000
52,588,000
5,000
63,000
21,000
s
Financial
Volume 142
Chronicle
1411
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public
ings of the United States,
officially issued
as
Established 1874
debt and Treasury cash hold¬
1935, delayed in publication, has
as
DeHaven & Townsend
Oct. 31
of
been received, and as
now
Members
New York Stock Exchange
interest attaches to the details of available cash and the gross
and net debt
that
on
date,
making comparison with the
CASH
AVAILABLE TO
append
we
Oct. 31 1934
Oct. 31 1935
or
1,473,082,450
Deduct—Excess or deficiency of receipts over
under disbursements
i,
belated Items
on
1,811,617,973
Feb. 22
Feb. 28, both inclusive, compiled from official sales lists
to
;
—10,520,738
—27,923,638
1,462,561.712
1,783.694,335
33,029,248
664,379,759
3,770,830
41,259,335
235,399,338
3,911,655
3,595,825
3,270,433
t July 1
Week's
,
Deduct outstanding obligations:
Matured Interest obligations
....
Disbursing officers' chocks
Dlsouunt secured on War
on
__
Savings Certificates,...
warrant checks
Total
704,775,662
Balance, deficit (—) or surplus (+)
283,840,761
+757.786,050+1,499.853.574
Interest
Payable
Title of Lean—
$
2s Consols of 1930
Oct. 31 1934
599,724,050
Q.-F
2s of 1918-1938
...Q.-F
3s of 1961
48,954,180
25.947.400
Q.-M.
Q.-J.
First Liberty Loan, converted 1932-1947
J.-D.
First Liberty Loan. 2d conv., 1932-1947..J.-D.
Fourth Liberty Loan of 1933-1938
A.-O
Treasury bonds of 1947-1952
.A.-O.
3Ma Treasury bonds of 1941-1943
8148 Treasury bonds of 1946-1949
3e Treasury bonds of 1951-1955
3%s Treasury bonds of 1941
4148-3148 Treasury bonds of 1943-1945
3148 Treasury bonds of 1944-46
3e Treasury bonds of 1946-1948
3X8 Treasury bonds of 1949-1952
2Us Treasury bonds of 1955 1960
2%a Treasury bonds of 1945-1947
U. 8. Savings bonds, series A
214s Postal 8avlngs bonds
Treasury notes
bills
454,135.200
352,993,950
544,914,050
819,096,500
755,478,850
834,474,100
1,400,570,500
1,510,846,850
824,508,050
88,684,020
Bearing no Interest
...
Matured, interest ceased
Total debt
a
1935
16
85%
2%
Jan
95
Jan
Jan
12%
Jan
3%
13%
Feb
2
—
86
Jan
99%
Feb
13%
Feb
22%
Jan
152
60 X
1,978
8
107
10
10
12%
1%
3
Feb
55%
Jan
11%
22%
Jan
34%
Feb
22 %
54
Jan
61%,
Feb
■■!'
Feb
»
5
Jan
8
Jan
6%
Jan
*
IX
8%
Jan
107%
11%
14%
2%
863
1
4%
10
7,265
'
1%
17%
42%
Jan
39
124
Feb
125
444
90
113
Feb
116%
Feb
718
29%
33%
Feb
Feb
40
19%
1%
21%
Feb
2%
Jan
35%
22%
6%
7%
Jan
13%
Feb
587
3%
5%
39
2,508
125
56
113
113%
34 %
35 %
21H
21%
50
5
50
9%
83%
171
124
*
2%
2
1,643
11
35 %
6%
105%
5
14%
2%
,
10
50
Penna Salt Mfg.
50
Phila Elec of Pa $5 pref
*
Phila Elec Pow pref—-.25
33%
'
«
1,206
100
Jan
19%
51%
431
52%
33 X
,
ifH
'
•
%
<
2
943
»
290
1
Phila A Rd Coal A Iron.. .*
2%
Philadelphia Traction—50
10 %
28%
3%
11%
30%
1,294
*
67
70
100
119
119
220
83 %
84%
32 %
35
12
Jan
Jan
Feb
Jan
Feb
5
14%
Feb
5%
Jan
3%
Feb
Feb
Feb
Jan
Feb
1%
2%
Jan
10%
17%
Jan
3%
12%
Jan
9%
Jan
30%
Feb
3
'
4
*
Jan
Feb
31%
3
245
1
Jan
1%
1%
%
472
24%
105
i
42
217
Jan
70
Feb
Jan
122
Feb
Jan
88
Jan
28%
Jan
35
Feb
Jan
17%
116
3,400
Jan
52%
xll7%
71%
S16
1%
2
Feb
5%
Jan
♦
6%
1,453
1
1%
6%
Feb
9%
Feb
*
43 %
4%
7%
44%
%
3%
1*16
3%
he
%
3%
Jan
50
Tonopah Mining--
%
%
106
»
20%
Jan
16%
17%
7,108
1
Feb
19%
Feb
186
»
9%
82%
48%
16%
108%
Jan
113%
Feb
4%
7%
Jan
-.1
Traction
United Corp com..
United Gas Imp com
.*
Preferred.
*
Westmoreland Coal
110% U3%
*
8
380
666
8
100
11
Elec A Peoples tr ctfs 4s '45
25
25
107
107
\
$5,000
1,000
Phila Elec (Pal 1st s f 4s '66
2,000
Feb
Feb
47
Feb
15
Feb
13
Jan
Bonds—
10%
9
10
Feb
25
Jan
107
10%
100
Feb
25
Jan
Jan
112%
the basis of daily Treasury statements was
amount of public debt redemption and receipts
$29,461,602,046.19, and the net
on
In transit, Ac., was $46,101.75.
b No reduction is made
of foreign governments or other investments,
c
amount of outstanding bonds called for
CONTINGENT
Feb
Feb
26%
Peoples Pass tr ctfs 4s .1943
Total gross debt Oct. 31
Feb
12%
1
b28,703,769.894 25,688,276,568
debt
124
»
a29,461,555,944 27,188,130,142
+757,786,050+1,499,853,574
Deduct Treasury surplus or add Treasury deficit
Net
28,380.279,227 26,643,066,300
797,290,387
496,780,022
283,986,330
48,283,820
50
Jan
Jan
239
9
Pennsylvania RR..
Union
Jan
Feb
235
Tacony-Palmyra Bridge. .♦
Tonopah-Belmont Dev
1
8,026,567,550
1,654,027,000
Feb
20 X
8
—50
7% pref
40
119%
9%
3
LIABILITIES
OF
redemption
THE
on
account of
Maturity value,
April 15 1934.
obligations
d
Includes
H. S. EDWARDS & CO.
on
UNITED
STATES
OCT.
31
xr.mh.Mi
Members
1935
Amount of Contingent Liability
Principal
a Interest
Total
DetaUr—
I Pittsburgh Stock Exchange
|
]sjew York Curb Exchange (Associate)
UNION BANK BLDG.,
PITTSBURGH, PA.
,
Federal Farm Mortgage Corp.:
$
3% bonds of 1944-49
3%% bonds of 1944-64
3% bonds of 1942-47.
IK % bonds of 1937
2H% bonds of 1942-47.
Oourt>-6800
Tel
Guaranteed by the United Stales:
-
IK % bonds of 1939
$
120
$
862,085,600.00 11,853,083.96
98,008,600.00
398.241.60
236,718,600.00
2,071,287.75
22.325,000.00
58,138.00
63,149,800.00
284.286.79
100,122,000.00
246,133.25
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
873,938,683.96
98,426,841.60
238,789,887.75
22,383,138.00
63,434,086.79
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Pittsburgh Stock Exchange
100,368,133.25
♦1,382,429,600.00 14.911,171.35 1,397,340,771.35
Feb. 22 to Feb. 28, both
inclusive, compiled from official sales lists
July
Federal Housing Administration..
:
1
,
■
V.
Week's Range
Home Owners'Loan
•
Corporation:
4% bonds of 1933-51
3% bonds, series A, 1944-52
2% bonds, series B, 1939-49
1%% bonds, series C, 1936
IK % bonds, series D, 1937
2% bonds, series E. 1938
.
.
■
.
,
1,114,466,800.00
1,188,826,400.00
49,736,000.00
49,843,000.00
49,632,100.00
bonds, series F, 1939
325,254,750.00
bonds, series G. 1942-44..
8,074,500.00
b96,308.69
96,308.69
*35,362.45 1,114,431,437.55
7,579,886.94 1,196.406,286.94
155,425.00
49,891,425.00
181,719.27
206,383.75
2,032,834.50
60,558.75
50,024,719.27
49,738,483.75
327,287,584.50
8,135,058.75
•2,785,733,550.00 10,277,754.45 2,796,011,304.45
149,621,666.67
1,278,529.41
150,900,196.08
16,000,000.00
16,148,695.65
87,158,000.00
148,695.65
582,632.28
87,740,632.28
252.779,666.67
2,009,857.34
c254,789,524.01
3% notes, series G
2% notes, series H..,
Tennessee Valley Authority
upon
guaranties-..
.....
4,448,141,599.81
Total, based
.
1,191,765,546.50 26,448,967.11dl,218,214,513.61
upon credit of the
1,218,214,513.61
Other Obligations—
Federal Reserve notes (face amt.).
Excess of credits
e3,512,166,257.00
(deduct).
♦
Includes only 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 $22,750,450 face amount of bonds and interim
receipts outstanding which
were called for redemption July 1 1935.
c Does not include
$3,800,000,000 face
amount of notes and accrued interest
the public debt,
d Figures are as of
thereon, held by Treasury and reflected in
Sept. 30 1935—figures as of Oct. 31 1935 not
cash in designated depository banks anu accrued interest
available.
Allegheny Steel com
♦
Arkansas Nat Gas pref. 100
Armstrong Cork Co com..*
Blaw-Knox Co
*
face value of $798,318,870 held as
investments, and other assets.
circulation, exclusive of $19,726,113 redemption fund deposited In
the Treasury and $286,190,730 of their own Federal Reserve notes held
by the Issuing
banks.
Federal Reserve notes Issued
are secured by gold certificates in the amount of
States Government securities of a face value of
$141,000,000
and commercial paper of a face amount of $4,880,675.
$3,713,517,760; United
50
7%
100
2
50
330
2
19%
3%
797
3
Duff-Norton Mfg Co
1936
Low
High
3,550
13%
1%
33%
Jan
37%
7%
Feb
8%
13
47%
Feb
52%
Jan
6
15%
Jan
20
Feb
90c
250
6
16%
'
Since
3
3
Feb
4%
Feb
Jan
Jan
Jan
14
Jan
19%
Feb
8
265
5
3%
1,481
16%
Jan
20
Feb
Jan
6
Jan
20
20
10
6%
17
Duquesne Brew Co com. .5
Class A
5
10%
11
986
1
12
12
100
4%
Follansbee Bros pref.—100
Ft Pittsburgh Brew
1
20%
1%
32%
995
500
Feb
1%
Jan
Harb-Walker Ref com
40%
1%
41%
106%
7%
7%
15%
1%
12
31
Jan
41%
Feb
54
97
Jan
106%
Feb
13%
2%
4,786
♦
*
Lone Star Gas Co
*
106
12%
McKinney Mfg Co
*
1%
5
42%
6%
Pittsburgh Brew Co pref__»
Pittsburgh Forging Co—1
5
Pittsburgh Oil A Gas
Pittsburgh Plate Glass..25
Pittsburgh Screw Bolt
♦
Pittsburgh Steel Fdry
Plymouth Oil Co
Ruud Mfg Co
San Toy Mining Co
6%
5
1
1
198
4%
615
253
46
50c
1
2,412
8%
4%
Feb
12
Feb
Jan
32%
Feb
Jan
4%
1%
Jan
Feb
Jan
7%
Feb
185
8c
1,000
223
15
431
2
7%
Jan
169
1
1
Jan
2c
Feb
2%
46%
3%
80c
14
Jan
Jan
1%
41
22%
13
14%
1%
1%
115% 116%
2o
21
Jan
5%
Feb
8c
Feb
Feb
Jan
Jan
25
Jan
102
1
30%
Jan
10%
10
14%
1%
116%
1,961
1
4%
9%
Jan
11%
4%
100
1%
3
Jan
*
4%
—.5
5
1
13%
14
16
16
3c
83
»
98%
5
Feb
7
90
15%
15
Jan
17
Jan
2c
3c
Jan
4c
75c
3%
Jan
5%
22%
25%
8
22
33%
35
3,099
7%
30
33
33
55
15%
31
Standard Steel Spring
♦
United Engine A Fdry
♦
Vanadium Alloy Steel---.*
70c
75c
1,300
1,229
»
50
113% 117%
242
»
6%% pf 100
108% 108%
5
5%
254
—1
44%
47
Jan
Feb
Jan
5,040
1,170
4
Feb
13%
10,400
3%
Feb
6%
4c
*
W* house Elec A Mfg
10
Feb
11
8o
22
Shamrock Oil A Gas
Victor Brewing Co
70
20
Jan
Jan
3%
Natl Fireprooflng pref. 100
Phoenix Oil com
25c
Lone Star Gas
a
37%
20
securities with
actual
Low
1
7%
47%
18%
1
1936
Shares
37%
5%
16%
19%
Westinghouse Air Brake.-*
In
High
Carnegie Metals Co
1
Clark (D L) Candy Co—♦
Columbia Gas A Elec Co.*
Devonian Oil
10
Offset by
amounting to $320,863,127.50, which is secured by the pledge of collateral as
pro¬
vided in the Regulations of the Postal
Savings System having a face value of $357,004,272.98; cash in possession of system amounting to $91,157,240.74; government
e
Jan.
Par Low
Mountain Fuel Supply—*
United States
z
Range
Jan 31
Mesta Machine Co
On Credit of the United States:
Secretary of Agriculture
Postal Savings System:
Funds due depositors
1933 to
for
Week
Stocks—
Koppers Gas A Coke pf.100
Total, based
Sales
of Prices
j
•
-
Reconstruction Finance Corp.:
2K % notes, series E
,V
!
Jan
36
177%
6%
98 X
107
-----
Series A
Jan
Jan
*
57%
...
Sun Oil Co
4%
615
50 %
Horn A Hard (N Y) pref 100
Lehigh Coal A Nav
*
Salt Dome Oil Corp
Scott Paper
Feb
13
33
10
7% preferred
33%
155%
7%
V'*
High
19 %
-10
Phila Insulated Wire
Phila Rapid Transit
3,198
3%
.'
109%
»
1936
12 %
94 %
5
Curtis Pub Co com.
*
Electric Storage Battery 100
Preferred.—
Aggregate of Interest-bearing debt
20
%
2%
Lehigh Valley...
»
94
94
*
com
V 24
.•
317
Mitten Bank Sec Corp..25
489,087,100
50
»
Since
Low
1 %
'
520
1,396
100
Budd Wheel Co
760
1
32%
98%
1,036
12
Preferred
___-_25
Natl Power A Light
-*
Pennroad Corp vtc
*
758,983,300
1,036,834,500
Low
6%
50
10
532,489,100
M.-S.
1936
Shares
122 % 124
*
3.492,150
d3,251,338.200
489,087,100
J.-D.
454,135,200
J
J.-D.
352,993,950
M.-S.
544,914,050
J.-D.
818,646,000
M.-S.
755,477,000
F.-A.
834,474,100
.A.-O. 1,400,570,500
A.-D. 1,518,858,800
J. D. 1,035,884.900
J.-D.
491,377,100
...M.-S. 2,611,156.200
567,477,400
126,737,437
J.-J.
121,820,840
...11,928,553,350
2,203,703,000
..J.-D.
814a Treasury bonds of 1946-1956
8%s Treasury bonds of 1943-1947
3H8 Treasury bonds of 1940-1943
Treasury
5.002.450
Jan.
34 X
5%
100
Budd (E G) Mfg Co
Gimbel Bros
1,153,996,500
1,392,226,250
...
Range
Jan 31
169 % 175
100
—
Bell Tel of Pa pref
General Asphalt
General Motors-
758,955,800
1,036,762,000
3s Treasury bonds of 1944-1954...
Preferred...
High
33 %
-
American Tel A Tel—.-100
Baldwin Locomotive
-*
28,894.500
28,894.500
250,000,000
3s convertible bonds of 1946-1947
8%8 First Liberty Loan. 1932-1947
...J.-D.
4s First Liberty Loan, converted 1932-1947
J.-D.
American Stores
49,800,000
49,800,000
Certificates of indebtedness
Par Low
Chrysler Corp
$
Q.-J
2s of 1916-1936
Stocks—
Rights
Oct. 31 1935
1933 to
for
Range
of Prices
Preferred
INTEREST-BEARING DEBT OUTSTANDING
4%s
414a
414s
414s
••...
Sales
Week
'
Settlement
YORK
30 Broad Street
Philadelphia Stock Exchange
I
$
or
NEW
1418 Walnut Street
MATURING OBLIGATIONS
Balance end of month by dally statements, Ac
Add
PHILADELPHIA
date in 1934:
same
PAY
Philadelphia Stock Exchange
thereof,
a summary
Jan
Jan
Jan
.
26
Jan
Jan
35%
Feb
Jan
35
Feb
%
60c
Jan
15%
27%
34%
Jan
97
Jan
121%
74%
1%
108%
Feb
no
3%
Jan
86
107
90c
47
Jan
Feb
Feb
Unlisted—
Pennroad Corp vtc
*
45
2
5%
Jan
Feb
Bonds—
Pittsburgh Brewing 6s 1949
107
For footnotes see page 1445.
107
$1,000
Feb
107
Feb
Financial
1412
Chronicle
NOTICES
CURRENT
Broadway, New York, has prepared an
analysis of Northeastern Water & Electric Corporation common stock.
—Brown, Young & Co., Inc. has opened offices in the Southern Building,
Washington, D. O. and in Military Park Building, Newark, N. J.
—Lazard Freres & Co., Inc., 15 Nassau St.,
New York City, has issued
financial study of the City of Dallas, Texas.
—James Talcott, Inc., has been appointed factor
New York
for Reich Textile Corp.,
City, distributors of silks and rayons.
—Goldman, Sachs & Co.
announce
that Paul Hackbert has joined the
Bond Department of their Chicago office.
—Josephthal & Co., 120 Broadway, New York, have prepared an analysis
of General Theatres Equipment, In..
—Mackay & Co., 14 Wall St., New York City, have issued an analytical
study of Keystone Steel & Wire Co.
—L. S. Carter & Co., Inc. announce the election of Thomas P. Randle
as
Vice-President.
Per
Shire
Name of Company
—G. V. Grace & Co., Inc., 29
a
Empire Power Corp. participating stock
40c
$6 cumulative preferred
Federal Motor Truck
Florence Stove Co., 7% preferred (quar.)
Fort Wayne & Jackson, preferred (semi-ann.)
$1H
10c
SIM
__
Gair
(Robert) Co., S3 preferred (initial)
General Baking Co. preferred (quar.)
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
Gillette Safety Razor (quarterly)
Convertible preferred (quarterly)
Goodyear Tire & Rubber $7 preferred
Gordon Oil Co. (Ohio), B (quarterly)
Great Western Electro Chemical, preferred
Great Western Sugar (quarterly)
Preferred (quarterly)
Greene Cananea Copper (quarterly)
Green (Daniel) Co., 6% preferred
(quarterly)-..
Group No. 1 Oil (quarterly)
Gulf Oil Corp. (resumed)
Hamilton United Theaters, 7% preferred
Hazel-Atlas Glass, extra
Helme (Geo. W.) Co., common
DIVIDENDS
Dividends
first
are grouped in two
separate tables.
In the
bring together all the dividends announced the
we
current week.
we
show
the
Then
we
follow with
dividends
a
second table in which
previously announced, but which
have not yet been paid.
The dividends announced this week
are:
(quar.).
Preferred (quar.)
Hercules Powder Co., common (quar.)
High tower Oil & Refining, Canada (monthly)
Per
Name of Company
Share
When
Holders
Payable of Record
Abraham & Straus
Mar.
Mar. 21
Aetna
Apr.
Apr.
Apr.
Mar. 16
Casualty & Surety (quar.)
Aetna Life Insurance (quar.)
Affiliated Products (monthly)
Acadia Sugar Refining Co., 6% pref
Mar.
Addressograph-Multigraph (quar.)
Apr.
Mar.
7
Mar.
7
Feb. 15
Mar. 23
Mar.
4
Mar. 15
Mar.
June
Dec.
Mar.
June
June
Sept.
Sept. 15
Dec.
(quarterly)
7 % preferred
(quarterly)
7% preferred (quarterly)
Sept. 15
Dec.
7 % preferred (quarterly)
June
Sept.
(quarterly)
Quarterly
Quarterly
Quarterly
7% preferred
Mar.
Dec.
15
15
Mar. 15
15
15
Asphalt Roofing, preferred (quar.)
Capital, preferred
Home Products Corp
Machine & Metals (initial)
Paper Goods, preferred (quar.)
Power & Light Co. $6 prer.
(quar.)
$5 preferred (quar.)
American Safety Razor (quar.)
I
Apr.
h5 0c
20c
10c
SIM
37 He
31 Mc
SIM
American Sumatra Tobacco
(quar.)
American Tobacco, preferred
(quar.)
Anaconda Copper Mining Co
Apex Electric Mfg., prior pref. (quar.)
25c
SIM
25c
SIM
Prior preferred
/i25c
Armour & Co. (Del.) 7% pref.
(quar.)
Armour & Co. (111.) $6 prior
prer. (quar.)
Old 7 % preferred
SIM
Automobile Insurance (quar.)
Babcock & Wilcox
Balfour Building, Inc. (quar.)
Beech Creek RR.
(quarterly)
Bell Telep. Co. of Canada
Mar.
Apr.
Apr.
Mar. 14
Mar. 10a
Mar. 12
Mar.
Mar.
6
Apr.
Apr.
Mar.
9
Mar.
9
Mar.
Mar. 10
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 10
2
Mar. 12
Mar. 20
Mar. 20
Mar. 10
Mar. 10
Mar. 10
Mar.
7
Mar. 20
Feb.
Feb.
Mar. 16
Bell Telep. Co. of Penna.,
pref. (quar.)
Apr.
Apr.
Apr.
Bloomingdale Bros
Mar.
Mar. 16
Bon Ami class B (auar.)
Boston Elevated Ry.
Apr.
Apr.
Apr.
Apr.
Mar.
Mar. 10
(quar.)
(quarterly)
Borne-Scrymser Co. (special)
Bower Roller Bearing (quar.)
Bridgeport Machine preferred.
Bridgeport Brass Co. common (quar.)
Brillo Mfg. Co., Inc., common
(quar.)
Class A (quar.)
Briggs & Stratton Corp
Budd Realty Corp.
(quarterly)
Budd Wheel 1st preferred
(quar.)
Canada & Dominion Sugar Co.
(quar.)
Canada Malting Co., registered
(quarterly)
Bearer (quarterly)
Wire bound
California Ink (quar.)
Extra
Holophane Co., Inc.,
37 Mc
37 Mc
3^c
rl5|2%
Corp. (quar.)
7i25c
60c
12Mc
Mar. 20
Mar. 13
Mar. 16
Mar.
Feb.
Mar. 16
5
25
Mar.
Mar.
Mar.
Mar. 17
Feb. 15
Feb. 29
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
Mar. 31
Mar. 21
Mar. 16
Mar. 21
Mar. 21
Mar.
Mar. 12
Mar. 21
Mar. 21
Apr.
Apr.
Apr.
Mar. 14
Mar. 14
Mar.
$1M
50c
12Mc
Collective Trading, A
35c
50c
Columbia
Broadcasting, A & B (quar.)
Columbia Pictures Co., com.
(quar.)
25c
Columbus & Xenia RR
$1.10
Commonwealth & Southern preferred
Commercial Credit Co., com.
75c
62 Mc
(quar.)
5M% conv. preferred (quar.)
Commonwealth Loan Co., 7% pref. (quar.)
Commonwealth Utilities, 7% pref. A
(quar.)__
6% preferred B (quarterly)
6M% preferred O (quarterly)
Connecticut
Light & Power (quarterly)
Consolidated Gas of N. Y. preferred
(quar.)
Continental Gin, 6% preferred
SIM
$1M
SIM
SIM
SIM
75c
SIM
SIM
7% preferred
i7m
/i$i
(monthly)
Special
50c
75c
$1
25c
Devonian Oil Co. (quarterly)
Diamond State Telep., pref. (quar.)
12 Mc
25c
Dominguez Oil Fields
__
75c
SIM
SIM
60c
75c
Preferred (quarterly)
7% preferred (quar.)
Apr.
Apr.
Apr.
Mar. 21
Mar. 20
Mar.
Feb.
Mar.
Mar. 13
Apr.
Mar. 20
18
v»ar. 18
Mar.
Feb.
Apr.
Mar.
25
6
Mar.
Mar.
Mar. 11
Mar.
Feb.
25c
hU
$1.32
SIM
5c
Honolulu Oil Corp
Honolulu Plantation (monthly)
Hooven & Allison Co.,
7% preferred (quarterly).
Household Finance, A & B (quar.)
25c
15c
10c
5c
$2
(quarterly)
Series A partic. trust certificates
Series B partic. trust certificates
Series C partic. trust certificates
Kansas Electric Power,
7%
fig
25c
25c
i!
$2.16
S2M
$6.80
($500)
($500)
($500)
Apr.
Apr.
Mar. 14
June
Apr.
May
Apr.
Apr.
20
Mar. 14
Mar. 14
Mar. 27
Mar. 14
Apr.
Apr.
Apr.
Apr.
Mar. 13
Mar. 20
Mar. 20
Mar. 20
Mar.
Mar. 10
Mar. .20
Feb. 25
Feb. 24
Mar.
Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 16
Mar. 16
Feb. 29
Mar. 14
Mar. 14
SIM
SIM
Apr.
Apr.
Mar. 16
50c
Mar.
Mar.
9
50c
Mar.
Mar.
9
Mar. 20
1 Mar. 21
Apr.
Apr.
Apr.
2 Mar. 14
2 Mar. 14
1 Mar. 14
1 Mar. 10
Apr.
Apr.
Apr.
1 Mar. 10
Mar. 25 Mar. 13
2 Feb. 25
Mar. 2 Feb. 25
Mar.
1 Mar. 14
1 Mar. 12
Mar. 16 Mar.
5
Mar. 14 Mar.
4
Mar. 10 Feb. 29
Mar.
1 Feb. 15
Apr.
Apr.
15 Mar. 31
Apr. 15
Mar. 31
Mar. 5 Feb. 29
Mar. 10 Feb. 29
Mar. 31 Mar. 21
5
Apr.
1 Mar.
Mar.
5
Apr.
Mar. 14
Apr.
Apr.
Apr.
Apr.
Mar. 16
Mar. 14
Mar. 14
Jan.
31
Jan.
Jan.
31
Mar.
Mar.
Mar.
Mar.
Feb.
Feb.
Feb.
12
12
31
Mar. 14
Mar. 14
Feb. 24
Mar.
Kings County Lighting Co., 7% pref., ser. B
6% preferred series O
(quar.).
5% preferred series D (quar.)
Kobacker Stores, 7% pref., no action.
Koloa Sugar Co.
(monthly)
Krueger (G.) Brewing (quarterly)
Lackawanna RR. of N. J., 4% guaranteed
(qu.)
Lessing's Inc. (resumed)
Lindsay Light & Chemical, pref. (quar.)
Little Miami RR. Co., special
guaranted (qu.)_.
Original capital
Loew's Inc., common
(quar.)
Long Island Lighting Co., 7% pref. series A
6% preferred series B (quar.)
Lord & Taylor
(quarterly)
Lorillard (P.) (quarterly)
9
1 Mar. 16
Mar. 31 Mar. 10
Apr.
1 Mar. 14
Mar. 31 Feb. 29
Apr.
Apr.
16
16
Mar. 16
Feb.
Feb. 24
Mar.
Mar.
Apr.
Mar.
5
Mar.
Mar.
Mar.
Mar.
4
Mar.
7
Feb. 25
Feb. 25
Mar.
Mar.
Mar. 13
Mar. 16
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
...
2
Mar. 16
Mar. 17
Mar. 13
Mar. 13
Mar. 16
Louisiana Land & Exploration Co.
(qu.)....
Mar.
Mar.
Telegraph (quar.)
7% preferred (quarterly)
Mayer (O.) & Co., 7% first preferred
Apr.
Apr.
Mar. 20
Mar. 20
Mar.
Mar.
Feb".*20
Maritime Telephone &
McClanahan Oil Co. (quar.)
Mercantile American Realty,
6% pref. (quar,)..
Metropolitan Edison Co.—
$7 prior pref. & $7 pref.
(quar.)
$6 prior pref. & $6 pref.
(quar.)
$5 prior pref. & $5 pref. (quar.)
Metropolitan Coal, 7% prer. (quar.)
Meyer (H. H.) Packing Co., 6 Hi % pref
Midland Grocery Co. (semi-ann.)
Mid-West Rubber Reclaiming Co., $4
pf. (qu.)_
Mississippi Valley Public Service—
6% preferred B (quarterly)
Mitchell (J. S.) & Co., 7% pref.
(quar.)
Monroe Chemical, preferred
(quar.)
Montreal Cottons, 7% preferred
(quar.)
Moore Corp., Ltd.
(quarterly)
Preferred A & B (quarterly)
Myers (F. E.) & Bro. (quar.)
Nassau & Suffolk
Extra
Newark & Bloomfield RR.
(s.-a.)
New England Fire Insurance
New
Apr.
1 Feb. 28
1 Feb. 28
1 Feb. 28
Mar. 31 Mar. 24
Feb. 29 Feb. 20
Feb.
1 Jan. 20
Apr.
Apr.
Apr.
Mar.
$5 preferred (quarterly)
New Method
Laundry, 6H% preferred
New York Lackawanna & West.
Ry., 5% gtd
New York & Queens Electric
Light & Power
$5 non-cumulative preferred
(quarterly)
New York Steam, $6 pref.
(quar.)
Otis Elevator
(quar.)..
(quarterly)
Preferred (quarterly)
Oxford Paper, $6 preferred A
Pacific Finance Corp. of Calif.
(Del.) (quar.)
8% preferred A (quar.)
6 H% preferred C (quar.)
7% preferred D (quar.)
Pacific Indemnity Co. (quar.)
Pacific Lighting, $6 pref.
(quar.)
Pantheon Oil Co. (quar.)
Parke Davis & Co
Parker Rust-Proof
Co., common
Penney (J. C.) Co., common (quar.)
Light, $5 pref. (quar.)
$6 preferred (quarterly)
$7 preferred (quarterly)
Penn. Power &
Pennsylvania Glass Sand, pref
Preferred (quarterly)
Pennsylvania Water & Power Co. (quar.)
Preferred
(quarterly)
Peoples Telep. Corp. 7% pref. (quar.)
Perfection Stove (quarterly)
26
25c
Apr.
1 Mar. 10
an u
Apr.
1 Mar. 10
Mar. 31 Mar. 16
1 Mar. 16
Mar.
(quarterly)
Jersey Power & Light, $6 pref. (quar.)
6% preferred (quarterly)
Northwestern Utilities, 6% pref. (quar.)>._
Ohio Edison Co., $5 preferred
(quar.)
$6 preferred
(quarterly)
$6.66 preferred (quarterly)
$7 preferred
(quarterly)
$7.20 preferred (quarterly)
8l®
1 Feb.
1 Mar. 20
1 Mar. 16
1 Mar. 14
Mar. 15 Feb. 29
Apr.
Apr.
Apr.
2 Feb. 27
2 Feb. 27
1 Mar. 16
1 Mar. 16
Mar. 31 Mar. 13
1 Apr. 17
May
1 Mar. 31
Apr.
,
$7 preferred A (quarterly)
New York Telephone
Co., 6pref.
North Ontario Power Co
6a
Apr.
Apr.
Apr.
Lighting, 7% pref
National Breweries (quarterly)
Preferred (quarterly)
National Lead (quarterly)
Preferred B (quarterly)
National Securities, B,
Chicago (quar.)
Naval Stores Investment Co.
(quar.)
....
Mar. 21
Mar. 24 Mar. 14
1
1 Apr.
1 Mar. 5
Mar. 16 Feb. 29
Apr.
Apr.
Apr.
Apr.
Apr.
Preferred (quarterly)
...
May 15
20
1 Mar. 14
1 Mar. 14
Apr.
preferred (quar.)..
6% junior preferred (quarterly)
Kekaha Sugar Co.
(monthly).
Kimberly Clark (quarterly)
Preferred (quarterly)
Loudon Packing (quar.)
21
Feb.
Mar. 31 Mar. 16
Apr.
1 Mar. 21
Apr.
87 Mc
.............
Mar. 11
Mar.
;
Eastern Steel Products preferred
(quar.)
Electric Storage Battery Co. (quar.)
Mar.
9
Mar. 14
Apr.
(quarterly)
Draper Corp. (quar.)
Duke Power (quarterly)
$100
50c
Indianapolis Power & Light, 6H% pref. (quar.).
Indianapolis Power & Light, 6% pref. (quar.)..
Interlake Steamship
(quarterly)
Irving Air Chute (quar.)
Kansas Electric Power,
6% preferred (quar.)..
7% preferred (quarterly)
Jones (J. Edw.)
Royalty Trust—
Feb.
Mar.
Mar.
Mar. 16 Mar
SIM
5c
...
50c
Climax Molybdenum (quar.)
Cluett, Peabody & Co., Inc., pref. (quar.)
Clorox Chemical (quar.)
Extra
1
Mar.
$2M
Preferred (quarterly)
Chickasha Cotton Oil .special
(quar.)
Apr.
20c
Chicago Junction Rys. & Union Stockyards
Dominion Coal Co. 6% preferred (semi-ann.)
Dominion Glass (quar.)
Preferred (quarterly).
60c
25c
......
50c
10c
Crown Williamette Paper S7, 1st pref
Dayton Power & Light Co., 6% pref.
De Long Hook & Eye (quar.)..
30c
Home Fire & Marine Insurance
(quar.)
Illinois Bell Telephone
Mar. 16
Mar. 14
May
Apr.
25c
12HjC
Participating preferred (quar.)
Sugar Plantation (monthly)
Idaho Maryland Mines
(quarterly)
Holders
Mar. 16
Apr.
Apr.
Apr.
Apr.
Apr.
__
common
I
When
I
Payable of Record
Mar. 31 Mar. 12
.
Extra
Preferred
Mar. 10
Mar. 20
Mar.
7% preferred
Chicago Flexible Shaft (quar.)
Dunean Mills Co
Mar. 20
Mar.
Case (J. I.)
Dixie Ice Cream Co.
Mar. 23
Mar.
Boxes
Cosmos Imperial Mills,
Croweli Publishing
19
Apr.
Apr.
7% cumulative preferred (quar.)
Canada Permanent Mtge., Ont.
(quar.)
Canadian
75c
_.
American
American
American
American
American
American
Canada Northern Power
$2M
6% preferred (monthly)
Hinde & Dauch Paper or Canada
(quarterly)
Hutchinson
Alexander & Baldwin, Ltd
Aluminum Manufacturing, Inc.
1936
Feb. 29
Mar.
Apr.
Apr.
Apr.
AprMar.
Apr.
1 Mar. 20
1 Mar. 16
1 Feb. 28
1 Feb. 28
2 Feb. 24
1 Mar. 12
Mar. 14 Feb. 28
Mar.
2 Feb. 25
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 15 Mar. 20
Apr. 25 Mar. 31
Apr. 25 Mar. 31
Mar.
1 Feb.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
Apr. 15
Apr.
Mar.
16
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar. 27
15 Mar. 27
1 Feb. 19
1 Mar. 14
Apr.
1
May
1
May
1
May
1
Apr.
Apr. 15
Apr.
Apr.
Apr.
15
15
15
Mar. 14
Mar. 31
28 Feb. 24
Mar. 31 Mar. 20
Feb.
2
Mar. 10 Mar.
Mar. 20
Mar.
Apr.
Apr.
Apr.
h$ 1% Apr.
Apr.
Apr.
Apr.,
Mar.
3i
Mar. 14
Mar. 14
Mar. 14
Mar. 13
Mar. 13
Mar. 16
Mar. 16
Feb. 28
Mar. 31 Mar. 20
Per
Share
Name of Company
Pfeiffer Brewing
Apr.
Apr.
Mar.
Extra...—-———
Publication Corp. 7% 1st pref. (quar.)
7% original preferred (quar.)..
...
Public Service Co. (Okla.) 7% prior lien
—
6% prior lien.
Queens Borough Gas & Electric, 6% pref
Quaker Oats (quar.).
Apr.
Apr.
Extra
May
Preferred (quar.)
Riverside Silk Mills, class A
Ruberoid Co., common (quar.)
Aur.
—.........
Joaquin Light & Power, 6% pref (quar.)..
Mar.
Apr.
Apr.
Extra
Extra
Southern California Edison Co., Ltd.—
Original preferred (quarterly)
5H% preferred, series C (quarterly)
87 Ho
84 Ho
1
Stamper No. 1 Trust A——
-
B
BB
Standard Oil Co. of Ohio, 5% cum. pref......
Sylvania Industrial Corp. (quarterly).........
Teck-Hughes Gold Mines.....
Tex-O-Kan Flour Mills, 7% preferred (quar.)..
Texon Oil & Land (quar.)
Thatcher Mfg....
Tidewater Assoc. Oil, 6% preferred (quar.)
...
Toronto General Insurance Co
...
Upressit Metal 8% preferred
Victor Equipment preferred (semi-ann.)
Victor-Monaghan Co., 7% preferred (quar,)...
Virginia Public Service, 7% pref. (quar.)
Vortex Cup (quarterly)
Class A (quarterly).
Wagner Electric
Washington Water Power Co. $6 pref. (quar.)..
Weill (Raphael) & Co
;
Wesson Oil & Snowdrift Co., Inc
—.
....
........
...
Wheeling Steel, preferred
Williams Oil-O-Matic Heating
Wisconsin Michigan Power, 6% pref. (quar.)..
Wolverine Tube Co., 7% pref. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.).
► Extra
;
we
%\&
10c
$15*
15c
25c
$1H
37$
10c
$IH
50c
50c
25c
25c
/i$l
50c
$1H
$1H
87Ho
62 He
Feb.
Feb.
Feb.
Apr.
25 Feb. 19
25 Jan. 31
25 Jan. 31
25 Jan.
31
25 Jan. 31
15 Mar. 31
5
Mar. 14 Mar.
IMar. 1
Apr.
1 Feb. 15
Mar.
Mar. 31
1
Apr,
1
Apr.
Mar. 16
Mar. 10
Mar. 14
Mar. 12
Feb.
29
Mar. 31 Mar. 14
6
1 Mar.
Apr.
5
Mar. 25 Mar.
1 Mar. 16
Apr.
Apr. 30 Mar. 31
Apr.
Apr.
Apr.
Apr.
1 Mar. 16
1 Mar. 21
1 Mar. 21
1 Mar. 16
Mar. 15 Mar.
Apr.
Apr.
Apr.
Apr.
5
1
1 Mar. 15
1 Mar. 13
1 Mar. 13
12Hc
Mar. 20 Mar. 2
Mar. 14 Feb. 25
1
Mar. 24 Feb.
1 Mar. 14
Apr.
37 He
25c
50c
25c
1 Mar. 14
Apr.
Apr. 30 Mar. 31
1 Mar. 15
Apr.
2
Mar. 16 Mar.
$1H
Mar. 16 Feb. 29
Mar. 2 Feb. 24
1 Mar. 10
Apr.
25c
$io1
5n.
...
and not yet
nounced this
Feb.
25c
Twentieth Century-Fox Film Corp., pref. (qu.).
Union Carbide & Carbon Corp.
United Elastic Corp...
United Gas & Electric Corp., 7% pref. (quar.).
United Profit Sharing, preferred (semi-annual)..
United States Industrial Alcohol (quar.)
United States Playing Card (quar.)...
Extra..
■ Below
Feb.
$10.80
$10.71
$2.72
$2.72
AA
Extra
Apr. 15 Mar. 20
Apr. 15 Mar. 20
$2 U
Stamford Gas & Electric Co. (quarterly)..
Westinghouse Air Brake Co
14
29
29
16
Mar. 31 Mar. 16
South Perm Oil (quar.).
Apr.
1 Mar. 10
give the dividends announced in previous weeks
paid.
This list does not include dividends an¬
week, these being given in the preceding table.
Holders
of Record
Name of Company
Abbott's Dairies (quar.)
Abbott Laboratories (quar.)
Extra
—
Acme Glove Works
—
Ltd., 6H% pref
—
6H% 1st preferred
Affiliated Products (monthly)
Agnew-Surpass Shoe Stores (s.-a.)-Preferred (quar.).......
...............
Agricultural Insurance Co. (N. Y.) (quar.)..—
Ainsworth Mfg. (quar.).
Alabama Power Co., $7 pref. (quar.).
...
$6 preferred (quar.)
$6 preferred (quar.)..
Alabama Water service, $6 preferred
Allegheny Steel (quar.)
.....
Preferred (quar.)
....
Allen Industries, new (quarterly)
Allied Laboratories
Mar.
Apr.
———
....
(quar.)
*
Quarterly.
!■——
$3H convertible preferred (quar.)
—
$3H convertible preferred (quar.).......—.
Allied Products, class A (quarterly).—
Alpha Portland Cement....
....
Altorfer Bros., preferred
Aluminum Goods Mfg. (quar.)..
Amalgamated Leather Cos., preferred
American Arch Co. (quar.)
....
...
_
Apr.
Apr.
Apr.
Mar.
Mar.
Apr.
Apr.
Mar.
Apr.
Apr.
May
Mar.
Mar.
Apr.
Apr.
American Cigar
Preferred (quar.)
Mar.
....
......
1 Apr. 15
Mar. 28
June 27
Mar. 12
Apr.
1
Mar. 15 Mar.
1
Apr.
1 Mar. 21
Apr.
1 Mar. 19
Mar. 2 Feb. 19
American Business Shares, Inc..
American Capital, $5H preferred (quarterly).
.....
2 Feb.
1 Mar.
1 Mar. 14
Apr.
1
July
1
Apr.
1
Apr. 25
American Chicle (quar.)
Extra—
Dock, 8% preferred (quarterly)
American Drug Fire Insurance Co
American Electric Securities Corp., participating
preferred (quarterly)
American Envelope Co., 7% pref. A (quar.)...
7% preferred (quar.)..............
...
7% preferred (quar.).......
7% preferred (quar.)
American General Corp., $3 pref. (quar.).....
$2 preferred (quar.)..
$2H preferred
American Hawaiian Steamship (quar.)
American Hide & Leather, 6% pref. (quar.)
American Home Products (monthly)..
American Hosiery (quarterly)
1 Mar
1 Mar.
31
31
14
15
16
20
20
14
1 Feb. 20
Mar. 18 Mar. 2
Mar. 2 Feb. 15
Mar. 5 Feb. 20
Apr.
1 Mar. 28
July
1 June 27
Apr.
American
Mar.
J Feb.
2 Feb.
15
18
18
Mar.
Apr.
American Bank Note
Preferred (quarterly)
1 Feb.
Mar.
Mar.
Mar.
1
1
1
1
Mar.
Mar.
Mar.
1 Mar. 11
1 Mar. 11
1 Feb. 14
2 Feb. 15
1 Mar, 12
1 Mar. 12
16 Mar. 3
31 Mar. 12
2 Feb. 20
2 Feb. 11
...
_
.....
American Service Co., pref............
American Steel Foundries, preferredAmerican Stores (quar.)
...
.......
Refining (quarterly)
Atlas Corp., common..
$3 series A preference (quar.)
Atlas Powder (quar.)
Mar.
June
Sept.
Dec.
2 Feb. 20a
l Feb. 25
May 25
Aug. 25
Nov. 25
Mar.
Feb. 24
Mar.
Feb. 24
Mar.
Feb. 24
Mar. 14
Apr.
Mar. 30 Mar. 20
Mar.
2 Feb. 14
Mar.
2Feb, 6
Mar.
Mar.
Mar.
2 Feb. 20
1 Feb. 19
2 Feb. 20
Mar. 16 Mar.
Mar.
6
2 Feb. 24
Apr. 15 Mar. 14
Apr. 15 Apr.
1
Mar. 31 Mar. 14
Mar. 31 Mar. 16
Apr.
1 Mar. 16
$1,
Extra
....
...
.....
Automotive Gear Works, $1.65 pref. (quar.)...
Baldwin Co., 6% cum. pref. (quar.)..
—
6% preferred A (quar.)
Bamberger (L.) & Co., 6H% preferred (quar.).
Bangor & Aroostook RR. (quarterly).....
Preferred (quarterly)...
Bangor Hydro-Electric, 6% preferred (quar.)..
7% preferred (quarterly)
Bankers National Life Insurance (J. O., N. J.).
Baton Rouge Electric Co., $6 pref. (quar.)
Bayuk Cigar...
1st preferred (quar.)
Beech-Nut Packing Co. (quar.)...
.....
Extra
75c
$2H
.....
2 Feb.
10
Mar. 16 Feb. 20a
June 20
June 20
July
July
25c
Mar.
12Hc
Mar.
Feb.
Feb.
25c
Mar.
Feb.
25c
Mar.
37 He
h$lH
14
15
19
Feb. 19
Feb. 10
Feb. 15
Mar. 11
Mar.
Feb.
15c
$3
25c
Mar.
Mar,
Feb.
Mar.
Mar. 21
$1H
Mar.
Mar. 21
Feb. 20
Mar. 17
$4H
Mar.
$1H
Apr.
Mar.
7
Mar.
Feb. 21
29
15
Feb. 28
Feb. 28
Apr.
Mar. 20
12Hc
41 He
$1H
$1H
July
25c
75c
50c
25c
Automatic Voting Machine (quar.)...
.....
2 Mar. 5
Apr.
2 Mar.
5
Apr.
Apr. 15 Mar. 14
Mar. 2. Feb. 10
12Hc
........
—.....
Quarterly.
When I Holders
Payable of Record
Mar.
h$l
40c
.
*1H
63c
$1H
$1H
$1H
Feb.
Feb.
Mar.
Mar.
Mar.
June 20
20
Mar.
Feb.
Apr.
Mar. 31
Mar.
Feb. 29
Feb. 14
Feb. 29
Feb. 29
Mar.
Apr.
Apr.
Apr.
Apr.
50c
$1H
Mar. 10
Mar. 10
Feb. 28
Feb. 14
Mar.
Mar.
29
Mar.
Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
30 fr.
25c
Mar.
25c
Mar.
IOC
Mar.
Feb.
Feb.
Feb.
5c
Mar.
Feb.
Apr.
Feb.
75c
HP
75c
50c
....
Belding-Corticelli, Ltd. (quarterly)
Preferred (quarterly).......
............
Belgian Ford, interim
;
Bellows & Co., Inc., class A (quar.)..........
Bendix Aviation (quar.)
Beneficial Loan Society, new (initial)
Extra
B.-G. Foods. Inc., 7% preferred
...
...
h$lU
25c
Bigelow-Sanford Carpet (resumed).........
Preferred (quar.)
$1H
Biltmore Hats, Ltd. (quarterly).—
$1H
Binghamton Gas Works, 6H% pref (quar.)... $1.56 H
$1H
Birmingham Water Works, 6% pref. (quar.).
........
Mar. 12
Mar. 12
Mar. 14
Mar. 14
29
20
29
29
20
Feb. 14
Feb. 15
Feb. 15
Mar.
Mar,
Mar.
———...
Mar.
—J
Mar.
Mar.
h$7
Mar.
Mar. 16
50c
25c
Mar.
Mar.
Mar. 16
Mar. 10
37 He
37 He
37 He
$1H
May
Aug.
May 11
Aug. 11
Nov.
flH
June
Nov. 11
Mar. 25
June 25
-
Black & Decker.
8% preferred (quarterly)
..........
Bliss & Laughlin, Initial (quarterly)
Bloch Broc. Tobacco (quarterly)...........
Quarterly
....
............
...
Quarterly..
$6 preferred (quar.)...——I.—....
6% preferred (quar.).....................
6% preferred (quar.)...
...
...
6% preferred (quar.j.
Blue Ridge Corp., $3 conv. pref. (quar.)......
Borden Co., common (quar.)
Boston & Albany RR. Co
Boston Insurance Co. (Mass.) (quar.).—......
Boston Storage Warehouse Co. (quarterly)
Brack (E. J.) & Sons.......................
Brewer (O.) & Co. (monthly)
Bristol Brast (quar.)...
Bright (T. G.) Ltd. (quarterly)
6% preferred (quarterly)...—.....—
Bristol-Myers Co. (quarterly)
....
Extra..—
.....
British-Amer. Tobacco Co., Ltd., (interim)—..
Brooklyn Edison Co. (quar.)
—
Brooklyn-Manhattan Transit Co., pref. (quar.).
Brooklyn & Queens Transit Corp., pref. (quar.)
Brooklyn Teleg. & Messenger (quar.)
Brooklyn Union Gas
Brown Fence & Wire Co., A (s.-a.)..
Class B (quarterly)
Sept 25
Dec. 24
$1H
$1H
<z75c
Mar.
40c
Mar.
$2
Mar.
Feb.
5
Feb. 15
Feb. 29
Apr,
Mar. 20
$4
Sept
Dec.
$1H
Mar.
30c
Mar.
$1
50c
Mar.
Mar. 20
Mar.
Feb.
7Hc
Mar.
$1H
Mar.
50c
10c
lOd
Mar.
Feb. 29
Feb. 29
Feb. 17
Feb. 17
Feb. 29
$2
SlH
75c
HP
75c
Feb.
Mar.
Mar,
Feb. 29, Feb.
Apr.
15 Apr.
Apr.
IMar.
liFeb.
1 Mar.
29'Jan.
29 Feb.
Mar.
Apr.
Feb.
8
29
7
1
14
21
2
15
15
Inc
Bunker Hill & Sullivan
Common
Common (extra)
Min.
& Con.
Apr.
1 Apr. 15
1 Mar. 14
May
Apr.
Feb. 29 Feb.
Mar.
Mar.
...
...
7% preferred (quar.)..
Calaveras Cement, preferred.
California Art Tile, A (resumed)......——,
California Packing (quar.)................,
Campbell, Wyant & Cannon Foundry
...
Extra)
Canada Vinegars, reduced (quarterly)......,
Canadian Industries, common.....
——————
......
.....
Profsrrod.
Canadian Oil CosT," 8~%~
Canadian Westn. Natural Gas, JLt„ Ht. & Pr. Co
prefeiTed"(quar.)Ill
6% preferred (quar.)
May
Feb.
1 Apr. 15
1 Mar. 14
13
Co.—
Burroughs Adding Machine Co....
Burt (F. N.) Co. (quar.)
...
7% preferred (quar.)..
——————.
Butler Water Co., 7% pref. (quar.)
Calamba Sugar Estates (quar.).—
.......
Extra
Mar. 20
25c
1st preferred
(quar.)..
2nd preferred (quar.).....
$5 preferred (quarterly)
6.4% preferred (quar.)
Feb. 20
Feb. 21
Apr.
40c
.....
Mar.
Mar.
40c
Buckeye Pipe Line (quar.)
Bucyrus-Erie Co., pref
Buffalo Niagara & Eastern Power—
$1
30c
75c
75c
$1
$1H
Brown Shoe Co., common (quar.)...
Bullock's
Mar.
2
$1H
...
Mar.
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Mar.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Apr.
Apr.
Mar.
.....
2 Feb. 15
2 Feb. 15
8
5 Feb.
1 Mar. 10
1 Mar. 10
16 Mar. 3
1 Mar. 14
1 Mar. 14
1 Mar, 14
2 Feb. 17
1 Feb. 25
16 Feb. 29
8
29 Feb.
31 Mar. 14
2 Feb. 15
15 Mar. 31
30 Mar. 31
1 Mar. 20
2 Feb.
15
Canfield Oil, preferred (quarterly)
Mar. 31 Mar. 20
Carman & Co,, Inc., class A
Carnation Co., 7% pref. (quar.)..
Mar.
7 Feb. 25
Apr.
July
1
1 June
7% preferred (quar.)
Mar.
American Investment Co. of Illinois—
K Class B (increased)
;
;
American Laundry Machinery Co. (quarterly).
American Metals, preferred
American News N. Y. Corp. (bi-mo.)
American Radiator & Standard Sanitary—
Preferred (quarterly)
American Rolling Mill (quar.)
6% preferred (quar.)
Amoskeag
Atlantic
1 Feb. 20
1 Mar. 16
1 Mar.
Mar. 14 Feb.
Mar. 14 Feb.
Mar. 31 Mar.
Manufacturing (quarterly)..
Seaboard Oil Co. of Dela
-
50c
$2H
.
20
1 Mar. 14
Mar. 16 Feb.
1 Feb
Mar.
American Sugar Refining Co. (quar.)
Preferred (quar.)
...
...
American Telep. & Tel eg. Co. (quar.)........
American Tobacco Co., common
Common B
American Woolen Co., preferred.......—....
29
1
1
1
Mar. 31 Mar. 16
Mar. 16 Feb. 29
29
Mar. 16 Feb
7% prior pref. and 7% pref. A (quarterly)...
6% preferred B (quarterly)
Safety Income Shares, Inc., A
San Jose Water Works 6% pref. (quar.)
Schenley Distillers, 5H% pref. (quar.)
Scovill
15 Apr.
15 Apr.
29 May
Share
Name of Company
Co., common....................
Preferred (semi-annual)..
Anaconda Wire & Cable (resumed)..
Anglo-Canadian Telephone Co., class A
...—
Archer-Daniels-Midland (quar.). .............
Special
Armstrong Cork Co.
Artloom Corp., 7% preferred.——
Art Metal Works (quar.).
Associated Dry Goods Corp., 1st pref
Associated Investment (quar.).... ———
Preferred (quar.)..
—.
Atlanta & Charlotte Air Line Ry. (s.a.)
Atlantic & Ohio Teleg. Co. (quar.)
Mar. 31 Mar. 14
1 Mar. 14
Apr.
—...
Safety Car Heating & Lighting
St. Louis National Stockyards (quar.)
Per
Holders
When
Payable of Record
2 Mar. 30
1 Mar. 10
1 Feb. 20
1 Mar. 16
Apr.
1 Mar. 16
Apr.
5
Mar. 16 Mar.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 16
Apr.
(quar.)
Philadelphia Electric! Power, 8% pref. (quar.)—.
Powell River Co., 7% pref. (quar.)
—
Pressed Metals of America (quar.)-
San
1413
Financial Chronicle
Volume 142
7% preferred (quar.)......................
7% preferred (quar.)..........
.....
Carolina Power & Light Co., $7 pref.
—
Mar.
$6 preferred
Carolina Telephone & Telegraph Co,
Carter
(quar.)...
(WmJ Co., pref. (quar.)
Caterpillar
Tractor
Central Arkansas Public Service Corp., pf. (qu.)
Central Illinois Light Co., 6% pref. (quar.)
7% preferred (quarterly)...
Central Mississippi Valley Electric Prop.
6% preferred (quar.)
Central Ohio Light & Power Co., $6 pf. (qu.)..
Centrifugal Pipe Corp. (quar.)
Quarterly........
Quarterly ....... .........
Century Ribbon Mills, pref. (quar.)
Champion Paper & Fibre, 6% preferred (quar.).
Chartered Investors, $5 preferred (quar.)
Chesapeake Corp. (quar.)
......
Chesapeake & Ohio Ry. (quar.)—
Preferred (semi-annual)
..........
Chesebrough Mfg. Co. (quar.).....—..
....
Extra
—
20*
Oct.
1 Sept 20
Jan 2 *37 Dec. 20
Mar.
2 Feb. 15
2 Feb.
Apr.
1
Feb. 29 Feb.
1 Feb.
Mar.
Apr.
Apr.
15
Mar. 24
Mar. 16 Mar,
9
15
15a
1 Mar. 14
1 Mar. 14
Mar.
Mar.
Feb. 15
Feb. 15
May
Aug.
May
Aug.
5
5
Nov.
Nov.
5
Mar.
Feb. 20
Apr.
Mar.
Mar. 14
Feb.
Mar.
Apr.
Apr.
July
Mar.
Mar.
_
June
31'Mar.
Mar. 31 Mar.
1414
Financial
Per
Share
Name of Company
Chesapeake & Potomac Telep. Co.—
7% preferred (quar.)
Redemption payment
'
Chestnut Hill RR. (quar.)
Chicago Corp., $3 conv. preferred--Chicago District Electric Generating Corp.—
$6 preferred (quarterly)
Chicago Junction Rys. & Union Stockyards (qu.)
6% preferred (quarterly)
Chicago Mail Order (quar.)
Chicago Rivet Machine (quarterly)
—-
—
Extra--
■
---
Chicago Yellow Cab (quar.)
Holders
75c
75c
Mar.
1 Feb.
Feb.
Mar.
Mar.
Apr.
Mar.
Mar.
Mar.
Mar.
Apr.
Mar.
Mar.
$2
Aug.
15
14
14
10
24
24
20
3
2
20
Cincinnati Inter-Terminal RR—
SIX
Mar.
$1H
SIX
SIX
SIX
5% preferred (quar.)
5% preferred (quar.)
City Ice & Fuel (quarterly)
SIX
$1H
20c
Preferred
(quarterly)
Cleveland & Pittsburgh Ry., reg. gtd. (quar.)-.
Registered guaranteed (quar.)—-.—
Registered guaranteed (quar.)
Registered guaranteed (quar.)--—
Special guaranteed
Clinton Trust Co. (quar.)
Coast Counties Gas & Electric, 1st pref.
(quar.)_
Collateral Trust Share of N.
Y.,
series A---—
(quarterly)--
87 He
10
2 Feb.
June
Sept.
May
9
Aug. 10
Dec.
Nov. 10
Mar.
Apr.
_
Colt's Patent Fire Arms Mfg. (quar.)
Columbian Carbon Co. (quar.)_
29
Mar
1
Apr.
31c
$1
(semi-annual)
e2X%
Columbus Auto Parts Co., conv. pref
h25c
Commercial Investment Trust com (quar.)
75c
Commonwealth Investment Co., Dela. (quar.)
4c
Commonwealth Utilities Corp. 6H% pf- C (qu.)
SIX
Compania Swift Internacional (semi-annual)—
SI
Compo Shoe Machine Co., vot. tr. ctfs
l2Xc
Compressed Industrial Gases, Inc
50c
Confederation Life Association (quar.)
$1
Quarterly.$1
Quarterly
1
Quarterly
1
Congoleum-Nairn (quar.)
40c
Connecticut Light & Pow. Co., 5H% preL (qu.)
6 H% preferred (quarterly)
Connecticut Power Co. (quarterly)
62Hc
Connecticut River Power Co., 6% pref
SIX
Consolidated Cigar, 7% pref. (quar.)
SI X
Consolidated Film Industries, pref
/i25c
Consolidated Gas (N. Y.)
26c
Consolidated Gas Light & Power Co. of Bait
90c
5% preferred (quar.)
SIX
Consolidated Oil. $5 pref. (quar.)
Consolidated Paper Co. (quarterly)
Consumers Glass Co. (quar.)
SIX
7% preferred (quar.)
Consumers Power Co., $5 pref. (quar.)
6% preferred (quar.)
SIX
6.6% preferred (quar.)
$1.65
7% preferred (quar.).
6% preferred (monthly).
6% preferred (monthly)
50c
6.6% preferred (monthly)
55c
6.6% preferred (monthly)
55c
Continental Assurance Co., Chicago (quar.)
50c
Continental Gas Co., Chicago (quar.)
25c
Continental Steel Corp. (initial)
50c
Preferred (quarterly)
Copperweld Steel (quarterly)
20c
Quarterly
20c
Quarterly
20c
Corrugated Paper Box Co., 7% pref. (quar.)__
SIX
Courier Post Co., 7% preferred
SIX
(quarterly)
Courtaulds Ltd., final
w 5%
Crane Co., 7% preferred
h$ IX
Creameries of Amer., $3>3 conv. pref.
87 He
(quar.)—
-
11H
—
-
Feb. 10
Mar. 20
25
Mar. 16 Feb.
Feb.
Columbia Pictures Corp.
nB
111
-
Electrical
40c
SIX
—
Preferred (quar.)
Electric Controller &
Feb""*6"
Mar.
Feb.
Mar.
Feb.
Mar. 31 Mar.
Mar.
2 Feb.
Mar.
Aug.
5
17
17
10
14
23
Feb. 20
Mar.
5a
Apr. 14
July
Mar.
Apr.
May
Mar.
Feb.
15
Mar.
Feb.
15
Feb.
20
Mar.
Mar. 16 Feb. 29
Mar. 31 Mar. 29
June 30 June
25
Sept. 30 Sept. 25
Dec. 31 Dec. 25
Mar. 16 Mar.
2
Mar.
Feb. 15
Mar.
Mar.
Feb.
Feb.
Mar.
15
15
15
16
Feb.
Feb.
Mar.
Mar. 10
Apr.
Mar. 16 Feb. 17
Mar. 14
Apr.
_
Mar. 14
Apr.
Mar. 15 Feb.
Mar.
Feb.
29
19
Mar. 15 Feb.
Mar.
Feb.
Apr.
Apr.
Apr.
Apr.
29
15
Mar. 14
Mar. 14
Mar. 14
Mar. 14
Mar.
Feb.
Apr.
Mar. 14
Feb. 15
Mar. 14
Mar.
Apr.
15
Mar. 31 Mar. 14
Mar.
Feb.
15
Mar.
Feb. 17
Mar. 16
Apr.
May 31 May 15
Aug. 31 Aug. 15
Nov. 30 Nov. 15
Mar.
ljFeb. 15
Apr.
l'Feb. 29
Mar 23 Feb. 18
Mar. 16 Mar.
2
—
Class A (extra)
Preferred (quar.)
Equity Corp., $3 conv. pref
Erie & Pittsburgh RR. Co., 7%
gtd. (quar.)—
7% guaranteed (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
European & North American Ry. (s.-a.)
Semi-annually
Faber Coe & Gregg, Inc. (quar.)
Fairbanks Morse, new 6% pref. (quar.)
Fa jar do Sugar
Falconbridge Nickel Mines
Fansteel Metallurgical Corp., $5 pref. (quar.)—
$5 preferred (quarterly)
$5 preferred (quarterly)-.
$5 preferred (quarterly)
Farmers & Traders Life Insurance
(quar.)
Faultless Rubber (quar.)
Federal Compress & Warehouse Co. (quar.)
Federal Light & Traction, pref. (quar.)
Feitman & Cur me Shoe Stores Co., preferred—
Ferro Enamel (quar.)
Preferred (quar.)
Fifth Ave. Bus Securities (quar.)
Firestone Fire & Rubber, pref. (quar.)
First Bank Stock Corp. (s.-a.)
First State Pawners Society, Chicago
(quar.)—
Fishman (M. H.) Co. (quar.)
—
—
-----
—
-
Extra
(quar.).
(quarterly)
Fox (Peter) Brewing Co
Franklin Simon & Co., 7% pref.
Franklin Teleg. Co. (semi-ann.).
Freeport Texas (quarterly)
Preferred (quarterly)
Fuller Brush Co. 7 % pref. (quar.)
7% preferred
7% preferred (quar
Fulton Market Cold Storage, 8% pref
Gallan Mercantile Laundry
General American Corp. (s.-a.)
General Candy, cum. class A (quar.).
General Cigar, preferred (quarterly)
(quar.j.
_
(quar.)
May
Mar,
Apr.
I Apr.
Mar,
Mar.
June
——
Extra
June
(semi-annual)
Mar.
1 Mar. 16
2 Feb. 20
1 Mar. 20
1 Mar. 20
1 Feb. 15
2 Feb. 15
1 May
1 May
15
15
2 Feb. 15
1 May 15
2 Feb. 14
2 Feb. 14
2
I June
1
June
Dictaphone Corp..
Preferred (quarterly)
Mar.
Mar.
Doctor Pepper Co. (quar.)
——
Quarterly
Quarterly
Quarterly
Sept.
_
50c
7i25c
rS IX
SIX
—
90c
SIX
Duquesne Light Co., 5% 1st pref. (quar.)
6% preferred
prior pref. (quar.)
(quar.)
Eastern Malleable Iron
—
—
(initial)
1 Mar. 21
Apr. 20 Mar. 31
Mar.
2 Feb. 20
Mar. 14
Apr.
Apr. 15
50c
Mar. 31
Mar. 14 Feb. 26
Apr. 25 Apr. 10
[Apr. 15 Mar. 14
$1,125 Apr.
SIX Apr.
Preferred (quarterly)
Preferred (quarterly)
; Mar. 14
1 Mar. 14
Mar. 20 Mar. 10
June
80c
Sept.
80c
Dec.
Nov. 30
I Apr.
Mar. 14
Oct.
Sept. 14
Feb. 15
Feb. 11
Feb. 15
SH
Nov. 30
Feb. 29
Dec.
50c
May 29
Aug. 31
Mar.
$1H
$1H
Mar.
iffi
111
SIX
$2 H
50c
35c
$1 X
87 He
20c
13 He
16c
$1 H
20c
SIX
15c
12Hc
12Hc
Mar.
_
(Mar. 26
Mar. 10
Mar. 31 Mar. 14
June 30 June 15
Sept.30 Sept. 15
Dec. 31 Dec.
15
1 Mar. 11
1 Mar. 16
Apr.
Apr.
Mar.
Mar.
1 Feb.
2 Feb.
Apr.
1 Mar.
20
17
2
Mar. 20 Mar. 10
Apr.
1 Mar. 20
Mar. 30 Mar. 13
Feb. 15
Mar.
_
1 Mar. 20
Mar. 31
_,Mar. 21
Mar.
2, Feb. 15
Feb. 15
Mar.
Feb. 19
Mar.
Apr.
Mar.
Feb.
Apr.
Mar. 16
(Apr.
Mar. 16
19
Apr.
May
llApr.
15
Mar.
2 Feb.
14
May
1 Apr.
15
Mar.
_
Mar. 25
June 24
Apr.
Oct.
Mar. 16
2,Feb. 17
July
_
Sept. 25
Mar.
2 Feb.
Apr.
Mar.
1 Mar. 14
IMar.
2 Feb. 20
1 May 22
13
20
1 Feb.
15
Mar. 20 Mar. 14
June
Mar. 12 Feb.
May
Apr.
50c
50c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 10
Mar. 18
lljf
$6 15
50c
60c
50c
Preferred (quarterly)
Godchaux Sugars, Inc., preferred (quar.)
Prcforrod
Godman (H~ C.YCo"? 1st preferred
50c
6
Mar. 18
Mar. 10
Mar. 10
Mar. 14
Mar. 18
Mar. 18
Feb. 20
Apr,
Mar.
Mat.
Feb
Apr.
July
June 20
Oct.
Sept. 20
Dec.
14
Mar. 20
Apr.
Apr.
20
Mar. 17
Mar. 17
"U
Janl '37
1
1
Mar.
2
Mar. 31
5c
|Mar. 31
Mar. 10
Mar. 10
SIX
h$17
«»<
(quar.)
Brewing (quarterly)
Extra
37 He
—
40c
$1.60
Gordon Oil (Ohio) B, (quarterly)
Granby Consolidated Mining & Smelting
Grand Rapids Metalcraft Corp
Grand Union, $3 preferred
-
25c
25c
$8
-—
6c
zVfc
Great Atlantic & Pacific Tea (quar.)
Extra
Preferred
25c
(quarterly)
—
SIX
Great Eastern Fire Insurance Co., New York-
30c
Great Lakes
50c
Steamship
Great Northern Paper
(quar.)
Greenfield Tap & Die, 8% preferred
25c
$1.48
$1.11
six
hSZX
S1H
$1H
$6 preferred
Greyhound Corp., preferred A (quar.)
Gulf States Steel, 7% 1st preferred
Gulf States Utilities Co., $6
1 Mar. 21
Apr.
Dominion Scottish Investment, 5% preferredDominion Textile, Ltd. (quar.)
Fuel Assoc.
1
(Apr.
.
Preferred (quar.)
Du Pont de Nemours (E. I.) & Co. (quar.)
Debenture (quar.)
1
Dec.
Doehler Die Casting, 7% pref. (quar.)
$7 preferred (quar.)
Dome Mines Ltd. (quar.)
.
Goebel
15
Mar.
50c
;
Special
Gorham Mfg. Co. (quar.)
Mar.
Preferred (extra)
(quar.)
Goldblatt Bros, (quar.)
Golden Cycle (quar.)
Dec. 31
-
Interim
27
2 Feb.
80c
40c
2 Feb.
Sept. 30
Diamond Match Co
&
(quarterly)
Preferred (quarterly)
Globe Democrat Publishers Co. preferred
(qu.).
Globe & Rutgers Fire Ins
2nd pref
Globe Wernecke Co., pref.
(quar.)
Feb*."l5
1 Mar. 18
Mar.
87 He
$1H
Glidden Co.
2
Apr.
87 He
80c
$1 H
25c
Ry. Signal
19
5 Feb.
Mar. 31
June 30
7% preferred (quar.)
7% prefer, ed (quar.)
7% preferred (quar.)
Deposited Insurance Shares series A
Detroit Paper Products, new (quar.)Devoe & Raynolds, A & B (quar.)
2nd preferred (quar.)
Dexter Co. (quar.)
Eastern Gas
Preferred )
quarterly)
29
Mar.
29 Feb. 20
5
Mar. 20 Mar.
1 Mar. 18
Feb.
Apr.
SIX
*.—
Printing Ink.
29
iMar.
Dennison Mfg. Co., debenture
Dentist's Supply Vo. of N. Y. 7%
pref. (quar.)_
Dec.
1 Nov. 21
Feb. 29 Feb. 20
|Mar. 10 Feb. 29
June 10 May 29
Sept. 10 Aug. 31
50c
Feb.
Mar.
SIX
37 He
87 He
87 He
SIX
SIX
Mar.
(qua .)—
1 May 21
1 Aug
21
Sept.
$1
15c
1 Feb.
jJuiy
Mar.
|June
10c
Mar. 31
$2
Apr.
Delaware RR. Co. (s.-a.)
Denver Union Stockyards, 7% pref.
Deere & Co., 7% preferred
Apr.
2 Feb. 20
1 Mar. 14
1 Feb. 19
15c
19
1 Mar. 16
2 Feb. 20
1 June 15
2
50c
$1 X
Feb. 29 Feb.
Mar.
Mar.
SIX
SIX
Preferred (quarterly)
Glens Falls Insurance Co.
Apr.
1 Sept. 20
I Apr. 15!
25c
25c
.
8% preferred (quar.)
Dayton Power & Light Co., 6% pref. (monthly)
SIX
$1H
General
17
Mar. 16 Mar.
5
Mar.
2 Feb. 20
Apr.
1 Mar. 16
1 Sept. 20
1 Mar. 20
Oct.
Oct.
25c
Mar. 31 Mar. 16
—
Apr.
SIX
SIX
—
hS 1
Cushman's Sons, 7% pref. (quar.)—
Cutler-Hammer
Daniels & Fisher, 6>3% preferred (quar.)
Dayton & Michigan RR. (semi-annual)
111
25c
Class B
General
29 Feb.
6
Mar. 16 Mar.
1 Mar. 20
12Hc
Florsheim Shoe, class A (quar.)..
12
Feb.
27
Apr.
15c
Fitz Simons & Connell Dredge & Dock
Extra
29
|Mar. 14
25c
75c
75c
——
20
27
25c
Crown Zellerbach, pref., A & B
Crucible Steel of Amer., pref.'
Crum & Forster Insurance Shares
7% preferred (quarterly)
Feb.
5c
Emsco Derrick & Equipment (quar.)
Endioott-Johnson (quar.)--.
Mar. 20 Feb.
Mar.
2 Feb.
Cuneo Press (quarterly)Curtis Publishing .pref
14
Mar. 16 Feb.
Mar. 16 Feb.
Apr.
Apr.
Apr.
$1
Empire Capital Corp., class A (quarterly)——
Mar. 16 Feb.
(quarterly)
19
„
Mar.
----------------
67c
Corp—
29
Mar.
—
13
14
29
|Mar.
40c
Elgin National Watch
Preferred
Feb. 29 Feb.
Mar.
2 Feb.
Mar.
Mar.
20
SIX
50c
10c
Semi-annual
Feb. 29 Feb.
Mar. 25 Feb
Mar. 16 Feb.
$1 X
-
25c
24
5
20
25c
Mfg. (quar.)
Crown Cork & Seal
(quarterly)
Preferred (quarterly)
Crown Life Insurance Co. (Toronto)
10
1 Mar.
2 Feb.
2 Feb.
16
16
Mar. 20
Feb.
5
Feb. 20
SIX
General Motors Corp., common (quar.)
$5 preferred (quar.)
General Paint, class A
Preferred
40c
30c
25c
Feb. 29 Feb.
Mar.
6 Feb.
Class A & B
—
—
-
Instruments
Electric Auto-Lite
5% preferred (semi-annual)
5% preferred (semi-annual)
El Paso Electric Co.. Texas, 6% pref.
(quar.)—
Ely & Walker Dry Goods (quar.)
Emerson Drug, preferred
(quar.)
Empire & Bay State Teleg., 4% gtd. (quar.)
4% guaranteed (quar
4% guaranteed (quar
4% guaranteed (quar
Mar.
10
Mar.
Mar.
40c
—
-
Edison Bros Stores (quar.).
Preferred (quar.)
El Dorado Oil Works (quar.)
Mar. 31 Mar. 14
Mar.
1 Feb. 21
Mar.
2 Feb. 20
50c
IK %
SIX
Elizabeth & Trenton RR. Co. (semi-ann.)
26
1 Feb.
Apr.
7% preferred (quarterly)
6% preferred (quarterly)
Eddy Paper Corp
Oct.
1 Sept. 19
Janl'37 Dec. 19
50c
SIX
60c
(quar.)
Extra
15
26
I Holders
When
Payable of Record
East St. Louis & Interurban Water Co—
Electrographic Corp., com. (quar.)
7% cumulative preferred (quar.)
Electrolux Corp. (quar.)
Mar. 14 Feb.
1936
Mar.
1 Feb. 10
Apr. 15 Dec. 31
5
Apr.
1 Mar.
5
Apr.
1 Mar.
Electric Shareholdings. $6 preferred-—
Mar. 14 Feb.
29
Mar.
$6H pref. (quar.)_
(quarterly)
20
Mar. 20
June 20
m|c
—
Collins & Aikman Corp., common
Preferred
8?$
I?&
2 Feb.
10c
Colgate-Palmolive-Peet (quarterly)
Preferred
1 July
Apr.
July
50c
Preferred (quarterly)
City of New Castle Water, 6% pref. (quar.)
Clark Equipment (quar.)
$6 preferred
8hare
Eastern Township Telep. Co. (quarterly)
Eastman Kodak (quarterly)
15
Feb.
Mar.
Mar.
Feb.
Feb.
Feb.
Feb.
Mar.
Apr.
$1
5% preferred (quar.)
5% preferred (quar.)
Per
Name of Company
Preferred (quarterly)
$1H
S2X
$1H
37 He
37Hc
12Hc
30c
5% preferred (quarterly)
Cincinnati Union Terminal Co.—
•
Record
Apr. 15 Mar. 31
Apr. 15
Mar.
4| Feb~.20~
29c
$1 X
1st guaranteed preferred (s.-a.)
Cincinnati N ew Orleans & Texas Pacific Ry—
Feb.
Eastern Shore Public Service,
$1H
25c
Christiana Securities Co., 7% pref. (quar.)
Churngold Corp
Chrysler Corp
When
Payable] of
Chronicle
pref. (quar.)
S5X preferred (quarterly)
Bros. Stores, (quar.)
Hale
Hamilton Watch Co., preferred
Hammermill Paper Co., 6% pref.
15c
Class B
S2H
$1H
(qu.)
Hancock Oil Co. of Calif. (Del.) A & B
Hanes (P. H.) Knitting Mills (quar.)
(quarterly)
7% preferred (quarterly)
Hanna (M. A.) Co., preferred
(quar.)
Haro-Oarter Co., $2 conv. pref. (quar.)
(quar.)
—
—
$2 convertible preferred
Hartford & Connecticut Western RR., 2% pref.
(semi-annual)
25c
Feb.
22
Apr.
1 Mar. 10
Mar. 10 Feb. 28
Mar. 10 Feb. 28
Mar. 16 Mar.
Mar. 15 Mar.
2
1
Mar. 10 Feb.
Feb
29 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
Mar.
I Feb.
Mar.
1 Feb.
Mar.
1 Feb.
27
Mar. 28 Mar.
Mar.
2 Feb.
Feb.
Mar.
Feb.
Mar.
18
20
10
10
14
14
7
19
17
17
Mar. 22
Apr.
Apr.
Mar. 16
Mar. 16 Mar.
2
Mar. 16 Mar.
2
Mar.
2 Feb. 15
8
Feb. 29 Feb.
Apr.
1 Mar, 16
Mar.
1 Feb.
15
12Hc Feb. 29 Feb. 20
Feb. 29 Feb. 20
12Hc
SIX Apr.
1 Mar. 20
SIX Mar. 1 Feb 15
50c
Mar.
hS IX
Mar.
$1
I Feb.
2 Feb.
15
2 Feb.
15
_
29 Feb. 20
Financial
Volume 142
Per
Name of Company
Share
Harbison-Walker Refractories Co
Extra
i
25c
Hazeltine Corp.
Extra
P
Ha
(quar.)
25c
Heyden Chemical Co. 7% pref. (quar.)
Common (quar.)
Hibbard, Spencer, Bartlett & Co., (mo.)
2 Feb. 14
2 Feb. 14
Mar.
$lf*
25c
6
Apr. 20] Apr.
1 Mar. 14
Apr.
Mar. 14 Feb.
Mar. 14 Feb.
29
29
1 Mar. 20
Apr.
2 Feb.
Mar.
25
27 Mar. 20
10c
Mar
Hiram Walker-Gooderham & Worts
50c
Mar. 16 Feb. 28
Preferred (quarterly)
Hires (Chas. E.) Co., class A com. (quar.)
Hobart Manufacturing, class A (quarterly)—
Holland Furnace, preferred
25c
Mar. 16 Feb.
2 Feb.
Mar.
_
Holt Henry & Co.. Inc., $1.80 cumul. A
Horn & Hardart, N. Y., pref. (quar.)
Hoskins Mfg. (quar.)
50c
37 He
h$22H
Mar.
Apr.
hi 0c.
Mar.
$19*
Mar.
50c
Extra
Mar.
Mar.
Houdaille Hershey, class A (quar.)
Class B (quar.)
6294 c
37 He
Humble Oil & Refining (quar.)
Huntington Water Corp., 7% preferred (quar.)_
6% preferred (quar.)
Illinois Water Service Co. 6% pref. (quar.l.
Imperial Life Assurance of Canada (quar.).
Quarterly
Quarterly
Quarterly
Imperial Tobacco of Gt. Britain & Irleland-
Apr.
Apr.
Apr.
28
15
1 Feb. 15
1 Mar. 21
2 Feb. 10
2 Feb. 11
26 Mar. 11
26 Mar. 11
1 Mar. 20
1 Mar. 20
1 Mar.
$19*
$194
Mar.
2 Feb.
2
20
Mar.
2 Feb.
20
$194
Mar.
2 Feb.
15
$3%
$39*
$39*
$39*
Apr.
July
1 Mar. 31
Oct.
1
26c
1 June 30
Sept. 30
Jan2 '37 Dec. 31
Final
Mar.
Mar.
Indianapolis Water Co., 5% series A preferred._
Apr.
Industrial Credit Corp. of Lynn (quar.)
Mar/
7% preferred (quar.)
Ingersoll- Rand
Mar.
9 Feb. 14
9 Feb. 14
Mar. 12a
2 Feb. 15
Mar.
Inland Steel
International
2 Feb.
14
3
Mar. 20 Mar. 12
10 Mar. 21
--
Apr.
Mar. 27 Mar. 11
Apr. 15 Mar. 20
Mar.
2 Feb
5
(quar.)
Mar. 20 Feb. 29
2
Mar. 31 Mar.
Apr.
1 Mar. 31
Mining
International Nickel
International
International
International
International
2 Feb.
2 Feb.
15
Mar.
International Harvester
Preferred (quarterly)
Ocean Teleg. (quar.)
Power, Ltd., 7% preferred
Power, 7% cum. pref
Safety Razor Corp. (quar.)
International Salt Co
Mar. 14
Apr.
Apr.
Mar.
Apr.
Mar. 14
2 Feb. 14
1 Mar. 16a
9 Feb. 26
Inter-Ocean Reinsurance Co. (s.-a.)
Mar.
Interstate
1
cMayl5 May
Mar. 16
Apr.
Hosiery Mills (quar.)
Corp., 1st preferred
Iron Fireman Mfg. (quar.)
Quarterly
Quarterly...
Inter type
Mar.
6
June
1 May
Sept.
1 Aug.
7
6
Dec.
Nov.
5
Mar.
Quarterly
2 Feb.
Feb.
Iron wood & Bessemer Ry. & Light Co.—
Preforred (quarterly)
Jantzen Knitting Mills.
Mar.
15
Feb. 25
Jefferson Electric Co. (quar.)
Extra
Mar.
Mar. 15
Mar.
Jefferson Lake Oil, Inc., 7% pref. (semi-ann.)
Jewel Tea Co., Inc., common (quar.)
Mar.
Mar. 15
Feb. 29
7% preferred (quar.)..
Apr.
Apr.
July
July
July
Kalamazoo Vegetable Parchment Co
Mar.
Mar. 21
Quarterly
Quarterly
Quarterly
Kansas City Power & Light, pref. B (quar.).._
Kansas Utilities Co., pref. (quar.)
Katz Drug (quarterly)
Preferred (quarterly)
Kaufman Dept. Stores, cum. pref. (quar.)
Kelvin a tor Corp. (quar.)
Kemper Thomas Co. 7 % special preferred.
Kendall Co. cum. & partic. pref. A
Kennecott Copper
Kirby Petroleum
Klein (Emil D.) (quar.)
Extra..
June
Publishing, 8% preferred—
8% preferred
Julian &
Rokenge (semi-ann.)
—
Quarterly
1
1
May
5 Apr. 25
Mar
31 Mar.
Mar. 31 Mar.
Mar.
2 Feb.
4
4
17
Mar.
29
1 Feb. 21
Mar.
2 Feb.
Mar. 14 Feb.
20
May
1 Apr. 15
May 30 May 30
Aug. 31 Aug. 31
Nov. 30 Nov. 30
1
Mar.
2 Feb.
Mar. 15 Feb.
Mar.
Mar.
-—
Apr.
Apr.
Apr.
Mar.
28
1 Feb. 19
2 Feb. 15
1 Mar. 20
1 Mar. 14
1 Mar. 14
Mar. 11
Feb.
29
Mar.
Feb.
14
Mar.
Feb.
Apr.
Mar. 16
Mar.
Feb.
Apr.
-
14
20
Feb.
20
Mar.
Feb.
20
Mar.
Feb.
Mar.
Mar.
29
Feb. 15
Mar.
Mar.
SI 9*
$19*
$1
Mar.
Feb.
19
Mar.
Feb.
20
Mar.
Feb.
14
25c
Mar.
Mar.
$19*
—
Apr.
Apr.
Mar.
Mar. 16
hi 19*
$19*
$19*
2
Mar. 14
Mar.
1
Feb.
20
Mar.
Feb.
25
25c
25
Mar.
Feb.
$19*
May
Apr.
Apr. 30
Mar. 19
50c
Mar.
Feb.
19
Apr.
July
Apr.
July
1
1
Oct.
Oct.
Extra
Montgomery & Erie RR. (semi-annual)
Montgomery Ward, class A (quar.)
Montreal Loan & Mortgage Co
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly
Quarterly
Morrell (John) & Co., Inc., com. (quar.)
Morris Finance Co., class A (quar.)
Class B (quarterly)
Preferred (quarterly)
Morris Plan Insurance Society (quar.)
Quarterly
Quarterly
Quarterly
Motor Finance Corp. (quar.)
Motors Products, new stock (initial)
New stock (quarterly)
Motor Wheel Corp., common (quar.)
Mt. Diablo Mining & Development Co
Mar.
25c
—
1794c
$194
$194
$194
$194
1
Jn. 2'
Jn. 2 '37
60c
Mar.
Feb.
$194
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar. 21
30c
25
Mar.
$1
$1
$1
Feb.
June
Sept:
May 27
Aug. 27
Dec.
Nov. 26
Feb.
24
21
20c
Mar.
Mar. 20
June
June 20
20c
Mar.
Feb.
94c
94c
Mar.
Feb
24
Mar.
Feb.
24
20c
Extra
Feb.
50c
50c
Mar.
Feb.
20
20
Sept. 20
Mueller Brass (quar.)
Dec. 21
Corp., $7 pref. (quar.)
preferred
Murphy (G. O.), 5 & 10c. Stores, com. (qu.) —
Muskogee Co., 6% preferred (quar.)
Mutual Chemical Co. of Amer., 6% pref. (qu.)_
6% preferred (quarterly)
6% preferred (quarterly)
6% preferred (quarterly
National Bearing Metals Corp
National Biscuit Co. (quar.)
$19*
Mar.
Feb.
$2
75c
Mar.
Feb.
2
Mar.
Feb.
18
$194
Mar.
Feb.
15
$194
$194
$194
Mar.
Mar. 19
June
June
Sept.
Sept. 17
$194
Dec.
Dec.
20c
40c
Mar.
Feb.
Apr.
Mar. 13
Preferred (quar.)
National Bond & Share Corp
Extra
$19*
Feb.
Feb.
25c
Mar.
Feb.
28
50c
Mar. 16 Feb.
20c
Mar. 14 Feb.
28
28
Apr.
Apr.
Apr.
Mar.
Feb.
Apr.
Apr.
Apr.
Mar. 15
Mar.
Feb.
Mar.
Feb. 10a
Mar. 6
14
Mar. 21
29
Mar. 10
Mar.
5
Mulllns Mfg.
Muncie Water Works Co., 8%
'
Mar.
Mar.
Mar.
20
3
Apr.
Apr.
July
Apr.
Mar. 20
Mar.
Mar. 12
Mar.
Mar. 12
Feb.
Feb
Apr.
Mar. 20
May
Extra
llApr. 20
Mar. 20
June 20
Mar. 12
7
National Casualty (Detroit) (quar.)
National Container (quar.)
Preferred
$19*
10c
National Gas & Electric
(initial)
National Lead, preferred A (quar.)
c
50c
50c
30c
.
(quarterly)
National Dairy Products (quar.)
Preferred A & B (quarterly)
$19*
Feb.
Feb.
Mar.
15
Feb. 15
Mar.
2
Mar.
Mar.
Mar.
—
....
National Linen Service, $7
National
Oats
17
14
1 Feb.
15
Mar.
1 Feb.
15
Apr.
Apr.
Mar.
1 Mar.
Mar.
1 Mar.
4
4
Mar. 14 Feb.
20
28
2 Feb.
Mar.
1 Feb.
20
Mar.
2 Feb.
20
Mar.
2 Feb.
21
30c
Mar. 31 Mar.
2
Apr.
1 Mar.
2
15c
Mar.
7
15c
Mar.
2 Feb.
1 Feb.
50c
Apr.
Mar.
15
2
1 Mar.
2 Feb. 15
Mar.
2 Feb.
15
(quarterly).
-—
$19*
$7 preferred (quar.)
National Sugar
17
25c
National Oil Products
May
Aug.
18
40c
pref. (s.-a.)
National Power & Light Co t quar.)
National Pressure Cooper Co. com
Mar.
May
Aug.
(quar.)
15
10
$3 94
National Life & Accident Insurance Co
Mar.
(qu.)
Nebraska Power, 6% pref. (quar.)
Refining Co. of N. J
$194
$19*
Nov.
(quarterly)
(quarterly)
Preferred (quarterly)
Preferred (quarterly)
Lanston Monotype Machine (quar.)
Leath & Co., preferred (new)
(qu.)
Lexington Water, 7% preferred
Libbey-0wens-Ford Glass (quar.)
Life Savers (quar.)
Liggett & Myers Tobacco Co.—
Common and common B (quar.)
Common and common B (extra)
Preferred (quarterly)
Lily-Tulip Cup (quarterly)
Lincoln National Life Insurance (quar.)
Quarterly
Quarterly
Lincoln Stores, Inc. (quar.)
Preferred (quarterly)..
...
...
Mar.
June
June
Neisner Bros., Inc
Sept.
Sept.
Dec.
Dec.
Nevada-Calif. Electric, preferred
Newark Telephone (Ohio) (quar.)
$19*
Feb.
—
Nov.
Mar.
Quarterly
Preferred
Preferred
1
1
Mar.
50c
Dec.
Koppers Gas & Coke, 6% pref. (quar.)
Kresge (S. S.)
Preferred (quarterly)
Kroger Grocery & Baking (quar.)......
6% preferred (quar.)
7% preferred (quar.)
Lake Superior District Power Co.—
7% cum. preferred (quar.)
6% cum. preferred (quar.)
Lake of Woods Milling, cum. pref
Lake Shore Mines, Ltd
'
Apr.
Mar. 15 Mar.
$394
7% pref. (semi-annual)
Bonding & Insurance Co. (quar )
Mathieson Alkali Works (quar.)
Preferred (quarterly)
May Department Stores Co
Mayflower Associates (quarterly)
May Hosiery Mills, Inc., $4 preferred
McCahan Sugar Refining & Molasses,
preferred (quarterly)
McCall Corp. (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
„
7% preferred (quarterly)
7% preferred (quarterly)
Mclntyre Porcupine Mines (quar.)
McKesson & Robbins, preferred (special
New $3 preferred (initial)
McWilliams Dredging (quar.)
Mead Corp., pref. A
Memphis Natural Gas, $7 pref. (quar.),..
Memphis Power & Light, $6 pref. (quar.)
$7 preferred (quarterly)
Merchants & Miners' Transportation Co.—
Common (quarterly)
Mercury Oils, Ltd
Merrimac Hat Corp
8% preferred (quar.)
Mesta Machine Co., common (quar.)
Massachusetts
Participating preferred
Participating preferred
Michigan Steel Tube Products (initial)
Milwaukee Electric Ry. & Light, 6% pref. (qu.)_
Minneapolis Gas Light (Del.) 7% pref. (quar.)__
6% preferred (quar.)
Mississippi Valley Public Service Co—
7% preferred A (quar.)
Missouri Utilities Co., 7% pref. (quar.)
Mitchell (J. S.) & Co__
Mock Judson Voehringer
7% preforred (quarterly)
Monarch Knitting Co.. 7% preferred
Monarch Life Insurance Co. (Mass.)
Monroe Loan Society, $7 pref. A (quar.)
Monsanto Chemical (quarterly)
Holders
Ween
Payao.el of Record
Sept.
—...——
Bonus
Landis Machine Co.
25c
Masonite Corp. (quarterly)
June 20
Johnson
Share
Name of Company
Metal Textile
Extra
Insuranshares Certificates, Inc. (s.-a.)
Internationa] Business Co. (quar.)
International Cement Corp..
Per
Holders
When
Payable of Record
Mar.
-—
Preferred (quarterly)
Hazel-Atlas Glass Co. (quar.)
1415
Chronicle
Feb.
New Bedford Cordage
7% preferred (quarterly)
25c
$19*
Apr.
1 Mar. 16
Mar.
1 Feb.
Mar.
50c
Mar.
40c
19
Mar. 15
Feb. 20
Feb. 28
Feb.
1
Apr.
h$lH
Mar.
Mar.
Mar.
Feb.
Feb
Mar.
17
17
Mar. 10
Mar.
2
May
Aug.
Apr. 25
July 25
Nov.
Oct.
Mar.
Apr.
27
Link Belt
Mar.
Feb. 21
Feb. 21
Feb. 15
Preferred (quar.)
Loblaw Groceterias, class A & B
(guar.)
Lock-Joint Pipe Co. 8% preferred
Apr.
Mar. 14
Mar.
Feb.
14
Apr.
July
Apr.
July
1
1
Oct.
Oct.
(quar.)
8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
Loose-Wiles Biscuit, new 5% pref. (quar.)
Lord & Taylor, 1st pref.
(quar.)
Louisville Gas & Electric Co., Del.,
class A & B common (quar.)
Ludlow Mfg. Association (quar.)
Lunkenheimer Co., preferred (quar.)
Preferred (quar/
Preferred (quar.
Preferred (quar..
Macassa Mine, Ltd
MacColl Frontenac Oil (quar.)
Macy (R. H.) & Co. (quar.)
Magnin (I.) & Co., $6 preferred (quar.)
$6 preferred
$6 preferred (quar.
Manhattan Shirt (quar.).
Manischewitz (B.) Co., 7% pref. (quar.).
Maryland Fund (quar.)
(quar.|.
Extra
Mar.
—
7% preferred (quar.)
25c
.
40c
Newberry (J. J.) (quar.)
Preferred
(quar.)
New England Telep. &
Newmont Mining Corp
—
Teleg. Co
New World Life Insurance
New York Hanseatic Corp. (quar.)
New York Merchandise, extra
—
New York Transit Co
New York
Transportation Co. (quar.)
Niagara Share Corp. of Md., pref. A (quar.)—
Nineteen Hundred Corp., class A (quar.)
Class A (quar.).
Class A
(quar
Norfolk & Western Ry.
$1
(quar.)
$19*
$194
Mar. 10 Feb.
29
Mar.
2 Feb.
19
Mar.
2 Feb.
19
17
Mar. 31 Mar. 10
50c
40c
$1
50c
15c
Mar. 14 Feb.
28
2 Feb.
11
50c
Mar. 27 Mar. 13
1 Mar. 13
Apr.
May 15 Apr 30
Aug. 15 July 31
$194
50c
50c
50c
$2
$2
Extra
Mar. 14 Feb. 29
1 Mar. 30
May
$194
pref. (qu.)
h$ 2
North American Investment Corp. 6% pref—
534% preferred
h$j 1.83 1-:
North American Edison Co.,
$1
20c
Mar.
5
Mar. 16 Mar.
2 Feb. 20
Mar.
Apr. 15 Mar. 27
Nov. 14 Oct.
31
Mar. 19 Feb.
29
Mar. 19 Feb.
2 Feb.
Mar.
29
15
Apr. 20 Mar. 31
20 Mar. 31
4
Mar. 2 Feb.
Apr.
1
Dec. 31
Mar. 18
North American Match
Apr.
Mar.
Feb.
Northeastern Water & Electric, $4 preferred— 662-3c
$1
Northern RR. Co. of N. J., 4% gtd. (quar.)
Mar.
2 Feb.
10
Mar.
Feb.
20
$1
$1
June
Sept.
May 19
Aug. 22
Jan2'
Mar.
Mar.
25]
Feb.
2 Feb.
17
29
8
1 Mar. 21
1 June 20
Oct.
1 Sept. 21
Jan .2'37 Dec. 21
Apr.
July
Mar.
(quar.)
Extra
4%
4%
4%
guaranteed
guaranteed
guaranteed
(quarterly)
(quarterly)
(quarterly)
Northwestern Public Service, 7% pref
6% preferred
Nova Scotia Light & Power, 6% pref. (qu.)
2 Feb.
13
Mar. 14 Feb.
Mar.
2 Feb.
15
May 15 May
Aug. 15 Aug.
I
Oahu Sugar Co. (monthly)
1
Ohio Oil, preferred (quarterly).
Ohio Power Co., 6% preferred
7
Nov. 15
Mar.
Nov. 1
2 Feb. 10
Apr.
1 Mar. 20
Mar. 15 Feb.
Mar. 15 Feb.
29
29
Ogilvie Flour Mills, pref. (quar.)
Oanu Ry. & Land Co. (monthly)
Monthly
$1
hi 9*
hS 194
!iH
15c
15c
20c
$194
$194
Ohio Public Service Co., 7% pref. (monthly)— 58 l-3c
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
$2
Old Colony Insurance Co. (Boston)
—
Mar. 10 Feb.
28
Mar. 10 Feb.
North River Insurance
28
Dec.
Nov. 21
Mar.
Feb.
20
Mar.
Feb.
20
Mar.
Feb.
15
Mar.
Feb.
20
Mar.
Mar. 11
Apr.
Mar.
Mar.
Mar.
Feb.
Mar.
Feb.
10
Mar.
Feb.
15
Mar.
Feb.
15
15
Apr. 11
1
29
Mar.
Feb.
May
Apr. 20
1416
Financial
Per
Name of
Share
Company
Oklahoma Gas & Electric Co., 6% pref
I
When
82
12Hc
43 He
Mar.
Feb.
Feb. 29
Mar. 13
Feb. 29
Apr.
Mar.
29
Feb.
Mar.
25c
7% preferred (quarterly)
Oshkosh Overall, $2 preferred (quar.)
Mar.
20c
7% preferred (quarterly)
Onomea Sugar Co. (monthly)
Ontario Mfg. (quarterly)
Mar.
Mar. 10
Mar. 20
Mar. 20
$ih
Apr.
29
10c
Mar.
Mar.
Feb.
Feb.
20
£ Common (resumed)
Paauhau Sugar Plantation (mo.)
10c
Mar.
Feb.
29
Package Machinery Co. (quarterly)
Page-Hersey Tubes, Ltd. (quar.)
Paraffine Cos. (quarterly)
50c
Mar.
Feb.
20
75c
Apr.
50c
25c
Mar.
Mar.
Mar. 14
Mar. 10
Parker Pen (quar.)—
Quarterly
Quarterly
Patterson-Sargent (quar.)
Pender (David) Grocery, class A (quar.)
Penick & Ford (quar.)
Penn State Water Corp.. $7 pref. (quar.)
Pennsylvania Gas & Electric, class A (quar.)
$7 preferred (quar.)
7% preferred (quar.)
Pennsylvania Power Co.. $6.60 pref. (mthly.)__
$6 preferred (quar.)
Pennsylvania RR
Peoples Drug Stores (quar.)
Preferred (quarterly)
Petersburg RR. (s.-a.)
Pet Milk (quarterly)
Preferred (quarterly)
25c
June
25c
Sept.
Apr.
50c
-
—
25c
87 He
75c
8194
S7,il?
20
Feb.
15
May 15
Aug. 15
Feb.
Feb.
Mar.
15
21
Mar.
Mar.
Mar.
Mar.
Feb. 20
Mar. 20
Mar. 20
Feb.
Apr.
Apr.
Mar.
Mar.
Feb.
2
20
Feb.
Feb.
20
20
Jan.
Apr.
22
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Mar 25
Mar. 11
Mar. 11
9
2
Petroleum Oil & Gas
Extra.
Mar.
Feb
15
Mar.
Feb.
15
Pfaudler 6% pref. (quar.)
Mar.
Phelps Dodge
Philadelphia Co. 6% preferred (s.-a.)
$6 preference (quar.)
1
85 preference (quar.)
Feb. 20
Feb. 28
Feb. 10
Apr.
Apr.
_
Mar.
-
1
Extra
Feb.
Pieferred (quarterly)
Preferred (quarterly)..
29 Feb.
20
10
Feb.
....
31
29 Jan.
31
Apr.
July
.
.........
10 Mar. 31
29 Jan.
11 [Mar. 31
10 June 30
10 Sept. 30
Oct.
Preferred (quarterly)
Phoenix Hosiery Co., preferred
Jan 10*37 Dec. 31
Mar.
1 Feb. 18
Pillsbury Flour Mills Co
Mar.
Pioneer Gold Mines of British Columbia
Pioneer Milk Co. (mo.)
Apr.
Pittsburgh Bessemer & Lake Erie, (s.-a.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quarterly!
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)
-—
% preferred (quarterly).
% preferred (quarterly)
—.
% preferred (quarterly)
Plume & Atwood Mfg. Co. (quar.)
Plymouth Fund, class A (quar.)
Class A (special)
Ponce Electric, 7% preferred (quar.)
Portland & Ogdensburg Ry., guar, (quar.)
Potomac Electric Power, 6% pref. (quar.)
5H % preferred (quar.)
Powdrell & Alexander (quarterly)
Preferred (quarterly)
Premier Gold Mining (quar.)..
Apr.
Apr.
July
15
1 Mar. 2
2 Feb. 21
Mar.
.......
Extra
lc
$194
50c
81H
81H
—
ij&
—
m
June
May 20
Aug. 20
Sept.
Nov. 20
Mar. 25
Mar.
Feb.
Apr.
Apr.
Mar. 15
Feb.
Feb.
20
Mar.
Feb.
17
Mar.
Feb.
17
15
Mar. 13
20
Mar.
Feb.
15
Apr.
Apr.
Mar. 12
Southern
Pipe Line Co
Preferred (quar.)
South Porto Rico Sugar Co., com. (quar.)
Southwest Consolidated Gas Utilities Corp
Southwestern Bell Telep. Co., 7% pref. (quar.).
Apr.
Apr.
Spencer Kellogg & Sons (quar.)
Spiegel May Stern. 6H% preferred (quar.)
Standard Brands, Inc., common
87 cumulative preferred (quar.)
Mar.
7%
(quar.)
Feb.
15
27
Feb.
27
Feb.
15
16
Feb.
15
Mar. 15
15
Mar. 16 Feb.
29
Mar. 31 Mar. 14
May 15 May
Mar.
Apr.
2
2 Feb. 15a
1 Mar. 17
Mar.
Feb.
Mar.
Feb.
17
Mar. 16 Feb.
Mar.
2 Feb.
25
14
10
Mar.
2 Feb.
21
Mar.
3 Feb.
20
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Swift & Co.
Mar. 17 Mar.
Oil, preferred
(quar.)
.
3
...
...
Flour Mills (quar )_
Third Twin Bell Syndicate (bi-monthly)
Apr.
July
Mar.
Feb.
21
Mar.
Feb.
15
Mar.
Feb.
15
Mar.
Mar.
Feb.
15
Mar.
Mar.
Mar,
2
Mar
Mar.
Mar.
2
Feb.
1
Mar.
Mar.
Mar.
2
Mar.
Mar.
Feb.
2
2
17
Feb.
Feb.
1
Mar.
Mar.
Feb.
15
Mar.
Mar.
Feb. 28
1
29
July
July
15
Mar.
Feb.
29
May
Apr.
Apr.
Apr.
Apr.
Apr.
20
Mar.
20a
Mar.
Feb.
15
Apr.
Mar.
Mar. 20
Mar. 16
Mar.
Feb.
Mar.
Feb.
27
27
8154
Mar.
Feb.
11
Mar.
Feb. 11
June 15
20
Mar. 20
Mar. 10
Mar. 10
Mar.
Feb.
25c
Mar.
25c
Mar.
Feb. 19
Feb. 25
10c
Mar.
Mar.
h$ 154
Feb.
Mar.
Feb.
Mar.
15
5
24
3
Mar. 13
Mar. 13
Mar.'13
Mar. 13
Feb.
Mar. 14
Feb.
15
15
Mar. 14
Apr.
Mar.
Feb.
Mar.
Apr.
20
6
Mar.
10c
Mar.
Mar.
15c
Feb.
20
Mar
14
Apr.
Feb.
2
Feb. 28
Feb. 10
Mar.
Mar.
Feb.
20
50c
Mar.
Feb.
18
Mar.
Feb.
18
Feb.
Feb.
Mar.
Mar.
Mar.
Feb.
15
Mar.
Feb.
15
81H
Bearing (quar.)
Extra
Title Insurance Corp. of St. Louis (quar.)
Todd Shipyards Corp
12Hc
50c
58 l-3c
50c
Toledo Edison Co., 7%
pref. (monthly)
6% preferred (monthly).
412-3c
5% preferred (monthly)
Traders Building Assoc. (quar.)
$154
Trans-Lux Daylight Picture Screen
10c
Tri-State Telephone & Telegraph. 6% pref. (qu.)
15c
Troy & Greenbush RR. Assn. (s.-a.)
8154
Trumbull Cliffs Furnace Co., 6% pref. (quar.)
81H
Trustee Standard Oil Shares, series B
8.707c.
Tubize Chatillon Corp., 7% pref. (quar.)
$154
Twentieth Century Fixed Trust Shares—
Original series
Twin Bell Oil Syndicate (monthly)
Mar.
Feb.
15
Mar.
2 Feb.
24
Mar.
2 Feb.
15
liFeb
15
Mar.
June
Apr.
15 June
1
1 Mar. 14
Mar.
1
Apr.
1 Mar. 10
Mar.
29
20
Mar. 12
Apr.
Mar.
2
Apr.
;
Feb.
Feb.
Mar. 12
Mar.
(semi-ann.)
Mar.
2
Mar.
Mar.
1
preferred (quar.)
United Dyewood Corp., pref. (quar.),
United Elastic (quar.)
;
United Gas Improvement (quar.),
Preferred (quar.)
United Light & Ry. Co. (Del.)—
6% preferred (monthly)
6% preferred (monthly)-—.
7% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly)-.--—-6.36% preferred (monthly)
United New Jersey RR. & Canal (quar.)
17
Mar. 20
Feb.
Mar.
.
Preferred (quar.)
United Biscuit Co. of Amer., com. (quar.)
Preferred (quar.)
United Carr Fastener (quar.)
Mar.
Mar.
Mar. 20
Feb.
5
May
Apr.
15
Mar.
Mar.
5
Mar.
Mar.
5
Apr.
Mar. 13a
Apr.
conv.
Mar. 20
ar.
60c
50c
581-3C
58 l-3c
Feb
29
Mar.
Feb
29
Mar.
Apr.
Mar.
Apr.
2
Feb.'
1 Mar. 16
16
1 Mar. 16
2 Feb.
2 Feb.
15
Apr.
Apr.
82 H
$3H
Mar.
2 Feb.
2 Feb.
Apr.
Apr.
1 Mar. 16
1 Mar. 16
Mar.
Envelope Co
7% preferred semi-ann.)
Mar.
82H
United States
53c
53c
...
United States Foil, A & B (quar.)
Preferred (quar.)
United States Freight (quar.)
United States Pipe & Foundry
2 Feb.
15c
_
37&c
United States Playing Card (quar.)
Extra
United States Rubber
Prior preference
6
Mar.
Preferred (quarterly)
Union Pacific RR
Union Tank Car Co. (quar
Union Twist Drill
19
Mar.
Twin Coach Co
U nderwood-Elliott-Fisher
81
Mar. 14
25c
Timken Roller
Preferred
Mar. 14
Mar.
81H
pref. (quar.)
Mar. 14
Apr.
_
Tex-O-Kan
Mar. 14
Mar.
...
Feb.
Mar. 20
June 20
2
2 Feb.
2 Feb. 20
Apr.
Apr.
Apr.
Apr.
..........
Feb.
2
20
Mar.
Mar.
5% preferred (quarterly)..
6% preferred (quarterly)...
7% preferred (quarterly)..
7.2% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Terre Haute Water Corp., 7% pref. (quar.)
Texas Corp. (quarterly)_
Texas Gulf Sulphur (quar.)
Texas Utilities Co., 7% preferred (quar.)
Feb.
25
24
2
15
22
Tennessee Electric Power Co.—
Mar.
Feb.
81H
8154
81H
7i84H
4054c
Apr.
Mar. 16 Feb.
Extra
Feb.
Apr.
Apr.
Apr.
Apr.
Mar. 16
1
1
1
Mar. 15
Mar. 16
Standard Oil of Ky. (quar.)
Stanley Works (quar.)
6% preferred (quarterly)
Sterling Products, Inc. (quarterly)
Strawbridge & Clothier Co., 7% pi
pref.
6% prior preferred A (quar.).
iberg-C
Stromberg-Carlson Teleg. Mfg., preferred
Sun Oil Co., common (quar.)
Preferred (quar.)
Superior Portland Cement, pref
8usquehanna Utilities Co., 86% pref. (quar.)-.
Sutherland Paper (quar.)
Swan-Finch
15
Mar. 20
_
Mar. 31 Mar. 14
(quar.)
Mar.
Mar. 16
82
Feb.
May
Apr.
Apr.
Timken-Detroit Axle, pref. (quar.)
20
20
Mar
20c
Mar. 12
Mar.
Southwestern Light & Power, 86 pref.
Feb.
July
Mar. 16
29
15
Mar. 12
Mar. 12
Mar.
Rochester & Genesee Valley RR.
1
Mar. 15 Feb.
Mar.
50c
—
Apr.
Mar. 16 Feb.
Mar.
Feb.
Tide Water Power Co., 86
2
29
li'4
15
6% pref. B (quar.).
Southern Calif. Edison Co.,
Mar. 16
Feb.
.
2 Feb.
Mar. 30 Mar. 18
1 Mar. 16
Apr.
Southern Colorado Power Co., 7% cum. pf. (qu.)
Southern Fire Insurance, New York (semi-ann.)_
Mar.
Mar. 19
MS
6% preferred O and D (quarterly)
(s.-a.).
Rolland Paper Co., 6% pref. (quar.)
Rubinstein (Helena), $3 cum. preferred
Russek's Firth Ave., resumed (quar.)
St. Joseph Lead
St. Louis Screw & Bolt Co., 7% pref
San Carlos Milling Co. (monthly)
Savannah Electric & Power, 8% deb. A (quar.)
7)4% debentureB (quarterly)
7 % debenture C (quarterly)
6)4% debenture D (quarterly)
6% preferred
Savannah Gas, 7% preferred (quar.)
Schiff Co. (quar.)
) Preferred (quar.)
Sears, Roebuck & Co. (quar.)
Second Investment Corp., R. I.—
83 prior preferred (quar.)
Second Twin Bell Syndicate (monthly)
Secord (Laura) Candy Shops (quar.)
Selected American Shares, Inc
Shattuck (Frank G.) Co
Mar.
South Amer. Gold & Platinum Co
South Carolina Power Co., $6 preferred (quar.).
Southern & Atlantic Telephone Co., gtd. (s.-a.)
Apr.
Apr.
Apr.
Feb.
_
1
1
Mar. 31 Mar. 10
Mar. 31 Mar. 10
10
Mar.
-
1 May
1 Aug.
Nov.
1 Nov.
1
Mar. 16 Feb. 19a
Apr.
1 Mar. 16
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Telephone Investment Corp. (monthly)
Extra
1
Sept. 10
Mar.
-
Extra
Mar. 27
May
Aug.
Mar. 31 Feb.
10
Mar.
19
Sylvanite Gold Mines (quar.)
20
Mar.
29
1 Mar.
Apr.
-
Rochester Gas & Electric, 7% pref. B (quar.)
Mar. 14 Feb.
1 Feb.
Feb.
Mar.
Feb.
15
29
Feb.
_—-
Mar.
—
1 Feb.
29 Feb.
Mar. 14 Feb.
Mar.
....
lHc
20
Feb.15"
Mar.
Mar.
Apr.
2
Apr.
Jan 5*37 Dec.
50c
2
Swift International Co., Ltd., dep. ctfs..-.-.
7 Mar. 10
7 June 10
6 Sept. 10
Oct.
Dec.
2 Feb.
Mar.
1
Oct.
lc
—
Mar.
Mar.
1 June 10
Apr.
July
$194
$194
$194
8194
20
1 Mar. 14
1 Mar. 10
Jan 2*37 Dec.
Prentice-Hall, Inc. (quar.)
50c
Preferred (quarterly)
75c
Procter & Gamble, 5% pref. (quar.)
81 M
Properties Realization (liquidation)
20c
Public National Bank & Trust (quar.)
37 He
Quarterly
37 He
Public Electric Light Co., 6% pref. (quar.)
81H
Public Service Co. of Colorado, 7% pref. (mo.). 58 l-3c
6% preferred (monthly)
50c
6% preferred (monthly)
412-3c
Public Service Corp. of N. J. common (quar.)
60c
8% preferred (quar.)
82
7% preferred (quar.)
$5 preferred (quar.)
6% cum. pref. (monthly)
50c
6% cum. pref. (monthly)
50c
Public Service Electric & Gas, 7% pref. (qu.)
81H
85 preferred (quarterly)
8154
Purity Bakeries (quarterly)
25c
Quaker Oats, preferred (quar.)
81 H
Rainier Pulp & Paper, class A & B (quar.)
50c
Rapid Electrotype Co
60c
Raybestos-Manhattan (quarterly)
37
Reading Co lirst preferred (quarterly)
Second preferred (quarterly)
50c
Reeves (Daniel), Inc., (quar.)
12Hc
Preferred (quarterly)
Reliable Stores, first preferred
/J85H
First preferred
h% 5H
Reliance Grain Co., 6)4% pref. (quar.)
81H
Reliance Mfg., Illinois (quar.)
15c
Preferred (quar.)
8154
Remington Rand, new 5% pref. (quar.)
$6 preferred (semi-ann.)
Reno Gold Mines, Ltd. (quar.)
3c
25c
Reynolds Metals Co., common
5)4% cumulative convertible preferred
Rich's, Inc., 6)4% pref. (quar.)
Rike-Kumler (quar.)
25c
2 Feb.
2 Feb.
1 Mar. 20
1 June 20
Oct.
1 Sept. 19
Jan 2*37 Dec. 19
Quarterly...
;
Quarterly
Socony-Vacuum Oil Co
Sonotone Corp., 60c. cum. conv. pref. (qu.)
Soundview Pulp Co. (initial)
Standard Oil Co. of Indiana
4 Feb.
Holders
When
Payable of Record
Mar
Smith (S. Morgan) Co. (quar.)
2
Feb.
Phoenix Finance Corp., 8% pref. (qu.)
Sloan & Zook Products, 7% pref
1936
29
Apr.
July
-
Standard Coosa-Thatcher Co.
Standard Oil Co. of California
Extra
Apr.
.
Extra
Mar.
Mar.
Share
Servel, Inc., common
7 % cum. preferred
(quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Shenango Valley Water Co., 6% pref. (quar.)__
Sherwin-Williams Co., 6% preferred AA (quar.)_
6% preferred AA, dep. rec. (quar.)
Sherwin-Williams., preferred (quar.)
Simon (Wm.) Brewing (quar.)
Siscoe Gold Mines (quar.)
2
Phila. Germantown & Norristown RR. Co.—
Quarterly
Philadelphia Suburban Water, preferred
Philadelphia & Trenton RR. (quar.)
Phillips Petroleum (quar.)
Per
Name of Company
Mar.
Mar.
K
Feb.
Holders
Payable of Record
Mar.
1H%
7% preferred (quar.)
Omnibus Corp., $8 preferred (quar.)
Oneida Ltd., new, initial (quar.)
Chronicle
25c
Mar.
1 Mar 16
10 Mar. 20
15
15
21
Apr. 20 Mar. 31
Apr.
1 Mar. 21
Apr.
1 Mar. 21
Reclaiming Co., Inc.-
United Wall Paper, 6% preferred
Utah Copper
Utah Power & Light, 87 preferred
Mar.
Feb.
1
Mar.
Feb.
20
Mar.
...
Mar. 16
Apr.
Apr.
Mar.
20
Utica Knitting Co., 7% preferred
Mar.
29
Vanadium-Alloy Steel
Mar.
2
Feb.
...
50c
Mar.
8154
Mar.
Mar.
Feb.
Feb.
Feb.
29
Van Raalte Co., Inc
Mar.
50c
Mar.
Feb.
15
Feb.
28
Mar.
Feb.
75c
29
Mar.
2 Feb.
15
First preferred (quar.)
Vapor Car Heating Co., pref. (quar.)
June
June
20c
Mar. 15 Feb.
29
75c
Feb.
29 Feb.
15
Mar. 16 Feb.
29
2.3c
12c
Apr.
Mar.
Mar.
2liMar.
13
2
86 preferred
Preferred
(quarterly)
Preferred (quarterly)
Preferred (quarterly)
Common (increased)
Viking Pump, pref. (quar.)
Mar.
2
19
Feb. 20
Feb. 28
Mar.
Sept. 10 Sept.
Dec.
1
1
10 Dec.
1
Mar. 10 Feb. 29
Mar. 15 Mar.
1
Volume 142
Financial
Vlck Chemical Co.
Extra
(quar.)
Share
50c
_
Ill
Mar.
Mar.
hS7 He
25c
Preferred (quar.)
2 Feb.
2 Feb.
14
20 Oct. 10
29 Feb. 19
1 Mar. 20
Oct.
12Hc
7Hc
Apr.
Apr.
75c
Feb.
Apr.
15 Apr.
4
Mar.
2 Feb.
17
June
1 May
2 Feb.
15
1 May
June
17
15
$4
31 Jan.
31
2 Feb.
1
29 Feb.
Jan.
15
Mar.
Feb.
$1*4
$1*4
$1*4
15c
10c
Extra
Wesson Oil & Snowdrift Co.. pref. (quar.)"III
Western Auto Supply, A and B (quar.)
Western Public Service, $1H preferred A
Western Tablet & Stationery, 7% pref.
(quar.)__
Westland Oil Royalty, class A (monthly)
May 29 May 15
Aug. 31 Aug. 15
Mar.
1 Feb. 15
Mar.
$1
Mar.
h37 He
75c
$1 H
10
June
15
14
July
1
Mar.
2 Feb.
50c
Apr.
1
10c
Mar.
2 Feb.
Apr.
1
$1*4
Weyenberg Shoe Mfg. (resumed)..
Wheeling Electric Co., 6% pref. (quar.)
$1H
conv.
29 Feb.
25c
Weswaco Chlorine Products (quar.)
Preferred (quarterly)
....
Mar.
1 Mar. 20
1 Mar. 20
1 Feb. 15
Apr.
Apr.
$lg
Mar.
preference (quar.)
S1.06H Apr.
0
Apr.
$1*4
Apr.
(quar.)........
Whittaker Paper Co
$1
Apr.
7% preferred (quarterly)
$1H
Apr.
Will & Baumer Candle Co., Inc., pref. (quar.).
$2
Apr.
Winstead Hosiery Co. (quarterly)....
May
$1H
50c
May
Aug.
Aug.
$1 H
Nov.
50c
Nov.
5a
weekly
issued
statement
MEMBERS
FOR
THE
OF
THE
WEEK
NEW
ENDED
*Surplus
*
Clearing House
■'
YORK
and
»
City
HOUSE
of 1929, of Commercial
in common stock of the
corp. at the rate of 5-208 of 1 share of com. stk. per share of conv. pref.
stock, opt. ser. of 1929. so held, or, at the option of the holder in cashiat
the rate of $1.50 for each share.
p
Amer. Cigar, a div. of l-40th sh. of com. B stock in lieu of cash div.
q Blue Ridge Corp., $3 conv. pref. opt. div.
each share of $3 conv. pref. held, or 75c. cash.
a
McKesson &
s
Robbins pref. special
Payable in special preferred stock.
Payable in U. S. funds,
Less tax.
Bank of Manhattan Co..
National City Bank
Chemical Bk. A Tr. Co..
20,000,000
Guaranty Trust Co
y
Corn Exch. Bank Tr. Co.
32,935.000
21,000,000
15,000.000
First National Bank
10,000,000
Cent. Hanover Bk. A Tr.
Irving Trust Co
The following shows
Continental Bk. A Tr. Co
comparison with the previous week and the corresponding
date last year:
Feb.
14,330,000
82,036,000
724 ,691.000
15,971,000
21.210,000
Secured
237 .826.000
90,572,200
58,959,800
486 ,511,000
3,600.000
422,000
2,132,000
50,960,000
Other bills discounted
514 ,054,000
by
Marine Midland Tr. Co
New York Trust Co
12,500,000
21.727,300
300 ,671,000,
21,889,000
7,000,000
7.762,100
67 .336,000'
1,680,000
Treasury
Treasury
As
C
31,429". 000
2.496,000
15,775,000
x8,330,000
69 .087,000
41,175,000
742,947,800
9,365,580.000
National,
Dec.
1935; State, Dec. 31
31
New
returns
are
not
of
York
a
a
1935; trust
$214,200,000; 6 $77,432,000;
are
82,675,000
72,656,000
Govt, obligations,
S.
2,824,000
2,168,000
2,514,000
4,588.000
4,992,000
4,359,000
1.739,000
1,739,000
2,104,000
7,657,000
7,678,000
1,499,000
55,252,000
501,465,000
177,666,000
55,252,000
501.465.000
177,666,000
472.624.000
734,383,000
734.383,000
770,318,000
748.367,000
748.792,000
778,280,000
Total bills discounted
market.
advances
Industrial
1,845,000
2.371,000
2,217,000
.........
9
U. S. Government securities:
Bonds
—
notes
bills
Total U. S. Government securities-
139,945.000
157,749,000
Other securities
Foreign loans on gold—
Total bills and securities.
"Times"
number of
members of the
following
87,013.000
.
$72,964,000; d $28,630,000.
The
U.
Bills bought In open
518,631,000
official reports:
1.307,000
331.000
612,480,000
per
1,747,000
direct and (or) fully guaranteed
10,000,000
5,000,000
*
9
1,524,000
Bills discounted:
25,000,000
1935.
x As of Jan. 18 1936.
Includes deposits In foreign branches as follows:
*
39,050,000
427 .101,000
companies, Dec. 31
1936 Feb. 27 1935
$
3,557.225,000 3,576,159,000 2,180,159.000
Total reserves
Bankers Trust Co
Totals
19
3,468,688.000 3,491,737,000 2,106,196,000
-
Redemption fund—F. R. notes........
Other cash t—
Title Guar. A Trust Co..
Public N. B. A Tr. Co..
1936 Feb.
hand and due from
8. Treasury.x
39 ,979,000
3.791.200
71,897.300 cl,847 .525,000
48 ,157.000
3,443,700
d787 .928,000
68,386,000
16 .859,000
5,416,100
83 .790,000
8,069,300
Com'l Nat. Bk. ATr.Co.
20
$
Assets—
16,325,100
150.270.000
500,000
Fifth Avenue Bank
,
11.548,900
4.000,000
Chase National Bank._.
the condition of the Federal Reserve
business Feb. 26 1936,
Bank of New York at the close of
62.597,400
50,000.000
w
A deduction has been made for expenses.
152.768,000
49,888,300
90.000,000
Manufacturers Trust Co.
5,646,000
31,506,000
391 .064,000
25.431,700
40,644.300 al,354 .251,000
488 .458,000
177.398,400 61,331 ,120,000
127,500,000
Less depositary expenses.
Per 100 shares.
U
149 .172.000
10.758.100
div. is payable upon delivery of
for new preference.
present stock in exchange
Gold certificates on
6,000.000
20,000,000
of 1-32 share of common for
Payable in Canadian funds, and in the case of non-residents of Canada,
reduction of a tax of 5% of the amount of such dividend will be made.
r
Time
Average
S
Bank of N. Y. & Tr. Co.
each share held
Lincoln Printing pref. div. of 1-5 sh. of pref. stock for
A quar. div. on the conv. pref. stk. opt. ser.
Investment Trust Corp. has been declared payable
o
Deposits,
Deposits,
Average
Profits
$2H Par value com. stock
Advance-Rumely, liquidating stock div. of H sh. of Allls-Ohalmers
stock on each share of Advance-Rumely capital stock held.
Condition of the Federal Reserve Bank of
New York
1936
Net Demand
Undivided
Capital
Members
h On account of accu¬
g Payable in scrip,
in preferred stock.
m
t
CLEARING
1 Mar. 21
Natural G. & E.
I Parker Rust-Proof, com. div. of two shs. of
for each one sh. of no par com. stock.
x
FRIDAY, FEB. 21
Apr.
20
Payable in stock.
e
f Payable in common stock,
mulated dividends,
j Payable
in
ASSOCIATION
20
div. on the conv. pref. stock, opt. series of 1929, of Com¬
mercial Investment Trust Corp. has been declared payable in common
stock of the corp. at the rate of 5-208 of 1 share of com. stock per share of
conv. pref. stock, opt. series of 1929, so held, or, at the opt. of the holder,
in cash at the rate of $1.50 for each share of conv. pref. stock, opt. series
of 1929, so held.
u
Clearing House is given in full below:
STATEMENT OF
2 Feb
1 Mar
d A reg. quar.
t
New York
the
by
10
Mar
Apr.
The following corrections have been made:
Weekly Return of the New York City
Clearing House
The
2 Feb.
Transfer books not closed for this dividend,
Mar. 20
Mar. 16
Mar.
25c
National G. & E., previously reported as
Mar. 14
Mar. 20
2 Feb.
60c
25c
c
1
50c
$1H
Extra
....
5a
Mar.
29
Mar.
...
1
Extra
Quarterly
Extras
Mar.
1
1
1
1
1
1
1
1
1
1
Conv. preference (opt. ser. 1929) (quar.)
Whitman (Wm.) Co..7% pref.
Quarterly
15
Mar. 16
29
21
15
Interstate Hosiery Mills div. payable May 15 to holders of record May 1,
previously reported as April 15 to holders of record April 1.
Mar. 16
Mar. 31 Mar. 20
2 Feb. 10
25c
35c
1st and 2d preferred (quar.)
White Villa Grocers, (semi-ann.)
10
Feb.
87 He
White Rock Mineral Springs (quar.)
29
Mar. 20 Feb.
...
a
15
18
Mar. 15 Feb.
Feb. 29 Feb.
10c
I
15
2 Feb. 10
1 Mar. 20
Mar.
Apr.
$1H
Weetinghouse Electric & Mfg. Co
Preferred (quar.)
West Jersey & Seashore RR. (s.-a.)
Weston Electrical Instrument Corp
Class A
1 Feb
2 Feb.
2 Feb.
Mar.
75c
29
$1*4
Youngstown Sheet & Tube, preferred
$D
$2
Mar. 20 Feb.
Mar. 20 Feb.
Mar.
A37Hc
Monthly
1 Mar. 20
15
Mar.
20
Wrigley (Wm.) Jr. Co. (monthly)
29 Feb.
$2H
$1H
Washington Ry. & Electric
5% preferred (semi-ann.)
5% preferred (quar.)
5% preferred (quar.)
Watertown Mfg. (initial)
Weaver Piano, Inc. (semi-ann.)
Weill (Raphael) & Co., 8% pref. (semi-ann.)
Welch Grape Juice Co., preferred (quar.)....
Preferred (quar.)
Preferred (quar.)..
Wellington Fund (quar.)..
Feb.
6% cumulative preferred (quar.)..
Wooif Bros.. 7%preferred (quar.)
Wool worth (F. W.) (quarterly)
2 Feb.
2 Feb.
75c
7% cumulative preferred (quar.)
6H% cumulative preferred (quar.)
19
Mar.
40c
Extra
Warren (N.), $3 preferred (quar.)
Warren RR. Co. (semi-ann.)
$4M
Mar.
Apr. 20 Apr. 10
July 20 July 10
UK
$1H
$1*4
Waialua Agriculture Co., Ltd
Waldorf System, Inc., common
28
Mar.
87 He
81Mc
Wilson & Co., Inc
Wisconsin Public Service Corp.—
Feb.
Holders
Payable of Record
$1H
12Hc
Williamsport Water Co., $6 pref. (quar.).
15
21
Mar. 2C
$1H
Share
Name of Company
15
2 Feb.
2 Feb.
2 Feb.
Mar.
10c
When
Per
Payable of Record
25c
______
Virginia Coal & Iron (quar.)
Virginia Electric & Power, pref. (quar.)
Virginia Fire & Marine Insurance
Vogt Mfg. (quar.)
Vulcan Det inning, preferred (quarterly).
Preferred (quar.)...
Holders
When
Per
Name of Company
1417
Chronicle
publishes regularly each week
banks and trust companies which
New
York
Clearing House.
The
the figures for the week ended Feb. 21:
Gold held abroad
257,000
5,113.000
129.352.000
10.823.000
30.328.000
Due from foreign banks
F. R. notes of other banks.
Uncollected Items..
Bank premises
All other assets....
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, FEB. 21 1936
256,000
315,000
4.898,000
6,634,000
146.741,000
10.810,000
115,572,000
29,566,000
33,043,000
11.598,000
4,481,465,000 4,517,222,000 3,125,601,000
Total assets
NATIONAL AND STATE BANKS—AVER AGE FIGURES
Liabilities—
Loans,
Disc,
and
Investments
Other
Cash,
Including
Bank
Notes
Ret. Dep.,
Dep. Other
Y. and
Banks and
Cross
Elsewhere
Trust Cos.
Deposits
$
$
N.
658,338,000
776,539.000
775,072,000
F. R. notes in actual circulation
Deposits—Member bank reserve acc't— 2.860.844.000 2.830,767.000 2,051,971,000
44,023,000
369,756.000
407.483.000
U. S
Treasurer—General account—
18.279.000
Foreign bank
Manhattan—
$
Grace National
Sterling
$
National
Trade Bank of N. Y_
Other deposits..
2,531,000
227,240
5,548,000
3,707.000
1,180,857
178,112
25.771,200
20,581,000
5,303,340
99,000
336,000
132,000
4,642.000
21,205,700
17,465,000
466,000
4,611,666
4,579,000
115,100
1,724,000
Brooklyn—
People's National.
—
TRUST COMPANIES—AVERAGE FIGURES
209,639.000
...
availability
Items
51.014.000
Disc,
and
Cash
Invest.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers
United
States
Brooklyn—
Brooklyn
Kings County
$
N.
Y. and
Elsewhere
$
s
Dep. Other
Banks and
Cross
Trust Cos.
Deposits
$
3,255,000
2,196,896
$
55,587,100 *13,970,700
163.781
8,155,472
*876.531
10,755,041
19,898,000
♦3,203.000
30,163,100 *12.473,300
66,730,971
14,348,880
18,778,309
70,727,261
78,768,000
30,464,413
40.399,000
10,168,851
291,000 121,678.000
37,788,935
*
2,817.000
2,441,298
8,348,200
739,402
1,035,643
1,680.900
2.126,800
1,214" 800
Includes
amount with Federal Reserve as follows:
Empire,
Fiduciary, $584,702; Fulton, $2,998,400; Lawyers, $11,778,600.
70,484,800
9,464,612
10,400 181
21,584,300
42,472,500
$12,468,900*
Total
Ratio
liabilities
of
total
to
8,849,000
liability
on
8,849,000
7,501,000
1,611,000
.........
1,528,000
2,898,000
and
bills
84.0%
purchased
foreign correspondents
Commitments to make Industrial
/
84.0%
75.6%
57,000
for
vances
49,964,000
877,000
4,481,465,000 4,517,222,000 3,125,601,000
deposit
F. R. note liabilities combined
Contingent
51.016,000
50.825,000
7.744,000
50.825.000
—
....
reserves
59.724.000
7,744.000
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)—
Reserve for contingencies..
All other liabilities..——..—
Res. Dep.
Loans,
5.871,000
124,239,000
3.458.518.000 3,480.205,000 2,226.104,000
127.832.000
140.516.000
120,195.000
Total deposits
Deferred
21.121,000
214.834,000
ad¬
9,723,000
—
9,723.000
5,449,000
t "Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve
x
bank
These
are
notes.
certificates given by
the U.
S. Treasury for the gold taken over
31 1934 devalued from 100
from the Reserve banks when the dollar was on Jan.
cents to
59.06 cents, these certificates being worth less to the
extent of the dif-
jerence,
the difference Itself having been appropriated as profit
by the Treasury
under the
provisions of the Gold Reserve Act of 1934.
Financial
1418
Chronicle
Feb.
29
1936
Weekly Return of the Board, of Governors of the Federal Reserve System
The
following is issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
System
whole in comparison with the figures for the
as a
week last year.
seven
on
on
Thursday afternoon, Feb. 27,
Wednesday. The first table presents the results
preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the twelve banks.
Reserve note statement
Reserve Agents and the
Federal Reserve banks.
returns
appear
for the latest week
The comments of the Board of Governors of the Federal Reserve System
26
?eb.
on
19
1936 I?eb.
...
348,259,000
—
1936 I?eb.
5
1936
Ian.
$
',670,230,000 7',661,223,000
15,367,000
15,920,000
341,978,000
337,337,000
1,032,891.000 55,027,575,000
reserves
12
$
',670,230,000
14,402,000
hand & due from U.S.Treas.x
Other cash *...
Total
1936 2?eb.
$
ASSETS
Redemption fund (F. R. notes)
the
29
1936
ran.
$
'.664,237,000
16,259.000
339,200,000
1936
22
fan.
15
1936
Jan. 8 1930
Feb.
27 1935
$
S
$
$
FEB. 26 1936
r.043,860,000 r.619,348,000 r,617.881.000 r.652,873,000 >,543,025,000
15,799,000
17,170,000
15,685,000
10,435,000
16,120,000
257,047,000
346,649.000
327.896,000
303,647.000
330.906.000
1,014,480,000 £1,019,696,000 *.008,194.000 r.972,380,000 r.962,212,000 r ,873,690,000 1,815,871,000
Redemption fund—F. R. bank notes
Bills
upon
in our department of " Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Gold ctfe.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
250,000
discounted:
Secured by U. 8. Govt, obligations
direct and (or) fully guaranteed..—
4,099,000
2,833,000
3,780,000
2,807,000
5,142,000
2,876,000
6,789,000
2,829.000
4,105,000
2,960,000
3.044.000
2.776.000
2,637,000
2,715.000
2,358,000
3,023.000
3,113,000
Other bills discounted
Total bills discounted
6,932,000
6,587,000
8,018,000
9,618.000
7,065,000
6.420,000
5.352.000
5,381,000
6,464,000
4,673,000
4,673,000
31,868,000
4,674,000
31,801,000
4,671,000
31,965,000
4,070,000
32,148,000
4,057,000
32,210.000
4,057,000
32,239.000
4,056,000
32,014,000
5,505,000
19,163,000
Bills bought In open market
Industrial advances
31,773,000
............
U. 8. Government securities—Bonds
215,685,000
215,690,000
215,681,000
395,688,000
215,721,000
215.678.000
215,703.000
215,687,000
215,696,000
1,622,544,000 1,622.544,000 L,626,808,000 L.624,918,000 1,610,559,000 1.619.653,000 1,624,598,000 1.641,003,000 1,511,198,000
592,011,000
592,011,000
587,752,000
523,425,000
689,653,000
698,008,000
672,958.000
594,908,000
689,958.000
Treasury notes
Treasury bills
Total U. 8. Government securities..
2,430,245,000 2,430,240,000 2,430,241,000 2.430,292.000 2,430.263.000 2,430,264.000 2,430,243.000 2,430.239.000 2,430,311,000
Other securities
Foreign loans
3,351,000
181,000
181,000
181,000
181,000
181,000
181,000
181.000
181.000
gold
on
Total bills and securities
2,473,804,000 2,473,549,000 2,474,915,000 2.476,727,000 2.474.327.000 2.473.732,000 2.472,872.000 2,472,471,000 2,461,443,000
held abroad
Gold
Due from
foreign banks
Federal Reserve notes of other banks
Uncollected
Bank
Items
premises
All other assets
.
Total assets
649,000
17,693,000
547,021,000
47,813,000
39,717,000
""648"000
""""646",000
""'mKooo
""650,000
18,552,000
559,987,000
17,653,000
564,697,000
47,799,000
39,382,000
19,054,000
470,583,000
47,798,000
19,685.000
477,480,000
47,799,000
39,016,000
39,605,000
47,799.000
40,629.000
"""663". 000
24,805,000
535.717,000
47.797.000
89,428,000
""063",000
""eeV.ooo
30,030,000
601.917.000
47,786.000
39.104.000
30.508,000
499,777,000
47,740.000
38.082.000
803~66O
18,529,000
477,747,000
49,436,000
46,657,000
U, 159,588,000 U, 167,126,000 11,159,572,000 11,074,113,000 U.066,664,000 11,094,582 000 11.154.384.000 10962.933.000 8,870,736,000
LIABILITIES
F. R. notes in actual circulation....
3,677,076,000 3,664,670,000 3,656,138,000 3,640,094,000 3.599.683.000 3,608.049,000 3.619.651.000 3,655.764,000 3,138,751,000
F. R. bank notes in actual circulation
Deposits—Member banks'
1,324.000
reserve account
5,838,708.000 5,832,048,000 5,783,814,000 5,868,769.000 5,863.331,000 5.802.436.000 5,858.885.000 5.745.146.000 4,587,949,000
472,821,000
433,118,000
478,037.000
401,038,000
460.828,000
99,181,000
440,247,000
481,816,000
614,995,000
51,865,000
49,631,000
52,747,000
66.998.000
34,881,000
67,998,000
47.822,000
43,546,000
14,355,000
275.378,000
251,619.000
269,757,000
296,053,000
256,648,000
248.100.000
229,765,000
196,746.000
240,949,000
U. S. Treasurer—General account
Foreign
banks
Other deposits
Total
deposits
6,594,330,000 6,632,112,000 6,629,681,000 6,632,662,000 6.642.518,000 0,613.359,000 6,604.998.000 8,470,020.000 4,898,231,000
Deferred availability Items
546,418,000
Reserve for
contingencies....
All other liabilities
Total
Ratio
of
liabilities..
total
reserves
528,885,000
130,708,000
130,713,000
145,501,000
26,419,000
34,110,000
5,026,000
Capital paid in....
Surplus (Section 7)
Surplus (Section 13-B)
145,501,000
26,419,000
34,111,000
4,715,000
532,326,000
130,703,000
145,501,000
26,406,000
34,047,000
4,770,000
458,986,000
130.684.000
145.501.000
26,400,000
34,050,000
5.730,000
482,746.000
130,630,000
145,501,000
20.400,000
33.901.000
5.279.000
533.058,000
130,653.000
145,501,000
26.400,000
33.901.000
3,655.000
589.917.000
130,609,000
tl45.501.000
20.400,000
t33,907.000
t3,395,000
497,233,000
130.510.000
145,772,000
28,334,000
33,692.000
490,259,000
3.002.000
6,593,000
12,830,000
30,824,000
11,159,588,000 11,167,126,000 11,159,572,000 J.074,113,000 11,066,664,000 11,094,582,000 U. 154,384.000 10962.933.000 8,870,736,000
to
deposits
and
F. R. note liabilities combined
78.0%
78.2%
77.9%
78.1%
78.2%
78.0%
77.9%
77.8%
Contingent liability on bills purchased for
foreign correspondents..
72.4%
357,000
Commitments to make industrial advances
26,893,000
25,866,000
26,562,000
26,621,000
27,004,000
Maturity Distribution of Bills and
Short-term
147,031,000
144,893,000
27.091.000
27.213,000
27,284.000
13,963,000
$
Securities—
$
$
1-15 days bills discounted
$
5,831,000
93,000
4,580,000
769,000
787,000
360,000
91,000
6,932,000
1,452,000
2,004,000
%
%
%
S
$
7,413.000
132.000
4,789.000
4.049.000
3,094,000
3,028.000
4,353,000
132,000
71,000
27,000
880,000
1,595.000
347,000
108,000
1,483.000
1,398,000
927,000
56.000
174,000
451.000
585.000
1,795,000
234.000
332,000
671,000
161,000
1,221,000
152,00
1,868,000
139,000
265,000
228,000
6,587,000
8,018,000
9,018,000
7,065.000
0,420,000
6,352.000
5.381.000
6,464,000
1,190.000
415.000
2,370,000
656.000
3,388,000
071,000
681.000
2,622,000
1,271,000
2,426,000
652,000
444,000
962,000
929,000
1,151,000
697,000
2,252.000
702,000
848,000
503,000
782,000
651,000
2,826,000
651.000
322.000
,099,000
703,000
1,947,000
833,000
742,000
459,000
4,673,000
4,673,000
4,674,000
4,671,000
4,070.000
4,657,000
4,657,000
4,056,000
5,505,000
1,833,000
250,000
626,000
459,000
28,605,000
1,840,000
1,692,000
1,618,000
1,632,000
1,759,000
1,582,000
274,000
245,000
635,000
401,000
704,000
679,000
580,000
382.000
599,000
494,000
685,000
788,000
862,000
28,713,000
378,000
28,626,000
914,000
699,000
880,000
435,00C
718.000
369,000
28,681.000
277.000
774.000
717,000
1,020.000
263,000
28,751,000
23.683,000
28,753,000
28,370,000
16,644,000
31,773,000
31.868.00C
31,801,000
31,965.000
328.148.00C
32,210.000
32,239,000
32.014,000
19,163,000
39,295,000
33,630,00C
4,793,000
1,204,000
541,000
121,000
16-30 days bills discounted..
31-60 days bills discounted...
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
31-60 days bills bought in open market
714,000
61-90 days bills bought in open market...
Over 90 days bills bought In open market-
Total bills bought in open market
•
1-15 days Industrial advances
16-30 days industrial advances
31-60 days Industrial advances.
61-90 days industrial advances
Over 90 days industrial advances
Total industrial 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..
137,000
203.000
704,000
711,000
784,000
Total U. 8. Government securities
48,816,00(
2,128,267,00(
2,430,245,00(
Over 90 days U. 8. Government securitlet
31,025,00C
30,013,000
37,317,000
27,605,000
25,425,000
29,675.000
44,540.000
45.730,00C
39,295,000
35,630,000
31.025,000
30,013,000
37,318,000
27,605,000
128,010,000
175,526,00(
72,129,00(
90,969,000
U0.710.00C
108,925,000
70,320.000
71,643,000
170,174,000
46,816,00(
188,821,00(
181,122.000
178,275,000
78.579.000
183,785.000
104,069,000
93,096,000
2,126.538,00( 2,098,971,00( 2,086,558.000 2.072,936.000 2.073,930,000 2,218.601,000 2,197,247,000 1,994,491,000
2,430,240,00( 2,430,241,00( 2,430,292,00( 2.430.263,000 2,430,264,000 2,430,243.000 2.430,239.000 2,430,311,000
43,850,000
170,017,00(
1-16 days other securities.....
16-30 days other securities
61-60 days other securities
61-90 days other securities
Over 90 days other securities
"""""
Total other securities
Federal Reserve Notes—
Issued to F. R. Bank by F. R Agent
Held by Federal Reserve Bank
In actual circulation....
.
.
-
18T~66(j
"" 181*66' 3
"~181~66<3
"l81~,66<3
181,00 3
-
181,00 3
181,001)
181,00 )
~"i"8~I"66(
181,001)
"~i~8~l~,66(
""l~8~l",66i3
181.0(K
181,00 3
""l8~l~,66<
181,00()
_
3,966,457,00 3 3,954,159,00 3 3,949,707,00 3 3,961,896,00 ) 3,953,622.001 ) 3,965,491,00() 3,984,358,00 3 t,021,677,00( ) 3,422,825,000
293,569,00 3
289,489,00 3
321,802,00 3
289,381.00 D
353,939,00 3
357,442,00()
364,707.00 3
305,813,0013
284,074,000
3,677,076,00 0 3,664,670,00 3 3,656,138,00 D 3,640,094,00 3 3,599,683,0013 3,008.049.001) 3,019,651,OCX0 3,655,764,00< ) 3,138.751,000
Collateral Held by Agent as Security for
Notes Issuea to Bank—
Gold ctfs.
on
By eligible
hand & due from U.S. Treas
Total
-
paper
U. 8. Government securities
collateral
.
.
3,885,843,00 0 3,884,843,00 3 3,881,843,00 3 3,888.343,00 0 3.880,343.0013 3.904,343.001) 3,916,843.00 0 3.934,843,00 3 3,298,357,000
4,914,00 3
6,243,00 0
7,832,00 0
6,163,00 0
4,565.001)
5,224,00 0
3,497,00 0
3,427.00(3
4,591,000
118,000,00 0
118,000,00 0
126,000,00 0
131,400.00 3
127,000,00 0
133,400.0013
134,000,00 0
152,000.00 3
189,000,000
4,018,067,00 0 4,007,757,00 0 4,006,086,00 3 4,021,175,000 4,010,896,00 314.042,308,0013 4,054,340,00 0 4.090.270,0(X3 3,491,948,000
•
"Other cash" does not Include Federal Reserve notes,
x
These
are
t Revised figure.
certificates given by the U. 8. Treasury for the
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06 cents on
differences he difference Itself having been appropriated as profits by the Treasury under the provisions
Jan. 31 1934, these certificates being worth less to the extent of the
of the Gold Reserve Act of 1934.
Weekly Return of the Board of Governors
Two Ciphers (00)
Omitted
Total
Federal Reserve Bank of—
on
hand anc
from U. S. Treasury
Redemption fund—F. R. notes-
Total
St.
Chicago
San Fran.
9
9
9
9
214,997,0 168,470,0 215,356,0 140,642,0 415,331,0
8,032,891,0 560,321,0 3,557,225,0 411,799,0 533,165,0 247,471,0 198,649,0 1,369,465,0
reserves--
discounted:
Sec. by U. S. Govt, obligations,
4,099,0
108,0
2,833,0
direct <fe (or) fully guaranteed
Other bills discounted
33,0
32,0
100,0
53,0
41,0
15,0
~~6M
15,0
250,0
52,0
12,0
46,0
30,0
265,0
98,0
655,0
327,0
1,139,0
141,0
4,588,0
656,0
70,0
65,0
119,0
141,0
68,0
66,0
4,673,0
31,773,0
1,739,0
7,657,0
472,0
440,0
190,0
579,0
133,0
1,608,0
4,123,0
2,074,0
87,0
473,0
61,0
6,540,0
163,0
879,0
133,0
349,0
2,914,0
1,501,0
1,132,0
1,733,0
19,070,0
55,252,0 16,848,0
501,465,0 122,350,0 151,366,0
177,666,0 37,922,0 47,589,0
10,209,0
81,031,0
25,476,0
8,240,0
65,406,0
24,440,0
193,992,0
123,732,0
12,963,0
47,758,0
14,854,0
9,514,0
74,049,0
20,563,0
10,732,0
85,686,0
26,782,0
734,383,0 177,120,0 218,025,0 116,716,0
94,209,0
342,164,0 123,200,0
U. S. Government securities:
Bonds
215,690,0
14,427,0
1,622,544,0 108,985,0
592,011,0
34,266,0
—
Treasury notes
Treasury bills
—
Total U. S. Govt, securities. 2,430,245,0 157,678,0
Other securities
181,0
Total bills and securities-.Due from foreign banks
2,473,804,0 161,082,0
Uncollected
Items
-
premises
other resouroes
m
— —
—
748,367,0 184,788,0 220,143,0 121,094,0
257,0
63,9
60,0
5,113,0
129,352,0
10,823,0
30,328,0
719,0
43,375,0
4,875,0
1,377,0
53,827,0
6,526,0
28,0
980,0
43,838,0
2,919,0
3,587,0
1,385,0
943,0
,
Member bank
reserve account.
U. S. Treasurer—Gen'l aco't-.
_
I—
deposits
Total
2,452,0
204,0
14,520,0
1,531,0
479,0
373,0
1,020,0
30,539,0
3,360,0
292,0
23,936,0
1,524,0
766,0
800,192,0 158,251,0 122,239,0 173,109,0 127,553,0 299,366,0
3,420,0
3,347,0
4,397,0
2,503,0
4,404,0
16,452,0
3,745,0
1,574,0
1,574,0
1,303,0
1,628,0
6,297,0
12,569,0 12,341,0
874,0
4,447,0
7,512,0
2,548,0
,
318,872,0
825,529,0 171,795,0 130,492,0 179,954,0 145,043,0
6,694,330,0 371,036,0 3,458,518,0 301,489,0 374,661.0 183,366,0 133,575,0
deposits
72,688,0 278,293,0
852.032,0 160,361,0 109,215,0 139,406,0
775,072,0 272,720,0 357,680,0 175,885,0 152,889,0
5,838,708,0 355,175,0 2,860,844,0 288,841,0 355,256.0 174,682,0 123,200,0
3,728,0
3,620,0
11,170,0
4,641,0
433,118,0
269,756,0
5,640,0
1,900,0
2,388,0
4,994,0
5,048,0
18,279,0
4,017,0
52,747,0
4,855,0
2,568,0
3,241,0
2,959,0
209,639,0
269,757,0
6,204,0
Deferred availability items
546,418,0
Capita] paid in—
Surplus (Section 7)
Surplus (Section 13-B)
130.708,0
127,832,0
26,419,0
34,110,0
5,026,0
41,706,0
52,936,0
51,014,0
60,027,0
9,398,0
9,902,0
2,876,0
1,413,0
170,0
145,501,0
Reserve for contingencies
All other liabilities
12,327,0
13,406,0
12,423,0
50,825,0
7,744,0
8,849,0
4,231,0
3,000,0
14,371,0
1,007,0
3,111,0
327,0
43,422,0
4,599,0
5,186,0
294,0
1,611,0
12,041,0
21,350,0
1.391,0
3,448,0
7,573,0
754,0
1,261,0
106,0
26,777,0
3,767,0
4,655,0
546,0
892,0
77,100,0
18,991,0
4,234,0
5.616,0
2,508,0
123,0
1,291,0
14,454,0
30,035,0
26,185,0
3,034,0
3,149,0
3,927,0
3,613,0
3,793,0
26,953,0
10,151,0
3,783,0
9,645,0
1,003,0
1,483,0
1,142,0
843,0
1,256^0
1,021,0
1,328,0
221,0
148,0
1,849,0
300,0
211,0
224,0
369,017,0 263,041,0 359,141,0 254,224,0 647,084,0
11159588.0 785,657,0 4,481,465.0 649,206,0 816,483,0 417,273,0 318,690,0 1,798,307,0
Total liabilities———
Ratio of total res. to dep. & F. R.
note liabilities combined
advances-—.—
106,0
396,0
2,290,0
1,667,0
323,0
9,723,0
3.391,0
25,866,0
67.4
64.6
69.6
775,0
587,0
4,494,0
70.3
64.7
81.6
69.3
68.9
72.8
71.7
84.0
79.8
78.2
Commitments to make Industrial
•
45,0
1,348,0
25,178,0
3,580,0
150,0
19,0
19,0
3,0
835,0
4,0
1,257,0
26,317,0
78,0
2,133,0
76,643,0
4,826,0
86,964,0 201,452,0
77,203,0 108,555,0
162,0
23,0
2,124,0
18,954,0
2,284,0
1,286,0
Deposits:
bank
85,000,0 199,331,0
181,0
344,958,0 123,828,0
95,370,0
LIABILITIES
F. R. notes in actual circulation. 3,677,076,0 330,835,0
Other
75,575,0 106,844,0
263,041,0 359,141,0 254,224,0 647,084,0
11159588,0 785,657,0 4,481,465,0 649,206,0 816,483,0 417,273,0 318,690,0 1,798,307,0 369,017,0
Total resources.
Foreign
16,560,0 17,435,0
52,069,0 138,387,0
16,371,0 43,509,0
•
50,0
60,542,0
3,113,0
135,0
23,281,0
——
—
414,0
649,0
17,693,0
547,021,0
47,813,0
39,717.0
...
Fed. Res. notes of other banks--.
Bank
625,0
107,0
50,0
15,0
38,0
580,0
76,0
2,371,0
2,217,0
6,932,0
Total bills discounted
Bills bought In open market
Industrial advances
All
Dallas
Louis Minneap. Kan. City
9
9
9
■9
9
9
9
Atlanta
BUSINESS FEB. 26 1936
195,635,0 158,555,0 193,330,0 134,382,0 396,813,0
7,670,230,0 514,786,0 3,468,688,0 369,652,0 502,486,0 230,101,0 182,388,0 1,323,414,0
2,679,0
587,0
726,0
481,0
681,0
459,0
549,0
646,0
2,506,0
767,0
1,624,0
14,402,0
2,797,0
5,673,0 15,839,0
9,434,0 21,300,0
•45,692,0 18,681,0
16,821,0 13,755,0
30,033,0
348,259,0 42,738,0
87,013,0 41,380,0
Other cash *
Bills
9
12 FEDERAL RESERVE BANKS AT CLOSE OF
Cleveland Richmond
PhUa.
New York
Boston
9
RESOURCES
Gold certificates
of the Federal Reserve System (Concluded)
LIABILITIES OF EACH OF THE
WEEKLY STATEMENT OF RESOURCES AND
1419
Chronicle
Financial
Volume 142
106,0
2,008,0
"Other Cash" does not include Federal Reserve notes.
FEDERAL RESERVE NOTE
STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Federal Reserve notes:
Chicago
9
9
9
9
Dallas
San Fran.
9
Minneap. Kan. City
St. Louis
9
Atlanta
9
9
9
9
9
9
Cleteland Richmond
Phila.
New York
Boston
Total
9
17,485,0
885,790,0 288,193,0 371,457,0 184,600,0 173,297,0
8,715,0 20,408,0
13,777,0
110,718,0 15,473,0
888,087,0 167,298,0 113,321,0 148,856,0
9,450,0
4,106,0
6,937,0
36,055,0
79,164,0 318,074,0
6,476,0 39,781,0
3,677,076.0 330,835,0
775,072,0 272,720,0 357,680,0 175,885,0 152,889,0
852,032,0 160,361,0 109,215,0 139,406,0
72,688,0 278,293,0
on hand and
Treasury
3,885,843,0 356,617,0
115,0
5,224,0
127,000,0
% U. S. Government securities--
905,706,0 288,000,0 372,440,0 178,000,0 132,685,0
107,0
50,0
38,0
624,0
3,113,0
8,000,0 42,000,0
894,000,0 144,632,0 114,000,0 140,000,0
79,500,0 280,263,0
10,000,0
628,0
43,000,0
908,819,0 288,624,0 372,478,0 186,050,0 174,792,0
894,100,0 168,690.0 114,057,0 150,247,0
79,587,0 323,891,0
Issued to F. R.Bk.by F.R.Agt_ 3,966,457,0 348,320,0
Held«by Fed'l Reserve RankIn actual circulation
289,381,0
Collateral
held by Agent as securlty for notes Issued to bks.
i
Gold certificates
V due from U. 8.
Eligible paper
Total collateral
4,018,067,0 356,732,0
100.0
57,0
58,0
24,000,0
Weekly Return for the Member Banks of the Federal Reserve
247,0
87,0
System
principal
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the
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 Disscussions "
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
also been revised further so as to show additional Items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
In "Other loans." The item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, &c., minus the amount of cash items reported as on hand or in process of collection. The method of computing the Item "Net
demand deposits," furthermore, has been changed In two respects In accordance with provisions of the Banking Act of 1935: First, It Includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law. These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23 1935. The item "Time deposits" differs in that It formerly Included a relatively small amount of time deposits of other banks,
which are now Included In "Inter-bank deposits." The item "Due to banks" shown heretofore Included only demand balances of domestio banks. The item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources. Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities." By "Other assets—net" Is meant the aggregate of all assets not otherwise specified, less cash Items reported as on hand or In process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
Federal Reserve District—
New York
Boston
Total
BANKS IN 101 LEADING CITIES, BY
Cleveland Richmond
PhUa.
DISTRICTS, ON FEB. 19 1936 (In Millions of Dollars)
St.Louis
Chicago
Atlanta
Minneap. Kan. City
ASSETS
Loans
and
Investments—total-..
1,142
21,100
8,943
1,145
1,744
615
507
2,880
612
366
Loans to brokers and dealers:
595
San Fran.
Dallas
430
2,121
12
2
2
1
In New York City
909
5
890
9
Outside New York City
178
25
64
15
11
3
5
32
5
1
3
2
2,057
148
887
147
213
67
47
203
61
31
43
40
45
164
22
3
7
5
30
11
9
26
2
27
351
251
66
189
21
21
65
38
6
15
21
368
1,146
85
5
1
9
7
banks)
Acceptances and com'l paper bought.
Loans on real estate
Loans to banks
—
U. S. Govt, direct obligations
n
69
4
34
288
1,235
3,654
167
183
101
131
360
105
120
124
120
347
303
818
300
184
1,677
227
142
217
148
695
361
115
71
41
39
143
57
14
44
49
1,298
298
251
75
74
360
101
43
116
48
359
4,772
297
2,576
194
264
69
675
121
79
359
Other assets—net
466
163
111
63
14
32
16
10
58
11
5
11
9
19
2,334
vault
Balance with domestio banks
18
140
1,197
3,186
Govtl
Reserve with Federal Reserve Bank—
Cashl
131
174
170
218
133
159
383
133
99
319
185
230
81
541
85
110
39
41
112
24
17
25
28
230
1,333
'
114
115
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank
Domestic
banks
Foreign banks
Other
—
liabilities
Capital account-—
81
187
14,112
4,889
942
6,494
765
967
371
293
2,090
380
257
449
326
778
301
940
260
694
195
170
759
172
121
145
119
1,013
524
8
157
31
42
24
27
106
5
7
12
21
84
369
186
253
deposits:
Borrowings
1
5
3
3,281
8,726
...
Other loans
Obligations fully guar, by U. S.
Other securities
170
5,659
249
2,413
308
323
397
8
368
3
210
204
774
1
1
252
5
118
10
1
2
2
808
24
328
18
3,507
230
1,595
223
•
12
30
7
36
10
5
2
5
331
329
87
84
338
82
57
88
76
318
Financial
1420
Chronicle
United States Treasury
Who
jftnaitrtal
a
,
Bid
4 1936
Mar.
PUBLISHED WEEKLY
Asked
Bid
Asked
July
016£
151936
.20%
July
22 1936
,20%
Mar. 18 1936
0.15%
July
29 1936
Mar. 25 1936
0.15%
0.20%
Aug
5 1936
20%
20%
20%
20%
Mar. 11 1936
DANA COMPANY,
B.
Bills—Friday, Feb. 28
purchase.
Rates quoted are for discount at
dtrntiti^^tttt (Etrrmti
WILLIAM
1936
Feb. 29
Publishers,
0.16%
8 1936
Apr. 15 1936
0.20%
Aug. 12 1936
Aug. 19 1936
0.20%
Aug. 26 1936
20%
Apr. 22 1936
William Street, Corner
20%
14 1930
20%
1 1936
Apr.
Spruce, New York.
Apr.
the New
York Stock Exchange—Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
United
Securities
Government
States
on
Corporation's bonds and Treasury
Federal Farm Mortgage
0.20%
2 1936
Sept.
Sept, 9 1936
Sept. 10 1936
Sept. 23 1936
Sept. 30 1930
7 1936
Oct.
0 20%
Oct.
Apr.
29 1936
0.20%
0.20%
May
6 1936
0.20%
May
13 1936
0.20%
0.20%
May 20 1936
---
May 27 1936
3 1936
June
20%
20%
20%
20%
20%
June 10 1936
of
Feb. 24 Feb. 25 Feb. 26 Feb.
Dally Record of V. S. Bond Prices Feb. 22
4Xa, 1947-52
116.22
116.19
116.20
116.22
116.22
30
5
1
106.28
106.28
106.27
106.27
106.28
106.27
4
51
112.12
112.12
112.12
112.12
112.12
112.10
112.10
112.12
112.12
112.12
112.10
112.11
112.13
4
3
42
3
44
110.16
110.14
110.14
Total sales in $1,000 units..
20%
8
1936
0
Nov.
18 1936
20%
25 1930
.20%
20%
20%
Transactions
at
the New York Stock Exchange,
Daily, Weekly and Yearly
112.12
8
Railroad
Stocks,
Week
46
Ended
Number of
Shares
Feb. 28 1936
United
For'n Bonds
Bonds
Total
I
States
Bond
j|
Bonds
State,
Mlscell. Municipal <fc
and
Sales
112.13
110 17
110.14
110.14
110.14
110.17
(Close
110.16
110.14
110.14
110.17
Total sales in $1,000 units...
24
1
5
107.13
107.15
J Low.
107.12
107.15
107.14
107.13
107.15
107.14
2
1
1
103.18
103.19
103.17
$10,506 000
2.458.860
11,852,000
11,397,782
$61,646,000
$6,146,000
103.20
12,702.000
13,391.000
$12,390,000
14,483.000
15,604 000
15.033.000
$423,000
$1,461,000
1,064,000
1,155,000
1,136.000
1,330,000
Wednesday
Thursday
Friday
107.15
3
2,197,560
2,389.600
2.036,355
2.315,407
717,000
1,058.000
702,000
107.15
(Close
HOLIDAY
Saturday
Monday
Tuesday
10
(High
<■
10 1936
107
4
(High
i Low
Nov.
106.30
106.27
(Close
0 20%
107
106.27
(High
1936
116.31
106.27
] Low.
20%
1
116.31
Total sales in $1,000 units..
48, 1944-54
20%
4 1930
116.28
116.20
Total sales in $1,000 units...
(High
-j Low
I Close
1930
28 1930
Nov,
28
116.20
116.19
iLow.
(Close
3M», 1943-45
27 Feb.
116.22
(High
21
Oct.
July
v
Treasury
Oct.
0.20%
0.20%
June 17
point.
a
0.20%
193ft
July
the New York Stock Exchange.
on
Quotations after decimal point represent one or more 32ds
;
June 24 1936
Nov.
certificates
8Kb. 1946-50
3^8. 1943-47
Total sales in $1,000 units..
103.21
(High
107.14
107.15
Low
103.18
103.16
103.18
103.17
103.19
103.17
103.19
103.17
103.19
Total sales in $1,000 units...
41
60
Sales at
3s, 1951-65
192
13
104
103.30
103.30
103.31
104 1
Low.
103.28
103 27
103 27
103.29
103.30
Close
103.28
103 30
103.30
103.29
104
Total sales in $1,000 units...
16
248
114
35
(High
38, 1946-48
•
86
144
(High
108.11
108.15
108.16
Low.
108.11
108.15
108.14
108.15
108.16
2
26
1
108 20
108.25
3%8. 1940-43
Total sales in $1,000 units..
108.20
(High
108.19
Low
108.20
108.25
108.20
108.25
Total sales in $1,000 units...
2
2
10
(High
104.30
104.30
104.29
104.27
104.27
104.27
$54,640,000
7.538,000
46,534,000
69,115,000
715,271,000
344,556.000
$71,868,000
$73,547,000
$.839,026,000
$564,865,000
127,205.377
$4,076,000
Bond3
State and foreign
Railroad and industrial
104.27
104.30
104.29
2
13
Stock and Bond
Averages—Below are' the daily closing
of representative stocks and bonds listed on the
New York Stock Exchange as compiled by Dow, Jones & Co.;
averages
1
Close
HOLI¬
104.25
104.28
104.29
104.28
104.25
104.28
104.28
104.29
(Close
104.25
104.28
104.28
104.28
104.29
Total sales in $1,000 units...
1
Ten
104.30
104.25
DAY
(High
Date
Thirty
Second
Ten
Indus¬
Grade
Grade
Utili¬
Forty
Rails
1
Total
Serentv
trials
roads
ties
Stocks
Bonds 1
trials
Rails
49.46
32.20
56.23
106.35
110.83
87.08
106.86
102.78
152.64
50.16
32.45
56.53
106.21
110.60
87.28
106.88
102 74
149.81
48.87
37.76
55.35
100.15
110.50
86.68
106 91
102.56
55.65
106.20
110.46
87.51
106 79
102.74
56.54
106.26
110.59
88.48
106.79
103.03
80
1
108.25
108.26
Feb.28.
152.53
108.22
108.23
108.25
108.25
Feb. 27.
108.23
108.25
108.25
Feb. 26.
ties
50
108.24
108.22
18
53
1
66
Feb. 25.
150.78
49.27
31 68
106.13
106.14
106.17
106.16
106 20
Feb.24.
152.74
50.31
32.25
•] Low.
106.12
106.10
106.17
106.15
106.16
Feb. 22.
106.16
106.20
(Close
106.12
106.14
106.17
5
5
2
32
6
101
100.31
101
101
101.2
Low.
100.29
100.27
100.30
100.29
101
(Close
100.30
100.29
101
100.30
101.1
(fW
102.1
102
102.2
102.2
102.7
101.31
101.28
102.1
102
102.3
101.31
102
102.2
102.2
(High
2Kb, 1955-60
_
Total sales in $1,000 units...
2Ks. 1945-47
122
Low.
Total sales in $1,000 units...
Federal Farm Mortgage
HOLIDAY
'
Total sales in $1,000 units...
39
42
53
18
Building, Savannah, Ga., to conduct
a
National Bank
general investment business, hand¬
ling listed and local securities, bonds and stocks, Mr. Sexton, who entered
102.7
48
26
NOTICES
—William H. Sexton has opened offices In the Liberty
103
35
78
CURRENT
the investment business in
of the
branch
Savannah
1918, has justod resigned
of Norris
office
&
resident manager
as
Hirshberg, Inc. of Atlanta.
(High
103.25
Low.
103.25
In the past he was Secretary and Treasurer of the Citizens & Southern Co.
c,ose
103.25
and
3 Ms, 1944-64.
_
,
Total sales in $1,000 units...
Farm Mortgage
3s, 1944-49
1
102
(High
102
102.5
ioa.5
102.10
101.28
102.1
102.1
102.1
102.5
102.9
(Close
101.31
Total sales in $1,000 units...
Federal Farm Mortgage
(High
13
26
■
28
19
12
was
Trust
102.8
101.30
Low.
101.31
manager
of the bond department of the Liberty National Bank &
Co., of which he
—"What
are
you
structive suggested
was
also
a
trust officer.
doing about inflation?" This question,
answer,
are
discussed in
a
and
booklet entitled
a
con¬
"Bigger
102.20
102.18
102.26
102.28
103.1
Profits with Smaller Dollars" which is being distributed by Lord, Abbett &
Low.
102.19
102.18
102 26
102.24
102.30
Co., Inc., 63 Wall St., New York City.
(Close
102.19
102.18
102.26
102.28
103.1
27
1
60
13
3s, 1942-47......
_
Total sales in $1,000 units...
Federal Farm Mortgage
40
(High
101.3
101.3
101.8
101.9
101.14
Low.
101.3
101.2
101.6
101.7
101
C1086
2Mb, 1942-47
101.3
101.3
101.6
101.9
101.14
■
Total sales in $1,000 units...
Home Owners'Loan
FOOTNOTES
11
25
20
7
41
(High
101.21
101.25
101.27
101.30
101.19
101.18
101.27
101.24
101
101.21
101.25
101.27
101.30
102.2
a
4
38
25
81
(High
100.19
100.20
100.24
100.27
100.14
100.22
100.22
100.19
100.19
100.24
100.27
62
47
225
(High
100.19
100.20
100.26
100.26
101
1
Low.
100.17
100 16
100.20
100.22
(Close
100.20
100.23
100.26
101
Total sales in $1,000 units...
30
97
311
113
Ex-dlvidend.
Ex-rlghts.
100.28
100.19
2Mb, 1942-44
Note—The
144
"
S3
s«
265
35
36
table
in
includes
registered
only sales of
bonds were:
1 Federal Farm 3s, 1949
102.7
Adjusted for 25% stock dividend paid Oct. 1 1934.
Listed July 12 1934; par value 10s. replaced £1 par, share for share.
Par value 550 lire listed June 27 1934; replaced 500 lire par value.
Listed Aug. 24 1933; replaced no par stock share for share.
Listed May 24 1934; low adjusted to give effect to 3 new shares
exchanged for
1 old
37
29
38
39
above
Transactions
delivery,
x
101.2
58
PAGES
Cash sale.
y
100.28
Total sales in $1,000 units...
Home Owners' Loan
YORK STOCK
New stock,
r
101 2
100.17
Deferred
n
29
2Mb. series B, '939-49..' Low.
NEW
Bid and asked prices; no sales on this day.
t Companies reported in receivership,
57
Total sales In $1,000 units...
Home Owners'Loan
FOR
*
102.2
Low.
3s, series A, 1944-62
bonds.
First
Utili¬
(High
Federal
Ten
Rail¬
41
Total sales in $1,000 units...
,
4
Ten
Total
Twenty Twenty
Indus¬
108.22
(High
| Low.
(Close
Bonde
Stocks
< Low.
3^8, 1944-46
71,465.000
105
2
Total
105
Total tales in $1,000 units...
3Ks. 1941....
$19,475,000
6.146.000
61,646,000
4,371,310
105
Low
■
3Hs, 1949-52
m
1935
34,451,119
•.i
$148,844 000
11,397,782
Government
108.15
108.19
8Kb, 1941-43
3Ks. 1948-49.
Stocks—No. of shares.
1936
1935
1936
108.15
1
14,358,000
$71,868,000
Jan. 1 to Feb. 28
Week Ended Feb. 28
Exchange
108.15
108.11
1,176.000
$4,076,000
New York Stock
103.17
Close
Total
13.195.000
coupon
no
par share.
Adjusted for 66 2-3% stock dividend payable Nov. 30.
Adjusted for 100% stock dividend paid April 30 1934.
Adjusted for 100% stock dividend paid Dec. 31 1934.
4°
Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
4«
Listed April 4 1934; replaced no par stock share for share.
Adjusted for 25% stock dividend paid June 1 1934.
42
to 102.7
43
Listed
44
From low through first classification, loan 75% of current.
From last classification and above, loan of 55% of current.
Listed April 4 1934; replaced no par stock share for share.
under
this
name
Aug. 9 1934 replacing no par stock.
Former name,
American Beet Sugar Co.
65
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Feb. 28
Figures after decimal point represent one or more 32ds of
a
4«
47
Listed June 1
49
so
point.
51
Int.
Maturity
Listed Sept.
4»
Rate
Asked
Maturity
Rate
no par
stock share for share.
100% stock dividend payable Feb. 1 1930 to stock of record Dec. 20 1935.
Adjusted price for stock dividend.
The National Securities Exchanges on which low prices since
July
made (designated by superior figures In tables) are as follows:
Int.
Bid
13 1934; replaced
1934; replaced Soconoy-Vacuum Corp. $25 stock share for share.
50% stock dividend paid Dec. 10 1935.
Bid
Asked
1
1 1033
New York Stock
>2 Cincinnati Stock
were
22 Pittsburgh Stock
2
June
15 1936
Deo.
15 1939...
Mar. 15 1939...
June
15 1940...
Sept. 15 1936
Deo.
15 1940...
Mar. 15 1940...
June
15 1939...
Sept. 15 1938...
1H%
1K%
100.22
100 24
Feb.
1 1938...
101.5
101.7
Deo.
15 1936...
1 H%
101.28
101.30
Apr.
15 1938...
101.6
June
15 1938
101.5
Feb.
15 1937...
Apr.
15 1937...
1H%
1H%
1K%
1«%
2K%
2K%
101.4
101.3
100.24
100.20
101.22
101.24
Mar. 15 1938...
103.22
103.24
Aug.
104.28
104.30
Sept. 15 1937...
1 1936...
2K%
2K%
2K%
2K%
3%
3%
3%
3M%
3M%
New York Curb
104.22
104.24
« Cleveland Stock
" Richmond Stock
s
New York Produce
102.14
102.16
14 Colorado Springs Stock
24 st. Louis Stock
4
New York Real Estate
15 Denver Stock
100.27
100.29
25 salt
»
Baltimore Stock
16
Detroit Stock
26
105.20
105.22
San Francisco Stock
«
Boston Stock
»7
27
103.1
103.3
Los Angeles Stock
San Francisco Curb
r
Buffalo Stock
'8
San Francisco Mining
Lake City Stock
Los Angeles Curb
28
103.17
®
California Stock
I'
105.21
105.23
Mlnneapolls-St. Paul
29geattle Stock
9
Chicago Stock
20
New Orleans Stock
30
101.22
101.24
Spokane Stock
5®
31
104.29
104.31
Washington (D.C.) Stock
103.15
Chicago Board of Trade 21 Philadelphia Stock
Chicago Curb
1421
Volume 142
No aooount
transactions of the day.
NOTICE—Cash and deterred delivery sales are disregarded In the day's range, unless they are the only
•ales In computing the range
is
taken
such
no
tor the year.
July 1
AND
HIGH
SALE PRICES—PER
LOW
SHARE,
NOT PER
CENT
NEW
for
Saturday
Feb.
22
$ per share
Monday
Feb. 24
Tuesday
S per share
$ per share
*44%
Feb.
49I4
*11212 114
7 154
13%
*44%
Wednesday
Feb. 26
25
48%
*112% 114
7114
13%
71%
13
71%
13%
Thursday
$ per share
$ per share
*44%
48%
♦112% 114
69%
70
12%
13%
Feb.
*44%
114
70%
13%
48%
114
$ per share
*44%
*113
71
70'4
13%
13%
72%
10
13%
1,500
20,100
.
22%
2%
7%
♦181
3
*96
34l2
23
8
184
3%
100
34
34
24
2234
3
2%
7%
734
182% 182%
3%
2%
*96
100
15l2
434
15%
43<i
4%
28
414
2914
28
27
29
27%
28%
29
27
27
42
42
40
37%
38
3584
41%
3784
♦102
105
15%
4%
3%
33% 33%
2334 24%
234
2%
7%
734
182% 182%
2%
2%
*94
3
7%
183
2%
*94
15%
4>%
15%
4%
15%
15%
4%
4%
334
27%
3%
4%
338
27%
*26%
*26%
28%
28%
*26%
*26%
2734
28
28
3334
3334
26
26
28
3%
3%
7%
185
7%
183
3
100
2%
*94
3
adam,
28
40
1,400
37
4,700
103
103
167% 172%
103
2
100% Jan 10
Adams
33% Feb 26
22% Jan 21
3534 Feb 14
rl% Jan 14
2
7% Jan
21% Jan
address Multigr Corp...
Reduction
478
500
4%
30,500
No
7%
26%
2434
25%
24%
7%
734
73
73
7%
73%
73%
43%
22%
4%
40%
44%
4I84
44
22%
22
22%
434
42
40
42
84
84%
84%
85%
60
60
6012
42%
43
*69%
49%
130
Stock
4%
43%
75
5034
130
*69%
4934
25
73s
*72%
42%
778
73%
43%
77S
73%
42%
A P W Paper Co ........No pa
t Alleghany
107
30
173
176
12,200
22%
4%
22 %
Closed
Birthday
59%
43%
43
4334
43
44
44
44%
75
72
72
5034
50%
5034
2,700
128% 128% *128% 130
*128% 130
1187g
118% 119%
119% 121%
14,600
75
5O84
*69%
75
*69%
49%
50
50
129
116
118
165
164
164
164
3834
39
72%
69
69%
71
41%
42%
39%
41
393s
39%
40
*120
122
*120
5934
1,700
165
71%
70%
2,000
42
41
12134 *120
12134
94
*94
96
34
*3234
11%
2834
22%
30%
24%
92%
92%
*12%
7%
36%
14%
30%
1434
3034
143s
*3034
7%
38%
14%
33%
*16%
.
12%
35%
93
25%
26
13%
13%
12%
17%
73S
41%
37%
4%
20%
11%
3334
92%
25%
13%
4%
21%
93
7,300
""266
734
42
38
4%
21
12
35%
93
26
13%
11%
29%
2234
117S
30
1178
34%
38%
8%
4534
39
23%
*160
34%
127
38%
8%
4%
20%
11%
33%
2078
1178
34
92%
25%
95
2578
95
95%
95
95
1,900
25%
25%
13%
13%
25%
14%
5,300
13
2534
13%
32%
107%
24
23%
29%
29%
30
65
6634
67%
67%
*146
150
*145% 150
105% 105% 105% 105%
66
*65% 67
6684
*142%
*142% 143
30
31% 32
31%
♦112% 115
*112% 114
34
34
34%
33%
54
56%
55% 56%
....
♦138
138%
2334 2334
174% 174%
95
9534
97
142
6%
29
21%
*96
984
64
97%
142
8%
37%
23.900
2.400
Preferred
15
15%
3,000
2nd
32%
32%
500
734
36
2,100
7%
41%
16,400
*39%
38
3934
8,900
4
4%
22
12
36%
7%
*20%
1134
34%
13%
6%
1,400
5,200
600
8,200
10,400
10,600
21%
22%
97
97
97
10
50
109
...
109
9%
9%
48
40%
24
163
32%
31%
108% 108%
23%
23%
29
29%
64'8
,
,
47
4734
39%
40
23%
*160
32%
110
23
*28%
24
163
3234
48%
40%
23%
*160
31%
113% *110
footnotes
see
6%
*27
2178
*96%
978
6%
29
16%
29
I,100
35,400
Amer European
68
147
43,400
3,100
620
12,900
200
1,600
65
66
1,400
143
143
50
31% 32%
11234 115
3334
33%
56% 57%
Amer Hide
22%
96
10%
578
33
734
584
51%
33%
4278
22%
42%
22%
50
34%
4334
23%
50%
32%
42%
50%
22%
22%
109% 109% *109% 109% *109%
14
14
*13%
1378
*13%
4184
41% 42
*42% 42
*121
*121
121%
109
108% 10834 *109
6%
6%
6%
82%
82%
82%
page 1420
42% Jan 18
5034 Feb 24
9
132% Jan 25
2
134% Jan
166% Jan 14
12534
Jan
11554 Feb 24
163
Feb 14
11434 Jan 14
10,200
50
1,600
6,400
100
2,100
11,600
1,700
6,700
ft
200
pa
pa
A
1
Leather..
65
1%
151%
168
120
Feb 21
10
10
25%
25%
4
8
14
88
115
2
95
Feb 20
43%
66
96
3
34
Jan
3
20
30
34%
2
1384
Feb 13
2
Jan 31
9
31% Feb 24
24% Feb 24
4J
94% Feb 28
Jan
43
Jan
Feb 17
9%
2
2
9%
14
11%
17% Feb 17
37,
Jan
37%
Jan 28
10%
13
Jan 20
18% Feb 27
8%
7
Jan 22
2
24
Jan 14
12% Jan 28
3
2534 Feb
5
73% Jan
2
10(
..No pa
..No pa
Amer Macb A Metals
ctfs
Amer Metal Co Ltd.... .No pa
6%
Amer
preferred..
News, N Y Corp.
101
oonv
.
No pa
Amer Power A Light... -No pa 1
.....No pa;
No pa
Am Rad A Stand San'y.. No pa
10(
Mill...
21
American Safety Raior ..No pai
American Seating v t 0...No pa'
American Rolling
9
9
32
75%
12
33%
10%
Jan 18
15
Feb 13
3
127,
18%
4%
4%
13%
72
11% Jan
27% Jan
127
2
7
Feb 24
*35% Jan
3
7% Feb 20
43
Feb 20
36% Feb 20
22% Jan 30
157
Jan
7
29% Jan 20
3
11% Jan 2
3534 Jan 24
Feb
6
63
39% Feb
133
t
20%
1134 Feb 17
1%
1%
56% Feb 17
10%
83,
Feb 17
273s Jan
4
9%
107%
161% Feb 17
34
Feb 19
Amer Shipbuilding
25% Jan
2
31
Amer
Co—No pai
Smelting A Refg
No pa-
6684 Jan
7
-—IOC
136% Jan
3
147
104
9
10534 Jan
12%
33%
69% Feb 19
65
Jan
Feb 14
2
Feb 28
121
63
106
125
143
10784 Jan
4
115
33% Feb 25
36
Feb
4
333s Feb 19
10%
12
Feb 28
52
88
Jan 29
32%
32%
Jan
7
10(
129
Jan
6
58% Jan 15
141% Jan 29
102
No pai
*23
Feb 28
263s Jan 28
11
Amer Telep A Tel eg..
—101
15534 Jan
American
Tobacco
2f
Common class B..........25
96
100
136
Preferred
Preferred
No pat
100
Preferred
Armstrong Cork Co
.....—100
No par
2
9434 Feb 25
Feb
63%
Feb 24
Feb 20
Jan
3
Jan
2
9%
6
104
6
9234
987,
6
142
21% Jan
62
45%
Feb 14
102% Feb
2
6% Feb 21
29
178
Feb 25
Jan
Feb 25
1% Jan 6
7% Feb 21
4% Jan 3
2
8% Jan
35
2
10
Feb
38%
22%
94%
1034
68«4
2%
11%
57,
48
85%
5
Jan
Jan 20
35
Jan
8
Jan
2
Jan
3
111
7
15
50
Jan
Jan 24
122
%
2%
3
3
31
Feb 17
Feb 20
47,
2%
Jan 30
Jan
109
7%
48
Jan 10
81
49
8
30
8
Feb 15
24% Feb
10%
9
47,
35%
1
7% Feb 28
62% Feb 28
36% Feb 19
46
21,
7
1
28
18%
98%
72%
74%
129%
7%
8
Jan 24
11% Feb
7034 Feb
50%
124
2%
Jan 10
24% Jan
100
647,
105
2
44
15%
10484
11%
41%
120%
105%
434
66%
4%
101%
6
52
7%
6
107,
80
3%
217,
7
16%
37
107," 17%
96%
109
3%
12%
36
Jan 13
106
117
110% Jan 20
7% Jan 25
64
07
Jan
3
Jan
2
Jan
2
84
Jan 28
46%
65%
Jan 14
125
Jan 28
31%
85
13
25%
47% Feb 24
9%
31%
57
7
101
12%
130%
36%
20
28%
71
2384 Jan
-
12%
32%
66
15
6
Am Sumatra Tobaooo.
Preferred
-
8%
10%
134%
15%
43
133% Jan
Amer Sugar Refining
24
8
101
Stores
Jan
x
73% Jan 22
No pai
10(
...No pai
Preferred
27%
10%
47
26% Jan 11
American
47,
11%
32
113% Feb 27
Preferred
37%
36% Feb 28
95% Feb 27
29% Jan 14
2
Amer Steel Foundries
38%
Feb 20
Jan 21
2nd preferred 6% cum
101
American Snuff.............21
67,
40
25
20% Jan
Preferred
x
29%
178
14%
4%
4%
American Locomotive.. ..No pa
15%
28
17,
14%
2
Jan
24S4
17
.38%
8%
28
Jan 27
42
37,
12
3
8% Jan 25
46
6
3
19
2
37,
*4
23,
12% Jan
Jan
92%
19%
»4
284
26
534
35*4
72
6%
9%
22%
6%
72
3% Feb 28
14% Feb 17
9% Feb 17
934 Jan
2%
20*4
Jan
Preferred
65
33%
Jan
101
Amer Macb A Fdry Co. ..No pa
337,
Jan
.No pai
...
pref....
8J8
"61900
149%
8% Jan
Jan
8
734
21,000 Amer Zinc Lead A Smelt...100
7%
634
678
Preferred...
2b
60
1,000
62%
55
50
34% 35% 105,700 Anaconda Copper Mining
35
800 Anaconda Wire A Cable..No pai
43% 43%
42%
No pai
4,000 Anchor Cap
22% 2234
22%
80
$6.50 oonv preferred...No par
109% 109% 109%
200 Andes Copper Mining
10
14%
*13% 1484
42
No par
1,800 ireher Daniels Mldl'd
42%
42%
7% preferred
100
121% *121
Armour A Co (Del) pref
109
100
109
109%
63
£
36,300 Armour of Illinois new
6%
6%
$6 oonv pre!
No par
1,500
83% 83%
83
60*4
129
110
10% Jan
non-cum
42%
119
34
37
24
120
21
19%
Amer Internat Corp.... .No pa
6%
80
88
3934 Feb 28
5% Jan 14
American Ice
40
88
5(
amer Home Products...
1,500 (Am Type Founders
560
2%
80
44% Feb 15
123% Jan 30
2934
6% conv pref
72
3
237,900 Am Water Wks A Elec ...No pat
700
1st preferred
96
No pai
No pai
II,300 American Woolen..
11%
Preferred
100
7,600
66%
1
1%
2,400 tAm Writing Paper.....
900
Preferred...
No pai
8%
11
7%
70
3
Jan
31
97
66%
43
Jan
31
30
23%
7%
4334
6%
10
5%
33%
7
97
684
*48
*142% 144
22%
1%
84%
7
.No
Preferred
147
10%
63%
Feb 2«
65
..No pa
....
$5 preferred
105% 105%
97
1%
47%
..No pa
preferred...
$6 preferred
1,200
67
2934
13%
pa
.No po
$6 preferred
11
amer Hawaiian S S Co.
7,600
113%
24
29%
See's... .No
Amer A For'n Power
10,000
37",800
29%
22%
63%
1%
7%
5%
300
32%
2334
*14084 144»4 *142% 144
62%
1%
64
1%
109
5,300
163
29%
6%
6%
6%
6%
8I84 82%
8I84 82%
*100
*100
120
120
*107% 119% *108% 119% *100
50
47% 48%
4834
50%
47% 48%
47% 47%
For
49
41%
24
23%
66%
65%
6378
146% 146% *14634 14834
105% 105%
105% 105%
66
66
65%
65%
142% 142%
142% 142%
31%
30% j. 29%
29%
H284 11234 *11234 115
3334
3334
33% 33%
734
62
5%
*121
6%
29
23
64%
1%
734
50
142
29
34% 34%
45% 45%
22%
23%
109% 109%
14%
14%
*41% 42
884
34%
34%
129
12878 *127
37% 38%
*37%
3834
87S
9%
8%
9
3334
*127
139
6%
29
5%
23%
♦160
3778
34
56
55
55%
56%
141
*139
*138% 141
*138% 141
24
23% *23
23%
23% 23%
23% 23%
171
173%
169% 17078 170% 171%
170% 174
95
95
95
*95% 97
95
95%
9434
98
97
97
9734
99
96
96%
97%
139
142
1%
734
8
38
163
31%
107
37%
45
24%
23%
*160
34
129
39%
38
39%
24%
163
34
129
11%
89% Jan
1% Jan
3734
46%
44
46%
32% 33%
108% 109
23% 2334
29
3334
34%
12834 12884
37%
37%
8
8%
47% Jan 24
73% Feb 19
1(
Co
6% 1st pref
300
Voting trust
127
57*4
42% Feb 18
10<
37
4
41%
41
No pa
14
11%
20
Jan 21
(AUeghany Co)2J
12
8
2
62
Amer Encaustic Tiling.. .No po
35.400
Jan 15
9
75%
377,
22*4
4%
48%
*240
3%
1334
10«*
z49
27
94%
278
*13
Feb 11
24%
3%
49
32% Jan 22
HX
preferred...
3%
Feb 27
26
94
37
11%
34%
No
Chicle
Jan
5%
8% Feb 27
74%
47%
23%
5%
10<
No pa
....
Chain
52
125""
122%
22%
»
2%
16% Jan
18%
7%
40%
21%
10»
Preferred
American Car A Fdy_.
6
2
33%
32
82
117
2
27s4 Jan
14%
1%
6%
21
107%
2s
Jan
3%
21%
1<
18
4%
No pa
_._10t
Jan
1*4
6%
13%
Feb 14
Feb
4
14%
14%
1-
2
45% Feb 6
39% Feb 11
2%
74
*20%
Jan 29
American Crystal Sugar
17
38
4%
21%
lUi
3434
.......
Can..............2/
75
*4
83,
173
47% Jan 29
92% Feb 28
63% Feb 15
30.400
32
17%
5<
9
24%
15
7%
40%
..No pa
Amer Agrfo Chem (Del) ..No pa
American Bank Note
1(
2
3% Jan
37% Jan
27
32
16%
7%
6<
Am Brake Shoe A Fdy
7
Jan 31
20% Jan
Leather Co.........}
Preferred
634 Jan
2i
94
3
1234
8%
3778
15%
*39%
124
Am Oomm'l Alcohol Corp
2378
37
176
12.400
93%
778
103
"i:§o6
93%
2io
1234
77«
37
1434
3234
17%
7%
41
1%
23*
7
1134
2478
13%
1%
»4
7
Alpha Portland Cement.. No pa
Amer Colortype
74
13%
8
35% Jan 21
American
«4
Jan
No po
American
1043,
»4
Feb
Jan
69
Preferred
80%
98
Jan
No pai
101
Preferred
Jan 11
3% Feb 15
194
5% Jan 27
4% Jan 31
Allied Stores Corp..
American
24%
30% Feb 18
29 % Feb 18
29% Feb 18
2334 Jan 13
preferred
Amerada Corp
6
17% Jan 23
Jan
30%
2334
1234
2
15% Jan
3% Jan
29%
2334
30%
2%
2
No par
7%
Feb 28
20%
157
10«
Am Coal of N J
30%
92%
2%
Jan
Allied Mills Co Inc
amalgam
28
4%
120% Jan
allied Chemical A JL>ye_..Ac pa
pref...
14%
100%
37%
6%
6
Alleghany A West Ry 6% gtd.100
5%
117,
84%
8
Jan
2H% prior oonv pref..No pai
No po
allls Chalmers Mfg
743,
65
1%
Jan
Allegheny Steel Ck>
7%
34
13%
34%
300
11,800
71%
42%
94
2%
12%
784
3634
12
80
40%
*3234
11%
2%
12%
7%
3534
*2034
80
165
34
31%
17%
7%
42
38
3,300
39%
3934
94
24%
4%
58%
*3234
93
2%
6%
6,100
*93
*12%
303s
23%
16%
92%
34
13
40%
3734
500
9134
93%
94
34
38%
1434
12134 *120
164
900
2,900
40
93%
♦3234
11%
♦93
*30
2234
4%
*3978
117
37%
712
11,300
5934
39%
70%
♦11
1,700
4478
2234
4%
59%
92%
2%
ton's
7378
44
60%
*3284
Washing¬
73%
88
4%
70
122
74%
8734
22
38%
*120
51,700
8478
*164
165
8%
3,400
*40
4io
40
39%
8
25
423;
*39
72
Exchange
25
116
4%
4%
Jan
10<
warr
4%
8
234
wltb $40 warr—_.10<
without
Feb
8% Jan 14
12%
12%
12%
27%
30%
Pref A
A
28
pa
1.000
Pref
118
10i
No
Corp
7,000
1,000
6
$ per sh
10<
wltb $30 warr
*103
25%
2
Pref A
44%
2278
4%
42%
9134
59%
129
11534 118%
♦161
4%
25
168% Jan
po
It
Alaska Juneau Gold Min
Preferred
25%
po
No po
Ino
Jan
$ per share
49% Jan 25
74
1'
...No
% per share
45
Jan 13
"
No po
Mlllls
Alabama A Vicksburg RR Co
~6~,§66
40
168%
100% Jan
10'
........
4,000
100
*26%
36%
13% Feb 21
air Way Elec Appliance.. No po
*36%
40
2
air
27
28
51
Jan
po
1,000
27
40
21
10%
No
Express
3.300
28
36%
110
7434 Feb 10
Affiliated Products Inc
28
4
89
Jan 20
Advance Rumely
27
4%
I
68%
6.500
28
39
167
7%
183
11,100
15%
36%
*102
334
15%
*4%
3%
15-%
39
104
700
3334
35%
16734 170
*102
165% 168
100
3334
2434
112%
21
No po
.........
Co.....
Preferred
34%
30
..10<
Straus
A
Preferred
acme Steel
High
Low
$ per share
32
52%
Pai
Abraham
48%
1935
I ow
Highest
Lowest
Shares
114
Year
1936
Week
28
Range for
t<
31
Ian
100-share Lots
EXCHANGE
the
Friday
Feb.
27
On Basis of
STOCK
YORK
1933
Ranoe Since Jan. 1
STOCKS
Sales
52% Jan 25
3%
«
3%
52
122%
109
6%
70%
110
50%
New York Stock Record—Continued—Page 2
1422
Feb.
1936
29
July 1
Feb.
Tuesday
Feb. 25
Wednesday
Feb. 26
$ per share
$ per share
Monday
Feb. 24
Saturday
22
$ per share
11%
19%
116
♦100
14%
1112
12
*103
1414
14%
10712 *105
♦105
98
♦49l2
75%
10212
3414
15
9812
51
76l2
104
35i2
3134
1534
1812
3212
63
66
♦16
12112 121%
255s 255s
465s 47%
87g
*42%
♦49
51
7414 76%
103*2 104
3234 3434
13*2 14
*15*2 17
30
32is
62
62i%
121
6%
53%
2334
33%
110% 110%
48
48%
*116% 117
15%
15%
85% 85%
17%
72%
17%
*70
19%
13%
213s
1778
116
121
25
2534
98
98
*49
50%
73*8
75
102*2 102*2
32*4
33!%
13% 13%
*15
17%
30
31%
64% 64%
118
120%
25% 25%
45*8
48*4
46
8
8%
44i2
8%
44%
5!%
*42
5«4
6
534
49%
6%
51%
21%
23
30% 32%
110% 110%
48% 48%
117
1984
108%
*34
36
87%
15%
♦87*4
87%
15%
117
15
15
86
16*4
86%
17%
69
69
4684
8%
44%
534
6
5%
49%
21%
50
22%
31%
30*4
110% 110%
48% 48%
117% 117%
*14% 15%
85% 85%
16%
16%
69
69
25
25%
21% 21%
51% 61%
57% 58%
128
129*4
98
49
49
74%
76
102
102%
3278
34
14%
14%
*15
17%
31% 31»4
*63% 64
120% 121
25% 2578
47
47%
*8%
834
44% 44%
5%
6
6%
5%
4934
52
22
23%
31% 32%
110% 110%
*4734 48%
*114% 117%
15%
15%
85%
85%
16% 17%
70
x70
15%
16
106% 106%
*98
100
49
49
7434
76*4
103% 103%
327g 34
15%
1578
17%
17%
31
3178
*63% 65
120
26
46%
*8%
44%
6
121
26%
4784
884
44%
6%
678
6%
54%
21% 23%
32
32%
110% 110%
49% 49%
52
116
116
*93%
22%
56
55%
98
111
111
*94
96
*934
*2%
17%
10%
2%
17%
58
58%
60%
74
10%
234
1734
59
*9%
2%
1634
56%
79
1,300
16%
70%
17%
16,300
70%
500
9%
2%
17%
58%
59%
29%
79*4
9%
2%
17%
55
55
55
46%
45%
51
4578
9%
46%
45
45
98%
5334
98%
10%
12*4
17%
IO84
13%
18%
112% 113% *104
12
94%
3%
13%
18
27%
11%
*92%
2%
12%
17%
2684
2
2%
1%
12
31%
4%
*1284
*2
2
1134
31%
15%
.*10%
3034
5
4*4
13
20%
2
2%
23%
18%
3%
1%
22%
71
69
69
36
35%
1%
3584
1%
2
8%
1%
14%
8%
14
*56
*56
14%
15%
15%
39*4
39%
39
18
18%
48%
1784
18
48%
48%
99%
100
9%
9%
115% 117%
127% 127%
69%
2884
30%
70%
30%
*68
70%
1
28
*104
104%
104
104
*35
71
70
60
2%
434
2%
58%
2%
4%
2%
41%
99%
52%
62%
100
1178
12
12%
17%
90
1134
93%
47,400
3%
12%
19%
27
2%
2
12%
31
29,600
20,100
9,800
11%
93%
2%
12%
19%
2684
*2
1%
12
30%
5%
15%
20
3%
2%
23
5%
15%
21%
4
2%
23%
100
2,400
300
1,400
370
10.400
10,100
1,800
650
6,400
8.000
7,500
130
69%
29%
53%
*53%
143s
15
39
39
*53%
14%
38%
1734
17*4
48%
17%
17%
1,800
1,600
*47%
48%
270
48
*9334
100
9%
111
99
100
9%
113
"l5% 103",600
39%
*9384
*99% 100%
9%
9%
112% 114
90%
500
*133
69%
70
69
70%
8,900
29
29%
29%
28%
29*8
29
30
47,500
4,900
70%
68*4
29%
68*4
29%
*6884
28%
54%
*8%
29
5484
9
*53
*8%
30
54
8%
90
90
89
104% *104
89%
104%
104
*104
41
39
39
70
70
70
71%
69%
70%
58%
58%
59%
58%
2%
4%
2%
2%
2%
59%
2%
4%
5
5
2
2
2
2%
6%
6,100
7,200
13034 135
*37
l
""130
6%
6%
*36
6%
39
5%
2%
7
29%
30%
"Vioo
23«
23*
2%
2%
2%
29%
2%
2%
5%
434
5%
4%
5
4%
5%
5
4%
478
43«
4%
4%
10%
4,300
15,200
16,600
3,700
3,200
*24
Knr footnotes
4%
4%
10%
6%
4%
18%
17
18
17
4%
10%
17%
55*4
65
54%
54%
2%
2%
2%
2%
2%
3
*6%
6%
6%
7
6%
7
6%
6%
6%
*23
6%
6%
7
26
see
page
1420,
•22
Bulova Watch
Bullard
.No pat
Co
Burns Bros olass A ......No pai
No pai
Class B
7% preferred
...100
Burroughs Add Maoh..—No par
{Bush
.......No par
........100
Term.
Debenture.
.....
Bush Term B1 go pref
Butte Copper A Zinc
otfs.._100
t
{Butterick Co........ No pai
Byers Go (A M).........No pai
24
4%
11%
11
17%
18%
54%
55%
25
18
11%
18%
*54%. 54%
25
25
10C
Preferred
Canadian Pacific
Cannon
--2f
...
.......No
Mills
pai
Capital Adminls ol A..—..
1
Preferred A..............10
Carolina Clinch A Ohio Ry..l00
Stpd
....
.100
Carriers A General Corp......l
Case (J I) Co..
Preferred
oertlfloates
IOO
.100
Caterpillar Tractor
No par
Oelanese Corp of Am....No pat
tOelotex Co
No pat
Checker
29%
6%
25
.No par
No par
Budd Wheel......
160
29%
6%
25
preferred....
700
29%
2%
6*4
10(
No pai
7% preferred..
...
.100
Rights.....................
7%
Budd (E G) Mfg
7% preferred
...—...too
Champ'n Pap A Fib Co 6% pf 100
29%
6%
...I
-
Oertaln-Teed Products—No par
5
,
Preferred
430
29%
6%
10
Bucyrus-Erle Co
15,300
11
2%
Jan
Jan
Feb
52
Feb 19
Jan
2,500
2,600
3,200
2,800
200
4
7
2
4
Bruns-Balke-Oollender—-No par
Oerro de Pasco Copper...No pat
29%
2%
3
Jan 17
4%
33%
40%
97%
Jan 29
IMOO
11
11%
Jan
41
878
8%
17%
102%
9%
.......—-—f
Cao
Chesapeake Oorp—.—.No par
Chesapeake A Ohio—
26
{Chic A East 111 Ry Co..—.100
12
75
275.
31
2%
678 Feb 24
54% Feb 28
1%
7%
7%
4
15
4
24% Feb 21
5%
9%
Feb 19
Feb 17
86
Feb 28
29%
Feb
91%
2%
3
Jan 14
5%
Feb 19
Feb 14
23
Jan 16
80
8%
Jan
6
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
14
55
100%
35% Feb 21
90% Jan 28
27
33
54
72
9%
*26% Feb 19
3
23%
66% Jan 11
59% Feb 19
79
79
Jan 25
Jan
11%
7
1578 Feb 14
87
>
12
11%
15%
21
84
21%
21%
Jan 16
44%
65%
39% Feb 24
20% Feb 19
21% Feb 11
16%
14%
9%
jl32%
113
6
16
16%
6
65
Feb 28
28
103%
28%
6%
39%
Jan
6%
83%
96
Jan 13
68
90
45
Jan 16
88
38
30% Feb
6
80% Feb 20
11% Jan 30
3% Feb 14
18% Feb 13
60% Feb 27
57
Feb 24
46% Feb 28
10% Feb 26
18
21
11%
8%
%
28%
3*4
8%
6%
10%
25
1%
%
8%
24%
23%
30%
1%
14
14
46% Feb 26
9984 Jan 13
26%
69%
86%
56% Jan 31
65% Jan 15
43
43
41
63
51
6
6
13% Feb 19
Jan
3
1078 Jan 20
38% Feb 28
13
Jan 2
4534 Jan
87
Feb 26
90
3
Feb 28
Feb
4
2%
4%
Feb
7
%
7
Feb 13
3
13%
%
1
Jan 22
2
Jan 17
4%
10
Feb 28
5%
Jan 25
1%
1%
Jan 30
Feb 13
%
11%
%
11%
Jan 10
32
82
16%
%
SOlf
2*
4"
8%
22%
«%
80
26
82%
82%
Jan 21
60
70
Feb 27
71*8 Feb 10
32% Jan 6
15
36%
17%
16%
19%
16%
65
55
22%
Feb 28
18%
57
Feb 21
34
9%
105%
55%
16%
Jan 17
13% Jan
6
80% Feb
4
Feb 20
2%
10%
42% Jan 24
74% Feb 4
Jan
81
28% Jan 20
1% Jan 2
Jan
Feb 19
3% Jan 13
_
2
3% Jan 2
7*4 Jan 2
16% Jan 21
51% Jan 7
1% Jan
4% Jan
3% Jan
19% Jan
88%
Jan 14
Jan
Jan
23%
6% Jan 15
2% Feb 5
8% Feb 7
12
Jan 31
81%
2%
5%
4%
3%
23
8%
111%
126%
60
86%
21%
62%
29
62%
12%
109%
65%
15%
88%
Feb 20
51
2
6%
96%
95% Feb 26
104
59
22% Jan
34
75
5%
6%
33%
17%
66%
13%
40%
14
48
88
95
7
66%
30
3
Jan 10
4%
46%
83%
6
Jan
8%
85
8%
35
Jan 21
47% Jan 21
50
Feb 19
16
25% Jan
8
%
2%
7%
8%
43% Jan 11
18% Feb 24
48% Feb 24
7
Jan
%
8
Jan
6
3*4
8%
%
10%
31% Feb 19
71% Feb 18
8% Jan
%
2%
1
7
Feb
8% Feb 19
35% Feb 21
16% Jan 2
57% Jan 31
135
.
54*4 Jan 16
27% Feb 18
19% Jan 6
23
%
2
100% Feb 21
984 Feb 19
118% Feb 21
Jan
7% Jan
92% Jan
Jan
4%
Jan 14
Feb
3%
3%
8%
3% Feb 21
13%
19%
31%
3%
3%
14%
33%
5%
18%
23%
4%
3%
25%
90
Jan
91
96
74
% Jan
3
5%
37%
107%
Feb 13
37% Jan 13
1% Feb 10
33% Jan
104
7%
9%
100%
36%
106%
3%
62%
3%
197| Jan
64
Jan
58
1%
7%
32
14
Jan 29
85%
2%
16
Jan
116
37%
106%
4
15
47
7
7% preferred—.———IOC
6% preferred
........10C
Chicago Yellow Cab
No par
18
21
14
19
15
24
Feb
Feb
Feb
Jan
Jan
Jan
Jan 23
10C
Ohloago Pneumat Tool—No pai
Oonv preferred
No pat
tChicago Rook Isl A Paolflo_-10C
Feb 18
73
121%
30%
50%
10%
46%
684
113% Feb 24
12% Jan 21
22% Jan
1% Jan
54
60
92%
17%
19%
4
Jan
11% Jan 10
1
18%
100
44
20%
32%
Jan
Jan
%
7%
25%
2%
8%
16%
2%
3
3
90
1091s
8%
{Chic Ind A Louis* pre!
100
Chicago Mall Order Co .......5
{Ohio Mllw St P A Pao—No par
Preferred
100
10C
6
20%
*
6
Jan
...—
6
Feb 13
34
20% Feb 14
4
Preferred
19%
6
1% Jan
Chicago A North Western...100
35% Feb 21
16% Feb 6
18% Feb 6
2
1% Jan
278 Jan
Preferred
29%
85*4
66%
19%
85%
63%
Feb 24
Jan
10C
preferred
26
51% Feb 10
7784 Feb 20
104
Jan
...100
6%
Ohloago Great Western
48
11% Feb 28
14% Feb 14
2
85
Jan 8
2% Jan 20
103
*7
4
48
100
600
3
9
6
7
61% Feb 15
Preferred
11
55%
2%
6%
15% Jan
51% Jan
47
*7
10%
7% Jan
1% Jan
5% preferred............100
7,300 Central Agulrre Asso—.No pat
900 Central RR of New Jersey ...100
100 Century Ribbon Mills
No pat
2,700
1,800
6,500
8
3
2
No par
Shoe Co........
Brown
300
2,700
19,700
3
Jan 21
64
Jan
11
1178
.No par
Preferred
39*8 Jan
30
14%
*7
11%
1758
25% Jan
Campbell W A O Fdy
No pat
Canada Dry Ginger Ale..
f
Canada Southern
100
34%
7
55%
278
6%
6*4
9378 Feb
Bklyn Manh Transit
No pat
S6 preferred series A ...No pat
Brooklyn Union Gas .....No par
36
69% Feb 28
52
{Botany Cons Mills olass A...51
Bridgeport Brass Co
No par
Brlggs Manufacturing
No par
Brlggs A St ratton..—
No par
Bristol-Myers Co.............5
Brooklyn A Queens Tr...No par
3
26% Jan 29
20% Jan
Borg-Warner Oorp
Boston A Maine...........10C
Jan
6
b
If
10
Class B
101
99
.No pat
No par
Borden Co (The)
7%
80%
9
Jan
fi
Co......
Bohn Aluminum A Br
Bon Ami class A....
44
Jan 24
90
14
11
*7
Boeing Airplane
Jan
6
15% Jan 6
19% Feb 1
109% Jan 24
13%
7
*28%
2%
...
23
33%
104
6%
No pai
Blaw-Knox Co..
Jan
23
*7
7%
Blgelow-Sanf Carpet Inc.. No pat
6
.......
89%
2
10.400
5,500
5,300
11134 III84
*8%
107
*100
107
*100
*98% 107
51% 523s
51%
51%
51%
50%
1434 15%
15%
14%
14% 15%
2%
4%
2
preferred..........._10(
Calumet A Heola Cons Cop...25
9
59%
2%
4*4
2%
49% Jan
120% Jan
7%
15,700
10,500
3,600
14%
39%
17%
48%
*53
57%
7
8%
_
68%
28%
70
Jan
8%
3334
13%
54
41
48
8%
34%
54
70%
59%
2%
4*2
2*8
678
20
No pai
Bethlehem Steel Oorp—.No pai
Beneficial Indus Loan
Best A Co
7%
28%
39
No pai
118
Jan
1%
70%
28%
89%
67,000
8
Aviation.............!
Bendlx
1%
29
*88%
900
7,400
19,400
2,800
1,900
11%
17%
1,000
8,500
17,900
3,300
Feb
13% Jan 2
85% Jan 9
21% Jan1 20
1%
69%
28%
88
9%
46%
46%
700
85
1%
28
87*4
99
60%
13,900
6,700
35
>28
Feb
California Packing
.No pat
Callahan Zinc-Lead..........)
70%
28%
15%
50%
2(
8
108
3
70
Jan
2
6
High
3 per share
4
9%
3%
9%
109
8
6
3%
63%
7%
Feb 28
Jan
Jan
13% Jan 6
82% Jan 10
14% Jan 6
tpersh
2%
Jan 20
16
Jan
3
10
30
51%
15%
*98% 107
Beech-Nut Packing Co
Beldlng Hemingway Co ..No pa
Belgian Nat Rys part pref.....
95
18
Jan
63% Jan
111% Jan
Low
13% Feb 27
22% Feb 27
107
114
Jan 22
2,800
10,600
110% 113
*8%
*98% 107
50%
49%
15%
14%
8%
8%
Creamery
Preferred................101
Beech Creek RR Co
...5(
4178
67%
112% 116%
128
128%
70
68%
9
preferred
Year 1935
Low
3 per share
34%
110%
49%
117%
17%
88%
18%
74%
114%
20%
109
35%
9%
55
1st
Beatrice
2
4% Jan
37*4 Jan 14
16% Jan 6
22% Jan 2
35
100%
28
54%
—.No pa
10<
21
41% Jan 7
4% Jan 15
*66%
9
28%
*6884
2%
....
Bayuk Cigars Ino
6
6
Feb 26
23%
71%
*99
30%
-
pa
2
Jan 17
35%
*90
30
43,300
3,600
No
6X % oonv preferred...—101
Barasdall Oorp
—1
Jan
Jan
Jan
*67
100% 100%
9
9%
28%
900
10<
Preferred
Barker Brothers
2
x35*2
*92
129
33,900
51
Jan
8%
33%
13%
*47%
100
352%
62%
2
10C
Jan 27
1%
*37%
17%
*92
53%
63
10C
,
Preferred
Jan 22
71
22%
32%
13%
*54%
13%
39%
48%
53
*60
Baltimore A Ohio
8
Jan 21
35%
8
34
32%
13%
2
2
22%
*66%
34%
1%
23%
8
34
45
99
45%
99%
11%
10%
10%
10% 10%
13
1234
12%
1234
13%
18%
17»4
17%
18%
17%
112
*104
113
113% *104
11
11%
11%
11%
11%
9484 *91% 94*4 ♦91% 94
3
2*4
2%
234
3%
12%
12%
12%
12%
1234
19
19%
19%
18%
18%
28
27%
26% 26*4
27%
2
*2
2%
2
2*8
2
2
2
2
2%
12
*11
1138
11%
11%
31%
31
30%
30%
31%
584
4%
4%
4%
4%
15%
13
14%
12%
12%
21*4
19
19%
19%
*18%
3%
3%
334
3%
3%
20%
3%
384
63
*60
Preferred.. ..............10
Blumenthal A Co pref-.....100
46%
10%
64%
No pa •*
Baldwin Looo Works
20
55
*60
A
100
4534
9%
48%
45%
64%
Prior
113%
55%
46%
99%
63%
.No pa<
No par
Nichols
Austin
Aviation Corp of Del (The) new 3
Bloomlngdale Brothers...No pai
Preferred
100
45*4
53%
2
210
4534
; 934
49
2
3,200
4584
934
44%
53%
30,506
Jan 11
Jan
17,800
57
99%
53%
300
4,500
43
Feb 21
Jan
19%
56
45
""266
98
59
Santa Fe
111
90%
.....10(
29
Atlantic Coast Line RR
10C
12
At Q A W I SS Lines
.No pa<
14%
Preferred
100
27%
Atlantic Refining..
.....25
48
Atlas Powder
—-No pai
Preferred
10C *112
18%
Atlas Tack Corp
No pat
40%
Auburn Automobile
No pai
20%
45%
8%
41%
44%
98%
15
150
13% Jan 29
106
Feb 17
Preferred..
39%
46
42
....2/
Oil.
$ per share
7*2 Jan
813 Jan
95
Jan 20
atoli Topeka A
19%
20%
57
10%
Assooiated
3878
56
1334
120
16%
8584
59
8%
10(
10(
0% 1st preferred.
7% 2d preferred......
Bangor A Aroostook....
15%
85*4
17%
58%
55
1
Assooiated Dry Goods
1,000
1,210
14,100
7,200
29%
100
Bamberger (L) A Co pref—_10(
41
41
28%
76%
*94%
1
.—No pai
2,850
40*4
28*4
77%
40
78
8%
8,800
230
28%
75%
10%
2%
17%
9*4
2*4
I684
67%
33
60.200
96
40%
75
23
8,900
24%
40
10
*69%
3534
1%
81,400
96
28%
78%
*2
50
23,800
23%
57%
57%
95%
78
2%
12%
16%
27%
340
99
23%
28%
*92
1,500
2,600
6,400
1,300
99
55%
40
11%
18,000
*110
23
28%
18%
590
200
98
95
94%
13
30
16,400
1,400
18,500
111
*93%
56%
41
2%
110
23%
41
18
20%
94
28%
'
38%
19%
20%
38%
1834
22%
55%
24%
56%
94%
40%
29%
10%
300
---
38%
19%
20%
38%
18%
20%
94
*60
100
10
24%
*45%
7%
40*4
44%
99%
53%
Arnold Constable Corp
Artioom Corp..,.
Preferred
Range for
Jan. 31
Highest
Lowest
11,300
12,166
100-*A<w« Lots
1936
Par
40,900
2,700
55%
2%
100
13%
2134
116
113%
113% *112
113% *112
113% *112
19%
1934
19% 1934
19%
1934
19%
*107
108
*107
108
108
*107
108%
35
36
36
35
*33
*34%
35% *33
*87
87% *86
87%
87%
88% *87% 88%
15
15
15%
15%
15%
14%
14%
15%
*87
*87%
*87%
*87%
25
24
24% 25
24%
24%
24% 25%
21
21% 22%
21%
21%
21%
20% 21%
61
51
51% 51%
51
51%
50% 50%
56
57%
56% 5784
54%
55*4 57%
55%
129
130% 130% 131%
128% 12934 128% 129
24
9»4
*98
1278
20%
*103
On Basis of
Weeh
Shares
19
39%
3734 38%
38%
19%
18%
19%
19%
*19% 20%
20% 20%
*110% 113% *110% 113%
♦94
116
28
*107
•
*93%
22%
20%
*103
Feb.
5 per share
*112
114
114
*107
117g
*103
15
15%
14%
15%
1478
107i2 *105
107% *105% 107%
99
6I4
6%
48%
22%
32%
116
♦98
9
44%
6
H7fl
19i2
18
20%
Thursday
Feb. 27
$ per share
13
135s
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
1933 to
Range Since Jan. 1
Sales
for
SALE PRICES—PEE SHARE, NOT PER CENT
LOW
HIOH AND
"V%
29%
87%
1
4%
86
87%
1
%
h
%
%
1%
1%
1
1
9
6
8%
Feb 11
%
19%
%
Feb 11
%
1%
3%
3%
1%
8%
4%
Jan
Feb 21
12% Feb 21
20% Jan 2
56
Feb
6
14%
3
Feb
8
8
Jan 11
%
1%
1%
9%
7% Jan 10
*26% Feb 19
27"
61%
63%
3%
8%
2%
6%
%
20
%
1%
1%
9%
*35
3
4%
6%
10%
20%
54%
2%
4%
4
19%
New York Stock Record—Continued—Page 3
Volume 142
AND
HIOH
LOW
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW
for
Saturday
Feb. 22
Monday
$ per share
$ per share
Tuesday
24
Feb.
Feb.
Wednesday
25
1423
July I
Feb.
Thursday
26
Feb.
the
Friday
27
Feb.
YORK
Range Since Jan. 1
STOCK
On Basis of
1933 to
Jan.
Range for
Year 1935
1
1936
Week
28
100-share Lots
EXCHANGE
Lowest
Highest
$ per share
$ per share
Low
High
Low
27
26*2
3312
98
18l4
84
684
3:30*8
94is
18*8
32
z30
350
*160
978
*30*g
9634
18
833s
658
"
31*2
*160
0
$ per share
27i2
10
109
109
109
43
612
30*4
350
*160
50
109
*82
62
94
4034
82
50
61
60
1838
48*4
48*2
*109*8 10978
8*8
34*4
85g
42*4
36*4
33
3434
33
34
42
104
37*4
104*2
38
47
47*4
16*8
1634
*96s4
97*2
9084
49*2
75,600
3,900
1,800
13,100
60
93
93
200
8,200
10
10
60*2
*127*8
2,100
60*2
20
—
94i2
94
9412
57l2
57*4
*57
57*4
57*2
1834
18*8
185g
185S
19*4
1063s *106
10638 *106
106*2
*57
57*2
48
97
97
97
*85
18*4
2,900
200
14,700
19
106*2 106*2
100
4434 47
4384 4584
108*2 109*8 *108*4 109*2
18
17*2
18*2
*16*4
9
8*4
9
83g
42
43
4212 45
26,800
35
35
32l2
34
30
370
15,900
1,070
580
34
34
102
103*4
35
33*4
*30
3412
3434
1,220
2,100
*30
450
36*2
47*4
*47*8
16*2
17*4
17
17*2
87,900
97*2
98
3734
10212 103*4
3634
373g
47*4
97l2
98*4
97*4
97*2
1,500
*85
90
*85
2,900
400
48
50
90
47 *2
483g
483g
48*2
493s
12,900
48*2 49*4
*112
114
114
*11238 114
114
*113
114
200
60
61*4
6034
5934
61
60*2
6034
6134
5,000
6178
*113*8 115
♦113*8 115
*113*8 115
*113*8 115
*113*8 115
101
*10038 101
101
*101
101*2 101*2 101*2
101&8 10184 "V.Ioo
23*2
243s
223g
24*8
22*2 23*8
227g
2414
23*4 24*4 121,400
3*8
33s
3*8
33g
3*8
3*4
3*8
33g
3*4
33g 133,900
66
65
65
6684
66*2
67
65*4
66*4
665g
2,300
6534
11
11
11*4
1078
11
11
11*4
12*4
12,100
II84
12*8
113
113
6034
395g
41
19
19
16
16*4
16
*24*8
2534
IIS4
1134
*75
76*2
*76
6*4
39*2
*18*2
*16
*2434
11*8
11*4
11
*75
76*2
*76*2
110
*76
63g
I884
I884
33
106
106*4 106*4
5*4
55g
1334
14*8
Exchange
*104
105
*104
9*4
Closed—
10
1
1*8
2278
1784 i
22*4
*75
80
76
110
*76
6*2
588
105
x395g
397g
187g
*18
19*4
I684
17
340
25*2
16*2
2584
26
26
160
11*8
11*4
11*8
11*4
3,900
400
"
16*2
25i2
11*4
77
*75
77*2
773g
110
*76
*75
76*2
773g
77l2
110
*76
1,400
77
""196
77*2
_8~, 000
18*2
187g
187g
1858
1834
1,500
337g
34l2
3384
345g
36,100
*5
13*4
*104
884
1
1
22
2284
2158
16*4
17*4
16*8
63s
6*4
106
106
5*8
135g
6*2
105
63g
106
5*8
13*2
6*2
10578 106
5*4
*10234 105
884
834
1
1*8
22*4
1658
1
1*8
22*4
2,000
75
80*2
79*2
8O84
217g
22*4
21*2
2178
205s
2178
2178
223g
22
22*2
44l2
45
4334
27s
3578
4434
4284
284
355s
43
433g
284
4334
3,300
365g
425g
278
3584
4378
36
27g
3658
16,400
21,400
633s
6334
6234
74
773g
63*4
76*2
63*8
75*2
63*2
7634
15.400
6334
76*2
77*2
6*8
*161
6*2
75
*161
6*8
6
63s
37
37
37
37
37
17*4
50*4
17*2
50*2
47
165g
173s
1678
48
50
48
47
47
465s
*105
9
37*2
*110
2*4
108
*105
9*4
38
112
87s
37*8
112
2*2
9*4
38
112
23g
63
*46*2
*99*8
834
6*8
37*8
17*4
4884
47*2
7678
2
6
9
2*4
870
*161
~
6*8
6*8
li'500
"6*4
"¥84 22",200
38*2
11234 113
2*4
4,200
700
5,900
23g
14
1458
15
15
15
16
11
117g
1134
1278
12*4
13*8
92
94
92
9334
93
9484
94
95
385g
3878
20
385g
193g
38»4
3834
195s
3834
3884
39*8
15*4
1534
16*4
89
*83
15*4
16
1534
390
71,400
1,510
2,500
21
2U2
102*8 10384
2078
1984
103
103*8 1035g 1102
6*4
5*2
578
578
13,300
2,300
172,500
6*8
163s
155g
1684
89
*83
89
*81*4
85
*81*2
85
72
65
65
*65
72
65
65
*62
5584
5578
56
57*8
56
5684
57
57*2
*8*4
71*4
87g
*8*4
*8*4
73
69
87g
7184
29*4
2934
2934
2934
2234
49*4
215g
23*8
22*8
475g
*65
884
*145
51
2284
*60
*65g
*10
553g
20
884
6
Commercial
5H%
Credit
$4.25
Commercial Solvents
No
Oommonw'ltb A Sou
t
Corn Exohange Bank Trust Co 20
Corn Products
Refining..
