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COPVR'QHTED IN 1937 BY WILLIAM B.
DANA COMPANY, NEW YORK,
VOL. 144.
■""•d^o3g.?'Yt'Copy"
ENTERED AS SECOND-OlASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1S7S.
NEW YORK, FEBRUARY 6, 1937.
NO. 3737.
BROOKLYN TRUST
THE CHASE
COMPANY
Chartered
NATIONAL
1866
Kidder, Peabody
& Go,
OF
THE
CITY
OF
BANK
NEW
YORK
Georgej V. McLaughlin
NEW YORK
President
BOSTON
v
PHILADELPHIA
NEW YORK
Member
The
For
Deposit
Corporation
tra-
ditionally a bankers* bank.
BROOKLYN
Federal
chase is
many
Insurance
served
years
it
has
large number
a
of banks and bankers
as
New York
correspondent
and
COMMERCIAL BANKERS SINCE 1852
depository.
reserve
\\feflsEuw>Bank
Member Federal
b
and
Railroad
UnionlrustCo.
SAN
Member Federal
Bonds
FRANCISCO
United States
Deposit Insurance Corporation
RESOURCES
OVER
Deposit Insurance Corporation
$200,000,000
Government
Securities
The
Hallgarten & Co.
Ettabllehed 1850
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
63 Wall
NEW YORK
NEW
Street, New York:»
BOSTON
Telephone: BOwling Green 9-5000
YORK
CHICAGO
Boston
PHILADELPHIA
AND OTHER
Philadelphia
Chicago
SAN FRANCISCO
London
Chicago
San Francisco
Representatives in other leading Cities
PRINCIPAL CITIES
throughout the United States
Wertheim & Co.
120
-the
Broadway
';
State and
New York
Amsterdam
London
New\ork Trust
Municipal Bonds
CARL M. LOEB & Co.
61
BROADWAY
Capital 'Funds
NEW YORK
.
♦
$37,500,000
Barr Brothers & Co.
INC.
New York
Berlin
Amsterdam
Chicago
Paris
London
ioo
broadway
57TH ST. & FIFTH AVE.
United States Government
40TH ST. & MADISON AVE.
SECURITIES
EDWARD B. SMITH & CO.
NEW YORK
State
New York
31 Nassau Street
-
Municipal
Industrial
PHILADELPHIA
Cleveland
New
•
•
Pittsburgh
York(5th Ave.)
•
BOSTON
•
Allentown
London
•
Easton
European Representative's Office:
8 KING
t
Edward B. Smith & Co., Inc.
CHICAGO
St. Louis
-
Public Utility
BONDS
LONDON, E. C 4
Correspondent
Minneapolis
Railroad
WILLIAM STREET
*
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
R.W.Pressprich&Co.
Members New York Stock Exchange
New York
Chicago
Philadelphia
San Francisco
Financial
D
Feb.
Chronicle
6. 1937
BAKER, WEEKS
&HARDEN
A.G.
Becker & Co.
Investment Securities
\::V-r Incorporated
J. & W. Seligman & Co.
•
Members
Established 1893
New York Stock Exchange
No.
Wall Street
54
New York Curb Exchange
Philadelph!a.Stock Exchange
Investment Securities
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
Graybar Building, New York
Commercial Trust Bldg., Philadelphia
Chicago
New York
NEW YORK
London Correspondents
Buhl Building, Detroit
6
And Other Cities
SELIGMAN BROTHERS
Lothbury, London, E. C. 2
'
Bourse Building, Amsterdam
52, Avenue des Champs-hiysees, Par.s
Foreign
Foreign
Foreign
Australasia and New Zealand
Royal Bank of Scotland
NATIONAL BANK
of EGYPT
Head Office
*
.
•
*
.
.
BANK OF
Incorporated by Royal Charter 1727
£3,780,192
Capital (fully paid).........
Reserve fund.
Cairo
NEW SOUTH WALES
£3,944,171
...
Deposits..................
...
£66,800,985
(ESTABLISHED 1817)
(With
which the
Bank and The
Western Australian
Australian Bank of Commerce, Ltd. are
.
RESERVE
FUND
Over
£3,000,000
....
3,000,000
FULLY PAID CAPITAL
Years
200
Commercial
of
Banking
Paid up Capital
Reserve Fund....
Reserve Liability of
amalgamated)
£8,780,000
.......
7,780,000
£23,710,000
CHIEF FOREIGN DEPARTMENT
LONDON AQENCY
6 and
8
6,160,000
............
Proprietors
Bishopsgate, London, England
Aggregate Assets 30th Sept., 1936. £115,150,000
7, King William Street, E. C. 4
HEAD
Branches in all the
OFFICE—Edinburgh
A. C.
General Manager
principal Tovms in
William Whyte
EGYPT and the SUDAN
Total number of offices, 254
Associated Bank, Williams Deacon's Bank,
DAVIDSON, General Manager
BRANCHES AND AGENCIES In the
Australian States, New Zealand, Fiji, Papua,
Mandated Territory of New Guinea, and London.
780
The
Ltd
Bank
tralasian
transacts
Banking
every
Business.
description of Aus¬
Wool and other
Produce Credits arranged.
George Street, SYDNEY
Head Office:
London Offices:
47 Berkeley
E.C.2
Street,
Threadneedle
29
Square, W.l
^Agency arrangements with Banks throughout
the
S.
U.
A.
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chief Office in New Zealand: Wellington
Sir James Grose, General Manager
London, E. C. 2, Eng.
Head Office: 8 Moorgate,
£6,000,000
Subscribed Capital
...£2,000,000
Paid up Capital..
£1,000,000
Reserve Fund
r
£500,000
Currency Reserve.
The
Bant
conducts every
description
of banking
business connected with New Zealand.
Correspondents throughout the World
London Manager, A.
O. Norwood
Hong Kong & Shanghai
BANKING CORPORATION
In
a
minute and
a
half !
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.
Authorized Capital (Hongkong
THINGS
just
a
happen fast today. One cannot afford to he
little too late.
So business
sociates
fast is
across
rency)
'
Reserve
men
turn
the
street
to
or
the
telephone to reach
across
the continent.
"Long Distance" today that connections
speed, convenience and dependability
make the
telephone
so
helpful to
so many
as¬
So
are
made
are
what
people.
-
of Proprietors
Liability
kong Currency)
(on the average) in one and one half minutes.
Its
Currency) Hf50,000,000
Paid-up Capital (Hongkong Currency)—HJ20,000,000
Reserve Fund in Sterling
£6,550,000
Reserve Fund in Silver (Hongkong Cur¬
C.
72
HJIO.OOO.OOO
(Hong¬
........
_
H$20,000,000
DE C* HUGHES, Agent
WALL STREET, NEW York
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and Uganda
Head Office:
Kenya Colony
26, Bishopsgate, London, E. C.
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches In
Subscribed
Paid
Capital........£4,000,000
£2,000,000
Up Capital
Reserve Fund
.£2,200,000
The Bank conducts every description of banking
and exchange business
Trusteeships and Executorships also
undertaken
BELL TELEPHONE
SYSTEM
LOEW'S INCORPORATED
"THEATRES EVERYWHERE"
February 5,1937
THE Board of Directors on February 3,
1937 declared
regular quarterly divi¬
a
dend of 50c and an extra
share
on
dividend of 50c per
of this Com¬
the Common Stock
payable March 31, 1937 to stockhold¬
ers of record
at the close of business on
March 12, 1937. Checks will be mailed.
DAVID BERNSTEIN,
pany,
Vice-President &• Treasurer
^r,>:
V" »'v
1JLS-I
;*£;3uvsi
ommeirm
No. 3737
FEBRUARY 6,1937
Vol. 144
CONTENTS
Editorials
Situation
Financial
-
page
------
----
-
—
821
Cooperative Societies and the New Deal
834
Administrative Demands and Democracy
836
What Reward Courage?
836
After the Hitler Speech
837
A
839
Threatening Situation—By H. Parker Willis
Comment and Review
Capital Flotations in the United States During January. 841
St. Louis Stock
Week
the
on
Exchange Record of Prices for 1936-- 844
826
827
831 & 875
European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates
and
Comment
845
Course of the Bond Market
Indications of Business
Activity----
847
825
875
-
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange.
News
Current Events and
Bank and
Trust
856
Discussions
Company Items
General Corporation and Investment
News
Dry Goods Trade
State and
—
Municipal Department
874
921
969
970
Stocks and Bonds
Foreign Stock Exchange Quotations
...
Auction Sales
920
-
New York Stock Exchange—Stock
886
885 & 896
902
905
Quotations
New York Stock Exchange—Bond Quotations
New York Curb Exchange—Stock
New York Curb
920
879
Dividends Declared
Quotations
Exchange—Bond Quotations
Other Exchanges—Stock and Bond
908
Quotations
Canadian Markets—Stock and Bond Quotations
913
Over-the-Counter Securities—Stock & Bond Quotations.
916
Reports
Foreign Bank Statements
Course of Bank
Clearings
-
830
876
Federal Reserve Bank Statements..
883
General
921
Corporation and Investment News
Commodities
The Commercial Markets and the
Cotton
Breadstuffs
Published Every
Crops.
-----
.............
960
963
967
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board
and Editor; William Dana Selbert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Saile Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O. Copyright, 1937, by William B. Dana Company.
Entered as second-class matter June 23, 1879 at the post office at New York, N. Y.t under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia. Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
Financial Chronicle
xn
THE
HOME
COMPANY
INSURANCE
NEW
WILFRED
DIRECTORS
6,
YORK
KURTH, President
STATEMENT—DECEMBER 31, 1936
JOHN CLAFLIN
LEWIS
ASSETS
L CLARKE
WILLIAM S. GRAY
Cash in Banks and Trust Companies
.
.
.
CHARLES L TYNER
United States Government Bonds
.
.
.
.
CHARLES G. MEYER
All Other Bonds and Stocks
.
.
.
.
.
.
Premiums uncollected, less than 90 days due
WILLIAM L DE BOST
Accrued Interest
WILFRED KURTH
.
.
Other Admitted Assets
EDWIN A. BAYLES
.
.
.
.
.
.
Capital Stock
HOWELL
.
...
Reserve for
GEORGE McANENY
Unpaid Reinsurance.
.
.
.
.
NET SURPLUS
-i'
-
.
1,857,664.65
2,500,000.00
Contingency Reserve
\
44,874,929.00
6,427,749.00
Reserve for Taxes and Accounts
GUY CARY
2,
.
Reserve for Losses.
FRANK E. PARKHURST
!-
1,066,307.00
$ 14,500,000.00 f
.
Reserve for Unearned Premiums.
MORTIMER N. BUCKNER
,
6,256,948.68
LIABILITIES
ROBERT GOELET
.
113,875,077.46
$139,759,200.76
GORDON S. RENTSCHLER
HERBERT P.
3,760,456.08
209,306.00
....
.
$ 14,591,105.54
....
5,000,000.001
64,598,858.11 f
•
' I
$139,759,200.76
:
FIRE
NOTE: On the basis of December 31/1936 market quotations for all
admitted Assets would be increased
AUTOMOBILE
Surplus
MARINE
and Allied Lines
as
to
regards Policy-holders to $88,729,341.57. Securities carried at $2,619,964.00 and cash
$50,000.00 in the above statement are deposited as required by law.
SURPLUS AS REGARDS
of Insurance
Bonds and Stocks owned the total
$144,389,684.22, the Net Surplus to $69,229,341.57 and the
POLICY-HOLDERS
$84,098,858.11f
$
Strength
«»
Reputation
«»
Service
The Financial Situation
means
THE President's replyoftoCongress. It takes the
the Supreme Court is
in the hands
demand that Congress make
use/of the
his
from
tion
dictatorship.
virtual
along with
tion
which leads directly toward
path,
The
is imbedded,
proposal
the
but if any
needed
evidence
of
sentence
the
which reads
"If
relieved
the
or
the world which
aim,
economic
when
we may
political action than of
action, and can be avoided only
statesmen of
all nations have a
actions.
own
economic law and
the consequences
It may be said
world, taken as a
whole, have since the war, and especially in
recent years, acted in such a manner as to
bring the world machine almost to a stand¬
our
still."
government
which
changes
—
involve
quences so
to cause
wisdom
the
mind
far-reaching
justices,
who
are
age
of
well
70
this
the
such as Germany and
special form or variety of the
Italy, it is
a
to
fit.
of
in
Even
communism.
England and France, the role of govern¬
has been
greatly enlarged and the
ubiquitous disposition to lean upon govern¬
In
Court
tion that
simple
so
of
a
Government
and it is
as
it is
as
in
the past
has caused
be
able to
cure.
concept of a totalitarian State in
nomic
sphere at least, will mark
ginning
ex¬
of
emergence
from
our
the
the
eco¬
be¬
present
difficulties.
a
Will it take for
serves?
granted that the election
returns
carry
such
a
a
mandate
be
course
will
Or
adopted ?
to
this
the
problem" could be found.
outlined is indeed simplicity itself,
of the
for
course
public duty?
quick polls taken by
the press
in
noon
the
yesterday after¬
corridors
the
Capitol
are
not par¬
encouraging.
ticularly
But
of
there
must
be
some
independence left in the
members
of
legislature,
the
national
and one can
only hope that the voice
of
the
heard.
people
The
demand
is well
the
be
will
President's
suited to
Nation
into
a
nature
which the President is marking out
it, and of the dangerous consequences to which
that
course
simple, since it would (assuming sufficient
of justices)
de¬
it awaken it
of
a sense
shock
"so¬
the selection
troubling to give
even
it the consideration it de¬
realization of the
disingenuous and sweeping in its effect
shrewdness in
more
than it has, or ever will,
Complete rejection of the
economic suffering
pro¬
"difficult
The program as
new
some
admira¬
amazed
lution"
of
and enlightened form of democracy.
It is
only the American variant of the world-wide
epidemic.
ate, when asked his view
pressed
United
think of their efforts in terms
One member of the Sen¬
posal, is said to have
the
type of totalitarianism, but are making
almost frantic endeavor to have the public
jus¬
carefully chosen by him.
President's
plainly evident.
ilar
tices, six of whom doubt¬
the
this
with¬
measure
It must be admitted that
label
ment
less would have been very
of
out
often done
upon
as
somewhere
15
proposed
so
mand
have
between nine and
Will
extraordinary
States, the President and
those who surround him are preaching a sim¬
of
it has
of
role
the socalled democratic countries of Europe, such
re¬
Supreme
the
stamp?
most
ment is
a
with
the rubber
popularly
known
as
fascism, that is expected to perform miracles.
In Russia the State, which again is omnis¬
cient, omnipresent and omnipotent, wears
State,
Thus the President would
consisting
an¬
Will
body continue to be
content
that
totalitarian
would
retire,
ever
In certain countries,
The
saw
the
assurance
from itself.
the
they
as
be
Congress?
diagnosis.
this
doubt that ignorance of
law and lack of understanding of
haps, than
justices
continue
to
or
serve
in
substance
real
and larger emphasis, per¬
before in modern times, that
government must take over many of the func¬
tions not only of private enterprise, but of
economic law itself, in order to save the world
greater
Court
age
then be free to
sign
is
of their own acts have been
peculiarly characteristic of the political lead¬
ers of the past half
decade.
Yet the world over it is being said with
present justices who have
attained
will
of
swer
recent years, pass
the
above
to understand.
What
as
the
years.
not easy
the
by
proposed, is
now
in
is
present
effected
when
method
both
necessary
it,
for each of
one
six
the
and
desirable
frankly
but
avowedly,
economic
such
Supreme
new
when undertaken
and
of
are
wisdom
questionable
Few would feel any
appointing
of
they
why
cisely
there
what
wants
privilege
six
is
the wis¬
to
as
dom of such course." Pre¬
that
probably be difficult to find a
of economic history whose
free of bias who would deny that
student
the consequences
Specifically,
certainty
far-
to cause un¬
as
to
course."
President
"in¬
says
as
as
of
President
would
It
serious
conse¬
uncertainty
the
Such changes as these
.
.
.
that the statesmen of the
in
the Constitution of
the
of their
any
of the courts
powers
Club in New
from time to time are
come
greater understanding of
have some appreciation of
neces¬
changes
clause, and do away with
reaching
the result rather of
measures
considering
of
Cause and Cure
Tuesday evening last, Sir George
Paish, well-known British student of world
economics, said:
"Long experience has caused me to come to
the conclusion that the economic crises of
closing
of the
fundamental
as
York City on
message,
these
commerce,
system of checks and balances devised by
In his address to the Economic
the
follows:
as
achieve their
sity
Government
of the President it
mind
is furnished in the
intrastate
and
the
what
in
to remove the distinc¬
volve consequences so
were
indicate
to
uppermost
was
be
due process
avalanche of words,
an
amendment it
constitutional
framers of the Constitution.
ought to be considered separately on their merits,
in
of
interstate
between
abolish the
number of other suggestions which
a
route
open
would at the least be necessary
Constitu¬
only means at its disposal to brush the
To
Supreme Court says it means.
sweeping objectives as this by the direct
and
now
form of a
what the
reach such
will
certainly lead.
General Motors Strike Situation
provide a
Supreme Court wholly under the thumb of the Presi¬
dent, which is another way of saying that the Con¬
AT A LATE hour
C"\
yesterday the situation in the
plants of the General Motors Corp. was still
much in
unsettled state.
Reports that
stitution of the United States would be laid on the
very
shelf.
general settlement was imminent were in circula¬
The
mere
President would
since
for
all
passage
ensure
of
an
Act endorsed by the
its constitutional validity,
practical purposes the Constitution
tion
and
whether
an
appeared to have
or
some
credibility.
a,
But
not, in the interval, a settlement will
822
Financial
have been
and
reached, the events of the past few weeks,
particularly those of the past week, will leave
impression and
an
which will not be
weakness of
defiant
easily
the national record
upon
of law
of
occupied, however, solely with the question
preventing future depressions
that
sure
tinued
annual message,
enforce¬
agencies to act, and the complete lack of
with making
or
improyement in business conditions con¬
The
open
lawlessness, the obvious sympathy for the
the unwillingness
not
was
Feb. 6, 1937
and
quickly removed.
or
public officials in the face of
troublemakers,
ment
stain
a
Chronicle
sup¬
of
In his inaugural, as in his earlier
he returned to his favorite theme
apace.
the
"under-privileged," remarking at
that "the test of our progress
port on the part of the general public for those who
but "whether
have
point
we
the abundance of those who have
to
more
one
is not whether
add
much,"
too little."
courteously but courageously insisted upon law
enforcement, cannot fail to leave
this
provide enough for those who have
we
mark long after
a
Catch-words
New
particular controversy is settled.
citizens
Where the catch-words of his first term were first
could be aroused to the truth of the words of the
reform, salvage (of bankrupt enterprises) and re¬
retiring dean of the law school of Harvard Univer¬
covery,
sity and world renowned legal authority, who de¬
second term
clared
and
It would be
are
sowing the wind, and
What
whirlwind.
to
seems
allowing any group of
It is not
law.
entire
to
not
order
an
the
significant
people to the effect
to be above the
executive
judgment of
a
of his lawful
excess
one seems
and
of
most
persons
merely that
non-execution
ence
our
we may reap
me
is the utter indifference of the
of
of
more
Thursday:
on
"We
encouraging if
influ¬
can
court, in
a
capacity, biit that
every¬
expect, as a matter of course, that law
be
can
infringed by
a
privileged
group
merely with impunity but with the active sup¬
and later "social security,"
seem
to be the
wealth
sharing the
fruit of recovery.
of late rather
but
are
Indeed, much that has been said
plainly implies the belief that the two
opposite sides of the same shield; that
not the most
All
possible.
Jthis, of course, has for some time
fairly clear, but the weeks that have elapsed
since
these
objectives crystallized
Policies
While the attention of the
these
to be
public is centered very
largely
upon
mobile
industry, developments at Washington
dramatic events in the auto¬
more
that lie in
ization.
or
less
message
the
on
State of
various
on
made
it
other
clear
largely
he
regards
over,
that of
these
be
a
was
democratic
he
said
on
on
perma¬
number of
a
purposes
"the
that
protected from the
Again,
of his first
recovery
causes
It
we
to
was
of previous
government has innate capacity to
people against disasters
once
We would not admit that
once
pro¬
considered in¬
considered unsolvwe
could not find
a
to master economic epidemics just as, after cen¬
turies of fatalistic
master
suffering,
epidemics of disease."
we
had found
a way
be
a
rather
official circles
general, if
to
At other points in his
inaugural the President seems to share what
vague,
seems
uneasiness
concerning the staying
power
in
of the
"prosperity" that his first term in office is alleged
to
have
created.
"To
hold
to
progress
of their real¬
1
today is,
remarkable how
is
It
Nation,
of
the
Programs
four
ward
as
today
defended in the
programs
years ago
the
Four
years ago
must have dictatorial powers
people from
a
horrible than
the President
in order to save the
situation frequently described as more
Today he must remain almost
war.
absolute monarch in order that what President
Harding called normalcy
in
a
state of
increasing
may
be maintained.
shortening hours, curtailing pro¬
wages,
duction, eliminating
or
greatly reducing competi¬
tion, inducing, almost forcing, borrowing, providing
government guarantees for borrowers who otherwise
could command
who
ness
must
of these
credit, and subsidizing all those
no
to have any
seem
real political strength.
same
drugs.
What other interpretation can be
definite
proposals
as
often
used,
placed
upon
Different
programs
are
names are
given
a
self-interests
prosperity
already
may
reappear.
Such symptoms of
become portents of disaster!"
He
of
different
presentation and another setting, and legislation is
defended
somewhat
on
substance is about the
tion
of
the
different
currency,
credit
and
granted to the President in the
in the
early
years
grounds, but the
Witness the prolonga¬
same.
similar
name
clear
as
an
powers
of emergency
of his first term, and the further
ration
ruthless
the
they day by day assume con¬
crete form and substance?
course
Busi¬
today be kept vigorous by further doses
"dulled
and
Busi¬
collapse must then be restored by
however, more difficult," he conceded, adding that
irresponsibility
of
by which a restored Nation
means
keep its health.
name
and those brought for¬
lease of life for the Reconstruction Finance
conscience,
of the
needs
prostrate and almost lifeless four
emergency
an
the
Equally extraordinary is the practical
I
identity of the
may
similar
far advanced in recovery, are to those
now
Nation
years ago
ness
Jan. 20, he said that four
evitable, to solve problems
to
as
"we of the Republic sensed the truth that
years ago
way
depres¬
emergency,
not to be merely temporary.
recovery
able.
the
pains to state.
some
6, referring to the
disasters."
tect its
President
The major objectives
policies he has likewise
Administration,
sought
on
Jan. 20,
and his task during the next four years
recent occasions been at
On Jan.
In his
formulating and giving effect to
nent, non-emergency policies.
of
the more
on
the
occasions
that
sion, and presumably therefore the
as
is for¬
or
Union,
the
6, again in his inaugural address
and
has
as
permanent problems of the Nation.
annual
Jan.
formulated,
regarded
are
the way
are
concerning the precise nature of the policies
mulating, to meet what
are
,
Same Old
tion
reveal, in part at least,
sought, and incidentally of the conception of
difficulties
the
the public
immediately
by which these ends
slowly from day to day providing further informa¬
that the Administration has
in
utterances of the President and those
the nature of the means
Permanent
a
of the essentials, if
and increasing prosperity
around him have served to
port of those who are sworn to enforce the law."
one
important ingredient, of any program
make permanent
can
been
recovery
income which is the
or
redistribution of income is
that
those of his
safeguarding of
active
lending
agency.
Corpo¬
It is still not
just what the President will demand to replace
the National Industrial
Recovery Act, but it is plain
:
Financial
Volume 144
as
a
pikestaff that he is determined to have the
equivalent of this defunct law if he
in
succeeds
and if he
can,
social and economic
men
the most formidable of the obstacles heretofore in
power
his
in
The advice reluc¬
tantly given to farmers
abundantly this
rather
year
time ago to produce
some
is obviously
no
surrender, but
confirmation, of the persistent belief that,
a
the National Government must continue to control
production and in the
to come restrict pro¬
years
duction.
Government
vading
about
the annual
come
budget
such balance, if it
any
years,
will be
result
a
expenditures but of larger Receipts.
be
optimist indeed who really
an
Apparently the Administration believes in
continued
meet the
means
It is
balanced budget within the predictable
a
future.
soothing
of the President.
message
during the next few
would
expected
the
balancing the budget to be found in
smaller
one
colossal scale are
on a
notwithstanding
increasingly obvious that
But
serve
speculation, could be diverted so as to con¬
human
our
The government
taxing
as
well
our
as
natural
resources.
must, in fact, utilize its spending-
to furnish positive leadership in long-
power
neglected matters of social security, farm tenancy,
If any
essential to permanent and per¬
as
prosperity,
not of
that would otherwise go to unwise investment
plants producing goods that cannot be sold, or
harmful
Spending
expenditures
evidently viewed
is to
with.
adequate tax policy, the purchasing
an
unemployment and conservation of national assets."
Government
words
maladjustments which business
individuals cannot cope
as
"Given
"packing" the Supreme Court one of
path will have been removed.
823
Chronicle
inflation, if it is
necessary
in order to
outlays that are considered essential,
of
making
recovery
permanent.
as a
On Wednes¬
definite meaning is to be attached to these
rather vague
generalizations,
must conclude that
we
they assert that the Federal government should con¬
tinue
a
as
permanent policy to take away in taxes
funds which
stock
our
those
to
normally would improve and enlarge
of
capital equipment and pay them out
who
lay claim to "relief," to farmers to
persuade them not to produce, and to many others
for various purposes
at
but slightly related, if related
all, to economic productivity.
This, moreover, it
must do in order to maintain a balance in the eco¬
Gould mischievous
nomic world!'
Yet in view of all that is
ther ?
in official
nonsense
far¬
go
being said and done
quarters from day to day, who can doubt
that such ideas
in close accord with the
are
plans
of the Administration?
day of this week the President transmitted, to Con¬
report of the National Resources Committee
gress a
which is described
six-year
a
carrying out
the Nation's
ties for
in
orderly development of
providing needed facili¬
The fact that the report coin¬
history has led the
that this program
dertaking.
the
an
point of time with
press
to give the impression
is primarily
to
irrigation,
combined.
for
a
flood-control
un¬
The fact is, however, that only 24% of
expenditures proposed for
devoted
of the worst floods
one
Streets
a
six-year period
drainage and
and
are
flood-control
highway construction call
25% of the funds to be expended, while build¬
ings, equipment, soil conservation, slum clearance,
and recreational projects, and
sewerage
of other
casual
the
scheme.
Even
boondoggling nature of much
The
President himself refers to
of the business
of
use
51% of the funds.
a
inspection of the projects proposed quickly
reveals
pose
long list
proposals of the usual "pork barrel" type
the beneficiaries of
are
a
the pur¬
resources" and of preparing "in advance
our
against
of the
that of providing "the best
as
any
other emergency."
At the worst, the
report and the President's evident endorsement of
it
policy.
in
boondoggling
suggest
as
a
permanent
public
At best, it clearly indicates tenacious belief
government
expenditures as a sort of balance
wheel to insure smooth
functioning of business
Diverting Funds
matters
to
we
have
New York
had
this to
"Business
no
City
way
of knowing, but it is of
stable
on
the
in
reserve
requiremnts of
banks, in warnings by the Chairman of the
Securities and
Exchange Commission about
specu¬
lation, particularly in low-priced securities, and in
much talk about further restrictions and
to be
applied to securities markets.
regulations
But it has not
yet reached the stage—and probably will not reach
the
stage—of causing the Administration to feel it
vitally
the
of
to reduce expenditures and thus
necessary
necessity for borrowing,
or
to revise its habit
financing itself through the banks.
such stage
to rise
tion
Until
is reached and interest rates
some
allowed
are
substantially, efforts to "control" the situa¬
resulting from the
government's
infla¬
own
tionary acts will accomplish nothing of real value.
The trouble with
this whole program
of making
prosperity permanent, vigorous and pervasive, apart
from its manifold
practical ineptitudes, inconsisten¬
cies, and administrative incompetencies, is that it
tries to make water
run
up-hill.
Forces which in the
past have brought disaster in their wake
fully created, and then
to
force
them
bungling efforts
by fiat to operate in
tion
are
are care¬
expected
ways
wholly contrary to human nature.
that
are
The lack of
of fundamental factors in the present situa¬
distressingly in evidence in high official
so
which
current
plans
are
examples.
men
a
EAR OVERSHADOWING the immediate banking
statistics
the further
of credit
are
trol
measures
con¬
announced late last Saturday by the Board of
interested in the maintenance of
Governors of the Federal Reserve System.
for industry and in the assurance
cordance
political and social conditions recognize
government may make
wise, coordinated policy of relieving those
Federal Reserve Bank Statement
no
address delivered
Wednesday evening last he
the contribution the Federal
through
an
say:
balanced progress
of
recent increase
member
speak for the Administration in such
little interest to observe that in
in
the
against the whole idea of "planned economy" of
just what degree the Secretary of Agriculture
able
anxiety of the Administration about the dura¬
quarters is itself the strongest possible argument
,
is
The
"Control"
bility of its "new recovery" is likewise revealed in
grasp
year
after year.
In
Credit
"a
and
resources
people."
our
cides in
as
of coordinated public works with
program
view to
by the New York "Times"
with
requirements
the
are
in two stages,
previous
intimations,
In
ac¬
reserve
to be raised and this will be effected
with half the remaining
power
exercised March 1 and the other half May 1.
to be
This
Financial
824
will mean,
when the
since last
crease
measures
are
July of 100% in
which exhausts the current
completed,
reserve
legal
in¬
an
requirements,
to raise the
power
The Board notes, in its statement,
requirements.
that member banks still will have
Feb.
Chronicle
6, 1937
ing companies, International Nickel Co. of Canada,
Ltd.
and Phelps
Dodge Corp. declared larger pay¬
Loew's, Inc. declared an ex¬
ments than heretofore.
addition to the regular quarterly
tra disbursement in
Airman Corp.
did also Collins &
of
as
is
dend
was
effected in full, and the Federal Reserve System "will
three
A larger divi¬
preceding quarters.
approximately
be
placed in
public interest
market
the
increase
position where such reduction
a
pansion of member bank
the
excess reserves
after
$500,000,000
reserves as may
a more
adapted for keeping the
banks currently in close
or ex¬
open
flexible instrument, better
position of member
reserve
adjustment to credit needs."
Such expectations are fully borne out by
statistics for the week ended last
the banking
Wednesday,
they
as
continue to reflect the plethora of idle funds.
advance of $30,000,000, but
and
otherwise
sets
Cur¬
in circulation started its seasonal rise with
rency
official
the
of member
reserves
there
were
an
modest off¬
estimate
of
excess
banks remained unchanged at
$2,150,000,000.
Gold continues to
move
to the United States from
foreign shores, and domestic production also is sizable.
In the
week to
Wednesday night, $19,000,000
added to the monetary
to
than
more
a
was
gold stocks, raising the total
$11,364,000,000, according to the credit
For
summary.
gold fund
The gold certificate
holdings of the 12 Federal Reserve Banks dropped
$1,525,000 in the week covered by the latest statistics,
Specie and
making the aggregate $8,848,389,000.
other outpayments
so
that total
of
currency
reduced cash in vaults,
fell $20,238,000 to $9,150,176-
reserves
Federal
000.
Reserve
in
notes
actual
circulation
increased $17,575,000 to $4,158,067,000.
posits with the 12 Banks
were
Total de¬
off $48,303,000 to
$7,219,244,000, the account variations consisting of a
decrease of member bank balances by $14,883,000 to
$6,757,714,000;
Foreign Trade in December
FOREIGN trade statisticsworld-wide improvement
considerable extent the for 1936 reflect to some
in business conditions and the attendant rise in world
a
drop in the United States Treasury
depression by
satisfac fcory
a
gain in foreign bank deposits by $1,318,000 to
and
$76,265,000,
a
decrease of non-member bank
deposits by $30,230,000 to $209,520,000.
remained
ratio
serve
counts
by the System
unchanged
were
at
The
80.4%.
re-
Dis¬
down $56,000 to $2,801-
000, while industrial advances receded $436,000 to
Open market operations remained in
$23,649,000.
complete
again
with holdings of bankers bills
suspense,
and United States Government
$3,081,000,
security
holdings
similarly
motionless
at
$2,430-
227,000.
countries because of their unsituation and nationalistic
many
exch ange
policies contributed to preventing foreign trade from
showing
great improvement as industry in gen¬
as
eral in 1936, but as
the
year
Reciprocal trade treaties
United States with additional countries
and such pacts
of
and France;
have
now
been entered with
the devaluation of the franc and the other
to
extent, lowering of tiade barreries by those
some
countries.
Imports of the United State in 1936 were 18%
higher than 1935, but exports
only 7% greater.
were
of Commerce attributes the cause of
to a number of factors, chiefly the
The Department
this
variation
drought in this country, which considerably reduced
potential exports of foodstuffs; the fact that
our
prices of imports have increased to a greater extent
than export prices;
purchasing
power
In the last two
and the greater improvement in our
than that of the world as a whole.
months of the year, the maritime
strike is held to have retarded exports.
the strike, however,
than
December exports
seasonally
although
November,
December imports
than in the
parison with 50c. in the five preceding quarters
well
as a
special year-end payment of $1.50
12, last.
is
Of
course
the
reason
on
company
Dec.
for this adverse action
directly traceable to the strike which has
afflicting the
as
been
for the past several weeks.
Sears Roebuck & Co. declared
a
dividend of 75c.
a
share, payable Mar. 15 in comparison with 50c. in
previous quarters; extras
Dec.
last.
Standard
were
also paid in Jan. and
The Standard Oil Co. of Ind. and the
Oil
Co.
of Calif,
each
declared
an
extra
dividend, while Columbian Carbon Co. declared
special payment and Union Tank Car Co.
quarterly distribution than previously.
a
a
larger
Two min¬
larger
there
is
a'
ment
was
and exports
each greater
were
corresponding month of 1935, which state¬
true for every
month in 1936 except Novem¬
decrease in exports from the
ber, when there
was a
previous
Manufactured
year.
products
the
were
items of export contributing to the
ber, which
was
to some
increase in Decem¬
extent offset by decreases in
shipments of fruits, unmanufactured cotton, lumber
and petroleum
was
products.
The rise in the import total
largely ascribable to larger imports of crude rub¬
ber,undressed fur skins, hides and skins, raw wool and
In
beverages,
December,
sugar,
1936,
Other items included al¬
coffee,
an
of
$36,501,000.
In
of exports
In
November,
worth
1936,
amounted to
a
$46,969,456,
an
613,528 bales, valued
shipped in
were
November.
916,979 bales,
exports
imports totaled $2,419,229,000
$2,453,487,000,
which
resulted in
favorable balance of only $34,258,000,
for any year since
lower
was
$56,768,692.
For the year 1936,
and
there
reduction from 717,276
December, 1935, shipments
worth
year
Cotton exports in
of $29,332,000.
$40,220,415, which is
bales,
A
of $223,469,000 exceeded imports by
December last
at
$244,321,000,
import balance of $14,582,000.
earlier exports
excess
and grain.
merchandise
cocoa
shipments
amounted to $229,739,000 and imports
com¬
In spite of
were
decline.
leaving
share in
total
gold bloc currencies in October last, has permitted
A FEATUREthe dividend declarations the current
of action by General Motors Corp.
week
a
a
including Canada, Holland, Sweden
nations
15
were
in declaring a
dividend of only 25c.
entered
restraints.
coholic
was
some prog¬
into by the
silk, tin and newsprint.
Corporate Dividend Declarations
advanced,
made toward the breaking down of these
was
ress
general account balance by $4,508,000 to $175,745000;
The restrictions placed on trade during the
prices.
month, however, the gold increases
have been sterilized in the so-called inactive
of the United States Treasury.
in
be deemed in
be effected through
may
operations,
declared by Purity Bakeries Corp. than
scale,
1895.
imports
In 1935, trade
amounting
to
a
the smallest
only
was
on a
$2,047,-
\
Volume
Financial
144
485,000 and exports to $2,282,874,000,
export excess of $235,389,000.
an
was
but there
During the
825
Chronicle
equipment issues
ing
the favorites.
were
market
the entire
1920s, yearly export excesses were in the neighbor¬
and
hood of $1,000,000,000
'
from that circumstance.
high
as
was
and
as
late
1930 the balance
as
Gold imports of $57,070,000 in December compare
with
$75,962,000 in November and $190,180,000 in
December,
1935.
Exports
in
$99,000
but
were
******
December; in November they
December
cessive
a
imports of the metal
net
year
the smallest of any
November
$4,451,000
was
$47,603,000.
month ince early 1934; in
in 1935.
the
For
imports
1936
year
with $354,531,000
Exports of the metal throughout the year
terminal
ADVANCING prices were
the rule
York stock market this
his
made
sternation
ers
were
for
the
When the message
on
the New
week, until President
judiciary system, yesterday.
of the President was read to Con¬
prices of stocks tumbled and much of the gain
gress,
previously recorded during the week was wiped out.
various
In
of the President calling for "reform" of
judiciary.
parts of the list, however, levels held
All groups of issues joined in the
day.
downward
trend, with the exception of some of the
base metal issues.
In the listed bond market the reserve
securities
ernment
hardly
idle
were
and
virtually
un¬
In the more speculative departments of the
quiet.
bond
market, prices tended to move upward most
of the
week, but a relapse occurred yesterday after
the Presidential message on
commodity markets displayed a rather good
tone
during much of the week, which contributed
confident
the
to
Base metal
greatly.
Increase of reserve requirements, as an¬
failed to produce any imme¬
repercussions in the stock market.
But the
buying of some classes of stocks.
prices
new
important
the judiciary was read.
The
market had to contend with several
developments, as well as continued reports of flood
to add to portfolios for the time
care
High-grade corporate bonds were equally
ton and other
diate
United States Gov¬
might have been expected.
as
requirement
proved the dominant factor of the week,
increase
The
nounced last Saturday,
Stocks were offered and buy¬
reluctant, so that sharp recessions resulted
materially above those current late last week.
damage.
not far from the previous day's
After a good start yesterday, con¬
caused in the financial markets by
was
the Federal
being.
amazing recommendations for
reform of the Federal
momentary fillip
figures.
the message
tions
The New York Stock Market
Roosevelt
a
But thereafter a tendency
changed all week, since the large financial institu¬
inconsequential.
were
in all groups were
imported and in December,
totaled $182,816,000, as compared
1936
over
Silver imports in December of $2,267,000
583,000.
1935,
were
1936 amounted to $1,116,-
$1,000,000,000, and in
were
For the third suc¬
$170,000.
year ago,
$127,000 and in
were
gained
profit-taking prevailed, and closing levels
toward
$782,273,000.
as
At the open¬
Thursday, Steel common touched par value,
on
buoyant, while grains, cot¬
were
agricultural commodities did not vary
The foreign exchange markets reflected
persistent strength of the United States dollar, and
softness
sterling and francs.
of
The French unit
under pressure
was
On
the
New
at all times.
York Stock Exchange 317 stocks
high levels for the year while 147 stocks
proposal for reform of the judiciary, which seems
touched
to be
thinly-veiled attempt to change the character
touched
present court, depressed the market sharply.
Exchange 220 stocks touched new high levels and
a
of the
The tone
optimistic until that development ap¬
was
peared, and best levels since 1931 were attained.
United
States
Steel
common
advanced
to
100
on
But the gains were modified sharply
Thursday.
Turnover on the New York Stock Ex¬
yesterday.
change aggregated between 2,000,000 and 2,500,000
sessions.
shares in each of the full
nounced
leadership in
a
rather pro¬
Industrials generally were in
upswing.
favor, while rail and utility stocks were quiet. The
week-end announcement that reserve requirements
to
are
under
increased
be
to
the full extent
on
encouragement.
some
permitted
Motor stocks were soft
Motors
realization
plants,
selling.
ter statistical
shares
Call loans
mained
On
the
also
proved
Industrial
likewise
because
"sit-down" occupants of the plants.
surged forward,
issues
motor shares
the market otherwise
the courts upheld the
property owners in the motor strike
contest with the
in the lead.
showed
good
York
Stock Exchange the sales at
shares; on Monday they were 2,357,270 shares; on
shares; on Thursday, 2,388,480 shares, and on Fri-1
day, 3,320,820 shares.
On the New York Curb Ex¬
change the sales last Saturday were 380,920 shares;
Monday, 629,345 shares;
on
on
Tuesday, 682,760
shares; on Wednesday, 776,710 shares; on Thursday,
768,275 shares, and on Friday, 1,044,435 shares.
The stock market this week was hesitant
and continued to reflect much
uncertainty
in tone
over
conditions and the General Motors strike.
with steel and
un¬
among
way
steel shares in past weeks, and further head¬
has been made the present week.
the main
Trading in
body of stocks was highly selective^ with
no
great amount of profit-taking evident in the face
of
a
growing volume of business.
market for the week was
As a whole, the
mostly irregular, with the
exception of Wednesday, when prices on that day
closed
generally higher.
Yesterday, after
a
firm
Rail and utility stocks
opening, equities suffered severe declines when the
and sonjie average
recommendations of the President in his message to
results,
compilations reflected the best levels in six years.
The
advance
was
continued and increased on
Congress
concerning the United
Court became known.
States Supreme
In the face of this and other
influences, many stocks managed to close
Wednesday, with only utility and food
adverse
ing to participate.
higher yesterday than on Friday of last week.
flood
The
companies have been an important factor in the rise
Sentiment improved materially on
largely
contentions of
but
the New
half-day session on Saturday last were 1,194,730
usually heavy backlogs on the books of the steel
Oil issues improved on the bet¬
advanced,
the New York Stock Exchange re¬
strike in Gen¬
position of the industry, while metal
dull.
Tuesday,
while
on
unchanged at 1%.
steel issues dipped on
the fruitless endeavors to end the
eral
On the New York Curb
low; levels.
112 stocks touched new low levels.
present law subdued the bulls somewhat on
Monday, but the waning flood in the Ohio Valley
gave
new
Tuesday, 2,428,500- shares; on Wednesday, 2,452,070
♦
Dealings last Saturday were fairly active, and
steel stocks assumed the
new
stocks fail¬
Steel, motor, railroad and rail
Gen-
826
Financial
Chronicle
Feb.
6, 1937
eral Electric clpsed
freight for the week to Jan. 30
on
Association of American Railroads at 659,790 cars,
yesterday at 61% against 63%
Friday of last week; Consolidated Edison Co. of
N. Y. at
45% against 46%; Columbia Gas & Elec. at
17% against 17%; Public Service of N. J. at 50%
against 51%; J. I. Case Threshing Machine at 170%
against
152% ;
International, Harvester
are
reported by the
decrease of 10,586 cars from the previous week,
a
but
gain of 37,900 cars over the corresponding
a
week of 1936.
104
As indicating the. course of the commodity mar-
against 105%; Sears, Roebuck & Co. at 84% against
83%; Montgomery Ward & Co. at 57% against 55;
kets, the May option for wheat in Chicago closed
Woolworth
at
59%
against
61%, and American
Tel. & Tel. at 183 against 182%.
closed
last
at
Western Union
yesterday at 76% against 79%
on
Friday of
week; Allied Chemical & Dye at 235 against
yesterday at 133c. as against 127%c. the close on
Friday of last week.
May
at Chicago closed
corn
yesterday at 107%c. as against 106%c. the close
on
May oats at Chicago closed
Friday of last week.
yesterday at 50%c. as against 49%c. the close on
235; E. I. du Pont de Nemours at 173 against 173;
National Cash Register at 35% against 34; Inter-
Friday of last week.
national Nickel at
64% against 63; National Dairy
Products at 23% against 23%; National Biscuit at
31 against 31%; Texas Gulf Sulphur at
40% against
yesterday at 13.20c. as against 13.28c. the close
40; Continental Can at 61 against 61%; Eastman
Eodak at 173% against 169; Standard Brands at
Friday of last week.
The spot price for cotton here in New York closed
yesterday
was
20 1/16
23%;
per ounce on
States
Industrial
Alcohol
at
39%
against 40%; Canada Dry at 28% against 30%;
Schenley Distillers at 43% against 44%, and Natiorial Distillers at
1
The steel shares
notable
one
feature
in
States Steel common,
day of this week.
this
being United
group
which touched
par on
Thurs-
United States Steel closed yester-
day at 96% against 94%
pence per ounce as
against 113%; Bethlehem Steel
81% against 81%; Republic Steel at 34% against
32%, and Youngstown Sheet & Tube at 82 against
In the motor
group] Auburn
on
Auto closed
Friday of last week;
General Motors at 67% against 68%; Chrysler at
126% against 123, and Hupp Motors at 2% against
2%. In the rubber group, Goodyear Tire & Rubber
closed
last
yesterday at 34% against 33%
on
Friday of
week; United States Rubber at 54% against 55,
and B. F. Goodrich at
road shares made
closed
week
a
33% against 32%.
favorable
ago.
The rail-
showing this week and
yesterday at higher levels than
on
Friday
a
Pennsylvania RR. closed yesterday at
42% against 41%
on
Friday of last week; Atchison
Topeka & Santa Fe at 72% against 723^; New York
Central at
against 20 5/16
pence
Friday of last week, and spot silver in
on
Friday of last week.
the
transfers
of
matter
on
the
cable transfers
as
foreign exchanges, cable
London closed yesterday at $4.89%
against $4.89% the close
on
on
as
Friday of last week, and
Paris closed yesterday at 4.65%c.
against 4.66c. the close
Inland Steel at 115
at
81%.
on
closed yester-
on
Friday of last week,
Friday of last week;
on
yesterday at 32% against 31
copper
New York closed yesterday at 44%c., the close
In
again in the forefront, with
against 21.12c. the close
In London the price of bar silver yesterday was
27% against 28.
were
as
Domestic
day at 13c., the close on Friday of last week.
15% against 15%; Westinghouse Elec. & Mfg. at 158
ex-div. against 158%; Lorillard at 26%
against
United
13.24c.
on
The spot price for rubber
Friday of last week.
European Stock Markets
r
|4 RENDS varied rather widely this week
1
on stock
exchanges in the principal European financial
On the London Stock Exchange the spirit
buoyant during most sessions, partly because of
the encouragement gained from the well sustained
centers.
was
improvement at New York.
The Paris Bourse
firm and weak by turns, with the recessions
was
more
important than the gains. French devaluation is
feared generally, owing to the increasing evidence
that the stabilization fund of that country is having
difficulty in maintaining the franc at the parity
established last Sept. 25. The French Finance Min-
istry arranged late last week
a
£40,000,000 loan
from London bankers to the French railroads, the
intent being to obtain a fresh supply of foreign ex-
42% against 42; Union Pacific at 131%
Southern Pacific at 48% against
change. Despite this extensive aid, it appeared on
Thursday that the Bank of France had transferred
46%; Southern Railway at 31% against 27, and
3,000,000,000 francs gold to the stabilization fund.
against 129%;
Northern Pacific at
28% against 28%.
Among the
oil
stocks, Standard Oil of N. J. closed yesterday at
70% against 69% on Friday of last week; Shell
Union Oil at
29% against 28%, and Atlantic Re-
fining at 34% against 34%.
Anaconda
53
In the copper group,
Copper closed yesterday at 54% against
Friday of last week; American Smelting &
Refining at 93% against 89%, and Phelps Dodge at
52% against 53%.
on
,
Trade and industrial
reports
were
mostly favor-
able, with the natural exception of the strike
news,
Steel
was
ingot production for the week ending today
estimated by the American Iron and Steel In-
stitute at
and
79.6% of capacity against 77.9% last week
50.0% at this time last
electric energy
to
year.
Production of
for the week ended Jan. 30 amounted
2,214,654,000 kilowatt hours,
according to
the
Such incidents offset the continued official
that
assur-
further devaluation is contemplated.
The Berlin Boerse was quiet and weak in most sesances
no
sions, for it is realized that the Reich is passing
through a severe economic (crisis, induced mainly
by the heavy armaments outlays and the unbalanced
national budget.
as a
The European diplomatic situation
whole remains
highly uncertain, and this added
to the discomfiture of traders and investors.
Indus-
trial production in the leading European countries
is being maintained at a good pace,
however, and
buying of stocks is occasioned by that circumstance,
especially in the London market,
A
new
account
was
opened
on
Exchange, Monday, but dealings
the main trend firm.
the London Stock
were
quiet with
Gilt-edged issues recovered
a
with
little from their recent spell of weakness which resuited from fears of higher money rates.
British
2,256,795,000 kilowatt hours in the preceding week
and 1,955,507,000 kilowatt hours in the
correspond-
industrial stocks moved upward as a whole, with
gains measured almost entirely in fractions. Anglo-
ing, week of last
American
Edison
Electric
Institute.
year.
This
compares
Car loadings of
revenue
trading favorites advanced in
Shorters
Volume
Financial
144
Court
on
trend
was
good week-end
dealings
from New York.
news
favorable at London in somewhat
Tuesday.
on
British funds
The
larger
marked
were
827
Chronicle
were
measured in small
suffered
peared
fractions, but
few issues
a
A better tone finally ap¬
larger recessions.
Thursday, owing to increased dividend
on
fractionally higher, and strength was general in the
payments by some of the large companies.
home industrial list.
industrial stocks
boom
shares
enjoyed
modest
a
price advances in the commodity, while
on
base
and
gold
Oil
metal
Anglo-Americans
tional group
issues
continued
likewise
lead
to
improved.
to better figures. The tone
The
good tone
on
at Berlin
Wednes¬
continued in
was
recorded.
day again was cheerful, with gilt-edged issues
yesterday, and
some
active trading
more
extensive gains were
:•/!
bit
a
Heavy
part of their earlier
a
losses, and other issues also reflected better demand.
interna¬
the
regained
World Armaments
higher, while most industrial stocks also advanced.
American issues that
the
are
traded at London obtained
major share of attention, however, owing to the
gains reported in cables from New York.
African
gold mining stocks showed large advances, and base
issues also
metal
maintained
was
moved
in
despite profit-taking in
ish funds
firm
parts of the list.
upward by small fractions,
while
gains.
But oil
the favorites because of the
gold
proved broadly.
demand
Brit¬
gains appeared in almost all depart¬
shares remained
situation,
tone
Thursday,
on
of the market for industrial stocks.
ments
their
The
dealings
some
marked
were
similar
and
forward.
heavy
mining
price
issues likewise
im¬
Anglo-American issues continued
Gilt-edged
yesterday,
but
securities again
week-end
were
liquidation
in
un¬
WHILE leading European nations are they
ing to find
basis
which attempt¬
some
discuss
is
which
that
presented
Monday results
on
typical of devaluation fears, which made
are
it evident that the
apprehensions.
new
Rentes
London loan failed to
dispel
marked lower, but in¬
were
dustrial, utility and bank shares advanced, while
international obligations surged ahead.
the month-end
at the
of December.
end
without
closed
The trend
vious
regarding efforts to ihaintain peace.
disclose
maments upon
The
good part of the pre¬
a
International issues remained
that
no
foreign exchange controls might be in¬
Firm
stituted.
that
in
official denial of
an
further
assurances
of
fense and
French
of the franc
marked
were
equities
were
London.
favor.
of land forces.
settlement
France
again
stabilization
soft.
Rentes
un-
by the Bank
dipped
sharply,
of
and
buying
of international
Dealings yesterday again
re¬
devaluation, for rentes dipped and
securities
also
receded.
International
firm.
were
Rather
Renewed
noted.
were
other
issues
occasioned
Thursday,
on
3,000,000,000 francs gold to the
fund.
flected fears of
most
was
opening
of
further
a
next four years.
the
current
on
point
out
or more.
the
he did last
Prices drifted slightly lower in a dull
some
session.
of the heavy industrial issues off
Dealings
The
were very
situation
was
000 marks
the
the
as
of
neglected. Nor
light through¬
unchanged
on
ease
on
Fixed-interest obliga-
was
for the Berlin
there any change on
market
exceptionally light trading.
some
weeks
side of the Polish border is
Further
reports
ing the Reich
is
line
now
are re¬
French in¬
chiefly to match
ago
was
re¬
being fortified, hastily.
like compliment,
a
It
that the German
indicate that Poland is
built in
be
to
pay¬
"Maginot"
a
as
Poland, facing German ter¬
■;
European Conciliation
GERMAN arguments in conciliation and
the lengthy European
diplomatic debate
on
sible
general settlement
continued
Most
to
losses
a pos¬
were
presented last
were
Saturday by Chancellor Adolf Hitler, in the
of
two-hour address before the all-Nazi
a
The references to
leader
man
were
a
course
Reichstag.
foreign affairs made by the Ger¬
considered rather
don, Paris and elsewhere, but it
basis for further discussions
negative in Lon¬
was
seems
admitted that
to exist.
deed, close examination of the pronouncements
casioned
increase
an
a
to
is at
Herr
Hitler
furnished
an
the Reich
war
guilt which underlies the Ver¬
solemnly repudiates
He added that the period of surprises
end, and that Germany is quite ready
cooperate with other European nations.
taken
brought
the
Leon
up
to
answer
some
of
the
Pains
specific points
recently by Foreign Secretary Anthony
Britain, but scant reference
was
made
conciliatory speech of the French Premier,
Blum.
It
would
appear,
the British and the French
into
oc¬
optimism in the British
that
stigma of
were
In¬
modest Saturday "surprise" in the form of
declaration
now
of
chancelleries.
French
only
to
were
designed
are
headlong rearmament of the Reich.
ported from Berlin
others
Wednesday,
cost this year.
arms
course,
Eden of Great
tions
those of France.
even
ported to have arrived at the estimate of 12,600,000,-
Tuesday, with leading speculative issues off and
hardly traded at all.
far outdo
investigation, British experts
sailles treaty.
a
the
over
It would seem, if London estimates
year
After careful
lor
market, with
calling for expenditure
correct, that German military expenditures for
are
a
Saturday.
program
19,000,000,000 francs spread
the
as
approval
outlay of 19,000,000,000 francs this year, and
should be felt in all German circles after Chancel¬
announcement,
of de¬
and motorization
navy
The debate ended with full
supplementary
Monday to reflect the enthusiasm that presumably
an
the nationaliza¬
coordination
policy of the Blum regime, which calls for
and
surprisingly, the Berlin Boerse failed
Hitler makes
factories,
a
which
in
higher in
bank, utility, chemical and other equities
were
issues
cheerful
transfer of
French
also
a
a
Tuesday
military services, extension of fortifica¬
liquidated, while
The international section remained in
After
touched upon as
were
is antici¬
oil stocks reflected the interest shown in such shares
at
concluded last
tions, augmentation of the
of the
higher piling of ar¬
national defense,
on
armaments
ritory.
pated, and rentes finally
that session.
given Wednesday
were
devaluation
debate
such matters
tion
an ever
armaments in European countries.
Parliament
French
protracted
Rentes
change, but French equities
demand, notwithstanding
rumors
uncertain
frantic rate,
a
perhaps the best available indication of
real sentiments
creases,
much
advances.
was
less active.
was
generally declined and lost
keen
6y2%, against 5%%
carryover was
Tuesday, and business
on
Money for
at
arm
coun¬
Recent reports
an
Paris Bourse
can
upon
general settlement of differences, all
tries in the world continue to
settled the London market otherwise.
The
a
consideration.
however, that both
arguments
were
taken
Financial
828
After
of the
lengthy discourse 6n the internal affairs
a
Reich, Chancellor Hitler turned to the inter¬
national
aspect of affairs and made much of the
restoration of national honor
of
office.
He
administered
this
German
declared that the
and the Reichsbank
as
during his four
statement
railways
longer qre to be considered
no
the
under
rather
was
years
Versailles
regime, but
since the
superfluous,
Versailles
status
followed
sweeping assertion liquidating "that part
a
of the Versailles
of
really lapsed years
There
ago.
treaty which deprived our people
equality and degraded it to the status of
ferior
nation."
And
Chancellor
Hitler
speech really presented no surprises, since the re¬
restoration of
sovereignty
little
a
point
surprises is at
"As
end.
an
State with equal
a
rights, Germany with full loyalty henceforth will
her
do
share
added.
In
in
settling European problems," he
succeeding
made clear
some
the German leader
passages,
of the bases of
cooperation,
viewed in the Wilhelmstrasse.
are
as
they
The demand for
that the
does
desire
not
colonies
Communism
said.
concerned, he
scored and linked with
of the
one
countries
from
once
by
criticized
determination
a
to
speech
from
eration in
the
were
raised
points
at
made
by Herr
various times
by
The isolation
the Reich to abandon does not
fact, Herr Hitler said, and he cited in
his
contention
Anglo-German
the
sup¬
naval
treaty, the pacts made by the Reich with Poland and
added
also
Russia
sible.
In
pressed
with
Little
Japan.
expressed with the aim of the British
that
naturally
camps
nations, Herr Hitler
re¬
started
were
Just what
such
a
decided
Turkey
terms
has
man
are
countries.
no
With
France, he stated, Ger¬
quarrel, and it
was
German Government has assured
land that it is
the
added that there
humanly conceivable points of dispute.
no
prepared to recognize and guarantee
inviolability of their territories.
tions
are
maintained
Hungary,
The
Belgium and Hol¬
Cordial rela¬
by the Reich with Yugoslavia,
Bulgaria, Turkey and Greece.
conciliatory, by turns.
determine the
can
just
as
He declared that only Ber¬
arms
needed by
But he also made much
the Reich,
of the offers
formerly made for a standing army of 300,000 men,
if
France
and
exceed that
larly
to
Great
Britain
would
agree
not to
figure, while reference was made simi¬
the
suggestion
of
some
years
Foreign Ministers,
These talks
Dardanelles.
the
in
concern
a
number of capi¬
f
in
Italian
and
it
insert
of interest
official
seems
that
wedge between Tur¬
a
Count Galeazzo Ciano conducted
conversations
for
Italy, while Tewfik
delegation.
Also
another illustration of the curious
was
diplomatic finesse in German circles.
Hitler
circles
possible
issued
a
brief
decree
last
Chan¬
Saturday
prohibiting the acceptance by German nationals of
Nobel
prizes, this being
an
obvious reference to the
award of the 1935 Nobel peace
Ossietzky,
Nazi
the
peace
regime.
prize to Dr. Carl
von
advocate imprisoned by
the
This action created
impression in Sweden, and
to
have swept away much
the Reich built up
was
most painful
a
said in
some
reports
of the goodwill toward
in the last two
years.
On the
London alone can fix the limits of British
armaments.
conversations in Milan
are
refortify
to
antagonism
Spanish Rebellion
question of armaments, Herr Hitler was aloof and
lin
even
•
Rushdu Aras headed the Turkish
Chancellor also tried to be
some
ex¬
Italy might exact in return for
Communism,
Milan
the German
to
was
Wednesday, with the general aim of
Rome will attempt to
cellor
But
concern
Comments in Moscow
country.
gesture caused
lack of
as
some
German Government influence has occasioned
tals.
and
reassuring,
exclude
to
obtaining Italian adherence to the Montreux treaty
permitting
Communist
opposition.
wish
regarding problems of mutual interest.
marked, while of late the tendency has been toward
anti-Communist
ends,
negotiations hardly is admis¬
European diplomacy,
split into two factions.
just that by aligning Europe in opposing
posi¬
importance, but indicative of the trend
the
of victorious and defeated
same
caustic.
were
Of lesser
key and Russia,
The Versailles treaty first
more
France remains ready
German
the
that
from
Foreign Secretary to prevent Europe from beingdid
far
the failure of Chancellor Hitler
over
toward
pact
a
speech last Sunday that Ger¬
a
Czechozlovakia
mention
to
a
anti-Communist
coop¬
Foreign Minister Yvon
to methods.
as
Soviet
of
indi¬
was
try all means of reaching an accord, he said, but
he
the
was
speech.
and France appear to desire the
Austria, the intimate collaboration with Italy and
patience
the
on
Helbos declared in
many
on
simply
European settlement has not been aban¬
a
tive stand
-
was
negative, but it also
was
The French authorities took
doned.
was
complaint
between the Italian and Turkish
Secretary Anthony Eden.
of
port
it
The League of Nations
references
that Mr. Eden urged
exist in
prevent
was ex¬
body.
extensive
Foreign
to
again
bitterly and^Herr Hitler urged ^consti¬
tution of that
Hitler
was
pet predilections of thq German dictator.
spreading in Europe.
Some
again
Judaism, in accordance with
Herr Hitler's hatred of Communism
pressed
thus
not
British
The
quite definitely that hope for German
to
reiterated, but Germany
address, not a great deal was said
matter.
the
was
spokesmen
In British references to
in London.
up
but differed
settlement
British
number of occasions
on a
question of relinquishing colonies can be
no
brought
cated
firmly.
categorically
restoration of the colonies taken from the Reich in
war
In London
Hitler maintained the German view¬
colonies so
on
this
of diplomatic
full
the German railways
disappointment seemed to prevail, possibly
because Herr
Versailles pact.
era
clause and the
over
and the Reichsbank do not mean much.
that
With these declarations, the Ger¬
guilt
the war
of
pudiation
bility for the World War, which is written into the
spokesman indicated that the
It was
in the German capital that the
even
Herr Hitler's
man
naturally varied, but in most
diplomatic negotiations apparently remains.
recognized
have stated
responsi¬
6, 1937
capitals it was admitted that a basis for further
de¬
then
clared annulled the confession of German
leader
German
the
in¬
an
Feb.
Chronicle
ago
for
IITTLE change was apparent in the Spanish situa-
■1—'
tion this
week, other than
insurgents of their attacks
port of Malaga.
aid from
resumption by the
the Mediterranean
The endeavor to prevent further
reaching either side still is in
London, but
conflict
a
on
so
remain
progress
in
far the international aspects of the
serious
and
threatening.
Russia, Germany and Rome all
are
France,
in agreement,
equality with France and Great Britain in the air.
according to their notes to London, regarding the
these pronouncements by
advisability of halting the flow of munitions and
International views
on
Volume
Financial
144
'"volunteers"
that full
of
to
Spain.
interim
the
It would
however,
seem,
advantage is being taken by some countries
period, before the restrictions can
be declared effective.
London
dispatches of Wednes-
day stated that another large contingent of Italian
"volunteers" had
been landed
emphasized
was
on
the
same
day, when Span-
airplanes bombed but narrowly missed the Brit-
ish
battleship Royal Oak, in the straits of GibralRebel
forces
renewed
early this week their
attempt to take Malaga, and by Thursday the oppos-
ing armies
were
said to be locked in
fierce strug-
a
gle.
Gibraltar dispatches indicated that the rebels
were
closing in
fence
the city, despite a desperate de-
on
by loyalist contingents.
of the war,
around Madrid, hardly
this
noted
In the main theater
Bad
week.
change was
any
weather
and
mud
deep
Foreign
received formally into the fold.
were
Minister Konstantin von Neurath, Finance Minister
Count Lutz Schwerin von Krosigk, Economics Minister Dr. Hjalmar Schacht, and several others all
embraced the faith, formally at least.
Cadiz to aid the
at
ish
tar.
then
„
Russian Plots
The danger of other complica-
Spanish insurgents.
lions
829
Chronicle
has been made by 17
prominent Russians for their alleged crimes
of treason, espionage, sabotage and conspiracy, for
»which they were tried and convicted last week, but
rT% ERRIBLE expiation
the great questions raised by such strange trials
remain. The high Soviet Court decided last Saturday that 13 of the self-confessed guilty should be
put to death and the sentence was carried out on
Monday.
Of the remaining four, Karl Radek,
Gregory Sokolnikoff, and V. V. Arnold were sentenced to imprisonment for 10 years, while M. S.
hampered operations early in the week, and when
Stroiloff received an eight-year sentence in prison,
the skies cleared
Many attempts have been made by outside observers
to account Tor the eagerness with which the accused
the
to the south of the
loyalists claimed small gains
•/
capital.
confessed their guilt, and in some cases even called
punishment to be visited upon them-
#
The Trend
in
Germany
j.Qr ^.jie
1ITTLE information of a basic nature as to German selves, but it may easily be that the only real and the
plans for financial and economic procedure
is to be found in the Russian temperament answer
revealed
was
by Chancellor Adolf Hitler, in his long
address before the
Government
Reichstag last Saturday.
finances,
which
everywhere, apparently
As
his
foremost
Living standards of
extremely low,
for
means
main
marked
tion of
raw ma-
the German people,
to be improved,
are
but the
accomplishing this ^laudable purpose revague.
In retrospect, Herr Hitler re-
quite
that
had to be
of
four-year plan for making the
independent of foreign supplies and
terials.
now
concern
not even touched upon,
were
aim, the German leader set the
full execution of the
Reich
causing
are
Reich
livelihood of
the
65,006,000 Germans
assured, and he admitted that the
employment involved
German
natural
a
crea-
ruthless exploitation
"It
resources.
has
been
our
strange psychological excrescences
Communistic experiment.
produced by the
The trials themselves, it
is suggested by some who have lived long
probably
among
in Russia,
engineered largely to placate sentiment
are
oppressed Russian masses and
the
Thus, Walter
Duranty,
special correspondent of the New York
"Times,"
economic life.
walks of
notes sagely that production
was
of pig iron on Jan. 31
only 67.7% of the program; steel, 76.5%, and
Coal production was 85.7%,
rolled metal, 86.9%.
and freight car loadings only 76.2%.
Leon Trotsky,
from his refuge in Mexico, suggests much the same
and
thoughts,
his views naturally carry weight,
since he is accused as the arch
conspirator.
t
•aim," he continued, "to make strikes and lockouts
Security
impossible.
now
is assured by
fictitious value of money,
•duction, which gives
tion is
our
but by virtue of real
money
its value.
the vaults of
some
was
given
subsequently
German population desires not only
Markets must be found
abroad, he said.
over
Much of the address
to a laudatory account of Nazi
complisliments in recent
A long-term
years.
ac-
pro-
for beautifying Berlin, Hamburg, Munich and
gram
Nuremberg
was
terprises also
announced, and other cultural
were
foreshadowed.
tion is to be formulated
as
law for
Some
such
all
Germans."
constitution
a
A
new
en-
constitu-
"the imperishable basic
indications
might contain
were
of what
afforded,
meanwhile, in the extreme regimentation displayed
by the Nazi Reichstag.
state,
rose
proval
rent
•came
was
The members, dispatches
with curious unanimity when their
required for
an
act continuing the
regime for another four years.
to
its feet and sat down
well-trained company
apcur-
"The assembly
again exactly
as
a
of soldiers might come to at-
tention and relax
again at the word of command,"
said Frederick T.
Birchall, special correspondent of
the New York "Times."
After the
Reichstag session
tended, the Cabinet met, and all non-Nazi members
last Saturday through the selection by Emperor
Hirohito and his advisers of General Senjuro
Hayashi
as
Premier.
The military branches of the
government, which hold the power of veto over the
work, but also to eat.
at home and
be in
bank."
But Chancellor Hitler also admitted
that the large
may
/CABINET difficulties in Japan were adjusted
pro-
Such produc-
gold coverage, not metal which
Japanese Government
national
But security does not exist by virtue of the
unity.
to
our
divert
attention from bad records being made in various
formation of any regime, agreed to this selection,
and
a
general attitude of conciliation thereupon
General Hayashi was chosen after the
prevailed.
Army objected to General Kazushige Ugaki as Pre-
mier, and it would seem that the militarists had
things very much their own way.
ous
Despite this obvi-
fact, however, Japanese business and financial
leaders
were
reliably reported as relieved over the
outcome of the crisis.
Spokesmen of the high mili-
tary command insisted that the militarists were not
trying to impose a Fascist regime or a military dic-
tatorship
on
the country, which probably aided sen-
'timent somewhat.
General Hayashi found it a bit
difficult to form a complete Ministerial list, and he
announced last Tuesday that he would assume not
only the Premiership, but also the Foreign Affairs
and Education posts, for the time being.
nance
The Fi-
Ministry will be headed by Toyotaro Yuki,
President of the Industrial Bank of Japan, while
staunch militarists naturally occupy the Army and
Navy posts.
In order to provide time for the formu-
lation of policies, the Diet was requested to remain
in suspension until Feb. 10.
830
Financial
Discount Rates of
Foreign Central Banks
1
Chronicle
reveal
Feb.
increase
large
a
bringing the total
THERE have been no changes during the week in
the discount
of
of the foreign central
rates
banks.
Present
any
rates
the
at
leading centers
are
shown in the table which follows:
The Bank's
70.60%
last
Feb.
vious
Established
5
Rate
Mar.
3X
Argentina..
Rate in
Date
Effect
Country
Feb.
1 1936
vious
Established
Holland
5
Rate
'
2
Dec.
2 1936
July
10 1935
4
Hungary
4
July
1 1935
4H
India
3
Nov. 29 1935
2
May 15 1935
2X
Ireland
3
June 30 1932
6
Aug. 15 1935
7
4X
May
18 1936
Canada
2 X
Mar. 11
3.29
Apr.
6 1936
4
Jan.
24 1935
*X
Java..
4
July
18 1933
5
Jugoslavia
2X
4X
3X
3X
Aug. 28 1935
4
Belgium
Bulgaria...
Austria
3X
Batavia
...
Chile
~
Colombia..
Italy
1935
Japan
3
vakia
Jan.
3
1 1936
Morocco.-.
3X
Jan.
Feb.
1 1936
BANK
OF
♦Gold holdings
Credit bal's abr'd...
21
6
Norway
4
Dec.
19 1936
3X
Poland
5
Oct.
25 1933
6
2X
Portugal...
5
Dec.
13 1934
5X
b Bills
Estonia
5
Sept. 25 1934
5X
Rumania
Dec.
7 1934
6
Note circulation.
5 1936
4
4X
South Africa
May
15 1933
4
28 1937
2
Spain
5
July
10 1935
Sept. 30 1932
5
Sweden
Jan.
4 1937
7
Switzerland
2X
IX
Dec.
6
Greece
Dec.
Jan.
4
_.
*X
3*5
2
France
4 1934
French
a
bills
5X
Cred.
1933
3
c
Nov. 25 1936
2
1
Jan. 29,
Foreign Money Rates
Francs
8,515,371,112 9,210,068,050 3,555,055,879
1,424,320,775
1,314,685,918
952,481,324
3,701,497,007 3,350,363,597 3,233,832,405
+ 1,143,000,000 87,687,466,485 81,503,345,245 83,344,122,130
—1,340,000,000 17,235,771,033 10,885.806,864 18,298,749.067
No change
__.
accts...
curr.
Temp, ad vs. with¬
out int. to State..
+ 374,000,000 19,772,092,309
on
—2.75%
54.67%
a
as
on
Friday of last week,- and 9-16@5/8% for three months'
against 9-16@%%
Money
on
call in London
on
on
Friday of last week.
Friday
Gold
70.60%
80.56%
Includes bills purchased In France,
b Includes bills discounted abroad,
resenting drafts of Treasury on 10-billion-franc credit opened at Bank.
IN bills Friday market discount rates 9-16%
LONDON open
9-16%
against for short
as
Francs
+ 141,000,000
*
bills,
Francs
+ 1,344,000,000
hand to sight liab.
were
1.'
Feb. 1, 1935
31, 1936
commerc'l
discounted.,
bought abr'd
Fropor'n of gold
on
Jan.
1937
—3.000,000,000 57,358,742,140 65,223,422,365 81,879,707,304
—2,000,000
11,360,195
9,127,502
9,767,130
Adv. agst. securs...
Germany
}/%%.
was
is
COMPARATIVE STATEMENT
Francs
6
Oct.
Finland
FRANCE'S
6X
4X
3X
May 28 1935
June 30 1932
.
com¬
years
4
Oct.
_
A
three
for
•
5
1935
items
Changes
2
_.
abroad
1,340,000,000 francs.
various
for Week
4
Danzig
balances
furnished below:
England...
Denmark
of
the
5
1 1935
July
of
3.65
14 1937
::
5X
dX
5
.
Lithuania
Czechoslo¬
accounts
parison
54.67%, compared
now
Credit
year.
pre¬
Date
Effect
A
decline of 2,000,000 francs and creditor
a
current
Pre¬
Rale in
Country
ratio is
reserve
register
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
francs,
1,143,000,000
to 87,687,466,485 francs.,
up
circulation stood at 81,503,345,245 francs.
year ago
with
of
1937
6,
At
Paris the open
Rep¬
26, 1936, In accordance with de¬
Immediately following devaluation,
were revalued Sept.
valuation legislation enacted on that date.
10,000,000.000 francs of the Bank's gold was taken over by the French stabilization
fund, but It was announced a few days thereafter that 5,000,000,000 francs of the
gold had been returned to the Bank.
pean Banks" on a
See notation to table "Gold Bullion in Euro¬
subsequent page of this Issue.
Note—"Treasury bills discounted" appeared In blank in the statement of Sept. 25,
as
all of these bills had matured
and have since been transferred
to the account
"Temporary advances without Interest to the State."
Bank of
market rate remains at 4%% and in
Switzerland at
holdings of the Bank
c
1M%-
THE Bank'sslight increase in gold datedbullion 30
quarterly statement and Jan. of
showed
a
Bank of England Statement
which brought the total
40,000 marks,
THEgain of £107,277 in week ended Feb. 3 shows
statement for the gold holdings raising the
a
total
to
187,547
which
£314,167,237
The affect of the gold increase
a year ago.
in the direction of
than counteracted
with £201,-
compares
enlarging
by
an
reserves was
much
more
expansion of £5,014,000 in
circulation and consequently reserves decreased £4,-
Public deposits
906,000.
rose
deposits fell off £2,485,552.
£2,317,547
was
other
from
£81,000 while other
Of the latter amount
from bankers accounts and £168,005
The
accounts.
reserve
dropped to 38.70% from 41.40%
it
year
was
increased
40.66%.
Loans
on
a
week
ago;
last
government securities
Of the £706,563, £502,568 represented
addition to discounts and advances and
securities.
an
£203,995 to
904,000 marks.
000
are
A
year ago
and the year
marks
The proportion
circulation
is
before 79,782,000 marks.
1.5%,
now
was
1.99%.
to 66,-
up
gold aggregated 76,618,-
of gold and foreign
1.7%.
was
An expansion in
note
currency to
slightly lower
previous quarter, when it
than
Last
the
year
circulation
note
it
of
421,000,000 marks, increased the total outstanding to
4,799,774,000 marks
marks
a
showed
year
compared with 4,097,788,000
Reserves in foreign
ago.
loss
a
of
130,000 marks and
currency
other
maturing obligations of 47,343,000 marks.
exchange
and
checks,
advances,
daily
Bills of
and investments
register increases, namely 407,217,000 marks, 28,583,000 marks and
Below
furnish
we
a
1,005,000 marks, respectively.
comparison of the different items
for three years:
No change was made in the 2% discount
Below
rate.
proportion
£1,814,000 and those on other securities
£706,563.
Germany Statement
REICHSBANK'S COMPARATIVE
STATEMENT
the figures with comparisons for
Changes
several years:
BANK OF
Assets—
ENGLAND'S COMPARATIVE STATEMENT
Reichsmarks
Gold and bullion
Feb. 5,
Feb. 7,
1937
1936
Feb. 6,
1935
Feb. 7,
Feb. 8,
1934
1933
+40,000
Bills of exch. & checks
...
357,380,130
Other assets
133,466,227
100,699,345
32,766,882
90,308,315
29,271,405
12,146,508
17,124,897
45,554,211
127,934,341
38.70%
2%
Bank rate..
40.66%
2%
47.53%
2%
53.98%
2%
5,411.000
31, 1936 Jan. 31, 1935
Reichsmarks
Reichsmarks
76,618,000
79,782,000
20,264,000
21,316,000
5,135,000
4,630,000
3,962,822,000 3,620,884,000
189,063,000
221,463,000
72,061,000
81,238,000
664,106,000
759,481,000
696,487,000
610,401,000
Liabilities—
Notes in circulation
+421,000,000 4,799,774,000 4,097,788,000 3,660,096,000
—47,343,000
706,568,000
679,402,000
821,969,000
+ 10,301,000
349,754,000
270,150,000
277,684,000
*4
Oth. daily matur. oblig.
Other liabilities
Propor'n of gold & for'n
curr.
to note circula'n
1.5%
2.30%
1.99%
New York Money Market
Proportion of reserve
liabilities
18,063.000
—130,000
Investments
13,501,583
66,904,000
+407,217,000 4,858,062,000
—85,689,000
190,856,000
+28,583,000
64,718,000
+ 1,005,000
525,170,000
+32,285,000
767,703,000
.
Advances
457,311,000 399,832.757 376,987,922 368,184,624
16,534,575
10,989,105
17,272,431
12,215,000
134,379,254 139,901,921 143,416,826 137,577,251
Bankers' accounts96,105,653 102,876.738 104,069,033 101,440,533
Other accounts--38,273,601 37,025,183 39,347,793 36,136,718
Govt, securities
80,450,953 79,415,001 82,911,413 69,540,610
Other securities
27,448,378 28,294,745 19,183,655 19,864,877
Disct. & advances.
8,417,442
14,440,137
9,276,686
8,520,709
Securities
9,906,969
11.447,435
13,854,608
18,927,669
Reserve notes & coin
56,856,000 61,354,608 76,034,186 83,602,401
Coin and bullion.
314,167,237 201,187,547 193,022,108 191,787,025
Circulation
Public deposits
Other deposits
Reichsmarks
—8,606,000
Of which depos. abr'd
Res've in for'n currency
Silver and other coin.._
to
Jan. 30, 1937 Jan.
for Week
30.99%
2%
A SLIGHT hardening of rates on the onlymaturi¬
longer reflec¬
ties of bankers acceptances
was
Bank of France Statement
THE weekly statement dated Jan. 29 shows a loss
gold holdings of 3,000,000,000 francs, the
tion in the money
announcement
by the
in
Federal
change in the item since the week of Dec. 4,
will be increased
first
1936.
Gold holdings now aggregate 57,358,742,140
francs, in comparison with 65,223,422,365 francs a
year
discounted,
against securities, and temporary advances
ago.
advances
commercial
French
without interest to
State
1,344,000,000 francs,
000,000 francs
bills
record increases, namely
Board of
Reserve System
that
days
the
were
unchanged,
reserve
as
Commercial
per¬
they will be payable before
requirement increase takes full effect.
Bid and asked levels
the bid level
requirements
Bills due in 30 and 60
were
raised
four months bills, while for five
Notes in circulation
Governors of the
reserve
progressively to the full extent
mitted under present law.
141,000,000 francs and 374,-
respectively.
market this week of the week-end
was
raised
paper
1-16%
on
three and
and six months bills
J^% and the ask level 1-16%.
rates
were
unchanged.
,
Little
Volume
business
Financial
144 7,
Course of
done in such sections of the market, as a
was
831
Chronicle
Sterling Exchange
spirit of caution naturally prevailed after the an¬
The
nouncement.
Treasury sold last Monday an
issue of $50,000,000
discount bills due in 273 days,
and awards made at
computed
on
discount of 0.401%,
average
1%
the New York Stock Exchange,
on
and time money remained available at
maturities to six
months, but
New
brokers loans,
York
Stock
1%% for all
in circula¬
rumors were
tion that these rates may be
hensive
Call
annual bank discount basis.
an
loans held to
an
raised.
The
compre¬
of
tabulation
Exchange
covering the month of January, reflects
decline of such loans in the amount of $25,053,069,
a
to
a
total of
$1,026,372,092.
STERLING exchange ruled at andlow levels
is dull
on several
occasions
at
uncertainty
reported
The market for time money is
standstill,
this
week.
having
transactions
no
been
nominal
continue
Rates
1/4% for all maturities. The supply of prime
at
commer¬
cial paper
importance
market
Rates
been
%% for choice
are
to six months and
1% for
The
exchange./
been
has
for
range
and
$4.88%
between
$4.90 1-16 for bankers' sight bills,
compared with
a
of between $4.89% and $4.91 last week.
for cable transfers has been between $4.88 3-16
correspondingly active.
running from four
names
names
less known.
with
$4.90%, compared
and $4.91 1-16
$4.89 11-16
The increase announced
the
Jan. 31 of 33
on
1-3% in
The present action of the Federal
Reserve Board increases
full extent allowed
given in
movement
some
money
Details of the increase
The action has been
columns.
advance in both short- and
an
rates.
short-term
Present
requirements to the
time and is viewed as part of a
effect
to
reserve
by law.
our news
expected for
long-term
ago.
important influence on future exchange
an
and money rates.
Bankers' Acceptances
of between
range
a
week
a
The
requirements of member banks is likely
reserve
to exert
are
has
also to be in doubt, a factor of
foreign
to
of
direction
The
agreement.
currency
sterling this week
has shown moderate improvement this week
and
the
foreign exchange and the monetary
money rates appears
was
ruling quotation all through the week for both new
a
the
respecting
quarters
of
element
an
range
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
at
important
of
is
There
arrangements of the several nations adhering to the
tripartite
and
still
in
course
This is contrary to the
1.
trend.
seasonal
as
as
range
New York Money Rates
loans and renewals.
week
time since Jan.
any
normal
future
this
rates
bankers and the low rates
unprofitable
are
to
the best security have
on
THE market for prime week. The demand con¬
been
quiet this bankers' acceptances has
no
tinues
yield of government issues have long been regarded
very
good but bills
advanced
were
on
still
are
asked columns for 90 and 120
in the bid column and 1-16 of
for
bills
very
Rates
scarce.
Monday 1-16 of 1% in the bid and
running for
day bills and % of 1%
1% in the asked column
and
150
days.
180
Official
as
a
if
not
of credit and currency inflation
source
controlled,
must
steadiness of foreign
of
action
Federal
the
issued by the Federal Reserve Bank of
New York for bills up to and including 60 days are
money,
bank
Reserve
of
been evidence
as
5-16% bid and %% asked; three and four months,
%% bid and %% asked.
The bill-buying rate of the
%% for bills running from
It should be noted that London bankers have
time been
some
the
advocating higher
Prime eligible bills
Bid
%
Bid
Asked
Yi
s16
s,6
X
Asked
Bid
5is
%
7is
60 Days
FOR DELIVERY WITHIN
Rates of the
or
a
and
more
even
tive issues.
increase in
yields
on
to the
private issues
Reserve Banks
now
various
classes
Reserve' banks:
of
paper
in effect
the
following is the schedule of rates
different
at
'7,;,,v..i>;.-£ {■
J
DISCOUNT RATES OF FEDERAL RESERVE
more
attractive
investing public.
authorities
the
long resisted
have
sug¬
Though
ness.
.*77
■
BANKS.
can
hardly be
It is not believed in either London
New York that any
or
position
of the bankers'
logic
longer denied.
rates
the
conservative elements
Treasury paper as a sure method
of making first-class
Government
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
The
more
attention to somewhat specula¬
London bankers have been urging an
been turning
markets may assume
for
neglected for the past
gestions of this type, but it is now believed that
K
%% bid
%% bid
Federal
have
as
Asked
THIRTY DAYS
-
...
H
year
30 Days
-
Eligible non-member banks
Discount
Asked
Y
90 Days
Eligible member banks
Bid
Asked
%
Bid
Prime eligible bills
120 Days
150 Days
Asked
for
rates on
Gilt-edged
stimulant to trade activity.
issues in London have been
180 Days
money
ground that the prevalent low rates have ceased
1 to 90
Bid
paper
77'v"\
for
days, %% for 91- to 120-day bills and 1%
to
180-day bills.
The Federal Reserve
Bank's holdings of acceptances remain unchanged at
$3,081,000.
Open market dealers are quoting the
same rates as those reported by the Federal Reserve
Bank of New York.
The rates for open market ac¬
ceptances are as follows:
has
there
and commercial
to act
121-
Board
higher trend in time
a
acceptances,
the
Since the
here.
7-16% bid and %% asked; for five and six months,
New York Reserve Bank is
whicb,
disturb
eventually
exchange relations.
already
quotations
The abundance and low
attraction for investors.
degree of firmness which the
will remotely approach hard¬
money
rates
should advance much
accommodation would still
further in both markets,
extremely reasonable for all classes of business.
be
It is
known fact that between the extremely low
a
market rates of the past
several
years
and the small
volume of international trade the London discount
Boston
Effect on
Date
Previous
Feb. 5
Federal Reserve Bank
Established
Rate
2
Feb.
8 1934
2Y
2
New York
IY
Feb.
2 1934
Philadelphia
2
Jan.
17 1935
2Y
Cleveland
1Y
May
11 1935
2
Richmond
2
May
Atlanta
2
Jan
14 1935
Chicago
2
Jan.
19 1935 V '
St. Louis
2
Jan.
Minneapolis.
2
May
Kansas City
2
May 10 1935
Dallas.
2.
May
8 1935
2Y
2Y
2Y
2Y
2Y
2%
2Y
San Francisco
2
Feb.
16 1934
2Y
9 1935
3 1935
14 1935
Were it not
houses have almost ceased to function.
Rate in
v
.
for the
intervention
the money
British
of
Government
authorities in
markets here and in London, neither the
Treasury nor Washington could succeed in
obtaining accommodation as low as has been secured
than
for
United
States
Dec.
and
more
8,
a
on
year.
On
Treasury
an
bonds
average
were
yield basis
2.10%
on
Jan. 30 they were selling to yield
832
Financial
2,22%.
ful
Such lov yields
bond
to
offerings
Treasurys
on
of business enterprises,
it not for the influence of the
were
with
ment
the
Government
banks
issues
not help¬
are
would
it
find
to
and
Treasury Depart¬
be
impossible for
through
acceptance
Chronicle
balance is concerned.
War Loan
days at
3^s have been quoted in the past few
Expanding business
and in London will
but the available
that business
time.
Mr.
Bank
that the
low
will not
money
more
chairman
funds,
so
of credit for
out
run
Fisher,
here
large
it acts
is
been
factor in the
a
industry in this country.
as
a
stimulus to
Very properly
business; but it is
necessary
guard against the danger of too much emphasis
being placed
and too
the importance
on
little
on
those
Lombard
banks will
a
other
of cheap
money
which
essentials
are
even
Street
in 1913*
continue
un¬
take
soon
to
measures
rates
move
upward
fraction in order to benefit the discount houses.
Two-and
three-months'
bills
9-16%,
are
four-
months' bills
19-32%, and six-months' bills 21^32%.
gold on offer in the London open market
for
taken
be
to
destination.
unknown
Much of it is believed to be
of interest, has
as
changed, although it is believed that the clearing
All the
availability of large funds for employment,-
ex¬
1893, being only $34,200,000
in
rates
continues
of the traditional correctives
one
merchandise
smallest
900,000 in 1928, and with $691,400,000
long
a
the
compared with $235,300,000 in 1935, with $1,036,-
Barclays
of
depression and there is little doubt
rates
revival of
to
undoubtedly require
supply in both markets is
Edwin
industrial
at
needs
recently pointed out:
"Cheap
for
British
same.
1937
For the whole of 1936 United
showed
port surplus since
Money
position is much the
£103^.
trade
States
private investment.
The London
Feb. 6,
shipped to the United
States.
Since early in January 1936 the.total
received
from
approximately $235,000,000.
was
On Saturday last there
offer in the London open market £457,000,
on
Monday
on
gold
England at New York has reached
£253,000,
Wednesday £210,000,
Tuesday
on
£403,000,
Thursday
on
on
£383,000, and
Friday £301,000.
on
At the Port of New York the
the week ended Feb. 3, as
gold movement for
reported by the Federal
necessary
for the maintenance of healthy conditions,
Reserve Bank of New
in which
alone real prosperity can be
GOLD MOVEMENT AT NEW YORK, JAN. 28-FEB. 3, INCLUSIVE.
"The general recovery
which
we
assured.
are
now
experi¬
encing undoubtedly owed its initial impetus to the
wise
action
the
Government,
step of placing
courageous
a
of
sound basis and thus
which took
national finances
our
our
currency
that certain people in
content to invest their
notes for
money
hoarding
in Bank of
England
despite the fact that the
produces
of the Midland Bank,
many
nothing
by
way
of
said:
growth
took occasion to point
favorable aspects of British business
'Despite these favorable factors, cheap
and abundant money
of
provides
adverse influences
a
fertile filed for the
which
likely to
are
upward spiral of costs and prices if left
an
Lord
Wardington, Chairman
of
Lloyds
Bank,
Ltd., in his annual reports coincides closely with
Fisher of Barclays Bank,
British bankers
are
taking all possible
causes
of
None
the
They and all
to increase foreign trade
of present British internal
activity, building and rearmament,
000,000.
London
bankers
to an end.
come
seem
greatly dis¬
now amounts to
approximately £36,-
It is believed that this visible balance will
completely offset by invisible returns.
Although
the need for greater exports is emphasized in London,
there
seems
to be
fairly general agreement that the
prospect is slowly improving.
showed
a
the
least
will
show
and
a
Decrease:
$174,000
Note—We have been notified
that approximately $42,000 of gold wasreceived at San Francisco from Australia.
The
above
figures
Wednesday.
received
for
are
the
ended
week
On Thursday $3,650,400 of gold
of
which
There
were no
$1,696,800
on
was
from Canada,.
came
exports of the metal
held earmarked for
imports
were no
or
great advance
World trade in 1936
change in gold
or
foreign account.
On Friday there
exports of the metal
or
change in
gold held earmarked for foreign account.
Canadian
between
The
exchange
discount of
a
following
on
during
the
3-32% and
tables
show
ranged
week
par.
the
Paris, the London
London
mean
market gold
open
price, and the price paid for gold by the United
States:
LONDON CHECK RATE ON
Saturday, Jan. 30
105.07
Monday,
Feb.
1
Feb.
2
Saturday, Jan. 30
Feb.
1
142s.
Tuesday,
Feb.
2
PAID
FOR GOLD
_.__105.09
Friday,
142s.
PRICE
Feb. 4
Feb. 5
...
MARKET GOLD
142s.
Monday,
—150.1(1
Thursday,
105.05
LONDON OPEN
PARIS
Wednesday, Feb. 3
.105.03
Tuesday,
by the unfavorable trade balance of Great
Britain, which
be
$14,299,000 total
MEAN
Ltd.
strongly urging the necessity of
measures
before the two chief
turbed
123,000 from India
check rate
uncontrolled.' "
Mr.
None
1,697,000 from Canada
1,677,000 from Switzerland
foreign countries have been
Right Honorable Reginald McKenna, Chair¬
out the
cause
Exports
$122,500 from India and $1,831,100 from Switzerland..
"The
but
Imports
Net Change in Gold Earmarked for Foreign Account
interest.
man
follows:
as
$10,802,000 from England
The extent
is evidenced by the fact
resources
purposes
invested
so
was
on
restoring confidence in sterl¬
ing, not only at home, but also abroad.
of the faith in
the
York,
.105.19-
PRICE
Wednesday, Feb. 3
141s. lid-
Thursday,
J^d.
142s.
Feb. 4
142s.2J4d.
Feb. 5
Friday,
BY
STATES
THE UNITED
(FEDERAL
RESERVE BANK)
Saturday, Jan. 30
..$35.00
Monday,
Feb.
1
Feb.
2
Wednesday, Feb. 3
Feb. 4
35.00
Friday,
35.0J
$35.00-
Thursday,
35.00
Tuesday,
Feb. 5.
35.00-
Referring to day-to-day rates sterling exchange
Saturday
market.
last
Bankers'
cable transfers
inclined
was
sight
to
was
ease
in
a
$4.89 11-16@$4.89^,>
On Monday
$4.89%@$4.89 13-16.
that of 1935 and
even
sterling
optimistic believe that the coming
year
$4.89 7-16@$4.89 11-16 for bankers' sight bills
still
further
over
international
trade
corresponding improvement in
activity
foreign
ex¬
was
dull
but
pound
was
slightly
change volume, though it must be admitted that
was
trade recovery is
$4.89 13-16@$4.90J^.
far from attaining the high level
$4.89^@$4.90
which prevailed before the abandonment of gold by
London
Great Britain in 1931.
range
The American
position is far from satisfactory
so
far
foreign trade
as
the visible
steady.
The
$4.893^@$4.89% for cable transfers.
the
and
$4.89
active.
range
was
and
On Tuesday
Bankers' sight
and cable transfers
were
On Wednesday exchange on
with
trading
limited.
The
$4.89%@$4.90
1-16 for
bankers'
sight
was
was
more
1-16
on
limited
steady
13-16@$4.903^ for cable transfers.
On
Volume
sterling
Thursday
The
steady.
was
were
range
the market
narrow,
$4.88% @$4.89 5-16 for bankers' sight
was
bills and $4.88 13-16
Closing quotations
and
demand
@$4.89% for cable transfers,
Friday
on
$4.89%
for
$4.89 3-16 for
were
Com-
transfers.
cable
bills finished at $4.89 3-16 60-day bills
mercial sight
7-16, 90-day bills at $4.88 3-16, documents
at $4.88
for payment
(60 days) at $4.88 7-16, and seven-day
Cotton and grain for payment
grain bills at $4.88%.
closed at $4,89 3-16.
French
,
/
Continental and Other Foreign
HE
economic improvement and steadiness of the currency.
Only a few days ago Dr. Hjalmar Schacht,
Minister of Economics and President of the Reichsbank, reviewed Germany's finances during the four
years of Nazi rule and mentioned four features which,
he said, aided in the attainment of success: Financing of extensive public works and armament programs; the policy of paying off foreign debts which,
he asserted, netted Germany a book profit of 8,000,000,000 marks or more within the period (this profit
accrued to the German authorities as a result of the
devaluation of other currencies—chiefly the United
States dollar and the former gold bloc units); com-
was
On Friday fluctuamore active.
The
@$4.89% for cable transfers.
tions
rate
and $4.8934
$4.89 3-16@$4.89% for bankers' sight
franc
7 .
essential
no
T-rT-n -rs , r
improvement,
although following the
the bank rate from
analysis of "buying what we want, not what others
2% to 4% the spot rate for francs
moved up
..
..
p.
the raising
Paris
on
For
promptly.
i
,
.
,
i
ruled around
On
105.15.
the
is
rate
as
France (franc)
high
a
bearish
are
week
30-day francs
under spot
to
were
at
a
on
French
The increasing discount on
London and New York.
Paris, imposing
money con-
especially into
popularity of international stocks
additional strain
an
upon
French
and the transfer of 3,000,000,000 francs in
money,
gold from the Bank of France to the French stabilization fund
franc.
point to another impending crisis in the
At present
standtial
It has been evident for
French Chamber.
that
despite
indications
some
economic
French
the
it is apparent that there is sub-
opposition to the government within the
devaluation,
position following the latest
confidence in
the Government to induce French capital to return
the
On
France.
to
contrary
there
developments which merely frighten
In Amsterdam the
of the
more
trade
54.75
m'to 54.77^
The London check rate on Paris closed on Friday
•
4.64%, against 4.65% on Friday of last week; cable
transfers at 4.65 7-16, against 4.66. Antwerp belgas
closed at 16.87% for bankers' sight and at 16.88 for
cable transfers, against 16.85% and 16.86. Final
quotations for Berlin marks were 40.24 for bankers'
sight bills and 40.24% for cable transfers, in cornparison with 40.24 and 40.24%. Italian lire closed
at 5.26% for bankers' sight bills and at 5.26% for
cable transfers, against 5.26% and 5.26 %. Austrian
schillings closed at 18.70, against 18.70; exchange on
Czechoslovakia at 3.49, against 3.49; on Bucharest at
0.74, against 0.74; on Poland at 18.95%, against
18.95%; and on Finland at 2.16%, against 2.16%,
Greek exchange closed at 0.89%, against 0.89%.
•—
T^XCHANGE on the countries neutral during the
IZj
presents no new features of importance,
war
The Scandinavian units
are
steady, moving in close
Swiss francs
only relatively
relation to sterling.
out.
firhi despite the exceptionally strong position of the
plight of the franc is having
adverse
record
llm
5.26H
frequent
a
It is pointed out there that in
disquieting effect.
view
are
to 4.66V
5.26H to
New dollar parity as before devaluation of the European currencies
of improvement in
is not sufficient
there
time
some
8.91
at 105.14, against 105.10 on Friday of last week. In
New York sight bills on the French center finished at
so
In mid-
90 days had widened
into other markets,
move
outlook
discount of 5% points
Monday.
on
forward francs, the
in
the franc
on
sharp discount.
a
and the discount
13% from 11%
tinued to
at
are
4.65
16.86to 16.89
16.95
between Sept. 25 and Oct. 5.1936.
with which the
exchange equalization fund concerns itself.
All markets
;
Range
This week
a
6.63
13.90
40.20
104.98.
as
Parity
5.26
I
Italy (lira)
Paris
on
New Dollar
3.92
—
Beltnum (belea)
occasions
gradually moving further against
that future francs
curreI1cies to the United States dollar
ean
parity
,
.
currency.
Old Dollar
Friday of last
This applies to the spot rate
Paris.
Eu
i
On several
Monday ruled
on
.
of
table shows the relation of the lead.
London check rate
mean
few days the London check rate
firmer and
sell;„ gtability
The
to
previous
_
in the past
want to
,. ,
increase m
-i
T
of the rate the
.
Now
weeks
some
week the rate went to 105.10.
Was
,
.
which< ^ said' C0fisted ia *he *ast
mer1cial P
Exchange
shows
situation
833
Chronicle
Financial
144
balance
and the
are
The comparative weakness in the Swiss
Swiss banks.
unit reflects fears that if the French franc is further
devalued the Swiss authorities may feel compelled
The Swiss National Bank at the end
extremely unfavorable position of the French Govern-
to follow suit.
ment's
of January had gold stocks of 2,717,100,000 Swiss
finances,
because of
the
has
London
their
indicate
economic experiments
new
ineffective.
proved
have
Commentators
in
weeks
pound.
the better.
The
gold mark
quotations
all
in France and
frequently asserted in recent
The German mark situation shows
are
change for
steady around 40.24 but these
free marks
registered
The
avabilable to the market,
blocked marks
or
are
at
reserve
ratio of
German
1.51%.
authorities
-
are
position
confidently
firm for
some
weeks.
The Dutch economic situa-
tion is showing gradual improvement and capital is
constantly being repatriated. The Netherlands exchange control has again sold 50,000,000 guilders in
geld to the Netherlands Bank, the third sale of
like amount since early in January.
It is understood that the control's total sales to the bank up to
it is understood that since the end of January there
30
gold hold'ngs of only 66,900,000 marks and
the
ratio of 96.53%.
severe
Reichsbank statement for Jan.
precarious
a
Holland guilders have been ruling exceptionally
Feb. 1 amount to 300,000,000 guilders,
Spanish pesetas are not quoted in New York, but
showed
However
francs and
while
fixed by the Reichsbank and there
no
discounts.
no
quoted rates for the so-called free
are
the
are
chiefly
expectation that the franc may drop to 112
to the
or
that
uncertainty there devaluation of the
political
franc
factors
all
•
of the mark,
pointing
to
has
been
some
resumption
of
peseta
dealing
in
London. If so, this would be for the first time since
last September. On the basis of London quotations
on
Feb. 1 the peseta rate was at about 7.15 cents.
In New York "red" pesetas have a nominal quota-
834
Financial
tion of 6.90 and the "white"
or
Seville pesetas are
nominally quoted around 7.75 cents.
stood that
all
some
It is under¬
business has been done, but it has
Feb. 6,
been
contingent
payment in Spain of the
upon
Note—The par of exchange of the French franc cannot be exactly determined, as
yet, since the legislation enacted Sept. 26, 1936 empowers the Government to fix
gold content somewhere between 43 and 49 milligrams.
However,
calculated on the basis oh which the Bank of France has revalued its gold holdings,
the franc's
the parity between francs and pounds sterling is approximately
166 francs to the
pound (the old parity was about 125 francs to the pound).
It Is on this new basis
we have here converted the French Bank's gold holdings from francs to pounds.
'
Bankers' sight on Amsterdam finished on
54.76%, against 54.76%
transfers
at
bills
54.77,
Cooperative Societies and the New Deal
Whether President
Friday of last week; cable
on
against
54.66,
at
Friday at
54.77;
against
and commercial
Swiss francs
54.66.
closed at
commission
to
buttress himself with
recommending
checks finished at 21.86 and cable transfers at 21.86,
to
21.88% and 21.88%.
Checks on Sweden
closed at 25.23% and cable transfers at 25.23%,
against 25.27and 25.27%; while checks on Norway
finished at 24.59% and cable transfers at 24.59%,
against 24.63% and 24.63%.
Spanish pesetas are
not quoted in New York.
sion
against
Roosevelt, in sending
Europe last
Congress,
on
pressed
of
sought merely to postpone
or
controversial
a
move
It
presents
in
the
on
no
new
South
American
features.
These
countries
currencies
close
relationship to dollar-sterling ex¬
change.
The undertone of the South Americans is
better than it has been in several years.
The excep¬
tionally sound position of Argentina is shown by the
fact that on Feb. 2 the Argentine Republic filed a
registration statement under the Securities Act of
1933 covering $70,000,000 of sinking fund external
conversion loan 4% bonds due Feb. 15, 1972.
The
proceeds of the sale of the bonds will be applied to
the retirement to two 6% series, 1957 and 1960.
Argentine paper pesos closed on Friday, official
quotations, at 32% for bankers' sight bills, against
32.65 on Friday of last week; cable transfers at 32%,
against 32.65.
The unofficial or free market close
was
30.10@30.25 against 30%@30.15.
Brazilian
milreis, official rates, closed at 8.75, against 8.75.
The unofficial or free market in milreis is 6.10@6.20,
against 6.15@6.20.
Chilean exchange is nominally
quoted at 5.19, against 5.19.
Peru is nominal at
26%? against 26%.
move
•
from
years
been marketing their
tive
the
farmers,
associations, but there
dollar-sterling rate.
Closing quotations for
yen checks yesterday were
28.53, against 28.50 on Friday of last week.
Hong¬
kong closed at 30.51@30%, against 30.61@30 11-16;
Shanghai at 29.85@30, against 29%@30 1-16; Ma¬
nila at 50%, against 50%; Singapore at 57%, against
57%; Bombay at 37.02, against 37.07; and Calcutta
at 37.02, against 37.07.
Gold Bullion in
European Banks
par
of exchange) in the principal European banks as of
respective dates of most recent statements reported
to us by special cable yesterday (Friday); comparis >ns
are
shown for the
corresponding dates in the previous
four years:
ment
not
not farmers stood
as were
known.
The
fact
1937
1936
£
£
£
France
Germany b.
Spain
Italy
Netherlands
Nat. Belg_.
Switzerland
Sweden
-
.
Norway
Total week.
Prev. week.
314,167,237
458,869,937
2,442,050
c87,323,000
a42,575,000
68,298,000
105,401,000
83,495,000
201,187,547
621,787,379
2,817,700
90,123,000
42,575,000
55,726,000
97,088,000
46,825,000
67,960,000
72,860,000
69,112,000
25,504,000
England—
Denmark
1935
23,677,000
15.953,000
6,551,000
6,603,000
6,555,000
7,395,000
6,602,000
6,852,000
193,022,108
655,038,218
2,928,900
90,714,000
62,731,000
1934
£
191,787,025
614,883,627
16,192,500
90,462,000
76,666,000
76,603,000
78,433,000
67,518,000
14,545,000
7,398,000
6,674,000
1933
£
127,934,341
655,151,335
39,208,600
90,349,000
63,095,000
86,045,000
74,427,000
88,965,000
11,439,000
7,397,000
8,015,000
1,201,229,224 1,094,963,626 1,244,566,226 1,241,062,152 1,252,026,276
1,220,978,647 1,095,854,699 1,245,913,725 1,243,527,934 1,253,595,438
Amount held Oct. 29, 1935; latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
a
reported
as
£903,150.
c
Amount held Aug.
1, 1936; latest figures available.
the
on
that the
move¬
question
was
previous Congress,
however, had had before it the Scott Consumers'
Credit
bill, which contemplated the creation of
consumers'
tives,
advisory council with $500,000 for
and
penses
launch
an
appropriation
of
central bank to finance
a
was
a
suggestive indication that
terms of
in
Federal grant,
a
the House
did
not
a
ex¬
$75,000,000
consumer
least, of the cooperative leaders
to
coopera¬
at
some,
thinking in
were
and the failure of the bill
mean
that
it
might not be
revived.
If
some
the
at
of the claims and
tenth
biennial
predictions put forward
congress
League of the United
of the Cooperative
States, held at Columbus,
Ohio, early in last October,
are
value, the profit system
the
be
The
to be taken at their
as a
method of doing
as
cooperation ad¬
delegates felicitated themselves
over
rapid gains which cooperation was reported to
making, especially in the central West, Secretary
Wallace
was
praised for his "missionary work" in
speaking in behalf of
"cooperative in place of
a
competitive economy," and copies of
the
a
Department of Labor, issued two
a
bulletin of
years
previ¬
ously to inform the public regarding the "organiza¬
tion and
management of consumers' cooperative as¬
sociations
and
clubs,"
operative electrical
were
power
distributed.
The
co¬
plants financed by the
Rural Electrification Administration
were
cited
by
speaker as, in his opinion, "only the beginning
of
complete cooperative ownership of the system
of
furnishing electricity to ourselves." While pains
were
taken to
identify cooperation with the private
ownership of property and to keep it separate from
socialism, communism
placed
upon
consumer
or
fascism, the emphasis
was
ownership of the economic
As summarized by a correspondent of the
system.
Banks of—
evidence that
ington. Where such leaders of the cooperative
one
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
coopera¬
was no
vances.
yen
tendency toward weakness as
the Japanese financial situation is greatly disturbed
because of cabinet difficulties arising from the con¬
flict between the military and parliamentary forces.
Other Far Eastern currencies follow closely the
a
had for
through
widely shared elsewhere at Wash¬
was
for
time shown
consumer coopera¬
crops
business is marked for extinction
some
subject
a
of whom
many
EXCHANGE on the Far Eastern countries shows
developments. The Japanese
has
new
being
inspired by Secretary Wallace, who
was
his interest
time
some
deci¬
a
was
believed at the time that
was
presumably expected support for
face
no
which
matter
him, has been for
upon
speculation.
the
up-to-date information before
encouragement to cooperation
some
tives
XCHANGE
roving
a
to study the
summer
operation of cooperative societies, had in mind to
22.85% for checks and at 22.86 for cable
transfers, against 22.85% and 22.86.
Copenhagen
E
1937
that
drafts drawn.
sight
Chronicle
New York
until the
"Times," "the
program
League meets two
years
of the movement,
hence, is to dis¬
place the profit system by the approved capitalistic
method of free
pressure
of
a
competition.
When the competitive
cooperative becomes too much for
profit enterprise, the latter is to have
nity to transform itself into
a
an
cooperative without
losing the ownership of its fixed capital.
stance
fixed
of the arrangement
capital
will
any
opportu¬
The sub¬
is that the yield
thereafter be
restricted
on
the
to
the
Volume
Financial
144
prevailing interest rate, while the goods and serv¬
of
ices
to
the
enterprise will thereafter be supplied
at cost."
consumers
Not all of the
those who
the early control by co¬
see
that
to
goods sold in cooperatives
"is
to accept Federal aid. The veteran Presi¬
for
dent of the
League, Dr. James P. Warbasse, warned
the congress
against the dangers of political con¬
consumers'
operation
to
spite of the warning, however, the League
the Rural
from
Administration
Electrification
that all classes of
of the creation
dropping the "rural" limitation
so
by Congress of "an agency similar
and
the
tion
If Federal subsidies such
or
the Scott bill
the
as
contemplated
are
granted, the co-
operative movement will be added to the long list
of
agencies, State
as
well
as
Federal, through which
private enterprise is being systematically attacked.
Channing E. Sweitzer,
National Retail
some
time ago
porated
in
that in 34 States members of incor¬
cooperatives
exempted from
are
liability if the organization fails, that
States
some
also
Dry Goods Association, pointed out
consumer
individual
managing director of the
exemption from various
taxes is
granted, and that farmers' cooperative organi¬
zations
exempt under Federal
are
law from the
payment of Federal income taxes on the proceeds
from sales
A
on
which dividends to members
committee of the
cooperatives
paid.
Chamber of Commerce of the
United States has called
sumers'
are
as
special attention to
con¬
enterprises to which "it is
improper for governmental agencies to extend pref¬
erential
treatment
nancing
or
such
by
means
enterprises "are but another form of competi¬
tive force
seeking to win the support and patron¬
of the American consumer."
age
In
an
address be¬
the
cooperation
Colonel
C.
0.
Sherrill, President of the American
Federation, pointed out that discriminating
government subsidies which
gave
cooperatives
an
advantage in distribution "might also allow the de¬
velopment of
the
a
promotion
hands
of
profit organizations under
is
forward
mental
that
to
an
effecting, through its
of them appear
some
cial aid.
Dr.
Whether
Warbasse, who is not to be accounted
and will Americanize
national
economic
Scott
the
establishment"
bill, using
nounced the purpose
economic
ganization to
a
Federal
monopoly."
any
Administration that
evangelical appeal, might easily
secure
would
be designed to
come
into
cooperation, if it attained the
consumer
moment
the
for, would help or hinder the
two
undertakings profess, at
the League congress
In
a message
ad¬
at Columbus, Wil¬
Green, President of the American Federation
"may become merely the means of helping low-
paid workers to exist
that
trade
unions
hand in hand" in
or¬
areas
political
saw
and small
ur¬
homogeneous
have
and
stable,
consumer
cooperatives
performed, and may continue to perform, a use¬
ful service.
They are ill fitted to operate in popu¬
communities
lous
where
a
variety
of distributing
available, where chain and department
a
large business are able to sell with a
is
constantly changing. The menace of cooperation to
private business enterprise lies in the revolutionary
nature
its economic
of
program,
its inherent hos¬
tility to profits and hence to capitalist methods of
operation."
Labor, after expressing the fear that the coopera¬
tives
In rural
margin of profit, and where population
least, a desire to work together.
of
sphere, tie its
Federal subsidy and the supervision
doing
the
at
demagogues
organized labor movement is an open question, but
liam
to discredit cooperation
more
small
skillful
an¬
"to extend democracy into the
communities, where the population is relatively
production and distribution, its apparent belief that
nation's business
astic supporters hope
to
planning," while
board, and make its membership the
plaything of
a
dressed
commended
elevated language,
than to force it out of its proper
a
and
supply, and control and reduce the un¬
Nothing could do
methods
the
social
more
economic exactions of
of
"which
field, reduce maladjustments between de¬
and
mand
as one
still un-Americanized
our
it to those who "believe in
country-wide dimensions which some of its enthusi¬
at
willing to jeopardize the
by soliciting Federal finan¬
radical, characterized the movement
can
funda¬
stores
never
successful
agency, a
of consumers' cooperatives
large numbers of memberships to organizations that
probably
control. There
change in the present economic system, and
present independence
a
consumer
services is
and
on
doubt that the leaders of the movement look
no
form of dangerous racketeering in
unscrupulous
who, with
urged. The New York
are
gates discussed the outlook for a system of non¬
ban
Retail
ap¬
"evangelical earnestness" with which the dele¬
tion of Retail Secretaries at New
Jan. 19,
evangelical
correspondent at Columbus commented
advantage in using it.
on
pos¬
fraternal delegate to
a
of the striking characteristics
one
fore the annual convention of the National Associa¬
York,
a
crusading and reforming zeal with which
"Times"
of tax exemption, fi¬
other aid," on the obvious ground that
passing
cooperative movement, namely, the combina¬
of
the claims of
League called for
replied by
cooperation with organized
agriculture "to the fullest extent
peal" points to
of the
through the provision of low-priced credit."
what co¬
coming convention of the Federation.
of
ties
of
Colonel Sherrill's reference to "an
to the Farm Credit Administration for the purpose
assisting consumers' cooperative housing activi¬
The League
favor
sible," and voted to send
might be reached, and
consumers
country."
labor
We realize
to wage earners and are anxious
strong and lasting movement built up in
see. a
resolution in
In
constructive movement
any
cooperation.
can mean
ical and
resolved in favor of
The Federation, he added,
ready to work with
this
ment.
manufactured
are
standards, by demanding the union
organize in unions."
trol, and insisted that the movement was non-polit¬
should not risk entanglement with govern¬
much to
cooperative movement "can do
its alliance with labor by insisting that
up
label, and by encouraging employees of cooperatives
operative societies of the larger part of the produc¬
eager
835
under fair labor
tion and distribution of the country, nor was every¬
one
the
build
the
'
delegates shared the enthusiasm of
professed to
Chronicle
on a mere
and
the
pittance," declared
cooperatives "must
go
raising the standard of living, and
can
be successfully carried on by
appropriate only to
local group,
a
small community or
and the possibility that it
may
become,
through Federal subsidies, tax exemptions or other
favors, another institution for whose maintenance
and
extension
ests it
the
consuming public whose inter¬
professes to serve will have to pay. American
business
may
well look
whole movement if it
"a
with suspicion
upon
cooperative economic democracy of America"
the basis
lation
of Treasury grants,
and
the
aspires to erect what it calls
political control.
on
discriminating legis¬
Financial
836
mate
Administrative Commands and
his
was
people, irresponsible and irresistible, it
condescension
gracious
it
when
pleased
him
within the velvet
mands
his
to
that
to
est and most subborn
in
of
of invitation
and
that
com¬
the
consciously
could be
none
Thus, in the polite
obeyed and made of it
bold
so
as
to
invita¬
an
and could be
has
of official
decline, there
response,
is
It
officer of
out
that
strange
in
1937,
when
ask
to
and
substantial
there
content,
States, where
equal,
a
every
recrudescence
Yet, when the head of
poration declined,
of
a
should
be,
this
outworn
he believed to
be
in
dogma.
great manufacturing cor¬
ago,
the invitation of
subordinates,
on
the ground
acceptance involved negotiation with
of the
in the
citizen has been declared
few days
a
of the President's
that
one
whom
conspiracy with ex-employees
enterprise unlawfully to exclude it from the
possession and operation of corporate property, it
was
gravely asserted that the underling's invitation
had the full force of
one
•equivalent of
the
are
verity
a
command.
men
some
gentlemen to sit down with notorious law¬
truth, there
the
Much less
any
it
was
any
that
have
no
authority of
for attributing
action, request,
any
ever
any
representative of
the person
or
direction
President, outside of
or
request of any President,
Magistrate, the President
personal
threat is
President, to attend
any
representative for
or
whatsoever, unless, perhaps,
attack,
summon
•defense any loyal
pow¬
warrantable to attribute
of such President
purpose
may,
as
Chief
if threatened with
in aid of his personal
citizen actually present while the
genuine and impending.
citizen, and the dignity of the Nation is in¬
volved in the
where it could have
between local
ployees
rendered
unimpaired maintenance of the high
Nevertheless, there
their employment
directed
by Governor Murphy, has been paltering
with the violent exclusion of tens of thousands of
its citizens from the
terms fully
evitably turns to
some
of the fundamentals of
soun
government.
Whatever
judgment must declare concerning the
propriety of assumptions of additional authority,
of
is to
that the primary function of govern¬
protect the inalienable personal rights
citizens
against subversive
forces
actually
potentially expressed.
Whenever
recognized jurisdiction,
fuses
or
its
of
omits to protect
mate exercise of the
the
pursuit of their
such terms
its
as
always
on
or
behalf of the indi¬
itself.
right to bestow their labor in
own
happiness and the mainte¬
dependents,
they may elect, it has abdicated
they
people's!
they
are
are
and order, and has stultified
can
contrast human
nor
have the
other
be misled by phrases
or
position, who
but
which
be misled by tawdry attempts to
rights with property rights. ' Prop¬
without humanity
rights
can
incapable of comprehending
too careless and irresponsible to consider
thoughtfully
to
peace
Only those who
which
of
re¬
primary prerogative, which is the preservation
of the
a
or
government,
its freemen in the legiti¬
of the lives and comfort of their
nance
upon
any
inert and
is
capacity to assert
right to
men
and
possess
women,
any.
and
has neither
Men and
use,
women
without injury
those goods
(property)
industry has created and their frugality
judgment of mankind, expressed in different
foresight have accumulated.
By the universal
ways
recognized in every realm and clime, the organ
society, government, has everywhere established
secondary human right, variously restricted, to
com¬
transfer, by succession in the event of death, the
by the reasonableness of his demands
personal title to such possessiop and use to selected
to all equal consideration
and
respect.
Any influence of office not thus soundly
based
doomed to
upon
and
reciprocal, and the highest dignity is
by according
is
right to work
acceptable to themselves, disinterested thought in¬
of courtesy do not
are
em¬
sur¬
by violating the terms
ascertainable limits
vidual, whatever his rank
and
and their
are
•completely established only
mands respect
concerns
in their employ who have
obligations
the
the requirements of courtesy
and
authority, with the relation
contracts, and while the State of Michigan,
dency.
mutual
agency
of their
which their
extend;
no
manufacturing
or men once
•dignity that has always appertained to the Presi¬
beyond which
Administration, by the
Secretary Perkins, has been impotently meddling,
erty
Courtesy to the President is ethically due from
every
While the Federal
of
within the field
American executive
•compulsory force to
or
doing nothing to
to prevent.
or
all must agree
strictly defined boundaries of his official
ers.
officers of government are
ment
was never warrant
mandatory force to
of any
same
by unreasoning faith in
dogmatic assertions
of
complete
imported precept.
In
publicly aiding
abetting crimes against society and order which
To such surprising con¬
led
foundation other than in the assumed
an
boundaries, perhaps the most zealous
What Reward Courage?
from the President himself
and that the President's invitation is the
clusions
In recog¬
government might not regard it as suitable
the
point where it is almost wholly with¬
a
United
•one
of
acceptable, is admissible.
indeed
to
awareness
both sides.
breakers while the latter are almost
•authority of the few remaining monarchs has dimin¬
ished
do exist, and
and consideration upon
ness
discourage
one
coercion beyond the well-defined limits
authority.
nition of such
the
royal command to which but
Democracy
for arbitrary action or for official
Boundaries of power
invitation
a
a
their existence should at least result in reasonable¬
•originated the maxim which asserts that the royal
i,s
equivalent of
disobeyed with impunity.
place
no
pressure or
some¬
formula of words transformed
mere
a
authority.
A Presi¬
command where commandment would be authorized
by feigning to acquiesce
actually
that are narrow or partisan.
purposes
dential invitation can never be the
request.
subjects only saved
while
that which must be
tion which
or
or
fist
mailed
the
pursuit of ends that are not impartially determined
and
enforceable obedience to the implacable
an
command of admitted
fiction
sometimes
obedient subjects in
amour propre
invitation,
an
yielding
with
was
the less commands, and the mighti¬
were none
thing of their
and
glove, expressed his potent
amiable and dulcet tones
They
he,
conceal
loyal and
More than this, resort to such
disappearance.
unbecoming frequency or by palpably occurring in
law unto himself
a
1937
6,
extra-legel expedients may easily defeat itself by
Democracy
When the monarch
Feb.
Chronicle
early impairment and to ulti¬
successors.
Precisely
as every
individual is entitled
to
security in his home, so also he has the right to
go
unimpeded to his ljabor, to exercise his chosen
Volume
Financial
144
Tocation in peace,
his
to control although not to misuse
property, whether held in direct and
ownership
industrial
modern
These
organization,
primary
are
immediate
of
that convenient device
through
or
conceptions,
longer a freeman, but
ment that denies any
of
humblest
of them,
Any govern¬
fails to protect the
or
citizens in the exercise
its
of
any
of
them, is weak and inadequate and must amend its
ways
admit that it has permitted the develop¬
or
ment, within the proper field of its authority, of
-another
government more powerful than it dares to
and
be
currently
contumaciously
and
exercising
indomitably asserted
of his State and, upon the
power
instant, quelled the mob that
of property
not
slave.
a
majesty and
Coolidge,
They are the bare
essentials of freedom; whoever is denied one of them
no
the
public
rights but of manhood rights.
is
with violence and disorder, he
corporation.
a
837
Chronicle
makers
whose
from
prompt
in
threatening the
There
Calvin
was
mischief-
when
courage
induced
had
Massachusetts
outside
members of the
was
Milwaukee.
of
peace
police force of Boston to attempt,
conspiracy, to withdraw from its people protec¬
tion
against
their
with
interferance
peace
and
order, found expression in the utterance: "There is
right to strike against the public safety, by any¬
no
body, anywhere, at
such
won
any
This single sentence
time."
widespread applause that dissent was van¬
quished before it began, and it made a President of
the United States.
And there
was
Grover Cleveland,
xevolutionary functions in defiance and contempt of
usually too uncompromising and direct for popu¬
its existence.
larity, whose most commonly applauded acts were
is
It
impossible to indict
State;
nation or a
a
the
suppression of
an
attack
organized
upon
the
preponder¬
right to work and violent destruction of property
ating public sentiment, in Michigan or elsewhere,
during the Chicago strike of 1894; the veto of a bill
sustains any
cutting in half the rate of fare for transportation
there is
reason
no
disgruntled
believe
to
that
any
doctrine which could support a few
holding
and
seizing
in
ex-employees
great manufacturing properties to the exclusion of
their
and multitudes of
owners
to assist in their
operation,
or
willing
desiring
men
in waylaying, molest¬
ing, and mis-handling such willing men on their
to and from their employment, or because, in
way
of their
independent enjoyment
manhood
rights,
the
on
his
railroads of
elevated
Venezuelan
Britain
arbitrate
to
involving
the integrity
caviling at the
Chicago
not
may
denial of the
burning of
and
Yet such usurpation has been in progress,
temporarily in authority permitted its
those
ized democracy.
they
are
thus supine because of misap¬
prehension of the vital principles at stake or in wil¬
ful
derogation of human rights, or merely because
they
deficient in courage, is almost, if not quite,
are
beside the
the
It is, however, pertinent to note
point.
meager
which
group
and
presumes
be
chooses to
to
entitle
itself
represented by profes¬
sional intermeddlers between
and
productive enterprise
Men
suddenly called from the activities of private life to
great masses of satisfied workingmen.
positions of prominence and leadership in public
affairs
seem
should
especially to fear political penalties
they act bravely for the protection of indi¬
vidual human rights,
enced
power
and
but some even among experi¬
politicians palpably and vastly exaggerate the
at the polls of such meager minorities.
timidated, they
weave
indecision,
In¬
complicated webs of weakness
falter
in the performance of the
simple functions entrusted to them, and by their
the
governments,
municipal,
futility
undermine
State
Federal, which they have sworn to protect
or
Such failures of courage, as
the
few
must be obvious to
student of American history, have not even
unworthy
forcible
cars
upon a
comparable scale.
The veto
his
position
on
a
for which he
measure
voted, and without stint to praise its author.
Venezuelan
excuse
of political expediency.
The
men,
of international
cause
although it may still be
message,
questioned bv smaller
profoundly advanced the
arbitration
vided the Monroe Doctrine with
and peace,
a new
pro¬
sanction, and
vastly augmented the prestige of the United States
in world affairs.
Always will it be
States
men
are,
of
sound
and wise.
victions
tial
The people of the United
so.
their final attitude toward brave
principles, fair-minded,
reasonable,
They ask of their leaders leadership, con¬
simply and strongly held, devotion to essen¬
principles,
and
promptly
such
in
and
courageous
decisively in
resolution to
emergencies.
act
Before
leadership, such devotion, and such resolution,
selfishness
attack
and
shrink invariably
to insig¬
nificance, and demagogues in political life or in the
organizations of so-called "labor" which seek to set
arrogant and rebellious government intended
up an
to
defy the
ernment
purposes
never
and polity of the people's gov¬
fail to slink to their
discredited and
lairs, defeated,
It is certain that before
dismayed.
long someone, somewhere, will find the courageous
and
simple
way
thus finally to put an end to the
anomaly of the "sit-down" strike.
courage
comes
When such
to the front and such a course is
uncompromisingly
pursued
a
man
will have ap¬
peared who is deserving well of his countrymen and
is certain to be greatly rewarded by them.
ringing words from the chief representatives
of the
people's government that would immediately
restore order and start the arrested wheels
upon every
occasion popular applause has spontane¬
ously silenced the impotent arrogance that would
criticize
or
there is
no
Governor
attack.
Illustrations
are
abundant, and
There was
"Jerry" Rusk of Wisconsin, who became
national
precedent to the contrary.
figure when, sternly refusing to palter
After the Hitler Speech
of indus¬
try have been courageously uttered in the past, and
a
but
have ceased,
arbitrary fare bill caused Theodore Roosevelt
reverse
crude
and to preserve.
every
Doctrine.
of Federal troops in
had
strange subservience of political officers to any
"labor"
Monroe
the
use
The
continuance, compounding its contempt of organ¬
Whether
to
Great
boundary
ceased at once and has never, any¬
where, recurred
minority.
of
City, and
induced
right to work, wrecking of trains, and
tated
of the
yet
York
American
South
Academic
they have accepted employment upon terms not dic¬
by the numerically insignificant and usurping
a
New
which
message,
The
fore
speech which Chancellor Hitler delivered be¬
the
the most
Reichstag last Saturday is far and away
important pronouncement recently made
by the head of any European State. Underneath the
ornate
cellor
and
is
program
rather heavy
accustomed
rhetoric which the Chan¬
to use,
the speech reveals a
of foreign policy which Germany may be
838
Financial
expected
tended
to pursue
if the Hitlei
lives out its appointed
time.
confirming in general
the
added
an
ex¬
years,
delivered, while
was
impressions that
made, has served to impart to
statements
four
Further study of the
speech, in the interval since it
first
dictatorship,
by the Reichstag for another
some
were
of the
significance, and since Ger¬
Chronicle
Feb.
6, 1937
since collective
security has been for years the only
security in which France professed to have
kind of
confidence, French opinion
any
cluded
Chancellor Hitler's
in
indicated
several
for
reasons
by inference in¬
was
dissent.
his
The
distrust
speech
"Three
times," he declared, he had made "the most concrete
proposals" for the reduction
or
limitation of
arma¬
the British Foreign Secretary has lately
admitted, holds the center of the political stage,
ments,
what
equalize the British, French and German air forces,"
but not only had the offers been
rejected, but they
many, as
Germany
proposes
matter of international
Regarding the
the
is
obviously
foremost
a
concern.
restrictions
and
imputations of
Treaty of Versailles there has remained only
thing for Germany to do. Reparations were re¬
one
jected
and abandoned years
Hitler's
the national
control
at
the
Chancellor
Reichsbank
and
railways had returned fully to German
only formal notice that the restrictions
was
which the
were
that
announcement
and
ago,
reparations agreements laid upon them
The armament limitations
end.
an
German
had
"greatest offer" being "to reduce the
the
and
French
been: answered
armies
to
300,000 each and
"by the conclusion of military
alliances and the introduction of Soviet Russia into
the central
limitation
Russia,
European political field, thus making
of armaments
Germany
impossible."
have
could
fellowship,
no
the scale needed for national
defense, the Chancel¬
lor
replied that in that
treaty have also been cast off, and German troops
have again occupied the Rhineland. There remained
the
judge of what its defense needs
the admission
Britain and
of "war
forced
upon
treaty has rankled
of the German
ans
no
are
people
Chancellor Hitler
as
this, and impartial histori¬
unjust because
was
The
war.
her honor and reputation."
ration the last remnant of the
With that decla¬
treaty provisions that
League
do not
can
save
of its members.
any
characteristics of the
said
the
the
German
colonies,
an¬
treaty dealt with to
peace
Germany's heavy cost,
was
Chancellor Hitler
already announced that the
had
not entirely new, since
former colonies must be recovered.
cial
the
significance,
subject
that
however,
in
There
the
by
colonial
many's
would
to
the
which
colonies."
to
seem
seeks
a
nations
good terms
on
have not taken
Taken
away
literally, the
Ger¬
statement
dispose of the fear that Germany
appropriate territory in Eastern Europe
Ukraine,
or,
once
when it
confined action to
Italy].
.
...
If the League of
.
given only the task of guaranteeing exist¬
for that matter, anywhere else
former colonial title
were
well address itself to the task of
as
rise and fall of the tide
of the Gulf Stream.
will
lacking, but it is
a
or
.
.
depend ultimately
supervising the
preserving the direction
The
.
upon
League's existence
insight into the
neces¬
sity of reform in the relations between nations."
Almost
which
aspirations," Chancellor Hitler
immediately added that "Germany is
with the
if
in
way
spe¬
Germany's attitude toward Spain "is not dic¬
tated
or
was
referred to in the speech. Declaring
was
May I be
.
ing conditions and perpetuating them, it might just
about
other matter which
.
speeches [a reference, apparently, to the imposition
of sanctions upon
was
"I
League of Nations have been
would have been better to have
Nations is
political scrap-heap.
.
speeches rather than actions, except
sole
What
and for that institution
frankly expressed contempt.
permitted to point out that hitherto the decisive
with
the
are.
believe," he said, "that the League of Nations
Germany in leading strings and branded it
responsibility has been consigned to
State must be
moreover, in the view of Great
Nations,
of
held
war
each
case
France, should be administered through
much in the minds and hearts
"war guilt" charge the Chancellor
emphatically re¬
pudiated, thereby, he declared, "giving back to Ger¬
many
security,
the
responsible for the
was
Collective
Germany. No provision of the
agreed that the charge
nation
one
so
guilt" which the makers of
while to the
British plea that armaments should be reduced to
of the
the peace
With Soviet
made clear elsewhere in the speech,
as was
attack
equally prominent in the speech
bolshevism.
on
Secretary Eden's optimistic forecast of
revival if
was
the
Replying directly to Foreign
an
economic
Germany would cooperate, Chancellor Hit¬
ler declared that "if
Europe does not awake from
the chaos of bolshevistic
international
trade,
individual statesmen,
infection, then I fear that
despite
the
all
goodwill
of
will decrease rather than in¬
for this trade is built not only on the undis¬
crease,
turbed, secured production of individual people, but
on
the
production of all peoples." Against the divi¬
pointed hint to Great Britain, the Union of South
sion
Africa, France, Belgium and Japan, all of which
quished, which the Treaty of Versailles decreed, he
are
holding former German territory under mandates,
that "good terms" may not continue if the colonies
are
not
restored.
exception
which
Even
Japan, perhaps, is not
notwithstanding
the
two
countries
the
an
into
agreement
lately entered to combat
bolshevism.
The
bulks
issue
of peace,
and
"there
can
specific
as
well
France,"
be
no
Chancellor
as
general,
"Between Ger¬
Hitler
humanly thinkable
declared,
for
cause
quarrel," and Belgium and Holland have been
sured
to
of the readiness of the
security,
a
as¬
German Government
recognize and guarantee at
plete neutrality.
tive
any
time their
com¬
The British argument for collec¬
however,
put
forward in
a
recent
speech by Anthony Eden, British Foreign Secretary,
found
no
second division occasioned
a
tion
of
which
but
Europe into two parts, victors and
bolshevist
was
support from the German Chancellor, and
that it
imposed
fend
in
"from
country the
a
same
ideas,
was
upon
ourselves
nounced,
large in the Reichstag speech.
many
set
of
want
any
feature of
not to be limited to
one
nation
"We intend to de¬
Germany," it
desert
further
an¬
which tried to make
pest
shevist idea is the most
not
by "the proclama¬
the essential
all nations."
van¬
our
as
Spain.
venomous
German citizen to
was
.
.
.
The bol¬
poison, and I do
come
in contact
with it."
The
Reichstag speech has been
quarters
as
tion of any
conciliatory.
some
ground of quarrel with France and its
expression of
the
hailed in
It is such in its repudia¬
a
continuing willingness to guarantee
neutrality of Belgium and Holland, and in its
reminder
jected.
of
the peace
offers which have been
re¬
Its complete distrust of collective security,
,
Volume
Financial
144
however, implies
offset
are
professions of peaceful disposi¬
involve, for 1836-37,
in the approval
seen
day, of
same
of France is to be
by the Chamber of Deputies,
defense
a
Tuesday to
on
expenditure of 12,600,000,000
an
The immediate response
marks.
program
regarding
and
by any
assurance
Switzerland,
even
of
status in
own
None of the
in
Spain
solution
assurances
State, is
neutralized
a
the
in the East,
peace
ported to be alarmed at the absence of
to its
in
in Western Europe, moreover, were
peace
not matched
years,
equal amount for the present fiscal
an
already included in the budget. The
year
on
calling for 19,-
000,000,000 francs during the next four
addition to
any
re¬
reference
problems which center about the
war
to have been made any easier of
appears
by the German Chancellor's declarations.
recent German and Italian notes attached to
joint
by the Powers—conditions which, in so far
they called for the expulsion of foreign
as
or
propa¬
talked of at the
now
In
the
news
has
to meet—the
a
only thing to be expected is, appar¬
continuance of German aid to the Franco
While this will doubtless
forces.
tion of the war,
been
prolonga¬
a
it is, perhaps, all that should have
looked for.
In the present state
sion and irritation in
devise
mean
Europe,
of apprehen¬
able to
no
speeding of armaments. Exactly how the
proposes
to
cope
with
the bolshevist
peril
was
mier
Mussolini, in spite of his public declarations,
not explained, nor is it certain that Pre¬
shares Hitler's
animosity, but it is clear that
attempt to include Soviet Russia in
a
any
concert of
European Powers will have to count
the
upon
opposition of Germany, and possibly of Italy
well.
If the Italo-German
understanding holds,
the attitude of those two Powers will go
mine
brought
the
which
course
the immediate
A
international
far to deter¬
relations, in
and
owners
future, will take.
Threatening Situation
Discussion among banking
and
revealed
academic,
an
cerning
alarm them.
reserve
during the
financial
our
situation
past
to
say
that
prac¬
month
con¬
should
be
long
has done
Treasury,
nothing to
feeling, but has furnished official data,
previously only vaguely
way
broadly known, which
or
The flood disasters of
to confirm it.
West, with their need for additonal large
penditures, aggravated by
that
been
a
ex¬
number of other factors,
put to flight the hopes of early economy in
excesses
touched, while,
past
new
additional
before the
up
requirements become effective in
new
sufficient to offset the latter.
amounts
things
as
months,
be expected to be built
may
date when the
puted at Washington that the banks
It is
now
com¬
hold about
72% of the entire public debt of the United States,
against a corresponding holding by English
as
banks
of
of
that
only about 18% of British indebtedness.
the
main
has
been, here in the financial community,
such
buying
an
increase would
well to remember
the
highest
banks in
for
arguments
the
increase
restrain
that,
It is
under the influence of
even
requirements for New York City
reserve
force
of
banks from
extensively of corporate bonds.
more
the first
on
of
May, total
reserves
will be
be
System was still expected to
liquid banking system, and still further reduced
a
under
cies
the stress
of
of
forgotten.
Few
optimistic
persons,
and have been
accom¬
panied by outspoken acknowledgment that a
new
borrowing
The
is considered unavoidable.
program
the
case
means
is
the
world, is facing
a
that
entire
the
inflationary poli¬
administration,
remember
that
generally
are
during the "old
days," prior to the Federal Reserve System, central
city reserve requirements were 25% of
reserve
deposits, whereas, under
the addition
"credit control" policy,
our
spoken of will amount to only 1%,
making 26% in all.
Many banks throughout the
now
country are still going actively into further bond
investments and may be expected to continue to do
so.
Politically-minded bankers have lately been
in
bringing
on
which
pressure
the
to
bear
part of the
against
Federal
the bond
banking community,
financial
and
business
prospect of no common danger.
any
Reserve
might possibly impair their profits,
or
from
appreciation for which they still hope.
In view of these
facts, the non-partisan observer
cannot avoid the conviction that the time is such
emphatically to call for
the
an
uprising
on
as
the part of
banking community, designed to safeguard the
safety and soundness of the country.
financial
Nothing of the sort is in prospect.
Tom K. Smith,
President of the American Bankers
his address last week at
Association, in
Pittsburgh, suggested the
larger application of bank funds in sound, carefullywatched securities, in
mortgage loans, or in "con¬
sumer
credit," although he has evidently been keenly
conscious of the doubts and
institutions, chief
some
and the
war
the McAdoo
by
in
be
during
such
which
application of the
now
cannot
going
public finance that have been tentatively expressed
fact
nothing in it that need seriously
requirements,
reserves
has
alarm,
The publication of the annual finan¬
Secretary of the
alleviate this
have
was
Even if the full
present or prospective, from bond purchases
reports at Washington, including that of the
go a
the part of securities
on
deferred until May 1, be
reckoned with, there is still a half billion of excess
Board
authorities, both
attitude of worry, not
frankly faced.
the
The
mar¬
buyers that they had heard the worst,
and that there
active
By H. Parkeb Willis
cial
had been foreshadowed.
strengthening of the bond
reflecting the consciousness
intervention
tical
as
a
the Federal Reserve
feverish
as
Federal
procedure which the interested Powers will
Chancellor
open
1
conditions, the
only 26% of outside demand deposits. The
great reductions in reserve requirements, made when
on one seems
hope except for continued political uncertainty and
the
present
The Hitler speech, in short, holds out
a
accept.
a
the alternatives
are
ket and ah advance in the price of government
bonds,
reserves
ently,
of
requirements, just
ably be impossible for either Spain
ers
face
These
capital.
Reserve Board of Governors has
postponed fbr some
weeks the application of an increase in reserve
One
the other Pow¬
taxation, repudiation of debt,
plain "inflation"?
gandists and agitators from Spain, it would prob¬
or
839
it be crushing
have
speech.
Taken in connection with the conditions which the
action
Will
by the continued expansion of Ger¬
armament, unofficially stated
man
the
likely to accept, at the
seems
time that the
same
tion
condition which neither France
a
Britain
Great
nor
Chronicle
of
courses
the
of action.
dangers suggested by
Heads of
among
some
of
our
ablest
them Chairman Aldrich
Chase
Bank, have constructively and cour¬
ageously made reference to the hazards with which
the
financial
situation
mended programs5
continuance of
is
faced, and have
recom¬
of reform which involve the dis¬
our
silver
experiment, the genuine
840
Financial
i
Chronicle
1, •
•
Feb. 6, 1937
:
:
balancing of the Federal budget, and the applica-/
that
tion of credit control
imagination,
through
increase.
reserve
The
latter
suggestion has, at long last, and subject to
great
postponement,
authorized;
but it,
of
is the least important of the suggestions that
course,
he had
made
efficacy in
and,
without
from the
Is
passe?
genuine and vigorous
support
community, their efforts at rectification of
the present
hazards.
financial and
continue to be vain.
situations will
currency
They complain that the wide
and
superseded the
cases,
of
general considerations
more
banking (and community) soundness which
were
has
as
at the instance of
been made
no
by
the
legislation
organized business led
resource
and public spirit.
again of the Federal Reserve Act itself.
is true of many
of the
and
-•
the
of the remedial legislation of 1908,
true
was
same
have, in many
progress
States in financial and business
come
the bankers to maintain their value
'
...
,
out of the present im¬
no way
by outstanding leaders of
distribution of government bonds and the effort of
'
danger exists, except in
SO.
serious
This
,
A review of the past few years shows that
United
has
,
would demonstrate the existence of
or
there, in fact,
such
./
They have done neither and have made
effort tO dO
things stand, is of doubtful
Congress do not hesitate to say
more
'
practical means of protection against obvious
Banking and Currency Com¬
as
any case.
mittee members of
that
been
•'V' 1'
■
threatened
no
some
■
time has
legislation to which they
arrived when
now
The
other periods of emergency
some
sort must be invoked.
rise.
gave
A
expedient of the
There
be
formerly paramount, and have practically brought
same
further discussion of the
that, in 1933, many unwise steps then taken had the
time
being.
have said,
as we
a
adoption of the Banking Act
1935, with its broadening of the
Reserve
heard
Board,
many
hopeful
of the
powers
expressions
were
concerning the possibilities of financial lead¬
ership and outstanding courage
on
latter
of the
organization.
whether he had any
would
Every
specifically
was
one
and
the part of the
appoin¬
new
authoritatively
affiliations
asked
engagements that
or
prevent his acting independently and free of
and
pressure,
affiliations
gave
or
that he had
assurance
Yet the
engagements.
already degenerated into
tion.
approval, perhaps
such
no
Board
has
much its old situa¬
very
Today, according to the most trustworthy
clangers they
were
themselves
to have
the
now
to
come
think
opinion, to distribute
among
the membership
of
card
a
is
ence
the
of
be
would
perfectly idle to comment
"a supreme court
President
neither
avoid
the
even
be
of finance"—one whose members
Wilson, during its earlier
see nor
Enough to
to
say
communicate
suggestion
that,
as
years,
would
with, in the effort to
of
political
pressure.
things stand, there is nothing
expected in the way of leadership from the
Board in
Congress,
1933-34,
powers
to the
or
Treasury Department by Congressional action,
and which would suffice to
the
Department to override
tions.
In these
permit the influence of
any
the shadow of extreme financial
who
many
opposing considera¬
circumstances, the Nation stands in
are prone
danger.
danger has made itself manifest in
way,
There
to say that thus far
any
no
are
such
we
themselves
shepherd boy who
in
was
the
position
same
as
ures
in
the
neighborhood.
average man
with
the
ment,"
of
to
our
its
thought that "big men,"
or some
overruling
power
or
the "govern¬
will bring
difficulties and that those who
worry are
The
It is always easier for the
to steel himself against "pessimism"
either "morbid"
or
point of view would be much
are
us
out
disposed
"trouble-makers."
more
powerful in
appeal if those who adopt it would either show
the
silver
of
legislation,
fund,"
an even more
up
as
the floor
"Thomas
Amendment""
well
as
our
to 1939, while other
awaiting immediate action.
in the
mere
on
our
disas¬
dangerous
meas¬
extreme nature—if that be pos¬
Has not the
interest of self-preservation,
the
part of the business
combined effort to restore
or
rationality to
estly must
some
we
means
threaten
com¬
our
some
financial structure?
hope, fervently must
of escape
a
semblance of order
Earn¬
we pray,
from the dangers which
for
now
us.
George L.
Harrison Elected to Federal Open Market
Committee—Roy A. Young Named AlternatelMem-
ber
Acting under the provisions of Section 12A of the*Federal
Reserve Act, as amended by the Banking Act of 1935, the
directors of the Federal Reserve Banks of Boston and New
York have elected
George L. Harrison
representative of the
Open Market Com¬
mittee for the year beginning March 1, 1937, and ending
Feb. 28, 1938, and have elected Roy A. Young as alternate
member of the Committee for the same period, it was an¬
Federal Reserve banks
nounced
York
on
Feb. 4.
Reserve
Bank
on
a
the Federal
Mr. Harrison is President of the New
and
Mr.
Young isjPresident of the
Boston Bank.
»
Beardsley Rumi
Appointed
Class C
Director of
New
York Reserve Bank—Board of Governors of Federal
the
nowhere
of past experi¬
fact that within
munity, through its recognized agencies, looking to
Reserve System Also Appoints W. T. Nardin Chair¬
man of St. Louis Bank
r
prey was
a
have reenacted the abominations of
for united action
in the habit of calling out
"Wolf, wolf," when the beast of
canons
we
emergency
"greenbacks," its fiat credit, and its other
concrete
and that those who keep reasserting it have
placed
Whatever
dangerous features, extending both it and
enor¬
of control which have been vested in
that
assures us
courage.
Yet it is
over.
reconfirming
with its
question, whether this state of things be
due to weaknesses of human nature
mous
the
this
upon
existing in what has proudly been termed
This
past two weeks, and without any save the most
time come,
situation
of,,
apologizing
"emergency."
casual discussion either in the press or on
sible—are
It
demand
advice, the time for the
certainly
to insure
satisfactory majority for his proposal.
doubt
is officially announced
legislation which violated all
bearing the words "F. D. R. wants this" in order
a
of
was,
with
go on,
this
of
"stabilization
division
basis
The President
disappeared.
organization, in
or
no
danger is largely past and that the time has
trous
of opposition
taken at the
then confronting and
the
on
whatever it
emergency,
information, it is sufficient for the Chairman of the
case
were
can
hasty business men/thrown off their balance by the
to
expected.
At the time of the
tees
as
few outstanding
a
there is apparently nothing for the present
names,
of
close for the
a
From the banking community
whole, excepting,
to be
subject to
The
appointment of Beardsley Rumi, of New York,
as
ar Class C director of the Federal Reserve Bank of New York
was
announced in Washington on Jan. 16 by the Board of
Governors of the Federal Reserve System.
Mr. Rumi will
fill the unexpired term ending on Dec. 31, 1938.
The Board also announced the appointment of William
T. Nardin, of St. Louis, as Chairman and Federal Reserve
Agent for the St. Louis Federal Reserve Bank for the re¬
mainder of 1937 and a Class C director for the unexpired
term ending on Dec. 31, 1939; and the appointment of J.
Frank Porter, of Columbia, Tenn., as a director of the
Federal Reserve Bank of Atlanta, for the term expiring on
Dec. 31, 1939.
Financial
144
Volume
841
Chronicle
Flotations In the United States During the Month
of January
The New Capital
■
The
Features of
grand total of new capital flotations in this country
by $305,973,139 of corporate securities, $205,513,246
sented
municipal issues,
and
State
of $85,000,000 to the
loan
a
Dominion of Canada and $26,000,000 of Farm
Loan financ¬
continued to predominate dur¬
less than $373,960,252 out of the
Refunding operations
ing.
ing January,
find
as we
no
flotations announced
Public
utility
January,
observe that indus¬
them in December.
during
$77,734,694
to
emissions
railroad
in
totaled
January
against $49,236,000 in December.
as
securities of all kinds put out during
The total corporate
always, includes the stock, bond and note issues
as
amounted
offerings
while
$63,336,000,
pilation,
we
accounted for $164,902,445*
compared with $395,594,300 for that group in
as
December,
Our com¬
analysis of the corporate
against $181,082,035 reported for
as
$248,526,133 representing strictly
capital.
our
during January,
miscellaneous issues
trial and
grand total of $622,486,385 comprised refunding, with only
new
January Private Financing
Proceeding further with
during the month of January reached $622,486,385, repre¬
stated,
already
of which
$305,973,139,
by corporations, by holding, investment and trading com¬
January
panies, and by States and municipalities, foreign and domes¬
$149,946,000 comprised long-term bonds and notes, $9,050,-
tic,
as
well
as
Farm Loan and publicly-offered governmental
000
United States Government financing was along the
usual
as
short-term
of
was
stock
sented
issues.
agency
was,
than $203,516,962, or
single offerings of Treasury bills.
month
offerings
are
In view of the
recorded in
The details in respect to
our
than
remarks further below.
magnitude and importance of the United
States Government
financing,
set forth a summary of all
we
the
refunding portion
(1937)
ing
Northern Ry.
Secretary of the Treasury Morgenthau
nounced
offering of $100,000,000
new
a
thereabouts, respectively.
Dec. 31
on
an¬
thereabouts of
or
and the
The two issues of Treasury
dated Jan. 6, the 71-day
were
bills maturing March 18
Subscriptions for the 71-day Treasury bills totaled $105,accepted.
was
price of Treasury bills of this series
rate
on a
bank discount basis
$50,125,000
was
Treasury bills of this series
bank discount basis being
for the
The average
99.961, the
was
average
bills total $131,041,000,
The
accepted.
was
99.760, the
0.316%.
average
price of
average rate on a
This financing provided
refunding of $50,180,000 of maturing bills, leaving
$50,000,000
as an
used entirely for
The
$50,000,000
bills
addition to the public debt.
Morgenthau announced
a new
Jan.
13
and will
mature
Oct.
13,
The
1937.
Applications to the offering totaled $125,862,000, of which
$50,022,000
was
accepted.
The
average
price for the bills
was
99.747, the average rate on a discount
0.333%.
Issued to replace maturing bills.
Mr.
basis being
Jan. 14 announced a further new
offering of $50,000,000 or thereabouts of 273-day Treasury
Morgenthau
bills.
The bills
1937.
Tenders
on
were
to
dated Jan. 20 and will mature Oct. 20,
the
offering
totalled
$124,392,000,
of
which $50,015,000 was accepted.
The average price for the
bills was 99.738, the average on a discount basis being
0.345%.
This financing provided for the refunding of
a
thereabouts of 273-day Treasury bills.
The
27 and will mature Oct. 27, 1937.
Subscriptions to the offering totaled $134,878,000, of which
$50,038,000 was accepted.
The average price of Treasury
bills was 99.726, the average rate on a bank discount basis
being 0.361 %.
Issued to replace maturing bills.
In the following we show in tabular form the Treasury
financing done during the month of January, 1937.
The
results show that the Government disposed of $250,255,000,
of which $200,255,000 went to take up existing issues and
$50,000,000 represented an addition to the public debt.
bills
UNITED
Great
Co. $4.50
Consumers Power
refunding.
stock, priced
100yielding about 4.48%; 500,000 shares Tide Water
to
cum.
conv.
pref. stock, issued at
3.90%, and $40,000,000 Tide Water Associated
3j^s, Jan. 1, 1952, floated at 101, to yield
yield
Oil
deb.
Co.
•;
Included in the
financing done during the month of Janu¬
offering of $26,000,000 Federal Intermediate
Credit Banks consolidated debenture l^s, dated Jan. 15,
1937, and due in three and six months, offered, as usual, at
price on application.
Two of the offerings made during January carried rights to
acquire stock on a basis of one kind or another.
They were
ary
was
an
follows:
500,000 shares Tide Water Associated Oil Co. $4.50 cum.
conv.
on
to
or
pref. stock, convertible into common stock at any time
1947, in ratios ranging from 3 7-11 shares
before Jan. 1,
2^ shares of common stock.
90,000 shares Emporium Capwell Co. 4 >£% cum. pref.
purchase 1 share of capital stock of
stock with warrants to
Emporium Capwell Corp., the holding company, over a
period of 10 years, at prices ranging from $26 to $34 per share.
In the following we furnish a complete summary of the
new financing—corporate,
State and city, foreign govern¬
ment, as well as Farm Loan issues—brought out in'the United
States during January, and covering all classes of issues ex¬
cept those of the United States Government:
SUMMARY
OF
CORPORATE,
AND
FOREIGN
GOVERNMENT,
FARM LOAN
MUNICIPAL FINANCING
New Capital
1937
Refunding
Total
or
dated Jan.
were
follows: $50,000,000
as
mtge. 3Ms, I, 1967, used entirely
largest corporate offering during January was 547,788
similar amount of maturing bills.
On Jan. 21 Mr. Morgenthau announced a new offering of
$50,000,000
more
103, to yield about 4.37%; $50,000,000 Great Northern
Ry. Co. gen. mtge. 3MS, X, Jan- L 1967, offered at 97H,
offering of
thereabouts of 273-day Treasury bills.
or
dated
were
or
a year ago
shares Consumers Power Co. $4.50 cum. pref.
at
as
On Jan. 7 Mr.
were
gen.
refunding; 547,788 shs.
3.41%.
being 0.199%.
Tenders for the 273-day Treasury
of which
Co.
Associated Oil Co. $4.50
273-day bills falling due Oct. 6, 1937.
265,000, of which $50,055,000
$407,706,562,
pref. stock, all used for refunding, and 500,000 shares
Tide Water Associated Oil Co. $4.50 cum. conv. pref. stock,
71-day bills and 273-day bills in the amount of $50,000,000
bills
was
In January
cum.
1937
or
January
for
Treasury Financing During the Month of January,
less
the amount
for refunding was $200,972,556, representing about 73%
of that month's total.
Refunding issues of importance dur¬
ticulars of the various
New
no
about 67% of the total; in the previous
65% of the total.
Treasury issues marketed during January, giving full par¬
offerings.
repre¬
portion of the month's cor¬
The
porate flotations used for refunding purposes was
lines during January and consisted of one double and three
these
$146,977,139
maturity and
offerings.
STATES
TREASURY
FINANCING
DURING
JANUARY,
Month of January—
Corporate—
Domestic—
69,110,450
2,450,000
20,695,682
10,200,045
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
80,835,550
6,600,000
116,081,412
149,946,000
9,050,000
136,777,094
10,200,045
Canadian—
Long-term bonds and notes
Short-term
,
Preferred stocks
Common stocks._
...
,
Other foreign—
Long-term bonds and notes—..
Short-term
1937
Preferred stocks
Common stocks
Date
Amount
Dated
Due
Applied for
Accepted
$
Offered
Amount
$
Dec. 31 Jan.
6
71
days
105,265,000
Dec. 31 Jan.
6
273
days
131,040,000
125,862,000
124,392,000
134,878,000
Jan.
7 Jan.
13
273
days
Jan.
14 Jan.
20
273
days
Jan.
21 Jan.
27
273 days
Price
Yield
Other foreign
50,055,000
50,125,000
50,022,000
50,015,000
50,038,000
Average
Average
Average
Average
99.747 *0.333%
99.738 *0.345%
Average
99.726 *0.361%
99.961 *0.199%
99.760 *0.316%
*
250,255,000
total...
USE
Dated
Jan.
Total Amount
Type of
Security
Accepted
6.
71-day Treas. bills
Jan.
6.
273-day Treas. bills
Jan.
13.
273-day Treas. bills
Jan.
20.
273-day Treas.
Jan.
27.
273-day Treas. bills
Total.
OF FUNDS
bills
New
Refunding
$50,055,000
50,125,000
$50,180,000
50,022,000
50,015,000
50.038,000
50,022.000
$250,255,000
$200,255,000
Indebtedness
$50,000,000
305,973,139
85,000,000
146,069,956
26,000,000
59,443,290
205,513,246
248,526,133
373,960,252
622,486,385
Farm Loan and Government Agencies.
*
Municipal—States,
cities, &c
Grand total
26",bob",000
-—
include funds obtained by States and municipalities from
of the Federal Government.
These figures do not
any agency
Average rate on a discount basis.
203,516,962
85,000,000
-
government
Unltea States Possessions
*
Jan.
102,456,177
Total corporate
Canadian Government
In the elaborate and comprehensive table on the succeed¬
ing page we compare the foregoing figures for 1937 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison.
We also furnish a detailed
analysis for the five years of the corporate offerings, showing
separately the amounts for all different classes of corpora¬
tions.
50,015,000
50,038,000
Following the full-page table we give complete details
new capital flotations during January, including everj
issue of any kind brought out in that month.
\
of the
$50,000,000
&
^1
2
s
*o
00
s
A)
t3 Ci
:
49,250 1,3420 2,50,0 750, 0
Total
64,5170 9,50,0 35,8460 109,85160
Refundi g 31,580 10,8420
42,360 2,984,350 45,3 .50
50 ,0 750, 0
Capit l 18,407 0 2,50,0
1933
_
12,0 .0 37.925,0.J 13&}
K*
-
^249, 50 27,bo",03.6432,0
::
::::
Capital 12,0 0 6,407,0
18,407 0 "50 ",6 0
7,483,407 28,0 0 5,071204 90.54,61
Total
1,50 , 0
1934L
1,50 , 0 23,0 0 18,0132 42,60132
Refundig
5,983,407
Total
1,62 ,0 4,10 , 0 925,0 0 1,079,0
Capital
$
1933
New
1934
5,983,407 5,0 ,0 36,9 872 47,953279
New
42,360
3,250, 0
3,250, 0 12,0 0 6,907, 0 3,250, 0
2,1570
1935
5,267,0 6,0 ,0 80,9 6 43 43 ,0 0 92,6 43
1,079,0
243,71850 18,0 0 2,0 ,0 2,18,90 8,0 ,0
Refundi g 1,50 , 0
5,983,407 f,"5o" ,6 5,983,407
1,50 , 0
17,,458030
1,50 , 0
5,983,407
1, 78,0
Refundi g
Capital
$
4 4,0 0
1,62 ,0
4,10 , 0
5,983,407
218,750
4,10 , 0 1,785,2 0
40 ,0
Total
MOFJYAENIUVRTHS
MFTOIMUFNJYAEHNICUVPREARGLS
7 8,0 0 2,485,0 925,0 0
1,50 , 0
Capital
2,459,0 30,2 0 16,75 6 48,3476
New
1,50 , 0
2,0 4.0 2,963,256 4,31.8,750
5.983,407
5.983,407
New
7, 26,0 36,20 097,1 2419 43 ,0 0 14,53149
84 ,0 0
Refundi g 1,6 5,0
Capit l
38,01 0 4,32,0
50 ,0 0
64.517,0
10,8420
2,1570 9,50,0 32,85026 64,507256
3,250, 0 12,0 0 4 ,9250 4,3 2,0 3,250, 0
5,983,407
31,580 6,50,0 4,32,0
1,50,0 5,983,407
Total
3",250",60
1,3420
Refundi g 31,58"0
New
1935
$
Total
—
4 .0 84 ,0 0
1,6 5,0
1,6 5,0
7 8",0
7 8,0 0
2,485,0
40 ,0 0
06 7, 26,0
"444",
1,6 5,0
4 4,0 0 2,459,0
2,485,0 1,785,2 0 "2718"50,
2,04,0 5052", 63",2 2,703 50
5,267,0
4,18 ,9 0 94,518 0 28,50 126,750 1,24 50 12,594 0 250, 0
New
79,518 0 28,50 125,70 8,70,0 9,0 ,0 250, 0
251,7850 15,0 0
3,0 ,0
18,0 0 1.05 ,0 2,54,50 594, 90
48,71 50 27,0 0 9,714 52 70 ,0 0 6,82,50 250, 0
Refundi g
183,24572 15,0 0
2, 87,50
17,28.50
Capital 30,8 0 1,50, 025,98 248 8,0 ,0 2,137,50
273,904 48,0 0 "2~o"~,od 89,523614 41,63104
68,472 48
712,50
712,50
FGtoeavohedgrnemnfactl.y CITUSSFOTNRHPOAIHUEEARETD
203,5169
CFGFLAOOORVRNPEERIDGMANTT,,
notes notes. notes. governmtAcis-_&t ,Posein bfSiuntocaldnyeisdes Notes- & manufctres -manufc!trig. hAoldcin-gs, Notes- Acmanuftres manufctrig. hAoldcin-g, Acmanuftres manufctrig. _ hAolcdi.ng, _. Acmanuftres manufctrig. hAolcdin-g, securit.
$
Total
Refundi g 183,2457 17,28 50 "439",304
"20 ",60 38,45 5
287,6 01
- 72,934 511,50699",
124,0 93
20,97256 48,0 0
$
1936
•
712,50
Capital 60,472 48 2,0 ,0 1,749,68 8,0 ,0
$
-
New
$
Total
Total
$
1936
New
any NEW
305,973.1985,0 0 26,bo"06 205,13246 62,48635 frmuonicpmaltes GOROUPFING
149, 60 9,05,0 136,7 094 10,2 045
Total
62,5360 14,2790 18,30 0 1,40,0 50, 0 8 1,0 0 250, 0 2,30 , 0 149, 60 80 ,0 05,10,0 2, 0 . 0
439,304
439,304
1,05 ,0 2,105,196 594, 90
950, 0 9,05 ,0
63,71850 27,0 0 9,714 52 1,39,04 9,150, 0 250, 0
3,749,68 30,8 0 1,5 0, 0 27,035248 10, 5196 3,4 ,490
273,904
20,9756
72,934
27,80", 0 146,97 139 63, 6,0 7,3469 18,30 0 41,34100*.8,31,30510,65 0 8 1,0 0 250, 0 31, 0 305,97319
58.35,694 4,310, 40 ,781,30551,650, 0
—
Refundi g 80.35, 06, 0 , 0 16,08142
203,5169285,0 0 206,b6"o0",59,43290 37,96025
S
1937
SOUM FARY Capital
New
$
69,1045 2,450, 020,695 82 10,2 045
—
—
3
CAHARNDTE
102,45617 146,09"56 248,5613
1937
60 ,0 0
Refundi g 51,4850 9.156,0 1,04 50 8,348,0
1,051 0 5,123,0 7,25 ,950 1,40,0 41,6520 281,0 0
Capital
202,50 80 .0 05,0 ,0
80,35, 0
250, 0
New
80 .0 0
6, 0 , 0 56",480',694
950, 0 2,450, 0
.2,0975 69,1045 "ib '.o o 1,40 , 0
8,10 .718 16,08142 52, 850 70,63 94 1 ,04 50 80 ,0 0 59,84 0 60 ,0 0 8,30 ,218
51,0,60
1,875",0 4,310, 40 4,781,305 150, 0
19,7 28 30.895,72 1,051 0 7,098,0 7,25 ,950 4~,3lb"407,581,305 41,802 0 281,0 0 250, 0 2,86782 102,45617
OFJANURY boanndds .__ stock stock boanndds Short-e*" stock. stock. foreign— boanndds stock. stock. corpate foreign Staes toal fdignuoroest OFAJ NU RY Boands
Corpate—
Governmt Gaonvdt.Municpal—Stes, utilesscctooepaell,r,, acesoriinAdustrial b&uildncgs, ttrruadsitng,M,iscelanous SBh&oort-nTedms utiles sccotoepaell,,r, acesorii&ndustrial bAuildcngs, . ttrraudsitng,M,iscelanous utiles scctooepaell,,r, acesoriinAdustrial bAuildcngs, .. ttrruadsitng,M,iscelano_us utiles scctooepaell,,r, acesoriinAdustral bAuildcngs, ttrraudsintg,,Miscelanous corpate
MONTH
Total
Domestic- Long-term Short-em Pref red Com on Candi — Long-term Pref redCom on OtherLong-termShort-em Pref redCom on Can dianOtherFLaroamn. United Grand These
*
*
MONTH
Long-TermRailroadsPublic Iron,EquipmentMoatonrds
Other
Oil
Land,Rub er
Ship ingInv.
Total
Railroads Public Iron,Equipment Moatonrds Other
Oil
Land,Rub er
Ship ingInv.
Total
Stocks— Railroads Public
Equipment and
Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total Total—
Railroads Public Iron,Equipment Moatnords Other Land,Rub er. Ship ingInv.
Total
T
Volume
Financial
144
DETAILS OF NEW CAPITAL FLOTATIONS
300,000 Peoples Bridge Corp. 1st coll. lien 5s, Aug.
funding; additions and betterments.
Price,
5.00%.
Offered by Stemmler & Co.; Brooke,
and F. J. Young & Co., Inc.
DURING
JANUARY, 1937
LONG-TERM
AND
BONOS
MATURING LATER
1
(ISSUES
NOTES
THAN
FIVE YEARS)
843
Chronicle
SHORT-TERM
BONDS
& Rockfish RR. serial refunding 4M% bonds.
Sold at par to
AND
Northern Ry. Co.
gen.
M. 3Ks, I, Jan.
RAILROADS
/
1967.
1
4,500,000 Brooklyn-Manhattan Transit Corp. rapid transit coll.
434s, May 1, 1966.
Finance enlargement and modernization
of subsidiary power plant.
Price, 103 M; to yield 4.29%.
Offered by Hayden, Stone & Co.; Brown Harriman & Co.,
Inc., and Lazard Freres & Co., Inc.
800,,000 Emporium Capwell Co. serial 4%
notes, Jan. 1, 1938-42.
Discharge indebtedness;
working capital.
Priced to yield
1.00% to 3.00%.
Offered by Dean Witter & Co.; Schwa¬
bacher & Co.; Brush, Slocumb & Co.; Pacific Co. of California;
Griffith, Wagenseller & Durst; Bissinger & Co.; Wm. Cavalier
& Co. and Bennett, Richards & Hill.
500,000 Minneapolis Gas Light Co. 1st M. 4s, June 1, 1950.
Addi¬
tions
and betterments.
Price on $200,000 sold privately,
J
103 M; $300,000 offered at 105 by
^
G. L. Ohrstrom & Co., Inc.
250,000 Mountain States Water Co. 1st M. 5s, B, Nov. 1, 1961.
Acquire 1st mtge. 6s; working capital; other corporate pur¬
poses.
Price, 9834*. to yield 5.09%.
Offered by Bond &
Goodwin, Inc., Portland, Me.
Power Co. 1st M. 334s, 1961.
two institutional investors.
6,978,000 Pennsylvania
Sold
at
to
par
Refunding.
2,051,000 San Jose Water Works 1st M. 3Ms, A, Dec. 1, 1961.
Re¬
funding.
Price, 103; to yield 3.57%.
Offered by Chandler
& Co., Inc.; Bankamerica Co. and Burr & Co., Inc.
$14,279,000
STEEL, COAL, COPPER, &c.
IRON,
1st M. 5Ms, A, Jan. 1, 1947.
Gen¬
Price,
101 )4; to yield 5.30%.
McCarty & Co., Inc., Detroit.
300,000 McLouth Steel Corp.
eral
corporate
purposes.
Offered by Campbell,
15,000,000 Otis Steel Co. 1st M. 434s, A, Jan. 15, 1962.
Refunding;
improvements; working capital.
Price, 98; to yield 4.64%.
Offered by A. G. Becker & Co., Inc.; Bancamerica-Blair
Corp.; Hallgarten & Co.; Otis & Co., Inc.; H. M. Byllesby
& Co., Inc.; Central Republic Co., Chicago; Hemphill, Noyes
& Co.; Ladenburg, Thalmann & Co.; Paine, Webber & Co.;
E. H. Rollins & Sons, Inc., and Lawrence Stern & Co., Inc.
Other underwriters were: Kuhn, Loeb & Co.; Goldman, Sachs
& Co. and McDonald-Coolidge & Co.
$18,300,000
INDUSTRIAL AND MANUFACTURING
OTHER
1,400,000 Chesapeake-Camp Corp. 1st M. 4Ms, Jan. 1,
struction of plant.
Price, 100; to yield 4.25%.
Scott & Stringfellow, Richmond, Va.
1947.
Con¬
Offered by
OIL
$950,000
STOCKS
(Preferred stocks of
at
Hayden,
Stone
&
Co.;
Read &
Co.
10,000,000 Union Oil Co. of California deb. 3 Ms, Jan. 1, 1952.
Re¬
funding; build new cracking plant.
Price, 105M; to yield
3.04%.
Convertible at any time prior to Jan. 1, 1940, into
capital stock at rate of 30 shares for each $1,000 debentures.
Offered by Dillon, Read & Co.; Wm. R. Staats Co.; Blyth
& Co., Inc.; Dean Witter & Co.; Pacific Co. of California and
Bancamerica-Blair Corp.
1,875,000 National City Lines 30,000 units comprising 30,000 shares
$3 conv. pref. stock and 30,000 shares common stock.
Acquisi¬
tions;
new
equipment;
other
corporate
purposes.
Price,
$62 M Per unit of 1 share of each stock.
Preferred stock con¬
vertible at any time up to 10 days prior to redemption date
into common
share
■
*
in ratio of 2
Offered
by
shares of
common
Reynolds
&
Co.;
for
each
Laurence
MOTORS
AND
ACCESSORIES
3,095,140 Diamond T Motor Car Co. 154,757 shares common stock.
Additional
working capital.
Price, 20.
Offered
by Hall¬
garten & Co.; Granbery, Safford & Co.; A. G. Becker & Co.,
Inc., and Jackson & Curtis.
\
.
1,000,000 Garford Corp.
5% pref. stock.
(Matfon, Ind.) 100,000 shares convertible
Machinery and equipment; working capital,
other
and
corporate purposes.
Price, 10: to yield 5.00%.
Each share convertible into 2 shares of common stock up to
Jan. 1,
1947.
Offered by Bond & Share Co., Cleveland.
75,000 United States Universal Joints Co. 25,000 shares common
stock.
Working capital and other corporate purposes.
Price,
3.
Offered by Humphries, Angstrom & Co., Detroit.
$4,310,140
OTHER
INDUSTRIAL AND
MANUFACTURING
400,000 Chesapeake-Camp Corp. 4,000 shares 5% pref. stock.
Con¬
struction of plant.
Price, 100; to yield 5.00%.
Offered by
Mason-Hagan, Inc., Richmond, Va., and Investment Corp. of
Norfolk, Va.
400,000 Cinema Magazine, Inc., 200,000 shares common stock.
Preparation and publication of magazine.
Price, 2.
Offered
by Goodwin, Griswold & Co.; L. E. Wakefield & Co. and
Robert E. Rew & Co., Inc.
750,000 G.
Kreuger
Brewing Co. 50,000 shares common stock.
improvements, additions, &c.
Price, 15.
by company to stockholders; underwritten by Hall¬
garten & Co.; Cassatt & Co., Inc.; Lehman Brothers and
Nugent-Igoe.
New
construction;
Offered
(Slaton, Texas) 1st M. 4s, 1939-48.
Real
yield 3.42% to 4.00%.
St. Louis.
mortgage.
Price, 101-100; to
Offered by Festus J. Wade Jr. & Co.,
600,000 Roman Catholic Diocese of Indianapolis 4s, Jan, 1, 1947.
Refunding.
Price, 100; to yield 4.00%.
Offered by Festus
J. Wade Jr. & Co., St. Louis.
of Mercy (Webster Groves, Mo.)
1st 3s, 3Ms and 4s, Jan. 1, 1938-47.
Finance construction of
building.
Price, 101-100; to yield 2.00% to 4.00%.
Offered
by Eckhardt-Petersen & Co., Inc., St. Louis.
200,000 St.
stock
preferred.
$58,355,694
LAND, BUILDINGS, &c.
estate
of
M. Marks & Co. and Lawrence Stern & Co., Inc.
■
$50,000,000
81,000 Mercy Hospital
UTILITIES
1,428,000 Minneapolis Gas Light Co. 14,000 shares $5.10 cum. 1st
pref. stock.
Retire bank loans incurred in redemption of
preferred stocks.
Price, 102; to yield 5.00%.
Offered by
G. L. Ohrstrom & Co., Inc.
Bancamerica-Blair
& Co.; Otis & Co., Inc.; Wm. R. Staats & Co.; Spencer Trask
& Co.; Alex. Brown & Sons; Mitchum, Tully & Co.; Schoellkopf, Hutton & Pomeroy, Inc.: The Securities Co. of Mil¬
waukee, Inc.: H. M. Byllesby & Co., Inc.; Carl H. Pforzheimer
& Co.; G. H. Walker & Co.; Wells-Dickey & Co.; Laurence
M. Marks & Co.; A. C. Allyn & Co., Inc.; Central Republic
Co., Chicago; Eastman, Dillon & Co.; Singer, Deane & Scribner; Battson, Barnes & Lester, Inc.; Wm. Cavalier & Co.;
Bankamerica Co.; Janney & Co.; Kaiman & Co.; Moore,
Leonard & Lynch; W. J. Wollman & Co.; L. F. Rothschild
& Co.; The Illinois Co. of Chicago; Bacon, Whipple & Co.;
Battles & Co., Inc.; First of Michigan Corp.; Riter & Co.;
Whiting,Weeks & Knowles, Inc.; Carstairs & Co.; Blake Broth¬
ers & Co.; Elworthy & Co.; Pacific Capital Corp., and Dillon,
a
par
PUBLIC
Corp. and Dean Witter & Co.
Other underwriters were:
Bonbright & Co., Inc.; Goldman, Sachs & Co.; Hallgarten
& Co.; Kidder, Peabody & Co.; Lazard Freres & Co., Inc.;
Lee Higginson Corp.; J. & W. Seligman & Co.; White, Weld
& Co.; Glore, Forgan & Co.; Hemphill, Noyes & Co.; Laden¬
burg, Thalmann & Co.; Schwabacher & Co.; Shields & Co.;
Speyer & Co.; Chas. D. Barney & Co.; A. G. Becker & Co.,
Inc.; Cassatt & Co., Inc.; Clark, Dodge & Co.; E. W. Clark
& Co.; Estabrook & Co.; W. E. Hutton & Co.; Paine, Webber
& Co.; E. H. Rollins & Sons, Inc.; Lawrence Stern & Co.,
Inc.; Stone & Webster and Blodget, Inc.; G. M.-P. Murphy
& Co.; F. S. Moseley & Co.: Dominick & Dominick; Hornblower & Weeks; Graham, Parsons & Co.; Hayden, Miller
no
$55,052,694 Consumers Power Co. 547,788 shares $4.50 cum. pref. stock.
Retire
preferred
stocks.
Price,
10034;
to
yield
4.48%.
Offered by Bonbright & Co., Inc.; The First Boston Corp.;
Brown Harriman
& Co.,
Inc.; Edward B. Smith & Co.;
E. W. Clark & Co.; Lehman Brothers; Stone & Webster and
Blodget, Inc.; Blyth & Co., Inc.; Mellon Securities Corp.;
Goldman, Sachs & Co.; Harris, Hall & Co., Inc.; Hayden,
Stone & Co.; Kidder, Peabody & Co.; Lee Higginson Corp.;
J. & W. Seligman & Co.' and Spencer Trask & Co.
Other
underwriters were: Glore, Forgan & Co.; Bancamerica-Blair
Corp.; H. M. Bdllesby & Co., Inc.; Clark, Dodge & Co.;
First of Michigan Corp.; W. E. Hutton & Co.; Lazard Freres
& Co., Inc.; F. S. Moseley & Co.; Schroder Rockefeller & Co.,
Inc.; Watling, Lerchen & Hayes; White, Weld & Co.: Central
Republic Co., Chicago; Dominick & Dominick; Estabrook
& Co.; W. C. Langley & Co.; Schoellkopf, Hutton & Pomeroy,
Inc.; Brown, Lisle & Marshall; Coffin & Burr, Inc.; R. L. Day
& Co.; Hornblower & Weeks; Paine, Webber & Co.; Putnam
& Co.; E. H. Rollins & Sons, Inc.; Chas. W. Scranton &
Co.;
The Securities Co. of Milwaukee. Inc.; Richardson & Clark;
Lawrence Stem & Co., Inc.; Tucker, Anthony & Co.; Bacon,
Whipple & Co.; Cassatt & Co., Inc.; Graham, Parsons & Co.;
Hawley, Huller & Co.; Hayden, Miller & Co.; Hemphill,
Noyes & Co.; Jackson & Curtis; Laurence M. Marks & Co.;
Merrill, Turben & Co.; G. M.-P. Murphy & Co.; W. H. NeWbold's Son & Co.; Otis & Co., Inc.; Atrhur Perry & Co., Inc.;
Riter & Co.; Starkweather & Co., Inc.; Stroud & Co., Inc.,
and Whiting, Weeks & Knowles, Inc.
^
Corp.;
stated par value are taken at par, while preferred
value and all classes of common stock are computed
their offering prices.)
stocks of
40,000,000 Tide Water Associated Oil Co. deb. 334s, Jan. 1, 1952.
Prepay promissory notes; working capital.
Price, 101; to
yield 3.41%.
Offered by Kuhn, Loeb & Co.; Lehman Bros.;
Brown Harriman & Co., Inc.; Blyth & Co., Inc.; The First
Boston
MANUFACTURING
150,000 Continental Credit Corp. deb. 3s, 434s and 434s, series A,
B
and
C, Jan.
1,
1938-40.
General corporate purposes.
Price, 100; to yield 3.00% to 4.50%.
Offered by McDonald,
Moore & Hayes, Inc.. Detroit.
UTILITIES
^
notes.
MISCELLANEOUS
yield
$62,536,000
PUBLIC
INDUSTRIAL AND
OTHER
Offered by W. E. Hutton & Co.
3.88%.
serial
UTILITIES
2,200,000 International Paper Co. 234% to 4% notes, Feb. 1, 1938-41.
Refunding; advance funds to subsidiary; reduce debt to parent
company.
Financing arranged with First National
Bank
of Boston and Chase National Bank, New York,
3,750,000 Missouri-Kansas-Texas RR. equip, trust 2s, Feb. 15,1938-52.
New Equipment.
Priced to yield 0.875% to 2.95%.
Offered
by Evans, Stillman & Co. and Clark, Dodge & Co.
I
PUBLIC
$5,100,000 North Shore Gas Co. and North Shore Coke & Chemical
Co. joint 1st M. 4s, A, Jan. 1, 1942.
Refunding; additions.
Price, 100; to yield 4.00%.
Offered by Central Republic
Co., Chicago; E. H. Rollins & Sops, Inc.; Lawrence Stern &
Co., Inc., and Coffin & Burr, Inc.
1, 1967.
Price, 9734; to yield 3.90%.
Offered by Mor¬
gan Stanley & Co., Inc.: J. & W. Seligman & Co.; Brown
Harriman & Co., Inc.; Edward B. Smith & Co.; The First
Boston Corp.; White, Weld & Co.;
Lee Higginson Corp.;
Kidder, Peabody & Co.; Blyth & Co., Inc., and Lazard
Freres & Co., Inc.
Refunding.
1,600,000 Toledo Peoria & Western RR. 1st M. 4s, B, Jan. 1,
Refunding; additions and equipment.
Price, 102; to
(ISSUES MATURING UP TO
$800,000 Gulf Mobile & Northern RR. 3% secured
Refunding.
Sold at par to Kuhn, Loeb & Co.
7,080,000 Chicago Burlington & Quincy RR. equip, trust 2s, B,
Dec. 1, 1937-51.
New equipment.
Priced to yield 0.65% to
2.55%.
Offered by Salomon Bros. & Hutzler; Dick & MerleSmith and Stroud & Co., Inc.
50,000,000 Great
NOTES
AND
INCLUDING FIVE YEARS)
RFO loan; other corporate purposes.
Kirchofer & Arnold, Raleigh, N. 0.
Retire
Re¬
yield
to
$2,300,000
RAILROADS
$106,000 Aberdeen
1, 1946,
100;
Stokes & Co.,
Joseph's Convent
781,150 Park
&
Tilford,
Inc..
31,246
shares
duce
notes
payable; other corporate
Offered by company to stockholders.
capital
purposes.
stock.
Re¬
Price, 25.
1,000,005 Potash Company of America 66,667 shares common stock.
Plant expansion;
working capital.
Price, 15.
Offered by
company
to
stockholders;
underwritten
by The Lehman
Corp.; Boettcher & Co. and Laurence M. Marks & Co.
175,000 Romec Pump Co. (Elyria, Ohio) 50,000 shares common stock'
Discharge indebtedness; working capital.
Price, 3 M
Offered
by Gassman & Co., Cleveland.
•
$881,000
INVESTMENT
TRUSTS,
250,000 Susquehanna Capital
vide
funds
for
TRADING, HOLDING, &c.
Corp. deb. 4s, June 1, 1966.
investment
in
securities
and
Pro¬
commodities.
12,500 shares of common stock in units of $500
of debentures and 25 shares of common stock at price of $572.50
Offered with
per unit.
Offered
& Co., Inc., New
by Robert E. Johnson and J.
York..
S. Judge
MISCELLANEOUS
2,000,000 Emporium Capwell Co. 1st M. 4s, Jan. 1, 1952.
Discharge
indebtedness; working capital.
Price, 101; to yield 3.91%.
Offered by Dean Witter & Co.; Schwabacher & Co.; Brush,
Slocumb & Co.; Pacific Co. of California; Griffith, Wagen¬
seller & Durst; Bissinger & Co.; Wm. Cavalier & Co. and
Bennett. Richards & Hill.
83,750 The Serrick Corp. 6,700 shares class B common stock.
Working capital.
Price, 12M.
Offered by Harrison, O'Gara
& Co.; Sills, Troxell & Minton, Inc.; Polk-Peterson
Corp. and
Festus J. Wade Jr.
& Co.
770,000 Thermoid Co. 70,000 shares common stock.
Retire current
debt; other corporate purposes.
Price, market—about 11.
Offered by Fuller, Cruttenden & Co.; Schluter &
Co., Inc.,
and Barney Johnson & Co.
Other underwriters were: S
L
Reinhardt, Chicago, and Van Alstyne, Noel & Co., Inc.
421,400 United States Potash Co. 4,214 shares 6% cum. pref. stockGeneral
corporate
purposes.
Price, 100; to yield 6.00%.
Offered by Wm. R. Staats & Co.
$4,781,305
(Continued
on
page
846)
844
Chronicle
Financial
Feb. 6, 1937
THE ST. LOUIS STOCK EXCHANGE—STOCKS AND BONDS
In the
following
furnish
we
monthly record of the high and low prices
a
for each month of the last two years.
during the
in
1935 and 1936, and the prices
years
during the
1936
year
For the record of
1934,
424,455 shares,
was
value of transactions in 1936
money
previous
739; Feb. 4,1933,
page
was
years see
page
on
the St. Louis Stock Exchange
The tables include all stocks and bonds in which
all based
are
as
on
actual sales.
dealings occurred
any
The number of shares traded
compared with 149,630 shares during the
$9,302,491 and in 1935
"Chronicle" of Feb. 8,1936,
720; Feb. 6,1932,
page
The
year
1935.
page
697; Feb. 3,
$3,470,441.
was
850; Feb. 2,1935,
page
912; Feb. 7,1931,
page
914; Feb. 1,1930,
695;
page
Feb. 2, 1929, page 636; Feb. 4, 1928, page 632; Feb. 5, 1927, page 697.
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1935.
January
STOCKS.
Par $ per share $ per share $ per share $ per share $ per share $ per share $ per
20
14
14
w
A S Aloe Co
common
Preferred
100
Amer Credit Indem
Amer Invest B
*
common
Brown Shoe
95.
10
Boyd-Richardson 1st pref
a
June
March
October
February
July
September
November
August
December
May
April
High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High
Low
7U
"56"
Preferred
68" "57% *69%
100 121
Bruce (E L) Co preferred
Burkhart (F) Mfg com
121
53
6
8
6
25
22
23
20
20
1
25
30
30
5
3
3
3
6
Coca-Cola Bottling com
Columbia Brew common
Curtis Mfg Co common
56
125
10
11
IO84
12%
25%
27%
27
23
25
30
25
30%
23
32%
32%
45
42
6%
6®4
44%
3%
7
43%
3
40
3%
40
3
8
8
12
21
107
108
110
77
77
6%
6%
~46~
25c
*
19
19
19
110
109
44
"6% "
3%
8
89
90
8%
20
9
16
19
3%
3%
15c
"4»4
3%
3%
284
8%
19%
2%
Preferred
18
International Shoe
*
com
19%
9~l" "95"
4
5%
113% 113%
2%
2%
Laclede Steel
44
45
6
5
McQuay-Norris Mfg
Meyer-Blanke Co
3
3%
3%
19
42
46%
32%
84
35
33
35
43%
42%
234
10%
19
43%
43
45%
48
51
51
53
3
3
^
3
3
12
19%
19
19%
12%
44
45
13
*
112
95
95
4
4%
4
5%
484
....
2%
2%
284
9
2
2%
3%
2%
3%
2%
2%
....
2%
3%
54
5
66
3
9%
I784
13
19
10%
20%
"l9%
113
113% 115
97
93% 95
42%
18
54%
19%
Moloney Elec A
25
com
43
46
19
2
5
Nat Bearing Metals com.
Preferred
54
10%
7
6%
7%
*
19
19
.100
95
45
47
10%
53
5
19
18
3
3
2
284
2
2%
5
5
5
7
45%
48%
5%
45% 46%
1584
"15% "l6"
12%
18%
"54"
4%
17%
4%
18
6%
684
6%
8
8
8
8
10
54%
54
54
14%
12
7%
9
16%
15%
*56*
60"
12
19
19
18
common...
1st preferred
*
1
11
..100 104
2nd preferred
........100
St Louis Car Co pref.........100
St Louis Pub Serr common....*
Preferred
*
Scruggs-V Barney
common
25
1st preferred..............100
2nd preferred
100
Scullin Steel Co pref...._.....*
Securities Invest common......*
8% preferred.
100
Sieloff Packing common
*
Southwestern Bell Tel pref.. 100
Stix, Baer & Fuller."
10
Title Insurance Corp
105
104
10
11
107
107
"14"
1%
9%
107
14%
1%
10%
105
15
15
18%
17%
15
15%
15%
9%
10%
8%
15%
46% 48%
46
4684
45%
484
5%
2%
6
6
9%
9%
9%
2%
2%
16%
48%
48
3
49%
48
49
10
9
9%
9%
9%
5
5
5%
5%
8
5
"18% 22*"
22
5
-■5" "*5" ""4% "T"
24%
22%
21%
60
*■
60
"57% 59"
23
56
18
58
26
21%
14%
13
8
884
16%
8%
9
15%
16
98
99
100
11
13
117% 117
102% 101
12
11
12
13
23
13%
,
13
884
16
117%118
102% 105
13% 14
20
12
13%
20
100
12
10%
117
117
117
103
103
100
I384
1384
8
16%
"l3"
13%
11%
13
117
10%
11
92
9
10
8%
9
9%
10
J1*
7
1
28
"68* "59"
110
"66" *96 *
2%
178
30
9
9
9%
109% 109% 110
110
98
101
161" 10T*
100
100
101
2%
10
21
5
zlO
9%
9%
12%
I4i2 13% 14%
IIH4 HO84 IIO84
14%
24% 30
100
8%
100
II84
1%
1
1
81%
32
32
1
1
31%
31%
"750
Too "85c "l%
13%
13%
9
15%
958
i"oT%
11
116% 118
13%
%
100
13%
%
*10* *11% "16" "12%
60
3%
50
50
5%
584
9
15
16
60
50
20c
20o
4%
1«4
35
50o
1.00
35
50
8%
9
9
9
9
34%
15
155«
14
16
112
36
39%
2%
124% 123% 124%
9
9
20%
11%
18%
10
6%
50%
60c
35
1.00
35
7
2 00
112
124"
9
39
125% 120% 12484 121
124% 123% 125%
9%
9% 10%
9
10
9% 10%
11%
112
16
39
75 j
34
7
33%
39
112
9
101%
112% 115
114% 115%
101% 101% 101% 100% 102
8
9
*10% "ll"
zlO
119" 12li% I21" 123% 120% 123% 12634 122% 119" 123" 1218412384 122"
101*
11%
32%
111
21
5
112
8
105
8
30
10c
3%
10
6
31%
30
112
59
100% 100
10
1
1
18
59
15
4
2
1
14
100
2
10%
9%
8%
6%
6%
26
18
102
101% 102
11% 12
13% 14
10
1
684
25%
119
50
1%
8
6%
118
IOC
28
9
22%
9%
117%118
6
1
8%
29%
18
3
-rS 5
1*2
J1*
7
2%
6%
2%
5
20c
1%
5%
116
2%
16
98
7
20
10%
108
4
20o
108
108
4%
484
2%
1%
92
100 109
...
4%
2
"T" 2"
14
25
Wagner Electric common.....15
Preferred
11
100
1
1214
7
18
7%
"ir *15% "13% "14% "II" "14%
...
Rice Stix D G Co
384
29
17
12%
10%
53
684
19
120
102
8
2
6
15%
4%
95
19
21%
119
102
99
67%
4%
117
105
61%
Nat Candy Co common
*
14% 15% "l4" 16%
1st preferred
.......100 116
11684
2nd preferred
100
100 100
100
100%
Nat Oats Co common
14
14
1484 15
Nicholas-Beazley common.....5
Pedlgo-Lake Shoe com
*
~21% "20"
99
234
4%
"2" "2"
18
5
53
3%
9%
25%
5
5
"1284 *12*84 "16" To" "16% "10%
*
com
"26"
116
97
..100
Missouri Portland Cem
24
116
3%
4%
9%
40c
2
20
1%
44
4
3
13%
18
6
2%
%5:;C: '5;:
*
3
3
10%
54%
"16" *19" "19% 20"" "l9~
5%
18
1%
16
com..
Preferred
17%
4%
151s
13
common
40
30
10
25
common
16% .17%
5
20
common
39
116
2%
1*2
61%
25
10
9584
4
4%
40c
Johnson-Stephens-Shinkle com*
Key Co common
*
Knapp-Monarch common
*
Laclede-Christy C P com
*
Landis Machine
18
1*2
1*3*"
60
25
27
100
"l3*
25
10%
100
Hyde Park Brew com
I(
Hydraulic P Brick common..100
62
40
44
3
9
3%
*
60
20q
"2% "3% "2% "284
*
common
62
22
52
19
*
com
Conv preferred..
13%
60
61
25
111
"61"
60
67%
3
3%
113%116
"3*
62
46"
3
40
12%
4
41%
3%
110
89
25c
preferred... 100
com
17
108
88
"5% "312
1
40
12
20
50
100
61
62
14%
20
40
11
"§84 "9% "10% "10%
12%
3%
16
12
Fulton Iron Worits common..*
Preferred
5934
4
21
104* 10*5**
100
121
120% 122% 120% I2O84 121
121% 121%
48% 48%
19
15
17
19
17
20
2284 27
35%
30
31
27% 28% 30
30% 27
15
26
100 105
Hussmann Ligonier
884
share
18%
100
85
35
96
126
123
26
20
1738
100
Hamilton-Brown Shoe
59%
25%
12
*
25
Emerson Electric pref
Falstaff Brew common
C
56%
100
Ely-Walker common
1st preferred
2nd preferred
Huttig S & D Co
55
*
A-—----.--—
60%
35
884
20
5
Elder Mfg Co common.
55
share $ per
per
18%
96
33%
33%
125
6
24
Dr Pepper Co common
32%
9
26
*
GIobe-Democral
58%
120% 125
*
Preferred
/
32%
884
9
share % per share 1 per share S
per
108
100
Century Electric common
100
Champion Shoe Machy units. 10C
b
8
7%
108
*
common..
7
8i2
100
share 8
95
19%
18%
20
19% 29
2584 33
112% 11284 111% 112%
112
27
27
113
113
30
84
27%
28
25
112
25
BONDS
d
City & Sub Pub Serr A 5s. 1934
30
30
Cert of Deposit
c
29
29
..1934
Moloney Elec S F 53^s
Nat Bear Metals 6s
e
St Louis Car 6s...
e
....
....
28
28%
25%
1943
97%
....1947
Scullin Steel 6s
107
.....1935
....
2I84
....
107
107
107% 10784 10784
....
....
97%
107% 10784
25%
26%
104
....
27
104*
....
21%
6s extended
49
1941
15
15
1934
15%
27%
28%
15%
28%
2834
6s stamped
United Rys 4s certs of dep..
4s
13%
27%
28%
28
28
28% 1 29%
28%
31
15
16
17
27
28%
27
27
26%
28
........
28
28
25
25
....
27
27
2684
28
....
25
28
26%
2684
28
49
22
25
22
26
2784
27%
29
—-
26%
25B8
....
27
28
*
No par value.
fHave not registered with Securities & Exchange Commission,
a Called Won Oct. 31,1935 at $120.
on Nov. 23, 1935.
din default July 1, 1934 coupon,
sin default.
/Removed on April 26, 1935.
z Odd lots.
MONTHLY RANGE OF RRICES
January
STOCKS
Low
A S Aloe Co common
Preferred
t
American Credit Indem
American Investment
A
common
com
Conv
cum
preferred
8% Preferred
Boyd-Welsh Inc
Brown Shoe Co
y
Burkart Mfg
Common
February
High Low High Low
LOUIS STOCK EXCHANGE
June
May
April
High Low High Low High Low
*
"l3% Te"
23%
22
24
30
28%
29
20
"2?"
27"
28%
2784
27%
30
29
27%
27
27
20
common
(new)
21
22
22
22%
29
2%
63
64
63
64%
*
48%
59l2
64
77
57%
60%
60
69
*
common
Columbia Brewing common
Dr. Pepper common
Common (new)
32%
32%
32%
32%
22
27%
30
29
30
30
53%
67%
51
52
47
51%
60
50
2%
55%
51
63
55
68
67
32
28%
28%
31
28
28
28
27%
27
5
*
*
30
31%
30
27%
3184
30
30
30
30
2%
32%
30
32%
4 27
32%
32%
36
36
36
38
41
40
8%
57
3
67
3%
61
63
384
4%
30%
35%
41
9%
65
4%
36
6%
42%
65
5
5
42
44%
42%
42%
9
9
8
70
72
75
6
51%
5% /e
5134 ¥61%
4%
45
42%
43
8%
81
77
5%
61
95
5%
80
46
284
60%
50%
46%
47%
25
28%
26
27%
26
3234
30
38%
32%
32%
31
32
31
31%
4%
3184
32
70
7
7
94
9434
90
93
6
6%
5
5
78
81
27%
30
....
48
60
"7% "7% "6% "7"
29
....
45
4%
35
29
27
27%
29%
70
60
59
32%
36
113
26%
30
55
32%
33
113
5
Century Electric common
100
Chicago & Southern Air pref .10
Coca-Cola Bottling
__._1
X
32S4
27
27%
21%
29
21
3214
per share % per share $ per share
27
22
29
*
ghare $
30
2884
27
1
Preferred
FOR YEAR 1936.
October
August
September
November
July
December
High Low High Low High Low High Low High Low High
25
*
c Removed
High Low
29
25
25
common
common..
Central Brewing
ST.
Par $ per share $ per share $ per share 3 per share % per share $ per share $ per share $ per share I per
20
27
27
27
21
21
27%
22% 22%
100 16114102 "
103
110
110
103
110
107
110
110
10
"39" 45" *46" 48% 50
55
"so" 57" 60% 62%
25
,
7% Preferred..
ON
March
6 Removed on Nov. 16, 1935.
78
7984
72
6%
90
434
79
684
75
7%
92
5%
96
"47%
4
85
6%
90
484
95
26
85
7
96
6%
"e" *7%
98
110
484
584
"25%
26%
100
26%
Volume
Financial
144
MONTHLY RANGE OF PRICES
STOCKS
ON ST. LOUIS STOCK EXCHANGE
Par % per share S per share S per share $ per
1384
17«4
18
97"
934
1U4
4
278
334
9
9
IOI4
11
6
6
45
17" "l7"
17
18
50c
75c
80c
U2
4
Hyde Park Brewing com
10
Hydraulic P Brick common.. 100
100
6
6
8is
International Shoe common...*
4712
50
4984
Johnson-Stephens-Shinkle com*
Key Co common
*
IIS4
14i2
14
Knapp-Monarch
share I
per share $ per share $ per
15
15
15
16%
66
117l2 118
97I2IOO
17
120
120
100
97
100
16
'61*4 "V
67«
114
115
116
678
"~3~ " 3_I4 "21*4 "2"l2
8
9i2
IOI4
11
IU2
712
6
2
11%
984
11&8
9i2
63
714
11%
10
12
12
2%
1414
15
12
612
iYu
■
O
22
118
118
100
100
95
95
99
""§i*4 ~9~%
12l2
6
612
16
188
1
2i2
11%
278
14
1434
6%
12
14
1
4984
5184
48
49%
13
5312
17%
2i2
13l2
13%
20
234
1414
14%
Meyer-Blanke
29
612
1512
14i2
1U2
13i2
12
40
10
11
8
,110
1914
26i4
4i2
17
19
20
10%
784
116
2%
12
15
48
4712
4834
1212
13
1584
14
9l2
"9"
25
3
3%
16%
18
Ye% "1358
3
3
114
12%
49%
75c
65c
1
1
6
8
9
48i2
7U
4912
4834
4984
14
13lg
1312
13
1312
13i2
1414
1278
13%
10
11
12
28
32
17
17i2
18
Hi
4
36
10
3434
33
33
20
25
2712
25
21
39
712
21
common
common
common...
'271*2 *30*12
39
712
38%
24l2
30
14
24
2434
9U
12
1
17l2
112
14
138
'1434 Ye""
19
14
12
15
5012
4712
49l2
3lf
H2
112
23
2414
2278
24%
23
27
20
20
19
1938
20
59
61
55
60
62
55
52
61
1312
102
10i2
1234
28
30
28
25
10
14
100 116
119
119
119
119
119
100 100
102
102
102
102
_*
13*2
1612
.5
75c
1134
12
75c
15l2
17
10%
11%
28
105" 105*
101
9i2
"978 "1184
15l2
U2
1134
118
"lYg
118
1334
15
9%
12
12i2
11
12
19
21
22l2
23
32%
3214
10U
3284
3214
12%
32l4
59
60
1434
1678
24
25%
20
20
21
2U2
59
59
58
58
54
54
15
1478
15
14
15i8
1612
1578
17l2
17
2078
17
20
44
50
47
50
49
50
I2I4
1478
13
47
•
5884
60
1
118
118
118
15i2
42
46
40
43
111
111
102
102
102
102
19
20
11%
1078 13
1H2
118
117l2 11712 118
100
100
98% 100
IO84
834
1634
17%
U2
166" l'oo"
20
1934
23
25
24
24
1
1
10
1%
119
100
1
11
118
25
1
1912
100
2412
3012
80c
95
9
9i2
117l2 115
116
114
115
114
115
114
115
102
100
100
101
100
100
101
101
100
100
712
7%
9
10
9l2
*
100
15c
15c
20c
30c
30c
30c
60c
40c
2l2
6i2
45
4%
412
12i2
1134
12i2
114% 114
115
114
115
100
100
101
101
100
100
278
8i2
20c
6l2
30
6
48
6*2
73
55
15c
5
4
52
52
53
40
40
40
412
4l2
*
2
2
2
*
3812
38l2
3812
434
100
Preferred
100
278
43
u2
42
4
4
53
53
53
53
40
40
40
40
414
2
314
2
238
42
43
4
4
53
55
55
54
60
60
40
40
40
41
45
46
5
45
43
43
2%
43%
15
4
75
5%
2i2
4%
358
4312
43%
43l2
514
5
44
7
70
4i2
1112
78
85
8
7
45
47
112
14
12
1012
16
13%
16%
85
95
95
80*"
14i4
48
13i2
22
1934
49
50
61
112
8
113
9l2
8
47%
24l2.
5212
112
112
13
13
75
124" 126*12
912
1012
8
8i2
8i2
12484 127i2 124
914
10
8
9%
8
8
7i2
125% 123% 126l2 125
126% 125
10
10%
9% 10
9% 10l2
25
common
234
10
50
412
4434
4
113
Sedalia Water pref
100
Sieloff Packing Co common
13
7
Southwestern Bell Tel pref..100 123
12578
Stix, Baer-Fuller common
10
9i2 10*4
Wagner Electric
60c
2i2
8
14
80"
6
62i4
378
100
Title Insurance common...
30c
1
li4
5%
1312
82i2
7
7%
75
10
common...25
First preferred
3
7712
....
60c
30
20c
20c
40c
25
31l2
4%
4%
25
15c
100
20c
5
25
25c
Second preferred.....
Scullin Steel pref
Securities Inv common.....
1
55c
5l2
10%
11%
St Louis Screw & Bolt com...15
Scruggs-V-Barney
10012 100l2
26
26%
1
113
101
2
512
5
25
312
..100
com
1134 14
11834 119%
512
9
10&8
StLouis BankBIdg&Equptcom*
St Louis Car common
10
St Louis Public Service
Preferred
15
111
10i2
118
102
1
7i2
118
102
"1684
100 102
Preferred
1214
*241*2 2*8% "2534 *27%
2114
110
*11% "1*31?
100 116
_
Second preferred
17i8
11
24
23
21
7i8
8i2
8l2
9l2
112i2 114
llll2112
912
...
First preferred
16
45
5
common
common
15
15
25
17i8
29
1214
29
29i2
1051210612
13i8 14i2
117
16"
16
134
1U2
15
11
10
9
10l2
23
14
102
101
1314
29
14
1278
14
12
102
11
25
1012
25i2
48
15
21
69i2
11
*
9
13
28
5834
102
48
1314
1214
27l2
102
4714
45
10%
5634
10
common
9i2
27l2
14
Preferred
First preferred.!
10%
38i4
26i2
56
*
Second preferred
National Oats common
8
23
8I4
7l2
21
*
Nicholas-Beazley
8U
40
National Candy common
Pedigo Co
100
1034
17i2
75c
13i2
14
12i2
,17U
31
7
...100
Preferred
..100
Missouri Portland common...25
National Bearing Metals com..*
Rice-Stix
100
9
32l4
29
*
common...
common
McQuay-Norris
96
978
884
1714
2%% preferred
Laclede Gas Light pref
Laclede Steel
101
9*5"
"95"
1912
17U
15
15
1484
914
....*
.....
Landis Machine
101
17
17%
714
51
914
"251*2 2*6%
100
6
514
'1634
8
75c
19
74
80
18
19
74
100
25
120
17%
10
17
19
74
24* 25%
120i8 12018
22
120
1312
13%
;
634
13
1
7
16
22i2
858
18
2%
1412
28
1512
Q
75o
23
97l2
20
80
"171*4 "l7"l4
21
118%120
116
"212
1038
712
9l8
16
16
66"
109
116
"2"
2%
22
18i2
74
16
"66"
85
80
6
714
115
18
120
100
85
9712
80
74
6i2
17
120
17i2
9712
984
9i2
*
common
Preferred
Laclede-Christy
1936—
share $ per share $ per share f per share % per share
1512
66
48
4i2
..100
Preferred
per
14
1384
6584
118
116
118
"74*
10
*
common
Preferred..
17i2
18
1712
98
118
3
65s
*
^Preferred
Huttig S & D
share $
17
258
*
com
6584
115
*
com
1334
64
109
~458 -fi78 "578 "ih
1
com
1384
64
_
Globe-Democrat preferred...100
Griesedieck West Brew com
*
Hamilton Brown
YEAR
-
preferred
100
First preferred
100
Ely-Walker common
25 1784 19i4
First preferred
100 118
118
Second preferred
100 98
98
Emerson Electric preferred.. 100
Hussman-Ligonier
FOR
March
June
May
April
October
December
February
November
July
August
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
A
Falstaff Brewing
845
January
Low
Elder Mfg. common..
Chronicle
7i2
126
10%
127
12434 12534 125
10% 10i2
934 12
10
12%
11
123
12414 125
125
13
13i2
1534
18
"291*4 82ii "3II4 33"
"281*2
3178
34i8
32i8
19
19
19
19
19
19
19
31%
3278
32
35
33i2
35
33U
38
3812
4U2
40*2
4434
33
33
29
30
2912
29i2
29
30
32
32
29
"2914 32"34
32i8
3378
29
32
122l2 125%
15l2 16
33%
*39% ~4~0%
BONDS
City-Suburban 5s
5s
1934
32i2
30
30
78
2614
78
33
Certificate of deposit
30
St Louis Car 6s
108
10812 108l2 10784 10734 108
108% 10812
1935
6s extended
75
75
Scullin Steel 6s
1941
22
22
2334 30
Southwestern Bell Tel 3%s.I964 105
105
107
107
United Railway 4s...
.1934 28U 3514 32i2
3314
^ 48 Certificate of deposit
27
34
31
3212
w
108
34
30
107i2 IO784 108
Laclede Gas Lt 1st & ref 5%s 1953
National Bearing Metals 6s. 1947
Removed Dec. 4,
1936.
x
Split 4 for 1.
v
69
69
75
75
75
82
76
80
79
82
8012
88
29
37
30
30l2
30%
35%
35%
4214
42%
50
49
4912
45
67
68
77
76%
9884
9512 105
33
34l2
34l2
34
34
30l2
33
32i2
31%
33i2
32
33
34
31
30i2
29
36
30
2878
2912
32i2
3284
30%
29l2
3214
3234
2934
29%
2878
34
3212
3212
32
33
33
36
32
33%
Split 3 for 1.
Par changed to $1
Removed Dec. 4, 1936.
28
z
3U2
Removed Oct. 30, 1936.
Course of Security Prices in Kansas City,
Mo.
The
Prescott, Wright, Snider Co. and Steer Brothers & Co. keep a record of the securities having a market
in Kansas City, and they have
courteously placed that record at our disposal. The table below shows the
high and low prices of these securities for the calendar year 1936, together with the bid and asked prices
Dec.30 1936.
RANGE OF PRICES IN SECURITIES LOCAL TO KANSAS
.
Range in 1936
High
American Asphalt Roof Co pref.
Common
American Rolling Mill Co pref
_
_
Associated Tel & Tel Co
7% pref..
$6 preferred..
$4 preferred
105
98
Butler Mfg Co common..
6% preferred
Central Surety & Ins
Corp
93 X
105
100 }$
36 X
104
105
51
31}*
48
53
13
*
H D Lee Mercantile Co
Kansas City Fire & Marine Ins...
Kansas City Stockyards Co
8
4
*
...
*
W
SH
6
12
13
82
31
2
55*
38
50
38
19M
•21}*
to
will go
May 1.
66
9
United
Telephone Co Kansas 7% pref
Woolf Bros Inc
14%
19
22
*
Dickey Clay Mfg 5s, 1949
97
*
Dierks Lumber & Coal 6s,
77
81
Kansas City Structural Steel 5s, 1944
107
109
99
101
113
116
102
102 H
91
105
92%
99%
102
99
4%
«...
95
101
65
3%
61
5%
42
57
22
1%
57%
■
1.45'
106
105
20
32%
7
103
7%
8%
75%
97
10
15%
21%
20
85
18
109 H
102
Asked
39%
17%
78%
116%
1%
105
10%
100
17
BONDS—
20 M
94
98 }*
114H
Bid
103%
99%
17
Class B
13 %
93 H
78
108%
100
preferred
20}*
*
Athletic Club & Office Bldg
6^8, 1941
bonds
raising
continued
to
20
81
118%
66%
64
20%
12
21
23
30%
Oregon American Lumber 6s, Jan 1, 1950..
out the
92
59%
16%
80%
28%
30
85%
87%
63%
Pickering Lumber Co 6s, 1946
Telephone Bond & Shares 5s, 1958
grade
Federal
116%
1947
We believe, however, the high and low prices given
$2,150 millions to around $500 mil¬
lions.
The bond market, which had been selling off for
two weeks upon hints that reserve requirements were to
be raised again, rallied moderately on Monday.
Lower-
3
*
the 14-20-26% level, or double what they
50% increase of last August. The new rules
the current
19H
Class A
40
into effect partially on March 1 and completely on
It is estimated that excess reserves should be re¬
duced from
52 H
♦Common
Lucky Tiger Comb Gold Mining
Telephone Bond & Share 7% pref
Low
52
.
The Course of the Bond Market
before the
Long-Bell Lumber Co pref
*
6}*
An increase of 33
y3% in reserve requirements for
Reserve member banks was announced a week ago,
were
*
106
*
110H
We have been unable to check these securities with other dealers.
requirements
*$7 preferred
Western Insurance Securities class A
61K
108 X
20
104
62
53
98
50 H
106
48
46
62
110
38 X
104
6% pref
*7% preferred
84
95
.........
Kansas Power Co $6 pref
•
38
......
Kansas Electric Power 7% pref.
*6% preferred
•
11
99 «
Kansas Gas & Electric 7%
pref...
*
16
57}*
21}*
pref
.......
Kansas Power & Light
56
60
5H
Employers Reinsurance Corp
*
Gleaner Harvester Corp........
High
*
103
Price Dec. 30 '36
Range in 1936
Asked
105
46 V.
pref.
Dickey Clay Mfg Co pref
...
Bid
97
....
Cook Paint & Varnish Co 94
Davidson Co 7% preferred
Common
Price Dec. 30 '36
105
11
Class A.
*
Low
CITY
90%
are
approximately correct.
strengthen fractionally through¬
On Mon¬
week, but high-grades softened somewhat.
day quotations
Ys of 1%.
on
bankers'
acceptances
were
raised
1/16
to
High-grade railroad bonds displayed a firmer undertone.
gen. 4s, 1995, declined Ya to 113%; Baltimore &
Ohio 4s, 1948, advanced % to 107; Union Pacific 4s, 1947,
Atchison
were
unchanged at 114%.
been
somewhat
Lower-grade railroad bonds have
higher, several issues regaining a part of
their losses of last week.
Baltimore & Ohio 5s, 1995, ad¬
1% to 92%; Illinois Central 5s, 1963, gained 3%
at 90%; Erie 5s, 1975, at 87 were 1% points higher.
Issues
vanced'
Financial
846
or receivership railroads showed sub¬
sympathy with favorable earnings reports
and encouraging prospects.
Mobile & Ohio 4%s, 1977, ad¬
vanced 3 % to 37, and New Orleans Texas & Mexico 5s,
several
of
bankrupt
stantial gains in
1954,
rose
4% to 56%.
several weeks
decline,
of
Following
bonds recorded some recovery this week.
high-grade utility
New York Edison
Electric Power
314s, 1965, closed at 103%, up %; Potomac
3%s, 1966, were unchanged at 104%; Pacific Gas & Electric
3%s, 1961, at 104% were up %. The trend of lower grades
has also been up.
Bonds of companies operating in the
neighborhood of the Tennessee Valley Authority have been
little affected by news of the expiration of existing contract
New offerings were limited to $18,000,000
Electric gen. 3%s, 1964, for refunding pur¬
arrangements.
Atlantic
poses.
With
City
the
exception of bonds having conversion or stock
purchase privileges and securities of companies in reorgan¬
ization, most of the industrial list has fluctuated over a
narrow range.
The foods have tended to seek fractionally
PRICES
MOODY'S BOND
Feb. 6,
Chronicle
The amusements have been soft. , Non-fer¬
have been steady, General Cable 5%s,
1947, advancing % to 105%.
Some of the oils moved for¬
ward, Consolidated Oil 3%s, 1951, closing at 105%, up %.
Few important price changes have been recorded among the
equipments, but Baldwin Ldcomotive 6s, 1938, ex-warr.
(stamped) skyrocketed 44 points to 203 on the news that
final court approval of the reorganization plan had been
received.
Obligations of tobacco companies declined; at
131% Lorillard 7s, 1944, were off %.
The foreign bond market has been quiet, with a firm
undertone.
Italian issues have been outstanding for their
strength; among Europeans, German issues have been irreg¬
ular, as were French, while Scandinavian bonds moved nar¬
rowly. Chilean issues have been soft in the South American
department, which in general showed little change.
Some
of the Japanese utilities displayed a firming tendency in an
levels.
higher
metal
rous
issues
otherwise inactive list.
U. S.
All
given in the following tables:
MOODY'S BOND YIELD AVERAGES
(REVISED)
(REVISED)
(Based on Individual Closing Prices)
Daily
AU
120 Domestic Corporate
120 Domestic
120
by Ratings
Corporate by Groups
Domes-
Averages
ticCorp.
Corporate by Groups*
by Ratings *
Domes¬
1937
Daily
120 Domestic
120 Domestic Corporate *
120
Govt.
Bonds
tic
Aaa
Corp.*
Averages
and bond yield averages
computed bond prices
Moody's
are
(Based on Average Yields)
1937
A
Aa
1937
Baa
P. U.
RR.
Indus.
RR.
P.
U.
Indus.
5—
3.72
3.18
3.37
3.81
4.51
4.00
3.72
115.78
112.05
103.56
91.66
100.00
105.22
110.63
4„
3.71
3.36
3.80
4.00
3.71
103.56
91.66
100.00
105.22
110.63
3—
3.71
3.17
3.37
3.80
4.00
3.71
3—
111.84
3.43
116.00
2
3.71
3.15
3.37
3.81
4.52
4.00
3.73
5.19
3.43
105.22
4.51
112.24
eign*
3.43
105.22
4.51
112.32
3.18
4—
3.42
5— 112.34
Feb.
30
For¬
Baa
A
Aa
Aaa
105.04
115.78
111.84
103.38
91.66
100.00
105.04
110.63
Feb.
-
-
-
-
m
m
112.25
105.22
116.43
111.84
103.38
91.51
100.00
104.85
110.83
112.25
103.38
91.35
100.00
104.85
111.03
1—
3.71
3.15
3.35
3.81
4.00
3.73
3.41
105.22
116.43
4.53
112.19
1
Jan. 30— 112.12
29— 112.21
116.21
112.06
103.56
91.35
100.00
104.85
111.03
Jan. 30—
3.71
3.16
3.36
3.80
4.53
4.00
3.73
3.41
105.22
29—
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
28—
v.—
2
—
—
116.64
112.25
103.56
100.00
105.04
111.43
28—
112.30
105.41
116.86
112.45
103.38
91.35
100.00
105.04
111.43
27—
112.28
105.22
116.64
112.45
103.38
91.35
100.00
105.04
111.23
26..
112.12
105.22
116.86
112.25
103.38
91.20
99.83
105.04
111.43
25— 112.28
23— 112.38
105.79
117.29
112.86
103.74
91.66
100.53
105.22
111.84
105.41
91.51
—
3.13
3.34
3.81
,4.53
4.00
3.72
3.39
3.71
3.14
3.34
3.81
/
4.53
4.00
3.72
3.40
26—
3.71
3.13
3.35
3.81
4.54
4.01
3.72
3.39
25-
/
3.70
27—
,:
3.68
3.11
3.32
3.79
4.51
3.97
3.71
3.37
3.76
4.48
3.94
3.68
mmim
3.36
3.30
106.17
117.50
113.07
104.30
92.12
101.06
105.79
112.05
23—
3.66
3.10
3.31
117.72
113.27
104.30
92.28
101.23
105.79
112.05
22—
3.66
3.09
3.76
3.93
3.68
106.17
4.47
112.39
3.30
22..
113.48
104.30
92.43
101.41
105.98
112.05
21—
3.09
3.29
3.76
3.92
3.36
117.72
3.67
106.36
4.46
112.40
3.65
21—
104.48
92.28
101.41
105.98
112.25
20—
3.65
3.09
3.29
3.75
3.92
20—
113.48
3.35
117.72
3.67
106.36
4.47
112.37
113.48
104.48
92.28
101.41
105.98
112.25
19—
3.65
3.29
3.75
4.47
3.92
3.35
106.36
117.94
3.67
112.45
3.08
19—
118.16
113.68
104.48
92.28
101.41
106.17
112.25
18—
3.64
3.28
3.75
3.92
3.66
3.35
106.54
4.47
112.51
3.07
18—
106.17
112.25
16—
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
4 47
3.93
3.66
3.35
3.93
3.67
mmm
■■mmm'
3.30
118.16
113.48
104.48
92.28
101.23
5.39
mmm
'
•—
-
112.55
106.36
15— 112.53
14— 112.50
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15—
3.65
3.07
3.29
3.75
106.36
117.94
113.68
104.30
92.12
101.23
105.98
112.05
14—
3.65
3.08
3.28
3.76
4.48
104.48
92.12
101.23
105.98
112.25
13—
3.65
3.08
3.28
3.75
4.48
3.93
•
117.94
113.68
3.35
106.36
3.67
13— 112.40
12— 112.45
113.89
104.67
92.12
101.23
106.17
112.45
12—
3.64
3.08
3.27
3.74
4.48
3.93
3.66
mmm
117.94
3.34
106.54
3.64
3.08
3.27
3.74
4.48
3.93
3.66
3.34
mmm
16—
V
5 41
••
11— 112.68
9„ 112.72
106.54
117.94
113.89
104.67
92.12
101.23
106.17
112.45
11—
117.94
113.89
104.67
92.12
101.23
106.17
112.25
9—
3.64
3.08
3.27
3.74
4.48
3.93
3.66
3.35
106.54
106.36
117 94
113.89
104.48
91.97
101.23
106.17
112.25
8—
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
112.71
117.94
113.68
104.48
91.66
101.06
105.98
112.05
7—
3.66
3.08
4.51
3.94
3.36
106.17
3.75
3.67
7— 112.62
112.56
3.28
113.68
104.30
91.66
100.88
105.98
112.05
6—
3.66
3.08
3.76
4.51
3.95
3.67
mmm
117.94
3.36
106.17
3.28
6—
117.94
113.68
104.30
91.51
100.70
105.98
112.05
5„
3.66
3.08
3.28
3.70
4.52
3.96
3.07
mmm
106.17
3.30
5— 112.64
117.94
104.30
91.51
100.70
105.98
112.25
4„
3.66
3.08
3.28
3.70
4.52
3.90
3.67
mmm
106.17
113.68
3.35
4„ 112.74
105.98
3.67
3.09
3.28
3.70
4.53
3.96
3.68
3.36
2„ 112.78
Stock
1
2—
3.74
4.46
f .92
3.66
3.34
5.19
8—
—
117.72
Exchan ge
113.68
91.35
100.70
105.79
112.05
101.41
106.17
112.45
Low
1937
3.64
3.07
3.27
99.83
104.85
110.63
High 1937
1 Yr. Ago
3.72
3.18
3.37
3.81
4.54
4.01
3.73
3.43
5.43
100.18
107.69
Feb. 5 '36
3.98
3.33
3.57
4.16
4.85
4.37
3.99
3.58
6.11
86.07
95.95
4.66
3.73
4.16
4.69
6.07
4.86
4.89
4.24
6.06
1
Clos ed
High 1937 112.78
106.54
118.16
113.89
104.67
Low 1937 112.12
105.04
115.78
111.84
103.38
91.20
Yr. Ago
Feb. 5 '36 108.18
100.35
112.66
107.88
97.28
86.64
93.85
*
Stock
—
Exchan ge Clos ed
2 Yrs.Ago
2 Yrs.Ago
Feb. 5 '35 107.23
mmm
104.30
92.43
1
mmm
5.43
89.40
These prices are
104.85
97.28
88.95
71.57
86.50
Feb. 5 '35
"typical" bond (4% coupon, maturing in 30 years) and do not purport to show either the average
of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement ol
being the truer picture of the bond market
•
.
.
computed from average yields on the basis of one
level or the average movement
yield averages, the latter
500,000 Automobile
New Capital
The
Webber-Simpson
OIL
150,000 Bradford Oil Co. 150,000 shares capital stock.
Purchase of
plant and equipment; working capital.
Price, 1.
Offered to
stockholders; underwritten by Thompson & Taylor Co. and
&
Co.
51,500,000 Tide Water Associated Oil Co. 500,000 shares $4.50 cum.
conv. pref. stock.
Retire 6% cum. pref. stock.
Price, 103;
to yield 4.37%.
Offered in exchange to holders of company's
6% pref. stock, share for share, plus payment of $2 cash, and
to common stockholders at $103, subject to prior subscription
by holders of 6% pref. stock.
Underwritten by Kuhn, Loeb
& Co.; Lehman Brothers; Brown Harriman & Co., Inc.; Blyth
& Co., Inc.; The First Boston Corp.; Hayden, Stone & Co.;
Bancamerica-Blair Corp. and Dean Witter & Co.
Other under¬
writers were: Bonbright & Co., Inc.; Goldman, Sachs & Co.;
Hallgarten & Co.; Kidder, Pea body & Co.; Lazard Freres &
Co., Inc.; Lee Higginson Corp.; J. & W. Seligman & Co.;
White, Weld & Co.; Glore, Forgan & Co.; Hemphill, Noyes
& Co.; Ladenburg, Thalmann & Co.; Schwabacher & Co.;
Shields & Co.; Speyer & Co.; Chas. D. Barney & Co.; A. G.
Becker & Co., Inc.; Cassatt & Co., Inc.; Clark, Dodge & Co.;
E. W. Clark & Co.; Estabrook & Co.; W. E. Hutton & Co.;
Paine, Webber & Co.; E. H. Rollins & Sons, Inc.; Lawrence
Stern & Co., Inc.; Stone & Webster and Blodget, Inc.; G M.-P.
Murphy & Co.; F. S. Moseley & Co.; Dominick & Dominick;
Hornblower & Weeks; Graham, Parsons & Co.; Hayden, Miller
& Co.; Otis & Co.; Wm. R. Staats Co.; Spencer Trask & Co.;
Alex. Brown & Sons; Mitchum, Tully & Co.; Schoellkopf,
Hutton & Pomeroy, Inc.; The Securities Co. of Milwaukee,
Inc.; H. M. Byllesby & Co., Inc.; Carl H. Pforzheimer &
Co.; G. H. Walker & Co.; Wells-Dickey & Co.; Laurence M.
Marks & Co.; A. C. Allyn & Co., Inc.; Central Republic Co.,
Chicago; Eastman, Dillon & Co.; Singer, Deane & Scribner;
Battson, Barnes & Lester, Inc.; Wm. Cavalier & Co.; Bankamerica Co.; Janney & Co.; Kalman & Co.; Moore, Leonard
& Lynch; W. J. Wollman & Co.; L. F. Rothschild & Co.; The
Illinois Co. of Chicago; Bacon, Whipple & Co.; Battles & Co.,
Inc.; First of Michigan Corp.; Riter & Co.; Whiting, Weeks
& Knowles,
Inc.; Carstairs & Co.; Blake Brothers & Co.;
El worthy & Co.; Pacific Capital Corp., and Dillon, Read & Co.
•„
$51,650,000
MISCELLANEOUS
100,000 Atlas
Finance
Co.
1,000
shares
534%
deb.
pref.
stock.
General corporate purposes.
Price, 100.
Offered by Brown,
Owen & Co.; Garrett-Bromfield & Co., and
Sullivan & Co., all of Denver, Colo.
Schlessman,
1,000,000 Brooklyn Daily Eagle Properties Corp. 40,000 shares 6%
cum. conv.
pref. stock.
Acquire goodwill and circulation of
Brooklyn "Times-Union"; working capital.
Price, 25.
Each
share convertible into 10 shares of common stock.
Offered by
Falvey, Waddell & Co., Inc.
1,200,000 Colonial Finance Co. 60,000 shares common stock.
Working
capital.
Price,
20.
Offered
by
Hayden,
Miller
&
Co.;
Otis & Co.,
Inc.; Merrill, Turben & Co.; First Cleveland
Corp.; Maynard H. Murch & Co.; Curtiss, House & Co., and
Lowry, Sweney, Inc.
Co.
(Pittsburgh)
Working capital.
& Co., Chicago.
Price,
100,000
5.
shares
Offeerd
by
Stores Corp. 75,000 shares 5% conv. pref. stock.
Retire bank loans; working capital.
Price, 25.
Convertible
on or
before June 30, 1942, or the 5th day prior to earlier
redemption date, into common stock at rate of 134 shares for
each share of preferred.
Offered by J. A. Sisto & Co.
4,500,000 Emporium Capwell Co. 90,000 shares 434 % cum. pref. stock.
Discharge indebtedness; working capital.
Price, 48, with
warrants to purchase 1 share of capital stock of Emporium
Capwell Corp., the holding company, over a period of 10 years,
at prices ranging from $26
to $34 per share.
Offered by
Dean Witter & Co.; Schwabacher & Co.; Brush, Slocumb &
Co.; Pacific Co. of California; Griffith, Wagenseller & Durst;
Bissinger & Co.; Wm. Cavalier & Co., and Bennett, Richards
1,875,000 Davega
(Concluded from page 843)
Bioren
Finance
stock.
common
Flotations
& Hill.
Finance Corp.
18,000,000 Household
180,000 shares 5% pref. stock.
or
participating pref. stock; other
Price, 100; to yield 5.00%.
Offered,
subject as to 106,35034 shares, to prior exchange rights granted
to holders of the company's participating pref. stock, by Clark,
Dodge & Co.; Lee Higginson Corp.; Brown Harriman & Co.,
Inc.; White, Weld & Co.; Kidder, Peabody & Co.; G. M.-P.
Murphy & Co. and Blair, Bonner & Co.
705,000 Peerless Casualty Co. (Keene, N. H.) 30,000 shares common
stock.
Provide
funds
for
additional investments.
Price,
2334.
Offered by Falvey, Waddell & Co., Inc.
Provide
for
corporate
retirement
purposes.
$27,880,000
FARM LOAN AND GOVERNMENTAL
AGENCY ISSUES
26,000,000 Federal Intermediate Credit Banks 134% consolidated
debentures, dated Jan. 15, 1937, and due in 3 and 6 months.
Refunding.
Price on application.
Offered by Charles R.
Dunn, New York, Fiscal Agent.
ISSUES
NOT
REPRESENTING NEW FINANCING
428,750 Indiana Steel Products Co. 49,000 shares common stockPrice, 8%.
Offered by F. A. Brewer & Co. and Kalman & Co1,600,500 McGraw-Hill Publishing Co., Inc., 58,200 shares common
stock.
Price, at market—about 2734.
Offered by F. Eberstadt & Co., Inc.
666,250 The Serrick Corp. 53,300 shares class B common stock.
Price,
1234.
Offered by Harrison, O'Gara & Co.; Sills,
Troxell & Minton, Inc.; Polk-Peterson Corp., and Festus J.
"Weld©
Jp
So
Co
250,000 Sherwood, Swan & Co., Ltd., 25,000 shares 6% participat¬
ing class A stock.
Price, 10.
Offered by Miller & Co.,
San Francisco.
3,400,000 Southern California Water Co. 1st M. 434s, Oct. 1, 1960.
Price, 10334; to yield 3.78%.
Offered by Chandler & Co.,
Inc.; G. L. Ohrstrom & Co., Inc.; Swart, Brent & Co., Inc.;
Burr & Co., Inc.; Stifel, Nicolaus & Co., Inc.; Dulin & Co.;
Bond & Goodwin, Inc., and Boenning & Co.
162,500 Trenton Garment Co. (Jackson, Mich.) 81,250 shares
common stock.
Offered by Walter W. Tait, Detroit.
1,500,000 United States Casualty Co. 150,000 shs. $0.45 cum. conv.
participating pref. stock.
Price, 10.
Convertible at any
time into common stock on a share-for-share basis.
Offered
to stockholders of New Amsterdam Casualty Co.
$8,008,000
Volume
# ;
..
•
.
,
,
.
I,
r
H
847
Chronicle
Financial
144
,
'•
-J
'
'
i
..
•>
„
tl
during the week, with com¬
The movement of the index
TRADE—COMMERCIAL
OF
STATE
THE
EPITOME
Friday Fight, Feb. 5, 1937.
the floods in the Ohio and
With
Mississippi Valleys cut¬
production and steel activity, and
reducing merchandise car
loadings last week, business activity experienced a tempo¬
rary setback.
The "Journal of Commerce" weekly business
index registered a decline of four points from the previous
week's figure of 96.6, the current index figure being 92.5
(a preliminary figure).
This compares with 77.0 during
the corresponding week of last year.
However, according
to the "Iron Age," the steel industry is more than holding
its 'own, despite floods and strikes and the threats of labor
leaders that the steel industry would eventually come in
for its share of labor disturbance.
The "Review," in its
weekly summary of the steel industry, reports that sched¬
ules for the week are at 79% of capacity against 75% a
week ago, due to resumption of operations at plants closed
by floods, Pittsburgh output being at a peak for the sixyear period.
As flood waters recede some fair idea is ob¬
tained of the extent of damage in many areas, and already
ting
having
indications
marked effect in
a
there
that
are
As
business.
ment
coal
into
heavily
also
a
will
matter
be
of
tremendous
a
that
there
fact,
for
prospects
steel
is
sumption of work at some of the plants of General Motors
of
Meanwhile,
Corp. has resulted in the release of suspended tonnages
products, particularly sheets and strip.
other automobile companies are straining for
some
duction, Ford having reached 6,000 cars a
day.
higher pro¬
output
of
motor
cars
is
moving up slowly, having
last week. Produc¬
for the week ended
Jan. 30 was 2,214,654,000 kilowatt hours, a decrease of 1.9%
from the preceding week, but an increase of 13.3% over the
corresponding week a year ago.
After a brief interruption
by flood conditions last week, retail trade volume shows
an increase of 10% to 15% over the corresponding week of
1936.
Wholesale volume expanded, showing an increase of
18% to 22% over last year.
Car loadings totaled 659,790
a little more than 3,000 units
tion of electricity in the United States
gained
ended Jan. 30,
the week
for
cars
from the previous week,
the
like
Class I
a
decrease of 10,586 cars
but an increase of 37,900 cars over
The net operating income of the
$665,479,894, or a return
period of 1936.
roads during 1936 totaled
of 2.57% on their property investment, compared with $497,359,578 in 1935, as reported today by the Association of
American Railroads.
With only light to moderate rains
during the past week, flood reports show a marked
fall in
slight recession in its lower
portions.
Latest advices are that Cairo mastered the crest
of the flood* last night.
The stage rose minutely before
midnight to 59.62 feet, and there remained until 9:30 a. m.
today when the flood tide began to fall.
But more satis¬
factory is the river situation below Cairo.
Now, the flood
at crest is bearing down on Memphis.
A crest is expected
by Sunday night, to remain two days, unless there is ad¬
ditional heavy rain.
The sky has been unusually fair in
ihe upper
follows:
as
Sat.
Jan. 29
Jan. 30
Mon.
Feb.
Tues.
Feb.
Feb.
3--_
-
4
Fri.
5
Feb.
"Annalist"
Feb.
of
Index
Weekly
Declined
Prices
areas
since Feb. 1.
For the country as a
mally low, and they remained generally
above normal east
of the
Mississippi River, as during several preceding weeks,
but the Southeast was considerably cooler than previously,
averaging near normal.
The line of
sub-zero
temperatures extended southward approximately
to the same position as last week.
Precipitation was fre¬
temperatures
quent in the more eastern States and most
was
much less than recently in
and Great Plains.
In the New
Pacific sections,
the Central Valleys
2—
in the "Annalist" Weekly Index of
Prices reflected a number of offsetting
The "Annalist" added:
Decline of 0.1 point
Wholesale Commodity
price changes.
The grains were off on prospects of
declined,
rubber
weaker
was
were up, as were
and steers
and cocoa
Hogs, however,
the past six months.
coffee, cotton and crude petroleum.
COMMODITY
INDEX OF WHOLESALE
(1913=100)
WEEKLY
"ANNALIST"
THE
larger 1937 crops, butter
the motor strike continued,
as
broke again from its extreme gains of
PRICES
Feb. 2,
V:'/.'•
Farm
products
Jan, 26,
1937
125.8
131.2
132.0
X130.5
167.5
166.1
171.5
124.5
124.5
110.8
98.3
98.3
97.9
95.6
95.9
85.8
138.2
X138.3
127.1
81.6
x81.7
74.4
Fuels
_———i w
M etals
Chemicals
M iscellaneous
111.0
- - -
,
commodities
-
All commodities on old doll,
*
1936
124.3
*130.6
Food products-
Textile products
All
Feb. 4,
1937
xl43.9
143.9
---
Preliminary.
x
—
basis
-
Revised.
Revenue
Freight
Drop
Loadings
Car
10,586 Cars in
Week Ended Jan. 30
freight for the week ending Jan. 30,
This is a decline of 10,586 cars,
or 1.6%, from the preceding week, a gain of 37,900 cars, or
6.1 % over the total for the like week of 1936, and an increase
of 62,829 cars, or 10.5%, over the total loadings for the cor¬
responding week of 1935.
For the week ending Jan. 23,
1937, loadings were 14.7% above those for the like week of
1936, and 20.7% over those for the corresponding week of
1935.
Loadings for the week ended Jan. 16, 1937, showed a
gain of 14.5% when compared with 1936, and a rise of
24.4% when comparison is made with the same week of 1935.
The first 18 major railroads to report for the week ended
Jan. 30, 1937 loaded a total of 306,649 cars of revenue freight
on their own lines, compared with 315,718 cars in the pre¬
ceding week and 295,383 cars in the seven days ended Feb. 1,
1936.
A comparative table follows:
Loadings of
revenue
1937, totaled 659,790 cars.
LOADED AND RECEIVED FROM
REVENUE FREIGHT
CONNECTIONS
(Number of Cars)
Received from Connections
Weeks Ended—
Loaded on Oicn Lines
Weeks Ended—■
20,717
29,876
Baltimore & Ohio RR
—
20,185
30,788
22,584
15,912
27,209
22,122
15,343
18,666
19,571
14,567
13,964
Chesapeake & Ohio Ry._
Chicago Burl. & Quincy RR
Chicago Milw. St. P. & Pac. Ry_Chlcago & North Western Ry
3,498
3,687
2,281
2,166
1,786
4,417
Missouri-Kansas-Texas
4,176
RR
y
week ago.
The main factors affecting the index were the rise in wheat
and hog prices, and the declines in cocoa and sugar prices.
There were also advances in rubber, corn, and steel, and de¬
a
and coffee.
There wereTno
of silver, copper andjlead.
C3 A i
11,350
16,019
14,800
40,839
40,773
14,751
38,848
4,753
4,755
4,028
Norfolk & Western Ry
12,202
21,337
19,734
Pennsylvania RR
65,400
62,072
56,733
4,786
5.199
New York Chicago & St. L.
Pere Marquette Ry
Ry__
4,792
-
Wabash
35.046
7,037
7,232
5,882
24,512
25,682
5,624
Pittsburgh & Lake Erie
Southern Pacific Lines
5,726
20,842
5,239
Ry
8,573
4,149
41,932
3,971
7,825
x9,400
9,109
7,008
15,193
8,156
8,628
8,814
11,320
1,766
2,160
y
9,695
39,992
11,571
4,138
39,420
5,616
7,180
x9,547
9,621
Feb. 1
1936
4,789
14,695
7,267
7,440
7,844
10,390
1,319
1,769
2,529
8,590
39,898
9,519
3,517
38,581
5,646
4,973
x6,968
8,664
306,649 315,718 295,383 189,060 199,825 184,398
Total.
Excludes cars interchanged between
Orleans RR. Co.
TOTAL
y
S. P. Co-Pacific Lines and Texas & New
Not available.
LOADINGS AND
RECEIPTS FROM
CONNECTIONS
,
(Number of Cars)
Weeks Ended—
Jan
Jan. 23,
30, 1937
1937
19,909
28,954
23,237
18,075
13,091
11,966
73,827
Total
66.065
60,829
reported
as
29,737
Railroads in reviewing the
follows:
Loading of revenue freight for the week ended Jan. 23
cars.
Feb. 1, 1936
24,335
31,417
Chicago Rock Island & Pacific Ry.
Illinois Central System.St. Louis-San Francisco Ry
The Association of American
with 205.0
2,868
New York Central Lines
week ended Jan. 23
Moody's Commodity Index Advances
2,380
Missouri Pacific RR
cold
Moody's Daily Index of Staple Commodity Prices ad¬
vanced this week, closing at 206.0 this Friday, as compared
7,801
7,672
11,066
1,735
2,462
International Great Nor. RR
x
the week.
7,090
13,278
3,815
17,253
12,548
17,429
19,358
15,588
Santa Fe Ry.
Atchison Topeka &
1937
1937
1936
1937
1937
Jan. 30 Jan. 23
Feb. 1
Jan. 30 Jan. 23
York City area it was cold
Today it was snowing
here, with temperatures ranging from 27 to 37
degrees.
The forecast was for cloudy and colder tonight.
Saturday fair. Overnight at Boston it was 26 to 32 degrees;
Baltimore, 30 to 32; Pittsburgh, 14 to 32: Portland, Me., 20
to 30; Chicago, 6 to 28; Cincinnati, 18 to 32; Cleveland,
18 to 32; Detroit, 20 to 28; Charleston, 36 to 52: Milwaukee,
6 to 26; Savannah, 38 to 56; Dallas, 38 to 56; Kansas City,
18 to 24; Springfield, Mo., 12 to 22; Oklahoma City, 36 to 44;
Salt Lake City, 40 to 50; Seattle, 34 to 4S; Montreal, 4 to
14. and Winnipeg, 12 below to 4 below.
and clear during most of
and
Ended
Week
During
Gulf Coast Lines
whole, temperatures over the western half continued abnor¬
but there
Commodity
Wholesale
Point
0.1
205.0
Ohio River and a
most of the flood
with
206.9
207.1
170.5
208.7
162.7
210.1
22
205.2 Year Ago, Feb. 5
205.6 1936 High—Dec. 28
Low—May 12
206.1
205.2 1937 High—Jan. 14
Low—Jan. 29
206.0
1
Thurs. Feb.
2 Weeks Ago, Jan.
Month Ago, Jan. 5
205.0
205.1
2
Wed.
»
That com¬
has inquired for 80,000 tons of square and round bars
and slabs, the latter for processing in its own sheet mills.
pany
Total
Fri.
replace¬
talk of higher prices by the
end of the current quarter, and this is being further re¬
flected in marked advances in the securities markets.
Re¬
bright
so
are
parisons, is
This was an increase of 85,739 cars or
week in
1936
and
an
increase of
114,848
totaled 670,376
14.7% above the corresponding
cars
or
20.7% above the cor¬
responding week in 1935.
Loading of revenue freight for the week of
Jan. 23 was a decrease of
29,862 cars or 4.3% below the preceding week partially due to flood
condi¬
tions on the Ohio River.
Miscellaneous freight loading for the week
care, a
ended Jan. 23, totaled 261,838
decrease of 13,208 cars below the preceding week, but an increase of
clines in silk, hides, cotton, wool
53,836 care above the corresponding week in 1936, and 73,665 cars above
net
the corresponding week in 1935.
changes in the
prices
848
Financial Chronicle
Loading of merchandise less than carload lot freight totaled
cars, a decrease of
14,756
same
cars
2,342
below the preceding week, but
cars
Ore loading amounted to 9,002 cars, a decrease
158,937
increase of
an
preceding week, but an increase of 3,741
above the corresponding week in 1936 and 12,625 cars above the
preceding week, 2,466 cars above the
the preceding week, but an increase of 7,283 cars above the corresponding
above the
below the
cars
below the preceding week, but an increase of 990 cars above the
responding week in 1936 and 6,503
alone,
grain
ended£Jan. 23, totaled 19,168
cars
above the
and grain
same
products
same
above the
week in 1936 and 3,320 cars
same
week in 1935.
All districts reported increases in the number of cars loaded with revenue
Grain and grain products loading totaled 30,101 cars, a decrease of 2,034
districts
ot2, 075
above the corresponding week
Ooke loading amounted to 12,138 cars, an increase of 259 cars
below
cars
week in 1936, and 1,377 cars above the same week in 1935.
western
cars
in 1936 and 5,579 cars above the corresponding week in 1935.
week in 1935.
St Coal loading amounted to 154,833 cars, a decrease of 6,216
cars
Feb. 6, 1937
I
week In 1935.
loading for
freight, compared with the corresponding weeks In 1936 and 1935.
^Loading of revenue freight in 1937 compared with the two previous
cor¬
In the
the
years
follows:
week
cars, a decrease of 1,185 cars below the pre¬
1935
1936
1937
ceding ;week, but an increase of.1,200 cars above the corresponding week
In 1936.
SB
Week'of Jan.
Live stock loading amounted to 12,876
cars,
a
decrease of 2,957
below the preceding week, but an increase of 342 cars above the
same
1935. feln the western districts alone, loading of live stock for the week
ended Jan. 23 totaled 9,531
698,529
700,238
614,853
611,347
670,376
584,637
553,618
562,826
555,528
2,657,096
2,352,663
2,169,146
Total.......
....i...
decrease of 2,591 cars below the pre¬
cars, a
In
ceding |week, but an increase of 260 cars above the corresponding week
■in 1936.
ft Forest products loading totaled 30,631
below the preceding week,
497.274
9
Weekof Jan. 23.......... ............
week
541,826
Week of Jan. 16
in 1936, this was, however, a decrease of 923 cars below the same week in
587,953
Week of Jan.
cars
2......................
cars,
a
decrease of 1,289
but aa-increase of 2,325
cars
above the
the following
table
undertake to show also the
we
loadings for separate roads and systems for the week ended
cars
Jan. 23,1937.
same
During this period
a
total of 100 roads showed
increases when compared with the same week last year:
week in 1936, and 12,702 cars above the same week in 1935.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JAN. 23
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1937
1935
1936
1937
1936
1937
Eastern District—
Ann Arbor
Southern
490
.....
Bangor <fc Aroostook..
Boston & Maine
Chicago Indianapolis & Louisv
Delaware^ Hudson
Delaware Lackawanna & West
1,459
2,256
6,240
1.189
274
203
10,677
2,661
8,826
2,029
1,047
13
25
66
817
824
5,231
9,449
5.190
9,559
2,159
7,753
Lehigh & Hudson River
...
New England
Lehigh Valley
Maine Central
Monongaliela..
Montour....
New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis
Pittsburgh «fe Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia
188
122
326
12,822
3,172
11,062
4,037
11,103
3,671
164
129
136
1,651
8,409
2,827
3,683
1,513
35,400
8,509
2,462
3,804
4,622
5,147
522
1,242
/ 7,573
3,101
3,453
1,821
35,664
9,543
1,666
3,769
4,886
5,335
; i'\.
299
392
337
314
267
1,025
Wabash
...
Wheeling & Lake Erie........
Total......
...
1,112
4,512
848
3,044
3,512
12,054
6,455
17,199
427
363
311
554
792
185
156
128
882
693
99,955
92,766
81,981
66,810
55,344
1,990
11,320
3,109
1,092
Total.....................
4,649
14,489
Northwestern District671
1,097
782
858
12,000
1,897
16,594
3,902
11,950
1,777
15,675
3,590
Missabel&jjNorthern—
14,567
2,186
18,668
4,178
1,008
724
567
158
9,763
1,635
8,194
Duluth South Shore & Atlantic-
757
647
562
372
290
Elgin] Joliet & Eastern
Ft. DodgejDes Moines & South.
8,334
5,190
4,738
7,952
5,377
338
209
212
202
140
3,872
4,828
Great Northern
8,130
8,260
8,196
3,054
2,546
609
489
602
590
521
Belt Ry.
6,499
2,490
232
Chicago Great Western
Chicago Milw. St. P. ArPaclflo.
Chlcago St. P. Minn. & Omaha.
157
25
35
33,230
1,808
11,571
6,889
5,616
23
of.Chlcago
Chicago & North Western
Duluth
Green Bay
16
Western
V
8,814
9,013
2,482
7,240
2,908
2,471
134
443
215
229
92
95
1,389
5,269
1,100
2,504
Northern Pacific
8,569
8,348
1,215
4,249
7,240
1,901
Minn. St. Paul & S. 3. M
1,520
1,951
2,460
Lake Superior & Ishpemlng
Minneapolis & St. Louis
487
513
5,726
5,151
9,621
3,772
Spokane International
2,919
4,845
3,334
7,721
3,705
2,748
Spokeane Portland & Seattle.
150,846
133,047
132,676
169,783
134,126
799
Total
4,603
3,273
95
62
263
208
1,236
911
1,528
1,054
66,373
62,633
50,090
39,211
17,669
2,489
■izt 301
16,388
2,600
7,008
2,398
4,851
2,080
197
87
85
14,613
1,681
9,540
3,213
1,091
7,080
945
920
8,715
2,595
7,234
1,932
2,807
14,293
1,570
9,126
3,003
1,161
2,984
8,628
3,435
1,082
..............
111
1,248
1,326
2,554
2,102
897
735
10
1,018
1,845
978
877
1.413
1,105
76,457 v
Central Western District—
544
475
508
869
30,788
2,587
24,176
1,347
24,893
1,267
15,193
408
...
Buffalo Creek & Gauley
272
267
1,206
4,740
2,427
i-5;
7
:?
15
■
:v5.v 741
12,828
1,295
Atch. Top. & Santa Fe System. .
Alton
7
20,185
2,900
376
Bingham & Garfield
1,472
1,226
Central RR. of New Jersey..
Cornwall
6,209
5,363
950
54
1
Cumberland & Pennsylvania.
336
306
361
Llgonler Valley............
140
204
195
623
691
540
801
Denver & Salt Lake
1,029
Pennsylvania System...
Reading Co
2,198
1,160
32,489
3,788
798
2,592
1,348
39,420
Denver & Rio Grande Western.
1,111
62,072
13,730
Fort Worth & Denver City
1,015
1,231
12,563
Illinois Terminal
2,144
15,097
2,192
Union (Pittsburgh)....
18,347
2,665
Cambria & Indiana
...
Long Island
Penn-Reading Seashore Lines
.........
48,916
53,183
11,956
7,647
11,787
6,712
13
Chicago-Burlington AlQuincy..
15,912
Cblcago!& Illinois Midland
2,343
10,618
12,110
9.143
49
53
Chicago Rock Island & Pacific.
32
18
Chicago & Eastern Illinois
37
21
Colorado & Southern
1,142
,
960
19
......
1,413
104
85
85
88
1,633
880
66
West Virginia Northern
Western Maryland
1,007
Winston-Salem Southbound
Allegheny District—
Akron Canton & Youngstown
Baltimore & Ohio
Bessemer & Lake Erie
245
7,180
18,305
1,472
1,044
622
Rutland
1,139
437
8,710
19,277
Southern System
906
39,992
12,061
396
909
409
:
Tennessee Central
201
771
1930
1937
858
317
Seaboard Air Line
1,592
3,332
11,902
7,034
1,312
1,293
8,358
3.247
5,562
2,220
40,773
10,810
1,611
4,755
7,523
4,786
1,830
3,538
15,320
8,096
1,929
1,466
8,202
2,730
from Connections
1935
288
487'
Richmond Fred. & Potomac—
77
2,969
316
1.248
.......
Grand Trunk Western
204
2,654
270
937
—
Piedmont Northern
1,490
5,528
5,499
7,108
1930
District—(Concl.)
Norfolk^Southern
69
1,167
4,343
9,577
329
Detroit Toledo & Ironton. ."
a
546
,
I
3,249
Detroit & Mackinac
Detroit & Toledo Shore Line.
Lehigh
1,965
7,322
1,287
28
Central Indiana..........
Central Vermont
Erie
544
2,054
8,397
1,631
Total Loads Received
Total Revenue
Freight Loaded
Railroads
0
0
North Western Pacific
681
652
464
423
370
3,819
2,859
3,045
6,914
5,082
Peoria & Pekin Union
49
27
48
80
70
139,952
106,375
109,594
102,025
78,753
Nevada
Northern
(Pacific)
18,554
15,771
12,650
6,601
4,088
Toledo Peoria & Western*
348
301
250
1,255
897
12,883
11,824
11,079
8,574
Southern Pacific
Total.........*.........
Union Pacific System
6,892
946
663
653
12
11
1,254
1,180
1,123
2,313
1,479
100,955
89,775
82,067
56,019
43,161
170
121
4,979
4,109
Utah
Western Pacific..............
Pocahontas District—
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
;
22,584
21,337
1,012
4,338
21,602
18,301
20,809
16,903
868
807
3,595
3,423
848
667
49,271
Chesapeake & Ohio
44,366
41,942
14,385
11,838
8,156
4,138
1,243
6,355
3,750
1,066
Total.
..............
...
Southwestern DistrictTotal.
Alton & Southern
160
Burlington-Rock Island
129
120
118
251
Fort Smith & Western
252
259
235
230
219
3,687
2,824
2,255
2,166
->:• 2,002
1,991
1,766
2,160
1,150
1,892
1,190
1,497
1,994
1,241
1,710
1,017
Gulf Coast Lines
Southern District—
International-Great
159
Northern.
335
185
157
154
153
Atl. & W. P.—W. RR. of Ala..
760
744
602
Atlanta Birmingham <fc CoastAtlantic Coast Line
660
526
1,237
1,025
1,184
722
4,993
4,120
Louisiana Arkansas & Texas...
152
147
115
439
358
2,520
Litchfield & Madison
372
414
468
944
682
Midland Valley
784
803
719
230
Alabama Tennessee & Northern
Kansas City Southern
712
Louisiana & Arkansas
9,995
8,548
Central of Georgia
Charleston & Western Carolina.