Coty
No
884
pai
........
*60
878
~
*145
*60
-
9
9
9
20
*10
20
*10
20
55
*55
56*4
54*4
116*2 116*2
3778
3784
*65s
9*2
*3*2
*10
55
11678 11678
3784
3734
20*a Feb 13
385g Feb 17
7*a Feb 13
Jan
3
9
6
107
IO484 Feb 14
6(
800
834
150
-
-
2,200
9
Hi
69
99*4
233s Feb 20
6
7
20*2
Feb 11
20
Jan
6
2
46
2
3*4 Jan 28
38*2 Feb 11
7
69
Jan
165
3
3778
1834
54U
47U
Jan 27
14
Jan
2
Jan
2
278 Feb 4
18*2 Feb 4
13*8 Feb 28
3
6
2*s
6*8
14*i
40*2
85*a
37
2318 Jan
Jan 18
Jan 15
104
6
3
59
Feb 28
9*f
...1
8*s Feb
3
5*2
10*8
10*4
6
22*4
19
28
4*8
23*2
187a
23*2
2412
431a
Deere A Co........—..No pai
Preferred
2(
Western...fit
Denv A Rio Gr West pref
Detroit Edison
101
lot
284
*23s
234
2*2
7
7*4
7
2*2
7*4
2*8
73g
2*8
7*4
7
160
16034
*150
31*2
42
734
.
160*4
164
*160
52
Jan
7
27
Jan
2
31
22
Feb 13
884
4334
1684 Jan 20
4«8 Jan 4
12834 Jan 6
153
Feb 17
55
66
30
60
Jan 24
45
45
45
Jan
60
Jan 24
10
1st preferred
101
39
43
4238
..No pai
Douglas Alroraft Co Ino —No
pa
pai
Duluth S S A Atlantic
*238
684
16S4
16*4
*115*2
2*2
7*4
16*4
4,700
10*4
43
23*8 Feb 20
93g Feb 7
11534 Feb
4
16034
164
400
400
50
8,200
400
60
30
100
Preferred
100
Dunhlll International..
l
37*4 Jan 18
29
Jan
8
l*t
1*8
8*4
7
8
3
104
12
12
7*4 Jan
2
2
28*2 Jan
73s Feb 27
36*2 Jan 21
101
110*4 Jan 23
No
vo-
115
85
I
dreferred
132
11584 Feb 14
133g Jan
6*2 Jan
6
6
Jan 13
978 Feb 11
16312 Jan 10
165
65*2
110*2
172*4
141
160
8
33*4 Feb 28
9*4 Jan 30
10
16*8
34*8
3*4
3*4
4458 Feb 19
ll*s
19*8
8*8
38*4
114
Feb
6
173s Feb
4
68, Jan
2
Jan
2
11*4 Jan 30
62*4 Jan 30
493s jan 27
2
3*4
120
784 Feb 21
29*2 Jan
27*2
3*2
Jan 18
2
32S4
19
116
146*2
13238 Feb 27
25
1
86*8
1267«
7
No pa
sfl
12*4
12*8
103
8
No
pai
1284
92
"
2
6
Eltingon Bchlld
No
Feb 6
Jan 17
Jan 31
Feb 19
2
Jan
Jan 27
$7 preferred
Jan 15
20*4 Feb
158
Electric Power A Light —No pa-
*4
*4
597»
104*4
6% oum preferred
Eaton Mfg Co
f
25
17*2
6
Feb 17
Jan
Preferred
Jan 24
41
*4
1*8 Jan
166*2
Eleo A Mua Ind Am shares
87a
82
Eastman Kodak (N J)...No pai
Electric Boat
44*8
»
6«8
*4
1,100
pai
88*2
2
13*2
Feb
(The)
41*2
33
Jan
3*8
129
Eleo Auto-Lite
84*s
8*4
Eastern Rolling Mills
32
15,665
33*4
500
7*2
75g
41*2 4258 27,700
160
111*2 112*2
14*4
1478 26,900
10,100
7*8
7*8
978
10*2 103,400
50
4778
15,700
455g
9,400
43*4
26*2
31>4 Jan 22
1734 Jan 31
134 Jan 15
114
10*
21
275,
6
5,400
50
89*2
68*8
100
6
120*2
Jan 11
Jan 25
Feb 7
17*2
Duquesne Light 1st pref
100
Durham Hosiery Mills pref.. 100
6% non-voting deb
60*8
6>4
8
14lj Jan
11434 Feb
19
11*.
Jan 31
100
6
6*8
35*2
114*2
Jan 23
138
No par
DuPont deNemours(E.I.)ACo.20
1*1
7584 Jan 30
734
18*4
115*2
150*4
Duplan Silk
Preferred
2
2
20
5
6
Jan
6
3
19*8
1*2
84*s
6*4
15i2 Jan 10
1
119is
40*2
4134
34&S
623g
1178
11
11
67*2 Feb 25
Dresser (SR) Mfg oonv A— No pa<
Convertible olass B
No pai
48
'•
213s Jan 31
100
10
8
Feb 20
10*2
58*4
62
9
200
465g
25*4 Jan
*95
36a4 Jan 20
2
200
10
7
Jan 10
1*4
47
Feb
Jan
16*2
3034
317s
3034
30*8
73g
784
73g
784
42io
41
40*2 41*8
112*2 II284 *11212 II284
15
1438
148s
1384
7
7*4
67s
7*8
47
9*4 Jan 11
75*4 Feb 11
Jan
30*8
♦160
75
16
7
1*4
164
73
61
17
*29*4
160
73
61
42
*16
160*2 160*2
90
6% non-cum preferred
lot
Devoe A Reynolds A....No pai
*16
16*4
1634
16*8
*15*4
1634
16*8
115
*11512
*115*2
*115*2
142
H684 14784 Xl415s 144
143*2
143*4 143'8
140*4 1423g
*131
132
*131
131
132
131
132
132
1323g 13238
11484 11484 *11434
II484 11484 *11434 115*2 *11434 H5I2
23*
*21
*21
*20*4
22
21
*20*4
23*2
23*2
20*4
9
9
9
8*2
8*4
8*2
884
93g
9*2
83s
115
Jan 21
70*2 Jan 27
Detroit A Mackinac Ry Co..lot
17
12 *4
6
10
2912
45g
6*4
Jan
3
7*4
2
3*i
Feb 15
884 Jan
605g Jan
1*4
89*2
2
43*4 Jan
No
*78
15
881|
63
Dominion Stores Ltd
29*2
13*|
4
8*2
80*4
47*2
24*4
105*4
83
42,400
*16
2*a
14
No pai
103g
70*2
1*4
1
8
1778 Feb 19
0*a
38
105*4
No pa 1
pref ...IOC
preferred
Cutler-Hammer Inc
2
17
Feb
658 Feb 19
41*2 Jan
29*2
*4
97*2 Feb 7
44i2 Jan 14
No pai
*78
48
100
3*4
47*2
Dome Mines Ltd
29l2
4312
74la
3*2
14
2,500
*16
32
30
4
75s
397a
193s
487a
"40
Feb 18
48*2
1*4
23*2
69*4
788a
165
7
Feb 28
Feb 20
16*4
18»4
447S
2*4
35
Jan 30
Jan
41
28*2
30*8
Jan 15
113
15,300
16*4
*78
1134
3
295g
47*4
10*4
683s
*29*4
4*8
857«
7
Jan 25
30
1*4
3*4
23
7
"2*500
1,000
41«4
60
148*4
Jan
29*4
473g
103g
675g
30*8
Jan
10*s Jan 28
30*8
473s
.
40*i
55*s
133
b
Jan 10
105
29*2
4684
103g
Jan
«4
15 lg
678 Jan 15
2
Jan
69
Jan 14
78i2 Feb 20
Jan 14
287s
*4
1214
.
160
4*2
62«4
55*8
-
*8
22
46*4
20
116*2 116*2
48
4*2
58
101
Det HlllsdaleA South w IL. Co 100
«.
1938
37
10*2 Jan
Davega Stores Corp...
23*2
«8
6
12*4
101*8
8*4
1*8
23*8
1178
178
44U
]
Cushman's Sons 7%
1*>8 Jan 16
105*8
63s
234 Feb 21
7784 Jan 11
pai
Class A
8%
2
193g Feb 26
No pai
No
——
Ourtlss-Wrlght
2*2
7*2
22*8
34*4
87*4 Jan 13
1*2
IOC
Curtis Pub Co (The)
Preferred
2*8
5
18*8 Feb 28
6
6*s Jan 7
63*2 Jan 7
38*8 Feb 25
10
—...
100*2
6*2
100*2
23*2 Feb
11
Packing
1*8
6*2
11*2 Feb
Cuba Co (The)..
.—..No pai
Cuba RR 6% pref
—101
Preferred
1578
72*8
1*2
2
35
Oudahy
x71
14*4
1
6
103
Sugar
Jan 16
Feb
Jan
lot
Cuban-American
1®8
7»4
1578
6*a Feb 10
15
38
*1*8
*23g
1420
2
Participating preferred
2/
Distill Corp-Seagrams Ltd No par
*29*4
*16*4
9
2
Jan
Diamond Match
10*4
44*2
39*2
Jan
1,300
68*2
8®8
80
1,100
10*8
43*2
38*2
82
72*2
3*4
3784
67
73s
69
45U
40*8
30*8
10*4
7
45*4
Feb 21
10(
Preferred
Jan 15
76
3784
705g
112*2 112*2
1378
14*2
74
Jan 10
11
78i2 Jan 16
40*8
10*4
*7*2
40*8
62
40
68
30*4
30*4
3984
10*2
71*2
734
78
39
10*2
6984
32*.
58*2
11*4
2
Jan
39
4778
164
7
768 Jan 17
Delaware Lack A
22*4
150
5*4
102
52,000
21*4
884
149
2
45i2 Jan 14
No pai
Crown W'mette Pap 1st pfNo pai
Crown Zellerbaok v t 0...No pai
22
21*2
83g
24
1658 Feb 25
435g Jan 7
Diesel-We miner-Gilbert Corp. 10
Delaware A Hudson
.lot
149
49
24
37
pat
3,100
18,200
*7*2
21*2
33i2 Jan 3
133a Jan 22
Feb 20
678 Feb
pai
Crucible Steel of Amerloa
3
71
45*4
162
No pai
$2.70 preferred
*4
29*s
67.
9
6234 Feb 26
x68*2 Jan 3
21
IOC
Inc...
237a
«4
17*8
Feb 17
41*2 Jan
2*4 Jan
3334 Jan
1
Oil of Del
105
18
...2.60
Motors
Continental
15*4
72
115*2
67*4 Jan 3
73*2 Jan 30
2(
Continental
Feb 21
67s Jan
l
Continental Insuranoe
110*4
9778
16*2
97
145s
101
lot
Oont'l Diamond Fibre
84*2
4
Feb 14
58
11912
56*4
1458
45g Jan
No pai
...
89*2
110
22*4
27
2
1178 Jan
101
Preferred
11*4
110
«
16*2
7*4
102
pai
No par
Continental Can Inc
83
18
No pai
(Consolidated Textile
31
305g
.3
new
16*4
90*2
31
72*4 Jan 27
73*2 Feb 13
5*2 Jan 7
pai
No
50
3<.
35*2
20
67
No pai
No pai
Preferred
48*2
35*2
44i2 Jan 8
19*2 Jan 25
Jan
9*4 Jan
100
No
40*4
33g
5
25
—10(
Preferred
11*2
48
«
'
12*4 Feb 27
16
100
Consolidated Gas Co
21
6
1584 Feb 20
....No pai
Oonsol Film Indus
82
22*2
39*4 Feb 27
100
preferred
Feb
97s
5*2
17*2
101*4
4978
7
5i2 Feb 17
Feb 20
884 Jan
Congoleum-Nalrn Inc....No pai
Congress Cigar
No
pai
Connecticut Ry A Lighting.. 101
Prior
9
7
6*%
45
Jan 30
Jan 10
io»4
7
Feb 11
643g
11358
10134
245g
62
Inc...No pai
Consolidated Cigar
Preferred
114
9
20*4 Feb 10
27s Jan 2
pai
No pai
Preferred
8
Jan
97
$6 preferred series.—..No pai
Conde Nast Pud.,
9
Jan
1105a Jan
pf ser of 1936 No par
conv
Jan
55
109
29
65>
9034 Feb 24
523s Feb 5
44
*1
5
10»4
Feb 17
110
10
preferred
Oomm Invest Trust——No pai
Oonv preferred
No pai
51
29*2
47*2
8034 Jan
48*4
2034
884
31*4
page
...IOC
preferred
50*4
48
39
6%
23*2
30*2
see
100
23
3984
30*4
38
2
48
3778
r«mt notes
90*2 Jan
48»4
48
For
10(
Preferred series A
47*2
37*2
42*2
m
30
>t
*45*2 Jan 22
51*4 Jan 23
20*8 Feb 17
1,500
39
*112*2
14*2
73g
83g
2
5.200
38
4234
11234
15*8
7*2
9*4
Jan
30
393g
31*2
784
42*4
Feb 24
72*4
*60
*65g
162
Feb 20
14
293g
23*4
393g
164
36
47
50
e»4
5
No pai
71
38
*150
mm
4,000
9
69*4
Jan 11
—.No par
pref
oonv
71
55*2
57*2
116*2 116*2 *116*2 11678
*160
$2.75
Columbia Gas A Eleo
101
6
93S Feb 19
49
52s4
72*2
63<s
15**
69»4
Jan 15
18*2 Feb 27
Feb 11
29*2
2058
6
109
70
149
Jan
•
48
126
9
3
Jan
29l2
8
515g Feb
112
94
7084
223g
Feb 28
Columbian Carbon vto —No pa 1
Columb Plot Corp v t 0
No pai
29i2
2234
150*2
*10
160*4 161
'
59
9
Feb 24
29*2
22*2
57
17
m
65
57*2
*8*4
45*s
66
106*2 Feb 28
34
69
*60
"¥"
55,400
**21*4
36*4 Feb 20
3434 Feb 19
5034
8
149
*8*4
97*4 Feb 17
57*2 Jan 15
20*2 Jan 6
Jan
2338
20*2
884
150
8*2
Jan 31
16
500
37*2 38
11212 112*2
2*4
2*4
110
21*2 Jan
19*8 Jan
47*2
9*4
3784
90
JO(
49*4
*106
"¥*g
127*2 Feb 26
10(
49
9
Jan 15
lot
Cream of Wheat ctfs
*4578
20
4% 1st preferred
4% 2d preferred
Crosley Radio Corp
...No
Crown Cork A Seal.—.
No
47*2
48
20
Colorado A Southern
1,800
2,000
12*8
*83
101
4,100
4834
80
31
7
8*4 Jan
45g Jan
3178 Jan
No pai
17
15
638
(Colorado Fuel A Iron
Preferred
37
*46
60
Feb 20
4334
107*4
No pen
17
1034
57g
Oil
37
145s
19*2
Beacon
87
Jan 13
50
18*8 Feb 26
100
17*2
4884
12*8
9578
39*4
103*4 103*4
Colonial
48*2
80
70*2 Feb
104*2 Jan
No pai
Preferred
37
16
20
205s
103*2 103*2
6*4
6*2
Collins A Alkman
27**
71
84
555g Jan 16
pai
100
17*2
1078
92
No pai
preferred
Preferred
16
39
Class A
6%
89"
275s
Jan
84
Oolgate-Palmollve-Peet— No
"
107*4
Feb 26
No pai
(The)
6*a
27&s
4578 Feb 13
Feb 20
124
100
140
50
101
Coca-Cola Co
2478
53
No pai
Preferred
6*i
937s
82
60
Speo'l grt 4% betterment stk 5(
Cluett Peabody A Co
37
*106
37
37*2
IIIS4 112
212
63*4
76
*161
Cleveland A Pittsburgh
31
IIO84 Feb 14
Feb 10
1,800
14,500
6,600
76
79
*161
Feb 10
90
39,100
753s
79
3
90
107*4 Jan
4034 Feb 26
(The) 1
77
2*2
75*2
77
3
363g
_100
Cleve Elec Ilium Co pref .No par
Cleve Graphite Bronze Co
25g
2*4
»73*2
3
Feb 20
36*2 Feb 2-
103s Jan
15g Jan
212
3*4
12*4
188
pai
«4 Jan 2
1938 Jan 30
78
12
6984
3*4
2384 Jan 21
156*2 Jan 9
No
Continental Bak class A— No pai
Class B—............No poi
7412
12
63<s
Jan 17
9
26
86*2 Feb 19
10(
Equipment.—
3184
3*s
9
26*4
7
Clark
25
3*a
9
Feb 1
7
484 Jan
Container Corp of America.__2(
2*4
37*8
c
6,000
74i2
7684
3*8
37
643s
pa-
io(
-
$ per share
99i2 Feb 21
1978 Feb 14
85*2 Jan 21
15*4 Jan 2
7278 Jan 2
12,600
79
3
33
35,300
75
3684
II84 Jan 24
8
18*8
77*4
Birthday
3
Jan
1
.No
$ persh
15
6
Jan
25
1*8
2l78
75
173g
23g
30*4 Jan
7
21
Preferred
City Stores-
Preferred
ton's
2H2
2*2
Ice A Fuel
25i2 Feb 19
pai
Oonsol RR of Cuba pref
21S4
163g
23s
25g
City
"3",800
9*4
17
2*2
it
No
Oonsol Laundries Corp
Oonsol Oil Corp......
2,900
Washing¬
173g
OH
Copper Co......
Chrysler Corp
95,200
5*8
5*4
14*8
145g
*10234 105
14*8
Cotton
Co
Chile
Prior pref ex-warrants
110
3378
106
1
9
1
40
16*2
19
6*4
18*2
14
884
39*4
187g
3912
33
1834
3384
106*4
5
13*2
25*2
77
6*4
19
34*4
'
Stock
393g
187g
19*4
16*8
25*4
77
33*4
40
Chiida
Proffered
*50
59l2
Ohlokasha
C C C A St Louis.
350
*93
*50
92
93*2
*95
90
48*2
82
60
46
46*4
47
48*8
109is 109*8 *10834 109i8
16
16
*13*2
17*2
77g
8*4
778
8is
41
40
42
42*4
*33
33*2
3484
34i2
33
34
32
3212
*30
33*8
34
3434
10134 102*2
10134 102
3678
37*2
37*2 38
*47
47*4
47*4
47*2
157g
165g
1584
16i2
16
*180
10
150
33*2
350
12712 12712 *127*8
92
*57*4
4114
658
36*2
10
*10778 109 " *10778 109
41i4
41i4
4134 44
*8214
87
*82*4 87
*50
5912
*12712
106*2 *106
16
*10778 109
87
57*2
1834
18*2
3034
*180
*93
42*4
94
*57*8
83*2
6*2
353s
6*4
350
60
*127*8
*813s
Par
1,600
3,400
2678
33
9578
183g
6*2
96*8
18*4
18
*93
2634
97g
*31*8
x94*g
18*4
813g
10
33
95
Shares
$ per share
2678
*3U8
9514
18*8
83*4
6&S
3058
*813s
6l2
3184
42
87
62
'
18
84
26*2
978
934
33
94
*93
*47l2
,,
18*4
$ per share
26*2
*31*8
6*2
*4214
*106
*2558
958
10
30*8
97
84
*82
-
265S
9*2
*93
$ per share
76
107
113*2
14*4
3
a
37s
2*2
5*8
8*8
1*8
1*1
3
3
7*2
345,
aw
2*»
31
•
New YOfK Stock Record—Continued—Page 4
1424
Feb. 29
19S6
July 1
HIGH
AND
SALE
LOW
PRICES—PER
SHARE,
NOT PER
CENT
Saturday
Feb.
22
$ per share
Tuesday
Feb.
Feb.
24
$ per share
t per share
52i4
1%
2%
52%
5234
l'«
234
67
67
129
25
52%
1
1
234
*63%
234
6634
129% 130
12934
Wednesday
Feb.
Thursday
26
Feb
$ per share
52%
27
$ per share
52 %
51%
52
1
1
1
1%
2%
234
2%
3
66
66
66
130% 131
8%
8»4
66
129% 131
Friday
Feb.
50
1%
234
67
2,200
Sleo Storage Battery
1%
3
1,900
tKlk Horn Coal Corp
51%
51%
51
51
*51
53
52
52
55
55
55
56
56
56
56
56
*56
57
57
*56%
634
15%
58
*56%
60
*58
600
130% 130%
834
9
52%
53
8
8%
812
7
714
16i2
17'1
27
273fi
♦173s
18'«
1334
33
8%
634
16%
24%
17%
13%
31%
434
*3%
14
33%
26
17%
14
3
3
12
12
12
33%
434
3%
12%
46 >8
4612
43
45%
*434
514
31%
3234
2012
2034
*93
'
94
*70
73%
91
91
10%
11%
434
5%
3'4
21%
4734
*23'4
600
58%
3%
2134
4734
25
10
21
122
124
36
36
*35%
*72
75
*70
No pa
No pa
preferred
|5 M
200
7
2,100
8,800
Erie
24
25
17
16%
17
17%
13%
14
35%
434
3%
12%
36
12
12
44%
43 78
45%
3,300
1,000
14
14
14%
2.300
37%
34%
36%
22,400
*478
5%
5%
5%
400
3%
3%
3%
3%
*11%
4434
10%
5%
3%
434
3%
2034
5%
3%
213«
5%
3%
*2138
46%
*23%
21%
11
4,400
46%
5%
5%
3%
5%
3%
121
120
100
26,100
3,200
330
300
400
19.500
11%
3%
22
122
*121
126
75
350
12
10%
22
x,
,
No
16 preferred
10'
10'
First
preferred
Seoond preferred.
Erie A Pittsburgh
6'
32%
*128
32%
32%
132
74%
3234
35
*70
32%
35%
71
74
72%
48
50
46%
4%
47
5%
15
11%
5%
1434
150
5%
5%
5%
15
15
15%
14%
11
12%
11%
12
101% 10138 *100% 101% *100% 1013s
56
57
55
55
55%
55%
33
33%
3234 33%
31% 32%
13%
13%
13%
13%
13%
133s
12
Stock
142
145
144
1034
Exchange
Closed—
11
11%
27%
12%
28%
89%
5434
*88
5434
Washing¬
Fairbanks
*140
143
144
145
Co....—
63%
27
29%
67S
43
7%
43%
*107% 107%
5
5
4634
47%
*117
130
2.6'
"llene's (Wm) Sons Co
Firestone Tire A
10'
It
Rubber
Preferred series
10*
A...
tFollansbee
No
Bros
Machinery Corp new...10
Preferred
3%
40%
41%
55
37g
41
43
3%
38%
41%
*117
7%
7%
7%
778
17%
75
76
75
75
74%
75%
734
75%
4978
49
4934
48%
49%
4934
95%
10%
10%
1058
86
86
41%
4278
32%
33
35
35
17%
50
*47%
41
41
*113
118
15%
*46%
40%
113
*30%
3184
*30%
*35
35%
♦35
7%
19%
*112
7%
7%
19
19%
115% *112
35
16%
49
40%
113
31
35%
19
1834
19%
3l",300
1,700
20
17
300
*117
*117
*29%
*2934
I884
39%
32%
10%
10%
10%
87
4
86
86
10%
5%
10%
1034
5
4
4%
20
5%
20%
32%
33%
30%
*32
32%
19%
21
*86
88
70
1934
*31%
*29%
20
1,500
33
800
44%
608*
111
1
16%
2%
19%
36%
8
4
20
30%
70
132
1
112%
17%
112%
125
Feb 20
12%
4«4
Feb
334 Jan
12
62 % Feb
Jan 29
Jan
97
6
9
100
1134 Jan 11
15% Feb 11
5
5%
2
2
17
2
3334 FeD 10
4
4
Feb 13
14
19
145
95
70% Jan
2
54 $ Feb 21
140
Jan
143
Jan 21
41% Feb 17
33% Feb 18
36
Jan
43s Feb
50
Feb
6
50
Feb
6
19
Jan
3
19% Jan
3
63% Feb 28
117% Jan 13
118
70% Jan
Jan 27
2
3
32
Feb 17
44
105
Jan 17
93%
117
Gen Steel
234 Jan
pa
42
Gillette Safety Raior
No pa
Conv preferred———.No pa
86
Castings pref —No
Glmbel Brothers..
No pa-
Jan 30
60% Feb
9
'*
•
6
14
19%
13%
18
76%
23%
49%
6
Jan
2
80% Jan 16
55% Jan 14
101
107
Jan
2
114% Jan 27
80%
3% Jan 2
834 Feb 10
18% Feb 20
7% Feb 28
10% Feb 17
1%
104%
1%
"14%
No pa
No pa
100
Goodrich Co (B F)
No pa
Preferred..
lot
Goodyear Tire A Rubb
No par
II534 Jan
116
21% Jan
78
Jan
6
14%
115% Jan
8
Feb 10
96%
77
20% Feb 14
7
7%
116
Feb 10
13% Jan 21
6
120
105
7%
26%
40
82
15»4
15%
26%
Feb 17
Jan 17
Jan 18
".53%
2%
70
20
20
Feb 19
1%
11
Feb 19
87
Jan
2
Hose..—No pat
9
Jan
6
IOC
77
Jan
6
2% Jan
2
9% Jan
334 Jan
2
4
1%
5%
2
63g Jan 15
2%
2%
19% Jan
2
14%
30% Jan 29
28% Jan 16
23% Jan 15
34% Jan 3
33
Feb 14
2234
14%
18%
223*
29%
35%
33%
32
25
26
38%
16
1st preferred
Silk
...No pat
Preferred
1
Conv pref series
No pat
Granite City Steel.......No pat
No par
31
Feb 26
'
2%
18%
30%
3~ 166
Grant (W T)
19%
19%
7,000
Jan
2
20% Feb 19
7»4
9%
41
41%
42%
4134
42%
36,500
Gt Nor Iron Ore Prop..—No pat
Great Northern pref....
IOC
32% Jan
6
44
9%
33
33
333s
33%
3434
13734
19,200
Great Western Sugar
No pat
31
Jan
7
9%
26%
100
136
Jan
6
88
88
75%
74%
75%
4,800
2%
37%
2%
3
37%
4,600
17%
4,300
4734
44%
400
50
92
73%
278
37%
16%
46%
41%
118
31
35%
74
2%
*31
16%
47
41%
114
31
*35
734
19%
114
17%
47
41%
115
*31
1634
4734
*40
*114
30
"moo
20
60
300
31
*31
114%
3134
35%
*35
35%
7%
8
8%
"9,700
20
21%
6,300
115
11734
150
1934
114
No pat
Preferred
600
Sugar
Preferred
21
50
25%
28%
81
Jan 13
95
Jan 23
65%
is4
26%
9%
30%
28%
Jan
80%
3%
38%
17%
60%
Jan 27
Feb 7
IOC
Gulf States Steel
No pat
IOC
Preferred
55
105
Feb
Jan
Jan
Jan
Jan
Jan
6
6
7
7
2
2
7
Jan 24
2f
Water
Hall Printing
30
Jan
4
2b
10
35
Jan
2
6
Jan
9
Jan
2
No pat
IOC
10
26 preferred..—......No pat
Harbison-Walk Refrao—No pat
Preferred
100
Hat Corp of America ol A
634%
preferred
140
21
24
5,500
1,102
119
34%
9
100
7% preferred olasa A__
"l~,206
99
16
35%
2784 Feb 19
No pat
Preferred
Preferred
25
3434 Feb 28
13734 Feb 17
5
Jan 24
Gulf Mobile A Northern....100
Hamilton Watch Co
Feb 21
4%
13%
24
Greyhound Corp (The)..._...6
Hackensack
3
10%
IOC
Green (H L) Co Inc..
Greene Cananea Copper
uantanamo
Jan
92
85
—1
Green Bay A Western RR Co. 100
60
14%
6
Feb 14
30
*50
4%
"22"
111%
19%
26%
111
104
33%
60
8%
31%
9934
11%
94%
4%
9784 Feb
2184 Jan 21
51
12
8% Jan 11
Jan
1
8%
39%
33%
93
69
1
4%
41%
12
48
preferred
6%
42%
109
70%
2%
7%
46%
2%
30%
8%
7%
734
19
19%
19%
115% *112
115%
1420.
•
Jan 24
19
....
see
%
14%
16%
14
7
18% Jan 16
90
14
55
Feb
1
100
18
»
34
95
6
46%
741*
1
6
43%
4
4
2%
19
%
7%
Feb 7
Feb 21
Feb 5
11%
34%
33%
6
45
Feb 17
12
12
115
Feb 14
25%
48
31% Feb
36% Jan 16
8% Feb 28
21% Feb 4
108
197*
»
21%
30%
26
6
80
35
4
3%
8
110
Jan 11
119
JTeb
8
20
63
77
101
14%
112
108
104
Jan
3
105
Jan
9
100%
100%
105
30% Jan
3
41% Feb 24
124% Feb 14
Hanna (M a) Co 27 pf—-No pat
foorn»t*w
*4
8%
10
Feb 21
120
109
10<
to conv preferred
Gold A Stock Tel'ph Co
Gotham
80
No pa-
Preferred
GUdden Co (The)
Prior
15%
80
Feb 21
43
1%
15%
Feb 13
43
3
Feb 28
684 Jan
1%
4
3% Jan 21
2
Jan 21
16% Jan
Feb
59%
21
61%
Jan 10
33% Feb
10
107% Feb 10
6% Feb 5
50
36
*107%
8%
17%
4
)
84
72%
>120%
26%
10%
4
No pa
59%
116
Feb 28
3% Jan
-No pa
51
3
39% Jan
26 preferred
18
18
61%
3
No po
1%
15%
15%
100%
Jan 14
145%
407«
32
<32
«u228g
8% Jan 13
No pa
106
11
7%
6
120% Jan 3
61% Feb 20
119% Feb 28
6
8
684
J
64%
377„
%
%
6%
48
53% Jan
20%
30
6
3
108*
6%
16
5
2
Jan
146
18%
28
Feb
% Jan
14
Gen Railway Signal
Preferred
Gen Realty A Utilities
•
6
48%
76
46%
127%
97
Jan 10
36% Jan 21
115
24%
58% Jan 14
120
12
Jan
3
Jan 20
14
104% Feb 17
115
Feb 13
Jan
3
6%
3%
12
82
1%
14%
16
,
-
22%
*13%
4
2
Gen Public Service
General Refractories
32%
11%
78*
5%
Jan
534
18% Jan
5% Jan
10<
84%
h
7
5%
64%
6
30%
47%
5%
13%
107g
100%
%
7
12% Feb 19
101% Jan lo
10%
55
4%
Jan
9% Jan
No pa
%0 preferred
16
2934
*104% 10484 *104% 104% 104% 104% *104% 10434 *104% 10434
40% 41%
40%
4054
3984 40%
3934
4038
39%
40%
*124%
*124%
*124%
*124%
*124%
13%
13%
13%
13%
13%
1278
13% *13
13%
13%
106
106
107
107
*106
108
*104% 106
*104% 106
For
17%
6% Jan 23
18% Jan 27
6
6
10% Jan 13
No pa
General Printing Ink
Part paid rets
33%
35
75
*29%
88
31
Feb 17
Feb
77% Feb
35% Feb
28% Jan 7
127% Jan 30
47% Jan 17
38
No pa
Grand Union Co tr otfs
*81
*35
Jan 20
No pa
1,800
26%
45%
No pa
Common
2,100
26%
*40
$5 preferred
'Gen Outdoor Adv A
5%
27
*113
1'
10%
60
15%
10*
Motors Corp
5%
26
*32
No pa
Preferred
General
10%
13734 13734 *136
*234
General Mills
Graham-Paige Motors—.....I
Granby Cons M Sm A Pr
100
*50
73
No pa
pref olass A
$8 pref olass A
No pa
Ital Edison Eleo Corp
73,400
*50
*81
27
4%
4
137% 137%
2534
64
30
Gen
Gold Oust Corp ? t c
2,300
31
38
No pa
No pat
39,600
10%
*20
10'
No paNo pa-
tOobel (Adolf)
Goebel Brewing Co.—
94
1978
35
40
17,700
po
Conv pref series A
25,500
10%
2978
3%
110%
93
32%
*29%
2934
1834
40%
2%
110% *110
93
*20
73
1,800
4,800
93
33%
3338
30%
7534
3
76%
50%
93
21
74%
234
76
49%
1,900
33%
*81
29,000
24,900
21
92
8%
9334
5
*81
8
28%
10%
75
18% ,29,400
2.700
8834
93%
5
2684
94%
7434
55
1734
86
27%
1034
26
250
54%
9234
5
*50
9,100
2734
1034
27%
1,100
4234
684
18
31~606
38
42
27
10?8
5%
751
3%
38
92%
4%
26%
8%
76%
50
3%
130
27%
384
33%
13734
3%
39%
42%
54
18%
893g
*117
26%
4%
13734 13784 *136
110% *110
130
91
4%
1034
478
32%
278
*32
18
91%
10%
86%
384
20%
33%
33%
29%
19%
42%
3
34
7%
7%
634
7
9%
934
9%
8%
9%
20%
21
1934 20%
20%
20%
11578 H578 *115% 116% *115% 116%
*90
No
Gen "1 Gas A Eleo A
738
86
10'
preferred.......
10J
53%
10%
cum preferred
leneral Cigar Ino
47,600
88%
86
7%
7%
J
No pa
3
53
93%
...
Class A
34
234
34
3%
27%
95%
127
2
No pa
General Foods
4238
27
No pa
Cable....
General Electric
39%
92%
preferred
17,400
3%
17%
$8
t
leneral Bronse
General
65" 100
17%
887S
*50
130
9.300
10,300
34%
*117
7
Jan
pa
po
No pa
40
17
92%
2838
95%
11
Preferred
3834
53
*31
150
No
(The).....No
34%
*8778
92%
1034
lame well Co
3934
49%
\
♦142
labrlel Co (The) ol A
3434
54
27%
95%
150
No pa
No po
Gen Amer Investors.....No pa
39%
427„
18%
li
$0 2d pref
34
17%
88
17%
7% pt—10'
10<
3438
38%
*115
Jan
33%
97*
Jan 23
54
19
)
Fuller (G A) prior pref
6%
39%
8'a
2%
Jan 21
No pa
Texas Co
30%
2%
39
5%
141
*142
17%
87%
18
«
Feb 18
18
*115
42% Feb 28
3834 Feb 17
19
2
12
56%
*11534 116
44%
12%
1
♦32
50
*32 •
50
50
*34% 54
*34%
55
*34% 54
*40
*40
56%
56%
*39%
54%
63%
6334 "i,m
63%
6334
63%
63%
100
119% 119% *119% 119%
119% 119%
58
58%
59%
58%
58%
59% 102.100
4.200
119% 119%
119% 119%
11934 11934
2.500
27
27
26%
26%
26%
27%
7
7
10.400
7%
7%
7%
7%
44
44
43
43%
1,200
42%
42%
20
107% 107% *106% 107% *106% 107%
5
4,500
5%
434
5
434
47s
47
1,800
4734
45% 45%
4538 45%
6%
878
84%
44%
General Baking
*32%
110
67%
12.800
3%
110%
7
9%
19%
21%
115% 115%
6
Feb 28
45%
25
13%
29% Jan
8
4%
8%
25
114
25%
1027*
687,
13%
9
8%
16
48% Jan 11
10434 Feb
Feb 10
28% Jan 22
4% Jan 6
37% Feb 7
285
106%
13%
38%
4134
9
115
33% Feb 11
100% Feb 26
111
No pa
Preferred
28%
16
Jan 18
13
13%
334
684
Feb 28
11%
6%
88%
7%
938
21%
25
2584
1734
634
9%
20%
20%
49% Feb 14
2
h
16%
16%
6
41%
42%
110% 110% *110
Jan 11
112
4
x24% Jan
2
%
5
88
7%
Jan
27
pu
Fourth Nat Invest w w
39%
130
pa
......No
110
44
No pa
FImO National Stores
Jan
22
20% Jan 27
No pa
preferred
1
5% Jan 15
4% Feb 1
Feb
143
*117
95
3%
63
*140
130
64
2*4
3434 Feb
14% Jan
143
*117
50
'«
2
*140
4534
Feb 27
11% Feb 2 )
2
1,300
4534
94
3
57
6334
79% Jan 17
7% Jan 9
4% Jan 2
Jan
57
119
72
10'
No pa
Jan
57
58%
59%
11938 11934
27%
28%
7%
7%
4234
42%
*107% 107%
434
5%
40
Jan
56
118
48
40
22
5534
63%
118
59% 60%
119% 119%
S3
47%
5534
54%
7
Feb 21
1(
55%
55
Feb
73
Jen Amer Trans Corp
55
50
97
4
General Asphalt
300
600
*38%
3
Jan
8,700
56
33%
13%
*21%
Jan
4.700
32%
125
60
5634
3334
55%
39%
84
5534
32%
101% 101%
270
5,300
90
*34%
"6%
4
17,000
6%
15
11%
90
*32%
115
3%
15
12
5%
6%
15%
15%
1134
12
10138 101%
5%
15
11%
19%
13%
85%
147a
40%
6
%
115
3
590
90
56%
151% Feb 25
37% Feb 27
23 % Jan 27
50%
90
52
122% Jan 7
31% Feb 24
50
89
50
17
50
89
*34%
*387g
4%
280
89%
2%
49% Feb 19
2
75
89
31
4
*73
3,700
2%
3%
h
75
13%
31
7
15
2
49%
/
69%
10%
63,
7
74%
29
2%
34
Feb
7
110
1234
34
15
6%
50
150
28
34
Jan 15
*130
28
143
Feb 15
150
27
38%
33%
19
69
10'
Preferred
Fkln Simon A Co Inc
12
*140
3
Jan 10
1134 Jan
68
19% Feb 25
Federal Motor Truok
foster-Wheeler
27%
35%
8%
634
No pa
Mln A Smelt Co
4,900
26%
40%
7%
14
2734 Feb 21
13% Feb
i
Preferred
Food
28
143
55%
4%
7%
8%
4%
7%
3
in
Llgat dt Trao..
6.800
27%
39%
15%
7
40% Jan 8
534 Jan 11
3% Jan 17
Florshelm Shoe olasa A ...No pa
10%
12%
f 34%
■I 2%
''*31
12
Feb
Jan
10'
8%
50
7% Feb2i
17% Feb 21
2
12
*140
134
1%
14
Feb 25
Jan
3
Jan 10
Jan 6
Jan
7
2
6% conv preferred
Free port
125%
1%
10%
64
42
~6~700
112
7
4
Jan 15
6
11% Jan 21
16% Jan 21
Fidel Phen Fire Ins N Y
74%
34%
4
Jan
55
1,700
10%
4034
63%
34
Jan
Feb
7,
17*
55
20% Jan
1,100
66
14%
Federated Dept Stores—No pa
10%
3534
118
*70
36"
5284
11
2,000
10%
11%
3434
2%
234
74%
3334
3534
45
12% Feb 17
2
9
10%
12
*33
Birthday
145
*130
35%
7
62% Jan 31
2% Jan
270
Feb
69
68%
6
No pa
22~900
%
33'i
Jan
No pa
1,400
%
%
48
Works
2,100
%
6
58
Federal Screw
9,700
5
12
Fajardo Sug Co of Porto Rlco.20
654%
39
7
3% Feb
131
Federal Water Serv A
10
«
55% Jan
1% Feb
7% Jan 3
45% Jan 14
5.900
30
$ per share
31%
4%
2%
11%
3434
Fairbanks Morse A Co.—No pat
Federal
1935
High
Low
I per sh
'
Preferred
euerai
Feb 28
% Jan 2
1% Jan 4
62% Jan 31
125% Feb 3
3.600
•••
"
10%
1134
3978
ton's
33
72%
51
*50
*70
32%
130
73%
73
35%
74%
128
*128
$ per share
i
Vacuum Clean
Evans Products Co
Exchange Buffet Corp—No pa
Foundation Co
36
pa
10
Eureka
Year
IjOU)
2 per share
Equitable Office Bldg—..No pa
16%
26%
1734
16%
121
10'
No po
58
1034
125%
Preferred
Engineers Public Serv
$5 oonv preferred
7
46
47%
47
47
4584
4534
4734
23% 23%
25
25
♦23%
25
25
11134 11134 *1111
H2% *111% 112% *111% 112% *111% 112%
29%
30%
29%
30
29% 30
2934 30%
30%
31%
102% 102%
101% 101%
100% 10134
102% 102%
10234 103%
4434
45
45%
45%
44% 4434
44% 447s
44% 44%
*28
*28
*28
28%
*28
28%
28% *28
28%
28%
578
6
534
6
5%
534
578
7
7%
8
38
39
41
38% 387«
38% 38%
387s
41%
42%
35
3634
37%
33% 36%
32% 34%
34%
35%
36%
*123
5'
Corp
15%
103s
22
5'
58
11%
4%
3%
pa
7
16%
2538
23
43%
500
Sndloott-Johnson
Range for
l»
Jan. 31
Highest
50
p,
61
6%
1534
*12
1,680
1,100
No
No
6% part preferred
634
1534
24%
15
13%
3134
434
*3%
9
151% 151% *141
149% *142
151
151% *145
33
3634
36
35%
36%
3634
37%
37%
19% 20%
19%
20%
20% 21%
20%
20%
93% 94
92%
94
92%
92%
*92% 93
*70
70% 70%
73%
*70%
73
70%
70%
*92
94
94
94
*88%
94
93%
93%"
15H-
*145
6%
*834
Par
50%
67
fjtt*
Lowest
Shares
1,900
t(\C\-xhn.TP.
nf
1936
Week
$ per share
Rnxix
EXCHANGE
the
28
f)n
STOCK
YORK
NEW
1933
Range Since Jan. 1
STOCKS
Sales
for
Monday
993>4
5%
81
30%
121
14%
113%
1
New York Stock Record—Continued—Page 5
Volume 142
1425
July 1
AND
HIGH
LOW SALE PRICES—PER
SHARE,
Sales
CENT
NOT PER
Feb.
Feb.
22
Tuesday
24
25
Feb.
Feb.
3 per share
8
% per share
8
8%
8 per share
Wednesday
NEW
a
J*8
26
Feb.
$ per share
7%
\
'
■
'■
127% *125
128
127
145
*134
141
132
134
*151% 163
*151% 163
32«4
32%
31% 32%
100
103
102% 102%
130
130% *130
131%
7734
7784
77% 77%
118
118
*117% 118%
41%
40% 40%
40%
9%
984
934
9%
27
28
27%
30%
*108
109% *108
109%
■
*520
534
43%
30%
74
53%
5%
'
74
10%
52%
'.'1
♦520
43%
30%
5%
*15
17%
3
26%
*42%
11%
43
18%
7%
31%
30%
144
17
*6
4%
1234
5%
4.
'
*6%
30%
141
141
135
*135
144
16%
17%
111
112% 112%
10
11%
7%
16%
5%
33%
6%
534
33%
4%
6%
33%
4%
10%
7%
16%
7%
16%
6%
145
*133
4%
6%
*434
*31%
16
*14%
17%
2%
3
15%
17%
278
25%
18%
3
13
12%
5%
13
38
584
38
5%
5%
36%
174
174% 176%
16
18%
3
27%
mm
m.
50
600
500
4,900
500
18,800
40
100
29,600
4,400
7,600
68%
220
17
440
*6%
7
30% 31
30% 31
135
13634 *130% 144
600
7
1034
*7%
16%
*6%
*484
114%
11%
7%
7
7%
32%
4%
12%
5%
37%
175%
500
7,000
43,700
1,500
6,500
130
7
*4
684
*32%
337g
4%
4%
13%
l37g
5%
5%
3684
37%
176% 177
5%
33%
4%
4%
12% 13%
5%
5%
3734 3734
175% 176%
33
100
140
2,200
42,300
11,100
45%
68%
150
4
7%
51%
♦127
.
1
6%
*2%
2%
.
32
40
Stock
110
46%
1,600
110
110
110
110
29%
53%
*28%
53
29%
53%
*20
20%
20
*57%
17%
12%
8734
17%
59
*57%
17%
12%
*85%
*28%
Closed—
Washing¬
ton's
18%
12%
87%
17%
29
123
123
70
125
126%
♦
153
"88%
35
18%
18%
32%
32
85
22%
18%
90
3734
_
90
38%
_
*20%
*5%
38
24
105
16%
*28%
*123
71
71
*-
—
34%
33%
89
153
21%
32%
22%
18%
32%
19
*85
105
6
80
75
75
70
*65
70
*65
26%
28%
*25%
26
*25
*37%
24%
*8%
14%
19%
9
15
116
13%
3
*13
44%
24%
74%
26
*38
24
12%
3
14
14
57%
55%
9%
*28
*106%
*106% 108
107% 108% 107%
164% 164% 164%
21% 21%
21%
22
22
3784
38%
36%
50
50
49
38%
49%
*.—
19
32%
86%
126%
183
«••>'«»
»
850
87%
*120
22%
33%
24
19
.
19%
32
33%
32%
24
19%
87
88
35%
96
9634
97%
37%
96%
2O84
*5%
38
97
2O84
6
22
6
*90
38
38
38
38
23%
23%
2378
23%
105%
6
105% 105%
6
6
Household Flnanoe part pf...A'
Houston Oil of Tex v t c new..25
jaowe Sound Oo
..............
Hudson A Manhattan.......10(
Preferred....... a..
105
*5%
6
38%
2334
70
9,900
105
150
600
6%
36%
36%
49
49
49
36%
4784
37%
49%
38
38
38
38s4
38%
37%
37%
36% 37%
48
49% 497g
48%
49%
48% 49%
48%
48% 49%
106
106
106
106
106% 106%
a!05% 105%
104% 10578
3
3
3
3%
3%
3%
3%
3%
3%
3%
434
434
4%
4%
484
47g
4%
4%
4%
4%
43
*42
43
43
*42
42% 42%
42% 42% *42
*109% 112
*109% 112
*109% 112
♦109% 112
*109% 112
22*4 23
22% 22%
22% 22%
22% 22%
22% 22%
147
148
148
*148
148
147
147% 148
150% 148
37%
14
71
32
33
*155
165
40%
*128%
14%
14%
22%
71%
21
21%
*150
*40
40%
....
14
21%
71%
31%
13%
21%
*128%
Fn» fnotnntM m* n<ur*
1420.
32%
163
41
70
31
*155
*40
*128%
71
31%
163
40%
14%
*21
70
32%
162
40%
*128%
14%
21%
70%
33
163%
40%
2
5i.
"1.75
19%
22%
"
8
0U0
338""
44% Feb 20
31% Jan 21
7
2684 Jan 21
30%
6%
65% Jan 14
68g Jan 7
74i2 Feb 15
12% Jan 15
43
4884 Jan 21
57% Feb 19
20
2
5% Jan 23
500
Jan
3
41
Jan
7
4
Jan
IO84 Jan
3
544
Feb
17% Feb
9,100
130
20
2%
1%
6
...No pat
No pa
Ingersoll Rand
Inland Steel..
Jan 25
15
1
Jan
2
.......No pa
Inspiration Oons Copper
_2<
Insuranshares Otfs Inc........]
tlnterboroRapldTranvto __10<
Internet Rys of .Cent Amer.-lOl
4% Jan 2
28% Jan 31
117
3,600
700
1,600
Jan
2
4%
*
45
Feb 14
2
4
5«»
8»4
2
2
16% Feb 28
384 Jan 7
9
Interlace Iron
No pai
11
2
Jan 20
384 Jan
34
Jan
7
8
Feb 21
173
18%
8%
6%
33%
5%
14«4
584
Jan
Feb
Feb
Feb
Feb
Feb
Feb
40
Feb 21
18434 Jan
Preferred.................10t
Hydro-El Bye ol A—.21
Int
*14%
21%
15%
2134
70
71%
32% 33
163% 16434
*40%
*128%
40%
No pa
No pa
Int Mercantile Marine
Int Nlokel of Canada
Preferred
1(X
No
......
Preferred
pa
10<
International Shoe
...No pa
lOt
7%
Preferred
10(
....
Intertype Corp
No pai
Island Creek Coal
Preferred
5
............J
Jewel Tea Inc...........No pa
Johns-M an vllle
No
...
11,900
3,800
200
25,800
270
•
20
2,300
2,300
6,800
500
200
8
148%
3%
4%
44%
125%
11
14
14
14
14
1%
6%
4
pa
10
Preferred.............—lot
Feb
3
5% Jan
8
8
Feb 21
1%
Jan
6
Feb
6
6
6
9
23% Jan 6
37% Jan 30
54% Feb 19
129
7%
3%
3%
36%
110
«
8
«01
Feb
8
1%
i
Feb
6
%
5
Feb 10
%
%
4%
Feb
8
9
9
25
42%
Feb 20
67
Jan 30
40
Jan
2
12% Feb 17
82
Jan
15
111
19% Jan 11
2934 Feb 19
4%
6%
20%
I 24%
2
5
Feb
4
123
Jan 18
Jan 3
Feb 5
129
85
Feb 24
77% Feb
87
46
90% Feb 21
Jan 21
Feb 24
384
12
10
9
Jan
7
90% Feb
21
Jan 16
Kelvlnator Corp........No par
1434 Jan
Kendall Co pt pf ser A—No pa
Kenneoott Oopner
N* on
87
101
No pai
No pai
Kroger Qroo A Bak
Laclede Gas Lt Co St Louis ..104
6%
preferred
........
Lambert Oo (The)
l
39
Feb 19
Feb 25
7%
Jan
2
36% Jan
2
23% Jan 15
Feb 17
47«
747s
69%
25%
22%
Jan
09%
28
8
Jan
8
Jan
33% Jan 31
47% Jan 31
19
12
12
19%
21%
Jan 21
16
Feb 17
19%
19%
4%
5%
2
20
Feb 20
9
8%
10%
118
Feb 27
73
89%
14% Feb 24
6
Jan
Jan
2
Jan
2634 Feb 6
9% Feb 17
9% Jan 31
pa-
25% Jan 2
41% Jan 2
36% Feb 26
pa*
48
Feb 20
5% preferred............lot
(P) Co
K
7%
142
Jan
7
13
Jao
3
Jan
2
Jan
2
2
Jan 30
Jan
Feb 26
Feb
6
16%
99%
14%
58%
11%
Feb
6
4
Feb
4
Feb
6
Nashville
lot
....
Conv
preferred......-No po
Rights.....................
MaoAndrews A Forbes....... lt
68%
10%
preferred............lot
Jan
4
% Jan
4
Jan
4
127% Jan
9
39
10%
Feb 13
21
21%
Jan
2%
16%
21
6
31% Jan 29
Jan 16
116% Jan 16
Feb 28
23% Feb, 6
68s
94%
93%
71%
73%
123
161%
14%
39% Feb 21
I
15%
?
13%
17%
24%
31%
13%
60% Feb 19
41% Jan 9
54% Jan 8
108% Jan 15
3% Feb 11
11%
5% Jan 13
45
Jan 17
109% Jan 30
26% Jan 27
151
16%
19%
66
102
1
!
83
107%
14%
Jan 30
98%
17% Jan 13
23% Jan 28
74% Jan 31
10%
35
Feb 19
16434 Feb28
1
42
Jan 21
6%
.
7%
50
h
21
87%
27%
43
37%
55%
108%
2%
4%
41%
107% 112
26%
18%
*149'*
124
1%
%
15
4%
23
10%
84
34
Jan 16
127% Jan 11
1
1
33
%
129
1%
6%
67%
1%
No pa
20% Feb 20
57% Jan 2
24% Jan 2
5
5
4
165
Preferred................lot
Louisville Gas A El A ...No pai
7734
113
2
Feb 28
8
preferred............10<
6%
41
42
7
Lorlllard
~2~l"
66%
22%
Jan
Blsoult—...2/
103
i
2
12
162% Feb
.......No pa
Jan 21
io%
.
27%
21
Long Bell Lumber A—No par
6%
110% Feb 10
115
Loft Incorporated.......No pa
Ludlum Steel
10%
3
Feb 28
Louisville A
2
4
104%
2%
3%
40%
109%
22%
Loose-Wiles
25% Jan
106% Feb 21
10634 Feb 27
pa-
2%
23
12
27% Feb 17
par
2%
8
Feb
8% Jan
2% Jan
20
8
13%
To**
Jan
I
2<
;
77% Jan
Jan
No pa>
84
75
12
Lily Tulip Cup Oorp
10%
Feb 26
47% Jan
.......lot
3%
6%
Feb 10
Libbey Owens Ford Glass. No pa
Preferred
7% Jan
43
6
Jan
......
1%
'«
2134 Jan 30
3
37% Feb 20
Jan 31
22
7%
13%
1534
106%
15%
84
6
13%
97%
28% Jan 7
95% Feb 26
18% Jan 7
94
Preferred
>
2%
65
Lehman Oorp (The).....No par
Lehn A Fink Prod Co..
1
Series B
6%
7%
•
9I84 Feb 11
Jan
Liggett A Myers Tobaooo
;■
2
13
Life Savers Oorp
:
5%
28% Jan 2
24% Jan 2
19% Feb 28
Preferred.............. ...5t
Llbby, McNeill A Llbby.No par
384
6%
6
1
IY>b28
105
115%
07%
24
Jan 27
50
!
120
2
2
Jan 16
...
130
Jan 11
27»4 Jan
No par
38%
117%
36%
126% Feb 24
23
preferred.......
t
I 49
26
5
Feb 21
80
7%
8%
70%
415
Jan
6%
2%
16%
Jan
78% Jan 15
-
Jan 18
88%
pref.. 10(
Kresge Dept Stores
i
14% Feb 27
2
Kelsey Hayes Wheel conv.olA..]
Class B—..—..—.J
It
101
16
66%
6%
35% Feb 21
1934 Feb 13
33% Feb 25
Kresge (SS) Co....
)
16
19% Feb 17
27% Feb
5
21%
98%
Jan 15
13
17
%
4%
4234 Jan
1%
38
19% Jan
......No pa*
123%
Jan
20
2
lOt
Preferred
1%
22%
65
2
Jan
13
—....f
1%
14 V
Feb10
8
Jan
118
Kay ser (J) A Co
185
29% Feb 27
53% Feb 21
23% Jan 30
Feb
26%
47%
1834
57%
1(X
...
8%
22%
34%,
«
1%
2
Jones A Laugh Steel pref—101
Kansas City P A L pf ser BNo pai
Preferred....
149%
t
18%
23%
Jollet A Ohio RR Co 7% gtd.lOt
Kaufmann Dept Stores $12...6(
26
126%
8
2
Jan
115%
58%
94%
12134
1%
4%
2%
1%
Jan
Jan 23
2% Jan
108
9%
4
7
21
46% Feb 21
69S4 Feb 21
154
1%
[
1%
Jan
1% Jan
Inter Pap A Pou ol A
No pa
Class B
...........No pa
Class 0
2
56% Jan
46%
2%
2%
3%
35% Jan
No pa
Internet Harvester......No pai
109
7% Jan 18
9
International Cement
13%
2
Jan
7
Jan
pat
4%
2%
23%
60%
2%
114% Feb 20
11% Feb 28
3
No pa
1(X
9%
26
19% Jan
2% Jan
No pa
Preferred-..............1(X
Internet Agrloul
Prior preferred
147
9%
106
No pa-
Cert lfloates
No
7,300 Lima Looomot Works
No
1,300 Link Belt Co....
4,200 Liquid Carbonic........No
18,200 Loew's Incorporated
No
1,800
7*
51
%
*
98% Jan 17
6% Jan 6
Interoont'l Rubber..
Lehigh Portland Cement
5(
7% preferred
...
10<
Lehigh Valley RR...
6f
Lehigh Valley Coal
No pat
100
73
6%
6%
6
•qy.
10<
Lee Rubber A Tire
800
42
31%
60
2%
6%
«
495'
40
5,600
5,400
'
2%
40
4,100
630
1%
43
Feb 18
lot
—No pai
Lane Bryant...........No par
.
49
18% Feb 24
8% Jao 2»
31% Feb 25
.1001
1(
5.700
26,700
6,200
1,300
2,200
1,800
8,900
11
34
70
t Louisiana Oil
*13%
20%
70%
109% Feb 28
Jan
30>4
6
26
37%
Feb 17
81h
118
684
6%
4
27%
4434
24%
48
19% Jan 13
73%
104
Jan
Preferred....
36
4
Jan
Kress (S H) A Co
115%
13%
13%
3%
3%
13%
13%
97%
97% 9734
14
13%
13%
56%
*56'4 57%
9%
9%
9%
28%
28%
28%
107% *106% 107%
107% IO684 107%
164% 164% 164%
21%
21% 2178
80
12
100
117
5
58
130
9
Jan 13
Leased lines.............10(
70
25% 26
2584 26%
42% 42%
2434
25
*8%
9
15% 15%
1984
19%
117% 118
13%
137g
27g
3%
13%
1384
9784 9884
13%
13%
57
577g
9%
97g
28% 28%
*106
107%
107% 108%
164% 165
*21% 2I84
122
104%
Feb
80
119
36%
71
RR Seo otfs series A
Indian Refining
80
19%
118
137(1
3%
13%
162
11
5«4
15
*65
15%
142%
40
15
*75
9
120
Feb 19
68
2478
Feb 11
45
80
24
163
3584 Jan 2
105% Feb 17
13112 Feb 2s
Jan 22
*75
*39%
141
19% Jan 22
*65%
45
127
447S Feb 19
10% Jan 13
3U2 Feb 28
75% Feb 27
1151s Jan 16
30% Jan 2
108
6%
120
94
33
6% pref series A_.
75
26%
26%
1%
86
Jan 27
10<
1(
35,900
2,100 Keystone Steel A Wire Co No par
1,100 Kiuiberiy-Ciark:..
At pu
Kinney Co..........—No pa*
170
1
66
141
18% Feb 28
3% Feb 19
28% Feb 19
69%
26%
26
10<
...No pa
Hupp Motor Oar Corp..
Kelth-Albee-Orpheum
18%
♦20%
*5%
No pa
Kansas City Southern
23
20%
Class B
12,100
1,900
1,700
6,700
18%
90%
3784
19
56
108
109%
*163% 164%
20
124%
22
*8%
14%
28%
200
70
14%
14
*28
1,500
28
12,200
2,700
40,800
1934
57%
28%
30
92
*8%
10
70,900
10,100
27
19
115
2384
34%
Mining
lui
Boudaille-Hershey ol A ..No pa
preferred.....
10t
Inter Telep A Teleg
No pa
Interstate Dept Stores...No pa
25%
14%
14
9%
28
86%
100
130
90
9
56%
9%
10
13%
*87%
16%
58%
18%
14%
88
17%
25%
15%
117%
14%
3%
13%
98%
17%
124% *123
...
7 %pref
$ per share
44
9
Holly Sugar Corp.......No pat
International Sliver
90
20
13%
97%
13%
98
2234
33%
18%
32%
Hollander A Sons (A)_.
900
24%
21%
18%
90%
36%
95%
20%
*5%
*37%
23%
6
"§584
No po
N* po
International Salt.......No pa
1,000
24%
97%
21%
105
107
32%
91%
38%
24%
57%
153
No pa
Conv preferred
500
28*4
53%
19%
89
*88
6
18%
19%
113% 115
14%
12%
3%
3%
14
14%
98
98%
*28
33
91%
37%
35%
'
*120
*120
105
26%
27%
44%
25%
107
86
4
Hershey Chooolate
290
110
600
21%
18%
23%
24%
106%
57%
18%
14%
87*4
17%
28%
72
Jan 30
Int Printing Ink Oorp—No pa
Preferred............... .'lot
700
7,000
140
18
6
19%
700
73
18%
*5%
72
20
121
22%
38
26
71
28%
*53
5,600
2,600
10,500
122
"85"
-
*28
124% *123
18%
*90%
36%
6%
38%
110
2%
32
40%
73
*
89
*19%
57%
17«4
13%
86%
I684
800
120
11934 122
126% 126% *125
126% *125
120
22
21
70
15
13%
♦86%
23%
21%
21
*75
24%
*8%
17
25%
6
*40
*57%
19%
57%
18%
13%
8784
16%
29%
19
96
6
27
19%
124%
125%
»
*39
,
200
6,900
6,200
75,600
6%
30%
110
7, 400
7,700
3
2%
53
24
__
110
29%
24
32%
110
53
153
*85
40
2%
31%
40%
29%
19
24%
22%
18%
30
6
3
6%
2%
53
22%
33%
85
24
6
2%
2%
4%
7%
7%
*50% 52%
125% 125%
126
29%
*28%
18%
13%
87%
17%
29%
"85%
24"
35
■'
125
*
*120
22%
-
121
90
*120
p
*69%
126
53
*123
126
7%
51%
4
4%
7%
52%
59
*28%
70
125
4
20
17
29
Birthday
44% "44% 45"
68
67
68
67%
153
152% 152% *150
45%
43% 44%
69%
66% 68%
150
*150% 152% *150
155%
4
4
3%
3%
4%
7%
7%
7%
7%
7%
50
52
52%
49% 51%
127
126
127%
127% 126
6
6%
5%
6%
6%
2%
2%
2%
*2%
2%
2%
2%
2%
2%
2%
29
30
3234
31%
30%
39
40
40%
40% *39
*53
Bichange
"44"
67%
128
Holland Furnace
49
Internet Carriers Ltd-........)
.
44%
69%
10<
$7 own preferred
2,700 Int Business Maohlnes...No
•
m
Jan 23
Preferred............
II284 11334
107g
11%
7%
7%
16%
1684
17
3H2 Feb 26
84
13,200 Industrial Rayon..
*137
156U Jan 27
N* po
Illinois Central............10<
400
42
.
No po
34,500
17
112
101
t per sh
12812 Feb 27
Jan
Hercules Motors
Hudson Motor Car
67%
10«4
7%
17%
6%
5%
484 Jan
Hercules Powder
2,400
55,900
30,900
18
*137
;
W)
Homestake
1,400
20,700
68%
"
<G
Preferred
-
1,600
1,300
68%
*16%
6%
112
Hayes Body Corp
High
Low
$ per share
8% Feb 21
$ per share
131% Jan
68
135
Par
120
42
3034
J
Low
Highest
Lowest
:
■'
•
3.
27
7
■/
51
26
16%
k
daiel-Atlaa Glass Co
m,
Range for
Year 1935
1936
Helme
m.
1933 to
Jan. 31
of 100share Lot.
20C
*41
*41
On Basis
STOCK
20G
40%
1
4%
12%
18.80C
145
25%
*135
38% 3984
*175% 180
•'
7%
31%
30%
113% 114
97g
11%
7%
7%
17
16%
7%
7%
33%
18
*6%
144
*135
'v
16%
2%
24%
40%
*66%
16%
2%
69
7
15
,15%
17%
3%
24% 26%
42
42%
66% 68
16%
2784
*131
*151% 163
*151% 163
*151% 163
33
31% 31%
31%
3234 33
*99
1017g
102% 100% 100% 101
*130
*130
131% 131%
76
76
7734
75% 75% *76
118
118
*117% 118
117% 118
39
39
38% 39%
38% 39%
*9
934
*9%
9%
*9%
97fl
29
2934
29% 31%
3078 31%
108
*107% 109% 108
1097g I097g
*520
534
*505
529
*510% 530
43% 43%
43% 43%
43% 43%
30
29% 2984
30%
30% 3078
*73
74
*73
74
74% *73
10% 10%
IO84 II84
10% 11%
54
52% 5234
53%
54%
54%
5
5%
5%
5%
584
5%
15
18%
3%
17%
43%
30%
74%
11%
52%
5%
5
1534
69
530
43%
29%
*73%
10%
52%
Week
Shares
8
7%
7%
7%
130
128% 128% *129
127
*133
YORK
EXCHANGE
$ per share
27
$ per share
784
*123
the
Friday
Feb. 28
Thursday
Range Since Jan. 1
STOCKS
ff\T
jar
Monday
Saturday
64
12%
26
90%
%
135
87%
113
%
46
130
New York Stock Record—Continued—Page 6
1426
Feb.
1936
29
July
HIGH
AND
SALE PRICES—PER
LOW
NOT PER CENT
SHARE,
STOCKS
Sales
Saturday
Feb.
Feb.
22
24
$ per share
35%
33%
$ per share
$ per share
3514
35%
4578
46%
10
10
•397*
2*4
Feb.
3%
40%
3%
14%
41%
33*4
45%
*9%
387S
3%
14%
8%
15
14%
16
*8*8
9
9
9
*47
10
39*4
35
45%
36%
46*4
*9%
10
39%
40%
40%
40*4
3%
3%
14%
*9%
15
3%
*3
14%
15
9%
W
.
'H
•
'
'
*46
60
20%
18%
378
9%
*1%
77g
♦19*4
21
20%
21*4
20%
1878
18%
378
9%
1%
778
17%
3*4
9%
18%
3%
9%
18
1%
•21
;
3
22%
*3
3
•44*8
45%
15
15%
45%
1378
8%
*7%
8*8
351*
34
36
21%
5H4
47
47
21
51%
•45
48
106
20%
51%
*45%
106
29
14
•1312
*104
*21%
44U
109
107
29
29*4
14%
14%
110
137g
14
*104
21%
44*4
*21*8
109%
107%
43%
10*4
10%
44%
44%
44
13%
'
11
13%
13%
*100
147*
107
14*4
•98
.
\
"
63
9%
62%
*35
63
3
35%
♦158% 159
47%
47
21%
51%
20%
51%
48
*45%
107
107%
29%
29%
*100
15%
Stock
2%
47g
5
5
24
Exchange
24
8*4
9%
25
6*4
6%
26
26%
95%
24%
4
ton's
*95%
Birthday
*54%
56
*69
71
38
1
31%
38%
1%
32%
22
*95
38%
*51%
70
1
31
16
16%
75%
75%
20%
*15%
15%
74%
25
25
*24
21%
*15*4
.
•'
17
159
42%
8%
53%
53%
55
2,400
48
48
48
49
49
100
107
♦107
107% 108
1,170
29%
107%
29*4
30%
14
14%
13%
13%
....
14*4
102
291*
63%
9%
30%
43
35%
♦35
35%
43
9%
478
5
9%
66%
1
*175
1
2%
4%
3*4
7
26%
5
23*4
7
22%
3*4
6%
25%
96
56
95%
38%
*51%
71
*68
1%
1*8
32
31
21%
20%
16%
16%
15*4
75
*74
25
24
16
6%
Melville Shoe
42,400
2,070
50
9%
40%
65
24
180
1,900
10,200
2378
3*4
23,400
3*4
1,700
{Missouri
6%
7%
7,300
Oonv
22%
3*4
7%
25%
25%
25%
26
3,000
Mohawk
98
97
97*4
2,900
40%
69
38%
41%
56
50
1%
1%
16,000
32
32%
32
20%
21%
*16%
21%
327g
21*4
16%
16%
16%
16*4
17
16%
17
75%
75%
25
•76
251*
8,500
22,600
300
3,900
79%
27
3,800
19*4
20*4
42,600
26
26
267g
620
16
16
16
15%
15%
15%
15%
15%
14
13*4
13%
15%
*13%
1378
13*4
13%
13%
34
33
34
33%
33%
33*4
34%
33%
34%
33%
160
160%
*160% 161
*160% 161
♦160% 161
*160% 161
28
28
26*4
28%
2678
27%
26%
27%
27% 27%
23
24*4
24%
24%
23*8
24%
23%
23%
23%
23%
112
*112%
112% *112%
all2% 112% *112
111
Ill
*110
al09
109
al08% 108% al09% 109%
3
3
2%
3%
27g
2%
3%
2%
3%
278
38
36
37
36
37%
37%
38*4
36%
35%
38%
10,000
21
26%
19%
26
....
....
30%
31%
31%
30%
30*4
*32
32
32%
32%
32%
294
290
285
2481* 285
*163
*163
*163
164*4 *161% 164*4 *161% 164*4
141
140
*138
140
140
*137
140
141
♦135% 141%
10%
107g
10%
10*4
10%
10%
10%
10%
10%
10%
2
*2
2
2
2%
2%
2%
1*4
1*4
1%
1
1
1
1
1
1
1
1
%
%
69
68
70
68
68*4
68%
68%
67%
69% 69*4
28%
30%
28%
29%
28%
29%
29%
29%
27% 28%
86
88
85
82%
*80%
84*4
85% 86
83% 84
10%
10%
10%
10%
10%
10*4
10%
10%
10%
10%
12
11*4
11%
1178
11*4
117a
1178
11*4
11*4
11%
3078
32%
*222
31%
33
227
30%
32%
221
31%
30%
36
36
36
54
53%
8,300
54
17,900
36%
35%
*36%
*54
54*4
54%
54%
*112
112
111% 111*4 all2
15
15
*12%
*12%
*12%
11*4
11%
11%
11%
11%
39
39% 40
38% 40%
38
38%
39*4
36*4
37*4
36
36
54*4
112
500
5,400
9,600
710
2,800
5,700
1,300
600
*5%
6
*130%
*96
....
5%
12%
7%
5%
5%
13%
*67%
94
105
5%
5
127g
12
7%
7
5%
4*4
5%
13*4
47g
13%
71*4
69
95%
106
2%
2%
233
233
107% 107%
94
105%
2%
232%
107
26%
27
257g
55
55
55
7*4
8
*98
100%
12
12%
»
For footomf*
105
una#
7*4
.
54*4
5434
7%
7*4
*98
*10
100
13%
105
.
.
8
♦
1420.
.
55
*98% 100
14
*87g
....
.
a54
7%
.
.
.
.
54
54
7%
7%
105
.
.
54
♦
220
300
1,200
Oentral
200
200
14%
97%
66%
8%
...
28
97%
41
3
»
«
3
24%
2%
6%
Jan 14
9%
367g Feb 27
6%
9%
8%
20%
24%
116%
22
44
60%
50
85
85
20%
58
150
1071* Jan 2
61* Jan 6
67U Jan 17
*8 Jan 7
Hi Jan
3is Jan
2*4 Jan
17i* Jan
5i* Jan
14i* Jan
2*8 Jan
37* Jan
201* Jan
89U Jan
35*4 Jan
109
Jan 15
121
10% Feb
*
>111%
37,
7%
68
105
1%
6
Feb
6
75
31
16
68
1% Feb 10
%
%
2*4 Feb
*4
*4
7
*4
2%
4
1
1
5% Feb 10
6% Feb 8
1%
1%
25t* Feb 5
9% Feb 21
10%
10%
2%
2%
4%
17%
6%
25*4 Feb 21
57,
57.
16%
7
3
1
1
7*4 Feb 11
1%
1%
277g Feb 19
10*4
10%
23
24
56
94%
4
98
Feb
Feb 27
*•
4%
15%
21%
40%
347,
41%
66
6
71
Feb 25
55*4
60
65%
2
17g Feb 10
63% Jan 2
%
%
16%
17%
69
17% Feb 19
17*4 Feb 19
9%
31%
7%
9%
33%
*22% Feb 19
7%
6%
9%
9%
44
Jan
Jan 21
28*4 Jan 21
15is Jan 2
13*8 Jan 31
1
41% Feb 27
69*4 Feb 7
34
Feb
4»
•
43
Jan
22*8 Jan
9
13*8 Jan 21
12*8 Jan
3
Jan
9
Jan
6
Jan 21
Jan
Jan
6
Jan
7
Jan
9
281* Jan 16
28*14 Jan 2
3%
47% Feb 19
217g Feb 19
28% Feb 11
13%
111
3% Feb
39
Feb
2/
10c
111
19%
271,
14%
4%
5%
22%
141%
13%
12
11%
*
c
108
106
1106
5
17
16
21
150
122
47,
121%
4%
Feb 11
%
%
It* Feb 11
%
%
Jan
Jan
40%
33
2
2
32
Feb
5
9
Jan
6
93
Feb
5
33
Jan
2
Jan
2
4
117* Jan 17
13%
38%
59%
113%
Jan 24
9
,
*«
*8%
3%
7%
Jan 24
4
21%
3
Jan 15
15% Feb 10
15
43%
Jan
80
3%
8
13*4 Feb
6
4%
4%
Jan
8
417g Feb 21
11%
18%
40% Feb 21
35% Feb 21
12%
12%
Jan
Jan
63
Feb
5
Jan
Jan
11%
107g
361*
29%
6
19
9%
39
2
2
6%
17% Feb 17
4
4
167,
6
135
Feb 28
101
125
Jan 20
112
2
Jan 10
2
Oonv
preferred
.....IOC
N Y OJtarlo A Western
loc
41* Jan
85s Jan
514 Jan
N Y
21* Jan
7
2
2
*2*8 Jan 17
No pa-
13%
41%
61%
97,
Jan
No pa
77%
11%
6
Feb 21
Jan 20
12*8 Jan
1%
%
83%
207g
6% Jan 16
135s Jan 22
Jan
14%
118%
109
3%
Jan
10U
978
321*
27*4
174*
361*
125
)
36
z8%
119
IOC
162%
140%
09*4
75
Jan
206
Feb 27
Jan 23
34%
32%
145
87*4
147, Feb 17
3
4%
34%
23%
10
6
Feb 28
14%
36%
158%
23%
22%
113%
108
1%
%
3
60
pa-
12%
80
60
IOC
8%
22%
129%
5
Jau 21
47%
11
14
3
31% Feb 24
34% Feb
26%
21%
4%
30
11
Feb 11
Feb 28
16%
15%
81%
14
17% Feb 19
15% Jan 29
38*4 Jan 9
162% Jan 24
30
15%
13%
10
217g Feb 19
24*4 Feb 28
112% Feb 21
1%
62
62
4
141
Railways pref...
No
Preferred stamped
N Y Shipbldg Oorp part atk
42%
8*4
Jan 29
90
North
11
3%
'*
10*4
16%
2%
165
........
37 1st preferred
40
Feb 27
N Y Lackawanna A Western.IOC
2
139
112
114%
6
%
Feb
7
78%
5% Feb
6
2%
14% Feb 7
7% Feb 24
5% Feb 24
5%
2%
6%
2%
2%
%
%
5% Feb 24
15% Feb 6
73% Feb 6
%
%
51
2% Feb
97
6%
65
Feb 19
89
Jan
2
96
Feb 17
69
100
Jan
3
107
Jan 31
79
1*4 Jan
2
%
114%
1%
99
96
6%
8%
16%
6%
3%
2%
16%
87
51
921*
69
102%
79
Southern
Ad J us
1,100
Feb 28
Jan 21
10c
preferred
N Y Steam 36 pref
38%
8%
Feb 20
1
Norfolk A
57,900
60
9*4 Feb 19
7* Jan 8
% Jan 10
...IOC
7%
131
97%
*
45%
90%
57,
3%
97
.No pa
190
45,100
35% Feb 21
165
10(
Y investors Ino
{Norfolk
103% Feb 14
15*4 Jan 22
104% FCb 6
137% Jan 21
Preferred
N Y A Harlem
400
8%
105
York
6,400
6,500
60
*4
294
{N Y N H A Hartford
12,500
4,600
3,500
87*4
1
14*4 Feb
2
...No paNo pat
6,000
100% 100%
13%
*9%
♦98% 100
•10
12%
*...
.
50
pa-
N Y Ohio A St Louis Co.....IOC
{N
Feb 17
46
Jan
10% preferred
25,200
7%
33*4
200
53i2 Feb 25
6
*127%
*127% 160
2
2
2%
4
28%
67%
3
Jan
35U Feb 21
6
70
Jan 31
Jan 22
No pot
6
290
24
49% Jan 24
1)8% Jan 3
11*4 Feb 14
14%
14%
111%
19%
Feb 21
Nelsner Bros
6
15
15%
15%
151*
15%
133
135
135
*127% 133
*127% 133
*127% 160
160
*127% 160
*127% 160
2
2
2
2%
2%
2%
2%
99
99
99
*96%
*96%
95% 96
5
5
5%
5%
5%
5%
4%
12
13
12%
12%
12*4
12%
12%
7
7%
7%
7%
6%
6*4
6*4
5
5
5%
5%
5%
5%
4%
5
5
5
5
5
5%
5%
13*4
12%
13%
13%
13*4
13%
13%
69
68
68
*67*4 68%
68%
68%
95
94
94%
94%
94%
94%
947g
105
105
105%
106
105% 105% ♦105
2%
2%
2%
2%
2%
2%
2%
235
229% 229%
232% 232% 232% ♦229
*107
♦107
107% *107
26
27%
26%
26%
26*4
27%
2634
6%
57%
IOC
Preferred series A
New York Dook
15
1%
3%
90
Newberry Co (J J)
.No pa7% preferred
104
{New Orleans Texas A Mex..IOC
Newport Industries
J
New
15%
9
No pat
62*4
15
Feb 17
No pat
40% 133,600
6,600
34%
7%
*4
8
Jan 23
No pat
Air Brake
36%
9% Feb 19
6
National Tea Oo
Natomas Co
61*4
16
IOC
10(
National Supply of Del
Preferred
32%
133
9
671*
1978
741*
9%
11*4
61*4
132
14% Feb
IOC
34
*15
pa
Nat Rys of Mex 1st 4% pf_..10C
2d preferred
IOC
National Steel Oorp
2/
Y
28
204
B.......
N
22
110
142
211*
21U
1081*
1071*
21*
29U
A
Preferred
60%
*5%
120
19
No pa-
Preferred
32
6
40*8 Jan
5*4 Jan
153
No
National Pow A Lt
59%
6
Jan 25
321* Feb
1(
101
31
6
12*4 Jan 2
971* Jan 10
...IOC
National Lead
57*4
4,050
3
9
7
17*8 Jan 21
Natl Distil Prod..
.....No pat
Nat Enam A Stamping
No pat
31
1,800
9
171* Jan 21
10(
61%
39
8
8
Feb 28
Preferred
60
37*4
....
32% Jan
14% Feb
27
7% pref class B
{Nat DepartmentStores..No
31
60
1,515
10,300
103
Jan
'
32%
61%
31%
41
15
11%
84%
21
7% pref class A..
1178
41*4
39%
3278
....
55
27
Jan
1(
Nat Cash Register
Nat Dairy Prod
54
Feb 19
84
Biscuit
112
15
Jan
Feb 26
20
82%
No pa
7% oum pref.....
111*4 111*4
15
*12%
1178
11%
41% 41%
39%
38*4
*12%
11%
181* Jan 23
57%
8
110
Jan
9U Jan
37% Jan
12i* Jan
5%
4
Jan 20
No pa
190
3,300
12% Jan 16
121* Jan 16
156
857,
3%
33%
83
108
Feb 24
11
186
23
45%
14%
8*4
74
Nash Motors Oo
....
28,000
105%
No par
Nashville Chatt A St Louis ..101
National Aome
..J
National Aviation Corp.
No pat
National
Feb 28
Jan
13% Feb
1
No pa-
2,860
43,900
7.50
Munslngwear Ino
Murray Corp of Amer
Myers F A E Bros
130
140
/
Preferred
23*4
50
56
par
Wheel
Mull In s MIg Oo Class A
Class B
23%
45
No pa-
No pa-
Motor
36% Feb 19
4
% Jan
60
I" .No
8*4
Feb 28
Jan
20
6*
2%
65
Feb 13
1
7»
12
60i* Jan
No par
Motor Products Corp
When issued
66,100
700
36
1(
Mother Lode Coalition
20,000
2,000
*54
2(
No pat
200
32
....
54
Oarpet Mills
Mont Ward A Oo Ino
18,000
225
32%
222
36
40,900
200
16%
14%
....
10<
Morris A Essex
80
20*4
26
19%
101
10(
Pacific
preferred
Morrel (J) A Oo
68*4
1%
1%
No pa
Preferred series A
56
*66*4
26
21%
27
_No pat
Mo-Kan-Texas RR
41% 170,600
*51%
69
20%
■
No pa
Monsanto Ohem Oo
,
47
19%
46%
..No pa-
IOC
IOC
24%
16%
16%
76%
No pa
10<
7% preferred
4% leased line otfs
Mission Corp
23*4
*51%
31%
20%
lot
6%pf..l00
200
9
4% Jan 20
46% Feb 28
15*4 Feb 20
9*4 Jan 17
21% Jan
4%
96
70%
1%
No pa
4%
5
Jan 6
Jan 6
Jan22
Jan 9
Jan 2
1%
23%
3%
33%
IOC
24%
8
60*4
Minn St Paul A SS Marie
5
Jan 20
9%
10
20%
1(X
8%
26
2%
3*4
22
400
24
Jan 10
3
*8
%
22
2%
5
6%
3H* Jan
{Minneapolis A St Louis
8%
5
pat
*2%
24
19%
1
1/%
3%
8%
30
10
20%
I
.11
Minn Mollne Pow Imp!
Preferred
13%
1
Feb 18
Mld-Contlnent Petrol
600
4,200
10%
10
2
491* Jan 17
40
29
12%
66%
65*4 Feb 28
10% Feb 19
I
Minn-Honeywell Regu
6% pref series A
14
63% Jan 3
21% Feb 28
107
10
3
Jan 20
160
2%
4
10
16% Jan
108
h
7S
1
8
171*
10%
57%
23%
21%
5%
10%
64
Miami Copper
8% oum 1st pref
Mllw Elec Ry A Lt
12%
7
Feb 7
Jan 3
Jan 10
Feb 3
Jan 9
Feb 28
Jan 14
2% Jan 20
30*4
57%
11%
37%
55
Meeta Machine Oo
Midland Steel Prfed
Feb 17
5%
18%
101
7% preferred
13,600
1
19%
19%
46%
19%
*25%
47
]
18%
30%
2%
55<4 Jan 31
7>* Jan 6
No pa,
......)
(Meroh A Mln Transp Co.No
30
67
1
No par
Mengel Oo (The)
200
9%
.No par
18%
3
Jan
973s Jan
10<
pref
oonv
1,800
97
66%
1
36 pref series A
5,000
195
108*4 108*4
No pa-
oonv prof
Mead Corp
4,500
47
20%
23
I
MoLellan Stores
9,300
120
No pat
2%
5
23%
8%
22%
3*4
2,300
7,700
118
Oo
MoKesson A Robbing
20,000
1978
36%
*95%
101
Molntyre Porcupine Mines..../
McKeesport Tin Plate
No pat
13,800
*175
1
*2%
3%
25
9%
24%
195
No pa
preferred
McGraw-Hill Pub
13,000
9%
34%
.
108*4 108*4
9%
9%
*66% 67%
*3%
23%
8%
21*4
3%
6*4
23%
20
36%
117% 121
97
*95%
97
"800
7,400
50
Feb 14
1537* Jan 17
46% Feb 21
29
Class B
3,400
19%
9%
18*4
2%
4U*
Hi*
8t*
30
.No pat
tMoCrory Stores olassA..No pa-
MoCall Corp
Oonv
20
7
103
700
300
60
$ per share
30%
37g Feb
life Jan
7% Jan 2
8i* Jan 31
High
Low
$ per sh
6
42
34% Jan
No par
Prior preferred
3,900
5,300
47%
8*4
47%
8%
35
66%
78
2%
•3*4
39*4
63
35
9%
65*4
9%
*60%
19%
67%
9%
9%
pa-
...No pa'
Preferred ex-warrants—No pa-
70
60
8*4
19*4
97
65
631*
9%
15%
102
35%
112*4 116
2%
100
11
.No
Preferred
....
14*4
15%
102
60
31
1
*100
14*4
*98
194
96
*100
19
112%
.....100
52
20%
19*8
*46%
19%
Preferred
Maytag Co
47
21%
47
Mathlesoo Alkali Works ..No par
May Department Stores
*46%
19%
20%
*46%
20*4
26%
16%
No pa'
120
*35
24%
3*4
6*4
Closed—
Washing¬
7,800
Martin-Parry Corp
9,100
36%
*3%
23%
8*4
22%
3*4
35%
34%
No pa<
4,300
60%
9
35%
Marshall Field A Oo
21%
64
67%
78
2*8
*3%
100
preferred
Marlin-Rookwell ........No pa-
49
*175% 194
108*4 108*4 *108*4 10978 ♦108*4 109%
1
8%
2nd
320
160
14*4
•98
*97
9%
35,600
3%
21
63%
9%
19%
30%
68
2,500
15%
14
14
13*4
13*4
14
14
13%
13%
*104% 110
*104% 110
*104% 110
22
21%
21%
21% 21%
21*4 21*4
43
44%
43% 44%
43% 43%
44%
107
108
109
109
1071* 109
110%
1078
10%
10% 10%
10%
10%
10%
44% *44% 44%
43*4
42%
42*4 42*4
13%
14*4
13%
13%
13%
14%
13%
197s
20%
29%
30%
111*4 112
9%
46%
.100
.....10C'
48%
14
9%
19*4
31*4
67*4
78
2%
*334
110
21%
60
112
Prior preferred
Market Street Ry
48%
63%
*178
Preferred.... .......—.100
(Del)
47*4
20%
14
44*4
*96
1,140
*8
8%
*158% 159
9%
61%
*34
35%
1%
100
Year 1935
36*4 Feb 19
48% Feb 5
10% Jan
2% Jan 3
914 Feb 26
1>* Jan 7
Marine Midland Corp
14*4
Jan 30
8% Jan
1
6
100
11,900
45
-
45
19*4 Feb 19
17*8 Feb 26
9%
9%
27% Jan 30
21
Maraoalbo Oil Explor
21%
$ per share
10C
24,500
,
Range for
to
Low
Highest
3 per share
Mod 6% guar
Manhattan Shirt
700
47*4
20%
51%
9
60%
{Manhattan Ry 7% guar.—10t
2,600
110
102
.......No pat
Mandel Bros
1,100
21%
*3%
3%
15%
100
5%
*6
46
*8
34%
63%
978
63
195
35
14%
{Manatl Sugar
Preferred
9%
1%
1%
*2*4
*43
Copper
Magma
2,200
1,100
....
18
No pat
0—N# pat
10
100
Maoy (R H) Co Ino
Madison Bq Gard v 1
4%
22
45%
14*4
8%
87g
190
*20
3
43%
'
21%
50
20%
18
9
45%
14%
*7%
34%
44%
9%
1 44%
8%
*6
46
*100
15%
*96*4 102
8%
21%
1581* 15812 *158% 159
46*4
1%
9*4
Ns pa*
Maok Trucks Ino
14,600
7.500
460
20
9%
21%
3%
8*4
3%
Lowest
Par
300
3%
*46
49%
20%
18%
4%
9%
*1%
*5
15%
9*4
9%
*46
60
15
1931
Jzn. 31
1 QQA
Shares
9%
50
9*4
1%
77g
3 per share
Jan. 1
30share Lots
Week
34%
21%
4
28
46%
33%
46
187*
3*4
91*
IBs
77*
■
Feb.
ce
flTOPTT
O 1
EXCHANGE
the
9%
34%
46%
21
•46
/• v,
;
27
$ per share
$ per share
4678
9%
45%
9%
39%
3%
Feb.
26
Friday
Vftntr
XV/IVIX
ISTTFOT
IN Hi W
JOT
Thursday
Wednesday
Tuesday
Feb. 25
Monday
...IOC
Western
...IOC
210
Jan
2
233
Feb 20
138
158
218
1m
106
Jan
4
108
Feb
3
77
99
108
8
65*4 Feb 14
31
8% Jan 30
2
2
1017g Jan 24
12% Feb 21
39
57
Jan 30
71
•«%
pref
American Oo
Preferred..
North Amer Aviation
No pa51
J
No Amer Edison pref
No paNo German Lloyd Amer shs....
Northern
Oentral
IU
25U Feb 19
52*4 Ffeb 6
6*8 Jan 6
98
Jan
2
414 Jan 17
99
Jan 30
278 Jau 14
30% Jan
99
*4
*4
9
7%
2%
9
28
35%
55
3%
86%
7%
102
10%
99
New York Stock Record—Continued—Page 7
Volume 142
1427
July 1
HIGH
LOW
AND
SALE PRICES—PER
QTHPTTfl
Sales
SHARE, NOT PER CENT
NEW
Saturday
Monday
Tuesday
Feb.
Feb.
Feb.
22
24
34%
35%
♦53%
55%
3%
28%
I684
3%
♦24
16%
3334
23%
25
Feb.
$ per share
$ per share
$ per share
Wednesday
33%
Feb.
$
♦23%
28%
16
3234
*54%
16%
3334
34%
34
54%
*54%
2%
27
3%
3
♦20
Feb.
£ per
28
28
28
16
15%
16%
*20
16%
3434
1,000
16%
3%
57,600
3%
28%
54%
3%
18,500
5,300
42,900
1,000
32%
33
33%
34%
35%
22
24%
24%
23%
23%
22%
2234
23%
115% *114% 115
115
115
114% 114% *114
115
9
9I4
♦9%
*8%
8%
9%
9%
8%
8%
9%
31
31
328,)
31%
32%
31%
31%
3184
31%
31%
130% 130%
131% 131% *130% 132
130% 130% ♦130% 131%
18%
19%
18%
19%
18%
19%
1984
1984
20%
20%
95
94
*93
*93
95%
96
94
94
95
*94%
♦49%
5284
*49% 5234
52 84
*49% 53
*49%
5234
*49%
115
♦115%
148
1634
*115%
*13%
146
16
8%
1484
8
8%
•12%
8%
8%
34%
5484
33%
54%
16
16%
129% 129%
34
54
16
♦146
16%
17%
2%
30
*29%
93
94
94
79
78
79
11%
11
26
26
25%
11%
25%
10%
10%
147
147
*29
3134
94
94
10
10%
25%
25
4%
4%
684
6%
784
8
14%
2
.
1434
1%
33
150
94
95
10%
7634
78
10%
11
2,400
34,500
4,400
16,400
26
94%
10%
77%
10%
25%
4%
2684
10%
2
1%
36
*55%
*10*4
684
33%
29%
46%
47
2734
46%
122
44% 45%
105% 105%
44%
5%
*684
*1084
11
3%
3
71%
13%
72
1234
*83%
41%
95
42%
42
38%
38%
42
♦38%
14% )
♦81
83
*90%
23%
110
*2%
*1734
21
22%
91
90%
23%
2334
7%
7%
24%
25%
96
96
90%
15%
9084
1534
32%
32%
*102
*79
2%
18%
110
14%
87%
584
27
27
46%
46
13%
*83%
90
9%
*81%
14
2
1%
36
*56%
*
9%
108
4434
156
100
300
MMM.
243
44
*151
155%
*112%
45%
48%
20%
21%
126%
126% 128
MMMM
108
110% 110%
*108%
•.MM
15%
15%
7,400
2,060
900
2,700
410
550
100
4,500
11,400
55%
9234
1284
12%
55%
-
55%
93
8%
3034
3038
8%
3034
46%
47
47
42%
4234
38%
42%
*80
83
80
5(
....
7% Jan
6
9
125s Jan
lis Jan
6
5
30
10(
113
Preferred
Jan
2%
18%
2134
*90
91%
23%
23%
2
2
*
*16%
21%
90
91%
23%
110
"7%
2%
7%
*22%
*
11
Jan 23
2
11
8
»t
Feb 10
478
Jan
17U Jan 24
8U
2U
*4
47s
8U
Feb 19
Jan 15
.......
Pet Milk
64iy
88
56
Jan
Jan 13
21
Feb 18
18
Feb
6
18'4 Feb
5
10(
Hosiery..
I
uw
39
234
18%
pref
.....100
No po
Pittsburgh Coal of Pa
10(
Preferred
10(
Pitts Ft W A Chlo pref
.No pas
10(
Preferred
Procter A Gamble
No pa-
5% pref (ser of Feb 1 *29).-10*
Pub Ser Corp of N J
3,400
1,100
200
90
800
23%
700
10
Preferred
Reis
1st
A
94
90%
90%
90%
91
9184
92%
15
15%
31%
31%
14%
*29%
1484
1434
1434
1434
15
32
32
32
32
32%
113% 114
114
1,400
1,600
2,100
800
114
32
32
32
31
31
32%
31%
31%
31% 32%
*113% 116% *113% 116% *113% 116% *113% 116% *113% 11638
38
36% 38%
36%
37%
37%
38%
39%
36% 36%
57
57
56%
56
55%
5684
55%
5534
5634
55%
65
*6ia4
65
65%
*6184
♦6I84 65%
*6184
*6184 65%
12
12
*11
*11%
12%
12%
12%
12%
*11%
12%
28
♦28
28
*28
♦28
2884
2884
28%
2884
28%
38
*36
*3684
36
*36%
3784
3684
3684
3584
36%
70
2,800
MM----
6,400
11,500
MMM.
•
-
6
113s Jan 31
4ia
5ia
2
73ia
Jan 14
16U
22 if
3
Jan 17
Jan
134 Feb 24
163s Jan 4
3
6% conv
1%
Feb 19
241a
2412
21
2
32
Feb 11
67«
678
Jan
7
1178 Jan
6
Jan
2
41s Jan
114 Jan
9«4 Jan
2
314 Jan
7
2
6
23l8 Jan 6
4584 Feb 11
119
Jan 14
334 Feb
6
1
15U Jan 15
1934 Feb 19
958 Jan 11
1
6ia
6ia
6
6is
1*8
33s Jan 11
1%
>4
14
6
43B
43b
63s Jan 16
38
3S
12% Feb
36
Jan 16
49
Jan
5U
2
122i2 Feb 26
48*4 Jan 15
33is
"
101
20*8
612
423a
115
203s
106is Jan 13
697a
73
73
Jan
11978 Feb 15
136i2 Jan 27
84
85%
149
Jan
156
99
Jan
113U Jan 17
483S Feb 28
837«
Feb 21
67a
8
115
2U2
Feb 27
Jan
130
102% Jan
115
108
Feb 27
49
Jan 14
Feb
291a
107
1438 Feb
Jan 14
3312
62%
100
99
29%
57S
49%
65
~
"~8%
173s Jan 6
14U Jan 17
4
4
54i2 Feb
3
56
Jan 24
22
60
2
97
Jan 31
133*
85%
8H
1U
1%
Ills
16%
297s
297a
39
Jan
43
Feb 25
28
36
37
Jan
40
Jan 13
27
33
978 Jan
1634 Jan 30
88
70
Jan
4
pa
2i8 Jan
15i2 Jan
1978 Jan
4
8512 Jan
3
101
'
....
2t
21
Car
i
No pa
preferred
10*
proir pref ser A..10<
t
1(
A
10C
Metals Co ....No
5H% oonv pref
pa
6«B
8
514
7
Westphalia Eleo A Pow
..
No po
Jan
6
69
69
Jan 14
211s
2Ua
Feb 20
110
Feb 20
98i2
48%
2
8
Feb 19
2
478 Jan
2434 Jan 23
I8I4 Jan 21
2634 Feb 19
86
Jan
2
99
Feb 19
89
Jan 27
95
Jan 13
13U Jan
7
3U4 Feb 25
113
Jan
2
29U Jan 15
Jan 13
Anyone Copper Mines
94
23
110
Feb 17
Bitter Dental Mtg
1
Jan 14
2334 Jan 15
27
Rhine
20%
1
22
115
300
3is
201|
Feb 17
334 Jan 14
2
10(
1(
3ia
3
Reynolds Spring
....)
Reynolds (R J) Tob class B...11
A.
914 Feb 19
2
lOt
Reynolds
Roar
lOU
Us
86
Feb 24
Preferred
Class
6%
7
Feb 19
Revere Copper A Brass..
Class
8
2
33
$6 preferred
oonv
Jan
65s Feb 19
Jan
581s Jan
48%
Prior preferred.
8%
21
1
1
3
Rensselaer & Sar'ga RR Co.. 100
200
1,600
9ig Jan
172
6
preferred
Republic Steel Corp
25%
94
7
2614
141%
2
No
Co
96,900
24
26
3
5
1(
Remington-Rand
Motor
7
40i2 Feb
17812 Feb 20
Feb
Jan
....
(Robt)
655a
6<
5(
Boo
95%
Feb
*8
31
50
3512 Jan
Hosiery
78,800
25
12
2
36i2 Jan 21
58
35
2878 Jan
preferred
Silk
7%
94%
Feb 21
5<
...
1st preferred
2,200
30
pa
No pa
Reading
2d
2,200
2i2 Feb
37% Jan
61
234
No pa
Raybestos Manhattan
Real
2
4
3
50
284
1134 Feb 10
5<
{Radlo-Kelth-Orph
600
3
44
978 Jan 10
83ia Jan
No pa
No
B
6ia
63ia
1334
4
165s Jan
......
Preferred
11
Jan
3678 Jan
Radio Corp of Amer
6ia
48
7
*45% Feb
112
conv
Preferred
7
312
1*4
Jan
No pa
preferred
10»
fl% preferred
10<
6% pref rets .........
Purity Bakeries
No pa
8%
114
3
3514
60
...No pa
Pullman Ino
23
38ia
l^s
134
35
Pub Ser El A Gas pf $5...No pa
Pure OH (The).
1284
211S
Jan 15
984 Jan
13ia
,1s"
3814
»
Feb 21
1% Jan
9U
13
10i8
17
130«4
53,000
1,350
1,400
11*4
21*
161a
74i4 Feb 19
15i2 Feb 7
83% Feb 10
84
Jan
.....
2
7
2
Jan
117
.......
914
758
II
Feb 17
Jan 31
101
10<
10<
preferred
preferred
preferred
12
30
1083s
1734
35s Jan 13
42i2 Feb 19
103i2 Feb 21
No pa
No pa
15 preferred
•14%
Feb 17
6l8 Feb 14
1*8 Jan
1
No pa
....No pa
25,000
1,900
14,500
52,300
4,400
8
2
914
Feb 19
13% Feb
12
No pa
Pittston Co (The)
Plymouth OH Co
Poor A Co class B
8%
14,400
24
2/
lOt
Pittsburgh A West Virginia _.10(
300
22
92%
-.10*
Preferred
200
100
883 Feb
72
49
0% preferred
Pittsburgh United.......
93
1212 Jan
78i4 Jan 29
38i8 Jan 6
Pittsburgh Sorew A Bolt.. No paPitts Steel 7% cum pref
101
10(
38
1734
49l2 Jan 11
Jan 21
176
Pitts Term Coal Corp
Jan
8ls Jan
212 Jan
IOC
6%
7%
100
16
lOij
80
7234 Feb 27
..No pai
Preferred
"
9
Jan
1
11,0001 {Pressed Steel Oar
700
8
Jan
Porto Rio-Am Tob cl A—No pa
5,700
1,000
32l2 Jan
11412 Jan
Jan
5(
Class B
1714
4
No par
7% preferred
Philips Petroleum
Pieroe Oil Corp
17i4
29
No pas
preferred
Phoenix
Feb 21
49i2 Feb 17
712 Feb 19
3534 Feb 19
Petroleum Corp of Am
7%
18
39
Jan
101
10<
3
2*4
10
405s
10<
......
l7i
6
Jan 16
10<
Prior preferred
Preferred
678 Jan 28
*4
46
10!
People's G L A O (Ohio)
{Postal Tel A Cable 7% pref _10<
110
"7%
Feb 28
7U Feb
412 Jan
2884 Jan
3U4 Jan
No pa-
Peoples Drug Stores
2,500
80
2%
*16%
21%
114
Pen nay." vanla
2,000
4,200
15%
9,800
1234 142,800
46
17%
MM
20
24%
900
4,700
z29%
21%
-
3,700
91%
8%
82%
2%
M
2934
92
For footnotes see page 1420.
400
19,200
46%
46%
21%
90%
7%
180
MMMM
..---
15%
12%
55%
,
1,600
2,000
2,200
45%
14%
*103
10t
Pieroe Petroleum
14%
114
11
Cement. ....No par
Preferred series A
Ptllsbury Flour Mills
21
Pirelli Co of Italy Amer shares..
23%
114% ♦103
32,600
Penn-Dlxle
1,000
94%
91%
23%
92%
90%
2
Penn Coal A Coke Corp
18,700
5,700
106% 2104% 105
120% 2118% 118%
134
134% *133
109% 109%
14%
7%
6
Jan
Jan 13
64lS
2
14%
7
Jan
9U
6714
2U
70
14%
7%
24%
8
67
9U
«4
143s
39
110
8
67
3
86is
36%
39
9034
23%
6
7
Jan
2
60
*42
*105
Feb
Jan
3,000
39
23%
12
8784 Feb
79
MMMM
43
91
Jan 15
Feb 27
70l2 Jan 31
♦1223s
2834
ia
6ia
7U8
No pas
M M M M
4334
43
110
"V
28%
46%
21
Penney (J O)
Phillip Morris A Co Ltd
11
Phillips Jones Corp
No pai
*1234
984
6»S
26
Feb 27
1234
26s4
5i4
8i2
10i2
17l2
414
4i8
Jan 15
445g
7.600
74
39
21
9712 Feb 13
Feb 21
Phlla A Read O A I
39%
18%
34
2
2i8 Jan 14
400
13
14
46
22%
3
Jan
73
9,000
90
43
9
35s Jan 15
Feb 17
3%
72
43%
205s Jan
UUa
684
68
3
11%
0
74
*9%
26%
234
17%
Patlno Mines A Enterpr ..No pa
Peerless Motor Car....
Pere Marquette.....
584
*81%
13%
1%
122% 122% *122%
44
43% 44%
105% 106
106%
118% 118% *119
*132
134
134%
155% 155% 156
*112%
*112%
45%
45% 46
20%
20%
1984
125% 126% 126
♦78
131s
No po-
900
43
3
No pa
Peoria A Eastern....
3
70
83
Pathe Film Corp
400
*9%
*56%
14%
)
1,600
3534
47%
3%
70
14%
)
Parmelee Transporta'n...Ne pa
7%
6
984
.
42
Ino........
Park Utah C M
35%
11
13%
1%
20
21
21%
126
12434 125%
126%
♦109
109
109
109
109%
110%
♦107% 109% *107% 109% *10734 109
15
15
15%
16%
15%
14%
12
12%
12%
12%
12%
11%
55%
55%
55%
55%
55%
55%
89
90% 91
8934
91%
90%
8%
8
8%
*7%
834
784
31
30
31% 31%
30% 31%
46
45
47%
48%
47%
4584
♦13%
"
Feb 21
Jan
18l2
78i4
9%
76l4
255s Jan
45ii Jan
8118 Jan
3U Jan
*56%
21
Park-Tllford
10
60
290
36%
45
Feb 27
7
Phelps-Dodge Corp
21
Philadelphia Co 0% pre!
5(
$6 preferred
No pas
{Philadelphia Rap Tran Co... 51
*36
105% 105%
118% *118% 118%
♦134
136%
134% 134%
♦154% 158
154% 154%
112% 112% *112%
46
46%
4734
46%
100
Feb 19
200
36
♦117
Jan
1% Jan
900
36
46%
First preferred
Second preferred
3,000
*85
36
2
28%
lOf
35%
7%
36%
122
8% conv preferred..
Parafflne Co., Ino
No par
Paramount Pictures Ino _.....]
45
•
28
No pa
113
11
11
11%
11
11%
*10%
11%
*10%
*10%
38
38
♦38%
3934
*39
*39
38%
38%
3984
39%
*178% 210
♦17834 210
♦178% 210
*178% 210
♦178% 210
10
10%
1034
10%
10%
10%
10%
10%
10%
10%
69
69
68
69%
6734
67%
7134
6734
71%
7234
*2
2
1*4
2%
2%
1%
*1%
2%
*1%
2%
20
20
20
•I684
♦16s4
1934
♦I684
*1634
1934
*1684
684
6%
584
5%
5%
5%
5%
5%
5%
534
81
81
78
80
80
80
82% 83
81% 82
29
30
29
30%
28%
28% 2884
2834
29%
29%
3
3
3
3
3
*2%
3
♦2%
*2%
*234
14
14
14
14%
13%
1384
14%
14%
14%
13%
18
18%
1834
17%
18%
17%
1734
18%
18%
17%
8
8
8
8
8
7%
734
7%
7%
8%
3
3
3
2%
2%
2%
284
2%
234
2%
11
11
10%
1034
10%
1034
10%
10%
10%
10%
4
4
4
3%
3%
4%
3%
3%
3%
4%
♦12034
I
Panhandle Prod A Ret
44%
*684
88
♦81%
12%
1%
79
Jan
18,300
*90
79
140
90
91%
36%
10<
preferred
6%
47%
47%
*9
130
91%
35
♦90
9%
3
4734
34
*47%
13%
70
Jan
133s Jan
92
81%
681|
0914
118
16
34%
47%
9%
12
Pfelffer Brewing Co .....No pai
♦90
13%
19
12
9,700
♦47%
81%
l
19
10,300
93
9%
1
934 Feb 10
12%i
18%
3634
4784
13
3ia
19
17%
3434
81
3ia
Feb 11
667s Feb
21
20%
16%
1734
Z3484
4784
13
1
3734 Feb 17
18
17%
81
1
3084 Jan 11
16%
20%
16%
17%
95
17
10(
Pacific Telep A Teleg
14
50i2 Feb 21
15i4 Feb 19
20«4
16
43%
pa
No pa
18%
20%
1634
18
13%
No
20%
17%
20*4
44
2/
Corp
72%
17%
33%
95
Ltg
Pacific Mills
4% Jan
72%
16
*84
Pacific Gas A Electric
80
6
934 Feb 11
7284
18%
♦13
No pai
No par
preferred...
2
4
3
312 Jan
912 Jan
...........It
35%
16%
70%
♦1284
♦83%
41%
Pacific Coast
1141a
60
"
10
13
120
Jan 23
36
75
34
117
Feb
6
Jan 13
13is Jan 3
3012 Jan 26
38i2 Feb 17
Jan
3
19i2 Feb
2
3
Jan
78%
3
«
655a Feb 10
IO84
78i2
«
Jan 10
2
32
28%
16l2 Feb 17
55i8 Feb 26
Jan
2%
9
19
36
39i8 Feb 28
585s Feb 28
60
9
«
95s
101
*1
5%
17%
101
6
12%
3934
fifil4
431-
10«4
5"
an
11%
265s
125
17%
55
97
Feb 17
175s Feb 21
353s
87%
71%
21
7234
13%
149
107
92
Penlok A Ford
900
31
71
70%
13%
»8334
42%
2
Jan 20
2%
32%
14%
27%
2O84
2234
3,200
7%
31
3
Jan
14
4U
25%
62%
38
4,500
6
6%
2113
5%
10%
128
t
7V
28
8
Feb
100
Glass Co
Pacific Amer. Fisheries Ino
45
71
7184
7%
31
72
71%
6
15%
113
5%
10%
3%
21
Preferred
Owens-Illinois
44%
*684
71%
2034
9%
15
31
88
5%
7%
8%
734
113
44%
♦87
3
7%
8%
15%
31
87
5%
7
113
6%
3584
3%
4%
438
113
87
9%
♦17%
22%
600
*29
32
*30
35
9%
53
3ia
76%
43%
684
33%
7
10>4
284
a234
38%
30%
95% Feb 19
Jan
8>4
*16
2%
3684
44%
Jan 15
47
3
20^8 Feb 19
87
106
16
*2%
39
114
1512 Jan 20
100
No pa-.
Prior preferred
Co
92
Pan-Amer Petr A Trans
3
37%
44%
6%
2
Jan
No par
Otis Steel
Pacific
123
17%
*16
17%
3634
30%
100
..........
lUs
26s
36%
♦113
Preferred
4«4
111«
3234 Feb 24
131% Feb 25
24i2 Jan 21
5
42
30%
No par
......
zi
41
45%
Otis Elevator
3ia
484
2
684
38%
114
2
Feb 10
10%
3534
Jan
Feb 19
634
3784
8
76
18
40
36%
No pa-
16U
3i2
70
13
73
38%
Oppenhelm Coll & Co
16U
24I4 Feb 21
115i2 Feb 24
lOU Jan 16
147
11
6%
2
9U
8
77%
♦37
Jan
x20
812
1318 Jan 18
6% Jan 2
72%
534
6%
7
107
1712 Jan 15
35»8 Feb 28
Pao Western Oil Corp....No pai
Packard Motor Car
No pa
70
2,900
73%
6%
6
100
Preferred A
30
11% 234,700
784
14%
»178
41
par
6
16%
72%
5%
6%
new -No
Jan 16
11%
72%
5%
5%
Oliver Farm Equip
Omnibus Corp (The) vto._ Ne par
23
16
7184
5%
40
No pa-
Us
16%
73
6%
20
13*2 Jan
24i8 Jan
1834 Jan
.....
US
11%
17%
72
4134
Jan 22
Ohio Oil Co
6
Jan
11
6%
2
367a
2
16
978
8%
14%
33
101
% per share
11
76%
10%
25%
4%
4%
6%
13is
55% Feb 18
3% Feb 8
Pacific
$ per sh
15%
73%
6%
3%
2%
140
130
400
34
♦55%
130
13%
61% Jan 16
Northern
1935
High
Northwestern
Telegraph
..50
Norwalk Tire A Rubber ..N§ pai
Preferred
50
2d
2,400
Low
Low
I per share
3634 Feb 20
610
14,200
4,700
Range for
Year
% per share
24% Jan 2
Par
1st preferred
16%
1634
to
Jan. 31
Highest
Lowest
400
2
4734
1%
820
71
16%
17%
36
-
1%
71
9%
M
*69%
684
3534
87%
43%
MM
2,300
3,800
2
21
ton's
M
71
14%
1%
2
70%
Birthday
M
100-share Lots
1936
Outlet
71
14%
87%
♦5
300
71
7%
♦90%
66,200
54%
*53
130
60
71
8
684
10%
'35
19,400
71
6%
35
34%
600
71
4%
6%
45
16%
9%
884
40
72%
4%
6%
114
55
16%
17
50
2,800
16,600
8,800
9,600
5,300
1,800
4%
Closed—
*2%
30
93
11%
Washing¬
*16
2%
92%
10%
78%
Exchange
15%
10%
MM
16%
9%
15
146% 146%
♦16
37%
30%
34%
53
147
17%
2%
31%
634
33%
16%
8%
147
16%
11%
•♦39
34%
53%
14
147
11
7%
14%
1%
72%
72%
6%
9
15%
834
8%
15%
884
8%
130
15%
29%
15%
147
147
MM
147% 149
16%
131
1134
234
16%
8%
♦130
1634
♦16
*115%
14784 14812
16%
129
10%
Stock
33%
53%
16%
*115%
••
146
129
16
,
*115%
_
8
15
3334
53%
-
I684
J1*
♦13
8%
8%
_
14784
16
17
8
•
146
148%
1933
Range Since Jan. 1
On Basis of
STOCK
Shares
35%
54%
33%
55
YORK
EXCHANGE
Week
share
35%
28%
1584
31%
22%
the
Friday
share
per
2%
3
34
26
$ per share
35%
55%
*54
Thursday
65%
11%
5%
21%
115%
129
1784
3%
10
5%
New York Stock Record—Continued—Page 8
1428
Feb.
29
1936
JWV 1
and low sale prices—per
high
share, not per cent
STOCKS
Sales
Feb.
24
Feb.
22
i
u/IALiiy
tlCOU/Lly
Feb.
1X7fi/Jnjf Q/fnit
WW
CCt/MIcfCtujf
25*
Feb.
26
Vh'iiTQ/frfi/
j
fiui
oiiiiy
Feb.
27
Wrirlmi
ritiMiy
Feb.
28
1933 to
Range for
Jan. 31
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
Year 1935
TTYPTT A MflT?
jjAvIliiii KJXls
tha
1/16
r
YORK
NEW
for
TiAT nvt/lnoi
JiVl
saiUTaay
1 QQA
iuOO
Lowest
Week
Low
Highest
High
Low
—7
$ per share
57
*543s
$ per share
$ per share
56
*5434
110
11434 115
10
934
2778 28
278
258
5
412
•
912
26i2
27s
111
10
434
1238
23
♦1714
34
3312
3314
llll2 1111,
11212 113
114
*113
"
.
\'
'
5
278
5
*54U
2834
214
3
578
98
Rutland RR 7%
2934
314
22,100
31
28,200
41,700
(St
1214
514
*1058
12
23
*17U
23
*1714
23
114
33i8
3358
lllig 112
*113
114
33U
6lg
3314
50
160
114
90
14
14
14
14
14l4
14
15l8
3,400
4734
4912
4938
50
50i2
5138
37,600
9878
9914
99i2
3,200
3i2
17i2
35g
6,700
69
67
98i4
3i2
17i2
6734
98i8
338
338
1714
68I4
H4
314
98is
33g
17i2
3514
3314
34*8
U4
3i8
3358
34
*534
62i8
64
*13i2
4712
98
3i2
18i2
6934
H2
6l2
4
578
6234
62i4
62is
4i8
7178
20is
1478
2978
*68l2
I9I4
1434
293s
634
*4
*65
1918
14
2734
684
714
13s
338
6
6334
6I4
6338
6i4
*534
6iS
500
64ig
63i8
64k
16,200
414
2,000
1914
19
19i2
19i8
1934
14l2
1434
I14t2
153s
2734
678
48
48
7h
43i2
1834
4312
43 i2
18
183s
II6I4 11634 *11514 117
*3034
*43
1678
*113
12
1158
3178
*685S
29l2
7U
*4734
3034
70
*64
70
3034
60
10C
10C
238 Jan
778 Jan
2
2
2
1st preferred
tSt Louis Southwestern
7% preferred
Savage Arms Corp
7,800
500
*31
32
60
47
*43
47
30
11,700
115
700
Dohme
Sbarpe 4
'
21
*61
*73l2
6684
2,500
Smith (A O) Corp
23i2
15»8
24
2378
24
24i8
6534
2378
2414
2,000
Snider
155s
1512
1578
1534
16
3238
3H2
*153
3212
____
2612
26
36
3734
19
3434
1778
3678
2018
3Hs
4878
i
!
3014
*47
I
10
.
28i4
4878
10
73
106
10i2
73
106
i
7234
*100
19l8
30i2
4878
2534
3414
17l8
28i4
*48
10
10i2
75
106
878
914
8i2
95g
912
7312
*104
9
958
Stock
~31^
32i2
*153
2612
9i2
83S
93s
*155
26
2512
3538
3538
9,500
37
3458
3714
19i2
68,200
34,400
Southern
Pacific
Southern
31i8
29,500
4834
500
10
10
10
10U
IOI4
1,100
73i2
7314
7314
7314
74
220
105
80
105
105
85g-
858
878
85S'
834
15,600
9i2
*914
958
938
93g
600
*83
Exchange
33l2
3312
2II4
1514
33
15
15
47
47i2
66
6734
6534
4712
67l4
2078
Washing¬
*15
*98
ton's
1734
101
■-
,
~i
'
(
''
•
'
1134
*98
18
128i2 129
Birthday
1934
1678
*127
12lo
1134
3312
2078
101
1778
129
1212
3214
33
3234
1958
14i2
4734
6512
203s
20
2034
1412
4734
6634
14
1412
47l2
4712
66l2
683s
66
67
*98
101
*98
101
*98
3234
101
Zl658 1714
1738
1718
125
125
12734
12
] 12l8
1178
1212
*125
33
3314
1,400
2058
2114
46,000
14i8
47l2
14i8
900
47i2
230
17
5,600
lll2
110
4,500
1214
7
7i8
7i2
75S
718
75g
834
18,100
738
8I4
734
14
13i2
1414
1312
1312
143s
1514
13,500
1334
14's
1478
31
2934
34
29i2
3138
35
30i8
3238
7,200
3512
3478
34
3312 3412
36
3314
38
34i2
35i2
14,600
3714
3634
2
234
27s
2i2
2i2
2i8
278
314
234
234
3,700
11338 11338 *11278 11312 *11278 113l2 *11278 113i2 *11278 113i2
100
4558
46
46ig
45
4478
4534
4434
25,000
45i8
45i8 46i8
39
38
383S
3812
37i8
3734
37i2
3914
19,000
3834
39i8
30
30
30
30
30
500
2912
2912 *28i2 30
*28^2
59
5978
6034
59
6OI4
58U
5878
6034 41,600
6OI4
5934
*30
*3014
300
3212
31
3014
30l4
30
30
*30
3HS
66is
6638
6618
6612
66l8
4,300
6658
66l2 6678
6634
667g
312
3l2
700
3i2
3i2
312
3l2
3l2
*338
378
312
1058
105S
900
10i2
10i2
*10U
*918
10i2
10l2
10l2
10l2
*4914
50i4
*4914
50l4
*4914
50i4
50i4
*4914
50i4
*49U
21 is
20
2138
2158
21
20i8
11,000
2038
215g
2038 2m
16
15
15
15l2
16
16
16
1578
16i2
18,900
163g
1278
13l2
123g
13i8
1218
13l2
13l2 136,300
125s
125s
1278
84
*81
84
8534
8534
800
83
84
84
8434
83
12012 120l2
3714
37i2
5
478
120l2 120l2
37
35i2
434
121
3514
5
121
36
160
12034 12034 *12034 122
37
375g
35i2 37i2
Wltblngton
No
3,500
Spencer Kellogg 4 Sons ..No
Sperry Corp (The) v t 0
Sploer Mfg Oo
No
Conv preferred A
No
SpIegel-May-fltern Co
No
Preferred
3
1134 Feb
6
5
4
78
6
80*4
42
6
20
591,
pat
Sterling Produots Ino
9
34
9i2
3478
37
38
123s
1234
*1250
*3512
3578
*60i8
12i8
*10614
10
878
*27
*11
2938
7i8
3678
18i2
85s
1234
34is
3614
12l8
13
12i2
1400 *1200
3712
36
3578
34
60i2
60lS
1212
12i8
*10614
.....
10i2
9i2
8i2
*27
2812
1134
2934
m2
28
85g
8i2
834
3414
36i2
85g
9ig
3478
838
912
3514
37i2
12i2
1278
36
714
778
3714
3934
19
183S
187s
al0378 104
714
38l4
175g
104
5812
1558
69i2
17is
58i2
16i2
1434
155s
6812
1378
1634
70
7038
14is
1458
17
1738
135s
1638
1478
1518
14i2
15
11
1012
1033s 1043s
IOI4
1034
104
6
578
105
578
3278
2lS
934
10
9
214
83g
914
36i8
13
3434
3634
1234
1258
1238
1234
37
38
1334
1400 *1200 1400
3714
.
69i2
6
3714
23S
3514
3434
3434
60
60
60i8
*1134
12i8
12lg
110
*106l4 HO
1038
934
IOI4
9
878
8l2
2812
28i2 2812
1U2
*105g
1112
29i8
2758
28lS
39i8
60
12i8
1214
1400 *1200
73^
10378 104
*58i2
165s
9i2
10
325g
2i8
10
8I2
9
36i8
pat
64
Jan 17
437a
84
100
pat
1218
IOI4
1214
106
107s
*59
1214
110
8i2
9
28i2
29
*28U
1112
28l2
28i2
1,000
123g
40
110
105s
834
19,400
Avenue
28i2
2938
7,000
1838
1878
74 80,600t
375s
2,400
I8I2
1878
10434
10434
29,800
59l2
*5812
59i2
50
1534
16iS
1678
16,300
6934
69
1678
69i2
68U
70i8
6,700
1418
1378
14i4
1414
54,200
16
1378
1678
17U
14i4
1458
15
1078
III4
17,700
105'8 1053s
1,200
6i2
5,400
6U
1014
10
10
10i8
2818
2612
273s
2734
30i2
30
31
19,400
37
36i8
3612
103s
37
3858
3812
39i2
22,000
103s
1,600
65s
7's
65s
91
91
90
*125
133
*125
50i2
8314
Wor footn'*"**
678
90l2
133
10
*76
6i2
79
678
90
90
*125
133
1038
*75
678
9038
*125
10l2
78
678
9038
133
lOU
*75
78
784
6,200
9014
900
133
5U2
49
50
4812
49
50
50
5012
50l2
8114
83i2
80
8H2
8OI4
8134
82
83
1420.
130
678
837s |
i v«r»
1,100
90i4
*125
5238
121,
32i2
65
Jan
4534
58>4
68
4912 Feb
1714 Jan
(J
pref
oum
M
»
-
«.
-
-
1,900
15,700
41,
05g
21,
2i4
2U
2134 Feb 19
1938 Feb 17
13'>8 Feb 21
Jan
3
28 ig
65s Jan
22i2 Jan
4
l
21
Oil
Detroit
3
3258 Feb 25
1>8 Jan 3
578 Jan 2
814
Jan
3
7i2 Jan 22
2878 Jan 6
33
Jan
6
11
7i2 Jan
'
IOI4 Jan
6
6
Feb 18
Traer
3«„
161,
8884
21,
6
14i4 Feb 19
1375
Feb lv
60
Jan
6
62
10
Jan
9
pat
478 Jan 21
29
Jan 31
.No pat
)4t« Jan
10058 Jan
11
No
pat
52
6
3
Jan 20
12ig Jan 6
6534 Jan 21
No pa-
No pat
No pa<
..No pa
Truscon Steel
14
Twin City Rapid Trans.. No pa
Preferred
10<
No pa-
Under Elliott Fisher Oo ..No pa-
Preferred
101
Union Bag 4 Pap Corp
No pa•
nnlon Oarhlde 4 4T*eh
v*
»*>
Jan 21
Jan
7i8 Jan «3
93
413g Feb 11
8
4
28i2
443g
01
125,
100
101,
2
5
29
30>8 Jan 28
10
778
3934
19i8
10434
59i2
1734
72i2
1434
1878
16i2
12
Feb 25
Feb 25
Feb 4
Feb 28
Feb
Feb
Feb
Feb
2034
1»8
17
17
27
71,
37
7»8
5
28
1578
433,
84
18
2684
3
45,
13>8
18
21
288s
72l2
25
Jan 29
Jan
2
7U
47,
714
41,
51,
Feb
17,
17,
47t
4
9
2
31
69
51
11,
33,
35,
31,
13
13
245g
Feb 28
3912 Feb 28
2458
•4
1234 Jan 31
81
878
133g
ll»
01,
10
19
7i2 Jan
2
1075
16
4',
6i2 Feb 28
1078 Feb 18
4it
Feb 17
1
858 Jan 20
21,
18
11,
1041,
48
14
1514
10
8I4
97i8
07,
8I4
247,
331,
125,
73
61,
87U
3
99
Jan 13
221,
13134 Feb 18
4612 Jan 22
133
Jan 17
96
125
29
29
501,
U
7584
715*
Jan
21,
V
2234
33i2
u.
6I4
978
884
3014
3684
914
1212
2
6
434 Jan
31,
25
13
478 Jan
86
1034
121
9i2 Feb 18
2918 Feb 13
1214 Feb 14
1053s Feb 28
Jan
5U
611,
21,
1078 Feb-27
6
22">8
50
45
Feb 28
Jan
31t2 Jan 6
914 Jan 21
65>4 Jan 22
14
131,
385,
1258 Feb 21
110
81,
131,
8
3U
1050
1050
Jan 15
No pat
4
161,
22>4
pat
No
14
D4
0l4
3834 Feb 3
143s Feb 28
Jan
7
3
2
321,
14
36i8 Feb 27
44
27i8 Jan
8I4 Jan
245g Jan
3U
15
014
15>s
77
128,
n4
Feb 11
Feb 19
Jan 8
Feb 17
Feb 25
20th Cent Fox Film Corp.Wo pat
Preferred
No pat
CFlen 4 Oo
3ig
195g
234
1134
93s
934
34
985s Jan 15
85g Jan 18
314 Jan 2
177,
3578 Jan 30
pa-
No
No
534
11
Jan
No pat
Coal
»
187,
30&8
1°,
5
«
28
2
all
114
45,
•
Jan
36
601,
1151,
6
25
-lu>
Axle
preferred
Jan 28
9&g Feb 14
4
10
50
21,
2
6
101
Assoc
Trl-Conllnenta! Corp
Truax
Ua
3i,
28 lg
23
21
Tlmken Roller Bearing
0%
1
53>2 Jan 28
918 Jan
3
32
25#
55g Jan 15
145s Feb 19
.101
Tide Water OH
Tlmken
Feb 10
Jan 15
Jan 28
Jan 8
xll
R)
Thorn pson-Starrett Co
Tidewater
8
6
3334
07U
4ig
1234
Feb
6
Thompson Produots Ino.. No pat
$3.60
7
314 Jan 22
95s Jan 3
2
10
10i2
3584
6
6
35i2
80
331«
1478 Jan
2634
1018
Jan 6
Jan 22
6134 Feb 21
2934
14
105s
*76
20
Transue 4 Williams 8t'l
37i2
11
19
2,400
27h
77
6
2,500
1058
105s
30
12
36
76
23
Transamerloa Corp
No pat
Trans con 4 Western Air Ino
t
2534
10
23
Feb 21
Preferred
2,100
*5812
5
2
Nat Investors
7l2
40i8 Feb
Jan
pa'
4078
3338
2
Jan 14
Jan
38
No
110
274,
Jan 11
pat
9U
H®8
20l8
287,
2i,
261,
1034 Jan
fii
7,
111
19ig
12l2
8
Jan
27
J
Thompson
6
7,
96
Co
Third
*36i2
934
Thermoid
6
941,
Feb 21
..No pat
101
Preferred
Third
734
10
The Fair
600
38i2
16i8
1638
1634
15
1434
1478
10
11
IOI4
IOI4
104
104U ♦104U 105l8
534
534
578
6I4
pref
conv
200
16i8
*5812
$3.60
3,100
714
104
200
Mfg
Ills
38i2
104
>
397o Feb 17
334 Jan 17
113i2 Jan 24
9
6
11,
1«4
484
121
Pacific Ry 00
29
71$
60
61
1»4
21,
475g Feb
100 1375
Thatcher
u,
36i2 Jan 27
2
Pacific Land Trust
1118
38i4
I8I4
104
1,700
978 Feb 17
1714 Jan 30
2
Jan
Old
3634
2
3
118
Corp (The)
Texas
10l8
8I2
*10i2
67,900
a
21,
3
Jan
130
13i2 Feb 13
Feb 26
Jan
1051,
121,
1225,
42
...1
18,300
3634
2
10134
121,
120
Jan 28
Corp..
Tennessee Corp
Texas
27
11212
3978
3234
28i4
51i8
Jan
15'2
45
Feb 24
89
Telautograph
47,000
36i2
106
375s
300
6's Jan
9i2 Jan
»
Feb 24
2
No
1278
35
61
8i2
914
39
3
18
129
1458 Jan
No pat
A
143g
*36i4
5
10i2 Jan
25
No pat
...
12i2
37i2
Feb
153s Jan 2
12078 Jan 10
7U
Jan
(The)
{Symington Oo
2,100
1,900
17,900
18ig
48
2b
2,600
714
81,
81,
.10
13i2
37i2
*59
arner
2,500
*1200 1400
35,
72
Swift 4 Co
Texas
3014
83 U
)
2i8
9,800
31
101
IOI4
38
12U
No pa
Superheater Co (The)
Texas Gulf Sulptur
Texas Pacific Coal 4 Oil
X3712
3634 Jan 25
2378 Jan 29
pa
Preferred
Class
81
6
pa
No
Sweets Oo of
978
65
101
Sun Oil
1,100
2i2
30'»
18
i
No
Webster
834
2334
3258
238
934
8i2
834
1034
Hi
Jan 15
17U Jan 15
6(
Sutherland Paper Co
212
Jan 18
4734 Feb 26
7212 Feb 4
10358 Jan 9
tStudebaker Corp (The)......)
1,700
1034
11
82
2
Stewart-Warner
Swift Internat Ltd
8U
7
4
Jan 22
11
preferred
2534
10,300
31,
314
Jan
1338 Jan
No pa
2512
9
70i2
107
44
No pat
Preferred
2514
33
27,
93g Feb 11
884
5
pat
104
Sterling Seourltles ol A
25i8
2414
215,
3334
pat
Standard OH of New Jersey
21
Starrett Co (The) L 8
No pat
Convertible
7
15
Jan
32i4 Feb 26
I6I4 Jan 20
1
109U Feb
101,
7
15
Feb 20
Feb
27
251,
Jan 15
pat
1(
25l4
9
7is
678
2
82
Standard OH of Kansas
2518
33
105g
128,
51,
778 Jan
49
16«4
162
132
3
30
112
283g
20
20
6434 Jan
Standard OH of Indiana
2512
914
243g
Z2378
1071,
3278 Feb 20
No pat
2t
25i4
9
91,
3
No pat
26
33
«
Jan
No pat
2534
2414
681,
81,
Jan 21
17 cum prior pref
Standard Oil Export pref
Standard OH of Calif
Steel
9
701,
4638
151,
105a
19
011
2378
4
Feb
0512
24
15l8
6
17
13
12
15
*
34
Stand Investing Corp
Superior
9
28ij Jan
184*
20i2
11014
10C
No pa
Superior
24
Jan 31
61,
No pa
5,400
8i2
Feb 19
76t4 Feb 19
72
61,
80
12'4
SO cum prior pref
26,200
2334
325s
23s
70
6
42
20 >8 Feb 21
Preferred.
14
33
201,
484
2
]
{Standard Qas 4 El Co..No
13l2
9
6
434
Feb 19
Jan 15
Feb 4
Jan 28
2
Stand Coram Tobacco
1378
33
193,
6
25t2
634
2734
119i2
Jan
No pat
478
1314
2438
83g
1378
No pa
-
434
135g
9
5U
111
10<
preferred
Standard Brands
13i8
2414
3234
212
1034
85s
»
23i2 Jan
101
1358
514
14i2 Jan 25
112
pat
No
13
5
631,
2834 Feb 17
3878 Feb 19
Jan
1012
451,
155i2 Feb 28
105
39
51,
"
7
No pat
Spear 4 Oo
14
514
20*8
51,
Feb 20
1914 Feb 20
Feb 20
101
13%
458
3414
101
_.
534
60
2958
;
19
43i2 Feb 24
117
25
Jan
314
401,
71,
150
-10(
preferred
4
314
30
"
76
Spang Cbaifanl 4 Oo Ino pref. 104
Stone
2534
ll2is Feb 14
3312 Jan 30
10(
Co
Spalding (A O) 4 Bros
6H%
1758 120,400
124U 125
127g
9
21
Mobile 4 Ohio stk tr otfs
Sparks
Jan 18
17
7U
4
4
2
70
758
6
4
Jan
40
81,
Feb 11
Feb 28
IIU4 Jan 23
265a Jan 2
No pa>
Edison
Preferred
47
Closed-
It
10(
Preferred
1st
2
22i2 Feb 18
14ig Jan 2
Railway
18i2
Jan 16
Feb
Ua
80
6
Feb
47,
6978
4i8
31
H»
Jan 16
U4
3
367,
27,
21,
80
5
34
68
i
20»4
101
Calif
2958
58
6578 Jan
pa)
Preferred
Southern
4834
3
Feb 19
No
80 Porto Rloo Sugar
30
31
19ig Jan
58
Invt Tr pref
Am
7,800
48
2
No pat
Sooony Vacuum OH Co Ino
26i2
29l2
193g
Iron
Corp
15512
48
105
Packing
26
18i8
2934
105
4
154
~2~6~~
4834
1858
Steel
preferred
Solvay
Jan
10<
69
75
67
300
2
115
10(
Sloss-Sbeff
5
Jan
101
Preferred
66
o0'8
3
2
75
26I4
Jan
Feb 27
Jan 2
Jan 4
6
7334
*153
Jan
3034
38i2
15U
110i2
Jan
14
»4
5«
5
157s
313s
838
50i2
...
19
1
4ig
201,
2478
Jan 17
73
Jan
65i8
24i2
55,700
.
655s Feb
45g Feb
20ia Feb
1934 Jan
7%
7
Feb
7
3
3
3
Jan
Jan
11
7334
"""130
38
1«4
8
8
"
1358
56U
....
1^4
7
7
6934 Feb 24
134 Feb 7
4i2 Feb 7
3
11
65
im2 *110
11H2
3214
32i2
3234
3214
22
155s
1U8
2034
4S4
43i8
i
Skelly Oil Co
69
9
i
2,000
11U2 *110
6
1718
9778
1638 Jan 13
67U Jan
No pa1
Petroleum
75
1514
41«
513g Feb 28
2
No pa
37s
Simmons Co
Simms
-
7
IOOI4 Jan 27
Jan
No pa
66i2
*
l
Conv preferred
1
101
Silver King Coalition Mines..A
74l2
1578
384 Jan
.
Shell Union Oil
65
112
Jan 30
595s Jan 21
.No pat
Shell Transport 4 Trading:..£i
75
16
2
x
No pa•
Conv preferred ser A
8heaffer (W A) Pen Co
67J4
24l2
IIII4 IHI4 *110
12iz Jan
3
Ino
75
;
1141,
)
Preferred
7,000
75
109
45U
1
66J4
24i2
1534
*6112
90
No pa•
16,400
-
Feb
No pat
518
-
114
78 Jan 2
2i8 Jan 6
3314 Jan 20
A Co
46
2
10C
Nat Investors
231,
Jan
No pat
Sears. Roenuok
1
113U
No pat
Second
12
315s
10434
tSeaboard Air Line..
2434
-
12
80
414 Feb
5l8
-
815s
20i2 Feb
23i2
*
6
8
2
3
14
Jan 20
6
6,300
25
Feb
Jan
2534
113
2
6
12l8
11558
734
8
1178
*24i8
1
1534 Jan
Seagrave Corp
10
1
53i2 Jan
Preferred
10U
2
97i2 Feb
3i8 Jan
i
Seaboard Oil Co of Del
102
734
10C
Stores
Kctall
Preferred
3
10U
»4
481,
82
3
11
No par
Sohuite
291,
25
19
28
25
28
Jan
f
No pa<
17,100
*
Feb
Feb
Feb
Feb
Feb
111
100
5h% pref
Jan 24
3258 Jan
No pai
Schenley Distillers Corp
2
10i2
2934
3i4
6i8
1234
22i2
35i2
$ per share
% per sh
2858
109
10C
10<
0% preferred
Sharon Steel Hoop
714
11558 *112
18
10C
No pat
Stores
Safeway
No pai
313g
18U
U2 Jan
Shattuok (P Q)
4778
17i2
10C
Francisco
Servel
65s
115
23]8 Jan
Lou»s~San
23,200
20,100
4778
18U
185s
11534 11534
12
1134
2314
2438
5i8
5l8
2414
2478
30&8
69
73s
*43
70
69
48i4
3034
1734
12
4
414
47
116
2434
2234
243g
2234
23l2
5
5I4
5i8
5i8
5i8
24
25i8
24i2 2434
2414
1155s *115
1155s *114
II514 *112
*64
2,600
16,000
14i2
2958
714
4
14,200
3i2
70
3n2
70
n2
2
8
Seott Paper Co new
500
570
36i4
19
3078
*65
138
312
35
14
48
*114
13g
33g
3478
70
48
2414
5i8
2434
1U
314
x34
18i2
6712
1978
1478
2938
32
1134
66
70
48
1178
3l2
*17
66I4
4
32
11 «*
6I4
358
1778
66
4
414
48
4312
1778
lh
314
3i2
*17U
Jan
Joseph Lead
10C
1C
prei
Preferred
"4" 700
lllig lllis
114
1175s Feb 19
483s Jan
Ruberold Co (The)cap stk No par
700
*10l2
3314
,1111, 112
2
Jan 10
Royal Datoh Oo (N Y shares)..
800
400
*9
$ per share
57
Feb 3
$ per share
9»4
5534
109i8 109i8
11
33
114
5412
Par
Shares
981S
4914
*6
,
278
54i2
109i2 109i2
*9i2
9i2
29
27i2
$ per share
487s
14
48*2
97l2
312
*17l8
68s4
1*4
338
34'8
1
23
2678
$ per share
98
14
"•'
2l2
434
*1012
*1714
1238
1111, 11U,
*'
26
512
12
*1714
3338
■
53i2
53i2
*107i2 109i2
9i2
912
27i2
314
*10
-
$ per share
Jan
3
5234 Feb 19
87
Feb 20
1,
534,
133
New York Stock
Volume 142
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
Record—Concluded—Page
Feb.
Feb.
22
Tuesday
24
Feb.
Wednesday
25
Feb.
NOT PER
Sales
CENT
Thursday
26
1429
July 1
STOCKS
NEW
for
Monday
Saturday
9
Feb.
the
Friday
27
28
'Feb.
YORK
Range Since Jan. 1
1933 to
Range for
On Basis of 100share Lots
STOCK
Jan. 31
Year 1935
EXCHANGE
1930
Week
Lowest
Highest
Low
High
Low
$ per share
$ per share
27%
$ per share
2778
132
2658
27%
13U2 134
*9758
98
29%
295g
28%
2958
1478
1578
*2034 23
24%
253s
133
97
97
2934
293s
30
30%
16
23
1578
*20%
25
2512
*115
*115
...
$ per share
...
26i4
$ per share
2634
131
132
975s
29
9784
2914
28%
29
147g
2034
1538
2034
2478
2458
*115
118
Shares
$ per share
8,000
116
75
76
73%
26%
743S
2634
73%
74
73*2
73*2
7434
2,200
47,700
15,500
26%
27
27
27
2778
400
28*2
7%
684
7%
684
7
7
4312
14%
16%
1458
14
1634
93
578
44
1434
17
93
43
93
93
6'8
75
558
74i2
7414
1678
1718
110l2 110%
11*8
6*2
*72*4
1658
105s
60*4
157
66
17
1U4
6*4
*72*4
61
156
7434
1105S 11058
11*2
65g
7734
61
578
158
'605s
158
66*4
2*2
6584
2%
66*2
2*2
19
18*4
19
3634
238
34
*18
35*s
35*4
21*32 21532
4
4*2
17
183S
29*4
2934
21*32 21532
334
334
16*4
2934
1634
30
19
18
193g
1834
97
98*2
9734
98*2
107l2 10734
104*2 107
*168*s
*168*8 169
13
1334
1234
13*4
43
42*4
407s
42*4
9*8
9*4
9*8
9*2
16*2
17*8
163s
17*8
8I84 8134
80*2 80*2
12*8
12*2
11*2
123g
....
19*8
1934
587s
61
185s
5634
84*2
*7378
1934
44
45
44
14%
1434
14%
1478
16
16
16%
16%
17
93
93%
94
94
6*2
6
6%
74%
74
6%
74
7434
1634
17
17
*1678
17%
11058 11058 *110% 111
alll
10*2
1034
7*8
*1034
678
11*2
7*4
78
78
*75*8
61
61
61
*154*2 158
*156
63s
17%
111
11
6%
7534
7*8
7534
60*2
60*2
158
158
158
18*2
56*s
85*4
*737g
187S
577g
86*2
74*4
187S
19*2
19*2
1,700
3,400
U
100
7%
U S Leather
Class
*161
25
Stock
»
Exchange
Closed—
Washing¬
ton's
Birthday
41*8
25*2
mmmm
*161
mmmm
*161
"
•>
M
*161
57g
5
57g
5*4
6*4
6*8
~6~%
134
178
134
178
134
178
40*2
23l2
32*4
40*2
24*8
32%
*40%
24%
32%
134
*40
.«
*40
23*4
43
25*4
33*4
43
25
24%
35%
■mmmm
1193s 11938
*80
8434
*125
80
80
*125
140
4*8
85s
*5*2
1181, 119
140
4*8
37g
9
8
7
13
♦55s
13
1334
4
834
7
11834 119
3*2
7*4
5%
13*4
13*8
33
325s
32*2 3278
*1165s 118
*1165s 118
87g
85g
8*2
8*8
337g
3334
327g 3334
19
19
19*4
*1834
11678
8*8
3234
11,500
1584
*14*2
3
1434
1434
80
81
*76
140
*130
334
8*4
.
5%
*1834
14
14
3
3
278
65
65
64
64
13*4
1234
14
*62*2
12*2
64
1334
*54
563s
54
54
*50
55
2
2*8
2*8
7*2
20*4
26*2
27*4
9*2
734
7
3*8
*80
2*8
7%
27g
1278
2%
2*8
7
7%
20*2
334
8*4
534
13*2
4*4
9*2
32%
*18*4
33
*1434
300
3
3
*62
12%
12*2
13
56*2
55
55
*55
2%
7*4
2*2
20%
7%
273g
27
27
27%
2634
27
26*2
26*2
25
27
9*4
9
mm
2*8
•
m
98
2*8
39i2
785g
93*2
9834
90*4
90*2
39
78*2
93*4
i*80
mmmm
*80
9*4
*80
79
80
1,600
*933s
95
93*4
93*4
93
93*s
97
98
96*2
91*4
97l2
97
97
95
94%
97% 100
710
92
92*2
92*2
92
92
*120
121
*114
115
107g
20
2084
1978
3
3*8
3
8
83S
8
893s
90*4
88
46
47*4
120
120
♦11412 115
1034
11*4
20*4
19*4
1984
3
3*8
*278
8
8%
734
114*2 115
90
89*4
45*4
46*4
114*4 117
115s
45
87
89%
45*2
11*2
11
1978
20%
*19%
3
3
3
8
8%
9034
8
47%
44*2
117
118*4
11434 H634
113*2 11434
*132*2 135l2 *132*2 135*2 *132*2 134
*132*2 135
28
29
*2834 29*2
283s 28*2
28*4
28*4
38*4
38
38
25*2
25
25%
*38
*60*4
3534
75
mm mm
*38
2434
*38
39
2434
mm
mm
*38
*43
*60*4
75
*60*4
75
*60*4
35
36
3434
35
3434
108*4 108*4
108
107
24
25*4
*153g
15*2
478
22l2
21*2
21*2
21*4
35g
35s
3%
3*2
9*4
45g
*21*2
35s
958
10
2384
15*4
458
108
24%
15%
4%
21*4
3*2
9*2
39
25
3634
108l2
24*s
25i8
153s
153s
47g
47g
*114%
1034
*107
25%
..
—
75
35*2
108
2478
15%
*4%
21*2
47g
21*2
*3*2
334
25%
15*4
180
50
28%
*38
2434
35
2834
297g
30
31*2
31
69
6634
6634
66
68*2
67
57*4
58*4
*56*4
66*2
58*4
6812
68%
59
58
58*2
6934
*57
17*8
69
1,100
see
08
60
63
113l2
Jan 10
46
384
6
4i8 Jan
pai
8*4 Feb 21
10
21,
171,
85
114
00
Feb 21
Jan
6
9% Feb
8
2
2
30*2 Feb
7
15
15
Jan
120
Feb 28
86
Feb 19
114i2
30
32
Jan
Jan 31
1*4
151,
Jan 16
18
19
Jan 20
80
Feb 25
1078 Jan
23s Jan
473s Jan
4
2
70
984 Jan
2
1458 Feb 19
5778 Feb 8
pai
60
18
3
Jan
2
24
6
Jan
2
7
2334 Jan
7
Jan
Jan 24
10C
10C
10C
Union Telegraph.—100
5t
5(
78
Feb 25
-
24
28*2 Feb 19
29*4 Jan 2
11*4 Feb 6
12
Jan 13
3
2
16
30%
Feb
7
49
72
65%
84%
%
95
Feb 28
34
34
Jan 24
397,
397,
91*4
99*4
Jan 24
30
30
92
6
121
Feb 21
115
Feb 27
88%
78%
6%
7%
2*8
5%
7278
3434
9412
12312
Jan
Jan
12*s Feb 21
2034 Feb 24
Jan
Jan
Jan
4
Feb
7
Jan
978
Feb
7
95
Jan
Jan 13
Jan
0
Jan
7
*77
78
78
78
7778
69%
7778
40
40
39*2
39*2
18*4
39
39
18
34
Feb 26
Jan
1%
2%
Feb 13
475g Feb 25
2
Woolworth (F W) Co
18
6
10
29
10%
3%
77s
77*4
36%
98%
120
33%
38%
25*8
36%
35
Jan 14
18
18
61
Jan 14
21
26
60
2
37*s Jan 10
11%
14%
32%
2
109U Feb 19
34
40%
07a
102%
67,
3
12%
12%
24%
1%
1%
4
0
1
1
27
Feb 28
16
Feb
17*2 Jan
234 Jan
8*4 Jan
6
7
45s Jan 15
2
11
Jan 14
78
Jan
3
87
Jan 15
1C
52
Jan 22
Wortblngton P A W........ 10C
90
16
55s Jan 13
24i2 Jan 10
No pa<
$6 pref
32%
12%
3
10C
Wilson A Co Ino
1,000
18,100
5,600
20%
16%
277,
19%
4
43s Jan 10
34,600
1%
2%
20%
120%
114%
10%
Jan
White Sewing Maoblne...No pai
t
6%
7%
Jan 14
Jan
pai
96
77
"
12278 Feb 10
140*2 Jan 31
3334 Jan 25
Jan
104%
Jan
98
No
90.
1
Jan
95
900
preferred
86
234
46*2
82%
10234
18*8 Feb 3
14*8 Jan 28
Oonv
30%
7%
4
7
50
Wilcox Oil A Gas..—
32
25*8
3
2
pai
700
20%
21
Jan
31
No
21,
77,
13%
9
*8
77,
Feb 20
.100
....61
14*,
*8
2lt
96
White Rk Mln Spr olf
...
1*4
2*4
91'4 Jan
No pai
Preferred
6*8
28*,
2U
234 Feb 1
8*4 Feb 20
22% Feb 20
120
1*4
87
10C
6% non-oum preferred
Wheeling Steel Corp
978
33*4
6
1*4
Jan 24
00
U* Jan 2
35i2 Feb 19
11612
11134
87s
1634
10C
10C
Mfg
26*4
114
6
35g Jan 24
2
Us Jan
45s Jan
1578 Jan
101
preferred
43s
201,
12*8
par
10C
pref
684
1
4*8
1*4
34*2 Feb 21
"
1*4
1
100
«,
1
37,
Feb 28
Westingb'se Air Brake...No pen
600
117*4
3*4
1
10
6
Pacific
Motor
83
109*4
4*2 Feb
95g Feb 28
23s Jan
118
pai
preferred
White
~6~3~%
95
7058 Feb
5% Jan
31i2 Jan 30
1
Power
721,
8
24*2 Jan 31
110*4 Jan 29
pai
No
91
67*4
46
110*2 Jan 20
5
178
*t
1914
11*4
11*4
126i2 Feb-27
6
Jan 23
pai
pai
«.
preferred
Maryland
1st
7
Jan
6i2 Feb 27
preferred
Penn
2d
563s Feb
3*8
37a
19%
4%
20*a
3*8
9%
68
58
79
36
5
61
05%
23i2 Jan
2
34*s Feb 19
11%
11%
26%
330
Preferred
A
10*
57
Jan
2
74l2 Feb
6
26*i
25%
01
1,300
Preferred
B
10*
47
Jan
4
62
7
20
20
61%
625s Jan
6
36%
73*4
17%
2%
320
Wright Aeronautical
900
Wrlgley (Wm) Jr (Del)..No pd
77
Yale
3412 Jan
884 Jan
83*2 Jan
1,000
A
Towne
Mfg
No pa
Co
21
Yellow Truck A Coach cl B...1C
118
page 1420.
34
68
Jan 16
Feb 17
900
87,100
17*s
17%
17%
17*4
150,500
120
114
115
115
11434 116
116
1,350
4634
47*2
46%
4678
4678
47%
46%
4778
4,400
50
51
52
50*2 5158
51*4
51%
52% 12,500
115
115
*113*2 117
*113*2 117
*113% 117
100
*113% 117
17
173s
16*2
173s
19
19
16%
18%
18*2
18%
39,000
8
75s
75g
784
8
8
7*2
734
734
8*4
7,200
For footnotes
23*8
42
1
7,
It
1914
1578 Feb 11
3434 Jan 8
Preferred
700
30
*68%
64U
No pa'
Elsenlobr
Westlnghouse El A
107*2 108
27
2534
15%
15%
*4%
434
21%
21%
378
378
9%
934
328c
68*2
Feb 24
Feb
No
10,900
3,800
53%
32%
68*2
6078
78
11*4
No pai
Western
"
84
69
2714 Feb 19
36*4 Feb 28
Wheeling A Lake Erie Ry Co. 10C
75
52%
4078
18*2
6
No
19,300
20,000
35%
84
77
Jan
21
Jan 18
39
53
68
50
28*2 Jan 10
84
40
4
6
6*4 Feb 26
2% Jan 18
30% Jan 14
52%
77
Jan
West Penn Eleo class A ...No pa<
Preferred
10(
6%
271,
73%
119*8
14984
6
No
pref
1U,
241,
2
28
9%
83*2
71
pref
73
9134
2
t
Quintan
10*8
505s
9*2
10*4
627,
Jan
23
5278
41*4
163g
18*8
118*2 120
48*2 49*8
51
52*4
51*,
271,
07*4
8134
1245,
Jan
Wells Fargo A Co
West
71,
.
Feb
Westvaoo Chlorine Prod.. No pai
83
77
Feb 18
Weston Eleo lnatrum't-.-No pa*
Class
A
No pa'
52*4
69
Feb 18
70
83
41*4
16034 Feb
65
130
1,300
934
30*4
*68*4
58*2
14334 Jan 21
25
5334
9%
3
Jan
Feb 10
39
83*2
537g
139
Wesson Oil A Snowdrift ..No pai
Oonv preferred.
No pa-
30
93s
83*2
53
17*8
53*4
75
10C
Co avertible
6,900
*43
*60%
96*2 Jan 24
No par
A
Bros
Western
28%
84l2 Feb 25
68i2 Jan 3
4038 Jan 21
11512 Jan 7
No pai
oonv
1,700
*13212 135
6334 Feb 14
Jan
5
Western
8834
4434
116*4 117*4
2
Warner Bros Pictures
80
3*t
9*8
.......No par
B.
14,300
2,200
3*8
8%
91*4
4534
3*8
10(
Baking olasa
mm
-
9*8
9*8 Jan
Preferred
11%
20%
mm
83*2
52*2
28*4
83*2
Preferred
fl%
165
5
35*8
2134 Feb 14
4*4 Jan
..No
15
143
314
32
pai
Walker(H)GooderAW Ltd No
230
12
110
4
100
Preferred
80
87
Jan 27
100
Webster
79
115
18
No pai
No pai
Warren Fdy A Pipe
Waukesha Motor Co
79
401,
pai
A
2,900
79
11
34U
3
10(
1,800
4,200
"2% ""160
393s
96
53
100
Walgreen Co
*80
11
7
.....100 z11412 Jan 16
0%% preferred
{Walworth Co
S3.85
312
20*8
3
..61
Preferred B
Class
21*4
%
41,
65U
41,
lot
Preferred
Ward
19U
5
11
21
Jan
2ia
198,
00
Jan 27
13
7
47
...
9
78
*114
Uciluniu*
27*2
4,800
121
8
225s
46
100
25%
3978
121
3
32
Waldorf System
600
39%
121
8% Jan
133s Jan
73
7S
98s
1484
5g
15
443s
978
183s
8314
29
4
Feb 17
110i2 Feb
169i4 Feb
14i4 Feb
3
105
Warren
39%
9334
Feb
10(
{Warner
38%
*90*4
13U
Jan 23
5
2
t Wabash
200
3834
*78
12
2
197s Jan 23
393s Jan 2
2
878 Jan
39
10(
12,600
"2%
*2
Feb 26
preferred
10,000
2
"2%
8
29
2U2
9
Jan
414
133*4 X159*,
Jan 28
t
7%
2034
38%
*2
prof
234
393g
*120
*38
86,300
"2**2
*2*4
120
25*2
9
Jan
Jan
preferred
Vuiuaa
300
39
120
*38
2*2
7%
2034
27*4
24%
6434
2
160«4
3i8
ll2
100
37i2
No pai
2014
I
2834
IOC 2:11014
Virginia Ry Co pref
2,900
3
21*2 Feb 13
38i4 Feb 14
Jan 16
15
15,
Jan 29
Virginia El A Pow fd pf ..No pai
Virginia Iron Coal A Coke.__10<
300
15
27*4
9
30
19%
20%
27*2
95g
2,800
116,900
4,200
15
13
207s
7%
170
3,000
64
6
6%
13,500
1578
27
9*4
9%
14%
19*4
*234
2U2 Jan
163s Jan
Preferred
3234
*18l2
20
10
30
7*800
64
2
Jan 21
5% prof
33
27
*18
20
«.««»-,
1378
Jan
Jan
Virginia-Carolina Cbem ..No
"
33
3278
32%
32%
116% 116% *116% 118
10
87S
9*8
9*8
22
20
300
4*4
87g
6*2
1334
15
10
Vlck Chemical Ino
300
800
140
4
Jan 17
J
Van Raalte Co Ino
21,700
17,900
83
*130
108*4
Jan 21
3
VJcks Shreve A Pac Ry Co pf.100
Common
100
120
80
13*4
32%
1167g
878
33*4
19*4
325s
120
140
*77*2
*125
119*2 11934
80
IOC
Vanadium Corp of Am
1st
7
2
71
No
71,
15914 Jan 24
Jan
1% Jan
60
8
10C
Sales
11*4
3*1
101
Preferred
7%
2lS
Feb 13
154%
Jan
fit
Preferred
100
1
110
731,
164
No
181,
871,
51
2
Preferred
96
71,
92*4
001,
9U
37
Jan
100
U S Tobaooo
1,100
41,
6914 Jan 10
85
U S Steel Corp
1384
20*,
60% Feb 25
20
Mln
7*4
4534
3U
21,
98i2 Feb 24
Preferred.
10,000
33
33*4
34*4
357g
114
♦111
113*2 113*2 *112
114
*111
114
*111
114
4278 427g
44
4278 427g
4278
43*2
4234
4334
4334
*84
*84
*82*2
*82%
*82%
*82
*80
*80
*82*2 'mm
*80
7
75s
8*8
7-34
7*8
7-34
7%
734
77g
7%
42
4334
4534
42
45*2
4234
4434
44*4
447g
4434
126
*123
12534 12534 *124
126
127
126% 126*2 *120
112*2 11234
113*4 113*4 *1123s 113
111
111
111*2 112
8
*65s
*65g
778
*65s
778
6%
6%
*634
77g
*22
35
*23
27
*22*2 30
*22% 29
*22% 29
24*4
78
No pai
Vadsoo
25%
36%
78
17lt
l*t
20*4
884
46
101
Utilities Pow A LI A
•
8
Feb
4
No pai
46
46
No pai
U S Smelting Ref A
20
7
714 Feb
118
8
t
Impt
Us
43
12 7s Feb
Jan
1st preferred
mm
8
20
201,
111
65
49it
9%
821,
Feb 10
80
41,
3
10C
6% 111,800
6,000
60
13i2 Jan 20
No pa 1
No pai
U S Rubber
-
4
3
4
9
Jan 25
5i8
Jan
91
Corp
o
«
Jan
193s Jan
8I4 Jan 13
53s Jan
104U
20*4
4
Feb
113
7
24
mi,
901,
26*,
303,
1384
7
Feb 19
Feb
79
66*2 Jan 2
165g Feb 25
I434
821,
791,
20*4
97,
20*4
l*t
2O84
6*8
234
2(
I 0
v
Feb 19
No pai
Prior preferred v t e
13,800
'
~
578
2
A
I
v
O S Realty A
*
pai
Jan 11
16*2
1978
94i2
634
3
3 per share
7
19
914 Feb 17
4734 Feb 17
9
Jan
Jan 31
79
Feb 25
109
7
Feb 18
28% Feb 28
12*4 Jan 21
4i2 Jan
Feb
No pai
U S Industrial A loo bo 1
400
-
100
I.
15,000
mm*•
478
1%
41*8
No
Maob
43
1U2
82*t
027,
1334
8*8
8*4
Feb 26
117
Jan 21
pa 1
pai
preferred
U S Hoff
3,700
68
$ per sh
2414 Jan 30
28*2 Jan 6
225s Jan 6
6*2 Feb 19
70
.No pai
IOC
Freight
U S Gypsum
14,200
2,000
2,900
2
Jan
Jan 18
pai
2(
No
USA Foreign Seour
Preferred
3,500
1,500
3,400
2
Jan 20
113.
pai
10C
preferred
S
Jan
17*2 Jan 22
243s Feb 13
..10C
U S Dtstrlb Corp....
Preferred
2,200
13
9734
315g
323s
173s
Jan 15
U S Pipe A Foundry
5884
58
577g
56%
14,400
85
87
86
8512
86
86*2
8,400
*7378 75
74*4
75
75
200
7414
74*4
62*4
633g
61
6278
61*8
5958
61%
637g
64% 139,500
62%
127
127*2 126*2 127*4 125*4 126*2 126*2 129*2 129*2 12934
4,200
*141
143
*140*4 143
*141
143
*140*4 143
*140*4 143
*161
Paperboard..
Preferred
1st
13414 Feb 21
Jan
Universal Pictures 1st pfd..„10C
{Universal Pipe A Bad,.......]
6,800
7
2
Jan
15
No par
class A__
No
Preferred olasa A
No
Universal Leaf Tobaooo —No
Preferred
9,200
Jan
Jan
93
No pai
200
23i8
108*2
90%
225s
25*2
ic
United Stores
1,000
7
9 per share
28*2 Feb 7
$ per share
100
Preferred...
5,300
20*8
59%
87%
f
Fruit
{United
260
67
78
74
77
66%
2*2
2*2
2%
2*2
2%
18
20
1834 *19
19%
19*4
34
36
35
3478
3412 35*2
213i6 213I6 2D,6 21316 *21332
21*4
*3*2
4%
4%
4*4
4*4
4*2
17
17*2
17*2
17*2
1734
18%
29
29*2
29% 2934
30%
29*4
1778
18
18
18*4
18%
18*4
*98
99
99
98*2 98*2
*98
103*2 104l2 105*2 10534
106*8 10734
168*8 168*8 *167*2 169
167*2 167*2
13
12*2
1234
12*2
13*4
1234
40*4
4178
41%
4278
43%
4134
8%
87g
9*8
9%
9*s
9%
17
17
16*8
16%
16%
1678
82
82
83
83
*80*2 82
113s
II84
1134
1178
117g
11%
2*4
No pai
United Gas Improve
1,400
66
pai
No pai
No pai
United
200
61*4
...No
United Electrlo Coal
1,800
37,200
80
Carbon
United Drug Ino
United Dyewood Corp
Preferred
400
11
10C
Preferred
7,500
6,800
26,800
7434
73%
United
220
6%
No pat
Unlted-CarrFastener Corp No pat
United Corp
No pai
21,300
2,400
17*4
93
No pat
6
Preferred
85,900
6,500
4434
10(
United Biscuit
2,300
1,800
7%
*92i8
558
634
78
4414
14%
7
...100
United Air Lines Tranap v t c
6
United American Bosoh
No vat
6,400
7534
2658
678
44l4
143s
*1634
25
BttUlflO
Preferred
Union Tan* Oar
United Aircraft Corp
20
265s
45
UOiUii
700
115
115
7*4
Union Oil Calfornla
3,500
27
26% 27%
27*2
132
xl31
132% 133
*94
96*2
96%
96*2
29%
29%
2934
29*4
2834 29*4
28% 29%
16
1534
15%
15%
*20
21%
21% 21%
25
2478 25
24?s
*115
Par
Preferred
10*
Boring A Wire.. No pa
Youngstown Sheet A T—No pa
5% preferred
10C
Young
•
Zenith Radio Corp
Zonite Products Corp
No pa
443s
71*2 Feb 18
12
Jan 24
79
Feb 10
47%
2
45
Jan 23
11%
3
6
18*2 Feb 25
120U Feb 19
Jan 21
Feb 21
4134 Jan
105
Feb
Jan
6
49*2
116
Feb 19
19
Feb 27
93s Jan
4
35%
9*4
26
31%
90
10%
64*4 Feb 19
6
H»a Jan 28
7*2 Feb 20
2%
08
82%
18
53*8
12%
*3
13
30
38*2
1%
1%
2%
2%
407a
105
14%
7%
Bond
Complete
Brokerage Service
RICHARD WHITNEY & CO
Members
New
York
Stock
Members
New
York
Curb
15 BROAD
New York Stock
NEW YORK
STREET,
A. T. & T. Teletype
9-4600
Telephone BOwllng-Green
1430
Exchange
Exchange
Exchange
TWX, N.
Y. 1-1793
Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of noting bonds was changed and prices are now "and interest"
bonds.
except for income and defaulted
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling
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.
Week's
<313
BONDS
Range
BONDS
Range or
1933 to
Jan. 31
Since
N. Y. STOCK EXCHANGE
Friday's
Jan.31
Since
1936
Jan. 1
Week Ended Feb. 28
1936
Jan. 1
Bid
Sft.
U. S. Government
&
Low
Asked
High
15 1947-1952 A
O 116.19
O 106.27
107
15 1944-1954 J
D 112.10
112.13
Treasury 3ks—Mar 15 1946-1956 M
Treasury 3ks—June 15 1943-1947 J
Treasury 3s
Sept 15 1951-1955 M
Treasury 3s
June 15 1946-1948 J
Low
No.
116.31
15 1943-1945 A
Low
High
115. 3
44
96
111
112.15
40
109
110.19
S 110.14
110.17
107.15
7
106 .17107.16
S 103.16
103.21
392
102 .20103.23
104.1
557
102 .29104.3
D 103.27
D 108.11
Foreign Govt. & Mun. (Con.)
108.16
30
107 .19108.16
108.25
14
108
18
103 .24105
1951
105
104.30
173
103 .19104.30
108.22
108.26
138
108 .5
108.28
♦Cordoba (City) extl s f 7s
15 1944-1946 A
O 106.10
106.20
50
15 1955-1960 M
S 100.27
101.2
317
100
15 1945-1947 M S 101.28
Federal Farm Mortgage Corp—
102.7
247
100 .31102.7
Treasury 2ks—-Sept
105 .12106.20
Mar
S 103.25
103.25
3s
May 15 1944-1949 M N 101.28
102.10
3s
Jan
103.1
141
101.20103.1
2ks
Mar
101.14
150
2
22
27k
12M
46
27 M
24 k
29
18
20
25 M
24 M
17
17k
13M
20
25 M
17
19M
12
17M
17 M
92 M
88 M
20
20
98 M
93k
54
63 k
3
19
20
D
1952
..1953 M N
A
1957
96 M
18k
98 M
91k
93 k
54
54
45M
48 k
1937 M N
13M
59
60 M
69
55 M
12
45M
15
"29M
55k
70
~25M
73
79 M
17 M
74
59'
35
42 M
23
34 M
59
73
....
70
57
59
j"j
"~2
1
71M
*68
..1937
Cordoba (Prov) Argentina 7s._1942
3ks
27 M
18k
1957
♦7s stamped..
Ilk
42 M
A
♦External sink fund 7s
101.2
High
Low
5
22
18M
*17M
1946 M N
♦7s stamped.
Low
7
23
J
O
1947
No.
10
Ilk
46
27 H
♦Cologne (City) Germany 6 Ms. 1950 M S
Colombia (Republic of)—
♦6s Apr 1 1935 coup on..Oct 1961 A O
104.25
High
Ilk
44
D
♦6s July 1 1935 coup on.Jan 1961
♦Colombia Mtge Bank 6 Ms
1947
Asked
23
1960 M S
104.27
108.25
&
Low
♦Chilean Cons Munic 7s
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 4 Ms
108.19
Bid
♦Chinese (Hukuang Ry) 5s
116.31
105 .24 107
105
D 107.12
Treasury 3ks—June 15 1940-1943 J
Treasury 3ks—Mar 15 1941-1943 M S
Treasury 3ks.__June 15 1946-1949 J D
Treasury 3ks
Dec
15 1949-1952 J D
Treasury 3ks—
Aug 1 1941 F A
Treasury 3ks_._Apr
Treasury 2ks—Mar
Range
1933 to
Friday's
Week Ended Feb. 28
Treasury 4ks_—Oct
Treasury 3kS---Oct
Treasury 4s
Dec
July 1
Week's
July 1
Range or
STOCK EXCHANGE
N. Y.
outside of the
3
100.15101.14
15 1944-1964 M
15 1942-1947 J
J 102.18
1 1942-1947 MS 101.2
102.20103.25
100.26102.10
98
r
Home Owners' Mtge Corp—
3s series A
May
2%s series B__Aug
2ks series G
State
&
City—See
1 1944-1952 M N 101.18
1 1939-1949 F A 100.14
1942-1944
100.16
..
292
100.17102.2
101.2
657
99.16101.2
101
580
99.17101
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
A
19M
20
6
14 k
17M
21
O
19M
19k
1
15k
18k
21M
1963 IVI N
Akershus (Dept) ext 5s
99 k
7
64
98
♦Artioqula (Dept) coll 7s A...1945 J
100
1951 M N
♦7s May 1 1936 coupon on
*43 M
33
*99k
1951
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
1944 M
S
50
101
100
100
1949
A
100
1949 F
A
*94
J
Sinking fund 5Ms— .Jan 15 1953
D
♦Public wks 5Ms—.June 30 1945
♦Cundinamarca 6 Ms
1959 M N
Czechoslovakia (Rep of) 8s
1951 A O
Sinking fund 8s ser B
-.1952 A
102.2
note below.
♦Sink fund 6s Feb coupod on .1947 F
♦Sink fund 6s Apr coup on
1948 A
Costa Rica (Republic of)—
♦7s Nov 1 1932 coupon on
100
External loan 4 Ms—
Denmark 20-year extl 6s
External gold 5Ms
External
J
9k
9k
7
6k
7k
10M
♦External
s
f 7s series B
1945 J
J
9M
26
6k
8
10
♦External
s
f 7s series C
1945 J
J
9
9k
9
1
6M
8M
10k
♦External
s
f 7s series D
1945 J
J
9k
7
6M
7%
10
2d series sink fund 5Ms
f 7s 1st series
9M
8k
8M
9k
2
6k
7M
10
♦Dresden (City) external 7s
9k
12
6M
8M
8k
61M
100 k
2
48 k
147
20
15
77 k
106 M
105M
1
106
12
39
75
122
104k 106 M
100k 102 M
97M
93k
79 M
49
97 k
13k
100 M 105 M
100M 105 M
77
102 M
54 M
10
8M
105 M
Ilk
95 k
37k
19k
105
100
100 k
100
61
96 k
..1955 F
99 k
92
83 M
96
43 M
99k 101
68M
105M
101M
—1942 J
Apr 15 1962 A
Deutsche Bk Am part ctf 6s
1932
{♦Stamped extd to Sept 1 1935...
4 Ms
g
28
34
61
39
44
40
67
70
67
36
63
68
67
67 M
36
63
68 M
30 M
30M
25M
29
-30M
48k
10
♦External
s
1957 A
O
♦External
sec s
f 7s 2d series. 1957 A
O
♦External
sec s
f 7s 3d series. 1957 A
O
*9
9k
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 6s.—I960 A
D
99
99 M
8
74 k
96
O
98 k
98 k
48
44
97 M
99
Argentine 6s of June 1925
1959 J
D
98 M
1959 A
O
6M
10
101k
♦El Salvador
47k
67
O
1940
47 K
68 k
O
Dominican Rep Cust Ad 5 Ms.-1942
1st ser 5 Ms of 1926
1940
1945 M N
15
70
36
61M
J
52
52
33k
41k
J
J
95
96 k
93
96 k
M
S
108
108
48 M
70
107
108k
102 M
26 M
103
70 M
102M 104k
182 M
170 M
182 M
J
(Republic) 8s A-.1948
♦Certificates of deposit
Estonia (Republic of) 7s
Finland (Republic) ext 6s
1967
1945
98 k
59
44
97 k
99
98
98 k
25
44 M
97 M
99
1957 M S
98 k
99
48
44
97 M
99 M
External 6s series B
1958 J
D
98
98M
98
43
44 M
44 M
97 M
1960 IVI N
98 k
99
70
Extl
97 M
99
98 M
98 k
102
44 H
97 k
98
98 k
98 k
38
44 M
97 k
99
97 k
98 H
German Govt International—
94 k
96M
♦5 Ms of 1930 stamped
♦5Ms urstamped
♦German Rep extl 7s stamped
63k
•58
Extl
s
f 6s of Oct 1925
External
s
s
f 6s series A
f 6s of
External
s
May 1926
f 6s (State Ry)___1960 M S
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927.-.1961 IVI N
Public Works extl 5 Ms
1962 F A
Australia 130-year 5s
External 5s of 1927
1955 J
...1957 M
External g 4 Ms of 1928
98 X
19
45
96 k
36
41 k
J
105
105k
57
77 k
S
105M
105k
22
78
100
100 k
114
73 k
98k 100k
96
96 k
26
42 M
92 k
31k
5
26 k
98 M
95M
1956 IVI N
104 k 105M
104M 106
External sink fund 6 Ms
1956 M S
♦Fiankfort (City of) s f 6MS---1953 IVI N
French Republic 7Ms stamped.1941 J D
7 Ms unstamped
External 7s stamped
7s
♦7s
1941
1949
unstamped
j~~D
*170
-.1949
unstamped
1965 J
13
20
26
27
183
126
172
183
170 M
171M
170M 172 M
182 M
127 M
177
175
174M
174M 177 M
26k
131
27 k
28 M
1965
27k
28
37
37k
72
32 M
32M
D
..1949
29 M
27k
26M
36 M
32 M
27
1949 AO
182 M
21k
"30 k
28M
39 M
34
German Prov & Communal Bks
Austrian
(Govt)
1957 J
External
s
110
10
88 M
J
109
109k
1955 J
D
86 M
117
19
109
109 k
19
92 H
91
1960 M
f 5s
20
116k
1956 M N
External 30-year s f 7s
Stabilization loan 7s
♦Bergen (Norway) ext
31k
109 M
1955 J
f 6s
s
A
1949 M S
State) 6Ms
Belgium 25-yr extl 6 Ms
J
1945 F
s f 7s
♦Bavaria (Free
101k
*28 M
27k
101k
1
62 M
S
♦Berlin
(Germany) s f 6 Ms
1950 A O
♦External sinking fund 6s... 1958 J D
♦Bogota (City) extl s f 8s
1945 A O
♦External sinking fund 7s
1969 IVI
♦External
s
f 6Ms of 1926.-.1957 A
♦External
s
f 6 Ms of 1927.-.1957 A
♦7s (Central Ry)
♦{Bremen (State of) extl 7s
Brisbane (City) s f 5s
Sinking fund gold 5s
20-year
1952 J
1935 M
1957 IVI
1958 F
6s.._
s f
"
•a.
-
22
31k
105M 110
101k 109k
111M 118M
109M
100 M 101M
28 M
28k
105 M
9
20 M
27
27 M
18k
3
23
8k
19
4
8k
12
4
8M
7
16 M
9M
9k
D
31k
32 k
29
21k
7M
27 M
O
27k
27k
51
18
22 M
35 M
30
O
27k
27k
50
17 k
21M
29 k
D
27
28k
13
18M
21M
31k
97M
31k
99 k
3
29
31M
30 M
32 M
22
68
95
98 M
98 k
3
68 M
95
98 M
103 k
7
75
1
29 k
34 M
S
S
A
98
J
D
J
D
35
35
J
103 M
101k 104
External
s
f 6s ser C-2
J
1960 A
External s f 6s ser C-3
1960
♦Buenos Aires (Prov) extl 6s
1961
♦6s stamped..
..1961
♦External s f 6Ms..1961
96
97 M
16
98
95M
2
40 k
36
95
95M
93
95 M
A
O
95
95
3
36 M
92 M
IVI
s
75
77 k
5
29k
70
95
77M
IVI
s
60 M
61k
146
25 k
55
61M
(Kingdom
F
A
A
60 k
61k
F
Bulgaria
38 M
O
1961 F
♦6 Ms stamped
A
59
59
*73
..
_
m
„
—
~~16
27 M
71
74
25 k
55 M
61M
57 M
*14
10 k
15k
11M
7
8k
Canada (Dom of) 30-yr 4s
5s
C
108 k
108 k
45
86 M
13
10k
105M 108M
IVI N
114k
114k
48
99 M
112
55
96 M
96 M
1
42 M
44
45
29 M
9k
33 M
12
2 Ms
F
14 M
A
15k
98 k
98 k
J
J
44
44
A
O
*10
IVI
Aug 15
s
33 k
35k
Ilk
12
13
15 k
12
4
~
13
16M
7k
8
115
37 M
36
♦Farm Loan s f 6s..July
♦Farm Loan s f 6s_.Oct
15
J
J
34M
34 k
13
26
33M
15
A
O
32
34
18
26 k
32
♦Farm Loan 6s
15
A
C
33 M
34
19
27M
33M
34 M
37
15M
15k
11
14
16
46
ser
A Apr
♦Chile (Rep)—Extl s f 7s
♦External
A
O
♦Ext sinking fund 6s
Feb
F
A
Jan 1961
J
sinking fund 6s...
s f
6s
35 H
49
99
45 M
1990 IVI N all7
t4% fund loan £opt 1960
♦Greek Government s f ser 7s
♦7s part paid-
1964 M N
105k 108
105k
114M ll&k
28 M
33M
25M
31k
26
29 M
95M
33 M
22
*29
1964
♦Sink fund secured 6s
107k
all7M
33
32 M
106
27 M
1968 FA
29M
29M
16 k
1968
27 M
28 k
30 H
23M
18M
O
O
94 k
26 M
95
67
93k
26k
20 M
26 M
96
26M
24 H
24
-
♦6s part paid
Haiti (Republic) s f 6s ser A
24 M
1952 A
1946 A
♦Hamburg (State) 6s
♦Heidelberg (German) extl 7 Ms '50 J
Helsingfors (City) ext 6 Ms
1960 A O
108
Hungarian Cons Municipal Loan—
♦7 Ms unmatured coup on
J
1945 J
♦7s unmatured coupon on
J
1946 J
M -♦Hungarian Land M Inst 7MS-1961 M N
a27
♦Sinking fund 7 Ms ser B
Hungary (Kingdom of)—
♦7Ms February coupon on
s
1961 M N
sec s f
7s
f 5s
ser
s
15
24 M
25 M
28M
26M
25k
30
32k
25k
38
42 M
27
25
41k
31M
120
70
25 M
25
25M
a27
63 H
104M 108
66 k
113M 115
92
H
160
50 k
68
60 k
13
44
53
26
3
83
M
7
14 k
15M
5
13k
15M
14k
14 k
2
6M
14
15M
14k
•
70M
92
91k
92
S
56
59 M
J
A
1965 IVI N
53
57
98 M
158
40 M
77
51M
93
82 k
86 k
90
67 M
82k
89 M
*27M
29M
23
25
30 k
31M
31k
29M
31
31k
1947 M
B
Italian Public Utility extl 7s
Japanese Govt 30-yr
*24
1944 F A
*38M
1960 M N *113
Italy (Kingdom of) extl 7s
1951 J D
Italian Cred Consortium 7s A. .1937 M S
External
25M
*24
24 H
108
1952 J
f6Ms...1954 F
Extl
sinking fund 5Ms
Jugoslavia State Mtge Bank—
♦7s with all unmat coup.-.1957 A O
93
s
1947 F
f 7s
Lower Austria (Province of)—
♦7 Ms June 1 1935 coup on
1950 J
♦Medellin (Colombia) 6 Ms
1954 J
♦Mexican Irrig assenting 4 Ms. 1943 M
♦Mexico (US) extl 5s of 1899 £.1945 Q
.
A
D
*98
D
9
N
*5M
*10M
10 M
J
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
1945 Q
♦4s of 1904..
1954 J
D
♦Assenting 4s of 1904
..1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small.
D
♦{Treas 6s of '13 assent (large) '33 J
J
J
104M
9M
50
23
.
59 M
57100
6k
6k
3
Ilk
4
Ilk
51
4M
100k 101
7k
5k
10k
9k
15k
69
6M
13k
15M
7
5M
9M
4M
4
5
6k
6M
11
3
5k
7M
6M
7
83
4k
6
6M
80
3k
3M
7
7M
47
5M
6k
7k
7k
9M
9
59k
4k
M
S
14k
15k
13
6M
14
15M
ivi
g
14M
14 k
14
6M
13k
15 M
IVI N
14 M
15
33
6
14
J
7
7M
11
O
54
59 k
84
39
50
S
19
19k
7
13
15M
1959 M S
19
19M
6
13M
14M
♦{Small
J
Milan (City, Italy) extl 6 Ma.--1952 A
Minas Geraes (State of, Brazil)—
10k
7M
10k
12 M
12k
5
*6M
-
M N
♦Ry ref ext
23M
37
106
♦Leipzig (Germany)
♦Sink fund 7s July coup off
J
J
♦Sink fund 7 Ms May coup off 1968 M N
♦Caldas Dept of (Colombia) 7Ms '46 J
J
10-year
35M
(Municipality of)—
59
15
of)—
1960 A
D
♦88 unmatured coupons on-.1954 M N *105M
Gr Brit & Ire (U K of) 5 Ms
1937 F A
106k
Irish Free State extl
Budapest (City of)—
♦6s July 1 1935 coupon on...
Buenos Aires (City) 6Ms B-2_.
1958 J
♦(Cons Agric Loan) 6Ms
Gras
21M
12M
9M
5M
13
Ilk
7k
7k
s
27k
18
♦Bolivia (Republic of) extl 8s. .1947 IVI N
♦External secured 7s
J
1958 J
♦Brazil (U S of) external 8s____1941 J
29 k
96 k
32
4«
6M
15M
I
D
11
7k
12M
13 Vs
J
D
13
13k
8
9M
12M
13M
A
O
12k
13k
37
7 M
12M
13M
IVI N
13k
13k
2
7M
12
13 H
12k
13
♦6 Mb Sept coupon off
♦6 Ms Sept coupon off
.1958 IVI
♦Montevideo (City of) 7s
1952 J
♦External
s
f 6s series A
External
s
f 5s
D
1959 M N
New So Wales (State) extl 5s. .1957 F
--Apr 1958
A
50 k
50 k
27k
47 M
48 M
25
A
102 M
103
73 k
O
102 M
102 M
73 M
19k
19M
47
53
43
48 M
101M 103
101k 103
For footnotes see page 1435.
NOTE—Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost entirely over the counter
Bid and asked quotations however by active dealers in these securities will be found on a subsequent page under the general head of "Over-the-Counter Securities."
New York Bond
Volume 142
Week's
BONDS
Week Ended Feb. 28
sa,
Bid
A
Range
Jan. 31
BONDS
N. Y.
Since
1936
d
Jan. 1
Aske
Foreign Govt. &Munic. CConcl.)
Norway 20-year extl 6s
1943 F
20-year external 6s
1944 F
A
106 H
19
88
106
A
107
15
87 %
106
30-year external 6s
40-year s f 5%s
1962 A
O
106 H
100 H
101
25
1966 J
D
101%
102
14
83%
78%
External sink fund 6s
1963 M
103
104
47
76
Bank extl s f 5s—.1970 J
Municipal
Oslo (City) 30-year s f 6s.
Panama (Rep) extl 5%s
s
No.
Low
D ♦102 H
80%
Low
10-year 5s
22
26
27
♦
84%
81%
28
64
81
86%
37
59%
77%
82%
102%
1
{♦ Ann Arbor 1st g 4s
Ark A Mem Bridge & Ter 5s
Armour A Co (111) 1st 4%s
105
1963 M N
82
♦Nat Loan extl s f 6s 2d ser.1961 A
Poland (Rep of) gold 6s
1940 A
Stabilization loan s f 7s
1947 A
External sink fund g 8s
1950 J
75%
16%
17%
16
15%
106
15%
17%
18%
12%
4%
63
80%
12%
12
56
77
16
63
102
J
91%
9
63%
90
18 H
19 %
18%
19%
3
12%
16
22
5
12
15
19%
100
101%
29%
80
111%
Porto Alegre (City of)—
♦8s June coupon off
1961 J
D
*7%s July
1966
J
J
coupon off
Prague (Greater City) 7 Ha
1952 MN
extl 6%s.l951 M S
—1952 A O
f 6s
s
Queensland (State) extl
26-year external 6s
s
f 7s—1941 A
O
1947 F A
1950 M S
♦
Rhlne-Maln-Danube 7s A
Rio de Janeiro (City
of)—
♦8s April coupon off
;
100
27 H
27 H
110 H
U0H
♦33 H
100
77%
8
9
22%
9
22%
111
7
94
109
110%
37%
6
83%
109
27%
27%
32%
27%
27%
...1946 A O
♦6J4s Aug coupon off
1953 F A
Rio Grande do Sul
(State of)
♦8s April coupon off
...1946 A O
♦6s June coupon off...
1968 J D
♦7s May coupon off
1966 MN
♦7s June coupon off
1997 J D
Rome (City) extl 6
Ha
1952 A O
19 H
20
11
16%
16%
15
11%
23 H
24
17%
19%
19%
61%
18%
18%
7
12%
15
54 H
118
61%
82
54%
122%
4
40%
92%
1959 F
A
26
1953 J
J
♦25
May coupon off
1952 M N
♦Extl 6 Ha May
coupon off—1957 MN
112
22%
17
22%
1st gold 5s
Ref A gen 6s series C
27%
27
27
*20
22%
13%
17
18%
11%
17%
14%
coupon off
1936
22%
19
♦External 8s July coupon off. 1950
♦External 7s Sept coupon off. 1956
♦External 6s July coupon off. 1968
♦Secured s f 7s
1940
♦Santa Fe (Prov
Arg Rep) 7s. .1942
J
J
22 H
22%
M S
21H
21%
J
J
A
O
(Germany)~7s~i945
F
1951 M N
D
1945 J
634s
17%
10%
61%
32%
32%
14
33
67
38
2
32 H
67
57
61%
29%
24
1
32 H
32 H
90%
17
62
67
14
81%
32%
31%
32%
32%
12%
9
89%
16%
29%
23%
21%
20%
61
3
17
60 %
M S
♦Stamped
♦Saxon State Mtge Inst 7s
♦Sinking fund g 6 Ha
Serbs Croats A Slovenes
12%
3
88 %
67
22%
28
6
33%
D
32 H
32%
8
32%
♦8s Nov 1 1935
coupon on.. 1962
♦7® Nov 1 1935 coupon on..1962
Silesia (Prov of) extl 7s
..1958
♦Slleslan Landowners Assn 6s.. 1947
M N
25 H
26
26%
6
19%
26%
3
Solssons (City of) extl 6s
Styrla (Province of)—
MN
1946 J
(Kingdom)
1936
♦7s Feb coupon off
Sydney (City)
s
f
5)4s
s
1947 M N
M N
i960
Vienna (City of)—
♦6s Nov coupon on
Yokohama (City) extl 6s
AND
A
69 %
*50
70
42
28
25%
117
*166%
92
92
47%
1
101H
78 H
73 H
101%
75
5
16
76%
18
77 H
81%
37
11H
100 %
45%
11%
5
8%
15
63%
101%
53%
59
•
47%
46%
8
92 H
68 H
94%
68%
19
D
83 H
87%
35
1961 J
71%
89
Ala Gt Sou 1st cons A 5s
1st cons 4s ser B
1943 J
1943 J
♦Albany Perfor Wrap Pap 6s.. 1948
♦68 with warr assented
Alb & Susq 1st guar 3
Ha
{Alleghany Corp coll
Coll &
conv
♦Coll &
♦
99%
57 H
100%
O
Allegh & West 1st
gu
4s
Alleg Val gen guar g 4s
Allied Stores Corp deb 4)4s
Allls-Chalmers Mfg copv deb 4s
♦Alplne-Montan Steel 7s
Am Beet Sugar 6s ext to Feb 1
Am & Foreign Pow deb 5s
American Ice s f deb 5s
103
104%
7
96%
214
D
O
77
80%
55%
59
97%
1998 AO
1942 M S 7110
1950 A O 100%
1945 MN
127%
1955 M S
♦95%
1940 F A *103%
2030 M S
79%
1953 J
44%
5
70%
93%
90%
1950
38
"73% """3
70
1946 AO
1944 F A
109
94
83
41
129
98%
93
10
34
92%
131%
170
109%
50
100
103%
80
"~5
10
117
82
104%
105
67
S
127
132%
Am Telep &
1936 M
S
99%
99%
10
1946 J
D
108%
109%
43
101%
100%
Teleg
5%s
conv
4s
30-year coll tr 5s...
35-year s f deb 5s
D
1949 M N
1960 J
J
20-year sinking fund 5Ha... 1943 M N
Convertible debenture 4%s._ 1939 J
Debenture 5s
1965 F
{♦Am Type Founders 6s ctfs
1940 A
75
76%
65
102%
477
113
113%
96
113%
114
100
84
J
117
117%
114
114%
71
O
97
101
105
61
A
51
98%
52
104
111
88
282
86
99%
223
57
75%
541
86%
89%
208
101%
171
74
79
112% 117%
101% 105
121
33
24%
24%
27%
106
99%
90
"48"
92%
92%
165
O
85
89
109
27
29%
21%
24
21%
23%
19
66
15
18%
23
5%
21%
6
21
HAnover 2-7900
Private
—
Wires to Chicaoo.
I
4%
23
22
103
106% 108%
29
102%
105% 108
*85
J
91
A
114
120%
85
92
114%
120%
118
28
8
3
4
11
1947 M N *125%
D
105%
1957 M N
108%
A
106%
105%
108%
106%
""4
8
20
68%
1938
J
1981
"103
103
106% 107%
103% 106
52%
57%
69
72%
103%
105%
109
93
100%
104
2
88%
92
119% 122
124% 125
105%
108
109%
105% 106%
105
103
103
109%
109%
19
96%
109
110%
104%
6
91
104% 104%
1957 M N
80%
25%
104%
83%
381
50
90
6
39
65%
197
66%
30
97%
99
24
_
1942
107
104%
JH14%
107"
104%
16
1
3
f 20
115%
111%
116
111%
47
tl 16
July 1969
116%
9
8
10%
31
54
102%
85
1%
79
91%
96%
96%
Oct 1969
118
1970
1118
118
jll5%
jll3%
116%
20
113%
19
113%
114
13
96%
94%
91%
91%
J124%
125
6
105%
92%
94
284
52%
118%
104
104%
7
5
28
66
13
94%
73%
64%
1944 J
J
114%
114%
Dec 1 1954 J
D
106%
107
116
1960 J
J
103%
103%
149
Collateral trust 4%s
New York Curb Exchange
-
85
114%
A
61
Teletype
75
1937 M S
90
T.
96%
86%
65
&
88
98
15%
T.
15
96
105%
Canadian Northern deb 6 %s
1946
Canadian Pac Ry 4% deb stk perpet
Coll trust 4%s
i
1946 M S
A.
7
26%
26%
107%
106%
14
-
93%
32
1
—
79%
94
7
-
33
104% 106
109% 109%
95%
Vilas AHickey
Telephone
59%
25
Members
32
29
89%
31%
Railroad, Public Utility and Industrial Bonds
—
30
80
BOND BROKERS
-
32%
29%
28%
75
1
15
"32"
60%
For footnotes see page 1435.
49 WALL STREET
99
56
28
5s equip trust ctfs
Coll trust gold 5s
98%
106%
June 15 1955
Guaranteed gold 4%s
1956
Guaranteed gold 4%s..Sept 1951
119%
75
101%
101% 101%
25
88%
89%
1945 M N
Guaranteed gold 5s
107% 110%
112
113%
113% 114%
120
"27%
30
S
Guar, gold 4%s
134%
68%
101
129%
25
Guaranteed gold 5s
Guaranteed gold 5s
109
121
N
Canada Sou cons gu 5s A.....1962
Canadian Nat guar 4%s
1957
83%
New York Stock Exchange
90
80%
113% 115
103% 108
109% 118
125
107
.1950 F
90
74
119
105%
1950 J
74%
61%
66
106%
1941 J
1950 F
97%
52%
38%
52%
103%
*109
15
104
104
88
88
28%
A
100%
61
60
~32%
O
74%
92
111
103
28%
*42
76%
75
108%
84%
100%
99%
121
O
S
59
129%
*101%
32%
29%
33
94%
89%
A
105%
54
94%
74%
101%
94%
101%
103%
♦Camaguey Sugar 7s ctfs
112% 114%
90% 101%
20
91%
J
1968
.
104
114
100
106
97%
89%
80%
*72%
Cal G A E Corp unf A ref 5s.
1937 MN
Cal Pack conv deb 5s
J
..1940 J
99% 101
118% 134%
95
91%
99% 100%
103
100
♦Consol 5s
J
1955
Bush Term Bldgs 5s gu tax ex..1960 A O
By-Prod Coke 1st 5%s A
1945 MN
60
70
62
77
115%
J
conv
100
5 {♦Burl C R A Nor 1st A coll 5s 1934 A O
♦Certificates of deposit
O
{♦Bush Terminal 1st 4s
1952
81
66%
Am Internat Corp conv 5%s._1949 J
Am Rolling Mill conv deb
4%s.l945 M
Amer I G Chem
104%
97%
95%
102
32
437
81
87%
108% 110
110
100%
18
104
1952
Buff Roch A Pitts gen g 5s
CodsoI 4%s
76
90
62
4
65
78
8
107
111
J
Bruns A West 1st gu g 4s
Buff Gen El 4%s series B
103% 105%
53
73%
48%
36%
13
15
454
105% 106%
35%
57%
110
101
47%
67%
101
110
S
Debenture gold 5s
1st lien A ref 5s series B_.
Brown Shoe sf deb 3%s
100%
53
80%
74
72
97
61
26
D
1944
1st lien A ref 6s series A
40% 49
98% 100%
50%
5
1950 A
5s
5s stamped
96%
2
1949 J
tr 5s
61
49
57%
110
110
.13%
62
44
D ♦105
..1948
5s
conv
A
D
47%
100%
H
20
105%
O
3%s..l943
1st 5s stamped
COMPANIES
44
99%
57%
47%
D
15-year sec 6s, series A
1949
Bklyn Qu Co A Sub con gtd 5s .1941 M N
INDUSTRIAL
100
33%
104% 107%
102% 106%
*101%
*99%
1951 A O
J
120%
1948 J
127%
1960
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
♦{{Abltlbi Pow & Paper 1st 58.1953 J D
Adams Express coll tr g 4s
1948 M S
Coll trust 4s of 1907
1947 J D
Adriatic Elec Co. ext 7s
1952 A O
23
117%
1941 J
66%
83%
27
109%
100% 104
1949
63
89%
76
75
1936
Bklyn Edison Inc ger 5s A
Gen mtge 5s series E
Bklyn-Manh R T sec 6s A
96% 100%
88%
88%
55
118"
Brooklyn City RR 1st 5s
41
57
37
*110
50
55
82%
295
95%
82%
{{♦Bowman-Bilt Hotels 1st 7s. 1934
M
Stmp as to pay of $435 pt red
94%
71%
61%
56
99%
J *108%
116
1955 A
86
139
192
115
50
53%
10
112
112%
118
118%
103% 105
105% 109%
46%
67%
J *114
49%
92%
87%
99%
86%
81%
96%
40%
1943 J
37%
52%
12
15
'"5
114
1
S
39%
37%
51
*53 H
.
87%
88%
89
1
86
{Boston A N Y Air Line 1st 4s. 1955 F
{{♦Botany Cons Mills 6 %s
1934 A
♦Certificates of deposit
101%
100
75
1936
cons
75
105
104
S
4s
84%
107%
A
1950 M
Boston A Maine 1st 5s A C...1967 M
1st M 5s series II.
1955 M
1st g 4%s ser JJ
..1961 A
82%
11%
103%
F
Big Sandy 1st 4s
Bing A Bing deb 6%s
83
67%
105%
103
104
♦Berlin Elec El A
Underg 6%s.l956
Beth Steel cons M
4%s ser D..1960
76%
99
52%
43%
M
♦Debentures 6s
92
109%
1951 J
Belvidere Delaware
75
105
85%
95%
♦Berlin City Elec Co deb 6
%s—1951
♦Deb sinking fund
6%s
1959 F
29
114
107%
112%
112%
124%
99
87
90%
75
108%
102%
26%
107
45 H
33
105% 107
110% 112%
J
26%
8
46
46
32%
29%
9%
109
79
J
Beech Creek ext lstg
3%s
Bell Telep of Pa 5s series B
1st A ref 5s series C
50
51%
164% 166
100
102% 102%
88%
—1996 M
F
ser
Beech Creek 1st gu
g
2d guar g 5s
35
78%
73%
77%
78
MN
—.1951
Bataviap Petr guar deb 4 %s_—1942
Battle Crk A Stur 1st
gu 3s
1989
32%
92
1
J
Con ref 4s
4s stamped
33%
23%
23%
66%
102%
J
Bangor A Aroostook 1st 5s
100% 103%
58
82
1952 M N
1958 F A
(City) external 7s
RAILROAD
F
M N
1964 M N
Bank 7s—1952 A O
Venetian Prov Mtge
Warsaw
J
1961
guar
f 6s
J
1952 M S
A O
f 6s
s
A
A
Trondhjem (City) 1st 5%s
1957
♦Uruguay (Republic) extl 8s —1946
External
F
A
1971
♦Tolima (Deptof) extl 7s
♦External
D
F
...1955
Tokyo City 5s loan of 1912
s
J
1946 F
f 5%s
Taiwan Elec Pow s f
5Hs
External
M N
17
15%
74%
96%
103%
1995 J
P L
Ref A gen M 5s
15%
J
July .1948 A
E A W Va Sys ref 4s
1941
Southwest Dlv 1st 3%-5s
1950
Tol A Cln Dlv 1st ref 4s A...1959
Ref A gen 5s series D
2000
Conv 4%s
i960
San Paulo (State
of)—
J
"_7
19
78%
75
*07%
105%
87%
J
{Baldwin Loco Works 1st 5s...1940 M N
Bait A Ohio 1st g 4s
July..1948 A O
Refund A gen 5s series A
D
.1995 J
122%
27
27%
40
Sao Paulo (City of
Brazil)—
♦8s
J
24
14
♦7s August coupon off
♦Saarbruecken (City) 6s
J
Auburn Auto conv deb
4%s._.1939 J
Austin A N W 1st gu g 5s
1941 J
16
1964 M N
J
1948 J
J
14%
Monopolies)
♦Saxon Pub Wks
♦°en ref guar
1948 J
J
12%
Rotterdam (City) extl 6s
Roumanla (Kingdom of
|*8s July
May 1 1945 M N
1937 J
12%
75%
108%
112
1959 J
14
69
S
Atlantic Refining deb 5s
13
1
109%
D *118%
105
J
Oct...1952 MN
27
108%
112%
Atl Gulf A WISS col tr 5s
36
1
109
J
19%
21
7
49
41% 48%
99% 104%
25
30%
71%
84%
96
100%
103% 104%
108%
1958 J
21
16%
33
42
94%
97%
106%
110% 114%
104% 108%
104% 109%
106% 109
105
108%
113
14
19
98%
3%
134
J *107
15
16%
247
106%
107% 118%
106%
114%
D
M
18
20%
High
97
113
105%
1948 J
1962
80
6
Low
285
1965 J
1944 J
58
97%
97
D
10-yr coll tr 5s
Atl A Dan 1st g 4s
"
30
Low
'
59
1960 J
LAN coll gold 4s
38
44
42%
104%
80
107%
102%
1st 30-year 5s series B
J
1944 J
Atl Coast Line 1st cons 4s
July. 1952 M S
General unified 4%s A
1964 J D
110%
No.
49
106%
116% 2497
27
103%
D
1946 J
Jan. 1
100%
104%
1955 J
A/
Since
1936
♦107%
ALlst4%sA
111
18 H
26
79%
100%
D
Cal-Arlz 1st & ref 4%s
Atl Knox & Nor 1st g 5s
Atl A Charl
28%
33%
S
1955 J
2d 4s._:
13%
J
Conv g 4s issue of 1910
Conv deb 4%s
96
e80
103%
Rocky Mtn Div 1st 4s
Trans-Con Short L 1st 4s
8
108%
78
O
O
1945 M N
1995 Q
1964 M
Copv gold 4s of 1909
Conv 4s of 1905
16%
16%
107 H
90
O
Anglo-Chilean Nitrate 7s
42%
1939 J D
1st M sf 4sser B (Del)......1955 F A
Armstrong Cork deb 4s
1950 J
J
Atch Top A S Fe—Gen g 4s
1995 A O
Adjustment gold 4s...
1995 Nov
Stamped 4s
1995 M N
89
58
5
6
67
7
120
15
104
8%
6
16
104
24%
9
17%
102
27
108
15 H
O
85
73
89
72 H
(FreeState)
J
1953 J
f Ssser A
♦External
S
"26% "~4
Pernambuco (State of)— ;
•
♦7s Sept coupon off
1947 M S
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser.. .I960 J
D
♦Prussia
1944 M
Range
Jan.31
Asked
High
103%
108%
42%
♦
77 H
♦Stamped
_
conv coll trust
g 6s_.1947 J
Certificates of deposit
Anaconda Cop Min s f deb 4%s 1950 A
{♦ Am Writing Paper 1st
26 H
81
102 H
D *104
H
A
Low
Amer Water Works A Electric—
Deb g 6s series A
1975 MN
107%
100% 105%
101
103%
102% 104%
102% 102%
1956 M N
-
Bid
1933 to
fs
Friday's
no.
High
107%
1968 M N
Oriental Devel guar 6s
Extl deb 5%s
Extl
S
High
107%
July 1
Range or
STOCK EXCHANGE
Week Ended Feb. 28
1962 F A
1963 M S
♦Nuremburg (City) extl 6s
♦
Low
1431
Week's
1933 to
Range or
Friday'3
N. Y. STOCK EXCHANGE
Record-continued-Page 2
July I
NEW YORK
NY
Indianapolis and St. Louis
1-911
65%
21%
22%
80%
84%
30%
29
90
66%
48%
66%
58%
92% 101%
107
107%
104% 105%
16%
9%
111% 116%
108% 112
113% 116%
115
118%
115% 118%
112%
110%
110%
122%
87%
102%
113%
106%
117
114%
114
125%
94%
105
115
107%
100% 104
New York Bond Record
1432
-
Continued
-
Page 3
1936
29
Feb.
Week's
Range or
Friday's
BONDS
N. Y.
STOCK EXCHANGE
e c
Nft,
Week Ended Feb. 28
liennett Hros. & Johnson
SM embers ^ew
Since
1936
Jan. 1
1933 to
Asked
&
Low
High
*105*$
98*$
No.
Low
99
Cln Wabash & M Div 1st 4s. 1991
1990 M N
St L Div 1st coll tr g 4s
Jan. 31
Bid
Clev Cln Chic & St L (Concluded)
Cairo Div 1st gold 4s
1939
York Stock Exchange
July 1
58
120
Private Wire
Wall Street
135 So. La Salle St.
-
Connections
Randolph 7711
4s
J
110
1st
*104*$
N. Y.
STOCK EXCHANGE
Bid
Week Ended Feb. 28
&
Low
1949
J
1938
D
107 *$
D
109*$
88*$
1st & cons g 6s ser A_ .Dec 15
Cart & Ad 1st gu g 4s
Cent Dist Tel 1st 30-yr 5s
1952
1981
1948
1943
©
D
D
7
6
89*$
11
68
73
33
106*$
1
24
29
108*$
64*$
36*$
18*$
A
63
34
O
18*$
♦Ref & gen 5s series C
1959 A
O
18
18
D
28*$
28*$
Cent 111 Elec & Gas 1st 5s
1951
F
{♦Cent New Engl 1st gu 4s
General 4s.
Through Short L 1st
Guaranteed g 5s
26*$
16*$
36*$
7
16
20
17*$
23*$
29
3
22
19
23
24
15
22*$
23
24
25
19
30
107
1
102
69
69
J
J
101*$
J
A
O
4s... 1954 A
...I960 F
91*$
107*$
106*$
A
96
85
...
126*$
97*$
105*$
130*$
Champion Pap & Fibre deb 4*$sl950 M S
Chesap Corp conv 5s
....1947 M N
10-year conv coll 5s
1944 J
D
118
104*$
43
105*$ 107*$
99*$ 103*$
73*$
102*$
28
39*$
43*$
32
90
98
91*$
25
78
87
65*$
1
63*$
108
106*$
99*$
85
55
256
3
49
1
100
71
42
126*$
98*$
105*$
134*$
300
120
112
15
100*$
Q4.
101*$
104
87
77*$
103*$
92
103*$ 108
102
106*$
89
99*$
67
85
102*$
115*$
110*$
111*$
118*$
■»
96
108*$ 111
Potts Creek Branch 1st 4s.._ 1946 J
R & A Div 1st con g 4s
1989 J
J
85
J *113*$
90*$
87
99
53
2
S
111*$
111*$
111*$
112*$
51
92*$
84*$
111
111*$
42
77
F
A
115
115*$
14
84*$
112
53
1971
J
95*$
11
20*$
17*$
117*$
79
♦1st & gen 5s series A
♦Chic M & St P gen 4s ser A
1980
♦Gen g 3 Ha ser B May 1
1989
♦Gen 4*$s series C__May 1..1989
♦Gen 4*$s series E__May 1..1989
♦Convadj 5s
gen g
1937
97
104*$ 105*$
105
37
"330
47
8
18*$
26*$
39*$
15
28*$
15*$
29
48
28*$
45
26
33
4?$
15*$
28
26*$
31
4*$
16
29
J
60*$
J
62
22
O
7*$
46*$
52*$
100
9
53*$
54
55*$
57
70
99
58*$ "84
55*$
62*$ "21
14
60*$
15
63?$
24*$ 1199
47*$
54*$
63*$
*55
26
111?$
51*$
M N
32*$
92*$ 100
111*$ 111*$
65*$
46*$
32*$
43
58*$
36
47*$
68
36*$
47*$
36*$
49*$
69*$
9*$
195$
25
785
2*$
39
28*$
68
95$
11
30*$
7*$
38*$
41*$
18
30*$
41*$
54*$
54*$
33
44
56
5
74
35
38*$
475$
44
57*$
56
55*$
58*$
"55
38
25?$
11
13
42*$
47?$
21*$
61*$
23*$
20*$
25*$
20
255$
56*$
June 15 1951 J
..June 15 1951 J
Memphis Div 1st g 4s......1951 J
ChlcTH&SoEast 1st 5s..._.I960 J
Inc gu 5s
Dec 1 1960 M
Chic Un Sta'n 1st gu 4*$s A
1963 J
1st 5s series B
..1963 J
Guaranteed
g 5s
Guaranteed 4s
27
Detroit Edison gen & ref 5s
Gen & ret 4 Ha series D
♦
96
10*$
16*$
19*$
11
10*$
15
11
93
4*$
95
93*$
74
92*$
61
83*$
106*$ 108*$
106*$ 108
105*$ 109
D
J
106*$
106?$
1963 J
J
111
112
15
105*$
107*$
1952 J
J
103*$
107*$
104*$
107*$
90
63*$
108*$
108*$ 112
99*$ 104*$
25
82
106*$ 107*$
107*$
83*$
107*$
85*$
102*$
5
103
1943 A
O
1947 J
Chile Copper Co deb 5s
J
102
1952 IVI N
O
104*$
1937 J
CinG&E 1stM4sA
*39*$
1968 A
5s
J *103
F *101
Aug 2 1936 Q
1942 M N *105
2020 J
J
109*$
109
..2020 J
J
1st guar 5s series C
1957 M N
'
Clearfield Bit Coal 1st 4s
112*$
1940 J
J
J
35
104*$
"20
I62"
87*$
88*$
97*$
1075$
73
86*$
100*$ 103
35
39
103*$ 106
103
103
101*$ 102
82
cons g
51
2
1
Ref & impt 6s ser C
Ref & lmpt 5s ser D
1941 J
105
105
1963 J
99
101
Ref & impt 4H8 Bet E
1977 J
92
94*$
101*$
65
92*$
3
73
38
60
218
50
521
51
89*$
90*$
102*$
88
93
104"
104?$ 106
96
108"
85
"38"
37*$
396
7
105*$
83*$
107
106*$ 107*$
20*$
30
38
21
31*$
38*$
19
19
88
6*$
13*$
17
176
5*$
13
18
30*$
97
11*$
23
31
6*$
16
2*$
63
109*$
115*$
1089$
93
O
109?$
110*$
107
D
*50
O
78*$
98
105*$ 106*$
103*$ 105
93?$
85*$
90*$
20
4?$
66
7
71
108*$ 110
113
116*$
108*$ 110*$
1085$ 110*$
50*$
50*$
J *129*$
8
32*$
35"
"ilk
*25
"35"
1
"84"
15*$
15*$
112*$ 114*$
5
87
106*$
1
102
67*$
13
20
18*$
113
104*$
104*$ 105
106
107
89*$
79
107*$
103*$ 110
99
.
72*$
52*$
21*$
12*$
104*$ 104*$
107
6*$
107*$
31*$
"32*$
30
32*$
108
128*$ 131
32*$ 33
33
32*$
111
89
110
81*$
101*$ 102*$
100*$ 102*$
105*$ 106
100*$
90
90
104*$
89*$
54
69
187
52
105*$ 106
99*$ 104*$
89*$
77*$
105*$ 106*$
74*$ 89*$
J
88
A
Corv 4s series A
1953
O
*106*$
87*$
1953
O
89
89*$
50*$
75
89*$
1953
O
88
88
62
74
88
85*$
285
46*$
70
86
O
81*$
80*$
85*$
505
46*$
J
117*$
U8*$
7
90*$
85*$
69*$
117*$ 118*$
92*$
116*$ 117*$
Series B
Gen
conv
4s series D
Ref & impt 5s of 1927
Ref & impt 5s of 1930
Erie & Jersey 1st s f 6s
1967 IVI N
1975 A
1955 J
99
"89" "48
J
s f 6s
1957 J
*117*$
NY & Erie RR ext 1st 4s. ..1947 IVI N *110
3d mtge 4*$s
1938 IVI s *104
Ernesto Breda 7s
13
1
50*$
86
95
54
42*$
50*$
*48*$
1942
100
100*$
60
98
102
*99
101
75
99
101*$
5s International series
1st lien s f 5s stamped
1942
100
101*$
59
1st lien 68 stamped
30-year deb 6s series B
1942
103
103*$
59*$
100*$
46*$
1954
99*$
Fiat deb
s f g 7s
1946
{♦Fla Cent & Penin 5s
1943
{♦Florida East Coast 1st 4*$s..l959
♦1st & ref 5s series A
'..1974 M S
♦Certificates of deposit
Fonda Johns & Glov 4*$s
1952
{ {♦Proof of claim filed by owner.. M N
(Amended) 1st cons 2-4s
{{♦Proof of claim filed by
42*$
1954
1942
Federal Light & Tr 1st 5s
70
"58"
9*$
7*$
8*$
10
50*$
60*$
70
25
70
*54*$
56*$
8*$
10
97*$ 102
101*$ 104
95
100*$
57
6*$
52*$
56*$
8*$
5*$
7*$
10*$
4*$
8
11
3
4
2
3*$
48
63
11*$
1982
owner
1941
M N
Y
*5*$
5*$
j *104*$
D *105*$
7
5*$
6*$
6*$
83
106"
94*$
105"
105*$
106*$
106?$
94*$
106
108
{♦Francisco Sug 1st s f 7*$s___1942 IVI N
54
Galv Hous&Hend 1st 5*$s A.. 1938 A O
*80*$
Gas & El of Berg Co cons g 5S..1949 J D *120
57*$
15
35*$
89
72
75*$
1961 J
1934 IVI
101*$ 106*$
♦{Gelsehkirchen Mining 6s
96?$ 104
111*$ 116*$
Gen Amer Investors deb 5s A.. 1952
103*$ 105
89
101*$
J
♦Gen Elec
78*$
"67"
1996
1951
Gen Cable 1st
s
f 5*$ A
F
1947 J
S
A
J
J
(Germany) 7s Jan 15 1945 J
♦Sinking fund deb 6*$s
1940 J. D
s f deb 6s
1948 IVI N
♦20-year
Gen Pub Serv deb 5*$s
For footnotes see page 1435.
89}$
1st corsol gen lien g 4s
Penn coll trust gold 4s
Framerican Ind Dev 20-yr 7*$s 1942 J
103*$
106*$
102*$
J *106*$
J
103
...1940
4s 4s prior.. 1996
83
106*$
15
102
85
32*$
1941 IVI N *112
O *105*$
1965
*105*$
J
*106*$
1940
113
116
2
4
1965 A
83
78*$
105*$
1995 J
112
103
D
5
101
,
5a stamped
13*$
62*$
62*$
8
1956 M N *109*$
J
1939 J
107*$
111
116
M
1993 J
13*$
*22
108
1993 J
...
32
55*$ 65*$
61
49*$
75*$
49*$
70*$
46*$
103*$ 104*$
106*$ 106*$
*35
98*$
52*$
102
15
*109*$
114*$
108*$
j"d
109*$
General 5s serial B
Cleve-Cllffs Iron 1st mtge 4 *$s. 1950
A
♦Certificates of deposit
Fort St U D Co 1st g 4*$s.
Ft W & Den C 1st g 5*$s
100
65
103*$
*103*$
A
109k iio*$
113
1
59
106*$
J
100
103*$ 106
65
J *105*$
97*$
J
Clearfield & Mah 1st gu 4s
J
IIo"
*75*$
1943 J
30*$
46
*85
..1940 J
71
89
60
106
106
109
62*$
60*$
58*$
62*$
60*$
103*$
Genessee River 1st
63*$
1
103
1995
Elgir Joliet & East 1st g 5s
El Paso & S W 1st 5s
43*$
20*$
105
103
D
♦El Pow Corp (Germany)
6*$s.l950 IVI
♦1st sinking fund 6*$s
1953 A O
15*$
20?$
11*$
105*$
8
IVI
105
1995
East T Va & Ga Div 1st 5s
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons
g 5s
16
19*$
22*$
J
J
♦{East Cuba Sug 15-yr s f 7*$s.l937 M S
16*$
East Ry Minn Nor Div 1st 4s. .1948 A O *104
39
28
102*$
J
10
106
103*$
96
1937 J
10*$
105*$
101
69*$
114*$
32*$
13*$
49*$
2
114*$
104*$
106*$
67*$
2
93*$
105
36
O
19
100
103
1937 A
100
15
104*$ 107*$
68
Dul & Iron Range.lst 5s...
Dul Sou Shore <fc Atl g 5s
17*$
21*$
10
107
103
1961 M N
J
1942 J
19*$
84
106*$
2
J995 J
♦2d 4s assented
40
107*$
8
Detroit River Tunnel 4*$s
Donner Steel 1st ref 7s
46*$
82*$
107*$
31*$
37*$
37*$
31*$
102*$ 102*$
22
J
1995
36
106*$
98
108*$
1961 F
1952 A
A
1st 4s assented
32*$
106*$
10
1
107*$
103*$
1965
♦Second gold 4s
122
J
J
55
103?$
C "62 F
ser
♦Detroit & Mac 1st lien g 4s
42*$
S
10
47
33*$
106*$
1971 J
.1969 J
Gen & ref 5s series E
Gen & ref M 4s ser F
Erie RR 1st
"83*$
20
108
1936
Erie & Pitts g gu 3 J$s ser B
Series C 3*$s
59
16
34
Stamped as to Penna tax
1951 IVI N *107*$
J
{♦Den & R G 1st cons g 4s
1936 J
35*$
J
♦Consol gold 4*$s
1936 J
35*$
{♦Den & R G West gen 5s_.Augl955 F A
16*$
♦Assented (subj to plan)
15
♦Ref & impt 5s ser B
28*$
Apr '78 AO
J
{♦Des M & Ft Dodge 4s ctfs.._1935 J
6
{♦Des Plaines Val 1st gu 4*$s__1947 IVI S
*67*$
17
25*$
30*$
31*$
102*$
1st mortgage 4*$s
J *105?$
1969 J
Del RR & Bridge 1st g 4s
1936 F A *100*$
Den Gas & EI 1st & ref s f 5s... 1951 IVI N
106*$
80
13
31
24
D
1937
Del Power & Light 1st 4*$s
1st & ref 4*$s
115$
32
20*$
J
Del & Hudson 1st & ref 4s....1943 IVI N
Gold 5 *$s
..1937 IVI N
73
92*$
"3
20
17*$
IVI N
Dayton Pow&Lt 1st & ref 3*$s 1960
7*$
93*$
32
16
IVI N
.1936
Cumb T & T 1st & gen 5s
42*$
91*$
80*$
j
1952 J
Cuba RR 1st 5s g
1st ref 7 *$s series A
1st lien & ref 6s ser B
3
92*$
1962 M S
Cleve Cin Chi & St L gen 4s.
32*$
102*$
471
D
31*$
32*$
D
16*$
105
31
109*$
104*$ 105?$
23*$
34*$
*26}$
D
75*$
75
J
{♦Cons Coal of Md 1st & ref 5s 1950 J
12*$
7*$
O
♦Certificates of deposit
Consumers Gas of Chic gu 5s.. 1936
Consumers Power Co—
47
9*$
1962 M S
Series B (small)
♦Debenture 4s
24
D
1st ref 6*$s series A
let & ref 5*$s series C
Childs Co deb 5s
Cln Union Term 1st 4Hb A
1st mtge 5s series B
1955 A
..1956 J
♦Debenture 4s
12
1944 J
Cln Leb & Nor 1st con gu 4s
4
24*$
1944 J
Cln H & D 2d gold 4 *$s
C I St L & C 1st g 4s
6
31
13
D *105*$
D
*84$$
1st mtge 4s series D
Chic & West Indiana con 4s
cons
31*$
31
17*$
I960 M N
93
31
J
20
1952 M S
36
J
18*$
O
105
J
17*$
..1934 A
♦Certificates of deposit
{♦Secured 4 Ha series A
♦Certificates of deposit
♦Conv g 4 Ha
106
107
1957 J
39*$
♦Certificates of deposit
104
88
non-conv deb 4s..1954 J
1955 J
75*$
J
30
99
26
107*$
104*$
40
1988 J
4s
29
53
107*$
104*$
22*$
21*$
14?$
♦Conv 4*$0 series A
1949 M N
§ {♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
F A
Ch St L & N O 5s
117?$
14
"59*$
♦Secured g 6*$s___i.
1936 M N
♦1st ref g 5s
May 1 2037 J D
♦1st & ref 4 *$s stpd. .May 1 2037 J D
♦1st & ref 4*$s ser C__May 1 2037 J
D
{♦Refunding gold 4s
21*$
116
10
♦
1987 M N
gen
14
82*$
12
D *111*$
J
57
♦Stpd 4s nor-p Fed inc tax 1987 M N
♦Gen 4*$s stpd Fed inc tax..1987 M N
♦Gen 5s stpd Fed inc tax
1987 M N
♦4*$s stamped
5*$
1
44
99*$
3*$s_.1987 M N
♦General 4s
2
45
A
Jan. 1.2000 A
23
22
J
J
♦Gen 4*$s series F__May 1..1989
{♦Chic Milw St P & Pac 5s A..1975
96
16
23
J
J
115*$
82
43
J
1966 M N
1947 J
♦1st & gen 6s series B.May.. 1966 J
Chic Ind & Sou 50-year 4s..
1956
Chic LS & East 1st 4
Ha
1969
5?$
48
.
♦Refunding 4s series C._
{♦Choc Okla & Gulf
110
41
A
19*$
♦Certificates of deposit
17*$
Chicago & Erie 1st gold 5s
1982 M N
117*$
ChGL & Coke 1st gu
g 5s
1937 J
J *104*$
{♦Chicago Great West 1st 4s...1959 M S
35
{♦Chic Ind & Loulsv ref 6s
1947 J
J
46*$
45
♦Refunding g 5s ser B
1947 J
J
Gold 3*$s
110
1977 F
1949 J
94*$
{♦Chic R I & P Ry
112*$ 112*$
108*$ 109*$
104*$ 107*$
108*$ 111*$
107*$ 111*$
106*$ 112*$
{{Chicago & East 111 1st 6s
1934 A 0
t*C & E 111 Ry (new Co) gen 58.1951 M N
{♦Chic & No West
113
1958 M
1st & ref 4*$s ser B
1st & ref 5s ser A
29
103
111
Illinois Division 4s
General 4s
5
A
♦Debenture 4s
106*$ 107*$
29*$
104*$
29*$
D
Debenture 5s
{♦Consol Ry
107*$ 108*$
106*$
110*$ 113*$
84
88*$
96*$
105
84
6
92
107
75
51
107*$
F
95*$
H
6
113
107*$
J
111*$ 111*$
111
112*$
16
113*$
J
ill
110
91
*104*$
*108*$
*106}$
1945
112
94
1951 J
Consol Gas (N Y) deb 5*$s
Debenture 4*$s
98*$ 102
58
133
112
105*$
112*$
33*$
101*$
80*$
103
105*$
112*$
166
99*$ 102*$
59*$
M N
J
53
99
60*$
Crown Cork & Seal s f 4s
1950
Crown Willamette Paper 6s ...1951
Crown Zellerbach deb 5s w W..1940
Cuba Nor Ry 1st 5*$s
1942
1995 J
110
59*$
11
120*$
112*$
123*$
83*$
~50*$
78
100
91}$
*
223
102
102*$
34
*110
78*$
102*$
111
J
72*$
100
35
0
98*$ 103
48*$ 68*$
15*$
48*$
102
21
1989 J
26*$
119
A
123*$
1941 M
65*$
14
66
D
112*$
2d consol gold 4s
38
103
F
121*$
Warm Spring V 1st g 5s
"72*$
100*$
guar
100*$ 106
95
99*$
92*$
....
J
1115$
Chic & Alton RR ref g 5s
^-1949 A
Chic Burl & Q—111 Div
3*$s.__1949 J
66
Copenhagen Telep 5s Feb 15...1954
S
1993 A O
*110
71
233
*111
1943
1951
4*$s
1951
♦Consolidated Hydro-EIec Works
of Upper Wuertemberg 7s... 1956
Stamped
74
21
108
99*$
*110
1949
99*$
99*$
105?$ 109"
105*$ 110
137
Craig Valley 1st 5s._May...1940 J
.
1945
D
73*$
106
96*$ 100
1992 M
5s
Ref & lmpt 4*$s
Ref & impt 4 *$s ser B
106
99*$
~~2
1st mtge 3?$s
May 1 1965
1st mtge 3*$s..___._May 1 1965
Container Corp 1st 6s
1946
15-year deb 5s with warr
1943
121*$ 126*$
1939 Nl N
con g
General gold 4*$s
105
o
Conn Ry &L lst&ref
4*$s
20
22*$
Cent RR & Bkg of Ga coll 5s
1937 M N
Central Steel 1st g s f 8s._
1941 M N
Certain-teed Prod 5*$s A..... 1948 M S
Ches & Ohio 1st
64*$
6*$
1005$
1949 F
gu
52
13
167"
1989 J
Cent Pac 1st ref gu g 4s
39
31
♦
108*$
o
.
7
5
S
1987 J
36*$
106*$ 108*$
*18*$
J
O
Deberture 5s
..Jan 15 1961
Col & H V 1st ext g 4s
1948
Col & Tol 1st ext 4s
1955
"91"
17
105*$
*108*$
J
1938
72*$
A
{♦Colo Fuel & Ir Co gen s f 5s.-1943
102*$
A
{{♦Col Indus 1st & coll 5s gu__1934
61*$
Colo & South 4*$s ser A
74*$
1980 IVI N
Columbia G & E deb 5s. .May 1952 IVI N
101*$
Debenture 5s...