4,157
3,818
7,560
3,297
435
323
352
Clinchfield
1,298
1,031
1,006
2,933
1,100
1,945
267
352
142
252
207
Mlssourl-Kansas-Teaxs Lines..
136
137
128
309
297
Missouri Pacific
1,256
778
645
997
881
1,811
1,200
Natchez & Southern
.....
Columbus & Greenville
Durham & Southern
...
Florida East Coast
960
1,669
Georgia
Georgia & Florida
38
39
37
98
721
603
1,595
1,330
78
172
214
4,063
2,923
9,697
2,730
8,535
89
77
107
123
7,425
6,552
1,992
4,782
4,270
3,927
2,026
2,014
3,703
1,582
4,511
20,125
18,007
237
235
183
45
01
22
63
27
24
34
52,940
51,935
44,635
62,413
55,485
282
660
410
St. Louis Southwestern
983
912
Texas & New Orleans
10,812
Louisville & Nashville*..-.....
23,303
1,022
17,979
18,239
9,838
3,982
198
154
117
506
Texas & Pacific
Terminal RR. Assn. of St. Louis
412
150
78
283
338
1,854
Weatherford M. W. & N. W_.
Nashville Chattanooga & St. L.
2,535
1,752
2,547
1,326
2,199
1,841
2,158
1,303
1,976
Increase of
and
revised.
*
Previous figures.
a
Includes figures for the Boston & Albany RR.,
2,361
2,946
2,805
3,545
the O. C. C. & St. Louis RR. and the
RR.
2.1% in Retail Food Costs Between Dec. 15
12 Reported by United States Depart¬
Jan.
ment of
Total
2,148
6,033
3,925
7,128
4,450
1,802
Wichita Falls & Southern
181
Mobile & Ohio*
Note—Previous year's figures
11
81
308
Michigan Central
1
36
45
45
7,280
1,975
1,439
20,799
20,722
Macon Dublin & Savannah
13,122
St. Louis-San Francisco
437
Mississippi Central
185
91
4,526
15,071
Quanah Acme & Pacific
1,526
19,547
5,598
895
83
14,782
Illinois Central System
Gulf Mobile & Northern..
121
1,399
4,191
Missouri & Arkansas
100
805
Gainesville Midland
143
2,044
1,344
15)
Kansas Oklahoma & Gulf
Labor
The retail cost of food advanced
2.1% between Dec. 15,
1936, and Jan. 12, 1937, Commissioner Lubin of the Bureau
of Labor Statistics, United States Department of Labor,
announced Jan. 30.
"Seventy-two of the 84 foods included
in the Bureau of Labor Statistics index showed
over
price rises
said. "Food costs rose in 47
The Commissioner added:
the month," Mr. Lubin
of the 51
reporting cities."
On Jan. 12 the index for all foods was 84.6
higher than for Jan. 14 of last
year.
(1923-25=100).
index
The index for cereals and bakery products rose 0.7%
and Jan.
12.
This is 3.6%
Food costs are now higher than they
have been at any time since March, 1931, when the
was
85.0.
between Dec. 15
Prices for 10 of the 13 items in the group advanced.
The
I
Financial
Volume 144
largest
Increase, 2.3%, was shown for flour, with
average
reported in 36 of the 61 cities.
Bread prices also
rose.
higher prices
For white bread,
Increases in 12 cities and decreases in six resulted In an average advance of
Whole wheat bread was 0.7%
0.3%.
Rice showed the greatest decrease, 1.3%.
prices for last period.
The cost of meats, which has been falling since Sept. 15, advanced 2.9%
result of higher prices for 18 of the 21 items. Higher meat costs were
reported in 49 of the 51 cities.
to
than 3%.
more
senting
Advances for the sub-groups were:
and rib chops
Leg of lamb
was
Beef and veal, 3.1%;
Compiled by The National Fertilizer Association (1926-1928=100)
The
Latest
Bears to the
Year
Ago
Ago
Feb.
Jan. 2,
1937
23,
1937
1,
1936
71.5
71.6
65.1
106.1
109.1
110.1
95.5
76.0
78.5
79.8
81.0
80.2
80.1
80.0
82.3
15 Jan.
1933
1936
72.1
84.8
84.5
8.2
Textiles
80.4
80.3
76.9
68.5
7.1
Metals...
95.6
95.6
93.2
83.4
6.1
87.4
Miscellaneous commodities
-
-
77.7
86.7
82.9
82.5
81.7
62.6
92.5
91.9
91.9
94.0
69.5
93.0
93.2
97.3
64.8
102.7
Dairy products
83.4
82.5
82.2
79.8
63.4
76.3
85.9
90.1
73.8
66.9
94.4
93.6
94.9
71.2
71.1
69.8
64.3
Fertilizers
75.8
75.8
75.9
73.0
Farm machinery
92.7
92.7
92.7
92.5
84.6
85.0
84.0
77.9
materials
All groups combined
100.0
105.1
Eggs
94.4
Fertilizer
0.3
117.6
87.4
Chemicals and drugs
0.3
98.4
95.7
Building Materials
1.3
15
1929
|
78.1
80.9
Fuels
0.3
Jan. 14 Jan.
15 Nov. 17
84.6
__
75.7
73.0
Livestock
Corresponding Period in
Jan. 12
—
85.9
Grains
Commodity Groups
Meats.
85.0
-
Farm products
23.0
10.8
Dec.
78.1
84.1
-
Cottonseed oil
17.3
1936
-
93.0
109.2
85.5
84.2
Fats and oils
(3-Year Average 1923-25=100)
a
81.0
93.4
108.9
Cotton
1937
84.9
92.2
108.9
Foods--
25.3
Fresh milk increased 0.4%,
the first of the year.
Cereals and bakery products.
30, Jan.
1937
Total Index
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
.
105.0
Fruits and vegetables
74.5
69.1
66.3
62.7
52.3
88.2
Fresh
73.7
67.6
64.5
61.5
51.4
86.6
Canned
81.8
81.6
81.5
79.4
66.4
Dried
96.0
71.8
70.6
69.2
58.2
48.6
98.2
1
Beverages and chocolate
68.6
67.8
67.7
67.6
71.1
I
Fats and oils
79.7
77.2
76.2
79.3
46.9
64.9
63.9
63.8
64.9
58.3
Commodity Prices Advanced Moderately
During Week Ended Jan. 30 According to United
States Department of Labor
94.1
Sugar and sweets
Wholesale
110.7
76.7
'
Week
Jan.
Group
Month
Preced'g
Week
Per Cent
Each Group
4.1 % higher.
All foods
declines and 46
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
3.4% higher than last month
Butter prices rose in 48 of the 51 cities.
on
advanced; in the preceding week there were 30 declines and 34
23
advances.
partially the result of a sales tax becoming effective in Birmingham and
Mobile
miscellaneous
and
materials,
Twenty-seven price series included in the index declined during the week
Contrary to the usual seasonal movement, dairy products moved upward
1.1 %.
registered by the indexes repre¬
were
fertilizer
textiles,
of
advances; in the second preceding week there were 26
The advances for beef ranged from 1.1% for
beef.
Slight advances
prices
commodities.
pork items, pork chops and loin roast, showed the largest gains,
7.1 and 7.7%, respectively.
liver to 5.9% for plate
the
In 22 of these cities, the increases amounted
pork, 3.1%; lamb, 3.1%; chickens, 2.6%; salmon, canned, 0.3%.
two fresh
period.
recovery
and
as a
point reached in the
the upturn in the fuel index, taking it to the highest
There
other significant price changes in the group.
were no
^
above
higher and rye bread 1.5%
849
Chronicle
a
A moderate advance marked the trend in wholesale
Preliminary.
Egg costs declined 11.2% following closely the normal seasonal trend.
Lower prices were recorded the country over.
On Jan. 12, egg prices
were
3.4% above Jan. 14 of last year.
The cost of fruits and vegetables moved upward 7.9%
continued
advance
throughout
the
country
the
for
due chiefly to
fresh
items
group.
Increases for the fresh items ranged from 0.6% for
spinach
to
15.6%
Every city
potatoes.
for
except
the
oranges
and
Rochester reported
higher prices for potatoes and the average for the United States
that for any January since
products
were
1930.
a
in
above
was
Other significant price advances for fresh
10.5% for carrots, 9.7% for celery, 7.7% for
green
beans,
and 5.0% for apples.
The index for canned fruits and vegetables
and for dried, 1.7%.
All items in these sub-groups registered gains, except
canned
and
corn
raisins.
Navy beans
increased
3.5%,
rose
0.3%
continuing the
upward movement which began in May.
Beverages and chocolate costs showed
were
higher in 47 cities.
creases
advance of 1.1 %.
an
The average Increase for coffee
for other items in this group were as follows:
0.8%; and
cocoa,
A sharp increase in market
1.8%.
In¬
0.2%.
The index for fats and oils rose 3.2% between Dec. 15 and Jan. 12.
advance of 5.3%.
an
istered,
prices
Lard
this item
pork prices and showed
Lard compound, for which
a
gain of 4.0%
higher than at any pricing period during 1936.
was
are
of fresh
higher than they have been since May, 1931.
was reg¬
Oleomargarine
The advance for
during the past month amounted to 3.2 %.
The average price of sugar rose
1.8%, and
the sugar and sweets group moved upward,
group were also
as
a
1.5%.
result, the index for
Other items in this
chester showed the greatest increase, 4.5%.
pork, potatoes, and apples rose sharply.
Man¬
were
Textile products,
vegetable prices was the chief factor in the advance shown for
these cities.
"/-v; ■■
;■
-;':v
The four cities in which lower food costs were reported are all in the South
Atlantic
region.
They
are
—0.6%;
Jacksonville,
Savannah, —0.3%, and Charleston, —0.2%.
INDEX NUMBERS OF RETAIL
^
^
Richmond,
—0.5%;
M
^
COSTAOF FOOD BY REGIONAL AREAS
(3-Year Average 1923-25=100)
month
over a
0.8%
ago was
by 6.1 %.
up
products, prices of foods, hides and
leather
Chemicals and drugs declined.
metals and metal products, and building materials
re¬
unchanged at last week's level.
The index for the nonagricultural
commodities
remained unchanged
group
It is 0.7% above a month ago and 4.2% above a year ago.
at 84.1.
In¬
dustrial commodity prices as measured by the index for the group of 'all
commodities other than farm products and processed foods' rose 0.1%, to
point 0.7% above a month ago and 5.2% above a year ago.
Wholesale prices of raw materials increased 0.9% during the week.
index for this group is 1.3%
The
higher than for the corresponding week of
a
month ago and 11.5% above that of a year ago.
The
group
this group of
of semi-manufactured
14.2% above that of last
The index for finished
0.6%
over a
products remained at 84.6 and shows increases of
The announcement issued Feb. 4
a
Prices for
year.
month ago and 2.8% over a year ago.
also contained the
Due to
declined 0.2%.
articles
partially manufactured commodities are 1.3% above the level
of last month and
The
rise in fresh
The recent advance brought che index
The advance
the Index is
laneous commodities advanced fractionally.
In this city, prices of fresh
Other significant advances
4.4% for Seattle, and 3.6% for Detroit, Kansas City and St. Louis.
a year ago,
products, fuel and lighting materials, housefurnishing goods, and miscel¬
higher than on Dec. 15.
Food costs increased in 47 of the 51 cities and declined in four.
with
In addition to the rise in farm
a
prices followed the upward movement
85.4% of the 1926 average.
As compared
Coffee prices
was
prices of farm products largely accounted for
the rise in the all commodity index.
to
mained
Chocolate, 1.1%; tea,
com¬
modity prices during the week ended Jan. 30, according to
an
announcement Feb. 4 by Commissioner Lubin, of the
Bureau of Labor Statistics, United States Department of
Labor.
"The Bureau's index rose 0.1%," Mr. Lubin said,
adding:
by Commissioner Lubin
following:
1.8% increase in livestock and poultry prices together with
higher prices for barley, corn, rye, cotton, apples, lemons,
dried
oranges,
beans, sweet potatoes, and wool the index for the farm products group
advanced 1.2%.
The grains subgroup declined 1.9%
and white potatoes in the Boston
flaxseed,
as a
result of falling
Lower prices were reported for
prices for oats and wheat.
market.
eggs, peanuts,
This week's farm
product index—91.4—is 1.1% above the corresponding index of last month
and 15% of that
of last
year.
The wholesale food index advanced 0.2% as a result of a sharp advance
1936
1937
Corresponding Period in
Regional Area
Jan. 14 Jan.
Jan. 12
Dec.
a
15 NOV. 17
15 Jan. 15
1933
1929
1936
in fruit
and
vegetable prices.
dairy products remained firm.
82.9
82.5
81.7
62.6
102.7
82.7
80.9
80.1
79.9
64.0
102.1
85.0
Lower prices were reported for cheese in the New York
market, flour, canned fruits, lamb, mutton, fresh pork, mess pork, veal,
coffee, copra, glucose, lard, oleo oil, coconut oil,
83.4
82.8
83.1
64.3
102.8
85.2
83.4
82.9
81.4
60.3
103.9
current food index—86.9—shows increases
West North Central
89.5
87.1
86.6
84.0
61.3
103.5
4.4% over
South Atlantic
84.1
83.4
82.4
82.0
61.5
101.0
East South Central.
81.3
79.5
79.3
76.7
57.5
102.2
West South Central
82.9
81.6
81.9
80.2
60.3
102.1
Mountain..
88.6
86.6
86.8
83.7
62.9
99.5
Pacific
82.2
80.1
81.0
78.9
64.2
101.0
Middle Atlantic
East North Central.
a
__
and peanut oil.
The
of 0.8% over a month ago and
a year ago.
The index for the hides and leather products group rose by 0.2% to
of the 1926 average.
and other leather
102.8%
Prices of hides, skins, and leather advanced.
products such
as
Shoes
gloves, belting, harness, and luggage
remained steady.
A minor advance in petroleum
Preliminary.
product prices caused the index for the
fuel and lighting materials group to increase
♦
were
butter, raisins, fresh fruit and vegetables, cured pork, cocoa beans, pepper,
and cottonseed oil.
84.6
United States
New England
Cereal products and meats declined and
Food items which advanced in price
0.1%.
Average prices of coal
and coke remained stationary.
Wholesale Commodity Price Average Further Declined
Advancing prices of furnishings were responsible for the slight increase
During Week Ended Jan, 30, According to National
in
Fertilizer Association
The
compiled by the National Fertilizer Association. Last week
the index (based on the 1926-1928 average of 100%) stood
84.6%, as compared with 85.0% the previous week. A
month ago it registered 84.0% and a year ago 77.9%.
The
announcement by the Association, under date of Feb. 1,
at
continued:
housefurnishing
case in the preceding
week the decline last week
due to lower prices for farm products and foods, with
was
all other commodities
showing a continuation of the rise which began last fall.
were
Grains and live¬
generally lower during the week with the only important price
increase in the farm product group being in cotton.
Changes in prices of
food products were mixed with 10 items included in the group declining and
advancing; declines in several of the more heavily weighted items
resulted in the group index falling to the lowest point reached in the last
ive weeks.
and pulp
goods
group
Furniture prices
Higher prices for petroleum and fuel oil were responsible for
were
un¬
of crude rubber rose 3.5% during the week, and paper
advanced 0.7%.
oil and cigarettes.
Higher prices were also reported for cylinder
Cattle feed declined 2.1%. Automobile tire and tube
prices remained firm.
Falling prices for chemicals and mixed fertilizers caused the index for the
chemicals and drugs group to decline 0.5%.
last
week's
Fertilizer materials advanced
The drug and pharmaceuticals subgroup was unchanged at
fractionally.
level.
The textile
products group index remained unchanged at 76.9.
ing and woolen and worsted goods advanced.
► As had been the
seven
the
Wholesale prices
general level of wholesale commodity prices again
declined in the week ended Jan. 30, according to the index
stock
Idex.
changed.
Cloth¬
Silk prices fell sharply, and
minor decreases were reported in cotton goods and other textile products
including burlap, raw jute, and sisal.
Knit goods remained firm.
Advancing prices for scrap steel and certain plumbing and heating fix¬
tures did not affect
whole.
the index for the metals
and|metal products
It remained at 90.7% of the 1926 average.
motor vehicles were
group as a
Pig tin declined and
steady.
No change was shown
in the building materials group.
gravel, and roofing slate prices were higher.
Brick, sand,
Rosin and turpentine declined.
Average wholesale prices of cement and structural steel showed
no
change.
Financial
850
The
of
index
the
weighted according to their relative importance in the country's markets
and is based on the average
last 59
hand on Jan. 1, 1937 to
sumption, there was enough bituminous coal on
for the year 1926 as 100.
The following table shows
index numbers for the main
modities for the past five weeks and for
days and enough anthracite for 203 days' requirements.
the preparation of
(The Coal Division, Bureau of Mines, cooperates in
of com¬
groups
Feb. 1, 1936, Feb. 2, 1935, Feb. 3,
6, 1937
which is calculated at the current rate of con¬
In terms of days' supply,
784 price series
Statistics includes
Labor
of
Bureau
Feb.
Chronicle
these reports.)
1934 and Feb. 4, 1933:
(1926==100.0)
for Week Ended Jan. 30, 1937, Totals
2,214,654,000 Kwh.
Electric Output
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
1
2
3
4
2
9
16
23
30
Commodity Groups
1937
All commodities
Farm
-
-
-
-
-
1937
1937
1937
1937
1936
1935
1934
1933
85.4
85.3
85.7
85.2
84.7
80.5
79.1
72.8
60.0
91.4
90.3
92.3
90.9
90.4
79.5
78.3
60.5
40.2
86.9
86.7
87.3
86.7
86.2
83.2
81.5
65.7
53.6
102.8 102.6 101.8 102.0 101.1
97.5
86.8
90.5
68.3
_«
-
products.---I
-
Foods
__
Hides and leather products
Textile products.
-
-
76.9
Fuel and lighting materials.
76.8
76.2
70.9
69.9
76.5
76.9
77.1
77.5
77.2
77.1
74.4
73.9
64.7
90.7
.
products.
76.9
77.0
.
Metals and metal
76.9
90.7
90.4
90.1
89.9
86.0
85.2
85.1
Institute, in its weekly statement,
production of electricity by the electric
light and power industry of the United States for the week
ended Jan. 30, 1937, totaled 2,214,654,000 kwh., or 13.3%
above the 1,955,507,000 kwh. produced in the corresponding
week of 1936.
The Institute's statement follows:
The Edison Electric
78.1
51.4
materials..
Chemicals and drugs
91.2
91.2
91.2
90.8
90.2
85.4
84.9
86.4
88.0
87.9
86.8
86.1
80.5
80.2
75.0
71.8
Housefurnlshlng goods
85.8
85.7
85.4
85.3
84.3
82.3
82.2
81.8
72.8
Miscellaneous
75.7
75.3
75.6
74.9
74.9
67.9
70.2
68.4
60.8
88.0
87.2
88.4
87.4
86.9
78.9
*
*
*
85.4
85.6
85.7
84.9
84.3
74.8
*
*
*
84.6
84.6
84.8
84.6
84.1
82.3
*
*
*
YEAR
PERCENTAGE INCREASE OVER PREVIOUS
70.0
87.6
that the
disclosed
Building
-
Raw materials
....
Semi-manufactured articles.
Finished products
All commodities other
farm
84.1
84.1
84.3
84.0
83.5
80.7
79.2
75.4
64.4
83.2
83.1
83.1
83.0
82.6
79.1
77.9
78.7
66.8
Jan. 16, 1937
14.6
:
12.5
19.1
18.1
6.1
7.8
9.3
11.5
18.3
18.2
7.4
4.0
13.0
11.6
12.4
13.3
-
Rocky Mountain
15.7
-
11.6
Not computed.
Total United States
Production
of
Electricity for Public Use During
15% Above a Year Ago
Percent
Change
The Federal Power Commission in its monthly electrical
report disclosed that the production of electricity for public
use in the United States during the month of December,
1936, totaled 10,477,667,000 kwh. This is a gain of 15% when
compared with the 9,138,638,000 kwh. produced in Decem¬
ber, 1935. For the month of November, 1936, output totaled
9,774,832,000 kwh.
Of the December, 1936, output a total of 3,618,422,000
kwh. was produced by water power and 6,859,245,000 kwh.
by fuels. The Survey's statement follows:
PRODUCTION
ELECTRICITY
OF
STATES
FOR
PUBLIC
USE
IN
THE
UNITED
(IN KILOWATT-HOURS)
1937
1936
Jan.
16
2,264,125
Jan,
23
Jan,
30
2,256,795
2,214,654
Feb.
6-.-.
Feb.
13
Feb. 20
Feb.
27
Weekly
"
December
November December
of 1929 shipments.
Production and shipments con¬
low, due to strikes and floods; new orders, like
tinued
holiday weeks, though not equal to the high order records
+3
+ 15
+7
+21
483,597,000
+24
+24
478,672,000
388,572,000
412,094,000
1,120,147,000 1,179,916.000
+ 13
+32
+4
+ 14
the output of
+38
shipments, and new orders 5%
+ 12
+ 15
446,146,000
471,351,000
States in December
337,989,000 kwh., 3.6%
was
daily production in November and the highest
any month of record.
,
+4
more
average
than the average
daily production for
The normal change from November to
December
+1.1%.
The production of electricity by the use of water power in December was
35% of the total.
The total output for the year
according to preliminary data.
was
1936 amounted to 113,473,000,000 kwh.
This is 14% above the output for the year
the year of the previous maximum.
TOTAL MONTHLY
PRODUCTION OF ELECTRICITY FOR PUBLIC USE
of
of
1936
1935
1936
Increase
..
..
Association
8,349,152,000
7,494,160,000
8,011,213,000
7,817,284,000
July
9,085,474,000
9,124,052,000
9,671,982,000
August
9,802,053,000
8,020,897,000
7,872,548,000
8,370,262,000
8,573,457,000
8,208,267,000
8,844,416,000
8,692,799,000
9,138,638,000
September..
9,720,807,000
October
10,175,772,000
November..
9,774,832,000
December... 10,477,667,000
11%
15%
11%
14%
13%
9%
6%
4%
5%
1935
4%
5%
10%
11%
14%
16%
16%
14%
18%
15%
13%
14%
2%
15%
13%
14%
9.2%
36%
32%
31%
31%
33%
34%
35%
excess
of production;
the week
of
550;
ended
All
225,830,000 feet.
reported
but
West
and
West
orders
37%
36%
Coast
West
and
Coast
mills
mills.
feet,
both publicly and privately owned, electric railway plants, plants operated
by steam railroads generating electricity for traction, Bureau of "Reclamation
month
approximately 98%
representing
remaining 2%
rapidly
as
current
month
corrected
actual
in
received each
of the total output shown; the
of the output is estimated and corrections are
'figures
are
available.
are
made
accordance
with
actual
as
Thus the figures shown for the
preliminary while those for the preceding months
reports
received and
from the preliminary data.
vary
feet;
shipments,
are
slightly
'
191,815,000
were:
feet;
Northern hemlock and Northern hard¬
production
shipments
above
or
reported
totaled
production
All
output.
from
as
reported
10% above production.
12,417,000
feet,
or
20%
and all but
Northern
regions
but
Southern pine
or
for
1937, by .430 soft¬
23,
45% above the production of the
the
same
week
were
Production was 147.908,000
hardwood mills
89
reporting
above similar week of 1936.
for the week ended Jan.
12% above production.
Reports
hemlock and
Northern
showed orders above those of corre¬
but West Coast and Northern pine reported1
214,419,000 feet,
Shipments
Jan. 23, 1937.
in the week ended
hemlock
Northern
give
Shipments
above
as
new
business
11,411,000
as
reported for the
production.
165,535,000
feet.
feet,
week
were
same
Production
was
10,341,000
feet.
Identical Mill Reports
plants, miscellaneous Federal and State projects, and that part of the output
are
cypress,
above
orders reported
wood
40%
158,249,000
177,952,000 feet, booked
figures for the preceding week
California redwood,
Coast,
reported
Lumber
or
Accurate data
Revised
sponding week of 1936 ; all
shipments above shipments of last year's week,
The quantities given in the tables are based on the operation of plants
plants which is sold.
mills produced
1937, 500
23,
production, '168,928,000
regions but Southern
hardwoods
engaged in generating electricity for public use, including central stations,
of manufacturing
Jan.
orders, 236,609,000 feet.
32%
36%
regional associations covering the opera¬
Association's report further disclosed:
same
Total..... 113473 000,000 99,393,073,000
from
Reported
23,1937, was 43%
shipments were 12% above output.
Reported new business of the previous week was 43% above
production; shipments were 14% above output.
Production
in the week ended Jan. 23 was shown by reporting hard¬
wood and softwood mills 13% below the corresponding week
of 1936, shipments were 9% below shipments of last year's
week, and new orders 9% above orders of a year ago. The
in
woods
39%
40%
45%
46%
46%
44%
43%
38%
37%
34%
42%
45%
43%
36%
below orders of that week,
business during the week ended Jan.
new
All
9,245,639,000
8,599,026,000
8,904.143.000
8,891,574,000
the previous week, shipments were 7% below
tions of important hardwood and softwood mills.
Mills,
1936
by 9% fewer mills was 6% below
according to reports to the National Lumber Manufacturers
Kilowatt Hrs.
Kilowatt Hrs.
June
1934
reported during
production
National
December.
appreciably
week, were
week ended Jan. 23
orders
Over
1935
.
preceding
feet of hardwoods and softwoods combined, shipped
Produced by
Water Power
1935
Over
1
the
early
the
During
Increase
May
above the
those
+13
+ 16
+8
+ 14
The average daily production of electricity for public use in the United
April
week ended Jan. 23,1927,
10175772.000 9,774,832,000 10477 667,000
Total for U. S
March
Ended
1937
+ 13
.
—
Movement,
Lumber
+ 14
680,646,000
2,657,130,000
2,373,372,000
West North Central.
634,522,000
South Atlantic
1,228.935,000
East South Central.
443,980,000
West South Central
498,353,000
Mountain
383,608,000
Pacific1,275,226,000
East North Central.
January
February
Week
1,545.459
661,125,000
731.601,000
2,584,773,000 2,781,975,000
2,310,022,000 2,510,670,000
611,488,000
624,370,000
1,181,208,000 1,274,772,000
New England
Middle Atlantic
1935 which
1.512,158
1,781,666
1.762,671
1,763,696
1.760,562
1.728.293
+ 13.3
1,542,000
1,733,810
1,736.729
1,717,315
1,728,201
1,726,161
1,718,304
1,699,250
1,619,265
1,602.482
1,598,201
1,588,967
1,588,853
1,578,817
1,668,731
1.772,609
1.778,273
+ 14.9
+ 15.7
45% of the 1929 weekly average of production and
stood at
52%
November
of
Report
+21.0
1.854,874
1,970,578
1,949,676
1,955,507
1,962,827
1,952,476
1,950,278
1,941,633
2.244,030
9.
Jan.
The lumber industry during the
Change in Output
from Previous Year
1929
1932
1935
from
Jan. 23,
Total by Water Power and Fuels
October
1936
1937
Week Ended
Percentage
Division
14.9
-
(THOUSANDS OF KILOWATT-HOURS)
FOR RECENT WEEKS
DATA
December
is
17.1.
14.6
West Central
Pacific Coast
*
17.9
12.7
15.0
Middle Atlantic.
Southern States
than
other
farm products and foods
Week Ended
Jan. 23,1937
New England
Central Industrial
than
products
commodities
All
_
Week Ended
Jan. 30,1937
Major Geographic Regions
Week Ended
Last week's production of 422 identical softwood mills was 146,172,000
feet, and a year ago it was 170,650,000 feet; shipments were, respectively,
164,302,000 feet and 183,852,000 feet, and orders received, 213,186,000
.
feet
and
197,282,000 feet.
In
the
case
of hardwoods,
68
identical mills
reported production last week and a year ago 8,061,000 feet and 7,353,000
feet; shipments,
feet
and
10,214,000 feet and! 7,159,000 feet, and orders,
9,373,000
6,437,000 feet.
Coal Stocks and Consumption
The total stocks of coal held at electric power
1937 amounted to 8,261,860 net tons.
compared with the amount of coal in
This was
reserve on
utility plants
an
on
Jan. 1,
increase of 3.9% when
Dec. 1, 1936.
thracite, which
were
increases, respectively, of 4.4% and 1% when
pared with the corresponding stocks
Electric power
December, 1936.
on
was
an
increase of 6.7% when compared with the
3,680,195 tons consumed in the previous month.
coal increased
com¬
Dec. 1, 1936.
6.9% and the
use of
Consumption of bituminous
anthracite increased 3.9%
pared with the tonnage consumed in November, 1936.
when com¬
and
The Bureau of Statistics of the
an¬
utility plants consumed 3,927,592 net tons of coal in
This
in December—Imports
Exports
Country's Foreign Trade
Of this total
stock, 7,161,796 tons were bituminous coal and 1,100,064 tons were
at
Washington
on
Department of Commerce
Jan. 29 issued its statement on the foreign
trade of the United States for December and the 12 months
ended with December, with comparison by months back- to
1931.
The report is as
United
restrictive
follows:
States foreign trade
tendencies
of
the
increased sharply in December despite the
maritime
strike.
Exports,
which
usually
Financial
144
Volume
December as a result of smaller shipments of unmanu¬
decline seasonally in
24% larger.
while imports were
1936, and $179,760,000 in December, 1935.
December.
In
balance of $29,332,000 and in
1936, there was a net export
December, 1935, a net export balance of
of imports
The value
was
$36,501,000.
1936 than in the
larger in every month of
corresponding month of 1935 and the value of exports larger than in every
November.
month except
$2,419,229,000,
The
the
For the
18%
were
whole imports, which amounted
year as a
larger
$2,453,487,000 in value,
were
than
1935
in
and
which
exports,
7% larger.
Important among these were
of a number of influences.
drought, the more pronounced increase in prices of imports than of
than
exports, the greater improvement in United States purchasing power
in that for the world
months of 1936.
as
whole, and the maritime strike in the closing
a
Primarily
merchandise
of
1936
1,000
Dollars
Merchandise—
Dollars
Dollars
Dollars
Dollars
Dollars
146,906
151,048
151,403
132,268
128,553
109,478
104,276
106,270
129,538
151,035
136,402
141,673
129,315
157,490
190,842
181,291
180,801
128,975
189,808
February
March
April
May
June
July
August
September
October
179,381
192,392
181,667
160,511
159,791
167,278
167,161
167,902
159,128
169,851
117,517
195,689
173,560
160,312
169,677
159,617
187,418
176,490
118,559
99,423
106,293
103,265
111,845
245,727
220,660
231,081
210,061
199,225
182,797
177,025
161,494
177,382
201,390
190,339
January
189,669
196,999
181,368
176,578
175,064
217,535
261,974
223,323
167,865
169,683
196,040
218,184
267,258
220,931
188,860
203,536
192,156
168,442
226,605
result of these influences the net balance
as a
declined
exports
12
ended Dec. 2,377,982 1,576,151 1,647,220 2,100,135 2,243,081 2,416,477
mos.
Imports for
.«*■
Consumption—
March
April..
to $34,258,000 in
1936 from an export
balance of $235,389,000 in 1935 and of $477,745,000 in
June
July
August
September
October
November
December
12
mos.
95,898
127,170
129,804
130,684
123,176
112,611
112,509
79,934
93,375
168,482
186,377
152,246
189,590
194,296
199,776
188,530
193,629
196,610
200,260
175.485
166,070
166,756
155,313
173,096
180,381
168,683
189,806
162,828
218,385
213,433
200,335
239,835
179,760
126.193
1,636,003 ,2038,905 2,421,056
ended Dec. 2,088,455 1,325,093 1,433,013
The 1936
1934.
export balance was the smallest in any year since the year 1895.
SILVER BY MONTHS
AND
GOLD
In that
Exports, Imports, and Net Balance
exceeded imports by $23,191,000.
year exports
102,933
104,662
105,295
141,018
152,714
147,599
149,288
125,269
149,516
February
128,976
125,047
153,396
141,247
147,467
135,067
124,010
117,262
149,893
137,975
149,470
92,718
84,164
91,893
88,107
109,141
123,931
134,311
183,284
177,483
205,690
182,867
176,443
170,747
174,559
168,735
174,740
171,589
152,802
January
May
1936
in the value of imports than of exports in
greater increase
the result
was
1935
1,000
exceeded exports in value by $14,582,000 in
November,
totaled
1934
1,000
November
country) amounted to $244,321,000, compared with
Imports
to
1933
1,000
December.
merchandising channels immediately upon arrival in
$196,435,000 in
November, 1936, and $186,968,000 in December, 1935.
Imports for consumption (goods which entered merchandising or con¬
sumption channels immediately upon arrival plus withdrawals from ware¬
house for consumption) amounted to $239,835,000, compared with $200,goods which entered
335,000 in November,
1932
1,000
Exports—U. S.
^ Exports, including reexports, amounted to $229,739,000, compared with
$225,767,000 in November, 1936, and $223,469,000 in December, 1935.
General imports (goods entered for storage in bonded warehouses plus
the
1931
1,000
Month or Period
than in November,
factured cotton and tobacco, were 2% larger in value
851,
Chronicle
Although exports of unmanufactured cotton declined $6,700,000 and of
unmanufactured tobacco $6,100,000, in comparison with November, 1936,
Increase
12 Months Ended Dec.
December
(+)
Decreasei—)
Exports and Imports
following the usual seasonal tendency, and exports of coal and petroleum
1936
1935
1936
1935
products decreased $5,200,000, these losses were more than offset by the
1,000
creases
in
Gains
broad range of other commodities.
a
in
imports over
November
the entire
almost
list of import commodities with the exception of corn, fruits, nuts,
and
copper,
works.
art
Particularly
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Gold-
apparent in
were
1,000
Dollars
sharp gain of $7,600,000 in exports of automobiles and by moderate in¬
oilseeds,
occurred
pronounced increases
in
imports of coffee, cocoa, alcoholic spirits, textile fibers and manufactures,
170
99
190,180
Exports
57,070
1,960
1,740,979
190,010
56,970
1,739",019
1,116",584
Excess of exports
Excess of
imports
+25,573
27,534
1,144,117
...
Imports
—596.862
uncressed fur skins, crude rubber, and tin.
Compared with December, 1935, the increase in the December exports
was
Exports of
mainly due to larger shipments of manufactured articles.
automobiles, including parts, increased from $19,723,000 to
$22,508,000 to $30,788,000, and of metals and manufactures from
$17,648,000
$23,144,000,
to
between
as
the
two
Exports
769
236
18,801
2,965
—15,836
Imports
47,603
2,267
354,531
182,816
—171,715
2~031
335",730
17
$28,769,000,
including electrical apparatus and agricultural implements,
of machinery,
from
Silver—
Excess of exports
"
46",833
Excess of imports
substantially smaller in December, 1936, than in December, 1935.
In
imports
the
December increase in value,
dressed
fur skins, hides
and newsprint.
and skins,
silk,
raw
the
commodities imported in
few
tin,
Imports of alcoholic beverages, sugar, coffee, cocoa and
grain were also considerably larger than in December a year ago.
smaller
Among
November,
gold
of
1936,
amounted
and
to
$170,000,
$99,000,
in
compared
1936,
December,
with
1935.
Imports
of
1935.
in
gold
1936,
Silver exports amounted to $236,000,
compared with $411,000 in November,
1936, and $769,000 in December,
1936, and $47,603,000 in December, 1935.
MERCHANDISE TRADE
1934
1935
1936
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
14
4,715
363
338
1,551
859
21,521
28,123
16,741
22,925
4,380
85,375
81,473
58,282
Exports—
February
March
51
46
23,637
209
734
44
540
2,315
269
665
1,248
1,661
3,128
237
37
62
51
193
1,780
6,586
166
77
343
114
59
695
2,572
1,593
2,885
1,717
1,547
2,009
1,472
253
141
535
14,556
22,255
102
32
7,015
86
42
34,046
2,957
2,173
76
117
3,321
2,281
1,425
1,638
2,404
1,789
1,741
1,424
1,162
310
242
127
464
1,698
512
411
10,815
140
170
99
590
1,014
769
236
52.759
1,960
27,534
19,041
16,551
18,801
2,965
1,947 149,755 45,981
128,479
7,002
30,397 452,622 122,817
7,795
13,543
14,948 237,380
6,769 54,785 148,670 28,106
1,785 35,362 140,065 169,957
1,136 70,291 230,538 277,851
1,763
3,593
2,128
1,823
1,955
4,435
5,431
2,458
21,926
20,831
14,425
15,011
19,085
16,351
20,842
11,002
13,501
10,444
30,230
30,820
45,689
60,065
58,483
17.636
8,115
4,490
4,989
23,981
6,574
16.637
8,363
26,931
4.451
8,711
47,603
2,267
April
June
July
August
September
October
November
December
BY
235
5
49
203
197
138
143
204
268
260
Imports—
MONTHS
January
Including
Exports,
Re-exports.
General
Imports,
and
Balance of Trade
February
March
December
12 Months Ended Dec.
Exports and Imports
1935
1936
1935
Increase (+)
Decreased—)
April
May
June
1936
July
1,000
Exports
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
223,469
-
1,000
Dollars
229,739
244,321
2,282,874
2,047,485
2,453,487
186,968
Imports..
+ 170,613
+371,744
2,419,229
August
September
October
November
...
Excess
of exports
235,389
36,501
12
1931
1932
1933
1934
1935
1936
1,000
1,000
1,000
1,000
1,000
1.000
Dollars
Dollars
Dollars
Dollars
Dollars
Exports, Including
Re-exports—
249,598
224,346
January
February
150,022
153,972
120,589
101,515
172,220
162.752
176.223
163,007
185,026
164,151
165,459
170,244
173,230
172.126
198,564
182.024
235,899
154,876
108,015
April
215,077
May
203,970
135,095
131,899
June
187,077
180,772
164,808
114,148
105,217
114,203
119,790
106,830
144.109
190,938
179,427
160,197
170,519
161,672
108,599
132,037
131,473
160,119
171,984
191,313
153,090
138,834
193,069
184,256
206,413
194,712
221,296
269,838
225.767
131,614
192,638
170,654
223,469
229,739
March
_.
July
August
-
September
180,228
October
204,905
193,540
184,070
November
December
mos.
198,803
195.101
192,791
200,752
185,675
179.962
178,213
220,150
264.751
ended Dec. 2,424,289 1,611,016 1,674,994 2,132,800 2,282,874 2,453,487
General Imports—
January
135,520
96,006
130,999
83,748
94,860
88,412
135,706
132.753
166,832
152,491
187,482
192.774
158,105
146,523
177.356
170,500
202,779
183,148
174,946
210,202
185,706
179,694
131,189
126,522
112,276
173,455
110,280
106,869
122,197
154,647
136,109
September
170.384
October
168,708
149,480
79,421
91,102
98,411
105,499
142,980
154,918
146,643
150,867
127,229
August
174,460
166,679
104.468
97,087
February
March..
April
May
June
July
-
November
December
mos.
153,773
57,070
198,701
end. Dec 193,197 1186671 1740979 1144117
mos.
Dollars
Month or Period
92,249 190,180
34,258
14", 582
Excess of Imports
1,497 52,460 16,287 1*16,074
1,085 51,781 46,085 $67,524
3,585 156,805 171,866
1,545
13,010 315,424 218,929
1,696
2,174 121,199 210,810 75,962
1,687
December....
12
1933
Silver imports amounted to $2,267,000, compared with $4,451,000
in November,
12
1936
January
May
$127,000
amounted to $57,070,000, compared with $75,962,000 in November,
and $190,180,000 in December, 1935.
1935
12 mos. end. Dec 366,652
December,
quantity in
than in December, 1935, were vegetable oils, tallow, and copper.
Exports
1934
De¬
in comparison with
unmanufactured wool,
1933
1,000
Month or Period
1935, was due in part to larger purchases of crude rubber, un¬
cember,
Silver
Gold
Exports of fruits, unmanufactured cotton, lumber and petroleum products
were
9", 851
respectively.
months,
5,386
11,602
3,494
4,106
4,083
4,977
60,225 102,725 354,531 182,816
Lloyd's Shipbuilding Statistics for Last Quarter of 1936
—Merchant Vessels Under Construction Reported
140,000 Gross Tons in Excess of Previous Quarter
Continuance of the
upward trend in the world production
tons
reported by Lloyd's Register of Shipping as under con¬
struction at the end of the quarter closing on Dec. 31 last.
This figure represents a gain of 140,000 gross tons over the
previous quarter ending Sept. 30 last.
Lloyd's returns cover
all merchant ships of 100 gross tons each and upwards,
being built throughout the world, except in Russia, from
which country no authentic returns have been available
for some time past.
An announcement issued by Lloyd's
of merchant
on
vessels is shown by the 2,251,000 gross
Jan. 13 also had the following to say:
With the exception of Germany and Denmark, all the leading
countries showed advances in ship production during the quarter
maritime
just ended.
191.218
190,395
with
194,208
the other countries, taken as a group.
119,513
131,658
129,635
169,030
161,647
192.550
215,661
189.357
212.706
128,541
150,919
169,385
133 518
132,258
186,968
244,321
compared
196.435
an
under
increase of 20,000 tons for the United States, and of 86,000 tons for
way
Comparisons in the construction
during the last two quarters is shown by Lloyd's
the following
Imports for Consumption
Dec.
Great Britain and Ireland—
1935
1936
1,000
1,000
1.000
1936
1,000
Sept. 30, 1936
110,356
1,177,223
928,571
90,960
1,091,926
2,251,221
Other countries
2,111,457
Increase (+)
Decrease'—)
1935
31, 1936
963,642
World total
12 Months Endi.d Dec.
Exports and Imports
Register in
table of gross tonnage:
United States
Of the entire current production,
mately
1.000
43%
is
Lloyd's Register points out, approxi¬
being constructed in' Great
the United States,
Britain and
5%
in
Of all the merchant vessels now building throughout the world, a total
Dollars
Dollars
Dollars
Dollars
220,931
2,243,081
2,038,905
+ 173,396
of 1,398,204 gross tons is
179,760
226,605
239,835
2,416,477
Imports for consumption
2,421,056
+382,151
Register and is intended for classification with that Society.
Dollars
Ireland,
and 52% in the other countries.
Exports (U. S. mdse.)..
48,898
170,533
156,754
176.631
States Merchandise and
December
1,520
5,275
15,472
For Great Britain and Ireland the gain was 35,000 gross tons, as
ended Dec. 2,090,635 1,322,774 1,449,559 1,655,055 2,047,485 2.419,229
Exports of United
855
1,693
being constructed tinder the supervision of Lloyd's
Of this aggre-
852
Financial
Chronicle
gate 830,237 tons are being built in Great Britain and Ireland, and 567,967
tons in other
and
over
New
Not far from 90% of the entire output of Great
countries.
and
Britain
Ireland,
therefore, is being supervised by Lloyd's
The
and
quarter just
motorships
work
Register,
during the
shows the contrasts between
same
new
period.
begun during the
was
ended represented 49,000 gross tons
launched
of tonnage
which
on
more
.
.
than the volume
Lloyd's Register
.
orders and tonnage launched during the
last two quarters in the following table, the figures representing gross
tons;
New Wort
Dec.
following is from
The drop in
food costs occurred for the most part between Sept. 15 and
declining costs for meats, milk, butter, fresh vegetables, lard
Oct. 13, when
and sugar,
lowered the food index 1.8%. Between the middle of October
the middle of November, food costs continued to decline slightly, but
and
Nov.
from
cost
15, the average index for 51 cities for which the
Dec.
17 to
Bureau prepares
food indexes increased 0.5% due largely to a rise in the
Food costs were lower at the end of the
and vegetables.
of fruits
quarter in all but four of the
Launchlnos
Food
prepared.
31, '36 Sept. 30, '36 Dec. 31, '36 Sept. 30, '36
issued by the
announcement
an
6, 1937
United States Department of Labor (Office of the Secretary).
60% of the entire world production.
steamers
Feb.
costs
were
32 cities for which indexes of all
slightly
higher
The declines
Richmond and Seattle.
were
groups are
Philadelphia,
in
Scranton,
small in most cities, with the
exception of those in the north central States, where six out of eight cities
Great Britain and Ireland
Other countries.
.
270,516
457,190
291,686
390,696
280,397
209,680
295,858
showed decreases of 3% or more.
398.279
727,706
-
............
682,382
678,676
505,538
declines resulted from large decreases in the price of meats,
World total.—............
Production
of steam and
motor
upward (Russia excluded) shows
September
quarter.
the last two
.
tankers, of 1,000 gross tons each and
slight decrease from the output for the
a
How
.
.
tanker
production
has
compared
in
quarters is shown by Lloyd's in the following gross tonnage
table:
potatoes and
fresh vegetables and fruits.
Clothing costs rose in each of the 32 cities covered in the Bureau of
Labor Statistics' survey.
Orleans
In six cities, the increase
the only city to report a
was
was
rise of over 3%.
2%
New
or more.
The increase of 3.8%
noted in New Orleans was largely due to State and city sales taxes that
1935, rents paid throughout the country have been
Since the spring of
31, '36 Sept. 30, '36
Dec. 31, '36 Sept. 30, '36
Great Britain &
Japan
Ireland
United
States
_
Sweden
Holland
Denmark.....
511,732
Spain.
Other countries
World total.
45,400
22,000
20,220
15,456
17,550
652,202
.......
France
was
20*225
are motor
with
increase in the
same
of ships, taken collectively.
greater than in any other.
1923-25 base
This compares, how¬
period of 101,000 tons for the other types
At present, 321,000 tons
being built than of all other types together.
the motorship excess was 385,000 tons.
.
index for the 32 cities combined was 63.9.
M|
1936.
index reaching 51.0 in December,
Changes in fuel and light costs during the quarter ending Dec. 15, 1936
relatively slight, with an average increase of only 0.5%.
were
com¬
parison of motor vessel production in the last two quarters in the following
gross tonnage table:
The increase in rents In Birmingham has been less rapid, the
combined.
were
Lloyd's shows the
.
Since early in 1934, Detroit has
advance in rental costs until by Dec. 15, 1936, the rent
index in Detroit had risen to 62.1, as compared with 65.4 for the 32 cities
more of motor vessels
In the September quarter,
.
In December, 1933, the index on'the
41.4 for Birmingham and 41.7 for Detroit, whereas the
was
been leading the
ships.
being shown for the quarter just ended.
an
The rise in Houston
Dec. 31,
'36 Sept. 30, *36
due to
was
increased wood costs; in the other two cities, to advances in the cost of coal.
Declines in fuel and light costs were reported in five cities.
30, '36
Increases
noted in 24 cities, but only three cities, Houston, Atlanta and Memphis,
reported increases of as much as 3%.
the declines
Dec. 31, '36 Sept.
Detroit and
In these cities, the percentage decline in rents from 1923-25
quarter, 6.2%.
to 1933 was
655,236
Motorship construction generally continues to increase/a gain of 38,000
gross tons
pities, Boston and Scranton, the decline was small.
Birmingham showed by far the greatest rise in rental costs during this
14,550
Of the 179,790 tons being constructed in Great Britain
169,990
The average increase of 1.3% for the 32 cities combined
the result of increased rental costs in all but two of the cities.
In
15, 1936.
these two
15,456
This tendency continued during the quarter ending
rising consistently.
Dec.
building, about 80% are being motorized, aggregating
now
gross tons.
and Ireland,
Italy
123,270
77,140
62,000
48,320
46,850
46,800
Of the tankers
29,180
202,030
179,790
124,980
79,840
61,766
54,620
Germany
are
In both cases, the
became effective Oct. 1, 1936.
Dec.
ever,
In Cincinnati, the cost of food dropped
5.3% during the quarter, and in Kansas City, 5.0%.
In all instances,
slight, except in Detroit, where a 4% drop in fuel and
were
light costs resulted from a decrease in gas prices, caused by a change from
Denmark.....
Ireland
443,736
Germany
Sweden
306,464
119,696
Holland
107,550
466,663
320,356
107,560
102,325
68,950
78,740
manufactured to natural gas and the introduction of
62,786
33,680
32,376
77,296
3,360
14,188
19,184
The shift from manufactured to natural gas began in July, but the change
Italy
Great Britain &
United
States.
France
24,466
being served natural gas at that time.
not
A rise in
The construction of motor vessels represents 57% of the world's shipping
production at present, as compared with 59%
at the end of September.
How the output by types has compared in the last two quarters Is shown by
Lloyd's in the following table of
gross tonnage:
the
of
cost
housefurnishing goods,
and suites of furniture,
rugs,
schedule.
new rate
incorporated in the September index, since all domestic customers
not
was
were
a
advances in all but two cities.
the decline
was
negligible.
particularly of blankets,
general throughout most of the cities
was
included in the Bureau's studies.
The average rise
1.3%, reflecting
was
In those two cities, St. Louis and Atlanta,
By far the largest increase occurred in New
Orleans, where the cost of house furnishing goods rose 4.8%, but here the
Dec. 31, 1936
Motor vessels-...........—.—.—
Other types
Sept. 30, 1936
1,286,507
964,714
1,248,459
862,998
average increase was
2,251,221
2,111,457
in
.....
..........................
increase
The
................
Construction of oil engines for marine use also showed an increase, the
total indicated horsepower
of those being produced throughout the world
advancing from 1,293,981 ihp. in the September quarter to 1,393,944 in
December quarter.
A small decrease
.
was
.
quarter total of 530,248 dropping to 519,265 in the December quarter.
.
was
a
occurring
rise of 1.8%, and Chicago, 1.1%.
Percentage changes in the cost of goods purchased by
lower-salaried clerical workers from Sept.
the case in the two previous quarters,
no
change
whatever occurred in the December quarter in the relative ranking of the
principal shipbuilding countries.
.
.
100, by
wage earners
and
15 to Dec. 15, 1936, are shown
by groups of items.
various countries during the last two quarters is shown
items, for each of these cities a|Kl for the cities combined.
presented in Table 2.
as
The index
100, for the 32 cities combined,
on the
1913 base
was
143.6
Dec. 15, the same as on Sept. 15.
Indexes
H
bases for individual cities and for the 32 cities
other
on
on
com¬
bined may be secured directly from the Bureau of Labor Statistics.
TABLE 1—PERCENTAGE CHANGES FROM SEPT.
15, 1936, TO DEC. 15,
1936, IN THE COST OF GOODS PURCHASED BY WAGE EARNERS AND
The production ranking of the
.
groups of
Group indexes with costs in 1913 taken
.
.
cating engines for all countries, the world total rising from 332,171 ihp. to
As
Los Angeles reported
in Table 1 for 32 large cities of the United States,
are also
A gain was reported in the total indicated horsepower of steam recipro¬
...
All changes were slight, with increases of more than 1%
only two cities.
The
0.3%, reflecting increases in 20 cities, and decreases
Table 2 presents indexes based on average costs in the years 1923-25 as
.
reported, Lloyds states, in the total shaft horsepower
of steam turbines being constructed throughout the world, the September
388,363.
of miscellaneous items showed little change in cost.
group
in 12.
World total
chiefly the result of the sales tax mentioned above.
was
LOWER-SALARIED WORKERS IN 32 LARGE CITIES OF THE UNITED
by Lloyd's Register
STATES BY GROUPS OF ITEMS
-
In the following table of gross tonnage:
House¬
Dec. 31, *36 Sept. 30, '36
All
Dec, 31, '36 Sept. 30, '36
Area and CUy
Great Britain &
Sweden
963,642
Germany.....
Japan........
Holland
928,571
United
408,465
203,146
150,850
Ireland
424,264
175,801
140,475
123,796
110,356
75,950
66,876
33,830
France
States.
Denmark
Italy
111,860
90,960
82,015
60,234
3,360
Of the larger type of ships, those of 20,000 gross tons each and upwards,
now
are
being built throughout the world: Five in Great Britain and
Average:
32 large cities
of the United States—.
Boston
Living Costs in United States During
Quarter Ended Dec. 15, According to Secretary
of Labor Perkins
ing
Goods
laneous
a—1.7
+ 1.3
+1.3
+0.5
+ 1.3
—0.2
—1.0
+0.3
—0.1
d
+2.6
b
—0.2
+0.6
+0,2
d
+0.6
,c
+ 1.9
+ 2.2
+0.7
+0.9
+0.5
+0.3
+0.4
+2.6
+ 1.2
+0.7
+0.7
b
+ 1.2
b
+ 1.4
—0.1
+ 1.0
+0.4
+0.6
Philadelphia
Pittsburgh
The cost of goods purchased by wage earners and lowerin 32 large cities of the United States
combined remained
unchanged from Sept. 15 to Dec. 15,
1936,
Secretary of Labor Frances Perkins announced
Jan. 29. "Lower food costs at the end of the quarterly period
counter balanced increases in the cost of all other groups of
items included in the index," Secretary Perkins said.
She
—0.2
—0.1
—2.0
+0.5
+ 0.5
—1.0
..........
Scranton
+0.3
+0.2
+0.6
+0.6
+0.9
+ 1.7
—0.1
+ 1.5
+0.3
c
+0.2
—1.8
+0.9
+ 1.4
+ 1.1
+ 1.1
—1.4
—5.3
+ 2.1
+0.6
—0.2
—0.6
—4.1
+ 1.2
+ 1.8
+0.7
+ 1.7
+2.0
+ 1.3
—0.2
—3.6
+0.4
+ 6.2
—4,0
+0.2
+0.1
—0.3
—3.0
+ 2.9
+2.5
—0.8
+0.7
c
—1.1
—5.0
+ 1.7
+ 2.7
—0.2
+ 1.2
+0.2
Minneapolis
+0.2
—1.2
+ 1.3
+ 1.9
+ 1.6
+0.6
—0.1
St. Louis....—........
—1.0
—4.0
+ 1.3
+0.9
+ 1.0
—0.1
c
Atlanta
—0.3
—2.4
+ 1.4
+0.6
+ 3.4
—0.1
c
Baltimore.....
.... _
.
...
East North Central—
Chicago
salaried workers
Cincinnati
Cleveland.
.....
...... .
Detroit
Indianapolis..
_
.
.......
+ 1.7
+0.1
West North Central—
Kansas City.......—
South Atlantic—
The food index,
which covers the most important group of purchases
in the budget of moderate-Income families, was 1.7% lower on Dec. 15 than
Sept. 15.
An increase of 1.3% occurred in the cost of each of three
of items—clothing,
rent and housefurnishing goods—and smaller
advances took place in the cost of fuel and light and miscellaneous items.
The December index for the 32 large cities included in the survey of the
Labor Statistics
was
costs in 1923-25 are used as 100.
increase of 1.3%
over
82.4, the
same
on
Sept.
15.
Average
Comparison with Jan. 15, 1936, shows
the 11-month period.
above the low point of June,
as
1933.
an
The current index is 10.6%
As compared with December, 1929,
living costs are down by 17.3%.
The index
of total living
showed declines.
other cities for which
Los Angeles showed
18 cities.
Fourteen cities
an
increase of 1.0%.
In all
the Bureau of Labor Statistics prepares Indexes of
living costs, increases and decreases
were
—0.8
+ 0.5
+ 1.0
d
+ 1.6
—0.4
+0.4
—1.2
+ 2.0
+ 2.5
+ 2.5
+0.3
Norfolk
+ 0.6
—0.2
+ 1.3
+0.8
+ 2.5
+ 1.6
+0.1
—0.1
Richmond
+ 0.6
+ 0.6
+ 1.4
+0.1
+ 1.5
Savannah
+ 0.1
—2.3
+ 2.1
+ 2.4
+0.1
+0.6
Washington
+0.2
—1.3
+ 1.9
+ 0.7
+0.1
+ 1.1
+0.8
+ 6.2
fractional.
b
+0 6
,
b
East South Central—
Birmingham
—0.1
—3.2
+0.5
+ 1.2
+0.8
+0.2
Memphis
+0.4
—0.2
—2.7
+ 1.8
+ 4.1
+ 3.0
+0.3
+ 1.9
+ 1.9
+ 1.4
+ 1.5
+0.4
—2.0
+0.5
—0.3
■n+1.6
+ 1.3
+4.7
—0.1
+0.5
—2.0
+ 3.8
+0.6
+ 2.6
+0.4
+4.8
—0.3
—1.4
+ 0.4
+ 1.4
—0.7
+0.5
—0.3
+ 1.8
Mobile
b
West South Central—
Houston
New Orleans.——...
Mountain—
Denver
Pacific—
costs advanced in
Cincinnati reported a drop of 1.4%, Kansas City of 1.1 %,
and St. Louis of 1.0%.
—0.1
Jacksonville......
added:
average
furnish¬ Miscel¬
and
+0.1
...........
Portland, Me
Buffalo
No Change in
Bureau
Rent
England—
New York.............
groups
b
ing
Middle Atlantic—
Ireland, three in Germany, and one each in France and Holland.
on
Fuel
Cloth-
Food
Light
New
ten
Items
+ 1.0
>
Los Angeles
—1.3
+0.8
+ 4.0
+0.7
c
+ 1.9
+ 1.2
+ 0.1
+ 2.9
+ 1.8
Portland, Ore
San Francisco.
+0.1
—0.9
+ 1.1
+0.4
+ 2.2
+ 1.1
+0.1
Seattle
+0.3
+0.4
+ 1.3
+ 1.2
+ 0.1
+2.2
—0.8
a
Covers 51
d No change.
...
cities,
+ 1.0
b Increase less than 0.05%.
...
'
c
+ 1.3
+0.1
Decrease less than 0.05%.
Volume
Financial
144
TABLE 2—INDEXES OF THE COST OF GOODS PURCHASED
BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 32 LARGE CITIES
OF THE UNITED STATES BY GROUPS OF ITEMS,
HouseAll
Items
Fuel
Cloth¬
Food
furnish¬ Miscel¬
laneous
and
ing
Light
Goods
87.8
79.2
Rent
ing
32 large cities
Average:
82.4
of the United States.-.
a82.9
79.6
65.4
126,078 barrels above the estimated level of 1,203,400 barrels
by the Bureau of Mines.
set
DEC. 15, 1936
(Average 1923-25=100)
Area and City
853
Chronicle
96.8
While all fields in the Lone Star State participated in the
upward revision in allowables, the Southwest area received
the largest increase at 18,000 barrels daily.
Production in
the East Texas field was lifted to 451,000 barrels daily,
against 447,681 barrels in January.
The allowable for the
Gulf Coast region was increased by approximately 15,000
barrels daily, and that of the West Texas district by 17,000
barrels.
New England—
Boston
83.3
78.4
84.4
75.5
85.9
78.6
97.9
Portland, Me
85.8
81.7
80.9
76.2
86.3
85.7
102.9
83.8
81.6
78.7
67.9
99.8
83.4
99.5
New York
84.3
83.3
80.0
75.3
88.6
76.0
96.9
Philadelphia
82.5
85.9
74.6
66.4
83.8
77.1
95.5
Pittsburgh
80.8
81.1
77.8
62.1
100.2
77.9
96.3
83.7
81.1
81.5
72.8
81.1
85.0
97.7
78.5
84.6
73.4
52.3
92.2
72.0
Middle Atlantic—
Buffalo
—
Scranton
—
East North Central—
j
Chicago
Cincinnati
99.7
86.2
85.1
78.8
75.0
97.0
87.5
97.3
Cleveland
83.8
81 8
82 1
63 6
100 6
76 1
102.1
Detroit
78.8
81.8
79^5
62! 1
78!8
78.6
91.7
Indianapolis
81.5
84.0
77.1
61.5
84.1
83.0
92.6
Kansas City
82.0
85.4
78.1
60.1
81.5
75.4
97.2
Minneapolis
84.7
91.2
78.1
66.3
92.4
82.5
95.0
St. Louis
82.9
87.7
79.0
56.1
87.2
83.9
100.2
80.0
82.4
—
West North Central—
South Atlantic—
Atlanta.
The Railroad Commission, according to rumors from Aus¬
tin, had delayed setting the February allowables because of
major companies in meeting, in part,
at least, the 17-cent a barrel increase in crude oil prices initi¬
ated on Jan. 4 by the Continental Oil Co.
It was rumored
that unless the major companies met the advance, the
February quota would have been sharply curtailed in order
to force prices of crude higher by the artificial shortage thus
established.
The Commission set Feb. 20 as a hearing date
_
the tardiness of the
to
consider the March allowable.
Oklahoma Corporation Commission on Jan. 30 issued
establishing daily average production for
February at 581,900 barrels.
The new allowable, while
8,800 barrels above the quota for the previous month, was
The
the expected order
61.6
75.3
86.8
93.8
Baltimore
86.4
86.7
79.6
72.4
85.7
78.4
104.3
Jacksonville..
80.4
80.6
80.7
57.9
90.8
79.4
90.3
Norfolk
85.7
83.6
86.2
62.7
82.7
83.4
103.8
Richmond
86.0
82.0
86.1
70.8
81.7
89.6
99.6
Savannah
81.1
82.9
83.4
60.3
82.0
83.7
91.3
held its
Washington
87.6
85.3
79.9
87.4
84.4
83.0
97.9
both Texas and Kansas ordered allowables far in
76.4
75.3
83.1
51.0
81.2
76.4
91.0
those recommended
Memphis
81.5
81.5
84.9
57.7
88.0
86.9
94.8
Mobile
82.1
77.7
87.0
64.0
70.8
84.6
96.0
Houston
81.9
81.9
74.7
69.4
75.9
84.6
94.6
New Orleans
83.0
84.4
78.8
70.9
77.0
86.7
91.4
83.1
89.5
76.9
60.9
75.3
84.1
96.8
77.1
76.3
82.6
49.6
82.1
78.2
92.4
81.3
East South Central—
Birmingham
West South Central—
Mountain—
Denver
Pacific—
Los Angeles
82.5
82.0
79.7
57.9
88.4
80.6
98.8
San Francisco-
84.9
83.2
87.6
70.4
80.3
81.4
97.6
Seattle
84.8
82.6
85.2
65.2
92.6
87.6
96.8
106.5
162.7
165.9
193.0
Portland, Ore
—
(1913=100)
Average:
32 large cities
of the United States
•
143.6
al31.4
142.9
Covers 51 cities.
Record Amount of Coffee Consumed by
World During
January—However,
Consumption
During
First
Seven Months of Crop Year Below Year Ago
World consumption of coffee during January, as measured
by disappearance from visible stocks, broke all records with
distribution of 2,530,891 bags, the New York Coffee & Sugar
Exchange announced Feb. 2.
However, for the seven
months of the present crop year, July 1, 1936 to Jan. 30,
1937, deliveries were 14,594,720 bags against 15,181,249
during the similar 1935-36 period, a decrease of 586,529 bags
bags or 3.9%, the Exchange said, adding:
Broken up into areas, it was revealed that in Europe deliveries this season
at
6,683,000 bags
were off
but 70,000 bags or 1% while in the United States
deliveries of 7,149,720 bags showed a decline of 520,529
bags
or
6.8%.
Outside of the United States and Europe, a gain of H of 1% was registered
for the
seven
months.
Of interest in trade circles
was
the fact that whereas
distribution of Brazil coffees totaled 8,732,717 bags against 9,905,454 during
the previous similar period, a
drop of 1,172,737 bags or 11.8%, all other
growths at 5,862,003 bags against 5,275,795 bags showed an increase of
586,208 bags
or
11.1%.
■
'
in line with the estimate of market demand for Oklahoma
crude set
by the United States Bureau of Mines. Oklahoma
January quota in line with the Bureau although
excess
of
by the Federal agency.
The sharpest increase in the new February allowable was
given to the Fitts-Hunton pool, which received a boost of
4,000 barrels. Other flush pools to receive higher allowables
were the Oklahoma City Wilcox zone with a boost of 1,800
barrels; the Moore pool with 2,000 barrels; and North
Bethel, Billings-Wilcox and Crescent, 500 barrels each.
The new orders provided for a decline of 500 barrels daily
in the stripper output.
The Connally "Hot-oil" bill should be made permanent
as it has proven successful and has withstood all legal on¬
slaughts in the Federal courts, Secretary of the Interior
Ickes stated in a letter to the Senate Finance Committee,
made public in Washington Feb. 4.
The law can be made
permanent, Mr. Ickes pinted out, by the simple expedient
of repealing Section 13 which sets June 16, 1937, as the
date of its expiration.
Hearings on the measure will begin Feb. 12 before Senator
Connally, chairman of Senate finance sub-committee, with
Secretary Ickes as the first witness.
Senator Connally
stated in Washington this week that full hearings will be
held in
an
effort to determine where the "unknown" oppo¬
sition becoming more evident is originating.
In Texas, the
House Committee on oil and Gas on Feb. 4 favorably re¬
ported the Davison bill which would extend the oil proration
laws, now due to expire Sept. 1, next, to Sept. 1, 1941.
Despite the record production of crude oil in recent weeks,
demand is running far ahead of output if the supply figures
published by the United States Bureau of Mines can be
accepted as an accurate barometer. Stocks dropped 833,000
barrels during the week ended Jan. 23, the dip bringing
total losses for the first three weeks of the month to
more
than
2,500,000 barrels.
Total holdings of domestic and
foreign crude in the United States on Jan. 23 were 285,211,000
barrels, a new 15-year low.
Further
Coffee
Deliveries
for
Consumption in United
Reached Record in January
States
Deliveries of coffee to consuming channels in the United
States during January totaled 1,392,891 bags breaking the
Srevious recordby 273,931 bags or approximately December
isappearance for any single month and exceeding 25%, the
New York Coffee & Sugar Exchange erported on Feb.
It added:
In Jan. 1936, deliveries were 1,312,102 while
of 1,390,707 bags
coffee for the
was
seven
1.
Feb. 1936, with distribution
the previous record total.
However, deliveries of
months of the crop year, July 1, 1936 to Jan. 31, 1937
changes in crude oil prices during the week were
readjustments in several areas. The Humble
Oil & Refining Co., Standard of New Jersey affiliate which
led in the upturn, advanced the price of West Central Texas
crude oil 2 cents a barrel on Feb. 3, retroactive to Jan. 28.
The crudes in this district include Brown, Callahan, Cole¬
man, Commanche, Eastland, Fisher, Haskell, Jones, Shackleford, Stephens, Throckmorton and Young counties. The
new schedule posted 28-28.9
gravity at 96 cents, with a
confined
to
2-cent
spread for each degree of gravity up to and including
which carried a top price of $1.20 a barrel.
After establishing new record highs for several consecutive
40 gravity,
aggregated but 7,149,720 bags against 7,670,249 during the similar 1935-36
weeks, daily average crude oil production slumped in the
period,
final week of January as the customary
season
a
loss of 520,529 bags or 6.8%.
Moreover, Brazilian grades this
totaled but 4,547,717 bags against
5,307,454 in 1935-36,
a
drop of
759,737 bags
or 14.3% while all other growths were 2,602,003 bags against
2,362,208 bags during the similar previous period, a gain of 239.208 bags
or 10.1%.
■
Petroleum and Its Products—Texas Again Sets Allow¬
able Above Bureau's Recommendations—February
Quota 80,571 Barrels Higher—Oklahoma Allowable
Set at 581,900 Barrels—Further Crude Adjustments
—Daily Average Oil Output Dips in Week
The Texas Railroad Commission
ignored the recommenda¬
tions of the United States Bureau of Mines in establishing
the
February allowable for the State in orders effective
1.
In announcing the higher quota, C. V. Terrell,
Chairman of the Commission, pointed out that
104,000
barrels of crude are being withdrawn from storage daily and
the new allowable is necessary to meet the market demand
Feb.
which is
now
running above output
.
The quota, with adjustments that may be necessary during
the month by the completion of additional wells, calls for a
daily
allowable of 1,329,478 barrels as of Feb. 1.
This is 80,571 barrels daily in excess of the Texas allowable
for January set by the Commission.
The new allowable is
average
month-end cutbacks
in
Oklahoma, Kansas and California pared the national
output. Daily average outturn of crude was off 11,100 bar¬
rels to 3,194,050 barrels, according to the American Pe¬
troleum Institute. This compared with the January estimate
of 2,998,400 barrels set by the Bureau of Mines and actual
production in the like 1936 week of 2,815,550 barrels.
A decline of 16,500 barrels in daily average production
in Oklahoma
Bureau
of
pared the total to 587,750 barrels, against the
Mines'
figure of 573,100 barrels.
Kansas cut
production by 5,300 barrels, but the 173,600-barrels total
was far
in excess of the Federal recommended figure of
165,600 barrels.
An increase of 6,200 barrels in Texas lifted
production to 1,268,100 barrels, against the United States
estimate of 1,176,000 barrels.
Louisiana kept pace with
Texas, its 6,600-barrel spurt lifting output to 251,500 barrels,
against a recommended quota of 216,300.
Although Cali¬
fornia showed a nominal dop of 2,400 barrels, the 583,400barrel output compared with the Bureau's 559,900-barrel
estimate.
Crude oil
price changes follow:
Feb. 3—Humble
2 cents
Oil &
Refining advanced West Central Texas crude
barrel, retroactive to Jan. 28, setting
gravity and above.
a
a new
top of $1.20 for 40
854
Financial
Prices of
Typical Crudes
per
Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
$2.57
are not
Renewed
shown)
..$1.27
1.27
1.25
Western Kentucky
.
—
.
Mld-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
REFINED
Central Field, Mich
1.40
Illinois---
Darst Creek.
1.35
Co.)--
Corning, Pa
Eldorado, Ark., 40
Rusk, Texas, 40 and over
1.42
Lima (Ohio Oil
Sunburst, Mont
1.20
Huntington, Calif., 30 and over... 1.22
Kettleman Hills, 39 and over
1..43
Petrolia, Canada..
2.10
1.30
1.25
90
PRODUCTS—HIGHER
CRUDE
ADVANCES—FIRST
EARLY
1936
POSTED—ALL
GASOLINE
GENERAL
AREAS
1.0,9
1.42
FOLLOW
PRICES
INCREASE
AFFECTED
SINCE
BY
CON¬
CERTED ADVANCES—MOTOR FUEL STOCKS GAIN
The first general increase in gasoline prices since early in
came on Feb. 1 when all major
companies advanced
motor fuel prices in reflection of the higher crude oil postings
1936
which
were
First reverberation from the West Coast
General Motors executives and strike leaders met in Detroit
Feb. 3
on
in the domestic market.
ness
Sales for the week amounted to 8,060 tons, the
53,815 tons, against 117,715 tons in December.
In the sales booked during
January slightly more than 39,000 tons called for
April delivery, and 10,850
for May
forward.
France were tied
All major units met the advance.
Standard of Louisiana posted a
corresponding mark-up in its territory.
according
year,
0.3 cents
gallon
a
on
prices
the lower peninsula in Michigan,
UUr/
.
In ore, &c
in Texas of y2 cent
a
4—Standard
prices of gasoline H cent
220,390
188,733
268,824
223,774
Imports
by states, in
Additional preliminary estimates on mine output of copper
short tons, show the following:
;.$v ■■
1936
Nevada.
California advanced premium
of
y
1 cent a
gasoline
Lead,
about 2,800
and
However, there
tons.
was no
uneasiness over the price
There is
all directions remained firm.
undertone in
the
possibility that stocks of refined lead will show an increase for January,
a
Pro¬
shipments to consumers are not expected to exceed 42,000 tons.
as
ducers
about
are
convinced that actual consumption of lead
the December rate,
with
has not di¬
smaller shipments, compared
minished appreciably in the last month, and
said to indicate that consumers
are
have been
taking metal out of their own holdings.
Quotations held at 6c., New York, which was also the contract settling
basis
of
Business
American
was
Refining Co.,
&
Smelting
5.85c.,
and at
booked by St. Joseph Lead on its own
St.
Louis.
brands at a premium.
Zinc
movement
The
zinc
of
consumption
into
continues
stocks decreasing, all sellers entertain strong views.
than in recent weeks and there
ordinary grades to
of the
tons,
some
on
an
unually
consumers
talk of
Western,
late
though
with
Shipments
High
in
Grade is diverting
The quotation held at 6c., St. Louis,
yesterday
asking price to 6.10c.
large, and,
Demand was better
higher market.
a
in the last week amounted to 8,600
The shortage
total
large
was
business to the ordinary grades.
Prime
one
producer
advanced his
<
Tin
The excitement in other metals in London carried prices for
in spite of the increase in stocks.
tin upward
Business was good during the last week,
February-March delivery was purchased by both consumers
and professionals.
The
January statistics of the tin industry confirmed
rent rate of
totaled
the view inter-
surplus stocks would increase at the cur¬
The world's visible supply, including the Eastern
production.
with 23,787 tons
compares
11,524
26,179 long tons at the end of January, which
a
month previous and 17,233 tons a year ago.
tons,
9,858 tons in January last year.
to
against
10,617
tons
in
December,
and
^gasoline prices y2 cent a gallon,
United States deliveries for January came
7,615 tons, against 6,930 tons in December, and 6,635 tons in January,
Stocks of tin in the United States amount to 5,478 tons, against
2,985 tons
Chinese,
Jan.
a year ago.
99%,
was
quoted nominally as follows:
29, 49.100c.; Jan.
Jan.
28, 49.400c.;
30, 49.100c.; Feb. 1, 49.150c.; Feb. 2, 49.750c.;
Feb. 3, 50.250c.
effective Feb. 5.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Shell
New York—
New York—
Orleans-
.05
-.05%
.06)4- 07
Texas--
.07%
Gulf
ports—
Gulf
.07%
Tulsa.
Richfield Oil (Cal.)
.07
_
_
Chicago
$ .07
05
-.05%
I North Texas.
$.05%
-
'Los
Angeles..
Fuel Oil, F.O.B.
N. Y. (Bayonne)—
Bunker C
.
New
_$.04
Refinery
$1.20
or
Orleans-S.05%-.05%
.03 %-.04
Tulsa.
.03%-.05
Terminal
New Orleans C
I California 24 plus D
—
$
Phila., Bunker C
$1.00-1.25
.95
1.20
1.851
Diesel 28-30 D
Gas Oil, F.O.B. Refinery or
N. Y. (Bayonne)—
—
$.04%
I Chicago,
I 28-30 D
Terminal
(
I Tulsa U S I__$.02%-.03
'
$.053
|
Gasoline, Service Station, Tax Included
$.185
Brooklyn.
.
.185
I Newark
.165
I Buffalo
|
.17
| Chicago
Boston
2% city sales tax.
Crude
Average
Off
Oil Output
11,100
Barrels
in Week Ended Jan. 30
The
.175
.177
American
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
Jan. 30, 1937, was 3,194,050 barrels.
This was a falling
off of 11,100 barrels from the output of the previous week.
The current week's figure remained above the 2,998,400
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil-producing States during January.
Daily average
production for the four weeks ended Jan. 30, 1937, is esti¬
mated at 3,175,400 barrels.
The daily average output for
the week ended Feb. 1, 1936, totaled 2,815,550 barrels.
Further details, as reported by the Institute, follow:
daily
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
Daily
.05 %
Colonial Beacon.
Tide Water Oil Co
.07%
.07%
_
$.07%
New
Warner-Quinlan.
Socony-Vacuum.
Refinery
Eastern
.07
Stand. Oil N. J—$.07%
Not including
5,160
67,825
Buying of lead again was on a modest scale, sales for the week amounting
1936.
cent a gallon, effective Feb. 5.
Feb. 5—Standard of Ohio advanced retail
.
977
37,133
California
Deliveries
Feb. 4—Socony-Vacuum advanced New York and New England whole¬
sale gasoline prices
New York.
"3",384
~7~, 677
261,147
-
gallon at the "pump."
z
v
4.786
257,154
Totals
and Arnhem carry-overs, was
gallon for all grades.
gallon in Delaware and Pennsylvania.
z
45,812
138,135
198,471
18,094
—
:
1936
1935
1936
...
Unrefined, &c
Refined
Exports
Imports
tained in consuming circles that
Feb. 4—Atlantic Refining advanced wholesale
z
'
■'
1935
and
Feb. 3—Humble Oil & Refining led in a State-wide increase in "pump"
27 plus..
Domestic
Foreign trade in copper for the two years, in short tons, was:
Commerce.
AAA."
the records of the Bureau of Foreign and
to
chiefly
bond, were smaller in 1936 than in the preceding
of metal treated here in
and Straits for
2—Standard of Indiana advanced tank-wagon and dealers'
Detroit prices 0.6 cents a gallon.
r
The
■
Imports and exports of copper by the United States, consisting
1—Standard of New Jersey advanced tank-car prices of gasoline
(Bayonne)
Orders from
advanced to 12.600c. on
yesterday's business.
% cent a gallon throughout its marketing area with the exception of Dela¬
Feb.
market, chiefly London.
in with currency rumors and armament activity.
foreign price, converted to an f.o.b. refinery basis,
to
gas prices
credited with a substantial
Consumers, investors, and speculators were
volume of business in the European
situation,
use substantial quantities of American crude
products. Wholesale prices of gasoline were
marked up 1 cent a gallon in Quebec and Ontario provinces.
Gas oil, fuel oil and Diesel oil were advanced H cent a gal¬
lon, American currency, in London on Jan. 30.
The gasoline advances failed to affect the metropolitan
New York City area until Feb. 5, when H cent a gallon
advances by Socony-Vacuum Oil Co., Inc., posted Thurs¬
day, became effective.
Other major companies followed
Socony in the advance, which affected all of the company's
New York and New England marketing territory.
Motor fuel stocks rose 1,360,000 barrels during the final
week of January, totaling 69,540,000 barrels, the American
Petroleum Institute reported.
Refinery operations dipped
1.4 to 76.8% of capacity, with daily average runs of crude to
stills off 60,000 barrels to 2,995,000 barrels.
Stocks of gas
and fuel oils were off 1,363,000 barrels to 102,078,000 barrels.
Representative price changes follow:
a
1
■
.
a
refined
Feb.
bulk of which was sold in
Domestic sales for January totaled
the 13c. basis.
the last few days, all on
and
of gasoline
A-A-U'' 'A-'A?f;
■
brought out another spell of nervous¬
Business here was livelier toward the close.
The rise in copper prices in London
both of which
ware.
favorably received.
Feb. 4 in the
came
gallon markup in prices of premium gasoline
by Standard of California. The increase included all of the
company's Pacific Coast territory except Idaho and Utah.
Price advances were not confined solely to the United
States but spread quickly to both Canada and England,
Feb.
was
1935
lc.
a
at
business in
resulted in
another week of rising prices on the London Metal Exchange.
This development again caused no end of excitement in the
domestic trade, and strengthened prices for copper, lead, and
zinc.
Tin advanced in sympathy with London, where the
market moved upward in the face of larger stocks.
Platinum
experienced another advance of $10 per ounce, partly to
discourage buying for account of outsiders.
The news that
Copper
marketing area, with the exception of Delaware.
SoconyVacuum, Shell Union Oil, Texas Corp. and Tide Water
Associated Oil promptly followed the markups.
Standard
of Louisiana, a Standard of Jersey affiliate, posted a cor¬
responding increase in its territory.
First to post increases in the mid-continent area following
the crude markup was the Mid-Continent Petroleum Corp.
which on Jan. 28 posted an advance of 14c- a gallon in
gasoline and kerosene prices.
Standard Oil Co. of Indiana
on Feb. 2 announced an increase in tank
wagon prices and
prices to dealers of all grades of gasoline of 0.3c. a gallon
in the lower peninsula of Michigan, effective immediately.
The company raised Detroit prices 0.6c. a gallon.
Other
companies followed.
Standard of Ohio Friday advanced
retail prices of motor fuel Ac. a gallon, effective Feb. 6
Later in the week, the Atlantic Refining Co. announced
that it would meet the increase in tank car prices of gasoline
throughout its marketing territory in Pennsylvania and
Delaware.
The increase, announced on Feb. 4, was ef¬
fective immediately.
On the previous day Humble Oil and
other major marketing units in Texas advanced service
station prices of gasoline Y^c. a gallon to 16He., 18 He. and
20 He., respectively, for the three grades at the "pump."
London
in
Buying
ferrous metals, coupled with a good volume of
that market from the Continent, chiefly France,
announced in the closing days of January.
First advance was posted by Standard of New Jersey which
lifted tank-car prices of gasoline h£c. a gallon throughout its
of
Metal
Non-Ferrous
6, 1937
Sharply Higher Prices Excites Domestic Trade
"Metal & Mineral Markets" in its issue of Feb. 4 stated
that the unbridled bullishness of London operators in non-
•,
news
Feb.
Chronicle
average gross
Imports of petroleum for domestic use and receipts in bond at
United States ports for the week ended Jan.
principal
30 totaled 687,000 barrels.
■
Volume
a
Financial
144
ESTIMATED
daily average of 98,143 barrels, compared with a daily average of 74,571
PRODUCTION
WEEKLY
weeks ended Jan. 30.
[The current weekly estimates
Receipts of California oil at Atlantic and Gulf Coast ports for the week
117,000 barrels,
30 totaled
daily average of 16,714 barrels,
a
and are subject
ments
district and State
are
based on railroad carloadings
Week Ended
barrels for the four weeks ended Jan. 30.
daily
estimated
potential
refining
whole
indicate that the industry as a
and river ship¬
from
to revision on receipt of the montly tonnage reports
of final annual returns from operators.]
Jan.
State
Reports received from refining companies owning 88.4% of the 4,066,000barrel
STATES
BY
sources or
compared with a daily average of 29,449 barrels for the week ended Jan. 23
and 11,536
COAL,
OF
(IN THOUSANDS OF NET TONS)
105,143 barrels daily for the four
barrels for the week ended Jan. 23 and
ended Jan.
855
Chronicle
United
capacity of the
States
16
Jan.
'
'
\
*
Jan.
18 Jan.
19
19 Jan.
Aver.
1929
1935
1936 p
1937 p
1937 p
1'
Jan. 9
1923
8
8
-
stills, on a Bureau of Mines
ran to
and that all
and in
of the end of the week, 69,540,000 barrels of finished and
basis, 2,995,000 barrels of crude oil daily during the week,
2
Alaska
2
2
2
Alabama
252
250
239
180
Arkansas and Oklahoma
127
108
89
72
182
pipe lines as
Colorado
244
226
146
127
255
1
1
1
1
Illinois.
1,259
1,335
Indiana
366
434
376
companies had in storage at refineries, bulk terminals, in transit
Georgia and North Carolina
unfinished gasoline and 102,078,000 barrels of gas and fuel oil.
industry as a
of 670,000 barrels
1.140
1,082
1,665
2,111
443
424
380
422
659
81
79
89
94
106
Kansas and Missouri
199
203
183
162
203
190
Kentucky—Eastern
the potential
Cracked gasoline production by companies owning 94.1% of
794
853
738
620
941
607
240
charging capacity of all cracking units indicates that the
Iowa
whole, on a Bureau of Mines basis, produced an average
daily during the week.
93
226
8
8
;
140
186
211
207
210
410
Maryland
39
40
42
40
62
55
Michigan
13
15
10
13
17
32
Montana..
DAILY
83
92
78
68
75
82
Western
AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
v<:
•.
New Mexico
B. of M.
Actual Production
Dept. of
Week Ended
Average
48
33
45
73
63
26
culations
Jan.
604,250
178,900
587,700
169,450
497,250
137,200
73,500
65,550
32,700
170,700
104,500
448,800
186,300
179,850
67,750
65,350
32,750
59,650
56,550
25,350
147,900
44,250
443,300
—
North Texas
32,700
171,200
105,950
West Central Texas
—
East Central Texas
East Texas
449,350
187,550
180,950
—
Southwest Texas
Coastal Texas
Ended
Feb. 1,
1936
30,
1937
74,800
65,600
165,600
Kansas...
West Texas
Jan.
23,
1937
—
83
67
862
850
505
455
475
814
2,469
2,435
1,989
1,938
2,932
3,402
115
119
116
92
129
15
14
14
18
24
26
142
118
84
77
156
109
Virginia
295
294
225
176
263
211
Ohio
587,750
173,600
573,100
Oklahoma.
Panhandle Texas
Jan.
30,
1937
(Jan.)
76
600
North and South Dakota
Week
Weeks
Ended
Int. Cal¬
65
543
Utah...
4
170,700
101,900
448,500
185,850
117,250
157,200
179,600
Pennsylvania bituminous
Tennessee
Texas.
133
46
47
35
43
65
74
1,935
1,965
1,580
1,400
2,102
1,134
646
698
506
493
749
762
151
114
98
160
186
1
1
86
87
8,673
7,935
11,900
11,850
Washington
West Virginia—Southern, a
Northern.b
_
166
Wyoming
*
*
Other western States
Total bituminous coal
10,420
10,131
C. & O.: Virginian; K. & M.; B. C. & G.'
and Clay counties,
b Rest of State, in¬
s Alaska,
Georgia, North Carolina, and South Dakota included with "other western States."
a
Includes operations on the N. & W.;
and on the B. & O. in Kanawha, Mason,
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
1,268,100
1,261,900
1,252,400
1,041,450
86,350
165,150
76,800
168,100
77,550
166,900
57,350
131,300
216,300
251,500
244,900
244,450
188,650
27,300
112,200
27,350
112,450
29,200
40,100
14,400
4,500
79,800
23,050
116,000
29,000
48,800
16,450
3,550
92,850
26,300
115,300
29,300
47,800
92,700
30,200
96,300
40,200
•33,750
13,750
3,900
58,000
2,438,500
2,610,650
2,619,350
2,585,500
2,140,650
559,900
583,500
585,800
589,900
674,900
2,998,400
3,194,050
3,205,150
3,175,400
2,815,550
1,176,000
Total Texas.
*
North Louisiana
Coastal Louisiana
Total Louisiana.
Arkansas
Eastern
Michigan—
Wyoming—
Montana
Colorado
New Mexico.
Total east of California.
California
Total United States
29,100
47,550
16,550
3,500
92,900
16,550
3,550
Note—The figures indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
Less than 1,000 tons.
Steel Production Regains
Most of Losses Due to Floods
The "Iron
Age" in its issue of Feb. 4 reported that with
the resumption of steel making by units in the Pittsburgh,
Wheeling and Youngstown districts that were affected by
flood conditions, the ingot production rate for the country
has risen to 79% from an estimated 75% a week ago. Mills
at Ashland and Newport, Ky., and Potsmouth, Ohio, are
still idle, but the Middletown, Ohio, plant, where operations
had been reduced to 50% because of diversion of power has
stepped up to 75%, with capacity production again in sight.
The "Age" further reported:
,
The
82% rate, the peak that
Pittsburgh district has reached an
was
attained the week before the flood, and the Wheeling district has quickly
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
FUEL OIL, WEEK ENDED JAN. 30,
GASOLINE AND GAS AND
(Figures in thousands of barrels of
Daily Refining
to Stills
76%
Stocks
of
Finished
Aver¬
Total
Oper¬
At Re¬
age
ated
fineries
C.
P.
Gas
in
P.
tial
Rate
Unfin'd
and
C.
Daily
Reporting
Poten¬
Terms., Nap'tha
Fuel
Distil.
&c.
95%
a
operation,
one
Oil
point higher than in the week
The Youngstown district has advanced to 78% from
The southern Ohio output is estimated at 19%
last week.
slight rise over a week ago.
Unfinished Gasoline
District
back to
snapped
preceding the flood.
Stocks of Finished and
Crude Runs
Capacity
1937
42 gallons each)
,
only a
:
extent of the damage to industrial plants,
As flood waters recede the
dwellings, bridges and highways will become apparent.
Preliminary surveys
indicate that there will be an urgent need for considerable steel for quick
repairs and a much heavier demand later on for reconstruction work and
flood control projects on a large
scale.
Foundries in the Cincinnati
area
have been hard hit and it may be weeks before all of them resume pro¬
517
77.3
8,437
1,121
2,943
1,423
86.1
4,683
1,191
7,212
290
669 100.0
76.3
4,633
2,450
East Coast..
669
Appalachian.
Ind., 111., Ky
Okla., Kan.,
146
129
88.4
103
79.8
507
454
89.5
391
449
380
84.6
8,479
duction, thereby causing delays in shipments of machine tools, for which
234
616
900
5,102
564
2,939
will
1,430
6,901
1,836
the mills.
orders have piled up heavily in recent
in the Ohio Valley have
Mo
Inland Texas
337
183
54.3
99
54.1
258
793
757
95.5
682
90.1
1,616
7,660
82
Texas Gull..
292
1,902
88.6
937
355
158
96.3
140
No. La .-Ark.
91
58
63.7
30
51.7
242
55
63
Rocky Mtn.
California.
89
62
69.7
42
67.7
100
709
821
746
90.9
468
62.7
1,302
10,376
2,297
1,050
71,099
164
La. Gull
__
2,762
88.4
3,596
Reported
Est. unrep'd
76.8
233
470
39,852
3,314
356
473
18,032
6,850
99,584
1,045
447
2,494
Jan. 30 '37
4,066
Jan. 23 '37
4,066
2,995
4,066
4,066
3,055
43,166
41,906
19,077
19,102
7,297 102,078
7,172 103,441
z2,767
xJan. 30 '36
36,002
19,745
6,811 100,613
together
reconditioning of
with
damaged
of the plants of the
material
at
General Motors
Corp. has resulted in the release of suspended tonnages of some products,
Meanwhile, other automobile companies are
particularly sheets and strip.
production, Ford having reached 6,000 cars a day.
straining for higher
That company has
inquired for 80,000 tons of square and round bars and
slabs, the latter for processing on its own sheet mills.
is
Total output of motor
having gained a little more than 3,000 units
moving up slowly,
last week.
There was heavy ordering of plates,
sheet
U.S.B. of M.
required
Resumption of work at several
cars
xEst.tot.U.S
be
Steel stocks of many jobbers
months.
been flooded, and new shipments in large volume
piling in the last few
sheets, bars, structural shapes and
days of January for identified construction
projects, including railroad equipment, owing to the requirement of steel
Estimated Bureau of Mines basis,
z
January, 1936, daily average.
thus driven in
such work be entered into by Jan. 30
December. The amount of business that
probably totaled several hundred thousand tons.
In
railroad equipment
x
alone about 200,000 tons was entered, as a number of
companies that formal contracts for
against price protections given in
was
Coal
Production
Week Ended Jan.
in
Lower
roads closed for
23,
1937
The
weekly coal report of the U.S. Bureau of Mines dis¬
closed that coal output for the week ended Jan. 23,1937, was
below the totals for the previous week.
Soft coal production,
however, continued above a year ago.
The Bureau's state¬
ment follows:
the largest total in
STATES
COKE
PRODUCTION OF COAL AND BEEHIVE
(IN NET TONS)
Unfilled orders for plates and shapes have reached
several years.
Notwithstanding the extremely heavy backlogs on mill
pended
seamen's strike, will release considerable sus¬
business; the United
shipbuilding
States Navy program and rejuvenation of
under
mission offer prospects for
the auspices
of the new
Jan. 23,
1937 d
Jan.
16,
1937
Jan.
e
25,
1936
1936-
1935-
1929-
1937
1936 f
1930 f
especially
a
steel.
taking increasing amounts of
production has regained its pro-flood average of 95%.'
refrigerator
Tin
plate
would place a
Tot. includ'g
coll'y fuel. 9,200,000 10,131,000 8,385,000 351,286,000 288,700,000 431,516,000
1,159,000
1,723,000
1,412,000
Daily aver.. 1,533,000 1,689,000 1,398,000
Penn. anth.: b
Tot.
manufacturers,
coll'y fuel.
Daily aver..
Com. prod, c
Daily aver..
825,000
137,500
782,000
952,000 1,050,000
175,000
158,700
995,000
902,000
Includes
Court injunction against
sit-down strikers.
John L. Lewis of a steel strike, if demands to be for¬
62,200
63,700
10,617
lignite,
coal
10,367
made
into
1 by a convention of the Steel Workers' Organizing
g
g
g
g
Committee are not met,
g
g
g
mills
30,000
1,610,000
5,000
6,341
coke,
mulated about April
g
g
.
762,300
5,139,000
3,001
20.232
and local sales,
b Includes Sullivan
County, washery and dredge coal, and coal shipped by truck from authorized
operations.
Estimate for current week based on railroad carloadings.
These are
checked later as promptly as possible against actual production reports furnished
through trade association and State sources,
c Excluding colliery fuel,
d Subject
to revision,
e Revised,
f Adjusted to make comparable the number of working
days in the three coal years,
g Comparable data not yet available.
a
strike, with its consequent rush for steel,
still heavier burden on steel mills to satisfy customers' re¬
.
Beehive coke:
Tot. for per'd
are
This settlement may have been brought a step nearer by the
The warning of
'1
includ'g
quirements.
construction work, including
the upward swing, and household equipment concerns,
Settlement of the General Motors
Bifcum. coal.:
Com¬
what appears to be an all-time peak; road
machinery builders are extremely busy; general
home building, is on
Maritime
large steel tonnages; the agricultural equipment
manufacturers are operating at
Coal Year to Date
Week Ended
books, further
Resumption of water shipments to the Pacific Coast,
additions are in sight.
following settlement of the
American
ESTIMATED UNITED
upward of 14,000 cars plus about 4,200 that will be built
in railroads' own shops.
carries forebodings of intense pressure upon the
against shortage of steel.
caused by the automobile strike, this
present high speed of the recovery movement is not taken
by consumers who will want to prepare
Coming on top of the dislocation
threat
to
the
lightly by those who have seen the
breakdown of official authority in the
law-breaking tactics of the sit-down automobile strikers.
Although some blast furnaces in flood areas were
banked for several
days as a precaution against high water, total pig iron output in
exceeded that of December by a fairly substantial margin.
total for last month is
January
The estimated
3,212,135 gross tons against 3,115,037 tons in Decern-
856
Feb. 6,
Financial Chronicle
ber. The daily rate last month was 103,617 tons, a gain of 3.1% over the
100,485 tons of December.
There were 170 furnaces in blast in Feb.
1,
Heavy melting steel
has risen at Chicago, Increasing the "Iron
scrap
Age" composite to $18.92,
high.
a new
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
Feb. 2, 1937,2.330o. a Lb.
One week ago
2.330o.
rolled strips.
One month ago....——2.830o.
One year ago
These products represent
85% of the United States output.
--2.130c.
Feb. 1 stated:
on
Flood and strike have had relatively little effect on
Louis gained four points,
at
was
Wheeling which
High
Deo. 28
2.084c.
Mar. 10
point,
Oct.
1
2.124c.
Jan.
8
1934
2.199c.
2.016c.
Apr. 24
2.008c.
Jan.
2
points to 41%: Detroit dropped
repair; Pittsburgh lost half a
five points.
Oct.
1.867c.
Apr. 18
1933
Low
3
1932—................——1.977Ci
Oct.
4
1.926c.
Feb.
2.037c.
Jan.
Jan.
13
7
1.945c.
Deo. 29
2.018c.
Dec.
2.273c.
Oct.
2.217c.
July
17
2.212o.
Nov.
—
-
1930......
2.273c.
1929
2.3170.
Apr. 2
Dec. 11
Jan.
4
2.286c.
'1927—..— ——————...2.402c.
,1928......
2
and New England
'
J
by large shipments through
reduced
the year have not
January, current new buying
being sufficient to offset efforts to reduce book tonnage.
9
1
Youngstown and Cleveland two points each
Heavy backlogs of unfilled orders at the beginning of
been
29
1931—..—......
The greatest loss
Buffalo two and Chicago one.
declined 52 H
from 100 to 90 because of two furnaces off for
2.130c.
—-l—2.330o.
the steel industry's
March, 1936, when
high water brought the Pittsburgh district from about 43% of capacity to
18%.
Most steel operations Interrupted by water have resumed.
Due to flood conditio)^ and some necessity for repairs the operating
rate is off four points to 76% of capacity.
Eastern Pennsylvania and
Birmingham districts showed no change from the previous week.
St.
production/contrasting strongly with the situation in
1935
1936-..-.—..
of the iron and steel
"Steel" of Cleveland, in its summary
markets,
unchanged from Jan. 1.
Six
steel
representing 64%
1935.
*,
making financial reports the past
,
week,
1936 net profits 264% above
All companies report heavy backlogs of unfilled orders.
leading
producers
of ingot capacity, show
American Iron and Steel institute reports improvements
Pit Iron
Feb. 2, 1937, $20.25 a Gross Ton
One week ago
$20.25
so
Based on average of basic iron at Valley
furnace and foundry Irons at Chicago,
.....
20.25
Philadelphia,
One year ago.,...^.—..........
18.84
Southern Iron at Cincinnati.
One month ago...
1936.
—
1935
—.
-
1934
1933.....—
-
1932...—
1931-—....—
1930
Buffalo,
—
18.71
and
far authorized for 1937
Surmises
to
as
Aug. 11
prevailing at time of delivery.
May 14
may
16.90
Jan.
27
13.56
Jan.
3
13.56
Dec.
6
14.79
Dec.
15
15.90
Dec.
16
18.21
Dec.
18.59
Nov. 27
17.04
July
19.71
Jan.
17.54
24
One year ago
—
and
17.92
13.67
Chicago.
Dec.
;
....
Jan.
4
12.67
June
9
10.33
Apr. 23
Sept. 25
$17.92
Dec. 21
1936
1935
10
9.50
Aug. 8
Jan* 12
6.75
Jan.
3
6.43
July
5
Jan.
6
8.50
Dec. 29
Feb.
1933.
Mar. 13
12.25
-_
13.00
11.33
1934
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
3
2
1932
1931.
1930.
:
1929
17.58
-.
1928
__
1927-
--
and the Frick company is starting pro¬
are
1875 tons for the Queens-Midtown tunnel at New York.
of large size.
prospects of considerable plate tonnage,
Shipbuilding offers
usual proportion of other
steel.
;
16.50
Dec. 31
13.08
July
15.25
Jan.
13.08
Nov. 22
11
with the
Bids have been called for April 1 on the
Panama Railway
Steamship Co. is about to ask bids on two or three ships requiring about
Low
26
Jan.
pro¬
day.
liner for United States Lines, taking 15,000 tons or more.
High
„$18.83
1937.™
steel
Bolt and nut Interests are considering the largest inquiry in at least
1
heavy melting stee
quotations at Pittsburgh, Philadelphia
.$18.83
One month ago
No.
on
high
duction in 700 beehive ovens in the Connellsville region, making 2,000 tons
The bolts
Based
sustained
American Steel & Wire Co. is relighting two batteries
Cleveland after long idleness
at
per
two years, for
Steel Scrap
Other signs indicate belief that an advance
be made in at least some products, wire and nails being among these.
duction is being met.
Nov.
4
Producers there are accepting
Need for additional coke supplies in view of
17
1928
$18.92 a Gross Ton
1 is fully sold.
delivery with the proviso that the price be that
17.83
May 14
beginning to appear and are
by producers. An early sign appears at Chicago
where sheet capacity to April
1927--——
Fbe. 2, 1937,
One week ago
second quarter prices are
backed by protective action
orders for second quarter
and extensions
exceed $290,000,000.
$18.73
—
1929
Valley,
Low
High
.....$19.73
NOV. 24
18.84
Nov. 5
17.90
May
1
16.90
Deo. 5
14.81
Jan.
5
15.90 Jan.
6
18.21
Jan.
7
1937
5,000 tons each of hull steel and bids will be taken In New York Feb. 10 on
three packet ships requiring
Two lake cargo boats
week, promise further
about 400 tons each.
for the ore trade in the Great Lakes, mentioned last
hull tonnage.
^Railroads continue to be an important factor in spite of some tendency
to await decision on new rates and its effect on income.
have placed 25 and nine locomotives
week and several thousand are still
Much of the equipment
Some rail tonnage Is appearing also.
pending.
Two western roads
and are in the market for eight more.
A total of 7,500 cars were placed last
buying has been under protections expiring at the end of January.
The
American
Iron
and
Steel
Institute
on
Feb.
1
indi¬
98%
of the steel capacity of the industry will be 79.6% of capacity
for the week beginning Feb. 1, compared with 77.9% one
week ago, 79.4% one month ago, ana 50.0% one year ago.
This represents an increase of 1.7 points, or 2.2%, from the
estimate for the week of Jan. 25, 1937.
Weekly indicated
rates of steel operations since Jan. 6,1936, follow:
1936—
1936—
Jan.
13
49.2%
49.4%
Jan.
20
49.9%
Jan.
6
27
49.4%
Feb.
3——50.0%
Feb. 10
52.0%
Feb. 17
51.7%
Jan.
Feb. 24
Mar.
2
Mar.
52.9%
53.5%
.55.8%
9
Apr. 20
Apr. 27
May
4
May 11
May 18
May 25
June
1.
June
8
June 15
June 22
70.4%
71.2%
70.1%
.69.1%
69.4%
Aug.
71.4%
70.0%
72.2%
Sept.
69.5%
70.0%
Sept. 21
Sept. 14
Sept. 28
Oct.
5
Oct.
12
Oct.
19
Oct.
26
Mar. 16
60.0%
June 30
Mar. 23
53.7%
62.0%
64.5%
July
July
13
70.2%
74.0%
67.2%
69.0%
July
20
70.9%
Nov.
2
Apr. 13——67.9%
July
27——71.5%
Nov.
9
Mar. 30
Apr.
6
6
Dec.
71.5%
68.2%
72.5%
-74.4%
75.4%
.75.3%
75.9%
74.2%
74.3%
7
67.9%
68.2%
Nov. 16
72.5%
3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
cut automotive
production for the week ending Jan. 30 to 71,373 units, a
drop of about 10,000
1936
was
cars
Total production In
from the preceding week.
4,616,857 units, close to 500,000 over 1935.
Structural awards
were
dominated
by placing
of 28,000 tons
by the
Pennsylvania Railroad for electrification work from Harrisburg to Paoll,
Pa., divided between
a
This brings the total for the
number of fabricators.
week, to 65,448 tons, compared with 13,715 tons the week ending Jan. 23
Expiration of protections at the
and 29,346 tons in the week of Jan.
16.
end of the month probably drove in
considerable of this tonnage.
Other
large projects include 5,100 tons of plates, shapes and steel piling for a
1936—
1936—
Strike effects on General Motors and shortage of glass for Chrysler cars
an-
nounced that telegraphic reports which it had received
cated that the operating rate of steel companies having
Mississippi river dam at New Boston, 111., 4,600 tons for an airplane plant
Nov. 23
74.1%
74.3%
Nov. 30
75.9%
7
Dec. 21
76.6%
79.2%
77.0%
is
Dec. 28
77.0%
steel-making grades reaching $18.70 per ton, a rise of 41 cents from the
Dec. 14
1937—
Jan.
4—79.4%
11
Jan.
18
78.8%
80.6%
Jan.
25
77.9%
Feb.
1
at
74.7%
74.0%
4,300 tons for a building at Washington.
N* Strength in all markets, more especially
a
factor,
in the East where export demand
has raised scrap quotations sharply,
preceding week.
the composite price for
Domestic and export quotations on the Atlantic seaboard
have become misaligned and
79.6%
Jan.
Baltimore, 3,160 and 1,900 tons, respectively, for an express highway
and viaduct in New York City and
This is the fifth con¬
will require correction.
secutive weekly rise, the gain from
the first week In January being $1.12
per ton.
price five cents,
Scrap strength has increased the iron and steel composite
to
$36.62.
Th
finished steel composite is unchanged at $55.80*
'
The Week with
the Federal
Increase (+) or Decrease
Reserve Banks
Federal Reserve bank credit
outstanding during the week ended Feb. 3, as reported by
the Federal Reserve banks, was $2,483,000,000, a decrease
of $2,000,000 compared with the preceding week and of
$9,000,000 compared with the corresponding week in 1936.
After noting these facts, the Board of Governors of the
Federal Reserve System proceeds as follows:
On
Feb.
3
total
Reserve
bank
credit
decrease of $9,000,000 for the week.
creases
to
$2,463,000,000,
a
This decrease corresponds with de¬
of $15,000,000 in member bank reserve
In non-member
crease
amounted
balances and $27,000,000
deposits and other Federal Reserve accounts and an In¬
of $19,000,000 in monetary gold stock, offset in part by increases
of
$30,000,000 in money in circulation and $22,000,000 In Treasury cash and
deposits with Federal Reserve banks.
Feb. 3
were
(—)
Since
The daily average volume of
Member bank reserve balances on
Feb. 3, 1937
$
Bills discounted
3,000,000
3,000,000
2,430,000,000
...
Bills bought
U. S. Government securities
Industrial
advances
(not
Feb, 5,1936
$
$
.....—
—7,000,000
—2,000,000
—7,000,000
—8,000,000
—8,000,000
including
$20,000,000 commitm'ts—Feb. 3)
Other Reserve bank credit
Total Reserve bank credit
...
24,000,000
4,000,000
2,463,000,000
Monetary gold stock—,——. .—11,364,000,000
Treasury currency
...
Money In circulation
Member bank reserve balances..
2,531,000,000
6,348,000,000
6,758,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
2,705,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
Jan. 27,1937
647,000,000
—9,000,000
—26,000,000
+19,000,000 +1,196,000,000
+40,000,000
+30,000,000
—15,000,000
+606,000,000
+ 889,000,000
+ 22,000,000
—253,000,000
—27,000,000
—32,000,000
estimated to be approximately $2,150,000,000 in excess of legal
requirements.
Relatively small changes were reported in the System's holdings of bills
discounted, purchased bills, industrial advances and United States govern¬
ment
Returns of Member Banks in New York
The statement in full for the week ended Feb. 3, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 884 and 885.
Changes in the amount of Reserve bank credit outstand-'
ing and in related items during the week and the year ended
Feb. 3,1937 were as follows:
City and
Chicago—Brokers' Loans
securities.
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City
banks and also for the Chicago member banks
member
for the
week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday:
current
Volume
Financial
144
BANKS
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
Chicago
Neu York City
Feb. 3
Jan. 27
Feb. 5
Feb. 3
Jan. 27
1937
1937
1936
1937
$
8
$
$
1937
?
Asset?—
Loans and Investments—total-
8,513
1,986
2,087
2,112
8,028
8,542
Feb. 5
1936
$
'"'
Loans to brokers and dealers:
1
1
924
74
942
860
74
60
741
731
731
142
138
147
Accepts, and com'l paper bought
136
141
162
17
17
15
Loans on real estate
129
129
127
30
30
33
14
5
14
5
16
5
1,463
1,462
1,102
369
363
258
3,464
3,494
3,422
1,150
1,139
1,179
455
454
95
94
1,097
1,085
420
1,111
272
275
90
247
2,658
2,656
2,487
543
565
33
172
65
34
185
75
36
167
77
Spanish Government Accepts Arms Control Plan, but
Reserves Right to Buy Munitions—Rebels Launch
Air, Sea and Land Attack on Malaga
Spanish Government announced on Feb. 2 that it
principle of the arms control plan proposed
by the International Non-intervention Committee, but would
reserve
the right to purchase munitions.
Premier Largo
Caballero announced the Government's decision at a session
The
had accepted the
505
50
Jn New York City
Outside New York
Loans
City
securities
on
....
Other loans
fe's.
,
29
41
.
;
(except banks)
Loans to banks
*
47
„
others
to
Govt, direct obligations..
Obligations fully guaranteed by
Government...
) United States
Other securities
Reserve with F. R. Bank
,
Cash in vault
'
50
81
...
t
Liabilities— .•
Demand deposits—adjusted
82
81
494
Balances with domestic banks..
Other assets—net..
64
498
469
w
Tlme.deposits
1,435
414
1,564
454
1,561
454
5,935
537
6,427
606
6,419
619
146
159
161
41
49
91
2,393
2,428
2,340
615
613
384
381
379
4
.
Inter-bank deposits:
Feb. 4 renewed their assault
combined attack of infantry,
warships and airplanes.
Aside from activity on the Malaga
front, there has been little important fighting in Spain this
week, with bad weather curtailing rebel attacks on Madrid.
The Spanish civil war was last referred to in the "Chronicle"
of Jan. 30, page 695.
The decision of the Government with
regard to arms control proposals was noted as follows in
The Spanish rebel forces on
the port of Malaga, with a
on
Associated Press Madrid advices of Feb. 2:
No power, Largo Caballero
...
Borrowings
Other liabilities......
4-4
362
362
301
19
23
34
1,473
1,469
1,462
231
239
225
Federal
Complete Returns of the Member Banks of the
Reserve System for the Preceding Week
York and
simul¬
taneously with the figures for the Reserve banks them¬
selves, 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
be compiled.
cities cannot
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
In the
entire body of reporting member banks
the
of
returns
of
System for the week ended with the
close of business Jan. 27:
Federal
Reserve
condition
The
member banks in 101 lead¬
statement of weekly reporting
Jan. 27 6hows decreases for the week of $30,000,000 in total
investments, $17,000,000 in demand deposits-adjusted, $34,000,000
ing cities
on
loans and
credited to domestic banks
$53,000,000 in balances with domestic banks, and an increase of
$30,000,000 in reserve balances with Federal Reserve banks.
government deposits, $30,000,000 in deposits
in
and
Loans
on
loans
brokers
securities
New
York
ings
of
real
dealers
and
brokers
to
to
loans
in
New
dealers outside New
and
to
others
York City increased $2,000,000;
$6,000,000, and
increased $25,000,000 in the
York increased
(except banks)
member banks.
district and $24,000,000 at all reporting
estate
loans
"Other loanB" declined $14,000,000 in the
$21,000,000 at all reporting member banks.
$3,000,000.
and
Hold^
commercial paper bought increased $7,000,000;
declined
$1,000,000, and loans to banks increased
and
acceptances
New York district
Spain."
direct obligations declined1 $60,$50,000,000 at all reporting member
banks, and increased $16,000,000 in the Chicago district.
Holdings of
obligations fully guaranteed by the United States Government declined
$9,000,000 in the Dallas district and $17,000,000 at all reporting member
banks.
Holdings of "other securities" increased $22,000,000 in the New
York district and $17,000,000 at all reporting member banks.
Demand
deposits-adjusted declined $12,000,000 in the San Francisco
district, $8,000,000 in the Boston district, and $17,000,000 at all reporting
member
banks, and increased $7,000,000 in the Dallas district.
Time
deposits increased $6,000,000 in the New York district and $2,000,000 at
all reporting member banks.
Government deposits declined in nearly all
districts, the aggregate net decrease at all reporting member banks being
$34,000,000.
Deposits credited to domestic banks increased $36,000,000 in
thr< New York district and declined $13,000,000 in the Chicago district,
$11,000,000 in the Richmond district, $10,000,000 in the Kansas City
district and $30,000,000 at all reporting member banks.
Deposits credited
to foreign banks declined $7,000,000.
Holdings of United States Government
quickly
as
"Each
summary
of the principal assets
and liabilities of the
Increase
Jan. 27,
22,627,000,000
on
+94,000,000
231,000,000
fe
+ 6,000,000
+ 60,000,000
+ 24,000,000
+7,000,000
City
others
to
(except,banks)
bought." t391,000,000
—40,000,000
+31,000,000
*—1,000,000
+3,000,000
+10,000,000
*—21,000,000
—50,000,000
+ 794,000,000
+ 557,000,000
Government.....fl,212,000,000
—17,000,000
.£3,260,000,000
+17,000,000
1,152,000,000
...
..............
Other loans.
U. S. Govt, dlreet'obllgatlons
fully ^guaranteed
United ^States
,
_
60,000,000
"4,098,000,000
£9.212,000,000
Loans to banks
Other securities...
...
by
Reserve with Fed. Reserve banks.
Cash In vault
Balances'with'domestic banks
.
„
5,355,000,000
*^.390,000,000
'2,255,000,000
..15,530,000,000
5,052,000,000
526,000,000
Demandideposlts—adjusted
Time deposits..................
United States Govt, deposits.....
+ 30,000,000
+1,000,*000
—53,000,000
—5,000,000
.
+40,000,000
+91,000,000
+ 512,000,000
+ 37,000,000
—111,000,000
—17,000,000 +1,513,000,000
+2,000,000
+164,000,000
—34,000,000
—78,000,000
Inter-bank deposits:
w
'"
6,029,000,000
Domestic banks
Foreign banks....-..-.--.-.-.
Borrowings.
*
—30,000,000
414,000,000
5,000,000
—7,000,000
—2,000,000
e
i
Jan.
20£figures~revlsed (Minneapolis district).
as
possible.
brings further loss of life and further economic damage,"
hour
+408,000,000
—13,000,000
+3,000,000
members and workers' groups to sub¬
crush¬
Offering of $29,000,000 of Norway 4% External Loan
Coupon Bonds, due Feb. 1, 1963—Proceeds to Be
Used to
Refund $28,334,000 Issue of 5% Gold
Bonds, due March 15, 1963
A
issue of $29,000,000
new
Kingdom of Norway 26-year
4% sinking fund external loan coupon bonds, dated Feb. 1,
1937 and due Feb. 1, 1963, was being offered to the public
on Feb. 3 at 98 34% and accrued interest by a banking group
headed by Lazard Freres & Co., Inc.
Proceeds from the
issue are to be applied to the refunding of $28,334,000 5%
sinking fund external loan gold bonds, of 1928, due March
15. 1963, which bonds are to be called for redemption on
March 15,1937.
Lazard Freres & Co. announced on Feb. 3
that
over
half of the issue has been placed in foreign and
Placements in Europe were handled on
Canadian markets.
behalf of the underwriting group by Lazard Brothers & Co.,
Ltd.
Associated with Lazard Freres in underwriting the
were Halsey, Stuart & Co., Inc.; Glore, Forgan & Co.;
Kidder, Peabody & Co.; Ladenburg, Thalmann & Co.;
Bancamerica-Blair Corporation; Goldman, Sachs & Co.;
Harris, Hall & Co., Inc.; E. H. Rollins & Sons, Inc.; Bell
Gouinlock & Co., Ltd., and Baker, Weeks & Harden.
The
filing with the Securities and Exchange Commission of a
registration statement covering the new offering was re¬
ferred to in our issue of Jan. 30, page 696.
issue
The
offering
country.
represents
refunding
third
Norway's
operation
in
this
With its
the prospectus
An announcement bearing on the offering also said.
supported by a budget that is in balance,
fiscal years, Norway is one of
the United States
reporting a surplus for each of the last three
only two European nations that have floated loans in
under the Securities Act of 1933.
1952[were refunded by
and in
are
a
April, 1936, an issue of $30,000,000 5}$s of 1965 were refunded
issue of
an
In March 1936, an issue of $17,000,000
20-year 4H% issue of the same amount,
by
The 4Ms were offered at par and
selling currently around 103 H, while the 4J£s, offered at 97 H, are
6s of
$31,500,000 4J4s due 1965.
quoted at around 101.
►^description
of the bonds offered this week was contained
follows in the prospectus:
as
fllThe bonds'wilFconstitute the direct, valid and unconditional obligations
of the Kingdom of Norway, which has agreed that if, in the future, it shall
sell, offer for ^public subscription or in any manner
loans secured by a lien on any revenue or
or
Principal of and interest on the bonds will be
of the
dispose of any bonds
asset of the State, the bonds
and ratably with such bonds or loans.
offered hereby shall be secured equally
payable in lawful
money
UnitejStates of America at the principal office of The National City
NewJYork, Fiscal Agent, in the Borough of Manhattan, City and
be payable in time of war as well as in time of
State of New York, and Jwill
and whether the holder or owner be a citizen or resident of a freindly
hostile state.
Interest on the bonds will be payable at the rate of 4%
peace
per
annum,
semi-annually on Feb.
interest will be
Norway,
or
1 and Aug.
1.
Both principal and
payable ]without deduction for or on account of any present
future taxes or duties
or
imposed or levied by or
|within the Kingdom of
by or within any political subdivision or taxing authority
lands of holders or owners otherwise subject to
^Norway. The bonds are redeemable at the option of
thereof, except when in
taxation thereon in
+2,000,000
.£2,024,000,000
York
securities
Accepts, andJcom'Upaper
Loans !on real Restate
Obligations
—30,000,000 +1,632,000,000
[987,000,000
In New York.City
Outside New
Jan. 29, 1936
$
****
Loans'to'brokers'and'dealers:
Loans
$
(—)
be deprived of
war.
ing Spanish Fascism.
or a
or
Decrease
Since
Jan. 20, 1937
$
Assets—
Loans^and investments—total
,
1937
(+)
for the week
civil
their differences and concentrate on the single objective of
Bank of
A
"the only legitimate govern¬
he maintained, should
he said, exhorting the parliament's
,
reporting member banks, together with changes
and the year ended Jan. 27, 1937, follows:
Fascists,
Largo Caballero declared he was "supremely confident of victory" and
that every means would be taken to terminate the seven-months-long civil
credit rating
000,000 in the New York district and
The
1
explained above, the statements of the New
As
declared, has authority to interfere with ship¬
materials to the government,
war
munitions enabling them to continue the
Chicago member banks are given out on Thursday,
the
in
ment
merge
....
Capital account
of
ments
strife
Domestic banks
Foreign banks
of Parliament.
568
United States Govt, deposits...
^
857
Chronicle
the Government, in whole or in part
selected *by lot), on Feb.
(in the latter case the bonds to be
1,1942, and thereafter on any semi-annual interest
date/and, except ^through the operation of the sinking fund hereinafter
described, not",earlier, at the principal amount thereof and accrued interest,
upon at' least ,-30 days' notice, by publication, and by mail to registered
holders.
Payment of the principal of the bonds Is to be effected during the
last 25 yearsferior to their maturity by a cumulative sinking fund, viz.,
on Aug. 1,1938 and on'each semi-annual interest date thereafter the Govern¬
ment is to remit to
the Fiscal Agent the sum of about $923,000, of which
much thereof as may exceed the
so
semi-annual interest due on such interest
date is to constitute sinking fund moneys
part by ^delivery of
of cash paid into
and
may
be paid in whole or in
bonds to be accepted at their face value.
The amount
the sinking fund on the respective interest dates is to be
used to redeem bonds in substantially
the
manner
above described.
►*4The bonds will be issued in the first instance in temporary form, without
coupons,
in the denomination of $1,000.
changeable for
Temporary bonds will be ex¬
of
definitive bonds, with coupons, in the denomination
$1,000, registerable as to principal only.
It is expected that the
on
or
bonds, in temporary form, will be ready for delivery
about Feb. 9, 1937, at the office of
Lazard Freres & Co., Inc.. 15
Financial
858
Nassau Street, New York, N. Y., against payment therefor in
M-
funds.
V;'.v
agreed" to
The Government has
Securities
Exchange and their registration under
The underwriters have agreed to
Exchange Act of 1934,
give, without .expense to the
French Bondholders
7, '
its best efforts to procure the listing
use
of the bonds on the New York Stock
the
New York
;
Government, full cooperation to that end.
Association Opposes
Chile's Offer
1, 1953, are being notified that funds have
due Feb.
Partial Payment to
Association
Association—the
Nationale
des
Porteurs Franeais de Valeurs Mobilieres—that it has again
issued
statement
the effect of
pointing out to holders of Chilean bonds
accepting the service offered by the Chilean
Government.
The Association states it cannot advise the
a
bondholders to accept the proffered service because of the
destructive effect of such acceptance upon the bond obliga¬
tion.
It also states that other like European organizations
will take the
The
action
same
the Association. A
as
Bondholders Protective Council, Inc., as
noted in our issue of Jan. 22, page 538, has also advised
against the acceptances of the Chilean Government's offer;
Foreign
reference to the offer of Chile
made in these columns
was
of Jan. 16, page 366.
Tenders
State
of
Gold Bonds,
of
South
New
Wales
External
5%
agent, is inviting tenders of State of New South Wales,
Australia, external 30-year 5% sinking fund gold bonds due
Feb. 1,1957, at prices not exceeding par and accrued interest,
in
an
the
amount sufficient to exhaust the
sum
of $154,146 in
Tenders will be opened at 12 o'clock noon
Corporate Trust Department of the
bank, 11 Broad Street.
:
♦
sinking fund.
Feb. 8, 1937 at the
on
Argentina Files Registration Statement Under Securi¬
ties Act for $70,000,000 of External 4% Bonds—
Plans to
Retire Two Outstanding External 6%
Issues
The
filing on Feb. 2 by the Argentine Republic of a re¬
gistration statement (No. 2-2838) under the Securities Act
of 1933 covering $70,000,000 of sinking fund external con¬
version loan 4% bonds, due Feb. 15, 1972, was announced
on
Feb. 2 by the Securities and Exchange Commission.
According to the registration statement, the net proceeds
from the sale of the bonds will be applied to the retirement
of the Government's presently outstanding $30,373,000
principal amount of external sinking fund 6% gold bonds
of 1923, series A, due Sept. 1,1957, and $33,727,500 principal
amount of external sinking fund 6 % gold bonds state railway
issue of 1927, due Sept. 1, 1960.
The Commission's an¬
nouncement continued:
The underwriters may offer part of the bonds
banks
or
bonds
co
bankers in England and accept payment either in
or
cash or in the
be redeemed, it is stated.
The bonds
whole
being registered to certain
are
in part,
redeemable at par at
but in
no case
the option of the Government in
in amounts of less than $5,000,000 except
for sinking fund, upon any interest payment
date after ao least 30 days'
notice.
The prospectus states that that it is expected that delivery of the bonds in
temporary form,
made
>;
at
exchangeable for definite bonds when prepared, will be
the office of J. P. Morgan
and Co.
The price at which the bonds will be offered publicly, the names of the
underwriters
and
the
underwriting
furnished by amendment to the
| The
In
SEC noted:
no case
State
or
of
or
commissions are to be
!
does the act of filing with the
its approval or
the issue
discounts
registration statement.
Commission give to any security
indicate that the Commission has passed on the merits oi
chat
the registration statement
Santa
Catharina
Coupons Due Feb. 1
due Feb. 1, 1947
on
itself is correct.
(Brazil) to Pay 22^% of
8% External Gold Bonds,
__
as
special agent, is notifying
of
State of Santa Catharina, Brazil, 25-year 8%
sinking fund gold bonds, due Feb. 1, 1947, that
funds have been deposited with them on behalf of the State
of Santa Catharina, sufficient to make a payment, in lawful
currency of the United States of America, of 22%% of the
face amount of the coupons due Feb. 1, 1937, amounting
to $9 for each $40 coupon, $4.50 for each $20 coupon and
90 cents for each $4 coupon.
An announcement in the
external
matter also said:
a
Pursuant to the Decree of the Chief of the Provisional Government of
and
of the claims
payment in lawful currency
Holders may obtain
Stuart &
for final can¬
Co. Inc., 201 South La Salle
Street, Chicago, and 35 Wall Street, New York City.
No present provision has been made for
payment, if accepted by the holders, it is announced, must
accepted in full payment of such coupons and of the
be
claims for interest
provision has been
maturing Feb. 1, 1932 to Feb. 1,1934,
inclusive, but they should be retained for future adjustment.
made for the coupons
Funds Remitted for Payment of
22%% of Feb. 1 Interest
City of Rio de Janeiro 6%% External Bonds,
1, 1953
City of Rio de Janeiro (Federal District of the
6%% external sinking fund bonds,
United States of Brazil)
Offer to Be Made to Holders of
5%% Bonds of United Kingdom of Great Britain
and Ireland Due Feb. 1
(Feb. 5) by the British Treasury
foundation for the suggestion that any
fresh conversion offer will be made to holders of United
Announcement is made
''there is
that
no
Kingdom of Great Britain and Ireland 20-year 5% % bonds
due Feb. 1, 1937, which were the subject of the judgment
of the House of Lords given on Jan. 28."
Reference to th^
ruling of the House of Lords appeared in these columns
Jan. 30, page 695.
The British Treasury announcement
also states that bearer bonds presented in the United States
"are being repaid in dollars at their face value."
It is added
that "they may also be presented in London at the Bank of
England for payment in Sterling at exchange $4.86% to
the £.
Coupons are being met on the same basis."
Member
Trading on New York Stock and New York
Exchanges During Week Ended Jan. 9 Above
Previous Week,
According to SEC
Curb
In the first week of this year trading by all members of
New York Stock Exchange (except odd-lot dealers)
the
and of the New York Curb
Exchange for their own account
preceding week, ended Jan. 2, in relation
to total transactions on those Exchanges, it was shown in
data issued yesterday (Feb. 5) by the Securities and Ex¬
change Commission.
The number of shares traded in for
the account of the members during the week ended Jan. 9
increased
over
the
was also above the
previous week; there was one less trading
day in the preceding week, ended Jan. 2—New Year's Day.
During the week ended Jan. 9 trading on the Stock Ex¬
change for the account of members (in round-lot transac¬
tions) totaled 5,865,198 shares, which amount was 20.37%
of total transactions on the Exchange of 14,395,270 shares.
This compares with member trading during the previous
week ended Jan. 2 of 3,752,753 shares, or 19.37% of total
trading of 9,689,160 shares.
On the Curb Exchange mem¬
ber trading during the week ended Jan. 9 amounted to 1,753,815 shares, or 20.84% of the total volume on that Exchange
of 4,206,700 shares; during the preceding week trading for
the account of Curb members of 1,022,595 shares was 19.42%
of total trading of 2,632,502 shares.
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress last June on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended Jan. 2 were given in these columns of Jan. 30,
page 696.
In making available the data for the week ended
The figures given
for total round-lot volume for the New York Stock
Exchange and the New York Curb Exchange represent the volume of all
distinguished from
round-lot sales of stock effected on those exchanges as
the
volume reported
week ended Jan.
9
The total round-lot volume for the
the New York Stock Exchange, 14,395,270 shares,
by the ticker.
on
10.6% larger than the volume reported on the ticker.
was
York Curb Exchange total
On the New'
round-lot volume in the same week, 4,206,700
shares, exceeded by 9.6% the ticker volume (exclusive of rights and war¬
rants)
.
The
data
members.
published
based upon reports filed with the New York
are
the New York Curb Exchange by their, respective
These reports are
classified as follows:
New
York
New.
Stock
As
Initiated
as
on
198
floor
Initiated off floor.
the
stocks
New
in
7 v<
107
specialists:
—
Reports showing no transactions—
On
,
868
.
specialists*...
Other than
Exchange
1,073
Number of reports received
Reports showing transactions:
York
Curb :
Exchange
*
Holders of
Conversion
New
No
"in
v
represented thereby.
The notice further states, no present
the coupons maturing prior to
Aug. 1, 1934, but they should be retained for future adjustment.
due Feb.
of the United States of America,
if accepted by the holders of
for interest represented thereby.
cellation at the office of Halsey,
special agents, is notify¬
22%% of the face amount of the coupons due Feb. 1,1937,
amounting to $7.87% for each $35 coupon and $3.93% for
each $17.50 coupon.
Pursuant to the Decree of the Pro¬
visional Government of the United States of Brazil, such
be accepted in full payment of such coupons
payment upon presentation and surrender of their coupons
on
as
of
Stock Exchange and
the United States of Brazil, such payment,
the bonds and coupons, must
Co.,
Jan. 9 the Commission said:
Halsey, Stuart"& Co. Inc.,
holders
on City
External
ing holders of City of Porto Alegre (United States of Brazil)
40-year 7% sinking fund gold bonds, external loan of 1928,
that funds have been deposited with them, sufficient to make
$154,146 in Sinking Fund
fiscal
Feb. 1 Coupons
on
of 1928
Ladenburg, Thalmann &
due Feb. 1, 1957, Invited to Exhaust
The Chase National Bank, New York, as successor
Be Made
Alegre (Brazil) 7% Gold Bonds,
Porto
of
nounced
Bondholders
been
Co. and Brown Brothers Harriman & Co., special agents, for the payment of Feb. 1, 1937
interest coupons of this loan at the rate of 22%% of their
dollar face amount, or $7.3125 per $32.50 coupon.
Loan
Foreign Bondholders Protective Council, Inc., an¬
Feb. 1 that it .has been informed by the French
The
6, 1937
remitted to White, Weld &
for Service of Bonds
.
Feb.
Chronicle
York
which
Curb
-r-
Exchange
registered"
are
378
432
128
243
355
447
r
the round-lot transactions of specialists
not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb
dealer
Exchange perform the functions of the
as
well as those of the
The number of reports in
the
number
carry
New York Stock Exchange odd-lot
specialist.
'
the various classifications may total more than
of reports received
entries in more than one
because, at times, a single report may
classification.
Volume
NEW
144
YORK
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT
Chronicle
Financial
*
STOCK
OF
MEMBERS*
IN
ST0CK8
ALL
however, were still $101,667,757 above a year ago, when the
loans outstanding amounted to $924,704,335.
Demand loans outstanding on Jan. 30 were below those
of Dec. 31 but above Jan. 31, 1936, while time loans were
above last month but below a year ago.
The Exchange
reported the demand loans outstanding on Jan ."30 in amount
of $719,105,327, against $768,439,342 Dec. 31 and $600,-
(SHARES)
Week Ended Jan. 9,1937
Total for
Per
Cent
Week
Total volume ol round-lot sales effected
on
a
14,395,270
the Exchange..—
transactions of members except transactions of
specialists and odd-lot dealers In stocks In which registered:
1. Initiated on the floor—Bought
Round-lot
Sold
.
968,745
1,112,295
199,622 Jan. 31, 1936.
revealed
Total
Total
Round-lot
4.87
1,404,028
transactions
of
specialists
In
stocks
In
registered—Bought
,
30,
1,153,950
1,226,180
1937,
aggregated
New
York,
of the close of business Jan.
as
$1,026,372,092.
+
I
The detailed tabulation follows:
Demand
Total
8.27
2,380,130
(1) Net borrowings
banks
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks In which registered—Bought-J
2,730,315
I
3,134,883
Sold
•
Total
registered:
(Including odd-lot transactions
YORK
NEW
Below
EXCHANGE—TRANSACTIONS
FOR ACCOUNT OF
MEMBERS*
IN
furnish
(SHARES)
28
Per
Cent a
the
4,206,700
Exchange
transactions of members, except
specialists In stocks In which registered:
1. Initiated on the floor—Bought
transactions
of
Dec. 31
189,700
186,505
Sold-a
4.47
376,205
372,679,515
313.642,415
275,827,415
282,985,819
307,266,765
1,026,372,092
31
29
Mar. 31
Apr. 30
2.
Initiated off the floor—Bought
Sold
216,100
225,995
May 29
June 30
31
July
*
Total
"442,095
5.25
Aug. 31
Sept. 30
Round-lot transactions of specialists In stocks in which regis¬
Oct.
tered—Bought
439,095
8old
418,266,300
456,612,100
439,457,000
391,183,500
1936—
Jan.
Feb.
Total
924,704,335
924,320,544
996,894,018
1,063,950,736
969,997,839
988,543,241
967,381,407
973,784,584
971,531,244
974,928,018
984,004,702
1,051,425,161
719,105,327
31
Nov. 30
324,504,713
292,695,852
243,792,915
375,107,915
410,810,915
407.052,915
396,076,915
381,878,415
598,851.729
661.285,603
708,177,287
768,439,342
Aug. 31....
Sept. 30
Oct.
Round-lot
824,958,161
815,858,439
773,123,266
804,565,448
792,541,031
808,589,298
768,934,748
772,031,468
781,221,869
792,421,569
846,113,137
938,441,652
591.906.169
31....
July
$
$
249,062,000
242.544,500
220,124,500
294,644,900
820,871,000
334,199,000
349,335,300
372,553,800
600,199,622
631,624,692
753,101,103
688,842,821
559,186,924
581,490,326
571,304,492
Mar. 30
Apr. 30
June 30
Total for
Total Loans
Time Loans
$
•
on
•
575,896,161
573,313,939
552,998,766
509,920,548
471,670,031
474,390,298
419,599,448
399,477,668
362,955,569
335,809,469
406,656,137
547,258,152
May 31
Week
33,891,550
exactly the same as in the loan re¬
two-year compilation of the figures:
a
31
Feb.
Week Ended Jan. 9,1937
Total volume of round-lot sales effected
3,816,000
$307,266,765
$1,026,372,092
Demand Loans
STOCKS
ALL
we
1935
3,504,982
CURB
37,105,400
port issued by the Exchange a month ago.
Jan.
Total.
agencies or others
The scope of the above compilation is
1,664,604
1,840,378
...
Sold
collateral from private bank¬
on
$719,105,327
of specialists):
Bought
$303,450,765
Total face amount of "government securities" pledged as collateral
for the borrowings included in items (1) and (2) above
732,000
—
In odd lots
Time
York
Combined total of time and demand borrowings
453,360
278,640
Sold...
2
New
20.37
'p..
.
In round lots—Bought.......
Total
from
$681,999,927
ers, brokers, foreign bank
in the City of New York
Transactions for account of odd-lot dealers in stocks In which
1.
collateral
on
trust companies
or
(2) Net borrowings
5,865,198
were
as
New York Stock Exchange member total net borrowings on collateral,
s
contracted for and carried in
which
Sold
Time loans at the latest date
$307,266,765,
and $324,504,713, respectively, on the earlier
The following is the report for Jan. 30,
607,620
796,408
...
at
compared with $282,985,819
dates.
1937, as made
available by the Stock Exchange on Feb,. 3:
7.23
2,081,040
2. Initiated off the floor—Bought
Sold
859
31
*
Nov. 30..
496,420
31
Dec.
1937—
Total
11.12
935,515
Jan.
30
-
Total round-lot transactions for accounts of all members:
Bought
844,895
908,920
Sold...
Total
1,753.815
John
Haskell of New York Stock Exchange, Suggests
Changes in Form of Company Balance Sheets and
Earnings Statements
20.84
Odd-lot transactions of specialists In stocks In which registered:
,
Bought
Research
256,114
200,742
.........
Bold
Total..
of
456,856
*
The
a
Percentage
term
"members"
Includes all Exchange members,
partners, including special partners.
of
members'
transactions
to
total
their firms and their
societies
by
and
corporate
ac¬
transactions.
balance sheets
company
earnings
and
statements,
was
suggested Jan. 25 by John Haskell, Executive Secretary to
Committee
the
Exchange
by accounting
counting officers, looking toward improvements in the form
Stock
on
List
of
New
the
Stock
York
Ex¬
In
calculating these percentages the total of members' transactions Is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions Includes both purchases and sales, while the total Exchange volume includes
change, in
address before the Pittsburgh Control of the
an
Comptroller's Institute of America.
The
only sales.
biggest
job
which
faces
listed
Mr. Haskell said:
the Exchange and
corporations,
the
accounting profession today is the simplification of reports to stockholders.
In
Scope
of
Subpoena
Rule
Extended
by SEC—Action
Covers Attendance of Witnesses,
Production of
Documentary Evidence and Payment of Fees
The'
Securities
and
Exchange
Commission
on
amended its Rules of Practice to include certain
relating to the issuance of
subpoenas.
The
Jan.
text
of the
and
included
If
The
SEC, acting pursuant to authority conferred
Act of 1933,
of
some
cases
of non-essential
accounting
principles
should
there
consistent
footnotes.
hedging
upon
it by the
Se¬
not be
We
taxing
agencies
thereof, and finding that it is
give
Securities Act of 1933, as amended, and the Public Utility Holding Company
Act of 1935, and that it is necessary for the execution of the functions
vested in the Commission by the Securities Exchange Act of 1934,
hereby
amends Rule IV of the Rules of Practice of the Commission
by adding
thereto the following paragraphs:
(f)
Subpoenas requiring the attendance of witnesses from any place in
the United States at any designated place of hearing may be issued
by any
member of the Commission or any officer designated by it for that
purpose
in connection with
any hearing ordered by the Commission, upon written
application therefor.
(g) Subpoenas for the production of documentary evidence will issue
only upon application in writing which must specify, as nearly as may be,
the documents desired and the facts to be proved by them, provided, how¬
ever, that nothing herein shall be deemed to require the issuance of any
subpoena compelling the production of immaterial documentary evidence.
(h) Witnesses summoned before the Commission shall be paid the same
fees and mileage that are paid to witnesses in the courts of the United
States, and witnesses whose depositions are taken and the persons taking
the same shall severally be entitled to the same fees as are paid for like
services in the courts of the United States.
Witness fees and mileage shall
be paid by the party at whose instance the witnesses
appear.
Decrease of
$25,053,069 in Outstanding Brokers' Loans
York Stock Exchange During January—
Total
Jan.
30
of
$1,026,372,092 Compares with
$1,051,425,161 Dec. 31
on
New
Following three consecutive monthly increases, outstand¬
ing brokers' loans on the New York Stock Exchange dropped
$25,053,069 during January to $1,026,372,092 at the close
of the month from $1,051,425,161 Dec. 31.
The loans,
a
holders.
taken
for
the
slice
to
The
of
their
serve
based
are
sound
are
purpose.
other than those for
which they
accounting prescribed! by State and Federal
primarily
picture of
accounts
in
use
statements
the
will
to
a
bring in
revenue,
and
not
to
company's earnings to its stock¬
and reports set up
considering
As
for
not
for utility
companies by
melon
be
purpose
forced
his
of
the
attractiveness of
recognition
general
the
for
eat
to
corporation's
of the
which
his
a
public
utility
importance of
they were intended
the knife
with
peas
surplus.
.
.
using
grows,
designed
.
listing requirements of the New York Stock Exchange are separate
from the registration requirements of the Securities and Ex¬
distinct
change
Commission.
course,
a
our
reports
rate-making duties—they certainly cannot
examples of the kind of earnings statement that a prospective
investor
and
of
designed
are
investment.
financial
which
upon
bodies carry out their
as
should
investor
stock
the rules
The form
local
most
be
information, although fully disclosed,
out that financial statements should
true and undistorted
to carry out the provisions of the
been
He added:
Exchange Act of 1934, particularly Section 23(a) thereof, the
Public Utility Holding Company Act of 1935, particularly Section
20(a)
necessary
have
asterisks
has
be
used for purposes
designed.
know that
reports
minutia
irrelevant
/no need for accountant's qualifications, and
they are unsound, then no amount of footnotes
If
were
Securities
of
detail.
really make them
can
much
that essential
Mr. Haskell pointed
amended, particularly Section 19(a)
So
maze
voluminous
these
in
statements
and crowded with qualifications,
footnotes.
thereof, the
as
financial
the
complex
more
a
the
and
two
or
and
in
is lost in
Amendments to Rules of Practice
curities
year
more
constellations
and
Commission's action follows:
last
become
19
provisions
the
own
Stock
;
to
with
listing,
and
the
many
Federal
of
the
securities
Exchange
any
should
and
statute
Value
of
or
do
go
further
than
law
SEC's rules
but the flexible dynamic listing requirements
provisions of
Market
Compliance
prerequisite
the
is,
of
reinforce
of the New York
necessarily
general
rules of universal application.
Listed
Stocks
on
New
York
Stock
Exchange Feb. 1 $61,911,871,699, as Compared with
$59,878,127,946 Jan.
1—Classification
of
Listed
Stocks
As of Feb.
1, 1937 there were 1,216 stock issues, aggregat¬
ing 1,366,590,299 shares, listed on the New York Stock
Exchange, with a total market value of $61,911,871,699,
the Exchange announced on Feb. 3.
This compares with
1,212 stock issued, aggregating 1,360,349,902 shares, listed
on the Exchange Jan. 1, with a total market value of $59.-
860
878,127,946, and with 1,191 stock issues, aggregating 1,320,759,574 shares, with a total market value of $50,164,547,052
on Feb. 1, 1936.
The Stock Exchange, in its announcement
of Feb. 3, said:
to
ings
on
collateral amounted to $1,026,372,092.
the
therefore
Member borrowings-are not broken down
1.66%.
those only on listed share collateral from those
ratios usually
this date
on
all
that date
was
usual
.
fall
and the
ing sales
signs
Market
Aver.
Price
Value
Price
%
Chemicals
Building
Electrical equipment manufacturing-.
Foods
Rubber and
tires
.....
....
Farm machinery..
Amusements
....
Land and realty
Machinery and metals
Mining (excluding iron)..
.........
........
Petroleum
.......
.....
Paper and
publishing
......
...5.......
Retail merchandising
Railways and equipment............
Steel, Iron and coke
.........
Textiles
.....
Gas and electric (operating).........
Gas and electric (holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building...
......
Tobacco
.....
...
Garments
U. S. companies operating abroad
Foreign companies (lncl. Cuba & Can.)
All listed stocks
^ We give below
a
;
suggest, in
industries operations hold at the
most
of
disturbance
production
to
the
.
.
recovery
.
is through labor
now
raising coBts.
The strike against the
Corp. is itself important enough to check the business up¬
and
and
view
in
of
the
corporation's
industries in the recovery.
48.32
3,418,662,301
488,662,988
983,585,006
474,445,099
65,985,669
2.518,855,333
2,490,950,508
6,756,318,186
546,936,631
3,008,904,049
5,559.798,295
2.936,075,572
321,331,108
2,439,529,338
49.92
have
to
from such
all kinds,
supplies of
matter
of
business
a
this
of
the
corporation
all
industries
widespread
It
sources.
magnitude suspended.
87.49
is
a
If the
grave
activities
13.16
long paralyzed at its center, which is the assembly
o? finished automobiles, the effects will be felt, directly and indirectly,
41.62
in
30.33
42 36
In
35.79
the
32.60
in
45.20
and
all sections.
.
.
.
forward
buying has reached boom proportions
notably textiles, and a few of the commodity
present situation
recovery
29 72
19.34
r46.720.364
37.08
1,418,402,553
44.02
consider that
will
be
a
in
slackening of the
order
foundation
sounder
a
than
it
It gives
power.
has
had
in
York Federal
for
Reserve Bank Fixes
Minimum
Fees
Imposes Charge Effective Feb. 1 of $1.50 for Each
29.21
Transaction and Draft
In a circular dated Jan. 28, the Federal Reserve Bank of New
York notified all member banks and non-member clearing
banks in the Second (New York) Reserve District that on and
after Feb.l it would make "a minimum charge of $1.50 for each
transaction involving the receipt, delivery, or handling the
Average
Market
Value
Price
Value
Price
$37.98
40.88
charge of $1.50 for each draft with securities attached
Average
exchange
of
1935—
Feb.
1
Mar.
1
May
1
June
1
July
Aug.
1
1
Sept.
1
1
Mar.
1
transfer of, securities for
26.50
July
1
Aug.
1
29.76
Sept.
1
30.44
Oct.
1
58,507,236,527
43.36
cieved at its head office
60,019,557,197
44.26
non-member
59,878,127,946
61,911,871,699
44.02
the bank for the account of
Apr.
May
1
1
June
1
Oct.
1
40,479,304,580
30.97
Nov.
1
1
43,002,018,069
32.90
Dec.
1
Dec.
1
44,950,590,351
34.34
46,954,581,555
35.62
38.61
38.85
35.74
Jan.
1
Feb.
1
member bank but
45.30
public
clearing) bank, if the securities
on
Both will
board.
100%
a year
for
Troubles in Automobile Industry and Floods in
Ohio River Basin
"the labor troubles in the automobile
January," and that "in these respects the month
lias been unfavorable," the National City Bank of New York,
in its February "Monthly Letter," adds that "on the other
hand, trade and industrial reports continue excellent, allow¬
ing for these handicaps." The bank observes that "the slow¬
ing up is confined to the areas affected, and otherwise the
tinue
arc
business
to
news
gives satisfaction.
Merchants
con¬
for a good spring season, manufacturers
busy with full order books, and both are looking ahead
member of the
prepare
Ohio
Valley have of
still.
last
However,
year
brief.
of
such
brought
devastation
many
and
suffering
business activities to
the rebound' following the widespread floods in
supplies
Floods
caused
course
precedent for believing that
a
are
very
the damage usually
relief contributions,
spectacular,
and
for
a
the
stand¬
March
of
the interruption will be
that reason early
to be exaggerated.
in
In various
estimates
ways,
through
insurance, use of corporate reserve funds and
recourse
prove
a
domestic bank,
or
brokers, as
same
in accordance with
schedule of minimum
a
as specifically permitted.
The adoption of these regulations
by the Clearinghouse Committee has necessitated a review of our practice
with respect to the handling of securities.
On and after Feb. 1,1937, this Bank will make a minimum charge of $1.50
or
transfer^of,
securities for or upon the instructions of
securities do not
a
member bank if such
belong to such member bank but belong to,
by such member bank for account of,
or are
handled
a customer.
In order that o*ur practice with respect to handling drafts with securities
attached may be consistent with our revised practice with respect to hand¬
ling securities
make
a
received
as
hereinabove described,
we
will, on and after Feb. 1, 1937,
minimum charge of $1.50 for each
by/us
draft with securities attached
at our head office or at our Buffalo Branch from
a
member
(or non-member clearing) bank if such securities do not belong to such bank
but belong to or are handled by the bank for account of a customer; and our
Circular No. 856, dated July 2,1928, entitled "Collection of Maturing
and Bills, or Other Noncash
Notes
Items" (and particularly Section 3 of such cir¬
cular, entitled "Collection Charges") is hereby modified and amended ac¬
cordingly.
wise handling securities
In part, the bank continued:
have
(or other institution
deliver for
charges, except
labor situation."
which
or
New
and after Feb. 1,1937,
NewjYork Clearing House Association
regulations apply) shall receive
y.
floods
on
company, or other enumerated Institution or dealers
with confidence moderated only by the uncertainties in the
The
•
for each transaction involving the receipt, delivery, or handling the exchange
industry and the floods in the Ohio River basin have
naturally overshadowed other news of the business situa¬
detailed
January 28, 1937
We have been informed that regulations have been adopted
by the
ceiving and delivering the
tion during
was
defined in such regulations, any security without making a charge for re¬
Bank of New York Finds Trade and
Reports Excellent, Allowing for Labor
While noting that
Bank, which
in the Second Federal Reserve District:
no
The bank will lend money at 4 and 5%.
Industrial
handled by
Jan. 29, follows:
York Clearing House Committee to the effect that
trust
Ife
are
Charge for Handling Certain Securities
to which the
.
member (or
customer.
Circular No. 1729,
J*.1 The functions of the bank will be enlarged to give financial aid to small
l
a
re-
a
Amending Circular No. 856, dated July 2, 1928
farmers.and the salaried class, who have paid as high
City
Buffalo branch from
minimum
To Member Banks and Non-member Clearing Banks
day by airplane to reorganize the directorate in New York.
National
or
a
FEDERAL RESERVE BANK OF NEW YORK
Alfred Gini, Auditor of the Nicaraguan National Bank, to New York to¬
loans.
This follows similar action
The circular of the New York Reserve
President Anastasio Somoza sent Rafael Huezo, Assistant Manager, and
as
customer."
made known that effective Feb. 1 it would make
from the New York "Times" of Jan. 31:
new
a
belong to such
handled by such member
or are
38.00
p The following advices from Managua, Nicaragua, Jan. 30,
members of the
the instructions
40 30
40.56
Directorate in New York of Nicaraguan National Bank
to be Reorganized
serve as
belong to,
bank for account of
made
are
or upon
recently taken by the New York Clearing House, referred to
in our issue of Jan. 9, page 191.
The Reserve Bank also
37.35
1937—
1936—
1
or
member bank if such securities do not
27.78
24.70
23.73
25.77
Nov.
Jan.
a
$50,164,547,052
51,201,637,902
51,667,867,515
47,774,402,524
49,998,732,557
50,912,398,322
54,066,925,315
54,532,083,004
65,105,218,329
$25.29
$32,991,035,003
32,180,041,075
30,936,100.491
33,548,348,437
34,548,762.904
36,227,609,618
38,913,092,273
39,800,738.378
1
Apr.
any
Handling Securities of Members' Customers—
Market
Feb.
time
some
year.
New
39 04
two-year compilation of the total market
price of stocks listed on the Exchange:
men
industries
■»
68 09
value and the average
movement
recovery
36.97
45.30 59,878,127,946
the
38.22
30.92
goods
these lines adds to consumer purchasing
improvement in
other
25 57
247,023,357
1,812,475,921
37,246,455
919 538,493
consumer
tries
4,166.283,372 111.01
236,354,198 23.14
18.05
380,558,115
46.49
506,775,057
11 38
28,793,548
17 17
52,002,532
18.45
experienced business
in
pace
during 1937, it is unquestionable that the trend in the capital goods indus¬
is upward, and that in them no reaction need be apprehended.
The
34.92
38.48
the Industries,
few of
a
While many
65.41
1,878,965,233
are
markets
47 93
26.37
61,911,871,699
one
61.05
79.60
907,673 955
2,310.498,517
41.82
many
no
38 55
28.54
6,502.233,633
69.73
tHreat
stopping
Motors
swing,
43.86
151,350,780
248,681,331
1,855,683,982
39,668,993
984,125,122
1,426.096,752
...
..............
chief
General
Also,
leading position in one of the key
No other corporation in this country is directly
responsible for so much employment, counting its own payrolls and those
of its dealers, and no other buys such vast quantities of materials, parts
4,783.505,679
1,538,036,881
55,871,073
Miscellaneous businesses
Leather and boots
because in
labor difficulties will not interfere with
December rate, and unfilled orders are large,
The
troubles
$
6,139,023,767 46.38
1,521,327,740 26.53
6,649,478,222 81.40
1,009,129,657 52.02
2,593,659,779 68.53
3,519,105,584 39.29
53.11
523,100,831
1,023,188,314 91.01
497,257,013 31.31
14.85
74,465,075
2,610,343,154 43.70
2,476,491,044 42.10
6,907,548,460 36.56
589,612,634 34.08
3,094,625,042 44.86
5,620,151,172 48.44
3,239,858,222 72.00
336,924,876 31 17
2,456,654,427 35.11
19.89
1,932,727,935
4,140.913,066 110.33
243,534,027 23.84
19.24
410,169,765
514,468,238 47.07
12.71
26,635,622
Financial
upward price trend, but
an
'
trade reports
the
high
Aver.
of
confidently that
too
assume
As
a
prompt deliveries made during the depression are no longer
shipments.
Value
buying materials further ahead than in
feasible, and it is necessary to place orders for longer terms.
January 1, 1937
Market
have been
also
In all lines, buying policies are influenced not only by increas¬
industries the
can
Feb. 1, 1937
prices than a year ago; in some cases
has begun, considerably in advance of the
requirements
Manufacturers
,
Autos and accessories
per¬
buying season.
leng time.
therefore 1.76%.
In the following table listed stocks are classified
by leading
industrial groups with the aggregate market value and aver¬
price for each:
strikes and
also in sections affected by
and the
covering of
1, 1937 the Stock Exchange member total net
borrowings on collateral amounted to $1,051,425,161.
The
ratio of these member total borrowings to the market value
age
back
but elsewhere gains over last year have run into good
weather,
placing more orders and at higher
As of Jan.
on
is where
and probably this
future.
figures on balance are satisfactory.
There is evidence
that on the average merchants are looking for an increase in spring trade
of around 10% over 1936.
Wholesale business is off to an exceptional
start.
More buyers are in the markets than since 1929, and they are
listed shares and their market values.
of all listed stocks
for the early
been held
trade has
Retail
the work of reconstruction
Meanwhile,
labor and supplies,
requiring
done,
centages,
other collateral; thus these
on
be
situation.
immediate
emphasis belongs
bad
was
to separate
will exceed the true relationship between borrowings
the
on
to
is
The ratio of these member
on
part of the costs carried over to the future, to make them less
some
'
1937
spread out
burden¬
due to natural calamities are
losses of wealth
borrowing,
and
As of Feb. 1, 1937 New York Stock Exchange member total net borrow¬
total borrowings to the market value of all listed stocks
Feb. 6,
Chronicle
Financial
Our practice with respect to safekeeping, receiving, delivering, and other¬
owned by member banks is not affected by this
circular, and no charge for such transactions will be made by us except for
out-of-pocket expenses.
letters
or
It is requested that member banks indicate in their
advices transmitting securities to us whether such securities are
owned by such member
banks or by their customers.
also reminded that it is our policy not to accept for
banks any securities except
Member banks
are
safekeeping for member
those which are owned by such member banks.
GEORGE L. HARRISON, President.
Financial
Volume 144
Year
the Federal Reserve Bank of New York,
deductions, amounted to $3,699,000,
which compares with net earnings for 1935 of $4,336,000,
it is shown in the Bank's annual statement, issued Jan. 29
by George L. Harrison, President.
Current net earnings
of the Bank during the past year amounted to $3,096,000,
as against $5,195,000 in 1935; net
expenses during 1936 are
shown as $7,441,000, whereas in 1935 they totaled $7,936,000.
Total additions to current net earnings during 1936 (profit
on Sales of government and other securities) were $2,891,000,
against $2,760,000 in 1935, while deductions from current
net earnings totaled $2,288,000, in comparison with $3,619,000 the preceding year.
From the net earnings for 1936 the Bank paid dividends
to members of $3,037,000, paid $14,000 to the United States
Treasurer under Section 13-B of the Federal Reserve Act,
and transferred $648,000 to surplus under Section 7 of the
Act.
A year ago the Bank paid dividends of $3,411,000,
paid $64,000 to the United States Treasurer, and trans¬
ferred $861,000 to surplus.
During 1936 total assets of the New York Reserve Bank
increased to $4,449,759,000 Dec. 31 from $4,342,062,000
Dec. 31, 1935.
Reserves increased during the year to
$3,505,237,000 from $3,377,145,000, while holdings of
United States Government securities dropped to $645,243,000 from $741,883,000 at the close of 1935.
Total deposits
at the latest date amounted to $3,183,684,000, which com¬
pares with deposits on Dec. 31, 1935 of $3,254,054,000.
The following is the profit and loss account of the Bank
for 1936 in comparison with 1935, as contained in the annual
mittees, it
reported that their action came because of protests, par¬
was
give State non-member banks a competitive advantage over member
banks.
•
Board Defines Interest
In its definition of interest, the Board, as part
paying interest
of exchange
of pocket" expenses
other words, the
The
Federal
Deposit
Corporation,
Insurance
have the power to define interest, with the
tion,
State
Board,
banks from paying "out
in connection with demand deposits.
non-member State banks, however, according to
control
a
over
result that, under FDIO regula¬
apparently
could
banks
non-member
having
the FDIO lawyers did not
for
absorb,
example,
charges on the collection of checks.
According to the
State banks
member
"leeway" would give noncompetitive advantage over nember banks In at¬
bankers that
protesting
a
Proposals have been received in Congress
tracting the names of depositors.
either to give the FDIO power to
define interest in conformance with the
definition of the Federal Reserve Board
in connection with its existing
or to
limit the power of the board
definition.
Total
Earnings of St. Louis Federal Reserve Bank in
Reported at $1,863,000—Net Earnings of
$410,000 Compare with $200,000 in Preceding Year
1936
William McC.
Bank
of
Martin, President of the
Federal Reserve
St.
Louis, announced under date of Jan. 9 that
preliminary figures indicate that current earnings of the
Bank during 1936 amounted to $1,863,000,
of which $1,804,000 were on United States Government securities and
the remainder, $59,000, on discounted and purchased bills,
industrial advances and miscellaneous items.
Operating
bursements
received
Agency
and
reim¬
other
Cost of Federal Reserve
amounted to $1,312,000.
amounted to $91,000
currency
Board of
the
Fiscal
certain
for
deducting
1936, after
during
of the bank
expenses
of
(In thousands of dollars)
In
check-collection charges.
and
of the prohibition against
demand deposits, defined interest to include absorption
on
according to legal interpretation, prohibited the
expenses,
statement issued Jan. 29:
mention of the
ticularly from interior banks, that the result of the Board's regulation was
after all additions and
PROFIT AND LOSS ACCOUNT FOR THE CALENDAR YEARS 1936 AND 1935
no
background of the requests from the heads of the two Congressional com¬
to
Net earnings of
offlciaiyannouncement of the Board made
While the
Annual Statement of New York Federal Reserve Bank
—$3,699,000 Net Earned During 1936, Against
$4,336,000 in 1935—Expenses Lower During^ Past
861
Chronicle
and assessments for expenses
of the Federal Reserve System
Governors
$50,000. The addition of assessments for current ex¬
of the Board of Governors and the cost of Federal
Reserve currency to net operating expenses gives a total
net expense of $1,453,000, a decrease of $153,000 as compared
with the year 1935.
The announcement by Mr. Martin con¬
were
1936
$10,537
7,441
$2,678
2
Current net earnings
$5,195
$2,889
;
expenses
$13,131
7,936
$3,096
Earnings
Net
*1935
82
penses
tinued
Additions to current net earnings:
Profit
All other
:
Current
sales of government securities
on
...
_
.
earnings
compared with
Total
additions
Deductions from
$2,891
....
$2,760
ing the
items.
year
505
$1,349
1,079
Prior service contributions to retirement system
638
632
Assessment for building for Board of Governors
729
369
3
190
$2,288
$3,619
$3,699
$4,336
$14
$64
3,037
3,411
648
All other
.
Total deductions
Net
earnings
$60,000 to apply
government securities and $13,000 from miscellaneous
from
current
to be
net
earnings
include
an
assessment
of
the cost of the building for the Board of Governors of
on
authorized by the Act of June 19, 1934, which
the Federal Reserve System,
is scheduled
of $410,000 as
amounted to $321,000, of which $308,000 came from profits on
Deductions
861
$413
for contingencies
year
Additions to current net earnings dur¬
$200,000 in 1935.
sales of United States
reserves and
normal operations for the
from
current net earnings:
charge-offs on hank premises
Reserve
Special
$1,863,000 less total expenses of $1,453,000 leaves
earnings of
net
current
completed and occupied by the Board of Governors dur¬
ing 1937; $145,d00 for prior service contributions to the Retirement Sys¬
tem of the Federal
Reserve banks which will, be completed, under the
present schedule, by the end of
1939;
and $4,000 for other miscellaneous
purposes.
Paid United States Treasurer (Section 13-B)
Dividends paid
Transferred
*
to
Surplus (Section 7)
leaves
lows:
Effective Date of Definition of Interest Deferred Until
System
from Feb. 1 to May
1, 1937, of the effective date of the clause in its amended
Regulation Q defining interest on deposits.
The Board
has announced on Dec. 21, as noted in our issue of Dec. 26,
page 4079, that the clause would become effective on Feb. 1.
In postponing the effective date to May 1, the Board ex¬
plained that the action was taken at the request of Senator
Robert F. Wagner, of New York, Chairman of the Senate
Banking and Currency Committee, and Representative
Henry B. Steagall, of Alabama, Chairman of the House
Banking and Currency Committee. The Board said that the
extension was also warranted by the fact that "a number
of members of Congress are giving consideration to the ques¬
tion of the advisability of amending the law under which
the Board's regulation was issued."
The following is the Board's announcement:
Chairman Steagall, of the House Banking and Currency
Committee, and
Chairman Wagner, of the Senate Banking Currency Committee, have re¬
quested the Board of Governors of the Federal Reserve System to postpone
the effective date of the definition of interest contained in subsection
of section 1 of the Board's Regulation Q, which the
on
The Board, after careful consideration, had
but
now
the
Board feels that the
a
required the adoption
consideration to the question of the advisability of amending the law
which the Board's regulation was issued,
under
and desire additional time for that
has postponed from
Feb. 1 to May 1,
1937, the effective date of subsection (f) of section 1 of Regulation Q, which
contains the definition of interest.
In
commenting on the Board's announcement, Washing¬
advices, Jan. 30, to the New York "Hearld-Tribune"
of Jan. 31, said:
ton
year
of
deductions from current net earnings
$522,000 available for special reserves,
surplus.
member
banks,
This amount was
$226,000;
reserve
distributed
for
as
fol¬
contingencies,
1-3% in Reserve Requirements of Member
Federal
of
ing of Governors with Presidents of Reserve Banks
and
Meeting of Open Market Committee
Following the increase of 50% in reserve requirements of
member banks of the Federal Reserve System in August last,
the Board of Governors of the Reserve System announced on
Jan. 30 a further increase of 33 1-3%; one-half of the latest
increase is to become effective on March 1, and the other
half on May 1—this procedure being adopted "for the pur¬
pose of affording member banks," said the announcement
of the Governors, "ample time for orderly adjustment to
the changed requirements."
"This action," the announce¬
ment also states, "completes the use of the Board's power
to raise reserve requirements to not more than
twice the amount prescribed for member banks."
The
Board describes its present action as eliminating "as a basis
of possible credit expansion an estimated $1,500,000,000 of
excess
reserves
which are superfluous for the present or
prospective needs of commerce, industry and agriculture."
It is estimated by the Board that "after the full increase has
gone into effect, member banks will have excess reserves of
approximately $500,000,000,"—a sum sufficient "to main¬
tain 1 easy money conditions."
Reserve requirements for
.
.
.
are
increased
as
follows under the Board"
latest action:
demand deposits,
request which these two
of the fact that the
number of Members of Congress are giving
The Board, therefore,
and
and
Reserve System Announced by
Governors—Designed to Eliminate as
Basis of Possible Credit Expansion Excess Reserves
Estimated at $1,600,000,000—Action Follows Meet¬
of
member banks
reached the conclusion that
made should be granted in view
Board has been informed that
purpose.
(f)
Board on Dec. 21,1936,
Feb. 1, 1937.
the law and the existence of certain banking practices
definition
to
Board
Jan. 30 the postponement
announced would become effective
Dividends
Banks
The Board of Governors of the Federal Reserve
Chairman have
the
for
Increase of 33
May 1 by Board of Governors of Federal Reserve
System—Action Taken at Request of Senator
Wagner
and
Representative
Steagall—Amend¬
ments to Law Being Considered
of this
balance
to
$296,000,
+
on
a
additions
charge-offs, dividends
1935 figures have been revised to conform with 1936 report.
announced
these
Making
at banks in central reserve cities, from
19 X to
26%;.
At banks in
reserve
cities, from 15 to 20%.
At "country" banks, from 10M to 14%.
On time
deposits, at all banks, from 4H to 6%.
announcing its present action the Board repeats what
it said at the time of the 50% increase—viz: that it "will
operate to prevent an injurious credit expansion and at the
same
time give assurance for continued progress toward
full recovery."
Last week, on Jan. 25, the Governors of the
Reserve System met in Washington with the Presidents of
In
Financial
862
the Federal Reserve banks, and on Jan. 26 there was a meet¬
ing of the Federal Open Market Committee of the Reserve
System, headed by Marriner S. Eccles as Chairman.
A
survey of financial and economic conditions throughout the
United States was entered upon at the Jan. 25 meeting,
said advices from its Washington bureau to the New York
"Journal of Commerce" which added in part:
The nature of the discussion
was
not revealed by
the Board,
although
It was said that everything in the credit picture was touched upon—from
interest
to
reserves
excess
Earlier
rates.
themselves and it is said that this session
affecting
today
was
the
Presidents
mey
by
been much
has
talk
and surplus balances with other banks to meet a 33 1-3% increase in reserve
effect
on
member
bank
reserves
of
additions to the gold supply, and it is thought probable that the bankers
in
of relieving the situation.
means
a
The question of
reserves is
excess
banks
According to the same paper, the Open Market Committee
devoted the entire day, Jan. 26, to a discussion of the excess
and adjourned their session without
making any recommendations.
The Washington advices
the same day to the New York "Times" said in part:
"/•
Another
excess reserves of
the member banks of the Federal Reserve
The Open Market Committee was agreed that the Nation's credit base
expanding at
was
Some officials that excess reserves of
rapid rate.
a too
v;-,
■.
.
for action at this time is that,
as
stated by the Board
unused than to permit
a
credit structure to be erected
The available methods of absorbing excess reserves have been
under con¬
It has been decided that under present circumstances
sideration.
because
operations,
changes
should precede reduction in reserves through openchanges
in
requirements
all
affect
banks,
regardless of their reserve position, and consequently should be made while
reserves
widely distributed.
are
This action increases reserves requirements to the full extent
by law.
It is
the
not
present
of the
intention
authorized
Board to request from
Congress additional authority to absorb excess reserves by means of raising
requirements.
.
with approximately $500,000,000 of
It is the Board's expectation that,
remaining with the banks, credit conditions will continue
reserves
excess
At the same time the Reserve System will be in a position to
take promptly such action
conditions through open
as
may
be desirable to ease or tighten credit
market and rate policy.
previous increase in reserve requirements, the Board
In announcing the
billion dollars would be adequate to meet any reasonable expansion of
a
corre¬
them and then to withdraw the foundation of the structure."
to be easy.
level of about $2,130,000,000.
a
reason
while they are still
upon
official statement after the meeting, it was the opinion
are now at
with
balances
$123,000,000, of which
July, "it is far better to sterilize a part of these superfluous reserves
reserve
System which
their
$11,000,000 by banks in other reserve cities and only $2,300,000 by country
of experts that the Board would act in the next six weeks to curb the gradu¬
ally increasing
one-half of
than
more
banks.
situation,
was no
not
On this basis these 197 banks, in order to meet the full
would have needed an additional
$110,000,000 would have been needed by banks in central reserve cities,
market
While there
and
spondent banks.
requirements,
in reserve requirements
said to be outstanding in all discussions among bankers.
reserves
requirements by utilizing their present excess balances with the
reserve
reserve
today reviewed the action of the Treasury in sterling newly acquired gold
as
As of Jan. 13, the Board's survey indicates that only 197
of the 6,367 member banks lacked sufficient funds to meet such an increase
last
the
of
small number of member banks have more than sufficient excess reserves
a
requirements.
devoted largely to matters
administration of the banks.
There
Chronicle
:r". '
Vv:.
'/"7 ■77777' v;:"7 7V7-
business and speculative activity that might be expected within the next
said:
year.
prevailing level of long-time interest rates, which has been an
important factor in the revival of the capital market, has been due princi¬
pally to the large accumulations of idle funds in the hands of individual and
institutional investors.
The supply of investment funds is in excess of
the demand.
The increase in reserve requirements of member banks will
not dominish the volume of deposits held by these banks for their customers
and will, therefore, not diminish the volume of funds available for invest¬
ment.
The maintenance of an adequate supply of funds at favorable
rates for capital purposes, including mortgages, is an important factor in
bringing about and sustaining a lasting recovery."
Most experts regarded it as
the
reserve
likely that the Board would decide to increase
requirements rather than make a wholesale disposal of Govern¬
This thought came from statements of Secretary Morgen-
ment securities.
thau that the Treasury and the
Federal Reserve Board were in accord on
the credit and monetary program.
The announcement of the Board of Governors
on
Jan. 30
follows:
The
The Board of Governors of the Federal Reserve System today increased
requirements for member banks by 33 1-3%, as follows: On demand
reserve
deposits, at banks in central reserve cities from 19H to 26%; at banks in
cities, from 15 to 20%, and at "country" banks, from 103^ to 14%;
reserve
on
deposits, at all banks, from 43^ to 6%.
time
banks
ing member
For the purpose of afford¬
of business on March 1,
The
1937, and the remaining half will become effective
considerations
same
Board's
The following table shows
what the reserve requirements are at present,
what they will be from March
;y;
commencing May 1;
RESERVE
1 through April 30, and what they will be
V-
'■
REQUIREMENTS
apply with equal force at the present time.
not
Time Deposits
industrial and agricultural
at the same time
Mar.
May 1
Require¬
Through
and
Require¬
Through
and
ments
Apr. 30
After
ments
Apr. 30
After
im
22 H
26
Class of Bank *
Central
reserve
city.__.
1
15
17X
20
10^
12 H
14
4H
This action completes the use of the
raise
reserve
power
Along with the above announcement the Board of Gov¬
issued the following
Supplement to Regulation D,
governing reserves required to be maintained by member
ernors
authorizes the Board to change reserve
The
significance of this language is that it places responsibility on the Board
to
its
use
an
power
to
change reserve requirements not only to counteract
injurious credit expansion or
also
contraction after it has developed, but
By its present action the Board eliminates as a basis of possible credit
which are super¬
prospective needs of commerce, industry and
expansion an estimated $1,500,000,000 of excess reserves
fluous
for
the
present
or
in the Board's judgment, would result in an in¬
agriculture and which,
credit expansion
if permitted to become the basis of a multiple
expansion of bank credit.
The Board estimates that, after the full increase
jurious
into effect, member banks will have excess reserves of approxi¬
has gone
mately $500,000,000, an amount ample to finance further recovery
maintain easy money
conditions.
and to
At the same time the Federal Reserve
System will be placed in a position where such reduction or expansion of
member
bank
reserves
effected through
as
may
be deemed in the public interest may be
open-markec operations, a more flexible instrument, better
adapted for keeping the reserve position of member banks currently in
close adjustment to credit
needs.
As the Board stated on July
vious increase of reserve
banks
15, 1936, in its announcement of the pre¬
requirements, excess reserves then held by member
had resulted almost entirely from
rather than from the
the inflow of gold from abroad
System's credit policy.
Since that time the country's
gold stock has been further increased by a large inflow of
to
gold, amounting
Between the time of the banking holiday in 1933 and
$600,000,000.
gold from adding to the country's
banking reserves, the gold inflow aggregated approximately $4,000,000,000.
This inflow of gold had the effect of adding an equal amount to the reserves
of member banks as well as to their deposits.
The total amount of deposits
in banks and the Postal Savings System, plus currency outside of banks,
is
now
$2,000,000,000 larger than in the summer of 1929.
The present volume of
deposits, if utilized at a rate of turnover com¬
parable to pre-depression levels,
is sufficient to sustain a vastly greater
activity than exists today.
In order to sustain and expand
industry and agriculture, therefore,
require a more complete and productive utilization of existing deposits
rather than further additions to the amount now available.
The excess reserves of about $1,500,000,000 eliminated as a base of further
recovery,
the
country's
commerce,
expansion by this action
of money, in
stitute
an
could support an increase in the supply
the form of bank credit, which beyond any
Board announced its
business on March 1,
May 1, 1937.*
the action of the Board
Benjamin M. Anderson Jr.,
Economist of the Chase National Bank of New York, who
Among those commenting
on
of Governors this week is Dr.
quoted
was
as
follows in the "Times" of Jan. 31:
Anderson, who has advocated an increase, said it accomplished
Dr.
three things:
"It
uses
a
resource
now,
probably could not be used
of credit control which
boom had already started and a good many
if a real
if it
to be used.
were ever
"It reduces
excess reserves
manageable by
banks had allowed
"The method had to be used
reserves," he said.
to a
point where the problem becomes easily
the old measure of rediscount changes and open
market
operations.
"Reserve
requirements
had
placed
been
too
low
under
the
Reserve Act and the war-time amendments, and this made it
both
bank
changes in
"The
though
expansion and
Federal
possible for
bank contraction to move too violently with
reserves.
reserve
we may
ments on time
requirements
now
are
about where they ought to be,
still have to reconsider the matter of the reserve require¬
.v";;
deposits."
The
50% increase in reserve requirements last summer,
was announced on July 14, effective Aug. 15; reference thereto
appeared in our July 18 issue, page 356.
*
Effective at the opening of business on March
to be maintained by each member bank will
reserves
1, 1937, the requirements as tobe 75% above the requirements
prescribed by Section 19 of the Federal Reserve Act and, effective at the opening
of business on May 1, 1937, the requirements as to reserves to be maintained by
each member bank will be 100% above the requirements prescribed by Section 19'
of the Federal
Reserve Act.
twice
as
and balances with correspondent
the past.
All but
large as they have generally been in
Stock of Money in the
I-.■:
.
Country
issued theshowing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
The
Treasury Department at Washington has
customary monthly statement
Federal Reserve banks and agents.
are
for Dec.
The figures this time
31, 1936, and show that
the
money
in circu¬
(including, of course, what is held in bank
of member banks of the Federal Reserve System) was
lation at that date
vaults
against $6,465,632,968 on Nov. 30, 1936,
Dec. 31, 1935, and comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
of the World War, that is, on June 30, 1914, the total was*,
only $3,459,434,174. The following is the full statement:
$6,542,752,26.1,
as
and $5,881,525,846 on
time for action, because, as was t,he case
prior action last July, excess reserves are
widely distributed among member banks,
are
doubt would con¬
injurious credit expansion.
The present is an opportune
when the
banks
to each member bank at the opening of
as
for preventing acquisitions of
rate of business
credit
effective
1936, when the United States Treasury put into effect its
December 24,
program
Aug. 15, 1936: Provided, however, That one half of such increase shall be
on
themselves to be short of
anticipate and prevent such an expansion or construction.
to
established
by the supplement to Regulation D made effective at the close of business
each member bank at the opening of business on
under the law to raise
injurious credit expansion or contraction."
order to prevent
"in
Section 19 of the Federal Reserve Act and
of its Regulation D, the Board of Governors of the Federal
Reserve System increases by 33 1-3% the reserve requirements
6
5H
requirements for member banks states that when this power is used it shall
be
injurious credit expansion and
1937, and the remaining one-half of such increase shall be effective as to
19 of the Federal Reserve Act.
of the law which
section
the Board believes that the action
give assurance for continued progress toward full recovery.
6
•
requirements to not more than twice the amount prescribed
for member banks in Section
The
Board's
6
5H
4H
"Country"
May 1
'
4 X
Reserve city..
1
the part
needs for sound business,
credit.
In view of all these considerations,
taken at this time will operate to prevent an
Section 2(a)
Present
Mar.
volume of existing funds
of institutional and other investors in meeting the
Pursuant to the provisions of
Present
large
banks with Federal Reserve banks:
(PER CENT OF DEPOSITS)
Demand Deposits
the
reduce
advance in long-term interest rates or a restrictive policy on
an
of the opening of business on May 1.
as
does
action
available for investment by depositors, and should not, therefore, occasion
for orderly adjustment to the changed
ample time
requirements, one-half of the increase will become effective as of the opening
■
"The
I
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.
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Financial
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Tenders totaling $191,855,000 were received to the offering
of $50,000,000, or thereabouts, of 273-day Treasury bills,
dated Feb. 3 and maturing Nov. 3,1937, it was announced on
P
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863
Chronicle
$191,855,000 Bid to Offering of $50,000,000 of 273-Day
Treasury Bills Dated Feb, 3—$50,385,000 Accepted
at Average Rate of About 0.401%
"III
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Acting Secretary of the Treasury Taylor.
Of this
said, $50,385,000 was accepted. The
tenders to the offering, which were invited on Jan. 25, were
received at the Federal Reserve banks and the branches
Feb. 1 by
amount, Mr. Taylor
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of 0.401% is the highest at which an
bills has been sold since March, 1934.
Re¬
cent offerings have sold at rates of 0.361% (bills dated Jan.
27), 0.345% (bills dated Jan. 20), and 0.333% (bills dated
Jan. 13).
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,
99.760, equivalent to a rate of
Only part of the amount bid for at
The average price of Treasury bills to be
rate is about 0.401% per annum on a bank
discount basis.
to
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Eastern Standard Time, Feb. 1.
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thereof up to 2 p. m.,
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Feb.
| 5
taxation,
and any
other disposition thereof will also be exempt, from all
estate and inheritance taxes.
(Attention is invited to
except
Treasury Decision 4550, ruling
gift tax.)
Revised figures.
a
bills will be exempt, as to principal and interest,
gain from the sale or
ssapa
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10, 1937.
The Treasury
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horn* will be opened and public announcement
prices will follow as soon as
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receipt of tenders on Feb. 8, 1937,
the Federal Reserve banks or branches thereof up to
of the acceptable
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 sub¬
mitting tenders will be advised of the acceptance or rejection thereof.
Pay¬
ment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
the closing
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company.
all tenders received at
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bills applied for, unless the tenders are
by an incorporated bank or
accompanied by an express guaranty of payment
K
Immediately after the closing hour for
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without cash deposit from
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than three decimal places e. g.,
be used.
10% of the face amount of Treasury
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$1,000.
incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit of
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less than $1,000 will be considered.
amount
Tenders will be accepted
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the basis of 100, with not more
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In his announcement of Feb. 4 Mr. Taylor
Washington.
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to 2 p. m., Eastern Standard Time, Monday, Feb. 8.
Tenders will not be received at the Treasury Department,
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and will mature on Nov. 10, 1937, and on the
maturity date the face amount will be payable without inter¬
est.
There is a maturity of similar securities on Feb. 10 in
amount of $50,111,000.
Tenders to the offering announced this week will be re¬
ceived at the Federal Reserve banks, or the branches thereof,
2 8, S.
e.18
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Feb. 10, 1937,
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Acting Secretary of the Treasury Taylor.
The bills, to be
sold on a discount basis to the highest bidders, will be dated
I'¬
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A new offering of 273-day Treasury bills to the amount of
$50,000,000, or thereabouts, was announced on Feb. 4 by
that Treasury bills are not exempt from
the
No loss from the sale or other disposition of the Treasury bills
deduction, or otherwise recognized, for the purposes of
shall be allowed as a
Does not Include gold other than that
any tax now or
held by the Treasury.
hereafter imposed by the United States or any
of its pos¬
sessions.
b These amounts are not
Included In the total, since the gold or silver held as
security against gold and sliver certificates and Treasury notes of 1890 Is Included
under gold, standard sliver dollars, and silver bullion, respectively.
.v
Treasury Department
issue.
c
This total Includes credits with the Treasurer
$1,800,000,000
Exchange
Fund; $26,528,697 Inactive
reduction in weight of
Stabilization
gold; and $141,014,255 balance of increment resulting from
the gold dollar,
e
v
■
'
Includes $60,800,000 lawful money
\
deposits.
1 The amount of gold and sliver certificates
and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasury
g Includes money
United States.
held by the Cuban agency of the Federal Reserve Bank
Atlanta.
of
*
in circulation Includes any paper currency held outside the con¬
tinental limits of the Unit.ed States.
maintained In the Treasury—(1)
notes and Treasury notes of
as
a reserve
1890—$156,039,431 In gold bullion; (11) as security for
in the present flood crisis was proclaimed
President Roosevelt to permit the importation,
duty free, of food, clothing, and medical, surgical and other
supplies from foreign countries for use in relief work.
The
President acted under authority of the Tariff Act of 1930.
The emergency will continue until proclaimed ended by the
Feb. 1 by
President.
Following is the President's
EMERGENCY
dollars (these
TION
OF
DUE
TO
FOOD,
equal to the face amount of such silver certificates; and (lv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank. Federal Reserve
votes are secured by the deposit with Federal Reserve agents of a like amount of
BY
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 of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
in
which must be deposited with the Treasurer of the United States, against Federal
actual circulation.
"Gold certificates" as herein used Includes
Reserve notes in
payable In gold certificates.
and National bank notes are in process of retirement.
credits with the Treasurer of the United States
Reserve bank notes
Federal
FLOOD CONDITIONS—FREE IMPORTA¬
CLOTHING, AND MEDICAL, SURGICAL
FOR USE IN EMERGENCY WORK
SUPPLIES
AND
OTHER
THE
PRESIDENT
OF
THE
UNITED
STATES OF AMERICA
A Proclamation
•uch gold certificates.
40%, including the redemption fund
proclamation, made public
Feb. 2:
on
are
maintain a reserve in gold certificates of at least
Emergency in Flood
of Donations from
Entry
Foreign Countries
being canceled and retired on receipt); (111) as security for outstanding
•liver certificates—silver In bullion and standard silver dollars of a monetary value
notes
Free
An emergency
for United States
Treasury notes of 1890—an equal dollar amount In standard silver
Proclaims
Roosevelt
Disaster—Permits
h The money
Note—There Is
,
President
on
deposited as a reserve for Postal Savings
to arrive at the total amount of money in the
notice
bills and govern the conditions of their
of the United States payable In
gold certificates In (1) the Gold Certificate Fund-Board of Governors, Federal
Reserve System, In the amount of $6,036,425,938, and (2) the redemption fund for
Federal Reserve notes In the amount of $12,741,006.
d Includes
Circular No. 418, as amended, and this
prescribe the terms of the Treasury
Whereas
There have recently
occurred and are occuring disastrous floods
various localities in the valleys
of the Ohio and Mississippi rivers and
tributaries thereof, resulting in great
much sickness, suffering,
loss of life and property and causing
and privation among the residents of the striken
localities, making it necessary for
charitable, philanthropic, relief, and other
organizations to extend aid on a large scale to the flood sufferers;
And Whereas
Section 318 of the Tariff Act of 1930 (46 Stat.
provides:
696)
864
Financial
.
Whenever the President shall by proclamation declare an emergency to
exist by reason of a state of war, or otherwie, he may authorize the Secre¬
tary of the Treasury to extend during the continuance of such emergency
the time herein prescribed for the performance of any act, and
may au¬
thorize the Secretary of the Treasury to permit, under such regulations as
the Secretary of the Treasury may prescribe, the importation free of
duty
of food clothing, and medical, surgical, and other supplies for use in
[em¬
ergency relief work,
.
Now, Therefore,
■
I,
.
.
Franklin
D.
President
Roosevelt,
of
the
United
Chronicle
thousand
laboratories
by the foregoing provisions of section 318 of the Tariff Act of 1930, do
by this proclamation declare an emergency to exist, and I do hereby au¬
thorize the
Secretary of the Treasury to permit, dining the continuance
of such emergency
(the termination of which will be determined by the
deem necessary to meet the emergency, the
may
been made
about fifteen of
to
in
we
the
are
The second
of
numbers
the
on
function
coordination.
part
the
of
stricken
years
country,
When
it
become
children
children
is
case
carefully
is
of
parents
of
establishing
thousands
come
who
in such emergency relief work.
hand and caused the seal
my
You
of the United States to be affixed.
Done
the City of Washington this first day of February in the year
at
of our Lord nineteen hundred and thirty-seven, and of the
of the United States of America the
Independence
will
for
and
sent
You
By the President:
your
I^Oordell Hull, Secretary of State.
from
every
been
recently
and
crippled
to
to a nursing service
Some kind of help
clinic
or
is
or
a
office of
orthopedic
an
surgeon
to
or
State
a
obtained—perhaps
an
In many
corset.
new
a
or
The expense of
time.
these
of
or
paralysis and the research into its
the first
birthday
FRANKLIN D. ROOSEVELT
see,
infantile
tion
hundred and sixty-first.
one
of
have
attacked
careful medical examination gives helpful results.
therefore, that the Foundation has been putting the care
good advice
cases
believe
central office
brought to the attention of this
checked
society for the handicapped.
use
a
of letters
who
were
operation, or a new wheel chair, or a new brace
I have hereunto set
We
infected.
paralysis.
orthopedic hospital
an
or
from
parents
individual
the
coordination,
who
the form of
there
year
infantile
by
ago
taken
has
Every
from
or
children
of
right track.
prescribe, when imported for
Whereof
leading research
been
importation free of duty of such food, clothing, and medical, surgical, and
other supplies as he may designate andWder such regulations as he
may
In Witness
the
scattered
has
decrease
that
President and delcared by his Proclamation), within such limits and subject
to such conditions as he
hare
thruogh the country.
/
learned, much has been accomplished. While it is too
early to say that infantile paralysis, in its epidemic form, can be stopped,
we
hope that through new methods we can soon arrive at a substantial
Much
States of America, acting under and by virtue of the authority vested in
me
Feb. 6,
dollars
causes
on
a
80%
of
basi9
national
research and of the national
m
coordina¬
the proceeds
of these
parties.
giving tremendous help,
are
own
not only to
the crippled children of
community, but also to the fight against the continuance of
in the Nation. The work, with your help, is going on.
infantile paralysis
It will not
President
Roosevelt Thanks Nation for Aid in Fight
Against Infantile Paralysis—Calls Birthday Balls
"Finest Present You Could Give"—-Also Expresses
Gratitude for Contributions to Flood Sufferers
On
the
occasion
his
of
fifty-fifth birthday—Jan.
million^of'persons
wish that
attending the fourth annual birthday
until
some
day the disease itself is brought under control
aid has been rendered to alL
physical way might be found for me to come in
I am with you in spirit. I am
for the splendid work that you are doing, and I thank
from the bottom of my heart.
some
to each of your parties tonight.
person
grateful to you
you
balls held Jan. 30 throughout the nation, the proceeds from
which are used in the fight against infantile paralysis.
At the
proper
C; I
30—
Presides^ Roosevelt broadcast-his thanks to the several
cease
and
at
The main Birthday function In New York City was held
the Waldorf-Astoria, at which Mrs. James
Roosevelt,
mother of the President, was the guest of honor.
day
balls
were
throughout
held
the
in
5,000
some
or
The Birth¬
6,000 communities
country.
time the President also expressed his gratitude
to the nation for its "splendid" response to the call of the
Red
same
Cross for funds to aid flood sufferers in the Ohio and
Six-Year
Public
Works
Program Recommended to
Congress by President Roosevelt Based on Report
of National Resources Committee—Would Involve
Total
Expenditures of $5,011,362,237 of
Which
Mississippi Valleys.
President Roosevelt, himself a victim of infantile paraly¬
sis in
1920, in expressing his thanks for the "finest birth¬
day present which you could possibly give me," said that
the fight against the disease "will not cease until some
$2,750,000,000 Would be Applied to Flood Control
President Roosevelt, in a special message to
Feb. 3, urged the adoption of a six-year
Congress
day the disease itself is brought under control and proper
aid has been rendered to all."
The birthday balls have
ordinated public works, designed to provide for
aided
development
greatly in the fight, having provided funds for the
expansion of the Warm Springs, Ga., Foundation, of which
the President is head, for national coordination, of the
and
cases
The
research.
President
celebrated
his birthday at an informal
White House, attended by a group of
who accompanied him during his campaign in 1920 for
dinner party in the
men
the
Vice-Presidency.
The dinner was followed by story¬
telling before the fire place after which the President broad¬
cast his message, beginning dt 11:24 p. m.
President's address follows:
Vou
The text of the
participating in the finest birthday present which you could
possibly give me; and at the same time, you are participating in birth¬
are
day presents to
Because
parties tonight,
nake
personal
their
of
all
written
I
volunteers,
are numbered by the tens of thousands, I cannot, I regret,
acknowledgment to each and every one of my appreciation
unselfish
and,
thousands of children in every part of the country.
who have worked for the success of the
many
devoted
services.
addition,
in
and
me
cannot
I
take
thank
to
telegraphed
this
express
this
the
occasion,
made
Ohio
in
and
of heartfelt
whole
world
splendid
Valleys.
Truly,
touch
"one
know
that
forthcoming
the
flood
the Nation
response
of
makes
nature
the
dollar
every
necessary
from the rest
is
areas
national scale,
of
of
one
the
high
to
help
Nation.
the
flood
The appeal
for
effort
on
a
shall hope in the days to come to decrease the probability
disasters.
In the meantime, we proposed to
we
future floods and similar
of
meet
this
The
emergency.
problem of infantile
ate emergency.
It is with
paralysis is not in the
same
sense
an
immedi¬
of the three hundred and sixty-five
It is an insidious and perfidious foe. It lurks in un¬
us
every one
days of the year.
expected places and its special prey is little children.
form, in any community.
Springs
in
three
parties
a
very
years
not
national
whole
three
years
small
in
way
in part,
the
cost
problem
we
the
of
of
came
and
of
1934.
from
to
proceeds
at
paralysis.
As
that
itself far
more
Warm Springs,
this
the
and,
all
1937,
in
broader
the
the
will be
national
money
children
A
from these parties in
devoted
crippled'
by
been
the
in
study
work
of
developed
the
Warm
with the broad national
infantile
January 30, 1935, and in 1936
of communities
to the work
infantile
raised
at
Warm
paralysis.
has gone and
paralysis
within
were
devoted
Springs, but to
Seventy^ per cent of
goes
their
to
own
"the
care
of
communities.
committee
of doctors and of leading citizens determines how best that
shall be spent in each community. With that determination Warm
Springs has nothing to do.
money
The
other
first
is
of
medical
a
30%
of the proceeds goes primarily to two objectives. The
Through a special research commission, with the help
advisory committee, outright grants for nearly three hundred
research.
River
expenditure of $116,000,000 in the
areas
now
stricken
by flood.
money
In the Ohio
mended
the
River section, the National
(flood control)
The spending of $600,000 more
for
Most
and
Resources Committee
immediate expenditure of $500,000
expansion of previous
con¬
recom¬
"a continuation and
by the corps of engineers."
at Middlesboro, Ky., to construct levees
surveys
protecting property from flood ravages also was put before Congress.
In the Lower Mississippi Valley the committee
urged the spending
of $100,000,000
ects
in the next two years for constructing flood control
proj¬
approved by Congress last year.
The committee outlined $15,190,000 woch of other control
projects that
$85,350,000 for the deferred construction of
an
Ohio River flood
control project featuring fourteen reservoirs already authorized
by
Congress,
In his message Mr. Roosevelt
"develop
said that it is now time to
long-range plan and policy for construction—
a
to
provide the best use of our resources and
advance against any other emergency."
The President's message follows:
to prepare
in
To the Congress of the United States
During the depression we have substantially increased the facilities and
developed the resources of our country for the common welfare through
public works and work-relief
programs.
We have been compelled to under¬
take actual work somewhat hurriedly in the emergency.
on
thousands
not
problem of
which has
Mississippi
would go for improving dike and levee systems
structing new reservoirs.
were
from
section of the country who
and, in part, in studying the
the conclusion
concern
infantile
of
every
treatment
infantile
Warm
birthday parties
The
Lower
Washington said:
immediate
Behind that current spending was another recommendation for the
al¬
the
accommodations.
proceeds
and
for
lotment of
investigation
The first
30,
Therefore, with the birthday parties
the
Ohio
calls
program
Should be built along the Mississippi.
pioblem of infantile paralysis than with the work of taking care of only
a few
hundred1 children each year at Warm
Springs, with its necessarily
limited
The
know,
you
for necessary equipment
patients
Springs Foundation should
1927.
January
on
of
ago,
As most
treatment
care
afford
history?
undertook
ago,
used,
were
part for taking
could
little
a
Foundation
paralysis
held
you
accounts Feb. 3 from
It may appear in
epidemic
May I tell
orderly
,
be
friends in
our
Through national
emergency.
will
sufferers
an
the
country's resources and to; furnish
our people."
The President transmit¬
ted a report of the National Committee on Water
Resources,
suggesting a plan for Federal public works involving total
expenditures of $5,011,362,237.
The proposed expenditure
in the first year would be $1,058,568,650, with successive
decreases in following years to $753,733,438 in the sixth and
final year.
The report stresses the importance of floodcontrol projects to prevent such disasters as those in the
Ohio and Mississippi River valleys.
Of the total expendi¬
tures proposed, 24% would go to
irrigation, drainage and
flood-control projects.
Other percentages of proposed ex¬
penditures follow: streets and highways, 25%; buildings and
equipment,17%; soil conservation, 8%; slum clearance,
sewage, recreational projects, etc., 8%; forestry, game pro¬
tection and pest control, 6%; grade
crossing elimination,
6 %, and navigation aids 6 %. a.
Stating that the President in his message placed before
Congress a $2,750,000,000 plan for bulwarking the nation
against such floods as the current disaster United Press
of the
appeal has been generous and
of
on
co¬
"needed facilities for
to us from the
conies
kin."
The preliminary response to the Red Cross
I
have
who
appreciation without acknowl¬
answering the call of suffering which
Mississippi
thank you
to
thousands
me.
word
edging with pride and' with satisfaction the
has
therefore,
other
many
of
program
develop
use
a
of our
In
a
and to prepare in advance against any other
emergency.
previous message I have suggested a permanent planning agency
under the Chief Executive in order that,
works
Now it is time to
long-range plan and policy for construction—to provide the best
resources
proposals
bureaus to
a
may
filter from
the
among other
many
things, all public-
individual departments and
central
planning place and thence to the President. ;
I have also suggested to the Congress that following this course of
plan¬
ning the President will annually submit to the Congress a list of projects
which have been studied and approved, and, at the same
time, inform the
Congress, through the budget, of the total amount of Federal funds which
in his judgment should be appropriated for public works
fiscal year.
i
during the following
Volume
865
Financial' Chronicle
144
r
The list of public
(d) Each loan shall bear interest at the rate of 4%
works submitted by the President in the budget message
Sec. 3.
would, of course, be wholly advisory, for it is within the discretion of the
or to
add other
loans may
projects.
The report of the
National Resources Committee
be made under this Act, and
stated in the application therefor,
public works planning
on
per annum.
The proceeds of each loan made by the Governor under the pro¬
visions of this Act shall be impressed with a trust for the purposes for which
Congress to eliminate projects from this list, to alter the scope of projects
may
be used only for the purposes
and such trust shall continue, and the
which I submit today should, of course, be read in conjunction with the
proceeds shall be free from garnishment, attachment, or the levy of an
recommendations for
execution,
highways, bridges, dams, flood control, and
forth,
so
already under construction, estimates for which have been submitted in
the
Sec.
and also should be read in conjunction with other special
budget,
in
selection and priority of public works.
on
a
six-year program, based
The period of six years is ar¬
bitrarily chosen, and can, of course, be made to fit into annual future
appropriations made by the Congress.
The
also
report
contains
the
on
timing
As
summary
organization of
branch"^the
drainage-basin study is included in
a
list of projects involving the
fixed or final,
as
public
This
the report.
but rather indicates a great
forward step in the development of the planning process, considering not
project alone but the relationships between
one
of projects
a great group
Through the formulation and annual revision of
a
program
revision and adoption of the program by
appropriations under regular budgetary procedure,
and the provision of needed facilities for our
FRANKLIN
of all types
Congress and
timed in part in re¬
lation to economic needs, we can provide for the orderly
our resources
as
follows the report
per
loan, and may be
loans made pursuant to this
other fee not specified herein, shall be paid from the funds
any
visions
(a)
The Governor shall
of other laws
have power, without regard to the pro¬
applicable to the employment and compensation of
officers and employees of the United States, to employ and fix the compensa¬
tion and duties of such agents, officers, and
employees
as may
be necessary
the purposes of this Act; but the compensation of such officers
and employees shall correspond, so far as the Governor deems
practicable, to
the rates established by the Classification Act of 1923, as amended.
(b) Such agents, officers, and employees,
or any of
them, and the agents,
officers, employees, and facilities of the FCA available for
in connection
use
with loans made under the provisions of this Act or of prior crop production,
seed, and feed loan Acts of the
D.
vision of the
FCA,
same
general character, may be used by the
such terms and conditions
upon
determine; and such institutions
are
the Governor may
as
hereby expressly empowered to enter
into agreements with the Governor for such purpose.
(c)
For the
purpose
of carrying out the provisions of this Act, and for
collecting loans made under other Acts of the same general character, in¬
people.
cluding loans made by the Governor with funds appropriated by the Emer¬
ROOSEVELT.
Appropriation Act, fiscal
gency
Committee summarized in part
Which the President submitted:
Basing its recommendations
nor
secure
herein authorized to be appropriated.
development of
The White House, Feb. 3, 1937.
The National Resources
(including certificates) shall not exceed 75 cents
Governor to perform services for any institution operating under the super¬
dealing with water use and control.
of construction,
Act,
is not to be regarded
uses of water
the report itself notes,
as
Fees for recording, filing, registration, and examination of
(b) No fees for releasing liens given to
to carry out
government.
example of the kind of reservoir of projects constituting the six-
an
program,
year
of
I have already referred to this in my message
relating to the reorganization of the executive
v
Sec. 5.
*
recommendations
works and division of costs in their relation to necessary
future continued planning.
^
V..
(a)
paid from the proceeds of the loan,
few days.
a
Resources Committee submits
The National
4.
records
reports, such as the report of the Great Plains Committee, which I expect
to submit to Congress
until such proceeds have been used by the borrower for such
v
purposes.
1935, or the Emergency Relief Ap¬
year
propriation Act of 1935, the Governor is authorized also to
and services of any agency or corporation operating
use
the facilities
under the supervision of
the FCA, and of any officer or employee of any such agency or
institution, or
the experience of the Army Engineers
of the FCA, and may pay for such services and the use of such facilities from
with river and harbor projects, the Public Works Administration and the
the funds made available for the payment of necessary administrative ex¬
Federal
penses,
mittee
Employment
on
Stabilization
Office,
the
National
Resources Com¬
recommends:
(a) Formulation and annual revision of a six-year program of Federal
construction;
(b) Revision and adoption of this list of approved projects by the Congress;
(c) A lump sum annual appropriation under regular budget procedures
for expenditure on thase approved projects;
(d) An allocation of these funds to appropriate construction agencies by
a permanent public works or development agency.
To effectuate this
policy the Committee recommends the creation of
permanent
public works organization based
PWA and
the
works
or
FESO.
national
and
local
on
development
organization,
the existing powers of the
as
outlined
by
and the allotment of funds
Federal
to
State
and
non-
Federal agencies.
a
any
willfully
board
be provided to meet the public works expenses needed during
period.
given
The Committee holds that advance programming of
which, with annual revision, will provide
can
a
reservoir of selected projects
be utilized in periods of economic depression.
Six-year
the proceeds of any loan:
(1) For any purpose other than those specified in the application there¬
(2) For the
fallowing, or for the planting, production, or har¬
purpose of
vesting of any crops on, any land other than that described in his application
for such loan.
(b) It shall be unlawful for
sentation for the purpose
any person to
make
any
programs
posing of, except for the account of the Governor, any crops or other prop¬
of this Act.
It shall be unlawful for any person to charge or accept a fee for pre¬
(c)
paring or assisting in the preparation of any papers of an applicant for a loan
under the provisions of this Act.
(d) Any person violating
upon
any
provision of this section of this Act shall,
conviction thereof, be punished by a fine of not more than $1,000, or by
imprisonment for not more than six months, or both.
for State and municipal public works are also recom¬
mended by the Committee.
Sec.
7.
money in
There is hereby authorized to be appropriated, out of any
(a)
the Treasury not otherwise appropriated, the sum of $50,000,000
for the purpose of enabling the Governor to carry out
President Roosevelt Signs Bill Authorizing $50,000,000
for
Feed and Seed
Loans to Farmers—Text
of
4
on
,
used by
(c) Expenditures for printing and binding necessary in carrying out the
provisions of this Act may be made without regard to the provisions of
section 3709 of the Revised Statutes.
Approved, Jan. 29, 1937.
President Roosevelt Urges
Legislation by Congress to
Government of Art Gift
of Andrew W. Mellon—In Special Message Calls
Collection "One of Finest and Most Valuable"
[H. R. 1545]
AN ACT
To provide for loans to farmers for crop production and harvesting during
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled. That the Governor of the Farm
Administration, hereinafter in this Act referred to
as
the Governor, is
hereby authorized to make loans to farmers In the United States (including
Hawaii and Puerto Rico), for fallowing, for planting, for cultivation, for
production of
sary to such
crops, for
production
such purposes.
harvesting of
or
crops, for
In
supplies incident and
harvesting, and for feed for livestock, or for
neces¬
any
of
Such loans shall be made and collected through such agen¬
Congress on Feb. 1 President
of legislation enabling
by the United States of Andrew W. Mellon's
art collection.
Mr. Mellon, former Secretary of the Treas¬
ury, tendered his collection, valued at $19,000,000, to the
government in letters exchanged between himself and Presi¬
dent Roosevelt, which were made public on Jan. 2.
Mr.
Mellon also offered to construct a building in Washington,
at a cost of approximately $8,000,000, to house the collection.
Previous
Governor may prescribe.
Jan.
Sec. 2.
(a)
No loan shall be made under this Act to
any
applicant who
shall not have first established to the satisfaction of the proper officer or
employee of the FCA, under such regulations as the Governor may prescribe,
that such applicant is unable to procure from other sources a loan in an
amount
reasonably adequate to meet his needs for the
purposes
for which
loans may be made under this Act; and preference shall be given to the ap¬
(b) There shall be required
as
security for any such loan a first lien, or an
harvesting,
or
both, is to be financed, in whole or in part, with the proceeds
of such loan; or, in case of any loan, for the
purchase
or
production of feed
for livestock, a first lien upon the livestock to be fed.
message
to
recommended the passage
reference
to
the
offer
made in
was
our
of
issue
16, page 385.
In urging Congress, on
Feb. 1, to pass the necessary legis¬
Mr. Mellon's "magnificent gift,"
President Roosevelt said that "the works of art thus offered
lation for the acceptance of
to
the
government constitute
one
sonian
sional
the
I
(c) No loan made under the provisions of this Act to any borrower shall
the
finest
and
most
Attorney General and the trustees of the Smith¬
Institution
committees
are
willing
to
cooperate witb Congres¬
formulating the required legislation.
in
The President's message
To
of
He also advised Congress
valuable collections in existence."
that the
plications of farmers whose cash requirements are small.
agreement to give a first lien, upon all crops of which the production or
by
the acceptance
cies, upon such terms and conditions, and subject to such regulations, as the
/
Acceptance
special
a
Roosevelt
the year 1937, and for other purposes.
making and collec¬
tion of such loans.
Permit
IChapter 7—1st Session]
and
made under this Act may be
the Governor for making loans under this Act, and for all necessary
administrative expenses incurred in connection with the
Jan. 29:
[Public—No. 3—75th CongressJ
Credit
The moneys appropriated in pursuance of subsection (a) of this sec¬
(b)
all collections of principal and interest of loans
Jan. 29
signed the bill passed by
Congress last week authorizing the Farm Credit Administra¬
tion to make feed and seed loans to farmers during 1937 in an
amount up to $50,000,000.
The loans, to bear interest at
the rate of 4% per annum are limited to $400 to an one bor¬
rower, except in extraordinary cases where larger loans are
justified.
Passing of the bill by Congress was referred to in
our issue of Jan. 30,
page 703.
The following is the text of the bill as signed by the Presi¬
on
the provisions of this
Act.
tion, any amounts collected for services rendered under section 5 (b),
Measure
President Roosevelt
dent
material false repre¬
of obtaining, or assisting another to obtain, a loan
Act; or willfully to dispose of, or assist in dis¬
under the provisions of this
public works will result in the development of consistent six-year programs
which
Except with the written permission of the Governor or his
(a)
use
for; or
fiscal advisory committee to advise as to the manner in which public
funds shall
of such
erty upon which there exists a lien securing a loan made under the provisions
The Committee also urges a permanent advisory national resources
and
6.
duly authorized representative, it shall be unlawful for any borrower to
Com¬
the
and annual revision of six-year public
negotiation for division of costs between Federal,
governments
Sec.
agreements with the Governor for the accomplishment
and to perform the services provided for therein.
purposes
a
The functions of this proposed permanent public
mittee, would include preparation
works programs,
and such agencies and institutions are hereby expressly empowered to
enter into
follows:
Congress of the United States:
commend
to the
consideration
the Congress the matter of
of
enacting
which, together
appropriate legislation to effect the acceptance by the United States of the
with the unpaid principal of prior loans so made to such borrower in that
magnificent gift referred to in my recent exchange of letters with AndTew
exceed $400, nor shall
year,
a
loan be
so
made in any calendar year
shall exceed $400 in amount: Provided, however, That in any area
certified by the President of the United States to the Governor
emergency area, the Governor may make loans
going limitations
as to amount,
and in such amounts
as
as a
distressed
without regard to the fore¬
under such regulations, with such maturities,
he may prescribe.
W.
in
Mellon.
The
conditions
under
the correspondence, copies of
The works
of
art
thus
valuable collections
finest
and
of the
highest standard of quality.
most
which
which
offered to
are
the
gift is tendered
in
are
transmitted herewith.
the government
constitute
out
set
v
one
of the
existence, containing only objects
866
It
is
donor
Financial
with
of
sense
satisfaction
the
and
splendid
keen
a
collection
that
will be
benefit
and
enjoyment
of
submit
this
matter
The
the
the
the seat
at
generous
such
that
to
years
a
the
for
government
our
of the
purpose
knowledge
of
people during all the
our
General
Attorney
have conferred
with
conies
placed1
the
to
appreciation of the
that I
come,
and
the trustees
of
the
Smithsonian
Institution
will be glad to discuss
House, Feb.
not
considered.
Branch
of
Congress Recom¬
Reorganization
of
to
Government—Power
Membership of Supreme Court
Sought—Additional Judges For
Courts Also Proposed
Justices
Federal
the executive
mendation
to
to reorganize the administrative
program
branch of
the
Government.
our
Congress in regard
I
make
now
affairs
machinery of
recom¬
the judicial branch of the Govern¬
to
The Constitution provides that the President "shall from
to their consideration such measures as
No
he shall
time to
of the President to advise the
he deems such information
It is therefore the duty
Congress in regard to the judiciary whenever
recommendation necessary.
or
I address you for the further reason
courts and
and in the formulation of rules of practice and procedure.
The judiciary has often found itself handicapped by insufficient
personnel
the physical
growing and
a
complex business.
more
It is true that
facilities of conducting the business of the courts have been
greatly improved, in recent
through the erection of suitable quarters,
the provision of adequate libraries and the addition of subordinate court
officers.
years,
minor part in the
a
processes
district or a circuit Judge failed to
be promptly and adequately discharged.
by reason of mental
physical disability of perma¬
or
The discretionary and indefinite nature of this legislation
character."
nent
No President should be asked
ineffective.
has rendered it
determine
to
the ability or disability of any particular Judge.
or
duty of
judge involves more than presiding or listening to testimony
a
It is well to remember that che mass of details involved in
arguments.
the average of law cases today is
20 years ago.
even
and
of
be read; Statutes, decision
must
technical, scientific, statistical and economic
a
searched and studied;
be
must
vastly greater and more complicated than
Records and briefs
material
extensive
nature
opinions must be formulated and
The modern tasks of judges call for the use of full energies.
Modern
of justice.
Complexities Call For
Modern
and in private
avoid
to
Constant Infusion of New Blood In Courts
complexities call also for a constant infusion of
the courts, just
as
A lowered mental
business.
examination
an
physical vigor leads
or
of complicated and changed conditions.
by little new facts become blurred through old glasses fitted,
is the same
it
as
blood in
new
it is needed in executive functions of the Government
for the needs of another generation;
was
older
men
Little
it
were,
assuming that the
men,
scene
as
in the past, cease to explore or inquire into the present
the future.
or
But in many ways these are merely the trappings of
judicial office.
They play
a
Judge over seventy "is unable to discharge efficiently all
incumbent
the
It is, therefore,
functioning of the Federal judiciary.
with which to meet
that when
in the
vests
judicial offices
of the definite duties of the Congress constantly to maintain the effective
one
in
finally passed providing that the President "may"
was
the duties of his office
written.
that the Constitution
Congress direct responsibility in the creation of
law
a
the situation,
70, an additional Judge be appointed in order that the
of the court might
1919
The
time
judge necessary and expe¬
else is given a similar mandate.
one
mended to the Congress
To meet
the Attorneys-General then in office recom¬
1915, and 1916,
1914,
In
20th century and the great increase of population
appoint additional district and circuit Judges, but only upon finding that
similar
a
being
measure was
Judge refused to retire
The proposal passed the House but was
introduced in the Congress.
were
15
to
a
and the growth of a more complex type of litigation, similar
commerce
1913,
Lower
give to the Congress information of the state of the Union, and recommend
dient."
proposed that when
Senate.
retire at the age of
ment, in order that it also may function in accord with modern necessities.
!
then
was
to
I have recently called the attention of the Congress to the clear need for
a*comprehensive
It
With the opening of the
proposals
Message of President Roosevelt
mending
Legislation
For
Increase
Thatjgw, still in force, has
j$£ire on a pension.
reaching the age of 70, an additional judge should be appointed to
upon
eliminated in the
ROOSEVELT.
to be tenacious
seem
proved effective in inducing aged judges to
and
Judicial
"They
6, 1937
The voluntary retirement law of 1869
adequacy."
appearance of
provided, therefore, only a partial solution.
1937.
1,
infirmities.
own
assist in the work of the court.
FRANKLIN D.
-
The White
of the
their
This result had been foreseen in the debates when the
with representatives of the donor and
,
Feb.
often unable to perceive
Congress.
legislation with the appropriate committees.
necessary
Chronicle
We have recognized this truth
in the civil service of the nation and of
States by compelling retirement on pay at the
many
age
We have
of 70.
Since the earliest days of the Republic, the problem of the
personnel of
the courts has needed the attention of the Congress.
For
recognized in the army and navy by retiring officers at the age of 69.
the beginning, ov6r repeaced protests to President
Washington, the Justices
of the Supreme Court were required to "ride circuit" and, as circuit
compulsory retirement of aged judges.
example, from
number of States have recognized
justices,
hold trials throughout the length and
to
which endured
over
a
century.
Changes Affecting
In
almost
Supreme
Court Since Establishment In
decade since
every
Court
1789,
of
altered
increased to
was
increased to
was
been
ten
increased to nine in
The simple
one
in 1807; it
seven
in
1863; it
was
today
new
fact is
before
complexities,
have
been
the
duties
and
way
made
of
another.
or
1789; it
by the
judges
The
in
increased to nine in 1837;
was
reduced to
in
seven
1866; it
that
a
them.
A
the delays,
judiciary is insufficient
growing body of
citizens
our
meet the
to
complain of the
United
Attorney-General, which I submit herewith, justifies
court results
It makes lawsuits
who
impression created by
common
over¬
our
accept
luxury available only to the few who
a
Poorer litigants
inadequate
or
are
long litigation.
Only by speeding
of the law and thereby reducing their cost
cases
of
are
original actions
chiefly
are
are
expedited
can we
up
the
eradicate the
and
same effect.
Moreover,
reduced, the volume of work imposed
of speedier
on
the recommendation which
And still
for
message
the quicker
Its
difficulties in
this respect
Under Heavy Burden
were
superficially lightened
some
by authorizing the court, in its discretion, to refuse to hear appeals
in many classes of cases.
This discretion was so freely exercised that in the
although
867 petitions for review
Supreme Court, it declined to hear 717
Government
are
excluded,
it
appears
that
litigants to prosecute appeals in only 108.
Many of the refusals
were
full justice is achieved when
the
is forced
presented to the
of
•
But
permitted
may
of
additional
an
additional
private
also
power
of the
Over 70
the
capacity
Twenty-five of them are
eligible to leave the bench
allowance
national
Circuit
care
The Supreme
to appoint an administrative assistant who
or
The
District judge hereafter appointed in order that he
long as needed in any circuit or district where the
I
carefully considered draft of
a
a
courts are
proposed bill, which, if enacted,
confident, afford substantial relief.
am
contains
a
limit
a
on
total
the
limit
on
suggest
any
form
of
The proposed
of judges who
number
the potential size of any
one
measure
might thus be
of
our
Federal
They do
compulsory retirement for incumbent
their judicial work would be able to
do
gestion in the business of our courts.
and great
judges.
so
under less physical and mental
If,
con¬
are men of eminence
the other hand, any Judge eligible for retirement should feel that
on
his court
retire
in relieving the growing
Among them
ability whose services the Government would be loath to lose.
or
would suffer
because of
an
increase in its membership,
he may
resign under already existing provisions of law if he wishes
In this connection let me say that the
Justices
of
the
Supreme
Court
so
to
pending proposal to extend
to
the same retirement
privileges
now
available to other Federal judges, has my entire approval.
Cites Conflicting Decisions
In Trial and Appelate Courts
Constitutional
Issues
One further matter requires
on
«
immediate attention.
of
a
sufficient
the judges
number
of
themselves.
judges to
This
brings
and indeed,
was
on
now
Originally
provided by the Congress.
among
beyond their years of physical
small.
were
years
When after
As
with
other
No alternative had
men,
cases,
of
course,
Judges,
mental
a
many
one
group
An act valid
Thus rights
of citizens may be denied to others.
practical matter this means that for periods running as long as
or
two years or
As
one
a
year
three years—until final determination can be made by the
Supreme Court—the law loses its most indispensable element—equality.
Moreover, during the long processes of preliminary motions, original trials,
Their
petitions for rehearings, appeals, reversals on technical grounds requiring
re-trials, motions before the Supreme Court and the final hearing by the
or
capacity.
them except
edge of the
like
advanced age full mental and physical vigor.
by one Judge in one district; it is simulta¬
judicial circuit is invalid in another judicial circuit.
fully accorded to
one
responsibilities and obligations
been open to
to perform the duties of their offices to the
very
exceptional
welter
courts
the entire administration of justice dangerously near to dis¬
of age
80 years of
on
a
A Federal statute is held legal
in
no pension or retire¬
judges to cling to their posts, in
salaries
accumulated.
70
over
Such
judicial opinion has brought the law, the
repute.
judge¬
history the Congress made provisions for pensions it found
tradition
legislation.
neously held illegal by another Judge in another district.
held by judges
full pay.
We have witnessed
in both trial and appellate courts
the constitutionality of every form of important
of uncomposed differences of
instances far
In
truth
a
Congress provide machinery for taking
strain and would be able to play a useful part
the
Years of Age
problem of obtaining
is
cases
well-entrenched
I
be
to
He would be charged with the duty of watching
a proctor.
appointed and also
be said that
In the Federal courts there are in all 237 life tenure permanent
our
seems
courts.
applications.
yet one which requires frank discussion.
ment
This
arrears.
I attach
forward the question of aged or infirm judges—a subject of delicacy and
and
can come
the crowded state of the
long-standing congestion in the lower courts.
or
may serve as
it
Tenure Permanent Judgeships In Federal Courts
27
ships.
in
judge is indispensable.
the spectacle of conflicting decisions
part
Judge
be contradicted.
not
be called
explanation, to hear
even an
providing for the appointment
clear, therefore, that the necessity of relieving present congestion
237 Life
A
of Judges
Chief Justice thereupon should be authorized to make a temporary assign¬
extends to the enlargement of the capacity of all the Federal courts.
dispose of
Number
In
the calendars and the business of all the courts in the Federal system.
do.
can
an
can
cent of the cases presented to it by private litigants ?
seems
Increase
I also recommend that the
of 803
out
by the sheer necessity of keep¬
ing up with the business to decline, without
87fper
court
cases
doubtless warranted.
a court
were
If petitions in behalf of the
cases.
some
supplement
to
Indeed, those who have reached the retirement age but desire to continue
years ago
last fiscal year,
ever-changing world.
elder Judge is not in fact incapacitated, only good
an
presence
Court should be given
not
Says Supreme Court Labors
burden.
an
and experience, that
These proposals do not raise any issue of constitutional law.
Even at the present time the Supreme Court is laboring under a
heavy
► It
If
the
of sudden
determination of constitutional questions by the highest court.
.
reason
dockets; if the capacity of an elder Judge is in fact impaired, the appoint¬
the Circuit Courts of
work would be added by
more
con¬
courts
incumbent judges of retirement age who do not choose to retire or to
from
would,
I make later in this
impair
A
of
justice in the courts below will enlarge the
task of the Supreme Court itself.
designed to
might
of additional Judges in all Federal courts, without exception, where there
in
existing accumulations
was
static judiciary.
them to recognize and apply the essential concepts of
therefore, from both
obvious,
ment of any
haven for the well-to-do.
a
Appeals will further increase.
The attainment
a
blood will vitalize the
younger
number of Judges be supplied by legislation
afford them
compelled to abandon valuable rights
Delays in the determination of appeals have the
trials
can
unjust settlements because of sheer inability
growing impression that the courts
if
addition of
Recommends
which
to protect which are sufficiently large to
to finance or to await the end of a
processes
Constitution,
influences which
I therefore earnestly recommend that the necessity of an increase in the
ment
in injustice.
have property interests
the cost.
to
or
or
provision must be adopted, which will operate automatically
States
crowded Federal dockets—and it proves the need for additional
judges.
any
by the
beyond temptations
the work of older Judges and accelerate the work of the court.
are
and the expense of litigation in
by reasoning and statistics the
repay
It is
resign.
A letter from the
or
better equip
was
need for legislative action arises
courts.
Delay in
Judges, assured
justice in the light of the needs and the facts of
Supreme
reduced to five
was
and
courts
and systematic
stant
1789
of
tenure
the
judgments: it was not intended to create
1869.
because the personnel of the Federal
business
changes
Judges
in
established with six members in
was
in}1801; it
it
have
courts
Life
place
their
Congress whereby the numbers
Federal
breadth of the land—a practice
A
it by providing in their constitutions for
other
Those not
to attempt
so
retain
highest tribunal—during all this time labor, industry, agriculture, commerce
and the Government itself go through an unconscionable period of
grave.
men,
to
an
fortunate are
tainty and embarrassment.
long processes
uncer¬
And it is well to remember that during these
the normal operations of society and government
are handi-
Volume
capped in
and
Financial
144
clear guide for the dispatch of
any
Finally,
brought to a complete
automatically, some¬
and not infrequently in
find the processes of government itself
we
stop from time to time by injunctions issued almost
times
without
even
notice
the Government,
to
should be granted
only in those rare cases of manifest illegality and irreparable damage against
which the ordinary course of the law offers no protection.
Statutes which
the Congress enact are set aside or suspended for long periods of time,
principle of equity that injunctions
clear violation of the
even
in
to which the Government
cases
difficult for the ingenious to
legislation or its
application.
While these questions are laboriously brought to issue and
debated through a series of courts, the Governments must stand aside.
It
matters not that the Congress has enacted the law, that the Executive has
signed it and that the administrative machinery is waiting to function.
Government by injunction lays a heavy hand upon normal processes and
no important statute can take effect—against any individual or organization
with the means to employ lawyers and engage in wide-flung litigation—
until it has passed through the whole hierarchy of the courts.
Thus the
judiciary, by postponing the effective date of acts of the Congress, is assum¬
ing an additional function and is coming more and more to constitute a
scattered, loosely organized and slowly operating third House of the
attacking the validity of new
for
reasons
of his
the
proposed
Government
In
decades.
but
also
Territorial.
The
ships that engaged
within
war
views and
some
the
to
Now,
an
Recommendations
that
as
decision,
no
judgment or decree on any constitutional
injunction,
without previous and
for the United
and be heard.
This is to prevent court action
on the constitutionality of acts of the Congress in suits between private
individuals, where the Government is not a party to the suit, without
giving opportunity to the Government of the United States to defend the
question
be
promulgated
by
Federal
any
court
ample notice to the Attorney-General and an opportunity
States to present evidence
law of the land.
I
earnestly recommend that in cases in which
also
instance
determines
that there shall be
and that such
a
direct and immediate appeal
quality,
uncertainty
and
to
disposition of vital questions or
in the
delay
constitutionality arising under our fundamencal law.
the courts find
the Congress and the Executive
well, must do all in their power to bring the judicial organization
to the high standards
personnel
and
of usefulness which sound and efficient
government and modern conditions require.
This message has dealt with
First,
as
a
four present needs:
eliminate congestion
to
of calendars and to make the judiciary
and systematic addition of new blood
whole less static by the constant
to its
personnel;
Second, to make the judiciary more elastic by
transfers of circuit and district judges to
providing for temporary
those places where Federal courts
most in arrears;
are
Third, to furnish the Supreme Court practical assistance in supervising
the conduct of business in the lower courts;
Fourth,
•
uncertainty
inequality,
eliminate
to
in the determination of Constitutional
If
increase the
we
and
delay now existing
questions involving Federal statutes.
personnel of the Federal courts so that cases may ba
promptly decided in the first instance, and may be given adequate and
infusion
of
entire Federal
Government participation in the speedier con¬
judiciary; and if
we assure
questions, we shad
sideration and final determination of all constitutional
go a
President shall
addition
in
to
long
If these measures achieve their
toward our high objectives.
way
fundamental
changes in the powers of the courts or the Constitution of our Government—
changes which involve consequences so far-reaching as to cause uncertainty
the wisdom of such
materials,
attempt
A
group
New
•
Policy—Resolution By Senator
President
Give
Wide
Powers-
of 30 Representatives on Feb. 2 issued a state¬
and ammu¬
and loans to belligerents, a "cash-and-carry"
trade policy with belligerents, and other features of the
program proposed in the Senate.
trality legislation, including embargoes on arms
nition exports
Independent Offices Appropriations
$1,046,757,143 Authorized for Next
Fiscal Year Represents Increase of $78,601,558
The House withort a record vote on Feb. « passed the
House
Approves
of
Bill—Total
Independent Offices Appropriations Bill, carrying $1,046,757,143 in appropriations and authorizations for the fiscal
year ending June 30,1938 for almost 40 independent agencies,
bureaus and commissions.
The Appropriations Committee
reported the measure on Feb. 1, after reducing the total
of proposed appropriations by $5,950,000, including a de¬
crease of $5,000,000 in the salary and expense fund for the
Social Security Board.
As approved by the House, the bill
was
unchanged from the form in which it was originally
reported, except for minor amendments advocated by the
Committee.
The appropriations are $78,601,558 greater
than for the present fiscal year, as far as regular agencies
are concerned.
Its passage by the House was described as
follows in a Washington dispatch of Feb. 3 to the New York
"Times":
The
ment
bill
the
embodies
and
the payment
United
the
during
foreign
Government
States
would
recognize
not
reported
was
any
30
Meanwhile, it
that President
base the Administration's
Washington
in
Roosevelt wrould
on
Jan.
An attempt to remove
this provision by some of the members,
Representatives Maverick of Texas and
a
Ellenbogen offered an amendment
to
report as to the cost of such
rum
Neutrality legislation introduced in the Senate on Feb. 1
described as follows in a Washington dispatch of that
date to the New York "Times":
Two
Tom
of
the
last
other
neutrality bills were introduced in the Senate, one by Senator
Connally, Democrat of Texas,
Lewis,
Democrat
Finance
session.
of
Illinois.
The
bill
Connally said it had
is
The
and
Committee
a
is
and the other by Senator J.
Connally
the
The
Lewis
trality only.
in
all
and
the
his
same
bill
as
carries
the bill
the
Hamilton
endorsement
at the
introduced
"take-the-profit:out-of-war" plan, and1
Senator
been "expertly drawn to fit in with the Federal tax
structure."
,
bill
deals,
as
does
the
orders
Munitions Committee bill, with neu-~
It is brief and vests the widest possible discretionary power
to
Congress,' these
of
Congress.
defeated
of Virginia, who
orders
to be subject to
the "supervision
of government employees, but require
service by the government departments.
point of order by Representative Wood-
on a
handled the bill on the floor.
However, House leaders indicated an
the matter with the
Senate.
out
in conference and that
intention to reach a compromise
Mr Woodrum and Representative Ray-
threshed
be embodied in
leader, said that the matter would be
the conclusion reached would
this bill and in all future supply
bills.
one by Representative
authorization for publicity work
by the Federal Housing Administration from $500,000 to $250,000; one
by Representative Taber, Republican of New York, to cut the authorization
for the Home Owners Loan Corporation from $30,000,000 to $29,000,000
and one by Representative William P. Connery Jr. of Massachusetts to
amendments
Other
defeated
today
included
Wigglesworth of Massachusetts to cut the
bar
the
purchase of labor-saving devices.
House Tables
Resolution Calling for Information from
Secretary Perkins Regarding Activities of Strikers
in
General
Motors
Plants—Senate
Resolution
Seeks
The
Investigation
House
on
Feb.
4 tabled a resolution introduced by-
Representative Clare E. Hoffman (Republican of Michigan)
calling upon Secretary of Labor Perkins for information
regarding the activities of strikers in the plants of the
General Motors Corp.
In a debate before the vote was
taken Chairman William P. Connery (Dem., Mass.) of the
House Labor Committee, declared "not one of the Commit¬
tee
indorses
sit-down strikes."
"We haven't gone
the
President, the only stipulation being that the President shall report
jurisdiction"
was
along the lines of the amend¬
adopted by the Senate yesterday which
the First Deficency Bill
His amendment
permanent neutrality legislation on measures already
introduced by
Senator Pittman and Representative Mc-
was
led by
Ellenbogen of Pennsylvania, was
defeated.
ing
Reynolds.
appropriated from being used for
with investigations of
either the House or Senate.
policies regard¬
"right, title or interest" in such shipments.
investigating committees, carrying a
of salaries or expenses in connection
burn of Texas, the majority
stringent legislation
neutrality
decision to ban the use of govern¬
committee
by Congressional
employees
provision to prevent any of the funds
on
Connaly's Bill
designed to protect Amer¬
wars
was
introduced in
Congress on Feb. 1 by Senators Clark, Bone, Yandenberg
and Nye.
Submitted in the form of a joint resolution, it
would add three sections to existing law, including a pro¬
vision denying Federal protection to shippers of American
goods into belligerent zones.
The resolution provides that
ican
belliger¬
detailed.
to
would allow committees to make use
Senator
implements
demanding House action on a strong program of neu¬
ment
Mr.
Neutrality Resolution of Senators Clark, Bone, Vandenberg and Nye Designed to Enforce So-Called
Would
arms,
provide that no insurance shall be granted on such
shipments, and that our courts shall not be open to any claims for damage
or otherwise
by reason of loss occasioned by the transport of such articles
or materials,
whether by domestic or foreign vessels."
They
ment
Lewis
ammunition and
which American ships shall not transport to the ports of
Clark et all proposals, in this particular, are more
course.
"Cash-and-Carry''
principle the proposal in the
proclaim from time to time
and1
aim, we may be relieved of the necessity of considering any
as to
the
that
amendment
The
ents.
blood; if we grant to the Supreme Court further
new
and responsibility in maintaining the efficiency of the
power
amendments also adopt in
hearing on all appeals; if we invigorate all the courts by the per¬
prompt
sistent
support
of war,
In striving to
essential and constitutional place.
an
fulfill that ideal, not only the Judges but
as
strong
Principle Adopted
Sees Embargo
and to make it
In the American ideal of govern¬
effective servant of public need.
more
ment
command
will
Pittman of Nevada, Chairman of
"The Clark et al.
My desire is to strengthen the administration of justice
a
to
convinced, go far to alleviate the ine¬
Such legislation will, I am
court.
Congress provide
the Supreme Court,
precedence over all other matters pending in that
take
cases
of first
any court
question of constitutionality, the
a
apply also
articles
r
I recommend that the Congress provide
immediate step,
would
provision
nations.
resolution
Key
Pittman
hopes.
goods
State
American
transport supplies to nations at war or to factions
insurance
was indicated when
the Foreign Relations Com¬
mittee, issued a statement saying that the proposed amendments were
substantially in accord with neutrality provisions introduced by him and
now being considered' by the Foreign
Relations Committee.
"These proposals by Senator Clark and the other Seantors," said Senator
Pittman, "do not deal with the arming of American merchantmen engaged
in
commerce
with
belligerent countries, nor with the other Pittman
amendments making it unlawful for American citizens to travel on bel¬
ligerent vessels and, therefore, it is to be assumed that such Senators
approve such provisions in the Pittman amendment.
That
Senator
I expressed some
annual message to this Congress
my
of rights, titles and interests in
would be denied not only by the Federal
by all States and Territories.
All insurance risks
recognition
law
be
period
nation gradually over a
This state of affairs has come upon the
sponsors
"credit"
without the backing
commodities so exported, or on any American interest in the
void and unenforceable in any American court, Federal,
any
National Legislature.
of
be borne by the exporter
risks that must
destined for belligerents
would
at
"cash-and-carry"
so-called
a
government.
Under
goods
or
is not a party.
In the uncertain state of the law it is not
devise novel
enforce
transactions
on
resolution is intended by its
policy and makes all
Clark-Bone-Vandenberg-Nye
The
to
justice—certainty.
legal system is fast losing another essential of
our
"Cash-and-Carry" Policy Sought
the lower courts
business. Thereby
by differing and divided opinions in
many cases
by the lack of
867
Chronicle
action
indorsing
of
them,"
Mr.
Press advices from
nery as
into the merits of . sit-down strikes, but
should not be construed as
the Committee
Connery
said, according
to
United
Washington, which also quoted Mr. Con¬
saying that "the reason the Committee reported the
adversely is because it would put the Secretary
resolution
868
Financial
of Labor in
labor
the
position of being
be termed
unfavorable report
stated
tion
on
tive
resolution
letter
a
which she
unfair
was
is
in
employers.
into
General
addressed
It
the
that
side of the
1
Corporation was introduced by Senator
Neely (Dem., West Va.). The resolution was
on Education and
Labor, headed
Hugo Black.. In reporting this, United Press
dispatches from Washington Feb. 2 said:
It
was
introduced soon after John L. Lewis, automobile strike
leader,
departed for Detroit to take charge of union strategy in the dispute.
Mr.
from
Lewis warned
Congress.
pending
the
He
said he would
of
outcome
that such
ago
conferences
forestall
in
The
sudden
change
tained
an
Lewis
announced
injunction
officials issued
the
in
Lewis and his
introduction
Washington
a
plans
against
the
was
and
of
the
Lansihg
interpreted here
aides at General
the
Motors
sit-downers
resolution
mediate
to
whose
in
Flint.
as
counter
a
officials
At
the
blow
time
Mr.
Congressional
investigation,
G.
M.
0.
saying they would, welcome an impartial inquiry
corporation.
'
„•>
♦
Senate and House
of
tension
Committees Approve Two-Year Ex¬
Government Guarantee of
FHA De¬
bentures
our
far-reaching
to cause uncertainty as to the wisdom of such
as
Government—changes which involve
course.
pointed out in the Associated Press accounts from
Washington yesterday that the 9 Justices now on the high
court have ruled against New Deal legislation 11 times to
five favorable decisions; enactment of the President's
plan
would put six of the nine in the retirement class—or else
six justices could be added to the court.
The President's message to Congress, which was accom¬
panied by a letter to him from Attorney General Cummings
on the reorganization of the
Judiciary, is given in full else¬
was
where in this issue.
Montgomery Circuit Court Declares Valid Alabama
Unemployment Compensation Law—Also Upholds
Provisions of Federal Social Security Act
haw
on
Alabama's unemployment compensation law was upheld
Jan. 23 by Judge Walter B. Jones, of Montgomery
demurrers^to bills
Circuit Court, who sustained the State's
filed by the BeelandMercantile Co. of Greenville, and several
other Alabama firms.
This was the first test of the law in
State courts, and it was said on Jan. 23 that an immediate
appeal to the Alabama Supreme Court was planned.
The
law
same
held
was
on
Dec. 15 to violate both the State and
by a 3-judge Federal Court in Mont¬
gomery.
The 3-judge tribunal also granted a permanent
injunction against the enforcement of the law; this previous
ruling on the law was referred to in our issue of Dec. 19,
page 3927.
Judge Jones in his decision on Jan. 23 also held valid the
unemployment compensation provisions of the Federal
Security Act, which the complainants had sought be declared
unconstitutional.
As to Judge Jones' decision, we take the
following from the Montgomery "Advertiser" of Jan. 24:
By stipulation of counsel, the Beeland
volved
relief,
the
were
constitutional
same
Membership of U. S. Supreme Court Sought
By President Roosevelt—Would Make Maximum
Membership 15, Thus Providing For 6 Additional
Justices If Those Now Over 70 Remain In Tribunal—
Added Judges Also Asked For Lower Courts
Important changes in the Federal Government's judiciary
are proposed by President Roosevelt in a message
addressed to Congress yesterday (Feb. 5).
In the proposals
for the reorganization of the Federal Court
machinery,
presented by the President, provision would be made for
an increase in the
membership of the United States Supreme
Court, the maximum number of Justices being fixed at 15.
This proposal is embodied in a bill which the President
submitted to Congress along with his
message.
In his
message the President recommends "that the necessity of
system,
increase in the number of Judges be
supplied by legislation
case
and three others, which in¬
and
questions
which
submitted for the decision of the Court
the bills of complaint.
an
consequences so
Federal Constitutions
The Senate Banking and Currency Committee on Feb. 2
approved a measure to extend for two years the guarantee
by&the United States of debentures issued by the Federal
Housing Administrator.
Under present legislation the
guaranty will expire on July 1.
As introduced on Jan. 12
by^Senator Robert L. Buckley, of Ohio, the joint resolution
provided for a three-year extension of the period, but this
was reduced to two
years on Jan. 28 by a sub-committee of
the Senate Banking and Currency Committee.
On Jan. 27
the House Banking and Currency Committee
approved a
similar measure, extending the guarantee to
July 1, 1939.
Increase In
says:
constitution of
today ob¬
proposed
statement
business
court
inquiry would be sought
an
strike.
by Mr.
of
two weeks
The President in his message
It
Senator
had
additional officer to
Federal
Representa¬
referred to the Committee
by
an
all
of considering any fundamental changes in the powers of the courts or the
Motors
Matthew M.
charged with watching
In order to expedite and facilitate it.
was
resolution seeking a Congressional investiga¬
financial set-up and labor
policies of the
a
the
Supreme Court be provided with
proctor,
If these measures achieve their aim, we may be relieved of the necessity
have said
taking only
a
Feb. 6,
the resolu¬
on
to
reported to
■.
On Feb. 2
tion
Feb. 3 to submit
the Hoffman resolution.
on
in
contained
Connery in
the
on
that date that Miss Perkins views
were
4. That the
partisan in the present
a
dispute."
The House Labor Committee decided
an
Chronicle
The three other
cases
the
sought
upon
same
the demurrers to
were those of the
Talladega
Ice & Cold Storage Co., Alpha Portland Cement Co., and the West Point
Mfg. Co.
Scores of other business enterprises in many parts of the State
also parties to the
were
suits, either
In concluding a lengthy opinion,
complainants or intervenors.
as
Judge
JonesJheldj
'
""alter a careful consideration of all the points urged against the Alabama
law, the Court is of opinion that it does not violate any of the Federal or
State constitutional provisions that have been called to the attention of the
Court.
The Court is of the opinion that the Alabama law is within the
constitutional power of the legislative department of the Government, and
the other objections raised to the law are without merit."
The Judge declared in the opinion that the fundamental purpose in con
struing
a
constitutional provision is to ascertain and give effect to the intent
of the framers and of the people
"It is
who adopted the constitution.
a
well-settled principle of constitutional construction that such construction
should not be technical, and that the courts should aim to give effect to the
indicated by a fair interpretation of the language
purpose
Jones
added.
used." Judge
y
.
Differs With Z-Judge Court
Judge Jones, who sat
as a
"guest Judge" in the three-judges hearing of a
providing for the appointment of additional judges in all
similar
Federal courts, without exception, where there are incum¬
bent Judges of retirement age who do not choose to retire
or
to resign."
In the case of the Supreme Court, which
now consists of 9
Justices, there are six members over 70
yesterday of that Court's unanimous opinion in invalidating the State law.
years
a
of
age.
According to the President "modern complexities call for
new blood in the
courts, just as it is
constant infusion of
needed
in
executive functions
of
the
Government and
in
private business."
"A constant and systematic addition
of younger blood," he says "will vitalize the courts and
better equip them to recognize and
apply the essential
concepts of justice in the light of the needs and the facts of
an
everchanging world." The President adds:
We have recognized this truth in the civil service of the nation and of
many States
by compelling retirement
recognized it in the
army
and
navy
on pay at
the age of 70.
We have
by retiring officers at the age of 64.
Approval is expressed by the President of "the pending
proposal to extend to the Justices of the Supreme Court
the same retirement privileges now available
to
other
Federal Judges."
Recommendation
was made
by the President that Con¬
"provide machinery for taking care of sudden or long¬
standing congestion in the lower courts.
The Supreme
Court," he goes on to say, "should be given power to appoint
gress
administrative assistant who may be called a proctor.
He would be charged with the duty of
watching the calendars
and the business of all the courts in the Federal
system."
The President's plans as summarized
an
by the United Press,
provide:
1.
That in each instance where
a Federal judge reaches 70 and fails to
retire the President be empowered to name an additional
judge, providing
such appointments do not increase the number of
above 15
2.
nor
That
no
Supreme Court justices
50 for the judiciary as a whole.
Federal judge be allowed
co
issue any decision or injunction
Involving constitutional questions without ample previous notice to the
government; and that immediate appeals of all such questions be allowed
direct to the Supreme Court, such appeals
taking precedence
matters
!
over
all other
pending in the Supreme Court.
3. That transfers and shifts of Federal judges be allowed from district
to district in order to
speed up court business.
case
here last year in Federal Court, took cognizance in his opinion
"The Court has considered the "three judges opinion' filed Dec. 15, 1936,
in the U. S. District Court of Montgomery in the case of Gulf States Paper
Co.
Carmichael, Attorney General,
vs.
judges declared the Alabafha law
to
which opinion
in
deny due
process,
tion of employers having eight or more employees is
opinion
was
Federal
three
in that the classifica¬
entirely arbitrary. The
unable to find any reason for the distinction made.
This Court
is of the opinion that the reasons stated in the California case are convincing,
and prefers to follow that case," the opinion
The California
this classification
case
was
referred to
was
by Judge Lones stated.
that of Gillum
vs.
Johnson, in which
also attacked.
"
Delegated}Authority^
Judge Jones further held that the Alabama law legally confers on the
UnemplQyment
Compensation Commission authority
to make rules
regulations for carrying the law into effect, and that there is
no
and
unlawful
delegation of legislative power, as contended by the complainants.
As to the alleged coercive features of the Federal Act, the Court was of
the opinion that this allegation is correctly disposed of in the case of Gillum i
vs.
Johnson,
supra,
where it held there
was no
coercion in the Federal act
United States Supreme Court
Holds Invalid Tax Under
Washington State Utility Tax Law by 5-to-4 De¬
cision—Justice
Stone
Illness—Tribunal
Returns
Refuses
to
to
Bench
Review
After
Attack
on
Social
Security Act—Ruling on "Windafll Tax"
Sitting with its fufl membership of nine for the first time in
several months, the United States Supreme Court on Feb. 1
handed down a five-to-four decision declaring that railroads
had been charged more than the cost of their own regulation
under a Washington State law imposing a tax on railroads
and other public utilities to finance regulatory activities.
Justice
Stone sat with the Court for the first time since
illness forced him from the bench several months ago.
The
Court on Feb. 1 also refused to review a Massachusetts case
challenging the State unemployment insurance law on the
that the Federal Social Security Act is uncon¬
stitutional.
It also rejected a plea for reconsideration of
the "windfall tax" provisions of the 1936 Revenue Act.
The majority opinion in the Washington utility tax law
case was delivered
by Justice Roberts, who said that the
State had not proved that the tax exacted from a railroad
ground
Volume
Financial
144
did "not exceed what is reasonably needed for the service
Those concurring in Justice Roberts views were
Justices Van Devanter, Sutherland, McReynolds and Butler,
rendered."
the
was
minority opinion was delivered by Justice Cardozo, who
joined by Chief Justice Hughes and Justices Stone and
Brandeis.
United Press Washington advices.of Feb. 1 outlined the
opinions handed down by the Court on that date as follows:
The Washington State tax on public utilities*
the State's Public Works Department, was tested by
pay the expenses of
means
fckThe
of a suit filed
by Great Northern RR. Oo.
court failed to hold the Washington State statute entirely void on
the railroads had been charged more than the cost of their own regulation.
company sought to recover taxes and interest totaling
$25,465.
won a
decree for this amount frora the Superior Court which
held the law
court
because the fee
found
that
the
unconstitutional
was
on
Its
to
limited by the cost of regulating the company
and
ad¬
The extent to which Justice Stone's return has
long time
watched
)r *,One
was not
industries failed
sentence"
"death
broken the Court's ap¬
several New Deal issues, which have been pending a
was a
revealed because the Court failed to pass on two closely
which Congress designed
beginning
simplify or eliminate interstate holding company systems,
remain inoperative
ruled
in
yesterday will
upon
of government policy until the United
pursuance
provisions"of*~;he Act
The
on which the Court passed are
Regarding the Court's conclusions S. R.
Inch, President of Bond and Share on Jan. 29 said:
Sections 4(a) and 5.
"I have not had
when
Counsel, however, are now studying the decision, and
in receipt of their report as
are
we
opportunity to see the decision and 1 only know
an
of its general tenor.
to its implications we hope to
be able to make a statement for publication."
was
split four to four in passing
on
part of the social security
a
upheld earlier in the term when the court
its validity, thus tentatively permitting the
favorable decision of New York State's highest court to stand.
iBtThe other pending
involves
case
attack
an
on
ington State's minimum wage law for women.
constitutionality of Wash¬
The court has struck down
similar laws several times.
The attack
According to advices to the "Wall Street Journal" of Feb. 1
plea by New York manufacturers for rehearing of the New
The State law
program.
on
the Federal Social Security Act came from
Co., Boston company, in
a
complicated
case
Howes Bros.
counsel
Co. and
American Waterworks & Electric Co. to hold up proceedings
in the District of Columbia Court Utility Act test cases, is
automatically terminated by the decision of Judge Julian
Mack in the Electric Bond & Share case.
In part these
advices added:
_
The New York Court decision also gives new life to the bill of
on
only challenged
the Massachusetts
on
law, Con¬
the grounds that the Federal
either to answer the complaint to enjoin enforcement
ment
Act
constitutional grounds, or to ask the Court for
on
law with which it is associated is invalid.
of the
IfcBrlefs filed in the
counsel states, if the Electric Bond &
by counsel for the company asserted that the
case
wanted the Massachusetts Act to be sustained if the Federal law
company
The Massachusetts Act is
Constitutional.
not
operative unless the
York
F The Massachusetts law
sustained
was
of that
by the Supreme Court
was
what
Washington Court cases.
was
described
Agricultural Adjustment Act.
The
Supreme Court decision was issued Jan. 7 and the stay
the
been vacated.
The pro¬
ceedings which will now be reopened had been held up under an agreement
by President
Roosevelt
as
between counsel.
"unjust
Landis Hopes
invalidated the processing taxes of
The tax
the maximum
involving the power of the lower Court to stay the proceedings.
case
order of the District of Columbia Court has since
passed at the last session of Congress to prevent
enrichment" after the Supreme Court
government
is appealed to the New
United States Supreme Court opinion in the North American
on a
mandate in
"Windfall Tax"
from
case
taken,
If the decision is not appealed, the whole Utility
Supreme Court.
time limit
State and the appeal taken from that tribunal.
processors
Share
of the Utility
another limited stay
be
undoubtedly will
latter move
The decision of Judge Mack results in the expiration of
k The act differs in this respect from the New York law.
The "windfall tax"
The
case.
Act constitutionality fight may center in the
Federal law is in effect.
complaint
pending in the District of Columbia Court and it is up to the Govern¬
now
While the Howes Co. attack centered
was
from its Washington bureau an agreement between
for the government and counsel for North American
involving the Massachusetts
Unemployment Insurance Law.
stitutionality of this act
the
of the
adjudication
obtain
11,
cases.
York State Unemployment Insurance Law,
was
to
of Section
clause
The entire act, including the two provisions
The State Supreme Court reversed the decision and upheld the law.
over
that the court must pass on tne whole before
argued by the defendants, was rejected.
utilities
face
ministrative and police duties for which the railroad could not be charged.
parent deadlock
of this,
as
the
States Supreme Court has finally passed on the case.
law
because it went to pay expenses of the regulatory body for judicial,
was not
ntithesls
■
famous
It
^
trial
The
judging the part,
Jan. 1, 1938.
fcThe
The
commented:
Therefore
its face, but ruled that, under the evidence taken at the trial, it was clear
invalid.
In noting that the court limited itself to considering the
validity of the two registration provisions only, thus es¬
pousing the doctrine urged by the government that all
provisions of the Act are separable—that they may stand or
fall individually without wrecking the entire law the "Times"
.
.
.
public, will tend to mitigate and perhaps to eliminate at least some of those abuses*
Students of public utility holding company regulation have recognized that enforced
publicity would materially aid as a corrective measure in eliminating abuses."
Income, levied to
gross
869
Chronicle
designed to take from
was
processors money they obtained from producers or consumers in anticipation
of processing levies they finally did not have to pay.
The court refused to hear argument in the appeal of the First Bank Stock
Case Goes to High Court
Chairman James M. Landis, of the SEC, at a press inference
Saturday
during which he commented on the decision of Federal Judge Mack in
the
Share case, said the court's ruling leaves no excuse
for
Electric Bond &
holding companies not to register now.
Corp. of Minneapolis, Minn., from the Minnesota Supreme Court ruling
which held that stock it holds in 84 State banks in its chain are subject to
the Minnesota Credits Tax law.
The ruling was made in a test case involving stocks held by the
company,
a
Delaware
business in
doing
corporation
Montana and North Dakota banks.
Minnesota,
Warns
Borah
Senator
Curb
holding
of
Courts—In
on
Governmental
DangerJIn
Radio
Address
People Be Given Chance to Weigh
in six
Political
and
Tribunals
Between
Taxes of $3,081 are involved.
That
Urges
Controversies
of
Branches
Government
Federal Judge Mack Rules Utility Holding Companies
Must Register with SEC—Decision Against Electric
Bond
&
Share
Does
Co.
Not,
However,
Discuss
Constitutionality of Entire Act
are legally required to register
Exchange Commission, under the
terms of the Public Utilities Act of 1935, Federal Judge
Julian W. Mack of New York City decided on Jan. 29.
Judge Mack dismissed a cross complaint filed against the
Government by the defendants, the Electric Bond and Share
Company and 21 affiliates, but he did not rule upon the
constitutionality of the entire Act.
The court merely held
that the registration provisions are in themselves a system of
holding company regulations within the power of the Federal
Government, and are therefore constitutional, even though
separated from the rest of the Act. ■
It was pointed out in the New York "Times" of Jan. 30
that during the litigation the defendants declared that
registration would deprive them of the right to contest the
validity of the other provisions of the Act. Continuing, that
paper said:
Utility holding companies
with
and
the Securities
The government's position was that
standing in court.
other companies might have their
provision and
by failure to register they had no
If they did register, however, Bond and Share and the
on any
Judge Mack dwelt
day before the proper tribunal on any
SEO order.
on
as
to this is clearly dispelled by
The Court pointed out that Congress had written the principle of separa¬
bility into the Act in Section 32.
This, Judge Mack said, could be rebutted
by showing that standing alone the registration provisions did not con¬
stitute
a
workable law to which legal effect could be
given, or by evidence
that Congress did not intend them to stand if the others
fell.
After citing Associate Justice Cardozo of the Supreme Court to support
he
"It
seems
clear, and indeed does not appear seriously to be contested, that the
registration provisions in and of themselves could constitute a workable regulatory
device through the publicity that may be given to the extensive information which
registered
holding
companies
must
file
pursuant
to
Section
5, especially when
supplemented by the periodical reports, pursuant to Sections 13 (g) and 14.
See
30 111. Law Rev. 648, 657 (Jan., 1936).
"The mere statement of some of the evil practices engaged In by some public
utility
holding companies,
as
found by the Federal Trade Commission in its in¬
vestigation, upon which, in part, the Act is recited to be based, suffices to dem¬
publicity of that financial Information which is now seldom made
onstrate that
Feb.
a
speech
broadcast over a
that the people of the
the issues that have recently
1, urged
said, which only the people have the right or the author¬
That question he defined as whether there
of power between the State
and the Federal government."
If the people desire the Fed¬
eral government to control local affairs, he said, "it is for
the people to say so."
The only proper way for the Federal
government to obtain more power, he continued, is by con¬
stitutional amendment.
In part, Senator Borah said:
should
In
"a
be
free
a
redistribution
tion,
expected
In
as
exempt from searching considera¬
criticism at the hands of the people.
or
of no
government, no public official, the records and policies
public institution, should be regarded
of any
man,
or
set of
Neither
can
infallibility be
men.
considering the history, decisions and1 opinions of the
Supreme Court
of the United
States, and in seeking to estimate its worth in the machinery
and
of
to
strength
proceed
it would be unreasonable, if not absurd,
That the Supreme Court in its
government,
our
upon
theory.
different
any
long history has erred I would be the last to deny; that it will err in the
future, I entertain no doubt; that it has on some occasions felt the effect
of
mad
this
passions
party
is
when
admitted,
dered to the
of
cause
is probably true.
But, after all,
is measured by the service it has ren¬
to the advancement of human happi¬
raging about it
its worth
human liberty,
and to the maintenance of a government of law rather than a govern¬
seems
of
scales
that it stands
men,
true
beyond
of
justice in
evidence with
justice
That
has
of
the foremost institutions of the world
a
doubt.
...
zeal, debate and political ambitions, cannot hold the
impartial hands or weigh either the charges or the
The most enlightened political leaders
unresentful judgment.
and the most advanced
ister
among
peradventure
and.1 party
Faction
been
true
of governments
the
without
from
of
aid
Pericles
have utterly failed to wisely admin¬
independent and incorruptible courts.
to
Washington,
and
from
Washington
Roosevelt.
to
We
our
need
own
other
bim, Judge Mack wrote:
Idaho, in
on
ity to settle.
pursuant to its rule-making power under the Act, which
I
of
United States be consulted on
ment
a rule
Borah
network
developed between the courts and the executive and legis¬
lative branches of the government.
A question has arisen,
ness,
this point as follows:
of the Commission, Issued
permits registration with
an express reservation of any constitutional or legal rights, and further provides
that if such reservation shall be Judicially adjudged Invalid, the registration shall
be voidable at the option of the registrant."
"Any doubt
Senator
national
travel
not
country.
words,
the
trampled under foot
Experience
action
own
of the
history
or
government,
seek examples
have
a
political
it is
party
seems
or,
proper
difficult to set constitutional bounds
enjoying
great
political
power
political party not enjoying power and striving in desperation to
It
outside
disregarded
grounds upon which party leaders thought
teaches that
of
our
side
in
or
to
of the Constitution and defiance of the court.
advise disregard
the
outside
From time to time the executive and legislative,
political
unnecessary
to attacks upon
looked upon and
to recall
more
as
secure
to
a
it.
of these historic incidents relating
the court because of decisions which afterward
regarded
to
or
sound in principle and
some
come
of them
to
as
be
bul-
Financial
870
warke
human
of
10
demonstrable truth, sup¬
ported by a wealth of facts, that the Supreme Court, in instances too
numerous to be
recorded tonight, has thrown the shield of the Constitution
about the rights of the citizen when all other appeals for relief have
failed him.
When war, passion, or mob passion or political zeal or selfish
schemes have carried men beyond reason or justice, the court, when called
make
I
this
that it is a
however,
comment,
Do modern conditions make it imperative
the Federal government have greater, if not complete,
control over
of the internal affairs of the States.
That we have, in our legislation,
The
that
most
great problem
is:
now
this depression, but for the last 40 years, been crowding
upon the undoubted internal affairs of the State can hardly
And it has seemed that the court has gone to the utmost limit
only since
not
more
and more
be
doubted.
in
sustaining some of these measures.
to
hold
the
compelled
has at times transgressed the plain terms of the
no
surprise to those who still believe in our dual
Congress
has
Constitution
been
That it has felt, however,
Decision
NRA
the
In
validity
involving the
case
question
this
was
the
of
one
unanimous—conservatives
of the National Industrial Recovery
determining factors.
The court was
Republicans and Democrats—in
liberals,
and
the
holding that Congress had gone an arrow's flight beyond the terms of
Constitution.
This unanimous opinion is difficult to explain away.
be
would
bold
a
In
liberal
,
Justice Brandeis is not a
who would declare that
a
designating the number of judges
unconstitutional to that of with¬
I presume some, or all, of
these
proposals will come along for discussion and consideration, and
there is no reason why they should not.
In my opinion, there is every
reason why they
should.
By all means let the subject in all its ramifica¬
tions and implications be discussed in the Congress and before the people.
That is the way, and
the only proper way, for democracy to settle its
the
tribunal—all
judicial
who
America
occupying
from occupying two of the
company's plants at Flint, Mich.
The injunction also re¬
strained the strikers from picketing and ordered the men
injunction restraining strikers
the
immediate action
of Michigan and took
Murphy
order.
This action followed serious disorders
at Chevrolet plants on Feb. 1, when several hundred mem¬
bers of the United Automobile Workers Union moved into
to
preserve
sit-down strike. A reference
to the strike, which has curtailed General Motors produc¬
tion since the latter part of December, appeared in the
"Chronicle" of Jan. 30, pages 705-706.
John L. Lewis,
Chairman of the Committee for Industrial Organization,
the factories and began a new
which
is
strike
sponsoring
area
on
Feb. 2
General Motors strike collapsed
Jr. of General Motors Corp.
basis for negotiations in the
Alfred
President
returned
Labor
Sloan
P.
York
New
to
after
meeting with
a
Secretary of
Press advices on that
United
In
Perkins.
Frances
On
leaders.
union
confer with
to
the
attempt within 10 days to bring about a
Jan. 29 the second
as
Washington for
strike, left
the
"Washington it was intimated that Secretary Per¬
expected to announce a new peace conference be¬
union and General Motors Corp. leaders, the plan
date from
kins had
tween
being to have Governor Frank Murphy of Michigan call the
conference at which both Mr. Sloan and John L. Lewis were
to have been
After
Mr.
two-hour talk with the Secretary, Mr.
a
He told her he would give her a final word bj
city.
two
.
.
.
telephoned Miss Perkins from New York upon his arrival in the
Sloan
on
Sloan left Washington.
points
had
that
by
discussed
been
them
10 a. m. tomorrow
a lengthy private
in
meeting.
Miss
However,
had
counted
ington.
the
second
her
ended
Governor Murphy,
touch with
in
Corp. President to remain in Wash¬
General Motors
departure
His
who had been
Perkins,
upon
attempt
break
to
the
strike
stalemate.
A statement was
issued in New York
Sloan in which he referred to
to the effect that she "had his
on
Jan.
30 by Mr.
attributed to Miss Perkins
one
[Mr. Sloan's] word when he
would consent
dinner when his call
left here [Washington] this afternoon that he
He
he
the
enter
to
came
had
could
I
negotiations.
was
at
Miss Perkins was further quoted:
New York."
from
through with the agreement in view of the court proceed¬
go
Mr. Sloan,
injunction
confidential
The
sion
non-strikers.
Homer
named
lasted
for
about
Secretary asked whether
prior
negotiate
The
to
the
Murphy's
Governor
men
out
of the
plants.
would
was
in
Washington
try to give her
my
and
answer
Our general
as soon
as
signed,
was
a
conciliation
note of
was
negotiations with the union as soon as its plants are cleared of strikers. . . .
Service of the injunction calling for removal of strikers occupying Fisher
Body
control of the Chevrolet area by National Guardsmen
unrelated aspects of the same issue—the nation-wide
and
plants
two
legally
Corp.
complete control by State and city authorities
explosive Flint situation, all attempts to mediate the strike had
General Motors
against
Pending establishment of
of
the
ceased.
.
"back-to-work"
immediate
An
originating
movement,
among
General
employees, is supported by 123,724 of the 149,249 workers affected;
Motors
83%,
nearly
various
in Detroit, Saturday, reveal.
Through
protested strikes which have cost them their
hours of employment, or caused them a loss
compiled
figures
workers
ways,
have
reduced their normal
jcbs,
83% of
The statement said, in part:
immediately.
of
'
by the strike wish to return to work
affected
workers
the
or
•
.
General Motors statement on Jan. 30 said that
income.
Preliminary figures made public last week, when employees voiced vari¬
through
protests
ous
disclosed that
and
agencies
bargaining
departmental
committees,
79% had joined the "back-to-work" plea.
Largest addition to the new tabulation, now comprising 44 plants in 22
cities,
their
the Delco-Remy Plant at Anderson,
is
of
out
total
a
of
8,213,
94%,
or
are
on
Ind., where 7,706 employees
against curtailment of
record
partial basis.
opportunity to express
sentiments
through petitions,
mass
meetings,
secret ballots and
demonstrations disclose that those favoring the "back-to-work" move¬
jobs.
New
their
other
This
returns,
plant
is
operating
now
on
a
additional workers have had
as
an
out of 36,700 contacted,
that protests at
16,579 at the Pontiac Motor
and Fisher Body plants there; that signers of strike protests at the Cadillac
Motor Car plant at Detroit
represent 75% of all workers as compared
with
the previously reported
52%, and that an employees' committee
at
the Fisher Body plant at Cleveland now has 5,000 signatures from
7,211 employees, demanding resumption of work.
have
ment
as
increased
additional Fisher
Mich.,
Pontiac,
at
Flint,
to 30,187
Mich.,
Body workers have been heard from;
has
up
gone
to
85% of the
It is stated that 25 persons were
injured in rioting around
Flint on Feb. 1, and as a result
these
disorders, Michigan National Guardsmen were
ordered to patrol the strike area.
More than 4,000 troops
General Motors plants in
of
finally arrived in Flint.
Despite the issuance of the injunction by Judge Gadola,
General
Motors
writ
eject
to
officials
the
postponed filing a petition for a
the plants.
Attorneys for
strikers from
the company
said that the writ would not be filed pending
company officials and
union leaders in Detroit.
These conferences began on Feb.
of conferences between
the outcome
3,
under
supervision
the
attended
of Governor Murphy,
and were
Lewis, Mr. Knudsen, Mr. Martin and
others prominent in previous strike negotiations.
It was
reported that President Roosevelt was keeping in personal
communication with Detroit to follow the progress of the
conferences.
ferees
Mr.
by
official
A union
said
on
Feb. 4 that the con¬
comprehensive formula providing for
the reopening of the plants while the negotiations on wages,
hours and working conditions proceeded.
seeking
were
a
.United
Works
Automobile
F.
L.
of
of
America^Appeals
Contributions—President
for
to
Green
Indicates That International Unions Will Not Be
Asked to Help
appeal
to
Strikers in Automobile Plants
the
Federation
American
of
Labor
that
Automobile Workers of America, was criticized by President
was
I wished to
injunction
the
before
members of all labor unions give financial aid to the United
counsel, John Thomas
with him.
Before
leaving Washington with him I telephoned the Secretary from the Union
Station about 4:45 p. m. and1, as a result of that conversation, I told her I
Secretary urged immediate action.
Smith,
30 other officials of the U. A. W. were
discus¬
considerable
intervention
That
interfering with
and
Martin, President,
Shortly
with Sec¬
and attempt again to
the Secretary's specific
proposal.
I made no agreement with her about it, or anything else.
I told the Secretary that I would take that proposal under advisement
and give her an answer not later than 10 o'clock this [Jan. 30] morning.
status
from
:
willing to go back to the
After
hours.
would be
strikers
restrains
injected into the turbulent strike picture when William S. Knudsen, Execu¬
tive
Vice-President of General Motors,
said the corporation would enter
An
two
we
after Judge Gadola had con¬
The order
afternoon
and
specifically.
Jan. 29, which he described as "a private,
discussion," said:
conference
the
for fighting further attempts to oust
and General Motors Corp. attorneys.
picketing
further
this
issued
was
sidered arguments of union
A.
in his statement regarding his talk
on
Fisher Plant No. 1 were given until
occupy
expected for taking an appeal from Judge Gadola's injunction
were
prohibits
ings instituted at Detroit for next Monday morning.
retary Perkins
been,
plants.
he called to say he felt
hardly had time to reach there when
not
our
holding other General Motors plants.
The
From the same advices we quote:
represented.
the beginning has
sent to Governor Murphy at Detroit, on
Michigan Supreme Court and
strikers
into Flint at the command of
National Guardsmen moved
Governor
Meanwhile, 1,200
24 hours.
the plants within
evacuate
to
comprehension.
my
and from
on
m.
Plans
to
Y. Gadola granted an
Circuit Judge Paul
Feb. 2 when
on
the
Feb. 3 to quit the factories in an injunction
issued by Judge Gadola, said United Press advices from
Flint, Feb 2, which also stated:
p.
A
who have been
plants of the General Motors Corp. were taken
Secretary about
they would defy the court injunction ordering them out of
Fisher Body Plant No. 2.
The strikers, together with about
800 fellow members of the United Automobile Workers of
Employees Wish to Return to Work
Legal steps to oust tlie "sit-down" strikers
the
2, by 250 "sit-down" strikers at Flint declaring that
strike
Obtains Injunction to Expel
"Sit-Down" Strikers from Plants—Peace Negotia¬
tions Resumed in Detroit—Company Says 83% of
is beyond
now,
unlawful possession of
remain in
A telegram was
Feb.
+.
GeneralfMotorsJCorp.
telephoned
is whether the sit-down strikers will or will
in this situation
were
problems.
is
issue which
main
one
not be allowed to
the court jurisdiction entirely.
drawing from
I
our
her proposal
to
answer
my
paramount
from
way
Act of Congress
declare an
required to
phone
He
humanitarian, and profoundly learned in constitutional law. . . .
conclusion, many proposals are being made relative to our eupreme
liberal,
How
reached'
3
system of government.
Act,
strikers
•
.
.
home
to
us
The
has interposed to avert great wrongs.
upon,
reached
people promptly to work it was not fair to
go
back and start all over again to negotiate whether the
would get out of the plants.
the Secretary could have understood that any agreement had been
with her when it was distinctly understood that I was to tele¬
of getting
desirability
ask
I
and informed her that in view of our court proceedings and
m.
p.
When
did.
I
This
There are other and numerous instances of this
come readily to the minds of my audience.
liberty.
which I doubt not will
nature
Feb. 6, 1937
Chronicle
consult
I got back to New York.
Green of the A.
It
is
surprising
pended
now
F. of
that
L., who is quoted as saying:
the
United Automobile
Workers
[who
were
sus¬
other unions allied with Mr. Lewis's C. I. O.]
organization which it deserted with a plea for financial
along with several
comes
to
an
aid."
'
In
reporting Mr. Green aa above, a dispatch from Wash¬
ington Feb. 4 to the New York "Herald Tribune" said:
Mr.
Green
member
recalled
unions
when
that
they
the
A.
needed
F.
of
funds,
had always stood loyally by
but he stated emphatically that
L.
Volume
ask
not
1927
coal
the
strike.
automobile
in
Financial
144
would
he
international
F.
A.
The
of
unions
L.,
contribute
to
he said,
had
help Mr. Lewis's United Mine Workers in
to
but
operators
*'
Federation.
that
■'
before
was
Mr.
Lewis
a
dollar to
the
contributed $750,000
a strike against the
set
up
labor
rival
his
871
Chronicle
days off in port, and granted preferential hiring of union men and the
as
creation of
IftTTbe
mediation board to rule
a
exceptions
partments, where conditions
stewards under some conditions will work nine hours
■
The appeal of the U. A. W. A. to members of the inter¬
unions said:
effective
national
"The
the
is
fight for the right to organize is
for the American right
fight
must be defended
that
fight
your
to belong
to
as
well
as
labor union, a
a
It
right
with every lawful resource at our command."
Amendment
The
changes represent
first signed in
1936.
to
Agreement
amendments
to
a
•
"Sit-Down"
of
31
F.
Goodrich
Co.
Closed
Workers
Employees—10,000
Affected
■
by
■■'
a "sit-down" strike engaged in by 31 workers
compounding department of the tire manufacturing
plant of the B. F. Goodrich Co., in Akron, Ohio, officials
of the company on Jan. 28 ordered all operations in the plant,
suspended on Jan. 28.
There are approximately 10,000
workers employed in the plant in four shifts.
The com¬
pounding department processes crude rubber for use in other
departments.
T. G. Graham, Vice-President of the company, claimed
that the 31 employees participated in the "sit-down" strike
after making demands for wage increases. A statement issued
by the company said:
stoppage of work by 31
a
employees on the fourth shift in the
company's compounding department, occurring after
6 p.
it was necessary to halt all manufacturing operations at
m.
include it.
The
charging
men
delegates had signed
an agreement
that did not
demanded cash.
men
following bearing.
cisco,
the settlement of the Pacific
on
Feb.
4,
Press advices from
in
appearing
San Fran¬
"Journal of
New York
the
Commerce" of Feb. 5:
►
it
armistice than
more of an
was
dispute left unsettled
a
however, for the end of the
peace,
number of loose ends likely to cause trouble in the
a
future.
The Joint Strike Policy Committee representing seven maritime unions,
banded
Maritime Federation of the Pacific, meeting at
together in the
checked the vote of the strikers in the referendum
noon,
on
its proposal
to call off the strike.
The vote
announced
was
It
proposal.
was
18,406 to end the strike, 2,604 against the
as
approximate 7
an
decision, although it was not
1
to
complete.
Then
these
the
took
committee
the
up
the dissatisfaction
were
and Wipers'
ers
day, Jan. 28.
made, the
The ship lines would concede overtime only in the form of time
Coast strike is from United
Thursday,
midnight, Thurs¬
was
the Atlantic and the Gulf last March was
on
that they had ordered the union delegates to obtain a cash payment for over¬
time provision and that the
Following
Due to
which
December, 1935, then modified in March and September,
The strike of seamen
off, whereas the
in the
agreement
wage
in protest against the terms of the modification then
Plant in Akron of B.
Tire
day and in certain
today.
.
ours.
The
of ships.
The change will become
hour overtime.
an
a
steward's de¬
the
governed by the types
were
posts they will receive 60 cents
v
disputes.
on
general increase occurred in
the
to
matters
of the Marine
Among
still hanging fire.
Firemen, Oilers, Watextend¬
Association with their agreement with deep
sea
operators;
the unsettled strikes of tug-boat workers in Los Angeles and San Francisco,
It is said that
indefinite suspension of operations in the
an
compounding department would cripple production through¬
out the plant.
and of shipyard
workers in San Francisco and Seattle; and the efforts of
Honolulu longshoremen, Pacific ship scalers, and dock clerks and checkers
to obtain satisfactory agreements.
Sweeping these aside momentarily, the committee voted to end the strike
and
Workers
Gas
A
Toledo, Ohio, End 10-Day StrikeAccept Nine-Point Agreement
10-day strike in Toledo, Ohio, of union employees of the
notified the shipowners officially.
so
majority vote decide the strikers'
At the last minute
of
ended
the public looked as the
Jan. 25 following the acceptance of a nine-point
agreement, which, among other things, provides for wage
The workers returned to their jobs on Jan. 26
increases.
restoring normal gas service.
The settlement of the strike
was reached, it was stated in the Toledo "Blade" of Jan. 26,
through the efforts of Edward F. McGrady, Assistant
Secretary of Labor, and Edmund Ruffin, Director of the
Toledo Industrial Peace Board, in meetings with the com¬
mittee of the striking Gas Employees' Union and officials
of the company over a period of several days. The following
is also from the paper
quoted:
Union headquarters,
the
International
177 to 34, to ratify
a
But Harry Bridges, district president
Longshoremen's Association and the
whom
to
man
leader of the strike, succeeded in overruling the at¬
tempt.
Bridges' success in squashing this attempt indicated the bargemen's and
machinists' strikes
would
not stand
the way
in
of final
approval of the
agreements negotiated during the three months of the strike.
Ship-owners
and union leaders must sign these agreements formally to make them official.
The
ships
back to
going
are
men
work, starting tomorrow,
when the first
scheduled to clear Western ports, under agreements which
are
gen¬
erally provide higher wage scales, cash for overtime, and union recognition.
IfeThe agreements represent compromises,
three months of
The
steady negotiations.
returned
men
said were the
Union members late yesterday voted at a meeting in the Central Labor
course.
attempt was made to delay settlement until the
an
shipyard question had been settled.
Ohio Fuel Gas Co. and the Northwestern Ohio Fuel Gas Co.
on
,
The notification was based on the agreement among the unions to let a
in
work
to
"meetings of the minds,"
Neither side claimed
under
wage
scales
which
a
in
victory.
their
employers
highest for maritime work in the world; with the shortest
hours and the best working conditions of any seamen.
working agreement drawn by its
strike committee with the assistance of Attorney Eldon Young; officials of
the companies, Mr. McGrady and Mr. Ruffin during seven days and nights
Mississippi Rises
of negotiation in the Commodore Perry Hotel.
The contract
.
.
.
.
Dismissal bonuses in
case
time-and-a-half and double time.
Vacations of one and two weeks with pay for ail employees depending
length of service.
on
For the first time in the history of gas service in Toledo employees will be
assured of continued wage payments during sickness and
Greater protection of all employees in cases of
disability.
discharge and demotion,
is assured.
Pay increases in all
cases are
retroactive to Jan. 1.
Wages in the lower
brackets have been raised to the former highest level in all classifications.
out
on
Pacific Coast—98-Day Walk¬
Longest and Most Costly in American History—
Atlantic and Gulf Seamen Win Wage Increase
The
98-day Pacific Coast maritime strike, the longest and
history, came to an end on Feb. 4,
costliest in American
after the strikers voted,
seven-to-one,
to accept tentative
reached between representatives of the ship¬
owners and the unions.
It is estimated by business interests
that the strike has cost them about $7,000,000 daily.
Ap¬
proximately 40,000 marine workers participated in the walk¬
out, leaving nearly 240 ships stranded at Pacific piers and
tying-up several hundred tons of cargo, valued at $50,000,000.
The strike was 15 days longer and cost millions of
agreements
dollars
more
than that of 1934.
Settlement of the present Pacific
by
a
little
over a
the
Coast dispute followed
week the terminating by Atlantic and Gulf
of their
work
of
to
While
it
Financial
Surveys
Aid—President's
Flooded
Area—Red
of
rehabilitation
after
disastrous
floods,
homes
along the lower Mississippi River ptewith similar record-breaking high waters.
cope
anticipated that the flood danger along the
Mississippi would continue for another fortnight, army
engineers believed that the system of levees would hold back
the rising river.
Meanwhile, it Was estimated that the
was
of
total
homeless
as
a
result
of
recent
floods
exceeds
1,000,000, while property damage approximates $500,000,000
and
Maritime Strike Ended
Give
Five
As cities and towns along the Ohio River Valley this week
began
pared
A 40-hour week for all employees.
of
Cross Asks Further Contributions
residents
More adequate seniority system.
Will
Commission
of retrenchment.
Overtime to be paid for at rates of
RFC
That
Wage increases ranging from 5% to 49%, plus an additional 5% for all
employees if and when the companies receive a higher rate for gas service.
Ohio River Recedes and Rehabilita¬
Begun—President Roosevelt Indicates
as
tion Work Is
provides the following;
more
The
than 400
Ohio and
are
dead.
Mississippi floods
were referred to in our
As indicated in that item, Presi¬
dent Roosevelt on Jan. 29 ordered a special commission to
leave for Memphis, Tenn., to conduct a survey of the Ohio
issue of Jan.
30,
708.
page
River flood destruction and begin a comprehensive rehabili¬
tation and sanitation program.
mission includes Harry L.
istrator;
Army
Major-General
Engineers;
The membership of the com¬
Hopkins, Works Progress Admin¬
Edward M. Markham,
Chief of
Surgeon-General
Thomas
Parran
Jr.
of
the Public Health
Service; Colonel F. O. Harrington, army
engineer attached to WPA, and James L. Feiser, ViceChairman of the American Red
Cross, the last named being
the only one not in the list originally made known.
Admin¬
istrator Hopkins, with the others of the
commission, left
Washington by train on Jan. 31 and arrived on Feb. 1 at
Memphis, where they went into conference with relief
strikes, which had been called in sympathy
Coast walkout.
Ending of the Atlantic
seaboard and Gulf strikes, which were conducted by an in¬
surgent group of the International Seamen's Union, without
the latter's sanction, was noted in our issue of Jan. 30, page
705.
On Feb. 2, at a conference between spokesmen of the
American Steamship Owners Association and the Inter¬
national Seamen's Union, wage increases were granted to
nearly every member of the unlicensed personnel of the 41
ship lines operating from Atlantic and Gulf ports.
As to
this the New York "Times" of Feb. 3 had the following to
Tennessee, Arkansas and Missouri. The party
planned to travel by boat along the swollen Mississippi and
Ohio Rivers.
Noting that the President planned (as out¬
lined at his press conference, Jan. 29) a
program of finan¬
cial aid to help flood victims in their
rehabilitation, United
say:
loans
seamen
with
the
Most
wage
Pacific
of the increases
of 70 cents
an
were
hour in
of
$10
excess
a
month, with
of eight hours
a
a
straight overtime
day.
The
owners
also agreed to recognize Saturday afternoon and Sunday and legal holidays
executives of
Press accounts from
First,
he appealed
granting- loans
have been
The
to
destroyed
President
to
or
said
Washington, Jan. 29, said
banks in the
owners
of damaged
:
to be as liberal as
possible in
houses and merchants whose stocks
area
lost.
the
Red
Cross
is
prepared
to
make
small
loans
ranging from $25 to $50, to make
He
recalled
last
Virginia
Mr.
loans
year
were
up small losses.
Reconstruction Finance Corporation made
when sections of New England,
the
Roosevelt expressed
under
$8,000 000 in
Pennsylvania and1 West
ravaged.
the
the hope, however, that the RFC could hold
$8,000,000 mark this year.
its
Financial
872
Meanwhile,
agencies were developing
victims.
It will include
relief rolls, and inspecting food supplies.
number of
a
200,000 persons on
As
the
as
soon
government
rehabilitation to
of
program
water
broad
placing
a
flood
food
supplies
in
flooded
regions.
Everything
From Associated Press advices from
Washington, Jan. 20,
take the following:
we
Federal
The
loans for
Housing Administration
Army
insurance
more
private
on
than 800,000
flooded.
homes have been
All
will provide
Bed Cross officials estimate
rebuilding homes.
Corps
Area
reported
commanders
today
to
General
Malin
Chief of Staff, that they had perfected plans to evacuate any of
the cities or towns on the Mississippi which might be flooded through any
failure in the levee system.
They expressed confidence, however, no wide¬
Craig,
would be necessary.
evacuation
spread
000,000
in Congress.
Senator
Valley Authority to provide flood control on the
Kepresentative Thomas O'Malley, Democrat of
Ohio
an
tributaries.
its
Wisconsin, who has demanded a Congressional investigation of flood-control
piojects
the Mississippi and Ohio Rivers, asserted he had data to show
one-half of what they paid for."
on
quarterly publication,
by the Chamber of Com¬
merce of the State of New York, which has maintained an
arbitration tribunal in New York since 1768, and the Ameri¬
can Arbitration Association, New York, organized nationally
in 1926, in collaboration with the Inter-American Commercial
Arbitration Commission.
The "Journal," with headquarters
1 it
On Feb.
stated
was
informal
eral
in Washington
advices
the
to
small subcommittee of the gen¬
a
relief
flood
committee
met
to
discuss
the
plight of residents of flooded areas who might be unable to
obtain financing for rehabilitation and construction.
These
went
advices
to say:
on
issued in New York
Jan. 28
on
at 521 Fifth
Avenue, New York, will be international in scope
appointed in seventeen countries
to supply news and comment on arbitral thought and ac¬
tivity from all over the world.
An announcement bearing
and collaborators have been
the new publication, issued by the American Arbitration
Association, also had the following to say:
A former member of the Permanent Court of International Justice and
former counselor of the Department of
State, John Bassett Moore, heads the
business and professional men launching the new publication, the
group of
ultimate aim of which is to further the cause of peace through commercial
■"
arbitration.
taxpayers "have not received
New York "Times" that
New
The "Arbitration Journal," a new
Bulkley, Democrat of Ohio, proposed an appropriation of $150,-
for
and'
Ohio
of
on
Nation-wide permanent flood control was discussed
Bobert J.
Published by ChamberXof
York and American
Journal"
State
of
Commerce
was
destroyed.
contaminated will be
New "Arbitration
Arbitration Association
Food and Drug M-
recedes, inspectors from the
check all
will
ministration
aid
Feb. 6. 1937
Chronicle
Judge Moore,
him
Honorary Editor of the "Journal," will have serving with
as
editorial board composed of 20 men and women, including Isaiah
an
Clarence N. Callender, of the
Hopkins University;
of Johns
Bowman,
University of Pennsylvania; John T. Madden, of New York University, and
Roswell
C.
McCrea,
of
Columbia
University,
representing
educational
Lucius R. Eastman, President, American Arbitration Association;
groups;
Lee J. Eastman, President, Packard
Motor Car Co. of New York; James A.
Farrell, Chairman, National Foreign Trade Council; Malcolm Muir, Presi¬
'
Representative Vinson of Kentucky was elected Chairman of the group,
which
idea
A
rehabilitation.
for
Death
possibility of special taxation to support
a comprehensive long-range
program of flood control was
begun, said the "Times" dispatch of Feb. 1 which added that
the tax proposal was first put forward by Representative
McCormack of Massachusetts, a member of the House Ways
Means
Committee.
The American Red
tributions
W.
of
W.
of
Cross, which last week asked for
con¬
been in Kenton for several weeks 'on
had
in Washington.
Kenton, Feb. 4, it
ventions.
At the
committee
on
Red
Cross
$17,000,000
expended
on
He
the
1927, and officials estimated that at least that
would be
more
listed
required
already
persons
as
homeless
for
the present
disaster.
being given Red Cross aid,
were
11 States.
in
These
figures, it
Mississippi
sum
Valley floods
and possibly much
Officials said
of
was
932,109
which 774,612
pointed' out,
were
General
Malin
noted:
a
He
was a
delegate to six national
He
for'the
Democraticfconchairmanlof the
Houston convention
on
1928 he
was
permanent organization.
candidate for the Democratic Senatorial nomination in 1930,
Durbin
Roosevelt
was
appointed Register of the Treasury soon
was
elected.
and custody of retired
He
was
afterjMr.
responsible for the receipt, examination
public debt securities, including paid interest coupons.
His first political job was
under President Cleveland, in the department
of the Treasury which he headed at his
death.
Craig, Army Chief of Staff, told the President today he
"optimistic" about the Mississippi River situation, where doubt exists
was
whether
levees
withstand
can
Engineers generally
Ohio
and
extent of
agree
the flood
crest
Death of
surging out of the Ohio.
what happens at Cairo,
danger to the lower Mississippi
Valley.
"We hope
now
we
are
Cairo," General Craig said'.
A
proposal for a long-range flood-control and prevention
issued Jointly on Jan. 31 by H. H. Bennett,
of the Soil Conservation Service, and F. A. Silcox,
Chief of the Forest Service of the Department of Agricul¬
program was
Chief
The program
ture.
would cover
a
period of between 30 and
its sponsors estimated that it would begin
to show results in 10 or 15 years.
It would provide for
years,
Federal,
and
State,
local
and private
Representative A. J. Montague, of Virginia—
Was Former Governor of State
111., junction of the
Mississippi, when the flood crest reaches there will determine the
going to get by at
40
was
Mr.
do not
being cared for by friends and relatives.
rest from his
finishing second to Robert J. Bulkley, who was elected in November.
.
include other thousands
a
Press advices from
the first chairman of the William Jennings Bryan campaign
We quote in this connection from
Washington dispatch of Feb. 1:
The
was
In Associated
For fifty years Mr. Durbin was active in the Democratic party.
was
greater proportions than now received" would be required.
Press
States
United States Treas¬
died at his home in Kenton, Ohio, on Feb. 4 of a cere¬
bral hemorrhage, at the age of 71 years.
Mr. Durbin
Presidency in 1896.
Associated
United
William W. Durbin, Register of the
$10,000,000 to
an
of
ury,
duties
aid flood sufferers, said on
Feb. 1 that present known needs indicated a fund of "far
of
Durbin, Register
Treasury
of the
canvass
and
dent, International Business Machines Corp., representing industry.
additional
what
demands
with the White House in an effort to obtain some
powers, if any, the President wants to meet the
touch
in
was
of
dent, McGraw-Hill Publishing Company, and Thomas J. Watson, Presi¬
co-operation.
Andrew
Jackson
Montague, member of the House of
Representatives from the Third Virginia District since 1913,
and former Governor of the State of Virginia, died on Jan.
24 at his residence in Urbanna, Va.
He was 74 years old.
Mr. Montague, a life-long Democrat, had served as Gov¬
ernor of Virginia from 1902 to 1906.
The following regard¬
ing Mr. Montague's career prior to his election to Congress
in 1913 is from the New York "Herald-Tribune" of Jan. 25:
Representative Montague, who was born in Campbell County, Virginia,
was
graduated from Richmond College in 1882, and received his LL.B.
from the University of Virginia three years later.
He received honorary
legal degrees from Brown University and the University of Pennsylvania to
1903 and 1923, respectively.
He
New York
City's Free Port Opens at Stapleton, Staten
Island—First in Country
The first free
port in the United States, established on
and around four of the 12 New York City piers at Stapleton,
Staten Island, was officially opened on Feb. 1.
The char¬
ter for the port was issued to New York City last year under
the special act of Congress providing for the "establishment,
operation and maintenance of foreign trade zones in ports
of entry of the United States to expedite and encourage
foreign commerce and for other purposes."
A free port is
merely a restricted zone where foreign goods may be brought,
unpacked, graded, stored, mixed with either domestic or
foreign merchandise and then transhipped to some other
foreign country without the necessity of going through the
United States customs.
New
Orleans
niversary
"Times-Picayune" Celebrates 100th An¬
President
Roosevelt
Extends
Good
—
Wishes
New Orleans "Times-Picayune," one of the oldest
largest daily newspapers in the South, celebrated its
100th anniversary on Jan. 25.
The occasion was marked
by the publication of a 268-page paper, in 17 sections, the
largest ever to be printed by the "Times-Picayune's" presses.
The edition was also one of the largest ever published.
Leonard K. Nicholson, President of the Times-Picayune
Publishing Co., received many congratulatory messages, in¬
cluding one from President Roosevelt.
The President ex¬
pressed his "earnest hope" that "the 'Times-Picayune,'
through years to come, will continue to bear its full share
in promoting the public weal and will keep its place in the
forefront of movements to advance the well-being of your
city, your State and our nation."
was
admitted to the bar in 1885 and started his law practice in Dan¬
ville, Va.
the
Eight
western
years
district
later he was appointed United Stales Attorney for
of Virginia by President
Cleveland, serving in this
capacity until 1898, when he became Attorney General for Virginia.
later he
years
was
Four
elected Governor of Virginia, and served In this position
until 1906.
From 1906 to 1909 he
1906 he
was a
was
dean of the Richmond College Law School.
In
delegate to the Third Conference of American Republics to
Rio de Janerio, and in 1909 and 1910 he was a delegate to the Third Inter¬
national Conference
on
Maritime Law in Brussels.
Later he became vice-
president and subsequently president of the American group of the Inter¬
parliamentary
Union, and attended conferences of this organization in
Paris, Berlin, London, Stockholm, Berne, Vienna, Copenhagen and Wash¬
ington.
Secretary of Treasury Morgenthau
Island, Ga.
Vacations
at
Sea
It was announced on Feb. 1 that Henry Morgenthau Jr.,
Secretary of the Treasury, accompanied by Mrs. Morgen¬
thau, planned to spend this week at Sea Island, Ga.
It is
understood that the Secretary has, however, been in close
touch with the Treasury Department and the White House.
The
and
Walter
Runciman
Following
Talks
With
President
Roosevelt Sails For England
Runciman, President of thle British Board of
sailed for England on January 29, following his
brief visit to the United States, during which he held con¬
ferences with President Roosevelt, Secretary of State Hull
and Secretary of Commerce Roper.
No statement was
issued by Mr. Runciman with his departure. The following
Manchester advices (Canadian Press-Havas) Jan. 27, ap¬
peared in the Toronto "Globe & Mail"
Walter
Trade,
The
Manchester
Runciman,
Guardian
today
declared that
President of the Board of Trade,
by the time
Walter
leaves Washington
"the
Volume 144
ground
will
have
Financial
been
covered
for
an
Anglo-American trade agreement
to be worked out in detail
by experts."
Mr. Runciman's visit
page
was
referred to in
our
J.
Rabin
Becomes
873
cised
through the
Taylor:
Jan. 30 issue,
702.
Fiscal
The Bureau of the Mint,
Assistant
Comptroller of the Currency, the office
Chairman
New
of
York
State
Benjamin J. Rabin, of New York City, took the oath of
on
Feb. 1
Chairman of the New York State Mort¬
as
of Commissioner
of Accounts
and
Deposits and the Division of Savings
Bonds.
Commission, succeeding Wendell P. Barker, of Yonkers,
who resigned on Jan. 25 after
serving two years.
Mr.
Rabin was sworn in by
Presiding Justice Francis Martin of
the Appellate Division, in the courthouse in New York
City.
Mr. Rabin was appointed to the
post by Governor Lehman
on Jan. 25,
shortly after the acceptance of the resignation
of Mr. Barker, and the
appointment was unanimously con¬
+
Governors and Executive Committee of Mortgage Ban¬
kers Association
gage
firmed by the State Senate on Jan. 26.
In accepting Mr.
Barker's resignation, Governor Lehman thanked him for the
service
which he had rendered
regarding the
new
the
State.
The
following
Chairman is from the New York "Herald
Tribune" of Feb. 2:
Mr. Rabin assisted in
Commission.
He
was
drafting the legislation which created the Mortgage
invited
to
help draft the
measure
because of his
experience
as counsel for the joint legislative committee which had invest!
gated the guaranteed mortgage situation in the spring of 1935.
When the
Commission was appointed in
February, 1935, Mr. Rabin became its
general
attorney.
In the early part of 1936 the Commission formed
the Mortgage Commission
a
subsidiary known
as
Insurance.
Since the middle of summer Mr. Rabin has been acting
President of the servicing corporation.
In the fall he was made a Deputy
Commissioner to sreve in the absence of any of the members of the Com¬
of
mission.
a
member of the Bar Association of the City of New York,
the New York County Lawyers' Association and the Bronx
Association.
E.
A.
County Bar
His home is in the Bronx.
Skehan
Direct
to
Savings,
Building and Loan
the
as
Housing Administration announced
on
Jan. 30
appointment of Eugene A. Skehan, of Ridgewood, N. J.,
Assistant to the
Deputy Administrator and director of the
Administration's savings and building and loan activities.
Mr. Skehan, who was for seven
years Secretary of the New
York Edison Savings and Loan Association and for 13
years
member of its board of directors, succeeds George E.
a
Palmer, who was recently appointed special adviser
ing and loan affairs.
on
";
Possibility of developing
At the annual meeting Feb. 3 of the New York
Security
Dealers Association, Frank Dunne, partner in Dunne & Co.,
elected President of the Association for the current year,
to succeed Oliver J. Troster.
Other officers elected were
Frank Rizzo, of Clinton Gilbert & Co., First Vice-President;
was
Clarence E. Unterberg, of C. E. Unterberg & Co., Second
Vice-President; John E. Sloane, of John E. Sloane & Co.,
Treasurer, and William Hart Smith, of Hart Smith & Co.,
Secretary.
Peter Ross is Executive Secretary of the As¬
sociation.
Frank Y. Cannon, of J. K. Rice, Jr. & Co.;
Clarence E. Unterberg; David J. Lewis, of Paine, Webber
& Co. and John J. O'Kane, Jr. of John J. O'Kane, Jr. & Co.
serve
elected to the Board of Governors for three years to
with Henry C. Dick, Frank Dunne, Frank Rizzo,
E.
Sloane, William Hart Smith, Oliver J.
Meyer Willett and P. Erskine Wood.
He established his
own
firm in 1921.
The
new
a member of the Board of Governors of
the Association for the past three years and has also served
as member and chairman of various Association committees.
The groups will hear
dent, regarding
Nominations
Federal
participation in
of Governors meeting
housing and housing financing.
Feb. Ill'there will be
on
At
Board
the
round table discussion
a
of interest rates, FHA activities,
vacancies, building operations and rental
conditions by members from 30 States represented on the board.
Speaker Announced for Annual Banquet in New York
Feb.
11
of
Feb. 9-11.
Mr. Riley will speak on various
developments of nation-wide interest.
Previous reference to the coming trust conference was made
in our issues of Jan. 23, page 551, and Dec. 5, page 3562.
Semi-Annual Survey of Real Estate Market by National
Association of Real Estate Boards—Steady Advance
Noted in Every Phase of Market
Renewed
in
cities
demand
Ambassador to Italy, confirmed
in
Boards in
of Pennsylvania, as Ambassador to France,
confirmed Jan, 16.
Ambassador to Union of
confirmed Jan. 29.
Several
Henry Morgenthau Jr., Secretary of the Treasury,
a
re¬
sections
making available its twenty-eighth semi-annual
estate market.
tion's member
boards
Reports from 253 cities,
committees
National Associa¬
of the
the country, are included in the
over
released Jan. 30.
A steady advance is shown in
phase of the market, the Association said, more nearly
uniform for cities of every type and
every geographical sec¬
survey,
every
tion
than
has
been the
announcement, bearing
a
for years.
The Association's
its survey, continued;
case
on
Many cities report the gain as far enough consolidated
active building year ahead, but new construction is
use.
A steady healthy rise is indicated.
very
for
In
is
cities
New
as
estate
of
the
home
are
Details
of
the
higher.
began,
first
lots
the increased space
by
selling
are
new
home
building
existing residential
in
course,
reported
shown in
now
built
advance
in
.
price
as
much
has been
actively
more
to
.
the
cities
than last
some
.
80% of the
The present
property.
an
space.
year
in
...
findings
structures, mortgage supply,
space
join
to
The advance
of
here
cities.
of the survey
Residential
begun
post-depression reports of
The rise
Subdivision
two-thirds
of
the
has
growing absorption of
prices
sites.
10%.
as
construction
the
country
shows
survey
of
definitely
has been most marked, new
building
having stabilized the upward movement of residential rents.
apartment
counterbalance
Real
indicate
to
as
very
where real estate advance
reported
to demand and supply of various types
interest costs, and the like, follow:
as
Space Well Absorbed—But Rental Rise Gradual
is shown
to
be well
absorbed.
But
notwithstanding
absorption, rise in residential rents, while
the country, has been
houses and for apartments.
very
gradual.
very general
This is true both for detached
Undersupply of
Only
single family dwellings is shown in 72% of the cities.
of the cities report any oversupply.
In a like survey of six
76% of cities reported an undersupply of
1%%
ings.
single-family dwell*
The slight decrease would appear to be
of new home building.
indication of the balanc¬
an
ing effect
An
city
undersupply of apartments exists in 55% of the cities, according to
official
reports
No
city
confidential
every
report
any
of
desirable
reports
from
apartment
local
unit
real
estate
occupied.
boards.
Only 2%
One
of
the
remaining oversupply of apartments.
100,000 population shows any oversupply
over
in singlefamily dwellings, but the very largest cities (over 500,000
population) in
22% of the cases show oversupply of apartments.
90%
are
of
Apartment
the
for single-family dwellings as compared with a
year ago
and are down in less than 1%% of the cities.
is higher in 86% of the cities, and not a
single city of
shows any down-trend of apartment rents.
up
the cities,
space
country
Assistant Secretary of Agriculture, confirmed Jan. 29.
Secretary of Treasury Morgenthau Transfers
Duties to Assistant Secretary Taylor
already
three-fourths of the principal cities of
said the National Association of Real Estate
by officials
Rents
Mil burn L. Wilson, as Under-Secretary of Agriculture,
is
the downtown
about
or
in
Jan. 22.
the Navy, confirmed Jan. 22.
property
for
made
Soviet Socialist Republics, conlirmed Jan. 16.
James A. Farley, as Postmaster-General, confirmed
business
survey of the real
cities
Jan.16.
nounced Jan. 29 that in
for
higher rental scales
the country,
these
Charles Edison, as Assistant Secretary of
Bankers
economic
received the confirmation of the Senate.
as
American
Riley, of the Portland, Ore., Bar, will be
of the evening at the annual banquet of the Trust
Division, American Bankers Association, at The WaldorfAstoria, New York City, Feb. 11, it is announced by Presi¬
dent Blaine B. Coles of the division.
The banquet will
close the eighteenth annual mid-winter trust conference
months ago,
Joseph E. Da vies, of District of Columbia,
of
Frank Branch
session of Congress the
nominations made by
President Roosevelt during its recess, including those named
to various Government offices, and those named to and pro¬
moted in the foreign and military services.
The following
are those nominated for the more
important posts who have
William Christian Bullitt,
Division
the speaker
over
Since the opening of the present
has confirmed hundreds of
William Phillips, of Massachusetts, as
Trust
Association
Senate
.
Business and
.
.
Office Space
Increasing demand for business space is reflected in higher rent levels
72% of the cities reporting. Not a single city in the
country reported
space rates as down over last year.
In 28% of the cities they
hold to last year's levels.
In outlying business districts the
pick-up has
not gone so far.
But even here 45% of the cities
report higher rental
scales, and only 1% show a lower scale than last
year.
in
business
an¬
redistribution of duties in the
Treasury Department the responsibility of the Secretary with
respect to the following bureaus and divisions will be exer-
report from James W. Collins, Association Presi¬
a
series of conferences he will have early in February with
various Government officials in Washington relative to the trend of
future
a
Residential
Senate Confirmation of Several Important Presidential
as
mortgage lending plan carrying
a
An announcement issued in
Chicago on Jan. 30 by the As¬
sociation continued:
cities
President has been
Harry L. Brown,
Meeting
will be among the principal matters for consideration at the
winter meeting of the board of governors and the executive
committee of the Mortgage Bankers Association of America
in Chicago, 111., on Feb. 10 and 11 at the Hotel LaSalle.
Troster,
Mr. Dunne was associated with the Bankers Trust Co.
from 1911 until 1920 when he entered the over-the-counter
business.
Winter
of debentures issued by the
and the present outlook for farm mortgage lending
agency
of
John
Annual
10-11
the better features of Federal Housing Administration with¬
flected
»
Frank Dunne Elected President of New York
Security
Dealers Association—Succeeds Oliver J. Troster
were
Hold
to
Feb.
out the Government
guarantee
build¬
■
.
Chicago,
which meets
Activities of FHA
The Federal
in
Servicing Corp., to handle its real estate prob¬
lems, supplanting the agencies formerly established by the Superintendent
Mr. Rabin is
C.
Wayne
the Bureau of Engraving and Printing, the
Mortgage Commission—Succeeds Wendell P. Barker
office
Secretary,
office of the Treasurer of the United
States, the office of the Commissioner
of the Public Debt, the office of the
♦
B.
Chronicle
Undersupply of
property is already reported in 18% of the cities.
Cities of
25,000 population most frequently show the
shortage of commercial
business
under
Financial
874
Oversupply is still shown in 13% of the
with 25% so reporting.
space,
cities.
still lags behindi business space.
But higher rental scales
effect for downtown office buildings in 36% of the cities, and not
Office
in
are
space
anywhere in the country shows a lower scale than last year.
In
outlying centers, 24% of the cities show higher office rentals, end only 1%
show a lower rate than last year.
Apparently the change in office build¬
city
a
ing demand has come with about the same rapidity in cities of every size.
Interest Costs Still Falling, But Change Is Slight in Last Six Months
the
to
cost
Gross
borrower
mortgages
first
on
2%
in
homes are
which
at
rate
interest
moderately-priced
is
Interest costs are going
all of them comparatively small cities.
cities,
of the
actual
Present
good security
of the cities, with 37%
reported to be at about last year's level in 61%
of the cities reporting that the cost is falling.
up
with
now
first
mortgage
loans
on
new
is still the
the rate in most common
most commonly being made
reporting, 64% cite it as
This is exactly the percentage of cities so reporting six months ago.
5% rate prevails as common in 30% of the cities on this kind of
6%
Of cities
rate.
use.
A
mortgage.
•
.
cities of
Only four
common
;
use.
V;
the country show
AV'A'v./
.•
any
.A ■■■..',
rate lower than
■
,
papital is seeking loans in 75% of the cities.
able
in
of
excess
capital
'■
v:",
1
5% as in
,;"V
14% of the cities.
This is almost
reporting six months ago.
TRUST
COMPANIES,
later.
three years
America
of
Association which later became
the Cashiers and Secretaries
of Brooklyn.
Bankers Club
the
and was at
it merged with the Bank
He was also a founder of
of the institution until
head
the
''
♦
•
,
of the Tompkins
$260,600, consisting
of 26,000 shares of the par value of $10 a share, to $650,000,
consisting of 26,000 shares of a par value of $25 each, was
approved by the New York State Banking Department on
the
increase
to
Plans
stock
capital
County Trust Co. of Ithaca, N. Y., from
25.
Jan.
t
/
.
*0'
♦
:
;
K. Arthur Merrill and J. Pierce Maurer have been
Cashiers
Assistant
of
National
Erie
the
of
Bank
elected
Phila¬
delphia, Pa.
O?'.'
&c.
of Manufacturers Trust Co.
New York, has been elected a
member of the Advisory
Council of tlie Bond Club of New York to succeed tlie late
Charles Hayden, it was announced Feb. 2 by Frank F.
Walker, President of tlie club.
Other members of the Ad¬
visory Council are George F. Baker, H. Donald Campbell,
J. Herbert Case, Clarence Dillon, J. P. Morgan, James H.
Perkins, William C. Potter,
Seward Prosser, Frederick
Strauss, Frank A. Vanderlip and Felix M. Warburg.
the Union
of
Directors
Co. of Pittsburgh, Pa., at
Trust
David M. Gil-
Jan. 29, promoted
their
annual
more
from Trust Officer to be a Vice-President in the trust
meeting
on
Over from an Assistant
Frank O.
advanced
department;
BANKS,
ABOUT
ITEMS
founded the
fifty years ago. He was 65 years of age. He
Traders National Bank of Brooklyn in 1926,
"
Desirable loans are avail¬
supply in
exactly the proportion of cities so
Feb. 6,
Chronicle
Officer, and named Alan S. Cliristner
Trust Officer to Trust
Assistant Trust Officer.
an
Harvey D. Gibson, President
'
-
♦
■
.
meeting of the Board of Directors of The
Bank of New York on Feb. 2, William M.
At the regular
City
National
Scott
appointed
was
an
Assistant Cashier.
Edward
Gafney, formerly Assistant Auditor
J.
of Manu¬
Annapolis,
in
held
companies
spective
Md.,
27.
Jan.
on
Coad, who said lie would assume his duties about
Senator
April 1, will have offices in the Union Trust Building, Bal¬
timore, Md.
He succeeds Hooper S. Miles, State Treasurer
of Maryland, who resigned to become Executive Vice-Presi¬
dent of the Baltimore National Bank, Baltimore.
Annapo¬
lis advices on Jan. 27 to the Baltimore "Sun," from which
information
above
the
York City, has been ap¬
elected
was
Maryland (head office
Cambridge, Md.) and of its affiliated institution, the County
The
Trust Company of New
Maryland
of
Goad
Corp. of Maryland, at meetings of the directors of the re¬
♦
facturers
Allen
J.
Senator
State
President of the County Trust Co. of
New
Vienna, East
Sbarptown,
is
obtained,
added,
in
part:
of Maryland has branches in Cambridge, Hurlock,
County Trust Co.
Michaels, Salisbury,
St.
Wingate, Federalsbuvg,
Market,
Hill, Annapolis, &c., &c.
Snow
pointed Auditor of the company.
>
.
v.:
At the annual meeting on
of
J.
Henry
Schroder Trust Company of New York City,
of the law firm of Sullivan & Cromwell,
Dulles
Allen W.
elected
was
Checks
Feb. 2 of the Board of Directors
a
Director.
Continental
Bank & Trust Co.,
appointed John T. Seaman to the new
Chicago, 111., it is learned from the Chicago "Tribune,"
of
which added that
the payment represents a
trustees of
of
Stockholders
thp Savings Bank of Central
Morris
Industrial
the
the Jamaica Savings Bank, both of Jamaica,
Long Island, New York, announced on Jan. 23 the merger
of the former into the latter. The Savings Bank of Central
all the
Queens will be operated as a branch of the Jamaica Savings
Bank, which has its main office at 161-02 Jamaica Avenue,
and maintains a branch office at 90-55 Sutphin Boulevard.
ardson,
Jamaica Savings Bank has
representing the combined^ bal¬
ances of approximately 64,000 persons, who reside
mainly
in Jamaica
and its surrounding communities, and, it is
stated, is now the tenth largest of all the savings banks
in Brooklyn and Long Island
The Jamaica Savings Bank
had planned to open a branch office in Queens Village;
instead the office of the former Savings Bank of Central
Queens will be moved to Queens Village and operated as
a branch
of the Jamaica Savings Bank. The office, which
will be located at 216-19 Jamaica Avenue, will be in readi¬
ness
about May 1.
The officers of the Jamaica Savings
Bank are George S. Downing, President; Leander B. Faber,
Vice-President; George K. Meynen, Vice-President; Earl
Harkness,
Vice-President
&
Comptroller;
Charles R.
Doughty, Treasurer; G. Warren Smith, Secretary; Richard
W. Reeves, Assistant Secretary; and Henry I. Newell, As¬
sistant Secretary; the trustees are Leander B. Faber, George
K. Meynen, Clifford M. Tappen, Charles R. Doughty, George
S. Downing, G. Warren Smith, Clarence A. Ludlum, John
Adikes, Edwin R. Burtis, Alvin M. Dunham, Frank R.
Smith, William Callister, Valentine W. Smith, Warren B.
Ashmead, Leander W. Faber, Robert W. Higbie, Jr., and
on
■
result of the merger, the
deposit over $40,000,000,
Earl
Harkness.
A dinner to John W.
year
Frazer, who recently completed
savings banks. William J. Kubat, President of
the Club, presented Mr. Fraser with a gold watch in behalf
of the group. A gift was also given to Adam Schneider Jr.,
who began with the bank as an office boy 35 years ago
and who was recently elected
First Vice-President. Mr.
had
previously
been
Comptroller of the bank
since 1923.
Vice-Presidents; J. P. Beattie, Keith G. Cone and
other
officers
reappointed.
were
Eugene
W.
Lewis is President.
A
A
banking institution
new
Jan.
on
28 under the
The
bank, only
President.
as
Federal
each
Bank.
Raleigh "News and Observer" of
of its type in Raleigh, is headed by Alexander Webb
Headen
Teller.
is
Deposit Insurance
The
The
Corporation,
institution
insuring
Royal Bank of Canada
is
member
a
deposits
the
of
$5,000 by
to
up
(head
office
Montreal)
an¬
Jan. 26 that it had closed its Costa Rican branch
on
result of the Republic's new
a
the Montreal
this,
to
Raleigh, N. C.,
customer.
nounced
as
one
E.
opened in
was
title of the Raleigh Industrial
In noting the opening, the
Jan. 29 said:
"Gazette"
of
banking laws.
Jan.
In noting
27 had the
following
say:
Closing of the Royal
is
made
extent
head
Bank of Canada
legislation
would not be able to
office
The
the
by
necessary
we
of
Costa
the
bank
Rican
country
and
said
"restricting
make
Jose, Costa Rica,
operations
our
(Jan.
of
up
loans
capital
in
certain
set up,
the third
closed
in
Barquisimeto in the interior of Venezuela have been
remain
was
legislation there,
in
We
to
cases
according to
Central and South
last
strictive
an
26).
the
it
such
of certain capital within
and
three months,
to
an
the
bank,
the
office is
of
amount
amount
San
at
worth-while profit," officials at the
a
here yesterday
the
restricts
department of
San Jose
The
branch
legislation requires setting
incompatible with the
learned.
but three
Branches of the
other
bank
America
at
in
Valencia
closed due
to
re¬
larger offices in Venezuela will
operation.
expect
continue
to
Venezuelan
our
business,"
the
bank
reported.
♦
H. K.
Wright, for the past 19 years Routine Inspector of
Royal Bank of Canada, retired on Jan. 30, completing
banking service in Canada of 42 years.
In outlining his
the
a
the Montreal "Gazette" of Jan. 29 said, in part:
career,
In
September,
Montreal,
and
the
couver.
Van Benthuysen,
following promotions were made:
John B. Rich¬
R. Huffman and Edward Taub advanced to
All
urers.
became
Vice-President of the Prudential
Savings Bank of Brooklyn, N. Y., died on Jan. 21. Mr.
Van Benthuysen began his banking career as a runner over
P.
reelected
and
Lee S. Carrick promoted to Assistant Secretaries, and How¬
ard Sparks and H. E. Klockow advanced to Assistant Treas¬
♦-—
B.
Board
the
H.
Assistant
Brooklyn
Schneider
the
tors
his
as
of
of
Bank
Jan. 12 elected
old
foreign
President of the Roosevelt Savings Bank,
Brooklyn, N. Y. was tendered on Jan. 28 by the Roosevelt
Club, composed of employees of the bank. The dinner was
held at the Hotel St. George, in Brooklyn, and was attended
bv more than 200 persons, including the Presidents of many
20th
member
a
Plan
on
directors, it is learned from the Detroit "Free
Press" of Jan. 13.
At the subsequent meeting of the direc¬
extent
•
M. Walker
William
Queens and
As a
distribution of
New York City, has
office of Comptroller.
Detroit, Mich., at their annual meeting
The officers and
Jan. 22 to
on
5% of total deposit claims and brings the total paid so far
to 25%.
♦
The
mailed
aggregating $64,416 were
depositors of the defunct Forest Park Trust & Savings Bank
in
many
with
.
1899,
Royal
.
year
During
of
at
the
the
next
Vancouver.
Inspector at head office.
Merchants
before
Canada,
Columbia centers,
headquarters
Routine
joined
the
Bank
.
British
he
1900,
in
Mr.
18
and
In
the
Wright
years
in
1918
Bank
Merchants
he
1912
he
was
Halifax,
of
transferred
served
was
of
Bank
the
in
Halifax
to
Royal
Van¬
Bank
appointed Inspector,
returned
to
Montreal
as
Volume
Financial
144
875
Chronicle
Public utilities attracted considerable attention during the
brief period of dealings on
Our booklet
fecting
Foreign Exchange Regulations Af¬
Exports'1 contains valuable information for
and merchants who sell abroad.
manufacturers
MANUFACTURERS TRUST COMPANY
PRINCIPAL OFFICE
55
BROAD
AND FOREIGN DEPARTMENT t
STREET, NEW YORK
Member Federal
Saturday and
Rp/erve System
Member New York Clea,nng House Association
Member Federal Deposit Insurance Corporation
The market continued to
move on
during most of the dealings
FOREIGN
Pursuant to the
of
Act
EXCHANGEIRATES
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is
now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
We
record for the week just passed:
a
CERTIFIED
RATES
EXCHANGE
JAN.
30, 1937, TO FEB. 5,
OF 1930
1937, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
RESERVE
FEDERAL
BY
BANKS TO TREASURY UNDER TARIFF ACT
New York
Unit
Jan. 30
Feb. 1
Feb. 2
Feb. 3
$
$
$
Feb. 5
Feb. 4
$
S
Europe—
Austria, schilling
Belgium, belga
.186800*
.186814*
.186800*
.186814*
.186800*
.186771*
.168769
.168696
.168690
.168646
.168613
.168646
Bulgaria,
.012825*
.012875*
.012875*
.013000*
.013000*
.013000*
Czechoslakla, koruna.
Denmark, krone
England, pound sterl'g
Finland, markka
.034881
.034885
.034885
.034887
.034885
.218595
.218538
.218685
.218733
.218533
.218345
.897500
.895583
:.899041
1.899041
4.894666
1.891041
.021612
.021600
.021612
.021587
France, franc
.046605
.046610
.046612
.046598
.046580
.046513
Germany, relchsmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
.402246
.402292
.402260
.402253
.402257
.402260
.008969*
.008971*
.008964*
.008967*
.008970*
lev
.034884
.021578
.021593
.008960*
.547517
.547526
.547528
.547539
.547525
.547532
.197750*
.197666*
.197750*
.197750*
.197750*
.197750*
.052608
.052611
.052608
.052611
.052611
.052607
.246072
.245992
.246129
.245954
.245741
.189266
.189300
.189300
.189266
.189266
.189300
.044433*
.044450*
.044466*
.044475*
.044433*
.044408*
.007278*
.007250*
.246220
.007275*
.007278*
.007278*
.068785*
.068714*
.068583*
.068785*
.069071*
.252475
.252387
.252529
.252633
.252385
.252158
Switzerland, franc
.228716
.228732
.228860
.228796
.228725
.228426
Yugoslavia
.022960*
.023020*
.023020*
.023066*
.023020
.023020*
Rumania, leu
Spain, peseta
Sweden, krona
.007278*
dinar
.068428*
Aala—
China—
dol'r
.296916
.296708
.296875
.296875
.296666
.296291
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
.297083
.296875
.297041
.297041
.296833
.296458
.296875
.296875
.296875
.296875
.296666
.296458
.297083
.296875
.297041
.297041
.296833
.296458
.305000
.305000
.304791
.304791
.304416
.304416
.370145
.369887
.370101
.370222
.369922
.369509
Japan,
.284821*
.284957*
.285237*
.285355*
.285366*
.285144*
.574187
.574187
.574437
.574437
.574437
.573062
Chefoo (yuab)
...
yen
Singapore (S. S.) dol'r
Australasia—
3.902500* 3.900885* 3.902321* 3.901354* 3.898750* 3.89S541*
Australia, pound..
New Zealand. pound- 3.933250* 3.929437*3.932031* 3.935625*;3.928875*'3.926041*
Africa—
South Africa, pound..
North America—
4.844843*4.841339*4.845781* 4.849453*4.843515* 4.838906*
Canada, dollar
Cuba, peso
.999687
.999759
.999807
.999663
.999411
.999468
.999166
.999166
.999166
.999166
.999166
.999166
Mexico,
.277500
.277500
.277500
.277500
.277500
.277500
Newfoundland,
.997187
.997276
.997402
.997207
.996894
.997004
Argentina,
.326533*
.326400*
.326600*
.326650*
.326433*
.325983*
peso
dollar
South America—
peso
*
.087055*
.087072
.087055*
.087022*
.061071
.061142
.061057
.061212
.051725*
.041725*
.051725*
.051725*
.051725*
.573900*
.573900*
.573900*
*573900*
.573900*
.573900*
.789000*
Nominal rates;
.087055*
.060928
.051725*
Brazll(offlclal) mllrels
(Free) mllrels
Chile, peso
Colombia, peso
Uruguay, peso
.789000*
.789000*
.789000*
.789000*
.789000*
.087055*
.060871
|
firm rates available.
FINANCIAL MARKET—PER
ENGLISH
CABLE
_
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Mon.,
Feb. 1
Sat.,
Jan. 30
Silver,
Gold,
per oz__
p.
20 3-16d.
20**d.
142s. **d. 142s.
fineoz.142s.
Feb. 3
1
20 l-16d.
141s. lid.
Fri.,
Feb. 4
Feb. 5
19 13-16d. 21 l-16d.
142s.
142s .2 **d.
82 13-16
81**
82 H
82**
82**
Holiday
103**
103 **
104 J*
104**
104**
Holiday
113**
113**
114**
114**
114**
Consols, 2**%. Holiday
British
Thurs.,
Wed.,
Tues.,
Feb. 2
20>*d.
3%%
War Loan...
British 4%
1960-90
The price of silver per ounce (in
States on the same days has been:
BarN.Y.(for'n) Closed
44**
43**
cents) in the United
44**
44**
77.57
50.01
50.01
50.01
77.57
U.S.Treasury. 50.01
TRANSACTIONS
50.01
50.01
77.57
77.57
77.57
number of the
the side of the advance
Monday.
In the opening
hour trading was very active bub as the day progressed
strength was considerably reduc d and the transfers declined
in volume.
Specialties attracted some buying especially
Singer Manufacturing Co. which forged ahead 15 points to
350; Babcoek & Wilcox which moved up to 150 with a gain of
3 points; Brill Corp., pref. which closed at 70 with an advance
of 5% points and Gamewell Co. pref. which climbed up 15
points to 90.
Smaller gains were registered by Ferro Enamel,
2% points to 44%; Margay Oil, 2 points to 26%; Mead
Johnson, 2 points to 110; Perfect Circle, 2 points to 37 and
Safety Car Heating & Lighting, 3 points to 126.
Good gains in most of the active groups were in evidence
on
Tuesday, and while the improvement in the specialties
and public utilities was fairly substantial, there were a
number of smaller gains scattered through the list.
The
volume for the day showed a moderate increase over the
preceding session, the transfers totaling 683,000 shares
against 629,000 on Monday.
The gains included among
ethers Sherwin Williams, 2% points to 146; Thew Shovel,
3% points to 50%; Newmont Mining, 3% points to 125%;
Mead Johnson, 4% points to 114%; National Gypsum (A),
2 points to 72 and Bell Telephone of Canada 3 points to 165.
Many fresh peaks for the recovery were registered on
Wednesday as the market continued its forward movement.
Public utilities were in demand at higher prices and there was
considerable buying interest manifested in the specialties.
The transfers for the day were 781,210 shares against 683,000
on
the preceding day.
Outstanding among the advances
registered at the close were American Cyanamid A, 2%
points to 36; American Manufacturing Co., 4 points to 41;
Babcock & Wilcox, 2 points to 152; Jones & Laughlin Steel,
4% points to 114; Penn Water & Power, 3 points to 95;
Pepperell Manufacturing Co., 2% points to 138%; Quaker
Oats, 3% points to 150; Royalite Oil, 2% points to 52; Sher¬
win Williams, 4 points to 150 and Western Auto Supply, 3%
points to 82.
Curb stocks continued to climb upward on Thursday,
and while there were occasional weak spots scattered through
the various groups, the list, as a whole, was firm and a
number of substantial gains were apparent as the session
came to a close.
New tops were registered by several of
the market leaders including among others Pittsburgh Plate
Glass to 147%, Sherwin Williams 152 and Eagle Picher
Lead at 26.
Jones & Laughlin Steel also broke into new
high ground at 116% and Detroit Steel Products raised its
top to 63 with an advance of 4 points but lost % point in
the final hour.
Many other substantial gains were scattered
through the list.
=.r.
On Friday stocks continued the forward movement dur¬
ing the early trading, but tumbled rapidly downward fol¬
lowing the announcement of President Roosevelt's request
for authority to add six new Justices to the Supreme Court.
Many active stocks that had been fairly strong throughout
the week declined from 2 to 5 or more points.
Jones &
Laughlin Steel dipped 5% points to 111, Pepperell Manu¬
facturing Co. slipped back to 136% with a loss of 3% points
and Singer Manufacturing Co. receded 8 points to 342.
Following the decline on Friday, prices were lower, Alum¬
inum Co. of America closing last night at 163 against 164
on
Friday a week ago, American Cyanamid B at 33%
against 33%, Consolidated Gas of Baltimore at 86 against
87%, Creole Petroleum at 35% against 37%, Fisk Rubber
Corp. at 12% against 13%, New Jersey Zinc at 80 against
81, Niagara Hudson Power at 16 against 16%, and United
Shoe Machinery at 91 against 95%.
DAILY
44**
a
popular trading shares recorded modest advances despite
Judge Mack's decision that utility holding companies must
register.
Electric Bond & Share common moved up and
down but finally closed with a net gain of 1 % points.
There
was some activity
apparent among the metal stocks, particu¬
larly Shattuck Denn which broke into new high ground above
25.
Specialties also were moderately active and so were the
oil issues.
Prominent among the gains were Carrier Corp,
2 points to 39; Jones & Laughlin Steel, 1 point to 109; Penn
Salt, 3% points to 170 and Pittsburgh Plate Glass, 1% points
to 142%.
AT
on
THE
NEW
YORK
CURB
EXCHANGE
,
Stocks;
Bond* (Par Value)
(Number
U. S. Treasury
(newly mined) 77.57
Week Ended
Feb. 5, 1937
of
Shares)
Foreign
Domestic
Foreign
Oocernm't
Corporate
Total
;: ,1
THE CURB EXCHANGE
Saturday
Monday
Tuesday
Curb Exchange was fairly
active at improving prices until Friday when President
Roosevelt's message requesting power to add six Justices to
on
the Supreme
the New York
Court had
an
unsettling effect on the market.
prices and
Public utilities have been active^ at improving
specialties have gradually worked up to higher levels. Oil
stocks have been firm but with one or two exceptions have
Thursday
The volume (>f transfers registered a
steady increase since Monday when the total for the day was
approximately 629,000 shares.
20,000
1,891,000
1,988,000
2,344,000
$158,000
171,000
164,000
52,000
105,000
1,909,000
2,582,000
63,000
65,000
$242,000
1,044,435
Friday
Total
Sales at
30,000
Week Ended Feb. 5
84,000
$1,148,000
2,115,000
2,172,000
2,501,000
2,037,000
2,696,000
$747,000 $12,669,000
Jan. 1 to Feb. 5
New York Curb
Exchange
Stocks—No. of shares-
1937
1936
1937
1936
4,282,445
7,148,136
23,430.872
26,925,716
$11,680,000
242,000
$27,545,000
199,000
$67,068,000
1,958,000
2,584,000
$153,892,000
747,000
$12,669,000
$28,135,000
$71,610,000
$157,926,000
Ponds
Domestic
shown little change.
$24,000
53,000
5966,000
4,282,445 $11,680,000
Wednesday...
Trading
380,920
629,345
682,760
776,710
768,275
Foreign governemt
Foreign corporate
Total
391,000
2,759,000
1,275,000
Financial
876
Feb. 6,
Chronicle
1937
bodjr of clearing houses of 7.0%, the 1937 aggre¬
$29,613,428,635, and the 1936 aggre¬
gate $27,663,668,689.
In the New York Reserve District
the totals show an increase of 4.5%, in the Boston Reserve
District of 9.7%, and the Philadelphia Reserve District of
7.4. In the Cleveland Reserve District there is an improve¬
the entire
Course of Bank
Clearings
gate of clearings being
p 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 today (Saturday,
Feb. 6), bank exchange for all cities of the United States from
which it is possible to obtain weekly returns will be 11.2%
above those for the corresponding week last year.
Our pre¬
liminary total stands at $6,721,760,230, against $6,043,389,612 for the
for
At this center there is a gain
week in 1936.
same
Our comparative
10.3%.
ended Friday of
for the week follows:
week
the
summary
26.8%, in the Richmond Reserve District
ment of
Reserve
enjoys a gain of 19.4%, the St. Louis
of 7.2%, and the Minneapolis Reserve
District
Reserve
of 20.3%,
The Chicago
and in the Atlanta Reserve District of 21.3%.
District
In the Kansas City Reserve District the
6.0%, in the Dallas Reserve District by
17.1%, and in the San Francisco Reserve District by 10.0%.
District of 13.5%.
totals are larger by
January
1936
1937
$3,447,081,611
290,258,290
330,000,000
72,802,343
62,482,621
35,864,000
Philadelphia
194,000,000
70,749,480
59,900,000
106,486,000
98,163,914
68,088,744
55,229,747
48,682,794
26,683,000
$4,950,745,863
650,720,995
Chicago
$3,126,131,350
224,463,160
333,000,000
216,829,000
New York
$4,411,578,189
586,032,015
Boston
81,009,828
74,600,000
130,734,000
123,051,391
86,032,779
Kansas City
St. Louis
San Francisco
_
-
.
Detroit
Cleveland
Baltimore
_
New Orleans
Twelve
cities, five days
Other cities, five days
cities,
one
+ 10.3
1st
Total all cities for week
New
1,341,999,379
1,223,000,112
1,033,658,651
988,106,730
"
York. 15
18,111,264,263
17,335,141,817
+4.5
16,705,844,530
13,968,975,392
1,184,047,537
Philadelpbial8
"
1,847,088,594
1,719,057,002
Cleveland.-18
"
1,448,886,899
1,142,815,562
+7.4
+26.8
1,482,016,321
4th
5th
Richmond _10
"
639,692,689
531,947,008
+ 20.3
473,744,570
409,669,593
"
718,885,775
592,818,792
+21.3
524,770,605
446,810,488
"
2,364,121,815
1,980,430,746
1,309,302,156
607,493,802
566,568,071
428,286,564
377,348,273
+ 19.4
+7.2
+13.5
1,743,041,324
"
"
"
+6.0
408,490,006 + 17.1
1,037,478,333 + 10.0
626,412,740
507,852,446
335,053,139
314,126,622
880,608,119
761,934,986
25,623,449,668
21,463,167,001
9,416,924,399
7,910,902,607
1,310,305,194
1,256,361,070
16
6th
Atlanta
+ 22.8
7th
+ 25.4
8th
Chicago —.31
St. Louis.. 7
+ 26.4
9th
Minneapolisl6
+ 31.8
10th KansasCity 18
+ 28.3
11th Dallas
11
"
478,449,166
+ 34.4
12th San Fran..20
"
1,141,384,313
+ 24.5
.
■"
+ 11.0
+ 12.1
$6,043,389,612
+ 11.2
+ 7.1
clearings for the whole country having amounted to
$6,991,925,500, against $5,968,019,997 in the same week
in 1936.
Outside of this city there was an increase of 18.1 %,
the bank clearings at this center having recorded a gain of
16.6%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record an increase of 16.6%, in the Bos¬
ton Reserve District of 27.8% and in the Philadelphia Re¬
serve District of 10.5%.
In the Cleveland Reserve District
there is an expansion of 24.1%, in the Richmond Reserve
District of 25.5% and in the Atlanta Reserve District of
29.5%.
The Chicago and Minneapolis Reserve Districts
have both managed to enlarge their totals by 20.5%, but the
10,876,832,864
+ 7.0
+ 11.2
1,622,611,568
.32 cities
27,663,668,689
1.651,155,047
+4.6
monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
1934 to 1937 are given below:
for January in
■':■•
Stock, number of shares
in share properties on the
New York Stock Exchange for the
1937
1936
1935
1934
No. Shares
No. Shares
No. Shares
No. Shares
254,748,840 +27.8
219,239,277
222,285,352
+16.6
+ 10.5
3,838,646,897
4,112,159,530
319,586,504
course
of bank clearings at leading cities of
LEADING CITIES IN JANUARY
BANK CLEARINGS AT
1936
1935
1934
1933
$
$
$
$
209,327,288
Chicago
Boston
149,176,064
104,624,285
429,944,671
+20.5
377,659,105
300,410,911
111,982,978
—10.1
103,235,794
3,920,225,445
396,200,947
358,581,604
"
284,749,570
229,394,860
6th
Richmond
6
"
6th
Atlanta
10
"
7th
"
8th
Chicago —18
St. Louis— 4
"
100,686,280
9th
Minneapolis 7
"
"
74,225,402
70,180,933
69,488,630
129,735,106
122,985,817
111,284,748
95,346,061
"
58,600.422
47,595,094
43.621,834
92,760,015
96,902,235
+20.5
+5.5
+23.1
198,396,786 + 16.8
182,786,639
352
309
276
249
312
488
592
408
345
302
420
668
754
592
506
434
375
514
691
871
305
257
237
202
216
289
354
433
247
222
198
168
166
201
288
219
417
399
330
276
244
306
459
399
318
270
227
249
350
512
619
231
207
197
168
212
283
327
142
206
233
137
525
447
451
375
278
248
353
635
811
135
114
96
79
88
110
178
125
133
114
114
72
110
168
192
52
47
37
36
32
47
57
Milwaukee
93
79
65
49
47
80
115
138
162
139
124
110
112
137
184
230
1,942,470,117
335,883,318
242,645,465
108
99
87
80
67
88
112
95
46
68
86
127
144
81
73
60
53
49
62
82
105
183
145
131
126
161
203
Indianapolis...
119
113
73
67
59
43
52
57
99
132
103
92
75
112
146
175
Salt Lake City__
66
59
54
44
44
54
73
88
Hartford...
56
55
50
37
33
45
57
71
.27,320 25,405 23,967
2,293
2,160
1,576
Total
.
20,137 18,648 24,450 36,927 46,993
1,256 1,460 1,942 2,724 3,415
.29,613 27,565 25,543 21,393
.12,090 10,778
9,336 7,840
Total all
Outside New York.
We
now
for each
add
our
Jan. 30 for four years:
$
%
Inc. or
1935
$
Portland
Fall River—
...
Holyoke
Lowell
New Bedford
Springfield
Worcester
Conn.—Hartford
New Haven
Waterbury
Rhode Island—Providence
New Hampshire—Manchester
Total (14 cities)..
'
2,396,918
8,524,273
+ 13.4
15,930,002
9,686,699
56,337,525
20,857,297
7,337,100
52,246,900
2,730,860
2,491,136
10,080,276
1,050,504,901
2,941,948
1,656,546
1,555,360
3,016,577
13,754,226
7,585,136
55,194,917
18,594,805
5,924,700
47,464,900
2,234,684
+22.2
1,328,801
2,618,895
11,487,584
6,341;275
50,460,659
15,333,641
5,133,600
37,213,500
1,751,620
1,341,999,379
1,223,000,112
+ 9.7
1,033,658,651
2,825,163
9,827,467
1,153,804,882
3,133,149
1,821,916
1,805,479
3,654,940
Maine—Bangor.
—2.5
+ 9.8
+ 6.5
+ 10.0
+ 16.1
+ 21.2
+ 15.8
+ 27.7
+ 2.1
+ 12.2
+ 23.8
+ 10.1
■
Week Ended Jan. 30
1934
$
1937
1936
Dec.
1935
$
$
%
S
First Federal Reserve Dlstrlc t—Boston—
Mass.—Boston
'
30 FOR FOUR YEARS
Inc. or
$
and for the week ended
.
Month of January
Dec.
20,119 26,392 39,651 50,408
7,473 9,708 14,350 18,377
detailed statement showing the figures
city separately for January
Clearings at—
1936
99
142
JANUARY, AND FOR WEEK ENDING JAN.
1937
58
88
Memphis.
262,450,326
today a summary of the clearings for the
January.
For that month there was a gain for
71
130
1,731,127,632
265,128,869 +26.7
Buffalo
Other cities
CLEARINGS FOR
566
118
6,743,985.265
5,968,019,997
We also furnish
month of
3,522
2,204
479
*
159,403,088
+ 17.2
2,161,959,219 + 18.1
5,676,095,539
2,552,562,935
32 cities
Canada
$
2,035
1,734
646
41,766,274
Outside N. Y. City
1,141
1,134
392
96,747,616
4,572,722,200
"
5
231,823,039
$
16,684 25,300 32,031
647
93,835,164
518,113,518
"
Cleveland--
6,991,925,500
1930
1931
$
-17,523 16,787 16,207 13,552 12,646
795
822
1,114
1,219
1,484
795
859
886
1,051
1,164
New York
188,527,827
York. 13
Philadelphia 9
"
1932
$
1937
(000,000s
omitted)
271,254,797
+24.1
104,712,749 +25.5
115,225,751 +29.5
New
110 cities
54,565,349
the country
for the month of January in each of the last eight years is
shown in the subjoined statement:
The
Providence
$
$
4th
Fran. _11
19,409,132
67,201,745
58,671,416
January.
121
3rd
Total
month of January of the
1934 to 1937 is indicated in the following:
years
166
2nd
12th San
54,565,349
522
$
89,424,090
1934
1935
19,409,132
67,201,745
transactions
of
volume
The
1934
1935
Dec.
Boston
10th KansasCity 10
11th Dallas
5
'
$342,687,000 $476,137,000 $330,546,000 $440,984,700
Total bonds
Omaha
131,379,405
•'
270
1st
_
' •' !
$267,568,000 $404,531,000 $195,181,000 $275,478,000
93,687,500
40,649,000
38,488,000
49,481,000
71,819,200
94,716,000
33,118,000
25,638,000
State, foreign, &c., bonds.—
U. S. Government bonds
Inc.or
325,644,142
v
P
-
-
Bonds
Railroad and miscell. bonds.
SUMMARY OF BANK CLEARINGS
12 cities
-
1936
1937
58,671,416
•
$
'
Month of January
Description
the totals smaller by 10.1 %.
In the Kansas City Reserve District the totals show a gain
of 5.5%, the Dallas Reserve District of 23.1% and the San
Francisco Reserve District of 16.8%.
In the following we furnish a summary by Federal Reserve
1936
310,844,250
Our usual
St. Louis Reserve District reports
1937
435,012,035
334,489,218
12,090,111,419
Outside N. Y. City
Canada
495,124,029
748,572,967
793,377,962
826,474,766
988,686,422
29,613,428,635
195 cities
Total
+ 12.2
$4,997,610,204
1,045,779,408
districts:
$
$
3rd
of
Dists.
$
—0.9
present further below, we are able to give final and complete
for the week previous—the week ended Jan. 30.
For that week there was an increase of 17.2%, the aggregate
Feserve
1934
$
+ 11.8
results
Federal
January
1935
+ 14.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today. 'Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
Week End. Jan. 30, 1937
January
Dec.
Dists.
14 cities
Boston
2nd
$6,721,760,230
day
Reserve
+29.3
$5,601,466,858
1,120,293,372
Total all cities, five days
All
Inc.or
1936
Cent
Federal
Pittsburgh.
January
1937
Per
Clearings—Returns by Telegraph
Week Ended Feb. 6
886,459,508
2,915,750
1,692,827
551,017
1,447,355
189,321,042
586,451
1934
$
639,845,
1,555,946
194,553,494
546,602
1,891,265
7,525,776
858,837,593
2,470,152
1,496,485
1,220,654
2,408,108
11,989,092
5,654,626
36,658,446
15,633,302
4,633,200
35,876,400
1,811,631
638,117
2,262,600
286,356,971
633,710
557.576
+ 14.4
2,847,354
219,000,000
515,892
—20.5
"342~595
"269~246
+ 2V 2
'279:288
"275:439
756,415
3,358,931
2,134,293
13,420,042
4,674,964
528.577
2,921,233
1,484,686
11,641,676
4,410,977
+ 43.1
+ 15.3
+ 6.0
463,237
2,534,200
1,203,712
10,250,801
3,768,634
519,532
2,598,484
1,150,264
8,323,848
3,882,019
10,422~700
10",044:556
+ 3-.5
8",416:906
7,810:200
642,804
527,633
+21.8
416,640
429,679
988,106,730
325.644,142
254,748,840
+27.8
219,239,277
222,285,352
+ 30.8
+ 22.8
+ 15.0
+43.8
Volume 144
Financial
877
Chronicle
CLEARINGS—(Contin ued)
Month of January
Week Ended Jan. 30
Clearings atInc.
1937
l
L
N. Y.—Albany
Blnghamton
-
Buffalo
Elmlra—
__
.
Jamestown
...
It New York
Rochester
1
35,825,570
29,356,522
6,053,890
5,614,657
161,692,118
138,626,440
3,495,848
2,833,664
3,372,020
2,705,531
17,523,317,216 16,786,835,825
38,157,503
34,747,081
Syracuse
19,596,798
3,890,360
*11,500,000
18,070,250
2,034,944
92,524,150
187,525,547
Westchester County
Conn.—Stamford
N. J.—Montclalr
Newark
Northern N. J
Oranges-Total (15 cities).-..
17,983,577
3,019,540
14,581,230
16,991,843
1,912,881
82,441,134
193,998,315
4,208,049
Utica
Inc. or
1935
Dec.
1934
1937
1936
3,493,577
18,111,264,263 17,335,141,817
+ 22.0
%
41,099,306
39,514,044
4,585,232
4,542,305
124,320,558
110,342,306
2,636,381
2,355,170
2,075,097
1,992,150
16,206,525,269 13,552,254,394
29,213,413
25,181,567
15,647,767
16,232,974
2,348,852
2,239,635
11,382,152
5,727,794
13,729,088
13,878,067
1,742,960
1,702,258
77,414,067
70,405,422
169,374,831
118,961,707
3,749,557
3,645,599
11,445,197
10,146,029
977,577
1,160,738
38,600,000
29,800,000
700,725
600,129
720,393
428,877
4,439,362,565 3,806,060,778
9,059,935
8,356,287
4,131,370
5,184,759
+ 4.5 16,705,844,530 13,968,975,392
4,572,722,200 3,920,225,445
+ 7.8
+ 16.6
+ 23.4
+ 24.6
+ 4.4
+ 9.8
+ 9.0
+ 28.8
+ 21.1
+6
+ 6.4
+ 12.2
—3.3
+ 20.5
1934
1935
Dec.
%
Second Federal Reserve Dlstr let—New Yor
,
!
\
1936
or
+ 12.8
—15.8
+29.5
+ 16.8
+ 68.0
+ 16.6
+ 8.4
—20.3
2,634*944
2,821,766
—1~0~ 2
4,304,779
386,596
23,078,636
37,419,483
2,922,027
+ 47.3
400,000
19,151,489
33,192,566
11,348,285
7,083,123
1,564,007
1,388,528
26,622,523
26,000,000
968,841
769,801
397,343
367,148
3,733,625,422 4,012,857,633
7,785,838
7,577,567
4,237,174
4,152,512
—3.4
+20.5
+ 12.7
*926*678
2,634,193
2,415,569
566,442
18,847,288
32,980,838
2,380,074
534,631
16,414,329
26,360,640
+ 16.6 3,838,646,897 4,112,159,530
\
Third Federal Reserve Dlstrl
ct—Philadelp hia—
Pennsylvania—Altoona
2,181,359
1,868,128
1,478,009
9,626,220
5,862,006
1,833,446
2,433,703
1,741,000,000
6,300,701
11,938,004
5,050,180
7,176,796
1,499,650
Harrlsburg-Lancaster
Lebanon
-
Norrlstown
Philadelphia
Reading
Scranton
Wllkes-Barre
York
Pottsvllle
+ 25.5
+ 9.9
1,492,701
+ 16.0
+ 21.1
998,992
7,283,232
4,186,629
1,243,496
1,689,485
1,629,000,000
+ 6.9
1,408,000,000
+ 24.4
+ 3.3
5,585,404
9,949,785
4,366,961
5,240,775
1,232,314
476,311
375,000
2J790.177
14,375,640
30,303,000
5,062,959
11,552,087
5,153,216
6,085,729
1,452,487
685,578
441,421
2,568,639
14,509,461
20,792,100
+ 45.7
2,186,640
11,227,996
16,480,600
2,254,312
9,034,276
13,460,600
3,030,000
2,369,000
+27.9
3,622,000
2,666,000
1,847,088,594
Bethlehem
Chester
1,719,057,002
+ 7.4
1,482,016,321
1,184,047,537
396,200,947
358,581,604
+ 10.5
319,586,504
271,254,797
+ 33.0
4,281,501
168,359,434
227,046,562
33,661,500
1,374,064
469,432
4,496,813
344,921,048
4,900,000
7,120,909
7,054,606
c5,812,275
146,623,295
108,396,131
+35.3
94,256,207
93,667,801
+ 28.4
6,118,839
197,877,899
270,222,683
44,009,900
1,752,391
704,628
5,065,268
7,180,353
4,556,441
11,712,099
625,861
312,951
846,896
408,194,640
5,800,000
9,171,016
8,107,383
6,427,174
+ 26.8
988,686,422
826,474,766
284,749,570
229,394,860
+24.1
209,327,288
188,527,827
+ 25.5
507,135
8,044,000
119,249,149
4,128,020
5,259,670
2,900,000
11,018,428
201,740,230
1,085,664
55,737,297
96,733
201,065
—51.9
2,621,000
40,035,798
1,843,000
31,157,387
906,209
+28.5
+ 28.9
112,845
2,073,000
27,850,056
1,174,971
139,018
1,820,000
28,793,265
891,123
65,386,214
54,139,610
+20.8
50,044,152
48,860,437
22,071"832
16",465" 478
+3+0
14,647" 211
12*.2*56*172
+ 25.5
95,902,235
92,760,015
+22.5
2,470,821
11,824,868
37,500,000
712,661
1,979,418
10,248,389
34,400,000
955,545
Warren
Dubois
-
796,578
574,997
-
Hazelton-.
Del.—Wlllmlngton
-
N. J.—Trenton
Total (18 cities)
Fourth Federal Reserve Dlstr let
Ohio—Canton
1,418,250
8,335,367
13,511,776
5,692,613
21,643,783
895,755
499,151
1,120,781
646,747,434
6,627,084
11,105,128
12,473,711
9,410,615
7,344,644
222,048,808
317,772,530
43,484,100
1,907,992
887,782
5,841,564
10,185,897
4,465,974
17,346,760
653,553
479,754
1,055,079
479.275,023
6,064,548
8,620,980
8,050,026
7,330,548
1,448,886,899
1,142,815,562
246,708,121
398,920,067
Cleveland
Columbus.---.
51,780,500
2,228,101
...
Hamilton..
Lorain
Mansfield.
Youngstown
Newark.-—-Toledo
Pa.—Beaver County
Franklin
Greensburg
Pittsburgh
Erie
Oil City
Kentucky—Lexington...
Virginia—Wheeling
Total (18 cities)
b
+ 13.5
+ 16.3
+ 21.8
—2.0
+ 17.9
+ 3.2
+ 16.2
+ 30.3
+ 8.6
—0.9
1,327,534
404,828
a298,691
293,631
4,039,205
1,197,181
385,427
290,000
1,056,214
385,000,000
1,156,804
2,454,127
1,260,559
1,449,372
1,202,790
6,597,664
2,987,053
1,119,952
1,737,837
1,119,000,000
4,817,893
9,205,493
5,390,320
303,989
a456,567
241,414
l,15l"626
b
v..-'
349,000,000
1,029,109
2,401,486
848,983
1,331,409
+33.2
372,438
377,530
b
—34.6
+ 21.6
247,609
245,794
9~0
970+65
719^699
+ 10.3
309,000,000
1,027,320
2,148.560
993,642
1,199,678
262,000,000
1.077,540
+
+ 12.4
+ 2.2
+48.5
+ 8.9
2,100,551
1,043,875
1,028,900
-Clevelan d—
9,768,662
Cincinnati
West
1,737,957
1,700,000
1,273,686
8,484,211
5,041,820
1,505,840
2,009,811
.
+ 11.1
+25.5
+ 19.1
+ 16.8
+ 59.8
+ 42.7
+ 32.7
+ 27.5
+ 24.8
+ 37.1
+ 4.0
+ 6.2
+ 34.9
+ 9.3
+ 28.8
+ 55.0
b
b
•
—15.7
1,878,636
b
46,300,233
64,362,193
9,130,300
1,206,003
b
b
b
b
39,052,000
87,660,139
9,535,500
+4.4
47,424,028
57,346.531
9,305,300
35,822,682
50,379,810
7,649,300
+ 55.8
995,222
1,008,234
+ 36.2
b
b
b
b
3,967,969
11,661,670
517,474
339,449
490,060
Fifth Federal Reserve Distrlc t— Richmond
W. Va.—Huntington
Virginia—Norfolk
Richmond
South Carolina—Charleston
Columbia
....
Greenville.-——N. C.—Durham
Md.—Baltimore
...
Frederick
DIst. of Col.—Washington
Total (10 cities)
....
1,158,988
11,711,000
183,271,579
6,080,815
8,328,484
6,260,143
15,096,076
305,452,848
1,770,672
100,562,084
923,197
9,654,000
144,739,814
4,754,217
8,142,904
4,607,130
13,650,976
257,182,556
1,301,665
86,990,549
+ 15.6
653,607
9,295,000
130,861,412
4,236,365
6,184,522
3,905,303
10,442,271
237,313,813
1,285,354
69,566,923
639,692,689
531,947,008
+ 20.3
473,744,570
409,669,593
131,379,405
104.712,749
+ 45.0
11,521,511
55,697,497
186,400,000
3,273,810
14,301,009
53,200,000
1,362,848
2,671,669
12,742,881
43,400,000
1,025,472
+21.3
+ 26.6
+ 27.9
+ 2.3
+ 35.9
+ 10.6
+ 18.8
+ 36.0
1,167,828
+42.2
Sixth Federal Reserve Distric t— Atlanta—
Tennesee—Knoxvllle
—
Georgia—Atlanta
Augusta
Columbus
—
Macon
...
Florida—Jacksonville
Tampa
Ala.—B irmlngham
Mobile
Montgomery
Mississippi—Hattlesburg
Jackson
...
Meridian
Vicksburg
Louisiana—New Orleans
Total (16 cities)
20,009,388
71,513,298
246,800,000
6,313,671
3,823,050
4,614,557
79,489,992
6,839,951
87,730,823
8,844,121
3,874,418
4,645,000
6,486,392
1,456,158
764,506
165,680,450
13,799,819
62,847,622
201,200,000
4,682,839
3,128,533
3,002,897
64,465,038
6,574,293
74,875,633
5,792,688
3,492,821
4,019,000
5,918,843
1,452,330
784,663
136,781,773
718,885,775
Nashville.
—2.6
4,235,356
2,377,088
3,151,192
54,138,482
5,034,309
68,994,715
5,191,536
3,415,096
4,006,000
5,906,650
1,211,770
554,564
+21.1
112,934,839
8,686,747
44,711,684
160,700,000
4,486,841
1,875,795
2,594,535
42,181,441
5,041,989
55,696,135
4,416,621
2,465,211
3,681,000
4,108,835
1,130,132
611,953
104,521,569
592,S18,792
+21.3
524,770,605
446,810,488
149,176,064
115,225,751
+ 29.5
2,807,234
450,785,533
3,923,202
12,795,057
1,924,247
5,552,045
2,606,352
2,895,160
4,201,133
9,773,387
72,767,000
4,498,911
19,649,263
4,019,583
78,780,954
1,761,798
2,495,227
469,575
1,246,836
4,094,401
31,467,870
13,140,918
596,811
1,139,622
1,862,177
—17.8
2.522.775
375,223,774
3,197,812
8,011,399
1,605,950
4,179,039
2,055,471
2,044,921
3.026.776
8,618,699
60,204,000
3,512;770
17,679,336
2,717,849
64,539,768
1,513,900
2,030,227
344,758
2,309,776
277,846,633
3,604,871
6,355,329
1,289,779
2,834,690
1,404,068
1,721,750
2,291,237
7,263,886
53.132,000
2,569,129
18,110,893
1,646,557
48,655,004
1,273,282
1,481,165
414,884
124,061,316
762,603
102,467,572
—45.6
825,763
+ 21.1
86,681,399
776,468
62,249,525
3",168",721
2,494*696
+ 27.6
1,986*069
1,698", 191
l",54b"958
1,308*620
+
17*8
1,1*71*927
+ 15.3
963,063
+20.9
3,374,251
27,626,984
10,462,899
589,954
965,916
1,290,475
1,416,155
1,229,723
21,423,498
9,103,769
1,219,062,199
+21.7
+ 26.3
5,742,942
5.299,638
566,333
3,148,421
14,969,238
3,481,825
4,090,179
524,588
2,364,121,815
1,980,430,746
+ 19.4
+ 13.8
+ 22.7
+34.8
+ 22.2
+ 53.7
+ 23.3
+ 4.0
+ 17.2
+ 52.7
+ 10.9
+ 16.6
+ 9.6
+ 0.3
'
+ 12.2
+ 22.6
+ 32.9
"
*943*845
670" 000
+ 40*8
"~63i~686
20,501,000
13,823,000
+ 48.3
13,234,000
18,597*073
13,518" 8 56
+ 3 7" 6
1,126,985
+26.7
13,71+295
1,000,384
11,25*0",794
1,428,268
35.396,192
26,140,110
106,778
+ 35.4
23,387,876
22,630,032
172,024
+61.1
147,694
220.824
104,624,285
93,835.164
"
*578*426
10,641,000
930,736
Seventh Federal Reserve Dlst rict—Chicago
Mich.—Ann Arbor
Detroit
Flint
Grand
Rapids
Jackson
...
Lansing
Muskegon
Bay City
Ind.—Fort
Wayne
Gary
*
Indianapolis
South
...
Bend
.....
Terre Haute
Wis.—Madison
...
i—........
Milwaukee
Oshkosh
Sheboygan
Watertown
Manitowoc
Iowa—Cedar
...
Rapids
Das Moines
Sioux
...
City
Ames
--
HI.—Aurora
Bloomlngton
Chicago
Decatur
Peoria
Rockford
Springfield
Sterling..
Total (31 cities)..
2,308,357
521,589,443
4,683,219
15,099,337
2,267,602
6,951,283
3,026,064
2,864,943
4,633,681
12,996,549
81,232,148
6,133,933
22,848,497
4,612,688
93,172,732
1,986,550
2,978,048
545,678
1,437,392
4,948,586
35,531,004
12,958,224
806,341
2,018,881
1,735,126
1,483,793,629
3,977,158
15,575,809
•
+ 15.7
+ 19.4
+ 18.0
+ 17.8
+ 25.2
+ 16.1
—1.0
+ 10.3
+ 33.0
+ 11.6
+ 36.3
+ 15.3
+ 14.8
+ 18.3
+ 12.8
+ 19.3
+ 16.2
+ 12.9
—1.4
+35.1
+ 77.2
—1.5
+4.1
1,113,968,668
2,558,336
11,243,312
+ 64.9
+ 29.6
+8.0
.
2,817,803
3,773,312
>377,137
1.743,041,324
*751*127
"
920,230
841,363
+9~4
716,469
508*084
16,4*3+666
15,4"05"666
+flf.7
12",0~52"666
9,968~665
1,267,391
4,668,427
1,209,971
3,937,620
+ 4.7
644.662
+ 18.6
3,652,935
284,032
3,308,365
20,938*257
16,66i"718
+25" 7
1+710*212
11,606*882
1,041,916
8,026,452
2,714,608
778,311
6,971,726
2,819,582
+ 33.9
+ 15.1
782,818
6,464,201
2,493,689
294,152
5,014,934
2,084,914
308,594
324,881,001
804,764
4,526,214
1,246,559
1,149,226
278,099
268,645,884
728,907
2,995,094
746,894
891,011
+ 11.0
285,521
240,586,207
604,973
2,640,069
+29.0
636,377
823,814
283,969
197,477,952
465,026
2,528,217
419,149
691,924
518,113,518
429,944,671
+20.5
377,659.105
300,410.911
278,860
—3.7
416,828
775,556
1,143,101
821,611,010
1,918,665
10,721,294
2,071,215
3,167,878
,
•
+ 20.9
+ 10.4
+ 51.1
+66.9
-
234,655
1,309,302,156
»
Financial
878
Feb.
Chronicle
1937
6,
CLE A RINGS— (Concluded).
Month of January
Clearings al-
Inc. or
Inc. or
1936
1937
$
$
Eighth Federal Reserve Distr let—St. Loui
391,739,108
Mo.—St. Louis
Cape Girardeau
Independence
el21,053,746
88,090,182
261,337
2,344,000
—
Tenn.—Memphis
111.—Jacksonville
Quincy
Rochester
St. Paul
Winona
-
—
Fergus Falls
Dak.—Fargo
—8.7
177,472
1,630,000
+ 30.4
27,457,309
14,476,669
"+Ul5
349,000
+ 55.9
339,070
418,000
103,235,794
96,747,616
.
1,847,692
46,608,934
+ 48.3
+ 31.6
1,592,006
44,597,935
1,623,017
46,499,436
jj5o,746"039
2f.36ST.i76
—2~.9
19,4481616
17,441,696
211,553
+20.2
180,000
150,000
8,483,915
—2.1
6,869,179
6,245,628
683,000
580,566
+ 3.4
638,000
500,329
670,000
1,705"263
1,862" 569
—8.1
1,5241751
l",3221861
+ 18.1
923,111
+8.3
87,167,436
1,216,456
+ 13.0
+28.4
2,240,492
+ 10.7
7,010,701
452,205
+ 29.3
2,204,324
2,845,763
10,357,224
242,151
—10.8
1,935,925
4,853,026
382,638
1,790,980
2,323,295
10,463,300
166,775
377,348,273
+ 13.5
334,489,218
428,286,564
Distrl
+ 8.6
—4.1
—4.3
Omaha
Manhattan
Parsons.—-
——
Topeka.—
—
Wichita.
-
Mo.—Joplin
Kansas City
St. Joseph
Charthage-i-------------
Okla.—Tulsa
—
Colo.—Colorado Springs
Denver
Pueblo
Casper
(Total 18 cities)
Eleventh Federal Reserve
Dis
371,806
319,499
—7.9
420,073
—3.4
490,170
+ 9.5
11,168,482
—5.5
132,692,374
6,800,744 + 164.1
+0.4
517,423
+ 33.7
731,107
10,446,813 + 11.7
—5.1
14,206,873
+ 1.5
2,154,078
+4.6
398,522,645
+ 8.3
14,507,853
954,090
—36.4
569,817
36,445,749
2,625,382
112,006,009
2,749,655
1,133,447
+ 5.8
+ 15.8
+ 5.0
26,202,000
2,153,878
94,960,534
2,420,354
838,328
748,572,967
+6.0
626,412,740
trlct
—
477,212
1,938,350
3,548,016
9,303,305
113,934,631
5,848,487
383,133
685,933
10,106,385
12,082,230
1,809,735
330,391,804
14,030,881
+ 3.6
—0.5
Dallas.
El Paso.
—-—
Fort Worth
Galveston
— -
Arthur
-
.
Wichita Falls
Texarkana —
-.
La.—Shreveport
Total (11 cities)
Dlst
Twelfth Federal Reserve
Wash.—Bell'ham
Seattle...—
—
Spokane
Yakima
Idaho—Boise
Ore.—Eugene
Portland
Utah—Ogden
Salt Lake City
—
462*954
424*647
+616
"4371116
"2501477
1,666,063
+ 11.2
2,174,200
1,907,351
310,844,250
89,424,090
74,225,402
+20.5
70,180,933
69,488,630
301,282
280,128
7,945,222
114,023,317
6,590,870
425,790
398,204
7,426,653
8,065,887
1,437,319
276,351,736
13,718,776
343,057
20,507,039
1,897,493
45,515,225
1,969,698
79,852
94,468
81,323
93,346
2,202,431
27,100,290
2,459,256
—1.8
71,961
81,862
1,773,019
+ 1.1
87,162
66,530
3,154,386
24,253,275
+0.5
1,839,613
Calif.—Bakersfield
—
Berkeley
:
Beach
———
Pasadena
——
.—
San Francisco
Jose
Santa Barbara
Stockton
—
2,2291672
+611
76",1461373
61,1551164
2,938,901
2,603,449
+ 12.9
2,592,015
2,617,190
"
1861894
"232", 193
+5".2
"458", 133
406,682
507,852,446
129,735,106
122,985,817
+ 5.5
111,284,748
95,346,061
1,226,127
1,006,356
+ 21.8
992,052
857,404
45,466,808
36,603,587
+24.2
34,858,360
31,834,114
6,094,875
2,823,000
5,391,430
1,840,000
+ 13.0
4,139,295
1,710,000
4,758,292
2,421,000
a750,S66
a677,511
+ 10.8
1,922,127
1,895,464
654,750
9,375,283
335,053,139
314,126,622
2,211,692
131,801,247
34,599,000
—0.6
1,673,112
+ 7.7
3,167,658
4,988,410
+28.3
103,004,324
36,295,000
2,039,145
4,180,862
513,466
91,020,706
2,539,366
53,983,666
10,604,582
4,514,354
15,335,513
13,091,313
2,333,000
11,785,079
3,153,550
505,979,211
7,802,842
4,886,562
1,498,000
91,621,595
24,301,691
2,016,997
3,394,751
3,503,589
1,061,164
2,198,781
141,996,795
37,291,000
4,065,009
4,508,973
918,000
117,543,181
3,545,118
16,456,206
6,966,434
21,164,950
18,363,401
3,459,000
20,032,104
4,238,039
645,975,646
11,283,616
6,298,791
8,980,504
+ 7.8
—9.6
716,000
+ 28.1
102,978,221
2,907,707
58,673,710
13,975,926
5,293,722
19,999,946
17,632,937
2,998,000
15,640,537
4,157,352
591,541,433
11,063,605
5,934,065
7,197,165
,+ 14.1
4+21.9
+ 12.7
+ 17.7
>31.6
*>5.8
V +4.1
+ 15.4
+ 28.1
+ 1.9
i+9.2
u
*
+2.0
+6.1
>24.8
5,872,466
880,608,119
+ 10.0
1,037,478,333
2,989,612
2,753,721
47,595,094
+23.1
43,621,834
41,766,274
30,117" 316
26,9151523
+
11~.9
23,7341862
20,2911707
6,502,000
948,220
6,679,000
587,130
—2.7
7,989,000
462,648
5,219,000
+ 61.5
77,151,142
2,299,368
24,260,695
18",43l",087
+3 lie
19,3581396
17,046,732
44,307,751
14,086,211
11,6191684
+21I2
12","l2ll378
9","6661841
3,75l"759
2,656,229
464,000
8,840,142
3,252,040
24,295,405
3",7231714
+"o1§
2",6981722
2,150,587
11,652,664
2,857,027
433,616,755
3~,~7~91~439
3,2271701
+17I5
2",5401907
2,556,205
142,355~000
I22I227I625
+ 16.5
HO",2601840
6,741,607
4,545,092
5,011,572
2,396,559
1,354,539
2,259,301
2,188,751
1,283,054
1,514,117
+ 9.5
1,523,780
967,016
+ 49.2
1,129,090
98,444,470
1,322,047
815,483
965,818
761,934,986
231,823,039
198,396,786
+ 16.8
182,786,639
159,403,088
11,916,800
+ 17.2 5,676,095.539 5,743,985,265
7,910,902,607
2,552,562,935 2,161,959,219
+ 18.1 1,942,470,117 1,731,127,632
Inc.
9,416,924,399
FOR WEEK ENDING JAN. 28 FOR
Quebec
Hamilton
Calgary
John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort
William
New
Westminster
—
Medicine Hat
Peterborough
Sherbrooke
-—
Kitchener
Windsor
Prince Albert
—
Moncton
-
Chatham
i——
Sarnia.-
'
Sudbury
Total (32 cities)-.-
-
Not Included In totals,
500,253,837
396,802,602
173,952,583
60,167,137
19,899,853
15,034,492
8,968,572
14.430.958
20,164,427
6,682,414
5,921,522
11.121.959
17,964,500
11,284,454
1,239,810
1,616,515
4,935,288
1,854,094
3,391,718
2,346,766
1,863,172
531,859,389 >17.5
423,019,112 1+16.6
1,622,611,568
Ottawa
Halifax.
Inc. or
1935
%
625,070,703
493,252,654
150,001,549
85,166,820
77,176,645
19,850,203
10,695,515
20,958,240
24,219,829
8,161,801
7.190.290
12,235,582
16,379,201
12,525,926
1.221.291
1,445,584
5,692,904
2,373,438
4,127,235
3,448,242
2,394,000
890,457
2,859,976
2,378,293
4,512,555
13,159,723
1,368,756
3,151,233
2,262,059
2,425,103
2,074,942
3,940,819
253,279,665
72,423,484
95,797,476
15,844,788
9,534,547
19,475,693
23,173,232
6,380,968
6,633,708
13,257,287
J—40.8
5+17.6
—19.4
+25.3
+ 12.2
+ 7.6
+4.5
+27.9
+ 8.4
—7.7
15,738,375
11,734,845
1,112,098
1,820,873
5,274,887
2,069,775
3,467,840
2,230,058
2,287,019
958,195
2,618,486
2,243,255
4,313,447
11,439,886
1,274,148
2,792,430
2,156,216
1,962,051
1,865,169
3,116,645
1,551,155,047
b No clearings available,
c
>4.1
■+6.7
489,650,581
370,340,480
166,134,228
60,112,084
18,340,767
15,290,526
8,633,563
14,338,461
18,837,229
6,496,289
6,285,678
9,689,682
15,059,303
10,878,501
+26.4
766,593
2,524,306
2,053,764
4,061,186
8,786,458
1,180,341
2,677,431
2,025,277
1,909,083
1,709,442
2,714,640
+4.6
1,310,305,194
1,256,361,070
—20.6
+ 7.9
+ 14.7
+ 19.0
+ 54.6
'<'+4.7
1-7.1
+ 9.2
+6.0
>15.0
+ 7.4
"
1934
1,135,616
1,616,066
4,463,238
1,998,310
3,358,804
2,109,694
1,821,825
803,207
2,425,197
2,199,497
3,949,497
8,403,175
972,174
2,833,675
2,060,172
1,909,886
1,847,098
2,366,567
+ 9.8
+ 4.6
+ 12.8
+4.9
+23.6
+ 11.2
FOUR YEARS
Week Ended Jan. 28
or
Dec.
,
Winnipeg
+ 5.6
6,991,925,500 5,968,019,997
+ 11.2
1936
Canada—
424,556
+ 7.0 25,623,449,668 21,463,157,001
12,090,111,419 10,876,832,864
1937
Montreal
b
58,600,422
Clearings at—
Vancouver
b
+ 8.6
Month of January
Toronto
+ 53.4
rict—San Fra ncisco—
CLEARINGS FOR JANUARY, AND
CANADIAN
2~,50bl367
84,57l" 112
2",807^223
+ 52613
+25.1
+ 5.3
29,613,428,635 27,663,668,689
Outside New York
3,233*026 —13l2
89,977~612
"544",422
+ 17.1
852,923
+ 27.4
>10.0
j+17.3
>25.8
25,382,280
1,396,638
"'971162
12,692,123
+ 9.4
+ 35.5
1+17.5
+ 1.2
+26.1
~60~8~556
408,490,006
1,141,384,313
cities)
" i
Grand total (194 cities)
Total (20
iMjj
2,776,317
27,408,255
2,471,306
"572,616
3,224,863
3,180,500
139,591,438
11,226,109
21,821,370
10,061,000
111,812,442
1,212,135
2,497,159
788,599
8,711,007
5,499,109
3,638,172
156,552,989
13,390,142
21,543,428
9,187,000
110,734,339
1,366,130
2,913,624
+ 18.3
"4431792
1,852,000
4,375,383
4,059,253
182,150,511
16,113,643
27,023,088
11,224,000
144,737,895
1,549,357
>23.0
4061915
+30l2
"
"
Dallas
66,098,765
Ariz.—Phoenix
446~321
"5~8i~312
1,265,350
1,591,169
7,390,809
138,781
478,449,166
Beaumont
"
"
416,039
5,383,594
4,802,598
213,998,229
20,531,675
28,456,563
12,351,000
169,819,877
1,949,570
3,834,585
1,437,943
15,883,532
Texas—Austin
j
ity-
793,377,962
Lincoln
Kansas—Kansas City
Modesto
ct —Kansas C
+ 4.0
386,804
473,659
12,229,646
125,432,437
17,976,001
519,686
997,468
11,671,984
13,486,192
2,185,366
416,778,310
15,705,617
606,494
38,550,645
2,720,748
129,731,310
2,735,236
1,190,359
Hastings
conditions.
b
544,000
111,982,978
—
Neb.—Fremont
a
+V
b
2,739,461
*61,337,061
2,394,024
2,728,496
9,916,769
216,113
cities)
Tenth Federal Reserve
Kingston
12,543,521
13,679,880
b
100,686,280
584,859
Lewistown
St.
23.986.095
25,916,844
b
b
7,794,558
197,384,997
744,454
79,922,824
1,166,063
'
—
16,142,280
435,012,035
Great Falls
San
66,961,868
•
d
8,263,163
206,815,605
Helena
_
+ 20.1
■
■
495,124,029
Mont.—Billings
Riverside
114,427,174
+ 7.2
Huron
>
282,289
96,090,746
58,743,544
150,319
1,409,000
—10.6
566,568,071
745,178
2,479,695
7,291,858
Sioux Falls
Long
276,436,137
1,900,000
424,429
8
59,800,000
63,300.000
+25.4
+ 17.2
S. Dak.—Aberdeen
Port
308,803,086
2,700,000
+20.5
Minneap olis—
Minot
Houston.
+ 17.0
+ 25.2
69,700,000
9,594,764
230,769,718
1,106,272
99,183,059
1,382,566
—
Forks
Total (16
$
706,000
ct
Minneapolis
^
+ 11.2
84,000,000
1934
1935
%
—10.1
607,493,802
—
Distrl
Ninth Federal Reserve
Grand
Dec.
$
12,028,810
270,389,661
1,307,003
107,378,906
1,562,366
254,386
8,302,440
Total (7 cities)
Minn.—Duluth
N.
'
1936
$
%
352,347,770
2,991,312
403,093
135,386,222
73,356,306
286,368
1,797,000
504,803
Ky.—Louisville
1,934
•
3,500,626
--
1937
$
1935
Dec.
I
Figure smaller due to bank merger,
1936
1937
836,896
417,361
485,000
445,110
958,070
106,240,312
77,097,997
27,492,251
13,833,346
9,701,808
2,919,391
1,485,106
3,263,655
4,477,395
1,169,223
1,186,662
2,111,387
2,469,806
2,610,843
165,254
363,604
854,081
303,244
549,938
356,057
478,549
143,940
420,596
342,524
676,917
2,016,507
195,609
566,263
335,402
391,367
272,501
637,334
335,883,318
265,128,869
128,725,077
106,513,825
,29,562,890
[17,224,791
113,205,501
4,270,438
2,042,825
4,662,358
5,734,320
1,664,922
1,572,480
2,349,078
3,338,889
2,518,056
220,770
282,285
1,133,660
472,044
786,907
661,705
504,681
188,351
517.473
506.474
881,677
3,150,055
•
1247,349
d No clearings due to
...
1935
Dec.
%
+21.2
$
+30.9
92,158,168
80,672,336
25,770,675
11,528,362
3,434,564
2,881,330
1,661,343
2,623,718
3,664,111
1,238,576
1,123,558
1,704,648
3,097,473
1,951,260
202,704
316,801
894,366
328,567
580,688
361,358
365,398
159,829
+ 23.0
400,986
+47.9
382,749
731,300
1,907,823
216,623
610,681
346,490
460,070
279,870
589,040
+ 38.2
+ 7.5
+ 24.5
+ 36.1
+46.3
+ 37.6
+42.9
+ 28.1
+42.4
+ 32.5
+ 11.3
+ 35.2
—3.6
+33.6
—22.4
+ 32.7
+ 55.7
+ 43.1
+85.8
+ 5.5
+ 30.2
+ 56.2
+26.5
+ 12.8
+ 24.4
+ 23.9
+ 63.3
+ 50.3
+26.7
flood conditions,
e
242,645,465
1934
*
95,375,488
81,809,067
36,429,189
13,558,566
3,339,862
3,312,593
1,667,513
3,275,171
4,160,737
1,500,143
1,353,593
2,095,065
3,042,760
2,383,833
222.141
326,735
843,080
348,146
620,708
370,451
424,047
145,303
482,960
439,309
867.142
1,733,114
188,875
488,335
374,951
430,012
298,021
533,416
262,450,326
Figure smaller due to flood
* Estimated.
I
Volume
ENGLISH
THE
^
SILVER MARKETS
GOLDfAND
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
We
Jan .[20,
1937:
GOLD
.
The
Bank
of
England gold
660,659"*on Jan.! 13, showing
no
change
£313,compared with the previous
as
£1,400,000.
There
was
very
CHANGES
dollar parity.
daily fixing was
IN
based
small premium
tsecured for the
included a
Most of the gold offered, however, wa
Equivalent Value
Per Fine
v!'.",
of £ Sterling
Ounce
Jan.
14
141s. 8d.
lis
Jan.
15
16
141s. 7d.
12s.
141s. 7Hd.
lis.
141s. 7Hd.
Average...
on
lis.
Exports
America£2,900,384
British India
26,650
France
178,866
Imports
British South Africa.....
British India
United States of
£673,223
220,578
Australia
113,794
New Zealand
5,044
Soviet Union.
1,138,358
France
1,023,999
Belgium
22,944
Netherlands
50,557
Gennany
7,675
Switzerland
23,135
United States of America
2,949
Other countries
19,284
699,945
2,865
2,426
1,870
Switzerland
Germany.
Palestine
Burma
1-16-37 The
First
16 carries gold to
SILVER
week ago.
The Indian Bazaars and speculators have made further resales but there
has been less inclination to sell at the lower prices, at which India has also
made purchases; buying from this quarter, however,
the demand for early shipment appears to have been
Parkersburg, W. Va._
First National Bank
Marietta, Ga
dull tone, but there are indications
resistance might be encountered at a slightly lower level.
Exports j
Imports
£599,770
30,750
2,575
1,538
1,367
1,325
2,079
British India
£16,190
76,004
6,542
29,754
6,900
3,771
Sweden
France.
Switzerland
Denmark
Italy
Other
countries.
£639,404
£139,161
Quotations during the week:
IN
LONDON
NEW
YORK
{Per Ounce .999 Fine)
-Bar Silver per Oz. Std.2 Mos.
Cash
8
20^d.
14
20Hd.
Jan.
13
45 K cents
45 cents
45 cents
Jan.
15.
20 13-16d.
20 ll-16d,
Jan.
14
Jan.
16.
18
20 7-16d.
20 7-16d.
20Kd.
Jan.
15
20 5-16d.
Jan.
16
Jan.
19
20
20Hd.
Jan.
18
Jan.
20
20
20 X&.
Jan.
19
20.531d.
20.396d.
Jan.
26
Average.
45 cents
45 cents
45cents
highest rate of exchange on New York recorded during the
from Jan. 14 to Jan. 20 was $4.91 H and the lowest $4.90%.
The
period
12-31-36 The
National
First
of the Currency, Treasury
Department:
Capital
Bank
in
Nacogdoches,
Nacog¬
$100,000
doches, Tex
Cashier:
Pres.: Thos. E. Baker.
the
Aaron B. Cox.
State Bank of Nacogdoches,
Commercial
Jan. 28—The Cook County National Bank
Conversion of
Tex.
of Homewood, H9me-
wood, 111
Henry F. Thies.
Cashier: Geo. F. Thies.
Conversion
of the Cook County Trust & Savings Bank of Homewood, 111.
BRANCHES AUTHORIZED
50,000
Redmond, Deschutes County, Ore.
we
the
show
name
Association,
Per
To:
Bank of Troupe, Troup,
Tex.
CAPITAL
Morristown, Morristown,
Morristown.
First
National
Calif.
30
Jan.
31
Mar.
Mar. 15
50c
Apr.
Mar. 16
Mar.
Feb.
Mar.
Mar.
Mar.
Feb.
18
50c
Mar.
Feb.
8
30c
Mar.
Mar. 11
Mar.
Mar.
Feb.
Feb.
25c
Mar.
Feb.
15
15c
15
3
26
26
Mar.
Feb.
3c
Feb.
Feb.
63c
Apr.
Apr.
Feb.
1H%
Feb.
15
50c
Mar.
Feb.
15
39He
Mar.
Feb.
15
Apr.
Apr.
Mar. 15
$1
Mar. 15
50c
Feb.
Feb.
50c
Mar.
Mar. 18
60c
Mar.
Feb.
15
Feb.
Feb.
Feb.
15
Feb.
Mar.
Feb.
19
$1H
Mar.
Mar.
15 Feb.
1 Feb.
15c
Mar.
1 Feb.
37Hc
/i$l H
(quar.)
Ltd., pref
$1
Canadian Cottons, Ltd. (quar.)
$1H
(quar.)
Canadian Industrial Alcohol Co., A & B__
Distribution of one sh. of capital stock
Distillers
Corp.
for
3
$1
15c
50c
shares of C. I. A.
Feb.
15
26
Mar.
.
Canada Wire & Cable Co.,
la
75c
$1H
Butler Bros, (irreg.)
9
20c
h$l
50c
30c
each
Feb.
15
3
23
13
Mar.
1 Feb. 13
1
Mar. 20 Mar.
1 Mar. 19
Apr.
Apr.
1 Mar. 19
Feb.
1
of
five
stock held.
bonus distribution of 16 new
15 Mar. 31
15 Mar. 31
4 Mar. 24
28 Jan.
|4
Jan.
28 Jan.
[4
Feb.
Co., common
Carreras, Ltd., Am. dep. rec. A ord
Apr.
Apr.
Apr.
Jan.
$1H
Preferred (quar.)
Carolina Telep & Teleg.
1 Jan.
Feb.
1 Jan.
B ord.
shs. for every 5 old A ord. reg. sh
s.
of 2 new B ord.
shs. for every 5 old B ord. reg. shs.
(quar.)
50,000
100,000
$1H
$1
15
15
Mar. 15 Feb.
20
26 Jan.
15 Feb.
21
10 Jan.
15 Feb.
30
5
Feb.
50c
75c
Feb.
50c
Feb.
Feb.
43 He
Apr.
$1H
$1H
87 He
87 He
87 He
Feb.
5
1 Mar. 23
Jan.
Feb.
Feb.
Mar.
Feb.
27
5
10
Sept.
Aug. 10
Dec.
Nov. 10
50c
Mar.
Feb.
50c
June
50c
Sept.
May 10
Aug. 10
50c
Dec.
Nov. 10
50c
Feb.
Feb.
Feb.
Feb.
9
1H%
Mar.
Feb.
$1
guaranteed
guaranteed (quar.)
guaranteed (quar."
guaranteed (c
(quar
Mar.
Feb.
19
15
10
"
..
$1
(quar.)
9
50c
Special
Compania Swift International (s.-a.)
Compressed Industrial Gases (quar.)
Consolidated Biscuit Co., common
Consol. Gas Elec. Light & Power Co. of Bait
Charter No. 13044.
Checking and commercial deposit accounts were taken over by
the Killington National Bank of Rutland, Vt., charter No.
2905.
Savings deposit accounts were taken over by the Rut¬
land Trust Co., Rutland, Vt.
(quar.).
Preferred (quar.)
Columbian Carbon Co.
Dimas, San Ditnas,
Jan. 28—The Central National Bank of Rutland, Rutland, Vt—
Effective: Dec. 21, 1936.
Liq. committee: Carl B. Hinsman,
Fred C. Spencer and Lawrence C. Jones, all of Rutland, Vt.
ref
■I
Extra
LIQUIDATIONS
-
Water Service Co..
ns & Aikman Corp., common
Colli]
Nov.
30
Jan.
Feb.
Old class B__
Special
Special
Special
Special
ypi
STOCK REDUCED
Bank of San
Jan.
Feb.
Buckeye Pipe Line Co
Bulova Watch Co., Inc., $3H conv. pref
Called for redemption
Guaranteed
6, 1936.
Liq. agent: W. C. Marshall, 550
Montgomery St., San Francisco, Calif.
Absorbed by: Bank
America National Trust & Savings Association, San Francisco,
Effective:
Feb.
50c
(quar.)
American Water Works & Elec. Co., Inc
American Woolen Co., preferred
Archer-Daniels-Midland Co
Armstrong Cork Co
Art Metal Works (quar.)
Artloom Corp., preferred
Atlas Powder Co
Baltimore Radio Show, Inc. (quar.)
6% preferred (quar.)
Bandini Petroleum Co. (quar.)
Bangor & Aroostook RR. common
Cumulative convertible preferred
Baton Rouge Electric Co., $6 pref. (quar.)
Beaunit Mills (initial)
$1H preferred (initial)
Bel ding Corticelli Ltd. (quar.)
7% preferred (quar.)
Border City Mfg. Co
Bridgeport Gas Light Co. (quar.)
Bristol-Myers Co. (quar.)
Brown Fence & Wire Co., common
Oldetyme
Holders
50c
American Stores Co.
Preferred
When
Payable of Record
87 He
Alliance Oil, pref. (initial)
American Steel Foundries
Clear Springs
Comanche, Tex.
(From
$100,000 to $50,000) Amount of reduction $5O,O0O.
Jan. 29—The First National Bank of Caledonia, Caledonia, N. Y.
(From $50,000 to $5,000) Amount of reduction $45,000.
VOLUNTARY
Investment
$1H
Acme Wire Co., voting trust certificates.
Allentown-Bethlehem Gas Co., 7% pref. (qu.)_.
Cleveland & Pittsburgh RR. Co., gt
Guaranteed (quar.).
The Hamilton National Bank of
COMMON
Share
Company
6% preferred (quar.)
To:
Jan. 23—The Comanche National Bank,
Jan. 27—The
Calif
Name of
Chicago Ry. Equipment, 7% pref. (quar.)
Chicago, Wilmington & Franklin Coal Co.—
The First National Bank of Troup.
Tenn.
in our "General Corporation and
Department" in the week when declared:
The dividends announced this week are:
News
$6 preferred (quar.)
Central Illinois Public Service Co., $6 & 6% pref.
Central Massachusetts Lt. & Pow. (quar.)
Central Surety & Insurance Corp. (Mo.)
Chase (A. W.) Co., Ltd., preferred (quar.)
Chester Water Service Co., $5H pref. (quar.)__
OF TITLES
Jan. 26—The Hamblen National Bank of
been paid.
Central Arizona Lt. & Pow., $7 pref.
Certificate No. 1323A.
CHANGES
announced, but which
dividends previously
Further details and record of past
payments in many cases are given under the com¬
have not yet
pany
In^the
held.
Association,
Calif.
Jan. 23—The First National
40,000
bring} together allj thep dividends^ announced the
week.
Then we follow with a second table in which
reg.
Location of branch: S. E. corner of
Wilshire Blvd. & Peck Drive, Beverly Hills, Los Angeles County,
Calif."
29,900
10,000
$10,000
$6,900
we
Amer. dep. rec. B ord
A sh. bonus distribution
Certificate No. 1321A.
of America National Trust & Savings
Francisco,
166 2-3
$10,000
held.
.
1322A.
29—^-Bank
$6,900
125 shs.
ofj
DIVIDENDS
reg.
San Francisco, Calif.
Location of branch: Exposition Grounds,
Yerba Buena Shoals, San Francisco, Calif.
Certificate No.
San
20,100
C—Common stock.
P—Preferred stock.
A sh.
States National Bank of Portland, Ore.
Southeast corner of 6th & D. Sts., City of
Jan. 28—Bank of America National Trust & Savings
Jan.
Rlch-J
...
Bank
Canadian Industries, Ltd
Pres.:
Jan. 23—The United
Location of branch:
of
Bank
National
276 shs.
276 shs.
Bonners Ferry, Idaho
Preferred
CHARTERS ISSUED
National
None
150,000
$50,000
mond, Mich
12-31-36 The
200,000
625 shs.
Kanka-J
5% preferred (quar.)
following information regarding National banks is
from the office of the Comptroller
Jan. 26—Commercial
4,000 shs.
$40,000
Bank
Bunte Bros__
NATIONAL BANKS
The
40 shs.
&,
250,000
98,000
50,000
450,000
$2,000
National
111-
that more
The following were the United Kingdom imports and exports of silver
registered.from mid-day onAJan.fll to mid-day on Jan. 18:
IN
$100,000
of,
j.
1-16-37 The City Nat. Bank of
ItCG
150,000
150,000
2,500 shs
$50,000
has been limited and
satisfied for the time
a
Other countries
None
8,000 shs.
Trust Co. of Vlcksburg.MIss.
being.
Belgium
None
50,000
$75,000
9-25-36 The
First
300,000
3,000 shs.
ofj
Danville, Pa.
dividend
a
Netherlands
Bank
National
12-14-36 The Parkersburg National Bk.,
12-31-36 The
$300,000 B
C
$10,000
Bank,
National
Dundee
P
160 shs.
Dundee, N. Y
current
£3,813,916
Prices have shown wider fluctuations, but the tendency has been down
ward, quotations today being 20Hd. for cash and 20Md. for two months
delivery, as compared with 21d. and 20Hd. for the respective deliveries
United States of America._
After
Changes
DividendsTare^grouped in twojseparatejtables.,
The SS. Cathay which sailed from Bombay on Jan.
value of about £443,000.
Japan
Capital
No. of Shs.
Par Value
10,000 shs.
$150,000 "A"
Nashua, N. H
first
the
British India
Corp. by Dlv
910
countreis.
Other
£3.301,540
The market has rather
Pref. Stock
12-23-36 The Second National Bank of,
—
j.
_
lis.
11.93d.
O.Old.
11.96d.
11.96d.
11.96d.
11.88d.
11.95d.
United Kingdom imports and exports of gold
Jan. 11 to mid-day on Jan. 18:
The following were the
registred from mid-day
lis.
141s. 7.67d.
18.......
Jan. 19_
Jan. 20
lis.
141s. 7Hd.
141s. 8Hd.
Jan.
Jan.
Outstanding
Increase in
Name and Location
Change
12-31-36 The
Quotations:
Jan.
NATIONAL'BANKS
BY
CAPITAL STOCK AS REPORTED
No. of Shs.
Par Value
Date of
United States of America.
Jan.
$70,000.
Garden City,
increase $25,000.
Santa Fe, N. M,
$180,000) Amountgof increase $30,000.
(From $25,000 to $50,000) Amount*of
Jan. 28—The First National Bank of SantalFe,
Kan.
little change in prices, which,
the exchange ruling at the time of fixing,
on
Kemmerer, Wyo.
(From $30,000 tol $100,000) Amount of increase
Jan. 26—The Garden National Bank of Garden City,
Retirement
In the openmarket the amount of gold offered at the
over
COMMON!CAPITAL" STOCK INCREASED
Jan. 26—The First National Bank of Kemmerer,
(From $150,000 to
,;;;
against notes amounted to
reserve
"Wednesday.
about
879
Financial Chronicle
144
Mar.
Feb.
15
$1
50c
15c
Mar.
Feb.
15
Mar.
Mar.
Mar.
Feb.
90c
Apr.
Apr.
Mar. 15
$1H
5% preferred (quar.)
4
10
Mar. 15
(quar.)__
50c
Mar.
Creameries of Amer., Inc., $3H pref. (quar.)__
Crown Zellerbach Corp., A & B preference
Crum & Forster Insurance Shares, A & B
87 He
Mar.
Mar. 151
Feb. 10
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Continental Assurance Co. (Chic., 111.)
Crunden-Martin Mfg., 7% pref. (s.-a.)
Curtis Publishing Co., $7 preferred
30c
h% 1
Apr.
13
TS
26 1
880
Financial
Per
Name of
Company
Share
Oushman's Sons, 7% p
DreferredCurtis Mfg. Co. (Mo.)..
87 He
75c
Dayton Power & Light, 434% pref. (quar.)
IJerby Gas & Electric Corp., $634 pref
$7 preferred
Eastern Utilities Associates (quar.)
Quarterly
Quarterly
Quarterly
.1
81.125
h70c
7i75c
50c
50c
50c
Fajardo Sugar
Rainier Pulp & Paper class A & B (quar.)
Representative Trust Shares.
Republic Insurance Co. of Texas (quar.)..
Jan.
29
Riverside & Dan River Cotton Mills
Jan.
29
9
7
May
6
Aug.
Feb.
Feb.
May
Aug.
8194
8134
Apr.
Apr.
Mar. 31
Mar. 31
Feb.
Feb.
Feb.
Feb.
15
11
87 He
Mar.
Feb.
17
87 He
June
May 31
Aug. 31
Nov.
Nov. 30
Feb. 27
June
Mar. 31
v
80c
Sept.
Aug. 31
80c
(quar.)
Dec.
Nov. 30
/_
81
Galland Mercantile Laundry Co.
General American Corp. (quar.)
(quar.)
(Dela.), $5 pref. (qu.)
General Mills, Inc., pref. (quar.)
General Motors Corp
Preferred (quar.)
General Water, Gas & Elec. Co. (quar.)
Glens Falls Insurance Co. (quar.)
Gossard (H. W.) Co., common
Gulf State Utilities, $6 pref. (quar.)
$534 preferred (quar.)
Hancock Oil Co., A & B (quarterly)
Class A & B (extra)
Harbison-Walker Refractories Co., pref. (qu.)
Harmony Mills, $7% pref. (liquidating)
Hart-Carter Co., preferred
Haverity Furniture Cos., Inc. (irregular)
Hazel-Atlas Glass Co. (quarterly)
Hires (Chas. E.) Co., class A common (quar.)».
Holt (Henry) & Co., participating A
Homestake Mining (monthly)
Extra
Honolulu Plantation Co. (monthly)
Indiana Steel Products (initial, quar.).
Ingersoll-Rand Co
International Products Corp., 6% pref.
International Nickel Co
Inter-Ocean Reinsurance Co. (s.-a.)
Feb.
Apr.
Mar. 15
25c
(quar.)
Federal Light & Traction, pref. (quar.)
Fuller Brush Co., A (quar.)
Mar.
50c
Mar.
Mar.
Feb.
15
Feb.
15a
27
UH
12 He
75c
15
Feb.
Jan.
Apr.
Mar. 25
75c
Mar.
Feb.
UH
Mar.
Mar.
15
Apr.
1
Mar. 10a
Mar.
Feb.
UH
May
Apr.
5
20c
Feb.
Feb.
13
40c
Apr.
Mar.
Mar. 15
Feb. 15
Mar.
Feb.
26
Mar.
Feb.
26
25c
Mar.
Feb.
15
12Hc
Mar.
Feb.
Apr.
Apr.
15
7
Feb.
Feb.
1
15
2
25c
50c
11
Mar.
Feb.
10c
Jan.
8134
Apr.
Jan.
18
Mar. 12a
50c
Mar.
Feb.
15
10c
Mar.
Feb.
9
81
82
Feb.
Feb.
Feb.
Feb.
20
20
15c
15c
Feb.
Apr.
50c
Mar.
10 Jan. 31
1 Mar. 15
1 Feb. 11
h$3
Feb.
15 Feb.
50c
10
Mar. 31 Mar.
9
Mar.
3738l
9
Mar.
Mar.
Mar.
Feb.
15
Feb. 15
Mar.
5
Feb.
Feb.
15c
Mar.
25c
Apr.
Mar. 20
Mar. 20
82
75c
Feb.
Mar.
8134
15
Feb.
Mar.
UH
Mar.
10
Feb. 15
Mar. 15
Feb. 23
Feb. 23
Jan.
Jan.
27
24
62 He
Preferred (quarterly)
Apr.
Lock Joint Pipe Co. (monthly)
50c
Monthly
Monthly
8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc. (quarterly)
50c
Feb.
Feb.
50c
Mar.
Mar. 27
Apr.
July
Mar. 29
82
82
82
82
Oct.
June 28
Sept. 28
Jan.
Dec.
50c
Mar.
Mar. 12
50c
Mar.
Feb.
6
Jan.
30
81 HI
5c
Feb.
Feb.
Feb.
Jan.
30
Feb.
Feb.
Feb.
UH
Jan.
Jan.
75c
Mar.
Feb.
8134
Extra
Marion Mfg. Co
May Dept. Stores (quar.)
Mead Corp., preferred (quar.)
Merchants & Miners Transportation Co
Middlesex Water Co. (quar.)
Midco Oil Corp., vot. tr. ctfs. (quar.)
Voting trust certificates (quar.)
Monar Knitting Co., 7% preferred
Morse Twist Drill & Machine Co
Mullins Mfg., 87 pref. (quar.)
Mar.
Feb.
Nova Scotia Light & Power Co.,
Ohio Public Service Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Ohio State Life Insurance (quar.)
Extra
Olympic Forest Products Co., 88 pref
Omnibus Corp., pref. (quar.)
Paauhau Sugar Plantation Co. (monthly)
31
40c
Mar.
Mar. 11
75c
Mar.
Feb.
23
25c
Feb.
Feb.
15
25c
May
Apr.
May 15
Feb.
Jan.
Mar.
Feb.
hUH
UH
UH
Mar. 15
28
Mar.
Mar.
13
Feb. 15
Mar.
1
30c
Apr.
Mar.
1
UH
Feb.
Feb.
8
40c
Mar.
Feb.
Feb.
8
Mar.
40c
Northern RR. Co. of New Jersey, 4% gtd. (qu.)
Northeastern Water & Elec. 84 pref.
(quar.)
6% pref. (qu.)_
Feb.
Feb.
Feb.
9
UH
Mar.
Mar.
Feb.
18
10
13
58 l-3c
Mar.
Feb.
15
50c
Mar.
Feb.
15
412-3 c
Mar.
Feb.
Feb.
Jan.
28
Feb.
Jan.
28
Mar.
Feb.
20
Apr.
Mar. 15
Feb. 15
82 H
82
7if2
82
10c
Mar.
15
Pemigewasset Valley RR. (semi-annual)_
Pennsylvania Gas & Electric, class A (quar,)
87 and 7 % preferred (quarterly)
83
Mar.
Feb.
Apr.
Mar. 20
Petrol Oil & Gas Co.
2c
Mar.
Feb.
15
2c
Mar.
Mar.
Feb.
Feb.
15
(semi-annual)
Extra
Feb.
20
Phelps Dodge Corp
35c
19
Pillsbury Flour Mills Co. (quar.)
Mar.
Feb. 15
40c
Pittsburgh Suburban Water Service—
$5H preferred (quar.)
Feb. 15 Feb.
5
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)
91%
Apr.
1 Mar. 10
Quarterly
June 10
July
Oct.
Quarterly
UH
Sept. 10
7% preferred (quar.)
Mar. 10
UH Apr.
Z
7% preferred (quar.)
July
91H
July 10
7% preferred (quar.)
Oct.
UH
Sept. 10
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.'
Mar.
Feb. 20
June
7% preferred (quar.
May 20
7% preferred (quar.
81H
Sept.
Aug. 20
Dec.
7% preferred (quar.
Nov. 20
Poor & Co. 81H participating A
Mar.
h50c
Feb. 15
Portland & Ogdenburg Ry. (quar.)
Feb.
50c
Feb. 20
Potomac Electric Pow. Co., 6% pref. (quar.)__
Feb. 15
81H Mar.
5 H% preferred
Mar.
Feb. 15
Prentice-Hall (quarterly)
70c Mar.
Feb. 18
83 preferred (quarterly)
75c Mar.
Feb. 18
Public Service Co. of Colorado, 7%
58 l-3c Mar.
Feb. ]5
pref.(mo.)
6% preferred (monthly)
Mar.
50c
Feb. 15
5% preferred (monthly)
412-3c Mar.
Feb. 15
Purity Bakeries Corp
Mar.
15c
Feb. 15
Quaker State Oil Refining Corp
20c
Mar.
Feb. 27
Quissett Mill (resumed)
Feb.
—
26 Feb.
16 Feb.
9
1 Feb. 20
Feb.
27 Feb.
Feb.
15
1
Feb.
1 Feb.
May
Aug.
1 May
1 Aug.
1 Nov.
Nov.
Mar. 15 Feb.
3734c
UH
20c
82
20c
25c
(quar.). J
15c
:
20c
8134
5c
5c
75c
Jan.
20 Jan.
Apr.
Apr.
1 Feb.
19
17
1 Feb.
17
Feb.
10 Feb.
1
15
15
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
1 Feb.
1 Feb.
Feb.
15
15
8
8
15 Feb.
5
1 Feb.
20
Mar. 31 Feb.
Mar. 31 Feb.
15
15
16
Mar.
Mar.
5 Feb.
1 Feb.
58 l-3c Mar.
50c
1
18a
20
Apr. 15 Mar. 31
Mar.
1 Feb. 15a
Mar.
1234c
1
1
Mar. 15 Feb.
Mar.
15
1 Feb.
1 Feb.
41 2-3c Mar.
15
Jan.
-
29
15
ord. sh. for each sh. held.
Trusteed New York Bank Shares, bearer
2.4c
Trustee Standard Oilshares series B
Union Tank Car Co. (quar.)
United States Electric Lt. & Power Shares, Inc.
16.4c
40c
Feb.
Mar.
Mar.
Feb.
15
4c
Feb.
Jan.
30
25c
Mar. 16
Mar. 16
25c
Apr.
Apr.
Vick Chemical Co. (quar.)
Extra
50c
Mar.
10c
Mar.
Feb.
15
Vogt Manufacturing Co
20c
Mar.
Feb.
15
Hiram Walker-Gooderham & Worts
(quar.)
Preferred (quar.)
Washington Ry. & Electric Co
5% preferred (quar.)
5% preferred (quarJ)
5% preferred (semi-ann.)
Western Public Service Co. UH pref. A
Weston Electric Instrument class A (quar.)
Whitting Corp., 634% pref. (quar.)
Winsted Hosiery Co. (quar., plus extra)
Quarterly plus extra
Quarterly plus extra
Quarterly plus extra
Worcester Salt Co. 6% >re
(quar.)
Zimmerknit Co., Ltd., r% pref. (s.-a.)
Feb.
15
50c
—
Mar.
Feb.
19
25c
Mar.
Feb.
19
Feb.
Feb.
15
15
89
8134
8134
Mar.
Feb.
June
8234
h56c%
June
May 15
May 15
10
Mar.
Feb.
50c
Apr.
Mar. 16
81-62
Jan.
Jan.
26
19
Feb.
Jan.
2
May
Aug.
Apr.
July
15
15
2
Nov.
Oct.
15
II
Feb.
Feb.
5
Feb..
81
.
1
20
15
15
Mutual American Security Trust, payable in stk.
Neisner Bros, (quarterly)
New Amsterdam Casualty (resumed)
Newmarket Mfg. Co
New World Life Insurance Co
Noma Electric Co
Feb.
5
15
15
11
1 Feb.
Mar.
5c
Extra
1 Mar. 10
Mar.
25c
Stromberg-Carlson Telephone
6H% preferred
Stuyvesant Insurance Co. (initial)
Susquehanna Utilities Co. 6% 1st pref. (qu.)—
Sylvanite Gold Mines, Ltd. (quar.)
Special
Timken Roller Bearing Co. (quar.)
Toledo Edison Co. 7% pref. (monthly)
6% preferred (monthly;
^
lly)"
5% preferred (monthly).
Triplex Safety Glass Co., Ltd
Am. dep. rec. ord. reg.; a sh. bonus]of 1 new
1 Mar. 10
15 Feb.
Mar. 15 Feb.
Jan.
28
1
5c
Ludlow Mfg. Assoc
Luzerne County Gas & Electric Corp.—
$7 1st preferred (quarterly)
86 1st preferred (quarterly)
Managed Investors, Inc. (quar.)
Standard Oil of Indiana
1 Mar. 10
1 Mar. 10
Mar. 12
Mar.
Extra
(increased)
Standard Oil Co. of California
Extra
2
1 Mar. 10
Feb.
8194
3734c
(registered)
United States Playing Card Corp. (quar.)
25c
Laura Secord Corp
Leath & Co., preferred (quar.)
Lincoln Stores, Inc. (quarterly)
—
(quar.)
Extra
8134
15 Jan.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Series B
Ironwood & Bessemer Ry. & Light Co.-
7% preferred (quarterly)
Jarvis (W. B.) Co. (quarterly)
Jewel Tea Co. (quarterly)
Kable Bros. Co., 6% pref. (quar.)
Kalamazoo Vegetable Parchment Co. (qu.)
Klein (D. Emil) (quarterly)
Lanston Monotype (increased)
Feb.
Jan.
-
Mar.
Extra
50c
A (quar.).
Southwest Life Insurance.
Standard Brands, Inc. (quar.)
Standard-Coosa-Thatcher
4
15a
1 Mar. 20a
1
15 Feb.
—
Preferred
Feb". "16
20c
....
Milling, Ltd. (monthly).
7H% debentire B (quar.)
7% debenture C (quar.)
634 % debenture D (quar.)
6% debenture preferred (s.-a.)
Schumacher Wall Board Corp., pref
Sears, Roebuck & Co. (quar.)
Second Investors Corp. (R. I.) $3 pref. (quar.)_.
Sheaffer (W. A.) Pen Co. (increased)
Shell Transport & Trading (Amer. shs.)
Shenango Valley Water, 6% pref. (quar.)
Simon (ffm.) Brewing (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Quarterly
Quarterly
Socony-Vacuum Oil Co
Southern California Edison Co., Ltd.—
6% preferred B (quar.)
Southern New England Telephone (quar.)
Southern Pipe Line Co
Sept.
15 Feb.
1 Feb.
8194
9
Mar.
80c
San Carlos
Feb.
Mar.
20
1
25
25c
(quar.)
Rutland & Whitehall RR
1 Feb,
Mar.
h$3
Reynolds Metals Co. (quar.)
Preferred
Holders
When
Payable of Record
Feb.
30c
Savannah Electric & Power, 8% deb.
80c
Dec.
50c
6,
34.1954c Feb.
9
87Hc
87 He
(quar.)
(quar.)_
i
General Gas & Elec. Corn.
15
13
20
Feb.
25c
Faultless Rubber Co. (quar.)._
Fishman (M. H.)
Feb.
Share
Feb.
10c
Empire Capital Corp., class A
Emsco Derrick & Equipment (quar.)
Erie & Pottsburgh RR. Co., 7% gtd. (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Per
Name of Company
Feb.
Nov.
Feb.
El Paso Electric Co. (Del.), 7% pref.
(quar.)
El Paso Electric Co. (Texas), $6 pref. (quar.)__
Guaranteed betterment
Guaranteed betterment
Mar.
Feb.
Mar.
Feb.
Feb.
Feb.
Holders
Payable of Record
50c
10c
Convertible shares
Guaranteed betterment
When
Chronicle
Below
we
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
and not yet paid.
The
nounced this week, these
Per
Name of Company
Share
Abbott's Dairies, Inc. (quar.)
Addressograph-Multigraph Corp. (quar.)
When
Mar.
Mar.
Alabama Great Southern RR.. Preferred
Feb.
Apr.
Alaska Packers Assoc.
(quarterly)
All-Canadian Properties (liquidating dividend)
Alpha Portland Cement
American Arch Co
American Asphalt Roof common (quar.)__
American Can Co. (quar.)
American Chain & Cable Co., Inc 5% pref. (quar.)
American Chicle Co. (quarterly)
American Envelope Co., 7%
pref. A (quar.)—
7% preferred A (quarterly)
7% preferred A (quarterly)
7% preferred A (quarterly)
American Factors, Ltd. (monthly)
American Hide & Leather preferred (quar.)
American Home Products Corp. (mo.)
American Metals Co., pref. (quar.)
American Paper Goods Co., 7% pref. (quar.)_.
7% preferred (quarterly)
7% preferred (quarterly)
;
7% preferred (quarterly)
American Re-Insurance Co. (quarterly)
American Smelting & Refining (quar.)
American Sugar Refining Co. (quar.)
—
Preferred (quar.)
American Tobacco Co., com. & com. B (quar.)_
American Tractors, Ltd. (monthly)
Amoskeag Co. preferred (semi-ann.)
Amparo Mining Co
Anaconda Wire & Cable.
Armour & Co. (Del.) 7% pref. (quar.)
Armour & Co. (111.) (initial)
86 preferred (quar.)
7% preferred (quar.)
Armstrong Cork Co. (increased)
Associated Dry Goods Corp., 6% 1st pref—-—
7% 2nd preferred
Associated Telep. & Teleg. Co. 7% 1st pref
86 first preferred
Atlas Corp. 6% preferred (quar.).;
;
Atlas Plywood Corp. (increased)
Baltimore
Feb.
Feb.
15
2
1 Feb.
15
1 Mar. 15
17 Jan.
6
10 Jan. 21
15 Feb.
1
Mar. 25 Mar
1
Mar.
1 Feb. 18
Feb. 15 Jan. 31
Feb. 15 Jan. 25
Mar. 15 Mar,
5
Mar. 15 Mar.
1
25
Mar.
1 Feb.
June
1 May 25
Sept.
1 Aug. 25
Dec.
Feb.
1 Nov. 25
10 Jan. 30
Mar. 31 Mar. 19
Mar.
1 Feb. 15a
Mar.
1 Feb.
19
Mar. 15 Mar.
5
June
5
5
5
15 June
Sept. 15 Sept.
Dec.
15 Dec.
Feb.
15 Jan.
27 Jan.
Feb.
Apr.
Apr.
2 Mar.
2 Mar.
Mar.
1 Feb.
29
29
5
5
10
Feb.
10 Jan. 30
2 June 19
10 Jan. 30
Mar. 15 Feb. 19
July
Feb.
Apr.
1 Mar. 10
Mar. 15 Feb.
Apr.
Apr.
Mar.
Mar.
Mar.
23
1 Mar. 10
1 Mar. 10
8
1 Feb.
1 Feb.
5
Feb.
5
Feb.
15 Jan.
Feb.
15 Jan.
25
25
Feb.
10
Mar.
1
1
Insurance
(s.-a.)
Extra...
Feb.
15 Feb.
1
Feb.
Corp%
American
1 Feb.
Mar. 22 Mar.
Agnew-Surpass Shoe Stores (semi-ann.)
Preferred (quarterly)
Atlas Tack
Holders
Payable of Record
15 Feb.
3
Feb.
15 Feb.
15 Feb.
1
1
Feb.
Bankers & Shippers Insurance Co. (quar.)
Beacon Mfg. Co., 6% pref. (quar.)
Feb.
Feb.
15 Feb.
8
15 Jan.
30
Belden Mfg. Co. (quarterly)
Bethlehem Steel Corp., 7% pref. (quar.)
Feb.
15 Feb.
5% preferred (quarterly)
Bigelow-Sanford Carpet (increased)
Preferred (quarterly)
Biauners, Inc. preferred (quar.)
Apr.
Apr.
Mar.
Mar.
Feb.
10
5
1 Mar.
5
1 Mar.
1 Feb. 10
1 Feb. 10
15 Jan.
30
Volume
Financial
144
Blue Ridge Corp.
Per
1 Feb.
5
1 Feb.
15
Opt. stk. div. of 1-32 sh. of com. or cash.
Borden Co.
(quar.)
_
15 Jan. 30
1
15 Feb.
1
Mar. 25 Mar.
1 Feb. 15
Mar.
Calhoun Mills
5
27 Feb.
1 Feb. 20
Mar.
1
1 Mar.
Apr.
1 Feb.
5 Feb.
1
Feb.
Feb.
20 Feb.
5
Feb.
20 Feb.
5
Feb.
15 Jan.
31
Feb.
27 Feb.
6
Mar. 20 Feb.
1 Feb.
Mar.
(quarterly)
Stock dividend
27
Payable 10-200thssh. $50 par 5% preferred.
California Water Service 6% pref. (quar.)
—
Campbell, Wyant & Cannon Foundry (quar.)
Canada Cement Co.. preferred
Canada Vinegars Ltd (quar.)
Canadian Converters (quar.)
Canadian Oil Cos. (quar.)
Carter (Wm.) Co., preferred (quar.)
Carthage Mills, Inc., 6% pref. A (quar.)
6% preferred B (quarterly)
Castle (A. M.) & Co. (quar.)
Caterpillar Tractor (quarterly)
Preferred (initial, quarterly)
Cedar Rapids Mfg. & Power Co. (quar.)
Central Cold Storage (quarterly)
Central Massachusetts Light & Power Co. (qu.)_
6% preferred (quarterly)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
-
Feb.
15 Jan.
15 Feb.
26 Jan.
15 Jan.
31
Feb.
Feb, 15 Feb.
May 15 May
Aug. 16 Aug.
5
21
30
5
5
5
5
Nov. 15 Nov.
1 Feb. 20
Mar.
1 Mar. 15
1 Feb.
1
1 Feb.
10
1 Feb.
10
1 Feb.
18
27 Feb.
8
1 Mar. 20
1
19
Sept. 18
Mar. 31 Mar. 15
15
Mar.
1 Feb.
Mar.
1 Feb.
5
Apr.
1 Mar.
5
Feb.
15 Jan.
20
Feb.
15 Jan.
20
Feb.
15 Jan.
20
23 Feb.
9
Feb.
Feb.
1 Feb.
15
1 Feb.
15
1
Feb.
15
15 Jan.
5
15
Mar.
1 Feb.
16
Mar.
1 Feb.
18
20 Feb.
5
Feb.
(quar.)
—
Feb.
quar.)
Feb. 15 Jan. 25
1
Mar. 29 Mar.
1 Feb. 20
Mar.
(quar.)—_
(Del.)
Mar.
1 Feb.
20
Mar.
Preferred (quar.)
Copperweld Steel (quarterly)
Corporate Investors, Ltd. (quar.)
Cosmos Imperial Mills Ltd. (quar.)
Cresson Consol. Gold Mining & Milling (qu.)
Crown Cork International Corp. class A (quar.)_
Crown Cork & Seal Co., Inc., common (quar.)-.
$2X cumul. preferred (quarterly)—
Crown Cork & Seal. Ltd. (quarterly)
Crown Drug Co. pref. (quar.)
—
Ouneo Press, Inc., preferred (quar.)_
Deere & Co. preferred
Preferred (quar.)
Detroit Gasket & Mfg. (quar.)
Dexter Co. (quar.)
1 Feb.
15 Jan.
30
Feb.
10
15 Jan.
15 Jan.
15 Feb.
10
Mar. 15 Mar.
1
1 Feb. 15
Mar.
Mar.
1 Feb.
15
Mar.
1 Feb.
13
Mar.
1 Feb.
15
Mar.
1 Feb.
15
Mar.
1 Feb.
15
Sept.
Preferred (sem-ann.)
Preferred (sem-ann.)
Dictaphone Corp
Preferred (quar.)
Dieme & Wing Paper Co., 5% pref. (quar.)—
Distillers Co., Ltd.—
Amer. dep. rec. for ord. reg. (interim)
1
Aug. 14
Marl 38 Feb 15'38
Mar.
Mar.
Feb.
1 Feb.
1 Feb.
15
13
13
Jan#/
31
Feb.
8 Jan.
14
1 Mar. 10
"Jfe
Apr.
Apr.
Apr.
r30c
Feb.
15 Jan.
60c
Feb.
Feb.
Feb.
15 Feb.
37 He
Dixie-Vortex Co__
-
(quar.)
Dow Chemical Co
$1H
;
16c
Dow Drug Co. (quar.)
!
Duplan Silk Corp. (semi-ann.)
60c
Feb.
30
1
15 Feb.
1
15 Feb.
4
15 Feb.
1
1 Feb.
10
Public Service Co—
$6H preferred (quarterly)
$6 preferred (quarterly)
Eaton Ma ufacturing Co
Electric Shareholdings Corp. preferred
Payable in 44-1000ths sh. of com. stk. or opt'l
payment of $1H cash.
Ely & Walker Dry Goods (quar.)
-Equitable Investment Corp., capital stock..
Capital stock
Capital stock
....
Capital stock
Mar.
Feb.
Mar.
1 Feb.
10
15 Feb.
1
1 Feb.
5
25c
Mar.
1 Feb.
19
10 Feb.
3
10c
Feb.
10c
4
May 11 May
Aug. 10 July 27
50c
80c
Dec. 28 Dec
Feb.
Mar.
21
1 Feb.
12
Mar.
1 Feb.
12
Mar.
1 Feb.
12
$2H
...
5
UX
Preferred (quarterly)
Farmers & Traders Life Insurance (quar.)
Extra.-.
15 Feb.
Apr
Apr
1
50c
1
Voting trust certificates
Class A (quar.)
Household Finance Corp. common (quar.)
Participating preference (quar.)
Hutchison Sugar Plantation Co., Ltd. (mo.)
Illuminating Power Securities (quar.)
Harvester,
Interstate Hosiery
Jones & Laughlin Steel Co., pref
Kaufmann Dept. Stores, pref. (quar.)
1
Feb.
5
Mar.
Mar.
5
x¥s
—
Feb.
4
Feb.
J an.
25
$1
Feb.
Jan.
25
$1
20c
Feb.
Jan.
25
Feb.
Feb.
20c
Mar.
Mar. 16
Feb.
Jan.
Mar.
Feb.
Feb.
Feb.
5
Feb.
Jan.
30
Jan.
30
16
29
8
Feb.
9
Apr.
July
24
24
Nov.
Oct.
25
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 31
Feb.
Jan.
Mar.
$2
May
Aug.
$2
37 He
621f
six
7H%
10%
$1
Mar. 20
Mar. 31
15
Feb.
Jan.
30
Feb.
Mar.
Jan.
30
Feb.
11
Mar.
Feb.
11
10 Jan.
25
Feb.
1 Feb.
Apr.
15
I Mar. 15
Apr.
$1
«5%
10 Mar. 22
Mar.
1 Feb.
5
Mar.
1 Feb.
15 Feb.
18
Feb.
%IX
ht IX
tlX
Mar.
1
1 Mar. 15
I Feb. 25
Apr.
Apr. 10 Mar. 26
Mar. 31! Mar. 10
50c
Feb.
15 Feb.
1
Feb.
20 Jan.
1 Feb.
30
10a
1
40c
Mar.
$1H
tlX
tlx
tlx
tlx
Apr.
May
1 Feb.
5
7
1 Mar.
1 Apr. 20
Mar.
1 Feb.
Mar.
1 Feb.
15
Mar.
1 Feb.
15
25c
Feb.
15 Feb.
5
May 15 May
Aug. 15 Aug.
5
5
25c
Nov. 15 Nov.
tlX
SIX
tlx
tlx
(quarterly)
Mar.
25c
7% preferred (quarterly)--7% preferred (quarterly)
Lansing Co. (quarterly)
Lessing's, Inc
Le Tourneau, Inc. (quar.)
$1H
h37Hc
87 He
25c
preferred—
Quarterly
Quarterly
Quarterly.
7% preferred (quarterly)
Mar. 15 Mar.
June 15 June
5
Sept. 15 Sept.
5
Feb.
Feb.
20 Feb.
20 Feb.
1
15
5
25c
25c
June
25c
Sept.
25c
Decl'37 Nov. 15
5c
Quarterly
Lexington Utilities Co. preferred.
Preferred (quar.).
Life Savers Corp. (quar.)
Ligget & Myers Tob. Co. com. & com. B (qu.) —
Lincoln National Life Insurance Co. (qu.)
Quarterly
Quarterly
Dec.
Co., A. & B. (quar.)
15
1 Aug. 15
Feb.
10 Jan.
30
10 Jan.
Feb.
30
6
Feb.
Apr.
16
24
40c
Mar.
$1
30c
30c
30c
Mar.
50c
Mar.
UX
tlX
tlx
(.quarterly)
Corp—
1 May
Feb.
h50c
r 25c
Link Belt Co. (quar.)
Lord & Taylor 1st preferred
Los Angeles Gas & Electric
5
15 Dec.
Feb. 10 Feb. 10
Mar. 10 Mar.
4
Mar.
1 Feb. 15
25c
Quarterly
Loblaw Groceterias
1
Feb.
Mar.
A (quar.)
Kentucky Utilities. 7% junior
7% preferred
Feb.
Feb.
34 He
May
Aug.
July
27
Nov.
Oct.
26
Mar.
Feb.
Feb.
Apr.
Mar.
15
Feb.
12
15 Jan.
29
18
1 Mar
1 Feb.
17
Jan.
25c
Feb.
37Hc
tlX
Feb.
31
Feb.
1
Jan. 30a
Feb.
5
Preferred
Apr.
July
June 22
Preferred
Oct.
Sept. 21
nx
Jan.
Dec. 21
50c
Feb.
50c
Mar.
Feb.
5
20c
Feb.
Feb.
15
25c
Mar.
Feb.
Feb.
Feb.
Feb.
10
40c
6% preferred (quarterly)
Louisville & Nashville RR. Co
Ludlum Steel Co. common
Lunkenheimer Co
Preferred (quar.)
tlx
2X%
'
(quar.)
(quar.)
Preferred (quar
Lynch Corp. (quar.)
Mar. 31 Mar. 22
Madison Square Garden
Manhattan Shirt Co
(quar.) —
25c
Mar.
1 Feb.
18
Manufacturers Casualty Insurance (quar.)
$1H
87 He
Mar.
1 Feb.
15
Mar.
1 Feb.
15
McClatchy Newspapers, 7% pref. (quar.)
25c
Mar.
1 Feb.
15
$1H
May
Apr.
July
1 Apr.
15
1 Mar. 23
1 June 22
preferred - (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
McColl Frontenac Oil (quar.)
Mar
1 Sept. 22
1 Feb. 19
Mclntyre Porcupine Mines
Meadville Telephone Co. (quarterly)
June
1 May 22
Memphis Natural Gas, pref. (quar.)
Oct.
15
Feb.
Feb.
60c
Mills (quar.)
1 Feb
tlX
SIX
tlX
SIX
tlx
Feb.
Feb.
62 He
$2
Intertype Corp. first preferred —
Jantzen Knitting Mills, preferred (quar.)
15 June
7% preferred (quarterly)
Freeport Sulphur Co. (quar.):
6% preferred (quarterly).
Fuller Brush Co. 7% preferred (quar.).
7% preferred (quar.).
7% preferred (quar.)_
General Cigar Co., Inc., preferred (quar.).
Preferred (quar.)
....
Mar.
$1
(quar.)
A (quar.)
pref.
International Safety Razor, class
Mar.
—
1
15
5
1
Quarterly
International
June
Florida Power Corp., 7% pref. A (quar.)
Feb.
Feb.
Feb.
—
7% preferred (quarterly) _
Imperial Tobacco Great Britain & Ireland ord—
Ordinary (extra)
—
Independent Realty & Investm't Co. (St. Louis)
Liquidating dividend
Inland Steel Co. (increased)
International Business Machine
50c
1
Feb.
Mar.
10c
—
—
S1H
15
Mar.
151.17
(quarterly)—_—
Voting trust certificates (quarterly)
Houdaille Hershey, class B
(s-a)
Firestone Tire & Rubber preferred (quar.)
First Security Corp. of OgdentUtah), ser A
Feb.
"I
Inc., $6H cumul pref. (quar.)
Loose-Wiles Biscuit Co., preferred (quar.)
25c
Extra
(quarterly)
Horn & Hardart (N. Y.), 5% pref. (quar.)
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)
Loew's,
25c
Fairbanks, Morse & Co. (quar.)
50c
60c
Plantation
First State Pawners Society (quar.)
Fitz Simons & Conneil Dredge & Dock
tlX
$1H
Mar.
Feb.
Feb.
1 Mar. 10
20 Mar. 31
16
Mar. 15
10c
7% junior preferred (quarterly)
—
Kroger Grocery & Baking Co. (quarterly)
6% preferred (quar.)
7% preferred (quar.)
Lake of the Woods Milling, pref. (quar.)
Lake Superior District Power, 7% pref. (quar.)_
6% preferred (quarterly)
Landis Machine (quarterly)
Feb.
Feb.
Jan.
Apr.
25c
Mar. 15 Feb.
Feb.
Feb.
Feb.
5
10
10
10
50c
Kayser (Julius) & Co
Kelvinator Corp
Kendall Co. cum. pref. series
26
30
Feb.
Feb.
Feb.
25c
30
15 Jan. 30
1 Mar. 10a
April
Mar.
6 Feb. 19
Feb.
Feb.
Diamond Match Co. (increased)
Preferred (sem ann.)
Eastern Shoe
15
Mar.
Cook Paint & Varnish Co. (quar.)
(quarterly)
30
1 Feb.
Mar. 15 Feb.
pref. (quar.)
15 Jan.
Mar.
Mar.
5H % Pref. (qu.)
Continental Can Co.. Inc.. common
Dome Mines (quar.)
Dominion Bridge Co.
15
Feb.
Connecticut Power Co. (quar.)
Class A
15
15 Jan.
Mar.
Connecticut River Power 6% pref. (quar.)
Continental Oil Co.
3
15 Jan.
Feb.
Consolidated Paper Co
Container Corp. (increased,
15 Feb.
Feb.
Feb.
25c
Monthly
Hollander (A.) & Sons (quar.)
Holophane Co., Inc. (increased)
Honomu Sugar Co. (monthly)
Hormel (Geo. A.) & Co. (quarterly)
A
3
Feb.
h20c
preferred
Hershey Chocolate Corp. (quar.)
—
Preferred (quar.)
Preferred (participating dividend)
Hibbard, Spencer, Bartlett & Co. (monthly)
Preferred
Feb.
7i75c
75c
Hercules Powder Co.,
Mar.
Feb.
SIX
Sugar
Hawaii Consol. Ry. 7% preferred
Heileman (G.) Brewing Co. (quar.)
Mar.
3
Feb.
pref. (quar.)
6% pref
30
23
10
1
Feb.
Hawaiian Commercial
15 Jan.
Feb.
Feb.
Feb.
Apr.
Extra
Consolidated Oil Corp., com.
Preferred (quar.)
1937.
Hanna (M. A.) Co.,
Mar. 25
Mar.
RR. Co., class A deb—
1
1 June
UX
Capital stock
Green (H. L.) Co. preferred (quar.)
Gulf Oil Corp
Gurd (Charles) & Co., Ltd., 7% pref. (quar.) —
Hale Bros. Stores, Inc. (increased, quar.)
Hamilton Watch Co. 6% preferred (quar.) —
Hammond Clock, 6% pref. (initial)
Covers period from Dec. 15, 1936, to Feb. 15,
15 Feb.
Oct.
Feb.
24
Feb.
Havana Elec. & Utilities Co.,
Mar.
Consolidated Cigar Corp., 7%
Consolidated Edison (N. Y.)
Green Bay & Western
Class B debentures
9
Apr.
July
27
Extra
15 Feb.
Feb.
Feb.
Mar. 17
Mar.
Mar.
-
Mar.
g*
Great Western Electro-Chemical
Feb.
.
Feb,
Feb.
20
Mar.
Graton Knight Co., 7% pref. (quar.)
Great Lakes Dredge & Dock Co. (quar.)
Feb.
...
Mar.
56 He
(quarterly)
Feb.
-
Concord Gas Co. 7% preferred
Connecticut Light & Power Co.,
Ewa
15
Feb.
Chicago Yellow Cab (quarterly)
Chile Copper Co
Cincinnati Union Terminal Co., 5% pref. (qu.)_
Preferred (quarterly)
Preferred (quarterly)
City Ice & Fuel Co. (quarterly).
Preferred (quarterly)
Colgate-Palmolive-Peet (quarterly)
Preferred (quarterly)
Columbia Gas & Electric Corp—
6% preferred series A (quarterly)
5% cumul. preferred (quarterly)...
5% cumul conv. preference (quar.)
Columbia Pictures Corp. (semi-annual)
$2X conv. pref. (quar.)
Commonwealth Internat. Corp., Ltd., (interim)
Preferred
15
25 Feb.
Feb.
—
Champion Paper & Fibre Co. (quar.)Preferred (quar.)
Chartered Investors (quar.)
Chicago Mail Order (quar.)
Extra
29
28 Feb.
Feb.
Quarterly
Century Ribbon Mills, pref. (quar.)
(Resumed)
Co
19 Jan.
Feb.
.
Belt
1 Mar. 20
Feb.
Feb.
Mar. 17
13 (or such earlier date as previously ex¬
plained).
Mar. 15 Mar. 10
1 Mar. 20
Apr.
Apr.
30
1
Apr.
Apr.
Grace National Bank (semi-ann.)
Grand Union Cor., $3 pref
15
15 Jan. 30
1
15 Feb.
Feb.
Feb.
dec. to holders of 2d
22
Feb.
25
Jan.
stk. &
1
1 Mar. 15
Apr.
Jan.
Feb,
Feb.
50c
com. stk. has been ext. to Mar. 13,
1937, with proviso that should a div. be
pref. stk. of rec. on or
before March 13, exchange under plan shall
terminate after close of business on date next
preceding the record date for payment of
div. on 2d pref. stk.
New $5 conv. preferred
To holders of rec. of new pref. orig. issued on
exchange of 2d pref. on Jan. 16 and on
each business day up to and incl. March
5
Mar.
Feb.
(quar.)
Goodyear Tire & Rubber Co. 2d preferred
Offer to exchange 2d pref. for $5 conv.jpref.
15
15 Feb.
Feb.
50c
Golden Cycle Corp.
20
15 Feb.
1 Feb.
Mar.
Holders
When
Payable of Record
37m
—
—
GIsbe-Democrat Publishers, 7% pref. (quar.) —
Globe & Rutgers Fire Ins. Co. 2d pref. (s.-a.) —
Feb.
;
California Packing Corp. common
Preferred
Feb.
Mar.
Share
Company
Glrard Life Insurance (increased)
Glidden Co. (quarterly)
Feb.
Boss Manufacturing Co., common
Bourjois, Inc., t2X preferred (quar.)
Bower Roller Bearing Co. (quarterly)
Brach (E. J.) & Son (quar.)
Brooklyn Edison Co. (quarterly)
Brooklyn Tel eg. & Messenger Co. (quar.)
Brooklyn Union Gas Co. (quar.)
Brown Shoe Co. common (quar.)
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Bunker Hill & Sullivan Mining
Burroughs Adding Machine (quar.)
Byron Jackson Co. (quarterly)
Calamba Sugar Estates (quar.)
Chain
Name of
General Foods Corp. (quar.)
General Metals Corp. (quar.)
Mar.
Mar.
$3 pref. (quar.)
\
Holders
When
Payable of Recora
Name of Company
881
Chronicle
Macy (R. H.) & Co. (quar.)_
(increased)
Extra
7%
—
10c
43 He
43 He
43 He
43 He
Feb.
Feb.
Mar. 22
Feb.
5
1
Feb.
1
Feb.
Feb.
28
May
Aug.
May 31
Aug. 31
Nov.
Nov. 30
20c
Mar.
r50c
Mar.
37 He
Feb.
tlX
Apr.
Feb.
Feb.
15
1
31
l'Mar. 20
15 Jan.
882
Financial
Per
Share
Name of Company
Mercantile-Commerce Bk. & Tr. Co. (St. Louis)
$1
Quarterly
Mercantile Stores, Inc., 7% pref. (quar.)
$194
50c
Mergenthaler Linotype (quar.)
Metal & Thermit Co., 7% preferred (quarterly).
7% preferred (quarterly)
$194
Miller (I.) Sons, 8% preferred
h% 1094
50c
Minneapolis Honeywell Regulator (quar.)
.
4% newconv. preferred B (quarterly)
Mitchell (J. S.) & Co. (increased)
Model Oils, Ltd
Monmouth Consolidated Water Co.—
$7 preferred (quarterly)
Monsanto Chemical Co. (quar.)
Extra
$1
$2
^2 5c
_
25c
25c
25c
-
Montgomery (H. A.) Co. (quar.)
Quarterly
Montreal Light, Heat & Power Co. (quar.)
Moody's Investors Service partic. prer. (quar.)-Participating preferred
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly..
Quarterly
Morris Plan Insurance Society (quar.)—
Quarterly
Quarterly
Quarterly
Muskogee Co., 6% cumul.pref. (quar.)
Nash-Kelvinator Corp. (quarterly)
National Bearing Metals Corp
National Biscuit Co. (quarterly)
Preferred (quarterly)
Nat. Credit Co. (Seattle, Wash.) 5% pref. (qu.)
National Lead Co., class A pref. (quar.)
National Liberty Insurance (semi-aim.) _;
$2
75c
7i50c
-
ilif
SIX
$1$1
$1
$1
$1
$1 X
-
25c
37 Xc
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
4
16
6
Mar.
Mar.
Mar. 15
June
June
15
Feb.
Feb.
Feb.
Jan.
31
Apr.
July
Apr.
July
Oct.
Oct.
Jan.
Jan.
Feb.
1
25
25
Feb.
June
May 27
Aug. 27
Nov. 26
Mar.
Feb.
15
20 Jan.
30
16
1 Feb.
15c
15 Mar. 12
27 Feb. 11
1
15 Feb.
26
Feb.
15 Feb.
15 Feb.
Mar.
1 Feb.
Feb. 15 Feb.
Mar.
1 Feb.
1
Feb.
1
18
1:
1
15c
Mar.
1 Feb.
40c
40c
New (quarterly)
National Union Fire Insurance (increased)
Apr.
Apr.
1 Mar. 15
Neptune Meter Co. $8 preferred (quar.)
Newberry (J. J.) Co., 5% pref. A (quar.)
New Jersey Insurance Co
Special
New Jersey Zinc Co. (quar.)
Niagara Share Corp. of Maryland—
Class A preferred (quarterly)
Nipissing Mines Co
Norfolk & Western Ry. Co. (increased quar.)
preferred (quarterly)
15
1 Mar. 15
Feb.
_._
8
8
Feb.
Feb..15
Mar.
1
Jan.
26
Jan.
26
Feb.
1
Feb.
Feb.
Feb.
20 Feb.
20 Feb.
16
<pA
50c
50c
Feb.
10 Jan.
20
$1M
25c
S2X
*1
MX
2
2
Mar. 22 Mar. 10
Feb. 20 Feb.
5
Mar 19 Feb. 27
20c
30c
Feb. 19 Jan. 30
1 Feb. 15
Mar.
Mar.
1 Feb. 15
Mar. 10 Feb. 26
Feb. 15 Feb.
5
Feb. 15 Feb.
5
25c
Feb.
40c
Apr.
MX
North American Edison Co preferred (quar.)—
Northam Warren Corp., conv. pref. (quar.)
North River Insurance Co. (increased)
Feb.
75c
25c
Sugar, Ltd. (monthly)
Occidental Insurance (quar.)
Old Dominion Co., irregular dividend
Ontario Mfg. Co. (increased)
Ontario Steel Products Co., 7% pref. (quar.)—
h$ 2
10c
____
Oswego & Syracuse RR. (semi-ann.)
Otis Steel Co., conv. 1st preferred
$2)4
Feb.
10 Jan. 26
1 Mar. 20
15 Jan.
15 Jan.
Feb.
30
1 Feb.
30
20
20 Feb.
5
Mar.
4.125
Jan.
30
Div. covering three quar. periods ended Dec.
15, 1936 payable to parties in whose names
the new pfd. stk. is initially issued upon ex¬
change of prior pref. stk. under co.'s re¬
capitalization plan. Time for exchange extended to close of business on Jan. 30, 1937.
Outboard Marine & Mfg. Co.
Owens-Illinois Glass Co
30c
Peninsular Grinding Wheel (quar.)
Peninsular Telephone 7 % preferred
Penman's Ltd. (quarterly)
Pennzoil Co
Feb.
—-
—
—
Philadelphia Co., 5% pref. (s.-a.)_
Philadelphia Insulated Wire Co. (semi-ann.)
Philadelphia Suburban Water 6% pref. (quar.)Phillips Petroleum Co. (quar.)
Phoenix Finance Corp., 8% pref. (quar.)—
8% preferred (quarterly)
8% preferred (quarterly)
8% preferred (quarterly)
Photo Engravers & Electrotypers
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)
Plymouth Fund, class A
Special
Procter & Gamble (increased quar.)
—
Extra
Extra
Prudential Security Co., 4% ser. A
Public Service Com. (N. J.)
(increased
1 Feb.
20
5c
Feb.
15 Jan.
Feb.
15 Feb.
5
Feb.
15 Feb.
5
50c
55c
Feb.
10 Jan.
30
Mar.
SIX
Mar.
$3)4
SIX
Feb.
Preferred (quar.)_
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Sherwin-Williams
5% preferred (quarterly)
20
22
1 Feb.
Mar.
1 Feb.
10
15 Feb.
1
1 Feb.
9
50o
Mar.
1 Feb.
5
50c
Apr.
July
10 Mar. 31
10 June 30
Oct.
11)
sm
r25c
Sept. 30
Jan.
10 Dec. 31
Mar.
1 Feb. 15
1
Apr.
1 Mar. 15
Mar.
1 Feb.
15
Mar. 31 Mar. 15
Feb. 15 Jan. 22
Feb. 15 Jan. 22
Mar.
1 Feb. 20
Mar.
1 Feb. 20
Mar. 31 Mar. 27
Mar. 31 Mar.
1
Feb. 27 Feb.
1
Mar. 31 Mar.
1
Mar. 31 Mar.
1
Mar. 31 Mar.
1
Mar. 31 Mar.
1
Feb. 15 Jan. 25
Feb. 27 Feb.
1
Feb.
15 Jan.
27
50c
Apr. 25 Mar. 31
50c
Feb.
50c
15c
$154
30c
SIX
six
Jan.
Mar.
1 Feb.
1 Feb.
10
Mar.
1 Feb.
20
June
1 May 20
Sept.
1 Aug.
2c
10c
25c
Mar.
1 Feb.
Mar.
1 Feb.
15 Feb.
1 Feb.
Feb.
Mar.
ord. reg
Jan.
11
11
1
15
22
ad¬
50c
Feb.
Mar. 15 Feb. 27
50c
May
25c
Mar.
15 Feb.
5
1
Apr. 15
1 Feb. 17
$194
$194
$194
$194
Apr.
July
1 Sept. 17
3 Dec. 20
$1
Feb.
SIX
Jan.
Mar.
1 June
15 Jan.
15 Jan.
Feb.
1 Apr. 15
15 Jan. 30
6
16 Feb.
nOc
25c
16 Feb.
1 Feb.
6
11
Mar. 31 Feb. 27
Mar. 31 Feb. 27
Apr. 10 Mar. 20
2
Feb. 13 Feb.
Mar. 20 Feb. 27a
June 19 May 29a
July
Mar.
J.) <quar.)—
15 June 15
1 Feb. 15
June
1 May
Feb.
— --
15
1
31
June 26 June
—
15 Feb.
Aug. 10 July
16
Dec. 27 Dec. 16
1
Feb. 15 Feb.
15 Jan. 28
Mar.
2 Feb. 20
Mar.
1 Feb. 18
—
Feb.
Apr. 20 Apr.
July 20 July
Oct. 20 Oct.
2 June
July
Oct.
2 Sept.
(quarterly)
(quar.)
15 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
Feb.
1
1
15
30 Sept. 30
30 Dec. 31
8
Feb. 26 Feb.
8
Feb. 26 Feb.
1 June 15
July
Oct.
Jan.
$134
10c
10c
$134
$134
25c
$134
Feb. 15 Jan.
20c
Feb.
15 Feb.
15 Apr.
1
1 Feb. 20
Mar.
1 Feb. 16
Mar.
May
May
Aug.
Aug.
1
Apr. 15
15
15
15
1 Apr.
July
1 July
1
Nov.
1 Oct.
50c
Nov.
1 Oct.
60c
Mar.
$134
6d
Is. 9d.
Wright Hargreaves Mines, Special interim divWrigley (Wm.) Jr. Co. (monthly)
Monthly
Yellow & Checker Cab Co., class A
Youngstown Sheet & Tube, preferred
Youngstown Steel Door Co., common
Zeller's Ltd., 6% preferred
10
Apr.
50c
Extra
15 Jan.
31
28
20
Feb. 15 Jan. 20
Mar.
1 Feb. 10
1
Feb. 15 Feb.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Feb.
Mar. 15 Feb.
$2
$134
1234c
$134
Quarterly
xtra
a
18
20 Jan. 30
5
10 Feb.
30 Dec. 31
30 Mar. 31
Apr.
July 30 June 30
50c
Feb.
Feb.
15
15
1 Feb. 10
8 Jan. 14
8 Jan. 14
6
1 Jan.
10c
Feb.
25c
Mar.
Apr.
1 Feb.
Mar.
1
25c
hS 1
h% 934
50c
$134
20
1 Mar. 20
Feb. 18
6
15 Feb.
1
Mar. 15 Mar.
Feb. 15 Jan. 31
Feb.
Transfer books not closed for this dividend
e
19
Feb.
—-
—
11
Jan.
Quarterly
Woolworth (F. W.) Co. (quarterly)--Woolworth & Co., Ltd., ordinary (bonus)__
American dep. rec. for ord. reg. (final)
10
10
Feb.
Extra
Payable in stork
f Payable in
ulated
stock
Payable
common
dividends.
»
g
in
Payable in scrip
preferred siock.
h On account of accum
Payable in Canadian fuuas and in t,be case of non-residents of Canada,
reduction of a tax of 5% of the amount of such dividend "ill be made.
r
a
Feb.
Feb.
Mar.
Sept. 20 Aug. 31a
Dec. 20 Nov. 30a
Feb. 27 Jan. 30
Williamsport Water, $6 preferred (quar.)
Wilson & Co. (quar.)
Winstead Hosiery Co. (quarterly)
15
25
Feb.
May
MX
MX
Preferred
30
1 Feb.
13
50c
Wayne Screw Products Co. (quarterly)
Weill (Raphel) & Co., 8% pref. (s.-a.) —_
Wesson Oil & Snowdrift Co., Inc., conv. pf. (qu.)
Western Cartridge 6% pref. (quar.)--Western Tablet & Stationery Corp
—Westinghouse Air Brake (quar.)
—
Quarterly
Quarterly
Quarterly
Quarterly-__
Westinghouse Electric & Manufacturing
Participating preferred
West Jersey & Seashore RR. Co. (s.-a.)
Westland Oil Royalty Co., Inc. class A (mo.) —
Class A (monthly)
West Penn Electric 7% preferred (quar.)
6% preferred (quar.)
Westvaco Chlorine Products (quar.)
West Virginia Pulp & Paper, pref. (quar.)
Whitaker Paper Co
Preferred (quar.)
Will & Baumer Candle Co., Inc., common
17
22
Mar. 10 Feb. 26
5
Mar. 15 Mar.
Feb. 10 Jan. 21
1 Feb. 15
Mar.
Apr. 15 Mar. 15
Waltham Watch, prior preferred
Prior preferred (quar.)
1 Mar. 18
Oct.
20
h75c
—
25c
Feb. 23 Jan.
Mar.
1 Feb.
9
MX
Utility Equities Corp. S5X priority stock
Vanadium-Alloys Steel Co
Virginia Coal & Iron (quar.)
Vulcan Detinning Co.
Preferred (quarterly) —
Preferred (quarterly)
—
1
5
3
Mar.
—-—
(semi-ann.)
1 Mar. 22
Apr.
May
15 Feb.
15c
Debenture (semi-ann.)
14
Feb,
$134
MX
MX
MX
(quar.)
Utica Gas & Electric Co. pref. (quar.)
Mar. 11 Feb. 28
Feb.
1 Jan. 22
11
15
8
30
Feb.
1234c
Sugar Corp.—
Preferred
1 Mar. 15
1 Feb.
1 Feb.
15 Jan.
10 Feb.
Feb.
(quarterly)
Utica Clinton & Binghamton RR
Debenture
20
Mar.
25c
Scott Paper Co., common (quar.)
Seeman Bros., Inc., com. (extra)
Servel, Inc. (quar.)
1 Feb.
10 Jan.
Mar.
SIX
SIX
Share bonus distribution at rate of one
ditional ord. reg. sh. for each sh. held.
Scotten Dillon
20
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar.
40c
Preferred (quarterly)
Preferred (quarterly)
26
$175
1 Feb. 15
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
(quarterly)
Corp., $7 preferred
United Gas Improvement (quar.)
$5 preferred (quarterly)
United New Jersey RR. & Canal (quar.)
United Shoe Machinery (special)
United States Pipe & Foundry Co., com. (quar.)
Mar.
1 Feb. 15
1 Mar. 15
Mar.
Preferred
(J. S.
1 Feb.
Mar.
pref. (quar.)
12
20
Mar.
United Gas
Common
1
15 Jan. 30
1 Feb. 20
Apr.
Ltd
--United Engineering & Foundry Co., com
United States Steel Corp., pref
Feb.
Oct.
Feb.
Mar.
United Corp.,
15
six
(quarterly)
rec.
United Biscuit Co. of Amer.,
10
65c
15
15
Apr.
July
---
1 Feb.
50c
15
Feb.
Feb.
(quar.)
1 Feb.
lc
5
Feb.
Feb.
25c
United Biscuit Co. of America
Union Bag & Paper
Mar.
15 Feb.
Jan.
Feb.
Preferred (quarterly)
Union Oil of California (quar.)
Mar.
Feb.
15
Mar.
-
37Hc
87 Xc
$2
SIX
5% preferred E (quarterly)
Rolland Paper Go., Ltd. (quar.)
Rolls-Royce Ltd., Am. dep.
Preferred-
Syracuse Lighting, Inc., 8% pref. (quar.)
6% preferred (quar.)
634% preferred (quar.)
_______
Tainblyn (G.) Ltd. (initial, quarterly) —
Quarterly
Quarterly
--Tampa Electric Co. (quarterly)
Tampa Gas Co. 8% pref. (quar.)
—
7% preferred (quar.)----------------Tennessee Electric Power, 7.2% pref. (monthly)
7.2% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
5% preferred (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)7.2% preferred (quarterly)
Texas Corp. (increased)
Texas Pacific Coal & Oil Co
Thatcher Mfg Co. preferred (quar.)
Thermoid Co. $3 preferred, stock div
Payable in 2 shares of common stock.
Thompson (John R.) Co. (guar.)
Tide Water Associated Oil Co
Tide Water Power Co., $6 pref. (quar.)—-——
Timken-Detroit Axle Co. Preferred (quar.)
Preferred (quar.)
Preferred (quar.)____
Toburn Gold Mine. Ltd
Trans-Lux Daylight Picture Screen Corp
Truax-Traer Coal Co
Quarterly
Upson Co
75c
Apr.
15a
15
Hmversal insurance (Newark, N.
20c
20
25
Feb. 10
Jan. 20
Jan. 20
Jan. 20
20
lXc
Jan.
Mar.
—
30
50c
50c
50c
Feb.
29
15 Jan.
50c
Feb.
Feb.
15
Mar.
Feb.
15 Jan.
50c
50c
Rich Ice Cream Co. (quar.)
Rochester Gas & Electric, 6% pref. C & D (qu.)
lXc
Feb.
Feb.
Feb.
10c
quar.)_
Feb.
Mar.
30
5
15c
5c
6% preferred (monthly)
6% preferred (monthly)
8% preferred (quarterly)
7% preferred (quarterly)
$5 preferred (quarterly)
Pullman, Inc. (quarterly)
Quaker Oats Co. preferred (quar.)
Quebec Power Co. (quarterly)
Railway Equipment & Realty Co
Reading Co. (quar.)
1st preferred (quar.)
Reliance Mfg. Co., preferred (quarterly)
Preferred (quarte ly)
Apr.
50c
20c
Feb.
30
Feb.
Jan.
Jan.
15 Jan.
50c
Jan.
Feb.
Jan.
13 Feb.
25c
10
20
20
Mar. 20
Jan. 30
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Apr.
Mar. 15
Feb.
Feb.
1
15
18
Feb.
Feb.
Mar.
Feb.
25c
Progress Laundry Co. (quar.)
SIX
MX
1234c
3734c
(quar.)—
25
30
75c
—
Feb"." 15"
Mar.
Mar.
10 Jan.
15 Jan.
15 Jan.
«
-
30c
Feb.
50c
(quarterly)
Feb.
Mar.
75c
Penna. Power Co.. $6.60 pref. (mo.)
Penna. State Water Corp., $7% pref. (quar.)
Peoria & Bureau Valley RR. (semi-ann.)
Pfaudler Co.. pref. (quar.)
Preferred
Feb.
$1)4
20
30
15
May
$1
5preferred (quar.)
Pacific Lighting Corp., (increased)
Parker Pen Co. (quarterly)
Parker Rust Proof Co., common (quar.)
Pender (David) Grocery, class A (quar.)
Jan.
Common (quarterly)
Common (quarterly)
-
n
Jan.
Feb.
—
$i>4
37Xc
34^c
Pacific American Fisheries. Inc. extra
Pacific Fire Insurance Co. (quar.)
Pacific Gas & Electric Co. 6% pref. (quar.)
Jan.
Feb.
Sun Oil Co
24
Sept.
Feb.
Feb.
Feb.
Mar.
—--
Preferred
Dec.
Mar.
20c
Stanley Works 5% preferred (quar.)
Stein (A.) & Co. (quar.)
Sterling Products, Inc. (quar.). — Storkline Furniture Corp—s
Mar. 15 Feb.
$1#
Extra
Sovereign Investors, Inc
Spiegel, Inc., preferred (quar.)
Stamford Water Co. (quarterly)
Standard Car & Seal, new
Feb.
Mar.
Holders
When
Payable of Record
—
19
Feb.
Feb.
Feb.
Feb.
Mar.
Feb.
Feb.
10c
25c
National Pressure Cooker Co. (quar.)
National Standard (new, initial)
7% preferred
Oshkosh Overall Co
Feb.
Feb.
Apr.
10c
National Oats (quar.)
National Paper & Type Co. 5% pref. (initial)—
National Power & Light Co.. common (quar.)—
Oahu
30
Feb. 20
Mar. 20
June 21
Jan. 27
1937
MX
$194
300%
Shawlnigan Water & Power Co. (quar.)
Sioux City Gas & Electric, 7 % pref. (quar.)
Solvay American Investments 5X % pref. (quar.)
Soundview Pulp Co. (div. payabld in stock)...
Quarterly
6% preferred (quar.)South Bend Lathe Works (quar.)
—South Carolina Power Co.. $6 pref. (quar.)
South Pittsburgh Water Co.. 5% preferred
Southern Calif. Edison (special).
Quarterly
Original preferred (special) —
Southern Canada Power (quar.)„
Southern Fire Insurance (s.-a.)
Jan.
Mar.
June
Share
Name of Company
Mar. 20
Feb.
Mar.
SIX
Extra
Extra
Apr.
40c
_
Per
Holders
Payable of Record
Mar.
_
■
When
Feb. 6,
Chronicle
Volume
Financial
144
STATEMENT
MEMBERS
OF
ASSOCIATION
FOR
THE
OF
THE
NEW
WEEK ENDED
YORK
CLEARING
following shows the condition of the Federal Reserve
New York at the close of business Feb. 3, 1937,
The
Bank of
HOUSE
in comparison
1937
SATURDAY, JAN. 30,
York
New
City
of
of the Federal Reserve Bank
Condition
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York
Clearing House is given in full below:
883
Chronicle
corresponding
with the previous week and the
date last year:
*
Clearing House
Capital
Net Demand
Time
Deposits,
Average
Surplus and
Deposits,
Undivided
Members
Profits
Feb. 3,
Average.
1937
Jan.
Bank of Manhattan Co..
6,000,000
20,000,000
National City Bank
Chemicak Bk. & Tr. Co.
20,000,000
25,431,700
77,500,000
Guaranty Trust Co
Cent. Hanover Bk. & Tr.
Corn Exch. Bank Tr. Co.
656,117,700 al,462,368,000
53,382,800
480,697,000
179,356,600 61,479,737,000
476,107,000
41,778,600
66,798,100
751,232,000
255,674,000
17,438,000
491,556,000
106,960,900
60,651,800
498,765,000
59,570,000
3,974,500
90,000,000
42,935,000
21,000,000
15,000,000
Manufacturers Trust Co.
First National Bank
10,000,000
Irving
50,000,000
Trust Co
Continental Bk. & Tr. Co
Chase National Bank...
4,000,000
100,270,000
5,775,000
885,531,700 10,028,021.000
Bankers Trust Co
25,000,000
Title Guar. & Trust Co..
10,000,000
Marine Midland Tr. Co.
5,000,000
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
12,500,000
7,000,000
Public Nat. Bk. & Tr.Co.
1/
hand and due from
on
3,562,617,000 3,588,509,000 3,459,870,000
1,962,000
1,046,000
1,712,000
78,964,000
76,992,000
74,020,000
United States Treasury x
Redemption fund—F. R. notes
Other cash f
Total
350.000
522,480,000
500,000
Gold certificates
3,638,349,000 3,666,547,000 3,540,796,000
reserves
Bills discounted:
Secured
1,776,000
60,682,000
126,734,200 c2,047,751,000
53,751,000
3,655,500
73,937,800
<2860,606,000
16,257,000
2,738,600
8,768,700
92,814,000
27,771,500
304,927,000
78,337,000
8,034,100
81,556,000
9,007,600
Fifth Avenue Bank
Assets-
12,817,000
31,367,000
165,974,000
28,556,000
35,046,000
92,717,000
49,116,000
23,516,000
3,500,000
146,143,000
390,173,000
12,993,000
5,1936
$
$
$
Bank of N. Y. & Tr. Co.
Feb.
27, 1937
by
U.
obligations,
guaranteed
Govt,
S.
1,404,000
262,000
789,000
356,000
5,116,000
2,143,000
1,666,000
1,145,000
7,259,000
1,093,000
1,093,000
5,921,000
1,737,000
7,688,000
361,251,000
158,910.000
direct and (or) fully
132,099,000
361,251,000
158.910,000
496,291,000
182,840,000
652,260,000
652,260,000
734,383,000
660,909,000
660,419,000
751,067,000
85,000
7,369,000
146,472,000
90,000
258,000
5,437,000
122,122,000
Other bills discounted
17",634",000
bills
Total
597,000
3,124,000
26,851,000
1,331,000
47,032,000
discounted
Bills bought in open market
Industrial advances
-
5,890,000
United States Government securities:
Totals
Treasury
*As per official reports:
National, Dec. 31, 1936; State, Dec.-31, 1936; trust
companies, Dec. 31, 1936.
e As of Jan. 5, 1937.
Includes deposits In foreign branches as follows:
a $248,895,000; 6 $82,643,000;
C
$125,153,000; d 544,369,000.
The New
of
York
Total U.S. Government securities._
INSTITUTIONS
NOT
"Times"
FOR
IN
CLEARING
THE
/NATIONAL AND
WEEK
HOUSE
ENDED
Other Cash,
Loans,
Disc, and
$
N.
$
278,087
Banks and
Gross
Trust Cos.
Deposits
99,000
Foreign bank-.
$
K
877,857,000
28,057,000
7,050,592
713,000
560,000
27,563,000
..........
136,511,000
Other deposits
30,290,600
5,994,000
2,984,880
5,565,000
149,660,000
51,454,000
...
51,474,000
7,744,000
9,260,000
1,686,000
7,744,000
9,260,000
1,649,000
All other liabilities
Gross
Elsewhere
S
Banks and
Trust Cos.
Deposits
$
s
S
N.
Investments
Manhattan—
Dep. Other
$
Y. and
Empire
61,204,600 *10,605,500
11,922,800
3,519,900
76,649,500
1,574,013
2,086,792
1,713,670
891,900
3,660,100
11,748,703
14,187,316
Lawyers
222,582
9,828,990
*1,217.092
13,422,340
22,052,700
*5,031,000
29,477,900 *13,001,100
United States
63,009,967
35,150,204
17,522,601
Fulton—
4~18,666
4,473,752,000 4,498,062,000 4,460,874,000
Total liabilities
Ratio
Federation
Fiduciary
of
total
*
-
3,596,000
2,592,855
86.6%
86.6%
83.9%
8,218,000
industrial
8,327,000
9,774,000
ad¬
,
23,826,600
t "Other cash" does not Include Federal Reserve notes or a bank's own
85,741,422
8,406,554
Federa
,
Treasury for the gold taken
Jan. 31, 1934, devalued from
worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of te Gold Reserve Act of 1934.
41,000 125,637,000
42,776,154
49,306,000
Includes amount with Federal Reserve as follows:
and
43,742,100
x
77,334,000
37,020,811
deposit
combined
make
to
vances
Reserve bank notes.
Kings County
to
reserve
F. R. note liabilities
Commitments
Brooklyn—
Brooklyn
119,551,000
51,019,000
50,825,000
7,744,000
8,849,000
2,897,000
141,119,000
51,270,000
Surplus (Section 7)
Surplus (Section 13b)
ksh
36,254,000
197,119,000
27,471,000
173,185,000
51.474,000
Deferred availability items
Reserve for contingencies
i
777,720,000
3,324,654,000 3,363,533,000 3,442,269,000
Total deposits
FIGURES
Res. Dep.
Loans,
871,976,000
Deposits—Member bank reserve acc t_. 3,116,507,000 3,106,225,000 2,841,597,000
367,299,000
56,652,000
44,073,000
U. S. Treasurer—General account
Capital paid in
Disc, and
10,810,000
30,384,000
4,473,752,000 4,498,062,000 4,460,874,000
F. R. notes In actual circulation
2,038,600
2,882,000
325,432
TRUST COMPANIES—AVERAGE
<7.194,000
142,769,000
10,134,000
10,909,000
Liabilities—
Dep. Other
5.825,400
84,100
690,000
10,134,000
10,434,000
Bank premises
All other assets..
Total assets
Dep.,
$
26,271,800
20,989,000
4,391,208
Brooklyn—
Peoples National
Uncollected items
1937
Y. and
Elsewhere
4,747.000
...
Trade Bank of N. Y.
29,
JAN.
foreign banks
Federal Reserve notes of other banks...
OF
CLOSING
THE
WITH
FRIDAY,
Res.
Including
Bank Notes
Manhattan
Sterling National
and securities
bills
Total
Due from
STATE BANKS—AVERAGE FIGURES
Investments
Grace National
55,252,000
: '
number of banks and
a
BUSINESS
notes
Treasury bills
publishes regularly each week
trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended Jan. 29:
returns
132,099,000
Bonds
601,986,000
These are certificates given by the United States
over from
100
Empire, $9,030,900; Fidu¬
ciary. $860,106; Fulton, $4,760,200; Lawyers. $12,144,500.
the Reserve banks when the dollar was on
cents to
59.06 cents, these certificates being
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935, covers reporting banks in 101 leading cities, as it did prior to the banking holiday in 1933, Instead of 91 cities, and has
heretofore partly in "Loans on securities—to others" and partly
of demand deposits standing to the credit of individuals, partnerships, corporations,
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 domestic banks.
The item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net ," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets now otherwise specified, less cash items reported as on hand or In process
The amount of "Loans to banks" was included
also been revised further so as to show additional items.
ln"Other loans."
The item "Demand deposits—adjusted" represents the total amount
associations, States, counties, municipalities, &c., minus the amount of cash items reported as on
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101
Federal Reserve Districts—
Total
ASSETS
$
New York
Boston
$
Loans and investments—total.
22,627
LEADING CITIES, BY DISTRICTS, ON JAN. 27, 1937 (In Millions of Dollars)
$
S
1,213
9,438
$
1,194
1,922
Atlanta
Minneap. Kan. City
St.Louis
Chicago
$
Cleveland Richmond
Phila.
$
691
410
Sallas
San Fran.
$
$
$
708
501
2,180
590
3,124
5
1
3
8
656
48
4
19
53
196
Loans to brokers and dealers:
987
15
954
9
231
27
76
20
15
2,024
In New York
145
861
139
216
70
30
46
391
63
160
31
8
10
6
39
12
13
23
1
25
26
26
74
44
6
19
23
366
1
9
6
City
Outside New York City
Loans on securities to others
(except
banks)
Acceptances and com'l paper bought.
69
44
155
1,152
86
239
63
180
60
4
30
2
3
315
1,618
189
229
"119
168
521
141
"114
148
"141
395
387
3,727
351
944
299
209
1,663
243
188
278
205
718
Obligations fully guar, by U. S. Govt.
4,098
9,212
1,212
21
496
88
55
53
36
163
59
12
48
30
151
Other securities
3,260
150
1,277
302
272
76
83
406
111
45
139
54
345
Reserve with Federal Reserve Bank..
5,355
289
2,764
255
307
139
91
775
134
61
141
109
290
390
114
70
17
35
19
11
66
11
5
13
10
19
2,255
1,368
128
185
152
222
131
134
405
138
85
252
182
241
90
574
87
108
43
38
108
24
16
24
28
228
15,530
5,052
1,018
6,989
1,003
825
1,104
428
334
2,324
420
270
494
393
931
280
258
708
197
176
850
180
123
146
121
1,010
526
8
181
51
51
22
29
78
9
3
14
33
47
6,029
252
2,498
320
374
222
232
835
295
120
393
199
289
414
6
382
4
1
1
13
5
3
2
'"""30
9
5
2
"~"5
""343
356
85
55
89
78
325
Loans on real estate
•
Loans to banks
Other loans
U. S. Government direct obligations..
Cash In vault
Balance with domestic banks
Other assets—net..
3
2
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits.
Inter-bank deposits:
Domestic banks
.
Foreign banks
Borrowings
Other liabilities
873
32
374
"21
"""16
Capital account
3,566
235
1,602
226
340
*
Jan. 29 figures repeated in the case
of Louisville banks.
1
1
5
884
Financial
Chronicle
Feb. 6, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, February 4
showing the condition of the twelve Reserve banks at the^close of business
on
The first table presents the results
Wednesday,
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
corresponding
The Federal
note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
Reserve
Reserve
returns
for the latest week
appear
in
department of "Current Events and Discussions
our
COMBINED RESOURCES AND LIABILITIES
Three ciphers (000) omitted
Feb. 3,
Jan.
1937
ASSETS
Gold ctfs. on hand and due from U. S. Treas.x
OF THE
27,
Jan.
1937
S
20,
1937
$
Jan.
Jan.
13,
$
6,
1937
1937
$
$
Other cash *
Total reserves.—.
8,849,914
12,729
307,771
8,849,893
8,849,882
8,851,383
12,729
314,574
13,330
304,749
12,533
9,170,414
9,177,196
9,167,961
Bills discounted:
). '"-'v-
Y":
CLOSE OF BUSINESS
Dec. 30,
1936
Dec.
Dec.
23,
1936
FEB.
3
Dec.
16,
1937
$
S
8.851,876
278,370
12,741
199,574
8,853,624
12,133
232,753
9,142,286
9,112,291
9,064,191
9,098,510
7,664,237
8,809,324
11,986
247,464
9,068,774
16,259
339,200
8,019,696
;■
Ml
•'
S. Government obligations,
(or) fully guaranteed.
5,
1936
$
8,851,878
12,741
247.672
by U.
direct and
Feb.
9,
1936
1936
$
$
8,848,389
12,746
289,041
9,150,176
Redemption fund (Federal Reserve notes)
Secured
BANKS AT THE
FEDERAL RESERVE
■
■
,.
J
i
2,359
1,50*6
1,487
2,191
4,521
513
875
861
850
856
7,029
1,853
2,801
2,857
2,381
2,348
3,041
5,377
8,882
7,684
6,999
9,618
3,081
Total bills discounted
Bills bought in open market
Industrial advances.
2,344
442
Other bills discounted
3,081
24,085
3.084
3,089
3,089
3,089
24,768
3,088
24,999
3,089
25,313
3,088
25,493
4,671
408,326
1,417,283
604,618
589,653
2,430,227
2,430,292
23,649
5,856
1,828
24,131
24.221
24,328
492,182
492,045
490,690
490,643
489,576
1,345,963
1,345,963
592,219
1,343,963
595,574
1,340,963
592,082
490,643
1,340,963
598,621
598,621
1,347,163
593,488
489,576
1,347,163
593,488
2,430,227
.
492,182
1,345,963
592,082
United States Government securities—Bonds.
Treasury notes
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
Treasury bills
Total U. S. Government securities
3,994
2,005
6,789
2,829
31,965
215,721
1,624,918
181
Foreign loans
on
gold
Total bills and securities
2,459,758
Gold held abroad
Due from foreign banks
;
Federal Reserve notes of other banks
Uncollected items
2,460,250
2,459,823
2,460,685
2,459,885
2,463,461
2,467,196
2,464,807
2,466,313
2,476,727
"""226
"""226
""223
"""220
"""226
""220
""22I
""226
24,497
584,725
46,140
40,369
25,018
574,286
46,145
41,841
29,821
665,840
46,146
40,144
31,902
671,914
46,146
39,200
34,381
29,225
26,074
19,054
895.842
582,369
470,583
48,082
40,147
48,082
48,078
37,727
760,266
48,082
41,253
23,834
747,244
26.646
660,987
46,146
39.468
46,200
12,305,891
12,318,180
12,419,193
12,417,228
12,382,432
12,454,798
12,390.915
12,575,081
12,236.522
Bank premises
All other assets
Total assets
"""226
"""650
47,798
39,605'
11,074,113
'LIABILITIES
Federal Reserve notes in actual circulation
4,158,067
4,140,492
4,159,036
4,176,758
4,242,336
4,278,786
4,350,488
4,268,972
4,232,669
3,640,094
Deposits—Member banks'
6,757,714
6,772,597
6,754,890
6,739,615
6,571,721
6.607,490
180,253
74,947
239,750
188,259
94,900
217,540
190,033
92,638
215,592
95,601
230,829
94,016
250,560
76,265
209,520
182,021
179,918
74,383
181,428
6,674,157
172,826
60,779
165,803
6,739,989
93,081
65,198
163,415
5,868,769
175,745
6,627.004
232,287
7,219,244
7,267,547
7,255,589
7,237,878
7,136,913
7,076,484
7,013,861
7,073,565
7,052,683
6,632,662
581,348
563,102
132,105
145,854
27,190
36,235
658,189
131,972
656,123
739,938
130,833
145,501
27,088
672,619
678,938
130,283
458,986
130,624
879,317
130,390
145,501
145.501
145,501
27,088
34,248
34,249
35,111
34,050
16,486
27,088
34,246
16,002
145,501
27,088
5,365
657,442
131,704
145,854
27,190
36,248
4,745
12,419,193 ,12,417,228
12,382,432
12,454,798
12,390,915
12,575,081
12,236,522
11,074,113
reserve account
United States Treasurer—General account..
Foreign banks
Other deposits
Total deposits
Deferred availability items
Capital paid in
132,321
145,854
Surplus (Section 7)
Surplus (Section 13-B)
27,190
36,235
5,632
Reserve for contingencies
All other liabilities
Total liabilities
12,305,891
5,655
12,318,180
145,854
27,190
36,232
5,131
131,792
145,854
27,190
36,268
34,251
21,917
440,247
66,998
256,648
130,684
26,406
5,730
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
80.4%
80.4%
80.4%
80.3%
80.3%
80.2%
79.8%
80.2%
80.4%
78.1%
Commitments to make Industrial advances—
19,999
20,238
20,332
20,565
120,640
20.959
21,064
21,371
21,491
26,621
2,458
1,893
1,014
2,615
6.297
4,668
7,413
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
2,651
16
18
171
189
230
495
132
255
144
143
161
176
246
268
1,483
80
82
254
251
302
421
564
148
451
•
.
..
v
35
71
41
20
14
6
339
347
520
139
2,801
Total bills discounted
Tota
7.757
110
3
78
Over 90 days bills discounted
1-16 days bills bought In
16-30 days bills bought in
81-60 days bills bought in
61-90 days bills bought in
Over 90 days bills
bought
4,737
245
5
32
2,857
2,381
2,348
3,041
5,377
8,882
7,684
5,999
9,618
310
2,182
194
1,615
142
open market
64
527
1,944
1,950
742
open market
334
227
89
278
315
63
613
584
545
459
open market
416
650
215
220
233
250
412
320
158
848
open market
2,189
1,885
598
2,527
2,014
2,582
548
235
435
2,622
3,081
3,081
3,084
3,089
3,089
3,089
3,088
3,089
3.088
4,671
955
1,003
1,152
1,010
925
1,167
1,212
938
P28
1,618
in open market
bills bought In open market...
1-16 days Industrial advances
16-30 days industrial advances
81-60 days Industrial advances
61-90 days industrial advances
364
290
171
320
409
260
270
647
347
991
529
560
587
544
669
565
468
522
718
465
1,103
21,145
1,158
21,146
1,100
21,350
689
734
853
805
369
20,874
1,052
21,211
22,003
22,218
22,407
22,591
28,681
23,649
24,085
24,131
24,221
24,328
24,768
24,999
25,313
25,493
31,695
24,329
27,802
66,600
100,347
2,211,149
24,509
24,033
22,809
23,499
12,940
11,011
29,281
99,674
36,013
25,329
63,548
51,985
61,374
50.855
64.189
2,263,110
23,809
58,015
79,000
2,256,462
3,240
109,961
2,208,176
61,374
125,135
2,195,580
25,309
58,029
12,940
63,548
3,240
23,499
54,426
2,285,514
2,292.917
2,282,662
2,133,618
2,086,558
2,430,227
2,430,227
2,430,227
2,430,227
2,430.227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,292
.........
Over 90 days industrial
advances
Tota lindustrlal advances
1-15 days U. S. Government
securities..
16-30 days U. S. Government securities
81-60 days U. S. Government securities
61-90 days U. S. Government securities
Over 90 days U. S. Government securities
Total U. 8. Government securities
60,280
579
16,011
43,749
90,969
137,175
181,122
35,630
1-16 days other securities
16-30 days other securities
81-60 days other securities
61-90 days other securities
Over 90 days other
securities
181
Total other securities
181
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve
Bank....
Collateral Held by Aoent as
Security for
Notes Issued to Bant—
Gold ctfs. on hand and due from U. 8 Treas..
By eligible paper
United States Government securities
"Other cash" does not include
4,494,145
335,109
4,558,517
381,759
4,609,640
367,304
4,637,989
359,203
4,140,492
4,159,036
4,176,758
4,242,336
4,278,786
4,646,501
298,013
4,578,604
307,632
4,538,157
305,488
3,961,896
321,802
4.350,488
4,268,972
4,232,669
3,640,094
4,492,338
4,290
90,000
3,888,343
7,832
125,000
4,586.628
4,021,175
■*
f
■'
Federal
4,491,132
4,491,838
87,000
4,488,838
1,897
93,000
4,540,838
1,735
101,000
4,582,838
2,331
101,000
4,616,838
4,636
95,000
4.616,838
7,397
95,000
4,535,838
2,556
87,000
4,580,688
.....
Total collateral..1
•
4,477,966
337,474
4,158,067
In actual circulation
4,475,246
317,179
4,581,426
4,583,735
4,643,573
4,686,169
4,716,474
4,719,235
4,638.981
Reserve
notes,
2,588
6,143
95,000
•
t Revised figure.
„
These
are
oents on Jan.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when
31, 1934, these certificates being worth
the provisions of the Gold Reserve Act of 1934,
less to the extent of the
the dollar was devalued from
difference, the difference Itself having been appropriated
as
100 oents to 59.06
profits bv the
Treasury under
Financial
Volume 144
885
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 3, 1937
Three Civ her a (000) Omitted
Federal Reserve Bant of—
Total
Boston
New Yort
Phila.
RESOURCES
1
$
$
$
Gold
certificates on hand and
from United States Treasury
$
Atlanta
%
%
$
$
S
$
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
$
$
due
8,848,389
12,746
289,041
'
reserves
570,981 3,562,617
486,286
1,712
74,020
417
733
573
30,070
21,166
9,150,176
Redemption fund—Fed. Res. notes..
Other cash *
Total
Cleveland Richmond
595,970 3,638,349
516,773
648,839
1,258
23,731
626,940
593,699
1,391
179,342
244,369
257,797
168,681
1,502
15,712
883
614
652
20,260
228,644 1,643,060
563
2,448
14,183
32,168
9,414
14,907
6,210
27,200
306,806
245,275 1,675,791
275,011
178,978
259,890
186,204
622,290
155
285,973
,
,
Bills discounted:
Secured by U. S. Govt,
obligations,
direct and(or) fully guaranteed.-
50
1,404
262
60
2,801
57
1,666
3,081
23,649
492,182
1,345,963
592,082
224
35,579
1,093
5,890
132,099
361,251
158,910
39,448
Total bills discounted.
Bills bought In open market
Industrial advances
U. S. Government securities:
Bonds-
Treasury notes
Treasury bills
-
.
Total U. 8. Govt, securities
97,298
42,801
;?■
4
50
142
«V..* 3
15
2
27
25
17
4
28
41
6
77
167
'172
'
11
319
293
120
108
87
219
4,503
1,161
50,678
138,586
60,964
2,557
27,021
369
1,134
359
1,045
758
1,307
22,265
55,980
23,503
25,639
19,233
73,891
32,504
60,890
26,786
153,087
64,276
70,118
67,343
28,275
17,302
47,313
20,814
30,844
52,596
23,137
1,797
43,435
118,782
52,250
107,875
47,454
87
60
86
385
•
2,430,227
foreign banks
175,678
652,260
194,777
250,228
133,416
109,941
276,410
116,054
85,429
126,601
94,966
214,467
2,459,758
Total bills and securities
Due from
2,769
26
4
29
543
'
442
25
Q
20
483
7
2,359
Other bills discounted
178,728
660,909
200,142
251,711
136,097
110,446
277,940
116,540
86,540
127,523
96,527
216,655
Bank premises
All other resources
—
Total resources....
6
6
2,780
1,682
749
3,973
24,401
13,269
1,385
29,989
460
74,949
20,891
2,237
1,659
4,710
1,493
1,360
3,285
1,261
3,800
2,390
2,122
32,977
3,449
1,889
1,535
2,982
499,406
385,409 2,039,997
422,150
282,392
423,967
306,884
882,342
23
21
10
688
1,575
47,412
4,952
4,984
57,292
6,372
4,554
1,485
49,598
2,800
2,610
844,254 4,473,752
774,974
970,364
-
63,735
584,725
46,140
40,369
3,057
2,440
12,305,891
16
3
2,044
85
7,369
146,472
10,134
10,434
24,497
-
23,740
17
307
226
—
Fed. Res. notes of other
banks
Uncollected Items
4
27
8
LIABILITIES
F. R. notes In actual
circulation
4,158,067
351,452
87^857
303,515
409,507
199,599
182,510
947,662
179,512
134,309
159,892
87,606
324,646
6,757,714
381,125
3,116f07
368,980
114,577
464,235
13,166
7,012
3,277
2,668
36,269
8,841
1,753
14,187
4,436
5,679
1,452
3,173
2,287
10,056
3,503
7,469
2,067
217,235
4,042
2,210
168,106
44V073
27,563
136,511
158,901
2,219
190,168
16,440
5,564
2,358
215,919
13,634
927,006
175,745
434,955
19,858
4,992
211
7,581
2,210
5,614
11,787
5,411
21,957
405,487 3,324,654
Deposits:
Member bank reserve account
U. 8.
Treasurer—General
account-
Foreign bank
76,265
Other deposits
209,520
Total deposits
391,682
476,012
237,266
169,467
973,568
205,684
124,825
223,698
183,511
503,390
581,348
132,321
145,854
63,408
149,660
46,571
53,111
20,915
73,836
30,500
24,839
30,392
12,249
4,304
5,616
3,989
3.850
10,175
13,362
12,832
14,323
12,545
9,826
51,454
51,474
26,449
3,807
13,935
9,363
47,732
4,811
3.851
27,190
2,874
7,744
4,325
1,007
1,570
9,260
3,000
3,120
3,422
1,522
1,847
9,645
1,696
2,037
274
1,649
270
452
185
844,254 4,473,752
774,974
970,364
499,406
8,218
225
1,197
2,269
7,219,244
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
36,235
5,632
All other liabilities
Total liabilities
Commitments
*
12,305,891
to make
"Other cash"
lndus.advanoes
does
not
1,963
19,999
Include Federal
21,504
4,655
2,942
3,116
1,416
7,971
1,495
545
1,003
3,613
1,142
1,197
2,090
931
301
172
202
118
361
385,409 2,039,997
422,150
282,392
423,967
306,884
882,342
1,305
69
223
486
3,752
4,869
754
1,690
153
•
282
10
1,262
Reserve notes
Three Ciphers (000) Omitted
Federal Reserve Agent at—
New York
Boston
Total
Phila.
Cleveland Richmond
Atlanta
Kan. City
San Fran.
Dallas
$
Louis Minneap
St.
Chicago
S
'
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
as
$
325,026
974,832
96,976
21,511
351,452
877,857
303,515
4,491,132
2,556
406,000
990,000
50
1,537
$
438,133
paper
U. 8. Government securities
11,569
168,242
8,350
95,186
7,580
370,797
46,151
179,512
134,309
159,892
87,606
324,646
171,632
128,000
191,081
25,143
182,510
947,662
168,000
990,000
28,626
409,507
199,599
332,000
440,000
212,000
■483
20
*
137,730
3,421
974,980
27,318
207,653
406,050
4,580,688
991,537
332,483
440,020
United States Government Securities
furnish
212,000
on
167,000
97,500
389,000
25
38
4
73
164
162
45,000
87,000
Total collateral
Below
%
$
%
$
211,034
11,435
security
for notes Issued to banks:
Gold certificates on hand and due
from United States Treasury....
Eligible
$
$
380,552
29,100
4,158,067
In actual circulation
Collateral held by Agent
$
$
4,475,246
317,179
22,000
15,000
5,000
193,670
143,004
172,073
97,664
389,162
213,025
990,000
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Feb. 4
Feb. 5
Feb. 1
Feb. 2
Feb. 3
High
120.5
120.6
120.9
120.5
120.10
120.9
Low-
120.5
119.30
120.6
120.5
120.8
120.8
Close
120.5
120.6
120.8
120.5
120.10
120.9
Daily Record of U. S. Bond Prices Jan. 30
Treasury
4>*s, 1947-52
Daily Record of U. S. Bond Prices Jan. 30
Feb. 5
Feb. 4
Feb. 3
Feb. 2
Feb. 1
High
Treasury
25*s, 1945-47
105.18
105.22
105.23
105.24
105.27
105.26
Low.
105.17
105.18
105.23
105.20
105.24
105.26
Close
•
105.18
105.22
105.23
105.24
105.24
105.26
12
15
9
27
6
4
Total sales in SI.000 units...
25
24
51
3
16
102
Total sales in $1,000 units...
[High
108.18
108.19
108.21
108.22
108.27
108.25
High
104.2
104.6
104.10
104.9
104.9
104.10
Low.
108.18
108.19
108.21
108.22
108.23
108.23
Low.
104
104
104.7
104.9
104.9
104.9
Close
108.18
108.19
108.21
108.22
108.27
108.25
Close
104.2
104.9
104.10
Total sales in SI.000 units...
30
2
12
27
9
13
Total sales in $1,000 units...
6
1
25
110
High
103.8
103.8
103.11
103.10
103.12
103.14
Low.
103.1
102.31
103.7
103.8
103.10
103.12
103.4
103.8
103.11
103.8
103.12
103.12
3X9, 1943-45
(High
114.6
114.12
114.12
114.20
114
114.3
114.5
114.9
114.14
114.20
Close
114
114.8
114.9
114.20
■
114.21
Low.
4s, 1944-54
114
25*8, 1948-51
25*8, 1951-54
114.21
Close
Total sales in $1,000 units...
2
163
34
Total sales in $1,000 units...
(High
113.10
113.3
113.5
113.5
113.10
113.13
Low.
113.10
113.3
113.2
113.5
113.8
113.9
Close
Total sales in $1,000 units...
113.10
113.3
35*s. 1946-56
114.4
4
17
(High
Low.
109.5
109.8
109.8
109.10
413
28
153
16
103.7
103.11
103.11
103.11
103.12
Low.
103
103
103.8
103.7
103.8
103.10
113.13
Close
103
103.7
103.11
103.7
103.10
103.10
19
Total sales in $1,000 units...
153
112
179
3
62
21
(High
101.10
101.15
101.19
101.19
101.21
101.21
Low.
101.8
101.10
101.16
101.17
101.19
101.19
Close
101.8
101.13
101.18
101.17
101.21
101.19
109.6
109.9
109.9
High
25*s. 1956-59
109.8
109.6
109.4
109.2
2
109.8
2 Ms, 1949-53
2
1
2
3
18
3
High
106.13
106.19
106.23
106.22
106.24
10y.24
Low.
106.13
106.13
106.20
106.21
106.23
106.23
Close
106.13
106.18
106.23
106.22
106.24
Total sales in $1,000 units...
1
30
2
3b. 1951-55
(High
107.6
LOW-
107.6
Close
Total sales in $1,000 units...
107.6
107.12
106.24
5
8
Total sales in $1,000 units...
107.14
107.12
107.10
107.12
107.12
107.11
107.14
107.12
mmmm
1
High
mmmm
mmmm
Low.
35*s, 1940-43
1
mmmm
mm
—
mmmm
■mmmm
m m
mm
mm
mm
Close
Total sales in $1,000 units...
1
(High
35*s, 1941-43
Low-
-
mm'mm,
mmmm
'm
m m m
mmmm
_
m m
mmmm
15
107.8
107.8
107.8
107.8
107.10
108.5
108.5
108.8
108.6
108.5
108.8
108~.3~
108.6
108.4
108.7
108.7
108.9
Low.
108.3
108.3
107.4
108.7
108.4
Close
Total sales in $1,000 units...
108.3
108.3
108.4
108.7
108.7
2
(High
Low-
35*s, 1949-52
108.4
....
——-
-
_
105.6
105
105
105.6
105.5
104.9
105.10
108.8
41
23
3
12
High
105.7
105.5
105.9
105.10
Low.
104.30
105.2
105.6
105.4
105.9
105.9
104.30
105.2
105.9
105.10
1
105.4
105.7
4
3
,
7
31
Low-
2
mmmm
103.29
....
103.27
....
103.31
....
103.31
103.31
High
Close
103.27
.
...
2
100
mmmm
_
High
104.26
104.29
104.31
105
105.9
105
Low
104.21
104.24
104.27
104.28
105.9
104.29
104.24
104.27
104.31
105
105.9
105
107
135
130
38
31
12
102 24
102.25
102.28
102.29
102.30
102.28
102.22
102.20
102.24
102.26
102.27
102.26
102.24
102.28
102.29
102.27
102.28
Total sales in $1,000 units...
108.9
High
25*s, series B, 1939-49 ..< Low.
108.9
85
29
Close
108.6
108.9
3
105.2
Home Owners' Loan
Close
29
108.7
108.5
102.23
108.3
108.5
108.5
108.7
45
88
17
121
17
102.23
102.24
102.24
102.25
102.25
Low-
102.19
102.20
102.24
102.22
102.25
102.25
102.19
102.23
102.24
102.24
102.25
102.25
Total sales in $1,000 units...
25
104
2
27
50
1
includes
only
sales
Total sales in $1,000 units...
108.5
108.7
37
102.19
Close
108.8
108.8
....
105.7
Total sales in $1,000 units...
14
108.8
Low.
105.5
108.9
208
108.9
59
105.5
3s, series A. 1944-52
108.9
108.6
24
High
Close
Total sales in $1,000 units...
10
104.30
W4.30
Home Owners' Loan
108.6
108.4
Close
Total sales in $1,000 units...
Ha, 1941
6
18
108.4
105
25*s. 194247
108.7
35*8, 1946-49
Low-
_<
Federal Farm Mortgage
mmmm
High
mmmm
105.10
mmmm.
43
1
105.9
Total sales in $1,000 units...
mmmm
108.6
mmmm
2
105.8
Close
'rnrn'mm
4
106
106
mmmm
m m m
mmmm
105.8
Total sales in $1,000 units...
1
2
108.6
13
m
105
3s, 194247
108.8
1
106
105
107.8
107.8
8
mmmm
2
106
Close
3s. 194449
107.8
mmmm
106.3
'mmmm
106
High
Federal Farm Mortgage
Federal Farm Mortgage
108.5
Total idles in $1,000 units...
mmmm
mmmm
78
105
106
'
106.3
'
2
36
107.JO
108.5
108.5
Close
mm
.
----
21
312
59
106.3
„
Close
65
107.11
409
98
Low.
3>*S, 1944-64
mmmm
107.12
3b, 1946-48
192
Total sales in $1,000 units...
Federal Farm Mortgage
High
mmmm
107.12
89
103.2
109.10
109.9
109.2
Close
Total sales in $1,000 units...
35*8, 1943-47
1
3
109.10
109.2
113.10
113.5
113.5
3
2
109.8
25
104.9
104.7
104.6
51
Home Owners' Loan
25*8. 194244
108.5
11
17
7
2
High
108.18
108.20
108.21
108.25
108.26
108.25
Low-
108.16
108.19
108.21
108.23
108.26
108.24
Close
Total sales in $1,000 units...
108.18
108.20
108.21
4
2
6
3
10
130
104.20
104.17
104.22
104.24
High
35*8, 1944-46
104.14
108.25
108.26
Note—The
108.25
bonds.
above
table
of
coupon
Transactions in registered bonds were:
High
■
104.13
Low-
104.7
104.7
104.16
104.16
104.19
104.20
2
Treas. 3^s, 1943-47..109.3
to 109.3
II Treas.2%s, 1955-60.-104.15 to
Close
2?*s, 1955-60
104.8
104.14
104.18
104.16
104.20
104.22
1
Treas. 3 Ms, 1941-43. .108
to 108
ll
83
244
11
92
334
Total sales in $1,000 units...
309
104.15
Treas.2J*s, 1945-47-.105.16 to 105.16
Feb. 6, 1937
886
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY
AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the
day's range, unless they are the only transactions of the day.
account is taken of such sales in computing the range for the
year.
"
■
United
States
York Stock
Government
United States
Rates
Securities
Exchange—See previous
on
the
Transactions
New
Total
Mis cell.
State,
Municipal &
United
Number of
States
Bond
Shares
Bonds
For'n Bonds
Bonds
Week Ended
5.
discount at purchase.
1937
Saturday
Bid
Asked
Bid
10 1937
Feb.
17 1937
0.20%
0.20%
0.20%
Feb. 24 1937
Mar.
3 1937
Mar. 16 1937
Mar. 17 1937
Mar. 18 1937
Mar. 24 1937
7 1937
Apr. 14 1937
Apr. 21 1937
Apr. 28 1937
May
5 1937
May
12 1937
May 19 1937
May 26 1937
June
2 1937
June
9 1937
0.30%
July
7 1937
July
21 1937
July
28 1937
Total
$58,086,000
$8,641,000
$6,739,000
$73,466,000
Stocks—No. of shares.
0.38%
0.38%
8 1937
Sept. 15 1937
Government
Sept. 22 1937
Sept. 29 1937
Oct.
Sales at
13 1937
20 1937
Oct.
27 1937—
3 1937
or
71,618,556
$6,739,000
8,641,000
58,086.000
$6,699,000
8,105,000
87,437,000
/$31,295,000
( 57,351,000
320,546.000
46,593,000
491,968,000
$73,466,000 $102,241,000
Below
$409,192,000
$578,378,000
are
the
Bond
and
daily closing
stocks and bonds listed
on
$39,817,000
Averages
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
32ds of
more
1936
82,539,299
15,337,554
-
Total
as
one
Jan. 1 to Feb. 5
1937
1936
14,141,870
Stock
Figures after decimal 'point represent
12,963,000
Bonds
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Feb. 5
a
1,491,000
1,470,000
1,898,000
9,778,000
1937
State and foreign
Railroad and industrial
0.40%
0.40%
0.40%
0.42%
0.42%
6 1937
Oct.
Oct.
$1,082,000
1,231,000
1,660.000
$771,000
Week Ended Feb. 5
Exchange
0.40%
0.40%
Nov.
13,274,000
0.34%
0.38%
1 1937
Sept.
1,376,000
929,000
$5,108,000
9,693,000
10.626,000
11,738,000
New York Stock
Aug. 11 1937
Aug. 18 1937—
Aug. 25 1937
Sept.
1,809,000
1,202,000
Thursday
0.32%
0.34%
0.34%
0.34%
4 1937
Aug.
461,000
11,143,000
i
.
Friday
0.30%
0.32%
0.32%
14 1937
July
Sales
$6,961,000
12,415,000
13,756,000
14,097,000
14,141,870
Tuesday
Wednesday
0.30%
0.30%
June 30 1937
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.25%
0.25%
0.25%
0.25%
0.30%
0.30%
Mar. 31 1937
16 1937——.
June 23 1937
0.22%
0.22%
0.22%
i.
Mar. 10 1937
Apr.
June
&
1,194,730
2,357,270
2,428,500
2,452,070
2,388,480
3,320,820
Monday
Asked
.
Feb.
Railroad
Stocks,
Treasury Bills—Friday, Feb. 5
are f or
the New York Stock Exchange,
at
Daily, Weekly and Yearly
page.
Feb.
quoted
No
•
point,
Stocks
Int.
Rate
Maturity
Bonds
Int.
Bid
Asked
10
Bid
Rate
Maturity
Asked
Date
10
Dec. 15
1941...
1H%
100.8
100.10
June
Dec. 15
1939...
lVs%
1 Ys%
i^%
1J^%
m%
13^%
15A%
101.3
101.5
Sept. 15 1938.._
15
June
1941...
Mar. 15
1939...
Mar. 15
1941...
June 15
1940...
Dec.
15
1940...
Mar. 15
1940...
15
1939
30
20
20
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
2H%
102.23
102.25
103.1
103.3
1938—
2HI %
2^%
102.8J
102.10
Feb.
5.
186.01
55.93
35.08
66.13
106.90
111.51
94.45
106.29
1938
2%%
103.7
103.9
Feb.
4.
188.39
56.48
35.71
66.98
107.08
111.70
94.51
106.36
104.92
3%
3%
101.1
101.3
Feb.
3.
188.69
56.13
35.93
67.00
107.04
111.63
94.33
106.31
104.83
102.28
102.30
Feb.
2.
188.20
55.25
35.96
66.66
107.21
111.70
94.26
106.23
104.85
3H%
102.2
102.4
Feb.
1.
186.61
54.86
35.73
66.14
107.25
111.86
94.09
106.23
104.86
Jan.
30.
185.74
55.00
35.83
66.02
107.28
111.91
93.95
106.10
104.81
100.19
100.21
Feb.
101.10
101.12
June
15
101.4
101.6
Apr.
15 1937...
101.5
101.7
Mar. 15
101.4
101.6
Sept. 15 1937—
101.19
101.21
1
1938...
104 79
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Sales
NOT PER CENT
STOCKS
Monday
Tuesaay
Wednesday
Thursday
Friday
Feb. 1
Feb. 2
Feb. 3
Feb. 4
Feb. 5
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
On Basis of 100--Share Lots
the
Jan. 30
Range Since Jan. 1
NEW YORK STOCK
J VI
Saturday
Shares
*62
69
*62
66
65i2
66
65U
65l2
1778
18i8
*60
6534
62
62
*62
69
30
65% "$5%
18
£ I1.8U
66%
68
68
69
18
18%
17%
18
28%
34%
*26%
33%
3%
4,300
14,000
1,900
5,400
4,100
Lowest I
Par
Abraham & Straus
f
>18
66%
1778 ,18
6578
2634
,26%
27
34i8 *34%
4
4%
75i4
75i2
4%
478
*98
65i2
33%
27i2
3334
4
4
75i2
434
77%
5
*98
14i2
14%
*175
*14%
4
46
46
4334
43%
378
4512
28
28
28%1|28%
*27%
34q
3478
34is fc34%
3%
4
34
37s
77l2
4%
4
7734
478
*98
14%
*175
37s
1458
418
4
4538
4%
78i4
434
*98
1478
*179
46
78
14%
*179
4~I8
47
378
4612
4H2
38i4
15
4
46
44
44
*44
44
4412
4412
*44
42%
42U
4214
42
4238
40%
41i2
4214
4018
41l4
40
4034
*109
1*09
23478 236
31
31 is
237
242~"
31
31l4
17%
16*8
17
17
*8H8
7738
82
8H2
78
77i2
8134
783S
39%
7i8
3838
3938
7
1*44
4412
39i8
106% 107
95'4
95i4
39
39%
7
7i8
4334 44
106l2 107i2
95
95
3878
39%
7312
*7314
74
70
70
*69
*133
7312
71
240
3034
1758
81%
239
300
40%
39
40%
*109
240
30
3058
30
30%
18iS
81i2
18%
18%
82%
1834
28%
18%
8H2
82%
81
82
78
7778
79%
78
79%
75%
38
3812
7
3834
6%
38%
3734
7734
38%
634
6%
6%
678
43
6%
»*42
43i2
*100
102
*100
32
*27
32
*27
18
17%
18is
27i8
3214
9878
27i8
3258
1278
1318
17i2
275s
13
1278
16i2
1634
39%
75
75
71%
7234
3,100
10734
19,600
170
166% 166% *166
71
67
69%
69%
101% 104% 102% 102%
17,600
144
104
9712
1314
1634
38%
75%
7234
10734 108%
17
3234
39
74
108i8111034
143
*27
27%
38%
*38% 139
•*7312 j. 78
*71% 72%
142i2 142%
75
7178
32
97%
91
3834
*27
31%
90%
38%
*100
9878
94
4^4 %95
*17
99
18%
101l2
32
27
19
2734
32U
*9812
32%
99
12%
*17
13
17l4
72%
145
81
82
121
121
100
100
*27
32
18%
27%
32
*97%
11%
*17
19
28%
32%
99
12%
17%
41%
108
112%
79
82
119% 120%
*92% 104
*27
17%
27%
31
12,900
900
4,400
110
140
*129%
105
66
Feb
2
69
Feb
5
15
4
..No par
25*2 Jan 2
33i4 Feb 5
3*8 Jan 12
183s Jan 21
283s Feb 3
10
No par
Vioksburg RR Co..100
Alaska Juneau Gold Min___io
700
300
6,200
5,900
*97%
99
80
11%
12
24,400
17
100
100
Pref A without warr
100
2 X % prior conv pref .No par
Allegheny Steel Co
No par
Alleg <fc West Ry 6% gtd._100
Allied Chemical & Dye.No par
75
4
No par
6%
new
oom preferred
Amerada Corp
Am Agric Chem
1
50
American Bank Note
62l2
32%
53
IT20i8
*
4
Jan 12
48i2 Jan
7
Aug
2i2 Apr
123s
Jan
Jan
7
12U
12i2
47% Jan
41% Feb
8
27
1
26% July
Jan
Jan
Apr
98
Feb
11112
1
157
Jan
245
5
3318 Jan 16
1912 Feb 5
23
Aug
Jan
20% Nov
8434 Jan 8
8312 Jan 22
3934 Jan 28
69
Jaa
90
Nov
353$
Jan
81
Deo
16i8 Jan 13
Jan 27
7512 Feb
30l2 Jan
4% Jan
3414
5
8I4 Jan 22
4834 Jan 22
Jan
Feb
684
1934 May
4
Oct
3134 Nov
Jan
par
83
Jan
101l2 Jan 22
4138 Jan 16
49
July
Feb
68
Jan
69
Jan
139
Jan
145
Feb
4
American
106
Feb
121
Jan
9
162U May
Amer Chatn&CabCoInoNo par
■
American
75l8 Feb
7234 Feb
166i2 Feb
2
Jan
4
56
93U Jan 19
72
Jan
5
100
115
Jan 25
No par
100
Feb
(Alleg Co)..25
29
5% pref
Chicle.
Amer Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
4
Jan 25
Dec
65
Jan
40
124
Apr
May
110
Dec
174
Jan
9
71
Feb
4
10412 Feb 4
83i2 Feb 2
12314 Feb 3
105i8 Jan 22
29
36
4
4
Jan 25
30
Apr
Apr
5758
6334
63
63%
62%
63
3,500
33l2
3238
3312
33
53
53
53%
53 %
54%
54
55
31%
5334
33
53
54%
4,900
2,000
20%
20
2058
2Qi4
20%
20
20%
20%
20%
20%
21
6,200
Aug
Sept
Dec
Feb
934
175
6038
Apr
Apr
13
Jan
Oct
2212
25
preferred
No par
preferred
No par
49
Jan
10
18
Jan
21
r
Oct
Jan
2d
New stock,
Jan
8%
1458
2934
$6
n
32
101
Apr
6878 Jan 18
38% Jan 22
58% Jan 22
Deferred delivery,
3538 Nov
Jan
Apr
312 Apr
6I2
No par
a
2012 July
175
Preferred
t Companies reported in receivership,
Deo
Oct
1334 Jan 22
7U Jan
58i8 Jan
20U Jan
Amer Hawaiian SS Co
Dec
Deo
Jan 18
6234
34U
Dec
Dec
17
63%
34i2
6012
100
16U
5
63
174
3584
Jan 28
6434
Dec
113i8
1312
64
Dec
137ia July
Nov
4
Jan
141
Apr
Nov
7i2 July
27
I6I4
13
73
8758 May
89
Amer & For'n Power ...No par
65%
70 U
Deo
Jan
Amer European Sees...No par
Amer Express Co
100
Deo
Nov
120«4
99
8is Jan
89
Nov
3338 Jan 21
2
Deo
12512 Mar
111
6
Jan
584
39U
Deo
96l2 Jan 21
2638
34i2 Nov
78%
29U Jan 13
7
Nov
Jan
100
Amer Encaustic Tiling new..]
13% Jan
34
Dec
Aug
31
19i2 Feb 5
2884 Jan 20
6% 1st pref
Oct
Jan 26
75
100
Nov
Feb
3
100
40%
110
114
No par
60
5412 Nov
242
38
Preferred
Mar
512 Nov
6112 Nov
6OI2 Nov
2
10
American Car <fe Fdy
Preferred
Nov
1712 Sept
195
Jan
Jan
25
86i2 Nov
6is Apr
103
Jan 26
Preferred
50
Am Brake Shoe <fc Fdy.No par
5 \i% conv pref
100
Can
Oct
110
500
Apr
Feb
225
43~666
Bid and asked prices; no sales on this day,
July
48
12
33%
13
1512 Jan 12
Jan 30
300
33%
Mar
Jan
Jan
11
34i2
9
Mar
41%
3612
*156
1634
Jan
Jan
2
43
12%
300
21i2
101
No par
(Del)..No
37U
Jan
58
8
81
No par
3534
Jan
91
7
28l2 Feb
Alpha Portland Cem
Feb
74*4 Feb
1584 Nov
17% June
80% Jan 7
5% Jan 25
Jan
No par
100
Amalgam Leath Cos Ino
118
22%
zl%
100% Jan 22
Jan
1134
*156
9
434
1238
300
Jan
43s Jan 26
4934
1178
*156
2
36
378 Jan 29
43i2 Jan 2
4334 Jan 5
12%
300
Jan
No par
preferred
Allis-Chalmers Mfg
9*8
178
1134
*175
Jan 26
100% Jan 22
1438 Jan 4
Allied Mills Co Ino
5%
Apr
Apr
59
738
12l4
300
Jan
Allied Stores Corp
Am Coal of N J
22"100
No par
Pref A with $30 warr
Pref A with $40 warr
500
1,700
5,700
32
19%
28%
32%
^Allegheny Corp
Highest
$ per share $ per share
42
Mar
70
Nov
110% Aug
1134
*156
share
6
12i2
64
300
1134
per
4
62
53
*156
$
Feb
Affiliated Products Ino.No par
Air Reduction Inc new .No par
Air Way El Appliance. .No par
600
*92
93
71
42
8,700
43%
113%
93
*115
27%
*42
.
1,600
31,000
4,100
112
107U 10834 .109 £114
118
32
240
1812
82
102
*97l2
1234
16%
235
31
101
16%
27%
3234
*109
240"
share
..No par
Express
Adams Mlllls
400
5,100
2934
7,700
19% 118,900
*114
16
240
ver
6334 Jan
25
Address Multlgr Corp
Advance Rumely
2,900
1,700
22,200
41%
3934
383s
*73i2
21,500
43
166l2 16734 *16612 170
68
6834 #68%
70i2
9812
9934 §99% 100i4
79
8312 t81i2 8234
120
12214 12314 123%
78
4%
47%
46
167
76%
47
46
167
75t2
3%
47
42
168
7512
"4"
Adams
$
Albany & Susque RR Co.. 100
*44
143
66i4
"14% ~~5"666
*179
*44%
108l2 111%
97
14%
Year 1936
Lowest
Highest
100
Acme Steel Co
Ala &
7634
43
4,700
42
143
64%
4%
38
634
3,166
77
44
109i2
97
4%
46
107
6434
997s
1434
*179
47
76%
*98
44
*133
63i2
434
33%
3%
*44
143
*95
79
27%
46
107% 109
168
4
46
*109
24~2~"
4%
3%
4634
4312
*109
77
14%
....
41%
40%
*43
3%
*98
45
*43
No par
Preferred
6512
1778
Range for Previous
EXCHANGE
Cash sale.
Feb
2;
5
12
Ex-dividend,
y
984 Mar
Deo
Deo
Deo
21ia July
50i2
Ex-rights.
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
and individuals
Stocks, Bonds, Commodities for institutions
Chicago
New York
Volume
LOW
AND
Boston
•
Buffalo
•
Montreal
•
•
Toronto
Cleveland
•
Indianapolis
•
Jan. 30
$ -per share
7h
8
HIGH
SALE PRICES—PER
Monday
Feb. 1
Tuesday
8
*41% 42
*4li4 42
50*2 50%
5078
5118
378
378
334
4
2412 24%
2414 24l2
1538
15l2
15t8
15i2
53 i2
5112
5378
56i4
119i2 12114
121l2 121l2
23i8 23i2
2318 23%
123s
1238
1278
1338
60%
60i2
603S 6 H8
*127% 130
129l2 129l2
64
64
*6312 64
13%
14i8
1358
14
81
8OI4 8H2
8U4
6738 6738
66% 673s
28% 29
2878 2938
*166% 170
*16658 170
3414 353s
345g 353s
35
345s 3434 *34
2512
2538 25l2
2512
43
4334
4234 44
On Basis of
$ per share
7%
*41%
50%
734
41%
*5034
334
51%
3%
3%
24%
15%
55%
25%
15%
57
51%
51%
334
23%
15%
52
2,600
334
2434
3%
23*2
13%
23%
13
63%
62
2434
16%
123
64%
58%
124%
24
58*2
124%
24%
13%
54i2
24%
12%
63%
90l2
*15112 15234
*106i8 10634
90l2
9338
123
23%
99
99
99
99
99
99l2
99i2
99l2
*148l2 151
*148% 150
19
175s
17i2
1734
26
26l2
25l2 26i8
*106
107
106
107
98*4
99
150
18%
26%
*105
98*2
9834
99*2
98*2
150
150
—
98%
9834
9934
99%
*150
150
19%
19%
27%
109
—
26%
19%
20*8
26%
26*8
*105
108
*104
7%
7%
8*4
7%
7%
7*2
9*4
7
7%
12,600
834
9%
73,700
50
5258 53%
90i4
*8318
2318
2318
10784 108
*3112
812
*4378
33
8i2
45i8
*12014
49
53
"49X
54%
*83is
88
23
23
IO8I4 IO8I4
*3H2
33
*47*2
54%
50~
55*4
55%
87
8%
*43*2
*120%
— —
9is
93s
*88
89
*96
100
6484
1438
16i2
*99
6538
145s
1658
105
20
20
65i8
14i2
163s
*99
2038
100
*96
*96
100
96
100
66*2
67*2
68*2
66%
6734
*65%
66*2
6,100
1434
16*4
15*4
15%
15%
15%
15%
15%
15%
16%
17
16
17
7,100
8,000
105
*99
105
107
2158
*99
20*4
16%
16%
21
21%
17%
*99
105
*99
105
100
100
100
*100
101
115
*107
115
*105
115
26i2
*405s
3438
35
*11514 II8I4
85is
*
85is
130
~17%
31i2
8I4
44i8
1758
33
9i8
48i2
8U
III4
912
8%
10i2
9i8
10612 106i2
106i2 10612
2214 2234
35i2 3534
44
44
4714
2878
3778
2878
3934
40%
33U
34
19
19U
115
*113
47%
73*2
74
47%
48%
2634
2634
2612
42
40%
40%
34% 35%
3434 35ig
118%
11512 115l2 *117
82%
82%
*82l2 84
129
129
12834 12884
17
17
1714
35
3634
3338
9
834
8%
46
46
48i2 50
8*4
8%
81.
8is
1034
10*2
1058 107g
9*4
9%
9i«
106
106%
IO684
106
106
106
*100
73*2
7434
*26*4
40*2
35
82*2
*
34
1034
22%
2234
2234
36
36%
4484
4434
*44%
45
37
2812
*395g
33l2
19
all8
38*4
29
37%
28%
29
29
39*4
29*2
39i
*39%
3934
39
39%
3514
19U
118
34
19
114
38*4
3334
34%
19%
114
19
*112
1912
127
6512
65l2
37
37U
19%
19i2
1934
128
19*4
10%
8%
110
30%
39
39%
3384
34*4
19%
19%
*112
114
25%
26*2 26*2
25*4
26i2
2512 2512
102% 102%
*101
102% 102%
10278 *101
1027g
44
44
44
*4234
*42l2
*42%
*4212 44
107
107
108
107*2 *105
*107
107l2 *105
1384
13%
1384
1358
13%
1334
1334
1334
86
86
*85%
86
*8538 86
*85%
*8538
28
27%
27
27%
2678 2738
2658 273s
22
22
22%
22
22
22%
2178 22
59
58
58
58
58
58%
*5714 59
8434
83*4
83%
817g
8314
82*s
813S
127
8%
29%
*2512
*1938
9
107% 108%
38
38®4
106*2 10634
10634 10634
46
109% 110%
23%
23%
37
36%
44%
*44%
37
4484
107U
3784
17%
35
10%
8%
23%
35*4
84
130
19*2
26%
35
19%
114
26%
74*2
102
2d preferred
American
6% cum
100
Snuff
25
Preferred
100
Amer Steel Foundries.-No par
Preferred
100
105
6384
143*2
59*8
111*2
1334
*85%
1438
86
14,600
#
"l7"
140
99
95*4 Jan 16
25
100
No par
Woolen
958
Jan 26
Jan
4
Jan
7
8I84
Jan
96
100
Jan
Feb
Armstrong Cork Co
No par
Constable Corp
6
59*2 Jan 18
15*4 Jan
Jan 29
14
No par
7
17
8%
8%
10
884
900
100
25
100
4% conv pref ser A
Atlas Powder
No par
Preferred
100
Atlas Taok Corp
No par
Automobile
33,800
Aaburn
11,600
Austin N'«hols
22%
23%
37%
6,400
44%
600
Bangor A Aroostook
109%
800
Conv 5% preferred
Barber Co Ino
2,400
4034
33%
19%
114
98,100
3,800
20
% preferred .
.
Barnsdall Oil Co
Bayuk Cigars Inc
1st
600
Beech-Nut Packing Co
Beech Creek RR Co
105
50
100
No par
100
25
No par
...60
5,100
57%
58%
56
57%
84
84%
8034
19%
84*4
2,300
73,100
19%
5,300
12734 12734
1,600
128
6558
3678
66
65%
66*2
67
67
67%
67*8
65
66*2
1,600
37
36%
3634
36%
36%
36*2
37
36%
3634
2,500
Jan
68*2 Feb
16
Jan
17s8 Jan 21
105*4
Jan
4% June
66*4 Jan
104
Aug
47*4 Feb
7*2 Jan
8% Jan
22% Feb
9
Jan
12% Apr
110*2
7%
Jan
84
Jan
128
Deo
Jan
62% Mar
18% Nov
22%
Feb
108
May
27% Nov
112
Oct
Feb
124
Oct
Jan
Feb
2
1
88% Aug
Jan
8
90*4
Jan
107
Oct
49% Feb
4
21% Apr
49
Dee
Apr
13*2 Apr
31% Oct
54*4 Nov
35% Apr
103
2784 Jan 16
44
Jan 18
35% Jan 25
116
Feb
3
11
26% June
Sept
109
118% Deo
85*8 Jan 30
48
Jan
84
Nov
Jan 13
*112
Jan
131
Nov
June
133
Jan
4
18% Jan
9
14
Jan
4
36s4 Feb
9*2 Feb
2
26% June
1
5% June
10%
Feb
1
29*2 June
3
Apr
46*2
Jan
6
6
50
9*4 Jan 12
11*4 Jan 29
9*2 Jan 30
2384 Jan 20
38*4 Jan 20
21
Apr
44% Feb
5
89
Dec
49*2
Jan 21
109% Feb
40% Jan
5
Feb
5
120
Feb
5
Jan
8
Jan
3578
2534 Jan
4
4
32
Jan 21
Feb
3
42
15% Apr
Dee
Dee
Dee
Nov
Oct
Feb
38% Deo
28% Nov
Jan 21
39
35*4 Feb
Jan
»
Jan
Jan
7*4 Mar
11*4 Deo
4
120
105
2*2 July
2% July
29*2 Apr
33«4 July
30*8 Feb
54% Mar
9%
94%
94%
27%
41%
6
26*8
1778 Jan
112
25
1
20*4 Jan 16
Feb
24% Nov
13*4 Jan
14*8
Jan
16*4 June
28% Deo
22% Nov
115
Deo
2
110
May
27% Jan 13
18
Jan
4
100
Aug
Jan 16
35
8
85
Feb
14% Feb 5
'84*2 Jan 16
13
Deo
16% Mar
83
June
114
Jay
Jan
103% Feb
IOI84 Jan
40*2 Jan
42
20
105
Feb
13
Jan
84
Jan 16
25
Jan
Bendlx
21,800
22*8
5
Dec
41
5
Beldlng Hemlnway Co.No par
Belgian Nat Rys part pref....