101*$
Apr 15 1952 A O
45
103*$
90
99*$
99*$
J
*106*$
O
108?$
1972
1973
Comm'l Invest Tr deb 5*$s
Conn & Passum Rlv 1st 4s
86
A
1961 J
Central N J gen g 5s
90
*20
J
J
J
J
CentHudG&E lst&ref 3*$s.l965 IVI
High
49*$| 52
107*$ 108*$
108*$ 110
90
1959 A
♦Mid Ga & Atl Div pur m 5s. 1947
♦Mobile Div 1st g 5s
..1946
Low
95*$
1945 M N
♦Chatt Div pur money g 4s_.1951 J
♦Mac & Nor Div 1st g 5s
1946 J
Low
No.
108*$
109*$
♦Consol gold 5s
F
Jan. 1
19
33
D
Since
1936
*54
♦Ref &gen 5 *$s series B
{♦Central of Ga lstg 5s__.Novl945
Jan.SI
©
(iq&a
High
{♦Car Cent 1st guar g 4s
Caro Clinch & O let 5s
♦Cent Branch U P 1st g 4s
§2
Asked
100*$
*106*$
F *106*$
..1977
Coal River Ry 1st gu 4s
{♦Colon Oil conv deb 6s
Range
105
*111*$
108*$
109*$
f 5s series B guar
1933 to
Range or
Friday's
BONDS
s
1st sf 4*$s series C
96*$
108*$ 110*$
109"
A
July 1
Week's
_94*$
22
M N
GeD 4*$s ser A
1977
Gen & ref mtg 4*$s ser B
1981
Cleve Short Line 1st gu 4*$s__1961
Teletype •>- Cgo. 543
110*$
*111*$
1950 A
Series D 3*$s guar
*100
Cleve Unlor Term gu 5*$s.
T. 1-761 -<• 'Bell System
96
72
106*$
99
104*$
85
1940
..1940
Cleve Elec Ilium 1st M 3*$s
1965
Cleve & Pgh gen gu 4*$s ser B.1942
Series B 3*$s guar
1942
Series A 4*$s guar
..1942
Series C 3*$s guar
1948
Chicago, III.
WHitehall 4-3939
M S *104
J
High
105
93*$
66
104*$
103*$
Spr & Col Div 1st g 4s
^erv York, "2^. Y.
Low
88*$
W W Val Div 1st g
%AILROAD 'BONDS
Range
T
1939 J
J
57*$
90*$
103*$
57"
*56*$
"66"
35*$
"52"
103
103
73*$
104*$
105*$
46
101*$ 103
101
105*$
34
32*$
32*$
32
31
31
31
31
*30
32
30*$
31
32
103
104
32
*103*$
76
32*$
New York Bond
Volume 142
Week's
BONDS
Range or
N. Y. STOCK EXCHANGE
Week Ended Feb. 28
Bid
A
Low
Gen Steel Cast 5Ms with
warr.
Conv deb 6s—
Low
116
54
89%
19
26
416
2M
2%
18M
2654
2654
20
20M
34
2
34
9
35M
108 M
16
105
105 M
71
63
104
104 %
104 %
49
83 %
104
106
100%
78%
101
47
82 M
100
83
34
102 M
88
8
56
100
100
91%
8
102 M
100 %
90
A
90 M
95M
27
58 M
88
89
16
56
2
90
146
J
109
109 M
38
71M
68 M
...1952
J
113M
114M
44
64
J
109
110
34
57
J
102 M
104
89
53 M
J
102M
104
142
*50 M
75
Feb
11%
*106%
96%
97 M
90
91%
A O
A
O
J
J
....
*71%
J
J
D
103%
J
♦6s (Oct 1 '33 coupon on)...1939 A
♦6s (Apr '36 coupon on)
1939
O
16
50
49 M
65
*108%
.......
7M
....
13
104
90
49 M
37 M
*35 K
36M
117M
60 M
37
....
39
31
37
36 M
2
118M
63 M
18
91
14
30
*14M
....
88 M
....
33M
61
35
121 %
121%
4
85M
89%
159
♦Adjustment income 5s.Feb 1957
Illinois Bell Telep 3 Ms ser B—1970
Illinois Central 1st gold 4s
1951
39 M
174
107
107 %
55
37%
*106
Springfield Dlv 1st
*100
•••
*102 M
78
.......
66
*83 M
86%
88 M
94
88%
85%
91M
116
85 %
1
85%
107
82%
100
99
64
101 %
101 %
18
78%
83%
222
*104%
88%
1st A ref
1st & ref
88 %
*97
2
♦81 %
....
85
87 %
26
90%
91%
7
100 M
....
56
52M
70M
82
42 M
4
73 M
65M
60
61
62 M
67
97
97
1963 3
87%
92%
175
52 M
J
82M
107 %
87%
199
49M
101M
8154
69M
6854
8554
90
100M
101H 10254
6454
84M
10354 104
87 *
8854
91M 97 M
7254 80
75
8754
82
9154
8854 88 M
87
75
97
t*Ind A Louisville 1st gu 4s...1956
Ind Union Ry gen 5s ser A
1965
Gen A ref 5s series B
1966
Inland Steel 1st 4 Ms ser A
1978
tlnterboro Rap Tran 1st 6s... 1966
♦Certificates of deposit.......
{♦10-year 6s.
1932
A
F
A
3
3
J
J
A
J
conv 7% notes
♦Certificates of depositInterlake Iron 1st 6s B—
32 M
101%
101 %
106 M
*106
6
1
*108
9
7
....
96
....
102'*32 103
6
10154
2154 3654
10554 106M
98M
79
108
108
102«3»103M
89 M
94
8754
92M
5954
65 M
93M
91M
94
153
56 M
—
92%
55
86 M
A O
59 M
60%
56%
93%
91%
94%
16
10
19M
20M
57 M
46
57 M
8754
60M
94M
9154
26
50
86 M
97 M
56 %
1932 M S
91%
91
93 M
5
102 M
102%
6
Irternat Cement
125M
131%
45%
234
81
deb 4s—1945 MN
^♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A—July 1952
J
42
143
52
5654
90
99
115M
25
24
J
J
A v
M S
F A
F
F
10254
11554 132
38
47M
1454
1054
36
46M
31M
64
32
64
68
1938 J
99%
100
......
-
...1949 M
1944 A
8
73
98
96
39
79
94%
52M
55%
63M
95 M
66
58 M
362
75 %
30%
64M
167
33
70 %
84
37M
8
89M
105
*117
O
135
A
122M
50
102 M
101
101
102 M
132
133
121
J
120M
91M
M N
111%
Unified gold 4s....—.—1940
1st refund
5Ms series A.....2003
1st A ret 5s series B
1st A ref 4 Ms series C
.....2003
2003
Gold 5s—————1941
Paducah A Mem Div 4a....1946
St Louis Div 2d gold 3s
1980
3
M s 107 M
M N 105 %
J
J 108%
A
104%
A
110%
108
A
106 M
A
F" A *106 M
86
M
Mob A Montg 1st g
4Ms—1945 M S *112
South Ry joint Monon 4s
93
1952 J
J
AH Knoxv A Cin Div 4s
112
1955 M N
♦Lower Austria Hydro El 6
*96 M
—VV
"10 xiJ'UIU -Ed O Ms.1944 F A
JSS.J.V4*
;*§McCrory Stores deb 5Ms—.1941
Proof of claim filed by owner-Nl N
116M
.
~
McKesson A Robblns deb 5
Ms. 1950 W N
§f*Manati Sugar 1st s f 7Ms—1942 A O
♦Certificates of deposit.
{^♦Stmpd Oct 1931 coupon.. 1942 A O
♦Certificates of deposit...
§f*Flat stamped modified...1942 A O
♦Certificates of deposit
♦Manhat Ry (N Y) cons g 4s__ 1990 A O
♦Certificates of deposit
♦2d 4s
..2013 3 D
Manila Elec RR A Lt s f 5s
1953 M S
Manila RR (South
Lines) 4s...1939 M N
1st ext 4s
1959 M N
_
....
0J® * N W 1st 3MS...1941 3
J
Mfrs Tr Co ctfs of partlc in
AI Namm A Son 1st 6s
1943 3 D
Marion Steam Shovel s f 6s.... 1947 A O
103 M
*36
62
ser
B w w.1948
Without warrants—
O
1948
100%
J* Iowa Central Ry 1st A ref 4s. 1951 M S
2%
James Frank A Clear 1st 4s... 1959 J D
93
Kan A M 1st gu g 4a
1990 AO *104
t*K C Ft S & M Ry ref
g
4a
1936
♦Certificates of deposit
K C Pow A Lt 1st mtge
4Ms._ 1961
Kan City Sou 1st gold 3s..—.1950
Ref A
Impt 5a
..Apr 1950
Kansas City Term 1st 4s.....I960
Kansas Gas A Electric 4MS.—1980
♦Karstadt (Rudolph) 1st 6s... 1943 MN
♦Ctfs w w stmp (par $645)—1943
♦Ctfs w w stmp (par $925)..1943
♦Ctfs with warr (par $925). .1943
Keith (B F) Corp 1st 6s
.1946 M
Kendall Co 5 M8
—.—1948 M S
Kentucky Central gold 4a
1987 J
Kentucky A Ind Term 4Ms.—1961 J
Stamped
...1961 J
Plain
—.1961 J
1942
*""
For footnotes see page 1435.
82
3%
95
96
%
33
66 M
70
100 %
10054 101
10054 10054
154
354
8454 95M
102
52
4054 5754
5354
3754
112M 11354
74M 84 M
67
87 M
84 M
107
5
82
52
56%
99
29%
47%
51
41
28
113
2
96
113
81M
83 %
88
83M
108 M
87%
148
105 M
109
29
105%
15
50
*40
37M
a34%
*36
37%
034%
a.--.-.
95%
96
103M. 104 M
110
110
*96
%
101
♦103 %
Kings County El L A P 6s
1937 A O *106 %
Purchase money 6s.........1997 A
155
Kings County Elev 1st g 4s... 1949
106%
Kings Co lighting 1st 5s
1954
*114%
First and ref 6Ms
*120 M
1954
Kinney (G R) A Co 7M % notes 1936
102
Kresge Foundation coll tr 4s.. 1945
110
$*Kreuger A Toll cl A 5s ctfs..1959
33
Laclede Gas Light ref A ext 58.1939
101M
Coll A ref 5Ms series C
1953
74M
Coll A ref 5Ms series D
•75
I960
Coll tr 6s series A.—.—1942
80 M
Coll tr 68 series B
101
*81M
1
10
51M
70M
1354
13
104
109
10454 10554
42
42
37 M
39
25 M
34
3854
23
29
3054
22
44
92 M
96
23
68
10254 104
2
80
107
----
110
73
89
98
101
1
80
98
101
106
....
93
102
102
103
106
106 M
155
160
98
....
....
155
107M
4
118
8
66
....
121 %
102
....
2
22
10054
106 M
77 M
108
111*
33M
29
1054
101 %
14
90
76%
77%
84%
94
4654
44
46
.....
12
....
7154
75
10354 10754
11254 11354
119
120
102
10254
108
112
3154 35
101M 10254
72 M
8054
7154 80M
7454 84M
77
77
—
♦1st A refunding gold 4s...—1949 M
♦Ref A ext 50-yr 5s ser A....1962
g
86
54 M
92
"95"
112
59
2
98
80
116M
12
104 M
299
53
8
9
40
46M
7M
6%
4
62%
5
7%
35
86
86
95M
108M 112M
88
96M
116M 117
102% 104 %
23
41%
22
41%
23
40
"2l"
4l"
20
42 %
71%
65M
67 M
51
61
45
33
36
9
50
98
88 %
102%
16
41
103%
*40
67M
*37M
98
87M
*2
29%
99
54
*80
50M
82M
67M
36M
100
92
100
103
47
102
104 M
27
41M
109 M
12
67
101M
15M
4M
4
74
9
1%
29%
29 M
93%
83%
84%
92
105M
90M
104 M
104 M
82M
68
100
60
55
70
13
59
54
57
17
56
46 %
54
109 M
100M 102
14
18M
3M
3M
29M 29M
108
102 M 103
104% 106M
98 M 105 M
67 %
95
102 % 104%
103M 104M
62 M
"94""
"95
"16
84M
44 M
88
12
55
60 M
45M
79M
8M
5M
24
30M
60M
35M
88
49M
70
70
4
5
9
iH
1%
2%
5%
32%
29
46%
42M
38
52
*74
7M
3M
2M
"58
229
58
3
3
43
119
40
15
26%
19%
45M
48%
37
31
36
J
81
111M Ul%
74
37
28%
92M
6
16
22
15
21
51M
"70% 95"
*23M
18M
81%
3%
39
30M
93
83
83
83
12
36
76
50
50M
31M
27M
49%
89M
77M
"48"
88 M
234
71M
02M
J
65
74 M
66M
68M
233
J
53
28 M
O
43M
49
135
UM
A
32
66
20
30
34M
31M
69M
49M
52M
30M
27M
2
19
27
33'
13«
14M
225
213
10M
27M
28
163
35M
33M
35M
27 M
7%
27%
12%
35%
"s
1977
8
31
33M
♦Certificates of deposit....
♦1st A ref 5s series G
1978 MN
♦Certificates of deposit.......
♦Conv gold 5 Ms.
1949
30
32
31M
83%
38
10M
"88
32
11%
33M
31M
31M
33%
31%
234
wife
♦1st A ref g 5s series H—1980 A O
♦Certificates of deposit.......
♦1st A ref 5s series I
....1981 FA
♦Certificates of deposit...
56M
44 M
.......1975
♦General 4s
106 M 107 M
105
106M
49%
25-year 5 Ms
«~27
1949
1st ref 5Ms series B
1978
91M
1st Chicago Term s f 4s.....1941 M N
*78
i*Mo-Ill RR 1st 5s series A
J
1959 J
♦45M
Mo Kan A Tex 1st gold 4s
D
85
1990
♦1st A ref 5s series F
103 M
39
...1938
1st cons 5s gu as to int.—...1938
1st A ref 6s series A..—.....1946
t*Mo Pao 1st A ref 5s ser A—..1965
♦Certificates of deposit.......
107 M
98M
41M
4s lnt gu.1938
Mo-K-T RR pr lien 5s ser A... 1962
40-year 4s series B
...1962
Prior lien 4 Ms series D
1978
♦Cum adjust 5s ser A.... Jan 1967
80M
74
82
——
J *103M
1st ext 4Ms
1939
Con ext 4 Ms
—.1939
t*Mil Spar A N W 1st gu 4s...1947 M S
^♦Milw A State Line 1st 3 Ms—1941 J
" J
'
$*Minn A St Louis 5s ctfs
1934 MN
con
9
82 M
82
M N *106 H
J
J 104 M
90
A O
J D 103 M
1971 J
J 104M
§t*MilwANorlstext4Ms(1880)1934 J D
M St P A SS M
1st cons 5s
107
94%
1st gold 3Ms
—...1952
Ref A impt 4 Ms series C
1979
Mid of N J 1st ext 5s_.
.....1940
Milw El Ry A Lt 1st 5s B
1961
j» 1st mtge 5s
91
62
95%
89%
*100%
Investors Eq deb 5s
109
49
84 %
95
1
82
1
9954
81
110M
100
35
88
9154
88 M
14
27
88
86 M
79
38
105 M
49
1st Hen A ref 6 Ms
1947 F A
lnt Telep A Teleg deb g 4Ms.. 1952
Conv deb 4Ms
...1939
Debenture 5s...
..—..1955
75
110M
109
109
100
8
37
95
105M
*38
12
40
121
108 M
107
109 M
106
107M
104 M
107M
104 M
100
95%
42
84
75M
10
86%
233
118
2
29
95%
220
,
2
68
83%
84%
92 M
102M
101M
99% 102%
131
133M
98
108 M
40M
Ref s f 6s series A
s
1955
lnt Rys Cent Amer 1st 5s B..1972 M N
1st coll trust 6% g notes....1941 MN
98
110
101
111% 113
67M
*14%
88
85%
52
105M
105
86
38
§t*Met West Side El (Chic) 4a. 1938 F A
♦Mex Internal 1st 4s asstd—1977 M S
♦Miag Mill Mach 1st s f 7s
1956 3 D
Michigan Central Detroit A Bay
1940 3
104 M
4
95%
.1951 M S
104 M
38%
1
74%
126
108
45 M
98M
87 M
92%
98 %
4
53%
City Air Line 4s
Jack Lans & Sag 3 Ms
102M104M
38
3
36M
J
89
108
76
23
40
o
8154
|37
36M
o
88 M
81M
168
40
Internet Hydro El deb 6s
1944
lnt Merc Marine s f 6s
—.1941
Internet Paper 5s ser A & B..1947
80
7
41
1950 A O
75M
follM
41
49
38 M
Market St Ry 7s ser A.April...1940 Q J *102
Mead Corp 1st 6s with warr—1945 M N
103
Meridionale Elec 1st 7s A
52
1957 A O
Metrop Ed 1st 4 Ms ser D
109 M
1968 M S
A D 5 Ms
103
~24
16
1951 F A
—
117
20
37
101
Louisiana A Ark 1st 5s ser A—1969
Louisville Gas A El (Ky) 6s...1952
Louis A Jeff Edge Co
gu 5 4s—1945
Louisville A Nashville 5s
—1937
"l2
52
101M
..1949 M
89M
96
95M
58%
34
64M
40
70M
103M 105M
115
117M
133 % 136 M
121M 125 M
104M
101 %
31M
45M
49M
43 M
103 M
105
Metrop Wat Sew
116
136M
123 M
,*106 M
1102 M
45
9854
8654
86M
95M
105
104 M
—1937 M
72%
69M
82%
81M
33%
L>
S
N
S
O
1938 J
.
6s--
100
O
Little Miami gen 4s series A...1962 M N
Loew's Inc deb 8 f 6s—
...1941 A O
Lombard Elec 7s ser A———.1952 J
Long Dock Co 354s ext to
.1950 A O
Long Island gen gold 4s
Unified gold 4s
20-year p m deb 5s
Guar ref gold 4s
70
95
36
79 M
80
101M
6
23
59
64M
97
20
23
92 M
33
69
8
6554
57
2
98%
68
8
45
52 M
64
67
14%
37
103 M
68
1964
40%
54%
79%
97%
85%
28M
80
2
1974 F
41
47
19
42
f 5s
13
82
80
4%
77%
s
39%
111
79
34
104
8
70
40%
226
116
105 M
J
4M
26
100M 103
99M103
21
27M
98
104M
98
104M
104M 105 M
102 M
J
O
102
61
105 M
1956
♦1st g 5s series C
High
77
2
102
♦95M
Low
5
103
103 M
79
Low
103
102 M
...1956
♦1st 5s series B
No.
Range
1954
—
"9954
72
10
1951 M N
lnt Agrlc Corp 1st A coll tr 5s—
MN
Stamped extended to 1942
conv
31
89M
33
33
♦Certificates of deposit..
{♦10-year
108
32%
*102%
7154 9254
6754 88
10654 108 M
3254 3354
%
*103 M
J
J
lex A East 1st 50-yr 5s
gu.....1965 A
Liggett A Myers Tobacco 7s—1944 A
■5s—
1951 F
—
Asked
High
103
Lehigh Val (Pa) cons g 4s.—..2003 M N
General cons 4 Ms
2003 M N
General cons 6s
......—2003 M N
leh Val Term Ry 1st
gu g 5s... 1941 A O
.
1963
Illinois Steel deb 4Ms
...1940
♦Ilseder Steel Corp mtge 6s ...1948
Ind Bloom A West 1st ext 4s..1940
Ind 111 A Iowa 1st g 4s
...1950
102
1933 to
f 5s——.
f 5s
s
Secured 6% gold notes
89"
9154
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A
1st & ref 4 Ms series C
J
*
? Val Harbor Term gu 5s...1954 F
Leh Val N Y 1st gu g
4Ms
1940 J
T
70M
....
*99
"80"
57
56H
Jan. 1
J
lerWard (P) Co deb 7s
83
76 M
..1952
3Ms—1951 J
4s
1951 F
101M
63 %
25%
102 M
«...
...1951
g
Western Lines 1st g
•
1951
1951
-
105
104
10454
10054 10254
38 M
4854
11954 12154
8954
8054
3254 3954
104
107 M
10554 112
10254 102 M
10154 10254
89
Litchfield Div 1st gold 3s...1951
Loulsv Div A Term g 3Ms—1953
89
105
12
J
64 M
90%
45
Purchased lines 3Ms
J
...1952 J
Collateral trust gold 4s.. ...1953 MN
Refunding 5s
...1955 MN
3754
11954
44M 6454
12 M
142
1955 MN
36
116
54 M
47 %
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s...1951
Gold 3 Ms
—.1951
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
46
26 M
Since
1936
A
Low
g 58
1937
2d gold 5s...
.—...1941
Lake Sh A Mich So g
3Ms—1997
♦Lautaro Nitrate Co Ltd 6s.—1954
Lehigh C «fe Navsf4Ms A
1954
Cons sink fund 4Ms ser C...1954
10754 108M
104 %
102M
15-year secured 6Ms g
1936 J
40-year 4Mb
Aug 11966
Cairo Bridge gold 4a
..1950
70
July 1
Jan. 31
Bid
Lake Erie A West 1st
10254 104
43 M
.
69
98 M
9454
103M
50
Hudson Coal 1st s f 5s ser A...1962 J D
Hudson Co Gas 1st g 5s
1949 MN
Hud A Manhat 1st 5s ser A—1957 F A
.
81M
103
95 M
*42
*87
H A T O 1st g 5s lnt
J *105
guar....1937 J
Houston Belt A Term 1st 5s... 1937 J
J
104
Houston Oil sink fuDd 5 Ms A—1940 MN
102
Refunding 4s
1454
Week's
Range or
Friday's
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 28
1st A ref
♦Harpen Mining 6s
.......1949
Hocking Val 1st cons g 4MS...1999
♦Hoe (R) A Co 1st mtge.
1944 A O
♦Holland-Amer Line 6s (flat)—1947 MN
{♦Housatonlo Ry cons g 5s
1937 MN
1st gold 3Ms—
Extended 1st gold 3 Ms
1st gold 3s sterling...
Collateral trust gold 4s.
70
88M
46
....
*71%
Gulf States Steel deb 5Ms—...1942 J
Hackensack Water 1st 4s...-.1952 J
Hansa SS LI res—
3
90
104
70
26
19
12 M
NEW YORK
.
Telephone Whitehall 4-2900
100
9054 99
91
8554
10254 10254
107 M 11054
107M 114M
10354 110
96M 104
63 M
MN
Members New York Stock Exchange
63 Wall St.
10854 110
10254 10354
90
85
102 %
Feb
D. H. SlL BERBERG & Co
105 M
1961
Stamped.......
32
107M
108%
102 M
Greenbrier Ry 1st gu 4s
1940
Gulf Mob A Nor 1st 5Ms B...1950
1st mtge 5s series C.
1950
Gulf A 811st ref & ter 5s_Feb 1952
2054
3254
32 M
89 M
D
J
FOR BANKS AND DEALERS
26
7
J
...1973
General 4 Ms series D
.1976
General 4 Ms series E
1977
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
1954
18M
20
34%
1942 J D *100
Gr R & I ext 1st gu g 4Ms——1941 J
J *109 %
Grand Trunk Ry of Can g 6s.. 1936 M S
102%
General 5s series C...
19
High
18
Gouv A Oswegatchie 1st 5s
1st A ref 4^s series A.
General 5Ms series B
Low
107M
Goodyear Tire A Rub 1st 5s...1957 M N
Gotham Silk Hosiery deb 6s... 1936 J D
~
§ J*Gould Coupler 1st s f 6s
1940 F A
"
BROKERS IN BONDS
98
288
J
Great Northern gen 7s ser A.. 1936
Since
No.
*29 M
Grays Point Term 1st gu 5s...1947 J
Gt Cons El Pow (Japan) 7s...1944
1st & gen s f 6Ms
1950
Range
26
-
-
1433
Jan. 1
High
95%
92
J
J
A
..1945 J
1933 to
Jan. 31
1936
Asked
22M
22M
1949 J
$1+Gen Theatres Equip deb 6s.1940 A
♦Certificates of deposit
♦Certificates of dep stamped
f*Ga A Ala Ry 1st cons 5s
1945
§t*Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel & Ir sec 7s— 1945
Goodrich (B F) Co 1st 6^8... 1947
Is
Friday's
Nft.
Record—Continued—Page 4
July 1
23
224
5M
19M
18 M
19%
18 %
3%
19%
19%
19%
18MI
27
"27%
27
69
70
49M
36
32
35%
33 M
New York Bond Record—Continued—Page 5
1434
•
Week Ended Feb. 28
July 1
Range or
Friday's
BONDS
N. Y. STOCK EXCHANGE
1933 to
Range
BONDS
Range or
Jan. 31
Since
N. Y. STOCK EXCHANGE
Friday's
1936
Jan. 1
Week Ended Feb. 28
Bid
Hft,
&
Low
♦Mo Pac 3d 7a ext at
4% July..1938 MN
Mohawk & Malone 1st gu
Monongahela Ry 1st M 4s
ser
107*
6
105*
105*
2
79 k
18
77
106 k
102
68
73*
104*
76
33
50 k
65
104*
f6s series B
*86
1955
s
f
1955
f 5s series D
4*s series C
85*
82*
1955
1939
2000
f 4 Ha
*85
104*
93*
83
104
70
90
97
97*
48
77
91
92*
85
65 *
90*
Nash Flo & S 1st gu g 5s
Nassau Elec gu g 4s stpd
1937
1951
65*
1942
89 H
91
*103*
Nat Acme 1st
95
*103*
f 6s
103*
Nat Dairy Prod deb 5*8
1948
Nat Distillers Prod deb 4 *s.—1945 IVI N
Nat Ry of Mex pr Hen 4*s
1957
1914 coupon on
J
ret No 4
103*
*3
J
♦Guar 4s Apr '14 coupon
1977
♦Assent cash war ret No 5 on..
Nat Steel 1st coll
s
32
"lk ""45
5%
4
1945 J
1945 J
New England Tel & Tel 5s A—1952 J
D
76*
124
12
,
77
""67
70*
D '122*
71
11
J
123*
17
121*
*101*
107*
107*
6
1983 J
NO & NE 1st ref&lmpt 4 *s A. 1952 J
J
82*
86*
26
J
1952 A
O
1955 J
D
67**
93*
93*
68
{New Orl Pub Serv 1st 5s A
91*
29*
1953 J
lnc 5s._1935 A
30
36
F
3
94*
94*
92*
56
61
121
7
38
66%
77 %
120 k
120 k
58
45%
122
83%
77 k
124
119% 122
101 %
105* 107H
75
88 H
100
52
74
96 %
38
88 k
89
58 k
80 %
95%
92%
14 k
14 k
611
169
98 k
64
37 k
32 k
38%
109"
89
119""
100
2013
o
86*
2013
0
92*
95*
J
100*
104*
86*
96*
101*
104*
74
19
67
89*
360
43
36
64
90
86 k
A
Mich Cent coll gold 3*8
1998
A
96
95
21
103*
1937
O
103*
Refunding 6*s series A
1974
o
93*
97
Ref 4 *s series C
1978 M S
82*
87*
1935 A
Oct 1 1938
*29
O
2
77
43*
638
36 k
30*
41*
91
94*
""§2
107
107*
10
1953
1953
*107*
N Y Dock 1st gold 4s
Serial 5% notes
1951
72*
74*
70
72
1938
65
133
N Y Connect 1st gu 4*s A
1st guar 6s series B
108
"92 *
99
'"29
41
41 k
30
100
90
87%
97 k 105%
91
94%
70%
109
108* 108H
66 k
77%
58
75
108*
38
104*
61
104*
108*
102 %
108* 109%
104*
104*
1951
12
102 k
104* 107
104* 105%
N Y & Erie—See Erie RR.
125
N Y Lack & West 4s
ser
125*
18
114*
N Y Gas El Lt H & Pow g 5S...1948 J
Purchase money gold 4s
1949 F
114*
19
*97*
N *103*
1946 IVI N
2000 IVI
A
..1973 IVI N
87
N Y A Long Branch gen 4s
1941 M S *104*
N Y & N Eng (Bost Term) 4s__1939 A O *101*
>•
♦Conv debenture 3*s
♦Conv debenture 6s
1956 J
1948 J
♦Collateral trust 6s
1940 A
O
♦Debenture 4s
1957 IVI N
1955 J
A
4s... 1993 A
21H
29*
22 k
32
20
29 k
30
20%
28 k
36 *
39
*
32
265
25
102
102
1
56
103 *
1965 J
130 k
11
90
99 k 103 %
107 *
J
1965
1951
rvi
107k
3
n
96
10 k
107 k
109 k
11
98
1951 M N
106 *
107 k
4
90
106
107
4
106
109*
1947 IVI N
1937 J
N Y Susq & West 1st ref 6s
2d gold 4 Ms
J
83
86
26
77
78
91*
40 k
18
41
70
70
6
1937 F
A
General gold 5s
1940 F
A
Terminal 1st gold 6s
1943 IVI N *101*
110*
N Y Telep 1st & gen s f 4 *s___ 1939 M N
N Y Trap Rock 1st 6s
D
.1946 J
6s stamped
ser
96
19*
Ntag
Niagara Share (Mo) deb 5*s._1950 IVI N
♦Norddeutsche Lloyd 20-yr s f 6s '47 M N
Lock A O Pow 1st 5s A... 1955 A
*107
{{♦Norfolk South 1st A ref 5s.. 1961 F
A
{{♦Norfolk® Scmth lstgi «...1941 M N
72
72 k
102 %
101
93
84
96
161
10
15
22
'"55
21
81
76
48
96 k
102 %
5
38
88 k
92%
90
2
144*
46
36%
105 k
17
5
*
110* 111K
45%
55 k
*17
♦Certificates qf deposit...
83
46
102
19*
45
89 %
100
142
O
54
107
28
107k
92
108* 110%
107%
31 k
101*
92*
56 *
1947 M N
Nord Ry ext sink sunf 6*s__._1950 A
""57
93
94
14*s.'46 J
4-6%
111*
*91
1946
{♦N Y Westch & B 1st
108 k
106
1956 M N
1st mortgage 6s
1st mortgage 5s
New
""4
k
21
19 k
4
H
107* 108
48%
142
57%
155
.
16 H
22^
15%
21K
14 k
69
51
60
115
118
N A W Ry 1st cons g 4s
Pocah C A C Joint 4s
1996 O
A
117*
118
1941 J
D
107 *
4
91 k
96
North A mer Co deb 6s
1961
F
A
105*
107*
105*
25
61*
1957 IVI
S
102*
103
27
56
Aug 15 1963 F A
Nov 151969 M N
103 *
105*
9
56
102 k 104A
103 k 106.
103 *
105*
50
54
101H 105 %
No Am Edison deb 6s
Deb 5*s series B
Deb 5s series C
ser
A
35
A
IVI
IVI
see page
1435.
58
26
90
94*
M
s *120 k
60
s
S
522
135*
34
40*
6
65*
122
♦102H
Guar 3%b trust ctfs O
Guar 3%a trust ctfs D
1942 J
1944 J
1952 IVI N *106
E trust ctfs
...
106 % 107 %
103 H 106 k
25
98*
106*
65
107*
73
103* 104*
106* 108*
103
O
105 k
106*
J
108 H
108*
O
106 H
107
IVI N
112H
Consol gold 4s
1948 IVI N
4s sterl stpd dollar May 1.1948 IVI N
96
97*
65
16
1
4
10
yy
119
37
87*
81
98
183
98
J
108 H
109*
75*
J
68
117H
109H
117*
91*
96%
S
*112
1943 M N
1980 IVI
110
*120
102*
94*
97*
112*
122*
4
100
80
26
50
36
69
51
44
48*
223
J
114*
114*
112H
114
D
105
105*
108*
108*
106*
48*
107*
14
171
27
62*
32*
30*
31
A
O
1952 IVI N
1940 A
O
1942 A
O
1942 M N
1945 M N
1949 F
1953 J
1957 M N
1960 F
A
A
D
1975 A
O
1st gen 5s series C
1st 4Hb series D
1958 A
O
O
1948 J
1962 F
1974 J
D
J
J
J
IVI N
M
S
Pub Serv El A G 1st A ref 4s..l971 A
Pure Oil Co s f 4Hs w w
1950 J
O
4%b without warrants
Purity Bakeries 8 f deb 5s
4
....
....
....
*108
....
*110
....
8
107
110* 112*
111* 112*
111* 112
118* 121
109
113*
115* 119*
10513,2 106*
99* 104
105* 109*
105* 109*
115* 117*
106* 110
76
92
9
17
108* 108*
98* 104
89
95*
89
98
110
114*
103* 105*
108
109
106* 108*
43*
24
54
32*
27
34
102*
69*
107* 109
111* 112*
111
113*
70
111
100*
97*
89*
....
96*
70
112*
....
....
98
109
....
....
109
96*
108* 108*
99
115* 119
96*
118
119
119*
19
119
119*
86*
45
118*
115* 119*
116
119*
109*
85*
46
75
107
"89*
12
53
....
88
89
87
89*
*10
18
51*
75
47
74
98*
97
"77 ""61 *
16
323
107*
37*
1
106*
29
28*
25*
38*
80
37*
84
22*
277
8
...
102*
J
102*
100*
121
23
88*
410
95*
55
67
D *140
D
O
J
J
99*
107*
J
J *107*
Rem Rand deb 5 Ha with warr.1947 IVI N
109
110
11
79
J
A
66
76*
1948 J
J
92*
....
92*
91*
91*
....
97
*90
75*
"73"
82
....
36*
83%
109*
1rk
*108
1950 J
1947 MN
89*
44*
26*
20*
99
J
J
17
100
100
108*
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 Ha series A
1997
Gen A ref 4 Ha series B
1997
106*
114*
1
107*
117*
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s A com
stk(65% pd)
822
*119
A
D *113*
J
106
113
2
...1977 J D *107*
96
Port Arthur Can A Dk 6s A...1953 F A
1st mtge 6s series B
95*
1953 F A
Port Gen Elec 1st 4Hs ser C..1960 M S
73*
1st 6s 1935 extended to I960..
107*
J
J
Porto Rican Am Tob conv 6s__1942 J
77*
J
{♦Postal Teleg A Cable coll 5s. 1953
{{♦Pressed Steel Car conv g 6s. 1933
{♦Providence Sec guar deb 4s.. 1957
♦Providence Term 1st 4s
1956
104
108* 108*
87
100*
61*
113*
118*
1
99
124
111*
118H
92
111* 112*
113*
*113*
*110*
109
1960 A
6
....
*117*
1964 IVI N
1970 J
3
3
104
70
*103*
D *110*
|
101* 103*
120
111H
Gen 4Ha series C
J
1977 J
*106*
Pitts Va A Char 1st 4s guar
1943 M N
88
♦Pitts A W Va 1st 4Hs ser A—1958 J
D
1st M 4Hs series B
1st M 4Hs series C
Pitts Y A Ash 1st 4s ser A
1st gen 5s series B
109
A
1963 F
4s
4H8
108
*58 H
104
95*
D
J
46
....
98*
1977 J
S
4
83*
1981 J
J
66
32
..1967 J
4%a
78
101*
105*
Series C 4Hs guar
Rensselaer A Saratoga 6s gu
Repub I A S 5s s f
14
109*
Series D 4s guar
Series E 3Hs guar gold
Series F 4s guar gold
Series G 4s guar
5 Ha without warrants
100
113*
15
cons guar
81
121
14H
♦Income 4s
April 1990 Apr
Peoria A Pekin Un 1st 5H8...1974 F A *108 H
101H
Pere Marquette 1st ser A 5S...1956 J
J
Q4.
1st 4s series B
J
1956 J
Series H
102* 106
103*
1949 IVI
...£
104
108%
Phlla Elec Co 1st A ref
4Hs—1967 M N
1st A ref 4s
1971 F A
Phlla A Reading C A I ref 5S..1973 J
J
70
83*
102 k
A
60
84*
105 %
1974 F
49*
71
119* 122
81*
O
O
42
104* 104*
O
O
34
102* 102*
A
A
97*
133* 151*
81*
A
1947 M S
90
61*
94
112
92
.
45*
98*
94*
96*
98*
80*
D
Pirelli Co (Italy) conv 7s
Pitts C C A St L 4Hs A
Series B 4Hs guar
14
102
3
..1964 M N
series A
8
19
90 H
sec 5s
60
112*
111H
119*
111*
118H
General g 4 Ha series C
General 4 Ha series D
59*
56
54*
84*
104*
111H
A
1st g 4Hs series C
Phlla Bait A Wash 1st g 4s
General 5s series B
50
48*
75*
D
4s__1940 A
101
25
112*
1968 J
cons
93
25*
70
1965 J
Debenture g 4%a
1970
General 4%b series D
1981
Gen mtge 4^8 ser E
...1984
Peop Gas L A C 1st cons 6s
1943
Refunding gold 5s
Peoria A Eastern 1st
%
F
General 5s series B
Secured gold 5s
99* 101*
.
Pa Ohio A Det 1st A ref 4Hs A.1977 A
4%b series B
1981 J
1960
84
...
28-year 4s
1963 F A
Penn-Dixle Cement 1st 6s A...1941 M S
Consol sinking fund 4 Ha
General 4Hb series A
80
...
102
A
4
....
D ♦102
Guar 48
25
....
61
A *104H
D *100 k
F
78*
35
*77*
98*
79*
97
72*
80*
107* 107*
64*
82
35*
41*
80
90*
14*
21*
79
79
107* 109*
110* 121*
102* 102*
97* 103
158
158
76*
7
15
75*
100*
59
73
96* 100*
108
22
79
79*
106* 108*
106* 107*
63
104* 113*
113"
113
267
12
99*
106
82*
113*
1941 IVI N
1940 A
Republic Steel Corp 4 Ha aer A. 1950 M
Gen mtge 4Ha series B
1961 F
O
105932 105"s2
S] 120*
A
Purch money 1st M conv 5 Ha '54 M N
For footnotes
56
61%
ser
5
27
O
49%
64
"Si"
50
1944 A
35%
88
J ♦106H
61
D
Parmelee Trans deb 6s
56 %
46 *
20
no
48 H
Pat A Passaic G A E cons 5s. .1949
♦Paullsta Ry 1st ref s f 7s
1942
Penn Co gu 3%a coll tr A
1937
Guar 3Hs coll trust ser B...1941
42%
46
J
133 k
38
39 k
31
41*
99
J
General M 5s series A
Gen mtge 5s ser B
41*
1965
y
131
108
J
99 %
{♦N Y Rys Corp lnc 6s....Jan 1965 Apr
73
104
S
41
93%
105 k 106%
47
31%
47
31%
99 k 103%
101* 103
101
103*
107%
1968 IVI
1953 J
37%
"82%
105
65*
32
103 %
1955 J
37 k
81*
77*
2
102*
119* 121
42
103
{♦Park-Lexington 6%b ctfs
89
66 k
J
1955 F
Paramount Pictures deb 6s
Paris-Orleans RR ext 5Hs
cons guar
21
Prior lien 6s assented
f g 3s loan ctfs
cons
106
Prior lien 6s series A
8
Series I
105*
N Y & Rlchm Gas 1st 6s A
N Y Steam 6s series A
♦1st M
Series J
46
107*
103
102 %
70
112
118* 120*
99*
D
♦Certificates of deposit
Paramount Broadway Corp—
51 k
26%
~43
13
100
108* 110*
40 k
93*
120*
1
104*
16 k
48 k
109
90
99
15
31
*
94*
83*
78
108*
12 k
46
2
1
108H
23 k
80
O *102 *
92 *
O
D
1
119*
«
IVI N
92
131
111*
1
103* 104*
33
24
114
1
103*
43
99
114
111H
119H
120 H
1
26
26*
56*
6
t
25
60
98
114*
»
112* 113*
112* 113*
101* 101*
102
103*
111* 114*
113* 114
87
114
1
42
39*
53 *
....
89
104
24
34 %
3
112*
105*
101
37*
N Y Queens El Lt & Pow 3*8.1965 M N
lnc 6s assented
32 k
43
2
101*
38 k
37 k
5
24
48 *
June 1992 M S
con gu
37
*
34
♦1st & ref 4*s ser of 1927.. .1967 J
D
♦Harlem R & Pt Ches 1st 4s. 1954 M N
{♦N Y Providence & Boston 4s. 1942
39
30
37*
38
J
N Y A Putnam 1st
36
29%
37 *
....
113*
mm mm
99* 101*
34
39*
100 H
Phillipplne Ry 1st 8 f 4s
1937
Plllsbury Flour Mills 20-yr 6s—1943
100k 100H
19*
103H
4s
Conv deb 6s
100 k 101
104% 105
36 *
J
106 %
22
36
-—36*
1956 IVI N
104
94 % 100H
103
36 *
♦Non-conv debenture 3 *8. .1954 A
♦Non-eonv debenture 4s.... 1955 J
♦Non-conv debenture 4s
N Y O & W ref g 4s
General 4s
102
68*
100%
Phlla Co
98
6
22
39
J
113 k 115
92 %
161"
........
J
122 k 125%
95 k
100 k
25
*36*
*28
92 k
89 k
75 k
N Y L E & W Coal & RR 5*8.1942 IVI N *100*
*104*
N Y L E & W Dock &Tmpt 5s. 1943 J
n-c deb 4s
1947 IVI
♦Non-conv debenture 3*s__1947 IVI
95
83 k
26
*105
{♦N Y N H & H
104 %
61
100*
100
1973 IVI N
4*s series B
98
1964 J
106
105* 107
A
104%
101 k 104 %
97 k
82
107
s
105
93
J
80 k
95%
98
101 %
108*
N Y Edison 1st & ref 6*s A... 1941
1st lien <fc ref 5s series B
1944
N Y Greenwood L gu g 5s
N Y & Harlem gold 3 *s
1961 J
89
F
96
1998
73%
74 %
J
108
J
97%
o
43 k
46 k
100 H
38 H
107
108
100
107H
D
100
111*
99* 107*
1938
90
97*
74%
J
2013
341
....
Pennsylvania P A L 1st 4Ha.. 1981
Pennsylvania RR cons g 4s
1943
30
92
98
J
1946 J
1963 IVI
100
61
1938
Pacific Tel A Tel 1st 5s
1937
Ref mtge 5s series A
1952
Paducah A Ills 1st s f g 4HS..1955
{{♦Pan-Am Pet Co(Cal)conv 6s *40
Pac RR of Mo 1st ext g
♦2d extended gold 5s
33
'751
Ref & lmpt 4*s ser A
Lake Shore coll gold 3*8
1st lien & ref 5s series C
48 k
35
107
M N
4s
1946 J
5s...l946 J
107
64
J *104
Otis Steel 1st mtge 6s ser A... 1941 IVI s
Pacific Coast Co 1st g 5s
1946 J D
Pacific Gas A El gen A ref 5s A. 1942 J
J
38 %
38%
118*
99*
89*
N Y Cent & Hud River M 3 Hs. 1997
Debenture 4s
1942
.
82 k
68 k
105
33 k
220
J *108
115
104 *
99 k
6%
32 %
36*
A
45
47 k
43 k
6k
3k
24%
36
1945 J
4k
12 k
37
1998 F
♦§3-yr 6% gold notes
3-year 6s
6%
14 *
33*
1944 MN
N Y Chic & St L 1st g 4s
3k
14
142
1954 A
Ref & lmpt 4*s series A
Ref & lmpt 5s series C
lk
6%
19
37
1956 F
Consol 4s series A
4%
22
37
36
1954 A
♦1st 5*s series A
N & C Bdge gen guar 4 *s
N Y Cent RR conv 6s
4*
3%
101 k
75*
J
O
1956
104*
lk
4
A
n-c
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
Oslo Gas A El Wks extl 5s
84
1960 A
Mst 58 series B
103
106 *
1986 F
{{♦N O Tex & Mex
99
2H
N J Junction RR guar 1st 4s
J; ^lst 58 series C
♦1st 4*8 series D
69*
102
J
68*
74
107*
O *108
Ontario Power N F 1st 5s
1943 F A
Ontario Transmission 1st 5s...1945 IVI N
cons g
5
N J Pow & Light 1st 4*s
New Orl Great Nor 5s A
;
103*
A
76
64
2107
1947 F A
112H
1936 J D
1937 A O ♦103H
com g
28
*121
1961 IVI N
First & ref 6s series B
1st A ref 7s series B
Ohio River RR 1st g 5s
General gold 5s
91
Ore Short Line 1st
5k
106 k
Ohio Connecting Ry 1st 4s
1943 M S ♦108H
Ohio Indiana A West 6s..Apr 11938 Q J *100H
Ohio Public Service 7%e A
113H
1946 A O
Oregon RR A Nav
lk
106
J
1948 J
103 k
103* 104*
5*
{♦Naugatuck RR 1st g 4s
1954 M N
Newark Consol Gas cons 5s. -.1948 J
D *121
New Orleans Term 1st gu 4s
57 k
J
148
27
74 k
65 k
6*
76
1st g 4*s series B
50 k
4*
106*
*
1965 J
♦New England RR guar 6s
♦Consol guar 4s
139
"209
104
227
81*
46
1st A ref 4s series G
ret No 4 on..
f 4s
,
5*
Nat RR Mex pr lien 4 *s
1926
♦Assent cash war ret No 4 on..
♦1st consol 4s
1951
69*
103*
104*
102*
111*
80 H
105*
92 %
103
101
110H
105*
84
70
J
105H
Og A L Cham 1st gu g 4s
65
34*
J
24
105
B
High
121*
112* 113
65*
70
120
74* 107,732 107*
104* 110*
50*
74*
82
60
93
102*
...
O
90
86
6
70
107*
110*
35
Low
35*
O
ser
Northwestern Teleg 4Hs ext..1944
Norweg Hydro-El Nit 5Hs
1957
98
88
1941 A
109% 111*
108 % 109%
78
LOW
1941 A
1st A r.ef 6s
105*
94 %
97 k
91
;
5
on..
17
NO.
....
Nor States Pow 5s ser A
86 k
83
82
Jan. 1
87
82%
12
1936
Ref A Impt 5s series C
Ref A impt 5s series D
Nor Ry of Calif guar g 5s
85%
97
Since
eqS)
....
S *107H
108 k
Range
Jan.31
74
70
1947 M
1997 Q
2047 Q
Julyl
1933 to
gS
2047
2047
2047
2047
1938
63*
94
High
*69
North Pacific prior lien 4s
Gen lien ry A Id g 3s Jan
Reg A impt 6s series B
Asked
*69
Nor Ohio Trac A Lt 6s A
Ref A impt 4Hs series A
66 k
76
102% 104*
86
&
s *120%
s *112%
{♦North Ohio 1st guar g 5s
1945
♦Ex Apr'33-Oct'33-Apr,34 cpns..
♦Stmpd as to sale Oct 1933 A
♦Apr 1934 coupons
107*
70 k
104*
1974 IVI
102
"~i
1955 M N
1978
97 k
10
,85*
88
Nash Chatt & St L 4s ser A
war
88
1955 M N
Constr M 4 *s series B
war
87
70 k
72 *
Mutual Fuel Gas 1st gu g 5s
1947 M N *112*
Mut Un Tel gtd 6s ext at 5 % —1941 M N *109*
Namm (A I) & Son—See Mfrs Tr—
♦Assent cash
96
107
2
102k
85 k
101
1955
Morris & Essex 1st gu 3*s
Constr M 5s series A--—
>
70
106*
s
♦Assent cash
15*
*104*
Gen & ref
♦Jan
14 %
9k
1943
Gen & ref
8
25""
9
1962
f 5s series A..
s
"ll'%
5
Bid
Low
1974 IVI
North Cent gen A ref 5s A
Gen A ref 4Hs series A
105% 107*
104 % 105*
103% 104
Montecatinl Mln & Agrlc deb 7s '37
Montreal Tram 1st & ret 5s
.1941
Morris & Co 1st
87 %
4 k
9
Nft,
High
1937
1st guar gold 5s
s
45
8
107*
Deb 5s series A
Gen & ref
15
J
1937 J
Montana Power 1st 5s A
8
1
13*
14*
96
95
Low
82
22
12*
14
Low
Week's
30
A.'OO M N
Mont Cent 1st gu 6s..._
Gen & ret
No.
92
98
"22"
1977 M S
1938 M S
g 4s. 1991 M S
♦Ref & impt 4*s
♦Sec 5% notes
High
*87 *
*
{♦Mobile & Oblo gen gold 48
1938 M S
♦Montgomery Dlv 1st g 6s..1947 F A
Asked
1936
29
Feb.
Week's
99*
108*
2
123
177
100*
80
198
109
78
102*
106*
1051»J2 106*
112* 126
99* 100*
108
109*
New York Bond Record—Concluded—Page 6
Volume 142
Week's
bonds
Bid
NO,
A
Low
Revere Cop A Br 1st mtge 45*s.1956 j
s f 7s
1946 j
104 h
33 X
♦Rheinelbe Union
1953 j
♦Rhine-Ruhr Water series 6a
J
Asked
§3
Jan. 1
N. Y., STOCK EXCHANGE
Week Ended Feb. 28
High
No.
Low
LOW
335*
5
285*
7
"265*
33
Trenton G A El 1st g 5s
1949
285*
34
1
325*
325*
34
Truax- fraer Coal conv 65*3—
33
33
1
315*
325*
Trumbull Steel 1st
325*
335*
6
O
32%
325*
325*
325*
1944 M N
40 %
325*
415*
405*
315*
315*
335*
335*
87
20
405*
49
61
195*
39
warr
'55 a
m N
♦Certificates of deposit
1952 j
Rlchm Term Ry 1st gu 5s
39
.
2
J *105
25
1955 f
A
*41h
495*
45
Rio Grande June 1st gu 5s..
1939 J
d
*94
96
70
{♦Rio Grande West 1st gold 4s.1939 J
j
O
449 %
Roch G & E gen M 55*s ser C—1948 m s
1055*
Gen mtge 45*s series D
1977 m s *113)*
Gen mtge 5s series E
1962
{{♦R I Ark & Louis 1st 45*s.„1934
Royal Dutch 4s with warrants. 1945
m
*1085*
185*
O
1175*
S
a
1948 a
Rut-Canada 1st gu g 4s
1949 J
1941 J
O
35
j
*37 X
•41
j ♦1075*
1947 j
1045*
1937 m n
Rutland RR 1st con 45*s
St Joe A Grand Island 1st 4s
St Jos Ry Lt Ht A Pr 1st 5s
j
1996 J
St Lawr A Adr 1st g 5s—
2d gold 6s
0
1996
87
9
51
45
375*
245*
j
A
19
14
54
35
1
395*
425*
9
29
325*
335*
43
34
43
835*
"26
1045*
1075* 108
70
1035* 105
89
875*
80
875*
92
645*
70
♦Un Steel Works Corp
65*3 A—1951
♦Sec,
♦Certificates of
.76
465*
.85
deposits
{♦St L Peor A N W 1st gu 5s... 1948
St L Rocky Mt A P 5s stpd
1955
{♦St L-San Fran pr lien 4s A.-.1950
♦Certificates of deposit
♦Certificates of deposit
♦Con M4Ha series A
-11*
1978
675*
81
52
71
78
31
30
385*
8
37
75
86
155*
145*
175*
225*
15
23
145*
22
3
86
225*
309
ivi's
20
470
85*
245*
165
21
95*
95*
19
*175*
875*
*63 5*
♦1st terminal A unifying 5s—1952 j
♦Gen A ref g 5s ser A
1990 J
J
<355*
1937 j
J
J
101 j*
102
D
501
21
382
•^Guaranteed 5s...
St Paul A Duluth 1st
con g
.1937 j
4s.. 1968 j
J
{♦St Paul E Gr Trk 1st 45*3—1947 j
{♦St Paul & K C Sh L gu 45*8-1941 f
52
J
A
^27
A21
J
J
106
Mont ext 1st gold 4s
1937 j
D
{Pacific ext gu 4s (large)
1940 j
[St Paul Minn A Man 5s
1943
J
1943
A?&
Ar Pass 1st gu g 4s
San Antonio Pub Serv 1st 6s
j
j
J
1195*
97
J
1105*
1952 j
Santa Fe Pres & Phen 1st 5s...1942 M s *110
j
*605*
Schulco Co guar 65*s..
1946 J
65
PlStamped
Guar
s
1946 A o
f 65*s series B—
51
135*
765*
20
105
15
40
50
665*
58
35
335*
59
39
38
395*
285*
905*
415*
~~3
275*
235*
1065*
4
13
1035*
21
21
85
1195*
10
985*
1105*
96
129
55
89
10
70
66
265*
58
66
29
585*
28
565*
20
185*
10
17
105*
16
F
A
65*
7
{"Refunding 4s
1959 A o
85*
H ♦Certificates of deposit
♦1st A cons 6s series A
75*
75*
1945 ms
8
2
35*
31
12
8
U5*
105*
45*
35*
45*
103
29
39
22
35*
85*
25*
25*
i
65*
65*
95*
85*
1035*
104
21
35
103
104
103
47
86
103
1947 m N
785*
39
7
36
8
10
865*
255*
11
33
4
*112
U25*
.295*
305*
;
86
875*
*100",6 1013*
58
4
47
44
80
1951 J
J
,♦975*
985*
1950
1936
1963
O
1055*
1015*
1055*
1015*
65
a
f 5s..1941
J
1065*
1947
j
105
5s
s
Southern Colo Power 6s A
D
m
89
1075* "40
12
1055*
925*
226
46
97
98
211
55
905*
895*
93
161
44
915*
915*
262
43
220
42
1085*
32
Gold 4 Ha
1981 m n
San Fran Term 1st 4s
1950 a
m N
895*
108
O
5s... 1937 m n *1065*
1937 J
1955 j
«<ll8t 4s stamped
1955
j
1994 J
1956 a O
1956 a O
1956 a O
83
1951 j
J
87
.1938 m s *1015*
735*
1938 m s
88 %
71
72
80
38
60
72
66
89
89
125*
305*
2854
38
11
12
30
3654
2
105*
28
300
115*
29
325*
355*
325*
365*
M
M
*925*
S
S
98
"63
35
*31
37
34
36
325*
325*
325*
325*
a
37
325*
355*
325*
*
1955 a
o
1955 a
o
1939 M s
"22
Mobile A Ohio coll tr 4s..
1065*
1964 J
S'west Bell Tel 35*s ser B
27
{♦Spokane Internat 1st g 5s...1955 J
Staten Island Ry 1st 45*s
1943 j
1065*
805*
1085*
825*
{{♦Stevens Hotels 6s series A—1945 J
1075*
'245*
102
1045*
18
6
1950 m
1947 a
""52
12
322
39
Tenn
Cop & Chem deb 6s]B_..1944 ivi
925*
1947 j
Tenn Elec Pow 1st 6s ser A
TermlAssn of St L 1st g 45*s_._1939 A
Gen refund
s
D
12
71
71
92
96
149
24
86
985*
425*
12
21
30
465*
...1911 ivi
S
56
59
53
30
58
15
355*
415*
415*
59
57
F
a
77 5*
98
78
3
76
77
78
99
6
79
2000
1945 f A *107
1946 f A *108
j *1115*
1939 j
1950 j
1946 ivi
1963 ivi
1956 j
5s series G
1st mtge 4s ser H
1961 j
d
1225*
S
104 j*
ser
1952 A
1977 j
A
♦5s assented
86
94
112
«=Gen A ref 5s series C__—
Gen A ref 5s series D
o
1979 a
O
d
1980 j
Tex Pac-Mo Pac Ter 5 Ha A...1964 M s
Third Ave Ry 1st ref
4s
1960
♦AdJ ;lnc 5s tax-ex N Y_.Jan 1960
Third Ave RR 1st g 5s
Toho Elec Power 1st 7s A
g
1225*
1015*
1065*
101
O
j
1075*
100
O
30-year 5s
Registered
51
23
37
j"j
78
41
39
60
1955 ivi
s
D
J
D
107
46
675*
103
1025*
21
92
d
106 5*
83
715*
1025* 1035*
1035* 1065*
s
1025*
1055*
1065*
1075*
116
72
104
1953 j
j
j
325*
945*
325*
j
j
j
a
1966 M s
27
325*
104
66
85
92
1045*
14
96
21
1045*
Tol W V & Ohio 4s
ser
1950 a
C
27"
"28
124
1940 M n
945*
96
15
425*
90
985*
265*
30
77
45*
225*
30
25
305*
655*
35*
215*
64
j
D
107
j
1015*
94
j
110
j
j
195*
♦175*
935*
875*
1025*
995*
1175*
64
55
915*
1025*
95
2
98
1025*
105
1005*
1225*
535*
97
1045*
54
97
104
22
86
107
52
98
83
107
27
215*
115*
*9
145*
*"l2
45*
67
995* 102
1075* 110
255*
155*
255*
155*
9
155*
12
4
145*
66
j
j
a
75*
75*
195*
125*
305*
1075*
o
1055*
105?*
63
1065*
1065*
52
635*
635*
1045* 1065*
104
1065*
67 1
38
185*
855*
705*
Poland 6s 1940, Feb. 28 at 805*.
r
Cash sale only transaction during current week,
transaction
during current week,
current week.
n
o
Deferred delivery sale only
Under-the-rule sale only transaction during
{ Negotiability Impaired by maturity,
at exchange rate
1055* 1075*
575*
715*
225* 43
Included In the yearly
range.
104
56
10
45
Cash Sales transacted during the current week and not
e
117
43
546
33
110
1949
14
102
645*
1100
583
1015*
1960 j
1943
Youngstown Sheet A Tube 5s. .1978
1st mtge s f 53 ser B.
1970
89
71
1015* 1015*
1
D
♦Certificates of deposit
116
43
60
3
j
1942
1938
{♦Wor & Conn East 1st 45*s
102
39
1075* 1095*
1025* 1025*
1015*
♦Sup A Dul div A term 1st 4s 1936 MN
815* 1105*
1005* 1005*
1055* 1075*
745*
98
120
1205*
1055* 1095*
1075*
92
105
1029,6
♦Certificates of deposit
71
3
96
104
1015*
{♦Wis Cer 150-yr 1st gen 4s
1045* 1075*
145*
34
29
1045*
1035*
1075*
103""
7
1025*
Will & S F 1st gold 5s
1095*
1025*
355*
81
83
Winston-Salem S B 1st 4s
765*
116
82
1075*
o
Wilk & East 1st gu g 5s
1105* hi
56
107
106
1938
j
j
♦Ctf dep Chase Nat Bank...
♦Ctfs for col <fe ref conv 7s A .1935 MN
98
47
'855*
1065*
1950 ivi N
{♦Wickwire Spencer St't 1st 7s. 1935
99
104
425*
1065*
1035* 105
545*
1225*
44
37
106
355*
13
1065*
t Accrued Interest payable
of 34.8665.
(' { Companies reported
as being In bankruptcy,
receivership, or reorganized uade r
Section 77 of the Bankruptcy Act, or securities assumed by such
companies.
1005* 1025*
94
96
♦
Friday's bid and asked price.
t
Deferred Delivery Sales transacted during the current
,
♦ Bonds selling flat.
N
imp„35*s 1960
Tol St L A W 1st 4s..
60
1025*
1025*
965* 100
1085*
1035* 1045*
106
10854
A
4)*s series A
White Sew Mach deb 6s
1
"
100
5
39
110
108
106
1966 f
1st mtge s f
2
-
7
103 5*
1085*
66
68
117
105
93
1949 M s *1095*
RR 1st consol 4s
1105*
1025*
1937 j
1953 j
1st 6s dollar series
211
905*
615*
173
1085*
1936 F
1951 j
4 5*3
15-year 65*3--.25-year gold 5s
1105*
Tokyo Elec Light Co Ltd—
Tol A Ohio Cent ref A
435*
1015*
9
695*
j
a
76
121
1977 a
Gen A ref 5s series B
955*
1045*
99
1005*
58
99
945*
1055* 1075*
1095* 109 H
1105* 112
1215* 1235*
1045* 106
1195* 1215*
1065* 1065*
1960 ivi
Funding & real est
1005*
1045*
2000 j
•
1015*
♦1025*
1943 J
Texas A Pac 1st gold 5s
955*
1035*
1065*
j *107
1946
Western Union coll trust 5s
1085*
Texarkana A Ft S gu 5Ha A...1950 F
Texas Corp conv deb 5s
1944 A
Tex A N O con gold 5s
1
985*
.
1225*
1045*
s ♦1215*
D
2361
2361
Western Maryland 1st 4s
♦ 1st A ref
55*3 series A
117
o
...1953 j
f g 4s
104
s
1944 F
lstfcons gold 5s
1065* "28
*1205*
Tenn Coal Iron A RR gen 5s__1951 J
31
84
70
92
West Shore 1st 4s guar
195*
985*
ioek
"76""
165
945*
♦Westphalia Un El Power 6s
575*
255*
295*
1065* 1085*
103
40
88
1065* 112
1065* 1065*
29
535*
1095*
29
S
Co deb 6s._ 1939 m
1st 5s series E
85
88
85
965*
78
895*
975* 1015*
48
28
1936 J
Swift A Co 1st M 35*8
Tenn Cent 1st 6s A or B
"43
29
115*
105*
93
36
1948 Q ivi
965*
♦Studebaker Corp conv deb 68.1945 j
Sunbury A Lewiston 1st 4s
765*
11
4
36
31
Wheeling Steel Corp 45*s ser B.1953 a
60
1025*
45
10
1st
995* 1055*
70
2
72
1980 AO
{♦Western Pac 1st 5s
50
80
♦Ref A gen 5s series D
sec
965*
Wilson A Co 1st M 4s series A—1955 j
East Tenn reor lien g 5s
105
69
1085*
73
141
"
70
65
80
1978 AO
1—
45*3 series C
WestPenn Power ser A 5s.
685*
715*
*94
104
*1015*
1976 F
Westchester Ltg 5s stpd gtd
925* 1015*
j
1005* 1005*
755*
j
j
355*
355*
91
115
A
s
161
1005*
985* 1045*
965*
845*
675*
675*
1005* 1005*
Wash Water Power s f 5s
97
80
11
175*
1065* 108
50
*805*
o
53
1055*
48
95
A
1946 ivi
74
15
695*
41
1939 f
West N Y A Pa 1st g 5s.—.1937 j
Gen gold 4s
1943 a
28
3
1035* 104J*
1045* 1055*
1015* 1025*
1145* 1145*
1065* 108
1025* 1055*
805*
925*
99
875*
93
765*
77
915*
915*
765*
340
675*
845*
875*
15*
3
675*
995*
1075*
1035*
1015* "216
645*
'50
59
Wash Term 1st gu 35*8—
1st 40-year guar 4s
90
"995*
23
104
Wheeling A L E Ry 4s ser D
605*
85
5
45*
165*
1075*
69
60
87
955*
1075* 108
1075* 1075*
65*
35*
1025*
♦Deposit receipts
95
194
99
1939 ivi N
Washington Cent 1st gold 4s
1055*
18
59 '
33
325*
995*
965*
975* 1015*
64
725*
81
925*
1105*1115*
Warren RR 1st ref gu g 3 5*3
.
1045*
J
1996 J
Mem Div 1st g 5s
St Louis Div 1st g 4s
805*
100
j *101
So Pac Coast 1st gu g 4s
So Pac RR 1st ref guar 4s
Devel A gen 6 Ha
605*
885*
1968
1969
Devel A gen 4s series A
Devel A gen 6s
1035*
S
Gold 45*s
Gold 45*S—
Southern Ry 1st cons g 5s
99
32
845*
....
100",6 102
985*
975*
I605*
S
So Pac coll 4s (Cent Pac coll)..1949
1st 4^s (Oregon Lines) A
1977
con gu g
2
O *1145*
33
89
Warner Bros Pict deb 6s
47
425*
1115* 1125*
295*
305*
75
335*
425*
55
Walworth Co 1st M 4s
6s debentures
.
192
50-year 5s
South Bell Tel A Tel 1st
So Pac of Cal 1st
32
~
68
13
3
♦Certificates of deposit
Walker (Hiram) G& Wdeb 45*s 1945
1025* 1035*
885*
84)*
695*
595*
cons gu g
*325*
325*
"295*
985*
"38
39
21
xB ♦Certificates of deposit
1045*
Shell Union Oil s f deb 5s
1035*
1025*
865*
cons guar
365*
114
42
♦Warner Bros Co deb 6s
A
<Gen
23
*100
1035*
65*
f
Socony-Vacuum Oil 35*3
27
1
915*
1105*
245*
75*
1948
1952
Sou A Nor Ala
26
5
1035*
4
Sharon Steel Hoop s f 55*s
Shell Pipe Line s f deb 5s
S
5
33
325*
1105*
4
17
18
m
33
1962 ivi N
{♦Warner-Qulnland
24
1005* 1025*
33
335*
33
335*
325*
M S *65
1936 M N 1005*
2003 J
J *1045*
90
1958 a O
.....
115*
55*
1939
O
d
O
255*
1035* 106
855*
33
~
25
56
5
1005*
1962 m N
♦Ref & gen
95*
135*
65*
SkellyfcOll deb 55*s
N|Debenture 4s
33
~
^♦Certificates of deposit...
85*
105*
5
a
N .1005*
975*
134
45*s series B
„•
45*
A
106
53
205*
1145* 1175*
195*
205*
175*
195*
90
a
465*
105
-
167
53
♦Ref A gen 5a series B
1935 F
s
155*
j
j
m
j
j
j
a
J
A
1015*
131
1939
1941
Toledo A Chic Div g 4s
1941
{♦Wabash Ry ref A gen 5Ha A. 1975
♦Certificates of deposit
.
"^♦Series B certificates
a
'345* "~7
305
Des Moines Div 1st g 4s
Omaha Div 1st g 35*8
21
1025*
..845*
J38
*33
1st lien g term 4s..........1954
Det & Chic Ext 1st 5s
1941
21
195*
J
j
94
66
♦165*
d
S *110
118
{Wabash RR 1st gold 5s
♦2d,gold 5s
66
*165*
Shinyetsu El Pow 1st 65*s
1952 J
j
♦{Siemens A Halske s f 7s.....1935
^♦Debenture s f 6 Ha
1951 m
F
SierrajA San Fran Power 5s....1949
♦Silesia Eleo Corp a f 65*s
1946 f
F
SUesian-Am Corp coll tf 7s
1941
s
m
69
995*
O
m n
ivi
j
645*
1st mtge
1105*
1085* 109
605*
605*
34
1025* 1045*
1065* 1095*
98
1015*
111
1125*
1055*
A
1st cons 5s
108
95
116
765*
9
108
O
D
Virginia Ry 1st 5s series A
27
1075*
1035* 1045*
1045* 106
117j* 120
86
99
"68
A
.
f
81
30
1145*
1045*
605*
105
O
20
41045*
.1075*
11015*
555*
31
175*
11
925*
a
{{♦Atl A Blrm 1st g 4s
-.1933 m*s
{♦Seaboard All Fla 6s A ctfs—1935 A o
107
805*
"80
Virginia Midland gen 5s
Va A Southwest 1st
gu gs—
a
9
106
S *113
123
1115* 114
1075* 1095*
1055* 1085*
94
695
1015* 1025*
84
65*
105*
10
j
D
37
101
995*
725*
455*
♦165*
♦Certificates of deposit
1095*
99
1
O
-
114
1095*
105*
41
97
102
a
♦165*
1135*
Va Iron Coal «fc Coke 1st
g 5s—.1949
1175*
245*
...
120
995*
975*
685*
1005* 1025*
1175*
■*
6
O
45
mn
*
205*
1215*
1225*
A
5
66~~
1989
{ {♦Seaboard Air Line 1st g 4s._ 1950
♦Certificates of deposit
{♦Gold 4s stamped
1950
♦Certlfs of deposit stamped
♦Adjustment 5s
Oct 1949
5
1215*
s
1944 A
1015*
655*
Scioto V A N E 1st gu 4s
107
*19
435*
695*
945*
925*
O
A *1085*
n *1075*
♦{Vera Cruz&P 1st gu 45*s...l934 J
4j*
j
♦{July coupon off
*45*
J
j
♦Vertientes Sugar 7s ctfs
165*
1942 J d
Virginia El & Pow 4s ser A
1075*
1955 M N
.
120
*60
^Stamped
107
O
Light 1st 5s
1944 f
Util Power &
Light 55*3
1947 j
Debenture 5s
1959 f
Vanadium Corp of Am conv 53.1941 a
Vandalla cons g 4s series A
..1955 f
Cons a f 4s series B
1957 M
25
195*
235*
1951
Utah Lt A Trac 1st A ret 5s
Utah Power A
205*
905*
J *106
1972
St Paul Un Dep 5s guar
♦1035*
75*
75*
f 65*3 series C
(Burbach) 7s—1951
{♦Universal Pipe A Rad deb 6s. 1936
♦Unterelbe Power A Light 6s_.1953
515*
65 5*
♦1035*
St Paul City Cable cons 5s
95*
.22
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs
1989 mn
j
♦28 g 4s inc bond ctfs
Novl989 J
S
455*
100
*195*
j
1950 J
♦Prior lien 5s series B
795*
765*
495*
s
♦Sink fund deb 65*3 ser A—.1947
Un Steel Works
455*
j
1938 j
United Biscuit of Am deb 5S...1950
United Drug Co. (Del.) 53
1953
U N J RR A CAn gen 4s
1944
§ {♦United Rys St L 1st g 4s
1934
U S Rubber 1st & ref
Ss^ser A..1947
United S S Co 15-year 6s
1937
91
A
1967 j
...June 2008 m
1st lien A ref 5s
35
185*
945*
76
55*3 A.—1954 j
Gold 4s
126
325*
*91
1933 ivi N
5
12-year 4s conv deb
1947 ivi N
Union Pac RR 1st A Id gr 4s.__1947 j
j
St Louis Iron Mt A Southern—
♦§Rlv A G Div 1st g 4s
12
Gold 45*3
*85 >*
o
"\2
1125* 1125*
1085* 109
13
215*
22
675*
955*
1st lien & ref 4s.......June 2008 ivi
114
35
5
855*
g
118
2
8
1065*
1055* 1055*
5
1175*
1095*
1285*
90
UnEL&P(Ui) 1st
Low
105
1015*
1125*
985*
1015*
106
96
895*
75*
98
Range
High
1015* 103
1205* 1205*
1175* 130
905*
985*
1015* 103
90
845*
855*
82J*
90
985*
105
1065*
1055* 107
21
175*
1195* 122
82
1015*
*895*
845*
86
1
1055*
.1285*
n
1910 M n
f 6s
s
{♦{Union Elev Ry (Chic) 5s...1945 A
Union Oil of Calif 6s series A...1942 F
90
Low
122
J
.1943 M
No
High
105
8 *120
Uijigawa Elec Power s f 7s
1945 ivi S
Union Elec Lt A Pr (Mo) 5s...1957 a o
945*
795*
605*
S
m
♦Ruhr Chemical s f 6s
90
'
86
Jan. 1
1933 to
Asked
♦Tyrol Hydro-Elec Pow 75*3—1955 ivi N
♦Guar sec s f 7s
1952 f A
475*
1065* 1075*
525*
475*
99
♦Rlma Steel 1st s f 7s
♦1st con A coll trust 4s A——1949 a
Since
1936
A
D *103
m
Trl-Cont Corp 5s conv deb A—1953 J
285*
34
{{♦Richfield Oil of Calif 6s
Jan. 31
Bid
Low
Toronto Ham A Buff 1st g 4s..1946 j
34
1952 JVI N
1953 F a
285*
NO,
High
1025* 105
25
105
♦Rheine-Westphalla El Pr 78—1950 mn
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons M 6s of 1930 with
July I
Range or
Friday's
bonds
Since
1936
1933 to
Friday's
Week Ended Feb. 28
Range
Jan. 31
Range or
N. Y. STOCK EXCHANGE
1435
Week's
July 1
O
79
1035*
995*
1942 M s ♦1085*
845*
279
59
575*
975*
79
104
1005*
27
60
965* 1005*
103
865*
995* 104
,
In the yearly range.
Northern Pacific 5s series C 2047, Feb. 24 at 108.
week and not included
'
1436
New York Curb
NOTICE—Cash and deferred delivery sales
Exchange—Weekly and Yearly Record
disregarded In the week's range,unless they
are
the regular weekly range are shown In a footnote In the week In
which they occur.
In the
the week
following extensive list
beginning
furnish
we
a
Feb.
29
1936
the only transactions of the week, and when
selling outside of
are
No account Is taken of such sales In
computing the range for the year.
complete record of the transactions
on
the New York Curb
Exchange for
Saturday last (Feb. 22 1936) and ending the present Friday (Feb.,28 1936). It is
compiled entirely
from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or
bond, in
which any dealings occurred during the week covered:
on
July
Week's Ranot
Acme Wire
v
t c com
Adams Millis
1933 to
Jan 31
Jan. 1 1936
1936
Low
High
Shares
20
Air Investors
*
nx
4%
4?*
17,400
14?*
14 X
58
100
3*
200
5
3H
1,700
1
10
57?*
*
3?*
31?*
com
Conv preferred
Warrants
♦
$6 preferred
*
18
32 X
5
400
9
1,600
I
?*
47
225
30
69 H
73 X
620
26
62 H
65 X
330
25
46
Allegheny Steel 7% pref 100
2
Allied Internatl Invest
*
Alliance Investment com. *
25
com
Aluminum Co common
*
6% preference
100
Aluminum Goods Mfg..*
Aluminum Ind com
*
Aluminum Ltd com......*
preferred
300
3X
22?*
23?*
600
3?*
15.60 prior pref
*
Am Cities Pow & Lt—
Class A
25
Class B
i
7%
Amer
Amer Fork & Hoe Co com*
Amer
Foreign
Pow
warr.
Amer Gas & Elec com...*
Preferred..
*
American General Corp 10c
$2 preferred...
._1
$2.60 preferred
1
Amer Hard Rubber com. 50
Amer
Laundry Mach
Amer L & Tr com
20
11?*
44?*
2?*
27?*
Jan
15
Jan
Brown Fence & Wire B
Jan
62?*
Feb
Jan
4
Jan
Jan
85
'*16
37?*
67?*
Jan
Jan
48
Feb
Feb
82?*
Feb
58
Feb
76
Feb
Bulova Watch $3?* pref..*
Bunker Hill & Sullivan.. 10
115
Jan
115
Jan
Burco Inc
X
Jan
1
Feb
Jan
4?*
Feb
21
Feb
Feb
15
Feb
10H
63?*
1,800
17
75
75
45
Jan
63?*
Feb
37
"~3~X "~3%
Jan
15?*
13?*
87
Jan
98?*
Feb
Jan
«
700
6
~i~6bo
20
41
9?*
1
3?*
75
35?*
1?*
36
900
X
9?*
300
6?*
6?*
IX
*16
Jan
36
Feb
Jan
91?*
Feb
"36k "38k
10~, 100
Feb
118
Feb
116
Jan
120
Feb
7
Feb
29?*
111
112
10
10?*
34?*
35?*
3?*
650
7
38?*
3?*
87?*
Feb
108
23?*
21
88
4
900
»
Feb
3?*
Automatic-Voting
10
Baldwin Locomotive warr.
Baumann (L) &Co7% pfdl 00
Bellanca Aircraft
Bell Tel of Canada
Benson &
Convertible
pref
com
1,100
2?*
200
25
Ridge Corp
$3 opt
1,300
18
35
4
Feb
Cities Serv P & L $7
$6 preferred
Borne-Scymser Co
Jan
Feb
Colon Oil Corp com
Feb
H
X
32?*
3?*
26?*
Colt's Patent Fire Armsl25
Columbia Gas & Elec—
Feb
Jan
16?*
38?*
16?*
Jan
55
3?*
7?*
Jan
Jan
1?*
10?*
Feb
50
Jan
43?*
18?*
X
70
Jan
1?*
55?*
Feb
Jan
2?*
Jan
16?*
38?*
11
Jan
Compo Shoe Machinery.. 1
12?*
Jan
Consolidated Aircraft
Consolidated Automatic
55 ?*
Jan
85?*
2?*
70
Feb
5% preferred A.....100
Consol Retail Stores..
5
148
Jan
121
1?*
1?*
12
2,100
9,100
4,900
4?*
1?*
Merchandising
1
pref
Consol Copper Mines
5
Consol GEL
Jan
Jan
Jan
Feb
4?*
Jan
Jan
Jan
13?*
35?*
Jan
14?*
18?*
Jan
39
Feb
21?*
13?*
Jan
30
Feb
Jan
27
Feb
Jan
Feb
P Bait com*
Continental Oil of Mex__.1
Continental Securities
*
Cooper Bessemer
$3 preferred A
*
com
Feb
47?*
200
44?*
Jan
53
Jan
24
900
2
16?*
25
Feb
8
150
5
10
38
7
43
48
4
48
4?*
X
5H
6
*
18
18
50
26
15
2?*
6,800
2,900
3,200
2,200
6?*
2,000
5?*
44?*
14?*
45
100
Registered
6
Jan
Jan
5?*
7?*
X
Jan
Cosden Oil
1?*
Feb
6?*
Feb
X
X
23
Feb
Jan
18
23
Feb
Jan
13?*
1?*
3
29
Jan
Jan
Jan
21?*
8?*
400
Jan
21?*
800
31?*
31?*
300
1
III—*
Preferred
Courtaulds Ltd—
Jan
9?*
Feb
Common
$6 preferred A
com
1
..100
Feb
Am dep rets ord
reg__£1
26?*
Jan
Cramp Shp <t Engine ..100
15?*
Feb
Crane Co com..
18?*
124
16
Jan
4?*
8X
Feb
Feb
Feb
Feb
52?*
X
5
44
"16
5X
63
5?*
45
17 H
Feb
Jan
117?*
Jan
7
38
Jan
""760
4?*
24
Jan
725
5?*
34?*
Jan
Jan
600
X
?<
115,000
2,700
X
6X
41?*
200
X
40
17?*
Jan
42?*
Jan
45
Jan
3
9,900
48
48?*
11
14?*
2,600
5
2?*
8?*
2 J*
61?*
6
2?*
8?*
3?*
64?*
102?* 105
3?*
39
103
21
1?*
1
15?*
19?*
50
4,400
X
5X
X
100
36,000
Crocker Wheeler Elec....*
Croft Brewing Co
...1
27?*
16?*
Jan
Jan
24
20?*
Jan
22?*
Jan
24?*
28
Jan
32?*
Feb
Cuban Tobacco
24?*
29?*
Jan
30
Jan
Crowley Milner
Jan
Crown Cent Petroleum.. 1
Crown Cork Internatl A—*
Crown Drug Co
Preferred
& Co
com
Feb
2?*
Feb
7X
Feb
Jan
32
93
40
1,600
11,000
525
X
39
30X
97
a*
13
8?
1?*
Jan
1
Feb
13?*
1
Jan
800
8
11?*
Jan
20?*
8,200
6
15?*
Jan
5X
7,100
62c
89 X
1,700
45?*
"3k
95
1
125
29
300
9?*
16?*
3,100
200
X
Jan
5?*
Feb
84
Jan
113
X
12X
"""566
1?*
"~7X "~7X
6?*
75?*
2?*
12?*
Jan
800
Jan
4
Jan
90
Jan
2?*
88
X
2
2X
12
6
Jan
•1*
32,100
91
9?*
15?*
Jan
Feb
1?*
'""Ik "V "5", 100
1
Jan
X
42 X
9
Jan
1?*
16
X
6?*
9?*
34
Jan
Jan
Jan
Jan
Jan
Jan
""600
3
6,000
2
6?*
4?*
Jan
6?*
7?*
2,100
1
5H
Jan
77?*
800
10
3?*
12,900
X
1?*
Jan
800
X
6?*
Jan
14
13?*
100
1?*
28?*
5,800
126?*
31?*
9,000
400
75
65
8
5H
32
Jan
Jan
13?*
Feb
X
25?*
120?*
Feb
Jan
Jan
15
2X
13X
2X
14?*
IX
4,800
18,300
19?*
9?*
X
Jan
■2X
X
5X
4X
6?*
1?*
Feb
Jan
11?*
4?*
Jan
Jan
23
23
Jan
1?*
15?*
4?*
87?*
Feb
69?*
13?*
IX
5?*
3?*
X
106?*
Jan
1
Jan
*
25c
4?*
5
31,600
2,600
4,700
23?*
25
,400
10
10
200
vtc..*
Jan
3?*
'16
5?*
88
Feb
12?*
505
25
com
48
1?*
51?*
27,500
Cuneo Press com.
Feb
Jan
15
4?*
7t6
23?*
Jan
H
2,000
39?*
106
Jan
3?*
*16
21?*
1?*
X
200
13?*
30
53?*
8X
27?*
Jan
Jan
42
3
125
Jan
Jan
4
6
'"Ik "Tk "3",700
...100
7?*
3
7X
6X
Petroleum........5
Preferred....
Creole
5H
12?*
14?*
"9
250
1
"2§k ~30?*
Jan
105
"l8k "l9" ""506
27
6?*% preferred
.100
Cusl Mexican Mining—50c
For footnotes see page 1441
Jan
...25
22?*
8
*
dep rets ord bearer £l
Am dep rets ord reg—£1
8X
50
3*
British Amer Tobacco—
Am
4?*
4?*
13?*
3
*
Brit Amer Oil coup
*
X
1,700
13?*
13?*
2?*
.100
1
28?*
900
23
Brillo Mfg Co com
Class A
Jan
5?*
Corroon & Reynolds—
Jan
?*
Class A
19?*
__*
Copper Range Co..__...»
Cord Corp
."5
com.
..25
20
8% preferred w w
100
Consol Royalty Oil
10 ""3"
Cont G & E
7% prior pf 100
92?*
25?*
8?*
100
1?*
X
3X
..*
Feb
Feb
3?*
4?*
23
5
4?*
20
200
*16
..J
Jan
Jan
Jan
1,500
Warrants
Como Mines
Jan
25
28?*
Commonwealth Edison 100
Commonwealth & Southern
Community P & L $6 pref*
Community Water Serv..*
121
3?*
5% preferred..100
Columbia Oil & Gas vtc—*
Columbia Pictures new
*
Jan
144
50
Feb
.1*
Feb
4?<
1?*
104?*
200
Jan
Feb
Rosenberger
Jan
5X
16?*
X
18?*
31?*
34
*
Cohn &
1?*
IX
2
250
pref!*
Club Alum Utensil
Co...*
Jan
*16
5,300
25?*
5?*
Feb
Feb
15,500
5?*
.*
Feb
13
2,100
2?*
34
50 X
*
2?*
24?*
*
2?*
3?*
14?*
Feb
Feb
43?*
Cleveland Tractor com
*
Clinchfield Coal Corp..100
Feb
Feb
107?*
40
...
Conv
16
107?*
75
26
21
Bower Roller Bearing
Brazilian Tr Lt&Pow...
Bridgeport Machine..
Brill Corp class B
preferred
Jan
2?*
400
15?*
69?*
81
50
Jan
23
City Auto Stamping
Feb
Jan
9?*
100
City & Suburban Homes 10
Claude Neon Lights Inc..1
Cleve Elec Ilium
com_..-.*
Feb
48
3?*
Jan
47
com....
conv pref-
7% 1st preferred
Jan
Feb
41
Jan
Jan
12?*
Jan
10?*
4X
10
Feb
Jan
Jan
44?*
6,100
15
Jan
Jan
Feb
44
6?*
Feb
Jan
82
69?*
8?*
11J*
86
27
8
6?*
96
33
11
Preferred BB._
Jan
Jan
20
63
Preferred B
Jan
Jan
Feb
20
21?*
3?*
Bohack CH C) Co com
7%
Feb
2,109?*
4
3
18?*
40
-
300
Preferred
9?*
51
1?*
7,800
12?*
13?*
16?*
1?*
400
2.2C0
10
Feb
11?*
11
4
Jan
Jan
70
Conv preferred
100
Conv pref op ser '29.100
Feb
34
7?*
'Tk "l",600
2
2?*
..100
6
Jan
2
10
15?*
52?*
27
Blumenthal (S) & Co
Botany Consol Mills
Bourjois Inc
Jan
Jan
Jan
Jan
Jan
48
warr
14?*
108?*
X
13
38?*
6% pref without
7% preferred
Jan
X
26?*
1?*
25?*
1
26?*
12?*
16?*
38?*
...
$2.50 conv pref
Black & Decker Mfg Co..
Bliss (E W) <fe Co com
Blue
90
18?*
2?*
Jan
Jan
46?*
2?*
2?*
Cent & South West Util.l
Cent States Elec com
1
Feb
X
8?*
32?*
100
9?*
Jan
37
50
Jan
Jan
Jan
Jan
Feb
1
com
6?*% pf.100
Hedges com
800
9
Childs Co pref
100
Chief Consol Mining Co..1
Cities Service com
♦
18?*
1?*
4?*
13?*
104?*
6?*
<32
Bell Tel of Pa
3?*
"iik "l2k
122
Jan
Jan
Jan
'64
700
82
Chesebrough Mfg......25
Chicago Flexible Shaft Co 7
Chicago Rivet & Mach
*
X
2?*
90
82
Feb
Feb
2,400
18,000
80
89
63?*
4?*
S32
78?*
1?*
6
Jan
11?*
300
10
4?*
1?*
1?*
6,900
22
Jan
?*
54
12?*
3?*
21?*
89?*
8?*
50?*
8,000
Charts Corporation
Jan
300
2?*
4
Jan
Jan
10?*
2?*
3X
Feb
1
10?*
300
4?*
99?*
1
10?*
Mach.
10?*
Jan
8?*
3?*
7?*
Axton-Fisher Tobacco—
Class A common
Babcock & Wilcox Co
"31""
3?*
"""206 2«15?*
6,200
5X
11?*
10?*
Jan
X
1?*
4?*
Jan
Jan
"31"
Centrifugal Pipe
•
Chapman Valve Mfg...25
X
3?*
Feb
»ii
5?*
24?*
Feb
5,800
52
I
1?*
400
29
20,200
20,800
1,400
10,600
1,100
200
X
Jan
1?*
13
IX
X
Feb
2?*
38?*
14?*
IX
1?*
23?*
2?*
1?*
10
$3 preference A
Warrants
Atlas Plywood
Corp
Jan
10?*
*
._.*
X
Jan
1?*
Atlas Corp common
3,300
18
X
£1
Assoc Telep $1.50 pref ..*
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
17,900
IX
1?*
39?*
2?*
?*
Assoc Gas & Elec—
Blckfords Inc
*16
Jan
Jan
1?*
30?*
2?*
26?*
11?*
Jan
10 X
1
4?*
20
V t c common
7?*
X
Jan
'i«
1?*
2?*
82
400
Associates Investment Co *
Associated Rayon com...*
Feb
300
Jan
Feb
11?*
I*
X
2?*
20
100
700
X
x2X
Jan
Jan
90?*
$5 preferred
Jan
Jan
Jan
11?*
Option warrants
1?*
33?*
92
Feb
90
Assoc Laundries of
Amer.*
Jan
Jan
X
40
18
Art Metal Works com
5
Associated Elec Industries
6?*
7?*
36?*
S16
2?*
9?*
48
22?*
30?*
57?*
3,300
4,500
18,100
1,500
600
Jan
48
51?*
40
$7 div preferred—
1st preferred
Jan
Arkansas P & L $7 pref..*
7?*
Jan
Jan
H
X
1?*
25?*
5?*
Feb
Feb
X
2?*
i»
*
12
39?*
14
11?*
110
103
16?*
26
12?*
25?*
7?*
300
3?*
36?*
300
6?*
16?*
Cent Hud G&Evtc
3
800
3
66
1,475
225
Cent Maine Pow
7% pf 100
Cent P & L 7% pref...100
700
5X
73?*
300
Jan
H
14
107?* 108
2?*
2H
300
58
68
475
Feb
44
5?*
107
57?*
Jan
109?* 113?*
112?* 114
12?*
12?*
Feb
X
1,500
Jan
7% 1st partic pref
100
7% prior preferred—100
Celluloid Corp com
15
41
50
io
Feb
26?*
48
6
Feb
Feb
114
46
11
1X
24k
801905
Jan
«
1?*
Jan
14?*
"13k "Isk
Jan
5?*
100
26
Catalln Corp of Amer
1
Celanese Corp of America
Jan
33,600
1,300
5?*
43?*
Feb
19?*
17?*
94
13X
Jan
Jan
6
85
2?*
92?*
3
Jan
Jan
24?*
16
1,350
11,700
26
7X
80?*
200
Class A
*
10?*
7H
""650
22?*
Jan
Jan
38
35
Jan
19
30
4,100
5,300
1?*
28?*
Common
Class B
Amer dep rec A ord—£1
Carrier Corporation
»
Castle (A M) & Co
10
115
15?*
1?*
16?*
57?*
625
Feb
6?*
39?*
Convertible class A—*
Feb
8?*
73?*
1,000
9,900
28
5?*
Carreras Ltd—
1
24?*
4?*
40 J*
Jan
5
6
Jan
Jan
98
23?*
3?*
39?*
Feb
28
600
200
105
Jan
10
1?*
2,400
25c
Feb
48?*
Feb
28
1
300
9?*
25
1
Carib Syndicate
3?*
2X
Carman & Co—
9
33?*
1?*
28?*
Amer deposit rets
Feb
Feb
27
H
Common class A
Preferred
Marconi
9
2
34?*
40?*
10,000
4,500
Arcturus Radio Tube
1
Arkansas Nat Gas com...
*
Jan
1?*
38?*
Angostura Wupperman—1
Apex Elec Mfg Co com
*
Appalachian El Pow pref. *
B non-voting
'Jan
3?*
*
Amer dep rets pref shs £1
Calamba Sugar Estate—20
Canadian Indus Alcohol A*
29?*
45
Am dep rets A ord shs_£l
Am dep rets B ord Bhs £1
5?*
81?*
75
.........
Jan
Jan
Low
2
1,600
45
Cable Elec Prod v t c..._*
Cables & Wireless Ltd—
X
12?*
3,000
17
.
Warrants
Jan
16?*
1?*
Preferred.
Jan
$3 convertible pref.....*
Butma Corp Am dep rets..
Butler Brothers
..10
45?*
19
Amer Thread Ctoi
pref.—5
Amsterdam Trading—
American shares
*
Anchor Post Fence......»
I
34
*
23?*
25?*
Corp com*
preferred..........*
77?*
""2OO
24?*
...
Carnation Co com..__.._*
Carolina P & L $7 pref..*
$6 preferred
*
25
1st
4?*
Jan
Jan
86?*
46
100
Service!»
Feb
Jan
50
com
10?*
8?*
Buff Nlag & East Pr pref 25
$5 1 st preferred
»
Canadian
1
1%
6% preferred..
Amer Pneumatic
Feb
131
120
Amer Mfg Co com
Amer Potash & Chemical. *
Am Superpower
25?*
Jan
25
Amer Maracalbo Co.....1
Amer Meter Co
*
Jan
*
A
Buckeye Pipe Line
•
100
21X
preferred
*
Brown Forman Distillery. 1
Feb
2?*
<
Class
Feb
1?*
Jan
1
com
British Col Power cl A___*
Brown Co 6% pref
100
87
conv preferred...100
Equities Co
Feb
109
-
Amer Cynamid class A.. 10
Class B n-v
......10
Amer Dlst Tel N J com..*
Jan
4?*
3?*
31?*
29?*
18?*
54
10 J*
Low
High
3X
10
Jan
32
57 X
Shares
reg-.lOs
Jan
1,800
8
Am dep rets ord
2?*
10,450
700
Jan. 1 1936
1936
Par Low
Jan
131
15?*
Range Since
Jan 31
British Celanese Ltd—
Jan
«120
10c
...»
46?*
112
114
10c
com
Common class B
$3 preferred
Jan
116
15
1
1933 to
for
Week
High
Feb
5?*
9
100
American Beverage com. 1
American Book Co—.100
American Capital—
Class A
'16
»16
*
Allied Products cl A
6%
90
"""200
—
Allied Mills Inc
15
*16
400
1
,S.6
_
Alabama Gt Southern.—60
Ala Power $7 pref.
*
Low
6?*
43?*
66?* *110
*
Agfa Ansco Corp com
Aiusworth Mfg Corp
Sales
of Prices
STOCKS
(Continued)
Low
7% 1st pf 100
Aero Supply Mfg cl A
Class B
July
Week's Range
Range Since
for
Week
Par
Sales
of Prices
STOCKS
1?*
17,400
Jan
Jan
Jan
Volume 142
New York Curb Exchange—Continued—Page 2
July
Week's Range
Sales
1933 to
Jan 31
Jan. 11936
1936
Shares
Low
of Prices
Par Low
Class A
9*
23 *
60
7% pref.100
Detroit Gray Iron Fdy
5
64
11
Jan
.Gulf Oil Corp of Penna—25
Jan
13
Jan
13*
23*
Detroit Paper Prod
1
Diamond Shoe Corp.....*
57*
1,600
1,800
1*
8*
8*
Products....2
Distilled Liquors Corp...5
20
3*
3
200
8%
13*
23*
Feb
Feb
Feb
68
Feb
11*
Jan
3*
Jan
Feb
Hartman Tobacco Co.—.*
Harvard Brewing C0.....I
Hazeltlne Corp
*
1*
~8*"Feb
"9*
Dictograph
"566
7
6*
1*
Jan
11*
11
700
11
Jan
17*
11
24
Jan
28
Jan
7*
12*
Feb
25*
84*
7*
Feb
Jan
Feb
Jan
Distillers Co Ltd—
deposit rets—-£1
Doehler Die Casting-...-*
Dominion Steel A Coal B 25
Dominion Textile Ltd com*
Amer
33 J*
7
3
3,200
7
100
2*
A*
Jan
70
7% preferred....—100
12
Dow Chemical.——--*
103* 104*
Draper Corp..........
Driver Harris Co———10
7% preferred—
Dubllier Condenser
33
*
Corp.l
—.10
800
37*
2
9*
20
2*
"8k "8*
*
Eagle Plcher Lead .....10
Jan
65*
33*
Jan
"MOO
25
110
Feb
Feb
2*
10*
12*
10,100
3*
*
7*
2,800
78
275
63
69*
72
1,800
86
3
Feb
80
Jan
Jan
Jan
8*
7*
Jan
1*
10*
12*
*
2*
414% prior preferred.100
6% preferred..——100
8*
78*
Jan
66
»
Eastern Malleable Iron—25
~~2
Eastern States Corp.....*
East States Pow com B—*
"2* """600
1*
2
|6 preferred series B.—*
$7 preferred series A—*
Easy Washing Mach "B"_*
Economy Grocery Stores.*
Edison Bros Stores com..*
38
Eisler Electric Corp.....*
3*
15*
18
66
79
10*
7*
4,200
2,000
67*
77
11*
8*
35*
4*
38*
7*
39*
39*
4*
5
500
8
2*
1,100
15*
Jan
Jan
59*
41*
42*
1*
1*
$5 preferred..........*
$6 Preferred....———*
Eleo Power Assoc com
1
Class A..———1
Eleo P A L 2d pref A—*
32
Option warrants.......
4
3*
Feb
2*
Feb
3*
Jan
Jan
22
22*
Jan
500
Jan
1,000
*
Jan
4*
100
56
"""250
59*
60*
23
Emsco Derrick 4b
15
23*
16*
3*
1
0
6*
18*
2
Feb
20*
Falrchlld Aviation...—..!
8*
7% preferred..——.100
5*
01*
Jan
Jan
98
Jan
Internat Holding
Jan
29*
Feb
Jan
19
Feb
30*
Jan
87
Feb
42
Jan
62
Feb
Pref
$3.50 series......50
Internat
Mining Corp
47
Jan
4
21
Jan
2*
15
Jan
1
2
Jan
80
89
Jan
44
Feb
Class B—.——
Feb
Feb
New warrants
He
*
International Petroleum..*
Registered
Flat Amer dep rcets—...
Fldello Brewery——.1
Film Inspection Mach.—*
1*16
*
(Phi!a).10
20 s> 81
83
83
Jan
*
10*
5*
13*
4*
6*
13*
5*
38*
18*
Jan
38
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
5*
Feb
10
Feb
92*
Jan
97
Feb
3*
3*
Jan
6*
Jan
Jan
6*
Jan
Jan
Jan
Feb
Jan
34*
18*
*
International Products.—*
37
Feb
Internat'l
6*
75
3*
20*
76
Jan
84
32
Jan
34
Jan
Jan
mteraatl Safety Razor B.*
Jan
1
1*
3,100
is
*16
29*
31*
300
.....
24*
7
Jan
10*
Jan
16*
Feb
Jan
17
27
Jan
28*
Jan
81*
87*
Jan
Feb
pref.*
com—25
Iron Cap Copper com.—10
Iron Fireman Mfg v t O.10
Irving Air Chute..—.—.1
Italian Superpower A—..*
Jan
Feb
20
*
Jan
*
Feb
Jan
80
20
Feb
1*
1*
Feb
Feb
Feb
89
First National Stores—
1*
Jan
Jan
64
Jan
Jan
Jan
Feb
Feb
Feb
8?
Warrants. ......
Jan
Jan
*
it
'is
..........
Jan
Jan
2*
Jan
%
Feb
27*
1,280
7
1
20*
23*
1*
2
*
8*
2*
*
'is
2,800
3,500
......
He
Feb
Jan
Feb
26*
15
Feb
,3H
Jan
32
Jan
Jan
3,300
13
200
29
28*
22*
1*
Jan
Jan
Investors Royalty
159*
7*
64
1*
Jan
Jan
4*
1*
Interestste Hos Mills....*
Jan
Feb
38
1
700
Interstate Power $7
Jan
14*
7*
14*
5*
39*
15*
2,400
8,900
10*
10
Jan
4*
13*
13*
Jan
Utility-
Class A.——.*
Feb
Jan
Feb
Feb
9*
Jan
*
21
19*
Feb
Feb
'""160
"i* "T*
23*
1*
3*
5*
7*
2*
15
Jan
Jan
Feb
1*
11*
3*
83*
6
600
2,900
7
6% preferred..—...100
Feb
3*
1,300
....
Feb
Feb
Feb
Jan
*
"£§00
Jan
1
200
700
10
143
600
36*
200
80
29
5
2*
2*
*
33
.1
.....
8*
900
Jan
20*
23
Intl Metal Indus A......*
Feb
"£300
15
.
76*
4c Inv—*
Feb
1*
15
Fedders Mfg Co com.—. *
Ferro Enamel Corp com..*
16*
20
*
International Cigar Mach *
57*
66*
67*
23*
20*
8*
2*
2*
1*
19*
7*
16*
*
15*
2*
Feb
Internat Hydro-Elec—
9*
Feb
60
"6* "7* "3",800
1,600
15
2*
16*
1*
Jan
69
Fajardo Sugar Co...—100
Falstaff Brewing
Fanny Farmer Candy....
Fanffteel Metallurgical...*
1*
V t c common...—1
Jan
Jan
6,000
Jan
10
600
5*
Jan
6,500
9*
10*
11*
9,400
1
*
44
is
9*
24*
24*
14*
"48""
Class B
43*
50
17
22
Jan
Jan
6
Industrial Finance—
48
1,300
3,200
1*
17
.100
Ex-cell-O Air & Tool-.
Feb
0*
400
5
8
7*
100
Feb
5*
5*
N011-voting class A.—*
150
*
55
53*
10
Warrants
*
1*
Jan
Feb
10
300
200
43
43
Feb
8
8
Option warrants.......
Evans Wallower Lead
*
Jan
53*
10
Warrants
3,700
12,800
40
Jan
10
.10
15
1
12*
2*
Jan
9*
10
34*
6*
Equip-.5
Equity Corp com..
10c
Eureka Pipe Line
50
European Electric Corp—
Feb
Jan
23*
3*
Feb
400
Jan
35
Indian Ter Ilium Oil—
Jan
18*
*
Jan
Jan
35
200
Feb
17*
73*
36*
38*
52*
Ind'polls P A L 6*% pflOO
9*
41*
200
Jan
Feb
17
600
Feb
Jan
10
14
Feb
Jan
22*
62*
125
6,300
250
24
35
107*
28*
Jan
2,650
38*
Indiana Pipe Line
Feb
Feb
2*
40*
9*
7*
38*
7*
Indiana Service 6% pref 100
U*
425
20*
2*
1*
Britain and Ireland. —£1
Jan
Jan
97
200
1*
17*
Jan
80*
105
*16
900
8
22*
23*
Jan
Feb
26
600
36
«
14
Feb
25
9,000
6.000
600
38
82
6*
94*
28*
70*
23*
23*
Jan
Jan
300
18
15*
83*
7*
50
6
Jan
Jan
7
""366
106*
£1
2*
15*
74*
51
2*
1*
31*
25*
1*
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
*
Feb
Jan
83*
Feb
Feb
Jersey Central Pow A Lt—
5*% preferred——.100
6% preferred.....—100
7% preferred
100
Jonas 4c Naumburg...2.50
Jones A Laughlin Steel. 100
80
42
25
80
70*
60
3*
2,900
76
Jan
90
60*
*
15*
'
88
Jan
98
Feb
Jan
4*
43*
Feb
Jan
1*
Feb
Jan
111*
Jan
Jan
2*
Jan
74
Jan
74*
Jan
2*
*
18*
Jan
88*
4*
43*
1*
1*
100
*
83*
"2* ""2*
""160
*
2,350
1*
30
Jan
Feb
Kansas City Pub Service—
110
7% 1st preferred
.100
Corp.......1
$6 preferred
100
Flsk Rubber
7*
8*
0,300
60
*
67
350
42*
54*
FUntkote Cool A...—..*
45
3,300
1,050
55*
4*
85* I
3*
8*
112*
6*
Feb
Jan
117
Jan
9
Feb
63
Jan
70
Feb
V t c preferred A——*
KansasG4E7% pref.100
Kingsbury Breweries—..1
87*
Jan
47
Feb
53
Jan
ord reg—£1
Ford Motor of Can cl A..*
Am dep rets
8*
25*
30*
•
Class B
9*
27*
30*
6,800
3,400
25
4*
8*
14*
60
Feb
8*
Jan
24*
27*
Jan
Jan
9*
28*
Feb
Feb
Kirby Petroleum......—1
Kirkland Lake G M Ltd.]
82
Feb
Klein (Emll)—.......
4*
4*
100
30
3
Jan
80
2*
Jan
4*
preferred.......15
16*
3*
16*
4
19*
*
1
19*
17
dep rets ord re«—£1
Gen Fireprooflng com....*
Gen Gas 4b Eleo—
66 conv pref class B
17*
1,160
4,900
1,000
1,400
1*
Warrants.........
1*
*
16
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 60 pref—..*
Gen Rayon Co
A stock..*
General Telephone com.20
63 convertible pref....*
General Tire 4b Rubber..25
6% preferred A.....100
Georgia Power 66 pref...*
66 preferred......
Gilbert (A C) com..
Preferred
"20*
*
2,400
""266
Jan
30
Kolster
""166
1
Knott Corp common
*
Kress (S. H.) 4c Co
12
Kreuger Brewing......—1
Lackawanna RR of N J 100
17* *18*
1
200
3,200
Brandes Ltd—£1
Jan
Jan
Jan
17
4*
20*
18*
Feb
Feb
Jan
2,300
"""700
13
Jan
3-
1
Jan
41*
Jan
42
eo'"
Vi
78
Jan
Jan
Jan
Lefcourt Realty com
Preferred..........
1
85
67
Jan
81*
Feb
Lehigh Coal 4c Nav
*
1
Jan
2*
18*
49*
Jan
Feb
Jan
Leonard Oil Develop. ..25
Feb
49
2*
Feb
Jan
*
Feb
100
*
12*
12*
47
47
Jan
84*
66*
73
Feb
93
Jan
*
•is
Jan
5#*
Jan
Jan
Jan
22
"
Jan
Jan
11*
Feb
4*
*
Jan
I™
Feb
Jan
Jan
97
Jan
102
Jan
86
135
85
85
Feb
90*
60
1
71
Jan
73
Feb
Jan
Feb
1,000
8,600
1,500
22
45
Feb
45
Feb
10
16*
Jan
Jan
18*
Feb
Feb
850
800
10
24
Jan
34
Feb
7% preferred
8
Jan
15*
>i«
4*
25*
Feb
Feb
Feb
Feb
Preferred class B
Loudon Packing
Louisiana Land A Explor.l
Louisiana L P 4c L Co—
4,700
2,200
30
«s
3*
21*
9*
1*
38*
*4
400
7*
7*
14*
*16
15*
*
20
24
25
5*
2*
3*
2*
*
7,500
450
1*
11*
2*
22
Jan
Jan
Jan
Jan
Jan
8*
8*
Gorham Mfg Co—
V t c agreement extended
Grand Rapids Varnish...
17*
18*
700
13
14*
1,400
Gray Telep Pay Station..
Great Atl 4b Pae Tea—
26*
27*
300
121
126
124* 126
29*
29*
9*
10*
'is
*
1
1*
690
100
150
13,600
2,300
1,500
8
17*
Feb
21*
Jan
10
Jan
14*
Feb
20*
10*
4*
Jan
82*
Jan
115
121
Feb
180*
120
124
Feb
128
19*
8*
*
*
26*
7*
8
Jan
Jan
Jan
Jan
31*
10*
1*
1*
Jan
Lerner Stores (new).....*
6*% preferred...
7,800
31,500
41*
19
Feb
Feb
74*
Jan
77
Feb
51
Jan
59*
Jan
7*
Feb
Jan
Jan
75
Jan
12*
3*
21*
6*
*
37*
Jan
Jan
Feb
15*
4*
Feb
25
Jan
Jan
T1
Feb
Feb
41*
Feb
5«
7
5*
4,000
•is
5*
Jan
Jan
Jan
Jan
40
100
"~9* "MOO
107*
Feb
107*
Feb
3
7*
Jan
9*
Feb
18*
18*
7*
9*
Jan
20*
Feb
Feb
18*
Feb
Jan
10*
13*
Feb
5*
Feb
1
15
14*
;.*
Class B
Lockheed Air Corp
1
Lone Star Gas Corp.....*
3,000
90c
Jan
9*
12*
10*
13*
4*
81*
71*
2,000
2
140
88
4*
72*
Jan
84
Jan
85
Feb
72*
8*
13*
200
32
64
Jan
Feb
Jan
74*
8*
14*
95
Jan
95
Jan
84*
Jan
Feb
6*
3,200
4*
Jan
Long Island Ltg—
Common
100
.100
Lynch Corp common....
Mangel Stores Corp....
6*% pref w W——100
Mapes Consol Mfg..
Jan
American dep receipts. £1
Margay Oil Corp........1
8
12*
5
2,100
2*
8,800
1*
95
7*
9*
Jan
Feb
Jan
2
15
7
2,700
400
Feb
53
Jan
66
Feb
21*
51*
54*
9*
12
46*
6*
24*
Jan
27*
Feb
1!*
Jan
Jan
96
Feb
Jan
4
Feb
Jan
7*
Jan
1
Jan
Marconi Internat Marine—
Jan
Feb
Jan
Feb
6*
'
Marion Steam Shovel....
Maryland Casualty......
Masonlte Corp common..
Mass Utll Assoc v 10—.
Massey-Harrls
1441.
10*
1*
12
Jan
75
200
22
$6 preferred......—.,
Lucky Tiger Comb G M10
73
5,300
1,100
15,500
Gorham Inc class A com. *
7% 1st preferred—100
75
Loblaw Groceterias cl A.
700
75
68*
7*
107
Jan
14
26*
10
77
*56*
6*
Jan
11*
4*
59*
32*
Lit Brothers
83
12
77
98
275 »64
10
200
105* 107
Lion Oil Development..
97*
1*
17*
49*
79*
97*
34
Greenfield Tap 4b Die....
Grocery Stores Prod v t o 25
Guardian Investors...*..
Lakey Foundry 4c Mach—1
Lane Bryant 7% pref—100
Langendorf United Bak—
Class A..——..—*
20
32
Gt Northern Paper.... J25
Lake Shore Mines Ltd—1
100
Godchaux Sugars class A.
stock...
6% preferred— —100
pref.100
79
Globe Underwriters .....2
63 preferred......
18*
12*
Jan
75
17*
2*
Goldfleld Consol Mines. 10
3
2*
76*
1*
16*
48*
15*
2*
...
9*
Jan
16
75
45
Glen Alden Coal........*
14*
*
25
45
4*
8
20"
5*
*
For footnotes see page
50
4*
Koppera Gas 4c Coke Co—
General Alloys Co.......*
Gen Electric Co Ltd—
Gen Investment com
75
7% preferred B
100
5% preferred D.....100
Feb
Froedtert Grain 4b Malt—
66 conv pref B
.
Kleinert Rubber.......10
Ford Motor of France—
American dep rets...100
Fort Worth Stk Yds Co—*
1*
111*
1*
Kings County Lighting—
Ford Motor Co Ltd—
com
Feb
34*
86
66
54
Non-vot
10
Imperial Oil (Can) coup—*
Registered— .........*
Imperial Tob of Canada.5
Imperial Tobacco of Great
Jan
26*
2*
2*
2*
50*
Class B
Feb
Feb
46
25
700
2,000
2,000
6,000
7% preferred.......100
8% preferred.......100
Empire Power Part Stk—*
Am
10
10
100
45
4*
23*
80*
Common............-1
$6 conv pref w w——*
Eleo Shovel Coal $4 pref..*
Electrographlo Corp com.l
Elgin Nat Watch Co
15
Empire District El 6%.l0O
Empire Gas 4b Fuel Co—
6% preferred.......100
6M% preferred—.100
Conv
Jan
Jan
3
5*
Insurance Co of N Amer. 10
Florida P 4b L 67 pref
Feb
17*
37*
6% preferred..—...100
Electric Shareholding-
Fire Association
Jan
23
Illuminating Shares cl A..*
Imperial Chem Industries
18
Jan
Jan
8
Jan
Jan
Jan
Jan
Feb
Feb
1*
35*
Huylers of Delaware Ino—
Common... ..........1
Feb
Jan
Jan
13*
6*
8*
68
Feb
8*
Feb
21*
26*
85
43*
Jan
2*
5*
14*
18
8,400
16
72*
42*
Jan
72
Jan
Jan
200
"30* "31*
Jan
Jan
Jan
3
106
Jan
Jan
Feb
55
5*
37*
47*
24*
6*
Jan
8*
Feb
43
23
7*
Jan
1*
*
8*
4,700
121,900
4
Jan
7*
68*
1*
3*
10*
11*
2*
Feb
Hygrade Sylvanla Corp—*
Illinois P A L $6 pref... ..*
Jan
Jan
Jan
48
Feb
43
84*
14*"
10
Feb
Jan
Jan
300
10
(Henry) A Co cl A-.*
Amer deooslt rets
Jan
76
9,200
2.000
Feb
9
91
16*
2*
15*
6
Eleo Bond A Share com..5
7% preferred
900
7% pref stamped
100
Hydro Electric Securities.*
Hygrade Food Prod
5
Jan
East Gas A Fuel Assoc—
Common...
2*
2*
22
Hud Bay Mln A Smelt-—*
Humble Oil A Ret
....♦
Jan
*
12,000
14
15*
7% preferred.......100
Jan
25
87*
Jan
5*
1*
48*
700
5*
22
Hormel (Geo A) A Co——*
Horn A Hardart
•
89
3
Jan
*48*
*48
*
Jan
Feb
100
2
Hollinger Consol G M...5
Holophane Co com.——.*
Feb
Jan
105*
73*
1
33*
75
Durham Hosiery class B—*
Jan
05*
106
48
3,000
67
66
22
800 **36*
52
108 * HO
100
Duval Texas Sulphur
Hecla Mining Co.......25
Helena Rubensteln—*
Heyden Chemical..—..10
««
2,700
7
8*
70*
8*
70*
1*
4*
13*
13*
2*
High
72
82*
43
40*
6*
6*
Hires (CE) Cod A
Low
Low
13,500
Holt
31
Douglas (W L) Shoe Co—,
Duke Power Co
Shares,
140
Handley Page Ltd—
Am dep rets pref...8 sb
Hartford Electrlo Light. 25
"id """Jan
Jan. 1 1936
1936
85*
80
Hall Lamp Co—
Jan
8*
20*
Preferred...........—*
Feb
Feb
Range Since
Jan 31
Gulf States Utll $6 pref..*
$5.60 preferred
....♦
Gypsum Lime A Alabast.*
60
200
10*
9*
Derby Oil A Ret Corp eom*
Jan
12
1933 to
for
High
Par Low
High
Low
*9
""700
23 *
Sales
of Prices
4
800
9*
"13* "13*
..........35
Dennison Mist
High
STOCKS
(Continued)
8
Darby Petroleum com...*
Davenport Hosiery Mills. 5
Dayton Rubber Mfg com.*
1
Week
Week's Range
Range Since
for
Week
STOCKS
(Continued)
1437
July
1
common..'
16
7*
4*
92
2*
6*
16
100
4
8
400
1*
4*
95
2*
7*
1,000
1,550
1
900
1
5,800
3
8*
9
Jan
16
Feb
7
Jan
3*
62*
1*
5*
Jan
Jan
Jan
Jan
New York Curb
1438
July
Week's Range
Par
Low
Mayflower Associates
*
May Hosiery Mills—
$4 pref ww
—-*
High
58
1933 to
Jan 31
Jan. 1 1936
1936
Shares
10 %
11%
60
62
*
*
85
Memphis Nat Gas com..5
6%
"3%
Paramount Motor
1
Jan
Parke, Davis A Co
»
79%
5%
Feb
Jan
Parker Pen Co.
Jan
8
Feb
Parker Rust-Proof com...*
20%
Jan
26
Feb
89%
Feb
90
Feb
Patchogue
Feb
Jan
Pender D
%
2%
1%
IX
6%
6
16
t c__
—*
Class B
v
t c
—
5
4%
1%
*
—*
pref
1%
10
50 %
62
29
29%
425
Mook Judson Voehrlnger.*
17
£17%
1,500
Moh A Hud Pow 1st pref.*
2d preferred
*
89
92%
260
56
56 H
100
Molybdenum Corp
Montgomery Ward A
10%
*
*
Mid vale Co
6.600
Mining Corp of Can..
Minnesota Mining & Mfg *
Minn Pow & Lt 7% pf 100
150
11%
151X
33
»
90
»
8
6%
Feb
Pa Pr A Lt $7 pref
Jan
3%
Jan
Jan
1%
6%
Jan
6
Jan
Jan
2%
Feb
Jan
37%
%
X
7%
7
*
Natl Bellas Hess com
"53% "58"
13
Feb
Pet Mils Co 7% pref...
26%
Feb
Philadelphia Co
Jan
52
1
Nat Bond A Share Corp..*
Feb
Common
1%
Jan
29%
Feb
29
29
200
91%
Jan
20%
3
21%
3%
1,800
2%
"80% "82""
Feb
Jan
£17%
Feb
Jan
93
Feb
Jan
70
Jan
Piedmont A Nor Ry
Pierce Governor com
Jan
Feb
Nat Rubber Mach..—..»
""7"
Nat Service common
"T~
%
1%
Conv part preferred...*
National Steel Car Ltd—*
%
National Sugar Refining..
Nat Tea Co 5%% Pf
10
"26"
National
"l2% "13%
Transit
12.50
Nat Union Radio Corp...1
Nebel (Oscar) Co com
*
Nehl Corp com
1%
""5% ""5%
*
Nelsner Bros 7% pref-.100
Nelson (Herman) Corp...5
Nestle-Le Mur Co cl A—»
15%
12%
3%
16%
13%
3%
New Calif Eleo com
13
13
Neptune Meter class A...*
7% preferred
100
New Bradford Oil—
13%
New Haven Clock Co
N Y Auction Co
N Y Merchandise
.
$6 preferred
*
N Y Shipbuilding Corp—
Founders shares
1
N Y Transit
Class A opt
Class B
Jan
Feb
150
Feb
35
Feb
50
Feb
Jan
13%
4%
2%
Jan
Feb
Jan
Jan
Jan
48
Feb
Jan
13%
Jan
Jan
31
Feb
19%
Jan
Jan
Jan
4%
89
Jan
8%
6%
%
%
20%
2
3%
1
6%
Feb
Jan
1%
2%
2
Jan
6
Feb
Jan
Jan
6%
6%
Jan
7
Jan
Jan
Feb
Feb
Jan
8%
%
2%
Jan
17%
Jan
Jan
27
Feb
%
•it
„
86%
Jan
Feb
Feb
8%
10%
Feb
%
Jan
15%
1%
%
4%
Jan
3%
Jan
Jan
5%
Feb
110%
12%
11%
2%
11
Jan
9
Jan
Feb
Feb
._*
Jan
16
Jan
X
1%
4%
Feb
Feb
14
Jan
Feb
Feb
Feb
Jan
0%
Feb
8%
Jan
Jan
34
74%
Jan
10%
%
24%
Jan
9%
96%
25%
2%
Feb
36
Jan
62
17%
31%
Jan
38
Jan
110
Feb
Jan
108
Jan
3%
96%
4%
38
38
Red Bank Oil Co
»
Reed Roller Bit Co
Reeves (Daniel) com
*
Feb
Relter-Foster OH
Reliable Stores
*
9%
Jan
Jan
Jan
10
11%
20%
Jan
8%
Jan
11%
Feb
%
Jan
%
2%
Feb
%
1%
Jan
2,600
2%
7%
7%
32%
2%
3%
Jan
1%
X
*
%
900
3
25
18
%
1%
Reybarn Co Inc
Feb
100 uo7% 107%
10
8
7%
25%
900
27%
19%
5,300
48
3,900
*
125
»
31%
1105
31%
900
108
1,000
35
Pacific G A E
6% 1st pf.25
5%% 1st pref
25
Pacific Ltg $6 pref
•
14%
2%
16%
7%
6%
30%
110
14%
3%
17
8
5%
31%
105% 106%
Pacific P A L 7% pref—100
see page
10
23%
3%
Jan
Jan
425
200
46%
20
68%
100
57%
100
70
19
""loo
4,000
1,800
6%
"300
Jan
Jan
27
11
187%
Jan
142
1~325
13
Jan
350
6
Jan
1%
4%
29%
20%
104%
Jan
18%
»16%
»
66%
70
78
Jan
Jan
%
Jan
2%
Jan
Jan
1%
Feb
Feb
1,425
300
5%
57%
4%
6%
60
%
18
50
800
300
%
2,500
39%
4%
>16
1%
1%
5,700
1
20%
16,300
1441.
38
Feb
Jan
3
Jan
6
Feb
Jan
66
Feb
,
39%
6%
Jan
4%
Feb
1
Feb
Jan
Jan
Jan
8
Jan
•i«
12%
4%
20%
6%
Feb
3%
Feb
Feb
1%
Jan
9
Jan
%
2%
1%
Jan
2%
Jan
4%
Jan
5%
Jan
105%
Feb
%
1,900
11
Jan
Feb
1,400
%
...*
38%
68%
£12%
60
400
23%
8%
2%
100
1
4%
63
5%
2%
85
%
5%
05
1,800
200
10
Manufacturing.25
8
4,900
%
700
%
35
175
2.400
370
1%
9
2.600
3
3%
1.000
5
1,800
1
Jan
Feb
39%
Feb
38%
Jan
58%
Feb
8
Jan
14%
Jan
3%
1%
Jan
0%
3%
Feb
Jan
72
17%
716
Jan
Feb
8.5?
Jan
92
Feb
Feb
*16
Jan
8%
63
Jan
7it
5%
Feb
73%
Jan
%
Jan
2%
Feb
%
1
18,500
1%
8%
7
Jan
10
Feb
Jan
Feb
1%
Jan
4%
Feb
28%
Feb
Feb
17*
7it
82%
Jan
34%
1%
Jan
41%
Feb
27
42
Jan
50%
Feb
Jan
Feb
Feb
%
1
13
1
37
1%
39
2,100
%
600
Feb
Brook
*
$5.50 prior stock
32%
100
15%
4%
3,100
X
~2"650
4
21,700
%
1
1,800
.£1
2%
Jan
Shattuck Denn
6%
81%
28%
Feb
Sbawlnigan Wat A Pow..*
Shenandoah Corp com
1
$3 conv pref....
25
22
Feb
Sberwln-WUllams com. .26
0% preferred A A
100
6% pref A A dep rets. 100
Sherwin-Williams of Can.*
122
1
Mining...5
100
Jan
Jan
4%
Feb
30%
Jan
32%
Feb
2%
Jan
4%
Jan
Jan
Feb
38
8%
._*
1%
5%
46%
4%
2
3%
4%
2%
44
3%
3%
32%
25
Allotment certificates
Selfrldge Prov Stores—
com
%
34
"86" ."§8%
Selected Industries Ino—
Common
...^.1
reo
1,100
*
Sentry Safety Control
Feb
Feb
3
%
Seton Leather
Feb
Feb
25
6%
24
65
4
Feb
83
18%
X
Segal Look A Hardware. _*
SelberUng Rubber com
*
Selby Shoe Co
*
107
%
Jan
Feb
Feb
Jan
Jan
4
3%
10%
%
20%
com
dep
Jan
Feb
Jan
7% preferred
Salt Creek Consol Oil
Salt Creek Producers
Amer
Jan
Feb
14%
Seeman Bros Inc
Jan
Jan
18%
21%
%
%
Securities Corp General..*
Feb
17
4%
Jan
%
4
Feb
17
14%
*
Feb
Jan
Feb
Jan
141
20
pref
Rossla International
Feb
Feb
8
Jan
130
4%
Water Co $6 pref
1%
400
4,200
5,200
%
%
5%
1%
11%
Scran ton-Spring
•
Jan
Jan
Feb
Jan
Jan
14%
Jan
87%
Feb
84%
Jan
Feb
Feb
109%
112%
103%
15%
3%
Jan
14
2
85
Jan
Jan
22
4%
103
Jan
Feb
105%
Jan
Feb
Feb
6%
%
Jan
110
110
%
♦
101%
13%
1%
Jan
200 *100
*
80
30
98
600
Savoy OH
Jan
Feb
19,700
Safety Car Heat A Light 100
Feb
Feb
97
4%
Schlff Co
35
60
Jan
11%
20%
8t Anthony Gold Mines. .1
St Regis Paper new com..6
108%
Feb
92
9%
19%
1
Jan
Jan
57%
Feb
5
Tiioo
5
Feb
Jan
Feb
81
400
4%
Feb
30
Feb
27%
60%
67
.1
Jan
101%
104%
53
Jan
9
800
Jan
10
Jan
Jan
Jan
2%
79
45%
81%
87%
%
4%
2%
84%
*16
Feb
Jan
Jan
100
12
Feb
102%
103
300
*
22
Jan
Jan
1%
*
48
100
1%
6
Jan
Feb
Feb
1%
Rustless Iron A Steel
Jan
Feb
9%
11%
60%
19%
Ryan Consol Petrol
21%
15%
1%
Jan
'7%
"16% "17%
Jan
36
Jan
Feb
975
2
Feb
14%
%
9%
61%
28%
25
conv
Feb
9%
98%
Jan
400
Jan
9%
30%
Feb
Feb
14%
54%
6.200
6%
108
18
Jan
Feb
8
2,000
8%
716
98%
Jan
Feb
%
16
3%
5%
Jan
Jan
2%
24%
*u
Feb
Jan
Jan
111
Feb
Jan
Jan
%
2%
75
7
Jan
1%
19%
Jan
5
60
9%
Jan
Jan
37
Jan
400
133
38%
57%
Jan
Jan
Feb
4%
"6% "7%
133
»
Feb
23%
11%
Jan
Feb
9%
20
4%
2%
$1.20
Feb
Feb
4
Royallte Oil
46
77%
117
35
54
Russeks Fifth Ave
Jan
Jan
Jan
3%
20%
6%
84%
18%
%
7%
6%
500
9%
Singer Mfg Co
For footnote*
500
24,500
45
Feb
Feb
71
Uio
Overseas Securities..._._*
Pacific Eastern Corp
1
Feb
1
Schulte Real Estate com..*
Scoville
3
200
108% 109
5
Jan
2%
*
45%
4%
6%
75
19
Outboard Motors B com..*
Class A conv pref......*
69
98%
Richfield Oil pref
Richmond Rad com
87
'it
46%
,
51
30%
1%
68%
57%
104
Feb
200
20
4%
Feb
14%
1,020
75
101
10%
38
Jan
2,500
8
Feb
5%
49%
7%
Jan
Jan
37
4%
10
3%
3%
•it
98%
7.900
«
*
2
Reynolds Investing
20%
%
100
com
Jan
3%
39%
Northern N Y Utilities
Ohio Power 0% pref—100
Ohio PS 7% 1st pref—100
Jan
Jan
13%
39%
3%
6%
7%
2%
29
1,300
Royal Typewriter
Nor Ind Pub Ser 6% pfdlOO
com
com
21
%
Engineering. _*
4,200
""700
*
Jan
%
•
Nor European Oil com—1
Nor Pennsy RR
50
Jan
1%
1%
31
Jan
2%
7
No Amer Utility Securities*
Nor Cent Texas 011 Co—5
Jan
12%
*10% "10%
30
$3 convertible preferred*
Raytheon Mfg v t c
50c
Root Petroleum Co
1,100
'3%
Jan
12%
%
12%
6% preferred ser D..100
Roosevelt Field, Inc
__6
4,600
Jan
Jan
10,500
%
Feb
^
Jan
Feb
3
7i«
51«
10%
Feb
«
Feb
50
9%
12,500
Rice Stlx Dry Goods
800
Feb
13%
18%
%
9%
%
*
......
6%
75%
1.300
7
40
Jan
27,900
..__..*
Class B
Common.
Jan
38%
Jan
Jan
Raymond Concrete Pile—
Jan
Jan
77
1%
*16
\%
36
Feb
7%
2%
24%
Rainbow Luminous Prod—
Class A
.._*
68
3%
43%
Ohio Edison $6 pref......*
Ohio Oil 6% pref
100
.._*
20
12%
Jan
Feb
35
%
8%
100
60
20,500
1,600
Jan
1
Rochester Gas A Elec Corp
3%
41%
Ohio Brass Co cl B
6% preferred...
Feb
1
Novadel-Agene Corp.....*
•
25
116%
2%
26%
6%
29%
18%
2
26%
Quebec Power Co
Jan
9%
24
•
Pyle-National Co
6
Pyrene Manufacturing.. 10
Quaker Oats com
*
120%
73
Jan
Jan
Jan
9%
16%
57
Jan
Nor Amer Lt A Pr—
class A100
"""800
"4"500
„
2%
25%
5%
27%
16%
*
Jan
5%
Northern Pipe Line
$5 preferred...
$3 preferred
116%
3
7% preferred
50
15%
115
♦
3
5%
7% 1st preferred
Pub Util Secur $7 pref
Puget Sound P A L—
Ry A Light Secur com
*
Ry A Util Invest cl A....1
4%
105
..60
Feb
75%
59
Common
6% prior lien pref...100
7 % prior Hen pref
100
113
10
"
'16
Jan
Jan
4%
Pub Service of Okla—
Feb
84%
53%
*
126
2%
*
38
59
100
1
Common.
16%
3%
.100
19
Jan
70
6% 1st preferred
Pub Serv of Indiana$7 pref*
$6 preferred
*
Public Serv Nor 111 com..*
5%
5
$6 preferred
North American Match
X
100
2,400
$6 preferred.........
Pub Serv of Colo—
113
Feb
70
•
120%
11%
,
7,100
11
...-
Prod icers Royalty
1
Properties Realization—
Voting trust ctfs.33 l-3c
Propper McCallum Hoe'y *
Prosperity Co class B
♦
Jan
Jan
400
90
29%
45
"16"
Premier Gold Mining...
Pressed Metals of Amer..*
Jan
75%
2%
69%
1%
1%
250
13%
0%
39%
15
Power Corp of Can com..*
Pratt A Lambert Co..
*
Feb
Feb
23
»
23
"it
1%
21
•
Jan
2
16
""966
9%
Noma Electric
Ollstocks Ltd
Feb
13
%
'""400
Nlpisslng Mines
Northwest
Feb
59%
,
Niles-Bement-Pond
oom
162
j
77%
100
9%
%
...5
Nor Sts Pow
"it
8%
Jan
Jan
11%
1%
1%
43%
'it
1,900
4
h.—
Potrero Sugar com
.5
Powdrell A Alexander....*
100
common
116%
Feb
6%
39%
10%
Pond Creek Pocahontas—♦
Jan
Jan
2%
10
Class B opt warrants
Niagara Share—
5
141%
26%
149%
80
47%
72
warr
Feb
35
9%
5%
....15
114
Meter
Il9%
N Y Wat Serv6% pfd—100
Niagara Hud Pow—
18
"966
f
»
Prudential Investors
12
5
Common
100
Jan
24%
4,300
8,200
9%
N Y Steam Corp com
*
N Y Telep 6%% pref.. 100
Jan
"I?"
Feb
1,000
34%
35
108% 109
98% 100
-100
Feb
90%
»
$3 conv pref ser A——10
Pie Bakeries Inc com
*
%
11%
*
N Y A Honduras RosariolO
N Y Pr A Lt 7 % pref.
117
14%
""2% "3"
*
com
Feb
75
39
84%
6%
9%
88
4%
9%
£85%
*
Jan
116
"l5"
12%
75%
15
79
Newmont Mining Corp. 10
New Process com
*
41
39
35
25
70%
Pitts Bessemer A Le RR.50
1,200
""3% "3%
5
New Jersey Zinc
New Mex A Ariz Land—1
91
Pittsburgh Forglngs
Pittsburgh A Lake Erie.50
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
%
100
Feb
Jan
Feb
Feb
2
....100
Feb
Feb
35
%
1%
50
124
87
Jan
"""loo
111% 112
Jan
Jan
61
28
32
4,400
103
114%
Feb
37
Jan
""966
1%
Feb
21
38%
%
2', 100
Jan
Feb
Jan
5%
18%
109%
104%
52%
Feb
300
£27
8%
Jan
100
35
5,700
2
110%
Feb
3%
17%
106%
Pitney-Bowes Postage
"
1
Jan
8
330
5
Pioneer Gold Mines Ltd..1
"s'ioo
—*
com
110
1%
500
Pines Wlnterfront Co
%
""566
Nat Leather
Jan
65
Jan
2,400
1,600
Nat Mfg A Stores com...*
National P A L $6 pref—*
National Refining com. .25
Feb
37%
Feb
2,800
1%
J;
5%
19
90
34
35
1%
1%
Jan
Feb
61
152
11%
1
Warrants
37
5
17%
J
74%
72%
42%
41%
87
1
114
29
National Investors com__l
$5.50 preferred
Common
Jan
10
10
*
*
Feb
35
Jan
Phoenix Securities—
Feb
81
1%
28%
8%
100
F
66%
2%
Phlla Elec Co $5 pref
Phila El Pow 8% pref...25
Jan
15%
4%
»
-*
$2 conv pref-.
National Fuel Gas
*
88%
%
National Candy Co oom
National Container Corp—
60
21,400
"""260
Jan
»
1,500
22,200
2%
2%
£47% £47%
J
Feb
24%
4%
200
123% 123%
Jan
31%
10%
100
28
35
100
com
Jan
142
26%
"""800
11%
4%
Feb
6
100
41%
100
11%
2%
National Baking Co com.l
Pepperell Mfg Co
Jan
1%
%
3%
Murphy (G O old com—*
Feb
25%
200
31%
6,100
2,700
"32% "35" "5",800
Feb
25
83
27%
900
...*
Jan
109
56
75
50%
Feb
Feb
37%
$6 preferred
Penn Salt Mfg Co
...50
Pa Water A Power Co
44%
1%
2%
Feb
74
5
108% 109
Feb
Feb
0
43%
24%
*
»
6%
4
«
100
5%
20%
16%
100
Mountain Sts Tel A Tel 100
New common
5%
1
90
1
Nachman-Sprlnfllled Corp*
35
22
9
American Shares....—
1
35
*
19
30%
18,200
33
35%
Mountain Producers—..10
com
*
Grocery A
Class B
Jan
Jan
39
100
50
1
5%
6%
100
Mueller Brass Co
60
Pennroad Corp v t c
Pa Gas A Elec class A
Mtge Bk of Columbia—
Mountain A Gulf Oil
60
12
*
Preferred A
*
Plymouth
10%
05
Montreal Lt Ht A Pow...*
Moody's Invest Service—*
Moore Corp Ltd com..—*
26%
Penn Mex Fuel Co
3
"it
7%
88%
"
Miss River Pow 6% pfd 100
1
1,100
25%
31%
1,400
78
62%
3%
3%
19%
48%
24%
High
51%
Jan
Jan
43%
45%
%
200
Feb
6
27,100
75
2.50
Low
10
5%
5%
Feb
3%
"it
4%
18%
Low
800
Feb
Jan
"it
Shares
Peninsular Telep com....*
Preferred
.100
1%
4
Jan. 1 1930
1936
4,200
Feb
102
Range Since
Jan 31
45
Feb
%
Feb
1%
Feb
1933 to
for
47%
24%
50
New common
Feb
I
Sales
62%
5
Perfect Circle Co
12
25%
Midland Steel Prod
55
Feb
102
%
%
%
21%
conv
8%
6%
Jan
%
Midland Royalty Corp—
$2
88%
Jan
3%
40
*16
46%
%
1%
%
2%
Petrol—
v
1
Feb
70
1/6 %
3%
2%
--10
Preferred
Pantepeo Oil of Venez
12
Jan
2,000
Metrop Edison $6 pref-..*
Class A
Jan
High
43%
66%
4%
10
0%
4",000
*
*
47
...»
Jan
60
*
Michigan Gas A Oil
Michigan Sugar Co
Par Low
Pacific Tin spec stk
Pan Amer Airways
Feb.
1%
6%% A preferred...100
Mexico-Ohio Oil
Feb
8%
"_6% "_7%
5%
00%
8%
25
100
Messabl Iron Co
High
Feb
1936
29
Week
Range
of Pi-ices
59
12%
44%
7H
24
42
1%
»
88
6%
Mercantile Stores com...*
Merchants & Mfg cl A
Merrltt Chapman A Scott*
57%
22
McCord Rad & Mfg B._.*
7% preferred
Low
38
McWllliams Dredging
Mead Johnson & Co
Week's
STOCKS
(Continued)
Low
60
Feb.
3
July
Range Since
for
of Prices
Sales
Week
STOCKS
(Continued)
Middle States
Exchange—Continued—Page
1
1
10%
4%
2%
50%
2%
1
11%
5%
23%
3%
51%
125
112% 112%
18%
18%
350
353%
900
81
Jan
89
Feb
37%
78
Jan
89
Feb
1%
2,400
%
600
3%
1%
14%
2,000
100
40
2%
Feb
1%
Feb
Jan
12%
Feb
Jan
Feb
5%
Jan
Jan
23%
4%
Feb
Jan
Jan
52
Feb
118%
Jan
130
Jan
107%
Jan
109
Jan
110%
112%
Feb
Feb
Jan
2
200
20
Jan
Jan
47%
600
1,600
1.450
2%
*16
7%
4%
19%
»
32%
90%
109
14%
119
18%
Jan
833%
Jan
20%
365
Feb
July
1
Week's Range
Sales
for
Jan 31
Week
1936
Shares
Range Since
Jan. 1 1936
1933 to
of Prices
Low
STOCKS
(Continued)
High
Par Low
Singer Mfg Co Ltd—
Amer dep reo ord reg.£l
Sioux City O A E 7% pi 100
/
100
5
Specialists in Curb Bonds
High
Low
2
55*
Jan
35*
Feb
40
Peter P. McDermott 8l Co.
Members New York Stock Exchange
Smith (L C) A Corona
Typewriter
1439
New York Curb Exchange—Continued—Page 4
Volume 142
29 5*
v t c com
Sonotone Corp
So Amer Gold A Plat
1,100 \
30
256
65*
35*
65*
345*
275*
255*
4 5*
345*
275*
265*
55*
1
1
35*
Feb
30
Jan
19
.
■r
Feb
Members New York Curb Exchange
-
60,300
1
15*
Jan
39,400
15*
45*
Jan
26
34 5*
Feb
37
155*
275*
Jan
285*
Jan
145*
255*
Jan
265*
Feb
Jan
55*
Jon
STOCKS
Feb
(Concluded)
35*
654
BROADWAY
39
Jan
-
-
NEW YORK
•
DIgby 4-7140
Southern Calif Edison—
5% original preferred .25
6% preferred B
25
6 5* % pref series
C
25
Southern Colo Pow cl A_25
Southern Pipe Line
55*
-.10
Southern Union Gas
5
25
So'west Pa Pipe Line
»
»'
300
5*
345*
75*
25*
9
Jan
Universal
Jan
365*
Feb
Universal Pictures
1
8
54
Jan
56
Feb
Universal Products......*
28
1
Jan
Feb
755*
500
315*
335*
900
"1H
T,800
405*
200
405*
3
5*
33
23
125*
500
275*
4,200
25
335*
Feb
Utility Equities Corp....*
Stand Investing $5.50 pf.
40
45
750
Standard Oil
21
225*
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
6% preferred
..100
(Ky)
125*
25
100
'
100
35*
35*
35*
Standard P A L com
3
Common class B
1
Starrett Corporation.. ...1
916
"16
5*
5*
Jan
Feb
Priority stock.........*
Utility A Ind Corp
*
Conv preferred
*
795*
15*
45*
Feb
"18"
*
2
25*
18
21H
3 5*
195*
215*
8,900
13,600
"64H '64J*
""560
65*
100
1
Syracuse Ltg 6% pref..100
Taggart Corp common ...*
Tampa Electric Co com..*
Tastyeast Inc class A.
55*
Swiss Oil Corp
235*
Jan
pref..100
Vogt Manufacturing
*
Waco Aircraft Co
25*
375*
25*
265*
5
1
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com.*
55*
145*
Jan
275*
Feb
Jan
1045*
Feb
7
45*
Jan
103
101
395
9
Texon Oil A Land Co..
100
95*
Jan
45*
Feb
41
Jan
35*
25*
Walker Mining Co
Wayne Pump common...1
Western Air
Am dep rets
Tonopah Mining of Nev_.
Am dep rets for
ord reg..
*
Tublze Chatlllon Corp—1
Feb
West Texas U'll $6 pref..*
Jan
Feb
23
Jan
Jan
35*
215*
Tung-Sol Lamp Wftrks— 1
80c dlv pref new
»
Unexcelled Mfg Co.
10
Union American Inv'g
*
Union Gas of Canada
*
Jan
West Va Coal A Coke
*
Williams (R C) A
Williams Oil-O-Mat Ht..*
Feb
Wil-low Cafeterias Inc
Jan
Feb
45*
245*
65*
55*
Jan
35*
3i«
,
185*
15*
15*
55*
United Dry Docks com.
United Gas Corp com
Option
90
»
15*
warrants
IH
1»*
65*
925*
15*
United Lt A Pow com A..*
Common class B
...»
6
385*
45
.*
preferred
$3
125*
55*
1,000
75*
85*
United Shoe Mach com..25
Preferred
55*
15*
Jan
7
Jan
Jan
rets....5s
Wright-Hargreaves Ltd..*
Feb
35*
Jan
Yukon Gold Co
Jan
265*
Jan
Jan
55*
♦
15*
*
1
U S Eleo Pow with warr_.l
Warrants
U 8 Finishing common
»
Preferred
.100
U S Foil Co class B
1
U S Int'l Securities......*
1st pref with warr..
*
U S Lines pref
.....*
U S Playing Card
10
U S Radiator Corp com..*
7%
preferred.
.100
716
'j2
15*
Abbot's Dairy 6s
75*
Feb
104
Jan
1st A ref 5s........1951
1st A ref 5s...
66
Jan
Feb
4
Jan
1st A ref 45*s
1956
1968
1st A ref 5s
1967
f deb 6s '52
215*
Feb
55*
485*
Jan
Aluminum Ltd deb 5s 1948
Feb
Amer Com'lty Pow
Jan
1045*
Feb
Jan
110
Jan
Jan
5*
Feb
15*
Feb
Jan
Jan
55*
Jan
Jan
55*
Feb
Jan
Jan
3
65*
235*
105*
Jan
75*
Jan
Jan
305*
145*
Feb
14
Jan
3
Jan
2
Jan
145*
75*
855*
15*
5*
225*
,
Jan
13
Feb
165*
45*
305*
Jan
Feb
Feb
Feb
Feb
Jan
125*
5*
Jan
21
Feb
Jan
10
Jan
Feb
Jan
425*
25*
15*
75*
935*
Jan
815*
5*
885*
35*
65*
295*
65*
Jan
15*
Feb
Jan
915*
55*
Feb
43
13
15
I
3
Jan
20
Jan
Jan
Jan
4
Jan
Jan
Jan
Jan
55*
Jan
15*
Jan
8
Feb
9
Jan
Jan
Feb
Jan
Feb
Jan
455*
135*
Feb
47
Feb
Feb
Jan
65*
15*
10
Jan
Jan
Feb
83
Jan
90
Jan
Jan
415*
Feb
1,400
385*
15*
Feb
600
H
Jan
5*
Jan
*32
15*
Jan
47
510
I
3,400
83
25*
355*
65*
36
75*
365*
15*
15*
15*
600
MOO
40d
200
100
100
600
s
i«
18
15*
U S Stores Corp com
1
United Stores
v
._*
t c
United Verde Exten
1
60c
35*
United Wall Paper...
Universal Consol Oil....10
45*
35*
45*
105*
105*
6
For footnotes
see page
1441.
200
Jan
Jani
Jan
1015*
85*
Jan
Jan
Jan
Jan!
1055*
235*
FebJ
70
FebJ
1025*
65*
9
Jan
Jan
Jan
155*
31
Jan
40
80
125*
3
Feb
80
35*
Jan
7
55*
2
15,000
4.900
»16
Feb
5s
1
Feb
965*
965*
865*
825*
1075*
Jan
55*s '53
Am El Pow Corp deb 6s '57
Amer G A El deb 5s. .2028
Am Pow A Lt deb 6s. .2016
Amer Radiator 45*8.-1947
Am RoU Mill deb 58-1948
Amer Seating conv 6s. 1936
6s stamped...
1936
Appalachian El Pr 6s. 1956
Appalachian Power 5s. 1941
Debenture 6s......2024
Arkansas Pr A Lt 5S..1950
Associated Elec 45*s._1953
Associated Gas A El Co—
Conv deb 55*s—.-1938
Conv deb 45*8 C— -1948
Conv deb 45*s——1949
Conv deb 6s
..I960
Debenture 5s
1968
Conv deb 65*s
1977
Assoc Rayon 6s
1950
Assoc TAT deb 55*s A '55
Atlas Plywood 65*s—1943
Baldwin Locom Works—
6s with warrants... 1938
6s without warrants 1938
Bell Telep of Canada—
1st M 6s series A...1955
1st M 6s series B...1957
5s series C
.1960
Bethlehem Steel 6s...1998
14,000
1045* 1045*
11,000
85*
95*
7,000
245* 255*
86,000
1075* 1075*
93
945* 195,000
104
8,000
1045*
55,000
1035* 1045*
3,000
1003* 101
105
17,000
1065*
21,000
1055* 1065*
6,000
1075* 1075*
7,000
1135* 1135*
985* 995* 159,000
605* 625* 165,000
Jan
85*
31
Jan
Jan
95*
45*
1065*
Jan
107
63
1025*
Jan
105
'
545*
97
Jan
995*
55
96
Feb
99
475*
815*
Jan
445*
925*
82
Jan
Jan
1055*
1035*
35*
Jan
Feb
15*
75*
135*
Jan
1045*
105*
285*
Jan
108
Feb
Capital Admlnis 5s...1953
Carolina Pr A Lt 6s...1956
Feb
Cedar Rapids
Jan
Cent Ariz Lt A Pr 5s 1960
Jan
385*
975*
106
925*
Jan
Jan
62
1025*
1035*
41
100
Feb
104
Feb
1055*
99
60
98
Feb
205*
565*
Jan
1055*
1045*
1015*
1075*
1065*
1085*
1165*
1005*
655*
12
Jan
625*
95*
355*
295*
Jan
39
95*
28
Jan
11
30
Jan
115*
30
Jan
Jan
395*
405*
405*
465*
"64"
99
68
Jan
105
Jan
1075*
1135*
Feb
Jan
38
11
34
785*
875*
79
10,000
385*
75
89
52,000
84
78
Jan
14,000
47
965*
Jan
1005*
106
97,000
106
555,000
325*
305*
Jsu
98
745*
Jan
33
1005* 1005*
101
935*
1165* 1165*
1195* 120
1205* 121
46,000
Jan
79
89
98
2,000
98
1145*
Jan
1165*
25,000
97
116
Jan
120
975*
U65*
Jan
102
105
15*
»16
*32
15*
64
Jan
24,000
345*
345* 246,000
375* 203,000
365* 246,000
38,000
415*
106
Jan
59
325*
315*
335*
Blnghamton L H A P 5s '46
Birmingham Elec 45*s 1968
Birmingham Gas 5s.—1959
Boston Consol Gas 5s. 1947
Broad River Pow 5s.. 1954
Buffalo Gen Elee 5s.. 1939
Gen A ref 5s
1956
Canada Northern Pr 5s '53
Canadian Pac Ry 6s.. 1942
2
95
925*
1085*
1075*
49
134
Jan
1215*
1435*
765*
455*
385*
1025*
1055*
Feb
106
895*
Jan
76
Jan
6,000
106
1,000
935* 122,000
85
45,000
875*
37,000
1075* 108
16,000
945*
95
93
945*
875*
1035*
1155* 1165*
105
109
Jan
100
Jan
109
102
103
1075*
895*
1075*
Feb
1025*
1065*
Jan
108
71
103
Jan
104
98
110
Jan
65
1045*
985*
1115*
1055*
Jan
1165*
1055*
Jan
101
Jan
1135*
1065*
29
32,000
84,000
11,000
66,000
Central German Power
M A P 5s *63
...1934
1943
995* 1005*
1135* 1135*
1065* 1065*
465*
945*
725*
6,000
6,000
335*
32
Feb
Feb
3,000
99
1055*
Feb
1035* 1045* 28,000
985* 995* 100,000
37,000
1025* 1035*
99
995* 20,000
50
1005*
Jan
245*
35*
Jan
Cent IU Light 5s
Jan
Feb
Jan
84
Feb
Jan
35*
3r<5*
Feb
1st A ref 45*s ser
Feb
5s series G
1968
Jan
7%.
Jan
45*% series H
1981
Jan
J5*
Jan
Cent Maine Pr 45*s E1957
Jan
Cent Ohio Lt A Pr 58.1950
Feb
Cent Power 5s ser D..1957
985*
935*
Feb
Cent Pow A Lt 1st 58.1956
85
Cent States Elee 5s... 1948
&
Central 111 Pub Service—
Jan
6s series E
....1956
F.1967
1055* 1055*
104
104
995*
46
995*
935*
9,000
72
1035*
Feb
1045*
995*
1035*
995*
1045*
6,000
555*
965*
Jan
101
52,000
375*
375*
90
Jan
95
Jan
895*
25
825*
625*
Jan
755*
255*
64
Jan
29
72
Jan
805*
5*
Jan
Jan
15*
15*
15*
3
.
75*
15*
41
5*
)
29
865*
1.000
1952
called
Jan
195*
15*
775*
15*
885*
45*
305*
6,200
3.600
16'32S
Feb
155*
15*
105*
35*
Jan
35*
Feb
35*
75*
Jan
6
Feb
55*s ex-warrants._. 1954
Feb
Cent States PAL 55*s *53
Chlo Dist Eleo Gen 45*8 '70
1105* 111
455*
Jan
105*
95
12,000
94
Jan
49
865* 185,000
685* 705* 124,000
70
725* 245,000
755* 765* 75,000
39,000
1055* 1055*
Chic Jet Ry A Union Stock
Yards 5s
1940
U S Rubber Reclaiming..*
78
85*
265*
15*
39.000
1035*
985* 112,000
20.000
97
35,000
895*
855* 270,000
15,000
108
Feb
6s partlo ctfs
2
Jan
Jan
11
9
103
Jan
4OO
33
Feb
25*
5*
25*
35*
1946
Feb
95*
67
10
21,800
72,300
3
46
101
$
Jan
800
80
Jan
Jan
67
85*
107
Feb
1,600
21
104
175*
55*
107
1st A ref 5s
215*
700
195*
25*
715*
300
1942
Feb
Jan
5*
15*
100
Alabama Power Co—
31.300
5*
*16
375*
30
30
BONDS—
Feb
Jan
Jan
415*
1H
15*
Jan
Jan
Feb
Feb
35*
15*
"88_5* "89k ""525
40
..5
15*
79
Jan
6
25
U S Dairy Prod class A
Class B
Amer deposit
Jan
85*
15*
Jan
Feb
395*
Jan
3
65*
45*
5*
9
3,400
United Molasses CoAm dep rets ord reg
£1
United Profit-Sharing....*
Preferred
10
Jan
Feb
Feb
200
55*
1085*
•i«
9,800
47
25*
295*
105*
2,100
pref..100
Petroleum
5*
76
25*
125*
.1
215*
55*
325*
456
125
Jan
19
15*
9
25*
125*
Woodley
Jan
65*
Jan
Feb
7
Wolverine Portl Cement 10
265*
415*
135*
Feb
25*
2,900
T066
Wise Pr A Lt 7%
25*
46
Milk Products...*
55*
12
Jan
65
""4k "4k 149",800
$6 conv 1st pref
United
45*
11
Feb
6
5*
United G A E 7% pref. 100
55*
105*
Jan
60
Feb
57
45*
20
4.400
3,100
59,300
2,700
11,300
10
Jan
22
55*
101
75
"40k "40k ""loo
27
Jan
17
70
655*
5*
45*
»
$3 cum A part pref....*
United Corp warrants
Jan
Feb
65*
Jan
1,000
8
21
*
*
Co...
70
25*
"i2k "12k "'806
19
Jan
Jan
55*
625*
Jan
16
Warrants
1
25*
175*
45*
35*
200
Feb
87
15*
Woolworth (F W) Ltd—
1.800
6,500
2,500
«
Co
preferred
Wilson-Jones
United Aircraft Transport
Pref non-voting
Conv
Jan
65*
35*
3
Jan
15*
25*
325*
8
2
450
5H
355*
5*
215*
5*
75*
100
155*
,
45*
62
6,100
3.000
305*
145*
165*
44
*
Feb
Jan
15*
135*
25*
Jan
85
18
65*
125*
11,800
1,400
...100
preferred
Feb
195*
58..
Union Tobacco common..1
United Chemicals oom
7%
95*
625*
2.10
""7k ~~7k T.866
Jan
25*
Westvaco Chlorine Prod—
Jan
255*
15*
Jan
Jan
Jan
1
Jan
55*
83
10
79
Feb
6
20
285*
Class A
295*
85*
455*
•75*
Jan
Jan
Jan
Feb
Feb
Jan
15*
27
Jan
5*
35*
5*
9
65
65*
Jan
15*
325*
Jan
Jan
Jan
Jan
Jan
Jan
25*
35*
800
105
Jan
800
225*
85*
105
k
3,800
225*
85*
35
Trans Lux Pict Screen—
Trunz Pork Stores
""266
15*
5*
"315*
25*
76
103
45*
25
25
35*
76
51
45*
"lMOO
1
7% 1st preferred
100
Western Power 7% pref 100
Western Tab A Sta v t c..*
20
35*
6,450
25*
Jan
5*
35*
15*
105*
Western Maryland Ry—
Jan
2,300
4
325*
25*
5*
Feb
18
Common
26
9
9
Feb
185*
Triplex Safety Glass Co-
1,400
36,000
Feb
150
Tri Contlnental warrants..
45*
25*
4
795*
5*
5*
6
100
100
1085* 1085*
5*
5i«
15*
15*
2
30
9
17
45
preferred A.....100
7%
Tonopah Belmont Devel "
5*
175
500
63
215*
55*
1045* 1045*
1,200
IN
Jan
215*
65*
Toledo Edison 6% pref. 100
45*
80
Jan
45
ord reg..£l
def reg..£l
101
Feb
Tobacco Securities Trust
Am dep rets
4
Jan
Express.....1
Western Auto Supply A._*
Western Cartridge pref. 100
Aluminum Co 8
Todd Shipyards Corp—
Feb
9
*
Jan
1
375*
Tobacco Prod Exports—*
Class B
Feb
1
Jan
...*
Feb
5*
Jan
Jan
3,600
150
66
605*
4
95
5*
Waltt A Bond class A....*
85*
485*
25*
10,700
62
400
Wahl (The) Co common..*
Jan
18
45
65*
100
Petroleum...5
Jan
18
"l5* "15* "i'eoo
Texas Gulf Producing...
pref..100
200
7,200
38,400
5.400
preferred
Feb
89
37J*
7%
45*
84
'
66
Va Pub Serv 7%
5*
600
"lli "65* ""eoo
245*
Technicolor Inc common.*
Thermold 7% pref
Tobacco Allied Stocks.
Feb
3
15*
15
Swiss Am Elec pref
Texas P A L 7%
Venezuelan
16
16,900
62 X
Jan
45*
135*
25*
25*
75*
5*
45*
5*
55*
25*
4,800
3.400
2,600
135*
5*
46
•«
63
5*
3,500
95*
625*
35*
95*
common...*
$3 conv preferred.....
Sunray Oil
1
Sunshine Mining Co...10c
Sun Investing
Teck-Hughes Mines..
Feb
5*
5*
25*
3
"15k ""450
Sullivan Machinery......*
Swan Finch Oil Corp
495*
28
5*
100
19
19
..5
*
Stroock (8) A Co
Stuta Motor Car
55*
55*
32
250
1,100
Venezuela Mex Oil Co.. 10
Jan
25*
5*
"*45* "ek "MOO
1
*
Stlnnes (Hugo) Corp
Feb
80
*
Sterling Brewers Inc
Stetson (J B) Co com
Feb
17
97
25
100
preferred
SterchJ Bros Stores...
5
Jan
115*
215*
8
6,900
4,500
2,600
400
17
16
Jan
3
1,900
Jan
Jan
Jan
*
21
1
..*
Stein (A) A Co common..*
65*%
55*
45*
10
preferred
400
100
40
38
Preferred
Standard Silver Lead
2,100
Feb
45*
255*
5*
15*
45*
45*
15*
415*
Jan
Utah Radio Prod
High
225*
Jan
18
1
Utlca Gas A Eleo 7% pf 100
Utah Pow A Lt $7 pref...*
Feb
Low
55*
700
58 5*
Feb
Jan
4
765*
100
28
15*
J*
J*
755*
Jan
Util Pow A Lt common.. 1
165*
95*
Jan
Feb
135*
355*
5*
15*
105*
135*
75*
115*
155*
*
preferred
19
i.
250
77
18
Jan
29
15*
5*
*
Common...
6%
com
Jan
5*
5*
405*
1,500
High
Par Low
Insurance.....8
Feb
Standard Dredging Co-
Steel Co of Can Ltd
Low
Jan
Feb
....
Standard Cap A Seal com.5
Conv
Shares
Feb
45*
55*
325*
5*
*
*
*
Standard Brewing Co
1936
5*
45*
155*
345*
735*
preferred
Jan 31
Week
Range Since
Jan. 1 1936
1933 to
for
35*
1,200
3,000
""""5* "~"k
Square D class B eom
Class A
149
1
Sales
of Prices
Utah Apex Mining Co...6
Spanish A Gen Corp—
Am dep rets ord bear.£l
Am dep rets ord reg..£l
Stahl-Meyer Iao oom
Feb
July
Week's Range
700
.
1
85*
365*
75*
149
100
50
•
3
Feb
100
6
1
*
Southland Royalty Co
South Penn Oil
900
10
149
149
100
Southern N E Telep
25
1,100
Jan
Jan
78k
62
«
1055*
Jan
1065*
90
1095*
Jan
111
,
New York Curb Exchange—Continued—Page 5
1440
July
Week's Range
Low
54,000
94%
.4,000
96 H
5,000
25,000
Low
Feb
103
Feb
Jan
80
Jan
40%
86%
Jan
94%
Feb
47
93
Jan
97%
Jan
28%
28%
43%
69%
Jan
80
Feb
69%
97%
Jan
80
Feb
Indianapolis Gas 5a A. 1952
Ind'polls A P L 58 ser A '57
64,000
Jan
IOI
Feb
Intercontlnents
8,000
71H 212,000
65,000
71H
Jan
35
2,000
33
104%
76%
76%
35%
Feb
26%
27%
3,000
86%
86%
78% 397,000
101
»
67 H
68 X
34
1st M 6s series B...1954
111 H 112%
111 H 112
1st 4%s series C
112
1956
1957
1981
1965
113
4,000
17,000
55
;
22,000
80%
79%
106H 107% 102,000
105%
30,000
69%
98%
104 H 105
73
70
34,000
54
86,000
33%
112% 112%
105 %
Com'wealth Subsid 5 Ha *48
Community Pr & Lt 5s '57
Connecticut Light A Power
7s series A
1951
1956
107
107
3,000
5s series D
1962
108
108
3,000
112
103% 103%
Conn River Pow 5s A 1952
103%
65%
66%
Jan
25,000
1939
Jan
2,000
107% 109
79 series E
1957
..1952
34
Feb
111
Jan
111%
110%
110%
105%
103%
103%
JaD
106%
Jan
Jan
105
Feb
63%
Jan
77
Feb
Jan
6.000
1st & coll 6s ser A.. 1943
93%
95
37%
37%
Consol Pub 7%s stmp.1939
Consumers Pow 4 % 8..1958
21,000
100
100
89
87
4,000
93
75
74
88%
70
Jan
Jan
Jan
125%
1950
Feb
58
Feb
63%
Feb
58%
Feb
Jan
109%
Feb
Feb
41%
109
Jan
Jan
109
Jan
103%
Feb
104%
Jan
Jan
112
Jan
120
Jan
122
Jan
107%
Feb
110
Feb
82
84
126~600
72%
74
67,000
26%
Without
warrants...
Iowa-Neb L A P 5s... 1957
1961
5s series B
Iowa Pow A Lt 4%s._1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 78.1952
Isotta Fraschlnl
7s.
.
89%
48%
25
35,000
64,000
46
2,000
15,000
40
41
83
37
37
103% 103%
2%
3%
85%
83
22,000
5,000
4,000
50,000
54,000
101
101
107%
58 series B
4 %s series C
Jan
Feb
.194.
1961
1947
100%
104% 105
104% 104%
First Bohemian Glass 7s '57
4,000
7,000
3,000
93
93
3,000
102% 103
100,000
96% 176,000
95%
Fla Power Corp 5%s.l979
Florida Power A Lt 6s 1954
3,000
67
100
Jan
34,000
66
105
Jan
106%
56%
104%
105%
Jan
100
Jan
Jan
106%
Feb
57%
101%
Jan
104%
Feb
9,000
7,93 %
Gatlneau Power 1st 5s 1956
94%
f 88%
Deb 6s series B....1941
86%
96%
96
36,000
88
12,000
9,000
39
44
Jan
50%
Feb
55
78
Jan
90
Feb
35
39%
Jan
49%
Feb
56%
107% 107%
9,000
48
Jan
61
Jan
1,000
96%
63%
106%
Jan
108
Jan
104% 105
105% 105%
25,000
77
103%
Jan
105%
Jan
Jan
106
106
116% 116%
100% 100%
Feb
Feb
Feb
Feb
Jan
110
Jan
107%
105%
Feb
6%s series D
Jan
Feb
5%s series F
1955
107%
Jan
109
58 series I
1969
92
99%
105%
102%
Jan
103
Feb
Kimberly-Clark 5s... 1943
104
Jan
Jan
107%
105%
Feb
Koppers G A C deb 5s 1947
Jan
Sink fund deb 5%s.l950
5s series B
1957
Kentucky Utilities Co—
1st mtge 5s ser H..1961
Feb
...1948
4%
Jan
11
Feb
Lehigh Pow Secur 6s. .2026
4%
%
Jan
10%
Feb
Jan
3
Jan
Lexington Utilities 58.1952
Llbby McN A Libby 5s *42
%
Jan
1942
Feb
Long Island Ltg 6s
106
106
105% 105%
92%
104
94%
104%
98% 100
94%
104%
103% 104
104% 105
35,000
5,000
1,000
10,000
Feb
Los
Jan
103
Jan
Jan
105
Feb
106%
105%
98%
80%
Jan
108%
Feb
6%s series
Jan
107
Feb
5%s series F
Jan
102
Feb
Jan
*
5s
106
Feb
70
105%
Feb
40,000
46
91%
Feb
36,000
55
6,000
79,000
50
4.000
72
19,000
76
Jan
89
99%
103%
Feb
85
89
104
Jan
61
91
48
100
44%
92%
63%
71%
88%
92%
83%
1 88%
96%
86%
1953
.34
*87%
Gobel (Adolf) 6%s
1935
Grand Trunk West 4s. 1950
111
98
Gt Nor Pow 5s stmp..l950
Great Western Pow 5s 1946
104
107% 107%
81%
82%
Min
A
warr
5%s
1946
Middle States Pet 6%s '45
Feb
Jan
Midland Valley 5s
Milw Gas Light 4 %s_. 1967
104
Minneap Gas Lt 4%s.l950
Minn P A L 4%s
1978
105
Jan
96%
Feb
Jan
96
Feb
Mississippi Pow 5s
1955
86
Jan
90%
Feb
Miss Pow A Lt 5s
1957
91%
Feb
Mississippi Riv Fuel 68 *44
Feb
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 6%s *55
Missouri Pub Serv 58.1947
105%
107%
107%
64%
98%
Jan
Jan
58
Feb
26%
26%
Feb
94
Feb
Guardian Investors 5s. 1948
68
•
1947
2
22%
Jan
2
22%
Jan
89%
39,000
97% 209,000
30,000
38%
54%
86%
Jan
96
Feb
99%
Jan
89
40
81%
Jan
93
Feb
34
5,000
30
34%
Feb
89% 115,000
113%
94,000
32%
87%
81%
Jan
53
Feb
90%
Jan
Jan
90
.1977
113%
100%
Feb
Jan
108
Feb
107%
Feb
108%
Jan
44
Jan
t
00
Feb
58
1943
1955
Mont-Dakota Pow 5%a '44
Montreal L H A P Con—
1st A ref 5s
ser
A... 1951
Munson
SS 6%s w w.1937
Narragansett Elec 5s A '57
5s series B
1957
Nassau A Suffolk Ltg 5s *45
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
Nevada-Calif Elec 5s. 1956
Feb
New Amsterdam Gas 5s '48
N E Gas A El Assn 58.1947
103%
55
102%
Jan
103%
Feb
109%
98%
109%
107%
93%
43%
Feb
98
108%
105%
Jan
107
Jan
Feb
Jan
i
Conv deb 5s
.1948
Conv deb 5s
.1950
New Eng Pow Assn 5s. 1948
Debenture 5%s
1954
New Orl Pub Serv—
6s stamped
.1942
107% 107%
28
31%
Feb
65
104%
103%
97%
Feb
32%
104%
Jan
Jan
107
Feb
29%
6%s with warrants-1943
Houston Light A Power—
1st 5s series A.....1953
5,000
12,000
8,000
Jan
101
Jan
New York Penn A Ohio—
Ext 4%s stamped.. 1950
91%
106%
Jan
107%
Feb
N Y PAL Corp 1st 4 %s '67
N Y State G A E 4 %S-1980
79
103%
104%
113%
107%
66%
Jan
106
Feb
Jan
106%
Feb
Jan
114
Jan
Jan
108
Jan
Jan
82
Feb
40
Jan
k
1st 4 Ha series D
1978
1st 4Ha series E...1981
105% 106
105% 106
5,000
5,000
6,000
80
100%
1950
100
Ref A impr 5s......1951
Hygrade Food 6s A...1949
77%
1947
82
78
1949
81%
Illinois Central RR 6s 1937
108% 109%
94
96%
D1 Northern Utll 5s...1957
108% 108%
111 Pow A; L 1st 6s ser A '53
104
1st & ref 5Ha ser B.1954
1st A ref 5s ser C...1956
105
101% 102%
99%
98%
S f deb 5%s ..May 1957
Indiana Electric Corp—
91
1947 T100
1953
•
92
101%
103% 104
94%
93
215,000
61,000
10,000
53,000
5,000
94,000
41,000
120,000
13,000
27,000
3,000
45,000
40%
42
58
108
86
60
96%
97%
~9~ 000
Jan
82%
82%
106
48
101
81%
109%
96
Feb
Jan
Jan
Jan
Feb
40
Feb
Jan
Jan
105%
Jan
100
Feb
Feb
Feb
Feb
102%
105%
106%
91%
Jan
103
Jan
21%
Jan
Feb
70
101
30,000
63
Feb
8,000
73
103%
105%
2,000
46
94%
Feb
Jan
103
Feb
100
Feb
32%
86
Jan
54%
96
Jan
102
Feb
Jan
68
100
Jan
104
Feb
45
86%
107%
Jan
97
Feb
Jan
Jan
90
104
Feb
10,000
67
Jan
57,000
54
104%
98%
Jan
36.000
104
Jan
105
72,000
58%
35%
86
Feb
71,000
40
91%
Feb
77,000
85%
95%
70%
6,000
53
Feb
Feb
Jan
Jan
107
Feb
Feb
Jan
108%
108%
68%
Jan
100
Jan
Jan
Feb
Jan
107%
11%
91%
93%
105%
6%
104%
104%
Jan
106
Feb
107%
Jan
98
104
Jan
106
Feb
Jan
Feb
94%
104% 105
13,000
106
106
100
102
1,000
28,000
Income 6s series A..1949
N Y Central Elec 5%s '50
1st 5%8
1962
N Y A Westch'r Ltg 4s 2004
Debenture 5s
94
96
86%
86%
76%
78%
102% 104
2
51
42
6s series A
Northern Indiana P S—
5s series C
1966
68 series D
1969
4%s serlesE
1970
No Ohio PAL 6%s..l951
No States Pr ref 4%s..l961
5%% notes
1940
Feb
N'western Elec 6s
Feb
N'westerri Power 6s A. 1960
Certificates of deposit...
1945
35
54
85
34
33%
33%
46%
97%
87%
Jan
110
Jan
Jan
119
Feb
Feb
109
Feb
Jan
95%
Feb
111%
79%
79%
79%
Feb
Jan
Jan
85
Jan
99
99
Jan
43,000
60
74%
Jan
88%
Feb
24,000
25
69
Jan
81
Jan
5,000
56
101
Feb
104
Feb
Jan
Feb
Jan
81
103%
111%
Jan
27,000
73
36,000
58%
107%
105%
102%
Jan
Jan
112
1,000
103%
90
"2"666
7,000
12,000
104
99%
63
22,000
81%
26%
18%
106% 107%
10,000
103% 104
103% 104
100% 101
19,000
32,000
52%
49%
"94% "95" 86~000
58
59
58%
58%
Feb
Jan
15,000
106% 106%
103% 105
103% 103%
Feb
Feb
88%
104% 105
105
Feb
50
Feb
105
Jan
Jan
Jan
107
60
Feb
Jan
77
59
Jan
Feb
18
108%
117%
105%
86%
109%
72%
73%
72%
2,000
89%
Feb
102%
93%
23%
107
107
Jan
Feb
149,000
1954
Niagara Falls Pow 6s. 1950
3%
104%
109%
107%
103%
108%
105%
109% 109%
106% 106%
102% 103
Jan
Jan
Feb
80,000
7,000
Jan
Feb
Feb
106% 106%
9%
9%
3,000
Jan
107
33
104% 105%
95%
96%
Feb
Feb
107%
57%
93%
47%
5%s series A
1956
Nor Cont Utll 5%s...l948
No Indiana GAE 6s. 1952
Feb
78
21,000
33%
93%
106%
105%
100%
12,000
3%
41,000
No Amer Lt A Pow 6s. 1936
Jan
-nl
80
27,000
Feb
99
page 1441
94%
107
107%
108
64%
99%
107
Feb
Jan
90
108%
95
91
105%
99% 100%
104
104%
85
42%
44
105
108
97
107%
101%
89
107
109
94%
Feb
"92%" Jan "102%" "Feb
33
28% 181,000
93% 42,000
1959
Jan
105
26%
100%
Nippon El Pow 6%s..l953
Jan
Jan
100
Feb
46
93
Indiana Gen Serv 5s.. 1948
Jan
Jan
25,000
94,000
92%
93
5,000
111% 111%
75
77% 107,000
73%
75% 40,000
74%
76% 94,000
92,000
91%
94
Feb
Feb
31%
104% 104%
105% 105%
Jan
24,000
29,000
106%
"31%
1936
70
109
107%
Houston Gulf Gas 6s.. 1943
Jan
Jan
105%
Jan
108
Jan
Feb
Feb
40
Nelsner Bros Realty 6s *48
Jan
41
105
Jan
70%
Jan
Jan
105
75%
5.000
66%
106%
72
F-b
Feb
79
119
105
60
Jan
Jan
22%
119
97
Jan
Feb
6,000
2022
6s series A
24
3,000
1,000
1,000
93% 189,000
Jan
104%
105%
104%
106%
4,000
83
62
76
61%
90
91% 97,000
20%
23% 432,000
2,000
109% 109%
Nat Pub Serv 5s ctfs. 1978
Nebraska Power 4%s.l981
51,000
18,000
106%
1935
88%
'
Feb
Jan
106%
37
1947
Feb
58 ctfs of deposit.....
ib'ooo
69%
107
107
1961
Haokensack Water 5s. 1938
Feb
2,000
106%
105%
103%
109%
Gulf States Utll 5S...1956
Feb
16,000
10
99% 100
101% 102%
105
105%
105% 105%
Feb
79
Guantanamo A West 6s '58
Feb
110
Jan
ho tz
Feb
30
"2~666
63,000
101% 102% 124,000
104
104% 93.000
98
30
107% 107%
99%
Feb
33
103
Feb
23%
63
Jan
Jan
Middle West Utilities—
7,000
69
..1962
Feb
58
102%
93%
% 105
.1941
Metropolitan Ed 4s E.1971
85
30,000
Jan
Smelt—
Jan
Jan
98%
106
Jan
Louisiana Pow A Lt 5s 1957
Memphis P A L 5s A..1948
Jan
24
Feb
Jan
Jan
McCord Rad A Mfg 6s 1943
97%
23%
Jan
103%
105%
107%
82%
Jan
88
97%
106%
104%
Jan
Jan
Jan
101%
101%
89%
Jan
103%
103%
105%
Jan
Jan
Feb
94
1943
Jan
99
?57
"
82
91%
103%
103%
104%
87%
108%
102%
103%
102%
105%
Jan
Jan
105%
106%
Feb
55
Gen Pub Utll 6%s A. 1956
General Rayon 6s A.. 1948
23%
?24
59%
100
100%
105%
106%
95%
Jan
Feb
107%
Mass Gas deb 5s.....1955
Jan
102
Jan
Feb
5%
82%
65
7s with warrants...1941
39%
57
Feb
Feb
Feb
104
54%
Feb
95%
101
106%
106%
Jan
54
Jan
97%
107%
107
Jan
54
101
101%
50
59"666
109% 109%
103% 104%
24,000
104% 105% 125,000
102% 104
14,000
Jan
94
Louisville GAE 4%S C '61
Manitoba Power 5%s.l951
Jan
45%
82%
11,000
Jan
99%
Mansfield
Feb
2%
75%
Jan
87%
Jan
36
117%
102%
106%
100%
Feb
1049
Feb
103
Jan
Jan
55
80%
e"IIIIIi947
92
58
107
1961
5s
48%
24
106
1,000
1939
Jan
83
Jan
Feb
Angeles Gas A Elec—
Jan
Jan
103%
105%
115%
100%
70%
102%
61%
7,000
1945
Jan
2%
103%
85%
Lone Star Gas 5s
Jan
7,000
101
101
Jan
45"6OO
75
75%
60
Feb
"45% "49%
98
5,000
55,000
1940
>
113,000
90%
General Pub Serv 5s.. 1953
83%
90,000
101
30:666
107
Gary Electric A Gas—
5s ex-warr stamped. 1944
Jan
104%
48%
50%
Jan
65
86
79%
"104%
Jan
Jan
5s series F._
100
Jan
72
105% 105%
105% 105%
55
Feb
78
15
Feb
Jacksonville Gas 5s... 1942
100
40%
105%
1%
Jan
88
67
.1942
68.1963
101%
102%
15,000
Jan
Jan
Jan
1947
Jan
74
56%
37
Feb
101%
10,000
101%
Jersey Centra. Pow A Light
%
55
Jan
92
Jamaica Wat Sup 5%s '55
56%
76
101%
81%
69%
87J%
Jan
92%
22
103
Jan
Feb
1,000
%
103
Feb
Jan
48
20,000
2%
Jan
102%
79%
95
103
2%
1%
99
53%
101%
18,000
85
Jan
65
2,000
43
107
42
Jan
70
67%
259,000
83%
41
29%
105%
106%
106%
100%
11,000
Feb
31,000
7s without
Firestone Tire A Rub 5s '42
64
49
24,000
Kansas Pow A Lt 6s A 1955
50
11,000
81%
Banks 6s-5s stmpd.1961
see
46
7,000
85%
Kansas Power 5s
10
106% 106%
Firestone Cot Mills 5s 1948
For footnotes
3,000
56
90
Jan
10%
Federal Water Serv 5Ha'54
Finland Residential Mtge
Indiana Hydro-Elec 5s '58
Jan
57
55
87
Feb
76
45%
Fairbanks Morse 5s.. 1942
1951
50
54%
83%
103%
17,000
29,000
Federal Sugar Ref 6s_.1933
6%s series B
55
Jan
Feb
Feb
1956
104
24~666
European Elec Corp Ltd6%s x-warr
...1965
European Mtge Inv 7s C'67
5s series C
17
1958
Feb
105"
88
1967
6s series A
96
100%
Jan
5s series D
fta
Gen Wat Wks & El 5s. 1943
1%
Feb
4 %8 series F
Feb
,
Empire Dlst El 5s
1952
Empire Oil A Ref 5%s 1942
Ercole Marelli Elec Mfg6 Ha series A
1953
Idaho Power 5s
Feb
Feb
Invest Co of Amer—
102%
88%
77%
60%
35
106% 106%
106% 107
99% 100%
1938
6s series B
74
107
111%
Interstate Public Service—
103
,9000
2
2%
4,000
103
103
6,000
79
82% 316,000
101% 103
2,000
104% 105
5,000
6% with warrants.. 1943
Hydraulic Pow 5s
1952
Debenture 6s
Jan
Jan
El Paso Natural Gas—
Hood Rubber 7s
Jan
Jan
Feb
Jones A Laugblln Stl 6s *39
Kansas Gas A Elec 6S.2022
65
2%
Elmira Wat Lt A RR 6s '56
Hamburg El Underground
A St Ry 5 Ha
1938
63
Laclede Gas Light 5%s '35
Certificates of deposit.
Hamburg Elec 7s
22
Feb
112%
107%
5s.. 1957
93
9%
Elec Power A Light 5s .2030
Hall Print 6s stmp
37,000
90%
Jan
Power
Jan
9
Dixie Gulf Gas 6%s..l937
5s Berles A
Feb
104%
4%
Interstate
Feb
8,000
Aug 1 1952
Certificates of deposit.
Deb 7s
Aug 1 1952
4%s series B
75
68
Feb
Detroit Internat Bridge—
Gulf Oil of Pa 6s
Jan
73
113
96
4%
106% 107%
105%
105
1950
Glen Alden Coal 4s...1965
65
Jan
Jan
6,000
Jan
88
33
108% 108%
102% 102%
Denver Gas A Elec 5s. 1949
Gesfurel 6s
23%
Interstate Nat Gas 6s. 1936
107
94
Gen Vending Corp 6s. 1937
Certificates of deposits..
High
29,000
105%
110%
39,000
Jan
111%
99%
26,000
1,000
106%
~i04~
Deb gold 6s June 15 1941
Low
70
88%
86,000
Feb
108
87%
108% 108%
Det City Gas 6s ser A. 1947
Georgia Power ref 58..1967
Georgia Pow A Lt 5s. .1978
Low
1,000
3,000
14%
12%
102% 102%
85%
1,000
4,000
106
Derby Gas & Elec 5s__1946
General Bronze 6s
1936
$
Range Since
Jan. 1 1936
Jan 31
72%
73%
90%
92%
105% 106
100% 103
105%
-.1952
Erie Lighting 6s
75
Interstate Irn A Stl 4%s'46
33
6,000
92%
Cumberld Co P & L 4%s'56
Dallas Pow & Lt 6s A. 1949
Deb 6%s
73
Feb
88
102% 102%
Cuban Telephone 7 Ha 1941
Cuban Tobacco 5s
1944
El Paso Elec 5s A
107
112%
113%
1,000
16,000
103% 103%
Aug 11940
1940
Crucible Steel 5s
6%s
High
107
107% 109%
346,000
105% 105%
1958
5s 1st series B
1933 to
for
110% 111%
International Salt 5s.. 1951
Stamped
Delaware El Pow 5 Ha 1959
Sales
6%s series C.......1955
7s series F
|
Conv deb 6Hs w w.1943
5s series C
Pow 6s *48
Italian Superpower
1981
Cont'l Gas A El 5s
1963
Feb.
125%
98%
102
103
121
121
Gen mtge 4%s
1954
Consol Gas El Lt & P (Bait)
Crane Co 5s
1st lien A ref 5s
Feb
(Balto City)—
1st ret s t 4s
1950
Indiana Service 5s
5s series A w w
4%s series C
Consol Gas Utll Co—
1957
5s
International Sec 5s..1947
1st M 5s series A...1953
5s
Indiana A Mich Elec 5s '55
1936
International Power Sec—
104 H 104 H
Commerz A Privat 5%s '37
Commonwealth Edison—
Consol Gas
Low
102
72
51%
29
I
Week
of Prices
43
77
75
1949
1st M 48 series F
Week's Range
BONDS
(Continued)
Low
2,000
76
76 H
1943
3%s series H
%
103
100 H
Cities Serv P&L5^s 1952
1st 4%s series D
Jan. 1 1936
96 H
1950
5%s
Range Since
1936
94 H
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Line 6s
1933 to
Jan 31
75%
102
Cincinnati St Ry 5%s A *62
6s series B
1965
Cities Service 5s
1966
Conv deb 6a..
Hiqh
Sales
for
of Prices
Chic Pneu Tools 5%s.l942
Chic Rys 6s ctfs
1927
-
July
Week
BONDS
(Continued)
Feb.
1
Jan
107%
106%
85
100
Jan
108%
109
Jan
90
Feb
Feb
100%
Jan
Jan
90%
Jan
96
Jan
53%
Jan
64%
Jan
71
106%
Feb
108
Jan
51%
102%
102%
Jan
Feb
98
Jan
69
105
Feb
71
107
69
105%
103%
Jan
19,000
Feb
22,000
97
101
Jan
51
Jan
50%
Jan
104%
104%
59%
59%
4,000
Jan
Feb
4,000
35,000
10,000
Jan
Feb
Feb
•
104%
104%
101%
105%
51,000
Jan
8%
8%
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
July
July
1
Sales
BONDS
1933 to
Jan 31
Jan. 1
Week
%
Low
Low
N'western Pub Serv 5s 1957
100 %
Ogden Gas 5s
10534 10534
1946
Ohio Edison 1st 5s
1960
Ohio Power 1st 5s B..1952
1st A ref. 4 54s ser D 1956
Public
Service
101
33,000
4754
38,000
7354
107
Jan
6354
10554
Feb
88
10654
10554
Jan
10754
Jan
8354
Jan
10654
Jau
1954
112
105
654s series E
4,000
14,000
1961
Okla Gas A Elec 5s
1950
"105k
Tletz
105
Jan
Jan
10654
10454
10254
Jan
10554
10754
Jan
107
Feb
Jan
105
Feb
1941
1st & ref 454s E
1957
1960
1948
Pacific Ltg A Pow 5s..
Pacific Pow A Ltg 6b
Palmer Corp 6s
11934
10534 10534
10534 10534
10034 10034
8,000
101
1936
30,000
9,000
12,000
,
"86k "88k
103
103
103"
1979
106
1971
106
10034
«.
-
-
99,000
1,000
-
Penn Cent L A P 454s 1977
..
„
-
-
-
54,000
2,000
6.000
10234
9934
10734
10634
1959
Pennsylvania Power 5s *60
Penn Pub Serv 6s C..1947
58 series D_.
1954
-
41,000
60,000
8,000
10,000
10634
1950
1,000
5,000
3,000
1940
11234 11234
1968
454 s series B
106
Peoples Gas L A Coke—
4s series B
1981
9534
106
96
105]
1957
105
Peoples Lt A Pr 5s
1979
10
11
Phlia Electric Co 6s
1966
113
113
Phlla Elec Pow 554S—1972
111
11234
6s series C_.
8834
Phlla Rapid Transit 6s 1962
89
10734 108
51]
4734
Phil Sub Co G A E 4 54s *57
Pledm't Hydro-El 6 Ha '60
1954
Piedmont A Nor 5s
10534 106
Pittsburgh Coal 6s
107
1949
1948
159,000
26,000
55,000
3,000
30,000
5,000
7,000
26,000
8,000
5,000
9454
10754
Jan
Jan
12154
Feb
United Eleo N J 4s
19
7634
United El Serv 7s
10554
Feb
10754
Jan
8254
10554
Feb
10754
Jan
9854
Jan
101
116
Feb
114
99
1967
10634 10634
10734 10734
1,000
1957
2,000
1949
ex-w 1956
United Industrial 6 34s 1941
1st
f 6s
3,000
8234 116,000
8154
86
Jan
Jan
9454
10354
Feb
10254
9954
Feb
10054
Jan
57
100
Jan
10354
Jan
67
10454
Jan
106
Feb
68 series A
1952
110 34 111
9754
Jan
101
Jan
6s series A
1973
80
8034
10034 10254
5154
634s
1974
534s
Apr
1
1959
Un Lt A Rys (Del) 534s '52
United Lt A Rys (Me)—
3954
102 54
Feb
10454
Feb
634% serial notes... 1937
103 34 10454
85
8754
101
Feb
102
5,000
60
102
Feb
10334
Jan
9,000
60
104
Jan
Feb
60
10554
9054
9434
Jan
10634
10634
10034
Feb
98
91
106
Feb
107
9634
10254
9534
9134
8354
Jan
100
Feb
Jan
Jan
Jan
Jan
10334
Feb
100
Feb
2254
Jan
27
10454
Jan
10654
Jan
6 34 % serial notes
10654 10654
103
11254
10554
Feb
11454
Jan
Utah Pow A Lt 6s A..2022
98
9954
7,000
18,000
Feb
108
Jan
434s
1944
Utica Gas A Elec 5s D.1956
9454
94 %
4,000
_
.
1938
1940
~"
45
5234
106~
106""
"2^666
8654
10354
9654
Jan
5s Series E
1952
Jan
10654
Feb
Valvollne Oil 5s
1937
75
6
Jan
1354
Feb
Vamma Water Pow 534s'57
Va Public Serv 554s A. 1946
75
10454
11254
Jan
11354
100
11054
Jan
11254
Feb
1st ref 5s
Jan
9054
Feb
6s
Jan
Jan
Jan
10854
5154
Feb
4154
B
ser
"9754 "99""
1954
6L000
52
64,000
45
9254
21,000
45
2534
10634
10734
34,000
454
7,000
14,000
9254
106
Feb
107
Jan
76
106
Jan
Feb
83
106
Jan
10734
10634
10534
Feb
10754
Feb
106
103
Jan
106
Feb
Ward
106
Jan
10754
Jan
107
Jan
104
Jan
Wash Gas Light 5s... 1958
Wash Ry A Elect 4S..1951
Jan
9654
27
Jan
10354
Feb
7754
Jan
2754
106
8354
*
Wash Water Power 58.1960
105
10654
30,000
75
Jan
West Penn Elec 5s
11,000
4634
West Penn Traction 5s '60
10234
10834
9334
4554
10554
10734
10654
10354
10354
10734
103
Jan
107
107
York Rys Co 5s
10434 10454
2030
72
106
Jan
107
Feb
West Texas Util 5s A. 1957
10654
Jan
108
Feb
West
101
Jan
10254
Jan
101
13,000
41
6654
Jan
53
9054
Jan
9554
Feb
Wise-Minn Lt A Pow 5s *44
10054
Jan
Wise Pow A Lt 58 E..1956
4154
9754
Jan
2,000
29
31
Jan
32
Feb
102
133
Jan
140
Feb
9,000
110
62
10854
Jan
11154
Feb
5854
104
Feb
5354
10154
Jan
8,000
102
Jan
102
Jan
10354
Jan
10454
10354
10454
10554
103
25,000
5254
5254
105
6,000
10354
5s series F
1958
Wise Pub Serv 6s A
1952
1937
Jan
Feb
3,000
18,000
6054
10454
10354
Feb
105
Jan
55
Feb
104)4
Jan
18,000
4054
101
Feb
10354
Jan
Baden 7s
176,000
35,000
3754
3654
8654
8354
Jan
9654
Feb
Buenos
Jan
9354
Jan
130,000
9,000
3354
7854
Jan
89 54
Feb
Jan
Jan
91
84
1950
Quebec Power 5s
1968
Queens Boro G AE4548'68
654s series A
1952
Reliance Managemt 5s 1954
87]
106
106
2,000
10634
Rochester Ry. & Lt 5s 1954
105
Jan
88
10654
Jan
10654
10654
95
103
Jan
10454
5554
2254
100
Jan
104
Jan
95
Feb
54,000
100
Ruhr Gas Corp 654s.. 1953
2854
Ruhr Housing 634s—1958
23
91
354
Aires
1951
3234
1935
28
Scripp (E W) Co 534S.1943
103
6934
30
103]
70
10034
10634
10534
Jan
10654
Jan
70
10334
Jan
6,000
16,000
Feb
Feb
Jan
Jan
Jan
2134
Jan
17
Jan
Jan
2134
2654
Feb
2534
2734
5554
5734
2154
6134
6234
9
33
3234 3234
9954 100
9254 96
Feb
6,000
21
2634
Jan
1254
1,000
1034
Jan
7,000
1234
1134
Feb
1134
1634
7,000
434
334
1034
834
Jan
Jan
Jan
Lima (City) Peru 634s..*58
Certificates of deposits..
2654
1254
1134
1634
Feb
91,000
11,000
8,000
54,000
454
18
Jan
30
Feb
10254
6554
9854
10654
Feb
104
Jan
10354
Feb
Feb
108
Feb
Jan
10454
Jan
Jan
104 54
Feb
7254
Jan
Feb
1958
63
143,000
58
Jan
66
19
Issue of Oct 1927
Feb
10054
10454
Feb
105
Feb
9754
Feb
25,000
..
9654
101
Jan
104
9654
10054
Jan
104
Feb
10754
10654
Feb
108
10754
73
76
75
76
73
76
6934
6834
9934
9934
7234
7134
*99 J4
6734
5434
7134
51
54
56
5,000
7,000
160,000
31,000
21,000
36,000
21,000
27,000
5,000
12,000
48,000
67,000
13,000
30,000
87,000
82,000
4,000
1,000
114,000
10,000
78 54
106
Feb
107
108
108
19,000
47,000
11,000
4,000
4,000
——————
"93 k "94k
79
82
4834 50
10234 103
3334 34
19
1,000
Jan
Jan
934
Jan
7134
Feb
1734
1334
8134
2334
63
Feb
75
Jan
18
Jan
19
Feb
Feb
Jan
18
13
1234
12,000
734
9354
1,000
6254
1634
9,000
1554
4,000
134
13,000
134
1
54
14,000
154
13,000
1934
Jan
Jan
1434
9354
1034
6
1054
154 117,000
Jan
12
9234
Jan
1234
134
Jan
Feb
134
Jan
154
1
Feb
154
2134
1754
234
234
254
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
234
Jan
1945
13
58
Feb
63k
Jan
1945
1949
50
Feb
5434
Jan
1134
1134
Jan
1234
1234
Jan
Jan
54
1154
22,000
4334
534
103
Feb
107
Feb
108
53
101
50,000
28,000
16,000
26,000
11,000
1961
7s
1234
1,000
534
Jan
Jan
25
1154
1234
Jan
10754
5654
Santiago 7s
Jan
7554
9654
Jan
8254
Feb
JaD
104
Jan
40
9254
Jan
99
Feb
45
99
Jan
10254
Feb
9254
Jan
101
Feb
99
Feb
25
37
55
83
91
10154
10254
Jan
*
No par value,
a Deferred delivery sales not Included in year's range,
n Under
r Cash sales not included in year's
Ex-dlvidend.
»» Price
adjusted for split-up.
k Price
adjusted for stock dividend.
s Deferred delivery sales not Included in weekly or yearly range are shown below:
Jan
10554
Feb
the rule sales not Included in year's range,
Feb
10454
Jan
range,
8354
Feb
3754
69
Jan
48
69
Jan
81
Feb
3754
4754
6954
Jan
8454
Feb
69
Jan
81
Feb
30
6554
Jan
80
66
Jan
76
Feb
64
97
Jan
x
Feb
2854
6454
2554
10254
10054
Feb
Jan
97
Jan
6454
4654
Jan
7654
Feb
16
Jan
59
Fab
26
49
Feb
64
Feb
No sales.
Used Above—"ood," certificates of deposit; "cons," consolidated;
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stook;
c," voting trust certificates; "w i," when Issued; "w w," with warrants; "x w,"
Abbreviations
"v t
without warrants.
The National Securities Exchanges on which low prices since July 1
made
Stinnes (Hugo)
5334
5054
10534 106
10534 10634
6,000
854
1334
Feb
8,000
Sou Indiana G A E
10434 10434
10234 10234
76"
7334
7s Stamped....
Feb
Jan
Santa Fe 7s
Feb
50,000
1958
1919
6348 certificates
1919
534s
1921
534s certificates....1921
Jan
73,000
1234
9354
1534
1554
134
134
154
154
Mtge Bk of Chile 6s.
1931
Mtge Bk of Denmark 5s '72
Jan
101
10354
3754
63
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
(State) 7s
Jan
Jan
13
Mendoza 734s.......1951
4s stamped
1951
Jan
Jan
2634
Medellin 7s series E..1951
Russian Govt 634s
10034 101
04.
94].
3634
Jan
Feb
S'western Nat Gas 68.1945
Feb
32 34
Hanover (City) 7s
1939
Hanover (Prov) 6348..1949
Parana
101
8934
96
23
Feb
Rio de Janeiro 634s..1959
100
61
Jan
14,000
Jan
10,000
10454
Feb
S'western Lt A Pr 5s. .1967
Feb
33
3254
2654
Jan
Feb
99
Jan
100
Feb
10754
98
34
Jan
72
10454
10234
Feb
9554
2834
3254
2654
Jan
""79k
Jan
32
6834
2854
Jan
S'western Assoo Tel 5s.'61
8154
22
Jan
100J4
Southern Nat Gas 6s. 1944
30
1,00c
Jan
105
534s '57
Sou Indiana Ry 4s
1951
7,000
12,000
Jan
Jan
41
Feb
6934
2834
28 34
33
38
Feb
23
3054
6354
Feb
11
2134
Jan
9654
6334
18,000
Jan
17
62
13,000
1854
6654
Jan
Jan
Jan
6
2 8 34
3254
3054
8
.1,000
2854
6354
10334 104
10,000
26,000
28 34
32 54
73
l06~
9
32 34
1947
1,000
11,000
2,000
13,000
66
62
6334
2834
Secured 6s
7
5,660
Jan
German Cons Munlc 7s '47
Jan
63
'106"
7834
6354
3,000
Jan
1954
15,000
10334
10334 104
10334 104
10734 108
1937
Jan
1834
1953
10054
10054
9734
10134
Standard Telep 534s—1943
101
108
Sou Calif Edison Ltd—
Standard Pow A Lt 6s. 1957
51
FCb
Jan
Jan
5s
61
65
Standard Investg 534s 1939
Feb
25,000
10434
10354
10734
10754
10454
26
-
10734
1951
Jan
1534
1955
2,000
21,000
104
Debenture 6s.Dec 11966
10134
15
1952
534s
10334
Certificates of deposit
52
21
1951
6s series A...
Danish
10334
1935
22,000
(Province)—
27,000
3234
28
Certificates of deposit
Feb
10434
10354
10734
Feb
9,000
Maranho 7s
1937
1935
Staley Mfg 6s
1942
Stand Gas A Elec 6s..1935
107
5,000
Schulte Real Estate—
1945
Jan
71 34
Jan
So'West Pow A Lt 58.2022
106
71 34
Jan
Debenture 35is
61
Danzig Port A Waterways
External 634s
1952
125
Southeast PAL 6s...2025
7,000
Feb
Jan
110
Sou Carolina Pow 53.1957
10634
Jan
Feb
Jan
1970
Sheridan Wyo Coal 6s. 1947
Feb
Feb
Jan
.1970
107
27
109
1st 454s series D
100
33
124
1948
64
1,000
112
88
1948
13,000
Jan
101
Shawlnigan W A P 454s '67
434s series B
1968
10554
10734
9,000
Jan
'52
41,000
10354
1949
Feb
Feb
1955
27,000
16
'58
Feb
Feb
9434
4934
10654
10734
27
64
St. Louis Gas A Coke 6s '47
10834
3254
11154
10654
1454
10154
8,000
107
434s *79
21
1947
Prov Banks 6s B
Jan
74
1,000
11134
20-year 7s
Feb
6154
2,000
102
93
85
30,000
104
Rochester Cent Pow 5s 1953
103
Jan
Jan
Jan
Cent Bk of German State A
8934
1st A ref 434s ser D.
21
Jan
99
"26k _26k ~i"o66
7s stamped
1952
734s stamped......1947
Cauca Valley 7s
1948
9234
Puget Sound P A L 5 Ms '49
1st A ref 5s series C. 1950
41
48
Feb
10334
8854
3334
10554
60
9434 166,000
Jan
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
20-year 7s
1934-1946
101
1957
3,000
Jan
FOREIGN GOVERNMENT
10434
10334
...1961
10834
Jan
94
Jan
Jan
Pub Serv of Oklahoma—
Pub Serv Subsld 5 34s. 1949
9734
Jan
3,000
20,000
1960
Jan
Newspaper Un 6s '44
West United G A E 5 34s '55
Wheeling Elec Co 5s. .1941
Jan
95
89
1937
Jan
2434
1946
Baking 6s
Feb
9154
Waldorf-Astoria Corp—
7s with warrants
Feb
94
1950
69
25
Jan
Jan
92
Jan
10334
Corp—
7-4% stamped
1936
7-4% stamped
1946
Super Power of 111 434s '68
1st 4 34s
1970
Syracuse Ltg 534s....1954
5s series B..
.1957
Tennessee Elec Pow 5s 1956
Tenn Public Service 5s 1970
Tern! Hydro Elec 634s 1953
Texas Elec Service 5s. 1960
Texas Gas Util 6s....1945
Feb
60
6654
10334
1945
Ref M 334 s May 1 1960
RefM3«sB July 1 1960
1st A ref mtge 4s
1900
Refunding 434s
1955
Sou Calif Gas Co 434s 1961
Sou Counties Gas 4 34s.'68
Feb
5134
U S Rubber Co—
60
104
Serval Inc 5s
Feb
8654
10254
105
1978
Second Int'l Sec 5s
11134
Jan
102
1966
6s ex warrants
10454
7534
9834
Jan
Jan
9354
102~
8654
Feb
25
6,000
105
107
91
11,000
634% serial notes... 1939
454 series D
Seattle Lighting 5s
Jan
Jan
Jan
63,000
6 34 % serial notes.
5s series C
Saxon Pub Wks 6s
80
2634
Feb
Feb
Jan
454s series E
.-.1980
1st A ref 454s ser F.1981
Sauda Falls 5s
Jan
Feb
Feb
107
San Joaquin L A P 6s B
Jan
76
Feb
9034
10754
3554
32
26
Jan
50
3254
3334
8834
Feb
10554
10254
98
Feb
Jan
10754
4454
Feb
10734
11634
Jan
Jan
Feb
10634
8154
Jan
154
Feb
Jan
10034
Feb
5654
Feb
50
10654
68
110
31
105
89
Jan
Jan
35,000
9254
9854
Jan
140,000
Feb
35
Jan
8434
32
109,000
8554
62
Jan
85
10134
82
Yadkin Riv Pow 5s...1941
Pub Serv of Nor Illinois—.
1st & ref 5s
1956
San Antonio P S 5s B
3,000
85
11,000
32
137
Pub Serv of NJ 6% pet ctfs
5s series D
's'ooo
3254
3254
79
1975
s
~5o"~
3254
32 %
9234
90J4
9634
3534
3234
"49"
1945
United Lt A Pow 6s
Jan
Feb
Jan
Jan
4,000
90
15,000
9834
Jan
Feb
Feb
11334
4534
109 34 110
12,000
84
9334
Jan
8734
7734
10634
10554
10534
1954
35
107
2,000
Feb
10754
74
101
5s series B
Feb
Jan
69
102
6754
5,000
32
Jan
Jan
Jan
78
5s series A
Jan
8254
40,000
3134
5s ex warrants
8534 250,000
54
Jan
80
1949
Debenture 6s
8334
32
83
11954
79
Prussian Electric 6s..1954
Power Securities 6s
Convertible 6s
Jan
10654
6,000
106
80
83
stmp-_1947
'59
S'west Pub Serv 68
9834
79
4,000
100
1,000
13,000
ioi"
Power Corp (Can)4 54s B
1st 5s series C
49
8134
65
Potomac Elec Pow 5s. 1936
68 with warrants
Feb
24,000
9754
10154
8134
Jan
44,000
1961
454s series F
Safe Harbor Water
Feb
80
9354
10634
1955
Potomac Edison 5s
6s series C..
94
8134
4554
10334
Portland Gas A Coke 5s '40
434s series 1
55
1944
Jan
2734
10434
7934
Pittsburgh Steel 6s
Pomeranian Elec 6s.. 1953
Poor A Co. 6s
1939
Potrero Sug 7b
Feb
49,000
1944
stamped
USA Brit Internat 5s 1948
Penn Water Pow 5s
Jan
108
6s 3d
90
Penn Ohio Edison—
Deb 5 54s series B
10634
Jan
6s 2nd stamped
Jan
40
65
1955
1938
Park A Tllford 6s
6s series A xw
Jan
104
Union Elec Lt A Power—
6854
63
1942
6s
105
51
59~666
a
High
65
11,000
Union Amer Inv 5s A. 1948
Jan
Low
Low
42,000
434s
1st 6s series B
Penn Electric 4s F
1962
7054
6054
5
.
25
7348.1946
Twin City Rap Tr 534s *52
men Co—
Pacific Gas A El Co—
_
(Leonard)
Feb
28,000
34,000
7,000
Pacific Coast Power 5s 1940
Pacific Invest 5s ser A
Jan. 1 1936
1936
107k 107k
Thermoid Co 6s stpd.1937
Tide Water Power 5s..1979
112
37,000
1947
1st A ref 454s F
Range Since
Jan 31
10734 108
96 34
9734
99 M 100
2022
Jan
10634
Okla Power & Water 5s '48
Oswego Falls 6s
6s
109
10434 10434
923
9134
99
9834
..1940
High
10534 106
Texas Power A Lt 58..1956
Jan
63
1953
5s series D
A
Feb
10554
Toledo Edison 5s
111
6s series
10254
Co—
C
6s series
Jan
Jan
7,000
9,000
1933 to
for
Low
High
Low
9854
10354
7,000
10534 106
10634 10734
106
10634
Sales
of Prices
BONDS
(Concluded?)
1936
1
Week
Week's Range
Range
for
of Prices
(Continued)
Ohio
1441
New York Curb Exchange—Concluded—Page 6
Volume 142
25
59
56
10354
97
45
Jan
10554
10554
Jan
108
Feb
10854
Jan
Jan
5354
10654
10654
11054
10954
'
(designated by superior figures in tables)
New York Stock
are as
'* Cincinnati Stock
were
22 Pittsburgh Stock
23 Richmond Stock
2
New York Curb
,s Cleveland Stock
Jan
>
New York Produce
Jan
♦
New York Real Estate
'« Colorado Springs Stock
15 Denver Stock
Jan
s
Baltimore Stock
'«
Detroit Stock
Feb
®
Boston Stock
17
Los Angeles Stock
Los Angeles Curb
27
Feb
1933
follows:
24 St. Louis Stock
2s salt Lake City Stock
2® San
Franolsco Stook
San Francisco Curb
48
89
Jan
98
Feb
7
Buffalo Stock
"
22
San Francisco Mining
40
Jan
90
Feb
•
California 8took
»»
Minneapolls-St. Paul
29
Seattle Stock
Jan
50
Feb
»
Chicago Stook
2®
New Orleans Stock
so
60
7854
4154
9954
Feb
>•
Chicago Board of Trade
21 Philadelphia Stock
Spokane Stook
Washington (D.C.) Stock
12
3354
Feb
Jan
n
Chicago Curb
3654
Jan
10354
40
>'
1
Financial
1442
Chronicle
Feb.
i
29
1936
Other Stock Exchanges
July
Exchange
1933 to
Range
Jan 31
Jan.
1936
Shares
Low
RangeI
of Prices
Closing bid and asked quotations, Friday, Feb. 28
Par Low
Stocks (Concluded)
Bid
Ask
High
Since
1
1936
Low
High
19*
Feb
•
16 *
18*
1,402
7*
16*
Jan
Class A
Unlisted Bonds (Concluded)
Ask
Bid
Unlisted Bonds
1
Sales
for
Week
Week's
New York Real Estate Securities
*
6*
20
*
5*
Jan
8
Preferred
*
6*
30*
35
10*
Jan
35
Jan
1*
2,850
20c
Jan
Feb
1*
10*
625
Jan
1*
IH
11
16
204
Jan
16
Feb
40
1,167
Jan
40
Gillette Hales* Hasor
Hathaway Bakeries—
Corp—
6*s, 1934, 3d series
6*s, 1934, 9th series
6*s, 1940, 15th series..
6
3
(The) 6s.-.1941
Berkshire
Prudence Bonds
43*
1941
Alden 6s
Carnegie Plaza Apts
41*
1937
Bldg 6s
33
37
26
31
Helvetia OH Co v t o
43
47
Isle Royal Copper. ... ..25
1*
Loew's Theatres.......26
10 *
44
5*8.17th series
•
Lincoln Bldg Cp 5 *s vt
Place
Park
67
c'63
-
47*
-
-
......
Preferred
4*
3*
3
...100
Mass Utilities
v t c
10
12
North Butte
6
8
RR
Pennsylvania
250
20*
1
520
75
119
2k
Louisville, Ky.
Hagerstown, Md.
v
83
110
Jan
39
42
Jan
Baltimore Stock
July
623
17*
31
Jan
39
Feb
400
10
22
Jan
26*
Feb
Jan
Feb
1*
1,525
*
930
6*
11
Jan
1*
13*
14*
1*
16 *
731
2*
14*
Feb
19*
Feb
IK
125
*
1*
Jan
4*
4*
900
4*
Feb
98
99 *
248
"35""
90
Jan
k
Feb
5
26 *
27*
6*
260
9*
22
Jan
K
4
Jan
776
47
83
Jan
90*
Feb
137
30*
Jan
42
Feb
345
Range
Jan.
Par Low
Stocks—
for
Jan 31
High
Shares
Low
*
20
37
Since
39
Arundel Corp
Bait Transit Co com v t c_*
1st
*
preferred vtc
*
Black A Decker com
25
Preferred
Ches A P T of Bait pref 100
*
Consol G E L A P ow
100
6% preferred
Davison Chemical Co
3*
5*
27*
35*
7*
33
Jan
36
Jan
119
84
Jan
104
111
2
45*
91
12
46*
48
107
pref 100
Houston OH pref
100
Humphrey Mfg Co com..*
55
55
10
2d preferred
Feb
Jan
8*
29*
Feb
2H
71*
$1,000
32*
75
Jan
75*
1,100
34
70
Jan
75*
Feb
87 *
750
35
80
Feb
88
Jan
71*
72
1948
Series D 6s
1948
7*
87*
23
Jan
Jan
Jan
70
SECURITIES
CHICAGO
Listed and Unlisted
Vml H.Davis & €o.
Jan
13*
Feb
22
Feb
1*
3*
15*
17
Jan
88
Jan
8
43*
Jan
50
Jan
1*
50
Feb
55
Feb
4
15
Jan
20*
Jan
Feb
25
Feb
157
•
2,440
5
2
25
33
10*
1*
2*
54
6*
1*
23
*
2,085
105*
Members:
Feb
New York Stock Exchange
New York Curb
Feb
*
Feb
11*
1*
1*
Jan
2
37 So. La Salle
Jan
Feb
2*
Feb
10
(Associate)
Chicago Stock Exchange
Chicago Curb Exchange
St., CHICAGO
Feb
*
*
2
16
Jan
1
Jan
2,163
25
10
Jan
*
*
pref...25
25
Mar Tex Oil
116
Jan
114
*
1
Mfrs Finance 1st
Feb
Jan
$
130
4*
23
Jan
625
19*
Jan
Jan
10
7
23
Feb
90*
11
102*
18
2*
9o
130
3*
900
Jan
124^
Feb
2*
Jan
H
Feb
Feb
7
760
»
*
Feb
111
90
96
8
'
420
14
13*
•
Warren Brow Co
Feb
155
76
125* 125*
100
39
Feb
27*
Feb
36
Fidelity A Deposit
20
Fid A Guar Fire Corp... 10
25
28c
Jan
Feb
7*
Jan
30
102
25
6
Jan
*
*
Jan
22
Mfrs Finance com v t
*
1,950
Feb
Feb
22
11*
Guilford Realty Co
Jan
39
1*
20
Preferred
22*
Jan
4*
1
Eastern Sugar Assoc com.l
Feb
145
'
,5J6
13*
*
18*
637
5*
116
116
*
100
70c
Series B 5s..
High
28
111* 111*
88*
Low
32
370
3*
IK
Eastern Mass St Railway—
Series A 4*s
1948
11*
89
1%
63c
70o
Bonds—
1936
18
980
20*
Atlantic Cst Une(Conn)_50
1
1936
of Prices
•
39 *
5*
Warren (S D) Co.—
1933 to
Week
'
.
10C
89 *
42
Vermont A Mass Ry
Waldorf System Ino
Sales
Week's Range
88*
Preferred
'
•
Feb
39
United Gas Corp .....
1
U Shoe Maeh Corp ......25
1
Feb
68*
13*
....
Union Twist Drill Co
both inclusive, compiled from official sales lists
Feb. 22 to Feb. 28,
Jan
112
1
Torrington Co
Exchange
Feb
26*
90o
•
Texla Oil Corp
Baltimore
58o
13
Utah Apex Mining
..6
Utah Metal A Tunnel...
1
York and
Feb
129*
5*
Jan
342
13
*
Stone A Webster
Stock Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
New
Members
Jan
68*
112
20c
Jan
Feb
Feb
25
Suburban El Securs com..*
NEW YORK
Yoit, Pa.
BALTIMORE, MD.
Feb
35 *
..25
Bbawmut Asen tr otfs
39 Broadway
Jan
4
360
315
7,515
66
50
Qulncy Mining
Established 1853
Jan
51
Jan
*
Baltimore Stock Exchange
STEIN BROS. &> BOYCE
Jan
3*
Jan
38)|
5*
112
Pond Creek Pocahontas..*
6. S.Calvert St.
8
221
45c
loo
RR
4*
4*
..._.*
Northern RR (N H).._100
Old Colony
Orders Executed on
Jan
m
4
35
2%
2*
NY N HavenAHartfordlOi
8
5th Unit Ino units
29
7
4th Unit Ino units
Pennsylvania Bldg 6s. 1939
30
30o
46 *
47 *
126
129*
..»
Linotype..*
New Eng Tel A Tel.—.100
2d Unit Ino units
12*
■
14 *
35 *
...100
Mergenthaler
Tudor City—
10*
Income with v t c
950
Maine Central—
Common..
Unlisted Stocks—
City A Suburban Homes..
Lincoln Bldg Corp v t 0
•
Corp
Dodge
49
66
62*
6th Ave A 29th St Corp 6s '48
45*
Sutton Place Apts 5*8 '37
—■
61 Bway Bldg 6*s.._1950
33
Dorset ctfs of deposit
30
1
Jan
31
Jan
35
Chicago Stock Exchange
Feb. 22 to Feb. 28,
both inclusive, compiled from official sales lists
Feb
Mereh A Miners Transp..*
34*
35
215
21
Monon WTennPS 7%
23*
24*
268
23*
Feb
25*
Feb
Jan
55
Feb
Week's Range
1933 to
52
50
Sales
Range
51*
862
12*
Feb
Jan
99
100
71
95
Jan
Week
1936
Northern Central Ry
14*
99*
1 *
88*
9*
for
Jan.
12*
of Prices
Jan 31
New Amsterdam Casualty5
12*
19*
5*
2,100
Shares
Low
16*
2,722
pf 25
Mt Vern-Wdb Mills pf.100
50
Owings Mills Distillery—1
1*
Penna Water A Pow com.*
87*
8*
15*
Seaboard Comm
com
A. 10
2
US Fid A Guar
59
1
2*
83
2*
Jan
1*
Feb
91
Jan
87
Feb
100
Jan
1*
41*
76
16*
8*
Feb
14*
Jan
9*
July
Par Low
Stocks—
Feb
Feb
Adams
High
104* 105
Abbott Laboratories 00m
17*
Allied Products Corp ol A
Bonds—
Common
Baltimore City Bonds—
4s Annex lmpt
1954
1951
1961
4s Annex lmpt
4s sewerage lmpt
Bait Transit Co 4s flat 1975
A 5s flat
1975
B 5s flat
1975
Read Drug A Chem 6*s'45
114
114
114
10
Feb
Altorfee Bros
Amer Pub Berv Co pref. lot
conv
pref—25
500
116
95
114*
Feb
114*
Feb
300
114* 114*
116
Feb
114
94
$400
93
115
Jan
118
Jan
Armour A
Asbestos Mfg Co com
1
Associates invest Co com.*
Co
oommon_.6
24*
25*
13
15*
Jan
27*
Feb
28
29
3,500
13*
17
Jan
32*
Feb
98
98*
2,000
79
Jan
97
Feb
Automatlo Products com
100* 100*
1,000
99
Feb
101
Jan
Automatic Wash
12,500
84
100*
conv
6
pref*
Backstay Welt Co com...*
Ba8tian-Blessing Co com.*
Boston Stock
Feb. 22 to Feb. 28,
Exchange
of Prices
Par Low
Stocks—
High
Sales
1933 to
Range
for
Jan 31
Jan.
Week
Week's Range
Low
Shares
Since
25
Common
6%
non-cum
1st preferred
A
50
*
2
10
10
100
169* 175
3,007
100
142
143
45
5*
23
5*
Albany
Low
Class A
1*
4*
High
Jan
Jan
2*
5*
100
Boston Elevated
69
70
587
1
100
Common
Prior preferred.
100
CI A 1st pref stpd
100
Class B 1st pref stpd. 100
Class A 1st preferred. 100
Class D 1st pref stpd. 100
Class D 1st preferred. 100
Boston Personal Prop Tr.»
Brown-Durreil com......*
Copper Range
East Boston Co
9*
9*
6
Feb
10
178
Feb
Canal Construct
143
Feb
65*
70
Feb
Castle A Co (A M) com. .10
Central Cold Stor com..20
*
9*
Jan
10*
Jan
Cent 111 Secur common
1
Convertible preferred..*
Central S W—
41
Feb
Jan
14*
Feb
11*
Jan
17
Jan
7*
Jan
12*
20*
Feb
Prior Hen
Feb
12*
23
3*
8
14*
15
64
10
11
107
3
16
16
10
6
18
18
14*
14*
5
,...25
25
7*
7*
•
1*
5
5*
Jan
14
Jan
6% eum pref
100
4*% prior preferred 100
Eastern Mass St Ry—
Common
100
Preferred B
100
100
Adjustment
100
2d preferred
•
1*
3*
Jan
7
Jan
8*
680
2*
5*
8*
7*
1*
415
3
6*
Jan
8
Feb
*
Jan
1*
Feb
*
Economy Grocery Stores.*
Edison Eleo Ilium
1(X
60
63*
Employers Group
*
General Capital
*
Georgian Ino ol A pref—20
25*
39*
1*
26
♦
6*
Reo for $60
pd on new shs
Gilchrist Co
For footnotes see
page
1446.
37
2H
Jan
Feb
30*
Feb
26*
Jan
33*
Feb
Jan
17*
7*
Jan
10*
Feb
Feb
9
Feb
4
38*
16*
58*
1*
1*
16
Jan
5
4*
40*
300
38*
Jan
Jan
42*
Jan
17
100
4*
15
Jan
17
Feb
61
510
Jan
66
250
10*
*
67
1*
16*
1
Jan
600
6*
16
Jan
2*
8,100
"1.
*
10
300
Feb
2*
Feb
18
Jan
40
Feb
22*
Feb
48
Feb
43
43
100
5
40*
Jan
44
1
400
1
*
4*
Feb
Jan
Preferred
•
Chicago Mall Order com..5
72*
82*
Feb
Chic A No West Ry com 100
Jan
Chicago Rivet A Mach cap*
Chicago Rys part ctfs 1.100
Jan
2*
37*
Feb
33
1
9
Feb
12
Jan
76c
3
Feb
4*
1*
4*
Jan
Jan
Part certificates 2
2*
*
5*
6*
61*
46*
47*
30
1
250
30
*1H
14
19,400
1,300
50
8*
Jan
14*
14*
97*
6*
Chic Yellow Cab In* cap.*
Cities Service Co com
•
Feb
Coleman L A Stove com..*
Jan
Jan
Commonwealth Edison 100
18
Jan
22
Jan
1*
Jan
3*
Jan
1*
Feb
6*
Feb
44
Jan
62
Feb
7
83*
Jan
48
Feb
50
8*
28
Jan
31
1,050
1*
4*
*
3
Jan
4*
Jan
80*
Jan
1*
*
26*
20*
39*
1*
5
*
6*
290
2*
28
1*
167
Feb
*
4*
30*
1*
*
Jan
25
6*
2*
2*
34*
34*
103* 104*
22*
6*
410
20
120
800
'
9*
*
19,150
1
*
19*
3
2*
900
100
25
34
5
Feb
Jan
Jan
Jan
Jan
7*
3*
38
900
80*
96*
Jan
110*
*
19,050
*
4*
4*
110
*
5*
2*
Feb
Jan
Jan
39*
42
107* 107*
5,050
5
89
Jan
43*
20
40
104
Feb
117*
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
/ 1*
8
*
9*
.
Jan
Consumers Co—
Jan
155*
62*
22*
60
Common.
...
5
Jan
63*
Feb
6% prior pref A.....100
Jan
27*
40*
1*
6*
Feb
7% cum pref——..100
Continental Steel—
37
18
35
4*
100
54
33
60
2,643
1,692
132
5
Jan
20
Jan
Jan
160
18
oik
*
110*
Jan
85
60
200
66
9*
1,000
1,800
29,850
Feb
16*
Feb
480
41*
3*
166*
5
Feb
17*
63
9
18
600 r
Jan
27*
80*
48
.»
37*
3*
55
6*
87
90
6*
Jan
Feb
9
162
150
Jan
Feb
18
79*
107* 108*
19*
20
3
64
27*
1*
"ilk
,
Feb
107*
210
2,050
2,150
75
Feb
25
5*
27*
5*
25
9*
68*
Jan
*
4*
190
7*
Jan
Jan
121
12*
2
Jan
Feb
Jan
3*
2
35
12*
3,850
Jan
Jan
Jan
Club Aluminum Uten Co. *
Eastern SS Lines com
21*
8
Cherry-BurreU Corp com.*
Chlo City A Con Ry—
Part preferred
*
Chicago Corp common
*
210
9*
Jan
9*
26*
21
CentralStates Pow A Lt pf *
Feb
1*
6,400
3*
18
49
Chain Belt Co com
34
1*
9*
Jan
2
Jan
195
Jan
Feb
Feb
2
Feb
874
6*
2*
80
15*
79
2*
30
200
18
71*
9*
2,050
14
520
Jan
77*
14
10*
3*
3*
Jan
Jan
34*
Feb
286
Feb
*
4*
25*
9*
10
14
2,550
2,000
62
9*
Jan
8*
11
2k
60
33
31.,
30*
16*
46*
14*
7*
69*
Feb
4*
27*
7*
1*
08 H
Feb
68
5*
*
33
3*
3,920
3,850
Feb
*
pref
8*
260
Jan
6*
5*
4*
Jan
7*
-25*
Feb
Feb
1
25
100
Feb
Jan
27*
6*
17*
•
Common
Chic Flexible Shaft oom__6
*
1st preferred
pref*
150
East Gas A Fuel Asan—
Common
conv
Preferred
690
Feb
Feb
32*
7*
5*
3
Jan
Jan
357
15*
46
Jan
Jan
17*
10*
Jan
13
Jan
Jan
25*
4*
33*
Jan
39*
13*
40
16
117*
11*
13*
9*
70
130
32
155*
37
560
14*
30
29*
88
4*
Jan
29*
98*
55
21
*
Butler Brothers..
25
3*
•
B
Bruce Co (E L) 00m
Jan
23
1,000
»
Jan
Boston A Maine—
Calumet A Hecla
...100
Cent 111 Pub Berv pref
Amer Tel A Tel
Boston
2
200
..60
preferred
Class
2
23
pref....60
Binks Mfg Co A conv pref *
Brach A Sons (E J) com..*
Brown Fence A Wire—
Amer Pneumatic Serv Co-
23*
9
7%
1 1936
IH
Feb
Jan
46
1
Borg- Warner Corp com. 10
1936
7*
24
Bliss A Laughlln Ino cap.5
1
Jan
15*
5*
14*
Berghoff Brewing Co
Feb
97*
1*
45
•
107
8*
17
Bendlx Aviation com
both inclusive, compiled from official sales lists
July
,
High
Low
40
1,290
3,600
16*
6*
23
(J D) Mfg com...*
Advance Alum Castings..5
Since
1 1936
Jan
1
Feb
5*
Jan
Feb
Jan
Common
Feb
Preferred—
*
......100
100
1
*
Feb
12* Feb
7*| Feb
Feb
Jan
Financial
Volume 142
1933 to
Range
for
Jan 31
Jan.
Week
Stocks (<Continued)
1936
Par Low
6
_s
aiuos
36
27
100
125
Dayton Rubber Mfg com.*
85
23
oommoo
Prof erred
...