28%
Jan
Feb
88*2 Jan 21
2058 Jan 4
333g Jan 4
60
13,700
27%
21%
Jan
122
59
8
10
14%
86'
22%
50
May
98
7*4 Jan
8634 Jan
No par
Barker Brothers
preferred
Beatrice Creamery
55 pref w w
1,100
Apr
118
95
7*8 Jan 6
39*4 Jan 13
634 Jan 4
100
Preferred
700
2634
37
8
30
100
Baltimore A Ohio
5 Si
8
Jan 25
16
Pref assented
460
Jan
Jan
9
1
100
44%
30*2
Nov
Jan 28
8
...
Preferred
36
2884
40%
7
Jan
72*4 Jan
12884 Feb
Baldwin Loco Works..No par
Assented
17,200
Nov
July
75% Jan 19
2
..No par
A
82,000
38%
Jan
43
3
116
Jan
Avla'n Corp of Del(The)new.3
36
111
June
Jan 22
10
101
112
No par
No par
41,500
33,700
Jan
May
9
15*s
5
101
Preferred
Prior
97
947g
9
100
Atlantic Refining
1,070
24% Jan 16
108% Jan 19
37*2 Jan 12
4
Jan
Preferred
70
Jan
55% Nov
89% Dec
26*4 Mar
Jan
98
114
4
800
35
'
69*2 Jan
100
100
Fe..l00
6% 1st preferred
7% 2d preferred
Atch Topeka A Santa
5
84%
Jan 11
95
19*8 Jan 27
Deo
Jan
100
Associated Dry Goods
Deo
50
Jan
May
126
Artloom Corp
Preferred
78
44
90% Feb
Feb
28%
19%
7
30*g Jan
22
128
IO784 Jan
Jan
28
45*2
119*2
110*2
1034
Jan
40
27*2
19%
41
8
119*2 Jan
Arnold
300
120
*8538
5*2 Jan
...No par
56 conv pref
500
25,400
17
14%
30*2 Jan26
Feb
7*4 Mar
24
Jan 13
52
18
Preferred
2
10
Jan 12
100
84
Feb
Feb
57*2 Jan 11
Jan 13
106
5
11*2
70*4
3% July
5
Oct
109*4 Sept
>4 May
4i8 Apr
938 Feb
44l2 Jan 7
52*8 Jan 29
Andes
27*4
Apr
19%
92*4 Jan
7% Sept
62*4 Sept
2
N» par
Armour of Illinois new.
Deo
1% Jan 22
934 Jan 22
56.60 conv preferred.N# par
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Mar
18
6
100
25
Anaconda Copper Mining..50
Anaconda W A Cable__No par
Cap
Jan 12
Feb
150
638 Jan
..No par
Amer Zlno Lead A Smelt
1
26
Feb
104
Jan
8% June
88*2 Mar
1*4 Jan
684 Jan
Preferred
26% Jan
190% Nov
102i2 Feb
Mar
136
Jan
63% Aug
Sept
145
20% Mar
99% Feb
150*2 Jan 26
79
Jan
64
1
36
Jan
87
143s Jan 18
Jan
129
Deo
145*2 Nov
Jan
24*2 Dec
48*4 Apr
Jan 28
107
Jan
107*4
149% Apr
Jan
20*8 Feb
29*2 Jan 13
25*8 Jan
102
100
55 prior pref
5
16*2 Jan
No par
Preferred
Jan
147
26%
41%
35
2578 Jan 25
187
9334 Jan 15
5
116
Jan 20
Jan 13
14334
64
20*2 Apr
5678 Jan 11
2338 Jan 11
I8IS4 Jan 15
Jan
133%
1
JAm Writing Paper
1,400
115
25
preferred
Anchor
Feb
73*4 Jan 21
Nov
152*4 Mar
57*2 Mar
68*2 Jan 29
148
100
1,500
1,400
38,300
105
2
Jan
120
26%
Jan
25
15
18%
5
44*8 Jan 26
46
*112
5
Jan
Atl G A W ISS Lines..No par
34*8
32%
Jan
Jan 14
Atlantic Coast Line RR...100
46
108
108*2 May
73% Jan
145*4 Deo
500
32*2
8%
8%
8*2
7%
Jan
5
Preferred
300
12834
84%
Jan 15
104
Jan
Common class B
------
11,300
Jan
Jan
103
136*2
Jan 22
Feb
Am Type Founders tnc
10
Am Water Wki A Eleo.No par
1st
56'4
Jan 28
52
Tobacco
39*4 Oct
28»4 Nor
45*8 Dec
98% Jan 12
100
100
Apr
107
26*2 Jan 20
—
Nov
154
Jan 14
Preferred
Dec
18
25
Am Sumatra Tobacco..No par
37
31
No par
Stores
Sugar Refining
American
45
Jan
2384 July
9
Jan
20,000
103% *103%
*4234
*4234
106% 106%
------
i27l2
128
Jan 29
49%
103
128
127% 128
116
118
110
107*2 108
106
2234
36
33%
8%
9*4
8*2
107% 109*2
22U
40
35
46
834
3514
4484
41%
3384
8*2
8%
46
10%
47%
26%
17
17%
8%
27
130
3534
8*4
46
72*2
102
49%
84
82%
130
*17"
99
115
7434
*116
116
116
99
*40%
34%
27
34%
22%
*105
4834
*2584
48%
40*2
115
101% 102
101*4 101%
102
26i2
*40i2
1063s 10638
373s
48%
72%
101
21%
21% 2184
*98% 101
2134
100
7312
72l2
10178 10178
89
147
...
200
65*4
*107
4712
26i2
41%
98
1434
16i2
101
47
98
65l2
115
7334
96
27%
165*2 Aug
Jan
Shipbuilding Co .No par
100
mmm
..
36% Feb
18'4 Apr
157
Jan 21
Amer
Archer Daniels Midl'd.No par
45
44%
*121
170
Amer Smelting A Refg.No par
Preferred.
100
1,900
8%
834
44%
----
Nov
Feb
14% July
87*2 Sept
74*2 Sept
Jan
8%
44
69
15
54% Nov
Feb
25%
700
*31%
Jan
Feb
7*2
43
72i2 Jan 12
29*2 Feb 3
247g Jan
164
Copper Mining
20
A P W Paper Co
No par
3334
z35%
4
600
*121
*107
725s
900
5
5
3384
8%
8*2
43%
*100
*10138 10178
56*2
73,400
Feb
16*2 Jan 13
87*8 Jan 18
3
900
56%
100
10934 *109% 10984
109% 109% *109
1034 253,800
10%
10%
10%
10*2
10*4
2,400
90
90*2 90%
90%
90%
90*8
109%
10978 *109
10%
978
9%
9i8
90
89%
88I4 89
*96
51%
July
Jan
2,800
33
*121
10934 *109
*109
51
54
134
Feb
Preferred..
"51%
Dec
27*2 Feb
87
88
*87% 88
22%
21%
22% 22%
108% 108*2 *108% 1 9
87
23*4
8*2
43%
44%
—
55%
108% 108%
33
33*2
9
*8%
4414
50
56*4
87
23%
*8i2
"
22%
89
23
50
118
36
*93
*93
*47*2
108*2 108%
3234
32*4
4414
*12014
8%
8%
*93
*85
*85
*85
*48
8%
8*8
1
4
16,800
7%
Apr
Apr
Feb
5
400
10,900
27
Jan 23
200
21,400
May
10
Jan 14
Jan
American
1%
Feb
21
Jan 20
41
1,600
7,800
13%
par
7834 Feb
65l2 Feb
5
Jan 11
23% Jan
9834
76*2
1178 Jan
Feb
25*8
135s
6534
12912
4838 Deo
122% Nov
29% Jan
23*8 Apr
66
Apr
32
Amer Teiep
1%
2
4
American Seating Co..No par
500
12%
64
par
Jan
Feb
3584 Jan 21
500
74
par
Jan
15*8 Nov
4
6
7,100
33,800
125
24
Jan
68
7
Jan 12
100
Jan 25
33*8 Jan
24%
26%
1138
50% Jan
No par
5%
Feb
Rolling Mill
25
Amer Safety Razor new.18.50
183%
108
Jan
51% Nov
125
Jan 19
2284 Jan 27
American
Amer
66,800
114
Jan
2*8 Sept
16*2 Sept
9% Apr
6
3,400
19%
4
Jan
7
46
Jan
52*2
99
42
par
Am Rad «k Stand San'y .No par
Preferred
100
American
150%
4
6% conv preferred
Amer News N Y Corp. .No
Amer Power & Light...No
56 preferred
No
55 preferred
No
2,000
143
135s Jan
No par
Amer Metal Co Ltd
2534
1%
734
814
114
13%
7%
7%
*105
270
77%
7i2
734
25%
26%
13,700
13
7is
7%
1834
20%
107
70*2
Jan 22
Preferred
20
75%
1%
14%
78
13%
75
*150
100
Feb
4*8
2584
163g
5878
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
1,600
64%
148
1*2
13%
76*2
1%
133s
735g
98
99%
151
15134
10634
600
1%
13%
138
74*2
1%
76
112
135s
75
98
9834
16,200
1*2
13*4
13s
133s
74
9,300
95%
52
5
Oct
37
4
6% non-cum pref
share
8% Mar
Oct
31%
5
Jan
100
2,800
24
6,000
47
per
1
4%
100
125
18,500
47*2 Jan 22
No par
American Locomotive
12%
6
No par
27,500
6434
37*2 Jan
1
Ice
58
12%
92%
American
5 Per share
9*4 Jan 21
2i2 Jan
17ig Jan
Amer Home Products
Highest
$ per share
S per share
6i2 Jan 2
50
Amer Internat Corp
62%
13
-64%
I
6% oonv pref
16%
23%
129*2 129% *127% 129% *127% 129% *127% 129%
500
67
67
68#'
67
*64
67
*66
*63*2
14
34,000
13%
14%
14%
14% .» 1384
13%
13%
2,800
80*2
81
7834
81%
8034
80*2
8034 81
67
4,200
68
67
65*2
66% 67%
67%
67%
29
103,500
29
27*2
29
29%
29*2
29%
28%
100
169
169
*166% 170
*166% 170
*166% 170
47,300
34
35%
3434 35%
34%
35%
34%
34%
2,200
34% 3434
35
36
*34*2 35%
35%
34*2
9,300
27*2
26%
26% 2634
26%
26*4 2684
25*4
530
42*2
43
43
42%
42*2 42*2
43*2
4234
-
Amer Hide & Leather,
4,600
1,900
11,000
384
200
—
Par
900
*41%
51*4
15%
5534
9,800
39
3%
Year 1936
Lowest
Highest
Lowest
Shares
38%
41%
51*4
15%
Weet
$ per share
734
7%
41%
25
119
8
7%
15*2
5734
12*4
61%
8
2434
119% 119%
23
S per share
S per share
8
42
the
Feb. 5
Feb. 4
Feb. 3
Range tor Previous
100-Share Lots
EXCHANGE
Friday
Thursday
93%
94*4
93*4
9434
94%
9334
150
15234 *150% 152% *15134 152% 151%
15U2 *145
106U 106%
106% 106% 106%
106i8 IO6I4
106% 106%
66
64%
*65
67
*64% 6534
*6412 66
*64%
*64% 6534
148
148
*147
147
147
*147
*146i2
*146i2
71
70
71
67%
7034
69*4
68%
68i2 69"
6734
69
114
114
114
11412 114%
11434 11434 *114% 115
*114l2 11434
25%
25% 25%
25% 26
25% 25%
255s 255s
25i2 25i2
52
53
53
53
52
52
5334
52%
5314
5234
53
*140
140
*140% 143
140% 141
140%
*140l8 141
*13712 141
24%
*24%
2484
24%
24%
2458 245s *24l4 24l2 *24*4 24%
183
18234
183
183% 184
18384
183i2
18312 184i4 183*4 184
90
887
Ranee Since Jan. 1
STOCKS
SHARE,^NOT PER CENT
Wednesday
Feb. 2
$ per share
734
Norfolk, Va.
Richmond, Va.
New York Stock Record—Continued—Page 2
144
NEW YORK STOCK
Saturday
•
111
Jan
Feb
28% Nov
105
42%
112
July
Oct
Dee
4
Feb
4
21%
Jan
89% May
32% Oct
Beneficial Indus Loan..No par
2178 Jan 29
5
20
Jan
25%
Best A Co
No par
56
Feb
5
2334 Jan
6234 Jan
8
48
Jan
72
Beth Steel new (Del)
No par
73
Jan
4
84% Feb
4
46*4
Aviation
6
6% preferred
....20
7% preferred..
..100
Bigelow-Sanf Carp Ino.No par
Black A Deoker Mfg Co No par
1858 Jan 27
125
Jan 12
20
128
Oct
Nov
77*4 Deo
Jan 18
Apr
16*8 Apr
1
107*2 July
Feb
20
Deo
Jan
6
68
Jan 16
23
Jan
135% Nov
65% Dee
33*4 Jan
4
38
Jan 21
28*4
Dec
*34% Dee
64
t
*
Bid and asked prices; no sales on
this day,
j Companies reported in receivership,
a Deferred
delivery,
n New stock,
r Cash sale,
x
Ex-dlvideud.
y Ex-rlghts.
New York Stock Record—Continued—Page 3
888
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
Tuesday
Wednesday
Thursday
Friday
fi'\Range
STOCKS
the
Jan. 30
Feb. 1
Feb. 2
Feb. 3
Feb. 4
Feb. 5
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
34
*92%
2578
*30%
2634
34
93
*92%
93
26%
27
2678
*30%
*92%
34
*30%
*92%
*91
92
91
92%
92%
93
30%
44%
92%
*4312
44
43%
44
44
44
443g
92%
43%
27%
27
27%
27
27%
27
80
—
79%
80%
79
7934
78%
834
878
378
8%
878
4
4%
*8%
378
19%
45
U27%
80
37%
35%
4478
4478
44
834
3%
21 834
it# 378
t$1938
$155%
*34i2
&49%
*4734
2214
2378
*114
7%
49%
46%
7%
7
7%
35
35
35
*33%
49% 50
49% 50%
*101
*101% 103
102%
50
50
50
50%
49 X *4734
22
22i2
24%
2434
*113
49
*48
22%
24%
115
22
12%
24%
22%
25%
*8814
*113
114
13
14
90
90
9034
1034
1038
10%
1038
10%
58
58
5938
59
4134
4134
4134
33%
34
60%
4134
34%
37
42
3312
1134
38%
42
45
11%
41%
10%
11%
10%
10%
37%
39
36%
3634
15
4134
14%
45%
14%
30%
31
3034
678
29%
7%
3038
7%
31%
7%
2934
3038
15%
7%
29
29%
13%
1334
90
88
88
1038
10%
15,400
Bulova Watoh
42%
2,900
35
10
41%
34%
9%
36
39
35
37
41
44
39
43%
1534
15%
31%
16%
3234
7%
29%
84%
7%
31%
8434
28%
42%
234
29
45%
4134
34%
10%
*34%
35%
10%
37
44
7%
3034
8434
2834
48
234
18%
34%
18%
17
3234
3034
28%
60%
*60%
16%
3034
61%
16%
28%
*60%
15%
59%
16%
51%
15%
16%
6034
"l7%
6034
6034
16%
6034
16%
*16<%
*51%
*100%
17%
17%
17%
17
*50
52
♦107% 108%
4034 42%
79
3434
12
10634
38
19%
11%
*110
*111
6738
20%
74
109
46%
*42%
86
63%
3
234
64%,
3
10%
2%
15
234
15%
10%
3134
2
5%
4
2%
60
17
1634
1634
*50
*102
52
*102
64
3
1034
3
*111
69%
69%
21%
72% 74%
110% 110%
49
49%
*42% 49%
85% 86
63% 64
21
*3
10%
2%
2%
15
*9%
15%
10%
*8%
15%
10%
3134
3134
3134
2
2
4%
13%
14
14%
2%
5%
4%
1334
30
29%
30
29
6834
6834
5%
5%
4
69%
2%
2%
53g
4
23s
2%
5%
4%
14%
29%
29%
2934
68
68
*67
5%
4%
13%
29%
68
238
2%
7%
7%
7
7
7
2%
7%
*634
7
6%
6
634
*6%
7
6%
6%
6%
6%
*6%
6%
*2534
26%
26
2534
25%
*25%
22
21
14
2134
14%
21
14
26%
20%
1334
26%
*21
*25%
2134
13%
50
50
47
47
123
125
19%
85%
9%
36
*97
19%
86
iff
86
86
127
19%
85%
*47
20
86%
10
10%
9%
10%
37%
3634
37%
*97
*97
*85
*82
*47
86%
*128
130
85%
*128
3734
109%
3734
*47
86
130
83%
*128
10834 109%
38
383S
130
8234
*128
38
*128
29
*25
29
*25
29
46%
*21%
25%
2234
46%
4634
46
47
22
22
*24
27
22%
25%
22%
2534
*26% 29
120% 120%
36%
36%
44% 44%
17%
26
36
18
92
65%
*109
65%
115
76%
*114
76%
118
122
*44
3634
45
17%
17%
101% 101%
*100% 102
92
26
122
*
91
65%
*108
76%
*114
66%
115
77%
118
26
47
25%
26
123% 12334
36%
37
*4334
45
18
17%
101% 101%
91
92
65
65%
109% 110%
76%
77
117
117
19%
3%
19%
3%
1938
20%
19%
20%
338
3%
3%
3%
68
69
68
68%
16%
39%
68%
16%
3934
*
69
16%
16%
16%
40%
39%
40%
1634
40%
*25
29
29
*25
4538
46%
45%
23
22
22
22
24
26
25
25%
*23%
26
25
25
124
124%
123
123%
36% 37
45% 45%
18
1734
18%
1734
10034 101% *101% 102
37
37
45
45
92
65%
110
76%
*114
95
6534
110%
7634
115
19%
3%
6734
16%
2034
3%
39%
42
68
17%
Bid and asked prices: no sales on this
day,
*25
47%
46%
2134
93
65%
110
76%
93%
66%
111%
77%
114% 116
20
3%
67%
16%
41%
25%
*23
*93
6534
7434
113
20%
19%
3%
3%
68
63
17
16%
40%
42
Jan 21
No par
59% Feb
5
61% Jan
15
4
18
59%
1,100
1,300
16%
51%
Canadian
5
100
Pacific
Cannon Mills
Capital Admin class A
100
1
It
Preferred A
Carolina Clinch A Ohio Ry.100
"
10
7%
4,300
105
172
10,100
125
430
99
2934
108%
27,800
Case (J I) Co
Preferred certificates
43%
8134
Caterpillar Tractor
9,200
380
,36
1,600
12
54,900
10634
ICelotex Co
330
40
2,800
preferred.
5%
106
100
108% Jan 14
7,200
42,400
Cerro de Pasco Copper.No par
Certain-Teed Products.....
67% Jan 28
3,160
6% prior pref
100
ChampPap A Fib Co 6% pf 100
Preferred
_
48
67%
3%
9%
3
15%
9
3134
2%
5%
4%
13%
2934
67
160
Common
7,100
18,600
1,300
3,500
4,700
108%
38%
Jan *100
Oot
91
Jan
10384
Dec
0'4 May
92% Jan
934
Feb
8% Jan 18
Feb
5
Feb
1
186
June
143
July
*91
Nov
21% May
Deo
5
19
Apr
82% Jan 7
39% Jan 12
54
May
12% Jan 2S
115
Jan 14
7534 Jan 11
21% Feb 1
77% Feb
5
Feb
4
111
25%
Jan
6% Nov
35
47%
Jan
8% June
57% Sept
101
Mar
Aug
25
63% Feb
Jau
6
68% Jan 8
3% Jan 15
51
234 Jan
6% Jan
100
Preferred
4
434 Jan
3% Jan
11% Jan
6
4% Jan 22
15% Jan 22
par
23
100
Chioago A North Western. 100
Preferred
Chicago Pneumat Tool .No
Jan
4
32%
61% Jan
4
70% Jan 25
100
2% Jan
634 Feb
2
100
2
234 Jan 21
8% Jan 15
100
6
Feb
5
7% Jan
fChlo Rook Isl A Paclflo
0%
preferred
preferred
Chicago Yellow Cab...No
Chlokasha Cotton Oil
par
10
Childs Co
No par
Chile Copper Co
26
Chrysler Corp
City Ice A Fuel
5
..No par
Preferred.
100
City Stores
Clark
2
No par
Conv preferred
7%
4
2% Jan 11
5% Jan 7
6
Equipment
No par
C C C A St Louis Ry Co pf 100
Clev El Ilium Co pref..No par
Clev Graph Bronze Co (The).l
Jan 12
24%
20% Jan 4
12% Jan 16
46% Jan 22
110% Jan 4
1834 Jan 4
85
Jan
6
27%
Jan IS
51
Deo
Doo
69% Apr
100
Nov
77»4 Nov
Deo
Feb
4
Jan
14%
Deo
12
Jan
6
May
25% May
1% Apr
2% Apr
Jan
33% Nov
2% Feb
5%
Feb
Apr
4%
Feb
034 May
12% Apr
12%
Oct
24%
Dec
2%
40% May
1% Apr
Jan
5
3 8'4
2%
19%
Jan 11
19% Mar
72% Deo
111
3%
8%
Jan 14
20% Jan 13
8634 Jan 12
Oot
Nov
Apr
Apr
Apr
129% Feb
74
1% May
Jan
3%
3%
15% Jan 28
108%
2%
1%
8
22% Jan 29
37% Dec
9% Deo
Feb
100
Jan
D«o
Sept
Nov
JChic A East 111 Ry Co
2
86
Jan
Deo
12
Jan
Jan 20
39%
67
59
1034 Jan 22
11% Jan 22
110
Apr
97% May
Jan 22
32
32%
Apr
0%
8934
11% Jan 25
3% Jan 22
Nov
Jan
5484
100
43% Feb
53
Jan
116
6
300
""■ilo
Jan
87
Jan
13% Jan
8% Jan 13
3084 Jan 5
Feb
4534
85
5
18%
5
par
100
Feb
6884 Nov
2
Chesapeake Corp......No
Chesapeake A Ohio
...100
Apr
Jan
Jan
Preferred
Nov
Jan 18
19
2% Jan
3
52% Jan
22%
4
88% Deo
3334 Oct
48«4 Deo
Apr
12'4 May
Jan 13
6% preferred
100
Chicago Great Western. ..100
33% Nov
0% Mar
29% Deo
37
5234 Jan 22
1,800
400
Jan
44
1,700
1,000
26
%
4
10,800
2,800
Apr
Apr
6
tChio Mil St P A Pao. .No par
2%
22
Jan
5,000
7%
6%
6
Jan 30
64% June
30%
41
fChlo Ind A Louisv pref
Chicago Mall Order Co
5,800
67% Jan
109
Jan
35% Jan
Cab
1,200
8,100
6
Dec
5
Checker
9,300
40
No par
Jan
16%
Apr
9
Jan 21
11% Jan 20
70
20%
77%
16%
Deo
2
Central RR of New Jersey. 100
Central Vloleta Sugar Co... 19
Century Ribbon Mills..No par
Dec
16
5
800
Apr
13%
29%
2%
33% Deo
3134 Nov
1684 Nov
Jan
10% Feb
1,700
Jan
Deo
10%
37% Jan
18% Fob
1834
Mar
2
107% Jan 26
4134 Jan 15
2484 Jan 11
10%
Oot
9
Aug
100
Jan 25
Deo
34%
60
172
34% Jan 26
8% Jan 4
2%
8%
14%
Mar
59%
35%
Jan
25
14
Jan
Apr
Apr
11%
2034
3034
108% Jan 19
100
15% May
115% Sept
Jan
6
Central Agulrre Assoc. .No par
Central Foundry Co
..1
Central 111 Lt 4^% pref.. 100
Deo
Deo
Sept
Apr
12934 Jan 22
36% Jan 13
78% Jan 28
21»4
10%
106% Jan
No par
22%
115
54
Jan 14
31% Jan 28
100
-
Jan
61
6
Celanese Corp of Amer. No par
Oct
65%
32% Jan 13
124% Feb
85% Jan
26% Jan
Jan
Oct
67
16% Nov
99
138
51% Mar
58% Sept
100
40%
100
6
Jan
Apr
8%
Apr
69
Jan
5
Jan
Jan
64% Mar
60% July
12% Mar
Jan
Jan 23
7
8%
107% Sept
9% Jan
Feb
6
104
No par
7% preferred.
Jan 11
Jan
Sept
8% May
Jan
6% Nov
30
100
Carriers A General Corp
200
51
99
Jan
4
30% Jan 18
48% Feb 2
100
1
100
Stamped
5,600
17% Sept
7
Jan
65% Deo
3
Feb
8
Jan
8
July
32% Oct
30% Jan
1434 Dec
25
Jan
85%
15%
Jan
Jan
13834 NOV
Jan
8984 Nov
72%
61
23
Deo
Nov
Jan 12
10% Jan 22
434
Jan
4
38% Jan 18
23>4
Jan
46% Mar
90
9
32%
Feb
98
Oct
Jan
11134
Deo
July
47%
Oot
Jan
13% Nov
130
107
Feb
5
35
Jan
5
Clev A Pitts RR Co 7% gtd.50
Special
50
3,300
2,500
90
Jan 14
Jan 14
82
Feb
90
48
Mar
61
Cluett Peabody A Co..No par
78
Jan
2
*90% Jan 20
48
Apr
77% Deo
126
Jan
4
129
Jan 30
124
Jan
129
Coca-Cola Co (The)...No par
Class A
No par
122% Jan
6
136
Feb
3
84
Jan
134
Nov
Jan
6
2
55%
58
Nov
19% Feb
2
57%
21%
104%
62%
Feb
Colgate-Palmollve-Peet No par
6% preferred
100
Jan
8
13
June
21%
Deo
Jan
6
100
Feb
4
39%
Aug
Apr
106%
Feb
113% Jan 12
2934 Jan 20
107%
8%
20
3,700
300
22,700
200
15,000
Preferred
Collins A Alkman
310
29
100
No par
Preferred
100
Colonial Beacon Oil
No par
46
2,900
'23
410
Colorado A Southern
2534
520
26
270
4% 1st preferred
4% 2d preferred
45
17%
17%
10134 102
112
91
17% Feb
122% 124
35% 3634
45
Jan 25
4
102,300
129% 129% *128
130
132
136
135
129% 131
135% 133% 134%
58
58
*57%
*57%
58
57% 57%
*57%
57%
57%
*57%
57%
19%
19%
19%
1934
19%
19%
20%
19%
*19%
2038
19%
20%
*103
103
103%
103% *103
103% *103% 103% *103% 103% *103% 103%
61
69%
61
60%
62
61%
62%
62
61%
61% 62%
6934
111% 111% *111% 111% 111% 111% 111% 111% 112
112
112
112
*25
83% Feb
33
25
*16%
86
130
8% Jan 12
3
*47
86
5% Jan
2784 Jan
4
*85
*47
84
107
16% Feb
3234 Feb
60% Feb
14% Jan
*97
*85
13% Jan
29% Jan
27% Jan
50
37
45% Feb
24% Jan
30
6
Canada Dry Ginger Ale
Canada South Ry Co
10
20% 2034
1,600
13% 1334 11,900
90
4934 4934
124% 129% 120,900
4,300
1934 20%
86
350
86%
10%
9%
13,800
36
36%
4,900
127% 128%
20
20%
86
86%
Feb
31,800
20%
13%
10%
109
87
129
128%
39
28%
20%
1334
37
*47
87
129
14%
Jan
3% Jan 12
20% Jan 12
50
21
Jan
34% Feb
*25
10
*97
6
Jan 18
2
27
36%
*82
37
2%
10%
109% 109% *109% 111
3634 37
36% 38%
*82
2%
36%
*97
*109%
36%
14%
14%
50
49%
123% 127%
19% 19%
2%
4%
3%
1234
28%
*65%
2%
6%
Feb
4
3%
15%
5%
62
35% Feb
1134 Jan 29
-.100
45
85
15% Jan
32% Jan
2%
15%
4
Jan
45%
Jan
No par
97«4 Feb
44% May
11% Jan 15
1
66
13%
29%
98
Callahan Zlno-Lead
6734
4%
14%
24%
25% Feb 3
115% Jan 28
14% Jan 1
...10
Preferred
7
Calumet A Hecla Cons Cop..6
Campbell W & C Fdy_.No par
10
5%
Jan
39,100
4,600
66
4%
50
3
10%
14
27
5234 Jan 14
18%
34
10
2
Feb
3434 Jan
31% Jan
J1*
•
5
1,600
2
Bldg gu pf ctfs.100
Butler Bros
Jan
Jan 12
9% Jan
51
Jan
2
Jan 11
12% Jan
88
Dec
40%
Jan 12
5
87%
834
31%
20
Jan
33
53
102% Jan
Jan
87
15%
10%
20%
110
5
Jan
4%
38% Jan 14
5
42% Feb
2% Jan
88
31%
2%
Jan 26
27
88
15%
*834
31%
34%
48% Feb
100% Jan 18
No par
86
65%
10%
Jan 13
6734 Jan 15
No par
8534
64%
31%
2%
5%
8
5
5
Byron Jackson Co
California Packing
200
*2
Bush Term
1,140
45%
*834
31%
6
2034 Feb
2,800
10,300
29.400
*44
2%
14%
6% Jan
100
Debentures
Byers Co (A M)
46
3
Jan
No par
24,200
*43
2%
Dec
41
...No par
35,200
42%
9%
47
100
5% conv preferred
Butte Copper & Zlno
42%
3
5
Jan 23
Burroughs Add Maoh_.No par
tBush Terminal
No par
4,300
4,120
22,500
11,000
50%
*6%
*46% 48
121% 123%
20
19%
♦85% 86
934
9%
35% 36
10%
49
3
Feb
47
..No par
Bullard Co
13,000
18,500
7034
68%
21%
20%
75
75%
76%
110% 111
*110%
47
50%
50%
10%
50
No par
preferred
7%
♦111
6934
20%
3
Budd (E G) Mfg
500
*102
*111
69%
70
20%
21%
73%
75%
110% 110%
3%
1034
*31%
2%
13%
2934
*6834
2158
63%
J
10%
*834
31%
„
69%
21
74
74
73%
109% *109% 110%
47
48
48%
46
*42% 46%
86
86
8534
15
6034
60
106
*111
68
68%
21%
3
10%
;
105
*104% 10534 *104
105
8
8
7%
8
7%
7%
7%
734
161
169
164% 162
166% 166
16634 168% 168
*
127
125
125% 125% 125
124% 12434 12434
"99" 100
99
99
9934 100
99%
98%
97%
29% 3034
29% 30%
29%
30%
29% 30%
2834
*108
108% *108
108%
108% 108%
108% 108% *107%
42
42
4234
42% 4234
4234
43%
4234
42%
80
81
81
82
81%
81%
80
81%
8134
35
34% 34%
34% 3434
36
35%
35%
34%
12%
11%
12
11%
11%
11%
12%
1134
11%
*106
10634 *106
106%
106% 106% *106
10634 *106
39
41
39% 3934
3934
39%
38% 39%
38%
19
*1834
19%
18%
1834
18%
18%
18% 18%
1138
11%
11
*11% 1138
11%
*10%
11%
10%
160
*18%
*11%
31%
86%
29
4534
3
3334
6034
38
7%
1734
6034
*106
234
32
59%
$33%
"l5%
11%
59
41%
£3434
49,000
11%
18%
6
5
Budd Wheel
60%
42
10%
62
16,600
59%
10%
6134
42
35%
1134
Apr
1% July
yl2% July
43% Apr
Jan
100
7% preferred new
Jan
6
Jan 25
No par
Bucyrus-Erle Co
40
90
15%
126% 127%
99
98%
30% 30%
31,200
64
9% Jan 18
4% Jan 11
42%
4734 Jan 29
113% 113%
13
13%
90% Nov
8034 Jan 16
48
Bruns-Balke-Collender.No par
1034
*59%
16%
3434
114
32% Aug
51% Jan
Brown Shoe Co
90
,
Nov
63% Mat
Jan
25%
par
No par
10%
*89
17
30
79
2334
113
1334
Apr
47
June
39
par
48% Jan
200
100%
Jan 18
4
Brooklyn Union Gas...No par
6,300
80% June
28
1634 Jan
$6 preferred series A.No par
48%
22%
24%
60%
29%
234
Preferred
Jan 22
4534 Jan 14
16%
par
par
Oct
Deo
Apr
Dec
378s
40%
5
5
Deo
38% *ov
24%
120
Jan 23
3% Jan
Bklyn Manb Transit— .No par
48%
21%
2234
29%
3338
Bridgeport Brass Co
No
Brlggs Manufacturing. JVo
Brlggs <fe Stratton
No
Bristol-Myers Co
Brooklyn & Queens Tr.No
700
22%
2434
25%
100
fBotany Cons Mills olaSs A.50
700
49
114
Corp
Boston & Maine
14% July
18% May
77% July
93
5,100
21%
2934
17%
32%
158
48%
15
10
Highest
$ per share $ per share
45
4
101
49
29
234
17%
3338
52
35
48%
101
22
33%
2%
3338
52
50
7
35%
49
2134
24%
1734
3234
85
28%
48%
*104
35%
6%
Class B
3,300
7%
29%
84%
28%
47%
2%
17%
33%
*102
7%
5734
49
30%
83%
52
56
2034
4834
7%
2934
28%
106
Borg-Warner
49
15%
47%
2%
52
5,500
1,300
2,800
44,600
18,200
2,200
2,100
4,300
8%
3%
49
31%
7%
29%
84%
28%
#44%
87
'
80
50
15%
47%
2%
18%
K
78%
834
50
101%
Jan
Bon Ami class A
Jan 12
92
3
32% Jan 7
94% Jan 16
39% Feb 5
4234 Jan
26% Jan
72% Jan
8% Jan 28
5
Borden Co (The)
45
35
88
No par
90
15,600
4434
49
No par
27% Feb
Jan
93
49
101
41
27%
620
$ per share
2234 Jan 4
30% Jan 18
33% Jan
43%
45
31%
28%
*I02"
2,500
27
3%
19%
1937
Range for Previous
Year 1936
Lowest
Highest
share
Bohn Aluminum & Brass
52,400
92 s
49%
7
.No par
$ Per
Bloomlngdale Brothers.lVo par
Blumenthal & Co pref
100
Boeing Airplane Co
5
43%
20%
56%
49%
15
85
*10334 10534 *104
8
8
7%
39%
44
50
42
2S%
46%
To"
37%
45
46%
7%
34%
50%
101%
Blaw-Knox Co
20
43
19%
55
31
*60
100
93
Lowest
Par
37,300
30%
9
15
87
*60
27%
93
4
41
28%
47
*60
43%
27%
79%
26
30%
9
31
18%
93
38%
44%
93
4
40%
14%
87
2%
79
30%
28%
4678
17
50
13%
10%
3334
*34
101
114
58
33%
7
27
27%
34
*48
49
13%
13
91
*88
4f
44%
487S
46%
115
1278
5534
49
46
4634
50
43%
49%
19%
5434
35
4934
9234
46
19%
5534
103
*101
93
19%
5578
49%
19%
55
1912
56
49%
7%
flT4934
378
3578
*30%
*92%
37%
43%
43%
27%
79%
834
4%
20%
5638
7%
if48%
$146%
$
383S
45
U3738
35
27
27%
34
93
38%
44%
6,
EXCHANGE
.$ per share
25%
26
|*31
Since Jan. 1
On Basis of 100-Share Lots
STOCK
NEW YORK
for
Monday
Saturday
Feb.
97
66%
112
7534
1,700
2,400
Colo Fuel A Iron
Corp-No par
Columbian Carbon
v
$2.75
conv
26
24
Feb
Feb
117% Jan
No par
3434 Jan
pref
4H% conv pref
No par
10
—100
Comm'l Invest Trust. .No par
42
91
73% Jan
113
$6 preferred series__.No par
Conde Nast Pub Inc...No par
63
41%
Congoleum-Nalrn Inc. .No par
Deferred delivery,
No par
n
Feb
6434 Jan 29
109% Feb 2
Commonw'lth A Sou
$4.25 conv pf ser '35-No par
Commercial Solvents..No par
Jan
17% Feb
10034 Feb
1,000
20%
57,200
3% 100,200
67%
6,200
17
5,100
a
Jan 18
44% Jan
10 No par
Commercial Credit
t Companies reported In receivership,
4
110% Jan 20
25
0% preferred series A—100
5% preferred
100
25,300
Jan
100
Columbia Gas A Eleo..No par
114
Jan 15
Jan
1,100
220
56
21
75,900
16,400
1,200
6,800
103
100
100
,
Col Plot Corp v t 0
900
57
Feb
18% Jan
3% Jan
113
Jan
7
38% Feb
2
90
6684 Nov
110% Nov
30
Oct
48
Dec
2434
19
Deo
30
Jan 14
19%
Jan
36% Feb
37% Mar
29
Jan 25
16
Jan
124% Feb 3
39% Jan 20
40% Jan 20
20% Jan 14
94
Jan
108
Jan
101
Jan 14
69% Jan
114
8
8
Jan 12
80% Jan 26
120
May
39% Dec
14
Jan
Jan
Jan
103
44
Jan
100% July
55
Jan
Jan
14% June
42
Feb
3
Jan 13
*
Mar
Jan
10834
97
Jan 13
36
136% Aug
Jan
*45%
51%
90%
8O84
Jan 25
3684 Jan
s ale.
31
Jan 21
3
Cash
Jan
Oct
July
Jan
Feb
r
Jan
Deo
28% Sept
8
13% Jan
New stock,
33
Jan 14
4734 Jan
21%
4%
75%
17%
Feb
107%
2%
Apr
59% Apr
7
July
30% Aug
Ex-dlvldend.
23% July
Oct
Aug
84% Sept
128
Nov
9184 Npv
130
Nov
24%
5%
Feb
82
Feb
Feb
15% Dec
44%
Jan
y Ex-rlghts.
Volume
Monday
Feb. 1
Saturday
Jan. 30
Tuesday
<
$ per share
$ per share
*17
19
*17%
*18%
21
1678
*18%
16%
18%
21
1734
82*2
*82
82*2
1678
*82
89*4
89*4
*89*4 110
5*4
5*4
89*4 91'
*89*4 110
5*4
17
17
17
5*4
17%
Wednesday
Thursday
Feb. 3
Feb. 4
Feb. 5
EXCHANGE
Friday
Feb. 2
STOCKS
NEW YORK STOCK
the
NOT PER ■CENT
SHARE,
$ per share
*17*4
*18%
17%
82%
$ per share
18%
17%
21
17%
482
84
90
90
90*2
90*2
5*8
90
5*4
17
17
46
18
19
*1838
16*2
117
84
85
85
90
91
9012
5
10
17*2
4,600
90*2
20
5*8
4,000
*10634 10784
61*4
62
25
25
41
41%
3%
3%
4378
44%
30*2
31
71*4
72
70
6978
*165*4 172
778
7%
52%
52%
♦119
120%
36% 36%
25
25%
90 s4
92%
*4578
110*4
2278
58
125
*122
25
122
|2%
2%
14%
Pll%
1434
14
1134
11%
2%
112
110
|110
25
122
*122
24i2
96
187g Jan 15
7
85
Preferred
4534
Prior preferred
Preferred
Consol Oil Corp..
Preferred
615s
-
234
2%
2i8
12%
14
1258
11%
117g
1134
13*4
12*4
117
118
2%
119
120
41%
41%
41%
19%
19
19%
106% 106% ♦106*4 107
7%
7*4
7*4
7%
21% 21%
21% 2I84
106
106%
7i8
2078
120
413S
41*2
19
18*2
*105
105*4 106
738
113s
120
41*2
19*s **;i8%
106
2*4
*13*4
14
12*8
120
41l2
106
7*4
3*4
11%
120
4112
1834
129
ft 2*4*4.238
238
14%
12
61*2
65*2
128
7*8
738 Feb
5% preferred v t o_'
Container Corp of Amerlca.20
Continental Bak class A No par
Class B
Preferred
Continental Diamond Fibre..5
Continental Insurance
Continental
64*4
25,000
Continental Oil of Del
23g
10,500
£14*2 W
1134
970'
13,300
120
i 1,000
10534
73g
67,100
21
85
85
90
320
55
*54
55
"55"
55
84
84
87
88
88
88
87
88
£27%
28
28
2734
49*2
50
ft4978
5078
1778
18%
18
8%
8
1834
8%
8
142
142
143*2 14434
*9%
11
11
*9*2
*16
*16
68
67
28
It
67*4
67*4
67%
34
34%
34%] 36
40
40
40
2578
9234
2278
2534
*22%
40
25%
90 &91
22%J 2278
*40*4 41
25%
144
*9%
28
IL*23
*91
143
11
*7
10*2
28
*17
fJ ,'28
i i 68*2
36%
36
40
40
2534
24%
91%
91%
*22%
23
91
#23
41
«|L36%
tfi6%
i.B034
| 92
>,
*23
23
100
119
Jan
8
3534 Jan
109
17
Jan
Crucible Steel of Amerloa._100
Jan
4
Cuba Co (The)
Cuba RR
Preferred
71*4
*53%
38%
38*4
5484
37*4
*37
37%
37
37
37
37
36
-
♦114L
-
1
1
1
234
234
278
734
7*4
114% *114
114
115
15*4
15
15*4
15%
15*2 4115
170
174i2
*169% 170
161%
*159
162*2 *159
161% *159
35%
35 |i 35
34?8
35*4
35*4
15
*167
13
13%
4234 43%
111% 111%
13%
13%
534
534
2178 22%
83%
85
13%
43
111% 111%
13*4
13*4
57g
21%
2214
578
82
85
80*2
41%
11%
J6%
27
56*2
*11384
1278
13*8
43%
15*al 16*4
173*2 174*2
534
534
22
24
23*4
84%
85%
85
15
183*2
4134
41%
1% £11%
78*4
r*73
78
*75
79
*74
787g
*837S
88
*82
88
19
£ 1434
9
15*8
*76
I
6*8
M34
25%
69%
15
<*73
£*76
;L83
79
90
Jan
3
43*4
Jan
70*2
8884
Deo
Davega Stores Corp
17
Jan
18*2 Jan 16
7%
Apr
1978 Nov
108% Deo
10834 Deo
938
>15
•j
5%
1*37*8
4,200
Ltd No par
5% pref with warrants.. 100
800
Dixie-Vortex
*76
13%
13%
30
31
47g
2634
70
|4%lf 434
26*2.^7
68
>69
4
,v 578
£4%
6%
434
26
69
434
*
69
69*2
8*8
5*2
*201
*65
j 68
*1071 115
i
978J 10
* 8*8
5*4
*37
106
*104
44
44
43
87g
5*4
38
•*65%
*110
68%
115
©78
10*4
878
5*8
9%
5%
37%
38*2
105*4 *104
10534
43
43%
4378
Bid and asked prices; no sales on
69
115
115
10*8
f
f
1038
9*4
9
200
1
No par
Duplan Silk
100
Preferred
~~8~ 166
700
113
70
15*2
9,500
2,700
90
16034 16034
35
3,100
106*4 106*4
43*2
Du P de
43*2
Nemours(EI)A Co.20
this day.
Jan
8
13
June
21%
Jj
2
Feb
3
42
Jan
63
31
Jan 12
486*2 Feb
30*8
Oct
37ia
28% Jan 12
18*4
Oot
Apr
39*4 Jan
7
24% Feb
94*2 Jan 13
93
19
Oot
40
Aug
4734 Jan
4
51
Jan 28
41%
Jan
61% June
7*a
12%
50%
Apr
Jan
82*4
29
Jan
61
Deo
36*4
134
Deo
3
Jan
(The)
No par
6
Endlcott-Johnson
5%
12
3
Corp
50
Jan
4
82
Jan 30
80*2 Jan 30
41% Feb 1
1*8 Jan
5% Jan
25*2 Feb
...100
100
..60
6
Evans Products Co
6
Feb
5
8212 Jan 8
8% Jan 27
1378 Jan 4
26*4 Jan
2
7
3234
Jan
Jan
8
29%
39%
Jan
Deo
44% Jan 16
4
115% Jan 19
1734 Jan 16
% Jan
1% Jan
2284 Nov
53% July
Aug
110
Federal Motor Truck—No par
Federal Screw Works..No par
5*s
40
3,000
Federal Water Serv A—No par
2,200
Federated Dept Stores-No par
104*4 10578
10678
300
4334
2,700
100
Fidel Phen Fire Ins N Y—50
307n
Jan 28
7178 Jan 15
210*4 Jan 14
2914 Dec
69
Feb
116
July
97
Apr
11>4 Jan
34*2
29
Oot
68
Jan
69
Jan
Jan
4%
1578 Aug
407a
684 Mar
25
Jan
4
84
Jan
66*2 Jan 27
75
Jan
5
37
Aug
92
Jan 14
120
Feb
5
697g Mar
70
25*8 Jan
2
29% Jan 18
105
8*2 Jan 4
5*2 Jan 4
438 Jan 2
36*2 Jan 26
102*2 Jan 22
42*4 Jan 6
n New stock,
10% Jan 14
9*4 Feb
6
42%
3
Jan 14
Jan
9
107% Jan 11
45% Jan 18
r Cash sale,
x
Jan
8*4 Mar
2*8 June
8% Apr
3434 Jan
103
2
Oct
Jan
Jan 13
Jan 11
Jan
59
Dec
18*4 Sept
71«4
210*4
61*2
2784
101%
Jan 26
June
1078
11
Jan 28
5
Jan
Feb
Deo
89% June
28
3*2 Jan
1%
6*4
55*4
Jan
12
Jan 21
Feb
Feb
257g Deo
94*4 Deo
87% Dec
7«4
Jan
16
Jan 18
Nov
17%
Apr
Apr
5*4
23% July
6
97
10% ? 14,400
834
12,500
55
Jan 21
5
No par
100
100
48
157| Nov
47% Nov
115
16*8 Deo
8434 Oct
Jan 21
6
Jan
5
"5,500
Federal Mln A Smelt Co
Jan 14
84*4 Jan 14
934 Jan 15
16*4 Jan 15
Mar
40% Nov
Jan
Jan
14*8
32%
684
5%
12% Jan
28% Jan
6134
a Deferred delivery,
Jan
87
Jan 14
4
t Companies reported in receivership,
92*4
80
5
100
i
Jan
24*4 Jan 15
Jan
44
6%
Jan 14
Jan
4M% preferred
26% Jan 14
Jan 27
66
5%
Dec
80
21%
9*8
Apr
5
5
22
201
Preferred
10
Jan 15
67g Feb
78% Jan 30
Exchange Buffet Corp .No par
Fairbanks Co
25
600
Jan
80
6% conv preferred
120
Apr
Apr
110*4
Jan
.100
Fajardo Sug Co of Pr Rico.20
Federal Light A Traction.__ 15
118
119
10%> 1038
684
30*4
8
Jan 18
Fairbanks Morse A Co .No par
700
3
Jan
58
13,300
75
8
Jan
4
preferred
Preferred
166
28%
5
Eureka Vacuum Cleaner
40
July
29
2538
103
152
Jan 18
5
Deo
1238 Deo
Aug
Jan 11
Jan 19
Jay 13
136% Deo
116
185
2
6878
210*8
100
fc 71
184»4 Nov
Feb
Apr
8
55*2 Jan 14
Oot
Jan
Deo
Apr
14% Jan
447g Feb
14*4
Jan
129
156
3534 Jan 14
114
Oct
133
3
4
69*2
2758 & 5,100
163
Deo
120
Jan
100
Preferred
175*4 Feb
5
Deo
Feb
Feb
First preferred
740
16%
Jan
2
2684
.S
180*8 Jan 18
Nov
114
70
Erie A Pitts RR Co
^1,610
Jan 19
77
1.500
434
122
No par
23*2
5
18*4
No par
30*4
4,400
13% Aug
7*2
45%
Engineers Public Serv
Second
4
Jan 16
5*8 Jan 4
2138 Jan 30
100 112
.1 ©14
preferred
4
117S Jan 29
3834 Jan
111
No par
No par
preferred
Jan 16
3234 Jan
3
Boat
$7 preferred
$6
167*2 Jan 29
100
Preferred
El Paso Nat Gas Co
„
17% Jan 19
159
30
6*4
834
6% cum preferred
Eaton Manufacturing
6,800
13*2 12,000
4,400
Jan
1*8
478 July
6% July
f Elk Horn Coal Corp. No par
6% part preferred
50
30*8
12U2 Jan 20
Jan
169
5
8
25
4078
8*4 Jan 16
Jan 18
1,200
6*4
8
7*8 Jan 5
15*4 Jan 11
2
5,600
13*8
30*4
2*4 Jan
5*2 Jan
% May
11*2 Jan
Elec Storage Battery..No par
/30
35% Jan 4
% Jan 12
zlll*4 June
1,800
1,300
10% Jan 20
135
4
34%
23% Jan 14
41*4 Jan 25
115*2 Jan 22
3,700
900
Deo
Jan
Aug
Jan
95*2 Deo
43
8
Feb
2
100
Oct
Jan
Deo
Jan
90
5
Co
Feb
40*2
40% Feb
Jan
131*2 Feb
112% Jan
2278
4334
26
6% non-voting deb
100
Duquesne Light 1st pref... 100
Eastern Rolling Mills
.6
Eastman Kodak (N J).No par
3934 T3934
6*2
5*8
39
1178
Jan 19
5
100
4,500
j
Apr
1% Jan
3*4 Jan
100
Preferred
Dunhill International
Erie
£ 8*8
••
5*4
4
7
6,500
V0
69
2
Jan
Duluth S S A Atlantic
153
Jan
39*4
900
Jan
4%
12
Convertible class B_.No par
1,000
147s
5
1034 Feb
1,300
1534
62
27*2
May
Jan 16
7,600
*204:|510*8
128
55
2,400
Apr
19% Jan 18
934 Jan 15
146*2 Jan 7
3
4,000
.100
9
Jan 30
2
preferred
No par
Equitable Office Bldg.-No par
6134
4
778 Jan
Feb
$6
87*4
17*8 Jan
142
39
$5 conv preferred
$5>i preferred
ft
33% Nov
5434 Oct
23*8 Feb
9% Feb
69
100
69
Jan
5078 Jan
300
>
Apr
Dresser(SR)Mfg conv ANo par
,
14%]
f26 I
19%
3634
Jan
Douglas Alrcr Co Inc..No par
>6
26
26*2
68
§» 6
5
53*4 Jan 20
200
86
13*2
29
53,600
400
6
32% Nov
26*2 Jan 27
42% Jan 4
11*2 Jan 21
77*4 Jan 25
86
13*4
3034
Jan
Dominion Stores Ltd..No par
*7614 82A
13
Jan
27
2034 Jan
1,29*4
,*,'30*8
Deo
52
5
900
Dome Mines Ltd
78
*76j|
*76tfi-—
107
4
No par
No par
t
77
f
23*4
5
No par
Co
Class A
77
82
13%
13%I1334
30*2 £30
30%
16
6%
6*8
;
*105
*
No par
Participating preferred--.25
Electric Power A Light.No par
5
Jan
Feb
61
Diamond Match
Jan
3078 I'eb
Devoe A Raynolds A ..No par
Distil Corp-Seagr's
Feb
Jan
Sept
10*2
59
36% May
2934 Jan
23
59,600
30
82
39
pref—100
56,300
'■1538
23
10
97g
734
100
6*4
15%
29
115
i
Corp. 10
2334
15*2
29*2
23*4
23
69
r
Diesel-Wemmer-GUb
Pllec A Mus Ind Am shares
i*84 |
9% <£> 93s
210*8
210% *202
210% *200
63
62
63*4 66
63% |t62
63
4 62l8\ I
27
27
27*8
:
27*2 £734 \ ,27*81.2784
27%
27%
*98*4 100
?*98*4 103
*98% 103
*98% 101
I
127
Electric
15%
29
*107
109
104% Jan
No par
20
Preferred
14,500
9*s
22%
*65
106*8 Feb
Deere A Co.
13*2
9%
2834
214
*205
5
Dayton Pow A Lt 4)4 % Pf.100
Eitlngon Schlld
83
Dec
9*4 Mar
217g Deo
88
*76*2
78
79
86
22%
I
i
30*4
? 15
9%
78%
28*2
28*2 |28*2
2284 12234
? 13%
9%
77
77
'*82
44*2 Jan
24% Apr
114
Jan
•
*15%
78*4
Deo
82
5% non-cum preferred.. 100
82
83
83*2 86*2
83%
42
41*2 423g ^4178 42*4
41%
417g
1% £1*1%
1*8
1*8
1%
*1%
134
7
7*4
17
7
678
7
# 678
7*4
7*2
27% |27
27% V 27% 2734 1*2678 27*4 *^26% 2678
57
58
57
i 57*2 57*2 £558
56*2
56*2 56*2
11334
11334 11334 ;,ii334 11334 *111
114*4 *11334 IMI4
*15
15*2
1558
16
1538
1534
:;i5%
f!6
16
83
Jan
4
Deo
14% Mar
Ino...No par
Elec Auto-Lite
6
167a June
99% Mar
20
129
Cutler-Hammer
550
M22%
855s .''8534
8334 i&2
778 Jan 12
Jan
35% May
Jan 14
19,400
578
•
6
Jan
Deo
55% Jan 25
29,500
24
109*2 Jan
"7",300
14
13*8
63%
42*4 Jan 22
20% Jan 20
5
Sept
6*8
Jan 11
Oct
Deo
86
4434
*344*4
9
14% Jan 12
3%
Deo
22*4
173*8 174*4
34l2
1*4 Sept
Jan 11
125
Jan
8%
11138 1113s
1334 ^113*2
43*2 4478
11138 1113s
13*2
13*4
111% 111%
13%
13*4
5%
113
113
16034 16034 «16034 16034
35*8
3538 ,13347^35*2
13%
42%
1578
174*4 175*4
169
12%
42*4
1
5634
28
17% Jan
127
Nov
19%
Apr
95*2 Apr
65*2 Feb
Feb
129
3
110
7*4 May
24% Jan 22
Jan 13
5
Jan
111
Jan
*2*8
113
91% Nov
58*4 Nov
4938 Nov
Nov
19*8
"T.966
1*8
114
35% Sept
140
49
30
7*4
4114
18
6*2 Jan
-
115
3778 Nov
49*2
IO84
1
1
1*8
3
234
234
7*4
7*2
7*4
738
17
*15*2
17
16*2
16*2 *16*4
*15% 16%
*15*2
*118*2 122
*118*2 122
*118*2 122
*118% 122
*118% 122
176
171
170*4 17434
173*4 174*4
1S17314 175
171% 17284 1171% 173%
132*2 132*2 132*2 132*4 132*4
I13134 132% 131% 131% *132
*132*4 133
1
Mar
15% Mar
2,900
3684
2%
7%
Nov
35
Jan 15
80
54
1%
136
Jan 16
2834
No par
800
54
77g
16%
Jan 28
37
preferred
2338
69*4
39% Jan
101% Jan 14
1
Class A
41
71*2
234
No par
Curtiss-Wright
1,200
54
1
121
Deo
Cushman's Sons 7% pref. .100
15,500
54
7%
50% Dec
Jan 25
25*4
92*4
55
1034
7% Mar
Oct
1,300
36*4
*54
2%
50
Packing
Curtis Pub Co (The)—-JVo par
Jan 30
170
Aug
11% Jan 30
110
Apr
'69% Oct
82% June
Jan
40*2
5434
4884
Hfe6
63% Aug
July
2
10
100
100
71%
1*8
12*8 Feb
....
Deo
4
3
.100
Sugar
Preferred
Cudahy
par
2*8 Feb
Det A Mackinac Ry Co
10%
27S
734
1634
No
6% pref
Cuban-American
120*8 Jan 18
100
6978
278
100
Preferred
Mar
41
6
51
Denv A Rio Gr West
69*4
Jan 15
Cr W'mette Pap 1st pf.iVo par
Crown Zellerbaoh v t 0.N0 par
Detroit Edison
*53%
*1
No par
Pref ex-warrants
Delaware Lack A Western. .50
1034
*7%
1634
*118%
No par
1,100
7234
*53*4
37%
preferred
4
Feb
4
4478
158
4
7%
Cream of Wheat ctfs
2,400
*40*4
46
Apr
Apr
28% June
3
Jan
13,500
49*2
H*8
4
4
834 Feb
56*2 Feb
Jan
17,800
41
87*4 Jan
24% Mar
17*2 June
171*2 Jan 14
6
46
8*2
1034
50%
45% Feb
Jan
...25
187g
70
7134
50
Jan
Crane Co
8
72*2
5434
*10%
*40*4
69%
2534 Jan 23
4234 Jan 23
16778 Feb
25
..100
18
11
5034
7
No par
49*2
11
50%
50%
50%
35%
2%
6
Jan
Coty Ino
32,700
187g
*40*4! 41
9*40*4
49*4 49*2 f«19%
11
1078
"
1*10*8
69
7138 £469*8
41
*40
3% Jan 25
Jan
20*2
39*8
284
42*4
Deo
Delaware A Hudson.
23*4
Nov
26*4 Mar
35% Nov
Apr
2,500
*91
Jan
Deo
109
6334
55*4
273S
52*4
25*8
67*4
9
Jan
25
50
35*4
Nov
108% Jan 25
5
Jan 21
1,200
*40
4
1027g Jan 13
Feb
3078
36*2
40*8
2534
9034
23*4
*40
253s f£478
Jan
76
12,800
SJ68%] 6934 £167*2
3978li40
25%
!*i*7
Jan
1%
71*4 Jan 15
122*2 126*2
30*2
26*2
10%
32
106*8 106*8
.
Jan 14
5*4 Jan 15
Jan
gl42
142*4
11*4
11
<O1034
28
28? .*17
■*17
691 |6934
3534
21*4
*142^143
143
il43
1878
18*4
3734
67
10
18*4
32% Feb
2
2
3j
6378 Jan
800
7,400
85
106% 106% *10658 107*2 10658 106%
118% 120% 120*2 124
J25
127
30%
30%
*30*4 303s &J30% 30*2
27*4 27% 127*4 273s ♦27*4 2758
50
51
5078
52*8
4934
18
1834 *18*4
187g
18%
18%
8
83s % 8*4
8%
83g
8%
4
Jan
29
2638 Jan
Preferred
Dec
Jan
20*8 Jan
Corn Products Refining
700
417g
1834
*54
183s
6
3
12% June
1584 May
Continental Steel Corp .No par
Corn Exch Bank-Trust Co..20
900
129
*83
17l2
1
Deo
7
Jan
55
17%
Motors
Jan
9*4
3778
7
10
102
10
85
*1634
J2.50
1%
June
2
Jan
4034 Jan
Jan 29
60*4 Feb
20
% May
Deo
*53
86*2
100
Continental Can Ino
5% Sept
44
*83
86
No par
4
10% Jan
8*8 Jan 26
34
100
July
1*8 Jan 19
2
Consol Coal Co (Del) v 10..25
Jan
101
Feb
Feb
Oct
9% Nov
17*4 Deo
106*8 June
1234 Nov
43*8 Jan
46*4 July
55
85*2
17%
17%
17%
17*4
*106*4 107*4 ♦105*8 107%
117% 119
fll7% 119%
*30
30% S?30% 30%
10578 Jan 23
2
78 Jan
47*4 Jan 28
85
85%
No par
tConsolidated Textile..No par
56*2 Jan
85
20*8
17*4
Apr
Apr
10078 Feb
*53
*
11%
5
55
2U2
378
8
7
85
21%
3
Jan
4
85
2078
1234 Feb
1578
i057g Jan 23
par
109
Jan
102
4
Jan 27
45»8 Feb
*53
7*8
Jan 14
9*4 Jan
Nov
7*8
20%
48%
Apr
27*4
74*4 Jan
5478 Jan
738
213g
7*8
1834 Jan 9
4978 Jan 23
Jan 12
108
5
Consol RR of Cuba pref...100
1,600
127
4
No par
41,600
6334
125
16*8 Jan
4358 Jan
106
Nov
Jan
Feb
4% Sept
15*4 Apr
$2.25 conv pref w w..No par
23*2
643s
125
125
No
534 Jan 20
Crown Cork A Seal
5578
22
.
Nov
94
72*4
73*2
4
300
95*4
2334
No par
Consol Ed Co of N Y..No par
$5 preferred
No par
Consol Laundries Corp
5
95
7
2
2
Jan
5
Jan
Dec
33*2
1934
85
557g
99*8
57
23
1
June
90*2 Feb
90*2 Feb
100
Aug
8
6684 June
4
98*2
2434
4538
4578
4578
46*8
*111*2 125
*111*2 125
2378
_
15
Jan 14
Feb
91*2 Jan
x8838 Jan 14
100
Prior pref ex-warrants.
Consol Film Industries
22
21*8 Jan 25
24*2
97*2
125'
23%
80
100
Crosley Radio Corp ...No par
25
*5578
56
45%
*111
19
19*4
5
Jan
No
1,900
18,200
25
25
10078
P55
41%
41%
19*4
41%
8
16*2 Feb
200'
108
107% 107% *107
*106l2 108
*107*s 1081 107*4 107*4 01
6158 29,800
6234
61
60*4
63%
62% 63%
6134
6338
62*4
25
25
3,900
23*8
247g
2434 25%
2434 25
24*4
25
42
41
41
5,900
41%
41% 4134
41% 42
4134 42
338 20,900
3%
3%
3%
3%
3*8
33s
3%
3*4
33s
44*4 4434
44*8 45*8 24,100
4414 45
44l2 45
4434 4538
30
28
6,000
30*4
30% 31
30*2
30% 31
30*4
31
75
2,520
74*2
75*2
7334
7478
72*4 74
7534
7534
76
6,600
69*4
69*2
69% 7034
69*2
70*4
69% 70
69*8
6978
200
172
*165*4 172
16778 16778 *166
168*2 168*2 *165*4 172
8
39,000
8
8*8
7*2
778
734
8
8*4
8%
83s
53
10,100
54*8
53*2 54
5334
55*2
5414 56%
5334
5434
♦
100
121*8
120% *11734 120% 120% 120% *120
12158 *120
2,300
36*2
363s
36% 36%
36% 36% ,36% 36%
36*2
36*2
2434 25
92
96
9234
91*4
56
57*4 *54
*53% 55
47
4578 457g
*45*2 46
125
110*4 ♦111
*110*4 125
23*4
23*4 24*8
23% 24
58
59
61
59%
59*4
*55*2
3
18*2 Jan
2,200
1678
46*2
34,430
4734
4578
46% 4684
14634
4634
47%
107
108
1,500
107% 10734 *107
107% 107*8 107
10734 10784
11
11
11*4
11*4
11*8
1134
11%
12*8
12*2 10,900
1234
1238
1234
17
125,200
1634
1634
17*4
17*4
16%
1678
16*8
17
17%
1634
17*8
*10434 106
*10434 106
*104% 106
*10434 106
*10434 106
*10434 106
8
9%
8
8*4 "4",900
9*4
9%
738
8
9%
7%
7?s
8%
1
1
1
1
1
1
15,000
1*8
1
1*8
1
1%
lis
9
8%
8%
9*2
8*4
9%
8%
9*2 15,000
9%
9*2
978
9*4
*33
37
36
2,550
3834
34%
38
34% 38%
38%
38% 39%
39*4
29
56,300
28% 29
30*2
2978 30%
30*8
32
30% 32i8 a:3034
3178
34
16,300
3434
34*4 35%
33*2
35*4
35*2 3634
35
3478 36%
3534
478
5
434
434
47g
47g
434
5
434li,478 ®%j&434 27,100
;
per
17*2 Feb
Cigar
Highest
% per share I per share
16
Jan
25«4 Mar
$ per share
19*4 Jan 23
share
par
190
90*2
$
Lowest
Highest
Connecticut Ry A Ltg pf—100
Consolidated Cigar
No par
Congress
110
1678
45*4
46*2
10634 107
5
5%
17
17
200
201
J 85
90*2
*90
90*2
*90
514
17%
4778
17
17*2
£*84
90
*79U
5%
19
19
Par
Year 1936
100-Share Lots
Lowest
Shares
18
*18
On Basis of
Week
$ per share
$ per share
17%
20%
17%
*18%
Range for Previous
Range Since Jan. 1
Sales
for
SALE PRICES—PER
HIGH
AND
LOW
889
New York Stock Record—Continued—Page 4
144
122% Jan
31% Feb
1884 Apr
7%
Jan
3
Apr
2*2
20*2
Jan
Jan
105
Dec
38
Apr
Ex-dlvldend.
Deo
Deo
Mar
Deo
Deo
Deo
Deo
123*2 Nov
12*4 Mar
6
Dec
6
Oot
48*4 Nov
115% Nov
4934 Nov
y Ex-rights.
New York Stock Record—Continued—Page 5
890
LOW
HIGH
AND
SALE
PRICES—PER
SHARE.
NOT PER
CENT
Sales
STOCKS
f/i*
TvITTW
JUT
Saturday
Monday
Tuesday
Wednesday
Jan. 30
Feb. 1
Feb. 2
Feb. 3
S per share
$ per share
$ per share
Thursday
$ per share
34%
3438
*106
108
34%
48%
42%
4234
53
53
*35
48%
42%
48%
42%
5434
5434
35
35
9%
5234
54
9%
9%
50%
52
*117% 119
*114% 119
50
49%
50% 51%
128
*12434 128% 128
16
15%
*14% 1534
*76% 80
*76% 80
29%
29%
*109
30 38
29%
*109
*65
69"
*4234
5%
*30%
43
.
.
119
119%
51
50%
128
128
53% 53%
119% 119%
51
54%
128
105
8%
5134
38,100
3,000
119% 119% *116% 125
54
52%
50% 63%
11,200
5134
53
133
734
51
132
132
15
15
15
76%
76
76
80
80
*75
92
2934
29%
*109%
29
29%
.
.
.
.
65
65
43
*109%
28%
*109%
29%
3534
106%
5034
46%
58%
4
4
4
$ ver share $ per share
share
z24%
1001*
Feb
10584 Nov
40
Apr
Feb
Feb
585s Nov
4238 Deo
41
Jan
4
No par
48
Jan
4
6684
Deo
Jan
4
35% Feb
5
5
5
Deo
34
Deo
9% Feb
1
25% Mar
3% Aug
3414
684 Jan 14
47% Jan 25
116% Jan 19
5434 Jan
7
32
June
Jan
2
106
Aug
120
54% Feb
3
2418 Apr
9584 July
127
No par
new- -10
4H%
preferred.._100
conv
122
10
43
Jan
4
No par
124
Jan
7
Francisco Sugar Co
No par
F'k'n Simon & Co Ino 7%pf 100
14
Jan
2
Feb
3
83
10
2634 Jan
4
100
109% Jan
7
Foster-Wheeler
Preferred
9,600
1834
14%
.
5%
5%
32%
31%
19%
14%
*103
105
79
19%
14%
153
12%
12%
28
27%
50%
50
50
*147
151
1234
28%
56%
56% 57%
119% *117
119%
27%
56%
*118
*50
147
147
63%
63%
Freeport Sulphur Co
Preferred
135
Jan 14
43%
9
Jan
32% Jan 13
110
Jan
6
Jan
4
3
3%
50
63%
43%
65
Feb
2
73
41% Jan
4% Jan
4
48% Jan 8
5% Jan 22
311* Apr
384 Jan
53%
6
32
30
31%
560
$6 2d preferred
N» par
Gabriel Co (The) cl A ..No par
Gamewell Co (The)
Ne par
26
Jan
8
33
11% May
30
105
Jan
7
*106%
106% 106%
4°
19
1834
18%
19
14%
14%
14%
14%
103% 103% *103% 105
13,200
78
*75
6434
65
65
65%
124
123
66
Gannet Co conv $6 pf..No par
56
14%
14%
*80
84
*110
-
14%
110
5
4%
63
63%
*116%
5%
63
106% Jan 28
*77
78
123%
123
123
123
123
122
15%
5
63
5
5
64
*116
63%
*116%
5%
5%
..
.
64%
-
5%
45%
66%
46
46
45%
46
44
44
66%
67%
67%
68%
69
69%
81
8134
81
3234
32%
37
37
37
84%
3234
37%
75%
33%
37
19%
1934
19%
20%
83%
3234
37%
20%
84%
3234
8234
32%
86%
22%
*83%
86%
22%
87
87%
23%
88
88
22%
24
24%
5%
*
~32i2
83
20%
20
18%
86%
19%
87%
24%
26
19%
87%
2534
82,800
1,200
48,800
85
85%
50%
85%
87
87
51%
51
4934
50%
58
56
57
55
57%
6
6
6
5%
6%
6%
6%
7%
7%
7%
7%
7%
7%
7%
115
*105
112% *100
112% *107
112%
33%
33% 34%
33% 34%
3334 34%
83
*84
8334 84
84%
83% 8334
110
36%
126% 127%
111% 112%
12
11%
35%
3534
126% 126%
126
126%
110% 111%
110
111
12%
12%
11%
12
94%
92%
93
94
94
4%
10%
5%
10%
*93
4
1034
4%
24
26
44
45
44
44
19%
43%
36
36%
*142
4
4
4%
12
2734
4%
25%
27
46
46
47%
44
534
738
6%
6
7%
112
7%
112
3438
83%
8334
5%
5
2434
46%
*44%
25%
4734
94
4
12
24
47%
36%
35%
144
142
68
15%
4
4
4
50
*49
50
*48%
*13%
*51%
14%
*13%
14
*13%
53
*52%
53
52%
35
36%
144
68
35%
35%
*72
79
15%
4
81
15%
3%
52
*48%
4
15%
4
53
14
13%
13%
52%
53
53
74%
70
73
70
35
72%
*34
45
*60
68
3434
15
144
142
*60
*72
50
34
34
*34
7534
35
*142
3634
144
68
*60
3534
*74
36
79,
15%
3%
15%
334
-
.
-
-
*133
-
*113
*16%
17%
*16%
17%
16%
16%
1634
104% 104% *104
105% *104
105% *104
7%
7%
7%
7%
7%
7%
7%
*103
104
104
103% 103% 105
*103%
15%
1534
15%
15%
15%
1534
15%
122
122
*122% 128% *122% 130
*122%
*160% 167
160
*160% 167
*160% 167
3434 35
34% 3434
34% 35
34%
......
16%
7%
*113
2334
3434
J...
400
400
41
41
2634
*68%
23%
3234
*113
*382
52%
77
*34
78%
35
*133
1634
7%
103%
23%
34%
....
410
22%
23%
23
24%
24%
3334
34
34%
34%
35
*112
41%
2634
*40%
26%
69
69
69
*6834
Feb
77
Jan 27
1912
81
Oct
60% Jan
4
58
Jan
July
70%
Jan
100
11834 Jan
5
116
Oct
123
Aug
10
60% Jan
No par zll9% Jan
4
77
Nov
Common.
No par
Gen Railway Signal—No par
Preferred-
100
Gen Realty A Utilities
56
65% Jan 18
124
69
5
12% Jan 15
Jan 16
2
9
53%
Jan
118
Jan
181%
jan
15% Feb
1
80
1
38
Feb
72
Deo
4
110
Jan 19
105
Jan
110
June
4% Jan
4
5634 Jan
4
114
4% Jan
43
65% Feb
117%
534
48%
70%
2
Feb
5
29% Jan
80
Feb
584
5% Jan 13
Jan 14
Gen Theat Equip Corp.No par
Gen Time Instru Corp.No par
Gillette Safety Razor..No par
Jan 26
4
Jan 22
7
4
Jan
88
Jan
6
3384 Jan 25
4
3212 Apr
106
Jan
2
Apr
Deo
89
Deo
3184
Deo
Jan
9
15%
84%
20%
83%
Jan
4
Jan 16
20% Feb
1
13i% June
88
Feb
2
70
Jan
4
Jan
6
No par
43% Jan
5
Feb
3
26%
87%
51%
58%
Feb
No par
preferred
Glidden Co (The)
5% Jan
634 Jan
5
preferred
50
1
Gobel (Adolf)
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
$5 preferred
No par
Jan 29
55
Jan
8
6
31
Jan
4
79% Jan
Jan 18
6% Jan 21
2
111
Jan 28
7
84
Jan 29
Aug
684
48% Deo
44% Nov
193s
Oct
90
Jan
Jan
27% Nov
Oct
92
37% Dec
52% Sept
3% Jan
55%
Jan
56
Deo
7%
10%
Feb
84
Jan 21
112% Jan 29
34% Feb 1
Feb
Deo
17
40
4
57
118% Mar
4% Deo
71
Jan 26
No par
63s
Deo
26ij May
3314 Apr
3212 Apr
37
No par
1584
312 Apr
Jan 20
Feb
Jan
July
30% July
Conv preferred.—
123% Nov
59% Deo
6
65% Jan 27
Glmbel Brothers
Oct
Jan
69
General Refractories—No par
Gen Steel Castings pf_.No par
conv
1
122% Feb
60% Jan
8
Jan
Feb
Oct
107% Jan
1
No par
preferred
Jan 11
6% Nov
116
Feb
13%
74
Jan
Sept
26%
*113
400
41
400
26%
*40%
26%
69%
*66
----
400
*113
*390
41
26%
4034
2638
41
1634
15%
1638
15%
7234
74%
1534
74%
16%
72%
76%
7734
79%
5%
5%
5%
5%
5%
5%
5%
14%
2134
14%
15%
2%
23%
54
23%
2%
24%
54%
*14%
22%
2%
24%
65
2%
2%
23%
23%
13%
22%
2%
23%
51
51
51
67
67
1534
*16
23
22%
15
22%
36%
3634
40
Grant
(W T)
1
No par
Preferred
100
118
Nov
Feb
Oct
35% Deo
86% Nov
200
33,100
405
41
41
26
27%
1434
16%
76
7834
68
54
56
65
65
65
1634
1634
1634
65%
*1638
6734
17
31
Jan
42%
Dec
136
Jan
Oct
149% Aug
65
39% Nov
1434 Jan
4
100
Mobile & Northern
Gulf States Steel
Hackensack
10
Hall
100
5
15
Jan 20
6
56
Jan 18
55% Jan
6
34
5
Printing
10
27% Feb
2
100
105% Jan
101% Jan
50% Jan
5
4
129
Jan
5
16% Jan
4
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
Preferred
100
Hat Corp of America cl A
20
1
6H % preferred
Hayes Body Corp
100
2
Hazel-Atlas Glass Co
30,300
25
Hecker Prod Corp v t c.No par
100
103% Jan 20
13%
4
Jan
7
Jan 15
Motors
No par
33% Jan
Hercules Powder
No par
150% Jan
100
12984 Jan
$7
500
cum
preferred
Hershey Chocolate
'
2,700
450
9,400
8,500
Conv
No par
conv
-
700
1,400
100
40
t Companies reported In receivership,
57
Feb
5
Jan 14
Feb
1
15% Jan 25
125% Jan 25
166
Jan
6
37% Jan 16
182
Jan
Dec
100
June
Jan
30%
Jan
stk No par
v t c new
Howe Sound Co
Hudson A Manhattan
25
.--5
Preferred
100
100
No par
6
41
Apr
58% Sept
Sept
Jan
80
Jan
102
119
Feb
Jan 19
5
30%
4934
124
3384
42%
43% Jan
113% Jan
5
108
Feb
115
415
Jan
9
407
Dec
544
41
Jan
7
19%
Jan
5
39% June
44%
27% Jan 14
22% July
33
73
5484 June
Jan
4
Jan
4
17% Jan 22
79% Feb 4
Jan
5
5% Jan 21
12% Jan
18% Jan
7
15% Jan 21
4
Jan 11
63s
Jan
48>4 Jan
3% June
8% Apr
13% May
6% pref series A
100
46
Jan
4
56
Jan 21
30
Leased lines
100
65
Feb
2
72
Jan 20
58
Jan
1434 Jan
4
1834 Jan 18
11
May
n New stock,
r
Oct
Deo
135
23% Feb 2
2% Jan 16
25% Jan 20
delivery,
Deo
4
Jan 26
4
Jan
Jan
165
150
2% Jan 2
22% Jan 28
a Deferred
21%
141
Jan
100
RR Sec ctfs series A-...100
Mar
Mar
Aug
Jan
Jan
Jan
9
84
June
2334
65%
12%
6234
115
133
126
9
40
Dec
Jan 25
108
par
55
135% Feb 2
6734 Jan 21
4
No par
Deo
Nov
125% Nov
105% Mar
Nov
45s Apr
99% Dec
12% Aug
117
May
150% July
25% Apr
4
1
32
Deo
104
25% Feb
7
15%
Aug
Aug
18% Nov
Jan 26
Jan 18
63
34%
.37
I35ia Deo
Jan 27
3434 Feb
11234 jan
Dec
1984 Mar
62% Oct
Jan
21
366
17% Nov
484 Deo
66
Jan
112
No par
100
Oct
Jan
12
6
9
95
120
5234 Feb
120% Jan
100
Class B
Houston Oil of Tex
Jan 22
105
134% Jan 21
1784 Jan 11
105% Jan 29
14
*104
111
Houdaille-Hershey cl A.No
59,100
16,400
3,000
Jan
Jan
700
com
6
No par
preferred
Household Fin
1834 Feb 4
2934 Jan 11
107% Feb 2
Jan
Jan 22
Homestake Mining
300
Jan
June
283s
48
300
10,000
30
No par
Hollander & Sons (A)
Holly Sugar Corp
7% preferred
64% Jan 14
Jan
Jan
No par zl07
preferred
Holland Furnace
$5
4
5
5
9%
30%
33
8
Jan
July
7
Jan
105
160
1% July
7934 Feb 5
34% Jan 29
2
120
1484 Dec
24
36
Jan 13
5% Jan
101
25
Preferred
Hercules
7
100
Helme (G W)
20
Jan
32% Jan 12
13% Jan 4
No par
50
1,000
9
Jan
4,600
19,200
Jan
13
25
Preferred
3,600
434 Jan 11
51% Jan
No par
25
Water
Hamilton Watch Co
1,900
I684 Jan 18
59
100
.
7% preferred class A
35,100
3% Feb 4
48% Jan 28
Jan 13
100
.
Hudson Motor Car
55
2
Apr
Illinois Central
55
Oct
Jan
May
Hupp Motor Car Corp.—.10
56
46%
50% Mar
14,900
56
22%
Jan
65
17,800
238
25%
Jan
32%
Jan 26
144
16
4
22
39,000
2%
23%
52% Nov
Jan 12
Feb
81
14%
22%
25
Deo
62% Jan 23
38% Jan 11
5%
1334
21%
5%
44
4
Preferred
......A'
2538
34%
Jan
*25% Nov
8
Gulf
300
......
5
Jan
Feb
Mar
Jan 13
Preferred
1,200
66
47%
21%
46%
42%
6%
Jan
Greyhound Corp (The).No par
Guantanamo Sugar
No par
3634
Jan 22
3%
July
Jan
20
166
4
June
73
2,500
57
Jan
Jan
2
60
70,000
7934
139
2
77
Jan
34
3%
1334
43% Jan 22
5
4% Jan 22
Deo
1
16%
54%
3
Dec
Deo
Green (H L) Co Ino
48%
*66
16%
8% Apr
31% Apr
116%
105%
14%
96%
4%
11%
Green Bay & West RR Co. 100
5,000
*113
*65%
Jan
Dec
Greene Cananea Copper... 100
......
40
2%
17
96
87
3
24%
65%
1
Preferred
211% July
zlOO
4
2%
2%
4
4
1
1
Jan 18
Feb
24%
Bid and asked prices; no sales on this day,
15
11% Jan
Feb
Feb
Feb
19
103% 103%
*390
No par
36%
127%
112%
13%
40% Jan
35% Feb
112% *108
112%
52%
5034
5234
*115
117
117%
....
4
Gt Nor Iron Ore Prop. No par
80
410
Jan
Great Northern pref
100
Great Western Sugar.-No par
*133
23%
34%
100
3,500
5,400
44,400
4,200
134%
2538
35%
No par
48
10634 107
35%
$5 preferred
Gotham Silk Hose
4
35
1838
28
*160
7
Apr
16
Apr
24% Aug
28% Jan
35
55
4
114% Jan
5% Jan 22
2734 Feb 1
*34
2734
2734 Jan
No par
5
4
*33%
17
par
2d preferred
J7
4% Feb
21% Jan
41% Jan
182%
5%
13%
2134
69%
*66
76
Goodyear Tire & Rubb.No
Conv pref series
No par
Granite City Steel.——No par
66
16%
♦
43s
72
Grand Union Co tr ctfs
*175
71%
al534
Deo
77
21,300
7,300
*134
5%
68%
16%
Jan
35,800
67
16%
*15%
%
13s July
134
70%
*
384 jan 18
Jan 12
185
16
22
Deo
Nov
15
5,900
2,600
70
14%
55
44
2
17
1734
17%
105% 104% 104%
7%
7%
7%
104
104
104
15%
1434
15%
130
*122% 130
15%
15%
130
*122%
166
160% *160
37
34%
36%
....
*395
....
27%
68%
16%
5%
*13%
21%
2%
22%
*50%
152
___
333s
4
79
14
69
26%
*40%
Jan
3412 Apr
Feb
140
1
Jan
68
35%
53
178
....
*60
*74
52%
170
175
176
185
182%
134
135% 135% *133%
*66
69
*66
67%
67%
*106% 112% *106% 112% *107% 112% *108% 11034 *108
51
51
52
50% 51%
52
51»4
51% 51%
116% 116% *115
115
116%
116% 118
115% 115%
23%
34%
59% June
6% Jan
144
15%
3%
48%
1334
150% *104
10434
*142
52
....
;
19
44%
36%
*48%
*1334
35
35
35
*33%
35
*33% 35
*33%
*33% 35
17
15%
15%
15%
15%
16%
15%
18%
1834
18%
28
28
28
28% 28%
28% 28%
27% 28%
28%
*107
107
*106%
107% 107%
107% *106%
10334 10334 10334 10334 *103% 105
*103% 105
*103% 105
55
5434
5434
5534
5534
5434
55% 56%
56%
56%
*66
12834 Nov
92% Feb
44%
45
19%
4638
178
Jan
100
46%
4434
19%
4638
19
*134%
Deo
Jan
Dec
Graham-Paige Motors
1
Gr'by Con M SAP 2dstpd--5
46
44%
15
67
60%
17
70i|
49
50
48
45%
3638
15%
181
Jan
Deo
49,600
24,100
4%
23%
19%
76
67
1184
28
4%
4%
22%
4%
46
3434
181
30
23.500
1,500
Oct
Jan
71
General Printing Ink..No par
$6 preferred
No par
Gen Public Service
No par
$6
Oct
7
584
No par
$5 preferred
4H%
Nov
155
93%
4
.
24%
19
75
*133
83%
12%
44%
36%
*133
33%
11%
19%
34
—
93
4%
11%
4%
44
*60
at
7%
115
32%
82%
800
15,300
1,300
22,600
9,700
*93
4%
11S4
44%
36%
79
.
56%
94
4
11%
4%
43%
19%
68
.
86%
2634
35%
36%
34% 35% 110,300
127
125% 126% *124
4,500
110
109
110%
110%
7,100
12
12%
11%
12%
2,800
43
35
*133
*112
3334
19%
*60
72%
86
49%
44
*3434
*72%
15%
3%
34
86
48%
56%
19%
*142
34
86%
49%
57%
43%
35%
144
68%
24
12
*93
4%
12
5%
3534
3434
11%
11%
5
26%
44%
43%
19%
4234
86%
493g
*55%
5%
87%
26%
Deo
20
Jan
Jan
Preferred
$6
76
Apr
IO84
141
'
35
111%
5,300
1,020
2,400
900
58
34%
28A00
42U Apr
17% Nov
1458 Nov
104% Apr
Jan
14,800
*00
.A,700
Jan
19
14%
....
97
14
14
.
Nov ^105% Aug
15U Dee
8I2 May
Jan 25
foo
5,ip0
4,9b0
Nov
70
56%
So
Jan
,100
Feb
7% Aug
64% Jan 29
56%
38%
84%
Jan 13
Feb
Jan
69% Jan 25
Gen Outdoor Adv ANo par
38%
88
152
473s
No par
No par
$7 pref class A
$8 pref class A
General Mills
General Motors Corp
121
38
50%
125%
140
38
85
33%
.
1,200
Conv pref series A,..No par
68% 224,800
L700
121
1434
.
.
38
59
125
66
.....
32%
37%
19%
51%
50
*57%
5%
7%
.
20%
5%
*63% 64%
*120% 123
*76
79
75
75%
*109% 112
*109% 112
4%
4%
4% 4%
62
61
63
65%
*116%
*116%
5
5%
4%
5%
44
43
4334
43%
69%
70%
68%
70%
8434
8634
84% 86%
33
32%
32%
32%
.
45%
66%
5%
14%
147
Jan 16
52% Jan 23
6
78
77
4
Jan 30
58
65
14%
123
4
No par
64
77
100
preferred.——
Jan 26
Feb
48% Feb
Gen'l Gas & Elec A
*77
*109% 112
117
No par
18,200
78
15%
54
100
preferred
cum
13% Jan 21
29% Jan 12
60% Jan 2
25% Jan 11
44
65
76
5
4
64% Jan 21
65
14%
Jan
Jan 14
4
*77
,,
11
Feb
3%
64%
67%
68%
12134 12134
*56%
58%
153
5
5
2
2
10
67%
4
No par
Class A
General Cigar Ino
7%
Jan
70% Jan
1634 Jan
Jan
Feb
5234 Jan
180
58%
5
No par
4
4
145
Jan 18
39% Jan
2% Jan
71%
122
No par
Cable
General
7%
5
—5
Baking
$8 preferred
General Bronze
15%
105%
81%
19%
No par
64%
66%
General
4
Jan 21
No par
*70
*57
Gen Am Trans Corp.—
12% Jan
103
l4
19% Feb
General Foods
65
56
No par
Preferred-
15% Jan 12
General Electric
71
5
«...
5%
80
Gen Amer Investors---No par
73,900
13,100
*70
*109% 112
63%
*116%
..
..
500
*64%
5
5
2,300
2,200
71%
76
80
110
-
78
6,900
64
56
15%
80
-
64
*70%
16,400
3
Gar Wood industries Ino
63%
44
3
3%
6,300
7,500
68
6534
12134 122%
122
56
64%
71%
63%
68
122
57
3
3%
3%
200
151
60%
*76%
68"
*147
43%
78
122
151
44
65%
6684
*147
3.300
300
12%
1134
12
27
29%
29%
5734
5838
55% 58%
117
117% *112% 117
49
49
48%
49%
11%
28%
64%
*77
*56
151
17%
153
62%
*64%
122
4934
81%
17%
*150
43 38
*69
124
12%
28%
1734
153
44
70
m
12
28%
79
8034
17%
153
64%
64
.
80
17%
63%
70
.
80%
150
4334
63%
.
79%
17%
64%
72
*123
103
*147
64
63%
*7034
Deo
Fuller (G A) prior pre!-No par
140
3,200
14%
3%
78
"166
Jan 16
Feb
Apr
538
32
Oct
35%
Nov *135
108
41%
70
Deo
Feb
9784
5%
*67
44
3
3%
July
23% July
41%
19%
49%
147
63
42%
5%
5%
56% 57
66% 57%
119% 119% *117% 119
147
44
3
12%jM2%
Deo
4538
67"
14%
150
28%j £2834
49%
64
4334
62%
43%
18%
150
4812 Deo
67
19
103
79%
1734
150
1184 Mar
42
5%
31%
*105%
105
79
18%
17%
*150
18%
14%
*103
79
78
17%
152
12
105
*103
79
17%
152
18%
14%
45
18% Jan 12
76
30% Sept
65
43
5%
31%
31%
*105%
Deo
5
5
5
'
1834
14%
Jan
36I4
Feb
Feb
Feb
43
65
4284
29%
per
No par
t Follansbee Bros
Food Machinery Corp
130
*109
z3234 Jan
105% Jan
4838 Jan
$
Highest
Lowest
Highest
share
Florence Stove Co
1,200
76%
29%
per
Florshelm Shoe class A .No par
350
1434
$
Fllntkote Co (The)
430
133
14%
538
*105%
600
9
100
Preferred series A
First National Stores. .No par
33,600
2,500
14%
69
31
58%
35%
15%
43
5%
Firestone Tire A Rubber—10
600
3,200
46%
8%
.
Par
12,300
*14%
43
31%
135
34% 3534
106% 106%
49%
5034
,
Lowest
35
9%
Ft rutin of 1 Clfi-ShnTn Tjttt
\Jj
AUu U/IU/ V
a»tw W
Week
44%
57%
9
On
v»•
O A Vv/Xv
Shares
58
57
*35
9%
Feb. 5
Range for Previous
Year 1936
Range Since Jan. 1
HTAflK
VflPK'
I v/XWiV
6, 1937
EXCHANGE
.
3534
56%
3534
5434
JMJCLiW
the
$ per share
3434
34%
106% 106%
49
49%
44%
45%
*35
.*65
5%
105
'..
35
34%
54
*35
8%
50%
35
34%
4
Feb
$ per share
106% 106% *106% 10634
49% 49%
49% 49%
42% 43%
43% 44%
3534
53%
3534
7%
50%
35%
*106% 107
48%
Friday
Feb.
Cash sale,
z
1
Jan
18% Apr
Ex-dvlidend.
June
y
Dec
Deo
Oct
Dec
Oct
Feb
Feb
Mar
*78% Nov
13%
Deo
65
Dec
5% Jan
17% Feb
22% Nov
3% Feb
29% Oct
543g Sept
73% Oct
20
Ex-rlghts.
Oct
Volume
LOW
AND
New York Stock Record—Continued—Page 6
144
SALE PRICES—PER
HIGH
SHARE.
CENT
NOT PER
Sales
STOCKS
for
AYI
18
136
7%
*55
17%
37
138
-
-
-
534
1234
*5ifi
534
1858
734
18i2
738
5478
57
180
*17834 182
*135
584
1278
5%
19%
18%
12i2
1878
1278
658
43
43
''mrnmm
*110%
182
55
738
5334
181
17884 181%
179% 179%
178% 180
105
106%
106
106
104
162
162
15%
8
*157
*52%
*27%
48%
42
1278
12%
3178
31%
105% 104
26
26%
28%
27%
132% *124
78%
7834
145% 144%
12434
123%
133% *130%
101
-
-
15%
16%
14%
15%
72,400
8%
8%
8%
16%
1534
938
1638
14,400
16
8%
16%
22,800
643S
65%
6434
0534
65%
57,600
134% 134%
18%
12%
13
102
44
*110%
9
8%
*6%
8%
53%
54%
29
27%
48%
42%
48%
4434
101
101
12%
12%
31%
32%
104
800
3,900
2,900
17,300
19
6%
*105
15%
63%
134% 134% *133% 13534
1834
104%
45
18%
12%
17%
18%
12%
634
12
6%
634
6%
12%
6%
98
101% 103
3 to
29
44%
103
*43%
*111
111
ill
8%
9
9
884
7%
7%
53%
54%
28
4434
54
54
........
9
48%
48%
483g
43%
41%
42
4134
43
98
97
100% 101
12%
12S4
12%
1284
32
32%
32
33%
105% 105%
104
105
26%
*2534 ^26
25%
25%
2484 253g
2784
27%
27% 27%
27%
27% 2734
132% *124
132% *124
132%
132% *124
7884
7834
145%
124%
132
79
83%
83%
146% 147%
145% 147
123% 123% *123
125%
131% 131% 131% 132
81
81
146l4 14734
124
124%
131
132
*1558
2434
*1558
2434
16%
2584
*1534
16%
25
25
25%
*15%
25%
4978
51
50%
51%
50
50 s4
49%
201
201
18
183s
3%
16r>8
165s
12634 127
20
20%
18lS
314
55
7678
13U
*2684
*112l2
114
*167l2
22i2
65
60
4938
73
*10678
33s
3%
16%
128
200% 200% *195
203
19
18%
3%
3%
16%
16%
128% 128%
18%
3%
1734
128
18%
50
199
18%
3
16%
128%
20%
20%
20%
55
55%
54%
55%
55%
77
7534
77%
75%
76%
14
13l2
1384
13%
13%
27
27%
2634
2634 *26%
113
113
114
*112% 114% 112%
114
113% 114
11284
113% 114
171
*167% 171
*107% 171
*166%
2212
22% 22%
22%
22%
22%
75
70
6534
66%
73%
69%
60
60
60
60
*59%
59%
49
49%
48%
49%
4938
49%
77
7338
7238
75%
74%
77%
108i2 *1067B 108% *106% 108% *106%
3i2
338
334
3%
3%
3%
20%
55%
7534
13%
2678
16%
25%
2OS4
3%
16%
129
20%
56%
7634
14
*1534
16%
2534
50%
199
200%
18%
18%
3%
3%
16%
1634
2484
50%
130% 131
20%
2034
56
56
7634
77
13%
13%
*2634
15%
23%
49
201
-
-
*16
*36
*5U
*4712
2078
934
17
17
36%
36%
12%
2%
*16%
*36%
6
5
5
*5
507s
*47%
20%
*10
49%
2034
10%
71
711i>
11
«
3878
39S4
12%
2%
2078
70
978
7112
3878
39
*163
*6U2
14&8
*41
165
*163
6212
145s
43
45
12%
2%
171
22%
74%
*
43
"44"
44
21%
73%
74%
110i2 110i2 *110% 112
-
112
77%
-
12%
12%
2%
2%
17%
2%
*16%
*36
37
48
49
20S4
20%
5%
5%
22
2134
72
10%
72%
7134
22%
10%
72%
39%
3934
39%
39%
10
163
*142
163
*142
62
62
63
62
14%
14%
14%
1484
42%
42%
*43 ~
45
110% 110% *110%
Certificates
..No par
—100
Preferred
*43
162
6284
1484
42%
45
*110% 112
36
1284
2%
17%
1
121
No par
No par
143
Preferred
Jewel Tea Ino
62%
1484
43%
*110%
42%
43%
Oct
15
Apr
1
50
June
Feb
2
Jan 16
103
Feb
1378 Jan 10
36% Jan 8
106
Jan 26
26% Jan 30
2884 Jan 7
125
Jan 20
44
Jan
2
B No par
100
Jan
5
20
Jan
4
42
Feb
5
31
27% Jan 18
39,800
Kendall Co pt pf ser A-No par
Kennecott Copper
No par
5,000
1,400
Kimberly-Clark
Kinney Co
1634 Jan
103
Keystone Steel & W Co No par
250
6,500
17,900
2,300
220
60
16,600
5%
47%
27%
1184
10
Kresge Dept. Stores—No par
100 £127
Preferred
10
500
5,600
No par
Kresge (S S) Co
Jan 26
Jan 5
Jan 12
Feb
Jan
2
6
Jan 25
.No par
No par
42
Feb
22
Jan 27
Laclede Gas Lt Co St Louis 100
23
Kress (S H) &
Co
new.
Kroger Groo & Bak
Jan 14
22% Jan 14
19% Jan 14
109% Feb 4
64
Jan 11
20
Jan 21
46
Jan 16
7% Feb
5
62% Feb 5
29% Jan 2
1578 Jan 16
147
Jan 13
47% Jan 23
24% Jan 14
Jan
4
2778 Jan 14
No par
4
2
41% Jan 14
22% Feb 3
No par
Lane Bryant
15% Jan
8
17
Jan
4
38«4 Jan
4
16% Jan 21
2584 Feb 1
51% Feb 1
6
160
100
4% conv preferred
60
Preferred
4,800
1,900
4,000
Lerner Stores Corp
16% Jan
Lehman Corp (The)-.-No par
Lehn & Fink Prod Corp
.6
1,700
118
26
Series B
100
Preferred
Jan
4
4
Jan 16
52
No par
5
.25
6
18
Libbey Ownes Ford Gl. No par
Llbby McNeill & Llbby No par
.
Jan
17% Jan 27
278 Jan 7
60
No par
Lehigh Valley RR
Lehigh Valley Coal
100
5
110
5
36% Feb
18% Jan
100
5% preferred
Lambert Co (The)
660
4,300
12,900
5
4
6684 Jan 29
17% Jan 6
41% Feb 5
No par
No par
Preferred
4,150
Jan 14
19% Jan
—1
Class B
3,300
110
Feb
Jan 27
67% Jan
9S4 Jan
26% Feb
108
4
2
6
Jan 20
203
Feb
1
1978 Jan 15
384 Jan 18
18% Jan 18
Feb
4
2078 Feb
58% Jan
2
9
131
79
Jan 16
14% Jan 19
28% Jan 18
113% Feb 4
106% Jan
6
114
Jan 28
Feb
4
175
Jan 13
167
600
Lily Tulip Cup Corp...No par
213S Jan 21
43,700
Lima Locomot Works..No par
Link Belt Co
No par
59
Jan
4
54%
43%
64%
106%
2%
Jan
5
4
61
Jan 14
52
Jan 15
78% Feb
Jan
Jan
4
5
4
56
Jan
4
6% Jan
4
800
2,300
33,800
Liquid Carbonic
No par
Loew's Ino
No par
56,900
Loft Inc
19,000
Lone Star Cement
Preferred
23,400
1,200
80
54,900
200
380
2,000
600
3,700
300
Feb
2
107% Jan
2284 Jan
4
4
142
6
28
Jan 11
Louisville Gas & El A ..No par
Louisville A Nashville..
100
23%
288%
29%
34%
131%
4234
50%
13%
Jan 27
Feb
Feb
4
3
2
Jan
5
8,700
3,800
1.400
53
Jan
1,600
25
1
Ludlum Steel
MacAndrews A Forbes.....10
6% preferred-
No par
.
Mack Trucks Ind
No par
Macy (RH) Co Inc
No par
Madison Sq Gard v t 0.No par
Magma Copper...,
t Manatl Sugar
Jan
Jan 29
Jan
Jan 26
Jan 18
100
5,000
6,100
6,900
25,600
90
Feb
36
Jan 13
Modified 5% guar
Manhattan Shirt
.100
1384 Jan
25
Maracalbo Oil Exploration.. 1
237g Jan
484 Jan
Marine Midland
10% Jan
20
3,400
1,200
.
preferred..;
100
100
Marlln-Rockwell
No par
Marshall Field A Co...No par
Martin-Parry Corp
.No par
Masonite Corp
*-No par
Mathieson Alkali Wks^'No par
7% preferred
.£---100
May Department Stores
10
Maytag Co
No par
100
10
40
i Companies reported In receivership,
....
Preferred
No par
Preferred ex-warr'ts.No par
Prior preferred
No par
a
Deferred delivery,
n
8
Jan 2
Feb 5
Jan 20
Jan 14
Jan 13
Jan 22
Feb 3
Jan 13
132
Jan
6
5078 Feb
5
5
0
4
Jan 26
Jan
54% Feb
3
15% Jan 20
Jan
12
77g Jan 12
Jan 11
167g Jan 11
39
Jan 14
16% Jan 20
29% Jan 30
2
6% Jan 25
2
127S Feb 4
278 Jan 20
39% July
19%
Jan
17
Jan
2378
Dec
80
Jan
19%
Dec
17%
Dec
87
Feb
28%
Jan
1784 June
74% Feb
3584 Aug
19% June
20% Apr
32
June
15% July
7%
Jan
12
July
15% Apr
94% Apr
8% Jan
2
July
9% Apr
89
May
12
Jan
38% May
47% Jan
7
May
25
May
97
Mar
160
Oct
19
Apr
2578
Jan
36
July
32% June
Apr
104% Feb
2
Apr
43
35%
3%
£38%
107
Jan
Jan
Oot
May
21% Apr
140
Dec
13
Jan
20
May
57% Jan
22% July
33
Oct
127% Jan
27% Jan
40% Apr
8% Jan
34% Jan
1% JaD
7% Jan
7
June
32
Dec
1278 Deo
17% May
2% Jan
23
Feb
74
Jan 14
165
64
14
15% Jan 11
106% Jan
New a took,
r
7
51
Deo
•
28
Nov
Jan
337b Jan
50% July
2684 Feb
18% Nov
18«4 Deo
45% Nov
180
Nov
22
Oct
4
Feb
19
Oot
12384 Nov
2184 Nov
05
Nov
80% Nov
13
31%
Nov
Jan
May
11% Jan
Apr
115
Jan
116%
Jan
Deo
23% Feb
03% Nov
55
Deo
46%
67%
1087b
3%
Deo
Deo
July
Feb
0178 Dec
8% Mar
45
Jan
113
Sept
Jan
26%
151
Jan
51% May
30% Oot
102% Oct
35
Feb
42
Jan
134% Nov
49% Oot
65% Nov
15% Dec
57
9
Nov
Deo
35% Dec
18
Nov
57% Jan
23% Feb
2434 Deo
684 Mar
1284 Aug
3% Mar
23
Nov
45
Nov
7% Deo
66% Nov
25% Nov
12
Mar
5
59% Jan 22
42% Jan 28
43% Feb 6
41
6%
135
170%
97% Mar
1878 Jan 4
984 Jan 30
4
Nov
18% Nov
Jan 18
Jan
Oct
32% Nov
51
163
Jan
61
Apr
Jan 26
8
Jan
Apr
4%
2% July
8
107
20% Apr
Jan 20
4134 Jan
Nov
28%
2478
18% Jan
3% May
Jan 20
38% Jan 27
36% Nov
33% Feb
110
30
Jan 21
5
Deo
Apr
Apr
48% Aug
63% Nov
24% Oot
46% Deo
7% Jan
6
Feb
Deo
60%
26
20
11% Jan
Deo
126% Deo
Jan
39
4
Sept
93% Nov
13
Jan 28
Jan
Oct
121
i684 Jan 12
35% Jan 19
9
107
Nov
60
/
Jan
Nov
110
47
100
Prior preferred
2d
IO84
43%
109%
2678
14734
3584
2834
94%
34%
35%
93
19% Feb
377# Nov
31% Nov
8% Apr
1% Jan
6% July
18% Jan
2
100
Preferred
30
1
Feb
Nov
22*4 Apr
5
Corp (Del).6
Market Street Ry
2
30
14
Bros...
Jan 23
378 Feb
61
No par
Mandel
3
09% Feb
4
t Manhattan Ry 7% guar. 100
600
110
6% Jan 4
24% Jan 27
10
100
Preferred
90
41
Jan
5% preferred..........100
Lorillard (P) Co
10
7% preferred
100
1 Louisiana Oil preferred.. 100
Loose-Wiles Biscuit
10
19,700
No par
-No par
Corp No par
Long Bell Lumber A...No par
Jan
22% Jan 30
77% Feb 5
Oot
53%
35
133
117
5
30
12184 Feb
75% May
.10
Jan
Dec
Dec
Deo
Deo
4884 Nov
112
Sept
11% Oot
10% Oct
61% Nov
152
1
100
Nov
2338
1478
8%
98%
126
2
Preferred
Feb
130
Apr
Jan
3
23% Jan 15
447g Jan 16
Dec
18% Dec
00% Nov
Jan
May
133% Feb
120$ Feb
8
Jan
113
126
Kansas City Southern
Jan
Apr
10%
Aug
15
24%
4
25
"4,000
82
Jan
6
Apr
11% Sept
10% Apr
123
Jan
Jan
23
123% Jan 19
46
Jan
19%
88
Stove Co
87% Jan
Jan
3
58%
1
28% Jan 13
27,000
4,600
4,600
3,700
162
47
Feb
334
5
100
Apr
20%
4
2
7
Jan
Kayser (J) & Co
5
Keith-Albee-Orpheum pf.,100
Kelsey Hayes Wheel cony cl A1
23
14%
*40
Jan
Jan
Kaufmann Dept Stores. $12.50
2IS4
6i84
1%
900
900
3884
2%
7% Jan 20
1,000
47
1034
14% Jan 20
8
Kalamazoo
47
74
Apr
Jan
1,300
90
10
Feb
384
155
Preferred
100
72%
38%
125%
49% Jan
4484 Feb
Jan 13
78% Feb
Jones & Laugh Steel pref-.lOO
100
13% Dec
43% May
Jan 20
1,500
Kan City P A L pf ser
160
Jan
5
Jan
Deo
Deo
Jan
Jan
6
7%
194
Apr
21% jan 20
108% Jan 22
Deo
Jan
Jan
Deo
Deo
5% Mar
4%
Apr
Jan
1984 Jan 5
25% Jan 26
1
Johns-Manvllle
230
104
..No par
Jan
Dec
Nov
24%
7%
1878
6%
18%
148%
284
May
29% Jan 26
.100
Preferred
Island Creek Coal..
4
140
122
105% Deo
37
4
Intertype Corp
Feb
4138 Nov
147
Feb
Jan
107
5
40
7
share
15% Nov
per
56%
6
15
30
5
25
Jan
1,700
Jan
9% July
2% July
2284 July
160
Apr
4
1134 Jan
2,400
5
Oct
Dec
Jan
Jan
90
100
7% preferred
Inter Telep & Tel eg
No par
Interstate Dept 8tores.No par
Feb
5
10%
2%
Jan
2
630
93S
i884
6534
13584
Jan
45
Jan
100
Jan 18
167g Jan 29
6%
111%
9%
834
55%
2884
3134
6
*142
48
4
4% Jan
25% May
106
May
125
Aug
88% July
Jan 20
International Sliver
36
*434
6
Jan
e
Jan 21
6% Jan 26
Lehigh Portland Cement...25
*166% 167%
*22 h 22%
72
90% Jan
7,200
18,300
1284
49
*
Preferred
41
Int Printing Ink Corp. .No par
Preferred
100 zl097g
8
Internet Rys of Cent Am.. 100
Jan 12
11,000
*16%
1284
2%
♦Bid and asked prices; no sales on this day,
-
49
45
No par
100
10,000
58%
59% 59%
58%
48
49%
48% 4934
78
75%
773s
7534
108% *106% 108% *106% 108%
3%
384
3%
3«4
3%
48
42%
Class C
Lee Rubber & Tire
60
5
*43"
1634 Jan 4
11% Jan 7
584 Jan 12
200
4934
78%
17
*
Inter Pap & Pow cl A..No par
Class B
No par
167
21%
36%
6i84
14%
1534 Jan 20
62% Jan 29
132% Jan 4
6,100
5
163
14%
Interest Mining Corp.
1
Int Nickel of Canada.-No par
Preferred
100
113
20%
62
14%
4
113%
48
165
61%
7
4
6% Jan
113
6
7184
3984
162
Jan
8% Jan
Life Savers Corp
17
71%
39%
100
Preferred
Int Hydro-El Sys cl A
25
Int Mercantile Marine-No par
Liggett & Myers Tobacco.
36%
9%
111% Jan 22
900
38
10
6
500
12%
9%
189
Jan
27
1234
2%
17%
258
5
103
No par
100
113% *111% 113
-
12%
234
1814
3912
178% Feb
Internet Harvester
12,500
68
67
67
65i2 6584
69%
68%
66%
68%
68%
69%
6534
10
10
978
9%
9%
9%
IOI4
10%
984
978
10%
9%
41
41
42i4
4134
*41%
4184
41%
41%
42l4
42%
42% 42%
108
108
108
*107l2 109
107% 107% *107% 108%
*107% 10834 108
26
2312
26%
23%
24%
24% 25%
26%
2384
25%
23% 2334
*144
147
14678 147
146% 147
146% 146% *144
146% 146% 146%
30
30
30
32%
31%
305s
30% 30% *31
30%
30% 30%
24
25
24
24
24i2
24% 25
25%
24%
24% 24%
24%
90
90
90
90
8884
90%
8834
88%
88%
89l2 89% *89
32
3178
33% 34%
3384
32i2
33% 34%
32% 34%
33% 34%
3438 343s *34
34%
3434 *34% 3484
34% 34% *34%
34% *34
*13H2 13212 *131%
*131%
*131%
131% 131% *131%
49
47
48% 49%
50%
4712
4634
48% 49%
48%
47%
, 47%
/ 52i2
53
54
52
53
53
53
54%
52%
5384
53%
53%
1438
14%
1434
143s
14%
14%
14%
14% 14%
14%
14%
14%
*55
57
57
56
57
56
57
5484 56
5584
55%
5684
7
7
7
7
684
684
*6%
684
684
634
6%
*634
*21%
24%
24% 24%
*24i2 253g *24% 25
24% 24%
24% 24%
14
15
15
*13
15
15
15
14%
1434 *13
*13%
*13%
*34
38
*30
38
40
*34
38
*34
*34
38
38% *34
15
16
15
16
14%
15i2
15
15%
15%
15% 15%
15%
29
29%
28%
293g
28i2
2858
29
29%
29%
2884 29
29%
6
6
6
6
584
5%
6%
584
5%
5%
6%
6%
12i8
*25g
Jan 22
48
3%
16%
16%
129
13084
19%
20%
55
56%
77
75%
13
I384
26%
6% Jan 18
1984 Jan 18
Jan 22
No par
10
Jan 18
8
International Shoe
2,500
6
1384 Jan 20
58
1,200
3,100
4
32% Jan 12
4
26% Jan
""TOO
6
Jan
No par
39,800
6,400
Jan 21
42
International Salt
500
Feb
Prior preferred
..100
Int Business Maohlnes.No par
113
27
5
4
144
137
11834 Feb
2
167
27%
112%
113%
16% J&11
4
6
5
22% Jan 20
40% Jan 11
Jan
15%
202
Jan
Jan
434 Feb
No par
Agrlcul
25%
50%
3
Jan
3
Highest
$ per shar
share
5
70
19%
18%
Iron
Jan 26
per
No par
Internet
330
27%
55%
2738
48
12%
10
610
*27%
32%
105%
15,300
1,500
9%
834
*6%
27%
483g
101
Interlake
100
1~6%
_
200
2,200
1,500
17,300
45
44
*4434
44%
4434
4484
4458 44%
44%
443s
44% 44%
120
120
♦116U 120
*120
*116% 120
*116% 120
*120
21
2114
213s
21% 21%
21% 21%
21%
21%
21%
2184
21%
44
*41
43
*41
44
42
42
*40%
*41%
43% *41% 43
29U 29%
29%
29%
31
30%
30%
30% 30% *29
30% 31
26
26
26
263s
26%
26i2
26%
*2534 26%
26%
25%
26%
*10414110
*104% 110
*104% 110
*104% 110
*104% 110
*104% 110
213S
21%
2058
21%
2034
21%
21%
21% 21%
21%
21% 21%
18
18
18i2
18%
17%
1884
18%
18%
18%
18%
18%
18%
104
105
106
108
1033g 103i2 104
108% 109
109% 109% 109%
61
59
5758
583s
58%
59%
59%
6038
5984
61%
60%
61%
18
1878
1878
1834
187g
18%
1884
18%
18%
18%
18%
18%
44
44
44
*42
44
44
42
43
44
44
43%
41%
7
6i2
6i2
*6%
*6%
6%
6%
6%
634
738
6%
7%
59
50i2
50%
51%
5178
5134
5134
58%
51% 57
62%
57%
28
27i2
2758
27%
2778
27%
2734
2734
27% 27%
2734
28%
13
14
1314
1234
1234
13%
13U
15%
*13%
13%
13%
1384
*114
*114
138
*115
138
138
*122
127
127
127
137% *120
45
42
42
*44i2
4334
44%
43%
43% *41% 43% *41% 42
23
23
23
225s
23%
23%
23%
23% 23% £2234 23%
2284
24
25
25
25
24i2 25
25%
23%
23%
25%
25%
26%
*36
41
*38
40
37
37%
*36%
36%
37% *36% 37%
36%
21
21
21
21
21
21
2134
20%
22%
22%
2134
223s
16%
1,700
31,200
12,300
t Interboro Rap Tr v t C--100
Intercont'l Rubber
No par
Feb
112%
22%
5%
11%
Insuranshares Ctfs Inc...—-1
1063g
*162
*160%
135
No par
3,500
4,200
8%
18%
12%
12%
6%
638
10134.10234
4434
4434
*8%
*6%
-
130% Jan 20
100
Inland Steel
Inspiration Cons Copper...20
15%
1834
*111
M
106%
1284 Jan 4
36% Jan 26
10
.74,000
8%
10%
63%
64%
134% 134%
13
106%
Range for Precious
Year 1938
Lowest
Highest
$
$ per share
No par
..No par
6% preferred
10
5,300
1634
16%
19
--4.-
55
19
18%
181
103
130
5%
52
12%
130
584
12%
5434
31
*123% 12578
584
12%
53%
98
78%
1453s
12434
130%
30%
137
118%
2834 30%
534
5%
12%
12%
434
5%
55%
1234
H
29%
144
115"
55%
31
78
Ingersoll Rand
*
137
117% 11834
7
12*8
13212 *124
2,700
141
14134 143
*_
11534 118
29
29%
*534
5%
12%
12%
7%
30 84
*74
Indian Refining
Industrial Rayon
5%
19%
27%
48%
44%
145% 145%
6,500
7%
53
*124
2,400
1834
5538
2712
483g
103% 107
*103%
2578
26%
26l2
28
*2734
2738
17
37%
7%
*53i2
27l2
r
135
16-%
37%
5%
1938
9
97
142
135
1784
37%
7%
8%
53
■
17%
5%
18%
9
96
142
....
Lowest
Par
37%
*
7%
56%
*678
4034
18
3738
5%
18%
834
38%
17%
36%
Week
Shares
7%
9%
*48
17%
37%
Lois
TPV/TTT . ivrntr
jbatixlaim Uiii
Feb. 5
$ per share
Range Since Jan. 1
On Basis of 100-Share
YORK STOCK
NEW
flip
If Its
iwiy
$ per share
4
Feb
r
5%
18%
9i8
884
27%
48%
40%
Feb. 3
r
7%
6%
6I4
10012 103%
44
4478
100
100
*110
rphnro/lmi
jl nuTsaay
ouuC6U/Uy
$ per share
115% 11534
29
2934
534
534
12%
1234
10484 10538 105
105%
*161% 164% *161
164%
1534
1638
1514
16%
8
734
778
8%
16
16%
m >1578
02%
02l2
63%
*133% 134% 13412 13412
187s
1278
6i2
2
138% 142
-
11478 11512
27%
29%
11434 1147g
27
2734
534
578
1284
1278
W
$ per share
18%
38%
37
*135
♦136
*514
18%
Feb
1
1734
18i8
367S
lAfPIITI /JO/7nit
CtC/OUrU//
$ per share
135
135
unwiy
Feb
Jan. 30
$ per share
36%
rV/iLP^ffrtn
A
A/f nti rtnu
Slnfuriln //
(*Wy
Out• £*/
891
Jan 25
Jan
6
27% Apr
15378 Jan
44
Jan 13
43% May
13% Apr
43% Dec
45
Jan 13
44
Nov
111
Jan 22
103
Jan
Cash sale,
x
Ex-dividend.
y
42% Nov
163
Deo
70
Nov
21%
Feb
66
Feb
50% Apr
110% Oct
Ex-rights.
/
New York Stock Record—Continued—Page 7
892
Feb.
SALE PRICES—PER
HIGH
SHARE,
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Sftars Lois
the
NOT PER CENT
STOCKS
fOT\
AND
LOW
Tuesday
Jan. 30
$ per share
$ per share
$ per share
Feb
Wednesday
2
Feb
.
Friday Y
Thursday
3
Feb. 5
$ per share
39%
39%
84
84%
84%
85
85
13%
1334
13%
1334
1334
46
46
46
45%
47
17%
17%
17%
17
17%
20%
*41
41%
41%
41%
41%
27
27%
27%
39%
26%
39%
*45%
16%
47
16%
108% 108% *107% 109
109
32%
*99% 103
32
*108% 109
33%
3134 3234
3234
31
*99% 103
•
100
82
82
80
81
80%
1334
13%
1334
15%
1434
133
133
131
1,400
132
134
139%
41
*38
21%
23%
2284
23%
30%
31%
30%
31
31
32%
4134
42
41%
41
1073s *105
108
108
*108% 109
116% 117
14%
13%
*116% 118
14%
13%
90
91
91
91
91
*2
4%
4
*5%
5%
5%
27%
27%
2734
2%
99
8034
1,400
13%
14%
36,000
3
8
23%
32
32%
30%
40%
al05
109
109
*114
117
117
.
1434
92%
117
15%
14%
92
93%
14
14%
92
15
38,100
1,400
91%
92%
*2
2%
2
2
300
*3%
4%
4
5
200
5%
6
5%
5%
5%
5%
120
2834
28%
29%
28
2834
5,500
Mission
7%
7%
7%
25%
7%
26%
5,500
8.100
3%
1,900
3
8%
7%
40%
96%
3834
38%
96
97
94%
58%
58%
58%
58%
3
8
45
45
45
46%
*45%
66%
66
66%
1%
66%
66%
1%
I84
*6534
1%
3
31%
40%
Jan
45
Oct
Jan
65
Nov
Jan 11
684
Jan
16'4 Deo
3234 Feb
xl7% Apr
106
102
Jan
111
114% Feb
122
Jan
8
42% Jan 16
Feb
Jan 22
88
Mar
48% Sept
131% Mar
109
Sept
Jan 20
x65
Apr
112
Nov
119
Dec
120
Deo
Jan
26% Jan 14
6% Jan
No par
24%
100
preferred
---100
Carpet Mills
<20
J Missouri Pacific
93%
95
3,200
Monsanto Chemical Co..—10
59%
93%
56%
95%
57%
59%
56,900
Mont Ward & Co ine. .No par
50
100
Morrel
(J) & Co
No par
67
140
Morris & Essex
50
Mother Lode Coalltlon.Wo par
37
*36%
37
36%
36%
3634
36%
36%
37
36
37
2,200
Motor Products Corp..No par
23%
23%
23%
23%
Motor
34%
34
23%
35%
32,00
34
2334
34%
24
34
5,700
Mulllns
95
95
*96
*96
97
96%
96%
96
96
29%
29%
29%
31
23%
3434
96%
32%
23%
35
23%
*33%
31%
32%
32
34%
7,800
72%
72
74
75
75%
75%
75
75
1.100
7'
Jan
3
-100
Jan
7
4
Jan
65
34
Jan
6%
1238 Mar
57% Jan
1% July
2% Aug
284 Jan
94
Feb
5%
Feb
6%
Feb
29%
Deo
Feb
Oct
5%
Jan
9%
2734 Jan 15
3% Jan 8
14%
Jan
Sept
333s
Jan 21
101
6
Jan 18
2
3%
Jan
19% Aug
Deo
2'4
4
Feb
7*4
Feb
33% Dec
May
103
Mar
3
3534
Jan
68
Nov
45% Jan 11
41%
Dec
5984
Feb
66% Jan 18
Jan
1% Jan
Jan
734 Jan 15
9
93% Feb
53% Jan 27
42% Jan
21%
16'4 June
4% Jan
6% Jan
2934 Jan
40% Jan 23
30% Jan
30% Nov
110
Jan
5
8
107% Deo
1
29% Jan
38% Jan
117% Jan 19
103% Jan
122
May
Nov
5
Jan 16
Jan
Mohawk
8,300
139% Feb
1?8
8,100
1%
30
95% Jan 18
2% Jan 23
3,900
1%
Deo
1
Jan
23%
*36%
Oct
12
88%
734
1%
91
par
38%
*65%
122
15% Jan 18
7%
1%
6
Jan
21% Nov
Jan
12^4
Dec
Jan
37%
47
117% Jan
Feb
49% Nov
55% Jan
6% May
11
8%
65%
137
118% Jan
1434 Nov
1
Jan 13
15% Feb
Nov
108% Deo
28 ®4 Deo
x95
Feb
86
46
24% Deo
493s Jan
Dec
2
100
1
23% Nov
101% Deo
11% Apr
x95
2
2
Corp...--—--Wo par
Preferred series A
8
par
39%
6534
Jan
112% Jan 14
33% Feb 1
26
38%
*46
Jan
2
3%
*46
Apr
Feb
*
83% Dec
8%
16% Jan
100
Oct
3784
11% Jan
106% Jan
100
100
June
16
Jan 12
67% Feb
preferred
4% leased line otfs
June
Jan 20
41
7%
Oonv
38%
8
3%
734
8%
♦66
*45
26%
Jan 19
Jan 14
Jan 8
Jan
100
2% May
92
40% Nov
Jan 14
No par
Mo-Kan-Texas RR
26
7%
2534
28%
Jan 12
5
Jan 15
59
4% conv pref ser B
Minn Mollne Pow Impl No
Preferred
No
Minn St Paul ASS Marie.
2
3%
8%
3934
1%
110
95
19
Feb
$ per share $ per share
37
Deo
29
Feb
Jan 21
39
8% cum 1st pref
-.100
Milw El Ry & Lt 6% pf—100
Minn-Honeywell RegU-No par
4%
2
*44%
1%
1,100
Jan
42%
28%
42%
9234
14%
47%
par
Mid-Continent Petrol——10
*334
39%
95%
59%
46%
66%
1S4
1%
100
109
*114% 117
24
101
80
5
4%
*3
57
Midland Steel Prod
420
8
Jan
Jan 12
—6
Miami Copper
2%
3%
56%
109
preferred
7% pref ctfs of dep
Meroh & Mln Trans Co.No
7%
1
100
100
Jan 29
$ per share
36
Jan
2
Jan 25
16% Jan 27
108% Jan 26
25% Jan 6
No par
Mengel Co (The)
Mesta Machine Co
118% 119
107% *105
107%
*105
Melville Shoe
72,900
67%
2434
11834 119
105
xl0734 109
No par
No par
21,700
3,300
41
6334
1
100
6% oonv preferred
Mead Corp
$6 pref series A
13,700
3234
42%
25%
94%
540
41%
2538
55%
41
24
25
94%
134
2384
7%
39%
41
420
64%
23%
7
39%
9534
134
*38
134% 134%
*38
134
65%
7%
25%
39%
134
136
32%
3234
4134 42
118% 119
92
28
38
24%
136
80
64
*5%
28%
7%
7
25%
7%
99
80%
14%
3%
734
25
3
99%
81
14,800
6
$3 oonv preferred
MoLellan Stores.
5%
5%
7%
50
100
Eleo Co—
2%
4
7
14,100
No par
6% oonv preferred—
*334
2%
*4
*2
105
10834 109
11434 115
15
1334
17%
18%
*108% 109
32%
30%
32%
109
14%
62%
23
4134
118% 118%
118% 118%
107% al05
118% 118%
*105
6
4
80
41
22
Jan 29
12% Jan
45
1,300
*98%
136
62%
22
84
No par
46%
15
*38
61%
McKeesport Tin Plate.Wo par
MoKesson & Bobbins
6
9,100
2,700
26,300
8034
136
41
61
Molntyre Porcupine Mines. .5
5
MoCall Corp
MoCrory Stores Corp new—I
„
14%
31%
136
60%
4
Jan
-
-
99%
80%
15%
59%
46%
Jan
38
.
32%
9934
136
*38
41
17%
109
47%
18%
McGraw-Hill Pub Co ..No par
52,800
M -
80%
100
59%
*41
18%
135% 137%
137
47
109
135% 136%
133
*38
47
MoGraw
3218
I8I4
98%
40%
23%
2,700
20%
*100% 102
102
Highest
Lowest
Highest
$ per share
1,000
3334
27%
39%
33%
21
20%
*101
104
Par
Shares
34
33% 3384
34%
34%
3434
22
24
20%
22%
22%
23%
*100% 104
*100% 104
*100% 104
41%
41% 41%
41%
41%
41%
4134
27
27
27
26%
27%
26%
26%
40
3934
40
40
40%
40%
40%
84
85%
84
85%
84%
84%
84%
14%
14
13%
14
14%
13%
1384
21
20%
33%
33%
33%
*33
♦101
Lowest
Week
'
Feb. 4
$ per share
$ per share
Range for Previous
Year 1936
EXCHANGE
J ui v
Monday
Feb. 1
Saturday
6, 1937
60%
»4
Jan
Jan
71
Feb
59% Feb
2
Jan 12
79
38% Jan 15
Jan
28% Apr
24% Jan 15
36% Feb 5
11
Jan
Apr
98
2
70
May
34% Feb 5
75% Feb 4
108% Jan 26
21
Jan
2% Nov
4312
Oct
'
023%
*34
97
96%
35
36%
5
Wheel
1
Mfg Co class B
No
Preferred
80
par
23%
3834
21%
2334
23%
24
23%
22%
23% 103,600
-.Wo par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America. .100
Myers F & E Bros
No par
Nash-Kelvlnator Corp
5
3834
*38%
40
*39%
40
39%
40
190
Nashv Chat A St Louis...100
21%
23%
2234
23
39%
2234
40
21%
23%
22%
23%
21
22%
19,800
1634
17%
1634
16%
16%
16%
16%
17
1634
17
15%
16%
3,200
31%
32%
31
31%
3134
19,300
*72
*108%
«»
m
»
m
*108%
19%
1934
1834
*60
*60
61%
31
31%
30
3034
72%
72%
72%
*108% 110
r
1934
1934
19%
30
•
3*1%
31
31%
31%
34%
23%
3334
2334
23%
61%
22%
2334
*165% 170
32
31%
35
2334
110
*111
112
111
109
109
109
35
18%
18%
9%
18%
10
10%
27%
2734
28%
36
36
*•35%
♦36
19%
20%
10%
9%
2734
10
28%
35%
35%
36%
35%
36%
20%
36
^12%
12%
2%
12%
13%
1234
13
2
2
13
I84
%
*134
80
69%
126
11
11%
11%
11%
11
*12%
*5334
*54%
12%
12
12%
12
12%
12%
*54%
54%
*54
54%
*108
*54
57
*108
*158
29
*54
55
54%
109
109
39%
85
90
90
91
93
9134
93
91
42%
42
70
Jan
2
83
62
Jan 26
100
123
Jan 15
200
1,100
20
29
48,800
2,100
43%
42%
58%
94%
55%
93%
43%
5834
96%
66.700
11%
12
11%
12
11%
11%
57%
92%
11%
12
11%
11%
1,020
22%
23%
17%
5%
18%
5%
17%
5%
5%
5%
5%
5%
14
14%
74%
14%
14%
14%
75%
13%
*71%
14%
74%
73%
73i2
*73
99
102
*100
99
*99
14
75%
*71%
100
100% 100%
*108% 109% *108%
*108% 110
2%
2%
2%
2%
2%
2%
2%
262
260
260
260
260
*259% 261%
*111% 113
*111% 113
111% 111% *110
30% 31%
30% 31%
31%
30%
31%
*56
56
56
56
5634
56%
*55%
1534
15%
15%
1534
16%
15% 16
104
104
104
104
10334 104
103%
*102
106
*104
*103
106
105% *102
28
28
28%
28%
27% 28%
28%
52
52
52%
52% 52%
*52% 53
5
5
5
5
5%
5%
4%
*35
37
37%
*33% 37% *35
*35%
*108% 110
fi 18%
*56
23%
"
*105
42
16
145
18
42%
*140
18
1834
114% 114%
78%
*27%
*
2%
#
*140
145
18
1834
119%
*
'
1638
42%
4234
145
140
18
18%
119%
*
79%
27%
27%
75
16
"79%
79%
2734
*
75
42%
4234
"79%
79
2734
16
16%
2734
*
75
"79%
27
*
4,000
2334
20
5%
2%
2%
264
264
*261
111
110
110
110
32
31
31%
*56
57%
20
100
110
2%
2,100
265
57%
15%
16%
29%
28%
52%
*52%
5
4%
56
16%
103% *103% 104
106
*103% 106
110%
31%
400
56
15%
16%
10334 10334
*104
28%
29%
*52%
56
4%
4%
*36
106
29%
56
434
M
4*
-
'*»
»
33,100
100
6,400
35
18%
61%
59
24
25%
2334
114
110% 110% *110
16%
16%
1634
16%
42
43%
4334
43%
43%
19%
60
16%
35
18%
37%
4,200
2
Jan
*137% 140
*137% 140
18%
19%
19%
18%
117% 119%
119%
119% *116
81
79
81% 84
79%
27%
*
*26%
27%
75
*
27
8,800
1
Northern Central Ry Co.-.50
..100
Northern Pacific
Northwestern
Telegraph...50
Norwalk Tire A Rubb—No par
50
Preferred
Preferred
No par
No par
100
Preferred
Otis
—No par
Steel
Prior
preferred
$5.50
conv
100
1st pref. _Wo par
6
Outboard Marine A Mfg
Outlet Co
No par
Jan
74%
Jan
55% Feb
5
4
11
4
57% Jan 21
109
7% July
10% June
3
44%
Jan 20
60
Nov
Nov
Feb
Apr
43
Apr
40
Dec
32%
27*4
Jan
Jan
83
Deo
10%
Feb
Dec
12% Nov
13% Jan
9
9
93
75% Nov
133
110
41
104%
Jan
Feb
Feb
Dec
Apr
Apr
Apr
3234
Jan 11
64% Nov
49%
Oct
61% Jan 22
17*4
Jan
63%
Jan 22
3612
Jan
95
Sept
3% July
15
Nov
100
12% Jan 22
25% Jan 22
135
2
6%
18%
6%
5%
15%
10% May
Oct
29% Nov
Oct
Jan 20
119
Jan
Jan
7
1
Jan
2%
Feb
Jan
9
3
Jan
8
Api
7% Apr
6%
18%
Deo
Deo
Jan 14
4
Jan 22
2% Jan
9% Apr
Jan 22
76% Jan 22
101
Jan 23
110
Jan
July
57
May
83
Mar
2
93% Apr
3% Jan 21
1% Aug
259%
Jan 26
272
Jan 14
210
Jan
110
Feb 44
114
Jan
8
105
May
30% Jan 30
55% Jan 5
13%
102%
103%
27%
51%
3%
29
Jan
5
Jan
6
25%
24%
24%
2234
2334
1,520
31
31
31%
31
31%
1,900
3,500
5.300
2,350
135
34% Jan 14
23%
Apr
57% Feb
52*4
6%
Feb
Jan
98
Jan
3
17% Jan 21
104% Jan
8
Jan 28
97% Apr
Jan
4
8
30% Jan 20
53% Jan 22
23% July
Jan
Jan
4
Jan
8
4
4
4
4
14
5
Jan 20
Jan
4
16% Jan 4
112% Jan 23
105
150
7%
Feb
5%
Feb
15% Mar
99
Sept
104
Nov
109% Aug
2% Jan
310%
Oct
115
Oct
25
Paoiflc Amer Fisheries Inc.. .5
Pacific Coast
10
Owens-Illinois Glass Co
—
1st preferred
2d preferred
No par
No par
Paoiflc Finance Corp (Cal).lO
35% July
59
June
14% Deo
106% July
103
36*4
Nov
Feb
60
Aug
6% Jan 18
2
Jan
Jan 18
19
Aug
32
Nov
Jan 14
12% Aug
18
Deo
Feb
4
24%
Jan
59% Dec
Feb
4
17
July
25% Mar
Feb
4
107
Jan
Feb
3
8
Jan
1151s Feb
19% Nov
40
19%
61%
25%
110%
16%
45%
Jan 21
24% Apr
Feb
3
19% Feb
119% Feb
5
12% July
5
70
July
5
79
Dec
140
Jan 26
84
Feb
2684 Jan 28
28
75
Jan 12
123
Jan
57
Mar
4% Mar
3934 Nov
136
June
20*4 Mar
12034 Nov
83% Deo
Jan 26
4
75
Jan
150
Jan 13
168% Feb
20
Feb
5
23
11%
25%
21%
30%
Jan 27
Jan 4
Jan 27
34
Jan
5
Jan
15% Feb
Feb
27% Feb
3234 Jan 14
47
Jan
70
Nov
114
70
100
Preferred
----
16134
A
Otis Elevator
3,500
900
No par
Oppenhelm Coll A Co
300
75
-—
50
Preferred
North Amer Aviation
No Amer Edison pref..No par
40
88,700
31
—
100
No par
110% Feb
13% Jan
35% Jan
24%
26
3034
Jan 29
100
18%
27%
Adjust 4% pref.—
North American Co
300
27%
31%
27
Jan 20
18% Jan
1,060
31%
70
98
108% Jan
OmnibusCorp(The)v t oNo par
31
24
Norfolk A Western——.100
Jan
Oliver Farm Eq new — .Wo par
30
31%
t Norfolk Southern
4
12
13,000
33
24%
No par
100
Jan
52,900
31%
30%
5
21% Jan 9
129% Jan 5
1% Jan 14
5% Jan 2
16% Jan 2
61%
32%
24
100
25%
13%
30%
Preferred—
17% Jan
53% Jan
20%
160
10% Jan
Ohio Oil Co
32
20%
*114%
160
100
10
2034
15%
159
New York Dock
52,200
34
20%
*11334
4
Jan 14
19%
14%
«.
Jan
83
36%
140
75
1,200
34
~
41
100
700
63,500
15%
20%
-
160
N Y Chic A St Louis Co-.. 100
90
38,100
3334
160
4
$7 1st preferred
19%
3
78
'
30%
13%
2034
*11334
Jan
70
31
-
40
5
109%
3
12% Jan 15
1234 Feb 5
29
4% Jan 13
99
71% Feb
127% Feb
4134 Jan 18
N Y Railways
109
109%
Apr
4
N Y Ontario A Western... 100
*71
75%
100
57%
6
2,500
14%
75%
4
Jan
2,800
6,400
13%
Feb
34% Jan
Wo par
No par
N Y Shlpbldg Corp part stk.. 1
7% preferred
100
N Y Steam $6 pref
No par
1%
1
New York Central
pref
Jan
5
Jan 18
50
%
Jan 15
78%
t N Y Investors Ino
Jan 18
Jan
No par
N Y A Harlem
3
Feb
N Y Air Brake
Preferred series A
Jan
54%
19
26*8 June
%
53
107
15.000
1334
-
5
5%
6
30
—
2
5%
3,800
7,200
13
2034
'
w
159
10% Jan
11% Jan
18%
*5
134
30
159
100
100
1
5% pref series A
t New Orl Tex A Mex
Newport Industries
1,130
131
Bros
Newberry Co (J J)—-Wo par
3,400
*11334
*113%
165
168%
161% 168
20
20%
20%
20%
20%
13
13
1334
13%
13%
♦113%
........
No par
t N Y N H A Hartford
100
Conv preferred
—100
262
19%
19%
1834 19%
19%
18%
59
56
56
55%
5634
58%
60%
24%
23% 23%
23% 24%
23%
24%
*109% 115% *109% 110% *100
110%
4234
♦135
2%
19
16
£.16
*
100
109% *109
Preferred
4
5%
5%
14%
Nat Rys of Mex let
5%
17%
18%
5%
37% Apr
36% Nov
Feb
43
17%
33% Mar
Oct
1
58
5%
June
28
2
94%
11%
16%
5%
25%
June
24% Nov
% Jan
43%
5%
Apr
Deo
92%
11%
5%
112
10
14%
56
17
28% July
112% Mar
9% May
4234
5%
1334
Oct
Dec
1434 Jan 14
2% Jan 18
56%
5%
107*4
107
4
9434
1634
21
Deo
11% Jan
1% Jan
42%
5%
5%
37% Jan 12
Apr
Apr
Dec
37*4
107% Deo
32% Nov
4% pf. 100
2d preferred.
100
National Steel Corp
25
National Supply of Del
25
55
16%
7
21
161%
National Power A Lt...Wo par
9434
5%
5%
Jan
Jan 25
Dec
Deo
55%
16%
29
87%
100
Nov
9434
6
Jan 26
109% Jan 14
21% Feb 5
10% Jan 28
Dec
Oct
Dec
61%
94
6
112
30%
19%
15% Mar
38*4 Jan
147
55
6
36% Feb 5
24% Jan 11
Oct
Jan
153
47%
171
41%
6
8
Apr
9%
2834
Jan
93
6
Jan
33S4 Jan 13
103% Feb 3
20% May
12% Apr
Oct
55
6
3
Jan 21
Dec
900
93
6
Jan 18
Jan 13
54
Wo par
37%
6
167
Jan 28
61% Jan 22
42%
6
Feb
5
55
6
x24%
43%
23%
18%
3234
Jan
Nelaner
1%
621j Nov
54
Natomas Co
2234
5
Jan 14
Jan
Nat Mall A St Cast's Co Wo par
6,000
131
27% Feb
30
43
155
*108% 110
130% 130%
1%
1%
Jan 21
107% Jan 4
17% Jan 27
7% Jan 28
9
137*4
1234
55%
57%
39
-
110
Jan
Jan 29
10
National Lead..
No par
Wo par
29
23
23
24%
23% 23%
23%
#$"24% 24%
*130% 134% *130% 134% *130% 133% *130% 133%
1%
1%
1%
1%
134
1%
*134
1%
No par
Nat Distil Prod.
Nat Enam A Stamping.Wo par
Jan 29
62
Jan 22
93
4134
No pa«•
Nat Dairy Prod
Wo par
7% prof olass A
100
7% pref olass B
100
t Nat Depart Stores—.Wo par
6% preferred.—......—10
Nat Casb Register
National Tea Co...
37%
84
99% Jan 25
29% Jan 5
23% Jan 5
-
1,900
*23
Jan 30
31
2234 Mar
150
12,300
*23%
28%
4
...—100
5% pref ser A
11%
39
*28%
31
4
Apr
171
71
56%
5
Deo
14
6
27,100
55
8
165% Jan 16
12%
56%
17% Jan
38% Jan
18% Jan
13% Jan
7% cum pref
100
Nat Bond A Invest Co.Wo par
11
56%
109
Jan 23
79% Aug
108
4
Jan
83
38
84
*83
*21
28%
39%
*21%
55%
58%
102% Jul)
20% Feb
33% Jan 27
168% Jan 12
1,100
%
39%
38%
29
3634
57
109
12%
4
144
126% 126%
11%
12%
6
Jan
101% Nov
36*4 Deo
100
68
71%
126
Jan
17
44% May
100
*34
80%
38%
38%
*20
54%
54%
109
%
11
107
Jan
B
2
126
4
Jan 27
Nov
3934 Nov
25,100
13%
*1%
34
11%
12%
56%
70
27
200
12%
2
83
10
Biscuit
National
Jan 30
27% Jan
15%
A
7,000
13%
82%
69%
No par
Corp
Nat Aviation
60
60
12%
*134
2
%
80%
82%
69%
71%
127
127%
124
56
13%
1
Acme
95
4
Preferred
7,500
146% 14612
57%
Ino
4
Preferred
36
35%
*167% 173
147% 147%
60
60%
*34
10%
57
*167% 173
147% 147%
60%
5934
10%
109
36
*167% 173
126% 126%
*108
4,600
36%
&16O
126
28,700
36
35
3534
60%
67%
90
130
500
60
124
23,300
16,700
6034
6434
21,300
28%
60
65
36%
35%
60
l£63
35
National
700
27%
147
79%
66%
36%
5.000
35%
173
80%
100
«
28%
147
80%
36
-
35%
*165
78
103%
36%
«•"«.
27%
173
%
103% *103
'
33
32%
102% 103
35%
150
%
80%
*163
33%
27%
*146
34
32%
31
31%
167
167
35%
*165
1
31%
23%
300
27%
173
1
*39
60
33,600
*34%
150
'|*134
23%
41
60
360
20%
27%
*146
.T *%
60%
18%
35%
*165
1%
60%
61%
108% 108%
108%
20%
24
24
23%
23%
23%
23%
*111
112
110% 110% *110% 112
10834 10834
108% 108%
10834 10834
20
20%
20%
20%
20%
21%
9%
934
9%
9%
9%
9%
109
110
19%
24%
103
111
*108% 109
108
31
31%
*166% 167
32% 32%
101% 103
34% 35%
23% 23%
*100% 101% *100% 101%
33%
61
*60
61%
*165%167
*165%
108% 108%
19%
1934
*»«•»■»
Mun sing wear
21% Jan
32% Jan
July
114
July
128
Jan
13
July
3%
Jan
4%
22
Dec
15
Deo
Jan
32% Deo
29% Deo
Dec
39% Nov
8% July
30
164% Mar
m
II
7
*
Bid and asked prices; no sales on this day.
X Companies reported in receivership,
a
Deferred delivery,
n
New stock,
r
Cash sale,
x
Ex-divldend.
y
Ex-rights.
Volume
LOW
AND
New York Stock Record—Continued—Page 8
144
SALE PRICES—PER
HIGH
893
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis of \0Q-Share Lots
the
NOT PER CENT
Sales
for
SHARE,
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 30
Feb. 1
Feb. 2
Feb. 3
Feb. 4
Feb. 5
Week
$ per share
$ per share
$ per share
5 per share
$ per share
$ per share
34
3434
Shares
35
4934
39%
fe3434
^ 4934
0 39%
149% 149%
*148
14878
2438
2438
1H8
11%
17
*16%
4
4%
77
79%
82l2 8212
*105% 106l2
28%
2778
196% 197
25-'%
25%
*2934
31%
4%
4%
44%
2778
♦44
2734
7
7
938
9-%
14i4
14%
4%
4%
34%
4984
35
50
38
39
9%
14%
4%
60%
62
101
538
538
11%
7414
11%
12
74%
76
25
25
41%
41%
*50
52
*115% 116
54%
54%
5%
25%
4138
*50%
54%
9
8%
38
*78
84
*82%
90
38%
83%
86%
*23
24%
1958
19%
934
15
4%
62
10284
9%
1434
4%
39%
9%
14%
4%
6134
6134
100% 101
5%
12%
76%
25%
41%
5%
12%
76%
52
*22
19%
24%
20%
12%
1238
12%
12%
53%
53%
54%
9%
14%
5334
*52%
5334
100%
*98
76%
77
18
18
98
*75
98
*75
98
53%
9%
53%
54%
55
*8%
*8%
71
70%
70%
19%
3%
18%
19
3%
*75
9
72%
18%
9
71%
76%
17%
3%
5534
18%
3i2
*3034
32
*45
*53
*16
17
*15%
17
*15%
*60
30%
59%
31%
57%
*30%
*52%
55%
8%
59%
1634
3%
*72
74
*173
180
72
*173
*185
♦185
"l7%
17%
18%
27%
27%
28%
107% 109
*3
3%
109
♦21
*21
25
6U
135
33
734
137%
33%
*2%
2%
253s
2538
*16i8
27
20%
28%
11
11
.
3%
8
73%
ISO
...
1834
28%
109%
3%
25
8%
135% 137%
*33%
35
2%
2%
25%
25%
19
19
28%
18%
3%
30%
7434
25%
4234
53%
25
116
116
59%
8%
83
84
76
74
7534
18%
18%
19%
*75
a;55%
*8%
*
90
,
I§%
3%
*30%
59%
53
*15
73
73
73
*72
*173
180
187
187
186
18%
*3%
*21%
3%
25
33
7%
135%
25
18
*2734
110
*3
*20
8%
7%
73
18%
28
3%
*33%
5,000
2%
2634
26%
26%
26%
20%
19
19
19
500
100
72
25
18%
39%
29%
31%
31%
33
31%
33%
10%
10%
10%
10%
10
*3%
*3%
3%
10%
3%
13%
26%
*26%
13%
26%
13%
26%
26%
13%
14%
29%
13%
14
13%
27%
27
28
29
29%
27%
27
13%
26%
26%
3%
13%
28
29
28%
29
70
70
70
70
71
7434
75
77
28%
73%
123
123
10
3%
63
62
6334
64%
62% 63%
6334
6234
117% 117% *117% 117% *117% 117% *117% 117%
51
52
51%
52%
52%
51%
52%
5134
123-% 1233s
134
105"866
61
117
50%
75
18,600
500
25,100
2,700
20
*35
105
124
123
105
105
36
36
105% 106
20% 20%
105%
21
18%
1734
18%
11%
11%
12
*10734
78%
77%
834
8%
35
35%
4334
4334
4334
49
*48
49
*48
48%
*43
4434
12%
*43
44%
*43
43%
1134
*11%
7934
*75
80
*75
41%
12
*75
3%
.
28
11%
44
35%
4334
48%
*43
12
80
11%
*
....
'
*3%
*23
3%
26
3%
23
23
19
19
19
19%
19%
25%
2634
26%
9234
23%
20%
26%
2138
25%
27%
32%
118
94%
109
6%
34%
119
ini3« 1013°
93
93
*102
109
658
34
*116
6%
3434
*102
634
92
93%
109
83
44
49
43%
11%
*10634
124
78%
*102
6%
634
3434
23%
21%
27%
93%
109
6%
3534
34% 3434
118% *116
118% 117% 119%
103
10134 102
.102
101% 102
*72%
36%
36%
37'0
37%
*74
3734'
37%
75
75
18%
11%
*10634
78
78%
77
8%
35%
4334
35
49
49
*43
8%
~3~~
*9038
77
133%
95%
67
*65
*12
14
*12%
26%
*74-%
27
27%
76%
7734
7734
*65
125C125
*7%
*44%
3%
7%
*11%
*22
•<L
Preferred
Plymouth Oil Co
5% conv 2d pref
Procter & Gamble
*24%
2034
2634
91
*105
634
1,100
500
11%
12
78
78
3%
28
6,400
91
90
7%
,
37%
37
37%*
36%
37%
75
74
74
74
74
8%
45
3%
7%
1434
-.
*118
738
44%
3%
7%
*12
*22
*65
67
*65
67
*65
14
*1234
14
*12%
*29
30
*13%
29%
14
2734
3034
31
78%
78%
79%
130
7-%
45%
3%
734
1434
30%
78%
*118
7%
45
3%
7%
*12
*22
78%
128
734
4534
334
7%
1434
303s
*120
130
*7%
8%
45%
3%
46%
7%
734
1434
30%
*12
*22
334
* Bid and a3ked prices: no sales on this day,
67
*65
14
*12%
29
79%
79%
31%
79%
*120% 130
*7
8%
48
46%
334
3%
7%
7%
12
12%
32
*22%
125
*7
47%
3%
7%
125
734
4834
3%
7%
13
13
*22%
10% June
19% Mpr
6684 Deo
25%
Jan
54% Jan 14
100% Jan 8
45%
Jan
81%
Jan
3%
8%
Jan
Jao
Feb
Jan 12
1% July
6
Jan 13
18%
Deo
Jan 12
1%
3%
Dec
Jan 18
27%
53% Jan 22
18% Jan 2
4984
Jan
Dec
Dec
37%
62%
18%
Aug
76% Jan 22
77
Dec
160
May
187
Oot
I884 Feb
29% Jan
Fel5
1
7%
Apr
5
23%
Dec
29
Dec
111
4
49
Jan
110
Deo
13% Jan 2
2434 Jan 27
3% Jan
2
107% Jan
31% Jan
4
8% Feb
1% May
Deo
9%
Apr
58%
Jan
36
Jan 22
21
3
Jan 12
28%
Jan 22
1%
11%
19
20
Jan 13
20
May
12
Jan
1
Jan
Apr
Jan
33% Feb 4
11% Jan 22
4
3% Jan 22
5
15% Jan 20
29% Feb 4
17%
Oct
29
Feb
3
1784
Oct
77
Feb
4
57%
Oct
65% Jan 15
118% Jan 4
5234 Jan 21
II684
2
6
112
103%
Feb
113
July
4
128% Jan 21
140% Jan 20
162% Jan 25
113%
Apr
Apr
Apr
130
July
146
164
July
Jan 25
112
Jan
114
Apr
25% Jan 4
25% Jan 27
67
Jan 12
55% Jan
117
4
Jan 20
Jan 11
113%
4% Jan
1% Jan
684 May
40% May
39
Jan 25
Dec
Apr
128
6
111% Feb
1
103
May
106
Feb
^3
108
Jan
preferred
100
99
Jan
7
Purity Bakeries
Ao par
18% Jan
2
2234 Jan 15
Jan 13
18% Jan 21
12% Jan 15
17
10% Jan
103
Jan
4
7
50
76% Jan 14
7% Jan 4
34% Jan 6
41% Jan 30
60
47%
Jan
60
43
Jan 19
2
103
80
Jan
7
Feb
144% July
89%
Deo
24% Mar
13384
Apr
117% Mar
20% Nov
19% Oct
14% Jan
108% June
Jan 15
68%
Apr
9% Jan 20
3634 Jan 11
4534 Jan 20
5
Jan
10% Nov
28%
Jan
38% Nov
49
80
July
35%
Jan
50s4
Jan 11
39
Jan
60
Dec
37
Jan
47
Nov
9%
Jan
65%
1%
Apr
Oct
Feb
1
78
Feb
5
83
3
Jan
5
100
23
Feb <2
29
Jan 15
12% May
31
1834
21%
80%
Jan 25
2184 Feb 5
27% F'eb 4
94% Jan 30
16
24% Nov
17% Aug
Ao par
1
Preferred with warrants..25
Reo Motor Car
6
Republlo Steel Corp
Ao par
6% conv preferred
100
6 % conv prior pref Ber A.10O
Copper & Brass
Class A
6
10
Preferred
100
100
Reynolds Metals Co
Ao par
Jan
4
Jan
5
100
Jan
4
5
Jan
2
27% Jan
4
109
99
Jan 19
Jan
2
33% Jan 19
71
Jan 21
128% Jan
93% Jan
2638 Jan
4
6
4
Jan 29
67
100
1
110
Jan 26
Jan 20
334 Jan 18
100
Jan
5
79% Jan
135
4
Feb
112
Jan
Ritter Dental Mfg
Ao par
Roan Antelope
Copper Mines
Ruber'dCo (The) capstkAo par
Rutland RR 7% pref
100
St Joseph Lead
10
t St Louis-San Francisco.. 100
preferred
100
t St Louis Southwestern...100
.....100
Deferred delivery,
72
Jan
117
Jan
4
7% Jan 27
4334 Jan 29
Jan
2
6% Jan
4
3
11
Jan 27
28% Jan
n New stock,
r
4
10
6
Apr
24% June
90
Apr
4%
25
Jan
Deo
Deo
Deo
Nov
90% Nov
Apr
8% Mar
29% Dec
114
128
Dec
104%
Oot
3984 Deo
79% Deo
138
Oot
Dec
98
Nov
22% May
105
Apr
34
Feb
117
Jan
92
r
1684
100
.
34% Jan 22
25
July
36% Nov
58
Jan
60
Apr
67
Jan 26
31% Feb
79% Feb
24% Jan
May
78% May
4
8
Dot
77
5
9534 Jan 26
30% Jan 14
Aug
99% Sept
4% July
16% Apr
119% Jan 29
105% Feb 4
39% Jan
Oct
81
4
7% Feb
35% Fob
8
58% Sept
60% Nov
65% Feb
4
884 Nov
19% Feb
35
4
32
7584
Rhine Westphalia El <fc Pow_'_
a
Dee
60% Nov
11%
5
Remington-Rand
j Companies reported In receivership,
56
122%
100
Co
Reliable Stores Corp
1st
91% May
9% May
16% Oct
984 May
83% Jan
Dec
Dec
Deo
Deo
Ao par
Preferred
Preferred
Jan
13%
28%
28%
73%
4334 Jan 8
13% Jan 16
preferred
Real Silk Hosiery
32
Fe
Deo
26% Mar
29% Deo
11% Deo
384 Dec
2
100
Revere
334
2784
2% Jan
1034 Jan
Aug
Reading
1st preferred
112% Nov
41% Apr
834 Jan
25% Jan 20
16
Ao par
Deo
30%
7
Feb
4%
Dec
Oct
258
137% Jan 30
13%
June
14
1
2% Jan 5
24% Jan 19
Reynolds (R J) Tob class A, 10
350
Apr
35%
3
t Radio-Kelt h-Orph
Jan
Deo
Feb
29% Jan 4
55% Jan 18
300
7% Juns
24% Feb
par
Feb
Jan
4
Ao par
Dec
8
1934 Jan
Corp of Amer...Ao
Dec
84
Jan 23
No par
Radio
Mar
11%
Pure Oil (The)
6%
88
52%
36%
Quaker State Oil Ref Corp. .10
Nov
Jan
4
8% conv preferred.
16
5% July
70
July
38%
Jan
10is4 July
Mar
Reynolds (R Jt Tob class B.10
400
May
'3%
155
5H% conv pref
Reynolds Spring new..
13,300
3,200
5,400
68
56% Feb 3
9% Jan 20
Mar
16% Mar
176
14,300
900
Apr
12
7
159% Jan 7
112% Jan 16
pf $5. Ao par
Mar
784
54% Aug
102% Oct
Jan
~~5~866
2,100
66
Dec
Jan 18
138
5X% preferred
67
Jan 12
72% Feb
470
4,400
18%
4
400
14
2734
6,900*1
12% June
2
Nov
175
100
Rensselaer & Sar RR Co...100
7% lb~5~3(j6
33% 35% 263,200
118
118
1,100
1,500
105 105
Nov
F eb
66% Jan
2,000
109
7%
Dec
31
112
190
100
1st preferred
52,300
5
100
200
27%
90%
90
Jan
Jan
Feb
Jan 26
preferred
preferred
Rels (Robt) &
2134
Jan
16
No par
10
26
56
7%
46% Aug
Jan 18
preferred.
3,800
20%
35
35%
119% 119%
105
105%
67
~2~666
9
4734 Jan
108% Jan
11934 Jan
Pub Ser El & Gas
2d
21%
27%
108% *105
No par
$3.50 conv 1st pref-.Ao par
44
8
Jan 11
Pullman Ino
44
*23
60
Raybestos Manhattan.Ao par
12
28
5
19,100
2,000
49
3%
1
1st pref
~3~400
49
7
Jan
Jan 12
t Postal Tel <fc Cable 7 % pf 100
Pressed Steel Car Co Ino
6%
7%
8%
Jan
25
Jan 12
No par
Oct
91
4
No par
Class B
58
Jan
28
Porto Rlc-Am Tob cl A.Ao pat
Apr
Oct
Apr
Jan 21
5
Poor & Co class B
38
45
59% Nov
11634 June
4
Jan 29
Pocabon_.Ao par
Mar
2784 July
25%
64%
3
Ao par
Feb
110
5
Apr
Jan 28
23
100
Pittston Co (The)
conv
Feb
■
June
28%
30
Dec
Jan 30
Jan 26
100
Pittsburgh & West Va
5%
Feb
1
100
25
Corp..
17
Jan 19
103
8%
75%
75%
134
133% 133%
133% 133%
13334 134
134% 13334 135
95
*9038
95%
*9034
9434
*90-% 95%
*9034
*90% 95
98
28
28% 28%
28%
28%
27%
27%
28% 28%
28%
28%
♦108% 111
*109% 111
*108% 111
*108% 111
*109% 111
*108% 111
33
33
33
32
32
33%
32%
29%
31%
32% 3234
30%
57
56%
56%
56%
56%
5684
56%
56%
56%
56%
56%
♦133
Pitts Term Coal
6% preferred
Pittsburgh United
Pond Creek
Jan 25
100
78"
35%
4334
3%
185
Ao par
Preferred B
*43
44%
71
175
Ao par
7% cum pref
2,100
10,900
1,500
18%
11% 125,200
78
11%
*
►
36
12
105% 105%
1934
2034
83S
35%
4334
1134
3%
3%
25%
94%
1*6%
105% 106
20
20%
18%
18%
78"
35
*48
*102
Jan
Pittsburgh Steel Co
74
9
74%
19%
334
33%
1534 Feb
800
20%
3% Jan
Plttsb Screw & Bolt
10% Mar
Jan
Jan
100
Jan
Jan
87%
100
Feb
4%
86% Jan 25
49% Jan
100
6%
2884
Jan 20
Jan
Dec
1
Jan 16
50
73
112% Nov
2
53% Feb 5
116% Jan 27
64
384
Feb
81
28%
Chicago
3% June
Apr
17% Nov
Feb
20
Pirelli Co of Italy "Am shares'
Preferred
12%
76%
27%
43%
Jan
Pittsburgh Coal of Pa
Preferred
6% Jan 23
13% Jan
74
par
25
Mar
3% F'eb
16% Jan
100
Aug
69
7%
Jan
5% pf (ser of Feb 1 '29). 100
123
35%
*4234
*23
Plllsbury Flour MUls
60
1
14
Jan
2% Jan
70
Pub Serv Corp of N J__Ao par
$5 preferred
.Ao par
127
21
2034
18
18%
18%
18%
12
12
lis4
11%
11%
♦10634 112
*10634 112
*10634
78%
78%
78%
78%
78%
834
8%
8%
8%
8%
20%
0
8
Jan
110
800
*18
A
9
67% Jan 12
534 Jan
12
8
9,100
11134 11134 *111% 112
Jan
Jan
10234 Feb
11%
13
Jan
100
Corp pref
Pierce Petroleum
142
140
*139% 140%
162% *159
162% *159
104% 105
3%
Pierce Oil
52
Jan
6% June
20%
Feb
100
4%
87
11% Jan
52
100
Preferred
32% Nov
10
Apr
Apr
39
17% Jan
5
6,600
111%
124
100
Ao par
Hosiery..
52
111
123
preferred
62%
117%
110% 111
*124
10
No par
Phillips Petroleum
Phoenix
3,600
4,700
140
139
139
300
139% 139%
*138% 142
162% *159
162% *159
162% *159% 162%
113
113
""166
*112% 113
*112% 113
*112% 113
♦112% 113
*112% 113
68
72
69%
71%
71%
71%
68%
68%
6934
71%
72%
69%
20,600
23
23
23%
23%
24%
2234
23%
24%
2334
24%
22%
24% 140.200
111
111
111
370
111%
110% 111
110% 110%
110% 111
*160
Phillips Jones Corp
900
7,600
49,400
50
No par
Phillip Morris & Co Ltd
2,480
40
3%
14
*140
7%
900
1034
111
700
25
2%
26%
18%
31%
10%
3%
13%
29%
28%
29%
111
3%
40,200
3,100
1,460
3334
338
♦110
111
60
preferred
Pitts Ft W &
2%
10%
63%
63%
*117% 117%
51% 51%
7%
Phlla & Read C & I
40
3334
338
111
50
No par
t Phils Rapid Tran Co
600
338
70
25,800
59%
1534
132
19
27%
27%
7034
334
30%
5%
preferred
7%
~3~O~666
18
3%
34
*2%
26%
Corp of Am
6
Pfelffer Brewing Co...Ao par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
40
♦20
8
132% 136
3%
870
1,330
54,600
2,900
1,800
70
110
25
2%
Petroleum
90
187% 187%
18
17%
28
27%
111
34%
*2%
Prior preferred
Preferred...
Pet Milk
*6
*173
186"
*34
2%
300
500
*53
1534
134% 136%
33
234
25%
*16
*20
8%
7%
134
18%
18%
28
28%
109% 109%
*3%
3%
28%
3
71
53
*173
190
People's G LA C (Clilo)__.100
113% Jan 15
48% Jan
4% Jan
Jan 16
1534
31%
100
Feb
8
3%
30%
Jan 13
3934 Jan 4
4934 Jan 14
Feb
56%
18"
18%
334
22
50
24
8
*
v 10 Ao par
4
86
53%
9
70
180
10934
*75
56%
2
Jan
Preferred
*98% 100
7
7% Jan
83
12%
54%
53%
2%
2
10C
12%
12%
Jan
100
52
2%
5
No par
18,100
5,200
11,100
12
5
64
Corp
47% Mar
23
64
Jan
100
Pennsylvania
Jan
4084 May
3
10% May
1%
Jan
Ao par
Penn G1 Sand
5%
2
Cement
Peoples Drug Stores. _.Ao par
Dec
Deo
284 July
3% Jan
97
Jan
37%
7% Jan 14
60% Jan 28
Deo
Jan
17%
10% Jan 5
1634 Jan 20
5% Feb 5
5
23%
2284
4
Jan
20%
*6%
10
Feb
June
8% Aug
5
34
19%
3
Corp
Dec
59
Jan
100
100
53%
No par
Deo
174
7% Aug
8% Feb
14% Feb
Preferred series A
Penn-Dlxle
300
7
...Ac par
Penney (J C)
Penn Coal «fc Coke
600
75%
18%
56%
17
6
IOC
90
13
98
*15%
29%
Pere Marquette
24%
12%
234
19%
*53
4
Peoria & Eastern
54%
7
77
1834
334
30%
5
1,000
84%
99%
69%
Feb
24% Jan
1,000
*22
53%
7%'
26,500
*85
*53
8%
42
3
Penlck & Ford
10
90
*98%
3%
600
24%
20%
1238
99%
13
8%
38
83
*85
*72
18%
8%
38
38
*185
109
53%
61%
8%
38
*173
*28%
41%
48,400
1,200
1,700
20,900
2834 Jan 28
200% Jan 28
26»4 Jan 28
No par
2.60
Corp
Feb
Dec
25
Jan
Apr
34% Jan 5
5% Jan 12
4434 Feb 3
64
10%
74
1,600
Parker Rust Proof Co
97%
109%
18%
July
2
6
Oot
Apr
Apr
67
2934 Feb
4% Jan
1
13%
20%
4%
74%
Jan
103
4
Park Utah C M
Jan
1%
5
1
Parke Davis & Co
6%
12% Aug
4
4
Ino
166
2
July
Apr
Feb
86
Jan
61
11
*72
5
23% Jan
Deo
152
II84
10634 Feb
21% Jan
*115%
538
Jan 25
10
100
preferred
Parmelee Transporta'n.Ao par
5334
■
1st preferred
Pathe Film Corp
No par
Patlno Mines & EnterprAo Par
543g
3
1
9,700
55
13
6
9,200
54
3%
6
Jan
9%
14%
5%
62
100%
5%
11%
7434
25%
42%
53%
11634
20%
12%
7%
13%
Jan
738
400
4
17% Jan 20
4% Jan 25
88% Jan 26
76
8%
14%
4%
4,900
1134 Feb
6
Jan
234 Jan 12
60
634
*60%
98%
4
16
153
Jan
140
8
41
July
6884 July
47% Deo
Jan
118
2
26% Jan
105
Paramount Plotures Ino
Peerless
4
Jan
5
100
100
4% conv preferred
14% May
22% Jan
10% Jan
A 0 par
8% oonv preferred
Parafflne Co Ino
9%
15
4%
62
100%
5-%
1134
20%
12%
3
No par
Pan-Amer Petrol & Transp__6
7%
24%
20%
12%
13
Jan
149
9%
6,300
18,500
Dec
152
44
4%
Jan
4434
Jan 22
2834
4%
30>4
148
42
24%
7
Packard Motor Car
Park-Tllford
Jan 12
14834 Jan 28
10
Highest
share $ per share
$ per
5334 Jan 14
44% Jan 9
38
100
Panhandle Prod & Ref.iVo par
2d
$ Per share
100
Corp
2734
5%
*5234
*98%
200
1
44
53
7
32
5
Feb
preferred
Pac Western OH
4,000
13,900
*30%
Feb
38
2834
42
5234
*98% 100
25
48
Paciflo Telep & Teleg
6%
$ per share
34
Feb 5
No par
28%
6%
25
5434
5234
195
24
24%
30%
4%
25
Year 1936
Lowest
Highest
No par
Corp
Paciflo Mills
44
52
20%
12%
Pacific Gas & Electric
Paolfic Ltg
17,700
2,800
7,500
25
19
18%
3%
3034
24%
30%
4%
99%
*24
74,200
1,200
8,400
187
190% 191
42%
77
*71
148
69
960
65%
70
85
86
83%
85
3,000
200
10634 10634 *105% 120
27
26%
27% 144,000
2734
52
77
*8
3%
42
*18
63%
1134
16%
3%
24%
77%
1734
3%
16%
52
77
7%
14
11%
3%
70%
41%
13%
258
1134
16%
52
13l4
25s
6%
11%
16%
3%
41%
7
13
5,900
Par
130
25
62
24%
20%
12%
55%
230
148
25
*22
14884 150%
12,600
7,700
5,100
24
101
12%
75%
3934
148
*60
75
4834
3834
25%
100
5%
11%
48
24%
148
14%
434
*60%
12%
100
234
34%
3434
48%
49
40% 4134
150% 150%
76%
25%
7
*82
9%
15%
434
4%
5%
*98
1714
3434
50
*115% 11634 *115% 11634
54%
54% 59%
60%
59%
9
*8
8%
*8%
8%
39
38
38
38% *38
*80
84
*82
83
84
86
86
86% *82% 86
5312
5334
34%
4934
3934
50
*115% 116
38
834
35
42%
*147
150
149
150
150% 150%
148
148
*148
148% *148% 148%
24
24% 25%
24% 24%
24%
11
11%
,11% 11%
11%
11%
*16% 1634
16%
16%
16%
16%
3%
4
3%
334
3%
3%
77
69
80%
69
71
78%
82
82
82%
80% 82
83%
*105% 106% 106% 106% *105% 10634
28
2734 28%
28%
27% 28
198
199
194
19934 196
195%
25% 26
25
25%
25%
25%
*2934 31%
2934 2934
*30
30%
4%
4%
4%
4%
4%
4%
44;% 44%
43% 43%
44% 4434
27% 27%
27% 2834
28% 29%
7
7
7
7%
6%
6%
10134 102%
*60
34%
4934
3834
Lowest
Range for Previous
127
Jan 26
8% Jan
4834 Feb
4
Jan
2
5
8
8% Jan 22
15% Jan 22
31% Jan
Cash sale,
x
8
7484
Jan
Apr
5% June
July
1% Jan
23g Jan
7% Jan
22
18
Ex-dlvldend.
Jan
13%
119
Jan
Mar
Dec
Dec
10%
Feb
60%
Deo
3% Mar
634
Dec
15
Oot
37
Oct
y Ex-rlghts.
New York Stock Record—Continued—Page 9
894
LOW AND HIGH
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
fnr
JUf
43%
9934
1678
44%
18%
44%
97%
3
27g
20%
21
41
41%
1%
6%
4484
10%
83%
the
Feb. 3
Feb. 4
Feb. 5
$ per share
$ per share
£ per share
1%
6%
45%
10
*8
10%
8434
85%
31%
31%
i v/XvXV
On Basis of 100--Share Lots
O JL UvJ\
10
10
10
9%
*9
9%
87
86%
87%
8534
87
84%
31%
33%
34
3234
16%
33%
16%
34%
3134
16%
34%
35%
35
16%
35%
33%
9%
86%
3434
16%
17%
31%
16%
34%
35%
34%
10834 IO8S4 *108
109% 109%
14
17%
109
109
13%
13
109
6,300
350
20
150
15,300
12,000
700
46,500
4,400
460
8,900
2,000
8,500
400
Lowest
Par
Safeway Stores.
No par
5% preferred
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp... .5
5)4% preferred
100
108
108
$ per share
13
26,400
13%
63%
63%
6334
6334
62
13%
62%
62%
42
42
42%
41%
43
43
43
330
28%
27%
28%
28%
29%
29
29%
28%
29%
27%
12%
54%
378
105
105
105
105
105
13%
12%
13%
55
53%
54%
4
4
4
4
44
4234
43% 44
101%
101% 101% *101
136
136
136
136%
42
4
4
43
4
44
27%
4
102
102
45
44%
102% 102%
135
135
135
135
135
115
*110
115
114% 114%
43%
*110
50
48
53
50%
52
27%
27%
27%
27%
19%
155
158
155
30
30
45%
46%
30%
47%
27
46%
28%
28%
29%
49
50 s4
50
523a
*57%
64%
9%
*
*145
155
~3o"
46%
29%
5184
*59%
155
105
13%
55%
4
*145
155
154
30
30%
30
30%
29%
4734
47%
48%
49
30%
30%
31
483s
30%
53%
52%
53%
31%
5434
47%
30%
54%
64%
154
$5 conv pre!
*60
64%
9%
69%
53
*60%
*938
69%
94
*93
94
94
94
*93
94
*93
94
*35
35%
35
35%
35
35
22
22%
21%
3034
*49%
24%
*33%
21%
30%
35
22%
22%
*33%
2134
3034
22%
22%
*31%
32
*49%
4934
*49%
31%
4934
24
24%
24%
24%
31%
*110% 111
*110% 111
111
103
22%
31
4934
2434
49%
2434
111
111
31
49%
25%
111
44%
44%
44%
44%
44%
44%
4438
4434
15%
1534
15%
15%
15%
15%
15%
15%
*128
128% 128%
11S4
11%
12%
12%
2734
26%
128%
12
*11%
11%
26%
27
12%
128
128%
128
11%
12
12%
1234
11%
12%
26%
27%
27%
128
12
1234
27%
49%
2534
111
*44
15%
*93
35
81
32
4934
60
25
26%
111%
38,600
111
*111
44 Q
80
44
1,100
42,700
16%
160
128% 128%
11
3,900
1134
12
1234 •22,300
28
27
17,100
56
56
1,400
44%
16
1534
2834
5634
57
58
5834
58
58%
58%
59
66
66%
86
67%
67
65
3%
3%
3%
3%
3%
3%
*3%
67%
3%
6434
3%
66%
3%
4578
46%
4634
4734
47%
48%
47%
48%
47%
49
47%
47%
*27%
69%
48
48%
*27%
4834
48
48%
48
49%
33
*27%
33
*27%
33
70
71
70
70%
70%
71
70%
72
39
38
38
3734
3734
39
3834
39
75
73%
73%
74
74
3834
73%
7334
7234
73
38%
72%
19%
18%
19%
18%
19%
19
19%
19
19%
18%
19
29,200
2,900
4934
66%
*74
400
22%
31
56
33
34%
26%
55%
33
10
49%
128% 128%
11%
1134
13
1238
27
94
340
25,300
7,100
I referred
37
18%
26%
3134
27%
1834
37
37%
36%
37%
*18%
26%
27%
32%
23%
19
19
2634
32%
31%
32%
22%
16%
22
22%
16%
22%
22%
31%
22%
16%
17
16%
13%
16%
13%
16%
14
14
14%
14%
23%
17%
15%
56%
*778
56%
56%
56%
57
57%
57
57
8
8
8
12%
12%
12%
54%
12%
12%
55%
55%
9
8%
40%
55
834
3978
1578
14%
*42%
*38%
*63%
11%
*90%
1134
*7
*1234
27%
9%
55%
8%
44%
834
40%
15%
14%
44%
39
39
40%
16
1434
63%
*11%
6434
Spalding (A G) <fc Bros-No
1st preferred.
14%
1434
46
39%
63%
12%
*3834
3934
*39
3934
63%
63%
*62
65%
12%
90%
12%
12
90%
90%
11%
1134
11%
11%
12%
7%
12%
7%
*12%
27%
9%
7%
7%
7%
734
1234
2734
12%
12%
12%
12%
27%
27%
27%
9%
36%
21%
27%
24%
25%
7834
27%
9%
36
2034
934
3634
21%
106% 10634
24%
2434
78
75%
16%
16%
75
16%
16%
20%
20%
22%
2534
25%
9%
24%
9%
26
108% *108
9%
23%
37%
*46%
15%
3734
*90%
94
6
47
9%
23%
9
9%
36%
21%
106% 106%
24%
2534
36
21
Spang Chalfant A Co Inc pflOO
Sparks Withlngton
No par
Spear & Co
1
$5.50 preferred
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) vt(
1
Splcer Mfg Co
No par
Conv prefemd A
Spiegel Inc...
6)4% preferred
Square D Co
No par
Standard Brands
No par
Preferred
t Stand Gaa <fe El Co.. .No par
Prefeired
78
Stewart-Warner
35%
21
67
67
67%
66%
66%
94
88
5%
98%
98
5834
8%
41%
16%
14%
45%
39%
66
106% 10734
27% 2734
129
129%
98% 99
29% 30%
2934
29%
66%
107% 107%
26%
27%
12834 131
99
99
2,900
700
470
1,200
23,100
56,700
20,100
8,900
43,900
28,200
800
1,000
128U Jan 29
123s Jan 22
12078
Jan
Jan 18
5%
3112 Jan 12
9%
2484
65
3,000
^7,700
7%
3,300
500
2738
3,000
9%
3638
21%
40,400
77%
17%
73
Jan 26
17% Feb 4
77% Jan 11
100
122
Jan 27
Superheater Co (The)..No par
Superior Oil
..1
Superior Steel
100
37
Jan 27
Preferred
Swift
33,200
3,500
Internat Ltd
N# par
9
534% preferred
Telautograph Corp
...50
5
Tennessee Corp
Texas Corp (The)
Texas Gulf
5
25
Produc'g Co No
par
Gulf Sulphur...No par
Texas Pacific Coal A Oil...10
Texas
Texas Pacific Land Trust... 1
Texas A Pacific Ry Co
Thatcher Mfg
Jan
2
4% Jan
5
54
100
4
No par
$3.60 conv pref
The Fair
37i8 Jan
No par
63i4 Feb 1
lli2 Jan 27
90i2 Feb
No par
Preferred
100
Thermold Co
1
Third Avenue
100
Thompson (J R)
Thompson Prods Ino. .No
Thornpson-Starrett Co.No
$3.50 cum pref
Jan
par
25
Jan
par
10
Preferred
6% Jan
12
100
6U Jan
32
Jan
201s Jan 16
105l8 Jan 4
Deo
Aug
47%
Feb
Jan
Mar
Jan
48% Deo
Dec
70%
4034
Dec
65
Jan
78% Nov
Apr
24% Apr
Jan
16%
Oct
14%
Jan
9%
Jan
30% Deo
15%
Oct
70
Dec
91
Mar
4
118
Jan
125
Nov
6l34 Feb 3
7% Jan 28
42% Jan 8
27
Jan
60
3
Jan
Jan 25
23
Jan
377g
Jan 20
6%
20%
Jan
13% Nov
26% Nov
3578 Jan
20% Dec
15% Deo
125
Jan
9% July
Dec
684 Mar
42%
15
12% Nov
Feb
3
Nov
684 May
5%
Apr
287g
Jan
9% Jan 20
6
Nov
Jan 12
33
Jan
43
16% Jan 22
15% Jan 28
49
Jan
6
41% Jan 22
64
Jan 13
13% Feb
93% Jan
5
4
28% Jan 22
10% Jan 25
4034 Jan 25
21% Feb 4
108
Jan 13
7% Jan
9% June
28
Dec
Oct
Jan
938
13
66%
Deo
8% Deo
4434 Nov
15% Feb
14% Mar
49
487g Nov
Mar
63%
884 June
85
8% May
Jan
8%
24%
47g
Jan
Jan
Jan
26
Apr
1484
100%
Jan
Jan
Jan
Nov
Feb
12% Mar
9% Feb
13% Nov
3284 July
8% Mar
3934 Feb
2134 Dec
5
17% Feb 3
22% Jan 11
147s
Jan
1934 Jan 13
27% Jan 22
10% May
1,100
Truscon Steel
Coal
No par
7,200
1,200
20th Cen Fox Film Corp No par
Preferred
No par
15%
4,600
Twin City Rap Trans. .No par
260
Jan 16
16
.10
9
Jan
4
1078 Jan 15
108
Jan
6
109% Jan 21
10% Jan 16
24% Jan 21
38% Jan 20
47% Jan 21
8i2 Jan 11
22
Jan
5
34U Jan 4
4234 Jan 13
1334 Jan 4
87%
5%
7,200
Ulen A Co
No par
414
3,200
914*
Jan 22
65
65%
1,900
64
Jan 28
107% 10734
105
10734
15,900
26% 28%
13338 133%
99
*98%
Under Elliott Fisher Co No par
Union Bag A Pap Corp No par
Union Carbide A Carb.No par
Union Oil California
25
131% 133%
Preferred
..100
Union Pacific
100
Preferred
100
1,500
Union Tank Car
No par
United Aircraft Corp
5
85
Jan
5
Jan
2
IOH2 Jan
2514 Jan
126i2 Jan
98
17% Jan 22
94
Jan 20
6% Jan 20
100% Jan 8
68
Jan 11
5
10778 Feb
3
4
28% Feb
133% Feb
4
4
4
Jan
2
9984 Jan 13
2658 Jan
273s Jan
5
4
31% Feb 4
31% Jan 25
11
Apr
Apr
Nov
Apr
22%
Deo
12
Feb
Jan
110
47i Jan
7% Apr
22% June
31%
Mar
Dec
Nov
Jan
7%
93
Oct
16
110
Oct
3%
56
Feb
July
Apr
69
4
4
Jan
Deo
337s
79
70
Transamerica
Truax Traer
10,800
32,400
Jan 20
Jan 21
Jan 27
par
45%
31%
30%
Jan 22
Apr
28% Apr
185s Jan
Bearlng.No
3634
99
Jan 22
Corp
No par
Transcont A West'n Air Inc.5
Timken Roller
2,700
28% 223,000
3,100
3978
20%
27%
3284
2334
17%
12%
Jan
3534
30%
Deo
Feb
2484 May
5
22
44%
14%
87%
29%
Dec
62
72%
384
31
26% Feb
10
22
31%
2778
106%
277g
74%
18%
27%
Tlmken Detroit Axle
22
30%
9
13% Feb 3
8% Jan 13
13% Jan 16
10U Jan
25
No par
Tidewater Assoc Oil
8,800
30,100
10,800
35,700
32,300
...25
500
30%
3
Feb
Jan
3284
No par
Sun Oil
108% 108%
9%
9%
29%
5
18% Nov
17% Jan 20
Trl-Contlnental Corp..No pa'
6% preferred.
No par
30%
4912 Feb
33% Jan
Transue & Williams St'l No par
30%
35
4384 Nov
129
1384 Mar
97g Feb
2
4
8
7,300
29%
Nov
Apr
Apr
Apr
Feb
4
13,100
99
Jan 11
4
10%
30
9% July
2684
Jan
220
12%
75
26%
Jan 12
723s Jan
Jan
No par
(The).-.l
'
.■
Apr
Apr
15l2 Jan
t Studebaker Corp
99%
65%
14%
28is
1314
1
Stone A Webster
300
1234
79
5%
99%
66%
Mar
2184
14%
37
3
26%
90
17U
5%
9534
5%
99
8% Jan 12
24
97
1012 Jan 4
834 Jan 4
25l2 Jan 27
5514 Jan 30
Jan 22
4578 Jan 11
16U Jan 20
14% Jan 12
934
*90%
584
Jan
112
57% Feb
22%
6%
126
4
5
10%
108% *108% 109%
9%
934
9%
23
23
23%
37
36%
36%
46
4538 45%
98
109% Nov
Jan 14
41% Jan
15U Jan
2
24%
92
53s4 Mar
Feb
10
5%
Jan
778 Feb
24%
15%
44
5
1178 Jan 2
503s Jan 18
778 Jan 15
3834 Jan 2
13i8 Jan 4
11% Jan 4
4312 Jan 28
23%
15%
Jan 11
55
10%
16
Jan 16
24% Aug
8
23%
4534
15%
Oct
Jan
50
1534 Jan
106% 106%
.
5
934 Mar
27
Oct
92%
3634
32
6
10
98
'
26%
8%
27%
9%
36%
21%
8,500
71,500
11,500
10
11434 Nov
26% Feb
4
91
*12
Apr
584
6% Jan
73% June
Oct
Jan
Jan
Jan 27
63%
13%
1134
7%
8%
101% Mar
Oct
117g Nov
82
Jan 26
Jan
1234
12
684 July
2934 May
1578 Apr
13% Jan
Jan
23%
3634
Jan
2334 Jan 12
Without warrants
21
16%
36
Jan
Talcott Inc (James)
1634
1934
37%
46%
Jan 13
Symington-Gould Corp ww_.l
17%
22%
Feb
8,700
21%
108%
9%
33U
2078
28i2
4834
22 >8
94
8,800
17%
23% 24
10%
934
108% 108%
9%
9%
22% 22%
Jan 27
104i2 Jan
9i2 Jan 28
303s Feb
25,600
4
91
36%
21%
106% 106%
24% 25%
77%
92
8
14%
21
*90
30%
9
Jan
16%
17%
98
29%
12%
26%
23
59
22%
2IS4
3634
105% 107
28
27%
39%
*62
10
Mar
Jan
4
17%
*45%
15%
128% 129%
*98% 98%
28%
29%
3934
Apr
160
63% June
Jan
Jan
20%
96%
10478 105%
2578
27%
129% 129%
98%
98%
2878
28%
29% 30%
45
91
734
No par
Jan
Jan
3238
17
6%
96%
67
16%
14%
45%
12%
No par
$6 cum prior pref
Feb
19
5
22
46%
6%
9%
37%
21%
106% 106%
56%
8%
40%
15%
135g
42
65%
12%
xl2
...No par
Comm Tobacco
1
Jan
25
23%
1234
July
7% Feb
35% Aug
34
8
16%
21%
37%
6
8
Jan
758
150
114
5
2
1338
12
Jan 2 3
101
Apr
65i8 Jan 20
1058 Jan 11
57U Feb
Jan
56%
7%
91
Feb
9
6812 Feb
100 rl06
No par
6
Jan
78
93%
*90
13%
*62
2
Jan
Jan
75%
15%
15
15%
10
108%
9%
*22%
3634
46%
9%
23
*95
14
12
12%
16
45%
39%
90%
19%
*108
16%
1434
46%
92
37%
20% 20%
106% 106%
2434
24%
9%
16
8%
40%
100
Mar
378 July
26
32% July
477g Oct
26% Deo
54% Deo
13
7%
59%
24
4734 Jan 29
par
110
Sept
74
100
65l2 Jan
2
3212 Jan 13
5034 Jan 21
3214 Feb 5
2914 Jan
4212 Jan
25l8
313s
I884
1414
1334
12%
57%
*43
Jan
Jan 12
32l2
55
57%
1434
155
Jan 13
Jan 26
Sutherland Paper Co
10
Sweets Co of Amer (The).-.50
14%
8
8%
Jan
Jan
Swift & Co
16
1334
59%
834
41
155
Jan 22
11,500
2,600
19%
15%
57%
8
8%
39%
3834
17
1338
58%
8%
60%
634
22%
8
44%
16%
14%
*56%
13%
4034
16%
Jan
100
Stokely Bros & Co Inc
27
1234
40%
16%
14%
*44%
4034
34
20U Jan 14
26%
3134
21%
12%
90%
11%
92
*37
7278
22%
7%
8
3734
*18&8
19I2
26%
3134
7%
6%
38*
38%
19
27
31%
16%
*1378
56%
6%
4034
2634
32%
26%
32
6%
40%
37%
*18%
2634
par
100
Preferred
270
1834
12% May
4
124
37%
4
Jan
123
*18%
Feb
Jan 29
1,700
*36%
Jan
1914
11212
534
4212
Jan 15
75
75
7
Jan
Dec
Deo
2
74
6134
Nov
30% Deo
17% Nov
71U Jan
76%
40%
Apr
85
4738
72
25
Southern Pacific Co
Sterling Products Inc
76
59%
Sugar...No
2,200
14,000
75%
6%
39%
132
100
So Porto Rico
7234
19%
75%
Jan
118%
Feb
76
Jan
Oct
684
Jan
Dec
6578
39
76
14%
487g
21
2
76
DC
28% Dec
127% Nov
40% June
34l2 Jan
75%
Dec
Nov
5
1,200
2,100
24,500
85,600
11%
64
45
Jan
39
17
Deo
Sept
55%
17
1984 Nov
327g
104% Dec
Jan 11
25
30%
31% Nov
29
Jan 25
1634
101% Nov
l"is Dec
5412
Feb 25
16
Dee
Deo
77g Nov
Jan 26
72
29
87g
44
Feb
48
32
17%
7
64
4
31
59%
115l2 Jan 15
Jan
Feb
26U
16%
una
4%
8
1634
39%
97%
Jan 11
17
634
19%
4
6784 Jan
30%
58%
2
Jan 13
46i2 Jan
17
3834
Jan
138
31
17%
7
47
Dec
884 July
1984 Jan
x3% June
Standard Oil of Kansas
31%
58%
July
102
Standard Oil of Indiana...25
17%
39%
37%
2
Standard Oil of New Jersey.25
Starrett Co (The) L S_.No par
30%
1634
.
89
96,500
17
6%
Jan
Jan
20,700
33
1634
5734
11%
2084
72
31%
38%
Dec
Jan
10214 Feb
49%
16%
7%
Jan
48%
1634
57
Jan 27
49
30%
40
Jan
5
1514 Jan 12
5578 Jan 28
4'8 Jan 18
2
16%
67g
Jan
2934 Jan
10538 Feb
4314 Jan
17
57
Jan
1%«
15%
Jan
Standard Oil of Calif.. .No par
3034
38%
69%
Jan
Apr
Apr
59,700
16
,
4
Apr
484
48%
17
123
Jan 14
Jan 13
2
30% Aug
3% July
30%
1484
4
30
123
Deo
Jan
43%
4
16%
123
Feb
2%
7s
Jan 23
47
17%
75%
75%
123% 124
60%
61%
4%
20%
Jan 21
3l2 Jan
1634
123
Jan 26
1778 Nov
557g Nov
10184 Mar
18s May
Feb
3%
30%
123% 124
Jan
114% Mar
7% June
65
5
*27%
6934
Dec
43i8
6484 Feb
3%
June
14
Jan
85U Jan
South Am Gold A Platinum.!
Stand
Fob
Jan
Jan 25
17U Jan 18
Jan
111
2
2
35i2 Jan 30
109i8 Jan 30
99
100
3
Jan 21
$7 cum prior pref
No par
Stand Investing Corp..No par
1634
123
1558 Jan
29
Jan
102
Jan 29
2i8 Jan
8,200
1,600
66
29%
16%
123
Jan
11
49% Nov
Jan 14
34
Jan
28
42
Mobile A Ohio atk tr ctfelOO
34%
21%
30%
65%
47%
*27%
69%
*37%
7% preferred..
350
Jan 22
8i2
4714
lli8
87i4
P16
25
Southern Railway
*93
9
f
100
Preferred
96,900
9%
24%
102
3
100
Skelly Oil Co
Sloss-Sheff Steel A Iron
32,900
2334
9%
93
718 Jan
10
No par
Rlmms Petroleum
180
"2,466
3778 July
1% Jan
10214
1212
44i2
3i2
100
Simmons Co
32%
24%
103
Conv preferred
Silver King Coalition MInes.5
57%
9%
*2334
10234 10234 *102
69%
5
98
Ids
Southern Calif Edison
9%
70
Feb
4584 Jan 21
61% Jan
40i2 Jan
2678 Jan 29
A 0 par
Conv preferred ser A .No par
6,200
35,400
24%
69
20
Jan
Sharpe A Dohme
*60%
64%
9%
69%
Jan
Jan
Sheaffer (W A) Pen Co-No par
Shell Union Oil
No par
70
2934
4934
110% Sept
78 Jan
Socony Vacuum Oil Co Ino.15
Solvay Am Invt Tr pref
100
30%
108
3
Jan
1,000
660
6
Feb
Jan
18%
18%
19% 253,500
115
100
112% 112% *111
5
5%
5%
5%
30,200
36
3534
36%
35%
7,500
9%
9%
9%
70
11,600
Nov
Jan
113
6
Smith (A O) Corp
10
Snider Packing Corp...No par
*2384
9%
70
9,500
14,100
114
113
Jan
41
7,500
3,400
64%
9
9%
9%
9%
*69
70
68%
68%
103
103
*102
103
*102% 103
9
8%
9%
8%
9%
8%
28
24%
25%
26% 2834
3038
9
27,200
4,100
1,800
43
4434
102% 102%
1434 13434
114% 114%
50
48%
26%
27%
135
27%
18%
30
65
12%
53
55%
115
*155
*57%
105
4
*2634
1734
49%
27%
55%,
101% 101S4
5184
52%
27%
27%
19
18
1834
18%
18%
1734
*11034 112% *11034 112% *110% 112% *110% 112%
5
5
5%
5%
5%
5%
5%
5%
36
37
36% 38
37% 38
36% 37
48%
12%
*60%
104% 104%
13
13%
*49 ~
115% *..
*113
105%
13
54
12%
55%
29%
2934
104% 10434
13
12%
54%
55%
1234
Deo
Aug
Jan
100
800
41
99
Seaboard Oil Co of Del-No par
No par
A'o par
64
Dec
---No par
No par
41
13%
July
96
21i8 Feb
Shattuck (F G)
64
27
Jan 21
4514
Sharon Steel Corp
41
Jan 13
Jan
6,100
15,300
64
46
Jan
1
share
per
100
Jan
Preferred
Highest
$ per share
Jan
2
Serve! Inc
42
share
Jan
41%
97%
10934
IIII4
14is
4212
9434
t Seaboard Air Line...No par
1,000
per
17
15,800
108
$
x38
1
Preferred
Scott Paper Co
35,000
64
1378
Year 1936
Loioest
Highest
100
Schulte Retail Stores
Seagrave Corp
No par
Seare, Roebuck A Co..No par
*41
13%
13%
108
16
33%
16%
34%
1937
EXCHANGE
Rights
30%
16%
6,
Range for Previous
Range Since Jan. 1
STfintr
Shares
*9%
86%
86%
31%
16%
35%
vnnTf
Week
99%
99%
9934
112% 112%
*97
Friday
44
43
44
42
44% 45%
44%
43%
99%
99%
99%
99%
99% 100
99% 100
111% 111% *1101" 112
*111% 112
*110% 111% *110% 111%
11234 113
*112% 11234 *112% 11234
112% 112%
112% 112%
18
17%
18%
18%
20
19%
17%
19%
19%
18%
44
443g
44
4334 44%
43% 44
43%
4438
43%
*97
97%
97% 9734
*97%
97%
97%
97%
9734
97%
3
3
2%
234
234
2%
234
234
2%
234
20
21
20
21
20%
20%
20
20% 21%
21%
41
41
41%
41% 41%
41%
41% 41%
40%
41%
1%
1%
134
1%
1%
1%
1%
1%
1%
1%
6%
6%
634
6%
634
6%
6%
6%
6%
6%
45
45%
4434
45% ; 45
4434
4584
45%
42% 45
4384
111
111
Thursday
$ per share
$ per share
45%
44%
£ per share
Wednesday
Feb. 2
1
Feb.
Jan. 30
imttw
J.N ili VV
Tuesday
Monday
Saturday
Feb.
Apr
884 May
Oct
9% Nov
28
Dec
38% Nov
4784 Nov
17% Deo
65% Jan
27g June
109
74% June
102% Deo
38% May
71% Jan
2084 Aug
108% Jan
90%
22%
Jan
Jan
20%
Apr
8%
70
Dec
Jan
Deo
105% Nov
28% Feb
149»4 Aug
100
31%
32%
June
Feb
Feb
f'
,
*
Bid and asked
prices; no sales on this day,
j Companies reported In receivership,
a Deferred
delivery,
n
New stock,
r
Cash sale,
x
Ex-dividend.
y
Ex-rights.
Volume
AND
Feb
Jan. 30
share
.
Feb
1
$ per share
23
2384
.
SHARE,
NOT PER CENT
$ per share
Friday
Feb. 4
Feb. 5
$ per share
$ per share
$ per share
215«
23
Shares
23%
20%'
Un Air Lines Trans p
10
Preferred
81,200
7,700
10,000
2,800
United Drug Ino
United Dyewood
600
Preferred
80
12,300
13,500
5,800
37,400
300
19%'
18l2
i884
18%
18%;
MM
101
*98
*100
101
*102
103%
68%
70%
17%
17%
102
67%
683s
6734
68%
17%
54%
♦96%
1734
17%
5434
1784
56%
55
56
55
9634
86%
97%
97%
98%
86%
8734
88
86
5584
97
86
72%
*71
72%
9334
97%
149
149%
131
131
95%
*71
73
97%
95%
149
149%
*12478 132
150
132
*100
United Fruit
132
*85
87
*85
9712
98
98%
53%
96%
88
88
89%
87
72i2
72i2
9978
14978 150
97
13112
162
*158
*85
"884
884
9%
59
59
5934
*58%
114
114
*113% 114
11%
1134
*113s
11%
33
33
33%
33%
*129
131
834
*129
73
71%
121
*71%
*119
*11734
334
3%
11%
11%
+
11%
t United Paperboard new
10
u & & Foreign Seour...No par
Preferred
—100
u s Dlstrlb
3%
10%
*
8
*
14%
67%
1%
47
46%
47
19%
47%
8%
19%
48%
8%
97%
19%
49
50%
9
884
99
98
15%
67%
1%
11%
15%
*65
*1%
1034
32
32
25
32
24
39%
3934
39%
41%
42
36
36
36
36
*8%
8%
8%
*81
*134
"2"
*134
634
*3534
9
934
*80
'MO.*
2
1%
48%
49
4834
49t4
48%
*81%
84% *83%
84%
105
*102
*99% 105
*106% 107%
107% 108
99%
99%
121% 121%
*114
115
9%
9%
1734
*2%
1734
25
25
*3334
34
9%
---
-
1%
48%
83%
200
*102% 105
10312 *102% 105
4
3%
334
3%
37g
334
1%
2%
2%
2i8
2%
2%
55
55
*55
*55
56%
56i2
3358
31%
30u 3h2
31% 3334
41
43
43
42%
*42i4 43
►114
11434
11434 *114
11434 *114
44
*43%
43%
44%
4312 4312
"""20
112
2434
43%
3578
834
43i2
3578
9
7
*80
*134
47i2
102
*102
*99%
9%
9%
*18
19
234
2%
99i8
7%
79
34
80
55
5234
160% 163%
167
167
28%
37%
25%
234
7%
♦
28%
*37%
24%
3384
167
29%
37%
24%
3334
*168
28i2
37i2
2478
34i8
*97
100
*97
*116
120
*116
120
*116
120
►116
45
46
*107
108
108
108
26%
1734
27%
27
2734
18
1734
18
584
41%
534
534
9%
*83
41%
534
10%
84%
62%
46%
534
*41
5%
10
9384
95
8234
61%
45%
94%
88
89
88
61%
46
118
118
7384
*58
7334
118
7284
60
27%
60
28%
27%
139
*138
139
45
45
45%
8O84
82%
83
,*
120
*113
#36%
1 8%
*
37%
884
*113%
37%
8%
684
42
534
10%
84
103% 106
2938
18
18
5%
6%
4434
6%
5%
10%
1034
84%
62%
45%
94%
8734
84%
61%
45
89
8734
7234
6034
28%
105
29%
61%
45%
94%
118
4534
27%
17%
42
94
117
117
*72%
73%
59% 60%
27% 2834
141
13934 140%
45%
45% 4534
84
8334
8384
120
*113% 125
38
38%
38%
8%
8%
8%
48%
84i2
103
99i2
42%
35%
9
67
1%
7
24%
43%
36
9
*134
47%
8,200
1,100
83s
57%
48
84%
84%
*9958 102
10734 108
98%
6i4
427s
1%
1%
41
7%
24%
42%
35
36
6%
*23%
858
9%
*18%
19
212
758
2%
738
78
5534
161
50
IO6I2
30u
6i2
55s
105g
84
6178
4614
95
88
46
96
89%
122
116
117
*73
74
*73
73%
*58
60
28%
138
500
60,500
100
80,900
*107
51%
109
30%
139
5%
40
6%
4234
90
Jan 12
17
Jan 14
Jan 14
Feb
53% Jan 11
4
Feb
1
13
Apr
20
Feb
3
91
Jan
100
Nov
Jan 28
2
Jan
5
20% Jan 19
41% Feb
37% Jan
6% Jan
89
3
4
9
Jan 21
17% Jan 21
104
Jan 21
13% Jan
Jan
71% Feb
60% Jan
3
Feb
19% Jan 12
Jan
57%
99%
92%
75%
100
Feb
13934 Jan
129% Feb
150
Jan
115%
133
Jan
131
169
Jan
160
Oct
9% Jan
8% Feb
5
Apr
167
4
Jan
734 Jan 15
684 Jan
Jan 21
47
Jan 14
72% July
68% Jan
46% Jan
Jan
Nov
Apr
Deo
144
Nov
July
168
July
884 Nov
102
Nov
100
Jan
Aug
Apr
Universal Picture* 1st pref. 100
Utilities Pow <fc light a
1
Vadaco Sales
...No par
100
Preferred
Vanadium Corp of am.No par
Van Raalte Co In©
6
100
Vlck Chemical Co
5
Co oomlOO
pref
100
non-cum
Va-Carollna
Chem
No par
6% preferred
100
Va ei & Pow $6 pref—No par
Virginia Iron Coal a Coke.100
5% preferred....
100
Jan
384 Feb
1% Jan
48
Jan
a91
Jan 19
091
Jan
37
132
Feb
76
Jan
11734 Feb
3% Jan
2
100
t Wabash
71
Jan 18
5
Preferred a
100
Jan
4
100
734 Jan
5
...No par
No par
Waldorf System
Walgreen Co
16
43
2
118
Ward Baking class a—No par
Class b
No par
42
—.100
Warner Bros Pictures
5
94
11% Jan 4
45% Jan 14
19% Feb 5
Jan
6
684 Jan 26
Jan 26
Feb
Feb
Jan
18
1% Jan 21
12% Jan 25
No par
Convertible
pref
a 0 par
24
No par
35% Jan
35
Jan
Feb
69% Jan 23
Warren Fdy a Pipe
5
Jan 18
Jan
5
Feb
Feb
-No par
West Penn el class a ..No par
100
Preferred.
6% preferred—
—.100
West Penn Power pref
100
100
100
6% June
83
May
2% Jan
51% Jan
84% Feb
9
7
1
Aug
33% June
4
78
Feb
9
9184
Jan
Jan
4
Feb
5
81
Jan
4
98
Jan
4
102
Jan
104% Jan
4
108
Jan 22
96
Jan
Jan 19
87
Feb
120
Jan
6
122% Jan 21
11384
8%
17%
2%
Feb
4
115% Jan
Jan
2
Jan
8
Jan
2
7% Jan 13
8
10% Jan 20
20% Jan 20
3
Jan
8
Jan
2
Jan
5
30% Jan 22
310
.No par
Westvaco Chlor Prod—No par
36% Jain
23% Jan
7
37% Jan 23
2
26
Class a..
5% preferred..
30
Wheeling a l Erie Ry Co.. 100
5 Ml % oonv
74% Feb 5
48% Jan 14
No par
No par
Jan
34% Jan
8
7
Jan 28
100
Jan 29
34
Jan 18
116
Feb
5
Jan
4
52
Feb
4
Jan
4
109
Feb
4
23% Jan
15% Jan
5% Jan
4
40
34% Jan
47
45%
5,500
95%
98
1,830
Preferred a—
89
90
2,200
Preferred b
...
.100
—100
Wright Aeronautical..,-No par
Wrigley (wm) Jr (Del) .No pa'
25
Yale a Towne Mfg co
Yellow Truck a Co® oh clb-1
—100
Preferred.
—
Young Spring a Wire...No par
.No par
Youngstown s a t
5*4% preferred
Zenith Radio Corp
Zonite Products Corp.,
t Companies reported In receivership,
a Deferred
delivery,
—100
.No par
1
81
10»4 Feb
Jan 22
99«4 Jan 22
Jan
91
77% Jan
116
2
Feb
Jan 23
126% Jan 11
7
72% Feb
76
49% Jan
20% Jan
62% Jan 27
32% Feb 5
128
Jan
4
5
42% Jan 5
75% Jan 5
108% Jan 11
Jan
2
33
n New stock,
Jan 23
46% Feb
85% Feb
115
4
4
Jan 27
Feb
2
7% Jan
142
Jan
3
9% Jan 16
r Cash sale,
t
Apr
284
Jan
6% June
Jan
Nov
Nov
7% Nov
Nov
18% Deo
Deo
2% Feb
1284 Deo
38% Deo
37% Dec
39% Deo
11% Feb
85
June
284
Jan
52% Deo
8334 Deo
107
Sept
110
Apr
102
Sept
124% Sept
11634 Deo
12% Feb
23% Sept
4
Feb
9% Feb
96% Nov
x50% Deo
153% Oot
Oot
160
3384
Jan
39
Jan
32
July
35% Oot
91
16
Worthlngton p a m— —100
44
52
4
84% Feb 4
65% Jan 20
preferred
20
4
834 Jan
79% Jan
59% Feb
$6
Deo
12% Deo
4984 Nov
6% Jan
10
Wilson a Co Ino
Woolworth (f w) Co.
Nov
46% Jan
-No par
—100
91,100
1,000
26,300
19
39%
Jan 29
30% Feb 3
18% Jan 25
6% Jan 25
1034
84%
60%
Jan
Feb
118
2
4
4% Jan
10%
86
99
July zl20
39%
21% July
84
July
109%
28%
18% Feb
17%
1384 July
684
3% Apr
6
Wilcox Oil a Gas——.
94% Jan
123% Jan
22% June
35% Oct
1934 June
3184 Nov
Jan 18
.—..100
...60
White Sewing Mach
Conv preferred
4
Jan 22
Jan 22
Apr
1% Nov
5% Aug
72% May
3434 Jan
90
103
Preferred
Feb
15
33
38
White Rk Mln Spr otf—No par
Jan 22
116% Jan
11184 Jan
8% Apr
114
preferred—100
Wheeling Steel Corp.—No par
White Motor
Apr
19% Apr
26
preferred
21
Jan
Jan
1
Weston Elee instrum't.No par
1st
4%
15%
8
6 zl00%
131% Aug
137% June
4% Feb
10% Mar
734 Mar
69
% June
Oct
Dec
84
Sept
8% Deo
5884 Deo
114% May
1334 Dee
41% Deo
Apr
Apr
44
46
Jan
2%
57
30% Deo
493g Nov
116
Aug
48% July
80
Aug
105
'""!%
95
6% Mar
26% Apr
17% Apr
10% Jan
2% Apr
47% Jan
Jan
6,800
Western Union Telegraph. 100
Jan
9% Feb
38
170
Preferred.
Dec
6
100
preferred
Jan
Apr
114
9%
35% Jan 16
43% Feb 3
Feb
734 Jan
Jan
5
4% June
5%
Jan 29
Warren Bros—
No par
Jan
Aug
Aug
2% Aug
120
9%
Jan 28
99
Apr
May
30
Feb
Jan 26
14%
65%
1%
6%
$3.85 oonv pref...—No par
t Warner Qulnlan
Jan 21
15% Feb
4884
19%
50%
9%
Mar
4
70
18% Feb
5
Feb
114
Preferred
Jan 12
37% Jan
634% preferred
100
t Walworth Co
No par
Walk(h)Good a w Ltd No par
Preferred
No par
109
xll4%
122% Jan 11
4% Jan 21
12% Jan 21
12
Sept
4% Jan
2884 Aug
14
Jan
127% Jan 19
May
84
114% Jan 16
1234 Jan
Jan 14
Feb
Apr
72
Jan
100
Vulcan Detinning
Preferred
40
61% Jan 22
9% Jan 15
30
July
June
xllO%
Jan
46% Jan
a86% Jan
100
100
Virginia Ry Co pref
Conv
114
9% Jan 27
7% Jan
54% Jan
113
1
16% Apr
2884 Jan
44% Jan
Jan 18
42% Jan
a86% Jan 19
Jan
30
33% Feb
28% Jan
39% Jan
114
3%
4% Jan
2% Jan
58% Jan
4
5,600
Nov
10384
75%
79%
15484
92
4
_9~ 600
101
165
57% Apr
Jan
32% 191,300
360
139
13934
1,400
46%
45%
82
8334 26,300
63%
19%
49%
115
80
Jan
303s
Jan
Apr
9%
18%
104
Nov
151
900
Jan
6734 May
84% Jan
145
59
21% Jan
7% Apr
16% Jan
Jan
6
50
700
Jan
75
Jan
3
Westingh'se Air Brake.No par
Westinghouse el a Mfg.—.50
73
71
59
Jan
50
121%
Oct
Aug
Mar
2,000
240
4%
10
Feb
Feb
8%
83%
56%
167%
29,500
1,300
90,300
3,100
10,400
4,600
Jan
Aug
31% Aug
Jan
Nov
Jan
Nov
Feb
Nov
Nov
Apr
Jen
Jan
Sept
Deo
Deo
Nov
50
100
100
10
May
8%
2334
39%
125%
169%
20%
62%
153
Western Paolfio
190
Apr
24% June
80% May
10
16%
44%
92%
83%
71%
Jan
Nov
19% Jan
113% July
Jan
800
1,000
Jan
~
Jan
900
2,600
14% Nov
86
100
19,800
36,100
13,300
87
66%
109
June
8% Deo
50»4 Nov
Feb
34% Jan 13
2934 Feb
June
108
5958
46%
46%
85%
8334
107
*104
116
*10338 108
36% 38
3784 38%
3784 3888
8
8%
8%
884
85
113%
15%
21%
100%
3%
105
32%
164
7,700
7234
*57%
5
Jan 16
55s
120
Feb
"
July
81% Jan 13
5%
84
4
161% Jan 13
6% preferred...
Western Maryland
2d preferred
5,300
93
Jan
9684 Nov
35% Nov
9% Feb
487s Aug
16% Feb
29% Aug
No par
Preferred class a
4,300
20
116
4
5
Jan 25
Feb
—
37% Nov
33% Nov
117
Universal Leaf Tob——No par
Preferred
100
270
48%
60
100
United Stockyards Corp
1
United Stores olass A..No par
600
108
116
...100
50
.100
4,800
*995g 102
18
55s
10%
8458
6I84
20
No par
.No par
No par
500
2934
116
5714 59
2778 2838
13934 13934
46
46i8
85%
42,500
6,000
17
45%
93%
8734
3,300
210
43
100
Wells Fargo a Co
1
Wesson Oil a Snowdrift No par
27
61
4,000
121%
121% *121
*11334 115
9%
938
934
19
19%
18%
2%
2%
238
7%
73s
738
78%
74%
79%
56%
54%
56%
6%
preferred vto
240
18
84
6034
9,000
190
120
No par
v t c
134
162
Jan
15
49
Webster Elsenlohr——No par
30%
5%
10%
74,300
84
16358 zl58
Jan 21
Jan 21
160
8,300
29%
43
44
220
48
'
6
Preferred b
84
*98
4
Jan
40% Apr
1034 Apr
Jan 16
u STobacco..
5,500
46
108
Jan
17
96% Jan 21
Apr
Jan 19
Jan 14
Feb
Preferred
134
4
Jan 26
Jan
Jan
19% Jan 21
59% Jan 22
u s Steel Corp
Preferred
1,300
99%
99
52
4958
107% 109
6
10
4
Jan
68
Jan
85s
18
18
90
Jan
Jan 14
Oct
22%
5%
17
Waukesha Motor Co...
166
si 66
*16658 173
27%
28%
2834
283S
2938
37%
37%
*37%
37%
375s
24
25
2434
2434
2518
34
3334
34%
3334
343s
100
*97
100
100,
100
*116
300
7
3
Jan 25
137
1,800
175
120
70
Jan
Feb
111
169
9,900
11334 114
5%
103s
4412
9312
8784
66
*65
40
46%
80%
1484
111%
6%
91
32%
8%
46%
15%
25%
101%
8%
56%
Jan 11
Jan
1st preferred
5%
220
9684 Jan 26
7% Jan 4
117
13
Highest
share $ per share
Jan
25% Sept
16% Apr
24% Mar
Jan
Vloks Shr a Pac Ry
21,300
6% Jan
43% Jan
14% Jan
18% Jan
4
122
u s Smelting Ref & Min
Preferred
"
8%
5958
4
Feb
30% Jan 11
per
167
7% 1st pref
"1,000
Jan 11
28
i
20
u s Rubber...
40
48,700
2
$ per share
24% Jan 12
—100
Maoh Corp...5
u s Pipe & Foundry
u s Realty & Impt
*80
"2
121
Bid and asked prices; no sales on this day.
*6358
1%
684
24%
121
78is 7914
54% 56i8
163i2 165
100
46%
2
9:
18i2
2%
738
*97
46%
"8%
115
121
100
46
8%
58%
*80
...
10734 10784
9%
19
68
ll2
7%
2434
114
28%
*37%
25%
*3384
*85%
*85%
87g
18,300
88
*85
1634
102
114
9%
88
39%
*97
.'44
*85
83%
*82
161% *158
No par
5}i% oonv pref...
60
u s industrial Aleohol.No par
u s Leather v t 0
No par
500
85%
161%
85
*84
121
*18
38,900
82%
84
122
167
28s4
37%
36
115
167
28%
*37%
7%
25%
43%
122
160
52
1%
*114
159
79%
5284
9
99
10734 108
99
*163
738
19%
9934
121%
98%
7~5o6
8%
85
*84
234
7%
7%
7834
79%
5134
52%
159% 160%
78
234
7%
14%
50%
1%
11%
*81
1634
39%
116
4634
15
638
8%
7%
82%
Freight
u s Hoffman
"
8%
87
858
58i2
14%
4534
1934
*65%
1%
167
*165
8
*66
15
15%
67%
148
79
Jan
29% Jan
18
7% preferred..
Prior
115
100
u s Gypsum
Class a
5
6
28% Jan 20
3
Preferred.—
99% 236.700
3,800
149%
500
130%
1534
39
114
116%
14%
97
400
71%
71%
96
67
116% 118
1434
14%
16%
16%
39
*94
12,800
24,700
35,500
7,800
5,400
9,000
6,900
16%
39
116
u s
20% Jan
25
Jan
Lowest
Highest
% per share
No par
Corp
Preferred...
400
8%
82i2
*8612
9_
23,700
3,700
5,400
1858
17%
175g 18%
17l2
43
4234
41%
40%
4018
*115% 116
iui4 114u *115% 116
15%
15%
145s
1478
14i2
1434
47
46
48%
4638
46I4 4658
193s
19%
193s
*19"%
195s 195s
*43
*46
47%
47%
47u
47u
9
834
8%
8%
8%
914
99
99
99
97%
97%
*97%
15
15%
15%
1558
1512 1534
1634
38%
45
167
98
90
129% 129% *128
8%
7%
400
59
59
60%
5914
11334 11334 ♦1133s 114
113% 113% ►11334 114
10
11
11
11
1034
10%
10%
10i2
30%
30%
*30% 33% *30i2 343s
*30% 33%
132
132
*132
131
131
132
133%
*129% 131
71
73
71
71
71
72
*71
71%
71%
*11734 135
11734 11784 ►11734 135
*11734 135
121
3%
*35g
378
35s
3%
35g
3%
334
*358
11
11
11
11%
113s
1138
10%
11%
10%
*
*7
*7
*8
10%
10%
11%
11%
1012
1634
*46%
19%
150
"3~6o6
6.500
38
►
784
*85
89
834
149
16178 *158
*102
105
*101% 108
4
4
4
4
4%
3%
2%
2%
2%
2%
2%
2%
*54
56
*54
56
55% 56%
31
31
30
3134
30% 31%
4234
40%
40%
41%
*42% 43%
*114
11434 *114
11434
11434 *114
4334
4334
43% 43%
4334
4384
*86
72%
98®4 100
*80
162
102% 105
*85
7U
57
*71
*165
85s
17%
*85
87
*158
16%
5534
1634
55%
*128
167% *162
167% *162
167%
8%
8%
8%
8%
8%
7
7%
7%
7%
7%
7%
82% *79% 82%
82%
82% *79%
/ 87
162
71%
16%
71
1712
57u
985s
8%
*85
6734
7134
17u
No par
...
100
100
100
70%
*162
*159
102%
71%
—100
United Gas Improve...No par
Preferred
No par
MM
87
72%
97%
150
102
18%
29%
Corp
100
6,800
1,800
19
6
10
Preferred...
54,200
5,800
31
31
31
31
30%
30% 30%
31%
31%
134
135
135
136%
131% 131% 131% 133
135l2 137
136% 136%
*171%
*170%
*170% 'MM-- *171%
*171%
*17114
19
1~8~34
*18%
1884
18%
19%
1834
19%
19%
1834
19i8
193s
58
58
58
58%
57%
*55%
5834
*56% 6884 *57
6884
*57%
39
39
41%
39
3 97b
39%
39% 40%
40%
39% 4134
39%
8
8
8
8
734
7%
8%
8%
8%
8i8
734
15%
15%
1534
1534
14%
15%
15%
1534 16%
15%
16i2 15%
19%1
..No par
United Elect lie Coal ...No par
United Eng & Fdy
-.1
440
19%
2984
..—100
United Carbon
No par
Unlted-Carr Fast Corp.no par
United Corp
No par
1,800
18%'
1934
3034
Corp...5
United Amer Bosch ...No par
United Biscuit....
No pa>
500
1,400
2884
100-Share Lots
Lowest
Par
16,800
27
28%
On Basis of
Week
23
23%
22% 23%
225s 23%
26
26
28
25%
25%
*2534 26% *25
26%
26%
29
29
*28% 29
285S
2858
2834 29
2834 29
*113% 11784 *113% 11734 *113% 11734 *11312 II6I2
116i2 116i2 *11412 11784
90
89%
90% 90%
9012
9084
89%
89%
90i2 91
905s 905s
32
*31% 32% *3134 32%
3U2
3188
*3184
3u2 3h2
3114 3112
7
7
7
7
738
7%
7%
7%
714
7»8
7%
7i2
45%
45% 46
44%
45%
45% 45%
45%
45i4 4534
455s 4584
1434
1434
1434
14i2
1434
1434
14%
1434
15%
1514
14l2
1478
23.
22%
22% 22%
22% 22%
22%
223g
22'% 23
223S 2212
*98
101
101
101
*100
102
10134 10134
*97% 101
IOO84 10034
8
8
8%
7%
8%
778
8%
8%
7%
8I4
778
8
48
54
48
*48
56%
48%
47% 49
49i2 523g *52% 5434
83
83
83
83
84
83
84
81%
83»4
83%
837s 84i4
15%
1538
15%
15%
15%
15%
15%
15%
153s
1558
15u
1512
112
*112
114
112
*112% 114
112% 112%
*11214 114
*11214 11314
12%
12%
1234
13%
1378
153s
12%
1234
12% 13«4
1418 153S
21
21
20%
19%
2038
21%
19% 20%
20i2 2118
2014 20%
*97
100
*100
101
*98
101
*100
101
101
10012 100l2 *98
*3
334
3%
*3%
*3
*3
3%
3%
*3%
334
3%
3i2
23
*25
exchange
Thursday
the
Feb. 3
2
Range for Previous
Year 1936
Range Since Jan. 1
stocks
new york stock
Wednesday
Tuesday
Monday
Saturday
% per
SALE PRICES—PER
HIGH
Sales
for
LOW
895
New York Stock Record—Concluded—Page 10
144
43
Nov
Oct
Deo
Feb
Nov
Nov
NOV
Nov
5% Mar
11
Jan
June
87
Jan
4484 Apr
23% Apr
56
Apr
71
Nov
70
47
JaD
62%
JaD
Aug
33% Apr
63
884
Jan
83% Jan
42% July
41>4 Jan
105
Jan
11% Jan
534 July
Deo
8684 Deo
80'4 Oct
14034 Sept
3634
79
Feb
51
Nov
23%
163%
Deo
Deo
Apr
Oot
55
8734
122
Aug
42% Nov
9% Jan
Ex-dlvldend. y Ex-rights.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
896
On Jan.
1,1909 the Exchange method oj quoting bonds
NOTICE—Cash and deferred delivery sales
the regular weekly range
are
shown In
a
Y.
STOCK
Last
EXCHANGE
s
Week Ended Feb. 5
U.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
S.
&
NO,
changed and prices
Range
Sale
Price
Government
Bid
A
Low
or
Range
Since
Asked
03 CQ
High
NO.
120.9
119.30
120.10
221
119.30 121.14
15 1943-1946
108.27
93
108.16 109.26
4s
15 1944 1954
108.25 108.18
114.21 114
114.21
245
3s
June
3#s.._June
3#s-__Mar
3#B-__June
3#s
Dec
3#s
3 14b...Apr
S
D
114,
115.20
113.13 113.2
15 1946-1948 J
15 1940-1943 J
113.13
30
113.2
114.9
109.10
29
109.2
110.18
106.24
111
1.109.2
106.24 106.13
106.12 106.28
107.6
106.31 107.27
Copenhagen (City) 5s
25-year gold 4Ma
108.5
108.8
61
i08"9~
107.31 108.24
Cordoba (Prov) Argentina 7s. .1942 J
15 1946-1949 J
108.3
108.9
258
108.3
108.24
15 1949-1952 J
Aug 16 1941 F
15 1944-1946 A
15 1955-1960 M
108.9
108.6
108.4
108.18
2#s series B..Aug
108.5
M
S
D
M S
J
Ml
108.9
197
108.3
108.25 108.16
M 8
J
D
S
108.8
104.22 T04.7
105.26 105.17
104.24 1073
108.26
107.30
37
107.29 108.24
155
108.16 109.25
104.5
104.20
105.27
73
105.13 106.16
104.10
282
103.31 104.16
103.14 1211
102.31103.16
104.10 104
103.12 102.31
103.10 103
103.12
530
102.26 103.12
101.19,101.8
101.21
673
101.6
106
—
105
104.21
101.21
5
105.25 106.10
111
104.30105.17
105.10
48
104.30105.23
103.31
102
103.20 104.10
105.1
453
104.21105.3
106.3
102.28 102.20
102.30
325
102.20 103.2
102.25 102.19
102.25
209
♦Sink fund 6s Feb coupon on. 1947 F
♦Sink turd 6s Apr coup on
.1948 A
_
A
1945 J
J
"99#
16
25 M
27 #
4
25%
26M
25M
O
1903 M N
26#
99M
5
25%
20
98
18
30
18
23
99
16
♦External
s
f 7s series B
1945 J
J
♦External
s
f 7s series C
1945 J
J
16#
16 #
♦External
s
f 7s series D
1945 J
J
17
♦External
s
f 7s 1st series
1957 A
♦External
sec s f
♦External
sec s
O
7s 2d serles.1957 A
O
f 7s 3d series. 1957 A
O
13#
13#
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 6s
Argentine 6s of June 1925
1960 A
O
1959 J
D
101#
1959 A
O
t 6s series A
External 6s series B
20
7
14 M
13
20 %
27
15
Australia 30-year 5a
16
12M
16M
14M
22
13
16M
11
99#
98 M
99%
102M
7
61
101# 102
102#
101 % 103
102#
102#
102 %
27
102 #
D
101#
102M
102 #
101#
102#
102M
External 5s of 1927
1957 M S
External g 4 #s of 1928
1956 IVI N
101 %
1955 J
f 7s
102#
102#
102#
102#
101 %
101 %
102M
102 #
102#
102
33
102
101 %
101% 102
103#
49
102
71
101 % 102%
102
102M
27
102 M
46
102
102 M
109 #
56
109#
45
108 M
109 M
15
101M
102H
70
301 94; 103
109# 110M
10s# 110
101M 102*#
101
Ml
•-
1957 J
J
1945 F
A
20#
20%
3
1949 M S
108M
1955 J
106
108 M
107
32
117M
29
102
12
20 M
21
10
19#
20 M
102%
17
12
99M 101#
6s
J
1
99
19
108M 109%
105M 107
115# 117%
External 30-year s f 7s
Bergen (Norway) ext a f 5s
1955 J D
1960 M S
♦Berlin (Germany) 8 f 6 Ms
1950 A O
♦External sinking fund 6s
♦Brazil (U S of) external 8s
♦External s f 6 Ms of 1920
1958 J
D
J
D
50#
50#
51#
68
50
1957 A
O
44 M
21M
21M
59 %
44
44 %
80
41
47
6Ms of 1927...1957 A
44M
168
41
47
41M
47#
♦External
s f
1941
117M
102
"20M
O
43#
1952 J D
1957 IVI S
43#
Sinking fund gold 6s
...1958 F A
20-year s f 6s
1950 J D
Budapest (City of)—
♦6s July 1 1935 coupon on
1962 J D
Buenos Aires (City) 6MsB-2..1955 J
J
'162"
♦7s (Central Ry)
Brisbane (City) s f 5s...
External
s
f 6s
External
s
f 6s ser C-3-.
ser
C-2
f
..1977 IVI
87#
88M
S
81%
82 #
83 M
6
85 %
26
10
23
22#
23
41
2
24 M
109#
24 M
16
108M
109 %
69
24
113#
113
113%
34
A
100#
100 %
101
54
J
100 M
100#
100 %
J
*50
40
40
31
31
31
30#
29
30 %
6s__July 15 1960
♦Farm Loan 6s ser A
Apr 15 1938
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 0s...I960 A O
♦Extl sinking fund 6s...Feb 1961 F A
Jan 1961 J
♦Extl sinking fund 6s__Sept 1961 M
♦External sinking fund 6s
1902 M
♦External slnkli g fund 6s_..1963 M
♦Chile Mtge Bank 0Ms..
1957 J
76
60
S
f 6s...Oct 15 1960
External loan 4Ma._
..1949
Sinking fund 5 Ma..-Jan 15 1953
♦Public wks 5Ms...June 30 1945
Czechoslovakia (Rep of) 8s
Sinking fund 8s,ser B
Denmark 20-year extl 6s
External gold 5 Ms
41
"""2
3
13
46
85%
77%
78%
78%
81%
60
89%
82%
83%
83 M
85%
64%
21M
24%
22
25
108# 110M
113
114#
100% 101M
100# 103M
27 M
27M
*25%
99%
98%
98 M
a98%
103%
58 %
100
{♦Stamped extd to Sept 1 1935... M S
Domlnlcan Rep Cust Ad 5 Ma--1942 M S
1st ser 5Ms of 1926
..1940 A O
76
77
101M
a 98%
104%
62
1948 J
74
J
1967 J
1945 M S
99
97 M
97
34
27
"21
101
5
10
451
7
105
100
99%
99%
29%
104% 105M
98
103
58 M
105
101M
98
104M
63 M
105 M
104 %
1
37
105
101
38
100 %
101 %
100#
62
99%
100 %
27
104^ 105M
45
105M
45
74 M
81
72
73
80 %
80
23
8
4
7s unstamped
German Govt International—
♦5Ma of 1930
stamped...J..1965
23
18%
20 M
44
185|
24
74
65
18%
18%
1854
18%
1554
15%
1554
24
24
9
17
12
16M
12
♦Chinese (Hukuang Ry) 5s
55
55
1
53 M
20
18#
55
19#
20 M
7
19M
20#
D
15 #
O
15#
16
124
37
1554
15
130
196
♦(Cons Agrlc Loan) 6 Ms
1958 J D
♦Greek Government s f ser 7S-.1964 M N
18M
27 M
21M
31%
25
♦7s unstamped
1949
German Prov <fc Communal Bks
31
40
23%
25
18
23%
25%
20
23%
24%
24%
24%
35M
30
A
"31%
31%
32M
A
O
98M
A
O
20
J
J
A O
*15
19
106
106
..1988 F
Haiti (Republic) s f 6s »er A
1952
♦Hamburg (State) 6s
1940
♦Heidelberg (German) extl 7 Ma '50
Helslngfors (City) ext 0Ms
1960
Hungarian Cons Municipal Loan—
♦7Ms unmatured coup on
1945
J
J
♦7s unmatured
coupon on
1946 J
J
♦Hungarian Land M Inst 7M8-1961 M N
♦Sinking fund 7 Ms ser B
1901 M N
♦Hungary (Kingdom of) 7 Ma.-1944 F A
.....
22
25#
6
14
24
24
20
195*
20
M
20
M
20 M
25
25%
33
36
27%
33
96 M
99
20
20M
18M
105M 106
22 H
25
20
23
21M
%
*22%
47 M
113M
92
1
15 M
*22 M
1900 MN
Italy (Kingdom of) extl 7s
1951 J
D
Italian Cred Consortium 7s
A..1937 M S
21
99
98
*22
21#
21M
21%
23
21%
47 M
113#
2
1
24%
25%
21%
24%
51
47%
113M 115
93 M
85%
87%
93
99
99
99
1947|M S
93
87
93
27
J
80
76
81
140
Japanese Govt 30-yr s f 6 Ma—1954 F A
Extl sinking fund 5
Ms
1905 M N
Jugoslavia State Mtge Bank—
96%
94
97%
66
81
80 %
81M
41
♦7s with all unmat coup
1957 A
« f 73
1947 F
Lower Austria (Province
of)—
7Ma June 1 1935 coup on
1950 J
O
34
33 M
34
4
29 *^34
A
20
20#
20
5
20#
24
13
17
Externalsecsfser
B
Italian Public Utility extl 7s—.1952 J
♦Leipzig (Germany)
♦Medellin (Colombia) 6 Ma
1954 J D
♦Mexican Irrig assenting 4Ma..1943 MN
♦Mexico (US) extl 5s of 1899 £.1945
J
J
f 6 Ms
♦Sec extlsf 6Ms
1958 M
s
13%
7
♦6s series A
10
D
f 5s
Apr 1958
Norway 20-year extl 6s
20-year external 6s
14 #s
Municipal Bank extl
a
♦Nuremburg (City) extl 0s
Oriental Devel guar 6s
Extl deb 5Ms-Oslo (City) sf 4 Ma
>.
Panama (Rep) extl5#s__
♦Extl
s
7
10
*5M
6%
6%
7
D
7
99
S0M
93
81
93
99 %
79M
85%
14%
24
7%
21
7
11
10#
"3
"16"
8M
7
10
2
:r 7
10
11%
11%
11
7
7H
43
7%
81
7M
291
9
6%
9%
7
9M
6%
9
11
11
7
11
11
11
H
1
13#
11
13
O
80
74%
82
139
31M
31M
32M
70
31M
32
77
67
67
6
J
S
*62 %
........1959 MN
New So Wales (State) extl 5S..1957
A
A
1952
S
1953
M N
1958
1955 A
O
1953 J
D
105M
104%
106 %
106 M
105
9
107 %
18
54
100 %
107M
100 M
102%
103 M
73
100 %
102 M
101M
102M
19M
109
19M
52
7
6
76
78
31
71%
77%
73 M
14
99M
36
"99%
106
'~74
106
106
*81 %
74
6
90
70%
82
27
33M
27#
66#
33
61#
67
104%
1963' M N
f 5s ser A-_
♦Stamped
Pernambuco
13M
*10
1959 M S
1952 J D
♦Montevideo (City) 7s
s
%
99
71M
J
Milan (City, Italy) extl
6Ms—1952 A
Mlnas Geraes (State)—
s
150
^ 1'
11
J
♦{Small
External
M
98#
10
1954 J
♦STreas 6s of '13 assent(large) '33
♦Sec extl
%
%
D
D
19
16M
128
123# 123 M
21%
f 5s...1970
41
24
15 #
7
126
20
31
101
25%
"Is#
128
M
18
120% 124%
119M
117
19#
O
18%
S
1
99
30 M
1965
18%
N
7
3
117
75
93
106M 107%
23#
External
30%
D
19#
121 %
67 %
24%
21%
30%
30#
26 %
38
20 %
D
103
159
18 M
19M
120#
128
S
20#
18%
2
20
*123
s
20 M
19
D
External sink fund 5s
1903
External sink fund 4 Ma.—-.1956
41
S
19%
120%
99
107
117
D
♦5 Ma unstamped
1965
♦German Rep extl 7s stamped-1949 AO
♦Sink fund secured 6s
99
1949
J
1
74
106#
31
40
26%
18#
20 %
J
♦Frankfort (City of) s f 6Ma.-.1953 M N
French Republic 7 Ma
stamped.1941 J
7 Ma unstamped
1941
External 7s stamped
1949 J
23
106 M
100 %
36
18 #
19
S
7
79#
79M
79M
H
75
107%
19
J
D
53
29M
105%
99%
2d series sink fund
5M8---..1940 A O
♦Dresden (City) external 7s... 1945 M N
A
15%
M
"~20
98%
*50%
76%
O
♦Guars! 6s.
..1962 M N
♦Chilean Cons Munlc 7s......1960 M S
1951 J
26M
99M
99M
29
101
100#
99%
A
16
04
67
104# 105#
104# 105
106# 107#
106M 109
100#
102#
100#
102#
102
104#
102
102#
18#
20
75#
80#
71#
76#
99# 100
105# 100
82#
73#
74%
85
29#
23#
22#
22#
70
(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
♦Nat Loan extl s f 6s 2d ser..1961 A O
♦Poland (Rep of) gold 6s
♦Stabilization loan
8
1940 A
O
f 78. ...1947 A
26 M
25 M
27
31
25#
20 M
22
56
20#
19M
20 %
181
19M
19
20 M
121
60
60
60 %
8
77%
60%
78%
16
"l9%
O
♦External sink fund g 8s..—.1950 J
23%
23M
.1955
1943
51
32
901.
4
105
..1944
50 %
35
16#
see page
34%
26%
25M
105~"
104 %
17
For footnotes
23 M
al04# 2105
104#
External g 4 Ma
Apr 15 1962
Deutsche Bk Am part ctf 6s:
1932
34M
29%
6
*104
101M
60
1951
♦Assenting 4s of 1904...... 1954
♦Assenting 4s of 19i0 large
♦Assenting 4s of 1910 small
19 M
♦Cologne (City) Germany 5 Ms-1950
High
115
1952
103
20
1961
99%
99%
"Io4#
..1942
♦4s of 1904
18%
..1961 A
Low
26
28
A
131
34%
34%
25%
S
1949 F
101#
18%
15%
15%
15%
J
High, No
32%
31%
25
J
1944 M
♦Assenting 5s of 1899
..1945
♦Assenting 5s large
♦Assenting 5s small.....
85
64#
...1961
♦Sink fund 6#b Of 1920
♦Guars! 6s
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
102
•
100
85
O
30
26%
100% 102
5
160
83#
101% 103#
101% 103
103% 105#
23
2
A
19M
100
63#
Aug 15 1945 F
f 6a
103
102
99
100
102
82M
♦Carlsbad (City) 8f 8s
...1954
♦Cent Agrlc Bank (Ger) 7s
1950 M
s
102
103
1952 M N
♦Ry ref extl
16
102
102
1975
5s
s
29 #
j""j "~63#
1976 A
1984
4
104M
101M
*100#
♦Sink fund 7s July coup off. .1907 J
J
♦Sink fund 7 Ms May coup offl968 MN
Canada (Domof) 30-yr4s
1960 A O
♦Farm Loan
1C2
47
48
81%
82%
82M
1976 F
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Farm Loan s f
102
44
102#
1981 F
Refunding
25-year 3#s
42 %
29
1961 M
.1961 M
Extl
10-year 2Ma.
43 M
*103%
1960 A
4#a-4#8
8 f 4#s-4Ma
ro-adj 4#s-4#s
Extlsf 4#s-4#s
8
116#
101M
101 %
1960 A
♦Buenos Aires (Prov) extl 0s
♦6s stamped..
♦6 Ms stamped
Extl
31%
31%
..1952 J D
..1953 M N
Irish Free State extl sf5s_
♦Bavaria (Free state) 6 Ma
Belgium 25 yr extl 6 Ms
Since
Jan. 1
102#
101
102
109M
108 M
s
17M
15
102#
Extl 0s pub wks May 1927...1961 M N
Public Works extl 5#s
1962 F
s f
15
101 #
1960 M S
1961 IF A
Ry)
Sanitary Works
External
6
102#
1960 M N
f 6s (State
Austrian (Govt)
13#
14#
14%
99#
20M
20
101#
102#
1958 J
f 6s of May 1926
Extl 6s
D
13#
13#
17 #
17
27 M
27 M
1957 M S
f 6s of Oct 1925
Range
or
Asked
102.18 102.31
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Antloqula (Dept) coll 7s A
A
Estonia (Republic of) 7s
Finland (Republic) ext 6s
A
1942-1944
Akershus (Dept) Ext 5s
Bid
♦El Salvador 8s ctfs of
dep
1 1939-1949 F
2 #s series G
s
Price
Costa Rica (Republic of)—
♦7» Nov I, 1936 coupon on.-1951
15 1941-1943 M
105.10
s
Friday's
♦Colombia Mtge Bank 6Ms.- 1947 A
♦Sinking fund 7s of 1926
1946 M N
♦Sir king fund 7s of 1927
1947 F A
55
1103.27
Extl
Range
Sale
Low
11
105.10 104.30
External
Last
of)
♦08 Apr 1 1935 coup on..Oct 1901 A
♦6a July 1 1935 coup on ..Jan 1961 J
107.14
3s.
Jan
15 1942-1947 J
J
2#s
Mar
1 1942-1947 M S
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 IVI N
s
(Republic
Week's
Friday
Foreign Govt. & Mun. (Concl.)
Colombia
107.10
105.10 104.30
s
ls
Week Ended Feb. 5
107.8
Ml N
External
EXCHANGE
107.12 107.6
May 15 1944-1949
External
STOCK
107.8
2#s._.Mar
2#s_._Sept 15 1945-1947
2#s.__Sept 15 1948-1951
2#b
1951-1954
2#s-_.Sept 15 1956-1959
2#s
Dec 15 1949-1953
Federal Farm Mortgage Corp—
3#s
Mar 15 1944-1964
3s
High
109.8
Sept 15 1951-1955 M
3s
Low
Il¬
BONDS
N. Y.
Jan. 1
16 1947-1952
3#8-..Mar 15 1946-1950
3#s... June 15 1943-1947
interest'—except for income and defaulted bonds
1
Friday's
4#s.__Oct
3#s.. .Oct
Dec
are note "and
Week's
Friday
BONDS
N.
teas
disregarded In the week's range, unless they are the only transactions of the week, and when
selling outside of
footnote In the week In which they ooour.
No account Is taken of such sales In computing the range for the year.
are
J
"oo%
60Mj
79
18#
19
58
61
76#
57%
78%
00#
Volume
Week's
Friday
BONDS
N. Y. STOCK
v
Last
EXCHANGE
NO,
D
1966 J
J
1952
Qneei sland (State) extl a f 7e—1941 A
25-year external 6s.
...1047 F
♦8s April coupon off
99
19 4
20 4
21
1134
114
294
21
194
O
113
A
*1144
*24 4
1960 M 8
,
32%
304
4
92
99
9
174
214
19
164
21%
24
112
1134
112
113
23%
264
24%
324
284
294
304
78
364
30 4
30
21
344
32%
284
26
♦6s June coupon off....
♦7s May coupon off-...
1468
1966 M N
294
♦7b Jud# coupon off....
1967 J
29
354
294
354
29 4
D
Rome (City) extl 6 Hi
1962 A O
Rotterdam (City) extl 6b
1964 Ml N
Roumanla (Kingdom of) Monopolies
♦78 August coupon off...... 1959
♦Saarbruecken (City* 6«_.
1963
*8b May coupon aft
...1952 M N
♦Extl 6 4* May coupon off.. 1957 M N
San Paulo (State of)—
|*Ss July coupon off
764
1024
'30
834
1024
314
32
244
24 4
33
Baldwin Loco Works 1st 5a
26
324
11
264
324
5a assented
...1940
Bait A Ohio 1st g 4s
JUiy 1948
Refund A gen 5a series A
1995
1st geld 5s_
July 1948
Ref A gen 6a series C
...1995
132
10
24
1
04a
724
834
102% 108
—197i
Conv
40
44
34 4
28 4
27 4
43 4
344
34 4
334
31
334
70
95 4
974
224
106
95
98
3
22
22
4
22
30
29
284
284
284
524
*324
"524
*904
J
104
1054
-
O
(City) external 7s....1948 F
Yokohama (City) extl 6s
1961 J
68
524
21
934
J
..1947 J
33%
92
105%
71%
764
684
67%
78
72%
100% 102
754
"674
67
70
68
67
69%
684
674
694
964
92%
95%
51%
82%
50 4
614
514
46
794
774
1st cons 4a series B
934
105
1943 J
♦Albany Perfor Wrap Pap 6a.. 1948 A
95
O
89
88
44s
%%s debentures.
I960
A
1954 M
Am A
2030 M
a f
deb 6b.......1963 J
Amer I Q Cbem conv 54a
Am Interrat Corp conv 64b..
62
64
S
1949 M N
J
194» J
784
694
74
69%
1064 107
146
100
101%
96
89
94
964
89
32
854
89
1014
654
305
5
62
664
1024
1024
1104
111
16
110% 1124
1014
12
1004
5
1004 1004
3
93 4
80%
97
97
834
83
854
490
92
92
934
27
87
97
87%
934
95
108
109%
17
105
106%
117
111
112
1084
1064
1084
1064
1084
1064
111
111
112
1114
1104
1114
28
34s
debentures
1961 A
O
1014
1004
debentures
1906 J
D
101
100
1014
1014
482
34s
♦Am Type Founders conv deb.1960 J
J
Amer Water Works A ElectricDeb g 6s series A
1976 MN
190
175
200
120
J
t*Am Writing Paper 1st g 6S..1947 J
♦Certificates of deposit
Anaconda Cop Mir a r deb 44a i960 AO
491
110% 113
100% 1024
100
102%
200
169
nrome
1967 J
t*Ann Arbor 1st
Ark A
J
1994 Q
deb
1104
1104
87
864
874
874
106
,
38
1054
1104
904
904
106
374
384
70
J
g 4s
Mem Bridge A Term 6a. 1964 M 8
1939 J D
80
219
38
94
1094 1104
69%
94
70
70
145
1
*104
1034
1004
1034
106
100
1044
1004
1064
1134
70
724
"56
104% 105
103% 1044
148
994 100%
Armstrong Cork deb 4s
19 SO J
J
Atcb Top A 8 Fe—Gen g 4b
1995 A O
1995 Nov
1134
1996 M N
1084
108
109
"47
109
109
109
3
107% 109
4
107
110
105
108
100
1124
*1084
1966 J
1966
D 0109
108
1094
Conv g 4b issue of 1910
Cor? deb 4 4a
1960
D
106
108
194k
D
1104
1104
Rocky Mtn Dlv lot 4a._.
1966
J
J
'1164
107
107
1124
5
175
112
Conv gold 4a of 1909
Conv 4b of '906
S
....
91
98
93%
150
100% 100%
105% 106%
100
108%
89%
94%
111% 116%
100% 103%
114
58
101%
99
104
104%
27
103% 105
105%
104%
105%
98%
68
104% 107%
97
99%
98
mm.
8
11
90%
110
89%
93%
77%
92%
115%
273
75
79
110%
5
115%
115%
110%
115%
92%
76%
90%
115%
110%
115%
6
94
4
93%
89%
115% 116
110% 110%
113% 116%
oens
M 4%s *er
22"
lat M
I {♦Botany Cona Mills 6 %s
1934
♦Certificates of deposit...
Brooklyn City RR 1st 5s
1941
Bklyo Edison cons mtge 3% a. .1966
Bklyn Man hat Transit 4%s
1966
Bklyn Qu Co A Sub con gtd 5s_194i
5s
A
1
J
..1952
{♦Bush Terminal 1st 4a
conv
237
54
97
7
28
499
35%
40%
100%
103%
103%
270
103
80
A
114
F
M N
F
A
A
1940 J
deb 5s
84%
62
290
40%
*85
A
O
106%
99%
97%
111% 112
89%
83%
89%
85%
79%
84%
26%
29
40%
33%
40%
100
101%
103
105%
34
104
83
6
8
30
106
6
10
7
101%
5
109%
108%
21%
105
80
131%
104%
108%
101%
21%
21
103
118%
♦
23
18%
20
2
93%
114%
105%
104%
108%
105%
D
11
81
108%
mmrnmmm
20%
170
80
118%
131%
104%
mmmmmm
12
113% 115%
118% 122%
132%
104% 106
131%
108% 109
105
106%
101% 101%
108% 110
101i516
"91%
93
28%
*28%
29%
29%
137
90
93
27
28
30%
30%
2
85
88
13
88
O
71%
69%
103%
J
{♦Bush Term Bldg* 5s gu
1960 A O
By-Prod Coke 1st 5%l A......1945 MN
Cal Q A E Corp unif A ref 6s
1937 MN
Cal Pack
88%
100%
103%
118% 121%
128% 131
21
28
J
.1955 J
♦Consol 5s.-
88
83
M N
1957 M N
Conaol 4%s
1957
|{*Burl C R A Nor lat A coll 6a 1934
3
35%
m
100%
103%
103%
J
MN
I960 J
1950
7
38%
mmmm
M N
1947 M N
f deb 3%s._
56
38
A
O
1941 J
stamped..!
32
13
105%
98%
112%
88
84
O
F
A
78
-
33
*111%
86%
88%
-
20%
98%
"87%
—
22
105
98%
lstg 4%9S*riet> JJ
1961
{♦Beaton A N Y Air Line 1st 4s 1955
1st
"l05""
1967 M S
5s series II
76
....
m
20%
*21%
...1944
Boston A Maine 1st 5s A C
m
21%
20%
20%
20%
20%
D..1960
1965
Big 8andy 1st 4s
120%
130%
118%
128%
*105
If5* M N
Cons mtge 3%s ser E
3
78
*102%
118%
128%
♦Debenture 6s
...1955
♦Berltr Elec El A Undergr 6 %s 195#
Beth Steel
78
m+mmmm
88
68
72%
377
66
83
69
73%
103%
128
61%
73%
103
*102%
104%
33%
J
♦Camaguey Sugar 7s ctfs
...1942 A O
Canada Sou cons gu 5s A......1962 A O
10
105%
34%
31%
102% 103%
103% 103%
3
105
104%
Canadian Nat guar 4%s
Guaranteed gold 5s
Guaranteed
gold
1957 J
July 1969 J
6s—Oct 1969 A
6a
1970 F
*118
70
113%
116%
119%
J
J
104% 105
42
guar g
M 5
1944 J
Dec 1 1954 J
Coll trust gold 5s
Collateral trust 4 %8
4s
1960 J
1949 J
—1938 J
6s ser A.Dec 15 1962 J
Caro Clinch A O 1st 5s
1st A
113%
37
113
116%
117
23
116% 118%
57
119
119%
118%
21
118%
121
116%
116%
3
116%
118%
113%
114%
113%
27
103
104
113%
126%
98%
127
99%
17
27
113
113
113%
44
110%
110
J
104%
104%
110%
105%
81
J
*74%
J
23
---
106
108
112% 116
109% 110%
108
cons g
-
121
113% 116%
113% 116
126% 128%
99%
98%
102% 104
113&1 115%
110%
104% 105%
109%
72%
72%
D
105
105
105
11
105
105%
D
109
109
110
32
109
111
106%
91%
106%
5
105
106%
92%
11
1948
J
D
{♦Central of Ga lstg 5«—Nov 1945
♦Comoi gold 5s
1945
♦Ref A gen A%s series B
1959
♦Ref A gen 5a series C
..1959
♦Chatt Dlv pur money g 4s.. 1951
♦Mac A Nor Dlv 1st g5s
1946
♦Mid Ga A Atl Dlv pur m 5B.1947
♦Mobile Dlv 1st g 5s
1940
Central Foundry mtge 6s—-.1941
Gen mortgage 5*
1941
Cent Hud G A E 1st A ref 3 %s_ 1985
F
A
112
MN
37
m
mrnmmmm
32%
18%
37
81
33
89
18%
19
37
18%
18
O
J
D
J
J
J
J
22%
22%
22%
1
19%
23%
J
J
32
32
32
7
30
34
235
245
23
172
245
20
107
M S
18%
;
*37
*25%
mmmmmm.
39%
28
S
120
120
125
S
107%
107%
O
104%
104
107
4
Cent Illinois Light 3%s
1966 F
{♦Cert New Engl lat gu 4s—.1961 J
Central N J gen g 5s
1987 J
General 4s
......—...1987 J
107%
107%
3
106% 107
1114 113
A
1124
107%
104%
108%
74%
M
—
Members
Telephone HAnover 2-7900
Private Wires to
—
—
71
85
87
41
85
88%
J
77%
77
78
13
75
78%
NEW YORK
Chicago, Indianapolis and St. Louis
6
29
125%
107% 109
103% 104%
107% 108%
63
74%
73%
New York Curb Exchange
A. T. & T. Teletype NY l-9il
7
43
31
85
BROKERS
....
24
22%
!gg
J
Vilas & Hickey
49 WALL STREET
....
J
Railroad, Public Utility and Industrial Bonds
New York Stock Exchange
34%
A
M
BOND
81
31%
18%
18%
29%
O
1951 A
113
93
40
A
Cent 111 Elec A Gas 1st 5s
113
91%
36
78%
6
*78%
31%
110% 111
114
20
235
D
74
7
116
113
119%
104
Guaranteed gold 4%s—Sept 1951 M S
Canadian Northern deb 6 %s
J
1940 J
4% deb stk perpet J J
Canadian Pac Ry
1946
119%
118%
Guar
Coll trust 4 %s
5s equip trust ctfs
31%
119
116%
114%
113%
126%
98%
O
A
gold
gold 4%s
June 15 1955 J D
Guaranteed gold 4 %s
1956 F A
Guaranteed
119
For footnotes see page 901,
8
106%
107
100%
cons
♦Cert Branch U P 1st g 4s
39
A
Trans-CoD Short L 1st 4a... 1958
Cal-Arli 1st A ret 44s A....1962 M
85%
111%
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Ad 1st gu g 4s
...1981 J D
364
1955 F
D
83%
107% 107%
94
105% 107
Armour A Co till) 1st 44s
1st M 8 I 4a ser B (Del)
Adjustment gold 4s..
Stamped 4a
1
54
51%
79
83%
IODI32IO2
101%
104%
3%s—1943
♦Berlin nty Elec Co deb 6 %S—1951
♦D»b alnklnf fund 6%s
19*9
{♦Car Cent 1st
♦Angio Chilean Nitrate—
8 f
4
99%
105% 106%
60%
56%
100% 1014
"1664
1004
1004
102%
Am
Teiep A Teleg—
20 year Blnkiag tund 54s...1943 MN
C onvert'ble debenture4
J
4s._ 1939 J
D
♦Certificates of deposit
1024
8
D
99
"lloji
O
1951 Fj A
Foreign Pow deb le
1004
1998 AO
♦Alpine MontaWSteel 7s
American Ice
1084 110
954
Allied Stores Corp deb
O
92%
29%
114% 1144
8
D
S
92%
111%
D
A
J
(VI N
1
110
1054
103% 103%
79
*1054
1946 AO
1942 M
6
85%
*106%
106%
101%
108%
1144
*76
O
1960
J
Brurs A West lat gu g 4s
1938 J J
Buffalo Gen Elec 4%a ser B...1981 F A
Buff Roch A Pitts gen g 5s
1937 M S
1094
6a.............1949 J
....
13
107%
106
104
1144
'116"
1004
♦5s stamped
A'legh A West 1st gu 4a..
Allegb Val gen guar c 4a
3
....
694
1950 A
2
52%
82
30
1012'32 101",6
107
Brown Shoe
105
A
6s-.
mrnmmmm
AO
84
984
104% 106
"s5"~
1944 F
conv
10
105
99
♦6b with warr assented......1948
Alb A Susq 1st guar 3%a
Alleghany Corp coll tr 6s...
175
~95"
D
D
954
1054
A
O
1943 J
Ala Ot Sou 1st copb A 6fl
94
D
>952 A
32
84
J
304
534
674
S
1946 F
10-year deb 44s
Adriatic Elec Co extl 7s..
59%
107%
1951 J
4b
52
104
744
954
el
i
24
79
D
16
52%
J
30%
674
674
Con
lit lien A ref 6i series A..
M
106
80
Bell Telep of Pa 5s series B....1948
1st A ref 5s Berles C
I960
*774
*
134
57
57%
....
98
105%
101"
4a«tamped
1951
Battle Creek A Stur ltt gu 3a..1989 yd
Beech Creek ext 1st g 3%s
1951 A O
Debenture gold 5?
lat lien A ref 5a series B
♦SXAbltlM Pow A Paper 1st fis.1953
Adams Express coll tr g 4a
1948
♦Coll A
99%
106
J
.1943 J
Banger A Aroostook 1st 5s
Belvldere Delaware
COMPANIES
conv
M N
97
1996 M
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas lat cona g 5s..—1945
Coll A
105%
97%
%
95%
97%
92
22
INDUSTRIAL
Coil trust 4b of 1907
103%
81
104%
92%
70%
25 4
90%
1054
744
67
.1942 M N
Warsaw
AND
2
68
OA —
1960
4%s
30
29%
72
'~74"
58
22
36
*744
734
*1004
744
6
1961 A
Venetian Prov Mtge Bank 7a.. 1952 A
Vienna (City of)—
RAILROAD
115%
-
24
364
1964 M N
6b Nov coupon on...
34%
22
1962 M
f 6b
34
26 4
224
Trondhjem ICity) let 64s
1947 M N
♦Uruguay (Republic) extl 8a. .1949 F A
♦External a f 4a
—19*0 M N
a
30
2
954
1944 F
64* guar
4
32
434
384
344
1946 F
f 64b
High
111% 111%
114% 116%
104%
98%
V
97%
PLEAW Viflyuref4s
1941 M N
J
Southwest Dlv 1st 8%-5a... 1950 J
32
4
Low
*110%
115%
115%
112
-
98
D
MN
J
No.
Jan. 1
104%
J
M 8
J
24%
32%
254
214
Ref A g*n M 5s ser F
.1946
♦7b Feb coupon off
♦External
J
Tol A Cm Dlv lat ref 4s A...1959
Ref A gen 5s series D
2090
43
High
cq&a
*119
«.
1940 MN
24
29
34
♦7b Nov 1 1935 coupon on...1962 M N
♦Sllraia (Pror of) extl 7n
1948
♦SUeelan Landowners Aaan 6a.. 1947
Styrta (Province of)—
a I
J
1941
314
374
Serbs Croat* A Slovenes (Kingdom)
♦8b Nov 1 1936 coupon on...1962 M N
Externa!
D
1.1948
121
31
♦External 6a July coupon off. 1961
Secured a f 7a
1940
♦8axon 8»ate Mtge Xntt 7a
1944
Taiwan Elec Pow a l 64b
Tokye City 6a lean of 19 2
2d 4s
J
J
1959
Atlantic Re/lnlng deb 5a
..1937
Auburn Auto conv deb 4%s—1939
32
314
43
1936
♦External 8s July coupon off .1956
♦External 7s Sept coupon off 1966
a
1946
1944
1st 30-year 5a series B
.1944
Atl Coast Line lat cona 4a July 1962
General unified 4%a A
1964
LAN coll geld 4s
Oct 1952
10-yr coll tr 5e
May 11945
Atl A Dan 1st g 4s
1948
Since
00
Ashed
A
40
304
Sao Paulo (City of Brail!)—
Sydney (City)
Friday's
Bid
Low
Atl Knox A Nor 1st g 5s
Atl A Cbarl A I 1st 4 4B A
Austin AN W lstgug 5s
(State of)—
1946
g
Sale
Price
■no.
Range
Range or
Last
if
EXCHANGE
Week's
Friday
Atl Gulf A W I SS coll tr 58
5
♦8a Aorll coupon aff—.
♦Sinking fund
"<3
High
Low
18
STOCK
Week Ended Feb. 5
274
264
32
.,.1946
1963
♦6%a Aug coupor off
294
274
1
98
294
274
M N
♦Prussia vFree State) extl 6%s.l96l M S
♦External if 6s
-.1952 A O
♦Khlne-MalD-Danube 7» A
Rio de Janeiro (City ef)—
No.
Low
1961 J
♦7 %s July coupor off
Prague (Greater City) 7%a
High
274
Foreign Govt. &Munlc. (Cone*.)
Porto Alrgre (City of)—
♦8s June coupon off
Y.
Jan. 1
Asked
A
N.
Since
Friday's
Bid
Price,
BONDS
Range
Ranoe or
Sale
H Week Ended Feb. 5
Rio Grande do Pul
897
New York Bond Record—Continued—Page 2
144
New York Bond Record-Continued-Page 3
898
<u
BONDS
N.
Bennett
'Bros. &
c.
embers
STOCK
Johnson
135 So. La Salle
Connections
St.
6 ■?*
5 ^
Week Ended Feb. 5
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Range
Sale
Friday's
Since
Low
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1941 M N
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1948 M S
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1947
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...1992 M S
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1949
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_
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1951
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1942
1941
106
72
10654
10554
10454
10554
106
8654
107^
11054
A
3 54s debentures
1956 A
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s—1956 J
Consol Qas <N Y) deb 454s
1951 J
Consol Oil
11254
115
"46
10754
100
alll
N Y & Erie RR ext 1st 4s...1947 IVI N
3d mtge 454s
1938 IVI S
1*11054
11054
J
99
103
10954
3548-1946
1
115
103
1951 J
96
10054
10154
454s—1951
Genessee River 1st
10554 10654
11054 113
10454
11254
99
f 354s A—.1961 F
9854
*11054
...1977
♦5 Income mtge
Colo & South 454s ser A.
129
F
Coal River Ry lstgu 4s______1945
Colo Fuel & Ir Co gen s f 5s
1943
see page
29
9754
10654
1977
454s series C
For footnotes
10454
1948 M N
454s ser B...1981
Cleve Short Line 1st gu
454s—.1961
Cleve Union Term gu
554s
1972
1st s f 5s series B guar
1973
f
"12
*106
O
J
10554
1950
Gen 454s ser A
Gen & ref mtge
s
10254
O
1942 J
Series C 354 s guar
Series D 354s guar
24
*
w
A
10454
*10554
J
J
44
10354
M N
1942 A
Series B 354s guar
Series A 454 s guar
1st
J
10754
10554
1940 M S
4s
"16
97
s
"9754
I
J
104
*114
1967 IVI N
*10754
97
g
10854
10754
10754
104
119
Low
10554
impt 5s of 1927
Ref & impt 5s of 1930
Erie & Jersey 1st s f 6s
38
'"§9
108
10854
104
W W Val Div 1st g 4s.
1940
Cleve-CIlffs Iron 1st mtge 4 54s. 1950
Cleve Elec Ilium 1st M
354s... 1965
Cleve & Pgh gen gu
454s ser B.1942
21
40
10354
10254
*10854
J
Spr & Col Dlv 1st
64
124
*35
D
1963
10654
10554
9154
Ref & impt 454s ser E
J
;__1977
Cairo Dlv 1st gold 4s
J
1939
Cln Wabash & M Div 1st 4s_1991 J
J
St L Div 1st coll tr g 4s
1990 M N
ser
21
10554
J
D
17
104
{♦Choc Okla & Gulf cons 5s... 1952 IVI N
Cincinnati Gas & Elec 35*s
1966 F A
Cln Leb & Nor 1st con
gu 4s
1942 M N
Cin Un Term 1st gu 5s ser C..1957 IVI N
1st mtge guar 354s series D..1971 IVI N
10654
A
Gen
Chicago Union StationGuaranteed 4s
104
19
10454
11254
O
2054
10 54
1254
113
11354
1854
*9454
1951 J
Dec 1 1960 IVI
48 5*
52
D
D
44
49 54
5
D
{{♦Chicago Railways 1st 5s stpd
Aug 1 1936 25% part pd
Chic T H & So East 1st 5s
3854
6754
52
g 4s
43
36
110J4 11154
64
3354
1987 M N
♦Stpd 4s non-p Fed inc tax 1987 M N
♦Gen 45*s stpd Fed inc tax__1987 M N
♦Gen 5s stpd Fed inc tax
1987 M N
v* ♦Convg 454s__
124
101H 10254
4754 5054
3754 44 %
6754
♦General 4s
gen 4s
4154
3954
39
*5654
46
5s
7
40
"36"
6154
"6754
354s._1987 M N
Inc gu
122
8
422
2254
B__May 1 1989
Memphis Div 1st
23
4954
23
64
♦Gen 454s series C__May 1 1989
♦Gen 454s series E__May 1 1989
♦Gen 4j^s series F
May 1 1989
{♦Chic Mllw St P & Pac 5s A.. 1975
♦Conv adj 5s
Jan 1 2000
{♦Chic R I & P Ry
34
124
36
D
A.. 1989
♦4J4s stamped
113
10154
3854
*
gen g
3754
*3854
J
1969 J
ser
1966 J
3554
4754
3954
J
483
10154
48
J
3954
12354
S
1966 IVI N
♦Chic M & St P gen 4s
3654
3554
3554
M
♦1st & gen 5s series A
♦1st & gen 6s series B.May
Chic Ind & Sou 50-year 4s
{♦Chic & No West
5854
10954 HO
110
37
ser
55
16
11454
I {♦Chicago & East 111 1st 6s..1934
354s
58
5754
110
11354
..1971
95
105
103
{♦1st lien <fe ref 6s
1977
{♦C & E 111 Ry (new Co) gen 5s_1951 IVI N
♦Certificates of deposit
Chicago & Erie 1st gold 5s
1982 IVI N
Ch G L & Coke 1st gu g 5s
J
1937 J
♦Gen g
115
1958
1st & ref 454s ser B
1st & ref 5s ser A
,
Jan. 1
No.
11054
10854
*
2d consol gold 4s
Warm Spring V 1st g 5s
\
£3
10354
110
Potts Creek Branch 1st 4s___1946
R <fe A Dlv 1st con g 4s
1989
%
Asked
10954
O
1949
10454
104 54
10654
Consol Edison (N Y) deb
Tjast
&
J
A
1948
Stamped guar 454s
Cgo. 543
Bid
1961 J
—...1955 F
Conn Ry & L 1st & ref
Week's
Price
No.
104
10454
10454
10454
10754
99?*
Conn River Pow
Friday
£1
BONDS
N. Y. STOCK EXCHANGE
II
High
A
Commercial Invest Tr deb 354s 1951 J
Conn & Passum Riv 1st 4s
1943 A
Randolph 7711
*3\[. Y. 1-761 -<• 'Bell System Teletype
Asked
Bid
Columbus Ry Pow & Lt"4s
1965 M N
Commercial Credit deb 354s—1951 A O
Chicago, III.
Private Wire
15
Jan
Col & H V 1st ext g 4s
Col <fe Tol 1st ext 4s
%A1LRQAD (BONDS
Ulgby 4-5200
Friday's
Sale
Columbia G & E deb 5s. ..May 1952 IVI N
Debenture 5s
Apr
15 1952 A O
Debenture 5s
One Wall Street
Range or
Last
Price
Low
York Curb Exchange
"Niew York, <2\^. Y.
tS
EXCHANGE
6,
Week's
Friday
Week Ended Feb. 5
f G^ew r°rk Stock Exchange
f
Y.
Feb.
S
J
J
95 54
9654
43
43
-
_
-
—
*4954
5
1
5054
*26
_
93
103
2954
3
D
J
_
96
Friday
Week Ended Feb. 5
NO,
Range or
Sale
STOCK EXCHANGE
Week's
Last
BONDS
Y.
Friday's
Price
Bid
eq co
High
No.
91M
91
93
"26
85
1950
Great Northern 4%s series A..1961
General 5%s series B_.
.1952
1st & gen 8 f 6 J/jjS
85
86
43
114% 116%
8
116% 119
115M
119
114%
27
108
108 M
21
108
106%
92
105% 108%
1977
106M
123
120 % 125
Gen mtge 4s series H__
1946
109%
109%
383
191
13M
75
14%
143
ToIH "105%
106%
*62 M
"l3%
v
1940 M N
Greenbrier Ry 1st gu 4s
Gulf Mob & Nor 1st 5%s B...1950 A
1st mtge 5s series C
1950
O
"17
31
102 %
102
102%
62
99%
1961
99 %
98%
C
1966
103%
103 %
104
10-year deb 4%s..__
Hackensack Water 1st 4s
1946
104 M
105%
1952
107
♦Harpen Mining 6s
Hocking Val 1st cons
1949
*24
1999
123 %
ser
g
4%s
♦Hoe (R) & Co 1st mtge
90 M
..1944
^♦Housatonlc Ry cons g 5s
1937 M N
J
Houston & Texas Cent 5s gu..l937 J
J
Houston Belt & Term 1st 5s... 1937 J
Houston Oil sink fund 5%s A.. 1940 IVI N
Hudson Coal 1st s f 5s ser A... 1962 J D
Hudson Co Gas 1st g 5s.
Hudson & Manhat 1st 5s
Members New York Stock Exchange
*
108% 111%
12
Wall
63
15
NEW YORK
St.
A.1957 F
♦Adjustment Income 5s.Feb 1957 A
ser
Illinois Bell Telep 3%s ser B...1970 A
llllnols'Central 1st gold 4s
1951 J
:
124
100
101%
.43
1
103%
55%
122 M
....
101%
102 M
122%
55
54
25
110
13
A
"84 M
82 M
84%
83
O
34 M
34 M
35M
73
O
10S
24
108M
107 %
N.
Y. STOCK
EXCHANGE
Week Ended Feb. 5
84
101% 101%
102% 103%
'50% 57%
122% 124
80%
85%
4%s
cons
5s.
2003 IVI N
A
Lombard Elec 7s
ser
1952 J
A
Long Dock Co 3%s ext to
Long Island gen gold 4s
Unified gold 4s
107% 110
*110
*105%
105% 107%
20-year
105% 107%
S
Collateral trust gold 4s
Refunding 4s
Purchased lines 3 Ms
1952 A
O
91%
91M
91%
1955 M N
J
1952 J
93
92%
93
73
86%
88 M
22
Collateral trust gold 4s
1953 M N
"~87K
86
88
Refunding 5s
40-year 4 %s
1955 M N
100%
100
102
1950
1938
Guar ref gold 4s
...1951 M
*105%
*02%
76
Cairo Bridge gold 4s
1950
Litchfield DIv 1st gold 3s...1951
Louisv Div & Term g 3Ms... 1953
Omaha Dlv 1st gold 3s
g
95
88
92
90
97 %
98
90
109
104%
O
J
1932 A
{♦10-year
1932
7% notes
95 M
95%
96%
94%
39
105%
94%
7
IVI N
deb 4s. .1945 M N
J
t»Int-Grt Nor 1st 6s ser A
1952 J
A O
♦Adjustment 6s ser
102%
A._July 1952
1956 J
1956 J
♦lstg 5s series C
Internat Hydro El deb 6s
f 6s
J
1944 A
1941 A
♦1st 5s series B
o
0
A & B...1947 J
J
Debenture 5s_..
J
72
5
95
93%
102*,6
99%
96%
8
16
78
89
"62 M
J
103
102
103
106
105%
109%
109%
103%
106
109%
103%
♦Mlag Mill Mach 1st
s
O
A
S
*3%
102
1951
*
D
M
*104%
J
IVI N
1952
1979 J
110%
106%
...1971
104%
104%
104%
104% 105
63%
62
3
"28
61
61
16
93
46
92%
99%
49
97?
59%
95
107
26
106
102 M
103%
24
102% 103%
*29
25
S
98
102*32
J
102*32
.
"164"
29%
36
2
25
6
99
22
102%
25
25
99
96%
102*32 103%
100% 101%
107%
104
104
109% 109%
108
108%
*107%
2
I
102% 102%
^
161
18
114
114
1
J
119
119%
6
1941 J
D
161
107% 108%
M St P & SS M con g
1962
102
J
1946
J
25-year 5%s
1949 IVI
1978 J
D
95
J
86
J
72%
Prior lien 4%s series D
1978 J
♦Cum adjust 5s ser A
Jan 1967 A
t*Mo Pac lst & ref 5s ser A
1965 F
O
99%
100%
47
69
70%
46
65
1960
69%
68%
69%
9
65
Coll tr 6s series A
1942
66
Coll tr 6s series B
45%
ivi's
66
67
1942
*61
1941
*106
Lake Sh & Mich So g 3 Ms
1997
31
70
Lake Erie & West 2d g 5s
s
"17%
63%
70%
70%
♦lst & ref 5s series I
1981
68%
70
106
"39"
69
86%
121
94%
83%
88
73%
65
70%
75
17
74
54
69
75
42%
48%
44
45
45
18
46%
43
46%
:
'296
15%
18%
457
42%
49
42
47
7
114
42%
48%
10
41%
14%
133
45%
14%
13
349
42%
48%
42
46%
'166
42%
49%
"~2
42
47
100
3
99%
"93"
79
44%
44
104% 104%
96%
188
44
103% 104%
4%
37%
71%
77
44%
44%
13%
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July 1938 MN
33
7
46%
46%
104
100
93
97
Monongahela West Penn Pub Serv
94%
105%
94%
~~2
104% 109%
37%
40
37
39%
92%
94%
3
99% 100%
75
77%
2
75
78
.1964
70
69%
71%
9
69?*
77
For footnotes see page 901.
95%
4
45
Monongahela Ry lst M 4s
*104%
100
13
70
72
100
70
55"
46%
104% 106%
O
167"
48"
44%
17
103%
1938
"29
44%
32
20
100
1974
95%
"55
45%
24
46
75
1954.
28%
93%
45%
39%
40
100
gold notes
25
8
O
105%
105%
1954
1st & ref 8 f 5s
5
95
A
39
105
J
1945 M S
26%
F
^♦Mobile & Ohio gen gold 4s
1938 M
♦Montgomery Dlv 1st g 5s__1947 F
♦Ref & impt 4%s
1977 M
♦Secured 5% notes
1938 M
Mohawk & Malone lst gu g 4s. 1991 M
38%
J
30
1980 A
105
105%
♦Lautaro Nitrate Co Ltd 6s... 1954
41%
25
16%
13%
68
35%
7
30%
44
45%
"45%
106
32
30
27
43
1975
1977 IVI
1978 M N
101
28%
37
*43
1949 IVI N
46%
52
3%
70
"70
♦Certificates of deposit
44%
34%
5
44%
J
♦Conv gold 5%s
♦lst & ref g 5s series H
♦Certificates of deposit
107% 111%
{♦Kreuger & Toll secured 5s
1
94%
*95%
51%
94%
85%
72%
76%
"54%
1962 J
♦Certificates of deposit
♦lst & ref 5s series G
87
"94%
J
♦1st & ref 5s series
15
11
4%
25
27
J
A
11%
6%
30%
35%
26%
"36%
J
40-year 4s series B
57
33
33
J
J*Mo-IlI RR lst 5s series A
1959
Mo Kan & Tex lst gold 4s
1990
Mo-K-T RR pr Hen 5s ser A...1962
"l2
91%
46%
57
73
14
97"
86
41%
4%
1941 M N
J
95"
5
21
6
s
lst ref 5%s series B.__.
lst Chicago Term s f 4s
114
"25
13%
J
100
45%
'11'
F
1938
119%
109%
43
S
1938
5s.
119
44%
Q
91%
41%
*55
J
114
109%
IVI
91%
42%
cons 5s gu as to int
lst & ref 6s series A
cons
100
90%
105
90
*96
4s Int gu.1938
♦Certificates of deposit
♦General 4s
45%
99%
69%
J
*Ref & ext 50-yr 5s ser A
100
J
1954 J
*101%
30
115% 115%
107%
|
1949
88
89
*80
1934 M N
& St Louis 5s ctfs
♦lst & refunding gold 4s
107%
91%
1939
lst
*109%
107%
j^Mlnn
I
lst
43
26
*115
104
109%
88
^♦Mil Spar & N W 1st gu 4s...1947 IVI
^♦Mllw & State Line 1st 3 %S—1941 J
64
98%
*25
Con ext 4%s
66%
100
J
{♦Mllw & No 1st ext 4%s(1880)1934
1st ext 4%s
1939
108
106%
*40
Ref & lmpt 4 %s series C
99% 102%
104% 106
59%
107%
Leh Val Harbor Term gu 5s
106% 108
12
A
...
lio" 110%
3%
Kings County Elev 1st g 4s... .1949 F
Kings Co Lighting 1st 5s...... .1954 J
Lehigh & N Y 1st gu g 4s
104% 104%
110%
104
161
Lehigh Val Coal 1st & ref s f 5s. 1944
105%
*95
S
104%
102%
Lehigh & New Eng RR 4s A...1965 A
5%
27%
104
161
Cons sink fund 4 Ms ser C
16%
104%
102%
1954
1954
3%
4%
109%
1961
103%
♦Certificates of deposit
14
1940
O
Lehigh C & Nav s f 4%s A
109
103% 104%
Milw El Ry & Lt 1st 5s B
1st Mtge 5s
99%
A
5
12
99
105% 106%
79%
4%
106%
O
15
98
103
79%
78
O
1953
17
97%
102
Mid of N J 1st ext 5s
1937 A
1997 A
Coll & ref 5 Ms series C_
Coll & ref 5 Ms series D
6
89
92%
.1961 J
Uniform ctfs of deposit
1959
Laclede Gas Light ref & ext 5s. 1939 A
15%
12
I
1940 J
3%s
98%
*2%
1956 J
f 7s
City Air Line 4s.
Jack Lans & Sug
1st gold 3%s
15
15%
1977 M S
Michigan Central Detroit & Bay
95
103
98
98%
75
92%
.1961 J
Kinney (G R) 5 Ms ext to
Kresge Foundation coll tr 4s.. 1945 J
O
82%
60%
stmp (par S925)_, .1943
♦Ctfs with warr (par $925)., .1943
....
98%
108
w w
Purchase money 6s
1947 A
A...April 1940 Q
70
25
4 Ms Unguaranteed
102%
41
97%
99
75
43
Kings County El L & P 5s
*98
172
105
Plain
D
129
100%
.1948 M S
1943 J
1977 M
77
40
78
*37
74
104%
.1987 J
Kentucky Central gold 4s
Kentucky & Ind Term 4%s.., .1961 J
.1961 J
Stamped
92%
*73"
1959 IVI N
f 6s
33%
82%
77
"93%
J
s
30
82%
*92%
*
1939 IVI N
♦4s (Sept 1914 coupon)
98% 101%
102
30
30
s
90
87%
100
17
D
84%
72
3%
♦Karstadt (Rudolph) 1st 6s.. .1943 M N
♦Ctfs w w stmp (par $645).. .1943
Secured 6%
31
2013 J
f 5s...1953 IVI
55%
81
86
105
.1946 IVI
13%
48
99%
100
Keith (B F) Corp 1st 6s
Kendall Co 5 Ms
s
♦Mex Internat 1st 4s asstd
D
1st & ref s f 5s
53
Metrop Wat Sew & D 5%s
1950'A
§J*Met West Side EI (Chic) 4s_1938 F
102
J
Ref & Irnpt 5s
Apr 1950
Kansas City Term 1st 4s
.1960
Kansas Gas & Electric 4%s._, .1980
f 5s
50
36%
100%
99%
"96 H
J5*K C Ft S & M Ry ref g 4s .1936
♦Certificates of deposit
Kan City Sou 1st gold 3s
T950
s
21
36%
IVI S
4%s A. .1961
.1990 A O
James Frank & Clear 1st 4s.. .1959 J
Is & ref
50%
4s.1990
11
90
^♦Iowa Central Ry 1st & ref 4s. 1951
First and ref 6Ms
90%
54%
50%
cons g
O
Mead Corp 1st 6s with warr..1945 IVI N
Metrop Ed 1st 4%s ser D
1968 IVI s
78
94
104% 105%
51
57%
33
101
103% 104%
4
84%
54%
32%
56
83
104%
49
14
102%
104
104%
82%
56
A
70
101%
103%
97%
106
77
Marlon Steam Shovel
38
72
104
77
39
79%
93
6
13
35
112
3
105
78%
2
333
97%
105
77
10
77
114%
114%
A
99% 100%
114% 115
78
101
89%
114%
93%
10
20
A
el 66
76%
21
78%
1942
101
85%
100%
77
.
^♦Man G B & N W 1st 3%s_._1941 J
ser
115
115
100
77%
.
Mfrs Tr Co ctfs of partic In
A I Narara & Son 1st 6s
Market St Ry 7s
115
115
O
91
102
~"I
98
96%
83%
88%
145% 166
95%
104%
♦Certificates of deposit
♦Second 4s
101% 102%
95%
111% 111%
115
1955 IVI N
♦Certificates of deposit
t^Manhat Ry (N Y)
5
100%
1945
1952
f 7 %s.
s
75
95%
D
89
78%
101%
A
1955
96%
D
16
"86"
111
A... 1945 J
23
4
109
1960 J
ser
89
11%
12
1980
89%
33%
110% 112%
101
101%
107% 109%
111%
88%
33%
33
110
*100'3,6 104%
107%
107%
107%
J
129% 135
121% 124%
97% 100%
56
*92
Manila Elec RR & Lt
11%
98%
32
126
111%
Manila RR (South Lines) 4s
1st ext 4s
33
S
122
1946
52%
91%
32%
132%
121%
97%
98%
*109%
2003
56
11M
129%
121%
J
105% 108%
95%
34%
131%
A
101% 103%
46
34%
O
20
93%
48%
33 M
J
ft
Ref s f 6s series A
1955 IVI
Int Rys Cent Amer 1st 5s B...1972 IVI N
1st coll trust 6% g notes
1941 IVI N
1st lien & ref 6 Ms
1947 F
Int Telep & Teleg deb g 4Ms.. 1952 J
Conv deb 4 Ms
1939 J
"35"
101%
106%
69
2
101
108
56
103
162
101
conv
103%
103%
107
34
21
79%
106%
109%
50
102%
101%
19
109
53
102%
79%
"95
105%
101%
95%
89
M S
126%
108
100%
103
{ J*Manatl Sugar 1st
97
95%
136
22
106%
Gen mtge 4%s ser A
108
100
"lO
109%
52
95
1951 IVI N
Int Agric Corp 5s stamped 1942
♦Ctfs
103% 105%
106%
125%
2003
Maine Central RR 4s
105%
105%
75%
129%
134%
76
McCrory Stores Corp s f deb 5s 1951 IVI N
McKesson & Robbins deb 5%s.l950 IVI N
41%
103%
109
2003
♦Lower Austria Hydro El 6%s.l944 F
107
105
84
12
2003
South Ry joint Monon 4s
Atl Knoxv & Cin Dlv 4s
91%
37
105%
88%
Interlake Iron 1st 5s B_
Jones & Laughlin Steel
Kan & M 1st gu g 4s
~U
58
1st & ref 3%s series E
81% 87%
107% 107%
104%'.104%
105
*103
o
♦Certificates of deposit
ser
13
85
24
*10013,6
1937 IVI N
50
5 ♦10-year 6s
♦Certificates of deposit
Internat Paper 5s
5
107
38
37%
105
1965
tlnterboro Rap Tran 1st 5s... 1966 J
♦Certificates of deposit
s
104%
*106%
37M
1956
Ref & Imp mtge 3Ms ser B..1986 IVI s
Inland Steel 3%s series D
1961 F A
Int Merc Marine
57
107%
1940 A O
^♦Ind & Louisville lstgu 4s
Ind Union Ry 5s series B
Internat Cement
103
87
83%
Ind Bloom & West 1st ext 4s.. 1940 A
Ind 111 & Iowa 1st g 4s
1950
conv
91%
90 M
85
74%
83
109
105%
1945
St Louis Dlv 2d gold 3s
Mob & Montg 1st g 4%s
100% 101%
85%
107%
1963
1963
1st «fe ref 4 Ms series C
Illinois Steel deb 4Ms
103 %
70
Paducah & Mem Dlv 4s
92%
111 Cent and Chic St L & N O—
Joint 1st ref 5s series A
High
11
102
1st & ref 4%s series C
1st & ref 4s series D
97
*100 M
1951
No.
70
105
A
1940 J
High
Jan. 1
103
105
1951 F
Unified gold 4s
1st & ref 5s series B
Since
o
cq&a
100
*102%
*103%
s
IVI
Range
S3
o
Asked
S
1949 IVI
Louis & Jeff Bdge Co gu 4s
80
122%
*108%
79
1937 IVI N
1944
*120%
133%
"166%
D
Louisville & Nashville 5s
104%
*100%
3Ms...1951
1949 IVI
deb 5s
Louisiana & Ark 1st 5s ser A... 1969 J
97%
92
p m
Lorlllard (P) Co deb 7s
5s
101% 102%
87
89%
*97
98
122%
D
90%
*96 M
'133%
O
J
80%
108
108
O
A
96
*101%
1951
Western Lines lstg 4s
73%
107
*107
St Louis Div & Term g 3s...1951
Gold 3 Ms
1951
Springfield Div 1st
76 M
74 %
O
1951
Little Miami gen 4s series A...1962 M N
Loews Inc s f deb 3%s
1946 F A
J
A
74
82%
O
J
1966 F
IVI N
F
O
1
Jt
102%
67%
73%
68%
cons
5s
32%
100
Bid
103%
Leh Val Term Ry 1st gug 5s...1941 A
Lex & East 1st 50-yr 5s gu
1965 A
Liggett & Myers Tobacco 7s
1944 A
1951 J
75
J
IVI N
General
86%
1951 A
20
J
General
90%
80
1st gold 3%s
106
Price
A.
1940
2003
2003
4%s
Lehigh Val (Pa) cons g 4s
101% 102%
91%
91%
86%
84%
Friday's
Low
Leh Val N Y 1st gu g
Extended 1st gold 3 Ms
1st gold 3s sterling
24
If
N
Range or
Sale
107%
123% 126%
*
Last
BONDS
99%
107
Week
Friday
90"
23
86
102
98%
103% 105%
104% 105%
"_5
1-1598
102%
43
90 M
87
86
103%
18
107 M
*101%
1949 M N
Aug
A. T. & T. Tele. N. Y.
Telephone Whitehall 4-2900
104% 106%
"96"
*90
Stamped
Gulf States Utll 4s
D* H. SlLBERBERG & Co.
109%
*90
Gulf & S I 1st ref & ter 5s Feb 1952
4%s
114% 115%
118% 125
111M
Feb
Feb
BANKS AND DEALERS
FOR
86%
114M
1946
Gulf States Steel s f
BROKERS IN BONDS
94"
85
1175*
General mtge 4s series G
♦Debentures ctfs B
"90~
9
114M
105 %
♦Green Bay & West deb ctfs A.
1
High
114M
108M
1976
4%s series E
Low
118
1973
General 4%b series D__
Since
Jan.
*97
Grays Point Term 1st gu 5S...1947
Gt Cons El Pow (Japan) 7s
1944
General 5s series C
Range
§2
Asked
&
Low
General
899
New York Bond Record—Continued—Page 4
144
Volume
100
3
105%
107
20
70
75
yy% 100
105
107
lst mtge
4%s
6s debentures
Mont Cent 1st guar 6s
lst guar
gold 5s
ser
S
A
53
46%
53%
83
43%
53%
S
37
34%
38%
97
30%
S
37%
39%
145
38%
39%
S
97%
1960
106%
1965
109%
1937
34
31
97%
37
97
98%
110%
6
110
111%
106%
106%
109%
109%
102*32
102*32
101"32 101«32
47
97%
110
A *60 IVI N
1937
93
38
106% 108%
108
110%
4
102*32 102%
2
101«32l02%
New York Bond Record—Continued—Page 5
900
Friday
BONDS
Last
Sale
Week Ended Feb. 5
Price
Bid
Low
Montana Power 1st & ref 3%s.l966 J
1941 J
103%
*85%
*85%
86
*85%
'-MO**.
s
f 5s series A
1955 A
O
Gen & ref
s
f 5s series B
1955 A
O
Gen & ref
s
Gen & ref
s
f 4
1955 AO
.
_
Nash Flo & 8 1st gug 5s
Nassau Elec gu g 4s stpd
1937 F
D
N
N
A
& rets No 4 on '57
♦Assent
A
'61%
105%
105%
—
Nat RR of Mex prior lien 4 %s—
♦Assert warr & rets No 4 on_1926 J
♦4s April 1914 coupon on
♦4s April 1914 coupon off
♦Assent
<fc rets No 4
warr
Nat'Steel 1st coll
1951 A
1951 A
s f
on
*51
—1965 J
4s
{♦Naugatuck RR 1st g 4s
Newark Consol Gas cons 5s
D
106%
{♦New England RR guar 6s.—1945 J
♦Consol guar 4s
1945 J
New England Tel & Tel 5s A—1952 J D
1st g 4%s series B
1961 M N
N J Junction RR guar 1st 4s_..1986 F
N J Pow & Light 1st 4
1960 A
%s
First & ref 5s series B
1955 ■» D
New Orleans Term 1st gu 4s—1953 J
{{♦N O Tex & Mex n-c inc 5s„1935 A
♦1st 5s series B
1954 A O
56%
1954 A
O
♦Certificates of deposit
gen guar
.1945 J
1944 M
1998 F
1946 A
2013 A
2013 A
4%s
N Y Cent RR conv 6s
Consol 4s series A
10-year 3%s sec s f
Ref & lmpt 4 %s series A
Ref & lmpt 5s series C
N Y Cent & Hud River M 3
%s. 1997 J
Debenture 4s
1942 J
Ref & lmpt 4%s ser A
2013 A
Lake Shore coll gold 3
%8—.1998
Mich Cent coll gold
3%s.
N Y Chic & St L 1st g 4s_
Refunding 5 %s series A
Ref 4 %s series C
1937 A
1974 A
M
Oct 1 1938 A
48 collateral trust
N Y Connect 1st gu
1st guar
F
1998 F
1978
3-year 6s
1946 F
4%s A—1953 F
5s series B
1953 F
N Y Dock 1st gold 4s
Serial 5% notes
1951 F
0|
O
O
J
52%
A
A
1965 A
A O
1966
95
98%
96
19491F A
1946 M
2000 M
1973 M
1973 M
N Y Lack & West 4s ser A
4%s series B.._.
N
N
112
109
6
111
111
.2047 J
J
108%
109
25
108
109%
..1938 A
..1941 A
O
103
163""
46
103"
103%
..1941 A
O
105%
103%
105%
107%
103%
103%
105%
MM.MM*
*106%
33
96
98%
101% 102%
63
59%
110
30
26
95
..1944 J
..1957 MN
4%
6%
6%
5%
5%
7%
78
1107
121 %
82
|
74%
|
12
126
124%|
96%
84%
101%
101%
98%
51%
57%
50%
52%
53%
» 59%
9
24
23
6
106% 107%
77
93%
121% 122%
41
42
179
J
D
"168%
D
104%
153
101%
107%
94%
97%
103
119
61
108%
7
95%
98%
96%
111
102>32
93%
99%
104%
104%
95%
100%
105%
108
47
29
34
108
87
462
50
84
112% 113!
106% 1121
103
100%
103% 103%
94
100
96%
N
N
96%
98%
96
97%
101% 102%
103
104%
92%
95%
98% 100%
103% 105%
109
124%
123% 125%
115
115%
115
101%
101%
100% 101%
106% 106%
102% 105%
108
109%
103
103
104%
109
108
109
*102
N Y L E & W Coal & RR
NYLE&W Dock &
5%s_1942 M N
lmpt 5s_1943 J
J
N Y & Long Branch
gen 4s
*106%
117%
106% 106%
108%
108
1941 M
{♦N Y & N Eng (Bost Term) 4s 1939 A O
{♦N Y N H & H n-c deb 4s
1947 M S
♦Non-conv debenture 3%s„_1947 M S
108
*96
43
39
12
38%
40%
20
36
12
39%
40
46
41
40%
41
40
38
38
38
14
♦Conv debenture 6s
1948 J
49
50
106
43%
39%
50%
♦Collateral trust 6s
♦Debenture 4s
1940 A
49%
63%
63%
63%
29
25%
46%
98%
27
82
1957 M N
♦1st & ref 4%s ser of 1927—1967 J
♦Harlem R & Pt Ches 1st 4s. 1954 M N
N Y O & W ref g
General 4s
4s
{♦N Y Providence & Boston 4s 1942 A
D
3%s._ 1965 M N
Jan 1965 A p
Prior lien 6s series A
stamped 1958 J
N Y & Richm Gas 1st 6s A
1951 M N
N Y Steam 6s series A
1947 M N
1st mortgage 5s
1st mortgage 5s
1951 M N
-
37
*102
94
65%
105%
N
1943 M N
YTelep 1st & gen sf4%s—1939 MN
Y Trap Rock 1st 6s
D
1946 J
6s stamped
142
16
43%
190
38%
46
94%
107%
27
65
67%
106
64
12
105%
107
2
108
21
106%
107%
6
107
106%
105%
106%
107
6
*60
—
-
108%
64%
106
106
108%
108%
{♦N Y Westch & Bost 1st 4%s.l946
Niagara Falls Power 3%s
1966 M
Nlag Lock & O Pow 1st 5s A
1955 A
Niagara Share (Mo) deb 5%s_.1950 IVI N
Nord Ry ext sink fund 6%s.... 1950 A
{{♦Norfolk South 1st & ref 5S..1961
90%
"l7
93
11
96
5
57%
105
42%
95
109%
67%
105%
106% 107
106% 108
106% 107%
106
107%
92%
91
4%s series B
94%
98
20
17%
80
107%
19
107%
5
103%
104
23
103
104%
105
14
102% 106
23%
32%
16%
106%
107%
103%
104%
29%
•'29
31%
169
28
29%
88
23
80
80%
14
69
106% 109%
106% 107%
104
31
IVI N
O
"U9%
118%
120
61
80%
118% 122
North Amer Co deb 5s
No Am Edison deb 5s ser A
F
105%
105
105
103
30
103
104
105%
104%
104%
37
104%
104%
106%
106
106%
39
Deb 5%s series
1957 M
B—.Aug 15 1963
F
Deb 5s series C
Nov 15 1969 M
North Cent gen & ret 5s
1974 IVI
Gen & ref4%sseries A
1974 IVI
For footnotes
see page
901
*124%
.
128
*118
121%
8
106%
105%
103% 106%
105
77%
121%
1
12
90
101%
106%
100
103
121% 122%
85
90
101% 101
106% 1062
a
107
106% 107
107%
107%
107% 107%
109% 110
104% 106%
110
104%
105%
87
101%
105%
105%
109%
18
105%
104%
109%
105%
109%
105%
105%
111%
114%
114%
101%
102
105% 105%
104
2
112
2
115
21
115
12
111% 112%
114% 116%
114% 116%
102%
163
122% *122%
122%
13
113
95
Debenture g 4%s
General 4%s series D
Gen mtge 4%s series E
1970
112%
111%
119% .118%
104%
104%
109%
108%
1981
108
1984
1943
cons 6s
1947 M S
Peoria & Eastern 1st
4s... 1940
O
April 1990
Apr
cons
♦Income 4S'_
1974
A
Pere Marquette 1st ser A5s—_ 1956
1st 4s series B
1956
J
{st 5%s
General g 4%s series C
General 4%s series D
sec
S
1974 F
A
1977
"~29
45
26
98
19%
113%
105%
59
121% 121%
115% 117%
97% 99
17%
20%
113
24
98
103
43
102
113%
130%
J
D
106%
1967 M N
105%
105%
105%
102%
102%
46
J
S
23
J
Phlllippine Ry 1st s f 4s
1937 J
Plllsbury Flour Mills 20-yr 6s.. 1943 A O
25
23
1952 Ml N
Pitts C C & St L
1940 A O
1942 A O
1942 M N
111%
112%
103%
129
118% 119
116%
106%
105%
102%
50%
26%
116
117
114
105% 106%
8
105% 105%
28!
305
197
57
26
106%
*90%
101
113% 113%
128
119
23%
106%
Pirelli Co (Italy) coilv 7s
5
113
104% 106
16
D
A
115%
99
*128%
118%
118%
1967
4%s
142
113%
..1981
5s series A
111% 115%
173
102%
102%
1943 M N
Phila Bait & Wash 1st g 4s
General 5s series B
101% 103%
122% 126
41
120%
105%
109%
109%
98
J
1980 IVI
1st g 4 %s series C
*121%
115%
97%
97%
19%
18%
*112%
105%
105%
1052
1092
105% 106%
1965
Peop Gas L & C 1st
109
131
106
1960
1968
99% 101%
1
7
1970
Series B
4%s
4%s
4%s A
guar....
guar
11
99
102% 103%
44% 50%
22% 26^
18% 28
106
85%
Series J
107
98
cons guar
A
*120
106%
111% 112%
*120
1964
121
1970 J
D
1975 A
1977 J
O
120%
120%
J
106%
Pitts & W Va 1st 4%s ser A
1st M 4%s series B
1958 J
*108
1943 M N
D
1958 A O
1960 A
O
114%
-
-
-
10
—
121
21
121%
107%
17
10
.....
94
96%
96
96
96
14
93%
96%|
96
97
67
92%
96
97
96%
14
*112%
1977
,
124%
124%" 124%
124%
1*123
*115
105
1953
Port Arthur Can & Dk 6s A
1st mtge 6s series B
114% 114)
114% 114)
125% 125%
122
124%
120% 124
120% 123%
100% 107%
112% 113
95%
1962
1974
1st 4%s series D
-----
96%
1948
A
1st gen 5s series C
105%
1953
Port Gen Elec 1st 4%s ser C—1960 M
conv
S|
40% I
104%
99%
75%
108%
5
40%
43%
263
104%
105%
14
104% 106
100
78
96% 100
98%
23%
89%
104%
J
72%
25
89%
127%
104%
100%
99%
131%
104%
100%
119%
119%
120%
128
98
87%
*18
N
74
108%
87
1951 J
{♦Providence Sec guar deb 4s..1957 IVI
{♦Providence Term 1st 4s.....1956 IVI
Pure Oil Co s f 4%s w w
1950 J
4%s without warrants
1950 J
Purity Bakeries s f deb 5s..-.1948 J
{♦Radlo-Kelth-Orph pt pd ctfs
J
for deb 6s & com stk (65% pd)
{♦Debenture gold 6s
1941 J
72%
108%
6s.. 1942 J
{♦Postal Teleg & Cable coll 5s 1953 J
Potomac Elec Pow 1st M 3%s 1966 J
Pressed Steel Car deb 5s
72%
J
1st 5s 1935 extended to 1950
Porto RIcan Am Tob
113% 113)
112%
-----
IVI N
Pitts Va & Char 1st 4s guar
ser
113% 113?
*108""
*113%
114%
4%s
1st M 4 %s series C
111% 111%
112% 113%
121%
*112
1963 F
General M 5s series A
General mtge 5s series B
General 4%s series C
111%
*109
1957 MN
1960 F A
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
1st gen 5s series B
91%
50%
73%
16
Gen mtge 3%s ser C
Consol sinking fund 4%s
Pitts Y & Ash 1st 4s
90
39%
40
General 4 %s series A
General 5s series B
69%
106%
{{♦Norfolk & South 1st g 5s... 1941
N & W Ry 1st cons
g 4s
1996
1961
J
A
1981 J
108% 109%
106
57
76%
100%
46%
93%
209
*109%
105
1963
Series C
107
100%
102%
50%
101%
*106%
— —
Series D 4s guar
........1945 MN
Series E 3%s guar gold
1949 F A
Series F 4s guar gold
1953 J D
39%
36%
75
100% 100%
.73%
100%
101%
46%
75%
1952
99%
28%
♦Certificates of deposit
12
107
95
106%
107%
17
75
.1
45%
68%
5
26
57%
74%
1942
1944
28%
48%
82
95
1946
25%
87
MM-
58
46%
65
103
107
1956 M N
Terminal 1st gold 5s
47%
99%
107
107
{♦N Y Susq <fc West 1st ref 5s.. 1937 J
2d gold 4%s
1937 F
General gold 5s—_..1940 F
N
39%
36%
O
N Y & Putnam 1st con
gu 4s...1993 A
N Y Queens El Lt& Pow
{♦N Y Rys Corp inc 6s
46%
41%
June 1992 M
1955 J
27
36
46%
61%
103% 105%
104% 004%
50
-
1st & ref 4s
1971 F
Phila & Reading C & I ref 5s... 1973 J
Conv deb 6s
1949 IVI
39
40
10
1937
1941
39%
37%
37%
40
:•
100% 102%
91
90
Phila Elec Co 1st & ref
38
35%
1
104%
121%
42%
♦Non-conv debenture 3%s._1954 A O
♦Non-conv debenture 4s
1955 J
♦Non-conv debenture 4s
1956 M N
♦Conv debenture 3%s__
1956 J
37%
11
52
85
74%
100%
PennsylvaniaP&Llst4%s—1981 A
Pennsylvania RR cons g 4s
1943 M
Consol gold 4s
.1948 M
4s sterl stpd dollar May 1 1948 M
Phila Co
*35
100%
76%
79%
107% 111
103% 107%
100% 102%
55%
76
Penn-Glass Sand 1st M 4%s—1960
Pa Ohio & Det 1st & ref 4%s A.1977
123%
*107
81
108
135
"56%
49
107% 108%
93%
96%
72%
63%
72
103
105%
103
105%
69%
78
108%
53%
Penn-Dlxle Cement 1st 6s A... 1941 M
67%
103%
103%
102%
101% 102%
"54"
54
"
101% 105
109
70%
102
103
107% 109
*108%
101%
102
"54%
D
1942
28-year 4s
123
106% 107%
101
1949
Guar 3 %s trust ctfs D
Guar 4s ser E trust ctfs
121%
122
107
104%
1944
♦Paulista Ry 1st ref a f 7s
Penn Co gu 3%s coll trA
Guar 3%s coll trust ser B
Guar 3 %s trust ctfs C
120
123%
'I04%
1968
1953
Pat <fc Passaic G A E cons 5s
115"
101
1955
Parmelee Trans deb 6s
112%
103%
104%
......
ser C
Paducah & 111 1st s f g
{♦Park-Lexington 6%s ctfs
112"
112
120
107%
103%
100%
F
3%s
Paris-Orleans RR ext 5%s._
111%
112%
78
1938 J
1966 A
Paramount Pictures deb 6s
104% 106%
107
112
112% 114
106%
D
J
99% 103%
99% 103
97% 100%
44%
51%
80
104%
113% 114
102
1961
1938
84%
106'
27% 33%
109% 109%
113%
*100
..1966 J
4%s
1955 J
| {♦Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
.1955
60
113
*115
106%
1964 J
Ref mtge
102%
31
120
J
1946
106
129
J
1st & ref mtge 3%s ser H
Pac RR of Mo 1st ext g 4s
22
101%
J
Pacific Coast Co 1st g 5s
97)
107% 108%
42
113%
M
♦2d extended gold 5s
14
104%
113%
.1963 IVI
Pacific Tel & Tel 3%s ser B
108
112%
112%
120%
Pacific Gas & El 4s series G
123
103% 103%
105% 105%
113%
113%
113%
D
68
15
103%
95%
F
1961 J
Oslo Gas & El Wks extl 5s
13
102
76
32
103%
94%
112
123
53
71
112
111% 112
108% lib
25
105
*106%
111%
A
1946 J
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
140
*109
106
A
J
1946
1946
104%
27%
1945 IVI N
_
103
1941
16
83
103
Otis Steel 1st mtge 6s ser A
~23
100
103%
1937
1943
Ore Short Line 1st cons g 5s
47
141
103
1947 F
Ohio River RR gen g 6s
Ontario Power N F 1st g 5s
Ontario Transmission 1st 5s
Oregon RR&Nav com g4s._.
5%
J
J
♦Og & L Cham 1st gu g 4s
1948 J
Ohio Connecting Ry 1st 4s
1943 M
Ohio Edison 1st mtge 4s
1965 MN
Ohio Indiana & West 5s..Apr 11938 Q J
Ohio Public Service 7%s A
1946 A O
1st & ref 7s series B
104
103%
.1961 A O
1964 M N
B
106%
4%
110% 1221
67%
103%
ser
105
5%
5%
106%
67
4%s
O
105% 107
--•M-
103
68%
Ref mtge
111%
14
81% 81%
108% 112%
80
82%
103% 106
103%
111%
108%
103%
115%
155
89
81
J
Peoria & Pekln Un
N Y Greenwood L
gu g 5s
N Y & Harlem gold 3%s
83
109%
80
80%
J
95
D
*81%
108%
108%
J
Refundingfgold 5s
53—1948 J
J
F
2047 J
I
Purchase money gold 4s
.2047 Q
97%
100% 102
.2047 J
104
69%
.1997 Q
.2047 J
1021321 101«|6
104%
tnifr
■
94%
54
96
100
1
-
83
82
97
,
52
J
O
A
A
O
O
S
O
A
A
A O
1938
NY Edison 3%sserD
1st Hen & ref 3%s ser E
N Y & Erie—See Erie RR
N Y Gas El LtH& Pow
g
97%
57%
108%
103%
103%
94%
100%
102%
-
*81
High
119
*110
N
A
-
Low
80
*87%
93
6%
100%
100%
54
♦1st 5%s series A
'
-
-----
83
52%
49%
54%
53
1956 F
No.
117
107"
—
.1956 F
High
Since
Jan. 1
21
92
47
♦Certificates of deposit
♦1st 5s series C__
♦1st 4%s series D
{Northern Ohio Ry 1st guar 5s—
♦April 1 1934 & sub coupons. 1945
♦Oct 1935 and sub coupons.. 1945
♦Stpd as to sale of April 1 '33 to
84
95
106%
48
50
84
II
54
106%
105%
105%
106
"
CBdge
*97%
105%
74%
123%
123%
123%
*103%
101%
101%
98%
84
Askea
144
'62% "H
60
125
"84%
85
98%
95%
New Orl Great Nor 5s A.
1983 J
NO & N E 1st ref & imp 4
%s A1952 J
New Orl Pub Serv 1st 6s ser A—1952 A
N &
97%
101%
80
106
....
.....
121%
80
M«J
117%
92
1954 M N
1948 J
1
&
Low
High
97%
99%
103% 104%
Range
Range or
Friday's
Bid.
97
95%
5%
*3%
*2%
4%
I
(
Price
I
102
101
*3%
*3%
*2%
4%
*3%
*2%
4%
A O
A O
& rets No 5 on *77
warr
97 %
Sale
Week Ended Feb. 5
83
96%
*110%
---
♦4s April 1914 coupon on...1977
♦4s April 1914 coupon off
1977
94%
117
N
N
1951 J
Nat Acme 4s extend to———1946 J
Nat Dairy Prod deb 3%s w W--1951 M N
Nat Distillers Prod deb 4%s—1945 M N
Nat Ry of Mex pr lien 4%s
1957
♦4 %s Jan 1914 coup on
1957 J
■
♦4%s July 1914 coup on
1957 J
•
♦4%s July 1914 coup off
1957 J
■
warr
95%
102
96%
N. Y. STOCK EXCHANGE
86%| — 82%—-
%s series C—1955 A O
f 6s series D
2000 J
.1955 M
ConstrM 4 %s series B.—..1955 M
Mutual Fuel Gas 1st gu g 5s
-1947 M
Mut Un Tel gtd 6s ext at 5%-.1941 M
Namm (A I) & Son&See Mfrs Tr—
Nasb Chatt & St L 4s ser A
1978 F
♦Assent
103%l
BONDS
Since
Jan. 1
Low
160
J
Gen & ref
Morris & Essex 1st gu 3 %s
Constr M 5s series A
ll
High\ No
D
Montreal Tram 1st & ref 5s
Last
Range
Asked\
&
1937
Week's
Frida
Range or
Friday's
N. Y. STOCK EXCHANGE
Feb. 6,
Week's
106
80%
88%
40
45%
20
2
85%
21%
89%
231
120
123
104 % 105
35
99
15
116
131%
100%
—
125
New York Bond Record—Concluded—Page 6
Volume J44
Friday
Range or
Friday's
N. Y. STOCK EXCHANGE
Sale
Week Ended Feb. 5
Price
Bid
A
Asked
103%
107%
107%
115%
Low
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 4 %s series A
1997
Gen & ref 4 %s series B
.1997
Remington Rand deb 4%a w w.1956
Republic Steel Corp 4%s ser A. 1950
Gen mtge 4%s series B
1961
Purcb money 1st M conv 5%s *54
Gen mtge 4%s series C
1956
Revere Cop A Br 1st mtge 4%s.l956
o
103 M
j
J
107M
102 M
106 M
j
J
107
106
M
S
114M
112M
153%
99 M
146~"
111
108 M
m s
f
a
mn
mn
j
J
1946 j
f 7s
s
a
98 M
99
98%
J
105 M
105
25 M
♦Rhine-Ruhr Water series 6s. .1953 j
J
♦Rhlne-Westphalla El Pr 7s...1950 mn
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
_
*18
*24 M
1952 m N
23%
1953 F
a
23
1955 a
.
o
21M
{♦Richfield Oil of Calif 6s„.1944 m N
♦C
Range
1|
High NO.
BONDS
Since
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended Feb. 5
Low
-tlflcates of deposit
63
61M
61M
160%
99%
111%
99%
105%
44
1
J
J
1st 6s dollar series
;
]
Tol & Ohio Cent ref A Imp 3 % s 1
Tol St L & W 1st 4s
]
J
D
J
D
100
A
O
111%
Tol W V & Ohio 4s ser C
100
Toronto Ham & Buff 1st g 4s..]
J
106
Trenton G & El 1st g 5s
Wl
s
J
J
108
109% 115%
151
172
8
108
98
104%
25%
160%
1
.Jan 1
5s
g
23
24
♦Tyrol Hydro-Elec Pow 7%s._3
20
24%
24%
24%
20%
24 M
23%
3
23%
21%
5
20
5
20
18
27
64 M
128
68%
325
52%
see s
Rlchm Term Ry 1st gen 5s
s f 7s
1952
♦Rima Steel 1st
{♦Rio Grande Juno 1st
62 m
*103 M
56 M
1955
Ujlgawa Elec Power
3
f 7s
s
F
56%
A
F
A
91%
J
J
Wl
s
Wl
s
120
A
O
108%
111%
99%
99%
21%
22m
♦Ruhr Chemical
*
s f 6s...
1948
♦Rut-Canadian 1st gu g 4s
1949
♦Rutland RR 1st con 4%s_..1941
"32 m
Saguenay Power Ltd 1st
104
25
"2
"28
28%
31%
103 M
34
104%
112
112
2
101%
101%
3
74
Wl N
28
gu
103
58
102
114
3
114
4
35
35%
103
102
102
A
O
"]04%
86%
89
84
88
F
A
83%
87%
J
D
105%
64%
A
63
16
42%
85
A
O
102
32%
36%
33%
35%
33%
F
A
*113%
M N
*113%
4%
*2%
31%
""32%
108% 108%
66%
87%
*85 M
23
44
30M
1978
90
43%
83 M
32%
30%
33
32
29%
29M
26%
29%
43 %
1948
,
I
"33%
1950 J
j
wi"s
♦Gen & ref g 5s series A
1990 J
St Paul & Duluth 1st con g 4s. .1968 j
{♦St Paul E Gr Trk 1st 4 %s___ 1947 j
29
91
30%
44
33
35
30%
30%
43
102
122
99
20
96
70
35
68
62
48%
49 M
27%
58%
62
J
50%
J
*29%
"32%
23%
25%
103%
101*32
106%
10
U S Pipe A Fdy conv deb 3 %s_ 1946 Wl
1937 j
23 M
J
D
J
♦Sec
s
103
101*32
*
108
31%
10
31
1
29%
100
Vanadium Corp of Am conv 5s.
Vandalla cons g 4s series A
Cons
s
f 4s series B
{♦July
D
Wl
s
105%
105%
Wl N
102%
102%
96%
34
26%
103%
101*32 101%
106% 106%
165
J
112M
112
109
108%
114%
40%
39%
3
39%
40%
3
39%
41
Scioto V & N E 1st gu 4s
1989
{{♦Seaboard Air Line 1st g 4s. 1950
{♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
o
31
29%
9m
17m
16%
F
A
O
♦1st &
1945
{♦Seaboard All Fla 6s
4
31%
55
10
17%
1933 M s
O
16
16%
19
18%
20
18
m"s
A cts.__1935 A
♦Series B certificates.
9%
17%
35m
11%
35%
11%
19%
35%
12%
*11
5
32%
16
,
series A
120
32%
o
a
1959 A
cons 6s
4
a
{♦Refunding 4s
♦Certificates of deposit.
♦Certificates of deposit
{♦Alt & Blrm 1st g 4s
43
120
mn
2
41
41
fi44
49
123
121
29
39% 43
119% 121
15
18%
9
35%
11**
12%
Sharon Steel
conv
deb
4%s
a
51
11%
1951 Wl N
112
112
100
Shell Union Oil deb 3%s
Shlnyetsu El Pow 1st 6 Ha.
1951 Wl
s
1952 J
100
d
♦{Siemens A Halske
1935 j
^♦Debenture
s
s
f 7s
f 6 Ms
♦Silesia Elec Corp 6 Ms
Sllesian-Am Corp coll tr 7s
Skelly OH deb 4s
82
84
7
7
54
*21%
1941 F
a
1951 j
J
70
71m
101,M
105 m
A
O
South A North Ala RR gu 5s. .1963 A
South"Bell Tel A Tel 1st s f 53.1941 j
Southern Colo Power 6s A....1947 J
J
"54
71%
102
F
A
♦Certificates of deposit
—
—
—
O
A
O
Warner Bros Pict deb
Wl
S
{♦Warner-Quinlan Co d
{♦Warner Bros Co deb
♦Deposit receipts
Wl
s
Wl
s
_
-
.
F
A
Q Wl
J
J
S
J
22
A
S
100%
98%
101%
34
100
100%
133
100% 101%
98% 99%
99% 100%
96%
96%
137
96%
154
101
102
107
107%
57
105%
106%
157
111%
80%
101%
104%
103%
100%
104%
112
"IBI
84
311
1946 J
j
1950 a
o
al07%
...
Southern Ry 1st cons g 5s
Devel & gen 4s series A
1955 j
J
111%
J
83 M
1956 a
Devel & gen 6s
Devel & gen 6Ms
Mem Dlv 1st g 5s
106
*
1955
.1994
103
..1956 a
,....1956 a
106 %
105
1996 J
St Louis Dlv 1st g 4s
1951 j
East Tenn reor lien g 5s.....1938 m
Mobile & Ohio coll tr 4s
.1938 m
S'western Bell Tel 3Ms ser B..1964 J d
S'western Gas & Elec 4s ser D.1960 m n
{♦Spokane Internat 1st g 5s... 1955 J
j
54
125
100%
"95M
107%
104 M
35%
107%
103%
35
Funding & real est
25-year gold 5s
30-year 5s
103%
158
107
119
105
15
120%
43
111
-
62
96
17
M S
conv
*106
-
F
A
113%
102%
*112%
"l02
D
J
105
{♦Wis Cent 50-yr 1st gen 4s_._1949 J
♦Certificates of deposit
{♦Sup & Dul dlv <fc term 1st 4s '36 WIN
♦Certificates of deposit
{♦Wor A Conn East 1st 4%s..l943 Y~j
Youngstown Sheet & Tube—
Conv deb 3%s
1951 F. A
"38%
J
42
107% 109%
44
103
106%
37
1946 f A
Standard Oil N J deb 3s
1961 j D
Staten Island Ry 1st 4Ms...._ 1943 j D
106
106
10
106
106%
160%
100
100%
136
100
133
130%
105%
137%
106%
173
105 M
76
192
12
157
195
141
32
121
143
105%
21
104% 105%
119
106%
107%
104%
105%
123%
108%
109%
106%
107%
8
-
-
-
-
-
36
.SB
104
7
39
32
34%
39%
39%
54%
92
35
10
53%
39%
62
53%
*104%
102% 102%
112%
_
——————
30%
105%
103%
112%
31%
-
-
-
-
51
2
32
29
29
30
11
25%
22
25%
55
23
23
*15%
132%
104%
7
102% 103%
112% 115
30% 35%
29
32%
22
25%
23
24
29%
131
136%
243
123% 136%
104
105
122
104
112% 137%
105% 107%
191
....
110% 110%
108% 108%
126% 127%
102
♦Studebaker Corp conv deb 6s. 1945 j
Swift & Co IstM 3%s
1950
♦Symington-Gould conv lnc wwl956
J
88%
99
100%
50% 55%
65% 76
65% 76%
99
38
J
1960 J
83%
96%
38%
1940 MN
7s A. 1935 MN
60
-----
102
104
M S
106% 109
103% 104%
100
....
37%
114
9
28
95
ser D
RR 1st consol 4s
37
40%
39%
104%
107% 111%
106
107%
107% 109%
20% 23
97% 100%
94% 96
106% 106%
112% 113
101
103%
12
109
107%
39
41%
109% 111%
106
108
41
38
8
57
108
-
106%
39%
35
41
37%
36%
103%
21
Winston-Salem S B 1st 4s
104% 105
92
95%
]
99%
1938 J
Wilson A Co 1st M 4s series A. 1955 J
17
33
117
106%
3
96
D
88
39
14
99%
1942 J
100%
1
27
107%
107%
105%
21%
103
102
103%
s
Wilkes-Barre A East gu 5s
Wilmar A Sioux Falls 6s.
104%
95%
108%
104%
35%
....
25
J
{♦Wickwlre Spencer St't 1st 7s. 1935
J
♦Ctf dep Chase Nat Bank
84
8
126%
35%
103%
42
37%
....
107%
107%
104%
106%
36
37%
....
J
White Sew Mach deb 6s
78%
-----
99%
SB
....
J
J
105% 108%
98% 103%
101% 107
81
J
West Shore 1st 4s guar
♦Ctfs for col A ref
96
101
71
2361 J
Wl
Wheeling Steel 4%s series A
110% 112%
166
55%
71%
106%
108%
21%
D
1951 J
♦Westphalia Un El Power 6s..
Registered
Wheeling & L E Ry 4s
4
85
109%
Wl N
4%s
g
98
100
*124
""§7"
j"j
98
94%
94% 97%
94% 97%
100% 102%
106% 109%
105%
94
-
35%
103% 103%
182
*102%
So Pac of Cal 1st con gu g 5s.. 1937 mn
So Pac Coast 1st gu g 4s
j
1937 J
So Pac RR 1st ref guar 4s
1st 4s stamped
-
"ll9
♦5s assented
Western Union coll trust 5s...
....
108%
O
98 M
..1981 mn
"108%
106%
Wl
ser A
37
*112%
108%
"l05%
{♦Western Pac 1st 5s
101%
4mb
-
J
West N Y & Pa gen gold 4s...
26
40%
110% 110%
-
O
107%
....
-----
86%
97%
""99%
99%
52%
52%
65%
66%
65%
65%
*77%
*102%
A
108
-
75
89
J
68
—
71%
37%
28
98
J
57%
—
88
J
J
-
86
38
-
109
D
Wl
84%
100
97%
39%
-
—
39
86%
85
69
107%
"l07%
A
—
41
*34
—
J
O
10-year secured 3 Ms
"39%
O
96%
102% 106%
78% 78%
1
23
40
*35%
39%
102%
5
69
39
— —
....
99%
40%
39%
38
38
113%
(Cent Pac coll) .1949 J D
1st 4Ms (Oregon Lines) A... 1977 Wl S
Gold 4 Ms
1968 Wl tS
Gold 4Ms
...1969 WIN
San Fran Term 1st 4s
69
39
O
130
4
5
97
99%
39%
A
105% 106%
Gold
-
A
15
95%
95%
95%
-
—
A
F
106%
100%
96 %
95 m
95m
101%
—
♦Certificates of deposit.
126
31
104% 107%
62
85
*34
Ref & gen 5s series B
107%
107%
100"" 101%
132
103%
*
105
130
99
—
♦Certificates of deposit.
14%
106
1951 A
—
"39%
,
18%
17%
21%
20%
38%
14%
—
S
—
106
So Pac coll 4s
—-
s
A
j
Southern Natural Gas—
lBt mtge pipe line 4 Ms
______
O
31
106
107%
"26
101%
106%
6
71%
100% 102%
105
5%
41%
107% 109%
65% 67
78%
66
126
~l07%
4
31%
6
78%
A
21
11
24
67
J
Wl
60%
23
100%
O
81
100
108%
1
102
112
111
*98%
1951 m s
1946 F A
Socony-Vacuum Oil 3Ms..—1950
113%
100%
"lol" "lol"
A
F
1935 F
63
106%
31% 34%
29% ,34%
9% 12%
17%
33%
>J
Des Moines Dlv 1st g 4s._.
111% 112%
108% 110%
114% 115
37
113% 113%
11
4%
-----
106%
103
183
98% 105
....
-----
J
124
102
15%
67%
*82%
44
44
69
58
J
42%
O
60
141
J
41%
1946 A
31
23
103% 105
105% 106%
152
!J
Wl
5
116
J
F
23
103
102%
112%
109%
114%
40%
27
39
105%
67%
64%
T
O
122
"40 m
-
A
122~"
j
102
Wl
102
1946 J
61%
Virginian Ry 3%s series A....
102 M
San Diego Consol G & E 4s... 1965 Wl N
Santa Fe Pres & Phen 1st 5s. .1942 M s
22
104%
103%
63
64%
J
17
....
25
103%
105%
167
109%
J
"16
S
1
1
23%
-----
*22
m
-
MN
ser A
Va Iron Coal A Coke 1st g 5s..
*22
--
—
^
J
J
—
J
Virginia El A Pow 4s
106% 107
22
28%
J
t J
4%s_.
gu
coupon off
148
59
D
J
{♦Vera Cruz A P 1st
20
107
J
j
%s series B
♦Stamped..
36%
167
106%
23%
Va A Southwest 1st gu 4s
1st cons 5s
70%
S A & Ar Pass 1st gu g 4s
1943 j
San Antonio Pub Serv 1st 6s.. 1952 j
6
103%
114%
160%
D
J
f 6 %s series C
♦Vertlentes Sugar 7s ctfs
32
J
s f
101%
106%
J
J
j
♦Guar
109%
167
N
J
54
58%
122
*108%
Mont ext 1st gold 4s
29%
28%
26%
69
J
1943 J
88
96%
D
4%s_1941 f A
fPaclflc ext gu 4s (large)... 1940
St Paul Un Dep 5s guar
1972
1
84%
33%
26 M
j
StjPaul Minn & Man 5s
6 Ha
116%
48
82
23
121%
111%
99% 101%
107% 107%
35
103
♦2d g 4s lnc bond ctfs...Nov 1989 J
♦1st terminal & unifying 5s.. 1952 j
guar
121
99
114
*100%
♦Ctfs of deposit stamped.
{St L SW 1st 4s bond ctfs
1989 mn
{♦Schulco Co
♦Stamped
68
102%
102%
*100
♦Certificates of deposit...
gu
100
99%
107%
95
111% 114%
J
j
St L Rocky Mt & P 6s stpd._.1955
{♦St L-San Fran pr lien 4s A.. 1950
{♦St Paul & K C Sh L
108
8
s
O
5s
♦Certificates of deposit
♦Con M 4%s series A..
ssa
37
112
s
.1933 IVIN
♦Prior lien 6s series B
94
109
Wl
StfcLouls Iron Mt & Southern—
$♦8 L Peor & N W 1st
20
120
Wl
1996 J
1st 5s...1937 MN
g 5s
2d gold 6s
♦IRlv & G Dlv 1st g 4s
♦Certificates of deposit
27
885
111%
114%
J
32%
30
F
StyLawr & Adir 1st
5
2
....
90%
85% 90%
105% 106%
105% 106%
O
lflfifi A
StLJoe A Grand Island 1st 4s.. 1947
S^Jos Ry Lt Ht & Pr
34
A
34%
103% 104%
112
112%
100%101»32
103
103%
4%sl966
m
....
121
102%
114%
108%
111%
99%
99%
*107%
"lJ4%
84
52%
24
120
120
81
108% 103%
19% 24
22% 22%
101% 103
90
95%
1
106%
*23
_
107%
5
106%
106%
Wl N
107"
119" 12i%
95%
------
J
73
78%
105% 108%
101% 103
1
87%
48%
49
103
86%
106
11
"~2
119
87%
106%
26
108%
22%
73%
46%
101%
....
94%
91
108 M
101
High
— —
....
O
56%
—
—
124
95%
O
J
-----
*88
50
'l08m
2
-----
A
*119
to Gen mtge 6s series E
...1962
{{♦R I Ark & Louis 1st 4%s..l934
51
119
81%
91
60
102
*120
"119
91
1
78%
7
107
*108%
*105%
—#<
81
49
38%
102%
—
49
gu 6s..1939
♦Rio Grande West 1st gold 4s. 1939
♦lst con A coll trust 4s A
1949
Roch G & E 4%s series D
.1977
1
67%
186
102
------
Wl. S
103% 103%
1
Low
120
4e%
101%
105%
M N
66
56%
Since
Jan. 1
73 %
75%
77%
107
------
Wl N
]
f 7s
66
64%
♦Guar
D
A
M N
High No.
72
41%
101%
M S
3
1
22
3
Range
Bonds Sold
Asked
Tokyo Elec Light Co Ltd—
Trl-Cont Corp 5s conv deb A—]
Truax-Traer Coal conv 6%s_.]
27
A
Low
73
106
97%
Bid
Price
J
52
101
Inter st Period
O
♦AdJ lnc 5s
Third Ave RR 1st
127
Friday's
A
Third Ave Ry 1st ref 4s
106% 108%
113
Range or
Sale
J
102 % 104%
"649
Week's
Last
High
73
35
1941 WIN
Rensselaer & Saratoga 6s gu
♦Rhelnelbe Union
Friday
Week's
Last
bondsl
901
Staley (A E) Mfg 1st M 4s
*
Without warrants
Tenn Cent 1st 6s A
J
.S
A
1956
or
O
139
A
1947
B
Tenn Coal Iron A RR gen 6s..1951
S
D
Term Assn of St L 1st g
4Ms. .1939
a
1953
gold 5s
s
f g 4s
Texarkana & Ft S gu 6Ms A.. 1950
Texas Corp deb 3 Ms
1951
Tex A N O con gold 5s.
1943
Texas A Pac 1st gold 5s
Gen A ref 6s series B._
2000
1977
D
O
29
104 % 105
"loo"
"99%
166%
"44
99% 104
108
108
7
108
*116%
116%
109%
107%
103%
116%
7
83
116% 118%
109% 111%
Interest payable at exohange rate of 54.8484.
109%
108
26
107% 108%
104%
77
102% 105%
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
"l07%
104
3
110
124%
110
124%
105%
125
8
105%
106%
107%
2
Gen A ref 5s series C._
1979
O
106
Gen A ref 5s series D
1980
D
107%
Tex Pac Mo Pac Ter 5Ms A.. 1964 M s
*107%
and not Included in the yearly
Internat. Cement 4s 1945, Jan. 3 at 171,
104%
j
D
Cash sales transacted during the current week
123
123
126
s
A
e
105
range:
123
J
cons
2
104%
O
....1944
I*list
P'Gen refund
105"i6
1961 Wl N
"104%
j
Tenn Cop & Chem deb 6s B
1944
Tennessee Corp deb 6s ser C..1944
Tenn Elec Pow 1st 6s ser A
1947
i05''i6
1st mtge s f 4s ser C
109%
106% 110
124% 128%
105%
106
21
106
108
11
107% 108%
108% 109%
Schulco 6s B 1946, Jan. 3 at 46.
r Cash sale; only transaction during current week,
a Deferred delivery sale; only
transaction during current week,
n Under-the-rule sale; only transaction during
current week,
x Ex-interest.
§ Negotiability Impaired by maturity,
t Accrued
{ Companies reported
*
Friday's
bid1 and
as
being In bankruptcy, receivership, or reorganized under
asked
price.
No
sales
transacted
during
current
week.
♦Bonds selling flat.
2
Deferred delivery sales transacted during the current week and not Included
In the yearly range:
Czechoslovak (Rep.) 8s 1951, Feb. 5 at 104%.
New York Curb
902
Exchange—Weekly and Yearly Record
regular weekly range are shown in a footnote in the week in which they occur.
Feb. 6, 1937
the only transactions of the week, and when selling
NOTICE—Cask and deferred delivery sales are disregarded in the week's range, unless they are
outside of the
No account is taken of such sales in computing the range for the year.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Jan. 30, 1937) and ending the present Friday (Feb. 5, 1937).
It is compiled entirely
from* the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any .dealings occurred during the week covered:
'
In the
week
Last
Week's Ranoe
for
Sale
of Prices
Acme Wire
t c com.
v
Price
.20
52
_
Low
High
Range Since Jan. 1, 1937
Shares
52
£54%
1,675
"2l"
"21"
""100
Adams Millis
Aero
7% 1st pf 100
Supply Mfg class A.*
Class B
*
Agfa Ansco Corp com
Ainsworth Mfg common..5
Air Investors common...*
Conv
preferred
Warrants
Alabama Gt
Alliance Invest
19
Jan
22
Feb
5
800
Jan
British Amer Oil Coupon.*
13j6
72 %
81%
71%
Jan
Jan
Jan
Jan
5%
34%
1%
78 %
Jan
28%
Jan
Jan
Jan
Jan
Jan
4%
76%
82%
73%
24%
4
4%
1%
77
2,100
84%
75
170
75
120
3%
Jan
Feb
3,500
27
4%
5
23
Jan
200
4
Feb
5%
3%
Jan
5
Jan
Feb
Jan
2%
Jan
1,200
163
162
22%
166%
117% 118%
7
115
Jan
118%
17%
14%
Feb
124
Jan
950
28
30
3%
3%
64
17%
40%
19%
1%
39
17%
9%
98%
Jan
Jan
Jan
Jan
Jan
Jan
32%
3%
Jan
Jan
62
Jan
64
Feb
"33%
17%
Feb
15%
Feb
Feb
Cable Elec Prod v t c
Cables & Wireless Ltd—
1%
40%
1,100
200
41%
Jan
Feb
47
Jan
Jan
8
Jan
36
Feb
75
36
33%
33%
4%
4%
3%
23%
3%
23%
43%
4%
4%
24
45%
r
11
dep rets A ord sh_
6% preferred
100
Canadian Indus Alcohol A *
26%
"29"
•4%
Jan
Capital City Products...*
Feb
Carib
39
48%
Jan
11%
Feb
Carnation Co
850
33%
39%
Jan
35%
Jan
Carnegie Metals
Jan
42
Feb
24
Jan
32
32%
24%
21%
27%
32%
Jan
33
Jan
Jan
34%
Feb
Jan
26%
Jan
Carter (J W) Co
Jan
28%
Jan
Casco
Jan
41%
Jan
2%
Jan
29%
450
"34%
"5",600
41%
2
56
1,875
26,200
1,100
2
300
41%
42
100
2%
2%
34",000
200
96
96
97%
Preferred.
*
51%
50%
4%
54
2,100
Jan
Feb
1%
Jan
38
Jan
9%
2%
700
Jan
Jan
Jan
59
2%
Jan
42
Jan
10%
Jan
Jan
3
Jan
95
Jan
99
Jan
47%
Jan
59%
Jan
Jan
Class B__
..._.*
com
$6 preferred
Carrier Corp
.....
33
12
1
7%
common
Products
Castle (A M) Co
Catalln Corp of Amer
*
Cent Hud G & E com
Cent Ohio Steel Prod.._.l
Jan
Jan
Cent P & L 7% pref.-.100
Cent & South West Util-.l
Jan
Cent States Elec
Jan
5
Jan
Jan
37
37%
Feb
Jan
6% pref without
7% preferred
Jan
Conv
7
4%
*
31%
35
3I6
1%
2,800
13,000
1,000
4,^00
3%
Jan
Jan
30
532
Jan
7
Jan
%
5%
39%
300
32
1%
%
Jan
Jan
Jan
Feb
1
Jan
Feb
%
5%
Feb
1%
22
T 29%
25
2%
21
2%
•
Jan
6%
5%
Feb
2%
2%
9,200
1%
Jan
3
J an
22
......
80
6%
1,100
22
18%
2%
2%
7
TOO
7
500
34
3X
9,
>6
99
Chief Consol Mining
Childs Co preferred
Cities Service common
1
100
B
Preferred BB
*
Cities Serv P & L $7 pref.*
preferred
Jan
Jan
Jan
12
800
10%
Jan
13%
40%
41%
200
39%
Jan
45
Jan
96
17%
Jan
19
Jan
900
17
Feb
19
Jan
85
Jan
89
Jan
6
%
Jan
Jan
2 %
Jan
20
Jan
27%
Jan
1,300
17
18
18
18%
87%
22%
16%
82
110%
61%
31%
1%
52%
Jan
3%
Jan
4
Jan
Cleveland Elec Ulum
Cleveland Tractor com
Jan
'27 %
Jan
Clinchfield
Jan
3%
Jan
39%
Barium Stainless Steel.._l
6%
18%
Barlow &
Baumann
600
Jan
8
Feb
Seelig Mfg A._.5
(L) & Co com..*
7% 1st pref
3
4
5%
7
17%
19
8%
Jan
75
75
Bell Tel of Canada
13%
1
6%
700
5
Feb
Jan
58
Jan
Jan
77
Jan
Jan
76
Feb
400
400
72%
66%
5,800
12%
Jan
14%
Jan
300
4%
%
8%
Jan
4%
Jan
Jan
Jan
3%
10 %
Jan
Jan
45%
Jan
48%
Jan
10
Jan
12 %
5
Jan
5
Jan
1%
Jan
2%
Jan
2,800
20,400
Jan
Jan
Columbia Pictures com..*
Jan
Commonwealth Edison 100
Commonwealth & Southern
7%
6,500
5%
Jan
165
Feb
Jan
Jan
18%
50
43,100
30,000
Feb
Commonwealths
4
Jan
Jan
2%
Feb
Jan
15%
Jan
37%
Feb
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv__l
Compo Shoe Mach vtc.-l
Jan
*
14%
14%
300
_*
36%
37%
125
36
Jan
18%
Jan
3%
Jan
W) &Co com....*
Corp com
1
$3 opt conv pref
*
Blumenthal (S) & Co.—.*
Bohack (H C) Co com
*
7% 1st preferred
100
22%
21%
23%
3%
3%
3%
10,900
5,200
48%
47%
48%
500
44
Jan
39
39
40
900
Jan
10%
10%
11
300
35%
9%
24%
4%
48%
43%
Jan
11
50%
15%
Jan
Jan
%
Jan
Blue Ridge
i",706
H
13,400
"60~~
""260
ext to 1946.
Jan
Consolidated Aircraft
Jan
Consol Biscuit Co
Jan
Jan
Consol Cigar warrants....
Consol Copper Mines
5
56%
Jan
Consol G E L P Bait
17
Jan
Consol Mln & Smelt Ltd. .5
Jan
Consol Retail Stores
1
.
"59"
"58"
32
32
1%
"16%
16%
900
—1
*
16%
17%
25
*26%
9,300
x9
£9
9%
900
8%
7%
86
86
77%
76
150
%
700
5%
600
5
Feb
6%
Jan
30%
35%
7,500
1,000
28
Jan
35%
Feb
8% preferred
Consol Royalty Oil
2
Feb
2%
Jan
Consol Steel Corp com
32%
Jan
100%
2%
100
Jan
Cont G <fc E 7 % prior pf 100
Continental Oil of Mex-.-l
Feb
Cont Roll & Steel Fdy...*
22%
22
Jan
2%
7% 1st preferred
100
25%
27
2d
100
24%
5%
"23%
22%
2
2%
250
24%
Feb
6%
600
3,800
5%
18%
Feb
24%
34%
Jan
Jan
8
24%
36%
Cook Paint & Varn
com
5
100
10
*
21%
Jan
57%
Feb
67
Jan
86
Feb
Jan
104%
Jan
8%
Jan
10%
Jan
Jan
39
Jan
118%
Jan
S16
Jan
Jan
139
JanF
716
2%
Jan
Jan
58
Jan
64
Jan
31%
Jan
34
Jan
1%
Jan
1%
Jan
16
Jan
17
Jan
15%
Jan
17%
Jan
22%
Jan
27%
Jan
£9
Feb
11
Jan
Jan
Jan
%
7%
Jan
9%
2,700
86
Feb
89%
Jan
1,350
2,100
75
Jan
81%
Jan
Jan
10%
Jan
117
60
114
3
200
9
87%
77%
30",800
Continental Secur Corp..5
com..*
5
%
com
Jan
4%
3%
%
%
For footnotes see page 907.
600
25%
130
"5%
Bridgeport Gas Light Co.*
1%
17
150
1,300
16%
*
6
34
32
16%
..
4%
4%
Jan
Jan
18
1%
Distrlb.l
54%
Bourjois Inc
132~"
16
"16 "
Brazilian Tr Lt & Pow...*
v t c
9%
5ie
53
25
Botany Consol Mills Co.. *
Borne Scrymser Co
New
9%
128%
130
16
Jan
Feb
Feb
35%
Warrants
2%
18
1%
14%
Bliss (E
preferred
89%
15%
7%
123%
Bowman-Biltmore
86
103"""
Jan
Bower Roller Bearing
86%
9%
Conv 5% preferred.. 100
Columbia Oil & Gas
1
Jan
common
57%
Feb
121%
pref
57%
19
161
conv
19%
Jan
Jan
Jan
16
4%
3%
Jan
Jan
Jan
4%
17%
10
$2.50
16
4%
19%
Colt's Patent Fire Arms_26
Columbia Gas & Elec—
30
Bickfords Inc
l'ooo
5% income stock A___£l
6% conv pref
£1
Colorado Fuel & Iron warr.
Feb
165
2%
3,800
9%
7
123%
1%
700
7%
Jan
123
4
22,400
3
Jan
2%
3%
Jan
77
Feb
Jan
Jan
Jan
5%
3%
Feb
12%
Jan
Jan
60
8%
4
Jan
Jan
5%
Jan
500
43
Jan
52
4%
50,500
1,100
3,400
5,300
1,100
156
165
1£%
86
9%
Jan
15,500
60,600
1,000
3%
Jan
76
Jan
%
7%
4%
4%
20%
59%
Jan
"2",300
18%
1
5%
Jan
100
18%
3%
2%
Jan
8%
39
Bell Tel of Pa 6 % % pf-100
Benson & Hodges pref
*
Berkey & Gay Furniture. 1
Purchase warrants
1%
6%
128
"13% "14%
6%
33%
1 sh
500
"92"" Jan
1
63
Jan
"
Cohn & Rosenberger Inc..*
100
Bell Aircraft Corp com
Bellanca Aircraft com
Jan
Cockshutt Plow Co com..*
Jan
850
42%
Jan
52%
27%
54
4%
Coal Corp.. 100
1,800
153
115
.
Colon Development
147
Jan
55,300
3,200
Club Alum Utensil Co...*
8
Feb
900
12%
Jan
Jan
82
5
11%
50%
16%
Jan
550
11%
52
Jan
85
*
51%
3%
25%
2%
Jan
1,500
3,200
48
Jan
Jan
6
5%
15%
57%
.
47
17%
3%
Jan
71%
110%
300
1%
1%
84
47
Jan
*
3%
1%
5%
84
*
16%
151
Jan
125
14%
3%
17%
*
Jan
%
500
2,000
6
82
78%
110% 113
60
61%
32%
31%
76
17%
10
Jan
110%
4%
2%
17%
51%
warr.
Feb
61
Jan
13%
Feb
common
Jan
38%
Jan
108%
72
52
Class A
11%
Jan
525
4%
2%
Jan
Babcock & Wilcox Co
Jan
109% 110%
13%
47
Baldwin Locomotive
10%
35
10%
City Auto Stamping
*
City & Suburban Homes 10
Claude Neon Lights Inc__l
Clayton & Lambert Mfg. *
52
7%
Jan
Jan
75
49%
8%
Feb
8%
*
51%
7%
Jan
43%
13,100
54%
Feb
Tobacco—
102 %
9%
9%
18
*
Preferred
Feb
8%
97%
Jan
11
"40%
4%
13%
*
Feb
54
*
56
5
Feb
90
30
40
Jan
Jan
_
99
40
21,100
100
Jan
Jan
Axton-Fisher
Feb
Feb
Jan
%
Automatic Products.
Automatic Voting Mach.
Feb
26%
10%
2%
%
Jan
Jan
3%
Jan
50%
2%
7%
35
20
100
2%
Jan
Feb
3
Jan
350
700
1
Feb
7
32%
Jan
Feb
2%
Jan
23%
10,400
19
2%
Jan
Jan
22%
£5%
16%
%
3%
27,000
3,200
15
%
33 %
13%
3%
6,000
Feb
Jan
56
25%
Jan
73%
200
77
6%
24
12
:
82%
8%
7%
170
6%
5%
1,800
5%
77
100
%
52%
*
Feb
26
12%
Atlas Plywood Corp.
Austin Silver Mines
Jan
31%
24
55%
16,200
1,400
8,300
4,200
11,000
22%
Jan
'
100
Atlantic Coast Fisheries. *
Atlantic Coast Line Co..50
170
Feb
Jan
Feb
Feb
51 %
Associates Investment Co *
Feb
225
31%
Jan
Jan
Jan
*
100
Jan
28%
100
1%
%
5%
31%
22
2,100
22
,mmm±
31
300
%
5%
31%
1%
716
5%
31%
42%
.
$6
Jan
175
preferred
Preferred
1 %
47
8%
2%
Jan
1,100
44
Jan
3%
Jan
1
1%
24
6%
2%
7 %
22
4,800
6,900
3%
Feb
22
15% Feb
__1
6%
100
Feb
Jan
300
100
warr
13%
3
7
100
Centrifugal Pipe
*
Charis Corp
10
Cherry-Burrell Corp
*
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach..*
Jan
Jan
6%
1%
18,200
13,600
1,000
Jan
2
4%
6
Feb
2%
Jan
88
12%
10%
Jan
Jan
4
100
2%
96
12%
%
300
5
Jan
Jan
Jan
Jan
4
2
Feb
Jan
36%
%
4
2
9%
1
Jan
117
Jan
"5%
94%
l
Assoc Laundries of Amer- *
106%
Feb
4
1
com
70
S32
Jan
100
93%
$7 div preferred
1st preferred
95%
S32
104
375
110%
5%
a
warrants.
100
115%
9%
10
31
104%
111
1
6%
Jan
Feb
Feb
104
111
Celanese Corp of America
7% 1st partlc pref
100
Celluloid Corp common. 15
94%
12%
49%
25%
900
Conv pref opt ser '29.100
100
Jan
1,600
Feb
12%
Jan
24%
11%
12%
12%
Jan
46
38%
4%
Associated Elec Industries
£1
Feb
12
11
Jan
Assoc Gas & Elec—*
26
Jan
36%
*
Jan
7%
Jan
Jan
200
38
.1
1%
7%
15%
Jan
3,400
10
17,600
12%
39,700
12% 198,400
10%
6,000
7%
9%
21%
11%
26
94
110%
2%
13%
Jan
Feb
12%
43%
Jan
Jan
15
28
90
Jan
7%
Jan
2%
Jan
37
108%
9%
Jan
Jan
64
Feb
90
50
•
38 %
Jan
13
40%
11%
1,300
2%
Jan
28
*
_•
110%
2%
9%
Jan
100
*
[
Jan
5%
2%
44
400
T, 300
2,700
£3
37%
11%
15
50
Jan
15
33%
36
""2%
Art Metal Works
preferred
Warrants
33
28
1
109
10%
94%
6%
Feb
14%
*
common
Jan
2,400
6
1%
52%
200
5%
5%
36%
4%
5%
6
Arkansas P & L $7 pref..*
..5
Jan
450
Rights
Carolina P & L $7 pref...*
75
*
common
23%
1,100
25c
112%
1%
*
Jan
Syndicate
Carman & Co—
Jan
1st preferred
Corp
Jan
Jan
25%
1
24
1%
5
Marconi
Jan
52%
34%
2%
Canadian
Jan
35%
Seal-Kap common. .2
Superpower Corp com *
Jan
Jan
Amer
Atlas
Feb
49%
*
Jan
42
2
5%
B non-voting
10%
41
39
Jan
110%
34%
28
I 35%
[136
525
41%
"32%
Jan
Jan
2%
20%
52%
1%
-
25%
47%
IH
5,300
1,100
9,700
Amer Meter Co
*
Amer Pneumatic Service.*
Amer Potash & Chemical.*
common
Jan
Jan
25
£1
Calamba Sugar Estate. .20
Camden Fire Insur Assn. .5
Canadian Car & Fdy pfd 25
Canadian Hydro-Elec—
33
Jan
_
Jan
100
c
30
25%
dep rets B ord shs.£l
Amer dep rets pref shs £1
4%
3,300
V t
Jan
49%
1%
3,500
34%
2%
"*63"
"57"
25
*
100
28
Ashland Oil & Ref Co
Jan
200
%
11%
43
110% 111
11
15,500
1,200
32%
10
Am
Feb
25
6
Am
Feb
6%
33%
28
com
Jan
40%
39
23%
*
1 %
Jan
44%
28
__io
Jan
500
24
Arcturus Radio Tube
1
Arkansas Nat Gas com...*
l3i6
36%
10%
750
6% preferred
..25
Amer Mfg Co common 100
Amer Maracaibo Co
1
American Thread pref
Jan
2,000
Amer Invest of 111
Angostura Wupperman__l
Apex Elec Mfg Co com..*
Appalachian El Pow pref- *
Feb
10%
28
$3 convertible pref
Warrants
134
111
Anchor Post Fence
8
45%
6%
36
Amer Dlst Tel N J pref 100
Amer Equities Co com
1
.50
77
Jan
37%
Burma Corp Am dep rcts.
Burry Biscuit Corp..l2%c
40%
6%
Bunker Hill & Sullivan. .10
Burco Inc common
*
28
44%
Amer Cyanamid class A. 10
Class B n-v
10
com... *
Amer Laundry Mach___20
Amer Lt & Trac com
25
14%
Jan
10%
3,100
1,900
400
3,750
25%
2%
10
Jan
3,200
25
32%
*
121
2%
129
Jan
39
40%
"~6%
Option
25%
14%
100
10%
10
1%
__i
..1
Jan
32%
800
Feb
Feb
Feb
24%
17,400
10%
*
150
124% 124%
62%
$3
preferred..
14%
77
10
100
6% pref
Class A pref
Buckeye Pipe Line
50
Buff Niag & East Pr pref 26
$5 1st preferred
*
450
1,150
10%
$5
11%
64%
59%
Feb
950
13%
3%
Class A common.... 10c
Common class B
10c
Preferred..
Jan
3%
6%
23%
14%
66
Bruck Silk Mills Ltd
Capital—
Class A
Brown Co
Jan
173
113%
18%
American General Corp 10c
$2 preferred.
l
21%
Jan
10
300
26,100
Am dep rets ord reg-.lOs
British Col Power class A. *
Jan
Jan
12
17%
64
Amer Foreign Pow warr
Amer Fork & Hoe Co com *
Amer Gas & Elec com
*
Jan
Feb
30
3%
6%
■
Jan
Jan
300
28%
preferred
*
$5.50 prior pref
*
Am Cities Power & Lt—
Class A
25
Class A with warrants 25
17%
3%
2%
6%
53%
3,000
3%
*
22 %
22
146
108
American Book Co
Common
Registered
24
Jan
300
17%
"liT"
American Airlines Inc
10
American Beverage com.. 1
Amer deposit rets
7%
Brown Forman Distillery
Bruce (EL) Co
21%
22%
124%
Amer Box Board Co com.l
20%
19%
High
Low
Shares
4%
Brown Fence & Wire com.l
100
High
'5%
Am dep rets ord bearer £1
British Celanese Ltd—
27
Low
British Amer Tobacco—
87
77
4%
100
Common class A
19%
AC1/
Brlllo Mfg Co common.. _*
Cl&ss A
108
Preferred
*
100
2,100
Aluminum Ltd common..*
Am
;
preferred
22
118%
com
Class A__
21
6% preference
100
Aluminum Goods Mfg...*
Aluminum Industries com *
$2.50 preferred.
Amer Hard Rubber
*
__*
21%
*
Class B
*,
Price
B_.*'V 3%
T»
Corp class B
Jan
4%
com 25
Aluminum Co common..*
American
Jan
/V.n
18
26 %
4
*
preferred
5%
TJ.II1
Feb
Feb
Allied Internat Investment
Common
*
6%
Jan
Brill
Jan
4%
*
$3 conv pref
Allied Products cl A
Bridgeport Machine
BrigU Star Elec class
56 %
111
2
1
_
Jan
22 %
Jan
Jan
14%
*
com
21
500
.*
common.
Par
High
Jan
45%
110%
1937
Week
2,000
1%
com
Alles & Fisher Inc
for
of Prices
5%
15
Southern..50
Allen Industries
Week's Range
Sale
4%
14%
*
Ala Power $7 pref..
S6 preferred...
Low
Last
15
1
Range Since Jan. -1
STOCKS
(iContinued)
Week
Par
Sales
Friday
Sales
Friday
STOCKS
9%
117
9%
114
3
"*10
"~20%
6
2
20%
10% 159,800
101
2%
24%
21%
75
2,400
5,900
"l",665
8%
Jan
117
Jan
Feb
2%
Jan
3%
Jan
6
Feb
10%
Feb
98%
1%
Jan
102%
2%
Jan
17%
11%
Jan
Jan
25%
,12%
18%
Jan
21%
Jan
Jan
Jan
Jan
Jan
Volume
Friday
Last
Week's Range
for
Sale
of Price8
STOCKS
Week
Par
Price
Cooper Bessemer com
*
$3 preferred A
*
$3 prior preference
*
Copper Range Co
—*
Cord Corp
5
Corroon & Reynolds—
Common
1
Low
32
29*
4,800
34
Feb
Georgia Power $6 pref
*
89*
Jan
Gilbert (A C) com.......*
Preferred
*
13*
Jan
Jan
Gladding McBetyn & Co..*
Jan
Glen Alden Coal
62
100
61 %
Jan
44
44 X
300
44
Jan
14%
15%
3,000
12 %
Jan
64*
52*
18*
5%
5%
20,900
4%
Jan
5*
6*
6X
6%
90
3X
28%
3%
33
6%
1,100
;.■■■ 400
88
29*
Croft Brewing
1
*
17%
,316
Crown Cent Petroleum.. __1
2%
Crown Cork Internat A..*
14
Crown Drug Co com..25c
25
*
Inc
6*% preferred
Curtis Mfg Co of Mo
100
5
Cusi Mexican Mining..50c
Darby Petroleum com...5
2,400
28%
1%
35%
900
___*
34
32*
38*
105
Class B
17
13%
4%
21%
1%
12%
19%
316
*
4,400
*
Jan
6*
6*
6*
100
5*
Jan
*
7%
Jan
Jan
S3 preferred
Gorham Mfg Co—
*
36*
36*
50
33*
Jan
37*
Jan
1%
Feb
24
Jan
Jan
Jan
27*
4*
18*
Jan
3%
12*
18*
Jan
22 *
Jan
Feb
117*
Jan
Jan
128
Feb
Jan
16*
2,800
%
4,900
%
Jan
I
Jan
Gray Telep Pay Station .10
20
18*
20
1,500
Jan
10
Jan
2
Jan
2%
14
8,200
4,600
12%
4%
2,200
4%
2*
Jan
Non-vot
com
*
stock
Jan
14
Feb
7% 1st preferred
Jan
5
Jan
25
100
Jan
25
Greenfield Tap & Die...*
Grocery Sts Prod com._25c
Jan
15
Jan
Guardian Investors
x48
Jan
50*
Jan
Jan
107*
Jan
Gulf Oil Corp of Penna.25
Gulf States Util $5.50 pref *
14%
Jan
15*
Feb
S6 preferred
Jan
ix
12%
Feb
100
250
100
60
,
2*
Feb
*
Jan
Gypsum Lime
Jan
Jan
Hall Lamp Co
Haloid Co
Jan
18*
15*
25*
30%
Jan
32
15
Jan
16
69K
Jan
73
...1
%
Jan
1
Feb
Hazeltine Corp
6% pref ww
20
Detroit Gray Iron Fdy/__5
Det Mich Stove Co comL.l
19*
14%
18%
20
Jan
20
Feb
25c
14%
15*
13%
Jan
16
Jan
Hecla Mining Co
Helena Rubenstein
7%
Jan
II
Feb
Heller Co.
__2
Jan
10*
Jan
Jan
63
Feb
50
8%
52%
25%
Feb
29
Jan
100
9%
Jan
10*
Jan
5,600
£1
Doehler Die Casting
*
Dominion Steel & Coal B 25
39
39
41
15
18*
1,600
1,200
Douglas (W L) Shoe Co—
7% preferred
100
Dow Chemical
29*
Jan
37*
Jan
43*
Jan
Horder's Inc
12
Jan
18*
Feb
Hormel (Geo A) & Co
Horn & Hardart
Jan
153
700
135
Jan
85
20
84
38
37
39
900
30
110
110
25
110
Feb
Dubilier Condenser Corp.l
Duke Power Co
..100
79
3%
*
25%
10
3%
1,100
79
1%
8%
24%
125
1%
9%
26%
100
96
42*
Humble Oil & Ref
Jan
Hussman-Ligonier Co
*
Huylers of Delaware Inc—
Feb
110
4
Jan
79
Feb
1,800
6%
20*
Jan
*
9%
76%
71
Jan
75
24*
Jan
Feb
3,800
Jan
26*
6*
82*
82*
26
25
26%
78%
5X
Corp
S7 preferred series A
"75"
$6 preferred series B
78 %
100
5%
77*
75
77%
600
72
Jan
5%
6
Jan
Registered......
*
Imperial Tobacco of Can.5
Jan
Jan
2,100
11
Jan
13*
Jan
100
20
Jan
23
Jan
60%
60%
4%
57%
Jan
62
Jan
Indiana Pipe Line
.10
Indiana Service 6% pref 100
7% preferred..
100
3,000
3%
Jan
Jan
Jan
71*
Jan
76
79%
87%
2,700
4,200
279
Jan
79*
87*
Feb
85 X
10
Jan
11*
Jan
Jan
9*
Jan
Jan
10
10%
400
8
8
8%
400
8
330
67
Jan
80
Jan
1,100
11
Feb
14
Jan
Elec P <& L 2d pref A
68%
6%
x94%
couv
pref w w
Elec Shovel Coal $4 pref..
21
Electrographic Corp
15
12
6%
6
2,600
15
96
275
21
x94%
250
'~37X "37* ~38%
""450
Empire District El 6%. 100
Empire Gas & Fuel Co—
....100
5*
294*
Jan
Feb
15
Jan
7*
98*
Jan
Jan
21
-
Feb
2%
36
Jan
39*
Jan
13 *
19
Jan
15*
33*
Jan
Jan
Jan
9*
Jan
Jan
Jan
21*
38*
109*
32*
77*
Jan
19*
21*
41*
50
38
15*
30
15*
4,600
32*
2,100
39*
500
41
"32* "34'
1*
lb",600
Jan
Jan
47
Jan
Feb
69*
Feb
67
67
69
550
54
Feb
69
Feb
25
60
Jan
62*
Feb
6,900
1,200
21*
Jan
22
Feb
21
Jan
21 *
Jan
14
Jan
14*
Jan
40*
Feb
44 *
Jan
7*
"21*
21*
62*
21*
21*
21*
21*
62*
40 *
9
40*
500
10*
2,100
31
31
32
9*
31
32
34*
2*
46*
Jan
Jan
Jan
7% preferred
100
Insurance Co of No Amer 10
International Cigar Mach *
Internat Holding & lnv__*
Internat Hydro-Elec—
Pref S3.50 series
A stock purch warr
,S16
9%
9%
18*
2*
47*
Jan
Investors Royalty
Jan
Iron Fireman Mfg v t c_
Feb
Irving Air Chute
1
Feb
Italian
*
Jan
Jan
Jan
Feb
Warrants
Jacobs (FL) Co
Jeannette Glass Co
Jan
25*
8*
10*
23*
..1
10
_
Superpower A,
550
17
Jan
Jan
74*
Jan
Jan
27*
Jan
3*
3
72*
24*
2*
Jan
3*
Jan
3,100
31*
Jan
*
Jan
1%
Jan
1*
17*
20*
1,900
8,000
16*
Jan
20*
1*
Jan
*16
*
Jan
2*
Jan
16
Jan
18
Jan
33*
Jan
36
Jan
6*
Feb
8
Jan
Jan
100
100
19
2*
2
2*
16
16
200
6*
1,700
37*
37*
38*
900
20
20.
21
6
6
Jan
Jan
30*
Jan
33*
38*
Jan
47
*
Jan
1*
Jan
40
79*
Feb
82*
Jan
5%% preferred
6% preferred
7% preferred
Jonas & Naumburg
Jan
Jones & Laughlin Steel .100
Julian & Kokenge com..
6
Jan
Feb
Jan
2*
16
.
7
*
4,900
34*
19*
7i6
24*
24
24*
600
23*
16
16
16*
1,300
12,700
4,200
16
*
'i6
Jan
12,300
1,700
13*
Jan
15*
10
Jan
14
*
1*
*
1*
316
130
2*
85
*
200
6,200
6,800
Jan
Jan
Jan
Jan
38*
24*
,S16
25*
Jan
Jan
"I
Kansas
IK
81
Feb
10
113
Jan
114
Jan
63
59
65
59
Feb
64
Jan
7%
7%
27%
26%
8%
28%
30
29
30
1,700
6,400
19,100
250
7*
Jan
22*
25*
Jan
Jan
5%
5
6
10 x
10%
Franklin Rayon Corp com 1
Froedtert Grain & Malt—
9%
9%
400
2*
Jan
10X
9%
400
10*
Jan
800
8%
Jan
13
12%
18%
18%
90
8*
28*
31*
90
5%
10*
9*
Jau
Feb
Jan
Jan
Jan
Feb
Jan
90 *
30
Jan
9*
116*
Feb
*
Jan
3*
114*
Jan
7*
111
City Pub Service—
Common vtc
;
*
*
3*
Ken-Rad Tube & Lamp A *
Kingsbury Breweries
.1
22*
Jan
7%
7
1
1*
Kobacker Stores Inc com.*
Jan
22*
Jan
20*
Feb
Feb
i
Lackawanna RR N J.
Gen Gas & Electric—
*
10
1
Koppers Co 6% prefl._ 100
Kress (S H) & Co prefi_-10
Kreuger Brewing
l
l
.
.
Jan
64*
Jan
Lake Shores Mines Ltd.__l
1*
Feb
1*
Jan
100
85*
Jan
Lakey Foundry & Mach__l
Langendorf Un Bak cl B..*
10,600
*
92*
Jan
3i6
Jan
108*
"17%
Jan
96*
Jan
Lefcourt Realty com
Preferred
1*
Jan
2*
22*
51*
25*
Jan
Lehigh Coal & Nav
*
Jan
Jan
Jan
Leonard Oil
57
21
Jan
50%
500
50*
Jan
23%
10,700
18*
Jan
,1,700
70
100
Jan
95
105
Jan
Jan
Develop
700
25
*
Lit Brothers com
.*
Jan
Jan
30
*
4*
115*
22*
23*
79
62
7
7*
8
6*
1*
1%
20*
20*
12
11*
14*
14*
21* 21*
108* 109*
17*
18*
Jan
25*
3*
70
74*
Feb
79
10
62
Feb
62
6%
5*
Jan
9,900
600
1*
300
19*
10*
13*
21*
56
57
7*
8*
Jan
12,200
800
300
100
225
"iMOO
106
Jan
Jan
20H
Jan
13*
17*
Jan
Feb
Jan
11*
17*
76*
Jan
188
Jan
12*
21*
Jan
78
56
Feb
6
Jan
58*
9*
Jan
12*
1*
17
8*
9*
3,300
29,500
4*
200
4
8%
*
Lion Oil Refining
19
Jan
Jan
96*
4
1
150
400
56
3,100
1,300
100
9,000
50
4*
62
1
Kieinert (I B) Rubber
Knott Corp common
*
Jan
89
2*
1
Jan
*
3*
74*
Kings County Lighting—
Class B 7% pref
100
ClassD 5% pref
.100
.
7*
108* 116*
V t c preferred A
*
Kansas G & E 7% pref.100
Feb
14*
19*
22
51
25
103% 105
7*
19
22
21%
2,200
1,800
90
500
2
Jan
8*
2.50
Jan
4,200
1%
100
Jan
22%
20X
S32
95%
Jan
Feb
22%
%
Feb
97
18
Feb
93%
90*
110
12*
6*
95
110
99*
75
Jan
95
Jan
93
98
10
3
64%
1%
85
90*
98
Kirkld Lake G M Co Ltd
Klein (D Emil) Co com
29,500
1%
125
91*
100
Kingston Products
Kirby Petroleum
6%
64%
86
100
100
Jan
4%
19%
Jersey Central Pow & Lt—
400
2,100
Gen Electric Co Ltd—
103*
300
12*
8,300
13*
88*
24
1%
*
15*
33
Jan
51
10,300
1,000
11*
47
Jan
21%
35*
6%
14
%
32%
42%
10*
*
34*
6*
14*
13*
*
72*
General Tire & Rubber...5
150
12
Jan
525
General Telephone com_20
Feb
Jan
2,700
16*
*
Feb
12*
8.100
%
44
42%
2%
1
22
13%
1%
4%
1%
...
700
300
84X
94
Jan
1,850
2,000
19,200
16
Feb
12%
Wftrrojits
Jan
Jan
73*
Old warrants
1*
81
Gen Outdoor Adv 6% pflOO
Gen Rayon Co A stock...*
39*
105
28
.
13%
113% 113%
95
Feb
22*
19
1*
16%
2
32*
12%
.____*
Feb
72*
IX
International Vitamin
1
interstate Hosiery Mills. .*
Interstate Power $7 pref.*
Jan
81
1%
32
100*
27
40%
22%
79%
*
Jan
72*
40*
22
1
20%
Feb
36
27*
50
13%
"5%
10*
Jan
50
100* 100*
New warrants
2%
8
12X
20
Jan
31
Jan
Jan
2*
Jan
18%
20
Feb
1
6*
i
Jan
52
2*
22*
*
Jan
8%
Conv preferred
15
Gamewell Co $6 cum pref.*
General Alloys Co
*
Jan
Jan
Jan
9%
Jan
Class B
Jan
17*
7%
lOOfrcs
5*
1*
17 *
100
1*
Class A
30
7%
100
Feb
Feb
Feb
2,600
1,300
2,900
Feb
Jan
Jan
72*' Jan
100
18*
1
1*
27*
11*
1*
27*
11*
Jan
2*
80*
31*
250
1,400
16,200
17,100
8,300
1,400
46%
Feb
International Utility-
25%
""*
86*
18*
1*
c common
Feb
22%
*
Jan
Jan
Jan
5
Jan
35*
5,700
17
Jan
Jan
86*
18*
300
Jan
1
V t
75
24%
9%
112
4%
Jan
3
22%
Jan
4%
68
Jan
Jan
1
Jan
Jan
Jan
1,850
Jan
Feb
45*
6% preferred
100
Internat Safety Razor B_ *
Jan
907.
42*
Jan
Feb
*
100
Jan
3*
3%
Feb
7i6
6% preferred A
39*
3,800
34*
21*
For footnotes see page
200
4,850
International Petroleum. _*
International Products
*
850
$3 conv pref
42*
Jan
5%
Jan
11,100
,S16
(Phila).10
$6 preferred
Jan
69%
60
12,500
1
28*
5
Jan
1%
com
Feb
65
5*
16*
1%
$6 preferred
27
66
*
National Stores—
Gen Investment
200
17*
Intl Metal Indus A
29%
Amer dep rets ord reg.£l
Gen Fireproofing com
*
Jan
28
18*
Jan
1%
Common
10*
84*
Jan
27%
(Peter) Brew Co
1*
Feb
86
17*
IX
__l
Amer dep rets
"3§"
39
Ford Motor of France—
Fox
40*
Jan
27X
.*
Jan
200
8*
18*
Jan
*
Class B
2,200
38
15*
37*
56*
.100
Am dep rets ord reg..£l
Ford Motor of Can cl A..*
Jan
1%
8*
500
73
18*
Florida P & L $7 pref
Ford Motor Co Ltd—
20*
300
71
18
1
Jan
Jan
4*
Jan
Emsco Derrick & Equip. .5
..100
17*
17*
1*
8*
4*
Jan
75
7% 1st preferred
Jan
Jan
4,200
4
67*
31
1
14*
15*
18*
4*
66
80*
*
Fedders Mfg Co com
*
Ferro Enamel Corp com..*
Jan
800
17*
IX
8*
*
200
76
......
12
17*
41*
8*
14*
27
18
13*
16*
*
575
70
Equity Corp com
10c
Eureka Pipe Line com
50
European Electric Corp—
Option warrants
Jan
Class B
73
31
Fisk Rubber Corp
$6 preferred
Jan
Non-voting class A
71
100
100
Falstaff Brewing
4
Industrial Finance—
70*
Empire Power Part Stk..*
Fansteel Metallurgical
FED Corp
Jan
Jan
'
67
69
100
Fanny Farmer Candy
3,900
1,600
2%
16
com..
Elgin Nat Watch Co
71%
11
Option warrants
Electric Shareholding—■
Common
3*
Indian Ter Ilium Oil—
100
10
com
3
Indpls P & L 6 * % pref 100
21 *
4*
28*
Jan
26% 174,000
3%
23%
78%
Class A
3*
Ireland. _£1
11%
86 X
Fairchild Aviation
Britain and
20%
24%
$5 preferred
56 preferred.
Feb
Imperial Tobacco of Great
.
11%
"3%
Ex-cell-O Air & Tool
Illuminating Shares cl A__*
Imperial Oil (Can) coup..*
20
com..
First
Jan
Jan
11%
com..
2*
IX
20
Easy Washing Macli "B".
Economy Grocery Stores.
Fidelio Brewery
Fire Association
10*
80
Jan
1,450
70
Jan
Jan
Jan
225
69%
10*
Feb
1 *
Illinois P & L S6 pref.—_ *
6% preferred
100
Jan
Jan
77%
Jan
66*
Feb
61
76%
67%
8*
50
11*
6%
69*
5,800
9
67%
Eastern Malleable Iron.25
7% preferred
Common
7 % pref stamped
_
% prior preferred .100
6% preferred
100
Jan
Jan
1,600
22*
East Gas & Fuel Assoc—
4 *
7*
24
2%
100
Feb
88
Jan
26.800
*
Feb
67*
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
1*
Feb
Jan
Jan
22*
100
Hud Bay Min & Smelt...*
Jan
1%
preferred
Jan
Jan
3%
70
5%
*
Jan
159*
Jan
110
Jan
33
Jan
75
Jan
6
500
*
10
3%
15*
3,100
*
100
Durham Hosiery cl B com*
Jan
2
Preferred ww
..25
Heyden Chemical...... 10
Hires (C E) Co cl A
*
Jan
85
85
95
Jan
2
*
Hollinger Consol G M
5
Holophane Co com
*
Holt (Henry) & Co part A *
144
*
Jan
14*
•
30
*
Draper Corp
...
29*
9X
Jan
95
16*
Jan
19
63
88
14*
88
Jan
26
Jan
Jan
Jan
9%
Jan
88
66*
Jan
56%
63*
66*
*
5%
25%
Jan
Hartman Tobacco Co
15%
17%
61 J*
57*
Amer dep rets pt pref 8s.
Hartford Electric Light .25
76%
25%
Jan
11,200
62*
Jan
150
*
Jan
1*
Handley Page Ltd—
1,900
1,500
com
6
Jan
Jan
3,800
Distilled Liquors Corp..
Distillers Co Ltd—
Jan
7*
22*
19
10%
4*
*
6*
82
9%
Jan
700
22*
17%
9*
8*
600
1
•
6%
79%
1
4,800
5%
1516
60*
1S16
60*
6*
6*
1,300
4,800
3,500
Feb
12*
5
5
22*
"l7%
11
44*
12*
11*
"12"
Jan
7%
Jan
1,000
Jan
•
38
Jan
44*
*
Detroit Gasket & Mfg coml
9%
100
128
112*
126*
Jan
43*
5
Harvard Brewing Co
Hat Corp of Am cl B com.l
7%
127
& Alabast.*
23%
500
100
128
570
112* 114*
_*
225
2%
12%
49%
25
112*
Gt Northern Paper
600
10
Jan
Great Atl & Pac Tea—
70 X
Evans Wallower Lead
100
13,800
15%
*
Feb
107
*
*
4
X
2%
Jan
1
18
31%
preferred
105
*
Gorham Inc class A
24*
70%
6*% preferred
7% preferred
8% preferred
40
107
Feb
$7 preferred
Goldfleld Consol Mines
Jan
16*
15%
6%
Jan
24*
3*
1
$6
28
3%
35
Elec Power Assoc
Jan
Feb
5,500
50*
38*
V t c agreement extended
Grand National Films Inc 1
Grand Rapids Varnish
*
7% pref.100
Derby Oil & Ref Corp com*
"23 *
Dennison Mfg
Eisler Electric Corp
Elec Bond & Share
15
Jan
Jan
19*
Edlson Bros Stores
Jan
Jan
300
Eastern States
105
13
41*
20
2,300
Common
Feb
6,400
38
15%
Eagle Picher Lead
28
14
50
Jan
24%
%
.
Davenport Hosiery Mills *
Dayton Rubber Mfg com.*
Duval Texas Sukphur
Feb
100
13
47
Jan
Jan
7% preferred
28
28
13
47
Jan
Jan
Jan
Driver Harris Co
Feb
Feb
m
16
!
15*
45*
34%
14%
15
Amer deposit rets
Jan
1,700
916 150,400
17%
1,200
Corp
8*
40*
6,800
10,000
S16
17%
15%
23%
31%
Diamond Shoe
Jan
7,200
1,690
1%
37%
19%
15X
Detroit Paper Prod
Detroit Steel Products
15*
45*
38*
14*
Jan
14%
Preferred
95*
*
106%
4%
Cuban Tobacco com v tc.*
Class A
Feb
10
IX
35*
*
Dejay Stores
88*
Jan
93
Feb
Feb
3%
Jan
High
Low
175
90
4*
Feb
88
10,600
•
7%
Jan
14
3*
Crocker Wheeler Elec
Preferred
Range Since Jan. 1 1937
for
Week
Shares
Godchaux Sugars class A.*
Cramp (Wm) & Sons Ship
& Eng Bldg Corp._.100
Creole Petroluem
5
Crystal Oil Ref com
88*
13*
44*
28
Jan
£1
Co..
Crowley, Miluer & Co
Low
Price
29*
5*
100
Courtaulds Ltd
Cuneo Press
34
of Prices
High
Sale
Par
High
Low
Shares
Week's Range
Last
(Continued)
14*
1
com
Preferred
Range Since Jan. 1 1937
62
li"
*
$6 preferred A
High
Sales
Friday
Sales
STOCKS
(Continued,)
Cosden Oil
903
New York Curb Exchange-Continued—Page 2
144
4%
18
200
3*
3*
100
17 *
Feb
20
12*
1%
18*
8,500
46,000
9%
Jan
13*
151«
16*
Jan
5,100
Jan
19*
5*
500
6*
Jan
6*
17*
11*
1%
17
5*
Jan
4*
2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
New York Curb
904
Last
Week's Range
for
Sale
of Prices
Par
Price
Low
High
5
Locke Steel Chain
Lockheed
"17% "17%
Shares
Low
23%
*13%
Jan
23%
Jan
18%
12%
"(LOOO
18%
Jan
11%
11,500
9%
Jan
12%
Jan
13
13%
3,900
11%
Jan
14%
Jan
Jan
—*
Common
5%
100
100
preferred
6% pref class B
Loudon Packing..
90
*
5%
89%
77%
5%
13%
41
1
1
Mangel Stores
4%
Margay Oil Corp
75
*
*
1
•
.
17
38%
•
114%
Memphis Nat Gas com..5
Mercantile Stores com—*
6%
44%
Jan
Jan
No Am Utility Securities
Scott *
Jan
Nor Cent Texas Oil
6
5%
Feb
6%
Jan
Nor European Oil com___l
13%
Feb
Jan
Jan
600
39
Jan
42
Jan
4%
6,400
1,000
1,000
Jan
10%
Jan
Nor Sts Pow com cl A..100
38%
75
Feb
82
Jan
4%
Jan
21%
Jan
Nor Texas Elec 6% pref 100
Northwest Engineering..*
Jan
10
Jan
Ohio Brass Co cl B com..
"~9%
0%% A preferred... 100
74%
—1
1
9%
18%
3%
7%
Jan
4%
Jan
29
Feb
Jan
18%
3%
Jan
Jan
Ohio Oil 6% pref
100
Ohio Power 6% pref—100
9%
300
3%
37%
40%
il5%
7
6%
39
40%
DO
Part
preferred
*
Metropolitan Edison pref.*
ib"4o6
475
"3%
Michigan Bumper Corp__l
Michigan Gas A Oil
1
3%
8%
17%
1%
Michigan Steel Tube..2.50
Michigan Sugar Co
*
10
v t o
—*
5%
Class B
v
t c
*
1%
*
S%
*
*
22%
85)4
4*
30
50
31%
Overseas Securities
Oldetyme Distillers—...1
*
5%
10%
6
Jan
7
Jan
Pacific G A E 6% 1st
32%
*
7%
104%
Feb
104%
Feb
6
Jan
6%
Jan
Jan
Jan
Pacific Public Service
Jan
preferred
*
Pacific Tin spec stock
*
Pan Amer Airways..—10
Pantepec Oil of Venez
1
Paramount Motors Corp.l
Parker Pen Co
-10
39
400
25
100
Jan
44
"9,800
6%
100
%
Jan
225
61%
Jan
78
716
Jan
Jan
24,400
200
4
Jan
1%
Jan
10
32
Jan
35%
Jan
104
...
Jan
3%
Jan
3%
9%
21,400
21,800
Jan
17%
1%
7%
17%
1%
3 200
2%
2%
15%
3,400
7%
5%
1%
8%
6%
1%
3,200
8%
Jan
1%
1.000
3
Jan
5%
33%
106
Jan
Jan
Jan
*1.30 1st
8%
22%
23
84
86
Peninsular Telep com
Preferred
1%
Jan
1%
Jan
Penn Central Lt A Pow
200
7%
Jan
8
Jan
$2.80 preferred
2,700
5%
Jan
Jan
Penn Mex Fuel Co
1
6%
Feb
Jan
4%
Jan
10
Jan
Pennroad Corp vto
Pa Gas A Elec class A
1
100
1%
8%
6%
1%
900
22%
Jan
23
Jan
125
71
Jan
86
Feb
500
2,500
3%
?%
Jan
4%
39%
100
39%
Feb
Jan
lis"
""16
115
Jan
Jan
...
14 %
14%
101
800
25
9%
3%
16
Montgomery Ward A....*
11
3%
16
154% 157
35
35%
Montreal Lt Ht A Pow
*
Moody Investors pref
*
1
6)5
10
7%
Mountain Producers
*
16%
*
*
50
109"
Jan
123%
Mountain Sts Tel A Tel 100
Mueller Brass Co com.
1
"46%
Murray Ohio Mfg Co
*
*
"2l"
Nat Auto Fibre A v t c—*
36%
32%
Jan
5
Feb
Jan
10%
Feb
31%
28%
104%
Jan
32%
29%
107%
Jan
Jan
Jan
6
Jan
Feb
Jan
Jan
24%
44%
75%
Jan
Feb
200
25
Jan
30
48
Jan
53
Feb
36%
Jan
40%
8%
30%
Feb
100
41%
1,400
70%
1,800
8%
98,300
5%
29
1,300
1,400
7
29%
500
28
6%
6%
5
4%
16% 16%
110% 111
108% 109%
300
7%
28
100
15,900
200
150
70
Feb
Jan
Feb
Jan
s
Feb
89
Jan
Jan
Jan
9%
Jan
5%
Feb
30
Jan
Feb
Jan
Jan
Jan
172
95
15%
Jan
15,900
8%
Jan
Jan
8%
6%
113
112
33
1,000
8%
162
Jan
Jan
17%
Jan
Jan
108
250
150
25%
3%
6%
Jan
5
Jan
Jan
145
400
7%
Jan
41%
69%
8%
Jan
19%
8%
Jan
Jan
116%
14%
1
Jan
Jan
136
19
13
41%
69%
5%
4%
16%
110%
230
116
89%
37
20
Jan
115
12%
116%
Jan
14%
Phoenix Securities—
Common
600
3%
Jan
4
Jan
Pines Wlnterfront—
38
1
*
Jan
17
Jan
Pioneer Gold Mines Ltd—1
Jan
157
Feb
34%
Jan
37
Jan
44
Jan
1
8%
Feb
500
36%
Jan
38
Feb
27%
2,000
19%
Jan
Jan
3%
2%
Jan
6%
1,100
4,600
27%
3%
5%
Jan
6%
Jan
9
2,600
8
Jan
9%
Jan
18%
88%
Jan
38
Feb
Pltney-Bowes Postage
200
6
42
10
15
Feb
Jan
Feb
Jan
9
53
14%
conv pref ser A
Pierce Governor com
149
30
■
40%
8%
*
Feb
100
14%
Jan
23%
35%
11
180
23%
40%
67%
7%
4%
28%
*
Jan
Jan
13%
8%
475
9%
25
36%
Jan
1,100
6%
4%
Jan
7%
6%
7%
155%
29.600
154
Jan
Jan
110
Feb
900
Philadelphia Co com——*
Phila Elec Co $5 pref
*
14%
Jan
Jan
7%
23%
40%
59%
7%
4%
"7% 7%" ""600
172
Jan
104
Jan
Jan
Jan
165
98
Jan
50
91% 95
136% 140
35% 37
Perfect Circle Co
Jan
200
111%
112
Feb
13%
12%
1,000
172
Jan
13%
3,500
1,200
1,850
136%
*
43
Feb
5
5%
10%
10%
32% 32%
29% 29%
106% 106%
100
Penn Salt Mfg Co
Pa Water A Power Co
118
1,100
Co
*
*
Pepperell Mfg Co
6%
42
29%
Jan
6%
42
8%
*
24,200
Mtge Bk of Col Am shs
Jan
Jan
Jan
5
Jan
6
Jan
149%
Jan
7%
155%
Feb
20
5,300
41%
Jan
Meter
——50
Common
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie.50
23%
6
93
27%
25,100
160
95
142
Jan
Pittsburgh Plate Glass__25
Pleasant Valley Wine Co.l
2%
Feb
Jan
Pitts BessemerAL Erie RR
147%
1,700
2
2%
2,000
125
Jan
42
Jan
27%
95
Feb
Feb
Jan
147%
1%
16%
Jan
2%
17%
Jan
Jan
Jan
Feb
Feb
44%
48
26%
27%
700
26%
Feb
48%
28%
Jan
Plough Ino
21
21
100
18
Jan
21
Jan
Potrero Sugar com
*
6
3%
36%
38%
2,300
32%
Jan
38%
Feb
Powdrell A Alexander
6
11%
11
3%
12%
7%
1,300
17.400
6%
Jan
7%
Feb
Power Corp of Can
32
28%
32%
325
Jan
4%
12%
32%
2%
Jan
3%
Jan
53%
7%
3%
53%
3%
10%
20%
51%
Jan
54
Jan
41
300
34%
Jan
41
Jan
% pf25
41
41
100
41
Feb
41
39%
3%
4
3,700
13%
800
12%
Jan
34
34
200
18%
18%
1,100
17%
Jan
14%
19%
%
Jan
4%
34%
9i6
Jan
13
3%
32%
Feb
1
67%
3%
80
3 600
64%
3%
Jan
80
Feb
Jan
%
95
Jan
Nachman-Spring tilled
National Baking Co com.l
7%
1
Nat Bellas Hess com
3
Corp..*
Natl Container com
18)4
75)4
8%
National Gypsum cl A—6
National Investors com_.l
$5.60 preferred
3
58)4
..*
National Fuel Gas
—1
103
Warrants
%
Nat Leather common—10
Nat Mfg A Stores com
National Oil Products
2
*
12
11%
40%
National P A L $0 pref...*
National Refining Co
,3ie
2
4
90
25
8
Nat Rubber Mach
*
14%
Nat Service common
1
%
Conv part preferred
*
National Steel Car Ltd—*
5
26%
9%
10%
1
"2)4
2%
Nebel (Oscar) Co com
*
1%
Nehl Corp common
*
1%
40%
9,100
20
Jan
'516
2,000
2,700
%
1%
Jan
3,800
8%
Jan
41%
90%
400
33%
Jan
800
87
Jan
8
Jan
27
9%
50
2%
13%
8
26%
Corp
103
15%
National Tea 6% % pref. 10
Transit.... 12.60
3%
14%
%
4%
National Sugar Refining..*
300
Jan
11%
Jan
716
5,400
4,500
%
5%
1,100
Jan
100
3%
52%
25%
9%
900
10
9%
11%
3%
1%
42%
2,500
3%
103
Premier Gold Mining
1
Pressed Metals of Amer—*
Jan
Producers
Jan
,SI6
2%
8%
16%
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
5%
57%
Jan
28
Jan
14
17%
17%
18
7% 1st pref
preferred..
0% preferred
Jan
11%
3%
Jan
2%
Jan
Jan
32
Jan
42%
Feb
Jan
80
Jan
Jan
114
Jan
Puget Sound P A L—
$5 preferred..
—*
$6 preferred
*
Pyle National Co com—5
Pyrene Manufacturing..10
16%
1%
Jan
Quaker Oats com
Jan
100
19%
Jan
19%
2%
23%
Jan
6% preferred
Quebec Power Co
88%
Jan
89%
Jan
25%
85%
Jan
New Haven Clock Co
*
New Jersey Zinc
New Mex A Ariz Land
26
2
1%
2%
1,000
Jan
23%
23%
25
900
20
Jan
80
79
81
1,800
79
Feb
1
3%
500
120
3%
127%
3,000
120
Feb
New Process common
*
26
26%
200
26
Jan
N Y Auction Co com
*
5
5%
400
5
Feb
Corp. 10
125
N Y A Honduras Rosarlo 10
N Y Merchandise Co
preferred
..*
N Y Shipbuilding Corp—
Founders shares
1
Niagara Hudson Power—
Common
15
new
11%
20%
6
N Y Water Serv6% preflOO
5% 1st pref new
6% 2d pref cl A
5% 2d pref cl B
61%
16
135
Jan
Jan
26%
6%
Jan
29%
Jan
Feb
Common
43
Jan
47
Feb
$3 conv preferred
150
113
Jan
115
Feb
Raytheon Mfg v t c
20
104
Jan
105%
Jan
Red Bank Oil Co
16
770
275
200
170
8%
17%
115
5%
52
34
Jan
12%
Jan
Reeves
Jan
20%
119%
5%
Feb
Feb
Reybarn Co Ino
Jan
Jan
Jan
16
Feb
16%
Feb
98
Feb
100
Feb
100
94
Feb
94
Feb
100
98
115
125
98
Feb
115
Feb
%
916
9
2%
%
%
Class A opt. warr new
400
18%
16%
Class B common..
5
15%
»
"49%
Nipissing Mines.....
6
Noma Electric
1
3%
8%
14%
Jan
2%
100
2%
Feb
2%
2%
Feb
15%
11,600
15%
Feb
For footnotes see page
907
4,400
8
13%
Jan
97
Jan
97
44%
2%
Jan
51
8
180
02
Feb
150
33
Jan
68%
37%
92
100
Jan
98
Jan
93
93
100
80%
90%
Jan
93
Feb
118
Jan
119
Jan
101
103
103
100%
Jan
103
Feb
103
Jan
106%
Jan
Jan
4%
Jan
Jan
106% 106%
3%
85%
49%
86%
54%
600
85
51%
Jan
121
121%
150
150
Jan
90%
60%
Jan
23
W.m
8
Jan
130
121
20
"9% '""8% "16%
46%
20
86
Jan
Jan
148
1,795
Jan
Jan
Jan
„
Feb
Jan
10%
124%
150
Jan
Jan
23%
22%
24%
525
22%
Jan
25%
Jan
25
25
25%
200
22%
1%
Jan
28 %
Jan
Jan
1%
Jan
%
Jan
2
1%
%
1%
%
1%
%
1,600
1,800
32^
Jan
Jan
Jan
%
Jan
32
Jan
30
33%
750
24%
Jan
32
Jan
46%
7%
625
41
Jan
45%
Jan
2,000
4
Jan
6%
Jan
10
Jan
12%
Jan
34%
35%
2,500
1,200
33
Jan
36%
Jan
*
(Daniel) com——*
*
"11%
35
12%
7
7%
400
7%
Jan
7%
Jan
"l%
1%
5%
1%
16,600
Jan
1
Jan
5%
500
%
5%
2%
2%
10%
5%
2%
11
6%
3,400
—1
"5%
16%
Feb
9%
3%
Jan
64%
16%
M
75
109
34
20
Feb
4,000
14,900
Jan
Jan
33
10%
7,500
97
103
62
3%
10%
Jan
50%
3%
Jan
Jan
92
62
33
6% preferred cl D—100
6
Root Petroleum Co.——1
%
97
Jan
108%
Feb
Jan
47
Jan
12%
11%
14%
500
2,900
Jan
5%
5%
Jan
Jan
10
2%
Jan
Jan
12%
6%
Jan
Jan
Jan
Rochester Gas A Electric—
Jan
Niagara ShareClass A pref
Nlles-Bement-Pond.
1,500
14
Jan
103
Jan
516
%
2%
...
Class B opt warr new...
13%
Jan
43%
6%
11%
Reynolds Investing—... 1
94
16%
Jan
16
31
Rice Stlx Dry Goods..—*
Richmond Rad com
1
100
16%
Jan
Jan
44
Jan
94
"98"
14*
*
Jan
65
98
10
2,600
Jan
—*
50c
Reiter-Foster Oil
100
100
16%
15%
Jan
Raymond Concrete Pile—
600
600
%
16,000
1,300
10
Rath Packing Co
800
11%
12
17%
20%
117% 119%
5%
5%
60
61%
"13%
*
Class B
Feb
9,400
16.900
13,050
Class A opt warr
Class B opt warr
6
*
Reed Roller Bit Co-—.-*
N Y Steam Corp com
*
N Y Telep 6%% pref..100
New York Transit Co
Feb
Jan
47
104%
Jan
Feb
11
*
100
Ry A Light Secur com
*
Ry A Util Invest cl A
1
Rainbow Luminous Prod—
Class A
*
34
113
104
113%
3%
Jan
115
31%
44%
*
N Y Pr A Lt 7% pref.. 100
3%
916
100
6% prior lien pref—100
7% prior Hen pref...100
Pub Util Secur $7 pt pf—*
Feb
*
Jan
Pub Service of Okla—
100
preferred
%
%
14%
15
60
Common
17%
Nestle-Le Mur Co cl A
Nev Calif Elec com
*
*
$7 prior pref
$6
Jan
Jan
600
"%
Pub Serv of Nor 111 com..*
Jan
Neptune Meter class A...*
3%
100
Jan
Jan
3,000
Jan
Publio Service of Indiana—
14
16%
17%
10,900
.*
9%
800
110%
preferred
2,800
Pub Service Co of Colo.—
Feb
11,000
2,600
Corp..
—1
Propper McCallum Hos'y *
Prosperity Co class B
*
Providence Gas
—*
Prudential Investors.——*
$6
100
17
3%
100
Jan
Jan
13%
44%
91%
17
*
80
38%
com..*
6% 1st pref
Pratt A Lambert Co
Feb
Jan
1st preferred
Neisner Bros 7% pref-.100
Nelson (Herman) Corp...5
»
preferred
""loo
13%
31%
Jan
Jan
Jan
100
Jan
4%
4%
98
110
"16"
Montana Dakota Util—10
Moore (Tom) Distillery
13%
101
*
...1
Society A..*
$6
"13%
52
Feb
.
20
40
Patchogue-PlymouthMllls*
A—*
Pender (D) Grocery
Class B
Phillips Packing Co
..2.50
28%
Feb
Mock. Jud., voebrlnger Co
Moh A Hud Pow 1st pref.*
7%
5%
17%
4%
lis"
69%
Jan
4%
39%
"40%
4%
3%
9%
Jan
900
84
Jan
4
4
Minn P A L 7% pref—100
Miss River Pow pref.. 100
preferred
preferred
pf-25
5% % 1st preferred...25
Pacific Ltg $6 pref
*
Pacific P A L 7% pref. 100
2%
"3%
3
108
Jan
3,200
112
13%
5
118
98
Mining Corp of Can
*
Minnesota Mining A Mfg. *
Molybdenum Corp
110
112
Jan
Pa Pr A Lt $7 pref
Mid-West Abrasive comSOc
Common
Jan
Feb
Jan
13
Midland Steel Products—
Mid vale Co
Feb
35%
400
pref—100
$5 preferred
Class A
pref
33%
49
13%
Middle States Petrol—
dlv sh*
Jan
Jan
Oilstocks Ltd
$3
Feb
Jan
Jan
Oklahoma Nat Gas 00m. 15
Feb
6%
25%
Jan
Feb
Jan
39%
Jan
43%
107%
109%
111%
Jan
14^
8
Jan
Jan
33%
Jan
"9% "l6%
..
8,100
Jan
700
9%
40%
Jan
475
55
Jan
108
4,500
20%
Jan
Feb
Jan
49
Jan
10%
102
35
Jan
30
%
96%
Jan
7%
34%
600
8
110% 111%
101%
27,900
Jan
Jan
92
30
32
Jan
com..
Jan
Jan
46%
3%
Ohio P S 7% 1st
Jan
6%
39%
5
33%
8%
18%
Jan
33%
*
Preferred
7%
35%
4%
Jan
31%
11%
2%
76
102
Ohio Edison $6 pref
16
%
Jan
4%
34
32%
"47%
Jan
18%
5%
28,700
49 %
Jan
Feb
107
102
*
Corp
17
8%
3%
74%
400
91%
pf.100
preferred
100
Nor N Y Util 7% 1st pf 100
Northern Pipe Line
10
7%
~3T8OO
1,100
2,500
9,000
1
Metal Texrile Corp com—*
9
I
200
Nor Ind Pub Ser 6%
1%
15%
2%
Jan
200
4%
5%
7,c
'16
%
2,000
75
2%
Mexloo-Ohio OH
4%
5%
15,700
104% 104%
6%
6%
Warrants.
Meeabi Iron Co
Jan
""
80
1%
41%
17
3%
0% Prior preferred...50
6%
91%
Participating preferred-*
Common
Jan
31%
40
100
preferred
Merchants A Mfg cl A—1
$6
35
Jan
"l4" "l3% "14%
*
Mead Johnson A Co
Newmont Mining
1,900
5%
55
Mc Williams Dredging
7%
42
Jan
18%
1
May Hosiery Mills pref—*
McCord Rad & Mfg B—*
National
41
Jan
9%
9%
Masfley-Harrls common
Master Electric Co
Nat Union Radio
41%
6%
75
3%
Nat Breweries Ltd 7
Jan
88
"28% "24% "29"
Mass Util Assoo v t c
Nat Bond A Share
Jan
44%
Novadel-Agene
Marlon Steam Shovel
Monroe Loan
77
Jan
75%
—£1
Amer dep rights.
2d
Jan
100
Marconi Internat Marine—
conv
63
35%
290
Mapes Consol Mfg Co—*
non-cum
5,000
1,050
4,300
10,300
4%
9%
$5 conv preferred..—*
$2
6
68%
43%
preferred
14%
41
Jan
65
42%
$0
5%
Jan
7%
65%
42%
Common
78%
1%
Lynch Corp common..6
Midland Oil
5%
Jan
*
North Amer Rayon cl A..*
91%
5%
High
Low
Shares
Nor Amer Lt A Pow—
9%
13%
Lucky Tiger Comblnat'n 10
Majestic Radio A Tel
Price
21%
6
Louisiana Land A Explor.l
Merrltt Chapman A
Week
Class B com.,
7%
Range Since Jan. 1 1937
for
of Prices
Low
High
Par
13
—*
Corp
Long Island Ltg—
Week's Range
Sale
High
11%
1
Aircraft.
Lone Star Gas
Last
Range Since Jan. 1 1937
Loblaw Groceterias A—
7%
STOCKS
(Continued)
Week
1937
6,
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Feb.
Exchange—Continued—Page 3
Jan
Jan
Jan
3%
Feb
Feb
11%
Jan
Roosevelt Field Ino
$1.20 oonv pref...
104
4
104
50
104
Feb
104
Feb
4%
8,800
2%
Jan
3%
Jan
12
16%
4,600
10%
16%
Feb
13%
Jan
Jan
18
Jan
100
Volume
New York Curb Exchange—Continued—Page 4
144
Friday
STOCKS
WeeVs Range
for
Sale
Par
of Prices
Week
Price
Rossla International
High
Shares
"im
Ryan Consol Petrol
*
Ryerson A Haynes com . _ 1
Safety Car Heat & Lt—100
St Anthony Gold Mines.. 1
St Lawrenoe Corp Ltd...*
103
7%
5%
Paper com,
preferred
5%
5%
6%
3,700
3,000
128 X
200
Feb
1
4%
4%
4%
Jan
Trl-Contlnental warrants..
2%
2%
2%
36
Jan
Jan
17%
6%
Jan
516
S16
4,900
10%
10%
9% 10%
116% 116X
S16
9%
116%
Jan
GX
.......5
*
Schulte Real Estate
_*
3%
3%
128%
"%
Manufacturing.25
%
52%
Trunz Pork Stores
Feb
Jan
X
Jan
100
%
9%
27%
Jan
11%
Jan
28 %
Jan
Jan
29,000
8%
Jan
50
113%
Jan
10%
117%
4%
1,400
39 X
39
Schlff Co common
400
",6
52 X
400
150
...
Ulen A Co
3X
65
Jan
7% % pref
25
5% preferred
2
Unexcelled Mfg Co.....10
Jan
4%
39%
Jan
Jan
♦
Water Serv $6 pref
Jan
1
Jan
800
Jan
Jan
Jan
United Chemicals com...*
5%
United
32", 200
2%
Jan
50%
4%
Jan
4%
Feb
United Gas
6%
7X
3,500
6%
Jan
8%
Jan
3X
3X
99% 101
99X 101
2,900
3%
Jan
400
94%
Jan
101
Feb
96
Jan
101
Feb
30
30
Jan
Corp warrants
Corp com
1
non-voting .*
Option warrants
United G A E 7% pref. 100
1st $7 pref
Jan
Selected Industries Ino—
Common
3%
4%
United Lt A Pow
Jan
25
"99%
Allotment certificates
1,700
..£1
Sentry Safety Control.
Seton Leather com
1%
2,600
800
149%
112
..*
Seversky Aircraft Corp
111
10
11
1
6
5%
23%
Shawlnlgan Wat & Pow._*
Sherwin-Williams com..25
5% cum pref aer AAA 100
Sherwin-Williams of Can
.....
Jan
Feb
Feb
Feb
15%
Jan
60
Jan
24%
71%
8%
10%
Jan
9%
Jan
12
16%
Jan
6%
Jan
5
Jan
21%
9%
6%
4%
6
6%
13,300
11,600
30,700
3,700
2,400
3%
700
3
Feb
113%
16%
Jan
19%
9%
Jan
1%
Jan
11
12
18%
21%
9%
7%
17
200
22%
24
900
10%
100
121
3%
3
1,100
1%
13% 134,400
1,700
14,000
3%
9
10
1%
Jan
Jan
1%
11%
122%
uin
Jan
Jan
22,100
2%
Jan
93 ./
A..*
113%
18%
25%
11%
2
13%
124
10,400
27,900
600
3%
Conv pref
100
Typewriter v t c com—*
75%
Jan
37
Jan
6%
25%
33%
Jan
Feb
Jan
United Profit Sharing
United Shoe Mach com..25
Jan
Jan
133
Jan
152
113
Jan
24X
Jan
X
X
9,400
7ie
Jan
25%
25
1
US Foil Co class B...
*
*
10
35
342
35
100
31
Jan
35
Feb
1st pref with warr
U S Lines pref
U S Playing Card
350
130
335
Feb
370
Jan
U S Radiator Corp oom.
Jan
7% preferred
100
U S Rubber Reclaiming..*
100
5%
,
Jan
6%
"Y
"T
"2%
5,900
14",700
40
28 X
28%
500
27%
27%
500
10
25
47
10
—*
*
*
40
Jan
41%
Jan
28%
27%
Jan
29
Jan
10
Universal Insurance
8
Universal Pictures oom _—1
Feb
28
Jan
Universal Products
*
Jan
Jan
Utah Apex Mining Co
Utah Pow A Lt 37 pref—
6
Jan,
Utlca Gas A Eleo 7% pf
Jan
Utility Equities Corp
*
Priority stock
*
Utility A Ind Corp com..5
Conv preferred
7
Utll Pow A Lt common—1
Jan
3%
Jan
9
Jan
10%
Fpb
47X
39%
700
44
Jan
48
Line...50
Jan
50
38
Jan
42
X
X
300
9X
1,200
1,150
9
9
39
*
*
3%
%
38%
3%
%
40%
3%
>5ie
X
9
Jan
Jan
X
10
Jan
Jan
42%
4%
Jan
100
36%
3%
Feb
400
X
Jan
*
4%
17%
4%
17X
19
450
4%
15%
Jan
*
$5% pref *
57 X
57 X
60
400
57
Jan
Standard Oil (Ky)..... 10
Standard Oil (Neb).....25
19%
12%
19%
20
2,900
19%
Jan
12%
38
36
13%
39 X
9,700
5X
6%
16",600
5X
65
5%
65%
22 X
25
1
Standard Oil (Ohio) com 25
5%
1,300
600
..*
"65
Preferred
Standard Products Co
1
Standard Silver Lead
1
Standard Steel Spring oom*
Starrett (The) Corp vt o.l
24 %
33%
8
8
5
Jan
Feb
69%
Jan
Jan
25
Feb
716
31%
Jan
1,300
2,700
7%
18
Jan
107
Feb
12%
13X
9,900
38 X
320
36
12%
6%
12
13
350
10
1,100
5,200
2,425
6
Stetson (J B) Co com....*
26 X
Stlnnes (Hugo) Corp
Stroock (S) & Co
Stutz Motor Car
*
Sullivan Machinery _....*
Sunray Drug Co....
Sunray Oil
'
6% % conv pref
50
Sunshine Mining Co... 10c
Swan Finch Oil Corp
15
Tastyeast Inc class A
Taylor Distilling Co
84%
1%
5%
1%
1%
3%
3%
5%
12%
20
9
1$
Jan
Jan
1%
3%
Feb
6
16%
22%
Jan
Jan
Jan
Feb
Jan
19
100
Jan
19
Jan
29%
11%
25%
Jan
1%
66%
Jan
31%
5%
Feb
Jan
5
41,100
Feb
Jan
80%
Jan
40
Jan
103%
Feb
5%
5%
2,900
4%
Jan
6
83%
1%
5%
1%
84%
50
83%
Feb
6,400
12,400
10,000
1%
Jan
2
Jan
4%
1%
Jan
6%
1%
Feb
200
3
Jan
3%
Jan
20
Jan
9%
2,650
11,400
28%
9%
Jan
Feb
78
7%
625
80
2
6%
1%
3
26%
10
22%
2,500
"10% '16% 16%
"~100
8%
102
Jan
7%
Jan
89%
3%
Jan
Jan
Jan
2%
16
Jan
8%
1%
Jan
Jan
14
Jan
18%
Feb
Jan
10
Jan
6%
100
Jan
21
2
2
3
2%
37%
11
37
11
25%
""9%
82
9%
79
2%
3%
39%
11%
26%
10
11%
"~8~
*
51
500
900
1,900
1,250
25
101
99
»
1,200
4,700
5,900
83%
101
Wll-low Cafeterias Inc...1
1,500
99
31% £32
90
90%
3%
4%
8%
8%
11%
12%
1%
1%
8
8%
51
52%
Jan
22%
Feb
4%
22
14
Conv preferred
WlJson-Jones Co
Jan
150
4,500
Jan
Williams Oll-O-Mat Ht—*
3%
Jan
Jan
Jan
Jan
500
25,100
8%
Jan
Jan
Jan
17
3%
4%
Jan
Jan
»16
Jan
32%
9%
70%
10%
1%
18%
31%
5%
18%
Williams (R C) A
Jan
2,300
Jan
67"
Jan
Jan
94%
3
16%
West Va Coal A Coke...
6
6
4,200
1,700
42,300
Jan
3
Jan
Jan
Feb
17
3
Jan
6%
Jan
80
16%
25
Feb
Jan
Jan
Feb
2%
2,600
1
14
25
13%
Jan
2%
89%
Jan
103% 103%
"5%
39%
Jan
Jan
10%
Feb
Jan
19
2
Jan
4%
11%
2%
2%
Jan
3%
Jan
Jan
34
Jan
40
Jan
10%
25%
8%
Jan
Jan
12%
28%
Jan
Jan
11
Jan
71
Jan
83%
Feb
101
Feb
102%
Jan
Jan
Jan
101
Jan
400
29%
Jan
£32
Feb
120
90
Feb
95
20
10,500
100
3,200
98
Jan
3%
Jan
4%
Feb
8
Jan
8%
12%
Feb
9%
Jan
Feb
700
Jan
1%
Jan
300
Jan
Feb
Jan
Feb
19
Jan
48 X
48**
49%
400
45%
Jan
50
Jan
19%
19%
14%
20%
14%
12,900
19%
Jan
21%
Jan
Amer dep rots (new)...5
100
13
Jan
Jan
200
98
Jan
Jan
Wrlght-Hargreaves Ltd..*
Youngstown steel Door..*
11%
37%
1%
Yukon Gold Co
Jan
2%
5%
23%
Feb
Jan
Jan
Jan
15%
Jan
Jan
Jan
Jan
45%
9%
62%
14
4
18
107
106
15X
14%
39
38
2
2
16%
39%
2
75
7% 1st pf.100
Texas PAL 7% pref...100
2
25%
5,200
2
600
17,600
800
75
25
5%
21%
5%
Tenn El Pow
4,600
6
4%
20 X
6
800
2,500
15,700
3,300
4,000
4H
4
Jan
Jan
Jan
Jan
4%
14%
110
Feb
Jan
Jan
Wise Pr A Lt
6
Wolverine Portl Cement. 10
Jan
Jan
16%
Feb
Jan
41
7% pref—100
.
Wolverine Tube com
2
6%
16%
6%
16%
Woodley Petroleum
Woolworth (F W) Ltd—
1
10%
10%
7%
...5
8%
17%
10%
5,400
8,800
21%
1.000
72
21%
7%
71%
74%
13,200
5.200
3
2%
3%
14,100
7%
45
16 X
9
14%
~~3X
7X
55%
17
10
9
~~3X "~3X
Jan
5%
73%
Jan
Jan
6
77%
Jan
Jan
6%
Jan
43%
12%
Jan
7%
55%
Feb
Jan
17
Feb
9
Jan
10%
Jan
1st A ref
Jan
66
Jan
Aluminum Co s f deb 5s '52
92%
105%
Jan
4
Jan
Aluminium Ltd deb 5s 1948
107
Am El Pow Corp deb
Amer G A El deb 5s
Jan
112
Jan
Jan
Tobacco Securities Trust
18%
Jan
18%
Jan
51
Jan
54%
Jan
1st A ref 5s
4% s
1967
54 X
450
2028
7% preferred A
100
Tonopah Belmont Devel.l
X
%
*16
5,200
110||
IX
Tonopah Mining of Nev.
Amer Radiator
IX
600
1%
Jan
Jan
Jan
111%
st6
1%
Jan
Jan
Jan
Amer
Seating 6s stp
1946
Appalachian El Pr 5s. 1956
Appalachian Pow 58.1941
Debenture 6s
"97
106%
103%
Arkansas Pr A Lt 58—1956
105% 106
101% 102%
101% 102
97
97%
40,000
5%
13%
8%
Jan
8%
Feb
Jan
17%
12%
Jan
Jan
21%
7%
Feb
23
Jan
8%
65
Jan
74%
Jan
Jan
Jan
3%
Feb
Jan
Jan
2%
104
103% 104
105
105%
105%
105% 105%
$108
108%
118
118
101% 102%
102% 104
Jan
104
Jan
105%
101%
Feb
108%
Jan
Jan
105
Jan
101
Jan
97
Feb
105%
99%
91%
Jan
105%
Feb
106%
106%
Jan
107
Jan
32%
106%
101%
103%
Jan
35
Jan
95
Jan
Jan
Jan
Jan
5,000
96,000
11,000
24,000
~
5~66o
59,000
88,000
103%
104%
Jan
107%
106%
104%
104%
Jan
106
Jan
104%
Jan
105%
Jan
108
103% 105% 124,000
104
101%
103%
21,000
9,000
34,000
92
93
131,000
105% 106% 68,000
106% 107
19,000
32% 32%
4,000
106% 107%
77,000
"103%
2024
Ark-Louisiana Gas 4s 1951
907.
102%
4%s._1947
Am Roll Mill deb 58—1948
Toledo Edison 6% pref. 100
106
6s '57
Am Pow A Lt deb 68—2016
53
53
Jan
102
J102% 104
4,525
7,300
3%
Jan
95
BONDS—
Abbott's Dairy 6s
1942
Alabama Power Co—
~3~606
"MOO
10
Jan
Jan
1946
1st A ref 5s........1951
1st A ref 6s
1956
1st A ref 5s
1968
800
8
600
Jan
95
Winnipeg Eleotlo ol B—*
Jan
66
7X
53
800
Wilson Products
Jan
Jan
20%
110
2
5%
Jan
18
24%
20X
"or footnotes see page
%
1
19
17
30
Jan
Co
900
400
3,100
3
12%
pref—*
24
29%
2%
.1
Am dep rets ord reg—.£1
Am dep rots def reg
£1
Todd Shipyards Corp....*
1
*
West Texas Utll 36
100
Teck-Hughes Mines
Tlshman Realty A Const.*
Tobacco and Allied Stocks *
Tobacco Prod Exports
*
Western Tab A Sta
Feb
Jan
42,600
1
Thew Shovel Coal Co....*
Tllo Roofing Inc
Jan
Feb
107
Jan
4%
18
4
Technicolor Inc common.*
Texon Oil A Land Co
4%
20%
9%
19%
9i6
36
Jan
4,700
6% pf.100
Western Grocery Co
20
Western Maryland Ry—
7% 1st preferred..—100
4%
29%
2H
24%
100
Taggart Corp common
*
Tampa Electric Co com..*
5X
27%
Jan
Jan
Jan
~~4%
4
1
.....
6%
9%
Feb
27%
4%
30%
2%
27%
5
*
24%
3%
28%
•2%
24%
Jan
400
37
GX
5X
Jan
7%
7%
26,000
10%
Weet. Cartridge
13
5%
Walker Mining Co
.....
20
37
1
Feb
Jan
65
*
Sterling Ino
Jan
Wagner Baking v t c
Wahl (The) Co common. . *
Waltt A Bond class A
*
*
Class B
Jan
Jan
250
Jan
..50
2d preferred
....20
Sterling Brewers Ino
1
1st preferred
Jan
800
Jan
Jan
5%
20
107
107
100
916
34%
8%
19%
19
Stein (A) A Co common..*
Sterclil Bros Stores
X
»16
34
19
63%
20%
13%
39%
105%
Va Pub Serv 7% pref—100
Vogt Manufacturing..—.*
Waco Aircraft Co
*
Jan
6,700
10,000
illI
Jan
104%
"~5%
5%
'
47%
18%
2%
93%
9%
30%
3
...1
Wayne Pump common
1
Wellington Oil Co
Went worth Mfg Co
5
Western Air Express.....1
Western Auto Supply A..*
100
Standard P A L.........1
Jan
96%
Jan
9%
78
7% preferred.....—100
Venezuela Mex OH Co
10
Venezuelan Petrol
1
Jan
Jan
Jan
41%
15%
Jan
100
Class B
%
89
400
66%
7%
United Wall Paper
2
800
100
Jan
1,300
8,100
10X
Feb
67%
2%
2%
2%
9%
46X
Jan
11%
4%
Feb
Jan
6%
1%
Jan
Feb
1%
160
Jan
Feb
7%
3%
5%
15%
Jan
1%
11%
2%
7,300
30%
United Verde Exten—.50c
Jan
Feb
600
Jan
5
Jan
6%
1,500
20%
200
66%
Jan
32%
8%
69%
Jan
6%
Jan
5%
7%
67%
"l%
Spanish & Gen Corp—
Conv preferred
2%
*
39%
*
5
Common
2%
32%
7%
U S Stores Corp oom
159
Southland Royalty Co
South Penn Oil
Standard Brewing Co
Standard Dredging Co-
18%
2%
90%
$7 conv 1st pref—
United Stores vto
6%
6
Southern Union Gas
Stahl-Meyer Ino oom
16%
2%
89%
Jan
100
£1
.♦
*
17%
Feb
5%
40
South New Engl Tel... 100
Southern Pipe Line
10
dep rets ord reg
Spencer Chain Stores
Square D class A pref.
91
44
37%
100
Universal Consol Oil
6% original praferred.25
6% preferred B
26
6%% pref series O—25
Southern Colo Pow ol A.26
Am
91
Jan
Jan
Jan
Jan
Feb
100
6%
1%
44%
20%
37 X
6%
1%
11%
3%
11%
4%
95%
46%
27%
100
31X
36
*
1
1%
"3%
Shipyards com B.
Preferred
Jan
Jan
Jan
66%
10
Preferred
United
Feb
Jan
Jan
1,100
1,300
.*
Am deD rets ord reg
Southern Calif Edison—
Common class B
Jan
$3 preferred
Jan
Feb
United Molasses Co—
Smith (L C) A Corona
5% preferred
Jan
28
Jan
100
ord reg..£l
Sioux City G & E 7 % pflOO
7% preferred
8
60
350
Jan
25%
Amer dep rec
Sonotone Corp..
300
3,700
37
Jan
Singer Mfg Co Ltd—
Mill
10%
69%
31%
335
»
Singer Mfg Co
10
65%
1%
18
Jan
Jan
Jan
10
1%
29 %
Jan
Jan
37
11%
25%
%
Jan
11%
11%
67
Jan
110%
2,750
Jan
94
*
Jan
40
112
Feb
Jan
*
Jan
4%
Feb
Feb
Jan
*
56 1st pref
"16
10
Feb
8
<
Common class B
Simmons-Broadman Pub—
Swiss Am Eleo pref
12,000
2,600
9%
12%
121%
U S and Int'l Securities.
Shreveport EI Dorado Pipe
Line stamped
25
6% % pref
com
1%
,516
11%
5%
6%
23% 25%
31
31%
142% 152
,S16
—
Sbattuck Denn Mining
Standard Invest
42
United Milk Products
15.50 prior stock
Selfridge Prov Stores—
So West Pa Pipe
Jan
Jan
*
$3 cum A part pref
3%
49
24%
71%
8%
10%
23%
78%
3%
1
19%
64%
17
Jan
7X
Segal Lock A H'ware
Selberllrig Rubber com..
Selby Shoe Co
Jan
United Aircraft Transport
Jan
3%
4%
3
3
6
Union Gas of Canada
54
Jan
72
4%
23%
70%
9%
11%
20%
7%
100
7% preferred
Jan
%
50
Jan
Jan
Union Elec Light A Pow-
Feb
Jan
Jan
Warrants
Securities Corp general...
Seeman Bros Inc
Smith (H) Paper
*
Twin Coach Co
4%
2%
*
Tung-Sol Lamp Works
1
80o dlv pref..
—..*
Scranton-Spring Brook-
Amer dep rec
—.
Tublze Chatillon Corp.—1
Class A
...1
Jan
38
High
42
2,700
2,900
Am dep rets for ord reg—
Feb
Jan
65
Savoy Oil Co
Common
Jan
Jan
5%
114
Low
Triplex Safety Glass Co-
4%
Sanford Mills com
Scovllle
52
105
12
6
Range Since Jan. 1 1937
for
Week
Shares
Trans Lux Plot Screen-
Jan
90
123
High
Jan
48%
6
of Prices
Feb
100
12~900
Week's Range
Low
Jan
200
~16% "l7%
Price
1
52
126
50
5
..100
$2 conv pref A
J.
103
48%
103"
*
Rustless iron & Steel..—*
Sale
Par
High
Jan
Russeks Fifth Ave
St Regis
Low
X
X
Last
(Concluded)
800
X
STOCKS
Range Since Jan. 1 1937
31%
*
*
Royal Typewriter.—
Low
%
<
Royallte Oil Co Ltd
Friday
Sales
Last
(Continued)
905
Sales
Jan
108
Jan
Jan
117%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100
Jan
119%
102%
Jan
Jan
102;
Feb
104%
Jan
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Price
Jan
75
723*
75
24,000
723*
Feb
82
59
58
60 3*
11,000
56
Jan
583*
55
59
101,000
55
Jan
62 3*
61
61
Debenture 5s
1968
61
Conv deb
1977
1950
653*
53*8
63*s A '55
Atlanta Gas Lt 43*8..1955
Assoc T & T deb
Jan
675*
61
873*
62 3*
78,000
593*
625* 101,000
65
16,000
663*
100
100
8,000
20,000
863*
88
105
1053* 10,000
61
693*
Jan
Jan
64
Jan
100
Feb
86
Jan
65 3*
'
Gen Wat Wks A El 6s. 1943
Jan
Georgia Power ref 5s.. 1967
Georgia Pow A Lt 5s.. 1978
Gesfurel 6s
1953
Jan
Jan
Glen Alden Coal 4s—1965
Jan
Gobel
Gt Nor Pow 5s stpd—1950
"925*
Jan
Grocery Store Prod 6s. 1946
Guantanamo A West 6s '58
1053*
Jan
Guardian Investors 5s_ 1948
"713*
158
Jan
230
Feb
158
Jan
228
Feb
1463*
Jan
225
Feb
Haokensack Water 5s. 1938
with warrants... 1938
210
183
230
W..1938
220
180
228
55,000
40,000
1977
68 series A
Hall Print 6s stpd
1947
Hamburg Elec 7s
1935
Hamburg El Underground
A St Ry 53*8
1938
Heller (W E) 4s w w-1946
6b without warrants 1938
202
1625* 225
107,000
W...1938
203
1613*224
669,000
143
Jan
224
Feb
1st M 5s series A...1955
1135*
1133* 114
15,000
1133*
Jan
1153*
Jan
1st M 58 series B...1957
1205*
1205* 121
50,000
1203*
Jan
Jan
Jan
125
Jan
144
Jan
145
Jan
Jan
105 5*
99
Jan
stamped
x
I960
5s series C.
Bethlehem
Steel 6s.. .1998
Blnghamton L H & P 5s '46
Birmingham Elec 43*8 1968
Birmingham Gas 5a..-1959
{1235* 124
{145
150
1055* 1053*
1055*
983*
983*
985*
86
865*
863*
100
100
1003*
1065* 1063*
■"
J
-
------
-----
2,000
63,000
30,000
98
Jan
853*
983*
Jan
1065*
105
Jan
124
Jan
Jan
Jan
Feb
885*
1015*
1073*
Jan
106
Feb
-.1956
1053*
105
106
15,000
13,000
20,000
Canada Northern Pr 5s '53
1033*
1033* 104
29,000
103
Jan
104
Jan
1113* 1123*
79,000
1113*
Feb
1143*
Jan
Broad River Pow 5s.-1954
Buffalo Gen Elec 5a...1939
Gen A ref 5s
Canadian Pac Ry 6s.. 1942
Carolina Pr A Lt 5s.-.1956
''
-
-
105
1043* 1053*
112
Cedar Rapids MAP 5s.'53
112
Jan
1st & ref
1956
43*s
ser
103 3*
1033* 103J*
F.1967
1035*
1035* 104
68 series G
1968
1033*
1033* 1035*
4 3* s series H
1981
102
102
Cent Ohio Lt A Pr 58.1950
104
1033* 1043*
103
D..1957
93
92
94
Cent Pow A Lt 1st 68.1956
98
975*
Cent States Elec 5s...1948
69
683*
983*
703*
Cent Power 5s
ser
53*8 ex-warrants..-1954
Cent States PAL 53*s '63
Chic Dlst Elec Gen 43*s '70
6s series B
1961
695*
695*
73
73
1053*
------
105 5*
Jan
Jan
1123*
Jan
5,000
71,000
13,000
16,000
6,000
1033*
Feb
105
Jan
63*s series B—
1033*
Jan
1043*
Jan
5s series C
Jan
1043*
Jan
Feb
1033*
Jan
Indiana Hydro-Elec
1033*
Jan
1045*
Jan
895*
Jan
94
Feb
Chic Pneu Tools 53*s.l942
1927
_
78
6s series B
registered
1950
—
1053*
Jan
Intercontlnents Pow 6s '48
123*
2,000
1023*
Jan
104
Jan
31,000
773*
Feb
84
Jan
Interstate Power 5s
Jan
1013*
Jan
1055*
34,000
803*
803* 452,000
80
1,000
Jan
82
Jan
Jan
Jan
775*
Jan
83
Jan
80
Feb
80
Feb
28,000
102
Jan
103
Jan
9,000
102 5*
Jan
Feb
Cities Serv PAL 63*8.1952
763*
249,000
743*
Feb
1033*
795*
743*
Jan
Commerz A Prlvat 53*s '37
75
78
88,000
545*
77
56
15,000
52
Jan
80
56
Jan
Jan
Feb
43*8 series C...1956
43*s series D...1967
1st M 4s aeries F...1981
Community P S 5s
1960
Conn Light & Pow 7s A'51
106 3*
105
853*
1003*
......
11,000
1103*
Jan
1113*
Feb
4,000
1103*
Jan
111
Jan
6,000
Jan
11,000
1103*
1113*
1065*
Jan
1103* 1105*
1st M 5s aeries B...1954
35*s series H
1965
Com'wealth Subsid 53*8 '48
Community Pr A Lt 5s '67
Kansas Power 5s
875*
44,000
853*
100 3* 1003*
14,000
1003*
Jan
130
Jan
853*
{128
130
Jan
Jan
Jan
37,000
1033*
1st mtge 5s ser H—1961
101
Jan
130
Jan
63*s series D
53*s series F
903*
Jan
1043*
Feb
Jan
Lehigh Pow Secur 6s .2026
Lexington Utilities 5s. 1952
97
97
97
2,000
97
Feb
983*
Jan
Lone Star Gas 5s...—1942
47
Jan
Long Islind Ltg 6s.__ 1945
Jan
Louisiana Pow A Lt 5s *57
103 3*
99
102
99
{783*
13,000
32 5*
Jan
222,000
94 5*
102
Jan
983*
1033*
7,000
793*
Jan
Manitoba Pqwer
97
Jan
99
Jan
Jan
80
Jan
1063*
Feb
1083*
Jan
1,000
1043*
1033*
Jan
105 3*
Jan
7,000
Jan
105 3*
Jan
1,000
106
Jan
1075*
Feb
1063* 1065*
1065*
1055* 106
Jan
1025*
Jan
Middle States Pet
63*» '45
1053*
1055*
Feb
107
Jan
Midland Valley 5s
1943
Feb
106
Jan
Milw Gas Light 43*s_.1967
MlnnP A L 43*s
1978
103*
Jan
125*
33,000
105*
33*
105*
33*
5,000
{25*
33*
1015*
1015*
943*
Ill(Bost)33*s '65
1063*
106
943*
El Paso Elec 6s A
Empire Dlst El 5s
Empire OH A Ref 53*8.1942
Ercole Marelll Eleo Mfg—
63*s aeries A
1953
Erie Lighting 5s
1967
53*s '54
70
73
First Bohemian Glass 7a '57
Florida Power A Lt 5s. 1954
Jan
Jan
935*
Jan
37,000
106
Feb
135*
123*
Jan
Jan
8,000
12,000
72,000
93
913*
17,000
1,000
107
a305* a305*
1013* 1015*
5,000
1035* 1043*
14,000
9,000
1043*
104
1003*
{94
98
993* 1005* 139,000
A 1043*
------
Gatlneau Power let 6s. 1956
1033*
Deb gold 6s. June 151941
Deb 6s series B
1941
33,000
99,000
105
Jan
1063*
Jan
Jan
1043*
Jan
23,000
96
Jan
995*
106
973*
12,000
2,000
21,000
973*
1063*
{106
1103* 1103*
77
763*
793*
783*
1053* 106
133*
123*
8,000
73
77
763*
823*
80
1013* 1013*
723*
743*
663*
68
93
94
1033* 1033*
1053* 1053*
{1203* 1213*
1023* 103
1023*
96
953*
1103*
96
97
1073* 1073*
1023*
97
953*
1033* 104
983* 1003*
1103* 1103*
101
11043* 1043*
1053* il053* 1053*
1043* *1043* 1043*
1043* 1053*
106" 1053* 106
1013* 1023*
1013*
99
1003*
1033* 104
1003* 1013*
1003* 1015*
99
102
983*
a
101 i
102
i
103
975*
*
993*
76
76
253*
253*
243*
253*
26,000
49,000
4,000
17,000
6,000
2,000
48,000
1,000
1,000
4,000
1033*
1013*
1053*
953*
94
Jan
105
Jan
1063*
Jan
99
Jan
Jan
Jan
Jan
Jan
Jan
101
Jan
Jan
Jan
Feb
85,000
763*
25,000
75
Jan
1063*
1103*
793*
78 \;1
10,000
783*
Feb
82 3*
Jan
Jan
1063*
133*
Jan
~
5~ooo
45,000
1053*
1103*
105
Jan
Jan
91,000
123*
Jan
18,000
21,000
16,000
70
Jan
763*
Feb
1,000
37,000
74
Jan
Jan
Jan
Jan
77
Jan
825*
Feb
80
Jan
107 3*
Jan
1073*
Jan
1003*
Jan
102
Jan
763*
99,000
72
Jan
70,000
663*
Jan
695*
47,000
33,000
91
Jan
96
Jan
Jan
Jan
863*
1033*
Jan
883*
Jan
28,000
6,000
Jan
i045*
Feb
103
Jan
104
Jan
1053*
1053*
Jan
1055*
1053*
753*
Jan
11",000
Jan
Jan
66
Jan
72
Jan
80
Feb
55
Jan
71
Feb
Jan
54
Jan
Jan
565*
5,000
1033*
Feb
21,000
1053*
1203*
Jan
1023*
Feb
1053*
1055*
1213*
1043*
Jan
995*
Jan
1063*
101
"3",660
41,000
11,000
11,000
32,000
11,000
49,000
55,000
5,000
12,000
1,000
16,000
19,000
98
Jan
Jan
Jan
Jan
Jan
Jan
1075*
Jan
Feb
1033*
Jan
955*
Jan
993*
Jan
1033*
983*
1105*
1033*
1035*
Feb
1043*
1015*
Jan
Feb
Jan
1113*
Jan
Jan
105
Jan
Jan
Jan
Jan
104
Jan
1053*
1053*
1043*
1053*
Feb
108
Jan
Jan
1063*
Jan
Jan
105
Jan
2,000
{20
{45
Jan
1033* 104
103
1053*
1955
1957
162"
1033*
Jan
1035*
Jan
Jan
1035*
933*
Jan
53*8...
905*
63
Jan
Jan
1053*
Jan
913*
Jan
733*
107
Jan
Feb
Feb
935*
Jan
1013*
1033*
1035*
94
Feb
Jan
1015*
1043*
Jan
105
Jan
Jan
96
Jan
Jan
Feb
1948
Conv deb 5s
1950
New Eng Pow Assn 5a. 1948
Debenture 53*s
993*
Jan
1003*
Jan
99
Feb
Jan
103
Jan
1013*
1045*
Jan
Income 6s series A..1949
1003*
Jan
1025*
Jan
100
Jan
Jan
99
Feb
1015*
1013*
N Y Central Eleo 63*s *60
New York Penn A Ohio—
102
Feb
1043*
Jan
Jan
993*
763*
253*
253*
95
703*
Jan
23
Jan
24
Jan
Jan
Jan
Jan
Feb
Feb
5s stamped
1954
Ext
1942
43*8 stamped.. 1950
Jan
99
Jan
973*
Jan
Jan
Jan
1003*
99
1003*
Jan
1003*
Feb
12
123*
96
9,000
32,000
16,000
48,000
65,000
99
123*
108
108
19,000
7,000
124
124
4,000
1053* 106
1073*
107
2022
Conv deb 5s
106
Jan
Feb
43*8.1981
N E Gas A EI Assn 5s. 1947
Jan
945*
Feb
845*
95
Nelsner Bros Realty 6s '48
Nevada-Calif Eleo 5s. 1956
Feb
1045*
Jan
Fob
108
49
6s series A
1013*
953*
1063*
1025*
Jan
2030
Nebraska Power
Jan
Jan
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
Deb 5s series B
Jan
Jan
Montana Dakota Power
Munaon SS
Feb
783*
1944
103
18,000
2,000
23,000
116,000
97
923*
105 3*
1073*
63*8 ctfs..1937
Jan
96
Jan
105 3*
843*
Jan
105
Jan
1073*
99 3*
17,000
Missouri Pub Serv 58.1947
Jan
933*
973*
Jan
104
T.ooo
Jan
965*
1013* 1023*
104
Jan
843*
1073*
109
1063*
Jan
Feb
82
Miss River Pow 1st 5s. 1951
113
95
1013*
1023*
105
106
{105
1073* 1073*
983*
Mississippi Rlv Fuel 6s '44
Jan
5,000
12,000
14,000
19,000
1,000
1003*
105?*
Miss Pow A Lt 5s
Jan
1063*
973*
953*
105
"943*
Jan
935*
103
106 3*
Jan
955*
12,000
103
105
97
"953*
1955
Mississippi Pow 6s
26
983*
"82"
82
813*
100
1013*
95
483*
94
903*
Jan
Jan
Jan
113*
Jan
1053*
1025*
Jan
107
Jan
Jan
1075<
Feb
92 3*
Jan
973*
Jan
143*
51
Jan
473*
Jan
1075*
Jan
1083*
Jan
124
Feb
1263*
Jan
Jan
110
Jan
Jar.
993*
1213*
Jan
Jan
Jan
843*
Jan
Jan
85
Jan
7,000
1093* 110
89,000
993*
983*
3,000
1203* 1203*
82
843* 126,000
82
46,000
833*
833* 128,000
813*
1085*
■963*
1203*
783*
783*
783*
99
100
65,000
1003* 1013* 101,000
1003*
40,000
12,000
10,000
873*
1023*
Jan
1045*
Feb
109
Jan
1093*
Jan
New Orleans Pub Serv—
993*
Certificates of deposit
1053*
Jan
7,000
14,000
93
'
5a ex-warr stamped. 1944
Gen Pub Utll 63*s A. 1956
General Rayon 6s A..1948
Gen Vending C rp 6s. 1937
99
8,000
45*
Gary Electric A Gas—
General Bronze 6s
1940
General Pub Serv 5a.. 1953
6s
New Amsterdam Gas 5s '48
-
Feb
56
43*
102
1093*
953* 148,000
733*
107
913*
1063*
693*
Nat Pub Serv 5e ctfs. 1978
Finland Residential Mtge
Banks 6s-6s 8tpd_..1961
Firestone Cot Mills 6e_ 1948
Firestone Tire A Rub 5s '42
Jan
33*
1035*
913*
92
Farmers Nat Mtge 78.1963
Federal Water Serv
3
1005*
1065*
933*
103
1952
Jan
10,000
{1113* 117
1033* 104
1950
1,000
93*
943* 159,000
101
Elec Power A Light 5s_2030
Elmlra Wat Lt A RR 5s '66
Eastern Gas A Fuel 4s 1956
Memphis P A L 5s A..1948
Metropolitan Ed 4s E.1971
75,000
37,000
123*
94
Edison El
53*8-1951
1015*
"1053*
Detroit Internet Bridge—
63*s..l937
Jan
233,000
McCallum Hosiery 63*8 '41
McCord Rad A Mfg 6s '43
5,000
1035* 1035*
1075* 1075*
Aug 1 1952
1053*
71
7s without warrants-1941
Feb
1045* 1045*
Certificates of deposit.
39,000
Mansfield Mln A Smelt—
78 3*
12,000
Derby Gas A Elec 5s..1946
Deb 7s
_
Llbby McN A Llbby 5» '42
■
Feb
69
Lake Sup Dlst Pow33*sl966 "993*
Jan
Certificates of deposit.
Jan
1013*
1073*
80
1943
1095*
1033*
Dixie Gulf Gas
1969
Kimberly-Clark 5s
1255*
123*
109
Jan
80
1013*
Jan
1055*
Jan
Feb
106
80
1073*
Feb
1940
1950
107
1013*
1053* 1063*
105
1053*
1033* 1043*
983*
Jan
20,000
21,000
1073* 1073*
1013* 1013*
1063* 1073*
15,000
2,000
1955
109 3*
Det City Gas 6s ser A. 1947
Jan
88
863*
1033* 1043*
1033* 1033*
1033*
{1053* 1063*
1053* 1053*
1053*
753*
743*
753*
1948
124
Crucible Steel 5a
Aug 1 1952
1947
Jan
{.___13,000
97
5s 1st series B
Kansas Gas A Eleo 68.2022
124
1035*
833*
Kentucky Utilities Co—
433*
63*8
1961
Jan
41
Delaware El Pow 53*8.1969
Denver Gas A Elec 5e_1949
43*s series C
Jan
Jan
124
1063*
Jan
863*
1947
1063*
47,000
{1075* 1093*
1952
Jan
79
Jersey Central Pow A Lt—
5b series B
102
4,000
10,000
1942
124
99
933*
Stamped
104
953*
5s series C
Italian Superpower 6s. 1963
Feb
Jan
Feb
Jan
823*
553*
Isarco Hydro Eleo 7s. 1952
Isotta Fraschlnl 7s
1942
Jan
963*
Dallas Pow A Lt 6s A. 1949
1957
Feb
425*
Cuban Telephone 73*s 1941
Cuban Tobacco 5s
1944
43*8.-1958
Iowa Pub Serv 5s
Feb
1958
w
1961
102 3*
w.1943
63* s
5s series B
32,000
Cont'l Gas A El 5s
Conv deb
1958
20,000
1055* 1063*
1043* 1053*
1023* 1023*
1043* 1043*
Consol Gas (Bait City)—
6a...
1939
A-.1943
43*s series F
Iowa-Neb L A P 5s_..1957
5s series I
(Bait) 33*sser N—1971
673*
1956
1105*
1105*
1055*
1043*
Cosol Gas El Lt A Power-
Gen mtge 43*8
1954
Consol Gas Utll Co.—
1952
Jacksonville Gas 5a
1105* 1113*
1105* 1105*
1103* 1103*
1st M 5a series A... 1953
1013*
72)*
5s series D
1045*
Feb
1073* 1073*
1957
Debenture 6s
23
1043*
Jan
32
Interstate Public Service—
Iowa Pow A Lt
Commonwealth Edison—
ser
823*
International Sec 58—1947
1023*
1st A coll 6s
1957
1952
International Salt 53—1951
1033*
1st
7s series E
Jan
Jan
103
1st
77
100
Jan
Jan
845*
77
1955
110
102
1949
79
Jan
Jan
205*
100
1023*
International Power Sec—
99
78
5,000
51,000
Jan
Jan
Feb
1033*
53*8
22
26
Jan
73
77
74J*
Jan
Jan
32
715* 113,000
102
Line 6s_
23
76
1943
Cities Service Gas 63*8 '42
Cities
Service
Gas
Pipe
Feb
783*
76
100
77
Jan
1005*
1013*
76
7,000
80
106
Jan
3i",666
763*
2,000
775*
Feb
983*
~2~, 000
1950
102
795*
1093*
1035*
843*
"973*
Indianapolis Gas 5s A. 1952
Ind'polls P L 5s ser A. 1957
Feb
Jan
813*
Jan
99
Jan
Jan
3~66O
"
1003*
1023* 1043*
{1043* 1043*
1013* 1013*
40
{313*
693*
1093*
Jan
753*
1095*
44,000
{1093* 1103*
1033* 104 3*
1963
1093* 110
1035* 1035*
773*
813*
79
Jan
1st Hen A ref 5s
3,000
1966
Conv deb 6s
70
Indiana Service 5s
13,000
1950
Cities Service 5s
3,000
Jan
993*
102
1955
73
Jan
995* 100
Cincinnati St Ry 53*s A '52
713*
963*
7s series F
1093*
62
99 :
106
Jan
913*
Jan
723*
723*
75 3*
Jan
1065*
Jan
59
Jan
1053*
Jan
1065*
883*
6,000
Jan
67,000
Jan
Feb
61
213*
Jan
105
Jan
1023*
683*
23,000
893*
Jan
11,000
100
Jan
Jan
Jan
863*
853*
13~66O
953*
743*
88
93
1023* 1043*
*1063* 109
23,000
78,000
75,000
Jan.
97
1053*
Feb
106
1957
5s
853* 116,000
893* 187,000
{1073*
963*
Indiana A Mich Elec 5s '55
5s '58
853*
973*
Indiana Gen Serv 58—1948
102
Jan
30
88
1033* 1043*
1953
-.1951
103
1063*
993*
Ry 43*s A1956
Chic Rys 5s ctfs
99
Indiana Electric Corp—
6s series A
1947
63*8 series C
Chic Jot Ry A Union Stock
Yards 6s
1940
5s
53*s—May 1957
Feb
112
Chicago A Illinois
Midland
1073*
1013*
111 Northern Utll 5s„. 1957
1073*
111 Pow A L 1st 6s ser A '53 11063*
1st A ref 53*s ser B.1954
1053*
1st A ref 5s ser C.„ 1956
1033*
Sf deb
Jan
Feb
823*
833*
1947
Idaho Power 5s
1043*
1053* 1055*
{105
213*
1033*
Illinois Central RR 6s. 1937
35,000
1,000
Central 111 Public Service—
6s series E
Hygrade Food 6s A—1949
68 series B
1949
933*
1023*
855*
{23
63*8 with warrants. 1943
Hungarian Ital Bk 73*8 '63
1055*
1033*
1003*
Houston Gulf Gas 68—1943
1233*
6s
Bell Telep of Canada—
49,000
97
603*
Grand Trunk West 48.1950
Jan
Jan
High
Low
1023* 1043* 171,000
853*
35,000
96
1 1937
Range Since Jan
$
923*
1023*
Jan
Jan
1043*
for
Week
High
{24
883*
883*
69
88
Low
96 3*
1023*
655*
1005*
Baldwin Locom Works
6s stamped w
(Adolf) 43*8.-1941
Range
of Prices
Price
High
625*
1950
Assoc Rayon 5s
Low
$
645* 112,000
Conv deb 6s
Sale
(Continued)
625*
64
43*s..l953
Associated Gas A El Co—
Conv deb 53*s
..1938
Conv aeb 43*s C..*1948
Conv deb 43*8
1949
Associated Elec
Week's
Last
BONDS
Range Since Jan. 1 1937
Week
1937
Sales
Friday
Sales
Friday
BONDS
68
Feb. 6,
New York Curb Exchange—Continued—Page 5
906
94
895*
103
943*
903*
1045*
{1083* 1093*
99
91
Jan
Jan
845*
Jan
Feb
1013*
10256
Jan
Feb
Jan
Jan
955*
92
Jan
Jan
Jan
Volume
New York Curb Exchange-Concluded-Page 6
144
Friday
BONDS
Last
(Continued)
Sales
Week's Range
for
of Prices
N Y PAL
Corp 1st 43*s 07
G43*s.l980
Low
1053*
1053* 1003*
1033* 104 3*
{1073* 107%
N Y State E A
1st 5^8
N Y A
1962
Weetch'r Ltg 4b 2004
Debenture 6s.
8 <S*A
198
$
53*s perl en A...
I960
iS3*8..1948
No Indiana G A E 08.1962
Feb
10094
Jan
Starrett Corp Ino5s-.1950
15.000
1029*
10694
Jan
1043*
Jan
107
Jan
10294
Jan
1033*
11194
Feb
112
Jan
105
1053*
10
1970
No States Pow 5>.*s. ..1940
102
N'western Elee ft* stmpl945
59*
059*
103-4 1043*
1023* 1023*
1023* 104
4j*s series E
104
%
N'weetern Power 6s A. I960
{91
N'western Pub Serv 6s 1957
103
Ogden Gas 6s
1103*
10534 10594
1033* 10334
D. I960
2d stamped 4s
7-4% stamped
1946
.8,000
8634
9594
Jan
1003*
Jan
10,000
66
Jan
693*
Jan
Jan
10734
Jan
1st 43*s
08
Syracuse Ltg 63*s
48
5s»eries B_
1957
105
Jan
107
Jan
105
Jan
10594
Jan
10394
Jan
Jan
1023*
1023*
Feb
1043*
10334
87 34
Jan
1053*
933*
Jan
22",660
1023*
Feb
105
Jan
Thermold Co 6s stpd-1937
34,000
1093*
Jan
11194
Jan
Jan
Tide Water Power 5s.. 1971
Tletx (Leonard) 73*8.1946
Jan
1053*
10594
Jan
3,000
3,000
104J*
1049*
1033*
Jan
Toledo Edison 5s
Feb
1049*
Jan
Twin City
Ulen Co—
Feb
Jan
Jan
Tenn Public Service 5« 1970
Ternl Hydro-El 03*8.. 1953
Texas Elec Service 6s. 1960
Texas Gas Utll 6s
1946
Texas Power A Lt 6s..1956
6s
2022
74
Feb
20.000
105
Jan
Union Eleo Lt A Power—
5s series A
...1954
10334 10334
20.000
10334
Jan
10394
Jan
Okla Nat Gas
4>.*s...l951
6s conv debs
Okla Power A
1946
Water 5s '48
Oswego Falls 06.
1941
993*
993*
106 34
96 3*
0s series B
...1941
11794
ler A
1948
Pacific Ltg A Pow 5s.. 1942
Pacific Pow A Ltg 58.. 1956
Palmer Corp 6s
1938
11794 118
10094 1013*
102
Penn Cent LAP
10394
5«
108
45,000
86,000
9894
Jan
1003*
Jan
10334
Jau
1083*
Jan
18,000
94 3*
Jan
100
Jan
5,000
10194
Jan
1023*
Jan
4,000
1053*
Jan
108
Jan
£
Pacific Invest 5s
43*s. 1977
993*
963*
98
10194 102
10734 10734
10194
Pacific Coast Pcwer 6s *40
Pacific Gas A El Co—
1st
42,000
11794
Feb
119
Jan
11,000
10094
Jan
104 3*
105
103""
103
104
Deb
Penn
1023*
Jan
117
Jan
93 3*
Jan
6« series A
102
1023*
2.000
102
Feb
102 %
Jan
10394
1043*
45,000
10394
Feb
105 3*
Jan
10494
Jan
1053*
Jan
'1623*
28",000
1019*
Jan
103
Jan
10534
1053*
9,000
105}*
Jan
41.000
104 3*
Jan
Jan
1063*
4,000
106
Jan
100%
Jan
100
Jan
106 %
Jan
Vamma Water Pow
53*s '67
Va Public Serv 53*8 A. 1940
1st ref 5a series B ..1950
Feb
1113*
Jan
Jan
1063*
Jan
973*
Feb
100
Jan
12,000
1954
Penn/ Water A Pow 5e. 1940
43*8 series B
1968
1003*
1099*
1063*
10.000
106
40.000
26*4
Jan
16.000
1109*
Feb
111
29,000
5.000
1099*
Jan
1113*
Jau
969*
1059*
97 3*
Jan
Feb
Wash Water Power 5s. 1960
West Penn Elec 5s
2030
West Penn Traction 5s '60
,
1979
Phlla Electric Co 5s-.1966
1103*
973* 9834
29
283*
1109* 1103*
Phlla Elec Pow 6J*s..l972
111
1103* 111
Peoples Lt A Pr 5s
28 3*
Phlla Rapid Transit 6s 1962
Phil Sub Co O A E 43* 57
Pledm't Hydro-El 03*s 60
Pittsburgh Coal 6s...1949
1948
97 3*
1108
10594
105*4
"833*
Prussian
"7834
>43*» B 59
Electric
Public Service ol
1949
106
8294
8494
106
10834 1083*
7894
7794
110134 1013*
loo
100
Jan
30 3*
Jan
107
Jan
West United GAE
Jan
22
Jan
7834
10594
Jan
85
Jan
Jan
107
Jan
10834
Jan
109
Jan
80
Jan
100
1013*
213*
1413* 14234
13.000
1423*
Feb
147
Jan
112
1113* 112
18.000
1109*
Jan
112
Jan
2,000
104 3*
Jan
105 3*
5.000
1023*
1023*
1023*
10434
Jan
1033*
Jan
Jan
Jan
Feb
1033*
1033*
1053*
1033*
Feb
Jan
..I960
5s series C
2134
1966
43*8 series D
4>*s series E
1st A ref 43*8
43*8 series I
1978
1980
aer
F.1981
I960
104 34
104 34
1025* 1039*
"l02 3*
103
103
1039*
15.000
103 34
102 3* 10334
19.000
10434
10434 1049*
15,000
Jan
Jan
4s series A
1986
104 3*
Puget Sound PAL 63*8 '49
963*
1st A ref 5s aeries C. 1960
94 h
1st A ref 43*8 eer D. 1950
883*
Quebec Power 5s
593*
Feb
1063*
Jan
105
Jan
106
Feb
1053*
1163*
673*
Jan
1063*
Jan
1173*
Jan
Jan
793*
Feb
Jan
Jan
223*
Jan
2,000
213*
Feb
22 3*
Jan
64,000
853*
Jan
893*
Jan
31.000
903*
1053*
Feb
943*
Jan
913*
Jan
23.000
40.000
Feb
114
85
3,000
Jan
107
903*
Jan
115
893*
Jan
Jan
Jan
Jan
1013*
103
101
Jan
102
Jan
1043*
Jan
1063*
5.000
Jan
Feb
10«3*
Feb
Jan
100
Jan
Jan
Jan
102 3*
T.OO6
1023*
Feb
1023*
Feb
103
25,000
102
Jan
104 3*
Jan
102 3*
1023*
14 000
1003*
Jau
1023*
Jan
101
Jan
1
99
8,000
98
Jan
26,000
25,000
40
Jan
443*
1053*
ioe"
1013* 1013*
1053* 1063*
1063* 1063*
Jan
1013*
Jan
1013*
Jan
11,000
1053*
Jan
108
Jan
4,000
106 3*
105 <
Jan
Feb
105
Jan
1063*
1003*
10534
993*
1063*
105
112*
106
105
112
99
112
Feb
1143*
Jan
Jau
993*
JaD
Jan
23,000
7,000
1133*
3*
8,000
993*
85 000
97 3*
Jan
Jan
Jan
72
73 3*
14.000
Jan
76 3*
105
105
105 3*
11,000
3.000
105
Jan
1053*
1053*
Jan
107 %
Jan
Wise Minn Lt A Pow 5s 4*
Wise Pow A Lt 4s
1966
Yadkin Riv Pow 5s... 1941
106 3*
12.000
1063*
Feb
50.000
105 3*
100
Jan
100 3*
1053* 1053*
1053* 1063*
1003* 101
Jan
102 3*
Jan
107
107
1073*
1003*
Jan
York Rys Co 5s
733*
99 J*
1937
107 3*
993* 100
713*
19,000
1063*
Jan
67,000
993*
Jan
Jan
Jan
•
36.000
1033* 105
963*
963* 124,000
33.000
948-4
953*
54,000
889*
909*
3,000
1033* 104
63*s series A
1952
Reliance Manag't 5s.. 1954
1053*
Rochester Cent Pow 6s 63
Ruhr Gas Corp 03*s._1953
Ruhr Housing 03*s
Safe Harbor Water
{863*
233*
St Louis Gas A Coke 6s
Sauda Falls 5s
1053* 1063*
1734
1694
'10634
10634 1063*
{1323*
lI6"
{108
1955
Pub Wks 6s... 1937
Real Estate—
{193*
6s ex warrants
1935
Scrlpp (E W) Co 53*8.1943
3034
103
Second Int'l Sec 5s... 1948
Serv el Inc6s
1948
Shawlnlgan WAP 43*8 '07
43*s series B
1968
43*« series D
1946
3f*s.May 1 1900
90 3*
4,000
863*
803*
Jan
913*
173*
Jau
913*
Feb
12,000
15
Jan
173*
Jau
Jan
Jan
105
Jan
107
Jan
Jan
104 3*
Jan
Jan
1,000
2294
Jan
14.000
1043*
Jan
25,000
1694
11,000
1053*
132
90
253*
Jan
Jan
Jan
Feb
18
Jan
Jan
107
Jan
132
5s
German Cons Munlo 7s '47
Jan
13.000
Feb
19,000
Jan
Jan
Jan
102 3*
Jan
Jan
100 3*
Jan
Jan
104 3*
Jan
104 J*
Feb
Jan
105
Jan
18.000
Feb
4.000
Jan
101
'10794
693*
6894
1003* 101
1063* 10834
70.000
Feb
1093*
Jan
10694
1003* 10694
15.000
Jan
107
Jan
105
104 3* 10534
65.000
Feb
108
Jan
104 34
22,000
Feb
10S
933*
70
273*
Jan
24
Jan
Jan
983*
Jan
100
Feb
613*
12,000
1023*
Jan
70
Feb
Feb
21
10.000
17
Jan
21
21
11.000
17
Jan
21
Feb
213*
183*
203*
30 3*
193*
923*
213*
1,000
19
Jan
Jan
183*
3.000
183*
Feb
213*
213*
22 3*
22.000
18
Jan
22 3*
Feb
303*
1,000
13,000
20,000
243*
Jau
303*
Jan
18
Jan
20
Jan
913*
Jan
94
Feb
213*
153*
{10
1931
Mtge Bk of Denmark 6s 72
Parana (State) 7s
1958
Rio de Janeiro 03*8.. 1969
100
Jan
Jan
1,000
1,000
193*
94
{22 3*
Issue of Oct 1927..
Mtge Bk of Chile 6a... 193'
Jan
23
213*
25 3*
25 3*
Jan
Feb
153*
10.000
Jan
21
5,000
153*
Jau
183*
Jan
Jan
Jan
20
993*
993*
5,000
99
993*
Feb
29
30 3*
7,000
25 3*
Jan
34
Jan
"303*
29 3*
30 3*
10,000
293*
13*
Feb
35 3*
Jan
Jan
13*
13*
13*
Feb
993*
Jan
"69
104 3*
713*
Jan
Jan
10594
10794 108
1043* 10594
10294 103
84
103"
105
8594
7.000
Feb
16,000
Feb
105 3*
12,000
Jan
1033*
36.000
Feb
87
1919
1
1,000
1919
53*s
13*
13*
13*
13*
703*
{163*
163*
1
55,000
1921
53*s certificates
1921
Santa Fe 7s stamped.. 1945
Santiago 7s...
1949
7s
19 01
743*
163*
13*
Jan
6.000
Jan
Jan
Jan
13*
1,000
\n
Jan
13*
Jan
74 3*
5,000
623*
Jan
743*
Feb
173*
163*
16
Jan
203*
Jan
16
"10",000
Jan
203*
Jan
Jan
Jan
Jan
102 3* 103
26.000
1033*
Jan
102 94
162"
Russian Govt 63*8
63*s certificates
1033*
13,000
Jan
104
Jan
102
103
5.000
7.000
Jan
1043*
Jan
Jan
106
Jan
1053* 1053*
Jan
9.000
Jan
92
11.000
Jan
92
Jan
1936
88
8834
Jan
913*
Jan
the rule sales
Certificates of deposit.
Debenture 6s.
1951
88
88
4,000
3.000
913*
Jan
range,
86
Jan
Jan
88
46.000
Feb
1966
85
8694
99.000
Jan
91
Jan
Standard Invest# 63*8.1939
Standard Pow A Lt 6s. 1957
100
10094
8.000
Jan
102
Jan
863* 103,000
Feb
"193*
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
88
1
183*
03*8.1958
08 stamped
70
Jan
22
Jan
193*
Jan
1103*
Jan
21
...1947
223*
88
Debenture 6sDec
70
25
233*
100
100
1953
Danzig Port A Waterways
External 03*«
1962
Lima (City) Peru
Jan
263*
27
100
Maranhao 7s
1958
Medellln 7s series E..1951
Mendoza 4s stamped.. 1951
39
"V,666
{213*
1955
Jan
233*
10694 10694
104 3* 104 3*
{22
...1952
Jan
Jan
40
16
213*
Feb
1033*
{893*
913*
Prov Banks 6s B...1961
6s series A
Danish 53*8...
8734
863*
Convertible 6s
...1952
Hanover (City) 7s*.... 1939
Hanover (Prov) 03*8—1949
16.000
275*
(Province)—
Secured 6s
107
Jan
S'weetern Lt A Pr 5e__1967
1945
Stand Gas A Eleo 6s..l936
Certificates of depostt.
Feb
Jan
104
Jan
9,0o0
1951
S'west Pub Serv 6s
193*
96
Jan
Jan
6,000
108
80'west Pow A Lt 6s..2022
Jan
Jan
92K
9194
19.000
103
8'western Assoc Tel 5s. 1901
28 3*
183*
73*s stamped
1947
Cauca Valley 7s
1948
Cent Bk of German State A
1043*
104 3*
8ou Counties Gas
8ou Indiana Ry 4s
Jan
1,000
Jan
104 3* 104 3*
104 3*
Ref M 33*s B.July 1 '60
1st A ref mtge 4s
1960
Sou Calif Gas Co 43*8-1901
43* s. 1908
283*
253*
193*
Jan
Sou Calif Edison Ltd—
33*s
5,000
6,000
Jan
273*
193*
983*
Jan
1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 68.1957
Southeast PAL 6s
2025
273*
273*
1961
1053*
883*
1033*
87
23
303* 3434
3034
3434
1029* 103
-1946
..1947
7s stamped
95
Schulte
warrants... 1936
20-year 7s
20-year 7s
Buenos Aires
22
233*
1063*
47
San Antonio P S 5s B.. 195*
San Joaquin L A P 6s B 52
5.000
883*
{19
1958
43*s "79
1053* 1063*
Agricultural Mtge Bk (Col)
Jan
10434
1968
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Baden 7s
Queens Boro Gas A Elec—
Ref M
Jan
Jan
53*s '55
Wheeling Elec Co 5s.. 1941
Jan
Pub Serv of Oklahoma-
Debenture
3,000
1,000
5,000
43,000
473*
Feb
1413*
Jan
Jan
Jan
Jan
943*
1043*
Jan
Feb
1073*
Jan
102 3*
102 3*
Eleo 4a.. 1951
2034
2034
0s.. 1954
1st A ref 5e
1st
Ry A
"4",000
3.000
Jan
92
102 3*
1015*
17.000
1063*
63,000
102 3*
Wash
1013*
2134
34,000
"2",000
West Texas Utll 5s A. 1957
West Newspaper Un 6s 44
1013*
Jan
Jan
1063* 1063*
100
{99
Ward Baking 0s
1937
Wash Gas Light 6s... 1958
Jan
Jan
106
106
{105
Jan
Feb
Jan
Feb
14,000
Jan
76
76
Feb
113
1043*
86 3*
873*
1023* 103
1013* 1013*
41
108
100
Jan
106
Feb
Jan
1023*
40
Jan
9,000
39
Jan
113
14,000
403*
Jan
3,000
Jan
105
Jan
1143*
warrants... 1954
with
0234
14,000
Jan
Jan
Waldorf-Astoria Corp—
10694
105 34
29*666
106
103
114
99
Jan
Jan
N J—
0% perpetual certificate*
6s with
943*
983*
106
1053*
383*
Jan
1023*
114
99
Pub Serv of Nor Illinois
Saxon
1053*
1940
52,000
22
106
1961
4.000
110
U83*
Potomac Edison 5s E. 1956
7s »tpd..l947
97 3*
1059* 1059*
76
723*
75
6s..1953
Portland Gas A Coke 6s '40
Power Securities 6s
0S
7s
98 34
43*8 series F
93
...1952
21*666
763*
Jan
22
213* 213*
873*
883*
903*
94
1053* 106
943*
953*
873*
Utlca Gas A Eleo 5s D. i960
106
106
1981
Pittsburgh Steel 6s..
783*
1944
1099* 1099*
'i099*
Peoples Gas L A Coke—
Elec
43*s.
106
1169* 1163*
763* 793*
Valvollne Oil 7s......1937
1059*
105J*
1053*
Jan
63*8series B...1959
Potrero Sug
1973
Utah Pow A Lt 6s A..2022
11053* 1063*
1019* 1025*
Pub Serv 6s C..1947
Power Corp (Can
1962
Is series E
4s series B
106
Jan
Jan
1063*
{1073* 108
1053*
1053* 106
6s series A
10534
10534
10534
1063*
1063*
11063*
66
Jan
6.0C0
31,000
1063* 1073*
Un Lt A Rys (Del)
53*s '52
United Lt A Ry« (Me)—
1950
5s series D
Pomeranian
.1959
1971
w
3,000
42,000
15,000
Jan
1073*
983*
853*
95
9,000
113
1974
Feb
Penn Ohio Edison—
x
...1967
63*S
43*s
87
Jan
Feb
803*
15",000
1053* 106
1st s f 6s
1945
United Lt A Pow 6s... 1975
117
117
Jan
113
United Eleo N J 4s... 1949
United El Serv 7s ex-w 1950
United Industrial 63*s 1941
109",000
883*
Jan
106""
1957
903*
1114
8894
1979
...
Penn Electric 4s F
6s series A
5s series B
43*s
107
1003*
45.000
0s 3d stamped.....1944
Jan
10634
10994
10634
10634
Feb
10394
106
...1940
Jan
593* 277,000
Jan
11,000
10634
6s ■erlee A
109
48
1093* 10994
1053* 10634
109
10634
1961
Feb
Jan
573*
1963
Jan
Jan
107
933*
1954
Jan
6,000
923*
53*8 series E
Jan
54
Jan
923*
6s series D
503*
493*
1053*
1053*
1053* 1053*
1962
Jan
Jan
Jan
Jan
1053*
39
57
Jan
43,000
113
Jan
453*
1043*
1043*
7,000
763*
39
443*
8,000
6,000
Rap Tr 53*8 *62
6s series C
7,000
49
1043* 1053*
1053* 1053*
1073* 1073*
{1063* 1073*
953*
953*
953*
833*
833* 843*
1964
7,000
11,000
1,000
1043*
1970
15.000
28,000
17,000
50
1946
2d stamped 4s
10,000
10694
50
1940
Jan
Ohio Public Service Co—
Okla Gae A Eleo 5s... 1960
High
Jan
45
38,000
1936
Feb
Jan
93
1023* 1039*
1109* 111
Ohio Power 1st 6s B..1952
Low
53
40J*
39 3*
53
393*
403*
Tennessee Elec Pow 5s 1956
105
1969
uer
7-4% stamped
Super Power at 111 43*s
9934
993*
673*
0794
683*
{1073* 108
Range Since Jan. I 1937
%
fltlnnes 'Hugo) Corp—
Jan
6,000
1960
4>*s
Week
1053*
"o'.ooo
6s series C
1st A ref
for
of Prices
Low
High
60,000
1033*
6e series D
1946
1960
Week's Range
Sale
Price
Northern Indiana P 8—
Ohio Edison 1st fts
Last
High
No Amer Lt A Pow—
Nor Cont'l Utll
BONDS
(Concluded)
Low
11194 11134
8634
8694
103 3*
—1964
Nippon El Pow 63*S..1953
High
Range Since Jan. 1
Sales
Friday
Week
Sale
Price
907
8494
92
903*
•
No par value
x
not
a Deferred
lnoluded In
delivery sales not lnomded In year's range,
n Under
year's range,
r Cash sales not Included In year's
Ex-dtvldend.
Jan
Jan
{ Friday's bid and asked price.
e
No sales
were transacted
during ourrent week.
Cash sales transacted during the current week and not lnoluded In
weekly or
yearly
range:
No sales.
y
Under-the-rule sales transacted during the current week and not lnoluded In
or yearly range:
weekly
No sales.
Deferred delivery sales transacted during the ourrent
weekly or yearly range:
•
No sales.
week
and
not
lnoluded
.V
Abbreviations Used Above—"cod,'
certificates of deposit: "cons," consolidated,
/cum," cumulative; "conv," convertible "m," mortgage; "n-v," non-voting stock,
"v", 0," voting trust certificates: "w 1." when issued "w w," with warrants
"r-w." without
warrants.
Financial
908
Other
Feb. 6, 1937
Chronicle
Exchanges
Sales
Friday
Range Since Jan. 1, 1937
Last
New York Real Estate Securities
Stocks (Concluded)
Closing bid and asked quotations, Friday, Feb. 5
North
Bid
Unlisted Bonds
Ask
Bid
Unlisted Stocks
Ask
Dorset ctfs of deposit.
Park
Place
.
28k
12
16
25
36
39
Pennsylvania RR
50
Quincy Mining Co
mm
1
m
39 k
182
41k
Jan
Jan
Jan
Jan
154
9
8k
89*
Jan
9*
lk
29k
38k
Jan
44k
Jan
578
42k
mm
22 k
580
42 k
m
25
Jan
39k
Jan
43 k
Jan
1,810
39 k
*
Pacific Mills Co
---
i
mm
High
Low
68c
4,743
24 k
1
23
23
M,
Week
1
96o
96c
100
«...
■
•
Shares
*
Butte
Old Colony RR
mmm
Investing pf.
French (F F) Oper units. .
Lincoln Bldg Corp v t c...
French (F F)
26
1941
1938
6ks
Granada (The) 6s
Oliver < -romwell ctfs
4
551 Fifth Ave units
32
.
for
of Prices
Low
High
Price
Par
Old Dominion Co..
Fox Theatre & Office Bldg
Week's Range
Sale
Exchange
79*
Jan
10 k
Jan
4k
7
39 Bway Inc units.
---
-
-
-
•
mmrn
Dodge Corp—
55
25
Jan
25 k
Jan
*
16
14 k
Jan
842
28k
Jan
16k
339*
Jan
29k
16k
31k
947
*
25k
159*
29k
25k
8hawmut Assn tr ctfs
Stone & Webster
13
.
Reece Buttonhole Mach.10
mmmmmm
Jan
10
12
Torrlngton Co
*
95
95
96 k
289
90
Feb
98 k
Jan
Pennsylvania Bldg ctte....
33
35
Union Twist Drill Co
5
26
25 k
27
270
25k
Feb
28k
Jan
61 Bway Bldg 5k8
56
United Gas Corp
1
Feb
Income bonds v t c
..1950
Preferred
Orders Executed
Corp.
Venezuela Holding
Waldorf System
STEIN BROS. &) BOYCE
Established 1853
6, S.Calvert St.
BALTIMORE
Members
York
and
Baltimore
Stock
13k
Jan
98
40 k
Jan
46k
Jan
5k
5k
59*
lk
Jan
5k
Feb
lk
lk
lk
3,025
12,610
lk
Jan
2k
.
Jan
lk
Jan
2
Jan
17k
16 k
2
*
*
Inc
2
75
18 k
6k
*
46
46
46
1948
88
87k
88 k
91
93
Feb
i8k
10k
Jan
12 k
Jan
Jan
46
Feb
86 k
Jan
88k
Feb
91
12
*
Jan
35
4,889
Bros Co
(SD) Co
6k
16
975
11
Jan
Feb
95
Jan
Bonds—
Eastern Mass St Ry—
NEW YORK
New
Jan
89k
135
Ilk
Warren
4k a
Series A
York, Po.
Louisville, Ky.
10
1,368
45 k
m
Warren
39 Broadway
MD,
Hagerstown, Md.
581
97 k
44 k
mmm
Utah Apex Mining,.....5
Utah Metal & Tunnel
1
Baltimore Stock Exchange
on
25
.
13k
90
m m
12k
91
United Shoe Mach Corp.2fi
1948
Series B 5s
$8,000
1,900
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Baltimore Stock
Jan. 30 to Feb. 5,
Sales
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Par
PaaJ H. Davis & 6a
Range Since Jan. 1, 1937
Last
Stocks—
Listed and Unlisted
both inclusive, compiled from official sales lists
Friday
SECURITIES
CHICAGO
Exchange
Week
Members
High
Low
Chicago Stock Exchange
New York Stock Exchange
Arundel Corp..
Bait Transit Co com v
*
t c.*
1st pref v t o
*
Black & Decker com
mm
100
5% preferred
mm
m
86 k
Eastern Sugar Assn com.. 1
Preferred
1
37 k
44
20
10
1289*
41H
Fidelity & Deposit
Fidelity & Guar Fire
Finance Co of Am class A. *
mmmm
36 k
-
Houston Oil pref
Feb
50 k
630
43
Jan
48
Jan
130 k
264
122
Jan
133
Jan
43 k
184
41H
Feb
48
13
29
12 k
Jan
13
m
k"
3
300
3
39
55
58
219*
21k
22 k
1,117
m+'+mm
lk
lk
65
1
3k
Northern Central Ry
50
mm'm
Jan
Jan
2k
Jan
Adams
49*
Jan
Adams Royalty Co com
3
39 9*
27 k
227
18 k
9,121
1039*
lk
11
1
1,350
92 k
42
15
27k
28k
3k
Jan
Jan
27k
5k
Jan
Feb
Jan
72
Jan
Altorfer Bros
Jan
10
14,850
10k
Feb
19k
20 k
23
1,550
18
Jan
20k
Feb
850
22
Jan
239*
Jan
40 k
40 k
10
40
Jan
47 k
79
80 k
560
109*
40,700
"80 k
10 k
Amer Pub Serv
Feb
Armour & Co common...5
1
Feb
Jan
92k
Feb
Associates Invest Co
Feb
Athey Truss Wheel cap...4
Jan
Asbestos Mfg Co
com...l
com.
39*
*
15
Feb
15
26k
Jan
29k
Jan
Automatic Products com
42
35 k
Jan
37
Jan
55
15k
Automatic Wash oonv pref •
Backstay Welt Co
Jan
Barlow
&
Seellg
*
3k
3k
55 k
mm
mm
14 k
15k
7 k
5k
14 k
A 5s
...
72
Ga Southern & Fla 5s-1945
6
50
14 k
Feb
14k
Feb
38 k
Jan
41k
Jan
45k
Feb
48
Jan
Bastlan-Blesslng Co com_»
22
17 k
20k
Jan
72
Jan
Bendix Aviation com
*
27 9*
26 k
1
13k
BlnkB Mfg Co cap
1
Bliss & Laughlln Inc cap.5
Ilk
35 k
79
80
250
15
1,500
Exchange
Last
Week's Range
Sale
Price
Par
Stocks—
of Prices
High
Low
Common
Range Since Jan. 1, 1937
for
Low
6% nou-cum pref
1st preferred
50
60
11
1449*
669*
182 k
110
lk
Jan
6
340
5
Jan
160
26
Feb
184k
115
1,544
57
2k
69*
30
Jan
Brown-Durrell Co
Copper
Cent III Pub Serv pref
Jan
Central S W
234
66
Jan
67 k
Jan
716
289*
Feb
30 k
Jan
8k
25
'•4.5 k
139*
15
11
12
36
562
11
50
11
9k
Jan
Jan
9k
Jan
8
Jan
4k% prior pref
..100
6% cum pref
Ion
Eastern Mass St Ry—
*
12
Jan
19
Jan
14
Jan
16k
Jan
18
5
14 k
Jan
23
Jan
29k
Jan
Feb
5k
6,500
2k
Jan
700
51k
Jan
62
2
2k
2,750
lk
Jan
Jan
Jan
2k
Jan
15
18 k
2,550
15
Jan
19
Jan
76
77 k
1,190
70k
Jan
77k
Feb
13,500
6k
Jan
5
5k
3k
Jan
107
5k
"7l"
107 k
200
98 k
Jan
no
Jan
71
73 k
280
61k
Jan
77
Feb
*
com
18 k
18
15
Jan
20 k
65
64
65
50
64
Feb
689*
Jan
77
77
100
72
Jan
77
Feb
k
Jan
2
Jan
18k
lk
-
lk
130
400
Jan
Jan
*
Preferred
k
k
k
700
k
Jan
*
5k
5k
5k
Jan
46
15,500
1,250
Jan
46 k
5k
47
4k
*
Common
Chicago Corp common
44 k
Jan
47 k
Jan
24
32
610
Jan
32
Feb
61
Chicago Elec Mfg A
*
5k
Jan
Chicago Flex Shaft com
6
"61
60
1,050
Jan
62 k
Jan
20 k
Jan
4
4
4k
250
3k
Jan
4k
Jan
14
15k
2,127
12 k
Jan
17 k
Jan
Chicago & N W Ry comlOO
Chicago Rys—
lk
lk
20
lk
Jan
1 k
k
k
k
20
9
17
9k
68
67k
92
16k
4
Feb
18
Jan
■
78
69
281
6k
173
69
206
60
100
Jan
10k
Jan
Part ctfs 2
100
k
k
Jan
81
Jan
Part ctfs 3
100
k
k
Part ctfs "4"..
Jan
69
Jan
Jan
3
Jan
'
100
45
48
58
45
Feb
51
Jan
15
200
13k
Jan
15 k
Jan
Cities Service Co
69*
230
6k
Jan
7
Jan
Club Aluminum Uten Co.*
Ilk
534
10k
Jan
12
Jan
199*
Jan
22 k
Jan
Coleman Lp & Stove com. *
Commonwealth Edison. 100
2k
100
"l55~~
155
*
23 k
6k
20 k
2k
20 k
2k
10
Jan
160
Jan
com
22 9*
Jan
24
Jan
45 k
260
43 k
Jan
45k
Feb
19*
83
lk
Jan
159
774
150
2
Jan
*
14
14
14 k
605
13 k
Jan
14 k
Jan
6% prior pref A
Gillette Safety Razor
*
189*
189*
209*
1,730
15 k
Jan
20k
Feb
Jan
7% cum. pref
Cord Corp cap stock
Jan
Crane Co
6
m
__100
*
Linotype..*
lk
5k
225
19*
315
lk
Jan
Jan
7
9i2
27 k
Jan
Jan
32
70
Jan
32
Jan
108
30
100
Jan
108
Feb
25
*
m
— —
-
-
26 k
250
Jan
27 k
Jan
4k
4k
13,050
4k
Jan
2k
300
lk
Jan
5k
2k
Feb
26
34
128
130
130 k
34
Jan
35
Jan
450
119
Jan
139
Jan
9k
9k
9k
850
9k
Feb
47 k
11
k
k
9,700
k
Jan
H
9
160
7
Jan
10k
6
k
8k
5k
6
140
4k
Jan
5k
5k
59*
19,450
4k
Jan
55 k
700
43 k
45
Jan
50
35
600
47
43 k
Jan
Jan
2k
9
100
100
6
52 k
25
common
100
Preferred
"120
k
48
Jan
Jan
Jan
Jan
Feb
6
5k
55k
Feb
Feb
120k
30
118k
Jan
121
Jan
107 k 108 k
150
107 k
Jan
loxk
Feb
2,750
21k
Jan
Feb
Jan
24k
8k
Jan
25
Jan
Feb
31k
Jan
120
20
26
Feb
26
Feb
18k
189*
80
18 k
Jan
19
Jan
12 9*
17
2,993
10k
Jan
17
Feb
Cudahy Packing Co pref 100
Cungham Drug Stores.2k
40 k
47
930
36
Jan
47
Feb
Curtis Lighting Inc com..*
+mmmmm
3k
53 k
3k
53 k
420
3
Jan
3k
Jan
Dayton Rubber Mfg com.*
23 k
23k
24 k
500
19k
Jan
55 k
Jan
35
30 k
309*
31k
250
30k
10
5
10
10
109*
169*
900
10
Feb
119*
20
16 k
Jan
17
650
20 k
Jan
23k
Feb
40 k
23 k
40 k
100
39
Jan
40
Jan
299*
33
22 k
Jan
33
mm
3k
54
53k
75
Cum class A
pref
107 k
24
229*
8
249*
8
60
5
Jan
Decker (Alf) & Cohn—
1,030
69*
7k
k
6k
136 k
7I6
750
136 k 138k
308
90
100
Y N H & II R It (The! 100
X
26
m
1
England Tel & Tel 100
Jan
26
m
Narragansett Racing Ass'n
100
k
100
Jan
Jan
15k
41k
mm
mmmmmm
100
6
6
19*
1
mm
4k
5
Common
Gilchrist Co
Hathaway Bakeries cl A..*
k
Consumers Co—
19*
Georgian. Inc (The) cl Apf 20
229*
670
45 k
General Capital Corp....*
23 k
H
Jan
2
mm
"
»
Compressed Ind Gases cap*
Consolidated Biscuit com.l
8
Jan
k
,
32
conv pref.*
Chicago Yellow Cab Co..*
15
50
106
Chicago Towel
45
15
k
X
Chic Rivet & Mach cap..*
11
3,650
Jan
119*
For footnotes see page
32 k
Jan
75 k
Economy Grocery Stores.*
N
Feb
15k
*
New River Co pref
Feb
16
125
......
New
28
Jan
1,893
100
National Service Co
28k
Jan
13 k
200
5k
Adjustment
Inc
Jan
21k
16
60 k
4k
Feb
27
3,450
33,600
28 k
28
18 k
100
Mer gen thaler
Jan
20 k
53
100
5% cum pref
Jan
15
17k
.;
100
Mass Utilities v t o
80 k
Jan
*
Preferred
Jan
112
B
Maine Central com
Jan
13
Central States Pr <fc Lt—
Jan
110
Preferred
Loews Theatres (Boston)25
73
„•
59
*
Chain Belt Co
14
1st preferred
Helvetia Oil Co
Feb
5k
9
Int'l Butt Hole Mach.__10
Jan
36k
32k
5k
1
preferred
Part ctfs'T"
Employers Group.
Jan
14
Jan
30 k
Cherry Burrell Corp com.*
Chic City & Con Rys pref *
18
16k
76
Elec Ilium
Prior lien
Jan
16
17k
14k
*
Edison
Common
17 k
14
East Gas & Fuel Assn—
Eastern SS Lines com
13k
Jan
18k
*
Jau
18
25
Common
Jan
9k
32 k
76
.*
41k
Jan
119*
750
4,700
—
Jan
14
16
25
Range
45
782
14
*
Uecla'
Common
Conv preferred
Jan
Feb
436
9k
69*
2,800
139*
2k
.1
115
66 k
39
139*
36 k
32
*
Common
187 k
29k
37
37
13k
Ilk
34 k
4 k
59 k
30
preferred
Jan
1469*
9k
69*
100
stamped—100
100
Class A 1st pref stpd. 100
CI A 1st pref
..100
Class B 1st pref stpd. 100
CI C 1st pref stpd. ..100
CI D 1st pref stpd.. 100
Boston Personal Prop Tr_ *
Jan
Central 111 Sec—
289*
Preferred
Prior preferred
Feb
28
23k
14 k
Preferred
Common
189*
23k
Jan
15 k
Jan
Boston & Maine—
Calumet <fe
conv
Jan
147
Jan
27 9*
Castle (A M) common. .10
181k
Feb
Jan
19
25
*
*
110
144k
17 k
950
lb
Jan
66 k
144 k
29
Herald Traveler. .*
100
26
26
182 k
0
100
100
Albany
Boston Elevated...
Boston
26
100
Bigelow-Sanford Car pf 10
Boston &
5k
19*
600
6,350
14 k
28 k
Class A
5%
19*
5k
25
Jan
18k
23 k
28
15
1
Canal Constr conv pref
Common
Jan
Brown Fence <fc Wire—
Butler Brothers
High
185*
Borg Warner Corp com. 10
Bruce Co CE L) oom
Week
Shares
Amer Pneumatic Service-
Amer Tel & Tel
5
Common
Sales
Friday
Jan
Mfg A—
3,200
compiled from official sales lists
Jan
8
12.000
Boston Stock
Feb
17
Jan
46
Jan. 30 to Feb. 5, both inclusive,
55k
Jan
Jan
40
72
Jan
13k
3k
300
5,000
Jan
51
7k
115
72
4
Feb
100
45 k
72
39
1975
(flat)
Jan
10k
110
38 k
1961
Bait Transit Co 4s (flat) '75
3k
Oct
Jan
Jan
Jan
7
1,000
2,250
5
mm
70 k
2,550
52 k
15
7k
6
com
9k
Berghoff Brewing Co
4s sewerage lmpt
Jan
22 k
Feb
119
10k
Jan
20 k
*
Co pref. 100
18k
Feb
Jan
8k
22 k
pref
con
1039*
lk
115
17k
Jan
49k
10
Class A
Jan
889*
51k
Jan
6k
,
..25
Common
Feb
15k
9k
9k
Jan
Jan
15k
16 k
12
1,300
50 k
16
103
Bonds—
115
High
Allied Products Corp—
4k
3
Low
250
BOX
16
*
Advance Alum Castings.
Jan
41
70
..
2,914
36
36
National Bank.20
Jan
Jan
269*
52
15
27
m
2
140
(J D) Mfgcom
50 k
*
12 k
Jan
Feb
800
72
Range Since Jan. 1, 1937
Shares
1,250
*
Common (new)
Feb
3k
132
High
Abbott Laboratories—
2k
11
22
Low
Price
Par
Stocks—
Jan
lk
3k
103
mmmm-m
Seaboard Coum'l Class BIO
U S Fidelity & Guar
m
IX
Owings Mills Distillery... 1
Penna Water & Pow com. *
m
Week
23 k
90
18
«
for
of Prices
Jan
16k
72
100
Preferred
New Amsterdam Casualty5
Week's Range
Sale
Feb
40 k
5
Last
lk
205
Sales
Friday
Feb
Feb
269*
4k
71k
mmmmmm
both inclusive, compiled from official sales lists
Jan
58
3
Mt Ver-Wood MillscomlOO
3k
Jan. 30 to Feb. B,
Jan
Jan
■/;
40
3
%pf25
2k
39*
Jan
k
20 k
100
11
2 k
Common class A
Monon W Penn P S 7
3k
11
"""3k
Chicago Stock Exchange
Jan
44
13
Merch & Miners Transp.. *
Western
37k
St., CHICAGO
10 So. La Salle
Jan
115
41k
25
Mar Tex Oil
Jan
620
128
25
preferred
2d preferred
Jan
Feb
43
37 k
43
Chicago Curb Exchange
Jan
Jan
86
58
m
38
89 k
33 k
58
*
Jan
113
39
3
100
Mfrs Finance com v t
3
9
140
*
Preferred
Jan
Feb
(Associate)
New York Curb
Feb
Jan
417
114k
21k
79*
1,071
*
Guilford Realty com
Jan
2
85
8 k
37 k
88
86
114
114
18
6,162
2k
79*
m
21k
2
mmmmmm
*
Consol Gas, E L& Pow...*
1st
18k
20*4
"5k
5k
90
6k
50
114
V
6k
44
136k
90
5k
Feb
Jan
Feb
Feb
Jan
Jan
7k
7!6 Feb
140
93
6k
Jan
Jan
Jan
Common
T
Dexter Co (The) com
Dixie-Vortex Co com
Class A
Eddy Paper Corp
*
mmm
m'm
rn
23 k
_*
(The)--*
32 k
16 k
22 k
2,400
ft
k
Jan
Jan
Feb
Volume
Financial
144
Week's Range
for
Sale
of Prices
Low
High
Stocks (Concluded)
High
Low
Shares
Jan
12%
Jan
Elec Household Util cap.5
11%
11%
3,450
10%
Elgin National Watch—16
38
38
38%
400
37%
Jan
39%
Jan
18%
18%
19%
650
15%
Jan
20
Jan
Gardner Denver Co—
20
A—5
General Finance Corp ooml
$3 cum conv pref
Gen
Common
******
»M <•
'
m m m
m
m m
4%
High
Low
*
4%
39
800
4%
3,400
37%
4%
43
Jan
24%
Jan
23
90
40
4%
Jan
90
24%
40
*
40
Jan
6
Jan
Jan
43
Feb
Jan
59
58
Jan
59
Jan
Walgreen Co common.... *
41%
38
66%
66%
67
Jan
Wleboldt Stores Ino com.*
22
21%
20%
Jan
22
Feb
450
Jan
18%
Feb
Willlams-Oil-O-Matlc com*
11%
10%
22
12%
100
18%
58%
18%
Jan
18
1,050
9%
Jan
12%
Feb
4%
1,150
4%
Jan
Jan
Wisconsin Bankshares com*
8%
8%
8%
2,150
8
Jan
9%
2
14%
14
14%
1,450
13
Jan
37
36%
38%
4,550
32%
Jan
14%
38%
Jan
Feb
Feb
77%
77%
SI,000
77%
Feb
77%
Feb
4%
330
50
1
5
Household Util—
*
Range Since Jan. 1 1937
for
Week
Shares
High
24%
*
Preferred
Woodall Indust com
Common
Low
Price
58
59
*
Common
General Candy Corp
of Prices
Viking Pump Co—
Wahl Co com
Son(D&D)oom*
Fits Sim &
12
Par
Week's Range
Sale
Week
Price
Par
Last
1, 1937
Range Since Jan.
Last
Sales
Friday
Sales
Friday
Stocks (.Continued)
909
Chronicle
8%
7%
8%
49%
6,710
.
7%
Feb
10%
Jan
43
Jan
50
Jan
38
38
10
29%
Jan
38
Feb
Goldblatt Bros Inc com..*
40
40
40%
400
39%
Jan
41
27%
27%
15%
15%
28%
18%
3,150
3,000
23%
14%
Jan
480
14
Jan
29%
18%
17%
Feb
17%
Bonds—
Jan
Great Lakes D & D com..*
Zenith Radio Corp. com..*
48
Godehaux Sugar class A..*
*
Class B.
m m.
mm
'
Co com—1C
17%
Harnischfeger Corp com. 10
16%
Heileman Brew Co G cap.l
11
Hall Printing
Heller (W E)
»
111 North
26%
10
100
Util pref
"i09"
11
2,200
10
Jan
11%
26
Feb
26
Feb
22
22
100
20
Jan
23
Jan
26%
17%
27
250
23%
15%
Jan
27%
Jan
109
950
19
110
Jan
85
Jan
10
21
Feb
22%
Jan
23%
Feb
25%
Jan
21
21
21
23%
24%
450
-
-
,
Members Cleveland Stock Exchange
Jan
Jan
80
84
'
19%
109
770
80
m,
Jan
160
109%
84
*
Ohio Listed and Unlisted Securities
Jan
50
*
$7 preferred
Iron Fireman Mfg v t c
Jan
26
*
indep Pneu Tool v t c
Interstate Pow—
1927
Chic City Rys 5s
Feb
10%
"22"
Housaille Hershey B
Illinois Brick Co cap
Jan
26
pref w W...25
Hormel A Co com A
300
Jan
Jarvls (W B) Co cap
1
"25%
23
26%
11,500
21
Jan
26%
*
49
48%
51
1,300
41
Jan
51
Feb
l
15
14
15%
1,900
14
Feb
15%
Jan
10
11
100
Union Trust Building, Cleveland
Feb
Jefierson Electric com
GILLIS
A. T. d T. GLEV. 565 4 666
Telephone GHerry 6060
Katz Drug Co—
Common
Ky Util jr cum pref
"2§"
50
100
6% preferred
Kingsbury Brew cap
1
La Salle Ext Unlv com...5
2%
2%
Lawbeck 6% cum pref.100
Leatn A Co oom
*
"~9%
Common
»
Lindsay Light com
"13"
Lynch Corp com.
McCord Rad A Mfg A
McGraw
«•£,
.mm.
"l6 %
5%
com
"47%
Jan
38%
150
36%
Jan
43%
Jan
85%
40
83
Feb
89
Jan
2%
3
2%
1,600
2%
Jan
250
1%
Jan
2%
13%
3%
70
13
13%
3,100
11%
43
4
16%
5%
45
721%
3%
Mer A Mfrs Sec cl A com.l
6%
*
9%
4%
1,150
6%
4,900
Jan
13%
30%
Feb
JaD
14
Jan
12%
Jan
Jan
Jan
7% preferred A..
100
4%
6% preferred A
Miller A Hart
100
pref..'
conv
4%
7%
7%
*
Common
Preferred
41
40
*
Modine Mfg com
Monroe Chemical Co—
9
9
*
37%
Jan
Jan
Jan
Jan
Federal Knitting
Mills...*
47%
49%
40
47%
Jan
49%
Jan
Jan
19
19%
470
17%
Jan
19%
Jan
42%
54%
Jan
Jan
23
Jan
Jan
22%
Feb
6%
30
4%
*
Foote-Burt
Jan
6%
Jan
Jan
Jaeger Machine
27%
Feb
5
Kelley Isl Lim A Tran.
49%
49
154
154
*
12%
13%
14
Jan
Leland Electric
*
26
27
440
19
Jan
27
Jan
100
42
Jan
43%
Jan
1,184
40
Jan
60
*
42%
Medusa Portland Cement*
53 %
60
Metropolitan Pav Brick. _*
National Refining
25
7%
McKee
(AG)clB
*
8
Feb
National Tool
50
2
2%
Feb
Nestle Le Mur cum cl A..*
2
2
Jan
Jan
Jan
5
Feb
Jan
8%
Jan
Feb
8%
Jan
Jan
46%
Jan
Jan
10
Jan
Jan
Jan
49%
154
Feb
National The
pfd_*
9%
9%
Capital stock
10
National Union Radio coml
33%
2%
Noblltt-Sparks Ind
55
com.
5
20
Jan
18
Jan
34
495
26%
Jan
34
Jan
5
3,150
3%
Jan
5
Jan
55
843
53
7
230
7%
Jan
12%
34
1,350
29%
Jan
34
Feb
2%
3
1,300
1%
Jan
58
7,600
39%
6%
Jan
12%
25%
Jan
16%
Jan
Jan
33%
Jan
19
18%
Jan
15%
Jan
19
Jan
8%
Jan
9%
19
14%
40
5%
485
233
18
9%
Jan
Jan
10
Jan
14
Jan
15%
Jan
5
Jan
5%
Jan
Jan
18%
Jan
17%
Jan
31%
Jan
Jan
17%
8%
Jan
17%
2
*
1,320
8
100
17%
Weinberger Drug Inc
11
56%
Jan
20
17
Warren Refining
Feb
Jan
59%
Jan
16%
6%
Jan
46
5
53
39
84
45%
390
Jan
Feb
7%
9%
7,150
14%
13%
15%
12,000
33%
Northwest Bancorpcom..*
Northwest Eng Co com
*
16
1,152
14%
Jan
125
9
750
48%
16%
10
Feb
Jan
48%
9%
51%
8%
Jan
44
310
4%
*
Natl-Standard Co-
North Amer Car com
Jan
2
8%
67
16%
Jan
2%
Jan
14%
76
15%
8%
Jan
*
Jan
16%
Jan
1%
1%
*
Jan
32
National Pressure Cooker 2
7%
40
305
1
22
Jan
2%
420
Vlchek Tool
Jan
29%
77
Jan
Van Dorn Iron
24%
19
100
Jan
8%
Upson Walton
22%
250
Jan
Jan
1
*
31
1%
7%
S M A Corp
21
65
Jan
470
29%
*
100
8% cum pref
8%
16
*
Patterson-Sargent
*
Peerless Corp3
Packer Corp
Seiberling Rubber
Jan
46%
*
Ohio Brass B
Jan
7%
Union Metal Mfg
24%
650
8
Jan
9
583
Feb
31
1,650
405
.
43
12%
9%
9%
21
2%
Jan
Jan
150
50
77
Jan
27
Jan
24%
1%
49
Jan
Jan
Jan
31
2
Jan
Lamson & Sessions
Jan
"21
10
33
25%
1%
48%
50
154
_ _
456
253
Jan
7%
130
49%
Jan
33
26%
8%
8%
8%
40
250
Jan
61
31
Jan
7%
850
Jan
30%
Jan
25%
15%
7%
Jan
6%
2%
3%
760
9%
58
%
9%
100
33
Jan
56%
28%
56%
6%
610
Jan
28%
20
33
28%
*
*
Interlake Steamship
31%
33
5
389
33
5
Great Lakes Towing—100
Halle Bros
Feb
Ppringfilied com*
Nat Rep Inv Tr conv
Jan
Jan
National Battery Co pref. *
Nat Gypsum A n-v com..5
com..
33%
11,915
30
Feb
Leather
37%
Jan
Jan
Jan
National
36%
-*
Richman
Montgm Ward A Co cl A. *
Muskegon Motor Spec A.*
Nachman
63%
Jan
27%
Jan
8
Jan
85
6%
2%
41
58
53
Jan
19
4%
Jan
53
466
19%
21%
7,350
4,300
1,480
1,020
5
90%
Jan
Midland United Co—
9%
Jan
28 %
Jan
7%
4%
4%
86%
27%
12%
5%
8%
1,500
*
15%
100
90
Faultless Rubber
14%
6% prior Hen
89%
72
14%
1%
38
36
Middle West Corp cap
6
Stock purchase warrants
9%
Jan
Jan
Jan
12%
32
Jan
Feb
1%
791
68
3%
7%
38
30
27%
11%
Jan
37
40
200
1%
20
554
4,350
22,650
3,800
8%
Jan
70
4%
11%
20
36
27%
*
50
68
4%
Conv preferred A
20
4%
40
100
Midland Util 7% pr llenlOO
Jan
20
Cleve Cliffs Iron pref...
Cleve Ry cets of dep—100
1.550
1,500
*
100
33
54%
Common
Jan
Elec Controller & Mfg...*
Jan
7%
Jan
96
41%
8,900
7
Jan
12%
104
Commercial Bookbinding. *
27%
7
22
100
Jan
4%
Common
40
13
96
Jan
1
Metropol Indust allot ctfs.
Mlckelberry's Food Prod-
Jan
30
13
96
Jan
Jan
6%
Jan
14%
29
Apex Elec Mfg pr pref-,100
City Ice & Fuel
Clark Controller
1
42
41
30%
33%
Airway Elec Appl. pre!-100
Akron Brass
*
48
52
3%
High
Low
Jan
Feb
10
22%
Shares
High
Jan
5%
350
23
Low
1937j,
Week
of Prices
Price
Cliffs Corp v t c
41%
20%
6%
Sale
JPar
Stocks—
Range Since Jan. 1,
for
Feb
45
Jan
Week's Range
Last
official sales lists
Sales
Friday
39
450
48
50
Jan
Jan
16%
50
41
Jan
Jan
Exchange
6, both inclusive, compiled from
Jan
Jan
4
Cleveland Stock
Jan. 30 to Feb.
Jan
10%
300
18%
3%
2%
42
40
30
Marshall Field common..*
28
1,200
23
Mapes Cons Mfg capital.*
7%
4,300
30%
54%
Manhatt-Dearborn com.."
40%
70
50
8
41%
McQuay-Norris Mfg com.*
Prior preferred
Feb
25%
41
5
Electric
Feb
108
Jan
11
5
*
11
Jan
19
43
11
10
Laon Oil Refining Co com.*
Loudon Packing com
*
Jan
96%
5,250
50
*
$3% preferred
9%
350
25
30
Cumulative preferred..*
Llbby McNeil A Libby..lG
Lincoln Printing Co—
8,800
108
83
10
100
Preferred
Ken-Rad T A Lamp com A*
22%
38%
Kellogg Switchboard com.*
32%
33%
350
Jan
3%
58
9%
Members Cincinnati Stock Exchange
Jan
Active
Trading Markets in
Feb
Northwest Utli—
7% preferred
100
47%
46%
48
420
39
Jan
54
100
80
78
80
190
70%
Jan
81
&
BALLINGER
Jan
7% prior lien pref
Unlisted Securities
Cincinnati and Ohio Listed and
Feb
CO.
Jan
UNION TRUST
Oshkosh Overall—
Common
10
com
Peabody Coal Co B
6
oom..
6 % preferred
•
-
"28%
com.
.*
15
Jan
30
30
29
Jan
30
Jan
29%
350
26
Jan
29%
Jan
2%
2%
1,150
2%
15
14%
2%
Jan
2%
Phone Cherry 6711—First Boston
Jan
54
140
51
Jan
54
Feb
17
17%
200
16%
Jan
17%
Jan
35
35
35
100
33%
Jan
35
6%
Jan
Exchange
Jan
250
Wire—Bell Sys. Tel. Cin. 291
Cincinnati Stock
"
53%
"I?"
100
Penn Gas & Elec A
100
Jan
30
28%
15
15
*
;
Convertible preferred..*
Parker Pen
CINCINNATI
BLDG.
Perfect Circle (The) Co..*
Pictorial Pap Pkge com__5
6%
6%
6%
Jan.
30 to Feb.
6%
Jan
Last
Sales
Friday
1
3%
3%
3%
10,100
2%
Jan
Potter Co (The) com
l
4%
4%
5%
3,700
3%
Jan
3%
5%
Feb
Prima Co
*
2%
2%
3%
6,100
1%
Jan
3%
Jan
4
4%
100
3
Jan
4%
sales lists
6, both inclusive, compiled from official
Week's Range
Range Since Jan. 1, 1937
for
Jan
Pines Wlnterfront
Process
com
com
Corp
*
common
Common
60
7% preferred
Quaker Oats Co
94%
10)
100
Preferred—
"119%
121
*
com
100
92%
94%
300
85
Jan
99%
Jan
Burger Brewing..
93
*
Common
preferred
94%
300
83
Jan
99
Jan
Champ Paper & Fibre
Jan
120
Jan
118% 119
119% 119%
121
122
148% 149%
32%
32%
•••'
100
10
500
20
118%
10
"32%
6
100
*
6
170
106
30
150
Jan
Jan
33
Jan
Cincinnati Street Ry
"27"
Signode Steel Strap com..*
"26%
Preferred
Storkline Furn Corp com
Swift International
15
Swift & Co.
25
Sundstrand Maoh ToolCo*
25
Utah Radio Products com.*
1,050
300
27
Jan
33%
Jan
23%
20
23%
Jan
21%
22%
1,050
19%
Jan
5%
10
30
24%
22%
Part
preferred
7
Jan
Jan
Kroger.
95
Jan
Leonard
92%
Jan
82%
20
81%
Jan
83%
Jan
Little Miami guar
4%
5%
1,550
4%
Jan
Lunkenheimer
19%
3,550
15%
Jan
Feb
Magnavox
19%
19%
150
18
Jan
5%
19%
19%
Jan
17
4%
—
-
94
40
Feb
Moores Coney A
47
Jan
11
10
no
10
Feb
11%
Jan
100
100
2
100
Feb
101%
Jan
22%
6%
107%
31%
2%
4%
Jan
100 "ioo"
*
*
50
107%
*
2.50
*
"4%
Jan
Jan
National Pumps
*
Procter & Gamble
*
700
25%
24%
Jan
Jau
27
Feb
Randall A
*
250
12
Jan
13%
Jan
2%
Jan
3%
Jan
U S Playing Card
1%
Jan
2
Jan
US Printing
4%
Jan
6%
Feb
26
27
12%
3%
12%
12%
710
1%
1%
3%
1%
3,250
4,200
6,450
B
B
Preferred
*
10
._*
...50
25
4%
23%
23%
6%
6%
107% 107%
32
31%
4
4%
8%
5%
1
1%
16
16%
61% 62%
15
5
50
20
999
4%
32
Jan
Feb
4%
Feb
Jan
34%
Jan
Feb
Feb
5%
24
6%
107%
Jan
Jan
Jan
Feb
Feb
33
Jan
Jan
Feb
22
8
*
12
32%
26%
6%
Jan
■48
27%
26%
5%
16
Feb
Jan
26
5%
Jan
Feb
Jan
500
-1,400
3
5
15
Jan
11%
32%
27
Jan
47
11
11
31%
Jan
10
31%
11%
32
25
Jan
Feb
20
5
*
107
8%
24%
102%
20
*
Jan
Jan
5
Hobart A
Feb
Feb
15
Kahn
5%
104%
Feb
47
Jan
com
8
15
Jan
1st preferred
Jan
47
Hatfield prior pref
Jan
22
12
100
*
Jan
Feb
153
*
Gibson Art
16%
Jan
20%
102%
21
Jan
100
47
10
Jan
Feb
45
2
10%
Jan
Jan
35
Found Investment
Jan
31
Jan
108
4%
34%
Feb
87
50
200
20%
8
8%
24%
25%
102% 102%
8%
96%
20%
6
•
4%
34%
78%
28%
Feb
Jan
Jan
60
377
13%
Jan
Feb
25
Jan
33
334
5%
106
Jan
21
70
26%
'~8%
*
26%
83%
87
106% 106%
*
10
100
Formica Insulation
26%
94
17
».
For footnotes see page 912.
200
28%
...
Preferred
'82%
94
'
5
7
78%
27
5%
"106%
*
*
10
Eagle-Picher Lead
Jan
23%
21%
Convertible preferred..*
Stein A Co (A) com
Dow Drug
Jan
19
33
Slvyer Steel Castings com. *
So Bend Lathe Wks cap. .5
South Colo Pow A com..25
Standard Dredge com
Feb
36%
86
30
Southw G A E 7% pref. 100
Southw Lt & Pow pref
*
St Louis Nat Stkyds cap.*
3
Jan
Jan
10%
98
'10
20
Cincinnati Un Stock Yd..*
2
77%
*
Schwltzer-Cummlns cap..l
Sears Roebuck com..
*
Feb
16
Jan
10
97
7%
31
16%
Sangamo Electric Co
Jan
220
17
2%
4
50
Jan
Feb
6
Jan
Jan
111
10
106
32%
52
180
Cincinnati Ball Crank pref*
144
Jan
11
Churngold
Feb
Jan
33%
3%
Jan
Jan
Cincinnati G & E pref. .100
High
Jan
109
Jan
1,100
16%
Convertible pref
10
Low
24%
3%
35%
4
122
4,350
31
2%
70
125%
3
31
16
3%
50
Jau
32
6% preferred v t c
5
Reliance Mfg Co com...10
Rollins Hosiery Mills pf__*
175
<
110% 110%
100
Preferred
3%
48
34
Jan
5,900
6
Util A Ind Corp
3%
33
Week
Shares
121
7%
50c
Thompson (J R) com
34
of Prices
High
Low
119%
Raytheon Mfg—
v t c__
*
*
Price
Cincinnati Telephone—50
Rath Packing Co com
Common
Par
Stocks-
American Laundry Mach20
Public Service of Nor Ill-
6%
Sale
Feb
61%
10%
32%
5%
18%
22
60
22
Jan
10%
32%
4%
10%
32%
5%
18%
20
Jan
Jan
34
Jan
845
9%
31%
4%
4%
8%
1%
16%
65%
23%
11%
Jan
6
Jan
167
17
Feb
21
Jan
17
1,305
15
1
Jan
Feb
40
10%
Jan
47
55%
Jan
60
•
Feb
Jan
Feb
Jan
Jan
Jan
910
Financial
Chronicle
Feb. 6,
Friday
Sales
Last
Watling, Lerchen & Hayes
Ollnda Land Co
Par
Week's Range
for
Sale
Stocks {.Concluded)
of Prices
Low
High
Shares
Price
1
18c
18c
Pacific Clay Products....*
Pacific Finance Corp
10
Members
1534
3034
3234
3334
4834
2334
....
Detroit Stock
Exchange
Exchange
Buhl
Pacific G & E 6% 1st pf-25
Pacific Indemnity Co—10
Building
DETROIT
Telephone
Randolph 5530
*
48%
*
Republic Petroleum Co._l
Chicago Stock Exchange
3334
Pacific Lighting Corp
New York Curb Associate
17%
3134
32%
Pacific Western Oil
New York Stock
23%
11%
1
33c
Rice Ranch Oil Co
Roberts Public Market
Ryan Aero
Detroit Stock
Jan. 30
Feb.
to
Exchange
Last
Par
for
Sale
Stocks-
Week's Range
of Prices
Week
Low
Price
High
Shares
Low
High
1
1X
1
13H
Bower Roller Brg com
Capital City Prod com
5
Consolidated Paper
Crowley, Milner
Det & Cleve Nav
Det
25
6%
Jan
21X
685
15
Jan
Feb
21X
415
2134
Jan
22
Jan
Southern Pacific Co
100
9
125
Feb
10
Jan
Standard Oil of Calif
*
10
com
.
2%
1
7
590
143
1
com..
143
9%
9
3
Jan
1%
13%
Feb
Jan
Orig preferred
6% preferred.
73
Jan
1234
2934
41
13
3034
10834
4734
4634
434
4334
23
23
Feb
17
1634
1734
152
25
27
1334
Feb
392
20
51
Jan
8
10
Jan
1334
Feb
Union Oil of Calif.
25
25
Jan
25
Feb
Universal Cons Oil Co..10
21
Jan
23
Jan
Weber Showcse & Fix pf..*
10
1054
Jan
Wellington Oil Co
67 X
66
8%
6034
Jan
10
1,105
2,955
6,989
1954
io x
21X
10X
67 X
Jan
68%
Jan
Western Air Express
1
7%
7%
7X
4
4X
7%
4%
6234
26
Jan
9
Jan
1234
Feb
33c
Jan
33c
Jan
100
800
8
Feb
Jan
Jan
Jan
954
900
234
Jan
2%
Jan
315
1.00
Feb
1.00
Feb
Jan
434
1734
Feb
Feb
Feb
3
1734
4534
2334
Feb
Jan
Jan
56
5034
Jan
36
Jan
44
Feb
600
1234
2934
Feb
Jan
1434
Jan
3234
1,100
152
10
500
3,500
3,700
7,200
100
2834
Jan
Jan
41
Jan
Feb
2934
Jan
Jan
28
Jan
45
Jan
10834
4934
4334
434
4334
2134
Jan
4834
Feb
Feb
Jan
2834
Feb
Jan
16
Feb
Feb
8
Feb
Jan
Jan
Jan
Jan
Jan
17,900
16
Jan
55
150
Jan
152
2634
1334
40
2834
2734
10734
14,800
6,300
2534
1134
Jan
4
6%
3%
Jan
1
1,988
2,775
Feb
Feb
1,300
23
160
4834
2334
2734
10834
4934
4434
434
53
*
740
7,300
140
Sunray Oil Corp
Superior Oil Corp
13X
Feb
800
Taylor Milling Corp
10
7%
34
2834
Jan
4,675
Jan
41
2834
2734
10834
4934
4834
4%
Jan
Transamerica Corp
*
Union Bank & Trust Co.50
Jan
29
100
300
Jan
11
3234
1,200
100
%
Jan
18
32
1,009
2,250
2%
11
Jan
Feb
Jan
Jan
Jan
1,450
145%
21
com
Hall Lamp com
Hoover Ball & Bear
2$
1.00
Jan
*
com
General Motors com
Goebel Brewing com
Sh
Hihg
20c
Jan
12
600
Feb
2%
X
143
*
com
com
Fed Motor Truck
1,100
9%
13%
l
Ex-Cell-O Aircraft
775
X
143
9X
5
com
2X
X
%
100
Eureka Vacuum
Graham-Paige
Jan
*
Det Paper Prod com
Federal Mogul
Jan
18 X
21X
21%
*
com
Det-Mich Stove
IX
9X
9
*
com
300
21,578
7%
21%
7
IX
13X
Low
18c
3034
31%
33c
44
25
25
534 % preferred
25
Sou Cos Gas 6% pref. .100
7
10
com.
Cripple Creek
Detroit Edison
IX
12
4,000
1,700
1,400
15,000
1.00
12%
29»4
Range Since Jan. 1 1937
Week
2334
1234
2%
Security-First Natl Bk._20
Sangabriel River Imp
Sou Calif-Edison Co
Auto City Brew com
Baldwin Rubber com
34
49
4%
17%
5434
5634
Sec Co units of ben int...*
Range Since Jan. 1, 1937
33c
18
3134
3234
1.00
Sontag Drug Stores
Sales
Friday
Samson CorpG % pf d ann.
*
10
Signal Oil & Gas A com. ..*
5, both inclusive, compiled from official sales lists
11
18c
8
.........
Samson Corp B com
1937
*
•
Jan
Jan
1
Corpl
1534
16
8
160
1034
934
1034
934
1134
934
3,000
8
1034
100
1134
Jan
Jan
9
Jan
10
Jan
Mining—
6X
7
760
Jan
Blk Mammoth Cons M 10c
25c
24c
25c
400
20c
Jan
25c
Jan
10
21
4,890
17
Jan
22
Feb
Calumet Gold Mines ColOc
234 c
234c
234c
2,000
2c
Jan
3c
Jan
27
20 X
26 X
22
Houdaille-Hershey "B"__*
27
570
26%
Feb
27
Feb
Cardinal Gold Mining
1
70c
70c
70c
Hudson Motor Car com..*
21X
23
1834
Jan
23
Feb
Imperial Development.25c
5c
434c
28
27%
Feb
2934
Jan
Oatman Rainbow Gd MIOc
2c
2c
4,000
lc
Jan
7234 c
534c
2>4c
Jan
27%
4,144
1,264
6734c
234c
Jan
22
2,910
43,500
634
Jan
Prince Cons Mining Co 10c
55c
55c
55c
500
9734c
Jan
1.00
Jan
3%
Jan
934
434
17%
Feb
Feb
Tom Reed Gold Mines
1
38c
38c
41c
Feb
48c
Jan
Zenda
-.1
12c
12c
13c
10,400
4,000
38c
Feb
11c
Jan
15c
Jan
2934
18734
93
10%
Feb
com.
ex
Kresge (S S) Co com
10
Lakey Fdy & Mach com__l
McAleer Mfg com
~~8%
*
8
Mich Sugar com
*
"i'x
7%
IX
7X
4%
Mid-W Abrasive com..50c
Motor Wheel com
5
Murray Corp
19 X
*
nx
*
Packard M otor Car
Parke-Davis com
Parker Rust-Proof
23 X
10
42 X
19X
11X
42 X
2.50
16 X
28
com
com
com
_
_
Reo Motor com..