12*
Cuniui ol A pref
Decker A Cobn—
Common
'
5*
Econ Cunnghm Drug com *
17 *
Eddy Pap Corp (The)
25
25
com
*
Elec Household UtU oap.6
Elgin Natl Watch Co...16
FltzSlms A Con D&Doom *
15 *
120
Jan
129
Jan
Jan
14*
Feb
25
Feb
Godchaux Sugars Inc—
Class A.
Class B
10*
19*
Feb
50
.
(U North UtU Co pref ..100
(ndep Pneu Tool v t e....*
Interstate Pow $7 pref.—*
Jan
Wahl Co
12*
19*
Jan
Jan
Walgreen Co
Ward
(Montg) A Co A...*
152
30
Jan
Wleboldt Stores Inc com.*
19
11
25
6*
Willlams-Oll-O-Matlc com*
WisconelnBankshares com*
1,000
Feb
Yates-Amer Mach pt pf.*
39
Jan
43
Feb
7mlfh Radio Corn
11*
Jan
1*
10
Jan
13*
4*
22*
8*
22*
Jan
Jan
Jan
34*
16*
23*
Feb
Feb
Feb
29
Jan
33
Jan
6
Jan
3
8*
1,700
1,900
12*
3*
15*
10*
160
4*
9*
Jan
16
2,600
6*
8*
Jan
10*
Jan
26*
13*
26*
13*
22
Jan
31
Jan
18*
38*
59
34
..—100
89
Keystone 8*1 A Wire eom.*
97
19
LaSalle Ext Untv com.
5
Lawbeck 6% cum pref.100
32
Jan
Jan
Jan
3*
42*
26*
8*
12*
109*
Jan
68
7
20
Jan
30*
Feb,
3*
26
31
Feb
18*
Jan
Feb
21
Common..
—.*
6
Jan
38*
29
7
43
Jan
65
19
32
Feb
35
Jan
Jan
Feb
1*
1*
5
72*
500
7*
6*
21*
120
410
30
,
7*
54
17
600
Jan
11*
34*
Jan
14
Jan
Feb
43
Jan
Feb
74
1*
90
Feb
Jan
81
100
Feb
Jan
2*
18
Jan
20
2*
28*
Feb
Feb
32
2,450
40
270
10*
8*
6
8
—6
com
MeCord Bad A Mfg A
46
Jan
Jan
3*
Jan
Feb
McGraw Electric eom.—6
58
2*
14*
92*
6*
58*
2*
Marshall Field common.. *
Corp com......*
Mot A Mfrs Sec ol A oom.l
Preferrea ...—.—.—*
31
ff2*
170
8*
44
39
160
100
93
4
11,650
7*
i
100
Jan
6*
35*
11*
Feb
Jan
Jan
Jan
9*
40*
6*
10
Feb
•10 *
Feb
Jan
Jan
9*
Feb
8*
54*
42 *
31*
68*
3*
Feb
Feb
15*
Feb
93*
Feb
35*
7*
7*
Jan
Jan
Jan
27
Jan
65
*
8,600
15*
Jan
7
86
2
1,350
'
9*
84
26
290
31
32
3
450
39*
MeQuay-Norrts Mfg oom.*
9*
1,250
1,200
9*
8*
51*
Manhatt-Dearborn com..*
2
20
Jan
Feb
6
37*
450
6*
10*
37*
30*
*
2*
450
9
Preferred.
..—10
Lion OU Refining Co com.*
Loudon Paeklng'oom——*
28
10
9*
39
......
3*
870
8*
*
$3* preferred...
*
Lindsay Light eom—...10
—
8j}
20*
Jan
1*
11*
62*
6*
Jan
Jan
Jan
Jan
8
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
26
Feb
34
Jan
4*
10*
7*
Jan
Mlckelberry's Food ProdCommon..—.—
.1
3*
8*
5*
Middle West Corp cap...5
Stock purchase warrants.
4*
*
12.150
9
10,550
1,900
5*
2*
8*
4*
Feb
Feb
Feb
Feb
Feb
Midland United Co—
Common.———*
*
2*
Conv preferred A—.*
*
3*
470
*
470
10
*1 Feb
*
Jan
*
1*
Jan
3*
Jan
*
1*
2*
Jan
*
*
*
1*
3*
38*
Jan
Feb
Jan
Midland UtU—
6% prior lien...
7% preferred A
7% prior lien
100
1*
1*
100
100
*
1*
1
190
1*
140
Miller A Hart conv pref-*
Modlne Mfg com.
....*
Monroe Chem Co oom...*
Preferred.
—*
Nachman Springfield com*
National Battery Co pref *
9*
52
18*
'
1*
10
370
54*
200
7
980
2
9
7*
30
Jan
13*
31*
38*
1*
15*
Jan
65
Jan
Feb
2*
15*
5*
82*
Jan
Jan
86*
*
Jan
Jan
1*
35
6*
3
280
1
850
17
4*
10*
18*
1,250
1,500
850|
2,100
20
4,200
100
Oshkosh Overall Co com—*
33
33
10
2
3
i# Convertible
28
28
200
10
10
23*
I*
17*
37*
2*
2*
24*
1*
17*
400
4
Perfect Circle (The) Co—*
Pines Wlntertront com...6
19
d
2*
15*
200
Potter Co (The) com...._*
Prima Co com
*
3
...
Process Corp com..—*
2*
88
...
*
*
10
1*
|134
.100
19
2,000
3,400
12,350
Jan
Jan
12*
8*
*
2
Feb
1*4
11
Jan
6% preferred v to.....6
Reliance Mfg Co com—10
Rollins Hosiery M conv pf*
Feb
Jan
40w
10*
Feb
Jan
Jan
29
23*
1*
17*
Feb
27*
3*
Jan
19
Feb
Feb
87
6
21
21*
28
*
14
Jan
3*
St Louis Nat Stkyds cap.
*
Slgnode Steel Strap CoCommon.—.——*
Preferred—..........30
Slvyer Steel Castings oom . *
South Colo Pow A com..25
2*
fl2 *
,15
^85
inclusive, compiled from official aalea lists
July
1
1933 to
Range Since
for
Jan 31
Jan. 1 1936
Week
Stocks—
Sales
1936
Par Low
♦
Aluminum Industries.
Amer Laundry Mach. -20
Amer Prod prior pref..
7
Baldwin
„
8
.—*
Burger Brewing.
*
Carthage Mills......
:ioo
Preferred B
.100
Champion Coated.
1st preferred...... .100
*
Churngold—...
•
Cincinnati Adver Prod
Cincinnati Ball Crank pref*
Cincinnati G A E pref. .100
.100
CNOATPpref
High
10*
10
Shares
47
4*
6*
4*
21*
35
35
6
21* 22
103* 104*
16
17*
14
50
20
72
120
101*
1
40
8
—*
63
64
17
17
6*
6*
2*
60*
102
14
16*
5*
44
71
«
*
10*
11*
11*
24*
12
839
25
208
Formica Insulation— I—*
20
21*
6*
325
Eagle-Plcher Lead.... —20
Early A Daniel.—.... —*
...
40
28*
41*
II-*
28
28
37*
26*
269
6*
226
270
9
#
Leonard.
26
*
Kroger
5*
24*
2*
7*
4*
...—
Lunkenheimer
_
—*
.
.2.50
Magnavox
*
Meteor
_—*
Moores Coney A
Procter A Gamble
*
5% preferred...... lioo
*
RandaU A
•
............
3
10
4
55
*18*
18*
8*
46*
35*
8*
28
US Printing..
Preferred
.—*
34*
F7*
-.50
27*
Feb
116*
8*
91*
Feb
Jan
85
Jan
22
Jan
Feb
41
Feb
44
Jan
64
Feb
18*
Jan
Jan
6*
Feb
11*
Feb
6*
Feb
Jan
8
Jan
12
Feb
Jan
25
Feb
Feb
25
Jan
Jan
17*
.
Jan
28
Jan
9*
29*
40
Feb
45
Jan
23
Jan
28
Feb
20
Jan
Feb
4
Jan
37*
27*
6*
Feb
26
18
Jan
25
Feb
Jan
*
2*
Feb
1*
2*
100
1*
2*
1*
Jan
Jan
Feb
3*
3*
8*
2*
9*
54*
Jan
61*
2
Jan
4*
Feb
6
Jan
Feb
7*
4*
Feb
4*
33*
47*
Jan
48*
Jan
119
Jan
120*
Feb
16
Jan
2
55
«
101
9*
4*
Jan
12
45*
Feb
14*
33*
Jan
2*
6
21
600
9
54
Jan
61*
2
58
220
28
103
Jan
113
M
Jan
48*
35*
Feb
■
6
4*
Jan
Feb
135
21
Jan
Feb. 22 to Feb. 28,
Exchange
both inclusive, compiled from official aalea lists
Jan
July
Feb
1
Stocks—
38
112*
Jan
121*
130
Jan
140
Jan
100
111
142
Jan
146
Feb
Apex Electric Mfg
Prior preferred
4*
3*
22*
Jan
26
Jan
Canfleld OU
2*
Jan
17
100
13
*
3,700
7,800
500
15*
30
85
10
8*
32
1*
12*
13*
79*
100
35
36
*
18
18*
6
Cleve-Cllffs Iron pref—*
Cleve Elec IU $4.50 pref..*
Cleveland Ry ctfs of deplOO
Cliffs Corp vto
—*
Jan
Feb
90
18*
4
100
20
mi
99
20
64*
20
Common.......—-...*
Convertible preferred—*
Swift International——.15
.Swift A Co
-——-26
*4*
Thompson (J R) com...25
Utah Radio Product oom.*
11
4*
16*
33*
24*
11*
4
28
15*
3
Jan
14
Jan
81
Jan
Jan
&
19*
i
U
650
4*
2,160
*
99
Feb
61
700
1.050
1,600
4,200
8*
Feb
20
]
Commercial Bookbinding.*
Feb
Feb
Iftob
5* ' Jan
103* ? Jan
64* Feb
8*
Jan
13*
82*
22*
Jan
Feb
18*
35*
Jan
Jan
Jan
25
8*
2*
12*
4*
Rib
6
65
70*
108* 108*
65
66*
22* 24
6*
6*
17
1,265
725
3*
Low
High
19
Jan
24
12
Jan
14*
Jan
Feb
2
50
90
Feb
92
Jan
24
35
35
Jan
36
Feb
305
12
15*
Jan
1
19*
6 *
71*
Feb
100
790
60
123
15
107*
34*
5
1,505
15
1*
86*
14*
5
Jan
54
Jan
Jan
Jan
107*
69*
20*
6*
Jan
110
Feb
Feb
Jan
Feb
69
Feb
24*
7*
Feb
Jan
100
Feb
104
—*
Elec .Controller A Mfg—.*
Enamel Products...——*
Faultless Rubber—.—.—*
104
104
26
61
61
20
57
Jan
70
Jan
11
11
18
4
11
Feb
11
Feb
32*
84
56
21
32
Jan
85*
Jan
Federal Knitting Mills
*
Fo6tort&.Pressed Steel.—.*
Gt Lakes Towing pref..100
Halle Bros
6
Preferred. .......—100
43
43
10
29*
3*
34*
43
Dow Chemical—
Feb
Hanna. M A, $5 cum pref.*
Harbauer
*
Interlake Steamship.—*
Fob
Jaeger Machine——*
Jan
Jan
21*
Cleveland Builders Realty*
Jan
17*
Low
High
91
Feb
85
Shares
19*
13*
14
91
15*
Jan
Jan. 1 1936
1936
*
.100
Jan
L
1*
6*
3*
*
1
FCb
Jan
Range Since
Jan 31
Par Low
4*
3*
Jan
1933 to
for
Week
106
Sales
of Prices
70
99
Feb
A. T. A T. CLEV. 595
Cleveland Stock
Jan
Feb
160
31
1446.
Jan
Feb
8*
28*
Feb
64*
page
Jan
i
Union Trust Building, Cleveland
Telephone CHerry 5050
Feb
150
1,400
30
3*
Feb
CILLI Sir jrWOODcb
Feb
2*
59
3.130
15*
82*
23*
Jan
Feb
Members Cleveland Stock Exchange
Feb
550
Southwest Lt A P pref...-*
Standard Dredge-
7% pfd 100
Jan
Ohio Listed and Unlisted Securities
Jan
Jan
350
14
•
Jan
Feb
23
*
518
IIIo
105
Jan
*
366
U S Playing Card
Feb
Jan
8
44
1
Jan
1
200
45
Jan
Feb
19
174
3
Jan
Feb
10
«
100
180
Jan
17*
16*
4*
9
7*
22*
39
7*
4*
46
46*
120* 120*
—.*
B
25
195
Jan
20
4
9
28
36
Hobart A
Julian A Kokenge.
Kahn A
Rapid..
25
.11*
—.*
Feb
24*
105
7*
8
—-*
—
2
3*
11*
70
35
Feb
17
7
100
Jan
Feb
Jan
1*
100*
110*
5*
Jan
8
4*
21*
Feb
Feb
8
1*
338
30*
21*
103*
12*
30*
1,350
62
I—*
...——
Feb
80
Coca-Cola A.
Fyr-Fyter A
Gibson Art
21*
20
100
3
90*
22*
Dow Drug...
Jan
4*
Feb
3*
535
90
Jan
Feb
Jan
6
260
8
12*
25
1
116* 116*
7*
High
Jan
Jan
9*
19*
4*
1*
2
2*
103* 104*
22*
*
4
80
14
Cincinnati Un Stk Yard..*
.
10*
350
,
Low
5*
2
49
22*
4*
Cincinnati Street By.. —50
Cincinnati Telephone. —50
Crosley Radio.
Crystal Tissue
Low
272
23
4*
21*
.
Jan
3
|H
..18
Jan
Feb
Jan
3
142* 142*
22* 22*
)3*
Jan
Feb
Jan
19
of Prices
City Ice A Fuel
60c
Jan
.
Jan
Feb
Raytheon Mig—
For footnotes see
10*
5*
22 *
Week's Range
AUen Industries Inc.
Rath Packing Co com...10
Sos'west G A E
2*
1*
Feb
<
Feb
9
3,450
200
Feb
Quaker Oats Oo?—
Common v t c
19
Feb
Jan
27
2*
400
Jan
10w
Jan
2*
67* 58
111* 113
6% preferred.......100
7% preferred....... 100 1120
121*
....
9*
1,000
1,800
Jan
152
Week's Range
58
Common—
•
Common.—.—......60
Preferred
Jan
Cincinnati Stock Exehangr
Feb. 22 to Feb. 28, both
Public Service of Nor Hi-
Common.————*
Jan
142
56
80
Feb
Stocks and Bonds
Feb
81*
3*
10*
15*
9*
86*
1*
33*
5*
11*
Penn Gas A Elec com...
Feb
5
32
*
Wire System—First Boston Corporation
Feb
'8*
com..
Feb
38*
6*
34*
24
650
1,600
1,200
Feb
70
i
Feb
20*
Feb
►2
15*
preferred—*
Jan
Jan
62
National Rep Invest Trust
Cumul conv pref—.*
Parker Pen Co com—10
Jan
Jan
2,450
2,600
9
10*
Jan
Natl Pressure Cooker Co.2
■17% prior Men
Jan
11
65
Northwest Eng Co com—*
Northwest Utll—
Jan
Feb
60
31
Noblltt-Sparks Ind eom..*
North Amer Car com ....*
Northwest Bancorp com..*
11*
55
4*
11*
84*
1*
32*
Jan
20*
63
National Standard eom...*
Nat'l Union Radio com—1
Jan
3
50
30
Natl Gypsum cl A oom..5
National Leather com
10
Jan
Jan
2*
100
50*
11*
50*
.....
2
16*
Feb
10*
93*
9*
Lincoln Prtg Co—
Common
24.
Jan
Jan
Specialists in Ohio Listed and Unlisted
Feb
1
60
29
6*
•
Feb
60
6*
Jan
Jan
Leath A Co—
Cumulative preferred —*
Llbby McNeil A Litmy—10
15*
17*
33*
Feb
83
.....
400
2*
1*
5*4
Members Cincinnati Stock Exchange
Feb
2,600
32
90
Jan
Feb
63
50
2*
Jan
3,150
152
20*
11*
6*
2*
5*' Jan
UNION TRUST BLDG., CINCINNATI
Feb
100
2,420
1,050
98
33*
2
Feb
9
50
19
2*
17*
2*
5,050
87s
Kingsbury Brew Co cap—1
Kuppenbelmer el B oom..6
16
600
12*
6
Jan
Jan
BALLINGER & CO.
Feb
50
38
81
....100
Jan
90
90
12
12
8*
40
9*
34*
10
350
35
9*
Feb
50
62
Eats Drug Co eom..——1
Kellogg Swltchbd oom—10
20*
5,750
29*
19*
38*
*
24
100
21
28
Ken-Rad T A Lamp com A *
Ky utll Jr cum pref
—.60
oom
Feb
3*
50
30*
10*
102*
67*
High
1
Feb
Feb
5,410
30
.1
•
common
Jan
Feb
30
65
Jefferson Elec Co com..—*
•
com
18*
87*
21*
8*
100
IroD Hircroan Mfg v i c_.
A...——*
Feb
Jan
Jan
500
30
......
24
2,000
3,270
29*
9*
Kalamazoo Stove com
Jan
Jan
Jan
Feb
34*
15*
23*
21
19*
38*
21*
9*
16*
15*
12*
4*
Houdaille-Hersney CI B.*
lUlnote Brick Co.
25
Jarvls (WB)Cocap.
Feb
Class
27*
16*
3
Hormel A Co com A...—*
Low
900
21
18*
38*
5*
32*
1936
8*
*
750
1*
4*
20
Jan
26*
12*
......
Low
4
•
6*
8*
9*
14*
*
Peabody Coal cl B
.
6
250
14
Harnisohfeger Corp com. 10
Hetleman Brew Co Grcap.l
Heller (W E)—
-
oom.
750
3,150
260
22*
29*
7*
HaU Printing Co com...10
Masonlte
Oorp
4*
10
*
com
950
20*
30*
Goldblatt Bros Inc eom .*
Great Lakes DAD com.. *
Without warrants
8*
16*
4*
43
4
*
....
*
12
19*
Gen Housenold UtU com.*
Shares
High
1
Vortex Cup Co—
2*
8*
42
12*
Jan.
1936
Par Low
*
1*
32
270
36
Range Since
Jan 31
Convertible pref......4
Viking Pump Co—
Common..
»
20
16*
34 *
Gardner-Denver Co com.*
General Candy A—..——6
Lynch Corp
Stocks 0Concluded)
Utll <te Ind
Jan
900
12*
18*
6% preferred
High
7*
Jan
29*
Feb
Jan
5
300
6*
12
*
Low,
5
26
1,900
24
1933 to
for
Week
Common.
.——10
Sales
of Prices
340
129
24
Preferred
Week's Range
1,450
28*
13*
23*
Since
1 1936
2
4,850
6*
De Mets Inc pref-...-.—*
Dexter Co (The) com——6
Horders Inc
Low
High Shares
1
July
Sales
of Prices
Crane Co
1443
1
July
Week's Range
Cord Corp cap
Chronicle
9*
9*
20
36
86
10
20
20
5
106
106
85
104* 104*
18
18
41
41
12*
13*
6
125
8
44*
100*
4*
20
50
625
«
1
Feb
Feb
55
Feb
10*
Jan
36
Feb
36
Feb
.20
Feb
104*
Feb
106
Feb
104*
Jan
Jan
105
Jan
Feb
34*
Jan
41
Feb
10
Jan
13*
Feb
9*
18
Jan
Jan
20
Financial
1444
Jan. 1
for
Leland
4
*
Low
1933 to
Jan 31
Jan.
308
1936
Low
4%
22
6%
445
2%
Stocks (Concluded)
High
Feb
Feb
Par Low
McKee, A G, class B
6
6
25
2
4
Jan
6
Feb
45
45
2
17
45
Feb
48
Feb
com
1%
1%
750
10c
50c
Jan
8
8
152
1
4
Jan
8%
218
3
10
Jan
11
Feb
25
295
5
21%
15%
Jan
25
Feb
Jan
17
Jan
International Shoe com.—*
52%
53
316
88
5%
Jan
7
Feb
Johnson-S-S-Shoe
15
340
9
Key Boiler Equip com
Knapp Monarch com
15%
14%
Medusa-Portland Cement *
16 %
17
30
Metropolitan Pav Brick--*
5%
7
796
50
Tool
3
12
881
2%
18%
6%
425
2%
5
Feb
8
*
-
1%
6
8%
3%
578
1
7%
2%
Feb
14
14%
165
23
Miller Wholesale Drug—-*
Murray Ohio Mfg
*
National Refining
-25
National Tile
6
24
3%
200
%
Jan
14%
Jan
Jan
26
Feb
Feb
7%
12
Jan
Hydraulic Pr Brick comlOO
Preferred
100
*
14%
295
Feb
Laclede Steel
53
Feb
Jan
Feb
Feb
8%
12%
110
33
100
29
com *
8
8%
260
390
Jan
34%
Feb
Jan
Feb
4
30%
Feb
17%
14%
12%
5
33
Jan
9%
4%
12%
*
Laclede-Christy C Pr
-.20
com
29%
Feb
47%
Jan
11%
*
Preferred
Feb
4%
*
com
Feb
1%
11
24
*
High
Low
Low
Shares
*
Preferred..
4%
High
1936
1
.100
Huttig S & D
Jan
26
Feb
3%
Since
Range
for
10%
Electric
National
Sales
of Prices
1936
Shares
High
25%
1936
1
Week's Range
1936
Week
Range
Week
Lams on & Sessions
29
Since
1933 to
Jan 31
of Prices
Stocks (Concluded)
Par Low
Kelley Island Lim & Trans*
24%
July
■
1
July
Sales
Week's Range
Feb.
Chronicle
29
Feb
Feb
25
Jan
8%
30%
Feb
27
Feb
Feb
6%
12%
3
20
26
27
27
5
6
21
cl A—*
3%
3%
325
1
Feb
Mo-Ptld Cement com-—25
12
12%
168
6
10
Jan
13%
Nlnteen Hundred Cp cl A-*
29%
5
21
Feb
30%
Jan
National Candy com
10%
300
8%
10
Feb
14
—*
31%
32
110
10
2%
29%
29%
4%
29 %
Jan
35
Jan
11
11%
%
9%
Feb
12%
Feb
23%
66%
Feb
27
Feb
National Oats
Jan
68
Feb
Rice-Stlx D Gds
20
100
7% cumul pref
Nestle LeMur
cum
Ohio Brass B_
Packer Corp
*
50
20
i
70
Patterson-Sargent
*
25
25%
145
10%
Richman
*
66
67
837
38
1
Bros
Seiberllng Rubber
S M A Corp
Vlchek
cm
25
3
19
36
8%
*
17
4%
Jan
com
119
119
10
100
116
Jan
119
Feb
100
102
102
34
86
100
Jan
102
Feb
17
448
10
17
Feb
*
com
*
com
1st preferred
100
Feb
St Louis Car
Feb
Scruggs-V-B D G com.—25
Jan
Jan
19%
102%
11%
83
2d preferred
Securities Invest
10
9
115
60
9%
10
115
Feb
10%
Feb
117%
Jan
3%
3%
Feb
5%
Feb
1%
4
Feb
5
Feb
40
Feb
40
Feb
38%
Feb
4
4
40
40
2
*
43
43
35
15%
125
126%
120
115%
10%
50
7%
Jan
10
Feb
601
7
17
Jan
18
Feb
S'western Bell Tel pref. 100
20
70
Jan
83
Feb
Stix, Baer & Fuller com..*
com
10%
Jan
9
115
90
60
5%
102
Jan
13%
6%
6%
1
Wagner Electric
15%
100
com
60
83
Jan
*
100
1st preferred
2d preferred
10
10
17%
6% pr pf 100
W Res Inv Cp
Feb
25
Jan
8%
14%
Landis Machine
20
*
Weinberger Drug Inc
Jan
Feb
20
120% 120%
10%
10%
pf 100
Tool
18%
18
1
Trumb-Cllffs Fur
3%
275
20
Feb
2
3%
18%
*
100
8% cumul pref
Feb
4
5
Feb
43
Jan
126%
Feb
9%
Feb
10%
Feb
29%
Jan
33
Feb
78
Feb
78
Feb
105
Jan
107
Feb
123
31%
33
730
Laclede Gas Lt 5%s—1953
S-wstern Bell Tel 3%s 1954
78
78
$100
107
107
5,000
105
t United Railways 4s.l034
33
33
18
28%
Jan
35%
Jan
32
32%
2,000
11,000
18
25
Jan
34
Jan
16
com
6%
Bonds—
Watling, Lerchen & Hayes
4s c-ds
63%
Members
New York Curb (Associate)
New York Stock Exchange
Philadelphia Stock Exchange—See
Detroit Stock Exchange
Pittsburgh Stock Exchange—See
DETROIT
Buhl Building
Telephone
-
1411
page
m
1411.
page
Randolph 5530
Detroit Stock
Members
Exchange
Dean Witter & Co.
compiled from official sales lists
Feb. 22 to Feb. 28, both inclusive ,
New
Stock
York
Exchange
San Francisco StockExchangs
San Francisco CurbExchange
July
1
Municipal and Corporation Bonds
Week's Range
Sales
1933 to
Range Since
of Prices
for
Jan 31
Jan.
Week
1936
Par Low
Stocks—
Auto City Brew com
Baldwin Rubber A
1
2%
22%
22%
94%
21%
*
Chrysler Corp com
5
Consolidated Paper com. 10
21%
Continental Motors com.*
,3
Capital City Prod com
94%
Detroit <fc Cleve Nav comlO
3%
3
3%
,
'
20%
Feb
24%
97%
690
29%
86%
20%
Feb
%
1%
2%
2%
Jan
1
148
148
53
3
3
150
10%
115
4%
Detroit Paper Prod com. - *
5%
8%
3%
1,055
2,705
10,855
7%
20%
16%
210
2%
1,630
11
2.551
Federal Mogul com
*
8%
2%
20%
16%
Federal Motor Truck com *
10%
Federal Screw Works com *
10
com
68%
1
General Motors com
Goebel Brew
5
8%
Graham-Paige Mot com__l
Hall Lamp com
3%
*
6%
5%
60
9%
4%
7
%
14
Houdaille-Hershey B
*
30
30%
*
16%
18%
10
Kresge (S S) com
23%
6%
5%
Lakey Fdy & Mach com—1
McAleer Mfg com
*
Michigan Sugar com
7%
*
'
656
32
21%
Murray Corp com
10
20%
907
11%
9,209
47%
319
2
18%
872
ii
7%
4,340
3,850
1,575
*
18
Reo Motor Car com
5
7
2
River Raisin Paper
Scotten-Dlllon
*
10
com
Square DA
Timken-Detroit
Tlvoli Brew
6%
6%
27%
6%
27%
33%
16
17
9
9%
*
10
11%
*
B
7%
*
Universal Cooler A
2%
25%
Walker & Co units
*
Warner Air Corp
Wolv Brewing com
1
1%
1
Wolv Tube
*
%
17%
com
1
7%
2%
25%
2
Jan
30%
Jan
15
Jan
18%
Feb
Jan
25
Feb
3%
2%
19%
2i
2
2
2%
Jan
Jan
6
Jan
3%
31%
'316
7%
6%
Jan
Jan
Jan
32
Feb
15%
17%
6%
Jan
44
40%
1%
33%
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
21%
21%
12%
Jan
50
Feb
18%
Feb
Jan
16%
4%
5%
Jan
Feb
Feb
Jan
8
Feb
Jan
7%
Feb
6
Jan
7
Jan
17%
25
Jan
29
Feb
2.40
Jan
33%
Jan
1
755
1
com
United Shirt Dist com
27
23%
7%
6%
740
33%
*
-10
com
7%
14
%
«
*
5
Rlckel (H W)
Calamba Sugar com
Jan
%
com
Pfeiffer Brew com
Byron Jackson Co
Jan
11
2,690
Motor Wheel
47%
Jan
Feb
Jan
3
992
Motor Prod com
*
Jan
Feb
54%
6%
2%
5%
10%
»
*
10
Jan
io
Par Low
Stocks—
10
Alaska Juneau Gold
Alaska Packers' Assn. .100
Anglo Calif Nat Bk of S F20
Assoc Insur Fund Inc.—10
Eng A..5
100
Atlas Imp Diesel
Bank of Calif N A
*
20
20
7% preferred
Calaveras Cement com
*
100
10
7% preferred
California Copper
Calif Cotton Mills com.100
*
Calif Ink Co A com
California Packing
Calif Water
Corp..*
Service pref 100
*
Claude Neon Eleo Prods. _*
Caterpillar Tractor
*
Clorox Chemical Co
Cst Cos G & E
6% IstpflOO
*
Consol Chem Indus A
High
16%
15%
137% 137%
20%
5
30%
185
22%
30
31%
21%
22
5%
101
101
15%
35%
69%
*
Eldorado Oil Works
—*
<29
30
Jan
Emprium Capwell Corp—*
16
16%
2%
23%
Jan
3%
Jan
Emsco Derrick &
Jan
25%
Feb
Fireman's Fund Indem—10
Feb
Fireman's Fund Isnur—25
Jan
First Nat of Ptld.
Feb
Food Mach Corp com
Foster & Kleiser com
*
*
10
ST.
LOUIS MARKETS
55
Jan
71
Feb
6%
14%
16%
35%
35%
108% 111
31%
26
2
6
5
17
20
2%
17
27
27
40
13%
42
1,765
5%
325
%
4%
37%
*
9%
10%
16%
50%
1,265
3,394
1,039
59
1,748
22
22%
31%
Curb
(Associate)
July
5
official sales lists
Feb
Feb
32
Jan
36
Feb
Feb
112
Feb
27
Feb
27
Feb
37%
Feb
42
Feb
3%
54%
43%
Jan
4%
Jan
Jan
61
Feb
48%
Jan
37%
10%
11%
Feb
Feb
33%
Jan
5%
Jan
10%
Jan
14%
Jan
18
Feb
24%
10%
17%
3%
46%
21%
27%
Jan
54
Feb
Jan
31%
Feb
Jan
30
Jan
8%
Feb
Jan
1,082
26
26
Jan
9%
27%
325
23
23
Feb
Feb
Jan
23%
7%
28%
16%
11
Jan
Feb
100
4%
27
Jan
13
13
510
11%
Jan
9%
10
112% 113
9%
10
5%
2%
9%
112%
Feb
"
90c
Feb
U
%
7%
2%
116%
11%
Jan
3,204
Jan
3%
Feb
25
*
28
4
590
8
75
3,982
150
100
456
2
110
75
*
2%
2%
2%
800
*
16%
16%
525
1,505
2,978
1,960
Jan.
1936
Shares
Low
1
1936
67
4
5
14
32%
39
Feb
45
Feb
63
10
42
63
Feb
64%
Feb
68
78
1
48%
Jan
77
Feb
63
64
Century Electirc Co.—100
Coca-Cola Bottling com—1
36
36
6
20
35
Jan
36
Feb
63
63
95
8
57
Jan
63
Feb
6% 1st pref
4%
34%
6%
3%
10%
4%
34%
50
2%
3
Jan
4%
35%
7%
Feb
5%% preferred
3%
11%
Feb
427
2%
30%
Feb
Jan
Jan
Jan
30
2
4%
2%
97
3%
9%
78
82
10
.10
Oliver United Filters A...*
*
6
83%
Occidental Insur Co
High
25
100
15%
83%
*
com
6% preferred
5%% preferred
Low
100
-.100
100
Marchant Cal Mch oom.lO
No Amer Invest
Range Since
16%
17
45
11%
15%
Natl Automotive Fibres..*
—*
Feb
Jan
Feb
7
Natom as Co
1
1933 to
Jan 31
1445
Jan
%
Brown Shoe com
page
Jan
Feb
Feb
150
Burkart Mfg com
For footnotes see
23%
14%
14%
45%
30%
16%
20%
7%
28%
(I) Magnin & Co com
for
11
6%
Jan
7%
28%
20
com
45
Ham-Brown Shoe com—*
109
Jan
23
45
Hussman-Llgonler pref—_*
Jan
3%
32%
Jan
%
Magnavox Co Ltd
Sales
7%
3%
Jan
*
*
1
23%
26%
No Amer Oil Cons
*
Jen
Feb
*
*
Libby, McNeill & L com..*
Los Ang Gas & Elec pref 100
Week
Falstaff Brew com
Jan
96%
96%
8%
Langendorf Utd Bak A
of Prices
Dr Pepper com
10
Jan
29%
Preferred
Louis, Mo.
Week's Range
5
Jan
Feb
*
com
Island Pine Ltd
Trade
of
Board
Chicago
Feb. 22 to Feb. 28, both inclusive , compiled from
Columbia Brew com
Feb
Feb
20
*
*
10
Hunt Bros A
St. Louis Stock Exchange
American Invest B
Feb
Feb
37%
10%
10%
16%
54
31%
30
8%
27
23%
Lockheed Aircraft
High
16
36%
106%
31%
94
44
38%
*
Honolulu Plantation
Telephone Central 3350
Par Low
Jan
Jan
Jan
Hancock Oil
all
York
315 North Fourth St., St*
Stocks—
103
2%
195
14%
35
Feb
Hawaiian Pine
on
MEMBERS
Exohange
15
27
58
Hololulu Oil Corp Ltd
Enquiries Invited
Stock
Feb
13
44%
Home F & M Ins Co
Mid-Western and Southern Securities
Louis
101
554
44
Hale Bros Stores Inc
Business Established 1874
St.
Jan
1,094
7,361
*
Golden State Co Ltd
1. M. SIMON & CO.
New
99%
16
*
B common
New York Stock Exchange
«
628
Gen Paint Corp A com
■
59
105 "40
Galland Merc Laundry
com
51
37%
221
4%
58%
General Motors
Jan
Jan
Jan
140
Feb
47%
29%
7%
93%
92%
16%
20% 20%
106% 109
5
5%
39%
41%
45
Feb
34
21%
Jan
Equip.-5
Jan
1%
16%
999
8%
10
100
25
4
Jan
Feb
17
i
210
$3 preferred
H
31%
9%
10,239
1,349
Crown Willamette
Jan
Feb
Feb
96
*
6
80
101%
96
Jan
Jan
56%
8%
Jan
Feb
Feb
18%
31%
Feb
21%
4%
%
665
94%
Consolidated Aircraft
Jan
Jan
Feb
80
30
'7
93
Di Giorgio Fruit com
2%
1%
17%
Feb
'
*
Feb
Jan
Feb
32%
22%
563
*
Feb
Jan
22%
Jan
675
Preferred B
17%
Jan
Jan
102
9%
,S16
"l6
15%
23%
269
Preferred A.
Crown Zellerbach v t c—-*
Jan
15
185
650
11%
%
Jan
Jan
16
36%
Jan
4
Jan
Jan
17
Feb
101% 102%
Jan
250
4%
60
69%
High
20%
180%
8,877
15%
137%
Jan
17%
137%
22%
5%
33%
52
1,558
48%
6%
9,410
1,185
554
36
Low
%
250
35
7%
,5i«
13%
69%
7%
Range Since
Jan. 1 1936
1%
120%
3%
15%
17%
%
9,573
1,135
1%
41
%
17%
Low
i
40
1%
40%
48%
1%
6%
%
120
200
80
1%
55c
Shares
80
700
100
1936
3,336
2,819
17,182
3,050
2,070
Jan 31
5%
32%
185
Feb
3
for
942
20%
5%
1933 to
21%
31%
12%
5%
181
official sales lists
1
Sales
Week
of Prices
Jan
Jan
Exchange
July
Week's Range
Feb
Jan
1%
190
Parke-Davis & Co
Feb
7%
4%
2
32
Packard Motors com
Jan
5%
Jan
6
«
6%
40%
1%
21%
19%
10%
10%
Jan
9%
2%
2'
40%
1%
*
Mich Steel Tube com
24%
Jan
1
5,327
2,198
3,865
4,652
San Francisco Stock
Feb. 22 to Feb. 28, both inclusive , compiled from
Jan
3
537
Hudson Motor Car
4%
3%
23%
17%
11%
5%
60%
10%
4%
7%
22%
3%
1%
1
(Amo.)
Exchange
Feb
%
1
22
Cotton
Coffee t SugarEx.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
Fresno
7%
2%
i
1,080
1,189
13
Feb
20
3
2,426
11,296
4,673
Hoover Steel Ball com—10
Jan
%
300
York
New York
Taooma
Stockton
Jan
Feb
9
10%
*
3
New
Seattle
Honolulu
Jan
4%
152%
2%
2
com—5
Dolphin Paint B
of
Trade
Exchange
Feb
2%
1
Ex-Cell -O Air com
|
23%
3%
Jan
128
55
Detroit Mich Stove com—1
Detroit Gray Iron
3%
Jan
6%
245
2,691
Stock
Jan
900
•
Angeles
Portland
Sacramento
Feb
4
100
Board,
Chicago
Beverly Hills
Feb
50
*
Detroit Forging com
High
Jan
Jan
100
Detroit Edison com
Low
1%
Los
Oakland
New York
40%
1
1,052
Chicago
LEASED WIRES
New York Curb Ex.
6%
32,048
3%
50
PRIVATE
1936
San Francisco
Low
Shares
High
46
*
1
B
*
Paauhau Sugar
Pacific CAE com
15
25
—25
25
Feb
Pacific Lighting Corp com *
Feb
6% preferred*
Pae Pub Ser(non-vot)com *
Jan
(Non-voting)
pref...—*
42%
11%
6
16
Feb
Jan
18
Feb
45%
Feb
3%
9
13
Jan
Jan
15%
Feb
Jan
85%
Feb
Jan
82
Feb
Jan
17%
33%
32%
14%
15%
Jan
14%
6%
339
13
28
Jan
30
30%
13%
325
5
29
Jan
1%
155
12%
12%
Jan
15%
34%
30%
30%
27% 27%
63% 54%
106
106%
5%
6%
31
Feb
25
4,226
457
4
1
2
855
12%
18%
18%
19
1,453
110
1,583
Jan
Jan
Jan
17%
4,581
Jan
17
13
33
22%
Jan
33%
11H
16%
21%
Jan
Feb
3
31
2,744
1,710
Jan
1
27
68%
65%
15%
13%
14%
33%
Jan
66%
n
%
1%
Jan
Jan
Feb
Jan
Jan
Feb
37
Feb
29%
Jan
31%
Feb
26%
51%
Jan
28
104%
4%
18%
Jan
Jan
Jan
Feb
Jan
66%
107%
7%
Jan
23%
Feb
Jan
Feb
Financial
Volume 142
July
Stocks (Concluded)
Par Low
Pacific Tel & Tel com..100
6% preferred
Paraffine Co's
Ry Equip & Rlty
Jan.
95
i
99 H
803
21
6
92
100
3
93 H
*
6
Series 6
*
85
87
94
79 H
Series 6
*
22 H
22 H
40
16%
com
Sales
1933 to
Range
of Prices
for
Jan 31
Jan.
Shares
Low
Stocks (Concluded)
High
130
Feb
Bolsa Chica Oil A
139%
Jan
147
Feb
Bway Dept Store pref..100
Jan
Jan
97 Ji
Feb
Feb
Buckeye Un Oil com
80 %
17 %
Jan
87
Feb
Byron Jackson Co
Jan
24
Feb
California Bank
25
Feb
Central Investment
100
7%
Hwh
Par Low
Jan
119
..10
100
Low
42
35
Roos Bros
Jan
17o
Feb
8c
13c
Jan
30c
Feb
Jan
22%
Feb
Jan
41
Feb
Jan
27%
Feb
Jan
3%
Feb
28
Jan
7%
14%
Jan
32%
16%
Feb
6%
12
Jan
14%
Jan
18c
22c
*
20%
22%
700
41
41
60
20
31%
27
27
20
1
22
400
1
1
300
18
28
3%
39 H
41
510
15
34%
Jan
33 H
27
35
410
30
30
Jan
35
Feb
Chapman's Ice Cream...*
3
28 H
400
5
Jan
29%
Citizens Nat T A S Bk._20
29
1H
240
Feb
Feb
Claude Neon Elec Prod
*
15%
16%
700
19
Feb
Consolidated Oil Corp
*
13%
14%
1,300
38 %
Consolidated Steel
*
4%
18%
4%
5,400
90c
*
19
1,100
4%
__1
com
-
Schleslnger & S (B F) com *
Shell Union Oil com
Southern Pacific Co
1H
17H
34 H
*
100
So Pac Golden Gate A
*
Thomas-Allec Corp A
_
100
6% preferred
Transamerica Corp
*
Universal Cons Oil
Union Sugar Co com
14 H
10
27 H
13H
25
10 H
26 H
*
12 H
1%
Jan
Jan
Jan
com
3
Jan
3%
8%
26 H
42
40
Jan
47 Ji
Feb
Jan
Feb
Feb
Crystallte Products Corp.l
Douglas Aircraft Inc
*
67%
69%
200
42
Jan
51
Feb
Emsco Der &
19%
16%
Feb
Exeter Oil Co A
Farmers A Mer Nat Bk.100
Feb
General Motors Corp
6%
1%
7H
135
43 H
4H
86,328
1,84 5271.20
'
11H
3,354
3,295
4%
2%
Jan
14 %
Jan
19
101
Jan
105
12
Jan
14 %
10 Ji
Jan
Jan
28 Ji
14 Ji
301
179
Jan
23 %
10
4
26
Feb
Jan
7%
Feb
Feb
Feb
Feb
Preferred
Equip Co
1%
72
1%
7-1
1
60c
45c
439
Jan
5%
Feb
19%
Feb
53%
14%
Jan
71%
2%
Feb
20%
Feb
10c
200
Feb
60c
Feb
58%
600
Globe Grain A Mill Co..25
12%
60%
17%
12%
Goodyear Tire A Rubber.l
27
28%
200
10
Gladding McBean A Co..*
15
3%
%
7J
1
11%
'
4%
600
5
i
Feb
Jan
440
15%
54%
11%
8%
Jan
61%
Feb
Jan
Feb
Jan
17%
13%
23%
Jan
30%
Feb
18%
22%
2,500
Feb
435
275
55
440
Jan
Jan
30
*
*
5
16%
15
28,350
Feb
'
7,400
4
'
2,499
14 H
%
15%
23%
%
30
4
13H
25
Union Oil Co of Calif
»
444
18 H
18H
104 H
104
*
5H
105
4,261
50 H
4
*
Tide Water Assd Oil com
8H
46 H
51
8H
*
H
■
860
44 H
*
Soundvlew Pulp
1,448
2,022
3H
3
Spring Valley Water Co__*
Standard Oil of Calif
18 H
37
Jan
8c
1
3%
29%
Jan
8%
100
4c
1,000
3,500
41
26 %
Jan
12c
*
B
Jan
12c
Preferred vtc
High
6
t c.l
v
1 1936
98
1 %
1,800
7%
6%
100
*
Rainier Pulp A Paper
Since
1936
79%
4%
68 H
49
1
Low
Low
Shares
146H 147
*
Week's Range
1936
1936
130
130
100
com
High
Ranoe
Jan 31
Since
Week
1933 to
for
of Prices
1
July
1
Sales
Week
Week's Range
1445
Chronicle
Jan
24
Feb
Feb
315
315
32
33 H
34
33
Yellow Checker Cab A..50
80
Feb
Hancock Oil A
*
22%
23%
2,700
6
Feb
Holly Development Co.—1
50c
65c
3,400
25c
46c
Jan
62 %c
32
Jan
Jade Oil Co
10c
12c
13c
4,300
lc
9c
Jan
16c
65c
85c
62 %C
Jan
95c
Feb
10c
12c
34,300
18,000
9c
8c
Feb
29c
Feb
200
90c
7%
Jan
11%
15
73%
Jan
116%
Jan
2%
Jan
4
Feb
5
Jan
6%
Jan
320
com
,
7H
2,487
34 %
Kinner Airpl A Motor.-.1
Lincoln Petroleum Corp—1
Wells Fargo Bk & U Tr.100
Western Pipe A Steel—10
2H
26 %
Jan
Jan
23 %
10
Lockheed Aircraft Corp.. 1
Los Ang Gas A El 6%
STRASSBURGER & CO.
SAN
6
Exchange—San Francisco Stock
Francisco Curb
Exchange—Chicago
3,100
2%
Jan
4%
50c
50c
180
40c
50o
Jan
1.00
Mt Diablo Oil Mng A Devi
36c
37c
270
21c
32c
Jan
37o
17c
18c
16c
Jan
19c
Jan
75o
2,800
2,100
3,500
6c
75c
35c
50c
Jan
85o
Feb
4%c
8c
Jan
31c
Feb
2%
Feb
Nordon Corp
...5
15c
*
12%
12%
200
Jan
12%
19
19%
19%
1,700
6%
18%
Jan
21
Jan
19%
100
7%
19
Jan
Feb
6%
5%
100
%
10
Sales
1933 to
Range
for
Jan 31
Jan.
.100
170H 174H
60c
*
Jan
1
4%
4%
10,400
1%
2%
Jan
4%
Feb
6%pf ann 10
Sec Co Units of Ben Int..*
2%
2%
130
1%
1%
Jan
3%
1
Since
1936
Feb
50%
Jan
Security-First Natl Bk„20
300 t
Low
98%
20c
American Toll Bridge. ...1
57c
Anglo-Natl Corp
»
18H
19
515
3
Argonaut Mining
5
HH
11H
575
1H
Atlas Imp Diesel B_.
Aviation Corp
Bancamerlca-Blalr
5
29
32
z
6H
1
6%
2H
5
Bishop Oil
Bunker Hill & SuU
10
Calif Art Tile A
*
z
69H
14
ZB
2H
Calif-Ore Pow
2H
6%
1,675
290
300
1
2H
100
2
5%
100
78
1.30
2
—.1
Chanslor & Lyon A...
*
17
*
1.10
17
5H
4,980
Claude Neon Lights.. ...1
1%
1H
Columbia River Packers._»
1H
1H
14H
14H
100
81
81
♦
Crown Will 2d pref—.
17 H
17 H
10
52
52
-20
General Electric
*
50
*
19
19
15
17H
Great West Elec Chem -20
65H
66
20
22 H
22 H
42 H
42H
♦
50c
50c
50c
50c
372
1
3.55
3.60
2.05
2.25
...
InternatI Tel A Tel...
*
Italo-Petroleum
1
17 H
200
45c
50c
2.90
Kinner Air & Motor.....1
65c
83c
Kleiber Motors.
..10
40c
45c
M J & M A M Oil
...1
28c
31c
20,149
1,400
14,945
z
3 70
Menasco Manufacture
McBryde Sugar
6H
♦
M ontgomery-W ard
3.85
760
6H
41%
836
5
5H
2,300
3
Jan
65c
Jan
65c
Jan
"~5%
*
11
11
12 H
12 H
Pacific-Eastern Corp..
Park-Utah Mines
5H
4H
"II*
III
12
Radio Corp
Republic Pete
4H
*
Richfield Oil pref
Riverside Cement
2
Calif-Edison...25
25
5H% preferred
6% preferred
..25
.
110
'7
27 H
529
2
31c
100
...
United States Pete..._
2
*
40c
42c
100
01%
61H
165
Vica Co
.25
4
4
Waualua Agriculture.. .20
48
49
*
Western Coast Life
68
125*
13H
.Is
Warner Brothers
16
16
.1
8
8
14
«
15
720
Los
.
Feb
50c
Feb
Feb
50c
Feb
Tide Water Assoc OH
*
18%
Warner Bros Pictures
5
12%
14
12
*
36
3.80
Feb
Feb
2.95
Feb
14
Jan
19
Feb
Jan
15o
Jan
58c
Feb
13c
Jan
35c
*
Feb
Jan
440
Feb
4%c
6c
Jan
15c
Jan
157%
4%
Jan
177%
Feb
Jan
6%
Feb
Jan
Feb
Feb
Jan
%
8
16
3%
37%
Jan
7%
41%
1
15%
36%
Jan
41%
Feb
Jan
13
Feb
11%
33%
Feb
14%
37%
Feb
7%
14%
Jan
2%
10
Jan
2%
i
4
500
'
19
100
»
'
7
Jan
18%
14%
Jan
Feb
Feb
No par value,
Feb
made (designated
c
by superior figures In tables) are as follows:
1
4.50
6%
Feb
Feb
" Cincinnati Stock
22 Pittsburgh Stock
™ Cleveland Stock
New York Produce
14 Colorado Springs Stock
23 Richmond Stock
24 St. Louis Stock
4
New York Real Estate
15 Denver Stock
23 Salt Lake City Stock
8
Baltimore Stock
16
Detroit Stock
26
San Francisco Stock
Boston Stock
"
Los Angeles Stock
27
San Francisco Curb
2
Buffalo Stock
'»
Los Angeles Curb
28
San Francisco Mining
California Stock
i»
Mlnheapolls-St. Paul
28
9
Chicago Stock
zo
New Orleans Stock
30
Spokane Stock
10
Chicago Board of Trade
21 Philadelphia Stock
«i
Washington (D.C.) Stock
'1
Chicago Curb
Jan
Jan
New York Curb
8
Jan
>
6
2.65
New York Stock
2
27 H
21c
Jan
41%
6%
20%
8%
33%
Jan
44o
6%
43%
Jan
14
Jan
44
Jan
6%
14 H
Jan
Feb
Jan
12%
17%
11
Feb
11
Feb
2H
11
Jan
12%
Feb
Toronto Stock
4%
4%
11%
Jan
6%
Feb
Feb. 22 to Feb. 28,
Feb
5%
14%
Feb
Jan
4.50
Feb
Feb
20%
7%
1H
Jan
Jan
3
2
Jan
9
Jan
18
Jan
5H
10H
14H
11%
24%
25%
27%
Jan
15H
5H
1H
Feb
Feb
Jan
31o
12
Feb
Feb
Jan
Feb
Jan
Feb
Feb
2%
12%
18%
14%
28%
26%
28%
Exchange—Mining Curb Section
both inclusive, compiled from official sales lists
Last
Par
Stocks—
Week's Range
for
Sale
Jan
Jan
Sales
Friday
Jan
of Prices
Week
Price
Low
High
2o
Jan
4Ho
llHc
Jan
25c
Feb
46,700
3Ho
Jan
8o
Feb
3.75
420
3.50
Jan
4.50
Feb
15,000
25,250
11,100
70,360
253,550
106,200
13,600
lHo
Jan
3Ho
Feb
40c
Jan
78o
6Ho
72 Ho
Jan
13Ho
Feb
Jan
1.43o
Feb
3Ho
lHo
Jan
9 Ho
Feb
Jan
7o
Feb
12o
Jan
20c
Feb
lHc
Jan
13c
Feb
Brett-Trethewey
3 He
3Ho
3%c
24%c
19c
25c
6%c
6Hc
7 He
3.60
3.60
Feb
Feb
Cobalt Contact
2 He
2Ho
3c
8%
Feb
DalhousleOll..
*
65c
65c
76c
55o
Feb
East Crest Oil
10c
10c ll%c
Home OU
*
*
Jan
Central Manitoba
Jan
Churchill Mining
48 H
Jan
65%
Feb
3%
Jan
6%
Jan
Lake Maron
42%
Jan
1.21
1.17
1.43
*
1
7c
6c
8c
5c
6c
Malroblc Mines
Jan
49%
14%
Feb
10
Feb
Mandy Mines—
—*
18c
4%c
15Hc
18c
15
Jan
20
Jan
Night Hawk Pen
—.1
3 He
9%
Feb
2%c
3Hc
5
17c
16c
19c
*
5Hc
6c
12c
5%c
9Ho
1
1
28 He
23%c
30c
4%c
4c
4%c
1
1.11
1.07
1.14
1
ll%c
llHc
12c
1
1
6c
4c
6c
4%c
4c
5c
7 He
9c
Parkhill Gold
Pend-Oreille
1
Porcupine-Crown.
Since
......
Preston-East Dome
1936
Ritchie Gold
1
7 He
...1
5Hc
3%
Feb
Temlskamlng Mining
1
3c
4Ho
2 He
6c
Jan
Jan
5
Jan
Wood-Klrkland
1
7c
7c
7 He
Robb Montbray.
Low
H
3%
14c
Pawnee-Kirkland .......1
Osisko Lake
1936
2
165,320
Jan
Feb
Jan
5
H
Feb
4,000
10c
27 H
Low
High
89,320
11c
Jan
300
1
16o
*
26o
2
Low
Jan
Aldermac Mines
Coast Copper
31c
Range Since Jan. 1 1936
7o
Jan
1
1
1
6
1
15
Shares
Feb
6%
2H
4H
Seattle Stock
Feb
Feb
Week
1.40
Jan
Cash sale, x Ex-dlvldend. y Ex-rights, z Listed, t In default.
/ Flat,
o Price adjusted because of stock dividends, split-ups, &c.
r New stock,
t Low price not including cash or odd-lot sales.
The National Securities Exchanges on which low prices since July 1 1933 were
Feb
Feb
2H
Feb
2,400
50c
11%
12%
36%
18%
Radio Corp of America—*
Jan. 1
100
Feb
34c
3,000
1,700
*
Seaboard Oil of Del
Packard Motor Car Co
Jan
Range
4
15%
1.00
100
Feb
1933 to
4
Feb
25c
700
22 H
Jan 31
Bandini Petroleum Co. ..1
Feb
10%
1.05
39%
42%
for
Shares
9%
Jan
Jan
41%
Jan
Sales
2H
Jan
Feb
39%
38%
10%
Jan
of Prices
High
4%
5%
Feb
9
63o
2%
21%
Week's Range
2H
Feb
7%c
98%
*
Angeles Stock Exchange
Par Low
5%
17%
i
*
75c
July
Stocks—
Feb
Jan
1
Montgomery Ward
Feb. 22 to Feb. 28, both inclusive , compiled from official sales lists
Associated Gas A Elec A —1
10%
v
Oil Selections
2
Jan
Feb
300
174%
Nordon Corp..—-
Western Air Express..
Feb
7%
22c
219
General Electric
14 H
100
Feb
28%
4%C
1,000
Feb
3H
1
150
Jan
6c
5%
Feb
16c
3,100
United States Steel.
'
Jan
Jan
23%
3c
13%
6%
Feb
3.15
2
5%
17%
20
95c
25c
40
170
2%
%
6
67
3.05
27 H
Feb
170
Jan
Jan
H
5H
i
14%
12
120
*
Jan
3.90
4
23
Feb
5
11%
Jan
2
20
Feb
47
100
(Del)
Cities Service
1H
i
38%
Jan
Unlisted—
4
17
Jan
Jan
Feb
5
»
7
Feb
Jan
2%
2
15
35%
20%
Jan
30
'
770
7
Jan
65c
15
960
12
....
United Corp
6%
Jan
Jan
4H
*
Sunset McKeeB
Jan
17
Jan
1,499
31c
Sterling Oil
7c
6H
26 %
26 H
25 H
7c
4.10
12 H
100
1
36%
100
18 H
Zenda Gold
Feb
4H
500
HH
.
44c
52c
2H
Silver King Coalition..
1.15
44c
15H
HH
18H
11H
11H
Schumacher Wall bo ard pref
Southern
4H
1.00
1
23
9,739
100
1
Tom Reed Gold
'
76
200
Cardinal Gold
Jan
Jan
26 H
A..
...
6
Feb
3c
135
Pacific Associates
14%
87
22c
2
Pacific Clay Products..
Jan
1.60
270
16H
10
Feb
5c
15
Feb
107
39%
4%
30,000
12,000
4,200
2,100
1,000
5c
18c
16H
5c
47c
10c
350
Pacific-American Fish."115
4%c
2
32 H
32c
4,814
200
63c
10c
50c
25c
32o
11%
15%
48c
Calumet Gold
42
32 H
44
15%
Feb
12H
17
*
11
Jan
26%
Jan
24
71
'
Alaska Juneau Gold
64 H
..20
44
28%
Jan
Feb
12%
2
Black Mam Cons Ming. 10c
Aviation Corp
2
*
26
Mining—
Jan
American Tel A Tel
11
-20
27%
106%
Feb
26%
600
Feb
Feb
1
Onomea Sugar
«
3,900
Feb
Feb
4H
8
1%
1%
52
i
Packard Motors
14%
300
7%
39
100
11
17
.
Jan
2H
20
Jan
'
8%
8%
Feb
245
10
8
44
8H
♦
Wellington Oil Co
1
Western Air Express Corpl
39
10c
17
Jan
Feb
35
28%
36%
11%
4,100
1,800 •271.20
9
81
4H
17
3
10
8%
31
28
'•
13%
Jan
75
80
Weber Showcase A F pref. *
Jan
Jan
15%
12
27%
10%
Jan
4%
16
20 %
O'Connor-Moffatt
Jan
14%
2
200
150
26%
Jan
17
Feb
13%
25
Universal Cons Oil Co. .10
1.05
7%
...
Union Oil of Calif
100
Jan
11%
25%
Jan
20 %
Occidental Pete
150
Feb
Feb
North American Aviation *
z
Transamerica Corp
*
Union Bank ATrustCo50
72%
Feb
Mountain City Copper."II*
Nash Motors
Oahu Sugar
Feb
Jan
Jan
1.35
16.80
85
40
6%
2%
Jan
Feb
300
60
26
1,200
25,000
85
14
'7
6,892
z
46
78
8,283
2.70
17H
Preferred
45
Jan
5,429
Internatl Cinema
600
*
Feb
3H
695
1
Idaho-M ary land
37
Standard Oil of Calif
16
300
Holly Development..'.111
Hobbs Battery B
z
36%
Jan
40 H
•
5
Preferred
Hawaiian Sugar
Southern Pacific Co
6%
Feb
2
325
7.735
Feb
Jan
1
17
2
70
20
Gladding-McBean
Jan
Jan
14%
33%
63
6H
40
z General Metals
Feb
25
6% preferred
25
5%% preferred
25
So Counties Gas 6% pf 100
27% 27%
26
26%
106% 106%
Feb
1%
'
80
Jan
2H
16H
90
36
Feb
H
15
39
5%
....
EJectric Bond A Share ...5
Ewa Plantation
6H
35H
800
35%
39
Curtiss-Wright
Domlnguez Oil Fields.
35
Original pref..
Feb
10%
300
2,300
Feb
516
i
13%
26%
64c
75c
'
12%
25%
.*
25
Jan
13
25
20
78
2
65
57%
5%
13
5
1,200
48
55%
177%
14
45
Consolidated Oil
.
2
25
48
■
Jan
11H
150
2,188
2,990
5H
200
Jan
Jan
20
17
16
39c
22
5
16
15H
11H
18H
4H
6H
2H
52
26
5
80
Cities Service
,
«
2H
71H
14H
80
1
Cardinal Gold
200
78
6% pref .100
6% preferred 1927..
z
1
1,445
6H
com.
So Calif Edison Co
High
157H
8
Republic Petroeum Co
*
Samson Corp
1936
3,750
19c
21%
7%
17%
Signal Oil A Gas A
American Tel & Tel
Feb
1
1
of Prices
High
Jan
Feb
Pacific Western Oil
compiled from official sales lists
Low
19
400
1
Pacific Public Service
Week's Range
Stocks—
75
65
Oceanic Oil Co.
Pacific Clay Products
Exchange
Week
Jan
3%
72%
2%
Feb
3%
*
Pacific Indemnity Co...10
Shares
75
1
1
Pacific Finance Corp
Par Low
1%
Jan
Olinda Land Co
Direct Private Wire
July
%
300
Feb
Mensaco Mfg Co
Board of Trade—New York Curb Exchange (Associate)
Feb. 22 to Feb. 28, both inclusive,
2,200
6%
112
Feb
Mills Alloy Inc B
Members: New York Stock
San Francisco Curb
10c
Mascot Oil Co
FRANCISCO
CSince 1880)
Exchange—San
112% 112%
3%
3%
pflOO
Los Angeles Indust Inc.-.2
Los Ang Investment
10
MONTGOMERY STREET
133
10
3
Sudbury Mines
Hiah
3c
96,000
19,400
18,000
21,000
86,600
65,400
8,120
189,900
243,200
147,400
273,100
242,500
19,000
26,000
Jan
4Ho
15o
Jan
22o
4Hc
Jan
7o
Jan
7c
Jan
14c
Feb
18 Ho
Jan
31 Ho
Feb
2Ho
Jan
5Ho
Feb
1.00
Jan
1.20
Feb
Feb
Feb
4c
Jan
12Ho
2Hc
Jan
6o
Feb
lo
Jan
5%c
Feb
5%c
3 Ho
Jan
9c
Feb
Jan
6o
Feb
2o
Jan
4Ho
Feb
40
Jan
8c
Feb
Feb.
Financial Chronicle
1446
1936
29
Canadian Markets
Provincial and
Bid
Province of Alberta—
1 1948
Oct
1 1956
86)4
of Prices
103X
1 1942
Sept
15 1943
112)4
11734
5s
May
1 1959
4s
June
1 1962
11114
11634
116)4
10534
Jan
1 1953
100
5a
June 15 1954
6s
Dec
2 1959
110X 111)4
1 1941
15 1965
4X8
100)4 101
4Xs
4J4b
110
June 15 1936
Apr 15 1960
Apr 15 1961
Province of Nova Scotia—
111
107)4 108)4
108 X 109 X
Sept 15 1952
Mar
1 1960
114)4 115)4
Stocks (Concludea)
117)4
106)4
Mar
2 1950
Feb
1 1958
109
May
1 1961
113
Prov of Saskatchewan—
1 1936
June
15 1943
100)4 101
102)4 103 X
Nov
15 1946
103
1 1951
98
..Oct
4)4s
22
55
100
104
preferred
100
Canadian Car
9834
16
45)*
Canadian Ind Alcohol A_.»
~ii~H
B
Canadian Oil
Canadian
Preferred
25
Canadian Wineries
"14 H
3H
.....
*
Cockshutt Plow
8X
18)*
Consolidated Bakeries
14(
57
Jan
Feb
12X
3X
Feb
43 X
Jan
4X
Jan
7
7X
1,255
6X
Jan
Jan
Jan
4
Feb
67
Feb
Jan
88 X
5
Feb
26 X
9
13(
4
Feb
3X
15
20 X
9C
iox
Fet
22E
Jan
5X
Feb
94
Feb
8X
8
Feb
6X
Jan
17X
595
14 X
Jan
17X
Feb
40 x
46
162 H 162 X
4,287
37 X
Jan
46
F b
Jan
165
Feb
7
; i6
39C
8
5
150
Feb
11X
iox
12X
18,895
9X
Jan
12X
iox
100
Jan
11
15X
16
230
8X
14X
Jan
18
Jan
126
20
Jan
126
Feb
126
100
.
Canadian Pacific
Bonds
153*
*
It
Feb
93
Jan
8
27
22
High
Jan
252
7H
*
25
Preferred
82X
2X
93 X
7
Conv preferred
1(
2 X
4X
92 H
15
92
Canadian Canners
1st
Low
Shares
12
4
Canadian Dredge
*
Cndn General Electric..50
Wood,
9
Range Since Jan. 1 1936
for
VJOPVW tiGfC
93
10 H
22
*
Preferred
May
5s
11H
10X
Bakeries
Canadian
High
2 H
*
100
B
114""
Low
90
Canada Wire 4 Cable A..*
113)4 114)4
4s
Price
*
Canada Steamships
Preferred
109)4 110)4
434s
Par
Canada Packers
Province of Quebec—
434 s
Prov of New Brunswick—
5s
Sale
3 1937
Oct
104 X 105)4
107
108)4
4Hs
45)s
Week's Range
Jan
103
Oct
Last
5s
99
Sales
Friday
534s
102
Exchange
Ask
88)4
12 1949
Aug
Toronto Stock
Bid
104 H
Province of Manitoba—
434 s
Province of Ontario—
92
Prov of British Columbia—
4Xs
UNLISTED
Municipal Issues
Ask
4)4s
Jan
4Kb
July
AND
6s
6s
90
5b
LISTED
13X
3
8
17X
15X
3X
8X
18 X
123
Jan
2X
Jan
1,394
7X
Jan
1,277
16X
Jan
Feb
15X
3X
8X
18X
12,152
iox
Jan
874
Jan
Feb
Jan
Consolidated Smelters ..25
Gundy
230
242
445
200 X
Jan
242
Feb
198
195
198
126
189
Jan
198
Feb
100
20
Preferred...
Distillers-Seagrams
Co.,
&
—100
29 H
*
7H
Dominion Steel 4 Coal B 25
Inc.
Ford A
Abltlbi P & Pap ctfs
Int Pr 4
46
5s '53
/45X
Alberta Pao Grain 6s.. 1946
100 x
....
99X
....
Asbestos Corp
of Can 5s '42
BeauharnoisLH&P 5)4s '73
Beauharnois Pr Corp 5s *73
85X
86 X
Pap of Nfld 5s '68
Lake St John Pr 4 Pap Co
6Xs
Feb
1 1942
6Xs
Feb
1 1947
29 X
MacLaren-Que Pr 5Xs '61
Bell Tel Co of Can 6s. 1955
116
116X
Manitoba Power 5XS-1951
Brltish-Amer Oil Co 5s '45
106
107
Brit Col Power 5)4s..l960
106
Maple Leaf Milling 5 Xs '49
Massey-Harrls Co 5s.. 1947
McColl Frontenac Oil 6s *49
107 X
Brit Columbia Tel 5s. 1960
106 X
104 X 105 X
1 1960
..Mar
5a
29 X
Minn 4 Ont Paper 6s.1945
Montreal Island Pr 5 Xs *57
....
90
88
Burns A Co 5 )4s-3 )4s. 1948
1941
108
106
Canada Bread 6s
....
par
1 1951
Oct
Canadian Con Rubb 6s '46
Canadian Inter Pap 6s '49
Can North Power 5s__1953
88 X
89 X
103
103 X
Northwestern Pow 6s. 1960
101 x 102 X
92
92 X
Nova Scotia L 4 P 5s. 1958
113X 113X
34
/33X
109 X
Ottawa Traction 5X8-1955
Ottawa Valley Pow 5 Xs '70
....
Canadian Vickers Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5 )4s.l961
Dominion Canners 6s. 1940
Dom Gas 4 Eleo
6)4s_1945
1949
104
Donnaconna Paper 5 )4s '48
Duke Price Power 6s__1966
84
Dominion Tar 6s
91X
....
84 X
96
1949
88
Fam
....
105X 105X
East Kootenay Pow 7s 1942
Eastern Dairies 6s
..
..
104 X
91
1940
Dominion Coal 5s
....
88 X
Montreal Tramway 5s 1941
New Brunswick Pr 5s. 1937
Certificates of deposit...
Ottawa Lt Ht 4 Pr 58.1957
Power Corp
of Can 4 Ha *59
5s
1 1957
Dec
82 X
55 X
91
92
104 X 105 X
34 X
33 X
51
50 X
106 X 106 X
104
....
90 X
59
59
60
60
104 X
-
105 X 106 X
99 X 100 x
91 X
92 X
94 X
93 X
100
1968
Shawinigan W 4 P 4 Ha '67
Simpsons Ltd 6s
1949
102
106 X
104 X 104 X
105
Steel of Canada Ltd 6s '40
106
113
100
96
United Securs Ltd 5 Ha '52
77 X
Winnipeg Elec Co 5s
1935
99
2 1954
82
/44X
105
45 X
Oct
__
Gypsum
Jan
8
Feb
10
10
15J*
iox
4,241
26
28
4,383
24X
Jan
5
6
2X
Jan
8
Feb
70
72
195
64 X
Jan
72
Feb
57 X
58 X
341
55
Jan
68 X
2X
853
1
Jan
3
Feb
10
13
Jan
30
Feb
~71~
69
2
"27"
5
Internatl Utilities A
7X
3X
50
13X
13 X
14
14X
14X
7X
14 X
7X
*
7X
3X
Jan
17X
11X
Feb
Jan
10
Jan
13
Feb
13X
Jan
16X
28X
Feb
6H
100
80
2X
Jau
Jan
Feb
Feb
Jan
8X
Feb
4
29 X
Feb
27
Jan
605
13X
Feb
15X
1,565
13 X
Jan
14 X
Feb
7X
Jan
7X
Feb
105X
104 X 105
Feb
Feb
39
103 X
Feb
505*
49 X
52 X
46,375
44 X
Jan
64
iox
350
3X
Jan
14 X
Feb
"l~55
9X
1.30
1.65
355
40c
Jan
2.25
Feb
*
B
27
29 X
£1
Preferred
Internatl Milling pref__100
Internatl Nickel com
*
50
29
•
Imperial Tobacco
27
1,286
1,124
1,285
7X
*
.....
Hamilton Cottons pref..30
Hinde 4 Dauch
*
Feb
8X
Lake of the Woods
*
....
101
78
....
82 X
105 X
9
237
9
Jan
20 X
66 X
»
Laura Secord
21
440
17
Jan
22
Feb
67
185
65
Jan
67
Jan
Jan
6X
19X
17X
19X
18X
1,680
1,415
Jan
20
Feb
17X
Jan
18X
Feb
*
1.50
1.60
477
1.50
Feb
2.25
Jan
100
Loblaw Groc A—
4X
5
4
Jan
8X
Jan
6X
7X
5X
Jan
7X
Jan
5
Feb
•
B
•
Maple Leaf Mill
Preferred
Massey-Harrls com
19X
18X
»
Preferred
6X
*
_
Monarch Knitting
5
...»
18 X
83
2,845
5
"36 X
5
10
3
Jan
87
100
Moore Corp com
87
16
87
Feb
27X
Jan
35
36 X
2,185
90 X
Feb
Feb
36 X
A
100
160
160
16
146
Jan
161
Feo
B
100
205
205
2
175
Jan
205
Feb
19
Feb
Nat Sewer Pipe A..
...»
National Grocers
6X
Orange Crush
"~8 X
100
8X
364
19
7X
,
6
Jan
Feb
7X
Jan
Jan
7X
135
10
Jan
Jan
83 H
100
25
Feb
40
Feb
7
*~8
25
8
65
6
Jan
8
Feb
89
95
79
Jan
*
1
5
Photo Engravers
Porto Rico pref..
*
26
26
95
"24"
23
400
26
4X
.100
*
Jan
6X
130
20
8X
Page-Hersey
Pantepec Oil
Pressed Metals
16X
550
131
25
♦
preferred
6X
131
100
Ontario Equitable.—..100
1st
18 X
19
•
Preferred
104 X 105 X
95X
101X 101X
Jan
17X
iox
*
100
Harding Carpets
....
106
United Grain Grow 5s.l948
Gt Lakes Pap Co 1st 6s *50
Smith H Pa Mills 5)4s '53
4X
14X
8X
Jan
Jan
S4X
5
150
Great West Saddlery
Preferred
....
112X 113 X
97
General Steel wares 6s .1952
...
112 X 113X
Quebec Power 5s
*
91X
1943
Provincial Pap Ltd 5 Ha '47
8
FCb
104 X 105 X
95
6s stamped
1950
Gatlneau Power 5s...1956
88
87
81X
f55
Certificates of deposit...
Price Bros 4 Co 6s
Southern Can Pow 5S.1955
103 X 104
102
103
Play Can Corp 6s '48
unstpd._1950
Fraser Co 6s
50 X
92 X
/50
/91X
31X
29
iox
Kelvlnator
1939
value) 3s
5s
106 X
105 X 106
107 X
Can Lt <fc Pow Co 5s..1949
103 X 104
Montreal L H 4 P ($50
103X 104
Calgary Power Co 5s_.1960
Canada Cement Co 5 )4s '47
Cana Canners Ltd 6s. 1950
Ask
63*
4,910
9,056
26 H
*
Preferred
Bid
29 X
Jan
22 X
107
17
*
Goodyear Tire
Utility Bonds
Jan
10
Fanny Farmer
Frost Steel 4 Wire
Ask
Jan
104 X
10X
*
Eastern Steel Products...*
Bid
17 X
351
17
25
Dominion Stores
Industrial and Public
1,277
16)*
Preferred
Private wires to Toronto and Montreal
20 X
105 X 105 X
Cosmos Imperial
14 Wall St.
New York
239
Consumers Gas
74
Simpsons Ltd A pref.. 100
5X
1,985
Jan
3X
Feb
95
Feb
6X
85
25
Jan
27
Jan
95
28
85
Jan
95
Feb
24
967
19
Jan
24
Feb
74
Feb
78
107
Feb
80
Standard Chemical
*
Jan
9X
Feb
Steel of Canada
•
63 X
62X
64X
867
57
Jan
64 X
Feb
..25
56 X
55 X
56 X
106
49 X
Jan
66)*
85
8X
Jan
11
Jan
9X
18
9X
Jan
12 X
Feb
8,660
Preferred
9
9X
10
9
10
6X
Tip Top Tailors
Twin City
Members Toronto Stock Exchange
King Street West, Toronto.
*
12 h
11X
3X
12 X
*
3X
590
»
"Z2H
32 X
1,095
31
*
18 J*
18X
8X
57X
33 X
19
1,409
8X
30
Walkers
(Hiram) com
Preferred..
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
15
m
United Steel com
STOCK BROKERS
*
Union'Gas
Duncanson, White & Co.
»
Western Canada Flour
*
West Canada Flour pref,100
Westons (Geo) com..
*
WA. 3401-8
Preferred
100
WlnnlpegjElectric pref. 100
16X
110X
16 H
Feb. 22 to Feb. 28,
Last
Sale
Stocks—
Par
Price
Abltlbi
of Prices
Week
Low
2X
6% preferred
Alberta Pacific Grain
Preferred
Amer Cyanamld B
*
2
11X
100
11
Beauharnois Power
Bell Telephone
Blue Ribbon com
preferred
High
2X
12
Range Since Jan. 1 1936
Shares
Low
37
10
5,410
1.25
Jan
2X
Feb
765
6X
Jan
12X
Feb
120
6
60
*
....
3
37 X
25
Jan
39
Jan
37
450
29 X
Jan
40 X
Feb
*
13
160
nx
Jan
15
Jan
3
89
3
Jan
146
190
141X
Jan
150
Feb
75
3X
Jan
5
—
14
Jan
29 X
31
27
Jan
30
30
30 X
61
30
Jan
30 X
50
15 X
46,605
9X
Jan
15X
Feb
1.15
1.10
1.15
5,682
1.10
Feb
British American Oil
*
22 X
21X
22 X
12,830
Jan
32 X
31X
32 X
422
16X
28 X
5X
2,775
4
Jan
125
33
Jan
37 X
Jan
45X
*
*
Canada Bread...
1st preferred
B preferred
Canada Cement
Preferred
5X
5X
23 X
32X
111
Feb
70
11
Jan
17 X
Feb
45
38
Jan
53
Feb
53 H
53 X
54
101
61X
Jan
Feb
55
149
Jan
170
Feb
Jan
222 X
Feb
Imperial
100
219
19
200
Jan
221
Feb
167
210
213
23
196
Jan
213
Feb
.100
298
300
12
271
Jan
300
Feb
Royal
100
180
180 X
18
164
Jan
182
Feb
Toronto
100
234
235
13
225
Jan
235
Feb
100
Loan
211
and Trust—
Canada Permanent
155
Feb
88
Jan
Jan
201
Feb
90
Jan
95
Feb
115
Jan
120
Feb
84
20
200
200
5
198
Toronto Gen Trusts... 100
94
94
5
118
119
15
155
Feb
Jan
83 X
68
84
100
.100
160
137 X
160
100
National Trust
Toronto Mortgage
50
Toronto Stock
45 X
1,095
5 X
460
5
Feb
6
Jan
5
90
Jan
95
Jau
5X
94
94
43
43
41
*
7
7
100
68
66 X
7X
69
Exchange—Curb Section
Feb. 22 to Feb. 28, both inclusive, compiled from
Last
Sale
Biltmore
40
89
Jan
44
Jan
499
6
Jan
8
Feb
586
58
Jan
75
Feb
Par
Stocks—
No par
Week
Shares
32
__*
50
50
50
15 X
14X
2X
15 X
180
3X
5,675
14X
16 X
1,212
*
*
Preferred
*
of Prices
High
Low
Range Since Jan. 1 1936
for
32
.—
Brewing Corp
'
Range
32
*
Silk
i
*
Hats
Bissell (T E) pref—
Brack
Price
value.
3
15X
/ Flat price.
official sales lists
Sales
Friday
Feb
42
•
107X
Jan
190
Feb
5X
45
100
Jan
52
100
Feb
35
5X
Jan
17X
62
Jan
35
*
..50
Jan
1.40,
.......
25
65
Jan
t
86
Feb
*
Jan
Feb
14 X
64
169
Jan
37 X
BC Power A
Feb
10
222 X
221
...
Jan
13X
♦
Building Products A
Burt (FN)
19
Jan
167
Feb
3X
Brewers 4 Distillers
SB
Jan
6X
Jan
4X
29
50
Brantford Cord 1st pref.25
*
Jan
17X
Huron 4 Erie
3
4
Brazilian
Feb
219
Jan
144
«...
146
100
5X
35X
Jan
5X
25
Feb
4X
34 X
Jan
2X
100
...
Nova Scotia..
13
100
Canada
Montreal
High
37
......
Beatty Brothers
6 H%
for
3,983
12 X
Jan
Feb
9
Dominion
Commerce
Sales
Week's Ranoe
40
17X
110X 110X
16
16X
Feb
Banks—
both inclusive, compiled from official sales lists
Friday
58 X
16
50
Wood (Alex 4 J) pref.. 100
Toronto Stock Exchange
9X
Low
High
25
30
Feb
32
Jan
50
33
Jan
50
Feb
13X
Jan
161!*
2X
Jan
4
Jan
18
13
X
Jan
Feb
Feb
Financial
Volume 142
1447
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
(Concluded)
of Prices
Low
High
Par
*
*
34 %
*
100
Jan
Feb
Jan
1
35
Feb
Maple Leaf Mines
27%
Feb
Mclntyre Porcupine.
6%
556
32%
22 H
100
21%
22%
135
21
Jan
23
35
15
33
Feb
35
2
Jan
12c
43%
43%
44%
4%
1.40
1.55
1.39
Jan
1.63
Jan
55c
55c
55c
5,000
55o
Feb
55c
Feb
Feb
McMillan Gold
8c 10%c
2%c
Jan
16c
Feb
Jan
8c
35c
15
40
Jan
65
Feb
4
Feb
4
Feb
McWatters Gold
F<.b
8%
10
40%
970
7%
8%
32
Jan
40%
Feb
7%
4
Jan
Feb
78
411
56
Jan
78
Feb
18
18
10
10%
Jan
23
Feb
Moneta-Porcuplne
Morrls-Kirkland.
Murphy Mines..
4%
Jan
OK
5%
5%
55
5%
..100
33
34
105
*
60
60
47
Honey Dew
*
Preferred
30
7%
7%
*
33
32
33
60
*
Shoe..
Imperial Oil
23 %
23
24
6,841
....*
6%
32
Feb
35
Feb
20%
Feb
Feb
Jan
4
Jan
Jan
42
130
Feb
58c
Jan
80c
Feb
1
4%c
%o
Jan
Jan
39%
17%
Feb
17%
3,925
12%
Jan
97
Jan
105
9
16%
16%
142
102
101
102
Omega Gold
Jan
Perron Gold
1.41
Jan
2.50
4%
Feb
111%
Jan
1,167
19%
Jan
1,475
5
v
2
2
75
69
10
....*
Preferred......
..100
117
29
Walkerrilie Brew
*
3
Waterloo Mfg A
*
2%
2
50c
69
Jan
Feb
22
Feb
Slscoe Gold
Feb
Feb
Par
Price
"l
54c
4.40
Jan
6.25
Jan
335,920
124,770
35,760
16,487
249,850
29,844
14,510
4o
Jan
8%0
Feb
18% 0
Jan
38% C
Feb
18c
Jan
36c
Feb
3.00
Jan
4.95
Feb
*
Feb
1.02
1.00
1.08
Sylvanite Gold.......
2.63
2.55
2.70
Jan
119
29
Feb
Tashota Goldflelds
...1
49c
33c
Jan
3%
Feb
Teck-Hughes Gold
*
4.98
4.95
5.05
14,289
4.83
Jan
5.40
Jan
1.25
Jan
2.25
Feb
Texas-Canadian
♦
4.00
3.60
4.25
1.63
Jan
4.60
Feb
1
1.35
1.35
1.43
1.20
Jan
1.50
Feb
33c
28c
33c
39,558
1,390
7,000
20o
Jan
37c
Feb
Ventures
*
2,38
2.33
2.50
Jan
2.50
Feb
*
1.19
1.08
1.25
62,180
6,918
1.60
Walte-Amulet
1.00
Jan
1.32
Feb
Wayside Consolidated .50c
18c
17c 19 %c
56,750
15%o
Feb
20% 0
Feb
*
4c
3%c
4c
30,600
3o
Jan
1
8c
6c
9%c
3o
Jan
4%o
9%o
Feb
•
8.25
8.25
8.85
87,100
6,915
7.75
Jan
9.00
Feb
»
45c
45c
51c
•6,220
41c
Jan
71c
Jan
Feb
64c
63c
66c
19c
10%c
20c
6.53
6.80
9%c
...1
5.25
4.95
5.50
♦
4%c
4%o
5%C
14c
17c
1.15
1.39
48%
11c
*
1.08
1.36
1.35
...1
25,092
11,650
24,350
1,100
28,235
47,450
2,850
187,320
72,450
6,800
2,767
89,634
1,746
21,500
10%c I2%c
1.22
1.45
1.50
1.41
1.55
3.06
2.95
3.15
...*
1.25
1.25
1.37
Chibougamau Pros— ..»*
53c
4%c
46c 58%c
4c
4%c
"3'. 25
8%c 10%c
3.25
3.45
in*
in*
*
2.35 !
*
2.18
47%
47
18%c
Ymlr-Yankee Girl....
2.64
54o
Feb
70c
Jan
50c
Jan
70o
Feb
1%0
Jan
3%c
Feb
3%c
Jan
10%o
4.10
Jan
4.95
70c
Feb
40c
See Page
Feb
60c
Drury & Thompson
Jan
Jan
1.84
Feb
64c
Feb
76o
Jan
16%c
Feb
23o
Jan
5.55
Jan
7.15
Jan
90
Jan
12%c
Jan
3.80
Jan
6.50
Feb
2c
Jan
5%c
Feb
60
Jan
18c
Feb
73c
Jan
1.39
Feb
5c
Jan
14c
Jan
1.40
Feb
1.15
Jan
1.45
Jan
1.69
3.44
ST. JAMES ST. W., MONTREAL
PHONE HARBOUR
Montreal Stock
Jan
Jan
360
Jan
90c
Jan
1.60
Jan
63%c
Feb
3o
Jan
4%c
Jan
10% 0
Feb
2.80
Jan
3.45
Feb
1.80
Jan
2.64
Feb
41%
4%c
Jan
52
Jan
Par
Stocks—
"l05"
Preferred
Alberta Pac Grain A...
*
Jan
23
Feb
12%
14
930
10
Jan
15
Jan
108
Jan
110
Feb
Jan
Bathurst Power A Paper A*
6%c
7%c
6c
10c
Feb
Bawlf N Grain.
5c
Jan
lie
Feb
1.29 138,233
1.05
Feb
1.45
Jan
58,650
2,000
14%C
Jan
28c
Feb
320
Jan
40c
Feb
290,300
6,750
24c
8,433
1,000
7%c
35c
32,200
60
Jan
Feb
3%c
19o
Jan
26%o
7%c
5%o
230
77o
27c
36c
22c
...1
*
7%c
33%c
85c
Greene-Stabell—
Gunnar Gold..
""75c
8%c
*
16%
...1
1
...i
28c
67
48%C
-
67
Lake Shoe Mlnesr
Lamaque-Contact. —
...
1
Lowery
Petroleums—
2,500
109,675
20,800
1,000
7,458
157,700
26,630
45,720
3,850
30,845
2,377
76,400
781,158
37.900
9,860
7%c 8%c
16%o 16%c
15%
15%
23%o 32%c
65
68%
44%o
49c
50c
470
50c
57
11c
10c
20o
58%
13c
27c
23%c
3%c
3%o
4c
7.10
6.90
7.20
12o
12c
nil
4.56
4.35
4.72
Mines.--—
Little Long Lac
Macassa Mines
77c
...*
Lebel Oro
Lee Gold
64c
11,300
4c
43o
47c
Kirkland-Hudson Bay ...1
Klrkland-Lake
85c
3c
1
Howey
J
80c
30o
...1
1
Gold...
M Consolidated
7%c
Feb
30o
Jan
Jan
9c
36c
Feb
Jan
94o
Jan
110
"11
*
3%
14
13%
British Col Power Corp A.*
32%
31%
*
5%
15%
35
B
*
Bruck Silk Mills
Building Products A...
*
*
Canada Cement
7%
Jan
5c
Jan
30c
Jan
77c
Feb
Canada
Jan
10%o
Jan
Jan
10%c
17%
Feb
Jan
33 %c
75o
Feb
7c
Ho
Jan
62c
Jan
Jan
Jan
290
Jan
57o
Feb
30o
Jan
62o
Feb
47c
Feb
68c
Jan
51%
Jan
59%
Feb
5c
Jan
19o
Feb
120
Jan
27o
2%o
Jan
6%o
Feb
6.50
Jan
7.75
Feb
Feb
9o
Jan
14% 0
Feb
68,157
3.12
Jan
4.73
Feb
—
Celanese
Preferred
7%—
Candn Foreign Investm •t-»
Candn Hydro-Elec pref 100
Candn Industrial Alcohol.*
Class
*
*
B
No par
value.
36
7
7%
69
347
1,615
472
38
Jan
Jan
160
Feb
9%
Jan
28
Jan
4%
13%
Jan
15%
32%
5%
Jan
16
33
Jan
37%
Jan
74
Feb
Jan
7
Feb
2%
10%
38%
1.76
Jan
12%
644
8
110
31
15%
15%
29
28%
122
8
17%
31%
121% 122
18
18%
30
30
Jan
5
435
39%
Feb
58
2%
7
Jan
Feb
Feb
Jan
25
Feb
8
22 %
6
Jan
Jan
6%
1,230
""7%
.
Canadian Converters.. 100
100
Canadian Cottons
35
Jan
Jan
24%
*
Rights.
36,582
1,594
2,973
1.295
Feb
1.75
23%
2%
11%
*
100
5%
14%
15%
32%
5%
15%
17%
4%
26%
142
66
Canadian Bronze.
Canadian
40
490
6
100
Canadian Car A Foundry.*
-25
Preferred..
1,095
Jan
24
*
Steamship
Preferred
3%
33
145%
145
12%
67
100
Preferred
2c
13o
5,645
"145%
Can North Power Corp.
13.75
75
16
33
100
Preferred
110
14
100
BeU Telephone
*
Brazilian Tr. Lt A Pr_.
Canada Forgings class A..*
500
1
*
100
Preferred
Feb
Jan
Jan
Jan
38%
Jan
Feb
36o
Feb
6
Jan
1.28
23c 28%c
5c
6c
105
Jan
14
9.45
24c
5%
Jan
4
27
Jan
25c
5%
Jan
100
6
fjan
24%c
5%c
70
20
1.06
1
10
10
36
6.90
Jan
105
High
Jan
23
9,45
3c
105
Low
9%
35
1.19
Breweries-
Associated
5
23
9.00
Feb
10
100
1.10
7c
Shares
.50
Preferred
Amal Electric pref
9.30
.1
Price
10
1.13
Gold Belt
Week
Agnew-Surpass Shoe-
*
Jan
Range Since Jan. 1 1938
for
of Prices
Low
High
Jan
4%o
Sales
Week's Range
Sale
..,.1
1.05
Exchange
Last
Eldorado
1.29
1254
compiled from official sales lists
Friday
Feb
19 %o
Feb. 22 to Feb. 28, both inclusive,
7c
7c
Montreal Curb Market
Exchange Inc.
Feb
1.24
2.81
Canadian Commodity
Feb
1.05
Members
Montreal Stock Exchange
5%c
9,845
26,467
8c 107,242
9c 438,100
1445
CANADIAN SECURITIES
Jan
33c
1.45
Exchange—Mining Curb Section
5%c
•
Feb
Feb
Toronto Stock
nil
1
Feb
Feb
Dominion Explorers..
nil
52o
Jan
Feb
21o
29c
78,750
52,500
3,800
13,300
14,678
48,830
3,020
6,800
9,357
61,800
71,740
37o 39%c
1.65
1.10
High
Jan
white Eagle
WUtsey-Coghlan.
Wright-Hargreaves
28o
Jan
22c
...I
..
52c 125,925
Feb
1.55
1.20
Low
7c
1.55
*
Range Since Jan. 1 1936
11%C
4%c
24c
nil
Feb
Jan
Jan
Barry-Holllnger...—
16c
Feb
2.90
2%
Shares
5c
*
1.15
Jan
22%
Feb
4%o
9c
Feb
Jan
Jan
113%
5%c
3%o
8%o
9c
18o
60
88c
2.45
Feb
1
..
215
10c 134,150
9%c
1
*
18c
Sullivan Consolidated. ...1
Feb
Jan
1
Central-Patricia.
13%c
Sudbury Contact
Feb
Feb
Bagamac Rouyn. ....
Castle Trethewey
I6%c
Feb
5
Feb
6c
Cariboo Gold
4.70
37
25c
21c
-
32c
4.25
112%
97c
80c
170
—
27%c
Jan
6%c
9%c
4.70
4%c
...
33%c
31c
4.50
...
Feb
Jan
4.60
75%c
-50c
38c
34c
1
*
111
Feb
8%C
18c
nil
Jan
800
7c
14c
66c
2%c
IIIi
3.40
6.25
2%c
60c
62c
2%c
mm><m
Jan
5c
Sudbury Basin
1%
2.87
6.25
Stadacona-Rouyn.
St Anthony Gold
31
Jan
Feb
5%c
14%o
80c
*
3.35
1.33
6.25
7,300
9,850
6,400
79,100
273,100
1,145
2,100
27.700
50,450
5%c
*
3.23
72o
Jan
350
High
4.60
—
3.24
Jan
Jan
*
Feb
of Prices
Low
...1
...
3.45
56c
1.00
1
Week
...1
—
Jan
62c
1.25
South TIblemont
compiled from official sales lists
8%c
III*
Arntfleld
Homestead Oil
2.99
3.10
61c
1.10
So American G A P...
Feb
for
57c
m
*
Htghwood-Sarcee Oil..
Holinger Consolidated
22,972
2,250
34,579
20,985
Feb
30
2%c
...
Harker Gold
Jan
790
3
2%
16%c 17%c
1
Ajax Oil A Gas—.—
...1
Alexandria Gold.
Hard Rock
29%
39
Jan
Feb
Sales
*
Halcrow-Swayze
Feb
5,424
9%o
39%
Feb
2.50
38
Week's Range
Sale
Grandoro
Jan
Jan
69
Exchange—Mining Section
Last
Graham-Bousquet
Granada Gold
94o
5%o
J
40
5
Friday
Goodfish Mining.....
Jan
9,200
62c
Towagmac Explor
Toronto Stock
Feb. 22 to Feb. 28, both Inclusive,
Goldale
50o
8c
1.18
Toburn Gold
God's Lake
92c
2.94
2.98
Antonio.^——.
Jan
35
-
Franklin Gold
1.18
36
37
Sherritt-Gordon
Jan
4%
2%
Federal-KIrkland
Jan
80c
91c
Sheep Creek
3
Jan
1.15
11
San
Feb
30
118
25
33
"20 %
100
Falconbridge
1.01
Jan
Jan
Feb
22%
16
Preferred...
United Fuel pref
6%
115
32
33
Dome Mines
1.15
10.25 11.00
1
*
40
112
4%
-
Feb
7%c
*
...
125
33
Coniagas Mines
Conlaurum Mines
Jan
2.04
1.13
Jan
3
112
.
1.34
Jan
1.96
1.25
15
.100
Clericy Consolidated
Commonwealth Pete
Jan
1.44
1.12
3,700
50,781
12,190
84,303
1.00
2.04
1.05
12
2
Thayera
Chemical Research
1.05
1.78
Feb
35%
Canadian-Mai artic
1.00
3.75
11%
40
Calmont Oils
3.25
Jan
601
40
Calgary A Edmonton
Jan
3.15
2,096
5
35
Bunker Hill
2.65
100
115
15
40
Buffalo Canadian.
600
2.90
69
Tamblyna (G;
Buffalo Ajxkerite
Feb
3.00
2.90
225
3
Stop A Shop oom
*
Supersilk pref
..100
Supertest Pete ord.......*
B R X Gold Mines
2.18
*
Prospectors Airways..
Quebec Gold Mines... —J
Feb
Big Missouri........
Bobjo Mines........
Bralorne Mines.
Jan
Jan
Feb
Roche-Long Lac
Royallte OU
Beattie Gold Mines ...
Jan
1.80
1.60
Read Lake-Gold Shore
Jan
2.18
Jan
Jan
2%c
Feb
1.00
Feb
Feb
5.00
1.95
Feb
Feb
1.74
4%0
2.15
18%
Jan
84%o
Jan
12.00
Premier Gold
14%
4.85
Jan
Jan
Feb
90
Jan
1.12
Jan
Feb
Feb
3.70
27,690
19,100
52,212
9.60
17%
Feb
15
Jan
4.19
75
22%
Jan
Jan
Feb
4,162
37.900
Jan
13
Acme Gas A Oil......
4.93
15%
4c
4.85
10.35
85
4K
34c
42c
50% c
16,332
128,428
4%c
4.63
Pioneer Gold
10
22
80c
3%c
Peterson-Cobalt
Pickle-Crow
150
2
4.45
1.52
Jan
95
114
Feb
1.36
Feb
14%
~22H
Jan
79c
72c
75c
34%
43%
89
"~4%
7%c
Feb
38c
3.90
3.90
Feb
*
Pamour-Porcupine
Paymaster Consolidated.. 1
14
Rogers Majestic
*
(R) Simpson pref—...100
Shawlnlgan
Standard Paving
....*
Preferred..—...
100
70c
Jan
60c
65c
685
18%
Jan
4%C
42c
4%c
71c
89
2
50c
4,650
5%c 147,000
73c
37,486
42c
4%c
*
16%
Jan
*
Olga Oil A Gas
Preferred-....... ..100
17%
28o
37c
Read-Authier
*
♦
18,455
37c
Reno Gold
Corp..
50
Northern Canada Mining *
O'Brien Gold
13
3.50
Prairie Cities OU A
Jan
50
Jan
3.50
Ontario Silknlt
FeD
44%
48
Jan
1.50
3~5<j
4o
3.05
49%
Jan
17%
1.50
5
Jan
Jan
♦
39
16 %
6
Feb
2c
2.45
2.87
31%
80
*
10 %
4%c
31,900
1,751
9,102
3%c
*
Jan
33%
*
pref
7%
30
National Breweries
North Star Oil
Jan
68,425
4%c 275,500
Feb
Feb
145
National Steel Car...
North Star Oil..
Jan
6%c
79c
Noranda
7%
Jan
2,483
19,500
1.25
12c
3c
Feb
5,436
1,170
Exploration
1.50
1.41
11c
3c
70
38
13
Bear
Feb
2.75
Jan
37 X
33%
43%
Base Metals
24c
3c
40
2,411
0H
OH
32 X
42 X
Ashley Gold
Astoria-Rouyn..
Jan
65c
Nlplsslng
37
12%
Anglo-Huronlan..
13o
2.80
Feb
6%
37
Montreal Power
Algoma Mining...
18,300
1.35
Newbec Mines.......
37
24%
7%
*
Mercury Mills pref
...
Jan
22c
1.40
..
Jan
Jan
37 %
*
—100
Afton Gold...
1.65
.1
....
30
37
100
International Petroleum __*
Stocks—
42c
Jan
70%c
Mining Corp
71
6%
...*
Preferred...
Jan
1.40
...1
•
4,280
78
*
English Electric A.
Power
21c
22,485
*
8%
38%
39%
18
Preferred
39c
1.45
Jan
Merland Oil
34c
1.40
17c
♦
9
95,100
45,214
1.43
McVIttie-Graham
12
100
McColl-Frontenac
Jan
1.50
1
4
Dom Tar A Chemical
Preferred..;
Feb
McKinley Mines
4
*
Int Metal Indust
15o
49%
McKenzle Red Lake.. ...1
05
3%
—*
Hamilton Bridge
Preferred
Feb
Jan
Feb
Feb
4
Preferred
Preferred
18c
Feb
'
05
Disher Steel..
Dominion Bridge
High
....
Jan
5%c
40%
12%c
...6
15%c
3,746
49,695
_
100
*
-
5%o
16%c
*
Preferred
Low
18c 181,900
14c
51,150
*
Manitoba A Eastern..
1,690
Range Since Jan. 11936
for
Week
Shares
High
...1
Feb
8%
7%
34%
Low
Price
Par
{.Concluded)
250
DeHavtland Aircraft
Humberstone
Stocks
High
Low
Shares
21X
Canada
Consol SAG pre!
of Prices
i
7%
33%
7%
Malting
Week's Range
Sale
11936
Range Since Jan.
Week
35
*
Canada Vinegars
Canadian Wire Box A
Last
22
Canada Bud
Sales
Friday
for
Week's Range
Sale
Price
Exchange—Mining Section
Sales
Last
Stocks
Toronto Stock
Exchange—Curb Section
Friday
Jan
Feb
Jan
25%
3%
15%
Feb
Jan
40
Feb
4,926
5,646
6%
Jan
8
Feb
14%
Jan
17%
Feb
6,560
27
Jan
31%
Feb
188
120
Feb
125
18
Feb
19%
23%
Jan
30
8
128
Jan
Jan
Jan
""60"
49
50
100
48
Jan
60
Jan
30
29
30
260
Jan
30
Feb
36%
11%
9%
35%
40%
Jan
48
11%
12%
Jan
12%
Feb
9%
10%
23%
34%
9%
8%
Jan
11%
Jan
1,024
12,471
1,410
Jan
1448
Financial
Chronicle
Feb.
1936
29
Canadian Markets—Listed and Unlisted
Montreal Stock
Exchange
Last
Sale
Stocks (Concluded)
Par
Canadian Locomotive
*
Canadian Pacific Ry
25
Cockshutt Plow
3 H
14%
Week's Range
of Prices
Low
High
*
8
8
239
231
Crown Cork
*
-_*
100
25
6,207
100
241
2%
10%
7%
'
Jan
Jan
Jan
.201
Jan
High
Dom Eng Works Ltd
Dominion Stores Ltd
Dom Tar A Chemical Ltd *
243
Feb
Price
16
Feb
17
Feb
31
1,105
29%
Jan
10
79
Foreign Pow Sec Corp Ltd*
32
Jan
Feb
Fraser Cos Ltd
17%
17
4,377
14%
Jan
34%
40%
17%
Jan
1,595
112
*
74
*
6
112
145
"7%
400
16%
145
6%
7%
74%
6%
Jan
115
5
136%
Jan
146
Jan
8
Feb
m.4**rnmm +
72
79
18%
18%
Paper
East Kootenay Power
*
Eastern
70%
6
*
Dairies
Electrolux Corp
......
3
26%
Enamel A Heating Prod..*
*
General Steel Wares
Goodyear T Pfd Inc *27 100
Gurd, Charles
*
Gypsum. Lime & Alabast.*
Hamilton Bridge
*
—100
Preferred
Holllnger Gold Mines.--.5
Howard Smith Paper
*
100
Preferred
Imperial Tobacco of Can_5
Int Nickel of Canada
*
International Power
6%
4%
57%
6%
7%
7%
5%
58
2.50
Feb
Jan
Feb
19
14
19
3,970
8
Jan
18%
18%
60
60
10
55
Jan
60
Freiman(A J) cum pf6%100
...*
1.23
1.20
..*
1.46
Jan
79
Jan
Imperial Oil Ltd
24
Jan
7
Feb
Int Petroleum Co Ltd
*
23%
37%
23%
5
10%
37%
9%
38
*
1
1.40
*
*
10
1
Feb
2%
Feb
345
2
Jan
3%
Feb
Jan
28%
Feb
2,410
3
25
19%
1
Corp cl A
Class B
Melchers Dist Ltd A
B
Jan
3
Feb
16
Feb
Jan
4%
Feb
55
5%
58
50
7
602
6%
Jan
7
Jan
7%
6%
Jan
8%
Jan
Reliance Grain Co Ltd.
5%
166
4%
Jan
6%
Jan
58
24%
39%
14%
Feb
Jan
1.30
1.40
820
50o
Jan
2.25
Feb
10%
645
10%
Jan
13%
Feb
4%
11%
4%
260
4%
5%
Jan
5%
Feb
Jan
8
.
_
""94"
99%
15%
16
4,630
13.80
Jan
17%
Jan
11
11
12%
115
113
Walkerville Brewery Ltd.*
Walker-Good A Worts
*
5
94
133
79
Jan
131
98
Jan
760
11
Jan
13
Jan
400
108
Jan
115
Jan
5
75
88
105
»
100
Preferred
*
Lindsay, C W
Massey-Harrls
*
6%
McColl-Frontenao Oil
*
16%
13%
44%
3%
Jan
14%
Jan
Jan
54
Jan
98%
130
2
4
105
19%
Jan
Feb
6
88%
Feb
Preferred
*
18%
97
1
Jan
22
Feb
Feb
9%
227
98
Jan
99%
99
10
Jan
Feb
Jan
75c
75c
500
75c
Jan
90c
Jan
3%
1,725
Jan
3%
Feb
32%
18%
32%
10
2%
31%
Jan
34%
Feb
178
17%
Jan
19
Feb
64o
Feb
25o
Feb
19
123
Jan
130
Jan
3
Jan
4
Jan
Coniaurum Mines Ltd
.
33c
600
35%
1,230
4%c
4c
18,000
2o
Jan
5o
Jan
2.38
4%C
2.51
1,300
2.38
Feb
2.51
Feb
46%
46%
43
Jan
52
9.00
9.45
7,125
6.90
Jan
9.45
Feb
29c 34 %c
22,750
23o
Jan
44o
Feb
Feb
1,367
2,332
5%
Jan
7%
Jan
Dome Mines
12%
JaD
17%
Feb
Faloonbridge Niokel
*
9.40
16
30
Jan
36
Feb
Francoeur Gold—....*
30c
50
.*
86
Jan
99
31%
Jan
34
Jan
Goidale Mines Ltd
102
141
99%
Jan
103
Jan
*
44
42
44
8,368
39
Jan
44
Feb
Greene-Stabell Mines....1
J-M Consol Gold
1
National Breweries pref.25
41
41
42
80
40
Jan
43
Feb
Lake Shore Mines
15%
Jan
17%
Feb
Lamaque Contact Gold..*
34
Jan
52
Feb
Lebel-Oro
66c
6,250
32
400
37
Jan
Jan
Jan
•
Jan
5,065
101
Jan
30c
*
101
Jan
40o
64c
33%
.
100
75o
64c
"34"
Bulolo Gold Dredging....5
C artier-Mai artto Gold..
1
16%
7%
17%
Montreal L, H A Pr Cons.*
Montreal Tramways
National Breweries
97
Jan
7
Mines—
Big Missouri Mines..
35%
74
6%
4%
6%
600
2%
16%
uu
Feb
5%
50
200
9%
Feb
57
Feb
4%
7%
98
-----
35%
74k
Mitchell (JS)
*
Montreal Cottons pref. 100
895
4
130
21
130
19%
Feb
4%
7%
Brazil Gold A Diamond.. 1
Lake of the Woods.—
Jan
Feb
94%
101
9%
United Dist of Can Ltd...*
2,062
310
98% 100
89%
""7%
*
Jan
20,503
7
7
Feb
Feb
36
115
Feb
Jan
Jan
4
Sarnia
Jan
Feb
210
Rogers-Majestic Ltd A...*
735
20%
33%
Feb
1.46
Jan
4%
Power of Can cum pref.100
13%
825
70c
57,400
4,828
2,295
10%
Page-Hersey Tubes Ltd..*
Jan
170
5
Feb
87%
Feb
10%
Mitchell A Co Ltd (Robt)*
25%
5
Feb
Jan
145
-—100
Preferred
24
85o
70
1.50
14%
52%
Jan
Feb
9
34
14
Jan
Feb
75
10%
10
Feb
293
33 %
49%
58
630
Feb
7%
3,605
33%
15%
14%
50%
12
Feb
2%
Bridge Ltd A
*
Sou Can P Co Ltd pref.100
*
Feb
18%
2
710
15
15
~"4%
9
4%
275
2,910
14%
2
315
28
26
2%
Foundation Co of Can—*
36
*
Home Oil Co Ltd
Feb
3%
1.50
High
Feb
26%
19
Inter Utll
Dryden
Low
155
Feb
4%
10%
7%
6%
Range Since Jan. 1 1936
Shares
*
Voting trust dtfs
10.372
20
106
Feb
High
35
6%
100
English Eleotrio Co Can A*
40%
17%
Low
34
Cum pref
38%
100
Textile
Week
*
Feb
for
of Prices
*
Feb
15%
9%
Par
Jan
4
Stocks (Concluded)
29%
100
Glass
Preferred
Dominion Steel A Coal B 25
Dominion
Low
39
16
Sales
Week's Range
Sale
Shares
3%
Market
Last
29%
Corp Seagrams
Dominion Bridge
Dominion Coal pref
Domlnon
Range Since Jan. 1 1936
for
Week
242
Curb
Friday
15%
8%
3%
14
Mining & Smelting.25
Cons
Dist
Price
Montreal
Sales
Friday
92
33
32%
33%
National Steel Car Corp..*
16%
16%
17%
Niagara Wire Weaving—*
51
51
51
Niagara Wire Weavg pref.*
59
59
59
Noranda Mines
49
47%
50%
3,283
120
10
7,840
„1
1
Mines
56
Jan
60
Feb
50%
Feb
Preferred....
Pamour-Porcuplne ......*
4.95
Jan
215
Feb
Perron Gold
100
152
152%
25
152
Jan
153
Jan
Pickle-Crow
85
Feb
Premier Gold MIn Co Ltd 1
25
85'
85
92
93
15
101% 103
105
Ottawa Traction...—100
18%
18%
18%
Penmans
*
55
55
55
*
*
17%
16%
16%
16%
18%
17%
6,440
1,030
5%
5%
12%
6%
345
Power Corp of
1
199%
"102"
Canada
Quebec Power
Knitting
Regent
*
Preferred
Rolland Paper pref
13
100
75
Jan
88
Feb
93
Feb
110
Feb
58c
880
11c
13c
14,200
6o
Jan
18c
Feb
24c 26 %c
3,767
13o
Jan
26Ho
46)4
Feb
Gold
52
59
Jan
Jan
43%
50
42 %
Jan
3.85
3.85
500
3.75
Jan
4.79
24c 29 %c
78,050
18%c
Jan
31%
Feb
1.40
1.51
3,200
1.12
Jan
1.75
Feb
4.60
4.93
6,700
4.18
Jan
5.00
Feb
Quebec Gold
1
""
1.99
100
1.83
Feb
1.99
Feb
1.10
510
1.00
Jan
1.32
18%
2
Feb
21
Jan
Read-Authler Mine
1
1~95
1.79
2.03
Jan
Jan
Feb
2.03
Feb
57
Jan
Siscoe Gold
1
3.22
3.22
3.35
11,958
4,980
1.43
54
2.90
Jan
3.40
11%
Jan
18%
Feb
Sullivan Consol
1
1.02
1.02
1.08
6,327
87c
Jan
14%
Jan
18
Feb
Teck-Hughes Gold
1
5.00
4.95
5.00
430
4.85
Jan
6.35
Jan
6%
13%
Feb
Ventures Ltd
*
2.36
2.35
2.50
6,650
1.60
Jan
2.50
Feb
Wright-Hargreaves
...»
8.45
8.40
8.50
200
8.00
Jan
8.90
*
3%c
3%o
3%c
5
13
280
12%
Feb
101
100
Feb
57 %o
Feb
101%
Feb
68c
1.05
1.45
20
100
35c
Jan
5,000
1.99
...1
212
Ottawa L H & P pref—.100
Jan
28c
212
Ont Steel Prods pref...100
Ottawa Lt. Ht & Pr
27Ho
23o
28% c
27c
40%
3.85
1
*
...
Feb
300
22,700
25c
Mclntyre-Porcup M Ltd. 5
Jan
Parkhill Gold
Ogilvle Flour Mills
57 %c
11c
1
44%
26o
30c
44c 49 %c
26 %c
30c
~46%C
152
97
Jan
101
1.15
Feb
Unlisted Mines—
St Lawrence Corp
*
50
A preferred
2%
9
1.85
Jan
2%
3,822
9%
2%
9
St Lawrence Flour MlllslOO
565
8
Jan
2%
10%
10
40
Jan
"Feb
44
44
44
Jan
4o
Jan
Ashley Gold
1
19c
19c
23c
6,400
1,900
2o
Feb
19o
Feb
24)4 o
Feb
Feb
Cndn Malartic Gold
1
1.15
1.10
1.22
2,600
1.05
Feb
1.42
Feb
Arno Mines
St Lawrence Paper pref. 100
"25"
23%
25%
1,826
19%
Feb
26%
Feb
Central Patricia Gold
1
3.10
2.95
3.12
4,700
2.84
Jan
3.42
Jan
Shawlnlgan W & Power..*
22%
23
6,253
17%
Jan
23
Feb
Chlbougamau Prospectors*
55c
46c
58c
43,450
20c
Jan
62c
Feb
18
17%
Jan
20
Jan
Duparquet Mining
1
8%c
8c
9%c
24,400
8c
Jan
10% o
Jan
105
10
Jan
12
Jan
1,268
1,227
12
Jan
13%
Feb
Howey Gold
1
70c
66 %o
70c
63o
Jan
71o
Jan
57
Jan
64%
Feb
Kirkland Lake Gd M Co.l
5,100
1,000
47%c
Feb
25
56%
19%
11%
13%
64%
56%
440
*
22%
19%
11%
13%
63%
56%
Feb
Macassa Mines
Feb
San Antonio Gold M Ltd.l
Sherwin Williams of Can.*
Simon (H) A Sons
-*
Southern Can Power
*
Steel Co of Canada
Preferred
Tuckett Tobacco
pref—100
Viau Biscuit
*
100
Preferred
Winnipeg Electric
13%
62%
55%
150
""3%
35
*
100
Preferred
Woods Mfg pref
10
2%
35
4
4
16
Jan
155
47%o 47%c
4.60
Canadlenne
100
Commerce
100
Montreal
100
Royal
100
167"
"298"
1
1.18
1.10
1.25
6,500
1.00
Jan
1.32
Feb
Stadaconna-Rouyn Mines *
35c
34c
38c
76,000
18% C
Jan
39c
Feb
Jan
4%
17%
Feb
Sylvanite Gold
2.60
2.69
600
2.48
Jan
2.89
Feb
Feb
Feb
851
53
53%
141
2%
3%
11%
Jan
52
Feb
67%
Jan
51%
Jan
54%
Feb
.1
Unlisted Stocks—
180
6% pref
16
Jan
140
Feb
149
Jan
170
Feb
Brewers A Dist of Van
*
37
197
Jan
214
Feb
Brewing Corp of Can
*
14
271
Jan
300
Feb
195
164
Jan
181
300
Preferred
11%
106
1.10
HANSON BROS
Canadian Government
INCORPORATED
Municipal
Public
1883
255 St. James St., Montreal
Consolidated Paper Ltd..*
Donnaconna Paper A
*
B
Utility and
13
Jan
12%
1.15
455
1.10
Feb
2%
13%
Jan
7%
Jan
8
Feb
Jan
35
Feb
Industrial Bonds
18%
3%
Montreal Curb Market
106
Feb
Feb
Feb
106
Feb
1.40
Jan
4%
Feb
3%
2,546
16%
1,519
33%
7%
34%
470
50c
525
18%
18%
220
17
Jan
18%
Feb
3%
3,441
2
Jan
3H
Feb
Feb
3
330
33
40o
Jan
Jan
18
Feb
60o
Jan
9
421
5
Feb
6
6%
160
14
14
15%
75
2J
12)
Feb
26%
26
27%
794
24)4
Jan
9)4
7%
16%
28%
62
64
133
55
Jan
65
Jan
71%
71%
25
68%
Feb
22
10
18%
Jan
72%
29%
Feb
22
—
100
65
19
Jan
8%
"...
*
.*
Sm m.
Int Paints (Can) Ltd pref30
Loblaw Groceterias Ltd A*
330 Bay St, Toronta
5
50c
General Steel Wares pf 100
Goodyear T A Rub Co...*
Price Bros Co Ltd
to
2.50
Jan
6%
15
*
Eastern Dairies pref
Ford Motor of Can A
Massey-Harrls Ltd pref 100
McColl-Frontenao OllpflOO
Feb. 22
Jan
6%
25
7%
"34%
Consol Bakeries of Can..*
Sparks St., Ottawa
1.35
1,441
2%
15%
Claude Neon Gen Ad Ltd. *
56
6,880
1.10
3
*
Canada Bud Breweries
•
Canada Malting Co Ltd..*
ESTABLISHED
2%
12%
11%
106
2
10%
Feb
212
181
133
204
168%
2%
11%
100
Ctf of dep6% pref—.100
Atlantic Sug Refin pref.100
138
298
Jan
Sherritt-Gordon Mines
Feb
58%
167
Jan
Feb
3.40
^
Feb
60
136
Jan
35
210
178
m
56o
4.74
Jan
2.98
Jan
16%
210
•»
100
Nova Scotia
—
3.18
300
Jan
Cum
53%
8.965
3.09
2
Abltibl Pow A Paper Co..*
.50
4.73
18
Banks—
Canada
4.38
3.04
I
100
58%
16%
100
Jan
49%
150
545
3%
35
24
4
363
150
37
Feb
Feb
Feb
Jan
20%
Feb
58
39%
104%
Feb
101%
3%
4%
8,635
5%
19%
19%
36%
101
'
Feb
38
235
Jan
Feb
100
100
27
22%
29%
1,565
37
Feb
*
Preferred
"4%
37
36
38%
4,272
39%
Feb
Royallte Oil Ltd....
Feb. 28, both inclusive, compiled from official sales lists
•
Friday
Sales
Last
Stocks—
Par
Acme Glove Wks cum
Week'8 Range
for
Sale
of Prices
Beauharnois Power Corp.*
*
22%
3
Cndn int Inv Trust Ltd
*
Can Int Inv cum pref.100
Canadian Vickers Ltd
*
Cum pref..
100
Canadian Wineries Ltd...*
Catelli Macar Prod pf A. 30
Commercial Alcohols Ltd.*
21%
22%
4%
3%
3
5
357
210
Low
High
Railway Bonds
47
Jan
52
Feb
17%
3%
Jan
24
Feb
2,197
3
Jan
5%
Feb
Jan
3%
Jan
80
5
80
Jan
82
Jan
22%
22%
1,898
16
Jan
1.23
1.23
800
1.03
Feb
23%
1.23
Feb
108% 108%
mmm
45%
12
107%
Feb
21%
22
60
21%
Jan
27%
40%
46%
3%
Jan
44
42
53%
3%
365
3
53%
3%
20
%
49
20
2%
21
37
1.00
35
55
1.75
Feb
109
3.50
Feb
Bid
4s perpetual debentures.
6s
Sept
15 1942
4%s
Deo
15 1944
5s
July
1 1944
53
Feb
Jan
4
Feb
4 %8
25
Feb
4%s
2%
Jan
3%
Jan
Feb
24%
Jan
4%s
4%s
1.00
1.00
1.35
435
75o
Jan
1.35
Feb
3%
3%
25
2
Jan
1.25
95
50c
Feb
3%
David A Frere Ltee B
*
90c
90c
4
1.25
Ask
Canadian National Ry—
18%
*
Sept
1 1946
5s
Deo
1 1954
106% 107%
4%s
115% 116%
100% 101
114% 115
Bid
Feb
Jan
104% 104%
4%s
July
1 1960
103% 103%
Dominion Government Guaranteed Bonds
125
11%
93
Jan
Feb
850
3%
Canadian Pacific Ry—
92%
Jan
Jan
19
3%
Bid
Ask
Canadian Pacific Ry—
18%
3%
David & Frere Ltee A
53
80
22%
Ltd pf 100
Canada Vinegars Ltd
*
Cndn Dredge A Dk Ltd..*
Range Since Jan. 1 1936
High Shares
4
Calgary A Edmonton Ltd *
Can Nor P Corp
Low
53
Bright(TG)&Co Ltd pf 100
Brit Amer Oil Co Ltd
/ Flat Price
Week
Price
pref*
Asbestos Corp voting tr._*
Bathurst Pow A Pap cl B_*
No par value.
Sept
1 1951
June 15 1955
Bid
1 1946
Grand Trunk Paoifio Ry—
Ask
Grand Trunk Ry—
Feb
1 1956
5s
July
July
1 1969
113% 113%
111% 111%
116% 116%
Feb
5s
Oct
1 1969
118
118%
Feb
5s
Feb
1 1970
118
118%
1 1957
i
Canadian Northern Ry—
113 % 113%
116
116%
6%s
July
124% 125 %
4s
Jan
1 1962
108
109
3s
...Jan
1 1962
100
101
1 1936
102% 103%
6s
Sept
1449
Cnronicle
Financial
Volume 142
Over- the- Court ter
Coca Cola
Grocery Store Products New Com.
Bottling
STOCKS & BONDS
Remington Arms
Christiana Securities
HouResESTRssn
Members
•
Open-end telephone wires to Baltimore, Boston.
Quotations
a4s
1975..
1954..
1954..
I960..
1976._
1975..
May 1 1957-.
a4a
Nov
dZ 54s
a354s
a3Ha
<z3 54s
a3%8
o4s
May 1 1959..
a4s
May 1 1977..
a4s
Oct
1 1980..
1 I960..
1 1962..
1 1964..
a4148 Sept
a414s Mar
0414s Mar
Ask
Bid
o414s April 1 1966
•
Prieate wires to principal cities in United States and Canada. •
o414b Apr 15 1972.
11414 115
Bought, Sold and Quoted
11414 115
11414 11514
11514 11554
MS, WINSLOW & POTTER
11514 11554
11514 11614
115
40 Wall Street,
116
116
117
New York
^
Whitehall 4-5500
11614 11734
Members New York, Chicago
117
118
118
and other Stock and Commodity Exchangee
11854
11954 12014
10454 105
Jan 25 1937
o6s
11354 11454
Bank and Insurance Stocks
11314 114J4
a414s June 1 1974
o4!4b Feb 15 1976
1 1977
10254 10254 o414a Jan
10554 106 54 o4148 Nov 15 1978
109 54 11054 o414s Mar 1 1981
10954 11054/ o4148 May 1 A Nov 1 1957
10954 11054 o414s Mar 1 1963
11054 110J4 o414s June 1 1965
0414s July 1 1967
11054 111
11354 11454 o4148 Deo 15 1971
113 54 11454 a414s Dec
1 1979
1958..
1
Newark and Philadelphia.
City Bonds
10054
10454 10554
104 54 10554
10354 10354
99 54
1
May 1
Nov 1
Mar 1
Jan 15
July 1
Pfd.
Type FoundersNew Com. Nat. Paper & Type Com. &
.
Ask
Bid
a354s July
,
.
Over-the-Counter Securities—Friday Feb. 28
on
New York
'
v
Dealers Association
York Security
New
S
I
Whitehall 4-3700
Trinity PL, N. Y.
Robert Gair Com. & Pref.
Am.
Established 1914
74
New York Investors lst&2nd Pfd.
Bank Stocks
New York
New York State Bonds
Bid
Ask
Bid
Ask
Bank of Manhattan Co. 10
62.10
3054
2954
Ask
Par
Merchants Bank
Bid
100
Ask
Bid
Par
,
World War Bonua—
Canal A Highway—
70
85
20
25
15
130 54
13054
17
1
mmm
12754
—
104J4 10554
10154
Gen A ref 2d ser 3548 '65
103 54 103 54
11454
3954
4154
Penn Exchange..
10
35 54
179
37
Peoples National..
60
48
185
Public National
26
42 54
970
1010
4034
2834
1910
16
18
.
11714
100
Fifth Avenue
Kingsboro
54
Sterling Nat Bank A Tr.25
Bank
1254
100
30
2954
60
...100
Bank
954
854
Trade
Yorkville
National—.100
60
Flatbush National
Bonds
4s
B
ser
4 54s ser
1936-50-J AD
Ask
B 1939-53.MAN
Bridges 4 54s,
1936-46—-MAS
mm
mmtmm
—
mmm
11354 11454
MAS
New York Trust
MAS
Banca Comm
Bankers
Ask
Bid
Honolulu 5s
105
U S Panama 3s June 11961
104
1959
1952
1955
105
Govt of Puerto Rico—
10154 103 54
107
10854
110
1952
554a Aug 1941
Hawaii 4548 Oct 1956
3.00
3.50
10154
104
100
4s 1946
111
113
Brooklyn
954
100
—
Kings
210
296
301
—
11454 11754
1754
1654
10
1750
1700
County
53
50
Lawyers
123
118
20
24
200
100
Irving
119
117
Central Hanover
20
York
46
48
—25
Manufacturers
114
117
115
Chemical Bank A Trust. 10
58
60
New
110
11254
Clinton Trust
50
63
70
Title Guarantee A Tr. ..20
1254
1354
112
114
Colonial Trust
-.25
15
17
Continental Bank A Tr.10
19
20 54
Underwriters
85
114
75
112
Corn Exch Bk A Tr.. ..20
62 54
6354
United States
112
454s July 1958
5s July 1948
...
U S conversion 3s 1946
11554
7
Guaranty
1054
10
County
67 54
12
65 54
20
Bronx
Ask
Bid
10
Bank of Sicilly
23
.100
Fulton
488
483
Bk of New York A Tr. .100
United States Insular Bonds
Ask
Bid
10
Empire
115
105
Itallana.100
Par
A st
Bid
Par
11454 115
10554 106
Philippine Government—
Companies
10854 10954
Holland Tunnel 454 s ser E
1936-60
Bayonne Bridge 4s series C
1938-53
..JAJ 3
10254
Inland Terminal 4548 ser D
1936-60
Kill
Feb
13.55
City (National)
1254
Commercial Natlonal. 100
Chase
123
Bid
3s series F Mar 11941...
5s
National Safety Bank. 12 54
Bensonhurst
George Washington Bridge
Gen A ref 4s Mar 1 1975.
4548 Oct
454s July
5s
Aprl
85
123
'60 to '67
Barge C T 4s Jan 42 to '46
Barge C T 414s Jan 1 1945.
Ask
Bid
Port of New York—
series A
60
50
Canal Imp 4s JAJ
Port of New York Authority
Arthur
50
National..50
First National of N Y..100 1870
P
Highway Imp 414s Sept '63
Canal Imp 414s Jan 1964..
Can A Imp High 414s '65..
Bank of Yorktown..66 2-3
414s April 1940 to 1949—
Highway Improvement—
4s Mar A Sept 1958 to'67
63.00
5s Jan A Mar 1946 to '71
National Bronx Bank...50
Convereion 3s 1947
2080
.100 2030
Federal Land Bank Bonds
Bid
9954
Bid
Ask
100
Ask
10154 102
10854 10854
10454 105
10554 10554
4148 1956 opt
101716 10154
4148 1957 opt
9954 10054
optional 1945.JAJ
3s 1956 optional 1946-JAJ
3148 '55 optional '45.MAN
48 1946 optional 1944.JAJ
4s '57 optional '37.-MAN
4s 1958 optional '38.MAN
3s 1955
10314
1936—.JAJ
1937...JAJ
4148 1957 opt 1937
MAN
414s 1958 opt 1938—MAN
414s 1942 opt 1935.-MAN
10354
Chicago Bank Stocks
10414 10454
10714 10754
101
10114
210
235
Continental Illinois Bank A
Trust
33 1-3
165
STOCKS
275
280
350
380
820
870
National
169
Trust
JOINT STOCK LAND BANK BONDS &
Bid
100
First
..100
Ask
Par
Harris Trust A Savings. 100
Ask
Bid
Par
American National Bank A
Northern Trust Co
100
MUNICIPAL BONDS
v
Bought—Sold—Quoted
Insurance Companies
tfnc.
£rlo6itibMi 9P
MUNICIPAL BOND
Teletype CGO. 437
State 0540
La Salle St., Chicago
Bid
Par
DEALERS-COUNSELORS
Aetna
120 So.
Casualty A Surety 10
5754
6054
Bid
Par
As*
105 54 10954
Aetna Fire
10
10
2654
10
Ask
654
554
Homestead Fire
Fire
Home
Security
28
9
8
Aetna Life
Joint Stock
Bid
Atlanta
99
5s
Bid
Ask
100
100
101
Burlington 5s.
100
101
Maryland-Virginia 6s
100
101
5s.
100
Mississippi-Tennessee 5s._
100
101
Chicago 5s...
/18
19
Dallas 5s
100
101
9854
First Carolinaa 5s
9954
5s.
First of Montgomery
100
97
98
Oregon-Washington 6s
Pacific Coast of Portland 6s
96
98
94
100
101
101
Pacific Coast of Los Ang 5s
100
88
90
Pac Coast of Salt Lake 5s.
96
Pac Coast of San Fran 5s._
99 54
Pennsylvania
9954
Phoenix
9954 10054
10654 108
98
First Texas of Houston 5a.
9854
First Trust of Chicago 5s..
93
96
St Louis 5s
101
100
5s
101
San
Southwest
m
m
mm
84
98
100
Tennessee
Iowa of 8ioux City 5s
100
101
Kentucky of Lexington...
100
101
96
98
69
74
75 54
2954
3154
Merch A Mfrs Fire New' i5
1054
1254
52 54
54 54
National Casualty
10
1954
2054
10
81
4154
National Fire
2 54
9
10
National Liberty
.25
102
112
National Union Fire
100
708
720
10
Automobile
Shippers...
3954
New Amsterdam Cas
..6
1354
1454
26 54
New Brunswick Fire
.10
3554
3754
3254
New
29
30 54
2454
.10
98
4954
20
49
51
4454
27
29 54
New York Fire
354
454
40
42
13 54
15
10
53 54
57 54
10154 104
83 54
8154
27 54
River
-
27
116
29
140
138
96
10
Phoenix
145
133
National .25
Northwestern
Pacific Fire
-
100
23 54
1454
5
Accident
Providence-Washington .10
2154
13
40 54
42 54
32
34
Republic (Dallas)
.10
2954
3054
2054
22
Rochester American... .10
31
28
30
Rossia
..5
14
228
'
1
Alliance
Georgia Home
111
2 .50
-
5
—
Franklin Fire
General
North
23 54
5
12 .50
Northern...
-
5
Philadelphia 10
Firemen's of Newark..
9954
48
Jersey
4254
254
Fire Assn of
101
New
Continental Casualty.. —5
20
160
10
England Fire
Hampshire Fire.. .10
New
Fidelity A Dep of Md.. .20
34
1154
1054
155 54
10
City of New York
Connecticut Gen Life.. .10
Eagle Fire
84
2
20
3054
Fire
Federal
80
9854
51
73 54
Excess
101
100
Virginia-Carolina 53
Virginian 6s
654
454
454
49
.25
Employers Re-Insurance 10
36
101
97
Union of Detroit 5s
1
.10
>■
101
/32
5s
Fire
25
Bonding A Ins
Merch Fire Assur com.254
American Surety
Carolina
100
80
Illinois of Monticello 5s...
Mass
mm
100
78
5s
Southern Minnesota 5s
Illinois Midwest 5s
La Fayette 5s
100
100
5s
Maryland Casualty
1754
Camden
m
/33
Antonio
Lincoln
1654
Boston
m
100
Potomac 5s
100
Fremont 5s
Greenbrier 5s
6s
5s
101
100
Fletcher 6a
37 54
1554
1654
5
Bankers A
99
Ohio-Pennsylvania 5s
94
_.
First of New Orleans 5s...
.5
3454
.10
Equitable—
Baltimore Amer
North Carolina 5s
7554
91
5s..
1654
American Re-insurance .10
100
...
Wayne
First of Fort
78
1454
554
American Reserve
7454
Denver 5s
Greensboro
New York 5s
76 54
Knickerbocker
American of Newark.. 2 54
101
California
Atlantic 58...
.
Ins Co of North Amer.. 10
30 54
American Home
98
Louisville 5s
Importers A Exporters..
86 54
29
American
Ask
96 54
Lincoln 5s
4054
8154
American Alliance
Bonds
Bank
Land
100
3854
Agricultural
.10
Preferred
33
1554
233
Glens Falls Fire
Joint Stock
Par
Bid
100
Land
Par
Bid
Ask
12
4454
46 54
St Paul Fire A Marine. .25
Globe A Republic
Bank Stocks
Ask
5
6
1654
1854
Seaboard Fire A Marine ..5
1354
1554
50
53
Seaboard Surety
.10
2154
23 54
6854
73 54
Security
New Haven.. .10
4154
4454
3154
33 54
Southern Fire
Globe A Rutgers Fire....15
15
2d preferred
25
28
.10
29
31
100
32
38
North
33
35
.1
11
14
Springfield Fire A Mar. .25
149
152
100
65
70
Pennsylvania
22
26
Halifax Fire
10
2154
2254
Stuyvesant
10
17
27
Sun Life Assurance
100
565
595
10
3854
4054
Travelers
100
653
663
10
2854
10
Lincoln
Carolina
100
4
9
Potomac
25
28
Hamilton
100
80
85
San Antonio
50
54
Hanover Fire
100
6
10
V
100
7
10
Virginia-Carolina
rglnia
H
54
5
Great American
Great Amer Indemnity
Fire
.
754
I
For footnotes see
page
1452.
27
30
2954
U S Fidelity A Guar
..10
83
86
U S Fire
Hartford Steam Boiler ..10
..
82
85
U S Guarantee
Home
37
39
Westchester
Harmonia
Hartford Fire
1554
Co —2
Fire..—.2 .50
1654
5654
4
.10
854
1
5854
54
58
3754
3954
1450
Financial
Quotations
on
Chronicle
Feb.
1936
29
Over-the-Counter Securities—Friday Feb. 28—Continued
DEFAULTED
Guaranteed Railroad Stocks
Railroad Securities
.
Offerings Wanted
1
3o$epb ttlalkers Sons
Members Nrw York Sttxk
DUNNE&CO.
Exchange
SSSS^j
Dealers in
120 Broadway
Tel. REotor
Member* New York Security Dealer* Ass'n.
GUARANTEED
NEW YORK
20 Pin4
2-6600
STOCKS
Street, New York
JOhn 4-1360
[SincvlSSS
RAILROAD
Guaranteed Railroad Stocks
Bought
(Guarantor in Parenthesis)
Dividend
V
Par in Dollars
Alabama A Vlcksburg (Illinois Central)
Bid
6.00
97
100
10.60
187
192
—100
0.00
103
107
2.00
35
BONDS
Sold
Quoted
—
Earnings and Special Studies
Asked
—100
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Rooh A Pitts)...
Beech Creek (New York Central)
—
on
Request
37
Boston A Albany (New York Central)
8.75
138
8.50
155
3.00
55
41 Broad St., New York
sloane & co.
Yor\Security Dealers Association
HAnover 2-2455
Bell System Teletype NY 1-424
165
Canada Southern (New York Central)
—100
Carolina CllnohHeld A Ohio (N A N-A C L) 4%.. -100
—100
B Common 5% stamped
e.
Members J^ew
142
Boston A Providence (New Haven)
john
58
4.00
3.50
87
50
52
2.00
45
47
6.50
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
84
86
..100
Railroad Bonds
99
100
90
6.00
stock
•
10.00
174
4.00
76
60.00
950
Akron Canton A Youngs town 5>4s. 1945..
6s, 1945
3.875
67
96
101
7.00
66
69
4.50
7.00
Second preferred
Tunnel RR St LouIb (Terminal RR)
United New Jersey RR A Canal (Pennsylvania).. —100
182
108
112
6.00
Rensselaer A Saratoga (Delaware A Hudson)...
St Louis Bridge 1st pref (Terminal RR)
179
0 90
Preferred
168
145
150
84
89
/02
66
97 J*
96
Georgia Southern A Florida 1st 5s, 1945....
Goshen A Decker town 1st 5348.1978............
Hoboken Ferry 1st 5s, 1946
98*4
98
02
65
100
88
...
91
100
100
106
Maryland A Pennsylvania
6.00
95
.100
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (Illinois Central). -100
5.00
5.00
•
105
39*4
101
.......
1st 4s, 1951
69
83
86
Meridian Terminal
5.00
85
90
3.60
52
55
Minneapolis St Paul A Sault Ste Marie 2d 4s. 1949
Montgomery A Erie 1st 5s, 1956
3.00
50
mam
103*4
/38
..100
Preferred
mm
100
Kanawha A West Virginia 1st 5s, 1955
150
256
Warren RR of N J (Del Lack A Western)
West Jersey A Sea Shore (Pennsylvania).
89
100
.........
...
75
145
252
.
87
Kansas Oklahoma A Gulf 1st 5s, 1978
Little Rook A Hot Springs Western 1st 4s, 1939..
Macon Terminal 1st 5s, 1965....
72
3 00
10.00
Utlea Chenango A Susquehanna (DLAW)
„
70
99
3 00
—
•
65
Chateaugay Ore A Iron, 1st ref 4s, 1942..........
Choctaw A Memphis, 1st 5s, 1952
Cincinnati Indianapolis A Western 1st 5s, 1965...
Cleveland Terminal A Valley 1st 4s, 1995..
40
75
160
97
91
Convertible 5e, 1940-45
Buffalo Creek 1st ref fie, 1961....
72
37
7.00
Pittsburgh Fort Wayne A Chicago (Pennsylvania) —100
68
1.50
3.00
Preferred
mm
104
Prior lien 4s, 1942
Prior Uen 4^8, 1944........................
99
99
85
91*4
.....
69
6.00
83
83
.........
1100
4.00
Asked
81
Augusta Union Station 1st 4s, 1953.............
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 4*4». April 11943
Boston A Maine 3s, 1950
80
Michigan Central (New York Cenfal)
Morris A Essex (Del Lack A Western)
50
New York Lackawanna A Western (DLA W)_. —100
Northern Central (Pennsylvania)
Old Colony (NYNHA Hartford)
Bid
,
179
Lackawanna RR of N J (Del Lack A Western).. ..100
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
•
102
95
2.00
Betterman
96
100
5.00
Chicago Clove Cine A St Louis pref (L Y Central) —100
Cleveland A Pittsburgh (Pennsylvania)
•
65
69
1st 4s, 1955
80
New York A Hoboken Ferry general 5s, 1946.....
Pennsylvania RR 3?*s, series C, 1970..
Portland RR 1st Ma. 1951
Consolidated 5s, 1945
62
60
95
••
77
mm
100
100**
75
93
.......
76
94*4
Rook Island-Frisco Terminal 4H«. 1957
St Clair Madison A St Louis 1st 4a, 1961
Private Wire* to
80
72
76
88
90
....
108
Toronto Hamilton A Buffalo Mb, 1966..........
91
...
Washington County Ry 1st 3*4s, 1954......
Stroud & Company Inc.
83
Somerset Ry 1st ref 4a, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951...
Toledo Terminal RR 434s, 1957
Quotation* —Appraisal* Upon Roqueat
82
Shreveport Bridge A Terminal 1st 5s, 1955.......
EQUIPMENT TRUST CERTIFICATES
70
72
OVER-THE-COUNTER SECURITIES
Railroad Equipment Bonds
Ask
BOUGHT—SOLD—QUOTED
Bid
1
Ask
/
Atlantic Coast Line 6>4s--
4^s
61.00
0.50
Missouri Pacific 4 Us
62.00
3*4a Deo 1 1936-1944
Canadian National 4*4s—
5s
2.00
2.75
63.75
5s
t -sHraj
63.75
Boston & Maine 4}£s
|
2.00
63.00
5s
1.50
63.00
Baltimore A Ohio 4 >4 a
2.75
63.50
2.00
63.00
2.00
63.00
2.00
Canadian Pacific 4>4s
63.00
2.00
Cent RR New Jer 4*4s
Chesapeake A Ohio 5*48..
62.60
—
1.75
64.50
5s._ Jj—
4.00
4.00
New Orl Tex A Mex
64.75
4.00
New York Central
63.00
2.00
63.00
2.00
4^s
63.10
2.25
63.10
2.25
NYNHA H&rtf 4^8
64.75
4.00
64.75
4.00
62.25
1.50
62.00
1.25
62.10
1.40
63.00
2.00
4*4s—
4>4s—
5s
N Y Chic A St L
5s
5s
Northern Paclflo
4*4s
Pennsylvania RR 4>4s
61.50
1.00
61.00
0.50
5s
62.50
2.00
4s series E due
5s
62.00
1.00
5s
64.75
Chic Mllw A St Paul 4>4s-
4.00
4.00
Chicago RIA Pac Mb...
66.60
6.75
66.50
5s
5.75
80
85
80
5s
Denver A R G West 4*4a._
5s
64.75
85
65.50
4.60
65.60
4.50
65.50
4.50
63.00
2.50
6s
62.75
2.00
4MB
63.25
2.75
—
5^8
Erie RR
„
5^8
6s
63.00
62.00
Great Northern 4>4s
5s
2.50
1.25
62.00
Hocking Valley 5s
Illinois Central 4*4s.
1.25
5s
62.00
1.25
63 00
...
2.00
63.00
fc::::::::::::::
2.00
62.00
1.00
62.00
1.00
Internat Great Nor 4>$s__
64.75
4.00
Long Island 4*4s
63.00
2.00
63.00
2.00
62.00
1.25
5s
Loulsv A Nashv
Ms..'...
5s
62.00
Mb
1.25
61.00
Mb
Minn St P A 8 S M 4b
0.50
64.00
3.25
64.00
Maine Central 5s
3.25
5.00
66.00
Mb
66.00
5.00
RYAN & McMANUS
4.00
64.50
64 50
-
6^8
Ma
Chicago & Nor West 4*4s_
109*4
Philadelphia, Pa.
New York
Bid
92
Jan A
July 1936-49
2?*g series G
non-call Deo 1 1936-50
2.00
62.75
St Louis-San Fran 4s
2.00
80
6s
85
80
4*4»
85
80
St Louis Southwestern 6b.
85
65.50
Mb....
4.50
65.50
Mb
3.00
63.80
5s
1.75
63.80
Southern Ry 4 *4 a
1.75
62.50
5s
4.50
62.50
Southern Paclflo 4>4s
3.00
63.80
3.00
63.00
2.00
63.00
Texas Pacific 4s
2.00
MB
6s
63.00
2.00
Union Pacific
4>4s
62.00
5s
1.00
62.00
6s
1.00
62.00
Virginian Ry 4*4s
4*48
1.25
99
102*4
101
6s
Western Maryland
102
100*4
Mb
102
100
5s
103
4>4s—„
63.00
Western Paclflo 5s..
Mb
2.00
63.00
5S
Public
Par
Alabama Power S7 pref—*
Arkansas Pr A Lt 67 pre!.*
2.00
65.75
6.00
65.75
5.00
Bid
Utility Stocks
Ask
73
74
89*4
3*4
91*4
Bid
6
Mississippi P A L 86 p
6% pre
Mo Pub Serv 87 pref..-100
7
9
Mountain States Pr com.*
87
7
9
orlg pref__*
preferred..
*
preferred
..*
Atlantic City El 86 pref..*
109*4
BangorHydro-E17% pf 100
115
Birmingham Eleo 87 pref.*
61
Broad Riv Pr
60
7% pf..l00
Buff Nlag A E pr pref...25
Carolina Pr A Lt 87 pref
6% preferred
*
Cent Ark Pub Ser pref. 100
Cent Maine Pow 6% pf 100
87 preferred
100
Cent Pr A Lt 7% pref.. 100
Columbus Ry Pr A Lt—
1st 86 preferred
A...100
86.50 preferred B...100
Consol Traction (N J). 100
Consumers Pow 85 pref..*
6% preferred.......100
6.60% preferred
100
mmm
63
mm<m
24 H
25*4
88
90
81
83
95
61
mmm
63
69
72
46*4
48
104
106
41
44
104 H
105?*
104** 105?*
106** 107**
Continental Gas A El—
5
30
33
49
51
110*4 112
Newark Consol Gas... 100
121
New Eng G A E 534% pf-*
N E Pow Assn 6% pf-.lOO
28
30
67?*
68?*
47
48*4
New Eng Pub Serv Co—
87 prior lien pref
New
»
Jersey Pr A Lt 86 pf.*
101*4
New Orl Pub Serv 87 pf..*
N Y Pow A Lt 86 cum pf. *
7%
cum preferred... 100
125
49
61
99
100*4
108
109*4
103
Nor States Pr 87 pref.. 100
Ohio Edison 86 pref
...*
87 preferred
_._*
104?* 105?*
110*4 111*4
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf__100
7%
preferred
..100
84
110
87
111
98*4
99*4
104*4 105*4
59
198
Foreign Lt A Pow units
93*4
112
95*4
113
95
Gas A Elec of Bergen.. 100
121
Hudson County Gas...100
Idaho Power 86 pref
*
101*4
100
Interstate Natural Gas..*
Interstate Power 87 pref.*
102
Paoifio Pow A Lt 7% pf 100
Penn Pow A Lt 87 pref...*
79*4
81*4
108*4 109*4
Philadelphia Co 85 pref..*
67
preferred
preferred
3*4
100
Nassau A Suff Ltg pf..l00
Nebraska Pow 7% pf__100
*81
Pub Serv of Colo 7 % pf 100
Queens Borough G A E—
*6% preferred
100
110
192
7%
7%
Ask
66
111** 113
14
12*4
Okla G A E 7% pref...100
Derby Gas A Eleo 87 pref. *
Essex-Hudson Gas
100
1
61
Miss Rlv Pow
N Y A Queens E L P pf 100
107*4
7% preferred
100
Dallas Pr A Lt 7% pref. 100
Dayton PrA Lt 6% pf.100
Illinois Pr A Lt 1st pref..*
ABBOTT, PROCTOR & PAINE
Dlgby 4-2290
86.50
1.25
62.00
Wabash Ry
New York City
Teletype N. Y. 1-1152
Private Wire Connections to Principal Cities
2.00
62.75
5s
A. TAT
2.00
63.00
4>$8
Reading Co 4*4s
Broadway
Assoc Gas A El
62.75
Pere Marquette
Member* New York Curb Exchange
39
104
106
.
80 J*
84
—
81?*
Rochester G A E 7% B 100
106*4
6% preferred C
100
104** 105*4
Sioux City G A E 87 pf.100 >
90
88*4
Sou Calif Edison pref B.25
28
27*4
-
192
198
~
m m
109*4 111
46*4
47*4
21
22*4
31
30*4
South
Jersey Gas A El. 100
6% pref 100
Tenn Eleo Pow
7%
preferred
100
192
63
72*4
m
198
64
73*4
BROADWAY,
NEW YORK CITY
Members of New York .Stock Exchange and other
Stock and Commodity
Exchanges
54
56
94*4
90
Kan Gas A El 7% pf._.100
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pf.100
110
72
73*4
7% preferred
100
Los Ang G A E 6% pf.-lOO
Memphis Pr A Lt 87 pref.*
83
85
Utah Pow A Lt 87 pref...*
Utica Gas A El 7% pf--100
112
105
107
Virginia Ry
100
Washington Ry A Eleo—
5% preferred
100
106
Metro Edison 87 pref B._*
120
Jamaica Water Sup pref .50
Jer Cent PA L7% pf_.100
102*4 104
Western Power 87 pref. 100
104*4 106*4
6% preferred series C..*
For footnotes
see page
1452.
97
mm m
100
79
Texas Pow A Lt
7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pf.100
SBES
100
102
110
112
91
93
65
57*4
99
110
---
58*4
100*4
112
Securities—Friday Feb. 28—Continued
Quotations on Over-the-Counter
Securities of
Specialists in —
the
Water Works Securities
Associated Gas & Electric System
s. A. O'BRIEN &
Members Neu> York Curb
150
CO.
Exchange
,
SmRT,BRENT&C0.
.
BOSTON
INCORPORATED
Hancock 8920
Private Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
COrtlandt 7-1868
Direct
Bid
64 H
92 H
98
70 H
69
102 H
66
Appalachian Power 7s 1936
Associated Electric 5s. 1961
Assoo Gas A El Co
92
95
1948
1st 6a series A new.. 1945
Ark Missouri Pow 1st 6s *63
Ariz Edison 1st 5s new
66 H
94
89
Amer Wat Wks & El 5a *76
Lehigh Vail Trans ref 5s '60
Long Island Ltg 5s—1955
Los Angeles G A E 4s. 1970
Metrop Edison 4s ser G *65
Monongahela W P Pub Ser
1st A gen 4H8
1960
Mtn States Pow 1st 6s 1938
Nassau El RRUst 5s—1944
Newport N A Ham 5s. 1944
New Eng G A E 5s.—1962
New York Cent Eleo 5s '62
N Y Edison 3 Ha D.—1965
67
32
30
4Hs '58
Corp—
Assoc Gas A Elec
58
56
106 H 107 H
Alabama Water Serv 5s '67
104 H 105 H
106 H 106 H
98
Ashtabula Wat Wks 5s '58
104
Northern N Y Utll 5s.
103
Northern States Pr
Conv deb 4a
1973
58
61
Cony deb
1973
63 H
67
65 H
73
77
4Ha
1973
Conv deb 5a
5Ha
1973
Participating 8a
1940
Bellows Falls Hy El 5a 1958
Bklyn C A Newt con 5a '39
Conv deb
69
98 H 100
102 H 104
95
92
Blacks tone V G A E 4s '65
108 H
108H
Public Serv of Colo 6s. 1961
Cent Ark Pub Serv 5s 1948
96 H
1946
1946
77 H
97 H
78 H
81H
83
'60
Pub Serv of Okla 4s A.1966
Pub Util Cons 5 Ha—1948
87
89
Rochester Ry 1st
Central G A E 6Ha
ts 1st lien
coll tr 68
Cent Ind Pow 1st 6s A 1947
1953
103 H 103 H
105H 106 H
Columbus Ry P A L 4s *65
105H 105H
Coney laid A Bklyn 4s 1948
Conn River Pr 3Ha A. 1961
Consol E A G 5-6a A.. 1962
104 H 104 H
Cent Maine Pr 4a ser G '60
Colorado Power 5a
82
78
Sou Cities Utll 5s A.. 1958
Duke Prioe Power 6s-.1966
105H 105H
El 4s. 1960
Tel Bond A Share 5s. .1958
S'western Gas &
107 H
Duquesne Light 3^8.1965
107
Edison El 111 (Boa) 3Ha '65
105H 106
Federal Pub Serv 1st 6s '47
/48
5Hs—1957
85
Green Mountain Pow 5s '48
103
Federated Utll
106H
109H 109H
Yonkers RR Co gtd
99 H 101
'66
West Penn Pr 3H8 ser I
5s 1946
103
105
New Rochelle Wat 6s B '51
95
97
105
1951
98
100
105 H 107
103 H 105
New York Wat Serv 5s '51
99
102
Ohio Valley Water 5s.
103
105
102
100
102
105 H
101
103
103 H 104 H
Prior lien 5s
1948
1948
104
106
Phila Suburb Wat 4s_.1965
108
110
100 H
98 H
102
103
105
108
Richmond W W Co 5s. 1957
86
100
99
Plainfield Union Wat 5s '61
83
84
1946
*59
Pittsburgh Sub Wat 5s '58
105 H
1950
Pinellas Water Co 5Hs
81
100
Roanoke W W 5s
102
Roch A L Ont Wat 58.1938
93 H
100 H
1941
101H
105
St Joseph Water
....
1942
1960
4 Ha
102 H 104 H
104 H 106
102 H
Water Serv 5s... 1961
82
1952
106
1977
5Hs series B
105H 106
106 H
80
mmmm
5s series B
83
1960
105
103
102 H 104
106 H A
Union Water Serv 5 Ha
102
105 H
Water Serv Cos Inc 5s. 1942
Indianapolis Water 4 Hs '40
1st lien A ref 5s
1960
1st lien A ref 5s
1970
mm —
102
105 H
-
-
-
6s series A
-
-
r'
West Virginia
*
-
-
-
-
101X
'51
92
104 H 106
104
98
5s series B
1950
1st mtge 5s
1951
1950
Westmoreland Water 5s '52
98 H 100
99 H 101H
101H 103 H
Wichita Water Co 5s B. '56
102
1st mtge 5 Ha
99
96
102
Jamaica Water Sup 5Hi>
'55
1957
107
Joplin W W Co 5s
105
107
5s series C
1960
104 H
Kokomo W W Co 5s. .1958
104
105
6s Beries A
1949
104
Lexington Wat Co 5 Ha '40
AMOTT,
1958
102
104
5s
Reports—Markets
H
Western N Y Water Co—
Indianapolis W W Secure—
Utilities—Industrial*—Railroad*
97
102 H 103
Water 5s '51
Interstate Water 6s A. 1940
Public
85"
101
1949
Texarkana Wat 1st 5s_1958
103
Ha-1953
ref 5 Ha..1954
X
103 H
103 H
1960
Terre Haute Water 5s B '56
Illinois Water Serv 5s A '52
1st lien A
96
Ssseiies A
102
1st lien A ref 5
Real Estate Securities
97
94 H
101H
'47
South Bay Cons Wat 5s '50
Sou Pittsburgh Wat 5s '55
— mm —
108 H
Hackensack Wat Co 5s '77
Huntington Water 5s B '54
6s_.
1954
5s
1962
91
95 H
1967
1st A ref 5s A
Sedalla Water Co 5 Ha
96 H
96
94 H
94
1952
6s series B
95 H
103 H
1958
Spring Brook
Scranton
Greenwich Water A Gas—
6s sereis A
5s
Scranton Gas A Water Co
1942
5s series D
104
75
100
1948
6s series B
92 H
105 H
1950
1st consol 5s
E St L A Interurb Water—
84
78
1st A ref 5s
1st consol 4s
5s series A
82
103 H
90
92
Peoria Water Works Co—
1968
1958
Davenport Water Co 5s '61
103
90 H
98"
90
100 H 102
106 H
5Hs '52
Water Co 5s
1940
105 H
101
1957
1st mtge 5s
58
55
96
Penna
4Hs
104H 104JH
102 H
Ohio Water Service 5s. 1958
105
107
102
-m-m
83
93
90
1954
Consol Water of Utica—
107H
H 101H
104 H 105 H
Newport Water Co 5s. 1953
Ohio Cities Water 5 Ha '53
101
Connellsville Water 5s. 1939
14
106 H
5Hs
—
—
1941
6s series A
109 %
112
—
Penna State Water
1947
Community Water Service
5Hs series B
1946
38
109 X
—
Ore-Wash Wat Serv 5s 1957
5 Hs series A—
107
Wisconsin Pub Ser 5 Ha '59
102 H
1954
1st 5s series C
126
1939
Ha '60
5s-.950
Clinton W Wks Co 5s. 1939
102 H 102 H
80 X
79 H
124
Western Pub Serv 5
New Jersey Water
Commonwealth Wat (N J)
5s series C
1957
105H 105 H
106
Western Mass Cos 4s.
106
105
1942
Westchester El RR 5s. 1943
105
mm-m
67 H
106
13
106
35 H
/65H
92
104
98 H
34 H
6^8—1950
Kan City Pub Serv 3s_ 1951
Kansas Elec Pow 1st 6s '37
Kan Pow A Lt 1st 4Ha '65
Keystone Telep 5Hs.l955
Iowa Sou Utll
105H
88
Wash A Suburban 5 Hs 1941
102
5s...
104H 105 H
/H
Virginia Power 5s
m- RR —
102 H
104 H
1954
City W (Chat) 5s B...1954
98 H 106
N Y 5s__1942
4H8.2004
Utica Gas A El Co 6s. 1957
Union Ry Co
Un Trac Albany
69
67
42d St Man A St N 5a. 1940
74 H
78
103H
Morgan town Water 5s 1965
M uncle Water Works 5s '65
5 Hs series A
1951
City of New Castle Water
100
72 H
/36
1937
Dayton P A L 3Ha—1960
Dayton Ltg Co 5s
98 H
Sou Blvd RR 1st 5s.. 1945
106
Citizens Water Co (Wash)
5s
1951
104
102 H 103 H
5s__1930
San Diego Cons GAE 4s *65
SchenectadyRyCo 1st 5s'46
Scranton Electric 5s. .1937
Sioux City Gas A El 6s '47
Sou Calif Gas 1st 4s.. 1965
52
51
Pub Serv of N H 3 Ha C
105
Chester Wat Serv 4Hs '58
108 H 109 X
104 % 104 H
4Hs
101
I960
5Hs
1957
California Wat Serv 5s '58
34 H
37
1955
5s_1964
1965
Okla Nat Gas 6s A...1946
5s series B
1948
Old Dom Pow 5s May 15*51
Parr Shoals Power 5s. 1952
Pennsylvania Elec 5s. 1962
Penn Telep Corp 1st 4s '65
Peoples L A P 5 Ha ...1941
Monongahela Valley Water
Butler Water Co 5s.__ 1957
101H 102
31H
Ohio Ed 1st A cons 4s.
Monmouth Consol W 5s '56
105
5 Hs aeries A
76
100
33 H
36
3^8
Ask
106
107 H 109
98 H 100 H
5s series B
30 H
Income deb
101
102 H
mm
30
Income deb 4s
-
—
5a series C
107
73
mm
Birmingham Water Works
29
Income deb
103
Atlantic County Wat 5s '58
99
102
99 H
Arkansaw Water Co 5s '56
104 H
104
105
104#
Long Island Wat 5 Ha-1955
Middlesex Wat Co 5 Ha' 57
99
97
1956
Alton Water Co 5s
Bid.
Ask
Bid
1978
1978
1978
1978
Income deb 3Hs
T«l«type: New York 1-1073
Water Bonds
Ask
Bid
1
/40
NEW YORK
EXCHANGE PLACE,
Tel.: HAnover 2-0510
Ask,
/30
5Ha. 1948
Amer States P 8
40
Utility Bonds
Public
Albany Ry Co con 5a. 1930
General 5a
1947
Information—Inquiries Invited
Complete Statistical
75 FEDERAL ST.,
BROADWAY, NEW YORK
1451
Chronicle
Financial
Volumt 142
M
—
—
mm
103 H
W'msport Water 5s...1952
BAKER A CO.
INCORPORATED
BArclay 7
150 Broadway,
2360
A'nyh»1'1,
N.Y.
Members
Specialists in
Real Estate Bonds and Title Co. Mortgage
Certificate i
Bid
Jan 1 1941
Alden 1st 6s
Ask
Broadmoor (The) 1st 6s '41
/50H
53"
B'way Barclay 1st 68.1941
Certificates of deposit...
/31H
33 H
/31
32 H
B'way A 41st Street—
1st leasehold 6Ha~ 1944
/41H
Bldg 6s. 1948
1945
Chesebrougb Bldg 1st 6s '48
/54H
Chrysler Bldg 1st 6S..1948
Court A Remsen St Off Bid
Apr 28 1940
/51H
133
B way Motors
1st 6s
Dorset (The)
mm— —
70
68 H
70 H
96H
98 H
1st 6s...1941
flOH
71H
Eqult Off Bldg deb 5s. 1952
48
50 Bway Bldg 1st 3s ino '46
—
35"
1949
/42
502 Park Ave 1st 6S..1941
30
Nov 1 1947
40 Wall St Corp 6s
42 Bway
1st 6s
/33
•
1958
1939
/50
---
mm— —
-
-
76
78"
78
80
1400 Broadway Bldg—
1st 6 Ha
stamped...1948
/44H
m-m —
12H
13H
73
76
/49
51
Fox Theatre A Off Bldg
1st 0Hs
Oct 1 1941
Fuller Bldg deb 6s
1944
unstamped
1949
Graybar Bldg 5s.....1946
5 Ha
74 H
88
—
78 H
76 H
/35H
37 H
38 H
Hearst Brisbane Prop 6s
Hotel
'42
Lexington 1st 6s '43
Hotel St George 1st 5 Ha '43
1950
4s
65 H
67 H
90 H
92 H
/52
53
1st mtge 2s stmp A
ref'55
.1946
80
/50H
74
-mm.
36 H
Arundel Deb Corp 2-6s '53
54
53
Associated Mtge Cos Inc—
33
fio
/81
12
1st 5 Ha '51
Prudence Co 5 Ha stpd 1961
51H
43 H
1943
income
/51H
'53
'Home Mtge Co 5Ha A
6s
1934—43
Mortgage Bond Co of Md
1940
137 H
<m--m
----
71
71
5H3-1945
1945
—
—
—
—
—
52 X
39 H
/24H
/24H
26 H
26 H
/27H
/53H
ctfs
(Central Funding series)
Nat Bondholders part ctfs
(Mtge Guarantee series).
Nat Bondholders part ctfs
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-6S.1953
"
Series A 2-6s
Corp—
1954
1954
Series B 2-5s
Potomac
Bond
Corp
73
Ask
>
mm
rnmm
(all
1953
issues) 2-5s
45
52 H
72
Potomac Cons Deb Corp—
47
42
42
44
2-6s *53
42
44
42
44
61
65
42
44
1953
42
44
Union Mtge Co 5 HsA
72 H
1953
6s'37
'34-'39
/50
62
Universal Mtg Co 6s
150
52
2-6s
_
Potomac Deb Corp
44
Potomac Franklin Deb Co
1953
2-6s
/50
Potomac Maryland
75
ture
—
Corp 2-68
Realty
Potomac
Nat Bondholders part
/20
35
/31
33
73
76
41
1966
Atlantic
Debenture Corp 2-6s '58
28
32
Deben¬
43
Bond
Realty
deb
i
A Mortgage
2-6s
29 H
/18
20
61 Bway Bldg 1st 5 Ha 1950
General 7s
.1945
/46
/14
48
1st 5 Ha
May 15 1948
*37
70 H
94 H
95 H
/41H
43 H
Federal Intermediate Credit
Oct 23 1940
Textile Bldg 1st 6s
1958
Trinity Bldgs Corp—
155
1939
2 Park Ave Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6 Ha
Oct 19 1938
101
Westinghouse Bldg—
1st fee A leasehold 6s '39
/47H
Bid
Bid
Ask
....
—
— — —
FIC lHa.
Mar
FIC 1H3- ..Apr
103
F I C 1 Ha. ..May
15 1936 b .30%
15 1936 6.30%
FI C 1 Hs. ..Aug
15 1936 6 .30%
m
—
—
—
mm
rnmm
F I C 1 Hs. ..Oct
F IC lHa. ..Nov
15 1936 6.40%
rnmm
FIC lHs- ..Dec
15 1936 6.40%
rnmm
-mm.
F I C lHa- ..Jan
—
15 1937 6.50%
rnmm
—Feb
15 1937 6.50%
rnmm
F I C
....
For footnotes see page
Ask
15 1936 b .35%
15 1936 6 .35%
FIC lHa. ..Sept
16 1936 b .30%
FICl^s. ..June 15 1936 6 .30%
FIC lHa- ..July 15 1936 6 .30%
64 H
/30H
/69
Bank Debentures
18
Syracuse Hotel (Syracuse)
1st 5 Ha
/46H
Realty ext 1st
6s
1953
Inc 2-5s
—
53 H
Roxy Theatre—
1st fee A l'hold 6 Ha.
1953
2-6s
Cont'l InvDebCorp 2-6s
Realty Assoo Sec Corp—
5s
Debenture
Cont'l Inv Bd Corp 2-5s '53
68 H
/73
Bid
Nat Union Mtge
Arundel Bond Corp 2-5s '53
/31
60 Park Pi (Newark) 6s
70
68 H
and Debentures
Ask
mm —
46 M
165 Bway Bldg
Bid
74
*•
64 H
54
69 H
1963
Loew's Theatre Re< Corp
lit 6s
1947
London Terrace Apts 6s "40
Surety Guaranteed Mortgage Bonds
Allied Mtge Cos Ino—
All series
2~5s
1P53
/45H
/36H
/52H
/42H
1st 6 Ha
Apr 15 1937
1st 6 Ha
3-6630
Sherry Netherland Hotel—
Lewis Morris Apt Bldg—
Lincoln Bldg ino 5 Ha.
Baltimore, Md.
38
101H 103 H
BK
5 Ha sereies C-2
5 Ha series F-l
5 Ha series Q
19th A Walnut Sts (Phila)
1st 6s
July 7 1939
Oliver Cromwell (The)—
1st 6s
i
Nov 15 1939
1 Park Ave 6s_.Nov 6 1939
103 E 57th St 1st 6S..1941
54 H
Keith-Albee Bldg (New
Rochelle) 1st 6s
1936
Lefcourt Empire Bldg—
1st 5 Ha
June 15 1941
Lefcourt Manhattan Bldg
1st 4s
1941
1st 4-5s extended to 1948
Baltimore—Plaza 9260
New York—Andrews
Philadelphia—Pennypacker 8300
A.T. A T. Teletype—Bait. 288
m
-
616 Madison Av 1st 6Hs'38
62 H
Redwood & South Sts.,
40 H
Bldg 1st 6H8-1939
-»
Savoy Plaza Corp—
Harriman Bldg 1st 6s. 1951
Exchange
Y.Curb Exch.
N Y Athletic Club—
5 Ha series
43 H
Mackubin,Legg&Co.
BANKERS—Eat. 1899
77
N Y Title A Mtge Co—
50
-
—
Metropol Playhouses Inc—
S f deb 5s
1945
73 H
«•
86 H
—
88
N Y Eve Journal 6 Ha. 1937
52d A Madison Off Bldg
Film Center Bldg 1st 6s '43
32 H
12 H
500 Fifth Avenue—
6s
76 H
1st A gen 6s
1947
6Ha stamped
AD
73 H
Munson
mm
East Ambassador Hotels—
1st A ref 5 Ha
69 H
/30H
1st 6 Ha (L I)
Metropolitan Corp (Can)—
6s
1947
56
67
Chanln Bldg Ino 4s
1942
1936
Majestic Apts 1st 6s.. 1948
Metropolitan Chain Prop—
6s
1948
1st 6s (Bklyn)
Exohange
Stook
Associate Member N.
m
Ludwig Bauman—
/44
Stock
Washington
Ask
Exohange
Stock
Baltimore
SURETY GUARANTEED
MORTGAGE BONDS
Bid
York
New
1452.
1
1452
Financial
Quotations
Chronicle
Warrants
Investment
QUAW & FOLEY
NEW
63 Wall
YORK
Telephone ANdrews 3-5740
Par
Bid
16.94
18.02
1.92
2.10
■1754
1854
Investors Fund C
Corp.
1.16
4
754
Bancshares Ltd part shsSOo
.50
4)4
454
4.66
17)4
4.05
Class B
Broadway, N. Y.
19.11
20.67
Mass Investors Trust
1
25.38
27.59
Mutual Invest Trust
1
1.61
1.76
Nation Wide Securities.. 1
4.65
4.75
48
4
454
Voting trust certificates.
N Y Bank Trust Shares...
5)4
28.08
1.72
73
No Amer Tr Shares 1953..
2.73
7754
2.59
Series A A
2.73
Series 1955
3.28
2.55
Series 1956
3.24
Series AA mod
Series ACC mod
Crura & Forster Ins
3.19
Series 1958
Northern
3.19
10
34
10
40)4
40 H
43
100
1.10
Cumulative Trust Shares.*
5.66
100
Common B shares
7% preferred
3.28
43
Securities... 100
54
Pacific Southern Inv pref.*
Class A
*
35
com
8% preferred
Industrial Stocks
1.87
354
No Amer Bond Trust ctfs
54
554
254
Accumulative series
Tel. BArclay 7-0700
Teletype NY 1-1493
Bell System
Pomeroy Inc com
Major Shares Corp
*
Maryland Fund Ino com..
19
44
Corporate Trust Shares
Members New York Security Dealers Association
754
5154
*".81
.61
*
Century Trust Shares...*
Commercial Nat ICorp
1920
50)4
4.45
Fund Ltd
..1
Canadian Inv Fund Ltd__
Central Nat Corp cl A...*
Market
Boston Corp
Schoellkopf, Hutton &
.75
Corp *
48
101*41
654
654
First
Bullock
Bristol & Willett
115
1.23
Baslo Industry Shares
*
British Type Invest A...1
Bankers Nat Invest
SERVICE
99.41
Investment Tr of N Y._
454
654
Ask
4454
44 54
Investm't Banking Corps
Bancamerica-Blair Corp
14
1.11
Assoc Stand Oil Shares...2
in the
Invest Co of Amer com. 10
1.27
13
Amer General Equities Inc
Am Insurance Stock
Corp*
BOwllng Green 9-3505
Teletype N. Y. 1-1660
Bid
7% preferred
Amer & Continental
Exchange. Ino.
Established
Par
*
com..
Amerex Holding Corp
*
Amer Business Shares.-.1
/New York Security Dealers Association
Over-the-Counter
Ask
Fund
Affiliated Fund Ino
C. E. UNTERBERG & CO.
COMPREHENSIVE
Correspondent
Investing Companies
Administered
Broadway, New York
Incorporated
BOwling Green 9-1420
Kneeland 8C Co.—Western Trading
Sylvania Industrial Corp.
61
GROUP.
Street, New York
Climax Molybdenum Co.
jCommodity
Company Securities
DISTRIBUTORS
Members New York Curb Exchange
PINE STREET
.
1936
Specialists in all
Bought, Sold & Quoted
Members
29
Over-the-Counter Securities—Friday Feb. 28-Continued
on
MAYTAG
30
Feb.
44
46
15
1654
Class B
*
4
5
Bid
t c_
v
American Book $4
100
Amer Maize Products
American Mfg
100
108
100
118
76
36 54
26 H
1654
18
Macfadden Publica
*
Maytag
5)4
49
105£
12)4
51
5254
100
254
Preferred
100
3054
Carnation Co $7 pref.,100
preferred..!
38
A.
2.52
4.25
ser
53
C
4.50
6.65
57
-
-
4
36)4
74
7.35
Selected American Shares
3.58
1.65
1.77
31.44
Selected Cumulative Shs.
Selected Income Shares
4.83
40)4
44)4
*
25.90
27.90
*
12.03
State Street Inv Corp
*
10.12
Super Corp of Am Tr Shs A
New stock...
Fundamental Tr Shares A.
AA
22.57
24.67
5.78
6.38
C
Automobile shares
1.49
1.62
Trust Fund Shares
4.25
78
Building shares
2.01
2.18
Trustee Standard Invest C
2.86
33)4
35
Chemical shares
1.54
1.67
*
19
22
Food shares
1.12
1.22
1
Merchandise shares
1.12
1.22
5354
5354
5454
Pathe Film 7% pref
Publication Corp com
*
Mining shares
1.48
1.61
Petroleum
1.36
Crowell Pub Co
*
44
4654
1.23
100
107
1.63
Remington Arms com
Rockwood&Co
56
59
Preferred
52
Scovill Mfg
Singer Manufacturing. 100
Sparta Foundry com
Preferred
100
117
100
66
70
Casting pref. *
98
103
50
49
53
Douglas Shoe preferred. 100
Draper Corp
*
25
27
69
72
107
111
Doehler Die
Preferred
Driver-Harris pref
100
Flour Mills of America
*
American
654
*
*
Gen Fireprooflng $7 pf.100
Golden Cycle Corp
10
Graton & Knight com
754
8
shares
Galr (Robert) Co com
Preferred
9)4
39 54
X5154
5
45
47
Great Northern Paper..25
Herr-Hall-Marv Safe. .100
29
30
21
Kildun Mining Corp
1
King Royalty
*
$8
common
preferred
2)4
.100
1.18
123
128
Debenture 6s
/96
17
1st preferred
12)4
-
354
-
6
BURR & COMPANY INC.
1st
/40
16
16
Chain
104
16 54
100
50
100
.
22
.
-
.
.
Chain Store Stocks
123
...
l)4s
....
Aug
l)4sJune
Nat Radiator 5s
N Y
101.4
1938
/18
103
1939
Hiram Walk G & W 4J4s'45 f
ser D '61
104 H
101.7
20
1946
88
1941
101.8
40
*
S2.50
par
Coupon.
York Curb
value,
a
Interchangeable,
/ Flat price,
to
93
on
New
16)4
17
38
40
105
108
Edison Bros Stores
pref 100
110)4
H) Stores...*
Preferred
100
Green (H L)
7% pref.. 100
Katz Drug preferred
*
Kobacker
Republic Steel 4)4s B. 1961
Scoville Mfg 5)48
1945
Std Tex Prod 1st 6)4s as '42
Stores
preferred
*
10
..100
Miller
50
Fish man (M
H) 6% pref
854
9)4
Neisner Bros pref
Reeves
14)4
31
...
7)4
34
102 54 104
100
111
105
Schlff Co preferred
...
Ask
110)4
6)4
(Daniel) pref... 100
Rose 5-10-25C Stores
16)4
100
100
100
(I) & Sons com
*
6)4% preferred
100
Murphy(G C) $5 pf newlOO
Bid
11)4
12)4
107)4 110
5
100
113
90
...
109)4
...
...
102
United Cigar Sts 6% pref..
...
654
100
Par
Bid
U S Stores preferred... 100
...
27
29
27
6% pref ctfs
...
80
29
12K
143*
103)4
10754 10854
Willys-Overl'd 1st
6)4s '43
6)4s '33
Sherman
Woodward Iron 5s
6s
'44
1952
19
/17
84
Sugar Stocks
....
70
17)4
/62
19)4
65
b Basis
i When Issued,
x
prlqe
c
Cache La Poudre Co
Eastern Sugar Assoc
20
Ask
21)4
14
22
Par
2154
12)4
23)4
*
54
Savannah Sugar Ref
7%
preferred
Ask
Bid
*
110
..100
114
West Indies Sugar Corp_.l
...
...
354
4)4
154
Registered coupon (serial).
Ex-divldend.
v Now
selling
on New
Realty, Surety and Mortgage Companies
York
Stock
Exchange.
Par
Bid
Bond &
? Quotations per 100 gold rouble bond equivalent to 77.4234 grams of
pure gold.
Kress (S
Lerner Stores pref
Melville Shoe pref
...
45
7%
Exchange.
t Now listed
Par
10
conv pref
*
(H C) common..*
7% preferred
100
Diamond Shoe pref
.100
/Bohack
Haytian Corp Amer
No
Ask
7
85
Preferred
•
Bid
*
100
....
101
Penn-Mary Steel 5s...1937
Wltherbee
104)4
/38
9754
6)48.1944
Struth Wells Titus
10354
100.21 10024
15 1939 101.5
Shipbuilding 5s..1946
/73
Sept 1 1939
3^s
Ask
15 1937 102 .7
10210
15 1938 102.30 103.1
Otis Steel 6s ctfs
554s
Inland Steel
preferred
Blckfords Inc
15 1936
No Amer Refrac
Haytian Corp 8s
Glldden Co
7%
Aug
100
Federal Farm Mtge Corp—
Securities
24
60
120
Aug
104?4 104 J4
10054 10054
75
Store
.
99
1937
Deep Rock Oil 7s
Boston
17)4
10154
71
1955
3^8
-
57 William St.
...
1)48
154s
42
NEW YORK
-
45
2s
Chicago Stock Yds 5s. 1961
Cudahy Pack conv 4s. 1950
19.89
...
Bid
100
95)4
254
18.13
.
4)4
14 54
13
Merchants Refrig 6s_.1937
Home Owners' Loan Corp
10154 10154
Fund
45)4
654s .1937
Bear Mountain-Hudson
River Bridge 7s
1953
Bethlehem Steel 5s... 1936
Butterlck Publish 6)4s '36
454
2
14
4354
100
com
Journal of Comm
98
98
354
F
20
100
100
Young (J S) Co com...100
7% preferred
inn
98
/96
ser
2754
S) Dental Mfg.20
Ask
.1939
Voting trust ctfs
Un N Y Bank Trust C 3..
UnNYTr Shs
Wellington
Borland Shoe Stores..
Am Wire Fabrics 7s. .1942
1.15
.90
24.06
Miscellaneous Bonds
Type Founders 68.1937
1.07
.70
Par
Am
2.96
1.08
Chicago
Worcester Salt
Bid
1954
2.86
22.38
43
Wllcox-Gibbs
20
104)4 106
109)4 111
1854
B
Huron Holding Corp.....
100
$7
99
American Meter 6s...1946
American Tobacco 4s.1951
3.02
U S El Lt & Pr Shares A..
1.17
White Rock Min Spring—
254
18
2.72
2)4
24
100
Preferred
241
Klnner Airplane & Motor. 1
Lawrence Portl Cement 100
United Gold Equities (Can)
Standard Shares
1
Investors Fund of Amer...
*
White (S
1.74
1.42
154
1.55
1.55
1.77
22
1.40
Incorporated Investors._*
Welch Grape Juice pref. 100
West Va Pulp & Pap com.*
554
7.45
6.59
Trusteed Industry Shares.
28)4
$3 conv pref
.54 )4
*
100
Preferred
B
Trusteed N Y Bank Shares
41
Warren Northam—
.
2.81
Trustee Standard Oil Shs A
1.34
39
353
1.82
1.48
1.30
Guardian Inv Trust com.*
Preferred
D
1.66
1.04
2654
Un Piece Dye Wks pf_.100
U S Finishing pref
100
41)4
99
84
3854
348
Trico Products Corp
*
Tubize Chatillon cum pf.10
Unexcelled Mfg Co
10
2
5
Tobacco shares
24
80
37)4
Sylvania Indust Corp
*
Taylor Milling Corp
*
Taylor Whar I & S com..*
1)4
6)4
shares
RR Equipment shares..
Steel shares
10c
Trusteed Amer Bank Shs B
5
Standard Cap & Seal
Standard Screw
4
Foundation Co—For'n shs.
...
19
25
Dixon (Jos) Crucible
45 )4
5)4
100
49)4
*
100
103
*
Dentists' Supply Co of N Y
Dictaphone Corp
554
554
*
7.19
41
5
preferred
7.19
D
Leather
42)4
2.56
3.96
2.56
Supervised Shares
Norwich
*
.97
3.76
1.88
Oldetyme Distillers
100
4.05
27
1.73
Ohio
$7 1st preferred
24
B
5.50
21.00
.90
Agricultural shares
11
5454
3.80
BB
Group Securities—
...
22
M
19.75
*
Columbia Broadcasting A *
Class B
*
d
Spencer Trask Fund
Standard Am Trust Shares
3954
com
9.13
Standard Utilities Ino
9
$7
1.73
29.25
20
98
54
1.58
25c
Columbia Baking com
$1 cum pref
Pharmacal
4.40
54
Equit Inv Corp (Mass)..5
Equity Corp cv pref
Dividend Shares
B
25
89
100
-
6
23
12.85
4.15
Selected Amer Shares Ino.
4.85
Fundamental Investors Inc
111
12.35
Republio Investors Fund
Royalties Management...
Fixed Trust Shares A
9854
*
1.69
1054
D
B
*
2.80
1.13
1.54
Fidelity Fund Ino
7
116
Northwestern Yeast
57
Deposited Bank Shs
Deposited Insur Shs A...
Diversified Trustee Shs B.
4 54
34
114
100
5% preferred
11054 113
55
5
4
New Haven Clock pf_.100
North Amer Match Corp.*
127
Carrier Corp 7% pref_.100
Climax Molybdenum new.
54
Nat Paper & Type com
102
2854
100
654
32
Preferred
Co 7% preferred
00
Canadian Celanese com..*
....
53 54
100
com
National Casket
354
...
54
Mock Judson & Voehringer
Preferred.
100
Brunswick Balke Collender
.
554
warrants
Merck & Co Inc
6%
-
.
5154
R) Inc com. *
Preferred.
454
47
Hotels
1st preferred
com
Preferred
Mallinson (H
69
Art Metal Construction. 10
Beneficial Indus Loan pf_*
Bowman-Biltmore
3054
Ask
200
24
*
__100
American Republics com
Andian National Corp..
100
1st 6% preferred
2d 8% preferred
74
r__100
Preferred
Bid
Lord & Taylor com
35)4
25
Par
1054
54
2854
*
American Hardware
Ask
9
American Arch $1
1.02
Representative Trust Shs.
Par
Amer Air Lines Inc
Plymouth Fund Ino A. 10c
Quarterly Inc Shares..25c
Mortgage Guar_20
Empire Title & Guar... 100
|
Ask
1
12
|
Pari
vA
54
7
Lawyers Mortgage
20
Lawyers Title & Guar.. 1001
1
Bid
I
154
154'
Ask
154
*254
Financial
Volume 142
1453
Chronicle
By R. L. Day & Co., Boston:
Quotations on Over-the-Counter SecuritiesFriday Feb. 28—Concluded
Shares
$ per Share
Stocks
8 Waltham National Bank, Waltham Old Stock, par
580 Lawrence Woolen Co. preferred, par $100
650 Lawrence Woolen Co.
preferred,
2 Northern RR. New Hampshire,
1
Boston
Athenaeum,
par
par
2
$5
-.$50 lot
550 lot
110 H
$100...
$100
par
$300
-
7 Saco Lowell Shops first preferred, par $100
NORTHERN NEW YORK UTILITIES, INC.
5 Regal
preferred, par $100
5 Central Power & Light 7% preferred, par $100
$2,000 International Match Corp. 5s, 1941, ctf. dep., Bank of New
Trust Co.; 38 International Match Corp. preferred, par $35; 356
Bonds and Preferred Stock
Offerings Wanted
inc.
Telephone
'
32
52 William Street,
N.Y.
2
ixo5
n.y.
115
Par
Ask
Bid
Par
Teleg (N J) com..*
120
New York Mutual
111H
100
121
124H
Bell Telep of Canada. .100
Bell Telep of Pa pref._.100
144
147
122
124
Cincln & Sub Bell Telep .50
89
91
Cuban
39
pf.100
So & Atl Teleg $1.25
25
Sou New Engl Telep
100
S'western Bell Tel pref.100
Preferred
Roch Telep $6.50 1st
Telep 7% pref.-lOO
Emp & Bay State Tel..100
Franklin Teleg $2.50...100
Gen Tel Allied Corp $6 pf_
Int Ocean Teleg 6%...100
92
94
104
107
Lincoln Tel & Tel 7%
62
42
Tri States Tel &
107
148
New England Tel &
10
pf.100
German and
18H
20K
17
18 X
Bid
Antioqula
f27H
f26H
1947
.
Bank of Colombia 7 %.
'18
20
/18
/14h
/31h
20
Bavaria 6Hs to
150
152
123
Cit 7% to
...1945
Bogota (Colombia) 6 Ha *47
Bolivia 6%
1940
Brandenburg Eleo 6s.. 1953
.1931-51
Brazil
British
34
/31h
/29h
f27X
f30
/66
/44h
1953
Natl Bank
European
Panama 5% scrip
Porto
Protestant
28 H
/30
34
1945
/29
Prov
30
165
170
French Nat Mail SS 6s '52
150 H 153 h
German Atl Cable 7 8.
/32
German
1945
35
/30
1948
33
f27
f8H
z25-45
German scrip
German called bonds
1934
Dec
12-1-34
June
1
/42
9H
46
a6
17
/27h
/26M
29
Saarbruecken M Bk 6s '47
/25
1957
of dep '57
/30
28X
/27
28 H
27
a7
18
(Brazil)
1947
Santa Fe scrip
/71
7s.1948
Sao Paulo (Brazil) 68.1943
Saxon State Mtge 6s__1947
noH
1956
38h
Santander (Colom)
f 16
17
/32
35
11
Serbian 5s
21
a4-55
6s.2930 /260
7s
.1940 /41
Stettin Pub Utlf 7s... 1946 /28
/61
Stlnnes 7s unstamped. 1936
7s unstamped
/60
...1946
92
Tucuman City 7s
1951
39 h
a3
stamped..
14
A5H
16H
/40
lo35
48h
92
1953
95
Hanover Harz Water Wks
6%
1957
Housing & Real Imp 7s *46
/25H
27 H
Tucuman Prov 7s
1950
/32
34 H
Vesten Elec Ry 7a
Hungarian Cent Mut 7s *37
/ 30
1947
1945
Wurtemberg 7s to
96
Credit Commercial de France—
609
242
600
1,720
1,690
495
726
1,730
1,690
492
725
1,710
1,660
485
722
610
614
605
1,720
1,690
480
721
980
845
1.047
411
19
1,315
69.50
71.75
71.20
75.90
76.50
100.50
2,520
990
829
1,045
408
17
69.60
71.75
71.00
76.00
76.75
100.10
2,500
960
845
1,039
411
17
1,300
69.30
71.20
70.60
75.50
76.30
99.80
2,410
980
831
1,036
408.
17
1,310
69.00
71.10
70.30
75.40
76.10
99.75
2,470
1,690
534
71
513
1,694
1,621
60
36
1,695
534
71
513
1,658
1,620
60
36
1,680
534
68
513
1,683
1,610
60
36
1,690
534
71
514
56
60
55
Lyonnaise.
Nord
Energie Electrlque du Littoral..
Energie Electrlque du
Kuhlmann.
_-......
990
L'Air Liquide
Lyon(PLM)
NordRy—Orleans Ry
Pathe
Capital..
Rentes, Perpetuel 3%
Rentes4%, 1917
Rentes 4%, 1918
Rentes 4H%. 1932 A
Rentes 4H%. 1932 B
Rentes 5%,
-
1920
Royal Dutch-.—
Saint Gobaln C & C
Schneider
&
69.95
72.10
71.50
76.65
77.35
101.25
2,529
1,690
1,615
61
37
Cie
63
Societe
Francaise Ford
Generale Fonciere
Lyonnaise
J
Societe Marseillaise
Tubize Artificial Silk pref
Wagon-Lits
-
....
_
1,340
f31X
32 H
The Berlin
Stock
89.34
1943
10% gold rouble... 1942
92.24
Feb.
I
The following
securities
88.471
....
SALES
sold at auction on Wednesday
of the current week:
Allgemelne
38
Elektrizltaets-Gesellschaft
Handels-Gesellschaft (6%)
117
LIcht (8%)
140
Commerz und Privat-Bank A G__
—
93
Dessauer Gas (7%)
.—.127
Deutsche Bank und DJsoonto-Gesellschaft— 91.
Deutsche Erdoel (4%)
112
Deutsche Reichsbahn (German Rys) pf 7%. 123
Dresdner Bank
91
Farbenlndustrie I G (7%)
152
Gesfuerel (6%)
130
Hamburg Electric Werke (8%)
134
...
By Adrian H. Muller & Son, New York:
Shares
S per Share
Stocks
(Canada), no par
Corp., Ltd., class A common (old) (Canada), no par.
3,097 Abitibl Power & Paper Co., Ltd., common
1,689 Beauharnols Power
453 International Paper & Power Co. class A common (Mass.), no par
619 Maclaren Power & Paper Co. common (Canada), no par
Ltd., common (Canada), no par
1,518 Union Gas Co. of Canada common (Ontario), no par
^
196 United Light & Power Co. class B common (Md.), no par
754 American ctfs. representing the deposited participating debentures
Kreuger & Toll
Co., par 20 Swedish crowns....
2
30c.
6
9X
2X
375 St. Lawrence Corp.,
11H
6
Stocks
,
Co. common, par $100
Co. v. t. c., par $5
10 Nashua Manufacturing
10 Pelzer Manufacturing
35
9
Amoskeag
Co.
common
Providence
Gas
Co.
16 Boston Sand & Gravel Co. common
Light Co., par $25
5 Columbian National Life Insurance Co., par $100
20 Saco Lowell Shops 2nd preferred, par $100
5
Haverhill
Electric
980
—-
405
69.30
71.40
70.75
75.80
76.50
99.80
2,470
....
60
by cable
each
Feb.
Feb.
Feb.
26
27
28
88
18
186
225
184
177
Mannesmann Roehren
Norddeutscher Lloyd
Relchsbank (8%)
Rheinische Braunkohle (8%)
Salzdetfurth
(7K%)
(7%)
Selmens & Halske
38
37
37
37
118
140
117
117
117
118
140
140
141
141
93
126
91
111
123
93
93
93
93
126
125
126
125
92
92
93
92
112
111
110
110
123
123
123
123
38
91
153
130
134
16
87
18
187
92
92
93
93
152
152
152
151
129
129
129
129
134
134
134
133
17
17
17
16
87
87
87
85
19
19
19
18
187
187
188
176
176
187
222
176
175
176
of
$8 lot
—Tyler, Buttrick & Co., Inc., 75 Federal St.,
the tenth edition of their
$ per Share
6
14H
17 X
11X
1
49X
81
10 X
NOTICES
CURRENT
5H% gold bonds,
$9,000 lot
By Crockett & Co., Boston:
Shares
16
Ilapag
Per Cent
Bonds—
$30,000 The Westchester Bond & Mtge. Co. (N. Y.) 1st coll.
due Feb. 1 1938, Aug. 1933 and subsequent coupons on
_...
603
25
24
Berliner Kraft u.
were
1,720
1,700
-Per Cent of Par
1452.
AUCTION
110
----
Feb.
Feb.
22
Ask
Berliner
For footnotes see page
244
604
Exchange
prices of representative stocks as received
day of the past week
Union of Soviet Soo Repub
Union of Soviet Soo Repub
-...
1,360
20
56
1,733
1,705
Credit Lyonnalse
31
Bid
....
222
18,300
98
/29 H
Ask
8,800
915
110
245
612
^Soviet Government Bonds
7% gold rouble
885
110
917
110
Closing
Bid
218
18,300
1,010
1,340
20
88
247
Union d'Electricitie
94
225
18,400
1,024
1,350
20
89
211
18,200
1,013
1,330
20
87
473
910
110
Societe
29 H
1,025
471
105
Soclete
Serbian coupons
Stem & Halske deb
Coupons
6%
ii'x
8,700
1,059
480
d'Escompte
Pechiney
/25
Catharina
1,355
20
8,700
231
18,400
1.015
1,360
21
90
234
18,470
8,800
Courrieres..
Comptolr Nationals
Coty S A
Eaux
/20
Guatemala 8s 1948
Haiti
29
710
8tamped
Young
17
f27
41
8%
28
Coupons
April 15 1935
German
fl 6
46
/42
July 1934 to Feb 1936...
Dawes
76
e
/39
Santa
f58
July to Deo 1933
Jan to June 1934
German
/27h
29
Feb. 27 Feb. 28
Francs Francs
24 Feb. 25 Feb. 26
Francs
Francs
1,054
474
Citroen B
/42
7%
Transatlantique—
received by cable each day
8,800
Pays Bas
Banque de l'Union Parislenne..
Canadian Pacific...-.-...-..--
Cie Generale
Westphalia 6a '36
7% '36
Rio de Janeiro 6 %
1933
Rom Cath Church 6 Ha '46
R C Church Welfare 7s '46
Salvador 7 % ctf
Banque de Paris et Des
as
week
Francs
8,950
Cie Generale d'Electricitie--
28
Salvador 4% scrip
coupons
22 Feb.
Francs
Cie Distr. d'Electricitie
/26H
Rhine Westph Eleo
stocks
Feb.
Bank of France
Canal de Suez
(Ger¬
1946
Bk Westphalia 6s '33
Salvador
Building A Land-
bank 6H%
German defaulted
Church
many) 7s
28 H
French Govt 5Hs.--.1937
.
32 H
33 H
/72
1968
Alegre 7%
33 H
28 H
Paris Bourse
of the past
28X
/64h
Prov Bk
1966
7 Ha
vestment
The
/31
54
54
Share
1
Mines
Como
The
Quotations of representative
/30
28
69
45H
10
$
Stocks
Shares
30 X
fZOH
f31H
&B)_. 1946-1947
of
Mortgage & In¬
Frankfurt 7s to
68
86
Nat Central Savings Bk
f27
.1945
33"
84
Hungary 7Hs
1962
National Hungarian & Ind
6 Ha (A
11
51
East Prussian Pow 6s. 1953
39 H
/83
/31m
f27H
f27H
1945
Dulsburg 7% to
1948-1949
/23
1949
5s
notes, due
-
By A. J. Wright & Co., Buffalo:
Panama 6H%
CC&D7
Mtge 7%
1948
Oberpfals Eleo 7%...1946
Oldenburg-Free State 7%
to
1945
52
Dortmund Mun Util 6s '48
Duesseldorf 7s to
Municipal Gas & Eleo Corp
Recklinghausen 7s. .1947
Nassau Landbank 6 Ha '38
Vox
f2H
4%
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 Ha *49
-...$3 lot
6% Income bonds, due 1946
Philadelphia, series A 6H%
-
34 H
City Savings Bank, Buda¬
pest, 7s
Millwork Co.,
34
/31
/104
f9X
no
Issue of 1934
$2 lot
$2 lot
$2 lot
0
50
Per Cent
37 H
28 H
70 X
41
Columbia scrip issue of '33
Lumber &
1
1938
Jan.
/31
42
1947
$1,000 Rittenhouse Square Corp.,
/27
/34
/40
(Brazil) 8%
Peacock & Kerr
& Wyoming Valley RR.
$2,000
Leipzig Trade Fair 7s. 1953
Luneberg Power Light &
Water 7%
1948
Mannheim & Palat 7s. 1941
Munich 7s to
1945
Munic Bk Hessen 7s to *45
/37
Call (Colombia) 7%.. 1947
Callao (Peru) 7K%~1944
Stocks
Peale,
Bonds—
Ask
Leipzig O'land Pr 6 Ha '46
1953
Burmelster & Wain 6s. 1940
Ceara
Bid
Hungarian Discount & Ex¬
change Bank 78
1963
19 h
13
f31
6 Ha
$ V& Share
Shares
Co. preferred
15 Lackawanna & Wyoming Valley RR. Co. common
100 Land Title Bank & Trust Co., Philadelphia, Pa., par $5
11 Pratt Food Co., Philadelphia, Pa., par $100
26 T
1962
Corp—
Buenos Aires scrip
.201 flat
$10 lot
4 Lackawanna
/ 30
16 H
Bank
Hungarian
7 Ha
Brown Coal Ind
T'er Cent
40
116
Koholyt 6 Ha
1943
Land M Bk Warsaw 8s *41
WX
f!2
funding scrip
$150 lot
—_
By Barnes & Lofland, Philadelphia:
12 H
11K
114
32H
/10
/27
Brazil funding 5%
common
126
Hungarian defaulted coups /25-45
/28
Hungarian Ital Bk 7 Ha *32
38 h
Jugoslavia 5s
1956
/44-55
Coupons
Cons
Palatinate
Educational
1943, with warrants
$5,000 Hill Realty Trust non-interest-bearing notes
24
1945
$34 lot
Co. com¬
each of National Ser¬
vice Co. preferred; 12 International Educational Pub. Co. 3H% pref.;
2 International Educational scrip div. ctfs. for $10.50 each; 3 InternaA; 20 National Service
Bonds—
18
1948
Barranqullla 8s'35-40-46-48
Bavarian
29H
1946
8%
Bank of Colombia 7 %
preferred, par $100
100 warrants
$1,000 The Bancroft Hotel Co., Inc., 6Hs, Sept,
25
21H
Ask
29
70c.
60
c
deposit, par $1; 3 scrip div. ctfs. of $35X
ctfs.
tional
109 h
Foreign Unlisted Dollar Bonds
1946
Anhalt 7s to
t.
Manufacturing Co.
liquidation)
mon
125 H 128
Tel 100
Wisconsin Telep 7%
York &
Kreuger
ctfs., par
Longwood Towers v.
Dennison
Tel—
Preferred
*
Mtn States Tel & Tel.. 100
Amer.
60 Underwriting & Participation common
29
26
117
6 H %100
Pac & Atl Teleg U S 1 % .25
Peninsular Telephone com*
Preferred A
100
Toll
Commonwealth &
Southern Corp.; 10 Boston S. S. Co. 6% preferred, par $100; 10 Brooklyn
Associates, par $100; 46 Tabard Inn common, par $10; 34 Tabard Inn
preferred, par $10; $1,000 Wollaston Realty reg. non-int.-bear. notes,
April 1920; $1,000 Wollaston Realty reg. 6s, April 1920 ($830 paid in
Ask
Bid
Tel. 100
N'west Bell Tel pf
301H
30
35H
45X
2 Church Ave. Real Estate Assoc. common;
Telephone and Telegraph Stocks
Am Dlst
-
100 kronens; $45 General Gas & Electric Corp.
conv.
7s, preferred int.-bear. scrip
5320 lot
15 George Frost Co. preferred, par $100
35
150 Building Products, Inc., preferred, par $10, and $812.80 dividend scrip..$25 lot
&
ROBINSON, MILLER & CO.
HAnover 2-1282
Shoe Co.
the Commonwealth of Massachusetts,
tricts.
and
a
and
collections, tax titles,
comparison of tax rates.
—M. Dexter Kilborn,
now
assessed valuation, gross
debt ratio and per capita, tax levy, tax
that for several years in
s
statistics of
and dis¬
its counties, cities, towns
The statistics given show population,
net debt, net
Boston, are distributing
booklet, giving up-to-date financial
& Co., and prior to
of Henry L. Doherty & Co.,
formerly a partner of Burrows
the trading department
associated with Harris, Ayers
& Co., Inc.
1454
Financial
General
Chronicle
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
Acadia Sugar Refining Co., Ltd.—Accumulated Div.—
Aldred
The directors have declared a dividend of 15 cents
per share on account
of accumulations on the
6% cumulative preferred stock, par
March
2
to
each of the
holders of record
Feb.
Similar
payments
made in
...
Exchange
int.
on payment
2,738
[
1,262
See y
See y
$6,748
39,694
$8,410
48,109
$11,194
60,636
Dr 1,333
$6,631
67.266
$32,945
$39,699
$48,109
$60,636
Surplus
informed at their annual meeting Feb. 24 that the
during 1935 increased 46.8%, with the result that the
stock increased from $6.10 at the
beginning of
bal. sh.
as per
Losses
follows:
1935.
y
on
sales of securities have been charged
against capital surplus
in 1932, $32,225 in 1933. $4,576 in 1934 and
$1,864 in
$2,518
Comparative Balance Sheet Dec. 31
common
Assets—
the year to $13.04 at the end of the year, or over
100%.
the year there has been a further increase in
Since the end of
assets, the book value of the
common stock
being $16.54 at the close of business Feb. 21 1936.
It was pointed out that the
management was continuing its policy of
Invests,
1935
1934
Liabilities—
(at cost)-$2,503,593 $2,873,774
Cash.
39,635
20,572
22,134
1,293
dividends...
Prepaid taxes
390
company are in the industrial group,
and banks.
Public
which includes investment companies
Utility stocks which constituted 9.49% at the end of
1935 have been reduced to 4.91%,
Rail holdings now account for approxi¬
mately 9M % of the portfolio and include 18,500 shares of Delaware
&
Hudson, 16,000 shares of Southern Pacific, and 12,000 shares of
Reading.
It was stated that at the
present time among the larger commitments in
the Industrial Group are:
Total
a
18,000 U. S. Steel
Tuesday of April.—V. 142,
Allen
Co.—Offers to Purchase Cei tain
Assets of Three Title Companies—•
See Home Title Guaranty Co. below.—V.
141, p. 4008.
Affiliated Products, Inc. (&
no par shs. cap. stock.
—Y. 141,,p. 2874.
1935
Subs.)—Earnings—
1934
1933
1932
deprec. & other charges
—V. 141, p. 3066.
$202,023
$375,778
$639,227
$0.59
$0.52
$0.98
$1.67
1935
1934
$230,096
1933
$420,667
Akron Canton & Youngstown
$84,091
Ry.—Earnings—
Uncollectible ry.
1933
1932
$1,594,629
1.020,584
$1,564,496
1,080,222
$651,913
$579,556
1,278
900
$574,045
5,139
10,961
$484,274
7,810
14,570
30
30
30
$581,764
123,080
$590,175
106,793
418
1,010
172
178,400
170.799
160,o00
$506,684
141,109
1.765
140,700
113
rev
Net operating incomeMis c. rent income
Misc. non-op. phys. prop
Contrib. from other
Dividend income
1934
$653,105
91,239
Railway tax accruals
110
$286,762
9,739
10,502
14,974
9
3
491
378
65,851
1,250
Miscellaneous income
$383,048
10,145
10,574
7,072
576
Inc. from funded secur.
Inc. from unfunded sec.
Company has called all of its outstanding
preference shares for redemp¬
tion and retirement on March 1 1936. After the
completion of this financing
and the retirement of all of the
outstanding preference stock, the only
outstanding stock of company will consist of 237,600 shares of common
stock (par $1). An additional 42,000 shares of the
common stock are reserved
for issuance by the
company under the management profit sharing stock
plan.
1935
65,930
1,290
65,777
1,324
$322,600
9,697
10,307
12,704
$223,110
10,455
11,640
1,437
5
328
Miscellaneous
Misc.
tax
Int.
on
funded debt
unfunded debt..
Inc. trans'fd to other cos.
Misc. income charges
$389,697
1,417
990
accruals
on
Int.
$478,523
1,335
rents
i,116
332,215
23,004i
331,131
22,000
215
18
1,444
4,169
1,007
727
492
$122,041
Net income..
$31,218
$56,591
21.867
January—
Gross from railway
1936
1935
1934
$130,037
45,299
21,995
$114,143
35,498
12,542
—V. 142, p. 770.
$451,981
Net from
railway
Net after rents
From Jan. 1—
completion of
1935
1934
1933
$380,821
29,720
$395,368
86,307
64,835
$292,449
7,604
def41,135
878
Co.—Earnings—
$80,013
$55,592
recent
financing and
comparable basis earnings per
1935
U. S. Govt.
z
sees—
Accts. receivable
Inventory
Other assets
y Perman't assets.
Plymouth
1934
$6,599
130,041
426,163
442,300
44,525
809,683
Liabilities—
Plymouth Felt Pro¬
within
672,969
one year.
Fed
Income
tax..
Long-term debt—
31,837
Reserves
Total
x
$1,903,261 $1,339,588
8,299
|
136" 519
50,680
77,975
Capital stock...
Surplus
x
no
$268,410
20,172
ducts, Inc
46,622
43,949
1934
Pays, on mtge. due
187,770
43,873
Felt
Products, Ino_.
Deferred charges..
1935
Accounts payable.
Accrued expenses.
$1,770
175,000
179,847
Total
730.847
611,459
$87,865
11,534
19,120
30,714
38.600
70,880
84,613
730,847
265,415
.$1,903,261 $1,339,588
Represented by 6,979 shares $3 pref. stock in 1935
(9,196 in 1934) of
(called for payment March 1) and 198,000
(66,000 in 1934)
par value
shares
stock of $1 par value in 1935 and
for depreciation of
$371,875 in 1935
After allowance for doubtful
accounts of
common
no par in 1934.
y After
and $433,939 in
1934.
$11,102 in 1935 and $5,618 in
Allied Owners
Corp.—Modification of Plan Recommended
Oscar A. Lewis, Special
Master, on Feb. 6 filed a report in the District
Court., Brooklyn, in which, among other
things, he recommends the
modification of the plan of
reorganization, so
indenture of third lien to secure the
junior
as
to provide for an original
income bonds to be issued
the reorganization plan in lieu of the
form of supplemental
indenture of third lien presently provided for in
such plan.—V. 141, p. 4220.
[A Subsidiary oc Commonwealth & Southern Corp.]
Period End. Jan. 31—
1936—Month—1935
1936—12 Mos.—1935
Gross earnings
$1,479,140
$1,312,538 $16,961,084 $15,458,465
Operating expenses
658,470
563,127
7,612,027
6,717.683
Fixed charges
404,978
392,461
4.876,451
4,779,033
Prov. for retire, reserve.
140,500
106,175
1,424.805
1.182.470
Divs. on pref. stock
195,178
195,182
2,342,147
2,342,228
Balance..
142, p. 770.
a
per share.
Consolidated Balance Sheet Dec 31
Assets—
pursuant
-V.
66,000
$1.52
$2.92
Representing the portion
1934.—V. 142, p. 940
RR.—Earnings.—
1936
$445,925
92,131
44,780
—V. 142, p. 770
Alabama Power
$165,679
66,000
after a 3-for-l split-up
during year.
On
share in 1934 were equivalent to 84 cents
z
January—
$265,415
allowance
Alabama Great Southern
Gross from railway
48,745
of consolidated net profit for the
year set
aside for redemption of preference stock in
accordance with preference stock
provisions,
y Shares outstanding upon
1933
$181,203
75,366
52,450
$214,425
42,383
y237,600
y$2.16
def$60,125
$187,172
72,615
45,620
$386,294
$193,282
37,287
V
78,497
Surplus Dec. 31
Common shares outstanding
per share
Earnings for Month of January
Net from railway
Net after rents
25,250
$130,745
83,679
$392,690
199,408
xl80,507
surp.
1,189
$309,030
1,522
6,732
333,421
38,600
$220,615
165,679
$814,016
82,527
99,000
Total
$286,847
27,631
$538,480
265,415
10,121
Divs. paid during year on pref. stock.
Dividends on common stock
Provision for retirement of pref. stock
Transferred to restricted earned
$559,158
272,311
$778,776
29,778
75,000
135,519
Miscellaneous credits (net)
x
1933
$1,149,066
370,290
J
Net profit
Previous surplus
60,866
$422,790
1,454
6,732
335,956
21,350
1934
Gross profit from sales before deduct¬
Cash
Gross income
over
those for the year 1934.
At a special meeting of stockholders held Dec.
3 1935, the authorized
common stock was authorized to be
increased to 500,000 shares (par $1)
and each share of the
outstanding common stock (no par) was author¬
ized to be changed into three new shares of common
stock (par $1).
This
change in capital structure was subsequently given effect Dec. 18 1935.
In January 1936, pursuant to
previous approval of the stockholders,
company issued rights to the holders of its common stock to
purchase a
total of 39,600 shares of new common stock
at $13.75 per share.
Company
will use the proceeds from the sale of
such stock to retire all of its out¬
standing mortgage indebtedness, to redeem and retire all of Its
outstanding
preference stock and to provide additional
Earnings
4
cos.
charges,
1935 increased approximately 77 %
Operating profit
$1,721,879
1,142,323
378
Hire of freight cars
Rent for pass. tr. cars..
year
Special charges
Est. prov. for Federal income tax
784
30
Total income
1274.
Other deductions
1935
Net operating revenue
p.
ing selling & adminis. expenses
Selling & administrative expenses
$1,986,860
1,334,946
Rent from locomotives
Rent from work equip
Joint facility rents
$2,565,094 $2,941,698
Consolidated Income Account for Calendar Years
$397,934
[Including Northern Ohio Ry. Co.]
revenues
Total
shares.—V. 142, p. 1274.
Industries, Inc.—Annual Report—
1932
Consolidated Income Account for Calendar Years
expenses
310,251
39,699
32,945
working capital.
$227,328
Air-Way Electric Appliance Corp. (& Subs.)—Earnings
Calendar Years—
Net
loss
after
taxes,
no par
Company's net sales for the
10,000 International Harvester
13,900 Pullman Corp.
—V. 142, p. 450.
Years End. Dec. 31—
Net profit after deprec.,
Federal taxes, &c
Earns, persh. on 382,800
49,222
The consolidated net profit for 1935
aggregates $538,479, after all
and compares with net profit of
$220,615 in 1934.
34,000 Otis Elevator
12,000 Texas Corp.
Aetna Casualty & Surety
purchased
Allegheny Steel Co.—To Change Meeting Date—
20,000 Anaconda
25,000 International Cement
6,000 Chrysler Corp.
6,000 Westinghouse Electric
$2,565,094 $2,941,698
Represented by 50,000
1934
The stockholders will vote on March
10 on amending the by-laws to
provide that the annual meeting of stockholders shall be
held on last
10,000 Standard Oil of N. J.
14,400 Twentieth Century-Fox pref.
14,000 American Radiator
25,000 Kennecott
25,000 Montgomery Ward
18,800 Standard Oil of California
30,000 Underwood Elliott Fisher
Operating
Operating
debs,
Surplus
Shares
t
1935
4H% gold debs...$1,694,500 $1,801,000
6% pref. stock
500,000
500,000
a Common stock..
250,000
250,000
Deben. int. pay..
38,126
40,748
Exchange
300
Capital surp. from
45,400
Accrued Interest &
consolidating the investment portfolio and at present commitments in the
first 50 situations in order of their size at current
market value represent
over 92% of the entire
portfolio.
Over 76% of the entire assets of the
Shares
6.765
105,570
667
See y
as
were
20,000 Union Carbide & Carbon
20,000 General Motors
1932
507
See y
on
Adjustment
Adams Express Co.—Assets Show Increase—
book value of the
$108,444
securities sold..
Loss
trustees.
assets of the company
$94,831
6,704
98,059
Net loss
Bal. forward fr. prev. yr.
Acme Road Machinery Co.—Trustees Appointed—
The company has applied to the U. S. District Court for
the Northern
District of New York for relief under Section 77-B of the
Bankruptcy Act
amended, and for leave to propose a plan of reorganization.
.The petition has been approved as properly filed and
David B. Cook,
Earle C. Bastow and Gilbert Butler have been
temporarily appointed
The stockholders
1933
$83,304
5,554
85,494
of
debentures
on
1934
$79,051
6,851
78,441
General expense.
Int. on 4M% debentures
amount to
•Earnings—-
1935
Income from investment
and call loans
seven
preceding quarters and on Dec. 1 1933.
After the payment of the March 2 dividend accruals will
cents per share.—V. 141, p. 3370.
\
were
Investment Corp. (Canada)-
Calendar Years—
$5, payable
15.
1936
29
Feb.
$705,653
$437,050
to
Allied
Stores
Corp.—To
Mortgages—$6,000,000 Bonds
Refinance
Two
Subsidiary
Sold Privately—
to Be
The company has asked its
preferred stockholders to approve the refund¬
amount of $5,975,000 against Jordan
Co. and Andrews Real Estate
Trust, two of its subsidiaries.
The
ing of mortgages outstanding in the
Marsh
average interest rate on these
mortgages is over 5.04% per annum.
The
first of these mortgages matured on
Jan. 2 1936, and the last matures on
Aug. 28 1940.
Lehman Bros., it is stated, has
arranged for the private sale at par, plus
of a new bond issue of $6,000,000
bearing interest at 4.375%
interest,
the bonds to be secured by the properties of
and Andrews Real Estate Trust, and to mature Feb.
per annum,
p.
Jordan Marsh Co.
15 1951.—V. 141,
Specialists in
580.
Alton
RR.—Earnings.—
1936
$1,204,492
January—
Gross from railway
Net from railway
Net after rents
19,898
1934
"
$954,828
196,453
def2,612
1935
$1,040,298
196,085
defl9,580
All
1933
$935,664
156,780
def46,338
_
From Jan. 1—
Amalgamated Electric Corp., Ltd.—New
P.
F.
President, &c.
of this company to
Sise has been named President
Bayer, who became Ohairman of the Board. P. Murphy has
Vice-President and Managing Director.—V. 142, p. 1275.
Atlantic
and
succeed W. L.
been appointed
gold bonds are
1935, has been
confirmed by orders signed by Judge Alfred O. Ooxe of the U. 8. District
Court for the Southern District of New York and entered in the reorganiza¬
tion proceedings under Section 77-B of the Bankruptcy Act.
The two new companies provided for under the plan have been formed
with the names of New York Ambassador, Inc. and Atlantic City Ambassador
Hotel Corp.. and the new securities to be issued pursuant to the plan will be
The holders of 1st & ref. mtge. fee 5H% sinking fund
advised that the plan of reorganization, dated April 29
ready for distribution after March 16 1936.
.
bondholders will be entitled to receive for each
principal amount of first mortgage bonds, including accumulated
hi Under the plan
$100 in
interest
thereon, held by them.
4% income bonds of New
York
Ambassador, Inc ;
voting trust certificate representing one
I** A
share of the capital
New York Ambassador, Inc.;
stock of
,
$20 in principal amount of 20-year
Ambassador Hotel Corp.;
i
4% income bonds of
Atlantic City
representing one share of the capital
A.voting trust certificate
stock of
Atlantic City Ambassador Hotel Corp.
In order to obtain such new securities
holders of first mortgage bonds
should surrender them at office of Central Hanover Bank & Trust Co., 70
Broadway, New York, which has been appointed agent for that purpose.
Shares—Approved List—
American Business
or stocks
Member.JjW
Smelting & Refining Co.,
follows; American
General Railway
The net assets per share of common stock
Nov. 23 1935, were $10.53.
.
The consolidated income statement in the
Lord said. "While we feel that at present,
desirable investment, undoubtedly as the
will come when senior securities will appear
looking ahead to that extent. For the time
being, the stocks of these companies recently added to our approved list
reflect our opinion that major opportunities for the reflection of business
recovery in stock prices appear in the heavy industries."—V. 142, p. 451.
the
constitute
(& Subs.)—Earnings—
Calendar Years—
Net earnings
Divs. & int. rec.
'
"
■
...
1932
1935
1934
1933
$21,832,177 $25,158,660 $19,581,4611
278,126
114,285
575.587/ Not rep't'd
.$22,110,303 $25,272,945 $20,157,048
2,000,000
2,000,000
2,000,000
2,800,000
3,750.000
2,800.000
Total earnings
Depreciation
$14,657,295
.$17,310,303 $19,522,945 $15,357,048
2,886,331
2,886.331
2,886,331
12,369,990
12,369,990
9,895,992
($5.00)
($5.00)
($4.00)
$10,957,295
2,886.331
9,895,992
($4.00)
Res. for Fed. taxes
.
Net income
Pref. dividends
(7%).
Common dividends
.
.
Rate
Balance, surplus
.
$4,266,624
70.762,427
$2,574,725def$1825,028
70,012,730
68.187.701
$77,083,033 $75,029,051 $70,762,426
Profit and loss
com.
$2,053,982
75,029,051
.
Previous surplus
Shares
2,000,000
1,700,000
.
stock
$68,187,702
out¬
standing (par $25)-—
Earned per share
2,473.998
$5.83
2,473,998
$6.72
2.473,998
$5.04
2.473,998
$3.26
Consolidated Balance Sheet Dec. 31
1935
$
1935
1934
$
Assets—
$
Liabilities—
41,233,300
Common stock. 61,849,950
&c.,
inch
new
construction .143,156,291 140,478,665 Accts.Abllls pay *9,380.977
Market, secure.
2,042,856
2,571,001 Res. for employ.
annuity fund.
Other Jnvestm'ts
1,290,840
1,241,494
Res. for Fed.tax
2,800,000
Investments for
721,583
Pref. dlvs. pay.
employees' an¬
Preferred stock.
Plants, real est.,
nuity fund
15,915,383
13,486,503
Cash
Accts. & bills ree
Deferred
irregular, the statement should not be regarded as a
annual income.
For the period covered gross consoli¬
$339,537, expenses were $63,213 and interest on deben¬
tures, $106,611, leaving a balance of income of $169,713.
Profit on securi¬
ties sold amounting to $47,167 was credited to surplus and not taken Into
basis for estimating
4,947,996
Com. dlvs. pay.
Con ting,
funds.
Surplus..
holdings in the report shows market amounts for
Total holdings In bonds are shown at $11,685,381: preferred
$1,799,562, and common stocks at $35,552,852.
A separate
schedule of "miscellaneous securities" is given, the sum of such items being
carried at $705,393.
Intermediate credits are carried at $90,912, ana
represent participations in five credits at written-down value.
Oash at
Dec. 31 was $2,474,924.—V. 142, p. 1276.
The list of security
each item.
stocks
791,340
& bills rec
2,283,226
Total
11.037,738
77.083.033
$
29,137,484
[And Williams Steamship Corp. (wholly-owned subsidiary)]
1935—Month—1934
1935—12 Mos.—1934 .
Operating earnings
$1,411,037
$1,018,956 $12,560,189 $10,257,104
The company
957,366
12,035,859
9,694.089
$174,573
5,742
$61,589
8,167
$524,330
42,879
$563,015
67,229
$180,316
58,259
$69,757
54,473
$567,209
680.101
$630,244
631,598
$122,056
$15,284 def$112,891
45,194
def$l ,353
def532,128
Balance
Provision for deprec
Balance.
...
_
311
Non-recurring items
Net profit before
income taxes
Fed.
3,190,494
3,750,000
721,583
4,947,996
10,363.501
75.029,051
our
American Machine & Metals, Inc.—Initial Dividend—
declared an initial dividend of 10 cents per share
the capital stock, no par value, payable April 1 to holders of record
March 12.—V. 141, p. 4008.
American Rolling Mill Co.—Debentures Called—
notifying holders of its 10-year 4 H% convertible deben¬
tures, due May 1 1945, that $5,000,000 debentures have been drawn by lot
for redemption at 102H and int. on March 30 1936.
Each debenture so
drawn is convertible on or prior to the redemption date at the office of the
Chase National Bank into 40 shares of common stock. Unless presented for
conversion, the debentures so drawn will be redeemed at the head office of
Guaranty Trust Co.
Interest on the drawn debentures will cease after
March 30. Interest will be paid on the debentures presented for conversotn
to the date of presentation.—V. 142, p. 451.
The company is
American Safety Razor Corp.—Larger Qaurterly Div.—
26 declared a dividend of $1.50 per share on the
par common stock, payable March 30 to holders of record March 10.
This compares with $1.25 paid on Dec. 30, Sept. 30, and on June 29 1935;
$1 per share distributed in each of the five preceding quarters, and 75 cents
per share paid quarterly during 1933 and 1932.
In addition an extra divi¬
dend of 25 cents and a special dividend of $1 per share were paid on March 30
The directors on Feb.
no
&c.—V. 142, p. 118.
Corp.—To Exchange Bonds—
and
ill,
p.
$1,065,234
$736,219
$7.27
$6.07
$4.12
American Seating
Co.—Consol. Bal. Sheet Dec. 31
1934
property$2,587,826 $2,689,262
633,574
657,094
5,000
recelv.cl,640,153
10,254
Inventories
1,156,395
Cash 8urr. value of
life insurance—
52,465
Other assets
86,193
accounts
receivables-
1,741,489
11,580
921,846
assumed and the corporations
follows: International Securities Corp. of
America, $13,106,000; Second International Securities Corp., $3,731,000;
United States & British International Co., Ltd., $2,354,500, and Reliance
Management Corp., $1,056,000.
Any of the debentures not issued in the exchange plan may in the future
be offered for cash at a price not to exceed 104% of the principal amount.
The common stock being registered will be offered to holders of the 10year purchase warrants at $20 a share until April 1 1937, and thereafter
until April 1 1942, at $20 a share plus $2.50 for each full year elapsing after
April 1 1936, and on and after April 1 1942, until the expiration of the war¬
rants on April 1 1946, at $35 a share.
The corporation also filed another registration statement, covering 1,673
shares of $1 par value $3 dividend series convertible preferred stock, $2,290.3
shares of $1 par value of $2.50 dividend series convertible preferred stock,
32,240.2 shares of $1 par value $2 dividend series convertible preferred
stock, and 153,988,435 shares of 10c par value common stock.
The stock is to be offered at the market price at the time of sale and the
proceeds are to be used for general corporate purposes.
rfM ir
ft
by which they were issued are as
First Report
of Consolidated Corporation—
for the period from its formation on Nov. 23 1935, to the close
Dec. 31 1935 issued this week, shows consolidated net
assets, before deducting the amount of debentures outstanding, as $50,710,386, or the equivalent of $2,504.52 per $1,000 principal amount of
such debentures.
After deducting $20,247,500 principal amount of debentures, the balance
of net assets is equivalent to $139.03 per share of preferred stock of all
series outstanding.
After allowing $50 per share, the preference in liquida¬
tion, and accrued dividends on the preferred shares, the net assets per share
of outstanding common stock were approximately $11.19.
b Common
10-year 6% notes.dl,668,000
10-yr. 6% notes not
deposited under
Res.
for
121,666
134,768
21,000
60,007
90,761
expenses
applicable to 10year
6% note ex¬
65,500
tension plan
Reserve for
Federal
43,818
19,329
17,500
8,245
1,065,083
deficit.
369,881
1,065,083
691,871
Income tax
Deferred Income
Capital surplus...
Operating
$6,875,160 $6,818,601
Total
2,833,000
e712,000
plan for extens'n
Mtges. payable
Accounts payable.
Accrued liabilities
47,937
59,090
56,728
65,542
Prepaid charges..
1935
1934
stock..$3,414,875 $3,414,875
Liabilities—
1935
1,271,331
Other
$615,756
$3.07
3216.
Assets—
Plant &
_
$1,271,008
and other reserves
Earnings per share
—V.
1932
1933
_
for outstanding debentures
of predecessor corporations assumed by the issuer, on a par for par basis
but with a cash bonus of $20 for each $1,000 principal amount of such
debentures tendered for exchange.
The outstanding amount of the debentures
Sub. Cos.)
Earnings for Calendar Years (Incl.
1935
1934
Net inc. aft. taxes, depr.
of 10 cents.
The debentures are to be offered in exchange
The report
company's own insurance
The directors on Feb. 25
on
Customers' notes &
209,054,576 208,559.022
Exchange Commission under the Secrutities Act of 1933 covering $22,000,000 4% debentures due 1956 with 10-year purchase warrants for com¬
mon stock attached, and 440,000 shares of common stock with a par value
of its fiscal year,
1935
audit
not, however, include the
public accountants.
This statement does
result of covering certain insurable risks by the
fund.—V. 141. P. 4157.
by
Marketable secur.
has filed a registration statement with the Securities
def$67,697 def$533.481
$15,284
$122,368
Note—Data furnished above for 12 months ending Dec. 31 1934 and
includes year end adjustments and with respect to 1935 is subject to
U. S. Govt, secur.
Including accrued wages, taxes, insurance,
American General
1,236,464
Oper. & gen. expenses..
Cash
Total
Co.—Earnings—
American-Hawaiian Steamship
1935.
61,849,950
7,473,147
1,327.944
2,269,788
24,185,551
209,054,576 208,559.022
at
Period End. Dec. 31—
a
Mat'ls & prod..
was
income account.
41.233.300
acc'ts
Deferred charges
x
3,190,494
21,248,666
11,996,073
1934
General
of dividend dates Is
dated income
most
American Can Co.
at the date of organization
report of American
Corp. covers only a period of one month and 8 days, and the report
suggests that since most of the income is from dividends and the incidence
to"the approved list," Mr.
business cycle changes the time
more desirable.
We are simply
RECTOR 2-7815
TEL.
Net profit from oper.
Other income
Signal Co., Cutler-Hammer, Inc.. New York Air Brake Co., National Lead
Co., Allis Chalmers Manufacturing Co., Westinghouse Electric & Manu¬
facturing Co. and the Humble Oil & Refining Co.