5
7%
Rlckel, H W,
2
4%
com
River Raisin Paper com.
Scotten-Dlllon
*
_
6X
34
33
Stearns (Fred'k) com
*
Tlmken-Det Axle com.. 10
Tivoll Brewing com
United Shirt Dist com
*
*
Warner Aircraft
1
com
7X
7X
IX
6X
Wayne Screw Prod com..4
Wolverine Brew
com
1
Wolverine Tube
com
1%
Jan
145
734
354
21%
Feb
17%
1034
42%
11X
*
'16
17
2,646
2,951
270
7
Jan
Mining
Feb
Amer Rad & St Sanitary
Jan
Amer Tel & Tel Co
Feb
Aviation Corp (Del.)
1154
Feb
Baldwin Locomotive
Feb
4454
Feb
25
Jan
28
Jan
..
100
200
200
1054
200
Cities Service Co
4%
600
53
Feb
Commonwealth & Southern
3%
200
43
Jan
100
554
Feb
500
8
Jan
4,133
5
Jan
7%
Feb
Cord
2,095
454
Jan
5
Jan
6X
2,185
5%
Jan
586
29%
Jan
100
24
220
2254
5
Curtlss-Wright Corp
—5
1
Corp
Jan
General Electric Co
34
Feb
Int Tel & Tel Corp
654
...
Jan
26
Feb
North Amer Aviation Inc. 1
Jan
2454
934
Feb
Packard Motor Car Co
Jan
8
29
18234
834
5
4,011
1,786
Jan
Jan
Unlisted—
Jan
Jan
Jan
Jan
134
734
4%
23%
20%
Jan
Gold
7X
Jan
Radio Corp of America
11
Feb
308
534
734
6234
1234
1534
1134
11%
9%
Jan
Seaboard Oil of Del
585
854
Jan
9%
Feb
Tide Water Assoc Oil
6%
Jan
7%
Jan
United Corp (Del)
7 X
720
7
Jan
Feb
U S Steel Corp
Jan
Warner Bros Pict Inc
Jan
jan
Jan
100
900
2,000
1,100
2134
1,578
Jan
200
16
9X
7X
Jan
11
IX
1,956
1%
Jan
7%
154
6X
3,100
Jan
7
X
1,450
534
ni6
16
17
330
1,608
26
73*
7%
IX
*
Walker & Co units.
850
1,340
24 X
9
8X
9X
9X
Jan
16
IX
7X
34
8 H
11
Jan
4X
23%
20X
26
*
"B"
320
24 X
1
Univ Cooler "A"
900
17 X
28
6X
4%
6%
10
com
4,831
4X
17 X
10
Preferred...
9X
4
4%
M ich St Tube Prod com 2.50
6
17
400
Jan
17%
100
5
300
9634
1534
200
9634
Feb
60
Jan
Jan
Jan
13
54
100
7
Jan
Established 1874
.
DeHaven & Townsend
Wm.Cavauer&Co.
Members
New York Stock Exchange
MEMBERS
New York Stock
Los
Exchange
Angeles Stock Exch.
523 W. 6th St.
Los
Philadelphia Stock Exchange
Chicago Board of Trade
philadelphia
Angeles
new
1513 Walnut Street
San Francisco Stock Exch,
york
30 Broad Street
Teletype L.A. 290
Philadelphia Stock Exchange
Jan.
Los
Jan. 30
to
Feb.
30
Feb.
to
5, both inclusive,
Angeles Stock Exchange
Sales
Last
Stocks-
Par
Week's Range
of Prices
Low
High
Week
Price
Par
1
100
8%
39%
Barnhart—Morrow Cons. 1
57% c
Barker Bros pref
7%
39%
57% c
354
1%
3k
Berkey & Gay Furn Co
Warrants
Bolaa Chica Oil A
2%
7%
10
Broadway Dept St pref. 100
Buckeye Union Oil com__l
7
105
104
American Stores
Shares
Low
High
American Tel & Tel.... 100
11,500
145
39%
Feb
9%
40%
65c
4,800
45c
Jan
70c
Jan
Bell Tel Co of Pa pref..
3%
234
7%
8,700
4,000
2%
Jan
Jan
Budd (E G) Mfg
1.20
Jan
3%
2%
Feb
Budd Wheel Co
1
:
California Bank.
104
Central Investment
8c
12c
13c
3,000
2,500
13c
12c
25
4
Citizens Natl T & S Bk..20
41
Claude Neon Elec Prod..*
*
11%
1654
954
*
23
Consolidated Oil Corp
Consolidated Steel com
*
Preferred*
Creameries of America..
District Bond Co
Feb
General Motors..
Jan
33
Jan
Preferred
2Vs
35%
10 %
Jan
4
Feb
Lehigh Coal & Navigation*
Jan
44
Feb
Lehigh Valley
Jan
Jan
Jan
Jan
Jan
10%
Feb
2354
6%
Feb
Pennroad Corp vtc
Feb
Pennsylvania RR
50
'25%
Natl Power & Light...._.*
Jan
50
60c
460
68c
1,100
2,450
1,600
1,500
81,000
4,200
173*
10%
2354
6%
300
3%
19
13c
—*
com
(N Y) com.*
100
........
Preferred....
m
Jan
5%
Jan
6
Feb
68%
18%
29%
1
1.15
1.10
19
Jan
.
...
25
1
1.20
Jan
72% c
Jan
Phila Elec of Pa $5 pref—*
Phila Elec Power pref
25
450
Jan
460
Jan
Phila Rapid Transit
300
65
Jan
69
Jan
200
14
Jan
18%
Feb
18%
9%
32%
Jan
29%
1134
Feb
Philadelphia Traction
Feb
Jan
Reo Motor Car Co
34%
Jan
Salt Dome Oil Corp
1
21
Jan
24
Feb
Scott Paper new
Jan
Sun Oil Co
"~4%
"~4%
42
5
Jan
12
18%
Phila & Rd Coal & Iron..*
18,200
1,200
10*,
800
34%
300
24
1,900
2,300
60c
85c
Jan
1.25
7%
preferred
22%
2254
2254
100
19%
Jan
10c
11c
10c
13c
9,500
8c
Jan
13c
Kinner Airpl & Motor..lc
Lincoln Petroleum Corp. 1
65c
60c
7234
Jan
27c
Jan
42c
Jan
Union Traction
11%
107%
5%
9%
9%
Jan
1234
Jan
United Corp com
60
50
50
—
11554
'""734
12
"l6X
"18%
*
*
Tonopah Mining
32c
33,100
5,200
Jan
33c
Lockheed Aircraft Corp..!
Los Ang G & E 6% pref 100
Jade Oil Co...
_
Los Ang Industries Inc
2
Los Ang Investment Co. 10
Mascot Oil Co
...1
Menasco Mfg Co..
1
Merchants Petroleum Co. 1
Mt Diablo Oil Min & Dev. 1
National
Nordon
Funding
Corp
Occidental Pet Corp
Oceanic Oil Co
For footnotes
see page
97% c
4%
67%
c
37c
11%
1154
107
10754
454
5%
10
754
87%c 97%c
4%
4%
•
50c
45c
'50c
77%c
70c
80c
900
261
45c
107
Feb
4,800
4:54
7%
Jan
5,100
80c
Jan
1,200
3%
Jan
300
40c
1,450
70c
42,300
Jan
22
110
5%
10
IJan
Tacony-Palmyra Bridge..*
Jan
Range Since Jan. 1, 1937
Shares
Jan
Feb
Feb
—*
Preferred
*
4534
1534
11254
30
345
1,745
105-8
1054
Low
12234 12834
1854
1954
4154
4234
6634
6 8 54
2234
2554
40%
41
378
2354
18154
854
38
35%
12154
1234
275
111
12
1234
1834
19
234 L 334
3341 434
1254
1334
501
635
3,614
130
High
66
Jan
W estmorelandCo al__
1034
1034
Jan
50c
80c
Feb
Jan
Jan
Jan
Jan
Feb
12434
1454
11%
128%
2034
44 54
Jan
69
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
112
Jan
161
10
Jan
201
252
1734
2%
334
1134
434
3954
164%
114%
1,106
3454
Jan
443
554
11%
Jan
142
1,989
288
108
215
410
535
Jan
1
i*
Jan
Jan
Jan
434
14%
5%
43%
17034
11734
3534
754
13%
3%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
.Feb
Feb
7%
Feb
20
Jan
Jan
x38
Jan
Feb
187
7434
3034
Jan
4534
76%
3234
600
be
Jan
9,6
131
Jan
4
Jan
12%
645
13%
1954
Jan
Jan
Jan
Jan
Jan
715
Jan
1%
Jan
2,980
1,458
Jan
654
834
Feb
46%
17%
11434
66%
1034
Jan
462
8,771
174
654
43%
1454
111%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
58
66
40
Jan
110
42
112
Feb
10
4034
7554
3054
West Jersey & Seashore. 50
42
Feb
2,444
Feb
Jan
41
19
4554
1554
11334
Jan
Jan
Jan
110%
1854
4154
6054
2134
Jan
11
Jan
18
15
17834
Jan
2554
2,227
4534
Jan
Jan
6,942
554
2634
39
454'$- 534
7634
3234
34
134
654
Jan
125
4134
4254
16734 16754
11554 11734
35
3554
654
754
1254
1354
254
334
14%
1634
654
754
7
*
1,040
1 334
9734c
434
12%
12%
12%
200
30c
32c
4,600
18c
Jan
12 X
40c
Jan
30c
1
75c
70c
80c
23,450
45c
Jan
80c
Feb
1
1.40
1.10
1.45
19,554
70c
Jan
1.45
Feb
12
6
916
605
12434
1??
50
Preferred
United Gas Imp/com
32%
916
1254
Tonopah-Belmont Devcl. 1
5
912
High
2554 2634
182% 184%
834,11
3964
42
3854
3934
111
_
50
Penna Sal Mfg
Jan
18
_
1
72% c
460
34%
23%
10
4154
Mitten Bank Sec Corp..25
16
12%
17%
4
44
12
Low
123
12%
10%
10
29
18%
25%
9%
34%
22%
Hudson Motor
13c
150
*
com
Holly Development Co
Jan
33
5
68%
18%
28%
25%
183%
8%
40%
—
Gimbel Bros
125
Hancock Oil A
10c
.
Horn & Hard
300
Goodyear Tire <fe Rubber. *
Electric Storage Battery 100
Feb
6
Co..*
Globe Grain & Mill Co...2
Feb
Feb
18
Gladding McBean
8c
50
6
10
Curtis Pub Co com.
Feb
Jan
6%
72%c
Price
5
Chrysler Corp..
Jan
6c
Jan
18
460
*
8c
6
1
100
*
43%
18
Mer Natl BklOO
Jan
Co
300
25
General Motors Corp
General Paint
Week
10
5,500
Emsco Derrick & Equip. .5
Farmers
Feb
Barber Co
50
22
6%
Exeter Oil Co A
1
106
Bankers Securities pref__50
31%
3%
38%
11%
1654
31%
Chapman's Ice Cream Co. *
Jan
Jan
44
/
•
50
100
12c
Jan
7
128
6c
13c
Preferred vtc
Jan
2,100
6c
Preferred
4
8%
40%
105
for
of Prices
Range Since Jan. 1, 1937
Baldwin Locomotive
Bandlni Petroleum Co
Week's Range
Sale
Stocks-
for
Sale
Sales
Last
5, both inclusive, compiled from official sales lists
Friday
compiled from official sales list
Friday
Jan
*
5
66
Feb
33
7%
Jan
1434
1634 $11,000
1354
1354
1,000
1934
1934
5,000
11134 111 %
1,000
1134
1354
1934
11034
Feb
Feb
Jan
Feb
Bonds—
Elec & Peoples tr ctfs 4s'45
Small bonds
Peoples Pass tr ctfs 4s_ 1934
Phila Elec Pow 5%s_.1972
Jan
Jan
16%
1354
19%
111%
Feb
Feb
Feb
Feb
Volume
Financial
144
911
Chronicle
Sales
Friday
Last
Bonds—
h. s. edwards a co.
Mnrnhnrg
tScullIn Steel 6fl
New York Curb Exchange (Associate)
UNION BANK
BLDG.,
of Prices
Low
High
Price
Nat Bearing Metals 6s 1947
f Pittsburgh Stock Exchange
1
Par
Week's Range
Sale
107% 107)
63% 94)
93%
1941
1,000
29,000
120 iBRO AD WAY,
107%
Jan R 96
88
Feb
m* Jan
Pittsburgh Stock Exchange
Friday
Private Leased Wires
Members: NewYork Stock Exchange, SanFrandscoStock Exchange, Chicago BoardofTrade
NewYork Curb Exchange (AssoJ, San Francisco CurbExchange, Honolulu StockExchange
Sales1
Last
Week's Range
Sale
of Prices
Low
San Francisco
Range Since Jan. 1,1937
for
Oakland
Week)
High
Shares[
Co.
8c
Dean Witter
l,Fab.|5(lboth inclusive, compiled from official sales lists
Price
Feb
NEW YORK
MUNICIPAL AND CORPORATION BONDS
Par
107%
A. T. & T. Tel. Pitb-391
E, Specialists la Pittsbuigh Listed and Unlisted Stocks and Brads
Stocks—
High
Low
9
PITTSBURGH, PA.
Tel, Oourt-6800
Jan. 30 to
Range Since Jan. 11937
I$esk
Loto
Seattle
Tacoma
Stockton
Sacramento
NewYork Honolulu
Portland
Fresno
Beverly Hills
Los Angeles
Pasadena
Long Beach
High
Arkansas Nat Gas Corp...
10
11
600
11
Feb
Armstrong Cork Co
65%
68%
270
68%
Blaw-Knox
26
1,830
22,950
40c
*23,186
7%
1,875
18% M 555
1%
jflkt 25
~25
12%
20%
1,908
1,702
124%
685
13%
50
i'1,820
*3,950
56% - 230
27%
Feb
Feb
Carnegie Metals Co
Rights
Clark (D L) Candy Co
3%
2%
30c
.
...
"Th
6%
17%
1%
12%
Columbia Gas & Elec
Consol Ice Co
'"III
com
Crandall Mck &_Hend
Devonian Oil....
"20ll
19
23 U
22
Duquesne Brewing Co....
Electric Products
10%
"44%
Follansbee Bros prof..
£42
Fort Pittsburgh Brewing..
Harb-Walker Refrac
com..
Koppers Gas A Coke pJL 100
S65X
mil jl08%jl09%
Lone Star Gas Co
13
"211
McKlnney MfgjCo
Mesta Machine Co.......
Mountaln^FueliSupply'Co.
NatlFlreprooflng\Corp,com
Penn- Federal fCorp
Phoenix
Iff
1-2%
60%
il0%
m
26%
27
a
2%
1
Ruud MfgCo
San Toy Mining Co
24%
Feb
Feb
13%
Feb
50
Feb
1%
56%
109%
Jan
Feb
Feb
Par
95
26%
2*2%
18% il8H
Anglo Calif NatBkofS F20
30
Assoc Insur Fund Inc...10
Atlas Imp Diesel Eng Co-5
6%
6%
23%
24%
202%
Bank of California N A. .80
Bishop Oil Co.
Byron Jackson Co
7%
7%
Preferred
15
7H
15
15
48
United Englne^Fdy...
United States Glass Co
54#
4
'
Vanadium Alloy Steel
49%
1%
BrewingJCo
26%
147%
18%
133
37
112%
*
113
111
Giorgio Fruit
114
*
t c... *
22%
113
47
*95c
10%
10
46
46
26
Emporium Capwell Corp.*
Emsco Derrick & Equip. 5
26%
23%
17%
17%
20
60
60
Jan
Fireman's Fund Indem..l0
4,500
4,409
335
4
49%
1%
4
185
49%
1%
6%
56%
164%
6,300
*42%
56$.
748
160 % 164%
104
*
4%
158
5
Feb
4%
110
110
$1,000
108%
Jan
110
*
34
34%
33
33
Feb
General Paint Corp com.
Preferred
66
*
18
17%
18%
*
_
20
67
4%
20%
39%
68%
39%
28%
7%
20%
23%
39%
40
25%
7%
20%
23%
29%
*
*
*
39
8%
20%
23%
13%
11%
.1
107%
2%
4%
100
22
Ely & Walker D G com.25
111
Grlesedleck West Br com.*
Hamilton-Brown Shoe com*
33%
5
4
Hussmann-Ligonier com.*
Huttig S &|D com
_*
18:
20
17%
100
3
Hydr Pressed Brick
com
fiyde Park
100
Johansen Shoe
48%
_-*
com
.20
com
30
Jan
8
Jan
10%
Jan
597
32
Jan
34
Jan
3%
16%
Jan
33%
5
20%
3%
15%
18%
48%
8
15%
27
30
20
26%
29%
15
"29%
1,261
965
20
..*
com
16
1,624
280
17%
18%
Feb
Jan
49%
Jan
50
7
Jan
20%
20%
10%
20%
18%
Jan
15%
Feb
Jan
27
Feb
2,815
24
Jan
30
15
Feb
235
100
114
114
114
100
*
13
13
230
100
100
30
*
29
29
25
10$
6$
11
Rice-Stlx Dry Gds com..*
St L Bk Bldg Equip com..*
St Louis Car common... 10
17%
112%
12%
100
Jan
Feb
AO
100%
JL CU
Jan
Jan
29
Jan
12%
Jan
7%
Jan
100
*
Tide Water Ass'd OU
11
81
Jan
90
Jan
4
10
3
Jan
4
Jan
6% preferred
Transamerica Corp
16
32
17%
Jan
...100
85
85
St. L Pub Serv pref "A"..*
Scruggs-V-B D G com..25
Preferred
100
4
16
12%
Jan
90
com.
*
-.>100
—*
90
Feb
Union Sugar
Jan
23%
Jan
Universal Consol Oil—.10
51
Jan
56
Feb
Waialua
Fer footnotes see page 912
45
Co com
25
122%
Jan
12%
Jan
13$|
Jan
Agricultural Co 20
Wells Fargo Bk & U T.100
Western Pipe & Steel Co. 10
39
Jan
45
Feb
Yel Checker Cab Co "A" 50
125%
Feb
98
Jan
98%
Jan
13%
30%
Jan
15%
Feb
Jan
32
Jan
884
24
Jan
Jan
320
9%
20%
2,307
3,487
2,548
16
Jan
26%
11%
22%
18%
34
Feb
38
Jan
31%
Feb
32%
29%
53%
Jan
1,612
Jan
Jan
Jan
Jan
Jan
150
Jan
Jan
85
Feb
Jan
108
Feb
108
54%
5
17%
87%
59%
57%
10%
54%
Feb
88
225
87
Jan
5%
18%
89%
Jan
Jan
60
280
50
Jan
66
Jan
60
670
46
Jan
62%
12%
Jan
12%
1%
8,690
11%
35
29%
29%
261
44%
47%
18%
18%
46
46
46
3%
20%
21%
4
105% 106
60
13
16%
73%
73%
349% 350
38% 40
60
61
100
1,909
1,740
1,798
•
100
Jan
9
Jan
1%
11
Feb
27%
Jan
15%
29%
104%
44%
150%
50%
1%
48%
1,000
105
46
39
Jan
Jan
49%
1%
48%
18%
350
Jan
Jan
48
4
Jan
16%
150%
21%
105%
Jan
51%
4%
102
1
1%
8%
24
Jan
661
11
42%
104
Jan
Jan
1,200
149
1%
30
75%
Feb
107
17%
105
48
1,323
Jan
54%
5%
42%
150%
,
16
108
24
Feb
19
10
144
10
105
6,745
Jan
22%
55
1,565
56
3,765
Jan
147
23%
15%
73%
90
22
13
25
152%
28%
90
45
Jan
Feb
26
56
13
23%
148%
148% 150%
147% 147%
82% 85
27
20%
42%
10
114
23%
Union Oil Co of Call —25
56
125% 125%
Feb
1,730
1,969
7%
22%
8
17%
21
125%
Jan
12%
85
16%
*
"45""
39
Jan
106% 107
17
...»
Southw Bell Tel pref.. 100
Stlx, Baer & Fuller com. 10
Wagner Electric com.. ..15
Jan
12
Jan
105
100
Jan
Jan
Jan
34%
49%
105%
7%
22%
59%
57%
11%
1%
11%
29%
Republic Petroleum
1
Schles'ger & Sons, B F, com*
Feb
5
Jan
Feb
1,624
88
...100
Rainier Pulp & Paper com *
16
155
25%
38%
50
5
6%
Jan
215
1,580
Jan
48%
17%
11%
7%
15%
27%
10%
108
Jan
36
Jan
54%
So Pac Golden Gt "A"...*
Standard OH Co of Calif.. *
Jan
22%
Jan
28%
*
Southern Pacific Co.-.100
Jan
Jan
743
108
Signal OH & Gas Co "A".*
Soundview Pulp Co-.-_._5
Jan
Feb
23
29
Pig'n Whistle pref...
*
Ry Equip & Realty com.. *
Preferred
Feb
35
85
Shell Union OH oom
5
32%
*
Philips Petroleum
Jan
Feb
1%
2%
15%
—100
Preferred.
Jan
49
.100
Super Mold Corp of Calif 10
Telephone Inv Corp
*
Thomas-Allec Corp "A"..*
15
Scullln Steel pref
Securities Inv com
75
.....100
common..
Preferred
868
100
com
109%
2%
Jan
Jan
Jan
107
31%
28%
48%
106%
7%
22%
148%
147%
*
6% preferred
Jan
34
29
(non-vot) com *
Pac Tel <fe Tel com
Jan
Feb
18
25
25
*
*
Preferred
Feb
34%
32%
*
25
com
9%
Jan
Jan
1,330
5,540
26
10
Feb
12
50
49
preferred
8
23%
14%
385
25%
Nat Oats
Feb
Jan
Feb
48
49
2d
20%
3$|
15%
236
24%
12%
Jan
Feb
Feb
49
common
Jan
347
"24%
Candy
3%
18
174
700
10,880
98
25%
Preferred
Jan
Jan
10
108
10
Paraffine Co's
Feb
12
13%
3%
38%
33%
5
25%
Feb
Jan
Nat Bearing Metals com.*
Nat
13
4%
13J
360
Mo Portl Cement com..25
^Preferred
Feb
103
14%
*
Lacl-Christy Clay Prodcom *
Meyer Blanke
17$
48.
8
Key Co common
Knapp Monarch com
Laclede Steel
32%
13
Brew com... 10
International Shoe com..*
115
419
17
m, Preferred
27%
380
14
Jan
98
*
Pac Pub. Ser
31
Jan
Jan
873
1,929
24
"B"
Feb
Jan
115
45
24
Oliver United FUters "A".*
6% 1st preferred
5%% preferred
Pac Lighting Corp com
6% preferred
395
Emerson Electric pref.,100
Falstaff Brew com
1
Jan
24
Pacific Can Co
Feb
42
12%
Pacific Amer Fisheries...5
31
Jan
39
Jan
Jan
Jan
370
12
49
Jan
Jan
210
37
Jan
25
Feb
7
4%
7%
16%
4%
12%
Feb
Pacific G & E
Jan
37
Feb
Jan
3
100
33
Jan
Jan
12,260
34%
Feb
23
38%
Jan
32
Jan
107% 107%
15%
37
Jan
23
2,165
31
Jan
Feb
43%
36%
22
14%
Jan
51
Jan
100
22
30
31%
Jan
Jan
34%
210
22
Jan
40
25%
Jan
Feb
185
23%
38%
98
29%
8%
522
25%
38%
10
Jan
Jan
Jan
Jan
107%
...100
40
Feb
.5
*
Jan
21
100
com
Feb
23%
2,725
14
11%
107
107%
2%
2%
4
4%
Jan
Jan
1,125
4,238
44%
Jan
14%
36%
18%
68%
18%
Jan
42
42
39
Jan
19
2,600
40%
Jan
22%
48%
4%
7%
15%
4%
*
Jan
61%
100
3%
7%
15%
4%
40%
40%
13%
11%
7%
15%
4%
Feb
17%
36%
220
23
3%
4
Jan
23
15%
33
693
Jan
7
3,284
23
30
8%
35%
175
51
30%
Feb
140
1,729
6,129
1,379
3,553
35%
30
884
35%
Jan
42
10
pref
6% preferred
36%
32
4%
34%
30%
23%
18%
60%
Feb
Jan
51
No Amer Inv com.....100
34%
31%
4%
""35"
Jan
Jan
35
i
36
*
Jan
17%
60
42
Market St Ry com
100
Nat Automotive Fibres. .*
31%
Dr Pepper common
21%
75
800
51
North Amer Oil Cons—10
High
Jan
1,334
35%
*
Natomas Co
7%
Jan
42
10
Burkart Mfg com (new)..l
Preferred
*
160
27
5
LeTourneau (R G) Inc...l
Libby McNeil & L com... *
135
Jan
10
com
Los Ang G & E
4%
4%
20%
39%
Gladding-McBean & Co..*
6% preferred
Jan
22
A preferred
25
Galland Merc Laundry... *
General Motors com
10
Jan
Marchant CalMach
113
3,659
Feb
B.
283
46%
Feb
Jan
47%
130
Jan
Jan
120
118
42
Jan
48%
*135"
Jan
80
5%
21
48
Coca-Cola Bottling com__l
Chic & So Airlines pre!.. 10
Jan
Jan
Jan
.2 %
Honolulu Oil Corp Ltd...*
Hudson Motor Car Co...*
4%
11
870
10
com
com..
Preferred
Jan
Jan
9%
Jan
53%
Corp
Langendorf Utd Bak A... *
4
115
Foster & Kleiser
Hunt Bros A
50
115
Jan
Jan
48%
68
Jan
109
24%
55
Brown Shoe common....*
Central Brew Inc com...5
Jan
96%
Week
10
17%
109%
39
Range Since Jan. 1, 1937
130
Jan
Jan
Jan
Sales
...25
com..
Conv preferred
Jan
Feb
110
Jan
Occidental Ins Co
AmericanJlnv
489
114
Jan
Jan
Hancock Oil Co.
Hawaiian Pineapple
Low
35
5%
92%
47%
Lyons-Magnus Inc B
*
Magnavox Co Ltd.....2%
I Magnln & Co com
*
Shares
175
1
Jan
Jan
39
5, both inclusive, compiled from official sales lists
High
4,217
5%
Jan
Feb
180
St.(Louis, Mo.
of Prices
248
35
Feb
111
New York Curb (Associate)
Chicago
Board
of
Trade
L010
1,375
102%
Jan
Feb
595
St. Louis Stock Exchange
Sale
38
43%
Jan
96
elephone Central 3350
price
105
Jan
Jan
40
Lockheed Aircraft
Par
Jan
5
440
35
Jan
52
Leslie-Calif Salt Co
for
Jan
4,790
Jan
Jan
Jan
92%
MEMBERS
Week's Range
Jan
10
840
Jan
40
Enquiries Invited on all
Mid-Western and Southern Securities
Last
Jan
87
1,132
2,100
7%
%
94
Business iEstablUhed 1874
Friday
104
989
Jan
52
i. m. simon & co
a
35
498
22%
11%
1%
41%
48%
105%
99%
12%
Jan
40
Home F&M Ins Co
315 North Fourth St.,
31%
Jan
Food Mach
ST. LOUIS MARKETS
i.St. Louis Stock Exchange
Jan
Jan
Fireman's Fund Insur...25
Golden State Co Ltd
Hale Bros Stores Inc
YorkTStock Exchange
23%
29%
Jan
22
Jan
Jan
Jan
Jan
5% fJan
Jan
*
10%
46%
26%
23%
Jan
Feb
Bonds—
Pittsburgh Brewing 6s 1949
..100
Eldorado Oil Works.
54%
9
60
10
com
$3 preferred.
1,590
Jan
18%
Ewa Plantation Co
155
104
Stocks-
11%
103%
*
Unlisted—
Feb.
39%
43%
104%
98%
Preferred B
WestInghousetA.ir]Brake...
to
%
Preferred A
D1
Jan
100
22%
9%
107
4,400
194%
6%
27%
30%
22%
11%
%
41%
48%
104%
99%
12%
103%
37%
6%
Crown Zellerbach
v
15
275
Jan
30
Jan
31%
6%
*
Crown-Willamette pref
19%
31
7%
6%
111% 114
22
23%
110% 113
1,569
759
1,209
30%
6%
24%
202%
7,670
1,115
Creameries of Amer Inc..*
Feb
9
Jan
29%
Feb
Feb
270
201
High
Low
23%
5%
3,027
28%
Claude Neon Elec Prods..*
Cst Cos G & E 6% IstpflOO
Consol Chem Indus A
*
100
Caterpillar Tractor
30%
31
20
com.
26
28%
California Packing Corp..*
Calif Water Service pref 100
1,500
2,833
Westinghouse El,& Mfg. 50
Jan. 30
9
*
Calamba Sugar.com
Calif Cotton Mills
2,119
401
Waverly Oil classtA
New
201
6
22%
11%
%
41%
43%
104%
99%
11%
103%
37%
j 2,527
Week
6%
23%
Californla-Engels Mining. 1
951
Shares
_
Shamrock Oil AjGas.
4c
Range Since Jan. 1,1937
for
of Prices
Low
High
Price
7% preferred
...20
Calaveras Cement Co com*
905
25%
3c
...
Pennroad Corp v t c
Sales
Week's Range
35
29
94
Preferred
Renner Brewing.Co
20%
10
was
Plymouth OllJCo...
Victor
m
40
24
Pittsburgh -Forglngs.
Pittsburgh Plate^Glass
Pittsburgh Screw|&iBolt..
Pittsburgh Steel^Fdy
15c
en
44 %
Preferred
Stocks—
I •>262
29
15c
both inclusive, compiled from official sale* lists
Sale
,480
65%
11
s%
Feb. 5,
to
Last
1,023
2%
San Francisco Stock Exchange
Jan. 30
Friday
69
13 %
29
Oiljcommon......
PIttsbuigh'iBrewlngjCo....
*
27%
3%
%
103
Jan
36%
106%
43%
Jan
1%
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
43%
Jan
250
15
Jan
20
Jan
5
42
Jan
42
Jan
3
Jan
4
Jan
20%
104%
Jan
8,239
500
2,598
317
60,099
16,475
1,336
14,855
Jan
21%
107
Feb
Jan
Jan
16
Jan
17%
Jan
25%
Jan
28%
Feb
21%
Jan
24
Jan
11%
Jan
16%
Feb
25
68
Jan
75
Jan
60
312
Jan
350
Feb
Jan
40
Jan
Jan
64
Jan
2,542
100
34%
59%
912
Financial
Chronicle
Feb. 6. 1937
Sales
Friday
Last
Week's Range
for
Week
of Prices
Low
High Shares
Sale
Stocks
STRASSBURGER & CO.
133
FRANCISCO
Lake Maron
Francisco
Curb
Exchange—Chicago
Direct Private Wire
55c
434c
33c
...
23c
OH Selections...
Oslsko Lake
9c
Parkhill
Francisco Curb
San
Pawnee-Klrkland.
Exchange
Last
Week's Range
Sale
Par
Stocks—
of Prices
High Shares
Low
Price
4
4
Alleghnay Corp.—
Amer Had Stand Sanitary
American Tel & Tel
Low
4
100
18434
353
Jan
82c
4,750
78c
Jan
143*
14%
20
14%
Feb
53
22%
1034
7%
2934
183
"54"
50
54
54
100
26
23 34
27
3,440
10 %
1234
10%
Atlas
17 34
17)4
6134
1134
1234
17%
51%
1,010
Arkansas Natural Gas A—
_-5
Corp...
Preferred
934
3
8%
12 %
11%
Bunker Hill-Sullivan
2
Cal'f Art Tile A
Z
24
B
Central Eureka
Jan
Feb
Jan
Jan
1134
12 34
1734
Jan
513*
Jan
93*
Jan
Jan
133*
Jan
Jan
Jan
19%
Jan
Jan
Jan
116
Feb
253*
6
Jan
6
Feb
30c
48c
2,075
18c
Jan
50c
Jan
IX
134
65
134
Jan
134
Jan
10,082
5,866
40o
Jan
70c
Feb
40c
Jan
69c
Feb
1,112
4,939
5,483
60c
Jan
75c
Jan
4%
Jan
Jan
534
33*
Jan
70c
55c
Claude Neon Lights
Coen Co's A
1
70c
60c
69c
68c
1
—
55c
72c
68c
434
Cardinal Gold
Cities Service
4%
2%
3
2%
5
3%
Consolidated Oil
Crown-Will 2d pref
10
Edward Dental Supply
General Electric
Jan
3.55
Jan
1734
Jan
122
634
Jan
8
90c
Feb
110
Jan
21
113
Holly Development
Idaho-Maryland
17 34
6
60
205
22%
2334
175
22
Jan
2334
9634
15
96%
Feb
97
56c
250
35c
Jan
60c
434
434
20
434
Jan
434
1.07
Til
1
20
1
Honokaa Sugar Co
6434
2334
1.30
16,995
80c
Jan
1.35
1734
515
Jan
1734
Feb
734
2634c
Feb
Jan
Jan
60
Jan
6 J4c
Jan
llo
Feb
Jan
634o
4.05
Jan
3.15
1034c
Feb
Feb 1234o
4c
Jan
9c
234c
Jan
52c
Jan
Jan
20c
Jan
5s
5s
Oct
6c
Sept
98
100
4s
1 1953
97
Oct
5s_
9934
Province of Manitoba—
1 1941
92
96
..June
5s
16 1954
93
96
2 1959
93
96
Dec
5s_
15 1960
15 1961
.Apr
Apr
434s
1 1962
15 1965
112% 11334
117
11834
12034 122
10734 10834
15 1952
1 1960
Mar
2 1950
113
11434
4s..
Feb
1 1958
43*s
May
1 1961
111% 1123*
10834 110
1123*
112
Prov of Saskatchewan—
113
115
110
11134
6s
June
15 1943
85
90
6348
Nov
15 1946
84
86
4348
Province of Nova Scotia—
434s.J—-Sept
58...J
Mar
Jan
4348
Prov of New Brunswick—
4 348
May
...June
434s
Ask
Bid
1 1942
15 1943
1 1959
Province of Quebeo—
Aug
434b
Province of Ontario—
65
64
12 1949
July
434s
Municipal Issues
Ask
/62
/62
Oct.
1 1956
Prov of British Columbia—
434b
Oct
1 1951
86
8734
11034 11134
119
117
Jan
1.60
Jan
Jan
1334
Jan
77c
Feb
Feb
Bonds
Jan
51c
Wood,
Jan
1.10
53*
1.35
1.40
1.55
2,675
5,125
12%
12%
244
1
Italo Petroluem
Bid
1 1948
Jan
6s
Feb
634
1534
5%
12 34
70c
55c
77C
International Cinema—1
International Tel & Tel
Provincial and
Province of Alberta—
Jan
16
*'
Feb
Canadian
1834
54%
50c
55c
Jan
No par value.
Jan
1.00
96 X
Guggenheim Copper
42c
80c
Jan
243
180
22 X
Gr West El-Chem pref--20
8c;1034c 200,200
9c;1034o 63,800
4c 39,700
51c 176,100
334c;
40c;
Jan
Feb
447
64
Hobbs Battery B
Holland Land Co
7o;
9c
•
25,355
11c 407,650
Jan
12o
Jan
3c
66,200
3.50
Jan
45o
Jan
Feb
23
General Metals
Jan
Jan
15%
1.00
21
21
3.10
105
734
9Qc
90c
200
122
7
5o
98,400 334c
59,650
17340
5c
64,500
18,000 2234c
44,500 2134c
Jan
334
120
120
1
Dumbarton Bridge.
4
610
1734
1634
Curtiss-Wright Corp
2
360
Jan
Jan
3.25
334c
Feb
4%
60c
Preferred
2
25%
69o
1034c
Robb Montbray.
Feb
Jan
102
4340
Jan
Jan
64
27
35c
2
2
25
Jan
48c
Jan
Jan
9%
30
334c
Jan
Feb
Jan
16
134
6
-
Calif Pacific Trading
Calwa Co com
2
973
21,649
Feb
8340
10c
Porcupine Crown...
Feb
Jan
16%
51%
6%
8%
114
10
163
13
51X
83*
1
....
771
114
-
Bancamerica-Blair
Jan
2634
182
Jan
48c
Jan
4c; 434c
33c;
36c
734c;
9c
23c;23 34c
2l34c;2634c
434c;
6c
y;
Jan
91c
80c
Aviation Corp
Jan
78c
1833*
Anglo National Corp
Argonaut Mining
High
4%
2934
1863*
2934
.
100
American Toll Bridge
1
American Power A Light—
Anaconda Copper
CoA
3534
Jan
5c
3.40
Sudbury Mines..
Temlskaming...
Range Since Jan. 1, 1937
for
ww
..
Ritchie Gold
Sales
I Friday
2334c
434c
Pend Oreille
Jan. 30 to Feb. 5> both inclusive, compiled from official sales lists
Jan
23c
6J4c
434o
—
\
32%
434c; 4%c 209,500
50c;
60c 43,600
7c
Night Hawk..——
Nordon Corp
Board of Trade—New York Curb Exchange (Associate)
High
Low
4.860
71,000
42c
Mandy Mines
11937
Range 8incs Jan.
8c 1160,60
3334 34
36c;
48c
3334
...
Malroblc Mines
0Since 1880)
Members: New York Stock Exchange—San Francisco Stock
Exchange—San
Price
Hudson Bay..
Klrkland-Townsite.
MONTGOMERY STREET
SAN
(Concluded)—Par
Feb
Jan
6434
Feb
Jan
12
21
24
Jan
Feb
Gundy
Jan
Feb
Jan
1
534
434
5%
34,013
21,935
434
Jan
5?*
Kinner Alrpl A Motor. _1
Kleiber Motors
10
66c
60c
70c
44,285
45c
Jan
72c
27c
35c
35c
1,300
22c
Jan
35c
51c
50c
56c
900
43C
Jan
60c
Jan
9%
934
60
8
Jan
1034
Jan
4.25
4.25
150
3.80
Jan
4.80
Jan
5934
16 34
147
54%
Jan
593*
Feb
14%
596
11
Jan
Feb
23%
31%
2334
3134
135
1934
Jan
16!H
243*
87
31%
Feb
15%
1634
205
13%
Jan
3434
173*
40
40
100
40
Jan
44
&
New York
CO.,
Inc.
Jan
M J & M & M Oil
14 Wall St.
Preferred
2
1
McBryde Sugar Co
2
Menasco Mfg Co
1
Montgomery Ward
Mountain City Copper
1534
2334
Nash-Kelvinator Co
North American Co
"llx
North Amer Aviation
Oahu
2
Sugar
20
*~77c
Occidental Pete
Sugar
_
Pacific Ptld Cement
375
15
Feb
16
14%
Jan
1734
Jan
3.95
4.10
6,794
3.35
Jan
4.15
1534
1834
834
2,760
1234
Jan
534
Jan
183*
83*
Feb
70
100
11
Silver King Coal
South Calif Edison
Jan
583*
Jan
Jan
4348-
Feb
434s..
July
1 1957
480
Jan
Jan
5s
July
1 1969
11634 1173*
Jan
1234
Jan
6s
Jan
20
Feb
6s
12
1,120
20
1,225
1634
23
585
18
Jan
23
40
25
40
Jan
4134
100
1334
Feb
15
Jan
1,487
2934
273*
2834
Jan
3234
Jan
Jan
28
Jan
Jan
293*
Jan
31
Jan
31
Sept
1 1951
United
"2934
25
27 34
27 X
21
750
Jan
33*
25
28 %
31
2834
25
159
8
15%
15%
20
1534
Feb
1634
2.20
2.35
Jan
2.40
Jan
30c
1.10
2,735
2,000
1.90
85c
30c
Feb
1.10
Feb
3.10
1.95
3.25
27,07,2
1.55
Jan
3.25
Feb
1
1970
734
734
120
634
Jan
.83*
2.45
2.85
16,890
1.25
Jan
2.85
9934
185
773*
Jan
99%
2
Preferred
2,840
634
Jan
•
1634
20
734
1734
213*
capita
g
sale—Not
Cash sale,
Listed,
included
2,343
15
Jan
10
20
Jan
•
New York
Bid
In
range
for
year,
no
par
x
Ex-dividend,
y
Beaubarnols Pr Corp 5s '73
Bell Tel Co of Can 5s. 1955
f56
57
113
114
97 X
9534
9834
534s.. 1960
10534 10634
Mar 1 1960
105
106
5348-3348-1948
82
84
97
98
5s
Ex-rights
Burns A Co
or reorganization.
Canada Bread 6s
Exchange—Mining Curb Section
both inclusive, compiled from official sales lists
Sales
Friday
Last
Week's
Sale
of Prices
Low
High
Price
1941
10934 11034
Range
for
10134 10234
10134 10234
Canadian Vlckers Co 6s *47
100
Cedar Rapids M & P 5s '53
Consol Pap Corp 5348-1961
Dom Qas A Elee
Range Since Jan. 1,1937
Week
Shares
1033* 104
Low
High
634s. 1945
Donnaconna Paper Co—
3 s 1956.
East Kootenay Pow 7s 1942
Eastern Dairies 6s
Brett-Trethewey
1
17c
Central Manitoba.
1
19c
Churchill Mining
1
5
16c;
19c;
5c;
6.00
21c 259,900
24c 97,000
6c 38,900
1949
12 % c
Jan
21c
Feb
FraserCo6s
18c
Jan
31c
Jan
Gatlneau Power 5s
5c
Jan
6c
Jan
Jan
6.50
450
5.75
Jan
23*c;234c
22,800
2e
Jan
1.30
Jan
10c
Jan
3.00
40,060
64,900
20,100
1.90
Jan
3.00
i-H
2§ XX
Corporation
40,740
2.75
Jan
4.05
Ja n
2%c
Dalhousie Oil
*
2.90
East Crest Oil
*
22c
Foothills Oil
*
2.75
2.60
Home Oil
*
3.40
3.25
2.50
19c;
3.00
4c
7.75
3%o
3.00
25c
Jan
Feb
Jan
HAnover 2-6363
Utility Bonds
Bid
MacLaren-Que Pr 634s '61
Manitoba Power 5348.1951
Maple Leaf Milling—
23*8 to '38—5348 to *49
Massey-Harrls Co 5s..1947
McColl Frontenao Oil 6s '49
Minn A Ont Paper 6s. 1945
Montreal Island Pr 634s '67
Montreal L H A P ($50
par value) 3s
1939
Montreal Tramway 5s 1941
New Brunswick Pr 58.1937
96 X
103
Ask
9734
105
8734
89
97
98
10434 10534
72
/71
10434 10534
f50
503*
10334 10434
Northwestern Pow 6s. 1960
Certificates of deposit
92
96 34
94
92
94
9234
Nova Scotia LAP 5s. 1958
105
102
953*
963*
Ottawa Traction 5>4s. 1955
Ottawa Valley Pow 634s *70
87
89
102
88 34
102
Power Corp of Can 434s'59
5b.
Deo
11957
101
8734
/9134
100
86 34
87 34
Provincial Pap Ltd 534s '47
Quebec Power 5s
1968
95
103 3* 1043*
10234 103 34
10334 10434
1950
102
10334 104
Saguenay Power 4348.1966
Shawlnigan WAP 434e '67
103
1956
General Steelwares 6s. 1952
104
Smith H Pa Mills
434s '51
103
103%
Ot Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
95
/94
1033* 10434
Southern Can Pow 5e_1955
Steel of Canada Ltd 6s *40
United Grain Grow 5s. 1948
103
10434
97
99
1951
1981
10034 10134
United Secure Ltd 634s '52
Wlnnlpge Eleo 6s. Oct 2 *64
81
82
Jan
1
•
10134
11134 112 34
Jan
4.05
1
•
Ask
f95
Canadian Inter Pap 6s '49
Canadian Lt & Pow 5sl949
Coast Copper
Cobalt Contact
100
NY 1-208
Industrial and Public
Jan
Calgary Power Co 5s.. 1960
Par
10934 v<
Yorlc, Montreal and Toronto
Bell System Tele.
CanadaNorthPow 5s..1963
Stocks—
1 1962
SECURITIES
Municipal
•
Brit Co) Power
e
t Company In bankruptcy, receivership
Jan. 30 to Feb. 5,
,,
...Jan
Royal Securities Corporation
Feb
t In default.
Toronto Stock
-
3s
Jan
Stock dividend of 100% paid Sept. 1, 1936.
rCash
«
16 %
5
National Standard Co. split up its old
stock for new capital stock of $10 par on a 2- or-1 basis.
c
Ask
1263* 127%
1183* 1193*
Abltlbl P A Pap otfB 5s '53
Alberta Pac Grain 6s ..1946
No par value,
1 1946
Grand Trunk Paollio Ry—
4s
Jan
1 1962
Private wire connection between New
Feb
20
.5
July
Feb
734
1734
7
7
West Coast Life Insur
634s
Feb
9534
Government
Jan
2.85
-
Victor Equipment
10434 10534
11934
CANADIAN
Feb
Corp
United States Pete
10934 11034
1 1960
Feb
63*
2.20
United States Steel
2
1 1954
July
Jan
25
Texas Cons Oil
11334 114
1163* 11634
119
30 Broad Street
2
Deo
434s
Jan
1334
3034
2734
634
13%
29%
Hammond
5s
10334
Feb
40
6
Sterling Oil Co
103
Bid
1133* 1143*
1133* 1133*
434
2534
113*
534
Jan
Jan
103*
434
103*
2134
Sou Calif Gas 6 % pref
Standard Brands
Stearman
54
24
11%
17%
5
634% preferred
6% preferred
1 1940
Canadian Northern Ry—
50
22
—
Sept
Ask
Ry—
140
40
Preferred
National
741
4%
Schumacher Wall Board._.
Shasta Water
Bid
Canadian
1134
5834
•
113*
19%
Riverside Cement A
Ry—
434s
Government Guaranteed Bonds
434s43*8-
Feb
4%
Corp (Del)
Dominion
25
634
58%
24%
1
Ask
Bid
Canadian Pacific
99
perpetual debentures.
9834
68
Sept 15 1942 /11134 113
4348
Deo
15 1944
1013* 1023*
5s
114
July
1 1944
11534
Jan
Pacific Western
Park Utah Mines
Ask
Paclflo Ry—
4s
Jan
970
17 34
—
Bid
Canadian
Feb
4.10
-
Railway Bonds
Jan
82c
1634
100
Preferred
2
Jan
16
Packard Motors
Radio
15,335
Jan
Jan
16
"1 ek"
20
Pacific Coast Aggregates.
Pacific Clay Products.
2
Jan
43c
Jan
15
O'Connor-Moffatt
Olaa
82c
70c
Private wires to Toronto and Montreal
534s
534s
No
par
value
85
/Flat price
103
105
86
104 34
1043* 104%
113
104
*
«»
10534
members
Telephone HAnover
(SPECIALIZING
ALDRED
security
dealers
Bell System Teletype
CANADIAN
IN
york
new
2-0980
UTILITY
AND
association
Cable Address Hartwal
NY 1-395
STOCKS
INDUSTRIAL
52 WILLIAM STREET
BUILDING
>
MONTREAL
NEW
AND
ROYAL
YORK
BONDS
BANK
BUILDING
TORONTO
•
PRIVATE WIRES CONNECT OFFICES
.-■/..V.
Volume
144
Canadian Markets
LISTED AND
UNLISTED
WFor Toronto Stock'Exchange—Mining Curb Section
and
Montreal Stock
miscellaneous.,Canadianj,tables, usually found in
this section,
page
see
Par
for
of Prices
Week
Price
Low
Low
Shares
High
Acme Glove Works Ltd--*
17)*
18
185
Agnew-Surpass Shoe.--—•
10
10
65
Preferred
5
107)*, 107)*
6
6)*
*
High
16
Jan
18X
Jan
'8%
Jan
12
Jan
107
110
4X
Jan
38
38
65
28)*
Jan
*
A6
6
140
Ang-C T pf 7%JCan reg_50
53
54
35
Preferred
Amal Electric Corp
Preferred
Associated
110)* "10)*
12)* 125*
100
Breweries.
..*
pref—*
54
18
4)*
B
164
23%
37%
*
Brack Silk Mills
*
Building Products A
11H
Canada Cement
*
Preferred
"IB%
Canada Forglngs^olass A..*
Class B
—*
-
Can Wire & Cable cl A—*
Class B
———*
Canadian Bronze
*
Preferred
100
Canadian Car A Foundry. *
Preferred
25
Canadian Celanese.
*
Preferred 7%
Class B
*
Canadian Locomotive
Canadian-Pacific Ry
Cockshutt Plow
Jan
Feb
Jan
4%
450
5
567
>
3)*
263*
"159
18X
Jan
Jan
*1586
105*
Jan
1,070
64
!
3,597
693
325
9 60
15
8
56 X
Jan
»15%
Jan
104
16 X
Jan
108
Jan
Jan
Jan
Jan
Feb
17 X
Jan
20%
Jan
14
Jan
17
Jan
Jan
29%
Jan
65*
Jan
10
Jnu
61
5
40
60
60
125
1,115 7JBS X
Jan
60
Jan
25
Jan
61%
Jan
Jan
Jan
*■ 1
32
27
122
107 X
Feb
il07X
Feb
13,207
6,215
2,682
21)*
122
66
Jan
26X
25
26
Jan
Feb
336
58
29)*
24%
39X
11X
11%
627
26)*
7)*
27
Jan
Feb
37 X
^ 245
Jan
38
170
532
.
155* * 16
19
Jan
Jan
Jan
37,084
22
24)*
37)* 38 X
105* i.105*
10)* .11)*
29 %
18X
Jan
21%
Feb
Jan
32
Feb
Jan
27
125
Feb
147
28
24 X
123
Feb
Jan
21)*
6%
5%
19
25
16
21
Jan
21%
50
29
Jan
30
105
5
105
Jan
108
104
5
104
Feb
105
20
190
20
Jan
20
Jan
63%
20
61
Jan
63%
Jan
5,823
1,336
1,286
26%
Jan
32%
Feb
22%
Jan
25%
Jan
8%
Jan
10%
23%
Feb
104
104
20
20
63%
63%
Power Corp of Canada...*
Quebec Power
*
32%
28
24
22%
10
10
23%
20
32%
24%
10%
23%
29
29
25
28%
29
125
30
543
26
Jan
30
80
1,943
3,962
1,826
72
Jan
81%
Holland Paper com
29
*
Holland Paper voting trust
Holland Paper pref
100
St Lawrence Corp
,*
......
105%
10%
10%
29%
29%
11%
30%
65
65
.......
75
74
77
Shawlnlgan W & Power..*
32 X
32
i
Sherwin Williams of Can.*
25%
30)*
25%
26
1
101
.....
100
Southern Can Power
Steel Co of Canada
16%
*
83%
25
Saguenay Pow pref
mm
Tooke Brothers
*
Preferred
—— —
—
......
Jan
77%
Feb
Jan
32%
26%
Jan
Jan
Jan
130
127
fJan
50
101
Jan
101
Jan
30
102
Jan
108
Feb
Jan
5
Jan
Jan
17
80 X
Jan
85
Jan
Jan
80
Jan
101
101
45
99%
Jan
102 X
Jan
Feb
5
......
Winnipeg Electric pref. 100
Winnipeg Electric A
*
......
7%
B
8
5'
80
100
70
900
17
102
3
Jan
370
21
Jan
5%
34%
7%
Jan
10
Jan
11
5
Jan
7
Jan
610
24
Jan
27
Jan
16
5%
34%
10
14%
65
70
Feb
26,690
5%
24
70
Jan
Jan
6
6
*
Woods Mfg pref
Jan
68
29%
24%
Feb
74
5%
_*
100
73
977
24
Windsor Hotel pref
Jan
305
9
Wabasso Cotton
Western Grocers Ltd
Jan
Jan
77
33
*
Windsor Hotel
Jan
83%
9
....
Vlau Biscuit
Jan
Feb
16%
82%
5%
100
United Steel Corp
*
108
Jan
30%
105%
11%
30%
77
*
Preferred
101
29
Jan
Jan
65
3,434
7,881
\
108
Simon (H) & Sons pref. 100
130
Jan
25
25
230
130
100
Simpsons pref...
Y4
Jan
25
103%
8%
10448
y7,310
f
fJan
29
*
105% 105%
A preferred
50
St Lawrence Flour MlllslOO
St Lawrence Paper pref .100
Preferred
19
140
Jan
1
6
20
4
Jan
8
20
20
85
12
Jan
23
Jan
39
39
35
30
Jan
43
Jan
7%
7%
80
8%
5,363
8%
1,121
119
81
Jan
5X
Jan
10%
Jan
5%
Jan
10
Jan
Jan
85
78
Jan
*
Banks-
Canada
50
Canadlenne.
100
Nova Scotia
100
1f>0
57
Jan
5%
Jan
Feb
155
143
Jan
155%
205
206
112
183
Jan
211
236
239
250
217%
Jan
240
332
335
18
314
Jan
330
Jan
225
225
226
188
201
Jan
226
Feb
155%
205%
...100
Montreal
143
335
100
Commerce.
58
58%
155%
58%
-
...
—
74
Jan
Jan
Feb
L79
25
Jan
Jan
27
*
75
30
105
80
21)*
30
Rights
*
Canadian Converters--100
Can Cottons pref.
100
Candlan Foreign Invest..*
Can Hydro-Elec pref... 100
Canadian Ind Alcohol
*
Feb
13
54
107)* 107 X
-.100
jiiox
Jan
20X
5X
61
"l9X
Jan
Jan
25
60
*53
Feb
35
26)*
>7
_
f Jan
Feb
17%
170
15
Can North Power Corp.
*
Canada Steamship pref. 100
Jan
54
1065*108
19)* 205*
100
#3 6
25
2,396
a
164
63
*
110 X
fjJan
11
-
35
-100
Preferred.-
53
Jan
1260
54
18
Bell Telephone. 100
Brazilian Tr, Lt & Pr
*
British Col Power Corp A. *
•
Jan
42 X
1 19)*
f54
Batburst Pow & Paper A.*
Bawlf (N) Grain
*
Assoc Tel & Teleg
5
} 5
Jan
7
Jan
380
—100
Alberta Paoiflo Grain A..*
99
100
Preferred
High
Jan
96
*
Low
95
96
Regent Knitting
Range Since Jan. l, 1937
Week's Range
Sale
Shares
49
96
100
Ottawa Traction
Penmans
Range Since Jan. l, 1937
for
Week
-
Price
Par
Preferred
Sales
Last
of Prices
Low
High
Ottawa L Heat A PowerlOO
both inclusive, compiled from official sales lists
Friday
Week's Range
Sale
912.
Montreal Stock Exchange
Stocks—
Salesa
Last
Stocks (Concluded!)
Jan. 30 to Feb. 5,
Exchange
Friday
Jan
65*
55*
6)*
6
19
22)*
775
155*
17,888
3,025
3,455
Feb
Feb
6X
Jan
5/4L
Feb
7%
Jan
16X
14 X
Jan
23 X
17%
14 X
Jan
17
Jan
Jan
81%
HANSON BROS
Feb
74 X
—
Jan
Jan
Royal
Jan
8X
Jan
16
155*
17)*
165*
Con Mln A Smelt new
25
Crown Cork & Seal Co—*
76 X
76
78)*
21)*
21)*
21)*
70
17X
Jan
22
Jan
Diet Corp Seagrams
Dominion Bridge
24 %
24J*
26)*
24 X
Feb
28%
Jan
56
56
565*
1,410
1,949
1,668
54
Jan
57 X
Jan
Municipal
Jan
19 X
Canadian Government
incorporated
*
—_*
Dominion Coal pref——100
21
Dominion Glass
100
Dominion Glass pref
100
Dominion Steel A Coal B 25
114
Dominion Textile
—
Preferred
*
Dryden Paper
•
*
"17H
13
Jan
17%
Feb
556
73
Jan
80
145
150
145
Feb
148
14
16
1.680
Jan
16
Jan
7
7
10
4
21 %
5
Jan
540
21%
Jan
24
27)4
17)*
8,906
56 %
66)*
20
11)*
11)*
1,125
945
25
Jan
37
Jan
Jan
Jan
16%
28%
Jan
24X
K«X
Jan
17%
Jan
56
Jan
57
Jan
Jan
12%
Jan
Beauharnois Power Corp-*
Feb
Beldlng-Corticelli Ltd.. 100
.to.*..
Brewers A Dist of Vano—*
......
7X
Jan
Montreal Cottons
Jan
Jan
17%
Jan
Jan
17
Jan
Brewing Corp of Can
17
17
17
60
15
Jan
17
Jan
$3 cum pref
Brit Amer Oil Co Ltd
100
Jan
23
6,455
1,730
13%
22
18 X
Jan
101
102
42
100 A
Jan
14%
14)*
36)*
*64~~
16)*
62)*
10
13 X
Jan
710
34
Jan
38%
20
9
Jan
15
12,366
145*
37)*
15)*
65)*
11
10
15%
23%
102
16,004
1,015
Jan
Jan
Jan
Jan
Jan
Jan
5
Jan
65%
Feb
Jan
62 X
12%
Jan
-
5
Jan
132
Jan
15X
Jan
21
Feb
570
39
Jan
43%
Jan
Cndn Light & Power.-.100
10
150
Jan
Jan
Cndn Marconi Co
Jan
Cndn Pow A Pap Inv Ltd. *
130
8
Jan
15
10
70
Jan
75
Jan
10
64
Feb
64
Feb
8X
13X
Jan
108"
355*
14
7,990
1,602
38
9X
135*
-100
38
105
38
108
108
50
105
85*
135*
345*
95*
11,420
355*
Montreal Loan A Mtge—25
30
60)*
95
95
40
41)*
41)*
42)*
"53k
53
66 %
52
50
64
75
74)*
76)*
35
37
—.25
Preferred
Niagara Wire new
.....
Noranda Mines Ltd.—..*
Nova Scotia Steel pref—
*
.
100
Ontario Steel Products.—*
"270"
166
42
Jan
Jan
38
Jan
Jan
X
14
108
Jan
Jan
36%
Jan
pref
*
Cum pref
100
Canadian Wineries Ltd-
-
-
*
Catelli Food Prods Ltd...*
,
cum
preferred
—.15
3.90
4.40
68
68
68%
170
110
110
19%
......
4%
Jan
42
Jan
175
41%
Jan
43
Jan
4,210
525*
Jan
57%
Jan
43
Jan
54
Feb
Dominion Stores Ltd
4,803
73 X
Jan
79
Jan
Dom Tar A Chemical Ltd *
140
10X
Jan
37
Feb
93
......
2%
6
......
......
60
3%
10
10%
Dom Tar&Chem cm pt 100
Donnacona Paper
275
Jan
166
Jan
18
127
15
Jan
<
18%
Jan
3%
19%
44%
11%
4X
93
21
21
2%
2%
Jan
Jan
Jan
Jan
Jan
6%
112
8%
9%
107
Jan
Jan
Jan
Jan
Jan
Jan
8%
Jan
4
Jan
7,315
22 X
Jan
21%
25%
781
17%
Jan
19
5,000
3.00
Jan
3.98
Feb
68%
Jan
68%
Feb
Jan
110%
Jan
29
100
Jan
Jan
Jan
Feb
Jan
95
19
Jan
20
45
44
Jan
46%
Jan
11%
Feb
125
9%
Jan
715
3
Jan
105
5
Jan
Jan
93
Jan
93
Jan
10
19%
Jan
21
Jan
460
1.85
Jan
6
6
197
5
Jan
3X
7%
20
20
104
20
Feb
27%
13
14%
660
13
Feb
16
Jan
60
60
50
59
Jan
65
Jan
3%
8
3%
10
115
376
10%
11
305
900
40
Jan
11
111
7X
6X
Feb
7X
2X
14X
4,150
2,407
Jan
19%
44%
6X
520
1,906
70c
Jan
165
66
8%
3%
18%
25%
18%
8X
3%
95
245
107
107
550
Jan
17
Jan
56
30
107
3
91
56
57
Jan
95
55c
Jan
Jan
166
Jan
41
1,333
1,375
9,915
3%
29
60%
270
Jan
41X
6%
5%
102% 108
8
8%
8%
6%
Commerlca! Alcohols Ltd *
Jan
Jan
160
10 %
52%
50
High
Jan
53
Claude Neon Gen Adv Ltd*
28
374
Low
7
11,472
5,012
2,350
3%
6%
Jan
Jan
3%
10
Jan
Jan
Jan
Jan
Feb
Catelll Food Produots B 5%
58
270
17
cum
Canadian Vickers Ltd-—-*
161
95
National Breweries
34
Jan
Jan
5%
1
9
8%
49%
3%
18%
25%
17%
100
8
60)*
.40
Montreal Tramways—.100
9%
5%cm pref—
78
30
Montreal Telegraph
National Steel Car Corp..*
Ondn Int Inv Trust Ltd--*
330
135*
,..*
Cndn Gen Invests Ltd-..*
40)*
64
8
25%
21
151
8
*
Calgary A Edmonton Ltd.*
Canada A Dom Sugar Co.*
Can Nor Pow Ltd prel.100
Canada Vinegars Ltd
*
Can Dredge A Dock Ltd..*
132
152
102%
•
BC Packers Ltd
19
152
""5%
3%
18%
39
132
49%
*
*
132
39
75
Montreal Cottons pref-100
Montreal L H A Pr Cons.*
Asbestos Corp voting tr__*
Batburst Pr A Paper cl B. *
12 X
12)*
*
Pref ctfs of dep
100
Acadia Sugar Refg Co_.£l
14 X
64
McCoU-Frontenac Oil
6% cum pref
95
365*
Range Since Jan. 1, 1937
Shares
50
8%
14
790
155*
Price
33
4,155
15)*
Week
Jan
75
*
Co—*
-.100
17
"&k
Mas8ey-Harrls
Abltibl Pow A Paper
15)*
15)*
for
of Prices
Low
High
8
100
.
Par
Stocks—
15
100
Week's Range
Sale
Jan
5X
.100
Preferred
Last
165*
100
Sales
Friday
16
"20k
MacKinnon Steel pref J
both inclusive, compiled from official sales lists
Jan
155*
Lake of the Woods pref. 100
Preferred..
Jan
26
Jamaica P S Ltd pref. .100
Ogllvle Flour Mills.
6%
2X
Jan. 30 to Feb. 5,
Jan
105
22 X
Jan
16
57
13 X
2
26
"14%
Lindsay (C W)-.
Montreal Curb, Market
Jan
80
22
Industrial Bonds
330 Bay St, Toronto
Jan
30
Int Hydro-Elec System A25
Lang (John A) & Co
44,323
15
Imperial Tobacco of Can.5
Industrial Acceptance-
Lake of the Woods....100
17)*
79)*
§145*
36)*
"is""
*
Sparks St., Ottawa
Jan
34 X
15
"iik
255 St. James St., Montreal
56
Jan
153
280
.100
International Power
115
Jan
7)*
7
Gypsum. Lime A Alabast. *
Hamilton Bridge
J.*
HUicrest Collieries pref. 100
Holllnger Gold Mines
6
Howard Smith Paper
*
Howard Smith Paper pf 100
.*
Jan
150
"IB"
Foundation Co of Can.—*
General Steel Wares..
*
Int Nickel of Canada
110
1
......
22
Public Utility and
1883
Jan
145
*79
1145
1
Enamel A Heating Prod—*
English Electric A
*
English Eleotrlc B
..*
Preferred
21%
114
150
n
79
*
Goodyear T pf inc 1927100
»
Gurd, Charles....
21X
110
150
100
East Kootenay Power
Eastern Dairies
Electrolux Corp
20)*
established
Consolidated Paper Corp.*
David A Frere Ltee A—._*
Dom Eng Works Ltd
*
Dom Oilcloth A Lino Ltd.*
B—
*
No par value.
A
*
*
*
Jan
41%
Jan
40o
10
Jan
80c
Jan
3
Feb
4
......
Jan
......
11
16%
"IB"
16
18
28,222
4
4
10
4
Feb
4
65
65
160
62
Jan
65
41
17
41
10
43%
Jan
43%
Jan
11
11
375
10
Jan
Jan
15%
Jan
11%
18%
17%
115
115
15
15%
14% 15%
15%
1,496
345
3,945
460
10%
110
Jan
18%
Jan
Feb
Jan
Jan
Jan
117
Jan
14%
Jan
17
Jan
14
Jan
16%
Jan
914
Financial Chronicle
Feb. 6. 1937
Canadian Markets—Listed and Unlisted
Montreal
Curb
Friday
Last
Sale
Stock* (Concluded)
Par
Price
Eastn Dairies 7% em pf 100
European Eleo Corp Ltd. 10
European Elec warr A
Falrohlld Aircraft Ltd....b
Ford Motor Co of Can A. *
.
Foreign Pow See Corp.—*
Fraser Cos Ltd
Low
High
for
Week
Shares
9%
9%
26%
2
285
17%
600
10
66c
150
11%
28%
2%
...*
31
31
*
31
31
32%
GenSteelWares7% ompflOO
99
94
Hunter Valley opt warr
Hydro-El ec Sees Corp
*
Imperial Oil Ltd
*
...
Int Petroleum Co Ltd
*
Inter Utll Corp class A...*
Inter Utll
Corp class B...1
MacLaren Pow A Paper..*
Massey-Harris5%
cm
pflOO
McColl-F Oil 0% cm pf 100
Melohera Dlst Ltd A
*
B
*
.
11%
10
10
11
20
20
115
35
34%
19
-
17
2%
32
61%
99%
51
13
13
4%
Mitchell A Co (Robt) Ltd *
Mtl Refrlg & Stor $3 cm pf*
25%
ioi"
165
Power of Can
105 %
pref. 100
*
Royalite Oil Co Ltd
*
62 %
Sarnia Bridge Co B.
*
Southern Can P pref.. 100
Thrifts Sts 6% %cmlstpf25
106"
United Distillers of Can..*
1.00
Walkervllle
Brewery Ltd.*
Walker-Good A Worts (H) *
Walker-Good A Worts pf.*
14%
8%
47%
14%
8%
54%
Jan
Feb
15c
Feb
Jan
11%
21%
11
20
36
Jan
30
Jan
13%
101%
Feb
139
75
104
Jan
105%
12
Jan
14%
8%
54%
Feb
Feb
Feb
16
Jan
Jan
Jan
Jan
Jan
7
25
7
5,800
106%
1.53
1.50
1.61
4c
3%c
Aroo Mines
*
7c
6C
4%c
7%c
Arntfield Gold
1
1.02
98c
1.15
1
68c
45c
65c
Big Missouri Mines Corp.l
Beaufor Gold
65c
61c
65c
Bouscadlllao Gold Mines .1
1.00
57c
1.00
Brazil Gold A Diamond Ml
8%c
10%c
7c
12o
10cjll%c
28%c
28%cv29%c
Brownlee Mines (1936)—.1
Bulolo Gold Dredging Ltd b
Cndn Malartic Gold
_*
Cartler-Malartlc G M Ltd 1
Central Patricia Gold
1
2.16
2.05
2.28
36c
34 c
38c
4.90
4.60
5.15
7%c
9%c
Clerlcy Consol Mines
Conaol Chlbougamau
*
9c
1
2.08
1.90
2.70
Dalnousie Oil Co
*
2.90
2.50
3.00
Dome Mines Ltd
.*
49 %
49%
Duparquet Mining Co...1
East Malartic
1
Eldorado Gold Mines Ltd 1
9c
6c
1.80
1.75
2.62
2.36
Falconbrldge Mckel M—*
10%
GoldjMlnes Ltd*
"l~.43
1.35
43c
30c
Greene Stabell Mines Ltd.!
Home Oil
*
38c
37c
40c
3.30
3.25
4.10
44c
Jan
7%
1.15
2%
46
3%
49%
19%
Feb
19%
Jan
29,075
27,600
23,200
10,600
89,090
11,560
148,226
8,000
188,860
4,166
18,400
60,125
4,900
57,000
110,905
14,535
50c
50c
1
1.19
1.22
Lake Shore Mines
1
"57%
56%
57%
1.42
Lamaque Contact G M__*
18c
180.527% c
Lebel- Oro Mines
.—1
27c
26 %o
1
6%c
5%c
29c
6%c
.1
8.00
7.85
8.05
Lee Gold Mines Ltd
Macassa Mines
Mclntyre-Porcuplne—-
-
*
"~~95c
O'Brien Gold Mines Ltd..1
9.90
Pamour Porcupine M Ltd*
Parkhill Gold Mines Ltd..1
"25c
Perron Gold Mines Ltd—1
2.20
1.85
Preferred
45c
Feb
Consolidated Bakeries..__*
Consolidated Smelters..25
57c
Feb
Consumers
60c
Jan
69c
Jan
Cosmos
Jan
65o
15c
Jan
13c
Jan
27%
Jan
1.85
Cockshutt
Feb
Jan
Crow's Nest
Jan
12%
Jan
Jan
1.58
Feb
Jan
35o
Feb
Jan
35%
Jan
43o
Jan
57c
Feb
Gypsum L.
Jan
Hamilton Cottons pref.30.
Hamilton Un Theatres—25
Harding Carpets
Preferred
Jan
Jan
15c
Jan
27%c
Jan
18c
Jan
30c
Jan
5%c Feb
7%c
Jan
Imperial Oil Ltd
Imperial Tobacco
Jan
Jan
Jan
Jan
6.85
Feb
1.03
...
1
94c
1.13
3.20
3.00
3.30
Slscoe Gold Mines Ltd.—1
6.20
6.00
6.20
Sladen Mai
2.26
2.23
2.47
48,100
200,400
19,250
8,735
30,155
7%c
94c
Jan
76c
Jan
2.90
Jan
5.10
1.90
10c
1.13
6.65
*
Jan
1.58
1.50
1.75
1.75
2.00
2.10
2 00
Jan
2.25
Jan
4.65
4.65
4.70
200
3.90
Jan
4.70
Feb
5.85
6.10
Jan
6.10
Feb
1.55
1.72
1,835
66,165
9,400
2,800
2,800
1,320
5.30
"i"66
1.30
Jan
2.15
1
Feb
2.03
261,105
32,896
Jan
Sullivan Cons Mines Ltd
Sylvanite Gold
Jan
Stadaoona-Rouyn
*
Teck-Hughes G M Ltd...1
Thompson Cad
Exploration. 1
Towagamac
1.55
1.50
1.67
*
2.90
2.90
3.00
6c
6%c
"~8~66
8.00
8.10
Ventures Ltd
Wayside Cons Gold—60c
Wrlght-Hargreaves
6%
"21%
5
36%
14%
Feb
6
16
186%
56
255
15
7
285
23
2,890
12,043
28%
5%
14%
165
7
23%
22%
Jan
28%
7
Feb
11
4,825
8
Jan
455
85
Jan
16%
89%
185
56
Jan
57
510
7
17%
87%
56%
3%
730
2%
Jan
39
140
29%
Jan
15%
1,910
14
35%
25
30
21%
14%
*20
17%
Feb
15
6%
21%
12%
Jan
22
Feb
Jan
17%
Jan
Jan
36
Feb
25
2%
Jan
3%
Jan
6%
22%
12%
2,750
1,125
5%
Jan
7
Jan
21%
14%
20
16,171
3
20
Jan
22%
12%
Feb
14
21
Jan
22
Jan
510
13%
Jan
14%
Jan
200
20
Feb
20
Feb
Jan
105
30
102%
62%
Jan
34
Jan
17
21
1,140
11,810
15%
Jan
Jan
*
*
2%
2
105
2%
8,910
65%
2%
34%
36
325
30%
Jan
39
39%
39%
42
30
39%
Feb
42
18%
20%
20%
Sons Ltd. (John)
Loblaw Groc A..
Feb
15%
Jan
76
76
76
75
72
Jan
77
24
23%
24
755
23%
Jan
24%
Jan
22%
22%
22%
585
21
Jan
22%
Feb
3
Feb
20
~*
.
.....!.*
Gardens prefio
Maple Leaf
Maple Leaf Milling.
»
Maple Leaf Milling pf.100
Massey-Harris com
..*
—.100
Monarch Knit pref
Moore Corp common
1.31
Jan
1.67
Feb
Jan
3.15
Jan
60
Feb
7e
Jan
Jan
8.20
Jan
National Breweries..
National Grocers
*
100
3
"""9%
10%
9%
10%
9%
8%
61
13%
99%
100
*•
"43%
Muirheads.
7.60
...
A
100
B
..100
Preferred
Preferred...
45
2%
Jan
11
2,990
6%
Jan
11
Jan
9
Jan
12%
9%
Jan
65
11
7,085
1,560
1,620
9%
...»
9%
138
100
7%
Photo Engravers
52%
13%
Jan
Jan
14%
Jan
99
Jan
100%
Jan
83%
43%
Jan
48
Jan
33
Remington-Rand
Jan
44%
186
189
180
Jan
186
258
5
258
Feb
265
1
1.15
500
42%
50
1,940
8%
98
►7%
8%
1%
«Jan
42%
Feb
Jan
137
Jan
20
Jan
45
2
Jan
10
6%
Jan
195
98
2,890
7%
130
8%
Jan
Jan
65
101
9%
21%
Jan
3%
Jan
10
Jan
Feb
101%
Jan
9%
20%
Jan
Feb
23%
Jan
27
Jan
34
285
33
Jan
32%
34%
32%
33
Jan
Feb
139
2,340
26
28
Jan
Feb
Jan
135
137% 139
20
20%
3%
9%
27
"32%
Jan
86
184
25
.*
65
Jan
110
^7%
*
*
Jan
445
58
63%
14
13%
99% 100
84% 84%
43% 44
1.00
..100
Jan
3
42%
*
Page-Hersey.
Pantepeo Oil
Power Corp
Pressed Metals
670
258
184
Orange Crush
Inc.
103
36
Woods....... *
Preferred
Stock Exchange
Jan
21
1%
Jan
36
20
Preferred
STOCK BROKERS
Feb
39
65
MoCoIl-Frontenao
Duncanson, White & Co.
Jan
Jan
3%
25,849
2.88
Canadian Commodity Exchange,
New York Curb (Associate)
36
Jan
3
National Sewer Pipe
Members Toronto
Jan
31
65%
35%
B
Jan
2.50
9%
34
20
135%
I.•
Lang Co.)....
Jan
Jan
Jan
174
33
21%
Laura Seoord
Feb
Jan
4%
62%
34%
Lang a
Feb
3.60
1,580
64%
34%
Lake of the
Jan
Jan
50
Internatl Utilities A
Internatl Utilities B.
Kelvlnator
Jan
Jan
5.00
60
46
Internatl Nickel com
*
Internatl Petroleum.....*
Feb
20,231
27%
36
2%
_*
Intl Coal A Coke
J
Intl Milling pref.......lou
Jan
56
15%
Hunts A
Jan
86%
..100
Hlnde A Dauch
Jan
6.85
7
*
A A
1.14
36%
Feb
Shawkey
60
Great Western Sad
Preferred
Feb
Sherritt-Gordon
*
32%
75c
Feb
207
34
22% 122
27%
26%
"le"
_
Jan
6.75
25%
Feb
35
7
General "steel Wares—11
Feb
9.10
8c 10 %c
_*
Goodyear Tire
26%0 Feb
10 He
A
46c
Jan
Ritchie Gold.
.»•
4.05
Jan
8
14
..25
Jan
Feb
8%
B
Jan
730
90
26%
201
34
36c
6.20
43
"24%
50
2.75
8.05
Jan
98
206
25
18c
200
Jan
81%
24
1.15
400
Jan
21%
Jan
Jan
10%
75c
17
Jan
74%
Jan
Ford
6.75
Feb
20%
Jan
Jan
9.10
25%
14
460
1,815
2,570
16%
21
78%
19
2.70
73c
Feb
555
Jan
6.55
104%
22%
8%
2.35
8.90
Jan
21
Equitable Life
Fanny Farmer
Feb
1
201
Jan
Jan
103
21
Jan
9%o Feb
2.51
15%
20%
76%
Feb
4
Jan
2.03
Jan
15
17%
27%
Jan
310
10
50%
Jan
135
Jan
Feb
10$
Jan
21c
Jan
14%
25
12
Jan
2.15
126
5
•
32,515
1,720
64,900
1.20
88,000
10,650
1,500
15
30,729
17%
11%
47%
5%c
21%c 26 %c
2.25
2.40
19
24
Feb
Jan
23
Jan
19
Feb
3.60
Jan
14
14%
10%
3.00
100
17%
3%
3
7%
10
85
22
11
2.70
3.75
46%
8%
17%
Jan
13%
4.05
Feb
22
Jan
Jan
Feb
.43
28%
1.98
8.50
Feb
32
21%
17%
11%
1.37
8c
410
21%
Jan
Jan
*
40%C
8%c
12%
Jan
=28
Feb
Easy Washing
Economic Investment
English Electric A
Jan
Jan
18%
415
7,055
Feb
Jan
Jan
10%
280
25
Jan
9
Feb
5,400
12
Jan
Feb
20%
19%
6%
6%
£870
0%
20
9c
Jan
Jan
130
'9%
29
43
Jan
5c
Jan
24%
*
3c
Jan
Jan
490
Eastern Steel Products
25c
Feb
4,160
Feb
1.19
Feb
4
26%
5.15
42%
89
Jan
21%
Jan
Jan
107
Jan
21
4.20
Jan
Jan
86
24%
*
East Crest Oil
91c
103
21
100
Jan
39
Jan
Coal pref
25
Dominion Steel & Coal B 25
Dominion Stores
__*
Feb
8.50
Jan
16%
Feb
104% 104%
76%
Jan
58
44%
25
21
103
Jan
43
16%
.126% 130
15%
17%
'"16"
Jan
15%
>90
700
V16
'""3%
Jan
Jan
390
j*
Jan
Jan
8
Ml 65
7%
6%
Jan
102%
51%
1139
25
9
44%
10%
Dominion
Distillers-Seagrams
Feb
Jan
.....
[265
Feb
29%
5%
26
2.28
7.30
Jan
20
11%
21%
32
5%
__.*
29%
1.35
6%
24%
89
4
16%
203
47 %c
59
87
6%
100
Jan
10.25
5.70
Gas
Jan
1
6.76
*
30c
Jan
43%
100
Jan
Quebec Gold Mining
Read-Authler Mine Ltd—1
*
Feb
Feb
2,445
h
36
8%
19%
..100
9c
46c
15% 16
106% 107
19
1.15
%
10
19
Jan
6%c
16%
*
Carnation Co pref
Jan
35
11%
.*
939
58
30
*
1235
43
9%
103
*
*
Jan
4%c
8%
7
•58
1.4
Canadian Paolfic Ry—.25
Canadian Wallpaper B.._*
Jan
Pioneer Gold of B C
Gold
141%
25
Car
Canadian Locomotive
Canadian Oil
Jan
9.75
7c
6c
25c 40%c
6c
6c
*
6%
19%
11%
B
Jan
1,000
53,600
7,000
1,000
17,185
6c
Montague.
Newbec Mines Ltd
Jan
"§9"
*
100
Canadian Dredge..
*
Cndn industrial Alcohol A*
Jan
3.75
Moffatt-Hall Mines
Pickle-Crow
95c 95 %c
*
Jan
430
40
40
-5
McWatters Gold
57c
*
4%c
85c
49,800
12,500
31,800
10,640
34%
*
3%c
650
33
15%
Canadian Wineries..
Kirkland Lake Gold
35%
*
103
*
Preferred
Jan
Jan
395
8%
"58"
...
Canadian
Jan
Jan
348
96,050
18,600
47,394
1,450
59,210
3,500
Hudson Bay Mln A Smelt *
J-M Consol G M Ltd
1
*
lpo
...
260
49%
9%c 249,800
1.98 32,200
2.65 23,750
11
1,405
1.58 92,026
Graham-Bousquet Gold—1
Francoeur
42
—50
Canadian Oanners
Jan
.85
1,390
1,020
Bread
(new)
Jan
25
200
Jan
Jan
25
1st preferred new
Cdn Canners2nd pref
Jan
25%
Jan
Jan
98
41%
3%
21
8
6%
Canada Wire A Cable B__*
Jan
9
Jan
Jan
8 263
25%
11%
Jan
Jan
Jan
25
385
19
125%
pf.100
Jan
Jan
Mines—
Aldermao Copper Corp...*
Alexandria Gold Mines...1
18
Jan
6%
42%
Canada Steamships
Jan
13
99
4,887
1,680
48%
19%
25%
37%
100
8
19%
3,590
3
1400
Preferred
Canada Packers..
Canada Steamships
43
46
Jan
Jan
3%
7%
2%
14%
63%
50c
Jan
104
19%
18%
465
66
Jan
5
47
25%
34,402
Jan
12%
46
1.10
10
24%
8%
67
155
21%
Jan
25%
i21%
1335
980
5
Jan
63
Canada Cement
95
40
11%
Jan
Canada
Jan
Jan
»
Building Products A
Burry Biscuit new
Burt (FN)
Jan
35
39
64 %
5
20
36
8%
Jan
Feb
25%
23%
8%
3%
Jan
14%
Jan
Jan
14
2%
36
176
Jan
Feb
A preferred
14%
Jan
13*
10
B pref
100
158
1,350
14%
10
Jan
Jan
325
176
14%
9%
25
Jan
Jan
Jan
10%
Jan
4
6
37%
19
106
1.00
161
»
6,970
8%
10
2%
37%
105
2%
lBk
High
Low
Shares
37%
Jan
7
2%
Price
*
B
Jan
14
w
British American Oil.....*
B C Power A
*
Jan
Jan
Week
19
Preferred
Jan
Jan
Brewing Corp. of Canada..
Jan
Jan
*
Brewers A Distillers new.5
Feb
Jan
100
com
Jan
677
105% 105%
cum
Reliance Grain Co Ltd...*
Rogers-Majestic A
138
98%
33%
16%
2,768
130
Jan
Telephone
Blue Ribbon pref
50
Brantford Cordage pref. .25
Brazilian......
Jan
Jan
Jan
19
175
36 %
134
Jan
Jan
for
of Prices
Low
High
7
1.65
28
>13%
13%
100% 101%
35% 38
Range Since Jan. 1,1937
Week's Range
Beauharnols
Jan
28
Par
32%
62%
99%
4%
Price Bros A Co Ltd—.100
6 % % cum pref.
100
13
Jan
2%
6%
5,440
1,340
4%
25%
Blltmore Hats
34%
34%
8%
535
2%
32%
61%
99%
13%
99%
Bell
Feb
Jan
21
5,017
19
2
32 %
35%
Feb
65c
Feb
15c
885
20
10%
Feb
Jan
76.
14,598
11%
21%
30
30%
3,000
21%
Page-Hersey Tubes Ltd..*
.
1.25
960
21H
Jan
Jan
22%
3,173
16c
Stock* (Continued)
30
287
15c
Int Paints (Can) LtdA
*
Intl Paints 5 % cum pref.20
9
185
31
High
Jan
65c
3.385
4,336
99
Voting trust ctte
Low
Last
Sale
10%
65c
Sales
Friday
Range Since Jan. 1,1937
24
27 %
2%
Range
of Prices
10
65c
Toronto Stock Exchange
Sales
Week's
24
10
Market
Jan
Jan
Jan
27
300
22
Jan
29
Feb
32%
33
86
31%
Jan
33
Feb
..100
60
60
30
56
Jan
60
Feb
Russell Motors pref... 100
Saguenay Power pref—100
112
112
17
110
Jan
112
Jan
25
100%
Jan
101%
Jan
Riverside A
15
King Street West, Toronto.
WA. 3401-8
Russell Motor
Simpsons A....
Simpsons B
Toronto Stock Exchange
Jan. 30
to
Feb. 5, both inclusive, compiled from official sales list*
Last
Sale
Stocks—
Par
Abltlbi...
6% preferred
Price
Week's Range
of Prices
Low
-
-
Alberta Grain.
Alberta Grain pref
8
8
100
50
49
*
Bathurst Power A
B
Beatty Brothers
Preferred
5%
100
American Cyanamld B..10
Ault & Wlborg pref
100
"33%
*
*
8
*
100
Week
Sterling Coal
Shares
Low
High
Stuart pref
Tamblyns Lts
*
-
High
Range Since Jan. 1,1937
for
5%
38%
12,250
1,810
285
6%
38%
33% 33%
102% 102%
18%
19%
8
8%
18
"l06"
9
53%
•
10
1,300
10
6%
42
4%
28
33%
102%
Jan
10
Jan
Jan
57
Jan
Jan
0%
Jan
13%
Simpsons Ltd pref.....100
Standard Chemical.....
Steel of Canada
Preferred
25
Sales
Friday
*
*
Tip Top Tailors....
Preferred
—100
*
...
*
Union Gas
43%
United Steel com
*
Feb
Feb
35%
102%
Jan
Walker
*
Feb
Preferred.
18
Jan
20%
Jan
Western Can Flour
145
7%
15%
Jan
8%
Feb
Western Can Flour pf__100
Jan
21%
Jan
Jan
106%
Jan
205
105% 106
40
104
I
* No par value.
"83"
79
83%
79
34
11%
99%
Jan
17
Jan
585
Jan
110
Feb
75
14%
75%
Jan
13%
Jan
15%
Jan
570
80
Jan
85%
Jan
265
73
Jan
79
Jan
Jan
Feb
60
110
82
20
200
,
1
3%
Jan
4
"l7"
10%
10%
4
100
17
17
300
17
Feb
4
17
16%
10%
16%
995
15*.
Jan
16%
Jan
11%
Jan
108
"l7
515
18
105
13%
100
Jan
Jan
(Hiram) com
107
100% 100%
29%
30%
13%
13%
9
16%
9
11
205
108
5
18
4,565
26,945
4,575
1,270
11%
47%
19%
*
"86"
10%
48%
19%
11%
85
87
45%
19%
10%
Jan
Jan
108
Jan
19
Jan
10%
Feb
Feb
16%
Jan
Jan
106
%
Jan
on%
Jan
19%
11%
80
Jan
Jan
Jan
10
80
Jan
Jan
an
Volume
Canadian Markets
Toronto Stock
New
(Geo)
Week's Range
of Prices
Low
High
Price
18
17%
18%
104)4 105 •
100
Winnipeg Electrio A
"7%
♦
B
7%
714
*
Winnipeg Elec pref
Wood (Alex & Jas)
814
7H
Range Since Jan. 1 1937
High
Low
Shares
1854
10654
1754
Jan
30
10454
Feb
2,580
4%
454
Jan
Jan
Jan
10
Jan
10
1,220
40
Stocks {.Concluded)
Par
1654c
Calvary & Edmonton
Calmont Oils
*
4.50
3.40
Jan
1
Jan
Canadlan-Malartio.
10
31
Jan
44
Jan
Jan
75
Feb
Castle Trethewey
6754
654
Jan
92c
2.03
Shares
Jan
4.50
Jan
1.50c
2.30
Jan
2.30
50,955
1.68
1.68
1.75
1,500
1.60
Jan
1.48
1.58
15,295
1.46
Jan
1.86
5.00
4.45
5.25
80,795
4.20
Jan
5.25
51,650
3,250
31o
Jan
43c
Central-Patricia
1
Central Porcupine
*
31c
31c
35c
59
161
Jan
60
Jan
Chemical Research
♦
1.25
1.20
1.25
104
183
Jan
210
Jan
Chromium Mining
*
1.18
1.15
1.25
Dominion
100
245
245
247
165
234
Jan
250
Jan
Clericy Consolidated
*
854c
754c
100
247
245
250
120
235
Jan
25154
Jan
Commonweath Petroleum *
70c
43c
235
238
26
.
Montreal
100
224
70c
221
Jan
239
Jan
Conlagaa
3.30
3.40
400
3.30
Jan
3.60
312
Jan
33954
Jan
Coniaurum
*
1.95
1.80
2,10
27,919
1.80
Jan
2.14
200
Jan
226
Jan
1
2.05
2.05
2.68 202,755
1.85
Jan
265
37
260
Jan
270
Jan
Cons Chibougamau
Dark water Mines Ltd
2.35
2.70
2.35
Jan
2.95
*
49c
48
Jan
51
Dominion Explorers..
1
954c
7c
Jan
15c
100
73
76
71
11
11
20
50
110
110
10
Erie
Real Estate Loan
145
72
76
Feb
Jan
Jan
Jan
Jan
11
106
155
Jan
5
2.37
Dorval-Slscoe
1
Jan
1.22
Eastern Malartlc Gold M.l
1.78
1.75
1.22 448,780
1.99
73,375
40c
Jan
1.20
Jan
2.05
Feb
Eldorado
2.65
2.35
2 45
55,040
2.32
Jan
2.69
110
10,441
109*
Feb
12%
Jan
54c
1254
1
Toronto Stock
40
10
40
Feb
40
Feb
Faloonbridge
*
51
104
Jan
110
Jan
Federal-Kirkland
1
45c
41c
125
3
125
Feb
125
Feb
Francoeur Gold Mines Ltd.
1.40
1.35
1.58 200,235
._]
25c
2494c
30c 122,700
24c
Jan
*
90c
90c
95c
33,867
87c
Jan
1
43c
43c
47c
Jan
49c
23c
47,850
4,000
41c
19c
10c
Jan
23c
1354c
17c
51,450
11c
Jan
l8%c
37c 494,910
18c
Jan
57c 230,100 2394c
7o
954c 1054c 29,700
35c
41c
3554c
78,270
Jan
Goldale
Exchange—Curb Section
Gold Bolt
Last
for
Sale
Par
Week's Range
of Prices
Low
Price
-
mm
—
«
-
—
*
*
High
4%
—
-
*
-
Shares
11%
810
9%
585
36%
37%
19%
19
20
24
24
15
Canadian Marconi
1
Consolidated Press
*
2%
17%
7%
8%
Corrugated Box pref.—100
Crown Dominion Oil
-
—
—
*
14
16
Diaher Steel
*
Disher Steel pref
Dominion Bridge
Dom Foundry & Steel
*
*
*
Dom Tar & Chemical
*
-
Jan
12
Jan
Jan
10
Jan
56%
mmam
Feb
1.50
Feb
2%
Jan
Feb
5
15%
54%
5
Feb
Jan
17
Feb
57%
Jan
Jan
Jan
Jan
109
120
18%
Jan
115%
7.50
8.10
37,905
7.30
Jan
3.05
2.70
4.00 230,553
1154c 1554c 452,500
30c
38c
95,000
39c 4054c
4,588
2.70
Feb
4.85
10c
Jan
13c i
44c
Jan
52%
56%
52%
2%
57%
Jan
Stop & Shop
Super Petroleum ord
31
6%
2
2%
800
3,130
780
7%
Jan
Feb
Jan
Feb
3%
Jan
Jan
119%
8%
Feb
7%
29%
4%
Jan
Jan
Jan
Jan
33
Jan
Jan
6
9
Jan
3%
Jan
190
1%
Jan
316
36
Jan
4%
118
550
2%
36
4
Jan
33%
Feb
36
Jan
2
38
*
Toronto Elevators pref. 100
*
Waterloo Mfg
185
19
Jan
25
Feb
38
245
37
Jan
40
Jan
125
110
Jan
118
Jan
390
112%
111
51%
52
"59"
58
60
*
•
-
-
113%
1%
Jan
100
51%
2%
740
2%
13c
May Spiers Gold Mines...
5
4054c
1
1.89
1.87
McMillan Gold
1
15c
13c
26c
24c
M cVittie-Graham
17o
Jan
85c
Jan
12c
Jan
4.00
3.85
4.10
3.25
Jan
22c
Moneta-Porcupine
j
1.67
Morris-Kirkland
20c
Jan
28o
45c
Jan
83c
1.60
72c
654c
*
1.02
84c
6c
554c
1
1.32
1.20
Nlpissing
6
Noranda
*
Norgold Mines Ltd
Jan
Northern Canada Mining. *
3.20
7454
1354c
3.35
74
13c
75c
75c
O'Brien Gold
i
9.80
9.60
*
9c
,9c.
1.08
1.08
*
2.50
2.00
30c
27o
3.75
3.60
41c
38c
Pacalta Oils
*
Pamour-Porcupine
Paulore Gold Mines
1
Perron Gold
Cobalt
Montreal
Noranda
Exchange
Winnipeg Grain Exchange
1
8.90
8.80
Pioneer Gold
The Toronto Stock
Sudbury
1.03
2.10
2%c
Pickle Crow
MEMBERS
Toronto
1.03
2.18
354c
Peterson-Cobalt.
OFFICES
1
6.70
6.50
1.73
1.60
Poweli-Rouyn Gold
Premier Gold
Hamilton
Kirkland Lake
Montreal Curb Market
Sarnia
North Bay
Owen Sound
Bourlamaque
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Timmins
1
3.80
3.90
Preston (new)
•
*
1.40
1.38
1.21
1.20
Prospectors Airways
80c
Quebec Gold
Read-Authier
1
6.75
5.70
Red Lake-Gold Shore
*
1.51
1.20
1.22
1.20
41c
Reno Gold
Toronto Stock
Roche-Long Lac
5, both inclusive, compiled from official sales lists
44c
Royallte Oil
Exchange—Mining Section
1
*
52 54
San Antonio
2.25
1.05
Shawkey Gold
Sales
Friday
Last
Week's Range
Sale
Par
Stocks—
Low
Range Since Jan. 1, 1937
Week
of Prices
Price
for
High
50c
Sheep Creek
Slscoe Gold
Shares
Low
High
Acme Gas & Oil
Afton Gold
Ajax Oil & Gas
Alexandria Gold—
19%c
16c
1
8c
7%c
1
51c
50c
4%c
4c
*
20c
Jan
Stadacona-Rouyn
»
1.57
1.48
57c
Jan
St. Anthony Gold
1
27c
24c
4%c
55,500
78,706
5,073
94,237
3%c
Jan
4%e
Jan
5.60
5.50
Jan
9%c
44,500
61,006
1.15
Bagamac Rouyn.........1
1
Bankfleld Cons Ltd.
.
*
Base Metals
♦
Beattle Gold Mines..
Bidgooe Kirk
1
Big Missouri
1
10c
15c
1.50
7c
7c
12c
25c 2040800
1.60
80,304
8%c 149,550
1.50
1.50
1.60
35c
27%c
39c
37.752
65,600
1.58
1.51
1.75
56,770
1.50
1.41
Bralorne Mines.....
Jan
36c
39c
Jan
7.75
Feb
Sullivan Consolidated
1
2.02
1.99
2.10
1.42
Feb
Sylvanite Gold
1
4.5C
4.50
4.80
85c
Jan
8.15
Feb
Tashota
1
2794c
9%c
Jan
25c
Feb
Teck-Hughes
Jan
Texas-Canadian
Jan
Toburn Gold
Feb
9c
Jan
1.43
6%c
1.50
25c
1.30
Jan
Jan
Jan
Jan
Jan
16%c
1.83
8%o
1.75
Feb
Waite Amulet
1.70
Jan
Wayside Consolidated-60c
White Eagle—
*
Wlltsey-Coghlan
86,915
65c
16,206
60c
Jan
70c
Jan
19c
Jan
29c
Jan
7.90
Jan
...
1
B R X Gold Mines
-500
Buffalo Ankerlte
....1
Buffalo Canadian
»
-
80c
------
12%c
6c
8.65
8.75
40c
80c
11c
15c
11%C 12%c
5%o 6%c
1,725
6,700
14,600
5,959
62,300
8.95
Jan
25c
Jan
80c
Feb
Wright-Hargreave8
Jan
15c
Feb
Ymir Yankee Girl
Jan
12%
Feb
5c
Jan
6%c
*
Jan
No par value.
29,150
29,770
20,670
211,740
22,755
17,760
2,280
78,925
23c 2894 c
5.90
6.00
2.07
2.07
2.20
3.85
4.15
Jan
Jan
Jan
1.66
5.50
35c
105.
8%o
1.49
Jan
3.60
Jan
79%
16%c
Jan
Jan
90c
Jan
13.25
Jan
12c
Jan
1.28
Feb
2.50
Jan
Jan
Jan
Feb
Jan
Jan
35c
4.00
46c
1 38
2.50
3%c
Jan
9.20
Jan
6.75
Jan
1.90
freb
4.50
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1.47
1.55
85o
6.80
1.78
1.35
18%o
54%c
2.40
1.10
Jan
80c
Jan
3.60
Jan
6.65
Jan
2.49
Jan
5%c
Jan
Feb
1.85
1.74
32c
6.25
Jan 40 %c
1.99
Jan
3.75
Jan
4.80
17c
Jan
28%o
5.35
Jan
6.00
2.00
Jan
2.35
3.85
Jan
4.65
Jan
1.66
1.30
3.25
1.55
1.45
75c
75c
500
65c
Jan
"~2~83
2.80
2.95
2.80
Feb
3.19
3.50
3.30
3.80
25,525
24,298
3.05
Jan
4.10
6c
6c
694c
4c
394c
494c
1354c
12c
1
Wood-Cadillac
9c
11
4,240
3.85
Ventures
29c 176,650
5.90
5.95
*
Towagamao Exploration
Tread well-Yukon
1.60
-
*
Jan
61o
Jan
Gold.....
Feb
1.85
39c
24c
1.33
Gcldflelds
9%c
Jan
Jan
37c
88c
1.74 233,425 90%c
21c
31c 150,900
20.405
1.77
Jan
Jan
1.12
5c
10,466 43 %c
2.15
12,294
76c
395,900
65c
3,000
2.90
72,150
5.00
37,230
1.90
52,300
3%c
32,200
Jan
Jan
62c
6.50
64c
-
-..
6.25
Sudbury Basin
Sudbury Contact
24c
Bobjo Mines
1.85
10%c
97c
23c
80c
Jan
1.02
1.50
1.85
Jan
8c
+
494c
42c
1.42
1
2.48
4c
6%c
8.75
11c
,
5.90
4,400
1.20
3.30
2.15
9c
7.45
1
454c
52c
6%c
1.10
2.15
*
Southwest Petroleum
7c
—
2.98
Jan
1.26
2.30
66
20c
1
Astoria-Rouyn
93c
Jan
8.25
Ashley Gold
2.20
14c
*
Arntfield
5494
48,950
56,000
*
Algoma Mining
Anglo Huronian
Argosy Gold Mines...
1.55
1.75
75,828
64o
88c 108,550
994c 987,700 4%c
65c
1.05 85,515
4c
754c 57,200
1.16
1.42
39,500
2.68
3.60
10,081
7594
10,787
73%
14c 42,900
8%c
78c
9,050 72%c
8.75
10.50 32,550
6c
1094c 34,050
72c "
1.25 206,705
2.00
2.50
41,950
13c
35c 245,500
3.60
4.00
10,313
30c
45c 131,700
1.05
1.15 286,650
2.10
2.35
18,050
3%c 32,000 2%c
8.00
9.20
23,455
6.00
6.75
7,140
1.55
1.90 108,525
3.90
4.10
14,535
1.29
1.45
29,550
1.22
1.25
3,600
70c
80c
2,760
5.00
6.80 28,228
1.18
1.78 398,370
1.20
1.25
18,875
36c
4894c 275,251
6.10
Sladen Malartlc
South Tiblemont-.
*
47
60
"3" 10
Sherrltt-Gordon
4.10
34,124
10,700
39,450
New Golden Rose
Jan
36o
1.18
26c
1.03
68c
9c
Newbec Mines
32,650
60,400
1
2.03
19%c
22c 2494c
80c
Murphy Mines
Nay bob Gold
Jan
GRAIN
Jan
97c
1.03
*
Jan
TORONTO
WAverley 7881
13c
Jan
8.60
Jan 42%c
Jan
36c 177,050
1
Paymaster Consolidated.. 1
11 KING ST. W.
1.78
25c
*
Okalta Gold
BONDS
38c
19c
Mining Corp
Minto Gold
Omega Gold
STOCKS
17c 229,000
25c
90c
Model Oil
3%
F. O'HEARN & CO.
56,575
90c
Olga Oil & Gas New
3%
1
2254c
MoWatters
Merlaud Oil.
4
Jan
'
34c
Mclntyre Porcupine
McKcnzle Red Lake.
52
Jan
3%
Jan
Manitoba & Eastern
62%
Jan
250
2%
Jan
51%
2%
2%
-
1,235
2%
pref. .50
United Fuel pref......100
Walkerville Brew
25
37%
Preferred
Toronto Elevators
2
21
*
Thayers common
1.35
Jan
2%
200
32%
7%c
7.75
37%
6%
Jan
6c
6c
Leltch Gold
*
32
7%
30o
1
Jan
32%
94c
Jan
M acLeod-Coeksbutt
Jan
*
*
*
Jan
Macassa Mines
Jan
Standard Paving
80c
8.40
34
Rogers Majestic Corp Ltd.
Shawlnigan
*
1.33
85c
30c 209,500 1894c
7c
19.600 594c
90o
23
5
Jan
80c
26c
Jan
555
4%
4%
2%
2%
119% 119%
8%
7%
1.12
82c
27c
1
Lebel Oro
37c
210
-
28c
90c
36
-
Jan
55c
31
*
14c
85c
35
--
38,850
16,350
59%
*
30
—
1.27
Jan
Lowery Petroleum
100
2%
1.19
1.08
56%
Jan
Jan
»
1.22
28c 395.500
Jan
Jan
90%
—
18c
1.35
90c
60c
480
•
18c
57
2.65
Jan
Jan
95
—
1
5654
59c
Jan
1.06
Feb
92
-
Lamaque-Contact
57
Jan
1.90
43c
1.15
95
-
1
72c
Feb 19%o
7.05
Int Metal Indust pref..100
*
Lake Shore
87c
Jan
60c.
15%o
9,490
33,500
Jan
5
43,350
3,241
15%
Jan
1.35 157,400
Feb
100
1.08
47c
Jan
55c
8.40
18%
Preferred
99c
Jan
13%
1.15
32%
Robt Simpson pref
1.07
Laguna Gold Mines
33o
35c
7.85
Jan
Prairie Cities Oil
75,290
3 44
Jan
Jan
1.15
Jan
925
1.25
Feb
7.85
Jan
1,070
2.65
1.15
7c
*
16
4
59c
1.99
1.16
Lee Gold Mines..
12
3
50c
2.55
I
1.25
Jan
Little Long Lac
32
*
50c
1
Kirkland-Lake..
18c
Jan
Jan
50
North Star—
1
Kirk Hudson Bay
15c
45c
Jan
85
135
..
J M Consolidated
16c
Jan
Jan
1,315
_
68c
1,455
57,266
79,330
.....
2.50
15c
18c
63
17%
53
61c
1594c 1654c
13,400
9,675
61,550
53.253
394c
44c
57o
Jan
Jan
14
"35%
75c
1.05
1.02
17
32%
100
16c
65c
71,860
1,000
12c
1.58
30c
Jan
16%
Mercury Mills pref
61c
1554c 1594c
5,500
43,375
27,950
Jan
12%
500
14
National Steel Car
67c
Lava Cap Gold
32%
Montreal Lt Ht & Pow cons
47c
1554c
I
Lapa-C ad iliac Gold
16%
*
*
Jan
Jan
26c
.......5
Feb
Int Metal Indust
*
47c
lntl Mining ctfs
1 %
14
Preferred
29c
Howey Gold
100
Humberstone
30c 206,000
Jan
16
1
25c
26c
Feb
90
1
1
2.95
25c
93
5
*
2.50
1
Jan
40
79
2.60
*
Jan
105
79
1
Hargal Oils....
12%
990
Hamilton Bridge pref-.100
Hard Rock
Marker Gold
89
40
45
654c
Hlghwood Sarcee
100
16%
554c
Holiinger Cons
Homestead Oil
Jan
115
6c
Jan
Feb
16%
1
Jan
17
115
Halcrow-Sway ze
Jan
75
120
1.18
3%
17%
Jan
5
18c
1.10
Jan
Feb
17
17c
TIB
1.60
15
17%
38c
1
1
21
37%
67
56%
1
Gunnar Gold
25
75
16
13c
Jan
40
118
—-
—
»
Jan
315
55
30c
1.15
40c
Jan
2
Hamilton Bridge
Honey Dew
Feb
16
5
100
Preferred
46
75
16%
43c
18%
260
5
Jan
15
1%
~14c
45c
34
8,150
93
10
70
100
Preferred
2%
17%
93
—
~
2
*
DeHaviland
—
■—
2%
1
1
1
23
250
24
45
580
*
*
37%
High
Feb
Jan
4%
5
Canada Vinegars. _
Canadian Wire Box A
Malting
Goodflsh
Granada Gold
Greene Stabell
1937 1
52c 550,775 20%c
Grull-Wlhksne
46
9
-
Low
10
4%
10%
11%
-
Range Since Jan. 1,
46
-
50c
Grandoro
Week
*
1054c
Graham-Bo usquet
Sales
Friday
100
71c
110
5, both inclusive, compiled from official sales lists
Canada Bud
1.00
40
God's Lake
BLssell pref
Bruck 811k
2.68
110
Glenora Gold
Stocks—
17,105
4,060
22,659
125
109%
50
Beatb & Son
4994c 50J4C
994c
854c
104
100
Toronto General Trust. 100
Toronto Mortgage
26
15314 155
20%
Ontario Loan
British Dominion Oil.
Jan
5
100
Aldermac
24c
42
Huron
Jan. 30 to Feb.
8%c
22314
Canada Permanent
Ottawa
1.47
Jan
338
Loan and Trust—
new
1.44
694c
Dome Mines..
Toronto
Toronto Elev
Jan
Feb
265
100
Canada
1.20
1.15
338
100
Royal
Jan. 30 to Feb.
26,555
854c 111,350
70c
66,550
1.75
223
100
-
Nova Scotia
&
23o
1.50
20014 206
Imperial
1.80
Jan
J
205
58
High
69,490 12 94c
4.50
2.60
74,730
1.50 181,459
42c
100
50
Low
23c
Commerce
Canada
Range Since Jan. 1, 1937
1
...
Feb
Banks—
1.50
2.14
Cariboo Gold
53
554
Price
17c
20
80
Week
*
3914
654
for
of Prices
Low
High
Bunker Hill
75
614
Sales
Week's Range
Sale
3914
*
Exchange—Mining Section
Last
75
100
pref. 100
Zlmmerknit
Toronto Stock
Weet
oommon„ *
preferred
Listed and Unlisted
Friday
for
Sale
Par
915
Sales
Last
Stocks (Concluded)
-
Exchange
Friday
W es to lis
Chronicle
Financial
144
71c
»
*
7.95
44c
45,300
93,100
14c 399,000
5794c 7594c 280,600
7.90
8.10
16,795
40c
47c
9,700
4%o
Jan
3%c
Jan
75c
7%c
5c
5%o Jan ie%c
45c
Jan
75%c
7.55
Jan
8.10
34c
Jan
49%c
Financial
916
Quotations
New York
Over-the-Counter Securities—Friday Feb. 5
on
New York Trust
City Bonds
Bid
Par
Bid
104
11975.
«8%s July
Nav
11954.
108% 110
11960.
108
109
151976.
108
109
1 1975.
111
114
114
Mar
Jan
July
«4s
May 11957.
048
Nov
048
May 1 r>5f
048
May 11077.
Oct
11080-
048
115%
114% 116
11958
114% 116
117%'118%
118% 119%
118
119%
118% 119%
119
120%
04%S Bept 11060.
a4%s Mar 11062.
Mar
11064.
a4%8 Apr 1 1966
o4%8 Apr 15 1972
04%8 June 11974
a4%s Feb 15 1976
o4%s Jan
1 1977
o4%s Nov 15 1978
o4%8 Mar 11981
o4%s May 1 A Nov 11957
a4%8 Mar 1 1963
o4%a June 1 1965..
04% s July 1 1967
o4%s Dec 151971
o4%s Dec 1 1979
..
108 % 109%
aShis May 11954.
a3%s
a3%s
«3%B
a3%s
Bid
Ask
105
1937
Feb. 6,
Chronicle
Ask
122%
123%
123%
123
124%
125%
121%
123%
124%
119%
124
538
10
79
81
.20
7
100
145
150
Lawyers
..25
20
143
146
Manufacturers.
-.20
Bank of Slollly
Bronx County
Brooklyn
121%
122%
123% 125%
124% 127
127
531
Bankers
Central Hanover
10
17%
Chemical Bank A Trust. 10
77%
Clinton Trust..
95
50
Continental
Fulton
12
19%
79%
100
260
Guaranty
Irving
Kings County
367
372
19
20
1740
,
em
em
68
66
55
57
25
155
158
20%
Title Guarantee A Tr. ..20
19%
20
me
67
54
20
Preferred
New York
21%
74
Bank A Tr. 10
Corn Exoh Bk A Tr
Empire
18%
....25
Colonial Trust
34%
33%
105
Bk of New York A Tr-.lOO
121%
121%
122%
122%
ASk
Bid
Par
Banca Comm Itall ana. 100
119% 121
124%
Companies
Ask
115
75
Underwriters..
United States
100
16%
15%
105
95
2100
.100 2050
129%
Chicago Bank Stocks
Bid
Bid
52.50 less
1
3s 1981..
52.60 less
1
World
4%s April 1940 to 1949.
Par
Ask
33 1-3
375
380
480
510
840
880
First National
Continental Illinois Bank A
Trust
51.90
A«*
Bid
100
Harris Trust A Savings. 100
Northern Trust Co
100
270
166% 170%
...
Highway
Canal A Highway—
127%
...
Canal Imp 4s JAJ'60 to '67
127%
...
135
rnmm
Barge C T 4s Jan '42 to '46
113%
132%
...
Barge CT4%s Jan 11945
117
4s
5s Jan A Mar 1946 to '71 52.80
Highway Imp 4%s.Sept '63
Canal Imp 4%s Jan 1964..
Can A Imp High 4%s 1965
Improvement—
Mar A Sept 1958 to *67
100
Trust
Bonus—
War
Ask
American National Bank A
Ask
3s 1974
Bid
Par
New York/State Bonds
135
mmtm
—
Hartford Insurance Stocks
BOUGHT—SOLD
—
Q VOTED
Port of New York Authority Bonds
Bid
Gen A ref 4a Mar 11975-
108% 109%
Gen A ref 2d aer 8%s '65
Gen A ref 3d ser 8%s '76
104% 105%
103% 104%
100% 101%
Gen A ref 4th ser 38.1976
Bid
Ask
Pert of New York-
Bayonne Bridge 4s series C
1939-53
JAJ 3
Inland Terminal
ser D
MAS
MAS
1942-1960
Holland Tunnel
George Washington Bridge
4%S ser B 1940-53.MAN
4%s
1937-1941.
4%s
ser
113%
Members New York Stock Exchange
6 CENTRAL ROW
50.75
2.25
MAS
50.50
1942-1960.
MAS
113
2.00
Par
Aetna Casualty A Surety 10
Bid
Ask
100
101%
Honolulu 5s
d3.50
4%8 Oct
4%b July
109
110%
U S Panama 3s June 11961
120
109
110%
101
103
5s
Feb
1952
111
114
5%s Aug
1941
d3.75
4%s July 1958
5s July 1948
113% 115%
3.00
122
111
3.50
113%
111% 113
112% 113%
U S conversion 3s 1946
Conversion 3s 1947
Aetna Life
10
Agricultural
Govt of Puerto Rloo—
5s
1959
1952
April 1956-
117% 119%
10
Aetna Fire
Ask
25
American Alliance
4s 1946
Hawaii 4% 8 Oot 1956
10
American Equitable
5
American Home
....10
American of
American
Bid
12
Newark...2%
13%
82%
30%
62%
31%
8%
Re-Insurance. 10
25
American Surety
Automobile
Federal Land Bank Bonds
Bid
JAJ
JAJ
8s 1956 opt 1946
MAN
8%b 1955 opt 1945..MAN
48 1946 opt 1944
JAJ
103%
103%
103%
104%
Bid
Ask
103 %
48 1957
103%
4b 1958 opt
103%
4%B 1957 opt. 1937—MAN
4%S 1958 opt 1938..MAN
105
111% 112
opt 1937—MAN
,
••
-
1938
.....10
Baltimore Amer
MAN
101
101%
105% 105%
v
(
^
27%
29
Connecticut Gen Life... 10
35%
29%
4%
49%
37%
31%
5%
51%
Continental Casualty
5
Eagle Fire
2%
Employers Re-Insurance 10
5
Excess
Joint Stock
Land
Banft' Bonds
Federal
6%
10
Atlanta 5s
100
Atlantic 5a
100
55
Burlington 5s
......
memem
f7
Denver 5a
First of Fort Wayne
4%s__
Chicago 4%s
Fletcher 3s
100
Pac Coast of Salt Lake 5s..
100
96
98
Pac Coast of San Fran 5s..
100
98
100
Pennsylvania 5s
100
100
102
80
Kentucky of Lexington 5s.
La Fayette 5s_
88
97
98
—
—
—
mm
em
101
100
-
St Paul Fire A Marine. .25
Seaboard Fire A Marine..6
13%
15%
Seaboard
33
35
35
36%
Globe A Republic..
5
Globe A Rutgers Fire—-15
2d preferred
1
76
...15
88
91%
5
28
29%
Great American
Bid
100
-
---
100
865
915
Travelers
100
504
514
28%
73%
30
U S Fidelity A Guar Co..2
4
27
28%
75%
US Fire
54
56
71
73
U S Guarantee
61
64
34%
36%
Westchester Fire
Bid
Ask
40
Lincoln
-.-100
4
7
45
North Carolina
...100
26
29
76
100
10
Bid
1953
100
12
18
Cont'l Inv Bd Corp 2-5s '53
Contl InvDeb Corp 2-6s'53
-..100
42
46
55
58
—
100
3
8
Virginia
1
3
Virginia-Carolina
Series B 2-6s
..100
46
52%
54%
2-6s
79
48%
50%
48
51
1
Interstate Deb Corp 2-5s'55
40
Mortgage Bond Co of Md
Federal I ntermediate Credit Bank Debentures
F I C
F I C
l%s_._Feb
1%8—Mar
l%s—Apr
l%s—.May
15 1937 b .35%
16 1937 b .40%
15 1937 b .45%
FIC
15 1937 6.50%
FICl%s—June 16 1937 6 .55%
F I C
■
4
ah
Bid
■
FIC
1
FIC l%s_..Sept 15
1
•I
FIC l%s
1
(•I
1953
(Central Funding series)
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-63.1953
Oct 15
1937 6.70%
1937 6.80%
Par
2-6s
Par
Ask
Bid
Ask
Bank of Manhattan Co. 10
37
39
Merchants Bank
100
100
63
68
National Bronx Bank...50
50
Bensonhurst
National..50
65
National Safety Bank. 12%
19
21
17%
.....13.65
57
59
Penn Exchange
10
15%
City (National)......12%
52
54
Peoples National
50
76
Commercial National.. 100
236
242
100
37
Klngsboro National ...100
65
115
-
-
25
53
1075
Sterling Nat Bank A Tr.25
45
82
mm.
ture
Corp 2-6s
Realty
Potomao
50%
50%
70%
...
48%
50%
Realty Bond A Mortgage
79
48%
1953
Atlantic
Debenture Corp 2-6s '53
/36%
50%
deb 2-6s
1953
Unified Deben Corp 5s '55
Bid
Trade Bank
28
Par
134%
163
168
New York Mutual Tel. 100
N'west Bell Tel pf 6% % 100
Pac A Atl Telegraph
25
122% 124
Peninsular Telephone com*
12%
55
126% 127%
97
99
49
00
X
O
50%
42
Emp A Bay State Tel..100
-
«
mm
M
Bid
25
Ask
28
105% 106%
20
28
30
54
65
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
44
Preferred A
-
..100
108
112%
Rooh Telep $6.501st pf 100
112
115
So A Atl Telegraph
25
Sou New Engl Telep... 100
23
24
47
99% 102%
96
Int Ocean Telegraph... 100
Mtn States Tel A Tel..100
152% 154%
New England Tel A TellOO
137% 139%
42
For Footnote see
page 919.
S'western Bell Tel pref. 100
160% 165
124% 126
Wisconsin Telep 7% pf.100
35
Public National
Ask
133
47
2490
...
00
48%
Potomao Maryland Deben¬
100
Cuban Telep 7% pref—100
Bank of Yorktown..66 2-3
Flatbush National
.1953
Bell Telep of Canada.. 100
Bell Telep of Pa pref—100
Clnoin A Sub Bell Telep. 50
New York Bank Stocks
Fifth Avenue
100 1025
First National of N Y—100 2450
50%
Telephone and Telegraph Stocks
Preferred
Chase
Potomao Deb Corp 2-6s '53
Potomac Franklin Deb Co
—
00
...
FICl%s.—Nov 15 1937 6 .80%
FICl%s...Deo 15 1937 6.80%
Am Dist Teleg (N J) com.*
Bid
1953
79
As*
ha
Par
81
(all
l%s—_July 15 1937 6.60%
1
I
Corp
Ask
58%
43
52
2-3s
Inc 2-5s
Ask
1954
issues) 2-5s
1963
Potomac Cons Deb Corp—
Nat Bondholders part otfs
Bid
Bond
Potomac
1945
%
5
._
Nat Union Mtge Corp—
Series A 2-6s
1954
55
Empire Properties Corp..-
—100
Pennsylvania
.100
First Carolines
81
—
Associated Mtge Cos Inc—
San Antonio..
...
14
.2.50
Ask
83
Potomac
76
Fremont
1953
Debenture 2-6s
35
40
100
10
8%
Surety Guaranteed Mortgage Bonds and Debentures
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Bank Stocks
100
..100
9%
Sun Life Assurance
38
Bid
100
Des Moines...
32
131
23%
99% 101
Atlantlo
Denver
30
128
5
......
Atlanta
Dallas
10
Springfield Fire A Mar..26
Stuyvesant
36
9%
--
100
99
Par
218
21%
100
Ask
Southern Fire
12%
213
84
/20%
Land
Surety...
10
Security New Haven... 10
10
27
10
All series 2-5s
Par
5
8%
21%
Allied Mtge Cos Ino—
Joint Stock
Rossi a
Great Amer Indemnity... 1
Halifax
Fire
10
Hartford Steam Boiler.. 10
-
82
Virginian 5s
10
28%
137%
132% 136%
31
100
Virginia-Carolina 5s
Phoenix
134
46%
22%
10
Union of Detroit 5s
....
25
26%
102
29
5
10
•
30
Tennessee 5s
100
National. 25
Pacific Fire
98
27%
Hanover Fire
—
Southern Minnesota 5s
99% 101
100
2.50
44%
20%
72%
10
Harmonla
Southwest 5s
North River
43%
Hartford Fire
100
2
12.50
General Reinsurance Corp5
100
100
49%
23%
...20
Northern
18%
12%
94%
32%
109% 110%
Greensboro 5s..
Illinois of Montlcello 4%s_
Iowa of Sioux City 4%s
•
New Jersey
New York Fire
44%
52%
6
/28
Greenbrier 5s
86
-
37%
43
98
St Louis 5s
Phoenix 5s
85
San Antonio 5s
Illinois Midwest 5s
-
---
35%
39%
11%
28%
14%
Potomao 5s..
100% 102
...
Fremont 5a
100
Pacific Coast of Los Ang 5s
142
17%
New Brunswick Fire..—10
New Hampshire Fire... 10
23%
99
Pacific Coast of Portland 5s
10
139
2
94
Ohio-Pennsylvania 5s
Oregon-Washington 5s
...
2
20
37%
Georgia Home
64
National Liberty
National Union Fire
New Amsterdam Cas
65%
11%
21%
Glens Falls Fire...
100
15
22%
10
5
99% 100%
96
First Texas of Houston 5s.
-
13
20%
63%
10
Providence-Washington. 10
Reinsurance Corp (N Y)_2
Republic (Texas)
10
99% 100%
94
90
-
Merch A Mfra Fire New'k5
National Casualty.
National Fire
Preferred Accident
-
-
100
99% 101
First of Montgomery 5a...
Flrst of New Orleans 5s...
First Trust of
__
-
72
62
14%
96%
34%
45%
Franklin Fire
-
8%
69
60
81
Fireman's Fd of San Fran25
100
73%
19%
5%
4%
7%
79
Fire Assn of PhlladelphlalO
Firemen's of Newark.
5
North Carolina 5s
90
93
First Carolines 5a
97%
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s
Ask
New York 5a
102
88
Dallas 5s
8
100
Chicago 5s
96
Lincoln 5s.Louisville 5s._
em
100
California 5s...
Bid
Ask
17
Northwestern
8
46% 49%
127% 130%
Fidelity A Dep of Md...20
Bid
72
1
..10
•
Ins Co of North Amer.. 10
Mass Bonding A Ins.. 12%
Meroh Fire Assur com...5
30%
23%
8%
Maryland Casualty
108
7
21%
6
14%
703
Ask
40%
5
85%
.....10
City of New York
10
Importers A Exporters
5
23%
Carolina.
6
5
21%
28%
..6
38
Lincoln Fire
32%
64%
33%
9%
Bid
6
10
Knickerbocker
693
100
Camden Fire.
Par
Home
Home Fire Security
Homestead Fire
14%
.2%
25 3104
Bankers A Shippers
Boston
As*
102% 102%
103% 103%
Companies
Ask
105% 109%
49%
47%
31% 33%
89%
87%
24% 25%
38% 41%
American Reserve...... 10
38 1955 opt 1945
38 1956 opt 1946
Hartford 35
114%
Insurance
Bid
—
E
United States Insular Bonds
Phllllpplne Government—
HARTFORD
A. T. T. Teletype
Tel. 5-0151
112
110
1937-1941
112
PUTNAM & CO.
Ask
105% 106 %
113% 116
Volume
Financial
144
Quotations
917
Chronicle
Over-the-Counter Securities—Friday Feb. 5—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
Monthly
Earnings and Special Studies
Mrtnbtrt hlrw York Slock Exthangt
New
Members
Tel* REctor
41 Broad St., N.
GUARANTIED
NEW YORK
e. sloane & co.
john
%
Dealers In
120 Broadway
Y.
Bulletin
Request
on
Uosepb ttlalkersSons
.
QUOTED
.
Security Dealers Association
York
HAnover 2-2455
-
-
Bell Syst. Teletype NY 1-624
2-6600
STOCKS
Since1855
Bonds
Railroad
Guaranteed Railroad Stocks
:yr'.
Asked
Bid
Par in Dollars
.100
Beech Creek
Boston
Boston
100
105
10.50
180
185
100
6.00
110
113
50
2.00
100
8.76
145
148
-100
8.50
149
154
York Central)
(New
(New York Central)
A Providence (New Haven)
A
6.00
100
„
98
Albany
,
mmmmm
100*4
103
101
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 4*4s, April 1, 1943
Boston A Maine 3s, 1950
44*4
42*4
75
73
6s, 1945
Augusta Union Station 1st 48, 1953—
Alabama a Vlcksburg (Illinois Central)
Albany a Susquebana (Delaware a Hudson)
Allegheny A Western (Buff Roch A Pitts)
74
72*4
Akron Canton A Youngstown 5 *4s, 1945
Dividend
;
Asked
Bid
(Guarantor In Parenthesis)
106*4
71*4
68*4
-
85*4
Prior Hen 4s, 1942
Prior lien 4 *48. 1944
91
89
—
97
95*4
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1961
104
Chateaugay Ore A Iron 1st ref 4s, 1942
Choctaw A Memphis 1st 5s, 1952
Cincinnati Indianapolis A Western 1st 5s, 1965.
61
63
101
103
62
—100
2.85
60
4%__ —100
4 00
102
100
5 00
103*4
Chicago Cleve Clnn a St Louis pref (N Y Central) 100
50
Cleveland a Pittsburgh (Pennsylvania)
5 00
98*4
3 50
90
92
Cleveland Terminal A Valley 1st 4s,
Canada Southern (New
York
Central)
Carolina Ollnchfleld A Ohio (L A N-A C L)
Common 5% stamped
105*4
•
-
mmm
106
•
«.
-
93
91
51
53
Georgia Southern A Florida 1st 6s, 1945
98 *4
70
Delaware (Pennsylvania)
2 00
47*4
50
Goshen A Deckertown
99
102
Fort
5 50
91
95
Great Northern 354s series 1,1967
97
98*4
10 00
198
203
Betterman stock
2 00
Wayne a Jackson
pref (N Y Central)
Georgia RR A Banking (L a N-A C L)
RR of N J
Lackawanna
New
Essex
York
Northern
(Del
(New
Michigan Central
Morris a
(Del
Lack a
York
Lack a
Western)..
Central)
4 00
76
60 00
950
6 00
97
4 00
103
106
4.00
62
70
95*4
MMMMM
104*4
/31
104*4
105*4
74
106
108
1946
Kanawha A West Virginia 1st 5s, 1955
Kansas Oklahoma A Gulf 1st 5s, 1978
67
4.60
93
102
104
Macon Terminal 1st 5s,
100
.50
1978
99*4
71*4
Springs Western 1st 4s, 1939.
Long Island refunding mtge. 4s, 1949
68
3 875
—100
(D LA W)
(Pennsylvania)
_
(Erie)
Northern RR of N J
mmmmm
—60
1st 5*4b
Ho bo ken Ferry 1st 5s,
79
100
100
—
.
Western)
Lacka wanna A Western
Central
..100
1995
60
Oswego A Syracuse (Del Lack A Western)
65*4
Little Rock A Hot
1965
-
Maryland A Pennsylvania 1st 4s, 1951
33
81
79
99*4
101*4
50
1.50
42
44
Meridian Terminal 1st 4s.
50
3.00
84
88
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949.
56
59
Pittsburgh Fort Wayne a Chicago (Pennsylvania) —100
7.00
172
178
Montgomery A Erie 1st 5s, 1956
99
101
100
7 00
188
191
6 82
105
109
New York A Hoboken Ferry general 5s. 1946
80
82
6 00
148
99
75
Piedmont and Northern Ry. 1st mtge. 3 *4 3,
Portland RR lst3*4s. 1951
-
98
3 00
72
73*4
93
95
Rock Island Frisco Terminal 4 *4s, 1957
97*4
99
St Clair Madison A 9t Louis 1st 4s, 1951
95
Pittsburgh Bessemer a Lake Erie (U 8 Steel)
Preferred
.
,
.
Preferred
Rensselaer A Saratoga (Delaware A
st
Louis Bridge
Second
Hudson)
..100
RR)
preferred
RR St
Tunnel
1st pref (Terminal
Consolidated 5s,
1945
1966.
100
6 00
148
10 00
254
258
6 00
91
95
..100
6 00
98
100
5 00
86
90
Shreveport Bridge A Terminal 1st 5s, 1955
89
100
5 00
87
92
Somerset Ry 1st ref 4s.
71*4
73*4
,50
3.50
49
63
Southern Illinois A Missouri Bridge 1st 4s,
94
96
..50
3.00
67
69
Toledo Terminal RR 4*4s.
Utlca Chenango A Susquehanua (D L AW)
(Delaware Lackawanna A Western)
Valley
78
-
RR A Canal (Pennsylvania).. ..100
l/iuls (Terminal RR)
United New Jersey
mmmmm
1955
vlcksburg Shreveport A Pacific (Illinois Central).
Preferred
.
__
Warren RR of N J (Del Lac
A Western)
.
West Jersey a Sea Shore (Pennsylvania)
,
.
m
mm
mm
m
mm
MM
-
-
1955
-
1951.
98
MM
M
-
113*4
1966
Washington County Ry 1st 3*4s. 1954
115
99*4
70*4
1957
Toronto Hamilton A Buffalo 4*48,
—
103
...
72*4
EQUIPMENT TRUST CERTIFICATES
POWER
DUKE
Quotations-Appraisals Upon Request
COMMON
Stroud & Company Inc.
Private Wires to
BmfeU Brothers
Philadelphia, Pa.
New York
n. y.
stock exchange
ONE WALL ST., N.Y*
exchange
Teletype N.Y. 1-1146
and n.y. curb
Equipment Bonds
Bid
Line 4*4a.
Baltimore A Ohio 4*4s
68
Bid
Ask
b 1.50
1.00
62.60
2.00
62.25
Atlantlo Coast
1.75
6s-..
3*4s Deo. 1
1936-1944..
4*4s_.
63 00
2.00
5*4s
63.00
2 00
Alabama Power $7 pref--*
82*4
84*4
73 H
94
96
Mississippi Power $6 pref—
57 preferred
70
Arkansas Pr A Lt $7
78*4
82
15
17
Mississippi P A L 36 pf—-*
79
81
*
..*
29*4
32*4
Miss Riv Pow
16
30
34
Mo Pub Serv $7
2 25
New Orl Tex A Mex 4 *4s„
63.75
3.00
2.50
New
62 40
2.00
63.00
2.25
62 40
2.00
2 00
$7
York Central 4*4s
5s
2 00
2.00
5s
2 00
Atlantlo City El $6 pref..*
114*4
63.75
3 00
Bangor Hydro-El 7% pf 100
137
3.00
Birmingham Elec $7 pref. *
83
Buff
24*4
4 *4 8
61.70
1 25
Northern Pacific 4 *4a
61.50
1.00
Chesapeake A Ohio 5*4s—
61.00
0.50
Pennsylvania RR 4*4s
61.35
1.00
2.00
01.25
6^8
61.00
0.60
5s
414«
62.20
1.25
0.75
62.60
2.00
4s series E due
68--
Chicago A Nor West 4 *4s—
68
Chlo Mllw A St Paul 4*4a__
58-.
61.75
3.00
63 75
1936-49
Jan A July
1.00
63 75
3.00
non
4 00
Pere
4.00
83
86
83
86
Marquette 4>4s
5s
5s
5*s
Erie RR 6*4«
63.50
2 50
63 50
2 50
63.50
2 50
61.50
1.00
pref..*
*
100
91
93
100
Lt 7% pref..100
86
89
87
89
2.00
1 80
0.75
preferred A...100
S8 50 preferred B
100
111
110
1st $6
107*4 109*4
Consol Elec A Gas 56 pref.
31
Consol Traction (N J). 100
63*4
66*4
101
Consumers Pow $5 pref—*
99*4
100
100
6% preferred
6 60% preferred
104
105
105*4 106*4
105*4 106*4
63 00
2.25
2 00
62.30
1.75
Continental Gas A El—
62 30
1 75
100
Gas—.100
195
101*4
6«
61.50
1.00
4148
62 50
1.75
62.50
2 00
68
62.25
1.75
5s
62.50
2.00
61.50
1.00
6*48
61.25
0.75
Essex-Hudson
61.50
1.00
62 00
1.00
Federal Water Serv Corp—
61.25
0.75
4*48
62.00
1.uo
$6 cum preferred
58
62.00
1.00
$6 50 cum preferred..__
54*4
55*4
5554
57 cum preferred
56
58
Great Northern 414s
68-
Hocking Valley 6s
<
i «v.S
II lnols Central 414s
6s
'6148
62.30
1.75
61.75
1.00
61.50
1.00
Internat Great Nor 4*4s_.
63.76
2 50
Long Island 414s
62.40
1.75
58...
Loulsv A Nash 414s
58Maine Central 5s
5148
Minn St PASS M 4s—
6s
4*4a
Texas Paclflo 4s
1.50
61.20
0.75
2.50
63 10
63.75
2.50
2.75
—-
_
Western Pacific 5s__
5*48
0 75
102
102*4
101
103
—
Bergen..100
16*4
18*4
Mountain States Pr com.. *
6
preferred
100
Nassau A Suff Ltg pref. 100
54
57
45
46*4
7%
Nebraska Pow 7% pref. 100
Newark Consol Gas
100
5*4% Df-*
N E Pow Assn 6% pref.100
New Eng Pub Serv Co—
37 prior Hen pref
*
New Orl Pub Serv 37 pf.
N Y Pow A Lt 36 cum pf
7% cum preferred—100
Nor States Pr 37 pref—100
M
MM
MMM
MMM
H
M
108*4
7*4
111*4 114
123
126
63*4
54*4
86
87
79
80
77
79
103*4 105*4
113*4 115
97
100
•
MM
100
Sioux City G A E 37 pf-100
Sou Calif Edison
pref B 25
El .100
pref 100
67
South Jersey Gas A
Tenn Eleo Pow 6%
MMM
Interstate Natural Gas—*
33
34*4
62.10
1.75
pref—*
Jamaica Water Sup pref.60
Jer Cent P A L 7% pf..100
Kan Gas A El 7% pref .100
Kings Co Ltg 7% pref .100
Long Island Ltg 6% pf.100
7% preferred
100
Memphis Pr A Lt $7 pref *
19
21
Interstate Power 57
108
109
113
114*4
111
112
105
106*4
110*4 112
114*4 117*4
54
98
113
78
MMM
100
114*4
81
7%
86
88
110*4 111*4
94*4
92*4
108*4 110
90*4
9294
7*4
8*4
Eleo—
65
1.75
2.75
Rochester Gas A
110
101*4
2.75
Queens Borough G A E—
6% preferred
—100
Republic Natural Gas
1
100
preferred
62.10
63.75
pf 100
pref.--*
Philadelphia Co 35 pref—•
Pub Serv of Colo 7% pf 100
6% preferred C
Illinois Pr A Lt 1st pref—*
63.75
*
37 pref erred....
*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
7% preferred
100
Okla G A E 7% pref—100
Paclflo Pow A Lt 7%
195
7%
Ohio Edison 36 pref
Penn Pow A Lt 37
122
Gas...100
Idaho Power $6 pref
*
Hudson County
.
For footnotes see page 919.
pref— .100
Ask
.MM
79
74
Hamilton Gas Co v t c
100
6s
Western Maryland 4 *4s—
5s
Gas A Elec of
100*4
5*48
63.10
Foreign Lt A Pow units..*
0.75
100
68
0.75
050
61.25
5s
Wabash Ry 4*4s_.
61.20
0.50
61.25
Virginian Ry 4*4s
113
53*4
61.10
6s
62.25
7%
61 10
Union Pacific 4*4s
8% pref-100
Bid
34
100
preferred
100
Dallas Pr A Lt 7% pref 100
Derby Gas A El $7 pref..*
Southern Ry
Par
New Eng G A E
98*4
62.75
5*4s
Southern Pacific 4*4a
25*4
97
Columbus Ry Pr A Lt—
/98*4
/99
6s
84*4
96
preferred
$6 preferred...
Cent Pr A
/98
St Louis Southwestern 5s..
MMM
100
$7
1 80
62.30
61.50
-
St. Louis-San Fran 4s
44s
Denver A R G West 4*4s_.
preferred
62.30
Reading Co 4 *43
68
6%
62 50
call Deo. 1 1936-50
64.75
Niag A E pr pref...25
Carolina Pr A Lt $7
mmm
Central Maine Power
2 *4 a series G
64 90
Chicago R I A Pao 4*4s_-
preferred.
63.75
.
Cent RR New Jer 4 *4s
Paclflo
Assoc Gas A Elec orlg
Bid
62.50
5s
N Y N H A Hartf 4 *4s
62.60
Canadian
pref.*
pref *
$6 50 preferred
62.50
62.70
Ask
5s
63 25
62 70
National
68
Utility Stocks
Par
3.00
Paclflo 4Hs
N Y Chlo A St. L4*4s
Canadian
Public
Ask
63.75
Missouri
63.25
Boston A Maine 4 *4s
Tel. DIgby 4-2800
EST. 1908
members
Railroad
COMPANY
STOCK
preferred
100
Texas Pow A Lt
7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
Utah Pow A Lt 37 pref—-*
77*4
79
Utlca Gas A El 7%
89*4
91
Virginia
80
pf-100
100
104*4 104*4
100
101*4
28*4 29*4
193
68 H
75*4
110
198
70
76*4
111*4
110*4 112
93*4
95*4
79
77*4
102*4 104*4
82
Ry
175
3e
Financial
918
Quotations
Feb. 6,
Chronicle
Over-the-Counter Securities—Friday Feb. 5-Continued
on
Securities of the
OFFERINGS
Associated Gas & Electric
S. A. O'BRIEN &
Members New York Curb
ISO
BROADWAY, NEW YORK
First
System
American
CO.
Amer States P 8
,103%
Houston Lt & Pow 3%s 66
Iowa Sou Util 5%s._ 1950
104
96
92 ^
69 %
94
Kansas Elec Pow 3 %s.l966
100% 100%
70 Hi
Kan Pow & Lt 1st
108% 109
54
55
Keystone Telep 6%s.l955
89
91
1945
94
Associated Eleotrlo 5s. 1961
Assoc Gas & El Co 4 His '58
Kan City Pub Serv 3s. 1951
4%s '65
90
43
.104%
102%
!
49
Louisville Gas & El 3 %s '66
43%
46
48Hi. 49
34
54 %
1978
1973
Conv deb 4s
J973
91
93~~
97
98 %
Conv deb 6%s
1973
Sink fund lnoome 4s 1983
107
48
Metrop Edison 4s ser G '65
Missouri Pow & Lt 3%s 66
Mtn States Pow 1st 6s 1938
86
...1973
4%s
Conv deb 5s
Narragansett Elec 3%s '66
Newport N A Ham 5s. 1944
New Engl Pow 3His. .1961
N. Y. State E & G Corp.
Sink fund lno 4%s.. 1983
Sink fund lnoome 5s 1983
54
51%
57 %
58
61
Northern N Y Util 5s. 1955
Sink fund lno 5 %S..1983
60
65
Ohio Edison
Sink fund inc 4-5S..1986
52
Old Dom Pr 5s May 15 '51
Sink fund lnc 4 %-6 %s 86
59 Hi
61%
Okla Gas & Elec 3%s.l966
Debenture 4s
1946
66
Pacific Gas &
Sink fund lnc 5-6S..1986
Sink fund inc 5%-6%s 86
Participating 8s xw. 1940
Bellows Falls Hy El 5s 1958
Blackstone V G A E 4s '65
Cent Ark Pub Serv 6s 1948
51
SmRT.BRENT&Co.
INCORPORATED
103% 1051
104 Hi
108% 109%
100
105
101%
85%
88%
105%
Central Public Utility-
Stkl952
Power 5s... 1953
Conn Lt A Power 3 His 1956
3 His series F
1966
1966
3His series G
/10%
1Q6 Hi
12%
3%s
series
I
1952
106
Bid
102% 102%
105%
107 Hi 107%
104
104%
__
102%'102%
101%'l01%
1954
102
105%
103%
103
105
5%s series A
1954
Butler Water Co 5s... 1957
105%
Hi'l05 Hi
Calif Water Service 4s 1961
103
105
Chester Wat Serv 4%s '58
Citizens Water Co (Wash)
103
104H*
5s
1951
102
6%s series A
1951
103
105% 106%
103% 104
102% 103 Hi
102% 103%
Wisconsin G A El 3 %s 1966
Wise Mich Pow 3%s..l961
73
74
96
!
98
1st mtge 4s
1961
100% 101 Hi
104%|l05 Hi
104
New Roohelle Wat 5s B "51
91
93
5%s
,
1961
New York Wat Serv 5s *51
93%
91%
99% 100%
Ohio Valley Water 5s
Ohio Water Service 5s
5s
1941
City W
(Chat)"5s" B"l954
1st 5s series C—--. 1957
5 %s series A
1947
Community Water Service
6%s series B
..1946
mmm
mmm
102
99
93
91
1954
109
1958
101
103
96
98
m
mm
Penna State Water—
1st coll trust
mmm
4His..l966
Penna Water Co 5a
102
mm —
Peoria
Water
..1940
Works
J
•
-mm
101% 103
105
100
mmm
1948
101
mmm
1948
103%
105
Phlla Suburb Wat 4s.. 1965
106
Pinellas Water Co 5%s '59
Pittsburgh Sub Wat 5s '58
...
103
101
1st consol 5s
1st A ref 5s
mmm
105
1950
1st consol 4s_1948
Prior lien 5s
101%
100
84
86
Plainfield Union Wat 5s '61
91
Richmond W W Co 5s. 1957
......1958
1958
95
98
100
mmm
105
mmm
100
101
103
St Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co
105%
W 5s
%s
1958
Scranton Spring Brook
Water Serv 5s...1961
103% 105 Hi
1942
101
1967
102%
6s series B
1942
102% 104Hi
Shenango Val is
B 1961
102%
5s series D
1960
104 Hi
South Bay Cons Wat 5s '50
Sou Pittsburgh Wat 5s '55
5s series A
1960
81%
Greenwich
1952
6s series B
.1952
Haekensack Wat Co 5s '77
6%s series B
1977
Huntington Water 5s B '54
4pa
150
n
Ki
■
Broadway,
w
N. Y.
5s series B
102
102%
Terre Haute Water 5s B '66
1962
104
mmm
6s series A
Bid
1
1
B'way A 41st Street—
1st leasehold 6His.. 19
/49
/52%
/37%
Mortgage Certificates
Ask
Bid
51%
/35%
6s.
39%
93
104
96
100
100H* 102
102% 104
102% 104
Western
1966
mmm
4
/40%
/72%
5
66%
6s.
—
99
74%
69%
.1958
99
103
Joplln W W Co 5s....1957
Kokomo W W Co 5S..1958
Munsou
73%
71%
8
77%
99 Hi 101
/64
1
/30%
57%
7
/II Hi
2
89 Hi
13 Hi
91Hi
85%
88
.
Bldg 1st 3s lno '4 8
/54%
56%
600 Fifth Avenue—
6 4b unstamped
194 9
502 Park Ave 1st 6s...194 1
45
/34%
Bldg 1st 6Hi8.1939
...IS
/52
/65%
8
1st 6s
75%
stamped...11
9
83
8
/43%
46%
Fox Theatre A Off Bldglst 6 %8
Oct 1 18
1
/24%
Wichita Water Co 6s B '66
102
•
106
—
mmm
mmm
105
mmm
5s series C
1960
"04%
mmm
6s series A.
1949
103%
mmm
W'msport Water 5s...1962
105%
...
—
/44Hi
Chain Store Stocks
79
45%
Borland Shoe Stores
/60
62
6%s series C-2
/49%
/59
/49%
52%
5 %s series F-l_
5 %s series Q.
19tb A Walnut Sts (Phlla)
1st 6s_.
July 7 1939
Oliver Cromwell (The)
1st 6s
Nov 15 1939
/33%
/13%
36%
165 Bway Bldg 1st 5%s '51
Prudence Co
5%s double stpd.__1961
Realty Assoc Seo Corp—
...1943
1st fee A 1'hold 6%s.l940
Savoy Plaza Corp—
Realty ext 1st 5%s.l945
80
83
58
*
$2 50 conv pref
Bohaok
(H C) common. _»
7% preferred
..100
100
Diamond Shoe pref
Fish man (M H) Stores... ♦
Preferred
100
68%
93
96
4%
14Hi
15%
37%
5%
10
53
Ask
12
12%
18
22
6%% preferred.....100
Murphy (G C) $5 pref. 100
Nelsner Bros pref
100
112
Reeves
108
44
52
108
114%
11
51
Bid
*
6% pref
(Daniel) pref.. 100
Schlff Co preferred
United Cigar Sts 6%
104
22%
24 Hi
100
6% pref ctfs.
17
U S Stores preferred... 100
105
20%
pf .100
20
7
Kats Drug preferred
Kobacker Stores
12
89%
7% preferred
64%
59%
69
..100
92
71
58
21%
3
61%
/56
108
104
Sugar Stocks
/57
59%
Eastern
Sugar Assoc..
Preferred
...1
.
.1
Bid
Ask
37
40
42H*
44
Par
Savannah Sug Re! com
West Indies Sugar Corp..l
Bid
37%
6%
Ask
is
Sherry Netherland Hotel—
59%
Par
Kress (S H)
Miller (I) Sons com
16
Par
86 Hi
66
18
36
Blokfords lno
61
Ask
16
104
B G Foods Inc com.
61 Hi
Bid
♦
100
7% preferred
Roxy Theatre—
155
8
Hi
Park Avenue—
2
8
/67%
J
57 Hi
Rochelto) 1st 6s
18 5
Lefcourt Manhattan Bldg
1st 4 5s extended to 1
89%
70
/29%
/29%
31%
5%s___May 15 1948
/38%
40%
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6 %s'38
/38%
41%
61 Bway Bldg 1st 5 His 1950
/57
69
Syracuse Hotel (Syracuse)
1st 6%s
Oct 23 1940
/73
6s
1st
Kelth-Albee Bldg (New
—
73%
.1945
Textile Bldg 1st 6s
Lewis Morris Apt Bldg-
/51%
J
78%
55%
?
J
)
98%
59%
90%
63%
Ludwlg Bauman—
1st 6s (Bklyn)..
73%
1
73%
...
1
For
footnotes
see
page
1%
919.
48%
1958
Trinity Bldgs Corp—
1st 5%s
1939
57%
59%
97
99 Hi
66
70%
Walbrldge Bldg (Buffalo)—
1st 6%s
Oct 19 1938
West In gho use Bldg—
/28
1st fee A leasehold 4s '48
*
Haytian Corp Amer..
31%
2 Park Ave Bldg 1st 4s 1941
7
104%
mmm
96
/37%
101%
N Y Eve Journal 6His.1937
N Y Title A Mtge Co—
1
%s <L I)—
103
99% 102
39
26
9
lat
99%
Westmoreland Water 5s '52
104% 106
39
6s income.
4
Graybar Bldg 5s.
100
104% 106
Lexington Wat Co 5 %s '40
/37
2nd mtge 6s
...1961
103 E 57th St 1st 6s...1941
77%
14u.< Broadway Bldg—
1st 6%s
1951
102
Long Island Wat 5%s.l955
Middlesex Wat Co 6%s '67
Par
1st mtge 2s stmp A reg'55
1st A gen 6s
1946
1
3
vay
37%
Bldg—
7
4:
1950
1950
-mm
37Hi
5 %8 series BK
0
52d A Madison Off
:
mm
Water Co—
1st mtge 5s
1st mtge 5 %s
102
Ask
N Y Athletic Club—
8
50 Bway
Y
m
[etr
8
1952 Legended.
N
5s series B
Interstate Water 6s A. 1940
Broadway Motors Bldg-
Deb 5s
mmm
102
Indianapolis Water—
1st mtge 3%s
n y 1-588
mmm
103
Illinois Water Serv 5s A '62
Bell System Tel.
103 Hi
mmm
'■
Texarkana Wat 1st 5s. 1958
Union Water Serv 6 %s *61
Water Serv Cos lnc 6s '42
6s...
1
1949
•
102
W Va Water Serv 4s..1961
■
-
mmm
105%
100 Hi
102
mmm
1954
•
83%
103
I960
mmm
109
104
103
Spgfleld City Wat 4s A1956
Indianapolis W W Secure
Real Estate Bonds and Title'Co.
ser
«»«»
•
5s
INCORPORATED
2360
101% 103 Hi
100% 103
103%
6s
AMOTT, BAKER A CO.
1st A ref 5s A
Water A Gas—
5a series A
BArclay 7
102
mmm
103% 105
5s series A
mmm
mm
mmm
98
Rocb A L Ont Wat 5s. 1938
Consol Water of Utlca—
His
m
1950
Roanoke W
E St L A Interurb Water—
Reports—Markets
107%
101%
105
Davenport Water Co 5s *61
Public Utilities—I ndustrlals—Railroads
mmm
107
88
4
Estate Securities
102%
103
100
/63%
Real
103
105
Co—
1946
4
--
•
101
ConneUsvllle Water 5s. 1939
6s series A.
*±mm
Ore-Wash Wat Serv 6s 1957
City of New Castle Water
1st mtge 5s
Federal Pub Serv 1st 6s *47
102
...
105
•
Commonwealth Wat (N J)
5s series C
1957
124% 125%
102
105
Ohio Cities Water 5%s '53
89%
Western Mass Co 3 Hia 1946
Western Pub Serv 5%s 60
5%8
1950
Morgan town Water 5s 1966
Newport Water Co 5s 1953
1—
102
Wisconsin Pub Ser
3His'66
104
6s series B
103%, 104
1957
|
70
mmm
5s series C
88
69
106%
mmm
Water Works
Tel Bond A Share 5s.. 1968
67
6% secured notes.. 1937
104
Birmingham
100% 102
Monongahela Valley Water
Muncle Water Works 5s '65
New Jersey Water 5s -1950
103%
Atlantic County Wat 6s '58
Clinton W Wks Co 5s. 1939
1957
mmm
Ask
Bid
Monmouth Consol W 6s '66
103
Ashtabula Wat Wks 5s '58
102%!
100% 101%
81
I 82%
62
106
68
Cumberl'd Co PAL
105
I
Utlca Gas A El Co 5s
Ask
101
Alton Water Co 5s_...1956
101% 102
Alabama Water Serv 6s '57
60
..1962
3%s A.1961
Water Bonds
|107
Sou Cities Util 5s A... 1958
105
NEW YORK
Teletype: New York 1-1073
103% 104 Hi
106
Pennsylvania Elec 5s 1962
Penn Telep Corp 1st 4s '65
106% 107 Hi
Peoples LAP 5%s._1941 /100
(102%
Public Serv of Colo 6s. 1961
105 Hi 106
Pub Serv of N H 3%s D '60
105%,106 Hi
Pub Util Cone 5%s...l948
83
85
Sioux City Gas A El 4s 1966
100% 101
'
Sou Calif Gas 1st 4s...1965
PLACE,
Tel. HAnover 2-0510
105
Consol E A G 6s A...1962
6s series B
EXCHANGE
102% 102%
107Hi 107%
101% 101%
100
(102
Elec Co
Parr Shoals Power 5s
87 Hi
Income 5 His with
1972
103
84%
Cent Maine Pr 4s ser G '60
..1965
3%s
.1966
Pacific Tel & Tel 3His C '66
1946
1st lien coll tr 6s
4s
102 Hi 103
Central G A E 6%8.._1946
Conn River Pr
Complete Statistical Information—Inquiries Invited
__
Los Angeles G & E 4s 1970
45 Hi
35^s—1978
Tel. 2-3761
Water Works Securities
..
40
Income deb 4 His—1978
Colorado
88
Corp—
Income deb 4s
Inc.
Specialists in —
Ask
103%'
1948
Conv deb
I
Federated Util 5%s.._1957
Green Mountain Pow 5s '48
1st 68 series A..
Income deb
Co.,
(Maine)
Est. 1854
Bid
Ask
Ariz Edison 1st 5s
Income deb 3%s..-1978
Electric
PORTLAND, MAINE
96%
102
Assoc Gas & Elec
&
Utility Bonds
,
Amer Wat Wks & El 5s *75
Ark Missouri Pow 1st 6s *53
'
-
H. M. PAYSON fit CO.
HANcock 8920
94Hi'
5%s_1948
Works
Exchange
Telephone between New York and Boston
Teletype—N.Y. 1-1074
Bid
Water
Consumers Water Co.
Bell System
Public
WANTED
Mortgage Bonds of Subsidiaries
75 FEDERAL ST., BOSTON
COrtlandt 7-1868
Direct Private
1937
—
CURRENT
—Vanderhoef &
admitted
as
a
Robinson
announce
/76%
that
Bernard W.
Green has
been
general partner in their firm.
—J. B. Hanauer & Company are distributing the Feb. 1st Issue of "The
New Jersey Municipal Bond Market."
79
NOTICES
—J. Roy Prosser & Co., 52 William St., New York City,have issued a
circular on American Alliance Insurance Company.
1
—Ralph H. McManus. formerly with Leach Brothers, Inc., has become
associated- with Steelm&n & Birkins.
Volume
Financial
144
Quotations
919
Chronicle
Over-the-Counter Securities—Friday Feb. 5- Continued
on
Investing Companies
Merck & Co., Inc.
Bid
Par
Climax
Molybdenum Co.
Administered Fund
Amerex
Interstate Natural Gas Co.
Amer. Dist. Tel. (N. J.)
12.49
28
Holding Corp...*
Bought—Sold—Quoted
8%
115
17.10
24.12
26.45
10.47
11.45
Investors
3%
29.84
31.66
1
17.85
19.51
4.97
Trust._1
Mutual Invest Fund
46c
66c
Nation Wide Securities.. 1
4.87
36.40
38.93
23%
25%
Voting trust certificates.
N Y Bank Trust Shares...
2.19
1
4.70
5.10
No Amer Bond Trust ctfs
64%
Class B
Tel. BArclay 7-0700
50
11%
19%
3.70
Series 1958
12%
3.77
Series 1956..
29.82
3.49
Northern
20%
3.14
68%
2.92
Series 1955
10
27.73
2.35
4%
No Amer Tr Shares 1953..
55
7
*
Century Trust Shares...*
Oonsol. Funds Corp cl A.
Contlnental Shares pref..
Corporate Trust Shares..
Security Dealers Association
Broadway, N. Y.
4
16.76
Canadian Inv Fund Ltd.l
Central Nat Corp cl A
*
Established 1920
York
49
47
Mass
6
7%
5.47
Bullock Fund Ltd
Bristol & Willett
1.90
1.76
10
Keystone Cust Fd Ino B-3.
Major Shares Corp
*
Maryland Fund Ino oom..
1.27
5%
Bankers Nat Invest Corp *
Basic Industry Shares
*
oom.
Investors Fund C
13
1.14
British Type Invest A...1
Broad St Invest Co Inc...
Members New
Invest Go of Amer
2.26
2.09
Group Shares
Insurance Group Shares
1.43
12
Amer General Equities Inc
Am Insurance Stock Corp *
Assoc Stand Oil Shares. .2
Bank
29%
1.30
Ask
Bid
Par
Institutional Securities Ltd
21.34
Amer Business Shares
1
Amer A Continental Corp.
Com. & Pfd.
Ask
20.06
11.51
__*
Affiliated Fund Inc
76
Securities... 100
Industrial Stocks
Bid
r
*
American Book
0
Par
Ask
110
♦
com
preferred
Preferred
44%
100
34%
National Casket
17%
47%
49
25%
0
87
26%
...
20%
51%
19%
*
Preferred
»
Nat Paper <fe Type com
49%
110
*
113
9%
10%
6
*
7%
100
32
New Haven Clock pf.
100
Northwestern Yeast... 100
95
105
89
92
Norwich
*
5%
preferred
..
Class A..
»
18%
20
2.97
Blass B
*
3%
4%
3.80
Plymouth Fund Ino A.lOo
Quarterly Ino Shares new.
Representative Trust Shs.
Republic Investors Fund. 6
Royalties Management...
.99
1.10
19.10
20.93
14.71
15.21
Series ACC mod
Crum A Forster Ins com 10
8% preferred
100
33%
112
3.54
Selected Industries
Spencer Trask Fund
5.35
37.81
41%
44 %
29.12
31.38
*
14.05
*
11.62
O
Foundation Trust Shares A
Fundamental Investors Inc
5.35
5.65
25.79
27.21
Fundamental Tr Shares A.
6.60
7.38
45
11%
12%
Fixed Trust Shares A
Pathe Film
*
98
9
Petroleum Conversion
•
VUUJ
Columbia Broadcasting A
Publication Corp com
11
13
Remington Arms
♦
^IClOilUU.
47%
•
WM
45%
22
24
ScoviU Mfg
2%
*
*
25
com
48
52
53
50
4%
5%
47
49
Singer Manufacturing. .100
342
348
•
46%
48%
Standard Screw
150
157%
»
$7 preferred
♦
54%
108%
56%
Stromberg-Carlson Tel Mfg
Syivanla Indus Corp
*
9
Dentists' Supply Co of:
t
62
65
Dictaphone Corp
•
64%
68
Preferred
9
*
)
75
80
Trico Products
29
32
Tublse Chatlllon
•
85
88
United Mercb A Mfg oom *
United Piece Dye Works.*
*
♦
13%
41%
*
Preferred.
4~~
3%
7%
12%
•
43%
8%
oum
*
pf. 10
conv
18% 20
41
42%
102% 107
22
23%
2%
2
100
19%
preferred
*
42%
Welch Grape Juice com-.5
21%
100
46
107
23%
24%
3
40%
9%
44%
West Va Pulp & Pap com. ♦
Preferred
...100
10
West Dallies Ino
preferred
com
vtc 1
38%
4%
32%
40
42
42
45
S3 cum preferred
White Rock MLi Spring—
$7 1st preferred
100
2%
2%
WUcox-Glbbs common..50
24
)
2%
3
wuiys Overland Motors. .1
)
44
)
260
46
110
)
120
►
-
10
Worcester Salt
-
10%
12%
68
Preferred.
preferred...
t
WJR The Goodwill Station
)
7.95
Trustee Standard Oil Sn
Trusteed Amer Bank Shs B
1.02
1.55
1.68
1.60
1.77
2.39
2.58
Trusteed Industry Shares.
U S El Lt A Pr Shares A..
20%
20%
1.69
1.83
3.23
3.33
1.20
1.28
<
.
1.05
1.15
1.75
1.90
Voting trust ctfs
UnNY Bank Trust C3_.
1.50
1.63
Un N Y Tr Shs ser F
1.76
1.91
Wellington Fund
Mining Shares
Petroleum
...
1.55
shares
3%
1%
4%
1%
21.38
23.42
1.68
RR Equipment shares..
shares
1.84
1.99
Investm't
1.96
2.12
Tobacco shares
1.19
1.30
Banoamerioa-Blalr Corp..
First Boston Corp
eom.
1
*
23
Huron Holding Corp
Incorporated Investors..*
1.08
26.87i
1.13
1%
Banking Corps
12%
13%
46
47%
Schoelkopf, Hutton A
25
Pomeroy Ino oom
7\
6%
1.38
28.89
32
34
...100
Young (J S) Co
7% preferred
Submarine Signal Company
5%
11%
61
67
100
100
114
...100
126
com...
ROBINSON, MILLER A CO.
INO.
71
52 William Street, N.Y.
STREET
Bid
NEW
Armour & Co 4s
YORK
UNTERBERG
& CO.
j Commodity
61 Broadway, New
Exchange, Inc.
BOwling Green 9-3565
York
Teletype N. Y. 1-1666
98%
99
conv
/71
74
N Y Shipbuilding 5s.. 1946
97
101
4%s.—..-1/962
97%
102% 103%
93%
/91%
Reynolds Investing 5s 1948
93%
95%
112
ScoviU Mfg 5%s
Std Tex Prod 1st
106%
1945
Federal Farm Mtge Corp—
6%s as'42 /24
95
l%s
Sept 1 1939 100.29 100.30 Strath,Wells Titus 6%s '43
Haytian Corp 8s
101
1938
29% Tide Vfot Assoc Oil 3%a *52
/ 27%
Home Owners' Loan Corp
Union Oil of Calif 3 %a 1952
112%
l%a
Aug 15 1937 100.22 100.26 Wltherbee Sherman 6s '44
/37
2s
Woodward Iron 5s... 1952 /129
Aug 15 1938 101.30 102
l%s
June
1 1939 100.27 100.30
108%
1940
Elec Auio-Lite
*
conv
No par value,
e
a
4s '52
1121%
interchangeable,
Ex-rights.
/ Flat price
b Basis price,
c
25
101%
112%
39
132
Registered coupon (serial)
i When issued
x ex-dlv'dend
Now selling ex coupons
to
x
98
*
Now
t Now listed on New York Stook Exchange.
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
Trenton, New Jersey.
NOTICES
Before joining the First National Company
last year, Mr. Ruth was associated
Teletype N Y 1-1397
with Redmond & Co. in New York.
—Hartley Rogers & Company, Inc. announces that Melvin Hass is now
in charge of their Los
their Chicago office.
GAIR
Angeles office, and R. H. Goodman is
Both
are
now in
charge of
Vice-Presidents of the company^
—Eastman, Dillon & Co., members of the New York Stock Exchange,
BAKE SHOPS
PETROLEUM
announce
CONVERSION
ALLENDALE
at its
CORP.
GENERAL ALLOYS
DENNISON
Nuhel is
OIL
Incorporated
a
been as¬
partnership.
Mr.
member of the New York Stock Exchange.
—The Chicago investment firm of
Mason, Moran & Co. announce that
William A. Johnson has become associated with them in their Milwaukee
office in the First Wisconsin National Bank Building.
STREET
Bell Tele.
associated with the firm
sociated with them for many years, has been admitted to
A
LANCASTER & NORVIN GREENE
BROAD
that W. Ralph Rockhold Jr. has become
Rockefeller Center office in the International Building.
—Halle & Stieglitz announce that George W. Nubel Jr., who has
PFD.
MFG.
MIDWEST
30
217% 227%
Otis Steel
f ,6s
Nat Radiator 5s.....1946
*
Tel. HAnover 2-8780
FEDERAL
1939
104% 105
pany of
ST., N. Y.
(Glenn L)
6s
103% 104%
CURRENT
York Security Dealers Assn.
BROAD
Kopper Co 4s ser A...1951
104
91%
99% 101%
103
103%
—William C. Ruth has been elected treasurer of the First National Com¬
Established 1919
25
.1948
88%
100% 102%
conv a
Inquiries Invited
Members of the New
Conv deb 6s
99%
selling on New York Curb Exchange,
M. S. Wien & Co.
6%s 1937
Kelsey Hayes Wheel Co—
-
Martin
Cudahy Pack conv 4s. 1950
1st 3%s
1955
Deep Rock Oil 7a
1937
d Coupon,
Am. Writ. Paper, New
Eastern Footwear Corp.
United Cigar Stores Com.& Pref.
Electrol,! Inc.
Journal of Comm
m
Bear Mountain-Hudson
1st
F New York Security Dealers Association
-
99
Associates Invest 3s. .1946
Chicago Stook Yds 5s. 1961
Cont'l Roll A Steel Fdy
CLIMAX MOLYBDENUM COMPANY
_
98
Ask
Bid
Ask
112
1957
River Bridge 7s._.. 1953
Telephone HAnover 2-9030
N
Miscellaneous Bonds
American Tobacco 48.1951
Am Wire Fabrics 7s..1942
Members New York Curb Exchange
B
Merchandise shares
27
4%
11%
QUAW & FOLEY
HAnover 2-0077
7.75
Food shares
Bought, Sold & Quoted
ROBERT
8.19
\
B
1.90
Investing shares...
SYLVANIA INDUSTRIAL CORP.
E.
16.34
3.24
D
100
i
MamhiMii
8.34
3.31
Trustee Standard Invest C
26
5
Members
8.34
15.03
Supervised Shares
34%
24%
62
»
C.
2.90
D
6
*
White (S S) Dental Mfg_20
9
7%
3
BROAD
4.57
2.06
Preferred
36%
105% 107%
65
*
30
2.90
B
BB
7.31
General Investors Trust..
Group Securities—
Agricultural shares
Automobile shares
Guardian Inv Trust
36
7%
AA.
6.02
1.19
119
4.37
Super Corp of Am Tr Shs A
Steel
Preferred
♦
Good Humor Corp
20%
44%
43%
Warren Northam—
S3
B
4.75
1.10
116
Building shares.
*19%
•
9
Corp
B
*
Chemical shares
..100
Taylor Milling Corp
Taylor Wharton Iron A
Steel com
119%
4.50
35.18
41
1%
23.86
Standard Am Trust Shares
Standard Utilities Ino...*
*
1
29%
23.14
State Street Inv Corp
•
Preferred.
27%
*
8.75
Ohio Match Co....
101
5.82
pf
conv
2.20
Ohio
7% pref
4.26
11.08
Selected Income Shares
7.90
36
*
Selected American Shares.
Selected Cumulative Shs_.
2.05
44%
5
75c
17.42
6.73
25c
42%
Pharmacal
55c
2.81
D
Dividend Shares
5.45
5.15
3.75
C
J
15.98
new
12%
25
Leather
Selected Amer Shs
Diversified Trustee Shs B.
*
Hotels
com.
39
Cumulative Trust Shares. *
Deposited Bank Shs ser A
Deposited Insur Shs A.
Deposited Insur Sh ser B__
D
Bowman-Blltmore
Bur dines Ino
53%
33%
37
Eqult Inv Corp (Mass)..5
Equity Corp conv pref
1
Fidelity Fund Ino
*
51%
3.80
10
7% preferred
Pacific Southern Inv pref. *
31%
117%
100
Common B shares
36
97
Muskegon Piston Ring..
16%
*
36%
83
)
*
Andlan National Corp..
114
6%
5 > 44%
1%
34
.100
Mock Judson A Voehringer
62%
Ask
1%
1
Merck A Co Inc
65
American Hard Rubber—
0
Bid
Maytag warrants
'
57
42%
2.97
Seines AA mod..
Teletype NY 1-1493
41 %
Series AA
Accumulative series
Bell System
N. Y.
1-1786
—Schlater, Noyes & Gardner announce that Stanley R. Rowland is now
associated with their firm.
Financial
920
Feb. 6,
Chronicle
1937
=5
By R. L. Day & Co., Boston:
Quotations on Over-the-Counter Securities
Friday Feb. 5—Concluded
i
Bavarian
,
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s... 1956
Kohoiyt 5*s
|23
...1945
Bolivia (Republic)
8s-1947
,7s
1958
a
1969
12
8
.....1940
k
„
Munich 7s to........1945
Municipal Gas A Blee Corp
Recklinghausen 7s..1947
Nassau Landhauk 6*s '83
Natl Bank Panama 6*%
Burmel8ter& Wain 6a-1940
t
Oauoa Valley 7148
Ceara (BraaU) 8%
Chile Govt 68 assented
7*s—...1962
m
i
1949
122
4s scrip
8s
Bleetrle Pr (Germ) 6 *s '50
Santa
/26*
German Atl Cable 7S..1945
German Building A Land-
2d series 5s....——1956
23
German defaulted coupons
a.43*
Coupons—
Nov 1932 to May 1935
/55
Nov 1935 to Nov 1936 738
Slem A Halske deb 6S.2930 /260
feJttly to Deo 1922
i Jan to June 1934
July to Deo 1984
State Mtge Bk
5s
1935
to June 1916
Coupons—
1958
,
1956
1935
738
/19
760
Stettin Pub UtU 7s.—1946
to|Deo. 1 '36.
1954
/50*
unstamped....—1946 759
Certificates 4s...1936
flOH in*
/13 i 13*
m
,99
7s
Certificates 4s...1946
1955
Toho Electric 7s
Hanover Hars Water Wks
20*
100
Haiti 6%
Hansa SS 6a stamped. 1989
*56
6*6* unstamped
1939
Housing 8c Real Imp 7s '46
Hungarian Cent'Mot 7s '37
Hungarian Ital Bk 7*s '32
Dnlon of Soviet Soo Repub
7% gold ruble
.1943
United Steamship 6s.1937
Unterelbs Eleotrio 6s.1953
Vesten Elec Ry 7s
1947
Wurtemherg y7s
to...1945
Shares
91.15
101
/17
,/19*
4
For footnotes see page 919.
AUCTION SALES
Estate Co., par $10.—.—...—...———...
10 Colored Business Man's Exchange of Baltimore City, Inc., par $10...... $15
lot
2 Joint Stock Assn. of the National Ord8r of the Galilean Fisherman of the
25 Jenkintown Bank A Trust
—
...............
..—
Co., Pa.,
par
of
following securities
were
110—35*
79 Land Title Bank A Trust
5 Fidelity-Philadelphia Trust
Co., par $5....
Co., par $100..
on
Wednesday
thejeurrent week:
20 Philadelphia Rapid Transit,
12 Integrity
7% preferred, par $50
Trust Co.....—..
...—
$2,000 University Club deb. 6s, 1954——
$l,000(Unlversity Club deb. 8s, 1940—..
THE "PARIS
%}per share
4,000 The Public National Bank A Trust Co. of New York common capital stk. 53*
5 New England Southern Corp. (Mass.), prior pref., no par
$2 lot
100 Patent Scaffolding Co., Inc. IN. Y.), par $50......
———..$850 lot
5 Arlington
Mills
25 (Newmarket
Francs
690
354
Feb. 5
Franes
8,700""8,400
U8.600
||1,562
688
1,557
8,300
1,539
.•675
687
\ TO81
*378
379
368
27,200 127,400
1,233
1,210
1,630
1,620
72
63
27,500
1,200
1,630
23,200
1,181
1,580
27,700
76
82
775
750
700
855
830
200
200
Pacific
Canal de Sues cap—
OleiDlstr. d'Eleotrioltle
Feb. 4
1
SFrancs
...
Cte Generate d'Eleotrioltle.....
775
862
180
862
Oourrleres
274
"280
283
690
635
631
1,770
1,750
439
700
890
1,740
1,720
1,700
447
1,720
1,670
l"560
291
698
...
Credit Commercial de France..
Credit Lyonnatse
Eaux Lyonnalse cap..
....
Energle Eleotrlque du Nord—..
Energte Eleotrlque du Littoral..
Kuhlmann
................
Closed
Lyon (P L M)
Nord Ry
1,720
453
Orleans Ry 6%
Pathe Capital
|
870
«
870
870
1,610
1,640
^750
730
f804
**
'
30
28
2,180
"
.......
Rentes, Pepetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4*s, 1932 A
Rentes 4*%, 1932 B
Rentes 5%, 1920
"381
382
372
*362
355
1,600
763
2,190 T2.1S5
2,255
74 fin
f75.10
72.80 174.50
73.40 V 74.20
73.60
73.20
* '*■72.80 172.70
77.50
76.90
J *77.25
177.30 n77.75
77.60
29
Peohlney
1,710
1,580
687
755
711
210
426
.
1,590
*«750
#787
J1.580
j
758
...
V
30
74.20
73.50
73.50
72.75
72.50
77.00
71.70
76.40
77.40
78.80
96.00
95.00
5,200
2,530
1,476
5,140
110
120
'
.
96.20
95.50
4,950 1 5,030
2,585
*f2,670
Schneider A Cle
Q
Soolete Franoalse Ford
1,509
fl
117
90
173
173
174
173
1,755
1, 527
1,725
1,705
1,675
529
529
527
^217
224
1 1545
520
108
Tublae Artlflolal Silk, pref
Union d' Eleotricttle
2,599
1,509
1,520
120
1
"1
.......
5,140
j! 96.90
111
1
Wagon-Llts
221
223
^
526
525
mi 19
lfi.125
ITS 1
ITHE'BERLIN ISTOCK1EXCHANGE
......... ............. .............
cable
Francs
''Feb. 3
Feb. 2
Francs
8,700
1,570
.....
Banque de Paris et Dos Pays Baa
Basque de I'Unlon Parislenne..
ijjClosing
25 United Mer. & Mfrs. Inc..
................—.—$6 lot
-$2 lot
BOURSE
Jan. 30 \'Feb. 1
{JBy Crockett &]Co., Boston:
Stocks
s
10*
each day of the past week:
Soolete Marseillaise
UBy Adrian]H. Muller & Son, New York:
Shares
...—
...
Soolete Generate Fonolere
Stocks
...
—...———
—...
Soolete Lyonnalse
Shares
8*
1
—424
40
29
—13
—
-
10 Penosylvanla Co. for Insurances on Lives A Granting Annuities, par $10—
50 Bornot, Inc., class "A," no par..
.................—————
Royal Dutch
sold at auction
(15—35*
$10...—
50 Central-Penu National Bank. par $10-..-....—45*
50 Com Exchange National Bank & Trust Co., par $20
70
Saint Gobaln O A C
The
J]
t per Share
IStocks
L'Air Llqutde
100
/19
25 flat
.94* & int.
12 Patapsoo Savings <fc Real
..........
*89
i
*88.55
-51* A int.
.—11* flat
Oomptotr Nattonale d'Esoompte
Ooty 8 A—
I:::
Tuouman City 7s.
1951
Tuouman Prov 7«—.1950
Guatemala 8s 1948
1957
1958
-S
Ole Generate Transatlanttque—.
Citroen B
17
—1947 4/15*
*99* 100*
*99* 100*
Tollma 7s
110*
1960-1990
28
$4,000 New Brunswick Power 5s, March, 1937—......
Canadian
748*
*87
81
..-..401
Bonds—
Bank of France......
290
/55
Stlnnes 7s unstamped.1936
Gras (Austria) 8s
Gt Brit & Ireland
......
.......
........
Francs
46* '49*
43* -47*
Oct 1935 to Oct 1936.
8*
U7 *
Deo 1 *34 stamped..
$100
Quotations of representative stocks as received by
48*
46*
-
Oct 1932 to April
7
Apr 15 '35 to Oot 15 '26.
German Young pou pons
lot
17
Jugoslavia
2d series 5s
■July to Dae 1926
German scrip
German Dawee Coupons
Deo 1924 stamped
$4*
$1,000 Dellashore Apartments (Chicago) 6*s, 1937, c. d...........
$1,000 8120 Jefferson Avenue East Apartments 6s, 1942, e. d—....
29
1940 798
7s
{/Jan to June 1935.
■6%
/16
68.1943 if27
Saxon Pub Works 78.1945
/20*
6*s
1951 ~/l8*
Saxon State Mtge 68.1947 1/21*
Serbian 5s—.........1956 .46*
Sao Paulo (Brasll)
1917
■4s
(78
Santander (Oolom) 78.1948
122
28*
/78*
Scrip
Gelsenklrohen Mln 68.1924
June 1 '35
(Brasll)
Oatharina
1947
fraukfurt 7« to......1945
Jan
,/62
1948 /58
t%
1987
A July to Dee
if38
135
«f33
,/l0* 12*
Santa Fe 7s stamped. 1943
7 His—...1966
—1948
lot
$900 The Securities Co. 4% consol. reg
State of Maryland, par $5. J.
—1948
8s ctfs of dep
1951
European Mortgage * in¬
French Govt 5 Hie
1987
French Nat Mall S3 6« '52
$31
By ^Barnes ^S&jLofland, Philadelphia:
71
28*
,
Salvador 7%
1957
7s ctfs of dep..—.1957
1945
Bast Prussian Pow 68.1952
3>ank0*%
t
.
Doisburg7% to......1945
■0s
•
7% '36 1/35
Rio de Janeiro 6%.—1933 i/25* 127*
Rom Oath Church 6*s '46
'19
R O Church Welfare 7s '46
'18*
Royal Dutch is
1945 150
Saarbrueoken M Bk 6s '47
ft7
6*9—1959
*78
«
s
Rhine Westph Elee
Dortmund Man Utll 6s '48
*6*1—
/26*
t
i
many) 7s
—1946 /17
Prov Bk Westphalia 6s '33 </21
Prov Bk Westphalia 6s '86 ./21
stamped
...1957
Costa Rlea finding 5% '51
Costa Rlea Pae Ry 7 *« '49
vestment
1945 J/19
/68
Porto Alagre 7% .....1968
Protestant
Oburoh
(Gsr-
7s
Duesseldorf 7a to..
/44
/19
Panama 5% scrip..—.—
173*
t
/97*
1947
to
ta*s...
—
60 Wiggin Terminal, 5% preferred, par
1 Boston Athenaeum, par $300
..
m
-1943
,
Issneof 1984 4%.—1946
Cordoba 7s stamped..1927
tCnndlnamaroa
91
48-
—
City Savings Bank, Bndapeat. 7s
—1951
Colombia aerip Issue of '11
-—
$1,000 White River RR. 53, 1933, o. d. stamped
20 Lynn Realty Trust. comnion..-...—
121a. l. Sayle3 A Sons Co., preferred, par $50
$270 Northern Texas Electric, preferred, scrip
30 A. S. Campbell Co., common
100 Victoria Copper Mining Co., par $25
—
100 South Lake Mining Co., par $25
-—
100 Batopllas Mining Co., par $20
..........
200 Boston Ely Consolidated Mining Co., par $5
100 North Lake Mining Co., par $25
100 Winona Copper Co., par $25—
...—.....———
200 OJlbway Mining Co., par $25—
.........
4 Columbian National Life Insurance Co., par $100...——
93
Oberpfals Eleo 7%-—1946
Oldenburg-Free State 7%
49 d
j
20
»-«
North Gsrman Lloyd 6s '47
u
7s assented......
22
86
Mtge 7%
Chilean Nitrate 58....1968
preferred, par $100—.....
National Hungarian A Ind
|21*
1946
1947
00
90*"
87
Hungary
lot
Real Estate Trust, par $100.———.
"New(University Club Boston Real Estate Trust, par $1,000
14 James River Bridge, common
1946-1947
119
7 *i '46
Caldas (Colombia)
Call (Colombia) 7%—1947
CaUao (Peru) 7*%-1944
$35
—-----
lJNew (University Club Boston
10 Orpheum Circuit Co.,
(O & D)
.1948-1949
Nat Central Savings Bk of
169
Co., common
preferred, par $100
1 Lake Parlin Hotel Co.,
$1,000 James River Bridge 7s, 1943, stamped..
/19*
m m
m i
m %
m 1
Munlo Bk Hemsn 7s to '45
(A A B)
26
.....
1-400 Unicorn Real Estate Trust—....——
/19
Meridlonale Eleo 78—1957
1951
Buenos Aires scrip—
1 Lake Parlin Hotel
'48*
48*
/20* 127*
Mannheim A Palat 7s. 1941
i«15*
j
Brandenburg Eleo 6s—1953 ,
Braall funding i% .1981-51
Braail funding scrip—
Bremen (Germany) 7* 19S5 ]
J$6s, 1940
•
British Hungarian Bank""
7*9
1962
Brown Coal Ind Corp—
—
Mills, par $100..
—————————------Mills, par $100
100 Missouri Kansas Farms Co., common A
——
449 American Fuel A Power Co., common
—
1
Lelpstg O'land Pr 6*s '46
Leipslg Trade Fair 7s 1953
Lunebsrg Power Light A
Water 7%
1948
11*
12*
---
79
.—$14 lot
112
2 Stafford
/38
/20
/50
Laud M Bk Wartaw 8s '41
.g|8s-—:
70
.........
/55
1943
116 Hi
'
22 Hi
mi
47
Nov 1935 to Nov 1933
#3lt 7% to
1945
Bogota (Colombia* 6*1 '47
.
46*
Coupons—
Nov 1932 to May 1935
22 *
:
Cons
Palatlnata
As *
/31*
/19
llseder Steel 6s
,
68
Co., par $100
preferred, par $100.
50 City Housing Corp., par $100—
3 Saoo Lowell Shops, 1st preferred, par $100.
18 Nashua Manufacturing Co.,
3 Weetaraoe
Hungarian Discount A Exobange Bank 7s....1986
1948
1946
$>«r Share
'
-
2 units Reel Prentice Corp.
Bid
Anhalt 78 to
.
20 Naumkeag Steam Cotton
Foreign Unlisted Dollar Bonds
Aatloqula 8%
1946
Argentina 4*8
1971
Bank of Colombia 7% 1947
Bank of Colombia 7 % 1948
Barranqullla 8s* 35-40-46-48
Bavaria 0*a to..
1945
Stocks
Shares
20 Newmarket Manufacturing Co.
prices of representative >tocks
each^day of the past week:
as
received by cable
~
*
-
• :■■■;
............
—
Jan.
Manufacturing Co
Feb.
Feb.
2
Feb.
Feb.
4
5
39
30
20 Farr Alpaca Co—
10(Lockwood Co..——————————
llfNashawena Mills
........
5 Ludlow ManufacturinglAssoclatlon— ........... ................
Feb.
1
39
39
39
39
3
Per Cent
Allgemelne Elektrliltaets-Gesellflohaft
'of Par
130
130
130
131
131
Berliner Kraft'u. Lloht (8%)
Prlvat-Bank A. G
163
169
169
169
169
159 Rockland Lights Power Co
Commers'und
114
114
114
114
114
12 Beacon Supply
Co., for lot
llSaco Lowell Shops, 2d preferred
Dessauer Gas
—
119
117
118
119
119
Dlsoonto-Gesellsohaft.
117
117
117
117
117
jWalthamlWatch {Co., 6%|preferred.
20( Western! Massachusetts Cos
Deutsche Erdoel
148
149
149
149
.......
(4%)
Holi- 148
Deutsohe Relohsbahn (German Rvs) pf 7% day
126
126
126
125
124
55 Wiggin Terminal Ins., pref. v. t. c._...
107
107
107
107
107
171
170
170
170
170
147
147
146
146
145
151
150
151
151
151
18
18
18
18
18
119
119
118
119
120
18
18
18
18
188
188
15 Nashua Manufacturing Co., preferred
...
............
Berliner
Handels-Qeseltochaft
(6%)
(7%)
Deutsche Bank and
....
331Wlggln Terminal Inc., v. t. c———....
6 Eastern Utll. Assets
.......
Farbenlndustrie IG (7%)
Gesfuerel (6%)
—
10]New England Power Co., preferred
* U. S. Electric Power
........
Hamburg Elektrisltaetswerke
20U. S. Eleotrio Power, w. w.
Mannestnann Roehren
1
Peerl&sslKnlttlngiMllls.
—....
Peerless^KnlttlngjMllls, preferred.
3|J.$R. WhipplePorp, 1st preferred.......
8
5IJ. R. Whlpple'Corp
...
.....——
35 Wendall Phillips Co., 1st preferred-....
...
Hapag
........ .
Norddeut8Cher Lloyd
Relchsbank
...
...
(8%)
Rhelnlsche Braunkohle
18
186
187
186
228
226
227
—
228
185
184
183
183
183
Siemens A Halske (7%)..—..........
201
201
200
202
202
Salsdetfurth
(8%)
(7*%)
WWUPI
I
—«
1
Vohun• 144
Financial
General Corporation
Chronicle
921
unu nivesiiiieiuu-
,^ww ,;.sj
RAILROAD—P0BLTc7iH^iLlTY—INDl]STRIAL—MISCELLANEOUSt^.'
JAMES MFG. CO. Common Stock
RIGHTS—SCRIP
fr
Bought—Sold—Quoted
Specialists since 1917
&@®T~
mwm
E Phono Daly MM
McDonnell & To.
„
,
„
.
„
New York Stock Exchange
ISO
Broadway, New York
Bell
Abbott
American Woolen Co.—$1
Preferred Dividend—
The directors at
New York CurbJExchange
share
Telophone'REctor.2-7815-30
Teletype NY 1 1640
Laboratories—Listing—
Alleghany Corp.—Collateral Substituted,—
W
*
The Guaranty Trust Co. of New
York, as trustee under the'AlIegnany
Corp. collateral trust indenture, dated Feb. 1, 1929, has notified the New
York Stock Exchange that there has
been substituted as collateral, held by
It under said indenture
4,800 shares of the, Chesapeake* Corp. common
stock against the withdrawal of
$424,437.60*of deposited^cash.—V. 144,
„
American Agricultural Chemical
Corp.—New Directors
John R. Dillon of Hayden, Stone & Co. has} been elected k director
American Bank Note Co.—New Directors—
£
►
Ronald Harriman
of Brown Brothers Harrimanr&*
Co.£ William B.
Given, President of the American Brake, Shoe &
Foundry. Co.,'and* Walter
R. Smith, First Vice-President of this
company, have. been, elected direc-
tors of the American
American
Bank^Note.Co.—V. 143,
Box
Board
p.
7i
3831.*-
Co.—AdmittedJ to
k
fc
common
listing and registration.—V. 144,'p. 602.
American
Brake
Shoe
&
h
stock, $l[par,
t_
;
Foundry! Co.—Plans
Stock
The directors have decided to go ahead with
plans for antofferingirof addi¬
tional stock to present common holders in
the) ratio of one new share for
each 10 shares held at $50 a share.
Proceeds would be'used, substantially
to retire outstanding
preferred stock of Ramapo
Ajax Corp., one of the
company's subsidiaries, or to reimburse American Brake Shoe for funds
already expended for this purpose.
Any balance would be used for^general
corporate purposes.
B.
Given Jr., President, points out that, under the
company's
charter, holders of the 5H% convertible preferred stock could not; partici¬
pate in such an offering, except by conversion into common stock in time to
take advantage of the new offering.
The date for/ such offering? has not
yet been fixed, though directors express the hope that registration with the
Securities and Exchange Commissioh and other details can
be^completed
in time to bring out the new issue next March.
*
The company states that the present letter to stockholders* does not
directly offer stock nor is it an assurance that such stock will be offered,
creating no obligation for the company to do so.
The letter is merely being
sent to acquaint stockholders with the
company's plans.—V. 143, p. 4143.fr.
penses and taxes
xShs
com.
Earnings
stk. (no par)
per
1934
$2,006,398
445,000
$4.51
share
445,000
$5.94
$6.89
x Including shares held in
treasury^ 2,881 in 1934,
25.571 in 1933.—V. 143 .LP .12664.
k ,470.000
$3.62
1935kandfl936i
have
declared
a
dividend
of
90
per
share
on
the
stock, par $25, payable Apriljl to holders of record March 1.
This will be the first dividend paid on the
common,stock since Feb. 1, 1934
when a semi-annual dividend of $1.20 per share was paid.—V.
common
139, p..589.
American Metal Co., Ltd.—New
American Radiator
a
director[of this
V.
k.
f
Co.—Obituary—
William Hogarth Hill, 69 years old, Vice-President and a
directorfof this
company and Chairman of the Board of Fox Furnace
Co.,] an affiliate
of the former in the American Radiator & Standard
SanitaryLCorp., died
Jan. 29 from
a
heart attack.—V. 140, p. 3885.
"k k
American Seal-Kap Corp. of Del. (&
Years Ended Dec. 31—6
?
xNet profit after int., deprec.,' and
_
~
TE 1936~
KT1935
T" 19346
i
I
r
provision for Federal income taxes.
$62,875
$56.134
f '$41,147
x Before deducting
patent infringement"expenses amounting to $7,855
In 1934, $12,284 in 1935 and $18,860 in. 1936.—V. 144, p. 270.
American Steel Foundries
The directors
Feb. 4 declared
k.
Co.—"Common Dividend.—
dividend of 50 cents per share on the
common stock, no par value, payable March 31 to holders of record March
15.
A dividend of $1 was paid on Dec. 15 last, this latter being the first
on
a
payment made on the common stock since Sept. 30, 1931, when a regular
quarterly dividend of 25 cents per share was distributed.—V. 143, p. 3136.
American Water Works & Electric Co.,
Output
.
Output of electric
<
100.000 shares of
.
by the5 British company, 47% isrissued from'the
treasury, and 53% is* being contributed by*certain! groups! of large! share¬
holders.
On
this
basis
the treasury)'stock* of
Anglo-Eurenian?: would'be
depleted by only 47,CC0 shares.
Asrat July?31[lastt Anglo-Buronlan Ltd.
697,395 shares of its 2,CCO,OCO-share
capitalization! still in the
treasury.
9M
During 1936 Lehman Corp. and Lehman Bros, of New York^acquired a
substantial interest in Anglo-Buronian, both from former
shareholders!and
from the treasury.
("Financial Post" of Canada.)—V. 143, p.12665A
showed
Apex Electrical Mfg. Co.—To Expand—
The company is planning to expand itslbusinees
and the British Dominions, except Canada,
Inc.—Weekly
6 ►
of the electric properties1'of American'Water
Works & Electric Co. for the Week ended Jan. 30, 1937, totaled 50,683,000
kilowatt hours, an increase of 17.6% over the output of 43,089,CC0fckilowatt
hours for the corresponding period of 1936.
i 6
Comparative table of weekly output of electric energy for theLlaet[ five
years
follows:
#
l
Wk. End.
1937
1936
1.935
1934
1933
*
•
♦
*
*
Jan.
2
47,122,000
Jan.
9.... 48,763,000
43,260,0001 36,191,000
30,818,000
28,479,000
Jan. 16
49,494,000
44,401,000b 37.637,000
32,619,000
28,844,000
Jan. 23
50,441,000
43,821,000 - 38,469.000
33,066,000
27,932,000
Jan. 30
50,683,000
43,089,000* 39,285,000
32,967,0001 27,657,000
energy
to)Europe, Great?Britain
and)as thdiirst step)has!made
with Vactric, Ltd., London, to manufacture! and sell the
Apex line, with the exception] of vacuum cleaners.
A special company, Apex-Vactric, Ltd.,
has) been!organized?for the'production and sale of the Apex line with
the(exception!of vacuum!cleaners,
which will be bandied by Vactric,! Ltd., C.I C.
Frantz,! President, stated.
Stock totaling £150,600 has been
issued)for)financing the! operations! of the
new company, including the construction of a
specialLfactorylforlproduction
of the Apex line.—V.. 143, p. 3458.
'
v
*
T
± § fe fiat
arrangements
!
Archer-Daniels-Midland Co.—Earnings—pwj]
11936—3 Mos.—1935) 1
1936—6 Mos.—1935 ;
$640,442
__
Artloom
$1.07|
I
—V.J43, p. 3137.,
$411,5531 $1,163,886
I
_
—
—
Corp.—Accumulated Preferred Dividend—
a
dividend? of $1.75
as
weeJT(revislon
of
previous,report).—V7144, p.,762. k
per
1
share* onfthe? 7%
including! June 1, 1933,
against $1.50 per share on March 1, 1933, $1 per)share1 on! March 1, and
Nov. 18,1932, and $1.75 per share
Dec. 1, 1931.—V. 144, p. 96.
previou6lyteach[quarterlto[and including
Works, Inc.—30-Cent Common' Dividend—
The directors have declared
a dividend!of 30Tcents
perfsbare on?the?comstock, par $5, payable March 22 to holders of recordl March 11.
Pre¬
viously regular quarterly dividends of 151 cents per!share1 were! distributed.
See V. 142, p. 1276, for detailed dividend! record.
The!,company in1 addi¬
tion to regular dividends paid an extra) dividend? of
60f'cents| on? Dec. 17
last, an extra of 25 cents on Dec. 24, 1936,' and an[extra[dividendrof 5Lcents
per share;on Dec. 20,1934.—W 143, p.
3832^
mon
Gas{
Holders in Associated
&
Electric!
System—
Co.—272,048! Security
Holders of registered securities of companies in
AsscciatedfGasr&TElectrlc
System totaled 272.948 on Jan. 1, 1937, according? to? a? statement just
issued. This is 16,697 more than a year ago, but much of the increase'results
from inclusion for the first time of
securitylholdersrof new! properties'taken
into the Associated System in the latter part of 1935.
This estimate)elim¬
inates duplications'of holdings.
>
The increase in the number of Associated
yearsLhas^beent as; follows:
1937
1936
272.94 8II935
254.96513 933
256.25111934——253,972)1932
""'Of
security)hoIders[during[recent
213^8
237,115|1930- —-190,139
254,78411931
the total number of registered' holdersT144,581
are(ment and 116,7(Tl
are women.
Almost half, or 131,038, are cuatcmas
ttitg services suplicd
by Associated operating companies.
ItThere are 6,017 institutions and individual fiduciaries
Iistedras^holders.
The 4,77'»
institutions;are)classified)as^follows?)t
I I I!! I j
h
Banks and trust companies
Investment trusts
...—
Investment funds
Schools and colleges.
Churches
945"
392
1,480
89
163
ftaternaiTand? benevolent
ganizatiens
or-):
.....
Insurance),companies
Institutions
...
—
[579
152
[984
4,774
.
"* No
comparable
'$1.27
IjL.
■
„
„
$808,612
[$0.65| | i ($1.92,
cumulative preferred stock, par $160, payable) M arch! 1 to'
hoidersi'of record
Feb. 15.
This payment represents the dividendfdue'Junel, 1936.
Similar
distributions were made each' quarter since and
Associated
Subs.)—Earnings
in Greatit Britain—
Africa?(British'holding company),
New!Consolidated(.Gold Fields, as acquired
Anglo-Huronian Ltd., Canadian holding? company, at $6
per share.
Of the stock acquired
Art Metal
Director—|
Norman Hickman, manager of sales, has been elected
company.—V. 143, p. 3832.
X » r r r :
r
" T
"
on
Anglo-Huron, Ltd.—Interest Sold
The Consolidated Gold Fields of South
of all the issued stock of
The directors have declared
cents
.
organization
as' modified.
L. F. Reynolds, Comptroller, said gross
lncomerIn,t1934rwaB?$4,9251388:
in 1935 was $5,713,604, and in 1936 was
$6,602,057.? Underfthefproposed
plan, net income for 1936, subject to final audit,'
was*$83,437.—V.|143,
p. 4143.
and
American Indemnity Co., Baltimore—Divs. ResumedThe directors
"
jr
Earns, persh. on'549,546
sbs.com. stk. (no par)
>
^
American Writing Paper Co., Inc.—Plan Awroved-
" 119333*
1935
$2,642,327
I934r:
*$1,929,983 $2,740,598Ioss$5,458,494
Gets Army Contracts—
$1,699,315
~
1936
$3,032,228
440,000
B
1935
After $47,485 provision for Federal surtax*on
undistributed profits.—
Period Ended Dec. 31—
Net profit after charges
and taxes
American] Chicle Co. (&[Subs.)—Earnings—
Calendar Years—>
Net profit after all^ ex¬
1936
This company was the successful!bidder*on
government'contracts*for
2,266,785 yards of woolen and worsted shirtings'and! suitings, according to
an announcement of U. S.
Quartermaster's'Department! made? on) Feb. 1.
The total amount of the government'order was for
4,883,7851yards,[Ameri¬
can Woolen receiving the
largest'single order.—V. 143,_pI_3304._
and
Offering—
William
x
owner
The New York Curb
Exchange has admitted the
7% cumulativef preferred stock,
§'W •><
Listing
Registration—
to
Feb. 3 declared ardividend of $1 per
on
Income"Statement for CalendarfYears
rT
Jobni C.1 TrapwastalsoLelected
M
director.—V. 144, p. 602.
E.
meeting*held
Net profit after provision for doubtful
accts., flood losses,
int., deprec.
and Federal income taxes
to
nil the vacancy created
by the death of Charles' Hayden.fc
hagon. President of the Bank of New York & Trust Co.,
a
a
account of accumulations'on the
t
,
_
on
$100, payable March 15 to holders of record March 1.6 A like
payment
was made on Dec.
15, Sept. 15, June 15 and March 16, 1936, this latter
being the first made on the preferred stock since July 16, 1934, when $1.25
per share was paid.
A dividend of $1.25 was'alsofpaid on April 15, 1934,
this latter being the first distribution made since the
regular!quarterlyt'dividend of $1.75 was paid
on_April 15.1927.l»fr j* »"
feh
par
The New York Stock
Exchange has authorized the listing^of 640,000
•hares of common stock (no
par) which are issued and! outstanding in the
hands of the public.—V. 143,
p. 3467.
•
P.. 602.
MILWAUKEE, WIS.
Talatypa liilw. 468
Members I
1
Eli
Continental* United*-States
registered! security
holders. New York leading)with.87,497, followed)fcy|Pennsylvania, 61,682;
Massachusetts,? 16,299;? Illinois, 12,946^New Jersey, 11,245;! California,
9,324. There are 197thclders in'United) States)Possessions.
>>
A total of 14,312 security holders reside) outsidel the) United) Statesfand its
Possessions. They are found in 36) other) countries) andLtheir)dependencies,
The
of which
Holland,LwithL9,l£4Lholders,Lhas,the;most.
Financial
922
r
^
Weekly Output—
722 units, or 16.3% above the figure of 77,639,723 units reported
inGross output, including sales to other utilities, amounted to
units.—V. 144, p. 762.
Atlanta Birmingham & Coast RR.-
144, p. 98.
$233,691
def8,863
def43,327
$221,545
7,389
defl6,191
3,008,517
221,894
def83,294
2J§l&^f36
d§Q7,035
def333,300
2,604,544
26,502
def250,846
1934
1933
1935
1934
$140,675
22,094
def3,010
$118,609
10,309
def26,685
1,804,607
273,133
def4,102
1,586,604
193,569
def50,302
1,411,665
87,476
defl53,636
$103,786
1,551
def23,088
Net after rents
,
1,280,053
21,756
def231,983
.
Atlantic City
(N. J.) Electric Co.—Bonds Offered—
Offering lof a new issue of $18,000,000 gen. mtge. bonds,
3M% series due 1964, was made Feb. 5 by a banking
syndicate headed by Edward B. Smith & Co.
The bonds
were priced at 101% and accrued interest.
Other members
of the offering group include Tucker, Anthony & Co.;
Bonbright & Co., Inc.; The First Boston Corp.; Brown
Harriman & Co., Inc.; Mellon Securities Corp.; Blyth &
Co., Inc.; Halsey, Stuart & Co., Inc., and Coffin & Burr, Inc.
These bonds will be balled "first mortgage bonds, 334%
series due 1964" upon the payment or redemption on or
before March 1, 1938, of all mortgage bonds of the company
outstanding at the present time, and the discharge of record
of the mortgages securing such bonds.
15, 1937, due Jan. 15, 1964, Irving Trust Co., trustee.
Coupon in denom. of $1,000, registerable as to principal only, and registered
bonds in denom. of $1,000, $5,000 and such multiples of $5,000; coupon
and fully registered bonds, interchangeable.
Principal and int. in N. Y.
City in lawful money of the United States of America.
Red. at option of company as a whole, or in an aggregate principal
amount of $1,000,000 or more at any time pridr to maturity, or in an
aggregate principal amount less than $1,000,000 on any int. date prior to
maturity, on at least 30 days' notice at following prices:
before Jan. 15,
1941 at 107; on or after Jan. 15, 1941 and before Jan. 15, 1944 at 106;
with such redemption price similarly decreased by 1% of their principal
amount with respect to each succeeding period of three yeras if red. on or
after Jan. 15, 1944 and before Jan. 15, 1959; on or after Jan. 15, 1959 and
before Jan. 15, 1962 at 100on or after Jan. 15, 1962 at 100; in each case
with accrued interest to date*of redemption.
Dated
Jan.
S»onds shall remain outstanding, company will, on orany of April 1 of each
Mortgage provides in substance that, so long as before the 1964 series
beginning with 1938, deliver to the trustee an amount in cash or
principal amount of bonds of any series equivalent to 1 % of the greatest
principal amount of the 1964 series bonds theretofore at any one time out¬
standing; provided, however, that there shall be credited against the
amount of cash or bonds so payable or deliverable, (a) the cost or then fair
value, whichever is less, of any "property additions," not constituting
"funded property," then certified to the trustee which the company elects
to make the basis of a credit under that section of the mortgage, and (b) the
aggregate principal amount of bonds which the company is then entitled
to have authenticated and delivered under any of the provisions of the
mortgage (other than on the basis of "property additions" or a deposit of
cash) and which the company elects not to have authenticated and delivered.
Legal investment, in the opinion of counsel for the underwriters, for savings
banks in New York, Mass. and certain other States.
year
fiUlU
Balance
11 Mos.End
Nov. 30, '36
6,222
$1,841,414
157,163
$1,898,308
119,072
$107,628
54,647
$12,598
$51,908
36,848
$52,981
38,465
$14,516
14,189
$1.06
14,189
$1.02
Nil
Condensed Balance Sheet Dec. 31
Fixed
Liabilities—
1935
1936
Assets—
capitaL-k_.$2,991,119 $3,047,675
Notes receivable..
Accts. receivable.-
(ice In
storage)
5,782
12,321
3,562
13,271
8,064
3,354
...
Mat'ls & supplies-
Prepayments
Deferred
1936
Preferred stock..
1st
items...
7,858
12,947
1,048,500
1,097,000
89,239
2,850
80,606
11,497
27,700
Notes payable
Accounts payable.
40,045
61,120
553,290
Acer.items,not due
Res. for deprec
32,470
49,346
642,229
18*251
444,978
403,543
...
Total.
20,000
5,500
53,258
reserves
Earned surplus...
$3,165,374 $3,237,079
361,030
20-year
mtge.
bonds
Suspense
Total.
$521,120
Mortgages...
Other
1935
$477,850
361,030
Common stock
Serial notes..
Investments
Inventories
39,932
3,709
93,559
13,294
34,619
3,184
93,371
14,830
Cash.,
-.$3,165,374 $3,237,079
—Y. 142, p. 942.
Atlantic Life Insurance Co.—Control—
The purchase of more than 80% of the stock of the company was com¬
pleted by the Bankers National Investing Corp. Jan. 25, when its offer of
$175 a share came to an end.—Y. 144, p. 445.
$280,376
15,264
—
Interest charges
on sales
charges.
&
_
$1,998,577
$2,017,380
Edward B. Smith & Co., New York
»;
—,—
$6,875,000
2,812,500
2,812,500
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
500,000
IP Application of Proceeds—The net proceeds to be received by the company
from the sale of the bonds are estimated at $17,714,810, exclusive of accrued
$33,811
27,470
$131,957
16,446
$114,907
43,560
13,089
18,768
$61,281
46,860
8,360
2,575
$148,403
50,187
10,515
3,635
$39,490
$3,485
$81,316
205,998
177,484
59,229
$245,488
$180,970
$0.02
$140,546
$0.62
28,000
.
Net profit-..-.
Surplus bal. June 30
$210,385
341,284
-
2.750
debs, reacq. &
CV8.293
65,550
retired
om.
8.489
1933
Dom.
income taxes (est.)
on
$106,418
$295,640
33,451
20,461
3,342
_
Cash disct.
for Fed.
$257,345
125,387
155,082
Other income
Prov.
1934
$180,766
146,955
$435,458
sales..
Selling & admin, exps
Total income.
1935
$247,530
141,112
1936
6 Mos. End. Dec. 31—■
Gross profit from
stock divs
Earned surp. Dec. 31-
$494,412
$1.61
$0.30
Consolidated Balance Sheet Dec. 31
Assets—
Notes & accts.
rec.
$464,095
270,021
Marketable secur.
Life
Liabilities—
1935
1936
Cash...
debt
Annual interest requirements on $18,000,000 general mortgage bonds,
3H% series due 1964, amount to $585,000.
History & Business—Company was organized in New Jersey on April 28,
1924, by merger and consolidation of Cape May County Electric Co., Cape
May Light & Power Co., Hammonton Electric Light Co., West Jersey
Electric Co. and the then Atlantic City Electric Co. In August, 1927, the
company purchased the assets of Electric Co. of New Jersey and of Atlantic
County Electric Co.
Company is engaged in the generation, transmission, distribution and
sale of electric energy in the southern part of the State of New Jersey and
is also engaged in furnishing hot water heating service in a limited area
in the city of Atlantic City and steam for heating and other purposes to
two customers at its generating plant in Atlantic City.
For the 11 months
ended Nov. 30, 1936, approximately 98.7% of the total gross operating
revenues of the company were derived from electric service, and approxi¬
mately 1.3% from hot water heating and steam service.
Company also
sells, and cooperates with dealers in the sale and financing of, electric
appliances to its customers.
The normal all-year population of the territory served is estimated to be
in excess of 300,000.
The peak of population and business in the com¬
munity, however, occurs in the summer vacation season.
Underwriters—The names of the several underwriters of the bonds and
the several amounts underwritten by them, respectively, are as follows
$107,086
55,177
$0.06
Earns.per sh.on com.stk.
Tucker, Anthony & Co., New York
Bonbright & Co., Inc., New York
First Boston Corp., New York
Brown Harriman & Co., Inc., New York
Mellon Securities Corp., Pittsburgh
Blyth & Co., Inc., New York-Halsey, Stuart & Co., Inc., Chicago
Coffin & Burr, Inc., New York-:
$65,142
52,544
Inter-company sales eliminated.
x
i°
taxes
$2,111,922
$192,148
84,521
$15,060
Earnings per share-.
210,587
A__
Federal undistrib. profits
$2,216,956
2,791
$184,596
77,511
14,189
Disc't
-
943
$139,871
74,729,
Bal. avail, for com.stk
63,667
761 241
service
369,726
$192,148
Shares of common stock
260,438
714,397
117,974
for
370,135
$181,804
$34,322
—
Miscellaneous
avail,
402,669
Preferred dividends.
$6,401,723
1,962,802
401,367
1,097,529
Bal.
$561,874
$92,047
57,725
1
Balance
Depreciation
$6,475,255
1,973,397
386,070
1,181,565
$1,966,353
145,569
1933
$551,940
$138,928
523
Interest & amortization-
$6,542,682
1,792,904
372,218
1,175,090
31,200
254,944
738,133
211,840
$2,053,454
163,502
1934
1935
$541,597
$165,612
73,565
Total income
56,373,348
1,683,919
353,948
1,167,679
31,200
206,802
682,192
194,154
Operating income
Other income (net)
>v-.
455,840
refrigerators
81,629
Federal income taxes—
.v.
Net income from sale of
$6,320,094
General taxes
wu
$165,089
96,049
~
1936
$620,928
Federal taxes
76,963
Depreciation—
Amortiz. of intang. capDoubt. accts. & conting.
\vvr
,
Operating exps., maint.
and
taxes,
including
$6,379,206
Maintenance
i,
*. Co.—Earninqs—
Atlantic Ice Mfg. Co.
Gross revenue
Net profit from sales.
1935
W"
to the extent necessary,
Calendar Years—
x
$6,465,719
Total
UUV
other cash funds of the
will be used to pay open account debt
(incurred in connection with call and
Redemption on Nov. 1, 1935, of $3,500,000 of company's 5}4% bonds),
amounting, exclusive of accrued interest, to $2,200,000.
Control—As of Nov. 30, 1936, American Gas & Electric Co. owned
beneficially 1,150,000 shares (100%) of the common stocks, which rep¬
resented entire voting control.—V. 144, p. 604.
Oper. revenues
Electric $6,296,851
Hot water heating &
steam
76,497
Operation
UUUUO,
Atlas Plywood Corp. (& Subs.)—Earnings—
$18,000,000
56,875 shs.
1,150,000 shs.
Calendar Years
1934
*
The remainder of the net proceeds, together with
Earnings for Stated Periods
1933
7,799,600
due to American Gas & Electric Co.
Capitalization After Giving Effect to this Financing
General mortgage bonds, 3 M % series due 1964
Preferred stock, $6 cumulative (no par)
Common stock (no par)
--- -
1,255,112
Sept. 1, 1937, at a premium of 2H %). amounting to_
(3) Deposit with trustee of the mtge. securing the bonds
(presently offered) in trust, of cash equal to the remaining
$1,808,000 of Atlantic City Electric Co. 1st & ref. mtge. 5%
■
sinking fund gold bonds, due March 1, 1938, amounting to_ 1,808,000
company
Gross from railway
Net from railway
- - - -
.
1933
$167,651
32,256
9,399
-
accrued interest, of
RR.—Earnings—
1936
December—
Gross from railway
-
$834,500 Electric Co. of New Jersey 5% 1st mtge. gold bonds,
due March 1,1947, at a cost, exclusive of accrued int. of
834,399
(2) Deposit with the respective trustees, in trust, of cash equal to
principal and premium required for redemption of
(a) the remaining $3,738,000 Atlantic City Electric Co. 1st & ref.
mtge. gold bonds, 5% series due April 1, 1956 (to be called
3,887,520
for red. April 1, 193;
(b) the re
mtge.
Net from railway
Net after rents
From Jan. 1—
—
(c)
■
Atlanta & West Point
—v. 144, p. 98.
-Earnings-
3,422,307
378,549
defl4,664
Gross from railway
Net from railway
Net after rents
Such net
purposes.
Electric Co., for cancellation, of
(a) up15,000 Atlantic City Electric Co. 1st & ref. mtge. 5% sink,
fund gold bonds, due March 1, 1938, at a cost, exclusive of
$15,220
accrued interest, of.
--------------------r(b) $9,176,000 Atlantic City Electric Co. 1st. & ref. mtge. gold
bonds, 5% series due April 1, 1956, at a cost, exclusive of
Purchase from American Gas &
-
1935
$245,610
25,225
def536
1936
Net after rents>From Jan. 1—
—y.
a year ago.
$309,921
defll,174
def59,058
December—
Gross from railway
Net from railway
interest and after deducting expenses estimated, at $105,190.
proceeds will be used to the extent of $15,599,851 for the following
^
For the week ended Jan. 29, Associated Gas & Electric System reports net
electric output of 90,297,445 units (kwh.).
This is an increase of 12,657,-
i
Feb. 6,
Chronicle
$293,497
196,830
101,250
13,485
on
623,373
Deferred bal.
74,073
3,392
21,121
121,991
3,253
25,956
rec..
Deferred charges..
Notes
receivable
from employees
12,412
47,277
10,650
.
1,994
property,
Timberlands
1,423,978
924,891
1,446,009
27,132
on
5M%
convertible
gold
debentures
Reserve
for
14,520
48,094
26,856
con¬
tingencies
81,896
53,073
20,501
47,140
Com. conv. pf. stk 1,400,000
Common stock.--*1,643,168
1,643*, 168
Reserve
for
obso¬
514 %
convertible
gold debentures.
1,584,000
1
923,050
Earned surplus—
Paid-in
Invest. In & ad vs.
to assoc. cos
Goodwill.
Total....
$42,827
31,526
1
&c.
1935
$84,050
38,000
lescence.
Miscell. investm'ts
equipment,
taxes est
Accrued liabilities.
lumber
& logging oper..
Plant
12,721
493,912
1936
payable.
Prov. for Fed. inc.
Interest
insur.—Cash
surrender value.
Inventories...
Advance
Accounts
$3,910,820 $3,657,072
Total
surplus...
494,412
100.697
245,488
...$3,910,820 $3,657,072
shares of common stock outstanding, there
70,000 shares issued to registrar for the cumulative convertible preferred
stock for conversion.—V. 144, p. 763.
x
In addition to the 131,000
are
Automatic Products
Corp.—New President—
Knowlton L. Ames has been named President of this company and will
a director at the annual meeting in April, according to Vincent
be elected
Bendix, Chairman.
Vice-President and
Mr. Ames succeeds George C. Fleener, who becomes
Treasurer.—V. 142, p. 4168.
Atlas Powder Co.—-To
Pay 75-Cent Dividend—
The directors have declared a dividend of 75 cents per share on the com¬
value, payable March 10 to holders of record Feb. 26.
A special dividend of 50 cents was paid on Dec. 24 last and extra dividends
of 25 cents in addition to regular quarterly dividends of 50 cents per share
were paid on Dec. 10, Sept. 10, June 10 and March 10,1936
mon
stock,
no par
Volume
Calendar Years—
1936
Sales (net)
$15,895,300
of sales,
delivery
xl933
xl934
xl935
$13,086,966 $12,558,999
Bankers Securities
$9,583,623
Calendar Years—
Profit & loss on sales.
Cost
&c.,
14,315,512
Federal taxes.
Net income
Preferred divs. (6%)
Common dividends
11,344,354
$1,148,251
207,261
$1,214,646
97,212
$1,311,858
187,135
$845,402
136,067
$1,430,080
383,000
873,246
$1,161,170
457,890
499,927
$173,834
248,666
$4.21
$203,353
249,966
Com. shs. outstanding..
Earns, per sh. on com..
Includes
x
439,210
328,260
$1,554,752
$759,996
205,596
46,464
183,782
41,502
$701,463
175,515
43,502
$648,715
202,489
40,117
119,798
101,868
48,639
26,717
151,424
453,053
,127
$331,022
loss$46,945
cost or
were
1936
dis-
2,328,934
2,886,449
14,214
1,956,961
2,524,708
16,372
U. S. Govt, sec
Other m'kable sec.
a
Accts. and notes
Inventories.
..
_
_.
Notes rec.—empl.
Miscell. accts. and
159,332
preferred stock.
Res. for stk. bonus
57,164
68,597
awards to empl.
70,632
Fed. taxes accrued
accrued
for
fr. unconsol.subs
1,488
1,213
955,841
3,137,396
435,377
6,727,499
4,053,001
44,037
198,829
1,493,806
927,762
1,326,616
_
Secur.
Plant prop. &c._ 6,778,177
Gdwlll, pats., Ac. 4,053,020
c
Deferred charges..
46,872
7,351,741
held
7,496,989
202,000
14,128
414,897
and deferred ex¬
71,910
53,643
33,000
penses-
30,000
rec. under
conditional sales
Depos.
227,000
72,791
agreement-..-.
under
Participating
pre-
70,658
.10,000,000 zl0,000,000
Common stock..- 3,000,000
3,000,000
purch. agreem't
Secur. depos under
25,000
Surplus
purch. agreem't
Serial gold debs...
59,678
9,860,900
(261,no
,7li, 625
par)
394,200
2,990,755
49,364
Other securities...
Accrued int. rec..
8,714,625
4,391,550
4,565,385
Surplus
ferred stock
Cash depos. under
36,554
stk.
438^ shares
488,257
taxes
for
Trust funds.-----
agreement
9,860,900
stock
32,397
Deferred income..
Reserve
983,781
291,975
conditional sales
495,909
410,648
($100 par)
Com.
567,925
Coll.tr. serial notes
con¬
cum. pref.
acquired.
.
City Stores Co.
x
securities
subscr. by empl.
6%
customers.—
255,646
Real est
on
tingencies
126,388
and
Due to brokers
banks
liquidation...
Instal. paid on stk.
Sec. of uncpns. sub
956,940
b Co.'s capital stk. 3,227,857
Miscell. lnvest'ts.
309,505
in
Liabilities—
Loans receivable..
First mortgages..
569,215
187,112
61,647
due
acct.
954,985
264,747
Reserve
notes rec., &c_.
Current
in
& accrued Iiab..
Div.
receiv.—trade..
$
232,609
Deposits
$
Accts. & notes pay.
1935
1936
1935
$
Cash
dl935
1936
Liabilities—
$
2,614,646
1,267,000
502,210
31
Comparative Balance Sheet Dec.
1936
Assets—
dl935
$
2,364,657
1,257,000
551,196
is lower
Profit for year
Balance Sheet Dec. 31
Assets—
ex¬
market, which¬
l
•
Cash
expenses
cess of res've provided
Ad just't of sec. values to
ever
of which
all
Operating
Taxes
$185,022
241,218
$0.76
$2.49
$2.81
wholly-owned subsidiary companies,
1936.
&c. income
$709,334
524,313
$124,331
249,978
Surplus
solved in
479,132
Int., divs., commissions,
Liquidation of sub. in
502,880
497,511
$320,455
$262,253
704,686
__
Total income
$1,124,722
1933
1934
1935
$280,864
$720,069
125,332
$1,355,513
194,344
Corp.—Earnings1936
$850,066
$1,134,255
Partic. pref. dividend...
191,215
8,863,554
$1,693,586
263,505
II
Other income (net)
11,938,715
$1,579,788
113,797
expense
923
Chronicle
Financial
144
354,527
1,370,909
_
506,700
2,599,994
56,530
Inv. In & advs. to
Total
24,935,641 24,287,9081
Less
a
affiliates
....24,935,641 24,287,908
Total
y
for doubtful accounts and notes 1936, $231,144; 1935,
b 30,012 shares preferred, 12,772 (11,472 in 1935) shares comc Less reserve for
depreciation and obsolescence, 1936, $7,234,870;
$7,010,185.
d See x above.—V. 144, p. 763.
reserve
1935,
Auburn Automobile Co. (&
1936
$969,293
Cash
$480,660
U. 8. Govt, oblig.
Notes & accts. rec.
Inventories
Sinking fund cash.
Sundry investm'ts
Prepaid
exps.
deferred
x
30,403
575,003
418,217
2,211,031
29
18,619
charges
195,592
5,390,786
104,571
5,454,370
1
1
Goodwill
$446,519
20,385
payable
Dealers' dep., &c.
Fed. income tax..
52,098
69,072
Funded
p.
Period End. Dec. 31—
debt
2,308,775
Sink. fd. instalm't
313,000
Gross earnings
Operation
Mln. stockholders'
Maintenance
int. in cap. stock
and sur of subs.
1,084,143
Taxes.
72,657
1,377,867
Interest & amortization.
Capital stock
11,033,605 10,945,755
Capital surplus...
420,866
440,138
y
Deficit
Total
x
$9,203,568 $9,507,439
6,719,949
Balance
Appropriation
5,197,105
for
Co.—Earnings
1936—Month—1935 ^
$177,000
$153,333
106,921
94,363
9,199
5,641
20,607
10,912
13,535
13,861
Balance for
$376,665
150,000
37,254
$299,361
140,000
37,254
common
,411
$122,107
dividends and surplus
Comparative Balance Sheet Dec. 31
Assets—
$5,777,052 $5,551,851
149,132
66,665
Notes receivable..
11,932
11,687
Accts. receivable..
399,186
395,632
Mat'Is & supplies83,365
63,217
48,175
Appli'ces on rental
38,348
eq.a
1936
1935
1934
$1,680,486
$1,451,589
1,306,962
$1,507,659
1,395,897
Depreciation.
Interest, net
Federal taxes
$148,294
Earnings
per
shares
$5
share
$144,627
Dr2,058
24,600
16,463
15,000
$55,841
$5.1
on
$1.96
$3.00
undistributed profits.—V. 143, p. 2039.
stockholder.—V.
more
144,
p.
new
1936
$861,212
563,321
$1.52
1935
$6,607,462 $6,337,994
Total...
earnings
1937—Month-—1936
$188,290
$190,723
64,699
65,392
27,850
27,350
10,394
10,965
26,807
24,004
25,482
25,482
14,481
18,101
•
Depreciation
Fixed charges
Div. on pref. stock
stock
$18,927
Balance
$19,074
195,494|
$136,222
1936
on
1935
$2 ,091,284
735,028
283,450
150,603
361,400
305,794
173,772
$2.04
p.
98.
Mills, Inc.—Stocks Sold—Formal offering of a
30,000 shares of common stock, (par $10)
of
issue
Feb. 3 by John C.
Inc., and Bioren &
The same bankers offered
cum. conv.
pref. stock (par $20).
$10)
;
33,300 shs.
x200,000 shs.
33,300 shs.
yl50,000 shs.
Of this amount
•National
entered
Carolina
$81,235
1934
Nil
144,
(1) The directors at a special meeting held on Dec. 22, 1936, adopted a
resolution authorizing the purchase of 20,000 shares ($5 par) common stock
of National Weaving Co., Inc., for $100,000.
$63,078 xloss$87,369
Nil
1,362,154
232,671
def220,610
made:
173,665 shares
stock (no par)
—V. 143, p. 3833.
1,660,394
def338,068
defl38,205
199,950 shares have l?een registered including 49,950
shares reserved for preferred stock conversion rights, and the remaining
120,000 shares are in the hands of present stockholders,
y Does not
include 49,950 shares reserved for preferred stock conversion rights.
Recent Changes—Since Nov. 17, 1936, the following changes have been
x
income
$390,211
"
1,772,055
456,785
def33,410
def 19,623
Common stock (par
Bastian-Blessing Co. (& Subs.)—EarningsYears Ended Nov. 30—
■.
1933
$135,806
22,851
def22,785
The stock has been sold.
$1.50
-Y. 144, p. 605.
Net profit after deprec., Fed.
► taxes & other deductions.
Earnings—
1934
$134,909
22,825
defl4,321
N. Y. and is
1937—12 Mos.- -1936
$2,147,418
729,023
251,400
154,840
374,644
305,794
1935
$183,390
59,633
13,276
rayon
•
Operating expenses
Taxes accrued
90,141
31,780
738,610
Company operates mills at Beverly, N. J. and Cohoes and Fort Plain,
engaged primarily in the manufacture of knitted and woven
underwear cloth in which field it is one of the country's foremost units.
Capitalization—Company will have the following capitalization upon
completion of the present offering:
Authorized
Outstanding
$830,730
560,184
$1.48
Bangor Hydro-Electric Co.—Earnings—
Period End. Jan. 31—
share
—
2,213,965
603,749
from railway
Co.
quarterly dividend of $1.25 per
5% cumulative preferred stock, par $100, payable April 1
to.holders of record Feb. 26.—V. 144, p. 763.
per
Retirement reserve
30,000 shades of $1.50 cumul. conv. pref. stock at $25 per
share on Nov. 19, last.
the new
common
786,772
_
Operating reserves
per share, was announced
Adams & Co., Inc.; C. B. Ewart & Co.,
Bangor & Aroostook RR.—Initial Preferred Dividend—•
Earns,
Earned surplus
liabilities
priced at $20
The directors have declared an initial
com.
42,825
177,075
3,701
527,869
3,035
570,259
100,293
29,164
Sundry
1936
Beaunit
Corp.—Earnings—
Earnings per share
—V. 140, p. 469.
on
131,169
From Jan. 1—
Gross
RR.—Reconstruction Loan Extended—
Years Ended Dec. 31—
Div.
45,092
Int. & taxes accr'd
$215,920
81,078
21,958
Net from railway
Net after rents
763
Net profit after all charges
Shares stock
Gross
143,515
Customers' depos.
$6,337,994
Net after rents
than
Interstate Commerce Commission on Feb. 3 found the company
be in need of financial reorganization in the public interest at this
on
2,954,000
52,318
187",544
payable....
payable.
Accounts
%
approved the extension of the time of payment, for a period
ending not later than April 1, 1942, of loans by the Reconstruction
Finance Corporation, in the aggregate amount of $14,494,423, maturing
on Feb. 7, April 8, and April 12, 1937.—V. 144, p. 763.
share
2,954,000
Notes
Beaumont Sour Lake & Western Ry.
and
BancOhio
$6,607,462
Gross from railway..
Net from railway
—V.
to
151,684
10,997
December—
Confirmed—
12-page opinion the Court dismissed exceptions filed by
Baltimore & Ohio
The
Bonds
Represented by 6,209 4-6 shares (no par) $6 dividend preferred stock,
b Represented by 250,000 (1935—41,041) shares (no par).—V. 144, p. 272.
500 preferred stockholders through L. A. Stebbins, Chicago attorney, and
by attorneys for William A. Brady, New York theatrical producer, a
time
144,307
10,338
debits
Total
1,250,000
Unadjusted credits
& expense
Unadjusted
$550,132
Common stock. b_
a
Baldwin Locomotive Works—Plan
common
100
disct.
The reorganization plan of the company under Section 77-B received final
confirmation from Judge Oliver B. Dickinson of United States District
Court on Feb. 4.
a
9,540
100
debt
$550,132
1,026,025
Preferred stock.a.
on
class A stock
In
9,540
Unamortized
28,780 no par
cumulative prior pref.
Except surtax
3,372
1,535
3,206
Sinking fund cash.
Special deposits—.
$111,762
Dr2,416
28,800
14,705
10,000
$86,506
$220,248
Dr2,144
12,000'
30,310
x27,500
...
4,489
Miscell. investm'ts
Other income, net
Prepayments
1935
1936
Liabilities—
1935
1936
Prop..plant &
Austin, Nichols & Co., Inc.—Earnings—
8 Months Ended Dec. 31—
r
835,889
71,351
176,066
166,477
$28,554
$26,737
retirement reserve
Cash
not
$1,549,145
936,123
76,396
220,243
163,414
After
depreciation,
y Represented by 228,237 (224,729 in 1935) no
par shares, including 873 (944 in 1935) shares fractional dividend scrip
certificate outstanding.
The comparative income statement was published
in V. 144, p. 763.
x
1936—12 Mos —1935
$1,772,843
Preferred dividend requirements
$9,203,658 $9,507,439
Total..
3991.
Baton Rouge Electric
1,126,000
20,626
Res. for contg.,&c.
15,069,265 13,867,196
Total
__
78,612
filiated company
Notes pay. to bank
13,867,196
expenses.
x Consists of collateral trust notes due 1944—par value, $4,814,200 and
720,155 (753,055 in 1935) shares common stock, $5 par value, $2,536,541
($2,682,789 in 1935).
y 8,785
(1,285 in 1935) shares participating pre¬
ferred.
z After deducting 80,000 shares held in treasury for retmeinent.
Note—The stocks and bonds entered on the balance sheet at $2,990,755
had an indicated market value at Dec. 31, 1936, of $5,263,904.—V. 143,
$587,129
40,505
87,912
102,397
28,047
2,591
15,069,265
Prepaid
1935
2,779,765 Accrued interest..
21,089 Other accruals
61,577 Note payable to af¬
and
Fixed assets
Accts
21,755
22,552
6,904
.
Total
1936
Liabilities—
210,061
and customers.
Subs.)—Balance Sheet-
1935
stock
Due from brokers
Consolidated Balance Sheet, Nov. 30
Assets—
Treasury
at cost
$198,603.
hmn.
208,602
....
.
in
on
Weaving
the
U.
S.
Co.,
In#,
District
was
Court
pursuance of a decree
Western District of North
organized in
for
the
Dec. 9, 1936, confirming a plan of
reorganization for National
Weaving Co. under Section 77B of the National Bankruptcy Act.
The
decree provides:
That all creditors of National Weaving shall be paid in full.
That a new corporation shall be organized in North Carolina, under the
name of National Weaving Co., Inc. with an authorized capital of $640,000,
divided into three classes of stock consisting of 3,000 shares of 6 % cumulative
first preferred stock (par $100), 1,500 shares of 6% cumulative second
preferred stock (par $100) and 38,000 shares of common stock (par $5).
That National Weaving Co., Inc. shall issue to the holders of the prior
preferred stock of National Weaving Co., in proportion to their present
holdings, the entire issue of 3,000 shares of the first preferred stock.
924
Balance
F That National "Weaving Co., Tnc. shall issue tofl. Rogoein/president and
director of Beaunit; Mills/Inc., the!entire issue of 1,500 shares of the second
preferred stock!upon) payment by; him of the sum] of $160,000 in cash.
That National weaving Co.,line/shall issue to) the holders of the second
1936
Sheet Dec,
Accts. receivable..
accrued
i
Initial Dividends
Total
130,739
155,654
Prov. for tax cont.
34,713
318,882
223,982
Preference stock-10,788,950 10,788,960
receivable,
accounts
Total
42,367,703 33,111,201
b Represented by shares of $1 par
Of the authorized 12,500,000 $1 par value shares, there are 647,837
shares reserved for conversion of preference stock; 1,142,914 shares for
dividends on preference stock (maximum annual requirement,
53,945
shares), and 228,301 shares for exercise of warrants (to'purchase at any time
shares of common stock at $20 per share),
c 431,558;shares, no par.value,
at stated value of $25 per share,
d At average book values (based on Dec.
31, 1932 market quotations as to investments acquired prior to that date,
and cost as to
subsequent purchases).—V. 144,
p.
272.
Better Homes, Inc.—Stock Barred—
The company and its officers were restrained from selling stock in New
York State on Jan. 27 when they failed to oppose the motion by Assistant
Attorney General Barry Greenwald to continue an injunction until such
time as the suit for a permanent injunction goes to trial.
Supreme Court
Justice John E. McGeehan extended the injunction indefinitely because
Corp.—Stock Offered—Financing to pro¬
capital funds for the corporation took place
share by Tobey & Co., New York.
contested.
motion was not
the
Ltd.—New Shares Listed—
Biltmore Hats,
raw materials, and for additional working)capital.
to its expanding domestic business, corporation
addition
6,416,000
securities puroh.
42,367,703 33,111,201
——
Includes
a
from Curtiss-Wright Airplane Co., the purchase of additional machinery,
In
to
for
banks
value.
Net proceeds from the sale will be used for expansion purposes, including
the purchase of a manufacturing plant at Wichita/ Kan., now under lease
equipment and
to
7,489,483
7,489,483
Surplus
16,823,291 12,885,983
1.670.171
General reserve... 1,422,763
Feb. I with the offering of 100,000 shares of common stock
per
payable
banks..
Due
52,631
73,622
b Common stock..
Beech Aircraft
($1 par) at $4.50
Notes
c
Directors have declared an initial! dividend) of 39 H cents per share on
the new $1.60 cumulative convertible preferred stock, and an initial dividend
of 60 cents per share on the new common stock, both payable March 1,1937
to holders of record Feb. 16. 1937.—V. 144. p. 272.
vide additional
206,758
46,661
2,226,185
pur.
of com. stock—
Both} Preferred'. and~Common—p
on
a271,855
See a ,
1,755,824
...-
for
& accr.
expenses
Cash
Warrants
pay.
$
$
Liabilities—
Divs. ree'le & lntJ
total issuelof
1935
1936
$
40,209,285 30,475,944 Accts.
{referred, stock of National "Weaving Co., in proportion to their holdings,
8,000 shares of the comnaon|stock, representing approximately 48% of the
31
1935
$
Assets—
d Investments
saidtcommonlstock, &nd{20,000tsbare>sfof thd common stock;of
National weaving Co., Inc., representing!approximately!62% of the total
issue of common! stock, toll. Rogosin4President! andl director of Beaunit
Mills, Inc.,lor his! nominees, for the sumlof $100,000 in cash.fc
!*>>
That the trustees of National!Weavingi Co4 shall procure for National
Weaving Co., Inc., a loan}of $176,0001 or|suchrportion thereof as may be
necessary, the proceeds of which, together!with the! remaining cash, assets
of National Weaving Co., shaUlbelusedltolpay in cash, in full, the!claims
of all creditors of National Weaving Co/whosdclaimsihaveibeenforlmay be
approved by the U. S. District Court, which loan shall be payableiin three
years, in equal annualflnstallments, with| interest) at| rat el of 6% pertannum.
Beaunit Mills, Inc. intends to purchase! the 20,000 shares of common
stock of National Weaving Co., Inc. for $100,000 upon full compliance with
the terms of the decree entered in the U. S JDistrict_Court4
I
1937
Feb. 6.
Chronicle
Financial
New
>
listing
25. At
shares of the company having been approved for
common
recently
signed a contract for the manufacturing of airplanes in Japan on a royalty
basis and has orders.on hand for aircraft to be delivered»to England, Canada,
Argentina, New Zealand, Porto Rico and Australia.
During the first
nine months of 1936, the company delivered 39 airplanes representing a
total valuation of $422,847.
Upon completion of the financing, corporation will have outstanding
260,000 shares of common stock.
The corporation has no other class of
F The directors have declared a dividend of 50 cents per share on
stock outstanding and no bonds or funded
mon
■
time, the preferred stock was transferred from the* industrial
curb to the listed section and the old common stock was removed.
F N
the
Border City
debt.
144, p. 764.
$40,290 Note payable Ethel Gasoline
Accounts and notes rec. (net)
Corp.
27,612
$27,000
Inventories
9,338
131,716 Equipm purchase contract.
Accounts payable (trade).
Mlscell. receivables & opetlon
34,337
contract
9,846 Customers/ deposits and credit
balances.
Equipments cost
11,767
46,726
Deferred charges
6,924
82,368 Accrued payroll & expense.....
Manager's salary
1,079
Taxes of predecessor company..
3,610
Payroll tax accrued
420
for
Federal
and
(Richard) Borden Mfg. Co.—Earnings—
Assets—
Real estate,
in
p.
763.
296,789
15,541
5,372
14,137
5,831
and
supplies
receivable
Prepaid ins. prems.
Prepaid Interest
445
I"""'
tea**
Bessemer & Lake Erie
>J'
Boston Consolidated Gas
(In 000 Cubic Feet)—
Month of January
—V. 144, p. 764.
Boston Elevated
'
RR.—-Asks'Bids
on
Equip. Issue—
r
The company requests bids for the purchase in a single block of $6,700,000 equipment trust certificates of 1937, to be issued by Union
Trust Co. of Pittsburgh, as trustee, to be dated March 1, 1937, to bear
dividend warrants at the rate of 2M% per annum, payable March 1 and
Month
$2,242,417
1.521.603
131,588
P fc 9.445
$22,226
def$78,191
bonds and notes
Miscellaneous items
Report—U Ik lb Ifc I* ^ PMW
$902,988
361,599
4,297
$1,844,664
271,243
938
$1,027,209
276,682
Commerce Commission
on
Jan.
29 found the company
public interest at this
for a period of not to exceed two years
by the Reconstruction Finance^Corporamaturing Feb. 1, 1937, in the amount of $7,569,437.
need of financial reorganization in the
time and approved the extension
of the time of payment of the loan
tion
Bonds Extended—
The
Massachusetts
State Executive
Council
has approved a proposal
for the extension of $5,000,000 bonds held in the State sinking fund, which
matured Feb. 1.
The extension is until 1950, the interest rate being
reduced from 4% to 3%.
The road had asked for refunding on the basis
of reduction of interest from 4% to.2 H %.
The state
of 3% and the road accepted.—V. 144, p. 764.
1933
$1,332,741
372,675
1934
319.741
Boston & Maine RR.—Reconstruction Loan Extended— ^
The Interstate
not to be in
Income Account for Calenaar Years (Inch Wholly-Owned Subsidiary)
1935
103.363
234.866
103.258
235,455
326,188
5,185
on
Excess of receipts over cost of service
—V. 144, p. 445.
1936
19351"*
Subway, tunnel and rapid transit line rentals
on Dec. 31, 1936 prices for investments, the net assets of the cor¬
poration on that date amounted to $51,671,279, equivalent to $119.73 per
share of preference stock outstanding, and after allowing for preference
stock at the amount to which it is entitled in liquidation ($55 per share and
accrued dividends), to $3.72 per share of common stock outstanding.
Net
unrealized appreciation of investments at Dec. 31, 1936 was $15,146,792.
These amounts were arrived at after deducting provision for normal Federal
income tax on so much of the net unrealized appreciation as would, upon
realization, represent taxable profit.
In connection with security purchases made during the year, bank loans
were incurred in the first
quarter which, on Dec. 31, 1936, amounted to
$5,416,000.
:
income-_
1936
$2,420,400
1,590,794
137,291
Ry.—Earnings—
of December—
Rent for leased roads
Based
Miscellaneous
1.172,408
Interest
MUM
Blue Ridge Corp.—-Annual
19341^
1935
1,346,975
1936
1,287,421
Operating expenses
Federal, State and municipal tax accruals
_
Cash dividends
Interest
Co.—Output—
1937
1,196,712
Total receipts
Sept. 1.
Certificates will be payable in 10 equal annual instalments of
$670,000, beginning March 1, 1938.
Bids must be submitted to G. W. Kepler, Treasurer, at his office, Room
637 Union Trust Bldg., Pittsburgh, Pa., before 12 noon on Feb. 19.—
763.
$1,160,346 $1,293,935
.
be^issued.—V. 144, p. 445.»
P.
Total
—V. 141, p. 3372.
Offers Stock '
Stockholders on or about Feb. 15 will be offered the right to purchase
additional stock at par ($10) on the basis of one additional share for each
five held.
Holders of record Feb. 5 will be entitled to purchase the new
stock.
With the present market price of the stock around $37 the rights
are worth approximately $4.60.
.No transferable rights to subscribe will
V^_144,
264,776
$1,160,346 $1,293,935
Total
mill1
674
263,933
$338,646
.
Belden Mfg. Co.-
$1,000,000 $1,000,000
88,500
78,500
»
69,912
72,420
Reserves (for tax).
135,522
9,426
Notes payable
Accounts payable-
Cash and accounts
Profit and loss
—144,
J"
$711,827
270,870
process
Sept. 26/36 Sept. 28/35
Capital stock
\
$604,185
Cotton,cloth,cotton
171,662
65,986
1,466
Total..
$338,546
$13,096
$15,125
Liabilities—
Sept. 26/36 Sept. 28/35
bldgs.,
mach. & equip-
169
Earned surplus
prof.$843
Comparative Balance Sheet
6,000
Paid-in surplus
Sept. 26'36 Sept. 29,'35 Sept. 28/34
Years Ended—
Net loss before depreciation
Ft
State
income tax
Advance royalties deposit
Common stock ($1 par)
Total
the com¬
being the first distribution to be made on the issue imce 1924.—V.
latter
Cash
Reserve
Mfg. Co.—50-Cent Dividend—
stock, payable Feb. 15 to holders of record Feb. 3. A like payment was
made on Dec. 22, last, and a dividend of $1 was paid on Nov. 14 last, this
LiaWUies—^ST
!
same
The new listing covers 80,00(Xno par value common shares and 2,095,
$100 par value 7% redeemable preferred shares.—V. 144, p. 606.k Ik. fa*.
Balance Sheet, Nov, 23, 1936
Assets—
the Toronto Stock Exchange were posted for trading on Jan.
on
offered^a compromise
Botany Consolidated Mills, Inc.—Appeal Denied—
The U. S. Circuit Court of
tain
an
Appeals at Philadelphia has refused to enter¬
appeal by Chester G. Boll en bach, a bondholder, designedAto upset
the plan of reorganization under 77-B.—V. 144, p. 99.
Total cash income
$2,116,744
618,884
15,500
Expenses
Taxes.
$1,268,885
323,785
11,100
$1,705,416
395,962
$1,303,892
272,985
44,816
(Milton) Bradley Co.—New Directors—
!>
FThe
company has added three new directors:
Sidney W. Stevens.
Harry H. Caswell, General
Manager of W. F. Young, Inc., and Charles W. Hubbard Jr. of Boston.
—V. 136, p. 3912.
Vice-President of United Electric Light Co.;
Net cash income carr'd
to oper. surplus
$1,582,359
on opt. 6% conv.
pref. stock (cash)
1,294,674
Divs. on common stock748,948
$933,999
$986,090
$1,309,454
1,739,539
1,801,662
2.032.469
2,044,261
Divs.
*
Consolidated Capital Surplus Account Year Ended Dec. 31, 1936
Balance, Dec. 31, 1935
$11,512,981
Balance, Dec. 31, 1936
charges
Shares capital stock (par
$5) outstanding
Earnings per share
$11,489,067
-
fo
(Subsequent to Dec. 31, 1932), as of
Dec. 31, 1936
¥
* »
Balance, Dec. 31, 1935
$1,373,002
1,582,359
—
———
Net income for 1936
Net profit on sales of securities based on aver, book values (re¬
valuations as of Dec .31,1932.and cost of subsequent purchases).
after provision of $72,600 for normal Federal income tax
Amount transferred from general reserve.——.———
Total
Dividends
$7,377,846
—
paid in cash:
On optional $3 convertible
On common stock.
...
Balance,
4,175,077
247.408
Dec. 31,
1,294,674
preference stock...
...
1936...........
.........
.....
....
748,948
......
$5,334,224
'Note—The indicated net unrealized appreciation of investments, at
Dec. 31, 1936, was $15,146,792, after deducting provision of $2,350,000
for normal Federal income tax on the taxable profit which would result from
the realization of such appreciation.
This compares with net unrealized
appreciation at Dec. 31,1935, of $8,448,373, after deducting provision of
$510,000. for Federal income tax.^
it w.
i*.
1936—3 Mos.—1935
1936—12lMos.—19351
me
»
x$281,482
$443,621
x$2.275,251
$2,272,600
687,168
$0.41
686,999
$0.65
687,168
$3.31
686,999
$3.30
After provision of $20,655 for the three months and $55,133 for2the 12
months for surtax on undistributed profits.—V. 143, p. 2991.
x
.
Consolidated Earned Surplus Account
31—j
Net profit after deprec.,
Federal taxes & other
Transfer to profit on sales of securities of excess of directors' val¬
uation over book value of common stock warrants (stock
was subscribed for and sold in 1936)—
—23,915
* * fe
Bristol-Myers Co. (& Subs.)—Earnings—
W Period End. Dec.
British Type
Investors, Inc.—Meeting Postponed—
At the special meeting of class A stockholders called for Jan.
30, 1937
in Wilmington, Del., approximately 460,000 shares were represented.
To
make effective the proposal to reduce the par value of the class A stock
from its present figure of $1 to 25 cents a share, a favorable vote of 599,419
shares is necessary., The meeting has therefore been postponed to Feb. 24.
Edward V/Otis, President, in a letter to stockholders states:
Inasmuch as at present the net asset value of the class A stock is less than
the par value and under Delaware law, a corporation cannot pay a dividend
while the per share value is less than par, directors are advised that the
proposed change will place company in a position to pay a dividend. > If
the shareholders vote favorably upon this, it is the present intention of the
directors to declare a small cash dividend.
\
Class A stock will retain all its present rights, privileges and
141. p. 2110JtMteF k F k V » » ». !► fr- kV P k» Ik Ik H'Ik
priority.
—V.
Buckeye Pipe Line Co.—$1 Dividend—
The directors have declared a dividend of $1 per share on the common
stock, par $50, payable March 15 to holders or record Feb. 19.
A like
payment was made on Dec. 15 last and compares with 75 cents per share
Volume
Financial
144
Chronicle
paid each three months from Sept. 15, 1932, to'andrincluding Sept. 15
last and $1 per share distributed
quarterly previously.—V. 143, p. 2992.
Buckeye Steel Castings Co.—Earnings—
years Ended Dec. 31—
1936
Profits before deprecia'n
and income tax
1935
California Packing Corp.—Stock
The directors have
1933
1934
$401,903 loss$146,083
191,570
219,065
29,135
$882,220 loss$167,134
62,225
62,225
141,636
141,632
294,945
Depreciation
$181,198 loss$365,148
62,225
62,225
141,631
141,630
Income tax
262,614
Net profit
Prior pref. dividend
6% pref. dividend
Common dividends.
Surplus
Earns, per sh. on 238,056
shs.com. (nopar)
&383.414 def$370,991
$2.85
The directors also declared a dividend of 37 X cents per share on the common
stock payable on Feb. 20 to holders of record Feb. 5.
Dividends of like
amount were
Assets—
1936
Accts.'A notes
U. S. Govt,
Inventory
rec.
securs.
of
of
145*338
1,000,000
1,000,000
463,988 Preferred'stock 6%
cumulative
2,722,312
2,380,560
99,217 Commomstock
1,190,280
97,174 Surplus
.i 1.193.433
19,539
2,380,560
1,190,280
810,019
Sundry preserves..
139,942
102,133
Prior
6^%5cum
664,733
Property assets. 2,577,147
Investments
99,217
x
Pateuta.
96,200
Deferred.charges—
17,533
B Total
..$6,515,545
$5,598.0271
After deducting reserves for depreciation of $3,398,338
$3,289,345 in 1935.—V. 144, p. 606.
x
Buffalo General Electric Co.—To
Stratford
Corp.
(Stratford
Reorganization—
Net
' '
Canadian
March :1. A dividend of $2.75 was paid on Dec. 23, last,
was'paid on Oct. 1, last, this latter being the first
quarterly
Industries, Ltd.—$1.50 Dividend—
_
which all but eight represented Canadian
were
companies. Largest investments
heavy industries and base metals industries, each representing
in the
approximately 19% of the company s invested assets.
Common stocks
represented *96.26% of the invested assets on Dec. 31. The company paid
a dividend Jof 6 cents per share on Feb. 1, 1937.—V. 144, p. 607. i J
Carriers & General
Fund, Ltd.—Earnings—
1936, contained stocks of 47 corporations having
goods industries (18.34% of assets), followed by utilities (13.84%), oils
(11.85%) and1 steels (7.47%). Dividends of 90 cents per share were paid in
1936. A quarterly dividendJof 30 cents per share is payable Feb. 1, 1937.
—Y. 142, p. 2659.
«
i
'
, «Jj
_
income
Inc.—Preferred Stock Called—
W The company
Cash divs.
plan of recapitalization announced last year.
On Sept. 30, 1936, 50,000
shares of the stock were outstanding.—V". 143,
p^ 3308.
on
on
Interest
iBurlington-Rock Island RR.—Earnings—^
1934
1936
stocks.
bonds..
Stock rec. as a div.
investment held
Interest
a
on
1933
5,135
def 11,262
defl2,540
def23,247
906,037
865,066
def 131,066
Net from railway......
def75,648
Net after rents
def276.424 Jdef326.628
—V. 144, p. 99.
791,543
959,678
def122,399
def283.443
def37,376
*
Co.—Reorganization Plan for ^Company
and Bush Terminal Buildings Co.—
3,940
Terminal
Buildings Oo. has jbeen agreed hipon, "after three years of dispute between
interests represented'by Irving T.'Bush,(President of the Terminal company
and those of O. E. Bedford *of the Buildings ^company. The proposed plan
has the approval of the (common and (debenture holders of the Terminal
and the preferred holders of the "Buildings unit, according to
Houston and Lowell M. Birrell, counsel for the reorganization
company
Alfred
managers.
*wThe proposed plan provides that accrued interest upon all bonds is to be
paid; the title jto Bush jHouse in London confirmed to Bush Terminal
Buildings Oo./and Jordan adjustment of accrued dividends on the preferred
stock of the Buildings company. Each holder of Bu3h Terminal debenture
stock will receive four shares of
will get share for share.
new common
stock.
The present common
The two companies will continue for three years as separate organizations,
under the plan, and at the expiration of three years will be merged, if
approved by the preferred holders of the Buildings company.
Mr. Bush
will continue as President of the Terminal company and E. T. Bedford
will head the ^Buildings unit.—V, 144, p. 765.
Butler Brothers,
Calendar Years—
1934
Operating income..—
loss
on
sales
securities
x$l,908,100
$1,284,907
$1,221,928
$1^72,459
$1.16
$1.10
xJEstimated.
15-Cent Common Dividend—
1 $129,759
$158,064
$90,977
8,957
355,197
896,954
2,750,533
y
1
1
1
1
■
1
>
x The basis for computing cost of securities sold is that of average cost,
Provision for Federal surtax on undistributed net income.
_
Surplus Account for Year Ended Dec. 31,
1935
1936
1934
1933
Capital ^surplus balance
Dec. 31-----x$14,453,104 $14,137,623 $14,137,623 $14,137,023
Oper. deficit bal. Dec. 31
8,154,005
7,812,677
6,901,919
4,190.494
Assessm't forjFed. transf.
<taxe3 paid under protest
......
4,021
......
......
Operating ;lo3s for year
(as above)
.._.prof240,429
225.438
738,890
2,659,550
Divldendsjdeclared
178,497
111,859
111,859
111,869
"$3^6Um
Balance Dec. 31
$5,933,618
$3,324.916
$7.175,705
x Includes l$315,480 (excess
of amount of cash received and valuation
ascribedjtovsecurities acquired over par values of capital stock issued therefor.
Balance Sheet Dec. 31
Liabilities-
1935
1936
1936
Dividend. payable.
Invest, at cost—
Stocks——$7,124,629 $5,504,289
Bonds
656.926
738,460
Oash.lnibank
1,038,572
2,185,283
Cash dep. with div.
......