"In addition to the common stocks senior securities have also been added
equities
NEW YORK
120 BROADWAY,
summated—
^ $20 in principal amount of 20-year
/N«w York Stock Exchange
York Curb Exchange
I
w
(Ambassador Hotel Corp.), New
City—Plan of Reorganization Con¬
Ambassador Hotels
York
Rights and Scrip
McDonnell & Co
'i
—V. 142. p. 770.
I
1455
Financial Chronicle
Volume 142
$6,875,160 $6,818,601
Total
of $1,790,444 In 1935 and $1,635,632 in 1934.
202,875 no par shares (excl. 27,125 shares in treasury),
c Accounts receivable only,
d Due July 1 1936, deposited under plan for
extension of maturity to July 1 1946.
e Due July 1 1936.
The income account for calendar years was given in "Chronicle" of
Feb. 22, page 1276.
a
After
depreciation
b Represented by
American Service
Co.—Preferred Dividends—
company are being notified that the
declared a dividend of 69c. a share on the preferred stock
payable March 31 to holders of record March 14 1936.
Attention is called to the fact that certain of the holders of the first
The
holders of securities of this
directors have
mortgage 6% gold bonds series A and
7 % gold notes of the company have not
B and of the three year convertible
exchanged their securities for the new
entitled. Pursuant to the plan of reorganization
of American Service Co. dated April 15 1934, such security holders are
requested to make this exchange prior to March 14, in order to receive the
dividends to which they are entitled.
The holders of the 5 year 6/^ % convertible gold debentures, cumulative
7% preferred stock and old common stock who have not exchanged their
securities for the new securities issuable under the plan are similarly urged
to procure the new securities to which they are entitled.
By order of court
entered in connection with the reorganization of the company, the securities
undelivered on Dec. 31 1936, are subject to cancellation.—V. 142, p. 1276.
securities to which they are
American
tection
on
Telephone & Telegraph
Co.—Assured Pro¬
Coaxial Cable by FCC—
The company is
in constructing
assured protection of patent
the proposed
rights and inventive secrets
coaxial cable between New
York and Phila-
1456
Financial
delphia, under
Chronicle
revised order issued Feb. 26 by the Federal Communications
a
Commission.
were
American Steel
Earnings
Depreciation
1934
Net profit from oper._
Miscellaneous income.—
Total profit
earns, of sub.
Net
Net profit
$116,692
111,179
Preferred dividends
Surplus
Nearnings per share on
7% preferred stock..
$4.34
Nil
1935
$
1935
plant,
b Common
equipm't,
will, &c
good¬
After
44,667,085 44,563,5241
Total
176,000
413,963
141,821
306,777
581,914
4,309,307
44,667,085 44,563,524
no
55,824
Profit and loss since Jan. 1 1932:
Deficit
Profit
as
_
-n_
the
Week End.—
Feb.
Feb.
22
1936
1935
1934
1933
1932
44,163,000
44,680,000
44,129,000
44,398,000
15
38,450,000
40,091,000
40,407,000
41,099,000
33,939,000
35,156,000
35,707,000
36,323,000
27,438,000
28,203.000
27,879,000
27,087,000
33,685,000
31,195,000
31,238,000
30,654,000
—V. 142, p. 1276.
American Woolen Co., Inc.—Annual
Report—
$2,740,598 after depreciation and
reserve^for Federal income taxes,
$24,466,098
surplus
Reserve for
Contingencies Dec. 31 1935
Reserve at Dec. 31 1934
Rental under lease of premises at No. 1 Federal
Mass., vacated—Less net rentals collected
1930 claims settled in 1935, and costs
Reserve for
$863,911
[Including all Subsidiary Companies Except Textile Realty Co.]
1935
r
$
Liabilities—
Cash in banks and
company purchased in the open market for retirement
of preferred stock at a cost of
$612,178, averaging $36.88
The stockholders will be asked to cancel this
stock at the
Textile Realty Co., the
subsidiary engaged in liquidating excess properties
which is carried in the assets of the American
Woolen Co. and in
conoslidated balance sheet at the nominal value of
$1,000, paid in
liquidating dividends to the American Woolen Co. in 1935 the sum of
$450,000, which was credited to capital surplus.
As of Dec. 31 1935
Textile Realty Co. had an excess of
the
$1,881,757 of net assets at adjusted
over par value of
outstanding capital stock.
company's liabilities is carried the mortgage on the American
Woolen Co.'s building in New York
City of $1,100,000.
During 1935 the management continued its policy of the improvement
of its
manufacturing facilities, and new machinery and equipment to the
book value
the
$1,730,945 were
This equipment is of the
purchased
newest
and
and
installed
most
in
modern
the
type
various
mills.
and will be of
great value in the future operations of the
company.
During the year consumer demand for woolen and worsted goods showed
a steady
improvement, with the result that company was able to increase
its sales very
on at
substantially and that the operation of
high rate for the
a
material
assistance
in
year.
the
This continuous
absorption
of
run
overhead
growing taxes continue
its mills
hand
2,040,717
8,888,744 Accts. pay.—trade 1,698,115
Accts. receivable-- 9,562,244
210,232
5,042,035 Accrued liabilities
Inventories
for
Federal
--30,533,026 21,883,272 Res.
Accured
income taxes—
455,981
storage,
rents, int., &c__
80,461
rentals;
65,232 Prepaid
on
.
Mtge.
on
notes
dwellings
Mill
and
163,828
165,779
29,968
12,599
5%
the
1931,
was
new
were
Bldg., N. Y. CRes.
$15,713,426 for the preceding
year.
Mr. Noah gave a review of the
company's operations for the past five
and concludes
as
follows:
result of the program followed since
1931, the deadwood has been
physical facilities.
Its equipment has been substantially
modernized.
The style and quality of its products have been
improved,
and the products themselves have gained
increasing acceptance in the
cut from company's
trade.
for conting--
stock
Better
1,100,000
863,911
1,100,000
964,797
($100 par)38,321,500 39,981,500
Common stock-_
71,029,659 64,995,565
2,000,000
2,000,000
28,422,952 26,869,805
& loss since
3,956,853
6,697,452
71,029,659 64,995,565
Total
ciation of $7,140,046 in 1935 and $5,295,346 in 1934.
400,000 no-par shares.—Y. 142, p. 941.
-
c
Represented by
Amoskeag Mfg. Co.—No Transfer of Case—
Federal
Judge George C. Sweeney. U. S. Federal Court, Boston, has
transfer bankruptcy and reorganization proceedings of tne
under Section 77-B of the Bankruptcy Act, from Boston to
Manchester, N. H. Judge Sweeney stated: "It appearing that the interests
of all the parties will be best subserved by the retention of this case in this
district, the motion to transfer the proceedings is denied."-—V. 142, p. 941.
to
Anaconda Copper Mining Co.—To
The directors
on
Pay 25-Cent Div.—
Feb. 27 declared a dividend of 25 cents per
share on the
par $50, payable April 20 to holders of record March 14.
This will be the first payment to be made on the issue since Aug. 17 1931
when a dividend of 37 K cents per share was distributed.
capital stock,
Income Account Years Ended Dec. 31
(Incl. Subs.)
1935
Operating profit
-
Total income
Loss
on
$28,366,343 $18,331,679
47,045
4,056,274
4,527,350
2,335,249
3,747,090
1,956,597
1,565,803
8,390,016
6,295,322
266,174
236,020
133,640
33,388
bonds retired
Interest
------
-
Expenses non-operating units
U. S. & Foreign income taxes (est.)
Depreciation, depletion, &c
Discount and premium on bonds
Minority interest
Net income
-$11,181,348
8,674,342
per
share
$1,926,706
8,673,833
$1.29
-
Shares capital stock outstanding (par $50)
Earnings
1934
$27,343,137 $17,096,508
1,023,206
1,235,171
x
Other income
$0.23
-
From operations of mining, smeiting,
refining and manufacturing
plants, after deducting all expenses, incl. development, maintenance and
repairs, administration, selling and general expenses and taxes
(except
x
income taxes).—V. 142. p
1109
Anaconda Wire & Cable Co. (&
Calendar Years—
Profit
1935
on
Net profit from oper__
Other income.
-
Subs.)—Earnings—
1934
mfg. operations $2,942,125
Selling & admin. exps
1,084,327
Total income
Depr. chgd. off dur. yr_
Federal income tax
1933
$2,535,183
$1,290,037
821,069
939,141
1932
$502,594
859,177
$1,857,798
37,808
$1,596,042
51,859
$468,968 def$356,583
40,415
26,626
$1,895,606
670,004
$1,647,901
665,225
160,875
$509,383 def$329,957
715,154
723,255
co-ordination
of
sales
and
production has been brought
about.
The capital structure has been materially
improved and a sound
financial position has been maintained.
The management believes that
the company is in a better position
to-day than it has occupied for many
years to take advantage of any increasing volume of business that may
result from further improvement in the
general economic situation or in
the woolen textile industry.
196,200
Income of year
$1,029,402
com .stk. out. (no par)
421,981
Shs.
Earnings per share
—V. 142, p. 771.
employment during the coming year.
The mill payrolls
or
administrative payrolls,
1935, not including executive, selling,
amounted to $23,854,900, as compared with
a
13,879
a The
Textile Realty Co., a wholly owned subsidiary, holds inactive
plants, properties, dwellings, and other assets with an adjusted net book
value of $1,882,757 as of Dec. 31 1935, based on 1934 assessed values
when such values were lower than book values,
b After serves for depre¬
past year the contracts for additional compensation offered
tinuance of this
As
13,819
by
Woolen
machinery during the early months of 1936.
management in 1930 and approved by the stockholders in
voluntarily relinquished by the executives for 1935 and sub¬
for
18,624
7% cum. preferred
Profit
Total
122,451
carried
sequent years.
The high rate of operation in 1935 has been
gratifying in that it gave
employment to a greater number of people for a longer and steadier term
than has been possible for
many years, and it is earnestly hoped that
general economic conditions and consumer demand will permit a con¬
years
mtge. sec.
Amer.
property,
plants & equip.,
& N. Y. real est-28,286,078 28,625,856
Unexp. insurance &
sundry assets
331,383
313,995
machinery was of
costs and,
although
a
Early in the
to
charges,
deposits—
621,960
storage
rec.
Textile Real. Co.
a
b
of
to remain a problem, the
high rate of operation
material factor in the ability of the
company to produce a profit on
its sales.
Wool prices strengthened from the middle of the
year and wool
was in a
strong position at the close of the year.
As of Dec. 31 1935 the
company had a substantial volume of forward
business on its books.
Forward orders on hand on Jan. 1 1936 were suf¬
ficient to insure a good run of
was
$
$
1,900,000
Bank loans
1935
of
1934
1935
1934
$
Assets—
and
value
69,486
41,400
Condensed Consolidated Balance Sheets Dec. 31
on
annual meeting.
In
$964,797
—
St., Boston,
contingencies
snares
share.
per
^
2,740,598
Consolidated
as compared with a net loss of $5,458,494
Feb. 3 1936 declared a
quarterly dividend of $1 a share on
the preferred stock on account of
arrears, this dividend to be payable
March 16 to holders of record Feb. 20.
In declaring this dividend the
directors announced their belief that the net
earnings for the past year
warranted the continuance of
quarterly'dividends at this rate during the
year 1936 unless conditions changed
materially.
During
statement
company,
Lionel J. Noah, President,
says in part:
Year 1935—Net profit amounted to
16,600
per
above)
declined
Directors
(as
Jan. 1'32—def-
*,
.—
6,697,452
annual report Dec. 31 1934
year ended Dec. 31 1935
per
for
Co., Inc.— Weekly
years follows:
1
Dec. 31 1935
Capital surplus
& Electric
Output of electric energy for the week ended Feb. 22 1936 totaled
44,398,000 kilowatt-hours, an increase of 8% over the
output of 41,099,000
kilowatt-hours for the
corresponding period of 1935.
*
Comparative table of weekly output of electric energy for the last five
8
18,624
*$5,458,494
$28,422,952
Output—
Feb.
-
-
c
Feb.
455,979
$2,740,598
_
as per
—net
reserve
1934.
American Water Works
-
Capital surplus at Dec. 31 1935
stock.32,934,500 32,934,500
d5,562,797 c5,699,242
for depreciation of $11,258,792 in 1935 and
$12,366,741
b Common stock authorized, 1,000,000
shares; issued, 993,020
par value at stated value of $33,611,000, less
22,606 shares
held in treasury at cost of $676,500.
c After deducting
$268,258, which
represented 3,118 shares of preferred held in treasuy at cost,
d After de¬
ducting $301,703, which represented 3,378 shares of preferred held in
treasury at cost.—Y. 142, p. 941.
a
in
shares of
*
—
additional preferred stock purchased
on
Preferred stock
Total....
__
annual report Dec. 31 1934—---$26,869,805
for retirement-1,047.822
Liquidating divs. received from Textile Realty Co. during 1935
450,000
Fixed assets transferred from Textile Realty Co. during 1935
$
29,635,581 28,802,085 Capital
stock
of
Inventories.
4,114,115
subsid. company
3,472,424
147,493
Pref. stk. skg. fd._
92,063
92,049 Accounts payable.
579,887
Accts. receivable._ 1,726,880
948,201 Payrolls accrued..
188,236
Notes receivable..
33,711
Reserve for Fed'l,
Investments
3,179,748
4,155,076
&c., taxes.
364,178
U. S. govt, secure.
884,100
1,901,797 Reserves
644,521
Cash
4,961,137
5,123,606 Surplus
4,245,472
Deferred charges..
39,750
68,285
1.149
19,938
1.9.13,567
—
Consolidated Surplus
Disct.
1934
$
Liabilities—
Real est.,
a
17,539
_
Z
1934
$
Assett—
—
1
Loss.
Capital surplus
Loss.
x
61 ,U4d
63,805
_
Nil
Consolidated Balance Sheet Dec. 31
9~,obU
146,610
Profit after Federal income taxes
$132,251df$l,515,254 df$l,930.963
$2.11
414,413
29,166
—
charges...'.
Provision for depreciation
Addition to reserve for Federal income taxes-
*
627,993
depreciation
fixed assets, sold or scrapped
Pensions
$245,365 x$l,400,640 x$l,526,244
113,114
114,614
404,719
$5,513
on
Interest
$326,876 x$l,279,314 x$l,392,697
6,604
6,110
7,180
74,907
115,216
126,367
Other charges.
$5,367,266 *$3,289,204
Loss
$238,014 x$l,437,376 x$l,593,191
88,862
158,062
200,494
$209,386
5,470
87,224
cos
After expenses,
Profit before other charges and
Provision for doubtful accounts
x$593,492
999,699
$202,598
6,788
Res. for Federal taxes..
a
x$478,207
959,169
2,685,75b
$4,739,273 *$3,703,618
1932
$1,168,867
930,853
$906,181
703,583
a
1933
4$'J29,050
Profit from operations before depreciation, &c__
Other income and credits
Foundries—Earnings—
1935
62,756,882?
2,821,077
Selling, general and administrative expenses,.
relaxed.
Application to construct the cable, to be used for experimentation in
television and multiplex telephony, was filed with the FCC last spring. Its
cost was estimated at around $500,000.
The new order eliminates any reference to development of patent rights
and makes it clear the company need not divulge inventive secrets in
reports
to the Commission on progress of the cable.
However, the Commission reaffirmed its stand that the company shall
give access to the cable to others with suitable facilities desiring to experi¬
ment in television.—V. 142, p. 1276.
Calendar Years—
1934
1935
Sales, less discounts, returns and allowances, &c_-$70,317,232 $48,711,188
Cost of sales, exclusive of depreciation
given that patent rights and inventive secrets could be protected, and
unless other restrictions
Years (Company and Subsidiaries)
[Excluding Textile Realty Co.]
The Commission's action in modifying "restrictions" placed around the
cable's construction in an order last July, was taken after the company had
indicated an unwillingness to proceed with the construction unless assurance
was
1936
Feb. 29
Income Account for Calendar
Ann Arbor
$2.44
$821,801 def$213,872 df$1045,110
421,981
422,470
422,470
$1.95
Nil
Nil
RR.—Earnings.-
January—
Gross from railway
1936 *
$311,321
49,264
21,776
Net from railway
Net after rents
1935
1934
1933
$283,766
48,653
19,639
$246,931
37,806
7,810
$206,933
11,169
def21,lll
—V. 142, p. 773.
Appalachian Corp.—Receiver Asked—
Receivership proceedings against the corporation, an.investment trust,
instituted Feb. 21 in Circuit Court, Baltimore,
by Charles W. Ander-
were
ton, a stockholder.
Mr. Anderton asserted that the
company's capital of
$1,906,600 had been reduced to assets of
and current expenses yet to be paid.
Judge Robert F. Stanton signed
and
V.
name a
135,
p.
receiver unless
1333.
cause
approximately $38,000 with taxes
»
order for the court to take jurisdiction
to the contrary is shown by March 7.-—
an
owning all the stock of
Apartments,
corporation being organized as a result of con¬
a new
firmation by Federal Judge John P. Barnes of a reorganization plan under
Section 77-B of the Bankruptcy Act.
Ten shares of stock in the new cor¬
poration will be issued for each $1,000 of bonds outstanding.
The building, a 14-story structure at Lake Shore Drive and Argyle St.,
is earning substantially more than current taxes, it is said. A $245,000 tax
settlement with Cook County made under the reorganization will be met
through a new mortgage of $150,000 and funds on hand.
► The building was financed originally by a first mortgage bond issue of
$1,200,000 underwritten by S. W, Straus & Co., of which $975,000 was
outstanding at the date of default.
Armour & Co.
The directors
(111.)—Accumulated Dividend—
have declared
on
applicable
$100,
dividend of $1.50 per share,
a
outstanding shares of 7% cum. pref. stock, par
have not yet been
disbursement
the issue since Jan.
on
2
1931.
I
Accumulations after the payment of the April 1 dividend
$30.25 per share.
Member of
will amount to
has not been feasible heretofore.
Earnings
Lawrence Armour has been elected a member of the Executive
Committee.
—V. 142, p. 773.
$10,983,199 *$9,808,715 *
9,546,121
8,924,235
928,805
868,044 '
$480,607 def$101,415T
13,234
13,323
requirements of the Interstate Commerce
Average miles operated
♦Re-stated to conform with
Commission effective Jan. 1 1936.—V. 142, p. 942.
Atlantic City Ambassador
New York City will until 3 p. m. March 18,
1st and ref. mtge. 450-year
of $11,756 at prices not
*1935
o
3,505,203
1,770.086
-
Atlantic Gulf &
West
Period End. Dec. 31—
$3,917,223
$3,630,881
625,807
103,457
1,154,382
652,435
1,085.492
536,116
--
3,362,051
1,780.243
1,171,064
39,134
$174,057 def$105,073
5.293
12,474
Operating income
Other income
$400,958
86,271
$439,023
46,028
def$92,599
126.259
$487,230
1,485,968
$485,051
1,649,313
$179,351
118,562
Interest, rentals, &c
$60,788 def$218,858 def$998,737 df$1164,261
Net income
1,302.864
311,036
1,227,910
,
(& Subs.)—
1935—12 Mos.—1934
$1,643,069 $21,241,354 $21,520,137
1,682,312
20,615,978
20,848,471
65,830
224,417
232,642
-Y. 142, p. 616.
& replacements of
fixed capital
Federal income taxes
Indies SS. Lines
1935—Month—1934
$1,982,075
1.768.884
Gross income
Other taxes
$3,424,502
63,556
Taxes
$20,435,879 $19,907,871
9,503.091
8.652,550
1,736,263
1,455,223
Total operating revenues
Operating expenses
Prov. for retirements, renewals,
1933
1934
1935
$3,714,476
613,851
^
$15,160,588 $14,765,577
Miscellaneous
Maintenance
-Earnings.—
1936
Gross from railway
Net from railway
Operating revenues
Operating expenses
(& Subs.)—Earnings—
12 Months Ended Dec. 31—
Operating revenues: Electric
Gas..!
Hotel Corp.—Organized—
See Ambassador Hotels above.
—V. 142, p. 773.
receive bids for the sale to it of sufficient
Associated Electric Co.
*117,851
27,664
Other debits
Net after rents
Valley RR.—Tenders—
The Bankers Trust Co.,
.
.
.
Railway operating revenues
Railway operating expenses
Railway tax accruals
January—
gold bonds, due July I 1961 to exhaust the sum
exceeding 105 and interest.—V. 140, p. 1301.
System
of
[Includes Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe Ry.,
Panhandle & Santa Fe Ry.J
Month of January—
1936
1935
Atlantic Coast Line RR.-
Executive Committee—
Aroostook
Arizona and California by routing traffic over
Net railway operating income
converted into prior pref. and common stocks,
payable April 1 to holders of record March 10.
A like disbursement was
made on Jan. 2, last and on Oct. 1 and July 1 1935 this latter being the first
which
points in West Texas, New Mexico,
the line so acquired instead of
through Temple, Texas, and will enable the Santa Fe to give satisfactory
service between Fort Worth and points in west and southwest Texas which
miles its haul between Fort Worth and
Aquitania Apartments, Chicago—Reorganized—
The bondholders will have complete control of the Aquitania
to accumulations
1457
Financial Chronicle
Volume 142
264,835
1,070.522
Atlas Powder Co.—Preferred
The
proposed
charter
amendments
Dividend Rate Reduced—
certain
changing
provisions
with
respect to the preferred stock of the company were adopted at a special
$6,486,512
521,369
19230
$7,515,639
1,748.811
130.826
164,901
-
Gross income-!
$7,161,876
353,762
$7,007,882
Operating income
Otherincomei.net)
1,768.644
99,538
111.272
Deductions from income, subsidiary companies:
Interest on funded debt
-
Interest on unfunded debt
-
_
Amortization of debt discount & expense
Interest
046.804
520
3,550.000
31,462
248.137
$1,208,403
pref. stk_
Interest on funded debt—
Interest on unfunded debt
Amortization of debt discount and expense
$1,729,997
Associated Gas & Electric Co.—Weekly
Output—
15, Associated Gas & Electric System reports
output of 75,376.953 units (kwh.), which is an increase of
9.4% above the corresponding week a year ago.
For the four weeks to date
For the week ended Feb.
electric
the increase was
9.6% above the corresponding period a year ago.
sales to industrial, commercial and
throughout the territory served by the System.
This increase has been due to greater
residential
consumers
$54,000,000 Tax Lien Suit Filed by Federal Government—
Company to Fight Suit—
by the United States government In the Northern
Utica asking an injunction against the Associated
Gas & Electric Co. in such a manner as to give the government a prior lien
f
Affiliate Sold—■
The company has advised the New York Stock Exchange that it has sold
11,275 shares of Les Etablissements Marechal, a French company owned
by it, receiving therefor $48,858, on Feb. 13 1936.—V. 142, p. 942.
Axton-Fisher Tobacco Co., Inc.—Annual
Balance of income
Preliminary—subject to annual audit and such sundry book adjust¬
ments, if any, as may be necessary incident to closing for fiscal year.—Y.
141, p. 3527.
x
net
Stock of French
Cr23.933
520
3,550,000
3,360
247.863
charged to construction
Prov. for divs. not being paid on cum.
Associated electric co.:
meeting of the stockholders on Feb. 24.
The amendments adopted were: Reduction of preferred stock dividend
rate, effective Aug. 1 1936, from 6% to 5%; provision that no preferred
stock may be called for redemption prior to Aug. 1 1941 and provision for
the privilege of conversion of preferred stock into common stock on any
preferred stock dividend date on or after Aug. 1 1936, on the basis of 1 1-3
shares of common stock for each share of preferred stock.
E. D. Axton, President, says in part:
On Jan. 9 1936 the controlling interest of the
was acquired
by Standard Commercial Tobacco Co., Inc., through its purchase of the
family.
The Standard Commercial Tobacco
Co., Inc., has been actively engaged for many years in the tobacco industry
and its experienced personnel wiU be a valuable asset to company, both
in the selection of quality leaf tobaccos and in the manufacture of its
products.
While there will be no essential change in the established policies of
company, every effort will be made toward the adoption of constructive
and progressive measures.
In line with this policy, we have recently
commenced extensive national advertising
of Spud cigarettes by radio
and have completed plans for an attractive and original advertising cam¬
paign in the rotogravure sections of a large group of leading newspapers.
stock holdings of the Axton
Income Account
A suit was filed Feb. 24
payment of tax assessments against the company made in December
1935 covering claims of deficiency in income and excess profits taxes for
1927 to 1933 inclusive.
The government asks an injunction to
dispersion of assets until the tax claims are settled and asks that a
the company. •
The statement issued by the company, Feb. 26 says:
the years
arrest
receiver be appointed for
k
r
Actually
this suit means that the government seeks to
property of the company to satisfy these claims.
Such action would automatically destroy the entire
>
take over the
value of $300,000,000
securities held by about 100,000 smad investors.
It would also
seriously jeopardize the position of debenture holders and would If the relief
asked were granted stop payment of interest on these debentures.
f
The immediate effect of such action would be incalculable. Many of the
small debenture holders reiy on income therefrom for their sole support.
Debentures are held by many hundreds of small-town banks which would be
required to write down the debentures to market value if the interest
stops.
This might needlessly impair the financial structure of many of
In junior
Investors have already
Cost of sales,
2,708.287
288,714
2,208,660
256,282
1,794.879
174.443
profit
$495,178
$1,758,935
101,062
Dr52,810
$1,975,101
Drl6,905
$1,595,703
Other income (net)
$596,240
82,987
$1,706,125
236,218
$1,958,197
268.533
$1,643,803
226,851
$513,253
4,200,029
8,796
$1,469,906
3,155,892
$1,689,663
1,897,333
$1,416,952
857,568
6T.045
"Pr799
$4,704,486
97,183
145,488
$4,625,798
$3,588,036
107,436
$2,273,722
179,219
179,192
145,544
179.164
58,031
145,600
172,758
$4,282,595
$4,200,029
$3,155,892
$1,897,333
Operating
Total
Allow, for Fed. inc. tax.
Net profit
Previous earned surplus.
Add'l Fed. inc. taxes
(net)--.
Sundry adjust,
Total surplus
Pref. stock dividends...
Common class A divs
Common class B divs...
Earned
surplus
has asked the Board of Tax Appeals for relief from an
$39,911,263, levied against it last December in
York, asserting that the Commissioner of Internal Revenue erred in
computing the income of the company and its 150 subsidiaries.
The assessment, covering alleged deficiencies from 1929 to 1933, together
with nearly $2,000,000 in penalties and interest, is one of the largest ever
to be brought before the Board for appeal.
^
The deficiencies and penalties against Associated Gas & Electric were
Liabilities—
Notes pay
hand
!—
Accts. ree.
(net)-.
Prepd. Ins., int.,Ac
in
Inv.
899.220
6,569,248
Inventories
384,478
505,319
29,640
1,000,309
100
Coal A Coke Co.
xLand, bldg. Aeq.
1,192,608
326,429
Brands A tr.-mks.
Accts. recelv. with
collat. subject to
$
2,657,500
Ac
Dividends payable
1st mtge. 6s
Preferred stock
Class A stock
Accts. rec., doubt¬
18,262
$
banks
and bankers
taxes,
Leaf Tob.
Supp. Co., Inc. 1,000,000
in Liberty
,
1,128,703 Loans pay., others
5,849,378 Accounts payable.
11,073 Accrued expenses,
Invest,
ful of collection.
The company
assessed
$
Cash in banks and
on
1934
1035
1934
$
Assets—
income tax assessment of
101.090
145,488
48,100
Condensed Balance Sheet Dec. 31
1935
Appeals $39,911,000 Tax Claims—
New
profit
These liens have made it impossible for operating
the first increase in net in a long period. Income is now noticeably
beginning to go ahead of the drastic rate reductions and increased costs which
include a 65% increase In taxation during the depression period.
The company has filed appeals to the Board of Tax Appeals from .the
assessment made by the Commissioner of Internal Revenue and intends to
fight vigorously any attempt by the government to collect on these assess¬
ments which were imposed prior to any hearing on the question of whether
any taxes were due. It expects to be able to establish that all taxes due to the
government have been paid promptly.
1932
260,532
2,353,074
Selling expenses.
Admin. & gen. exps
been frightened by the tax Hens which have been
this year,
1933
1934
$20,542,982 $28,531,842 $23,704,029 $17,608,701
17,434,198
23,775,907
19.263,986
14,043,675
Net sales
theso bEiiks*
filed against this company.
for Years Ended Dec. 31
1935
District of New York at
against all assets of the company in settlement of a claim for $54,000,000
which the government claims is due it in back taxes.
The suit is to force
Report—
company
21,886
207,486
208,284
71,400
1,539~200
365,077
66,605
5,600
1,620,300
($10
454,650
1,290,914 Class B stock ($10
par)
1,120,120
326,369
Capital surplus
60,232
Earned surplus
4,282,595
37,052
2,100,000
21,135
110,664
par)
454,650
1,120,120
64,112
4,200,029
foreign exchange
15,045
84,872
14,104
restrictions
Deferred charges
_
-
68,524
:
as
foUows:
,
-
-
-
1933 (excess profits
-
2,914,625
—V. 142, p. 1276.
145,731
$38,010,727
taxes)-..
Total...
$1,900,536
/
Atchison Topeka & Santa Fe Ry.—Purchase Plan—
Negotiations for purchase of the Fort Worth & Rio Grande Ry., it is
announced, have made sufficient progress to permit submission of the
proposal to Atchison stockholders at the annual meeting scheduled for
April 23 in Topeka, Kan.
The price under consideration is $1,520,000.
The mileage involved Is
215, extending from Fort Worth to Menard via Brownwood and Brady,
Texas.
The acquisition will enable the Santa Fe to reduce by about 117
x
Penalty
$695,934
216,660
159,076
130.049
553,083
10,623,355 10,128,293
Total
,
Deficiency
$13,918,687
4,333.216
3,181,538
2,600,981
11,061,678
Year—
p.
After
Total
10,623,355 10,128,293
depreciation of $592,777 in 1935 and $491,883 in 1934.—V. 142,
452.
Babcock & Wilcox Co.—Dividend Increased—
The directors on Feb. 27 declared, a dividend of 25 cents per
share on the
capital stock, par $100, payable April 1 to holders of record March 20.
This compares with 10 cents per share paid in each quarter from Oct. 1
1934 to and including Jan. 2 1936; 25 cents paid each three months from
April 1 1933 to July 1 1934, inclusive; 50 cents disbursed on Jan. 2 1933,
Oct. 1 1932 and on July 1 1932, and $1 per share paid on April 1 1932 and
on Jan. 2 1932.—V. 140, p. 4389.
Balfour Building,
Inc.—Dividend Raised—
a dividend of $1.25 per share on the com¬
payable Feb. 29 to holders of record Feb. 19.
with $1 per share distributed each three months from Aug.
31 1934 to and including Nov. 30 1935 and 50 cents per share previously
each quarter.
In addition, an extra dividend of $1 was paid on Nov. 30
1935.—V. 141, p. 3528.
The directors have declared
mon
voting trust certificates,
This compares
Financial
1458
Baltimore & Ohio
RR.—Earnings
Pension
—
1934
1936
1935
$12,465,656 $11,032,916 $10,600,011
2,161,395
3,072,663
2,767,739
1,224,911
2,031,324
1,783,493
January—
railway
Net from railway
Gross from
Net after rents
1933
$9,169,022
2,524,657
1,571,507
—V. 142, p. 774.
Baltimore Transit
Co.—Earnings—
1936
Month of January—
Total
revenue
Operating
expenses
Taxes
$923,610
800,326
80,028
~$47\346
2,657
$50,003
$44,471
Payments—
Bigelow-Sanford Carpet Co., Inc.—To Reduce Stock—
Blaw-Knox Co.
(& Subs.)—Earnings-
interest,
deprec.. Pa. capital &
10,098
Note—No deduction
1936 for
is made in January
8,000
inc. taxes & Fed. taxes
$39,904
Net Income
$36,470
Earns, per sh. on 1,322,395 shs. common stock
1935
$733,578
411,855
55,171
55,888
$196,367
Bon Ami Co.
11,355
8,664
(deficit).
$185,012
61,426
$257,171
70,109
$123,586
Deductions.
$187,062
-V. 142, p. 774.
Barker Bros.
Corp. (& Subs.)—Earnings—
Calendar Years
Net
.
sales
Costs and expenses
1935
$9,679,955
8,877,043
$802,912
19,692
Operating profit
Other income
1934
1933
1932
$7,996,932
7,517,935
$7,388,920
7,661,492
$8,153,620
8,714,798
$478,996 loss$272,572 loss$561.178
21,423
81,446
48.604
$0.08
loss$0.51
1QQQ
1934
1932
$2,490,265
1,339,408
84.947
$2,469,714
1,349.837
86,568
170.654
$2,440,656
1,355,783
160,659
$1,003,090
974,410
$1,092,616
1,034,200
$1,086,047
1,033,200
$1,092,386
al,100,000
$28,680
$58,416
$52,847
def$7,614
g$4.83
f$5.41
b$5.38
d$4.96
83,103
Net income
Dividends
x
Earnings—
1935
$2,367,456
1,246,852
profit on sales
Operating profit
Depreciation
Federal taxes, &c
Minority interest
x
Net income
$111,666 loss$671,966
$0.03
(& Subs.)
Gross
$265,835
Tax accruals
Other income
$0.43
Calendar Years—
1936
$643,551
392,013
$35,504
—V.
Bangor & Aroostook RR.—Earnings—
of January—
Gross operating revenues
Operating expenses
$565,230
(no par)
141, p. 3684.
month's interest
one
aggregating approximately $39,232 (at one-half of the stipulated rates)
on ser.es A 4% and 5% debentures dated July 1 1935.—V. 142, p. 1278.
Month
1932
1933
Net profit after
Fixed charges
(incl. interest on $931,000 series B
5% debentures in January 1936)
--
1934
1935
Calendar Years—
Gross income
1936
The stockholders at their annual meeting on March 2 will consider a
proposed reduction in the authorized preferred stock from 55,000 shares to
26,403 shares and in the common stock from 326,500 shares to 313.609
shares.—V. 142, p. 1279.
V
$43,255
1,215
-
Feb. 29
The company's pension program reached a new high in payment of
$840,255 to employees in 1935, according to the annual report of the com¬
pany's General Pension Board Issued on Feb. 24.
The pension payment
during the past year represented 0.99% of the total payroll. Payments to
pensioners since the plan was established on Jan. 1 1923 have totaled
$7,594,796.—V. 142, p. .1111.
1935
$932,239
801,861
83,031
-
Operating income
Non-operating income
Chronicle
Balance, surplus
Earns, per sh. on cl. A
stock (no par)
Earns, per sh. on cl. B
stock (no par)
83,971
185,764
162.052
23
c$2.98
c$3.09
c$3.11
x Under the participation provisions of the shares class A stock is entitled
to $4 a sharfe per annum, and after class B stock has received $2.50 a share
per annum, both stocks participate equally as a class in any further dis¬
tribution.
a Includes divs. paid on stock held in treasury,
b Figured on
86,800 shares of stock in hands of public,
c Figured on 199,800 shares
of stock in hands of public, d Figured on 100,000 shares issued, e Figured
on 200,000 shares issued,
f Figured on 87,000 shares of stock in hands of
public, g Figured on 88,870 shares of stock in hands of public, h Figured on
200,000 shares of stock in hands of public.
h$2.87
Income from Sunland In¬
vestment
Co
$855,309
Comparative Consolidated Balance Sheet Dec. 31
171,618
32,705
Total income
111,704
Deprec. & amort
Interest
Rents
M
L
to Sunland
Inv. Co. & other rents
paid
Marketable
secure.
1,038,903
at cost
1.039,959
482,482
10,048
693,790
Cr61,214
Special charges & credits
226,986
less
reserve
Net
$312,289 loss$367,086 loss$392,064 loss$702.990
45,737
profit
dividends
-
10,636
1.907
sur$312,289
......
$392,064
$367,086
$748,727
Cash
$1,000,158 $1,023,990
686,930
695,574
30,309
U. S. Treas. bonds
Notes & accts. rec.
3,320,621
Inventories..
1,644,832
c
1935
Liabilities—
1934
1935
Assets——
Fixed assets
2,826,046
1,507,485
1934
6M % pref. stock..$2,820,000 $2,820,000
b Common stock. 3,295,444
3,295.444
Accounts payable.
705,473
424,431
Sunland
Inv.
4,117
12,152
yCapital stk. of
48,639
Misc.
investments
969.221
Investments
139,169
142,309
161,042
Accrd
1
1
(no
roll & other exps
Res.
for
Capital surplus
Deficit
$7,915,112 $7,359,4851
Total
Total
281,691
130.000
18.000
2,297.250
1,735,042
158,000
2,297,250
2.047.332
$7,915,112 $7,359,485
$1,431,430 in 1935 and $1,350 280 in 1934
b Represented by 150.000 no par shares,
c Consists of 8,000 shares of
common stock (6,000 shares acquired in 1935)
at market quotations and
54 shares preferred stock at cost in 1935, and 2,000 hsares of common stock
at market quotations and 54 shares preferred stock at cost in 1934.—V. 141,
p. 2581.
a
After
depreciation
of
Bethlehem Steel Corp.
(N. J.)—Merger Approved—
By a vote of 3,096,835 shares to 3,610, the stockholders meeting at
Newark, N. J., Feb. 26, ratified an agreement entered into by the directors,
merging the company with four of its subsidiaries under the name of the
Bethlehem Steel Corp. of Del.
The companies affected are the present holding company, the Union
Iron Works Co. of New Jersey; the Bethlehem Mines Corp. (Del.), the
Kalman Steel Corp. (Del.) and the Bethlehem Steel Corp., also a Delaware
corporation.
The merger, which will take effect as soon as legal formalities are com¬
pleted, will make the holding company an operating company. The action
is intended to reduce the amount of income tax payable under increased
federal taxation-on holding companies, enacted in 1934.
Stock
on Stock—
effective Feb. 27 with the filing of the necessary papers
Exchange Ruling
The merger was
Borden's
The company has also advised that it has entered into possession of and
of the businesses of 37 of its smaller subsidiary
companies and that these subsidiaries have been or will immediately be
commenced the operation
dissolved.
The Governing Committee of the New York Stock Exchange at its meet¬
ing Feb. 26 authorized the Committee on Stock List, on official notice of
issuance, to add to the list of securities dealt in on the Exchange 933,887
shares of the 7% cumulative preferred stock (par $100); the 933,887 shares
of the 5% cumulative (non-voting) preferred stock (par $20), and the
3,194,314 shares of common stock (no par) of Bethlehem Steel Corp., a
Delaware corporation.
Pursuant to an agreement of merger between Bethelhem Steel Corp.
(N. J.) and Bethlehem Steel Corp. (,Del.), the securities of the latter cor¬
poration will be exchangeable for the presently listed 7% cum. pref. stock
($100 par) and the common stock (no par) of Bethlehem Steel Corp. (N. J.).
The action of the Governing Committee was taken on condition that a letter
application duly executed by the Delaware corporation is filed with the
Committee on Stock List and that the Exchange receives such assurances
as it may deem necessary for the protection of purchasers and sellers of the
securities of Bethlehem Steel Corp.
The Delaware corporation has agreed
to file, as soon as the required financial statements can be prepared, a formal
listing application.
The Exchange has also received the opinion of the Securities and Ex¬
change Commission that the securities of the Delaware corporation are
temporarily exempt pursuant to the provisions of Rule AN-19 of the Com¬
mission from the requirement of registration under the Securities Exchange
Act of 1934.
As the requisite papers have been field with the Secretary of State of
Delaware, the Exchange will permit dealings in the 7% cumulative pre¬
ferred stock (par $100), the 5% cumulative (non-voting) preferred stock
(par $20), and the common stock (no par) of Bethlehem Steel Corp. (Del.),
and will continue to permit dealings in the presently listed 7% cumulative
preferred stock and common stock of Bethelehem Steel Corp. (N. J.)
until the close of business March 4.
The Committee on Securities has ruled that until further notice trans¬
Steel Corp. (Del.) may be settled
by the delivery, at the option of the seller, of stock certificates of Bethlehem
Steel Corp. (N. J.) or certificates of Bethlehem Steel Corp. (Del.).
Trans¬
actions in the other securities of Bethlehem Steel Corp. (N. J.) and Beth¬
lehem Steel Corp. (Del.) may be
for the repsective securities.
settled only by the delivery of certificates
subsidiaries which were not eliminated in the
reorganization continue to be held by The Borden Co. or have been
The stocks of 14 operating
recent
sub-holding companies.
in no manner affected the Canadian
transferred to it by their respective
The foregoing reorganization has
sub-holding company, Borden's, Limited, or its operating subsidiaries.
The company further advised that, effective Jan. 4 1936, The Dry Milk
Co., Inc., was merged into The Casein Manufacturing Co. of America,
Inc.; The Casein Manufacturing Co. of America, Inc., under the terms of
the merger agreement, changing its name to Casein Co. of America, Inc.—
V. 140, p. 4063.
Bridgeport Machine Co.—Accumulation Dividend—
The directors have declared a dividend of $1.50 per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable March 30
to holders of record March 20.
A like payment was made on Feb. 28 and
Jan.
30, last, and compares with $1 paid on Oct. 31, Aug. 30, July 30,
May 31 and April 30 1935, $2 per share paid on March 25 and Feb. 25 1935,
share distributed on Jan. 25 1935 and each month from Jan. 2
1934 to Sept. 29 1934, incl.
In 1933 the company distributed $1 per share
on Oct. 10 and $1.75 on Jan. 1.
In 1932 the company only paid two quar¬
terly dividends on the above issue, the Oct. 1 and July 1 payments having
been passed.
Accruals as of April 1 after payment of the March 30 dividend will amount
to $3.25 per share.—V. 142, p. 775.
and $1 per
with the Secretary of State of Delaware.
actions in the common stock of Bethlehem
following four major sub-holding companies have been dissolved:
Food Products Co., Inc.; Borden's Dairy Products Co., Inc.;
Ice Cream & Milk Co., Inc. and Borden's Cheese & Produce
Borden's
Co., Inc.
contin¬
gencies
Represented by 100.000 shares class A and 200,000 shares class B stock
value), y Represented by 11,130 class A shares in 1935 and 13,000
in 1934.—V. 142, p. 295.
Borden Co .-—Dissolves Subsidiaries—
325,300
120,000
liability.
$6,993,892 $6,967,201
par
The
taxes, pay¬
Deferred
920.272
2,850.001
52,421
Total
10,000
obllg.
31,907
$6,993,892 $6,967,202
Total
Curr. instalment on
Other
Deferred charges..
Good-will
2,118
4.123,880
class A shares and 200 class B shares
10,048
tax
long-term
in
888,185
(less deprec'n)._
855,759
Good-will, &c
2,850,000
x
accrued rent
37,590
934,239
136,927
by sub. co
2,579,634
int.
Orford Soap Co
x
4.117
753,575
co.
Prepd. & def. chgs.
Co.
Res. for Fed.income
Capital stock held
Capital stock
4,123,880
Earned surplus... 2,608,314
17,804
Plant & equipment
Consloidated Balance Sheet Dec. 31
a
170,143
41,164
closed
asst.
bank (net)
Deficit
38,289
570,864
621,612
Inventories
Claim
for conting..
143,592
149,249
Accrued int. receiv
Sundry debtors
Preferred
Res. for inc. taxes.
Minority
for
bad debts
53",161
1934
$32,456
19,817
158,444
Accts.
Res.
Accts. recelv. (net)
Federal taxes
1935
$45,148
Liabilities—
$485,245
$688,768
Cash
pay.(trade)
Accrued liabilities.
1934
1935
Assets—
$672,037 loss$191,126;loss$512,574
118,346
146,364
152,977
1,413
37,439
Boston Elevated
Ry.—Annual Report—
Traffic Statistics
Years Ended Dec. 31
1935
Round trips
Passenger
operated
revenue
1934
1933
1932
6,730.221
6,151.314
6,166,659
6,134,988
$24,347,368 $24,187,129 $23,475,404 $25,648,339
52.78
Pass. rev. per mile (cts.)
Pass. rev. per hour
x Pass. rev. mileage
52.89
Per mile
Per hour
Incl.motor bus mileage
6,091
6,046
63.01
62.09
50.88
50.10
$5,112
$5,421
$5,204
$5,471
51.195,366
46,140,995
45,822,648
46,033,344
5,016,952
4.461,771
4,510,925
Passenger revenue hours
4,450,340
Rev. passengers carried_280,402,526 277,034,175 267,845,429 291,753,825
Rev. passengers carried:
x
10,281,114
9,946,563
5,805
59.38
5.699
9,136,030
8,896,143
58.15
Comparative Division of Receipts and Expenditures
1935
Calendar Years—
Total
receipts
Operating Expenses—
Wages.
Material & other items
Injuries and damages—
Depreciation
Fuel (incl. gas for buses)
Total
1934
1933
1932
$24,926,426 $24,818,625 $24,154,373 $26 ,428,494
11,756,916
2,131,402
577,614
2,408,173
791,307
oper.expenses—$17,665,413
Dividends
Taxes
1,193,970
1,520,924
11,332,550
2,024,056
484,418
2,310,455
743,612
11,406,165
1,907,054
515,616
2,304,097
696,716
,390,233
,193,922
773.077
,313,952
871,244
$16,895,090 $16,829,647 $19,542,428
1,193,970
1,193,970
1,193,970
1,407,119
1,479,248
1,404,811
Subway, tunnel & rapid
transit line rents
Int.
on
bonds and notes-
Miscellaneous items
2,809,087
3,816,444
149,840
Total cost of service.-$27,155,678
Loss for year
2,229,251
2,796,256
3,867.093
123,587
2,790,779
3,988,665
119,995
2,790,925
3,946,631
119,173
$26,283,115 $26,402,304 $28,997,939
1,464,490
2,247,930
2,569,445
Note—Profit and loss adjustments not included in above.
Financial
Volume 142
Income Statement
1459
Chronicle
Briggs & Stratton Corp.—Earnings
for Calendar Years
1934
1933
Operating Income—
1935
1934
1933
Total rev. from transp_.$24,347,543 $24,187,304 $23,475,639
1932
$25,648,604
Total
from other ry.
rev.
1932
1933
1934
1935
Net profits from oper
$1,397,712
$759,155
$298,549
57,999
57,418
64,928
$1,339,713
Trtfol
Calendar Years—
$701,737
$233,621
83,499
85,772
72,489
loss$49,485
81,390
$1,423,212
159,987
61,197
$787,509
96,223
50,788
$306,110
$31,906
Depreciation
584,045
690,726
$24,887,609 $24,751,343 $24,059,684
$26,339,331
General & miscellaneous
7,438
1,983,330
2,616,556
3,075,980
1,593,717
7,737,254
5,305
1,882,419
2,480,235
3,025,223
1,525,552
7,815,470
3,094
1,991,274
2,735,760
3,448,778
1,836,833
9,079,292
6,572
2,453,571
Transp. for invest.—Cr_
14,358
16,141
11,201
18,377
$16,895,090 $16,829,647
7,856,253
7,230,037
1,520,923
1,407,119
1,479,248
$19,542,428
6,796,903
1,404,811
564,040
540,066
operations
Total
otherinc.,lenmisc"(£gB
$17,149
66,634
Onprnt4nn TP'ttipyi
2,787,556
3,237,473
1,708,297
7,955,676
Way and structures
Equipment
Power".
Transportation expenses
Traffic
Federal income taxes
Wisconsin inc. & surtax.
Interest
Taxes
on
operations-
ry.
Operating income—.
^5,701,273
Income from funded sec.
$5,392,091
26,537
20,137
$6,449,133
22,463
$5,750,789
42,782
sec.
465
14,080
7,150
10,800
7,415
16,780
13,959
27,514
17,243
33,396
20,595
$5,740,090
$6,516,416
$5,845,479
Prov. for bonus to
46,652
2,796,256
46,571
2,790,779
46,530
2,790,925
Net loss
Res.
rents
Int.
on
on
31
1934 to red. mkt. sec.
to
i
quoted
aggregate
Adj.
14,291
.....
of invest,
ketable
in
i
& treas.
secur.
167,475
stock
Common stock dividends
$3,742,522
891,444
14,934
3,816,443
9,361
3,866,238
9,569
3,951,275
4,393
3,886.642
1
funded debt
unfunded debt..
855
37,390
Additional provision
79,142
9,115
55,986
H.587
52,973
10,881
53,300
$6,775,371
1,035,281
1,193,970
$6,786,935
270,519
1,193,970
$6,899,439
1,053,960
1,193,970
$6,856,730
1,375,476
1,193,970
$2^229,251
$1,464,489
$2,247,930
$2,569,446
debits
Commondivs. (5%)
12,734
33,004
unrealized loss
$2,851,078
Balance, Dec. 31
$2,664,906
$2,387,799
$2,465,883
.54
$1.80
$0.84
$0.10
Earns, persh. on 299,996
shs. stock (no par).
Senior
x
►
officers
executive
;—
Balance
General
^
Marketable
Special deposits.
3,116,928
361,830
8,309,200
L'ns & notes rec.
274
274
Misc. accts. rec.
381,602
\
83,140
1,873,141
1,948,251
Vouch. & wages
611,699
465,387
367,051
16,064
38,815
11,734
receivable
39,480
243,000
171,772
243,000
Prepd.rents, &c.
Disc, on fund.dt.
1,213,802
804,360
Oth. unadj. deb.
76,627
161,452
Oth. curr. assets
Ins. «fcoth. funds
112,353
Secure, issued or
23,000
assum.—Unpl.
Total .......124,057,598
1,212,735
Oth. curr. llabil.
77,110
Defd liabilities14,414
Tax liability
1,254,455
Prem. on fd. dt.
32,209
1,234,094
Inj. & dam. res.
Acer, deprec'n.. 13,427,498
Oth. unadj.cred.
299,082
Deficit
3,471,496
1,255,825
1,062,960
39,502
1,268,460
12,348,548
193,763
2,735,657
124,057,598
115,885,871
Total
115,885,871
315,450
13,482
1280.
p.
Borne-Scrymser Co.—50-Cent Special
The directors have declared a special
Dividend—-
dividend of 50 cents per share on
to holders of record March 20.
the capital stock, par $25, payable April 15
A similar payment was made on Oct. 15,
payment made on the issue
dividend of $1 per share was
Boston & Maine
last, this latter being the first
since Oct. 15 1931 when a regular semi-ann.
distributed.—V. 142, p. 944.
RR.—Earnings—
1936
$3,684,095
510,744
99,128
1935
$3,510,006
110,909
120,299
$210,037
629,372
$204,248
627,031
$419,335
Month of January—
Operating revenues
Net operating revenue
Net railway operating income.
Other income..
$422,783
income
Gross
eral and Wiscon¬
78,576
9,270
78,576
Res. for Wisconsin
979,054
849,724
_
a
Accrued liabilities.
Prov. for bonus to
463,687
co.
Deductions
unempl.
benefit
474,873
83,949
775.
(& Subs.)—Earnings-
Brewing Corp. of Canada, Ltd.
$585,922
509,876
Profit
Other income
Total income
Interest
Provision for
deprec'n.
_
$3,055,581
2,355,331
$2,365,059
1,961,709
$22,189
6,456
$700,249
17,749
$403,350
34,194
$81,851
16,961
94,620
_
$481,469
459,280
$76,046
5,805
_
__
_
$28,646
17,941
$717,998
70,722
374,567
$437,544
74,791
358,512
$79,993prof$272,708
&c_
b
Consolidated
Balance Sheet
1936
512,853
$10,604
Investments
285,853
as
71,787
Assets—
bills
&
ceivable
196,059
and good-will
$3,688,679 $3,369,274
Total
$3,688,679 $3,369,274
Total
After depreciation of $835,013 in 1935 and $797,590 in 1934.
sented by 299,996 no par shares,
c Including 2,847 shares Briggs
a
Corp. common stock.—V. 141, p.
Bronx Title &
1,762,411
cos...
Mortgage Guarantee Co. of
162,895
& equipment
linn
128,898
$420,007
507,040
agreem't
T1
5,923,824
6,171,262
529,747
50,000
nfnq
gtd.deb"
3-year 7%
Land, bldgs., pl't
36,120
365,000
365~66o
5% notes due Apr.
355,837
investments
450,000
12,465
450,000
92,957
4,899,209
4,867,182
distributablesur. 2,055,109
Other
2,198,164
1 1936
Min. int. In subs..
b Capital
Capital
$8,764,408 58,936,473
Total
stock...
surplus
&
.$8,764,408 $8,936,473
Total
of $3,623,181 in 1936 and $3,326,866 in 1935.
(162,382 in 1935) cumulative sinking fund con¬
vertible preference shares of no par value and 664,383 (651,109 in 1935)
common shares of no par value.—V. 142, p. 944.
a
After
depreciation
b Represented by 162,803
Brillo Mfg. Co.- -Earnings—
Period End. Dec. 31—■
Net profit
1935-—3 Mos.-
-1934
1935—12 Mos.—1934
after deprec.,
$39,753
Federal taxes, &c
Earns, per sh. on
—V. 141, p.
$37,407
$139,452
Alfred Frankenthaler on Feb. 24 signed a court
Superintendent of Insurance Louis H. Pink to liquidate the
This is the 21 title and mortgage guaranty company to be placed
in liquidation.
There are seven others in rehabilitation.
The Bronx company was organized in 1929 to do a guaranteed mortgage
and title insurance business. No title insurance policies were ever issued and
all of its guaranteed mortgages and certificates have been retired.
The
company remains solvent and is retiring from business voluntarily.
A ma¬
jority of both the stockholders and directors have voted for liquidation.
Although there are apparently no obligations outstanding against the
company, the court order sets March 27 as the final date for filing claims.—
V. 142, p. 944.
Supreme Court Justice
order directing
company.
Brooklyn-Manhattan
funding—
Corp.—Considers
Transit
par)
$0.15
$0.55
1.62
3528.
a
plan whereby the present obligations may be
securities issued at a lesser rate of interest.
Co.—Committee1 s Deposit Agreement Approved—
District Court for Maine has approved
the first mortgage bonds, series A and B, presented
by the Adams committee, headed by Charles Francis Adams, Chairman. (
This
(Mr. Adam's) committee has no connection with the recently
formed committee, of which Lee S. Buckingham is Chairman.—V. 142,
Brown
Judge John A. Peters in the U. S.
the deposit agreement for
p.1281.
Brown-Forman
Distillery
Co.,
Inc.—Change in Stock
The stockholders will vote
March 2 on approving the changes
Operating expenses
Net
-V.
income
142, p. 775.
outlined
1935 when Owsley Brown proposed a distribution of preferred
stock owned by him to the holders of common stock, it was suggested that
it might become advisable to change 10,000 shares out of a total of 15,000
shares of preferred stock into shares of a small par value, convertible, at
the option of the holder, into common stock at the rate of one share of
common stock for each $20 par value of such preferred stock.
Many of
the holders of common stock who received shares of preferred stock have
indicated their desire that the suggested change be effected.
The special
meeting to be held on March 2 1936, is called for the purpose of having the
stockholders act upon the suggested change.
If approved by a majority
in amount of the preferred stockholders (other than Mr. Brown), and a
majority in amount of the common stockholders (other than Mr. Brown),
but not otherwise, the change indicated will be pui; into effect.
In order to effect the change, it is necessary to amend the certificate of
incorporation so as to authorize 300,000 shares of 6% conv. pref. stock
(par $5), and 300,000 shares of 6% non-conv. pref. stock (par $5).
The
15,000 shares of pref. stock now outstanding will be surrendered, on the
basis of one share thereof for 20 shares of the new 6% conv. pref. stock
(par $5).
Owsley Brown has agreed with the company (conditioned upon
the adoption of the proposed amendment) to exchange 100,000 shares of the
new 6% conv. pref. stock for that number of shares of 6% non-conv. pref.
stock.
Any holder of the new 6% conv. pref. stock will similarly be per¬
mitted, if he wishes, to exchange his shares of 6% conv. pref. stock for an
equal number of shares of 6% non-conv. pref. stock.— v. 141, p. 2430.
In January
Budd Wheel
Co.—Preferred Dividend Increased—
The directors have declared regular
on
the
share,
payable March 31 to holders of
quarterly dividend of $2 per
7% cum. 1st pref. stock, par $100.
the by-laws of the company, the
the preferred stock is raised to $8
In accordance with
Period End. Jan. 31—
retired and in their place
Mr. Dahl has begun dis¬
and when a formula has been reached it will
be submitted to the full board for their approval.
There were present: G. M. Dahl, Chairman; W. S. Menden, President:
Frederic Strauss, Arthur Bunker, Herbert Bayard Swope, George V. Mc¬
Laughlin, Charles Sargent, Major Benj. H. Namm, Robert Alfred Shaw,
James H. Post, Frank P. Walsh and Elisha Walker, A. M. Williams,
Counsel to the corporation, and F. C. Marston, Secretary.—V. 142, p. 1280.
cussions with banking groups
record March 17.
British Columbia Power Corp.,
Gross earnings
Re¬
A special meeting of the directors was held Feb. 25 for the purpose of
discussing two main themes; namely, refunding of the company's present
outstanding obligations, aggregating roughly about $92,000,000 of B.-M. T.
bonds carrying 6% interest; and the unification plans which are now under
examination by the Transit Commission.
The Chairman of the Board, G. M. Dahl, was authorized to make explora¬
tions with a view of taking advantage of the cheap money market and devise
$151,981
.17
160,000
shs. com. stk. (no
New York
—Liquidation Ordered—
bolow.
$348,884
583,741
liabilities
Purchase
(secured)
Mtges. payable &
112,865
expenses.
affiliated
1935
1936
(secured).
draft
b Repre¬
& Stratton
2879.
Proposed—
(Unaudited)
31
Bank loans & over¬
261,760
1,714,223
Inv. in & advs. to
a
Jan.
Accts. pay. & accr.
re¬
(net)..
Inventories
Prepaid
at
Liabilities—
1935
Cash
90,698
•
7,814
300,000
2,664,906
Capital stock
Surplus
Pat'ts, trade marks
prof$4,240
$29,730
Loss
Accts.
1936—12 Mos.—1935
1936—3 Mos. —1935
Period End. Jan. 31—
Profit from operations.
Taxes.
36,199
300,000
2,851,078
fund
plant, machin'y,
147,000
221,257
sin income
new
Net deficit
-V. 142, p.
100,000
personnel
Provision for Fed¬
Real est., bldgs.,
equipment,
$74,319
75,234
$178,444
101,701
interest,
divs., &c
Acer, int., dlvs.,
&c
Int., div. & rents
66,969
Mlscell. invest'ts
370,405
payable
Mat'd
expenses.
c
23,879,400
2,707,428
74,700,917
payable-
72,386
9,346
secur.
Inventories
Prepaid
S
$
23,879,400
Prem.on cap.stk.
2,707,428
Funded debt... 82,411,917
Common stock.
Accounts
$379,501
1,320,135
201,410
1934
1935
Liabilities—
1934
$178,468
1,409,583
247,684
713,580
of life insurance-
1934
1935
606,580
586,790
2,603,620
142.
31
Dec.
Liabilities—
equip..107,579,431 107,528,721
916,213
892,012
Cash
-V.
Sheet
'
Misc. phys. prop.
Mat'ls& supplies
participating.
Cash surrender val.
1934
1935
invest'ts.
not
1935
Assets—
Cash
Accts. & notes rec.
Other
297,148
Balance Sheet Dec. 31
income
Balance, loss...
gross
^1^5^
297,148
for
Total deductions from
Road &
$2,717,950
430,865
Prov. for reduct. to mar¬
59,989
funded debt
Deficit
$3,095,771
ket of misc. stock inv.
Amortization of disc't on
Miscellaneous
$30,689
2,745,077
$252,067
2,465,883
$540,497
2,387,798
$1,063,325
2,664,906
Dec.
Total surplus
cal property
Int.
at
prov.
value
misc. physi¬
on
100,000
Balance Jan. 1
—
Rent for leased roads
Miscellaneous
com¬
personnel
>
Net profits, carried to
$5,481,254
46,648
2,809,087
Gross income
Deductions
10% paid to all
xl38.704
8,634
Inc. from sink, fund, &c.
Miscellaneous income
Inc. from unfunded
"l",217
paid
Bonus of
pany
Total oper. expenses..$17,665,413
Net earnings.
7,222,196
33,854
20,189
Ltd.—Earnings-
1936—Month—1935
$1,216,414
$1,169,283
791,571
748,027
$424,843
$421,256
1936—7 Mos—1935
$8,085,236
$7,625,786
5,428,199
5,055,999
$2,657,037
$2,569,787
rate of dividend on
rate of dividend on
annually when net
$800,000.
income for the year is between $600,000 and
When net income is below $600,000 annually,
the rate of dividend on
preferred stock is $7 annually.
,
On Dec. 31 last, the company paid a dividend of $7 a share on
stock, which paid up all arrears on the preferred stock.
See
p. 3372.
,,
„
the
the preferred
also V. 141,
J
1460
Financial
To Create
Chronicle
Compensation Fund—
The stockholders at their annual meeting on March 18 will consider the
an extra compensation fund with respect to the
earnings of the
Years Ended Dec. 31—
Revenue from copper sold
creation of
company for the year
1935, to be distributed among the members of the
managerial group in the employ of the company in 1935.—Y. 141, p. 3372.
Other
1935
1934
1933
1932
$339,822
$131,689
$131,058
106,961
77,476
65,948
$54,213
47,431
$65,110
J.6,658
481,051
49,537
Federal tax__
$265,391
28,566
35,279
$101,644
30,971
7,430
$81,767
30,567
10,776
$130,588
29,748
14,907
Dividends.
$201,545
98,482
$63,241
103,032
$40,425
84,789
$85,933
93,406
sur$103,063
386,369
$39,791
426,160
$44,364
470,525
$7,473
477,999
$489,433
$386,369
$426,160
$470,525
$3.48
Nil
Nil
$0.41
adminis.
&
$162,897
.
Other income
Depreciation.
Deficit for year
Previous surplus
!
Profit and loss surplus
Earns, per sh. on 40,000
class B shares
Balance Sheet Dec. 31
Assets—
1935
Cash
1934
$547,249
511,106
164,150
Receivables
Inventories
Liabilities—
$386,673
469,080
152", 661
1935
Accounts payableDividends payable
Accrued
179,442
149,844
secur.
Treasury stock
expenses.
Adv.
payments
sales contr
65,035
of life
1934
$38,208
50,777
51,891
$4,059,006
2,411,634
1,801,980
99,054
$3,958,461
2,341,985
2,060,575
232,265
$617,188
Netloss
$253,662
$676,365
1933
$115,355
51,679
104,958
Cambria & Indiana
RR.—Earnings.—
1936
Net after rents
1935
1934
$124,044
60,467
105.713
Gross from railway
Net from railway
$102,293
39,999
99,310
$100,278
38,257
97,307
Insurance
12,075
10,250
597
280
c
Class A pref. stk.
Paid-in surplus
160
200,000
121,295
386,369
$654,002
Operating
$1,556,267 $1,456,9351
Total
$1,556,267 $1,456,935
After reserve for credit losses of $64,890 in 1935 and $56,636 in 1934.
b After depreciation of $334,876 in 1935 and
$306,309 in 1934. c Represent¬
d Represented by 40,000 shares
1935—3 Mos.—1934
profit
Expenses.
$1,195,222
523,806
Canadian National
Net
revenues
expenses
revenue
1935
def$576.330 def$746,353
$14,258,253
1936
1935—9 Mos.—1934
$604,220
331,998
12 Mos. End. Dec. 31-
$2,468,799
1,175,918
$1,483,710
850,307
$272,222
7,671
$1,292,881
177,399
Gross earnings
—V. 142, p.
$279,893
97,788
50,868
$1,470,280
$653,085
266,089
142,187
1935
$3,127,186
x
$451,927
$131,237
$743,772
$244,809
Bush Terminal
Buildings Co.—Earnings—
Month of January—
Loss
after
depreciation,
expenses,
interest,
&c.,
but before Federal taxes
—V. 142, p. 618.
Bush Terminal
Month of January—
Profit after expenses,
1935
$14,437
$10,084
1936
1935
depreciation, and interest,
but before Federal taxes
$4,414
$14,692
1935
1934
1933
$1,221,928
$1.16
$1.10
$1.41
(James) Butler Grocery Co.—To Sell Stores
Nil
to
Employees
fine its activities to the wholesale grocery trade.
In many instances the managers have been able
to pay the company
Arthur O. Jones, General Manager of the Butler com¬
stated in announcing the retirement of the concern from the retail
cash for the stores,
time.
The
present action of the company, Mr. Jones said, has the effect of
transforming the Butler chain to a voluntary from a private group, and it
is probable, he added, that the number of stores will show a
large increase
in the future as independent retailers become members of the new
organi¬
zation.
wholesale distributor, under the new plan Butler will continue to
operate its
present purchasing,
warehousing and accounting facilities,
a
depending for its earnings
of the
new
on the
be taken under the Judicature Act and tenders
secured, it is probable that
April.—V. 141, p. 4012.
or
Div.
The directors have declared a dividend of 25 cents
per share on account
of accumulations on the $1.50 cumulative class A
participating stock, no
par value, payable April 1 to holders of record March 16.
A similar distri¬
bution was made in each of the six preceding quarters and on June 30
1934,
and compares with 37]^ cents per share distributed on
1934.
April 1 and Jan.
Accruals after the April 1 payment will amount to $3.25
per share.
profits realized in servicing the members
retail group.
Butler's
departure from the retail trade is the first step in this direction
by any of the important grocery chain store organizations.
It is under¬
stood, however, that several other of the larger companies already have
conducted experiments along the wholesale line.
Early this year the
Great Atlantic & Pacific Tea Co., the largest of all the
multiple store
concerns, stated it was considering such action in those areas where dis¬
criminatory chain store taxation had made the cost of doing retail business
unprofitable.—V. 140, p. 1999.
Corp. of America—Licenses Fiberloid Corp.—
The company on
Feb. 25 announced that it has now licensed Fiberloid
Corp., a leading producer of cellulose-plastics materials, to manufacture
phenol-formaldehyde resins of the catalin-type under a royalty agreement.
The agreement is retroactive, to take effect as of
Sept. 17 1935, when
Catalin Corp. acquired its re-issue patents
containing broad claims which
the Fiberloid Corp. recognized covered its
product.
Fiberloid Corp. is the third company to be licensed under Catalin
patents,
the other two being Marblette Corp. and Joanite
Corp.
Fiberloid Corp.
has been primarily interested in
pyroxylin (cellulose nitrate or "celluloid")
and its new license agreement with Catalin is
interesting in that it is i ndicative of the fields which Catalin's
product is now entering, Catalin Corp. said.
—V. 142, p. 776.
In those
instances where the managers are unable to
pay out¬
right for their purchases, he said the company will render all the financial
aid possible and allow them to pay for their
acquisitions over a period of
As
now
the meeting will not be held until late in March
Catalin
The company is turning over its chain of 483 stores in the New York
metropolitan territory to their respective managers and will in future con¬
business.
Jan. 24 and action will
—V. 141. p. 3685.
—V. 142, p. 295.
pany
Ltd.—Meeting—
a
will be asked for the property, such bids to be considered at a
meeting of
first mortgage bondholders.
Since due notice of meeting must be given
and court order for the meeting has not yet been
1932
$1,572,459 df$2084,628
Earns per sh. on 1,109,429 shs. capital stock
(par $10)
$112,000
is made that legal details are now
being worked out
meeting of the holders of the 6M % first mortgage bonds of
the company.
No satisfactory cash bids were received for the property
Net income after Federal
taxes, deprec., int., &c $1,284,907
TYt CTPft
$2,078,000
Announcement
leading to
2
Brothers, Chicago (& Subs.)—Earnings—
Calendar Years—
1 QQK
$2,190,000
•
1281.
Canadian Wire Bound Boxes, Ltd.—Accumulated
Co.—Earnings—
—V. 142, p. 1113.
Butler
$64,013
Ry.—Earnings—
Gross earnings
—V. 142, p.
on
1936
•
Earnings of System for Third Week of February
Canadian Rail & Harbour Terminals,
Includes provision for doubtful notes and
accounts, &c.—V. 141, p. 3853
Increase
$3,063,173
1
Net profit
$12,966,423
1281.
$633,403
19,682
496,821
229,687
1934
$12,742,554 $12,107,586 $173,184,502 $164,902,502
13,318,884
12,853,939 158,926,249 151,936,079
Earnings of System for Third Week of February
$817,038
250,237
114,874
Total income
Interest, bad debts, &c
Depreciation and tax—
x
$231,214
Rys.—Earnings—
Month of Jan.
1936
1935
Operating
Operating
(no par
$671,416
145,622
_
1935
$365,199
133,985
$242,400
Net earnings
—V. 142, p. 454.
Canadian Pacific
Operating profit
Other income
"
1936
$384,570
142,170
expenses
Co., Inc. (& Subs.)—Earnings—
Period End. Dec. 31—
Gross
Co., Ltd.—Earnings—
_
[All-inclusive System]
a
Bulova Watch
348,000
Nil
January—
1
ed by 40,000 shares (no par),
value).—V. 141. p. 3852.
$40,335 loss$313,409
348,000
Canada Northern Power
Gross earnings
665
Good-will
loss$17,414
x343,675
$1.90
195,664
1
600,000
200,000
121,295
489,433
1932
1933
1934
348,000
Nil
$0.11
Exclusive of shares held in
treasury.—Y. 142, p. 1281.
Month of
25,000
13,808
600,000
1935
for loss on sec.,
prov. for obsolescence
of equip. & Fed. taxes
Shares capital stock out¬
standing (no par)
Earnings per share
prov.
x
4,662
Earned surplus
168,267
Calendar Years—
Net profit after deprec.,
on
d Class B com. stk.
_
Campbell, Wyant & Cannon Foundry Co. (& Subs.)—
Earnings—
$28,292
52,139
30,032
Due to affil. co
Unexpired
insur¬
ance premium.
Expense advances
to employees
b Mach'y & equip.
Total
$3,937,457
21,004
$6,032,028
4,282,902
2,308,771
57,543
—Y. 142,p. 775.
value
1933
55,284
January—
Cash
1934
$4,025,857
33,149
income
V. 141, p. 3685.
Operating profit..
a
Co.—Earnings
1935
selling
expenses
Marketable
1936
29
$5,976,744
Depletion and depreciation
Other charges
81,846
$232,861
32,529
Gen.
<
Total income
Cost of sales
Bucyrus-Monighan Co.— Earnings—
Calendar Years—
Gross income
Feb.
Calumet & Hecla Consolidated
Copper
Caterpillar Tractor Co.—Earnings—
Month of January—
1936
Net sales
Net profit after deprec., int., and Federal taxes
1935
$3,057,891
454,134
$2,054,239
277,958
Current assets as of Jan. 31 1936, incl.
$2,917,046 cash, amounted to
$25,279,944 and current liabilities were $3,560,938.
This compares with
cash and marketable securities of
and current liabilities of
p.
1113.
$3,131,713, current assets of $21,586,042
$1,316,061 on Jan. 31, a year previous.—V. 142,
Celotex Co.—Fees Slashed to
$183,500 by Court—
The fee of $721,000 for services in the
reorganization, of the company was
materially reduced Feb. 19 in the Federal District Court in Wilmington,
when Judge John P. Nields slashed various bills to
$183,500.
The court refused to allow a cent in the case of a
fee of $50,000 asked by
William Tracy Alden, Chicago, one of the
receivers, and his partners in a
aw firm.
Judge Nields reduced items from attorneys, accountants and
others by more than 75% in other cases.
Two representatives of a New York
bank, who had turned in a bill for
$10,000, were allowed nothing on the grounds that "banks should not be
by the court for looking after their own interests."
Of the total
granted. $140,000 was for expenses.—V. 141, p. 3219.
paid
Butterick Co.—New
Company Formed—
The company has notified the New York Stock Exchange that it has been
granted permission by the Court to reorganize under Section 77-B of the
Bankruptcy Act.
The plan provides, among other things, that for each
share of outstanding stock, the holder is entitled to receive
one-twentieth
of
a
share of common stock of
a
new
company to be
formed, which will be
known as the Butterick Co., Inc.
The new company was incorporated on
Jan. 10 1936, and the stock of the old company is
simply a receipt calling
for such stock, when the same is ready for issuance.—V.
141, p. 3529.
Butterick Co., Inc.-
-New
Company-
Byrndun Corp.—Tenders—
The Central Hanover Bank & Trust Co., N. Y. City, will until 12
noon,
March 13, receive bids for the sale to it of sufficient
3-year discounted col¬
lateral trust notes due Jan. 15 1939 to exhaust the sum of
$29,181 at prices
exceeding $89.50
per
$100 note.—V.
California Ink Co.—Extra
141,
p.
a quarterly dividend of 60 cents
per share
}4 cents per share on the common stock, no par
value, both payable April 1 to holders of record March 21.
Previously
regular quarterly dividends of 50 cents per share had been paid up to and
including Jan. 2 1936.
In addition an extra dividend of 50 cents was paid
on
an
Dec.
July
1
extra dividend of 12
16 1935, and on Dec. 5 1934 and
1935.—V.
141, p.
3529.
Retirement expense
Uncollectible revenues._
Taxes
Gross corp. income—_
an extra
of 25 cents
was
paid
Corp.—Earnings—
1935
1934
$6,620,563
$6,471,564
2,917,152
483,960
29,324
2,994,946
484,000
28,643
602,276
1933
$6,414,472
2,848,123
483,960
$6,916,711
3,195,625
562,298
728,846
730,121
$2,478,829
125,497
$2,353,543
103,376
$2,455,463
129,803
$2,456,919
493,335
60,131
$2,585,266
494,094
48,478
$2,042,693
1932
535,500
$2,579,911
$2,604,326
on mortgage debt..
Other int., amort., &c._
Federal income tax
465,019
64,811
119,183
494,250
67,705
Net corporate income-
$1,930,898
$1,843,876
$1,903,453
31,231
29,368
142,340
$1,874,085
1,200,000
$1,812,645
421,800
1,200,000
421,800
1,200,000
$1,900,352
421,800
1,200,000
$309,098
$190,845
$252,285
$278,552
Int.
4161.
Dividend—Larger Regular Div.
The directors have declared
and
Hudson Gas & Electric
Operating income
$2,510,698
Non-operating income-.
69,213
See Butterick Co. above.
not
Central
Years End. Dec. 31—
Operating revenues
Operating expenses
Surplus
adjusts,
198,494
during
the year.-..
Balance------Preferred dividends
Common dividends
$1,930,898
421,800
on
Surplus
Financial
Volume 142
1461
Chronicle
Comparative Balance Sheet Dec. 31
1935
$
.33,823,138 32,714,759
363,988
Cap. stock expense
363,988
Investments
Cash
Other secur.
1,379,811
203,512
invest
11,100
Instalm't contracts
912,781
508,338
84,023
973,216
350,961
Items to be
tized
586,187|
liab.j
187,940
deposits
stock—-7,030,000
stock..13,235,224 13,235,224
Retirement reserve 2,038,247
1,926,400
Other reserves
713,933
754,132
Def'd credit to inc.
175,069
263,212
3,423,327
Total
Illinois
39,825,086 38,580,637
value.—V. 141, p. 3685.
Issue
Light Co.—Seeks Permission to
$7,178,500 Bonds—
The company has filed a registration statement with the Securities and
Exchange Commission seeking permission to issue $7,178,500 1st and con¬
solidated mtge. bonds, due 1966.
The net proceeds from the sale of the
bonds are to be used, together with other treasury funds estimated at
$400,000, to redeem, on April 1 1936, the company's outstanding $7,178,500
1st & refunding mtge. 30-year 5% gold bonds due April 1 1943. at 105%
(total required $7,537,425).
No firm commitment has been made to take the issue.
The proposed
maximum offering price is 105%, of an aggregate $7,537,425.—V. 142,
p. 946.
Central RR. of New
Jersey.—Earnings.—
1935
$2,468,558
486,873
1934
$2,512,920
917,847
257,948
190,021
674,214
1933
$2,148,197
544,190
288,075
—V. 142, p. 776.
Central West Public Service Co.—Plan Confirmed—
1935, as amended under date of
District Court for the District of
The reorganization plan dated March 1
Dec. 14 1935, was confirmed by the U. S.
Feb. 21
—V.
1936
$7,210,313
1935
$6,072,286
1,032,239
899,305
198,228
1Q^3
$6,214,146
1,771,871
909,163
$5,245,152
1,055,263
120,841
142, p. 777.
-
1935
$1,128,511
234,874
1934
$1,023,293
168,852
$923,442
83,633
39,314
def41,099
defl39,939
Ne; after rents
-V. 142, p.
1933
1936
$1,314,680
89,819
January—
777.
Regular Dividend—
Co.—Extra Dividend—Larger
I
dividend of 10 cents per share in
share on the common
holders of record March 21.
Regu¬
lar quarterly dividends of 30 cents had been paid each three months from
March 30 1935 to Dec. 28 1935 inclusive and 25 cents were distributed in
each of the five preceding quarters prior to which no dividends had been
disbursed since Oct. 1 1931 when a payment of 15 cents per share was
made.
From Oct. 1 1929 to and including July 1 1931 quarterly dividends
of 30 cents per share were paid.
In addition extra dividends of 10 cents
were paid on in each quarter of 1935.
V. 141, p. 3686.
The directors have declared an extra
addition to
a
regular quarterly dividend of 50 cents per
stock, par $5, both payable March 31 to
Chic. Indianapolis &
The
stockholders
at
their
Louisville Ry.—Reorganization&c.
annual
meeting on
March
18 will consider
ratifying and approving a plan for reorganization of Monon Coal Co. (an
affiliate) under Section 77-B.
They will also consider whether to direct
the officers of the company
months from Feb. 28 1936,
submit
a
to request the court for a postponement of six
of the time within which the company has to
has called a hearing, March 18, at
the petitions of H. R. Kurrie and Holman
ratification as trustees of the company.—V. 142, p. 777.
to
on
Chicago Milwaukee St. Paul
Sell $3,840,000 Notes to RFC—
&
D. Pettibone, for
Pacific RR.— Seeks
1936
Gross from railway
Net from railway
$8,128,185
Net after rents
855,178
1935
1934
$6,811,353
1,477,926
defl96.407
423,712
$5,792,766
775,733
def319.468
•
During the year 1935 the 1934
Federal Railroad Retirement Act was
Western Ry.—Preliminary Report
•—
Fred W. Sargent, President, in remarks to stockholders, says in part:
28 1935 the President, by direction of the board of directors,
petition with the U. S. District Court for the Northern District of
Illinois, Eastern Division, for relief under Section 77 of the Bankruptcy
Act, which stated that it was desired to effect a plan of reorganization pur¬
suant to the provisions of that section.
The petition represented that on
May 1 1935 the interest on the 4% % convertible bonds of 1949, series A,
in the sum of $1,717,956, became due and payable, subject to a 60-day
grace period; that on April 17 1935 the directors voted to take advantage
of such 60-day grace period; and that since funds were not available to
pay such interest on June 27 1935, its directors voted to default upon the
payment of said Interest; and set forth a statement of obligations maturing
to Dec. 31 1935, totaling $29,464,891, of which $11,185,308 (incl. the May 1
1935 interest on the A%% convertible bonds above mentioned) was for
interest and $18,279,583 was for principal maturities.
The petition was granted by John P. Barnes, District Judge, by order
dated June 28 1935, which authorized the company to continue operations
under the supervision and control of the Court.
Effective Oct. 21 1935, the Court appointed Charles P. Megan, of Chi¬
cago, as trustee of the property, and operations have continued to date
under his jurisdiction.
The necessity for the company's petition to the Court may be attributed
to a combination of causes, the more important of which are as follows;
The long-continued depression; four years of unprecedented drought in
our agricultural regions; the great growth of unregulated and subsidized
competitive forms of transportation; high taxes imposed on railroads by
State and local assessing bodies; and more recently, the restoration of the
10% wage reduction, plus increases in costs of materials and supplies, with
the price for railroad service limited by law.
The company's gross and net
income declined during the first half of the year, in fact there was no evi¬
dence of an increase in revenue until the month of September, when gross,
compared with the corresponding month of the preceding year, showed an
increase of 5%.
This improvement continued, the increase in October
being 5%, in November 19% and December 15%, producing an increase
a
in the gross revenues for the year of approximately 2%.
Iron ore produced a revenue of $2,928,479 during 1935,
which was an
compared with 1934, but a decrease of 59% compared with
coal traffic increased 16% and manufactures and
miscellaneous 15%, compared with 1934; both items, however, being sub¬
stantially less than the 1929 revenues.
Revenue from grain and products
of agriculture decreased 14%, compared with 1934, and 47% compared
with 1929; while animals and products decreased 40% compared with 1934
and 54% compared with 1929.
While crop conditions were better through
out most of the territory, the decrease in grain and livestock shipments was
increase of 69%
Revenue from
de¬
deducted from wages of employees under
2% accrued in the company's accounts to
cover its required contribution to the fund was canceled.
New Federal legislation enacted during the year assesses a tax on rail¬
ways for the purpose of meeting a new Federal Railroad Retirement Act,
to the extent of 3M% of the company's payroll, effective March 1 1936,
with a similar contribution from employees.
A part of the Federal Social
clared unconstitutional; the 2%
Security Act is also applicable to railways, providing funds for unemploy¬
relief, payable through both Federal and State administrations, and
an excise tax of 1% of the company's payroll during the year 1936,
ment
levies
during 1937 and 3% each year thereafter.
The constitutionality of
the company will accrue in its accounts
2%
of these taxes, pending determination
of
Long-term debt was reduced during the year $6,600,900 and short-term
loans and bills payable were reduced $263,728.
For some time before and after the filing of the petition for reorganization,
the company's officers actively negotiated with some of its principal creditors
for a partial moratorium of interest payments and a minimum disturbance of
its financial structure, but the continued deficiency of earnings and increased
burdens of taxes for the Federal Railroad Retirement Act and Social Se¬
curity legislation, and increased costs resulting from the Guffey Coal Act,
discouraged such plan, and more recently attention has been given to the
preparation of a plan of permanent reorganization, drastically reducing the
fixed interest charges, which will be filed with the Court and the Interstate
Commerce Commission.
Years
1935
1934
1933
1932
$59,983,338 $58,789,260 $56,278,914 $53,872,880,
8,904,453
8,675,144
9,077,719 10,012,593,
7,139,972
7,226,561
6,906,518
7,508,449
1,317,732
1,202,452
1,131,349
1,097,598
Operating Revenues—
Freight-...
Passenger
—
Other
transportation
Incidental
Total
—
oper.revenues..$77,345.496 $75,893,418 $73,394,501
way^fc
12,427,546 10,776,858
16,803,417
15,528,402
Traffic—
1,943,297 ' 1,943,869
Transportation
30,591,668 29,403,295
Miscell. operations
531,495
452,439
General
3,209,845
3,818,839
Trans, for invest.—Cr—
158,690
111,883
Maint. of
3,170,938
71,612
Total oper.
expenses--"65,348,579
Net rev. from ry.
10,171,867.
14,016,140
1,967.018
30,619,796
510,811
3,393,247'
74,460
57,714,969
60,604,420
1,873,750
—
——
$72,491,521
9,559,665
14,649,653
struc
Maintenance of equip—
28,133,362
399,212
•
61,811,819
oper__$ll,996,917 $14,081,598 $15,679,532 $11,887,101
7,390,285
5,391,572
6,106,055
6,875,103
3,026,861
2,773,439
2,772,715
3,073,980
income- $3,578,483
Non-oper. income—net2,312,947
$5,202,105
3,286,695
$6,031,714
3,373,254
$1,422,836>
4,247,174
Ry. tax accruals——
Equip. & joint facility
& miscell
rents
Net ry. oper.
Income
available
fixed charges
—
■
■
-
—
*
—■■
■
i.
i.
■ ,
.
i.
I
for
$8,488,799
$9,404,969
$5,670,010
interest.—
16,961,779
16,764,993
17,280,387
16,886,830
$11,070,348
"$8,276,194
Fixed
charges—rents
$5,891,431
&
•
Balance
.
Sheet Dec.
Assets—
Investment in road and
Investment in affiliated
Other investments
On June
1929.
with the 1934 wage rates.
1933
$6,717,024
776,880
777.
Chicago & North
effective on
of wage rates to 1929 levels was
that the operations for the entire year were conducted
of approximately $3,530,000, or 9%, compared
Net deficit
Earnings for Month of January
filed
so
with an increase in wage cost
-
applied to the Interstate Commerce Commission for
permission to sell to the Reconstruction Finance Corporation $3,840,000
equipment trust certificates. This would mean that the RFC would finance
80% of an equipment-buying program, totaling $4,800,000.
The company has
—V. 142, p.
1935,
April 1
Deductions from rev.:
plan of reorganization.
The Interstate Commerce Commission
Chicago,
of 3% over 1934.
The complete restoration
Earnings for Calendar
Shaft
Flexible
Chicago
production program.
Revenue from less than carload freight also declined,
being 1% less than 1934 and 57% less than 1929.
It was necessary to increase the year's maintenance work due to re¬
trenchments during the past several years, resulting in increased expendi¬
tures of 11% compared with 1934; but the entire maintenance expenditures ;
for 1935 aggregated only 58% of the expenditure in 1929.
Improved passenger service continued to attract additional passengers to
the line, resulting in spite of lower rates in an increase in passenger revenue
til© issue
1Q^4
Chicago & Eastern Illinois Ry.—Earnings.
Gross from railway
Net from railway
1934 drought and the restricted
largely due to the combined effects of the
and set aside funds for payment
Chicago Burlington & Quincy RR. —•Earnings.—
Net after rents
N. Y. 1-752
both Acts has been attacked but
1936.—V. 142, p. 455.
January—
Gross from railway
Net from railway
New York
Street,
that Act was refunded and the
1936
$2,626,986
666,948
January—
Gross from railway
Net from railway
Net after rents
on
Broad
A. T. & T. Teletype
442,562
Represented by 1,500,000 shares of no par
Central
STOCK EXCHANGE
MEMBERS NEW YORK
743,369
39,825,086 38,580,637
Total
Delaware
Eastman, Dillon & Co.
4,013,255
15
554,584
520,172
QUOTED
SOLD
BOUGHT
other
suspense items..
and Old Securities
New
232,308
184,719
7,030,000
Common
x
Surplus..
Work in progress.
x
57,573
amor¬
and
Other accrued
\
Preferred
778", 671
»
405,450
Dividends declared
Custom's'
885,658
Inventories
244,140
405,450
406,797
Taxes accrued
rec.
Prepayments
261,708
payable.
Accounts
Central West Public Service Co.
9,885,000
340,863
44,461
Mktable. lnvest'ts.
Notes & accts.
debt...11,768,000
543,519
410,701
860,453
533,519
Misc. lnv. & advs.
Long-term
$
$
Liabilities—
Fixed capital
1934
1935
1934
$
Assets—
equipment
companies
Cash
Material and supplies
Other current assets
Unadjusted debits.
Total
—.—-—
-
-
$7,875,419 $11,216,820
31
1935
1934
--$554,074,307 $562,284,575
75,316,004
75,451,265,
4,062,565
5,125,891
2,852,928
6,129,422,
7,221,078
8,001,832
9,619,267
15,088,279,
—
11,321,109
—
4,124,754
$664,467,260 $676,206,019
'
Liabilities—
Capital stock and scrip held by public—.
—$180,839,845 $180,839,845
Premium realized on capital stock------..--.*
29,658
29,658
Governmental
grants
257,912
Long-term debt
339,168,200 345,769,100
Loans and bills payable..
34,209,968 * 34,473,696
Audited accounts and wages payable
3,496,095
3,903,318
Interest matured unpaid
10,382,890
606,681
Unmatured interest accrued
2,943,795
2,926,275
Other current liabilities
3,217,977
3,674,778
Tax liability.
4,824,171
5,613,250
Accrued
Other
64,872,555
depreciation—equipment
3,331,787
29,633,476
$664,467,260 $676,206,019
Total
—V. 142, p.
65,404,153
5,821,907
14,402,285
unadjusted credits
surplus
Corporate
1114.
Chicago Rock Island & Pacific Ry.
Month of January—
Railway operating revenue
Railway operating expenses
Railway tax accruals
Uncollectible railway revenue
Equipment rents
Joint facility rents—
System—Earnings
1936
$5,817,743
1935
$5,011,009
5,327,885 a4,783,533
b409,066 '
390,000
.■
-_
195,613
92,128
cl,159
238,690
99,465
operating deficit
$206,949
$501,938
4% contribution required by RR. Retirement Act 1934
$li5,384 for Jan. 1935.
b Includes accrual of Federal Unemploy¬
ment Insurance effective Jan. 1 1936, amounting to $34,066.
c Effective
Jan. 1 1936, included in appropriate revenues, account new I. C. C. classi¬
fication.—V. 142, p. 1282.
Net railway
a
Includes
amount
Cincinnati Street Ry.—Earnings—
Month of January—
all deductions
1282.
Net income after
—V.
142, p.
1936
$23,352
1935
$7,175
r
1462
Financial
1934
1935
z$ 109,Oil
Depreciation
100,000
Federal taxes paid
Uncoil, accts. written off
Loss on invest, bond
1933
1932
z$166,290 yloss$65,935yloss$222692
100,000
50,000
50,000
5,000
19,197
24,750
63,732
Inventory adjustments.
Net profit
Preferred dividends
$61,290 loss$115,935 loss$380,371
87,348
$9,011
Surplus
$61,290 def$115,935 def$467,719
$9,011
Reserve for contingencies
restored to surplus
Previous surplus
Amt. restored to surp. in
14,528
96,663
36,274
107.878
$105,575
of divs.
respect
$96,563
$35,273
561,069
cred.
in prior yrs. to invest,
inco.'spref. stock
43,331
Balance, surplus
$107,878
x After
deducting manufacturing, selling and administrative expenses,
After deducting income from investments, z After including income from
y
investments.
Comparative Balance Sheet Dec. 31
Assets—
1935
Cash
Investments
Notes & accts.
rec.
Inventories
...
x
Land, bldgs.
chin'y, plant,&c 1,121,827
Other assets
1,149,921
15,730
Deferred charges..
15,181
26,468
766,757
19,133
G'dwill & patents.
Total
1935
1934
Acc'ts payable
$83,346
Accrued taxes
Liabilities—
31,233
23,219
5,171
$56,519
33,403
14,820
Acer, wages & com
Acer, royalties, &c.
Prov.
ma-
Patterns, &c
x
1934
$437,808
865,866
146,870
813,104
,
$243,055
816,257
z353,885
916,336
26,468
766.757
15,233
$4,279,448 $4,237,209
for
income tax
Common stock
102
2,475,000
1,498,400
60,496
102,480
93,468
Capital surplus
y Earned surplus..
Total
60,496
1934).
treasury,
z
After deducting cost of 490 shares of preferred stock in
Accounts receivable only.—V. 140, p. 1306.
January—
1936
$1,346,086
Gross from railway
Net from railway
Net after rents.
61,834
1935
11934
1933
$1,139,653
58,305
$1,193,449
228,472
88,968
$917,873
31,243
defll4,618
def88,166
—Y. 142, p. 947.
January—
1936
1935
$1,203,191
415,460
311,601
Net after rents.
$1,037,780
323,297
234,807
1934
1933
$955,979
326,317
221,438
$823,977
242,565
200,380
778.
p.
consideration for 2,833.5 shares of a new issue of preferred stock and 7,977
shares of common stock.
The corporation surrendered $128,000 of first
mortgage bonds and a note in amount of $75,000 in return for common
stock, of which it held, at the end of the year, 62.3% of all issued and
outstanding.
Resinox Corp.—For the first time, Rexinox Corp. concluded a
year's
business with a modest profit on its operations.
Government Suit—In 1934, the U. S. Government brought actions
against
American Solvents & Chemical Corp. of Calif., since 1933 a subsidiary of
the corporation, based on alleged diversions of alcohol said to have occurred
in 1929, and that the corporation was protected
by a general indemnity
agreement against prior obligations of American Solvents & Chemical Corp.
of Calif. Similar actions were instituted by the Government against various
other corporations.
A decision in favor of one of these corporations was
rendered by a U. S. Circuit Court of Appeals.
Further, on Dec. 16 1935,
the U. S. Supreme Court refused to set aside the decision of the Circuit
Court, adverse to the Government.
Income Account for Calendar Years
Total
income
$3,826,981
146,531
366,263
Transportation
Co.—To
Meet
Bond
Maturity—
Net income
The bonds mature
on
March 1 1936, and are payable at the office of the
Empire Trust Co., 120 Broadway.—V. 133,
p.
2933.
common
stock,
March 20.
no
par
value,
both payable April
Similar distributions were made
on
1 to holders of record
Jan. 1 last and
on
Oct. 1,
July 1 and April 1 1935.
on
An extra dividend of 50 cents per share was paid
Dec. 28 1934.—V. 141, p. 3531.
Colorado & Southern Ryv -Earnings.
January—
1936
Gross from railway
Net from railway
$515,481
Net after rents
15,291
1935
$421,022
41,230
def27,693
1934
$422,470
75,513
1,769
—V. 142, p. 948.
Columbia Broadcasting System—Dividend Increased—
The directors
Feb. 26 declared
a dividend of 50 cents per share on the
stocks, payable March 27 to holders of record
March 13.
This compares with dividends of 40 cents per share paid in
each quarter of 1935 and 50 cents per share distributed
previously .quarterly.
In addition, an extra dividend of $1 was paid on Dec. 27 1935, and a stock
dividend of 50% in addition to a special cash dividend of $1 per share was
distributed on Dec. 27 1934.—Y. 141, p. 3687.
on
class A and class B
common
Columbia Gas & Electric Corp.—To Alter
Voting Rule—
The stockholders at the annual meeting March 31 will consider a
proposed
change in the by-laws to provide for cumulative voting for directors.
If
stockholders approve, the change will be effective after the forthcoming
annual meeting.
The company also proposes to eliminate the
provision that directors need
not be stockholders.
Cumulative voting means that the stockholder multiplies the number of
shares owned by the number of places to be filled on the
board, andc asts
that many votes for one director or divides them as he desires
among any
number of candidates. This permits election of representatives
by minority
interests.
Cumulative voting is less
total shares owned
are
widely used than simple voting in which the
cast for each director.—V.
Columbus & Greenville
January—
Gross from railway
Net from railway
475
1935
$65,740
defll,176
defl3,631
1934
$74,968
6,960
2,899
—V. 142, p. 778.
Commercial Solvents
Corp.—Annual Report—
the corporation proceeded to carry out, under its own
control,
projects to bring new income.
The corporation in February completed the establishment of Commercial
Molasses Corp.
In addition, the corporation began and carried to com¬
resources
new
a
solvents and alcohol
England, at Bromborough Port, Cheshire,
on
manufacturing plant in
the bank of the Mersey River
opposite Liverpool.
Commercial Molasses Corp. began business with a capital of
$4,000,000,
of which $2,600,000 was subscribed by the corporation, and on Feb. 20
1935
acquired the entire assets and business of Molasses Products Corp. and
Dunbar Molasses Corp.
By so doing it became firmly established in the
molasses
business, with requisite facilities in the way of terminals, distrib¬
uting stations, storage tanks and tank cars, located in the United States,
Cuba and Porto Rico, and also four tank steamships for the ocean
transport
of molasses.
[It
was reported in the press in Feb. 1936 that the corporation has arranged
contract with a minority stockholder of Commercial Molasses Corp.,
$2,327,847
1,549,845
"
$778,002
2,636,042
2,635,811
$0.89
1934
S
Cash
$0.88
b Depre-
1935
S
Liabilities—
3,292,244
8,776,567
Due from affll. cos.
3,707,048
78,147
1,458,866
3,761
Acer. int. recelv__
19,433
Accts., notes & accept'ces receiv__
Ad vs.
on
molasses
(contr.)_
Land,
bldgs.
100,357
4,697,823
pay.
and
stk.
eq.
of
1932.y3,936,499
1,780,090
pats.zl,156,916
Investments
733,886
Deferred charges..
319,872
1
Good-will &
283,380
218,464
Total
20,667,322
17,218,9581
Represented by 2,636,356
y After depreciation,
x
f
L
879,228
subseq.
578,958
to
950,000
Mln. int. in capital
acquired subseq.
to Dec. 31
200,000
18,659
Feb. 24 1937.„
1
556,079
royalties,
int., &c_
Pur. obllg. (unsec.)
1
Land, bldgs. &
1936....
wages,
L_ 7,322,919
Inventories
$
485,222
Due affll. cos
Accrued
1934
$
Accounts payable.
Pur. obllg. pay. in
&
surplus
subsidiaries..al,538,297
Mis cell, reserves..
94,823
Common stock..
6,592,257
x
46,207
6,591,555
4,861
4,525,514
4,915,782
Common scrip
4,078
Capital surplus... 4,525,514
Earned surplus... 5,379,243
20,667,322 17,218,958
Total
shares in 1935 and 2,636,042 shares
z These items, as well as $1,512,733 of thnet increase in fixed assets over the
preceding year, arise out of the acqulsie
tion during 1935 of a controlling interest in Commercial Molasses Corp.
and subsidiaries, which are included in the consolidated balance sheet.—
V. 141, p. 3071.
no par
in 1934.
Commonwealth & Southern Corp.—Accumulated Divs.
The directors on Feb. 25 declared a dividend of 75 cents per share on
the preferred stock, $6 series, payable
April 1 to holders of record March 6.
A payment of like amount (which is one-half the
regular rate) was made
in each of the four preceding quarters.
Period End. Jan. 31—
1936—Month—1935
1936—12 Mos.—1935
Gross earnings.
$11,270,550 $10,429,961 $123,023,226 $115,692,293
Operating expenses
Fixed charges.a
Prov. for retirem't res..
Divs. on pref. stock.b..
Balance.
5,680,071
3,402,703
960,544
749,750
$477,480
5,136,420
3,335,190
857,797
749,733
61,888,103
41,120,095
10,481,551
8,996,917
58,109,658
40,047.888
9,924,318
8,996,726
$536,558df$l ,386,29
$350,820
a Includes
interest, amortization of debt discount and expense and
earnings accruing on stock of subsidiary companies not owned by Common¬
wealth &
Southern
Corp.
.
b Reflects deduction for full preferred stock dividend
requirement at the
$6 per share per annum. Preferred stock dividends to Jan. 1 1935
were paid in full.
Dividends of $3 per share were paid for the year 1935
rate of
and
a
dividend of 75c. per share has been declared payable
April 1 1936.
—V. 142, p. 779.
Connecticut River Power Co. of N. H.—Bonds Called—
All of the outstanding 5% 1st mtge. gold bonds, series A due Oct. 1 1952
have been called for redemption on April 1 at 103 and interest.
Payment
will be made at the Old Colony Trust Co.,
Boston, Mass; the Union Trust
Co., Boston, Mass.; the Chase National Bank, New York City, or at the
Harris Trust & Savings Bank, Chicago, 111.—V. 142, p. 1284, 1116.
Consolidated Aircraft Corp.—Order for
1933
$49,694
def9,887
def9,945
William D. Ticknor, Chairman, in his remarks to stockholders
says in part:
As anticipated, the year 1935 witnessed important new
developments in
the activities of the corporation. The sale, in Dec.
1934, of the corporation's
interest in Krebs Pigment & Color Corp. removed one source of
income, but
left the corporation in a remarkably strong cash position.
With these
pletion the construction of
$764,645
Consolidated Balance Sheet Dec. 31
1935
Ry.—Earnings.—
1936
$86,680
4,620
Net after reifts
142, p. 1283.
$2,346,237
1,581,592
a After
deducting cost of sales and expenses of $33,664,114.
ciation of subsidiaries for five months.
1933
$367,235
31,171
def44,047
213,530
—
$461,321
2,636,356
$1.03
Surplus
Shs. capital stock outst'g (no par)
Earnings per share
Clorox Chemical Co.—Extra Dividend—
The directors have declared an extra dividend of 12
^ cents per share
in addition to the regular quarterly dividend of 50 cents per share on the
$2,809,691
235,091
b33,224
$2,702,092
2,240,771
Common dividends
equipment
The company on Feb. 26 announced that funds have been deposited with
the trustee for payment of the principal and interest on its first
mortgage
marine equipment 6% gold bonds.
60,454
413,344
138,297
reserve
Minority int. in net profits of subs—
1933
$2,210,122
599,569
$2,964,525
136,563
143,260
31,967
306,497
181,096
Other deductions
Federal tax
1934
$2,383,320
581,205
a$3,645,884
Provision for depreciation
Federal capital stock tax
purch.
Service
(Incl. Subs.)
1935
Operating income
Assets—
Gross from railway
Net from railway
142,
aggregating $795,637^-consisting of all notes payable, all but $147,000 of
first mortgage bonds outstanding, and certain other
obligations—in
its
'
Cincinnati New Orleans & Texas Pacific Ry.—Earns.
Cities
A rearrangement of the company's financial structure,
long pending, was
completed in December. This resulted in the cancellation of indebtedness
y
Chicago St. Paul Minneapolis & Omaha Ry.—Earns.
—V.
Thermatomic Carbon Co.—The business of this company was conducted
year by the corporation under its management contract.
throughout the
$4,279,448 $4,237,209
After deducting reserve for depreciation of $2,514,605 in 1935 ($2,441,-
666 in
increasingly difficult throughout the world. The new plant, designed and
built under the supervision of the corporation's
engineering department,
completed and in full operation in December.
5,000
102
2,475,000
1,498,400
Preferred stock
1936
29
was
Other income
Federal
Dividends unpaid.
Feb.
and also ethyl alcohol.
High import duties, natural prejudice in favor of
domestic goods, and the cost of transportation make the
exporting of goods
Chicago Railway Equipment Co.—Earnings—
Calendar Years—
^Operating profit
Chronicle
Subsidiary—
The receipt of an order for 20 planes for the Royal Canadian Air Force
announced on Feb. 25 by Fleet Aircraft Co., a subsidiary. An order for
10 training planes was received some time ago, later this number was doubled
was
making it one of the largest orders ever given by the Royal Air Force.
Eighteen will be training planes. The other two will be used by civilian
aviation inspectors.—V. 141, p. 3532.
Consolidated Automatic Merchandising Corp.—Plan
Operative—Securities of New Company Ready for Exchange—
The new securities to be issued under the
plan of reorganization of
Consolidated Automatic Merchandising Corp. and General
Vending Corp.
are
ready for delivery.
Pursuant to the final plan of reorganization there will be issued for each
$500 of 6% 10-year secured sinking fund gold bonds of General Vending
Corp. accompanied by all interest coupons due Feb. 15 1932 and subse¬
quently, voting trust certificates representing five shares of the preference
stock and 10 shares of the common stock of Peerless
Machine Corp.
Weighing & Vending
There will be issued for each 10 shares of preferred stock of Consolidated
Automatic
Merchandising
Corp.
surrendered
a
voting
trust
certificate
common stock of Peerless.
There will be issued for each 100 shares of common stock of Consolidated
representing one share of
Automatic Merchandising Corp. surrendered (in the form of
voting trust
certificates) a voting trust certificate representing one share of common
stock of Peerless.
No voting trust certificates
representing a fraction of a share of new com¬
stock will be issued, but instead bearer
mon
scrip will be issued.
providing that if either party desires to sell his interest, he will give the other
Stock certificates representing the
preferred stock and voting trust cer¬
common stock of C. A. M. Co., together
with letter of transmittal, should be sent to Peerless
an
Machine
a
opportunity to acquire the stock on terms at least as favorable as those
by others.]
|fc Commercial Solvents {.Great Britain) Limited was organized in April with a
capital finally determined as £250,000, of which the corporation subscribed
and holds a controlling interest.
The purpose of this development is the
manufacture in England of solvents, previously exported from this country,
offered
tificates representing the shares of
Weighing & Vending
Corp., care of Central Hanover Bank & Trust Co. (Transfer
Dept.), 70 Broadway, New York.
Peerless Weighing & Vending Machine
Corp. has been organized in
Delaware as the new company to make effective the
plan of reorganization
approved by the U.S. District Court.
The new company has an authorized
capitalization of 40,000 shares of preference stock (no par) and 125,000
shares of common stock
the
(par $1).
In connection with the reorganization,
approximately 37,150 shares of preference stock
company will issue
new
and 111,793 shares of common stock to be deposited under a voting
trust.
The new company has acquired the assets of both General Vending Corp.
and of Consolidated Automatic Merchandising Corp., subject only to the
payment of certain prior claims and reorganization expenses in amounts
allowed or approved by the U. S. District Court.—V. 141, p. 3532.
Consolidated Laundries Corp.
(& Subs.)- -Earnings1933
1932
bution, the
$7,690,604
6,560,885
addition of
523,230
$6,491,069
5,929,695
527,974
$33,400
63,769
$471,399
45,499
$90,656
54,492
$209,840
159,960
$145,148
171,087
$97,169
6,036
968
$541,199
214,115
30,871
Gross income
Federal income tax
Net profit
Preferred dividends
$43,844
658,320
69,800
194,625
loss$26,907 loss$97,456
1
8,817
sur$43,844
$26,907
$106,273
$81,888
392,168
$0.03
392,168
392,168
Nil
Nil
392,272
$0.65
out¬
standing (no par)
Earnings per share..,
Includes dividend payable Feb. 1 of the next year.
1934
$254,652
297,445
1,153,049
215,102
Notes&accts.rec.
Inventories
221,308
notes&accts.rec.
mun.
of
Dept.
lstM.6%ser.gold
56,367
12,857
77,762
77,762
L'd, bldgs., mch.
& delivery equip. 4,671,905
98,159
5,071,767
53,496
stock
(cost)
Purchase route
183,990
62,980
g218,000
5,858
""968
6H% 10-yr.
._f1,117,000
1,438,500
payable in 1 yr.
Conv. 6H % 10-yr.
notes due 1936..
vice
300,000
300,000
1
1
Good-will
296,000
548,997
64,166
471,900
d Common stock. 3,154,401
Earned surplus
985,446
716,337
65,900
471,900
mtges.
money
payable.
Reserves.
Preferred stock
$7,298,682 $7,498,7051
Total
3,154,401
938,105
$7,298,682 $7,498,705
Total
After
reserve for doubtful accounts of $74,439 in
1935 and $73,843
b After reserves,
c After reserve for depreciation of $4,639,905
In 1935 and $4,250,347 in 1934.
d Represented by 400,000 no par shares,
e 7,832 shares of common stock,
f Due 1936, extended to 1941.
g Notes
not presented for extension.—V. 141, p. 2113.
a
In 1934.
Consolidation Coal Co.
(Del.)—No Interest—
This
company, successor to the Consolidation Coal Co., a Maryland
corporation, advises that no interest will be paid April 1 on its 25-year 5%
sinking fund bonds for the six months' period ended Dec. 31 1935, inasmuch
as there were no net earnings during that period available for such interest.
The interest for that period is payable currently only to the extent earned
and if not paid must be paid at or before maturity of the bonds."—V. 142,
p.
457«
Consumers Power
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Jan. 31—
1936—Month—1935
1936—12 Mos.—1935
Gross earnings
$2,875,370
$2,597,199 $30,755,466 $28,836,997
Operating
1,418,149
355,886
262,500
350,665
expenses
Fixed charges
Provision for retire,
Divids.
on
res.
pref. stock..
Balance
$488,169
1,242,759
385,944
14,818,661
4,960,556
14,004,847
4,755,813
237,500
350,751
2,875,000
4,207,868
2,855,500
4,193,363
$380,243
$3,027,471
$3,893,380
-V. 142, p. 780.
Continental Gin Co., Inc.—Accumulated Dividend—
The directors have declared
a
dividend of $1.50
per
share
account
on
of accumulation
on the 6% cumulative preferred stock, par $100, payable
April 1 to holders of record March 14.
Accumulations after the current
payment will amount to $1.50 per share, the Jan. 1 1936 payment having
been omitted.
The company on Dec. 24 1935 paid up all arrearages up
to and including Oct. 1 1935.
See also V. 141, p. 4163.
Continental
Motors
Deisel-Wemmer-Gilbert
Corp.—To Sell Subsidiary—
ownership interest in said company.
It is expected that the
April 15 1936.—V. 142, p. 296.
sale will be finally consummated on or before
Corp. (& Subs.)-
farnings—
1935
Six Months Ended Dec. 31—
Net inc. after Fed. taxes, depr. exp. & other deduc.
January—
1934
—V. 142, p. 780.
The Interstate Commerce Commission
operations
$111,620
1,102
Other income
Total income
$112,723
Other expenses
Provision for Federal and State income taxes
1,060
14,674
Net profit.
$96,988
Profit is equivalent to approximately $0.50 per share on the 194,565 shs.
of common stock outstanding.
$466,691
Federal
banks
Intermediate
Credit
l}4% debentures
Accrued interest receivable..
Inventories
820,910
Due from customers
64,921
Land
b Buildings, improvements
equipment
&
has requested the
The right of redemption will
contained in Article 12 of the
trust agreement and in the temporary trust certificates.
The agreement
and lease will be further amended by striking therefrom all other references
to the redemption of the certificates.
The holder of the temporary cer¬
tificates will agree to exchange them for the definitive certificates.
The
supplemental agreement will limit the total amount of series B certificates to
$1,033,000, and will provide that the number of wooden box cars to be
reconstructed and included under the trust shall be changed from 986 to
983, and that the number of such cars to be reconstructed into steel-sheathed
box cars shall be changed from 886 to 883. The definitive trust certificates
will be dated Dec. 1 1935, and in respect of each $1,000 int. in the trust will
have attached a dividend warrant in.the amount of $9.45, payable on June 1
1936, and representing an adjustment of dividends to May 31 1936, on the
temporary certificate for which exchanged.
From June 1 1936, dividends
will be payable semi-annually at the rate of 4% per annum. The instalment
of certificates maturing on Dec. 1
1944 will be reduced from $67,000 to
Federal Emergency Administrator of Public Works, who
company to waive the redemption privilege.
be waived by canceling the provisions therefor
$57,000.
Pensions 48
Employees—
In accordance with its policy of
missions, &c
Federal and State income tax
Capital stock ($5 par)
Surplus
In
the pension rolls 48 employees whose years of service totaled 1,934
years, seven months.
The record for the longest period of service attained by a member of the
group was for 62 years, 11 months, while the next longest record was for
53 years, six months' employment. Eight of the employees served the road
more than 50 years, 26 employees having been in the company's service
upon
than 40 years.
more
These 48 employees will receive
$2,089,0341
-
acquisition
of
treasury stock
Dr27.221
Total
$2,089,034
_
on
Dec. 26 1935,
payable Feb. 1 1936.
a
After reserve for doubtful items of
142, p. 124.
for the last 10
of employment. The employees were not called upon, neither through
pay roll deductions nor otherwise, to contribute in any manner to the retire¬
ment annuities.
Pension payments, however, are made monthly, being the
equivalent of salaries or wages.
years
Earnings for Month of January
1936
Gross from railway
Net from railway
after rents
1935
1934
1933
$3,923,517
602,613
255,305
$3,767,056
672,693
316,012
$3,573,170
489,774
104,765
$3,240,979
362,034
def53,778
780.
Denver & Rio Grande Western
RR.—Earnings—
1936
$1,813,184
1935
$1,523,538
407,146
Month of January—•
Operating revenue
365,152
revenue
211,341
161,563
206,623
475,796
157,159
478,561
$269,172
$321,402
1934
$41,336
1,113
1933
$34,284
def7,354
defl3,766
__
Netdeficit..
-
—V. 142, p. 950.
Detroit & Mackinac
January—
Gross from railway
Net from railway
Net
after rents.
—V. 142, p.
Ry.—Earnings.—
1935
$37,364
def4,081
def8,098
1936
$41,940
def909
def5,155
Detroit Toledo & Ironton
January—
railway
Net from railway
—V. 142, p.
RR.—Earnings.—
1935
$806,575
474,744
1936
$743,453
437,716
317,030
349,908
Gross from railway
Net from railway.
Net
1933
$336,331
137,777
71,505
1934
$567,169
316,331
234,735
781.
January—
after rents.
—V. 142, p.
def5,144
781.
RR.—Earnings.—
1935
$355,056
214,855
125,469
1936
$399,538
252,869
147,584
1934
$303,439
184,608
99,758
.
1933
$250,032
145,060
75,352
781.
Distribution
Terminal
&
Cold
Storage
Co.—Plan
Operative—
Note—A dividend of 50 cents per share was declared
tion of $866,181.—V.
through the railroad's gratuitous pension
system 1 % for each year of service of their average earnings
Detroit & Toledo Shore Line
16,761
6,529
22,225
1,000,000
1,019,876
26,245
Deferred charges
providing social security for its employees,
it had placed
the company announces that during December and January
9,668
Patents and trade marks
Total
$50,862
Accrued general taxes
Applied
369,617
,
Accounts payable, &c
Accrued salaries, wages, com¬
100,747
230,045
187
a
17 modified its supple¬
The series B certificates and the agreement under which they were issued
provide that they are subject to redemption at the option of the company,
either as a whole or in part, in the inverse order of their maturity on any
dividend date at par and divs.
There have been issued $1,033,000 of temporary trust certificates, series
B, which are owned by the government and registered in the name of the
Net after rents
Liabilities—
Assets—
RR.—Equip. Trusts
Feb.
thereon.
Gross from
Balance Sheet Nov. 30 1935
Cash
on
May 23 1934, so as to limit to not exceeding $1,033,000 the
amount of equipment trust certificates of 1934, series B, in temporary and
definitive form, in respect of which the company is authorized to assume
obligation and liability and so as to permit amendment of the certificates,
by company's waiving the right of redemption and adjusting dividends
Interest
$293,002
101,611
79,770
_
General and administrative expenses
on
^
$1,623,529
defl44,353
def204.973
Net railway operating income
Gross
Profit
$2,146,843
289,456
236,894
Available for interest
Louis—Earnings—
Income Account for Six Months Ended Nov. 30 1935
profit on sales
Selling expenses
1933
1934
1935
$2,020,142
132,640
71,725
$2,028,837
252,901
146,972
—V. 142, p. 780.
Net
Curtis Mfg. Co., St.
RR.—Earnings.—
1936
Gross from railway
Net from railway
—V. 142, p.
$336,832 loss$240,922
$1.40
Nil
Earns, per share on 175,590 common shares
_
the subsidiary.—V. 141, p. 3859.
Net
Continental Steel
l9^4
1935
$425,513
$400,425
196,942
197,092
Earnings per share
$1.76
$1.56
Note—The net profit for 1935 includes back preferred stock dividends
received from subsidiary, Bernard Schwartz Cigar Corp., but does not
include company's equity of $139,423 in the undivided 1935 net profit of
The company has entered into a contract for the sale of iis entire stock
interest in Continental-Divco Co., a wholly-owned subsidiary.
This sale is
for a cash consideration, and upon its consummation the corporation will
not have any
Corp.—Earnings—
mental order of
224,000
Purchase
dividend of 50 cents per share on the com¬
Delaware Lackawanna & Western
gold notes
l8tM.6%ser. gold
bonds of sub. co.
ser¬
a
no par
Net after rents.
Fed. Income tax..
Conv.
Deferred charges
Co.—Dividend Doubled—
value, payable March 24 to holders of record March 14.
This compares with 25 cents paid each three months from March 24 1934 to
and includingDec. 24 1935, and each quarter from Sept. 24 1932 to June 24
1933, incl.
From March 30 1930 to and incl. June 1932 the company paid
dividends of 75 cents per share each quarter.
In addition an extra dividend
of 25 cents was paid on Dec. 24, Sept. 24, and on June 24 1935.—V. 141,
p. 3532.
stock,
Delaware & Hudson
due in one year.
Pur. money mtges.
b Investments
c
74,000
Salesmen's & other
with
56,492
2,857
Treasury
52,586
75,000
—
Labor
—at cost
e
1934
$151,857
75,169
55,359
payable.
bonds of sub. co.
bonds
deposit
on
Accounts
Accruals
deposits
Mtges. & long term
U.S. &
1935
$110,553
84,011
Liabilities—
1935
$434,556
233,108
1,208,740
Assets—
a
Crowell Publishing
mon
Years Ended Dec. 31—
Net profit after deprec., Fed. taxes & other charges
Shares common stock (par $10)
Consolidated Balance Sheet Dec. 31
Cash
There are at present outstanding $1,607,999 first mortgage bonds, $1,621,784 general lien bonds, and approximately 36,000 shares of $100 par
value preferred stock and 400,000 shares of $1 par value common stock.
The court has adjourned the proceedings for a period of 90 days.—
V. 142, p. 123.
The directors have declared
$296,213
x35,363
342,738
Common dividends
stock
off the first mortgage in cash,
70 cents on
pay
satisfactory securities at a rate of approximately
new bonds to be advanced to a first mortgage status.
The plan also proposes reducing the preferred stock to a third with the
a bonus in new common stock, and to exchange the common
stock share for share.
1934
Interest
x
or
the dollar. It is also proposed to cut the general lien in half with long-term
bonds at 5 %, in addition to limited participation in common stock distri¬
$6,880,448
6,266,562
Profit from operations
Other income
com.
Feb. 24.
Under the plan it is proposed to
$164,341
*
Corp.—Reorganization—
on
properties
1935
Depreciation
Shares
Cosden Oil
The stockholders' reorganization committee, of which J. S. Cosden,
President of the company, is Chairman, has announced that a tentative
plan of reorganization was filed in the Federal Court at Fort Worth, Texas,
$6,758,810
6,085,114
509,354
Calendar Years—
Net sales
Cost of sales
1463
Financial Chronicle
Volume 142
$5,500.
b After
reserve
for deprecia¬
The plan of reorganization filed with the U. S. District Court for the
Northern District of Ohio, Eastern Division (V. 141, p. 3533) was confirmed
by the court on Dec. 23 1935 and pursuant to the order entered, the bond¬
holders protective committee (H. D. Hileman, Chairman) has caused a
corporation, known as Distribution Terminal Warehouse Co., to be or¬
ganized.
Financial
1464
At
Jan. 23 1936, the court approved the form of trust
indenture securing the new $440,000 20-year 5% mortgage bonds and the
form of voting trust agreement under which the shares of stock of the
company are to be deposited and voting trust certificates are to be issued.
In accordance with the plan of reorganization, the Distribution Ter¬
minal Warehouse Co. has made available the new 20-year 5% mortgage
bonds and the voting trust certificates.
The distribution of the new bonds and voting trust certificates will be
made at the office of Guardian Trust Co., depositary, Cleveland, Ohio,
upon surrender of the old bonds or certificates of deposit representing, the
a
hearing held
on
same.
Chronicle
Eastern
Feb.
1936
29
Cuba
Sugar Corp,—Over 50% of Bonds De¬
posited Under Plan—-Further Deposits Urged by Committee-—
The bondholders* protective committee for the
15-year 7 H% mortgage
bonds, of which Charles Hayden is chairman, announced
Feb. 24 that it had on hand as of Feb. 15 deposits
totaling more than 50%
of the outstanding issue of $7,500,000 under a plan of readjustment. Of the
sinking fund
bonds deposited more than 40% of the issue
have specifically assented to
the plan while approximately 10% of the issue, although on deposit prior
to Nov. 13 1935, have not yet specifically assented.
In a letter to bondholders, the committee calls attention to the fact that
As provided in the plan of reorganization, $200 of new 20-year 5%
mortgage bonds of Distribution Terminal Warehouse Co., and voting trust
the period for assenting to the readjustment plan expires March 1 and states
that it is essential that the plan should receive the assent of as many bond¬
.certificates representing 10 shares of stock of said company will be issued
in place of each $1,000 of old bonds or certificates of deposit representing
holders as possible before that date.
"We believe that the plan is beneficial to your interests," says the com¬
mittee.
"It is fundamentally a very simple plan.
You would, through
the
same.
These new bonds are issued in denom. of $1,000, $500 and $100.
The voting trust certificates will be issued in the name of the owner of the
old bonds or the registered holder of the certificate of deposit unless proper
transfer has.been made of the certificate of deposit.—V. 142r p. 297.
Distribution Terminal Warehouse
Co.—Organized—
See Distribution Terminal & Cold Storage Co.
Dominion
Stores, Ltd.—To Terminate Investment Plan
and Increase Stock—
The stockholders at the annual and special meeting March 9 will consider
amending the by-laws authorizing the directors to terminate "Dominion
Stores, Ltd. Employees Co-operative Investment Plan" and increase the
authorized capital stock by 2,368 common shares which had been previously
reduced by a similar amount.—V. 142, p. 950.
>Douglas Aircraft Co., Inc.—Earnings—
$7,391,896
5,474,267
329,543
1934
$5,294,691
4,858,875
202,257
1933
$2,191,402
1,985,584
180,152
$2,317,569
2,026,707
144,909
$1,588,086
$233,559
x45,898
x5,421
$25,666
45,156
$145,953
71,976
$1,633,984
249,249
121,769
$392,701
22,845
331,103
$70,822
5,917
18,792
$217,929
11,597
134,709
1935
Years End. Nov. 30—
Net sales
Cost of sales..
Gen. and adminis. exps_
1932
exchange, own stock in a new company which would control or acquire title
to the mortgaged property securing your bonds, subject only to a small
underlying mortgage to be assumed if title is acquired, and which, if all
bondholders assent, would be entirely owned by them.
Working capital
for the enterprise would be provided without your being required to put
up any additional cash and the capital structure put on a sound basis.
Through ownership of all the stock of Eastern Cuba Sugar Corp., the new
company would own the equity in the other properties of that company, but
would not assume any or its liabilities except, on the condition above
stated, the foregoing underlying mortgage.
If you have not already as¬
sented, we urge you again to review the plan and to assent thereto before
March 1 1936."—V. 142, p. 297.
Eastern Massachusetts Street
Railway
Railway
License rights sold,
less
development costs—
153,721
Gross income
Prov. for Fed. inc. tax-.
Other deductions-
1936
$634,731
390,313
36.437
1935
$613,854
411,103
29,661
~ $207,981
8,784
$173,090
10,282
$216,765
$183,372
64,764
115,959
67,322
116,837
oper. revenues
oper. expenses
Taxes
-
Balance
-
-
Other income
Gross
Operating profit
Other income
Ry.—Earnings—
Month of January—
Interest
corporate income—
funded debt, rents, &c
on
Depreciation and equalization
Net
profit.—
—V. 142, p. 781.
def$787
$36,042
Easy Washing Machine Corp.—Listing—
The New York Curb Exchange recently authorized the listing of 461.099
common stock (no par) with authority to add to the list:
275 56-100 additional shares of class B, on official notice of issuance, upon
shares of class B
Net profit
Dividends paid
Balance
Shares com.
$1,262,967
350,552
,112
$71,622
299,569
936
$912,415
$38,753 def$262,824 def$227,947
467,403
467,403
$2.70
$0.08
Liabilities—
1934
Land, bldg., mar
chlnery, &o
1935
$797,183
489,878
165,783
603,393
2,246,708
56,118
1
x
p.
34,632,000
6,972,000
20.1
72,164,000
8,477,000
11.7
Illuminating
Co.
of
Boston—Two
as
directors
of the company. The resignation in each case is the result of a provision of
the Public Utility Holding Company Act of 1935, Mr. Burr being a member
$4,984,3981
Total.. —-.—$6,033,190 $4,984,398
Represented by 467,403
y
Electric
Resign—
Charles Francis Adams and I. Tucker Burr have resigned
1
After depreciation,
Amount PerCt.
14,508,000
17.3
National Power & Light Co—80,641,000
Edison
97,082
Total--.- ——$6,033,190
1935
84,022,000
—V. 142, p. 1288.
528,253
134,401
Good-will.Deferred charges—
1936
American Power & Light Co—98,530,000
Electric Power & Light Corp—41,604,000
Directors
379,872
Xtictcclsc
~
Operating Subsidiaries of—
—
Invest., in & adv.
toaffil. cos
the
*
1934
Capital stock
$2,984,304 $2,984,304
Notes
payable.—
135,000
Accounts payable.
404,105
412,145
Accrued taxes
271,193
29,828
Reserves
17,532
30,862
Surplus—
1,405,589
2,342,727
y
$948,967
Cash.
1,538,399
Marketable secure.
184,100
Accounts receiv'le.
699,955
Inventories2,066,737
Other assets
80,759
Inc.—Weekly Input—
For the week ended Feb. 20 1936, the kilowatt-hour system input of
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1935, was as follows:
Balance Sheet Nov. 30
1935
Ebasco Services,
356,435
$0.20
467,403
$0.10
Less other deductions.
Assets—
x
the conversion of fractional scrip for class B common stock, making the
total amount applied for 461,374 56-100 shares.—V. 142, p. 459.
out^
stock
standing (no par)
per share
Earnings
x
$38,753
no par
shares.—V. 142,
1288.
of
investment
an
banking firm, and Mr. Adams being
a
director of the
General Electric Co., a company that sells or may sell electrical equipment
to this company.
While it is believed that this is purely an intra-state company, hence not
Drake Hotel,
Chicago—Local Interests Resume Control—
Under an agreement with the Metropolitan Life Insurance Co., the
Drake Hotel, beginning Feb. 6, reverted to the bondholders.
The Drake
Management Co., wholly owned by the National Realty & Investment Co.,
L. Brashears is President, is now owner of the hotel, as a
result of the Metropolitan reinstating the $3,480,000 mortgage against
the property.
A petition will be filed with Federal Judge James H, Wilkerson by the
insurance company asking that foreclosure proceedings be dismissed and
that the receiver, Charles K. Williamson, be removed.
The hotel originally was financed with a $5,000,000 S. W, Straus & Co.
bond issue, which was paid down to $4,000,000. In 1926 the Metropolitan
Life made a $4,000,000 mortgage at 514% against the property and the
bond issue was canceled.
This mortgage was paid down to $3,480,000 but when interest was de¬
faulted Metropolitan filed foreclosure suit in April of 1933. It is understood
that in reinstating the mortgage the interest rate was reduced to 5%.—
V. 137, P. 2469.
of which Edwin
Duke
Power
Co.—$39^000,000 Issues Placed Privately—
The company has placed privately $30,000,000 3H% bonds
of 1967 and $9,000,000 4% notes of 1946 with Duke University
and the Duke Foundation.
were
used to retire
approximately
Durham Hosiery
Mills—Earnings—
_
1932
1933
1934
$2,748,180
2,332.558
58,227
212,335
$2,288,625
1,818,254
81,447
189,099
$2,318,801
1,911,283
59,177
190,355
92,697
4,457
41,166
764
85,021
8,446
145,443
$157,894
58,348
$64,518
10,197
$69,350
$231,407
$216,241
$74,716
65,475
Surplus Jan. 1
Gross surplus
for esc. loss
Prov.
32",737
16,368
and
incident to
change in mill operat's
company is
to deprive it of the services of two of its most experienced
directors.
Earnings for Month and 12 Months Ended Jan. 31
1936—Month—1935
Period End. Jan. 31—
Operating revenues
Operating expenses
Depreciation
Uncollectible
$3,028,861
1,129,986
288,333
12,000
572,500
revenue
Taxes accrued—
...
Net oper. income..— $1,026,042
Non-operating income..
9,026
Gross
income-1
1936—12
Mos.—1935
$2,971,585 $30,113,997 $29,787,982
1,086,190
13,022,197
12,138,728
288,333
3,460,000
2,965,000
20,000
181,801
240,000
555,000
5,486,374
5,589,917
$1,022,062
14,761
$7,963,625
215,707
$8,854,337
200,457
Miscellaneous rents
Interest and discount...
$1,035,068
6,450
259,553
$1,036,823
6,420
244,934
$8,179,332
81,830
3,068,119
$9,054,794
79,073
3,753,243
Income balance—
$769,065
$785,469
$5,029,383
$5,222,478
—V. 142, p. 782.
Period End. Dec. 31—
Renewals
—
—
Ry.—Earnings—
1935—Month—1934
$63,813
$62,216
50,819
48,024
3,997
6,193
3,819
Crl.000
Surplus
$47,904
183,503
loss$76,093
wise.
Operating revenues
Operating expenses
Fixed charges
$50,000,OOQ 4Mb outstanding.—V. 140, p. 4014.
Calendar Years —
1935
Sales, less discounts al¬
lowances and freight.
$2,665,928
Cost of goods sold
2,389,232
Depreciation
66,821
215,220
Selling & adminis. exps.
Other charges, incl. int.,
uncoU. accts.,&c.(net)
70,748
!
Reserve for contingencies
the possibility that the question might be officially decided other¬
Thus, the initial impact of the Holding Company Act upon this
course
Edmonton Street
1
.
Proceeds of the issues and other funds
to provisions of the Utility Holding Company Act, there is of
subject
$5,176
1935—12 Mos.—1934
$662,419
$621,872
511,913
493,159
65,666
73,936
52,819
31,000
$8,998
$32,018
$23,776
—V. 141, p. 4165.
Electric Auto Lite
Co.—Brings Suit Against SEC-—
The company has filed an action in the Circuit Court of
Appeals at Cin¬
cinnati which, it is said, may result in a ruling on the constitutionality of
the Securities and Exchange Commission.
The action filed was an application to the court to review an order of the
Commission that certain information concerning the company be made
public.
The information was given at the time the company issued addi¬
tional stock for the acquisition of the Moto Meter Gauge & Equipment Co.
The petition charges that disclosure of the information would cause the
company irreparable damage.—V. 142, p. 952.
'
expenses
Electric & Musical Industries,
42,718
Preferred dividends.
Pay. of Fed. inc. tax de¬
ican
Ltd.—Listing of Amer¬
Certificates Against Foreign Issues—
The
ficiencies for prev. yrs.
535
20,490
Balance surp. Dec. 31
Earns, per sh. on 32,737
$26,097
$145,443
$183,504
$58,347
Nil
$1.46
$4.82
$1.97
regular
shares of pref, stock..
Balance Sheet Dec. 31
1934
1935
Assets—
Liabilities—
1935
1934
6% pref. stock—$3,273,750 $3,273,750
Land, bldgs., ma¬
chinery, &C
$3,382,494 a$3330,240 bCommon stock..
262,197
262,197
Cash....
102,475 Notes payable
150,310
200,000
100,000
Notes receivable-Accts. receivableInventories
Other receivablesDeferred
charges.
d27,452
127,683
648,790
8,225
32,206
c20,237
153,508
641,552
9,551
36,932
Internal rev. dept.
process
tax
Accounts payable.
Accrued expenses.
Contingent
Deprec.
reserve
reserve.
Earned surplus
Total
a
$4,377,160 $4,294,493
After purchase money
Total
obligations of $40,000.
_
40,825
11,313
81,213
481,764
26,097
17,771
44,982
13,104
24,123
413,124
145,443
$4,377,160 $4,294,493
b Represented by 12,500
shares of class A and 37,500 no par shares of class B stock, c Matur¬
ing during 1935.
d Colonial Trading Co., Inc. secured by real estate.—
V. 141, p. 4164.
no par
Governing Committee of the New York Stock Exchange at its
meeting to-day approved the following recommendation of the
Committee on Stock list:
>
"The rules, regulations and procedure prescribed by the Securities and
Exchange Commission for the registration of American certificates against
foreign issues make it necessary that the securities underlying the Ameri¬
can certificates also be registered.
In order that the New York Stock
Exchange
may
properly
certify
to
the
Securities
and
Exchange
Com¬
mission its approval of the listing and registration of American certificates,
it becomes necessary that the underlying securities be admitted to the list.
"A technical form of listing for such underlying securities has been
devised, which does not authorize admission to trading privileges.
"Applications for the above form of listing have been received with
respect to the following securities:
"Electric & Musical Industries. Ltd., 856,990 "ordinary shares" now
underlying outstanding and listed American certificates, with authority to
add to the list 4,948,759 "ordinary shares" upon deposit under the deposit
agreement and the issuance of American certificates therefor.
"General Italian Edison Electric Corp. (Societa Edison), 28,482
'ordinary
shares' now underlying outstanding and listed American certificates, with
authority to add to the list, 8,011,674 'ordinary shares' upon deposit under
the deposit agreement and the issuance of American certificates therefor.
"Roan Antelope Copper Mines, Ltd., 1,224,216 'ordinary shares' now
underlying outstanding and listed American certificates, with authority to
Financial
Volume 142
add to the list, 5,004,564 'ordinary shares' upon deposit under
agreement and the issuance of American certificates therefor.
"The
Committee
the depsoit
for the purpose of
recommends that,
List
Stock
on
effecting registration of listed American certificates, the above underlying
be approved for listing and registration, and that additional
amounts of said securities be approved for listing and registration upon
deposit under the respective deposit agreements and the issuance of Ameri¬
can certificates therefor."—V. 141, p. 3377.
securities
Net after rents
—V. 142, p. 782.
Elizabeth
(N.
J.)
$717,507
67,138
def49,381
sold Feb. 20 for $61,000 to the Shawnee
Elizabeth company.
The property has been esti¬
mated to be worth $700,000. The sale was the result of a receivership action
brought by the Bridge Holding Corp., a creditor. The brewery is expected
to continue operations under the new owners.—Y. 140, p. 474.
as
reason for the proposed change in its articles of incorporation is
previously the 200,000 shares set aside for purchase by employees
salable to them at not less than the book value of $10, and then only
after first
partic. stock,
cum.
a
Net loss from oper
Int. received from notes,
Resigns
Sec.
Carroll,
Assistant Secretary, as of Feb. 14.—V.
1,828,470
1,908,015
297", 168
Miscellaneous income
Profit
217",386
62",503
1,612,202
1,223,026
190,000
1,132,768
1,299,062
1,469,110
1,371,505
x6,541,336
1,445,890
199,176
lossl66,295
97,605
x7,987,226
518,683
199,176
defl66,295
97,605
df8,505,909
sale of secure
on
Prov. for Federal taxes.
pr
Preferred dividends
Surplus,
x
Consolidated Balance Sheet Dec. 31
350,899
Notes
1935
$5,959,867
1,480,346
918,495
1934
$6,002,216
1,719,660
885,208
1,094,116
*
and
36,009
$5,331,052
1,243,358
550,876
Fed. inc. taxes for
21,462,576 25,549,654
Prepayments & de¬
ferred charges..
792,625
lnvest'ts.
Good-will,
235,550
Interstate Commerce Commission for
authority to issue and sell to the government an additional $1,100,000
of 4% registered serial collateral notes to procure funds for pin-chase of
Works
Erie's
equipment
for
Reconstruction
Administration.
taken over PWA' rail
Corporation
Finance
since
1934
$1,323,840
244,196
$5.42
After deduction of $329,502 for
—V. 141, p. 3226'.
x
experimental and development work.
c
$20 par value common stock.
appointed transfer agent for
[Due to a typographical error the
Operating revenues
Operation.
Maintenance
Taxes..
5,001,899
16,122,234
Dr226,774
..97,038,237 96,434,068
(& Subs.)—Earnings—
1932
1933
$324,402
185,139
$175,845
168,197
$139,263
74,221
$7,648 loss$145,407
53,061
$43,239
$213,484
$60,709 loss$159,067
115,453
17,305
x33,096
124,188
14,273
3,000
100,980
a47",317
$122,614
Other income
1934
$245,875
224,106
$21,769
21,470
prof, before deprec.
Sell., adm. & gen. exp..
$28,957
$149,153
$69,920
215,327
13,660
Other deductions
Net income
for
inventory ob¬
1936—12 Mos.—1935
$876,427
$896,558
466,004
447,127
61,210
61,096
157,855
164,794
Provision for deprec
Int. on gold notes, &c._
Federal
Other
$18,473
$191,357
178
41
$191,535
1,726
$18,474
5,000
1,742
12,368
$223,582
60,000
15,041
$13,233
$11,731
$119,167
mcome tax
charges.
Net loss
Includes
special
V.' 141, p. 3860.
x
Net oper. revenues
5,001,899
Dr226,774
50,000
169,894
35,566
solescence
Co.—Earnings-
1936.—Month- -1935
$80,868
$81,489
42,841
41,599
5,441
5,455
14,507
14,098
_
1935
Calendar Years
Gross
Prov.
Period End. Jan, 31—
Total
97,038,237 96,434,068
Federal Screw Works, Inc.
"Chronicle" of Feb. 15 stated the stock had a par value of $10 per share.]
—V. 142, p. 1289.
Fall River Gas Works
Treasury stock.
After depreciation and amortization of
Operating profit.
Fajardo Sugar Co.—Transfer Agent—
new
488,431
44,376
Minority inter'ts..
$297,126 loss$250,943
231,216
236,516
$1.28
Nil
The City Bank Farmers Trust Co. has been
the
2,547,670
$25,781,815 in 1935 and $24,194,936 in 1934.
b Represented by 1,400,000 no par shares,
c Repre¬
sented by 15,278 shares common stock at cost.—V. 142, p. 622.
1932
1933
1935
700,000
700,000
3,082,863
4,250,000
Paid-in surplus.._
a
x$575,569
244,196
$2.35
Calendar Years—
613,000
Earned surplus... 12,071,410
Total..
Net
profit
after
int.,
deprec. & Fed. taxes.
Shs.com.stk.out (par $5)
Earnings per share
1
Reserves
has
Co.—Earnings—
Feb.
mtge.
bonds.
due In 1 year
Accrued taxes, &c_
program.—V. 142, p. 622.
Evans Products
pay.
1936
1934 to Public
purchase contract of
421,052
1st
1
The road plans to purchase about 18,090 tons of first quality rail and
1,175 tons of second quality rail with the funds.
The notes would be
under
prior
1937 mat., called
967,278
282,482
tr^ck niiitoriiils
included
&
years
Deb. bonds, Jan. 1
trade¬
marks, &c
The company has applied to the
current
14,599,104 12,789,599
Inventories
Mlscell.
Seeks to Issue $1,100,000 Notes—
287,636
$
29,619,000 29,619,000
Common stock
14,000,000 14,000,000
Funded debt
22,486,500 24,486,500
Trade accts. pay'le 3,213,688
2,818,976
Accrued
salaries,
831,756
wages, &c
1,805,600
Preferred stock
accts.
receivable
1933
1934
$
Liabilities—
$
leaseh'ds,
bldgs., eq., &c_.48,274,270 49,748,818
Cash
11,287,204- 6,808,600
tax warr.,
&c. at cost
1936
$6,219,045
1,511,271
Net from railway
Net after rents
1935
1934
1935
Assets—
Land,
Bonds,
[Including Chicago & Erie RR.]
January—
Gross from railway
Loss.
Cash dep.in escrow
RR.—Earnings.—
i»3»ils
530,283
377,401
no par
has announced the resignation of Raymond G.
142, p. 952.
company
$7,368,787
268,635
(net)..
This compares with 75 cents
Engineers Public Service Co., Inc.—Asst.
Erie
$1,181,723 pf$l,029,206
$295,813
call loans, &c
Rental inc. from tenants
a
The
1932
78,267,829
83,540,785
2,095,830
100,795,098
99,693,125
2,463,024
2,283,696
Interest paid.:
dividend of 40 cents per share on the
value, payable April 1 to holders of record
paid on Nov. 9, last, and 50 cents
paid on May 20 1935, and on Nov. 10 1934.
Quarterly distributions of
56 cents per share were made on this issue on Jan. 1 and April 1 1932, none
thereafter until May 10 1934 when a dividend of 50 cents per share was made.
A record of dividends paid on the partic. stock follows:
July 1926, 40c.; Oct. 1926 to Oct. 1927, 50c. quar.; July 1928 to April
1930, 50c. quar.; July 1930, $3.04; Oct. 1930, 56c.; year 1931, $2.25; year
1932, $1.12.—V. 141, p. 2587.
The directors have declared
1933
88,457,957
85,318,154
2,110,597
Net sales to customers..108,902,643
Cost of sales & oper. expl06,735,432
Total profits
March 16.
Years (Incl. Subs.)
1934
$
1935
$
an
Empire Power Corp.—4:0-Cent Participating Dividend—
$2.25
The new amendment would eliminate
offering to stockholders.
these two features.
Depreciation
Corp.—$61,000 Paid for
Brewing
The assets of the company were
was
1933
$581,984
45,097
def89,196
Brewery—
Corp., described
The
that
Income Account for Calendar
1934
1935
$1,076,801
293,299
175,410
1936
$1,372,353
403,821
285,182
Dec. 31 1940, an additional 50,000 shares at the book value as of Dec. 31
1937.
The additional stock purchase option is contingent upon the con¬
tinuance up to the end of 1937 of Mr. McKinsey's contract of employment.
-Earnings.
Elgin Joliet & Eastern Ry.
January—
Gross from railway
Net from railway
1465
Chronicle
provision of $25,000
147,901
14,645
$414,527
for inventory obsolescence.—
$148,540
$19,940
19
Non-oper. inc.—net
$223,540
Florence Stove Co.—Dividend Increased—
Balance
$19,960
Retirement
res.
accruals
5,000
Interest charges
60,000
The
This
stock,
compares
In addition
Net income
declared a dividend of 75 cents per share on the
value, payable March 2 to holders of record Feb. 21.
50 cents previously distributed each three months.
extra dividend of 50 cents was paid on Dec. 2 1935.
directors
common
an
have
no par
with
Acquisition—
Fanny Farmer Candy Shops, Inc.Calendar Years—
$739,718
125,000
113,640
Profits for year
Federal and State taxes.
Provision for deprec
Reserve for management
on
1933
$547,879
100,000
$286,256
67,000
a
$189,724
42,000
$501,078
$412,379
$219,256
$147,724
9,764
7,792
36,919
49,498
"""367
20
195"240
21,283
146,443
9,666
10,364
36,519
97,918
$305,471
$244,633
$64,789
$43,750
$1.28
$1.00
$1.77
$1.12
dividends
Common dividends
common
on
stock
on
xGovt.
pal
&
523,522
513,968
&c.
de¬
23,527
19,418
1
$1,788,511
Total
$1,480,400
;
Surplus
10,500
763,82 1
874,120
($1 par)
763,821
568,649
Total
$1,788,511 $1,480,400
$81,737.
y After reserve for depreciation of $697,692
$602,423 in 1934.—V. 142, p. 1119.
After reserve of
in 1935 and
(Marshall)
Employees—
Field
&
Co.—Asks
Right to
Sell
Stock
to
stockholders' meeting on March 10, approval will be
proposed amendment to articles of incorporation whereby the
to officers and employees up to 200,000
be determined by directors.
The stockholders also will be asked to approve the contract entered into
with the new Chairman of the Board, J. O. McKinsey, whereby he has
At
asked
the
Mail revenues showed
$1,201.
an increase
paid June 5 1935, and interest due July 1 1935, was paid Dec. 26 1935, both
payments made under court order.
1
charges..
Good-will
Report
25,000
sub. leases
Com. stk.
Fonda Johnstown & Gloversville RR.—Annual
J. Ledlie Hees, trustee, says in part:
108,603
9,210
138,858
Reserve for loss on
and
attended by repre¬
hearing on the receiver's report is scheduled for Jacksonville on March 5.
—V. 142, p. 1289.
A
accruing all fixed charges, including interest on all outstanding
bonds, there was a deficit of $138,863, as compared with a deficit of $76,752,
the previous year.
Interest due Jan. 1 1935, on general refunding mortgage 4% bonds was
man¬
mach'y &
equipment,
x
tor
holders meeting at the Guaranty Trust Co. Feb. 26.
No formal action was taken at the meeting which was
sentatives of several insurance companies.
After
State inc. taxes.
Reserve
The final report for 1935 of the receiver and the proposed abandonment
of the Key West extension were considered by a group of 1st 4H % bond¬
senger revenue, buses, decreased $2,363.
of $111, while express revenues decreased
agement salaries
Prepaid
borrow not exceeding $600,000 for the
$3,826
Res. tor Federal &
altera¬
tenant's
company to
1934
on
300,410
yReal est. bldgs.,
terred
rental
631,987
633,144
312,204
accrued interest-
tions,
for
percentage basis
and
bonds
accrued charges.
Res.
munici¬
Inventories
the
$2,500
Accts. payable and
$5,059
$305,664
..
authorized
1935
Liabilities—
1934
hand and
in banks.
also
Operating revenues for the year were $571,124, a decrease of $37,007, as
compared with the previous year.
Freight revenues show a decrease of
$31,908 on merchandise and $5,866 on coal and coke, a total of $37,774.
Passenger revenue on the electric division increased $5,928, while pas¬
Balance Sheet Dec. 31
1935
Assets—
Cash
the
i
fund redemp.
of
preferred shares
Cost of com. shs. purch.
Balance, surplus
Earnings per share
meeting of stockholders held on Feb. 21 the directors'
the company acquire for approximately $660,000
that
interest in the stock of a new company to be formed to acquire
stove plant of the Wehrle
Stove Co. was approved.
Stockholders
40%
Florida East Coast Ry.—No Action on Abandonment—
25,000
10,500
sub-leases
Sink,
Preferred
the special
recommendation
1932
purpose.—Y. 141, p. 3377.
salaries
Res .for loss
At
-Earnings—
1934
1935
During the year under court order, $24,000 of general refunding mortgage
4% bonds were purchased with funds received from the Sacandaga Settle¬
ment at an average price of 54, which will reduce annual fixed charges
$960, and the amount of outstanding bonds to $450,000, with fixed charges of
$18,000 ahead of the consolidated extended 2% issue.
During the month of December 1935, the obsolete equipment in the
Tribes Hill, N. Y., power station, original cost $387,700; also obsolete
equipment in three substations, original cost $111,073, was all sold for
$20,500, under court order.
The maturity of the entire issue of the first consolidated general refunding
mortgage 4^-2% bonds has been accelerated by resolution of the bond¬
holders protective committee, duly adopted Nov.
26 1934, creating a
maturity date as of the date of the resolution, the holders or representatives
annual
for
company may sell from time to time
shares of common stock at prices to
option to purchase between Oct. 1 1936 and Dec. 31 1938 a total of 50,000
shares of common at $10 a share, or in lieu thereof to receive a sum of money
equal to the amount by which the market price of those shares exceeds
$500,000, and, also, to purchase after Dec. 31 1937, up to no later than
principa
Other than fupded indebtedness and the lease of the J. G. & K. Horse
RR., the obligations for equipment, freight balances and materials aggregate
about $600,000, for whicn proofs of claim have practically all been filed.
whicr
Approximately 1,474 claims nave been received by the trustee, which include
_
_
1466
Chronicle
Financial
months, unless extended by the judge from time to time for cause shown.
Under date of Jan. 23 1936 the court ordered an extension of six months in
which to file a
plan of reorganization, expiring Aug. 27 1936, and before
expiration it is probable a plan will be submitted to creditors and security
holders. In the meantime a monthly statement is being sent by the trustee
to each known holder of
securities, that all may be kept advised of the
progress made under the present operation of the properties.
I
1935
Assefs—
1935
Other operating revenue.
$571,124
522,293
$608,131
Railway operating
Net from railway operations.
Taxes
$48,831
28,594
Railway operating income.
$20,237
12,997
$69,766
$7,240
$58,825
revenue
expenses.
Rents payable
Net railway operating income.
Other income
x
z
1,234,487
1,187,824
1,117,005
property taxes..
Pref.divs.for quar.
486,934
502,836
supplies, at cost 5,844,217
5,438,239
Investm'ts at cost 2,726,961 y2,727,961
ending Jan. 31..
Res. for conting..
18,451
550,631
18,451
540,615
Fixed
6% cumul. conv.
preferred stock.
1,230,100
7,963,805
7,963,805
1,370,313
5,037,038
1,370,313
4,415,105
.18,330,112
17,796,827
payable
sulphur &
at
assets
&
6,928,707
7,195,645
79,546
43,996
85,770
Common
43,996
Paid-in
surplus...
Earned
surplus
82,720
18,330,112
17,796,827
Items chargeable to
future operations
Total
1,230,100
62,620
cost
stock...
Total
of Cuban-American Manganese Corp*
stock, comprising 313,621 shares of preferred stock and 289,715.5 shares o1
common stock
and aggregating 86.19% of the total outstanding voting
shares of both classes at Dec. 31 1935 and at Dec. 31 1934.
The proportion
x
Investments
consist princially
of the accumulated operating deficit of the company and its subsidiaries
that date applicable to the stock of Freeport Texas Co. amounted to
50,867
$109,692
35,359
$9,001
6,600
132,967
2,383
5,914
of
Fed.
for
Prov.
prems.
Other def. assets..
.10,941
39,827
royalties
1,178,980
Unexp. ins.
508,839
$47,067
38,066
Accrued
567,776
1,125,588
$99,292
29,526
Passenger
payable.
1,444,985
Inv.
1934
438,353
Accounts
Notes &accts. rec.,
less allowance for
$300,601
261,498
46,032
$
$
Liabilities-—
$
on
hand
1934
1935
1934
$
Cash in banks &
doubtful accts..
$262,827
264,594
43.703
1936
29
Feb.
Comparative Consolidated Balance Sheet Dec. 31
$74,333
6,600
135,687
2,884
5,914
at
Total income
Miscellaneous deductions from income.
Income available for fixed charges.
Rent for leased roads
Interest
Interest
on
funded debt
on
unfunded debt
Amortization, discount funded debt.
Deficit
$138,863
23,849
Depreciation and retirements (depreciation)
$214,406 in 1935 and $149,495 in 1934.
y This item does not include
$716,313 for 1934, representing royalties on sulphur produced but not pay¬
able until shipment is made.
Heretofore, similar
royalties have been
included in such items,
z After
depreciation of $3,874,286 in 1935 and
$6,256,112 in 1934.—V. 142. p. 1289.
Fourth
The
$76,752
31,250
1935
1934
1935
Invest, in road and
9,362,568
3,000,000
6,198,802
6,230,927
958,888
872,556
16,309
740,909
775
11,979
Unadjusted credits
19,262
556,111
532,192
Accrued deprec...
280,481
def212,475
Cash
45,099
52,644
108,578
171,828
10,244,958
10,909,419
Surplus
Total..
10,244,958
Operating
Operating
revenues-
V
451
$2,530
14,239
$12,753
Gross income.
Deductions
Net deficit
$11,709
Machinery Corp.—Listing—
1
See Atchison Topeka & Santa Fe
Ry.—Proposed, Sale—
Ry.—V. 142,
p.
783.
Freeport Texas Co.—Annual Report—
Langbowme M. Williams Jr., President and John Hay Whitney, Chair¬
man, state in part:
From time to time stockholders have been advised of the
approaching
exhaustion of Bryanmound.
Operations at this mine were
permanently
Sept. 30.
This property, for the development of which the
company was organized, has been operated since 1912, and has produced
approximately five million tons of sulphur.
Bryanmound was the chief
source of revenue for the
company for many years, but production declined
and unit
costs increased as the property approached exhaustion.
The
termination of operations at Bryanmound necessarily involved a reduction
in employment, and, because of the desire to
give all consideration possible
to the employees, production was continued as
long as was economically
possible.
The investment in plant and equipment had already been written
down to its salvage value, and therefore the abandonment of the
property
discontinued
on
did not make necessary any
charge against earnings
on account
of the capital
investment.
At the end of the year there remained at
Bryanmound a small stock of
sulphur—less than 15,000 tons—Avhich will be shipped in the regular course
of business.
The abandonment of operations at Bryanmound leaves the
company with two operating mines, Hoskins Mound in Texas and Grande
Ecaille in Louisiana. The plants are efficient and in excellent condition. The*
reserves of sulphur are
amply adequate to cover all present and anticipated
satfes requirements.
The drilling program of the Texas Co. for the
production of oil from
Bryanmound has been continued, but there have been no results of important
interest to date.
ctll stockholders
History and Business—Fry Products, Inc., organized in Michigan, P0c.
Is engaged in the manufacture of automobile seat covers, winter
1932.
fronts and other accessories.
Plant located in Detroit.
Walter Fry, Inc. was organized for the purpose of acquiring all of the
outstanding stock of Fry Products, Inc.
Upon completion of this financing
and the acquisition of all of the shares outstanding of Fry Products, Inc.,
the assets of that company will be transferred to Walter Fry, Inc. and
the old company will be dissolved.
Simultaneously Walter Fry, Inc.
will change its name to Fry Products, Inc. and succeed to the business and
good-will of the former Fry Products, Inc.
Earnings—Net earnings for the 11 months period ending Nov. 30 1935,
amounted to $21,694 after taxes.
Earnings for the month of December
were approximately $3,000.
Purpose—To retire the entire outstanding preferred stock in the amount
of $58,500 plus dividends and to increase working capital.
Listing—It is contemplated to make application to list these shares on
,
the
Detroit
Stock Exchange.
Balance Sheet Nov. 30 1935 (Fry Products,
Assets—
$10,723
37,832
27,614
Accounts receivable
Inventories
Fixed
1933
assets
13,071
2,297
58,812,845
5,363,410
824,387
572,936
$9,545,866
5,083,724
838,177
578,393
$8,437,387
4,450,351
720,892
525,297
6,106,641
941,368
599,647
Freight and handling
Ship'g, sell'g & gen. exp.
$2,139,576
$2,052,112
al63,143
$3,045,572
52,155
$2,740,846
10,203
$2,149,780
541,013
150,000
$2,215,256
635,936
148,000
$3,097,726
311,117
235,000
$2,760,610
320,717
248,000
Other income.
Gross income
reserve
Losses & minor, subs.
$20,295
Accounts payable
Accrued salaries, wages, &c_.
2,369
863
Contracts payable
Provision tor Federal taxes—
3.458
58,500
2,000
Preferred stock
4,049
Total
$91,537
1932
$9,787,233
Res. for depreciation
Inc.)
Liabilities—
Cash
Surplus
1934
Cost of sales
Tax
Outstanding
x37,500 shs.
Authorized
75,000 shs.
Common stock
1935
Gross sales
,
In addition
Comparative Consolidated Income and Surplus Account
Years End. Dec. 31—
__
A circular shows:
Other assets
>
.
Jr., Arthur G. Heidrich, W. L.
offered to serve on the board.
3,000 shares will be issued to Walter L. Fry^Pr&ndent of
Fry Products, Inc., for his interest in the present net assets of Fry Products,
Inc., after redemption of preferred stock, and 34,500 shares shall be issued
to Walter L. Fry and escrowed upon the following terms and conditions:
At the end of each fiscal year of company's operations, Fry shall be entitled
to have released from escrow to him, without charge, 1 share of stock for
each $4 of net profits of the company during said fiscal year and furthermore.
Fry shall have the option to obtain a release of all or any part of said shares
at any time upon payment into the treasury of company of the sum of $2
for each share to be so released.
In addition to the foregoing, escrow shall
provide that 50% of all dividends declared and paid to Fry on the shares
at any time remaining subject to escrow shall be devoted to the release or
escrowed shares by payment therefor into the treasury of the company on
the basis of 1 share for each $2 so paid.
The escrow shall further provide
that in the event of the liquidation of the company, the stock remaining in
escrow shall receive no part of the proceeds of liquidation until the holders
of the unescrowed stock then outstanding shall have received the par value
of their shares, after which proceeds shall be applied to the payment of the
par value of the escrowed stock until the same shall have been paid in full,
and thereafter any further proceeds shall be distributed pro rata among
x
The New York Stock Exchange has authorized the
listing of 20,000 shares
of 4Yi % cumulative convertible preferred stock ($100
par).—V. 142, p. 298.
Fort Worth & Rio Grande
have
Common stock
-Y. 142,p. 783.
Food
Thorndike
Capitalization—
($2 par)
def$506
3,036
$1,458
14,212
Operating income.
Other income
A.
Michigan only.
$51,848
49,847
2,507
$1,007
Tax accruals
to
of the
(Walter) Fry, Inc.—Stock Sold—Mason & Faulkner,
Inc., Detroit, have sold at $2 per share 37,500 shares of
common
stock.
Shares offered to residents of State of
1935
$51,351
47,694
2,650
expenses.
,
^
10,909,419
1936
shareholders
to
sent
The letter discloses that Mr. Brittingham
Morgan, and R.
V. 142, p. 783.
48,717
Earnings for Month of January
Month of January-
Seeks
Corp.—Group
letter
a
and Sanford Griffith.
135,014
294,504
Others, incl. mat'ls
Deferred assets
in
offers
3,000,000
Funded debt
9,883,087
Current liabilities.
mtge. prop, sold
Other investments
Total
S
Capital stock
equipment
Deposits in lieu of
committee
policy of repurchasing the shares as offered to the company at slightly less
than asset value; negotiating for a contract with the organization which
best assurance from its standing and record that your company s
investments will be managed with maximum success."
The letter is signed by Thomas E. Brittingham Jr., William Ferguson,
1934
$
Liabilities—
$
stockholders'
company, declares that at the annual meeting on March 3 it intends to
elect "as directors stockholders of integrity and ability, committed to a
General Balance-sheet Dec. 31
Assets—
Investors
National
Name Directors—
19,764
Total
....
$91,537
Fundamental Investors,
Years Ended Dec. 31—•
Net profit from sales of secur. based
Inc.—Earnings—
1935
on aver,
Less, provision for Federal income taxes
1934
Not
cost-]
$49,071
6,831
reported
•
Balance.
Dividends.
Interest.
$69,844
$42,241
43,220
5,249
904
$75,093
26,004
$86,365
$49,089
xl31,554
$64,912
9,530
_.
&
Cr33l341
of parent co_
Prov.for prosp.& contin.
expenses
Prev. surp. & depl. res__
Profit resulting from dis¬
$1,492,109
4,415,105
Cr45,770
$1,477,090
4,603,118
12,769
60,000
$2,478,840
3,749,957
posal of co.'s stock-
Cr3,204
190,000
$2,005,098
3,179,199
22,048
3,300
Other credits
Total income.
Expenses
Net income
Dividends paid
xConsists of $75,813 applicable to
to undistributed net income.
21,454
earned surplus and $55,741 applicable
Balance Sheet Dec. 31
Total surplus.
$5,907,214
870,176
Dividends
$6,080,207
yl,665,102
$6,228,796
y1,625,679
$5,209,645
1,459,688
Assets—
Funds
with
Surp. & depl.
Shares of
com.
standing
Earnings
share
$4,415,105
$4,603,118
$3,749,957
796,380
a$ 1.7-5
z784,664
x$3.01
z729,844
$2.75
average
y
and
1,801,538
9,213
_
$436,381
2,465,095
Accounts receiv'le.
Securities owned.
Dividends
1934
$382,577
terest receivable
on
1933 amounted to $3.14.
of that company.
custodian.
796,380
$1.78
number of shares outstanding during
Including pref. divs. of $75,418 in 1934 and
$124,412 in 1933.
z No par value,
a Includes non-recurring income of
$150,000.
After making provision of $15,000 for Federal tax on this item,
an amount equivalent to the balance of $135,000 was charged against income
under the provision for depreciation and depletion.
Note—The statement for 1935 does not include $30,675 of the net income
of Cuban-American Manganese Corp. and wholly-owned subsidiaries for
the year ended Dec. 31 1934 or $64,910 of the net loss of such companies for
the year ended Dec. 31 1935 which is the proportionate amount applicable
to the interest of Freeport Texas Co. in the preferred and common stocks
per
1935
deposit
$5,037,038
reserve.
stock out¬
(par 310)
Earn.persh.oncap.stk.
x
on
9,940
in¬
119
Deferred charges._
|800
1,459
Reserve for taxes.
15,422
336
750
for
for
6,000
900
Federal
income tax
18,000
£6,666
Res. for conting..
Capital stock
(par
350,273
Earned surplus
Total
$2,876,450 $2,264,031
2587, 4015.
Total
—
273,892
5 ,380,243
25 cents)
Paid-in surplus
—V. 141, p.
m'7',873
Federal
capital stock
Prov.
1934
$145,986
manage-
fee
Prov.
19,112
$2,615
ment fee
Accrued
Subscribers to capi¬
tal stock
1935
Liabilities—
Accounts payable.
Res.
for manage¬
1,752,488
76,991
110,961
$2,876,451 $2,264,031
dividends currently upon the preferred stock.
It cannot begin the payment
of dividends on either the class A or the common stock until after the
(Robert) Gair Co., Inc.—Initial Preferred Dividend—
The directors have declared an initial dividend of 75 cents per
the $3 cumulative preferred stock, payable March 31 to holders
share on
of record
by the Delaware
corporation which succeeded to the New York corporation in 1932.
The
last dividend paid by the latter company on its class A stock was in 1929.
March
16.
This
will
be
dividend
the first
be paid
to
Consol. Balance Sheet Dec. 31
1935
Assets—
1,742,039
Accts.
accts. Anotes rec.
957,995
70,030
772,186
2,331,232
1,891,314
Market, securities.
Inventories
In
&
790,012
210,000
Res.
Fed.
128,412
210,000
64,101
outstanding loans of
Inc.
-
for
...
113,256
Accrued taxes
Div.
pay.
on
Canada...
int.
Accr.
49,906
on
notes receivable.
119,835
105,718
Capital assets...10,427,884
9,589,796
1st
notes
1
91,883
Deferred charges..
9,250
9,750
40,000
20,000
Interest and premium on
notes
Other
13,230
44,587
65,250
97,875
330,000
370,000
650,000
40-yr.6% Inc.notes 2,515,600
y Pf. stk. (no par). 1,855,920
650.000
Res.for lease rental
ningofyear
companies
not
cos.
Co.,
sub.
Res.
2,330,100
1,855.920
574,613
for
6,972.726
962,748
.16.574.693 14,903,147
Total
Represented by 574.613 shares of no par value in 1935
x
no par shares,
in 1935 and $6,937,666 in
The earnings for the
z
54,103
83,550
cost
$7,528,147
1289.
Co.—Earnings—
$17,655
13,160
2,729
1,654
revenues
Maintenance
Taxes
.
Net oper. revenues.
160,963
33,714
18,836
from June 1
1935 is not included in this statement.—V. 142, p.
Galveston-Houston Electric Ry.
953.
expense
$225,062
124,071
44,712
703,744
3,177,394
$4,133,052
$3,476,355
$4,128,283
1,588,697
$0.78
1,588,697
1,588,697
$0.83
$1.94
703,064
151,831
paid
red.
on
of debentures
97,900
Amt. approp. from surp.
for revision of prop. &
7,500,000
plant
Earned surplus at end
of year
$4,461,706
y Shares com. stock out¬
standing (par $5)
Earnings per share
1,588,697
$0.91
Comparative Balance Sheet
Dec. 28 '35. Dec. 29 *34.
Dec. 28 '35. Dec. 29*34.
Assets—
3,153,719
Accts.rec.(less res.)
512,544
a
Co.'8
2,363,442
379,234
life ins.
171,358
own secure.
$206,911
126,424
1,456
$16,635
10,024
3,662
1,589
$125
5,108
$1,359
5,108
$22,965
$4,982
def$3,748
Interest (public).
$23,057
61,300
$37,322
61,300
Net deficit..
$38,242
$23,977
disc. & expense-
unpaid interest on income bonds due June 1 1935 in the
mpaid
> Pi
amount of $480,000 plus $85,333 subsequent thereto and interest on unpaid
interest from June I 1935 is not included in this statement.
In addition
$
$
liabilities—
$
Cash
cost or market.-
1936—12 Mos.—1935
1,985,871
debs. red.
on
Feb. 1 1935
Premium
$6,165,290 $15,509,421
and
bks-x2.000.000
Accounts payable. 1,046,126
Dividends payable
175,766
4,354,286
470,208
Notw pay. to
2,359,745
379,234
148,098
Accr. int. & prems.
Invent, at lower of
Earnings—
1936—Month—1935
Period End. Jan. 31—•
discount
$5,471,596
703,064
635,479
$6,367,720
703,064
953,218
$14,174
def$755
$112
Unamort.
$230,374
$222,718
159,217
31,999
17,325
$17,117
13,461
2,748
1,662
$16,859
a Interest
on
secured 8% income bonds (matured) is deducted from
surplus when paid.
Interest unpaid to June 1 1935 in amount of $5,600,
plus $11,200 interest subsequent thereto and interest on unpaid interest
a
Cr63,921
Crl,357
——
Total surplus
Preferred dividends
1936—12 Mos.—1935
1936—6 Mos.—1935
Period End. Jan. 31—
Operating
Operation
-
/
of debentures
(563,664 in 1934)
After reserve for depreciation of
1934.
calendar year were published in Y. 142, p.
Galveston Electric
11,655,875
conting. trans¬
fer to surplus.
Excess of par over
Common dividends
185,592
4,128,283
563,664
6,562,362
1,830,001
Surplus
y
3,476,355
4,133,052
_
_
Common stock..
14,903,147
16,574,693
540,646
$3,789,625
surplus
Gair
Inc
Capital surplus.—
x
Total
381,221
$2,035,650
Unused reserve for recap.
expenses
restored
to
owned
Robert
by
334,567
$1,941,136
Net profits for year- $2,151,117
Earned
surplus
begin-
Fund, debt of sub.
of
74,618
1,121
345,378
370,966
ing 1937-40
stk.
payable
interest
Federal taxes
Due to affil. co...
Cap.
Dec. 28'35. Dec. 29 '34. Dec. 30 '33. Dec. 31 *32.
$3,929,049
$3,881,630
$3,974,922 $5,866,215
382,128
348,625
272,761
23,586
1,153,815
1,209,427
1,333,166
1,333,228
,
Depreciation
(sub.
Notes payable dur¬
114,052
company.
Comparative Income Account
company)
1
Good-will
reduction of $500,000 in the aggregate amount of bank loans outstanding at
Jan. 10 1936, and effecting a substantial saving in future interest on such
Profit from operations—
Int. & disc, on fd. debt-
bonds
mtge.
due July 1
1938.
Years Ended—
1st.
company)
109,431
105,718
40-year 6% Income
to
9,750
mtge.bonds(sub.
Mlscell. accts. and
notes
6%
pf. stk.(sub. co.)
certain props, in
z
139,542
inc.
tax
agreem't to pur.
aggregating $3,000,000 from banks on
250,354
on
6%
notes
308,680
179,861
receivable
(not current)...
Dep. under option
General Baking Co.—Annual Report—
bearing interest at 2%, 2^% and 3%, and maturing in instalments
During 1935, the management with the approval of the directors
reduced these notes in the aggregate amount of $1,000,000, leaving a balance
unpaid at Dec. 28 1935, of $2,000,000.
On Jan. 10 1936, company paid the
principal amount outstanding as of Dec. 28 1935, of $2,000,000 at 100H%
and substituted therefor bank demand loans of $1,500,000, resulting in a
403,404
for Int.
Res've
reason
should
large sum before paying divi¬
The $3,916,000 10-year 5H% sinking fund gold debentures were redeemed
Feb. 1 1935, at 102>tf.
The funds for this redemption were obtained
from current cash and through loans
654,622
809,837
in 1936
69,930
40-yr.
to affil. cos
Notes
$
S
Incl.
payroll—
Notes A oblig. pay.
adv.
accumulate and therefore retain this very
dends."—V. 142, p. 1290.
on
pay.,
accr.
in
apparent
.
Liabilities—
$
1,450,335
Trade and mlscell.
preferred dividends have been paid.
There is no
the present business outlook why the corporation
accumulated
1934
1935
1934
$
Cash
Invest.
1467
Financial Chronicle
Volume 142
inc.
Fed.
176,766
32,611
payable
on notes
1,3~1~3~458
tax
Bond Bread, other
$15,420
10,358
Operating revenues
Operation
Maintenance
3,479
Taxes
41,145
16.376
18,956
Cash val. of
$37,322
92
92,078
12,300
—
Mtge. receivable
in
Balances
Net oper. revenues
Inc. from other sources.
Matured
a
3,916,000
53,107
200,003
Accr. int. on deb—
Res. for cont., Ac.
7,055
b Prop. &
fund
340,026
1493,395
5^% sink.
gold debs—
10-yr.
13,500
closed
banks
stk 9,077,500
d Common stock._ 7,973,995
Earned surplus.__ 4,461,706
c
4,855
6,763
plant...18,260,528 18,918.561
303,983
272,146
18
cum.
pref
9,077.500
7,973,995
4,133,052
Insur., taxes, Ac__
deb.
Unamortized
a
103,632
Sundry investmts.,
loans, Ac.
Balance
Est.
for current year.
Deps. with Ins. cos.
(net)
tr.
156,732
trade
names,
_
$135,532 unpaid interest to Jan. 31 1936 on demand
included.—V. 142, p. 953.
Gemmer
def$13,047
Fed. tax. ..$220,214
The report states:
def$32,118 def$178,685
The income account of company reflects an operating
Jrofit of $143,708 isafter depreciation, but before Federal income taxes,
addition, there
non-recu:ring profit arising from the sale of the com¬
n
pany's stock holdings in the Maries Steering Co., Ltd. of England, and
other investments, amounting to the sum of $14,366. and profit in connec¬
tion with the purchase of the company's outstanding debentures amounting
to $3,250, and the sum of $81,266 representing a dividend received by this
company from the Maries Steering Gear Co. of Amexica, Inc. represented
by 6,392 shares of class A stock of Gemmer Manufacturing Co.
The total income account reflects a net profit of $242,589 after deprecia¬
tion but before Federal income taxes.
Balance Sheet Dec. 31
1935
Assets—
172.815
Inventories
402,903
171,123
Cash surrender val.
Fixed assets
Patents
Prepaid
42,901
46,656
1,554,729
1
Accounts payable.
Accrued insurance
125,489
$25,289
108,570
431
3,288
23,645
payrolls
Accts. payable
1,581,759
1
of life insurance.
x
—
Invest, in co. stock
2,120
24,705
12,220
81,490
20,721
Reserve for contlng
38,386
y
1,687
296,000
bonds.
296,000
50,593
Capital account
-
5,000
2,345,693
2,092~544
225
Union Guard'n Tr.
12,500
Invest, in subs. co.
23,149
67,008
20,390
the
stockholders at
annual
entitled
non-cumulative dividends up to $2.50 a share annually
to
Total
New
Elected—
Director
John H. Dunham has been elected a director to
son,
succeed William A. Gib¬
Jr., who resigned.—V. 142, p. 1120.
The
incandescent lamp
for Auto Lamps—
department of the company has announced a
sweeping price reduction in popular types of its
automobile lamps effective
March 1.
Two indicator lamps, for dashboards and other lighting services, and a
bulb for tail lights and for parking purposes are each reduced
30% and the list price of double-bar filament headlight bulbs is reduced
16.5%.—V. 142, p. 1290.
Inc.—Purchases Elevator—■
announced
ialto
$2,825,516
on
Feb. 26 the
Elevator in Chicago,
for many years
22,043
$2,527,379'
and
participate equally in further dividends after $2.50 a share has been paid
on the class B stock.
About 90% of the class A stockholders have accepted the company's
offer of a 10% stock dividend in settlement of the dividend accumulations
on that issue, the company announced.
It has been decided to keep the time
open for further stockholder acceptances to this plan for paying the accumu¬
lations, it was stated.
48,347
Contract recelv'le.
18 ratified amend¬
the
held by
Detroit Tr. Co.
Approved—
meeting held Feb.
articles of incorporation removing the cumulative dividend
feature of the class A stock. Following this change the class A stock will be
to
23,149
Collateral
25,261,099 27,182,907
—
General Candy Corp.—Dividend Plan
The
ments
General Mills,
Co. ctfs of depos
Total
popular
Lease A sale agree¬
ment
25,261,099 27,182.907
2,892 shs. of $8 perf. stock and 6,102 shs. of com. at cost,
b After
for depreciation of $8,379,465 in 1935 and $7,601,882 in 1934.
c Represented
by 90,775. no par shares,
d Represented by 1,594,799
shares, par $5.
e Retired Jan. 10 1936 at 100>£ (see text above),
f Cur¬
rent and prior years.—V. 141, p. 2435.
reserve
General Electric Co.—Price Reductions
and
sundry
Debenture
32,099
expenses.
Cash in closed bks.
1934
$27,138
Accrued salaries A
Fed. Inc. tax (est.)
Notes A accts. rec.
Investments
1935
Liabilities—
1934
$59,732
165,244
340,195
134,081
$203,731
Cash
and good-will
a
1Q89
1Q88
1934
1935
mks., copyrights
Total
Mfg. Co.—Earnings—
Calendar Years—
Net prof, after
income notes is not
Grain Co.,
Total
$2,825,516 $2,527,379
ah associate
General Motors
company
by the Star
of General Mills, Inc.—Y. 141, p. 1273.
Corp.—Payments to Employees—
After reserve for depreciation of $445,165 in 1935 and $622,656 in 1934.
More than $11,000,000 in cash and General Motors common stock has
Represented by 40,000 shares participating preference stock and 100,000
shares common stock, both of no par value.—V. 142, p. 1290.
about 25,000 General Motors employees in factories
and offices throughout the United States and Canada in the annual dis¬
bursement under General Motors Corp.'s Employees' Savings and Invest¬
ment Plan, Alfred P. Sloan Jr., President, announced on Feb. 24.
Of the $11,000,000 total, $4,800,000 represented savings paid in by the
.200,000 represented
employees during the year 1930 and the balance of
interest and General Motors common stock resulting from the corporation's
contribution under the plan.
The distribution was the second largest in eleven years.
The average
amount received by each employee participating was $438.
Those em¬
ployees who participated to the full extent permitted under the plan received
$691 in cash and securities.
Each employee who, in 1930, saved $25 per month, amounting to $300
for the year—the maximum allowed—received in the present settlement:
1. As a result of the corporation's contribution to the fund, 4.9 shares
of General Motors common stock having a market balue of $279 (based on
the closing market price on Dec. 31 1935 of $56 V*).
2. An interest payment of $112 (the corporation allowing interest at the
x
y
General Cable Corp.—To Decrease Stock—
March 18 will vote on reducing
and common stocks from $10,280,881 to $1,285,236 as of Jan. 1 1936, and transfering the difference to capital surplus
so as to eliminate the deficit of $5,433,860 as of Dec. 31 1935; add $1,771,107
to
extraordinary reserve for obsolescence and contingencies; and add
The stockholders at their annual meeting
the stated value of class A
$350,000 to general reserve for contingencies.
"The fundamental purpose of the proposed decreas
and reduction of
capital." the company states, "is to enable the corporation to resume
dividends at an earlier date than wornd otherwise be possible.
"At the end of 1935 the corporation had a deficit of $5,433,860.
Counsel
have advised that, because of legal questions involved, the corporation
should not declare a dividend while it has a defict.
Unless the proposed
reduction is approved, the corporation, in order to follow this advice will
have to earn the amount of the deficit (which will then be largely in cash
and will have to remain a part of the corporation's capital) before the
corporation can use any of its earnings to pay back dividends and to resume
been distributed to
"
'
"
-
"
rate of 6% per annum).
3.
The original $300.
-
-
-
-
Financial
1468
In other words, each employee who, five years ago, saved $300 under
the plan received $691 in cash and General Motors common stock, which
is more than twice the employee's own investment.
Tne returns to those
in the same proportions.
h The 1930 class was the twelfth class that has matured.
There was paid
into these classes, as a whole, by employees participating In these maturities,
the sum of $33,500,000, while the amount distributed in settlement thereof
was more than $108,400,000.
"The figures given," said Mr. 81oan. "demonstrate in a practical way what
can be accomplished through a definite plan of organized saving.
Of far
greater importance than the dollars and cents Involved has been the develop¬
ment of the spirit and habit of thrift through the aid of the plan.
The word
'thrift' is used not in its narrow sense but as meaning intelligent saving
and providing for future needs.
It is this thrift that is the most fundamental
answer to the problem that faces by far the great majority, namely, security
for the present as well as protection for the future.
"The corporation has been glad to co-operate with the worker in a measure
such as this, making for the stabilization and improvement of his economic
position."
;
having saved smaller amounts
were
Chevrolet Registrations—
Number of Chevrolet cars and trucks registered In the United States has
increased 2,000,000 units since 1929 although the total number of all regis¬
trations is only
slightly greater than in 1929, according to W. E. Holler,
Chronicle
Georgia Southern & Florida Ry.—Earnings.January—
railway
Net from railway,Net after rents
—V. 142, p.
Gillette Safety Razor Co.
General
Outdoor Advertising
Calendar Years—
b Sales
1935
$830,964
124,848
bonds,
on
Net
10.029,974
$451,188
16,313
17,979
988,723
1,413,301
1,602,460
*$L437,983
$975,286
$2,375,677
(4^) 127,695(6%) 170,262
$41,802
$975,286
$1,565,678
$2,545,939
Company only for 1932 and 1933.
b Advertising displayed on own
plants and gross commission earned on business sublet,
c Includes Income
from contracts assigned to Outdoor Advertising, Inc., of $6,104 in 1934,
$47,816 in 1933 and $112,924 in 1932.
a
Consolidated Balance Sheet Dec. 31
1935
$
mach'y
and equipment- 5,102,261
Cash
1,777,607
Notes & accts. rec.
733,656
Liabilities—
displ.
not
y
137,961
Real
265,276
339,555
Accrued
226,973
206,833
15,450
16,803
64,080
.
Outdoor
vertising, Inc
1,505,350
1,505,250
other receivables
195,851
183,360
Stks. & other sees-
1,574,577
1,019,543
val.
of
&
purcb
life Ins. policies-
177,430
197,401
4,953,744
18,161,033
Funded
3,686,365
&
5,053,228
5,566,931
5,935,345
Co. stock
debt-—
Accts. payable--
Workmen
notes
U. 8. Governm't
5,048,344
17,427,273
17,932,243
Accrued
accrued
taxes-
1,622.850
548,640
Interest
26,613
3,111,385
3,012.039
Royalties
Mat'ls & 8uppl's
995,165
1,067,649
affil.
of
12,338,717
4,311,157
Good-will
3,806,555
14,235,761
4,317,762
1
1
p.
Sundry items
Gen. insur.
stock at cost in 1934.
Telephone
a
Includes copyrights.—V. 141,
Corp.
(&
Calendar Years—
1935
1934
Operating companies—
.
.
.
Other income (net)
Income available for rixed charges
Fixed charges
.
.
1
.
$10,637,768 $11,092,824
5.767.061
5,652,603
1,822,846
1,941,982
$3,162,319
22,398
$3,383,781
$3,184,717
2,140,674
$3,402,484
2,130,884
$1,044,043
$1,271,600
18.703
Subsidiary Holding Companies—
expenses, taxes, interest and divi¬
dends less miscellaneous income
80,010
79,775
Balance before deducting parent co. charges—
$964,033
$1,191,825
25.642
8,133
200.612
Administrative
"
Qeneral Telephone Corp. and Predecessors—
Miscellaneous inc. (excl. of inter-co. income)—Cr_
Administrative expenses and taxes
-
89.554
$900,122
$999,345
Annual preferred stock dividend requirements
There
basis
as
220.539
687,223 shares of common stock outstanding on a consolidated
of Dec. 31 1935.—V. 142, p. 1121.
were
General Vending
See
Corp.—Plan Operative—
Consolidated Automatic
Merchandising Corp. above.—V. 142, p.
3536.
Period—
Gross earnings
$19,750
$17,750
603,648
37,635
856,807
12,198
290.371
2,466,527
970,567
15,090
290,121
2,167,317
Res.for workm's*
482,852
356,162
hazards
8,006.798
32,107,372
5,298,901
8,199,817
32,107,372
9,406,652
claims
a,
151,392,722 157,312,328
After
c
depreciation,
b
A
Total
Represented
by
151,392,722 157.312,328
1,750,487 shares of
no
par
Less depletion.—V. 141, p. 2117,
(Adolf) Gobel, Inc.—Reorganization—
The company, its reorganization completed, was discharged from Section
of the Bankruptcy Act In U. S. Court, Brooklyn by an order of
77-B
Judge Mortimer W. Byers on Feb. 27.
The plan of reorganization dated Dec. 26 1935 (V. 142, p. 126) as modi¬
fied Jan.
15 1936 is outlined
as
follows:
This modified plan was conditioned on the release from escrow and the
becoming available for distribution on the common stock of Decker of the
total sum of $1,266,421 now deposited as security for processing taxes
claimed to be due from Jacob E. Decker & Sons.
The securities, obligations and capital stock dealt with under the modified
plan were the same as in the original plan.
Treatment of Secured Creditors
(1)
$2,250,000 5-Year 6H % Collateral Cold Notes Matured May 1 1935 —
plan and as soon as it becomes effec¬
tive through there being made available for distribution on the common
stock of Decker the sum of $1,266,421, publication will be made that the
modified plan has been confirmed and has become effective.
Interest on
said notes will cease five days after such publication.
Holders of notes within 10 days after such publication shall deposit their
notes, with the coupon due May 1 1935 attached thereto, with Corn
Exchange Bank Trust Co., 13 William St., New York, at which time they
will be paid in cash int. at the rate of 6>S % per annum from Nov. 1 1934
until the fifth day after said publication.
At the same time, holders of
notes shall be entitled to receive and shall elect at the time of
deposit to
receive one of the following:
(1) Cash for the full amount of the principal
of notes so deposited; or (2) 4H% convertible debentures, in the
principal
amount of 105% of the principal amount of each note so
deposited; (3) cash
for any part of the principal of any of the notes so deposited and for the
balance of such principal, debentures in the principal amount of
105% of
such balance of principal amount of each note so deposited
(no debentures
will be issued in amounts less than $500).
Unless the notes are deposited and such election made within the 10
day period, the holder of such notes which have not been so deposited, will
be presumed to have elected to receive cash in full for hisnotes and thereafter
shall be entitled only to receive cash, and cash for interest thereon at the
rate of 6H% per annum from Nov. 1 1934 until the fifth
day after the
publication.
In no event, however, will debentures be issued in excess of
$1,125,000.
Upon confirmation of the modified
Should the holders of notes elect to receive debentures in
exchange, in whole
Georgia & Florida RR.—Earnings—
—Second Week of Feb.—
1936
1935
Total
value,
Subs.)—Earnings—
(Including consolidated income accounts of Associated Telephone Utilities
Co. (in receivership from April 1 1933 to June 8 1934) and subsidiary
companies and estate of Associated Telephone Utilities Co., debtor, and
subsidiary companies for such portions of the periods as are prior to July 17
1935, the date of acquisition of the subsidiary companies by General
Telephone Corp.)
1,354,922
20,326
Capital surplusEarned surplus-
17.932,243
[Excluding General Telephone Allied Corp.]
Net Income of operating companies
res„
Inv. deprec. res.
compensation.
3073.
General
accr'd
(def'd)—
pen.
4,191,679
Other securities.
Deferred assets.
RepreRepresented by 112,610 no par shares at $50 per share,
sented by 642,385 no par shares,
z 7,025 shares of class A and
15,734
shares of common stock at cost in 1935 and 600 shares of class A and 19,021
common
500,000
875,244
995,438
Workmen's corn-
on
x
shares of
accrued
19,730
hand...
Coai
companies
17.427,273
10,800
1,297,167
Unsettled taxes-
6,515,943
Cont.
Total
46,154,550
1,850,651
500,000
437.622
payable-
min'g
Total
/ 10,800
44,141,618
1,875,531
8 com-
(current)
pen.
Divs.
6
z
$
51,416,341
D. L. A W. Coal
17,807,004
equipment
1934
$
51,416,341
95,180,397
Structures and
Cash.,
132,130
Z>r80.771
1935
Liabilities—
b Capital stock.
5,581,656
a7
Adv. displ. plants.
Patents
$
94,316,244
lands.—
1,224.029
91,300
1,182,227
Treasury stock..Dr143,994
—
$3,013,574
$1,791,349
7,236.623
9,913,873
x32,683xDr4.468,599
1934
$
Assets—
money
obligations
Surplus
$1,791,349
Coal & surface
Stocks
Real estate mtges.
notes and
surr.
200,000
$3,013,574
Consolidated Balance Sheet Dec. 31
& Unmatured.
181,916
324,859
$3,375,537
1,750,487
1935
Interest
Res. for conting-.
[545,753
$4,393,423
2,234,718
46.856
320,500
Surplus, Dec. 31
$5,298,902
$9,406,652 $10,282,879
$7,236,623
of cap. stock out¬
standing (no par)
1,750,487
1,750,487
1,750,487
1,750,337
Earnings per share
$1.00
$1.93
$1.72
$1.02
x
Treasury stock adjustment, less profit on bonds purchased. Federal
tax refunds, &c.
Adv.,
200,944
$5,299,320
1,919,962
40,924
$2,690,391
1,703,032
Shs.
obligations
137,835
$5,825,826
1.839.827
[ 64,709
Surplus
def$l,306,062
$1,625,050
9,406,652
10,282.879
Adjust, tax prior years_Dr2,801,688 Dr2,501,276
receivable
Inc
$3,854,179
1,727,998
368,891
1,185,459
Previous surplus
Amt. pay. in resp't
77,038
income
Dividends
Accts.
42,642
$4,113,861
f
a
of acq. of stk. of
account
Cash
38,709
178,313
142,021
merged
Stock Outdoor Ad¬
,
52,409
&
$4,932,936
892,889
$1,757,290
3,063,352
-
1
690,807
obllg's
taxes
„
Group Planned—
913,014
Total Income
equity In co.now
Empl. stk. subscr.
Mtges
mtge.
pur. mon.
comm.
signs in process
est.
590,633
,v
Subs.)—Earnings—
income——T2.941.165
Miscell. deductions
c
Res. for unacquired
expenses
Operating
Other income
6,423,850
413,265
Ac.,
exp.,
$1.98
-$39,582,093 $43,289,442 $38,434,860 $43,188,348
depl.,
36.640,928
38,356,506 34,320,999 40,497,957
revenue
5,630,500
liabilities
186,218
341,318
Adv. to employees
Mat'ls A supplles.
payable
2,837.825
5,630,500
6,423,850
300,754
Common stock
Accounts
$
2,837,825
Class A stock
377,545
131,256
414,818
Prepd. lease rentals
Prepaid ins. & oth.
of
884,656
x
Accr'd
billed to cust's—
Invent,
5,585,508
1,580,526
1934
$
6% cum. pref. stk.
est.,
Painted
.
1935
1934
$
Assets—
Total
Expenses, depr.,
royalties, &c
Net
Deficit
Real
Royalty and rents
Other sales revenue
Federal taxes
$41,802
$1.05
1935
1934
1933
1932
$39,100,720 $42,714,414 $37,855,110 $42,724,094
279,224
369,733
394,679
464,254
202,148
205,294
185,071
1,885,612
dividends
$1.34
.
Interest
loss
1932
$5,504,866
$1.51
Glen Alden Coal Co. (&
Calendar Years—
$180,790 loss$472,086
13,173
12,247,010
and
notes
mortgages
Prov. for retire. & amort,
of adv. display plants-
Preferred
$33,656 loss$606,443
147,134
134,356
8,892
Total income
$286,655
164,533
$955,812
Balance
Miscellaneous income
10,691,467
1933
$3,659,022
In a letter to preferred stockholders, Richard Gimbel, Philadelphia, a
director, has announced his Intention of forming a preferred stockholders'
protective committee to act at the company's annual meeting on April 21.
He stated that voting control of the company could be assumed by holders
of the preferred because of defaults in dividend payments.—V. 140, p. 3388.
al932
9,781,721
1934
$4,229,001
Gimbel Brothers, Inc.—Stock
$10,612,685c$10,978.122c$10.063,630c$ll ,640.567
Oper., selling, adm. &
general expenses. &c._
Int.
al933
(& Subs.)- -Earnings—
stk.
common
outstanding (no par).
—V.
141, p. 2737.
Coal sales
Co., Inc. (& Subs.)—
1934
29,671
16,711
def7,052
all
charges and taxes
$4,568,805
Earns, per sh. on 1,998,-
General Sales Manager of the Chevrolet Motor Co.
This gain is attributed by Mr. Holler to increased durability of Chevrolet
growing out of improvements in construction.—V. 142, p. 1290.
1933
$143,400
9,124
2,659
1935
after
income
769 shs.
1934
$149,048
def3,327
785.
Calendar Years—
Net
1935
$141,347
1936
$201,086
35,329
23,054
Gross from
Vice-President and
cars
1936
29
Feb.
in part, for notes, and the total of debentures elected to be
received shall
exceed the sum of $1,125,000, then such holders shall be entitled to receivee
or
—Jan. 1 to
1936
$114,750
Feb.
14—
1935
$104,769
—V. 142, p. 1290.
only the pro rata share of debentures which the sum of $1,125,000 shall
bear to the total of debentures so elected to be received and shall receive
for the balance of such notes cash to the extent of the
principal of such
notes for which debentures have not been received.
Georgia Power Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Jan. 31—
Gross earnings
Operating expenses
Fixed charges—
Prov. for retirement res-
Divs.
on
pref. stock
Balance
-V.
142, p. 785.
1936—Month—1935
1936—12 Mos—1935
$1,937,076 $23,860,958 $22,197,118
919,787
11.587,882
10.784.528
509.891
6.297,456 - 6,126.899
133,750
110,000
1.448,750
1.320.000
245,873
2.950,455
145,870
2,950,486
$2,099,763
1,037,935
526,276
$155,830
$151,523
$1,576,413
$1,015,204
Upon the confirmation of the modified plan, debtor shall deposit with
6M% collateral
gold notes, such sum of money as will be sufficient to pay all interest due
upon the notes at 6% interest from Nov. 1 1934, to the fifth day after
such publication, and also such sum as is sufficient for the
payment in full
of all principal of the outstanding notes, provided however debtor
may
deposit with Corn Exchange Bank Trust Co., with the same effect as
though the same were cash,
either notes at their par value which have
been surrendered in exchange for 4% convertible debentures due
May 1
1941, or agreements by holders of the notes to accept such convertible
debentures in exchange for the notes in whole or in part but in no case to
exceed $1,125,000.
Corn Exchange Bank Trust Co., as trustee for the 5-year
Financial
Volume 142
$297,400 1st Mtge. 6H % Bonds of George Kern, Inc., due May 1 1937
and Nov. 1 1935, respectively,
(2)
—The interest coupons due May 1 1935
will be paid in full upon presentation and
Manu¬
surrender of the same to
facturers Trust Co., trustee, New York, or Otis Safe Deposit Co.,
Ohio.
The default now existing for failure to meet the sinking
Cleveland,
fund require¬
May 1 and Nov. 1
bonds, due on
1935, will be cured by the debtor in accordance with the terms of the
indenture: otherwise, the rights of the holders of such bonds will be in
ments
of the indenture securing such
nowise affected by the modified plan.
„
(3) 30,000 Is/ Mtge. Covering Plant of C. Lehmann Packing Co.
Aug. 6 1930—No change in terms or conditions is contemplated.
(4) Processing Taxes—Such taxes having been declared invalid by
U.S. Supreme Court any and all proposed methods for liquidation of
same are
due
the
the
convertible debentures.
-
(6) General Creditors—All trade accounts, salary claims and other
and obligations arising out of the current operations of the business
claims
of the
determined to be owing by
the debtor to the United States or to any State or municipality, except as
to so-called processing taxes which are separately covered will be paid or
settled by debtor to the extent and in the amounts allowed by the court in
these
In effect, the
well
as
as
all tax liabilities ultimately
proceedings.
All other claims against
the debtor, including
liabilities incurred prior to
therefor
settled or
the filing of the petition herein, to the extent that proofs of claim
have been duly allowed in these proceedings, will be paid or
otherwise dealt with by debtor.
Issuance of
(par $1), of which 430,989K shares
142, p. 1290.
will be outstanding before
conversion.
Bond Offering—
with the Securities and Exchange
$28,000,000 4
first mortgage
series A, to March 23.—v. 142, p. 1121.
Goodyear Tire & Rubber
Co.—$1 Preferred Dividend—
have declared a dividend
The directors
of $1 per share on account
accumulations on the $7 cum. pref. stock, no par
contemplated for a couple of years.
Gulf Refining Co., the Delaware corporation, has acquired and is now
operating these properties: Gulf Pipe Line Co. of Pennsylvania, Gulf Pipe
Line of Oklahoma, Gulf Pipe Line Co. of Texas and Gulf Refining Co.
of Louisiana.
Consequently, Gulf Refining Co. (Delaware) is now the owner and opera¬
pipe line system and of the Gulf producing properties
Louisiana, Mississippi, Alabama, Kentucky and
Michigan, and the sales and refining properties and business in Michigan,
Illinois, Indiana, Ohio, Kentucky, Arkansas, Tennessee, Louisiana, Missis¬
sippi and Alabama.
.
,
Gulf Oil Corp. of Pennsylvania as of Feb. 1 1936 had acquired and is
operating: Gulf Production Co. and Gypsy Oil Co., the former in Texas
and the latter in Oklahoma, Kansas, New Mexico, Colorado, Nebraska
and Montana: the Indiana Oil & Gas Co., operating in Oklahoma, and the
Gulf Refining Co. (Texas).
__
It has also acquired the Gulf Building, on Seventh Ave., New York City,
from the Gulf Building Co.
Soon it will take over the business and affairs
tor of the entire Gulf
and business in Arkansas,
Gould Coupler
U.
S.
of the Cor bin Land Co.
plan, if satisfied that it has been accepted by the holders of the requisite
percentages of the various classes of security holders, and that in other
respects the requirements of Section 77-B of the Bankruptcy Act have
been complied with.
The plan can be confirmed on March 23 only if additional securities of
Gould Coupler Co. and Symington Co. are deposited promptly with the
Chase National Bank, depositary, 11 Broad St., New York, or Baltimore
National Bank, sub-depositary, Baltimore, Md.—V. 141, p. 2277.
Ry.—Taxation by States Unfair—
Court on Feb. 3 held that
States of railroad properties based upon pre-depression
assessed values is repugnant to the due process clause of the Fourteenth
Amendment.
The Court held that the State of North Dakota failed to
take notice of the fact that late in 1929 there occurred a great collapse of
values, so the Court ordered a 13% reduction in the tax for 1933 against
the properties of the Great Northern Ry. located within the State.
The decision ended a long fight of the road for a redetermination of the
assessed valuation placed upon its properties in the State for taxing pur¬
poses.
The State placed a valuation of $78,832,888 on the company's
properties for 1933.
The Court ordered this figure reduced to $68,832,888.
The tax for that year was fixed at $1,508,352, although the net railway oper¬
ating income of the entire system was only $1,290,000 for that year.
The Court held that the testimony and computations made by the
State's witnesses show that the 1933 assessment could not have been
arrived at by any calculation based on the principles and methods govern¬
ing the Tax Commissioner in his computations submitted to the Equaliza¬
tion Board of the State through a period of years and constituting the con¬
trolling bases of the assessments made by it.
"If the assessment for that year had been based on the principles govern¬
ing in 1932 and preceding years, it would have been less by about $13,000,000
than the amount fixed by the Board and here in controversy," the Court's
opinion stated.
Changed business conditions, coupled with competition from new methods
of transportation,
precluded belief that prospective improvements in
petitioner's business and earnings would within a reasonable time, if ever,
be sufficient to justify the assessment in question, the opinion continued.
From 1929 to 1933 the Equalization Board reduced assessments of the
Great Northern's property in North Dakota by less than 6%.
six-to-three decision the U. S. Supreme
by the
ana,
the general decline in values in that period
much greater than that.
The evidence conclusively shows that
petitioner's system and of its North Dakota railroad prop¬
erties declined several times 6%.
Its traffic< gross earnings and net income
from operations fell off enormously."
Then, the Court continued, it clearly appears that the State officials
failed to give reasonable weight to the falling off of petitioners' traffic,
gross earnings, operating income, the extraordinary shrinkage in values of
railroad property, the prices of commodities and securities generally.
"The evidence persuasively supports petitioner's claim that by reason of
system over-valuation, the North Dakota assessment was too high by
$15,000,000.
And, resolving all doubts in favor of validity, the evidence
must be held conclusively to show that the challenged assessment exceeds
the true and full value of petitioner's North Dakota railway properties in
1933 by $10,000,000."
The dissenting opinion, read by Justice Stone and supported by Justices
Cardozo and Brandeis, was that to hold a tax unconstitutional because
it is based upon an assessment which is too high, as compared with the value
of the same property for purposes of condemnation, overlooks the principle
upon which property taxes are laid and collected.
1936
1935
1934
Island RR.—Earnings.—
Gulf & Ship
1936
$96,981
def477
def22,920
Net from railway
Net after rents
—V. 142, p.
$4,364,243
348,685
def364,758
$4,135,273
532,631
def215,834
$3,581,681
214,529
def516,413
90,206
Net after rents.
—V. 142, p. 785.
Subs.)—Earnings-
1935
1934
1933
1932
$2,182,657
$1,418,585
x211,953
188,500
$1,144,238
on
$1,018,130
19,311,687
$722,891
19,496,232
122,647
104,167
266,794
85,049
$1,903,452
20,064,717
$1,726,647
19,455,655
funded debt-
295,864
Depreciation & depletion
Prov. for Fed. inc. tax__
.
iuviuu»
.
auiyxuD.
Miscellaneous
Total
264,250
157,096
54,587
adjust
$20,273,711
$21,968,170 $21,182,302 $20,329,817
surplus
Dividends paid by
On $7 cum. pref.
Co.:
:
stock
962,024
874,162
875,635
241,950
790,288
483,899
Common
y874,674
Miscellaneous charge
Surplus carried to baiance
$88,725
6,714
def22,626
$2,321,963
Calendar Years
profit
_
.$19,819,308 $20,064,717
sheet.
$19,455,655 $19,311,687
'
,
... ...
1,016,961
1,016,961
1,016,961
1,016,961
$1.09
$0.83
$0.14
Nil
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.
stock
outstanding (no par).
Earnings per share
Shares
common
—V. 141, p.
2588.
Harbison-Walker Refractories
Co.—Earnings
1932
1934
1935
Calendar Years—
AO,
y$72,070
x$l,947,905 y&1,405,081
Netearnings-,
x$2,515,666
Interest on bank loans..
8,390
49,42/
57,928
108,509
—---
20,592
701,608
651,01/
566,285
39,926
533,587
$1,805,669
180,000
1,358,883
$1,247,461
z270,000
849,552
$760,276 loss$609,952
$266,786
7,338,494
$127,909
7,633,216
_$625,276 def$960,468
<,007,940
7,968,408
$7,605,280
$7,338,494
Def. of Harbison-Walker
Securities Co
—
Deprec., deplet., &c
Net income
(6%)...
Common dividends
Pref. dividends
Balance, surplus
Previous surplus
180,000
135,000
170,516
Adj. arising from consoli¬
dation of sub. co. not
Dr422,631
wholly owned
Profit & loss surplus..
$7,633,216
Shares of common stock
$7,007,940
_
1,380,000
1,380,000
1,380,000
1,380,000
Earned per share
$1.18
$0.77
$0.43
*»«|Nil
x After deducting Federal taxes and proportion of net income of sub. co.
not wholly owned according to minority interest therein, y After deducting
ordinary repairs, z Includes $90,000 deferred from 1933.
outstanding (no par).
I
Consolidated Balance Sheet Dec.
z
1935
Assets—
-
1,881,016
6% preferred
x
639,058
Invest, securities 4,132,392
$
Liabilities—
39,656,595
3,054,715
Accts. receivable.- 1,296,772
Notes receivable.6,981
Cash
1,046,471
Dep. in closed bks.
4,729
Inventories
y
1935
$
Property acct. ...41,939,098
Deferred charges..
618,173
Other assets
31
1934
$
Common
stock 3,000,000
of subsidiary—
Capital surplus
Earned surplus—
Total
53,980,350 50,473,527
Total
1934
"
$
3,000,000
stock__20,700,000 20,700,000
4,691,690
7,536,483
3,026,448 Reserves
881,956
884,136 Accts. payable
45,000
6,079 Div. payable
549,665 Note of sub. not
wholly owned..
10,034
int.
in
1,545,186 Minority
cap. stk. & sur.
4,156,326
Contlng. sec. res..
482,187
4,451,503
9,277,941
7,605,280
395,627
45,000
142,000
431,272
4,451,503
9,277,941
7,338,494
53,980,350 50,473,527
Represented by 1,380,000 shares of no par value, y Incl. 21,117 co.'s
shares at cost,
z Including Harbison-Walker Securities Co.—V.
142, p. 955.
x
Hayes Body Corp.—To Change
V.
Pa.—To Resume Common Div. Payments
declared a dividend of 25 cents per share on the
stock, par $25, payable April 1 to holders of record March 14.
This will be the first disbursement made on the issue since Oct. 1 1931,
when a quarterly dividend of 37H cents was paid.
This rate had been
maintained since and including Jan. 1 1923.
The directors on Feb. 25
Reorganizes Subsidiaries—
properties, refineries, pipe lines and sales organizations of this
in a score or more States were on Feb. 19 reorganized and some
discontinued as operating subsidiaries.
Directorate—
meeting March 23 will consider amending
by-laws so as to provide for a board of five directors.—
The stockholders at the annual
the company's
142, p. 955.
Hazel-Atlas
Glass
Co.-
■To
Pay Another $1.32 Special
Dividend— 1
common
def30,345
^
786.
(M. A.) Hanna Co. (&
i
1933
1934
$92,909
7,914
defl7,216
1935
$78,414
def8,367
January—
Gross from railway
1933
$4,789,478
Net from railway
14 companies
Gas Co. and
1935, and Union Gulf
dissolved in February
Corp. in June 1935.—V. 142, p. 955.
Gulf Commissary Co. was
common
Earnings for Month of January
The oil
Co.,
Gulf Pipe Line
Co. of Louisi¬
Corbin Land Co.
very
company
Line Co. of Pennsylvania,
Gulf Pipe Line Co. (Texas), Gulf Refining
Gypsy Oil Co., Gulf Production Co., Indiana Oil &
Co. of Oklahoma,
"It is everywhere known that
Gulf Oil Corp. of
'
.
„„
Going out of existence as operating subsidiaries, therefore, are:
Gulf Oil Co., Gulf Refining Co. (Texas), Gulf Building
the value of the
Gross from railway
■
have in New Mexico.
Interest
District of New York has
30 1935 is fair and equi¬
table, and does not discriminate unfairly in favor of any class of creditors
or stockholders of the company or of the stockholders of Symington Co.
The order to this effect was entered Feb. 20, following the adjourned hearing
held on Jan. 7 and 8, for consideration of the modified plan for the reorgani¬
zation of Gould Coupler Co. and Symington Co.
The hearing has been adjourned to March 23 at the Federal Building,
Buffalo.
At such adjourned hearing the Court will confirm the modified
was
.
Florida, Georgia, South Carolina, North Carolina, Virginia, West Virginia,
Maryland, District of Columbia, Delaware, Pennsylvania, New Jersey,
New York, Connecticut, Rhode Island, Massachusetts, Vermont, New
Hampshire and Maine. It will also handle such sales business as Gulf may
Net
Co.—Reorganization Plan—
District Court for the Western
Great Northern
.
Consequently, Gulf Oil of Pennsylvania is now the Gulf
organization in Texas, Oklahoma, New Mexico, Kansas, Colorado,
braska and Montana and is the Gulf sales and refining organization in Texas,
of
determined that the modified plan adopted Sept.
taxation
.
,
value, payable April 1
5.
Similar distributions were made on this
issue in each of the eight preceding quarters prior to which 50 cents per
share was distributed in each of the four preceding three-months' periods.
A disbursement of $2 per share was also made on the pref .Lstock on March 1
1934 on account of accumulations.
After the payment of the April 1 dividend, accrualslonlthejabove issue
will amount to $9.75 per share.—V. 142, p. 1291.
holders of record March
a
Gulf Oil Co.,
Venezuela Gulf
Gulf Exploration Co. and Gulf Research & Development Corp.
Internal economies will be effected by this simplification, which has been
Eastern
(B. F.) Goodrich Co.—Delays
In
the Gulf producing organiza¬
Oil Co.,
Delaware Gulf Oil Co., Gulf Pipe
The company has filed an amendment
Commission delaying the offering of its
The
the Western Gulf Oil Co.,
For the present
tion in California, will continue.
Likewise will the Mexican
South American Gulf Oil Co., Colombian Petroleum Co.,
—V.
to
concerns,
Delaware
corporation.
producing
Ne¬
New Securities
Upon the consummation of the modified plan, debtor will have outstand¬
ing an indeterminate amount of 4H% convertible debentures due May 1
1941, the amount whereof will be determined by the amount of such deben¬
tures issued in exchange for debtor's notes.
There will also be an authorized issue of 665,000 shares of common stock
bonds,
internal corporate set-up leaves two operating
Pennsylvania and the Gulf Refining Co., a
the Gulf Oil Corp. of
withdrawn.
(5) Capital Stock—No change except that upon final consummation of the
plan the par value of common stock will be reduced from $5 to $1 per share,
also the number of shares of stock will be increased from 600,000 shares to
665,000 shares to meet probable conversion requirements in the new
debtor,
1469
Chronicle
The directors on Feb.
share
on
26 declared an extra cash
the common stock, par $25,
dividend of $1.32 per
payable April 2 to holders
of record
Feb. 25 last.
The company on
Jan. 2 1934 made a distribution of $1 per share on account of non-recurring
profit made from the sale of treasury stock.
The regular quarterly dividend of $1.25 per share which had been pre¬
viously declared is likewise payable on April 1 to holders of record March
Mar. 14.
A similar payment was made on
14.—V. 142, p. 955.
1470
Financial
Hazeltine
Corp.—Earnings—
(Including Wholly-Owned Subsidiaries]
Calendar Years—
Royalties
1934
1935
1933
1932
$961,449
7,086
Other income
Total income
Expenses and taxes
Res., amort, of patents.
$1,318,502
16,513
$406,375
18,413
$382,797
24,918
$968,534
.
$1,335,015
471,642
277,110
$424,788
332,387
277,010
$407,715
423,183
277,010
366,002
277,334
97,404
45,000
Loss on sale of invest
Prov. for Fed. inc. tax..
Net profit
Dividends paid
Chronicle
$182,795
304,992
company's main plant, located at Holland, Mich., occupies nine
by the company, and contains one-story buildings
two-story structure, with a total floor space of approximately
204,000 square feet.
The company's plant at Bethlehem,
Pa., Is located on 35 acres of ground
owned by the company and has
approximately 96,700 square feet of floor
and
$501,722 Ioss$184,610 loss$292,479
501,803
21,698
1936
29
The
acres
84,540
Feb.
extend up to a maximum of 36
months, the company retaining title to the
equipment until the contracts have been completed.
At the present time
the Holland Credit Co. makes use of the
Federal Housing Administration's
credit insurance plan.
The company owns 51% of the
outstanding voting stock and the entire
funded debt of $225,000 of first
mortgage bonds of its subsidiary, the Hol¬
land Hotel Co.
The Holland Hotel Co. operates under the name of Warm
Friend Tavern at Holland, Mich.
Its accounts are not consolidated with
those of the Holland Furnace Co.
of land, all owned
one
space.
Deficit
Earned
per
$81
$122,197
175,000
$1.04
Shs.cap.stk.out.(no par)
share
175,000
$184,610
175,000
$314,177
175,000
$2.86
Nil
The plant at Cedar Rapids, located on seven
approximately 97,000 square feet of floor space.
Nil
Capitalization,
1935
Pats., pat. marks
tr. marks, &c
Office & laboratory
1934
equipment
1935
1934
Capital stook..z$2,108,576 $2,276,380
Accounts payable.
17,776
24,588
y
$941,100 $1,212,385
Prov.
150,107
293,809
900,418
1,398
14,874
rec.
Cash
Acer. int. receiv..
Dem. note receiv.
Bal. rec. fr. empl.
for stock purch.
Treasury stock
Prepaid expenses.
for
Federal
income tax
13,320
305,016 Provision for
216,234
tingencies
731,531
2,983
15,763
15,848
-
Investments
Notes & accts.
Authorized
Liabilities—
x
54,779
84,540
150,000
Earnings for Stated Periods
int., amort, of deb.
disc., prov. for loss on
empl's advs. & stock
purch. accts. & prov.
$2,331,132 $2,535,507
Total
$2,331,132 $2,535,507
patents during period prior to Jan. 1
1935, $1,179,593; during year 1935,
$304,992; total, $1,484,585; earned deficit after amortization charges,
balance Jan. 1 1935, $285,211; additional Federal inc. tax for
prior period,
plus int., paid during year, $45,605; total deficit, $330,816; less net income
for year ended Dec. 31 1935, $182,794; net balance Dec. 31
1935, $148,022;
total deductions after amortization charges,
$1,632,608; balance of stated
capital, $2,108,576 —Y. 142, p. 1122.
Herald
Square Building, N. Y. City—Reorg. Plan—
Judge John O. Knox, at the U. S. District Court, recently approved a
plan of reorganization for the $2,500,000 bond issue covering the Herald
Square Building, which occupies the triangular block at Broadway and
Sixth Ave., between 35th and 36th Sts., N. Y. City.
The bond issue is on a long-term leasehold held by the 1350
Broadway
Realty Corp., under which the present 24-story office and loft building has
been erected on the site of the old "Herald" newspaper
building.
Consents to the plan of the holders of more than 68
% of the outstanding
bonds were submitted to Judge Knox.
The plan provides for an interest
rate based on earnings with an expected minimum of
3H% per annum.
There is also provision for yearly amortization based on net income. The
arrears of interest, unpaid since May 1
1935, will be paid at the rate of
3% per annum. The owning corporation will borrow up to $100,000 for the
purpose of consummating the plan and the expenses of the reorganization.
Various bondholders and bondholders' committees
represented by Hamil¬
ton O. Rickaby of Simpson, Thatcher &
Bartlett, Henry M. Kaufman of
Hays, Wolf, Kaufman & Schwabacher and Alexander S. Natanson joined in
the application to the court for confirmation of the
plan and gave their
approval to its provisions.—V. 126, p. 3129.
Hinde & Dauch Paper Co.
Years Ended—
deductions—net
31
35 Dec.
$1,839,042
(incl.
31
'34 Nov. 30 *33
$1,968,570
$989,144
bond
interest & discount)
26,517
440,836
189,500
122,754
442,490
182,100
45,868
447,121
61,000
$1,182,189
$1,221,227
$435,155
$2.66
$2.76
$0.52
Depreciation.
on
360,000
com.
shs.
(par $10)
Notes—Net profit for years ended Nov. 30 1933, and Dec. 31
1934, is
shown before deduction for possible loss on claims
against closed
banks,
charges having been made to surplus.
Effective April 1 1935, the assets of Evans Fibre Box Co., Chicago, were
acquired. From that date the property has been operated as a division of
the company.
The results therefrom, for the last eight months of the year
1935, being included in the foregoing.
Condensed Consolidated Balance Sheet Dec. 31 1935
Assets—
Liabilities—
Cash
$1,256,786 Accounts payable, &c
Customers notes & accts. rec.,
less reserve
Inventory
Value of life insurance
Other current receivables
Other assets
Sinking fund bonds
Inv. in Canadian sub
Prop, plant & equipment
Equity in real estate
Unamortized bond discount &
expenses, <fcc
1,005,596
1,793,110
199,900
44,621
239,647
23,833
1,328,817
6,607,753
145,539
Notes payable
Accrued taxes and interest.
Accts. pay. (not current)..
Bonded debt (subs.)
Reserve for contingencies..
6% preferred stock
Com. stock (par $10)
Capital surplus
...
Profit and loss
$7,043,641
$7,914,596
413,660
154,608
746,542
155,810
1,121,374
88,211
$1,033,163
87,753
7,064
•
Total
$11,777,265
as stated is after
giving effect to reduction in stated
capital (certificate filed Jan. 4 1936) and changes in shares authorized and
par value of common as approved by stockholders Jan. 3
1936, (amended
articles of incorporation filed Jan. 10 1936).—V.
141, p. 2738.
Holland Furnace
Co.—Preferred Stock Offered—A group
by F. S. Moseley & Co. made a public offering
of 32,000 shares of $5 cum. conv.
pref. stock (no par)
price of $102
a
share.
taxes
come
loss656,886
Depreciation
188,662
Net income
loss$845,548
Interest on debentures143,154
Amort. of deb. discount.
Interest on bank loans,
12,393
$259,052
140,354
11,312
$590,732
128,342
10,230
mortgages, &c
Prov. for loss
66,681
14,910
646
189,795
Cr22,665
Crl48,662
loss$97,319
$474,179
1,087,008
advances
mm
mm
stock
purchase accounts
66,054
Prov. for Fed. & State
income taxes
46,000
37,001
def$97,319
171,500
$437,178
$915,508
Purpose—Net proceeds will be devoted to the following
purposes:
(a) Approximately $1,953,872 for the redemption at 100>4% (accrued
int. to be paid by the
company) on April 1 1936, of $1,949,000 sinking
fund 6%
debentures.
(b) Approximately $1,091,808 maximum amount required for the re¬
demption of 7% pref. stock to be called for redemption April 1 1936 at
$102 per share.
(Accumulated dividends on the 7% pref. stock have been
declared paid out of other funds of the
company).
(c) Approximately $50,293 will be used as an addition to working capital.
Provisions of Issue—Holders of the cumulative convertible
pref. stock
shall be entitled to receive from date of issuance
thereof, after dividends
shall be fully paid on, or set apart for, the
7%
pref. stock (to be redeemed
April 1 1936) divs. at rate of, but not
exceeding, $5 per share per annum,
payable Q.-J.
The holders of convertible preferred stock shall have the
right at any time prior to April 1 1941 to convert the stock into common
stock.
Upon the surrender to the company of a convertible preferred stock
certificate, together with a notice to the company in writing of the holder's
election to exercise the right of conversion, such holder shall
thereupon be
entitled to receive from the
company a certificate for shares of
stock in an amount to be determined as follows:
common
(1) From date of issuance of convertible
preferred stock to and incl.
1937, 2H shares of common stock for each share of convertible
pr0f0iT0(i stock*
(2) From April 1 1937 to and incl. Mar. 31 1939,2 shares of common stock
for each share of convertible preferred
stock;
(3) From April 1 1939 to and incl. Mar. 31 1940,
stock for each share of convertible
preferred stock;
1% shares of
common
(4) From April 1 1940 to and incl. Mar. 31 1941, 1shares of common
stock for each share of convertible
preferred stock.
The right of conversion
relating to shares of convertible preferred stock
may be exercised after such shares have been called for
redemption, pro¬
vided, however, that such right of conversion shall terminate as to all
shares called for redemption at the close of business on
the business day next
preceding the date of redemption.
Company has registered with the Securities and Exchange Commission
80,000 shares of common stock (no par) to be reserved for conversion.
Company may, at option of directors, redeem the whole or any part of
the convertible preferred stock on
any div. date up to April 1 1946 at $105
per share, and thereafter at $103,
together with a sum equivalent to all
unpaid cumulative dividends accrued thereon, upon 30
days' notice.
So
long as any convertible preferred stock shjfll be outstanding, the com¬
pany will set aside from its surplus on or before April 1
1937, and on or
before April 1 in each year thereafter, as and for a
sinking fund for the
Jurchasethe redemption of convertible preferred stock, an amount equal to
or net earnings of the company for the preceding calendar year,
5% of
after deduction of depreciation
charges, taxes and dividends paid or accrued
on convertible
preferred stock during the period.
All voting power shall be in the holders of the
convertible preferred stock
and the holders of common stock on the basis
of one vote for each share of
stock held of either stock.
Other members of the group
Co., Chicago
Byllesby & Co., Chicago
Harris, Hall & Co., Chicago
Metropolitan St. Louis Co., St. Louis, Mo
H. M.
dep..$1,775,258
4,406,400
Inventories
1,371,137
Cash surrender val. of insur__
449,520
Accounts with employees and
stockholders
holders
Patents
company's 7% pref. stock for exchange on
a share for share basis.
That portion of the issue not taken
in exchange is offered at $102 per share.
A prospectus dated
Feb. 24 affords the following:
History and Business—Company was incorporated in Michigan
Aug. 6
1906 ana was reincorporated Aug. 29 1934.
Company's principal plant
and executive offices are at Holland, Mich., with
plants at Bethlehem,
Pa., and Cedar Rapids, Iowa.
Company is engaged in the business of manufacturing, marketing and
servicing of warm-air furnaces for domestic heating.
Company also manu¬
factures and sells parts and replacements for warm-air heating
systems,
a patented power air unit which
permits the conversion of an ordinary warmair heating system into an
air-conditioning unit, and air-conditioning equip¬
ment.
Accessories such as automatic regulators, thermostats and oil
burners which are manufactured by other companies in accordance with
Holland specifications are also distributed through the company's sales
organization.
The furnaces manufactured by the company are adaptable
to the use of coal, wood, oil or gas for fuel.
The Holland Credit Co., a wholly-owned subsidiary, was organized in
1934 for the purpose of performing a credit function in the financing of
instalment sales of the company's products, which the company had carried
on under its own name for approximately 15 years.
Instalment contracts
11,000
7,000
7,000
7,000
shares
shares
shares
shares
Liabilities—
hand & demand
Accounts receivable
on
Security investments
Property, plant <fc equipmentDeferred charges
of the
_
Consolidated Balance Sheet Dec. 31 1935
Assets—
Cash
include H. M. Byllesby & Co., Inc.; Harris, Hall &
Co., Inc.,
and Metropolitan St. Louis Co.
Of the 32,000 shares offered, 10,704 shares are offered to
mum
,
op empl's'
ar|d
Underwriters—The name of each principal underwriter and the respective
maximum amount underwritten
by each underwriter are stated as follows:
F. S. Moseley &
$11,777,2651
Note—Capital stock
557,168
25,000
260,849
44,370
670,000
74,866
3,744,600
3,600,000
157,726
2,642,686
131,663
Total
a
9 Mos. End.
Dec. 31 '35
$5,455,327
Mar. 31
Provision for Federal tax—Estimated
Net profit
Earns, per sh.
(& Subs.)—Earnings—
Dec.
Oper. profit before deprec—
at
-Years Ended Mar. 311934
1935
1933
Net sales, &c., revenue. $7,062,409
Net inc. before deprec.,
After allowance for amortization of $3,227,523 In 1935 and
$2,950,189
in 1934.
y Represented by 175,000 no par shares,
x Capital stock: au¬
thorized 300,000 shares-no par value issued 175,000
shares, $3,741,184:
distribution made to stockholders from provision for amortization of
Feb. 24
Outstanding
32,000 shs.
426,397 shs.
32,000 shs.
600,000 shs.
The company has no ftmded debt except the
$1,949,000 sinking fund 6%
debentures to be called for redemption April 1 1936.
150,000
x
headed
pref. stock (no par)
Common stock (no par—stated value $10)
cum. conv.
for Federal & State in¬
Total
Other
$5
con¬
28,939
9,337
10,111
3,465
of ground, contains
Adjusted to Give Effect to Present Financing
Consolidated Balance Sheet Dec. 31
Assets—
acres
Other assets
76,853
147,444
1,209,812
126,013
68,557
l
Total
$9,630,997
-V. 142, p.
Home
Accounts
Accrued
payable
$67,715
599,819
items
Provision for Federal & State
income taxes
16,500
Branch managers' deposits
Sinking fund 6% debentures..
Res. for furnace guaranty exp.