Dividends reoelv—
31,874
4,586
13,667
155,045
Receiv. for see. sold
Aoor.iint.
on bonds
Deferred oharges—
27,967
20,050
Pay.
for seo.
$18,875
5% deb3., &c--_
22,078
18,346
18,091
Prov. for Fed. sur¬
tax on undistrib¬
uted net Income.
15-year 5%
due Nov.
Capital stock
Surplus
y
2,850
debs,
1,1950:2,000,000
Miscellaneous
1
43,590
Prov. for Fed. oap.
stk. & oth. taxes
14,241
168,023
1935
$27,967
pur.
not yet reo
Sund. aocts. pay.,
accrued Int. on
jMMAaJ
thisfissue since Feb. 15. 1930, when 30 cents per share was
distributed.—V. 143, p. 3834.1
^ J A
A
jmAMaA
2,000,006
25,70$
659,343
602,120
6,361,031 r5,983,618
1911
(H. M.) Byllesby & Co.—New Vice-Presidents, &c.— ]|
Total—
The company on
•
$210,429 lo3s$225,438 loss$73S,8901oss$2659556
178,497
111.869
111,868
111,808
ment made on
Jan. 30, announced the election of E. Mortimer Newlin
of Philadelphia and R. Miles Warner of Chicago as Vice-Presidents.
Announcement also was made of the appointment of Guy Hoffer as
sales jmanagerjof the western division.—V. 143, p. 3308.
j
j
j IA
■
of
Net oper. prof, for year
Dividends
The directors (on Feb. 2 declared a dividend of 15 cents per share on
the common scockyjpayable March 1 to holders of record Feb. 13.
A divi¬
dend of 60 cents was paid on Dec. 21, last, this latter being the first pay¬
f
1 1111
1*668
$231,472
...
paying agent
$1.41
"
11• 11
1
i|
J
$1.72
92
$145,304
54,328
$221,631
61,899
$193,195
63,436
110,750
y2,850
1933
Earns, per sh. on 1,109,-
,^.429 shs. capital stock
(par $10)
Prov. for Fed. inc. tax..
—
x
; 1935
Net inc. after Fed. taxes,
gjtdeprec., int., &c
t
1
of deb. discount & exp.
Assets—
Chicago j(& ^Subs.)—Earnings—
1936
......
$431,837
86,765
xNet
t
$104,346
40,807
on
**lTotal income.—.
Expenses
Int. on 5% debs. & arat.
•
nS»
Terminal
*1933
1934
$142,635
78,996
call loans and
148,013
ind Bush
Years
1935
$139,153
54,042
i^bank balances.......
$84,243
10,737
def6,491
jBushlTerminal Oo.
Account for Calendar
$372,613
55,285
Calendar Years—
has called for redemption on March 1 at $55 a share and
accrued dividends all of its $3.50 convertible preferred, in accordance with
*{$61,613
Corp.—Annual Report—
Interest and amortization of discount and expense on the company's
outstanding debentures have been earned over three times and the net asset
coverage;at the year-end amounted to $4,632 per $1,000 bond.
The year ended Dec. 31, 1936 represented the first full calendar year
during .which jthe company .operated as a general management fund, certain
charter ^restrictions respecting securities eligible for investment having
been removed by vote of stockholders on Nov. 17, 1935.
The net asset value of the outstanding stock, valuing securities at market
quotations on Dec. 31,1936, and excluding unamortized debenture discount
and expense, amounted to $11,817 pe£ share.
The corresponding figure a
year earlier was $8.53 per share
The percentage improvement therefore
was approximately 39%.
j
m
then market value of $2,080,487, as against a cost of $1,319,213.
During
1936 securities of 14 companies (were Jsold from the portfolio and those of
17 companies were added. Largest investments at year-end were in durable
i Jl*1935
$75,777
Fund, Ltd.—Assets—
Total assets {of this company with securities at market price on Dec. 31.
1936, amounted to $5,590,209 as compared with $3,610,896 on Dec. 31,
1935.
Securities costing $3,107,750 had a market value on Doc. 31 of $4,568,959. During 1936 the company realized $133,184 in profits on sales
of portfolio securities and reported net income (excluding security profits)
of $189,006. Dividends totaling $158,764 were paid In 1930. As or Dec. 31,
1936, the company's portfolio contained securities of 49 corporations, of
The company reports net asset value of $22,597 per share on Dec. 31,
1936, a gain or $5,744 or 34.08% over the net asset value of $16.853'per
share at the end of 1935.
plan "tof reorganization Jor
dividend of $1.50
a
Canadian Investment
1936 has been declared by the board of directors and will be distributed
K§ Bush
Ltd.—Accumulated Div.—
per share on the class A
holders of record March 31.
and $1.25 per share paid on
Oct. 31, last.
Previously .regular quarterly dividends of $1 per share were
distributed.
In addition,the following extra dividends were paid
75 cents
on July 31, 1936; $1.25 on Dec. 16, 1935; 75 cents on July 31, 1935; $1.50
on Dec. 15, 1934; 75 cents on July 31. 1934. and 87X cents per share paid
on Jan. 31, 1933.—V. 143, p. 4146.
proportionately .to the persons presenting and surrendering their certificates
of deposit, by Bank of the Manhattan Co..trustee, at the same time that
the new securities are issued. Certificates of deposit .should be forwarded
to Bank of the Manhattan Co., 40 Wall St., N. Y. City.
In order to provide means for carrying out thejreorganization, it has been
necessary to have title vested in a corporation having a purely nominal
capital, the stock of which is being distributed proportionately among the
bondholders.
Except for „the temporary holding of one share of the par
value of $1 by each of the three incorporators, no one else has any shares.
Net after rents........
From Jan. 1—
Gross from railway.....
512,631
Certain trade
The directors'have declared
(2) 4% mortgage income bonds of the corporation of the same face value
and principal amount as the certificates of deposit surrendered.
A payment of interest at the rate of 4% per annum for the first Interest
period .covering the five months beginning July 1, 1936 and ending Dec. 1,
1936
1
$88,746
def4,108
def24,143
$156,474
512,631
and class B stocks, both payable April 30 to
This compares with $2 paid on (Jan. 30, last,
i»r
December—
$35,579
512,631
and one of $3.25 per-share
(1) One share of stock for each $100 of each certificate of deposit (no
basis of any fractional amount of
Gross from railway
Net from railway......
loss$51,564
1,011
payment made on the 'stock Ssince Dec. 15, 1932, when a regular
dividend of $1.62H Per share was distributed.—V. 143, p. 2992.
shares of stock shall be issued on the
certificates of deposit less than $100).
Bulova Watch Co.,
22,645
v
stock
common
to holders of record
i
The corporation is now ready to issue Its capital stock and 4% mortgage
on Dec. 31,
4,190
29.142
The directors have declared a dividend of $1.75 per share on account
of accumulations on the 6 X % cum. pref. stock, par $100, payable March 20
Corp.)—
Income bonds in exchange for certificates of deposit upon the basis set forth
In the plan, which is as follows:
^Portfolio
9,850
Canada Wire & Cable Co.,
2992.
($1 par), and its proposed 4% mortgage income bonds in principal
$122,150 maturing July 1.1946 with the Securities and Exchange
Bullock
$268,084
39,472
48,480
$0.25
Nil
$0.07
$0.30
JdiscountsTweredn U933Iconsidered selling expenses; but
in 1934 they were (deducted from sales.
1933 figures have been adjusted
accordingly.—V. 143, p. 3993.
x
Commission.
**
$121,352
34,075
45,108
2,400
512,631
-
outstanding (par $5)Earnings per share
in 1936 and
Arms
-
profitlforlperiod..
Shares
amount of
m
$66,169
57,276
48,840
1,767
incomajtaxes
Pursuant to the plan of reorganization dated June 4, 1936, Buffalo
Stratford Corp. was organized in New York and acquired title to Stratford
Arms Hotel, 25 West Utica St., Buffalo, N. Y.t at foreclosure sales. Cor¬
poration has registered its authorized capital stock, consisting of 1,221
shares
$238,941
U. S. and Dom. of Can.
Merge—
See Niagara Hudson Power Corp. below.—V. 143, p.
Buffalo
x848.742
$99,703
21,650
$128,780
_
Interest
.....$6,515,545 $5,598,027
Total
x953,066
$254,152
41,469
57,638
1,822
.
951,664
$36,455
29,713
24,442
.
Grosslincome
Other ^deductions
Depreciation
stock
pref.
1933
$988,119 x$l ,052,769 x$l ,087,083
..M
income tax
raw
pr' mat'lSj&Jsupplies
O theriincome_
Reserve for Federal
•Earnings-
1934
1935
$220,164
33,988
Profit from operations1
$71,830
$303,844
1936
depreciation
$1,641,014
Adver., sell., distrib. &
administration
1,420,850
262,614
184,814
steel
castings prod—
Inventory
$174,599
342,662
1,576,403
639,280
1,627,319
Accounts payable.
Dec. 15, last, and each three months prior thereto.
Canada Dry Ginger Ale, Inc. (& Subs.)-
1935
1936
Liabilities—
1935
$654 174
on
3 Mos. End. Dec. 31—
Gross Jmfg. profit before
Comparative Balance Sheet Dec. 31
Cash.
paid
—V. 144, p. 99.
Nil
Nil
oJf
stockholders, the equivalent of 50 cents par of preferred stock,
Jan. 25 last.
on
def$22,658 def$569,004
Nil
share of new 5%
a
The company paid a dividendlof 50 cents In cash, or, at the option
$11,777
178,911
$1,319,281
174,447
Dividend—
declaredla dividend of 10/200 of
Sreferred stock, par $50, on the no par^common stock, payable Feb. 20 to
olders of record Feb. 5.
common
k
925
$9,025,300 $8,658,314
Total
-.$9,025,300 $8,658,314
The aggregate market value as of
Dec. 31,1930 of securities owned was
$8,115,072. At Dec. 31,1935, $4,020,398. y Represented by shares of $1
par value.—V. 143, p. 4146.
..
** a * m
^
+ a
*
J
x
^
AL
926
Financial
Canadian National
Chronicle
Catelli Food
Ry.—Earnings—
Earnings of System for Week Ended Jan. 31
1937
Gross earnings
—V.
144,
$4,683,396
Increase
Canadian Pacific Lines in Maine
December—
1936
$4,202,337
$381,059
Net from railway
Net after rents
Prof,
1933
$208,806
52,354
15,550
$182,301
6,578
$175,123
36,894
1,075
1,882,066
124,473
defl79,768
1.985,675
279,939
def38,382
1,583,487
204,106
defl08,473
188,263
«.
defl59,589
41,842
—V. 144, p. 273.
Canadian Pacific Lines in Vermont
December—
1936
Gross from railway
Net from railway
Net after rents
1934
sec.
$74,394
3,599
Z>r8,976
Dr4,700
&
other income
1,673
3,605
3,318
Total income
$156,724
41,418
26,237
1,400
202
4,663
16,147
$132,125
40,605
24,044
$67,649
40,681
$66,657
55,555
CY479
$52,203
2,841
Cr2,922
Res. for depreciation
of exec, directors..
Sal.
Directors'fees
Legal fees
Non-operating exps
1933
$85,569
def8,742
def32,126
$77,040
def4,493
def25,276
$67,036
defl9,328
def39,755
962,688
def227,930
def488,489
930,135
def206,891
def462,482
897,591
defl34,889
def397,753
Previous surplus
Adjustments
Pref. dividends
,
Gross earnings
91
4,718
10,464
Ry.—Earnings
expenses
2,411
2,115
$2,841
$
129,678,904
107,281,380
50,000
140,757
273,285
80,551
sec
b Accts. rec.,
$
11,581,266 138,562,762
8,275,252 115,251,651
$9,518
Call loan
trade
Inventories
..
securities.
Invest,
Liabilities—
1935
1936
Cash
1936—12 Mos.—1935
3,541,807
3,306,013
10^7
Gross earnings
552
30
13,294
61,456
Res. for gen. depr.
Special res. for idle
21,627
17,278
469,860
1,508,994
.
Res. for inc. taxes.
1,507,806
12,911
11,941
Good-will,
TnrrpncP
$3,102,000
plants
1
Casco Products
special meeting held Jan. 26 approved a proposal to
increase capital stock to 170,500 shares from 155,000.
Stockholders are
to be offered rights to subscribe to the additional shares at
$25 a share
on the basis of one share for each 10 shares held.—V.
144, p. 607.
(A. M.) Castle & Co.—-Earnings—
Calendar Years—
1936
1935
1934
exps., repairs & maint.
from life ins.
less cash surrender val.
$778,656
$456,245
$398,140
Total
$164,519
x86,041
ncome
$778,656
55,500
106,278
Federal taxes
Prov. for Fed. surtax
$456,245
$164,519
61,695
$390,349
229,291
$102,824
$161,058
114,497
54,111
53,726
profit
$559,377
450,000
—
$348,407
y234,302
$109,377
120,000
Profit
$114,105
120,000
$2.90
per share
$4.66
■
$102,824
114,240
$3.41
$0.90
x
Excluding the $86,041 earnings per share were $2.66.
$89,525 dividends paid in treasury stock (5,712 shares).
Excludes
Balance Sheet Dec. 31
1936
Liabilities—
1935
on
$210,809
$832,195
of
120,875
life
surance
120,875
198,678
182,068
Bonds
&
rant
x
Provision
war¬
$126,583
57,825
47,725
124,933
53,423
Fed.
contingencies...
111,850
& notes rec
918,801
par)
Inventories
40,000
1,200,000
__
Paid-in surplus
Earned sur pi us—
502,707
15,493
rec
1,399,397
1,200,000
1,399,396
1,783,362
24,483
1,554,131
2,211,334
1,892,740
expenses,
advs., suppl.,&c
Land, includ. land
19,205
19,052
held for expansn
642,573
642,928
635,116
620,199
y
BIdgs,, mach. &
equipment
'with
$4,972,884 $4,610,4911
Total
warrants.
The stock
purchase warrants will entitle the holder to purchase, at $50
share of common stock for each $100 of debentures.
The
1, 1947/
According to the registration statement, the net proceeds to be received
by the company are to be applied as follows:
$862,575 for the redemption at 105% of $821,500 of 6K% first mortgage
a
share,
one
bonds due June 1, 1944:
$1,962,705 for the redemption at 115% of $1,706,700 of 6% of cumulative
income debentures due June 1, 1954.
The balance of the proceeds will be
'f
used for additional working capital.
The company makes no statement as to the allocation of the proceeds to be
received from the sale of the common stock upon exercise of the warrants.
The debentures are redeemable in whole or in part at any time after 30
days' notice at the following prices plus accrued interest:
If red. onTor
before Feb. 1, 1940, 103%; thereafter and incl. Feb. 1, 1941, 102^4%;
thereafter and incl. Feb. 1, 1942, 102%; thereafter and incl. Feb. 1, 1943,
101K; thereafter and incl. Feb. 1, 1944, 101%; thereafter and incl.Feb.l,
1945, 100^%, and thereafter at par.
Distributors Group, Inc., N. Y. City, is the underwirter, and, it is stated,
the debentures are to be sold to the underwriter at a price equal to 96%
of their principal amount plus accrued interest.
The price at which the debentures are to be offered publicly is to be fur¬
nished by amendment to the registration statement.
Exchange Plan Withdrawn—
The
corporation has announced the withdrawal of the exchange offer
to holders of the company's outstanding 6H% 1st mtge.
6% debentures.
Holders of the bonds and debentures who
deposited their securities under the exchange plan have been notified by
the company that they may withdraw them.
The new issue of $4,000,000 4}4% debentures carrying stock purchase
warrants will be sold instead to provide funds to retire both the bonds and
debentures.
Proceeds of the sale of the new debenture issue will provide
in excess of $900,000 of working capital after retirement of the outstanding
$821,500 of 6^% 1st mtge. bonds and the $1,706,700 of 6% debentures.
made
last fall
bonds
and
Corp. of America (& Subs.)—Earnings—
Years Ended Dec. 31—
1936
Selling and administrative
expenses.
_
r
Other expenses
Income charges
1
Bonus to employees
Miscellaneous adjs. (net)
Federal income taxes
Surtax
$552,342
161,931
Cr33,340
99,329
15,111
$520,946
142,093
024,480
94,531
5,039
9,110
$423,797
103,188
021,714
71,282
10,886
40,224
35,280
$254,428
x386,781
$224,874
xl61,907
_
undistributed profits
on
$1,214,454
790,656
$281,055
608,377
Gross profit on sales
1934
$1,484,893
963,947
0.27,9»7
48,772
7,482
Cost of sales
1935
$1,628,944
1,076,602
Net sales
.
Cost of sales & expenses.
$7,589,955
6,342,902
$5,660,749
4,844,677
bl934
$3,914,390
3,539,022
$2,936,200
2,947,099
Other earnings
$1,247,053
67,067
$816,072
37,059
$375,368
46,832
loss$10,899
49,421
$1,314,120
381,763
$853,131
377,931
$422,200
407,769
$38,521
441,999
162,230
4,694
29,419
164,223
89,920
165,333
56,491
171,006
89,639
Cr 158
Crl4,704
Depreciation
Interest charges, &c.,
funded debt
Other
c
deductions
Adjust, of taxes prior
years, &c
'
Net profit
com.
After
—
„
m
m
d$221,215 loss$192,689 loss$664,122
$736,015
Cum. pref. dividend
Earns, per sh. on 268,685
a
bl933
on
Prov. for Fed. inc. taxes
shs.
Previous earned surplus.
(Including Subsidiaries)
bl935
1936
..$4,972,884 $4,610,491
After reserves of $89,435 in 1936 and $94,838 in 1935.
y After reserve
for depreciation of $753,280 in 1936 and $720,097 in 1935.—V.
143, p. 4146.
Other income
Represented
Act
x
Catalin
c
SEC—Proposes to Issue $4,-
Income Account Years Ended Oct. 31
Total
.$2,076,016 $2,207,543
a registration statement (No. 2-2831, Form A-l) under the Secur¬
of 1933 covering $4,000,000 of 10-year 4H% debentures due
1, 1947, with attached common stock purchase warrants, and 40,000
shares (no par) common stock to be reserved for issuance upon exercise
Capital stock ($10
owned
Prepaid
1935
$257,990
Reserve for general
,
Customers'accts.
Comm. & misc.
of
income taxes...
in
policies.
tax
1936
Accounts payable.
Accrued expenses.
Dep. with life ins.
companies
Total
warrants must be exercised not later than Feb.
17,500
40,000
Dividends
Assets—
$2,207,5431
The corporation on Jan. 29 filed with the Securities and Exchange Com¬
of the
$484,181
56,040
37,792
on
undistributed income.
Prov. for general conting
(par $10)
.....$2,076,016
Feb.
Depreciation
Value
55,555
......
mission
ities
previous recorded
hand
150,000
81,513
b After reserves of $9,342 in 1936 and $10,086 in 1935.
by 46,000 no par shares (30,000 in 1935).—V. 143, p. 3309.
Celotex Corp.—Files
000,000 Debentures—
1933
Proceeds
Cash la banks &
1,200*,000
460,000
80,140
a
Net earnings after oper.
Earnings
289,853
■
Earned surplus
Distribution surp.
Corp.-—Stock Increase Voted—
439,127
600,000
Class A pref. stock
c Common stock..
100,000
10,661
281,701
5% cum. red. pref.
(par $15)
patent
rights, &C-.
$150,000
$49,023
$63,345
Dividends payable
Accrued liabilities
—
22,397,523
1 QQfi
$3,252,000
& equipment
1935
Accounts payable.
V. 144, p. 765.
Shs. of stk.
def$22,426
1936
$21,468
125,000
158,057
221,813
Def. debits to oper.
23,311,110
Earnings of System for Week Ended Jan. 31
Net
def$9,903
def8,774
3,749
Cr414
$55,555
Land .bldgs.,mach.
earnings
Totali
$26,968
def22,426
$80,140
Surplus, Nov. 30
Assets—
1936—Month—1935
$
$
12,253,202
8,711,395
Stockholders at
84,297
Balance Sheet Nov. 30
Canadian Pacific
Net
$74,394
...
30,000
11,500
1,050
Common dividends
Res. for inventories
100.
Period End. Dec. 31—
Working
$74,409
5,514
1935
—Earnings—
1935
1,029,544
def287,887
def574,287
From Jan. 1—
Gross from railway
Nec from railway
of
sale
on
Res. for income taxes
$94,400
defl3,582
def30,761
Net after rents
p.
1933
$123,006
7,734
1936
Res. for income taxes.-
1934
2,177,509
From Jan. 1—
Gross from railway
144,
1934
$147,318
Operating profit
Non-operating expenses.
Earnings—
1935
$255,915
53,958
6,847
Net after rents
—'V.
Products, Ltd.—Earnings—
Years End. Nov. 30—
Rev. from investment..
Gross from railway
Net from railway
1937
6,
•Formerly Catelli Macaroni Products Corp., Ltd.
1936
765.
p.
Feb.
145,363
stk. (no par)
Nil
$2.19
deducting freight allowances
Nil
and discounts.
b
Nil
Receivers
and
corporation accounts consolidated of old Celotex Co.
c Under corporate
account,
d No provision has been made for Federal income taxes as there
_
_
$889,432
Additional taxes, prior years.
Dividends
$641,210
3,255
$386,781
are
statutory deductions of the company in excess of the above profit.
Consolidated
214",757
Assets—
Surplus, end of period
Earnings per share on 536,892 shs.
$674,676
$637,954
$386,781
x
capital stock
$0.52
$0.47
$0.42
1936
Cash
Accts.
$100,244
1935
Accounts payable-
acceptances
payable
267,291
Fed.
1936
$68,486
1935
41,514
128,956
109,727
payable.
397,094
341,204
Capital stock
53,597
3,222
3,149
6,459
1,199
1
1
18,917
Property, plant
& equipment
4,094,528
Pats. & pat. rights
1
Deferred charges..
37,838
9,509
Prepaid insurance-
37,626
28,249
57,602
40,224
536,814
674,676
343,727
Nor. 1 '35
$350,125
226,769
51,173
22,249
&c...
22,248
35,900
1st
on
Acer. gen. property
taxes
Divs. decl.
29,577
29.419
on
pref.
stock
Acer.
145,363
int.
on
inc.
debentures
Funded
debt
25,605
_
157,207
2,528.500
2,671,000
5% cum. pref. stk.
(par $100)
2,907,250
z Common stock.
268,685
Paid-in surplus...
433,013
379,500
111,898
a
36,289
int.
mtge. bonds
1
and good-will at
cost
royalties,
taxes...
patents
Investments
'36
$387,369
commis's,
wages,
3,770,039
608,377
29,578
Oct. 31
Prov.for Fed.inc.
536,814
Capital surplus...
Sheet
Liabilities—
Accounts payable.
Acer. trav. exps.,
Acer.
br'ch
y
Earned surplus...
Prepaid rent and
insurance
1,183,577
So. Coast Corp.
$101,220
income taxes
Inventory
xMach'y&equip't
Processes,
Australian
Trade
278,127
Notes receivable..
Liabilities—
$181,748
receivable,
lessreserve
Inventories
1,026,583
834,225
2,764
Investments In—
Comparative Consolidated Balance Sheet Dec. 31
Assets—
$892,469 $1,597,531
Accts. receivable bl, 367,374
Miscell. assets
Includes capital surplus.
x
Balance
Oct. 31 '36 aNov. 1 '35
Cash...
1,300
.
Advances to Catlin
Earned
surplus
2,907,250
268,685
778,266
590,652
Corp. of Canada
Ltd
Total
f
x
6,943
$1,404,782
$1,344,462
Total
* Total
$1,404,782
After depreciation of $192,680 in 9136 and $140,995 in 1935.
sented by
536,892 shares.—V.
144,
p.
766.
$1,344,462
y
Repre¬
*4
—
$7,601,163 $7,241,8561
Total
.
$7,601,163 $7,241,856
x After reserve for doubtful accounts and
freight allowances of $209,164
in 1936 and $171,934 in 1935.
y After reserve for depreciation of $4,236,529
in 1936 and $3,866,311 in 1935.
z Represented by 268,685 no par shares,
a
After giving effect to acquisition of the assets of the Celotex Co. and
Volume
Financial
144
trustees and the issuance of securities in accordance with the
plan and agree¬
ment for the reorganization of the Celotex Oo.
b Includes notes receivable.
—V. 144, p. 607.
Central Illinois Light
Oper.
exps.
and taxes,
1936—Month—1935
$799,588
$738,760
437,760
365,116
80,000
90,000
_
Provision for retire, res.
Interest and other fixed
charges,
Dividends
71,904
Balance
-V.
declared
902,139
588,727
786,950
693,013
3,871,490
750,000
$14,844,359
Credit resulting from retirement of shares at less than average
paid-in value thereof at dates of purchase:
Balance Dec. 31,1935
For the year 1936
Total foregoing
Pref. Divs.
Insurance
Miscellaneous
Interest
Federal normal income tax
Depreciation and amortization
Casualty insur_
$752,627
145,482
3,961
23,370
24,700
175,383
6,751
350,002
$114,893
Other
$22,978
<
alNo provision has been made for Federal surtax on "undistributed net
income," inasmuch {as the amount paid by the company upon certain of
obligations during the year ended Dec. 31, 1936, which it appears may
Balance Sheet Dec.
S
1935
trust cos
Accrued divs.
Accts.
Accts.
payable.
84,941
Accrued Interest.
46,504
77,456
45,659
Federal normal In¬
295,861
243,652
60,355
Total..
a
tax
come
of life insurance
20,217
Lessee's advances.
27,978
policies
9,778,436
210,935
a^Fixed assets
13,368
10,078,174
220,795
Deferred charges..
6,751
5,687
'
Lease commission.
10,000
Note payable
Fixed liabilities
Def. rental income
5,261,677
34,099
Stated capital, 58,563 shares
5,775,300
..
7,000
Cap.stk.assessm'ts
234,252
5,775,300
234,252
Deficit
953,882
$13,235,343 $7,628,4271
Total
quoted bid prices amount to $38,000.—V. 144,
Chain Store Investment
x$12,172
636
Interest
Jan. 1 to
Dec. 31, '36
x$24,305
164
2,122
151
357
Miscellaneous expense
Net inc. to
Total
After
10,208,103 10,384,105
reserve
Central National
Corp.- -Earnings—
1936
1936
x
Investments
1935
$6,621
$1,897
(at
522
194
634
367
302,592
2,508
354,969
cost)
357
367
1,027
131
949
$2,694
$9,456
1936
1935
$291
Note payable
Reserve for taxes..
28,217
rec..
75
Preferred stock
interest..
64
Common stock
537,453
540,027
369,987
18,994
386,581
8,020
$361,729
$306,998
Treasury stock—
$136,985
89,254
7,878
4,060
$100,857
84,657
2,056
1,836
$79,797
84,184
2,039
2,000
$111,435
103,137
1,902
2,275
$12,308
loss$8,425
$4,121
135,294
32,370
72,335
$60,534
222,857
147,602
$23,945
63,847
$76,455
12,392
$283,391
1,783
y32,351
$234,050
$87,792
1,344
$88,847
$86,448
$63,847
ity transactions.
Current surplus..
.
Total
x
Remainder
Liabilites—
Unclaimed divs
•,
—
*
«• «*
5,999
101,025
10.000
Deficit from secur¬
24,741
Federal capital stock tax
$20,266
$50,000 :
16,493
98,775
10,000
1933
$35,793
State franchise tax
s
Accounts payable-
Income from int., divs.,
commissions, &c
Expenses
Jan. 1 to
Balance Sheet Dec. 31
Assets—
Prepaid
1934
19351
Oct. 1 to
Dec. 31, *35 Dec. 31, '35
$3,790
$12,830
414
1,423
x Includes $187 for the period Oct.
1 to Dec. 31, 1936 and
for the
period Jan. 1 to Dec. 31, 1936.
Note—Dividends totaling $50,485 or $23 per share were paid in 1936 from
profits on securities, clearing up all accumulations.
Accrued int.
Years Ended Dec. 31—
447.
Capital surplus
for
depreciation of $2,960,385 in 1936 and $2,600,570
in 1935—V. 143, p. 2830.
a
$10,864
curr. surp.
p.
Corp.—Earnings—
Dec. 31, '36
...
Managers'commission..
1,068.774
10,208,103 10,384,105
$13,235,343 $7,628,427
494,535 (287,500 in 1935) participating without par value and 494,535
par value,
b Market value $13,-
Cash.
Total
552
c Estimated Federal income taxes
which would be payable if investments owned were sold at Dec. 31, 1936
5,000
7,000
4,967,000
20,195
129,375
7,496,006
in¬
come
,
Cash surrender val.
13,011,506
1,820
Shares outstand.
Undistributed
(287,500 in 1935), ordinary, without
017,649 in 1936 and $7,776,938 in 1935.
Taxes.
.
39,777
on
41,790
Period—
43,079
_.
25,264
:
Investments pur¬
chased
Oct. 1 to
51,019
$2,494
payable for
for sales
Dividends income
$
S
139,734
Accts. receivable..
rec.
667,366
366,436
110,199
of shares
1935
1936
liabilities—
Cash on hand and
t%in banks
rec.
1935
$3,278
c5,872
taxes
partic. shares.173,087
31
'
$
Reserve for dlv.
Accts.
and
Cash
be taken as a credit in determining the amount of surtax payable, is in excess
of the^company's "undistributed net income" for the year.
1936
Accrued
1,338,104
2,136,387
banks
1936
Accrued expenses.
.
trust cos
its
Assets—
1935
$233,488
4,572,304
842,873
$755,598
Fire insurance._ 8,137,315
Life insurance.. 1,062,042
a
Net income
1936
Liabilities—
b Invest, at cost:
1935
$913,940
171,565
4,916
13,433
19,641
204,249
a20,107
365,136
Property taxes
Other taxes (exclusive of Federal income tax)
$13,011,506
Balance Sheet Dec. 31
N. Y. banks and
1936
2,720,855
2,355
Dr80,786
Balance
Assets—
Corp.—Earnings—
Years Ended Dec. 31—
Total income
$15,815,501
...
For the year 1936
Adjustment to Federal income tax basis.a..
of
1936, and on July 15, 1935. Dividends of 50 cents per share were paid on
Dec. 24, 1934, and on Oct. 15, July 15 and May 15, 1933.
Prior to this
latter dividend, regular quarterly disbursements of $1.50 per share were
made on both issues.—V. 144, p. 274.
964,449
6,693
-
.
Balance loss from sales of investments:
Balance Dec. 31, 1935
...I
$1 per share on account of
accumulations on the no-par $6 cum. pref. stock, and the 6% cum. pref.
stock, par $100, both payable March 15 to holders of record Feb. 20.
Similar payments were made on Dec. 22, Oct. 15, April 15 and Jan. 15,
Central Investment
47,428
Balance
$1,406,327
$163,419 A$l.423,248
dividends
$14,891,788
$7,507,782
Central Illinois Public Service Co.—Accum.
have
$9,252,412
5,639,375
1936...
$8*277,561
4,453,444
910,000
57,751
$168,121
directors
Balance Dec. 31,1935
For the year 1936
Total
144, p. 100.
The
Capital Accounts for the Year Ended Dec. 31, 1936
Proceeds from issue of shares:
Average paid-in value of shares purchased and retired during
1936—12 Mos.—1935
62,472
41,801
pref. stock
on
927
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.J
Period End. Dec. 31—
Gross revenue
Chronicle
$306,9981
$361,729
Investments carried
predecessor corporation
Total
books at cost at which originally purchased
by
this corporation.—V. 143, J). 3142.
<
on
or
,
Net realized profits on se¬
curity transactions
Net profit
Previous balance
Total surplus
Adjustments
Provision for
reserves
Surplus, Dec.
31.—.
86,448
xTl",193
$249,256
$222,857
xTProvision for Federal income taxes,
income taxes of $12,351.
■:C
v
1936
1935
$593,218
a2.128.961
1,582,655
293,174
66,326
5,046
6,012
•
Cash
Securities
Treas. stk. class A
4,910 shs. (cost)
293,174
Accts. & notes rec.
36,424
and fixtures
3,717
Accr'ls «fc def. debs.
5,603
Furn.
Total
a
Includes provision for Federal
Balance Sheet Dec. 31
$131,066
Assets—
y
$2,598,947 $2,546,431
257000
"■/V-
;v:-/v"
4Liabilities—
Due
for
1936
1935
securities
pur.& accts.pay.
$41,004
Res. for taxes, &c.
45,973
b Class A stock.1,000,000
c Class B stock...
137,500
Capital surplus.._ 1,125,213
Undivided profits.
249,256
Total.
$40,488
20,373
1,000,000
137,500
1,125,213
222,857
$2,598,947 $2,546,431
This item comprises:
Book
!
%1of Total
Capital
60.8%
Value
Common stocks
$1,527,455
268,084
333,421
Preferred stocks
Bonds
10.7%
13.3%
The aggregate
market value of these securities as of Dec. 31, 1936, was
$3,439,435.
If the appreciation of $1,310,473 over book value were realized,
the taxes thereon, at 1937 rates would amount to approximately $332,000.'
b jRepresented by 50,000 no par shares,
c Represented by 55,000 no
par shares.—V. 143, p. 607.
§
Century Shares Trust—Annual Report—
The
liquidating value of each participating share on Dec. 31, 1936 was
$26.76 after deduction of the reserve for the dividend payable Feb. 1, 1937,
as compared to $27.50,pn|Dec. 31,
1935, a^decline of about 2.75%.
During the year participatingland ordinary shares were sold to the amount
of 209,090 each, and 2,055 shares of each were purchased and retired.
Shares outstanding increased from 287,500 of each class on Dec. 31, 1935,
toj494,535Jon<Dec. 31, 1936.
A registration statement covering 400,000 additional participating shares
was filed with the Securities and Exchange Commission and became effective
Feb. 29, 1936.
Of the shares covered by this registration statement there
remained 261,727 unsold on Dec. 31, 1936.
L
Income Account for Calendar Year,s
Cash dividends
19361
$374,750
*1935!
Interest received
4
«
19341 ^
1933
$93,710
99
$176,975
$84,667
1,876
$93,809
$86,544
«*
4
Trustee's fees
Operating
expenses
Net income
$374,750
1,050
29,915
$176,975
280
200
200
14,643
7,016
6,176
$343,785
$162,051
$86,593
$80,169
39,223
39,106
5,949
552
828
723
Chesapeake-Camp Corp.—Pref. Stock Offered—MasonHagan, Inc., Richmond, Va., and Investment Corp. of
Norfolk in January last offered $400,000 5% cum.
pref.
stock at 100.
Stock offered to residents of Virginia only.
Not subject to five mills tax of Virginia; exempt from Virginia income
Guaranteed
by
Camp
Manufacturing Oo.
Dividends
payable
Q.-J.
Callable for red. in whole or in part by corporation and subject to
purchase by guarantor on any div. date, after not less than 30 days notice
at 105 plus divs., if red. or purchased
on or before Jan. 1, 1942, and at
103 plus divs. thereafter.
In the event of default in payment by corporation
and by guarantor of eight quarterly dividends on this stock, and
during the
continuance of such default, the holder thereof will be entitled to one vote
for each share, but otherwise the holder thereof is not entitled to
any vote
tax.
thereon.
Corporation has been organized to construct and operate a plant near
Franklin, Va., at an estimated cost of approximately $3,000,000 to manu¬
facture sulphate pulp and kraft board.
Corporation has been organized
by Albemarle Paper Manufacturing Co.,/ Camp Manufacturing Co., and
Chesapeake Corp., well known, old and established Vifginia corporations.
All of the stocklof the corporation, to be presently issued, both preferred
and common,
hasfbeen subscribed, to be paid for in cash at par, by Camp
Manufacturing Co. to the extent of 50% thereof, by Chesapeake Corp. to
the extent of 37 Yx % thereof, and by Albemarle Paper
Manufacturing Co.
to the extent of 12^% thereof, and the paid in free surplus is to be con¬
tributed in cash by the same three corporations in like proportion.
It
is contemplated that each of the three above named
corporations may sell,
with its guarantee of the payment of dividends thereon and the
liquidation
thereof at par, a part or all of the preferred stock of Chesapeake-Camp
Corp. subscribedffor by it.
Camp Manufacturing Co. now proposes to
sell $400,0004par value of the $625,000 par value subscribed for by it of
this preferred stock.
On the prefered stock proposed to be sold by Camp Manufacturing Co.
that {company will unconditionally guarantee to the holder or holders
thereof the punctual payment, quarterly as they accrue, of the dividends
thereon, whether declared by Chesapeake-Camp Corp. or not, and will
further unconditionally guarantee the payment of the par value thereof
together with accrued dividends thereon upon liquidation of the preferred
stock, by dissolution of Chesapeake-Camp Corp. or otherwise.
See also
V. 144, p. 767.
Chesapeake & Ohio Ry .—Listing—
Balance of undistributed
income
The
shares
partic. shares..
$383,560
381,739
^Undistributed income.
$1,821
Divs.
on
|
The Guaranty Trust Co. of New York, as trustee for the Chesapeake
Corp. 20-year 5% conv. coll. trust bonds due May 15, 1947, has notified
the New York Stock Exchange that during the period from Jan. 21, 1937,
to and including Jan. 27, 1937, bonds of said issue aggregating $24,000
principal amount were converted, canceled and retired in accordance with
the terms of the indenture dated May 15, 1927, and as a result thereof
546 shares of the Cheasapeake & Ohio Ry. Co. common stock were with¬
drawn from the collateral pledged with it as trustee under said indenture.
The Guaranty Trust Co. of New York, as trustee for the Chesapeake
Corp. 10-year 5% conv. coll. trust bonds due Dec. 1, 1944, has notified
the New York Stock Exchange that during the period from Jan. 21, 1937,
to and including Jan. 27, 1937, bonds of said issue aggregating $140,000
principal amount were converted, canceled and retired in accordance with
the terms of the indenture dated Dec. 1, 1934, and as a result thereof
2,800 shares of the Chesapeake & Ohio Ry. Co. common stock were
withdrawn from the collateral pledged with it as trustee under said in¬
denture.—V. 144, p. 767.
Dr2,157
Reserve for dividends on
participating shares-
Chesapeake Corp.—■Changes in Collateral—
$201,985
201,433
$93,264
92,436
$78,012
78,171
$552
$828
def$159
I
scrip
New York
Stock Exchange has authorized the listing of 153,153
of preference stock, series A (par $100), which shares, and (or)
certificateslexchangeable for
such shares, have been issued as a stock
common stock and are now outstanding.
Purpose of Issue—The 153,153 shares of preference stock, series A and
(or) scrip certificateslexchangeable for such shares, have been issued as an
dividend to the holders of its
928
Financial
extra dividend at the rate of
$2 per share, predicated on the surplus and
earnings of the company, on the outstanding ($25 par) common stock
($8 per share on Its outstanding ($100 par) common stock), payable Jan. 11
to holders of record Dec.
Chronicle
Inclusive.
Bids
v. 144, p, 767.
Nov.
$
365,232.173 363,996,738
Equipment -179,095,496 179,059,093
leased
in
3,000
200
200
13,500
95,800
191,348,041
Prem.
miscel.
phy.prop.,&o
prop.,
6,379,863
6,106,417
on
2,301,093
2,301,093
debt239,602,000 228,835,000
Long-term
130,429,129 128,953,751
Other investm'ts
1,271,290
713,483
Cash
24,972,888
8.205,540
Special deposits 19,321,615
19,068,337
Material &supp.
3,916,997
3,907,804
Other
7,268,328
7,117,503
Deferred assets.
6,265,884
6,336,115
UnadJ. debits- 18,195,075
2,546,441
Aud. accts.
.
191,430,341
and
wages payable
Divs.
5,390,064
5,047,574
2,342
5,363,150
4,572,019
2,632,399
9,808,301
67,349,491
matured
unpaid
Other
Tax liability
13,809,896
deprec. 72,808,513
Other unadJ.
credits
4,508,033
Accrued
to
the
7%
a
dividend of 43 H cents per
cum. pref. stock, par $25,
A dividend of $3.06 was
share on account
payable April 1,
paid on Dec. 19,
last; one of 8734 cents was paid on Oct. 1, last, and one of 43% cents per
share was paid on July 1, last, this latter
being the first dividend paid on the
stock since Oct. 1, 1932 when 21 % cents
per share was distributed.
A
similar distribution was made on
July 1, 1932, and prior thereto regular
quarterly payments of 43H cents per share were made.—V. 144, p. 101. a
Chicago Rock Island & Gulf Ry.December—
Gross from railway
Net from
26,043,834
1,630,092
1,275,742
872,328
176,677,281
Funded debt ret.
through inc. &
fund.
res.
1934
1933
213
$282,163
43,257
def26.312
$299,255
78,034
defl3,811
3,909,815
1,053,258
84,360
3,633,188
840,630
def48,845
3,416,409
860,314
def291,715
railway
151,490
71,980
4,398,562
1,245,998
343,244
Net after rents
—V. 144, p. 101.
Chicago Union Station Co.—Bonds Called—
A total of $312,000 4% guaranteed
bonds, due April,. 1
26,060,141
surplus...
1935
$332,966
81,315
From Jan. 1—
prop,
surplus
■Earnings—
1936
$400,886
Gross from railway
Net from railway
3,785,968
through Inc.&
Sink.
on
Net after rents
liabs 20,524,525
Deferr. liabil
1,566,322
curr.
Adds,
of accumulations
com.
stock
Invests. In alfll.
companies..
3,000
6^%cum.conv.
pref.stock
Common stock
firms.—
,v
to holders of record March 23.
$
1st pref. stock—
equipment:
Road
In vs.
31/35
$
2nd pref. stock.
In road &
Invest
30/36 Dec.
Liabilities—
$
6. 1937 V,
being requested fromlprincipal investment
The directors have declared
Nov.
30/36IDec. 31/35
are
Chicago Railway Equipment Co.-—Accumulated Div.
15.
Condensed Qeneral Balance Sheet
Assets—
Feb.
500,688
Profit and loss..182,197,986
,r 1944"have been
called for redemption on April 1 at par and interest.
Payment will be
made at the Continental Illinois National Bank & Trust Co. of Chicago
and at the New York office of the Pennsylvania RR.—V. 144, p. 101.
Cincinnati & Suburban Bell
Years End. Dec. 31—
1936
profit
after
int.,
deprec., Fed. income
taxes, &c
$2,282,390
Earns, per sh. on 549,768
shs. cap.stk. (par $50)
$4.15
Telephone Co.—Earnings
1935
1934
1933
$2,005,495
$2,017,132
$2,230,296
$3.65
$3.67
$4.06
Net
Total
762,348,742 726,011,227
Seeks
Total.......762,348,742 726,011,227
Authority to Take Direct Control of Erie and Nickel Plate
The Interstate Commerce Commission
asked, Feb. 4, by the com¬
pany for permission to exercise an option to acquire control of the New
York Chicago & St. Louis (Nickel Plate) RR. and the Erie RR. If granted,
9,076 miles of track would be brought under control of the C. & O., which
also owns control of the Pere Marquette Ry.
The C. & O. desires to exercise an option granted by the Alleghany
Corp. to acquire 49.58% of the Nickel Plate stock and also 10% of the total
capital stock of the Erie. Its subsidiary, the Virginia Transportation Co.,
owns 7.44% of the Nickel Plate and 45.67% of the Erie stock.
Permission was sought by the C. & O. to unify the affiliated system
under the ICC's modified plan for consolidation, offered in 1932.
By
acquisition of the stock under option, the C. & O. said, it will have brought
under unified control 70.6% of the 12,852 miles embraced in System No. 6,
as proposed by the ICC.
The transaction also will simplify the corporate
structure, the application said, and reduce administrative expenses.
By terms of the option granted by the Alleghany Corp
the C. & O.
has the right to acquire 167,300 shares of Nickel Plate and 215,000 shares of
Erie common stock at the aggregate price of $5,065,475, exclusive of
interest, which is equivalent to $13.25 a share for the stocks of both com¬
panies.
Cash payments on account of such option, the application said, have
been made in the aggregate amount of $4,515,475, together with interest
amounting to $405,685 to Oct. 31, 1936, which leaves a balance of $550,000
was
,
which it proposes to pay to the two railroads in cash.
After the transaction is completed, the C. & O. said it would have the
following ownership of stocks in the two companies:
Nickel Plate common, 192,400 shares, or 57.02% of its common stock,
acquired at a total cost of $4,286,610, or an average of $22.28 a share.
Erie common, 984,800 shares, or 65.15%, acquired for $35,116,665, or an
average of $35,659 a share.
'
Erie first preferred, 151,504 shares, or 31.61%, acquired for $7,028,914,
or $46.42 a share.
Erie second preferred, 60,195 shares, or 37.96%, acquired for $2,679,715,
an average of $44.51 a share.—V. 144, p. 767.
Chicago Burlington &
ment
Financing Plans—To
Quincy RR.- Changes EquipIssue Notes as Substitute for
Equipment Trusts—
f
secured
by Burlington general mortgage bonds now in the company's
treasury. A formal statement by Mr. Budd said:
"The company announces that in connection with its recent offering of
equipment trust certificates some question has arisen regarding the title
to approximately $618,000 of material which was purchased prior to the
establishment of the proposed trust with funds advanced by the railroad
company. Counsel for the railroad believes that the title to this equipment is
clear, but the company, desirous of avoiding any question in the minds of
future holders, has decided to adopt a different method of financing the
acquisition of this equipment, which will be announced in the near future."
Mr. Budd said that application would be made for authority to issue one
to 10-year serial notes.
These notes will be issued instead of the trust
certificates.
Mr. Budd said that the road hoped to sell the entire note
issue to a single purchaser.—V. 144, p. 767.
Chicago City & Connecting Rys. Collateral Trust—
1936
*
Interest received.
None
1935
1934
"
None
Other income.
$1,030,800
23,355
20,616
$1,030,800
23,952
20,616
$1,074,771
11,440,664
$1,075,368
.10,365,296
$1,078,897
9,286,400
$1,077,728
8,208,672
.$12,515,436 $11,440,664 $10,365,296
$9,286,400
Taxes
Loss
Deficit Jan. 1
Deficit Dec. 31
Assets—
$
Cash.......—...
Excess
curr.
1935
S
83,443
129,800
129,800
assetslO.692,978
9,618,206
investments
over curr.
$114
1,030,800
26,426
20,616
Statement of Current Assets and Liabilities Dec. 31
1936
Other
$114
$2,825
1,030,800
30,306
20,616
General expenses
-
1933
$2,825
Gross income
Bond interest
was
$3,650
1936
Liabilities—
$
Accrd.lnt. payablelO.353,673
Accounts payable45,371
1935
$
9,314,033
Bills payable
liabil.
221,000
31,062
221,000
Reserves
206,177
on
Cities Service Co.—H. L.
Doherty Proposes Settlement—
decision
on
the motion.
The terms of the proposed offer were contained
in
a letter written by Mr.
Doherty to his counsel, Joseph M. Proskauer.
Mr. Doherty offers $1,250,000 in cash or at his option not less than 250,000
shares of common stock of the company.
This will be turned over to the
Cities Service Co. in full compromise and satisfaction for all claims against
him, his company or any former or present officer or director.
The offer of settlement would be submitted to the next annual meeting
of stockholders, which will be held April 27 at Dover,
meeting of stockholders which
p. 3143.
Clinchfield RR.-
Del., or at a special
be called for the purpose.—V. 143,
may
-Earnings—
December—
1936
railway
Net from railway
1935
1934
1933
$657,476
Gross from
$510,388
286,226
268,581
$411,176
183,949
155,618
$397,983
179,598
174,914
5,314,957
2,227.789
2,047,003
5,204,649
2,205,823
2,043,294
4,842,426
2,161,744
1,894,874
343,209
158,960
Net after rents
From Jan. 1—
Gross from railway
6,324.863
2,824,331
2,525.571
Net from railway
Net after rents
1
—V. 144, p. 101.
Collins & Aikman
The directors
addition
Feb.
9.
To
on
Corp.—$1 Extra Dividend—
Jan. 29 declared
an extra dividend of $1 per share in
quarterly dividend of 50 cents per share on the
stock, no par value, both payable Feb. 19 to holders of record
Similar payments were made on Dec. 1 and on Sept. 1, last.
to
the regular
Recapitalize—
A
proposed plan of recapitalization dated Nov. 5, 1936 (see Y. 143,
3310) will be considered at a special meeting of stockholders called to be
held on Feb. 26, 1937.
It provides for the issuance of certificates of 5%
convertible preferred stock of $100 par value, (convertible into 1 2-3rds
shares of common stock), in exchange for an equal number of shares of
7% preferred stock of $100 par value.—V. 143, p. 4148.
p.
Colonial
Finance
offering of 60,000
Co.
(Ohio)—Stock
Offered—Public
shares (par $1) of the company
was made Jan. 21
by prospectus by Hayden, Miller & Co.;
Lowry Sweney, Inc.; Otis & Co.; Merrill, Turben & Co.;
First Cleveland Corp.; Maynard H. Murch & Co., and
Curtiss, House & Co., at $20 per share.
common
Company and subsidiaries operate offices in 32 cities and towns in Ohio,
Michigan, West Virginia, Missouri, Indiana and District of Columbia.
Its
principal business is purchasing instalment notes arising from retail sales
of automobiles and financing wholesale purchases of automobiles
by dealers.
Loans made or acquired in the first 10 months of 1936 totaled
$25,352,455,
comparing with $26,112,333 for the entire year 1935. Net profits have been
reported for each of the last four years, being $243,412 for 1933, $292,784
for 1934, $376,252 for 1935 and $469,581 for the first 10 months of 1936.
Capitalization includes 28,000 authorized shares of 5H% preferred stock
($1 par) of which 22,061 shares are outstanding, and 250,000 shares of
common stock ($1 par) of which 145.572H
shares are outstanding.
Balance sheet of the company and subsidiaries as of Oct. 31, 1936. shows
total assets of $12,332,616, of which $11,691,168 were
current, comparing
with current liabilities of $7,821,060.
Capital stock and surplus was
$3,704,970.
The'present offering is part of a financial program In connection with
which the company recently created the 5^% preferred issue and the
present common shares of $1 par value, replacing its previous capital
structure.
Net proceeds of the issue are to be used to increase
working
capital and for other general corporate purposes.
185,561
Underwriters
Hayden, Miller & Co., Cleveland
Total
10,826,222
9,751,657
Total
10,826,222
9,751,657
—V. 142, p. 947.
Chicago & Illinois Midland Ry.
December—
Gross from railway
Net from railway.
Net after rents
-Earnings-
1936
1935
1934
1933
$417,302
146,885
105,630
$272,027
73,187
56,903
$266,706
85,873
81,085
$286,583
118,169
124,290
3,805,484
1,454,980
1,168,008
3,248,304
925,029
820,030
2,974,212
851,601
804,488
3,026,349
1,096,678
1,003,023
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 100.
Chicago Rys.—Interest—
Interest of 2H% was paid on Feb. 1, 1937, on the first mortgage 5%
gold bonds, due Feb. 1, 1927, (stamped as to 25% partial redemption)
upon presentation of bonds for endorsement of payment.—V. 143, p. 749.
Chicago Milwaukee St. Paul & Pacific RR.—Proposes
$2,655,000 Equipment Issue—
The trustees have applied to the
Interstate Commerce Commission for
authority to issue and sell $2,655,000 of 334% equipment trust certificates
in connection with the construction of new equipment at a total estimated
cost of $3,558,000.
The proposed certificates would be dated March 1, 1937 and mature in
15 annual instalments of $177,000 each on March 1 between 1938 and
1952,
undistributed
incurred.—V. 143, p. 2518.
Henry L. Doherty has proposed an offer of settlement of the $20,000,000
stockholders' action brought against him and other directors of Cities
Service Co. in Federal Court.
The offer was revealed when a motion for
adjournment of the suit was made before Federal Judge John W. Clancy
on Feb. 2.
The adjournment is needed in order to submit the offer to a
stockholders meeting of the Cities Service Co.
Judge Clancy reserved
common
Ralph Budd, President announced, Feb. 3, that the company had with¬
drawn its application to sell $7,080,000 in equipment trust certificates and
that the financing plan would take the form of one to 10-year serial notes,
Earnings Cal. Years—
Note—As dividends paid exceeded earnings no surtax
profits
18,000 shs.
12,000 shs.
12,000 shs.
6,000 shs.
6,000,shs.
3,000 shs.
3,000 shs.
Otis & Co.. Cleveland
Merrill, Turben & Co., Cleveland
The First Cleveland Corp., Cleveland
Maynard H. Murch & Co., Cleveland
Curtiss, House & Co., Cleveland
Lowry Sweney, Inc., Columbus
—V. 144, p. 447.
Colorado & Southern
December—
Net
after
Ry.—Earning
1936
1935
1934
1933
$672,866
190,270
90,932
$586,163
169,665
101,660
$453,273
77,343
def972
$526,742
115,162
12,783
7,397,916
1,673,617
598,589
6,257,965
1,224,784
349,353
5,618,296
1,026,414
144,619
5,485,205
1,162,105
255,823
Gross from railway
Net from railway
rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—v. 144,p. ioi.
Columbia
Exchanged
Gas
&
Electric
Corp.—Natural
End Mutual
The Columbia
Gas & Electric Corp. and the Standard
Jersey have terminated their
common
Lines
J.
Oil Co. of New
ownership of important natural-gas
by taking over
party and by making
transmission properties in the Eastern part of this
country
the respective minority interests owned by the other
a
Gas
Deal—Company and Standard Oil of N.
Ownership of Facilities in East—
in
cash adjustment of an undisclosed amount.
Volume
Financial Chronicle
144
By this arrangement Columbia Gas becomes the sole owner of the
natural-gas system extending from Southern West Virginia through
Virginia and Maryland into Southeastern Pennsylvania and of the lines
running from near Olean, N. Y.f across Southern-Central New York State
and into Northern New Jersey.
?
«,The Standard Oil at the same time has increased its Interest in the
natural-gas system running from North-Central Pennsylvania to Syracuse,
N. Y.
Hearings are to be held before the P. S. Commission of New York
with respect to the changes in ownership of properties within N. Y. State.
^Formerly ownership of the properties was shared on a 70-30 basis, the
partnership arrangement having been developed several years ago when
it was considered necessary for the natural-gas producing facilities of the
two corporations to be grouped in order ito provide adequate supplies for
the new markets intended to be reached $by the transmission lines.
*The Benedum-Trees interests of Pittsburgh are minority holders in the
Pennsylvania-New York properties in which Standard Oil Co. of New
Jersey has now become the dominant interest.
•-<4|As an additional part of the exchanges Columbia Gas will give up to
Standard Oil an interest in the Reserve Gas Co., in We3t Virginia, in which
Standard's holdings have been listed at 50%.
Columbia Gas will continue,
however, to buy natural gas from the Reserve company.
©Control of the West Virginia-Pennsylvania pipe lines is held through the
Atlantic Seaboard Corp., which has separate subsidiaries qualified to do
business in each of the States traversed or served.
The New York-New
Jersey lines are controlled through the Home Gas Co.
The PennsylvaniaNew York lines are controlled through the Lycoming United Gas Corp.,
in which Standard Oil of New Jersey's interest prior to the deal was 51.7%.
(New York "Times")—V. 143, p. 3311.
,
Special Dividend—
Columbian Carbon Co.—50-Cent
The directors have declared a special dividend of 50 cents per
tion to the regular quarterly dividend of $1 per share on
share in addi¬
the common
(v. t. c.) stock, mo par value, both payable March 10 to holders of record
15.
A special dividend of $1.25 was paid on Dec. 10, last; one of
1935; one of 20 cents
was paid on Dec. 24, 1934, and a special distribution of 25 cents per share
Feb.
50 cents was paid on June 1 last; 40 cents on Dec. 2,
was
made on,March 1,
1934.—V. 143,
p.
3311.
^Columbus^c GreenvillejRy.—Earnings—•
'
December—
1935
1936
$99,924
19,895
17,339
Net after rents
def4,962
defl0,893
$74,867
def2,701
defl6,208
990,190
93,140
64,944
$114,413
12,090
2,151
Gross from railway
Net from railway..
1933 ^
1934
$73,829
875,249
26,805
832,848
MB113,050
def3,410
.^d*92,142
From Jan. 1—
1,228,580
191,209*
109,895
Gross from railway
Net from railway
Net after rents
—V. 144, p. 101.
rsfnnifif
aftor
dAni*AP
►^Federal taxes, &c-_-'_'
Earn, per sh. on common
Mfx'After
1936—12 Mos.—1935
1936—3 Mos.—1935
$249,722
$0.54
$0.80
surtax
$552,142
x$813,038
$0.30
x$369,485
deducting iFederal
on
Nil
undistributed profits.—V.
Commercial Investment Trust
exceeds
143,
Corp.—Annual Report—
$100,000,000.
$19,983,695.
Adding
$1,197,325 representing ^undistributed earnings of National Surety Corp.
makes aAotal of $21,181,020icompared with $15,867,591 in 1935.
I * After (dividends ajon theipreference stock, there remained net earnings
applicable tofthejcommonjstocklinlthe amount of $20,083,159, equivalent
to $6.07iper mharejjon 13,307,422 shares outstanding in the hands of the
public at Dec. 31,*1936.
This compares with $14,749,039, equivalent to
$6.25 per share|on $,357,274 shares outstanding in the hands of the public
at Dec. 31, 1935.
Thejcommonistock outstanding was increased 471,430
shares by,'the distribution of a 20% stock diAddend on May 28, 1936 and was
further increased A36,864 full shares by conversion of preference stocks,
principallyAdurlnglithe second;half of the year. Dividends in the aggregate
amount of $687,515|were paid during the year on preference stocks which
werejconvertedjor retired .duringtfthe year and this sum is therefore not a
Operating
14,979,683
2,317,978
29,281,759
«aTotal net earningsiof National Surety Corp., a wholly owned subsidiary
company ^whosaiaccounts are not consolidated with the accounts of cor¬
poration becauseaof the different character of the business, amounted to
$1,597,325 (exclusive of capital gains).
Of these earnings, the sum of
$400,000 wasjpaid^asia'dividend to Commercial Investment Trust Corp. and
isiincluded irqthejconsolidated net earnings.
I ^Finance—Duringithe year corporation availed itself of favorable con¬
ditions imthe security markets to consummate the following transactions:
(1) On-July414, an issue of $35,000,000 15-year 3)4% debentures was
publicly offered byiunderwriters at 101
and interest. The entire issue
was soldico the underwriters at 99)4 and interest from July 1, 1936.
(2) On July 114 <all outstanding 534 % convertible debentures amounting
to $18,461,000, which were issued in 1929, were called for redemption on
Sept. 1, 1936, at 110 and interest.
The premium of $1,846,100 has been
deducted from earned surplus.
,
{>reviousto carry maryears out of
..
ncome
below cost
485,594
405,661
175,903
88,476
145,329
30,573,015
Interest on deb3
1,326,500
Fed. inc.& cap. stk.taxes h 5,319,350
23,750,496
1,015,355
3,637,973
17,185,101
1,015,355
2,433.479
10 ,268,275
1 .016,966
2,817,369
1,693,135
500,315
15,867,591
11,643,135
7,474.394
652,233
466.319
7,296,217
839.572
851,582
5,358,731
3,770,736
7,452,822
51,618,404
5,444,832
47,689.623
2,718,260
45,693,861
if$6.25
f$5.50
c$3.42
sees,
Total income
Surtax
315,241
Prov. to write-down in.
vesc.inaffil.co
Net income applicable to
400,000
3,628,228
minority interest
Charges against current
earnings
©412,208
Net profit
„
from paid-in surplus.
,
(4) On Nov. 24, an issue of $33,000,000 of 3% debentures due Nov. 1,
1946, was sold directly to six life insurance companies at 10134 and accrued
Interest, the price being equivalent to a yield of 2.825% to maturity.
Corporation realized net proceeds of 101, less incidental expenses of the
19,983,694
7% pref. dividends
6)4% pref. dividends
;
b Serial pref. stock divs264,385
$4.25 series of 1935 divs.
833,476
g Common divs
114,890,622
Earned surplus
Total surplus
3,995,211
51,744,661
f$5.71
Earns, per share on com-
Note—The consolidated income account for 1936, shown above, includes
Surety Corp. but does not include un¬
distributed net income of $1,197,325 of that company which is applicable
to the stock of Commercial Investment Trust Oorp.liAdding $0.36 per
share undistributed net earnings of National Surety Corp. for the year
makes total of $6.07 per share on common stock outstanding in the hands
of the public on Dec. 31, 1936.
Includes foreign
subsidiaries,
b Includes stock divs.
as
follows: 1936.
$28,463; 1935, $28,019; 1934, $447; 1933, $64; (charged at $8 per share),
c Figured on average amount outstanding during year,
d Includes Uni¬
versal Credit Corp. and subsidiary companies only from April 16, 1933 to
Dec. 31, 1933.
e Covering balance of additional
Federal income taxes
in respect of prior years and interest thereon,
f On common stock {out¬
standing at end of year,
g Does not include stock dividends,
h Including
$335,095 additional for prior years,
i Does not include dividend of 20% in
common stock, at stated value of $8 per share, distributed to common
stockholders May 28, 1936, amounting to $3,779,315.
31,1936
(1) Earned surplus:balance, Jan. 1, 1936
$25,689,742
Dividend or 20% in common stock, at the stated value of $8
per share, distributed to common stockholders May 28,19363,779,315
Balance
-
$21,910,427
19,983,694
...
Net income for 1936
Dividends
-$41,894,121
"
"
serial preference stock:
on
Optional series of 1929 (to retirement date, Oct. 1, 1936):
235 921
In common stock", charges at $8 per share 11
28,463
$4.25 series of 1935, in cash
833,476
Deduct cash dividends on common stock in hands of public- 14,890,622
Premium & expenses paid on redemption of 5 )4 % debentures
1,856,855
Discount & expenses paid on 3)4 % debentures
310,651
Less premium received net of expenses on 3% debentures-.
0289,398
In cash
_
—
Total earned surplus, Dec. 31, 1936
(2)
$25,928,661
$8 per share
share of 187,842
heretofore carried
per
shares of common stock held in treasury,
at
.——$24,027,531
-
Paid-in surplus: balance, Jan 1, 1936
Restoration to new stated value of $15
1,314,894
-
Additional paid-in surplus in respect of corporation's com¬
capital stock
mon
635,742
...
$27,879,297
Prem. & exps. on serial preference stock retired or converted26,002
Miscellaneous deductions
133,166
Total
-
surplus, Dec. 31, 1936
Total surplus. Dec.
$27,720,129
$51,747,660
Amounting to $5.71 per share on common stock. Adding $.36 per share
undistributed net earnings of National Surety Corp. for the year makes
total of $6.07 per share on common stock outstanding in the hands of the
public on Dec. 31, 1936.
The annual dividend requirements on the preference stock outstanding
Dec. 31, 1936 amount to $410,346, as compared with preference dividends
deducted above of $1,097,861.
Consolidated Balance Sheet Dec. 31
of 153,448 shares, the outstanding con¬
$4.25 series of 1935, was reduced during the year
with a stated value of $25,000,000 to 96,552 shares
withfa stated value of $9,655,200. These shares were converted into a total
of 230,152 shares of common stock (including scrip for fractional shares).
A total of 291,415 shares of preference stocks (of both classes), with a
stated value of $29,141,500, having been converted into 437,10234 shares
of common stock with a stated value of $8 per share, or an aggregate stated
valueiof $3,496,820, the difference of $25,644,680 represents capital origi¬
nally festablished with respect to preference shares which have been con¬
verted intojcommon shares.
In order to maintain such capital intact,
directors voted on Dec. 29 to apply $24,468,304 of the foregoing sum to
increase the stated value of all of the shares of common stock outstanding
from $8 to $15 per share, leaving the balance of $1,176,376 as a separate
capital item in the financial statement under the designation "capital
arising out of conversion of preference shares into common shares."
This
amount plus any additions thereto arising out of future conversions of
the!96.552 shares of convertible preference stock, $4.25 series of 1935, still
outstanding at Dec. 31, 1936, willlbe heldias permanent capital, with the
expectation that it will ultimately be used to increase still further the
statedlvaluejof the common stock.
Treasury Stock—The treasury stock consists of 187,842 shares of common
stock!(of which 24.398 shares are held for outstanding options), acquired
someiyears ago and carried on the balance sheet as a deduction from the
amount of common stock outstanding.
Directors have recommended
action at the annual meeting on March 9, 1937, for the cancellation and
retirement of 120,000 of these shares.
Directors havejalso recommended action at a special stockholders meetingfalsolto be held on March 9, 1937, to cancel the authorization of the
entire 225,000 shares of 6)4% fir£}t preferred stock, which were never issued.
Summary—General business conditions resulting from increased em¬
ployment and expanding purchasing power continued favorable to the
growth and development of corporation's business, on an accelerating scale.
Total assets in the consolidated statement increased 56% to $462,540,000,
most of the increase being in the portfolio of installment receivables, which
at Dec. 31, 1936, amounted to $319,359,323, consiting of 1,218,941
in¬
stallment receivables, each representing a separate merchandise sale, the
outstanding balances averaging $262 each.
The average monthly collection
in theflast three months or the year was $27.05 per installment item out-
31, 1936
x
1935
el936
vertible preference stock,
el936
Liabilities—
48.643,651
36,319,977
.!397,657,763
256,498,263
Cash
"M" Af AO
$
$
Assets—
Jty
A not cs
receivable
Repossessed cars
& other prod.
Market,
secure.
Miscell.
343,514
1.620,223
259,261
1,880,598
accts.
.
763,504
531,610
Invest,
Credit
bal.
due
manufacturers
Bt^ho?chMgM8in^hefhSmcial structure of corporation testify to its credit
and at the same time strengthen
and improve the
14,865.244
10,331,683
in net worth of
Divs. payable.
afftl.
Co
400,001
349,135
invest.
3,652.349
-
_
3,232,921
3,408,826
2,809,898
18,461,000
5)4% conv. debs
11,531,000
in
$
bl4,046,100
b$4.25 pref. stk.
9,655,200
25,000,000
Common stock.c49,611,330 al8,858,192
Com. stk. scrip.
3,118
1,979
subsidiaries.
Capital stock of
Nat.
Surety
Miscell.
1935
$
pref. stk
Min. Int. of others
receivable
Corp
Serial
400,001
384,001
Funr. & fixtures
7
7
Deferred charges
1,231,229
910,171
3% debentures- 33,000,000
3)4% debens—_ 35,000.000
Notes
payable.208,938,897 119,424,639
Accts. payable- 11.446,881
7.686,375
Dealers reserve.
9,090,285
6,638,812
Int.
accrued
on
debentures---
i.
63,827
69,989
dividend received from National
from 250,000 shares
standing iwith investors
,276,600
undistributed
on
profits
,
137,967 shares were converted into 206,95034 shares of common
stock (including scrip issued for fractions) at the rate of 1)4 shares of
common stock«for each share of preference stock.
The remaining 2,494
shares were redeemed on Oct. 1 and the premium of $10 on each share
conversion in the amount
— ...
—
—
of
in
Miscell; income
this stock,
redeemed has been deducted
400,000
applied
amount
Total paid-in
.
10.122,946
17,095,628
from National
rec.
Surety Corp
Recovery of portion
series
.
23,574,593
indebt
Operating profit
ket'le
.
779,749,248 475,884,330
28,838.441
18.383,361
11,914,763
10,232,663
7.726,333
;
1,618,785
1,509,150
534,082
expenses
on curr.
dl933
$
1934
$
1935
1936
recurring ;,charge4aheadiof thajcommon stock.
called
Calendar Years
$
$
Volume of business .1,169.696,815 965.724,853
Net service and comm.. 46,579,422
37,108,141
Div.
fstock
Capital Japplicable Ito Ithe Icommon
Consolidated Surplus Account Year Ended Dec.
Henry Ittleson.VPresidentJstates in part:
Earnings—Consolidated net earnings amount to
ISSBy'
position,
a
Inc.
929
i
financial
Consolidated Income Account for
a
(& Subs.)—Earnings—
Consolidated Cigar Corp.
Pmperiod End. Dec. 31—
technical
Deferred income
165,000
24,702,033
423,065
14,100,336
Res. for loss and
6,076,824
24,027,531
1,176,376
Paid-in surplus. 27,720,129
contingencies.
Earned surplusd Capital
Total
462,540,028 297,183,890
Total--
4.550.486
25.689,743
25,928", 661
462,540,028 297,183,890
Represented by 2,357,274 shs. of no par value (after deducting 162,518
at stated value of $8 per share,
b Represented by no
shares at the stated value of $100 each,
c Represented by 3,307,422
no par shares (after deducting 187,842 shares in treasury) at stated value
of $15 per share,
d Arising out of conversion of preference shares into
common shares,
e Financial statements of National Surety Corp. are not
a
shs. in treasury)
par
consolidated.
To Retire
Treasury Stock and Eliminate Reference to 63^%
Preferred—
Holders of common stock are being notified that the annual meeting of
stockholders will be held on March 9, for the following purposes:
(a) to
Financial
930
elect directors; (b) to reduce the capital stock! by $1,800,000 by the retire¬
ment of 120,000 shares of common stock (no par) now held in the treasury;
and for the transaction of such other business as may properly come before
'
^H^ders^of common stock and the
advisable by the board of directors, to amend the certificate of incorpora¬
tion by eliminating from the authorized capital stock the 225,000 shares of
presently authorized but unissued 6H% first pref. stock (par $100) in
connection therewith, removing from Article fourth of the certificate of
incorporation various references to first preferred stock therein contained,
and substituting for the first five paragraphs of article fourth the following:
"The total number of shares that may be issued by the corporation is
4,500,000, all of which are to be without par value.
"Said 4,500,000 shares shall consist of 500,000 shares of serial preference
stock and 4,000,000 shares of common stock."—V, 144, p. 768.
Commonwealth Edison Co.—Registration Is Filed for
Stock—To
Further
Program of Simplifying Fin¬
ancial Structure—
Additional
6, 1937
These adjustments
These> adjust]
for each of the other periods shown above.
through "Hydro Equalization" account, established as
1931.—V. 144, p. 769. >
average
of Janu¬
made
are
ary,
Commonwealth & Southern
holders of convertible preference.stock,
$4.25 series of 1935 are being notified that a special meeting will be held on
March 9 for the purpose of considering and voting upon a proposal, declared
Feb.
Chronicle
Corp.—Output—
Electric—Electric output of the system for the month of Decembe. was
739,474,267 kilowatt hours as compared with 602,140,404 kilowatt hours
for December, 1935, an increase of 22.81%.
Total output for thelyear
ended Dec. 31, 1936 was 7,792,626,871 kilowatt hours as compared with
6,416,056,107 kilowatt horns for the year ended Dec. 31,1935, an increase
of 21.46%.
Cas—Gas output of the system for the month of December was!l,506,
551,800 cubic feet as compared with 1,254,163,200 cubic feet for December,
1935, an increase of 20.12%.
Total output for the year ended Dec. 31,
1936 was 13,328,672,000 cubic feet as compared with ll,226,811,500icubic
feet for the year ended Dec. 31, 1935, an increase of 18.72%.—V.*144,
p. 768.
Consolidated Edison Co. of New York,
Inc.—Right to
Appeal Granted—
Judge William Bondy has granted Norman C. Norman leave to appeal
Appeals the order dismissing his suit to restrain the
from setting aside funds for Old Age Reserves under the Social
Security Act.—V. 144, p. 769.
to the Circuit Court of
The Commonwealth Edison
•
Co.
and Commonwealth Subsidiary Corp.
Feb. 4 filed applications with the Securities and Exchange Commission
Washington, for approval of its plans for the issuance of additional
through exchange of stock, of complete
stock ownership of Public Service Co. of Northern Illinois, Western United
Gas & Electric Co. and Illinois Northern Utilities Co.
This action follows
on
in
company
shares of stock and the acquisition
approval of the plans by Edison stockholders of Jan. 23.
The applications set forth upper and lower limits of the proposed ratios
of exchange of Commonwealth Edison's shares of $25 par value for pre¬
ferred stocks of Public Service Co. of Northern 111., for preferred stocks
of Western United Gas & Electric Co. and for preferred stocks of Illinois
Consolidated Paper
Holders of both 6% and
profits
be the same.
of both 6%
6M% preferred shares of Western United Gas & Electric Co. of $100
par value are similarly 2 6-10ths and 3 9-10ths shares of Edison $25 par
value shares.
Likewise, the exact exchanges will be determined later and
may not be the same for both classes of stock.
Holders of both 6% preferred shares (par $100) and junior preferred
shares (no par) (stated value, $100 per share) of Illinois Northern Utilities
Co. will be offered not less than 2 8-10ths shares, and not more than four
shares of Edison $25 par value shares; in the same manner, the exact ex*
change will be determined later, and may not be the same for both classes
of Illinois Northern Utilities Co. preferred shares.
.
Scrip will be issued for fractional shares of Edison stock in denominations
of tenths to facilitate all these exchange offers.
Three shares of Edison stock of the par value of $25 will be offered for
each share of the
common stock of Public Service Co.
The application states that a sufficiently large acceptance of
the mortgage debt of Public Service Co. of Northern
would greatly strengthen the capital structure and
Illinois.
Such action
credit base of Public
Service Co. of Northern Illinois which at present has a high percentage of
debt outstanding and a low proportion of share capital.—V. 144, p. 768.
equivalent to 42.6%.
Net income for the year 1936, after provision for Federal taxes, was
$233,311.
Net gain realized from the sale of marketable securities was
$187,897, while income from dividends and interest amounted to $62,059.
The company declared dividends in the amount of $232,000 during 1936.
Regular quarterly dividends at the rate of 4 cents per share were paid in
addition to a special dividend of 52 cents a share paid on Dec. 24, 1936.
The payment of the special dividend enabled the company to obtain the
benefits which the Federal Revenue Act of 1936 affords mutual invest¬
companies.—V. 143, p. 3994.
Consolidated Dry Goods Co.-
Surplus
Operating gain for
Depreciation
$105,476
51,475
$48,314
49,069
$11,305
51,662
$27,974
51,913
prof$54,001
1,362,566
$755
1,399,478
$40,357
1,473,443
$23,939
1,545,108
10,000
Net surplus
Preferred dividends
$1,416,566
52,500
$1,400,066
37,500
Miscellaneous charges..
Surplus Dec. 31
$1,364,067
$1,362,566
2,273
$1,443,086
37,500
6,108
$1,523,443
37,500
$1,399,478
$1,473,443
12,500
Balance Sheet Dec. 31
1936
Assets—
Cash
Acets. rec.,less res.
Merchandise
Investments
Real est., less res.
Store impts.less res
1936
Store fixt.& equip.
surplus
Deferred charges..
$73,324
12,251
750,000
x
$
Cash
1,022,351
par
value.—V. 143,
Gas Electric Light
(& Subs.)—Earnings-
Consolidated
Period End. Dec. 31—
Statement
&
Power
p.
U. S. Govt,
Co.
of
1,378,319
of Operations
Taxes
$8,661,129
4,671,852
643,547
1,125,389
$8,190,956 $33,109,099 $30,965,207
4,254,486
17,598,528
15,886,614
642,720
2,487,147
2,443,727
1,002,100
4,268,481
3,744,654
Operating income
Non-operating income--
$2,220,342
133,844
$2,291,650
104,823
$8,754,943
401,905
$8,890,212
341,490
$2,354,186
$2,396,473
683,057
59,156,848
2,762,160
$9,231,702
2,943,498
$1,713,416
b Operating expenses
Retirement expense
Gross income-
714,740
Fixed charges
Net income
Divs., preferred stock-Divs., common stock
—
1,385,747
16,870
13,771
Mortgages & land
contracts
12,658
9,022
claims
Employees'
z
—
—
$1,639,445
278,829
1,050,657
278,829
1,050,657
$6,394,688
1,115,315
4,202,629
$6,288,204
1,144,764
4,202,629
$309,959
$1.17
$383,930
$1.23
$1,076,744
$4.52
$940,810
$4.41
a
Revenues, beginning in July, were lowered by rate reductions made
during 1936.
b Pursuant to the company's practice, operating expenses
have been adjusted to equalize the costs of power on the basis of average
usable
river
flow
4,996
77,522
5,498
97,684
78,283
45,255
6,426
accts.
Plant not used
3,62o
60,000
38,107
Acer, local taxes.
wages
Other
accr.
accts.
50,804
_
830
Other acc'ts pay—
Fed. taxes payable
Customers' & other
1
303,799
315,000
1,350
7,500,000
3,006,992
3,690
10,053
7,500,000
3,174,028
credits
Deferred income..
Common stock
Surplus Dec. 31...
2,688
Land, buildings,
machinery, &c-_ 7,035,671
Prepaid items
59,334
Pats. & good-will.
1
x
Total
x
7,557,121
58,935
1
11,343,773 11,559,8861
11,343,773 11,559,886
Total
After allowance for depreciation of $4,902,451 in 1936 and $4,401,386
z Includes Federal capital stock tax.—V. 143, p. 2995.
in 1935.
Consolidated Steel
Calendar Years—
Corp., Ltd.—Earnings—
1936
Net profit after deprec.,
Fed inc. taxes, &c
1935
x$425,650
$121,514
1933
1934
loss$62,046 loss$172,901
Earns, per sh. on 241,617
shs. common stock (no
After
$0.73
deducting
Federal
surtax
Nil
on
Nil
undistributed
Nil
profits.—V.
143,
3837.
p.
Consolidated
Textile
Corp.- -Plan
Discussed
by
Com-
mittees—
Progress toward the ultimate solution of the reorganization is being made
out-of-court conferences
between
opposing bond
and
stockholders
committees.
At a hearing Feb. 1 before Special Master Olney, lawyers representing
bondholders indicated that many of the original objections filed against
the amended plan were in the process of solution, with committees working
toward a goal of mutual agreement.
In answer to a question. E. B. Levy, representing one group of bond¬
holders, revealed that the Mercantile Finance Co., Ltd., of Toronto,
Canada, had agreed to underwrite the necessary financing if the Levy plan
is accepted by the Court.
The Storer committee, proponent of the original plan of reorganization,
was the only bondholders
committee not represented at the conferences.
Questioned about its failure to attend, Mr. Sandeford, committee's repre¬
sentative, said' "I am not trying to get his (Mr. Levy's) plan into shape.
I am trying to get mine in shape."
Further out-of-court conferences will be held before the next hearing
before Referee Olney, set for Feb. 9.—V. 144, p. 608.
Continental Securities
1935
1934
1933
$54,963
118,875
9,249
$59,781
133,669
3,206
$83,250
101,309
$214,834
2,949
30,959
138,900
4,329
$183,088
2,947
25,797
138,900
3,869
$196,656
3,089
28,231
138,910
6,092
$185,388
$37,696
$11,572
$20,334
$8,519
—
Miscellaneous income
Total
Fiscal agency expenses.
Corp.—Earnings—
1936
$44,172
165,739
4,923
-
829
31",023
141,920
3,925
Net income
Note—It is believed that the corporation
has no liability with respect
1936 for Federal normal income tac, Federal excess profits tax,
Federal surtax on undistributed profits.
to the year
or
Statement of Changes in Surplus for the Year
(1) Capital deficit Dec. 31, 1935
Ended Dec. 21, 1936
$1,913,135
-
Excess of par value over cost of 75 shares
of preferred stock
repurchased and canceled during year
Net profit on securities sold (net)
Adjustment of investments to the basis of cost
Balance, Dec. 31,.1936
(2)
2,772
109,601
326,804
—
—
Operating surplus Dec. 31, 1935.
Total-.-.
Dividends
$1,474,057
183,307
37,696
Net income for 1936—
$221,003
35,360
-
paid on preferred stock
Balance Dec. 31,1936
Balance--
Earns.persh.ofcom.stk_
408,678
Accrued salaries &
6,741
Administrative exps., &c
Int. on debs, (net)
Taxes (domestic & for'n)
236,709
81,030
Total operating rev._
714,110
109,365
728,957
894,674
rec.
Funds in closed bks
Sundry
$
319,196
claims
100,074
100,071
722,391
securs.
Inventories
1935
$
Accounts payable.
Empi. compensat'n
Municipal bonds
1717.
1936—12 Mos.—1935
$5,606,422a$22,909,655 $21,039,189
2,285,991
9,114,299
8,907,550
229,013
.775,088
712,197
69,530
310,057
306,271
Misc. operating revenue
1936
866,730
1936—3 Mos .—1935
Rev. from electric sales.a$6,030,178
Revenue from gas sales.
2,313,212
Rev. from steam sales..
$508,681
$0.93
•
$2,520,489 $2,537,141
Total
•
31
Liabilities—
Ctfs.
of deposit &
accrued interest
Dec.
1935
Interest
$2,520,489 $2,537,141'
Consolidated
$1,283,306
$2.31
Years End. Dec. 31—
Represented by 30,000 shares without
Baltimore
$994,929
$2.02
$
Cash dividends
Total
def$137,260
$1.82
Balance Sheet
1,362,566
339,000
201,319
9,673
201,532
11,318
less reserve
1935
$72,385
9,661
13,375
311,000
750,000
1,364,066
Habilities—
1935
$98,134 Accounts payable601,035 Accrued expenses.
869,094 Fed. & State taxes
23,284 Mtges. on real est.
453,222 Preferred stock
281,379 x Common stock &
$113,943
651,365
792,711
24,433
445,024
280,163
_
1936
at
1,343
contingencies
$814,222
118,041
187,500
After deducting selling, administrative & general expenses of $448,488
Assets—
x
for
reserve
$1,819,688
86,382
450,000
and adding other income (net) amounting to $54,905. y After deducting
selling, administrative and general expenses of $453,629 and other deductions
less other income of $6,888.
1933
Of prior years
525,000
par)
1934
year.
Previous surplus
Fed. & State tax refunds
Transf. from
x
-Barnings-
1935
1936
$1,542,793
22,864
1,500,000
8,429
Earns, per sh. on com.
was
f* Calendar Years—
$1,362,740
Other investments
basis of Dec. 31, 1936 market
values, totaling $2,294,200, equivalent to $5.74 per share on the 400,000
shares of stock outstanding at the year end.
This compares with net
assets of $4.50 per share on the 142,000 shares outstanding on Dec. 31,
1935.
Including dividends paid during the year, the resultant gain in
ment
106,035
125,816
Other real estate..
Commonwealth Investment Co.—Net Assets—
The company reports net assets, on the
net assets value
320,606
;
Notes & accts.
the offers
315,000
1934
1935
292,570
Common dividends
and
of exchange under the proposed transaction will justify applicant in taking
financial steps to retire, as is contemplated, approximately $31,000,000 of
1933
$1,315,998
269,926
Net profitPreferred dividends
may not
The lower and upper limits to govern exchanges in the case
$2,383,387
243,093
Prov. for Federal taxes.
Surtax on undistributed
7% preferred shares ($100 par) of Public Service
than 4 4-10ths shares of Edison $25 par value shares.
The exact number
of Edison $25 shares to be offered for the 6 % and 7% preferred shares of
Public Service Co. of No. 111., respectively, will be determined later, and
x$2,396,221
538,428
Prov. for anticipated bk.
losses
Northern Utilities Co.
Co. of Northern Illinois will be offered not less than three, and not more
Co., Monroe, Mich.—Earning
1936
Years Ended Dec. 31—
Profit from operations. .y$2,212,551
Allow, for depreciation548,813
-
$185,643
(3) Special surplus (excess of the principal amount over the cost
of the corporation's debentures repurchased in prior years
and
held in the treasury)
Balances, Dec. 31, 1935 and 1936
-
1,111,059
of the Susquehanna River.
The actual usable flow was
lower than average for the 12 months ended Dec. 31, 1936, and higher than
Net deficit Dec. 311936--
$177,355
Volume
Financial
144
1936
Liabilities—
1935
1935
1936
,
$124,219
$92,355 Com. stk. (par $5) $288,795
1,426,200
Invest, at cost
4,210,150 *3,785,260 Preferred stock
2,778,000
Accts. receivable..
21,267 Funded debt
Accrued Int. rec__
6,921
8,099 Accrued Int. pay¬
able on debent_.
23,150
Deficit
177,355
618,769
Reserve for taxes.
2,500
Cash
Total...
1,433,700
2,778,000
23,150
2,105
amounting to
preferred stock,
$353,600, have not been declared or paid since June 1,
p. 3996.
cumulative
the
on
1931.—V. 143,
The
suit
of
Howard,
Sam
trustee
corporation,
in bankruptcy of the
investing concern, against directors of that company was dis¬
27 by Judge Francis B. Allegretti in the Superior Court of
Cook County for want of equity.
Immediately following the dismisaal
of the suit, Carroll J. Lord, attorney for the bamkruptcy trustee, announced
defunct
missed
Jan.
he would appeal the decision.
Dismissal of the complainant's
suit was based upon a decision handed
down more than a year ago when the bankruptcy trustee sued the estate
of Edward F. Swift in the Probate Court.
At that time it was held the
claim could not be established against the estate, which ruling was subse¬
quently upheld by the .Illinois Supreme Court.
The suit arose out of actions of the company's directors prior to its
insolvency.
Following its bankruptcy the trustee started suits to recover
funds from the directors.—V. 141, p. 591.
Corp.—Hearing Delayed in Reorganization—
Cosden Oil
Hearing on company's reorganization in the Federal Court at Fort
Worth, Texas, was adjourned Feb. 2 until March 1 by Federal Judge
Wilson.
Judge Wilson declared that there will be no additional post¬
ponements and that the case would be concluded at the hearing.
The postponement was granted to the Banton committee which repre¬
sents some of the common and preferred stock.
Counsel for the com¬
mittee asked for six more weeks to study reports given by the management.
—V. 144, p. 609.
Earnings for the Year Ended June 30, 1936
$11,420
2,047
9,145
Operating deficit
Depreciation
Loss on plant and equipment scrapped.
»
Accounts
124,849
Pref. div.
45,630
40,195
1935
$37,859
9,900
12,790
21,250
9,900
2,943
13,649
Jan. 1
99,711
Accruals
life of Pres.,
value
surr.
payable.
payable
Tax reserves
pref. stock..
250,000
250,000
Common stock..
640,000
640,000'
Earned surplus...
273,762
247,778;
Cum.
Treasury stock (25
2,500
2,500
Stocks other corps.
Plant & prop., net
11,927
835,428
15.027
852,672
Ins., unexp'd & on
deposit
7,161
8,815
Other def'd charges
5,316
510
shares
pref.)
Total
$1,271,566
x
$1,202,1261
$1,271,566 $1,202,126
Total
Represented by 93,000 no par shares.—V. 143, p. 4150.
x
Cuba RR.—Bond Extension Plan Filed—
The company has announced that it had filed a petition in the U. S. Dis¬
trict Court for the District of New Jersey for a reorganization under Section
77-B for the pin-pose of making judicially binding on all holders of its 1st
lien
gold bonds, the plan for extending the maturity of the
1, 1946.
& ref. mtge.
bonds to Dec.
The company states that the plan, which provides for continuation of
interest at the present rates of 7M % on the series A bonds and 6% on the
received the approval of holders of over 77 % of the
$4,297,000 total bonds outstanding.
The plan affects no other class of
securities of the company.—V. 144, p. 448.
series B, has already
Cunningham Drug Stores, Inc.—Admitted to Trading—
Curtis Mfg.
191,354 shares of
Co., St. Louis—Earnings—
Year End.
6 Mos. End.
1935
1936
Period Ended Nov. 30—
General and administrative expenses.
$601,050
243,250
192,177
$293,002
101,611
79,770
Other income.
$165,623
2,117
$111,620
1,102
$167,740
2,767
$112,723
Selling expenses.
$22,612
...
50.532
Dividends from subsidiary companies..
Profit from sale of investments
20,401
$48,321
4,673
Net credit to profit and loss.
Dividends
Other expenses
Provision for Federal and State income taxes
$43,648
768,739
Balance after dividends
30, 1935.
Profit and loss surplus June
on
cash
$10,157
21,577
Operating income, interest and miscellaneous dividends
Operating expenses and taxes
Total loss from operations
$57,845
139,207
111,318
Inventories
1936
$63,862
Liabilities—
1935
1936
$113,077
receivable.
Accts.
The Detroit Stock Exchange has admitted to trading
$2.50 par value common stock.—V. 144, p. 102.
Cranberry Iron & Coal Co.—Earnings-
the class A
Crystal Tissue Co.—Balance Sheet Dec. 31Cash
Ins.
Corporation Securities Co., Chicago—Court Decision—
dividend of 30 cents per sharp on
$10, payable Feb. 27 to holders of record
50 cents was paid on Dec. 21, last, and a
regular quarterly dividend of 25 cents per share was paid on Nov. 30 last.
An extra dividend of 20 cents was paid on Nov. 30,1935, and in each of the
six preceding quarters the company paid extra dividends of 10 cents in addi¬
tion to quarterly dividends of 15 cents per share.—V. 143, p. 4150.
Assets—
Note—Dividends
a
and class B common stocks, par
Feb. 17.
A special dividend of
$4,518,645 $4,525,750
Total
$4,518,645 $4,525,750
The directors have declared
$288,795
At market.
x
Corp.—SO-Cent Div.
Crum &'Forster Insurance Shares
Balance Sheet Dec. 31
Assets—
931
Chronicle
$812,387
349,999
Total
Write-off of notes and stock_x
per
$96,988
$140,937
97,283
Net profit
Dividends paid..
Earns,
1,060
14,674
24,036
share
on
194,565 shares capital stock
$0.50
$0.72
(par $5)
Balance Sheet Nov. 30
Profit and loss surplus
$462,389
June 30, 1936
whose
x Of The Cranberry Furnace Co. subsidiary owned since 1901,
plant has been dismantled.
General Balance Sheet June 30
1936
Liabilities—
1935
1936
Assets—
Property invest'ts.
$401,122
$403,104
Inv. In affll. cos_.
1,093,304
$934,700
Capital stocks
Current liabils
Other investm'ts..
85,458
1,423,816
75,764
Cash
81,740
3,024
3.031
53,318
1,569
15,620
716
239
Accts. & bills rec_.
Mat'ls & supplies.
Unadjusted debits
1,162
136,533
Reserves
Surp. from appre¬
ciation of ore &
land
-V. 142, p.
Cash..
$410,183
Credit
Due
from
133,613
462,388
values
133,613
768,740
$1,668,397 $1,973,431
780.
Gross operating income
$269,424
Operating expenses and Federal taxes
x188,444
$80,980
102,431
Net operating income.
income
Balance, Dec. 31
Appreciation realized through sale of securities..—
16,178
355,115
Buildings,
Balance, Dec. 31
Includes $6,724 for surtax on
31
Consolidated Balance Sheet Dec.
$413,368
25,094
$571,607
1,034
Investments
3,275,031
receivable
Prepaid
int.,
5,097
f'v.■
1
10,313
Dividend payable-
due
622,658
Reserve for taxes-
ex¬
&o
Furniture & fixt's.
penses,
1
23,174
Deferred income..
178,095
15,000
General reserve.
x
1,100,000
Capital stock
158,340
Surplus
$3,857,579 $2,634,551
Total
Represented by 55,000 shares common class
x
478,087
8,912
119,807
15,000
1,100,000
102,431
$3,857,579 $2,634,551
Total
B stock of no par value.—
V. 143, p. 918.
Cremieux Benevolent
Society—Liquidation—
Feb. 1 took over for
Superintendent of Insurance Louis H. Pink on
liquidation the Cremieux Benevolent Society, an assessment society operat¬
ing under Article VI of the Insurance Law of New York.
The society
has been continuously In business here since its organization in 1851 by
a group of immigrants from Alsace-Lorraine.
The society remains solvent, but is disbanding voluntarily because of a
decline in its number of policyholders to 110 members and a rise in recent
years in the cost of insuring its members.
Its remaining assets have been
reduced to cash and its trustees have voted unanimously for liquidation.
1936
Net prof.after int.,depr.,
amort. & Fed. taxes
Earns, per sh. on
shs.
x
y$59,321
290,500
$0.20
(no par)
After deducting
1935
x$35,625
loss$47,631 loss$123,531
).12
$5,573 loss on equipment scrapped,
Nil
y
Nil
After deducting
undistributed earnings and after deducting $2,219 loss
scrapped.—Y. 143, p. 3626.
Federal surtaxes on
on
equipment
Crown Zellerbach Corp.—Accumulated Dividend—
,
\
declared a dividend of $1.50 per share on account of
A and series B $6 cumulative preference stocks,
no par value, both payable Feb. 28 to holders of record Feb. 13.
Similar
payments were made on Dec. 1, Sept. 1 and June 1 last.
A dividend of
75 cents was paid on March 1 last; $1 was paid on Jan. 1, 1936; 75 cents per
share was paid on Dec. 1, Sept. 1, June 1 and March 1,1935, and on Dec. 1,
1934. and dividends of 37 H cents per share were distributed each quarter
from Dec. 1, 1931 to Sept. 1, 1934, incl.
In addition, a dividend pf $1
per share was paid on Nov. 1, 1935.—Y. 144, p. 609.
The directors have
accumulations on the series
$2,133,392 $2,089,034
J
$2,133,392 $2,089,034
Total
$5,500.
b After reserve for deprecia¬
1936 and $866,181 in 1935.—-V. 142, p. 1463.
After reserve for doubtful items of
tion of $861,224 in
Co.—Accumulated Dividend—
dividend of $1.75 per share on account
7% cum. pref. stock, par $100, payable April 1
to holders of record Feb. 26.
A similar distribution was made on Dec. 15
and Oct. 1 last and in each of the eight preceding quarters, and compares
with $1.25 per share paid on July 2, 1934, 75 cents per share on April 2,
1934, and 50 cents per share on Jan. 23, 1934.
In addition, a dividend of
25 cents was paid on Dec. 21 last.—V. 143, p. 3838.
The directors have declared a
of accumulations on the
Dallas Power & Light Co.—Underwriters—
and First Boston Corp. each will underwrite $3,058,bonds to be offered according
Lee Higginson Corp.
000 of the $16,000,000, 3M% first mortgage
to an amendment filed with the Securities and
underwriters and the amounts to be
Exchange Commission. Other
underwritten are: Coffin & Burr, Inc..
$834,000; Harris Hall Cm, $750,000; Brown Harriman &|Oo., Inc.: Bonbright & Co., Inc.; J. & W. Seligman & Co., and Edward B. Smith & Co.,
$700,000 each. Halsey, Stuart & Co;, Inc., and Mellon SecuritiesICorp.,
$600,000 each. Goldman, Sachs & Co. and White, Weld & Co., $500,(KK>
each. Bancamerica-Blair Corp.-Hayden, Stone & Co.; W. E. HuttonI& Co.;
Kidder, Peabody & Co., and Lazard Freres & Co., Inc., $400,000 each.
F. S. Moseley&Co., and Stone & Webster &Blodgett, Inc., $300,OOOeach.
Jackson & Curtis; E. H. Rollins & Sons, Inc., and Tucker, Anthony &
Co., $200,000 each; and Hale Waters & Co., Inc., $100,000.—V.|il44,
p. 769.
De Haviland
Aircraft Co., Ltd.—Final Dividend—
final dividend of 36 2-5 cents per sharejon
Depositary receipts for ordinary shares payable Feb. 8j,to
holders of record Jan. 5.—V. 142, p. 2825.
The directors have declared a
the American
Denver & Rio Grande Western
The
RR.—Trustees
Interstate Commerce Commission on
?>any to at rate orexceeding $5,000,000 4%
issue not rates not exceeding of
nterest
less than par and
1933
1934
Deferred charges..
a
Co.- -Earnings
Crocker-Wheeler Electric Mfg.
Calendar Years—
9,668
26,245
trade
&
1935
$800,000
10,312
to
customers
2,190,989
9,906
$1,750,000
Notes payable
Reserve
Notes & accept'ces
1936
Liabilities—
1935
1936
Assets—
Cash
$102,431
undistributed profits.
Dr27.221
Dr27,221
Im¬
&
marks..
a
of treasury
369,617
9,237
26,366
22,225
1,000,000
1,019,876
64,921
Land.
Curtis Publishing
$143,681
41,250
tion
stock
1,344
64,921
Co
Total
$52,964
66.345
24,370
$158,340
Dividends
x
$196,392
143,427
187
820,910
Due from Finance
Patents
$199,590
41,250
Total
781
865,534
Inventories
equipment
1935
1936
Income tax
Cap. stock($5 par) 1,000,000
Surplus
1,063,531
Applied in acquisi¬
233,643
Accrued int. rec..
16,761
6,529
23,991
v
Acer. gen. taxes..
Federal
&
State
230,045
17,648
15,538
commis¬
sions, &c
100,747
&
accts.
provements
Years Ended Dec. 31—
151,269
15,000
tomers
Notes,
b
Banking Corp.—Earnings—
[Including Credit Utility Co., Inc., Subsidiary]
Credit Utility
r
wages,
cus¬
$50,862
salaries,
Accrued
debentures
1935
$39,906
Accts. payable, &c
$466,691
bks.ly2%
U.S.savings bonds,
a
1936
1935
Intermediate
Fed.
accept, rec
Profit and loss
$1,668,397 $1,973,431
Total
1935
$934,700
1,051
135,327
1936°
Assets—
Certifs.—
Jan. 29 authorized the com-
trustees' certificates, bearing
per annum, to be sold at not
accrued int., and the proceeds applied to the payment of
principal and interest of outstanding trustees' certificates and equipmentcrust
certificates,!additions and betterments to road and equipment,
operating expenses, acquisition of equipment, and taxes.
The report of the Commission says in part:
/
The trustees propose that $1,800,000 of the certificates will be designated
as series C and $3,200,000 as series D, that both series will be dated Feb.*l,
1937, will be in the denom. of $1,000 or any multiple thereof, and will bear
interest at a rate of not exceeding 4% per annum; the series C certificates
to be payable as to principal on Dec. 31, 1937, with interest payable on
Aug. 1 and Dec. 31, 1937; the series D certificates to be payable as to
principal on Feb. 1, 1939, with int. payable semi-annually after date, and
to be red. at any time on or after Feb. 1, 19384at» par and accrued int.
bet made payable to bearer,' or to a specified payee,
provide that in the event of a default in paymenhof
the holders of a majority in. amount of either
series may forthwith mature the same, or, in the event of default in the
payment of the principal of the series C certificates, the holders of a[majority
In amount of the series D certificates may forthwith mature the series D
The certificates may
or order.
They will
interest
on
certificates.
either series
932
Financial
Chronicle
While the (proposal is for certificates
bearing interest at a rate not to
exceed 4% {par annum, it is (expected
|that the series 0 certificates will
bear interest at (the Irate !of 1 M and the series D at 2
% par annum.
Arrangements have been ImideMfor the sale(of the certificates-fto iStone &
Webster and Blolget, Inc.Iof New York, and
Bosworth, Ohanute, Loughridge &4Oo., of Denver, atlfpar Jand Jaccrued lint, plusjajpremium of $285
the
on
Detroit-Michigan JStove JCo.—Admitted
Registration—
general
treasury for U3e (during the(year (1937 (for the (folio wing purposes:
Oash
requirements for 1937 improvement (budget, {approved jon (Dec. 28,
1936,
by the icourt having jurisdiction,q$4,307,091: cash ifor (completion (of the
1936 budget, $570,290; cashlpaymenclrequirediinlconnection with a
proposed
equipment trust to finance the ^acquisition (of 15 locomotives (and jlOO
ballast (cars, $750,000; 1937 (payments {on
jequlpmenb (trusts, <$598,612.50;
and taxes Jlevied (by the (States of
Colorado, Utah, and New Mexico,
$1,640,000.
The (applicants' cash (requirements, shown (above, and total¬
ing $3,518,328, {exceed, by |aboubl$3,812,623, their estimated jincome from
the debtor's (property for (1937, {without deduction
{for (interest en (funded
debt, except for equipment-tru3t (certificates, and (with (no (provision for
working capital.
They (express the opinion that $1,200,000 would be a
reasonable amount for jsuchjpurpose.—V.
144, p. 610.
Denver & Salt Lake Ry.-"—December—
Gross from
1936
railway
,
1935
1934
$260,178
101,982
126,959
From Jan 1—
Gross from railway
Net from railway
2,856,949
918,281
1,090,810
..
Net after rents
—
2,234,877
958,196
1,260,698
Co.—Transfer Agent—
XW. S.) Dickey Clay Mfg. Co.—Earnings—
IEarnings for the Year Ended Oct. 31, 1936
Net sales
(
vV; 'V\:
^Gross profit on sales
Selling, generaladministrative
$447,877
22,064
Net profit before interest deductions,
depreciation & depletion
Interest deductions
^Gross
1934
1933
P2.741.140
2,103,458
292,612
52,533,829
2,045.829
income
259,796
$303,349
29,699
$345,070
34,309
$228,204
37,818
& ref. bonds
$536,317
85,765
258,796
$338,048
114.013
262,739
Amortization of discount
on funded idebt
$379,379
129,775
269,799
$266,022
137,100
279.481
2,013
4,068
5,013
12,062
sur$189,743
def$42,772
Int.
on
underlying bonds
Int.
on
gen.
Bal. avail, for'divs
—V. 143, p. 2834.
N et profit-
-----
"iVoie—No'provision
$220.130
has been made for Federal income taxes~as the
M
4
4
i J
Assets—
-
-
-
i. -
directors
1
Cash
* 1
$568,578
_
Receivables..
256,647
Notes reo. forjprops. sold (cur¬
rent)
32,500
Inventories1,019,019
Notes reo. for props, sold (non-
current).-Investments
Prepaid
def$25,208 def$162,621
72,350
43,930
exps. & defd.
charges.
31,782
L. 2,956,015
Abandoned plant,& equip., Ac.
76,144
b
Plant{and.equipment
Goodwill
1
dividend of 70 cents per share on the
cum. pref. stock, and a dividend of 75 cents
per share on the $7
pref. stock, both payable Feb. ljto holders of record Jan. 29.
Like
payments were (made on Nov. 2, Aug. 1, May 1 and Feb. 1,
1936, and
on Nov.
1, 1935, (prior to which regular quarterly dividends of
$1.62>£
770.
{
&]CanadalTunnel Co. (&]Sub.)—Earnings—
Earnings for 10^Months Ended Oct. 31. 1936
l^et'loss
after depreciation, amortiz. of debt discount and ex¬
and 'provisions for amortiz. of land rights, franchises, &c
—V. 143, D. 3626.
pense
City Gas Co.—To]Issue'$36,000,000 Securities—
4% bonds, series due 1957
(Feb. 1, 1957), and $5,000,000 of 4%1serial notes due Feb. 1, 1938-1947.
According'to thelregistration statement, the net proceeds from the sale
to be
are
applied
as
follows:
$14,175,000 to redemption at 105% of $13,500,0001st mtge. 6% gold bonds,
s6rios Al due July 1
1947
18,375,000 to (redemption at 1*05% of $17,500,000 1st mtge. 5% gold
bonds, series B, due {Oct. 1, 1950.
2,211,000 for payment at 102)4% of $2,200,000 4% secured
promissory
'• I notes
representing bank loans made in equal amounts by Chase
^
w ^National
Bank of New York and National Bank of Detroit.
*"^fhe balance(of the proceeds will be used (for additional working capital.
Accrued interest
on
the securitiesJto be
redeemediis to be paid by the
com¬
pany out of treasury (funds.
The bonds are redeemable at the option of the company in whole or in
part by lot, or for the sinking (fund, after 30 days' notice at the
following
prices plus accrued interest: if red. on or before Aug. 1, 1940,107
H
there¬
after and incl. Aug. 1, 1941, 106)4%; thereafter and incl.
Aug. 1, 1942,
105)4%; thereafter and incl. Aug. 1, 1943, 10424%; thereafter and incl.
Aug. 1, 1944, 104%; thereafter and(incl. Aug. 1, 1945, 103)4%; thereafter
and Incl. Aug. 1, 1946, 102)4%; therefater and incl. Feb.
1, 1948, 10124%;
Aug. 1, 1949, 101)4%; thereafter andjincl. Feb. 1, 1951,
101)4%; thereafter and (incl. Aug. 1, 1952, 101%; thereafter and incl.
Feb. 1, 1954, 10024%; thereafter and incl.
Aug. 1, 1955, 100)4%; thereafter
and incl. Aug. 1, 1956, 100)4%; and thereafter at
par.
~*The notes are red. at the optionjof the
company in whole or in part, and
if less than all the {notes of a(single {maturity are to be redeemed then
by lot,
after 30 days' notice, at folio wing {prices plus
interest; 105% in case of notes
maturingSon Feb. 1 in each'of the years 1937-1942, incl.; 104% in case of
notes maturing fonlFeb. 1, 1943;*(103 %
fin case of notes maturing on Feb. 1,
1944;!102%(in case of notes maturingjon Feb. 1, 1945; 101% in case of notes
maturingjon Feb. 1, 1946; 100)4 % in case of notes maturing on Feb. 1,1947.
"""iDillon. Read (& Oo. of N. Y. Oity, and Mellon Securities
Corp., of
Pittsburgh, are It he principal underwriters.
The price (at which the securities are to be offered
publicly, the names
of otier underwriters, and the
underwriting (discounts or commissions are
to be furnished Jby amendment to the
registration statement.—V. 141,
p.2735
thereafter and incl.
*Detroit^Edison Co.—Stock Increase Voted—
he'saw
no necessity for a rate reduction for at least
two years. IHe (also (said (thatj January (business of the Detroit Edison
Oo.,
while somewhat (curtailed {by labor difficulties suffered by one of the com-
Eany's best (customers, neverthelessprospects for 1937 were favorable not¬
(would prove satisfactory to the stockolders.
He (added (that (busine33
withstanding (that it (was (unlikely (that (any final settlement of the automo¬
tive strike jwouldjbejreached withinjthejiext 30 days.—V. 144, p. 610.
Detroit
&]Toledo]Shore Line RR.—Earnings—
December—l
( 4
1936 1
$449,456
Gross fromlrailway
Net from
|269,321
139,344
Net after(rents
'
•
1935
1934
4
i
1933
$385,408
243,042
137,384
$282,049
167,246
67,628
$239,346
157,717
105,110
3,554,169
1.963,142
1,037,662
2,952,066
1.552,571
731,070
2,562,417
1,298,762
570,755
From\Jan. 1—■
Gross from (rail way
Net fromu*ailway
Net afber/ents
—V. 144. p. 103.
-
(3,957,609
12,211,987
_-
J
Bl. 131,537
100,000
l,
1937
on
25,868
2,300,860
i.45,630
Funded{<fe|long-term debt
Reservejfor.'contingenoles
Reserve
for
revaluation
of
andjequlpment—
521,367
1,685,800
Total
518
a
$5,056,968
After reservelfor
5,574
Total
—$5,056,968
(bad^debtsjof $21,237.
b After reserves for deprecia¬
'Represented by 210,725 no par shares at
^dlRepresentedlby 51,806 no par shares at stated amount.
Note—The Jstated (value (of thejpref. stock was reduced
from $12 to $8
per share (pursuant to (resolution ;of the board of directors
on July 17, 1936,
approved jby the (voting trusteeslon July 28, 1936; certificate of
reduction
of capital was not filed in the office of the
Secretary of State of Delaware
tion and depletion of $220,247.
stated amount.
c
Losses(on(disposal1of abandoned plant and equipment
during the year were charged to the capital surplus so created and the re¬
maining (balance {of capitalJsurplusjwas(appropriated asja reserve to
provide
for future losses on abandonments of
plant and equipment.—V. 139, p. 3153.
L
^Distillers <8cjBrewers Corp. of America (&""Subs.)—
Earnings—
Earnings for 9 Months Ended Sept. 30, 1936
Net loss after all charges
—V. 143, p. 3314.
Distillers
$436,017
Co., Ltd. (England)—Interim Dividend—
The directors have declared an interim dividend of 26
9-10 cents per share
the American depositary receipts for
ordinary registered shares payable
Feb. 8 tojiolders of record Jan. 14.—V.
143,
on
p. 108.
Dixie Gulf Gas Co.—Bonds Called—
"^A total of $575,000 of 1st mtge. 6H% s. f. gold bonds, series
A, due
Sept. 1, 1937, have been called for redemption on Marcu 1 at
100>f and
Payment will be made at the Manufacturers Trust
Oo., New
York Oity.—V. 143, p. 919.
interest.
Dixie
Refining Co., Trenton, Mich.—Stock Offered—
Walter W. Tait, Union Guardian
Bldg., Detroit, is receiving subscrip¬
tions (to (1,225,000'common shares at
par ($1 par).
Stock offered to resi¬
dents of State of Michigan only.
Capitalisation—Authorized (par $1) 1,800,000 shares; issued and out¬
standing 150,000 shares; validated for public offering in and to residents
of Michigan only 1,225,000
shares; reserved against the exercise of warrants
for the purchase of 425,000 shares at
$1 per share at any time on or before
Oct. 1, 1939 425,000 shares.
History—Approximately 10 years ago a small group of Michigan gasoline
jobbers and distributors who were either handling
nationally known brands
of petroleum products or
products under their own individual brands
determined ithat the ideal plan for the
marketing of their products would
be a plan under which each
plant and station would continue to be owned
and operated by the individual but that
they would have a common public
identity, uniform brands and standards of quality, uniform
stations,
advertising, merchandising ^policies and collective
purchasing power.
Within {the last {few months
((substantially all the major gasoline dis¬
tributing companies have worked out a plan under which all their stations
are leased {and operated
by others.
This plan was consummated
by the organizing of Dixie Distributors,
Inc., a non-profit Michigan corporation.
Purpose—The {proceeds (from (the sale of this stock will be used for the
construction (of a complete
topping and cracking plant and for its main-
tenancejandjoperation,
Stockholders at the annual meeting held Feb. 1
approved an increase of
500,000 J3hares of capital stock {of the company.
The authorized increase
will raise the capitalization (from ($150,000,000 to
$200,000,000.
Action
for the increase, recommended (by
fthe directors, according to Alex. Dow,
President, will provide the (means Jto issue new stock {at favorable prices to
refund at 105, on or about(Oct. 1, $15,000,000 of series B
5%(bonds.
Pro¬
ceeds from this possiblesalejwill be U3ed, Mr. Dow said, to finance
expansion
of the company's facilities |if business (prospects warrant.
In connection (with (prospects (for expansion, Mr. Dow said that
labor
uncertainties'and (an (undetermined improvement
(trend (in industrial activ¬
ity in Detroit (made (it impracticable to make a definite commitment at
this time. '(He {added, however, that jthe authorization of the stock
increase
would allow .the company JtoJtakeJad vantage of the trend as soon sa it was
determined. 4 4
Mr. Dowjsaidlthat
note
(current)—
Prepay, due Jan.
5% notes
until Dec. 29, 1936.
$244,514
The comoanyion Feb. 1 (filed with (the Securities and
Exchange Com¬
mission'a registration statement {(No. 2-2835, Form A-2) under the
Secur¬
ities Acttof 1933]coveringl$31,000,000 of 1st
mtge.
of the bonds "and notes
54.204
23,849
37,493
206,949
-
Accrued liabilities
1st mtge. prop, purch.
Earned.defioit
$6.50
p.
$60,000
Payroll & salemen's comm.pay
Bonuses payable
$1 non-cumul. conv.;pref.stk
d Common
stock
a
andj$l.75ipsrj8hare,jre3pectively,jhadjbeen distributed.—V. 144,
i
c
cum.
Detroit
l/labilities—
Notespayable
Accountsjpayable
plant
have declared
on
com¬
original
depreciation shown in
values determined at
on
iBalance Sheet Oct. 31, 1936
Derby Gas & Electric Corp.—Accumulated Dividends—
The
$469,942
119,414
130,398
Provisionjfor^depreciation and depletion
the^datejof reorganization.
1935
income.,
$926,443
478,566
Net profit from'operations
Other income (net)
the above (profit-and-loss account which is based
$2,815,988
2,189,827
317,812
$501,633
34,684
■
expenses
pany in its tax return claims a deduction for depreciation based
cost that is substantially greater than the
provision for
1936
Net oper. income
$2,498,640
1,572,197
__
Oostjof sales (excl. of provision for deprec. & depletion)
a
Miscellaneous
stock, $1 par,
&"Raynold8 Co., Inc.4—To Cut Directorate—•
Diamond T Motor Car
1.657,331
768,172
711,349
$3,263,351
2,331,107
430,612
Taxes.
common
IThe Manufacturers .Trust Oo. is New York
transfer agent for the com¬
pany'a {400,000 .shares of $2 par common stock.—V.
144, p. 610.
Tramway Corp,—Earnings—
"-iYears End. Dec. 31—
and
^Stockholders at their (annual Jmeeting on Feb. 10 will
consider changing
the'number (of directors from 15 to 12 and to make
certain changes in the
pension jplan for the employees of the company.—V.
143, p. 4152.
81,632
63,082
1,620,006
805,155
9.913,122
—V. 144, p. 103.
Denver
rDevoe
""1933
$134,970
$181,564
189,398
>
210,095
,
'
Listing
•
4|ThelNew York Ourb Exchange has admitted the
p. 4151.
•Earnings-
$303,621
166,632
175,355
._
Net from railway
Net after rents
to
6, 1937
tOjlisting and registration.—V. 143,
fentire tissue.
Of the proceeds of the proposed certificates, $854,335 will be
applied to
the payment of outstanding series IB
certificates, with Jinterest (thereon to
April 30, 1937; and the remainder will be placed in the applicant's
Feb.
(
^Dominion Stores, Ltd.—January Sales—
f|
Four Weeks Ended—
23
Jan.
—V. 144, p. 277,
1937
1936
1935
$1,457,927
$1,413,478
$1,226,611
i i 1 4 M A 4
I 4 A i 4
Duluth Missabe & Northern
1December—•
Gro33 {from railway
Net
fromfrailway
Net after (rents
\From\Jan. 1—
{railway
Gross from
Net
(from (rail way
Netjafter ;rents
1936
1934
$1,373,111
'
Ry.—Earnings—
1935
\
$164,098
def519,423
4625,816
def$7,877
def546,208
def657.980
19,091,036
10,693,649
8,694,801
11,519,593
4,877,051
3,765,586
—V. 144, P. 103.
]
"
1934
$84,372
def360,522
def393,428
-J
1
1933
$78,673
def583.371
def574,495
9,486,593
2,769,180
1,981,648
l
( 41 ( 41
9,700,200
3,982,350
3.408.234
DuluthlSouth Shore & Atlantic Ry.—Earnings—■
December—
Gross
1936
(from railway--—.
$199,526
4From\Jan. 1—
Gross from (rail way
Net (from frail way
Net after jrents
—V. 144, p. 278.
1935
1934
1933
30,410
13,564
Net (from (railway
Net (after (rents
$149,615
def9,978
defl7,352
$123,136
def34,966
def49,453
$184,192
61,341
38,514
2,913,041
893,198
637,194
2,359,777
524,53 1
369,590
2,176,537
367,756
138,595
1,963,106
327,670
58,390
^ 1 i t I
'
1
(E. I.) Idu JPont de]Neraours1&
Co.—Annual'Report^
Extracts from jthe remarks
Jof Pierre S. du Pont, Chairman,
and L. du Pont, President, follow:
Volume
Financial
144
Sales Volume—The volume of business of company
year:
n
natural
factors remain
extent its effect
may ultimately be impaired by the cost of the artificial factor; and to what
extent the artificial factor can or will be continued—these are..questions
is borne in mind.
In what degrees these two
effective; how long the natural factor will continue; to what
recovery
*
which
answer
can
today.
Consolidated Income Account for
Total for Year
1936
1935
',
1936 Over 1935
First quarter
Second quarter
..
.
Third quarter
Fourth quarter
__
11%
23%
14%
23%
For the year
18% increase
The continued development by company of diversified
28%
23%
24%
26%
27%
100%
increase
increase
increase
increase
100%
22%
25%
25%
■
throughout the year as is indicated in the second and
third columns of the
foregoing tabulation.
Company's principal manufacturing and sales activities are conducted
through 11 departments or divisions.
Volume of Employment—For the year 1929 the average number of wageand salary-roll employees was approximately 42.GC0, whereas for the month
of December, 1936, the total number of your company's.employees had
approximately 53,000, or a gain of about 26%.
Compensation to Employees—In 1929 the total payments in wages
and salaries to the entire body of workers was approximately $72,000,000,
whereas for the month of December, 1936, this total was at the rate of
approximately $94,000,000 yearly, or a gain of about 30%.
Hours, Wage Hates,
Weekly Earnings—Subsequent to 1929 the 5-day
working week has been made general throughout company's plants and
offices.
The plan of a yearly 2-weeks' vacation with full pay for wage-roll
as well as for salaried employees is now a regular feature of its operating
policy.
Hourly wages are now, in general, substantially above the rates
paid in 1929.
Notwithstanding the fewer working hours, the average
weekly wage earnings of company's workers in the closing months of 1936
were somewhat above the 1929 averages, although
the accepted cost-ofliving indices shows a late 1936 level about 14% below that of 1929.
Plant Extension and Modernization—Company continued its policy of
extending and modernizing its manufacturing facilities in order to improve
operating efficiency and to keep abreast of the present-day broad business
increased to
Total
tochllicfI
3iClV£lllC6S
approcimately $31,000,000 was expended!! during the
About $18,700,000 of this amount provided additional capacity for
some of the older processes and enlarged facilities for operation of the newer
processes, and approximately $12,300,000 provided for renewal and modern¬
ization of equipment and facilities.
I* 10*
Subsidiary Companies—During the year the following wholly-owned
subsidiaries were dissolved and their assets and activities transferred to the
parent company.
The businesses of these former companies are now con¬
ducted as follows:
s-life,
Du Pont Building Corp., operated as office building division.* ! |
Du Pont Cellophane Co., Inc., operated as "cellephane" divisionjjf the
rayon department.
Du Pont Rayon Co., operated as rayon division of the rayon department.
Du Pont Viscoloid Co., operated as plastics department.
Grasselli Chemical Co., operated as Grasselli chemicals department.
Arrangements are being made to transfer the administrative oganizations of these departments to Wilmington, Del.
It is expected that by
June, 1937, all of company's general offices will be located in Wilmington,
partly in the du Pont Bldg. and partly in the Nemours Bldg.,ithe latter a
modern, completely air-conditioned office building, now nearly completed.
Company's stockholding in International Freighting Corp., Inc., was
decreased from 100% to 66.67% through the issuance and sale of additional
capital stock by that company to a minority interest.
r p>i
Du Pont Securities Co.,
a wholly-owned
subsidiary, was dissolved.
The principal asset of this former subsidiary was company's interest in
du Pont Cellophane Co., Inc.
|P'
The smokeless powder department was consolidated with the explosives
department.
The smokeless powder business will hereafter be conducted
as a division of the explosives department.
I*
In September, Remington Arms Co., Inc. announcedfa plan of capital
reorganization.
Under the terms of the plan, du Pont exchanged its
holdings of the 7 % preferred stock for an equal number of shares of newly
issued 6% preferred stock and 357,310 shares of common stock, and sub¬
scribed to 2,254,192 additional shares of common stock.
At thefend of the
For
this purpose
year.
year company owned 60.17%
of its 6% preferred stock.
1934
1933
$.
depreciation & obsolescence 68,187,715
obso¬
equipment. 15,222,225
65,190,288
43,796,411
37,262,303
14,473,364
13,605,789
12,904,102
52,965,490
Inc. from invest, in Gen. Motors. 44,004,389
Income from miscell. secur., Ac—
4,746,320
40,716,926
22,497,720
8,636,163
30,290,622
14,999,635
6,285,974
24,358,202
12,500,273
5,566,214
101,716,199
dll,775,000
56,760
arising
71,860.808
6,458,646
66,760
61,676,231
4,818,017
66,760
42,423.689
3,459,823
68,634
46,701,465
196,312,228 178,729,397 170,345,234
178,717,374
......
4,023,149
Dr8,388
......
Inc. from operations before prov.
for
Prov. for depreciation and
lescence of plants &
Income from operations-.
lines of chemical
Sroducts enablestends to produce a comparatively even volumebranches of
it to supply important materials for many of business
xdustry, which
of this company's common stock and 96.97%
Total income
Interest
Prov.
affiliates, as a
for the previous year.
lndustrias yuimicas Argentinas "Duperial" S. A. Industrial y Commer¬
cial continued to broaden the scope of its manufacturing operations.
Satis¬
factory progress was made in the construction of the rayon plant of "Duperial's" subsidiary, "Ducilo" S. A. Productora de Rayon.
It is expected
the plant will be in complete operation by the middle of 1937.
The stock interest held by "Duperial" in "Ducilo" was decreased from
85% to 72.25% through issuance of additional capital stock by "Ducilo" to
a minority interest.
Company owns 50% of the capital stock of "Duperial."
Company and Imperial Chemical Industries, Ltd., of England, have
concluded negotiations to amalgamate their interests, both manufacturing
and sales, in Brazil.
A jointly-owned company will be formed to carry on
the import business of the two companies and to operate a plant near Sao
Paulo which manufactures coated fabrices.
It is expected that this new
company will undertake the manufacture of various other products in
Brazil when such manufacture appears to be economically sound.
Investment in General Motors Corp.—At the beginning of the year General
Motors Securities Co. held 11,880,529 shares of General Motors Corp.
common
stock.
During the year holders of class A stock of General
Motors Securities Co., under a provision of its certificate of incorporation,
exchanged 69,538 shares of class A stock of the Securities company for a
like number of shares of General Motors Corp. common stoclc held by
General Motors Securities Co.
At the end of the year the assets of General
Motors Securities Co. consisted of a small cash balance and 11,810,991
shares of General Motors Corp. common stock, representing 27.15% of the
issued common stock of that corporation.
Company's holdings of the
entire common stock of General Motors Securities Co. represent an equity
of 9,843,750 shares of General Motors Corp. common stock, which, together
with 156,250 shares directly owned, makes the total of 10,000,000 shares
of General Motors Corp. common stock shown in the balance sheet.
pff*4
The 10,000,000 shares, carried as a permanent investment, are equal to
approximately 9-10ths of a share of General Motors Corp. common stock
for each share of common stock of company outstanding at the end of the
year.
Number of Stockholders—The number of stockholders holding the capital
stock of company at the end of each of the last five years is as follows:
Debenture
■
12,729
13.235
13,410
13,267
Dec. 31, 1932
Dec. 31,1933
V
Common
50,778
51,047
Dec. 31,1934
-*51,865
Dec. 31, 1935
—
52,831
Dec. 31, 1936-13,460
53,829
Future Outlook—Looking back over 1936, it seems clear thatlthe favorable
forces of current general business have sprung mainly# from two distinct
-
-
sources:
first, from the natural
recuperative powers of the country, recover¬
depression, with#stocks of goodsigenerally
wants unsatisfied.y^and a% widespread re¬
surgence of the normal spirit of American business enterprisei'second, from
the enormous measures of artificial stimulation.'whichf^haveibeen applied,
on a scale unprecedented in economic history, and at. the cost of a huge new
burden of public debt.
Of these two powerful outside infuences, itiwould
seem reasonable to expect that the first, or natural, factor'of recovery should
continue in force for some time.
The;"second, or artificial, factor should by
its nature plainly be of limited duration, and there can hardly beany dissent
ing at last from a long, severe
depleted, an accumulation of
it be terminatedj'promptly.^f-4
In just what proportions these two factors havercontributed to the,favor¬
able 1936 results of company's activities is a question that defies close
analysis and must remain a matterkof opinion.
What is is_desired here to
from the hope
that, for the Nation's good,
on
bonds of sub. cos
liab.
conting.
for
outofoper. of previous years..
3,260,000
-
89,884,449
Net income
Surplus at beginning of year
62,086,410
38,896,330
Adj. resulting from disposition of
co's
stk. prcv. purchased.
com.
(excess over par value)
Premium
paid for redemption of out¬
standing voting deb. stock
c
Adjustment resulting from re¬
valuation of interest in General
CY14,000,000 Cr6,000,000 Cr2,500,000 Drl4,500,000
Motors Corp
300,196,678 245,814,808 219,538,312 207,135,862
6,567,686
6,667,686
6,566,635
6,544,965
67,402,497 a42,944,993
34,253,280 b30,246,663
Total
Dividends on debenture stock
Dividends on common stock
226,236,695 196,312,229 178,729,397
Profit and loss surplus
170,345,234
Average number of shares com.
stock outstanding (par $20)...
11,049,470
11,060,399 11,049,259 10,983,379
Amount earned per share
$7.56
$6.04
$3.66
$3.00
a In
1936 $3.45 and 1.55th of a share of General Motors Corp. commonfstock,
b The following extra dividends paid on the common stock are included above
1933, $8,286,176.
c The value of du Pont company's Investment in General Motors
Corp. common stock was adjusted on the books of the company In 1933 toj$164,600,000; in 1934 to $167,000,000, in 1935 to $162,000,000 and in 1936 to $176,000,000,
which closely corresponded to its net asset value as shown by the balance sheets of
General Motors Corp. at Dec. 31, 1932, 1933, 1934 and 1035, respectively.
These
shares are now valued at $17.60 a phare, the previous valuation having, been $16.20
a share,
d Includes provision of $2,148,000 for surtax on undistributed profits.
Y.v
■■!
Consolidated Balance Sheet Dec. 31,
.
*
[Including Wholly-Owned Subsidiary
65,844,572
26,036,925
50,647,671
Misc. accts. rec. advances, &c...
2,830,095
Marketable securities
d9,970,783
General Motors common stock al76,000,000
Investment in affiliated cos. not
wholly owned & miscel. invests 37,521,122
Cash
receivable
Accounts and notes
Inventories
for
receivable
Notes
Companies]
1934
1933■
$
$
35
40,299,163 30,879,071
18,838,639
20,828,361 17,043,617 19,086,199
44,671,617 43,669,985 33,835,935
8,487,647
1,616,280
...
29,827,478 30,816,771
58,010,388
162,000,000 167,000,000 164,600,000
1935
1936
<Asscts~~~~
31,485,867
36,771,460
41,331,026
2,428,577
5,259,694
7,146,577
common
stock sold to employees under
381,889
executives'plan
stock
acquired
for
under
Common
to
awards
employees
2,866,219
1,810,244
1,654,603
317,807,884 293,596,018 275,413,934 246,724,467
29,943,125 30,014,361 29,905,938 25,191,470
1,489,938
1,379,876
1,188,929
966,476
bonus plan
Plants and property
Patents, good-will, &c_.
Deferred charges
721,230,126 666,728,999 631,120,282 605,631,064
Total
Liabilities—
Accounts
for
to
awards
&c
employees
under bonus plan.
Deferred liabils. & credit
Bonds of subsidiary cos.
b Common stock
1,536,411
......
Res. for lnsur., bad debts, &c
trustee
......
1, 971,298
1,135,000
1,135,000
1,135,000
1
109,294,800 109,294,800 109,294,800 109,328,450
..-221,315,240 221,316,240 221,315,240 220,467,740
Res. for deprec. & obsolescence--
c
1,985,150
12,990,039
1,639,926
9,104,441
el,836,751
cl,135,000
Debenture stock issued
to
1,639,422
13,456,522
2,341,242
items—
in hands
of public
Oblig.
5,127,481
1,639,422
20,246,799
2,734,210
4,984,414
deb. stock.
Miscell. accts. pay., adv.,
Prov.
6,575,014
1,639,422
7,687,036
payable
Dividends payable on
whole, were slightly higher than
■
-
Provision for Federal taxes
f Accrued liabilities
Other changes are referred to under "Foreign Affiliates."
Foreign Afjiliates—Net earnings of the company's foreign
Calendar Years
1935
$
As Per Cent of
i:
■■■•/.:
one
no
1936
of Business by Quarters
well as the factor of
unless the factor of artificial stimulation as
■
Dollar Volume
and
Ijoint out is to arrive 1936any reasonable soundly be taken as a starting point
results cannot evaluation of future probabilities
seeking that the at
and its wholly owned
subsidiary companies for 1936 amounted to approximately $260,300,000,
an
increase of about 18% over 1935.
Increase in physical volume of
sales accounted for the entire increase in dollar volume.
Such changes
as were made in prices of individual products had the effect of reducing
slightly the average selling price of the company's products.
fci
The following tabulation sets forth, by quarterly periods, the per cent
increase of the company's dollar volume of business for the year 1936 over
the year 1935; also the quarterly volumes as per cent of the total for each
933
Chronicle
85,585,479
8,850,484
95,818,127
9,413,634
75,540,299
24,413,506
64,299,414
23,453,962
under pension
plan
Surplus appllc. to
20,724,847 19,685,952
company....226,236,695 196,312,228 178,729,397 170,345,234
.—721,230,126 666,728,999 631,120,282 605,631,064
stock—10,000,000 shares carried atj. $17.60 a
1935 (9,843,750 shares of which are represented by
E. I. du Pont de Nemours & Co.'s interest in General Motors Securities Co.).
b Represented by common shares of $20 par value (in 1936 includes#20,458 [17,823
in 1935 and 20,078 in 1934] shares In treasury acquired for awards toiemployees
under bonus plan and in 1933 Is after deducting 15,149 shares in treasury stated at
$847,500).
c E. I. du Pont de Nemours & Co.'s equity In surplus of controlled
companies not consolidated has increased since acquisition by a net#' amount of
$2,501,498 in 1936; $2,270,621 in 1935; $2,121,564 in 1934 and $l,680,100jin 1933,
which is not included in surplus in above balance sheet,
d The quoted value on
Dec. 31, 1936 was $9,970,783.
e Including current accounts payable to controlled
companies not wholly owned, $389.
f Including provision for Federal and other
taxes of $15,074,914 in 1936; $8,369,669 in 1935, and $5,885,732 in 1934.
g As¬
sumed on liquidation of a subsidiary company.—V. 144. p. 770.
Total
a
General Motors Corp. common
share in
1936 and $16.20 in
Duro-Test
Corp.—Listing Approved—
The New York Curb Exchange has
approved the listing of 200,000[out-
standing shares of common stock, $1 par.—V. 143, p. 2677.
East Coast Public Service Co.
(& Subs.)—Earnings—
Operating revenue
Operating expenses
$662,854
474,841
Non-operating revenue (net)
$160,197
14,698
^
before provision for reserve for
renewals
and
replacements, fixed charges.
Federal tax, &c
Interest on unfunded debt of subsidiaries
$601,328
$188,012
....
Net income from operations
Net
»xl935"-*
1936
Calendar Years-—
9,830
$202,710
$170,027
15
21
441,131
^
income
Balance, applic. to East Coast Pub. Serv. Co..
Interest on long term debt
Miscellaneous interest.
Provision for renewals and replacements
(deprec.)
_
Provision for Federal income tax and undistributed
profits tax
$202,695 it $170,006
91,031
k 95,104
545
* 961
63,250
f 58,000
•
k b v
2,938
r
4,367
$44,930
$11,573
x Figures for 1935 have been restated to give effect to the elimination in
revenues and expenses of certain telephone properties sold^asvof Dec. 31,
Balance to surplus
1935.
934
Financial
Consolidated. Balance Sheet\Dec. 31
Assets—
Prop.,
&
1936
plaut,
1935
Liabilities——
franchises, &c$2,829,417 $2,741,522
Miscell.
Cash
-
invest.
190
195
105,685
98,807
Def. credits to inc.
71,045
1,880
receiv..
57,685
Total reserves
1,988
61,950
3,644
x
Inventories
Deposits
Special dep., trust.
Total
def. items.
7,550
.
liabilities-
accr.
130,307
89,791
Unrealized profit
12,089
4,308
397,125
10,547
2,663
373,220
9,542
Common cap.stk
Capital surplus
350,690
32,999
350,690
105,544
183,509
Consumers' depos,,
refundable.....
def.
since
March l, 1934..
x
$3,092,622 $3,056,182 |
Net
amount
by which
par
9,586
32,999
y
Earned
Total
1935
,260,100 $2,371,200
and
current
4,247
86,142
Notes receivable..
Accounts
Total
3,248
73,604
_>
.*
-
1936
Tot .long term debt$2
eq.
Total
..$3,092,622 $3,056,182
value of East Coast Public Service Co.
y Common
securities exceeds cost of such securities to subsidiary company,
capital stock
value $1.—V. 143, p. 2835.
par
East Kootenay Power
Period End. Dec. 31—
Operating
Co., Ltd.—Earnings—
1936—Month—1935
Gross earnings.
1936—9 Mos.—1935
$39,637
19,308
$35,389
13,502
$347,791
121,064
$333,978
105,458
$20,329
expenses-
$21,887
$226,727
$228,520
PVx
Net
earnings
—V. 144, p. 278.
Eastern
Steamship Lines, Inc. (& Subs.)—Earnings—
r Period End. Dec. 31—
1936—Month—1935
$559,957
611,922
2,023
51,960
1,394
50,439
$10,299,463
9,035,490
15,327
614,034
$9,921,316
8,733,962
13,757
619,583
def$119,984 def$101,010
$665,266
$581,528
Other income
Other
1936—12 Mos.—1935
695,356
$625,309
Operating revenue
Operating expenses.---.
expenses
Income
—V. 144, p. 278.
Eastern Utilities Associates—10-Cent Dividend—
a dividend of 10 cents per share on the no
convertible shares payable Feb. 15 to holders of record Feb. 9.
An
was paid on Dec. 3, last.
The directors have declared
par
initial dividend of 55 cents
Comparative Income Statement (Holding Association Only)
12 Months Ended Dec. 31—
1936
1935
$1,774,353
Income from subsidiary companies:
Common dividends
$1,802,774
DrSl
Otherincome
Non-subsidiary income
309,824
.*.■
309,824
Chronicle
Feb. 6, 1937
Dated Feb. 1, 1937; due Feb. 1, 1952. Coupon debentures in denom. of
$1,000 and $500, registerable as to principal.
Convertible (until date of redemption ir on or before Jan. 31, 1947) into
common shares at $50 on or before Jan. 31,1939, at $60 on or before Jan. 31,
1941, at $70 on or before Jan. 31, 1943, at $80 on or before Jan. 31, 1945,
and at $90 on or before Jan. 31, 1947, provision designed to protect against
dilution in certain contingencies being made.
As a sinking fund, the com¬
pany shall pay to the trustee on or before Sept. 1 of each year commencing
with the year 1939, $350,000 in cash or in debentures taken at the principal
amount thereof, cash so received to be applied to the purchase or redemption
of debentures, except that cash applicable to debentures called for redemp¬
tion and converted shall be repaid to the company.
Debentures are re¬
deemable at 108% prior to Feb. 1, 1939, and at 105.% prior to Aug. 1, 1939,
with successive reductions of \i of 1% on Aug. 1, 1939, and on each Feb. 1
and Aug. 1 thereafter until Feb. 1, 1949, from which date until maturity
the redemption rate shall be 100%, in each case plus accrued interest.
Company—Incorporated in Ohio on May 31, 1922. The general character
of the business now done by the company and (or) its subsidiaries is the
manufacture, assembling and (or) sale of various products which may be
generally grouped as follows:
(a) Starting, lighting and ignition units for motor vehicles (generators,
starting motors, distributors, coils and regulators); (b) storage batteries,
largely for motor vehicles; (c) lamps for motor vehicles; (d) instrument
panels for motor vehicles including the instruments therefor, such as
speedometers and gauges or indicators for gasoline, oil, temperature and (or)
electricity; (e) aluminum and zinc base die castings—including radiator
grills and various housings for motor vehicles, and miscellaneous commercial
die castings; (f) wire and cable for motor vehicles and certain light commer¬
cial uses; (g) miscellaneous products—including horns, heaters, hub caps,
bumpers, spark plugs and other motor vehicle accessories, industrial gauges,
cooking utensils, and a variety of miscellaneous commercial products of
minor importance.
^
Of the estimated 1936 consolidated net sales, the products mentioned in
group (a) above accounted for approximately 41%, group
(b) approxi¬
mately 18%, group (g) approximately 15%, and each of the remaining
groups between 4% and 10%.
*
Of the estimated 1936 consolidated net sales, (1) approximately 95%
were of products used for motor vehicles,
(2) approximately 76% were
directly to motor vehicle manufacturers (including Chrysler, Ford, Hudson,
Nash, Studebaker and Packard), and (3) approximately 50% were to
Chrysler.
19354
Net
Earnings of Company Exclusive of Dividends from Subs. Consolidated
Total of
Col. A
——
1936 (9 mos.).-.
Col.B
$544,603
534,032
2,408,471
2,835,165
Col.C
$222,306
289,979
360,507
417,997
~
~
Col. D
$322,296
244,053
2,047,964
2,417,168
----Cols.C <Si D
$358,728
855,763
1,092,707
1,162,465
$681,025
1,099,816
3,140,672
3,579,633
Col. A—Before depreciation and Federal income taxes. Col. B—Deprec'n
charged to profit and loss. Col. C—After deprec., before Federal incomeCol. D—Net earnings applicable to stocks of subs, consolidated.
Capitalization—As of Sept. 30, 1936, the capital stock of the company
tax.
Total income
!,084,177
21,902
52,115
51,799
$2,112,566
23,194
1,511
80,255
$1,958,359
1,371,223
434,223
$2,007,605
857,003
$152,912
$1,150,601
Expenses
Taxes (including income taxes).
Interest.
Balance for dividends
Common dividends paid
Convertible dividends paid
Balance to surplus-
Comparative Balance Sheet Dec. 31
1936
Other
Invests,
$
1936
Liabilities—
cos40,298,060 40,276,060
(at
5,022,144
J# cost)
Cash
Divs.
1935
$
Assets—
Invests. In sub.
receivable..
5,022,144
25,290
77,456
114,406
72,503
ferred charges..
....45,495,455 45,507,725
685,700^
scrip); no par.
x
&
$
1,750,000
48,112
1,950,000
1,000
17,658
77,456
Prepayments & de¬
Total
Common
1935
$
Notes payable
Taxes accrued
common
conv.
shares-x
16,502,467 16,502,467
22,774,090 22,774,090
4,420,784
4,280,167
Capital surplus
Earned surplus
Total
45,495,455 45,507,725
shares and 789,668 convertible shares (including
Property,
1935
$
$
1936
Invests,
plant &
38,238,730 37,935,230
(at
11
Cash
830,772
Notes receivable..
11,353
Accounts receiv.. 2,169,144
Materials & suppls
687,596
Prepayments
29,327
Sinking funds
41,311
Special deposits
20,431
10
—
Unadjusted
828,317
21,723
1,802,344
637,293
24,664
41,726
4,978
debits
1,294,200
1,294,200
11,421,000 11,458,000
Bonds
taup Elec. Co..
Interest accrued..
1,059,400
150,000
361,072
81,089
5,934
358,764
51,026
Retirement
7,249,145
Notes payable
Accounts payable.
Consumers'deps—
Miscell. liabilities.
Taxes accrued
reserve
888,300
426,757
78,615
5,307
277,060
51,016
6,717,578
Gas bench mainte¬
debt
discount &exp__
$
Notes pay. to Mon-
cost
orless)
Unamortized
Preferred stock
1935
$
Liabilities—
pf equipment-x
76,530
164,812
95,333
115,568
nance reserve
Contributions
37,769
27,275
36,362
61,212
19,990
35,329
46,725
8,921
for
extensions
Operating
reserves
Unadjusted credits
Common & capital
stock: y
OwnedbyE.U. A. 14,435,850 14,425,850
Owned by others
270,800
260,800
Premium
on
stock
ownedbyE.U.A.
2,727,133
2,722,488
88,017
92,661
2,358,573
2,346,546
212,680
333,757
On stock owned
by others
Earned surplus:
Before acquisit'n
of
stock
by
E.U.A
After
of
acquisit'n
by
Authorized
Outstanding
xlOO.OOO shs.
b44,870 shs.
1,500,000 shs. bl,193,355 shs.
x Company
proposes, following receipt by it of payment from the several
for the debentures offered, to call for redemption and on
April 1, 1937 to redeem all of its outstanding preferred shares and to cancel
the preferred shares held in its treasury, leaving 55,000 preferred shares
authorized, but unissued.
b The amounts shown as outstanding do not include shares held in the
treasury of the company, which on Sept. 30, 1936 were 130 preferred and
27,648 common shares. On Dec. 31, 1936 the amounts held in the treasury
of the company were 140 preferred and 26,022 common shares, and the
amounts outstanding exclusive thereof were 44,860 preferred and
1,194,981
common shares.
Of the common shares held in the treasury 9,250 shares
were reserved at Sept. 30, 1936, and 9,125 shares were reserved at Dec.
31,
1936, for the purposes specified under "options."
Proceeds—Company proposes to use the net proceeds of the sale of the
debentures approximately as follows:
underwriters
(a) to redeem on April 1, 1937 all the outstanding pref. shares
approximately
$4,934,600
to discharge unsecured curr. indebted. to banks, approx
2,000,000
(c) the balance to be used by the co. for cash working capital..
3,092,370
(b)
.
.
-
_
_
follows:
as
Lehman Brothers, New York
$2,000,000
1,250,000
1,000,000
750,000
500,000
400,000
400,000
400,000
400,000
400,000
300,000
250,000
250,000
•_
200,000
200,000
150,000
150,000
1,000,000
Hemphill, Noyes & Co., New York
Chas. D. Barney & Co., New York
Brown Harriman & Co., Inc., New York
Hallgarten & Co., New York
Bancamerica-Blair Corp., New York
Dominick & Dominick, New York
Hayden, Stone & Co., New York
J. & W. Seligman & Co., New York
Wertheim & Co., New York
Kidder, Peabody & Co., New York
Field, Richards & Shepard, Inc., Cincinnati
G. M.-P. Murphy & Co., New York
Bodell & Co.,
Providence, R. I__
Chicago, 111
Lawrence Stern & Co., Inc.,
Riter & Co., New York
Schoellkopf, Hutton & Pomeroy, Inc., New York
Kuhn, Loeb & Co., New York
Options—Options expiring July
-
1,
1937 were granted during 1934 to
certain officers and employees of the company and subsidiaries, selected
by the directors to purchase in the aggregate not exceeding 25,000 of the
common shares (par $5) held in its
treasury, at $25 per share.
Price was
higher than the market quotations of the common at the times the options
were granted.
During the period from March 9, 1936 to Dec. 31, 1936
options were exercised covering 15,875 of the 25,000 common shares covered
by options in the aggregate, for which the aggregate net cash proceeds were
$396,875; there were no underwriters in connection with the sale of said
shares.
The amount of securities of the company subject to
options at
Dec. 31,1936 was 9,125 common shares (i. e. the unexercised balance of the
options above mentioned), and on said date the name and address of each
person allotted options calling for more than 5% of said 9,125 common
shares, and the amount called for by the options of each such person, were
as
stock
E. U. A
follows:
$10,000,000 of debentures
(Intercompany items eliminated]
Assets—
as
7% preferred shares ($100 par)
Common shares ($5 par)
Underwriters—The underwriters have severally agreed to purchase, the
Comparative Combined Balance Sheet Dec. 31
1936
was
follows:
R. G. Martin, Toledo, O., 5,000 common shares; B. A.
Fay,
common shares.
Toledo, O., 700
Balance Sheet Sept. 30, 1936
Total
42.270,021 41,507,189
Total
42,270,021 41,507,189
63% interest in property, plant and equipment of
Montaup Electric Co.
y Includes 30 shares of Edison Electric Illuminating
Go. of Brockton capital stock reserved to be exchanged for capital stock of
Electric Light & Power Co. of Abington and Rockland.—V. 144, p. 771.
x
At cost including a
Ebasco Services,
For the week ended Jan. 28, 1937, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power <fc Light Co. as
compared with the corresponding week during 1936, was as follows:
Edison Brothers Stores,
Month of January—
Sales
1936^
98,002,000
41,583,000
79,392,000
Amount
1,483,000
8,185,000
8,352,000
%
1.5
19.7
10.5
,V.
$1,042,274
$1,121,947
481,066
794,534
Accrued liabilities
1,901,343
Dividends declared
Inventories
3,399,076
Current
9,377,599
Prov. for Fed. income taxes.
Fixed assets
5,000,659
3J-3 % note payable
(net)
(net)
Pats., tr.-mks., gdw., &c
amts.
due
to
subs.
consolidated
561,724
_
10,008
Reserve for conting. claims.
7 % preferred stock
99,372
_
Common stock
Capital surplus
Earned surplus
Total
—$21,093,125
-
53,119
423,390
100,000
Unearned income
1
Deferred charges
The
e
$873,635
1935__
$733,092
—V. 144, p. 278.
Electric Auto-Lite Co.—Debentures Offered—An under¬
writing group headed by Lehman Brothers and including
Hemphill, Noyes & Co., and Chas. D. Barney & Co. offered
Feb. 3 at 104^ and accrued interest to date of delivery an
issue of $10,000,000 4% debentures due Feb. 1, 1952.
Notes&accts.rec.
Accounts payable—Trade
196,602
Total
126,964
4,500,000
6,105,015
762,668
6,614,425
$21,093,125
Listing of Additional Shares (Par $5.00)—
Inc.—Sales—
1937_
securs. at cost
Increase-
11
Operating Subsidiaries of—
1937^^
Light Co.... 99,485,000
Electric Power & Light Corp— 49,768,000
National Power & Light Co
87,744,000
—V. 144, p. 771.
Liabilities—
$556,749
Marketable
Investments in treasury stock
Investm'ts & other assets
Inc.—Weekly Input—
American Power &
Assets—
Cash
New York
Stock Exchange
has authorized the listing
of 200,000
additional common shares (par $5) upon official notice of issuance thereof
from time to time on conversion of debentures, making the total amount
of common shares applied for 1,441,003.—V. 144, p. 611.
Electrol, Inc.—Sales Increase—
The company reports an increase of
of 36% in sales
for the
seven
107% in net income on an increase
months ended Dec. 31,1936—Y. 143, p. 3839.
Elgin Joliet & Eastern Ry.—Abandonment—
The
Interstate
Commerce
Commission
on
Jan.
21
issued
a
certificate
permitting abandonment by the company of the part of its so-called Coal
Volume
144
Financial
City branch extending from Coal
terminus of the
branch
County, 111.—V. 144,
at
City in a southerly direction to the
South Wilmington, 7.31 miles, all in Grundy
771.
p.
Trust
Payment
Co., San Francsico, Calif.—V. 144,
page 449.
Fairchild Aviation Corp.—New President, &c
position as president of the newly formed Fairchild
Engine & Airplane Corp., shares of which are to be distributed to Fairchild Aviation stockholders on a share for share basis.
James S. Ogsbury has been elected to the
Presidency of this company.
144, p.- 772.
$20, payable March
of 50 cents per share were paid in each of the three
previous quarters.
The old $100 par common stock which was
split five-for-one had received
dividends of $1.50 per share on March 2,
1936, Dec. 2, Sept. 1 and June 1,
1935, this latter being the first distribution made since Feb. 1, 1929, when
a $2.50 dividend was paid.—V.
143, p. 2997.
Fidelity & Deposit Co. of Md.—Balance Sheet Dec. 31—
1936
Assets—
1935
$
1936
$
Bonds and stocks. 16,189,886
Home office bldg.u 2,357,300
Food
&
Res.
2,357,300
Premiums in course
for
earnings
charges.
*
x
of collection
1,945,157
2,074,839
95,000
100,000
182,500
Accts. receivable..
106,933
premiums
offices
1,719,838
1,713,502
557,556
.
premiums
to
5,997,341
6,768,867
916,853
467,887
100,025
1,061,220
purposes
Returns and ad vs.
Before surtax
on
11934
^135,900
[1933
[$57,301
loss$ 1,802
undistributed profits but after deduction of $35,164
143, p. 3841. Vi'v,:;,
December—
446,625
Total
$75,923
21,870
—V. 144, p. 612.
11,264
812,660
162,635
53,429
Gross from railway
Net from railway
Net after rents
—V. 144, p. 104.
The company paid an extra dividend of $50
per share on the no par
stock on Dec. 23, last, to holders of record Dec.l
9, and an extra
dividend of $2 per share on the participating 5%
preferred stock, par $100,
on Dec. 23, last,
to holders of record Dec. 18.—V. 142, p. 622.
$57,940
5,378
def 1,360
$61,942
8,933
2,595
673,058
54,011
def35,377
679,063
53,811
def29,464
def4,895
..
..
1934
1933
$37,143
def18,479
def23,913
$38,354
defl7,174
def26,516
$33,334
defl5,806
def25,712
464,494
defl63,836
def290,177
442,737
def 171,072
def265,161
469,666
def154,375
def269,224
def268.726
..
Gross from railway
Net from railway
1935
$48,060
def39,861
def49,045
..
Net from rents.
From Jan. 1—
670,557
75,558
Ry.—Earnings—
1936
Gross from railway
Net from railway
1933
13,285
Fort Worth & Rio Grande
—V. 144, p. 451.
424,044
def393,536
Fundamental Investors, Inc.—Earnings—
Years Ended Dec. 31—
Net profit from sales of secur. based
on
Fidelity Investment Association—Pays Extra Dividend
$73,276
21,917
Net after rents
From Jan. 1—
2,400,000
3,433,882
22,414,114 20,531,482
-Earnings—
1935
'
1934
1936
Net after rents
other
companies
512,028
Capital stock..... 2,400,000
Surplus
5,116,134
Total.........22,414,114 20,531,482
11935
x$239,521^
December—
114,738
Miscell.
Reinsur.
1936
all
Gross from railway
Net from railway
1935
6,397,773
6,254,665
Taxes & expenses.
164,712
Cash in banks and
after
for the employees' share of
profits for the quarter.—V.
unearned
Losses
Mortgage loans...
Collateral loans-..
aggregating $12,612 and had capitalized
Machinery Corp.—Earnings—
Mos. End. Dec. 31—
Net
Liabilities—
13,938,629
sums
Fort Smith & Western
Ry.-
dividend of SI per share on the common
1 to holders of record Feb. 15.
Dividends
a
par
all such beer sold until the company
on
Commencing Jan. 1, 1936, the payments
$4,000 in each calendar year. At Oct. 31,
that amount. The balance of
$37,387 is not reflected as a liability, as the
contract should be interpreted to relieve the
company of future payments
in the event of
default, as the vendor's only recourse is to repossess the asset
and retain the payments made, c Cumulative
dividends on the convertible
preference stock are in arrears since Oct. 1, 1933.—V.
144, p. 451.
Fajardo Sugar Co.— To Pay $1 Dividend—
stock,
to aggregate not less than
■
.
The directors have declared
barrel
$50,000.
—
Sherman M. Fairchild, founder and President of this
company, has
been elected chairman of the board of directors at a
meeting held on Feb. 1.
He will retain the
——'V•
a
1936, the company had paid
Emporium Capwell Corp.—Bonds Called—
be made at the American
935
for payments of 20 cents
has paid the vendor
are
All of the outstanding 15
year 5K% convertible gold debenture bonds
have been called for redemption on
April 1 at 105 and interest.
will
Chronicle
Less,
average cost
1936
1935
1934
]
prov. for Fed. inc. taxes
[
$49,071
6,831
Not reported
Balance.
$42,241
43,220
common
Fidelity-Phenix
Fire
Insurance
Co.
of
Y.—New
N.
Interest.
$200,083
4,312
$69,844
5,249
Expenses.
$204,395
73,053
$75,093
26,004
$86,365
21,454
$49,089
xl31,554
$64,912
9,530
Director—
This company has notified the New York Stock
Exchange of the election
G. Dominick as a director of the company, succeeding Dudley
of Gayer
Olcott, resigned.—V.
144,
p.
773.
(M. H.) Fishman Co., Inc.—Dividend Increased—
The
directors
have
declared
of 25
dividend
a
cents
per
share on
the
Net income
Dividends paid
$131,343 *
y875.017
..
904
Consists of $75,813 applicable to earned surplus and
$55,741 applicable
to undistributed net income,
y Consists of $750,424 declared out of earned
surplus and $124,593 declared out of undistributed net income.—V.
143,
p. 3841.
x
stock, no par value, payable March 1 to holders of record Feb. 15.
Previously regular quarterly dividends of 15 cents per share were distri¬
common
buted.
In addition, an extra dividend of 50 cents was paid on Dec. 28,
last, and an extra of 25 cents was paid on Dec. 1, last, and an extra divi¬
dend of 15 cents was paid on March 2, 1936.
Galland Mercantile
Calendar Years—
Laundry Co.
1936
-Earnings-
1935
1934
$113,779
14,626
$136,881
11,324
$128,349
7,401
$134,473
32,701
13,476
$128,405
30,537
12,906
$148,205
30,575
16,322
$135,750
34,779
14,091
$88,297
75,000
$84,962
87,502
$101,308
87,502
$86,880
94,791
$13,297
121,100
def $2,540
110,650
$13,806
111,342
def$7,911
110,181
$3.53
other income (net)..
$3.40
$4.05
$3.47
Sales for Month of January
IQ07
Sales
1 QQfi
$206,463
1Q35
1004.
$165,027
$184,329
$154,799
—Y. 144, p. 278.
Fitz Simons & Connell
Calendar Years—
1935
98,072
Deficit
1934
b$302,257
$190,748
46,367
111,842
116,731
$28,282 loss$135,985
30,913
38.753
$30,441 sur$144,381
com.
1933
$2,631
66,821
66,821
$3.09
$0.42
Earns. per sh.
Comparative Balance Sheet Dec. 31
Assets—
66,821,
$0.51
Nil
charging all administrative and operating expenses, including
general maintenance and repairs,
b After charging all administrative
and operating expenses, including maintenance and repairs and Federal
income taxes,
c Includes treasury stock.
Comparative Balance Sheet Dec. 31
1936
1935
Land, plant and
equip..docks, «&c|1^238,929 $1,244,098
Cash
105,635
202,230
Notes & accts. rec.
a237,283
242,677
Cash value life ins.
62,404
54,234
Inventories
101,182
61,260
Investments
30.350
30,450
z Treasury stock..
73,028
73,028
y
Officers & employ.
notes & accts .rec
Long-term
1,814
1936
1935
Common stock..$1,259,105 $1,259,105
Accounts payable
51,190
42,267
Accrued lnsur. and
x
a
Total
int. receivable.
$1,930.5721
c
Accounts
Mat'ls & supplies-
50,067
Marketable
52,492
58,161
25,390
payable
State employees in¬
bonds
Capital stk. of sub.
at cost
20,787
12,482
1
1
1
1
taxes
38.188
Other accrued llab.
Res. for conting...
Operating reserves
b Surplus...
2,456
Cotton
25,000
102,619
447,695
goods
Deferred charges.
Total
640,282
612,558
102,500
6,916
.
$1,899,388 $1,930,572
Accounts receivable only,
b Of the earned surplus $73,028 is repre¬
sented by 5,000 shares of treasury stock and this amount therefore is not
available for dividends or the purchase of company's shares,
x Repre¬
sented by 66,821 no par shares, including treasury stock,
y After depre¬
ciation of $889,102 in 1936 and $798,757 in 1935.
z
Represented by 5,000
shares.—V. 144. p. 773.
construct, costs-
Tax payable
Earned surplus
Operating
Operation
Total
Advertising, selling and general
expenses
Profit
-
Net oper. revenues
Non-oper. income, net—
on
1st mtge. bonds-
Net income
—V. 143, p. 3631.
Gamewell Co.—To
$192,166
4
Other income
121,100
.$1,026,749 $1,015,378
Ry.—Earnings—
1936—Month —1935
$2,499
revenues
639
Maintenance
Taxes
Int.
$381,510
189,343
998
16,271
110,650
a After provision for doubtful accounts of
$7,500. b After allowance for
depreciation of $441,801 in 1936 and $411,477 in 1935. c Represented by
25,000 no par shares.—V. 142, p. 4020.
80
1,251
/
$16,184
10,563
3,089
1,081
1936—12 Mos. —1935 ^
$187,557
,
117,154
35,385
16,794
$208,127
126,090
41,328
16,508
$1,807
3,415
$1,450
$18,223
5,035
$24,199
$5,222
5,108
$1,450
5,108
$23,258
61,300
$24,292
61,300
$114
def $3,658
$38,041
$37,007
Summary of Net Income for the Year Ended Oct. 31, 1936
Gross profits from sales
11,936
1,096
17,761
9,312
$1,026,749 $1,015,3781
Balance
Fontenelle Brewing Co.—Earnings—
24,720
1,894
Unpd.bal.of plant
Cust. deposits
Galveston-Houston Electric
a
34,095
107,500
Period End. Dec. 31—
Total
$850,801
in
circulation
51.428
7,280
25,000
101,369
417,255
Land, buildings
and equipment.
$
$850,801
wages
surance contrib.
Goodwill
b
&
Readjust Capital—
such action
Total income
$198,437
30,000
Net income for year
Earnings per share
on
$168,437
$1.01
150,000 common shares (par $1)
Balance Sheet Oct. 31, 1936
Assets—
Liabilities—
Cash..
Accounts receivable
(net)
Federal and State tax stamps.
Claim for refund of State taxes
Inventories
Plant property (net)
Organlz.
expense & copyright.
Formulae, trade-marks,
Deferred charges
$58,871
59,659
6,063
1,879
68,821
525,035
13,837
Notes & install, contracts pay.
Accounts payable..
Accrued taxes
J.
Accrued salaries
Acer. Int. on notes &mtges. pay.
Deposits on kegs, cases, &c
Mortgages payable
al2,612 Demand loans due officer
9,995 Conv. preference stock (par $2)
Common stock..
Capital surplus
Earned surplus
Total
u
$756,773
Total
.'
.....
$26,737
28,945
40,116
8,000
2,648
35,432
91,978
29,000
175,626
150,000
69,548
c98,744
$756,773
a
Company has contracted to purchase the name, trade-marks, formulae,
&c., of "Metz" and is now processing beer under a contract which provides
92
•
A special meeting of stockholders has been called for
March 8 to take
as will be necessary to eliminate the consolidated
earned
6,271
Provision for Federal income tax (estimated).
1935
$
-
Capital stock—
77,125
_
'
1936
Liabilities—
$112,847
77,029
7,896
11,116
$1,899,388
1935
$76,673
;
Accts. & accrued
.
3,584
7,378
41,384
.
1936
Cash
Trade routes
Liabilities—
notes
receivable
Deferred charges.
25,000
shs. cap. stk., no par.
After
Ass«s—
on
$174,738
66,821
P. & L. surplus Dec. 31-
stock out¬
standing (no par)
per share
Earnings
a
Balance
Dividends paid
b$140.124 aloss$19254
111,509
$31,380
61,821
Net profit
Cash dividends paid
Shares
Dredge & Dock Co. (& Subs.)—
1936
b$129,452
Depreciation
c
111111
Depreciation
Federal income taxes
Net income
1933
$112,404
22,069
surplus
(deficit) arising from operations of company's subsidiaries since acquisition
May 31, 1936 (the end of the company s last fiscal year).
In a letter
to stockholders accompanying the notice and
proxy for the meeting, Presi¬
dent Stanley says that elimination of this deficit will
enable the directors
to
to authorize payments on accumulated
preferred dividends, "to which
careful consideration will have to be
given prior to the end of the current
fiscal year (May 31, 1937), in view of the Federal
undistributed profits
surtax, and to that extent clear the way for future
resumption of both regu¬
lar preferred and common dividends."
The President recommends that book value of the
outstanding
shares (no par) be reduced as of
119,304
May 31, 1936, from $4,176,349
$3,549,294 in order to create a surplus.
He also recommends that as of
May 31, 1936 book value of the company s investment in its subsidiaries
be written down from $5,074,339 to $4,510,617 and that there be
charged
against capital surplus the amount of the difference, and that the adjust¬
ment between book depreciation and other items and the amounts
allowable
by the Government n the company's tax returns be also charged against
capital surplus.
Accumulated preferred dividends in arrears Dec. 31. 1936 were $13.50
per share, and under sinking fund provisions of the preferred stock prefer¬
ence there is an arrearage of $100,000 as of Dec.
31,1936.
Mr. Stanley submitted the following figures showing the extent of the
company's business recovery due to improved buying power of munici¬
palities:
common
to
Financial
936
1936
^ rr1935
$15,962 loss$31,738
61.563
loss 12.672
31,544
loss5.799
Ended—
—
-
Nov. 30
month)
Dec. 31 (one
...—...—.—....
Total for 7 months...
$109,069
—
....
Received
Business
$1,032,901
1.485,920
426,319
....—
Total for 7 months
i
$724,249
781,477
362,237
$1,867,963
Dec. 31. 1936, $1,587 ,298; 1935, $900,589.—
Unfilled Orders—As of
V. 143, p.
.1636
1636
—
month)
Dec. 31 tone
460.
Deprec. & amortizationFederal, &c., taxes
1933
$6,639,816
3,871,420
$7,151,679
4,066,780
$6,239,641
499,991
331,919
$6,374,754
3,929,594
1934
473,729
395,746
477,280
155,852
$2,215,425
127,527
$1,680,803
58,339
491,868
304,361
Gross earnings
Net income
$1,648,931
$1,936,486
Other income
153,726
139.645
3,925,706
Federal
amortization.
stock...
common
Earnings per share
—V. 143, p. 2679.
General Steel Wares, Ltd. (&
Total income.—...
$2,076,131
$1,802,657
——
Adjustment of inventory
Net income
Previous surplus—....
$1,739,142
$2,333,545
12,066,036
$721,520
13,763,796
11,198
1,006,424
—
1,891,928
Common dividends
Miscellaneous charges._
—
$10,747,910 $14,399,581 $14,485,316
c350,000
a525,000
350,000
dl,418,946 b5,202,802
1,891,928
177,353
$8,978,964
$8,539,693
$8,671,779 $12,066,037
472,982
472,982
472,982
472,982
$3.07
$3.65
$4.19
$0.78
a Includes regular dividends of $350,000 and $87,500 dividend; payable
March 1 and $87,500 dividend payable June 1,1935 (the latter two payments
charged to surplus),
b Consists of regular dividends (including $472,982
payable Feb. 1,1935), $2,364,910 and extra dividends (including $1,418,946
payable Feb. 1, 1935), $2,837,892.
Dividends*, paid Feb. 1, 1935 were
charged to surplus,
c Representing dividends* paid Sept. 2, 1935 and
Dec. 2,1935 and dividends payable March 2,1936 and June 1,1936. d Rep¬
resenting three dividends of $1 per share paid May 1, 1935, Aug. 1, 1935
standing (no par)
on
com.
1, 1935.
3,606
Balance Sheet Dec. 31
1936
$
55,175
Legal fees
....
1,214,230
1,057,269
Mtges. receivable.
70,750
TJ. 8. Govt, sees— 3,000,000
626,423
311,992
500,000
8,539,693
3,899,658
659,189
337,789
500,000
8,978,964
3,899,658
cum.
Common stock._
Special capital res.
1
Cost of licenses for
62,750
payrolls, &o
3,366,700
Federal tax
sup¬
Insurance reserve.
13,801,763 12,809,024
Accts. receivable 1,890,714
2,083,261
Dom.
for
d52,179
131,051
Cash
Capital surplus
escrow
Deferred charges..
Capital profit on bonds
retired during year—
25,351,177 26,170,756
Total
Crl73,063
$158,316
1,207,076
$113,784
1,320,861
$1,048,760
$1,207,076
deficit....—
870,822
Profit & loss deficit—
$634,475
$870,822
$236,346
profit
Previous
Consolidated Balance Sheet Dec. 31
992,643
'
136,945
kH
Accts. pay. &accr.
3 ,219,630
-
693,061
605,032
Taxes pay. & accrd
69,363
52,524
Accrued Interest—
22,661
Sundry debtors—
liabilities--
68,433
72,085
63,405
4,340,516
56,989 Reserves
155,000
43,794 Bonds of sub. cos.
12 ,463,813 12,422,045 Bonds (company). 6,577,000
4,114,590
44,303
mtges., <fcc
Deferred charges.
_
Fixed assets
180.000
Deficit-—
1,000,135
870,822
16,815,659 16,668,991
Total
16,815,659 16,668,991
4,500.000
1,000,135
634,475
Common stock-
x
6,878,600
4,500,000
Preferred stock
x
1936L,
$
46,626
Bank loans
12,647
944,611
19,040
3,169,964
9,313
-
Liabilities—
$
$
Accts .receivable.
1936
1935
1936
Assets—
Cash..
Represented by 200,000 shares of no par value.—V. 142, p. 954.
Georgia & Florida RR.—Earnings—
1936—Month—1935
$92,395
$79,708
652
2,306
def1,832
def4,287
1,328
1,604
Period End. Dec. 31—
Railway oper. revenue.
rev.
from ry. oper..
1936—12 Mos.—1935"
$1,181,662
$1,093,530
86,353
93,165
defl2,359 jyfcs 20,677
15,793 16.017
427
def $2,683
1,057
$3,434
11,103
$36,694
12,328
def$931
def $3,741
def $7,669
$24,365
def $504
Gross income.
Deductions
$124,181 in 1936 and $120,711 in 1935.
b After re¬
serve for depreciation of $3,217,678 in 1936 and $3,020,812 in 1935.
c Rep¬
resented by 472,982 shares of no par value.—V. 143, p. 3148.
a
17,000
Cr52,065
$177,939
1,048,761
Net
Net ry. oper. income
Non-operating income..
25,351,177 26,170,756
Total....
26,000
Crl6.315
35,000
income taxes
Net
deposited in
Cash
2,250
Prov.
&
Total
2,644,038
148,479
Earned surplus
5,000
2,346,869
Notes receivable..
a
5,000,000
5,298,410
1,000,000
175,000
F 321,743
c
3,538,913
machinery
$
pref. stk. 5,000,000
5,298,410
1,000,000
Dividends payable
175,000
Accepts, payable..
Accounts payable,
7%
buildings,
machinery, Ac— 3,298,940
Goodwill, <fcc
1
49,750
Salaries of officers
1935
$
Liabilities—
b Land,
250.000
Agreem'ts for sale,
1936
1935
$
Assets—
36*^04
250,000
2,550
3,785
1934
payable
coupons
in foreign currency.._
Prov. for depreciation..
Directors fees, &c.
Inventories
o-.
^
1933*"'
$445,975
468,850
250,000
3,150
2,545
Premium on bonds red—
Shs. common stock out¬
Earned per sh.
$830,806
451,698
418,486
4,124
Interest on bonds
Res.
Nil
Subs.)—Earnings-
1935
$1,004,827
Profit from operating—
Exch.
$2,076,131
8,671,779
$1,802,657
8,978,964
Total surplus
..$10,781,621
Preferred divs. (7%)—
350,000
Profit & loss surplus..
$2,342,952
9,407
loss$24.120
320,700
$926,996
432,286
9136
Calendar Years—
Interest
$698,934 loss$342,150
321,030
320,700
$1.74
Nil
$194,109
321,030
$0.17
income taxes, &c
Shares
1933
1934
deprec.,
after
inc.
Net
1935
1936
Calendar Years—
1935
1636
Sell., admin. & gen exps.
mat'l8,
plies, &c
on'the
of record Feb. 11.
compares
General Railway Signal Co.—Earnings—
■Earnings—
Inc. (& Subs.)
Calendar Years—
Raw
25 cents per share
stock, par $10, payable March 12 to holders
with a year-end dividend of $1.50 paid on Dec. 12, last;
regular quarterly dividends of 50 cents paid in each of the five preceding
quarters and dividend of 25 cents per share paid each three months previviously.
Previous extra distributions were as follows: 75 cents on Sept. 12
and June 12, last; 50 cents on Dec. 12, 1935; 25 cents on Sept. 12, 1935;
50 cents on Sept. 12, 1934; 25 cents on Dec. 12, 1933, and 30.cent*.per
share on Jan. 3, 1930, and on July 2, 1929.—V. 144, p. 773. IxknlL:
This
4155.
General Cigar Co.,
and Nov.
Dividend-
General Motors Corp.—To Pay 25-Cent
The directors on Feb. 1 declared a dividend of
common
$2,945,140
Nov. 30
par7common
No divi¬
The company paid dividends totaling $] per share on Its no
stck during 1936 and a dividend of 10 cents per share in 1935.
dends were paid in the years 1934 or 1933^—V. 142, p.
loss$50,209
■*
3 Months Ended—
ft
AUK 31_.....__--—---------------------
1937
Co.—Dividends—
General Fire Extinguisher
Other Income T
Net Profits and
3 Months
31
Auk
Feb. 6,
Chronicle
After reserves of
General Capital
Surplus applic. to int.
144, p. 773.
-V.
Corp.—Earnings—
Int. and divs. received..
1936
$242,864
Taxes and expenses....
41,736
Calendar Years—1
Georgia RR.—Earning
1933
1934
1935
$192,560
35,193
$210,271
$211,674
12,020
12.623
$157,366
390,385
$198,251
1.004,099
$199,051
1,002,628
$319,547
60,317
43,048
$261,343
def12,358
defl,298
$233,007
41,488
70,651
$213,093
23,772
22,241
3,724,469
714,546
3,214,746
461,937
3,157,426
533,833
3,010,050
676,175
512,887
578,961
Net after rents
$201,128
Net oper. income
880
Net loss on sale of inv—
Prov.
for
From Jan. 1—
Gross from railway
Net from
Fed. undistri¬
175
buted profits tax.....
1933
1934
1935
1936
December—
Gross from railway
Net from railway
railway.
Net after rents
484,806
535.948
—V. 144, p. 279.
$233,019
period—prof$200,072
Net loss for
Statement of
Capital surplus less operating deficit—Dec. 31, 1935, per books
(capital surplus $9,535,133, perating deficit $6,095,627)—
Cost of 29,462 shares of corporation stock held in treasury at
Dec. 31,1935
surplus cost of treas. stock Dec. 31, 1935
Bal. of cap.
$803,577
$805,848
Giant Portland
Surplus Year Ended Dec. 31, 1936
Add—Net operating profit for the year ended Dec. 31, 1936—
Proceeds from sale of 1,372 shares of treasury stock ($55,853)
in excess of cost thereof ($39,266)
891,994
Earns, per sh. on 32,648
shs. $3.50 pref. stock.
$1.71
$2,547,512
200,072
x
p.
excess
Varnish Corp. (& Subs.)—Earnings—
1936
$2,097,591
Less returns, allowances,
discount
Net sales
198,557
stock held in treasury at Dec. 31,
154,645
'
136,409
1935
1934""
$1,299,053
M
62,167
L.
f
(40,584 shares, cost $1,367,397) over such
31, 1935 (29,462 shares, cost $891,994)
$1,529,814
911,948
19,763
$1,236,886
704,542
20,535
129,329
1,013
$598,103
331,222
106,673
994
$511,809
259,271
104,549
$231,036
Crll,510
33,150
$159,215
11,541
19,500
$146,997
26,325
18,600
$199,345
119,702
$128,174
69,125
$102,072
64,575
$79,643
$59,049
$37,497
$1.50
$0.96
$0.76
$1,942,946
-
Cost of goods sold
1,187,481
21,296
Provision for depreciation
stock held
475,404
at Dec.
surplus less cost of treasury stock Dec. 31,1936—
Unrealized net appreciation in quoted market value of market¬
able securities owned at Dec. 31, 1936, in excess of cost
Bal. of cap.
$2,178,341
——.....—.....—
64,488
Surplus—excess of assets, based upon marketable securities
at quoted
market value, over liabilities and capital at
Dec. 31,1936
Gross profit
Selling and advertising
$734,169
372,792
expense
Administrative and general
Provision for depreciation
expense.
991
$2,242,829
thereof
...
Cash
$252,777
123,457
costb4,990,725
Accts. receivable--
Investment at
Interest
and
1935
$254,305
32,222
5,265,130
divi¬
dends receivable
c25,968
32,915
Liabilities—
Accts.
Operating profit
Other deductions (net)
Provision for Fed. income tax
1936
1935
$26,434
$30,138
d3,123,663 a3,006,921
Capital surplus. —e2,242,829
9,535,133
Operating deficit-.
6,095,627
Treasury stock
...
Dr891,994
liabilities
Capital stock
Balance
Total
Consolidated Balance Sheet Dec. 31
V Assets—
$5,392,926 $5,584,571
by 158,259 no par shares,
b At market value. The
Dec. 31, 1936, are carried on the corporation's
$4,926,237.
c Cash dividends receivable only,
d Repreented by 161,886 no par shares (including 40,584 shares held in treasury)
$3,075,834, 1,122 shares sold but unissued; amount to be allocated to
capital $21,318 and amount to be allocated to surplus $26,511,
total (as
above), $3,123,663.
e Surplus—Excess of assets, based upon marketable
ecurities at quoted market value, over liabilities and capital.—V. 144,
a
Represented
marketable securities at
books at
cost,
.
Earnings per share on 133,000 shares
capital stock (no par)
Cash
$5,392,926 $5,584,571
Total
10,050
Net profit
Dividends paid
payable and
accrd.
(est.)—
Provision for Federal surtax
Balance Sheet Dec. 31
1936
Assets—
on
on
U. S. Govt, secur.
General
accounts receiv.
189,269
income tax
141,996
256,179 Fed.cap.stk.tax-
Notes payable
Other assets
7,796
assets.
287,764
Deferred charges..
8,695
10,376
security tax
215,326
9,352 Res. for conting.
y
Stock Exchange has approved
the application of the coto provide for
sold in 1936.—
to list 120,000 additional shares of common stock
conversion of its 15-year convertible debentures, series B,
143, p. 3999.
_
x
y
After
..—$1,091,345
reserves
**63,308
Treasury stock—
Total
for depreciation of $199,651 In
Represented by 143,500
144, p. 774.
shares.—V.
11,975
43,200
19,500
no par
2,820
shares,
z
5,172
5,000
454,999
283,093
Dr73,500
5,000
454,999
204,717
Dr73,500
$1,091,345
.
Capital stock
Earned surplus
Total
1935
$181,414
55,822
15,357
158,586
Fed. & State social
z
The Chicago
$200,000
Provision for Fed.
415,612
Inventories
FinanceCorp.—Application Approved—
pany
1936
1935
$80,079 Accounts payable150,000 Commissions
Customers* notes &
Permanent
Liabilities—
1936
$32,208
150,000
hand and
deposit
p.452^_
p.
$1,666,223
freight and
$2,852,302
Distributions to stockholders
r
Nil
Nil
Nil
profits amounting to $7,120.—V. 143,
Sales
88,130
-
Net increase in corporation
undistributed
Calendar Years—
Deduct—
1936
on
1933
1oss$47,249 1oss$120,691 loss$143.167
3317.
Grand Rapids
16,587
-
Total
After surtax
i
1934
1935
x$55,757
stock ($157,043)
of amount credited to capital stock amount ($68,-
913)
Co.—Earnings—
1936
$3,439,506
Proceeds from sale of 3,627 shares of unissued
in
Cement
Calendar Years—
Net income after deprec.,
& Fed. & State taxes..
$863,308
1936 and $181,162 in 1935.
Represented by 10,500 no-par
Volume 144
Financial
P Girard Life Insurance Co.—Dividend
Gulf &
The directors have declared a dividend of
30 cents per share on the
capital stock, par $ 10, payable Feb. 10 to holders of record Feb. 1.
This
compares with 20 cents paid on Feb. 15,1936; 40 cents
paid on Feb. 15,1935:
50 cents on Feb. 15, 1934: 75 cents on Feb. 15. 1933 and
$1 per sbare paid
193Ji=£>^sl85- JgUp
Grand Union Co.—To Recapitalize—
The company has called a special
meeting of stockholders for Feb. 25
to act on a proposed plan of
recapitalization which has been approved by
the board of directors.
Under the proposed plan, the
and
Chronicle
Increased—
1936
$115,446
12,259
def38,455
$89,810
926
defl0,785
1,443,901
177,398
defl46,384
Net after rents
From Jan. 1—
Gross from railway—...
Net from railway
Net after rents
170,727
def95,752
—V.
stock.
Each share of common stock
share of new common stock.
will
be
into
converted
one-quarter of a
The close of business Feb. 10,1937, has been fixed for the record date for
stockholders.
As all of the
.
stock is held in
common
voting trust,
meeting of holders
of voting trust certificates has been called for Feb.
24, at which time
such holders may express their views as to the
proposed plan for the guid¬
ance
of the voting trustees.—V.
144.
a
a
(W. T.) Grant Co .—Sales—
*9 BUM
—V. 144, p. 280.
Great Northern Ry.—Asks Bids on
$4,650,000
The company has issued invitations to bankers to enter bids at noon on
Feb. 15 for an issue of $4,650,000 2%
equipment trust certificates due in
one to ten years.
The certificates will be issued against equipment to
cost $6,210,500.
Discount bids will be accepted.—V. 144, p. 774.
December—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
—V.
.
1934
1933
$109,003
16,191
9,805
$95,074
36,605
22,441
$81,381
31,469
20,991
1.412,110
275,530
133,036
1,117,539
108,397
21,931
1,094,300
171,744
86,972
1935
■
144, p. 774
Greyhound Corp.—Listing of Preferred Stock—
dend
was paid in 5J4 9J
preference stock at par to holders who elected on
before Dec. 15, 1936 to take the dividend in stock, and in cash to holders
who did not so elect, the cash being provided
by sale to underwriters of
5H% preference stock at par.
A total of $1,950,900 of 5)4% preference
stock was issued as a dividend and to the underwriters.—V.
144, p. 106. 4
or
Gulf Mobile & Northern
'
Calif.—Earnings—
December—
1936
$609,449
231,403
96,262
1935
$514,059
171,936
81,290
$430,017
111,844
56.797
From Jan. 1—
Gross from railway.
Net from railway..
Net after rents
$393,602
112,697
39,165
7,292,909
2,824,315
1,412,604
6,170,896
2,081,476
1,100,943
5,230,957
1,445.938
512,547
4,192,583
1,329,654
637,369
Gross from railway.
1934
1933
—V. 144, p. 614.
Gulf Power
WPeriod End. Dec. 31—
1936—Month—1935111936—12
$137,808
73,805
32,000
16,255
5,584
$121,430
77,231
5,500
16,599
5,584
^$10,163
$16,513
...
Oper. exps. and taxes
for retire,
reserve
Int. & other fixed ch'ges
Dividends on pref. stock
Balance
...
rials, oper., sell. & adminis. exps.. State, co.
and
Federal
taxes
amortization
1,269,298
62,308
756,265
47,138
2,521,446
104,424
1,929,904
56,286
77,379
104,245
159,611
159,626
$63,875
Intangible develop, exps
Deprec., retire. & totherl
$60,165
$164,561
$161,991
}■
Deplet. & lease amortiz.J
Net operating profit..
-V. 143, p. 3149.
The directors have declared a dividend of 50 cents per share on account of
accumulations on the $2 cum. conv. preferred stock, no par
value, pay¬
able March 1 to holders of record Feb. 15.
This compares with $3 50
paid
on Dec. 1, last; 60 cents paid on Sept. 1, last; $1 paid on July 1, last:
50 cents paid on June 1, last, and $2.25 per share paid on March
2, 1936
latter being the first disbursement made since Dec.
1, 1931, when
25 cents per share was paid; siilar payments were made in the two
this
preced¬
ing quarters and prior thereto regular quarterly dividends of 50 cents per
share were paid.—V. 144, p. 774.
^4
Haverty Furniture Cos., Inc.—10-Cent Dividend— % <8|
The company paid a dividend of 10 cents per share on its common stock
Jan. 25 to holders of record Jan. 18.
This compares with 25 cents paid
on Dec. 22. last; 20 cents paid on Nov. 25.1936 and a dividend
of 15 cents
per
share distributed
Sept. 25, 1936.
Prior to this latter payment dividends
been disbursed.—V. 144, p. 107.
^
on
of 10 cents per share had
(G.) Heileman Brewing Co.—Earnings—
Period End. Dec. 31—
Net
1936—3 Mos.—1935
1936—12 Mos.—1935
profit after charges
and
taxes
$52,029
$76,656
$403,194
$352,588
$0.17
$0.35
$1.34
$1.17
shs. cap. stk. (par $1)
—V. 143, p. 3318.
Hein-Werner Motor Parts
Corp.—Application Approved
The Chicago Stock Exchange has approved the application of the com¬
to list 100,000 shares of common stock, $3 par, to be admitted to
trading on notice of registration under the Securities Exchange Act of 1934.
—V. 143, p. 4156.
pany
(Walter E.) Heller & Co. (& Sub.)—Earnings—
Years End. Dec. 31—
1936
gen.
Prov. for Fed. income &
excess
1935™*
$756,610
354,519
82,578
47,930
$1,003,474
458,692
& admin. exp._
Prov. for doubtful receivables
108,787
63,792
18,876
profits taxes
Provision for Federal surtax...
$353,327
$271,582
30,294
$353,327
$301,877
561,258
$277,849
477,322
$914,585
Other income
$755,172
(net).
Underwriting exps. in connection with issue of add'l
capital stock
24,027
Previous
$1,261,958
796,231
66,000
204,980
67,014
$140,852
$127,732
v
'-*£r
-
earned
surplus.
Mos.—193?"
Provision for additional Fed. inc. taxes for prior yr.
Preferred dividends
Shares
common
Earnings
—
x
per
Period—
$463,697
226,362
169,064
8,114
$378,452
227,319
167,944
7,333
10,300
1,851
8,960
1,965
"5,252
z$48,074
504,887
504,887
z$116,534
388,354
$48,074
$504,888
down
Losses by subsidiaries
Prov. for Dom. inc. tax.
Net profit.
Deficit Jan. 1
ll",783
Tr. agst. reduc. in cap..
$306,603
232,743
166,401
5,635
$561,257
234,094
$0.89
$0.98
Includes extra of $42,481 paid July 31,1935.
Consolidated Balance Sheet Dec• 31
1936
Assets—
Z1935
$
1936
Liabilities—
$
$348,954
Written-off sund. assets.
Prov. for bad debts
Directors' fees
Inv. bds. written
$680,586
242,333
stock (par $2)
z$lll,319
237,635
$8,766
yl07,155
Depreciation
Depletion
10,180
$39,046
47,812
funded debt.
$356,904
229,281
180,945
6,787
12,762
35,869
2,540
114,682
119,316
share
Year End.
Year End.
Year End. 11 Mos.End.
Nov. 30 '36 Nov. 30 *35 Nov. 30 '34 Nov. 30 '33
Net profits for year
6,200
68,895
X118.818
■
Common dividends
Gypsum, Lime & Alabastine, Canada, Ltd. (& Subs.) J!
on
$2,307,808
$353,327
$1,484,263
949,798
120.000
206,597
67,014
144, p. 106.
Interest
$2,950,041
Co.—Earnings—
(A Subsidiary of Commonwealth & Southern Oorp.Jl
Prov.
1936—6 Mos.—1935
penses, incl. raw mate¬
Acquis., collection, factoring,
RR.—Earnings—f|
Net from railway..
Net after rents
revenue
1,070,054
150,204
defl50,503
def!50,098
Earns, per sh. on 300,000
The New York Stock Exchange has authorized the
listing of 195,090
shares of 5
preference stock ($10 par) which are issued and outstand¬
ing.
On Dec. 28, 1936 the corporation paid an extra dividend of
75 cents per
share on its common stock to holders of record Dec
10, 1936.
The divi¬
Gross
1,140,281
132,863
1,263,013
$90,618
10,016
def4,427
on
1,624,122
387,060
176,881
Gross from railway
Net from railway
Net after rents
RR.—Earnings—
1936
$153,100
48,216
30,250
-
1933
$88,146
7.735
3,104
Hart-Carter Co.—Accumulated Dividend—
Period Ended Jan. 31—
1937—Month—1936
1937—12 Mos.—1936 '
Sales
$5,625,962
$5,176,316 $98,346,228 $91,981,814
Green Bay & Western
1934
Period End. Dec. 31—
1936—3 Mos.—1935
Gross operating income. $1,472,860
$967,814
Costs, oper. & gen. ex¬
774.
d.
1935
144, p. 106.
Hancock Oil Co. of
common
together with, at their option, either one-quarter of a share of new com¬
mon stock or a dividend certificate for
$3.25 per share, payable only when
determined by the board but in priority to any dividends on the common
-V.
Ship Island RR.—Earnings—
December—•
Gross from railway
Net from railway
outstanding convertible preference stock
stock will be converted into a single class of common stock.
Holders of the preference stock will receive 1
^ shares of the new common
stock for each share now held.
In satisfaction of accrued dividends, they
will receive cash equal to the excess of such dividends over
$3.25 a share,
937
Cash
on
hand and
in banks.—
-
Receivables
1,328,607
1,080,170
notes
y9,789,473 x6,799,971 Notes pay.,
Furniture A flxt'res
Deferred charges—
1936
$
$
377,600
4,702,326
4,812,500
172*318
36,099
Short-term coll. tr.
1
128,848
1
unsec.
Notes due Individ.
2l" 882
26,147 Accounts payable.
Due
on
faotored
accts. receivable
Due to officers and
33,831
employees
Diva, pay.,
6,758
6,385
52,790
with¬
held pending de¬
terminate of re¬
cipient
79,457
116,186
10-yr.4% notes'46 2,500,000
Reserves
15,000
Deferred inc., Ac.
435,776
Pref. stk. (par $26) 1,641,125
Com. stk. (par $2)
484,666
Capital surplus
41,992
Accrued taxes
Total deficit
Miscellaneous credit
Adj. applic. to prior
x262
yrs.
Surplus
39,399
$98,389
z$47,812
$0.09
Nil
•
z$504,888
z$388.354
Nil
Profit
/
Earned surplus...
Gypsum, Lime & Alabastine, Canada, Ltd., bonds transferred
from Standard Lime Co., Ltd., $7,750 less organization
expenses of Standard
Lime Co., Ltd., written off, $7,488; net, $262.
y Profit on sale of shares of
Gyproc Products, Ltd. z Deficit.
x
on
Consolidated Balance Sheet Nov. 30
Assets—
1936
Cash
Receivables
Advances..
Bonds held—.....
Inventories
Life Insurance
Mtges.
A
$378,097.
290,914
4,759
4,040
459,697
39,893
In
&
68,574
$114,498
56,777
135,975
11,535
98,619
$6,585,408 $6,498,6591
Representedfby]5440,043
Sink, fund
2,200,215
def47,812
4,081,000
13,500
52,070
9,320
Total....
no-par shares,
c
9,605
reserve.
After
d After
$6,585,408 $6,498,659
reserve for depreciation
reserve
|15,544 in 1936jandj$7,430 in 1935.—V. 142. p. 955.
for depletion of
\
:
Harmony Mills—Liquidating Dividend—
The directors have declared a partial liquidating dividend of $5
per share
on the 7% pref.tstock, payable Feb. 8 toiholders of record Feb. I.
This
will be the third'distribution made.faldiviaend of
$5]having been paid on
Dec. 14,1933, and one of $25 per share on Aug. 15, 1933.—V. 139,
11,246,930
7,906,290
Total
p.
1370.
680,587
11,246,930
7,906.290
x After deducting dealers' reserves held as
security of $2,316,449. y After
deducting balances withheld from dealers, &c., payable
upon collection
of receivables, $3,057,068 and reserve for doubtful
receivables, $210,831.
z S66 y abovo
4
Note—The only asset of Heller Modernization
Credit, Inc., as at Dec. 31,
1935 was cash in the amount of $5,000, the contra of which was
capital
stock.
Walter E. Heller & Co. owned all of the issued stock of Heller
Modernization Credit, Inc.—Y. 144, p. 281.
Hercules Powder Co., Inc.—Annual
19,089
...
3,612,307
1,784,293
Total
380
30,601
b Common stock.. 2,200,215
Surplus..
98,389
Bonds
4,040,600
Deferred liabilities
10,800
of $337,009 in 1936?and $167,944 in 1935.
j,
1935
$138,717
56,201
Loans secured
34,668
b
1936
.
adv.
to subsidiaries..
Sundry assets
Deferred charges..
Total
Liabilities—
$143,006 Accounts payable
A accr. charges.
268,305
5,446 Accruedllnterest.
4,039 Due to subsidiary.
399,037 Municipal A other
taxes
36,094
sundry
estate
8,520
cLand, plants, Ac. 3,520,066
d Mines, Ac
J 1,776,180
Invest.
1935
449*514
1,641,125
468,188
6,975
561,257
Nil
Earns, per share on 440,043 shares cap. stock
(no par)
58,126
65,500
Report—
In line with general business,
company's business maintained a strong
upward trend, according to the annual statement by R. H. Dunham,
President.
For the year as a whole, the volume
averaged approximately
20% greater than In 1935.
All departments participated in the
improve¬
ment, and the level of output was in excess of 1929 except in the case of
explosives. Although the explosives business registered a substantial
gain,
reflecting improvement in consuming fields, it still remained below a
satisfactory level.
The company's naval stores business was
larger in volume and rosin
prices at the end of the year reached a level more than double that pre¬
vailing a year ago.
The nitrocellulose business showed a substantial gain;
while less than average improvement in the chemical cotton business
by the displacement of this product by certain
occasioned
materials in
was
competitive
some
consuming industries.
Paper Makers Chemical Corp.. a
subsidiary, has been dissolved and the business formerly conducted by
that corporation is now being carried on by the Paper Makers
Chemical
Division.
This branch of the business enjoyed a further gain
during the
year,
Mr.
on
Dunham pointed out in his statement that Hercules expenditures
activities amounted to $850,000 for the
year and that its
research
experiment station
at Wilmington, representing
a
capital investment o.
Financial
938
$1,250,000, affords complete facilities for
industrial research of the highest
order.
In summing up the prospects for business in 1937, Mr. Dunham stated:
"Business analysts seem generally of the opinion that the recovery under
in 1936 should continue in the new year.
By virtue of the fact that
supplies a diversified list of products to basic industries, the
company should fully share in any further improvement in general business."
a
special extra of $20 per share was
Co., Ltd.—Earnings-—
Home Oil
Calendar Years
Net
$29,669,715 $25,795,409 $21,969,263
3,768,607
3,488,715
2,834,655
yl,049,200
592,634
450,309
471,600
profit
$4,284,164
.
590,544
3,065,365
($5.25)
Preferred dividends
Common
dividends
.
.
$628,256
10,178,157
.
$3,175,973
707,163
2,042,661
($3.50)
$426,149
10,229,141
$2,363,055
739,656
1,311,095
($2.25)
$3,038,406
738,753
2,041,951
($3.50)
$312,305
9,727.806
$257,702
10,040,110
;
23,672
~ - «• ~ » m
Balance Sheet, Dec. 31,
Assets—
Investments
Cash in banks
x
$10,623,674 $10,178,157 $10,229,141 $10,040,110
Balance, surplus
out¬
582,629
$2.79
583,529
$3.95
583,639
$4.23
573,879
$6.33
standing (no par)
sh. on com,.
Earned per
deducting all expenses incident to manufacture and sales,
ordinary and extraordinary repairs, maintenance of plants, accidents,
depreciation, taxes. &c.
x Changing from accrued to declared basis,
y Includes Federal income and capital stock taxes of $951,863 and undis¬
tributed profits tax of $97,336.
Consolidated Balance Sheet Dec. 31
♦After
a
_
1,679,309
(at cost)
Invest,
70,447
209,496
2,502,364
securities.
U.S. Govt,
securs.
y
3,004,042
3,158,310
110,038
4,485,178
Finished
products 3,470,686
Deferred charges..
102,834
Mat'ls & supplies.
42,125,740 40,160,700
Total-
8,706 shares pref. in 1935 and 1936 and 22,355 shares common in 1936
(22,595 in 1935).
x After depreciation of $15,003,460 in 1936 and $14,216,193 in 1935.
y Represented by 606,234 no par shares.—V. 144, p. 107.
Hibbard, Spencer & Bartlett & Co.—May Market
Stock—
is considering selling approximately 20,000 shares of its
stock to provide additional working capital for its expanding
business, G. J. Whipple, President, told stockholders at the annual meeting
The company
treasury
Jan. 23.
—V.
144,
p.
Mr. Whipple said "more
be well to sell our treasury
with investment bankers, he said.
of the treasury stock,
it may
cash is required for working capital and
stock."
Negotiations are now going on
Profit
&
loss acct.,
balance.-
Current liabilities
Reserves
$1,453,2821
—
Total
of Insurance to Recommend Reorganization—
Reorganization of the company based on a plan of deferment of claims
be recommended by Louis H. Pink, State Super¬
he announced Jan. 29, if the creditors virtually
are unanimous in favor of such action.
His attitude toward reorganization of the company, now in liquidation
and with about $48,000,000 outstanding guarantees, was made known
in a report to William H. Parke, appointed as referee by Supreme Court
Justice George E. Brower to consider the reorganization of the company.
"Essentially the plan is one which requires creditors to waive in part
and postpone their rights in existing guarantees while the company is
restored to its old officers and personnel, subject no longer to supervision
by the Superintendent of Insurance," Mr. Pink said.
"The plan is so developed as to create an estoppel on the part of creditors
to prevent them from enforcing their existing guarantees, and as such is
one that essentially requires practically 100% consent of those affected by
theplan," he continued.
He asserted that plan in effect asked creditors to defer their claims for
seven years for part payments meanwhile, in the hope that by careful
management and through the improvement in the real estate market the
properties and mortgages held as collateral for the guarantee would ap¬
preciate to such an extent that the assets of the old company would meet
and part payment, will
intendent of Insurance,
the actual losses in full.
"One obstacle to the final success
all its obligations on
of the plan lies in the financial condition
Jan. 26 authorized the com¬
pany to extend for not more than three years from Jan. 11, 1937 a 6%
promissory note for not exceeding $298,040, payable to the order of the
Seatrain Lines, Inc.—V. 143, p. 4002.
(A.) Hollander & Son, Inc. (& Subs.)—Earnings—
submitted in the
reasonably expect
its estimated finalized losses, but to do so
practically the complete liquidation of all of its assets with
may mean
the
exception of the stock of the Home Title Guaranty Co. and the main office
building.
Even these assets may be pledged with the Reconstruction Fi¬
nance Corporation in the event that it is necessary to borrow from that
corporation as provided in the plan of reorganization."
In his report Mr. Pink also said:
Superintendent approves the submission of this plan to creditors
Few companies in the hands of the Superintendent
goodwill as the Home Title Insurance Co.
It is one of the
few companies taken over by the State which deserve an opportunity to
prove that it can reestablish itself as a factor in the real estate and mort¬
gage field. —V. 143, p. 2842.
"The
for
their reaction.
have
as
much
Honolulu
Rapid Transit Co., Ltd.- -Earnings—
Net
$938,843
614,029
$27,207
3,300
$329,197
39,311
$324,814
30,122
$30,597
12,528
$368,508
241.335
$354,936
221.395
$10,445
from oper
rev.
Deductions
680,821
$32,718
22,273
from transp.
rev.
Rev. other than transp.
$1,010,017
$26,287
6,430
Operating expenses
Net
1936—12 Mos.—1935
1936—Month—1935
$83,210
$87,774
56,003
61,487
Period End. Dec. 31—
The Interstate Commerce Commission on
$1,453,282
shares to be
N. Y.—Super¬
Co., Brooklyn,
Title Insurance
Home
Gross rev. from transp_-
RR.—Note—
6,295
529,012
-
Represented by 880,000 no par shares including 9,142
141, p. 753.
intendent
775.
Hoboken Manufacturer's
x$880,000
37,975
Capital stock
$75,910
1,334,073
Invest.
2,459
40,841
issued.—V.
to meet
a
Concerning the sale
Liabilities—
v
—-_
of the company," Mr. Pink said.
"Figures have been
record of this hearing which show that the company can
.42,125,740 40,160,700
Total
9,619,400
9,619,400
Preferred stock—
Common stock.15,155,850 15,155,850
Accts. payable and
accr. accounts..
1,565,709
825.250
Accrued pref. dlv.
131,232
153,104
40,822
12,040
1,687,808 Deferred credits..
1,081,073
619,818
77,849 Federal taxes
3,907,979
3,597,080
210,382 Reserves
10,623,674 10,178,157
2,386,501 Profit and loss
Co.*8 cap. stock
Other assets
$
$
Liabilities—
$
$
17,439,546 17,075,564
Goodwill
5,000,000
5,000,000
Cash
2,449,298
4,363,701
Accts. receivable- 4,716,581
3,086,502
Plants & prop'y
1935
1936
1935
1936
<A.aSCtS
x
.———
Divs. & int. accrued on
_
of common
.
cost---
Plant & equipment at
1936
......
$10,806,412 $10,655,290 $10,321,484 $10,040,110
x92,343
Pref. div. adjustment,
i
nun
360,940
Prem. on pref. sok. ret'd
116,194
182,738
Shares
$37,975
Balance
Total
of stated val.
y
excess
$22,018
15,957
Net profit
Surplus Dec. 31, 1935
Proceeds fr. sale of stk.
in
$41,137
19,119
,
Expenditure
Gross receipts
$36,740,574
*
Net earns, all sources,
5,333,365
Federal taxes
Dividends and interest from investments
1933
1934
1935
1936
Earnings for the Year Ended Dec. 31,
Hercules
1936
$1 per share and regular dividends of $1 per share each
1934, to and including June 25, 1934.
In addition
paid on Dec. 5,1935.—V. 144, p. 281
extra dividends of
month from Jan. 25,
way
Consolidated Income Account for
Feb. 6, 1937
Chronicle
$18,069
$127,173
$133,540
[Corporation and 100% Owned Subsidiaries]
1936
$4,280,041
2,794,147
614,903
Sell., gen. & adm. exp._
1933
$2,774,055
1,829,477
1934
$2,966,178
2,078,492
1935
$3,363,535
2,461,176
775,394
Calendar Years— *
Sales
Cost of sales
$388,682
74,792
$287,455
98,211
$892,144
22,162
71,893
111,066
bl01,409
$385,666
16,838
68,129
\
116,025
26,160
$386,268
21,350
64,908
64,822
32,338
$463,474
22,227
64,315
127,184
36,213
c$585,614
$158,513
$202,850
7,000
93,263
$213,534
13,300
Total income
Interest paid
Depreciation
Otner deductions
Res. for Fed. inc. taxes-
.
•
revenue-
Stockholders will be asked at the annual meeting
profit
719
'
Common
_
_
—
—
—
93,263
697,914
dividends
$64,531
def$112,300
Balance
Huron & Erie Mortgage
a
$200,234
$102,587
a
share
on
cl86,025
$3.14
x
Municipal
than
on
a
Liabilities—
1935
c
Land, buildings.
&c_$l ,460,048 $1,380,503
b Goodwill, for¬
460,000
460,000
mulae, &c
424,141
Investments
426,193
80,850
d Treas. stk. (cost)
94,360
machinery,
342.126
Notes receivable.
Accts.
receivable-
Loans receivable.
1,914,731
115,680
$4 ,009,516 $3,538,307
Res. for royalties
16,308
94,500
2,916
Balance, surplus
x
325,000
$2,703
122,548
$3,881
118,669
$28,334
90,335
$79,804
$125,251
$125,251
$122,549
$122,549
$118,669
...
debentures and deposits, deducting expenses
other expenses, and making provision for actual losses.
Balance Sheet Year Ended Dec. 31
Office premises.—
a
$
2,000,000
968,576
Real estate
1936
2,000,000
774,876
Total
$4,009,516 $3,538,307
declared a dividend of 10 cents per share on account
$1.80 cum. partic. class A stock, no par value,
Securities
d Sterling
1,557,555
816,248
a
Held
1,558,080
459,766
45,634,345 45,710,465
for
sale,
35,000
5,000,000
1,500,000
Dividend payable.
62,500
Profit and loss
79,804
Capital stock
J aid. 1, 22 H cents per share were distributed each three quarterly from
months divi¬
1932, to March 1, 1933, incl.Prior to then regular
une
disbursed.—V. 143, p. 3001.
Co.—$2 Extra Dividend—
declared an extra dividend of $2 per share in addition
to the regular monthly dividend of $1 per share on the capital stock, par
$100, both payable Feb. 25 to holders or record Feb. 20.
Simiiar distribu¬
tions were made in each of the 31 preceding months.
The company paid
c
Total
Including
45,634,345 45,710,465
accrued interest,
d 4%
System—Earnings—
1933
1935
$10,730,783
3,672,757
2,560,724
$8,541,375
df3,216,034
df3,831,546
$7,855,474
2,184,605
1,763,714
$7,815,162
2,765,024
2,276,501
.114,955,547
29,701,552
17,115,016
97,459,738
15,606,159
6,724,243
91,144,973
23,289,573
13,543,614
87,958,483
26,019,011
16,823,087
Net from railway
Net
1934
1936
Gross from railway
after rents
From Jan. 1—
Gross from railway
Said on June 11,and March dividendsand on Dec. 2, 1935, this latter being
last, and 2, 1936, of 10 cents per share were paid on
ept. 1, Dec.
The directors have
Provision for taxes
213,749
376,232
9,231,464
15,000
5,000,000
1,500,000
75,000
125,251
Earnings of System Only
after rents
15 cents was
For sale,
December—
from railway
made on the issue since June 1, 1933, when
b
Illinois Central R. R.
Net
Homestake Mining
201,660
370,352
8,956,881
perpetual.—V. 143, p. 2373.
Net
record Feb. 9.
dends of 45 cents per share were
deb. stk.
Deposits
Canada Trust Co.
A dividend of 30 cents was
payable March 1 to holders of
debs—27,158,700 26,905,683
2,269,448
2,268,085
Sterling debs
Reserve fund
(Henry) Holt & Co., Inc.—:Class A Dividend—
The directors have
Canadian
(4% perpetual).
—34,250,982 35,060,895
6,040,985
5,856,847 Deb. int. accrued-
ments
$
Liabilities—
b Mtges. & agree¬
c
1935
$
1935
$
Assets—
stock
of accumulations on the
300,000
3001566
After paying interest on
of management and
Cash
After
the first payment
11,473
56.000
def$45,448
125,251
Previous surplus
26,159
94,500
depreciation of $791,600 in 1936 and $931,268 in 1935. b Good¬
will, &c., of B. J. Goodman, Inc., only,
c Represented by 13,975 (13,475
will, &c., of B.1 J. Goodman, Inc., only,
c Represented by 226,575
(200,000 in 1935) shares (par $5) before deducting shares in treasury
amounting to 13,975 (13,475 in 1935) shares,
d Represented by 13,975
(13,475 in 1935) shares of A. Hollander & Son, Inc., stock.—V. 144, p. 614.
a
12,125
56,052
100,000
250,000
to internal reserves
Dividends
Total
Total
12,738
31,500
other
3,033
90,554
-
Inventories
12,826
taxes/
taxes,
230,179
706,864
7,272
-
1,801,343
161,593
190,686
913,107
Cash
500,000
588
44
Deposits
845,475
119,015
taxes
$475,701
54,894
Approp. for further add'n
1935
Res. for contig—
Federal
$441,987
69,929
1936
1936
Common stock...$1,132,875 $1,000,000
Capital surplusEarned surplus...
$377,896
30,955
real estate
Consolidated Balance Sheet Dec. 1
1936
1933
1934
1935
$365,935
48,557
Profit for the year
Dom. of Canada taxes.)
212,600 shares.
Assets—
a
-Earns.
Corp., London, Ont.-
1936
Years End. Dec. 31—
Written off office prem's
193,100
186,525
186,525
$1.03
$1.05
$0.84
V a After allowing for dividends on B. J. Goodman, Inc., guaranteed
preferred stock,
b This item represents normal Federal income taxes
only, in that this company was not subject to either excess-profits tax or
surtax on undistributed profits,
c Giving effect to subscription for 26,575
common shares as of Dec. 28, 1936, the above net profit is equal to $2.75
($5 par)
Earnings per share
Com. shs. outs.
Feb. 25 to approve
change in par value of company's capital stock to $2.50 a share from no
par, and split-up on the basis of four new shares for each share held.—V. 143,
p. 3633.
Provinces of Can.
Net
Preferred dividends
Co.—To Cut Par Value—
Hoskins Mfg.
555,896
624,989
$262,697
123,572"
$710,500
181,644
Gross profit
Other income
Net
—V. 143, p. 4156.
.
.
Earnings of Company Only
December—
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
—V. 144, p. 108.
1936
1935
1934
1933
,128,281
2,928,162
2,021,014
df3,091,726
df3,526,432
$6,882,848
1,905,015
1,610,178
$6,635,509
2,254,135
1,962,734
98,843.934
24,072,509
14,087,852
84,767,518
12,710,843
6.108,950
79,228,255
20,074,138
12,688,092
75,966,799
21,940,948
15.371,241
$7,448,670
Volume
Financial
144
Illinois Bell Telephone
Calendar Years—
1^1 service
K Toll service
Miscellaneous
Total.
Co.—Earnings—
1936
1933
al934
al935
revenues. .$61,983,617 $58,971,338 $40,819,656 $56,734,952
revenues— 17,986,904
15,071,302
16,018,370
15,518,630
revenues.
1,059,603
1,597,180
1,407,271
1,180,767
INDIANAPOLIS RAILWAYS
General 5s,
1
$81,567,702 $76,396,980 $57,519,054 $72,865,859
revenues..
661,478
196,539
262,184
Cr817,957
.
Uncoil, oper.
Total oper. revenues
Current maintenance
Depreciation
Traffic
g 81,371,162 $76,134,796 $58,337,011
13,809,635
13,820,521
13,062,730 Cr4,174,034
12,683,127
12,438,250
6,394,817
6,803,972
1,048,039
1,095,504
386,853
484,382
15,128,097
11,101,125
13,981,471
6,668,532
937,822
461,844
expense
expenses
Commercial expenses
Operating rents
Exec. & legal departm'ts
$72,204,380
12,934,829
11,791,272
12,411,153
6,027,608
1,139,128
555,599
TRADING
departments
Prov. for employees'
MEMBERS NEW YORK STOCK EXCHANGE
2,512,161
3,252,206
3,138,861
985,248
1,010,622
1,006,511
1,014,159
627,422
550,578
507,202
485,833
610,381
1,039,209
vice pens
Statement of Paid-in
benefits
Services
received under
license contract
Other
general expenses
1,135,563
962,384
12,384,900
Taxes
Net oper. income
$14,484,594
Net non-oper. income..
208,961
Bond
of
403,768
9,550,590
$13,791,539 $13,909,763 $12,538,389
880,694
535,326
968,133
discount
on
123,041
123,041
112,788
Bal. avail, for divs-..$12,761,667
Divs.
on
com.
stock. 12,000,000
$11,868,985
9,000,000
$7,258,501 $10,408,058
5,250,000
12,000,000
$761,667
$2,868,985
$2,008,501 df$1591,941
$8.51
Bal. carried to surplus
Earns, per sh. on 1,500,-
$7.91
000 com.shs.(par$100)
$6.94
$4.84
The income statements for 1934 and 1935 reflect certain adjustments
in connection with the Federal Court orders requiring refunds to
made
Chicago
coin
issue of Feb.
box subscribers.
8, 1936, p. 956.]
[These
adjustments
were
given
in
our
Comparative Balance Sheet Dec. 31
1936
Assets—
Liabilities—
$
969,547
property
in
trolled
969,519
356,010
1,012,210
cos...
Sinking fund
Cash
1,976,242
1,109,423
1,602",095
6,003,755
Special cash de¬
100,508
2,582,255
218,608
239,298
4,269,626
9,817
8,210,133
3,504,727
790,251
4,914,636
8,654
7,215,586
funds.
Temporary cash
investments..
Notes receivable
Accounts receiv.
Mater.
&
on
supp.
Deferred debits.
Notes
sold
3,902,153
723,066
vance
&
19,576
45,000,000
7,201,145
billing &
in
1,547,260
1,452,270
5,090,669
5,587,278
Balance of paid-in surplus, Dec. 31,1936
spect of ser. A
presented
for
100,508
2.582,255
11,008,262
327,601
8,105,791
244,563
83,323,542
19,940,773
330,883,105 323,457,194
Total
Indiana Telephone Co. will ultimately result in a
than $230,000 against surplus.—V. 144, p. 455.
western
From Jan.
144, p.
Co.—Earnings—
1934
1935
1933
$488,658
181,453
131,886
$440,781
158,929
125,315
$389,099
130,292
87,454
5.998,627
2,238,273
1,531,948
5,312,739
1,747,028
1,219,921
4,930,061
1,502,179
1,003,617
4,749,837
1,547,554
883,962
107.
$1,092,000
Net income after all charges
$5.81
share on 187,849 capital shares
Incorporated Investors—Earnings—
"4,474
Miscellaneous expenses
Net income
y
-
Part of proceeds of capital stock constituting pay¬
ment for participation in undivided earnings
Undivided earnings Jan. 1.
Total
Cash
"*
«•»
«n
«»'
di^den^"declared "and pa"id during
year
Undivided earnings Dec. 31
x
Includes $22,000 accrual
$1,451,818
56,670
60,089
$1,511,906
850,333
$3,116,210
z2,813,566
$2,362,240
1,371,884
$302,644
Transferagents' fees and expenses
Legal fees and expenses
Printing stock certificates
$2,069,184
990.356
mum mm m •»•••.«• *•«■«•«■«
989
$2,125,854
Total income
Management fee
$1,750,183
225,467
x46,115
16,606
4,906
4,281
2,228
Interest
1935
$1,635,061
1115,122
$2,544,903
347,002
101.474
20,543
Cash dividends
w — m* mm m. m,
$990,356
of 1936 Federal capital stock tax, which is
shares for participation in accrued gross earnings before expenses and in
the balance of undivided earnings account,
z Exclusive of $6,651,413
$77,305,950
of
The net resources of $77,305,950 were equivalent to $25.77 for each of
3,000,000 shares (par $5).
*
These investments are carried at their cost of $47,584,155 on the books
of the company.—V. 144, p. 776.
Independence
Fund
North
of
America,
Inc.—New
John L. Anderson and Dal ton A. Griffith have been elected directors.
—V. 143, p. 2523.
Independent (Subway) System of N. Y. City—Earnings
1936
Period End. Nov. 30—
Month
$1,440,074
4,641
$1,444,715
-
-
.
$5,588,887
4,148,813
$367,805
742
-
Income from operation
Non operating income
Net income..
—Y.
144, p. 455
Indiana Associated
Period End. Dec. 31—
Operating
for
$1,205,039
634,706
$1,121,402
818
609,852
50
11,422
838
129,475
603
142,568
$44,100
$31,191
$440,020
$367,561
,
-
of oper.
Operating taxes
Net operating
1936—12 Mos.—1935
$95,179
def455
52,971
49
1,925
expenses
lease
Telephone Corp.—Earnings—
1936—Month—1935
$102,799
def706
57,431
Operating revenues
Rent
1935
5 Mos.
$1,215,010
847,205
$368,547
Operating revenues
Operating expenses
income.
_.
Indiana
paid-in surplus account.
Common
Steel
Products
Co.-
-Initial
Dividend
on
New
Stock—
The directors
have
declared
an
initial quarterly dividend of 15 cents
stock, payable April 1 to holders of
share on the new $1 par common
record March 15.—V. 144, p. 776.
per
.
Industrial
Rayon Corp. (& Subs.)1936
Earnings
1934
1935
1933
Net profit after deprec.,
experimental expenses,
Fed. taxes, loss on sale
of U. S. Govt, sec., &c x$l,361,460
Shs. capital stk., no par.
606,500
Earnings per share
$2.24
After
deducting
—V. 144, p. 776.
x
estimated
Federal
$608,012
606,500
$1.00
surtax
$1,340,121
$1,806,792
600,000
$2.23
200,000
$9.03
on
undistributed profits.
Interborough Rapid Transit Co.- -Court Approves New
Cars—
Judge Julian W. Mack in U.
S. District Court gave verbal approval
Jan. 27 to the motion of Thomas E. Murray jr., receiver for the company,
subject to subsequent adjustment as the amount of the tax cannot be
finally determined until declaration of capital value is made in the return
to be filed in July, 1936.
y Representing amount included in price of new
distributions charged to
80,551
4,000
resources
Years Ended Dec. 31—
1936
$2,539,745
5,159
Years Ended Dec. 31—
m.
96,632
.
—V. 143, p. 4157.
Approved—
The Chicago Stock Exchange has approved the application of the com¬
to list stock trust ceritifcates representing 375,698 shares of new
capital stock.
The new stock trust certificates were listed pursuant to a
proposed change in the certificate of incorporation. The proposed change
provides an increase from 200,000 shares of capital stock represented by
stock trust certificates to 400,000 and the issuance and distribution of one
additional share for each of the 187,849 shares now outstanding.—V. 143,
p. 4003.
^
182,298
$77,487,133
Accrued expenses
pany
Tax0S
69,435,676
Making total resrouces of
Against which the company the liabilities of
Management fee payable Jan. 2,1937
prop
Earnings for 11 Months Ended Nov. 30, 1936
Application
2,038,125
-
335,000
Uncoil, oper. rev
Independent Pneumatic Tool Co. (& Subs.)—Earns.—
Earns per
■
■
Common and preferred stocks
Interest and dividends receivable
1—
Gross from railway..
Net from railway...
Net after rents
—V.
charge of not
$554,628
232,899
157,702
Net after rents
$5,496,034
Investments at market quotations-*
United States Government securities
Demand notes held by trustee as an investment of pension trust funds
1936
of Net Resources Dec. 31, 1936
Directors—
20,698,582
presently required to meet pension payments.
Note—The company estimates that the fulfillment of its obligations under
contract covering the purchase of certain shares of stock of the North¬
December—
11,678
On Dec. 31, 1936, the company had:
Cash
not
Gross from railway..
Net from railway...
26,008
Note—Unrealized appreciation of investment securities at Dec. 31, 1936,
$24,224,646, as compared with unrealized appreciation of $10,782,185 at
Dec. 31, 1935, indicated a total unrealized appreciation attributable to the
year of $13,442,461 not included in income and surplus accounts per books.
The above unrealized appreciation at each date is without deduction for any
This leaves net
bonds not yet
surplus
Illinois Terminal
339,800
$37,778,660
Estimated Federal and State taxes
Unappropriated
more
4,492,872
67,960 shares paid April 30, 1936
i
Taxes (original issue taxes and portion of estimated State excise
tax applicable to gains)
Other expenses (in connection with issues and registration of
capital stock)
re¬
not due
a
2,158,541
share on
de¬
ad¬
Deprec. reserve. 89,889,503
*
Paid Oct. 30,1936 (75 cents per share)
Paid Dec. 22,1936 ($1.50 per share)
Railroad oonds
7,201,145
Def. credits
-330,883,105 323,457,194
80,644
44,348
securities:
Transfers to capital account for stock dividend at $5 per
to
payments
Accounts pay. &
other cur.llab.
Liability
5,933,150
$44,807,560
of investment
Condensed Statement
trustee of pen¬
Customers'
7,115,482
....
Distributions from net gains realized since Jan. 1, 1936, on sales
$
19,576
45,000,000
debt...
payment..
.
Accrued
llabil.
Total
computed on "first-in, first-out" basis as in previous
Surplus paid in (portion of proceeds of new capital issues allocoated to surplus)
i
Net credit on account of treasury capital stock trust certificates
(resulting from sales thereof in the period)
Adjustment of tax provision applicable to prior year
taxes thereon.
$
cap.
stock
posits
posits.
Working
Prem.
sion fund*
250,000
—
.■
,
Capital stock...150,000,000 150,000,000
Funded
con¬
Other lnvestm'ts
and trans¬
paid)
$31,633,935
Net gain realized on sales of investment securities during the
1935
1936
1935
$
Telephone plant305,187,915 298,214,266
Miscell. physical
Invests,
fers to capital stock on account of stock dividends
Total
funded debt
a
661,900
8,442.949
1,614,857
7,008,240
$14,693,555 $14,326,865 $14,877,896 $13,419,083
1,575,000
2,530,230
2,436,310
2,436,310
356,889
CM85.138
5,060,043
451,673
Other interest
Surplus Account Year Ended Dec. 31, 1936
Balance Jan. 1,1936 (as reduced by realized net losses
year,
for
interest
Amort,
1,112,398
1-752
years
(less "exps. charged
construction")
available
New York
A. T. & T. Teletype N. Y.
ser¬
charges
DEPARTMENT
15 Broad Street
2,312,837
Employee's sickness, ac¬
cident, death, & other
fixed
due 1967
Eastman, Dillon 6 Co.
Accounting and treasury
Income
939 C
Chronicle
make expenditures in preparation for the
1936
World's Fair passenger traffic to Flushing, Queens.
The court's order, however, was not signed, as there was no provision in
the form authorizing the Guaranty Trust Co., as trustee of the consolidated
mortgage, to permit the use of part of its security fund in the purchase of
50 new cars and the construction of a third track for express service, and also
provisions for increased power.
The trustee must obtain consent of the
surety companies for the use of the fund before an order may be effective.
An order to buy the cars was issued by the Transit Commission in 1932,
but was opposed by the Interborough and the receiver until the 1939 World's
Fair was in prospect.
Charles Franklin, counsel for the Manhattan Ry.
which owns the elevated properties operated by the I. R. T. under a 999for
permission
to
year lease, filed a protest against the grantin: of Mr.
The Board of Estimate has approved remodeling of
service to
Murray's petition.
the Willetts Point
$650,000 to permit extension of express
Flushing, Queens.—V. 144, p. 777.
Station of the I. R. T. at a cost of
Financial
940
Industrial
Securities
Middletown,
Corp.,
.........
Income—Earned discount....
Rents from real estate
Insurance premiums and recording fees
$3,606,680
238,069
$1,669,246
136,830
1,559
31
867
497
$245,425
100,438
59,067
11,688
25,855
8,707
$139,753
54,956
43,079
1,800
6,838
7,440
/
Sundryjncome
V*
Total income
....
Expenses
Interest paid
.....
...
Provision for taxes and licenses—
Provision for losses....
Provision for depreciation and amortization
1st*
Net profit
........—
Earned surplus, beginning of year
.....
$25,640
56,245
$39,670
6,203
—
A like dividend was paid on Dec. 15, last and
of $6 paid on July 15, last, and $3 paid on Jan. 15,
to holders of record Feb. 10.
with a dividend
1936, and on Oct. 24, 1935, this latter being the first payment to be made
the pref. stock since July 15, 1931, when a similar amount was dis¬
tributed.—V. 143, p. 3002.
compares
on
International Rys. of Central America—Earnings—
Period End. Dec. 31—
Gross
revenues
Oper. exps. & taxes.._.
Income applicable
fixed charges
-V. 144, p. 282.
10,269
$81,932
42,595
26,634
Common stock dividends.
$56,141
20,225
$12,703
6,500
Preferred stock dividends.
(./Earned surplus....
.....
x4,000
$6.41
to
1936
Sheet Dec. 31
^Liabilities—
1935
Interstate Hosiery
receivables.
Other
1,120,507 Div.
749
Invest., at cost...
Furniture, fixtures
5,811
3,083
1,000
K& automobiles..
29,214
15,499
Real
acq'd
Kin settlements..
Prepayments
and
pref. stock,
pay. Jan. 1 '37.
5,226
4,952
Common stk.
9,626
9,688
6% cum. pref. stk.
(par $25)
Capital surplus...
$2,733,090'$1,229,815
p.
Philadelphia—Earnings—
1936
1935
1934
$90,332
$55,216
8,221
$47,144
6,609
$96,940
20,945
10,978
10,572
$03,437
29,449
15,552
11,715
$52,973
27,141
4,050
6,516
$48,445
$6,720
$15,265
552,685
386.836
120,710
$601,130
x95.000
$393,556
x65,612
$135,970
$506,130
394,267
$327,944
49,331
$121,476
44,100
$111,864
$278,612
$77,370
7,689
12,568
144,758
2,721
55,390
Interest
202,517
xlOO.OOO
744,800
37,691
25,532
26,634
received,
capital of
Total
whether out of surplus or
(par
$10)
143,
$4.13
Investment Corp. of
392,393
10,184
5,820
Par $25.—V!
$2.86
the
paying company)
—.
.—.
iTotal
Expenses
Federal capital stock tax.
Interest paid
6,202
Balance
.....
Net realized profit on the sale of se¬
curities and other transactions....
..$2.733.090'$1,229.815
Total
4157.
—
I International Great Northern RR.- -Earnings—
1936
r"rDecember—
Gross from railway
1935
$1,055,389
177,267
7,805
ymFrom Jan. 1—
Gross from railway..
Net from railway
Net after rents
$896,506
199,144
41,280
12,575,330
3,188,222
1,370,550
12,287,759
3,417,471
1,518,751
"
•
144,
p.
1933
$908,927
89,340
def30,192
"
—V.
1934
$923,630
63,430
def22,236
12,141,148
11,534,327
1,950,570
1,934,698
148.03211 ft 529,900
Net from railway
Net after rents
5,829
contlng't
Earned Asurpl us
Total
$4.53
Years Ended Dec. 31
Cash divs. (incl. all divs.
252,860
Dealers'
reserve
Deferred charges..
96,991
$462,619
.96.191
*$ 4.81
$400,421
96,991
Dividends paid.
on
Accrued ^expenses.
Reserves
estate
K'other assets
$336,351
500,001
$931,621
183,179
1933
1934
1935
$277,404
96,991
$440,263
Provision for Federal Income tax....
Ctfs. of debenture
tracts receivable 2,410,029
Mills, Inc. (& Subs.)—Earnings—
1936
Net profit after all chgs.
and Federal taxes
Shs. cap. stock (no par).
1935
1936
Notes payable
$65,462
$266,057
$1,879,320
payable March 9.
An,extra dividend of $1 was paid on Jan. 31, 1936, and
extra dividends of 50 cents per share were distributed on Jan. 31, 1935,
Jan. 31. 1934, and on Jan. 31. 1933.—V. 142, p. 788,
_4 4
Earnings per share
—V. 143, p. 3634.
Par $25.
Loans, notes & con¬
x
$6,203
$25,532
25,286
$1.16
Shares common stock (par $10)
Assets—
2,838,136
$2,069,872
$170,025
$188,998
_
Calendar Years—
Cash
3,042,269
to
The directors have declared an extra dividend of $1 per share in addition
a semi-annual dividend of like amount
on the common stock, both
10,384
'mm
Balance
1930—12 Mos.—19351
$5,112,141
$L71T«fjj6
1936—Month-—1935
$461,490
$458,615
272,492
288,590
Inter-Ocean Reinsurance Co.—Extra Dividend—
$56,141
J^Total surplus
Adjustment for reserve for losses.
Transferred to capital surplus...
x
share on account of
payable Feb. 15
accumulations on the 6% cumul. pref. stock, par $100,
46
Adjustment of leasehold reserve
Transfer from capital surplus....—.....
Earnings per share
Accumulated Div.—
The directors have declared a dividend of $3 per
1935
1,652
5,673
International Products Corp.—$3
Conn.—
1930
r Years Ended Dec. 31—
Gross contracts and notes purchased
Feb. 6. 1937
Chronicle
108.
•
,
14,500
Includes Pennsylvania income taxes.
Note—At Dec. 31, 1936, unrealized net profits on securities and other
trans actions ((before provision for Federal excess profits tax and surtaxes
on the unrealized profits and appreciation)
were approximately $300,456
x
compared with $206,502 at Dec. 31, 1935.
as
i
Balance Sheet Dec. 31
International Holding
Corp.—New Plan Offered—
4
^Preferred stockholders fof the Corporation, (formerly Aeolian, Weber
Piano & Pianola Co.) have asked the Federal Court to approve a plan for
reorganization of the company.
Bankruptcy proceedings were started in
October, 1935, when it was stated the radio had been responsible for the
concern's financial troubles.
A committee representing preferred stockholders of the company, which
is located in Garwood, N. J. filed the plan.
The committee maintained
the common stock has no present value.
I^The reorganization plan provides that 33,524 shares of new capital stock
(par $2) be issued.
Owners of the outstanding preferred stock would receive
half a share of the new stock for each share or preferred.
The latter issue
would then be canceled, along with the accumulated dividends.
The committee, comprising Edward M. Beattie, Harry B. Ogden and
John S. Stubbs, further recommended that the owners or preferred stock
be permitted to buy a half share of the new capital stock for $1 for each
share of the
paThe
'preferredIthey possess.
makes no provision for holders of common stock.—
committee
International
Match
minated—
Corp.—Protective Agreement
Ter-
.
PfThe protective committee for participating preference stock acting under
protective agreement dated April 15, 1932, has terminated such protective
agreement.
Holders of certificates of deposit may present such certificates
to the Chase National Bank depositary, 11 Broad St., New York, and the
depositary will deliver to such holders, without expensetto them, the num¬
ber; of shares of participating preference stocks represented by such certifi¬
cates of deposit.
iiKW
mill mtt
■■■■■-■■.
0 ^
ZpTo Replace Committees—
*%The International Match RealizationTOo., Ltd., has been*Organized in
Bermuda $by the protective committeesIfcrir!International IMatch Corp.
debentures to effect an (orderly land {gradual liquidation of the remaining
assets recovered Ion Jbehalf
of thejdebenture holders and now held by the
as trustee inlbankruptcy.
N$It is proposed tojoffer voting trust certificates of the Bermuda company
for InternationalJMatch debanturesjon thejbasia of a voting trust certificate
representing one share of stodkin that'company for each $500 of debenture
exchanged.
|
v
MiAs a result thejdebenture holders will own through their voting trust
certificates aU thejstockjof the new company except seven directors quali¬
fying shares,land thejnew company in turn will own the debentures sent
in for exchange, thus substituting the company for the committees as the
representatives of creditors land constituting the company as the representativejof such unrepresented Jdebentureiholders who now assent to the
plan.
-i
^The JBermuda fcompany thereupon will be prepared to bid fdr the remainingjassetsjof thejbankruptlestate of International Match, using the
debentures to {pay the purchasejprice. 4It is proposed to bid up to a reason¬
able price |for such bassets tojprotect the ilmco debenture holders against
the dangersjof forced jsales at distress prices.
**fThe plan was prepared |by thelprotectivetcommittee, headed by John O.
Trapbagen, {with the approval fof the independent committee, of which
George jS. Silzer isjOhairman. {Both {committees have approved the plan
and copies of thejprospectus .'are (being mailed to all International Match
debenture jholders'and depositors.—V. 144, p. 777.
IrvingITrustlOo.,
International
Nickel
Again Increased—
^Tfie directors on]Fob.
Co. of
•
Canada, Ltd.—Dividend
'
1 declared a'dividend of 50 centslper share on the
common stock, no par value, payablefMarch 31 to holders of record March 1.
This compares with 40 centslpaidjonlDec. 31, last; 35!cents paid on Sept. 30,
last: 30 cents paid ton jJune 30,<lasc,|25 cents paid on March 31, 1936, and
on Dac. 31, 1935; 20 cants on jSept. 30, 1935:115 cehtslper share paidleach
quarter from1Sept.{29,<1934, to {and incl. June 29, 1935, and 10 cents per
share paid on (June 30 land March 31, 1934.
This latter jfwas the first payment
(made since
Dec^ 31 ,^j931^when a^eg^^^uartarly dividend of 5
t«New\Chairman, &c.—
Demand ^notes pay
...
46.653
300,000
27,000
265,000
524
306
(sec'd)
20,500
80,222
Capital stock and
capital surplus_.x2 044,030
44,413
27,750
1,050
transactions)...
1935
$51,500
2,064,077
$38,033 Prov. for Fed. inc.
& cap.stk.taxes
3,251
6,257 Prov. for Pa. in¬
come tax
1,580,474
contracts & oth.
Real estate
1936
$70,019
Unolaimed divs—
$24,312
Aocts. receivable..
57,301
Divs. A^int. rec...
9,988
Invest's, aver, cost 1,658,329
Deposits, (to secure
Liabilities—
1935
1936
Assets—
Cash
1,050
Acots. pay.
Proceeds of sale of
1
Furn. and fixtures
secure,
231
short
Earned deficit—.
Total
$1,778,730 $1,673,478
702,995
814,859
$1,778,730 $1,673,478
Total
x Capital stock authorized,
27,000 shares of no par value; issued and
outstanding at stated capital value, 20,700 shares (incl. 4,000 shares in
treasury). $517,500; capital surplus $1,767,381 add excess of proceeds of
sales of treasury stock over cost, $928; less stated vxlue ($25 per share)
of 700 shares capital stock issued in exchange for 7,000 warrants (each
entitling the holder to subscribe, before Jan. 1, 1939, to one share of no
par value common stock at $100) surrendered and canceled $17,500 and cost
of 4,000 shares treasury stock $224,279, balance $1,526,530; total foregoing
$2,044,030.—V. 144, p. 282.
Iowa Public Service Co.—New
Financing—
A financing program for the company will be undertaken soon with the
offering of issues of $14,200,000 first mortgage bonds, 3M% series due
1967, and $2,200,000 debentures due serially from 1938 to 1947.
A. O.
Allyn and Co., Inc. and Bonbright & Co., Inc. will be the principal under¬
writers, with additional members to be announced later.
The company is a subsidiary of Penn Western Gas & Electric Co. a regis¬
tered holding company under the Public Utility Act of 1935.
Iowa Public
Service Co. has filed an application for exemption under this law.
Total operating revenues amounted to $4,402,477 for the 12 months
ended Nov. 30,1936, as against $4,069,101 for all of 1935. m
Bonds Called—
_
A total of $54,500 first mtge. gold bonds, 5% series, due 1957, have
bee\
called for redemption on March 1 at 105 ana interest.
Payment will be
made at the City National Bank & Trust Co. of Chicago.—V. 144, P. 777
Irving|Air Chute Co., Inc. (& Subs.)—Earnings—
Calendar Years—
1936
Net inc. after charges &
Federal taxes
Shares common stock...
Earnings per share.....
1935
$336,276
198,900
$119,799
199,000
1933
1934
$208,556
198,900
$1.04
$0.60
$1.69
—V. 143, p. 1561.
*
loss$ 51,307
199,000
Nil
■■
Jonas & Naumburg Corp.
(& Subs.)—Earnings—
Earnings for the Year Ended Oct. 31
(Subsidiary companies for the Year Ended Aug. 31)
1935
1936
Selling expenses
General expenses
...
Profit from operations........
-
Gross income.
...
.——
Interest
on
$194,413
43,950
106,323
$44,134
15,888
52,943
Income credits
Loss
$630,506
57,515
157,615
$421,375
Gross profit from sales
-
....
...—.—
investment
$60,022
10,494
13,692
61,194
3,894
2,050
4,017
7,613
...
$359,596
44.316
$31,346
x!2,970
.....
$403,912
$1.08
$44,316
$0.09
the amount of
$686,38F>to
Reorganization exps. (legal & auditing fees, Ac.)..
Securities & Exchange Comm. registration expenses
Miscellaneous
Provision for income taxes
^Ne income for the year..
Tet
$474,318
21,529
15,000
...
Surplus, Oct. 31,1934—....
3,306
'
^Robert O. Stanley, Presidents the company, was elected Chairman,
succeeding the late Charles (Hayden. (He will continue]asJPresident. Donald
MacAsklll, jVice-Presldent land {general {manager in charge of Canadian
operations, {was elected a director.
R. Samuel McLaughlin tend IBritton
Osier, both directors, were elected members of th8 (Executive!Committee.
Dr. John F.
a
Thompson, Execitive {Vice-President and a director, was made
Committee.—V.J143, p. 3149.
membsr of the {Advisory
Earned surplus since Jan. 1,1934
Earnings per share on capital stock.....
x
After charging deficit at Jan. 1, 1934. in
capital surplus.
to
Note—As fiscal year commenced Nov. 1,1935, company was not subject
"surtax on undistributed profits" in 1936.
Volume
144
Financial
Consolidated Balance Sheet Oct. 31
1936
Marketable
a
1935
$213,732
secur-
Notds, trade
cetp.
A
Liabilities—
...
ao-
Foreign draft pay.
accts.
Accounts payable.
receivable
291,363
1.088,064
Inventories
214,113
732,282
accts
Advances
Crl91,483
49,801
Def.
69,252
16,361
69
55
b20,545
4,417
197,998
bldgs
tools A
equipment
conv,
Prop,
leased
55.533
Old
42,703
to
1936—Month—1935
$14,154
6,168
—
Maintenance
810,007
777,603
Interest & amortization.
$3
13,828
41,666
y7,927
342,562
$150,619
59,191
7,517
19,445
26,452
$150,118
1,188
$1,301
769
$38,012
20,000
24,374
$25,042
$6,361
$19,332
Balance
$2,822
Appropriations for retirement reserve.
Preferred dividend requirements.—-.
Taxes
1936—12 Mos.—1935
$12,288
5,626
1,374
1,633
2,351
3,220
2,274
2,119
stk.
3,355
342,562
common
20,000
24,374
Earn, surplus since
23,374
29,299
....
Deferred charges—
25,108
19,521
Jan.1.1934
403,912
Oct. 31, 1936 (2,564 at Oct. 31,
capital stock on the basis of 6 H
sented by 6,711 no par shares at
to be exchanged for new common
5 old shares.—V. 144, p. 777.
Deficit for
44,316
common
dividends and surplus.
Balance Sheet Dec.
Total
$1,786,688 $1,691,728
Total...
$1,786,688 $1,691,728
a After
reserves
for discounts and doubtful
accounts
of $26,233 at
Oct. 31, 1936 and $24,673 at Oct. 31, 1935.
b After reserve of $60,000.
o After reserves for
depreciation,
d Represented
by 851 no par shares at
1935) to be exchanged for new common
new shares for each old share,
e Repre¬
Oct. 31, 1936 (15,854 at Oct. 31, 1935),
stock on the basis of 1 new share for each
Assets—
1936
1935
Accts. receivable.
34,628
62,161
20,434
42
1,831
$348,200
500,000
439,000
500,000
445,000
1st mtge. 5s
Notes payable
count A expense
60,000
4,464
10,195
343
11,280
9,196
17,166
345
Sundry
liabilities-
996
896
293
Retirem't reserve-
75,020
59,777
Operating
invest.
36,000
Customers' depos.
Int. A taxes accr'd
100
Prepayments
Accounts payable-
325
-
Mat'te A suppliesAppli'ces on rental
MIsceU.
6,967
86,543
6,335
67,783
18,544
19,721
16,180
reserves
Surplus
Earnings for the Year Ended Dec. 31, 1936
Net profit after charges, Federal income taxes and surtax
undistributed profits
Barns, per sh. on 308,825 shs. capital stock
(par $1)
Note-—The above
figures include earnings of Anderson
Total
on
$498,674
$1.61
Manufacturing
a
Earnings of F. L.
companies for the
period following consolidation with F. L. Jacobs amounted to $424,106,
equal to $1.37 a share.—V. 144, p. 108.
Jacobs Co. for the entire year 1936 and of the other two
City Power & Light Co.—Annual Meeting—
Stockholders at their annual meeting on March 22 will consider
ratifying
the action of the directors in authorizing the issuance of
$38,000,000 prin¬
cipal amount of first mortgage bonds, 3H % series due 1966, for the purpose
or refunding a like
December—
Net
1935
$215,336
116,971
73,872
Net after rents.From Jan. 1—
1934
$146,901
82,835
64,491
$186,631
125,005
72,145
—
Net after rents
—V. 144, p. 108.
Kelvinator of
2,480,555
1,310,828
809,019
2,009,701
932,497
551,037
1,875,510
876,022
521,824
Represented by 5,000
c
282.
1936
1935
1934
1933
$46,040
def38,732
def95,329
-
$44,742
def33,177
def41,575
$29,487
def38,658
def43,939
$32,274
def7,706
def25,439
2,931,809
1,717,105
1,195,756
-
after rents
2.224.036
1.156.037
834,857
1,422,948
495,246
270,648
1,871,784
1,047,671
762,909
144, p. 109.
Lanston Monotype Machine Co.—Dividend Doubled—
stock,
par
a dividend of $2 per share on the
common
$100, payable Feb. 20 to holders of record Feb. 10.
Previously
per share were distributed each three months.—V. 142.
dividends of $1
p.
3681.
Lautaro Nitrate
1933
$127,172
59,652
33,407
1,775,837
836,098
453,228
Canada, Ltd. (& Subs.)—Earnings—
1936
$898,400
$1,523,566 $1,515,634
The directors have declared
Including Kelvinator, Ltd., England, and Leonard Refrigerator Co. of
Canada, Ltd.]
Years Ended Sept. 30—
p.
after rents
—Y.
1935
may
$626,090
481,423
466,931
2,354
474,897
4.368
Int. and discounts (net) less other inc.
Prov. for British & Dom. inc. taxes
Crl9,971
96,966
497
407
Net profit
Preferred dividends
Common dividends
$339,982
34,720
125,000
be deposited under the readjustment plan dated Aug. 20, 1936, of the
has been extended to and including Feb. 28, 1937.—V. 144.
company,
283.
Lehigh Valley RR.—To Borrow $5,000,000—
The company has applied to the Interstate Commerce
Commission for
authority to borrow $5,000,000 from the Manufacturers Trust Co., New
York, for which it will issue a three-year note dated March 1, 1937,
bearing
interest at the rate of 2^% for the first year and 3 % for the next
two years.
Proceeds will be used to pay off existing Reconstruction Finance
Corporation
loans, which bear an interest rate of 4%.
This will result in an interest
saving of $50,000 a year.—V. 144, p. 779.
1934
$605,407
Co., Ltd.—Deposit Time Extended—
The company has notified the New York Stock
Exchange that the time
within which first mortgage 6% convertible gold
bonds, due July 1, 1954,
p.
Gross from railway
Net from railway
b Par $100 par share,
Superior & Ishpeming RR.—Earnings—
From Jan. 1—
Gross from railway
Net from railway
Net
Total
the par or stated value of securities issued, or cash
paid
December—
Ry.—Earnings—
1936
Gross from railway
Net from railway
on
Gross from railway
Net from railway
Co.—Listing Approved—
The New York Curb Exchange has approved the
listing of $5,000,000
outstanding principal amount 1st mtge. bonds, series A, 3M %, due Dec. 1,
1966.—V. 143, p. 4158.
Kansas Oklahoma & Gulf
At cost based
Lake
principal amount of first mortgage bonds.—V. 144, p. 282.
Kansas Electric Power
$1,523,566 $1,515,6341
therefor, less retirements,
shares (no par).—V. 144,
Oo. from Jan. 1 to Sept. 1, 1936, when it was absorbed
by this company
and of Grand Rapids Metalcraft
Corp. from Jan. 1 to April 1, 1936, when
that company was taken over by F. L. Jacobs Co.
1935
$348,200
Common stock.-
c
55,447
63,246
21,125
18
1936
b7% pref.stock.-
and
Cash
31
Liabilities—
Property, plant
equipment.$l,385,523 $1,355,070
a
Sinking fund cash.
Unamort. debt dis¬
(F. L.) Jacobs Co.—Earnings—
Kansas
18,275
16,314
24,297
cum.
pref.stk—
Capital surplus-..
e
Period End. Dec. 31—
earnings-Operation
8,763
Old
d
203,503
778.
p.
Key West Electric Co.—Earnings—
Gross
$2.50)
Mach.,
dividends.—V. 144,
59
adjust.,
Common stock(par
policies
others
243
trustee for the holders of secured debentures Issued by the
bankrupt.
He said at the time that the motion was
necessary in order to fix the status
of the claimants in the
bankruptcy who would ultimately be entitled to
35,107
Ac"
value
of life Insurance
c
116,485
Interest.
change
surr.
Land A
37,090
At the same
hearing.
The subordinating and
expunging motion was originally made during
August, 1936, by Edward 8. Greenbaum, trustee in bankruptcy of Kreuger
A Toll Co., at the
request of the Marine Midland Trust Co. of New York,
credit—un¬
earned
Investments
c
1935
$328,819
61,810
21,546
Res. for foreign ex¬
against
...
c
payable.
exps.—Inc.
Acer.
taxes, wages, Ac
.
merchandise
Acer. Int. receiv..
Cash
$40,473
47,057
Deposits
Net debit In Inter¬
company
1936
Notes A loans pay¬
able to banks
$367,733
6,088
941
and other documents
by the various attorneys interested.
time the referee set Feb. 25 as the date for the next creditors
(Subsidiary companies Aug. 31)
Assets—
Cash
Chronicle
Gross profit
(after deduct'g sales taxes)
service, admin, salaries and
Selling,
all other expenses
Directors' fees
...
;
28,677
30,493
$106,947
34,720
$115,925
34,720
Note—Included in the costs and expenses
Directors' fees, $2,982; remuneration
for 1936 are the following:
tp executive officers, $44,728; legal
fees, $2,655, and depreciation, $21,782.
Consolidated Balance Sheet Sept. 30
Including Kelvinator, Ltd., England, and Leonard Refrigerator Co. of
Canada, Ltd.]
:
AssetsCash
1936
x
accrued charges
$232,860
Notes A accounts
Receiv.
41,562
432,635
Dom.
154,723
28,524
279,484
Kel¬
sales
Corp.,
Inventories
Charges
Res.
for losses
121,226
40,279
supplies,
11,832
15,213
2,500
z
sell,
24,892
496,000
500,000
553,418
ing fund
sur¬
plus account
x
$1,575,402
After
1935.
y
1935.
x
137,499
500,000
Cap. surp. re sink¬
422,741
Consol. earned
Total
106,500
162,191
_
496,000
131,393
Common stock.
$1,404,5071
Total
$1,575,402 $1,404,507
reserve for doubtful accounts of $18,750 in 1936 and
$14,834 in
After reserve for depreciation of $133,423 in 1936 and $115,447 in
Represented by 100,000 no-par shares.—V. 143, p. 1722.
of
railway
railway
p.
616.
1936
1935
1934
1933
$2,057,836
def58,091
$1,968,269
406,759
78,038
$1,952,676
772,655
434,812
$1,872,797
769,084
493,849
25,525,378
5,909,185
797,449
23,79^,826
5,363,467
540,687
24.227,481
7,080,899
2,372,922
24,068,582
8,682,594
4,230,658
305,519
Gross from railway
Net from railway
—V. 144, p. 616.
Los Angeles Gas & Electric
The corporation announced
mortgage bonds, series of 4s,
the
outstanding 20-year 5H% debentures, series A, due 1948,
were called on Jan. 29, 1937, for redemption on March 1,
1937, at 102 and
accrued interest.
Payment will be made at the City Bank Farmers Trust
Co., New York City.—V. 143, p. 3321.
Kreuger & Toll Co.—Distribution—
that
all
Corp.—Advance Payment—
holders
of
its
first
and
general
due 1970, may now receive payment, in
advance of maturity, at a price of 105 and accrued
interest to March 30.
As a result of the voluntary sale of a
part of the utility properties of the
corporation to the City of Los Angeles, the bonds will become
due and
payable on March 30.
The bonds may be surrendered at
any time for
payment to Bankers Trust Co., New York, Security-First National
Bank
of Los Angeles, or American Trust Co., San
Francisco.—V. 143, p. 3321.
Louisiana & Arkansas Ry.December—
Gross from railway
Net from railway
Kendall Co.—Bonds Called—
All
Gross from
Net from
Net after rents
$100)
Patents, good-will,
Loew's, Inc.—50-Cent Extra Dividend—
The directors have declared an extra dividend of 50 cents
per share in
addition to a regular quarterly dividend of 50 cents
per share on the
common stock, no par value, both
payable March 31 to holders of record
March 12.
An extra of $1 was paid on Dec. 31 last; extras of
50 cents
were paid on Sept. 30 last and on Dec.
31, 1935, and extras of 75 cents per
share were distributed on Dec. 31, 1934, and on Dec
31, 1929, while an
extra of $1 was paid on Dec. 31. 1931, and 1930,—V.
From Jan. 1—
7% cum. sink, fund
pref. stock (par
tools, def. chgs.
Atravelers'advs.
Payment will^be^made at the Harris Trust & Savings Bank, Chicago, III.
Net after rents
21,665
on
vinator Corp...
140,282
Libby, McNeill & Libby—Bonds Called—
A total of $313,000 first mortgage 5%
15-year gold bonds, due Oct. 1.
have been called for redemption on April 1 at 103 and
interest.
1942,
December—
58,256
11,125
Def'd Ilab. to Kel¬
147,890
1937—Month—1936
1937—12 Mos.—1936
$2,091,568
$1,862,543 $37,155,908 $32,192,296
144,
war¬
notes rec. disc'td
furn. A fixtures.
&
taxes
for
—V. 144, p. 616.
$67,732
income A
ranty contraots.
Land,
leasehold
premises, bldgs.,
mach'y A equip.,
develop.
rights
1935
Corp.—Sales—
Long Island RR.—Earnings—
Res. for guar. serv.
Detroit..
Factory
$102,646
.
Res. for British A
183,851
from
vinator
1936
Accts. payable and
$334,890
receivable
y
Liabilities—
1935
hand and
on
in banks
Lerner Stores
Period Ended Jan. 31—
Sales
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
-Earnings—
1936
$464,912
1935
1934
1933
132,486
88,336
$409,856
133,980
93,061
$383,213
123,845
72,988
$330,076
118,758
68,702
5,537,818
1,783,113
1,090,601
4,792,102
1,669,106
1,132,072
4,467,631
1,526,027
1,007,116
4,124,940
1,433,061
919,772
—V. 144, p. 109.
'A
distribution at the rate of $23.13
per $1,000 of secured debentures
deposited will be made on Feb. 18 to holders of deposit certificates issued
by the protective committee of which Grayson M.-P. Murphy is Chairman,
according to an announcement made Feb. 1 by Mr. Murphy.
On registered
certificates payment will be made by checks mailed to the holders of record
on
Feb. 11, while holders of bearer certificates of deposit may present
them on and after Feb. 18 at Guaranty
Trqst Co. ,New York, or, depending
on the form of certificate, in
London, Basle or Stockholm.
Mr. Murphy
stated the payment
the
committee
as
a
See also V. 144, p.
represents a redistribution of the funds collected by
first dividend from the American bankruptcy estate.
778.
P.
Coffin
Adjourned—
adjourned the hearing
on
the motion to
ex¬
punge or subordinate the claims of holders of American certificates of the
participating debentures issued by Kreuger & Toll until April 29.
The
session held on Jan. 28 was entirely consumed by the submission of briefs
Net after rents
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
1936
Ry.—Earnings—
1934
1933
defll,823
1935
$82,758
16,245
"
2,429
$63,665
22,446
15,948
$64,965
17.819
2,712
1,252,844
176,274
def71,480
969,906
215,855
44,923
952,999
217,216
23,878
def 1,843
$99,419
4,617
—V. 144, p. 109.