Reserve (est.) for Federal,
&o.,
income
976
1,949,000
115,000
taxes
280,000
385,276
1,070,450
Com. stock (stated value $10)- 4,263,970
Surplus
882,289
Deferred
7%
income
preferred stock
Total
$9,630,997
1291.
Telephone & Telegraph Co.—Bonds Called—
All of the outstanding 1st and
refunding mtge. 5% sinking fund 40-year
gold bonds, due July 1 1945 have been called for
redemption on July 1 1936
at 105 and interest.
Payment will be made at the Title Insurance & Trust
Co., 433 South Spring St., Los Angeles, Calif.
V. 141, p. 4168.
Home Title
As
Guaranty Co.—Offer for Stock—
result of extensive negotiations conducted
by the Department of
over a long period of time with
various persons and groups, the
Superintendent of Insurance received offers made
a
Insurance
by the Aetna Casualty &
Surety Co. to acquire the stock of Home Title
Guaranty Co. and the title
'he Superintendent has
?lants of the New Ttork Title Insuranceoffers and the Lawyers Titleby the
Co. subject to
Corp.
accepted the
approval
Supreme Court in the respective jurisdictions.
It is said to be the intention of the Aetna
event that the offers
Co.,
or
a
successor
Casualty & Surety Co., in the
are
approved, to transfer to the Home Title Guaranty
corporation, the title plants of the New York Title
Insurance Co. and the Lawyers Title Corp., and to create an adequate
surplus, capital and reserves by investing not less than $3,000,000 in cash
In the
continuing company.
will engage
It is proposed that the company
solely in a title insurance business and shall not engage in a mortgage loan
or mortgage guaranty business or servicing business, to the end that the
title insurance business to be conducted by it will not in any manner be
placed at the hazard of the other types of business. Arrangements will be
made by the Superintendent and the Home Title Guaranty Co. to continue
without interruption the servicing and mortgage business which are not
included within the proposed sale.
.
__
The proposed sale protects the present title policyholders in the New
York Title Insurance Co. and Lawyers Title Corp. inasmuch as the Home
Title Guaranty Co., as recapitalized by the Aetna Casualty & Surety Co.,
in addition to continuing its own policies, will assume all the outstanding
policies of those two companies.
The Superintendent has submitted to the Supreme Court in the respective
Jurisdictions petitions for the approval of the Superintendent's acceptance
of the foregoing offers.
Operating
$80,444
54,581
$72,409
51.194
$25,863
2,437
Operating
Operation
Maintenance
Taxes
19,498
$23,292
16,953
308,420
216,009
$8,802
313,664
219,516
$536,518
233,944
$535,543
259,668
$23,287
a_.>
$38,613
21,325
$17,287
$302,574
$275,875
a Interest
on secured
8% income bonds (matured) is deducted from
surplus when paid. Interest unpaid to June 1 1935 in amount of $26,000,
plus $16,000 interest subsequent thereto and interest on unpaid interest
from June 1 1935 is not included in this statement.—V. 142, p. 956.
Hudson & Manhattan
RR.—Earnings—
1935
1936
$671,037
409,298
$684,827
408,927
$261,738
-
$275,899
$6,339
Net revenue from transportation.
Revenue other than transportation.
2,077
Operating income
Non-operating income
Gross
-
23,536
23,288
$285,274
$299,188
315,251
315,277
$29^977
$16,089
—
Income
Income charges, incl. int. on adj.
Net revenue from operations.
Deductions
^
1,077,799
1,083,969
$41,535
18,248
Net oper. revenues
Int. & amort, (public)—
Net income
1936—12 Mos.—1935
$2,144,918 $2,146,523
1936—Month—1935
$185,581
$176,241
94,321
91,847
29,816
25,954
19,908
19,827
revenues
$21,214
"$28,300
.
expenses
Co.—Earnings—
Gross operating revenueOperating expenses and taxes
1935
1936
Monih of January—
Gross rev. from transporation
Houston Electric
Period End. Jan. 31—
Month of January—
Rapid Transit Co., LtdL- •Earnings—
Honolulu
1471
Financial Chronicle
Volume 142
inc. bonds at 5%
Deficit
—V. 142, p. 1292.
Net revenue
—V. 142, p. 787.
-
-
-
Hudson Motor Car Co.—New President,
&c.—
A. Edward Barit has been elected President of the company
Hoskins Mfg. Co.,
Detroit—Earnings—
1933
1934
1935
Calendar Years—
$748,514
240,598
$591,786
281,497
$377,864
200,905
$507,916
Cr31,003
43,143
66,064
$310,289
Cr26,250
43,843
37,814
$176,958
Crl3,601
48,864
16,081
Previous surplus.
$429,712
300,725
69,634
$254,882
133,194
129,196
$125,615
362,610
Total surplus
Dividends paid
$800,071
299,150
$517,272
209,300
7,000
$488,224
Manufacturing profit
Sell., admin. & general expense
-
-•
..
Depreciation
Provision for Federal tax.
Loss
on
_
Other appointments announced were: Stuart G. Baits, first Vice-Presi¬
and Assistant General Manager; W. R. Tracy, Vice-President in
charge of sales; I. B. Swegles, Vice-President in charge of manufacture;
O. A. Oostdyk, Vice-President in charge of purchases; A. Hood, Treasurer;
O. D. Sterling, Secretary; E. Cody, Assistant Secretary.
H. M. Northrup, Chief Engineer, has been elected a director.
Others
on the board are Messrs. Barit, Baits, Hood, Oostdyk, Sterling, Tracy and
Swegles.—V. 142, p. 1292.
dent
*
Illinois Bell
246
615
bonds sold and on bonds de¬
Telephone Co,—Dividend Increased—
on
$2 per share on the
capital
stock, par $100, payable March 31 to holders of record March 21.
This
compares with dividends of $1.50 per share paid each three months from
Dec. 3) 1934 to and including Dec 31 1935.
From December 1908 to and
including March 31 1934 regular quarterly dividends of $2 per share were
distributed.
23,186
310,844
21,000
clared illegal
Prov. to reduce secur. to market value
Prov. for est. loss
first
last-
title.
named
The directors on Feb. 26 declared a dividend of
Ad j. of res. for depos. in closed banks _
Additional income tax for prior years_
to succeed ths
Roy D. Chapin, it was announced on Feb. 25.
He had been
Vice-President, Treasurer and General Manager and will retain the
late
closed banks
New Directors—
McCorkle,
K.
Graham
and
Frederick A. Preston have been
elected
directors to fill vacancies.—V. 142, p. 1292.
$500,306
$300,725
$133,194
$3.57
Surplus Dec. 31
Earns, per share on 120,050 shs. cap.
stock (no par)
$2.12
$1.46
Illinois Brick
Balance Sheet Dec. 31
y
Notes
&
1934
$38,489
receivable
112,376
2,523
90,526
rec.
Inventories-'----.
175,858
185,092
37,815
1,200,500
300,725
x
66,063
Capital stock— 1,200,500
500,306
Net from railway
Net after rents
290,165
567,057
432,472
7,065
6,595
rec._
18.649
552,578
1
1
23,364
7,771
7,380
15,130
Pats. A good-will.
operations
Total
$1,933,582 $1,641,531
$1,933,582 $1,641,531
in
in
Texas—Earnings—
refinery invent's (net)
Producing A oper. exps.
Taxes other than Fed'l
1934
1933
$6,456,977
1,119,867
$5,775,279
818,596
$4,854,552
666,179
$5,412,084
863,953
48,017
1,482,910
Crl5,756
1,379,406
Cr31,514
1,233,342
89,506
1,439,335
261,625
514,564
1,634,347
305,265
293,106
259,511
450,625
1,175,359
459,010
1,600,089
443,703
1,608,636
Income from oper——
$1,874,934
$1,240,828
$674,695
Other income credits—.
92,920
174,124
333,093
income taxes
$608,752
293,209
~
$1,967^854
$L414,952
$1,007,788
$901L961
1,130,214
1,197,963
1,494,965
1,803,609
Income charges
(includ¬
ing Federal taxes)
$837,639
pref. stock
Surplus credit
Addit. prov, for deplet.
I
for prior years
Prov. for excess valuation
on
"9,151
$216,989 loss$487,178 loss$901,648
134,214
64,156
181,176
1,600,000
of certain property
or prop, accts..
$846,790
4,836,988
130,992
Surplus
Surplus, Jan. 1
Surplus charge
$5,552,787
$281,146 def$487,178 def$2817,038
4,555,843
5,043,021
7,860,059
$4,836,988
$4,555,843
$5,043,021
$
$
Property acct.__41 .141,955 41,024,963
from South-
Co.
5,985,988
Sinking fund cash.
7,203
156,590
6,106,259
7,203
Oil on hand
108,573
Mat'l and supplies
441,404
Advances
309,613
Accts. receivable..
860,868
Common
8,947,600
8,947,600
stock.-.27,465,450 27,465,450
debt
8,689,500
for land purch.
9,263,500
90,000
-
Notes payable
Accounts payable.
Acer, taxes & Int.
834,039
Reserve for Federal
5,487
1,926,970
609,417
1933
$833,994
183.231
61,745
Interborough Rapid Transit Co.—Report for January—
Thomas E. Murray
Jr. receiver in his monthly report
for Jan. 31 says
Traffic—The Subway Division carried during the month of January
73,714,725 passengers, an increase of 923,101, or approximately 1.27%,
as compared with January 1935.
Traffic on all lines of the division showed
improvement over the corresponding month of last year, ranging from .63%
on the Lexington Avenue Line to 5.72% on the Pelham Bay Park Line.
The inclement weather during the last third of the month was perhaps
responsible for the increase in traffic not being greater.
During the month of January, the Manhattan Division carried 18,016,626
Jassengers, a gain of is the seventh month in succession as compared with
anuary 1935.
This 196,671, or approximately 1.10%, that this division
increase in traffic. The only line on this division which
improvement over the corresponding month of last year was
has recorded an
Ninth Avenue Line.
„
_
^
,
_
did
the
_,
Compared with the preceding month of December, the traffic on this
fell off.
In December, the gain was 2.82%, as compared with
1.10% in January.
Each line showed a decline, with the greatest drops
occurring on the Second Avenue and Ninth Avenue Lines.
The number of passengers carried on the entire system during January was
division
91,731,351, an increase of 1,119,772, or approximately
with January 1935.
Subway Division Operations
1.24%, as compared
The following figures show the results from operations for the month of
January 1936, compared with the results of the corresponding month in 1935:
Period End. Jan. 31—
Gross operating revenue
expenses
Net operating revenue
Current rent deductions
1936—Month—1935
1936—7 Mos.—1935
$4,053,486
$3,953,101 $25,501,563 $25,106,532
2,254,945
2,254,063 15,175,296 15,025,956
$1,798,541
173,410
$1,699,037 $10,326,267 $10,080,576
154,617
1,018,194
673,340
$1,625,131
218,708
$1,544,421
218,708
$9,308,073
1,530,953
$9,407,236
1,530,953
$7,876,283
$1,406,424
$1,325,714
$7,777,119
purchase of
enterprise--
Drl4,573
Cr40.173
Cr5,783
Crl30,216
Balance, city and co—
$1,391,850
$1,365,886
$7,782,902
$8,006,498
$1,391,850
866,950
$1,365,886
875,473
$7,782,902
6,071,593
$8,006,498
oper-.""$524,899
$490,413
$1,711,309
$2,029,836
Balance
Used
for
assets of
Income tax
Surplus
8,500
299",919
335,987
386,266
Payable
to
city
under
contract No. 3
305,330
Gross inc. from oper-
160,000
5,552,787
80,000
Fixed
charges
Net inc. from
Total
5,976,661
4,836,988
Non-operating income—
51,546,089 51,288,7881
684
673
17,322
10.857
$525,584
$491,086
$1,728,632
$2,040,693
51,546,089 51,288,788
depreclationland depletion.—V, 142, p. 1292.
„
Vendor's Hen notes
271,068
6,169
After reserve for
1934
$907,881
206,750
55,143
1935
$975,722
176,822
33,021
$
Preferred stock.-.
467,064
2,096,967
Deferred charges..
467,076
Cash
1934
$
Liabilities—
Funded
Settlem't
Employees' funds.
14,413
Income from operation
1935
1934
Due
A Develop.
1936
$946,892
1292.
Taxes
[Incl. Houston Pipe Line Co.]
1935
west'n
142, p.
Operating
Consolidated Balance Sheet Dec. 31
Assets—
International Great Northern RR.—Earnings.—
January—
Gross from railway..—
Net from railway
not show
Net profit.
Surplus, Dec. 31
29,866
^
in part*
Depreciation & depletion
Adjust,
71,039
125,668
1935
$404,438
104,239
61,889
1932
Admins. & gen. expense-
Gross income
1933
$340,354
80,176
1936
—V. 142, p. 788.
—V.
1935
Gross earnings
*934
$401,764
126,315
Co.—Earnings.—
$484,669
173,327
Net after rents
[Including Houston Pipe Line Co.]
Calendar Year—
Crude oil and gas purchDecrease in crude oil and
872,944
Net from railway
Net after rents
x Represented by 120,050 no par shares,
y After reserves of $4,500
1935 and $10,500 in 1934.
z After reserve for depreciation of $318,965
1935 and $293,015—V. 142, p. 1292.
Houston Oil Co. of
673,203
*933 J"?
$5,709,781
1,188,665
582,930
January—
Total
Company Only
1934
$6,074,424
1,475,427
Gross from railway
stock held
for resale
x
1933_
$6,643,381
1,443,316
610,309
1935
$6,757,357
1,191,547
Illinois Terminal
Def. chgs. to future
Total
584,840
1934
$6,990,050
1,700,393
883,070
1,007,778
Net from railway
Net after rents
—V. 142, p. 1123.
21,465
526,725
banks.—
A equipment
x
1935
$7,617,752
1,285,335
1936
$7,796,007
1,699,046
January—
Gross from railway.
deps. In
zLd.,bldgs.,mach.
Divs.
—
System.—Earnings.—
1936
$8,784,725
1,863,385
973,783
Earnings of
stocks
!
Illinois Central RR.
January—
Gross from railway
&
Claims for
Re acq.
application of the com¬
to list 240,000 shares of capital stock, $10 par, 235,000 shares of
which will be admitted to trading as soon as the company's charter has
been amended.
This security results from a change in par value from
$25 per share to $10 per share.—V. 142, p. 1123.
A
Accrued int.
closed
84,971
Federal
lor
Surplus
403,511
listed
bonds
Prov.
1934
$17,520
1,245
U. S. govt, sees
misc.
payable—
taxes
Group insur., Ac.,
owing by empl'es
Munic.,
Accts.
Accrued expenses.
accts.
Sundry accts.
1935
$16,844
149,868
Liabilities—
1935
$89,072
Assrfs—
Cash
Co.—Application Approved—
Stock Exchange has approved the
The Chicago
pany
Balance
-
1472
Financial
Chronicle
Manhattan Division Operations
Period End. Jan. 31—
Gross operating revenue
Operating
1936—Month—1935
$994,175
$993,287
908,862
911,390
expenses
Net operating revenue
$85,313
$6,945,438
5,964,326
$819,141
$981,111
$81,898
applications for the necessary permits required under Italian
exchange
restrictions for conversion of lire into U. S. dollars is
still pending.
on
Consolidated Balance Sheet Dec. 31
Rental of jointly operated
1935
lines—
line
$4,903
3,523
6,578
$34,190
27,127
24,189
45,984
$18,815
$131,490
$66,421
$63,083
$687,651
1935
$851,764
Interest accrued..
780
pref. stock..
3,538,902
deb. bonds
315.120
coupons
Lire divs. received
8,160
on
on
Deb.
& not converted
Aid—
Total
a
The U. S. Supreme Court was asked Feb. 24 to set
aside an injunction
granted by a New York Federal District Court
against the corporation.
The lower court held the
corporation had "created a monopoly" in sale of
for
to
the
tabulating, sorting and punching machines which
it
leases
,
not
sold
and
but
hundreds of cards in a minute.
These machines are
leased under a contract.
One clause in the contract
sort
are
provides the
user
must
purchase cards from the company or pay higher
rental under the lease.
This
"tying clause" was found by the New York court last Dec. 26 to
violate the Clayton Anti-Trust Act.
The injunction also applied to Rem¬
ington Rand, Inc., which agreed to accept the court's
rulings on Inter¬
national.—V. 142, p. 788.
Iron
The
Curb
privileges the
Exchange has removed from
stock, $10 par.—V. 142, p. 1293.
common
Iron Fireman
x
sales
and
1935
income earned
Cost of sales (incl.
materials
trading
1934
1933
1932
finance
and
Jones
$4,327,806
of
Gross profit on opers.
$1,915,139
admin¬
Not
istrative
exps.
(incl.
deprec. of $12,599)
$683,523
securities
$330,784
505,070
$78,678
501,512
Total surplus
$1,340,802
Dividends paid (cash)..
296,944
Surplus charges
$1,357,562
157,144
492,012
$835,854
$580,191
58,892
16,229
$708,405
296,187
$835,854
196,305
$505,070
196,305
$1.76
$1.69
$0.40
Miscellaneous credits
Surplus, Dec. 31
$1,043,858
Shs.cap.stk.out.(nopar)
300,000
$2.02
share
Liabilities—
from
and
$354,973
47,763
72,953
1,423,842
510,658
&c:.__
Inventories
Due
1934
$133,101
1,026,060
379,058
securs.
rec.,
38,087
9,847
3,656
57,924
102,918
85,920
10,000
24,155
146,700
for
product
guarantees
and
contingency
insurance policy
Capital assets
Deferred charges.
31,819
616,275
Def. finance income
110,179
25,658
to income
556,486
57,388
y
y
1,500,000
Earned surplus.__
$2,926,030 $2,487,7531
x After reserves for
depreciation.
in 1935 (296.187 in
1934).-V. 142.
6,485
Capital stock
Total
1,043,858
1,480,937
708,406
no par
shares
627.
The directors have declared a dividend
of 25 cents per share on the
stock, par $1, payable April 1 to holders of record March 16.
This compares with 15 cents
paid on Jan. 2 last and on Oct. 1 1935 and
10 cents per share
previously each three months.
In addition, an extra
dividend of 25 cents was
paid on Jan. 2 last and an extra of 10 cents on
Oct. 1 1935.
Lawrence D. Bell, Harley F.
Drollinger and
elected directors.—Y. 142, p. 1123.
Roy Brockett have been
Superpower Corp. (& Subs.)—Earnings—
Years End. Dec. 31—
1935
1934
1933
1932
Divs. & int. received. __d$l
,474,988 a$l,978,542 a$l,551,392 a$l,320,993
expenses
Cost of compliance with
the U. S. govt's regis¬
tration requires., &c.
Loss in for'n exch. trans.
_
Interest paid
Interest paid & accrued
on debenture bonds
Taxes paid
Loss on sale of securities
__
.
on
debs, retired
Difference between
&
amt.
44,797
35,024
28,301
8,993
14,451
1,372
76,315
on
Feb.
7
Kennecott Copper Corp.—Name
of
The name of the American Electrical
approved
a
loan
of
Subsidiary Changed—
Works, Phillipsdale, R. I., which
few months ago, has been changed to the
Kennecott Wire & Cable Co.—V. 142, p. 1293.
was
acquired by this company
a
Kingsbury Breweries Co. (Wis.)—Plan Submitted—
A
plan of reorganization has been submitted to stockholders
proposing
a mortgage bond issue for the
purpose of settling preferred claims,
on general claims and providing
working capital.
The company has been in the hands of the
Federal Court since Feb. 8
1935, when a petition was filed under Section 77-B of the
Bankruptcy Act.
The proposed plan calls for the issuance of
$300,000 first mortgage bonds
secured by the plants and
equipment of the company.
Bonds will bear
interest at not to exceed 5H% and mature in
10 years.
the sale of
The bonds will be convertible into stock of
present $1 par value at not
less than $3 a share,
depending upon the market at the time of issuance,
1938, at $3 a share through 1942 and after that to
maturity
at $5 a share.
The bonds will be callable on 60
days' notice at such price
as
may be agreed upon by the company and the purchasers and
subject to
the approval of the Court.
It is contemplated that the bonds will
be
underwritten at not less than 95.
The total indebtedness of the
company is approximately $409,072 of
which $179,256 represents the amount
owing on preferred claims.
It is
anticipated that these latter will be cleared up immediately
upon approval
of the plan.
Unsecured creditors will receive a 5% cash
payment when the
plan is approved and two cash payments of 5% each on March
15 1937 and
1938.
The balance is to be paid in 3%
notes, 10% on March 15 1939,
c636,582
143,649
1,358,579
Cr80,283
bl ,020,994
193,901
35,380
0298,593
bl,196,147
34,949
938,479
0795,351
1,291,500
10,186
884,821
0866,576
08,395
loss$652,157
745,032
pref. stock
10% each
year
thereafter, together with 33 1-3%
after provision for bond issue
requirements.
For the month of
374
debs. acq. by sub
on
28,820
on
Net income
Divs.
Commission
The proposed maintenance will
require the purchase and installation of
approximately 30 miles, or 5,200 tons, of new 110-pound rail and the
necessary fastenings, and 3.5 miles, or 500 tons, of new
90-pound rail and
necessary fastenings.—V. 142, p. 788.
and
cost
orig. ree'd
Interstate Commerce
up to Dec. 31
New Director—
Prof,
Kansas Oklahoma & Gulf Ry.—PWA Loan—
The
$285,000 to the company from the Public Works Administration for
the
improvement of transportation facilities.
°
common
Ordinary
basis, payable quarterly.
making payment
Irving Air Chute Co.—Larger Dividend—
Italian
of unpaid back dividends
amounting to $340,966 on Jan. 1.
.
Under the plan, common stock would be increased from
present 60,000
shares to 126,095 shares, and placed on a $1 annual
$2,926,030 $2,487,753
Represented by 300,000
p.
no par common stock on the basis of two and
one-half shares of
for each present share held.
In addition, holders of the class A stock would
receive a cash dividend of
$6.78.
The dividend and common stock
exchange would be made in lieu
Other defer, credits
x
Total
common
96,056
Res.
life
stock for
$27,871
82,779
Dep. with finance
company
The
stockholders of the company will vote on a
capital reorganization
plan at the annual meeting, March 11, the company announced on Feb. 20.
The plan, which will not affect the
7% cumulative first preferred stock,
provides for exchange of the present $40 par participating preference class A
1934
$39,775
com¬
missions & wages
4,810
value
taxes,
Fed., State & for¬
eign inc. taxes..
6,711
4,455
1935
Accounts payable.
Accr.
officers
employees..
Funds in closed bks
Cash
Income Statement for Calendar Years
(Including Subsidiaries)
—V. 134, p. 2160.
Consolidated Balance Sheet Dec. 31
1935
Cash
Bonds
(E.) Kahn's Sons Co.—Exchange Plan—
$521,708
835,854
Previous surplus
Marketable
Corp.—$40,000,000
99,439
$604,646
708,406
27,750
Accts.
Steel
differing from the figures reported to
In the year 1934, the
company reported to stockholders net
loss of $3,670,671 and in 1933 net loss of
$5,366,996.
The adjustments
made include principally a restatement of
inventories.—V. 142, p. 1293.
7,653
foreign inc. taxes.
Assets—
Laughlin
stockholders.
$711,739
■
Net profit of year
per
&
1935
1934
1933
Net loss after interest,
depreciation,
depletion, Federal taxes, &c
^. $398,715 x$2,751,372 x$4,471,04S
x The
foregoing losses for the years 1934 and 1933 give effect to a recon¬
ciliation of accounts for those years,
3,061
18,572
6,582
_
Prov. for Federal, State
Earnings
no par
poses.^
i
Profit from operations
Interest from marketable
.
970,015 shares
retirement of bonded debt. The balance of the funds received from this
new
issue will be used for additional
working capital and other corporate pur¬
Comparable
1,231,615
—
and
,
stock, all of
are
corporation has filed with the Securities and Exchange Commission
a registration statement for a
proposed issue of $40,000,000 first mortgage
25-year bonds, $31,500,000 of which will be applied to new construction
and plant equipment.
In addition to providing construction money the
issue will discharge a debt of
$5,500,000 contracted on Feb. 18 1936 for
2,412,668
Selling, general &
Total income
Interest paid
common
The
manufacturing, distri¬
buting & serv. exps.)_
Discount on purchases.
Miscell. other income
30,989,202 32,051,999
pref. stock
cum.
Registered—
ma-
cost
Total
stock, 150,000 shares class B
Jamaica Water Supply Co.—Bonds Called—
Mfg. Co. (& Subs.)—Earnings—
Calendar Years—
Net
unlisted
169,126
5,610
e30,982
The City Bank Farmers Trust
Co., trustee, is notifying holders of 1st
mortgage 30-year 5M% gold bonds, series A, due Jan. 1 1955, that there
have been drawn by lot for
redemption, out of sinking fund moneys, $54,600
principal amount of these bonds.
The bonds will be redeemed at 105% of
their principal amount
together with accrued interest on April 1 at the head
office of the bank, 22 William Street.—Y.
142, p. 130.
Cap Copper Co.-—Removed from Unlisted Trading—
York
New
(There
131.796
payable
outstanding option warrants, series of 1929, to purchase
59,985 shares of the common stock, class A, as such stock may be con¬
stituted at the time of purchase at
any time up to and incl. Jan. 1 1938
at a price of $20 a share, on which last named
date the rights to purchase
represented by such option warrants, series of 1929
expire.)
b These
securities had a market value of
$25,264,892 in 1935, ($28,580,179 in 1934).
c Divs. received in
1935 in lire and now on deposit in Italy pending au¬
thorization for conversion into dollars
$193,110, and other lire balances on
deposit in Italy, restricted as to export, $109,662.
d After deducting
accrued interest on debentures in
treasury and held by sub.
e Includes
accrued expenses.—V. 142, p. 788.
larger business firms and Federal agencies.
corporation controls many patents for the intricate machines that
count
common
value.
The
can
30,989,202 32,051,999«
Represented by 124,172 shares of $6
class A
3,104,300
d336,27Q
193,110
Taxes
Accts.
cards
$
29,222,827 30,584,590 35-yr. 6% debs...10,504,000 10,714,000
U.S. currency
1,462,822
1,306,379 a capital & surp..16,267,131 17,722,693
Foreign currency.
z302,772
161,029 Res. for divs. accr.
Int.
Bal. of net oper. revenue
—V. 142. p. 788.
1934
$
Liabilities—
$129,347
3,888
White Plains Road line
Other rent items
$
b Investments
$32,713
27,088
21,367
48,179
$18,892
Lexington Ave. line..
$4,842
3,855
3,184
6,934
1934
$
Assets—
Queensboro
1936
29
paid, and accrued on debs, held by
wholly-owned sub. d Divs. aggregating
2,387,279 lire, deposited to the account of this corporation in
Italy after
Nov. 1 1935, have not been
included in this amount of $1,474,988, as action
1936—7 Mos.— 1935
$7,007,413
6,188,272
Feb.
,
0263,090
0231,295
$998,858
745,032
$335,642
745,032
$203,537
745.032
of the net profits
December, company reported net loss of $7,142 after
depreciation, idle plant expense and other charges.
For the period from
Feb. 9 1935 to Dec. 31
1935, the period the company operated under
court jurisdiction, net
profit was $1,552 and for the entire 1935 year un¬
audited figures from the
company's books show that a net loss of $15,930
was
sustained.
For the 1934 year net loss was
$402,308.—V. 142, p. 1123.
Kings County Lighting Co.—EarningsCalendar Years—
Gross earnings
Operating
1935
1934
1933
1932
$2,987,245
$3,018,423
$3,203,946
expenses, ordi¬
nary taxes, &c
x2,314,985
2,193,248
2,057,748
2,069,110
Net operating income.
Other income
$703,438
71,147
$853,266
166,940
$929,497
197,624
$1,134,836
Total income
Int. on long-term debt
Federal income tax
$774,586
275,380
$1,127,121
275,380
143,978
$1,020,206
275,380
87,732
157,656
$1,330,179
275,380
129,082
124,068
$355,228
258,922
300,000
$499,439
258,922
300,000
$575,794
258,922
Bal.—Earned
surplus
def$l ,397,189
Earned surplus at begin.
,
of period, after minor
adjustments
2,487,551
for period
Paid in surplus
_
Add'l inc. tax & int. &cTotal surplus
a
b
per
Incl. int.
2.820,612
2,617,729
Drl79,286
3,363,652
2,394,523
Other
on
$5,193,491
$4,849,665
$5,216,680
1,120,015
1,120,015
1,120,015
Nil
share
Including int.
2,233,725
2,705,940
$3,737,929
Shares, combined A & B
outstanding (no par).
Earned
2,720,367
Dr72,800
$253,826 def$409,390 def$541,495
$0.23
Nil
1,120,015
Nil
company's own debentures in treasury and held by sub.
debs, held in treasury and by sub. c Not
including int.
on
deductions
Balance for dividends.
Preferred dividends
Common dividends
See
x
Surplus after divs
def$203,694
def$59,483
x
Including provision for Federal income tax.
105,102
170,844
300.000
$16,872
195,343
$801,649
258.922
300,000
$242,727
Financial
Volume 142
$
15,108,660 14,323,182
I
266,119
Miscell. invest
and
239,587
57,874
58,120
_
Prepayments
Miscell. assets
Cash
4,961,000
600,000
134,934
753,000
135,779
payable.
Accounts
Interest and
942,000
xl80,295
139,730
declared
/
Deferred expenses.
Deferred charges..
1,539*216
Reserves
2,000,000
1,816,400
Common stock
yl46,971
154,101
pref. stock
112,900
pref. stock
6% pref. stock— 2,500,000
11,290
Prem. on cap. stk.
7%
158,220
Total
112,900
2,500,000
11,290
2,874,812
17,802,911
18,112,937
x
Cash
only,
In connection with inventories of plant and
y
properties
Total
18,112.937
and in pending proceedings before the Commission,
oceedings
from Long Island Lighting Co.
-V. 141, p. 2740.
z
Including SI ,202,440
$4,249,711
1,071,242
$6,045,496
1,178,055
$4,832,005
1,140,142
1,090,385
1,374,651
1,119,377
Interest
1,439,273
287,380
146,052
1,469,760
275,223
1,473,582
266,937
$215,380
$1,609,627
$831,966
8,434
18,820
5,848
$206,946
11,457,747
$1,590,807
11,338,163
$826,119
11,525,394
Balance..
income tax
Net income
Apportioned to minority interests
138,180
Net income of Lehigh Coal & Navi¬
gation Co. and subsidiaries
Previous surplus
$11,664,694 $12,928,970 $12,351,513
781,114
965,143
772,026
580,789
505,843
233,228
Crl2,013
237
8,096
Total surplus.
of New York has been appointed
stock.—V. 142, p. 1293.
2,334,278
Depreciation and depletion
Dividends paid.
Keystone Steel & Wire Co.—Transfer Agent—
The Chase National Bank of the City
762,076
28,762
209,526
Interest
General expenses
Provision for Federal
2,743,729
17,802,911
612,143
25,227
256,981
Taxes
6%
Corp. surplus
$1,497,361
583,263
66,588
235,291
Railroad rental
Dividends
1,816,400
Susp. accts. credits
1,608,021
387,786
20,153,252
$2,819,169
2,331,976
946,013
54,461
10,903
1,367,671
2,000,000
863,173
55,427
and interest
Contrib. for exten.
128,569
receivable..Izl,746,224
21,939,880
$1,019,050
2,345,520
Miscellaneous
depos.
Customers'
Special deposits &
funds..
408,579
20,342
139,788
325,110
accrued
380,032
Oper. exp., inc. prov. for workmen's
compensation & uncollectible accts. 22,165,509
Operating income
taxes
Misc.accrd. liabila.
Dividend
special
Accts. receivable.
4,961,000
Funded debt
16,235
13,851
K deposits
Bills
$
Notes payable
Plies
Gross earnings
$
Liabilities—
Material and sup-
Calendar Years—
1934
1935
1934
$
Fixed capital
Subsidiaries)
1935
1934
1933
.$23,184,559 $24,759,049 $21,650,613
Consolidated Income Account (Including
Comparative Balance Sheet Dec. 31
1935
A- s sdv
1473
Chronicle
Sundry adjustments
Adjustment for minority interests
transfer agent for the company's common
$10,314,804 $11,457,748 $11,338,163
Balance, Dec. 31-
Kingsway
Realty
Corp.,
Mtge.
&
Brooklyn—To
Consolidated Balance Sheet Dec. 31 (Incl. Sub. Cos.)
Reorganize—
1935
filed on Feb. 14 in the Federal Court, Brooklyn, a
petition seeking reorganization under Section 77-B of the Bankruptcy
Act.
The petition was approved by Judge Robert A. Inch, who continued
the officers in possession of its assets.
The petition listed assets of $1,125,000 and liabilities of $1,036,700.
James P. Kelly is President.
The
corporation
Canal property
Lake Superior
3,738,248
judgment of foreclosure and sale entered Jan. 13 1936,
public auction at the Exchange
6, the following property:
(A) $5,800,000 purchase money 5% bonds of Algoma Steel Corp., Ltd.
Co.
(B) 4,000 shares of capital stock of Trans St. Mary's Traction
(par $100).
(C) 1,000 shares of capital stock of British-America Express, Ltd.
(par $100).
(D) 120,000 shares of preferred stock of Ontario Lake Superior Co.
(par $50).
(E) 279,880 shares of common stock of Ontario Lake Superior Co.
(par $50).
(F) Certain demand notes of Trans St. Mary's Traction Co. dated
Jan. 2 1903 for $50,000, Jan. 2 1903 for $14,000, March 31 1903 for $7,000,
April 30 1903 for $9,002 and May 31 1903 for $2,125.
The approximate amount of the lien or charge, to satisfy which the
above property is to be sold, is $6,441,090 with interest on $6,333,600 at
the rate of 5% per annum from Dec. 1 1935, together with costs and allow¬
ances amounting to $287 and the expenses of the sale.—V. 140, p. 4239.
In pursuance of a
Edmund M. McCarthy, referee, will sell at
Salesroom, 18 Vesey St., New York, on March
Mortgage
&
Co.—Suit
Title
A suit for $2,000,000 against 20 officers and directors of the company
and entered by the then State Superintendent of Insurance, George S.
Van Schaick, on the theory that the
defendants had mismanaged the busi¬
has been settled for $50,000.
The settlement has been
approved by Supreme Court Justice William
F. Bleakley.
Theodore Kiendi, attorney for most of those named, said the defendants
had contributed to the settlement to avoid the expense of long litigation
to prove
the charges, unfounded and that no admission of guilt was
implied.
—V. 142, p. 463.
769,096
Sundry debtors
578,748
59,130
funds—
Accrued inc. rec__
Def.
&
suspended
1,194,332
accounts
8,484
Sink, fund assets..
x
Mtges. payable
Notes payable
and payrolls
1,413,532
Sundry creditors..
Accrued
568,523
Matured
crued
and
&
Lehigh & Hudson River Ry.—Earnings.—
$122,222
32,338
9,547
Net from railway,-
Net after rents
1934
623,300
706,905
sus¬
pended accts
2,025,972
887,137 Reserves
207,326
256,579
16,056,516 16,942,853
194,445
189,779
428,930 Minority interestx Capital stock...32,167,750 32,167,750
5,493 Capital surplus.— 2,425,662
2,429,117
Surplus arising fr.
appr'sal of assets
9,096,764
1,090,518
approp'd
8,735 Surplus
sink, fund res've
51,855
Surplus approp
130,641
126,554
Profit & loss surp. 10,314,804 11,457,748
Total
97,699,133 108632,829
Represented by 1,930,065 shares of no par value.
New Member Elected to Board
of Managers—
President of the Bancamerica-Blair Corp., invest¬
25 to the board of managers of this
He represents a banking group in New York which recently
Robert C.
Adams,
brokers, was elected on Feb.
purchased 250,000 common shares of Lehigh Coal.
L. Love, who resigned.—V. 142, p. 1125.
He succeeds Edward
18,766
$113,345
35,054
11,659
789.
$3,274,739
2,480,537
48,574
$755,542
183,317
27,199
$706,924
172,619
28,138
$613,144
182,409
28,532
$745,628
204,635
23,824
$966,058
$907,681
117,797
$824,085
93,296
$974,087
101,418
Railway oper. income.
Equipment rents, &c
Other income
Total income
$63,757
2,293,980
Canal revenue
Railroad rentals
Dividends.
948,176
90,856
37,769
Interest
Miscellaneous
$50,711
2,294,284
930,460
72,885
43,169
$60,926
2,294,240
914,021
82,132
55,029
388,804
27,482
398,234
29,072
402,869
27,582
407,504
$362,578
$300,338
$432,040
funds
43,371
340,000
272,000
136,000
136,000
$50,338
$90,578
$164,338
$296,040
deductions
Net income
Inc.
res.
Consolidated Balance Sheet Dec. 31
1935
$3,434,537
97,526
162,000
1,023,693
179,509
Total
Interest
General expenses
Federal income tax
132,000
$3,406,349
133,317
166,000
1,043,669
184,262
108,000
$3,391,509
$1,771,101
11,295,605
Dr226,265
$1,942,194
10,130,049
£>r4,612
85,164
153,875
1,029,779
180,497
$3,397,418
116,668
137,500
1,035,627
182,445
1935
1934
$
$
Assets—
Liabilities—
&eq_.21,478,084 20,849,380
35,642
85,851
119,175
investments
563,657
Cash
$58,961
2,294,030
919,096
71,857
53,474
Special deposits
37,932
365,014
113,675
513,595
57,387
Traffic & car-serv.
bals.
189,164
rec———
155,830
$1,839,809
11,875,409
339,634
34,878
20,680
418,881
Int. & divs. receiv.
193
197
Other curr. assets.
350
28
23,966
46,784
4,938
535
147,119
59,448
54,585
agents & cond'rs
25,669
20,368
Mat'l & supplies._
Deferred assets
Sundry accts. adjusted-.
Red. in stated value of
invest in Lehigh Navi¬
Dr5,753
unadj. debits
46,136
necting RR.min.
interest.
3,100
Fund, debt unmat.
Traffic &
bal. payable
Audited accts.
Int. mat'd
unpaid.
Unmat'd int.
Oth.
Tax
accr.
liabs
curr.
Deferred
liabilities
liability
Insur.
&
$11,295,605 $10,130,049
Accrued
$1.00
$0.92
$0.95
$0.99
1935
94,111
inc.
Profit and loss
Total
x
the
23,093,262 22,715,520
103,268
2,828,343
25,049
2,815,571
21,034
71,026
67,804
&
Total
43,371
X566.899
2,701,171
3,086,921
23,093.262 22,715,520
Represents excess of par value of securities of subsidiary companies over
value carried on the books of the Lehigh & New England RR.
Liabilities—
$
$
Funded
oth. fixed assets 19,629,601
19,598,059
Audited
and
Bonds & stocks of
debt
1934
$
1934
Railroads, canal &
$
vouchers
100,335
69
368
752,156
631,203
513,368
11,339
515,380
21,105
8,117
19,672
——
Suspended debt ac¬
406,397
429,959
x
296,985
oper. reserves..
y311,568
Capital stock—32,167,750 32,167,750
7,946,176 11.875,409
Surplus
64,889,935 68,798,218
1,930,065
only.
shares
Total
(no par
Net from railway—...
Net after rents
70,405
payrolls
cos—34,098,415 39,097,207 Sundry creditors..
Other investm'ts.. 3,523,870
3,530,982 Accrued taxes
Adv. to afhl. cos— 2,816,250
2,705,841 Matured & accrued
Int. on fd. debt.
Cash
2,636,264
3,074,912
Sundry debtors
1,765,913
335,583 Divs. unclaimed..
Suspended credit.
Mat'ls & supplies13,226
13,751
Accrued int. rec_.
11,925 Deprec. and other
64,889,935 68,798,218
value),
y
Depreciation
1935
1936
Gross from railway
23,096,000 23,183,000
affiliated
by
75,520
3,232
Earnings for Month of January
19:35
Represented
78,520
9,483
13,699
deprec.—
equipment
Capital surplus...
ral
Total
184,076
38,214
176,700
7,807
11,065
13,223
62,570
3,967
103
26,305
casualty
surplus
Profit and loss surplus $7,946,176 $11,875,409
Earned per sh. on 1,930,-
counts.........
131,300
164,963
&
Sink, fund reserve-
Assets—
9,192,000
167,366
Misc. accts. pay'le
through
$12,067,631 $11,867,108
772,026
1,737,059
065 (no par) shares...
9,421,000
car-serv.
Addns. to property
5,718,202 $12,840,441
772,026
965,032
Dividends
I
6,800,000
CampbellHailCon-
Oth. unadj. credits
gation Coal Co. stock.Dr4,991,263
Total
1934
•
6,800,0^.0
reserves
debt
Oth.
$
stock
Prem. on fd. debt.
Ins. prems. paid in
advance
$1,925,177
9,982,163
£>r40,232
Capital
wages payable..
Net bal. rec. from
Discount on fund.
Net income
Previous surplus
33,125
&
applied to sink.
other
Dividends
Misc. accts. rec'le.
Canal operation
Taxes
116,061
$433,709
funded debt
Other
Other
1932
1933
1934
1932
$3,000,725
2,300,107
87,474
Misc. phys. prop..
Inv. in affil. cos..
Lehigh Coal & Navigation Co.—Earnings—
1935
1933
$3,455,844
2,666,758
82,162
Inv. in road
Calendar Years—
1934
1935
Calendar Years—
Railway oper. revenues. $3,432,725
Railway oper. expenses.
2,593,600
Railway tax accruals, &c
83,584
1933
$130,131
41,951
17,406
1935
$132,961
43,600
1936
January—
Gross from railway
x
52,776
852,020
ac¬
interest—
Deferred
1,379,358
62,543
951,835
taxes
Income balance
has called 6,000 shares of 6H% cumulative preferred stock
This action supplements three previous
redemptions in accordance with the stock's provisions, which call for
eventual complete redemption of the issue, and leaves 6,000 shares of
preferred outstanding for near future retirement.—V. 141, p. 3539.
The company
for redemption at 110 on May 1.
reserve
$
vouchers
Audited
97,699,133 108,632829
Total
Joint facility rents, &c._
Total
int.
accrued
on
(F. & R.) Lazarus Co.—Preferred Stock Called—•
—V. 142, p.
44,385,606
3,734,492
40,685,761
3,012,693
866,326
3,809,192
4,361,036
2,762,414
33,045,300 32,904,500
53,625
60,125
10,000
Lehigh & New England RR.—Earnings—
Settled—
ness,
Mat'ls & supplies-
Working
1934
$
Liabilities—
Funded debt
1,520,262
Customers' accts
company.
above.—V. 137, p. 3335.
Westchester
Lawyers
Coal in storage—
Cash
ment
Lawyers Title Corp.—Offer for Title Plant—
See Home Title Guaranty Co.
Notes receivable
932,838
3,791,130
3,829,730
2,184,824
633,348
Investments
Corp.—Sale—
$
Railroad prop'ty..40,443,374
Water property
3,202,675
Real estate
1935
1934
$
Assets—
Coal lands, mln.
& market, prop.34,812,914
—V.
$310,282
67,315
54,697
$298,964
84,033
75,929 *
1934
1933
$324,898
107,157
86,998
$214,779
def3,494
def2,664
142, p. 789.
Lehigh Portland Cement Co.
-Recapitalization Plan-
The stockholders on March 18 1936 will vote on approving a plan of
recapitalization approved by the directors.
Under this plan each share of
the present outstanding 7% preferred stock will be transformed into a share
of 4 % convertible preferred stock of the same par value and into one-half
share of common stock of the par value of $25 per share.
Upon the plan
becoming effective the holders of the 4% convertible preferred stock will
also receive $12.50 per share in cash in further consideration of the modifica¬
tion of the rights of the existing 7% cumulative preferred stock, including
all dividends accrued or in arrears thereon as of April 1 1936.
In so far
as the plan calls for the creation of fractional shares of common stock they
will be represented by non-voting, non-dividend bearing scrip exchange¬
able for full shares.
1474
Financial
Chronicle
President Joseph S.
Young on Feb. 21 sent stockholders a letter which
read in part as follows:
Under the plan the
only preferred stock outstanding will be the 4%
convertible preferred stock and the remainder of the
authorized capital
stock of the
company, including the issued and unissued common stock,
will be reclassified into common
stock, par $25.
Each holder of an out¬
standing share of common stock will receive in exchange a share of this new
common
or
stock.
about April 1
It is contemplated that the plan will become
effective
1935
on
Invest,
adv.
1,866,776
187,170
516,427
196,700
2,460,134
6,119,802
Total
x
of peak earnings,
the fewest possible mills rather
than to attempt to run all units
ly low rates of operation.
The plants first to be
closed
production in
at ridiculous¬
were
the
oldest
the company had under
existing conditions
during the early days of the depression and were
through charges against the depreciation reserve in
1931.
Of the remaining 16
mills, the net plant account of one more
unit,
which had not been operated since
1928, was charged against surplus in 1933.
Because it has become
increasingly apparent that the capacity of shut¬
down plants is not
required, serious consideration has been given
during
the year to the abandonment of
two additional
plants, one of which has not
been operated since 1927 and the
other since 1930.
These units had been
considered by the management as
standby plants and, had there been a
sufficient increase in the volume of
business, there would have been at least
intermittent operations at one or
both of these locations.
However, the
average annual shipments of the
industry during the period of the depression
have been somewhat less than half
of the average annual
shipments in the
years just preceding the depression.
In spite of indications of a
general
revival of activity in the
construction field, it is not likely that the
present
volume of cement shipments will
be more than doubled for some
written off the books
years
to come.
After the abandonment and
dismantlement of the two plants in question,
the 22,000,000 barrel
capacity of the remaining plants (including the
capacity of the Buffalo plant of the Great Lakes
Portland Cement Corp.)
would be more than ample to take care
of even this
contingency.
The original cost of the
plant accounts now being written off the books
totals $4,952,997 against which
there has already been provided in the
depreciation reserve $2,690,644.
In addition, a total of
$674,907 is being
taken out of the mineral account.
These adjustments result in a
charge of
$2,937,259 against surplus.
The real estate at these three
points will be
retained at original cost in the land
account and these locations will here¬
after be classified in the same
manner as the
company's other prospective
561,768
2,909,323
798,486
19,111
$9,001,682
5,086,381
$9,492,265
5,256,441
$6,455,916
3,882,754
1932
$6,386,394
5,114,100
1,725,865
Total income
Prov. for Federal income
1,726,076
1,606,863
reserve
141,
1,741,452
241,837
1,698,155
234,938
1,628,310
228,731
41,200
1,809,161
$206,147
289,815
$495,961
37,121,578 42,777.436
$576,655 def$931,942df$2,317,876
377,500
298,521
319,687
$954,155 def$633,421df$l,998,189
Lehigh Valley Coal Corp. (& Subs.)—Earnings—
a petition for reorganization under
A plan of reorganization, which
requisite percentage of creditors and
stockholders, was approved by the court on Feb. 11 1936.
Under this
plan, provision is made for the sale by the
reorganized company of $250,000
6% non-cum. pref. stock and not less than
$1,000,000 nor more than
$1,500,000 of a total authorized issue of $2,000,006 of
general mortgage
5% 15-year bonds to Lehigh Valley Coal Co. (a
subsidiary of Lehigh
Valley Coal Corp.) and Delaware, Lackawanna & Western Coal
Co. (a
sut
bsidiary of Glen Alden Coal Co.), in consideration of the execution
by
the
the reorganized Burns Bros, of a
contract whereby it agrees to
buy 80%
of its anthracite coal
requirements from these two coaf companies.
il(
(See
Burns Bros, in V. 142, p.
1112.)
The commitment of Lehigh
Valley Coal
Co. upon the consummation of the
plan is limited to the purchase of $100,000
non-cum. pref. stock and not less than
$400,000 nor more than
6%
of|general mortgage 5% bonds.
By
$600,000
a separate contract between
Delaware,
Lackawanna & western Coal Co. and
Lehigh Valley Coal Co., the former
unconditionally to purchase from the latter, in four equal
yearly
instalments, beginning Dec. 31 1936, at par, the entire
amount of the
preferred stock and bonds which the latter
purchases from the reorganized
Burns Bros.
Of the tonnage which the
reorganized Burns Bros, enrages to
purchase from the two coal companies, the
Lehigh Valley Coal Co. will
receive 40% the first
year, this percentage to be reduced each
year as its
holdings in the Burns Bros, securities just described are
agrees
reduced.
The lease by Luzerne Coal
Corp., one of corporation's subsidiaries, to
Burns Bros, of retail
distributing facilities in New York, covering 29 coal
yards and one garage, was disaffirmed
by Burns Bros, under court order
as of Nov.
1 1935.
Subsequently, arrangements were made to lease to
Burns Bros, three of the
yards for a period ending June 1
1942, and three
other yards for a period
ending April 1 1937.
A few additional properties
are
being held temporarily by Burns Bros, until the
spring of 1936.
Of
the properties
returned, a few have been subleased and a few have
been
opened for operation.
Continued efforts will be made to
utilize, as mediums
of distribution of
corporation's product, such
remaining yards as can be
leased or efficiently operated.
In view of the disaffirmance of the
lease by Burns
Bros.,
has
a
to
$6,691,303, of which $3,944,418 represented
good-will included in the cost as of Oct. 1 1929.
For some years corporation has
suffered losses through the operation of
the Bee Line fleet of
tugs and barges used for
transporting coal between
New York harbor and
points in New England.
Negotiations are now
in
Srogress for the saleeffected, there will be
in the
eet and, if
sale is of corporation's interestfurther remaining units
losses from
a
no
In anticipation of the
consummation of this sale,
company made a reserva¬
$103,000, by a charge to surplus, against the book value of this
asset.
Consolidated Income Account for Calendar Years
„
,
1935
1934
1933
1932
$18,521,914 $19,517,083 $16,526,771 $17,324,199
15,680,479
16,539,240
13,791,332
15,366,796
„
Sales of coal
Cost of sales _x
Sell., gen. & adm. exp__
$2,841,435
723,730
$2,977,843
696,350
$2,735,439
697,745
$1,957,404
908,042
Income from
mining &
selling coal
Loss on other oper.x
$2,117,704
$2,281,493
$2,037,694
30,680
58,583
39,310
$1,049,362
78,689
$2,087,025
933,468
$2,222,909
1,168,940
$1,998,384
1,093.891
$970,672
822,420
$3,020,493
$3,391,850
$3,092,275
$1,793,092
997,337
1,089,017
1,262,879
1,556,196
222,133
12,100
270,091
38,600
34.260
256,696
18,250
78,429
281,912
14,400
85,545
Interest
on funded
and
unfunded debt (net)__
on
re¬
serve coal lands
Prov. for Fed. inc. taxes
Miscell. deductions
Equity of minority stock¬
holders in
net
inc.
of
subs
10,661
x
$1,778,262
1,316,510
$1,959,882
1,237,830
$1,476,020 loss$144,961
1,074,153
1,038,322
$722,052
Excludes depreciation and
depletion.
$401,867 df$l ,183,283
Net income
$461,751
73,000
Net income carried to
$495,961
3,148,563
Adjust, of unreal.apprec.
$849,155 def $847,420 df $1,998,189
2,616,689
5,386,359
6,980,117
Consolidated Deficit Since Date
of Organization Year Ended Dec. 31 1935
Deficit at Dec. 31 1934
(Lehigh Valley Coal Corp.'s share)
$3,122,176
Deduct income for
year ended Dec. 31 1935, as above
461,751
Deficit
6,437
7,276
6,421
9,978
64,783
125,504
210.186
41,207
Depletion value & unextinguished
stripping costs of coal stolen
during the year 1935
xl,531,142
abandonment of capital assets,
royalty ad¬
justments, &c
Additional write-off in respect of
note receivable from Burns
Loss
on
sale
and
.
Preferred dividends.
...
of Great
Lakes
land Cement
$3,841,248
437,940
2,937,260
$3,683,306
534,743
$4,586,566
556,633
843,243
$6,523,048
1,136,689
Corp
570,000
Surplus carried to bal$466,050
$3,148,563
$2,616,689
Bros, for coal sold in 1931
Reserve in respect of
mortgage receivable on remaining equipment formerly owned
by Bee Line Transportation Co
Write-down of investment in retail
distributing facilities (here¬
tofore leased to Burns
Bros.) to cost of reproduction new,
less depreciation
Port¬
$5,386,359
x The
difference between this amount and the amount shown
on the
balance sheet is $79,134which is the excess of cost over
par value of preferred
stock redeemed in prior years.
of this
this source.
tion of
Net income
141,000
Prov. for proport. of loss
of Great Lakes Port¬
land Cement Corp
Plant accts. written off.
Res. for proport. of loss
reappraisal
been made of these
properties, and the investment of corporation
as shown in the
consolidated balance sheet has been written
down
the value of $1,616,870 indicated
by the appraisal.
This write-down
from the adjusted cost
price necessitated a
charge to consolidated surplus
account in the amount of
therein
Depletion & depreciation
quotations
Excess of par values over
cost of pref. stock red.
Reducfn of insur. res'ves
$23,032,930
Burns Bros., on May 24 1935, filed
Section 77-B of the
Bankruptcy Act.
received the consents of more than the
Carrying charges
105,000
Prov. to reduce market¬
able invest, to market
for stone removed
Total
for depreciation of $20,262,682 in 1935 and
p. 3539.
1,781,010
taxes
surplus account
Previous balance
.
884,818
26,435
gen¬
Miscellaneous income
min¬
Other income.x.
Consolidated Income Account for Calendar Years
disc., allow1935
1934
1933
Profit
of
deposits
484,424
2,950,096
plant sites.
eral expenses
praisal
Lehigh Telephone Co.—Bonds Called—
the
Because the present and future
possibilities of the market made it evident
that certain units could never
again be operated, four plants were
definitely
abandoned and dismantled
Dues for sales promot'n.
Federal cap. stock tax..
351,825
3,148,563
arising from ap¬
eral
A total of $35,700 1st and ref.
mtge. series A 5% bonds, due July 11949,
have been called for redemption on
May 1 next at 105 and interest. Payment
will be made at the Markle
Banking & Trust Co., trustee, Hazleton, Pa.—
V. 142, p. 303.
to
during the early days of the company's
With 20 plants in
development,
operation, having "a combined capacity
of 24,000,000 barrels. the maximum
barrels,
quantity of cement the company
shipped in any one year was 18,500,000 barrels.
As cement shipments
began to gradually fall off in 1929 and more
precipitously thereafter, it
became necessary to shut down one
plant after another.
In certain sections
of the country, where the
company owned more than one plant at the same
location, it naturally was far more economical to
concentrate
newals
345,388
466,050
1,125,504
2,983,433
6,613,265
L. R. Close, President, says in
part:
during the period
Selling, admin, and
1,125,504
....37,121,578 42,777,436
After
in 1934.—V.
plan.
Report for 1935—The report of the President
Prov. for aeprec., obso¬
lescence & accrued re¬
67.803
1,000,000
Surplus
strip¬
ping chgs., &0-.
Prepaid insurance.
company owned and operated 20 cement
plants of varying capacities, some
of which had been
constructed
less
83,443
Unabsorbed
A brief survey of the
physical condition of Lehigh's plants may perhaps
be helpful to establish the
necessity for additional plant write-offs at this
time.
Prior to the
depression,
ances, &c__
bags
Res. for compen. &
fire ins. reserves
255,359
Accts. & bills rec.,
less rec. for disc.
stockholders says in part:
Sales,
221,598
130,250
Unreal, appreciat'n
1,000,000
Cash
U. S. securities
Contemplated Capitalization
4% convertible preferred stock—Issued, 121,467
shs., $100 each.$12,146,700
Common stock—Issued to
present holders of common stock,
450,348 shs., $25 each
11,258,700
Issued to holders of
4% conv. pref. stock outstanding upon
consummation of plan, 60,733 H shs
1,518,338
Reserved for conversion of
4% conv. pref. stock, 485,868 shs_ 12,146,700
Unissued, 502,354shs.
12,558,862
Manf'g shipping cost
254,061
106,631
105,000
cotton duck
in U. S. govt
securities
doubt, accts-.
sal¬
wages,
Res. for returnable
res.
&
$
tax
Invest, of insur'ce
Inventories
1934
$
aries & gen .taxes
Dividends payable
Prov. for Fed. inc.
2,095,823
178,085
municip. bonds.
Application will be promptly made for listing on the New
York Stock
Exchange and for the registration under the Securities
Exchange Act of
1934 of the shares of 4% convertible
preferred stock and of new common
capacity.
&
accounts recelv.
stock (par $25) at the rate of one share of the
4%
preferred stock for four shares of such common stock.
The 4% con¬
vertible preferred stock is to be redeemable at
any time prior to maturity
in whole or in part upon 40
days' notice at $110 per share and divs.
Divi¬
dends at rate of 4% per annum will accrue from
April 1 1936 and will be
cumulative.
The directors believe that after the
company has made the cash payments
called for by the plan, the current assets of the
company will be ample for
its business needs.
The reduction in the par value of the
authorized shares
of common stock from $50
per share to $25 per share will permit the sum of
$11,258,700, i.e., 50% of the par value of the now
outstanding common
stock, to be transferred to capital surplus account.
In view of the write-offs against
surplus (mentioned in the annual report),
the surplus of the company nas been
substantially reduced.
Although the
proposed enlargement of the surplus does not in itself alter the value of the
actual assets of the company, the directors believe
that under existing condi¬
tions in the industry the
write-offs, coupled with the proposed plan, will
place the company in a sounder position with
respect to any future develop¬
ments in the business.
excess
in
Long-term notes &
common
at points where
1935
Liabilities—
12,173,800 14,885,400
Com.stk.(par $50)22,517,400 22,517,400
Accounts payable.
174,806
224.091
Treasury stock
State, county and
been regularly declared and paid on tne
preferred stock at the rate of $3.50
per annum, so that as of Jan. 1 1936, cumulative dividends in arrears
amount
to $11,373^ per share.
Accordingly, accrued dividends as of April 1 next
will amount to
$13.12^ per share.
The 4% convertible preferred stock is to be
convertible at the option of
units located
1936
29
Preferred stock
to affil. cos
,
Annual
$
ma¬
chinery, &c
20,083,062 23,046,669
Mineral
deposits,
less depletion...
919,245
1,617,096 Acer,
1936.
stock issuable under the
1934
$
Assets—
Land, bldg.,
x
The company has now
outstanding $12,146,700 of preferred stock (par
$100) entitled to cumulative dividends at rate of 7%
per annum.
The
stock is redeemable at
any time on 30 days' notice at $110 per share and divs.
Commencing with the dividend payment of Jan. 3 1933, dividends have
the holder into
Feb.
Consolidated Balance Sheet Dec. 31
Total
Refunds and adjustments of
prior years' taxes._
Proportion of losses applicable to
minority interests
$2,660,425
58,577
558,038
108,076
"4
103,000
6,691,303
$10,179,421
87,859
52,617
Deficit at Dec. 31 1935
(Lehigh Valley Coal Corp.'s share)..$10,038,944
Consolidated Balance Sheet Dec.
1935
Cash
&
1934
$
$
Liabilities—
Acer,
accounts
712,691
376,480
338,007
332,183
415,364
220,242
232,033
Wages payable
Workmen's
462,200
3,000,000
funded debt, Ac.
459,002
Coll. notes payable
2,400,000
In vest, in retail dis¬
Other curr. liabils.
52,350
tribute facilities
Fed. taxes accrued
37,700
leased
to
103,724
81,230
x
1935
Reserves.--
Minority
202,425
interests
6% pref. stock-..11,362,560
b Common stock- 9,404,385
Surp. at organiz.
Deficit
3,995,628
10,038,944
Drl58,385
d Treas. stock
36,766.114 45.743,737
106,924
1
maturing 2003.—V. 141, p. 3694.
v
U. S. Govt, secur.
Oth. market, sees.
aCo.'s own stock.
d Bills & accts. rec.
Inventories
Deferred charges.
Total
-
Earnings for Month of January
1933
1934
1935
$3,549,880
897,922
604,067
486,393
Net after rents
$2,790,949
$3,585,371
941,956
294,448
def78,556
620,802
—V. 142, p. 789.
Lessing's, Inc.—Resumes Common
The directors have
declared
a
Dividends—
dividend of 15 cents per share on the
holders of record March
payment will mark the resumption of dividends on this issue as no
ments have been made on the common stock since June 15 1934
stock, par $3, payable March 10 to
mon
cents was
10
1933
$352,343
$380,076
348,961
344,735
539
&
1,497
345,640
Cr2,754
368,330
Cr3,937
1,568
2,621
Fed.
226
Net loss from sale of sec.
$15,193
$579
54,693
2,748
Operating loss
Previous surplus
Adjustments
Red. in par of stock
prof$7,888 prof$12,835
77,989
55,377
63,262
12,930
218
*63,158
Total surplus-.
$60,999
6,306
$56,861
Dividends paid..
Misc. deductions.
63", 161
$56,856
30,524
_
$54,693
31,430
Nil
Balance, Dec. 31..
Shs. cap.stk.out. (par $3)
Earnings per share.
$91,042
35,225
$126,423
5
Nil
31,579 shares
440
$63,262
31,532
$0.25
$55,377
y31,779
$0.40
of stock from $5 to $3 per share
$5 par value.
Comparative Balance Sheet Dec. 31
1934
$18,159
Cash
1935
$10,689 Accounts payable.
327 Notes payable
Accts. receivable..
818
Notes receivable..
2,250
1,350
Accrued Interest..
243
311
11,404
11,586
3,600
2,584
31,763
1934
$12,394
Liabilities—
1935
Assets—
$14,247
5,000
3,650
2,540
39,575
99,051
Inventories
._
Mkt. sec.
(at cost)
xLand, bldgs., Ac.
Good-will A. leases
x
92,638
1
$169,080
After deducting reserve
103 in 1934.
y
1,702
936
"850
91,572
56,856
54,693
y
Capital stock
94,290
Total
$163,459
$169,080
for depreciation of $111,834 in 1935 and $137,-
2893.
Co.—Correction—
appearing under this company's heading, in the "Chronicle,"
1294, belong to Lexington Water Power Co.—V. 142,
1294; V. 142, p. 1294.
The figures
Lexington Water Power
Co.—Correction—
under Lexington (Ky.) Water Co. in last week's
The figures api
"Chronicle," page 1294 should have been stated under this company's
name.—V. 142, p. 1294; V. 142, p. 1294.
Libby, McNeill & Libby—•New Comptroller—
F. J. Steffens Comptroller of the company, suc¬
resigned.—V. 142, p. 1125.
Directors have elected
Little Miami RR.—New
The directors,
President, &c.—
meeting held on Feb. 19, elected
Harrison was formerly Vice-President
at their organization
Charles L. Harrison as President.
and fills the vacancy caused by the death of Charles D.
Robert L. Black was chosen Vice-President succeeding
Treasurer.
Vice-President.—V. 142, p. 960.
was
a
to
also re-elected Assistant
Jones.
Harrison.
A. J. County was also
Black
named
Period End. Feb. 14—
Ltd.—Earnings—
$1,280,990
Sales
1936—36 Weeks—1935
$1,237,294 $11,028,220 $10,564,096
1936—4 Weeks—1935
Net profit after charges
and income taxes.—
73,002
552,076
71,488
541,850
—V. 142, p. 960.
Loew's,
Feb.
made
Debentures Offered—Public
3^% sinking fund debentures was
Inc.—$15,000,000
offering of $15,000,000
25 through an
underwriting group headed by
Dillon, Read & Co.
The debentures were priced at
int.
Other members of the underwriting group are:
& Co.,
Inc.; Brown Harriman &
99 and
Blyth
Co., Inc.; Lazard Freres
Lawrence Stern & Co., .Inc.; Hay den, Stone
& Co.; Kidder, Peabody & Co.; Halsey, Stuart & Co., Inc.;
J. & W. Seligman & Co.; Shields & Co.; A. G. Becker &
Co.; Bancamerica-Blair Corp., and Biter & Co.
A pros¬
& Co., Inc.;
pectus dated
Feb. 25 affords the following:
Listing—Application will be made to procure the permanent listing of the
York Stock Exchange.
Purpose of Issue—Net proceeds (approximately $14,448,015) will be
applied as follows;
(a) $8,171,812 to retire on April 1 1936 the balance of
$7,972,500 15-year 6% sinking fund gold debentures, due April 1 1941, after
redemption of $247,500 of such debentures on April 1 1936 through opera¬
tion of the sinking fund; (b) $3,564,824 to reimburse the treasury for the
amount heretofore advanced by it on open account to Metro-Gold
Pictures Corp. (a wholly owned subsidiary) for reitrement on June 15 ]
of $3,564,824 7% cumulative preferred stock; (c) $1,860,420 to reimburse
the treasury for the amount heretofore advanced by it on open account to
New-Broad Co. (a wholly-owned subsidiary) to retire on June 1 1935
$1,842,000 1st mortgage fee and leasehold 6% gold bonds of New-Broad
Co. maturing 1945; and (d) $270,300 to reimburse the treasury for the
amount heretofore advanced by it on open account to Loew's St. Louis
Realty & Amusement Corp.
(a wholly-owned subsidiary) to retire on
debentures on the New
to be
retired on April 1 1936, in the amount
of $246,600 out of its treasury
of the net proceeds to be received by the company from the
sale of the debentures, estimated in the amount of $580,658 (after estimated
expenses), will constitute additional working capital.
Business—Company was incorp. in Delaware, Oct. 18 1919. Company is
not now an operating company; it has 169 subsidiaries engaged in the
amusement business or allied enterprises, of which subsidiaries 52 operate
in foreign countries other than Canada.
The business of the subsidiaries
consists chiefly of the production, distribution and exhibition of motion
pictures.
Production of motion pictures is carried on mainly in a studio at Culver
City, Calif., by a wholly-owned subsidiary.
The film productions of this
subsidiary are known as "Metro-Goldwyn-Mayer" pictures, consisting of
"features" and "short subjects," the production of features constituting
the more important phase of its business.
Other subsidiaries maintain branch offices, called "film
exchanges,"
for the rental and physical distribution of Metro-Goldwyn-Mayer pictures,
and also features, short subjects and a news reel produced by others.
Such film exchanges are located in 32 cities in the United States and in
128 cities In foreign countries other than Canada; distribution in Canada is
effected by contract with an independent distributing corporation which
maintains film exchanges in six cities.
Total film rentals received from dis~
distribution by all of such exchanges have in the last two fiscal years been
more than half of the total operating revenues of the company and its
wholly owned subsidiaries.
Metro-Goldwyn-Mayer pictures
are
exhibited in theatres located
throughout the United States and in most foreign countries.
These
theatres include certain theatres owned, leased or operated under manage¬
ment contract by subsidiaries of the company, which also exhibit motion
The balance
pictures
produced by others.
received from exhibition of Metro-Goldwyn-Mayer pictures
theatres owned, leased or operated under management contract by
subsidiaries of the company have in the last two fiscal years been less than
10 % of the total of domestic and foreign film rentals received by subsidiaries
of the company.
More than one-third of such total film rentals in recent
of Feb. 22 1936, page
ceeding J. H. Bliss,
a
Film rentals
Par value $3.—V. 141, p.
Lexington (Ky.) Water
p.
8,381,892 11,440,466
Total
8,381,892 11,440,466
in the
1
$163,459
Total
expenses.
Fed. A State tax..
Accrued
Surplus..
Notes rec. secured
(non-current)
Prepaid ins., Ac..
.....
funds.
taxes
Reduction of par of
787~,89l
1932
1934
$331,242
general expenses
Other charges
for State
57,774
103,164
429,152
for Calendar Years
operating
Prov.
y
This
when
204
of sales,
x
com-
1935
$348,920
Years End. Dec. 31—
Sales
&
4.
disburse-
paid.
Income Account
Cost
100,000
_
67,253
41,986
776,607
1,605,720
103,164
67,411
Loblaw Groceterias,
desirable for the improvement of transportation facilities, of
1,000 additional coal cars.
These cars are to be constructed in the applicant's shops at Sayre and
Packerton, Pa.
All new material will be used in the construction of 250
composite cars costing approximately $556,500, and new and second-hand
material will be used for 250 other composite cars costing $506,000 and for
500 all-steel cars costing $1,109,500, a total of $2,082,000.
All the second¬
hand material and some of the new material and expenses, estimated to
amount, in the aggregate, to $327,000, will be furnished or be borne by the
applicant.
The remainder of the cost, $1,755,000, is proposed to be fi¬
nanced through the aid of the Federal Emergency Administration of Public
1936
200,000
.
as
$3,864,490
879,604
50,000
87,947 Res've for contlng.
2,687,716 Accident Insurance
100,000
reserve
670,274
40,444
1,583,229 Earned surplus
Capital surplus— 1,533,424
41,400 shares at cost,
b After reserve for depreciation amounting
$3,595,444 in 1935 ($3,556,788 in 1934).
c 300,000 shares without
value authorized, 88,943 shares unissued, 211,057 shares issued (inclu
shares held in treasury). d After reserve of $30,000 in 1934 and 1935.
141, p. 3384.
the company from the Public Works Administration
for the improvement of transportation facilities.
The supplemental report of the Commission says in part:
By certificate issued in this proceeding on Oct. 13 1934, we approved,
as desirable for the improvement of transportation facilities, certain rail¬
road maintenance to be applied to the property of the company, and certain
equipment for its use costing $3,764,687.
The equipment consisted of
three Diesel-electric locomotives, 50 65-foot 6-inch mill-type gondola cars,
and 250 50-foot mill-type gondoia cars, and the maintenance included the
rebuilding of 1,350 box cars.
By supplemental application filed on Jan. 25 1936, the applicant requests
Gross from railway
Net from railway
1,205,602
1,716,772
Accident ins. fund.
Commission on Feb. 14 approved an additional
Works.
88,046
1935,
loan of $1,755,000 to
approval,
_
Cash in closed bks.
Lehigh Valley RR.—PWA Loan—
The Interstate Commerce
582,865
759,922
34,255
787,891
36,930
Cash
5,000 common snares.
Note—Ownership by the Lehigh Valley Corp. of stock of Lehigh Valley
Coal Co. is through the medium of certificates of interest.
Under the
decree of the District Court of the United States, dated Nov. 7 1923,
trustees were authorized to issue 1,212,160 certificates of interest in the
189,300 shares of capital stock then outstanding, all of which capital stock
is pledged under the Lehigh Valley RR. Co.'s general consolidated mort¬
gage,
260,142
66,171
Mlso. accr. llabils.
dies, &c
Good-will
$
6,331,710 10,552,850
__
Accounts payable.
3,028,521
Drawings, patt'ns,
$46,102,825; 1934,
from revaluation of proper¬
ties: 1935,
$10,124,306; 1934, $11,371,908.
b Represented by no-par
shares: 1935,
1,204,455; 1934, 1,203,947.
c Consisting of $2,640,166
declared by directors as initial surplus of parent company, together with
balance representing excess of net assets of subsidiary companies at Jan. 1
1929, over statutory declaration of value of parent company's capital stock
issued in exchange for capital stock of subsidiaries,
d 750 3-5 preferred and
depletion and depreciation reserve:
$46,005,502; also after deducting surplus arising
After
a
2,992,956
Common stock
1934
$
Liabilities—
c
Ac
chinery,
36,766,114 45,743,737
Total
$
bLand, bldgs.,ma¬
194,500
197,805
251,298
11,361,420
9,400,418
3,993,818
3,122,177
Z>rl58,385
194,500
191,372
1936
c
$890,536
1935
1934
$
Assets—
1,983,140
364,814 Mtge. payable due
439,707
Sinking fund assets
-
Consolidated Balance Sheet Dec. 31
165,537
14,000
500,000
Notes pay. (bks.).
765,578
662,326
Deferred liabilities
Funded debt
16,185,500 16,840,500
185,463
paying agents-180,378
Advanced royalties 2,199,794
18,231
$538,708
$490,826
$646,894
Including Ohio Power Shovel Co., dissolved Dec. 29 1934.
Net loss
payable
Mortgage
Deps. with coupon
Total
Fed. capital stock tax
*$837,637
52,899
x$570,946
57,716
*$422,321
57,028
11,478
$470,623
55,018
13,066
1932
1933
1934
1935
Calendar Years—
172,159
local taxes
8,603,503
740,594
1,607,021
594,063
1125.
Works, Inc.—Earnings—
Reserve for deprecia'n.-
Accrued State and
Burns
Bros
Deferred charges..
u
all-glass desk.—V. 142, p.
Net loss
Interest accrued on
336,540
538,691
an
Lima Locomotive
comp.
insurance
Invest, in A receiv.
from Burns Bros
items is
sinking fund
obligations
2,939,830
2,616,702
Coal inventory
1,222,089
1,153,961
Material A suppls.
368,020
340,966
763,929
Otber assets
1,035,924
a Inv. in property.24,847,205 26,664,369
receivable
The company
from its
708,807
Accounts payable.
1,571,446
1,211,704
Notes
1935
$
Libbey-Owens-Ford Glass Co.—Glass Furniture—
is producing all-glass furniture in various colors constructed
new tempered glass, vitrolite and mirror glass.
One of the leading
31
1934
$
.Assets—
1475
Chronicle
Financial
Volume 142
years has been received from foreign distribution, particularly in Englishspeaking countries, Canadian distribution being treated as domestic.
In addition to the production, distribution and exhibition of motion
pictures,
(WHN)
subsidiaries or the company operate a radio broadcasting station
New York City, publish sheet music, operate a vaudeville
in other enterprises relating to the amusement
in
booking office and engage
business.
Properfy-^-Company itself does not now own any
ings or equipment.
land, leaseholds, build¬
,
t
^
Metro-Goldwyn-Mayer Corp., a wholly owned subsidiary, owns in fee a
fully equipped motion picture producing studio at Culver City, Calif.
The land comprises approximately 66 acres and included In the buildings
thereon are 23 stages, laboratories for processing films, property rooms, a
milling and woodworking plant and administrative offices.
It also owns in
fee a tract of land in Hollywood, Calif., on which a motion picture studio
was formerly located.
,,
„
.
, . „
Certain foreign subsidiaries operate recording studios fully equipped for
re-recording pictures In certain foreign languages.
In two instances, Paris.
,,
,
1476
Financial
Chronicle
France, and Barcelona, Spain, the land and building containing the studios
are owned in fee, and in Rome, Italy, the land and
building are leased.
Film exchanges, both domestic and foreign, are located for the most
part in
dilution
Each optionee agrees that prior to March 1
1939, he will not, without the
consent of the company, sell
any of the stock purchased under his option
at a price less than $15 per share in excess of
Subsidiaries own, lease, or operate under management contract or have
construction a total of 157 motion picture theatres as of Jan.
30
follows:
(2)
Built on
Part Fee
Built on
and Part
Leased
in Fee
Leased
Land
Under
Leased
Con¬
ment
struct¬
Contract
ion
6
6
Land
Wholly-owned subs.
Subs.more than50%
41
7
18
27
9
2
1
3
19
6
4
8
Other affiliates
105
a69
bl5
c23
...
38
37
-
6
d6
157
53 are subject to mortgages
in varying amounts,
b 10 are subject to mortgages
12 of these leaseholds are subject to mortgages thereon in
varying amounts, d 5 are being erected on land owned in fee (of which 4 are in
a
in varying amounts,
c
foreign countries) and
one is
being erected on leased land in
a
foreign county.
The above table includes four smaller theatres that are each located
in
the same building with a larger theatre.
It also includes four theatres
presently closed and 10 theatres leased to and operated by others.
Of the above theatres, 73 are located in the metropolitan area of N.
Y.
City (including Jersey City, Newark and North Bergen, N. J., and Yonkers,
White Plains, Mount Vernon and New Rochelle, N. Y.), 64 are located in
38 other cities in 17 States in the United States, 3 are in
Canada, and 17
are in other foreign countries.
Funded Debt and
Capital Stock
as
Funded debt of wholly-owned subsidiaries:
Mortgages
on
properties of wholly-owned subs..
,
.
..
sinking fund gold debentures due
April 1 1941
15,000,000
d $6.50 cumul. preferred stock (136,722 shs.
no par)
©300,000 shs.
Common stock (1,490,095 shares, no par)
4,000,000shs.
15
and
Aug.
...
31
1935
as
The company has filed
a registration statement with the Securities and
a maximum of 260,765 shares of common
($1 par), and rights to subscribe to such stock to be offered
subject to ap¬
proval of stockholders and directors. The company plans to offer to
$7,860,300
a6,401,213
b5,447,386
1,368,200
Exchange Commission covering
common
stockholders of record at the close of business
April 2 the right to subscribe
on a pro rata basis at
$22 a share to 42,250 shares ($1 par) common now
authorized but unissued.
The company has called the
preferred stock for redemption at $110 pot
share 46 days after the
registration with the Securities and Exchange Com¬
mission becomes effective.
The preferred is convertible into
c8,220,000
12,920,229
f37,353,281
Sinking fund and instalment payments, and final maturities, stated for
fiscal years ending Aug. 31, are as follows:
1936, $276,660; 1937, $279,660;
1938. $783,994; 1939, $247,327; 1940, $305,327; 1941 to 1945, inclusive,
$4,508,244.
b Instalment payments and final maturities, stated for fiscal
years ending
Aug. 31, are as follows:
1936. instalment payments, $242,850—open and
maturing, $2,779,354; 1937, $1,159,068; 1938, $613,735; 1939, $66,735;
1940, $256,735; 1941 to 1946, inclusive, $328,909.
In the cases of mort¬
gages which fall within the provisons of the New York State Moratorium
Law, instalments and maturities are considered to have been extended to
the expiration dates of periods of relief granted under such law.
c To be redeemed April 1 1936 (see above).
d Carried in balance sheet at $94.50 per share; entitled to receive on
liquidation $105 per share plus dividends.
© Preferred stock, issuable in series, is authorized in the amount of
300,000
shs.
Of the series designated $6.50 cumulative preferred stock, 150,000 shs.
were authorized and issued, and 13,278 shares have been retired
through
operation of the purchase fund.
f In addition, 224,110 shares of common stock were reserved, at
Aug. 31
1935, for options issued to executives in connection with personal service
contracts and exercisable in part to March 1 1937 at $35 per share and there¬
after to March 1 1939 at $40 per share.
Subsequent to Aug. 31 1935 and
prior to Jan. 30 1936, 14,000 shares of common stock were issued through
exercise of such stock purchase options, reducing by that
amount
the
number of shares of common stock reserved for options and
increasing by
the same amount the number of shares outstanding.
Securities Guaranteed—Securities guaranteed by the company, as of
Aug. 31 1935, were as follows:
(a) $175,000 Astoria Theatre Corp. 2nd
gen. purch. money mtge. 20 year 6% gold bonds subject to redemption,
due Nov. 1 1942—guaranteed as to principal and interest,
(b) $801,000
Penn-Federal Corp. 1st mtge. fee and leasehold 6% sinking fund gold
bonds,
due Jan. 1 1946—guaranteed as to principal, interest and
sinking fund
payments (United Artists Theatre Circuit, Inc. has agreed to indemnify,
the company to the extent of 50% of any liability of the
company on
account of its guaranty); (c) $360,000 Canal Realty & Improvement
Co.,
Inc., 1st mtge. leasehold 7% guaranteed gold bonds, due serially 1927-1941
—guaranteed as to principal and interest, jointly and severally, by the
company and Saenger Amusement Co., Inc.; and (d) $460,000 ChapelState Theatre Co. 1st mtge. leasehold 6% gold bonds, due
serially 19281948—guaranteed as to principal and interest (United Artists Theatre
Circuit, Inc., has agreed to indemnify the company to the extent of 50%
of any liability of the company on account of its guaranty).
In addition to the foregoing, the company has guaranteed to Seventh &
Broadway Building Co. and to the trustee under a trust deed the payment
of lease rental at the rate of $175,000 per annum for theatre
premises located
at Seventh Street and Broadway in Los Angeles,
Calif., this guaranty to
continue so long as any of the bonds secured by such trust deed are out¬
standing.
On Aug. 31 1935, $1,710,000 such bonds, due July 15 1942,
were outstanding.
Description of Debentures
Dated Feb. 15 1936; due Feb. 15 1946: City Bank Farmers Trust
Co., as
Feb.
.
Outstanding
common
a
payable
375,000
375,000
375,000
375,000
375,000
375,000
375,000
sinking fund agent, announced that $247,500
principal amount of the company's 15-year 6% sinking fund debentures
have been drawn for redemption on April 1, at a
price of 101, for the sinking
fund.]—V. 142, p. 1294.
15-year 6%
interest
$4,875,000
1,875,000
1,875,000
1,500,000
1,500,000
750,000
Ludlum Steel Co.—Files with SEC—
$10,500,000
10,839,588
Preferred stock of wholly-owned subsidiaries—
trustee,
follows:
[Dillon, Read & Co.,
of Aug. 31 1935
Authorized
as
The latest financial statement for the fiscal year ended
Aug.
was purblished in "Chronicle" Nov.
30 1935, p. 3540.
1
1st lien 6% sinking fund gold bonds due 1947
of Loew's Theatre & Realty Corp
Bonds of other wholly-owned subsidiaries.._
are
Dillon, Read & Co., New York
Blyth & Co., Inc., New York
Brown Harriman & Co.,
Inc., New York
Lazard Freres & Co., Inc., New York
Lawrence Stern & Co., Inc., Chicago
Hayden, Stone & Co., New York
Kidder, Peabody & Co., New York.Halsey, Stuart & Co., Inc., Chicago
J. & W. Seligman & Co., New York
Shields & Co., New York
A. G. Becker & Co., New York
Bancamerica-Blair Corp., New York
Riter & Co., New York
15
...
...
....
Total
Total
each
but less than 100%
owned
an agreement dated Dec. 15 1932, between the
company and
Bernstein, executed in conjunction with his service contract the
company granted to Mr. Bernstein a
non-assignable option to purchase
50,000 shares of the common stock.
The option is identical as to prices,
expiration dates and other material conditions was those referred to
above.
Principal Underwriters —The names of the principal underwriters and the
respective principal amounts of debentures severally to be
purchased by
Under
Manage¬
the price paid by him therefor.
By
David
Operated
Owned
resulting from stock dividends, issuance of
rights or securities
common stock or
changes in the capital structure of the
convertible into
under
as
1936
29
company.
rented offices.
1936, classified
Feb.
15,
at
office
of
Dillon,
stock
prior to the redemption date at the rate of five shares of common for
one
preferred. Any of the common stock not absorbed in conversion
will be
allotted to common stockholders at $22 a share.
Net proceeds from the sale of the
42,240 common shares are to be used
follows: $149,728 to pay off
remaining bank loans; approximately $450,000 to reimburse the
treasury for capital improvements made out of earnings
in the five years to Dec.
31 1935; the balance of about $279,500 to be used
for working capital.
as
A firm commitment has been made
by an underwriting group to take at
a share any of the common stock not
purchased by shareholders. The
of the underwriters are to be
supplied by an amendment.
$22
names
Income Account for Calendar Years
_
1935
_
,
„
Net sales
Profit from operations
1933
$3,251,651
2,920,445
1932
$2,044,458
2,361,656
Profit
Preferred
dividends..
Surplus
$459,863
135,496
$198,518 loss$441,456
33,785
32,395
$595,359
62,423
36,588
54,000
$232,303 loss$409,061
58,047
53,497
13,193
11,752
$442,348
y361,682
$161,063 rsx$474.311
45,150
$306,528
Fed. income tax (est.).
$331,206 loss$317,198
132,688
124,258
$601,148
294,620
charges
169,139
$803,826
62,435
44,243
96,000
Profit
Taxes
$629,002
$704,443
99,383
Net profit from oper..
Other income
x
$4,709,339
4,080.337
$910,955
206,512
Depreciation
Other
(Company Only)
1934
$5,994,284
Cost and oper. expense.
5,083,329
$80,666
$115,913defx$474,311
Of this $375,063
being the net loss for the period from Jan. 1 to Oct. 31
transferred to capital surplus,
leaving the operating deficit for
the remaining two months
$99,247.
y Dividends paid in cash on preferred
capital stock at annual rate of $6.50
per share for the period from Oct. 1
1933 to Dec. 31 1934—V.
142, p. 1294.
1932
was
McCrory Stores Corp.—Reorganization—
The stockholders will hold a
special meeting on March 23 to consider
the proposed reorganization
plan.—V. 142, p. 131.
Mack
Trucks, Inc. (& Subs.)—Earnings—
Calendar Years—
Sales.
1935
Net loss after deprec
Other income (less other
1934
1933
1932
$20,210,885 $18,346,222 $15,744,279 $13,217,992
a959,448
a550,079
z947,909
yl ,479,598
deductions)—net
567,432
3,600
Est. Federal income tax.
Net loss
583,428
16,215
$395,616 prof$17,134
599,785
649,807
$947,909
664,998
$1,479,598
($1)692,263
Read & Co., as paying agent, New York.
Company is to agree to reimburse
to the owners resident in the State of Penn., upon application
any Penn.
Common dividends
personal property tax not exceeding five mills on each dollar of taxable
value thereof in any year.
Denom. $1,000, registerable as to principal.
Debentures are to be direct obligations of the company, but are not to be
$995,401
$632,673
$1,612,907
$2,171,861
y After provision for depreciation of
$617,226.
z After deducting pro¬
vision for depreciation
$619,146 and provision for losses not now ascertain¬
secured by any lien.
Company is to agree that it will pay to the paying agent, as a sinking
fund, the sum of $375,000 on May 15 1936 and thereafter semi-annually
the sum of $375,000 on Nov. 15 and May 15 in each
year, to and incl.
Nov. 15 1945.
or any part of the
sinking fund, the company may deliver deben¬
cancellation, and the company shall be credited
upon its obligation to make payments into the sinking fund with an amount
equal to the aggregate cost to the company of such debentures so
delivered,
but in no event in an amount'exceeding the principal amount of the deben¬
tures so delivered.
Moneys paid into the sinking fund shall be applied by
the paying agent to the purchase of debentures, if
obtainable, at not
exceeding par and interest to date of purchase, or, if not so obtainable, to
redemption (on the next interest payment date following the date of receipt
of such moneys by the paying agent) of debentures.
Debentures are to be redeemable by lot, on any interest
date, through
operation of sinking fund, after at least 30 days' notice, at 100 and int.
In addition to redemption through operation of the
sinking fund, the deben¬
tures are to be subject to redemption in whole, or in part
by lot, at the option
of the company, at any time, after at least 30 days'
notice, at 103 if red. on
or before Feb. 15 1941, and if red. thereafter at
103, less % of 1% for each
full year elapsed after Feb. 15 1940 prior to
maturity, in each case plus int.
Options
on
Statement of Consolidated
Surplus Dec. 31
Kurchased up to the end of the$40 per share prior$35 March 1 1939.
second period at to per share prior
larch 1 1937 and thereafter at
^
In the event of the legal termination of an optionee's employment
prior
1938, certain of his option rights continue for a limited period,
The contract contains provisions designed to protect the options against
^
Surplus at Dec. 31 1934
Net
loss
for
year
per
accompanying
Cash dividends
on
common
395,616
stock purchased
395,616
24,642
599,784
24,642
599,784
taxes
stock
Difference between cost & stated value
of $5 per share on 30,000 shares of
common
1935
Total
Capital
Earned
$38,386,878 $26,434,334 $11,952,543
statement of operations
Payments of Federal income
affecting prior years
during the
year
559,787
Surplus at Dec. 31 1935
559,787
$36,807,047 $25,874,547 $10,932,500
Consolidated Balance Sheet Dec. 31
1935
1934
1935
Assets—
a
Liabilities—
Real est.,
bldgs.,
equipment, ma¬
chinery, &c
Invests,
maturing
in 1936
300,000
1,021,655
1,017,099
Deps. in closed bks
33,779
Deferred charges..
333,549
Licenses, pats., pat
Marketable
Sundry
rights
will
Total
a
In
securs.
invests...
&
$
Capital stock... 2,986,675
Equity in minority
15,811,945 16,045,223
2,234,484 3,016,110
9,531,406
8,484,421
Cash
"
b
Accts. & notes rec.10,641,166
Inventories
8,399,504
to
to Dec. 31
_
Common Stock
The following are brief summaries of certain contracts
providing for
options to purchase common stock of the company:
(1) By an agreement dated Dec. 15 1932, between the company and Louis
B. Mayer, Irving Thalberg and J. Robert Rubin,
individually, and as
co-partners under the name of Louis B. Mayer Pictures, executed in con¬
junction with the service contract, the'company granted to
Mayer, Thal¬
berg and Rubin, individually, non-assignable;options to purchase 50,000
shares, 100,000 shares and-50,000ishares, respectively, of common
stock,
exercisable by each optionee as to 27.78% of his option at $30
per share
between Dec. 31 1934 and March 1 1935, as to 27.78% of his
option at $35
per share between Dec. 31 1936 and March 1 1937, and as to 44.44% of
his option at $40 per share between Dec. 31 1938 and March 1 1939.
Any
shares not purchased during either of the first two periods specified
may be
_
able on accounts and notes receivable and
inventories amounting to
$500,000
a After
deducting maintenance and repairs of $819,747 ($810,400 in
1934)
and provision for depreciation of
$671,869 ($760,497 in 1934).
In lieu of the payment as aforesaid of all
moneys so payable into the
tures to the paying agent for
i
Deficit
stkhold. in subs.
1,904
Drafts payable...
282,714
Accounts payable. 1,099,498
Accrued accounts. 1,004,243
Customers' deposit
45,701
1934
$
3,136,675
2,071
87.962
711,264
949,025
«19,192
300,000 Estimated Federal
income tax
2,046,057
3,763
16,215
1,100,507 Capital surplus...25,874,547 26,434,335
67,118 Earned surplus...10,932,500 11,952,543
280,078
good¬
2,438,365
2,438,365
42,231,546 43,309,2831
After reserve for depreciation of
1934.
b Represented by 597,335
hands of public.—Y. 142, p. 1125.
Total
..42,231,546 43,309,283
$19,487,083 in 1935 and $18,972,714
(627,335 in 1934) no par shares in
Financial
Volume 142
Michigan Bakeries, Co.—Recapitalization Plan Approved
Loft, Inc.—Guth May Vote Loft Stock—
The Wilmington (Del.) Chancery Court on Feb. 26 issued an order per¬
mitting Charles G. Guth, former President of Loft, Inc., to vote 52,600
shared of the
company's stock listed in his name at the annual meeting on
March 18.
The stock had been sequestered with 99,709 shares of Pepsi
Cola, last December, pending certain litigation over its status.
The order, issued by Chancellor J. O. Wolcott, provides that nothing in
the sequestration order shall be construed to deprive Mr. Guth of his right'
to vote the stock of the companies standing in his name at stockholders
meeting of either company.—V. 142, p. 1294.
Holders of 10-year 5H% bonds, of $7 cum. pref. stock, and of the common
class A and B stock, on Jan. 15
approved a plan of recapitalization.
Arrears,
amounting to $21
1936
.
_
— ..-
r.
—V.
1935
1934
$1,877,623
490,168
231,505
$1,951,647
583,697
305,690
142, p. 790.
Mahoning Coal RR.—Earnings—
1935—12
1935—3 Mos.—1934
$246,330
17,257
$309,581
17,992
Total income
Taxes
Interest on funded debt.
Int. on unfunded debt-.
Other deductions
Mos.—1934^
$916,149
$1,097,667
69,989
69,040
$1,167,657
135,096
11,180
2,847
$263,587
19,100
Crll.OOO
22,180
1,990
44,000
9,273
$985,189
47.698
'37,500
25,950
8,365
$281,308
$231,315
$979,287
$865,674
$327,573
32,237
-
—
-
Net income...
-V. 141, p. 3386.
as
of Nov. 1 1935 on present $7 cum.
Common class A and class B shares will be exchanged for new one class
shares—one share common class A stock for three shares of new
common, and one share common class B
Michigan Steel Tube Products Co,—Earnings—
Income Account for the
Year Ended Dec. 311935
Profit from operations (after deducting depreciation
Excess of income credits over income charges..
Net
,
Other income.
Gross income-
;
Deductions.
....
...
Net deficit
$18,970
186.290
$117,885
....
$905,399
64,192
23,490
42,460
$52,861
170,746
Operating revenues.
Net operating revenues
Net operating income
$403,239
...........
....
Surplus, Dec. 31 1935
Earnings per share on 100,000 shares capital stock...—......
Sales
Cost of sales
Admin. & gen. expenses-
Depreciation
$2,655,700
36,045
Interest
Miscellaneous charges.
Bonuses A commis. paid
for lease cancellations
and rent reductions
Beduc. of prov. for depr.
_
resulting
from
$2,309,355
74,336
$1,846,440
31,901
$892,200
45,496
$2,691,745
11,189
216,440
$2,383,691
8,810
197,565
$1,878,341
5,577
$937,696
5,726
126,365
25,995
68,535
189,997
on
Cash surrender val. of life ins.
Property
Deferred charges
x After reserve of
$5,000.
y After reserve for depreciation of $533,353.
Represented by lOO.OOO no par shares.—V. 142, p. 1295.
Midland Steel Products Co. (& Subs.)—Earnings—
Calendar Years—
$1,614,893
509,651
$1,773,690
427,157
$661,182
463,344
$2,222,020
54,663
$1,105,242
105,114
$1,346,533
41.242
$197,839
88,232
$2,276,683
367,357
$1,210,356
404,699
$1,387,775
410,047
$286,071
507,366
275",666
125",660
175,000
130,000
$1,634,326
$680,657
664,475
$672,728 def$221,296
664,474
759,400
$16,182
$8,254 def$980,696
181*251
$1,994,642
$1,501,516
$944,197
155,553
$2,329,812
316,400
$1,994,642
301,730
$1,501,516
146,000
$788,644
67,000
$2,013,412
4,003,007
Total income
Federal taxes.
Net income..
Previous surplus
Profit on red. of
stock owned
$1,692,912
3,124,430
$1,355,516
2,494,611
$721,643
3,629,832
pref.
24,827
27,524
Excess of proceeds from
life ins. policies over
cash surrender value—
Common dividends——_
Surplus
147,099
1,064,133
_ .
$4,817,342
147,885
666,450
$3,877,651
157,521
444,673
$4,376,302
161,309
556.652
3,373
i
'
X725.678
...
commissions
1935
;
200.929
50,616
151,029
sale of property.
50,666
Bes. prov. for pensions. .
Prem. on pref. stk. pur.
inv. in
Broadway Block Corp.
183,133
$5,122,212
371,461
$4,003,007
371,461
Earnings per share
$5.02
x After credit adjustments of $122,460.
$4.16
$3,124,430
371,461
$3.22
$2,494,611
371,461
$1.50
Consolidated Balance Sheet Dec. 31
1935
Inventories
rec.,
current
rec.
non-
75,622
:
of
Deposits
19,923
11,906
Accts. receivable-
Inventories
b Treasury stock. _
Sec.
dep.
$
1,373,140
144,247
sub¬
mgrs. secur.
dep.
137,654
140,432
150,000
166,041
193,455
surance, &c
2,446,826
Deferred charges..
105,592
Common stock in
29,096
....
store replacem'ts
148,167
198,706
238,702 6% cum. 1st pref. 1,916,800
2,232,863 6% cum. 2d pref..
499,960
61,626 a Common stock.
464,326
Paid-in surplus... 1,110,882
21,698 Earned surplus... 5,122,212
11,445,673 10,321,3341
Total
142,717
1,964,800
499,960
464,326
1,110,881
4,003,007
11,445.673 10,321,334
x 1,278 shares at cost in 1935
(1,300 shares in 1934) held for resale to
employees at agreed prices aggregating $20,061. a Represented by 371,461
shares of no par value,
b After reserve for depreciation of $2,158,154 in
1935 and $2,107,231 in 1934.
'
Sales for Four Weeks Ended
1936
Jan.
15
1935
1934
1933
$2,121,902
1,413,889
18
Feb
$1,748,419
1,421,024
$1,325,240
1,290,858
$1,060,914
1,017 182
—V. 142, p. 791.
Corp,—$1 Common Dividend—
The directors have declared
dividend of $1 per share on the common
stock, no par value, payable March 1 to holders of record Feb. 14.
This
a
compares with $2 paid on Dec. 2 last; $1 per share distributed each three
months from Sept. 1 1934 to and including Sept. 3 1935; 50 cents
$
8%
pref.
9,693,000
9,693
2,423,250
704,734
Accrued payrolls—
207,013
9,693
2,423,250
512,386
137,225
350,900
600,000
176,500
600,000
1,990,063
1,392,666
stock.—-.
2,014,999
d Common stock..
Accounts payable.
1,818,766
1,694,921
989,114
226,125
1,192,660
1,072,420
989,114
e
Non-cum. $2 div¬
idend
stock—
Accrued taxes
-
Contingent reserve
Profit and loss sur¬
under
self-risk ind. ins.
plus——
75,678
banks, after res.
252,836
79,616
1,874,183
168,554
-
75,723
253,478
112,340
1,894,999
125,111
Patents A g'd-will.
Deferred charges. .
.15,978,653 14,944,721
—15,978,653 14,944,721
Total.
a After
depreciation,
b Consists of '2,005 shares of 8% pref., 39,030
shares of $2 stock and 7,410 common shares,
c Represented by 96,930
shares ($100 par), including shares in treasury,
d Represented by 242,325
shares, including shares in treasury,
e
Represented by 96,930 no132.
par shares, including shares in treasury.—Y. 142, p.
Midland
Valley RR
.Abandonment—
The Interstate Commerce Commission on Feb. 12 issued a certificate
permitting the company to abandon a branch line of railroad extending
From a connection with the main line, near Jenks, in a southerly and westerly
direction to its terminus, near Kiefer, about 8.6 miles, all in Tulsa and
Creek Counties, Okla.—V. 142, p. 791.
Minneapolis St. Paul & Sault Ste. Marie Ry.~Earnings
Month of January—
Total revenues
Wisconsin
Central
By.]
1936
——.
.....
Other income—net
Interest
on
funded debt
1935
$955,410
defl0,408
defl07,936
34,496
470,125
$807,407
def179,351
def232,679
51,406
455,911
$612,557
.
$739.997
Net deficit
Hearing
The
on
Dismemberment—
Interstate
Commerce
Commission
has
assigned three hearings
the proposal to dismember the road and apportion parts
eight Western roads. On April 6 a hearing will be held at
Minneapolis; April 20 at Fort Dodge, Iowa, and on April 24 at Aberdeen,
S. Dak. Application to abandon certain parts of the line will be heard on
dates later to be assigned.—V. 142, p. 791.
during April
on
of its line among
Mississippi Central RR.—Earnings.January—
Gross from railway.....
Net from railway
Net after rents
1936
$64,303
11,232
5,726
1934
1935
1933
$50,537
$46,054
$40,081
248
def4,519
630
def 1,220
def4,233
def7,566.
—V. 142, p. 791.
Missouri-Kansas-Texas
Lines—Earnings-
Month
Merrimac Hat
1934
9,693,000
cum.
Net railway revenues
Net after rents
leases and store
$
2,013,384
[Excluding
16,079
311,743
First
4,803,641
2,184,110
plan.......
Deposit In closed
Res. for self-ins. A
b Fixed assets
Total
1934
$
26,039 Note payable
officers
Investments
treasury
on
15,171
and employees..
Prepaid rents, in¬
x
1935
Liabilities—
3,859,460 Accounts payable. 1,423,789
45,062 Accrued liabilities.
232,541
3,667,794 Accts. of officers
and employees.
20,071
Fed. income tax..
318,731
closed
in
hanks, &o
Accts.
$
4,019,477
175,587
4,206,900
:
Notes
Cash
1934
$
Notes A accts.
Liabilities—
c
2,337.484
Cash
no-par
Cash—
$
Land, buildings,
machinery, Ac— 4,679,117
Total
5,287
Assets—
1935
1934
$
Assets—
a
Misc. assets, Ac—
Said for lease cancell.
rent reduce, (net)..
Profit & loss surplus..
Common shares (no par)
$597,397
......
Consolidated Balance Sheet Dec. 31
Notes receivable.-
of fixed assets to est.
on
949,250
28,950
58,729
pf. stk. div.
govt, secur.
& accrued int
372,311
Adjust, of Federal taxes.
Beduc. of net book val.
replacement value.
dividends.
non-cum.
U. S.
$6,388,730
Pref. divs. (all classes)
Common dividends
for retire
Prov. for loss
int
banks
Preferred
$2,329,812
on
losses
Cr138,592
114" 137
Net inc. of sub. realty co.
Loss
for
closed
$2
Bonuses &
-IIIII
Other income
Federal taxes (est.)
1081309
1932
1933
1934
1935
——
Reserve
real est. oper.
from Trading—
Manufacturing profit—. $2,732,205
Expenses
510,185
Depreciation
reval.
804
500,000
607,289
$1,358,729
Total
.$1,358,729
$132,409
10,449
29,187
73,689
4,900
The New York Curb Exchange has removed from unlisted trading
privileges the certificates of deposit for $6 class A preferred stock, no par.
—V. 142, p. 1127.
——
of fixed assets
Net loss
Inventories...
Middle West Utilities Co.—Removed
1932
$30,355,524 $27,215,928 $21,112,783 $20,594,312
20,665,386
18.145,698
13,008,377
12,973,738
6,648,705
6,400,763
5,927,318
6,227,675
385,734
360,112
330,649
500,697
Miscellaneous income-.
Liabilities—
Total—
1933
1934
$4.03
1935
$73,997 Accounts payable
100,031 Taxes
295,798 Accrued payroll and Insurance
304,304 Fed. Inc. A excess prof, taxes.
17,683 Acer. Fed. cap. stk. tax (est.).
540,868 Deposits on badges
l x Capital stock
26,045 Surplus.....—
U. 8. Treasury bills
x Accounts receivable
y
$607,289
——
.
Subs.)—Earnings—
1935
$657,289
50,000
.........
$167,320
Consolidated Income Account 1or Calendar Years
251,539
2,511
...
..
Gross surplus
Dividends declared and paid
z
Melville Shoe Corp. (&
$476,929
73,689
....
-
...—
Patents
-V. 142, p. 1126.
1,763
-—-
income
Surplus, Jan. 11935
Surplus credits
Cash
1935
1936
$1,016,956
138,862
19,933
32,928
$475,165
& amort.).
Net income before provision for Fed. inc. & excess prof. tax.
Provision for Federal income and excess profits taxes.......
Assets—
RR.—Earnings—
Month of January—
K
for one-half share new common.
—V. 142, p. 629.
Balance Sheet Dec. 31
Maine Central
pref. stock,
common
1933
$1,810,573
115,123
defl70,252
Period End. Dec. 31—
Inc. from lease of road-.
Other income—-
share
^
81,835,354
181,185
defl05,835
January—
Gross from railway.—.
a
will be paid under the plan, as each share of present cum. pref. stock will
receive one share of $1 non-cum. prior preference stock together with $1
in cash in settlement of such accrued dividends ($21 per share).
Long Island RR.—Earnings.—
Net from railway™
Net after rents.
1477
Chronicle
of January—
Operating revenues
Operating expenses .
.....
....
......
...
Available for interest
Fixed interest charges..........
1935
1936
$2,365,649
1,917,020
$1,946,518
1,903,494
132,851
def279,588
.................
............
355,894
347,866
Deficit before adjustment bond interest x.——
$223,043
$627*455
paid each
quarter from Dec. 1 1930 to June 1 1934 inclusive, and $1 per share
terly, previously.—V.
141, p. 3386.
quar¬
x
Adjustment interest, $56,573.—V* 142* p* 962.
1478
Financial
Missouri Pacific
RR.-—Earnings.—
January—
Netafterrents
—V.
142,
821,670
1934
1933
$5,710,118
1,304,205
557,204
$5,019,824
999,840
321,098
1127.
p.
RR.—Earnings.
January—
1936
$724,358
103,828
13,774
Gross from railway
Net from railway
Net after rents
1934
1933
$701,972
110,591
5,481
1935
$607,804
defl0,085
def96,508
3*540,849
def5,128
def95,988
142, p. 962.
Monongahela Ry.—Earnings.—
January—
1935
1934
1936
$358,372
201,335
$327,822
187,124
93,201
Gross from railway
Net from railway
83,089
Net after rents
—V.
1933
$343,921
204,705
95,074
$252,972
148,653
62,395
,
142, p. 792.
Montgomery Ward & Co., Inc.-—Resumes Common Div.
The directors
the
common
March 20.
1930 when
Feb. 28 declared
on
stock,
dividend of 20 cents per share on
payable April 15 to holders of record
a
par value,
This will be the first payment made on the issue since
no
regular quarterly dividend of 75 cents per share
a
Aug. 15
distributed.
was
For detailed record of dividend payments see Dec. 12 issue of "Industrial
Number" of "Railway & Industrial Compendium."—V. 142, p. 1128.
Morris Finance
Co.—Earnings—
Earnings for the Year Ended Dec. 31 1935
Gross income from operations
Operating
$631,456
263,107
expenses
Net income from
operations
Other income credits (incl. $5,700 proceeds from sales of securi¬
ties not carried as an asset)
$368,348
13,590
$381,938
53,857
4,172
49,489
»
collateral trust notes and.other obligations
on collateral trust notes
Provision for Federal income and excess profits taxes
on
Commissions and fees
Commissions
Net
on
sales of capital stock
income
Stock dividends
National Lead Co,—To
Split Stock 10 for 1—
The company has advised the New York Stock
Exchange that a special
meeting of stockholders has been called for April 16 to vote on a plan to
split the common shares ten for one, reducing the par value from $100 to
$10, and to exchange 10 new shares for each old one.
To retain the present balance of voting power between the
preferred and
stocks each holder of one share of preferred stock of both classes
of preferred stock will have 10 votes instead of one as at
present.
A two-thirds vote of each class of stock will be
necessary to ratify the
plan.
Consolidated Income Account for Calendar Years {Incl. Subs.)
1935
1934
1933
Net operating profit
Other income
$66,559,197 $56,350,470 $46,412,586
Cost
of goods sold, taxes, deprec.,
depletion and other expenses
..
on common
was
Paid in class A
Common dividends
charged
against
Paid in preferred stock
81,250
65,222
445,531
$1.57
„
common
stock..
...
Surplus Dec. 31 1935
Earnings per share on i5,000 class A and B
common stocks
$446,959
4,054,766
2,119
23,080
_
Repossessed automobiles
receivable
Prepaid int. on collat. tr. notes
Prepaid commissions on receiv¬
7,820
75,240
(par $100)
500,000
x350,000
118,735
326,796
,
surplus
Earned
$4,609,9871
income
cum. pref. stock
Common capital stock
Capital
Total
64,731
165,603
83,435
192,685
Reserve for losses
7%
ables purchased
payable
Funds withheld from dealers..
Unearned
$2,968,967
859.361
$4,200,188
1,461,518
464,772
1,357,350
$3,828,329
1,469,781
$916,548
271,500
$8.37
$537,140
271,467
$6.98
*
464,074
1,357,334
Exclusive of 14% stock dividend amounting to $3,059,544.
outstanding at the end of the year.—V. 141, p. 3387.
x
National Pressure Cooker
Collat. trust notes payable...$2,808,000
Accounts
43,443,619
Surplus
$1,479,559
Average shares common stock outst'g
y309,510
Earnings per share
$10.77
Liabilities—
deposit
receivable
53,591,440
$2,759,030
1,441,158
y
of shares
Condensed Balance Sheet Dec. 311935
Assets—
Class A preferred dividends
Class B preferred dividends
63,185,312
$3,373,885
1,887,505
$5,261,390
1,461,551
464,772
xl,855,508
-
Total income
107,049
$592,003
capital stocks ($90,000
capital surplus):
Accounts
By order made Jan. 13 1936 the court directed the transfer of all of the
balance of the assets of National Department Stores, Inc., and its sub¬
sidiary, Tech Corp., to the corporation and to certain subsidiaries of the
corporation free and clear of all claims of stockholders and creditors of
National Department Stores, Inc., and Tech Corp.
The transfers were
consummated on Jan. 30 1936.
Compare also V. 142, p. 1297.
of sale price over stated or par value of company's
Gross surplus
on
department store in the City of Detroit, Mich., known as "Frank &
The transfer was consummated on Dec. 26 1935 and the
court,
13 1936, confirmed the transfers as being made in
accordance with the plan of reorganization and as being free and clear of
all claims of stockholders and creditors of National Department
Stores, Inc.
Net sales
capital stocks sold
Cash
a
Seder.'
by order made Jan.
$195,542
289,411
-
Surplus Jan. 1 1935-
Notes
of
$267,373
31,906
39,925
Net surplus for the year before stock dividends
excess
and to be reserved for sale or option to the
management, as
provided in the plan, making the total amounts applied for 230,000 shares
of 6% cum. pref. stock and 530,832 shares of common stock.
The corporation was organized on Oct. 11935 in Delaware for the
purpose
of acquiring the property and assets of National Department
Stores, Inc.,
and its subsidiary Tech Corp., pursuant to the plan of
reorganization.
The Court, by orders dated Oct. 18 1935 and Dec. 12
1935, has approved the
certificate of incorporation, as amended, of the corporation as
being in
conformity with the plan of reorganization.
A plan of reorganization of National
Department Stores, Inc., and its
subsidiary, Tech Corp., dated Feb. 15 1935, was proposed by each of the
The plan was confirmed by the court by orders dated
corporations.
April 19 1935 and Oct. 18 1935.
By order made Dec. 16 1935 the court directed the transfer to Frank &
Seder of Detroit, Inc., a subsidiary of the corporation, of all of the assets
of National Department Stores, Inc., used in connection with the
operation
7,045
Cash dividends paid on preferred capital stock
Cash dividends paid on common capital stock
Net
1936
29
common
Gross income
Interest
Feb.
Department Stores, Inc., and Tech Corp. dated Feb. 15 1935," of:
230,000 shares of 6% cum. pref. stock to be issued to creditors of National
Department Stores, Inc., and Tech Corp.; 480,832 shares of common
stock to be issued to stockholders of National Department
Stores, Inc.,
as provided in the plan; 50,000 shares of common stock to be issued in
payment of fees and allowances in connection with the plan and its con¬
summation
Mobile & Ohio
—V.
1935
$5,734,875
830,190
101,009
1936
$6,905,604
Gross from railway
Net from railway
Chronicle
surplus
Total
$4,609,987
x Represented
by 5,000 shares class A stock, par $50, and 10,000 shares
class B stock, no par.—V. 141, p. 33864
Number
Co.—Application Approved—•"
The Chicago Stock Exchange has approved the application of the com¬
to list 100,000 shares of common stock, $2 par, to be admitted to
trading on notice of registration under the Securities Exchange Act of
1934.—V. 142, p. 963.
pany
National Radiator
The directors
Corp. (Md.)—No Interest—
Feb. 13 determined that, up to Dec. 31 1935, inclusive,
earnings out of which to pay interest on the coupon
dated March 1 1936, attached to the corporation's
15-year 5% income
debentures, due March 1 1946.
there
were
on
net
no
Accordingly the
ever,
the interest
should become void after March 1 1936. How¬
the debentures will continue to accrue and to accumu¬
1931 until paid.—V. 141. p. 3079.
coupon
on
late from March 1
'
^
Muskegon Motor Specialties Co.—Earnings—
Years Ended Dec. 31—
Net profit after depreciation and Federal taxes
Earnings per share
(no par)
—V. 141, p. 1102.
National Tea
1935
1934
$55,539
$107,716
$0.92
on
$1.80
60,000 shares class A stock
Calendar Years—
Sales
on
1935
1934
v
$345,001
158,683
$265,724
148,726
$193,885
117,178
$186,319
xlO.931
$116,998
12,182
$76,707
$265,420
19,502
35,125
$197,250
19,414
25,800
$129,180
31,012
14,900
cancelation
paid
Federal taxes
56,804
5.100
$210,794
$152,035
100",000
7.500
80,000
Common dividends
Surplus
dividends
'
$83,267
15,000
50,000
$31,248
22,500
50,000
x
com.
$110,794
$64,535
$18,267
def$41.252
$1.05
$0.72
$0.34
Deficit
Lighting Co.—Accumulated Dividend
7%
dividend of 75 cents per share on account
a
cum.
pref. stock, par $100, payable April 1
to holders of record March 16.
Similar payments were made in each of the
five preceding quarters, prior to which regular quarterly dividends of $1.75
share were distributed.
Accumulations after the payment of the current dividend will amount to
$6
per
share.—V,
142,
National Acme
p.
963.
1935
1934
1933
1932
$257,408
Earns per sh. on 500,000
shs. cap. stk. (par $1)
—141, p. 2896.
$140,329 def$311,056 def$895,458
$0.51
$0.28
•
Nil
directors
have
ties, at cost
Notes rec'le (net),
Accts receivable.
a
dividend
National Dairy Products
r~
of
Corp.—Debentures Called—
The company has called for redemption on April 1 1936, at 1029^ and
accrued interest, $1,231,000 principal amount of its 5M% gold debentures,
due 1948.
The debentures are being redeemed in accordance with the
requirements of the purchase fund for such debentures.
The debentures,
which have been drawn by lot, will become due and payable on the re¬
demption date at the office of Goldman, Sachs & Co., fiscal agents.
Interest
on the debentures so drawn will cease to accrue from and after April 1
1936.—V. 142, p. 792.
National Department Stores
Corp.—Listing—
The New York Stock Exchange has authorized the listing, upon official
pursuant
767,970
6,079,164
Inventories
Tax anticip'n warrs
Employees
to
the
"plan
of reorganization
of National
406,287
13,452
1,829,792
6,196,468
35,194
stock
$
1934
$
2,398,050
500,000
5-yr. 5% gold notes
due May
1 1935
375,000
Purch. money obli¬
gations (current)
Commercial letters
94,000
104,500
190,059
258,572
427,750
542,950
3,000,000
85,061
32,838
Purch. money obli¬
27,964
35,858
25,908
672,403
37,352
673,616
3,168,543
rent)
5yr. 5% gold notes
3-yr. 5% notes, '37
2,450",666
Contingent res've.
56,144
71*646
2,000,000
8,250,000
Earned surplus... 4,990,834
a Treasury stock.. Z>r858,515
2,000,000
gations (not cur¬
less reserve
re¬
el vable
Investments
y
Liabilities—
Accounts payable. 2.294,841
Notes pay.—banks
of credit
con¬
Cash In closed bks.,
3,176,013
Bldgs.,
mach'y,
7,046,977
8,909,093
1
Total
1
239,991
Deferred charges..
729,700
19,895,114 23,551,065
After
5 H%
cum.
pref.
stock (par $10).
z Common stock..
Total
8,250,000
6,892,760
Dr842,416
19,895,114 23,551,065
for bad debts of $40,073 in 1935 and $35,957 in 1934.
for depreciation of $6,729,636 in 1935 and $6,579,737 in
1934.
z Represented by 660,000 no par shares.
a Represented
by 52,100 shares of preferred stock in 1934 and 1935 and
31,750 shares of common stock in 1935 and 30,000 shares in 1934.—V. 142,
x
y
of issuance
11,162
x
equip., &c
declared
50 cents per share on the
common
stock, payable April 1 to holders of record March 16.
This
compares with regular quarterly dividends of 40 cents per share previously
distributed.—V. 141, p. 1446.
notice
46,862
Good-will
National Breweries Ltd.—Dividend Increased—
1935
Marketable securi¬
Land
Nil
$
$1,715,635 $1,482,867
Mtges. & notes
deprec., Federa. taxes,
The
$3,522 sur$712,609 sur$439,442
630,000
644,953
627,736
$0.60
$1.70
$1.30
1934
$
Cash
tracts
Co.—Earnings—
Calendar Years—
-
$899,054
82,581
377,032
1935
subscrlp'n
Net profit after interest,
&c
$1,180,390
82,302
385,478
$0.38
Assets—
The directors have declared
per
$462,752
81,347
384,927
Consolidated Balance Sheet Dec. 31
Nassau & Suffolk
the
83,200
163,593
$139,785
628,250
$0.04
stk.(no par)
on
ib"o",666
Shs. com. outst. (no par)
Net.—V. 141, p. 4020.
of accumulations
$1,145,846
30,285
175,000
Earns, per sh. on com..
Earns, per sh. on 200,000
shs.
$1,385,675
$319,260
81,345
377,700
Net profit
Preferred
Common dividends
Net profit
Preferred dividends
$562,752
for
leases..
or
Federal taxes
Total income
44,560
$1,044,255
101,591
$93,153
Total income
Depreciation, &c
30,236
$1,333,343
52,332
80"666
Consideration
7,498
$527,752
35,000
$399,260
Other income.
16,446
1932
$353,845
45,415
1933
$259,636
x5,784
Operating profit
1933
disposal of capi¬
tal assets
179,055
Other income
1934
$63,063,462 $62,789,250 $64,973,576 $65,657,249
61,737,028
61,336,636
62,555,532
63,463,202
972,589
917,364
1,054,465
1,105,232
Depreciation
Loss
1936
$438,691
1935
Cost of sales, &c
(F. E.) Myers & Bro. Co.— -Earnings—
Quarter End. Jan. 31—
Manufacturing profit
Expenses
Co.—Earnings—
After
p.
reserve
reserve
1298.
Naval Stores Investment Co.—Five-Cent Extra Dividend
The directors have declared
an
extra
addition to
dividend of 5 cents per share in
a regular quarterly dividend of 15 cents
per share on the common
stock, both payable March 2 to holders of record Feb. 27.
An extra divi¬
dend of 15 cents was paid on Dec. 2 last, and an extra of 2H cents was
distributed on Sept. 3 1935.
The regular 15-cent dividend paid on Dec. 2
last, was an increase over the 12 H cents per share previously distributed
each tbree months.—V. 141, p. 3699.
Financial
Volume 142
Interest
Depreciation
Disct.
and
expenses
securities
2,749,856
86,450
620,129
on
1
_
467
35,476
203,866
169,542
Crl6,908
7,879
24,135
of bonds,
dividends, &c
—V. 142, p. 1128.
1
'
England Gas & Electric Association
Earnings—
12 Months Ended Dec. 31—
Total operating revenues
$389,229
$871,938
def$12,507
$40,090
New
(& Subs.)—
xl935
*934
$13,253,050 512,977,872
^
——
6,291.964
6,680,265
Operating expenses
1,043,645
1,099,400
*
-
retirements,
capital
for
renewals and replace-
_
,
_
1,062,641
252,354
1,866,828
1,100,404
338,961
1,750,813
$2,291,559
286,483
$2,452,084
371,207
income—Subsidiary companies—
$2,578,043
164,843
$2,823,292
165,151
England Gas & Electric Assn:
Interest on funded debt
——
Interest on unfunded debt
Amortization of debt discount and expense—
2,158,220
1,537
19,409
2,231,939
4,977
19,409
ments of fixed
Federal income taxes
Other taxes
Operating Income
Other income (net)
-
Gross income
Deductions from
New
,
$234,032
$401,814
x Preliminary, subject to annual audit and such sundry book adjustments,
if any, as may be necessary incident to closing for fiscal year.
Note—This statement excludes results of operations for both periods of
certain Canadian companies, which were sold as of Dec. 31 1935.
On account of continued Insufficient earnings, reduced dividend payments
were declared on the $5.50 preferred shares throughout the year 1935; no
payment was made Jan. 1 1936.
Dividend requirements on these shares
Balance of income
amount to
$550,000 annually.—V. 141, p.
New Jersey
January—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 630.
.
$79,215
defl6,684
def37,878
$68,888
defl6,557
def37,425
$66,474
def6,678
def26,717
New Orleans & Northeastern
-
1933
$89,085
930
def25,405
RR.—Earnings.—
1936
$185,775
33,890
def6,113
1934
1935
$167,609
24,361
defl2,486
Net after rents
$181,088
33,416
def9,515
1933
$117,047
defl6,496
def62,616
793.
New Orleans Texas &
Month
3544.
& New York RR.—Earnings.—
1936
1935
1934
January—
Gross from railway
Net from railway
—V. 142, p.
Mexico Ry. System—Earnings—
1936
$1,157,111
219,737
of January—
Operating revenues
Net railway operating
income
1935
$1,052,437
231,874
—V. 142, p. 793.
New York
above.
New York Central
RR.—Earnings.—
1936
1935
1934
1933
$28,205,750 $25,498,902 $24,284,542 $21,978,924
6,407,344
5,984,172
6,067,040
5,235,625
2,658,931
2,474,958
2,454,237
1,504,143
January—
Gross from railway
Net from railway
Net after rents
will be issued under the 1st lien &
1298.
New York Chicago
& St. Louis RR.—Earnings.—
1935
1934
1933
$2,813,353 $2,734,058 $2,195,558
903,433
947,809
544,768
504,168
518,379
132.841
1936
$3,139,944
1,044,001
643,669
(The) New York Edison Co., Inc.—$55,000,000 Bonds
Sold—Morgan Stanley & Co., Inc.; Kuhn, Loeb & Co.;
Blyth & Co., Inc.; Brown Harriman & Co., Inc.; Lazard
Freres & Co., Inc.; The First Boston Corp.; Edward B.
Smith & Co.; Bonbright & Co., Inc.; Lehman Brothers, and
Clark, Dodge & Co. on Feb. 27 offered at 100 and int.
$55,000,000 1st lien & ref. mtge. 334% bonds, series D.
The issue has been oversubscribed. A prospectus dated Feb.
subsidiaries are: Yonkers Electric Light &
Brush Electric Illuminating Co. of New York (all of the dis¬
of which are leased to New York Edison Co., Inc.,
Subsidiaries—The company's
Power Co.;
tribution properties
under an operating
agreement); Manhattan-Bronx Power
Telegraph & Electrical Subway
and Consolidated
Co.
Co. (inactive),
The company owns
30,410 shares, or 81 + %, of the 37,500 shares of no par preferred stock
(voting) and 25,800 shares, or 1.5 + %, of the 1,644,500 shares of no par
common stock (non-voting) of Consolidated Telegraph & Electrical Subway
Co.
All the remaining stock of each class, except seven shares of common
stock owned by directors, is owned by Consolidated Gas Co. of New York
(parent of the company). The investment of the company in 30,410 shares
of preferred stock and 25,800 shares of common stock of the Subway com¬
pany, is carried on the company's books at $2,810,500, and the Investment
of Consolidated Gas Co. of New York, in 7,090 shares of preferred stock
and 1,618,693 shares of common stock, of the Subway company, is carried,
the company is informed, on the books of Consolidated Gas Co. of New York
at $81,307,541.
Consolidated Telegraph & Electrical Subway Co. owns, maintains and
operates a system of underground conduits for electrical conductors in the
Boroughs of Manhattan and The Bronx, space in which is leased principally
by the company, and, in a portion of The Bronx, by affiliates of the com¬
pany.
Subsidiary ducts or pipes, containing the connections running from
the street mains of the company into buildings, are also constructed by the
Subway company.
The Subway company operates its subways under
contracts with the City of New York.
Underwriters—The names of the several
principal underwriters, and the
by them respectively, are as follows:
Morgan Stanley & Co., Inc., New
Kuhn, Loeb & Co., New York---
$15,000,000
4,000,000
5,000,000
York
Blyth & Co., Inc., New York
Brown Harriman & Co., Inc., New York
Lazard Freres & Co., Inc., New York
The First Boston Corp., New York
Edward B. Smith & Co., New York
3,500,000
2,500,000
3,000,000
3,000,000
—
3,000,000
Bonbright & Co., Inc., New York
New York
Clark, Dodge & Co., New York
Kean, Taylor & Co., New York
Schoellkopf, Hutton & Pomeroy,
Lee Higginson Corp.,New York
2,500,000
Dated Oct. 1 1935; due
Oct. 1 1965.
2,000,000
(Inc.), Pittsburgh __
1,500,000
2,000,000
Hayden, Stone & Co., New York
Dillon, Read & Co., New York
Bonds Called
This company,
April 1—
as successor
to the New York Edison Co.,
announced
April 1 1936 all of the New York Edison Co. first lien
mortgage gold bonds, series O (5%, due Oct. 1 1951) out¬
standing in the amount or $25,000,000, at 104% of their principal amount.
Such bonds should be presented for payment at the principal office of City
Bank Farmers Trust Co., trustee, 22 William St., New York, on April 1.
-V. 142, p. 1299.
that It will redeem on
and refunding
New
Interest payable A. & O. 1 in N. Y.
City Bank Farmers Trust Co., New York, trustee. Coupon bonds in
$1,000, registerable as to principal. Registered bonds in denoms.
of $1,000, $5,000, and $10,000.
Coupon bonds and registered bonds, and
the several denominations, interchangeable.
Red. at option of company,
in whole or in part on any int. date on at least 30 days' notice, and in whole
at any other time upon at least 60 days' notice, at following prices with
int.:
To and incl. Oct. 1 1945, at 105%; thereafter to and incl. Oct. 1
1955, at 102^%; thereafter to and incl. Oct. 1 1961, at 101%; and there¬
1,500,000
1,000,000
2,000,000
1,000,000
1,000,000
1,500,000
—
Inc., Buffalo
Kidder, Peabody & Co., New York
Goldman, Sachs & Co., New York
Mellon Securities Co.
27 affords the following:
York^New^Haven &*Hartford RR.- Earnings—
1935
January—
1936
$6,188,922 $5,727,355
Month of
City.
denom. of
indenture
Sarticular, withto certain limitations.
onds, subject the approval of the holders of 75% in amount of outstanding
Lehman Brothers,
January—
Gross from railway
Net from railway
Net after rents.
—Y. 142. p. 1300.
company,
in the opinion of counsel for the company,
will be secured by a lien on all the distributing systems and franchises and
substantially all the real estate, including generating stations, now owned
by the company, subject to the liens, so far as they attach, of mortgages
securing outstanding indebtedness of $39,344,512.
The mortgage is also,
in the opinion of counsel, secured by pledge of $55,000,000 1st mtge. bonds
of United Electric Light & Power Co., one of the company's predecessors,
and the latter bonds are secured by a first lien on the distributing system
and franchises and substantially all the real estate, including generating
stations, formerly owned by the United company as the same existed
immediately prior to Aug. 1 1935.
Bonds of series A, B and C are now secured by the lien of the mortgage.
The mortgage permits the issuance of additional bonds which also would be
secured equally thereby.
Upon retirement of the bonds of series A, B and C, or due provision there¬
for, the foregoing supplemental indenture will amend the "after acquired
property" clause of the mortgage so that its lien on property acquired by the
company after Feb. 29 1936, will extend only to electrical transmission or
distribution lines or systems (but not generating stations) located in the
territory now served by the company's distribution system.
The series A
bonds will be redeemable, commencing on Oct. 1 1936, at 105%.
The mortgage permits the company, in certain instances, without any
notice to bondholders to obtain the release of property covered thereby,
including, upon retirement of the outstanding issues of The New York Gas
& Electric Light, Heat & Power Co., the above $55,000,000 of United
company bonds.
The mortgage contains provisions permitting its modification, in any
be dated Feb. 27 1936, and,
to
several amounts underwritten
Ambassador, Inc.—New Company Organized,—
See Ambassador Hotels
—V. 142, p.
Series D Bonds—The series D bonds
as
redemp.
Provision
underwriters
ref. mtge. of The New York Edison Co., assumed by the present
amended and supplemented, particularly by a supplemental
for
Maintenance
"Chronicle" Feb. 22, p. 1299.)
Purpose—Proceeds from the sale of $55,000,000 series D bonds to the
will aggregate $53,900,000
(exclusive of accrued interest)
and will be applied to the redemption on April 1 1936, at 104% and int. of
$30,000,000 series B bonds and $25,000,000 series O bonds issued under the
1st lien & ref. mtge.
The balance required for such redemption plus the
company's estimated expenses in connection with the sale of the series D
bonds, together aggregating approximately $3,725,000 (exclusive of ac¬
crued interest on the bonds redeemed), will be obtained from the company's
details of earnings see
current cash.
additions
&cdeduct's (net Dr.).
available
1933, 1934 and 1935,
earnings for
the gross income of the company to¬
gether with that of its two predecessors available for fixed charges, after
deducting a provision for Federal income taxes and for "retirement expense,"
was more than three times such fixed charges in each of such years.
(For
36,136
of bonds and debs
Surplus
102.925
101,133.
8,514
8.288
sold
miscell.
1,485,242
, 611,812
1,422,836
Profit arising from disct.
obtained in retirement
Other
2,852,777
2,356,373
99,431
2,563,113
to
statements as
indicate that in each of these years
1935—12 Mos.—1934
$5,312,969 $5,209,151
1935—Month—1934
$401,662
$350,505
219,282
220,175
182,379
130,329
5,315
25,532
114,457
121,838
42,234
65,612
Oper.& gen. exps.& taxes
Operating profits
Non-oper. earns, (net)._
Earnings—The
Subs.)—Earnings
Nevada-California Electric Corp. (&
Period End. Dec. 31—
Gross oper. earnings
1479
Chronicle
^
Railway operating revenues—
Net revenue from railway operations
—
operating income
Net deficit after charges
Net railway
1936 Income
The company
1,456,014
509,101
590,701
1,340,321
457,513
613,967
Estimated at $9,185,000—
in data filed with
the Interstate Commerce Commission
in 1936 of $76,200,000, which compares with
$71,113,280, an increase of 7.2%. Net operating income
estimated at a minimum of $9,185,000, against $8,179,548 in 1935, an
estimates minimum revenues
after at 100%.
Legal investment in the opinion of
banks in the State of New York.
Counsel for the underwriters, for savings
1935 revenues of
is
Company—The company, ail but two shares of the stock of which is
Consolidated Gas Co. of New York, was incorp. in New York on
Aug. 1 1935, as a consolidation of The New York Edison Co. and The United
Electric Light & Power Co.
The company is engaged in the distribution
and sale of direct and alternating current electricity to consumers in Man¬
hattan and that portion of The Bronx lying west of the Bronx River,
N. Y. City.
Company also supplies electricity to certain affiliated electric
companies of the Consolidated Gas Co. of New York System for distribution
outside of the territory served by the company.
The energy is in part
purchased from others and in part generated at the company's own plants.
The company's properties include generating stations, sub-stations and a
transmission and distribution system.
Practically all of the underground
transmission and distribution lines are in conduits rented from an affiliated
increase of 12.3%.
The trustees have
company.
—V. 142, p.
owned Dy
1935
Co. of N. Y. 1st consol. mtge. gold bonds,
asked the Federal Court in New Haven for permission
policy of store-door pick-up and delivery service in connec¬
transportation of less than carload freight. The trustees, seeking
the court's advice on the matter, suggested the service become effective
to embark on a
tion with
April 1.—V. 142, p.
1300.
New York Ontario &
Western Ry.—Earnings.—
1936
January—
Gross from railway
Net from railway.
Net after rents
1935
$838,543
209,545
133,844
$890,625
269,209
157.318
1934 *
$923,321
268,099
169,378
1933
$808,740
239,177
151,912
793.
Capitalization Outstanding as of Dec. 31
Edison Electric
Ilium.
5%, 1995New York Gas
-
-
& El. Lt., Ht. & Pwr.
—
par) stated value $50 per
authorized and outstanding
against scrip of a
share (5,313,999 shares
of which two shares are reserved
predecessor)
20,888,000
30,000,000
30.000.000
25,000,000
1,268,512
Real estate mortgages
Com. stock (no
$2,188,000
Co. 1st mtge. 5%, 1948-.. 15,000,000
1949
New York Edison Co., 1st lien & ref. mtge. gold bonds—
Series A, 6M%, due Oct. 1 1941--- — .
Series B, 5%, due Oct. 1 1944
Series C, 5%, due Oct. 1 1951Purchase money gold 4%,
-
265,699,950
New York Railways Corp.—Decision Reserved—
Decision was reserved Feb. 19 by the United States Circuit Court of
Appeals on the appeal of preferred stockholders from the recent approval
by Judge Henry W. Goddard of a plan of reorganizatioh under Section 77-B
of the Bankruptcy Act. The plan calls briefly for the organization of a new
company, issuance of new securities and complete motorization of all street
car lines operated by the company.
Two committees of preferred stockholders asked the court to set aside
the report of Special Master Van Vechten Veeder holding the plan to be
"fair, feasible and non-discriminatory" on the ground that it does discrimi¬
nate against preferred stockholders.—V. 142, p. 631.
1480
Financial
New York Steam
Calendar Years—
Gross earnings
Operating
exper
Taxes..
Federal income tax
Prov. for retirements
Net
Int.
earnings
$2,480,070
1,425,202
150,207
$2,770,337
1,430,311
128,025
100,278
25,451
25,615
$3,203,708
1,437,120
78,410
100,532
25,808
$779,237
629,155
interest
$1,086,108
631,808
414,000
$1,561,839
635,550
828,000
Net
income
dividends
Common
$40,300
$98,289
Balance, surplus
x
$150,082
Mortgage
$3,204,238
xl,338,123
pany
68,940
Earnings
3
for
Months
Dec.
Ended
3,111,530
$2,902,384
42,704
Operating revenues—From sales of steam
From miscellaneous
sources
Operating
$2,945,088
expenses
1,808,649
__
Retirement expense
124,461
Taxes (incl. provision for Federal income tax)
385,536
Operating income
Non-operating revenues
Non-operating revenue deductions—
as
$2,977,346
proposed settlement
defendants, in which for the first time the Commission was named
The Commission was given only five days in which to consider
Department of Insurance had been wrestling for
a short adjournment of two days was given, a
further adjournment, it was stated, would jeopardize the settlement.'
The Commission took the position that it could not consent to the settle¬
ment because under the proposed terms the certificate holders would
have been estopped from any further
recovery of any claims which they
might have against the defendants.
It therefore requested the court that
45,534
with the
$3,022,881
1,927,656
127,152
288,522
Assets—
Bond disc.
25,783
Dr9,321
in the settlement the Commission be excluded as a
party so that it could
any right of action on behalf of certificate holders that
might
have been waived in the proposed settlement.
Its sole purpose in so doing
was to keep
unimpaired the position of the certificate holders.
Its action
was notindicative of
neglect of its duties as stated in the decision, but rather
of a definite activity on its part to
protect certificate holders.
It refused
to have its hand forced in what
appeared to be a premature settlement.
The Commission is gratified to note that
reserve
68,244
67,583
$271,335
$
In
1935
Liabilities—
S
56,340,470
& exp.
hearings will be held where
parties interested may have time and opportunity to protect whatever claims
may be involved, and the Commission is making preparation for repre¬
amortization
1,726,324
197,474
1,022,246
1,611,104
1,551,692
Accounts payable.
Notes payable..._
909,015
881,714
43,917
d Accounts & notes
sup¬
plies (at cost)
Prepayments
pense
1st mtge. 5% bds. 13,004,000
1st mtge. 5% bds.
due 1956
receivable
Miscellaneous
3,988,100
sentation
at these hearings
thorough investigation.
$
4,047,900
Adv.from affil.cos.
55,370
Cash
&
$
Pref. A stock.„
$6 pref. stock— 5,569,280
5,569,280
b Common stock..13,320,000
13,320,000
1st mtge. 6% bds. 5,615,500
5,615,500
1,621,106
220,565
1,065,989
Miscell. assets
Materials
1934
c
of
process
a
sus¬
items
36,272
144,471
8,700,000
699,363
13,112,500
4,400,000
244,511
240,635
265,531
Miscell. accr. liab.
130,797
D1v8. declared
156,897
Accrued interest..
266" 606
262,676
459,008
101,847
157.943
60,000
Misc.
curr.
llab
reserve
Surplus
—-
130,000
1,848,158
47,646
3,558,955
been given
the opportunity for
Court Asked to Name Trustees for Series C-2
Mtge.
voted for the Mortgage
—V. 142, p. 793.
Commission and
New York Title Insurance
$655,268 for elected trustees.
Co.—Offer for Title Plant—
See Home Title Guaranty Co. above.—V. 142, p. 739.
New York Transit Co.—Annual
'
3,448,286
by Supreme Court
Justice Frankenthaler.
The certificate holders had the choice of
voting for the State Mortgage
Commission, for trustees to be elected by the investors or for trustees to
be appointed by the Court.
Owners of certificates aggregating $13,675,695
voted to have Justice Frankenthaler name the
trustees; $1,463,543 was
Calendar Years—
2,035,145
24,066
Ctfs.—
Investors in the $20,000,000 of Series C-2 of guaranteed
mortgage
certificates have voted to have the properties and the
mortgages securing
their investments reorganized by trustees
retlrem'nt
com pen.
res've.
Renew. & repl. res.
Other
after it has
appointed
8,700,000
827,551
3,900,000
Consumers' depos.
Taxes accrued
Empl's'
party.
matter with which the
two years' and although
a
$696,011
357,092
1934
Plant & property.56,399,953
follows:
was
never consulted during the two years in question.
It
cited in any court action whatever and was not named as a party.
The first intimation that the Commission would be consulted in the
situation was when it was served with a notice of a
Comparative Balance Sheet Dec. 31
1935
and others, the Mortgage Commission of the State of New York, in
Mortgage
$210,217
Net income....
Against
was never
$679,549
Miscell. int., amort, of debt discount and expense
and miscellaneous deductions
Settlement
Commission
1934
$634,252
355,790
Gross corporate income
Interest on long-term debt
Accepting
The suit against the directors of the New York Title &
Mortgage Co.,
the present directors of the Manhattan Co., and the National Mortgage
Corp. was commenced by the Superintendent of Insurance almost two
years ago, one year before the Commission came into being.
The matter
involved highly technical and complicated legal questions.
The
3,178,823
$626,441
18,315
Drl0,504
-
Not
the Supreme Court that the Commission was remiss in taking no position
The facts in the situation as stated by the Commission were
as a
Total operating revenues
Commission
in the matter.
31
1935
(M pounds)
1936
a statement issued Feb. 21, states that it was
acting solely for the protec¬
tion of mortgage certificate holders.
This followed the publication of the opinion of Justice Frankenthaler of
92,446
22,936
Interest charged to construction included.
Sales of steam
29
In not joining with the Superintendent of Insurance in
accepting $1,500,000 in settlement of a $22,000,000 claim against the directors of the com¬
$107,826
dividends
Feb.
to be
Directors—■
$1,681,791
637,965
936,000
Amort.of bd.disc.& expMiscell. deductions
Preferred
1932
,286,840
21,346
99,973
funded debt
on
General
1933
),417,228
63,524
seem
sufficiently conservative.
The loft buildings in this
group
should be discounted by 33 1-3%.
Therefore, if Group 1 is con¬
sidered to have a market value of $1,500,000, Group 2 a value of
$1,900,000
and Group 3 a value of $11,962,000, there would remain an indicated value
of $15,362,000 or at least 63% on certificates of
$24,291,143."
It is expected that the reorganization of this series will
shortly be com¬
pleted with the appointment of trustees having full power to take necessary
action not heretofore possible, with regard to the problems
presented by
the unproductive properties either by sale or otherwise.
$10,680,433 $11,156,368 $10,480,752 *,10.308,186
5,581,989
5,711,138
4,898,413
4,838,875
892,623
752,345
744,715
1,318,270
916,911
1,126,240
819,515
178,000
121,500
252,000
255,000
478,030
449,885
45/,374
445,843
expenses
Maintenance
therefore
1935
1934
$10,641,253 $11,100,484
39,180
55,884
Operating revenues
Non-oper. revenues
Chronicle
Corp.—Earnings-
Report—
1935
1934
$199,361
118,199
14,607
$169,826
120,190
11,747
$66,555
8,853
$37,889
11,195
$55,189
10,384
$75,406
22,034
Operating revenue
Operating expenses
Depreciation
$49,084
21,416
$65,573
19,678
1933
1932
$184,3431
117,326
11,829
Total
61,919,374 61,908,310
Total
61,919,374 61,908,310
Represented by 39,881 shares no par value in 1935 and 40,479 shares
par value in 1934,
b Represented by 360,000 shares of no par value
common stock,
c Represented
by 58,070 shares, no par value,
d After
deducting $92,933 reserve for bad debts in 1935 and $101,572 in 1934.—
V. 141, p. 3699.
Net operating revenue
a
of
no
New York
Susquehanna & Western RR.—Earnings.—
January—
1936
Net after rents
1935
$329,780
104,997
58,756
Gross from railway
Net from railway
$348,159
103,262
1934
45,527
.
$256,268
51,873
8,695
—V. 142, p. 631.
New
York
Stockholders
In
a
Total
Net
revenue
Assert
&
Crib",167,
$29,855
30,000
$56,062
30,000
$50,317
40,000
$22,723
def$145
$26,062
$10,317
100,000
$0.52
Surplus
of capital stock
outstanding (par $5)_.
Earns. per sh. on cap.stk
Mortgage Co.—Counsel Contends
Guaranty Co. Is Not Worthless—
Stock of
100,000
$0.30
100.000
$0.56
100,000
$0.50
Balance Sheet Dec. 31
hearing before Justice Alfred Frankenthaler of the Supreme Court
Assets—
a
1935
Plant
-
U. S. govt. bonds-
Municipal bonds.
_
Barber,
of Barber,
stockholders, said to the Court:
Fackenthal
&
"It is time for stockholders to stop
taking it lying down.
The assump¬
tion that their stock is worthless is
wrong.
In exercise of the police power
the State may extend the time for the payment of a bond or
mortgage.
The remedy of foreclosure may be extended, but the
Legislature
Super¬
intendent of Insurance.
Stockholders propose to have the Courts deter¬
mine the real liability of these companies under their
guaranties and propose
to invoke the protection of both the Federal and
State constitutions, as
they may be applied by the courts.
This is the first time this contention
has been made in any of the
liquidation proceedings."
Security for C-2 Certificates Has Market Value of 63% of Par
The mortgages and properties pledged as collateral for series
C-2 5M %
certificates—second largest series issued by the
company—have a present
of the $24,-
market value of at least $15,362,000, or
approximately 63%
291,143 face value of the certificates now outstanding,
according to an
analysis by Harry Hall, former President of Wm. A White & Sons.
The series C-2 certificates, 13,242 of which are held in
varying amounts
by 7,496 investors, were originally issued against 102 first
mortgages on
separate properties located in New York, Bronx,
Kings, Queens and
Nassau Counties.
In
making his evaluation, Mr. Hall divided the properties into three
groups, concerning which his report says:
"Group 1. The wholly unproductive properties in this series have mort¬
gages aggregating $4,496,227.
Because these mortgages were made in
the period of high values and are now
undoubtedly highly excessive, and
because of the present low demand for properties such as
they represent,
which will make it necessary to
dispose of them at sacrifice prices, I am
inclined to set a heavy discount on these items and
say that their liqudiation
value may not be more than one-third of the face of the
mortgages.
is composed of properties only partially productive
with mortgages aggregating $3,813,000.
The liquidation of this group
will present many problems and it is difficult to
place a liquidation value
upon the individual properties.
It would seem to me conservative to as¬
sume that with reasonably careful
handling they should
realize
at
least
50% of the face of the mortgages.
"Group 3. Productive properties with mortgages aggregating $16,033,978.
In considering the properties in this group, which consists
mainly of apart¬
ment houses, but includes six loft buildings, I have no doubt that
several
of them have equities above the face of mortgages.
Of the apartment houses
some may be estimated as being worth from 10% to
15% less, while some
poorly located or overfinanced may show a shrinkage to a point as much as
25% below.
A horizontal reduction of 25% on the entire group would
807
969
Accounts payable.
40,375
1,113
4,858
14,780
479
1,543
Other def'd credits
380
account
Res.
14,326
for
"U50
carrier
insurance
38,983
Surplus
prems.
paid in advance.
Carrier insur. fund
$500,000
187,980
44,809
167,770
Total
$735,032
$729,477
9Q9
39,000
44,825
$735,032
$729,477
cannot
extend the obligation of sureties because this is prevented
by the contract
and due process clauses of the Constitution of the United
States and the
Constitution of the State of New York.
The same applies to the stock¬
holders of all title and mortgage companies now in the hands of the
group
Insurance
$500,000
Divs. mat'd unpd.
Accrued taxes
66,386
70,356
1,520
Working fund advs
1934
1935
Capital stock red.
1
Mat'ls & supplies.
Int. receivable
Liabilities—
b Capital stock...
136,977
69,328
21,335
6,302
Accts. receivable..
Giddings, representing
1934
$369,445
$359,627
166,650
56,650
2d pref. stock
Cash
Mortgage Moratorium
Law.
"Group 2. This
Cr2,l87
$52,723
30,000
Income.
Shares
Title
County, Feb. 17, in which the Superintendent of Insurance
of the State of New York asked for direction of the Court with
regard to
the allowance of claims, counsel for stockholders of the
company submitted
what is an entirely new
contention, to wit: That the guaranties of all
whole mortgages and participators in whole
mortgages have been entirely
released by the Act of the Legislature known as the
A.
Not
available
651
Dividends
of New York
William
revenue-
Local, State & Fed. taxes
Misc. income charges
Misc. non-recurr. items-
1933
$309,989
81,328
42,326
Non-operating
Total
a
After
deducting depreciation of $599,919 in 1935 and $615,952 in 1934.
142, p. 793.
b Par value $5.—V.
Norfolk & Western
Ry.—Earnings—
Month of January —
Railway operating revenues
Net railway operating revenues
Net railway operating income
Other income items (balance)
Gross
Interest
1936
2,355,950
33,338
Northern Pacific
Net from railway
Net after rents
$1,354,011
294,759
$2,210,472
funded debt
January—
33,048
$2,389,288
178,816
Net income•—V. 142, p. 794.
Gross from railway
$5,791,234
1,880,685
1,320,962
2,941,511
income
on
1935
$6,825,304
$1,059,251
Ry.—Earnings.—
1936
$3,929,363
1935
1934
1933
$3,528,124
$3,402,528
284,783
129,392
$2,872,104
defl83,386
def432,379
Co.—Time for
Exchange
def245,554
def55,401
def382,225
—Y. 142, p. 965.
Northeastern
Public
Service
Extended—
Pursuant to order dated Jan. 31 1936 of the Court of Chancery of the
State of Delaware, the time for the exchange of gen. lien & coll. trust 53^ %
gold bonds for stock of Northeastern Water & Electric Corp., pursuant to
plan of reorganization, dated April 17 1934, has been extended to and
including June 30 1936.
The $4 preferred stock issued upon such exchanges will be entitled
to dividends only from the first day of the fiscal
quarter in which issued;
and it is expected that stock issuable in
exchange for bonds surrendered
for such exchange between April 1 1936 and
May 10 1936 will not actually
be issued until after the last date.
All bonds should be surrendered to
Chemical Bank & Trust Co., 165
Broadway, New York, which has been appointed agent for such purpose.
The Court by its order has directed that no holder of
any of the bonds
who does not surrender the same to Northeastern Water & Electric
Corp.
Financial
Volume 142
or
Consolidated Balance Sheet
thereto,
its agent on or before June 30 1936 shall be entitled with respect
to any
1481
Chronicle
Assets—
Northern Alabama
Ry.—Earnings.—
January—
Gross from railway
Net from railway
1936
$61,551
29,517
13,415
Net after rents
1933
1934
$50,837
22,061
10,618
$43,710
18,135
def 1,039
—V. 142, p. 794.
847,597
Accts. receivable— 7,874,949
6,015,622
Inventory
14,362,986 13.690,867
Ins. prem. on dep.
mutual cos
286,972
298,751
Prepaid items
27,945
45,340
y Plant—
22,935,474 23,067,457
1,383,626
(Louis) Obert Brewing Co. (Mo.)—Adjudged Bankrupt—
Failing to raise necessary funds to effect reorganization, the company
Louis) has been adjudicated a bankrupt by Federal Judge C. B.
Davis.
Chase Morsey, an attorney, was appointed trustee to liquidate
the company.
The company, which is one of the oldest in St. Louis, filed
debtor's proceedings for reorganization about 10 months ago.
The liquidation was ordered by Judge Davis after a hearing at which
he found the assets insufficient to pay debts in full.
Judge Davis's order
said all parties consented to the liquidation.
v
The liquidation order directed that court costs and fees of attorneys,
who attempted to negotiate reorganization plans and raise capital, be
declared first liens on the assets of the brewery.—V. 137, p. 1253.
(St.
Oconomowoc
(Wis.) Brewing Co.—Reorganization—
A proposed reorganization plan for the company was recently filed in
Federal Court, Milwaukee, by Eugene Wald, Secretary and Treasurer.
Under the plan officers and stockholders would advance $5,000 cash as
working capital
and
officers and directors would
waive all '•back wages.
Back interest of $2,100 on the land contract would be added to the
principal
of $40,000 and future interest would be at 7% per annum.
Unpaid real
the city
1932_, 1933, 1934 and 1935 would be paid within one
estate and personal property taxes of $3,433 due
of Oconomowoc for
from confirmation of the plan.
The Wisconsin beverage tax of $1,400
would be paid at the rate of $50 a month.
Employees would be given two notes for their back wages, one payable
in six months from the date of the plan's approval and the other in one
year, with interest at 3%.
Eight chattel mortgages against the property total $7,294.
Each mort¬
gage would be exchanged for 20 serial notes, each for one-twentieth of the
debt.
One would be paid every three months and interest would be 3%
annually.
Each of the unsecured creditors, whose claims total $20,792, would
receive 10 serial notes, each for one-tenth of the debt and one falling due
every six months.
Interest would be at 3% a year.
Three parties holding
unsecured notes totaling $610 would be given each two notes for half their
debts.
The first note would be paid in six months and the other in one year,
with interest at 3 %.
All the 750 shares of common stock is held by one family except for one
year
share.
Ohio Edison
Co.—Earnings—
$1,522,373
643,645
375,233
_
_____
Fixed charges
Prov. for retirem't res've
Divs.
on
125,000
155,576
pref. stock
Balance
$222,917
46,889,348 43,948,242
$212,183
$1,595,903
$1,448,271
5% series, due 1957, have
made at the principal office of Bankers Trust Co., trustee, in New
York,
New Vice-President—
named
on
Feb. 24 Vice-President and General Manager
of this company, succeeding C. S. McCalla, deceased.—V. 142, p. 794.
1088 Park Avenue,
sent in part
Oshkosh Overall Co.—To Resume Common Dividends—
a
dividend of 10 cents per share on the
value, payable March 2 to holders of record Feb. 20.
This will be the first payment made on the common stock since Sept. 1 1933
when $1 per share was distributed.—V. 141, p. 1940.
Pacific
of the then reproduction value over
Telephone & Telegraph Co.—Bonds Called—
Panhandle
Corp.—Notes Called—
Holders of two-year 6% collateral trust notes are
March 2 1936, of
amount sufficient to pay the principal and int. accrued to
the notes which havd not been deposited under the offer of
have approved
Panhandle Eastern Pipe Line
New Directors—
Paris-Orleans RR. Co.—Interest
A. Iselin & Co., fiscal agents, on
coupons
Robinson
has
been
debt.
to pay off
The name of the
elected
Net
operating profit
before charges
28
'35 Dec.
the hands of the public; with authority to add to
official notice of issuance upon sale to employees,
applied for 4,904,989 shares.
Consolidated Income Statement, Years Ended
for loss
$8,888,522
$7,692,510
475,603
506,611
469,682
298,058
192,093
167,863
258,798
841,165
$10,072,316
219,976
on
$9,885,948
296,419
$7,955,247
294,790
$6,381,662
328,422
$10,292,293 $10,182,368
1,511,000
1,463,000
$8,250,038
1,384,500
$6,710,084
965,000
$8,781,293
11,853,743
525,794
$8,719,368
10,719,701
365,705
$6,865,538
10,509,028
$5,745,084
10,374,804
8,690
411,674
477,375
cliams
against closed banks.
_
Foreign exchange
Balance
Miscell. income
Total
Prov. for income taxes._
Net profit for year—
Earned surp. bal. Jan. 1_
Adj .of res. for loss on inv
Adj. of prior year's inc.
taxes, &c
$1,466,845
1,264,292
49,213
245,201
136,095
down-_loss$417,680
$115,671
charges...
'33 Dec. 31
'32
$3,456,165df$l,151,151
1,286,621
1,358,204
104,572
101,365
251,495
Dividends—Cash
Stock
over
declared
val. of cap. stk. re-acq.
in prior years and can¬
celed in 1935Pensions paid to
under
633,960
former
approp.
loss
$457,771
$521,091 pf$2,022,621
$3,044,952
x
no
par
value,
payable
This compares with 55 cents paid on
Peerless
Weighing
See
Consolidated
&
Machine
Vending
Corp,—
Automatic Merchandising
Corp. above.—V.
141, p.
Pennsylvania Glass Sand Corp.—Clears Up Accruals—
share each, on
the $7 cum. conv.pref. stock, no par value, both payable on April 1 to
holders of record March 13.
One dividend is for the current quarter and
preferred stock.
p.
Federal &
——
$457,771
220,000
$521,091 pf$l,005,208
198,061
$3,044,952
$457,771
$719,152pf$l,005,208
Interest income exceeds interest charges.
$3,044,952
stock,
March 20.
all accruals on the
[For detailed record of dividend payments, see Y. 141,
p. 307
/
the other is on account of accumulations, thus paying off
797,413
local income taxes
Total loss.
$11,853,743 $10,719,701 $10,509,028
4,842,644
4,875,085
4,874.991
$1.81
$1.41
$1.19
The directors have declared two dividends of $1.75 per
?uidation of Lawrence
lotton Mill
Dividend paid
4,842,735
$1.82
share
share on the
March 31 to holders of record
Jan. 2 last, and regular
quarterly dividends of 25 cents paid previously each three months.
In
addition a stock dividend of 1% was paid on Jan. 10 1936.
Extra cash
dividends were paid as follows: 20 cents on Sept. 30, June 29 and March 30
1935; 50 cents on Jan. 2 1935, and 10 cents per share on Sept. 29, June 30
and Jan. 2 1934.—V. 141, p. 4021.
common
300,889
636,762
Non-recurring charge li-
Net loss for year
bal. Dec. 31_$10,957,100
per
3547.
after
inv. mark down
sur.
Earnings
109,398
300,000
128,037
1,200,000
Organized—
40.091
lower
130,226
135,249
of stkhldrs from surp.
on inv
Prov. for loss
$2,022,621df$2,744,063
adjust, to cost or
whichever is
for
--
125,000
$21,169,523 $20,216,449 $17,374,567 $16,244,889
9,201,078
8,232,480
5.326,828 •
5,326,461
242,135
Total.
336,073
market,
Provision
-
The directors on Feb. 27 declared a dividend of 40 cents per
*34 Dec. 31
Net oper. profit before
oper.
1932
$10,553,645
Deprec. of plant & equip.
and amortiz. of plants
Prov.
Dec. 31
1933
1934
1935
Profits from operations.$10,847,751
Smaller Dividend—
29
$895,854
1,162,846
94,513
depreciation
Net int. charges—Cr._
Net
listing of 4,891,294
and outstanding in
the list 13,695 shares on
making the total amount
The New York Stock Exchange has authorized the
of common stock (no par), which are issued
shares
Ear.
in charge of sales to
$51,035,089 $40,732,302 $32,311,264 $21,268,126
50,139,235
39,265,457
28,855,099
22,419,277
Cost of goods sold
Inv.
receive
and surrender of such
the office of the fiscal agents, 40 Wall St., New York City, at
the option of the holder, either:
(a) in United States currency; or
(b) in United States currency at the dollar equivalent of French francs
25.52 to the dollar of face value of coupon, at the rate of exchange computed
by the fiscal agents on the basis of their average buying rate in New York
for exchange on Paris, on the day the coupons are presented.—V.1141,
p. 1449.
141, p. 2746.
Dec.
sales
inv. mark
Payment—
Feb. 26, announced that holders of the
of the 5K% bonds, due 1968 maturing March 1 1936 may
Shs. cap. stk. outstand—
Vice-President
(Mass.)—Earnings—
Years Ended—
Other
directors.—V.
coupons, at
proceeds will be used to retire notes owed banks and
Pacific Mills
x
the
due
Bank, 22 William
Henry T. Bush and C. Ray Phillips have been elected
142, p. 795.
empl.
succeed Paul B. Allen.—V.
Plant
Co.—Tenders—
The City Bank Farmers Trust Co. as trustee is inviting tenders for
to the sinking fund of 20-year mortgage bonds, series A, 6%,
sale
a
New Vice-President Elected—
Net
exchange dated
of Columbia Oil & Gasoline Corp. and which have not been
otherwise acquired by Columbia Oil & Gasoline Corp.
Upon presentation and surrender of said notes at the Corporate Trust
Department of the said bank, the holders thereof will be entitled to receive
the principal amount of the notes so surrendered, with interest accrued to
March 2 1936.—V. 132, p. 2787.
June 19 1935,
banking group that will acquire the bonds has not been announced
E.
being notified that there
deposited with the Chemical Bank & Trust Co., New York City, as
under the indenture dated March 15 1931, securing these notes an
trustee
Refund 6s—
funded taxes besides retiring the present funded
H.
book value.
has been
March 27.
The
excess
have declared
plan for refunding the company's 6%
first mortgage bonds through the sale of $13,000,000 20-year 414% first
mortgage bonds.
The stockholders will vote on the proposed financing
on
the
outstanding refunding mortgage 30-year 5% gold bonds, series A
1952 have been called for redemption on May 1, next at 107 H
and interest.
Payment will be made at the Bank, of California, National
Association, San Francisco, Calif., or at the Bankers Trust Co., N. Y. City.
—V. 142, p. 1130.
Excess cost
directors
which
value
All of the
no par
Otis Steel Co.—To
The
book
is
Parke, Davis & Co.—Listing—
1936.
After admitting this deficiency in value below the first
mortgage lien, the committee's plan gives the junior interests substantial
recognition.
The plan entirely waives at least two years' accrued interest,
gives the junior interests the protection of a 20-year mortgage with only
2M% fixed interest and H of 1% additional interest if earned.
The junior
interests will also receive 20,477 shares out of the 39,000 shares common
stock to be outstanding.
The first mortgage holders sacrifice at least $222,000 of interest accrued before the interest starts on the new bonds and up
to 3%, or $55,500 annual interest thereafter, in exchange for 18,523 shares
of common stock.
This stock, based on the present appraisal, has no value.
The junior securityholders without any contribution
whatever receive
administrative salaries and control of the property, and in addition, will
undoubtedly profit by the increase in equity value through the'retirement
at a low figure of first mortgage bonds, with the bondholders' own money.
The plan proposed by Property Management, Inc. (V. 141, p. 2124),
provides for a 3% fixed interest and a division of surplus income between
the sinking fund to retire bonds and additional interest up to 6% before
junior securityholders receive anything.—V. 141, p. 2124.
stock,
46,889,348 43,948,242
Total
due May 1
10
directors
4,557,029
$5,277,461 of the surplus created
capital stock as of Aug. 7 1934.
y After reserve for depreciation of $21,391,554 in 1935 and $21,097,029
in 1934.
z Represented by 396,123 no par shares excluding 3,877 shares
held in treasury at $193,850.—V. 141, p. 930.
000 less than the face value of the bonds and interest accrued thereon to
The
500,000
19,806~ 150
General reserve~of $12,000,000, and
of surplus arising from reduction of
x
out
Inc.—Urges Dissent to Plan—-
Property Management, Inc., 215 N. Calvert St., Baltimore, Md., in a
to the holders of 1st mtge. serial 6% bonds,
urge dissent
to the
plan ofreorganization proposed by the bondholders' committee of which
Lewis H. Pounds is Chairman, on the following grounds:
The committee has appraised the property at $1,447,000, which is $631,-
letter
common
Surplus
payment at or after maturity, upon presentation
Holders of first and refunding mortgage bonds,
July
Capital stock
plant account of $44,327,028
gross
500,000
155,000
19,806,150
4,265,316
for conting—
represents cost as nearly as can be determined by the company, except
that it includes an increase over cost of $7,564,231 made in 1922, to repre¬
1936—12 Mos.—1935
$1,461,773 $16,002,775 $15,363,713
643,051
7,091,067
6,980,087
325,964
4,098,919
3,843,473
125,000
1,350,000
1,225,000
155,573
1,866,885
1,866,881
been advised that all of the outstanding bonds of this series have been called
for redemption on April 1 at 105 and accrued interest.
Payment will be
was
x
Note—The
doubtful
&
accounts
Res.
the Corporate Trust Department of the
St., New York City.
Bonds Called—
Samuel Stites
Disct.
March 23 1936, at
1936—Month—1935
Period End. Jan. 31—
Sundry accts. pay-
Oct. 11950, at a price not to exceed 105 and interest vin an amount sufficient
to exhaust the sum of $315,000.
Tenders will be received up to 3 p. m. on
[A Subsidiary of Commonwealth & Southern Corp.]
Gross earnings
Operating expenses
5.000,000
1.865,431
219,631
Inc. & proc. taxes.
x General reserve. 12,000,000 12,000,000
8,250,000
1,912,882
Notes payable
z
Total
$
$
Liabilities—
$
$
Cash
1935
$45,324
12,658
def3,102
Dec. 28 '35 Dec. 29 '34
Dec. 28 '25 Dec. 29 '34
of the benefits of the reorganization.—V. 139, p. 2839.
___ —
3547]—V. 142,
Pennsylvania Reading Seashore Lines.—Earnings.—
1936
1935
1 934
1933
January—
Gross from railway
Net from railway
Net
—V.
after rents
142, p. 795.
$361,090
def61,115
defl97,586
$340,720
defl59,146
def292,052
$397,266
def38,300
defl94,089
c|ef40,642
def85,664
Financial
1482
Penick & Ford, Ltd., Inc. (&
Subs.) —Earnings—
1934
Calendar Years—
1935
Total gross profit
x$3,655,443 x$3,982,690
Selling, administration &
general expense
1,833,695
1,987,326
Prov. for doubtful accts.
15,357
19,310
Fed. cap. stock & State
corp. taxes & licenses.
Bad debts charged off—
60,733
1932
$4,545,576
$3,433,083
2,019,198
1,857,378
37,306
Cr98,526
678,068
29,374
Cr83,031
664,941
Cr350,000
39,768
Miscell. income (net)—.
Crl7l"l55
Cr2lb",086
Depreciation
Special contract income.
533,074
589,871
raw
ma¬
terial inventory
Write-off of Woodside &
96,975
60,770
115,482
Harvey property
Prov. for special reserve.
to reserve for
contingencies
Prov. for Federal income
75,000
233,569
289,632
154,815
$1,052,960
1,110,000
—
Common dividends—.
—
$1,405,514
1,140,000
$1,443,648
1,173,327
Phoenix Hosiery Co.—To Reduce Directorate—
The preferred stockholders
consider
def$57,040
$265,514
$270,321
$124,066
370,000
370,000
390,000
400,000
in 1934, and real estate and
personal property taxes of $84,897 in 1935 and
1934.
1935
Short-term loans..
Govt.
&
1935
Liabilities—
$
Marketable
rec.
on
1,923,882
and contracts
37,863
110,269
27,689
Land.bldgs., ma¬
chinery & equip. 5,432,942
Prepaid exps., &c.
124,006
y
77,219
Surplus
Common stock..
1936
$82,434
8,565
—V.
142,
p.
Gross from railway
291,580
26,544
439,954
42,425
472,655
5,027,982
5,746,789
1936
$50,131
2,882
4,810
5,027,982
5,673,905
_
1936
$280,478
94,724
101,491
1935
$243,160
78,659
80,331
Total
11,950,736 11,989,494
1935
1934
1933
$4,642,339
$2,736,134
$3,476,724
3,239,785
1,355,578
2,456,910
1,376,879
577.084
3,370,547
1,382,402
590,005
Mfg. cost of sales and all
other exps. of oper.,
3,757,674
1,375,735
535,744
taxes
„
563,976
148,876
138,895
2,108
31,174
1,543
Postal Telegraph Land Line
$796,880
2,183,552
78,191
$691,920
2,838,891
91,259
_
subsidiary
1935—Month—1934
1935—12 Mos.—1934
Teleg.& cable oper. rev. $1,961,264
$1,821,727 $22,145,891 $21,016,334
Teleg.& cable oper. exp.
1,823,198
1,746,721
20,525,243
20,227,601
Uncoil, oper. revenues..
10,000
def5,750
150,000
190,000
Taxes assignable to oper41,667
38,333
500,000
490,000
de&72
$970,648
18,439
$108,733
18,875
$88,008
233,257
$41,550
224,457
$989,087
2,748,791
$127,607
2,648,988
$145,248
$182,907
$1,759,704
$2,521,380
Operating income
Non-operating income—
$86,401
Gross income.
Net deficit.
-
_
$1,866,231
1,551,307
267,149
361,133
of common stock
515,847
36,651
563,622
3,600,000
_
$1,464,863
$2,238,229
54,677
$2,838,891
$1,464,863
prop,
$2,183,552
$2,838,891
retired
..
1935
1934
$
$
Potomac Electric Power Co.—Bonds Called—
The City Bank Farmers Trust Co., successor trustee, is notifying holders
of gen. & ref. mtge. gold bonds, series B (6% due 1953), that $15,300
principal amount of the bonds have been drawn for redemption on April 1
1936 at 105%.
Bonds so drawn should be presented at the head office
of the bank, 22 William St., New York City.—Y. 141, p. 1282.
Pressed Steel Car
The
Consolidated Balance Sheet Dec. 31
Assets—
—Y. 142, p. 470.
$515,847
$515,847
1935
1934
$
$
Liabilities—
Preferred stock
buildings,
12,120,000 12,120,000
machinery, &c..l8,706,837 19,951,769 z Common stock._
400,000
400,000
Cash
2,303,120
2,604,086 Gold bonds
8,634,000
9,242,000
Notes & accts. rec.
288,358
174,624 Accounts payable.
80,712
58,498
Inventories
1,680,774
1,558,677 Amts. pay. to subs.
U. 8. Govt, secure.
513
35,000
company
Accts.
►
rec.
from
officers
Acer. tax. Int., &c.
Reserve
for
con¬
29,136
35,799
15,995
sub.&c.
17,580
Deferred charges..
22,278
288,046
123,376
1,464,863
38,527 Surplus
275,614
118,171
2,183,552
23,434
23,351
Sundry invests. &
deferred
tingencies
rec
a
Total
y
23,099,079 24.410.268
Total
23,099,079 24.410.268
After depreciation and depletion of $16,557,028 in 1935 and $15,435,362
z Represented by 400,000 no
par shares.—V. 142, p. 1131.
in 1934.
Pennsylvania RR. Regional System—Earnings—
[Excluding L. I. RR. and B. & E. RR.]
Month of January—
Railway operating revenues
Railway operating expenses
Railway tax accruals
Unemployment insurance
Equipment rents
Joint facility rents
1936
'
1935
$32,990,993 $29,090,158
25,167,883
21,974,201
1,646,100
1,568,282
159,899
522,646
566.906
190,648
125,799
cumulative
preferred stock, of
the hearing on the plan of reorganization proposed by the company, ac¬
ceptance or the plan should be in the hands of the trustees of the company
before that date.
The committee states that
no
cash payment either now or In the future
is
necessary in connection with acceptance of the plan.
Feb. 24 was
the last day on which subscriptions to the new securities were to be accepted,
unless the period be extended, for which provision is made in the plan.
Other members of the committee
are
John W.
Hanes and Edmund W.
Mudge.
George deB. Greene, 44 Wall St., is Secretary, and Ohadbourne,
Hunt, Jaeckel & Brown, counsel.—V. 142, p. 1301.
Price Bros.
Lehman Bros.
Invest, in and adv.
adv. to
Co.—Reorganization—
protective committee for the 7%
which Hunter S. Marston is Chairman, is notifying holders of such stock
that in view of the fact that the U. S. District Court has set March 5 for
yLand,
t
$42,422
JJ307
Deductions
$1,674,740
System—Earnings—
Period End. Dec. 31—
4,852
and acct. receivable.
Loss of non-consolidated
Valley Ry.—RFC Loan—
a
Prov. for doubtful notes
on
_
Interstate Commerce Commission for
loan from the Reconstruction Finance Corporation for $655,056.
Of this amount $222,618 would be used for additions and better¬
ments, $35,000 for new equipment, $329,500 for liquidation of mortgages
and $67,939 for interest.—V.,128, p. 3823.
1932
$5,024,800
Total surplus
1933
$158,491
28,538
22,026
The company has applied to the
approval of
Pennsylvania-Dixie Cement Corp. (& Subs.)—Earnings
Calendar Years—
Loss
1934
$191,204
56,666
59,158
1
63,773 shares held in treasury.—V. 141, p. 2747.
Net loss for year
1933
$50,030
225
334
Pittsburgh & West Virginia Ry.—Earnings.—
January—
Gross from railway
Net from railway
Net after rents..
—V. 142, p. 966.
111,053
11,950,736 11,989,494
Surplus balance at Jan. 1
Profit on purch. of bonds
Excess of par value over
cost of pref. stock red.
Reduction in stated value
1934
$61,229
10,007
15,760
1935
$61,394
5,642
9,245
—V. 142, p. 796.
After deducting $6,295,447 reserve for depreciation in 1935 and $6,028,013 in 1934.
y Represented by 370,000 no par shares after deducting
Interest charges
Taxes other than income
576.342
10.270
3,172
796.
Net from railway
Net after rents
x
less misc. income
Prov. for deprec. & depl.
*933
$905,573
108,482
140,603
Pittsburgh & Shawmut RR.—Earnings.—
Port Isabel & Rio Grande
Total
1934
$90,018
15,778
6,668
1935
$78,990
5,187
def3,849
211
222,363
5,518,139
1
1934
$1,101,216
116,166
182,264
Pittsburgh Shawmut & Northern RR.—Earnings.—
January—
Gross from railway—.
Net from railway
$
x
Good-will
1935
$1,182,816
187,688
247,221
—V. 142, p. 1301.
393,802
Reserves
Misoell. inv. & adv
1936
$1,383,745
127,439
191,259
January—
-
purch.
,
Pittsburgh & Lake Erie RR.—Earnings.—
January—
Gross from railway
Net from railway
185,699
Federal
inc. & other taxes
342,702
1,115,914 Due officers & di¬
rectors
2,315,112
25,000
784,700
secure.
Accts. & notes
Inventories
their annual meeting on March 3 will
of organization by reducing number of
other number as may be determined.—
$100,500 principal
at their principal
amount plus a premium of 3H%, at City Bank Farmers Trust Co., 22
William St., N. Y. City.—V. 141, p. 4175.
227,823
for
such
Pillsbury Flour Mills Co. (Del.) —Bonds Called—
160,724
expenses
1,078,246 Prov.
1,030,879
1934
$
703,418 Accounts payable.
700,000 Acer. gen. taxes &
munic.
securities
Advances
1934
$
981,193
1,500,000
at
articles
or
Net after rents
Consolidated Balance Sheet Dec. 31
Assets—
9
Net after rents
outstand¬
ing (no par)
Cash
the
to
Holders of 1st mtge. 20-year 6% gold bonds are being notified that there
Earns, per share on com.
$2.85
$3.80
$3.70
$2.29
x After
deducting maintenance and repairs of $170,247 in 1935 and
$161,820 in 1934, Federal processing taxes of $338,774 in 1935 and $350,390
$79,915 in
amending
directors from 11
V. 142, p. 966.
$915,820
791,754
'
Balance
Shs. common
by George A. Welsh in the Federal District Court, Philadelphia.
The
court order directs the special master to fix a date, not more than 20 days
from Feb. 26, for a hearing at which the legality and validity of the claims
shall be considered.—V. 142, p. 633.
have been drawn by lot for redemption on April 1 1936
amount of these bonds.
The bonds will be redeemed
173,194
Net income
Proofs of claims by the underlying companies must be submitted to
David Bachman, special master in the proceedings to reorganize the system
under the Federal Bankruptcy Act, according to an order signed Feb. 26
49,969
96,841
Approp.
tax
1936
29
Feb.
Philadelphia Rapid Transit Co.—Filing of Claims—
1933
•
"Write-down of
Chronicle
& Co., Ltd.—New Offer Made for Assets—
Reported in Group—$20,000,000 Involved—
Announcement was made Feb. 23 that a new offer had been submitted
for reorganization of the company.
The new proposal has the sponsorship of Interests allied closely with the
Duke Price Power Co., Ltd., now the Saguenay Power Co., Ltd., and pro¬
effect, to buy
of $20,000,000.
The present offer is
poses, in
all the Price assets for cash, it is understood, in excess
reaching those concerned through a newly organized
company, Pacona, Ltd., of which Aime Geoffrion of Montreal, is President.
Tne commitments are made, it Is indicated, by Aluminium, Ltd. (which
is largely interested in Duke Proce Power), and by Lehman Brothers, New
York.
The
plan contemplates paying off bondholders in full, principal as
The cash payment for the principal amount of the bonds
it is said, and four years' arrears of interest
(as of Feb. 1), a sum of about $2,650,000, or a total payment to the bond¬
holders in cash of approximately $13,700,000.
It is understood that the
well
as
new
interest.
would involve $11,061,600,
offer will be taken under consideration
byjthe bondholders protective com¬
mittee.
The offer has also been forwarded to Gordon W.
Scott, trustee
Net operating income
$5,303,817
Earnings of
January—
1936
Gross from railway
Net from railway
Net after rents
—Y. 142, p. 1131.
Pere
$4,854,970
Company Only
1935
1934
^^"
1933
$32,921,236 $29,040,067 $27,221,778 $24,242,155
7,846,299
7,116,033
7,093,755
5,992,921
5.334,211
4,862.610
4,667,321
3,517,359
Operating
1936
Net operatmg revenue-
$2,268,488
351,299
118,214
Gross income
Deductions
Net income
$409,171
304,114
$178,552
Non-operating income
573,718
316,490
92,681
$469,512
290,961
Net railway operating income
—V. 142, p.
1935
$2,547,992
617,115
revenues
$105,057
/9o.
Perfection Stove Co.—Dividend Increased—
The directors have declared
dividend
of 37 H cents per share on the
common stock, par $25, payable March 31 to holders of record March
20.
This compares with 30 cents paid each three months previously.
In
addition an extra dividend of $1 per share was paid on Dec. 31 1933.—
V. 140, p. 809.
a
bankruptcy.
No reference is made in the offer to the position of the holders of the
preferred and common stock.
There would seem to be no sum included in
the offer for holders of such stocks and no
provision appears to be made
in the offer itself for any shareholders by way of bonus or
subscription rights.
as summarized by Mr. Scott, has the following provisions:
(1) Bondholders to be paid in Canadian currency the par value of their
bonds, plus unpaid and accrued interest.
(2) Expenses of the bondholders commitee to be paid up to a specified
The plan,
maximum.
Marquette Ry.—Earnings—
Month of January—
in
,
(3) Provision is made for satisfaction of claim of Saguenay Power Co.
(formerly Duke-Price Power Co.) by Pacona, Ltd., and assumption by
that company of contracts between Price Bros, and
Saguenay Power Co.,
Ltd., Roberval & Saguenay Ry. and Saguenay Terminals, Ltd.
(4) Trustee is offered $1,692,325 for all the property and assets of the
bankrupt company except as specifically excluded by the terms of the offer.
The trustee points out that known liabilities not
otherwise provided for
amount to $1,367,325, claims before the court for
adjudication amount to
$23,088 and estimated provision for fees of trustee, &c., is $130,000, or a
total of $1,520,413.
This would leave a balance of $171,912.
Mr. Scott says: "To the extent that the claim of Price
Realty Co. may
exceed $171,912 there would appear to be insufficient to
pay creditors 100
on the dollar.
No provision is made for the assumption
by Pacona,
Ltd., of the lease between the bankrupt company and Price Realty Co.
(5) Provision is made by Pacona, Ltd., for assumption and discharge of
cents
all bank loans and other current liabilities incurred in the
carrying on of
operations by the trustee andl also the various taxes and transfer bonuses,
other than the levy referred to in Section 126-A of the
Bankruptcy Act.
—V. 141, p. 2288.
Financial
Volume 142
1483
Chronicle
in cash.
In the case of RKO, a banking group
cash for one-half of its holdings in RKO together
Quaker Oats Co.—$1 Extra Dividend—
dividend of $1 per share in addition
to the regular quarterly dividend of like amount on the
common stock,
no par value, both payable April 15 to holders of record April 1.
Similar
extras were paid on Oct. 15 and April 15 1935, Oct. 15 and April 16 1934,
and on April 15 1933, while on April 15 1931 and 1932 an extra dividend
of $3 per share was paid.
The directors have declared an extra
1934
1933
xl932
$6,988,690
1,073,752
$5,845,504*
1,069,890
$5,258,312
1935
Oonsol.earns, fromoper. $6,032,520
Depreciation
1,070,110
Consolidated net
1.119,053
$4,139,259
$4,775,614
$5,914,937
396,704
560,573
777,679
Net income
$5,220,913
Fed. & foreign inc. taxes
668,411
$6,311,641
832,686
$5,336,187
892,083
$4,916,938
619,807
$5,478,956
$4,444,104
$4,297,131
Adjustment
$4,552,502
year..
deprec.
of
charges of prior
years
less related adjustm'ts
Adjust, to market of se¬
curities A
Cr481,872
'
——
foreign net
„
_
0914,539
0149,237
0691,500
Dr45,329
current assets
060,615
0599,650
Surplus reserves
Dr44,965 Drl.023,808
Surplus at begin, of year 17.449,678
17,666,288
17,147,430
17,755,877
$22,499,702 $22,721,085 $22,237,704
Gross surplus
$23,116,784
Special cash div. on com¬
mon stock, paid out of
_
the prev.surp. balance
Preferred dividends
Common dividends
699,553
1,073,652
1,399,106
1,399,106
1,074,089
2,798,212
1,074,291
2,798,212
Surplus at end of year$17,228,093 $17,449,679
Earns.persh.on702,000
shs. com. stk. (no par)
$4.95
$6.27
Revised to conform to classification for
x
"After consideration of numerous plans for recapitalization, the directors
Joseph P. Kennedy, former Chairman of the Securities and Ex¬
change Commission, to make a study of the corporation's capitalization,
to examine various plans for its revision, and to submit his recommenda¬
tions.
"As
result of the work of Mr. Kennedy and a special committee
a
2,798,212
?»098»659
1,072,484
2,798,212
$17,666,288 $17,147,430
1936.
corporation, and the exchange of shares of 'B' preferred stock with accrued
a new preferred stock and of common stock.
Stock¬
holders will have an opportunity to consider and take action on the proposed
plan at a special meeting to be held on April 7 1936, the date of the annual
meeting of stockholders.
[The plan was outlined in "Chronicle" of Feb.
15, p. 1133.]
"The benefits of the plan to the holders of common stock will result from
the elimination of all dividend arrears on the 4B* preferred stock (which at
the end of March will exceed $17,000,000) and a reduction in annual charges
ahead of the common stock or more than $2,000,000, assuming the exchange
of all 'B' preferred stock.
Without a revision of the capital structure, all
of these charges would have to continue as charges ahead of common stock.
In return for these advantages, the holders of common stock are asked to
authorize an immediate increase of less than 6% in the number of outstand¬
ing shares, and, upon conversion of all the first preferred stock, a further
increase of about 35%.
Such conversion would, however, eliminate the
first preferred stock and thereby make the holders of common stock the sole
owners of all the assets and earnings of the corporation.
"The directors and officers believe that the plan fully recognizes the rights
of each class of shareholders and at the same time strengthens the capital
structure of the corporation.
They therefore recommend its approval
by stockholders."
dividends for shares of
Consolidated Income Statement Years Ended Dec. 31
-0
$4.80
$4.58
[Company and Subsidiaries]
1933.
1932
1933
1934
1935
$
Consolidated Balance Sheet Dec. 31
4,742,436
3,800,415
Accounts
& other
3,399,380
3,335,491
Inventories ot
x
grain, materials,
products, & sup¬
plies
10,464,460 16.475,727
Govt, securities. 14,901,510
8,904,143
State, county &
municipal secure 1,117,545
Stock
purchase
other
ital
972,000
972,000
2,250,000
2,050,304
stock
for insurance
Res.
other
426,247
51,259
2,679,276
...
17,228,093 17,449.679
prepaid expenses
69,266,538
502,002
3,138,339
525,000
270,000
805,850
58,678,211
62,285,241
1,206,664
4,402,823
600,000
600,000
310,000
899,800
Net
income
for
5,126,873
b6,244,127
10,771,150 16,078,913
Cash..
rights, patents &
10,377,522 10,182,521
Total
01,884,938 62,120,808
61,884,938 62,120,808
Total
After depreciation reserve of $12,129,755 in 1935 and $13,104,028 in 1934.
z Represented by 702,000 no par
shares.—V. 141, p. 1452.
At cost
x
or
at market if lower,
Quebec Power Co.
Calendar Years—
Gross inc.fr. all sources.
y
Earnings—
1935
$2,730,611
Oper. A maint. expense.
Int. on bonds and debs..
1,115,361
608,532
350,000
63,000
Depreciation
Contingent reserve
1932
1933
1934
$2,825,561
1,237,899
586,782
250,000
$2,832,981
1,147,267
608,532
350,000
$3,109,298
1,244,070
611,268
$750,882
553,198
$1,003,960
763,413
250.000
on common
stock-
$40,520
311,015
$119,984
275,773
150,000
$197,684
223,064
$240,547
206,555
$351,535-
Divs.
$673,182
$545,756
150,000
$420,748
105,000
$447,102
140,000
$395,756
553,198
$1.32
$315,748
553,198
$1.36
$307,102
553,198
-
General reserves trans..
194,262
10,312,336
x
Profit & loss surplusi
Shs.
com.
outst.
(no par)
Earns, per sh. on com—
x
$351,535
553,198
$1.07
553,198
$1.81
Subject to deduction for income tax.
Balance Sheet Dec. 31
1935
$
Assets—
154,018
525,000
Cash
Call
loan
Accts. receivable..
322,567
210,078
Inventories
Properties, Ao
21,220,713
Subs, securities... 7.115,484
69,032
Deferred charges..
1935
1934
$
1934
$
Liabilities—
$
13,394,950 13,394,950
Bonds
8,422,500
8,422,500
Debentures
3,748,133
3,748,133
Consumers* depos.
84,532
87,311
188,662
134,921
21,147,953 Accounts payable.
82,817
77,007
7,107,184 Accrued interest.
138,300
138,300
44,409 Dividends payable
Deprec. and other
reserves
3,262,236
2,839,806
x Surplus
395,756
351,535
112,553
350,000
314,573
218,782
y
Capital stock
_
...
Total
29,616,892 29,295,455
Subject to income tax deduction.
-V. 141, p. 3391.
x
378,604
30,995,007
32,302,928
31,818~321
29,416,671
8,473,310
30,662,388
8,663,211
31,977,524
8,468,443
31,164,480
5,317,467
503,063
maturing after 1936..
Investments
b
Factories, radio
munication
&
677,065
633,134
551,117
com¬
broad¬
casting stations, ware¬
houses, service shops,
offices, &c., I'd, bldgs.
&
equip, in oper. and
construction
Pats., contr., Ac.,less res.
Taxes, ins., &c., paid in
Total
.,...102,506.219 112,539.981
i1
Total
y
29,016,892 29,295,455
553,198 shares of no par value.
of America—Annual Report—
1935 shows that the corporation's net profit for
the year 1935 was $5,126,873.
This compares with a net profit or $4,249,264 for 1934, representing an increase of $877,609.
Each quarter of 1935
showed a gain over the corresponding quarter of the previous year.
N> "During the year," the report states, "RCA redeemed all its outstand¬
ing debentures, amounting to $4,255,000 (of which $255,000 was included
in current liabilities at Dec. 31 1934), thereby effecting an annual saving in
interest charges.
Also during the year the amount of $5,812,990 was paid
in 'A' preferred dividends, covering arrears to Dec. 31 1934, and the regular
payments for the first three quarters of 1935.
The fourth quarterly pay¬
ment was made on Jan. 1 1936.
The corporation reduced its notes and
contracts payable after 1935 in amount of $1,020,000, thereby effecting
a further saving in interest
charges.
The total of these cash payments
amounted to $11,087,990.
"No dividends were paid in the year on the 'B- preferred stock and the
accrued dividends on this stock at the end of March 1936 will exceed $17,-
Although the earnings for 1935 reflected substantial improve¬
1934, they were still short of meeting the full dividend require¬
ments on the 'B' preferred stock.
►' "During
the fall of 1935, RCA sold its entire holdings in Electric &
Musical Industries, Ltd. (E. M. I.) and one-half its holdings in RadioKeith-Orpheum Corp. (RKO).
The sale of the E. M. I. holdings was
furthered by the desire of the British company to follow the current trend
toward the repatriation of British industry.
This sale realized $10,225,917
6,913,283
Debentures
Notes & contracts pay'le
after 1935
Notes pay. (due 1937)..
Serial
notes
(maturing
530,463
553,572
Res. for spec, cont., Ac.
2,358,346
General reserves
6,965,495
24,779,870
7% A pref. stock
c $5 B pref. stock—...
16,422,612
d Common stock
26,260,624
Surplus (all earned)—. 12,401,099
4,651,898
3,703,000
4,255,000
3,740,000
4,255.000
1,170,000
530,463
2,700,000
431,137
917,000
6,765,763
3.664,000
4,000,000
8,186,001
_
Mtge. pay.—due Mar.
25 1936
Pref. "A" divs. pay
530,463
530",463
654,135
3,183,883
12,931,765
24,779,870
16,430,709
26,261,380
9,269,091
624,488
3,111,282
12,931,764
24,779,870
16,430,709
26,261,380
9,851,184
610,337
$50,000 annually)
2,336,072
12,325,512
24,779,870
16,430,709
26,261,380
13,518,354
102,506,219 112,539,981
Total
108,765,059 107,168,039
b After reserves of $53,927,730 in 1935, $53,496,452
$59,376,548 in 1933 and $55,886,925 in 1932.
c Represented by
766,897 no par shares in 1935 and 767,275 shares in 1932, 1933 and 1934
(redemption value $100 per share),
d Represented by 13,130,312 no par
shares in 1935 and 13,130,690 in the years 1932, 1933 and 1934.
© At cost.
—V. 142, p. 1133.
Market value,
a
In 1934,
Reading Co.—Earnings.—
1934
1935
1936
January—
Gross from railway
Net from railway.
1933
$4,825,491
1,361,273
$4,606,693
1,176,249
$4,985,098
1,873,636
$3,864,843
908,049
1,041,834
887,843
1,426.700
652,008
Net after rents..
Radio Corp,
The annual report for
108,765,059 107.168,039
Liabilities—
Mtgs. & bldg. loans pay.
Transferred to reserves.
$
25,555,458
a274,679
7,971,615
4,514,901
Notes & accts. receivable
Accts. pay. & accruals.
Surplus
Surplus from prev. year-
1932
13,149,483
a7,396,274
8,233,939
6,603,336
advance
54,000
$593,718
553,198
1933
$
15,073,921
e8,605,537
8,784,281
8,699,967
31,474,065
Marketable securities
el,999,242
Notes & accts. receivable
9,803,994
Inventories
10,329,277
Trade-marks,trade
1934
$
1935
$
Assets—
good-will
1,476,605
582,094
approximately $750,000 received from settlement of royalty
b Includes $4,519,611 cumulative arrears
Consolidated Balance Sheet Dec. 31
and
equipment
def582,094 defll33,586
343,019
claims applicable to prior years,
to Dec. 31 1934.
Land, buildings,
machinery,
4,249,264
I,117,254sur4,249,264
Includes
a
242,445
3,394,932
600,000
year,
transferred to surp.
on A pref. stock..
Divs.
Deficit
Insurance A other
y
67,361,142
Amortization of patents.
Amortization of good-will
425,989
Mia cell, lnvestm'ts
62,333,496
•
78,885,740
391,178
3,015,309
exps_.
Depreciation
2,634,308
6% pref. stock
18,000,000 18,000,000
z Common stock..15,210,000
15,210,000
70,520
101,767
413,409
administrative
Interest
Stock
owned subs
78,756,994
89,228,898
sources
Cost of sales, gen. oper.,
415,804
70,520
employees)
of partially
66,168,756
1,192,386
Prov. for Fed. inc. taxes
con¬
Surplus
(for
61,661,110
772,386
from
inc.
gross
87,646,620 a77,303,112
1,582,278
1,453,882
development, selling A
able after Dec.31
tingencies
255,872
155.404
1,500,354
shrinkage
2,250,000
Res .for advertising 2,050,309
A
cap¬
Total
all
1,486,623
Res. for inventory
Indebted
Company's
x
2,054,164
Divs .declared, pay¬
and
ol employ's
ness
1,067,676
%
Gross inc. from oper
Other income
accrued
liabilities
x
x
payable. 2,008,645
1934
income taxes
Fed.
receiv'le
(less reserves)..
$
Liabilities—
$
$
Assets—
Accounts
1935
1934
1935
Cash
of
a plan of recapitalization was approved by the board on Jan. 31
This plan contemplates the use of the proceeds from the recent sales
of capital assets for the purpose of retiring a part of the capital stock of the
directors,
earn-
ings from operations $4,962,410
Interest & divs. received
258,503
Net income for
continues:
retained
Calendar Years
Consolidated, Income Account for
paid RCA $5,000,000 in
with an option on the re¬
$6,000,000, until Dec. 311937, subject to possible adjustment.
The report states that the improvement in the corporation's cash position
and earnings in 1935 provided a new approach to the study of plans for a
revision of the corporation's capital structure, instituted in 1934, and
mainder at
—V. 142, p. 634.
Remington Rand, Inc.—Change in Record Date—
At the request ot the New
York Stock Exchange the directors have author¬
change in the record date of common stockholders entitled to sub¬
20-year 4 H% debentures offered in the company's prospectus
of Feb. 19 1936 to March 6 1936 from Feb. 15.—V. 142, p. 1302.
ized
a
scribe to the
Renfrew
(Ont.) Industries, Ltd.—Voluntary Assignment
A voluntary assignment
has been made by the company according to
papers filed in the office of the local master of the Supreme Court of Ontario.
H. W. Steele of Ottawa was appointed custodian or the assets of the com¬
pany—Y. 137,
p.
Richmond
3338.
Fredericksburg & Potomac RR.
000,000.
1935
$528,242
52,769
942
Earnings.
1933
1934
$543,182
121,100
47,003
Net after rents
ment over
1936
$603,686
81,480
3,614
January—
Gross from railway
Net from railway
$560,744
151,099
65,705
—V. 142, p. 797.
Ritz-Carlton Restaurant &
Hotel, Co.
Atlantic
—Report—
The real estate bondholders
Chairman) in
City
_
a
Roosevelt,
bonds states:
protective committee (George E.
report to depositors of
first mortgage 6% gold
1484
Financial
Under date of Oct. 30
1934, the committee reported to depositors on the
operation of the Ritz-Carlton Hotel for the
operating season of 1934, the
financial problems
confronting the property, and the leasing of the hotel
to William Malamut.
A report of operations for the first
year under the lease has been furnished
the committee.
The report shows that the lessee made all
payments pro¬
vided for under the lease.
These included two $15,000 payments on
account of past due accounts of the trustee's
trade
creditors, thereby
re¬
ducing these outstanding claims by 30%; payment on account of past due
real taxes in an amount
approximately equal to taxes for the year 1935;
and payment of additional rental
equal to 20% of the gross receipts of the
hotel in excess of $250,000 for the four summer months
and 10% of the gross
receipts of the Ritz Garden.
Substantially all of this additional
rental,
amounting to $14,221, has been used for the payment of current insurance
premiums and non-recurring items incurred
prior to the execution of the
lease.
The committee is informed that reai estate taxes
presently unpaid amount
$175,463.
These taxes are for a part of the year 1931 and for the
years
1932 to 1935, inclusive.
The following figures show the
improvement in operations in 1935:
1933
1934
1935
Net income available for trust estate
after prov. for taxes and insurance.
Chronicle
loss$50,076
Ioss$15,449
$21,577
Riverside Silk Mills, Ltd.—50-Cent Accumulated Div.—
The directors have declared a dividend of
50 cents per share
of accumulations on the $2 cumulative class A
stock,
on
account
no par vaiue,
payable
paid on
April 1 to holders of record March 14.
A similar dividend was
Jan. 2 last. Oct. 1, July 2 and
April 1 1935, as against 25 cents per share
paid on Jan. 2 1935.
On Oct. 1, July 3 and April 2 1934
50 cents per
share was distributed.
Payments of 25 cents per share were made
quarterly
from and including July 2 1932 to Jan. 2
1934.
Prior to July 2 1932 regular
quarterly dividends of 50 cents per share were paid.—V.
,
141,
Rutland
p.
3701.
1936
$240,759
def22,220
def31,206
_____
Net after rents.
—V. 142, p. 1303.
1935
1934
$251,966
def24,969
def38,235
reorganization.
$244,557
def3,750
defl3,119
|
have deciared a dividend of $1
per share on the capital
value, payable April 1 to holders of record March 14.
Similar
made on Dec. 23, July 1 and
April 1 1935, Dec. 22, Aug.
15 and April 2 1934, and on Dec.
23, Sept. 15 and May 15 1933.—V. 141,
p.3549.
no par
St.
a
Kansas City Memphis 6c Birmingham RR. Bonds
By an order entered Feb. 18 by the U. S. District Court for the Eastern
District of Missouri, Eastern
Division, the trustees reorganization of
St. Louis-San Francisco
Railway Co., a Missouri corporation, debtor,
No. 7004, were authorized to
pay interest which accrued on and prior to
Sept. 1 1935, and which remains unpaid, on the general
mortgage 4%
bonds and the income 5% bonds of Kansas
City, Memphis & Birmingham
RR., as follows:
On general mortgage
4% bonds interest aggregating
$199,380
On income 5% bonds interest
aggregating
268,954
Total
$468,334
Pursuant to the order, the trustees will
pay interest on the bonds at the
of C. W. Michel, Eastern Representative for the
trustees,
120
Broadway, N. Y. City, on and after March 2, but only upon presentation
office
of such bonds
so that an appropriate endorsement
may be stamped thereon
payment of such interest, in amounts as follows:
(1) On the
general mortgage 4% bonds:
$30 on each $500 bond, $60 on each $1,000
bond; (2) On assented income 5% bonds, $37.50 on each $500 bond,
$75 on each $1,000 bond, (3) On income 5% bonds
(unassented):
The face
indicating the
amount of coupon matured
Sept. 1 1934, i.e. $16.67 on each $500 bond and
$33.33 on each $1,000 bond, (coupons to
accompany the bonds) and in
addition thereto, $25 on each $500 bond and $50 on each
$1,000 bond.
Earnings
System
of
Month of January—
Operating revenue
Operating expenses
Net railway operating income
1936
$3,813,425
3,222,296
*333,310
20,348
income
Deductions
Balance available for interest, &c
$345,710 def$154,922
After charges of $19,676 for accruals for Federal social
security and
State unemployment Acts.
Other expenses Jan. 1935 include $72,156 for accrued
company contribu¬
tions under Railroad Retirement Act of 1934.—V.
142,
were
Calendar Years—
Gross sales
'
,
1935
$2,762,095
Selling, general and administrative expensesCapital stock and miscellaneous other taxes..
$2,764,431
429,293
450,803
30,558
14,362
$2,280,733
Other income.
$2,320,776
81,929
49,521
$2,330,255
324,473
1,072,013
303,009
100,000
35,502
9,034
Interest and expense on bonds and notes.
Depletion
Obsolescence of the Doe Run Mill.
Federal income taxes
Abandoned leases written-off
1303.
The
directors on Feb. 26 declared an initial
quarterly dividend of $1.37 Vi
share on the 5>£% cumulative preferred stock, par
$100, payable
April 1 to holders of record March 16.—V. 142, p. 634.
1934
$15,286,698 $14,333,442
12,524,603
11,569,011
Gross profit from operations
p.
Schenley Distillers Corp.—Initial Preferred Dividend—
per
Joseph Lead Co. (& Subs.)—Earnings—
Cost of sales
1935
$3,145,950
3,044,694
defl80,161
30,579
$353,659 def$149,581
7,948
5,340
*
The directors
distributions
on
Total income
Safety Car Heating & Lighting Co.—$1 Dividend—
stock,
Interest
*
1933
$270,286
defl6,412
def29,601
Ry.—Extension Granted—
Federal Judge George H. Moore at St. Louis has
granted the application
a six-months' extension from Feb. 27 in
Other
RR.—Earnings.—
January—
Gross from railway
Net from railway
1936
29
of trustees of the
company for
which to prepare a plan of
to
—V. 138, p. 3238.—•
Feb.
St. Louis-San Francisco
$2,402,705
465,796
1,121,960
1,476,607
78,862
71,997
Seaboard Air Line
January—
from railway
Gross
Net from railway
Net after rents
Ry.—Earnings.—
1936
1935
1934
1933
$3,193,739
455,177
63,582
$2,868,675
388,288
51,559
$3,253,399
782,737
374,940
$2,917,228
570,495
197,835
—V. 142, p. 798.
Seaboard Oil Co. of Del.—Extra Dividend—
The directors have declared an extra dividend of
10 cents per share in
addition to the regular quarterly dividend of 15 cents
per share on the com¬
mon stock, no par value, both
payable March 14 to holders of record Feb. 29.
Like amounts were distributed in each of the nine
preceding quarters.
—V. 141, p. 2749.
Segal Lock & Hardware Co.—Outlook Better—
Louis Segal, President, is quoted as follows:
"The construction industry generally shows
all branches, and the outlook is
marked
improvement
in
eminently better.
$486,222 loss$812,518
22
16
$486,200 loss$812,534
782,269
586,701
Cash dividends paid.
Balance, deficit
$269,069
$1,399,235
Note—The provision for depletion for the
year ended Dec. 31 1935,
amounting to $303,009 is $1,092,032 less than would have
resulted from
computations
on
the basis used prior to Jan.
1
1935.
Including royalty earnings of $18,964 in 1935 and $34,757 in 1934.
Production in Tons (St. Joseph Lead Co. and
a
'
Subsidiaries)
Ore Mined
N. Y. tfe Mo.
Year-
1935
Lead
3,382,403
3,269,864
2,652,944
3,233,172
1934
1933
1932
19314,465,794
1930
5,999,813
5,750,412
4,833,194
1929
1928
Pig Lead
Zinc
Equivalent Concentrates
Concentrates
133,044
124,240
114,651
92,611
86,060
78,248
147,242
196,481
243,614
245,958
204,181
99,242
131,586
164,886
165,114
137,673
16,898
17,017
31,498
42,554
29,848
23,257
\
Note—In previous years the lead and zinc
content of the respective con¬
has been shown, whereas in the above
table the estimated re¬
"Slab Zinc Equivalent."
City; University Housing Project, Atlanta; Cedar Central and Outhwaite
Housing Projects, Cleveland; Penn Theater, Washington, D. C., two
barracks, U. S. Naval Air Base, Pensacola, and five buildings U. S. Vet¬
erans
Administration Facility, Waco."—V. 141, p. 2904.
Senior Securities,
headings "Pig Lead Equivalent" and
Sharon Steel Hoop Co.—Stockholders
Name and
1935
gestions presented to them last December. The measures
approved by stock¬
holders include changing the name from Sharon Steel
Hoop Co. to Sharon
Steel Corp., changing articles of incorporation so as to
legally provide the
company a more flexible working scope and refunding the
$5,328,000 5H %
bonds, due 1948, by issuing $2,000,000 4J^% convertible, debentures and
40,000 shares of 5% convertible preferred stock.
Proceeds in excess of that necessary to refund the first
mortgage bonds
will be available for any future
expansion or for other corporate purposes
as directors
may decide.
The
a
1934
$
$
1935
Ore reserves and
mineral rights..
c
7,706,888
7,985,374
derground equip. 1,351,601
b L'd, bldgs., plant
1,398,741
b Shafts
and
un¬
and
equipment- 8,596,569
constr'n (cost
Ry.
being refunded).
Investm'ts & adv.
Special
deposit.__
Cash
150,410
3,329,329
9,673,419
166,835
municipal
1,441,786
(trade)
Notes
rec,
428
subsidiary co.
513
Long term indebt. 5,500,000
Redemption acct.
15,447
Accts. pay. (trade)
828,443
Wages payable-_.
60,114
490
taxes
income
3,361,438
984,344
rec.
Deferred
235
Due from subs, not
consolidated
2,945
12,708
73,333
73,273
80,968
1,417,725
5,274,053
466,761
86,764
1,154,758
6,111,202
384,963
taxes)__
Earned surplus
Revaluation of
394,982
notes
and
accts.
32,474
Deferred charges
__
Total
342,071
33,205,348 36,701,468
Total
33,205,348 36,701,468
a After
reserves
for -depletion.
b After
reserve
for
depreciation,
Represented by 1,955,674 shares, $10 par, in 1935 after
deducting 41,127
shares held in treasury and 1,955,671
shares, $10 par, in 1934 after deducting
41,127 shares held in treasury.—V. 141, p. 934.
c
St. Louis Southwestern
$214,641
268,390
$44,849
stock
is
500,000 shares of common, of
The company has filed a registration statement with
the Securities and
debentures and 40,000 shares of $5 convertible cumulative
preferred stock, with no par value.
The statement also covers an un¬
named number of shares of no par common stock to be reserved
for issuance
upon conversion of the debentures and the preferred
stock; also an un¬
named amount of common stock scrip to be
deliverable upon conversion
in lieu of fractional shares.
tal
Proceeds from the sale of the debentures and the $5
preferred stock are
be used to redeem $5,328,000 of series A bonds at 103 and int.
The
redemption price of these bonds, exclusive of accrued interest, is
$5,487,840.
The balance of the proceeds not required for the
redemption
is to be used for other
corporate purposes.—V. 142, p. 472.
total
The report discloses net assets at Dec. 31 1935 of
$28,466,368, equivalent
to an indicated asset value for the
optional $3 convertible preference stock
at said date of
approximately $66.06 per share. This compares with $20.75
per share reported at Dec. 31 1934.
The management estimates that at the close of business
Feb. 17 1936,
the net assets were equivalent to
approximately $75.59 per share of $3
preference stock and that, after allowing for net assets applicable to such
preference stock, the common stock had an indicated asset value of
approxi¬
mately 51 cents per share.
$53,748
[Including Wholly-Owned Subsidiary]
1935
Cash dividends
Interest
Third Week of Feb.—
1936
1935
$285,432
Jan. ] to Feb. 21
1936
1935
$2,374,500
$2,161,276
1934
Expenses
Net income
1933
1932^
$244,992
143,318
$189,412
21,346
y$234,966
8,293
y$409,514
1,783
$388,310
$210,758
$243,259
105,730
7,168
84,028
6,394
127,454
$411,297
28,875
90,441
25,202
$275,412
$120,336
$115,804
Interest
Taxes
Net deficit
$7,-
Exchange Commission seeking the issuance of $2,000,000 15-year 4H%
Total cash income
Gross income
Deductions
$359,400
of
common
Would Sell Bonds and Slock—
1935
$1,245,265
375,894
208,875
5,766
$213,748
258,598
from railway operations
railway operating income
Non-operating income
revenue
Period—
indebtedness
Income Account for Calendar Years
1936
$1,375,964
414,211
207,071
6,677
Net
Gross earnings
—Y. 142, p. 1303.
additional
dividends.
The present authorized capital
which 375,000 are outstanding.
Ry. Lines—Earnings—
Month of January—
Railway operating revenues—
Net
for
Shenandoah Corp.—Annual Report—
1,504,748
41,698
172,104
Cash In closed bks.
provides
to
ore
45,728
6,376,024
Other
authorization
000,000, 70,000 shares of preferred stock and 1,000,000 shares of
convertible
54,869
receivable
44,141
Inventories
6,986,366
Materials & suppl. 1,426,968
60,658
entire
stock and reduction of the stated
capital from $9,875,000 to $3,750,000.
This action was taken for purpose of
eliminating the present deficit, so that
future earnings may, if approved by the
board, be applied to payment of
795*379
(inch
credits._
reserves
8,000,000
on
Reserves
(empl.)
19,556,710
398
in
notes and bonds
526,616
secur.
Capital stock —19,556,740
1,746,158 Acer,
Federal, State and
Notes & accts.
$
Scrip outstanding.
Minority
interest
3,019,783 Accrued interest
15,447
1,421,702
1934
$
Liabilities—
Approve Change in
Refunding Proposals—
The stockholders on Feb. 27 approved the plans of directors
for further
strengthening the position of the company by voting favorably on several sug¬
Consolidated Balance Sheet Bee. 31
Asseis—
Inc.—Pays Second Liquidating Div.—
The company paid a
liquidating dividend of $14 per share on its capital
stock, no par value, on Feb. 29.
This was the second payment made on
the issue, a disbursement of $12.50
per share having been made on Dec. 28
1935.—V. 142, p. 472.
Slab Zinc
Equivalent
22,857
22,389
47,214
46,353
34,741
34,677
63,348
86,795
60,475
45,928
centrates
coverable metal is set forth under the
"Contracts closed by the corporation include the U. S. Post Office Build¬
ing, Atlantic City: Harlem Health Center and Rialto Theater, New York
__t
$266,778
y Stock dividends received during 1933 of a value of $33,197 at Dec. 31
1933 market (1932, $182,290), are not incl. in
income, having been applied
in reduction of book value of investments.
•
Financial
Volume 142
Consolidated Balance Sheet Dec. 31
1935
Assets—
$
Cash In banks
from
Due
143,272
......
&
rec.
accrued expenses
and provision for
Prov. for contlng.
50,293
199,929
market
Cum.
erence
Common stocks. 17,227,945
10,773,450 al3123,000
stock
5,897,431
5,897,431
Il,795,487df8,130,606
(par $1)
376,130
385,238
6,331,342
c7,016,637
Preferred stocks 2,321,170
notes
19,058
$3
stock
b Common
Bonds
Surplus
rec.
Pow. & Lt. Corp
in
&
Blue
Ridge
Effective Dec.
(84.52%
common
3,398,723
2,846
stock).
3,323
expenses.
.28,584,103 10,908,883
Total..
28,584,103 10,908,883
Total
$25 per share, entitled in liquidation to $55 per
share, authorized 1,000,000 snares, issued and outstanding 430,938 shares,
at par of $25 per share.
Cumulative dividends on preference stock in
arrears since Aug. 1 1931.
b Common stock reserved for (a) conversion of
preference stock 646,407 shares, (b) dividends on preference stock 938,970
shares (maximum annual requirement 53,867 shares),
c Includes notes,
d Before consolidation with subsidiary Blue Ridge Corp.—V. 141, p. 3874.
Series of 1929,
a
par
Sharon Steel
South
Corp.—New Name—
Penn
Extra
Div.—Smaller
ciation and obsolescence
1934.
for
dividend of 12 H cents per share
dividend of 37 H cents per share on the capital
The directors have declared an extra
in addition to a quarterly
dividend of 40 cents per share was paid on Dec. 28
record March 16.
A
last as against 35 cents
paid on Sept. 30 1935: 30 cents paid each three months from March 311934
to and including June 29 1935; 25 cents on Dec. 30 1933; 20 cents on Sept. 30
and June 30 1933, and 25 cents per share each quarter from March 31 1931
to March 31 1933 inclusive.—V. 141, p. 3550.
Telephone & Telegraph Co.- Earnings
1935
1936
of January—
$4,661,754
12,362
3,143,391
575,841
Net operating income.
$4,331,150
$930,160
Operating revenues.
Uncollectible operating revenue
Operating expenses
Operating taxes
Jan.
1
was
reserve
$923,971
12,518
2,856,724
537,937
National
Corp.-
-Distribution
to
Debenture
Holders—
corporation filed a certificate of dissolution in Delaware,
approximately $530,000, and the only claim filed is that of the
15-year 6% debentures (Bank of New York & Trust Co.)
in the total amount of $1,685,223.39 which includes:
(a)The sum of $1,680,077.56 on account of the outstanding debentures and
interest, and (b) the sum of $5,145.83 on account of the compensation and
expenses of the trustee.
This claim was allowed in its entirety.
In order to permit an immediate distribution to the debenturehoiders, the
receiver has paid to the trustee $507,505.83, which will permit a payment of
$380 for each $1,000 debenture and also cover its compensation and
expenses.
It is expected that, upon the termination of the receivership,
there will be a small additional distribution to be made to the debentureamount to
trustee of the
holders.
In order to permit distributions
to be made, debenturehoiders are
requested to deliver or forward to the trustee the debentures (with the
March 15 1932 and all subsequent coupons attached), accompanied by
letter of transmittal.
Upon receipt thereof, the trustee will mail a check
for the initial distribution and will also send a check for the final distribu¬
tion when the funds are available.
Upon such final distribution being made,
the debentures and coupons will be canceled.—V. 141, p. 3238.
Oct. 1
panies in stocks and bonds, together with the unamortized discount thereon,
of affiliated companies included in the consolidated statement, and from the
liability side the par value of such stocks and bonds. The difference between
the eliminations on the asset and liability sides is reported against "excess
of inter-company liabilities over assets eliminated" appearing just above
"corporate surplus."
Average miles of road
1932
1933
1934
13,713
13,555
13,292
13,221
Passenger Traffic—
No. rail pass,
carried...
Rail pass. carr. 1 mile...
Av.rec. per pass, per
mi.
9,258,696
8,897,832
1,213,309,271 1,058,697,538
1,592 cts.
1,628 cts.
7,920,862
8,351,190
894,840,501 1,021,241,829
1,816 cts.
1,976 cts.
Hale Holder),
income
of
Pacific
Co .—Preliminary
Chairman,
Southern
says
Pacific
Annual
Report—
freight—
Tons car. 1 m. all
Av. p. ton p. m. rev.
Net tons p.
Income Account
Lines
Pacific
Southern
(Southern
for Calendar Years
Pac.
$
$
6,920,084
9,595,553
Mall and express
All other oper. revs
Total ry. oper. revs.
..
,aint. of way & struc
M aint. of equipment
Traffic
Transportation
All other oper. exps
Total ry. oper. exps..
Netrevs.fr. ry. oper....
Railway tax accruals.
_.
revenue
Joint
1932
1933
99,033,168
17,713,646
7,236,144
5,878,003
105,997,944
21,900,480
7,997,378
6,701,338
163,381,512
15,676,350
28,670,197
5,026,351
62,548,102
11,977,158
149,192,709
15,986,082
27,086,367
4,842,127
54,388,154
11,276,487
129,860,962
13,617,584
24,463,620
4,659,900
48,610,036
11,023,010
142,597,140
16,916,666
26,470,616
5,172,992
54,688,881
11,953,806
123,898,159
39,483,353
12,035,942
35,511
113,579,216
35,613,493
12,274,874
Cr8,706
102,374,151
27,486,811
12,435,776
146,101
115,202,961
27,394,179
14,768,413
55,959
20,774,443
Passenger
&
Trans. Cos. Combined)]
115,239,196
18,729,348
8,136,281
7,087,885
126,091,433
Freight
Equip.
&
$
$
Operating Income—
Co.
1934
1935
facil.
7,092,020
rents—net.
6,343,667
5,847,860
6,963,650
20,319,880
541,330
17,003,658
9,057,073
477,312
Dr455,665
425,561
Dr416,556
5,606,157
493,645
Dr495,996
in part:
Lines
was
$2,346,589,
an
increase of
474.83%, compared with the net income of $408,225 for 1934.
and ad separately operated solely controlled
affiliated companies there was a consolidated net loss of $1,744,551, com¬
pared with the net loss of $3,907,604 for 1934.
Net railway operating income of Southern Pacific Lines, amounting to
$20,319,879, was larger than for any year since 1931; and compared with
1934, increased $3,316,222 or 19.50%.
Business generally, during 1935, appeared to be upon a sounder basis
than at any time since the beginning of the depression period.
Freight
traffic improved progressively throughout the year, and for the last quar¬
ter the revenues were larger than for the same period of any year since 1930.
The largest gains for the year were in the revenues from movement of manu¬
factures, and products of forests; these two groups of commodities producing
82.66%, and agricultural products, 15.83%, of the total increase in freight
revenues.
A small proportion of the total increase resulted from the move¬
ment of products of mines.
Approximately $1,400,000 of the 1935 freight
revenues was realized from the emergency rate surcharges on a long list of
commodities, authorized by the Interstate Commerce Commission effective
in April 1935, to appiy until June 30 1936.
The substantial increase in passenger revenues, while primarily due to the
improvement in business conditions, also reflects the stimulation of travel
resulting from the operation of air conditioned passenger cars and continu¬
ance of the low basis of fares experimentally initiated in 1933.
The Ex¬
or
Southern Pacific Lines
position at San Diego, Calif., was an attraction for tourists; and there were
increased movements of Civilian Conservation Corps.
The decrease in the account "mail and express revenues" is the result of
crediting to "all other operating revenues" in 1935 the earnings from traffic
carried for the Pacific Motor Transport Co., which in previous years have
been credited to express revenues.
Revenues from the transportation of
mail and Railway Express Agency traffic increased $270,426.
The increase in ali other operating revenues was due, principally, to ineluding in this account in 1935 the earnings from traffic carried for Pacific
Motor Transport Co., which were larger than for 1934, and partly to an
increase in the revenues from freight carried for the motor transport com¬
panies operating in Texas and Louisiana, and increased switching and mis¬
cellaneous operating revenues.
Approximately $5,600,000 of the $10,318,943 increase in operating ex¬
resulted from the action taken, in common with other railroads, in
restoring on Jan. 1 1935, one-fourth", and on April 1 1935, the final one-half
of the 10% reduction in employees wages made effective early In 1932,
one-fourth thereof having been restored on July 1 1934. Other increases In
operating expenses were due, principally, to the larger forces and increased
train service required to handle the increased volume of traffic, and to the
higher prices for fuel prevailing in 1935. Repairs to roadway and structures
accomplished in 1934, with funds secured from the Federal Emergency
Administration of Pubiic Works, permitted making somewhat smaller
26,822,249
33,685,606
31,369,879
26,194,085
frelghtll.164,519,945 10,115,727,708 8,252,132,463 8,180,112,387
1,248 cts.
frt.
1,090 cts,
1,099 cts.
1,154 cts.
511.50
train all frt.
611.88
594.99
545.33
Tons carr. rev.
Uncoil, ry.
Southern
penses
the portion of this
were
Freight Traffic—
On Oct. 24 1935.
having reduced substantially all of its assets to cash.
On Nov. 8, the
Chancery Court of the State of Delaware appointed Dudley C. Hunt of
•Wilmington, Del., the receiver for corporation, to wind up its affairs.
The assets collected by the receiver, consisting almost entirely of cash,
For
Amounts applicable to
charged to profit and loss in 1934, and the
1934, have been currently charged
against income.
The San Francisco Bay bridge is now expected to be
opened for motor vehicle traffic in November 1936, and completion of the
Golden Gate bridge is expected in May 1937.
The ICC has indicated, effective so far as practicable with 1935 reports,
consolidated system reports will be required for carriers.
Heretofore there
has been included in this report a combined balance sheet in which has been
reported the combined assets and liabilities as shown by the books of the
respective companies, excluding inter-company open account balances. In
lieu of such combined balance sheet there is now included, a consolidated
balance sheet for Southern Pacific Co. and Transportation System Com¬
panies, in which, in addition to inter-company open account balances,
there has been eliminated from the asset side the investment of parent com¬
period prior to Oct. 1 1934,
1935
in the "Chronicle" of Feb. 15, page 1135, under this
company's heading should have appeared under Springfield Ry. Cos.—1936.
V. 141, p. 3238.
The item appearing
$1,938,364,
As explained in last year's report, the ob¬
1934 to be accrued over the period
1936.
Traffic Statistics for Calendar Years
Springfield (JVlass.) Street Ry.—Correction—
Net
$600,057
established in
1932, to Dec. 31
-V. 142, p. 798.
Southern
charges; compared witn net income of
Before depreciation and obsolescence cnarges there was a con¬
1935 of $2,129,403, an increase of $372,027, or
amounts accrued subsequent to
stock, par $25, both payable March 31 to holders of
Southern Bell
Southern Pacific Golden Gate Co., a holding company w.iicn is controlled
by company througn stock ownership, and its solely controlled Southern
Pacific Golden Gate Ferries, Ltd., which operates vehicular ferries on San
Francisco Bay, had a consolidated net loss for 1935 of $431,702, after depre¬
21.17%, compared with 1934.
Regular Dividend—
Month
operation of its passenger
and freight trains over the newly completed railroad and highway bridge
across the Mississippi River at New Orleans, in accordance with the terms
of an agreement entered into in 1932 witn the State of Louisiana and the
Public Belt RR. of New Orleans.
Use of the bridge, whicn required con¬
struction of a freignt terminal at Avondale and permitted abandonment
of company's former train yard operations at Algiers and train ferries at
New Orleans, results in economy and expedites train operations.
solescence
Co.—12 l/2-Cent
Oil
steam
17 1935, company commenced
solidated net income for
Hoop Co.
See Sharon Steel
Pacific
Under authority of the ICC, 31.49 miles of unprofitable branch
lines of Southern Pacific Lines were abandoned during 1935.
of the total outs.
Prepaid
reduced during the year by payment on
capital stocks of Southern
System Companies held by the public.
Co. and Transportation
694,103
(53% owned)...
were
Feb. 8 1935, of.$5,000,000.
There was no change during the year in
recs.
fr.Wasatch Corp
Corp.
1934.
Funded debt of Southern Pacific Lines held by the public decreased $7,796,244, principally due to the retirement of equipment trust obligations
Outstanding bank loans
806,384
Invest. In com.stk.
of
expenditures for such purposes in 1935, but it was necessary to recondition
an increased number of freight and passenger
cars to provide a sufficient
supply of such equipment.
Equipment rents paid were larger due to increased mileage payments for
use of refrigerator cars and air conditioned Pullman cars, these Increases
being partially offset by a decrease in joint facility rents.
Total other income decreased $2,049,273, or 12.63%, mainly due to tho
decreased amount of dividends received from Pacific Fruit Express Co.
For 1935 such dividends amounted to $8,393,169, compared with $10,286,414 for 1934.
Of these amounts approximately $900,000 in 1935 and
$1,900,000 in 1934 were paid out of earnings accrued prior to 1933.
Expenditures by Southern Pacific Lines for additions and betterments
during 1935 amounted to $7,485,683, an increase of $776,913, compared with
matured.
of Util.
fr. affil.
Invest,
optional
convertible pref¬
quo¬
tation:
Part In
107,734
10,000
taxes
Int.
holdings,
priced at Dec.
30
$
payable,
Accounts
364,310
accrued
Portfolio
$
•
171,340
dl934
$
Liabilities—
brokers
& oth accts. rec.
Divs.
1935
dl934
1485
Chronicle
Net ry. oper.
income..
Rev. from miscell. oper.
Exps. of miscell. oper—
Taxes on miscell. oper..
property
Dr521,552|
Total oper. revenue..
20,339,658
17,024,329
9,066,078
5,603,806
1,348,788
8,721,447
2,946,640
1,388,451
10,738,355
2,983,896
1,553,690
13,045,394
3,042,288
1,647,619
14,573,845
3,148,191
Dr976
Non-operating Income—
from lease of road,
Inc.
.miscell. rent income..
Dividend income
Income from fund, secur.
Other
non-oper.
income
622,784
642,248
748,536
1,266,298
33,979,317
32,777.279
27,455,987
26,239,760
815,610
880,748
29,534",969
29,516,168
850,778
112,203
29,708,351
391,246
accounts
Gross Income
for
Rents
leased
roads
759,294
miscell. rents
and
Separately
95,240
operd. prop.
29",287",068
Int. on funded debt
Int. in fund. debt.—non-
466
negotiable debt
842,870
1,017" 341
371,381
379,439
386,692
371,647
621,695
1,568,071
956,812
31,632,726
32,369,054
32,446,918
32,019,391
Int. on unfunded debt..
Amortiz.
of discount on
funded debt
Other deduct, from gross
income
Total deductions
income
Net
Southern
2,346,590
Pacific Lines
applied to sink.,
&c., funds
Income approp. for in¬
vest. in physical props
408,225
def4,990,931
def5,779,631
Income
of
def.
Cr4,474
17,307
430,146
operated
806,050
Cr3,944
Deficit
Net
779.937
842,315
5,792,507
6,576,874
4,315,829
4,022,442
3,699,426
separately
solely
con¬
trolled affll. cos
4,091,141
operated solely controlled affiliated com¬
1935, compared with $745,746 for 1934,
Note—Net deficit of separately
panies,
includes
$491,156
for
S.
nrepresenting net deficit of such companies from operations within the Reof
established
Mexican currency to U.
currency
computed at the official exchange rate at close
year,
of 3.55 pesos per dollar for each
blic of Mexico, the conversion from
ng
by Mexican Government for tax purposes,
year.
1486
Financial
Consolidated Balance Sheet Dec. 31 (Southern Pacific Lines)
Assets—
1935
Transportation property
Miscellaneous physical property
Sinking funds.
1934
$1,481,045,613
5,116,216
3,396,059
8,003,062
a243,586,125
10,163,642
29,203,011
___
Cash
Time drafts and deposits
Material and supplies
7,225,673
271,131,044
10,986,056
28,249,307
4,600,000
17,201,843
17,116,492
1,935,428
12,221,573
8,296,756
15,593,198
16,236,319
1,666,485
11,857,679
Other current assets
Deferred assets
Discount on funded debt
Other unadjusted debits
...
Total.
9,327,691
,
$1,822,641,854 $1,863,405,850
1935
1934
$377,277,705
$377,277,705
6,304,845 *
6,304,845
1,178,096
1,060,223
675,417,467
683,213,711
Liabilities—
Capital stock held by public
Premium on capital stock
Grants in aid of construction
Funded debt held by public
Funded debt held in sinking funds:
By transportation system companies
By solely controlled affil. companies
7,543,000
Non-negotiable debt to affil. companies
6,459,032
16,500,000
14,280,717
312,668
3,452,448
6,040,576
680,164
650,993
144,957,512
al3,532,251
73,149,467
32,162,662
442,462,245
Loans and bills payable
Accounts and wages payable
Dividends & int. matin1 ed unpaid
Interest payable Jan. 1
Unmatured interest accrued
—
Other current liabilities
Deferred liabilities
Accrued depreciation
Other
7,003,000
233,000
7,034,854
21,500,000
13,368,160
296,125
3,393,370
6,010,884
570,216
953,645
142,965,683
40,244,475
280,000
unadjusted credits
b Consolidated adjustment
Appropriated surplus
Profit and loss—Balance
that
so
$1,471,888,421
Affiliated companies.
Other investments
Chronicle
73,241,325
37,222,133
Feb.
the total
number
of authorized
shares
be
1936
29
400,000, divided into
25,000 shares 6% cumulative first preferred stock ($50 par), 25,000 shares
of 5% non-cumulative second preferred stock ($20 par) and 350,000 shares
of common stock (no par).
(b) That each of the 24,992 shares of old 7% convertible first preferred
stock ($100 par), together with all rights to arrears of dividends and dividend
certificates outstanding, be changed and re-classified into one share of
6% cumulative first preferred stock, one share of 5% non-cumulative
second preferred stock, and four shares of common stock.
At a special meeting of the stockholders held Dec. 28 1935, these recom¬
mendations were approved.
j
Income Account 11 Months Ended Nov. 30 1935
Net sales
$4,325,015
Cost of goods sold and operating expenses
Administrative and main office expenses.
Income charges and credits
Net profit
3,863,452
299,433
(net)
for period
Deficit Jan. 1 1935
Deficit
3,814,193
49,258
—
Nov.
-
30
1935
$162,131
3,118,401
-
(after deducting therefrom paid
surplus of $500,000)
in
$2,956,270
-
Pro Forma Balance Sheet as
of Nov. 30 1935 (Giving Effect to Capital Revision
Liabilities—
Assets—
Cash
Notes payable banks
Accounts payable trade
$77,501
Notes and accounts receivable
2,332,979
Inventories
978,341
19,478
51,779
81,540
71,002
Value life insurance
Investments & sundry assets.
Fixed assets (at cost)
_
:
Leasehold improvements
Other deferred charges
$255,000
306,474
1,004
23,678
17,092
64,118
1,249,600
499,840
Accounts payable others
Accrued expenses
Accrued sales tax
Reserve for contingencies
6% cum. 1st pref. stock
5% non-cum. 2d pref. stock..
47,315
Common
441,512,488
(298,108 shares)
298,108
Capital surplus
782,890
Net profit 11 months
Total.
162,130
__.$1,822,641,854 $1,863,405,850
Decrease in investment in "affiliated companies" and in "other unad¬
justed credits," due principally to cancellation of notes and open account
liability of Southern Pacific Land Co. (a separately operated solely controlled
affiliated company) to Southern Pacific Co., in amount
—V. 142, p. 800.
ferred to Southern Pacific Co. as a dividend under
agreement which pro¬
vided that payment thereof was to be made by Southern Pacific Land
Co.
Calendar Years—
1935
1934
1933
Sales, less returns, allow. & discounts_$29,286,679 $26,043,739 $24,184,159
y Cost of goods sold, sell., advertising
Total
a
$26,246,120.
In
1930 these items, relating to Central Pacific land grant
lands, were trans¬
only from net income derived by it from administration of the aforemen¬
lands.
As the realization of this dividend was not
assured, the
threof
carried
in
was
taken into
not
Southern
Pacific
Co. income but
was
"other unadjusted credits."
Results
have
demonstrated ultimate payment of dividend cannot be
expected, and the
under
suspense
notes and open account have therefore been cancelled,
company
liabilities
over
b Excess of inter¬
assets eliminated.
& administrative expenses
„
20,600,064
...
Profit
foreign exchange
on
1936
1935
...$13,684,569 $11,623,948
11,204,410
9,708,978
1,011,933
1,011,106
,
542,861
61,410
Net railway operating income:
After depreciation
507,921
19,639
$863,953
1,521,370
Before depreciation
—V. 142, p. 970.
January—
$375,303
1,002,970
Total
$7,508,772
2,043,542
1,334,307
1935
$6,587,408
1,381,517
768,097
1934
$2,303,197
—•V. 142,p. 1303.
1933
$6,051,288
1,442,004
801,949
$6,461,948
1,621,094
969,576
Third Week of Feb.—1936
1935
Period—
Gross earnings..
Jan. 1 to Feb. 21
1936
$8,308,074
foreign income taxes.
charges
pref. stock of subsidiaries
Other losses and
Divs.
on
Net profit for the year
Net prof, of sub. cos. for the 8
Springfield Railway Cos.-1926—No Div.
on
Pref. Stock—
4% dividend due Feb. 1 on its preferred
agreement which expires Feb. 16, by which the New Haven
RR^on that date was to redeem the stock at 105.
George C. Bulkley,
Chairman of the trustees representing the
preferred
hope that this would be done, otherwise the shareholders would have to
take over the operation of the road. The $100 par
preferred stock, of which
there is about $3,000,000
outstanding, has been selling as low as $8 since
the New Haven petitioned for reorganization under
Section 77 of the
Federal Bankruptcy Act.
[This item had erroneously appeared in our issue of Feb. 15, page 1135,
under the heading Springfield Street
Ry.]—Y. 140, p. 3909.
(A. E.) Staley Mfg. Co .—Bonds Called—
All of the outstanding 1st mtge. 15-year
6% sinking fund gold bonds,
due Sept. 1 1942, have been called for
redemption on March 28 at 102 and
interest.
Payment will be made at the
Mississippi Valley Trust Co., St.
142, p.
1135.
Previous
$9,559,161
1,310,339
86,845
6,682
$8,161,977
mos.
5,766,743
surplus.
.
tions
less
output
an
1303.
Stanley Works—To Lower Preferred Dividend Rate—
The stockholders at the annual meeting on March 20 will be
asked to
approve a recommendation of directors that the dividend rate of
company's
preferred stock be reduced from 6 % to 5 %. The preferred, which is $25 par,
will be redeemed at $27.50 if stockholders
wish, or new 5% shares will be
The amount of preferred
issued.
outstanding
$3,000,000.—V. 141, p. 4026.
Starrett Corp.—Plan
is
slightly
in
excess
of
Approved—
Federal Judge John P. Nields at
Wilmington, Del., Feb. 21 confirmed
amended plan of reorganization for the Starrett
Corp. and Starrett
an
Investing Co.—V. 142,
p.
1304.
<
Staten Isand Rapid Transit
January—
Gross from railway
Net from railway
1936
$134,130
def9,615
def 45,243
Net after rents
Ry.—Earnings.—
1935
1934
$118,874
defll,611
def60,563
$142,808
27,868
def5,676
—V. 142, p. 799.
Sterchi Bros.
y
cred.
conversion
on
230,867
Surplus
$5,625,239
$3,893,135
$2,164,367
Shares of capital stock outstanding
1,717,670
1,730,639
1,749,in 3
Earned per share
$4.83
67
$4.79
x Sterling Products' proportion of
profits of affiliated companies for the
year 1935 was approximately $170,000 in excess of dividends, included
above received from such companies,
y Includes depreciation of $294,906
in 1935, $268,990 in 1934 and $299,719 in 1933.
Consolidated Balance Sheet Dec. 31
.sscts
1935
Cash in banks and
hand
Certificates of deposit of banks
Short term loan
Loans on call
on
$11,531,640
350,000
315,900
a
1933
Accounts receivable—trade.
Balances owing by affiliated cos.
Items in transit with foreign subs, and branches
Other receivables
Finished stocks on consignment with customers
Balance owing by officers and employees on pur¬
chase of stock
cos
Miscellaneous advances & accounts receivable
f Sterling Products (Inc.) stock
7l,460
b Land & buildings, machinery &
equipment, &c_.
Net cost development of new products
Advertising supplies & deferred charges
Trade-marks, good-will, &c
Total
thereof in partial
exchange for the old first preferred stock, making the
common stock applied for 298,108 shares.
99,968 shares when issued pursuant to the exchange with
respect to which they will be reserved, will be fully paid and
non-assessable,
with no personal liability attached to the
ownership thereof.
total amount of
of such
Capital Securities
[After amendment and exchange of 24,992 shares of 7% convertible first
preferred stock ($100 par) into 24,992 shares 6% cumulative first preferred
stock, $50 par, 24,992 shares 5% non-cumulative second preferred stock,
$20 par value and 99,968 shares of common stock, no par.l
Common stock (no par)
Outstanding
25,000 shs.
24,992 shs.
25,000 shs.
24,992 shs.
350,000 shs, 298,108 shs.
At a special meeting held on Dec. 3 1935, the directors adopted resolutions
recommending:
(a) A plan of capital structure revision be effected by amending its
certificate of incorporation, changing and re-classifying the capital stock
248,449
2,017,031
3,164,624
311,068
779,434
5,316,138
1,183,322
3,146,762
195,829
745,910
4,915,638
$40,764,578 $39,176,856
Liabilities—
Accounts payable, accrued expenses, &c
Accrued Federal & foreign income taxes
Divs. pay. on stk. to be issued & on pref. stk. of sub
Due to affiliated cos
Items in transit with foreign subs. & branches
Reserves for prior years' Fed. & foreign inc. taxes.
Reserve for contingencies
Reserve for pensions
Res. for fluctuations in market value of securities.
Minority interest in pref. stock of sub.
Capital stock (par $10)
Capital surplus
co
Earned surplus
1935
1934
$1,586,446
$1,832,057
1,348,166
1,331,654
35,546
37,578
23,878
32,768
12,967
807,815
810,997
5,096,319
5,096,319
101,892
90,516
285,569
210,455
107,500
108,140
17,507,000 dl7,507,000
8,226,238
•8,226,238
5,625,239
3,893,135
$40,764,578 $39,176,856
After reserves for doubtful accounts and discounts of
$140,891 in 1935
$155,612 in 1934.
b After depreciation reserve of $3,507,592 in 1935
and $3,227,425 in 1934.
c Includes short
term loans,
d Includes 6,526
shares to be issued for Drug Inc. stock not
presented for
a
York Curb Exchange recently approved the
listing of 99,968
additional shares of common stock (no par), on official notice of
issuance
6%"cum. 1st pref. stock (par $50)
5%'non-cum. 2d pref. stock (par $20)
14,661
2,851,151
1,476,814
174",917
Inventories...
Total
Stores, Inc.—Listing, cfee.—
New
Authorized
3,546,927
270,906
c697,231
7,960,090
448,665
2.131.510
589,444
99,790
340,485
3,429,068
275,296
5,357,960
451,780
2,189,791
200,137
_
,
$140,090
28,118
def5,624
1934
$8,003,090
423,651
12,342
3,114,166
1,588,355
U. S. Government securities
Other marketable securities
Other investments
Co.—Weekly Output—
for the veek ended Feb. 22 1936 totaled 95,232,396
increase of 14.2% compared with the corresponding week
last year.—V. 142, p.
$2,395,234
foreign assets.__
Investment in affiliated
Standard Gas & Electric
►►All
2,164,367
131.931
ended Aug. 31 1933
an
stockholders, expressed
The
$8,289,202
3,893,135
Prov. for Fed. &
73,524
$9,668,249
1,240,434
~
1935
$2,001,329 $16,490,653 $14,455,209
The company failed to pay a
i-
2.687
$9,826,236
1,350,128
161,578
6,456
income
$12,201,209 $10,453,569
6,575,969
6,560,434
1936
Gross from railway.....
Electric
4,745
91,140
,
Net from railway
Net after rents...
kilowatt-hours,
$8,153,826
516,873
603,734
284,729
x741,866
L
Southern Ry.—Earnings.—
Louis, Mo.—V.
16,030,333
$8,366,099
534,105
621,677
72,844
Profit from sale of securities
Railway operating revenues
Railway operating expenses
Railway tax accruals
Equipment rents.
Joint facility rents
stock under
17,677,640
$8,686,615
299,182
Profit from operations
Inc. from marketable securs., int., &c.
Divs. from affil. cos. & miscell. inc
Adjustment of taxes & other items of
prior years (net)
Earnings for Month of January
$3,659,936
Sterling Products (Inc.) (& Subs.)- —Earnings—
tioned
amount
Total
$3,659,936
and
exchange, e Capital
surplus, excess of net tangible assets of subsidiary companies acquired as of
Aug. 31 1933, over par value of capital stock issued therefor, less reorgan¬
ization expenses, deduct: amount allocated
by directors to reserve for
contingencies, $5,096,318; cash dividend paid from profits of
subsidiary
companies earned prior to acquisition, $1,665,381.
f 33,030 shares in
1935 and 20,061 shares in 1934, carried at cost.—V.
142, p. 472.
Stevens Hotel Co.,
Chicago—Plan Approved—
Under the reorganization plan for the
company approved
Wilkerson in Federal District Court,
Chicago, Feb. 20, holders
first mortgage series A bonds are to receive
92^ %
of the stock of the new company, it is announced
tective committee.
Holders
of the
junior mortgages,
been allotted the balance of
mortgage bondholders.
The directors of the
new
bonds
trade
and
and
by Judge
or
the old
of the bonds and 82.9%
by the bondholders
unsecured
creditors
stocks above that going
pro¬
have
to first
company will be Rufus C. Dawes, Arthur B.
Hall, William F. Krahl, Willoughby G. Walling, Homer H. Cooper, Thomas
L. Marshall and S. M. Sanders.—V. 139, p. 3817.
Financial
Volume 142
meeting held on Feb. 21
p. 800.
a
Sun Oil Co.
approved the dissolution of the
(& Subs.)- -Earnings-
Gross oper. income (excl.
inter-company sales).$88,524,940
Costs, oper. & gen. exp_ 68,387,827
Taxes (incl. est. Federal
income tax)
d2,985,631
Intangible devel. costs._
3,641,975
Depletion & lease amort.
1,427,524
Deprec., retirement and
other amortization
6,065,279
1932
1933
1934
1935
Calendar Years—
$82,667,367 $66,223,753 $67,153,401
53,129,884
63,689,767 49,727,411
1,963,335
2,272,419
798,218
dl,887,989
1,871,416
1,088,825
d2,671,339
3,033,941
1,519,869
5,524,352
5,189,097
5,159,100
$6,016,704
Non-oper. income (net).
1,458,427
$6,228,100
1,028,972
$6,459,015
1,310,403
$3,830,445
$7,475,131
$7,257,072
$7,769,418
$5,131,030
280,443
93,056
447,943
156,941
655,890
134,905
679,271
250,355
minority stockholders.
1,394
1,724
6,779
3,357
Net prof, accr. to corp.
Earned surplus beginning
$7,100,239
$6,650,464
$6,971,844
$4,198,046
Net oper. income
fields, with lesser volumes in other lines, including rubber goods,
shoes, gloves, and fuel oil.
As of that date it owned receivables which it
had purchased from such manufacturers, merchants and other factors in
the aggregate face amount of $9,815,339, arising from sales of a varied list
of commodities made to approximately 14,000 customers throughout the
country.
The total amount of receivables so purchased during 1935 was
$68,162,010, as compared with $52.633,549 in 1934 and $45,481,997 in 1933.
As to approximately 75% of receivables purchased, the company has no
recourse to the sellers in the event of credit loss, although the company in
practically all cases has recourse in the event of any dispute as to the
merchandise itself.
The average maturity of such receivables owned as of
Dec. 31 1935 was approximately 43 days.
and allied
Investing Co.:—Dissolution Approved
Sun
Stockholders at
company.—V. 142,
1,300,586
Receivables Purchased and Net
Int. and disct.
and long-term
Other interest
Net
income
funded
on
debt
accrued
to
10,999,864
209,739
11,502,220
1,005,064
....$16,515,520 $17,233,690 $17,761,969
599,995
599,985
599,551
1,884,706
1,722,602
1,576,506
stock
4,518,717
5,301,784
4,807,162
$14,695,202
599,098
1,535,582
of period
Adjustments—Dr
Total surplus
Divs.
Divs.
_
9,609,319
194,037
10,778,750
195,524
pref. stk. (cash)
on
oncom.
Stock div.
stk. (cash)
on com.
1,560,658
Earned surp. unappro¬
common
$9,609,319 $10,778,750
$10,999,864
stock out-
.
cl,886,594
c$3.45
standing (no par)
Earnings per share
al,725,772
al,725,772
a$3.51
bl,531,422
b$2.35
al,576,948
a$4.04
Dec. 15.
b Prior to distribution
Prior to distribution of 7% stock dividend
payable on Dec. 15.
d In addition to the amount of taxes shown above,
there was paid (or accrued) for State and provincial gasoline taxes: $19,199,774 in 1935. $16,593,559 in 1934 and $14,537,580 (n 1933, and for Fed¬
eral gasolune taxes: $6,598,411 in 1935, $6,301,546 in 1934 and $6,951,623
Prior to stock div. of 9% payable on
a
on
Dec. 15 of 3% stock div.
c
in 1933.
Consolidated. Balance Sheet Dec. 31
Market,
5,345,185
7,717,995
Accts.
& accts. receiv
Due
from
ployees
14,019,803
Mat'ls & suppl's
3,773,831
Inv. in affil. cos.
9,154,177
2,703,590
Other investm'ts
Sinking & special
Prop's,
62,265
within 1 year.
158,253
13,701,142 Acer, liabilities.
3,477,992 Funded & longterm debt
9,036,173
2,547,109 Due to affil. cos.
Acer. divs. (pref.
674,126
3,329,121
6,675,681
612,176
6,500,000
1,151,950
50,000
49,991
962,169
1,212,145
2,187,240
of minor, ints.
3,220
10,000,000
69,493,800
9,512,101
Treasury stock_.eDr527,331
2,001,073 Preferred stock.
Common stock
Earned surplus.
107,141,468 103,042,382
Total
..107,141,468 103,042,382
3,514
10,000,000
64,650,522
9,609,319
Dr547,163
depreciation and amortization of $50,539,090
in 1935 and $47,259,205 in 1934.
b After reserves of $305,175 in 1935 and
$378,619 in 1934.
c Represented by 2,030,988 no par shares in 1935
and 1,893,982 in 1934.
d Notes and accounts only,
e Represented by
11,896 no par common shares.—V. 142, p. 971.
a
After reserve for depletion,
Superheater Co.—Options—
The company has notified the New York Stock Exchange that the
following options remain outstanding after taking into consideration the
options exercised during the month of January by employees of the company
and its affiliated companies:
Expiration
No. of
Shares
Date Option
Mar. 21 1936
300
June
4,350
—V. 141, p.
1 1936
Price
$20 per sahre
$17 per share
4177.
Susquehanna Silk Mills—Meeting Adjourned—
A meeting of security holders and creditors has been adjourned by Federal
Judge Goddard until March 11.
In the meantime, John A. Hill, represen¬
tative of debenture holders, said he would seek the Court's approval of a
voting trust agreement, a revised certificate of incorporation and a form of
proxy to be submitted to stockholders.—V. 142, p. 800.
(James) Talcott, Inc.—Stock Sold—The first public
financing for this 82-year old factoring firm took place
Feb. 24 with the offering of 30,000 shares of 53^% partic.
preference stock by F. Eberstadt & Co., Inc.
The issue,
priced at $52 per share and divs., was oversubscribed the
day of offering.
A prospectus dated Feb. 21 affords the
following:
,
is the first series, and part of, an authorized issue of
50,000 shares.
Non-redeemable until Jan. 1 1941: red. on or after said
date in whole or in part at option of the company at $55 per share and divs.
Preferred as to dividends, and as to assets to the extent of $55 per share
in voluntary liquidation, and $50 per share in involuntary liquidation, in
each case with dividends.
Central Hanover Bank & Trust Co., New York,
transfer agent.
Manufacturers Trust Co., New York, registrar. Cumula¬
tive divs. at rate of $2.75 per share per annum payable Q-J.
In addition,
entitled to receive as a class non-cumulative participating dividends on
April 1 1937 and each April 1 thereafter, in an amount by which 18% of net
earnings available for dividends during the preceding calendar year shall
have exceeded $82,500, with proportionate reduction, as a class, but not
per share, in the amount of participating dividends payable in the event less
than 30,000 shares of 5
participating preference stock shall be out¬
The 30,000 shares
standing.
Preference Stock Purchase Fund—Company has agreed with the under¬
1 1936. and the first days of each March and
writer to set aside on Sept.
September thereafter to an including March 1 1939, a participating prefer¬
ence stock purchase fund, as summarized hereinafter, to be used by the
company to purchase at not in excess of $52 per share, such shares of 5)4 %
participating preference stock as may be tendered for purchase pursuant
to periodic notice inviting tenders or such stock.
Listing—Company has agreed to make application for the listing of its
5 )4% participating preference stock on the New York Curb Exchange.
History and Business—-Company, incorp. Dec. 24 1914 in New York at
James Talcott, Inc., succeeded a business established in 1854 by James
Talcott who conducted, as an individual and later as a partnership under
his name, a commission and factoring business.
Company transacts and
intends to continue to transact a general factoring business, consisting
principally of the purchase from manufacturers, merchants and other factors
of accounts receivable with or without recourse to the sellers, the investiga¬
tion of credits, and the making of advances to manufacturers and merchants,
such advances usually being of a seasonal nature.
The business is operated
in ordinary course by its executives and clerical employees without the
employment of other
labor.
As of Dec. 31 1935 the
company
acted as factor, as outlined above, for
approximately 350 manufacturers and merchants, principally in the textile
210,731
217,576
197,959
122,514
Available for dividends.
Such net profits for 1935 were more than
annual cumulative dividends on the 30,000
5.8 times the amount of the
participating
shares of 534%
preference stock' for the three years 1933 to 1935 inclusive averaged more
than 4.2 times, anf for the 10 years 1926 to 1935 inclusive averaged more
than 2.2 times the amount of such dividends.
On the basis of the entire
30,000 shares of 5)4% participating preference stock being outstanding, such
stock is not entitled to receive participating dividends (which are in addition
to the 5)4 % annual cumulative dividends) in any one year, unless and until
the company's net earnings available for dividends during the preceding
year shall have exceeded $458,333.
The above profits do not give effect to the utilization of the proceeds
which may be received upon the sale of the 5)4 % participating preference
Capitalization—Pursuant to action of the stockholders at a meeting on
stock was increased from $3,500,000 to
Jan. 2 1936, the authorized capital
$6,000,000: the 9,201 outstanding shares out of 9,250 authorized shares of
$100 par value class A stock were changed into 18,402 shares of new class A
stock par $50; the 14,653 outstanding shares out of 20,000 authorized
shares of $100 par value class B stock were changed into 29,306 shares of
new class B stock, par $50; the 5,750 authorized shares of $100 par value
class C stock, none of which was outstanding, were abolished; and 50,000
shares of $50 par value preferred stock (of which the 5)4% participating
preference stock is a part) were authorized.
Accordingly, as of Jan. 15 1936 and before giving effect to the issuance
of the 30,000 shares of 5)4 % participating preference stock, the company s
capitalization was as follows:
Outstanding
Authorized
($50 par) of which 30,000
designated as 5)4% participating
preference stock, are herein offered
Class B stock ($50 par) 6% cumulative—
Class A stock ($50 par) 6% cumulative,
compounded quarterly
Preferred stock
None
50,000 shs.
51,500 shs.
29,306 shs.
18,500 shs.
18,402 shs.
Purpose—The company expects to use the net proceeds (estimated at
$1,440,000 before deduction of estimated expenses of $19,916 payable by
the company incident to the issuance of such shares) to increase its working
capital.
Liabilities—
Assets—
$1,496,047
497,772
9,647,881
Cash
62,545,482 Capital and surp.
c
Total
-
$47,976
$29,302,748
34,709,787
26,637,708
17,980,886
11,220,986
Balance Sheet Dec. 31 1935
stock
plant,
charges
liability—
Other reserves..
equip. & pats. 62,787,994
Prepaid and de¬
ferred
Tax
155,326
trust funds
1931
1929
227,450 1928
loss20,512 1927
31,798 1926
339,880
shs.
445,056
3,520,876
Purch. oblig.due
em¬
Oil.
a
4,229,971
d4,619,112
7,332,959
loans
payable
b Accepts., notes
$
5,407,352
payable-_
Notes and
22,400
secure,
1934
$
Liabilities
$
$
Cash...
1935
1934
1935
Assets—
1932
x
$481,952 1930
$68,162,010
52,633,549
45,481,997
30,994,601
30,615,598
1934.
1933
stock.
),512,101
priated end of period
Shs.
Profits—Company's operating records show
profit each year since its incorporation in 1914, with the exception of
1932, during which year a loss of $20,512 was sustained.
The volume of receivables purchased and net profits available for divi¬
dends in each of the last 10 years have been as follows:
Receivables
Receivables
Purchased xNet Profits
Cal. YearPurchased xNet Profits Cal. Year—
a new
1935
Total income.
1487
Chronicle
Advances to manufacturers..
Accounts and notes rec.
Acceptances
(net)
chargeable
19,170
48,296
Inactive manufacturers' accts.
251'
Deposit in closed bank
Security Investments (net)..
2,648,933
90,000
4,872
balances
Accrued taxes
to
manufacturers
$6,100,000
Notes pay. to banks (unsec.)
Manufacturers',
&c.
credit
(incl. Federal)
Accrued rents and comm
Prov. for regis.
& refin. exp_.
20,000
Acceptances under letters of
19,170
credit
18,216
28,991
6% class B participating stock
38,703
6 % class
Surplus
Office furniture
(net)
Deferred charges
1,465,300
920,100
526,952
Total
$11,795,326
$11,795,326
Total
A participating stock
—V. 142. p. 1304.
Central
Tennessee
Ry.—Asks ICC to Revise Extension
Terms—
The company has petitioned the Interstate Commerce Commission to
eliminate the condition imposed by the Commission last September in
approving a three-year extension of $147,700 of Reconstruction Finance
Corporation loans to the company that the $1,000,000 of matured 1st
mtge. 6% gold bonds of Nashville Terminals Co., a leased property,
be extended for an equal period or be retired or refinanced.
The $1,000,000 of bonds, $600,000 of which are held by the RFC as
collateral for the loans, were originally 5% bonds and matured Jan. 1 1932.
They were extended as 6s to Jan. 1 1935 and remaind unpaid.
The road said it had no authority to negotiate with holders of the Ter¬
bonds and that the condition was more nearly in the nature
of a requirement on the Termainal company than the Tennessee Central.
—V. 142, p. 800.
minal company
Tennessee Electric Power
A Subsidiary of
Period End. Jan. 31—
Gross earnings
Operating expenses
Fixed charges
Prov. for retire, reserve.
Divs.
on
pref. stock
-1935 ^
1936—Month—1935
1936—12 Mos.:
$1,083,781 $13,482,355 $12,459,430
$1,156,313
564,117
7,489,652
6,654,758
632,450
234,981
2,666,349;
2,663,653
228,846
105,000
1,260,000
1,260,000
105,000
129,234
1,550,989
1,551,642
129,343
$60,672
Balance
142,
—V.
Co.—Earnings—
Commonwealth & Southern Corp
p.
$50,447
$515,364
$329,375
1304.
Texas Bus Lines,
Period End. Jan. 31—•
Inc.—Earnings—
1936—•Month—1935
$2,080
1,363
$2,004
138
354
Operating revenues
Operation
233
282
Maintenance
Texas
1,329
1936—12 Mos.- -1935
$18,803
$28,506
14,892
17,502
1,833
2,723
2,697
3,818
50
77
753
152
$172
$82
$3,707
def$772
Interest (public)
Balance
92
Interest (G. H. E. Ry. Co.).
_______
$3,614
def$772
a Interest on income notes has not been earned or paid and $21,648 for
53 months since Sept. 1 1931 is not included in this statement.
Net
income
a
Tennessee
Publishing
Co.—Reorganization
Rejected—
dispatch from Cincinnati Feb. 13 had the following:
day a lower court decision
holding unconstitutional a subsection of the Bankruptcy Act and rejecting
an application
of the Tennessee Publishing Co. for reorganization under
An Associated Press
The U.S. Circuit Court of Appeals affirmed to
Dection 77-B of that act.
Court
plan,
Federal receivership of the Tennessee
Publishing Co., former publishers of the Nashville "Tennessean" and the
The
that
it
decision, which included an admission
by the Appellate
was unable to understand all phases of the reorganization
resulted in temporary continuance of a
"Evening Tennessean."
The company was controlled
of the receivership in 1933.
by Colonel Luke Lea until establishment
Judges Florence E. Allen, Charles H. Moorman and C. C. Simons asserted
there was "no occasion for comment" on the general scope and application
of the Bankruptcy Act as a whole, and said invalidity of the sub-section B-5
left the rest of the act "an operable statute."
'
<
Sub-section B-5, outlining method of adjustment of claims of creditors
who failed to assent to reorganization, requires that two-thirds of the credi¬
tors consent to the reorganization plan
_
Financial
1488
Chronicle
It was because that number failed to assent to the publishing company s
plan that the Appellate Court upheld U. S. District Judge John J. Gore,
of Nashville, in dismissing the company's petition for reorganization.
"We confess," the Appellate Court said, "our inability to understand
the debtor's proposed reorganization plan in all of its phases."
The reorganization plan, calling for a return to the publishing company
of all Its property, includes one provision for scaling down to 80% of their
face value securities held by bondholders.—V. 141, p. 3086.
Texas & Pacific
Srice 1of the property is to be paid inrepresentedannual instalments beginning
1937, said instalments to be five equal by promissory notes bearing
an.
interest at the rate of 6% per annum, payable semi-annually, secured by a
first mortgage on said property.
Sales and Earnings—Net sales (corporation and subsidiaries) and earnings
after depreciation and provision for Federal income taxes, for the period
of three years and 11 months ended Nov. 30,1935, have been as follows:
Period Ended—
Nov. 30
Net sales
Ry.—Earnings—
Earnings
Month of January—
Operating revenues
36,289
41,063
$378,968
5,881
$285,674
4,667
338,217
344,874
$34,870
def$63,867
-—
-
as
'35 Dec.
$7,539,088
617,375
above
'34
31
31 '33 Dec. 31 *32
$4,190,959
$3,445,045
173,677 loss$183,274
Dec.
$6,329,066
381,298
Annual dividend requirement on the shares of prior preference stock to be
outstanding is $50,000.
Purpose—Corporation will offer approximately 4,020 shares of its new
prior preference stock, of which 10,000 shares are presently to be out¬
standing, to holders of its present preferred stock in exchange therefor in
$1,765,080
435,587
244,611
$2,037,736
571,901
342,679
Net operating income
Net railway operating income
Other income
1936
29
Feb.
the ratio of 1.1 shares of prior preference stock for each one share of present
Total income
Miscellaneous deductions
Fixed charges
Net income
_
preferred stock, except that appropriate cash adjustment shall be made for
accrued dividends to the date of such exchange and may be made in lieu of
the issuance of fractional shares, or fractional shares of prior preference
stock may be sold on the basis of $100 a share to preferred shareholders to
avoid the necessity of issuing fractional shares on such exchange, such
exchange offer to expire 10 days from the date thereof.
The corporation will sell to underwriters at $96 a share plus accrued
dividends to the date of delivery all of the new issue of 10,000 shares of
prior preference stock except the shares thereof accepted by holders of
present preferred stock in exchange therefor pursuant to such offer or
covered by agreements acceptable to the corporation providing for such
exchange.
Until such exchange offer has expired, it is impossible to state
the number of shares of prior preference stock required to be issued in
satisfaction of such exchange offer.
However, assuming that all of the 3,654 shares of present preferred stock
are exchanged for shares of prior preference stock, approximately 4,020
shares of prior preference stock will be issued in satisfaction of such exchange
offer and the balance of approximately 5,980 shares of prior preference stock
will be sold to underwriters.
On this assumption the net
proceeds to the
corporation of such 10,000 shares of prior preference stock will be 3,654
shares of its present preferred stock (with adjustments) plus $574,080 (plus
divs. on 5,980 shares of prior preference stock to the date of delivery) less
$8,040 (being $2 a share paid to the underwriters with respect to each share
of prior preference stock issued in exchange for shares of present preferred
stock) less the other expenses of the corporation in connection with the sale
—V. 142, p. 638.
Third Avenue Ry.
System—Earnings—
;
,
.
•
[Railway and Bus Operations]
Period End. Jan. 31-—
1936—Month—1935
$1,146,742
$1,096,764
expenses.858,923
841,945
113,697
106,761
Operating
Operating
1936—7 Mos.—1935
$7,710,342
5,786,187
758,128
revenues
Taxes
$7,545,126
5,676,987
646,266
Non-operating income.
$174,122
36,754
$148,057
37,491
$1,166,026
265,813
$1,221,873
255,437
Gross incomeDeductions
$210,876
227.614
$185,548
227,527
$1,431,838
1,596,939
$1,477,310
1,589,007
$16,739
$41,979
$165,101
$111,697
Operating income...
Net deficit
Interest Payment—
The directors have declared
semi-annual interest payment on the com¬
5s, 1960, at the rate of 1M%. payable April 1
a
pany's adjustment income
1936.
The previous semi-annual payment of interest
at the rate of 1M %.
:
Hollers Vote
on
these bonds
of
was
Absorption of Controlled Lines—
no
definite plan
had been decided
on as yet to meet the maturity of the company's 5%
bonds of 1937.
However, he said, the company has two alternatives—
either to issue 4 % bonds if the market is favorable and the bonds can be
sold without a sacrifice, or to borrow money to meet the maturities and
to put up
as security.
because it will
good portion of approximately 750 reports yearly which must
be made to government agencies by the seven companies, it was said.
The
merger will also change a corporate deficit of $5,883,809 for these seven
companies as of Sept. 30 1935 into a corporate surplus of $11,446,043.
Before the merger can be finally effected, and the new stock issued,
the company must have the consent of the New York City Board of Estimate
and Apportionment.
The plan must also be passed on by the New York
State Transit Commission.—-V. 142, p. 1304.
Fixed
A
in
Ohio,
Road,
Included in the assets
purchased was the entire outstanding
Capitalization—On Dec. 10 1935 the directors determined, within 10
days
after payment to the corporation for all shares of
prior preference stock sold
to underwriters, to call for
redemption on a date not later than 45 days
thereafter and at the redemption price of
110, plus divs., all shares of
present 7% cumulative preferred stock (par $100) which have not thereto¬
fore been surrendered by the holders thereof or
agreed so to be surrendered
to be exchanged for shares of prior
preference stock.
5,183 shares of pfef
stock are now authorized, of which 3,654 shares are
,
outstanding.
Upon
financing, the capital¬
Authorized
Outstanding
x500,000 shs.
,
prior pref. stock (no par)
y263,160 shs.
10,000 shs.
10,000 shs.
x 23,000 shares of common stock are reserved
for option sale to officers
and employees of the corporation, and 13,000 of the shares so
reserved have
been optioned to F. C. Crawford, Pres.
28,572 shares of common stock
have beep reserved solely for the purpose of
effecting the conversion of
shares of prior preference stock.
As of the close of business
shares
of
common
stock,
on
Jan. 13
the certificates
1936 this amount included 893
for which will be issued upon
surrender of outstanding certificates for 893 old class A and class B shares.
The old class A and class B shares are no longer a part of the authorized
capital stock, each such class A and class B share having been changed into
one share of common stock by amendment to the corporation's articles of
incorporation filed Feb. 3 1930.
Except to the extent that a certain promissory note of the corporation
owing to General Motors Corp. payable on or before June 30 1936 and bear¬
ing interest at the rate of 6% per annum may constitute an issue of funded
debt, the corporation has no issue of funded debt authorized or outstanding.
The principal amount due on said promissory note as of Nov. 30 1935 was
$43,928 and has since been reduced to $21,341. Corporation has contracted
to purchase from The Cleveland Railway, certain real estate and building at
Cleveland.
The purchase contract provides that $52,000 of the purchase
6,394
365,400
2,631,600
1,814,637
$5,987,231
plan
new
securities
are
distributed.
522.
Sale of the assets located in Wilkesbarre, Pa., were scheduled for Feb. 18
and the assets in New York on Feb. 19.—V. 141, p. 2447.
Trustees
System
Discount
Chicago—Plan
Co.,
Ap¬
proved—
The reorganization plan for the company
Federal Judge Charles E. Woodward, Chicago.
approved recently by
See also V. 142, p. 801.
was
2124-2134
tion
Broadway Buildings (Havemeyer Construc¬
Co., Inc.), N. Y. City—Reorganization Plan—
The Real Estate Bondholders' Protective Committee (George E. Roose¬
velt, Chairman) in a letter to the depositors of first mortgage 5% % sink¬
ing fund gold bond certificates, series A, due April 1 1943. reports:
Results for
Years Ended Dec. 31
1935
use.
capital stock of Toledo Steel Products Co., Ltd., the Canadian
distributing
outlet for the products of the old Toledo
Steel Products Co.
The principal
products manufactured or purchased and sold
by the wholly-owned sub¬
sidiary are valves, bolts, water pump parts, bushings, valve
guides, valve
seat inserts and valve
springs and it is intended in the near future to add
a line of
pistons, piston pins, tie rod ends and other automotive parts.
cum. conv.
-
Total
made to the bondholders at the time the
The major portion of the products is
the corporation and its subsidiaries and the balance
thereof is purchased for resale.
During the latter part of 1935 a wholly-owned
subsidiary (now named
Toledo Steel Products
Co.) was organized and the subsidiary subsequently
purchased the entire plant and substantially all the
assets, including trade
names
and good-will, of Toledo Steel Products
Co., a manufacturer of
„
.$5,987,231
—V. 134, p.
by
Common stock (no par)
133,781
9,100
1,129
of reorganization was confirmed recently by Judge Chas. E.
S. District Court, Chicago.
The original issue, under¬
by Greenebaum Sons Investment Co. In June 1927, secured by the
building and land, amounted to $6,250,000.
Confirmation by Judge
Woodward brought to an end four years of litigation.
The plan approved by the Court distributes to the bondholders, first,
5% cumulative preferred stock at the rate of 1 share for each $100 bond:
and, second, 51 % of the common stock, the balance of the common stock
going to the owner corporation.
It is expected a cash distribution will be
the sale of detachable rock drill bits.
$5
local taxes
Tower Magazines, Inc.—Sale—
Co.,
at 2196 Clarkwood
such redemption and upon completion of the
present
be as follows:
....
unpaid Fed., State A
Woodward in U.
The
ization of the corporation will
Acer. A
quarterly
Cleveland, Ohio.
so
Unpaid payrolls, Ac.;.
Acer, customers' quantity disc.
written
corporation and its subsidiaries are engaged in the sale of
parts and
appliances for use in motors and motor vehicles, stationary gas, marine and
aircraft engines, including
valves, valve guides, valve seat inserts, valve
springs, valve retainer locks, pistons, piston pins, water
pumps, spring
bolts, tie rod bolts, bushings, tie rods, drag links,
starting cranks, brake rod
assemblies, special forgings, Tryon spring
shackles,
Silent
"U"
spring
shackles, Nitricastiron cylinder sleeves and Harris shackle
bushings, and
particularly for replacement
956,596
1,496,219
143,871
2,020,176
$500,000
43,929
339,279
113,925
28,056
333 North Michigan Bldg. (333 North Michigan Ave.
Bldg. Corp.), Chicago—Reorganization—
protection of the
conversion right against dilution
by the issuance of additional common
stock, other than for certain purposes, at less than the conversion
price.
Entitled to one vote for each share, and also entitled to elect
one-third of
automotive parts
at
-V. 142. p. 1137.
common stock at $100 a share for the
prior preference stock
and $35 a share for the common stock, with
provisions for
Products
Accounts payable, trade, Ac..
Earned surplus
vertible into
of default in the payment of six
payable—To banks...
Other—for equipment
834,995 Accrued royalties
98,565 Accrued interest
Total
lowing:
$5 Cumulative Convertible Prior Preference Stock—Dividends payable
Q.-J. at rate of $5 per share per annum, cumulative from Jan. 1 1936. Red.
at any time on 30 days' notice at $105 a share and divs.
Entitled to $105
a share plus divs. in event of
dissolution, liquidation or winding up. Con¬
of the old Toledo Steel Products Co.
assets
Notes
7% pref. stock
applied for 328,572 shares.
A prospectus issued in connection with the issuance of 10,000 shares of
$5 cumulative convertible prior preference stock (no
par) affords the fol¬
manufactured
statement
Preferred dividend payable...
total amount
Company—Incorp. under the name of Steel
Its principal executive offices are
registration
Common (263,160 shares)—.
Exchange has authorized the listing of 28,572
stock (no par) on official notice of issuance
pursuant to the conversion of shares of prior preference stock, making the
June 17 1916.
6,395
Intangible assets
Deferred assets.
common
case
$430,415
dep. for dlv. paym't-
Investments, advances, Ac
Stock
the board of directors in
dividends.
hand & demand deps.
on
Inventories
Thompson Products, Inc.—Listing—
additional shares of
on
Notes A accept, rec. (trade) A
accts. receivable
the 4% bonds
York
the
in
TAnhl7lMp*~mm
Assets—
Cash
a
New
estimated
Cash
The merger is expected to effect savings in accounting,
The
are
stock in the
for-share basis.
eliminate
which
being offered.
Underwriting—The underwriters have severally agreed to purchase the
following percentages:
Mitchell, Herrick & Co., Cleveland, 30%; Shields & Co., New York,
30%; Otis A Co., Cleveland, 10%; First Cleveland Corp., Cleveland, 10%;
Hayden, Miller & Co., Cleveland, 10%; McDonald-Coolidge & Co., Cleve¬
land, 10%.
Consolidated Balance Sheet, Nov. 30 1935
special meeting of stockholders.
The new company is to be
known as the Third Avenue Transit Corp.
New no-par common stock
of a stated value of $10 a share, compared with the present stock's $100 par,
was authorized.
It will be exchanged for the present common on a sharea
Slaughter W. Huff, President of the company, said that
securities
now
A merger of the company with six of its controlled companies was voted
Feb. 24 at
the
$41,261. 28,572 shares of common stock will be issued only in satisfaction
of the conversion rights of the holders of shares of prior preference stock
Total house income.
i
1934
1933
$336,057
247,505
Taxes and insurance.
Profit available for int. &deprecia'n
$265,746
204,088
$51,473
66,250
26,638
$61,658
76,260
24,265
$178,790
141,152
House profit.
Theatre rental
Store rental
$291,273
239,800
$88,552
65,000
25,238
Total operating expenses..
$144,361
$162,184
127,767
$37,637
$6,132
138,229
t\
$34,416
The committee has been informed by the trustee that $217,840 has been
on account of real estate taxes in arrears and $49,362 on account of
interest penalties thereon since April 27 1934.
As a result of these payments
paid
unpaid real estate taxes and accrued interest penalties as at Dec. 31 1935
were as follows:
Balance of year 1933, $80,360; for the year 1934. $136,000;
for the year 1935, $138,885; interest penalties to Dec. 31
1935, $44,877;
total, $400,122.
The Beacon Theatre
Corp.
As
the lease
this
was
was
corporation
operated under a lease to the Beacon Theatre
defaulted in its obligations under this xease,
terminated and
a
new
three-year lease entered into with the
Loudys Amusement Corp., haif of the stock of which is held for the benefit
of bondholders by the Manufacturers Trust
Co., as trustee, and the other
half by the management of the theatre.
This new
arrangement became
1935 and provides, in summaryj for the payment of
$75,000 per year plus 25% of gross receipts over $300,000 in each year.
It is reported that the operations of the theatre have
improved since this change became effective.
Believing that the interests of bondholders would be better served by
exercising a closer control over the property, upon the committee's recom¬
mendation the Manufacturers Trust Co., as trustee, obtained an assign¬
ment of rents and took possession of the
property.
The hotel is therefore
now operated by a managing agent and
the theatre by the lessee, directly
under the control of the trustee and the
supervision of the committee.
effective
a
as
of Sept. 1
minimum rental of
Summary of Plan of Reorganization
A
new
company organized by the committee will bid at the foreclosure
and will take title to the Beacon Hotel and Theatre.
In order to
pay the expenses incident to reorganization, to pay real estate taxes now
In arrears and by so doing to avoid further interest penalties which are ac¬
cruing at the rate of 10% per annum, and to provide cash for certain other
8aie,
f
.
the committee proposes to obtain a reorganization loan.
Al¬
commitment for this loan has not been obtained, it is believed
improvement in earnings, such a loan may be obtained when
purposes,
though
a
that with the
it is needed.*
"
.
new company acquires title to the property, the following securities
issued, subject to the reorganization loan:
Reorganization 4% income bonds equal in total principal amount
to the principal amount of deposited series A bond certificates subject to
the plan.
These bonds will be secured by a mortgage which will be subject
to the prior lien of the reorganization loan.
(b) Capital stock, of one class, to be authorized in a sufficient amount
to provide for issuance ot the rate of one share for each $100 in principal
amount of deposited series A bond certificates subject to plan.
Securities of the new company will be issued at the rate of $100 in prin¬
cipal amount of reorganization 4% income bonds and a voting trust certifi¬
cate representing one share of capital stock for each $100 of deposited series A
bond certificates subject to the plan.
No persons with the exception of
the series A bond certificate holders will be entitled to any benefits under
If the
will
Underwood Elliott Fisher Co. (&
Depreciation
Provision for Fed. tax..
and
will
of the Loudys Amusement Co., operator of the
that part of the stock
cause
theatre, held by the
V. 138, p. 3456.
trustee,
of both the hotel
of the plan the committee
theatre will be continued and that as a part
$2,604,879
6,228,188
$1,905,756 loss$144,570
256,457
617,500
473,692
385,000
be transferred to the new company.—
to
Ulen & Co.—Annual
Report—
collaterally secured on
Bank Debt—The bank debt represented by notes
The bank debt was reduced dining
$561,750.
by $708,875 and was further reduced by a payment
year
Jan.
the
of $160,500 on
1936.
6
Funded Debt—Company's funded
debt consisting of its 6% sinking
fund
gold debentures was reduced $438,000 during the year through purchase
retirement at a cost of $229,467.
The interest was paid in full during
and
the
year.
On
May 24 1935 company submitted to the holders of its convertible 6%
gold debentures a plan for the extension of the waiver of the sinking fund
payments for the years 1936 and 1937, or until the payment in full of its
bank indebtedness if such payment is made prior to Dec. 31 1937.
A
sufficient number of the debentureholders having agreed to this plan it was
declared effective July 26 1935.
On Oct. 28 1935 there was submitted to the debentureholders a plan for
the cancellation of the sinking fund payments provided in the indenture
and the substitution therefor of a fixed sinking fund of $250,000 per annum
subject to certain conditions outlined in said letter of Oct. 28. A sufficient
number of the debentureholders having agreed to said plan it was declared
operative on Jan. 15 1936.
Construction Contracts—Under the terms of an agreement with the Greek
government dated April 12 1935 the drainage and flood control work in the
Struma Valley covered by a joint and several contract between John
Monks & Sons and Ulen & Co. and the Greek government is being con¬
ivolved the waiving of all claims to date of agree¬
ment by both parties. If funds are made available by the government, as is
contemplated, it is expected that the work, involving additional expense
to the government of approximately $5,000,000, will be completed about
April 1 1937.
The government has advanced funds to date in accordance
with the agreement of last April and satisfactory progress is being made
in carrying out the works.
Due to unsettled conditions in Europe and
exchange restrictions in Greece the management has found it advisable,
in order to meet possible contingencies, to carry fees received from this
contract in "deferred income" account.
Management Contracts—Management services continue to be rendered
supply systems through a Greek company
in which company has a 50% interest. Due to the insistent demands of the
Greek government the Greek company found it advisable to accept a
substantial reduction in the amount of its future fees. The stockholders have
continued to receive dividends payable in drachmas.
to the Athens and Piraeus water
Management services rendered to the Maranhao, Brazil, utilities con¬
tinue.
Due to a substantial depreciation in the value of the milreis and to
unsettled world conditions the State officials insisted that the management
fee was too high and after careful consideration the management found it
advisable to agree to certain revisions in its management contract. During
the year major extensions were made to the services to meet the increasing
demand for electric power, water and street car facilities.
Persia—The status of the claim intimated by the Persian government
for $1,280,143 arising out of the joint and several contract for railroad
construction in which company had a 40% participation remains unchanged.
Company maintains the position that there is no basis for this claim, denies
all liability and continues to take all reasonable precautions to prevent this
situation from developing into a serious liability.
Consolidated Income Account for Calendar Years
1933
$1,472,112
1934
1935
$980,131
$1,116,184
Oper. exps. & oth. chgs.
157,588
Interest
292,624
10,560
40,713
500,000
856.658
1932
$1,773,943
286,185
447.310
1,051
159,784
364,795
11,549
47,850
4,475
672,853
Total earnings
securities sold..
on
.Amort, of dt. disc.& exp.
Loss on foreign exchange
Provision for anticipated
losses and expenses
Loss
193
57,104
522,892
24,500
131,356
written-off
16,200
bl4,565
1,193
229,452
29,005
18", 146
$39,964
$359,694
$46,231
earned
to
on rec.
34,396
490,888
357,720
848,609
80,679
929,288
887,023
1.756,392
$456,492
456,492
$490,888
490,888
$848,609
848,609
bl7,558
State & Federal taxes
—
Net loss for year..
Ulen & Co.'s proportion
of net loss
Surp. at beginning of yr.
Credit adjust, prior years
Common dividends
Surplus at end of year—
y
1933
$546,319 in
credits of $222,062 in 1935, $264,181
and $478,922 in 1932.
b Excludes Federal
income tax.
1935
1934
Liabilities—
$
$
Bds. red. during yr
226,000
Acer.int. & fees rec
b300,600
Res. for contingencies._
Written-off patents, &c.
$6,228,188 $9,632,394
666,448
666,448
$1.99
Nil
a After
deducting manufacturing, selling and general expenses and al
other charges,
b Including special surplus capital reserve used in retire¬
ment of preferred stock as follows:
1935, $2,295,000; 1934, $2,295,000; 1933,
$2,295,000 and 1932, $2,925,000 and $303,870 representing common stock
in treasury in 1934 and 1935.
x Patents, development, good-will, &c.,
b
$7,560,732
666,448
$3.62
Balance, Dec. 31... $9,051,044
666,448
per share
$4.36
Com. shares outstanding
above, less $1, $11,310,309; less capital surplus
666,448 shares of common capital
$25 to $10 per share, $9,996,720; balance,$1,313,589.
y Costs of consolidating facilities, adjustments for equalization of deprecia¬
tion for prior years, for equipment discarded, for revaluation of used
machines inventory and for sundry minor matters.
incl.
amount reinstated
created by reduction of stated value of
stock outstanding from
Consolidated Balance Sheet Dec. 31
Cash
receivable
x
134,245
in
&
6,685,168
222,368
Fixed assets
Deferred
4,867,002
4,292,890
4,763,545
4,491,848
Investments
Accrued
Fed. & State taxes
Advance by clients
(not
Res.
562,764
on
563,272
27,923
h for clients
«
.
leasehold
16,975
Other def.
charges
213,688
6,609
20,023
1
734%
Good-will
Total
gold debentures.
16,677
172.975
Unamort. debt dis¬
count & expenses
140,375
4,115,000
4,553,000
2,782,800
2,782,800
1,503,651
490,888
Dr88.307
91,673
Conv. 6% sink. fd.
.
1
improvement...
119,205
201,190
...10,489,886 12,527,602
cum.
pref
stock
a
Common stock..
Surplus
Treasury stock
Total
1,503,651
456,492
Dr88,307
10,489,886 12,527,602
Represented by 271,522 no par shares, b Accrued interest only.—-V.
142, p. 1305.
a
Union Carbide & Carbon
Corp.—50-Cent Dividend—
have declared a dividend of 50 cents per share on the
stock, no par value, payable April 1 to holders of record March 6.
payment was made on Jan. 1, last, and compares with 40 cents paid
on Oct. 1, July 1, and April 1 1935, 35 cents in each of the three preceding
quarters, 25 cents per share paid each three months from April 1 1933 to
and including April 2 1934, 30 cents on Jan. 2 1933 and on Oct. 1 and July 1
1932, 50 cents April 1 1932, and 65 cents per share each quarter from July 1
1929 to and including Jan. 1 1932.—V. 141, p. 3551.
The directors
common
A like
314,270
.
554,994
73,070
80,000
43,619
Res. for conting &
develop¬
future
5,204,106
2,705,000
6,664,480
7,560,731
expend.. 5,245,405
2,705,000
7% pref. stock
Common stock.. 6,664,480
9,051,044
Surplus
&c
y
Total
x
1934.
y
25,337,572 23,568,074
Total
25,337,572 23,568,074
$7,526,737 in 1935 and $7,388,409 in
Represented by 666,448 shares of no par value.—V. 142 p. 1305.
After
reserve
for depreciation of
Union Guarantee & Mortgage
Co.—Court Permits Com¬
mittee to Intervene in Rehabilitation—
Reorganization of the company was hastened Feb. 17 when Supreme
Justice Alfred FrankenthaJer granted an application, made by a
of the mortgages and mortgage certificates
guaranteed by the company, permitting them to intervene in the rehabili¬
tation of the company by Louis H. Pink, State Superintendent of Insurance.
Court
committee of holders of 70%
Frankenthaler
Justice
said:
•
.
•
,
•
expressed any opposition to the application.
As there
of opinion as to the desirability of the reorganization
and if it can be effected upon a basis fair to certificate holders and other
creditors, the motion will be granted, and a referee will be appointed for
the purpose of conducting hearings on the plan proposed by the committee
and such modifications or other plans as may be submitted for the considera¬
tion of the creditors, stockholders and those otherwise interested."
The petition was submitted by a reorganization committee consisting
of Orrin I. Judd, A. M. Masser and T. Fergus Redmond, who have been
studying it for some months.—V. 141, p. 2599.
.
'
"No
seems
one
has
to be unanimity
California—Annual Report—
Union Oil Co. of
Consolidated Income Account for Calendar
Years
1934
1935
$61,169,526 $57,368,455
refined oil products
operating revenues
Sales of crude &
Other
2,618,015
2,335,285
$63,787,542 $59,703,740
Total income
operating, selling, administrative
general expenses
Cost of sales &
&
paid at source on funded debt
Bond issue expense
— -
-
Other non-operating expense.
Provision for income tax.
depreciation
Provision for depletion &
$14,942,736 $11,221,793
1,063,139
1,249,032
149,531
-----9,401
4,763
400,347
267.240
8,282,030
6,798,022
$5,038,286
4,386,070
Profit for the year
-
Surplus
Earnings per share
1935
a
$
(Co. and Owned Cos.)
1935
1934
$
$2,902,733
4,386,070
$652,216df$l ,483,337
$1.15
$0.66
—
Consolidated Balance Sheet Dec. 31
373,698
345,189
— ...
profit.'
Interest & taxes
276,269
92
profit on marketable securities
Other non-operating income
Total
49,131,915
..$14,597,454 $10,571,824
I
Profit
•
49,190,087
Net
$
Liabilities—
1934
$
108,543,534 107,956,010 Capital stock...109,651,750 109,651,750
Properties
1942
5% debs., 1945.
Series A 6s,
& affil. cos.;
159,468
4,030
206,306
101,398
207,904
Serial debs
U. S. Govt. bds.
7,763,241
5,107,150
30,000
7,948" 586
2,578,719
43,250
8,026,500
8,026,500
13,463,000
12-yr. 4% conv.
154,199
stocks
In
Advs.
accts..
Other investm'ts
Other advances.
Cash
debentures
payable.
Accrued payrolls
Accts.
Motor
fuel
5,809,766
b6,008,497
20,916,166
2,277,624
22,615,432
2,420,786
4,523,002
246,493
and
taxes
..
1,296,895
975,022
274,163
Res. for taxes..
Interest
Crude & refined
7,500.000
6,000,000
3,382,194
429,934
other sales and
excise
Bills,
notes
&
accts.recelv..
Mat'ls & suppl's
of
credits..
liabilities
Deferred income.
ment, good-will,
oil products..
stock
surplus
Deferred
1,469.256
interest
capital
and
647,490
subsidiaries
903
20,327
Real estate mtges.
&
in
■
8,779,154 10,762,888
Securities
27,923
contlng.
securities
Minority
Cash held as agent
Adv. to employees
for
26,895
117,348
Incl. possible loss
adv.
to affiliated cos.
accrued..
367,803
431,380
650,446
73,182
70,000
41,307
&c
taxes....
Unred. merch.coup
205,109
Marketable sees.
30,068
29,873
102,750
24,907
Interest
78,782
accts.
current)
$
1,415,115
$
■
405,329
payable.
missions,
4,507,340
6,170,919
5,090,564
expenses.
Patents,
'
Accr'd wages, com¬
accts.
Inventories
Prepaid
Accounts
3,524,813
4,084,078
and
Notes
$
Liabilities—
$
$
1934
1935
1934
1935
Assets—
1934
561,750
Accounts payable.
323,279
9,621
Notes & accts. rec.,
$
Notes payable
239,480
79,283
209,000
253,017
Cash
Prop.
2,627,315
2,872,685
xl ,313,589
Inv.in controlled
Consolidated Balance Sheet Dec. 31
1935
Assets—
$10,360,894
190,601
671,913
Crl34,015
to carrying value
Cost of consol. facilities
Includes extraordinary income
1934,
416,545
1,082,985
Adj. of add'l treas. stock
Cash dividends
59,918
Total surplus
Invest,
$8,833,067 $13,647,672
189,350
189,350
$10,656,602
189,350
1,416,209
"
$929,288
929,288
& sales of
Provision for taxes
Other
2,497,335
Total surplus
Preferred dividends
$922,611
557,142
in vest. in affiliated cos.
miscellaneous assets..
$1,517,943 loss$762,071
9,632,394
11,122,965
surplus in 1929-30
244.874
subsidiary companies.
Prov. for write-down of
a
458,486
528,569
16,554
70,645
49,791
sale or stocks of
on
Losses
Balance, Jan. 1
Patents, good-will, &c.,
This agreement
tinued.
Loss
Net income for year..
Earnings
Dec. 31 1935 amounted to
>
J?32
1933
1934
$3,463,571
$3,095,870
7,560,732
Net income
be
the plan.
It is contemplated that the present management
in
Subs.)—Earnings
1935
$4,031,542
480,672
455,000
Calendar Years—
a
(a)
a
1489
Financial Chronicle
Volume 142
accrued
10,421,853
Capital surplus.
3,699,117
Earned surplus.
612,456
256,758
10,215,105
3,699,117
Taxes and insur.
in advance...
607,218
476,252
charges..
131,527
284,547
Other
151,657,428 150,694,182
Total
151,657,427 150,694,182
Total
depletion and depreciation $123,299,339 in 1935 and
1934 have been deducted from properties,
b After reserve
for doubtful receivables of $338,237 in 1935 and $325,980 in 1934.—V. 142,
p. 1305.
a
Reserves
for
$117 729.696 in
United Aircraft
Corp.—Annual Report—
Donald L. Brown, President, says in part:
For the purpose of simplifying the corporate
Aircraft Co., Hamilton
structure, Pratt & Whitney
Standard Propeller Co., Chance Vought Corp. and
Sikorsky Aircraft Corp., former subsidiaries, were, on June 29 1935, con¬
solidated into a single new corporation known as
United Aircraft Manu¬
facturing Corp." all of the stock of
On July 1 1935 the new corporation
which is owned by this corporation.
acquired all the assets of United Air¬
business
ports of Connecticut, Inc., which was thereupon dissolved. The
of the various subsidiaries which were so combined is now being conducted
by corresponding divisions of Jnited Aircraft Manufacturing Corp.
Consolidated current assets as at Dec. 31 1935 amounted to $10,445,017,
and consolidated
I
current liabilities at the same
date amounted to $3,177,465.
1490
Financial
Chronicle
which Includes
$1,750,000 borrowed from the National City Bank of New
York. Included in current assets are cash, U. S. Treasury notes and other
readily marketable securities, aggregating $2,344,597, and inventories
amounting to $6,511,334. Practically all of the inventories were covered
by contract orders.
During the past year, corporation's investment in Pan American Air¬
ways Corp. has been reduced, and the proceeds of the sale thereof, together
with bank borrowings, was used to procure additional
plant equipment and
provide additional inventories for all divisions.
Inventories increased
$3,500,388 from Jan. 1 1935 to Dec. 31 1935.
1935
from
issuance
or
under
Dr35,037
Transf. from
1935
531,532
$35,408
571,732
30,502
141,019
Balance at end of year
$536,324
37,089
7,700,000
Canadian subs, for de-
prec'n of Can. exch—
Cr81,935
on
retirement
of
abandoned plants
Transf. to paid-in surp..
503,845
Preferred dividends
547,554
2,085,447
Previous
loss$30,841
years,
less
pro v.
for taxes
1935
1934
$
$
$406,661
Total
Nil
$
$
Assets—
1935
Liabilities—
..$1,059,472 $1,536,137
1,111,896
1,016,011
U. S.
less
accts.
reserve
Accts.
cers
.
Prov.
1,491,359
accts.
1,074
Inventories
Land
3,685
96,653
183,393
3,010,945
1,166,861
6,511,335
518,661
5,790,426
at
148,252
157,255
surplus
250,000
250,000
any customer be¬
yond 80% of his actual holdings of such stock.
The company states that the preferred stock is not to be issued for invest¬
Company was organized last October for the purpose of engaging in the
selling drug store merchandise, other than that manufactured by
Drug Co., to its stockholders who will be, in every case, the dis¬
United
67,051
68,517
Capital stk. (par
..10,437,660 10,437,660
z
Capital surplus. 4,077,928
4,077,928
Earned surp.,
406,661
def27,974
tributors of products of the United Drug Co.
It operates a similar business
It has applied for licenses to do business as a foriegn cor-
in Atlanta, Ga.
Eoration in New York addition to the 3,000 shares of topar preferred the
operate a warein Boston.
In and Massachusetts and proposes
ouse
less
Vamma
depreciation,
$236,140
has authority to issue 1,000 share of
Water
Power
Co.
no
par common.
(Aktieselskabet
Vamma
Fossekompagni), Oslo, Norway—Bpnds Called—
res.
Deferred charges._
no
company
and
equip, at reduced
values,
for
is
it to be so considered.
Proceeds from the sale amounting to
$150,000 (the stock is to be sold at $50 a share) will be used approximately
follows: $135,000 for purchase of merchandise for sale to retail
druggists,
$5,000 for purchase of necessary equipment and $10,000 for working capital.
as
business of
$5)
est'd
3,000 shares of preferred stock
exclusively to persons, partnerships, associations, trusts, corporations,
firms and others engaged in the retail
drug business.
The purpose of the
issue is to establish and create a credit balance for the shareholder with the
corporation in connection with the purchase by shareholders of merchandise
from the corporation.
Credit will never be extended to
ment nor
of
subsidiaries
y
realizable value.
bldgs.
115,453
92,500
gencies
5,659,480
bldgs. and
equip.—aband'd
plant
28,000
sales
Minority
interest
in capital stock
and
Land,
Land,
118,836
269,941
on
contracts
&
equipment.
166,206
57,645
Reserve for contin¬
bldgs.,
machinery, tools
and
265,965
Federal
Deferred income..
rec.,
int., &c
Investments
for
Advances
& empl
accrued
$397,364
income tax
1,149,559
Inc.—Preferred
The Boston "News Bureau" in a recent issue stated:
The company proposes to sell an issue of
$
$833,912
1,750,000
Acer, wages, taxes,
&c
.233,422
rec.—offi¬
Other
x
173,229
rec.,
.61,144,049 59,688,253
United Wholesale Druggists of
Boston,
1934
$
Accounts payable.
Notes pay.—bank
&Dom.
mun.
of Canada bds__
Trade
Total
reserves for depreciation and
depletion of $15,449,667 in 1935
$13,805,717 in 1934.
b After reserves for bad debts of $708,299 in
1935 and $594,413 in 1934.—V. 141, p. 3240.
Stock—
1934
U. S. Treas. notes.
61,144,049 59,688,253
After
a
and
Consolidated Balance Sheet Dec. 31
Cash
$
def$27,975
$0.20
Note—Included in the net profit for 1935 is $539,500,
covering proceeds
from the sale of design and manufacturing rights and
licenses, and $98,598
from royalties received from licensees, all in connection with
foreign con¬
tracts; and there is also included $399,502 profit on sale of stock of Pan
American Airways Corp.
1935
1934
.
$
_— ..
2,866
27,975
Surplus, Dec. 31
Earnings per share on 2,087,532 shares of stock
1935
Liabilities—
prop.38,778,053 38,419,435 Preferred stock... 7,822,200
7,822,200
Bonds & other sec. 1,121,176
1,226,321 Common stock
23,842,060 23,861,640
Deferred charges__
846,530
805,830 Res. for conting..
876,766
876,765
Cash
7,123,489
8,156,523 Res. for accidents,
Stock purch. contr.
5,778
7,186
insurance, &c._
293,852
257,308
b Accts.¬es rec 3,228,794
2,539,673 Dividends payable
434,772
435,087
Govt, securities
6,021,645 4,899,027 Accounts payable.
706,012
444,829
Misc. receivables.
64,293
36,844 Purch.m'y. oblig..
60,850
Inventories
3,954,290
3,597,413 Accruals
711,867
417,967
Paid-in surplus... 5,831,447
5,866,484
Earned surplus...20,564,222 19,705,972
2,312
_
$19,705,972 $19,585,811 $19,641,451
Plant and
a
3,815
deficit
547,552
1,903,828
Consolidated Balance Sheet Dec. 31
loss$27,027
$434,635
141,019
547,554
1,187,930
547,547
1,487,661
Bal. at end of year...$20,564,222
loss$24,715
$434,635
Cr21,509
.
Loss
Assets
Adjust. of deprec., prior
28,675,751
1,599,416
Adjust, of bal. sheets of
$7,052
31,767
$439,170
4,534
Total surplus
$5,598,172
19,641,451
1,738,927
plant assets
'
—
$5,763,429
19,585,811
2,155,369
$23,197,224 $21,741,180 $21,380,378 $30,275,167
certain
$39,011
31,959
$499,235
60,066
Net profit for period
Provision for cost of minority stock of subsidiary
company in excess of equity value thereof
$5,866,484
19,705,972
3,491,252
Common dividends
co—
Dr900,000
$5,831 ;447
Add—Net profits for yr.
$90,080
129,091
Operating loss.
Other income
Minority proportion of profits of subsidiary
Dr9,826
Earned Surplus—
$3,768,879
3,683,718
175,241
Depreciation
Net profit before minority interest
Dr6,264
earn. surp.
Bal. at beginning of year
4 Mos.
1934
$11,885,506
11,389,382
Federal income tax
Cr103,055
empl. purchase
Total
Period Ended Dec. 31—
—
$6,507,999
Reduc. in book value of
Year
profit
1932
$5,598,172
contract to par value.
Consolidated Income Statement
Net
1933
$5,763,428
pur¬
chase of stock
Res. to reduce stock held
During the period under review, all of the manufacturing divisions have
expended substantial sums in the development of their products and for
additional production facilities required to meet the present unfilled orders.
Net income
Other deductions
1934
$5,866,484
Surplus credits resulting
Unfilled orders at Dec. 31 1935 amounted to $15,804,052, which com¬
with $7,533,662 at Dec. 31 1934.
During the year 1936 to date,
additional orders in considerable amount have been received.
Sales and operating revenues
1936
29
Summary of Consolidated Surplus Accounts for the Years Ended Dec. 31
Paid-in Surplus—
Bal. at beginning of year
pares
Cost of sales and operating expenses.
Feb.
1,298,569
40,344
A total of
$56,000 of 1st &
mtge.
5J4% gold
1957, have been called for payment April 1 next at
1,335,359
58,890
Total
18,343,017 15,603,7461
Total
18,343,017 15,603,746
x After reserve for
depreciation of $2,971,165 in 1935 and $2,527,112 in
1934. y Includes 122,071 (317,923 in 1934) shares to be issued for shares
of capital stock of United Aircraft &
Transport Corp. not presented for
exchange,
z Representing the excess of net assets acquired
by United
Aircraft Corp. at Aug. 31 1934 over the par value of
capital stock issued
or to be issued therefor.
To Issue Stock—
#
Veeder-Root, Inc.—Earnings—
'
Years Ended—
Dec.
Profits from operations.
Other expenses—
31
*35 Dec.
29
34
31
Dec.
33
Dec.
31
*32
y$596,812
131,585
$330,083
82,361
$303,066 lossx$57,960
61,869
22,415
$465,227
34,325
$247,722
30,594
$241,197
25,410
loss$80,375
55,170
$499,552
Cr24,444
$278,316
Cr30,498
$266,607
22,500
loss$25,205
13,992
$523,996
' 300,000
$308,814
$244,107
loss$39,197
$223,996
$158,814
$244,107
def$39,197
$6.66
$3.71
$3.55
Net profits
filed with the Securities and Exchange Commission
application for authority to register an issue of stock which is to be
offered at the maximum price of $6,300,000.
The stock is to be offered to
bonds, due Oct. 1
and int. at the
par
Guaranty Trust Co. of New York, 140 Broadway, N. Y. City, or at the
National Shawmut Bank of Boston, Boston,
Mass., or at First National
Bank of Chicago, Chicago, HI.—Y.
140, p. 1503.
.
The company has
gen.
Other income
an
stockholders and to holders of certificates for common stock of the
United
Aircraft & Transport Corp.
The proceeds of this issue will be used for
repayment of bank loans, additional working capital and for
providing
additional manufacturing equipment.—Y. 142,
p.
United Gas
801.
Feb. 22 '36. Feb. 15 '36.
Electric output of system (kwh.)
142, p. 1306.
84,582,245
—'V.
United Post Offices Corp.—To
Federal Judge John P.
85,691,493
Feb. 23 '35.
74,856,350
$168,190
174,045
1,908
$281,048
United States Gypsum Co. (&
1934
$81,425
69,596
1,610
Deprec. and depletion..
loss$7,763
$10,219
Subs.)—Earnings—
1935
1934
1933
1932
$3,766,772
566,806
$3,202,885
$3,160,225
566,955
564,247
$5,953,237
86,066
1,917,558
$4,333,578
1,834,187
$3,769,840
158,677
1,775,495
$3,724,472
127,146
1,786,583
218", 395
96,740
150,000
61,327
$3,491,252
547,554
2,085,447
$2,155,369
$1,738,927
547,554
1,187,930
$1,599,416
547,552
1,903,828
Extraordinary provisions
Preferred dividends
Common dividends
547,547
1,487,661
common
x
$120,161
xl,192,103
xl,193,082
1,187,660
1,218,349
$1.35
$1.00
$0.86
$3,443 def$851,964
stock
outstanding (par $20)Earnings per share
$2.47
Does not include treasury stock.
Marketable
c
securs
Notes & accts. reo
Due fr. employees.
Inventory..
$144,730
732,408
144,635
2,718
mark-downs,
510,785
Invest,
in
diva..
&
5,186
1,163,997
Dec. 29 '34
$12,852.
y
Nil
charging
After
adv.
to subsidiaries..
/>
Liabilities—
Dec. 31 '35
$135,139 Accts., royalties &
comm. payable.
561,994
78,011 Acer, sal., wages,
taxes & expenses
5,609
462,768 Prov. for antlclp.
moving exps
3,756 Prov. for extraord.
1,088,450
engineering exp.
Dec. 29 '34
$68,448
$22,798
178,457
118,643
35,000
15,000
Other antic, liabil.
116,800
Patents, tr.-marks,
5,436
&c
27,901
27,508
Capital stock
1,875~666
1,875,000
Capital surplus
112,800
100,000
604,765
100,000
a
20,339 Earned surplus
33,780
380,770
Total
$2,876,671 $2,502,6471
Total
$2,876,671 $2,502,647
a Represented
by 75,500 shares of no par value,
b After provision for
depreciation of $626,677 in 1935 ($653,950 in 1934) and after
eliminating
$127,312 of fully depreciated relatively short-lived
manufacturing equip¬
ment.
c After
provision for doubtful accounts and quantity discounts
of $18,363 in 1935 and $17,187 in 1934.—V.
141, p. 3241.
Victor
Equipment Co.—Initial Preferred Dividend—•
The directors have declared
$858,251
Shares
price
Dec. 31 *35
per share on the $1
March 15 to holders
Virginia
for bad debts
taxes
Assets—
Cash
Deferred charges..
$5,547,341
405,896
125,627
inventory
Accrued bond int.
458,362
Deductions from incomei
Income
to be
30,000
Includes interest accrued of $6,839.—V.
142, p. 973.
Calendar Years—
Net profits from oper...
Other profits & income..
Including
off $110,334 for depreciation of fixed assets.
b Fixed assets
1935
on
stock
and decl.
x$414,606
103,558
Net income
x
are
Earnings—
1936
Reserve for Federal taxes
x
150.000
Condensed Balance Sheet
$4,345,000, the chief indebtedness.
No dividends
paid until the bonds and scrip are redeemed.—V. 141, p. 1951.
Operating profit
Depreciation and depletion
Interest paid
income
capital
Reorganize—
the amount of
United States Leather Co.
Net
Dividends paid
Earnings
Nields at Wilmington, Del., Feb. 25 approved
the reorganization plan under Section 77-b of the
Bankruptcy Act of the
corporation, which owns properties in eight States leased to the government.
The reorganization plan includes
reducing the fixed interest on bonds in
3 Mos. Ended Jan. 31—
Other losses & chgs.(net)
Balance, surplus
per
share
Improvement Co.—Weekly Output—
Week Ended—
Total income
an
cumulative
of record
Carolina
initial semi-annual dividend of 50 cents
preferred
March
stock,
no
par
value,
payable
5.
Chemical
Corp.—May Retire Pref.
Plans for retiring all or a part of the
remaining outstanding 7% prior
preference stock are being considered by the
directors; it was announced on
Feb. 25 by A. L. Ivey, President.
The board is scheduled to meet on
March 20.
Retirement of all the
outstanding stock, about 38,000 shares, would take
approximately $5,437,200 at $110 a share plus accrued dividends.
The
company has outstanding also about 220,000 shares of
6% preferred and
480,000
At
a
about
no par common
recent board
$2,500,000
would retire
the
shares.
meeting it
begun.
was said that negotiatins for a bank loan of
This with surplus funds in the treasury
preference shares.
The company could retire one-half
were
of the stock without
borrowing, Mr. Ivey said.
Financial
Volume 142
Retirement of this issue
pledged by the present directors when they
George S. Kemp and associates last
was
took control of the corporation from
December.—V. 142, p. 639.
The company first encountered difficulties Dec. 23 when creditors ob¬
tained an involuntary petition in bankruptcy against the company.
The
affairs of the company are now under the management of Harry V. Whipple,
receiver.—V.
Virginia Fire & Marine Insurance Co.—Larger
The directors have declared
dividend of 87 %
a
Div.-—
cents per share on
the
capital stock, par $25, payable March 2 to holders of record Feb. 19.
This
compares with 75 cents paid previously semi-annually as follows: Aug. 17
and Feb. 23 1935: Aug. 20 a»<i March 5 1934, and on Jan. 2 1932.—V. 141.
p. 3705.
Virginian Ry.—Seeks Authority to Issue Refunding
Bonds—
application with the Interstate Commerce
issue and sell $60,344,000 first lien & ref.
The issue is to be used to refund $55,300,000 of Vir¬
ginian first A 5s due in 1962.
The application requests authority to issue $69,388,000 of the 3%%
bonds and actually to sell $60,344,000 to refund the first A 5s and $5,000,000
first B 43^s, both due in 1962.
.
The remaining $9,656,000 of new bonds would be nominally issued in
exchange for $9,044,000 of Virginian first mtge. 50-year gold bonds now
The company has filed an
for authority to
1491
Chronicle
137, p. 3689.
Washington Gas Light Co, (& Subs.)—Earnings—
1935
1934
1933
1932
$7,090,156
3,980,218
$6,742,290
3,726,378
$6,295,513
3,409,300
$6,483,686
3,394,464
418,201
53,725
468,069
274.430
397,921
60,867
464,369
242,101
389,284
60,227
395,085
215,282
424,424
61,428
418,605
203,944
$1,895,513
11,176
$1,850,653
19,955
$1,826,335
Dr23,992
$1,980,821
Net inc. before charges $1,906,689
Interest charges
1
930,922
Other deductions
J
$1,870,608
$1,802,343
896,976
Calendar Years—
Operating
Operating
revenues
expenses
Maintenance
Uncoil ectibles
Taxes
,
Retirement accruals
•
Commission
mtge. 3%% bonds.
Net income
held in the treasury.
In addition, the road requests
authority to execute and deliver its promis¬
sory note for $5,000,000 at a rate not exceeding 2.81% and to run for not
more than five years.
The proceeds from this note would cover the pre¬
mium
on
the bonds to be called.
for the bonds,
While
of investment bankers
headed by Brown Harriman & Co. are expected to commit themselves
to purchase the bonds shortly before the March
5 directors' meeting,
See also
—.
1936
Net after rents.
—V.
1935
1934
1933
$1,499,695
847,783
690,157
Gross from railway
Net from railway
$1,298,863
686,071
568,239
$1,236,932
667,423
588,851
$1,189,140
620,547
536,452
,
$507,767
on Reorganization—
by A. K. Atkinson, Vice-President of the company,
Ry.—Nothing Definite
An announcement
issued Feb. 25, follows*
"In connection with published reports as to a plan of reorganization of
the company, the facts are that since August last various interests in the
company have exchanged views as to the possible terms
and a number of studies have been prepared, but.the
585,000
130,000
$7.51
1935
$
457,118
1,298
Accts. receivable:
Consumers
Merchandise
593,826
784,953
22,808
...
..
Matls. & suppl.
Prepayments
Defd. debit items.
Partly secured..
96,952
212~363
Accts. & wages pay.
415,290
352,093
Div. pay.
117,000
117,000
531,540
23,242
183,339
496,559
26,775
70,442
Secured
Accrued interest..
Accrued
$3,229,136
664,117
186,889
$2,912,106
657,594
163,901
dividend of 25 cents per share on
the
com-
Report—
costs.
Consolidated Income Account for Calendar
1935
Net profit from opers.
Years
Profit
Miscell., &c., expenses..
Prov. for conting. loss on
foreign exchange
Prov. for Fed. inc. tax__
Net profit.
$1,853,155
1,752,608
47,300
1932
$1,551,157
1,388,272
53,458
$1,243,760
1,670,494
57,291
$53,247
29,138
$109,427 def$484,025
27,622
19,865
$204,429
79,166
$82,384
59,177
$137,049 loss$464,160
71,660
92,370
$175,835
32 083
Cr34,777
$100 166 loss$588 614
$23,207
Consolidated Balance Sheet Dec. 31
1935
&
$927,347
equipment
3,742
rec.
«'
-
-
456,208
405,367
809,747
656,573
from
Accts. pay. & accr.
84,395
92,656
6,912
rec.
131,278
wages
4,723
20,189
51,069
•
The New York Curb Exchange has removed
the capital stock, $1 par.
from Listing and
from listing and registration
Inc.—Extra Dividend—
in
dividend of 12% cents per share on the
common stock, no par value, both payable April 1 to holders of record
March 14.
Previous extra distributions were as follows: 37 % cents on Jan. 2
last; 87% cents on Oct. 1 1935; 37% cents per share in the three preceding
quarters, and 50 cents on Oct. 1 1934.—V. 142, p. 140.
addition to the regular quarterly
Westchester Lighting
Sales of
57,657,616
kw. hours
From sales of gas
From sales of electric
energy
$6,242,762
$6,815,997
2,757,422
3,024,691
47,858
10,990,045
11,392,193
287,479
230,566
— ...
From miscell. sources.
83,036
$4,363,613
2,848,225
418,986
Operating expenses
Retirement expense
$4,773,952 $17,520,286 $18,438,756
3,139,457
11,004,889
10,839,045
1,535,385
1,543,519
388,358
for
(incl. prov.
Fed. income tax)
$788,874
6,131
Drl3,301
income—"
$796,806
long-term debt..
Misc. int., amortiz. debt
disct. & exp. & misc.
on
251,287
$3,103,936"
2,226
Dr32,358
$4,121,437
21,277
Drl5,801
$781,705
251,287
Drl6,141
Drl9,361
Int.
1,942,888
1,867,941
457,261
264,091
$832,310"
Operating income—
Non-oper. revenues
Non-oper. rev. deducts._
$3,073,805
1,005,150
$4,126,913
1,005,149
1,061.439,
427,383
444,181
1,012,121
$118,135
$86,236
$1,056,533
$2,060,324
7,564,673
deductions
Other
—
....
8,326,589
1,319,520
21,247
110,537
additions—From the liquidation of the in¬
surance
12,248
comm.
$1,701,402
Total oper. revenues..
inc.
tax
Accrued
50,198,171 205,239,808 200,005,153
$1,523,154
Operating revenues:
Credit balance, Jan. 1
36,600
for Fed.
1935—12 Mos.—1934
gas—cubic feet.1235029100 1226257,700 4681377,600 4958419,000
Sales of electric energy
Net income
Twinplex Prods.
Co
Co.—Earnings—
1935—3 Mos.—1934
31,747
1st mtge. bonds of
Res.
sub. company..
Sundry accts.
c
$1,159,300 $1,092,900
Common stock.. 2,449,356
2,438.848
Taxes accrued
'
Inventories
Accts.
105,512
199,823
cash
held by trustee,
b Notes &accts.rec
c
$933,165
105,613
274,034
...
-Removed
Wenden Copper Mining Co.
Registration—
Gross corp.
stock
Patents
Sinking fund
1934
7% cum. preferred
machinery, tools
Cash
1935
Liabilities—
1934
Land, buildings,
34,853.996 33.978.801
Total
..34,853,996 33,978,801
Taxes
12,248
$113 014
Assets—
a
17,132
19,265
19,790
<
..
140, p. 2372.
Period End. Dec. 31—
1933
1934
28,594
Miscellaneous income
20,076
insurance
The directors have declared an extra dividend of 37 % cents per share
Drever, Chairman, states in part:
The net profit for the year is $113,014 as against $23,207 for 1934.
During the year company purchased the business and assets of the
Twinplex Sales Co.
The principal business of this company is the manu¬
facture and saie of the Twinplex Razor Stropper and this additional product
will be helpful in increasing the sales volume and reducing manufacturing
exp_.
701,455
1,251,184
Wesson Oil & Snowdrift Co.,
Thomas
Mfg., sell. &adm.
Depreciation
820,195
1,272,502
com p.
Contingencies
-V.
$15, payable March 20 to holders of record March 2.
This
50 cents paid on Dec. 20 last, 25 cents on July 20 1935 and
50 cents per share paid on Dec. 20 1934.
Prior to this latter date no pay¬
ments were made since Sept. 1 1932, when a regular quarterly dividend of
12% cents per share was distributed.—V. 141, p. 3706.
$2,236,394
2,013,876
46,682
prop.
W'kmen's
$2,650,160'
303,698
def229,466
par
Net sales
15,658
Contrlb. for ext.
Retire, of
compares with
Wahl Co.—Annual
180,253
323,053
17,027
127,221
taxes
Miscell. curr. liab.
Total
a
.
Deposits for exten.
1933
1934
Wagner Electric Co.—Smaller Common Dividend—
The directors have declared
Feb. l._
Consumers' dep
1,203,869
of a reorganization,
matter has not yet
—V. 142, p. 804.
monjstock,
700,000
14,912
Reserves:
1935
$3,548,850
801,272
355,321
$
498,293
22,655
409,738
35,194
52,200
1,256,040
Miscell. assets....
1934
$
Liabilities—
2,600,000
30,416,577 Cap. stk. ($20 par) 2,600,000
4,162,905
429,896 Profit & loss surpl. 4,659,457
6,852,232
6,852,232
2,426 Capital surplus
Long-term debt... 16,199,500 16,199,500
586,781 Notes pay. to bks.:
Unsecured
450,000
200,000
732,946
31,240,821
Notes receivable..
1935
1934
$
Assets—
—
Net after rents
$7.91
Consolidated Balance Sheet Dec. 31
Earnings for Month of January
Gross from railway
Net from railway
$559,744
130,000
130,000
$6.47
$7.59
reached the stage of definite negotiations."
1936
$1,027,744
468,000
$373,372
$401,804
130,000
Miscellaneous
142, p. 1306.
Wabash
Balance
Earned per share
Fixed capital
Cash
Earnings for Month of January
63,995
\
$986,804
Dividends
Dr68,195
$1,912,626
820,283
64,599
$841,372
468,000
883,804/
$975,767
468,000
Number of shares
'
The carrier expects to obtain not less than 99 H
no definite commitment has been made, a group
the application stated.
Operating income
Other income
funds
Miscellaneous items
------
&
1
Contract for sale of
10,087
expenses
land & bldg
Other
Other current liab.
32,500
investments
2,001
4,101
Investments
72,931
27,477
7,787
1,126,061
72,931
Deferred charges..
9,086
1,013,046
Deficit
33,626
$9,961,975 $10,497,451
Total surplus
Other deductions:
Approp. for superannuation, pension, retire. &
disability of officers & employees
Items formerly carried in suspense transferred
hereto
$2,805,011 $2,506,378
Total
82,805,011 $2,506,378
Note—Dividends on preferred stock are in arrears at Dec. 31 1935
amounting to $608,632 or $52.50 per share.
a After deducting reserve for depreciation
$883 051 in 1935 and $1,078 540 in 1934.
b After deducting reserve for credit losses,
c Common stock
represented by 147,784 no par shares in 1935 (146,246 shares in 1934).—V.
141.p. 2131.
Warner Bros. Pictures,
Inc.—Anti-Trust Suit Filed—
An anti-trust action to break up an alleged conspiracy between Warner
Bros., Paramount and RKO interests to control and monopolize the film
trade
in
inter-State
commerce
was
filed
in
Federal
Court
in
New
York
Feb. 25 by the Federal government at the direction of Attorney-General
Homer S. Cummings.
The suit is a continuation of a litigation which
originated in St. Louis, Mo., where the government brought a similar
action against the defendants.
This case was dismissed without prejudice
last January on the motion of the government because the complaint did not
include certain necessary defendants.
The present action names 10 corporations and 30 officers and employees
of these corporations.
The companies include Warner Bros. Pictures, Inc.;
Vitagraph Corp.; Vitagraph, Inc.; The Vitaphone Corp.; First National
Pictures, Inc.; Warner Bros. Circuit Management Corp.; General Theatrical
Enterprises, Inc.; Paramount Pictures Distributing Co., Inc.; Paramount
Pictures Distributing Corp.; Paramount Theatre Service Corp. and the RKO
Distributing Corp.
The complaint asks in addition to the temporary injunction court ad¬
judication of the case and a permanent injunction restraining the defendants
from any acts in violation of the Sherman anti-trust laws.—V. 142, p. 639.
Weibel
Brewing Co., New Haven—Bankruptcy Petition.
Revealing assets of $1,099,124 against liabilities of $843,917 the company
recently filed a voluntary petition in bankruptcy with the clerk of the
U. S. District Court, New Haven.
petition reveals that at a recent meeting of directors it was voted
approved that the company file a voluntary petition in bankruptcy
Though the assets of the firm
exceed the liabilities, the petition states that cash on hand is insufficient
to meet the heavy current obligations.
The
and
because of its precarious financial position.
—
316,500
7,777,869
Adjustment of fixed capital accounts
206,429
------
Miscellaneous items
261,247
418,000
2,926,000
$981,928
$7,564,673
Common dividends
Credit balance, Dec. 31
Note—Under the method of accounting
,6,778
by the company, the majority of
read in monthly cycles and such readings seldom coincide
with the calendar month.
The company estimates the energy and gas
delivered but not billed for the month of December 1935 would amount to
its meters
are
approximately $700,000.
increase the assets
date,
The inclusion of this unbilled revenue would
the balance sheet
the operating results from year to
and the surplus of the company as at
but should not materially affect
^6ar
Comparative Balance Sheet Dec. 31
1935
1935
1934
2,424,006
Cash
1,679,839
2,072,131
struction
1,305,913
1,295,789
431,283
Other curr. assets.
305,987
1,377,154
Investments
2,113,314
Prop.,
plant
<fc
equip, intangible
assets
87,638,740 87,019.226
152
37,922
Prepaid expenses.
at cost or less—
Suspense
to
8,000,000
Prop,
retired
proc.
(in
of amort.)
Debt disc. & exp_.
Other assets
Total
x
4,985
308,353
1,230,466
456,751
272,252
800,523
273,762
con¬
ex¬
tensions
Due to parent co.
& affiliates
Mat'd int. unpaid.
Long-term debt
22,103,000 22,103,000
Indebted, to parent
24,800,000 25,300,000
& affiliates
Electric
be
amortized...
of
$
$165,461
660,264
210,553
1,190,836
.
deps.
for
2,197,344 Deposits
& supplies,
1934
$192,537
783,762
200,666
payable-
Consumers'
(Incl. instalment
accounts)
Accounts
Accrued liabilities
Notes & acc'ts rec.
Mat'Is
$
Liabilities—
$
Assets—
sales
sus¬
pense, incl. taxes
& int. thereon..
65,582
68,040
3,353,913
3,508,623
1,521,539 Reserves
5,242 x Common stock. .41,800,000 41,800,000
981,928
7,564,673
147,673 Surplus
Total
96,201,231 103685,369
shares.—V. 141, p. 2912.
96,201,231 103685,369
Represented by 836,000 no par
1492
Financial
Western Grocer Co.
Chronicle
,
P. 2912.
Western Maryland Ry.—Earnings—
Month of January—
1936
$1,265,329
401,052
351,520
7,206
402,554
4,490
Gross income
$407,044
264,492
Court approval has been given to plan of reorganization
and its
Net income
—V. 142, p. 1306.
$142,552
Western Massachusetts Cos.
Wisconsin Central
(& Constituent Cos.)-
Calendar Years—
1935
1933
1932
$8,179,054
3,157,502
Operating revenue
x
Operating expenses..
1934
$7,961,153
3,104,402
$7,758,750
2,929,129
1,623,435
$8,102,587
2,899,586
1,634,253
$3,568,748
220,329
$3,789,077
1,781,157
1,706435
$3,150,115
Other income
$3,240,394
128,170
163,025
$3,206,187
155,914
Total earnings
Interest
Retirement reserve
$3,368,564
564,062
704,475
$3,313,140
565,472
705,495
$3,362,101
577,429
658,660
Operating profit.
..
Net income
$2,042,173
$2,126,012
26,405
26,615
1,946,027
3,661
6,912
Previous surplus
Adjustments
Total surplus——
$63,805
$146,458
5,257,812
Dr202,805
y1,532,033
Dr362,864
$1,266,366
$1,232,974
$5,201,466
$5,257,812
Consolidated Balance Sheet Dec. 31
1935
$
1935
Liabilities—
1934
$
$
-
Plant and equip.,44,612,305
44,360,132
Notes receivable..
Accts. receivable.
523
790,419
437,836
149,206
_
Materials & suppl.
Other assets
Unamort.
Mtge. bonds
3,000,000
1,230,858 Coupon notes
8,500,000
142,370 Notes payable
1,559,000
15,115 Current liabilities.
872,685
734,220 Reserves..
8.405,829
453,157 Preferred stock
437,350
163,810 Minority common
1,328,346
44,567
coupon
stock
note disc. & exp.
179,526
225,744
Other del'd charges
229,626
198 968
Capital stock
Capital surplus
x
..47,768,473 47.528,257
Represented by
141, p. 3706.
x
978,526
shares
29,871
1,235,567
stock
of
no
—V.
Western Pacific
RR.—Hearing
on
a
the reorganization
year
Gain from decrease in unearned premium
Gain from
1,202,047
1935
$937,171
Net from railway
Net af(er rents
—V. 142, p. 1306.
33,339
directors
hearing for March 23
hearing will be held
$815,727
135,163
38,045
1933
$614,381
def34,001
defl05,243
have declared
no par
$513,080
Stockholders' tax accrued
Increase in surplus
$314,568
m.
«,
—
•>
M.
$370,255
Financial Statement Dec. 31
Assets—
1935
Bonds and
1934
Liabilities—
stocks.$4,136,546 $3,979,453
hand and
on
Unearned
1934
1935
$988,278 $1,033,652
prems._
Losses in process of
in bank
608,048
Premiums in
486,634
305,199
28,878
314,979
course
adjustment
Reserve
of coilection
Interest accrued.Oth. admit, assets
28,719
9,703
3,241
for
102,045
108,814
110,000
110,000
1,000,000
2,567,022
taxes
and expenses
Capital
1,000,000
2,881,590
Net surplus
Total
$5,081,913 $4,819,489
Total
$5,081,913 $4,819,489
Note—In order to show relative comparisons, statements for both years
based on actual market value of stocks and amortized value of bonds.
If market value of bonds were used for 1935 the assets and
surplus would
be increased by $251,992.—V.
140, p. 990.
to E. J.
Completed—
has been completed, according
Dalton, President, and security holders
may exchange their
holdings for new securities at Continental Illinois Nat. Bank & Tr. Co. of
Chicago.
The plan (confirmed by an order entered on Jan. 7 in the U.S.
now
District Court for the Western District of Wisconsin)
issue of Feb. 8, page 977.
Yazoo &
was
outlined in
our
Mississippi Valley RR.—Earninqs.—
January—
1936
Gross from railway
1935
$988,718
164,339
def38,995
Net from railway.
Net after rents
1934
$860,395
93,788
def97,863
1933
$915,626
224,966
10,126
■
$933,600
254,651
27,379
—V. 142, p. 805.
Youngstown Sheet & Tube Co.—Considering Refunding
1934
1933
201,685
174,075
$851,540
233,919
136,779
$674,681
149,597
50,252
debentures convertible into common snares, directors have called a
special
meeting of shareholders for March 31, at which time they will be asked
to waive their
pre-emptive rights to subscribe to 600,000 shares of com-
a
.on
stock.
This stock is to be reserved for conversion of debentures
which are to be part of the
funding program now being worked out.—
—V.
on
Jap- 2 1932, when the company paid 75 cents per share.
dividend of 75 cents was
paid on Oct. 1 1931.
Accruals after the payment of the
April 1 dividend will amount to $24.50
142,
p.
1306.
Williams Oil-O-Matic
Heating Corp.—Smaller Div.—
directors
have
declared
dividend
of
25 cents per share on the
common stock,
payable March 16 to holders of record March 2.
A divi¬
dend of 50 cents was paid on Dec.
2 1935, this latter being the first
payment
made since May 16
1927, when a distribution of 37
cents per share
was made.—V.
141, p. 4029.
a
Willys-Overland Co.—Receivership Lifted by Federal Court
—Trustee Appointed to
Operate Company Under Section 77-B
of Bankruptcy Act—
The
three-year Federal receivership was dissolved Feb. 25 in U. S. District
Court, Toledo, by Judge George Hahn, who
appointed David R. Wilson
as trustee to
operate the company under Section 77-B of the
Bankruptcy
Act.
Mr. Wilson acted as receiver for the
company.
Mr. Wilson was elected President of the
Willys-Overland Co. at
stockholders
three consecutive
Feb.
24.
Preferred
holders
a
meeting
assumed
control
quarterly dividends
were omitted.
All administration of the business
will continue under jurisdiction of
Judge Hahn for the protection of all creditors.
The action is thought to be a
step against forced liquidation, threatened
July 18 1933, when the National City
Bank, New York, acting as
bondholders, instituted foreclosure proceedings.
The suit
trustee for the
is still pending.
Empire Securities,
Inc., has been negotiating for the purchase of the
bonds and general claims
against the company.
Its offer to pay 70 cents
on the dollar for the
bonds and approximately 25 cents on the dollar
for the
general claims expired Feb. 15 and it must exercise
its option prior to
March 1.—V. 142, p. 640.
Winkle Terra
p.
805.
CURRENT
paid
An initial
share.—V.
142,
dividend of 50 cents per share on account
the 6%
cum. pref. stock, par $100, payable April 1
holders of record March 15.
A similar payment was made on Dec. 24,
Oct. 1, July 1 and April 1
1935, this latter being the first dividend
since
m»
1935
directors have declared
? accumulations
to
preferred
46,636
Cr16,824
8,700
160,000
Increase in unadmitted assets during year
Commission invest, tax accrued
Dividends declared
$1,080,188
275,149
ai4f rei805
when
Dr447
1936
Wheeling Steel Corp.—50-Cent Preferred Dividend—
The
of
$420,883
12,800
36,000
1,828
$1,137,598
284,334
January—
Gross from railway
Net from railway
The
57,928
The company, it is said, is
considering refunding its $84,962,000 out¬
standing first mortgage 5% bonds in order to take advantage of present
low interest rates.
As such refunding may be accomplished partly with
Wheeling & Lake Erie Ry.—Earnings.—
per
28,713
Cr5,611
....
Yates American Machine Co.—Plan
This compares with 12
1934 to and including Jan. 31
V
Dr5,400
$193,093
170,309
177,911
sale of securities
on
The reorganization plan for the
company
a dividend
of 25 cents per share on the
value, payable April 30 to holders of record March
cents paid each three months from
July 31
1936, 25 cents distributed each quarter from
April 30 1932 to April 30 1934,
inclusive, and 50 cents paid each three
months from Oct. 31 1927 to and
including Jan. 30 1932.—V. 142, p. 140.
stock,
7,900
$300,844
-
Investment income earned
Loss
Westinghouse Air Brake Co.—Dividend Doubled—
The
common
45,375
_
are
1934
$914,843
117,975
def39,867
reserve.
but unpaid
accr.
Appreciation in market value of securities
Earnings for Month of January
Gross from railway
of
taxes & expenses
value.
par
plan filed by the company.
The
before Examiners R. T.
Boyden and Harvey Wilkinson.
1936
decrease in amt.
Underwriting profit
29,871
Plan—
The Interstate Commerce Commission has
called
on
40,320
Drll,418
at end of
Cash
..47,768,473 47,528,257
common
$169,591
557
Receipts in excess of disbursements
Gain from decrease in amt. of outstanding losses
5,501
23,723,341 23,723,341
Total
of
3,000,000
8,500,000
1,599,000
791,986
8,238,860
437,650
4,829
Earned surplus
Total
$1,126,552
543,108
62,541
351,313
$247,012
Commissions and expenses paid
1934
$1,059,207
416,950
60,798
334,446
1
Income tax accrued
1934
$
Co.—Earnings1935
Losses paid
Taxes paid
$294,818
4,981,211
Drl8,216
raamtenance amounting to $350,273 in 1935, $328,268 in
1934,
$306,915 in 1933 and $328,174 in 1932.
y Adjusted as at Dec. 31 1933 to
eliminate surplus as at the date of
acquisition of constituent companies'
common stock.
Assets'*"**
World Fire & Marine Insurance
8,640
$116,388
1,232,974
Dr82,996
Surplus...
$293,611
$211,337
Years Ended Dec. 31—
2,335,801
344
funded debt
-V. 142, p. 805.
26,771
1,948,302
cos.
53,495*
defl00,972
30,951
161,687
6,390
57,884
159,843
„
Net deficit.
$2,666,030
26,242
1,957,052
utii.
on
$700,076
159,054
Other income
Interest
1935
1936
$816,669
"
Net railway revenues
Net after rents
555,547
567,500
$2,100,027
Divs. paid—Pref. stock
Ry.—Earnings—
Month of January—
Total revenues
[l2jf«r-C!nrrmnTii7- items filiminatflHl
Investments
future.
near
The reorganization includes the Winnipeg Electric Co., the Northwestern
Power Co., Ltd., and Manitoba Power Co.
The Winnipeg Electric Co.
issue new 5% 1st mtge. bonds due in 1960 totaling $3,500,000 for
refunding.
Additional new 1st mtge. bonds may be issued up to $7,500,000,
including the $3,500,000, if required.
Repayment of bank loans is provided
along with other changes in the financial strucutre.
Approval of bond¬
holders and stockholders has already been voted.—V. 141, p. 4179.
$91,444
Cash.
of the company
It is expected the plan now
subsidiary and affiliated companies.
will be carried into effect in the
$358,726
267,282
f
it
„
will
Fixed charges
of consit.
„
,,
Winnipeg Electric Co.—Plan Approved—
1935
$1,383,729
465,727
Operating revenues
Net operating revenue
Net railway operating income
Other income
_
Objections to the plan were made by members of the Winkle family,
who hold the company's defaulted bonds which were given them i
part
payment when the firm was purchased in 1930 by R. G. Grady.
Under
the plan the bonds and the mortgage securing them were to be canceled
and $180,000 in preferred stock would be issued in exchange for the bonds.
—V. 139, p. 3493
Oct. 25 1935.—V. 141,
on
29
of Appeals at St. Louis, which held the plan to be unfair and remanded
to District Court.
(Iowa)—Pays Initial Common Div.—
The company paid an initial dividend of 25 cents per share on its common
par $20, on Jan. 20 to holders of record Jan. 10.
A regular semi-annual dividend of
$3.50 per share was paid on the 7%
cumulative preferred stock, par $100, on Jan. 1 to holders of record Dec. 20.
All accumulation on this issue had been
stock,
paid up
Feb.
Cotta
Plan—
Co.—Court Reverses Reorganization
Confirmation of the reorganization plan for the
company a year ago by
Federal Judge C. B. Davis was reversed Feb. 12
by the U. S. Circuit Court
—A gain of
10.9% in
new
NOTICES
paid-for life insurance
was
registered during
1935 by the State Mutual Life Assurance Co. of Worcester, Mass., one of
the five oldest insurance
companies in the United States, according to the
90th annual report of the company.
Business last year totaled $36,465,410
against $32,869,134 in 1934 and net
new
premiums
on new
insurance rose
24.59%.
Total assets of the company rose from
$155,367,986 to $161,064,580 and
the ratio of surplus to liabilities as of Dec. 31 1935 is stated as
6.67%.
During the
year
the company paid out $5,701,805 in death claims and
$10,404,620 either in benefits
or
company's surplus of receipts
The State Mutual has
now
dividends to living policyholders.
over
The
expenditures increased substantially.
extended its record to 85 iuninterrupted years of
dividend payments.
Reflecting improved business conditions, loans on-policies declined from
$35,585,425 to $33,230,748 and the average amount of new policies rose
from $2,931 to $3,055. Lapses and surrenders declined
17.5%, maintaining
the company's tradition of having one of the lowest termination rates in
the country.
real estate.
Improvement
was also shown in
Although total insurance
the depression, the report notes
a
the income received from
in force has shown
some
decline during
substantial reversal of this trend during
the second half of last year.
During
the
year,
a
greater
proportion
of the
company's
invested in bonds and guaranteed
preferred stocks.
ment bonds rose from
$6,697,369 to
$10,105,491,
short term bonds.
In
all
classes
Cash
on
funds
Holdings of
89%
was
govern¬
of which
were
hand increased from $5,281,909 to $7,363,200.
of
income the company showed an increase over 1934.
from 18 to 19 million dollars; interest and rents from six
million.
There were small increases in dividends left to accumulate
Premiums
to seven
rose
and in miscellaneous income.
—R.
H. Johnson &
Co., members of the New York Curb Exchange,
that Herbert A. Humphrey has become associated with
them as
of their Albany office, which is located in the Home Savings Bank
announce
manager
Building.
1493
Financial Chronicle
Volume 142
I
Friday Night, Feb. 28 1936.
7 to 10 points
lower for Santos contracts,
with total sales of 10,500 bags.
Rio contracts closed 4 to 5
points lower with transactions of
Havre futures
Local spot market quiet.
unchanged.
closed
Brazil
34 to 1 franc lower.
out as an influence
was
to-day, the markets there being closed because of the
Gras
holidays.
Mardi
,
On the 25th inst. futures closed
Santos
and
Cost and freight offers were also scarce
11,750 bags.
contracts,
1 to 6 points lower
for
bags.
points lower with trading of
with transactions totaling 21,500
Rio contracts closed 2
to
5
substantial portion of which was confined to
March contract.
There were no offers from Brazil due
31,500 bags,
the
a
holidays, but Santos Bourbon 4s were still around at
8.90c.
Havre futures were 34 franc lower to 34
to the
8.80
to
franc
higher.
On the 26th inst. futures closed 2 to 3
contracts, with
closed 1 to 3
points
up
for Santos
Rio contracts
sales totaling 15,500 bags.
22,250
Mardi Gras
Cost and freight
points higher, with transactions totaling
The Brazilian markets after the extended
bags.
holidays
offers
of
unchanged to 50 reis lower.
were
still
were
Mild coffees
scarce.
Manizales
Colombian
12)4C
at
were
easier with resales
futures
Havre
•
were
unchanged except for March, which was 34 franc lower.
In the local market 43 Santos and 16 Rio transferable
notices
issued but the Santos notices were
were
promptly
All Rio notices eventually were stopped without
stopped.
losses.
closed 4 to 5 points lower for
On the 27th inst. futures
Santos
contracts,
with transactions totaling 16,750 bags.
Rio contracts closed 8 points
higher to 1 point lower, with
Rio de Janeiro futures
Cost and freight offers
were generally unchanged over the holiday, but in one known
case were 20 points lower.
Havre futures were % to 1 franc
higher.
To-day futures closed 3 points down for March
delivery and 3 to 4 points up for the rest of the list in Rio
transactions totaling
10,000 bags.
unchanged to 25 reis lower.
were
Sales
contracts.
unchanged.
totaled
32
For
contracts.
closed 2 to 3 points up, with
tracts futures
Santos
con¬
distant December
Total sales of Santos were 44 contracts: Eight
and seven Rio notices were issued,
Santos transferable notices
and causing losses in the near month.
Janeiro futures were unchanged to 75 reis lower,
the latter circulating
Rio
de
market exchange rate was 30 reis weaker
17.1 milreis to the dollar.
Cost and freight offers from
while
at
Sugar—On the 24th inst. futures closed 2 to 3 points
higher with all options excepting May selling at new seasonal
highs.
The chief stimulus is the good demand for spot
sugar with the spot price definitely established at 3.40c., a
new higa for the year.
Sales of raws were near 100,000 tons,
over
for
were
10 points lower, with Santos
8.65 to 8.95 cents.
Havre futures were
unchanged
Bourbon 4s at from
firm at gains of
to
1 to 134 francs.
Rio coffee prices
closed
March
as
__
1
May
July
Santos coffee
March
-
prices closed
as
8.72
--7.73
-------
Cocoa—On the 24th inst. futures closed 2 points lower,
with total transactions of 3,430 tons.
trading
The feature of the
switching from nearby deliveries.
A total of
March were switched to more distant deliveries.
was
84 lots of
First notices for March
will be cut shortly.
felt in trade circles that there is no
However, it is
extensive position left
unliquidated in the spot contract. Closing: March, 502;
May, 5.11; July, 5.18; Sept., 5.26; Oct., 5.28; Dec., 5.34.
London cash 134d. lower, but futures closed unchanged to
up,
with
220 tons
transacted.
On the 25th inst.
Sales totaled 367 lots,
or 4,918 tons.
The March position was the centre of in¬
terest, and its firmness on the eve of the first transferable
notice day, caused considerable comment.
Offerings of this
delivery were quickly absorbed by the trade.
There is be¬
lieved to be only a very small interest left in the March option,
some estimating about 200 lots.
On the strength of this, no
great volume of notices is anticipated.
Trading outside of
March was very light.
London cash cocoa unchanged, and
futures 3d. lower to unchanged.
Local closing:
March,
5.04; May, 5.12; July, 5.18; Sept., 5.27; Oct., 5.30; Dec.,
futures
closed 1 to 2 points higher.
Philippines.
No notices
were
issued
appreciable demand for raws and with prices ruling at the
highest for the season, induced considerable profit taking
on the part
of operators and trade interests.
Under this
pressure prices reacted 2 to 4 points.
At this level a demand
developed from Cuban interests and this support was in
evidence throughout most of the session.
There was con¬
siderable switching from March to later months.' This was
the second notice day but no notices were issued.
On the 26th inst. futures closed 1 to 3 points higher except
for January, which was 2 points lower.
Sales were 8,2Q0
tons.
In the market for raws the American Sugar Refining
Co. paid 3.40c., unchanged, for 40,000 bags of Puerto Ricos
late March shipment, and 4,200 tons of Philippines to arrive
late March.
Refined remained unchanged at 4.65c. with
only a moderate business passing.
In London futures were
34 to
lower while raws were reported quiet and offered
at
4s. 9d. for March arrival.
On the 27th inst. futures closed 2 to 4 points up, with sales
totaling 12,800 tons.
Prices again moved into new high
ground for the season, March and May going above the pre¬
highs of last May.
In the market for raws two sales
took place at 3.40c., unchanged, American taking 25,000
bags of Puerto Ricos due March 11 and.Arbuckle 10,000 bags
due March 23.
London futures were unchanged to 34dvious
lower, while raws were steady after sales at a new low for the
year,
8.621 September
were
March,
closed
follows:
8.711 December
8.711
-
-5.25
5.35
5.011 December
5.131
-
May
July
follows:
4.851 September
naif of which
this being first notice day for that delivery.
London futures were 34 to Id-, higher with transactions
totaling only 1,000 tons.
On the 25th inst. futures closed 1 to 3 points lower.
Transactions
totaled
8,100 tons.
The absence of any
the open
Brazil
3d.
higher,
only 99 lots, or 1,327 tons.
^Jthough
trading was comparatively light, prices held firm throughout
the session.
No notices were tendered against March on the
first delivery day, which of course, had a highly strengthen¬
ing effect on the spot contract.
From this it is believed the
outstanding interesting March is very small. Local closing:
March, 5.08; May, 5.16; July, 5.22; Sept., 5.30; Oct., 5.33;
Dec., 5.39.
On the 27th inst. futures closed 6 to 8 points higher.
The
tightening of the March position, induced largely by shorts
covering, and the lifting of hedges in the later deliveries,
were the contributing causes in the strength displayed in
the market to-day.
The March contract is attracting con¬
siderable attention, no notices having been tendered to date*
Hedges were lifted against sales of Bahias on the outside,
with a leading importer active in the ring.
Sales for the day
reached 104 lots, or 1,394 tons.
A noticeable feature is the
meager amount of offerings.
Closing: March, 5.16; May,
5.23; July, 5.29; Sept., 5.36; Oct., 5.39; Dec., 5.45.
To-day
futures closed unchanged to 1 point down.
Cocoa futures
were unsettled to-day by March liquidation, that position
breaking 3 points to 5.13c. a pound.
Fifteen notices for
delivery on March contracts were issued.
Sales totaled
209 contracts.
Closing: March, 5.15; May, 5.23; July, 5.29;
Sept., 5.36; Dec., 5.45; Jan., 5.47.
transactions totaling
Coffee—On the 24th inst. futures closed
about
On the 26th inst. futures closed 2 to 4 points
5.36.
COMMERCIAL EPITOME
■
4s. 834^., or about .90c. f.o.b. Cuba.
To-day prices
unchanged to 2 points up.
Futures continued to hold
firm in rather active
trading, its chief stimulus coming from
raw sugar at rising prices.
In the
market for raws an operator paid 3.50c. for 3,200 tons of
Philippines, April-May shipment, while refiners paid 3.45c.,
for Philippines early April arrival, and the same for Puerto
Ricos.
The London market was 34d. to 34d. higher with
the active
demand for
sales estimated at 9,000 tons.
Prices
were as
follows:
,
-
July
2.53! January.
2.33
March
2.511 May
2.52
2.551 November
2.52
September
-
Lard—On the 24th inst. futures closed
unchanged to 5
points higher, with distant September closing 2 points lower.
During the early session prices declined 10 to 15 points on
commission house selling.
Trade interests came into the
market at this level and bought considerably, and this to¬
gether with shorts covering lifted prices above previous
closing levels.
Closing hog prices were unchanged to 15c.
higher than Saturday's finals.
The top price at Chicago was
$10.40 and most of the sales ranged from $10.05 to $10.35.
Total receipts for the Western movement were 79,600,
against 52,300 for the
same
day
a year ago.
Liverpool lard
position, and unchanged
the deferred months.
On the 25th inst.
futures closed 6d. lower for the spot
to
3d. lower
on
futures closed 2
Transactions
though the trading was with-
points lower to 2 points higher.
for the day were fairly heavy,
Financial
1494
out any
special feature.
There was some hedge selling in
May by packers, and some scattered buying of July credited
to shorts.
It would seem that the market were having a
breathing spell after its recent extensive decline.
Cash
demand continues very quiet, and prices are holding steady
notwithstanding this absence of demand.
Western hog
receipts were again rather liberal and totaled 58,600, against
42,300 for the same day last year.
The break in the weather
is allowing a freeer flow of receipts.
Demand reported
slow and prices at the close were 10c. to 15c. lower at Chicago.
Most of the sales ranged from $9.85 to $10.30, and the top
price was $10.40.
On the 26th inst. futures closed 5 to 10
points higher.
A good undertone was reflected in the fact
that prices responded quickly to a moderate amount of
buying.) Prices on cash Western and Mid-Western lard were
slightly*reduced by the trade, due to the increasing receipts,
which'were curtailed by the recent cold weather.
Hogs
closed 10c. lower depsite the moderate receipts at the prin¬
cipal Western markets.
The top price at Chicago was $10.25
with most of the sales ranging from $9.60 to $10.15.
Total
receipts for the Western run were 43,400 as against 60,600 for
the same day a year ago.
<On the 27th inst. futures closed 2 to 10 points higher,
with the exception of September delivery,
whic^t showed a
loss of 2 points.
The firmness of lard was influenced by the
strength in hogs, which latter advanced 15c. to 25c.
Western
hog receipts were very light and far below general trade ex¬
pectations, but of course this heavy drop in receipts was at¬
tributed to the blizzard in the Middle West.
Chicago ex¬
pected 14,000 head and the total marketings were only 8,000.
Total receipts for the Western run were 29,500 against 52,400
for same day last year.
Closing hog prices at Chicago were
15c. to 25c. higher; the top price was $10.50 and the majority
of sales ranged from $9.85 to $10.40.
To-day futures closed
3 to 8 points up with the exception of the May delivery,
which remained unchanged.
There was nothing in the news
to explain this firmness, except that hogs were 10c. to 15c.
higher.
DAILY CLOSING PRICES OF LARD
Sat.
May
July
Mon.
Holiday
March..
September
10.65
10.60
10.60
10.42
FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
10.65
10.77
10.80
10.80
10.60
10.70
10.75
10.80
10.57
10.40
10.62
10.50
10.72
10.75
10.47
10.55
Pork—Quiet; mess, $32.37 per barrel; family, $31.37,
nominal, per barrel; fat backs, $21.25 to $28.25 per barrel.
Beef quiet; mess, nominal; packer, nominal; family, $18.50
to $19.50 per barrel, nominal; extra India mess, nominal.
Cut meats quiet; pickled hams, picnics, loose, c.a.f., 4 to
6 lbs., 15c.; 6 to 8 lbs., 143^c.; 8 to 10 ltis., 14c.; skinned,
loose, c.a.f., 14 to 16 lbs., 203^c.; 18 to 20 lbs., 20c.; 20 to
24 lbs., 18^c.
Bellies, clear, f.o.b., N. Y., 6 to 8 lbs.,
233^c.; 8 to 10 lbs., 23c.; 10 to 12 lbs., 213^c.
Bellies, clear,
dry salted, boxed, N. Y., 14 to 16 lbs., 16%c.; 18 to 20 lbs.,
163^c.; 20 to 25 lbs., 15%c.; 25 to 30 lbs., 15%c.
Butter,
creamery, firsts to higher than extra and premium marks,
34^4 to 36c.; Cheese, State, whole milk, held, 1935, fancy,
20 to 21c.
Eggs, mixed colors, checks to special packs,
27 to 31^c.
Oils—Dullness continues to prevail in the Unseed oil
market, though deliveries show some improvement.
The
price situation is unchanged at 9c.
Quotations: China
wood, tanks, forward, 164^ to 17c.; drums, spot, 17c.
Cocoanut, Manila, tanks, April-June, 4^4 to 4%c.; Coast,
424s.
Corn, crude, tanks, West mills, 824c.
Olive, de¬
natured, spot, Spanish, 75 to 76c.; shipment March forward,
74 to 75c.
Soya bean, tanks, mills, 624 to 7c.; C. L. drums,
8.6c.; L.C.L., 9.0c.
Edible, 76 degrees, 11c.
Lard, prime,
1324c.; extra strained winter, 13c.
Cod, crude, New¬
foundland, nominal; Norwegian yellow, 36c.
Turpentine,
47 to 5334c.
Rosins, $4.65 to $6.95.
Cottonseed
Oil
Crude, S. E., 824c.
March
April
May
June
sales, including switches, 90 contracts.
Prices closed as follows:
9.35@
I July
9.40 @
August
9.61 @ 9.63 September
9.45@
October.
T---
-
9.64@
9.45@
9.52@ 9.53
9.20@ 9.35
Petroleum—The summary
and tables of prices formerly
appearing here regarding petroleum will be found on an
page in our department of "Business Indications,"
earher
in the article entitled "Petroleum and Its Products."
Rubber—On the 24th inst. futures closed 4 to 9
points
lower, with sales for the day totaling only 820 tons.
Spot
ribbed smoked sheets declined to 15.63 from 15.68.
Trading
or
less restricted, because of the International
Regulation Committee meeting, at which some very
important developments may transpire. Another restrain¬
ing influence was the Akron strike situation, which may
still go on indefinitely.
London and Singapore markets
closed quiet.
Local closing: Feb., 15.55; Mar., 15.60;
Apr., 15.66; May, 15.72; June, 15.77; July, 15.82; Aug.,
15.88; Sept., 15.95; Nov., 16.06; Dec., 16.12.
On the 25th
inst. futures closed 8 to 12 points lower.
Transactions
totaled 1,380 tons.
The meeting of the International Rub¬
ber Regulation Committee at London adjourned without
any change of the export quotas.
The Akron strike situation
is being watched with a great deal of uneasiness by the
trade, as the possibility of a spread of this strike is widely
feared.
This has been a most depressing influence in rubber
circles, and there is no telling how it will end.
As a result,
the rubber business is greatly curtailed, and traders are dis¬
was
more
Rubber
Chronicle
inclined
Feb.
1936
29
make any substantial commitments.
London
Singapore closed quiet with prices lower.
Local closing:
Feb., 15.46; Mar., 15.51; Apr., 15.57; May, 15.62; June,
15.68; July, 15.74; Aug., 15.78; Sept., 15.83; Oct., 15.88;
Nov., 15.94; Dec., 16.00.
On the 26th inst. futures closed
8 to 12 points lower.
There was little factory interest,
transactions in futures reaching the small total of 1,160 tons.
The strike at Akron is still having a depressing effect, the
trade realizing it is fraught with many possibilities that could
vitally affect prices and the rubber situation as a whole.
Until the atmosphere is cleared in this direction, no appreci¬
able change marketwise is looked for.
Local closing: Mar.,
15.41; Apr., 15.47; May, 15.53; June, 15.57; July, 15.62;
Aug., 15.68; Sept., 15.75; Oct., 15.80; Nov., 15.86; Dec.,
15.92.
The London and Singapore markets closed quiet,
prices unchanged to l-16d. lower.
On the 27th inst. futures closed 11 to 17 points higher.
Volume of transactions moderate, registering only 2,190
to
and
tons.
There
trend
caused
was a
decided reversal of the recent downward
by the uncertainties surrounding the Akron
strike, prices being very responsive to demand.
Thursday
was first notice day for March contracts, 3,030 tons being
tendered for delivery against this contract.
The notices
were
well taken.
There was considerable switching from
March to later deliveries.
London and Singapore closed
steady with prices showing advances of l-32d. to 1.16d.
Closing:
March, 15.57; April, 15.63; May, 15.70; June,
15.73; July, 15.77; Aug., 15.84; Sept., 15.91; Oct., 15.95:
Nov., 15.99; Dec., 16.03.
To-c^ay futures closed 3 to 6
points higher with the exception of the September delivery
which remained unchanged.
Transactions totaled 147 con¬
tracts.
London and Singapore markets were unchanged.
London reported that the stocks of rubber in the United
Kingdom probably decreased 550 tons this week.
Local
closing:
March, 15.63; May, 15.73; July, 15.83; Sept.,
15.91; Dec., 16.09.
Hides—On the 24th inst. futures closed 2 to 6 points lower.
Total sales
4,640,000 pounds.
No sales were reported
hide market and prices remained virtually with-/
out change.
Imports of hides at leading United States
ports during the week ended Feb. 15 totaled 24,346 at New
York.
For the year to date imports at New York, Boston
and Philadelphia have totaled 221,538 hides as against 117,535 during the corresponding period of 1935.
Local closing:
March, 11.07; June, 11.41; Sept., 11.75; Dec., 12.03.
On the 25th inst. futures closed unchanged to 2 points
lower.
The volume of business transacted was the largest
on
record and was confined almost entirely to switching
from the March delivery into the more distant months.
Notwithstanding these heavy transactions, prices ruled
within surprisingly narrow limits.
Total transactions were
13,120,000 pounds or the equivalent of 328,000 hides.
This
volume compared with the previous record of 10,880,000
pounds established on May 9 of last year.
The way the
market withstood this heavy pressure was evidence clearly
of its underlying strength.
Nothing of importance developed
in the spot hide markets.
Cables from Argentine reported
nothing of real interest.
Stocks of certificated hides in
warehouses licensed by the Exchange remained at 897,542
hides.
Closing: March, 11.05; June, 11.40; Sept., 11.73;
Dec., 12.03; March, 12.33.
were
in the spot
On the 26th inst. futures closed 3 to 4
day's business totaled
pounds were tendered
Domestic spot market
unchanged.
Closing:
points down.
The
4,960,000 pounds of which 2,240,000
for delivery against March contracts.
quiet with no sales and prices virtually
March, 11.01;/June, 11.36; Sept.,
11.70; Dec., 12.00.
On the 27th inst. futures closed
J
15 to
19 points higher.
Trading continued on a fairly large scale, transactions total¬
ing 3,080,000 pounds.
There was more activity in the spot
hide market, 63,000 hides changing hands with light native
cows selling at 10 34c. a pound.
In the Argentine there were
10,000 frigorifico steers sold at 14 7-16c.
During the course
of the day there were 400,000 pounds tendered
against
March contracts.
Stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 897,542
hides.
Local closing:
March, 11.18; June, 11.52; Sept.,
11.85; Dec., 12.19; March, 12.49.
To-day futures closed
points down with transactions totaling 45 contracts.
7 to 11
Sales
of actual hides in the Chicago market were
heavy
yesterday and the day before, the reported volume being
114,000 hides.
Native cows sold at 10ks to tlOJ^c., while
steer hides brought 12
to 13c.
Local closing:
March,
11.10; June, 11.45; Sept., 11.78; Dec., 12.08.
Ocean Freights-—Shipping demand is
generally on an
unsatisfactory basis as the week closes.
Feeling is hopeful
that the slight differences between bids and offers will soon
be
overcome.
Charters included: Tankers: Light crude, March, to N. H. from U. S.
Gulf, 31c.
Grain booked: First half May, to Antwerp-Rotterdam from
Montreal, 35 loads at 10c.; ten more loads, Montreal, May, heavy, to
Antwerp-Rotterdam at 10c.
Scrap iron: Prompt, Baltimore, Swansea,
12s. 6d.
Coal: Cardiff, 6s. 6d., Feb. 24.
Corn: San Lorenzo to Los
Angeles-Vancouver range, 10%, 14s. 9d.; heavy grain, option Buenos Aires
or La Plata loading, 13s. 9d. and 9d. per ton extra for
each additional port
of discharge up to three ports; option United Kingdom-Continent at sched¬
ule rates, March 10-20.
Sugar: 10%, Philippines to United States, $6.75.
Coal—For the week ended Feb. 15 soft coal
production is
estimated at 10,400,000 net toils, an increase of
300,000 tons
or about 3% over the
preceding week. Production for
corresponding week of last
the,
year was 8,705,000 tons.
In spite'
of the weather break favorable to the
consumers, prices are
Financial
Volume 142
Consumption continues at a pace far ahead
But a substantial let-down is reported in
holding steady.
of
a
year
ago.
retail distribution here and elsewhere up
and down the At¬
and
just now, but as yet no
important developments have been reported.
lantic
seaboard.
The anthracite conference of miners
operators is occupying the spotlight
Copper—Notwithstanding the unfavorable effect of the
on the utility companies, in that it discouraged
a large potential demand for copper from
these interests,
the copper situation has shown remarkable firmness lately.
And this despite a rather disconcerting price situation in the
local market.
Two domestic factions are still trying to
maintain two sets of prices, 9^c. and 93^c. per pound, de¬
livered to the Connecticut Valley.
That this irregular price
TVA decision
situation has existed for
some
little time
now
without caus¬
great unsettlement is regarded as an indication of the
healthy steady undertone of the copper market.
There is a
steady volume of business though at no time strikingly large
during the past several days.
Total sales for the month so
far have been 72,569 tons.
Another item of interest is the
ing
any
unchanged foreign quotation, which has remained at 9 cents
per pound for some time past, and at this level a fair demand
is reported.
Custom smelters admit that they are paying
for their ore and scrap on the basis of 93^ cents selling price
for electrolytic, but no intimation is given when, if at all,
they will move up their price to the levels of Phelps Dodge
and Anaconda.
Tin—The feature this week
was
the advance of 1 cent
pound that took place Wednesday, prompted of course
by the now generally known scarcity of prompt tin. Not
only has a scarcity of tin for dealings on the London Metal
Exchange been reported during the past two days, but
arrivals in the United States during early March are des¬
tined to be considerably less than appeared a few days ago.
The S.S. "Awobasan Maru," which was due at New York
on March 17 with 750 tons of tin—which represents about
one-seventh of a normal month's arrivals here—met with
an accident and had to return to Yokohama, where the tin
per
being transferred to another boat due to arrive in New
on March 28, or scarcely in time to make March de¬
livery on contracts. A more cheerful sentiment prevails in
the industry, especially in view of the news that tin plate
operations have increased materially, or to about 75% of
capacity or better. Moreover, it is expected that consump¬
tion of tin in the automobile industry will increase con¬
is
York
before long.
Comparing the 1935 figures with
previous year, world apparent consumption
increased by more than 20% from 117,681 tons to 141,524
tons.
World production of tin in 1935 increased by more
than 30,000 tons over the 1934 output.
siderably
those
the
of
brisk. The
approximately 10,000 tons.
Therefore, the advance of $1 per ton on Wednesday was not
entirely a surprise, especially in view of the corresponding
advance in the price of zinc on Tuesday.
The St. Joseph
Lead Co. initiated the advance, raising to 4.40c. per pound,
East St. Louis, and 4.60c., New York.
The American
Smelting & Refining Co. followed quickly, quoting 4.55c.
per pound, New York.
Thus the St. Joseph company con¬
tinues to get a premium of $1 per ton for its brands for
Eastern
shipment.
The rest of the trade unanimously
followed this advance.
Lead producers point out that the
price equivalent of lead on the London Metal Exchange,
which represents the general European market, was 5.77 }|c.
per pound yesterday, and assert our price could easily go
up to 5Y<iO,. per pound without the danger of foreign lead
being attracted here over present tariff barriers. Demand
for lead here is reported well diversified.
Lead—Demand for lead continues extremely
volume
sold
last
week
was
Zinc—The important development in the zinc trade this
was the advance of one dollar per ton in prices.
This
week
followed
the
unusually large sales last week, the volume
being the largest since the week ended Nov. 9, when over
22,000 tons were disposed of.
Total sales last week were
12,580 tons.
The new price for zinc is 4.90c. per pound,
\East St. Louis, or 5.27^c., New York.
This is the first
major change in price since Oct. 8 1935, when the price was
Raised $2
per ton to
4.85c. per pound.
This advance in
in the zinc industry.
have been double or
triple the volume of sales, which would indicate that con¬
sumers, such as the makers of galvanized products in the
steel industry, will be in the market again in a very sub¬
stantial way before long.
The general thaw throughout the
country is expected to develop many new sources of demand
came as no surprise to insiders
For the past several weeks shipments
price
for the metal.
Unfilled orders for prime western slab zinc
stood at 44,605 tons as against 37,769
at the end of last week
week previous, which shows a gain of 6,836 tons.
Unfilled orders for both prime western and brass special zinc
stood at 42,970 tons as against 36,728 tons a week earlier,
tons
an
a
increase of
6,242 tons.
Steel—The steel business is more than holding its own,
notwithstanding the prolonged severe winter weather. This is
regarded as an excellent indication by steel interests, and it is
predicted that within the next 30 days business will be forging
ahead on a large scale.
Building and construction work has
been greatly handicapped because of the unusual winter
weather, and with the opening up of spring conditions the
steel industry is expected to gather great momentum.
Local
steel sellers state that demand is well diversified, with rail¬
1495
Chronicle
in the lead.
This latter fact
of news: The rail mill of
operating seven days a
week for the first time in many years.
Several thousands
tons of steel orders from the carriers are turned in each day.
Within a week or two the Pacific Fruit Express will issue an
inquiry for 3,000 refrigerator cars.
The Great Northern is
inquiring for 500 ore cars, while the New Haven is asking
bias on 10 steam locomotives.
Nothing real can be as¬
certained concerning a change in prices for second quarter
delivery.
It is assumed that prices will remain as they are
road buying still more or less
is borne out by the following items
the Colorado Fuel & Iron Co. is
until further
along in the
year.
Iron—The demand for
Pig
this metal continues com¬
paratively quiet, and in some circles the feeling is not too
optimistic concerning the immediate revival of a brisk
demand.
As concerns prices for the second quarter, pro¬
ducers will not commit themselves until March 2, when
for that period.
However, it is quite gener¬
ally assumed that prices will be unchanged.
It is reported
that melters are pretty well stocked with iron, and until
demand picks up in a substantial way consumers generally
are
expected to adhere to a' waiting attitude.
Although
weather has hampered many industries for some time past,
it is claimed by some it has been of little or no consequence
in the pig iron business.
books will open
^
Wool—Demand for spot wool has dropped to a low ebb.
Notwithstanding this lack of general demand, prices are
holding firm at the high levels.
But no broad activity is
expected as long as selection is poor and prices high. Some
mills that must have a certain type of wool, seem willing to
pay the premium caused by scarcity.
This has been the
case in three-eighths blood and quarter blood wools of the
Ohio type where 44c. to 45c. has been paid in the grease,
against 43c. previously. Strength shown in domestic medium
wools is seen also in Montevideo apparel wools in the bond,
basis, making a gain of 10%
Domestic wools have risen
5% for the month to date, and similar apparel wools in bond
the group of six grades, grease
since the middle of January.
about
the
same
amount.
Manufacturers' and
topmakers'
supplies are reported diminishing rapidly.
It is figured that
by the time the new clip becomes available in volume, mill
holdings of wool and wool tops may be expected to show
largely depleted stocks.
Things do not appear to be going
so
smoothly with dealers and growers.
Something of a
deadlock is developing in contracting the 1936 clip, there
being a wide difference of views on wool values. Some of
the wool already contracted will cost about 90c., scourced
basis.
Boston and many Eastern dealers in the Western
field have gone about as far as they consider safe under
prevailing conditions.
Late advices from Phoenix state
that members of the Arizona Wool Growers' Association
proposing to hold their wool for 40c.
World demand for
as indicated by sustained purchasing in the primary
wool markets, is surprisingly good, and prices continue their
upward trend.
It is a question what effect this will have
upon American buying in foreign markets now that the
American clip is moving into sight.
Silk—On the 24th inst. futures broke badly, the close
are
wool
registering a net loss of 63^>c. to 10c.
This weakness was due
primarily to the heavy declines in the Japanese markets and
to the poor demand for sopt silk in the uptown market,
where prices dropped 5 to 6c. a pound, with the Exchange
reporting an average spot price for crack double extra, the
standard grade, of $1,683^.
The poor demand for cash silk
has been accentuated recently by poor weather conditions
throughout the country, and a general disposition on the
part of buyers to turn to other fibers, notably rayon.
An¬
other encouragement to bearish sentiment was the final
outcome of the Japanese silk crop for last year, which is now
found to have been considerably underestimated.
Japanese
reported a break of 32H to 35 yen in the cash markets,
Grade D falling to 715 to 717K yen.
Yokohama futures
declined 20 to 36 yen, and Kobe Bourse prices dropped
cables
34
to
46
yen.
Sales of Japanese futures reached
11,300
bales, while 950 bales of cash silk was sold.
Local closing:
Feb., 1.59; March, 1.57; April, 1.563^; May, 1.56^5 June,
1.56; July, 1.56; Aug., 1.53; Sept., 1.52.
On the 25th inst.
futures closed IKe. lower to lc. higher.
Total transactions
were
2,600 bales.
from shorts
The market received its support largely
covering, there being little new outside business.
February sold off
33^c.
as
17
more
notices
came
forward the
day.
Japanese cables revealed Grade D un¬
changed to 2Y yen lower, being quoted at 715 yen.
Yoko¬
final delivery
hama futures lost 2 to 16 yen and the Kobe Bourse dropped
12 to 17 yen.
Local closing: March, 1.553^; April, 1.55;
May, 1.55; June, 1.55; July, 1.54; Aug., 1.53 Sept., 1.53;
Oct. 1.51.
On the 26th inst. futures closed 33^ to 5^c.
lower.
The session was one of the most active and exciting
day.
The shock came from the sudden dramatic
developments in Japan, where armed revolt by military
extremists prevailed, the Premier and other notables being
assassinated.
This was followed by a closing of the Japanese
in many a
collapse of the yen rate.
The local market
before an avalanche of selling orders
from Japanese interests struck it, causing a sharp break in
prices.
The downward movement was further accelerated by
the uncovering of stop orders and panicky liquidation by
tired longs.
Later in the day was a sharp turn-about on
heavy covering by shorts taking profits.
There was also
considerable new outside buying in evidence.
This substanmarkets and
a
wasn't under way long
Financial
1496
tial support carried prices from 3 to 3^c. above the lows.
The demand proved short-lived however, and on the develop¬
ment of fresh
heavy selling prices dropped to the low levels
Japanese exchange broke sharply, going to
28.90c. for prompt cable transfer, which represented a break
of 28 points.
Local closing of futures: March, 1.52; April,
1.51; May, 1.513^; June, 1.49^; July, 1.49K; Aug., 1.48;
Sept., 1.47H; Oct. 1.47.
On the 27th inst. futures closed Y/2 to 8c. up.
The market
appeared to be in an oversold condition as a result of yesterday's unusual developments, and there was considerable
covering of shorts.
There was also new buying of the later
deliveries, uptown dealers showing a desire to accumulate
forwards,
Speculators were also busy on the buying side,
it being the general feeling that the Japanese situation was
well in hand and things would take their normal course.
However, there are many in conservative quarters who feel
that conditions in Japan could again become highly serious
and have a far reaching effect.
Until a clearer insight is
obtained as to the political and financial affairs of Japan, the
of
*
the
day.
silk situation will remain highly uncertain.
Local closing:
March, 1.60; April, 1.58; May, 1.58; June, 1.57; July,
1.53H; Aug., 1.54; Sept., 1.52; Oct., 1.523^.To-day futures
closed firm Y, to 3YC- higher with the exception of May,
which was YG- off.
Notwithstanding the highly unsettled
conditions,
in Japan,
considerable demand developed,
especially in the distant months.
Transactions totaled 172
contracts.
The New York spot price of crack double extra
silk advanced 2YG- to $1.65.
The Yokohama Bourse re¬
mained closed, but advices from Japan stated that the Bourse
had established a price of 701 yen for February and March
deliveries, and had transferred all outstanding February con¬
On the outside market the tone
tracts to March.
was
firm
with
grade D quoted at 702^ yen, up 173^ yen.
Local
closing: April, 1.59; May, 1.571^; June, 1.573^; July, 1.57;
Aug., 1.553^; Sept., 1.55; Oct., 1.54.
Chronicle
Feb.
The exports for the week
ending this evening reach a total
bales, of which 19,924 were to Great Britain, 11,702
to France, 19,647 to
Germany, 8,354 to Italy, 3,960 to
Japan, and 13,174 to other destinations.
In the corre¬
sponding week last year total exports were 99,034 bales
of 76,761
For the
season to date
aggregate exports have been 4,365,876
bales, against 3,235,602 bales in the same period of the
previous season.
Below are the exports for the week.
Week Ended
Exported to—
Feb. 28 1936
Great
Exports from,—
Britain
France
4^82
New Orleans
5*802
1,311
5,389
Mobile
4,368
Houston
Corpus Christi—
Total
Tues.
Thurs.
Fri.
Texas
7,938
3,469
1,256
1,075
4,249
6,488
10,247
597
460
1,913
City
Corpus
1,097
■
1934.__
1
2,122
669
1,316
11,702
19,647
8,354
3,960
Christi.
_
New Orleans
2,693
Mobile
—
—
Pensacola
—
-
-
9,862
6,275
8,879
17,125
7,044
37,637
6,159
9,440
33,738
8.703
49,154
Savannah
1935 to
Feb. 28 1936
Great
Galveston
—
—
—
—
—
29,054
470
745
836
14
150
494
5,392
8,443
207,496 223,476
4,458
8,460
95,917 22,744
1,544
1*820
73,766
91,522
135.960
117,562
5,815
40,087
73,391
172*854
7^421
169,298
971,498
2,782
3,042
30,963
13,102
37,659
2~506
22,886
232,213
6*949
Beaumont
New Orleans..
Lake Charles..
Mobile
..
Pensacola, &c
Savannah
Charleston
"866
Norfolk
98
15,967
4,815
17,116
50
32,592
2^268
4,393
8,800
27,956
2,102
6,041
1,266
731
-
2,355
2,101
16^024
34,193
128,571
146,109
170,610
2,102
7,201
6,694
688
L130
9,991
2",738
L656
6,048
6,038
7,936
430
"no
1,161
320
55
1,224
1,123
720
"l4
14
"lio
"~45
"77
4^431
4,892
16,824
7,599
13,519
140*410
4,518
2,282
312
100
49.222
2,652
182,870
54,568
165
165
1024,469 573,656
609,868
Philadelphia
Los Angeles...
Francisco.
229
Seattle
Total
Total
1934-35.
Total
1933-34.
258,568,1156,578) 30,750.711,987)4365,876
541,950290,664! 289,457310,916 1199,207| 81,902 521,5063235,602
992,346 653,0241092,334506,382 1337,471 208,325737,1415527,023
NOTE—Exports to Canada—It has never been our practice to Include in the
above table reports of cotton shipments to Canada, the reason
being that virtually
all the cotton destined to the Dominion comes overland and It is
impossible to give
returns
concerning the
on
from week
same
the Canadian border
are
to
week,
while reports from the customs
always very slow In coming to hand.
regarding the matter, we will
for the month of January the exports to the Dominion the present season
In the corresponding month of the preceding
For the six months ended Jan. 31 1936
season the
there were
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
•
161
161
137
95
1,438
54
1,332
_
—
—
were
31,736
bales.
as
64
509
551
9,999
64,035
22
-
21
3,624
exports
against 135,918 bales for the six months of 1935-36.
1,674
211
16
—
179
8,017
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
last year:
On Shipboard
Feb. 28 at
Leaving
Great
Britain
Galveston
8,800
9,083
Ger¬
Other
Foreign
wise
Orleans.
512
1,600
1,237
1,388
1,213
19,569
18,679
15,668
5,438
3,749
12,587
11,320
13,599
21,623
_
Stock
Coast¬
many
France
1*174
Houston
New
Not Cleared for —
—
6,000
3,455
3,132
2,300
30,000
21,915
10,190
2,059
Total
48,700
37,749
15,222
Savannah
*143
Charleston
Mobile
*143
4,299
1,912
Norfolk
1935-36
In view
numerous inquiries we are receiving
1,075
24,288
2,594
66
21,523
1,818
2,109
602
Baltimore
Totals this week-
64,341
761
Wilmington
Norfolk
363,018
2,572
64
em
161,585
8,557186,310 951,717
11,872 235,882 1175,948
400 45,561 265,614
807
128
179
••
Total
Other
250
Corpus Christi.
City
305,795
4.527
—
—
_
501
6
I China
Japan
60,074
76,629
17,351
102,583 bales exported,
em'm
-
I
136,470
Texas
Jacksonville
Italy
man]/
126,070128,441
202,526124,436
55,101 53,806
Houston
have been 2,224 bales.
551
Wilmington
France
2
—
109
■»
Ger¬
,
Britain
15,199
>
«.
639
.
Charleston
21,169
14,932 99,034
26,321 157,404
16,458
1,324
.
Lake Charles
76,761
mtmmm
Exported to—
however, of the
'
-»
3*061
2
1,480
-
*400
13,174
m mmm
Total
782
176
4,359
2,617
7,651
3,788
■
Houston
21
300
2*205
Exports from—
say that
Galveston
1,966
19,058
5,963
*692
Baltimore
Wed.
4,021
2,213
From,
districts
Mon.
"613
19,924
Total 1935._.
San
13,779
21,192
100
404
Total
Aug.
2,748
4,118
911
3*367
Los Angeles
Total
Other
China
*286
2,465
1,964
3*233
"~55
Pensacola, &c
Savannah
Japan
655
6,504
8,830
*684
Norfolk..
Boston
Friday Night, Feb. 28 1936.
The Movement of the Crop, as indicated by our tele¬
grams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
64,035 bales, against 56,534 bales last week and 63,630
bales the previous week, making the total receipts since
Aug. 1 1935 5,992,290 bales, against 3,641,491 bales for
the same period of 1934-35, showing an increase since Aug. 1
1935 of 2,350,699 bales.
Sat.
Italy
many
2,062
1,812
New York
Receipts at—
Ger¬
Galveston
Gulfport
COTTON
1936
29
1934-35
Other
Stock
ports
630,580
535,771
543,608
190,855
46,567
143,617
32,439
158,958
Receipts to
Feb.
28
This
This
Week
1 1935
Week
"15499
Galveston..
Texas
Since Aug
1,424,900
2
44,212
16,458 1,586,011
1,075
263,599
38,009
24",288 1,519,258
City
Houston
Corpus Christi
Beaumont
New Orleans
8,371
185
9,890
765
19",440
Total
Since Aug
1 1934
1936
849,109
62,461
998,116
270,832
4,539
877,986
679,280
9,074
573,520
47,327
30,334
558,830
123,927
67,631
6,630
108,072
147", 916
535,688
20,030
880,836
68,320
1,732
630,120
Gulfport
2",594
353,222
140,044
3,679
291,313
1*096
1,438
1,674
201,496
2",760
64
55,611
20,070
32,533
100
509
522
551
Mobile
18,339
546
Savannah
764
10
940
Brunswick
Charles
22
Wilmington
Norfolk
120
in
cotton
of
the
week
very
for
future
delivery
much mixed.
prices registered
severe
was
fairly
In the early part
declines, but later de¬
considerable steadiness.
On the 24th inst. prices closed 8 to 13 points lower.
veloped
46", 710
45", 689
19,622
24,075
32,439
27,737
23,459
25,022
place to-morrow.
24,578
4,792
2,620
again 13 pints and finished at 11.16c.
good steady mill demand,
especially for the nearby months.
One interest was credited
with buying 6,000 bales of May, which was believed to have
been for a prominent mill.
There was a substantial amount
of price fixing, especially in the months of March, May and
July.
However, all this buying together was by no means
sufficient to offset the almost continuous scattered liquida¬
tion.
The Far East was rather conspicuous on the selling
side.
Liverpool cables were 12 to 17 points lower than due.
This market also was under pressure during most of the ses¬
sion, this selling representing Bombay hedging and South
American offerings.
Liverpool closed 8 to 10 points off.
The average price of middling in the 10
designated spot mar¬
kets was 11.18 cents, compared with 11.25 cents Friday.
On the 25th inst. prices closed 6 to 21
points lower.
The
feature of the trading was the almost constant
pressure on
the new crop months, these deliveries
breaking through
10c. for the first time in two months.
Near positions were
relatively steady.
Doubts are being expressed about the
133,935
55,616
14,658
44,556
New York
Boston
167
Baltimore
1,650
,22,964
Philadelphia
Totals
64,035 5,992,290
45,509 3,641,491 2,388,508 2,508,397
In order that comparison may be made with other years,
give below the totals at leading ports for six
Receipts at—
Galveston
Houston
Orleans.
Mobile
1935-36
1934-35
15,199
16,458
24,288
8,371
9,890
19,440
1,096
2,594
1,438
Savannah
Brunswick
Speculation
active, with the trend
4,502 106,113 2,282,395
1,105 94,464 2,413,933
6,036 147,311 3,122,294
64,017
59,611
90,385
90,363
12,550
3,402
111,459
N'port News, &c_
New
1934—
18,582
3,782
190,855
459
Charleston —1
we
Total
"4",345
161
Pensacola
Jacksonville
Lake
1936—
Total 1935—
1935
_
"1,674
__
Norfolk
All others
"2*760
21,603
16,851
1,168
1,688
seasons:
1931-32
20,615
32,300
21,819
1930-31
37,882
40,717
59,356
23,159
7,274
33,493
4,652
1,286
19,242
20,228
33,586
13,764
"6*875
76
1,270
1,657
1,017
4*222
183
18,591
205
120
881
522
22
509
Newport News
Total this wk_
1932-33
301
—
Charleston
Wilmington
940
1933-34
824
~
"
961
"
1,854
1,817
~
1,853
2*370
"4*498
*5*733
*10,289
2,614
64,035
45,509
70,903
101,012
184,065
118,571
Since Aug. 1__ 5.992,290
3,641.491'6,243.397
7,139,980 3,330,219 7,919.269
o
standing feature of the trading
was
of March contracts, first notice
11.17 cents, later
the close it fell
Under this
Out¬
liquidation and switching
day for this delivery taking
pressure
March dropped to
recovering to about 11.25c., but towards
off
While not conspicuous, there was a
Financial
Volume 142
with its new program under the
pending farm legislation, to effectively control the new crop.
On the whole, there is very little that offers encouragement
to a buying movement.
Government holdings of cotton
are a constant threat over the market.
A prominent spot
house was a heavy seller of October and July.
These sales
government being in time
figured at approximately over 10,000 bales of both
months.
There was a moderate amount of March liquida¬
tion.
Ten notices were issued for March, the majority of
which were believed to have been stopped.
There was con¬
siderable price fixing and mill buying, which served to steady
somewhat the near positions in face of the heavy pressure
in the distant deliveries.
Liverpool cables were 5 to 12
were
points better than due, but the close was unchanged to
4 points higher.
Average price of middling, based on the
10 designated spot markets, was 11.08c.
On the 26th inst.
prices closed unchanged to 21 points higher.
Relative
easiness of March was attributed to selling by brokers usually
identified with pool interests.
It was estimated that these
traders sold
approximately 10,000 bales of this month
during
day at prices ranging from 11.12 to 11.10 cents.
The
major portion of these offerings was absorbed by the trade.
Spot houses stated that recent sales of spot cotton by the pool
have resulted in much congestion at warehouses.
Average
the
10 designated spot markets,
price of middling based on the
11.19c.
was
On the 27th inst. prices
closed 2 points up to 5
points off.
quiet, with March holding rela¬
tively steady.
The distant options seemed to yield to the
slightest pressure. The chief support came from the trade.
Fool selling was absent to-day, according to close observers.
There was a fair amount of hedging, going mostly into May
Trading was comparatively
Liverpool cables were unchanged
than due.
There was considerable
July.
and
to five points
liquidation of
March there, but this was well taken by the trade.
Uncer¬
tainties still prevail, with nothing in the situation to en¬
courage
an aggressive position on either
side.
Average
price of middling based on the 10 designated spot markets
lower
Wednesday's average.
To-day prices closed 6 noints up for the March delivery,
and 1 to 3 points up for the rest of the list.
On the whole, it
11.19c., unchanged from
was
featureless session.
Traders gen¬
waiting attitude. Something might
develop out of the Japanese situation that could have a farreaching effect, it is claimed in certain quarters.
There
was some selling by the Japanese interests,
mostly in the
new crop months.
The passage of the farm bill appeared
to have little or no effect on traders.
Concern regarding
government holdings and just how they will be disposed
of still acts as quite a restraining influence on traders.
a
was
and
dull
rather
erally are maintaining a
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
Sat.
Futures—The
Mon. Tues.
Hoi.
Feb. 22 to Feb. 28—*
Middling upland
11.31
11.25
Wed.Thurs.
11.25
Fri.
11.27
11.33
lowest and closing prices
week have been as follows:
at
highest,
New York for the past
Tuesday
Monday
Feb. 24
Saturday
Feb. 22
Feb. 26
Feb.25
well
afloat
as
are
Friday
foreign figures are brought down to
To make the total show the complete
Closing.
11.16-11.17 11.10
11.12
—
Stock at
Stock at
745,000
226,000
214,000
13,000
71,000
*76,000
*11,000
4,000
—
May—
10.95ft
10.94ft
10.89 ft
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1,360,000 1,459,000
India cotton afloat for Europe--205,000
179,000
American cotton afloat for Europe
264,000
200,000
Egypt. Brazil,&c.,afl't for Europe 110,000
162,000
Stock in Alexandria, Egypt
317,000
305,000
Stock in Bombay, India
624,000
739,000
Stock in U. S. ports
2,388,508 2,508,397
Stock in U. S. interior towns
2,103,575 1,639,950
.
10.57ft
10.58/1
10.64n
10.47/i
60,000
10181,794
10.60ft
HOLI¬
DAY.
Range..
10.35 n
Closing.
10.35ft
10.37n
10.22 n
10.36ft
Manchester stock
Range..
10.25 n
10.25ft
10.27n
10.12n
10.26ft
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
Closing.
10.05-10.07
9.88-
9.93-10.07 10.06-10.06 10.04-10.10
9.86-10.07
8,402,794
514,000
481,000
28,000
39,000
26,000
73,000
179,000
318,000
42,000
45,000
28,000
119,000
205,000
80,000
104,000
68,000
94,000
110,000
162,000
74,000
304,000
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
7,384,848 7,197,047 9,284,295
supply
Range..
Closing.
10.05-10.06
Jan.
9.93-10.08
9.87-10.07
9.87- 9.89 10.08
Figures for Jan. 24; later
(1937)
Range..
10.10-10.20
9.99-10.05 10.02-10.09
10.03
10.05
9.92 n
9.98-10.12 10.03-10.08 10.05-10.08
9.94-10.12
10.10
10.10-10.12 10.05
2,796,946 bales from 1933.
At
movement—that is, the
the
Towns
Interior
the
receipts for the week and since Aug. 1, the shipments
the week and the stocks to-night, and the same items for
Movement to March 1 1935
28 1936
Ship-
Receipts
Towns
| Season
Stocks
28
17
Ala., Birming'm
Eufaula
92
Montgomery.
534
Selma
180
137
Ark., BlytbvlUe
Forest City—
93
35
Hope
Jonesboro—
24
137
Little Rock_.
523
132
Pine Bluff—_
612
11
84
16
Athens
3,519
2,439
Augusta
700
1,227
57,908
15,096
80,198
84,757
108,441
26,899
36,278
31,549
9,848
155,892
30,553
107,780
34,245
24,211
65,844
261,809
168,647
31,939
51,622
702
1,326
313
727
592
15
Natchez
9
11
5,473
480
379
119,929
10
27,378
43,903
28,699
165
30
925
60,220
282
28,042
75,761
17,019
74,438
737
16,005
18
24,664
6
17,607
~U3
4,500
13,669
7
Stocks
Mar.
Week
397
1
5,531
22
5,283
20,683
43,981
743 93,883
412 23,749
1,150 24,032
11
21,293
262 24,866
111 48,084
118 14,952
218
690
1,655
34,537
175
2,052
5,406
16,208
37
28,256
419
4,439
134,059
12,735
7,372
43,824
3,536 98,414
5,166122,741
900 14,411
1,545 23,225
100 21,753
15 25,147
4,986 43,154
267 16,629
2,682 54,200
270 20,045
94
4,807
533
8,074
1,201 18,541
4,875
2,452
268
3,640
2,354
17,600
1,339 63,422
3,394 180,090
2,734141,496
400
181
597
447
40,389
166,525
53,525
8,758
29,573
37,613
146,449
5,071
3,729
1,257
20
165
26,100
43,646
25,964
24,443
26,680
26,512
39,386
21,074
3,305
9,074
821
66,110
89,698
2,379
700
287
22,550
12,337
18,768
57,181
1,731
122,647
373
21,104
127,991
24,254
3,546
20,660
189
70
702
81
"377
614
230
15 towns*..
t
S.C., Greenville
Tenn., Mem phis
Texas, Abilene.
1,868
3,421
19
645
130
12,112
9,684
90,245 2103575
41,9603,024,310 78,9181639950
9,642 138,736
2,539 61,241
34,934 673,740
256
2,430
371,922
122,837
43,193:1,693,976
133'
2,296 116,908
4,3731 65,841
195,728
3,046
21,744 1,145,534 36,450467,418
113
8,040
120
23,731
643
98
2,806
20,571
117
120
4,549
14,658
747 10,003
551
45,524
190 13,927
219
34,677
25
1
1,479
6,681
4,286
39
16,353
"413 17,684
64
26,269
573 10,011
310
55,529
53,369
Austin
Range Since Beginning of Option
Range for Week
Option for-
10.10 Mar. 18 1935 12.70 Jan.
11.07
Feb.
25 11.25 Feb.
1936—
May 1936— 10.63 Feb. 25 10.82 Feb.
Apr.
June
1936—
July
1936— 10.26
Jan.
1937—
Mar. 18 1935 12.70
Sept. 30 1935 11.34 Oct.
24 10.33 Aug. 24 1935 12.07 May
10.58 Sept. 30 1935 11.38 Oct.
Feb"."25 I6:50"Feb."24
8 1935
17 1935
8 1935
10.21
Jan.
9 1936 11.97
Jan.
9 1936 11.55
Nov. 25 1935
10.42
Sept.
3 1935 11.40
July
9 1936 11.45
Deo.
9.80 Jan.
26 1935
3 1935
Feb. 25 10.15 Feb.
24
8 1936 10.19
Jan.
9.87 Feb. 25 10.17 Feb.
9.94 Feb. 25 10.20 Feb.
24
9.76 Jan.
9 1936 10.69
Jan.
2 1936
24
9.94
Feb.
25 1936 10.42
Jan.
27 1936
9.86
10.19
Visible
by cable and
Jan.
8 1936
Supply of Cotton to-night, as made up
telegraph, is as follows: Foreign stocks as
18,169
24
2,655
61
11,661
49,593
33,387
183
1,926
4,215
12,652
12,033
1,416
1,591
28
Paris
Robstown
~~35
San Antonio.
Texarkana.
45
.
140
Waco..
204
9
10,522
4,916
24,289
78,667
306
May 25 1935
10.39
Nov. 1936—
1936—
18 1935
10.51
Sept.1936—
1936—
9 1935
Feb.
24 10.16
Aug. 1936—
Dec.
30
Brenham
Dallas
1936—
Mar. 1936—
The
561
923
3,103
69
—
43,222
88,519
16,162
14,826
676
14
30
157
71,244
113,112
23
53
19,898
7,619
22,737
5,457
1,372
1,677
24
Columbus—
45
67,180
63,504
89,020
19,258
14,588
18,660
205
1,094
75
1,241
Season
Week
37,460
11,451
416
200
La., Shreveport
Miss.Clarksdale
Ship¬
ments
Receipts
Feb.
Week
Oklahoma—
Nominal.
Oct.
year—is set out in
_
Range of future prices at New York for week ending
Feb. 28 1936 and since trading began on each option:
Feb.
for
the
detail below:
Mo., St. Louis.
N.C.,Gr'nsboro
Range..
n
week have been 78,000 bales.
figures for 1936 show an increase over last
week of 8,209 bales, a gain of 187,801 bales over 1935, a
decrease of 1,899,447. bales from 1934, and a decrease of
Vicksburg—
10.08
Feb.—
Closing
6.74d.
figures not available.
above
Yazoo City—
.
4.79d.
6.35c.
7.64d.
4.73d.
4.63d.
Continental imports for past
The
Jackson
Closing
10181,794
6.55d.
12.50c.
9.46d.
4.99d.
5.97d.
7.09d.
12.60c.
9.21d.
6.09d.
6.04d.
11.33c.
9.38d.
5.21d.
5.67d.
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
Greenwood—
10.05ft
Dec.—
10.05-10.17
60,000
533,000
670,000
.1,794,000 2,065,000 2,259,000 1,779,000
5,590,848 5,132,047 7,025,295 8,402,794
—
Total American—
Total visible
36,000
45,000
305,000
415,000
739,000 1,060,000
317,000
624,000
Total East India, &c
Rome
10.04ft
10.07/1
9.88n
10.05n
.
992,000
343,000
Brazil, dec.—
East Indian,
Macon
Range..
64,000
5,590,848 5,132,047 7,025,295
Total American
Liverpool stock
Columbus
9.89 10.06-10.07 10.04-10.05 10.05
Nov.—
Closing
446,000
2,388,508 2,508,397 3,269,605 4,543,175
2,103,575 1,639,950 1,815,174 1,977,796
12,765
4,700
23,516
36,823
U. S. port stocks
U.S. interior stocks
U. S. exports to-day
Atlanta
Oct.—
10.05-10.15
58,000
52,000
226,000
139,000
89,000 1,018,000
200,000
373,000
63,000
182,000
186,000
55,000
264,000
...
474,000
267,000
336,000
bales.
Liverpool stock
Walnut Ridge
Range..
*
**
Ga., Albany...
Sept.—
Closing.
descriptions are as follows:
totals of American and other
AiYicricciTi—
Newport
10.39-10.50 10.26-10.45 10.29-10.43 10.36-10.41 10.37-10.45
10.39-10.41 10.27-10.28 10.42-10.43 10.39-10.40 10.41
Range..
Closing.
Aug.—
415,000
533,000
1,060,000
670,000
3,269,605 4,543,175
1,815,174 1,977,796
4,700
23,516
36,823
12,765
-
Total visible supply-.--.
Helena
July—
2,150,000 1,924,000
104,000
94,000
373,000
343,OCO
.7,384,848 7,197,047 9,284,295
U. S. exports to-day
*
*
74,000
10.98»
.
Closing
592,000 1,098,000 1,060,000
100,000
97,000
86,000
merits
June—
Range.
864,000
556,000
281,000
23,000
97,000
103,000
781,000
Total European stocks
11.18
10.74-10.82 10.63-10.78 10.67-10.77 10.71-10.78 10.75-10.80
10.77-10.78 10.78
10.74-10.76 10.66-10.67 10.77 —
Range..
Closing.
867,000 1,052,000
262,000
603,000
175,000
304,000
29,000
16,000
71,000
71,000
27,000
85,000
19,000
9,000
9,000
10,000
615,000
Total Great Britain
Stock at Bremen
Week
10.95/1
Closing.
764,000
■
105,000
Stock at Havre
Of the above,
1933
1934
1935
955,000
640,000
bales-
Liverpool
Manchester
April—
Range..
from the United States,
(Friday) we add the item of exports
Friday only.
Feb. 28—
'
1936
for
11.16-11.25 11.07-11.19 11.08-11.16 11.10-11.15 11.13-11.19
11.10
figures for to-night
Feb. 28
Range..
—
Thursday evening.
all
Movement to Feb,
Mar (1936)
and consequently
week's returns,
this
corresponding period of the previous
Thursday
Feb. 27
Wednesday
1497
Chronicle
Total, 56 towns
*
69,1534,543,909
Includes the combined totals
830
236,062
of 15 towns in Oklahoma.
the interior stocks have
21,092 bales and are to-night
463,625 bales more than at the same period last year. The
receipts of all the towns have been 27,193 bales more than
The
above
decreased
totals
show
during the week
the same week last year.
that
1498
Financial
New York Quotations for 32
1936
1935
1934
1933
1932
1931
1930
1929
.11.33c.
...
-12.60c.
-12.15c.
6.05c.
7.05c.
-11.20c.
...
...
...
-
...
-
...
1928
18.50c.
1920
1927
14.00c.
1919
1926
20.75c.
24.50c.
1918
1925
1924
30.40c.
1923
...
-15.30c.
1922
...
-20.25c.
29.45c.
18.55c.
13.20c.
1921
-
11.35c.
1908
1907
-
-
---
-
1913
Market and Sales
1910
1909
_
1915
1914
1912
1911
_-.32.15c.
--16.20c.
-
—
—
8.55c.
13.00c.
Texas—Galveston
Rain
Brownsville
Closed
Wednesday
Thursday
Friday
_
_
_
Closed
Contr'ct
Spot
200
"300
"300
200
200
200
200
20".000
65,880
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made
up from
telegraphic
The results for the week and since
years are as follows:
1935-36
1934-35-
Since
Week
Via Mounds,
Week
5,406
1,420
4,875
4,866
4,214
16,651
146,263
54,849
1,335
9,529
127,115
467,222
28,685
806,313
22,350
551
258
18,397
6,547
175,456
546
&c
Via Rock Island
Via Louisville
750
244
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
143,555
73,528
77
"691
11,262
119,621
413,091
4,016
7,902
761,134
'■
1
Inland, &c., from South
6,747
1 day
2 days
1 day
Shreveport
Miss.—Meridian
22,630
9,525
185,771
435
1 day
-
Vicksburg
1 day
3 days
Ala.—Mobile
Birmingham
1 day
1 day
1 day
Montgomery.
Fla.—Jacksonville
Miami
Pensacola
2 days
1 day
2 days
Tampa
Ga.—Savannah
Atlanta
_1 day
1 day
Augusta
Macon
S.
1 day
-
C.—Charleston
3 days
1 day
N. C.—Asheville
Aug. 1
Charlotte
2 days
1 day
Raleigh
Wilmington
Tenn.—Memphis
Chattanooga
1 day
1 day
1 day
Nashville
1 day
Total to be deducted
Leaving total
*
Takings
tak
zero
Above
zero
58
63
increase
an
mean
54
61
mean
57
57
59
67
71
58
64
mean
mean
mean
mean
mean
mean
mean
57
mean
54
57
57
54
mean
mean
mean
mean
52
mean
34
57
56
56
53
55
52
mean
38
25
36
30
mean
mean
mean
mean
of gauge.
of gauge-
March 1 1935
Feet
3.7
7.3
18.9
17.9
25.2
a year
over
ago
Receipts
Week
Aug. 1
2,730,000
9,713,203
979,237
6,914,699
490,216
3,641,491
50,642
133,047
7,455",557
798,901
24,419
689,724
Bales
10,444,908
—--11,316,296
251,992 1931---
13,333,093
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Week
Receipts at Ports
Wed'day Thursday
Friday
Galveston
11.09
11.08
11.11
11.23
11.01
HOL.
11.06
New Orleans
11.22
11.19
Mobile
11.14
11.06
11.17
11.17
11.21
11.18
11.27
11.45
11.28
11.07
11.07
Savannah
11.26
11.16
Norfolk
11.45
11.35
Montgomery
Augusta
Memphis
11.05
10.96
HOLI¬
11.45
11.36
11.27
11.45
11.07
11.47
11.47
11.48
DAY.
11.25
11.15
11.16
10.75
10.75
11.15
11.25
11.25
11.30
11.05
11.15
11.15
11.15
11.06
11.17
11.18
10.66
10.77
10.66
10.77
11.17
10.77
10.77
1935
Feb. 25
Wednesday
Feb. 26
11.45
10.78
10.78
Thursday
Friday
Feb. 27
Feb. 28
6.. 258,950104,014 218,332
13- 177.455109,945 177,899
20- 188.143105.029 165,800
27- 158,112 84.550 150,873
11.02
—
11.00
11.03
April
10.73-10.74
10.72
DAY.
HOLI¬
10.35
1936
99,705
98,*04
1934
1935
1936
92,756
103,103
31..
86,523
10.01
10.03
10.08
10.06
10.00
10.03
7_.
70,572
85.980 158,286
80,522 143,715
54,614
14..
21..
63,630
56,534!
10.08
10.02
10.05
—
28..
64,035
I
2,152,086
2,122,362
2,084,406
2,027,706
78,953
74.506
1935
1934
34,262
23,455
40,323
28,060
50,871, 11,172
66,834
77,204
93,539
75,888
74,103
76,655
43,330
17,101' 27,759
22.351
26,023;
22,543
42,943
8,480
31,149
1,007
24,345
8,103
24,391
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1 1935 are 6,940,491
bales;
in 1934-35 were 4,122,230 bales and in 1933-34 were
6,770,518
(2)
That, although the receipts at the outports the
64,035 bales, the actual movement from
plantations was
42,943
bales, stock at interior towns
having decreased 21,092 bales during the week.
past week
were
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
1935-36
Week
Visible supply Feb. 21
Visible supply since Aug. 1
American in sight to Feb. 28--
106,000
23,000
24,000
14,000
Season
7,376,639
Bombay receipts to Feb. 27--
4,295",259
169",072
Feb. 28
gone
out
of
1934-35
Week and Season
11,313,054
1,409,000
464,000
1,414,600
310,000
Week
Season
7,337,656
6.879",719
133*047
106,000
38,000
36,000
17,000
7,455,557
1,330,000
443,000
1,207,200
369,000
7,712,711 19,205,913
7,667,703 17.684,476
7,384,848
7,197,047
Of which other
Tone—
1936
2,181,268
85,311 2,196,265 1,740,457 1,964,746
40,895 84,994 2,158,658 1,708,042 1,910,901
31,693 73,560 2,124,667 1,677,356 1,861,686
45,5091 70,903 2,103,575 1,639,9501,815,174
—
10.10
November
1933
2,188,745 169,268
Feb.
Total takings to Feb. 28-a
Of which American
10.04
1934
90,602 227,181
83,604 174.177
2,203,417 188,356
1934
24-
Total supply
10.07
i
2,195,903 190.764
1935
62,371 101,016 2,361,505 1,883,029
55,462 105,070 2,337.209 1,851,022
65.908 103,831 2,311,287 1.825,437
52,473 114,611 2,285.388 1,801,024
44,884 100,030 2.249,736 1,767,312
Visible supply
September
1935
2,207,139266,804
Deduct—
10.38
DAY.
Receipts from Plantations
1933
Jan.—
10.68-10.69 10.71
10.41
June
10.41-10.42
1934
2,358,279 1,960,556
2,369,180 1,934,215
2,371,801 1,915,166
2,382,257 1,911,138
Other India ship'ts to Feb. 27
Alexandria receipts to Feb. 26
Other supply to Feb. 26_*5__
Feb.(1936)
11.13
1935
22- 271,993133,525 285,7572,321,538 1,983,174 2,186,556 276.748 153,406
250,572
29- 222,432119,755 266.062 2.350.425 1,973,968 12,198,290251,319110.549
277,796
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Tuesday
1933
Dec.-
New Orleans Contract Market—The
Feb. 24
1934
Nov.-
for
Monday
Stocks at Interior Towns
Ended,
bales.
Closing Quotations for Middling Cotton on—
Feb. 22
nor
which finally reaches the market through the outports.
17-
1932-
Saturday
following table
receipts
543,208
170,453
*37,406
180,875
Fort Worth
Plantations—The
Since
3
Little Rock
Dallas
the
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
1934-35
5,992,290
45,509
605,913
14,944
3,115,000 110,000
Tuesday
from
of gauge.
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland
crop
29,597
Bales
Houston
56
mean
mean
10.3
1933—March
Weather
59
mean
mean
24.0
137,050
Spot
60
4.7
2
Options—_
60
mean
14.1
Since Aug. 1—
1933
.
mean
mean
zero
Week—
1934—March
(1937)
57
Above
620,614
Saturday Monday
54
60
mean
Shreveport
Vicksburg
3-
5
56
mean
543,208
10-
December
mean
14,944
Movement into sight in previous years:
Jan.
34
44
36
42
42
42
40
48
32
36
42
36
36
42
46
66
46
50
37
34
38
38
32
30
38
Feet
Orleans
Above
Decrease.
October—
63
mean
605.913
5
North, spinn's'takings to Feb. 28.
August
55
mean
12.7
11,3~13~054
HOLI¬
mean
44
of gauge.
Above zero of gauge.
169,072
July
38
34
zero
hoover consumption to Feb. 1
May
61
Above
190,164
.*21,092
March
63
mean
Nashville
64,035
21,129
South'n consumption to Feb. 28—105,000
Week Ended
Feb. 28
mean
44
217,926
Receipts at ports to Feb. 28
Net"overland to Feb. 28
1932—March
57
42
59
mean 54
7,406
1935-36
Since
Week
Aug. 1
In Sight and Spinners'
*
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
mean
200,400
aggregate net overland exhibits
of 62,705 bales.
mill
low
mean
21,129
net overland *
Southern
low
low
low
low
Feb. 28 1936
New
Including movement by rail to Canada.
of
low
low
46
34
36
7,556
F The foregoing shows the week's net overland movement
this year has been 21,129 bales, against 14,944 bales for
the week last year, and that for the season to date the
Excess
low
low
low
low
low
low
low
low
low
low
low
low
low
low
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
Memphis
6,425
in.
in.
in,
in.
in.
in.
in.
in.
in.
in.
in.
in.
0.70 in.
0.26 in.
dry
0.08 in.
0.56 in.
0.76 in.
0.44 in.
0.10 in.
0.34 in.
0.71 in.
0.24 in.
0.06 in.
0.18 in.
0.08 in.
0.19 in.
0.42 in.
0.38 in.
__1 day
1 day
Little Rock
Since
Aug. 1
0.10
0.52
0.14
0.74
0.32
0.54
0.41
0.48
0.50
0.36
1.22
0.80
3 days
Smith
La.—New Orleans
900
45,880
Louis
Antonio
Okla.—Oklahoma City
900
Shipped—•
1 day
_
unchanged. Steady
2 pts. adv__ Steady
6 pts. adv— Steady
Feb. 28—
dry
1 day
San
Total
200
_
Total weekSince Aug. 1
Via St.
Paso
Ark.—Fort
14 pts. dec. Barely steady.
pts. dec
Barely steady.
reports Friday night.
Aug. 1 in the last two
Rio.
Houston
SALES
HOLI DAY.
Steady,
Quiet, 6
Steady,
Steady,
Steady,
0.69 in.
0.12 in.
2 days
0.22 in.
dry
Dallas
Market
0.74 in.
0.08 in.
2 days
2 days
Corpus Christi
Del
El
Saturday
Monday
Tuesday
1 day
1 day
Abilene
8.00c.
Thermometer
high 72
high 74
high 78
high 84
high 78
high 74
high 76
high 82
high 74
high 76
high 78
high 78
high 78
high 76
high 76
high 78
high 80
high 78
high 80
high 74
high 74
high 76
high 78
high 76
high 70
high 78
high 77
high 74
high 76
high 76
high 75
high 74
high 76
high 78
high 74
high 76
high 74
high 74
dry
Austin
...11.00c.
-.10.80c.
—
Rainfall
0.25 in.
1 day
Amarillo
Palestine
Futures
Spot Market
1936
plowing is made possible.
—
1905
29
fields have dried out to jthe point where
--14.50c.
9.80c.
--11.56c.
New York
at
Feb.
areas
.—10.50c.
--14.00c.
1906
12.50c.
-
Chronicle
that in most
—39.00c.
...26.65c.
-
-
1917
1916
Years
7,384,848
327,863 11,821,065
221,863
8,509,465
106,000
3,311,600
7,197,047
470,656 10,487,429
289,656 7,018,229
181,000 3,469,200
*
Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &c.
This total embraces since Aug. 1 the total
estimated consumption by
Southern mills, 3,115,000 bales in 1935-36 and
2,730,000 bales in 1934-35—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners,
8,706,065 bales in 1935-36 and 7,757,429 bales in
1934-35, of which 5,394,465 bales and 4,288,229 bales American.
b Estimated.
a
Steady.
Steady.
Reports
by
Steady.
Steady.
Steady.
Steady
Steady.
Steady
Telegraph—Rpeorts to us by
telegraph this evening indicate that in the lower Rio Grande
Valley the weather is warm enough to heat the soil suf¬
ficiently to allow seed planting with some success.
The
weather over the cotton region has improved greatly.
Less
rain is falling and temperatures are higher, with the result
of
India Cotton Movement from All Ports—The
India cotton at Bombay and the
receipts
shipments from all India
ports for the week and for the
for three years, have been
as
season
follows:
from
Aug. 1
as
cabled,
Financial
Volume 142
1499
Chronicle
Bales
To
Feb. 27
.
Week
To
Since
To
Aug. 1
Week
Aug. 1
Week
Aug. 1
To
To
72,000 1,250,000
106,000 1,409,000 106,000 1,330,000
i;
Bombay
Since
Since
Receipts—
-
12—Elmsport, 274--Marseilles—Feb. 19—Istria, 1,324
Gdynia—Feb. 20—Taurus, 667
—
*
Gothenburg—Feb. 20—Taurus, 1,203
Liverpool—Feb. 18—West Cohas, 2,821-.
Manchester—Feb. 18—West Cohas, 2,707—
NEW ORLEANS—To HuU—Feb.
1933-34
1934-35
1935-36
To Havre—Feb.
700.
Great
i
Conti-
Britain
Great
Conti-
Japan &
Britain
nent
China
Jap'ndb
I China
nent
Total
1934-35
Total
To
20,000! 15,000 48,000
19,000 34,000
8,000, 15,000
2~666
1933-34..
41,000
853,000
910,000
531,000
584,000
695,000
273,000
218,000
184,000
217,000,
51,000
,31,000
53,000
25,000
23,000
38,000
—
1934-35..
1933 34
21—West
Feb.
2,133
—
320
-:
100
613
Japan—Feb. 24—Aquarius, 613
21—West Cobalt, 1,100
MOBILE—To Liverpool—Feb. 14—Hastings,
To
2,000
—
165,000
299,000'
102,000
114,000,
23,000
38,000
2,000
341,000
275,000
464,000
443,000
389,000
---
1,100
To
17—Antinious, 541
To Rotterdam—Feb.
13,000
—
—
2,000
1933-34..
15,000
71,000
34,000
91,000
27,000
584,0001.317,000
695,0001,353,000
273,000
920,000
517,000
525,000
492,000
216,000
133,000
15,000
43,000
57,000
10,000
155,000
According to the foregoing exports from all India ports
record a decrease of 20,000 bales during the week, and since
decrease of 36,000 bales.
and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
'
!
Aug. 1 show
a
Alexandria
To
495
188
541
370
100
25—Chemnitz, 100-Gdynia—Feb. 25—Chemnitz, 21
To Havre—Feb. 26—Maiden Creek, 55
LOS ANGELES—To Japan—Feb. 24—President Harrison, 522—
To India—Feb. 24—President Harrison, 200
---•—
To Liverpool—Feb. 18—Nyhorn, 611
Feb. 20—Lochkatrine,
170; Montgomery City, 126—-Feb. 22—Pacific Trader,
21
To
1,298
669
To Bremen—Feb. 16—Schwa ban,
55
522
200
2,205
-
-----
-
To Havre—Feb. 16—Wisconsin,
669
—
1,316
1,316
100
Gdynia—Feb. 16—Schwaban, 100---—----- —
Gothenburg—Feb. 15—Margaret Johnson, 100
Japan—Feb. 15—Tokai Maru, 300—Feb. 16—President
Coolidge, 1,727
Feb. 18—Taiys Maru, 512
NORFOLK—To Havre—Feb. 28—City of Newport News, 404
To
100
To
To
2,539
404
2,108
.105
Hamburg—Feb. 28—City of Newport News, 2,108
To Bremen—Feb. 28—City of Newport News, 105
1933-34
1934-35
1935-36
496
—
To
Alexandria, Egypt,
3,768
370
15—Kellerwald,
Gdynia—Feb.
■
PENSACOLA—To Bremen—Feb.
Receipts
,
600
600—
3,768
Bremen—Feb. 15—Kellerwald, 1
Feb. 17—AntonioUS,
Hamburg—Feb. 15—Kellerwald, 188-,— -—..
To Manchester—Feb. 14—Hastings,
To
1934-35
484
- - - -
To Oporto—Feb. 24—Cardonia, 320—
To Varburg—Feb. 22—Kentucky, 100
Total all—
1935-36
18—Oakman, 1,047
24—Nevada, 484
20—Monstella,
1,993
To Venice—Feb.
Other Indla1935-36
-
-
-
Antwerp—Feb.
Cobalt, 140
13 000
—
200
1,865
2,200
1,047
To Rotterdam—Feb.
I
To Genoa—Feb.
Bombay—
1935-36..
667
1.203
2,821
2,707
To Dunkirk—Feb.
Exports
From—
1.324
18—Oakman, 200
18—Oakman, 1,013—Feb. 24—Nevada, 852
18—Oakman, 1,500—Feb. 24—Nevada,
To Ghent—Feb.
1
Since Aug.
For the Week
274
,
—
Feb. 26
Total-
Receipts (cantars)
This
—
7,118,802
Since Aug. 1
This
Exports (Bales)
Week
—
To Liverpool
To Manchester, &c
To Continent and India—
200,000
6,832,026
180,000
6,038,781
120,000
week
Week
1
6,000 157,360
4,000 108,326
3,000 453,200
97,114
97,125
6~,O66
Week
1
Aug.
1
Aug.
Freights—Current rates for cotton from New
York, ,as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
StandHigh
StandHigh
StandDensity
ard
Density
ard
Density
ard
Liverpool
,30c.
.45c.
Trieste
.50c.
.65o.
Piraeus
.85o. 1.00
7,000 210,655
122,277
io",5o6 400,557
1,000 50,906
,
25,984
To America
13,000 470,273
24,719
,30c.
Flume
Manchester. 30c.
.45c.
Antwerp
,30c.
.45c.
Barcelona
,27c.
.42c.
Japan
30c
.45c.
*
♦
Genoa
.45o.
60c.
Shanghai
Bombay z
.46c.
61c.
Bremen
Stockholm
.42c.
57c.
Hamburg
Rotterdam
Total
13,000 744,870
exports--
19,000 689,231
18,000 784,395
Egyptian bales weigh about 750 lbs.
the week ended Feb. 26 were
120.000 cantars and the foreign shipments 13,000 bales.
Note—A cantar is 99 lbs.
This statement shows that the receipts for
Manchester Market—Our report
received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Demand for both yarn and cloth is poor.
We give prices to-day below and leave those for prevoius
weeks of this and last year for comparison:
1934
1935
*
Rate is open,
z
Cotton
8)4 Lbs. Shirt¬
Middl'g
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Twist
to Finest
Upl'ds
d.
d.
s.
d.
s.
d.
d.
d.
d.
d.
s.
s.
d.
d.
.45c.
.47c
.85c,
Venice
,50c.
Copenhag'n.42c.
Naples
.40c.
Leghorn
,40c.
Gothenb'g .42c
Salonica
1.00
.65o.
.57c.
,55c.
.55c
57c
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Feb. 7
Feb. 14
Feb. 21
Feb. 28
—
61,000
642,000
343,000
—
47,000
620,000
328,000
36,000
2,000
204,000
82,000
54,000
640,000
336,000
40,000
2,000
192,000
87,000
63,000
606,000
323,000
6,000
2,000
230,000
115,000
Forwarded
Total
stocks
Of which American
Total imports
Of which American
Cotton
ings, Common
♦
*
65c,
Only small lots
Of which American
8)4 Lbs. Shirt¬
*
.50c.
,30c.
.32c.
Amount afloat—
32s Cop
.45c.
*
Havre
Oslo
;
76,761
-
-
—
Cotton
Since
This
Since
This
Since
Aug.
;
market for spots and futures
of the Liverpool
The tone
38,000
1,000
177,000
64,000
daily closing prices of
day of the past week and the
spot cotton have been as follows:
each
Nov.—
22
10K@12
10
1
@10 2
6.77
10)4@11H
9
4
@96
6.91
29
10)4 @ 12
10
3
@10 5
6.59
1 10>*@11)4
9
4
@96
6.96
3
@10 5
6.67
10)*@11)4
9
@96
@10 4
6.50
10)*@11)4
94
@
96
7.08
@10 2
6.38
94
@
96
7.15
@10 2
6.41
10)*@11)4
10)* @11)4
9
@96
10
27
4
4
'
Jan.—
3
ioH@n H
10
10
@11H
9 6
@10 0
6.44
10)4@11X
9
4
@96
7.23
5
@97
6.07
10H@UH
9
4
@96
8.18
9
6.13
10)4 @11)4
9
4
@96
9
4
@96
6.17
10)* @11)4
9
4
@96
7.08
9
4
@96
6.14
10)* @11)4
9
4
@96
7.07
9H@UX
9
2
10)*@11)*
9
2
@94
6.21
9
2
@94
7.06
9
2
@94
6.17
9
2
@94
7.10
@94
6.04
10)* @11)4
10)* @11)4
10)4 @11)1
9 2
@94
14
21
9%@n
28
4
9
4
Market,
P. M.
9 2
J
Steady,
1 to
1
3
to
3
pts. 5 to 6
pts. 2
decline.
decline.
to
3 pts. Stdy., 2 to
3 pts. adv.
advance.
Bales
GALVESTON—To Ghent—Feb. 24—San Mateo, 44; Binnedijk,
245—Feb. 26—Edgehill, 919To Havre—Feb. 24—San Mateo, 267
Feb. 26—Edgehill,
26—Edgehill, 46
To Antwerp—Feb. 26—Edgehill, 134
To Bremen—Feb. 24—Karpfanger, 6,254
250To Rotterdam—Feb. 24—Binnendijk, 829
Feb. 26—Edge¬
hill, 577
To Genoa—Feb. 25—Ida Zo, 2,095
To Naples—Feb. 25—Ida Zo, 370
HOUSTON—To Liverpool—Feb. 24—Langleetarn, 4,182
To Oslo—Feb. 26—Tortugas, 366
To Naples—Feb. 24—Ida Zo, 170
To Gdynia—Feb.
26—Tortugas,
1,075
Feb.
27—W«est
Hobomac, 426—
To Genoa—Feb. 24r-Ida Zo, 1,794
To Gothenburg—Feb. 26—Tortugas, 499
To Antwerp—Feb. 21—Binnendijk, 100
To Ghent—Feb.
21—Binnendijk,
214
Feb. 25—Edgehill,
416—Feb. 26—San Mateo, 106
To Rotterdam—Feb. 21—Binnendijk, 371
To Bremen—Feb.
21—Karpfanger, 3,103—-Feb. 27—West
Hobomac, 4,222
To Hamburg—Feb. 21—Karpfanger, 1,400—-Feb. 27—West
To Hamburg—Feb. 24—Karpgraner,
—
Hobomac, 105
To Havre—Feb. 25—Edgehill, 730—-Feb. 26—San Mateo,
To Rotterdam—Feb. 25—Edgehill, 545
Japan—Feb. 25—Norne, 286
16
21—Edgehill, 1,210
21—Edgehill, 101.
21—Edgehill, 157
SAVANNAH—To Gdynia—Feb. 22—Uddeholm, 300.
To Genoa—Feb. 25—Monrosa, 692.
To Liverpool—Feb. 26—Saccarappa, 646
a
To Manchester—Feb.
26—Saccarappa, 2,721
To Havre—Feb.
To Dunkirk—Feb.
To Rotterdam—Feb.
802
-
-
CORPUS CHRISTI—To Ghent—Feb. 21—Edgehill, 482
21—Edgehill,
given below:
Fr».
Thurs.
Wed.
Tues.
Noon Close Noon Close
Close Noon Close Noon Close Noon Close
Feb.28
d.
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
5.78
5.78
5.79
5.76
5.73
5.76
5.75
5.75
5.76
5.75
5.85
5.70
5.71
5.71
5.68
5.65
5.69
5.69
5.69
5.69
5.68
May
5.77
5.62
5.59
5.56
5.60
5.61
5.60
6.61
5.60
5.40
5.39
5.40
5.39
July
-
5.68
1,208
October
January (1937)
5.62
5.47
—
5.40
5.43
December
—
5.62
5.36
5.41
6.35
5.38
5.35
5.*37
5.37
5.39
"5.31
5.34
5.35
5.36
5.36
5.35
5.34
5.36
5.43
5.41
5.37
5.36
5.37
5.36
5.34
5.34
5.35
5.35
5.33
5.33
116
March
5.42
134
To Dunkirk—Feb. 24—San Mateo. 70—-Feb.
Antwerp—Feb.
Liverpool for each day are
Mon.
Sat.
to
1,946
1.679
To Dunkirk—Feb. 26—San Mateo, 280
Quiet but
Quiet but
Quiet but
Quiet,
stdy., 1 pt. stdy., un¬
8 to 1 to 3 pts. steady, un¬
decline.
changed to decline to 1 changed to
10 pts. dec.
1 pt.decline
pt. adv.
1 pt. adv.
Quiet but
March (1936)--.
from mail and telegraphic reports, are as follows:
To
1
Quiet but
Steady,
Quiet,
pts. stdy.,
decline.
Feb. 22
News—As shown*. on a previous page, the
exports of cotton from the United States the past week have
reached 76,761 bales.
The shipments in detail, as made
To
decline.
Prices of futures at
Shipping
up
3 pts.
pts.
decline.
6.04d.
6.03d.
6.Old.
6.07d. *
Steady,
7.09
10
Feb.—
7
3 to
{
7.05
2
@9 4
@94
6.07
9
9J4@11N
24.
31
j
opened
7.15
@96
@11)4
9X@11 X
17
Market
doing.
Quiet,
Quiet,
Quiet
business
demand.
6.06d.
6.13d.
f
Futures,
Moderate
demand.
Mid.Upl'ds
■-
■
Moderate
demand.
Quiet.
Moderate
i
7.20
>■
Friday
Thursday
A fair
12:15
P. M.
19 35
19 36
Wednesday
Tuesday
Monday
i"
Market,
7.02
10)*@11 H 10 2
10)*@11)* 10 0
IOH@UH 10 0
10)4 @12
6
13
20
Saturday
Spot
Dec.—
May
5.40
5.33
5.32
5.32
5.30
5.30
5.31
5.31
5.31
July...
5.38
5.24
5.25
5.25
5.25
5.24
6,254
250
October-
—
5.32
1,406
2,095
BREADSTUFFS
370
4,182
366
170
1,501
1,794
499
100
736
371
7,325
1,505
1,532
545
Friday Night, Feb.
up
the;
10c. more, the advance
effective Friday morning.
The
short-lived. On the development of a
reactionary trend in grains, the promising outlook for flour
demand faded.
Milling interests feel confident that had
the upward trend in wheat been sustained the buying move¬
ment in flour would have broadened.
demand, however, was
286
280
482
16
1,210
28 1936.
pronounced strength in wheat,
Wednesday, an excellent demand developed for flour.
Bak¬
ery grades moved 10c. per barrel higher, excepting clears,
which were up 5c.
Advertised brands of family flour moved
Flour—Following
Wheat—On the 24th inst. prices
closed Y&. to 3^c. higher.
300
however, represented a drop of
to
from the top prices of the day.
The strength displayed by
foreign and Canadian markets and the dust storms in the
American Southwest, were the contributing causes in the rise
692
in
101
157
646
2,721
This closing range,
prices on the Board.
There did
disposition on the part of traders
not seem to be any marked
to follow up the early ad-
1500
Financial
vancing tendency.
Colder weather was forecast for the grain
belt.
Snow was predicted for some States.
On the 25th
inst. prices closed AG> to
%c. higher.
At one time the new
crop months showed a maximum advance of lAc.
Tne rest
of the list remained within a
very narrow price range.
There
was
nothing unusual in the day's developments marketwise,
outside of the unasual strength in the new
crop deliveries.
However, July and September wheat, the new crop months—
lost part of tneir maximum
gain, closing Ac. up for the day.
Predictions of a sharp drop in temperature in the wheat
belt with its accompanying fear of possible serious
damage,
and switching of long accounts from the
May delivery to the
more distant montns—were
the factors responsible for the
strength in wheat in this session.
On the 26th inst. prices
closed 1 to l>^c. up.
May wheat passed the dollar mark on
the Board of Trade, its highest price since Feb. 8.
Reports
from miUing centres stressed a better flour demand, and this
in conjunction with the weather favored the advance in
prices.
Cold weather consumption prevailed in sub-zero
blizzards in
-
Northwest and through Canada.
our
On the 27th inst.
market
rather
was
aggressive
There
prices closed
firm at
buying in
distinct
was
down to %c. up.
The
but later eased off.
The
evidence recently was absent.
the opening,
weakness
in
the
Winnipeg market, but
this failed to encourage any marked selling in the domestic
markets.
Reports generally on the condition of the winter
wheat in the ground are favorable.
Growing conditions in
the spring wheat belt continue the most
promising in years,
especially after the beneficial snow this week.
Canadian
crop prospects are
ditions
in
in years,
than
a
promising.
January moisture
wheat-growing
regions
while February precipitation
to-day
unchanged
to
%c. lower.
Buying
confined largely to the July delivery, which, in
was
form tone
a
for the
other
deliveries with
exception of the May contract, which declined
A
feature of
of the United
moisture.
the
news
States winter
Open interest
DAILY
CLOSING
—
CLOSING
PRICES
OF
frac¬
a
report that in parts
there
need
was
of
WHEAT
Mon.
114%
Season's
December
May
Thurs
Tues.
114%
115%
Fri.
115%
115%
FUTURES IN CHICAGO
Mon.
Tucs.
Wed.
Thurs. Fri.
99%
99% 100% 100% 100%
Holi89%
90
91%
91%
91%
day
88%
89%
90%
90%
90%
When Made
i
Season's Low and When Made
Apr. lb 19341 September
78%
July
6 1935
July 31 19351 December
81
July
6 1935
Aug.
1 19351May
88%
Aug. 19 1935
High and
102%
97%
98%
PRICES
OF
WHEAT
FUTURES IN
Mon.
Tues.
Wed.
Sat.
May......
July
Holi-
October
day
84%
85%
84%
84%
85%
84%
WINNIPEG
Thurs.
85%
86%
86%
Fri.
85%
84%
85%
85%
86
85%
Corn—On the 24th inst. prices closed
A>c. to Ao. lower.
Receipts flowing in freely at all terminal points together with
the promise of still larger supplies from the
country as soon
as
warmer
sell the market.
Weather evidently is too much of an
certain quantity, especially at this time of the
year.
the 25th inst. prices closed
unchanged to
27th
inst.
prices closed %c. down to unchanged.
Trading comparatively quiet.
The spot situation offers no
encouragement
to
the
speculative
element.
There
is
statistical position of the
grain to
serve
as
inducement
an
real activity.
Another factor that appears
sentiment is the indicated ability of
Argen¬
tina to meet much of the domestic commercial
requirements.
Cable advices indicate that
Argentina is
cerned
bullish
over
harvested.
becoming much con¬
marketing of a bumper crop about to be
To-day prices closed % to %c. off.
The market
the
appears to be without any appreciable
support, and appears
to yield easily to moderate
pressure.
Trading was quiet
most of the session.
Open interest was
24,147,000 bushels.
DAILY CLOSING PRICES
OF CORN IN NEW YORK
Sat. Mon.
Tues.
Wed.
Thurs.
Hoi.
83%
84%
No. 2 yellow.,
83%
DAILY CLOSING PRICES
May
July-..
September
May
July
September
28%
High
s
When
and
December
44%
35%
May
37
Made
Jau.
Holi___
High and
September
84%
When
Jan.
December
65
June
May
68%
July
83%
day
Made
60%
60%
60%
60%
60%
60%
Thurs.
60%
60%
61%
61
61
61
Season's Low and
When Made
67%
Mar. 25 1935
5 1935
September
December
29 1935 May
6 1935
60%
56
Oats—On the 24th inst. prices closed
Market quiet, with virtually little
June
1 1935
Aug. 13 1935
trading.
to
It
Ac. off.
doesn't
require much pressure to cause prices to yield.
On the 25th
inst. prices closed AG- down to Ac.
up.
Trading extremely
quiet, with nothing of interest in the news.
On the 26th
inst. prices closed unchanged to Ac.
higher.
Merchants and
Season's Low and
September
29%
28%
28%
1 1935
May
29
28%
28%
When Made
31%
December
33%
29%
day
-
13 1935
June 13 1935
Aug. 17 1935
June
32%
32%
32%
32%
32%
32%
Rye—On the 24th inst. prices closed AG- to AG- lower.
market for this grain was
comparatively quiet and
appears to be susceptible to the slightest pressure of offerings.
On the 25th inst. prices closed
Ac. down to Ac. up.
The
This market
virtually at a standstill, with nothing of
way of news.
On the 26th inst. prices closed
% to I Ac. higher.
The
firmness and improvement in this
grain was attributed to
the activity and strength in wheat and to
reports from
milling centers of a better demand for flour.
No. 2 cash
rye was quoted at Chicago at 64c., or 7c. over May, and
almost 8c. over September.
was
importance in the
On
the 27th
Trading
inst.
prices closed unchanged to Ac. lower.
with nothing in the news or
ruled
very quiet,
weather to arouse interest.
down
May
on
less,
with
To-day miees closed % to Ya.c.
July, but Vsc. up on September.
Like
grains, this market was dull and feature¬
and
most of the other
little
very
to
account
for
OF
FUTURES
the
mixed
trend
of
prices.
CLOSING PRICES
May
July
September
RYE
Season's
Mon.
day
High and
When
Made
Tues.
56%
55%
55%
....Holi-
IN
CHICAGO
Wed.
56%
55%
Season's Low and
76
Jan.
5 1935
December
September
45
53%
52%
June
Aug.
3 1935
December
1 1935
May
46%
DAILY CLOSING PRICES
OF
RYE
Sat.
May
July
Tues.
45%
46%
day
Fri.
56%
56%
56%
June 13 1935
Aug. 19 1935
FUTURES IN WINNIPEG
Mon.
Holi-
56%
56%
56%
When Made
June 13 1935
48%
May
Thurs.
57
56%
56%
56
September
Wed.
45%
46%
Thurs.
44
45
44%
45%
Fri.
44%
45
DAILY CLOSING PRICES OF BARLEY
FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
May
■—
Hoi.
43%
43%
43%
43%
DAILY
CLOSING PRICES
OF
BARLEY
Sat.
May
July
Tues.
38%
39%
day
Closing quotations
FUTURES
Mon.
Holi-
IN
43%
WINNIPEG
Wed.
Thurs.
38%
38%
38%
39%
39%
39%
Fri.
38%
39%
follows:
were as
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
Oats, New York—
Manitoba No. 1, f.o.b. N.Y.
115%
94%
Corn, New York—
No. 2 yellow, all rail
83%
No. 2 white
44
Rye. No. 2, f.o.b. bond N. Y._ 66%
Barley, New York—
47% lbs. malting
54%
Chicago, cash
.50-86
FLOUR
8pring pats..high protein $7.15< >7.30
Spring patents
6.70< >6.95
Clears, first spring
6.05< >6 35
Soft winter straights
5 05< >5.45
Hard winter straights... 6 30< >6.60
Hard winter patents
5.50( >6.80
Hard winter clears
Rye flour patents
$4.40® 4.60
Semlnola, bbl., No8. 1-3. 7.95@
Oats, good
2.60
Corn flour
The
visible
Coarse...
5.35( >5.65
supply
of
2.05
Barley goods—
2.85
Fancy pearl,Nos.2,4«&7 4.00®4.75
For other tables
usually given here
gram,
see
page
1410.
comprising the
stocks in
at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 22, were as follows:
granary
GRAIN STOCKS
Wheat
Boston
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
2,000
115,000
34,000
203,000
614,000
54"666
777,000
23,000
365,000
1,548,000
984,000
1,591,000
754,000
9,945,000
3,847,000
334,000
1,492,000
1,369,000
27,000
49,000
33,000
128,000
372:666
4,000
4,000
New York
"
afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Chicago
_
Detroit
Buffalo
afloat
Total Feb. 22 1936
Total Feb. 23 1935
grain
73,000
4,000
2,000
1,000
2,000
13,000
799:666
12,000
179,000
4,000
6,000
375,000
1,638,000
816,000
afloat
Minneapolis
20,000
II4~66O
55,000
6,605,000
171,000
922,000
afloat
Milwaukee
13,000
115,000
120,000
235,000
24,000
~29"66O
1,000
Note—Bonded
152,000
32,000
16,000
44,000
4,780,000
160,000
6,359,000
2,360,000
St. Louis
Duluth.
367,000
2,209,000
4,514,000
390,000
590,000
555,000
52,000
5,597,000
232,000
486,000
220,000
12,849,000
8,181,000
Peoria
"
3,000
12,509,666
*
Sioux City
"
Com
Bushels
United States—
Total Feb. 15 1936
Ac.
29%
28%
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
Holi32%
32%
33%
32%
May
July
Fri.
60%
60%
60%
28%
28%
28%
28%
28%
7 1935
4 1935
June
Aug.
44
FUTURES IN CHICAGO
Mon. Tues.
Wed.
Thurs. Fri.
day
September
Fri.
OATS
Holi-
Indianapolis
Fri.
OF CORN FUTURES IN
CHICAGO
Sat. Mon.
Tues.
Wed.
-
Season's
84%
OF
Sat.
incentive to
to chill
OF OATS IN NEW YORK
Sat. Mon. Tues.
Wed.
Thurs.
Hoi.
43%
43%
44%
44%
DAILY CLOSING PRICES
Season
the
by
CLOSING PRICES
No. 2 white.
no
appreciable demand in this department and nothing in the
or
DAILY
being influenced evidently
un¬
On
J^c. up.
Extreme
dullness prevailed in this market
notwithstanding the strength
and activity in wheat.
There was nothing in the news of a
stimulating or depressing nature.
On the 26th inst. prices
closed
to
Ac. higher.
Notwithstanding the weather,
the run of corn was fairly
large.
But the demand was ex¬
cellent, and No. 4 yellow corn at Chicago was quoted up to
58^c.
the
featureless, the decline
easing of other grains.
weather sets in—were considerations that could
hardly be called helpful to rising prices.
The market re¬
flected these bearish influences,
ruling heavy most of the
session.
On the other hand, there does not
appear to be
any disposition on the part of speculators to
aggressively
On
inst. prices closed unchanged to ^c. lower.
Trading was quiet, with nothing unusual in the news.
To¬
day prices closed % to %c. down.
Trading was quiet and
WHEAT
—
DAILY CLOSING
little feature to the market.
Sat.
YORK
1936
29
On the 27th
DAILY
NEW
Wed.
IN
Sat.
May
July
SeptemberSeptember
was
102,811,000 bushels.
OF
Snt.
Hoi.
_
the
was
wheat belt
was
PRICES
No. 2 red
DAILY
best
at least greater
was
Feb.
industries bought May oats well, but outside of this there
«
prices closed
turn, influenced
tion.
con¬
the
were
year ago.
To-day
the
also
Dominion
Chronicle
423,000
616,000
26,000
1,656,000
23",000
64,000
7,000
92,000
179,000
941,000
143,000
5,000
102,000
1,563,000
436,000
74,000
404,000
47,000
1,346,000
2,500,000
6,188,000
2,340,000
1,556,000
5,000
975,000
65,000
1,739,000
727,000
57,627,000
4,232,000 40,124,000
7,717,000 14,215,000
60,106,000
4,991,000 40,264,000
7,959,000 14,589,000
61,386,000 27,680,000 18,757,000 10,620,000
11,918,000
not
included
above:
Oats—New York, 42,000 bushels:
Buffalo, 73,000; total, 115,000 bushels, against none in 1935.
Barley—Duluth,
21,000 bushels: total, 21,000 bushels, against
1,182,000 bushels in 1935.
Wheat.—
New York, 2,252,000 bushels: N. Y.
afloat, 81,000; Philadelphia, 419,000- Balti¬
more, 31,000; Buffalo, 8,065,000: Buffalo
afloat, 6,710,000- Duluth, 72,000- Erie,
777,000; Boston, 579,000; Chicago afloat, 115,000;
Chicago, 89,000: Albany, 4,715,000; total, 24,535,000 bushels, against 17,715,000 bushels In
1935.
Financial
Volume 142
Wheat
Corn
Oats
Rye
Bushels
Canadian—
Barley
Bushels
Bushels
Bushels
Bushels
542,000
Total Feb. 22 1936
3,081,000
596,000
2,434,000
2,547,000
255,000
740,000
5,103,000
5,186,000
6,418,000
8,535,000
Ft. William & Port Arthur39,296,000
Other iCanadlan and other
water points
__._.62,606,000
99,000
2,014,000
Montreal
3,435,000
3,443,000
3,227,000
3,770,000
3,806,000
6,143,000
Summary—
4,232,000 40,124,000
5,103,000
......57,627,000
..110,437,000
Total Feb. 22
Total Feb. 15
1936...167,064,000
1936...174,074,000
Total Feb. 23 1935—173,166,000
7,717,000 14,215,000
3,435,000 3,770,000
4,232,000 45,227,000 11,152,000
4,991,000 45,450,000 11,402,000
27,680,000 25.1,5.000 13,847,000
ended Feb. 21, and since July 1
shown in the following:
1935 and July 2 1934, are
Corn
Feb.
Argentina...
Australia
India
Since
Week
Since
Since
July 1
July 2
Feb. 21
July 1
July 2
1935
21
1934
1936
1935
1934
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Sea..
4,991,000 109,623,000 111,165,000
4,520,000
192,000 34,018,000
1,269,000 58,231,000 121,093,000
4,522,000 66,971,000 71,249,000
328,000
256,000
5,000
18,000
30,000
5,687,000 14,517,000
315,000
4,731,000 205,783,000 143.619,000
714~666 33,73~7~666 30,394^000
11,758,000 293,596,000 336,547,000
5,765,000 245,225,000 188,560,000
24,497,000
Week Ended Feb. 26—The
the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 26, follows:
Weather
Report for the
of
summary
At the beginning
of the week high pressure prevailed over the interior
of the country, attended by considerably colder
Plains and the Ohio and lower Mississippi Valleys.
weather in the southern
In the eastern portions
low temperatures persisted during the next few days, but
by the morning of the 19th there was a slight reaction to warmer weather
in the far Northwest.
Also, by Saturday, Feb. 22, there was a definite
and widespread warming up in the Northwestern States, bringing the first
general respite from the extremely cold weather that had prevailed for
many weeks.
By the following day, Feb. 23, warmer weather had overspread the
central valleys and at the close of the week much higher temperatures
prevailed in nearly ail sections of the country.
In fact, on Monday morn¬
ing, Feb. 24, subzero readings were reported only from a few points in
the extreme Northeast and locally in the far Northwest, but at the same
time colder weather had overspread the far Northwest by Tuesday morning,
Feb. 25, with a minimum temperature of 22 degrees below zero at Havre,
Mont.
Precipitation was frequent during the week west of the Rocky
Mountains, being of almost daily occurrence in some sections.
In the
Eastern States the weather was mostly fair, except for rain about the
middle of the week in the Southeast.
Subzero temperatures again occurred as far south as West Virginia, the
Ohio River and central Missouri.
The lowest reported from a first order
station was 34 degrees below zero at Havre, Mont., on the 20th.
However,
the freezing line extended scarcely to the Gulf coast, though there was
some
freezing weather in extreme northern Florida and to southern
of the country
Louisiana.
While the weekly means were
again subnormal practically everywhere
Rocky Mountains, the minus departures, because of the modera¬
tion in temperature the latter part of the week, were not nearly as large
as during the preceding two weeks.
They were greatest in the middle and
northern Atlantic area and from the upper Mississippi Valley northwest¬
ward.
The temperatures averaged mostly from 9 to 15 degrees below
normal in the East, and from 9 to 23 degrees below in the Northwest.
Extreme southern Florida had about normal warmth.
In the central and
West
Rocky Mountain sections and also in the Great
the week
Basin of the
considerably warmer than normal, while seasonable
was
temperatures prevailed in Pacific districts.
Considerable precipitation occurred in
the Southeastern States and in
of the Rocky Mountains the amounts
one-tenth of an inch.
On the other hand, it
was
generally substantial to heavy west of the Rocky Mountains, the
largest weekly totals appearing from central California northward, where
some stations reported more than four inches of rainfall.
the extreme Northeast; elsewhere, east
small, mostly less than
were
The marked
rise
in temperature the latter part of the week terminated,
longest period of severe winter weather
sections of the country, especially in the Midwest
the time being at least, the
for
ever
experienced in many
and Northwest.
As
a
means
of comparison, it may be stated that tem¬
winter, December to February, inculsive,
has averaged from about 10 degrees in the middle Atlantic area to around
20 degrees in the northern Great Plains lower than the average for the
preceding five winters, and from around 8 to 10 degrees below normal.
Preliminary reports show that it has been the coldest winter of record
in many mid-western and northwestern portions of the country.
In the
perature reports show the present
more
eastern States
and the three-month averages do not differ materially
1903-4 and 1917-18.
The coldest weather has
from the cold winters of
occurred in the Central-Northern States where low temperatures prevailed
for
nearly two months without a let-up.
In northern Minnesota there
were
50 days in succession with minimum temperatures below zero, and 36 like
days in the south, against the previous record of 24 days in 1875.
Inpartsof
northern Iowa, where the ground had been blown nearly bare of snow,
it is frozen to a depth of 7 feet.
The additional widespread precipitation, mostly in substantial amounts,
has materially improved the moisture outlook from the Rocky Mountains
westward.
Also the snow cover continues heavy rather generally over
the spring
wheat area, and additional snows in Montana will prove bene¬
However, an increasingly large southwestern section
ficial to that State.
is needing moisture,
with drought conditions rather critical in an area cen¬
tering in western Kansas, western Oklahoma, and southeastern Colorado,
where dust storms have again occurred.
In east Gulf and South Atlantic States wet soil continues to retard
preparations for spring plantings and seasonal farm work is backward.
Also in Florida, cold, rainy weather was unfavorable for truck and berry
with a consequent reduction in the production.
In Texas vegeta¬
tion is practically at a standstill, because of dry soil and low temperatures.
There are many reports of damage to peach buds in the Ohio Valley and
some
mid-western sections, with considerable harm to winter oats and
other grains in Southern States.
The recent warmth has largely removed
the snow cover from most of the winter wheat belt, leaving fields un¬
favorably exposed.
crops,
Small
of the week's weather was the
occurred about the middle of the period.
main wheat
Grains—An important feature
marked change to warmer that
The temperature rose rapidly in practically all parts of the
belt and, as a consequence, the snow and ice cover melted,
leaving the
ground bare in most of the area.
The melting ice and snow exposed winter
wheat in the Ohio Valley, with various reports on condition, but still
averaging only fair; condition is uncertain in many sections, however, with
more or less damage noted from the prolonged cold weather.
In Missouri
much wheat in the southwestern part of the State is believed dead as a
result of the recent cold, but elsewhere condition is believed to be good
in that State.
The snow cover settled considerably in Iowa, but the
lown
groundbare and ground frozen to a in someof seven feet.
is still well covered, except depth northern sections where it was
has largely disappeared, with resulting varia¬
good in the eastern third, barely
deficient in the west, with duststorms
and soil blowing; considerable damage is probable in the western third
In Kansas the snow cover
tions
in soil-moisture condition; being
sufficient in the middle third, but
further snows, greatly improving the moisture
Pacific Northwest were helpful in some
in the
of wheat
is uncertain.
A reaction to
and drier conditions in the Southeast was beneficial im most parts,
but oats have been damaged by the cold weather.
While the snow depths
decreased somewhat in the Northeast by
is still
adequate
an
cover
the thawing weather, there
for winter grains.
THE DRY GOODS TRADE
New York,
Friday Night, Feb. 28 1936.
^Adverse weather conditions continued to retard retail
business during the early part of the
period under review.
milder temperatures and
gradual improvement in traffic conditions long disrupted
by the rigors of the winter, resulted in
in trade and in
a
better
consumer
a
perceptible pickup
to initial spring
response
Sales volume during the month of February is
offerings.
expected to show
a
moderate gain
one
on
1935,
account of leap
extra shopping day is available this year.
outlook for
promising
February
over
largely, however, due to the fact that
the
The
of March is generally regarded as
the first real turn in
as
a
month
the weather is expected
large pent-up demand for spring goods.
Trading in the wholesale dry goods markets gave indi¬
an early improvement.
While actual orders were
again limited to small fill-in business, it was felt that re¬
cations of
tailers would re-enter the market
conditions
were
as
soon
as
better weather
reflected in improved store attendance by
the
public, inasmuch as stocks need urgent replenishing in
instances.
The greater activity in the gray goods
market also helped to improve sentiment.
While the price
situation on a number of items, such as hosiery, appeared
still unsettled, there were reports that an advance in the
price of all-wool blankets was impending. Business in silk
goods continued dull, owing to the slow demand on the part
of retailers. The sharp decline in raw silk prices accentuated
by the political upheaval in Japan, caused some uneasiness
over the ability of manufacturers to maintain present price
levels for finished products.
Trading in rayon yarns was
temporarily enlivened when rumors became current that a
price advance on certain popular counts was imminent.
Later in the week, business slowed down considerably as
the trade appeared disposed to await the opening of the
books for April scheduled to take place at the beginning of
many
next
east of the
southern
were
general condition
warmer
to release
general
there
Snow and rain
but the
year,
28,192,000
78~4~666
Oth. countr's
Total
areas,
a
Since
1936
Black
outlook.
Later in the week, the advent of
Wheat
Week
Exports
North Amer.
well snow-covered.
17,985,000
18,395,000
18,061,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
Exports—
needs moisture rather badly in the western portion of Oklahoma, while
helpful generally in both Texas and Oklahoma; condition
is still fair to good.
Duststorms occurred also in southeastern Colorado
where moisture is badly needed, but in some higher elevations grains are
rains would be
were
American
Canadian
Wheat
and, while wheat is showing in the eastern third, it is badly frozen.
In Montana
110,437,000
Total Feb. 15 1936...113,968,000
Total Feb. 23 1935...Ill,780,000
1501
Chronicle
week.
Domestic
sales of gray
as
a
Cotton Goods—After last week's spurt in
goods, trading quieted down somewhat, partly
result of the
easier
trend in the
raw
cotton
market.
production, and prices
in general held steady. Although the statistical position of
the mills at the moment is far from satisfactory, little doubt
exists that buyers will still have to cover the major part of
their seasonal requirements, and with expectations of a
further substantial demand against government contracts,
the undertone of the market appears fairly confident, inas¬
Total sales, however, came close to
much
as
both retail and wholesale inventories
erate levels
and
a
are
at mod¬
better movement of finished goods seems
to have gotten under way.
Business in fine goods continued
fairly active and prices maintained their firm trend.
A
shortage in combed piques was said to have developed,
and with reports circulating that government purchases
of combed lawns were imminent, an urgent demand ap¬
peared for certain constructions, and a number of mills
Closing prices in print cloths
follows: 39-inch 80's, 7 9-16 to 73^c.; 39-inch 72-76's,
withdrew from the market.
were as
6%c.;
39-inch 68-72's, 6J^c.; 3834-inch
38H-inch 60-48's, 4^c.
64-60's,
53^
to
5 9-16c.;
Goods—Trading in men's wear fabrics was en¬
formal openings of the new fall suitings and
overcoatings. Despite the fact that prices showed advances
ranging up to 25c. a yard for suitings and 50c. for overcoat¬
ings, active buying by clothing manufacturers got under
way, and substantial commitments were placed for delivery
over the next four months.
Overcoat stocks in distributors'
hands and surplus inventories of piece goods have been
seriously depleted, and with the advent of milder weather
and the forthcoming payment of the soldier bonus, a largely
increased demand for men's apparel of all types is antici¬
Woolen
livened by the
pated.
of
of
Trading in women's wear goods also
gave
indications
an early seasonal pickup, following a protracted period
comparative inactivity, owing to inclement weather con¬
ditions and labor uncertainties.
Foreign Dry Goods—Business in linen goods continued
quiet, both in the dress and household divisions.
Prices
were unchanged although somewhat easier trends displayed
by the primary markets abroad, had a sentimental effect
in this center.
Following their protracted decline, burlap
prices showed a firmer trend, in line with better reports
from the Calcutta market. Trading in spot and afloat goods
expanded moderately as a better movement of finished bags
developed.
Domestically lightweights were quoted at
3.95c., heavies at 5.35c.
Financial
1502
Chronicle
Feb.
29
1936
Hammondsport, N. Y.—Loan and grant of $214,000 for school construc¬
tion increased to $216,500.
Taylor, Tex.—Grant of $9,800 for a gymnasium building increased to
$14,500.
Corpus Christ!, Tex.—Loan and grant of $558,000 for sewer construction
increased to $607,000.
Tempe, Ariz.—Loan and
grant of $455,000 for school construction
increased to $474,000.
/
Sweetwater, Tex.—Loan and grant of $75,600 for a hospital increased
Specialists in
Bonds
Illinois & Missouri
to
$79,700.
St. Louis, Mo.—Grant of $698,500 for the Municipal Auditorium, Civil
Courts Building and Community Center Building increased to $745,000.
Tampa, Fla.—Loan of $750,000 to the Tampa Shipbuilding & Engineer¬
ing Co. for a drydock increased to $880,000.
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
Additional Fund
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST.
Changes—The following releases were
re¬
ceived later from Washington:
LOUIS
Release No. 1819
totaling $432,530 in 26 loans and grants allotted from the"old
appropriations for public works construction were announced to-daylby
Public Works Administrator Harold L. Ickes.
al
Allotments for the following completed projects were increased because
the jobs have cost more to construct than was estimated at the time the
Increases
PUBLIC
WORKS ADMINISTRATION
Reports on Changes in Federal Fundt Allotments—The
following press releases were made available recently by the
building increased to $14,500.
above named Federal agency:
Whitefield, N. H.—Loan and grant of $114,500 for a school building
Release No. 1810
public
works appropriations for local non-Federal projects was announced to-day
by Public Works Administrator Harold L. I ekes.
Concordia, Mo.—Loan and grant of $47,000 for an electric light plant
Revocation of the following loans and grants , made from the old
rescinded at the request of the city.
Wheeling, W. Va.—Loan and grant of $987,000 for sewer construction
proceeded with employment creating
rescinded because the city has not
construction.
.
^
.
Fulton, Mo.—Loan and grant of $86,000 for mains and equipment for
distributing natural gas rescinded at the request of the city.
.North Baltimore, Ohio—Loan and grant of
$109,000 for water construc¬
tion rescinded at the request of the city.
Bowbells, No. Dak.—Loan and grant of $15,000 for water construction
rescinded at the request of the applicant.
Victorville,
Calif.—Loan and grant of $59,000 for water construction
rescinded because the city has not
construction.
proceeded with employment creating
construction
r
Release No. 1811
from the old appropriations for
public works construction have been changed to grants only at the request
of the applicants, it was announced to-day by Public Works Administrator
Harold L. Ickes.
The applicants requested revocation of the loan portion of their allotments
because they are selling their bonds in the private investment market and
will not need
the assistance of PWA loans.
The revised allotments an¬
only of 30% of the cost of labor and materials to
Texas—Loan and grant of $35,500 for a school and audi¬
building changed to a grant only of $10,500.
Clarksville,
torium
electric light
Grand Forks, N. Dak.—Loan and grant of $573,000 for an
and power plant changed to a grant of $163,000.
i,
Puyallup, Wash.—Loan and grant of $74,000 for school construction
changed to a grant of $30,200.
Grand Forks, N.
sewage
Dak.—Loan and grant of $305,000 for sewers and a
disposal plant changed to a grant of $90,500.
Release No. 1812
old public
works appropriations for local non-Federal projects were announced to-day
by Public Works Administrator Harold L. Ickes.
Reductions in the following loans and grants awarded from the
Ann Arbor, Mich.—Loan and grant of $450,000 for sewers and a sewage
disposal plant reduced to $350,000 because the city has sold $100,000 worth
of bonds in theprivate investment market.
The grant of 30% of labor1 and
materials is not affected by this reduction, which was requested by the city.
Freeport, N. Y.—Loan and grant of $221,000 for sewage disposal plant
construction reduced to $56,000 because construction of 4,100 feet of 30-inch
force main has been eliminated from the project as originally planned.
Commerce, Texas—Loan and grant of $122,500 for a dormitory for
East Texas State Teachers College reduced to $ 117,200
will furnish $5,300.
the
because the applicant
reduced to
Chicago, 111.—Grant of $435,500 for bridge construction
$356,000 because estimates of cost have been revised.
Little Rock, Ark.—Loan and grant of $150,000 for school construction
reduced to $81,000 because the city has sold $69,000 worth of bonds in the
private investment market.
This reduction will not affect the grant of
30% of the cost of labor and materials.
Caldwell County, N. C.—Loan and grant of $109,100
tion reduced to
for school construc¬
$108,100 because the county is contributing $1,000.
Release No. 1813
Increases in 20 allotments of loans and grants made from the old
works appropriations for local non-Federal projects were announced
public
to-day
by Public Works Administrator Harold L. Ickes.
The following allotments were increased because the completed projects
have cost more than estimated when the loans and grants originally were
made.
building increased
Arbyrd, Mo.—Loan and grant of $19,700 for a school
to $21,200.
increased to
a sewage treatment
plant in¬
'
Lincoln, Ala.—Loan and grant of $30,000 for water construction in¬
creased to $31,500.
of $92,000 for a municipal swimming
pool increased to $96,600.
Keene, N. Y.—Loan and grant of $180,000 for a school building increased
to $198,100 to include furniture and equipment.
Sorocco, N. M.—Loan and grant of $92,000 for a school building in¬
creased to $122,200 to include furniture and equipment.
New Orleans, La.—Loan of $240,000 to the French Market Corp. for
restoration of the old French Market increased to $270,000 to include the
cost of paving work not provided for in the original estimates of cost.
Abingdon, Va.—Loan and grant of $428,000 for water construction
increased to $478,000 to include construction of an entire new system.
When the original allotment was made it was planned to purchase the
existing system and sue it in connection with the new construction.
This
has been found impracticable, as the existing system is inadequate and
the
purchase of it is entangled in legal obstacles.
Allotments for the following projects have been increased because bids
or contracts awarded show that the work will cost more than was
estimated when the original loans and grants were made:
Ashland, 111.—Loan and grant of $75,000 for water construction increased
to $79,000.
received
Sebastopol, Calif.—Grant of $61,900 for school construction increased to
$76,000.
Wilkes-Barre, Pa.—Grant of $92,000 for sewer and bridge construction
increased to $106,000.
Steeleville, 111.—Loan and grant of $40,000 for water construction increased to $43 000
McComb, Ohio—Loan and grant of $57,000 for water construction inCT63iS0Ci to $50 280
Derry, Pa.—Loan and grant of $32,000 for additions to a school building
increased to $47,000.
Albany, Calif.—Grant of $11,000 for school construction increased to
$12,500.
Sabetha, Kan.—Grant of $41,000 for water construction increased to
$49,100.
Quanah, Tex.—Loan and grant of $80,000 for a hospital increased to
$83,100.
St; Louis, Mo.—Grant of $79,500 for park and playground improvements
increased to $94 100
Colorado Springs, Colo.—Grant of $357,000
increased to $412,000.
Release No. 1820
for
water construction
Reductions totaling $86,700 in three loans and grants awarded to local
communities from the old public works appropriations were announced
to-day by Public Works Administrator Harold L. Ickes.
Fort Worth, Tex.—-A loan and grant of $130,000 for sewer construction
has been reduced, at the
request of the city, to a grant only of $45,200
covering 30% of the cost of labor and materials used.
The city will not
need the loan which PWA agreed to make when the original allotment
was
made.
Interior, S. Dak.—Loan and grant of $13,500 for water works construc¬
tion reduced to $13,300 because the town is supplying $200 of its
own funds.
Ohio—Loan and grant of $217,200 for highway improve¬
$215,500 because some of the proposed work has been
eliminated from plans.
Summit County,
ments reduced to
Report
Pomeroy, Iowa—Grant of $21,000 for a school building increased to a
grant of $25,600.
Oskaloosa,
$11,000 for
Royal, Iowa—Loan and grant of $18,000 for a water system increased
to $19,500.
Thayer, Mo.—Loan and grant of $42,000 for a school building increased
to $44,000*
Allotments for the following group of projects, have been increased be¬
cause plans have been revised since the original loans and grants werejmade,
with a consequent increase in cost:
Springfield, Ohio—Loan and grant of $1,028,864 for sewers and a sewage
treatment plant increased to $1,075,364 to Include,„ in addition to the
work to be done under the original allotment, extending sewers to provide
overflow facilities for storm water and relining existing sewers.
Denton, Tex.—'Loan and grant of $589,500 for college buildings increased
to $637,000 to provide for equipment and furniture not included in the
original estimates of cost.
Ft. Smith, Ark.—Loan and grant of $1,650,000 for water construction
increased to $1,710,000, to enable the city to cover the storage and dis¬
Des Moines, Iowa—Loan and grant
The following loans and grants awarded
nounced to-day are grants
be used on the projects.
increased to $119,400.
Forest City, Iowa—Grant of
creased to $12,750.
tribution reservoirs.
Ala.—Loan and grant of $31,000 for school
the request of the city.
Haleyviile,
rescinded at
loans and grants were made:
Tifton. Ga.—Loan and grant of $14,200 for a gymnasium and auditorium
on
Construction During January—The following
(Press Release No. 1,817) was made public
Federal agency:
announcement
Iowa—Grant of $27,000
$29,150.
for improving the water system
Union County, N. J.—Grant of $24,000 for a
increased to $26,400
grade crossing elimination
"
.
Duluth, Minn.—Grant of $6,800 for improving and enlarging high school
grandstands increased to $7,100.
The following allotments were increased because of revised plans increas¬
ing the scope and cost of the projects.
Cedartown, Ga.—Grant of $16,600 for a municipal building increased
to $18,000.
Grand Marais, Minn.—Loan and grant of $88,000 for waterworks con¬
struction increased to $94,000.
Skagit County, Wash.—Grant of $9,600 for road improvements increased
to $12,500.
Bismarck, N. Dak.—Loan and grant of $319,000 for a school building
increased to $320,000.
Smethport, Pa.—Grant of $16,000 for a school building increased to
$23,000.
'
,
,
Talmadge, Neb.—Grant of $12,400 for a school building Increased to
$13,500.
Jersey City, N. J.—Grant of $294,500 for an Armory building increased
to $325,000.
The original allotment covered the building only, while the
1 ncreased allotment will provide for equipment and furniture.
*
The following allotments have been increased because bids received or
contracts awarded show that the projects will cost more than estimated
when the original loans and grants Were awarded.
.
Berkeley, Calif.—Grant of $76,000 for school construction increased to
$90,000.
,
on
Feb. 20 by the above-named
Publicly-financed construction throughout the United States Cthe class of
building aided by the Public Works Administration) last month was more
comparable month of last year, January 1935.
'
This was shown in a report to Public Works Administrator Ickes by the
F. W. Dodge Corp., nationally-recognized statistical organization.
The
rise over the previous year reflected the contract-letting reports from the
than double that of the
field of the
new PWA program.
The full summary report of the Dodge Corp. follows:
"The volume of publicly-financed construction operations continues to
be undertaken at
a high level.
For January this class of work showed a
$139,191,900 in the 37 States east of the Rocky Mountains.
This
approximately 234 times the total of $54,555,600 undertaken in January
1935.
Last month's volume of publicly-financed construction, however,
represented a loss of almost 30% from the December 1935 total of $196,032,400; this recession was partially attributable to the uncommonly
total of
was
severe
weather that has blanketed the nation for weeks.
"For
privately-financed construction
operations
the January total
in
the 37
Eastern States amounted to $65,267,900.
This was about 45%
greater than the total of $45,218,300 shown for January of last year but
was almost 5% smaller than the December 1935 total of
$68,104,100 shown
for private undertakings.
"The total volume of construction operations reported in January 1936,
both public and private, amounted to $204,792,800 as against only $99,773,900 for January 1935 and $264,136,500 for December 1935.
"Early figures for February indicate a further falling off in construction
volume, both as respects public and private operations, but at this season
of the year a recession is customary.
Financial
Volume 142
Chronicle
1503
News Items
Florida—State
Supreme Court Upholds Chain Store Tax—
An Associated Press dispatch from Tallahassee on Feb. 25
had
the following to say regarding the latest favorable
decision of the Supreme Court on the legality of the chain
store tax law:
The 1935 chain store tax law was upheld in its major parts by the State
Supreme Court to-day for a second time, apparently assuring revenue of
$2 J50,000 annually for the public schools.
within
an earlier decision that the Legislature had
in levying graduated occupational licenses, with
order affirmed
The formal
been
its
powers
chain stores paying the higher brackets up to $400 on each store in chains of
16 or more. Also upheld was a provision for a flat tax of Yi of 1% on the
gross
receipts of retail businesses, including chain stores.
Georgia— Two State Officials Ousted—Governor Eugene
Talmadge ousted two State officials on Feb. 24 on charges of
misconduct in office for their refusal to'honor warrants under
the financial
"dictatorship" he set up Jan. 1, according to
an
Associated Press dispatch from Atlanta.
The orders
were
served by National Guardsmen upon ComptrollerGeneral Wm. B. Harrison and State Treasurer George B.
Hamilton, but none was in uniform and the papers are said
to have quoted civil, not
martial, law.
The Governor
immediately named his successors to the offices, C. B. Carreker for Comptroller-General and J. B. Daniel of La Grange,
Ga., for Treasurer, according to report.
Greenwood
cision
on
County, S.
C.—Federal Court Reverses De¬
PWA Power Project—The Fourth Federal Circuit
Court of Appeals at Charlotte, N. C., on Feb. 22 handed
down a ruling in favor of a Public Works Administration loan
for construction of
the
$2,852,000
Buzzard
Roost
hydro¬
electric plant, reversing a decision of a lower court and
opening the way to the putting in motion of more than 50
PWA financed municipal power systems.
A United Press
dispatch from Charlotte as of the 22nd, reported on the
latest court ruling as follows:
i'
Federal
Fourth
"The
Eastern
South
Carolina
Circuit
Court
of
Appeals
to-day
reversed
an
District Court ruling which restrained the PWA
from furnishing $2,852,000 for building a publicly-owned power plant at
Buzzard Roost in Greenwood County, S. C.
"In ruling that PWA has a right to provide funds for the Buzzard Roost
project, the Appellate Court stated the Public Works Act is constitutional.
"We think
that
the enactment of these provisions was well within the
of Congress," the opinion read, "the circumstances under which the
by no means ordinary and the construction con¬
templated was not of isolated projects, but a vast program of public works
intended to relieve a condition of unemployment which was nation-wide
in scope and had become a menace, not merely to safety, morals, health
and general welfare of
ast numbers of the people, but also to the stability
of the government itself.
"We think that the decree appealed from should be reversed and that
the lower court should be directed to dismiss the bill for lack of equity."
The decision stated that Duke Power Co., the petitioner for the injunc¬
tion, had failed to show that establishment of the Buzzard Roost project
would cause it "immediate and irreparable" injury.
Judge H. H. Watkins of the Eastern South Carolina. District Court,
twice had enjoined PWA from alloting funds for Greenwood County to
construct the electrical power plant at Buzzard Roost.
\ „ The second injunction was granted after PWA revised its contract and
Administrator Harold L. Ickes testified in behalf of the project.
The injunctions were granted on petition of Duke Power Co., which
sells electric power in Greenwood County.
The government and Greenwood County appealed from the second
restraining order.
power
statute was enacted were
(This court ruling is commented on in our Department of
"Current Events and Discussions," on a
this
preceding
page
of
In answering these points, the Court pointed out that tax
anticipation
were
short-term borrowings, not general county obligations, and
notes
payable only from current income and revenue, dismissed the dele¬
gation of power question as not having enough merit to warrant voiding
the entire section, found that
though funds were for a debt not yet incurred
they were for an "immediately to be foreseen emergency," and found the
motion of the Supervisors to be in legal order.
\
were
Hi Maryland—Special Session Scheduled on Relief—Governor
a special session of the State
Legislature for
March 5 in order to enact a revenue program to finance
unemployment relief, according to news advices from
BaltimoreIt is said that the State's Attorney-General
has been instructed to prepare bills
embodying a recom¬
mendation of the Committee on State Policy and Revenue
for the Aid of the Needy to have the
Legislature enact a 1 %
consumers' sales tax, as the major source of needed funds.
Nice will call
Massachusetts—Financial
Statistics
Compiled—Tyler,
Buttrick & Co., Inc., of Boston are distributing the tenth
edition of their booklet, giving up-to-date financial sta¬
tistics of the above Commonwealth, its counties, cities,
towns and
districts.
The statistics given show
population,
and net debt, net debt ratio and
per capita, tax levy, tax collections, tax titles, and a com¬
parison of tax rates.
assessed valuation, gross
Mississippi—Sales
Tax
Adjudged
Valid—The
State
Supreme Court recently upheld the constitutionality of the
2% retail sales tax, affirming an earlier decision of the court
and sustaining the Hinds Chancery Court's action in over¬
ruling a demurrer in the case of a Jackson company against
the State.
The company sought to escape liability for the
tax and attacked its constitutionality on the ground that it
was discriminatory in classifications and constituted double
taxation. The court ruled out these points in its decision.
New Jersey—Governor Asks Income Tax to Finance
Relief—
We quote in part as follows from a Trenton dispatch to the
New York "Herald Tribune" of Feb. 25, dealing with .the
made
recommendation
the
previous day by Governor
Legislature for the enactment of a
income tax to finance relief costs:
Hoffman to
1
%
gross
Governor
State
the
Harold
G.
Hoffman
forward
came
with
his
solution
of the
unemployment relief finance problem to-day and it involves, as has been
anticipated, new taxation. The Governor told a legislative conference this
afternoon that in his opinion the money needed for relief purposes during
1936 could be raised most effectively through the establishment of a 1%
gross income tax which would yield, he estimated, $29,000,000 a year.
The Governor's proposal will be given further consideration to-morrow
when the conference, attended by leaders of both
parties in the House
and Senate and the members of the Budget Advisory Committee, will be
A definite course of action with respect to this issue must be
determined this week.
Funds will be exhausted by Saturday and unless
additional money is made available by that time the State Relief Council
which is in charge of the administration of relief, will cease to function.
resumed.
issue.)
Following bitter debate into which the name of Governor Hoffman was
as an obstructionist of sound legislation, the House
again to-night
drawn
Kentucky—Voter
Registration
Bill
Signed by Governor—
Governor A. B. Chandler on Feb. 17 announced his approval
of the legislative bill providing for a State-wide registration of
all Kentucky voters next August, according to Frankfort
advices.
The bill is said to have been one of the proposals
on
the Governor's 13-point program for the legislative
session that ended
Other Bills
on
pensions and
State insurance of its own properties became law on Feb. 20
when the Governor signed two more of his "13-point"
measures.
The official call for the special session of the
General Assembly, beginning at noon on Feb. 24, to consider
reorganization of the State government, was issued just
before the signing of the two major bills of the Adminis¬
age
tration.
bill, previously reported on in these columns
1321—provides that the present Department
of Insurance is to carry out the administrative functions of
the Act. A State fire and tornado insurance fund, created by
impounding premiums, is provided. The fund is to be built
to a maximum of $1,000,000.
142,
p.
Los
Angeles County, Calif.—Supreme Court Authorizes
of Tax Anticipation Notes—The following article
of interest to all muncipal subdivisions in California, dealing
as it does with their power to issue notes in anticipation of
taxes, is taken from the Pacific Coast Bureau of the "Wall
Street Journal" and appeared in the issue of Feb. 27:
Issuance
By ordering the signing of tax anticipation notes by the Chairman of
the Los Angeles County Board of Supervisors, the California Supreme
has found
Section 3719 of the State political code to be constitu¬
and has paved the way for the issuance of tax anticipation notes by
counties and political subdivisions throughout the State.
The Court's decision, in the case of Los Angeles County vs. Herbert C.
Legg, found the meaning of constitutional limitations under which attorneys
in the test case had sought a ruling on the validity of the section.
The
case was filed prior to last Nov. 4, when Los Angeles County advertised
the sale of $5,000,000 tax anticipation notes and received bids contingent
on furnishing of a legal opinion by O'Melveny, Tuller & Myers, Los Angeles
attorneys.
The decision also affects the Berkeley High School District,
which had also advertised a tax note sale.
Court
tional
vote was 28 to 30.
The required majority is 31.
Based on Indiana Plan
P* Governor Hoffman
explained to-day that his tax plan has been modeled
now
the
after
,
Questions brought before the Court concerned the constitutionality of
on the ground that county debts could not be incurred
a two-thirds vote of the people, that the Legislature was attempting
to delegate power to itself through the ordering of repayment of tax notes
out of the first taxes, revenue and income to be received, that funds sought
through sale of the notes were for expenses not yet incurred, and that the
resolution of the county supervisors authorizing the sale was at fault.
that
features
best
of the
operation in
and income
Infiana
and
taxes.
He
that
it
insisted
combines
that
that
its
program
supporters.
he-With this conclusion the members of the
Advisory Committee and the
legislative supporters of economy disagreed sharply and, although there
was no definite announcement of the position which will be taken
by the
economy group with respect to the Governor's new plan, opposition is
believed to be certain.
York
State—Utility Inquiry Board's
Reform
Bills
Submitted—An 11-point program to carry out public utility
reform was introduced in the Senate on Feb. 24 on recom¬
mendation of the joint legislative committee to investigate
it is said in an Associated Press dispatch from
that date.
The committee passed two years'
time and is reported to have spent $550,000 investigating
utilities,
Albany
on
The bills introduced
utilities.
Service Commission.
were
referred to the Public
The proposed laws would:
Prevent the payment of municipal debts and general expenses out of the
profits of municipal public utility operations.
►
Require utility companies to furnish to the Public Service Commission
verified copies of their tax reports.
M Require, the Public
Service
Commission estimates of
value of
new
Commission to furnish to the State Tax
reproduction cost, depreciation and present
utility properties in valuation proceedings.
Provide that neither the scheduled rates nor the minimum charge for
residential customers shall be based in any manner on the number of out¬
lets, number of rooms, cubic or square foot area or other such standards.
Provide for filing by utilities with the Public Service Commission of all
contracts with affiliated interests for the
Amend
to include
the
a
public service law
trustee
or
purchase of electricity or gas.
defining the word "corporation" so
as
trustees under any trust agreement.
Require any person or corporation signing or certifying an estimate, ap¬
praisal or report to be submitted to the Public Service Commission to ac¬
company the signature of certification with a statement setting out any
present or past interest in the utility.
Provide that approval by the Public Service Commission of mergers
and
consolidations shall
not
the code section
capitalization
without
assets commensurate with
in
sales
devised by the Budget Advisory Committee has been
found upon analysis to be inadequate as its maximum possibilities in the
way of return would be $7,700,000, instead of the $28,000,000 claimed by
economy
New
The insurance
—V.
and it is anticipated that all further attempts to bring about its adoption
The alignment on the bill was unchanged and the final
will be abandoned.
somewhat
Feb. 16.
Signed—Bills providing for old
defeated the bill by Assemblyman Henry J. Young, of Essex, to prohibit
the further expenditure of funds from the 1935 highway account. This
bill,
the first measure of the economy program, has failed of passage three times
of
the
be
merging
construed
companies
to
be
are
a
certification
represented
by
that
the
physical
such capitalizations.
Give the Public Service Commission, when asked to approve an issue
of utility stock or bonds, the right to make a broad investigation.
Require gas and electric companies to bill residential customers
month.
each
Financial
1504
Provide
mission
a
of
procedure in the establishment by the Public Service Com¬
temporary
rates
and
permanent rates which will leave
and restraining orders.
no
need for courts to intervene with injunctions
New York State—Senate Votes Retention
of Job Insurance
—Despite warnings that industry is steadily leaving the
State, the Democratic Senate served notice
on
Feb. 25 that it
would block any more attempts to
eliminate the State un¬
employment insurance law from the statute books, according
to a United Press dispatch from Albany.
It said that the
upper House by a strict party vote defeated an amendment
to the law which would make the system invalid in the event
the United States Supreme Court held the Federal Social
Security Act unconstitutional.
Senate Minority Leader
George R. Fearon, Syracuse Republican, offered the amend¬
ment which he contended was necessary to prevent penalizing
of New York employers should the Federal Act be ruled
invalid.
Legislature Extends Holiday on Deficiency Judgments in
Senate passed
and sent to Governor
Lehman on Feb. 26 the Fitzgerald bill extending for another
year the moratorium on deficiency judgments in foreclosures,
according to Albany advices.
The upper House is said to have also passed and sent to
the Assembly the Nunan bill extending the moratorium on
mortgage principal payments to July 1 1937.
It is stated
that both measures were passed unanimously.
Real Estate Tax Limitation—A resolution clearing the way
Foreclosures—The
for
a
Chronicle
on
Feb. 25 called
a
regional meeting of the organization to be
held in Boston, March 20 and 21, for the purpose of
relief problems of large cities.
West
1936
29
Feb.
Palm
Beach,
studying
Plan An¬
representing
respectively, the holders of general bonds and improvement
bonds of the City of West Palm Beach, Fla., have announced
a plan for the readjustment of the
city's debt.
The plan
provides for the exchange of all outstanding bonds for new
refunding bonds maturing Aug. 11961 in a face amount equal
to 75% of the principal amount of bonds now outstanding.
The new bonds are to bear interest at 2% per annum to 1941;
23^% from 1941 to 1944; 3% from 1944 to 1947; 33^% from
1947 to 1950; 4% from 1950 to 1953; 43^% from 1953 to 1956;
and 5% from that date to maturity.
The Secretary of the improvement bondholders' protec¬
tive committee is W. D. Bradford, 115 Broadway, N. Y.
City.
The members of the committee are Malvern Hill,
Kenneth M. Keefe, and P. C. Wilmerding.
The depositary
nounced—The
two
Fla.—Debt
bondholders'
Readjustment
committees
is the Chase National Bank of New York.
OFFERINGS
WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL
BONDS
Francis, Bro. & Co.
constitutional amendment to limit real estate taxes and
ESTABLISHED
the borrowing powers of municipalities was intro¬
duced on the 26th by Senator James J. Crawford, Brooklyn
restrict
1877
Investment Securities
ST. LOUIS
TULSA
Democrat.
"The legislation is a double-barreled program designed to limit taxes
on real estate to a reasonable amount and tighten up debt restrictions to
prevent in the future another orgy of borrowing such as has been experi¬
enced in the past," Senator Crawford said.
Major points of the debt restriction proposal:
1.
Bond
The
aggregate funded debt of county, city, town and village shall
10% of assessed valuation.
2. Future bond issues limited to permanent improvements, with a dura¬
Proposals and Negotiations
not exceed
tion of at least 10 years.
3. Referendum must be conducted upon
so
petition.
Port
of
New
ALABAMA
GADSDEN, Ala.—BONDS SOLD—H. C. Thomas, City Clerk,"states
bond issues if 10% of the voters
that the $220,000 4% semi-ann. school bonds approved by the voters at the
election on Nov. 5 1935 have been purchased at par by the Public Works
Administration.
York
Authority—Comparative Study of
Earnings Prepared—The combined income account of the
Port of New York Authority, covering all operations and
including investment income derived from the general re¬
serve
fund,*; shows an increase of $837,035, or 7.50%, in
gross incomfe for last year over 1934, and a gain of $491,238,
or 17.20%, in net income; after operating
expenses, miscel¬
laneous charges and bond interest, according to a compara¬
tive study of earnings for the last four years by Van Alstyne,
Noel & Co., Inc.
Combined gross income for 1935 amounted
to $11,975,185, as compared with $11,138,150, $10,134,638
and $10,270,700, respectively, for 1934, 1933 and 1932.
Net
income
of
$3,346,143 compared with $2,854,905,
$3,112,954 and $3,659,007, respectively, for 1934, 1933 and
MOBILE, Ala.—BOND APPROVAL REPORT—Robert Harris, Secretary
of the Alabama Public Works Board, announced recently approval by the
a $484,000 bond issue for the above
city to finance its share of
the cold storage plant to be erected by the Public Works Administration on
the Alabama State Docks properties at the port of Mobile, it is said.
The
said board of
bond validation certificate was then sent to the
forwarded to PWA headquarters in Washington.
city authorities.ito
be
ARIZONA
PHOENIX, Ariz .—BOND SALE—A $350,000 issue of 4% refunding
bonds is reported to have been purchased recently by a group composed of
Stranahan, Harris & Co., Inc., of Toledo, Tyler, Buttrick & Co. of Boston,
Corp. of Pasadena.
Denom. $1,000.
Dated March 1
1936.
Due on March 1 as follows:
$17,000, 1942 to 1951, and $18,000,
and the Pasadena
1952 to
1961, all incl.
Prin.
and
in New York City.
Trust Co.
Chicago.
int. (M. & S.) payable at the Irving
Legal approval by Chapman & Cutler of
<
1932.
Consolidated
income statement, including only tunnel and bridges,
income of SI 1,022,891, compared with $10,581,115 in 1934,
4.57%, and was greater than that of any previous year.
Net
revenue before bond interest also reached a new high of $8,772,438, a gain
of 3.60% over 1934 and 8.75% over 1932.
Consolidated net income in
1935 after bond interest exceeded that of 1934 by 11.6%, but was $7,814
less than in 1932.
Interest charges on funded debt in 1935, however, were
$713,708 greater than in 1932.
Although gross income from the George Washington Bridge of $3,854,607
was $24,398 lower than in 1934, income from tolls alone exceeded that of
any preceding year, the decline in gross being due to a drop of income from
investments.
Both gross and net income from the Holland Tunnel in
1935 exceeded that of any previous years.
The number of vehicles using the various facilities of the Port
Authority
in 1935 set a new record of 19,032,976, a gain of 832,000 over the preceding
shows
gross
again
of
year.
In
commenting on
the Port
Authority's
program
of consolidating
its
debt, the firm says:
December 1935 of $16,500,000 3%% general and re¬
funding bonds, the Port Authority completed the second step in the pro¬
gram to consolidate its outstanding funded debt, the first step being ac¬
complished in March 1935, when $34,300,000 4% general and refunding
bonds were sold.
Under the proposed plan of refunding its debt, it is the
intention of the Port Authority to offer for sale during 1936 approximately
$17,000,000 additional general and refunding bonds, for the purpose of re¬
funding George Washington Bridge 4% bonds, outstanding in the hands of
the public.
"Progress on the construction of the Midtown Hudson Tunnel is ahead of
schedule and this facility should therefore be open for traffic some time
"With the sale in
With a grant of $4,780,000 to be received from the
Public Works Administration, funds to complete construction of the first
operating unit, and an extensive approach system, will be made available.
"The balance, as of Jan. 1 1935, in the general reserve fund was $2,370,650.
After giving effect to the allocation of $1,281,292 from the net income
derived from the Holland Tuhnel and $98,150 from interest on investments
of the fund and withdrawals sufficient to meet the deficit incurred from the
ARKANSAS
prior to Jan. 1 1938.
operation of the Inland Terminal and to pay all interest charges
general and refunding and series F bonds, balance in the general
fund as of Jan. 1 1936 will be $3,078,411."
on
the
reserve
Reconstruction Finance
Corporation—Report on Loans
Drainage and School Districts—The following is the text
of an announcement released on Feb. 20 by the abovenamed Federal agency:
Loans for refinancing a drainage district in Idaho and two drainage dis¬
in Missouri, aggregating $239,500, have been authorized by the
tricts
Reconstruction Finance Corporation.
This makes a total to date of $117,182,624.23 authorized under the provisions of Section 36, Emergency Farm
Mortgage Act of 1933, as amended.
The districts are:
Loans
aggregating $35,300 have been authorized also for refinancing
a
district in Arkansas and
visions of Public No.
Hickory Ridge Special School District, Cross County, Ark
Westbrook Independent School District, Mitchell County, Tex.
$7,300
28,000
The refunding loans are based on deposit of 100% of the outstanding
indebtedness.
If less than 100% is deposited, the amounts authorized are
automatically decreased.
United States Conference of
Mayors—Regional Meeting
Called—The executive committee of the above-named group
of—BONDS
OFFERED
FOR
INVESTMENT—
accordance with the terms of the Act 11 of the State Legislature
adopted
26 1934, for the purpose of refunding then outstanding valid road
district bonds, issued prior to 1927 upon which the State had been lawfully
paying interest.
The State covenants that the amount in the road district
refunding bond redemption account, a trust fund to be applied solely to
payment and redemption of principal and interest of these bonds, shall never
be less than $500,000 in any fiscal year.
The operation of the accounts for
the period Jan. 1 1934 to date resulted in the purchase and retirement of
$4,150,465 par value of road district series A and B refunding bonds.
BIGGERS
SOLD—A
SCHOOL
$19,000 issue
DISTRICT
of school
(P.
bonds
O.
Biggers),
is reported
to
Ark.—BONDS
have been sold
recently.
CRAIGHEAD
$14,000
134,500
91,000
a school district in Texas under the pro¬
325—74th Congress (S. 3123).
This makes a total
to date of $418,300 authorized under this act.
school
State
Jan.
to
Drainage District No. 3, Benewah County, Idaho
Albany Drainage District, Gentry County, Mo
Gentry County Drainage District, Gentry County, Mo
ARKANSAS,
Peltason, Tenenbaum & Harris, Inc., St. Louis, offered on Feb. 25 a block
of $500,000 3% road district refunding bonds.
The bonds, dated Jan. 1
1934 and due Jan. 1 1949, are priced at 82V£ % and interest to yield about
4.85%.
The bonds are direct and general obligations of the State, payable
primarily from gasoline taxes, auto license fees and toll bridge revenue
collected through the State Highway Department.
They were issued in
COUNTY
(P.
O.
Joneaboro),
Ark.—BOND
SALE
DETAILS—It is reported by the County Clerk that the $23,000 4% semi¬
annual refunding bonds purchased at par by the Mercantile Bank of Jones¬
boro—V.
follows:
141, p. 4042—are dated Dec. 1 1935, and mature on Dec. 1
$1,000, 1939 to 1945: $9,000 in 1946 and $7,000, 1947.
LITTLE
ROCK,
Ark.—BOND OFFERING— Sealed
bids
will
on March 5, by Mayor R. E. Overman, for the
received until 2 p. m.
chase of a $902,000 issue of 4%
coupon
sewer
revenue
bonds.
as
be
pur¬
Denom.
$1,000.
Dated Dec. 1 1935.
Due on Dec. 1 as follows:
$12,000, 1937;
$15,000, 1938: $20,000, 1939 to 1943; $25,000, 1944 to 1947; $30,000, 1948
to 1951; $35,000, 1952 to 1957; $40,000, 1958 to 1960, and $45,000 in 1961
to 1965.
These bonds are part of a total authorized issue of $1,037,000 and
are payable as to both principal and interest,
only from and secured by a
first charge upon the entire income and revenues of the
project, remaining
after deduction only for reasonable operation, repair and maintenance
expenses of the project.
Bids may be submitted for all or any part of said
of
payable to the County Treasurer, must accompany the bid.
(This notice
supplements the offering report given in these columns recently—V. 142,
p. 1324.)
No split rate bids will be
considered. The city will pay the expense
printing the bonds and opinion of its attorney approving their validity.
payable to the city, must accompany the bid.
A certified check for $5,000,
LITTLE ROCK, Ark.—BOND SALE—The
1505
Chronicle
Financial
Volume 142
bonds.
COLORADO
City Council has accepted
bid submitted by the Bancamerica Blair Corp. of New York, and Stranahan-Harris & Co. of Toledo, for the purchase of a revenue bond issue of
a
$4,080,000 at
a
price of 97.30 for 4% bonds
AULT SCHOOL DISTRICT
according to report.
bonds, according to report.
APPROVED—The following report
of Feb.
BARSTOW HIGH SCHOOL DISTRICT, Calif.—BONDS VOTED—
election held on Jan. 24 resulted in approval of a proposal to issue
EUREKA, Calif.—BOND OFFERING—A. Walter Kildale, City Clerk,
receive bids until 8 p.m. March 3 for the purchase of $65,000 4%
Denom. $1,000.
Certified check for 5%,
FORT
DISTRICT,
Calif.—BOND
ELECTION—An election will be held on March 10 to vote on the question
construction.
of issuing $85,000 school building bonds.
ANGELES
LOGAN
(P. O.
Los Angeles). Calif.—BOND
SALE—The $8,393,000 Los Angeles City School bonds offered on Feb. 24
—V. 142, p. 1152—were awarded to a syndicate headed by Edward B.
Smith & Co. of New York and R. H. Mouiton & Co. of Los Angeles, and
COUNTY
,
Jan.
356,000 Los
1
Angeles
City
Due from Jan.
1
College
Junior
District
bonds
at
Dated Jan. 1 1936. Prin. and semi-annual int. payable
of the United States at the County Treasury in Los Angeles,
York City, at the option of
Brown Harriman & Co.,
This group offered 100.459
10Q.359 for the junior college bonds, all as
3Ms.
Halsey, Stuart & Co. and associates bid 100.40 for the high school
bonds, 100.44 for the city school bonds and 100.29 for the junior college
the school
all
The total levy on the 1934 list amounts to
according to
OFFERED
INVESTMENT—The
successful
bidder
Feb. 25, for public subscription priced to
FOR
on
SCHOOL
by the tax collector to City Creasurer George
the 1934 list totaled $721,959.40; collections on
SHELTON, Con n—BONDS A UTHORI7ED—The Board of Aldermen
Feb. 10 passed a resolution authorizing the issuance of $75,000 relief
I
bonds.
Conn.—NOTE SALE—The
$500,000 tax anticipation
26—V. 142, p. 1324—were awarded to Leavitt & Co.
.325% discount basis. The Merchants National Bank of
Boston was second with a bid of .33% discount.
Notes are dated Feb. 27
1936 and will mature Oct. 8 1936.
STAMFORD,
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—BOND ELEC¬
CONTEMPLATED—It has been recommended to the County
COUNTY
over
on
on
notes offered on Feb.
TION
LOS ANGELES
tinned
sums
Collections
H. Gabb.
the 1934 list totaled $721,959.40; collections on previous lists, $124,856.71,
and collections on school equalization taxes levied on prior lists, $10,023.52.
yield from 0.50% for the 1937 maturities to 3.20% for the 1953-56 maturi¬
ties.
The 1957-61 maturities are priced at 100.
These prices apply to all
three of the issues.
The bonds are legal investment for savings banks and
trust funds in New York State, according to the bankers, and are interest
exempt from all present Federal income taxes and are tax free in California.
Board of Supervisors that a $2,200,000 issue of county
be placed on the ballot at the general election on May 5.
$9,452,645.75, leaving $1,061,-
and subject to lien charges of $3.75 for each
piece of taxable property unless paid by March 30.
Tax collections for the month of January amounted to $856,839.63,
471.04 still due to be paid,
bonds.
BONDS
14 (P. O. Lamar),
by the Superintendent of Schools
18 the voters approved the issuance I of
payments.
bonds and
re-offered the above bonds
stated
CONNECTICUT
The second highest tender was submitted by
Lehman Brothers, Weeden & Co. and associates.
for
is
Feb.
HARTFORD, Conn.-REPORTS GAIN IN TAX COLLECTIONS—A
total of $8,391,174.71 or 89% of the tax levied on the grand list of July 1
1934, had been collected up to Jan. 31, the end of the fourth and final
quarterly tax payment period, Tax Collector Otis J. Hart reported Feb. 17.
This figure indicates tax collections are 4% better this tax year than the
the previous year, and 8% better than under the former plan of annual
1937 to 1961 incl.
the fiscal agency of the County in New
the holders.
at
on
Due
100.50.
Denom. $1,000.
in lawful money
or
VOTED—It
1961.
1938 to
4%
the $28,500 in 3 M% refunding bonds that were sold subject to the election,
as reported recently—V.
142, p. 993.
Dated Feb. 17 1936.
Due as fol¬
lows: $2,000,1939 to 1951, and $2,500 in 1952; optional in 1946.
1938 to 1961 incl.
1
from Jan.
No. 99 (P. O. Dailey),
refunding bonds which were
of Denver, were approved
DISTRICT
$14,000
PROWERS COUNTY SCHOOL DISTRICT NO.
that at the election held
Due from
3,758,000 Los Angeles City High School District bonds at 100.637.
VOTED—The
MORGAN COUNTY SCHOOL DISTRICT No. 3 (P. O. Fort Morgan),
Colo.—BONDS VOTED—The $16,000 2% refunding bonds which were
sold to Bosworth, Chanute, Loughbridge & Co. of Denver were approved
by the voters at the election held on Feb. 22.
Colo.—BONDS
follows:
$4,279,000 Los Angeles City School District bonds at 100.627.
SCHOOL
COUNTY
Colo.—BONDS
sold to Bosworth, Chanute, Loughbridge & Co.,
by the voters at the election held on Feb. 22.
including Blyth & Co., Inc., of New York, the First Boston Corp. of New
York, the Harris Trust & Savings Bank of Chicago, the Northern Trust Co.
of Chicago, the Anglo California National Bank of San Francisco, Dean
Witter & Co. of San Francisco, the Bankamerica Co. of San Francisco, the
Security First National Bank of Los Angeles, Kean, Taylor & Co. of New
York, Heller, Bruce & Co. of San Francisco, Griffith-Wagenseller & Durst
of Los Angeles, Burr & Co., Inc., of New York, and the First National
Bank & Trust Co. of Minneapolis.
The three issues were awarded as 3 Ms
as
COLLINS, Colo.—FEDERAL POWER PLANT ALLOTMENT
a loan and grant of $738,000 awarded to Fort
Collins, Colo., for the construction of a municipal light and power plant
was announced by Public Works Administrator Harold L. Ickes.
In award¬
ing contracts and preparing to proceed with construction of the new plant
the city failed to comply with Public Works Administration rules and
regulations. The plant is being constructed with the applicant's own funds.
The allotment was made from the old appropriations for public works
REVOKED—Revocation of
Hayard), Alameda County,
receive
Feb. 28 for the purchase of $56,000 4% refunding bonds.
Certified check for $1,000, required.
FAIRVIEW WATER DISTRICT (P. O.
Calif.—BOND OFFERING—C. P. Pefferle, District Secretary, will
SCHOOL
$310,000,000 municipal securities taken by PWA as collateral
PWA revolving fund with 'very little" money."
tion had sold
for other loans, leaving the
municipal auditorium bonds.
required.
LOS
announced approval
to finance
will
HIGH
is taken from a Washington dispatch
r'Journal of Commerce:"
Chicago
of Colorado's request for a $25,000,000 Public Works Administration loan
a State-wide road building program, but said he had no funds
available for the project.
He said that the Reconstruction Finance Corpora¬
$85,000 high school building bonds.
UNION
18 to the
"Public Works Administrator Harold L. Ickes to-day
An
JEFFERSON
,
COLORADO. State of—PWA FUND ALLOTMENT TENTATIVELY
CALIFORNIA
bids until 1 p.m.
Denom. $1,000.
(P. O. Ault), Colo—BONDS VOTED—
of $98,000 in school refunding
The voters approved recently the issuance
of New York
sanitarium bonds
Other bids
DISTRICTS
(P. O. Los An¬
geles), Calif.—BOND OFFERING—L. E. Lampton, County Clerk, will
on a
follows:
were as
Discount
Bidder—
G. M.-P. Murphy &
Jackson & Curtis
receive bids until 2 p.m. March 9 for the purchase at not less than par of
the following school district bonds;
Co
----
-
$80,000 Santa Monica City High School District building bonds,to bear no
more than 5% interest.
Dated Jan. 1 1936.
Due $8,000 yearly
on Jan. 1 from 1942 to 1951, incl.
0.36%
0.36%
Halsey, Stuart & Co., Inc. (plus $11)
Faxon, Gade & Co
—
0.57%
0.58%
20,000 Llewellyn School District building bonds, to bear no more than
4%
interest.
follows:
Dated
Sept.
1
1935.
Due yearly
on
Sept.
1
as
Denom.
Principal and semi-annual interest payable at the
County Treasury.
Certified check for 3% of amount of bonds bid for,
payable to the Chairman of the Board of County Supervisors, required.
O.
(P.
$1,000.
ANGELES
LOS
Los
WATER
COUNTY
Angeles),
Calif.—BOND
WORKS
DISTRICT
OFFERING—Sealed
NO.
PIERCE-BIESE CORPORATION
21
JACKSONVILLE
bids will be
received until 2 p.m. on March 2, by L. E. Lampton, County Clerk, for the
1
1936.
Due $1,000 from March 1 1938 to 1958 incl.
Prin. and
int. payable in lawful money of the United States, at the County Treasury.
A certified check for 3% of the bonds bid for, payable to the order of the
Chairman of the Board of Supervisors, is required.
The following information is furnished with the official offering notice:
The bonds herein referred to were voted for the purpose of incurring of a
bonded indebtedness in the sum of $70,000 to acquire a plant to furnish
water to the inhabitants of said
district.
The assessed valuation of the taxable property
In said district is $70,065,
and there is no outstanding indebtedness.
Los
Angeles
includes
an area
County Waterworks District No. 21 (Kagel Canyon)
of approximately 127 acres, and the estimated propulation
'
of said district is 500.
,
OAKLAND, Calif.—BOND SALE—The $200,000 Oakland harbor im¬
provement bonds offered on Feb. 27 were awarded to Heller, Bruce & Co.,
of San Francisco. The successful bidders offered a premium of $11, equal to
100.0055, $8,000 bonds coming due in 1940 to bear 5% interest, and the
remaining $192,000 bonds to bear 2M%. Dated July 1 1926. Due serially
to July 1 1966 ind. The Harris Trust & Savings Bank of Chicago, second
high bidders, offered a $77 premium for $40,000 bonds maturing from 1940
to 1944 at 3% and the remaining $160,000 bonds at 2M %.
SAN FRANCISCO (City and County), Calif.—BOND SALE—The
$2,700,000 issue of 4% semi-annual coupon or registered water distribution
bonds, 1933, offered for sale on Feb. 24—V. 142, p. 1324—was awarded
to a syndicate composed of Gertler & Co. of New York, Stroud & Co.,
Inc., of Philadelphia, Wilmerding & Co. of New York, Booth, Gillette &
Co., Revel, Miller & Co., Redfield, Royce & Co., ail of Los Angeles; Harold
E. Wood & Co. of St. Paul, and Stephenson, Leydecker & Co. of Oakland,
paying a premium of $328,050, equal to 112.15, a basis of about 2.19%.
Dated Dec. 1 1933.
Due $150,000 from Dec. 1 1936 to 1953 incl.
BONDS
OFFERED
FOR
SUBSCRIPTION—'The
successful
bidders
re-offered the above bonds for general investment at prices to yield from
0.25% to 2.80%, according to maturity.
SAN FRANCISCO
(City and County), Calif.—PUBLIC OFFERING
OF BONDS—Edward B. Smith & Co., ana the First Boston Corp., both
of New York, on Feb. 25 offered a block of $1,010,000 4M % water bonds,
maturing $560,000 on July 1 1941, at a price to yield 1.80%, and $450,.000
maturing on July 1 1942, priced to yield 2% to maturity.
GABRIEL, Calif.—BONDS DEFEATED—At the election held
on
Feb. 18—V. 142, p. 993—the voters defeated the proposal to issue
$250,000 in sewer bonds, according to the City Clerk.
SAN
SANTA ANA HIGH SCHOOL DISTRICT (P. O. Santa Ana), Calif.
—BOND OFFERING—Sealed bids will be received untol 11 a.m. on March 3
by J. M. Backs, Clerk of Orange County, for the purchase of an issue of
$140,000 school bonds.
Interest rate is not to exceed 5%, payable A. & O.
Denom. $1,000.
Dated April 1 1936.
Due $10,000 from 1937 to 1950
incl.
Principal and interest payable at the County Treasurer's office.
approving opinion of O'Melveny, Tuller & Myers, of Los Angeles, will
be furnished.
A certified check for 3% of the par value of the bonds.
The
Orlando
Tampa
purchase of a $21,000 issue of water plant construction bonds.
Interest
rate is not to exceed 6%, payable semi-annually.
Denom. $1,000. Dated
March
BONDS
FLORIDA
$1,000, 1937 and 1938: $2,000, 1939; $1,000, 1940; $2,000,
1941; $1,000, 1942; $2,000, 1943, and $1,000, 1944 to 1953.
-
Miami
FLORIDA
BAKER
SPECIAL
COUNTY
TAX
SCHOOL
DISTRICT
NO.
2
(P. O. Macclenny), Fla.—BOND OFFERING—Sealed bids will be received
March 9 by J. A. Rowe, Chairman of the Board of Public
Instruction, for the purchase of a $19,000 issue of 6% coupon school bonds.
Denom. $500.
Dated Jan. 1 1936. Due on Jan. 1 as follows: $1,000, 1937
to 1942; $1,500. 1943 to 1948, and $2,000 in 1949 and 1950.
Prin. and int.
(J. & J.) payable in lawful money at the office of the County Superintendent
of Public Instruction.
These bonds were approved at an election held on
Nov. 5 1932 and have been validated by a decree of the Circuit Court
having jurisdiction of bond validation proceedings in the county.
(This
report supersedes the offering notice given here recently—V. 142, p. 1324.)
until 2 p. m. on
CORAL GABLES,
—Details of
were
an
Fla.—DEBT REFUNDING PROGRAM DRAFTED
$11,000,000 refunding program for the City of Coral Gables
made public on
that the arrangement
Feb. 15 by Mayor Roscoe Brunstetter, who declared
"relieves once and for all the danger of high taxation
Gables."
The agreement, yet to be ratified by the individual bondholders and the
city's freeholders, was reached by the City Commission and a committee
representing holders of 88% of Coral Gables securities.
Six fundamental points were enumerated in the program.
They provide:
1. Issuance of $4,000,000 in new 40-year refunding bonds with interest
in Coral
scaled
f(om 2% of the outset to 5% after 20 years, and averaging 4.0375%
period.
for the 40-year
Assignment of delinquent tax and improvement liens for years previous
to 1935 to a private corporation or trustee for the benefit of bondholders
and in settlement of the $7,000,000 balance of the indebtedness.
2.
3. Agreement by the city to limit its annual operating budget to $220,000.
include possible deficits in municipal utilities operation and the usual
$25,000 University of Miami appropriation.
4. City to retain privilege of levying special
millages for publicity,
sewage system and disposal plant, hurricane damage repair or similar
to
extraordinary purposes.
5. Establishment of a revolving fund of $60,000, from which city may
such as hurricane rehabilitation.
Fund to be built
debt services and operating funds.
City to proceed promptly and energetically to the collection of taxes
well as in the enforcement of liens, without permitting payments to be
borrow in emergencies,
from surpluses in
6.
as
delinquent for more than two years.
foreclosed as soon as legally possible.
Delinquent certificates are to be
proposed to assign in settlement of the $7,000,000
debt outstanding after issuance of the $4,000,000 refunding bonds now have
adjusted value of $1,800,000, according to George N. Shaw, City Clerk and
The liens which it is
finance officer.
If the freeholders and bondholders approve the program it will be sub¬
approval under provisions of the Wilcox
Municipal Debt Settlement Act, so all creditors will be found.
mitted to the Federal Court for legal
ESCAMBIA
COUNTY
SCHOOL
DISTRICTS (P. O. Pensacola),
County Superintendent of the
until 10 a. m. March 12 for
Fla.—BOND OFFERING—J. H. Varnum,
Board of Public Instruction, will receive bids
the purchase
of the following school district bonds:
Financial
1506
Chronicle
$15,000 4% bonds of Special Tax School District No. 13.
Denom. $500.
Due $500 yearly on Sept. 30 from 1937 to 1964, and $1,000 Sept.
30 1965.
GREENDALE
GREENVILLE TOWNSHIP, Floyd County. Ind.—BOND OFFERING
Thompson, Trustee, will receive sealed bids until 10 a.m. (Central
on March 16 for the purchase of $10,800 not to exceed
4H% interest coupon school building bonds.
Dated March 16 1936.
Denom. $360.
Due $360 July 1 1937; $360 Jan. 1 and July 1 from 1938
to
1951, incl., and $360 Jan. 1 1952.
multiple of ^ of 1%.
a
ESCAMBIA COUNTY SCHOOL DISTRICT No. 16 (P. O. Pensacola), Fla.—BOND ELECTION DECLARED INVALID—The State
Supreme Court is said to have declared illegal the election held last August,
at which the voters approved the issuance of $420,000 in school bonds,
because a majority of the eligible electors did not vote, a requirement
by statute.
INDIANAPOLIS SCHOOL
The $500,000 time warrants offered on Fen. 25—V. 142, p. 1325—were
to the Union Trust Co., the Fletcher Trust Co., the Indiana
Trust Co., the
the Merchants
American National Bank, the Indiana National Bank and
National Bank, all of Indianapolis, on a 0.75% interest
basis, plus a premium of $28.
Warrants are dated Feb. 29 1936 and will
mature May 28 1936.
Marcus R. Warrander of Indianapolis was second
with a bid of 1)4% interest, plus a premium of $39.
JACKSONVILLE, Fla.—BOND SALE APPROVED—On Feb. 24 the
KANKAKEE SCHOOL TOWNSHIP (P. O. Rolling Prairie), Ind.—
OFFERING DETAILS—The $50,000 4% school budding bonds
being offered for sale on March 7, as previously noted in these columns, is
apparently the same issue which was awarded previously on Jan. 11 to the
LaPorte Savings Bank of LaPorte at a price of 107.50.
BOND
Another block of bonds will be offered later in the year
Oct, 1 and Nov. 1 maturities, aggregating $285,000.
PALM BEACH COUNTY SPECIAL ROAD AND BRIDGE DIS¬
TRICT NO. 15 (P. O. West Palm Beach), Fla.—BONDS SOLD—It is
reported that a group composed of Dee & Co., Carlberg & Cook, and
Thomas M. Cook & Co:, all of West Palm Beach, has purchased the $41,250
bridge construction bonds approved by the voters on Dec. 2 and validated
by the Circuit Court on Jan. 30—V. 142, p. 1153.
N*LAWRENCEBURG SCHOOL CITY, Ind.—BOND OFFERING—The
School Trustees will receive bids Until 7.30 p.m. March 7 for the purchase of
$43,040 bonds,
LA WRENCEBURG SCHOOL TOWNSHIP (P. O. Lawrenceburg),
Ind.—BOND OFFERING—The Township Trustees will receive bids until
7.30 p.m. March 7 for the purchase of $23,200 bonds.
TAMPA, Fla.—BOND VALIDATION PROCEEDINGS—It is said that
hearing is scheduled for March 12 by the Circuit Court to validate the
hospital bonds that were approved recently
by the City Council—V. 142. p. 817.
(A loan of $110,000 has been ap¬
proved by the Public Works Administration.)
MICHIGAN
a
issuance of the $128,000 4%
PAYMENT APRIL
15
ON
1932
to
at par
reported by the Secretary of the District that $13,000 school
GLYNN COUNTY (P. O. Brunswick), Ga.—BOND SALE DETAILS
county's financial condition
offering:
_
PATTERSON SCHOOL DISTRICT
(P. O. Patterson,) Ga .—BOND
OFFERED—At 8 p.m. on Feb. 25 the Board of Trustees of the district
offer for sale an issue of $15,000 4% school improvement bonds.
Denom.
$1,000.
Interest payable semi-annually.
These bonds will be offered for
NEZPERCE COUNTY (P. O. Lewis ton), Ida.—BOND OFFERING—
Philip Weisgerber, Clerk of the Board of County Commissioners, will
receive bids until 10 a. m. March 5 for the purchase of $30,000 general
obligation highway district refunding bonds, which will bear no more
than 6% interest.
Denom. $1,000.
Dated March 1 1936.
Principal
and semi-annual interest (Jan. 1 and July 1) payable at the County
Treasurer's office.
ILLINOIS
111.—BONDS AUTHORIZED—The Village
cently authorized the issuance of $38,000 funding bonds.
DEERFIELD,
Board re¬
ELMHURST, 111.—BOND SALE—C. W. McNear & Co. and Lewis,
issue of $377,000
Pickett & Co., both of Chicago, jointly, have purchased an
water and sewer bonds.
1950, inclusive.
CLINTON SCHOOL CITY, Ind.—BOND SALE—The issue of $57,000
4 %% school bonds offered on Feb. 4-—V. 142, pp. 654 and 818—was sold at
par to the Citizens State Bank of Newport.
Shelburn),
Ind.—BOND
OFFERING—G. P. German, trustee, will receive sealed bids until 10 a.m.
on March 21 for the purchase of $32,500 not to exceed 4% interest bonds,
divided
as
follows:
$20,000 school bonds.
Denom. $500.
Due $500, July 1 1937; $1,000,
Jan. 1 and $500, July 1 from 1938 to 1950 incl.
12,500 refunding bonds, issued for the purpose of paying off the balance of
an original issue of $90,000 which was sold in May 1922.
Denom.
$500.
Due $500, July 1 1937 and $1,000, Jan. 1 and July 1 from
1938 to 1943, incl.
Each issue is dated April 1 1936.
Principal and Interest (J. & J.) payable
at the Peoples State Bank, Farmersburg.
A certified check for 5% of the
bonds bid for is required.
GARRETT SCHOOL CITY, Ind .—OTHER BIDS—Other bids, all of
which were conditional, submitted for the $18,000 school improvement
bonds recently awarded to the Central Security Corp. of Fort Wayne, as
3Ug, at par plus a premium of $185, equal to 101.02, were as follows:
Bidder—
,
L
A.S.Huyck&Co
Marcus R. Warrender
Municipal Bond Corp
;
->$56,977,365.00
Acreage-
Same
—
Population
;
Bonded debt Jan. 1 1936: Miscellaneous
funding
Primary road bonds,.
8,711,849.00
340,143.50
69,146
693,000.00
1,391,000.00
*
Amount
Current
Amount
Levied
—
.
—
Collected
Dec. 31*35
$2,568,438
2,619,232
2,445,800
2,158,255
1,856,818
1,868,697
$2,534,635
2,550,924
2,155,072
1,814,606
1,646,203
1,804,531
COUNTY (P. O. Waverly), Iowa—BOND ELECTION—
prbposal to issue $75,000 court house bonds will be submitted to the
voteis at
an
election to be held on March 10.
P85CARROLL
COUNTY (P. O. Carroll), Iowa —BOND OFFERING—
It is stated by T. J. Ryan, County Treasurer, that he will receive both
sealed and open bids until March 16, for the purchase of a $761,000 issue
of
primary road refunding bonds.
Due as follows: $100,000, 1937 to 1941;
$90,000, 1942 and 1943, and $81,000,
1944.
CHARITON,
Iowa—BOND OFFERING DETAILS—Additions 1 de¬
tails are available concerning the offering of $25,000 bonds on March 2—V.
142, p. 1324.
Don E. Lewis, City Clerk, will receive bids until 7:30 p.m.
March 2 for the purchase at not less than par of $25,000 sewer outlet and
purifying plant bonds, which will bear interest at no more than 5%.
Dated
Jan. 1 1936.
Interest payable Jan. 1 and July 1.
Due yearly on Jan. 1
as follows: $1,000, 1937 to 1944;
$2,000, 1945 to 1952, and $1,000, 1953.
Legal opinion of Chapman & Cutler of Chicago and printed bonds will be
furnished by the city.
CLARINDA,
Iowa—BOND SALE—The $15,000 park bonds offered
on Feb. 26—V. 142, p. 1325—were purchased
by Shaw, McDermott
Sparks, of Des Moines, as 3s, paying a premium of $237, equal to
101.58,
for sale
DUBUOUE*COUNTY (P. O. Dubuque), Iowa—BOND OFFERING—
.County Treasurer, that he will receive bids
10, for the purchase of the $419,000 primary road refunding
bonds mentioned in these columns recently—V. 142, p. 1325.
Due as
follows: $90,000, 1937 to 1939; $30,000, 1940 to 1943, and
$29,000 in 1944.
It is stated by F. J. Hickson,
Ind.—BONDS NOT SOLD—The issue of $26,000 4)4%
142, p. 1153—was not sold.
Dated
months from July 1 1937 to Jan. 1
O.
—
Taxable value—-Monies and credits
until March
bonds offered on Feb. 12—V.
(P.
County Statistics
BREMER
A
Feb. 15 1936 and due $1,000 each six
TOWNSHIP
to the
published in connection with the above
Levied in—
1929
1930-..-
&
INDIANA
SCHOOL
are
Taxable value—Real estate.
1934--------
sale at once, it
(P. O. Waterloo), Iowa—BOND OFFER¬
1935 Assessed value—Real estate
HARLEM, Ga.—BOND SALE—The two issues of 4)4% semi-annual
bonds aggregating $20,000, offered for sale on Feb. 24—V. 142, p. 817—
were awarded to Johnson, Lane, Space & Co. of Atlanta at a price of 101.46.
The bonds are divided as follows: $16,000 water and $4,000 sewerage bonds.
CURRY
IOWA
FINANCIAL STATEMENT—'The following statistics relating
the $150,000
4% semi-ann. school improvement bonds that were awarded on Dec. 31 to
Johnson, Lane, Space & Co. of Savannah, and the Robinson-Humphrey
Co. of Atlanta at a price of 105.566, as noted at that time—V. 142, p. 157—
are more fully described as follows:
Denom. $1,000.
Dated Jan. 15 1936.
Due on Jan. 15 as follows:
$3,000, 1939 and 1940; $4,000, 1941 to 1947;
$5,000, 1948 to 1953; $6,000, 1954 to 1959; $8,000, 1960 to 1963, and
$9,000 in 1964 and 1965, giving a basis of about 3.57%.
Prin. and int.
payable at the Guaranty Trust Co. of New York.
■
CLINTON,
plus a premium of $361, equal to 102.256 a basis of about 3.84%.
5 1936 and due $800 each six months from July 1 1937 to
1947 incl.
BLACK HAWK COUNTY
bonds have been sold locally at par.
sewer
1
a.m. on March 9, by Anna M.
Decker, County Treasurer, for the purchase of a $221,000 issue of primary
road refunding bonds, after the receipt of which and the consideration of
open bids, the bonds will be awarded.
Denom. $1,000.
Dated May 1
1936.
Due $30,000, 1937 to 1943, and $11,000 in 1944.
Interest rate to
be stated by bidder, in a multiple of )4 of 1%.
A bid of par and accrued
interest or better is required.
The purchaser must garee to furnish the
blank bonds and the county will furnish the approving opinion of Chapman
& Cutler of Chicago, and all bids must be so conditioned.
Required bidding
blanks may be obtained from the above County Treasurer, and from the
Iowa State Highway Commission at Ames.
A certified check for 3% of
the amount of bonds offered, payable to the order of the County Treasurer,
must accompany the bid.
and mature $500 annually from Nov. 1 1939 to 1948 inclusive;
$50,000 in improvement bonds.
is said.
basis of about 3.20%.
Stokes, Woolf & Co., Inc., of Chicago,
Dated Feb. 28 1936.
Due $3,000 on July 1
1945; $500, 1946; $1,000, 1947 to 1951.
CLERMONT SCHOOL DISTRICT (P. O. Clermont), Ga.—BONDS
of
a
premium of $3,153.
ING—Seated bids will be received until 10
$5,000 water works system bonds purchased recently by Brooke,
Tindall & Co. of Atlanta, as noted here—V. 142, p. 1324r—bear interest
ance
a
ADEL, Iowa—BOND OFFERING—R. E. McNichols. City Clerk, will
receive bids until 7:30 p.m. Feb. 28 for the purchase of $12,000 5% water
revenue bonds.
Due yearly on March 1 as follows: $500, 1937, 1938 and
1939; $1,000, 1940; $500, 1941; $1,000, 1942; $500, 1943; $1,000, 1944 and
GEORGIA
IDAHO
SALE—The
Dated March
Jan.
CAMAK, Ga.—BOND SALE DETAILS—The Town Clerk states that
LITTLE WOOD RIVER IRRIGATION DISTRICT (P. O. Carey),
Ida.—BONDS VOTED—It is reported by the Secretary of the Board of
Directors that at an election held on Feb. 15 the voters approved the issu¬
Ind.—BOND
MILLCREEK SCHOOL TOWNSHIP (P. O. Kingman), Ind.—BOND
the
—It is stated by the Clerk of the Board of Commissioners that
CITY,
SALE—The $16,000 4)4% coupon school building bonds offered on Feb. 26
—V. 142, p. 995—were awarded to Marcus Warrender of Indianapolis
a
SOLD—It is
107,385,
offered
GENERAL
plan for the readjustment of the city's debt.
The plan pro¬
vides for the exchange of all outstanding bonds for new refunding bonds
maturing Aug. 1 1961 in a face amount equal to 75% of the principal
amount of bonds now outstanding.
The new bonds are to bear interest
at 2% per annum to 1941; 2
% from 1941 to 1944; 3% from 1944 to 1947;
3H% from 1947 to 1950; 4% from 1950 to 1953; 4>*% from 1953 to 1956;
and 5% from that date to maturity.
The committee representing the general bonds has also announced that a
cash distribution equivalent to 20% of one year's interest on the present
bonds will be paid on or about April 15 to holders of registered certificates
of deposit for the City of West Palm Beach general bonds as of March 25.
In the case of bonds withdrawn from the deposit agreement hereafter but
prior to March 25, such distribution will be paid to holders of record of
the certificates of deposit surrendered for the purpose of withdrawing bonds.
at 4%
SCHOOL
from 1939 to 1954, inclusive.
BONDS—The two bondholders' committees representing, respectively the
holders of general bonds and improvement bonds of the above city, have
announced
CITY
$48,000 4% coupon school bonds offered on Feo. 26—V. 142, p. 1154—were
awarded to A. O. Allyn & Co. of Chicago for a premium of $3,545, equal
BEACH, Fla.—DEBT READJUSTMENT PLAN AN¬
PARTIAL
Rate of interest to be expressed in
DISTRICT, Ind.—WARRANT SALE—
awarded
City Council Law and Rules Committee is said to have approved the pro¬
posed sale of $785,000 in refunding bonds, which was discussed in these
columns recently—V. 142, p. 1153.
As previously mentioned the sale of
$500,000 of these bonds is contemplated on or about July 1, to be delivered
NOUNCED—ALSO
Ind.—BOND
7 for the
Standard Time)
Dated Oct. 1 1935.
Principal and semi-annual interest (March 31 and
Sept. 30) payable at the Central Hanover Bank & Trust Co., in Nerr \ ork.
at any depository of school funds.
(This notice supplements that given
in V. 142, p. 1324.)
PALM
County,
—John
or
WEST
Dearborn
OFFERING—The trustee will receive bids until 7:30 p.m. March
30 1965.
to care for the
TOWN,
1936
29
purchase of $85,440 school building bonds.
_
12,000 4% bonds of Special Tax School District No. 3.
Denom. $400.
Dae $400 yearly on Sept. 30 from 1937 to 1964, and $800 Sept.
about the 15th.
Feb.
SCHOOL
Int. Rate
Premium
3H%
$77.00
4%^
4%%
305.75
401.98
GRUNDY COUNTY (P. O.
Grundy Center), Iowa—BOND OFFER¬
ING—We are informed by W. H. Frerichs, County Treasurer, that both
sealed and auction bids will be received at 3 p.m. on March 12 for the
purchase of
a
$486,000 issue of primary road refunding bonds.
He also states that the county is
calling $54,000 primary road bonds
for payment on May 1.
GUTHRIE COUNTY (P. O. Guthrie Center), Iowa—BOND OFFER¬
ING—On March 10 at 3 p.m. an issue of $810,000 primary road refunding
bonds will be offered for sale.
.
stated by
COUNTY (P. o. Eldora), Iowa—BOND OFFERING—It is
I. J. Schmitz, County Treasurer, that he will receive bids until
March 13 for the purchase of a $95,000 issue of
primary road refunding
bonds;
Due $110,000 from 1937 to 1944 and $79,000 In 1945.
IOWA (State of)—WARRANTS CALLED—State Treasurer Leo J.
Wegman hasTcalled another $170,000 block of warrants for payment.
The
call reduced to $680,000 the amount of warrants still
outstanding from the
original issue of $3,500,000.
LENOX,
March 9
a
Iowa—BOND ELECTION—At an election to be held on
proposal to issue $40,000 water works bonds will be submitted
to the voters.
„
MADISON COUNTY (P. O. Winterset), la,—BOND
OFFERING—
F. W. Creger, County Treasurer, will receive bids until 3
p. m. March 13
for the purchase at not less than par of $180,000
primary road refunding
bonds.
Dated May 1 1936.
Bidders are to name rate of
interest, in a
multiple of X %. Interest payable semi-annually. Due $25,000 yearly from
Financial
Volume 142
Purchaser must furnish the blank bonds.
County will supply approving opinion of Chapman & Cutler, of Chicago.
1937 to 1943; and $5,000 in 1944.
Certified check for 3% of amount of
urer, required.
bonds, payable to che County
Treas¬
attorney, together with a certified transcript of record as passed upon, will
be delivered to the purchaser.
A certifiec check for 2% of the amount
of bonds bid for, payable to the Treasurer, is required.
Beh Co. of
We Are
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—BOND
School Directors have called an election to be held on
NASHUA
ELECTION—The
March 9 for the purpose of
voting on the question of issuing
MAINE—NEW
$10,000 school
building bonds.
COUNTY (P. O. Davenport),
the issuance of $104,000 warrant
COUNTY
TAMA
March 12 at 10
chase of
a.m.
O.
(P.
200
funding bonds.
Toledo),
Iowa—BOND
OFFERING—On
receive bids for the pur¬
road refunding bonds.
COUNTY (P. O. Indianola), Iowa—BOND OFFERING—
Clint S. Steele, County Treasurer, will receive bids until 3p.m. March 9
for the purchase at not less than par of $392,000 primary road refunding
bonds.
Bidders are to name rate of interest, in a multiple of M % •
Dated
WARREN
Interest payable semi-annually.
Due $50,000 yearly from
Certified check for 3% of amount of
offered, payable to the County Treasurer, required.
Purchaser is
to furnish blank bonds.
Approving opinion of Chapman & Cutler of Chicago
will be furnished by the county.
1937 to 1943, and $42,000 in 1944.
bonds
WHAT CHEER, Iowa—BOND SALE DETAILS—The $8,000 3% sewer
bonds purchased by Jackley & Co. of Des Moines, at a price of 101.25, as
reported hefe recently—V. 142,, p. 1154—are dated Jan. 3 1936, and
mature on Dec. 1 as follows: $3,000, 1943 and 1944, and $2,000 in 1945,
DISTRICT (P. O. Anthony), Kan.—BOND
Wichita, is reported to have purchased
$35,000 2K% semi-annual refunding bonds.
Due $2,000 on Feb. 1 and
$1,500 on Aug. 1 from 1937 to 1946 inclusive.
SCHOOL
SALE—The Small-Milburn Co. of
SALE
school
bonds, reported in these columns recently—V. 142, p. 1154—it is stated by
the District Clerk that these bonds were sold to the Columbian Securities
Corp. of Topeka, as 3Ms.
Dated Oct. 15 1935.
Due on Dec. 15 as follows:
$1,000, 1936; $1,500, 1937 to 1944 and $2,000, 1945 to 1949; optional on
COLLYER SCHOOL DISTRICT (P. O. Collyer), Kan.—BOND
DETAILS—In connection with the sale of the $23,000 (not $35,000)
any
Dec. 15 1944.
interest payment date after
Boston, Mass.
MAINE
MASSACHUSETTS
Mass.—OTHER BIDS
BARNSTABLE COUNTY (P. O. Barnstable),
—The$30,000;house of correction bonds awarded to Arthur Perry &
of Boston as lMs, at a price of 100.555, a basis of about 1.06%, were
19345
bid for
as
Co.
also
follows:
Int. Rate
Bidder—
Rate Bid
Hyannis Trust CoWhiting, Weeks & Knowles
L. F. Carter & Co.. Inc
First Boston Corp
1H%
1M%
100.532
100.49
1H%
1H%
100.432
100.416
Tyler, Buttrick & Co
Newton, Abbe & Co
Cape Code Trust Co
according to the Town Clerk.
KANSAS
ANTHONY
St.,
LEWISTON, Me.—BORROWS $100,000—The city recently borrowed
$100,000 from the Manufacturers National Bank of Lewiston to finance
requirements during the approximately two months of the remainder of
the current fiscal year.
The city is paying about one-third of 1% for the
money and will refinance the debt with a new 1936 tax loan.
May 1 1936.
giving a basis of about 2.84%,
Devonshire
3M%
of Des
the County Supervisors will
issue of $540,000 primary
an
Incorporated
authorizing
STACEYVILLE, Iowa—BOND SALE— An issue of $16,600
sewage project bonds has been sold to the Polk-Peterson Corp.
Moines for a premium of $285, equal to 101.717.
-
E. H. Rollins & Sons
Iowa—BONDS AUTHORIZED
Supervisors have passed a resolution
The Board of County
—
Specialists in
HAMPSHIRE- VERMONT
Municipal Issues
Bluffs), Iowa—BOND
OFFERING—The County Board of Supervisors will receive bids until
March 12 for the purchase of $1,040,000 primary road refunding bonds.
POTTAWATTAMIE COUNTY (P. O. Council
^SCOTT
bond
of some other recognized
of B. A. Campbell, of New Orleans, and that
|
Iowa—BOND SALE—The Carleton D.
purchased $3,800 funding bonds of the city.
MAQUOKETA,
Des Moines
1507
Chronicle
1 M%
1M%
iH%
100.196
i.00.14
Estabrook & Co
IK %
100.14
Blyth & Co
Halsey, Stuart & Co
1)4%
114%
100.098
IK %
100.31
1 M%
100.29
First
R.
National Bank of Yarmouth
L.
Day & Co
-
BEVERLY, Mass.—BOND SALE—'The
on Feb. 26—V. 142, p. 1326—were
of Boston as Is, at a price of 100.212, a
March 1 1936 and due $6,000 on March 1
bids were as follows:
offered
100.289
100.12
$30,000 coupon reservoir bonds
awarded to Faxon, Gade & Co.
basis of about 0.92%. Dated
from 1937 to 1941 incl. Other
Rate Bid
Int. Rate
1%
Bidder—
CITY, Kan.—BONDS OFFERED TO PUBLIC—A block of
$50,000 3% semi-annual refunding bonds is being publicly offered by the
Beverly National Bank
1%
100.055
100.04
Washburn Co
1%
100.01
Small-Milburn Co. of Wichita.
Whiting, Weeks & Knowles
First Boston Corp
1%
134 %
Par
100.63
Blyth & Co
1M%
100.625
Arthur Perry & Co
DODGE
GREENSBURG, Kan.—BOND SALE—The $58,000 issue of sewer
system and disposal plant bonds offered for sale on Feb. 21—V. 142, p.
1154—was awarded to the Lathrop-Hawk-Herrick Co. of Wichita as 3 Ms
at par.
Denom. $1,000.
Dated Feb. 1 or March 1 1936.
Due from
1937 to 1956.
IOLA, Kan.—BOND SALE—An issue of $45,000 waterworks
sold recently to Estes, Payne & Co., of Topeka.
impt. bonds
was
NESS
COUNTY
SCHOOL
DISTRICT NO. 52
(P. O. Ness City),
Kan.—BONDS OFFERED TO PUBLIC—A $14,000 block of 3M% semiann. school bonds is being publicly offered by the Small-Milburn Co. of
Wichita.
Due on Jan. 1 as follows: $2,000, 1938 and 1939, and $2,500 from
1940 to 1943.
COUNTY (P. O. Wichita!, Kan.-MATURITY—In
of the $40,000 2M% semi-annual public works
Co. of Topeka, and the Ranson-Davidson Co. of
Wichita, at a price of 100.026, reported here recently—V. 142, p. 1154—
it is stated that the bonds mature $4,000 from Feb. 1 1937 to 1946, giving
SEDGWICK
connection with the sale
bonds to Estes, Payne &
a
basis of about 2.24%.
COUNTY
WILSON
(P.
O.
Dunne-Israel Investment Co.
of
tendered by the Baum. Bernheimer Co. of Kansas City.
of Wichita, at a
$99,558,
Kan.—PURCHASER— The
bonds that was sold on Feb. 17
Fredonia),
$9,500 Issue of 2% coupon semi-annual relief
142, p. 1326—was purchased by the
—V.
price of 100.115.
The second highest bid was an offer
EQUITABLE
Corporation
Securities
Chattanooga
Nashville
Knoxvllle
Memphis
KENTUCKY
COUNTY (P. O. Sandy Hook), Ky.—PART OF BOND
ISSUE VOIDED—The Court of Appeals on Feb. 21 declined to approve
all of a $50,000 bond issue for the above county on the ground it was not
established that the entire issue was incurred for "necessary governmental
purposes."
Only $16,700 of the proposed issue was approved, according
to a Frankfort news dispatch.
The action is said to have set aside judgment
of the Elliott Circuit Court approving the bond issue beyond $16,700.
ELLIOTT
KENTUCKY, State of— WARRANT CALD—John Buckingham, State
issued a call on Feb. 19 for the payment of outstanding interestwarrants against the general expenditure fund, amounting to
$1,344,915.33. Interest will cease on March 2.
Treasurer,
bearing
ACCOUNTS TRANSFERRED FOR REDEMPTION—Tne above-named
State Treasurer is said to have begun the withdrawal of sleeper accounts
from banks all over tho State, transferring them to a central depositary to
expedite the redemption of interest
that in January he transferred more
Bank of Frankfort.
bearing State warrants.
It is reported
than $,2000,000 to the Farmers
Deposit
Immediate Firm Bide on
LOUISIANA MUNICIPALS
Schorff L.lones
INCORPORATED
A. T. T.
TEL. N. 0. 180
100.59
Estabrook & Co
1)4%
100.324
Halsey, Stuart & Co., Inc
Newton, Abbe & Co
1)4%
1)4%
1)4%
100.28
100.262
100.22
Inc
Baliou, Adams & Whittemore
Brown Harriman & Co
Hornblower & Weeks
100.219
100.059
100.03
LOAN OFFERING—John C. Lovett, City Treasurer, will receive sealed
bids until 11 a. m. on March 4 for the purchase at discount of $300,000
revenue
anticipation notes.
Dated March 4 1936.
Denoms. $25,000.
$10,000 and $5,000. Due Nov. 23 1936.
Said notes will be authenticated
as to genuineness and validity by the First National Bank of Boston, under
advice of Ropes, Gray, Boyden & Perkins of Boston, and all legal papers
incident to this issue will be filed with said bank, where they may be in¬
spected. They will be delivered on or about Thursday, March 5 1936, at
the First National Bank of Boston, 17 Court Street Office, Boston, Mass.,
for Boston funds, and are payable at the First National Bank of Boston,
in Boston, Mass., or at the office of the Central Hanover Bank & Trust
134 %
1)4%
1M%
R. L. Day & Co
Co., in New York City.
Tax Data
Uncollected
Year—
$85,101.
Levy
Feb. 11936
$1,431,011
$1,942
1,423,556
270,375
Valuation, 1934, $44,655,625; 1935, $43,878,200.
BOSTON, Mass.—BOND SALE—The $2,425,000 bonds offered on Feb.
24—V. 142, p. 1155—were awarded to a syndicate composed of Lehman
Bros., Graham, Parsons & Co., Eastman, Dillon & Co., Paine, Webber &
Co., Mercantile Commerce Bank & Trust Co., St. Louis, Kean, Tayor &
Co., Eldredge & Co., Hemphill, Noyes & Co., R. H. Moulton & Co., F. L.
Putnam & Co., Inc. of Boston, Equitable Securities Corp., Rutter & Co.,
Lawrence Stern & Co., Wells-Dickey Co., Minneapolis and Schaumburg,
Rebhann & Lynch.
The bankers paid par plus a premium of $30.30, equal
to 100.001 for $675,000 bonds as 2Ks and the remaining $1,750,000 as 2)4s,
the net interest cost to the city being 2.30%.
The block of $675,000
comprises that amount of departmental equipment bonds, maturing $135,000 yearly on April 1 from 1937 to 1941, incl.
The $1,750,000 bonds com¬
prise the following issues:
Municipal Bonds
New York
100.612
1)4%
Stone & Webster and Blodget,
Tax titles,
KENTUCKY
Birmingham
1)4%
Tyler, Buttrick & Co
TELEPHONE RAYMOND 1189
New Orleans
$20,000 reconstruction of water pipe trestle at
bonds.
Payable $2,000 annually April 1
200,000 Quincy Market Building,
Payable $14,000 annually,
annually, April 1 1942 to
Chelsea North Bridge
1937 to 1946, incl.
foundation, improvements, &c., bonds.
April 1 1937 to 1941, incl., and $13,000
1951, incl.
400,000 new intermediate school, Eliot Square, Roxbury,
$20,000 annually, April 1 1937 to 1956, incl.
300,000
200,000
bonds.
Payable
Phillips Brooks District, Dorchester,
bonds.
Payable $20,000 annually, April 1 1937 to 1956, incl.
Chelsea St. and Eastern Ave. Bridge bonds.
Payable $15,000
annually, April 1 1937 to 1956, incl.
South Boston High School addition bonds.
Payable $10,000
400,000 new
intermediate
annually, April 1
school,
1937 to 1956, incl.
100,000 special class school, John Marshall District, Dorchester, bonds.
Payable $5,000 annually, April 1 1937 to 1956, incl.
50,000 English High School, alterations, new cafeteria, bonds.
Payable
$3,000 annually, April 1 1937 to 1946, incl., and $2,000 annually,
April 1 1947 to 1956, incl.
40,000 New Dorchester District public welfare building bonds.
Payable
$2,000 annually, April 1 1937 to 1956, incl.
40,000 New East Boston District public welfare building bonds.
Payable
$2,000 annually, April 1 1937 to 1956, incl.
York headed an account which was
the $675,000 issue, as 3s,
of the group were Bancamerica-Blair Corp., Phelps, Fenn & Co., J. & W. Seligman & Co., George
B. Gibbons & Co., Inc., Darby & Co., E. H. Rollins & Sons, Manufacturers
& Traders Trust Co., Bacon, Stevenson & Co., B. J. Van Ingen & Co., Inc.,
Adams, McEntee & Co., Inc., Schlater, Noyes & Gardner, Inc., G. M.-P.
Murphy & Co., Shields & Co., Morse Bros. & Co., Inc. and Lawrence
Halsey, Stuart & Co., Inc. of New
second high in the bidding, offering 100.08 for
and the $1,750,000, as 2Ms.
Other members
Marks & Co.
CHICOPEE, Mass.—NOTE SALE—The First National Bank of Boston
purchased an issue of $400,000 revenue anticipation notes at 0.93%
Due $100,000 Nov. 27 1936 and $150,000 on Dec. 8 and Dec.
recently
discount.
15 1936.
LOUISIANA
PARISH (P. O. Greensburg), La.—BOND OFFERING
bids will be received by R. E. Phillips, President of the Police
ST. HELENA
—Sealed
of a $12,000 issue of court
payable A. & O. Dated
Due from April 1 1939 to 1956, incl.
The approving opinion
Jury, until 11a.m. on March 24 for the purchase
house bonds.
Interest rate is not to exceed 6%,
April 1 1936.
COTUIT FIRE DISTRICT (P. O. Cotuit),
issue of $92,000 coupon water loan bonds
The
Mass.—BOND SALE—
offered on Feb. 21 was
2%s,
awarded to the Hyannis Trust Co. of Hyannis, on a bid of 101,593 for
a basis of about 2.65%.
Whiting, Weeks & Knowles of Boston, second
101.51 for 2%s.
Dated Feb. 15 1936. „ Due
Feb. 15 from 1939 to 1964, and $1,000, Feb. 15 1965.
high bidders, offered
yearly on
$3,500
Financial
1508
Chronicle
fostoria School district no. s, Mich.—bonds voted—
Residents of the district have voted in favor of a proposition to issue $15,000
DEDHAM, Mass.—TEMPORARY LOAN—The Norfolk County Trust
Co. of Dedham was awarded on Feb. 26 an issue of $75,000 notes at 0.162%
discount. Due Nov. 20 1936. Other bids were as follows:
Bidder—
Washburn & Co
New England Trust Co..---.-Merchants National Bank
Second National Bank
_—,—_'
-
school
Discount
0.17'
0.17
National Shawmut Bank
Jackson & Curtis..
0.31%
MANSFIELD, Mass.—TEMPORARY LOAN—'The New England Trust
Co. of Boston has purchased an issue of $150,000 notes at 0.23% discount.
Due $50,000 each on Oct. 16, Nov. 6 and Dec. 11 1936. The First National
Bank of Mansfield submitted the next best bid, naming a rate of 0.26%.
Other bids were
follows:
as
Bidder—
Merchants National Bank of Boston....
Second National Bank of Boston
HAMTRAMCK
Discount
0.297%
_
MERRIMAC, Mass.—TEMPORARY LOAN—The issue of $10,000 notes
on
Feb. 25 was sold at 0.47 % discount in amounts of $5,000 each
to the Merchants National Bank of Boston and
Nov.
Faxon, Gade & Co.
Due
12 1936.
NEWTON, Mass.—BOND SALE—The $110,000
street
improvement
coupon or registered
bonds offered on Feb. 27 were awarded to Tyler,
as 1 ^s, for a price of 100.712, a basis of about
Buttrick & Co. of Boston
1.36%.
Hornblower & Weeks of Boston, second high
bidders, offered
1 as follows: $14,000,
100.625 for l^a.
Dated Jan. 1 1936.
Due Jan.
1937 to 1942, and $13,000, 1943 and 1944.
Bidder—
First Boston Corp
Second National Bank
Discount
Merchants National Bank of Boston
New England Trust Co. of Boston
Leavitt & Co
0.26%
0.27%
-0.27%
0.28%
0.295%
0.246%
0.247%
_
Whiting, Weeks & Knowles
First National Bank of Boston
SALEM,
i
Mass.—NOTE
SALE—The $300,000 revenue anticipation
temporary loan notes offered on Feb. 26—V. 142, p. 1327—were awarded
to the First Boston Corp. of New York on a .20% discount basis, plus
20 cents premium.
The Naumkeag Trust Co. of Salem bid .29% discount.
Dated Feb. 27 1936, and payable Nov. 6 1936.
0.30%
0.34%
STOUGHTON, Mass.—TEMPORARY LOAN—Newton, Abbe & Co.
discount.
awarded on Feb. 25 an issue of $150,000 notes at 0.244%
Dated March 4 1936 and due Dec. 4 1936.
Other bids were
were
follows:
as
Bidder—
Merchants National Bank of Boston
Faxon, Gade & Co..
Norfolk County Trust Co
First National Bank of Boston
Discount
0.28%
0.28%
._
__
0.28%
0.295%
0.30%
Whiting, Weeks & Knowles..
TAUNTON, Mass.—LIST OF BIDS RECEIVED—The following is
a
list of the bids received on Feb. 18 for the $800,000 temporary loan awarded
to the First National Bank of Boston:
Name—
First National Bank
Discount
.39 K
'
Newton, Abbe & Co
.449
;
Merchants' National Bank-
.58
-
._
Faxon, Gade & Co
Whiting, Weeks & Knowles
WESTFIELD,
.58
.61
Mass.—NOTE
Detroit
as
2s, at par plus a premium of $3.
SALE—The
$200,000
revenue
antici¬
pation notes offered on Feb. 28 were awarded to the First Boston Corp.
at 0.24% discount.
Dated March 2 1936 and due Nov. 4 1936. Other bids
follows:
Bidder—
First National Bank of Boston.
Merchants National Bank of Boston
Year—
Tax rate—Levy
,
HIGHLAND PARK, Mich.—BOND SALE—On Feb. 24 the issue of
$206,000 water works supply refunding bonds offered on that date—V. 142,
1155—was awarded to Martin, Smith & Co., Inc., of Detroit and El¬
dredge & Co. of New York.
As awarded, $51,000 bonds maturing from
1937 to 1939 will bear 2>^% interest, and $155,000 coming due from 1940
to 1949 will bear 2H%.
The purchasers are paying a premium of $1.
Average annual interest cost to the city will be about 2.27%.
Dated
March 2 1936.
Due March 2 as follows: $17,000, 1937 to 1942; $15,000,
1943 to 1948, and $14,000, 1949.
p.
TOWNSHIP
Uncollected Jan. 1 1936
bid for
as
0.26%
-
1934
1935
$701,787
11,660.73
$700,676
206,665.56
—
.
&,ated Oct. 1 1935 and 4s, at par, on Oct. Public 1936 to Administration,
997—were sold as due serially to the 1 from Works 1964. inclusive.
ITHACA, EMERSON,
TOWNSHIPS
SCHOOL
on
DISTRICT, Mich.—BOND SALE—The
issue of $124,000 coupon, registerable as to principal, general obligation
bonds offered on Feb. 24—-V. 142, p. 1327—was awarded to Siler, Carpen¬
premium of $650, equal to 100.524,
basis of about 3.95%.
The Central National Bank of Battle Creek was
second high with a bid of par for 4s.
Dated Nov. 1 1935.
Due Nov. 1
as follows: $3,000.
1937; $4,000, 1938 to 1940; $5,000, 1941 and 1942;
a
BAY CITY, Mich.—BOND SALE—The City
$21,000 water works bonds to the Bay Cioy Bank.
1948 to 1952, and
Commission
nas
sold
DETROIT, Mich*—BONDS OFFERED FOR INVESTMENT—A bank¬
ing group composed of Blyth & Co., Inc., Eldredge & Co., Inc. and L. F.
Rothschild & Go. is offering $875,000 3% and 4% non-callable refunding
bonds.
The issue consists of $300,000 4% bonds, due Feb. 11946 to 1950,
priced to yield 3.50 to 3.60%; $375,000 3%"% bonds, due Feb. 1 1952 to
1955, priced to yield 3.60%, and $200,000 3m% bonds, due Feb. 1 1958
and 1960, priced at 101 and interest.
present Federal income taxes.
The bonds
are
exempt from all
i
.
DeWITT AND WATERTOWN TOWNSHIPS SCHOOL DISTRICT
NO. 6 (P. O. DeWitt), Mich.—BOND OFFERING—Sealed bids addressed
to Leon
Cutler, Secretary of the Board of Education, will be received until
8 p.m. on Feb. 27 for the purchase of $23,000 not to exceed 4% interest
Dated Nov. 1 1935 and due May 1 as follows: $500 from
1937 to 1942, incl.; $1,000 from 1943 to 1956, incl., and $1,500 from 1957
to 1960, incl.
Tins issue was originally announced for sale on Feb. 24.
school bonds.
EAST
a
LANSING
SCHOOL
DISTRICT,
Mich.—BONDS
DISTRICT
Mich.—BOND SALE— The $20,000 3%
Feb. 24—V. 142, p. 1327—-were sold at a price of
NO.
1
(P.
O.
school bonds offered
local investor.
Jan. 10 from 1937 to 1941 incl,
par to a
MUSKEGON,
Mich.—BOND. SALE— On Feb. 25 the two issues of
registerable as to principal, bonds offered on that date—V. 142,
1327—were disposed of as follows:
coupon,
p.
$358,000 water supply improvement revenue bonds to McDonald, Moore
& Hayes, Inc., of Detroit at 100.10, provided that $52,000 due
from 1937 to 1941 bear 3H% interest, $242,000 due from 1942
to 1957 bear 3%, and $64,000 due from 1958 to 1960 bear
a basis of about 3.05%.
Dated Nov. 1 1935.
Interest payable
May 1 and Nov. 1. Due yearly on Nov. 1 as follows: $10,000,
1937, 1938 and 1939; $11,000, 1940, 1941 and 1942; $12,000,
1943, 1944 and 1945; $13,000, 1946 and 1947; $14,000, 1948;
$15,000, 1949 and 1950; $16,000, 1951; $17,000, 1952 and 1953;
$18,000, 1954 and 1955; $19,000, 1956; $20,000, 1957; $21,000,
1958 and 1959, and $22,000, 1960.
384,000 sewage disposal system revenue bonds to C. W. McNear & Co.
of Chicago as 4s at a premium of $7,334, equal to 101.91, a
basis of about 3.83%,
Dated Nov. 15 1935.
Interest payable
May 15 and Nov. 15. Due yearly on Nov. 15 as follows: $10,000,
1937; $11,000, 1938, 1939 and 1940; $12,000, 1941 and 1942;
$13,000, 1943 and 1944; $14,000, 1945 and 1946; $15,000, 1947,
1948 and 1949; $16,000, 1950 and 1951; $17,000, 1952; $18,000.
1953; $19,000, 1954; $20,000. 1955; $21,000, 1956; $22,000, 1957
and 1958; $23,000, 1959, and $24,000, 1960.
Denom. $1,000. Principal and interest payable at the City Treasurer's
office or at the Hackley Union National Bank at Muskegon.
MINNESOTA
APPLETON, Minn.—BOND SALE—The two issues of bonds
aggre¬
gating $26,000, offered for sale on Feb. 21, were purchased by Kalman &
Co. of St. Paul as 3^s, paying a premium of $50, equal to 100.19. The
Issues are divided as follows: $7,500 funding and $18,500 sewer construction
and street improvement bonds.
8 the voters
Minn.—BONDS VOTED—At
approved
The vote
was
an
election held on
proposal to issue $20,000 sewage disposal
142 "for" to 44 "against."
a
1939 to 1948 incl.
FILLMORE COUNTY INDEPENDENT CONSOLIDATED SCHOOL
DISTRICT NO. 6 (P. O. Mabel), Minn.—PRICE PAID—We are informed
by the District Clerk that the $20,000 4% semi-ann. school bonds purchased
by the First National Bank of Mabel, as reported here recently—V. 142,
p. 1328—were sold for a premium of $1,206, equal to 106.03, a basis of
about 2.83%.
Due $2,000 from Feb. 15 1937 to 1946, incl.
MICHIGAN
At
NEWARK AND NORTH STAR
ARCADA,
FRACTIONAL
Ithaca),
FARIBAULT, Minn.—BONDS AUTHORIZED—The'City Council is
A. T. T. Tel. DET347
$6,000, 1943 to 1945; $7,000, 1946 and 1947; $8,000,
$9,000, 1953 to 1955.
26.75
said to have approved recently an issue of $122,000 sewage plant bonds,
to be used in connection with a Public Worts Administration project.
DETROIT
a
Par
87.50
3>a%
CYRUS, Minn.— BOND SALE DETAILS—It is stated by the Village
Gray, McFawn & Company
4% interest for
$15.00
3j|%
par and mature $500 from March 2
ter & Roose of Toledo at
Premium
3J£%
3H%
Recorder that the $5,000 4% semi-ann. sewer bonds purchased by the
State Bank of Cyrus, as reported recently—V. 142, p. 1328—were sold at
MICHIGAN MUNICIPALS
BATTLE CREEK SCHOOL
Dansville).
MESICK CONSOLIDATED SCHOOL DISTRICT (P. O. Mesick),
Mich.—BONDS SOLD TO PWA—The $31,000 coupon (registerable as to
principal) general obligation school bonds offered on Feb. 11—V. 142,
CLARKFIELD,
Telephone CHerry 6828
O.
Int. Rate
1
Wright, Martin & Co
Stranahan, Harris & Oo
Feb.
Buy for Our Own Account
(P.
follows:
Discount
0.26%
DISTRICT
Bidder—
S. Gibert Dona van
Farmers Bank, Mason
system bonds.
We
SCHOOL
Mich.—other BIDS—The issue of $25,000 refunding bonds awarded
recently as 2^s, at par to the First State Savings Bank of Mason, was also
were as
-
of Michigan Corp. of
Dated March 2 1936 and due
Aug. 31 1936.
Discount
Newton, Abbe & Co
of Boston
HAMTRAMCK, Mich.—note sale—The $275,000 tax anticipation
notes offered on Feb. 25 were awarded to the First
Dated Jan. 10 1936 and due $4,000 on
Other bids were as follows:
Bidder—
Merchants National Bank of Salem
April 1 1936.
Bonds
Interest will
should be presented for payment at the Bank of Hamtramck.
cease to accrue after April 1 1936.
INGHAM
NORTHAMPTON,
Mass.—NOTE
SALE—'The
$150,000
revenue
anticipation notes offered on Feb. 24—Y. 142, p. 1327—were awarded to
R. L. Day & Co. of Boston at 0.24%, interest-to-follow basis.
Dated
Feb. 25 1936 and due Nov 6 1936.
Other bids were as follows:
Mich.—CALLS $515,000 RE"
due April 1 1949 have been called for redemption on
MASSACHUSETTS (State of)—NOTE OFFERING—Charles F. Hur¬
ley, State Treasurer, will receive bids until noon March 2 for the purchase
on an interest basis of $900,000 temporary loan notes issued in anticipation
of receipts from Federal grants for emergency public works. Notes are dated
March 6 1936, and will be payable July 8 1936 in Boston or New York, at
option of purchaser. Interest will be payable at maturity on the basis of a
360-day year. Delivery in Boston.
offered
SCHOOL DISTRICT,
FUNDING BONDS—Fred Pabst, Treasurer of the Board of Education*
announces that all of the $515,000 refunding bonds dated April 1 1934 and
0.28%
——
lie), Mich.—bond offer¬
Township Clerk, will receive sealed bids until
8 p.m. on March 3 for the purchase of $115,000 not to exceed 5% interest
water supply system revenue bonds.
Dated March 15 1936.
Due March
15 as follows: $2,000, 1941 to 1943, incl.; $3,000, 1944 to 1946, incl., and
$5,000 from 1947 to 1966, Incl.
Principal and interest (M. & S. 15) payable
at the Wyandotte Savings Bank.
The bonds are not a general obligation
of the district, but are payable out of and constitute a first lien, after operat¬
ing expenses, on the net revenues of the township water supply system.
A
certified check for $2,000 must accompany each proposal.
The approving
opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished
by the township.
0.196%
—
building bonds.
GROSSEILE TOWNSHIP (P. O. Gross©
ing—Elizabeth Johnson,
0.18'
0.18%
--
1936
29
Feb.
VOTED—
recent election the residents of the district voted 81 to 3 in favor of the
GAYLORD INDEPENDENT SCHOOL DISTRICT NO. 19, Minn.—
BONDS VOTED—-On Feb. 5 the voters, by 320 to 102, approved a proposal
to issue
$18,500 school building bonds.
GOOD
THUNDER, Minn.—BOND OFFERING—It. L. Myers, Village
Clerk, will receive bids until March 2 for the purchase of $4,000 4% coupon
property purchase bonds.
Denom. $500.
Dated Jan. 1 1936.
Interest
payable Jan. 1 and July 1. Due $500 each six months from July 1 1936 to
Jan. 1 1940, incl.
HUTCHINSON, Minn.—BOND OFFERING—Paul J. Anderson, City
Clerk, will receive bids until 10
a.
m.
March 18 for the purchase at not
less than par of the following two series of electric light and power bonds,
which are to bear interest at rate named in the successful bid, out not more
than 4^%:
$200,000 series A bonds. Due yearly on April 1 as follows: $10,000,1939 to
1943; $15,000, 1944 and 1945; $20,000, 1946 to 1951: bonds
maturing after April 1 1946 to be subject to redemption in inverse
order of serial numbers at par and accrued interest, on and after
April 1 1946.
50,000 series B bonds. Due $5,000 yearly on April 1 from 1942 to 1951;
subject to call in inverse order of serial numbers on and after
Oct. 1 1936 at par and interest.
Denom. $1,000. Dated April 1 1936. Principal and semi-annual interest
(April 1 and Oct. 1) payable at any suitable bank or trust company de¬
signated by the purchaser. Certified check for 2% of amount of bonds bid
for, payable to the City Treasurer, required.
City will furnish executed
bonds and the approving opinion of Junell, Driscoll, Fletcher, Dorsey &
Barker, of Minneapolis.
MINNESOTA,
State
of—CERTIFICATE
OFFERING—Sealed
bids
County, Mich.
will be received until 11 a. m. on March 2, by William H, Lamson, Execu¬
tive Secretary, for the purchase of a $4,468,000 issue of public relief certifi¬
cates of indebtedness.
Interest rate is not to exceed 2%, payable F. & A.
bonds offered on Feb. 17—V.
142, p. 1155—was sold at par to the National Metals Bank of Ironwood,
the only bidder. Due $6,000 on March 1 from 1937 to 1941 incl.
Denom. $1,000.
Dated March 15 1936.
Due as follows:
$300,000,
Aug. 1 1938; $350,000, Feb. and $300,000, Aug. 1 1939; $350,000, Feb. and
$1,500,000, Aug. 1 1940. and $1,668,000 on Feb. 1 1941. Bids to be for
issuance of $75,000 school building bonds.
ERWIN TOWNSHIP SCHOOL DISTRICT, Gogebic
—BOND SALE—The issue of $30,000 5%
Financial
Volume 142
the $4,468,000 certificates.
value, at the lowest interest
rate expressed in multiples of one-twentieth of 1 %.
Bids must provide for
one rate of interest.
Payable in lawful money in St. Paul or New York
City.
They will be issued in coupon form, and will not be subject to regis¬
tration.
The sale of the certificates will be made subject to the approval or
Caldwell & Raymond, of New York, and Arthur E. Nelson, of St. Paul,
whose opinions will be delivered to the purchaser.
The successful bidder
is to pay for such legal opinions.
These certificates are issued and sold in
accordance with Special Session Laws, 1935-6, Chapter 101.
A certified
the purchase of the whole, but not a part of
The certificates will be sold at not less than par
check for $50,000, must accompany
the bid.
INVESTMENT— Salomon Bros. &
Hutzler, of New York, offered on Feb. 24 the $845,000 1.70% rural credit
certificates of indebtedness purchased by them on Feb. 21, as reported
here—V. 142, p. 1328.
The public re-offering price on the certificates gives
a yield of 1.60%.
They are said to be general obligations of the State,
CERTIFICATES
FOR
OFFERED
payable from unlimited ad valorem- taxes.
MINNEAPOLIS, Minn.—BOND
OFFERING—It is stated by Chas C.
a. m. on March 20
Swanson, City Clerk, that he will receive bids until 10:30
of two issues of bonds aggregating
$1,170,000, divided
for the purchase
as follows:
follows:
incl.
$1,000,000 sewage disposal system bonds.
Due on April 1 as
$35,000, 1939 to 1946, and $36,000, 1947 to 1966,.all
These bonds are issued pursuant to Chapter 341, Session Laws
of Minnesota, 1933, for the use of the Board of Trustees of the
Minneapolis-St. Paul Sanitary District.
170,000 public market bonds.
Due $10,000 from April 1
to
incl.
These bonds are issued pursuant to Chapter 402, Session
1937
1953
exceed 5%, payable A. & O. Denom.
Dated April 1 1936. Prin. and int. payable at the fiscal agency of
in New York, or at the City of Minneapolis Treasury.
$1,000.
the city
Laws of 1919.
rate is
Interest
100.27,
basis of about 2.45%.
a
O.
Redwood Falls), Minn.—BONDS
Commissioners are said to have approved
(P.
AUTHORIZED—The County
recently the issuance of $85,000
in poor relief bonds.
Other bids
follows:
were as
SALE—The $500,000 tax anticipation
26 were awarded to E. H. Rollins &
basis. Faxon, Gade & Co. of Boston,
discount. Notes are dated Feb. 27 1936 and
MANCHESTER, N. H.—NOTE
temporary loan notes offered on Feb.
Sons of New York on a .44% discount
were
second with
bid of .46%
a
will be payable Dec. 9
1936.
H.—TEMPORARY LOAN— The $200,000 temporary
loan notes offered on Feb. 25—V. 142, p. 1328—were awarded to the
First Boston Corp. of New York on a 0.26% discount basis.
The First
National Bank of Boston, second high bidder, offered to take the notes
on
a
0.285% discount basis.
Notes are dated Feb. 26 1936 and will
mature $100,000 on each of the dates Dec. 15 and Dec. 29 1936.
NASHUA,
N.
of)—BOND SALE—The $2,130,000 bonds,
offered for sale on Feb. 28—V. 142, p. 1329—
headed by Lazard Freres & Co. of New York,
and including Kidder, Peabody & Co.; J. & W. Seligman & Co.; Graham,
Parsons & Co., all of New York, and Preston, Moss & Co. of Boston for
a premium of $8,924.70, equal to 100.419, a basis of about 1.76%:
$1,000,000 \ %%
permanent
highway bonds.
Denom. $1,000. Due
March 1 as follows:
$50,000 from 1941 to 1944 incl., and
$400,000 in 1945 and 1946.
600,000 1M% revenue deficiency bonds.
Denom. $1,000. Due $100,000 on March 1 from 1937 to 1942 incl.
530,000 2% Hampton Harbor toll bridge bonds.
Denom. $1,000.
Due March 1 as follows:
$25,000, 1937 to 1951 incl.; $50,000
in 1952 and 1953, and $55,000 in 1954.
Dated March 1 1936:
Ballou, Adams & Whittemore of Boston and
Lehman Brothers of New York were next high, each offering a premium of
NEW HAMPSHIRE (State
described below, which were
were awarded to a syndicate
$8,520.
,
Schedule
Gross Funded
Fixed Bond
held
high
order
majority being necessary
to
vote
on
the proposed issuance
bonds, to be used on a Public
for approval.
O. Kirkwood), Mo.—BOND
will be held on March 10. in
of $253,000 in school
Works Administration
building
project.
MISSOURI, State of—BOND OFFERING—We are informed by Forrest
Smith, State Auditor, that the State Fund Commission will offer for sale
on April 7 an issue of $2,000,000 building bonds.
Dated April or May 1936.
Due probably $1,000,000 in 1942 and 1943.
Interest rate to be stated
by the bidder in multiples of X of 1 %.
Bids will be received for the total
issue or any part thereof.
The State is said to be reserving the right to
purchase not exceeding $50,000 for investment accounts.
MONTANA
Mont.—BOND AND
BOZEMAN,
WARRANT CALL—Walter Davis,
March 1, on which date interest shall
various special sidewalk, curb warrants, and special improvement
district bonds are being called for payment.
It is also reported that various special walk and curb warrants called
Director of Finance, states that on
cease,
for payment as
of Jan. 1 have not been
presented for payment.
BUTTE, Mont.—BOND OFFERING CONTEMPLATED—'This city is
said to be planning to offer in the near future an issue of refunding bonds, the
proceeds of which would be used to redeem a portion of the present in¬
debtedness.
Further details of the offering have not yet been decided,
according to report.
CASCADE
COUNTY
SCHOOL
DISTRICT NO. 82
(P. O. Great
Falls) Mont.—BONDS NOT SOLD—It is reported by the District Clerk
the sale of the $11,500 not to exceed 4% semi-ann. school bonds,
scheduled for Feb. 2—V. 141, p. 4049—is being held up, pending the
approval of a grant by the Public Works Administration on the project.
that
PONDERA COUNTY
(P. O. Conrad),
Mont.—BOND OFFERING—
bids
A. L. ltachac. Clerk of Board of County Commissioners, will receive
until 10 a. m. March 13 for the purchase of $100,000 refunding highway
bonds.
Interest not to exceed 5%. Dated April 1 1396.
Interest payable
April 1 and Oct. 1.
Certified check for $10,000, payable to the clerk,
roQuircd
Amortization bonds will be the first choice and serial bonds will be the
*
second choice of the Board.
If amortization bonds are sold
and issued, the entire issue may be put
into one single bond or divided into several bonds as the said Board may
determine upon at the time of sale, both principal and interest to be pay¬
able in semi-annual instalments during a period of 10 years from the date of
issue.
sold in the amount of $5,000 each,
$10,000 of the serial bonds will become payable on April 1 1937, and a like
amount on the same day each year thereafter until all are paid.
Bonds will be redeemable in full at the option of the county five years
from the date of issue and on any date thereafter before maturity.
The bonds will be sold for not less
than their par value with accrued
If serial
$2,963,456.65
$2,414,543.35
324,685.38
8,565.87
239,800.00
105,308.87
54,590.58
5,375,316.62
Trunk line completion
Special highway
Dover Point Toll Bridge...
bonds will be issued and
201,434.13
1,560,200.00
844,691.13
*54,590.58
,
.$13,138,000.00
note debt
Mo.—BONDS DEFEATED—
issue $45,000 courthouse bonds was defeated at an election
A favorable vote of 1,841 to 1,054 was not sufficient to
Net Funded
Fixed Bond
and Note
Indebtedness
Balances
Debt
Gross total fixed bond and
(P. O. Maysville),
the issue, a two-third
,
5,700,000.00
210,000.00
1,800,000.00
950,000.00
Hampton Harbor Toll Bridge
MISSOURI
KIRKWOOD SCHOOL DISTRICT (P.
ELECTION—-It is reported that an election
Sinking
Fund
$4,478,000.00
General
Highway
VICK5BURG, Miss.—BOND ELECTI ON—A t an election to be
March 3 the voters will pass on the question of issuing $45,000
school improvement bonds.
carry
Indebtedness and Sinking Funds,
and Note
on
proposal to
...
...
,
of Funded Bond and Note
Sinking Funds—
held recently.
2%%
-----
Feb. 4 a
bonds was
MISSISSIPPI
A
100.024
100.78
2H%
Rollins & Sons
E. H.
Rate Bid
Int. Rate
Bidder—•
Hornblower & Weeks
Jan. 31 1936
TYLER, Minn.—BONDS VOTED—At an election held on
proposition to issue $35,000 municipal power plant improvement
approved by a vote of 138 to 13.
DeKALB COUNTY
Dated March 1 1936 and due $2,000 on
March 1 from 1937 to 1947 incl.
'
not to
COUNTY
REDWOOD
1509
Chronicle
$2,796,405.35
Less total sinking funds
Net funded fixed bond and
note indebtedness
$10,341,594.65
,
Temporary Loans—
Revenue deficiency
State Board of Welfare and Relief
$600,000.00
*
1,800,000.00
450,000.00
Hampton Harbor Toll Bridge
Total temporary loans
♦Credit balance.
$2,850,000.00
-
•
Valuation of the State
April 1 1935
Savings bank deposits April 1 1935--.Insurance capital April 1 1935
Valuation
of public service corporations
assessed
State Tax Commission 1935
-I
Assessors' valuation
i
Total valuation
—
•
-
$558,986,024.00
213,673,574.00
6,161,770.00
by
38,658,438.00
$817,479,806.00
—
$2,977,500 Jan. 31 1936 created
by Chapter 63, Laws of 1933, as amended by Chapter 39, Laws of 1935.
City and town notes have been sold with the State's guarantee as to the
payment of principal of and interest on at maturity.
CORRECTION IN SINKING FUND STATISTICS— Charles T. Patten,
State Treasurer, announces as follows:
Owing to an error in printing of
the circular advertising the sale of $2,130,000 issue of bonds on Feb. 28
Note—There is
a
contingent liability of
fund
1936, I wish to make a correction on page 6,regarding general sinking
It should read $2,063,456.65 instead of $2,963,456.65, and High¬
balance.
way
sinking fund balance should read
The_total sinking funds balance of
$324,683.38 instead of $324,685.38.
$2,796,405.35_is correct.
N.H.—-NOTE SALE—The issue of $18,000~coupbn
construction notes offered on.Feb. 21 was awarded to Arthur Perry & Co.
of Boston as Is, at a price of 100.213, a basis of about 0.90%.
Dated
March 1 1936 and due $6,000 on March 1 from 1937 to 1939 incl.
Other
^PORfsMOUTH;
bids
were as
follows:
Roy T. H.
Rate Bid
Int. Rate
Bidder—»
1%
Corporation.
Webster, Kennedy & Co
Tyler, Buttrick & Co
,
Faxon, Gade & Co.
Ballou, Adams & Whittemore
Newton, Abbe & Co
E. H. Rollins & Sons..
Merchants National Bank
First National Bank of Boston bid par for 1937
100.07
1 X%
1X%
IX %
1 X%
Barnes & Co
100.19
100.165
100.131
100.09
100.061
100.05
100.279
1%
IX %
First Boston
IX %
IX %
maturity as
100.05
Is; 1938 as
1X& and 1939 as 2s.
Statement of Leal Borrowing Capacity as of Jan.
(Not including this issue of $18,000)
debt limit 3% last assessed valuation
1935 assessed valuation $19,080,440 @ 3%
31 1936
Legal
$572,413.20
$599,500.00
Total fimded debt
interest to date of delivery.
NEBRASKA
BUFFALO COUNTY SCHOOL DISTRICT NO. 2 (P.
Neb.—BONDS SOLD—L. Wyman, School Director, reports
3% semi-ann. school bonds
sold at par to the State.
approved by the voters on Sept. 13, have been
BURT COUNTY SCHOOL
BOND SALE—The $42,000 3
the
voters
O. Kearny)
that $25,000
DISTRICT NO. 1 (P. O. Decatur), Neb.
%% semi-annual school
early in January—V. 142, p.
Neb.—BOND
have been
SALE'DETAILS—It is stated by the
system bonds sold recently—V. 142,
4s, at par, by the Sioux National Bank of
SIDNEY, Neb.—BOND SALE—A $35,000 issue of refunding bonds
reported to have been purchased by the Kirkpatrick-Pettis-Loomis Co.
Omaha, as 3j^s. Due in 1956, optional in 1941.
is
of
SIOUX COUNTY SCHOOL DISTRICT NO. 7 (P. O. Harrison),
Neb.-—BOND SALE—A $16,000 issue of 4% grade school erection bonds
is said to have been purchased at par by the Sioux National Bank of Harrison
NEVADA
CARSON CITY, Nev.—BONDS VOTED—Taxpayers of the city on
Feb. 15 approved a proposal to issue $61,000 bonds for erection of a new
school building and gymnasium.
NEW
HAMPSHIRE
(P. O. Berlin), N. H.—BOND SALE—The $22,000
coupon county farm bonds offered on Feb. 25—V. 142, p. 1320—were
awarded to Ballou, Adams & Whittemore of Boston as 2Xs, at a price of
$245,000.00
Balance of funded debt
Legal borrowing capacity Jan.
311936
—
245,000 00
$327,413.20
NEW
JERSEY
BELLEVILLE,
N. J—BONDS OFFERED FOR INVESTMENT—
Public offering of $169,000 3X% general refunding and serial funding bonds
is being made jointly by J. S. Rippel & Co. of Newark and Lehman Bros, of
New York.
Dated June 1 1935.
Denom. $1,000. Due June 1 as follows:
$60,000, 1938; $38,000, 1939; $36,000 in 1940 and $35,000 in 1941. Prin¬
cipal and interest (J. & D.) payable at the First National Bank, Belleville
or at the Peoples National Bank & Trust Co., Belleville.
Legality approved
by Reed, Hoyt & Washburn of New York City.
EAST PATERSON,
ceived by the Borough
COOS COUNTY
10,000.00
$354,500.00
Total outside debt limit
Due
Village Clerk that the $5,000 water
6 arrison.
1156—were purchased as
$39,500.00
275,000.00
30,000.00
bonds approved by
334—are reported to
purchased by the United States Bank, of Omaha.
Denom. $1,000.
as follows: $2,000, 1937 to 1954, and $3,000 in 1955 and 1956.
HARRISON,
Legal deductions—
Bridge approach 5s Aug. 11921 (N.H.laws 1919)
Jr. High School 4Kb Oct. 1 1930 (N.H. laws '27)
Refunding 4Mb June 1 1933 (N. H. laws 1933)
Water bonds 4Mb June 1 1925 (N.H. laws 1926)-
N. J.—BOND OFFERING—Sealed bids will be re¬
Clerk until March 13 for the purchase of $350,000
bonds. Due serially on Dec. 15
exceed 4H% interest refunding
from 1936 to 1955 incl.
not
to
JERSEY CITY,
N. J.—FACES INCREASE IN TAX
RATE—Arthur
of Revenue and Finance, has
$27,775,000, as against $26,408,000 for 1935.
The increase, it is said, may make necessary an advance in
the tax: rate of $2 per $1,000 of assessed valuation.
The action of the
Hudson County Tax Board in granting reductions of $10,000,000 on
ratables on appeals from 1934 thx levies, together with partial restoration
of pay cuts for city and county employees were cited by Mr. Potterton as
Director of the Department
announced that the 1936 budget will total
Potterton,
reasons
for the increase
in budgetary expenses.
1510
Financial
Chronicle
Feb.
These are serial bonds payable in annual
Gross debt.
1199335424
29
sums.
110,912.32
Deductions allowable under Chap. 77, P. L. 1935:
Tax revenue notes.
H. L. Aller & Company
New
Telephorieliipor 2-7333
^
$88,500.00
Net debt as of Dec. 311935
Net debt incl. proposed issue
N. Y. 1-528
A. T. & T.
100 Broadway
Sold
Quoted
-
($184,000)
123 S. Broad
St., New York
HAnorer 2-1720
1934 and 1935 of
General Tax Collections
Tax
St., Phila.
Kingsley 1030
A. T. & T.: NY 1-735
Total Tax
Rate
Levy
$96,633.60
79,815.12
80,893.00
88,587.36
4.32
Trans, to
Deliniuent
Tax Title
Collections
Dec. 31 1935
$90,295.07
68,336.42
58,300.80
37,973.40
$5,236.86
4,395.49
6,202.57
7,277.23
$1,101.67
7,083.21
16,389.63
43,336.73
$345,929.08 $254,905.69
$23,112.15
$67,911.24
3.60
3.39
1935—
LOBDELL & CO.
48 Wall
88.500.00
$22,412.32
$206,412.32
.
$2,205,579 the percentage of debt is 9-35/100%.
NEW JERSEY MUNICIPALS
-
—
On the basis of average valuations for the
years 1933,
New York
Year-
Bought
$50,500.00
38,000.00
District school debt
Bonds
Jersey
3.83
Assessed Valuation
of Real Property
$2,095,983
—
2,290,540
2,230,213
-
Average of assessed valuations
municipal bonds
New
Population: 1930 U. S.
Jersey and General Market Issues
WILLIAM STREET, N.
A. T.
Y.
PERTH AMBOY, N. J.—BONDS AUTHORIZED—'The Board of Com¬
OfferingB— Wanted
Telephone: John 4-8364
& T.: N. Y. 1-730
$2,205,579
1,918; present (estimated), 2,273.
census,
missioners of the City of Perth Amboy on Feb. 5 gave final approval to
an ordinance
authorizing the issuance of $588,000 tax refunding bonds.
B. J. Van Ingen & Co. Inc.
87
1936
New York State Municipals
Newark Tel.: Market 3-3124
County—City—Town—School Dittrict
193254
new
jersey
municipals
Gordon Graves & Co.
MEMBERS NEW
Colycr, Robinson $ Company
1
1180 Raymond Blvd., Newark
New York Wire:
NEW
NEW
N.
Y.—TAX PAYMENTS AT ALL-TIME HIGH—The
city's tax collections during the 1% discount period between Jan. 1 and
Feb. 8 reached an all-time record high of more than $4,000,000.
This was
announced Feb. 17 by City Treasurer Frank J. O'Brien when the final
tabulation of receipts during the discount period was completed by Thomas
JERSEY
J.—FINANCIAL STATEMENT—In
connection
H.
on March 5 of $395,000 bonds, fully described in—V. 142,
1329—we give the following:
FINANCIAL
as
EXHIBIT
There remains to be collected only 36% of the budget of $6,433,804.92
during the rest of the year.
Thus far in 1936, 64.05% of the budget levy
for city operation has passed through the treasury wickets compared with
51.90 a year ago the same date.
Similarly, the city's tax collectors have taken in more than one-half
the total levy for city, county and State purposes.
Of the total levy of
$8,093,320.63, 50.91% has been collected.
A year ago the same date only
42.03% of the tax levy for all purposes had been collected.
City Treasurer O'Brien expressed confidence that even a better record
would be established by the end of this month when the discount offer is
withdrawn.
Until Feb. 29 taxpayers may meet their obligations to the
city and take advantage of a discount of H of 1%.
During March there
will be no discount and effective April 1 a penalty of % of 1% is added.
$9,126,620.00
$135,000.00
197,000.00
332,000.00
1
Bonded debt as of March 16 1936, excl. of water bonds.
Water bonds as of March 16 1936:
Issued by town
•_
$9,458,620.00
$2,518,000.00
500,000.00
.
Assumed by town.
Water bonds of 1936
63,000.00
—
Total bonded debt
3,081,000.00
of March 16 1936
Sinking fund other than for water bonds
as
.$12,539,620.00
.$1,097,930.14
Sinking fund for water bonds
217,083.36
$1,315,013.50
The amount of assessment bonds included in above
376,000.00
Floating debt as of Feb. 21 1936:
—
—
Tax revenue notes.
notes
Tax title note
relief notes,
poor
plus
included
issue.
bond issue.
Total real and second class railroads
Interest—Funded debt
Certificates of indebtedness
-
v
Taxes Outstanding
Dec. 31 of
Respective Years
$1,039,502.47
1,151,788.50
31,490.84
69,551.33
309,531.70
681,070.84
94,511.67
NEW
PROVIDENCE, N. J .—BOND SALE—The $184,000 coupon or
sewer bonds offered on Feb. 26—V. 142, p. 1329—were awarded
to C. A. Preim & Co. and O. P.
Dunning & Co., both of Newark; Supplee,
Yeatman & Co., Inc., of Philadelphia, and B. J. Van
registered
Ingen &
Due March 1
as
follows:
Co. of
$5,000,
$50,500.00
These notes
are payable from the
receipts of delinquent taxes,
liens, &c.
As of Dec. 31 1935 the assets supporting these notes
Total
BATAVIA,
.$237,600,538
N. Y.—TO ISSUE BONDS—'The city plans to issue
The sale of the issue on Feb. 19 to the Harris
Trust & Savings Bank of New York as 2s, at a price of 100.117, was not
consummated.
BATH, N. Y.—BOND SALE—The $55,000 coupon or registered memo¬
hospital bonds offered on Feb. 28—V. 142, p. 1330—were awarded
rial
to E.
H. Rollins & Sons of New York
about 2.97%.
to
Dated Nov. 1 1935.
1940; and $2,000, 1941 to 1965.
300 per annum
subsequent budgets,
1936-39, inc
Emergency relief notes
To be provided for in
1936-38 inc.
7,293.32
$5,200.00
900.00
per annum
Assessment notes, property benefited
School district bonds
$3,820,300
2,292,180
247,200
120,000
127,200
Uncollected at Feb. 7 1936
Per cent collected
1934-35
1935-36
$42,362.50
1,219.82
97.13%
$42,887.50
1,516.01
96.48%
$42,872.90
2,673.54
93.76%
BINGHAMTON, N. Y.—BOND OFFERING—Everette E. Allen, City
.
Payable from receipts of improve, assessments.
outstanding Dec. 31 1935.
1936
noon
March
11
for
the
purchase of
the following bonds;
$1,-
subsequent budgets, $300
follows; $1,000,
Actual valuation (according to State Tax Commission)
Comptroller, will receive bids until
in
as
1933-34
7 298 32
2,098.32
be raised
bid of 100.45 for 3s, a basis of
Total debt (including this issue)
Water debt (deductible)
Levy
$27,695.37
ligations above
a
Tax Levies and Collections
Capital improvement notes
Total of notes
on
Due Nov. 1
Fiancial Statement
79,283.42
Provided for in 1935 budget and incl. in current ob¬
soon
$60,000 home relief bonds.
$106,978.79
Excess assets
$225,047,728
12,552,810
Rensselaer
Legal net debt.
(Net debt approximately 5.54% of assessed valuation.)
tax
are
$7,623,000
Assessed valuation
Recapitulation of Indebtedness
Tax revenue notes
Current obligations
158,000
Bonds outstanding June 30 1935
$17,642.15
$1,203,798.43
Population (1930 census), 42.017.
as 5s.
Dated March 1 1936.
1937 to 1949, and $7,000, 1950 to 1966.
$7,781,000
—
Assessed valuations—real estate: Albany
1,105,045.63
925,345.27
835,490.35
New York
$640,888.97
Bonds matured and retired to June 30 1935
Outstanding
Feb. 21 1936
Tax title liens
Total..-.
Tax rate per $1,000 (1935), $30.90.
$196,418.87 $213,140.22
314,370.00
340,561.25
13,654.16
4,187.50
50,000.00
83,000.00
$574,443.03
Total amount of bonds issued
$106,458,284.00
-
Taxes
$3,967,447.09
3,762,276.26
3,458,626.13
3,296,232.28
3,289,560.98
Totals
$98,776,484.00
7,681,800.00
Total assessed valuations
to
case
Albany Port District bonded indebtedness:
Personal
Total Levy
$640,888.97
$574,443.03
Operating expenses (includes expenses of rate
presented in September 1935)
$98,450,400.00
326,084.00
Year—
N. Y.—FINANCIAL
1934
1935
___$341,972.48 $349,324.83
232,470.55
291,564.14
Bond retirement
Assessed valuations:
Real (1935 ratables)
Second class railroads
Bal.
O. Albany),
Totals
-
above
$6,526 poor relief notes to be paid from 1936 budget.
$162,000 bond anticipation notes included in above improvement
.
(P.
Operating revenue
Budget requirement (municipalities)
$1,225,488.02
funding
in
DISTRICT
Financial Statistics (Fiscal Year Ending June 30)
30,000.00
141,307.00
162,000.00
costs
PORT
STATISTICS—Thomas Fitzgerald, Treasurer or the District Commission,
has issued the following report:
431.02
Temporary improvement notes (school)
(1) Poor relief notes
(2) Bond anticipation notes
1
$134,781
ALBANY
—
$890,000.00
1,750.00
Emergency
bo&
Fleming, Cashier.
The exact figure, $4,120,961.12 not only exceeded collections during a
similar period in past years, but was ahead by $13,000 the amount taken in
at the City Treasurer's office by March 31 1935.
Last year was con¬
sidered one of the city's best collection years.
of March 16 1936, exclusive of water bonds
and bonds to be issued March 16 1936
Funding bonds of 1936
Improvement bonds of 1936—n
YORK
N.
ALBANY,
Bonded debt
^
Whitehall 4-5770
MArket 3-1718
A. T. & T. Teletype
NWRK 24
REctor 2-2055
Wlt,h«&e offe"ng
.
YORK STOCK EXCHANGE
ST., N. Y.
INCORPORATED
MONTCLAIR,
p.
WALL
14,214.00
$14,350.48
'
'
38.000.00
$140,000 street improvement bonds.
Due yearly on March
$10,000, 1937 and 1938, and $15,000, 1939 to 1946.
525,000 North Senior High School bonds.
Due yearly on
follows:
$25,000, 1937 to 1951, and $30,000, 1952
400,000 Ferry Street Bridge bonds.
Due $20,000 yearly
1
as
follows:
March
1
as
to 1956.
on
March
1
from 1937 to 1956.
190,000 relief bonds of 1936, series A.
Due yearly on March 1
$20,000, 1937 to 1944, and $15,000, 1945 and 1946.
as
follows:
Financial
Volume 142
$1,000.
Dated March 1 1936.
Principal and semi-annual
(March 1 and Sept. 1) payable at the City Treasurer's office.
Bidders are to name rate of interest, in a multiple of Y % or 1-10%.
Certi¬
fied check for 2% required.
Approving opinion of Hawkins, Delafield &
Longfellow of New York will be furnished by the city.
interest
Financial Statement
Assessed valuation,
Bonded debt
,$104,721,707
6,903,605
76,701
j
Population
Tax Collections
1933
1934
$3,646,141
318,357
\
;
Fiscal Year—
Levy,.
$3,880,837
342,489
8,633
Uncoil, end of fiscal year
Uncollected Feb. 241936
6,306
''
1936
1935
HEMPSTEAD
CARMEL & PUTNAM VALLEY CENTRAL SCHOOL DISTRICT
NO.
1
(P. O. Mahopac), N. Y.—BOND SALE—'The $196,000 4%
coupon school bonds offered on Feb. 28—V. 142, p. 1330—were awarded
to Geo. B. Gibbons & Co. of New York on a bid of 106.94, a basis of about
3.40%. Dated Nov. 1 1934.
Due Nov. 1 as follows: $6,000, 1945, and
$19,000, 1946 to 1955.
UNION
DISTRICT NO.
SCHOOL
FREE
HIGHLAND
FALLS,
N.
Y.—BOND
AND
GREENE
SCHOOL
DISTRICT NO.
1
(P. O.
Harpursville), N. Y.—BOND OFFERING—Josephine D. Wood, District
Clerk, will receive bids until 2 p.m. March 6 for the purchase at not less
than par of $7,000 4% coupon, fully registerable, school building bonds.
Denom. $1,000.
Dated Oct. 1 1934.
Principal and semi-annual interest
(April 1 and Oct. 1) payable at the New York Trust Co., in New York.
Due $2,000 Oct. 1 1963 and $5,000 Oct. 1 1964.
Certified check for $200,
payable to G. F. Lull, District Treasurer, required.
Approving opinion of
Clay, Dillon & Vandewater, of New York, will be furnished to the pur¬
chaser.
CENTRAL
assessed
valuation
Statistics
of the real
property of the district subject to
preceding assessment roll (for the year 1935)
$1,498,363.66, and the total bonded debt of said district including this
taxation according to the last
is
issue of $7,000 is $137,266.
No deductions.
The full valuation of the real property is
$1,498,363.66.
The total debt as stated does not include the debt of any taxing district
having power to levy taxes upon any or all of the property subject to the
taxing power of the district.
The population is approximately 2,000.
This district
operates
under, and said bonds are issued pursuant to, the
education law.
Tax Data
1932-33
Taxes levied
Uncollected
1933-34
offered on Feb. 25—V. 142, p. 1330—were awarded to
Stuart & Co. of New York on a bid of 100.195 for 3.10s, a basis
$12,130.21
1,304.73
As reported by the Board of Education and paid by the County
urers to the Treasurer of the school district:
1935-36, $15,914.30.
Treas¬
Fiscal
year ends June 30 1936.
HORNELLSVILLE,
BURNS
CENTRAL
Y.—BOND
N.
NO. 1 (P. O. Arkport),
be received by Oliver D.
DISTRICT
will
bids
Standard Time) on March 6
for the purchase of $120,000 not to exceed 5% interest coupon or registered
school'bonds.
The bonds will be dated March 1 1936.
Denom. $1,000.
Due March 1 as follows: $3,000, 1939 to 1941 incl.; $4,000, 1942 to 1946
incl.; $5,000, 1947 to 1951 incl.; $6,000, 1952 to 1956 incl.; $7,000 from
1957 to 1960 incl. and $8;000 in 1961.
Principal and interest (M. & S.)
payable at the Manufacturers & Traders Trust Co., Buffalo.
Bidder to
name one rate of interest on the issue, expressed in a multiple of Y or 1-10
of 1%.
A certified check for $2,400, payable to the order of Murray D.
Gates, District Treasurer, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
HUDSON, N. Y.—BOND OFFERING—Paul J. Delaney, City Clerk,
of $75,000
4% coupon bonds, divided as follows:
$60,000 emergency relief bonds.
Due Feb. 1 as follows: $8,000 from
1938 to 1944, incl., and $4,000 in 1945.
15,000 general city bonds.
Due Feb. 1 as follows: $2,00Q from 1938
will receive sealed bids until 2 p.m. on March 9 for the purchase
not to exceed
to
1944, incl., and $1,000 in 1945.
Each issue is dated Feb. 1 1936.
Denom. $1,000.
Bidder to name one
expressed in a multiple of Y or l-10th of 1%.
Principal
& A.) payable at the First National Bank & Trust Co.,
Hudson.
A certified check for $1,500, payable to the order of the city,
is
Legality to be approved by Clay, Dillon & Vandewater of
required.
New York.
rate of interest,
and interest (F.
Financial Statement
!
Assessed valuation.
Name—
a
Price Bid
Int. Rate
Farmers National Bank, Deposit, N. Y
E. H. Rollins & Sons, N. Y. City, N. Y.
Geo. D. B. Bonbright & Co., N. Y. City, N. Y
J. & W. Seligman & Co., N. Y. City, N. Y__
Geo. B. Gibbons & Co., Inc., N. Y. City, N. Y
Goldman, Sachs & Co., N. Y. City, N. Y
$24,064.80
3.00%
3.00%
3.00%
3.10%
' 3.40%
24,062.40
24,050.00
24,036.00
24,050.80
24,040.80
3.75%
N. Y.—BOND OFFERING—Ralph D. Klebes, City Chamber¬
lain, will receive sealed bids until 10 a.m. on March 4 for the purchase
of $513,000 not to exceed 5% interest coupon or registered sewer system
construction bonds.
Dated March 1 1936.
Denom. $1,000.
Due March
1 as follows: $30,000, 1939 and 1940; $25,000, 1941 to 1957 incl. and
$28,000 in 1958.
Rate of interest to be expressed in a multiple of Y or
l-10th of 1%.
Principal and interest (M. & S.) payable at the City
Chamberlain's office.
A certified check for 2% must accompany each
proposal.
Legal opinion of Hawkins, Delafield & Longfellow of New York
will be furnished the successful bidder.
Tax Collections
-
1933
$299,573
Population, 47,397.
6,788.50
Collections
Fiscal Year—
1935
1934
1933
$1,481,871.46 $1,695,648.90 $1,079,146.73
Uncollected end of fiscal year.
224,631.23
282,821.91
181,841.41
Uncollected Feb. 1 1936-- —204,259.17
94,086.84
33,528.10
_
ERIE COUNTY (P. O.
Buffalo), N. Y.—BOND OFFERING—Charles
Ulrich, County Treasurer, will receive sealed bids until 11 a.m. on March 4
for the purchase of $2,600,000 not to exceed 4% interest coupon or regis¬
tered bonds, divided as follows:
tax revenue bonds issued for the purpose of renew:ng an equal
amount of tax anticipation notes.
Due $320,000 on Jan. 1
from 1937 to 1941 incl.
1,000,000 emergency relief bonds.
Due
March
1
follows: $110,000
as
from 1937 to 1944 incl. and $120,000 in 1945.
Each issue is dated March
1
Denom. $1,000.
1936.
Bidder to
name
rate of interest on the offering, expressed in a multiple of Y or l-10th
of 1%.
Principal and interest (M. & S.) payable in lawful money of the
United States at the Marine Trust Co.. Buffalo.
The bonds are general
one
obligations of the county, payable from unlimited taxes.
A certified check
for $52,000, payable to the order of the county, must accompany each pro¬
posal.
The approving opinion of Clay, Dillon & Vandewater of New York
will be furnished the successful bidder.
FORT
EDWARD,
on
N.
Feb. 25—V.
Y.—BOND SALE—The $16,000 paving bonds
p. 1330—were awarded to the Manufacturers
142,
& Traders Trust Co. of Buffalo
1.97%.
2s at
price of 100.087, a basis of about
Dated Jan. 1 1936 and due $4,000 on July 1 from 1937 to 1940
inclusive.
Other bids
were
as
as
a
follows:
KINGSTON, Ni Y.—BOND SALE—The $300,000 coupon or registered
offered on Feb. 27—V. 142, p. 1158—were awarded to the First
Corp. of New York for a premium of $840, equal to 100.28, at
1.75% interest, a basis of about 1.72%. The bonds are decsribed as follows:
$170,000 series A work and home relief bonds.
Due March 1 as follows:
$10,000, 1937 to 1939 incl.; $15,000, 1940 and 1941; $20,000,
from 1942 to 1944 incl., and $25,000 in 1945 and 1946.
130,000 series B bonds issued for work project materials.
Due March 1
as follows:
$10,000 in 1938 and $15,000 from 1939 to 1946 incl.
Each issue is Wated March 1 1936.
Denom. $1,000.
Principal and
interest (M. & S.) payable in lawful money of the United States at the
City Treasurer's office.
Halsey, Stuart & Co., of New York, were second, offering a premium
of $500 for 1M % bonds.
The successful bidder made public offering of the bonds at prices to
yield from 0.50% to 1.80%. according to maturity. Other bids for the issue
follows:
.
Int. Rate
Blyth & Co., Inc. and Geo. B. Gibbons & Co., Inc__
Harris Trust & Savings Bank, and Roosevelt &
Weigold.
Bankers Trust Co., and Adams, McEntee&Co
Int. Rate
-
-
—
—
Sandy Hill National Bank
100.02
2.40%
2.75%
3%
3Y%
3%
—
Fort Edward National Bank
GLEN
Rate Bid
2%
Weigold
Marine Trust Co
George B. Gibbons & Co., IncA. C. Allyn & Co., Inc
100.097
100.03
100.26
Par
awarded to Rutter & Co. of New York on a bid of 100.001 for 0.70%
bonds.
Dated Feb. 15 1936.
Due Feb.
& Co. of New York bid 100.021 for 0.75s.
Other bids were as follows:
15
1937.
Bacon,
Stevenson
Int. Rate
Traders Trust Co_
Salomon Bros. & Hutzler—
* ■
—
$5.25
2.00
7.25
10.00
1%
—
1.20%
1.25%
George B. Gibbons & Co., Inc
Demorest & Co
Glen Cove Trust Co
Prem.
0.75%
0.80%
0.90%
Bidder—
Bacon, Stevenson & Co
Halsey, Stuart & Co., Inc
Manufacturers &
1.50%
—
7.00
5.00
10.00
GOSHEN, N. Y.—BOND SALE—The issue of $55,000 coupon or
registered water bonds offered on Feb. 24—V. 142, p. 1000—was awarded
to J. & W. Seligman & Co. of New York on a bid of 100.05 for 3.10s, a
basis of about 3.095%.
Dated March 1 1936.
Due March 1 as follows:
$2,000, 1941 to 1960; and $1,000, 1961 to 1975, incl.
Other bidders were:
Int. Rate
Name—
A. O. Allyn & Co., New York
Geo. B. Gibbons & Co., New York
3.20%
3.25%
Bacon, Stevenson & Co., New York
Roosevelt & Weigold, New York--
3.25%
100.40
1.90%
100.35
100.27
1.90%
2%
2%
100.83
100.60
100.53
2%
& Co..
Dick & Merle-Smith, and Manufacturers & Traders
Trust Co.
--
A. C. Allyn & Co., Inc., and
B. J. Van Ingen & Co., Inc
KENDALL,
CARLTON
E. H. Rollins & Sons.
__
—
& MURRAY
2%
100.30
2%
2%
100.28
100.21
CENTRAL
SCHOOL
DIS¬
7 (P. O. Kendall), N. Y.—BOND SALE—The $121,000
fully registerable, school building bonds offered on Feb. 28—
V. 142, p. 1330—were awarded to Sage, Rutty & Steele of Rochester as
3.10s.
Dated March 1 1936.
Due yearly on Sept. 1 as follows: $4,000,
1938, 1939 and 1940; $5,000, 1941 to 1944; $6,000, 1945, 1946 and 1947;
$7,000, 1948, 1949 and 1950; $8,000, 1951 to 1954, and $9,000, 1955
TRICT
NO.
coupon,
and
1956.
LAKE CHAMPLAIN
N.
BRIDGE COMMISSION (P. O. Ticonderoga),
Y.—BONDS OFFERED FOR INVESTMENT—The issue of
$500,000
334% coupon (registerable as to principal) Rouses Point Bridge bonds
purchased privately recently by Brown Harriman & Co., Inc., is being
re-offered by the bankers at a price of 99 and accrued interest, to yield
3.56% to maturity. The bonds are dated Jan. 1 1936 and mature Jan. 1
1961.
Redeemable at the face value and accrued interest upon any interest
payment date as a whole at the option of the Lake Champlain Bridge Com¬
mission and, as provided in the Resolution authorizing the bonds, in part
sinking fund. A sinking fund and a reserve fund applicable to these
provided by the terms of the said resolution.
The National
Bank of Boston, paying agent and registrar.
In the opinion
of counsel, interest on the bonds is exempt under present laws from all
Federal income taxes and the bonds are exempt from taxation in the States
of New York and Vermont, except for transfer, estate, and inheritance taxes.
for the
bonds
are
-
3.50%
Legal, in the opinion of counsel, for investment in New York and Vermont
municipal offers, savings banks, insurance companies, trustees
for State and
and other fiduciaries.
MOUNT VERNON,
COVE, N. Y.—BOND SALE—The $25,000 coupon, fully regis¬
Feb. 25—V. 142, p. 999—•
terable, municipal building bonds offered on
were
Marine Trust Co., and Reynolds & CoBank of the Manhattan Co., and G. M.-P. Murphy
Rate Bid
1.90%
Shawmut
Bidder—
Roosevelt &
of
bonds
Salomon Bros. & Hutzler
Levy
12,469.86
_
Boston
—
Tax
33,145.95
1935 were levied in amount
$276,810.22, of which $265,775.73 have been collected.
Bidder—-
Total bonded debt
1934
*$298,177
30,815.74
$300,000
22,820.74
6,820.84
Taxes for the fiscal year beginning May 1
were as
$49,205,723
3,597,900
783,000
v
1932
1)—
Uncollected end fiscal year
Uncollected Feb. 20 1936
Financial Statement
Assessed valuation
$8,339,255
(incl. cm-rent offering & $8,000 water bonds)
Population, 1930 Federal census, 12,337.
Total bonded debt
Fiscal Year {May
list of the bids
received on Feb. 19 for the $24,000 highway reconstruction bonds which
were awarded to the Farmers Bank of
Deposit—V. 142, p. 1330:
offered
AND
ALMOND
FREMONT,
DANSVILLE,
SCHOOL
OFFERING—Sealed
Levy
DEPOSIT, N. Y.—LIST OF BIDS—We give below
$1,600^000
of about
3.08%.
The Manufacturers & Traders Trust Co. of Buffalo was second,
offering 100.39 for 3.20s.
Dated Feb. 1 1936.
Due July 1 as follows:
$4,072, 1937; $4,000, 1938 to 1945: $4,500, 1946 to 1948; $5,000, 1949 to
1956, and $6,000, 1957 to 1966 incl.
1934-35
$12,563,56
1,251.76
'
$15,515.29
1,205.12
at end of fiscal year
ELM IRA,
O.
successful bidder.
•
Financial
The
(P.
$149,572 sewer
Halsey,
SALE—The
bonds
Hurl but, District Clerk, until 2 p. m. (Eastern
COLESVILLE, FENTON, WINDSOR, SANFORD, AFTON, COVEN¬
TRY
15
Lawrence),
N.
Y.—BOND OFFERING-—Harry R. Homan, District
Clerk, will receive sealed bids until 3 p. m. on March 3, for the purchase of
$100,000 not to exceed 6% interest coupon or registered school building
bonds.
Dated March 1 1936.
Denom. $1,000.
Due $4,000 on March 1
from 1939 to 1963, incl.
Bidder to name one rate of interest on the issue,
expressed in a multiple of Y or 1-10th of 1%.
Principal and interest
(M. & S.) payable at the Peninsula National Bank, Cedarhurst or, at the
option of the holder, at the Chase National Bank, New York City.
A
certified check for $2,000, payable to the order of the Board of Education,
must accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
*
$3,631,481
$3,638,639
264,714
236,849
1511
Chronicle
Denom.
Price Bid
100.114
100.47
100.39
100.23
annual financial report
N. Y.—FINANCES IN GOOD SHAPE—The city's
which is to be filed shortly with the State Comp¬
troller reveals that Mount Vernon has completely recovered from its fiscal
The report was handed to printers recently for publication in
pamphlet form.
One of the highlights of the statement, it is said, is the fact that the
city's book surplus is now over $1,400,000 for the first time in the history
of the Finance Department.
The book surplus shows a gain over 1935 of
$159,000.
Practically all of the surplus represents unpaid taxes, although
the city had an exceptional fine cash balance at the end of the year.
The city's borrowing capacity for 1936, the report shows, is $3,750,000,
an increase over last year.
This is the amount over and above the limitation
set by the State.
The city can issue bonds for that amount without dif¬
ficulty, but no plans for additional bonded indebtedness are being con¬
troubles.
sidered.
The big increase in the surplus account is due mainly to the jump in
sundry revenues which includes all receipts other than actual taxes.
The
total revenue, other than taxes, received during the year was nearly double
the amount which officials had anticipated.
Most of it was due to increase
in liquor tax receipts
from the State and interest penalties paid by delinquent
property owners.
NEW YORK,
N. Y.—TO BORROW $25,000,000 AGAINST TAXES—•
Deputy and Acting Comptroller Duncan Maclnnes
Morgan & Co., agent for the Committee of Banks, that
Feb. 27, the sum of $25,000,000.
This loan will be in
bills issued in anticipation of the collection of taxes for
on
has advised J. P.
the city will require
the form of revenue
the first half of the
1512
Financial
Chronicle
1936 and will be used to meet payrolls of policemen, /iremen, school
teachers
and
other
city
employees,
including various governmental
expenditures.
year
OGDENSBURG, N. Y.—BOND OFFERING—Sealed bids
M.
M.
Morse,
City Treasurer,
will be received until
2
1936
The fiscal year begins Jan. 1 and ends Dec. 31.
Taxes are payable in two
The sale of unpaid taxes for the
15.
Taxes not purchased by outside bidders
are bid in by the city.
The city pays the county the total amount of county tax included on the
instalments, in January and in July.
(Eastern
tax rolls.
Standard Time) on March 2 for the purchase of $65,000 not to exceed
4%
interest coupon or registered school bonds.
Dated Feb. 1 1936.
Denom.
$1,000.
Due $30,000 Feb. 1 1946 and $35,000 Feb. 1 1947.
Rate of
interest to be expressed in a multiple of }/L or 1-10th of 1%.
Principal and
interest (F. & A.) payable at the City Treasurer's office or, at the
Year—
1934
Tax levy
Respective
years
amount
lected to Feb. 1
option
of the holder, at the City Bank Farmers Trust Co., New York
City.
A
certified check for 2% of the issue must accompany each proposal.
Ap¬
proving opinion of Clay, Dillon & Vandewater of New York will be furnished
the successful bidder.
1935
1936
$3,833,124.94 $3,739,969.74 $3,782,875.78
col¬
1,429,034.24
1,412,031.28
1.488,517.15
WELLSVILLE, N. Y.—BOND SALE—The $33,000 improvement and
flood relief bonds offered on March 28—V. 142, p. 1331—were awarded to
Rutter & Co. of New York as 2.80s for a premium of $36, equal to 100.109,
a
basis of about 2.78%.
The Manufacturers & Traders Trust Co. of
Buffalo were second with an offer to pay a premium of $65 for 2.90s.
Financial Statement
Assessed valuation
Total bonded debt (incl. present issue)
Water debt (incl. in above total)
29
current year is held on Nov.
addressed to
p.m.
Feb.
Dated March 1 1936.
inclusive.
$9,624,238.00
1,190,304.88
Due $3,000 yearly on March 1 from 1939 to 1949
283,000.00
Net debt
907,304.88
Population, 1930 Federal
census,
16,915.
.
$15,000.00
Tax Collections
Fiscal Year (April 1)—
Levy
Uncollected end fiscal year
-—
STATE OF NORTH CAROLINA
1932
1933
1934
$435,530.00 $353,471.00 $426,518.87
None
None
None
due
Jan.
1945
at
Taxes for the fiscal year beginning
Hwy. 41/48,
2.70% basis & int.
April 1 1935 were levied in amount
of $459,500.77, of which $429,500.77 have been collected.
F. W. CRAIGIE & COMPANY
PAVILION, BETHANY, COVINGTON, MIDDLEBURY AND YORK
SCHOOL DISTRICT NO.
1 (P. O.
Pavilion), N. Y.—
CENTRAL
Richmond, Va.
BOND
OFFERING—Sealed bids will be received by Amy W. Lobaugh,
District Clerk, until 2 p. m. (Eastern Standard Time) on March 6 for the
purchase of $150,000 not to exceed 5% interest coupon or
registered school
building bonds. The bonds are dated March 1 1936. Denom. $1,000. Due
March 1 as follows; $6,000 in 1938 and $9,000 from
1939 to 1956 incl.
Principal and interest (M. & S.) payable in lawful money of the United
States at the Pavilion State
Bank, Pavilion or at the Chase National Bank,
New York City, at the option of the holder.
Bidder to name one rate of
interest on all of the bonds, expressed in a
multiple of M or 1-10 of 1 %. A
certified check for $3,000, payable to the order of Martha
L. Wheeler,
District Treasurer, is required.
The approving opinion of Clay, Dillon &
Phone 8-9137
Southern Municipal Bonds
Vandewater of New York will be furnished the successful bidder.
McALISTER, SMITH & PATE, Inc.
ROCHESTER, N. Y.—NOTE SALE—The issue of $500,000 notes
on Feb. 28 was awarded to the Central
Hanover Bank & Trust Co.
of New York
City at 0.25%.
Dated March 3 1936 and due June 3 1936.
6T BROAD
offered
Second high bid of
Bank.
0.28%
•
Int. Rate
Stranahan, Harr s & Co., Inc
Manufacturers & Traders Trust
SARATOGA
SPRINGS,
N.
$4,831,238.00
4,672,073.00
4,638,696.00
250,500.00
1.25
Population—1930 census—3,496.
Fiscal year begins July 1, and ends June 30.
Tax Levies and Collections
<
1935-36
Levy
1934-35
1933-34
$61,010
$59,003
24,320
24,320
_
24,174
3,902
.
$60,931
Uncollected at Dec. 31, during year of
levy
Uncollected Dec. 31 1935
Y.—BONDS AUTHORIZED—The City
Council recently passed an ordinance
authorizing the issuance of $40,000
work relief and home relief bonds.
29,540
1,807
Outstanding debt:
Bonds
Revenue anticipation notes
SIDNEY, N. Y.—BOND
SALE— Harold R. Hoyt, Village Clerk, states
issue of $10,000 4% registered water
pipe extension bonds was sold
recently to local investors at a price of par.
Dated Feb. 1 1936 and due
that
following
city is supplied by Kirchofer
Assessed valuation 1933-34
Tax rate 1935-36
251,580.00
250,085.00
252,251.00
251,187.50
250,425.00
1.75%
Adams, McEntee & Co., Inc
Blyth & Co., Inc., Roosevelt & Weigold. Inc.
by Blyth & Co., Inc. (Syndicate Managers)
STATISTICS— The
Assessed valuation 1935-36
Assessed valuation 1934-35
250,000.00
250,547.50
2%
2.10%
2%
1.90%
2%
Dick & Merle-Smith and Washburn & Co
Geo. B. Gibbons &
Co., Incj
CAROLINA
C —FINANCIAL
Albemarle, N. C. (as of Dec. 31 1935)
Co., and Kean,
Taylor & Co
Halsey Stuart & Co., Inc..
N.
statement of the financial condition of the above
& Arnold of Raleigh:
$250,697.50
250,495.00
250,275.00
1.90%
2%
2%
2.10%
Charles H. Drew & Co
Suffern National Bank & Trust Co
YORK
CHARLESTON, S. C.
NORTH
ALBEMARLE,
Price Bid
2%
Goldman, Sachs & Co
NEW
GREENVILLE. S. C.
ROCKLAND COUNTY (P. O. New
City), N. Y.—BIDS RECEIVED
—We give below a complete list of the bids received on
Feb. 18 for the
$250,000 tuberculosis hospital bonds awarded to Blyth & Co. and Roosevelt
& Weigold—V. 142,
p. 1331:
Name—
Bankers Trust Co
STREET
Telephone WHltehall 4-6765
submitted by the Harris Trust & Savings
was
A.T.T. Tel. Rich. Ve. 83
$494,000.00
15,000.00
.
an
$2,000 annually.
Denom. $500.
Total debt.
$509,000.00
-
Deductions:
Interest payable annually in August.
Utility bonds
THOMPSON UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Monticello), N. Y.—BOND SALE— The National Union Bank of Monticello purchased on Feb. 26 an issue of
$60,000 4% school bonds at par plus
a premium of
$4,000, equal to 106.66, a basis of about 3.53%.
Dated
March 1 1936.
Denom. $1,000.
Due Sept. 1 as follows;
$2,000, 1936;
$1,000, 1937 to 1954 incl.; $2,000, 1955 to 1962 incl.; $1,000, 1963; $11,000
in 1964, and $12,000 in 1965.
Principal and interest (M. & S.) payable
at the Chase National
Bank, New York City.
-
222,000.00
-
„
Net debt
CALDWELL
March 3 for the purchase of
$300,000 not to exceed 4% interest coupon or
as follows:
DAVIDSON, N. C.—FINANCIAL STATISTICS—The following state¬
by Kirchofer &
$210,000 general city bonds issued for relief purposes.
Dated Feb. 1 1936.
Due Feb. 1 as follows: $20,000 from 1938 to 1943, incl., and
$30,000 from 1944 to 1946, incl.
Interest payable F. & A.
50,000 general city bonds also issued for relief purposes.
Dated Oct. 1
1935.
Due Oct. 1 as follows: $5,000 from 1937 to 1942, incl.:
$6,000 in 1943 and $7,000 in 1944 and 1945.
Interest payable
of the financial condition of Davidson is
supplied
Arnold of Raleigh;
ment
Davidson, N. C. (as of Dec. 31 1935)
Assessed valuation 1935-36
Assessed valuation 1934-35
on
Tax Levies and Collections
1935-36
Levy
_
in
owners
the
amount
of
$6,308.05.
hand
<" ue
from
Mature
Utility bonds
94,000.00
117,000.00
165,000.00
240,000.00
applicable
assessments
due
property owners in the amount of $2,500.00.
April 18 1936)
Valuations—real estate assessed valuation
Franchise assessed valuation
20,000.00
50,000.00
from
Mature
2,500.00
$71,686,717.00
3,189,520.00
74,876,237.00
Total assessed valuation
(subject to taxation)
The tax anticipation certificates of indebtedness will be
funded into bonds.
Year—
1932
1933
1934
1935
Tax levy
$3,923,696.83
bid
$3,826,967.64 $3,833,124.94 $3,739,969.74
taxes
in
by city
of Nov. 15
respective yrs
as
_
Per
cent
150,012.39.
206,019.15
222,630.79
_
252,962.82
delin¬
quent taxes to
tax levy
Balance of delin¬
.
-
3.82
5.38
5.81
6.74
89,366.92
115,433.24
158,306.14
222,855.64
quent tax. out¬
standing
1 1936
Feb.
The tax levy figures include the property tax levied
by the city,
th
property tax leviea by the county on property within the city, water rent s
and a few miscellaneous items.
.
$54,800.00
Economic
Characteristics—Site
of
Davidson
College.
Students
and
are source of stable income to local
business.
Textile manufacturing.
Water and light
systems—Earnings available for debt service for year
ended Dec. 31 1935.
visitors
$10,980.75
Debt—All serial bonds.
April 18 1936)
Delinquent
122,000.00
Direct net debt
The amount of the deficiency will be included
in the 1937 budget.
Mature March 30 1936)
Public relief (this certificate is to be paid from the
pro¬
ceeds of this bond sale.
Mature
are
800.00
$176,800.00
22,000.00
$5,503.00
(there
905
$176,000.00
Revenue anticipation notes
property
March 1
_
improvement
6,973
Total debt
Deductions:
1936).
Certificates of indebtedness:
1932 tax anticipation (mature April 18 1936)
1933 tax anticipation (mature April 18
1936) _
1934 tax anticipation (mature April 18
1936)
1935 tax anticipation (mature March 30
1936)
1935 revenue anticipation
(Cash on hand
Street
$13,582
5,556
1,567
Bonds
applicable
1933-34
$12,129
5.782
5,782
levy...
Uncollected Dec. 31 1935
Outstanding debt:
$6,459,705.00
700,900.00
_
on
1934-35
$12,274
Uncollected at Dec. 31, during year of
,
Temporary improvement notes (cash
$15,691.95.
There are assessments
1.20
Population—-1930 census—1,445.
Fiscal year begins July 1, and ends June 30.
mm
.
Financial Statement Feb. 15 1936
General funded debt..
Water debt
i
$956,212.00
918,108.00
877,940.00
Assessed valuation 1933-34
Tax rate 1935-36
.
All of the bonds will be in denoms. of
$1,000.
Bidder is to name one
rate of interest on the
offering, expressed in a multiple of M or l-10th of 1 %.
Principal and semi-annual interest payable in lawful money of the United
States at the City Treasurer's office.
The bonds will be general obligations
of the city, payable from unlimited taxes.
A certified check for $6,000,
payable to the order of the city, is required.
The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the sufcessful
bidder.
5.9%
,
COUNTY
(P. O. Lenoir), N. C.—BOND SALE—The
$5,000 issue of school building bonds, second series, offered for sale on
Feb. 25—V. 142, p. 1331—was purchased by the First National Bank
of Hickory as 4s,
paying a premium of $50, equal to 101.00, a basis of about
3.72%. Dated Dec. 1 1935. Due $1,000 from Dec. 1 1938 to 1942 incl.
registered bonds, divided
40,000 park bonds, series of 1936.
Dated Feb. 1 1936.
Due $2,000
Feb. 1 from 1937 to 1956, incl.
Interest payable F. & A.
82.09
-
Ratio of net debt to assessed valuation
TROY, N. Y.—BOND OFFERING—Lawrence J. Collins, City Comp¬
troller, will receive sealed bids until 11 a.m. (Eastern Standard Time) on
A.& O
$287,000.00
25,260.77
44,289.83
-
Uncollected special assessments
Utility revenues available for debt service
Per capita net debt
annually next few years.
Special assessments
Tax Levy
and
Maturities equally distributed, $7,000
maturing
Collections—Collections
5,120.00
favorable.
of $8.49 well below average for towns of this size.
Per
capita
tax
levy
KINSTON GRADED SCHOOL
DISTRICT, N. C.—-BONDS AUTH¬
ORIZED—The Board of Trustees has passed an order
authorizing the issu¬
ance of $27,000 school
refunding bonds.
NORTH
CAROLINA, State oi—TOTAL
789,000—The following report
DEBT REDUCED TO $168,Raleigh dispatch to the
is taken from a
'Wall Street Journal" of Feb. 26:
"The total debt of the State of North Carolina
on Feb. 24, now the sub¬
ject of refinancing plans offered by Governor Ehringhaus and State Treas¬
urer Charles M. Johnson, was
$167,789,000, the combined report of the
Auditor and Treasurer revealed.
The funded debt has been reduced from
$170,548,000 since last June 30.
"The Governor and Treasurer discussed with New
York attorneys and
bankers last week their proposal to reduce annual
interest charges through
purchase of long term 5% bonds and the issuance of shorter term
obligations.
The report shows $92,771,000 in
highway bonds, the largest batch of State
securities
outstanding.
General bund
bonds total $58,283,000,
while
special school building bonds amount to $12,710,000. There are
$2,500,000
World War veterans' loan bonds,
$1,175,000 Cape Fear River bridge fund
bonds and $350,000 Chowan River
bridge fund oonds also listed.
"Cash balance in the State
Treasury on Feb. 24 totaled $22,536,184, of
which $20,665,377 was in the
highway and other special funds. General
fund cash balance amounted to $1,124,752.
State highway cash balance
$1,124,752.
State highway cash balance has shown an in¬
from $18,032,129.
The general fund balance declinde, however.
"Receipts from all sources total $60,062,195 this fiscal year to date, of
which $37,930,159 was collected under the highway taxes.
Warrant dis¬
bursements this fiscal year to date total $53,026,805."
amounted to
crease
SILER CITY, N. C.-—NOTE SALE—The $17,000 issue
anticipation notes offered for sale on Feb. 25—V. 142, p.
chased by the Chatham Bank of Siler City as 5s, at par.
asjollows: $5,000, 1937, and $6,000, 1938 and 1939.
NORTH
on
Next high bid was
Stuart & Co., both
Dated Jan. 1 1936.
Due yearly on March 1 as follows: $43,200, 1936; $45,800, 1937; $48,500,
1938; $51,400, 1939; $54,500, 1940; $57,800, 1941; $61,300, 1942; $64,900,
1943, and $68,600, 1944.
of $3,260.16, equal to 100.657, a basis of about 2.10%.
submitted by the Bancamerica-Blair Corp. and Halsey,
of New York, offering a premium of $2,613.75 for 234s.
Other bids
follows:
were as
Int. Rate
Bidder—
Bancohio Securities; Stranahan, Harris &
dent Savings Bank & Trust
Grau & Co.; Fox; Einhorn &
SALE—The
recently authorized by the
Compensation Bureau, at Bismarck, at
3.65% int.
234 %
$3,079.04
234%
1,885.00
234%
1
Field, Richards & Shepard; Hayden, Miller & Co.,
and Lowry, Sweney, Inc
Mitchell, Herrick & Co.; VanLahr, Doll & Isphording;
Hawley, Huller & Co.; Johnson, Kase & Co., and
Weil, Roth & Irving Co
McDonald, Coolidge & Co.; Otis & Co ; Prudden &
Co. and Braun, Bos worth & CoCobbey, Shively & Co
—--
COUNTY
TUSCARAWAS
O.
(P.
Premium,
Co.; Provi¬
1,903.00
Co
Co.; Nelson, Browning
& Co
N. Dak.—BOND
Feb. 17 sold $175,000 school bonds
voters to the Workmens
of funding bond
1331—was pur¬
Due on Jan. 10
DAKOTA
DEVILS LAKE SCHOOL DISTRICT,
district
1513
Financial Chronicle
Volume 142
234 %
635.00
234%
234%
2,008.00
1,587.20
Ohio—
Philadelphia),
New
of the Board of County Com¬
missioners, will receive bids until noon March 16, for the purchase at not
less than par of $50,500 5% poor relief bonds.
Dated March 16 1936.
Interest payable semi-annually.
Due yearly on March 1 as follows:
$5,100, 1937; $5,400, 1938; $5,700, 1939; $6,100, 1940; $6,400, 1941
$6,800, 1942; $7,300, 1943; and $7,700, 1944.
Certified check for $1,000,
payable to the Board of County Commissioners, required.
BOND
OFFERING—Robert S. Hatch, Clerk
WARREN, Ohio—BOND OFFERING—H. M.
OHIO
OFFERING—
bids
34 %
refunding bonds. Denom. $1,000, except one for $250. Dated April 1 1936.
Interest payable semi-annually.
Due yearly on Oct. 1 as follows: $4,250,
1941; $5,000, 1942; $6,000, 1943 to 1946; and $7,000. 1947 to 1950. Certi¬
fied check for $600, payable to the'Board of Education, required.
BEDFORD CITY SCHOOL DISTRICT, Ohio—BOND
R. P. Orchard, Clerk-Treasurer of the Board of Education, will receive
noon March 13 for the purchase at not less than par of $61,250 4
OKLAHOMA
until
SALE—The $18,500 water works system
21—V. 142, p. 1001—were awarded
premium of $121,
equal to 100.65, a basis of about 3.67%. Dated Jan. 1 1936 and due $500
each six months from July 1 1937 to July 1 1955 incl.
BEVERLY,
Ohio—BOND
construction bonds offered on Feb.
to Fox.
Einhorn & Co. of Cincinnati as 324s, at par plus a
CLEVELAND, Ohio—APPROVE EXTRA 7-MILL LEVY—At an elec¬
tion held on Feb. 25 the voters approved an increase of 7 mills in the tax
rate, designed to provide an additional $8,500,000 for general operating
costs.
The extra levy will increase the tax rate to $32.01 per $1,000 of
assessed valuation, one of the highest rates in the city's history.
PLANS HUGE REFUNDING PROGRAM—Local press reports
Watebury,
Clerk of
March 3 for the purchase at
of amount of bid, required.
HUNTER, Okla.—BOND SALE—It is reported
purchased an issue of $9,000 water bonds.
Ohio—BOND SALE—The $5,000 coupon sewer bonds
awarded to Cool, Stiver & Co.
234s at par plus a premium of $11.66, equal to 100.23,
basis of about 2.66%.
Dated Jan. 1 1936 and due $1,000 on Oct. 1 from
CRESTLINE,
on
Feb. 25—V. 142, p. 1002—were
of Cleveland
as
Other bids
1937 to 1941 incl.
TISHOMINGO, Okla.—BOND OFFERING—Mrs.
8 p. m. March 2 for the
Clerk, will receive bids until
Int. Rate
Prem.
3%
3 34 %
$3.50
12.85
11.50
87.50
20.00
Seasongood & Mayer
Ryan, Sutherland & Co
3k%
334%
334%
Farmers & Citizens Bank, Crestline
First National Bank, Crestline
DRESDEN, Ohio—BOND OFFERING—Elmer A.'Butter, Village Clerk,
will receive bids until noon March 16 for the purchase at not less than par
of $15,500 5% coupon sewerage system bonds. Denom. $1,000, except one
for $500. Dated Sept. 1 1935. Interest payable March 1 and Sept. 1. Due
$500 Sept. 1 1938 and $1,000 yearly on Sept. 1 from 1939 to 1953. Certified
check for $200, payable to the village, required.
DISTRICT (P. O. Grand
GRAND RAPIDS TOWNSHIP SCHOOL
Rapids). Ohio—BOND SALE—An issue of $16,500 school bonds has been
sold to the State Teachers Retirement System.
LIMA,
Ohio—BOND
of amount of bid,
Cert. check for 2 %
434%
sewage
LONDON,
until
OFFERING—Clyde
noon
Welty,
OREGON
COUNTY SCHOOL DISTRICT NO. 11 (P. O. Lakeview),
Ore.—BOND SALE—-The $10,000 issue of 4% semi-annual school bonds
offered for sale on Feb. 21—V. 142, p. 1333—was awarded to the Bank of
Lakeview for a premium of $103.41, equal to 101.03, according to the
District Clerk.
City Auditor,
a
price of 100.58.
SEASIDE, Ore.—INTEREST RATE—It is now reported by the City
Auditor that the $70,000 funding, series A bonds sold at par to the J. H.
Tillman Co. of Portland, as reported in these columns recently—V. 142,
p. 1160—were sold as 3s.
TOLEDO, Ore.—BOND
OFFERING—Sealed bids will be received until
Recorder, for the purchase
7.30 p.m. on March 2, by C. B. Arthur, City
of a $50,000 issue of 4 34 % refunding water bonds.
Denom.
Feb. 1 1936.
Due $5,000 from Jan. 1 1938 to 1947 incl.
J. & J"
The approving opinion of Teal, Winfree,
Kelley, of Portland,
company
K2
■
the bid.
$1,000. Dated
Interest payable
McCulloch, Shuler &
will be furnished A certified check for $1,000 must ac¬
UMATILLA COUNTY
DISTRICT NO. 9
District Clerk states that
purchased by the Public
UNION HIGH SCHOOL
(P. O. Hermiston) Ore.—BONDS SOLD—The
$40,000 4% semi-ann. school bonds have been
Works Administration.
will
on
disposal bonds.
Ohio—BOND OFFERING—Evelyn
VILLAGE
(P. O.
building
234%,
LINN COUNTY UNION HIGH SCHOOL DISTRICT NO. 5
Harrisburg), Ore—BOND SALE—An issue of $9,000 school
sold to Hess, Tripp & But chart of Portland, at
bonds was recently
Fitzgibbons,
CITY OF EASTON,
Water Works
Village
Maturing March 15,
Clerk, will receive bids until noon March 14, for the purchase at not less
than par of $30,000 sewage disposal plant bonds, to bear no more than 6%
interest.
Denom, $600.
Dated Dec. 1 1935.
Interest payable semi¬
annually.
Due $600 each six months from March 1 1937 to Sept. 1 1961,
incl.
Certified check for $300, payable to the Village Treasurer, required.
MADEIRA
required.
LAKE
March 18 for the purchase of $18,000
Denom. $1,000.
Due $3,000 on Sept. 15
from 1937 to 1942 incl.
Interest payable M. & S.
Legality approved by
Peck, Shaffer & Williams of Cincinnati.
receive sealed bids
J. M. Turner, Town
purchase at not less
at rate named in the
after date of issue.
than par of $6,000 sanitary sewer bonds, to bear interest
successful bid.
Due $500 yearly beginning three years
for
follows;
were as
Bidder—
Prudden & Co__
that the Bank of Hunter
has
the
offered
a
DISTRICT, Okla.—BOND OFFERING—3. N.
Board of Education, will receive bids until 2 p. m.
not less than par of $11,000 school building
bonds, to bear interest at rate named in the successful bid.
Due $1,000
yearly beginning four years after date of issuance. Certified check for 2%
SCHOOL
APACHE
disclose
city is awaiting passage by the Legislature of the Whittemore
refunding bill before proceeding with plans providing for the refinancing
of $35,000,000 bonds which mature within the next seven years.
If the
measure is passed, it is expected that a refunding proposal will be sub¬
mitted to the voters in May. A delegation of muncipal officials, headed
by Finance Director G. A. Gesell, went to Columbus recently in order to
urge passage of the refunder bill.
that
Hillyer, City .Auditor,
will receive bids until 1p.m. March 11, for the purchase of $69,000 4%
refunding bonds.
Denom. $1,000.
Interest payable April 1 and Oct. 1.
Due $6,000 Oct. 1 1938, and $7,000 yearly on Oct. 1 from 1939 to 1947,
incl.
Certified check for 1%, required.
SCHOOL
To
net
from
1.80%
PA.,
2%'s
1942-1966
to
2.68%
YARNALL & CO.
DISTRICT, Ohio—BOND ELEC¬
March 3 for the purpose of voting
building bonds. „
1528
TION—A special election is to be held on
on the question of issuing $60,000 school
PHILADELPHIA
WALNUT ST.
OHIO, State of—AVERAGE YIELD ON 30 CITY BONDS REMAINS
UNCHANGED—With little activity and steady prices in
the Ohio municipal
City of
bond market during the week ended Feb. 27, the average yield of bonds of
30 Ohio cities compiled by Wm. J. Mericka & Co., Inc., whose New
unchanged at 3.09.
Average yield of 15 largest Ohio cities remained at 3.09 and of 15 secondary
cities at 3.08.
Averages are weighted according to outstanding debt of
each city.
York office is located at 1 Wall St., remained
PHILADELPHIA
OHIO, State of—TOLL BRIDGE BILL SIGNED—A bill authorizing
Moncure Biddle & Co.
the Sandusky Bay toll bridge received the
approval recently of Governor Martin L. Davey, according to news advices.
Under the bridge bill, the State Bridge Commission was authorized to
purchase as desired any toll bridge in the State, including those spanning
the Ohio River, it is said.
the purchase by the State of
of interest were also signed
became effective immediately,
their anticipated shares
the other, to take effect
within 90 days, authorizes political subdivisions to refund at lower interest
rates outside the 10-mill limitation bonds which were issued outside the old
OTHER
by the
BILLS SIGNED—Two other bills
Governor.
One
of them,
15-mill limitation.
PLANT NOTE ISSUE REJECTED—
petitions calling for a referendum on
legislation to issue notes for $1,400,000 to start construction of a municipal
light plant and retention of the firm of Burns & McDonnell, of Kansas City,
SANDUSKY,
Ohio—POWER
The City Commission Feb. 17 rejected
consulting engineei s.
SHEFFIELD
LAKE,
Ohio—BOND OFFERING— Frank
F. Field,
Village Clerk, will receive bids until noon March 19, for the purchase at
not less than par of $11,750 5% coupon refunding bonds.
Denoms. to suit
purchaser. Dated Oct. 1 1935. Interest payable April 1 and Oct. 1.
Due
yearly on Oct. 1 as follows:
$750, 1939; $1,500, 1940; $2,000, 1941 and
1942; $2,500, 1943; and $3,000, 1944.
Certified check for $200, payable
to the village, required.
SPRINGFIELD,
Ohio—BOND SALE— The $83,000
refunding bonds
142, p. 1160—were awarded to Charles A. Hinsch
of Cincinnati as 234s, for a premium of $58.58, equal to 100.07
a basis of about 2.49%.
Van Lahr, Doll & Isphording of Cincinnati were
second high with an offer to pay a premium of $1,045.80 for 234% bonds.
Dated March 1 1936.
Due $4,000 on March 1 and $5,000 on Sept. 1 in
each of the years from 1941 to 1947 incl., and $5,000 on March 1 and
Sept. 1 in 1948 and 1949.
offered
on
Feb. 28—V.
& Co., Inc.,
Ohio—BOND SALE— The $496,offered on Feb. 26—V. 142, p. 1002—were
Corp. of Cleveland, Seasongood & Mayer
Cincinnati and A. G. Becker & Co. of Chicago, as 234s, for a premium
STARK COUNTY (P. O. Canton),
000 emergency poor relief bonds
awarded to the First Cleveland
of
St., Philadelphia
PENNSYLVANIA
which
authorizes boards of education to borrow against
of sales tax revenues by issuing short term notes;
as
1520 Locust
ALLEGHENY COUNTY AUTHORITY (P. O. Pittsburgh), Pa.—
$2,258,000 BRIDGE PROJECT APPROVED BY STATE
Plans of the Allegheny County Authority for construction of the $2,258,000
COMMISSION—
Public
Highland Park bridge, one of the five major projects in its curtailed
Works Administration program, were approved Feb. 18 by the public
service commission,
according to an Associated Press dispatch from
Harrisburg.
Another
Associated Press dispatch from
Washington yesterday stated
he is in
PWA program.
Authority s
public works program included the Homestead and Jerome street improve¬
ment and the improvement
of the Allegheny and Monongahela river
Public Works Administrator Harold L. Ickes announced
"substantial agreement" with Allegheny county's revised
Besides the Highland Park bridge, the projects included in the
that
waterfronts.
of $30,000
has been sold to the
18 years.
ARNOLD SCHOOL DISTRICT, Pa .—BOND ELECTION—On March 3
the voters of the district will pass on the question of issuing $161,000 school
AMELIA SCHOOL
DISTRICT, Pa.—BOND SALE—An issue
recently approved by the voters
of Education at par for 4s.
Due in
school building bonds
State Department
bonds.
AVONDALE,
Pa .—BOND SALE— The $8,000
3% coupon municipal
awarded to
equal to
March 1 as
follows:
building bonds offered on Feb. 24—V. 142, p. 1334—were
Walter S. Talbot of West Chester at par plus a premium of $25,
100.31, a basis of about 2.96%. Dated March 1 1936 and due
follows: $2,000 in 1943 and $6,000 in 1949. Other bids were as
Bidder—
%id
t>q'P
'
Leach Bros., Inc
National Bank of
-
-
Avondale
—
x ax
;
1514
Financial
BELLEFONTE SCHOOL DISTRICT, Pa.—BONDS VOTED—At
Chronicle
election held
on Feb. 11 the residents of the district
gave their approval to
proposal to issue $100,000 floating debt funding bonds.
The vote was
502 "for" to 47
"against."
BERKS
COUNTY
(P.
be held
O.
on
Reading),
Pa.—LOAN
OFFERING—An
March 9 by the County Commissioners for
be exhausted."
The Emergency Relief Board
appropriated $7,887,546 for March
penditures yesterday, eaving less than $10,000,000 available.
CAMBRIA COUNTY (P. O. Ebensburg), Pa.—NOTE OFFERING—
Henry L. Cannon, County Controller, will receive bids until 10 a. m.
March 2 for the purchase of
$350,000 tax anticipation notes. Dated March 1
1936 and payable Sept. 1 1936.
able
interest date thereafter at par and
accrued interest. Interest payable M. & S. A certified check for
2% of the
bonds bid for, payable to the order of the district, is
required. The approving
opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished the
successful
bidder.
The
bonds
on any
will
be issued
subject to approval of the
Pennsylvania Department of Internal Affairs.
EASTON,
Pa.—BOND
SALE—The $2,750,000 coupon or registered
25—V. 142, p. 1002—were awarded to
Corp. of New York as managers of a syndicate which
included the Bancamerica-Blair Corp. of New York, E. H. Rollins &
Sons,
Yarnall & Co. and Moncure, Biddle & Co., all of Philadelphia, and
Singer,
Deane & Scribner of Pittsburgh.
The bonds were awarded as 2%s at a
First
Date
Municipality and Purpose—•
Daisytown Borough Sch. Dist., Cambria County—•
Fund floating indebtedness,
$1,500; make certain
repairs,
improvements
&
additions
to
school
buildings, $6,000
Shenandoah Borough Sch. Dist.,
Schuylkill County—•
Erection of school building
Berwick Borough, Columbia
County—Paving and
improving streets and construction of a sewer
Parker, City of, Armstrong County—Purchase a
as
#65,000, 1939, 1940 and 1941; $70,000, 1942, 1943 and 1944; #75,000,
1945, 1946 and 1947; #80,000, 1948 and 1949; #85,000, 1950 and
1951;
$90,000, 1952 and 1953; $100,000, 1954, 1955 and 1956; $110,000, 1957,
1958 and 1959; $115,000j 1960 and 1961; $120,000,1962 and
1963; $125,000,
1964; $130,000, 1965, and $135,000, 1966.
Second high bid was submitted
by Brown Harriman & Co., Inc., of New York, who offered a premium
of $36,190 for 23*s.
The banking group announced the
following day that the maturities from
1937 to 1941 incl. had been sold for syndicate account and that the
balance
of the issue had been priced for general investment to
yield from 1.80% on
bonds due in 1942 to 101.50, or a
yield of about 2.65% on the 1966 maturity.
A syndicate headed by Brown Harriman & Co. of
New York submitted
the only other bid for the issue,
offering 101.316 for 2Mb. Associates in the
account were
Halsey, Stuart & Co., Inc.; Kidder, Peabody & Co.; Graham,
Co.; Dougherty, Corkran & Co.; W. H. Newbold's Son & Co.;
Parsons &
C. C. Collings & Co.; Cassett & Co.,
Inc.;
& Co. and Edward Lowber Stokes & Co.
EAST TAYLOR TOWNSHIP
town),
Pa.—BOND
receive bids until
1
SCHOOL
DISTRICT
(P.
O. Johns¬
OFFERING—S.
p.
coupon funding bonds.
payable semi annually.
required.
FRANKLIN
Eastman, Dillon & Co.; Bioren
S. Seese,
District Secretary, will
March 10 for the purchase of $10,000 ±M%
Denom. $1,000.
Dated March 1 1936.
Interest
Due March 1 1946.
Certified check for $200
m.
TOWNSHIP
SCHOOL
DISTRICT (P. O. Sewickley,
issue of $21,000 coupon school
142, p. 1002—was awarded-to Glover &
MacGregor of Pittsburgh as 3 Mb, at par plus a premium of $357, equal to
101.70, a basis of about 3.39%. Dated April 1 1936 and due
$1,000 on
April 1 from 1938 to 1958 incl. Other bids were as follows:
R.
D.
bonds
No.
Pa.—BOND SALE—The
1),
offered
on
Feb.
20—V.
Bidder—
Leach Bros., Inc
E. H. Rollins & Sons
Int. Rate
3M%
101.36
3
%
3M %
4%
;
Singer, Deane & Scribner, Inc
S. K. Cunningham & Co
FREEPORT
Rate Bid
100.30
101.12
101.11
DISTRICT,
Pa.—BOND SALE DETAILS—
$12,000 3% school bonds purchased recently by the First National
Bank of Freeport—V. 142, p. 1334—mature
$1,000 on Jan. 1 from 1937 to
1948 incl.
The bank paid par plus a premium of
$75, equal to 100.62, a
basis of about 2.89%. The bonds are dated Jan. 1 1936.
GALETON, Pa.—BOND SALE—The $13,500 4% community building
HARRISON
TOWNSHIP, Allegheny County, Pa.—BOND OFFER¬
E.
Freehling, Township Secretary, will receive bids until 7:30
p. m. March 13 for the purchase of $26,000 3M% coupon bonds.
Denom.
$1,000.
Dated March 1 1936.
Interest payable March 1 and Sept. 1.
Due March 1 as follows:
$1,000, 1939; $6,000, 1941; $5,000, 1944 and
1945.
Certified check for $500 required.
as
LOCK HAVEN,- Pa.—BOND SALE—The
$207,500 coupon (registerable
to principal) refunding bonds offered on Feb.
21—V. 142, p. 1002—
20
Feb.
20
50,000
Feb.
21
65,000
21
5,000
(R. F. D. 1, Verona), Pa.—BOND OFFERING—
a multiple of M%, but not to exceed
3M%Denom. $1,000.
Dated March 1 1936.
Interest payable March 1 and Sept. 1.
Due yearly
March 1 as follows:
$5,000, 1939 to 1952, and $10,000, 1953, 1954
and 1955.
Certified check for $2,000, payable to the Township Treasurer,
on
required.
Approving opinion of Burgwin, Scully & Churchill of Pittsburgh
Department of Internal Affairs will be furnished to the purchaser.
and of the
READING, Pa .—BORROWS $200,000—The city has borrowed $200,000
in equal amounts from the Berks
County Trust Co.; Reading Trust
Union National Bank and the City Bank & Trust Co., all of
reading.
Co.;
SHENANDOAH SCHOOL DISTRICT, Pa.—BONDS SOLD TO PWA
—The #50,000 4% school bonds offered on Feb. 10—V.
142, p. 1334—
have been taken by the Public Works
Administration, the only bidder.
Dated Feb. 1 1936 and due Dec. 1 as fo.lows: $1,000, 1937; $2,000, 1938
to 1961 incl. and $1,000 in 1962.
STATE COLLEGE, Pa.—BOND OFFERING— C.
Edgar Book, Borough
Secretary, will receive sealed bids until 5 p. m. on March 11 for the pur¬
of $250,000 3% coupon or registered water works bonds.
Dated
April 1 1936.
Denom. $1,000.
Due April 1 as follows:
$5,000, 1937 to
1940 incl.; $6,000, 1941 to 1944 incl.; $7,000, 1945 to 1947 incl.; $8,000,
1948 to 1951 incl.; $9,000, 1952 to 1954 incl.; $10,000, 1955 to 1958 incl.;
$11,000, 1959 to 1961 incl.; $12,000, 1962 and 1963; $13,000 in 1964, and
$16,000 in 1965.
Interest payable A. & O.
The bonds will be general
obligations of the borough and an annual tax will be levied to provide for
servicing the debt.
As the net revenue of the system to be purchased
greatly exceed the total requirements of taxes, principal and interest on
the bonds to be sold, they will be exempt from the constitutional debt
limit.
A certified check for 2%, payable to the order of the borough,
must accompany each proposal.
The bonds will be issued subject to the
favorable legal opinion of Townsend, Elliott & Munson of Philadelphia.
chase
TOWER CITY, Pa .—BOND OFFERING—Edgar A. Kopp, Borough
Secretary, will receive sealed bids until 5 p. m. on March 16 for the purchase
3M% coupon refunding bonds.
Dated Jan. 1 1936.
Denom.
$1,000. Due July 1 1955; optional after Jan. 1 1937. Interest payable
J. & J. A certified check for 2% of the bonds bid for, payable to the order
of the Borough Treasurer, must accompany each proposal.
of $35,000
UPPER
DARBY
TOWNSHIP
(P. O. Upper Darby), Pa.—BOND
sewer
and highway improvement bonds
142, p. 828—were awarded to E. H. Rollins Sc
Sons and Edward Lowber Stokes & Co., both of Philadelphia, jointly, as
2^s, at a price of 101.09, a basis of about 2.67%. Dated Feb. 1 1936 and
due $25,000 on Feb. 1 in 1941. 1946. 1951, 1956, 1961 and 1966.
The
bankers are making public re-offering of the issue at prices to yield from
2% to 2.65%,.according to maturity.
offered
on
$150,000
Feb.
coupon
21—V.
RHODE
PAWTUCKET,
I.—SEEKS
R.
ISLAND
TO
CONSTRUCT POWER
PLANT—
A bill has been introduced in the State
Legislature to permit the city to
issue bonds for the purpose of financing the construction of a municipal
plant.
power
PROVIDENCE, R. I .—BONDS AUTHORIZED—The Board of Alder¬
men
way
recently passed resolutions authorizing the issuance of $600,000 high¬
bonds, $200,000 sewer construction bonds; $15,734.78 sewer bonds,
and $16,000 relief bonds.
awarded
to Brown Harriman & Co. of New York as
2Mb, at par
premium of $2,149.70, equal to 101.03, a basis of about
2.38%.
1 1936 and due Feb. 1 as follows:
$10,000, 1937 to 1946 incl.;
$11,000, 1947 to 1955 incl. and $8,500 in 1956.
The bankers are reoffering the bonds for public investment at prices to yield from
were
plus
$7,500
Feb.
interest, in
and park bonds offered on Feb. 21—V.
142, p. 1002—were awarded to
E. H. Rollins & Sons of Phila. at a price of 101.84. Dated
March 1 1936.
Denoms. $1,000 and $500.
Registerable.
Due serially on March 1 until
1951.
Interest payable M. & S.
ING—W.
Amount
John W. Wason, Township Secretary, will receive bids until 8
p. m. March 9
for the purchase of $100,000 coupon bonds.
Bidders are to name rate of
SALE—The
SCHOOL
The
Approved
Feb.
water works system
PENN TOWNSHIP
Boston
Sremium of 1936. Due equal to 15
$37,482.50, March 101.363, a basis,*60,000, 1937 and Dated
of about 2.65%.
larch 15
follows:
1938;
following record of local bond issues approved in the period from
Feb. 17 to Feb. 24:
water works bonds offered on Feb.
the
ex¬
PENNSYLVANIA (State of)—LOCAL BOND ISSUES APPROVED—
The Department of Internal Affairs, Bureau of
Municipal Affairs, has just
issued the
beginning March 1 1946 and
1936
motor fund and within the next few months our funds for
direct relief will
a
temporary loan of $1,200,000.
CURWENSVILLE SCHOOL DISTRICT, Pa.—BOND OFFERING—
Esther T. Bartell, Secretary of the School Board, will receive sealed
bids
until 8 p. m. on March 16 for the
purchase of $35,000 3M% coupon school
bonds.
Dated March 1 1936.
Denom. $500.
Due March 1 as follows:
$1,000 from 1937 to 1941 incl. and $2,000 from 1942 to 1956 icnl. Redeem¬
29
taxpayers, which in Pennsylvania
already has reached the saturation point."
Waters pointed out that "in order to
meet, at least in part, our obliga¬
tions for February, it has been
necessary to borrow $5,000,000 from the
a
oral auction will
Feb.
He suggested "the frankest discussions of what must be done in order to
halt the increasing tribute levied on the
an
a
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
Dated Feb.
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
0.50%
2.44%, according to maturity. Halsey, Stuart & Co., Inc. were second
high bidders for the issue, offering a premium of $1,845.92 for
2Mb.
The
city has an assessed valuation of $4,876,335 and total debt of
$217,500.
to
MAHANOY
CITY SCHOOL
KIRCHOFER
McCANDLESS
R. D. 7,
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Bellevue), Pa.—BOND SALE—The issue
school bonds offered
on
Box
MOUNT JOY SCHOOL
DISTRICT, Pa .—BOND SALE—The School
an issue of $40,000 school
building bonds to Dougherty,
Corkran & Co. of Philadelphia.
The successful bidders offered to take the
bonds at 2M % interest for a premium of $170.28,
equal to 100.4257.
SCHOOL
DISTRICT, Pa.—BOND
SALE—The $20,000
Feb. 21—V. 142, p. 1003—were awarded to
Chambersburg at par plus a premium of $105,
$105, egual to 100.525.
Due annually as follows: $400, 1937; $500, 1938
$400, 1940; $200, 1941; $500, 1942 to 1946 incl.: $1,000, 1947 to 1955 incl..
$1,500, 1956 to 1959 incl. and $500 in 1960.
Other bids were as
coupon
bonds offered
on
the Valley National Bank of
followsj
Bidder—■
Rate Bid
Leach Bros., Inc
Farmers Trust Co.,
First
National
100.35
Carlisle
Bank, Newville
NORTH EAST, Pa.—BOND SALE—The
$42,500 coupon or registered
on Feb. 21—V. 142, p. 1003—-were
awarded to
Singer, Deane
premium of $507.50,
Pittsburgh as 3Ks, at par plus a
a basis of about 3.11%.
There are:
$25,000 disposal plant bonds.
Due Jan. 1 as follows: $1,000 from 1938 to
1944 incl. and $1,500 from 1945 to 1956 incl.
17,500 additional water works bonds.
Due Jan. 1 as follows: $1,500 from
1938 to jl943 incl.; $2,000 from 1944 to 1947 incl. and
$500 in 1948.
equal to 100.19,
Bidder—
Smith
&
Rollins
H.
Other bids
were as
follows:
Int. Rate
Root
—
&
Sons
Glover & MacGregor
S. K. Cunningham &
Co
ARNOLD
TELETYPE
RLGH
80
SOUTH
CAROLINA
SPARTANBURG COUNTY (P. O.
Spartanburg), S. C.—BOND
OFFERING—Sealed bids will be received until 11 a. m. on March 16 by
J. L. Sutton, Clerk of the
County Board, for the purchase of a $300,000
issue of coupon refunding bonds.
Interest rate is not to exceed 4tM%,
payable A. & O.
Denom. $1,000.
Dated April 1 1936.
Due on April 1
as follows:
$15,000, 1937 to 1941; $20,000, 1942 to 1946, and $25,000,
1947 to 1951, all incl.
Interest rate to be stated in multiples of M of 1%
and
must
be the
for all of the bonds.
Bonds are registerable as to
principal only.
Prin. and int, payable in New York.
The approving
opinion of Reed, Hoyt & Washburn of New York will be furnished.
The
bonds will
for
same
be sold at
issuance:
certified
check
Act
for
not less
No.
2%
than par and accrued interest.
Authority
550, Acts of the General Assembly, 1935.
A
of the amount of bonds bid for, payable to the
county, is required.
3M%
3M%
3^-3M 7o
3M%
SOUTH
Premium
$455.89
242.25
402.00
471.75
DAKOTA
MITCHELL INDEPENDENT SCHOOL DISTRICT
(P. O. Mitchell),
Dak.—MATURITY—A. B. McKeel, District Clerk, states that>the
$73,000 4% school bonds purchased by the First National Bank & Trust Co.
of Sioux Falls, at a price of
100.685, as reported in these columns'last
December—V. 141, p. 3733—are due as follows:
$1,000, July»l 1936;
$1,000, January and July 1 1937 and 1938; $2,000,
S.
1939 to 1955, giving a basis of about
3.92%.
He also reports that the $26,000
January and July 1
4% semi-annual school bonds sold on
date to the Mitchell National Bank of
Mitchell, at a price of
100.01, as stated at that time—-V. 141, p. 3733—are due as follows: $650,
the
PENNSYLVANIA (State of)—FACES REVENUE CRISIS—Charles
A. Waters, State Treasurer, declared Feb. 19 that a crisis in
Pennsylvania's
financial problems has been reached with 15 months of the biennium still
ahead.
Writing in "Fiscal Facts," the second issue of a bulletin issued by
the Department, Mr. Waters said "the fullest co-operation"
by public
officials "without regard to party affiliation" will be demanded.
T.
Direct Private Wire to Pask & Walbridge our New York
Correspondent
100.05
bonds offered
E.
T.
100.10
& Scribner, Inc. of
Each issue is dated Jan. 1 1936.
A.
63,
Board has awarded
NEWVILLE
RALEIGH, N. C,
of $17,000 4% coupon
Feb. 21—V. 142, p. 1002—was awarded to.
E. H.
Rollins & Sons of Philadelphia at a price of
106.10, a basis of about 3.25.
Due $1,000 on Dec. 1 from 1937 to 1953 incl.
3%
&
INCORPORATED
DISTRICT, Pa.—BOND ELECTION—
The School Board has ordered that a
special election be held on March 27
for the purpose of voting on the question of
issuing $85,000 school building
bonds.
same
July 1 1936; January and July 1 1937; $650,
January., and $1,300, July 1
1938, and $650, January and July 1 1939 to
1955, giving a basis of about
3.99%.
o
,VVw,JRr£ISACH001L DISTRICT
(P.
O. Sturgis), S.
Dak.—BOND
SALE- -The $57,000 issue of
4% coupon or registered semi-annual school
bonds cffered for sale on Feb. 18—V.
142, p. 1335—was awarded jointly
to the northwestern National Bank &
Trust Co. of Minnespolis and the
Commercial National Bank of
Sturgis, paying a premium of $3,450, equal
to 106.Of., a basis of about
3.37%.
Dated Feb. 1 1936.
Due from Feb. 1
19c 0 to 1956.
1515
Financial Chronicle
Volume 142
DALLAS
Dallas), Tex.— WARRANT SALE DE¬
of the $175,000 hospital warrants to
O.
(P.
COUNTY
TAILS—In connection with the sale
Mahan, Dittmar & Co. of Houston, at 2M %, as reported in these
last December—V. 141, p. 3905—it is stated by the County Judge
warrants were sold at par and mature in from one to five years.
TENNESSEE
Municipal Bonds
•
OF FINANCIAL
original letter recently sent to the Bayard, Anderson Co. of
New Orleans, by L. G. Etheridge, District Secretary, in an effort to present
a brief outline of the present financial standing and future outlook of the
EQUITABLE
Chattanooga
an
district:
NuhTllle
Knoxvllle
Memphis
York
of
copy
Corporation
Securities
New
DISTRICT (P. O. Dallas) Tex.—
STATUS—We give herew th the text of a
DALLAS LEVEE IMPROVEMENT
OUTLINE
Birmingham
columns
that the
Gentlemen:
Your letter of Dec. 17
1935, to the City Treasurer of the City of Dallas,
This will also acknowledge letters of
has been referred to us for attention.
A. Foley and to myself.
incorporated under the levee
recent date to Mr. R.
This district
TENNESSEE
Tenn.—MUNICIPAL POWER BOND SALE
taken from a United Press
CHATTANOOGA,
CONTEMPLATED—The following report is
dispatch out of Chattanooga on Feb. 26:
'
The
Chattanooga
Board today made plans to build its own
system over which Tennessee Valley Authority
Power
distribution
will be carried, after the Tennessee
municipal
power
Electric Co. refused to sell its
distribution plant.
"The board proceeded
with plans to sell an $8,000,000 bond issue, which
voted last March in order to raise money to obtain such a
the citizens
•
has refused to act,' said Consulting Engineer Roy
Ohio, after the meeting of the Chattanooga power
board.
'The time has come for us to do something and the Board is
ready.'".
distribution system.
"
'The power company
Husselman of Cleveland,
HAMBLEN COUNTY (P. O.
Morristown), Tenn.—BOND
OFFERING
Long, Chairman of the County Court, will receive bids until
March 9 for the purchase at not less than par $40,000 of 3H%
jail and poor house bonds.
Denom. $1,000.
Dated Oct 1 1935. Interest
payable April 1 and Oct. 1.
Due $4,000 yearly on Oct. 1 from 1937 to
—H.
1
W.
m.
p.
1946 inclusive.
MEMPHIS, Tenn.—BOND ISSUANCE NOT SCHEDULED—In con¬
nection with the street improvement and the general improvement bonds,
aggregating $1,300,000, approved by the voters at the election on July 18,
it is reported by D. C. Miller, City Clerk, that no definite plans have been
made as yet for their disposal.
MILAN SCHOOL
—At the election
in high
DISTRICT (P. O. Milan), Tenn.—BONDS
held on Feb. 20 the voters
school building bonds, according to
VOTED
The district
law.
and bonds
were
formed
was
as a
by inclosed aerial photograph taken just prior to construction of
works.
Certain pumping plants were also built whereby
of—POWER CONTRACTS FOR FOUR CITIES
Authority on Feb. 20 signed contracts
sell them surplus power from Wilson
Dam, according to Knoxville advices.
It was the first action on power
since the recent U. 8. Supreme Court decision, it is said.
The cities—
Bolivar, Milan, Somerville and Jackson—previously had signed the con¬
tracts.
According to report, Jackson will use TVA power for municipal
purposes only, the others for all purposes.
flood
local
made possible.
As this work was beneficial to the County of Dallas, said county agreed
to construct certain roadways in and through the district, along with
other improvements to the benefit of the county as well as the district.
About 95% of this work has been completed, and was done in conjunction
with the building of the general levee system, at a cost of approximately
$3,250,000.00 to the County of Dallas.
As the work was also beneficial to the railroads and utilities, they in turn
drainage
was
agreed to reconstruct their structures to conform with
reclamation, at a cost of about $5,000,000.00.
Their
formed in so far as is feasible at this time.
the general plan of
part has been per¬
agreed
The City of Dallas was likewise benefited by this reclamation and
construct, in conjunction with the reclamation project, certain water
mains, sanitary and storm sewers, underpasses and other improvements
which would be of benefit to the City of Dallas as well as to the district, at a
to
cost
of
The city, however, has failed to
several instances, and as is true in the
approximately $3,250,000.00.
weather.
State
$6,000,000.00, and the construction
control
report.
APPROVED—The Tennessee Valley
with four west Tennessee cities to
reclamation project,
conservation and (or)
voted in the amount of
now
carry out parts of its program in
construction of a building, the roof
Benton), Tenn.—BONDS AUTHORIZED—
In connection with the report given in these columns recently, that the
County Court had authorized the issuance of $60,000 in not to exceed 5%
court house construction bonds—V.
142, p. 1003—it is stated by the
County Trustee that the bonds are described as follows: Denom. $1,000.
Dated March 1 1936.
Due $3,000 from March 1 1937 to 1956 incl. Prin.
and int. (M. & S.) payable at the Chemical Bank & Trust Co. of New York.
laws of the State of Texas,
being completed, wherein some 7,000 acres of land in Dallas County,
a portion of which is in the corporate limits of the City of Dallas, were
reclaimed by diverting the old meandering channel of the Trinity River Into
a straight channel, and the construction of about 25 miles of levees, whereby
said 7,000 acres were reclaimed as useful properties, for industrial, agri¬
cultural and commercial purposes, these lands are shown in low flood view
is
approved the issuance of $55,000
POLK COUNTY (P. O.
TENNESSEE,
was
and is a separate and distinct political municipality, unrelated to either
city or county governments, except, however, in as provided by said levee
An example of this is
is off, and the tenants are
exposed to the
illustrated by the failure of the
city to
complete its storm sewer drainage which has caused practically continuous
overflows of the highest assessed lands in the distiict, rendering the pro¬
illustrated by
perty useless for any purpose. The co-ordinated program is
attached drawing showing the amounts allocated by the various
There is but one way for obligations of the district to be met;
interests.
i.e., from
assessed against benefits accruing to the reclaimed
property owned by some 1,100 individuals and corporations. These parties
depend largely upon revenues from these reclaimed lands to pay the taxes
assessed thereon by this district, and as the lands are still unfit for occu¬
pancy, in the greater part, the revenue and benefits therefrom to property
the payment of taxes
owners
In
has been negligible.
of the default on
view
the payment of the bonds, a
bondholders'
201 S.
protective committee was formed, of which Mr. R. E. Simond,
LaSalle St., Chicago is Chairman.
A second cqpimittee was formed by the
New Orleans bondholders, of which Mr . John Dane, Canal Building, New
Orleans, is Chairman. The property owners likewise formed a Committee
of which Mr. Joe A. Worsham, Interurban Building, Dallas, is Chairman.
The bondholders' committee and the property owners' committee, have
attempted on several occasions to arrive at a basis of refunding of
bonds, and many plans have been suggested wherein payments have been
based upon settlements from 20 cents on the dollar to the payment of 100
cents on the dollar at a reduced rate of interest and with the cancellation of
all past due interest maturities.
The last portion of the plan of reclamation is now under construction,
which consists of a lateral dike separating the water level of two sections of
the district. There is also under construction the most important underpass,
known as the triple underpass, at Commerce, Main and Elm streets.
This
work will be completed during the spring months. The latter work is being
done at a joint cost of the City of Dallas and the State of Texas,
Highway Department, involving an xependiture of about
Most of the lands are delinquent in the payment of taxes to other taxing
the
TEXAS BONDS
Bought
—
Sold
—
H. C. BURT &
Quoted
COMPANY
Incorporated
through its
$1,000,000.00.
Houston, Texas
Sterling Building
Recently, the
for levee
agencies, such as State, county, city and school districts.
county offered one of the highest assessed pieces of property,
TEXAS
ALDINE SCHOOL DISTRICT (P. O. Aldine), Tex.—BONDS SOLD
is stated by the Superintendent of the Board of Education that a
$25,000 issue of 4j^% semi-ann. school bonds has been purchased at par
by the State Board of Education.
—It
ALTON INDEPENDENT
BONDS SOLD—The
held
on
SCHOOL DISTRICT (P. O. Alton), Tex.—
reported to have pur¬
approved by the voters at an election
State Board of Education is
$66,000 school bonds
chased the
Nov. 9.
NAVIGATION DISTRICT (P. O. Rockport),
Tex.—BONDS SOLD—It is stated by the County Judge that the $10,000
5M % semi-annual water improvement bonds approved by the voters at
an election held on Nov. 16, have been sold.
ARANSAS COUNTY
DISTRICT (P. O. Archer), Tex.—BONDS
Board of Education states that $28,000 school
the voters at an election on Nov. 2 have been purchased
by the Public Works Administration.
SCHOOL
ARCHER
SOLD—The Secretary of the
bonds approved by
ARLINGTON,
connection with
Commission
V.
142, p.
Tex.—COURT
ORDERS
the report given in these
DEBT
REFUNDING—In
columns recently, that the City
authorized the issuance of $337,000 refunding bonds—
1335—we quote the following dispatch from Arlington to the
had
"Wall Street Journal":
James C. Wilson of the Federal District Court has ordered
$337,000 of city refunding bonds to retire outstanding bonded
The order sets out that 'the city by using ad its available
taxing power under the city charter is unable to pay its outstanding in¬
debtedness as it now matures and at the rates of interest now borne by
that indebtedness.'
Judge Wilson held that $285,000 worth of bonds
"Judge
issuance of
indebtedness.
by the city as far back as 1909 are valid and binding and are out¬
standing obligations.
h: "It was ordered that these bonds be exchanged for 1935-A and 1935-B
refunding bonds to be dated Oct. 1 1935, and to mature Oct. 1 1965.
Judge Wilson ordered issuance of the refunding bonds after a hearing in the
case of the Central Life Assurance Society against the City of Arlington.
issued
The City Commission
also providing for the
has passed the ordinance authorizing the issue
collection of a tax on all taxable property in
city limits sufficient to pay
redemption of the bonds at
the interest and create a
maturity."
and
the
sinking fund for the
AUSTIN, Texas—BOND VALIDITY QUESTIONED—The City Coun¬
cil may have to call another election on the $350,000 school improvement
bonds awarded on Jan. 23 in order to obtain the approving opinion of mu¬
nicipal bond attorneys, it has been announced.
A New York law firm
is said to have expressed doubt as to the bonds' legal standing on a single
technicality brought about by the Legislature at its last called session
passing a law amending the method of publishing election notices prior to
the holding of a bond election.
BOND
ELECTION
CALLED—We were informed later that the said
the issue on the above legal technicality
for March 21 in order that the bonds may
law firm had declined to approve
and
a new
election has been set
CONSERVATION AND RECLAMATION DIS¬
TRICT, Texas—BOND TENDERS INVITED—R. D. Collins, District
Treasurer, is said to have announced that bids will be called between the
present time and March 1 for the purchase of $1,000,000 bonds of the dis¬
trict.
The State Supreme Court recently approved the validity of an issue
of $3,600,000 in bonds, as noted in these columns—V. 142, p. 1335—and it
Is said to be planned to sell the entire issue within the next two months.
.
scouring in the borrow pits.
protecting the interior
there a^e numerous slides in the levees and some
The cost of operation of the electric pumping plants,
lands, must be defrayed or the power for the operation of the pumps
discontinued.
Continued delay can only mean certain disaster to
been agreed upon.
It is the unanimous
Tex.—BONDS TO BE SOLD—It is stated by the
City Secretary that the $435,000
election held on June 8 1935; will
tration.
the only security the bondholders
A maintenance tax will have to
opinion of the property owners
of the district that
form. It is,
that
they can never meet the original contracted debt in its present
therefore, obvious that time is the essence of a refunding plan in order
the property owners have time to arrange their affairs so as to resume
ment on a new schedule of taxes.
Enclosed herewith is a schedule
pay¬
adopted
minority
consideration.
by a majority of the property owners' committee, (there being also a
report) and submitted to the bondholders' committee for their
The bondholders' committee rejected this plan of settlement and so far as
I am informed, there is no other plan now under consideration.
Recently, two members of the Board of Supervisors
.
resignations, and the County Commissioners Court has appointed two new
supervisors in their respective places.
The new members
vacancies on the Board with the hope and belief that some refunding plan
would be agreed upon in the near future.
After a plan has been agreed
upon, it will take the property owners several months to get their
order and prepare to meet their new tax obligations.
tendered their
accepted the
house in
In answer to numerous
copy
inquiries of bondholders, we are
in an endeavor to
of this letter,
sending them a
familiarize them with the status
of the district.
ENNIS
INDEPENDENT SCHOOL
•—BONDS SOLD—The State
the $25,000
DISTRICT (P. O. Ennis), Tex.
Board of Education is said to
school bonds that were
have purchased
approved by the voters on Jan.
GOLIAD, Tex.—BONDS AUTHORIZED—'The
election approved the issuance of $58,000 warrant
vote was 50 "for" to 2 "against."
6.
voters at a recent
funding bonds. The
HARRIS COUNTY (P. O. Houston), Tex.—BONDS AUTHORIZED—
Commissioners' Court recently authorized the sale of $75,000 hospital
The
bonds.
KAUFMAN COUNTY ROAD
Tex.—BONDS VOTED—Issuance
RIVER
CORPUS CHRISTI,
will be
the dis¬
have for the pay¬
be voted by the
property owners in the district for its future maintenance and upkeep,
including pumping repairs and administration costs.
They are unwilling
to vote further taxes against their property until some refunding plan has
trict, whose lands are
ment of their bonds.
DISTRICT NO. 2 (P. O.Kaufman),
of $70,000 road bonds has been
approved
by the voters.
again be approved by the voters.
BRZAOS
for sale for delinquent taxes, and were unable to get a
bid because of the numerous taxing agencies, demanding payments on the
identical tract.
You can readily see that a tax sale perfected by the city,
county, State, school district, road district or levee district, would have to
be sold subject to the combined taxes of all the taxing agencies claiming
against the property.
The funds of the district are practically depleted, and unless some
refunding agreement can be reached in the near future, there will be no
funds available for the maintenance and operation of the district. At present
district purposes,
sanitary sewer bonds authorized at the
be taken by the Public Works Adminis¬
PAINT
ROCK
SCHOOL DISTRICT (P. O. Paint Rock),
of high school bonds has been sold,
BONDS SOLD—A $15,000 issue
ing to the Secretary
PORT
Tex.—
accord¬
of the Board of Education.
ISABEL, Tex.—BOND OFFERING—It is stated by J. H.
for the City, that the city will offer for sale on March 2,
Painter, Attorney
Denom. $500. Dated
Prin. and int.
bonds were approved
are secured by a
properties and the pledge of the revenues of the system.
$60,000 issue of 6% water works mortgage bonds.
March 15 1936.
Due serially in from one to 25
a
years.
(M. & S.) payable at Port Isabel and Houston. These
by the voters on Jan. 25, as noted here recently, and
mortgage upon
the
1516
Financial
Chronicle
REEVES COUNTY (P. O. Pecon), T
On Feb. 8
the residents of the
county gave their approval to a proposal to issue $90,000
court house bonds.
The vote was 698 "for" to 87 "against."
The
Feb.
will
probably run for
recapture privileges after a 10 or 12
a
period
of 20
years
29
1936
with
possible
year period.
*4
authorized to sell the bonds at a private or public
sale, at their convenience. They are not a lien on Pierece
County property.
It is a utility issue with the
bridge revenues as the sole security.
If your are interested as a
purchaser, it is suggested you communicate
The commissioners
RIVER ROAD
INDEPENDENT SCHOOL DISTRICT (P. O. AmaTex.—BONDS SOLD—It is reported by the Superintendent of
Schools that $20,000 school bonds have been
purchased by the State of
rillo),
Texas.
SANGER
bonds
are
directly with Drumheller, EhrUchman
& White, Tacoma.
O.
Sanger), Tex.—BONDS
stated by J. M. Sullivan, Clerk of the Board of
Education,
that $16,000 gymnasium and auditorium erection bonds
have been sold.
PORT ORCHARD, Wash.—BONDS SOLD TO PWA—It is
reported'by
the Town Clerk that $16,000 water main bonds
have been purchased by the
Public Works Administration..
THORNTON, Tex.—BONDS SOLD TO PWA—1% is stated by the City
Secretary that $10,000 4% semi-ann. water works bonds have been
pur¬
chased by the Public Works
Administration.
SEATTLE, Wash.—BONDS CALLED—H. L. Collier, City Treasurer,
is said to be calling for
payment from Feb. 21 to March 4, various local
improvement bonds.
SCHOOL
SOLD—It is
DISTRICT
(P.
TRENTON
INDEPENDENT SCHOOL DISTRICT NO. 76
(P. O.
Tex.—BOND SALE—The Superintendent of Schools states
$11,000 4% school construction bonds has been purchased
by the State Department of Education.
Trenton),
that
WACO, Tex.—BOND
PURCHASE CONTEMPLATED—In connection
with the $68,750 street repair bonds
approved by the voters at the election
held in December, it is stated
by the City Secretary that the city is contem¬
plating the purchase of these bonds when they are issued.
WAXAHACHIE SCHOOL DISTRICT NO. 12 (P. O.
Waxahachie),
Tex.—BOND SALE—It is now reported that the
$69,000 4% semi-ann.
school bonds approved
by the voters at an election held on Nov. 7 have
been
WEST
issue of
an
at par
sold.
VIRGINIA
PARKERSBURG, W. Va.—BONDS AUTHORIZED—The'City
recently passed
an
works bonds.
Council
ordinance authorizing the issuance of $130,000 water
WISCONSIN
KENOSHA
COUNTY
(P. O.
Kenosha), Wis .—BONDS AUTH¬
County Board is said to have voted recently to issue
$160,000 in highway construction bonds, to be matched by Public Works
ORIZED—The
Administration funds.
UTAH
EMERY COUNTY SCHOOL DISTRICT
(P. O. Ca.tle Dale), Utah—
BOND SALE—The State Board of Loan
Commissioners recently purchased
$20,000 bonds of the district.
IRON
COUNTY
SCHOOL
DISTRICT
(P.
O.
Parowan), Utah—
BOND SALE—The district has sold
$10,000 bonds to the State Board of
Loan Commissioners.
MANITOWOC,
Wis.—BOND SALE—'The three issues of bonds,
aggregating $269,500, offered for sale on Feb. 21—V. 142, p. 1162—were
awarded jointly to A. G. Becker & Co. of
Chicago, and Lazard Freres &
Co., Inc. of New York, as 2.40s, at a price of 100.059, a basis of about
2.39%.
The bonds are divided as follows:
$192,500 South Side Junior High School bonds.
1955, inclusive.
VERMONT
BARRE,
POLK
Vt.—TEMPORARY
Boston has purchased
an
LOAN— The First National
issue of $70,000 notes at
0.65%.
Bank
of
ESSEX JUNCTION, Vt .—BOND
OFFERING—Allen Martin, Village
Clerk, will receive sealed bids until 8 p. m. on March
13 for the purchase of
$19,000 coupon water refunding bonds.
Dated Nov. 1 1935.
Denom.
$1,000. Due $1,000 on Nov. 1 from 1937 to 1955
incl.
rate of interest in
Bidder to
name one
a
multiple of M of 1%. Principal and interest
(M. & N.)
payable at the First National Bank of Boston. These bonds will be
valid
general obligations of the village, and all taxable
property in the village
will be subject to the levy of unlimited
ad valorem taxes to
pay both prin¬
cipal and interest.
They will be engraved under the supervision of and
authenticated as to genuineness by the
and their legality will be
approved
First National
Bank of Boston,
by Storey, Thorndike. Palmer & Dodge
of Boston, a copy of wnose
opinion will accompany the bonds when de¬
livered, without charge to the purchaser. The
original opinion and
complete
transcript of proceedings covering all details required in the
proper issuance
of these bonds will be filed with the
First National Bank of
Boston, where
they may be inspected. Delivery of the bonds will be made
on or about
Wednesday, April 1 1936, at the First National Bank of
Boston, 17 Court
Street Office, Boston, Mass., against
payment in Boston funds,
COUNTY
(P.
Balsam Lake),
O.
Wis.—BOND OFFERING—
Sealed bids will be received until 3
p.m. March 16, by V. A. Hansen, County
Clerk, for the purchase of an issue of $110,000 3% semi-ann.
highway
improvement bonds.
Denom. $1,000.
Dated May 1 1935.
Due on May 1
as follows:
$60,000, 1937, $24,000, 1938, and $26,000 in 1939.
STEVENS POINT,
Wis.—BOND SALE—An issue of $10,500 4% re¬
was sold recently to the Citizens National Bank of
Stevens
premium of $252, equal to 102.40.
funding bonds
Point for
a
WYOMING
BIG HORN COUNTY SCHOOL DISTRICT NO.
28 (P. O. Cowley),
Wyo.—BONDS NOT SOLD-—It is stated by the District Clerk that the
$12,090 not to exceed 4% semi-annual funding bonds scheduled for sale on
Feb. 4—V. 142, p. 502—were not sold because of a
legal technicality.
LARAMIE
COUNTY
SCHOOL
DISTRICT
NO.
Bluffs), Wyo.—BOND SALE—The $14,000 issue
ing bonds offered for sale
on
9
(P.
O.
Pine
of coupon school build¬
Feb. 21—V. 142. p. 829—was awarded to the
Stock Growers National Bank, of
Cheyenne, as 3^s, at a price of 100.80.
basis of about 3.38%.
Dated Jan. 1 1936.
Due from 1937 to 1952, incl.
was submitted by the Pine Bluffs
State Bank.
a
The second best bid
Financial Statement Feb. 1 1936
Assessed valuation for 1935-Total bonded debt
outstanding (not
Outstanding notes
Due from Dec 1 1936 to.
15,000 McKinley School addition bonds.
Due $1,000 from Dec. 1 1930
to 1950, inclusive.
62,000 sanitary sewer bonds.
Due from Dec. 1 1936 to 1955, inclusive.
$1,650,089
including present loan)
and orders (including present
loan)
79,500
34,000
Water bonds, included in above
$79,500
40,000
Note—Proceeds of this issue to be
applied to retire $19,000 outstanding
orders.
Canadian Municipals
Information and
Markets
VIRGINIA
COVINGTON, Va.—MATURITY—It
is stated by the City
Manager
that the $69,000 4% semi-annual
street improvement bonds purchased
by
the Citizens National Bank of
Covington, at a price of 105,407, as reported
in these columns
early in January—V. 142, p. 339—that the bonds
mature
$3,000 from Oct. 1 1936 to 1958, incl.,
giving a basis of about 3.44%.
"•DANVILLE, Va
—BOND
SALE— The
$1,513,000 issue of
coupon
WASHINGTON COUNTY SANITARY DISTRICT NO. 1
(P. O.
NOT SOLD—It is reported
by E. W. Potts,
Chairman of the Board of
Supervisors, that the $340,000 issue of water
bonds offered for sale without success on
Oct. 30 1935, as noted here at
that time, still remain unsold.
Dated June 1 1935.
Due from June 1 1938
to 1965, inclusive.
—
Abington), Va .—BONDS
WASH INGTON
CATHLAMET, Wash.—BOND SALE—The $3,500 issue of general
obligation bonds offered for sale on Feb. 17—V. 142, p. 829—-was
purchased
by the State of Washington, as 4Ms, at par.
Coupon bonds dated March
1936.
Denom. $100.
Due in 1949.
ST.
WEST, TORONTO
ELGIN 6438
or
registered semi-annual electric revenue bonds offered for sale
on Feb. 26—
V. 142, p. 1335—was awarded to a
group composed of John Nuveen &
Co.,
A. C. Allyn & Co., and C. W. McNear &
Co., all of Chicago, as 3
paying a premium of $3,479.98, equal to 100.23, a basis of about
3.23%.
Dated Sept. 1 1935.
Due from Sept. 1 1939 to 1965 incl.
This successful
group also submitted an alternate bid of 107.83 for 4s.
The next highest tender was submitted
by Graham, Parsons & Co., and
Stranahan, Harris & Co., Inc., and associates,
offering 106.375 for 4%
bonds.
An account headed by Lehman Bros, of
New York, was third,
offering 105.50 for 4s, and|100.50 for 3H% bonds.
1
BRAWLEY, GATHERS & CO.
KING
25
Interest payable March 1.
CAMAS, Wash.—BOND OFFERING—H. MacMaster, City
Clerk, will
receive bids until March 3 for the
purchase of $15,000 water revenue bonds.
Payable in 10 years. Denom. $500 and $1,000.
PASCO, Wash.—PRICE PAID—It is reported by the City Clerk that
$11,000 fire equipment bonds purchased recently
by the Bank of
Odessa, as 4s, noted here—V. 142, p. 1162—were sold for a
premium of
$35.00, equal to 100.31, a basis of about 3.85%, to optional date.
Due
$1,000 annually from 1938 to 1948; optional after two
years.
the
PIERCE COUNTY
(P. O. Tacoma). Wash .—BOND ISSUANCE
CONTEMPLATED—In connection with the report
given here recently,
the County Commissioners intend to offer
for sale $2,200,000 in
revenue bonds to be used for toll
bridge construction—V. 142, p. 1162—
we give herewith the text of a letter
sent out by the
County Clerk on Feb. 10;
Pierce County has applied to the Public Works
Administration for loan
and grant
approximating $4,000,000, to brdige Puget Sound at a
point
near Tacoma.
It is anticipated that the
government may desire to have
the county accept a
grant of 45% of the cost and sell its bonds to
private
investment houses.
The county is merely
endeavoring to ascertain if there
CANADA
ALBERTA
(Province
of)—YEARS MATURITIES PLACED AT
$21,280,000—Debt obligations of the province maturing in 1936
including
Dominion government loans, amount to
$21,280,000.
Of this sum there is
$16,880,000 shortly due the Dominion government for loans obtained
by the
province.
The balance is made up or a bond maturity of
$3,200,000 on
April 1, and one for $1,230,000 next Nov. 1.
Hon. Charles Cockroft, Provincial
Treasurer, stated the total amount of
loans made to the province by the Dominion as of
Feb. 1 last was $22,779,000.
On March 31 1935, the debt was $15,835,000.
DOMINION, N. S.—BOND SALE—W.
chased
an
L. McKinnon & Co. have
pur¬
issue of $25,000 5% bonds, due in 20
years.
ISLE
MALIGNE, Que.—BOND SALE—The $255,000 4% various
municipal purposes bonds offered on Feb. 17—V. 142,
p.
1162—were
awarded to Ernest Savard, Ltd. and L. G. Beaubien &
Co.. Ltd., jointly,
at a pi ice of 98.77.
The bonds are in two series of
$225,000 and $30,000.
All of the bonds are dated Feb. 15 1936 and will
mature as follows:
$2,000
Aug. 15 1936 and annually thereafter on Feb. 15 as follows:
$3,000, 1937;
$5,000, 1938 to 1943, incl.; $7,000, 1944 and 1945; $8,000. 1946 and
1947;
$9,000.1948 and 1949; $10,000 from 1950 to 1965, incl. and
$12,000 in 1966.
ONTARIO
HYDROELECTRIC
POWER
COMMISSION
(P.
O.
Toronto)—SELLS $15,000,000 BONDS—A Canadian
banking group pur¬
chased on Feb. 20 an issue of $15,000,000
bonds at a price of 99.561
a basis of about
2.58%.
This is the lowest cost basis ever obtained on a
sale of hydro bonds.
The new issue is dated March 2 1936 and due on
March 2 1941.
All of the proceeds will be used for
refunding purposes.
The purchase was made
by a syndicate which included the Bank of Montreal,
Bank of Nova Scotia, Dominion Bank,
Imperial Bank of Canada, McLeod,
Young, Weir & Co., Bell, Gouinlock & Co., Mills, Spence& Co.,
McTaggart,
Hannaford, Birks & Gordon, Midland Securities Corp., Hanson
Bros.,
Fry & Co. and Harrison & Co.
,
that
would be a market for such bonds in
and insists on private
case
the government approves the
grant
financing of the loan.
The bridge will cost over and above the
government grant,
approximately
$2,200,000.
It will connect the main land side of
Puget Sound with the
Peninsula area on the opposite shore and will be a
direct connection between
Tacoma and the Puget Sound
Navy Yard at Bremerton.*
In 1931 when a traffic
survey was made to determine the
earning power
of the bridge, the
ferry revenues totaled $130,000.
The history of toll
bridges on the Pacific Coast shows that a bridge more than doubles
the
ferry income the year following its construction, and
gradually increases
each year thereafter.
The traffic engineer
(Henry L. Gray of Seattle)
estimated that the income of the
bridge would be some $341,000 the first
?rear after construction. traffic of course, will make it
nvestment—in fact, the This,
engineer's estimate
a very profitable
can be
reduced very
materially and still the investment appears to be sound.
The bonds will be issued by the
county at a rate not to exceed 6% per
annum.
They will be tax exempt, but according to the law, they must be
purchased from the county at par.
It is our feeling that the contractors
would take a reasonable amount of the
bonds, say 25% of the total cost of
the foundation and superstructure.
With the government
advancing 45%
cash and the contractors
absorbing 25% of the total construction charges,
it would leave only about
30% to be marketed to the general public.
ORILLIA, Ont —BOND ISSUE APPROVED— The city has received,
authority to issue $100,000 power bonds.
ST.
LAMBERT, Que.—MEETING OF CREDITORS DEFERRED—
Bondholders of city meeting to considei a
refinancing plan proposed by the
Quebec Municipal Commission deferred action to a future date.
The
proposes that interest rates be cut 1%, with a minimum rate of
4%
that all capital maturities be postponed three
years.
plan
and
SASKATCHEWAN
(Province of)—SEEKS TO AMEND RELIEF
BOND LAW—Legislation that will enable
Saskatchewan urban and rural
municipalities to issue relief debentures for 20 year periods instead of
10 years, will be brought down at the coming
session, states Hon. R. J. M.
Parker, minister of municipal affairs. Such amending legislation is
desinged
to relieve the current levy made
necessary to take care of the principal
payments on capitalized relief accounts.
Undei the present 10 year relief debenture
plan sufficient taxes has to be
levied to take
care of interest charges and one-tenth
of the capitalization
Under the new plan only one-twentieth of
the amount will have to be raised from current
levy, plus interest charges.
represented in the debentures.
WINNIPEG, Man .—REDUCES FUNDED DEBT— The
gross funded
debt of the city was reduced from
$66,352,702 at the end of 1934 to $64,882,504 at the end of 1935, a reduction of
$1,470,198, according to the
15th report of the sinking fund trustees.
Sinking fund investments now stand at $32,002,844, whicn reduced the
debt of the city to a net of
$32,879,659, a decrease of $2,620,293
during the
year.
Relief expenditures, which have not been funded
yet, and therefore
are not included in the debt of the
city, now stand at $5,600,000.
This
amount has been financed
through loans from the Dominion and provincial
governments.
Exclusive of the investment in public
utilities, which are self-sustaining,
the net general debt of the city is $11,179,805.
I
@FedFRASER