American Holders' Hearing
Referee Harold
Louisiana Arkansas & Texas
December—
Gross from railway
Net from railway-
840,409
161,344
PS? Louisville & Nashvillethe
RR.—Plans Equipment Issue—
has applied
'The company
to
Interstate Commerce Commission for
authority to issue and sell $4,950,000 2U% serial equipment trust cer¬
care of the bulk of the cost of new
equipment
tificates, series G, to take
—V. 144, p. 616.
942
Financial
Lower-Austrian Hydro-Electric Power Co.—Interest—
The interest due Feb. 1, 1937, on the guaranteed 20-year closed first
mortgage sinking fund 6H% gold bonds, due 1944, was paid on that date.
—V. 143, p. 761.
Ludlow Mfg. Associates—$2 Dividend,—
Luther Mfg. Co.-—Dividend Increased—
The company paid a dividend of $1.50 per share on the common stock, par
on Feb. 1 to holders of record Jan. 19.
A dividend of $1 was paid
on Nov. 2, last, this latter being the first dividend paid on the common
$100,
stock since Aug. 1, 1934 when $1 per share was also distributed. Dividends
of $1 per share were paid each quarter from Nov. 2, 1931 to and including
May 2, 1932.
were
Prior to Nov. 2, 1931 regular quarterly dividends of $2 per
distributed.—V. 143, p. 3003.
Month of January—
1937
$2,509,664
common
(5) It is agreed that the number of shares to which each of the two
options contained in the original agreement refers shall not be affected in
any way by the consummation of the recent plan of reorganization and re¬
capitalization of the company.
(6) The determination of "market price" under the terms of the option
agreement as amended shall not be affected by the issuance of any stock
pursuant to said plan of reorganization and recapitalization.
(7) The determination of the book value of the stock to which Mr.
McKinsey's second option relates shall not be affected by the consummation
reorganization, and in determining such book value there is
to be allocated to all preferred stock outstanding the par value of
such stock plus any and all dividends in arrears, and the balance of the
equity in the corporation shall be allocated to the common stock.—V.
of the plan of
first
144, p. 284.
Martin-Parry Corp.—Listing—
Co., Inc. (& Subs.)—Earnings
9 Months Ended Sept. 30—
,
Gross sales, less discounts, returns and allowances.
1936
$7,327,275
Mechanical, delivery, editorial and circulation costs
3,360,108
Balance
282,517
243,557
1,911,120
29,707
$1,052,608
Net income from operations...
$768,541
57,328
Total other income
59,832
Total gross income
$1,112,441
7,049
142,500
1,800
99,770
116,052
debt
Interest on long-term debts
Miscellaneous interest
Minority interest in subsidiary
Provision for Federal income taxes
$825,869
$745,268
funded
on
$517,358
Net income
Condensed Consolidated Balance Sheet Sept.
Assets—
16,580
142,500
94,874
54,556
30, 1936
Liabilities—
Cash
Accounts
$754,226
1,309,382
796,745
96,718
508,999
112,228
366,554
a585,642
Value of life insurance
Other assets, less reserves
Prepaid & def'd expenses
Inv. in assoc. cos., less res..
stock
Real estate (net)
Minor, int. In subsidiary
5,362,384
i.
Accts. & notes rec., less res've
Inventories
Treasury
$3,174,654
40,799
95,740
85,186
2,353,071
43,355
Selling, general and administrative expenses
Provision for doubtful accounts
Interest
1935
$6,123,554
2,948,900
$3,967,167
41,770
97,536
96,306
Maintenance and repairs
Deprec. & deple. or charges in lieu thereof
Taxes (other than income taxes)
Rents and royalties
Common stock (600,000 shs.)
Furniture and fixtures
1
Pub. titles, copyrights, &c._
Total
10,068,838
$19,961,718
payable
Acer, liabil. & tax provisionsNotes pay. to banks (current)
Notes payable to banks
Mortgage (due 1944)
Secured serial
notes
Reserves
Capital surplus
Earned
surplus
Total
$310,964
689,793
120,000
704,259
3,800,000
413,750
1,133,440
1,106,369
3,000,000
4,644,089
4,039,052
$19,961,718
32,018 shares at $705,112, less reserves to reduce the foregoing to the
as of Dec. 31, 1935, $119,469.—V. 144, p. 779.
a
market value
McLellan Stores
1937—Month—1936
$1,247,732
authorized the listing of 50,000 addi¬
The New York Stock Exchange has
tional shares of capital stock (no par) on official notice of issuance pursuant
to the offer to stockholders, making the total amount applied for 175,000
sbs«r6s
The company
to subscribe to
intends to offer to stockholders of record Feb. 10 the right
4-10ths of a share of stock at $9 per share in respect of each
The right of subscription will expire at 3 o'clock p. m.
share of stock held.
(Eastern Standard Time) on March 2.
fers of warrants are to be made at the
Subscriptions, payments and trans¬
office of the transfer agent, Lawyers
Trust Co., 160 Broadway, New York.
Sandsdown Corp., 19 West 44th St.,
New York, has agreed to purchase
$9 per share so much of the 50,000 shares as will not be subscribed for
by stockholders.
Its compensation for this underwriting is to be an under¬
writing commission of $22,500.
The proceeds of the sale of the stock at $9 per share will be $450,000, less
underwriting commission of $22,500 and less other expenses in connection
with the issue, estimated to be $8,500.
Accordingly, the net proceeds of
the sale of the stock are estimated to be $419,000.
at
The underwriter, Sandsdown Corp., was organized in New York on
April 28, 1932 for the purpose of underwriting, purchasing, selling and hold¬
ing securities of all kinds.
After its formation, however, Sandsdown Corp.
remained comparatively dormant until 1936, at which time it determined to
underwrite the issue of Martin-Parry Corp. stock.
The authorized capital
of Sandsdown Corp. consists of 10,000 shares (par $1).
There are now is¬
sued and outstanding only 90 shares, while an additional 1,030 shares are
presently held in the treasury.
In order to raise funds to enter into the
above underwriting, subscriptions to 1,000 shares of the authorized capital
stock now held in the treasury were obtained at the price of $450 per share,
callable at such times and in such instalments as might be required by the
officers of Sandsdown Corp., payment to be made in cash forthwith after
demand.
The subscription agreements further provide that the obliga¬
tions of the subscribers shall terminate on May 2, 1937 as to any payments
which shall not have been demanded prior to that date.
The present officers and directors of Sandsdown Corp. are as follows:
Aubrey Romine, Pres. and director; Harold A. Pierce, Yice-Pres., Treas.
and director; and Prentice D. Ash, Secretary and director.
Net proceeds of the sale of this issue, estimated at $419,000, are to be
used for the following purposes:
(1) To pay obligation of company to Reconstruction Finance
Corporation, together with accrued interest
(2) T6 pay second mortgage, together with accrued interest
(3) Balance will be used for working capital and the payment
of operating expenses
Income Account for
=
$308,750
49,400
60,850
Three Months Ended Nov. 30,1936
Gross sales, less discounts, returns
$10,191
57,663
and allowances
Total cost of sales and expenses
Corp.—Sales—
Period Ended Jan. 31—
Sales
Mr. McKinsey agrees that he will purchase at least 20,000 shares
stock of the company under his first option before he shall be
the balance of the 50,000 shares
(4)
1936
$2,324,484
—V. 144, p. 284.
McGraw-Hill Publishing
1937
of his election.
of
McCrory Stores Corp.—Sales—
Sales
Feb. 6.
Exchange for 60 days immediately proceding the exercise by Mr. McKinsey
entitled to receive any cash with respect to
covered by said option.
The directors have declared a dividend of $2 per share on the common
stock, payable March 1 to holders of record Feb. 6.
Previously regular
quarterly dividends of $1.50 per share were distributed.
In addition, an
extra dividend of $3 was paid on Dec. 1, last.—V. 143, p. 3471.
share
Chronicle
1937—12 Mos.—1936
$1,094,350 $21,991,831 $19,944,550
$47,472
Operating loss
315
Other income
—V. 144, p. 457.
Net
Managed Investments, Inc.—Extra Dividend—
$47,157
4,665
loss
Income deductions (net).
The directors have declared an extra dividend of five cents per share in
addition to the regular
quarterly dividend of like amount on the common
stock, no par value, both payable Feb. 15 to holders of record Feb. 1.
An extra dividend of 25 cents was paid on Dec. 24, last and extra dividividends of five cents per share were distributed on Nov. 16, Aug. 15,
and May 15,1936 and on Dec. 23,1935 and Feb. 15,1934.
Income—Securities
Profit
on
securities sold
Dividends
on
Interest
investments
$119,520
33,036
11,012
__
Provision for Federal income tax.
Net profit
Dividends
per
share on 97,913 shs. common stock (no par).
$75,472
58,748
$0.77
Liabilities—
Assets—
Securities at book value
Cash
on
-
deposit
$315,590 Current liabilities
73,211 Common stock
181
Miscell. account receivable—
Div8. receiv., decl'd
Prepaid
Capital surplus
25 Undivided earnings..
25
but unpd.
expense..-
Total
x
stock
no
(125,000
$389,033
Total.
$12,141
x97,913
266,451
12,529
Capital surplus
Operating deficit
—
Statement—
The corporation has filed an amendment with the Securities and Ex¬
change Commission to its registration statement for 50,000 shares capital
stock (Y. 144, p. 759).
Company's additional shares are first to be offered present stockholders.
will take up any remaining shares and offer
publicly at an estimated price of $11.50 each.
Stockholders have
until March 2 to exercise their warrants for the additional shares.—V. 144,
p. 780.
Sandsdown Corp., underwriter,
M.
&
T.
Securities
Corp.—Liquidating Dividend—
The company paid a liquidating
record Jan. 16.—V. 142, p. 465.
dividend of $17 per share to holders of
Fire Assurance
Merchants
Corp. of N. Y.—Financial
Statement Dec. 31—
<
1936
Marine Midland
Corp.—Earnings—
1936
1935
1934
1933
after
all changes
$4,361,193
$3,912,699
$4,035,220
$4,784,483
Earns, per sh. on 5,377,501 shs. capital stock
$0.81
(par $5)
143, p. 4066.
$0.72
$0.75
$0.89
—V.
Marshall Field &
Co.—Option Modified—
The New York Stock Exchange has been notified that the option agree¬
ment entered into between this company and James O. McKinsey under
date of Oct. 7, 1935, which originally entitled him to buy up to a total of
100,000 shares of common stock no par value, of the company on the follow¬
ing basis, (1) to buy up to 50,000 shares of common stock at $10 per share
at any time between Oct. 1, 1936, and Dec. 31, 1938 (or in the alternative,
at his option, to receive a sum of money equal to the amount by which the
market price, as defined in the contract, of 50,000 shares of common stock
then exceeds the sume of $500,000), and (2) if contract of employment is
in effect on Dec. 31, 1937, Mr. McKinsey may buy any part of an addi¬
tional 50,000 shares of common stock thereafter and before Dec. 31, 1940,
at the book value of the stock as of Dec. 31, 1937, has been modified by a
contract entered into between the company and said James O. McKinsey
on
Jan. 5, 1937.
The changes in the original agreement made by the
modifying agreement are summarized as follows:
(1) The period within which the first option covered by the contract
had to be exercised was extended from Dec. 31, 1938, to Jan. 10, 1939.
The right of Mr. McKinsey to receive cash on account of any part
of the 50,000 shares covered
shares.
by the first option is limited to 30,000 of such
(3) The definition of "market price" on which the amount of cash to
be received by Mr. McKinsey would be based, is changed from the average
daily market quotations, as stated in the original contract, to the average of
the mean daily market quotations of the stock on the New York Stock
1935
$
$
Liabilities—
3,824,104
Bonds, stocks, &c.13,331,966 11,501,156
Bond & mtg. loans
406,755
1,119,670 Losses payable—
930,792
300,229
Real .estate
911,281 Taxes, &c
1,091,514
Unearned prems..
(Marine Midland Corp. & its constituent banks, trust companies & affiliates)
Calendar Years—
$
1936
1935
$
Assets—
Consolidated Operating Statement—Year Ended Dec. 31
(2)
48,000
1,000,000
138,344
441,267
$1,058,804
Total
$1,058,804
Amends Registration
$389,033
Represented by 97,913 no par shares.—V. 144, p. 284.
Consol. oper. profit
—
shs.,
par)
them
Balance Sheet Dec. 31,1936
v
Mortgage payable (officer)
Capital
$5,419
8,307
300,000
45
Expenses
Earnings
—
(RFC)
Mortgage payable
29,297
153,434
588,631
5,441
Prop., bldgs. & equip., less res.
Prepaid expenses
payable
Accrued liabilities—
10,445
Property & equip, (not used).
Total
Total
Accounts
$271,556
receivable, less res've.
$106,965
12,510
investments
on
Liabilities-
Assets—
Cash..
Inventories, less reserve
$559,640
452,675
sold
Cost of securities sold
Balance Sheet Nov. 30, 1936
Accts.
Earnings for Year Ended Dec. 31, 1936
$51,821
Loss for period.
Voluntary reserve.
Prems. received,&c
554,243
476,368
Interest accrued..
21,619
19,658
Capital
2,111,664
1,179,753
Surplus
Cash
18,041,798 15,207,886
144, p. 781.
Total
—V.
Total...
1,000,000
2,500,000
10,010,710
3,724,159
418,256
300,499
1,000,000
1,750,000
8,014,972
18,041,798 15,207,886
J* Mathieson Alkali Works (Inc.)—Earnings—
1936
1935
1934
1933
$3,713,010
1,684,691
$3,019,263
1,429,128
$2,529,995
1,171.511
$2,554,414
1,137,521
$2,028,319
$1,416,893
Calendar Years—
Earnings
Deprec., depl. & obsol..
x
$1,590,135
$1,358,484
89,090
80.840
35,096
28,588
$1,939,229
310,749
$1,509,295
149,519
$1,323,388
157,552
$1,388,305
164,227
$1,628,480
166,439
1,245,745
$1,359,776
166,439
1,246,086
$1,165,836
166,437
1,154,020
$1,224,078
166,876
934,989
•
Interest
(net).
Federal taxes.
Net income
dividends
•Common dividends
Preferred
_
$154,621 sur$122,213
830,714
623,263
y$1.20
y$1.70
x After
deducting manufacturing, general and selling expenses, (but
includes income from other operations),
y Net earnings for 1934 of $1.20
a share on the common are calculated on the basis of 830,714 shares of
common stock outstanding, whereas the net earnings of $1.70 a share for
1933 are on the basis of 623,263 shares of common, the increased amount
for the year 1934 representing the additional common stock sold by the
company to finance the cost of its new plant at Lake Oharles, La,
Deficit
Shs.
com.
Earns,
^
stk. (no par).
per
share
$216,296
830,428
$1.76
$52,749
830.663
$1.44
Volume
Missouri & Arkansas
Balance Sheet Dec. 31
x
Cash
807,209
Notes & trade
523,909
6,213
5,526
ac¬
ceptances receiv.
Accounts
Accrd. taxes,
receiv'le
823,585
1,820,523
,041,487
(less reserve)-..
Inventories
,808,161
Balance receivable
Deferred
charges.
of deposit
.
894,780
185,572
34,261'
29,644
63,322
53,062
Electric
Service
Net from railway......
Net from rents
West
Co.—Middle
160",870
Corp. Acquisition Approved—
239,098
The Securities and Exchange Commission has approved the acquisition
by Middle West Corp. of 12,687)^ shares of common stock of Missouri
Gas & Electric Service Co. to be issued by the company under a plan of
148,434
Approp. for retire.
of pref. stock
Missouri
Deferred
Cash in bank under
ctfs.
922,581
185,804
178,953
271,454
281,534
2,269
680,559
118,640
turnable)
liability.
194,547
228,316
160,870
Mlscell.oper.res_225,518
Free surplus
5,428,985
61,986
239,948
exp.
def203
1,043,008
185,529
Res. for conting__
117,513
226,556
258,316
310,727
250,704
from employees.
Development
defll,626
—V. 144, p. 111.
to customers (re¬
Investments
*933_„
$76,549
13,310
$58,949
5,569
From Jan. 1—
Gross from railway
218,708
423,161
1934
1935
$71,092
defll,104
def22,405
$92,929
6,336
Net after rents
pay¬
rolls, &c.
Containers charged
Ry.—Earnings—
1936
Gross from railway
Net from railway__
2,377,700
stock.2,377,700
y Common stock.
16,024,769 16,024,769
424,330
Accounts payable,.
338,701
950,000
Notes pay to bks.
300,000
Preferred
21 ,434,728 22,061,817
Property acct
December—
%
Liabilities—
$
$
1935
1936
1936
1936
Assets—
943
Chronicle
Financial
144
1,019,270
Treasury stock). Dr518,411
z
5,269,500
967,000
Dr514,023
Gas
&
of the Bankruptcy Act., which plan
1936.
Gas & Electric Service Co. ex¬
emption from the necessity of filing a declaration under the Utility Act
covering the issuance and sale of $1,476,630 first mortgage bonds, series A,
and 25,375 shares common stock (no par).
The securities are to be issued
under the plan of reorganization.
The plan of reorganization as approved provides in substance:
The issuance of $90 of the hew first mortgage bonds, series A, in exchange
for each $100 of previously outstanding first mortgage and refunding 6%
under
reorganization
Section 77-B
confirmed by the Court on on July 22,
was
The Commission also granted Missouri
Total
26,203,425 26,296,9051
26,203,425 26,296,905
Total.._r
After, deducting depreciation of $12,563,263 in 1936 and $11,137,661
y Represented by 858,191 shares of no par value,
z Represented
by 27,763 (27,528 in 1935) shares of no par value.—V. 143, p. 2685.
x
in 1935.
Mead
Corp.—New Director—
Rufus I. Worrell has been elected
p.
director to fill
a
a
vacancy.—V. 144,
780.
foldgold bonds, seriesdue due July 1, 1957. first mortgage and refunding
bonds, series A, B, Sept. 1, 1944, and
%
The 25,375 shares of new common
Merchants & Miners Transportation
Calendar Years—
Net income after deprec.,
interest & Fed. taxes..
Shs. cap. stock (no
Earnings
per
par).
share
1934
1933
$641,130
236,902
$2.71
x$685,591
236,902
$2.89
,
I
Co.—Earnings—'
1935
1936
$400,380
236,902
$1.69
$581,522
236,902
$2.45
x After provision for surtax on undistributed profits.
For the quarter ended Dec. 31, 1936, net income was $134,752 after
charges, Federal income taxes and after deducting surtax on undistributed
earnings for the entire year 1936, equivalent to 57 cents a share.—V. 143,
p. 4007.
Michigan Associated Telephone Co.—Accumulated Div.
The directors
accumulations
have declared
on
a
dividend of $4
per
Aug. 15, and on May 15, 1936.
A dividend of 50 cents per share was paid
on Feb. 15, 1936 and one of $1 per share in July, 1935. this latter being the
first dividend paid on the pref. stock since Feb. 15, 1933, when a regular
quarterly distribution of $1.50 per share was made.
Accumulations after the payment of the current dividend w{
amount to
$12.50 per share.—V. 143, p. 3153.
Operating revenues
Uncollectible oper. rev._
Operating expenses
Operating taxes
_____
Net operating income,
$640,105
$1,103,984
Gross from
1935
$8,109,861
2,071,705
1,148,555
$6,420,818
1,309,971
544,677
$5,520,572
663,077
39,393
$5,160,221
758,161
153,028
Gross from railway
90,421,931
Net from railway
22,189,059
11,047,320
74,550,935
13,800,751
5,230,583
73,435,591
15,055,141
6,118,046
67,953,779
15,506,336
6,923.548
Net from railway
after rents
Net
$112,146
76,388
58,612
$91,870
36,570
1,534,719
701,830
railway
railway
1—
From Jan.
Net after rents
144, p. 458.
1,328,169
599,565
421,752
1,319,981
582,567
1,358.308
611,625
414,103
Net sales
Cost of sales
485,878
407,353
—
2,562,009
Cr75,103
a330,000
120,000
$1,261,505
846,765
$633,190
409,725
of Northern States Power Co., a registered
holding company, has filed a declaration (43-30) under the Public Utility
Holding Company Act of 1935 covering an amendment of a trust indenture,
dated April 1, 1916, securing $42,070,000 of general mortgage bonds.
The indenture would be changed to conform substantially with a proposed
Indenture from the Northern States Power Co. to Harris Trust & Savings
Bank, to be dated Feb. 1, 1937, under which the declarant's bonds will be
pledged in connection with the plans of Northern States Power Co. to re¬
fund its 1st & ref. mortgage 25-year gold bonds, and to permit the with¬
drawal of certain securities of subsidiary companies from the lien of the
trust indenture dated April 1, 1916.
All the bonds and all the stock of the
declarant are owned by Northern States Power Co.
Opportunity for hearing in this matter will be given on Feb. 9 in Wash¬
ington, D. C.—V. 143, p. 4007.
539,251
Net profit....
in the manufacture of pneumatic control systems for
large commercial buildings such as school houses, court
houses, office buildings and hotels.
It also manufactures self-contained
regulators for use on steam, hot water and warm air heating systems, as
well as a system of combustion control for industrial and commercial
boilers.
Minneapolis-Honeywell Regulator Co. has not previously manu¬
factured these types of instruments.—V. 144, p. 457.
company engaged
use in public and
-Earns.
1936
1935
1934
1933
$1,946,759
225,299
def44,661
_
From Jan.
$1,717,624
183,005
def35,842
$1,613,291
174,609
def81,114
$1,949,106
444,736
223,289
26,551,952
5,706,903
2,005,933
23,728,780
4,288,981
1,478.904
22,371,582
4,167,975
1,243,926
22,293,596
4,299,726
1,016,850
1-
Gross from railway.
Net from railway.
_
Net after rents
—y. 144, p.
—.
....
....
profits tax.
$65,000 provision
or
hitherto^ classified as selling expenses (amounting to $662,806
now deducted from sales,
c Includes treasury stock.
Balance Sheet Dec. 31
Includes
b Charges
in
1933)
1936
railway
Net from railway
$80,384
defl4,407
Net after rents
def27,889
From Jan.
Gross from
1935
$61,983
988
1,097
are
1934
1933
$43,689
2,906
def2,371
b
307,371
Capital stock..11,000,000
Accts. payable—
187,304
Notes payable.... 2,000,000
631,167
533,877
Customers
Accts.receivable..
3,281,050
2,227,326
balances
Trade accept, rec.
40.341
18,039
Accruals
Other accts .& advs
39,962
22,548
Reserve
Investment securs.
31,000
31,000
Land,
building,
equipment, &c._ 6,895,735
Cash..
Notes
—
rec.
920,228
202,302
—V. 144, p. 111.
726,033
87,565
108,502
railway
Net from railway
Net after rents
25,616
632,174
43,051
defl8,437
604,360
52,116
def20,494
•
164,229
164,229
8,148,669
8,300,175
a
Mississippi Power Co.—Earnings—
of Commonwealth & Southern Corp.
1936—12 Mos.—1935
1936—Month—1935
$252,060
$3,103,242
$2,773,989
$272,972
1,868,987
172,195
2,036,030
203,519
85,000
17,900
108,000
9,000
447,613
37,076
602,915
186,744
21,088
253,092
253,062
21,088
A Subsidiary
Oper.
exps.
and taxes.
Prov. for retire,
__
reserve.
Int. & other fixed chgs..
Divs.
on
pref. stock
424,113
5,033,310
Treasury stock..
Dr48,587
19,518,746 18,850,136
After
depreciation
of $6,234,758
Mohawk Hudson Power
See
332,439
Earned surplus...
1936
and
Balance.
...
144, p. 111.
.def$147,380
$3,799
$103,234
$119,297
92,784
136,590
136,575
424,113
4.618,570
Dr48,588
c
in 1935.
Treasury
Corp.—Merger Approved144, p. 285.
Ltd.—Accumulated Dividends—
$1.75 per share on account
7% cum. pref. stock, par $100, payable April 1
A like dividend was paid in each of the eight
The directors have declared a dividend of
to holders of
record March 15.
each of the four preceding quarters,
share paid on Feb. 20, 1934.
The current dividend will be paid
ffinds.
Non-residents of Canada will be subject to a 5% tax.
After the payment of the current dividend accruals will amount to $49
per share.—V. 143, p. 3639.
and $3 per
in Canadian
Monongahela Ry.—Earnings
December—
1936
•
156,339
after rents
144, p.
$325,886
205,410
104,767
4,716,390
2,894,341
1,470,538
Net from railway
—V.
$276,282
142,690
38,113
3,844,798
2,300,186
1,114,371
3,820,585
2,249,309
1,066,544
3,584,699
2,251,972
1,166,000
1—-
Gross from railway.
Net
1933
1934
1935
$349,025
206,533
100,935
$453,079
284,054
Gross from railway
112.
RR.—Equipment
Trust
Bonds
Awarded
to
Prudential Insurance Co.—
Jan. 29 authorized the com¬
exceeding $700,000 equipment trust bonds, series C,
The Interstate Commerce Commission on
and accrued interest in connection with the procurement
of certain equipment.
Invitations to bid for the purchase of the bonds at not less than par and
accrued interest from Jan. 1, 1937 to the date of delivery were sent to 11
firms.
101.29
bids were received.
The highest bid,
was made by the Prudential Insurance Co. of
accepted.—V. 144, p. 617.
In response thereto, three
and accrued int.,
America, and has been
(Wm. R.) Moore Dry Goods Co. —Earnings—
1936
Calendar Years—
-V.
$5,724,117
treasury stock,
Niagara Hudson Power Corp. below.—V.
Monarch Knitting Co.,
2,100,000
....19,518,746 18,850,136
Total
in
b Represented by 550,000 shs. par $20, incl.
stock at cost, 3,700 shs.—V. 143, p. 3849.
390,090
Fed'l
—
Capital surplus-..
c
Total
500,973
89,192
for
taxes..
11,000,000
credit
Dividends payable
& advs.
(non-curr.)
pany to issue not
to be sold at 101.29
Period End. Dec. 31
Gross revenue
7,245,571
286,591
Prepayments
Montour
1—
$
$
Liabilities—
$
8
1935
1936
1935
1936
Assets—
a
From Jan.
$43,054
def9,229
def9,831
undistributed
Federal
Net after rents
Mississippi Central RR.—EarningsDecember—
550,000
$0.63
$2.29
Net from railway
781.
Gross from
$348,272
550,000
Nil
550,000
$1.16
preceding quarters as against $1 paid in
[Including Wisconsin Central Ry.]
railway
$348,372
550,000
Earnings per share
of accumulations on the
Net from railway.
after rents
def$73,568
137,025
$223,465 def$210.593
$414,740
Balance, surplus
capital stock out¬
standing (par $20)-..
Regulator Co.—Acquisition—
The company announced that it has entered into an agreement for the
acquisition of the business and assets of National Regulator Co. of Chicago
in exchange for 5,700 shares of 4% conv. pref. stock, series B, of Minne¬
apolis-Honeywell
Regulator Co.
National Regulator Co. is a small
Gross from
Cr42,036
Shs.
c
Inventories
Net
$4,617,663
gen.
Dividends paid
a
Minneapolis General Electric Co.—To Change Indenture
December—
62,520,751
529,934
1,647,036
065,591
61,000
$2,390,850
531,746
1,974,709
$3,815,592
530,346
2,551,910
Crl9,855
Gross prof, on trading
27,588
The company, a subsidiary
Minneapolis St. Paul & Sault Ste. Marie Ry.
1933
1934
$9,561,357 b$8,709.779
6,189,028
7,170,507
1936
1935
$17,591,646 $13,901,592
12,973.983
10,086,000
Calendar Years—
—V. 144, p. 110.
Minneapolis-Honeywell
Mills, Inc.—Earnings—
Mohawk Carpet
1933
$115,549
61,698
47,542
Net after rents.
-
1933
From Jan. 1—
Gross from
Net from
and will
(Further
1934
Prov. for Fed. inc. taxes
1934
$132,939
43,406
22,173
railway
railway
Net after rents
RR.—Earnings—
Depreciation
1936
,
1935
$7,434,250
RR.—Earnings—
,
1936
Sell.,
Midland Valley
Net from
Missouri Pacific
December—
Gross from railway
& admin, exps.
Int.& misc. charges—net
$9,947,100
—V. 144, p. 285.
December—
,
preferred and common) of the existing company, now held by it,
extinguish and cancel the open account in the amount of $5,262.65.
details of plan were given in V. 143, p. 2526.)—V. 144, p. 457.
1836—12 Mos.—1935
$2,921,469 $36,697,019 $32,790,936
65
41,094
37,209
1.950,271
22,376,526
21,435,852
331,028
4.332,299
3,883,625
$3,301,660
7,922
1,785,922
403,832
stock.
The Middle West Corp. is the owner of all of the notes payable, which
aggregate $431,972.
As collateral security for such indebtedness, it holds
$224,000 of first mortgage and refunding 5% gold bonds.
It also owns
2,000 shares of $6 cumulative preferred stock and 8,698 shares of common
stock (being all of the common stock outstanding).
It also owns an open
account in the amount of $5,262.
As additional consideration for the is¬
suance to it of new common stock in exchange for notes payable on the
basis of one share for each $34,047 of notes payable, the Middle West Corp.
will surrender for cancellation and retirement the bonds and stocks (both
—V.
Michigan Bell Telephone Co.—Earnings—
1936—Month—1935
common
share on account of
the 6% cumul. pref. stock, par $100, payable Feb. 15 to
Dividends of $2 per share were paid on Nov. 14,
holders of record Jan. 30.
Period End. Dec. 31—
stock will be delivered to the holders
preferred stock and notes payable as follows: In exchange for each
share of $6 preferred stock, there will be issued one share of new common
stock; for each share of $7 prior lien preferred stock, there will be issued
1 Yi shares of new common stock; and for each $34,047 (approximately)
principal amount of notes payable, there will be iissued one share of the new
of old
of the
outstanding convertible and non-convert ble first mtge. 7%
serial gold bonds have been called for redemption on March 1 at par and
interest.
Payment will be made at the Mercantile-Commerce Bank &
Trust Co., St. Louis, Mo.—V. 143, p. 4007.
.
,
,
Mengel Co.—Bonds Called—
All
Net earnings after
Dividends
allowing for all taxes, exp.,
&c.
1935
$425,071
397,624
$250,181
198,927
944
Financial
Balance Sheet Dec. 31
r
Assets—
1930
Cash
Bills
receivable
700,520
_
employees
3,121
953,005
130,441
b Inventory
c
Real estate
c
Fixtures & equip.
R.
Moore
1
$5,430
for
of the debentures will be used for general corporate purposes.
37,278
dend payable...
Reserve
of such net proceeds will be used by the company to purchase notes and
other receivables in the ordinary course of its business or may be advanced
taxes
^contingencies.
203,242
Capital stock
2,500,000
Undivided profits.
441,427
121,230
2,500,000
413,980
1
receivables.
V-
.
stock
or
8,859
8,833
37,500
to RFC
Total
a
60,000
$3,250,195 $3,077,9191
Total
$3,250,195 $3,077,919
b Merchan¬
^
^
Motor Transit Co.—Earnings—
fPeriod End'Dec.
31—
1936—Monf/i—1935
$62,747
$54,115
30,173
29.613
8,153
7,286
6,845
5,942
Gross earnings
Operation
Maintenance
1936—12" Mos.—1935
Interest
850
$10,554
$584,772
333,601
87,351
69,708
10,092
$114,015
75.832
717
$16,723
$637,621
346,607
94,969
74,237
7,792
$84,018
86,455
$38,182
Taxes
def$2,436
Reserve for retirements
(accrued)..,
Balance
-V. 143, p. 4008.
Steamship Line—To Reorganize—
(G. C.) Murphy Co.—Earnings—HBiHiSM
""7*
Income Account for Calendar Years (Incl.
Subs.)
7"
*1936
Number of stores
xl935
195
4
*1934
189
i
*1933^
186
180
Sales..
$37,995,419 $31,597,890 $28,001,013 $21,884,789
z^Rents & miscel. income
68,433
45,377
307,011
205.395
■
F Total income
Operating expenses
Depreciation
Res. for Fed. inc. taxes..
Provision for surtax
Bond interest
Amort, of bond discount
Flood loss & expenses
I.
43,772
$2,945,278
200,000
1,622,397
$2,247,860
$1,947,342
239,900
$1,122,881
6,368,642
Preferred dividends
Common dividends
W Balance, surplus
Previous surplus
Disc.on bonds purchased
F and retired
Adjustments.
1936
Total paper purchases
Net profit after int.. Fed. income taxes, &c
$1,767,960
5.225,160
^outstanding
Income taxes,
z
A statement issued Feb. 2 affords thelfollowing:
a result of the rearrangement of its
capital structure last year, whereby
As
company eliminated approximately $600,000 of
preferred dividend
and exchanged an issue of 7% cum. 1st pref. stock for
$5.50 cum. pref. on a basis of 1 1-3 shares of new stock for each share of
old, and exchanged the 7% class A cum. pref. stock for share for $2.50
non-cum. class A pref., the company has greatly
strengthened its position.
At Dec. 31, 1936, current assets totaled $2,861,000.
Current liabilities
were
slightly in excess of $1,000,000 and represented ordinary notes,
acceptances and accounts payable, there being no bank indebtedness.
Net current assets were $1,821,000, compared with $1,600,000 at June
30,
1936.
The company .mow has ample bank credit, has established con¬
servative reserves against Its instalment account receivable, and is other¬
wise in excellent position to take full advantage of the
increasing sales
volume which appears to be in prospect.—V. 143, p. 3327.
accumulations
National
poned—
National Rys. of
$5,225,160
1,947,342
149,938
$3,495,202
1,335,294
149,938
1935
1930
* $
2,011,027
|
149,938
1936
$
Liabilities—
57,370
Accrd.exps
Deposits In closed
23,000
Real estate purch.
Life ins.—cash sur.
188,091
Res.
30,029
58,000
[ Mexican'Currency]
Period Ended Nov. 30—
Railway
Railway
24,994
4,712,020
Inventories
payable 1,132,453
taxes
Investments
23,407
Reserves
3,946,884
19,445
19,085
90,101
60,000
50,000
431,061
187,969
oper. expenses.
20
30.263
493
128.013
417,625
1,595.422
5,286,763
1.170.705
3,665,575
460,518
11,282,817
1,803.390
11,289.417
15.450.467
22,380,937
-
Deductions
Net operating'income.
Kilometers operated——
—V. 144, p. 112.
Nassau & Suffolk
Lighting Co.—Tenders—
National Cash Register Co.—Domestic Gross Orders—
Month of—
January
—V. 144,
other mtge. and
fixtures,
leaseholds,
Im-
notes..
p.
<51937
$3,356,525
1936
1935
$1,825,375 ^$1.270,000
National Discount
Corp.—Earnings—
Total.....
1,869,331
1,987,940
3,000,000
1,196,914
538,674
Discount earned, interest and service charges
Provision for Josses
—
Earned surplus... 6,883,024
Treasury stock... aDr28,140
9,491,918
Deferredjcharges..
255,593
8,189,924
235,201
0,368,041
Expenses
17.385.504
y
Common stock..
y
^Total.—
14,627,855
17,385,564
14,627,855
a
458.
p.
Ohio^Mfg.^Co.—Admittedjto ListingJandJRegis-
tration—
<
•
New York "Curb
Exchange has admitted the
%>ar, to listing and registration.—V. 144, p. 781.
Nash Motors"
Sand taxes
sh.
per
700 shares
on
it 1936
on
year—
$322,863
32,340
249,512
————-----—.———
preferred stock (7%)—
Dlvidends^on^common.stock ($6.70
—————
per
144,£p.
no
1935
Assets—
Cash
share)
———-
Liabilities-
hand A demand depos.$l,017,495
Notes receivable
5,401,049
Collateral trust
Repossessed
automobiles
hand (at cost)
Accounts payable
on
Miscellaneous claims
S193411
on
12,501
23,851
-
Prepaid expenses
a
J*19331
40,551
Automobile equipment-
Furniturejand fixtures
28,161
1
-
$1,020,7071oss$610,2271oss$16250781oss$l,188,S63
^
$0.38
:
Ni!
Nil
1936
1935
$1,287,855
$1,011,919
77,000
38,548
Net from rail way......
233.919
Net after rents—.....
163,142
k From Jan. 1—
Gross from railway..... 14,145,656
Net from rail way......
2,000,296 I
Net after rents........
1,382,842
1934
20,639
$951,750
57,125
65,811
12,301,461
12,733,702
1,180,47 L
1,684,997
523.010J
-953,544
12,381,088
1,587,857
J,992.602
73,344
-jU
tfW
National Bond^ Investment Co.—To Issue $15,000,000
Debentures—
t*The company, on'Feb/S, filed Iwlth "the Securities and
Exchange Com¬
mission (a registration ^statement 1(No. 2-2342, Form
A-2),'under the
Securities Act of 1933 (covering^,500,000 of 10-year debentures due Feb.
1947, Aand i$7,500,000 jof
79,210
17,209
-
Accrued
State,
local
1,074
and
employment taxes
Federal income
Accrued
capital stook taxes
un¬
2,031
and
79,251
-
coating., Ac-
311,204
cum. pref. (par
b Common stook
417,320
402,000
543,335
97,102
$100)
-
Capital surplus
Total
1933
$965,939
144, p. 285.
—W=-r
...
Earned surplus
Chattanooga & St. Louis Ry.—Earnings-
■"*"December—
Gross from railway..
-
Accrued expenses—-
7%
Nil
112.
Nashville
notes!payable_$3,909,9OO
Withheld from dealers.
Unearned discount
stock
~
—V.
Dividends
-
————
—————
Res. for losses,
[no par)
Jf.
stock,
*<3
^
2,645,-
com.
common
Co.—Earnings—2
r Years EhdTTtfov. 30—
Net profit after all ch'ges
arns
L*Operating'profit"for
—
111,062
395,245
92,319
79,000
Balance Sheet Dec. 31, 1936
If Murray
FThe
402 shares in treasury at cost.—V. 144,
'
.! rr... ii.666.4W
—
-
depreciation
surtax on undistributed profits,
Earnings for Year Ended Dec. 31, 1936
Interest on borrowed money
Provision for Federal .income taxes—
of $3,751,025 _J 1936 and $3,329,635 in 1935.
in
Represented by 465,000 (149,938 in 1935) shares (no par),
z Includes
After
1934
$1,076,000
286.
4,000,000
1,646,915
Paid-in surplus...
453,276
Preferred stock
provements
«
The Chase National Bank, as trustee, Is inviting tenders of first
mortgage
5% 30-year sinking fund gold coupon bonds, at prices not exceeding 105
and accrued interest, in an amount sufficient to exhaust the sura of
$65,585
in the sinking fund.
Tenders will be opened at 12 o'clock noon on Feb. 8,
1937, at the Corporate Trust Department of the bank, 11 Broad St.—
V. 143, p. 2851.
Purchase money A
Furn. &
**
1936—11 Mos.—1935
9,568,410 114.290.855 105.244.724
7,476.387
95,118,783
80,374,423
142,488
552,780
revenue—
Other income
706,552
z822,238
176,833
244,314
1936—Month—1935
9,936.743
9,065.933
oper. revenues.
Tax accruals and uncol¬
lectible
Fed. inc.
Long-term loan...
k render value
x
for
$
135,319
& other
accounts
restricted bks.
1935
$
Accts. pay.—trade
Dividends payable
1,994,391
45,338
84,577
Mexico—Earnings—
Drl7.945
■■
Cash
Corp.—Sale of Collateral Post-
.
signed by U. 8. CircuitiCourt Judge Martin T. Manton.
The stock is the
chief collateral behind $20,000,000 debentures of the
corporation.—V.144,
p. 618.
$5.90
$13.39
$11.38
$7.30
C. Murphy Co. and subsidiaries 7 y Includes State
Incl. cash discount saved in the following
years: 1934,
$191,726.
* Not consolidated,
a Consists
of net ad¬
Accounts securedOther accts. receiv.
placed
$805,738
2,707,410
Consolidated Balance Sheet Dec. 31
^Assets—
Mortgage Corp.—Liquidation—
Efforts to rehabilitate the company being futile, the
company was
in liquidation and has been dissolved.—V. 137, p. 2116.
$1,467,442
3,757,719
$265,572; 1933,
justments applicable to prior years, $29,740; premiums paid to retire
8%
pref. stock (in excess of amount charged to paid-in.
surplus), $197,562;
commissions and expenses'in connection with sale and issue of
capital stock,
$156,196; transferred'to reserve for contingencies, $200,000, and transferred
to-jeserve for-employees' relief. $25.000.
-*M
_
1935
$1,867,000
121,400
$0.42
the
Earnings for G.
x
1936
$2,206,000
197,400
$0.92
profit after charges and prov. for ord. taxes-Earns, per sh. on 153,948 shs. com. stock (no par)_
240,000
239,900
Pr624,477
$6,368,642
2,247,860
Corp.—Earnings—
The sale'of 721,411 shares of common stock of Jersey Central Power A
Light Co. has again .been postponed until Feb. 10 from Jan. 29 by an order
240,000
464,598
per share
National Manufacture & Stores
6 Months Ended Dec. 31—
Sales
$1,285,638
240,000
239,900
shares
common
y After provision for surtax on
$283.323.—V. 143, p. 3640.
National Public Service
$6,883,024
2,945,278
1935
$124,110,378 $87,471,089
y2,562,115
xl,498,200
undistributed profits in the
Revised,
amount of
163,889
25,000
Dra608,499
rofit & loss, surplus.
Net available for divs
Earned
,
80,520
Provision for empl. relief
of
■
$38,063,852 $31,643,267 $28,308,024 $22,090,184
33,506.395
28,313,683
25,447,744
20,145,919
503.620
450,179
401,739
304,143
y699,700
y431,062
310,578
242,432
122,200
97,770
119^964
156*849
ll2~05l
J^Net income
No.
.
•
Earnings, Years Ended Dec. 31
Net
A reorganization plan for the
company under Section 77-B of the Bank¬
ruptcy Act was filed in Federal Court, New York, Feb. 3, by a
reorganiza¬
tion committee for the company.
Judge Alfred O. Ooxe directed that copies
of the plan and forms of a ceptance be mailed to all
creditors and stockholders and set March 8 as the date for a first
hearing.—V. 144, p. 458.
5?'
tration statement.
x
F* Balance.
ST**"-
redemption, as follows:
Serie8j(1947—To fand incl. Feb. 1, 1939, 103%; thereafter and incl.
1,41941, 102%; thereafter and incl. Feb. 1, 1943, 101%; thereafter
andUncl. Feb. 1, 1945, 100)4% .and thereafter at par.
Series 1952—To and incl. Feb. 1, 1939, 104%; thereafter and incl.
Feb. 1, 1941, 103thereafter and incl. Feb. 1, 1943. 103%; thereafter
andfincl. Feb. 1, 1945, 102)4%; thereafter and incl. Feb. 1, 1947, 102%;
thereafter and incl
Feb. 1, 1949, 101)4%; thereafter and incl. Feb. 1,
1950jl01%,*and„thereafter at par.
TheVegistrationSstatement states that A. G. Becker & Oo., Inc., is expected,to be.one of the principal underwriters.
The price to the public, the names of underwriters, and the underwriting
discounts or commissions are to be furnished by amendment to the regis¬
Feb.
Par value, $1,076,500 in 1936 and
$1,107,000 In 1935.
at mills or in
transit, and unpaid invoices therefor,
Munson
•
The debentures are redeemable at the option of the company as a whole
in part after 45idays' notice, and in each case together with accrued
interest to the date of
amounting to
$51,441 in 1936 and $3,580 In 1935, are not included in the above state¬
ment.
c Depreciated.—V.
142, p. 304.
_
to one or more of its subsidiaries for use in the ordinary conduct of their
business,;or may be used by the company to replace, temporarily or per¬
manently, a portion of the funds previously obtained through bank loans
or.the^sale or commercial paper.
The proceeds of such bank loans and
commercial paper were used, it is stated, to purchase notes and other
'
Bk. depos. pledged
dise
6,
According to the registration statement, the net proceeds from the sale
Part or all
1935
$111,525
divi¬
for
Dry Goods Co.
r
1936
payable...
Reserve
4,417
703,330
100,000
Wm.
^
Accts.
Feb.
interest rate is to be furnished by amendment to the registration statement.
Liabilities—
$494,392
1,000,054
0,741
579,549
0,905
Acots. receivable.
Receivables
from
K
1935
$380,270
1,029,498
«U. S. Govt.seour.
Chronicle
15-year
debentures
due
Feo.
1,
1052.
1,
Tio
a
After
$0,523,6701
reserve
for
542,703
Total
$0,523,070
depreciation of $13,409.
b Represented by 41.924
share.
nojpar shares at a stated value of $12.96 per
National
Mich.—Stock
Electric
Welding Machine Co.,
Bay
City,
Offered—
Walter W. Tait, Detroit, recently offered 150,000 shares of
capital stock
at par ($1 per share).
Stock offered for sale in and to residents of Michigan
only.
Capitalization—Authorized capital (par $1), 380,000 shares; Issued and
outstanding, 230.000 (shares; validated for public offering in and to residents
of Michiganjonly, 150,000 shares.
Company—Was .organized and incorp. in Michigan in June, 1933, by
five or its present 'seven ^directors, each of whom represented 10 or more
years of experience'Un |the ^resistance welding field. Under the trade name
^'National," the ^company /manufactures and markets (standard and custom
built
lines
of resistance
welding
I
machines,
which
includes
manual,
air.
Volume
Financial
144
hydraulic, motor-driven automatic and semi-automatic spot, press, 3team,
flash, projection and butt welders, and special resistance welding machines.
The growth of the company is shown in the increases in its net sales
which follows:
'
Year Ended
" 10 Mos.
Year Ended
7 Mos. Ended
May 31, 1934
$109,846
Ended
Oct. 31, 1936
Dec. 31. 1935
$501,703
Dec. 31, 1934
$115,866
'
$538,824
of $100,000 and
Orders received for the month of November were in excess
$148,000.
Purpose—Net proceeds will be used for retirement of present obligations
In the amount of approximately $23,000, for additional working capital
and the expansion of the company's plant and production facilities.
unfilled orders
on
hand
of Dec. 1,1936, were in excess of
as
New
depreciation and depletion
After all charges, including interest, taxes,
eduction
Stmt before of the undistributed undistributedprovision for 1936). which is
provision for Federal profits tax profits tax in 1936, b After
$629,307, net earnings for the year are $12*541,842, equal to $5.80 per
c Preliminary earnings.—V. 144, p.
112.
share,
From Jan. 1—
Gross from railway
361,063,872 310,030,771
Net from railway---— 92,233,436
72,833,316
Net after rents
35,964,711
45,278,626
New York City
Omnibus Corp.—Listing—
has authorized the listing of 501,083
official notice of distribution and New
purchase 244,609
issuance pursuant
plan of readjustment and motorization of New York Rys.^Corp.
York Rys. Corp. purchase warrants entitling holders to
shares of the Omnibus capital stock on official notice of
the
to
dated March 19, 1935.
The stock of the bus company is to be
id
distributed as follows:
Shares
To holders of income bonds of New York Rys. (rate
$9,175,959
3,191,620
4,791,375
-
10 shs. for each
203,841
$1,000 bond)
To holders of income bonds of New York Rys. under
(rate 12 shares at $10 per share for each
warrants
incurred
expenses
_
295,084,881 283.341,102
70,913,121
75.417.808
29,160,928
33.269.163
purchase war¬
$1,000bond)—-—244,609
To Fifth Avenue Coach Co
To holders of pref. stock of New York Rys. under
Earnings for the Year Ended Dec. 31, 1936
Net premiums earned
Losses & loss adjustment expenses incurred
1933
$22,875,719
4.957.389
2,233.396
—V. 144, p. 782.
rants
National Surety Corp.—Earnings—
Underwriting
1935
1934
1936
$34,607,189 $28,227,324 $24,682,290
5,113,189
5,188,324
9,808,394
3.464,119
1,575.958
1,779,938
The New York Stock Exchange
shares of capital stock (no par) on
(& Subs.)—Earnings—
W Period End. Dec. 31— cl936—3 Mos.—1935
cl936—12 Mos.—1935"
a Net earnings
$4,628,729
$2,532,693 b$13171,149k$ll,136,451
Shs. cap. stk. ($25 par)_
2.162,277
2,156,977
2,162.277
2,156,977
Earnings per share
$2.14
$1.17
b$6,09
$5.16
a
YorkjCentral RR.— Earnings—
December—
Gross from railway
Net from railway—
Net after rents
^r
National Steel Corp.
945
Chronicle
(rate 2H shares at $17.50 per share for
*10,000
10-year option
each 10 shs. of**
F42,633
preferred)
Total shares
501,083
-
*
Underwriting profit
$1,192,963
-
Interest, dividends and
rents earned
Investment expenses
«.
779,865
-_
Dr155,504
_
Net Income before provision for Federal income taxes
Provision for Federal income taxes
$1,817,325
Net Income after Federal income taxes
Dividend paid
$1,597,325
400,000
Note—The balance sheet
of Jan. 23, page 618.
Neisner Brothers,
r Month
of—
January
—V. 144, p. 286.
as at
Dec. 31, 1936 was given in
"Ohroncile"
Inc.—Sales—
1934
1935
1936
$1,086,340
1937
$1,178,049
-
220,000
-
$984,596
$993,887
Nevada Northern Ry.—Earnings—
December—
Gross from
Net after rents
—V. 144, p.
1935
$46,500
15,511
7,316
$23,324
def2,100
def683
559,598
235,767
169,464
From Jan. 1—
Gross from railway
Net from railway.
1933
1934
1936
$54,774
24,183
16,641
railway
Net from railway
Net after rents
422,598
353.606
70,166
36,401
124,549
87,607
$21,485
defl80
1,692
270.868
def7,609
def36,495
113.
New Amsterdam
Casualty Co.—To Resume Dividends—
JFThe directors have declared a dividend of 30 cents per share on the
common stock, payable April 1 to holders of
record March l.This will
be the first dividend paid since Feb. 1, 1934, when a dividend of 40 cents
per share was distributed.—V. 144, p. 459.
New
England Telephone & Telegraph Corp.—Report—
1935
1934
1933
$50,079,146 $49,573,872 $48,905,532
15,671.597
15,186,344
14,469,001
2,280,853
2,182,712
2,352,677
Years Ended Dec. 31—
1936
Local service revenues..$52,136,670
Toll service revenues...
Miscellaneous
revenues-
Total
Uncoil
17.469.574
2,182,475
oper. revenues..
$71,788,720 $68,031,596 $66,942,928 $65,727,210
133,653
244,248
184,487
576,243
This number of shares may be reduced on further'consideration by the
District Court.
Fifth Avenue Coach Co. will also receive title^to
shares in respect of income bonds to which it has title.
U.
S.
Subsidiaries—(a) The Bus company owns all (10,000 shares) of the out¬
standing capitalstock (no par) or Madison Avenue Coach Co., Inez* The
business of this subsidiary is the operation of buses on the Madison-Fourth
Avenue route in N. Y. City.
*
(b) The Bus company owns all (10,000 shares) of the outstanding capital
stock (no par) of Eighth Avenue Coach Corp.
The business of this sub.
is the operation of buses on the Eighth and Ninth Avenue routes in*N. Y.
City.
**
(c) The Bus company owns all (100 shares) of the outstanding capital
stock (no par) of Street Railway Liquidating Corp.
This subsidiary was
incorp. pursuant to authorization of the Court, to receive certain property
of New York Rys., to liquidate it, and to assume certain liabilities in con¬
nection with the reorganization of New York Rys.
(d) The Bus company owns 60% (250 shares) of the outstanding capital
stock of Motor Coach Supply Corp.
Fifth Avenue Coach Co. owns the
remaining 50% of the outstanding capital stock.
The business of this
subsidiary is the purchase of supplies needed in connection with bus oper¬
ation.
from time to time
The Bus company commenced operation of its routes
beginning
The figures given below do not, therefore,
Feb. 12, 1936.
on
represent the results of full operation of the Bus
company's routes during
the period covered.
Preliminary Statement of Income Feb. 12 to Dec. 31,1936
Total gross operating revenues
Total operating expenses
...
-—
$5,414,493
3,451,821
$1,962,671
395.299
Net operating revenue
Taxes—City
183.028
81.708
State
Federal
17,580
Tri-Borough Bridge tolls
$1,285,053
4,109
Income from operation
Non-operating income
$1,289,163
532.872
Gross income
Total deductions from gross income
Net corporate income
*
.
Includes amount paid from profit from operations
*$756,291
for the benefit and
Rys. Corp. in the amount of $594,776 to New York
Rys. Corp. on Dec. 11,1936 and $148,952 to the Street Railway Liquidating
Corp. on Dec. 29, 1936 in accordance with orders of the U. S. District
Court, dated Dec. 4 and 30, 1936, respectively.
account of New York
Total oper.
revenues..$71,655.067 $67,787,348 $66,758,441 $65,150,968
14,610.098
13,796.759
13,906.771
13.738,310
11,807,370
11,749.235
11,610,786
11,640,813
Traffic expenses
12.630,227
12,045,780
11,854,742
11,001,346
Commercial expenses...
5,617.550
5,359,941
5,150,647
4,867,999
Operating rents
*
688,743
661,197
679,453
751,508
Gen. & miscell. expenses
5,578.227
5,482,312
5,031,543
5,039,786
Current maintenance
Depreciation
expense
Net oper. revenues...$20.722,851
Taxes...
Net oper. income
Net non-oper. income..
Income
$18,692,123 $18,524 497 $18,111,204
5,419,346
5,176,950
4,701,625
x6.869,lll
available
$13,853,740 $13,272,777 $13,347,547 $13,409,579
88,527
141,958
205,300
241,976
for
fixed charges
Bond interest
$13,942,267 $13,414,736 $13,552,847 $13,651,555
3,550.000
3,550,000
3,550,000
3,550,000
1,348,438
1,609,369
1,825.342
2,170,272
Other interest
Amortiz. of discount
funded debts
Preliminary Balance Sheet asjat Nov.530,1936
Liabilities—
Assrts—
Cash
$538,606
Accounts receivable
Interest
—
receivable
3,083
Materials and supplies
73.010
Capital stock—Motor Coach
Supply Corp
2,500
Fixed capital
10,686,576
Construction in process
15,530
Prepayments
35,341
Miscellaneous
556,235
Total
166,306
166,314
166,306
Taxes accrued
$58,875
Accounts
427,130
48,453
payable---
Payrolls
Int. on funded debt accr
15,132
8.253
Notes payable—
Adv. duetoaffil.cos
1,439,142
8,855,774
887,598
Funded debt
a
Reserves
Miscell. temporary
8,653
1.000
632,617
credits---
Capital stock
Profit from operations.-----
$12.382,630
Total
$12,382,630
on
166,306
443,897
27,852
Special deposits-
bonds, $286,015; Central crosspurchase mortgage 6% bonds, $115,000; prior lien mortgage 6%
bonds, $3,555,306; equipment obligations, $4,899,451.—V. 144, p. 459._
a
Sixth Avenue purchase mortgage 5%
town
Bal. avail, for divs...
on common stock.
Divs.
Balance, surplus
x
$8,877,523
8,667,477^
$8,089,051
$8,011,198
$7,764,976
8,000,748
8,000,748
8,000,748
$10,450 def$235,771
$88,304
$210,046
Includes $3,193 for surtax on
undistributed net income.
Gross
1936
1936
S
Liabilities—
310,333,852 306,439,884
Misc. phy. prop.
5,084,141
5,047,761
Inv. in contr.
1,400,353
1,425
1,306,894
1,443
Working funds-
1,716,194
367,134
1,562,339
444,204
Notes receivable
783
950
Accts. receivable
8,948,457
8,134,240
2,717,782
4,194,571
1,861,875
4,405,564
cos
Other invests.—
Cash
Materials A sup¬
plies
Deferred Items-
1935
$
1935
$
Assets—
Telep. plant
$
Capital stock...133,345,800 133,345,800
1st m. 5% bds— 35,000,000
35,000,000
1st mtge, 4^8-. 40,000,000
40,000,000
Real est. mtge.
2,000,000
2,000,000
.
from
Advances
Amer.T. AT.
17,100,000
Notes payable-.
9,783,853
3,205,169
Accts.
payable-
19,750,000
9.127,415
2,359,081
New York New Haven & Hartford RR.—Interest—
596,354
5,876
581,134
82,628,702
75,913,939
Corp't'n surplus
unappropr'ted
8,739,857
5,484
8,571,588
See New York Westchester & Boston
-»■
'
334,764,694 329,205,156
Total
334,764,694 329,205,156
—V. 144, p. 459.
BSf
- -flF
-r
New Jersey Bell Telephone
Co.—New Directoi
S. Bayard Colgate, President of the Colgate-Palmolive-Peet
a director of this company.—V. 144, p. 619.
Co. has been
elected
'
g'.iy-h-
"
.,£
Ry.—V.I 144, p. 782.WWW
■
-gggfc.
New York State Electric & Gas
Corp.—Bonds Called—
gold bonds due 1926 have been
and interest.
Payment will be
the Chase National Bank, New York City.
i
All of the outstanding 1st mtge. 5H%
called for redemption on April 5 at 106&
made at
_Total
■
*
Operating Agreement with Westchester Canceled—
credits
In advance—
Includes
Operations for Both Periods ^of^All Properties Now Part of New
York State Electric
Qas Corp. Irrespective of Dates Acquired
12 Months Ended Dec. 31—
1936
1935
Total operating revenues
$17,102,223 $16,260,656
Operating expenses
Maintenance
9,800,750
-
December—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
1935
-Earnings—
1934
Federal income taxes
1933
$183,349
66,165
53,402
$177,016
45,429
46,782
$136,107
24,196
47,253
$143,555
37.780
61,571
2.037,257
1,781,639
388,674
443,568
1,654.782
1,300,818
339,155
623,390
127,310
312,020
475,078
347,007
Earnings of System
Period Ended Dec. 31-
Operating revenues
Net ry. oper, income..
—V. 144, p. 113.
1936—Month—1935
$1,162,768
157.994
1936—12 Mos.—1935
$949,342 $12,242,708
991,889
71,457
$9,842,816
264,800
Other taxes
Operating income
;
Gross income
on
-
funded debt
Interest on unfunded debt
Amortization of debt discount & expense.Amortization of miscellaneous suspense
Interest charged to construction
------
-
—
-
40,522
$4,089,589
2,026,649
435,871
$3,890,081
1,915,111
330,326
131,428
100,516
Cr5,991
$1,401,115
Balance of Income
-V. 143, p. 4011.
$3,849,559
198,713
Other income
Interest
1,365,226
688,034
236,635
1,104,913
$3,890,875
——
9,016,289
1,332.317
715.003
189,047
1,174,230
-
Provision for retirements--
New Orleans Texas & Mexico Ryv
2,157,225
1,261,009
113.
1954
Deprec. reserve.
Deferred
2,73o!l65
1,999.384
billed
serv.
2,700,496
2,109,587
1,263.624
The interest due Nov. 1, 1936 on the Naugatuck RR. 1st mtge. 4%
50-year gold bonds is now being paid as well as the interest due Nov. 1,
1936 on the Harlem River & Port Chester 1st mtge. 4% gold bonds due
Subscribers' dep.
A
2,727,298
2,076,792
1,256,610
1933^
$194,687
141.282
40,836
2,910,410
Accr'd liabilities
not due
^
$229,676
175.074
134,435
2,830,931
2,193,345
1,387.771
railway
Net from railwayNet after rents
—V. 144, p.
1934
$239,081
1 63,278
101,810
Net after rents-.
From Jan. 1—
Gross from
1935 K
$256,699
200,768
98,757
from
railway
Net from railway
Balance Sheet Dec. 31
■Earnings—H
K NewvYork Connecting .RR.
1936^* ~
[^December—
fes
131,403
100,563
Cr6,307
$1,418,985
946
Financial
Newmarket Mfg. Co.—To Pay $1.50 Dividend—
The directors have declared a dividend of SI.50 per share on the capital
stock, no par value, payable Feb. 15 to holders of record Feb. 8.
A regular
quarterly dividend of $1 per share was paid on Nov. 16, last, and each
three months previously.
In addition an extra dividend of $1.50 per share
was paid on Dec. 23, last.—V.
144, p. 113.
New
York
versed in
State
Rys.—Public
Service
an
Re¬
order
dismissing
appeal of the Public Service Commission in
matter of General Finance Corp. against Maltbie and others
constituting
an
the Public Service Commission.
There
were
proceedings under Section 77-B
of the National Bankruptcy Law pending against New York State
Railways.
A committee of bondholders proposed a plan of reorganization
which, under
the law. had to be submitted to the Public Service Commission.
The
bondholders submitted the plan.
The Public Service Commission told
the bondholders that all of its staff was busy,
engaged in other matters and
that months must elapse before the plan could be
and expenses.
The arrangement was made; the bondholders paid $7,500.
The Commission turned down the plan upon the
report of its valuation
expert, who, in turn, relied upon the work of the special staff.
The General Finance Corp., a creditor, dissatisfied with the method
followed, charged that the Public Service Commission acted illegally in
availing itself of the services of persons not regularly appointed and in the
disbursement or supervision of disbursement of
pay to such
sued out ceriorari to set aside all action of the Commission.
Special
Term
dismissed
the
certiorari
order.
The
It
persons.
The Albany
Appellate
Division
dismissed the
reinstated the certiorari and the Court of
Appeals has now
appeal of the Public Service Commission from the order of the Appellate
Division.
Therefore, the Public Service Commission will have to defend
its action in accepting the services of assistants not
regularly appointed to
be paid by a private litigant having a financial interest.—V.
143, p. 3327.
New York
Susquehanna & Western RR.—Interest—
The interest due Feb. 1, 1937, on the second
mortgage 50-year 43^%
gold bonds, due Feb. 1, 1937, was paid upon presentation of bonds for
stamping, but the principal then due was not paid.
The company proposes
that nolders agree to extend the maturity of such bonds to
Aug. 1, 1940,
at the present rate of interest in accordance with a
plan and deposit agree
dated
ment
New
Nov.
21, 1936.—V. ,144, p. 783.
York
The
present
receive
one
Telephone
Co.—To
Limit
Handset
Phone
Public
conditions
as
occasions
Service
reductions
Because
was
of
issued.
and
revenue
expense
considerations
both
as
affecting
the
hand set and the company's business as a whole, the
company does not
believe that at this time its revenues should be further reduced.
However,
in view of the improvement in general
business, it has determined to make
the order effective.
The present order,
in effect last August,
together with the more general reductions placed
will reduce charges billed telephone subscribers by
than five million dollars annually.—V. 144, p. 783.
more
New York Title &
B-1
Mortgage Co.—Liquidation of Series
Approved—
I
•
Three steps in the liquidation in part of the
$5,500,000 series fi-l guar¬
anteed mortgage certificate issue of the New York Title and
Mortgage Co.
were
approved Jan. 29 by Supreme Court Justice Frankenthaler.
the steps will permit
of the issue.
amount
a
One of
2% distribution to certificate holders on the face
The other two permit reduction of two
mortgages
through acceptance of certificates by the trustees.
Ilk In one of the latter cases, the Court permitted the trustees of the issue
to accept certificates in reduction of a
$98,500 mortgage on an apartment
house at 390 Hooper St., Brooklyn.
The face value will be reduced to
$60,000, estimated to be the proper amount for a first mortgage at the end
the effective date of the consolidation.
Mohawk Hudson Power Corp 2d
of three years.
The second
case permits reduction to
$17,000 of a $20,500 mortgage
a
manufacturing plant at 393 Kent Ave., Brooklyn, by payment of
"1,500 in cash and $2,000 in certificates.
Cash for the 2% distribution will come from a payment of
$100,000 for
a
mortgage on three buildings at 642-652 Willoughby Ave., Brooklyn.
Adolph Kaufman, Ivor B. Clark and Henry Hetkin, trustees of the issue,
said that the acceptance of certificates in the other two cases was
part of
a plan for liquidating the excess in parts of
mortgages on property which
had declined since the mortgages were given.—V. 144, p. 113.
York
Westchester
&
Boston
Ry.—New
Haven
Operating Agreement Canceled—
The joint operating agreement of the road with the New Haven has been
canceled by Federal Judge Carroll C. Hincks as an encumberance to the
road's plan of reorganization.
The petition for rejection of the pact was submitted by trustee Clinton
L. Bardo who proposed a reduction of at least 50% in rental payments.
The agreement covers operations between Mamaroneck and Port
Chester,
N. Y., and 124th Street and Harlem River, New York
City.—V. 144,
p.
783.
Option Warrants of Niagara Hudson Power Corp.
Holders of class A option warrants and of class B option warrants calling
for shares of the $15 per value common stock of the present Niagara Hudson
Power Corp. shall be entitled upon appropriate action of the board of direc¬
tors of the new corporation to receive class A option warrants and class B
option warrants, respectively, of the
certificates of the
Another
corparation calling for the same
corporation.
new
Another step in the simplification
1.
Niagara Electric Service Corp., and
operating companies of the System
petition with the P. S. Commission
of the structure of the Niagara Hudson
The Buffalo General Electric Co., the
the Tonawanda Power Co., three of the
situated on the Niagara frontier filed a
for consolidation.
The petition points out that the companies now own plants and render
electric service in contiguous territory and the electric lines are inter-con¬
nected.
"It will make possible further econpmies and increased efficiency," the
petition states in regard to the proposed consolidation, "and will eliminate
the necessity for inter-company transactions and arrangements and will
facilitate the refunding of indebtedness and the financing of future improve¬
ments, extensions and betterments, all of which will be in the public interest.
"The proposed consolidation will facilitate and perpetuate the efficient
and economical operation of said electric plants and rendition of electric
service to the public within the territory described.
The proposed consoli¬
dation, if permitted, will make it unnecessary for the companies to keep
separate and distinct corporate records, statistical records, rate schedules and
make separate and distinct reports."
According to the proposed certificate of consolidation, the new corpora¬
tion is to have 1,160,000 shares of capital stock without par value and the
capital of the corporation is not to be less than $27,434,200, which does not
exceed the sum of the capital stock of the petitioning companies.
Should the proposed consolidation of operating companies be effected
the number of System companies would be further reduced to 33, from a
total of 65 in existence when the Niagara Hudson Power Corp. was formed
in
1929.
The petition was submitted by Horace L.
wanda Power
Co., and William Kelly, President of the Buffalo Niagara &
Eastern Power Corp., holding
company for the three operating
com¬
panies involved in the proposed consolidation.
New York Curb Admits
The
New
York
stocks of the
new
Approved—
Exchange has admitted to listing the following
Corp.:
($10 par) common with authority to add to the
(a) 9,581,290 shares
3,282,470 additional unissued shares of
list
common upon official notice
of class A and B option warrants.
Class A warrants entitling holders to purchase 2,784,996 sahres of
common and class B option warrants entitling holders to purchase 497,473
of issuance against exercise
(b)
shares of common.
(c) 394,553 shares of 5% first preferred ($100 par).
(d) 90,281 shares of 5% second preferred class A, $100 par, stock.
(e) 15,649 shares of 5% second preferred class B, $100 par, stock.
—V. 144, p. 460.
Noma Electric
The
Corp.—40-Cent Dividend—
directors
have declared a dividend of 40 cents per share on the
stock, payable Feb. 18 to holders of record Feb. 8.
A similar
payment was made on April 15, 1936, this latter being the first payment
made since Feb. 1, 1932, when a regular quarterly dividend of 10 cents per
share was distributed.—V. 143, p. 931.
common
Railway
holders of both corporations at separate meetings held Jan. 30.
|r The plan, approved by a combined vote of holders representing substan¬
tially more than the required two-thirds of outstanding stock, provides for
the consolidation of Niagara Hudson Power Corp. with its
subsidiary,
Mohawk Hudson Power Corp.
The vote in favor of the plan by the Niagara
Hudson Power Corp. stockholders represented 79% of the
outstanding stock.
The vote in favor of the plan by Mohawk Hudson Power
Corp. stockholders
amounted to 94% of the outstanding stock.
k' The securities of the consolidated corporation will be exchanged for those
of the constituent companies.
The proposed consolidation will accomplish a substantial step in the further¬
of the plans for unification in the interest of economy and
ance
simplicity,
on
Net
—V.
funded debt
income
144,
p.
$2,734,449 $35,055,292 $28,195,765
178,816
2,145,767
2,839,913
$3,114,301
Gross income
Int.
$2,555,632
$32,909,524 $25,355,852
783.
Northern Pacific
Ry.—Earnings—
December—
Gross from
1936—12 Mos.—1935
$6,925,843 $94,864,293 $78,037,279
3,363,364
44,716,394
33,538,114
2,777,858
34,505,424
27,303,817
def43,409
549,868
891,948
$3,293,118
178,816
Net ry. oper. revenues..
Net ry. oper. income...
two
Ry.—Earnings—
1936— Month—1935
$8,868,939
4,495,494
3,209,609
83,509
oper. revenues.
Other income items
Corp., one of the
holding companies remaining between Niagara Hudson Power Corp.
and the operating companies of the System, was
approved by the stock¬
Niagara Hudson New Stocks—
Curb
consolidated Niagara Hudson Power
Norfolk & Western
A plan for the elimination of Mohawk Hudson Power
Mann, President of the Buffalo
General Electric Co.; Rob Roy MacLeod, Executive Vice-President of the
Niagara Electric Service Corp.; Edward D. King, President of the Tona¬
Period End. Dec. 31—
Niagara Hudson Power Corp.—Consolidation of Mohawk
Albany forthwith.
Step in Simplification of Structure Taken
Power System was taken Feb.
Niagara Hudson Power Corp.
Hudson
new
number of shares of the common stock of the new corporation, as its common
stock may be constituted at the time of purchase.
Holders of stock and option warrants of the constituent companies will
be promptly notified as to the manner of exchanging their certificates for
Niagara Electric Service Corp.—To Merge—
See
Preferred Stock
Each holder, other than Niagara Hudson Power Corp., of shares of 2d
preferred stock of Mohawk Hudson Power Corp. outstanding will be entitled
at his election to receive either (a) one share of 2d preferred stock, 5% series
A, and 1}4 shares ($10 par) of common stock of the consolidated corpora¬
tion, or (b) seven shares ($10 par) of common stock of the consolidated
corporation.
If a stockholder does not exercise either of such rights of
election upon the consolidation becoming effective he will automatically
receive one share of 2d preferred stock, 5% series B, which will carry with
it a right to a special and additional dividend equal in amount to the divi¬
dends accumulated and unpaid on the shares of Mohawk Hudson Power
Corp. 2d preferred stock up to the effective date of the consolidation.
The
special and additonal dividend will be paid, when and if declared by the
board of directors, but it must be paid in full prior to the declaration of any
dividends on the common stock of the consolidated corporation.
on
New
Corp. Preferred Stock
holder, other than Niagara Hudson Power Corp., of shares of
preferred stock of Mohawk Hudson Power Corp. will receive shares of the
1st preferred stock, 5% series, of the new corporation, share for share; and
will receive, in addition, a cash payment in adjustment and full payment of
all accumulated dividends on the preferred stock of Mohawk Hudson Power
Corp. iip to the date of consolidation, which accumulation will amount to
$4 per share on Feb. lr 1937.
The shares of 1st preferred stock, 5%
series, of the new corporation will be entitled to cumulative dividends from
Y. Public Service
would permit.
To this end the company has
complied with hand set reduction orders issued by the
Commission, although from a cost standpoint (according
to the company) acceptance of neither of these reductions. was
justified
since the extra cost of rendering service on hand sets has been
greater
than the extra charge collected since April, 1933 when the first of these
two
on
Mohaxvk Hudson Power
Each
A certificate of consolidation will be filed in
Commission limiting the extra charge on hand sets to 24 months
beginning
April 1, 1937, and to 18 months beginning Jan. 1, 1938.
The company has previously stated that it was its desire and
intention
gradually to reduce the hand set charge, looking toward its complete
elimination
Niagara Hudson Power Corp. common stockholders will
($10 par) common stock of the consolidated corporation
shares held.
share
for each of the present
Charge—
The company will make effective the order of the N.
com¬
Niagara Hudson Power Corp. Common Stock
investigated and passed
upon.
Someone suggested that if the Public Service Commission would
at once select a special staff the bondholders would
pay the compensation
1937
solidated corporation among the stockholders of the two constituent
panies in the following manner:
1
Appeals of New York handed
Feb. 6,
offered to the holders of Mohawk Hudson Power Corp. 2d preferred stock.
The plan provides for the distribution of the shares of the new con¬
Reorganization—
On decision day of last week, the Court of
down
Commission
Chronicle
1936
From Jan. 1—
Gross from railway....
of the corporate structure of the Niagara Hudson System.
Plans for the
consolidation of certain subsidiary companies into fewer regional units should
Net from railway
Net after rents.
be facilitated by this proposal.
These steps are believed to be consistent
with, and in furtherance of, the spirit and intent of recent legislation.
1935
$5,395,723
1,723,270
1,379,559
railway
Net from railway
Net after rents
$4,256,781
1,276,414
1,222,487
61,906,306
13,587,901
10,788,187
53,830,038
9,736,438
7,608,789
1934
1933
$3,806,986
716,565
944,611
51,407,775
$3,670,019
745,091
998,823
47,578,677
8,585,185
5,975,973
—V. 144, p. 114.
announced that the P. S. Commission of New York had approved
the holding by the new corporation of the voting capital stocks of the electric
and gas corporations which are subsidiaries of the constituent companies.
The amount of the authorized capital stock of the consolidated
corporation
It
was
will be
$475,000,000, classified into 2,000,000 shares ($100 par) value 1st
preferred stock and 206,355 shares ($100 par) 2d preferred stock and 25,436,450 shares ($10 par) common stock. yShares of all classifications will
be entitled to one vote per share.
\
Of the authorized capital stock of all classes only the shares necessary to
consummate the proposed consolidation will be presently issued.
The 1st preferred stock is to be issuable in series, 394,553 shares to be
issued initially as 1st preferred stock, 5% series.
It will be entitled to
cumul. dividends at the rate of 5% per annum.
Of the 206,355 shares of authorized 2d preferred stock, some portion
may
be issued either in the 5% series A or in the 5% series B, the exact number
of shares of each series depending upon the exercise of the right of election
-
Northwestern
National
Insurance
9,856,962
7,915,209
Co.—To
Buy
Cas¬
ualty Stock—
An
option to buy for cash the entire outstanding capital stock of the
Northwestern National Casualty Co. (a subsidiary of the Insurance com¬
pany) at full book value
National Insurance Co.
be
of Dec. 31 will be exercised by the Northwestern
The 80,000 shares of Casualty capital stock will
as
purchased according to
organized in 1930.
terms
set
At the time of the formation of the
when
the
Casualty
subsidiary, the stock
company
was
was
placed in
the hands of voting trustees and the fire company stockholders were given
proportionate beneficial interest certificates.
State laws prevented the
fire company from conducting the business done by the subsidiary until
it was on a full
dividend-paying basis.
It was explained that the Casualty
is now on such a basis and the terms of the option can be exer¬
The subsidiary paid its first dividend of 10c. a share in September,
company
cised.
Volume
Financial
144
totaljdividend dis¬
1935, and paid two similar dividends in 1936, making
of $24,000.—V. 143, p. 1241.
947
Chronicle
Co.—Accumulated Dividend
Olympic Forest Products
dividend of $2 per share on account of
cumulative preferred stock, payable March 1 to
holders of record Feb. 20.
A similar payment was made on Dec. 1 and
have declared a
The directors
bursements
accumulations on the $8
Bancorporation—Annual Report—
Bancorporation
Northwest
earned...
-------
$8,565,005
$9,033,504 $10,697,960
------$12,171,979 $12,501,253 $14,278,699
1,495,778
2,188,604
2,928,108
Gross earnings
Interest paid or accrued
Salaries
3,580,739
3,467,748
3,606,974
Other earnings
4,371,847
assessm't.
4,454,964
4,444,034
2.806,312
302,888
720,662
-
Other expenses
Federal Deposit Insurance
Taxes paid or accrued
Aug. 20, last.—V. 143, p. 2530.
2,941,332
105,085
705,422
3,476,698
666,103
1936
Balance brought forward
from previous year—
1935
1934
$272,266
Calendar Years—
Net earnings for the year
$293,805
101,194
84,213
76,619
$394,999
240,000
$376,193
240,000
$363,630
240,000
$154,999
$136,193
$123,630
40,000
40,000
10,000
35,000
39,417
$107,264
$104,999
$101,193
$84,213
tax:
war
Prov. for tax payable
$3,332,014
148,647
$3,997,071
160,882
$4,531,918
216,067
Bal. carried forward._
Operating earnings.
$3,183,367
Charge-offs and write-downs on loans,
securities, &c., less recoveries, excl.
amounts charged to reserves
969,745
Dividends on pref. stock and interest
on capital debentures
504,730
$3,836,189
$4,315,851
1936
earnings
Operating
Less minority interests
income
Net
for
1,217,199
756,095
716,914
$2,073,241
$2,381,737
Securs.,
Debs., sterling, in¬
cluding accr.int.
and
companies
Interests
in
$183,940; adjustments relative to
&c., $30,465; total, $3,840,413.
(net),
Condensed Comparative Balance
Inv.in capital stke.
ol banks & other
affiliated
cos...28,105,256 25,305,885
receivable.
36,292
511,743
27,838
19,713
1,490,000
1,554,750
4,621,312
5,000,000
Capital stock, less
treasury stock..
7,549,023
1936
1935
1934
1933
$1,588,515
$1,426,925
$1,127,696
$1,067,221
1,382,112
65,694
25,120
1,268,761
69,050
12,240
1,030,855
73,374
2,640
865,722
74,333
17,152
$115,589
$76,874
$20,827
$110,014
994,964
994,948
1,063,517
985,099
$1,110,953
2,254
75.273
$1,071,822
11,641
60,218
$1,084,344
16,410
67,746
$1,095,113
16,541
15,055
12,880
5,000
5,240
$1,020,547
$994,964
$994,948
$1,063,517
60,218
$1.88
60,218
60,218
$1.08
$0.07
60,218
$1.55
Calendar Years—
Cost
7,556,001
15,439,437 11,599,024
of
commercial
and
sold
goods
expense.
_
Depreciation.
Provision for Fed. tax..
Total
-V.
29,127,610 25,729,488
Total
29,127,610 25,729,488
Net profit for year
Common stock & surplus
142, p. 1129.
Northwestern Bell Telephone Co.Operating
Dec. 31
-Earnings-
Excessive
-1935
1936—12 Mos.
1936—Month—1935
),271,187
$2,570,469 $32,266,963
$2,734,770
129,405
24,946
123,006
21,754
21,701,543
1,870,770
22,016,874
1,951,205
2,893,460
243,356
3,526,396
300,706
Period End. Dec. 31—
revenues.
Uncoil, oper revenue
Operating expenses
Operating taxes
-Earnings-
Co., Muncie, Ind.
Ontario Mfg.
of pref. stock of
affiliated banks.
Res. for conting's.
Total
-V. 143, p. 4011.
Res. for retirement
Surplus
14,865,781
279,169
15,242,892 14,865,781
Total.-..
12,725
888,882
..15.242,892
3,629
Great
in
$
&
97,180
313,697
97,180
T
5,310
Profit & loss acct.
chartered
in
and on hand
1935
S
payable
accrued expenses
Cash
Accts.
1936
Accts.
12,665
banks of Canada
31
Liabilities—
$
Bonds
DecJ
Sheet
1935
1936
Assets—
28,610
Britain
Cash
50,000
107,264
2,400,000
60,000
104,998
chartered
in
banks
of
acquisition
bank stocks,
61,821
2,000,000
2,400,000
Dividend payable.
curities of other
Cash
2,574,034
59,190
2,000,000
Other liabilities—
loan cos. of Can.
net increase of
a
2,832,440
incl.
Capital stock
Reserve fund
82,802
Deps. with and se¬
$3,840,413 in surplus during the year,
There has been
768,818
6,896,109
curr.,
3,640,896 Deposits
21,588
bonds
made up as follows:
Net income for year, $1,708,891; recoveries by bank
affiliates less minority interests, $1,917,114; recoveries by Bancoporation
795,403
accrued interest. 6,998,594
Debs.,
incl.
ac¬
crued interest.. 3,532,631
$
$
Liabilities—
.
110,000
110,000
11,033,008 10,736,620
hold)
Mortgages
Adjusted.
x
$
$
1935
1936
1935
Loans on stocks &
$1,708,892
31
Balance Sheet Dec.
Assets—
year—Northwest
Bancorporation
April, 1936
Writ .-off office premisesi
Office prem. (free¬
1,006,852
$287,011
$147,264
Dom. Govt. inc.
$2,763,757
1,768,161
■
104,998
Dividends paid
$2,105,846
1,891,225
securities sold
on
1933
$291,980
$377,264
230,000
$2,474,492
857,522
Gross earnings.-
Profit
Co.—Earnings—
Ontario Loan & Debenture
1934
xl935
1936
Interest
on
Operating Earnings & Expenses of Northwest
& Affiliates for Calendar Years
Statement of
accr.
of
cap.
400
stock tax at Dec. 31'35
dividends
Preferred
Common dividends
Premium
Net operating
$431,397
$461,105
income
$6,600,687
$5,546,779
stock
paid on pref.
purchased
-V. 144, p. 287.
Common stock & sur¬
Northwestern Pacific RR.
-Earnings—
Gross from railway
Net from railway
$211,081
Net after rents
$206,767
def5,521
def2,904
$296,787
def4,670
def26,403
2,426
def20,774
1933
$224,301
27,459
20,238
From Jan. 1—
Gross
Dec. 31
stk.outstand'g
Earnings per share
plus
1934
1935
1936
December—
Shs.com.
Balance Sheet
from railway
3,281,358
223,570
6,119
3,766,588
464,242
Net from railway
Net after rents
249,796
3,218,672
314,791
def8,010
2,853,362
148,889
defl80,606
Cash
x
Foods, Inc.—Stock Offered—
per share).
The company,
nuts" in
and
($1
Company has an authorized issue of 250,000 shares of capital stock ($1
par) of which 45,600 shares issued.
Of the issued capital 45,200 shares
have been paid for in cash, and 400 shares have been paid for by services
for which stock was taken in lieu of salary.
In addition 204,400 shares
have been validated for sale in and to residents of the State of Michigan
only divided into following categories: This offering, 100,000 shares; op¬
tioned to original incorporators, to be sold at $1 per share, and no selling
commission to be paid, 45,600 shares; optioned to Winston Investment
Corp., to be sold at $1 per share, and no selling commission to be paid,
20,000 shares; stock to be sold at discretion of board of directors, 38,800 shs.
Ohio Bell
Telephone Co.—Earnings—
1936—Month—1935
Period End. Dec. 31—
$3,529,777
Operating revenues
1936—12 Mos.—1935
16,6t7
93,782
Common stock.
Earned
430,320
50,564
1,846,914
409,761
23,457,917
5,534,051
22,136,710
4,612,197
$892,699 $10,278,908
agreement with this company
the company to file new rate schedules, effective April 1,
accord aggregate annual savings of $1,912,000 to subscribers.
savings include $1,687,000 in reduction of exchange rates, $75,000
ordered
which will
surplus...
1
adjustment
Commission
of miscellaneous charges, and $150,000 in adjust¬
charges.
said that despite payroll increases
totaling
order
$2,500,000 and an increase of $1,350,000 in taxes with prospect of a further
tax rise of $500,000 this year, "the Commission is of the opinion that
continuously improving business conditions and efficiency in company
operations will afford the company a reasonable opportunity to earn a fair
return under the reduced schedule."—V. 144, p. 287.
379,364
3,031
...$1,081,209 $1,147,555
Total
x
of $445,356 in
by 60,218 no par shares.—V.
After depreciation
sented
Otis
Steel
Total
$1,081,209 $1,147,555
1936 and $453,801 in 1935. y Repre"
144, p. 784.
Co.—Bonds Called—
The company on Feb.
1st mtge. 15-year sinking
of its
1941,
3 called for redemption on March 18 all
fund gold bonds, series A, due March 1,
$10,827,500, at 101H % and accrued interest.
Holders may obtained immediate payment in full with accrued interest
to March 18 by surrendering the bonds at City Bank Farmers Trust Co.,
New York City, or at The National City Bank of Cleveland, Cleveland,
Ohio.
Interest on the bonds will cease to accrued on March 18.
Payment of these bonds is being made from part of the proceeds of the
company's recent issue of $15,000,000 4}4% 1st mtge. sinking fund bonds.
outstanding in the amount of
—V. 144, p. 784.
.
Pacific Gas & Electric Co.
.
'
-Listing—
has authorized the listing of $35,000,000
I, 3H %, due June 1,1966.—V. 144, p. 115.
The New York Stock Exchange
1st & ref. mtge. bonds, series
Pacific
Lighting Corp. (& Subs.)— -Earnings—
1934
1933
1936
1935
$51,190,366 $49,677,616 $43,893,770 $45,382,363
25,035,987
24,916,391
Oper. expenses and taxes 29,903,498
27,607,992
5,009,774
5,288,587
Bond interest
4,158,456
4,987,524
6,749,504
7,223,834
Deprec. and amortizat'n
8,195,643
7,382,701
1,535,502
1,615,498
Subsidiary pref. divs—. 1,513,410
1,514,023
Gross revenues
Net profit
Com. divs. minority int.
dividends
Common dividends
Preferred
Surplus
Shs.com.stk.out. (no par;
Ohio State Life Insurance
Co.—Eptra Dividend—
dividend of $2 per share in addi¬
$2.50 per share on the capital
of record Jan. 28.—V. 140, p. 646.
The directors have declared an extra
Earnings per share
—V. 144, p. 460.
regular quarterly dividend of
the
128,800
1
1,857
ment of intrastate toll
to
615,600
Calendar Years—
The Ohio State Utilities Commission upon
tion
18,352
615,600
404,947
50,564
Prepaid ins. prem.
$9,013,425
$995,788
income
To Lower Rates—
The
31,979
Mtge.
Corp. bonds
80,670
2,084,853
440,220
Operating expenses
Operating taxes
through
y
$5,439
$28,683
includ'g
Preferred stock...
$3,166,051 $39,364,658 $35,843,002
8,916
Uncoil, oper. revenues..
has
Accruals,
554
421,815
1935
1936
secure
black walnut and cream of chocolate cashew.
The
Farm
„
payable and
accrued wages._
158,000
value
Land, buildings,
mach'y & equip.
Fed'l
Accts.
Fed. income tax
Patents
.
after a period of experimentation, plans to embark upon
retail store distribution for its products "cream of
four flavors, viz:
Cream of peanut, cream of almond, cream of
Net oper.
299,641
life insurance...
Winston Investment Corp., Detroit, recently offered (to resident/ of
in State of Michigan only) 100,000 shares of common stock at par
afcampaign to
surr.
$205,443
189,63b
321,177
receivable.
Inventories
—V. 144, p. 114.
Nunut
$96,160
Accts.
31
Liabilities—
1935
1936
Assets—
Cash
Dec.
stock both payable Feb. 1 to holders
$7,419,359
$8,185,376
264
1,179,990
4,584,598
220
1,179,990
$1,654,507
1,608,631
$3.88
Panhandle Producing
$5,563,002
$6,338,054
517
220
1,179,990
4,825,893
1,061,423
4,825,893
$3,144,452 def$443,398
1,608,631
1,608,631
$4.35
$2.72
1,608,631
$3.28
3,860,714
$450,518
& Refining Co .—To Formulate
New Plan—
Oklahoma
City-Ada-Atoka Ry.—Earnings—
1936
From Jan.
1934
1933
$40,847
29,853
18,992
$30,351
9,059
def829
$21,107
537,115
223,207
107,890
Net after rents
1935
$45,107
13,522
3,568
December—
Gross from railway
Net from railway
434,784
173,197
60,979
def 10,377
2,417
def5,963
1—
Gross from railway
Net from railway
Net after rents
341,625
106,803
315.093
102,674
def21,665
Because the required number of shares of preferred stock has not been
deposited, the management has not been able to carry out the plan of
reorganization approved by stockholders on Oct. 8, 1935, according to a
letter sent to stockholders by Roy B. Jones, President.
Mr. Jones, however, said that the directors had under consideration
other proceedings, which, it is believed, should be successful in putting the
plan into effect. He said the stockholders soon would be advised of the new
plan.—Y. 143, p. 3158.
Paramount Pictures, Inc.—Conversion of Preferred—
is stated that between $7,000,000 and $7,500,000 of the 6% first
—V. 144, p. 115,
It
Old Colony Trust
Years End.
Dec.
Net profit after
31—
Associates—Earnings1936
1935
charges
1934
1933
:
$245,934
$256,138
$255,772
$260,344
Earns, per sh. on 376.208
shares capital stock. -
$0.65
$0.68
$0.67
$0.70
and taxes
—V.
143,
p.
1241.
preferred stock has been converted into common to date.
There was
$24,998,100 outstanding as of Dec. 31, 1935, so that the total outstanding
is now reduced to approximately $17,500,000.
The first preferred is con¬
vertible at the rate of one share into seven shares of common, so that the
conversion that has thus far taken place has increased the original 1,610,457
shares of common to over 2,100,000 shares currently outstanding.—V. 143,
p.
4012.
948
Financial
Chronicle
Feb.
6, 1937
Statement of Capital Surplus Dec. 31, 1936
Capital surplus
WE WILL BUY
Excess of cost
Penna. & N. Y. Canal & R. R. Cons.
4s, 4H*» 5s
Lehigh Valley R. R. Genl. Cons. Reg'd 4s, 4J4*
John Wanamaker 1st
5H>t due 1949
Lehigh Valley R. R. Annuity 4H* And 6s
Buffalo, Roch. & Pitts. Cons. Reg'd 4^i, due 1957
Years—
Gross profit from
1936
Profit and Loss
zl934
$1,430,084
_
$1,051,228
$781,584
232,085
246,207
$1,204,368
75,018
$1,073,594
71,101
$819,143
51,945
$535,377
26,208
$1,279,386
$1,144,695
$871,088
6,568
5,708
17,578
18,923
46,750
Amortiz. of patents and
patent litigation exp__
Provision for bad accts
Prov. for loss
on acct.,&c
bldgs. demolish'd
propert's
Prov. for contingencies..
Miscellaneous
Prov. for Fed. inc. tax..
Loss
17,125
5,245
on rented
common
13,415
8,859
163,034
117,243
6,155
61,792
$952,819
$691,067
$403,958
per
429,498
$2.51
1,987
998,583
share.
Preferred dividends
Common dividends
'
143,166
$6.64
3.2131
118,049
$5.78
96,135
570,186
345,439
profits,
y Includes
consolidated.
10%
1936
1935
Liabilities—
hand and
on
on deposit
U. S. Govt, secure.
$218,025
plus accrued int.
aCust.'s notes &
740,018
1,071,782
192,658
76,753
154,741
69,272
454,429
Dividend payable.
Accrd. taxes & Ins.
Prov.for Fed.taxes
$205,027
Inventories
Other assets
852,247
Land, buildings,
mach. & equip..
239,814
42,466
Patents
1935
$75,472
161,061
16,464
182.085
Res. forconting...
accounts
b
1936
Accounts payable.
21,200
28,060
Common stock_.-dl,072,441
Surplus
824,805
7%
cum. pref. stk.
$59,461
161,061
14,810
163,084
28,900
29,110
C286.332
1,531,213
45,359
18,706
Total
a
,
15,340
Total
$2,381,590 $2,273,974
allowance
for doubtful accounts of
$9,000 in 1935 and 1936.
depreciation of $211,943 in 1936 and $193,006 in 1935.
c Represented
by 143,166 no par shares,
d Represented by 2,607 no par
shares, at stated value of $5,214 and 426,891 shares, at
$2,50 par.—V. 144,
p. 785.
b After allowance for
P Peerless Casualty Co., Keene, N. H.—Stock Offered—
Falvey, Waddell & Co., Inc. on Jan. 25 offered 30,000 shares
of
1
common
stock at $23.50 per share.—V.
143, p.
Penn Electric Switch
V The
Pennsylvania Salt Mfg. Co.- -Earnings—
—V.
144,
p.
1935
1934
$410,135
$372,309
$386,823
defl3,985
defl46,915
def25,121
defl48.432
defl5.676
1933
$356,952
def 111,980
defl39,906
def278,390
6,488,041
949,231
—df1,232,479
5,686.620
226,752
5,867,337
360,484
4.092.778
27.857
...
...
116.
The directors have declared a dividend of 35 cents per share on
the
capital stock, par $25, payable March 10 to holders of record Feb. 19.
Previously, regular quarterly dividends of 25 cents per share were dis¬
tributed.
In addition, an extra dividend of 25 cents was
paid on Dec. 15,
last.—V. 143, p. 3009.
^Philadelphia Electric Co.—Common Stock Offered—
Graham, Parsons & Co.; Brown Harriman & Co., Inc., and
Kidder, Peabody & Co. on Feb. 3 offered a block of 24,143
do
represent
V. 143, p. 4164.
dfl,697,564 dfl.817,395 dfl,439,370
Pennsylvania Water & Power Co.— EarniPgs-
Preferred
1935
1934
$6,094,676
2,302,369
$5,642,112
2,030,748
413,699
1,059.446
464,336
1,055,780
$2,177,940
107,465
1,719,392
429,848
$4.81
Balance, surplus
Shares capital stock out¬
standing (no par)
Earns.per sh.on cap.stk—V. 143, p. 3008.
>
V Calendar Years—
$2,272,190
$351,083
dividends
of
1,397,006
$789,799
$829,528
$799,002
429,848
$5.08
429,848
$4.93
429.848
$4.85
America—Earnings—
1935
10.444
$1,108,584
11,400
$260 958
13,587
9,951
10,679
19,380
2.322
$1,905,294
11,591
$761,011
3,149
ct£a.
and
listing fee
Other oper. expenses
Prov. for normal Federal
income tax
*51*204
4*5*246
7,542
44,816
51,067
letter
to the P. R. T. committee and made
public by the latter group.
The letter was signed by John L. Clawson, President of the
2nd & 3rd Sts.
Passenger Ry.; Daniel Houseman, President of the Germantown
Passenger
Ry. and the Green & Coates Sts. Passenger Ry., and Jeremiah J.
Sullivan,
Vice-President of the Frankford & Southwark Phila.
City Passenger RR.
Co., as a sub-committee of presidents of class A underliers, and
by L. P.
Geiger, President, Philadelphia Traction Co. and A. Balfour
Brehman,
a
President of the Union Traction Co.
A. M: Greenfield, member of the P. R. T. committee of
directors, in
making public the letter following a meeting of the committee of M. R.
S. O. directors, P. R. T. officials, and
Mayor S. Davis Wilson said that
undrller representatives would be invited to meet with the
P. R. T.and
M. B. S. C. directors committees at
Balance
Previous surplus
Int. coll.
capital
Total
on
....
$1,810,326
1,800,000
$695,371
670.843
$1,041,689
1.067.230
$10,326
$24,528
5,263.609
5,239.082
def$25,541
6,264,623
amts. due on
ctock
urplus
$5,311,009
$169,383
$169,383
5.095,240
37.073
an
early date in
the
early agreement.—V. 144, p. 463.
an
&
Reading
Coal
&
hope of seeking
Iron
Co,—New
Arthur E. Newbold Jr., has been elected
Newhall, who resigned.—V. 141, p. 2444.
•
a
director in place of Thomas
Pittsburgh Steel Co.—Earnings—
3 Months Ended
Dec.
31,*36
$8,597,408
7,870,696
Net sales
Cost and expenses
Balance
$726,712
Federal and State income taxes
Net income
311,065
$1,528,484
630,756
$490,707
49,272
$897,728
106.206
$463,954
117,984
84,100
$539,979
118,835
111,900
$1,003,934
236.820
196,000
$309,244
$571,114
$0.22
$0.35
$0.57
share
on 354,900 shares
(no par)
—V. 144, p. 786.
per
common
$801,772
$261,870
Total income
Interest, &c
,
319,691
$407,021
56,933
-
Depreciation and depletion.-
Earnings
6 Mos \ End.
Sept. 30,'36 Dec. 31,*36
$7,127,705 $15,725,113
6,325,933
14,196.629
stock
Reduction
Corp.—Stock Offered—Public offering
by means of a prospectus was made Feb. 2 by Rushmore
Management, Inc. of a new issue of 45,000 shares ($1 par)
capital stock at $1.50 per share. Stock is offered as a specula¬
tion.
Corporation was organized in Delaware on Jan. 22, 1937, for the
general
among others, of stripping and reducing the urticaceous shrub
Ramie into its chief constituents of raw fibre and
cellulosic products which
it will supply as raw materials to various
industries. Ramie has heretofore
been
little cultivated in the United States,
although it has been used
Far East for centuries and is also used in
England and
Present markets for the Ramie fibre are
(a)
very
for its fibre in the
France.
high grade
paper,
(b)
housefurnishings such as plushes, upholstered furniture, curtains,
carpets,
cloths, napkins, sheets and pillow cases, (c) clothing,
particularly
table
summer
apparel, and (d) knitted yarns and knitted fabrics of new and
novel designs. In addition it has a
large variety of other uses. During the
it was used for
airplane wing coverings because of its
The
high tensile
has entered into a contract to purchase certain lands,
buildings and equipment in Suwannee County, Fla.
The real property
comprises approximately 249 acres, nearly all
cleared, 200 of which are to
be used immediately for the
planting and cultivation of Ramie.
The
company plans to immediately order the erection of a mill on the
premises
of the plantation where the harvested
crop will be treated and prepared
company
for market.
Capitalization consists of 150,000 shares of capital stock of which 90,000
are to be
outstanding, including this issue. The company has no
shares
funded
or
bank debt.
Directors
are
Samuel
Mason, Pres., Gen. Mgr.; George M. Rushmore,
STes. of(of law firmManagement, Lewis, Vice-President; Charles L. MaoRushmore of Tibbets, Inc.), Lazo & Rand), Sec.; Curtis N.
onald
29,023
cash....*.
company.—
Philadelphia Rapid Transit Co,—Underliers Objections
T, Plan Outlined—Ask Higher Interest Rates on Pro¬
posed Bonds to Be Issued to Them and Greater Degree of Priority
for Preferred Stock—
Browne,
Diva, paid in
The shares being offered
financing by the
strength.
$1,101,914
6.670
$758,689
253
Cap.
1934
1933
$250,119
10,839
$1,905,041
stock
42%.
new
purpose,
$2,105,421
16,873
1,289,544
Total
or
1933
$5,432,883
1,851,525
411,717
1,064,220
$2,138,217
19.145
1,289,544
85,385
Interest
Cost
any
war
1936
Registrar & transf. fees.
stk.. State fran¬
chise, &c., taxes
stock at
to P. R.
Plant
r Years Ended Dec. 31—
1936
Gross inc. (all sources).. $6,510,313'
Exp., malnt., taxes, &c2,809,328
Renewals & replacem'ts.
468,526
Interest on bonds
1,054,519
common
not
Balance
Other income
Pennsylvania Reading Seashore Lines—Earnings
—
purposes.^ e Includes provision for taxes.—Y. 143, p. 3854'
Phelps Dodge Corp.—Larger Dividend—
Period—
12 Months Ended Dec. 31—
1936
1935
1934
Net profit after
deprec., deple. and
Federal taxes..
3di
_.x$l,589,201
$1,160,654
$647,225
Earns, per sh. on 150,000 shs.
capital
Ik stock
$10.59$7.74
$4.31
x After
deducting surtax and undistributed profits. -V. 143, p. 3477.
...
36,759,719 35,826,477
Director—
pany to list 50,000 shares of $1.20 dividend convertible class A
stock, $10
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Total
com¬
trading on notice of registration under the Securities
Exchange Act of 1934.—V. 143, p. 2531.
1936
36,759,719 35,826.477
Philadelphia
Co.—Application Approved—
Chicago Stock Exchange has approved the application of the
W December—
Gross from railway..
$
_
Total
1243.
par, to be admitted to
W
1935
$
|Pfa Aggregate value, $33,509,729.
b Represented by 2,000,000 shares
($5 par) in 1936 and 2,070,460 shares ($5 par) in 1935.
c Represented by
60,300 shares ($5 par) capital stock,
d The aggregate value of the cor¬
poration's securities at current prices at Dec. 31, 1936 was $47,104,401,
which is less than the aggregate original cost basis of the securities for Fed¬
in
$2,381,590 $2,273,9741
After
1936
Liabilities—
878,705 Accrued expenses.
e38,330
8,486
20,225
24,929 b Capital stock...10,000,000 10,352,300
Accts. receivable..
529 Surplus
26,721,389 26.090,124
Secure, owned., _d35,928,702a34.922,314 c Treasury stock..
Dr624,432
Other investments
257,043
Detailed objections of the underliers to the
proposals of the Philadelphai
Rapid Transit committee of directors for transit reorganization are outlined
258,022
Prepaid taxes, ins.
supplies
$
$2,852,733
553,749
Dlvs. receivable.
shares of
Consolidated Balance Sheet Dec. 31
Assets—
Cash
$
—
31
$4 11
y589.005J
x Includes
$1,660 surtax on undistributed
•tock dividend amounting to
$23,627.
z Not
over average
1935
Assets—
Cash
"~6~, 429
stock out¬
standing
Earnings
of Investments Dec. 31,1936
Balance Sheet Dec.
eral income tax
1,075
11,734
X182.085
$1,080,646
Net profit
Shs.
34",700
on
Exp.
$18,557,647
on Realization
1936
$561,585
3,845
Operating profit
Other income
356,490
104,484
1936
Balance (net addition to surplus) Dec. 31, 1936
zl933
manu-
factruing operations.
$1,581,409
Selling, ad ver., shipping,
gen. & admin, exp
377,041
$18,453,164
on
carrying values (inventory valuations of such securities at
Dec. 31, 1930, and cost or subsequent purchases):
Balance, Dec. 31, 1935
$1,942,766
Net result of sales, 1936
909,966
-Earnings—
1935
$18,883,748
per sh.) of 70,460 shs. of
April 23, 1936
430,585
Excess of amounts realized from sales of securities
Philadelphia
Parker Rust-Proof Co. (&
Subs.)
PW Calendar
on
Capital surplus Dec. 31,
A. T. & T. Teletype—Phila. 22
Walnut Street
1935
capital value ($5
Balance
Reserve not required owing to collection of "amounts due
capital stock
YARNALL & CO.
1628
Dec. 31,
over
treasury stock retired
$5,263,609
$5,239,082
$5,264,623
(Vice-Pres.
of Albert
Miller 3rd; Richard B.
is John A. Feczko.
Frank-Guenther Law, Inc.): Wm. A. O.
Connolly, and Norman A. Gribbons. The Treasurer
Registrar, United States Corporation Co., 15 Exchange Place,
Jersey
City, N. J. Transfer agent. Registrar & Trans er Co.,
Jersey City, N. J.
Pollock's, Inc.—Sales—
Month of—
January
—V. 144, p. 463.
1937
$78,062
1936
^.$70,406
Volume
—
$120,199
30,000
25,039
$9/375
.
^Balance for common dividends and surplus....
b
I
plant
Property,
2 ,808,113
2,195,903
726,939
Due other cos. for
608,393
11,300
10,000
fire risks
1935
1936
15,563
2,087
Retirement res've.
685
740
Operating reserves
228,117
32,772
50,000
158
50,000
Uuadjust. credits-
69
Earned surplus...
Sundry
and
865,000
estate
$1,690,993 $1,593,298
b Par $100
per
38,039
30,479
30.479
15,734
1,045
Dep. with district
1
157.382
91,802
2,042
5,378
3,445
1/235
souri premiums.
clerk
(personal
property tax)
Powdrell & Alexander, Inc.Years Ended Dec. 31—
id
1935
$7,912,463 $7,508,772
Total
$7,912,463 $7,508,772
968J
Republic Investors Fund,
being the
1931, when a quarterly
N
1
Total
Inc.—Earnings—
1936
12 MonthslEnded Dec. 31—
$67,056
Dividends .received and accrued
.
Interest received....-..—.-—.——————
•Earnings—
1936
—
Mlscell. assets,
Issued, or cash
143, p. 4013.
cents per share was paid.—V.
in
deposit
escrow
of record
dividend .of 37 H
-
.
Mis¬
Impounded
—V. 142, p.
1,
4,563
Federal taxes,
common
After
x
p.
—.—.——
—
117.
surplus.
Public Service Co. of
to
N. 111.—Company
$58,370
Cash
revamping program for the utility companies serving
Chicago area, stockholders or this company at the annual meeting Feb. 23
will be asked to authorize the issuance under the first lien & refunding
mortgage of a new series of bonds not to exceed $80,000,000.
Proceeds are
to*be applied to refunding or retirement of all or a substantial part of
company's then existing mortgage indebtedness.
If present
low interest rates continue company's management may
consider Jt advisable under certain circumstances to undertake such re¬
funding at a later date.
Accordingly authorization for the new series of
bonds is being asked at the annual meeting to avoid necessity of calling
special meeting before the next annual meeting in February, 1938.
If plan No. 3 of the capital revamping program above mentioned is
carried out and about $31,000,000 of present mortgage debt of the company
is retired from proceeds of sale of a block of Commonwealth Edison con¬
vertible debentures or capital stock, the Public Service Co. mortgage debt
remaining will consist of $80,000,000 of first lien and refunding 4J4s of
which $16,000,000 are callable at 104 and the balance at 102H plus a small
non-callable issue in amount of $243,000.
The proposed new series would
In line with capital
Note
payable to
bank
(secured).
Due from sees, sold
but not delivered
Sees, owned at cost
Dlvs.
receivable..
Off. furn.
& flxt.,
less depreciation
4-4.4
550
1,345
on
holders for accr.
pay.
x$432,950
Jan. 2, '37
$608,706
4J4s.—V.
$1,354,323
Total
-V. 143. p.
51,714
348,644
54,472
$768,704
Total
-
$768,704
3855.
Republic Petroleum Co., Los
of Preferred Stock—
Angeles-
■To Create Issue
__
is asking stockholders to approve an amendment to the
to provide for the creation of 25,000 preferred
It is proposed to issue only one-half as 514 % cumulative
con ver tible*preferred to furnish funds to develop the company's El Segundo,
Oalif. holdings.
The remainder would be unissued until such time as
directors deem It necessary to increase company's capital.
In a letter addressed to the stockholders, dated Jan. 28, O. O. Splcer,
Pres., says in part:
.
$251,584
x$690,114
per
2.
,
share on the common
This will be the first
Railway Express Agency, Inc.—Earnings—
Interest and discount on
144,353
1,134
1,472,486
21,176
1,598,216
.
years
company
.
.
has operated without adequate
working
$4,267,605 $53,274,650 $47,096,781
_
plish these purposes, the directors have decided to ask the stockholders to
consent to an amendment to the articles of incorporation to provide for the
of cumulative convertible preferred stock of which it is the in¬
tention to issue at this time preferred stock in ,the amount of $625,000.
I^This stock will carry with it two options, one for the company to call and
retire the stock at $55 per share, and second, for the purchaser of the stock
to convert it into common stock on a basis to be determined by directors.
The company has entered into an agreement with*the underwriters
whereby, subject to various conditions, the ..entire amount of theproposd
issuance
29,610
Rail transp. rev. (pay¬
ments to rail & other
$4,911,852
several
••
1936—Month—1935
1936—11 Mos.—1935
$13,511,256 $11,917,325 $142365,382 $128084,968
83,589,870
77,933.653
7,380,296
Operating expenses—...
7,994.709
4,008,190
123,937
1,426.708
Express taxes..........
470,537
Period End. Nov. 30—
Revenues and income
133,136
1,022
($50 par).
capital, gradually building up its business from its earnings. The active
development program which was carried out by company* during the year
1936 clearly demonstrated the need for a very substantial increase in
working capital. This need has recently been made more imperative by the
completion by Richfield Oil Oo. of a well in the El Segundo Oil Field which
at present is producing over 16,000 barrels daily, and subsequent active
development work tall around us, which has necessitated our beginning
immediate drilling to protect our property from drainage.
!
To provide this working capital, directors have sought to devise a plan
which would provide, first, the largest amount of money; second, at the
lowest financing cost; and third, on a basis which would result in the least
dilution of the holdings of the present stockholders, or in other words,
which would require the issuance of the least number of shares. To accom¬
Nil
PSQuissett Mill—Dividends Resumed—
J"The directors have declared a dividend of $1
of incorporation
articles
shares
Years End'.
Dec. 28. *35
Nil
$0.89
taxes.—V. 144, p. 289.
stock, payable Feb. 15 to holders of record Feb.
payment made since 1932.—V. 143, p. 2533.
carriers—express
privileges)
—V. 144, p. 117.
238,040
$1,354,323
Earned surplus...
For
shs. cap. stock.
$0.56
After deducting undistributed profits
no-par
.....
02,040
224,890
99,131
684,221
65,687
6% pref.stock,ser.
B (par $10)
Com stk.(par 25c.)
Capital surplus—
share on the com.
53 Wks.End.
Dec. 28, *35
Jan. 2, *37
deductions......
4,000
3.049
5.803
The company
13 WIcs.End, 12 Wks.End.
funded debt
4,550
12,005
2,945
6% pref. stock, ser.
A (par $10)
Net loss after int., depr.,
Other
3,080
Jan. 2 1936
Res. for sell. chges.
Consolidated Earnings Statement
x
1
*
300
Res. for Fed. taxes
elected a Vice-President of the company on Feb. 4.
taxes, min. int., &c—_
Earns .persh.on771.476
......
A
—ItfS
|jjp
stock¬
Dlvs. on com. stock
New Vice-President—
Period Ended—
323
stock..
Accrued expenses.
no par value, payable March 1 to holders of record Feb. 15.
Regular
quarterly dividends of 10 cents per share were paid on Dec. 1, Sept. 1 and
June 1 last, and prior to this latter date regular quarterly dividends of 25
cents per share were distributed from June 1,1932 to and including March 2,
1936. In addition, an extra dividend of 45 cents was paid on Dec. 24, last.
was
div.
divs. paid in
Btock,
Henry Stude,
com.
as
Due to pref.
1,237
Purity Bakeries Corp.—Larger Regular Dividend—
The directors have declared a dividend of 15 cents per
SSI 8.120
but not received
Acer. div. on pref.
3,075
stk.Issued
Prepaid ^expenses.
$50,000
$200,000
purch
Due for sees,
24,670
620.178
......
1,291,513
2,645
1
1935
^1936
Liabilities—
1*1935
$119,099
1930
Assets—
Refund $80,000,000 Bonds—.
—————
Balance Sheet Dec. 31
Asks Authority
provide for refunding of the then existing first lien and refunding
144, p. 289.
$22,207
8.863
c23,003
b6.813
""a Exclusive'of results from security transactions which are carried direct
to specialIsurplus.
b Exclusive of 4% stock dividend charged to special
surplus amounting to $2,003.
c Exclusive of $54,991 charged to special
Common /dividends—........
y55,788
278,940
y55,788
y55,788
$3.64
$1.00
•
$2.51
Nil
deducting surtax on undistributed earnings,
y No par.—V.
(par $5)
Earnings per share
144,
Net income
a
Preferred dividends
$32,693
10,486
$47,661
18,154
Expenses.
$229,495
$156,595 loss$204,594
x$287,500
&c
stock
1935 ^
$32,679
14
$71,619
23.958
Total..
1933
1934
Net profit after deprec.,
Shares
3,478
——
500,000
2,583,797
2,000,000
50,093
under
the $1.50
the A stock since Dec.
3,401
695,732
2,742,889
2,000,000
res—
sold
35,476
and part, no-par class A stock, payable March 1 to holders
A dividend of $1 was paid on Dec. 24, last, this latter
on
Contingency
Surplus
24,670
share.—V. 144, p. 289.
Feb. 15.
paid
Capital
contract-
PThe directors have declared a dividend of 50 cents per share on
first dividend
42,000
903,706
Interest accrued..
Poor & Co.—Accumulated Dividend—
cum.
42,000
587,208
445
■■'a At cost based on the par or stated value of securities
paid therefor, less retirements,
30,479
,
'
sold
Other/labilities—
20,012
18,150
209,219
$1,090,993 $1,593,298
Total
30,479
100,927
49.694
223
Special
Total
00,133
Impounded
Mis¬
souri premiumsDep. on real estate
118,340
27.382
—
grounds
Real
54,896
v
Other real estate—
10,589
120,374
bals...
reinsur.
Home office bldgs.
$361,300
$357,700
805,000
9,562
7% pre!, stock..
Com.stk. ($20 par)
158,187
150,000
....
payable
352,916
329,399
113,884
unpaid
Est. taxes hereafter
108,860
taken for
rec.
Due fr. other cos.
liabilities.
1,524
Agency *fl)al., not
over 90 days
Bills
Accounts payable.
Cust's' deposits...
Int. & taxes accr'd
Special deposits...
Unadjusted debits
677.941
Collateral loans...
30,000
25,291
hto equipment—$1 ,324,593 $1,314,945
167,664
61,678
Cash
4,029
Notes receivable..
5,179
122,148
Aocts. receivable..
108,798
37,601
Mat'ls & supplies32.392
Prepayments
Mlscell. investm'ts
502,739
Mortgage loans
$65,160
Liabilities—•
1935
1938
Assets—
637,989
349,902
643,055
Cash
Fed. Ld. Bk. bds.
Dec. 31
Balance Sheet
Net losses & claims
Bonds
—
WBalance
$8/973
Appropriations for retirement reserve
Preferred dividend requirements
•
Unearned
$1,555,697
$84,722
1
charges
1937
1930
prems..$2,121,180 $2,046,324
Liabilities—
1936
and
bonds
S.
Treasury ,otfs__ _$1 ,708,091
174,323
22,888
30,954
1,099
Stocks
.
Maintenance
Interest
U.
$313,989
$343,275
172,788
15,240
35,045
$27,705
14,433
1,112
2,783
$31,528
18,436
1,015
3,102
1937
Assets—
1936—12 Mos.—1935
193Q—Month—1935
Gross earnings
Ta x as
Financial Statement Jan. 1
Co.—Earnings—
Ponce Electric
'Period End. Dec. 31—
Operation
949
Chronicle
Financial
144
;
preferred stocktis underwritten.
feel^that the {stockholders are entitled to a pre¬
purchase these shares, and at a meeting held Jan. 26, 1937,
it was decided to offer to each holder of common stock the right to sub¬
scribe to shares of the preferred stock at $50 a share in the proportion of
one share of preferred stock for each 25 shares
of common stock held.
These rights to subscribe will be offered to each holder of common stock,
excluding subsidiaries, of record on the date upon which the registration
statement becomes effective and will expire, if not exercised on the 15th
day after the date upon which the registration statement becomes effective.
—V. 143, p.3331.
issue of
Real Silk Hosiery
profit after charges
& Fed'l income taxes.
x
Preliminary,
y
1935
xl936
Years End. Dec. 31—
Net
Mills, Inc.—Earnings—
However, the directors
1934
1933
.
$374,830 loss$355.732
$174,947
undistributed profits.—V. 143, p. 3855.
y$116,615
After surtax on
Reliance Electric & Engineering Co.—Listing Approved
The New York Ourb Exchange has approved the listing of 150,000 out¬
standing shares of common stock, $5 par.—V. 143, p. 4014.
Reliance Mfg.
Co. of Illinois (& Subs.)—Earnings—
Years End. Dec. 31—
Net income after int. dep
Federal taxes
-
Shs.
com.
1936
x$966,762
1935
$265,741
1934
1933
$194,229
$789,150
stk. out. (par
214,055
214,055
215,905
220,330
$4.05
$0.73
$0^38
$3.05
After pro vision for surtax oh undistributed earnings.—V. 144, p. 622.
M$10)
Earnings per share
^x
A
semi-annual
Representative
distribution of 34.1954 cents per share on
Shares has been authorized for payment on and
dividend
Trust
1, according to an announcement by Mutual
This compares with a previous semi-annual distribution
per share paid on July 31, 1936.—V. 141, p. 765.
Feb.
Republic Insurance Co. of Texas—Larger
The directors have declared a dividend
Depositor Oorp.
of 22.025_cents
Dividend—
of 30 cents per share on the com¬
stock, par $10, payable Feb. 25 to holders of record Feb. 10.
This
compares with dividends of 25 cents per share paid each three months from
Feb. 10, 1935 to and incl. Nov. 25, last; 20 cents paid in each of the four
preceding quarters, and 50 cents per share paid on Feb. 1, 1933.
mon
Rhokana Corp.,
Ltd.—Earnings—
31—
% \
1936
it 1935 Tj
Estimated net profit, subject to taxation, but after
providing for deb., int. & deprec. & develop, res.
"£470.000
£250,000
During the six months ended Dec. 31, 1936, 30,683 long tons of fine
copper were produced of which 15,630 long tons were in the form of blister
copper and 15,053 long tons electrolytic copper.—V. 143, p. 769.
a
6 Months'Ended Dec.
_
Oil ^Co.
to Be Issued—
Richfield
Representative Trust Shares—Dividend—
after
ference right to
jof Calif.—Subscription Certificates
__
i
Judge Wm. P. James on Feb. 3 signed an order directing that debenture
subscription certificates and stock subscription certificates provided for
in the plan of reorganization of Richfield Oil Oo. of Oalif. and Pan American
Petroleum Co., should be made available for distribution to bondholder®
and unsecured creditors of Richfield and Pan American on Feb. 20, 1937.
This action follows a ruling by the Circuit Oourt of Appeals for the
Ninth Circuit handed down in San Francisco Jan. 29, in which the Circuit
Court declined to permit an appeal from the order confirming the plan of
reorganization and also declined an application for an order staying the
reorganization proceedings. ||
j
950
Financial
Chronicle
The present order further directs that the subscription certificates should
be mailed on Feb. 20 to unsecured creditors of Richfield and Pan
American
and to holders of certificates of deposit for bonds on both Richfield
and
St. Louis San Francisco & Texas
December—
Gross from railway
Net from railway
Pan American and to holders of receipts for unsecured claims issued
by the
creditors' protective committee;
All of the names of such creditors and
certificate holders appeared on the records as of the close of
business
Jan. 12, 1937.
ship of the Richfield company.—V. 144,
Rima Steel
to con¬
years' receiver¬
Railway
The coupon due Feb. 1, 1937, from Rima Steel
Corp. 7% closed first
mortgage 30-year sinking fund gold bonds, due 1955, was
paid on that date
5% per annum, in Pengoes, in Hungary.—V. 143, p. 3161.
Non-operating income—
Riverside & Dan River Cotton
Mills, Inc.—$3 Dividend
x
a
operated under the
32,256
Receivables
351,490
Inventories
821,571
__
Prepaid insurance
Investments,
b Plant
and
&c
...
equipment
Bond disct. and expense
...
217,598
1,462,365
42,337
1st mtge.
47,497
Cum.
960,700
1,102,860
490,160
pref. stock
d Common stock
Capital surplus
....
..
Net after rents
—V. 144, p.
575,033
Earned deficit
_
Gross from railway.
Net from railway.
sinking fund 6% gold
conv.
a
After
._
1,281,972
340,674
def2,612
for
Total
$2,999,259
Operation
Maintenance
Taxes
Int.
4% Dollar
Coupons which were due on Oct. 1, 1936, however, will be paid at the
of 2.46 guilders ($1.34 at present rates of
exchange) to the $1 face
value.
On coupons due in the future, the
company said, it was not pre¬
pared to apply the recent decision of the Netherlands High Court
upholding
the gold clause on the ground that the
ruling did not take into consideration
rate
the abandonment of the gold standard.
Meanwhile the company offered to exchange $1,000 bonds of the issue
into guilder bonds of 2,500 guilders each, which would be at a
rate equiva¬
lent to the old gold parity.
(Under this offer each 2,500-guilder bond
would be worth, at present rates of
exchange, $1,369.
If the bonds were
redeemed at their full gold value of the
pre-devaluation
dollar, each would
yield its holder $1,693 in
and amortization.
_
present United States currency.)
Each bond will carry tne right to subscribe before March
31, 1940, for
share of 1,000 guilders parity at a price of 450
guilders, or thereafter
and until March 31,
$52,463
Appropriations for retirement
p.
775,863
155,268
defl24,865
Co.—Earnings
$46,188
Balance for
common
1936—12 Mos.—1935
$1,982,654
$1,833,388
744,776
708,857
115,373
114,038
206,708
198,557
377,770
411,484
dividends and surplus
$538,026
210,000
149,114
60,000
$400,450
150,000
149,114
60.000
$118,911
reserve.
$41,336
Balance Sheet Dec. 31
1936
1935
$
$
Assets—
a
1936
Liabilities—
Property plant &
1935
*
$
b Debenture stock:
equipment
Cash
14,668,808 14,656,251
194,613
478,811
Accts. receivable..
240,239
189,529
Mat'ls & supplies.
149,161
132,960
Appliances on trial
8,034
6,646
Prepayments
71,567
12,252
Miscell. investm'ts
4,003
3,993.
Special deposits...
1,212
1,212
Unamortized debt,
disct. & expense
Series A 8 %
Series B 7J^%__
1,300,000
250,000
250,000
1,300,000
136,300
Series C 7%
Series D 6 M %.
Prem. on deb.stk.,
136,300
_
series B.
c
250,000
250,000
1,043
6% pref. stock._
d Common stock.
1,043
1,000,000
1,000,000
3,100,012
7,343,000
.
Bonds
3,100,012
288,005
2,000
debits
303,999
7,525
7,368,000
788.
Notes payable
33,645
Accts.
99,684
55,079
47,196
89,640
40,001
Int. <fe taxes accrd.
Unadjusted
one
1943, at 500 guilders.—V. 144,
1,048,269
318,529
34,040
Debenture dividend requirements
Preferred dividend requirements
on
Rustless Iron & Steel
887,843
def27,534
def319,135
1936—Month—1935
$179,951
$162,265
68,989
59.699
9,967
8,390
17,039
16,562
31,492
31,424
Balance
Dispatches from Amsterdam Feb. 2 stated:
The Royal Dutch Co. announced Feb. 1 it was
prepared to pay coupons
its 4% dollar loan still uncashed and which matured
before devaluation
of the guilder on Sept. 26
last, at their gold value ($1,693 to eiach $1 face
value at the present parity of the dollar).
1933
$86,009
23,786
def 1,294
118.
Gross earnings
receivables, &c., of $6,170.
b After re¬
serves
for depreciation of $1,143,870.
c Represented
by 49,016 no par
shares having a stated value of $22.50
per share,
d Represented by 98,032
no-par shares having a stated value of $5 per share.—V.
137, p. 2119.
on
1934
$72,211
11,719
def7,173
Savannah Electric & Power
doubtful
Royal Dutch Co.—Ready to Pay 169.3%
Coupons Due Before Oct. 1, 1936—
a
bladed
$87,691
18,569
def4,908
-
225,136
$2,999,259 I
reserve
1935
$106,173
18,144
defl3,265
Period Ended Dec. 31—
Total
Its products include
From Jan 1—
3,778
bonds
c
Net from railway.
Net after rents
32,636
Accrued taxes, payroll, &c
Due to officers & employees..
1936
Gross from railway.
$11,731
.
Cutlery Co.
San Antonio Uvalde & Gulf RR.—
Earnings—
December—
Purchase drafts outstanding.
Accounts payable.--.
7,600
of Samson
Under a recent amendment to its charter, the
corporation is authorized
to issue 500,000 shares of common stock ($1 par).
At the same time it
changed its 2,500 shares of 7% cumul. pref. stock into 25,000 shares of
common stock and also changed the 65,010 shares of issued common stock
(no par) into the same number of shares ($1 par)
$185,219
3,640
23,265
Liabilities—
$64,040
name
wide range of household electrical appliances, as well as rubber
household and automobile fans which it introduced last year.
$158,313
Assets—
Rochester, N. Y.—New Financ-
Conn.
After deducting provision for depreciation in the amount
of $89,760.
Balance Sheet Oct. 31, 1936
Cash in banks and on hand
Cash in sinking fund
$3,343,906
$2,722,914
3,392,848
3,178,109
def$48,941 def$455A95
Proceeds of the 110,000 shares for the account of the
corporation, after
payment of bank loans and current indebtedness, will be used for new capital
purposes, including plant expansion,increased inventory and working capital.
Corporation was organized in 1929 to succeed a business previously
872
Net loss
$359,180
273,264
$85,916
A. O. Samuels, President, stated that a registration statement
covering
200,010 shares of common stock ($1 par), will be filed shortly with the
Securities and Exchange Commission.
Of this amount, 110,000 shares will
be sold for the account of the corporatiion and 20.445 shares for the account
of present stockholders.
The shares to be sold will be underwritten by
Tobey & Co., New York, and Hincks Brothers & Co., Inc., Bridgeport,
x$108,283
61,899
6,101
8,063
1
$325,235
276,715
$48,520
*
The company, manufacturer of household
and automobile
electric a
appliances, has completed arrangements for new financing through the sal
of 110,000 shares of common stock.
$170,557
160,332
118,508
Total operating loss
Ry. Lines-—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$1,861,903
$1,423,446 $19,363,507 $15,737,484
535,308
498,779
6,164,162
5,001,750
319,224
350,493
3,271,248
2,644,318
6,011
8,687
72,658
78,595
Samson United Corp.,
8,831,662
Other income
Discount on first mortgage bonds purchased for
sinking fund..
1,062,161
13,356
def354,114
ing—
$9,002,220
Interest on first mortgage bonds
Amortization of bond discount and expense
Loss on property retired
(net)
2% notmal tax at source, &c
936,703
defl81,794
def531,632
—V. 144, p. 788.
Earnings for the Year Ended Oct. 31, 1936
-
11,091,229
defl63,204
def503,422
Net income
Inc.—Earnings—
Operating loss
def58,614
$78,807
defl3,627
def39,559
Gross income
Deductions
$6 was paid on Dec. 21,
last, and dividends of $3 per share were paid on Sept. 1, July 1 and Jan.
2,
1936, July 1, 1935, and on Nov. 2, 1934, this latter being the first dividend
paid since Jan. 1, 1931, when a regular semi-annual dividend of
$3 per
share was distributed.—V. 143, p. 3647.
Gross profit on sales
Selling expenses
Administrative expenses
oper. revenues.
Net rev. from ry. oper__
Net ry. oper. income
The directors have declared a dividend of
$3 per share on account of
accumulations on the 6% cumulative preferred
stock, par $100, payable
Feb. 15 to holders of record Feb. 4. A dividend of
&c., of $240,033)
1933
def30,112
St. Louis Southwestern
at the rate of
Net sales (after freight,
returns,
Cost of sales
1934
$60,275
def45,875
def73,548
1,356,645
17,190
def438,277
Period Ended Dec. 31—
Corp.—Interest—
Roberts & Oake,
Ry.—Earnings—
1935
—Y. 144, p. 118, 290.
787.
p.
1937
$82,919
_
Gross from railway
Net from railway
Net after rents
March 15,
Representatives of the reorganization committee stated today that
this action will enable them to proceed with all convenient
speed
summate the reorganization plan and thus terminate over six
1936
6,
$121,019
18,898
defl6,956
-
Net after rents.
From Jan. 1—
The reorganization committee has received a formal
agreement from the
stock underwriters extending their
underwriting commitment to
1937.
Feb.
payable...
Customers' deps..
Sundry liabilities.
Corp.—Listing of New Stock—
Retirement
The New York Curb Exchange has approved the
listing of 893,607 shares
of new common stock, $1 par, upon official notice of
issuance in substitution
for an equivalent number of shares of old common
stock, no par.—V.
84,801
5,859
5,334
1.057,568
48,338
1,570,752
38,912
704,646
633,627
15,466,931
15,853,894
.
reserve
Operating reserves
Unadjusted credits
Earned
13,051
6,981
surplus...
144, p. 788.
Total
Rutland
RR.—Earnings-
Period End. Dec. 31—
Railway oper. revenuesRailway oper. expensesRailway tax accruals—
Equip. & jt. facil. rents.
Net ry. oper. income.
Other income
1936—Month—1935
$308,253
$248,296
242,788
243,895
78,941
19,555
1,386
2,304
def$12,850
3,018
def$9,832
Miscell. deductions
Fixed
354
charges
$99,504 def$138,481
76,181
75,093
$175,685
6,115
410,945
411
34,140
34,394
$37,569
Net deficit
$3,213,265
3,127,879
235,865
11,998
$44,637
def$63,388
5,855
413,739
$241,375
-Y. 144, p. 788.
$482,982
Net
profit after provision for Federal income
provision for tax on undistributed surplus
Earnings per share
taxes,
but
before
$49,791
St. Louis Brownsville & Mexico
Ry.1936
railway
$394,717
50,928
7,482
5,490,916
1,278,893
685,877
1934
4,495,059
8; 8,627
428,509
rents
1933
$391,571
91,679
44,816
$348,377
152,313
128,783
4,579,167
1,296,574
713,990
3,938,899
1,157,398
605,438
*
1—
Gross from railway
Net from railway
—V. 144, p. 118.
..
railway
stocks.
—
Total...
Ry.—Earning
324
Expenses
2,693
of securities & provision for
$4,647
786
Net income for year before provision for Federal taxes.
Provision for Federal taxes
$5,433
128
$5,305
1,686
L
Gross surplus
Dividends paid
$6,991
4,617
Surplus—Dec. 31, 1936
$2,374
Assets—
Liabilities—
Cash
x
$1,419
66,243
3,609
Securities owned—at cost
225
Due from brokers.
Due from
1935
1934
1 Q33
$4,211,049
864,603
622,323
$3,436,946
431,315
321,735
$2,936,042
91,339
def49,290
5,771
Subscribers to class A
stock.—,
Collateral loan payable
Proceeds Baldwin Loco, stock
Accounts payable
Install,
payable on
Co. pref stock..
336
-
-
-
47,981,639
9,171,215
5,880,915
40,539,492
4,859,441
2,045,514
40.043,864
6,220,541
2,934,814
38,731,160
7,025,742
3,381,153
$31,166
4,243
571
Trust
4,500
—
13
Reserve for Federal taxes
128
Class A stock subscribed..
Class A stock (par $1)..
—
540
Class B stock (par $1)
Capital surplus
_
Mfra.
Unclaimed dividends
$3,014,054
353,002
126,484
.
$7,345
319
$7,665
Interest expense
Accrued interest receivable
1936
_
Net after rents
Net after rents
—V. 144, p. 788.
on
bonds
Balance Sheet Dec. 31, 1936
[Earnings of Company Only]
December—
From Jan. 1—
Gross from railway.
Net from railway
on
Baldwin Loco, works bonds
St. Louis-San Francisco
Net from
Dividends
Interest
Surplus—Jan. 1, 1936
—Earnings-
1935
$535,496
150,502
81,787
Net from railway
Net after rents
Gross from railway.
Income
Net income..
December—
Net after
Type Investors, Inc.—Earnings-
$0.26
—V. 144, p. 622.
From Jan.
Total
Profit from sale of securities
Earnings for 3 Months Ended Dec. 31, 1936
from
Scottish
Net income before profit from sale
Federal taxes
Ryerson & Haynes, Inc.—Earnings—
Gross
15,853,8941
Earnings for Year Ended Dec. 31, 1936
def$12,090
9,015
def$3,075
Total income
1936—12 Mos.—1935
$3,465,869
3,141,741
223,040
1,584
.15,466,931
a At cost based on the
par or stated value of securities issued, or cash
paid, therefor, less retirements,
b Par value $100 per share, cumulative.
cPar $100 per share,
d Represented by 133,334 shares of no par value.
—V. 144, p. 291.
Profit & loss surplus
Total
x
$77,603
Total..
Market value—$82,743.—V. 143, p. 4167.
3,083
20,000
10,986
2,374
$77,603
Volume
'
Financial
144
Schulte Real Estate Co.,
15-year
income
Inc.—Listing Approved—
debentures,
1,
June
due
1951.—V.
1936
1935
Gross oper. revenue—$12,589,996
$11,700,065
a
Schulte Retail Stores Corp.—Sells
Holdings—
The sale by the corporation of 60,000 shares of Webster-Elsenlohr, Inc.,
stock at not less than $8 a share, or at not lees than the market if that is
than $8 has been tentatively approved
by Referee Peter B. Illney Jr.
—V. 143, p. 4167.
more
Scruggs-Vandervoort-Barney Dry Goods Co.—Dividend
Plan
new,
$100 par preferred will be issued to first and second preferred
on basis of one share for each three shares
held, in lieu of
unpaid accumulated dividends which amounted to $33 a share on first
preferred and $38.50 a share on second preferred.
See also Y. 144, p. 465.
Scullin Steel
Co.—Reorganization Plan—See
page
Exchange
U. S. funds
to
Seeman Bros.,
Special depreciation
Depreciation reserves
Exchange reserve
Unamort. bond prem.,
discount, & expense.
Contingent reserve
0300,000
300,000
800,000
1,000.006
1,000,600
100,000
142,035
100,000
Net income
$2,245,857
1,415,862
$2,541,966
1,132,690
$2,267,443
1,089,125
$1,843,044
1,089,125
$829,995
704,718
$1,409,276
1,832,028
$1,178,318
1,134,213
1,199,526
$753,919
780,894
$1,534,714
has
1936—6 Mos.—1935
x$lll,073
$91,886
$1.03
been
made
x$220,373
$201,398
$2.04
$1.86
$0.85
for
Federal
surtax
undistributed
on
profits.—V. 143, p. 4167.
Selected American
Shares, Inc.—Earnings-
Years Ended Dec. 31—
Proceeds of pro
Interest on "
m
Total
Transfer to
$3,241,304
$3,512,057
$1,534,813
300,000
con ting. res.
2,267,414
Spec, transfer to deprec.
reserve
stk.
com.
provision
Balance, surplus
Prev. surp. (afteradj.)._
Transfer from gen'l res..
and expense
1936—3 Mos.—1935
profit after charges
and Federal taxes
Earns, per sh. on 108,000
1936
1935
1934
$450,235
2,854
1,315
$269,255
2,175
b Total surp. Dec. 31. $1,534,714
Shares capital stock out¬
$213,141
47.051
Unamort.
$217,089
$166,090
Dep.
sets
167,223,197
4,714,023
3,152,779
Movable
Accts.
bond
375,000
400,000
1,006,505
364,130
973,600
Exchange equali¬
438,064
1,737,967
1,692,996
2,910,058
1,688,828
1,976,204
plant
628
$346,195
5,368
$217,094
8,986
$166,718
6,158
Deprec.
Call
$340,826
$208,108
$160,560
temp. Invests.
Cash
charges
Account
395,620
347,926
,180,955
,534,714
1,226,996
973,889
179,536,665
176,632,780
reserve
Contingent & in¬
receivable
loans
L,334,761
1,331,641
res
zation
bills
&
84,471,000
2,000,000
524,558
7,730
1,356,593
13,605,641
544~526
Int. & diva. pay.
and stores
Other expenses.
Shtrt.term notes
payable-
72,118,447
Bills payable—
Que¬
x5
Prepaid
!,118,447
',596,000
Bonds
bec Govt----
paid
and (or)
$
Capital stock.
166,740,152
with
1935
Liabilities—
$
y
disct. & exp__
Selected Shares Corp.
Security Supervisors, Inc
$1,234,813
1936
1935
$
Total fixed as¬
$346,195
by
$2,312,531
Comparative Balance Sheet Dec. 31
1936
Assets—
$271,430
54,341
Amount of operating expenses shown
above which were assumed and
$973,889
standing (no par)
2,178,250
2,178,250
2,178,250
2,178,250
Earned per share
$1.03
$1.15
$1.04
$0.84
a
Including revenue from investments in subsidiary and other companies
and property rentals,
b Surplus subject to deductions for income tax.
$454,405
108,210
expenses.
700,000
499,526
res.
$213,141
.•••/
dividends.
Tr. to ins.
x
surance
and
z
fund.
Surplus
775,940
Selected Shares Corp. only.
Total
Balance Sheet Dec. 31
Assets—
1936
Cash
1935
Liabilities—
$377,124
$178,983
(at cost).
28,960
9,597,148
34,155
6,288,565
Deferred charges..
19,609
5,206
Accts. receivable
1936
1935
$164,820
$134,669
38,386
but not received
Accrued
Fed'l
in¬
come tax
10,000
agent's fees and
25,889
2,393
Capital stock.__
Capital surplus
x
Distribution surp.
The
$10,022,841 $6,585,1281
4jg^Presented by shares
a dividend
of 25 cents per share on the
$15,payable March 15 to holders of record Feb. 18.
Dec. 15 and Sept. 15, last; 20 cents
was paid on March
16, last, and 15 cents per share was distributed on
Sept. 16 and March 15, 1935.
During 1934 four quarterly dividends of
15 cents per share were distributed.—V. 143, p. 3011.
5,743
1,871,158
1,341,914
7,744,164
176,031
4,973,701
par
South Carolina Power
Selected
Total
$10,022,841 $6,585,128
$2.50 par in 1936 ($0.25 par in 1935).—V. 143,
Gross
exps.
Prov. for retire,
a
reserve.
$2,701,411
Balance
$264,704
152,524
18,000
52,971
14,286
$235,991
138,436
20,000
56,846
14,286
$2,847,703
1,710,319
216,000
641,855
171,438
1,495,357
184,000
651,071
171,438
$26,921
& taxes
$6,422
$108,089
$199,544
—V. 144, p. 120.
(W. A.) Sheaffer Pen Co.—Larger Dividend—
The directors have declared
1936—12 Mos.—1935
1936—Month—1935
revenue
Oper.
Int. & other fixed chgs__
Divs. on pref. stock
Industries, Inc.—Listing Approved—
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
98,846
The New York Curb Exchange has approved the
listing of 424,317 out¬
standing shares of convertible stock, $5 par.—V. 144, p. 789.
Southern Canada Power
dividend of $1.25 per share on the common
stock,
no par value, payable Feb. 26 to holders of record Feb. 11.
Divi¬
dends of $1 were paid on Oct. 15 and on April 15, last, and
compare with
50 cents paid on Oct. 15, 1935, and $1 per share on March
15, 1935.—
V. 143, p. 2067.
Shell
have declared
directors
capital stock,
Period End. Dec. 31—
Total
Total
A dividend of 25 cents was paid on
custodian &tran-
expenses, &c
Other liabilities
176,632,7801
Socony-Vacuum Oil Co., Inc.—25-Cent Dividend—
Reserve for Federal
capital stock tax
Accrd. managem't
179,536,665
x Includes
securities of subsidiary and other companies amounting to
$19,508,826 in 1936 and $20,588,837 in 1935.
y Represented by 2,178,250
shares of no par value.
= Subject to deduction for income tax.—V. 143,
p. 4167.
20,253
Due for secs.purch.
78,218
Cash dlvs. receiv.
Invests,
p
-
500,000
1,000,000
100,000
Amort, of bond discount
Inc.—Earnings—
Dec. 31—
Net
x
power
on cost of
work of construction
Dividends
Feb. 2 declared a dividend of 75 cents per share on the
stock, no par value, payable March 15 to holders of record Feb. 15.
Previously regular quarterly dividends of 50 cents per share were dis¬
tributed.
In addition an extra dividend of
$2.50 was paid on Jan. 7,
last, an extra of $1.75 was paid on Dec. 15, last and a special dividend of
50 cents per share was distributed on Dec.
16, 1935.—V. 144, p. 622.
Operating
on
Interest
Int.
charged
$13,067,800 $12,504,406 $11,945,863
3,082,238
2,748,159
2,503,134
1,580,696
1,539,675
1,634,217
658,862
744,143
674,380
62,585
377,957
3,901,339
4,018,758
4,127,681
4,113,127
1,788,625
834,254
on
rommon
No
1934
1933
$10,974,372 $10,827,5676
1,367,735
1,530,035
1,118,287
1,364,362
Gross earns., all sources$13,954,358
expenses, &c.
3,442,247
Operating
958.
Sears, Roebuck & Co.—Larger Dividend—
The directors
(no par) shs.
rev.
development
stockholders
x
Miscell. non-oper.
Power purchased
Taxes and insurance
Voted—
Stockholders on Jan. 26, 1937, approved plan to eliminate accumulated
dividends on present first and second preferred stocks.
Under the plan a
Period End
951
Comparative Income Statement for Calendar Years
The New York Curb Exchange has approved the listing of $3,160,335
principal amount
141, p. 1947.
Chronicle
Period End. Dec. 31—
Gross earnings
Operating
-Earnings—
1936—3 Mos.—1935
$193,196
77,437
$181,695
70,014
$577,627
236,830
$551,110
217,653
$115,759
expenses
Net earnings..
Transport & Trading Co., Ltd.—Interim Div.—
The Chase National Bank of the City of New York as successor
depositary
Co., Ltd.-
1936—Month—1935
$111,681
$340,797
$333,457
Bonds Called—
All of the outstanding 1st mtge. 5% 30-year gold bonds, series A, have
been called for redemption on April 1 at 102Ml and interest.
Payment
of certain ordinary shares of the "Shell" Transport & Trading
Co., Ltd.,
has received an interim dividend on the
ordinary shares held by it of one
will be made at the
shilling six
in
pence per
ordinary share of the
par
value of
one
pound sterling
each.
The equivalent thereof distributable to holders of "American Shares"
is 73 cents on each "American Share."
This dividend will be distributed
on Feb. 16, 1937 to the
registered holders of "American Shares" of record
Feb. 9. 1937.—V. 144, p. 291.
Shawinigan Water & Power Co.—Annual Report—The
income account and balance sheet for the year 1936 will be
found in the advertising pages of to-day's issue.
The company reports for 1936 gross earnings of $13,954,359, compared
$13,067,800 for 1935, and net earnings before depreciation of $3,987,893, compared with net of $3,641,966 for 1935.
Non-recurring income of
with
$432,692 was not included in the revenue account for the year, but credited
contingency account and used to write down the book value of certain
investments held by the company.
Deductions from net earnings totaled $3,157,898, against $2,232,690
for the previous year.
These included, in addition to the usual depreciation
charge of $1,000,000, an additional $500,000 for a special depreciation
reserve, $100,000 for exchange equalization reserve and $142,035 for un¬
amortized bond premium, discount and expense.
Dividends paid for the
year totaled $1,415,862, compared with $1,132,690 for 1935.
As a result
to
of the increased dividends and transfers to reserves, the year's surplus was
reduced to $829,995, compared with $1,409,275 for the preceding year.
Surplus, subject to deduction for 1936 income taxes, which are computed
and payable in 1937, amounted to $1,534,714, against $973,889 at the end
of the previous year.
"The increase in the gross income of the Shawinigan Water & Power Co.
reflects the effect of the general improvement in the business world," says
Julian C. Smith,
President, in his report to shareholders.
firm
shows
power
sold
a
marked
increase.
There
has
"The amount of
also
been
a
sub¬
stantial improvement in the sale of electricity for domestic purposes.
"The company's lines serve communities in the Province of Quebec,
largely interested in its industrial life, and the benefits of improved con¬
ditions are seen on all sides.
The employment situation shows marked
improvement, as evidenced by the fact that in many districts industries
served by the company are operating at or near full capacity."
Total power output of the company, which is one of North America's
largest hydro-electric enterprises, again established an all-time record,
amounting to 5,667,166,962 kwh. generated and purchased, as compared
with 5,315,290,623 kwh. in the previous year.
The peak load on the
company's system in 1936 was 1,153,753 hp., against 1,111,394 hp. in 1935.
The exchange equalization reserve, set up by the company to meet the
cost of exchange on bond interest coupons paid in United States funds
or Sterling, stood at $395,620 at the end of the year.
Charges for this
purpose during the year amounted to $52,306, approximately the same
as for the previous year.
principal office of the Canadian Bank of Commerce
the cities of Montreal, Toronto, Winnipeg, Vancouver and Halifax,
Canada, or at the agency of said bank in the Borough of Manhattan, City
of New York, or at the office of said bank in London, England, or at the
office of the Montreal Trust Co. in the cities of Montreal, Toronto, Winni¬
peg, Vancouver and Halifax, Canada.—V. 144, p. 623.
Southern Indiana Gas & Electric
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Dec, 31—
Gross revenue
Oper.
exps.
& taxes
Prov. for retire,
reserve.
Int. & other fixed chgs..
Divs. on pref. stock
Balance
;
1936—Month—1935
$342,929
197,169
30,000
29,954
61,475
$315,142
201,673
23,141
23,078
45,206
$24,330
$22,042
1936—12 Mos.—1935
$3,609,321
$3,160,399
1,822,099
1,969,021
311,991
277,700
325,473
317,373
566,073
542,476
$436,760
$200,750
—V. 144, p. 623.
Southern Pacific Co.—Earnings—
December—
1936
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
$17,472,664 $10,480,802
7,130,232
2,619,856
5,780,469
1,628,227
1934
10^1
$8,776,192
2,287,943
1,369,933
$8,007,590
1.696,195
1,125,492
156,285,604 124,028,196 112,918,817
45,754,140
33,278,345
31,174,858
28,399,940
17,493,428
17,581,796
97,059,087
23,287,185
9,735,941
—V. 144, p. 623.
Southern Pacific SS.
December—
Lines—Earnings—
1936
Gross from railway
Net from railway
Net after rents.
1935
1934
1933
$591,851
10,925
11,304
$344,362
def46,578
def49,178
$306,331
def33,473
def34,176
def 101,610
6,097,038
35,020
def5,246
4,712,021
def 510,087
def549,292
4,402,029
def768,039
def770,255
4,128,228
def477,473
def486,424
$254,631
def 101,638
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144, p. 120.
Southern
The
Pipe Line Co.—Dividend Doubled—
directors have declared a dividend of 20 cents per share on the
capital stock, par $10, payable March 1 to holders of record Feb. 15.
This
compares with 10 cents paid on Sept. 1, last; 15 cents paid on March 2,
1936, Sept. 3, 1935 and March 1, 1935, and on Sept. 1, 1934; 10 cents
paid on March 1, 1934, Sept. 1, 1933 and March 1, 1933; 15 cents per share
Financial
952
d Includes all
©Includes pro¬
prior years, and
interest, $572,406 in 1936 and $76,386 in 1935.
f Includes not unrealized
loss of $10,759 due to conversion of foreign net current assets at rates of
exchange current Dec. 31, 1934, but not in excess of par.
g Includes
$65,529 loss, being the net of all realized profit and loss on foreign exchange,
and net unrealized loss, $1,056, due to conversion of foreign net current
assets at rates of exchange current Dec. 31, 1935, but not in excess of par.
foreign subs, for yearly periods ended Oct. 31 or Nov. 30.
paid on Dec. 1 and Sept. 1, 1932; 35 cents on June 1, 1932 and 50 cents
per share distributed each quarter for March 2, 1931 to and incl. March 1,
1932.—V. 143, p. 1091.
Southern
realized foreign exchange losses amounting to $223,875.
vision for additional Federal and foreign income-taxes,
Ry.—Abandonment—
The Interstate Commerce Commission on Jan. 22 issued a certificate
permitting abandonment by the company of a branch line of railroad,
extending northerly from a connection with its Knoxville-Jelllco main line,
at Vaspar, to La Follette, approximately 10.3 miles, all in Campbell
County, Tenn.—V. 144, p. 791.
/'
,
1936
1935
1934
1933
$80,569,328 $74,166,257 $70,613,999 $67,781,567
59,623,949
57,020,682
54,448,586
3,198,858
3,050,823
Net income.
Three Months Ended Dec. 31—
3,204,802
$11,489,567
6,988,274
$4,279,295
$4,501,293
.
Net profit from operations
$1,418,268
sur$l,699,407
$2,250,395
Income charges
Refunding—
—
to minority interest in
ferred and common stocks of subsidiary
Amount
141,105
$4,642,399
251,027
$4,391,372
7,790
$3,494,892
-
applicable
$3,669,532
_
Net income applicable to parent company
Surplus credits:
Adjustment of unrealized deprec. on securities. _
Adjustment of deprec. taken in prior years
Bros. (& Subs.)- •Earnings—
Years Ended Oct. 31—
1936
Sales, net of discounts, returns
1934
1935
„
$13,986,577 $13,326,017 $12,738,997
9,651,859
9,232,676
8,794,325
Gross profit
Selling, advertising & admin. expenses
Deprec. & amort., plant and equipt—
$4,334,718
4,306,461
478,934
469,406
Loss from operations
$450,677
144,448
Other income
Loss
$306,229
24,155
Interest
Loss
on
Loss
on
investments-
l-'qu d'n of loans to employees
Losses sustained in flood
393,109
Net loss
Of portion of provision made at Oct.
future declines in foreign exchange rates.
a
31,
$648,534
Consolidated Balance Sheet Dec. 31 (Incl. Subs.)
1936
Investments
960,719
367,587
245,604
1,565
77,474
462,599
3,332,200
1,000,000
9,032,200
Res. for conting.446,826
7% 1st pref. stock- 3,332,200
8 % 2d pref. stockd Common stock-
Surp.
with
approp.
1,000,000
9,032,200
and
used for repurch.
of 1st pref. stock
1,008,494
339,270
1,668,302
3,119,268
1,668,302
2,206,876
282,162
69,746
5,191
1,207
1,206
669,196
Total
Total
13,156,873 13,950,774
on doubtful accounts of $349,235 in 1936 and
b After allowances for depreciation,
c Less deprecia¬
tion and amortization,
d Represented by 349,110 no par shares.
e Represented by 25,012 shs. of com. in
1936 at cost of $644,463 and
18,718 shs. of com. in 1935 at cost of $391,669; 210 shs. 1st pref. in 1936
at cost of $13,332 and 200 1st pref. in 1935 at cost of $12,332, and 114 shs.
of second pref. in 1936 at cost of $11,400.
f For sale of common stock
on instalment pan.—V. 143, p.
1893.
Standard Brands, Inc.
eMMfi
bGross profit
Net profit from oper .$17,640,734 $15,123,799
Other income credits--Gross income
580,551
639,003
$15,935,398 $17,070,437
845,773
1,159,604
.$18,221,285 $15,762,802 $16,781,171 $18,230,041
663,607
g872,390
i 684,585
d940,137
Income charges
FNet income
$17,557,678 $14,890,412 $16,096,587 $17,289,904
Fed. & foreign inc. taxes
2,741,592
2,122,905
2,195,517
2,216,506
Provision for surtax
69,767
Amt. applic. to min. int18,871
22,544
23.049
24,602
Net inc. applic. to co„$14,727,449
$12,744,963 $13,878,022 $15,048,795
Profit and loss credits:
693,110
1,182,236
120,042
Adj. of unrealized de¬
of securities
Miscellaneous
1,496
42,109
__
Total surplus
5,941
32,052
107,344
105,286
171,207
69,541
$15,953,290 $12,782,956 $16,547,050 $15,982,653
Profit and loss charges:
property,
Cr2,916
5,000
e650,672
&c., sold (net)
Patents
acquired
Miscellaneous
Prem.
on
•
235,419
186,484
e93,963
688,806
190,549
pref. stk. red..
158,658
500,000
Sur. for yr. before div.$15,300,534 $12,267,089 $15,667,696 $15,323,994
Surplus Jan. 1
27,289,444
26,897,344
24,368,556
22,190,751
Sur. beforecharg. divs.$42,589,978 $39,164,434 $40,036,252
Preferred dividends
494,687
494,142
493,531
Common dividends
Surplus Dec. 31
13,277,671
11,380,847
12,645,376
$37,514,745
535,558
12,610,631
-$28,817,621 $27,289,444 $26,897,344 $24,368,556
12,645,423
12,645,415
12,645,380
12,645,374
$1.13
$0.97
$1.06
$1.15
1,613,602
1,792,066
1,749,441
1,982,417
Shs. com*, stock (nopar).
Earnings per share.-—.
alAfter charg. deprec.of
b'After deducting manufacturing and other costs,
c Cancellation by mu¬
tual consent of contract for the sale and distribution of gin, less Federal
income tax, $110,000, attaching thereto,
c Includes operations of certain
%
2,124,517
331,873
contingencies. 1,331,207
Minority
int.
in
subsidiary co...
204,417
b Preferred stock. 7,069,300
1,303,329
chinery & equip,
incl. deliv. eq-_.27,359,134
charges
25.174,541
776,541
797,410
.-
Reserves
General
insurance
fund
account:
Approp. surp. set
aside
c
to
meet
28,817,621 27,289,444
Total
70,340,244 66,435,674
for depreciation of $21,163,650 in 1936
reserve
375.644
7,063,100
Common stock..25,290,846 25,290.830
Surplus
1
70,340,244 66,435,674
After
income
taxes
64,417
41,546
24,801,099 16,159,392
Investments
70.930
53,058
Total gen. 1ns. fd. 1,331,207
1,303,329
Cash in closed bks.
22,873
a Land, Bldgs., ma¬
and $25,204,865
b Represented by 70,693 shares of no par value in 1936 and 70,631
shares of no par value in 1935.
c Represented by 12,645,423 (12,645,415
in 1935) no-par shares at stated value of $2 per share including 383 (508 in
1935) shares reserved for unexchanged common stocks of companies ac¬
quired.
V.
d After
reserves
of $965,001
In
1936 and $774,221 in
1935.—
143, p. 3483.
Spokane International Ry.—Earnings—
December—
1936
Gross from railway
Net from railway
1935
1934
1933
$54,973
11,083
4,333
$46,934
1,303
def5,330
$33,307
def6,296
def8,575
$31,523
1,756
def 1,875
773,697
192,585
103,870
1
Gross from railway
Net from railway
Net after rents
—V. 144, p. 120.
594,101
54,430
defl8,887
504,160
5,953
def57,253
433,030
def23,964
def97,804
Spokane Portland & Seattle Ry.-—Earnings—
1936
$821,804
336,679
220,707
1935
1934
1933
$625,145
191,832
78,702
$372,488
147,317
197,401
$376,455
98,131
401,363
8,452,899
2,992,737
1,475,507
7,588,180
2,832,700
1,466,587
5,671,051
2,418.014
1,540,713
4,608,094
1,784,698
1,207,741
December—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 144, p. 291.
Standard
Gas & Electric Co.—Protective Committee Re¬
The flood situation
debentures in
committee.
1,646,355
c690,000
Oancella'n of contract
Transfer from gen. ins.
fund account
prec.
3,263,283
215,754
-
foreign
officers
from
and employees.£
Inventories
views Present Situation
sale of treas¬
ury common stockAdjust. of depreciation
taken in prior years.
646.346
ex¬
Accrued Federal &
From Jan. 1—
o1Q33
$46,135,124 $43,513,499 $44,555,097 $44,692,020
28,494,390
28,389,700
28,619,698
27,621,584
Sell., adm. & gen. exps.
954,121
penses
Net after rents
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years (Including Subsidiaries)
on
Due
a
13,156,873 13,950,7741
Losses
d
and
taxes
22,542
in 1935.
After allowance for loss
on
191,013
5,270,622
rec._
Total.
$331,221 in 1935.
Profit
220,586
Accts. receivable 6,022,141
of
sink. fd. trustee.
a
4,643,822
Govt, bonds
2,464,761
728,934
2,010,591
Notes & collateral
Deferred
184,199
404,002
7,543
ployees
Treasury stock-_
Patent rights
Cash in hands
a
3,006,413
9,457
Acceptances pay'le
Accrued
payrolls,
Accrued int.
S
$
12,735,652
6,698,194
Trade marks, pat's
and goodwill—
em¬
Liabilities—
Accounts payable.
loans receivable-
Demand loans
to
fContr.
e
wages, taxes, &c
Deficit
officers,
employees
$
•
427,460
Leaseholds,bldgs.
&c
$
Accounts payableAccrued
salaries,
60,612
611,356
4,118.849
542,656
1935
1936
Liabilities
$
1,210,293
2,004,058
13,471
3,878,991
165,536
?
S. & Canadian
1935
1936
1935
$
Assets—
U.
1935
$
Land, bldgs., &c 3,795,497
Adv.
1936
V
Cash
1,135,398
a Accts.A notes rec 2,099,490
Rec. from affll. co.
26,360
Inventories
3,608,535
Prepd. & def. chgs.
180,006
Sundry
non-curr.
notes & accts.rec
62,869
e
12,645,423 shares in hands of public Dec. 31, 1936.
on
1933 against loss through
Consolidated Balance Sheet Oct. 31
h
Based
^
Based on
x
$672,301
.
'
123,587
2,529,081
1,659,939 sur .$924,589
j,
-
$3,577,257
par)
12,645,423
12,645,415
share
$0.27
$0.28
12.645,415 shares in hands of public Dec. 31, 1935.
per
*
Note—No provision has been made in the foregoing for possible additional
Aweis—
54,099
Shares common stock (no
Earnings
excise taxes.
Cash
12,347
-
560,113
360
542
Deficit for the period-
$912,392
33,053
^
Crl5,215
/
15,122
4,934
Loss due to declines in for'n exch. rates
8,720
Surplus for the period before charging dividends- $4,154,214
Preferred dividends-123,713
Common dividends
5,690,440
54,439
118,989
Loss, dismantling and closing factories
------
$3,676,755
Miscellaneous
$654,844
17,456
$563,661
20,482
44,334
15,469
-
Surplus charges:
Patents, trade marks and goodwill accmlred
Loss on property, equipment, &c., sold or abandoned(net)
----Provision for additional Federal and foreign income taxes, prior years, and interest
Prem. paid over book val. for stks. of subs, (net)
$811,180
129,616
a26,719
$643,559
79,898
Reinstatement
Dr 1,496
21,391
-
Total
$3,944,671
4,275,257
480,595
$4,093,342
4,267,495
1,496
1,182,236
$4,700,015
Miscellaneous
and
allowances
Cost of goods sold
714,051
pre-
.
&
(A. G.) Spalding
—_
3,465
—
Net inc. before charging Fed. & for'n inc. taxesFederal and foreign income taxes
Surtax on undistributed profits
special meeting March 6 stockholders will be asked to authorize
the creation of not to exceed $15,000,000 bonds to be issued in one or more
series from time to time, and also the issuance and sale presently of $7,250,000 of series A bonds, dated Feb. 1, 1937, and due Feb. 1,1967, the interest
rate not to exceed 4%.
With proceeds company will retire its existing
funded debt of about $7,000,000, consisting of series A and series B first
mortgage 5%.—V. 143, p. 3648.
//
a
,on
$4,303,074
734,950
69,767
Gross income
Southwestern Light & Power Co,—Plans
At
-
$4,508,245
205,171
$3,452,752
—V. 144, p. 291.
—
228,949
Other income credits
"
Deficit
profit
other costs of
$18,794,392 $13,946,717 $13,114,590 $11,912,233
17,094,985
15,364,985
15,364,985
15,364,985
—--
Dividends paid
1935
1936
„
(after deducting manufacturing and
goods sold)
$11,299,374
Selling, administrative and general expenses--—
7,020,079
Gross
52,664,532
2,150,987
Interest
Months Ended Dec. 31
for periods ended
Three
for
and Surplus
Income
operations of certain foreign subsidiaries
Oct. 31 or Nov 30, 1935 and 1936)
(Includes
12 Mos. End. Dec.Zl—
Expenses, incl. taxes
Net
Consolidated
Southwestern Bell Telephone Co.—Earnings—
Total revenues—
Feb. 6. 1937
Chronicle
a
came
of Company—
in for the attention of the holders of notes and
letter being sent to the holders
by the McRoberts protective
Company owns approximately one-third of the common stock of Louis¬
ville Gas & Electric Co. of Del. which in turn controls Louisville Gas &
Electric Co. of Kentucky.
This is the operating company of the Louisville
public utilities.
The committee's letter states that they have received in¬
quiries regarding the effect of the flood upon the property of Louisville
Gas & Electric Co. and continues: "The ledger value of the company's
(Standard Gas & Electric Co.) investment in Louisville stock compared to
its total ledger value of investments in subsidiaries is somewhat less than
3%.
The income realized on this investment represents somewhat less than
7% of the income of the company from dividends on subsidiaries' stocks.
Experience by the company in connection with the damage to the properties
of the subsidiaries of the Philadelphia Co. in the March, 1936, flood at
Pittsburg, Pa., Indicates that the loss from physical damage casued by
flood is not permanent and considering the size of the
operating property
is not disastrous, although probably extensive, and that the loss in revenue
should be
partially made up for the by increased activity resulting from
reconstruction work following the flood."
The committee's letter also advised holders of notes and debentures of the
progress being made on a plan of reorganization.
The letter states that the
committee, "had hoped by this time to be able to present to you a plan of
reorganization.
The delays, however, have been many and varied, and
although progress has been steady, it has not been as rapid as we had hoped.
We are very close to the completion of our work now, but have, nevertheless,
decided to send you this interim report as we believe that you should
have constant information on the progress being made."
The
problems delaying the plan are indicated by the letter to be the
reconciliation of the various interests concerned which, it is implied, is on
solution, and the litigation instituted by certain holders of
prior preference stock who sought leave from the U. S. District Court of
the way to a
Volume
Delaware, to
Financial
144
certain of the officers and directors and other parties for
accounting of their dealings with the company.
an
sue
Weekly Output—
r Electric output of the public utility operating
companies in the Standard
Gas and Electric Co. system, excluding Louisville Gas & Electric Co., for
which data is not available due to flood conditions, for the week ended
Jan. 30, 1937, totaled 98,450,480 kilowatt-hours, an increase of 12.2%
compared with the corresponding week last year.—V. 144, p. 791.
Standard Oil Co. of Calif.
(Del.)—Extra Dividend—
The directors on Feb. 3 declared an extra dividend of 5 cents per share
in addition to the regular quarterly dividend of 25 cents
per share on the
common stock, no par value, both
payable March 15 to holders of record
Feb. 15.
Similar payments were made on Dec. 15, Sept. 15, June 15 and
March 16, 1936.—V. 143, p. 3163.
Standard Oil Co. of Ind.—15-Cent Extra Dividend—
The directors
Feb. 1 declared
on
extra dividend of 15 cents per
an
share
in addition to the regular quarterly dividend of 25 cents
per share on the
common stock, par $25, botn payable March 15 to holders of record Feb. 15.
An extra dividend of $1 was paid on Dec.
15, last; an extra of 25 cents was
paid on Sept. 15, last, and one of 15 cents was paid on June 15, last.—V. 144,
P. 466.
Sterchi Brothers
1937
January
1936
$338,300
—V. 144, p. 624.
$276,360
Stratford Arms Corp., Buffalo, N. Y.-Reorganized—
See Buffalo Stratford Corp. above.—V.
121, p. 87.
Stromberg-Carlson
Common
Telephone
Co.—12 y2-Cent
Mfg.
Dividend—
a dividend of 12 K cents
per share on the
stock, payable March 1 to holders of record Feb. 8.
A similar
payment was made on Dec. 24, last, this latter being the first dividend
paid
on the common stock since
1931.—V. 143, p. 3858.
Studebaker Corp.—Sales—
Paul G. Hoffman, President of the
corporation, reports that truck sales
in 1936 totaled 6,473, a gain of
34% over the largest previous year, 1931,
when 4,845 were sold.
Sales in 1935 were 4,760.
Mr. Hoffman stated
that the new cab-forward line was
largely responsible for the increase.—
V. 144, p. 625.
Stuyvesant
Insurance
Co.—Initial
Dividend—
The directors have declared
p.
common
Co.,
an initial dividend of 20 cents per share on
stock, payable Feb. 15 to holders of record Feb. 5.—V. 137,
2990.
Month of—
1937
January
1936
$477,667
—V. 144, p. 292.
for sale under the plan may likewise tender their bonds
directly to Welz
& Zerweck for sale.
Those bonds deposited with the committee with respect of which no
dissents from the plan were filed, and
principal amount of the bonds,
interest coupons,
tributed
$378,635
1936
1935
payment plan and, it is stated, will also accept purchase orders for cash
shareholders, customers and friends and fill such orders from the
250,000 shares being registered.
Sales to officers and employees under the
deferred payment plan, or to shareholders, customers and friends for
cash,
will be made at the market price on the New York Stock
Exchange on
receipt of the purchase order unless a specific purchase price is fixed by
the buyer, in which event the order will be held open and not executed
unless and until shares are sold on the New York Stock
Exchange at such
fixed price, or the purchase order is previously canceled or
changed by the
prospective purchaser.
According to the prospectus, the proceeds from the sale of 102,270 shares
held in the treasury will be used for general corporate purposes and the
amounts received from the sale of 147,730 shares
subsequently acquired
will be applied to extinction of cost of acquisition of such shares.
Any
profit or loss arising from sales of snares at less or more than original cost
will be debited or credited to surplus, it is stated, inasmuch as original cost
in excess of the present carrying value of shares in treasury was
charged to
surplus.—V. 144, p. 292.
Sylvanite Gold Mines, Ltd.—Special Dividend—
The directors have declared a special dividend of five cents
per share
in addition to the regular quarterly dividend of like amount on the com¬
stock, both payable March 31 to holders of record Feb. 15.—V. 142,
4040.
(James) Talcott, Inc.
depletion
Calendar Years—
$3,966,825
5,402,718
$1,208,195
Prov. for
inact.
Tait, Detroit, recently offered 130,000 shares of common
stock at par ($1 per share).
This stock is offered for sale in and to resi¬
dents of Michigan only.
Capitalization—Authorized (par $1), 265,000 shares; issued and out¬
standing, 135,000 shares; validated for public offering in and to residents
of Michigan only, 130,000 shares.
Company—Company began operation as a partnership in Detroit in 1926
under the name of the Superior Tool Works.
The business was incorpo¬
rated
in 1933.
At its inception the company was engaged
chiefly in the jig, fixture and
tool business.
At the present time the larger part of its business is in the
fyulding of sheet metal dies and special machinery.
The sales of the company have increased from
approximately $45,000
for the year ended Nov. 30,
ended Nov. 30, 1936.
1927, to in
excess
of $384,000 for the year
Purpose—Only $9,991 of the net proceeds of the sale of this issue
($110,500) will be used for the retirement of the total funded debt of the
company.
The entire balance of $100,508 will be used for additions to
plant, the purchase of additional machinery and equipment and for other
corporate purposes.
Sutherland Paper Co.
Calendar Years—
Net sales
$7,494,749
Cost of sales, selling and
1934
103,094
reserve
68,218
$6,636,212
$5,903,211
refinancing
5,883,054
5,366,296
$931,928
35,448
$753,157
28,984
$536,915
26,078
$401,373
52,338
Federal taxes
Prov.for Fed. inc. tax..
78,000
50,389
$569,625
526,951
$481,952
254,419
$339,880
111,125
$227,450
66,021
Total surplus
$1,096,577
on
5H% par tic.
preference stock
68,286
$736,371
$451,005
$293,471
tax and surtax
175.000
Net profit
Bal. at beg. of period-
Divs.
Divs.
on
84,798
In class B stock
Divs.
$896,479
xl67,363
$724,173
105,803
$510,837
70,104
$349,035
41,949
Net profit
Dividends paid
$729,116
516,600
$618,370
287,000
$440,733
200,900
$307,086
57,400
Balance.
$212,516
$331,370
$239,833
287,000
$2.54
287,000
$2.15
287,000
$1.53
133,682
3,000
43,908
In class B stock
Divs. on common stock.
Prov. for partic. div. on
Includes $32,320 surtax on undistributed profits.
Note—Provision for depreciation for 1936 amounted to
stock
Liabilities—
receivable
1935
$158,844
388,597
924,360
869,753
Notes recelv.—real
estate mtge
Cash suit, valeu of
13,906
2,870,000
Earned surplus... 1,514,054
2,803
2,870,000
compen.
claims.
Common stock
1,305,106
1,257
life insurance
81,916
hand..
$2,076,891
982,349
12,627,896
b Acceptances & guarantees95,136
c Inactive manufact. accts..
d44,128
d Security Investments
18,215
on
a
Accounts & notes receivable
Office furniture
41,728
Deferred charges
1,365
1,823
est., plant
and equipment. 2,727,685
Deferred charges..
29,094
2,489,424
33,436
1
Total
$4,826,434
taxes
credit and guarantees
+
5H% partic. pf.stk.($50 par)
Common stock ($9 par)
Capital surplus
Total
Assigned
$15,935,572
by
manufacturers,
&c.
Total
96,136
1,500,000
3,234,610
282,620
739,419
$15,935,572
and
trade acceptances purchased
$40,000 and discounts of $135,103.
b Chargeable to manufacturers when due.
c Including
collateral mer¬
chandise acquired,
d After reserves,
e After reserve for depreciation of
$19,970.
f Payable at various dates, for assigned accounts receivable.
—V. 144, p. 292.
after
reserve
for doubtful accounts of
/
Tastyeast, Inc.—Options—
The company has notified the New York»Curb
Exchange that of the 79,000
covered by option agreement the optionee has
purchased 73,900
shares, and that the expiration date of the (extended) option in respect
of the balance of 5,100 shares has been further extended from Jan.
shares
17, 1937
1937—V. 143,
Calendar Years—
Net profit after deprec.,
Fed. income taxes, &c.
Earns, per sh. on 228,760
Real
Patents
$6,500,000
3,274,834
185,775
Dividends payable
81,094
Res. for partic. div. on pf. stk
20,032
Accrued rent and expenses
22,150
Acceptances under letters of
f Manufact., &c., credit bals.
Accrued
p.
1094.
Telautograph Corp.—Earnings—
Depos. in banks in
process of liquid,
$111,125
Notes payable to banks (sec.)
49,227
to March 18,
71,941
x
$254,419
37,381
105,803
Res. for workmen's
527,930
Inventories
$526,951
Liabilities—
Advances to manufacturers..
a
$233,397 and
$183,792
69,511
175,170
Federal taxes
ac¬
!
Operating surplus
1936
$472,964 Accounts payable150,738 Accrued accounts.
cepts. and accts.
20,800
$739,419
287,000
$1.07
Balance Sheet Dec. 31
Notes, trade
200
96,610
20,032
$249,686
'
$232,349 in 19351935
85,535
100
103,012
7,400
101,912
Ass6ts~~~~
x
1936
86,074
;
Balance Sheet Dec. 31, 1936
Shares of cap. stock out-
$381,669
152,413
86,707
3,450
/
class A stock:
In cash
on
e
standing ($10 par)...
Earnings per share
...—
class B stock:
In cash
Cash in banks and
Net income
213,834
J>rov. for Federal normal
4,584,249
Profit from operations
Inc. charges less credits.
100,000
->
20,000
expense._
$4,985,622
6,562,822
$1,036,628
595,342
against
1933
administrative expense
1933
628,626
manufacturers'
preferred
1935
1934
$1,118,896
Prov. for registration and
-Earnings—
1936
1935
$1,354,601
706,431
accounts
W.
-Earnings—
1936
$1,707,774
860,055
Expenses
Superior Tool & Die Co., Detroit, Mich.—Stock Offered
y
Exchange Com¬
market price.
The company proposes to offer to its officers and employees the right to
purchase a limited number of the shares being registered on a deferred
1934
—V. 143, p. 3484.
secur.
the Securities and
2-2823, Form A-2), under the Se¬
covering 250,000 shares ($25 par) capital stock to be
offered to "employees, shareholders, customers and friends."
The company states that 102,270 shares of the stock being offered are
presently held in the treasury and the remaining 147,730 shares are to be
acquired by it from time to time by purchase in the open market at the
p.
Co.—Earnings
Years Ended Dec. 31—
U. S. Treas.
by
and the full amount of such purchase price will be dis¬
after the sale as practicable.—V. 144, p. 292.
as soon
curities Act of 1933
profit after depreciation,
and
Federal and State income taxes, but
Assets—
were
accompanied
Swift & Co.—Registers 250,000 Shares—To Be
Offered to
Officers and Employees—
Net
Cash
the undeposited bonds which
tendered for sale under the plan, will be sold at the price of $73 in cash for
each $100 in unpaid
mon
Sunshine Mining
Walter
de¬
positary, 45 Beaver St., N. Y. City, of their certificates of deposit properly
endorsed in blank and without payment of any expenses of the committee.
Upon such withdrawal, such bonds may be tendered directly to Welz &
Zerweck for sale as aforesaid.
Holders of undeposited bonds who have not already tendered the same
Sun Ray Drug Co.—Sales—
before
accom.
The fairness of the price to be received at the sale of the bonds
provided
for under the plan, as so amended and modified has been
approved by the
U. S. District Court for the Southern District of New York.
Holders of certificates of deposit who dissented from the plan may
withdraw their bonds upon surrender to Manufacturers Trust
from
The directors have declared
common
the
953
$73 in cash for each $100 in unpaid principal amount of the bonds
panied by interest coupons.
The company on Jan. 28 filed with
mission a registration statement (No.
Stores, Inc.—Sales—
Month of—
Chronicle
1936
1935
1934
1933
$134,456
$145,701
$179,593
$249,326
$0.59
$0.63
$0.78
$1.09
shs.cap.stk. (par $5)--
1
—V. 143, p. 3013.
x After
deducting
$2,686,489 in 1935.
$4,479,9361
reserve
y
After
for
Total
$4,826,434 $4,479,936
depreciation of $2,898,481 in 1936 and
for doubtful receivables of $12,341 in
reserve
1936 and $13,108 in 1935—V. 144, p. 466.
Sutton Place Apartments—Plan
The plan dated
Modified—
Dec. 9, 1936, for the sale of Sutton Place Apartments
1st mtge. fee b%% serial gold bond certificates dated as of July 1,
1927,
adopted by the bondholders' committee (Lewis H. Pounds, Chairman)
has been amended and modified so as to provide for the payment of the
purchase price of $73 in cash instead of $70 in cash for each $100 in unpaid
principal amount of the bonds, accompanied by the appurtenant interest
coupons maturing July 1, 1933, and thereafter, and so as to provide for
the purchase by Welz & Zerweck (a corporation) of all additional bonds
which may be tendered to Welz & Zerweck at its office, 25 Broad St., New
York City, before the close of business on Feb. 15, 1937, at the price of
as
Tennessee Central
Ry.—Bonds Called—
The first
mortgage 6% bonds, series A and series B, due 1947, were
Feb. 1, 1937 for redemption on April 1,1937 at 105 and accrued
interest.—V. 144, p. 792.
called
on
Texas Mexican
Ry.
December—
Gross from railway
Net from railway
Net
after rents
From Jan. 1—
Gross from railway
Net from railway
Net
after rents
—V. 144, p. 121.
_
Earning
1936
$113,142
12,791
def 1,886
$95,050
15,568
2,172
$102,331
33,526
23,032
$54,765
2,545
def2,570
1,279,263
307,778
157.461
1,194.499
312,478
184,950
983,400
251,182
144,796
defll6,150
1935
1934
1933
634,484
def27.163
Financial
954
Feb. 6.
Chronicle
Directors—Paul
Hatcher,
O.
H.
1937
M. Davis, Alvin Foster (V.-Pres. & TreasJ, C. P.
Inghram, Frederic Leake (Pres.), Bruce P. Shepherd,
and F. L. Underwood.
1936
Pro Forma Balance Sheet, Nov. 30,
reorganization)
(After giving effect to plan of
TENNESSEE PRODUCTS
Liabilities—
Assets—
a
CORPORATION
Accounts
less
and
Accrued wages,
NASHVILLE, TENN.
rec. on
—
Accrued Interest
Reserved
Claim allowed by U.
S. Govt,
processing tax.
Sundry deposits
expenses..
457
1,317 6% first mtge. bonds
Inv. in stocks of other cos
3,506
for refund of
We
have
prepared
whose
company,
of
the
basic
many
metallurgical products
number
analysis of
an
are
largest
Copies
chemical
in demand by
a
c
great
37,361
d2,449,635
1 Capital surplus
-
3,709,040
$7,833,709
Total...
$7,833,709
Total
a Including $18,680 held by banks and claimed as offset to notes payable,
b Proceeds of proposed sale of new first mortgage bonds, $1,250,000, less
$861,787 cost of retirement of present outstanding bonds; remainder to be
available for plant improvements, working capital and payment of reorgani¬
zation expenses and such other secured and preferred claims as may be
determined by the court,
c After reserve for depreciation and depletion
of
$2,473,466.
d Authorized 700,000 shares; reserved for warrants,
202,523^ shares; to be presently issued 489,927 1-100 shares.—V. 144.
page 292.
industrial corporations.
njwn
16,359
Relining furnaces & ovens..
Common stocks
Coal, Iron & timber lands, &c 6,483,026
Patents, formulas, &c
aud
65,000
1,250,000
-
Insurance
Reserves—Liability
47,762
Prepaid exps. and def. charges
the above
165,153
claims
for reorg. fees and
Secured and pref.
1,862
land sale contr..
&c
Accrued taxes
150,121
672,826
reserve...
Inventories..
Notes
payable
Accounts
receiv.,
notes
$10,000
52,885
20,702
57,527
45
Certificate payable bank.
$84,618
388,213
Cash in banks and on hand.
bOther cash
Request
COMMON STOCK
Texas & New Orleans RR.
Bought—Sold—Quoted
Earnings—
1936
1935
1934
1933
$4,395,441
1,561,688
1,177,714
$3,155,525
745,565
475,192
$2,663,639
708,754
362,535
$2,348,738
388.499
48,889
41,955,909
10,315,542
5,691,986
34,619,393
6,602,205
2,889,330
31,871,862
5,206,674
192,117
28,673,646
December—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
4,677,098
def192,443
—V. 144, p. 121.
Toledo Peoria & Western
Campagnoli & Company
Gross from railway
Incorporated
19236807 19324
Bell
Hanover 2-8220
Todd Shipyards
Teletype N. Y. 1-1489
Tonawanda Power
as
E. P. Enfer was elected as Comptroller and William J. Samson
and Henry Frielinghaus as Assistant Comptrollers.—V. 143, p. 3860.
Corp.—Present Status, &c.—
prepared by Campagnoli & Co., Inc.,
History—Corporation was amalgamation of a number of plants, some
of them having a fairly long history.
In its present form the corporation
dates back to the beginning of 1926 and its business has rather closely
"heavy industry" during the past
11 years.
Corporation owns three main plants, a gas and coke and by-productfe
plant at Chattanooga, a ferro-phosphorus iron and insulating material
plant at Rockdale, and a wood distillation and charcoal pig iron plant and
by-products at Wrigley.
Corporation also owns in fee approximately
148,000 acres of mineral and timber lands, mostly located in the area
the Tennessee River Basin,
corporations have been building and
expect to build new manufacturing plants.
On this large acreage, the
corporation obtains most of its raw materials, namely, iron ore, timber,
limestone, &c., which places it in a position to take advantage of industrial
recovery and low costs of basic materials.
The business of corporation decreased rapidly from 1929 and sales found
their low point in 1934 with the result that on Sept. 1, 1934 corporation
filed a petition for reorganization under Section 77-B.
After various amend¬
ments and modifications, a plan was confirmed by the court on Sept. 26,
1936, and on Dec. 23, 1936, the court handed down an order directing the
defined by the Tennessee VaUey Authority as
where lately a number of well-known
of directors
and
officers of the corporation to proceed with
the
management of the business.
The corporation has emerged from reorganization with a very large
decrease in bond interest, no preferred dividend requirements, freed from
other obligations and is now amply supplied with working capital.
Corporation is the only producer of Southern charcoal pig iron, which is
universally known to the trade as Southern Semi-Cold Blast Charcoal
Pig Iron and Diamond "D" Low Phosphrus Charcoal Pig Iron.
The main sales outlets for the products corporation are to manufacturers
of chemicals, the metallurgical trades, and, to a less important
industry as a whole.
and exporters
but increasing degree, the construction
Capitalization—
First mortgage 5%
Common stock
bonds (RFC loan)
Authorized
Outstanding
$1,250,000 x$1,150,000
700,000 shs. y616,000 shs
of the lands which
the corporation's operations.
The funds
derived from such sale will be used in retiring the first mortgage debt,
and it is expected that over the next two year period a substantial amount
of this debt will be retired through the sale of these lands.
x
are
It is to be the policy of the management to sell all
common
Sales
shares.
1935
1936
Years Ended Dec. 31—
Federal
taxes, deprec'n, &c
Shs. cap. stock (no par).
Earnings per share
—V. 143, p. 3485.
Corp.—Earnings—•
$55,350
128,000
$0.43
1933
1934
$66,621
134,150
$0.49
loss$99,636 loss$125,061
128,000
128,000
Nil
Nil
Triplex Safety Glass Co., Ltd.— To Increase Capital—
An extraordinary general meeting of shareholders will be held on Feb. 10
an increase in the authorized capital to 1,000,000 shares, par
to consider
value 10 shillings, and to issue 400,000 new
of one share for every share held.
shares as a bonus in the ratio
The proposed offering to existing stockholders
for subscription at £3 10s., in the ratio of 1 share
of 100,000 new shares
for every 4 shares held,
and the proposal to convert the ordinary share
into stock, also will be acted upon at the meeting.
certain bonus arrangements,
capital of the company
Tri-State
Telephone & Telegraph Co.—Earnings—
1936—Month—1935
$502,829
$446,799
629
741
404,608
330,747
24,725
23,285
Period End. Dec. 31—
Operating revenues
Uncollectible oper. rev..
Operating expenses
Operating taxes
Net operating income.
-Y.
$72,867
$92,026
1936—12 Mos.—1935
$5,755,223
$5,251,960
13.196
18,138
4,282,833
366,471
3,934,762
269,670
$1,092,723
$1,029,390
143, p. 4170.
Truscon Steel Co.—Sells
$17,000,000 Debentures—
The company sold to Republic Steel
Corp. $1,700,000 4J^% debentures,
according to the current report filed with the Securities and Ex¬
change Commission.
On Feb. 3, 1936 the company sold Republic Steel
$2,300,000 of its 4J^% debentures.
The debentures were not registered
under the Securities Act of 1933 as the transactions did not involve any
due 1961,
public offering.—V.
144,
p.
294.
Union Pacific RR.—Earnings—
1936—Month—1935
$
$
Period End. Dec. 31—
Railway oper. revenuesRailway oper. expenses.
Railway tax accruals
Equipment rents
Joint facility rents
Net
-V.
14,880,907
9,134,901
1,164,006
574,144
114,830
and Earnings—Cash
earnings after interest,
depreciation, deple¬
Net Sales
$3,541,321
4,058,775
4,499,892
4,744,702
3,203,822
2,166,120
Approximate,
and
x
x
i
Profit
$659,229
715,953
880,915
852,565 1935..
352,620 1936*
18,508
Net Sales
x Profit
$1,403,671 def.$289,017
1,970,515
def23,737
1,805,783
def69,070
1,986,000
104,910
2,400,000
210,000
After operating costs and taxes, but before deprecia¬
income
144,
p.
3,893,025
1936—12 Mos.—1935
$
$
11,056,559 155,213,582 132,304,043
95,208,406
7,817,326 108,728,114
13,057,038
10,055,872
585,011
7,721,865
7,239,375
522,740
33,479
635,937
504,554
2,098,000
25,070,626
19,295,834
467.
Union RR.
(Pa.)—Bids Asked
on
Equipment Issue—
The company requests bids for the purchase in a single block of $2,380,000
equipment trust certificates of 1937, to be issued by Irving Trust Co.,
New York, as trustee, to be dated March 1, 1937, to bear dividend warrants
at rate of 2}4% per annum, payable March 1 and Sept. 1 in each year.
Certificates will be payable in 14 equal annual instalments of $170,000
beginning March 1, 1938
Bids must be submitted to G. "W. Kepler, Treasurer, at his office, Room
537 Union Trust Building, Pittsburgh, Pa., before 12 noon on Feb. 19.—
V. 144, p. 294.
Union Tank Car Co.—Dividend Raised—
The directors have declared
on
tion, &c., are as follows:
the
Feb.
common
stock,
no par
15.
a quarterly dividend of 40 cents per share
value, payable March 1 to holders of record
previously
This compares with dividends of 30 cents per share
distributed each three months.—V. 143, p. 1250.
Union Terminal Co.,
Dallas, Texas—Bond Issue Sold—
syndicate, consisting of Lazard Freres & Co., Inc.;
Blyth & Co., Inc.; Ladenburg, Thalmann & Co., and the
Bancamerica-Blair Corp., announced on Feb. 1 the sale of
an
issue of $5,000,000 1st mtge. 3%% bonds at 108.15
A banking
and accrued interest.
depletion.
In only one year in the period shown above did the corporation fail to
show a plant operating profit.
This was in 1932 when a plant operating
$25,000 was shown.
In two years during this period
dividends were paid on the common stock.
The corporation will now operate with fixed interest charges of only
about $62,500 per annum, instead of average interests charges for the last
10 years of about $175,000.
Furthermore, with the approval of the
corporation's auditors, depreciation and depletion allowance will be some-
loss
above.—V. 134, p. 328.
not deemed advantageous to
This number of shares was latest reported by the corporation as issued
with the exchange of former first mortgage bonds, debentures, preferred
stock, claims and old common shares warrants.
The terms of repayment of Reconstruction Finance Corporation loan
are as follows:
From Sept. 1, 1938 to Sept. 1, 1942, $100,000 a year and
interest; on the same date in 1943 and 1944, payment to be $200,000 per
year and interest, and the balance on or before Jan. 1, 1945.
Corporation
is to create an annual sinking fund for the redemption of the note equivalent
to the amount by which 50% of its net earnings for the preceding fiscal
year, before depreciation and as defined by the RFC, exceed the amount of
principal scheduled for fixed retirement in such fiscal year.
While any
part of the loan remains outstanding it is understood that the consent of
the RFC must be obtained before any dividends can be paid on the
*
430,249
221,676
Net profit after
y
tion
1,690,429
Transue & Williams Steel Forging
41 Broad St., New York we take the following:
Board
1,715.625
382,811
159,765
Co.—Merger—
See Niagara Hudson Power Corp.
President.
paralleled the trend of the so-called
339,186
—V. 144, p. 792.
Jan. 25 elected William A. Maloney
From an analysis of the company
$127,738
15,670
1,919
1,841,475
457,802
216,961
30,953
2,424,294
763,428
Net after rents
Vice-President in charge of sales.
At the same meeting Francis J. Gilbride was elected a director and C. H. M. Jones was named Assistant to the
Tennessee Products
1933
$119,799
37,068
34,915
From Jan. 1—
Gross from railway
Net from railway
Corp.—New Vice-President, &c.—
The directors at a meeting held
1934
1935
$158,978
36,713
23,573
$209,604
67,764
Net from railway
Net after rents
New York
41 Broad Street
RR.—Earnings—
1936
December—
of less
than
'wfa.Ett) reduced
Corporation averaged a production capacity of less than 60% during
1936, but ended at better than a 70% rate.
It is understood that during
February production will be stepped up rapidly, which increased volume
should be maintained for some time
Dated Feb. 1, 1937; due Feb. 1, 1967.
Principal and interest (F. & A.)
payable in lawful money of the United States at Irving Trust Co., trustee.
New York.
Coupon bonds in denom. of $1,000.
Not redeemable (except
for sinking fund) prior to Feb. 1, 1947; red. as a whole only on six weeks'
published notice on or before Feb. 1, 1952 at 105%; thereafter to and incl.
Feb. 1, 1957 at 103%; thereafter to and incl. Feb. 1, 1962 at 1023^%; and
thereafter at 100%.
Red. for sinking fund on and after Feb. 1, 1942 at
105% to and incl. Feb. 1,1947; thereafter to and incl. Feb. 1,1952 at 103%;
thereafter to and incl. Feb. 1, 1957 at 102%; thereafter to and incl. Feb. 1,
1962 at 101%; and thereafter at 100%.
Issuance—Authorized by the Interstate Commerce Commission.
Purpose—Net proceeds from the sale of the bonds to the extent necessary
are to be applied by the < ompany to the redemption at 105% on April 1,
e
c
Volume
Financial
144
1937, of all of Its outstanding 1st mtge. 5% gold bonds dated
955
Chronicle
April 1,1912,
due April 1,1942.
■
.
_
Company—Company was incorporated on March 16, 1912 in Texas for
a term of 50
years, expiring 1962, for the purpose of the construction,
maintenance and operation of a terminal railway in and about the City of
Dallas, Texas, and the country surrounding the City of Dallas.
Company
now owns a union passenger station in Dallas, together with coach yard,
engine house and shop, power plant, and owns or holds under user contracts
connecting tracks and tracks for the movement of through traffic outside
of the terminal.
Eight railroads have access to the properties of the com¬
pany over their own tracks or over the tracks of other railroads under
United
Shipyards, Inc.
trackage right arrangements.
various
Capitalization—Capitalization as of Dec. 31, 1936 was as follows:
$5,000,000
660,150
1st mtge. 5% gold bonds due April 1, 1942
Non-negotiable debt to proprietary companies
.
■
.
)'»l
C-6
Circular
48,000
Capital stock._
request
on
of $5,800
Ry. Co.,
Orleans RR., Gulf, Colorado & Santa Fe Ry., MissouriRR. of Texas, Fort Worth & Denver City Ry., St. Louis,
& Texas Ry. Co., Chicago, Rock Island & Gulf Ry Co.,
The company's capital stock is now owned in equal amounts
each by the following eight railroad companies:
Texas & Pacific
Texas
&
New
Kansas-Texas
San
Francisco
St. Louis Southwestern
Ry. of Texas.
companies has two directors on the company's
each direr tor holding one share of stock (par $100).
of above railroad
Each
board
of directors,
V. 144, p. 627.
^United
Gas
Improvement Co.—Weekly Output—
Week Ended—
Jan. 30, '37
Electric output of system
—V. 144, p. 793.
United
Milk
Jan. 23, '37
94,488,872
95,871,231
(kwh.)
Horace I. Poole & Co,
Feb. 1, *36
Incorporated
86,707,195
25 Broad
Co.—50-Cent Dividend—
Products
/
The company paid a dividend of 50 cents per share on its common
Tel. HAnover 2-8157-9
stock,
value, on Jan. 2 to holders of record Dec. 24. A dividend of $1.25
was paid on the common stock on Dec. 1, last, and dividends of 25 cents
per share were paid on Oct. 1, July 1, and on Jan. 2, 1936, this latter,
being the initial distribution on the issue.
Dividends similar to the above have been paid on the $3 cumulative
participating preferred stock, no par value, in addition to the regular
quarterly dividends of 75 cents per share.—V. 143, p. 3651.
no
Street, New York, N. Y.
par
Management—Company is headed by Joseph "W. Powell and also Hubert
E. Rogers, John E. Aldred, H. G. Place, Earle G. Hines and Thomas L.
Chadborne.
Record of Sales—Work Completed
$1,509,369
1,980,533
1,682,212
Quarter ended Mar. 31
Quarter ended June 30
Quarter ended Sept.30
The statements do not reflect
1935
$1,165,184
1,574,670
1,187,442
% Increase
approximately $16,000,000 of
29%
26%
42%
new
ships
which the company was constructing.
Condensed
Balance
3,558,314
135,297
17,295,426
Plant, Ac
$
Current liabilities.
2,085,376
151,979 Mortgages
19,863,263 Miscellaneous
Reserves...
Preferred stock...
Common stock...
Class A stock
Class B stock
Capital surplus
Surplus
20,989.037 22,100,618,
Total
a
Includes liabilities current prior to
1,985,277
13.335,474Dr4,440,355
receivership.
in the amount
and one for $2,500,000
After the reorganization there remained two mortgages: one
of $2,840,000, secured solely on the Morse plant,
on the Staten Island plant.—V. 142, p. 3531.
United States & Foreign
Income Account
Interest
1934
$1,029,036
105,655
136,017
33,803
$1,302,294
1933
$1,134,691
$1,163,854
Other
expenses
Prov. for Fed. inc. taxes
Prov. for Fed. surtax on
undistributed
Operating profit
Reduc. of prov. for &
32,476
lossl21,988
59,359
123,517
25,500
loss301,074
06,000
16,324
101,278
49,058
113,751
$900,620
$699,971
48,000
profits.
r
£2,110,125
$1,126,393
$2,110,125
15,115,185
2,100,000
$1,126,393
1,260,000
$912,622
1,260,000
$699,971
2,219,445
$15,105,060
$133,607
$347,378
$1,519,474
re¬
«
fund of Federal tax ap¬
12,002
plicable to prior yearsNet
income
1st preferred dividends
2d preferred dividends.
Loss for year
—V. 144, p.
122.
-
1,250,632
Relnsur. receivable
Accrued interest._
61,376
40,042
Other assets
660,861
67,615
52,998
77,120
608,872
57,656
mos.
144,
—V.
loss
2,370,646
46,110
350,098
121,737
243,068
175,014
adj.
Reinsurance res've
Corn's & brokerage
272,337
71,096
Fed. & State taxes
I
65,933
43,699
general
750,000
contlng. reserve
Capital paid in___ 2,000,000
5,227,916
Surplus
500,000
1,000,000
Special reserve
Voluntary
4,812,737
14,275,711 12,013,906
Total
14,275,711 12,013,906
Total
for
expense
Accounts payable-
over
due..—
3
295.
p.
United States Leather Co.
(& Subs.)—Earnings—
10 Months
-12 Months Ended Oct. 31
1935
1934
1933
1936
Period—
$871,132
407,229
$947,226 x$l,433,056
567,736
447,309
$1,309,837
$463,903
$379,490 x$l ,880,365
$1,093,232
25,786
$463,903
Crl3,462
70,000
$379,490 x$l ,880,365
3,222
11,251
54,701
27,000
$1,119,019
$407,365
Operating profit
Deprec'n & depletion
$313,538 x$l,910,587
$981,019
216,604
Oper. profit before int.
and Fed. inc. tax
Interest received
Interest paid
-
(net)
Prov. for Fed. Inc. tax_.
Net profit,
x Loss.
138",665
Consolidated Balance Sheet Oct. 31
Liabilities—
$
$
Cash
17,860
1,935,551
8,799,535
1,561,003
413,612
43,594
703,724
Investments
1,252,530
1,365,382
3,157,001
4,288,435
Inventories
8,941,345
e Accts.rec.(trade)
1,459,153
Accts. rec. (misc.)
49,383
Notes receivable-_
d Real estate,
&c
Prepaid taxes,
surance, &c
$
Accounts payableAccrued payrolls-
261,215
Mlscell. accruals--
54,383
94,190
-
92,000
49,823
$
6,297
7,320
54,701
c81,250
Provision for Fed'l
income tax
40.000
Insurance reserves
in¬
1935
458,138
88,334
59,345
61,630
Dividends unpaid.
Purch. mon. mtge.
incl.
timberlands,
plants,
1936
1935
1936
Assets—
1,000,504
588,620
Prior pref. stock-- 6,500,000
a Class A stock
3,111,798
Contingent
reserve
b Common stock._ 1,556,279
Capital surplus... 3,809,959
Deficit
222,227
16,862,649 17,267,287
Total
965,000
593,625
7,270,525
3,111,798
1,556,279
3,650,563
Total
629,593
16,862,649 17,267,287
a
Represented by 249,743 shares (no par),
b Represented by 397,010
(no par),
c $5,250 of which is due in 1936.
d After reserve of
$5,528,329 in 1936 and $5,815,526 in 1935.
e After reserve of $40,214 in
1936 and $28,539 in 1935.—V. 143, p. 4171.
shares
United States Playing
Card Co,-fExtra Dividend—
The directors have declared an extra dividend of 25 cents per share in
dividend of like amount on the common
stock, par $10, both payable April 1, 1937, to holders of record March 16.
A similar extra was paid on Jan. 1, last, Oct. 1, July 1, April 1 and Jan. 1,
1936, Oct. 1, July 1 and April 1935, and compares with an extra dividend
of 50 cents paid on Jan. 2, 1935, and an extra of 25 cents paid on Oct. 1,
addition to the regular quarterly
1934.
1
New Chairman,
<fcc.—
Benjamin Rosenthal, who has been Executive Vice-President and Chair¬
of the Executive Committee, has been elected Chairman of the board
to succeed John Omwake, retired.
A. R. Morgan, formerly President,
has
been elected President—V.
U.
S.
Universal
143, p. 2699
Joints
Co.,
Detroit,
Mich.—Stock
Humphries, Angstrom & Co., Detroit, recently offered 25,000 shares of
stock ($1 par) at $3 per share.
Stock offered to residents of State
Michigan only.
Equitable Trust Co., Detroit, Mich., transfer agent.
Company was incorp. in Michigan on June 7, 1928.
It is licensed on a
royalty basis by Guy & Murton, Inc., to manufacture or to have manufac¬
tured for it, to sell and to issue sublicenses for the manufacture and sale of
universal joints, flexible couplings and other devices covered by patents
and improvements thereon held by Guy & Merton, Inc.
These patents
and improvements have been granted in the United States, Canada, Great
Britain, France, Germany, Switzerland, Belgium and Italy.
The authorized capitalization now consists of 250,000 sharesTof common
stock (par $1), of which 200,000 shares are issued and outstanding.
Prior
to April 22, 1936 the capitalization consisted of 10,000 shares (no par),
stock having a declared value of $10 a share.
On that date the stockholders
voted to change the authorized capitalization into 250,000 shares of com¬
mon stock (par $1), of which 200,000 shares were issued in exchange for the
no par value stock.
All of this no par value stock was originally issued to
F. M. Guy and T. G. Murton as consideration for the exclusive license
agreement from Guy & Murton, Inc.
The net proceeds to the company of the sale of the 25,000 shares~(constituting this offering) will be $63,750, which it is intended shall be used for
working capital and general corporate purposes.
of
34,243
124,190
40,000
not
common
481
482,269
5,389,655
1,507,290
Cash
Prems.
1,888,291
3,874,334
1,793,031
.
Misc. bds. & stks.
claims
Offered—
paid
vestments
Pub .util .bds .&stk
$906,701
257,153
Net realized profit on in¬
Profit on syndicate par¬
ticipation
Cap. stock & other taxes
881,491
■
has been elected Chairman of executive committee and Clifford E. Albert
1935
$1,132,474
$1,874,288
P* Total income
Res.
RR. bds. & stocks
122,681
727,741
906,440
46,670
597,901
98,374
Res. for losses and
795,666
mun.
Securities Corp.—Earnings—
21,656
Other income
200,833
122,752
bds.
currently matur.
State &
for Calendar Years
1936
Int. rec'd and accrued—
2,575,957
u
Dom. of Can. bds.
2,350,795
man
$1,694,841
157,791
Cash di vs. received
2,569,525
$
1,344,040 a2,438,906
5,320,000
9,248,070
72,479
233,489
1,627", 500
11,168,740
411,714
344,318
..20,989,037 22,100,618
Total
$
for unearned
premiums
Sept. 29 '36 Apr. 2 '35
Liabilities—
Investments
2,184,359
3,017,878
Res.
U. S. Govt, bonds
Sheet
Sept. 29'36 Apr. 2 '35
Current assets
'$
Liabilities—
U. S. Govt.bonds.
Company was incorp. in 1928 as United Dry Docks and acquired six
shipbuilding and repair companies which were doing business in New York
Harbor.
The plants of these concerns included 24 drydocks.
In 1934 the company filed petition for reorganization under Section 77-B
of the Bankruptcy Act.
In addition to changing its capital structure under
the reorganization, it eliminated many properties which were found to be
of little value and great expense to the concern, and when the company
emerged from bankruptcy in 1936 it had a group of plants precisely suited
to its needs.
Company now has 18 drydocks in New York Harbor, rang¬
ing in size to accommodate ocean-going vessels up to 27,000 tons.
In¬
cluded is the Staten Island shipbuilding plant.
Company commenced business in 1928 with a capitalization consisting of
$8,800,000 of mortgages, $1,627,500 of 6% preferred stock and approxi¬
mately 588,000 shares of common stock, which was sold to the public at
$22 per share.
Thus the capital exceeded $22,000,000.
Under this capital
arrangement, interest charges totaled $470,000, rent $310,000 and taxes
$210,000, an aggregate of $990,000 of annual fixed charges.
Reorganization—Under the plan of reorganization the company's mort¬
gages and debts were reduced from $11,143,000 to two mortgages of $5,340,000.
These mortgages, which mature in 1946, are secured on specific
property but are not a general obligation of the company.
The fixed charges
of these mortgages will be $50,000 for the first year; $100,000 annually for
the second and third years; $150,000 annually for the fourth and fifth years,
and $200,000 annually thereafter.
They may be extended for an addi¬
tional 10 years upon terms similar to those which apply during the last five
years of their existence.
In addition, the company is required to pay to the holders of these mort¬
gages 30% of net operating income, less real estate taxes paid on the prop¬
erties covered by the mortgages and the payments cited above.
The total
amount to be paid, however, shall not exceed $200,000 annually during the
first five years and $250,000 annually during the last five years, unless net
income during these last five years exceeds $1,500,000 annually, in which
case the maximum payments for such year shall be $300,000.
Mortgagees who did not receive new mortgages received class A stock
on the basis of one share of stock for each $10 of mortgage.
General cred¬
itors received class A stock at the rate of one share of class A stock for each
$20 of claims.
Holders of the preferred stock received four shares of class B
stock for each preferred share, and holders of the common stock received
one-half share of new class B for each common share.
1935
1936
'1935
1936
Assels—
United Shipyards, Inc.—Present Status, &c.—
1936
United States Guarantee Co.—Balance Sheet Dec. 31-
119933452
Financial
956
Company's earning record for the periods stated is
I
Year—
Gross Income
1936 (9 months).
*
Utah Ry.~
Net Profit
fit
$2,000
9,750
12,407
19,949
21,392
.
2,683
1,753
6,077
10,165
1934
State taxes
1933
$129,006
64,615
50,385
$110,258
73,278
45,355
$100,278
35,987
10,718
1,088,211
1,060,182
354,072
198,865
735,800
189,809
def35,184
979,168
291,435
61,314
307,780
191,391
Utilities Power & Light
66,418
Preferred
dividends
Balance, surplus
Shs. of com.stlc.(no par)
Corp.—Protective Committee—
present time.
However, debenture holders are urged to notify the
Secretary of their names, addresses and amount of holdings.
Manufacturers Trust Co. depositary for the bondholders protective
committee of the 5% and 5>£% gold debentures,
Preferred Stockholders' Committee—
Paul V. Shields, Chairman (partner, Shields & Co., Joseph S. Maxwell
(Vice-Pres., New York Trust Co.), Charlton B. Hibbard, New York, with
Scandrett, Tuttle & Chalaire, 30 Pine St., N. Y. City, and Chapman &
Cutler, 111 West Monroe St., Chicago, 111., counsel, and E. K. Bartholo¬
mew. Sec., 44 Wall Street, N. Y. City.
on Debenture Interest Payment—
of the pendency of the 77-B bankruptcy proceedings in the
Federal Court the directors have deemed it advisable to defer action on
interest payment due Feb. 1 on the $36,000,000 5% debentures due 1959.
The board will, during the grace period, which is a maximum of 60
days,
apply to the Court with
its recommendations
reference to the payment of the interest.
Bankruptcy Proceedings in
Transferred—
and
for
to
Be
Virginia
instructions
Dismissed
or
$12,599
Gov. & mun. bds_
243,151
110,569
279,658
Accts. & notes rec.
Inventories
Investments
Judge Studies Plea for Trustee for Company—
At the close of the hearing, Feb. 2, on whether the order continuing the
corporation temporarily in possession of its property should be made per¬
manent, Federal Judge Holly took the matter under advisement and con¬
tinued the case until Feb. 9.—V. 144, p. 469.
Valspar Corp. (& Subs.)—Earnings—
Years Ended Nov. 30—
Profit from operations
1936
Selling and administration
expenses
$1,857,615
$2,015,218
1,692,939
Gross profit on sales
1935
$2,074,278
59,059
Depreciation of buildings, machinery & equipment
$370,236
155,039
-_
Miscellaneous charges
Provision for Federal income tax
1,558
30,247
Netprofit
63,540
$322,279 loss$124,918
47,956
62,288
Total income
Interest
Loss on sale of Kearny plant
-
loss$62,630
153,112
46,059
2,664
13,130
$183,390 loss$277,596
-
Consolidated Balance Sheet Nov. 30
a
in
1936
banks
b Notes
Accts.
sub.
in
Liabilities—
1936
Accts.
pay.(trade)
Acer,
wages,
$205,289
109,149
1,808
1,022,479
Res.
for
Prov.
4,000
78,257
15,000
for
of
Kearny
Llquidatn Corp.
Fed.
13,130
•
407,531
a
43,000
347,331
Mach. & equlpm't
Goodwill of
602
34,840
Buildings
359,334
421,554
343,696
378,797
...
Paint & Varnish
250,000
109,045
250,000
121,018
of
6,723
Det.
Graphite Co
3-year 6%
notes
Valentine
$1,469,955
$1,476,525
Total
Co
50,000
Bank, as trustee, is inviting tenders of first and
refunding mortgage bonds, series A 4%, due Nov. 1, 1955, at prices not
exceeding 106 and accrued interest, in an amount sufficient to exhaust the
sum of $281,250 in the sinking fund.
Tenders will be received until noon
on March
1, 1937, at the Corporate Trust Department of the bank, 11
Broad Street.—V. 144, p. 469.
:rf
Vogt Manufacturing Co.—To Pay 20-Cent Dividend—
An
extra
stock
dividend of $1
outstanding
Cold
Det.
age
&
$6 dlv.
675,900
share
per
on
the
share
per
was
Dec. 24, last, and
on
paid on the smaller amount of
regular quarterly dividend of
See also V. 143. p. 4171.
a
Loan
Insurance Co. has taken
$15,000,000 15-year
The
10.
The mortgage
covers the Wanamaker stores
at
Market, Chestnut,
Thirteenth and Juniper Streets, the east side of Broad Street, Chestnut
Street to South Penn Square and several other parcels of central city
a
property.
Funds derived
from
the
loan will
mortgage
be used to redeem
as
on
April 1 approximately $13,356,000 of real estate first mortgage 5H%
sinking fund bonds of James P. Roth well Jr. at 102 and accrued interest.
Bonds will be payable at office of Land fitle Bank & Trust Co., Phila¬
delphia.
These bonds are secured on John Wanamaker, Philadelphia
properties.
John Wanamaker, Philadelphia has instructed The Pennsylvania Co. for
Insurances on Lives and Granting Annuities, Philadelphia to purchase
any or all of the above bonds at any time prior to March 31, 1937, and
has authorized Pennsylvania Co. for Ins. on Lives and
Granting Annuities
to make payment therefor at the
principal amount thereof, together with
interest accrued
—Y.
the
to
date of such purchase plus
the premium of 2%.
142, p. 2524.
Ward Baking
Corp. (& Subs.)—Earnings-—
52 Weeks Ended—
Dec. 26, '36 Dec. 28, '35
Netearnings.
Discount
Dec. 29, '34 Dec. 30, '33
$3,573,586
a229.667
$2,180,381
a225,317
$1,706,668
al86,615
$1,649,223
189,205
$3,803,253
$2,405,698
217,180
$1,893,284
234,134
$1,871,136
250,228
6,684
995,131
6,123
964.486
c406,126
170,877
100,590
946,100
b224,046
53,330
$1,838,936
1,792,056
$1,015,826
512,016
$587,951
516,410
$397,431
391,512
$46,880
Other income
$503,810
$71,541
$5,919
bonds pur¬
on
chased for sinking fund
Total income
32,708
Interest
215,797
on
bonds purch.
sinking fund
Depreciation
dl,342,393
Special deductions
Prem.
for
Federal taxes
Ward Bkg.Corp.pf.divs.
Surplus
Earns, per sh.
on
82,975
com.
stock
(no par).
on
Nil
$0.56
...
Nil
Nil
Includes $80,350 in 1936; $72,118 in 1935 and
$57,560 in 1934 of diva,
stock of the British Arkady Co., Ltd., which is
approximately $18,000
1936; $8,500 in 1935 and $22,000 in 1934 less than the proportion of
1936; 1935 and 1934 profits applicable to the shares owned, b Includes loss
demolition of building of $42,184; write-down of inventories to market of
$49,477 and loss on sale of marketable securities of $132,384.
c Including
$12,524 surtax on undistributed profits,
d The depreciation charged is
on the basis of the rates used for Federal income tax
purposes,
which differ from those used by the
company since 1929.
The depreciation
above is approximately $411,000 greater than it would be if the
)■'.
Assets—
Consolidated Balance Sheet
$
Cash in closed bks
Accts. receivable..
Inventories
Stor¬
Dec.26 '36 Dec.
«
Liabilities—
4,159,061
28,031
631,864
1,466,227
3,377,959
34,499
601,375
1,473,342
b Cl. A com.
57,497
57,497
$
28,'3 !
$
7% pref. stock
Deposit on purch
contract
30,957
Prop'ty & plant .17,303,360 18,030,019
726,049
578,292
Pat'ts, copyrights,
goodwill, &c—11,522,659 11,522,659
c
Cl. B
Funded
com.
25,600,800 25,600,800
stock
82,975
82,975
tomers'
100
100
3,616,400
3,616.400
765,199
stock
debt
Accounts payableSalesmen's & cus¬
852,712
127,500
cum. conv.
el52,255
152,330
233,117
Capital surplus
716,988
Operating deficit.. Dr94,206
deposits
117,743
a
Est. Federal taxes-
406,126
Deferred charges.
127,500
Res. for conting..
239,682
113,175
170,877
430,006
Sundry accruals..
202,101
4,776,108
87,003
4,840,065
233.202
par)
695,805
Dr277,596
Total
a
After
35,894,749 35,706,600
Surplus
Total
35,894,749 35,706,600
depreciation of $16,406,315 in 1936 and $15,474,693
c 500,000 no par shares.—V. 144, p. 795.
in
1935»
b 82,975 no par shares,
Total
$3,924,556 $3,840,961
Value
based on market quotations at Nov. 30, 1936, was $9,214,
b After reserves of $101,474 at Nov. 30, 1936
$96,206 at Nov. 30, 1935.
cNot consolidated,
d From receivers
of the Valspar Corp. (old company), now Kearny Liquidation Corp., in
respect of cash payment made on account of the purchase price of assets
acquired from the receivers,
e The preferred
stock is convertible into
$28,094 at Nov. 30, 1935.
and
common stocK at
cents
first mortgage on the properties of John Wanamaker, Philadelphia.
interest rate will be 4 fi% for the first five years and
4% for the last
Investments
Terminal
pref.stk.($5 par)
Common stock ($1
of 20
(John) Wanamaker, Philadelphia—$15,000,000
Privately—5h4% Bonds Called—
Cash
of
Co
dividend
Dec. 26 *36 Dec.28 *35
675,900
bonds
a
Placed
y
cum.
Corp
gold
$3,840,961*
declared
25 cents per share was paid on Dec. 1, last.
499,600
1st mtge. 6% serial
$3,924,556
have
directors
stock, no par value, payable March 1 to holders of record Feb. 15.
A stock dividend of 100% was paid on Dec. 28, last.
common
1,133,300
inc. debs, of Val¬
spar
,V\ p
,
The Chase National
rates were used as those for
previous years.
Due to changes in pro¬
perty and plant subject to depreciation, the depreciation charged for
1936 exceeds that for 1935 by only $347,262.
499,600
6%
/
,
Virginia Electric & Power Co.—Tenders—
6%
notes
Graphite
5-year
$1,469,955 $1,476,525
Represented by 16,696 no par shares (21,082 in 1935) cumulative pre¬
ferred stock and 95,150 shares no par common stock.—V. 143, p. 3486;
V. 142, p. 1660.
'
same
1,133,300
3-year
527,466
411,948
339,482
shown
&
Co
a
513,344
x
x
of Det.
Total
Capital stock...
1,271
470,987
calculated
6,723
notes
380
511,946
on
4,000
Co
6%
of
sub¬
sidiary company
Deferred charges..
•
,
due
isA
lia¬
current
Surplus
in
30,683
bonds
Note of Con-Ferro
rec.
Land
Serial
$9,108
18,919
36,826
72,041
bilities
1,029
a
within one year.
re-
assets
Other
3,000
794,962
65,068
47,306
-
Sundry
19,609
649
reorganl-
income tax
......
Owing from the
$13,152
820,327
shs. of cl. A
tion expenses...
Estimated amt.
recoverable
102,132
261,183
1935
1936
Acer. salaries, &c.
Provision for taxes
1935
$65,332
315,438
83,921
com¬
expenses
994,993
31
Res. for deprec'n.
Netprofit
Demand note pay¬
able to bank.
100,000
$0.49
Accounts payable-
Patents
missions & other
cap.
stock ot sub. co.
d
v
Accrued Interest..
from
company..
Invest,
832,189
accts.
rec.
Inventories
c
9,066
$398,518
25,953
1,030,131
&
sec.
receivable
c
1935
&
$364,626
Marketable
Dec.
Liabilities—
$112,833
201,385
3,000
buildings &
equipment
$1,794,075
1,918,993
Profit before other income and charges
Other income
hand
Sheet
Land,
The Metropolitan Life
missed or transferred to the U. S. District Court for Northern
Illinois,
according to Judge Robert N. Pollard.
The Judge stated that no action
toward a reorganization of the corporation under Section 77-B will be taken
In the Richmond Court while similar proceedings, filed
"apparently in good
faith" are pending in Illinois.
Assets—
$49,033
with
The petition for the reorganization of the corporation filed in Federal
District Court in Richmond, Va., by Hartley L. Clarke will be either dis¬
on
$98,842
95,070
$1.29
1935
Cash
The
Defers Action
Cash
$119,057
95.150
$1.75
Total
the
•.
17J167
$121,979
72,946
Balance
1936
Assets-
committee.
reason
29,434
$189,451
66,932
23,677
$103,039
95,150
$2.58
dividends....
Common
35,109
$223,931
57,299
47,575
After depreciation of $26,837 in 1936, $28,353 in 1935, $26,834 in 1934
and $31,528 in 1933.
According to Robert N. Golding of Kirkland, Fleming, Green, Martin
& Ellis, the committee will take appropriate steps later to qualify its cer¬
tificates of deposit for issuance but no deposit of debentures is asked for at
By
1933
$268,384
130,956
Cr2,218
$288,362
42,598
142,725
Net inc. after taxes..
5% and
the
1934
$364,011
140,783
4,343
y
% debentures of the corporation, a protective committee
for these issues has been organized, headed by Edwin J. Beinecke, Chairman.
Mr. Beinecke is President and Chairman of the board, Sperry & Hutchin¬
son Co.; President, U. S. Realty & Improvement Co., and director, Manu¬
facturers Trust Co.
Other committee members include R. A; Corroon,
President, Corroon & Reynolds, Inc.; Robert E. Wood, President, Sears,
Roebuck & Co., and director, Atlas Corp.; and Leroy A. Van Bomel, Presi¬
dent, Sheffield Farms, Inc.
Counsel for the committee are Kirkland,
Fleming, Green, Martin & Ellis, Chicago, and depositary is the Manu¬
facturers Trust Co., New York.
F. P. Gagliano of N. Y. City is Secretary
to
1935
$416,677
150,241
7,395
&
—
At the request of holders of over 39% of the outstanding combined issues
of the
-V.143,
Earnings—
$534,402
178,536
1,085
Earnings per share
—V. 144, p. 122.
1937
each of the 13 preceding quarters,
1936
Other expenses, net
for Federal
1935
$123,800
27.800
14,065
Net after rents
Viking Pump Co.
Calendar Years—
Gross profits on sales—
Selling & gen. expense
y
Provision
1936
Gross from railway..
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Feb. 6,
3652.
p.
76
Earnings—
December—
Chronicle
Similar payments were made in
follows:
as
Warner-Quinlan Co.—Sale Stayed by Appeal—
The U. S. Circuit Court of Appeals on Feb. 3, granted to counsel for
Cities Service Co. the right to appeal from the order of District Court
Judge Murray Hulbert that the company's 231 service stations be sold to
the highest bidder +
The order halted the proposed sale of the stations,
scheduled for Feb. 5—V. 144, p. 795.
the rate of five shares of common stock for each share of
preferred stock.—V. 144, p. 794.
Vick Chemical Co.—Usual Extra Dividend—
The directors have declared an extra dividend of 10 cents per share in
addition to the regular
quarterly dividend of 50 cents per share on the
capital stock, par $5, both payable March 1 to holders,of record Feb. 15,
Warren Brothers
Co.—Bankruptcy Petition—
The company filed a voluntary petition under Section 77-B of the Federal
Bankruptcy Act in the U. S. District Court at Boston on Feb. 1.
The
petition was filed with Judge Brewster who continued the management in
control of the company temporarily and issued an order of notice returnable
on Feb. 15.
At that time the judge will hold a hearing on the question of
Volume
Financial
144
Chronicle
957
continuing the management in permanent control of the business of appoint¬
ing trustees.
^Principally because of inability tol collect anything currently, interest
or principal, on the approximately $13,000,000
owing to it by the Cuban
Government.
Company has been forced to seek legal shelter under Sec¬
tion 77-B of the Federal Bankruptcy Act.
The Cuban default, aggravated
The trustees invited approximately 39 firms to bid for the purchase
of the certificates at a specified price and accrued dividends from Feb. 1,
1937, to the date of delivery. In response thereto three bids were received.
The highest bid, 100.342677 and accrued dividends, was made by the
by domestic depression, finally proved
approximately 2.97%.
more of a burden than company
could
bear.
Obligations immediately confronting the company, other than unmatured
total $1,987,500.
There is $1,487,500 5^% note issue
maturing March 1, 1937 and some $500,000 of interest on notes and deben¬
tures at present in default while in addition there remains unpaid $750,000
sinking fund requirements on the $4,457,000 6% sinking fund debentures
Prudential Insurance Co. of America, and has been accepted.
On this
basis the average annual cost of the proceeds to the railroad trustees will be
due March 1, 1941.
The 5H % notes and 6% debentures (aggregate $5,944,500) were originally
created for the purpose of financing different stages of the Central Highway
project in Cuba, largest contract of the kind in world history.
Of the
total length of 701 miles of continuous roadway, Warren Brothers con¬
structed 480 miles, or approximately 68M%, for a consideration of $73,000,000.
Under the contract terms it was a cash job.
In 1930, however,
Cuba became hard pressed, financially.
Owing Warren Brothers $7,000,000
the Havana treasury was unable to continue cash
payments.
Company
finished the job, and instead of the cash to which it was entitled, received
notes and other obligations of the Cuban
Government, all due in 1935 or
earlier.
From interest and principal of these obligations Warren Brothers
counted upon servicing and retiring its own indebtedness, but this expecta¬
tion has been shattered inasmuch as Cuba has
paid only a small amount
of interest and principal.
Feb.
1,
no
10,868,312
2,050,006
905,827
Wheeling & Lake Erie Ry.—Earning
Net after
1933
1934
1936
.
$1,257,784
463,615
426,338
$931,106
319,172
347,745
$742,227
43,317
61,322
15,574,200
4,681,851
3,751,632
rents
From Jan. 1—
Gross from railway..
Net from railway.
1935
$1,480,136
595,091
565,150
13,497,450
3,595,762
2,670,574
11,239,794
2,734,834
1,764,829
10,563,820
2,769,217
1,651,357
Month of—
January
1937
1936
1935
1934
$18,649,027 $16,984,593 $17,147,967 $18,137,412
.
Annual Report—
tory of the company.
The net income for the year, including dividends from, and equities in
the undivided profits of, the European companies, amounted to $32,624,988,
after
deducting $9,878,767 for amortization, depreciation and
reserves for
9,750,000 shares
compared with $3.20 per share earned during the previous
Federal taxes.
outstanding,
These earnings equal $3.35 per share on
as
year.
Surplus'earnings for the year in excess of dividend disbursements, amount¬
ing to $9,336,317, have been reinvested in the business, and increase the
amortization and allowance for
total earned surplus at the close of the year to $96,104,380.
Cash on^hand at the close of the year amounted to $13,747,220, as
6% debentures and 514% notes.
com¬
The decrease in the amount of
forprincipally, by increased investment in mer¬
chandise, purchase of 22 properties occupied by stores, and remodeling and
enlarging of 163 stores to provide display space for new lines of merchandise.
There were 51,299 stockholders at the close of the year.
The year closed with 1,998 stores in operation in U. S. A., Canada and
Cuba, a net increase of 18 stores. The British company had 677 stores in
operation, and the German company 82 stores.
receipts from Cuba.
pared withi$21,771,580 at theeend of 1935.
30,
1936, according to a tentative unaudited balance sheet,
$1,432,725, grouped as follows: Cash, $532,380;
accounts and notes receivable, $780,534; inventories, $119,811.
Current
liabilities, exclusive of funded debt, were $851,369, made up as follows;
Bank loans, $32,100; accounts, notes payable and accrued expenses,
$372,456; note and debenture interest accrued to Feb. 1, 1937, $446,813.
cash on hand is accounted
current assets amounted to
Protective Committee
12,302,903
2,522,111
1.267,422
669,601
Sales for 1936, excluding the European companies, amounted to $290,386,936, as compared with $268,750,484 for the previous year, an increase
of 8.05%. The December sales were the largest; for any month in the his¬
Actual Profit in 11 Months Before Interest
A tentative unaudited financial statement for 11 months to Nov.
30,
1936 shows a consolidated loss of $311,894.
This result is after deducting
Nov.
12,899,996
2,305,054
(F. W.) Woolworth Co.- •Sales—'
the company in its effort to bring the Cuban
negotiations to a final
conclusion, at which time a more intelligent decision may be made respecting
the ultimate disposition of the company's affairs."
On
$857,230
175,462
93,110
December—
Gross from railway
Net from railway..
and the deposited
to
There were
$957,780
188,637
98,869
1933
1934
—V. 144, p. 630.
_
holders, "to enable the company to carry on its normal operations without
interruption and to conserve what appears to the directors to be the best
interests of the company's creditors, it has been deemed desirable to file
a voluntary petition under the
provisions of Section 77-B of the Federal
Bankruptcy Act so that sufficient additional time may be made available
all charges, including taxes, depreciation,
full interest, aggregating $335,538, on the
$1,042,209
211,960
66,007
14,959,900
2,073,084
111,985
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
$1,452,690
482,705
312,205
Gross from railway
Net from railway
Net after rents
__
securities will consequently be returned.
It was not practicable to extend
the time limit of this agreement beyond Feb. 1
owing to the maturity of
the 5H% note issue on March 1.
"In order, therefore," as President Gow states in a letter to the stock¬
for Note and Debenture Holders-—
In view of the
filing by company of a petition for reorganization under
Bankruptcy Act, the following holders or representatives
of holders of substantial amounts of the both
514% sinking fund gold notes,
due 1937 and convertible sinking fund debenture gold 6s, due 1941, have
formed a committee for the protection of all note and debenture holders.
Cecil P. Stewart, Chairman ((Pres., Frank B. Hall & Co., Inc.), Hamil¬
ton Pell (partner of Pell & Co.), Harold O. Richard (director of Manu¬
facturers Trust Co.), William Rosenblatt (Investments), Hubert F. Young
(Compt. of Fidelity Investment Assn.), J. G. White (Pres., J. G. White
Realty Co.), with Alfred Turner, Sec., 40 Wall St., N. Y. City, and Katz &
Sommerich, 120 Broadway, N. Y. City and MacPherson, Auerbach &
Farnum, 6 Beacon St., Boston, as counsel.
Consolidated Income Account for
Section 77-B of the
Protective Committee
1936
Net rental income
Undistributed
Prov. for Fed. surtax
Net income
$190,547
105,849
Operation
Maintenance
_
.
Taxes
Interest & amortization.
9,696
16,418
29,030
$2,218,026
1,142,977
120,160
199,443
346,573
Balance
$29,551
Appropriations for retirement reserve.
Preferred dividend requirements
$30,014
$2,050,812
1,070,998
113,544
182;712
348,241
$408,870
230,500
119,451
13,580
28,926
common
$335,315
209,000
119,451
dividends and surplus
$58,919
$
$
Assets—
a
Property,
$
stock
Miscell. investm'ts
4,496
4,561
Retirement
Special
5,069
4,945
Operating reserves
Unadjusted credits
deposits.
Unamortized
.
debt
disc't & expense
Unadjusted
587,322
debits
612,765
1,951
2,299
Bonds
40,400
Accounts payable.
Customers'
dep's.
Int. & taxes accr'd
Sundry
d
1,661,559
5,749,000
Notes payable
liabilities
.
reserve
Surplus
81,309,504
72.455,817
2,500,000
86,768,063
78,809,504
72,455.817
$3.35
$3.20
$3.30
$3.30
$2,94
on common
(par $10)
Represents profit made on sale of 337,550 shares of English company,
were acquired in 1931 as a temporary investment.
•
which
$
Common stock.^ 5,000,000
c
86,768,063
Consolidated Balance Sheet Dec. 31
90,082
68,411
229,996
Assets—
8,781
849,859
81,688
2,658
460,055
Real estate and buildings
owned
b Buildings owned and improvements
premises to be amortized
a
1,661,559
5,000,000
5,762,500
49.900
84,711
60,894
176,835
c
on
....14,242,491
14,080,5971
Total
40,521,233
30,855,002
Furniture and fixtures
d Investments
Cash
Inventory (merchandise, &c.)
Stores, supplies, &c
Mortgages receivable
Prepaid insurance and sundry items
Foreign funds restricted
-
on
a
A pref. stock
no
par
Western
Pacific
RR.—Trustees'
Equipment
tificates Bid by Prudential Insurance Co.—
Cer¬
^1 The Interstate Commerce Commission on Jan. 25 authorized the com¬
pany to assume obligation and liability in respect of not exceeding $2,320,000
equipment-trust certificates, series of 1937, to be issued by the Central
Bfanover Bank & Trust Co., as trustee, and sold at 100.34^677 and accrued
dividends in connection with the procurement of certain equipment.
4,769,973
467,800
300,000
100,000
Reserve for taxes
Mortgages payable, current
Reserve for foreign exchange losses
Reserve for employees' benefits
3,758,423
Reserve for add'l tax assessments for prior years..
96,104,380
Surplus
Total,
*
Trust
97,500,000
943,200
'
364,794
202,400
Group life insurance premium
value, payable
June 1, 1936.—V. 144, p. 296.
481,632
97,500,000
571,900
3,077,191
•
Purchase money mortgages
Accounts payable and accruals
March 1 to holders of record Feb. 10.
A dividend of 75 cents was paid on
Dec. 1, last; one of 56H cents per share was paid on Sept. 1 last, and 3714
cents was paid on
41,111,379
21,771,580
686,074
38,675,694
897,021
2,678,982
1,248,857
202,891,244 192,281,293
Common stock
dividend of 5614 cents per share on account
the $1.50 series
45,995,371
13,747,221
735,945
44,241,136
937,012
2,666,532
839,217
734,543
Liabilities—
..14,242,491 14,080,597
Accumulated Dividend—
The directors have declared
37,353,314
28,180,483
1
Accounts receivable
a
At cost, less retirements,
b Represented by 39,633 shares (no par)
$1.50 dividend preferred stock, series A, cumulative, and 10,000 shares
(no par) $6 dividend preferred stock, series B, cumulative.
367 shares of
series A pref. stock have been reacquired and are held in the treasury,
c Represented by
500,000 shares (no par),
d Including $223,900 capital
surplus.
of accumulations
19,196,274
leased
Total
Total
$
21,618,030
Goodwill
7,684
755,854
77,422
2,323
440,913
1935
1936
$
1935
Liabilities—
equipment... 12 ,489,110 12,350,814
Cash
465,698
351,575
Notes receivable..
10,366
13,918
Acc'ts receivable-.
426,372
399,408
Mat'ls & supplies.
274,714
255,007
Appl'ceson rental.
14,267
23,247
Prepayments
9,446
15,732
7,372,768
65,083,050
96,104,380
96.104,380
Total surplus
Net earnings
7
b Preferred stock-
plant
8,853,687
72,455,817
96,104,380
Total
$6,864
1936
1935
7,958.559
78,809,505
taxes—prior years
Net surplus adjustment.
Consolidated Balance Sheet Dec. 31
1936
30,661,446
23,288,678
cl ,970,561
Prov. for add'l Fed. inc.
c
Balance for
31,247,230
23,288,671
32,142,363
23,288,676
9,336,317
86,768,063
1936—12 Mos.—1935
$179,192
97,153
9,517
28,690,884
32,142,363
32,624,988
23,288,671
Total net income
Subs.)—Earnings—
1936—Month—1935
...—
31,247,230
Co., Ltd., England...
1936, market value of assets
with $1,089,940 on Jan. 1, 1936.
Western Public Service Co. (&
Period End. Dec. 31—
Gross earnings
300,000
32,624.988
Profit from sale of stock
of F. W. Woolworth &
Wellington Fund, Inc.—Market Value—
—V. 143, p.
299,538
on
undistributed profits.
The company reports that as of Dec. 31,
compared
449,978
foreign
Total income
304,304,612 281,036,408 281,958,972 259,489,123
261,666,736 241,593,608 241,398,103 223,353,656
1,470,532
Depreciation
1,484,703
1,455,382
1,782,247
Amortization—bldgs. &
2,799.050
3,063,126
impts. on leased prop.
3,150,292
3,486,520
134,121
85,575
Foreign exch. loss (net).
3,175",666
3,900",660
3,475,000
4,310,000
Jones, Chairman (Pres., Akron Belting Co., John W. Doty
(Pres., Foundation Co.), George Akerson and Louis E. Stern, with H. Blair
Tyson, Sec., 15 Church St., N. Y. City, and Javits & Javits, New York and
Nutter, McClennen & Fish, Boston, Mass., as counsel.—V. 143, p. 2701
as
3,782,935
4,019.244
Costs and expenses
A place is being kept open on the committee for a representative of Boston
$2,980,432
3861.
on
4.074,315
6,312,478
301,066
76,830
profit
4,948,509
6,310,978
450,647
4,957,503
7,951,392
321,377
exchange
for Preferred Stock—
$
of
Interest, &c
Realized
1933
$
270,684,797 250.516,528
420,899
575,790
509,486
687,404
earns,
unoonsol. foreign subs.
Income from sec. owned.
interests.
Mark M.
to
1934
1935
t$
6,936 268,750,484
stock in the negotiation of any arrangement with the Cuban Government,
and to give consideration to the operations and activities of the company.
amounted
Calendar Years
[Including Domestic and Canadian Subsidiaries]
The following have agreed to act as a committee for the protection of
the holders of the $3 cumulative convertible preferred stock, at the request
of holders of this class of stock.
The committee proposes to endeavor to
obtain adequate consideration for the $3 cumulative convertible preferred
;
1936
Net after rents
—V. 144, p. 123.
The agreement effected by the
company in Sept., 1935, with 71% of
its note and debenture holders whereby the latter consented to a conditional
waiver of interest and sinking fund
expired
V
Earnings for December and Year to Date
December—
current accounts,
•
91,300
300,000
100,000
2,253,112
86,768,063
..202,891,244 192,281,293
y
a Afteir depreciation reserve of
$3,266,733 in 1936 and $2,983,752
b Afttfr amortization of $3,486,520 in 1936 and $3,150,292 in 1935.
in 1935.
c After
$11,571,673 in 1936 and $11,529,283 in 1935.
d In¬
cludes majority holdings in stock of F. W. Woolworth & Co., Ltd,, England,
$33,802,310 in 1936 and $30,368,217 in 1935 (market value, $352,880,936
in 1936 and $228,106,977 in 1935); investment in F. W. Woolworth & Co.
G.m.b.H., Germany, $10,431,317 in 1936 and $8,898,583 in 1935; com¬
pany's own capital stock, $1,646,780 (46,387 shares with a market value
of $2,922,381 in 1936), ($2,586,075 in 1935); and sundry securities of $114,964
in 1936 and $197,797 in 1935.—V. 144, p. 297.
depreciation
of
958
Financial
WichitalFalls*&
Southern R R.—Earnings—
December—
1936
$41,224
def2,157
defl.693
railway
Net from railway
Net after rents
1935
1934
1933
$47,400
9,045
7,731
$33,858
def604
4,174
$45,317
15,722
15,581
660,453
133,268
74,498
Gross from
560,169
145,115
89,395
508.795
105,243
47,951
558,878
164,899
100,487
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144. p. 123.
Wil-Low
Cafeterias, Inc. (& Subs.)- —Earnings—
Years Ended Sept. 30—
1936
-
Miscellaneous stores income
1935
1934
$2,830,932
1,368
$3,725,535
1,262
$3,948,007
1,251
$2^832,300
Sales
$3,726,797
3,660,786
$3,949,259
3,712,656
Cost of sales, oper. & gen. expenses..
Prov. for deprec. of equip. & amort,
of leaseholds, &c
2,780.872
124,287
125,596
116,323
$72,859
242,672
$59,585
379,831
pf $120,278
613,313
$169,813
26,095
$320,246
77,573
$733,591
353,760
Net loss
Earned surplus beginning of period.
Surplus charges..
Earned surplus.
$143,718
$242,672
$379,831
Note—Unpaid cumulative dividends on preferred stock amounted to
$710,651 at Sept 30, 1936 (not including accrued dividends for the two
months not due).
Consolidated Balance Sheet Sept. 30
-
.
1936
recelv.
1935
$38,174
Assets—
Cash
Accts.
$35,060
Accounts payable.
Notes payable
851
Accrued accounts.
Liabilities—
&
accrued int. rec.
780
d Notes recelv
1936
1935
$221,605
84,432
21,222
$211,889
114,794
32,010
5,153 Notes payable
62,169 Rent security dep.
38,900
600
"""605
Res. for contlng..
38"991
Inventories
25,000
271,243
143,718
25,000
271,243
Notes & accts. rec.
fr. sale of stores.
c6,900
b7,501
Leaseholds,
im¬
prove. thereto &
a
Capital stock
Earned surplus
&c.
686,207
1
1
Def. debit items._
35,668
242,672
Chronicle
due
on
interest
said date shall be paid by the trustee from such deposit but without
thereon.
(b)
A sinking fund deposit to be made with the trustee within 90 days
after the end of each corporate fiscal year, commencing with the fiscal year
ending on or subsequent to Dec. 31, 1937, if and to the extent that net
earnings are available in an amount to perform the following and in the
order set out, the deposit, however, to be limited to the extent that it would
not deplete the working capital of the new company as of the end of each
such fiscal year below the amount of $750,000:
(1) To make additional interest payments up to but not exceeding the
rate of 3% per annum from Jan. 1, 1937, on outstanding first mortgage
bonds.
Insofar as net earnings are not available for payment of such ad¬
ditional interest, it shall be non-cumulative.
(2) An amount up to and including $100,000 to be used for the purchase
and cancellation of first mortgage bonds by the mortgage trustee.
(3) To pay current and accumulated scrip at the rate of 1% per
annum
created to effect a readjustment of all past due interest on the
present outstanding first mortgage bonds and coupons up to and including
Oct. 1,1936.
This scrip will call for the payment of 1% on the outstanding
bonds as extended each year for the first 14 years, when, as and if earned
and shall be fully cumulative.
Over this period it Is equivalent to a settle¬
ment of the unpaid coupons at the reduced rate of 4% per annum.
Such
scrip is to be non-negotiable in form and non-detachable from the bonds,
but the scrip coupons attached thereto to evidence this interest are to be
detachable when due and payable and are to be negotiable in form.
(c) Elimination from the first deed of trust of all provisions relating to
issuance of bonds in excess of $3,500,000.
(d) The right of the new company to redeem the first mortgage bonds in
whole, pr in part from time to time, on or before Oct. 1, 1941, at par plus
the premium, if any, as fixed in the deed of trust, and, subsequent to Oct.
1, 1941, at par, and, during either period, upon the payment also of any
unpaid fixed interest at the rate of 3 % per annum accured to the date of
redemption and of unpaid scrip then outstanding and additional interest
accrued at the rate of 3 % per annum from the last date to which computa¬
tion was made to determine the right to additional interest, such redemption
to be on any interest payment date upon giving the notice provided for in
the deed of trust.
751,245
upon
trust.
Conversion of Outstanding 6}4 %
It is also
Total
$898,2101
$806,721
Total
$806,721
$898,210
Represented by 41,803 shares of no par preference stock and 105,525
$1 common stock,
b After reserves of $29,664.
c Notes re¬
ceivable only,
d Stewart's Cafeterias, Inc., and their affiliated compaines.
—V. 142, p. 976.
*
$
Payment of the first mortgage bonds, either at maturity as extended
redemption and the interest thereon, in lawful money in lieu of in
gold coin of the United States of America.
(f) A restatement of the events of default as contained in the deed of
(e)
or
36,230
equipment,
Good-will
Feb. 6, 1937
The first monthly deposit by the new company shall be in an amount
equal to the fixed interest and taxes accrued from Oct. 1, 1936, to tne date
of such deposit.
If such deposit is subsequent to April 1, 1937, the interest
a
shares par
and waived. Any balance in the
securing the debentures shall be
by the trustee to the Dew company.
evidencing this interest to be foregone
hands of the trustee under the indenture
paid
over
Issuance
Wisconsin Central Ry. Co.—Abandonment—
The
Interstate
Commerce
Commission
on
Jan.
21
issued
There
a
certificate
permitting abandonment by the company, of a branch line of railroad,
extending from Luger Junction to Lugerville, 5.23 miles, all in Price
County, Wis.—V. 144, p. 796.
Yukon Gold Co.
Period End. Dec. 31—
Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
Pounds tin produced—
Net
profit
(before de¬
1,112,000
676,700
4,548,200
2,504,800
preciation & depletion)
$304,971
$155,949
$1,045,242
$574,601
8.7c.
4.4c.
29.9c.
16.4c.
Per share
—V.
143,
p.
3862.-
Scullin Steel
The
of Notes to Refund $300,000 6% Notes
outstanding aggregating $300,000 bearing 6% interest
of Scullin Steel Co. which were due Dec. 24, 1934, and payable
to the trustees under the will of John Scullin, deceased.
Past due interest
on these notes as of Oct. 1, 1936, amounts to $18,000.
It is proposed that in exchange for these notes and all past due int. thereon
the holders thereof shall receive 12 notes, for the aggregate face amount of
$318,000, which shall be dated as of Oct. 1, 1936, and shall bear interest at
the rate of 3% per annum from date.
Notes are to fall due annually in the
amount of $25,000 with the final note of $43,000.
Any note not paid on the due date because of lack of net earnings avail¬
able therefor shall be paid out of net earnings whenever available and before
payment of the next succeeding note.
Any unpaid note or notes in addition
to the last maturing note shall, together with the last maturing note become
absolutely due and payable on the date when said last maturing note is due.
are
notes
per annum
,
^Organization
Co.—Reorganization Plan-
filed on Jan. 15, 1937, in Division No. 1 of the U. S.
District Court at St. Louis, Mo., in which court reorganization proceedings
are pending, its proposed plan of reorganization, together with a petit on
asking that such plan be set down for hearing on fairness.
It is contemplated, if this proposed plan of reorganization is tentatively
approved by the court after the hearing to be held on March 15, or at any
adjournment thereof, and after the court has heard objections to such plan,
if any are filed, that the company will then advise security holders as
promptly as possible of the action taken by the court, and will seek to obtain
from its creditors and stockholders the assets and acceptances which are a
company
prerequisite to confirmation of a plan under Section 77B of the Bankruptcy
Act.
of New
corporation to have an authorized issue of 14,970 shares of preferred
(par $100) and 174,880 shares of common stock (no par).
preferred stock dividends will be payable each year at the rate of
5%, when earned and declared, before any dividend shall be declared or
paid during the year on the common stock.
Such dividends shall be nonnew
stock
On the
cumulative.
Preferred stock shall be convertible into
It is also proposed that
allocated and distributed
(a)
14,970 shares
time during
basis of one
time during
follows:
$1,497,000
holders of the
on the basis of 10 shares of such stock for each
$1,000 of bonds.
(b) 100,000 shares (no par) common to the holders of the 100,000 shares
of the preferred stock on the basis of one share of new common stock for
6H % debenture gold bonds,
each share of
(c)
of
preferred stock now held.
15,000 shares (no par) common to the holders of the 30,000 shares
stock on the basis of H share of new common for each share
common
of the common stock now held.
(d)
59,880 shares of
common
shall be reserved for issuance to the holders
right of conversion.
of preferred stock exercising their
Proposed Balance Sheet, Sept. 30, 1936
Assets—
Liabilities—
Cash
$112,259
Accounts receivable:
Sheffield
Steel Corp
Accounts payable—
$177,598
83,952
—
Accrued accounts
151,525
470,227
13
Trade (less reserve)
State, city & county taxes and
Manufacturer's and merchant's
Other
Inventories.,
250,374
Other assets
6,985
Land, bldgs. & equip, (net)., 6,970,784
Deferred charges-70,451
157.443
penalties.
75.044
license and penalties
3,062,500
1st mortgage bonds...
428,750
Scrip (Int. on 1st mtge. bonds)
1,497,000
5% preferred stock
Notes (John Scullin Estate) —
318,600
Common stock (115,000 shs.)- 2,232,331
Two tort claims for damages are pending by suits filed against debtor
;
the basis of one share
the capital stock of the new company shall be
as
of preferred stock to the
tion.
therefor.
common on
of preferred stock for four shares of new common stock at any
the first three years' period after the date of issue and on the
share of preferred stock for three shares of common stock at any
the next succeeding one year period.
.
prior to the institution of the reorganization proceeding.
Such claims are
covered by liability insurance and are being defended
by the insurer. There
are also pending two claims under the provisions of the Workmen's Com¬
pensation Act of Missouri, which are being defended by the compensation
insurer of debtor, which insurer has assumed any liability that may exist
Corporation
It is proposed that a new corporation shall be organized in Missouri, to
as Scullin Steel, Inc. (or such other name as may be agreed upon),
be known
Securities and Claims to Be Dealt with Under the Plan
First Mortgage—There are now outstanding $3,062,500 1st mtge. 6%
sinking fund bonds series A, due Oct. 1, 1941, with interest due thereon
from April 1, 1933.
Debenture—There are now outstanding $1,497,000 6K% debentures due
Oct. 1, 1941 with interest from April 1, 1931.
Claim of the Trustees Under the Will of John Scullin Deceased—There is
now past due and owing to the trustees under the will of John Scullin,
deceased, the sum of $300,000 with int. thereon at the rate of 6% from Oct.
1, 1935.
This indebtedness is evidenced by notes which matured Dec. 24,
1934.
These notes are secured by an assignment as collateral of the right,
title and interest of the debtor in and to its claim against the * h y of St.
Louis, Mo., arising out of the taking of its land and property for the Des
Peres Sewer and Flood Channel.
Participating Preference Stock—There are now outstanding 100,000 shares
of participating preference stock (no par)
Common Stock—There are now outstanding 30,000 shares of common stock
(no par).
Taxes—There were accrued, as of Sept. 30, 1936, unpaid State, City and
school taxes, including manufacturer's license taxes, and including interest
and penalties thereon, in the total amount of approximately $232,487.
Subsequent to that date State, city and school taxes for the year 1936,
amounting to $28,022 were paid by debtor. It is proposed that the payment
of all unpaid taxes, including interest and penalties, accrued to Sept. 30,
1936, will be paid in cash and will not be affected by the plan of reorganiza¬
Debenture Bonds
proposed that in exchange for the $1,497,000 debentures, the
holders thereof shall receive preferred stock of the new company all interest
on the debentures to
be cancelled and payment thereof on the coupons
Total
$8,032,618
—18,032,618
Total
-V. 144, p. 788.
CURRENT
•«
NOTICES
Readjustment of First Mortgage Bonds
It
is proposed that the present $3,062,500 first mortgage bonds shall
be extended for a period of 15 years from Oct. 1, 1936, with int. thereon,
payable semi-annually, at fixed rate of 3% per annum from Oct. 1, 1936.
Additional interest will be payable thereon up to but not exceeding the rate
of 3% per annum from Jan. 1, 1937, if and to the extent earned, the first
payment of such additional interest to be made on the first date that in¬
terest at the fixed rates is payable occurring after the making of the first
sinking fund payment, and the succeeding payments of such additional
interest to be made on the same date of each year thereafter.
All coupons
presently outstanding are to be removed and cancelled by the trustee and
new semi-annual coupons evidencing interest at the rate of 3% per
annum,
and annual coupons evidencing the additional interest, until maturity as
extended are to be substituted, with scrip and annual scrip coupons created
to effect a
readjustment of all past due interest to be also attached to the
bonds, and said bonds appropriately stamped to evidence the extension of
The bonds are to be registerable only as to principal with
their due date.
trustoo
(2)
It is also proposed that the deed of trust securing the outstanding first
mortgage bonds shall be modified and altered by the execution of a sup-
omental indenture to provide for:
,
(a) Monthly deposits being made with the trustee in an amount equal
to l-12th of all sums required during each succeeding 12 months' period
p
to
pay:
General and special taxes of all kinds, which during said period shall
become payable upon real and personal property conveyed by the deed of
(1)
trust.
(2) The fixed 3% interest coupons, payable semi-annually, on said out¬
standing bonds.
—Addison Warner & Co., members of the Chicago Stock Exchange and
the Chicago Curb and dealers in listed and unlisted stocks and bonds, an¬
nounce
the association with the firm of Joseph C. Hyatt, formerly of Russell,
Brewster & Co., as manager of the listed securities department;
Hammer, formerly with Colonial Securities Co.,
department; Phillip C. Crowen,
as manager of
as manager of
D. Harry
the trading
the buying department; and
Forest D. Arden, formerly with Alfred L. Baker & Co.
The firm is removing its offices from its present location on thefourth floor
at 39
South LaSalle Street, Chicago, to much larger
floor, and is opening
a
quarterson the third
department to handle margin accounts.
Norman M. Jaeger who was for many years associated with the old
firm'of
Kissell, Kinnicut & Co., and Henry Churchman, who until recently headed
his
own
company
in Indianapolis, will represent the firm in Indiana.
The Myron S. Locke Company of Green Bay and Manitowoc, Wisconsin,
has been
appointed correspondent of Addison Warner & Co., in Northern
Wisconsin, while Vane Securities Company of Waterford and Racine^will
act as
correspondent for Southern Wisconsin.
*;■
j
Reginald Wright Kauffman, former associate editor of "The Saturday
Evening Post," foreign correspondent and political commentator, is editorin-chief.
Ralph West Robey, economist, financial editor of the "New York
Evening Post" when it
was
under Curtis ownership, is executive editor.
Eugene MacLean, former newspaper publisher, is managing director. Harry
Volume
Financial
144
Chronicle
L. Selden, former associate editor of "News Week" and of the "Literary
Digest," is managing editor.
Winslow Abbey, former national advertising
^Contributors will include Will Irwin, W. O.
William
Atherton
Will Payne,
DuPuy,
at 231 south La Salle
Renaud,
Ralph
Corey,
in
—A symposium on the subject "The New Wall Street" is to be conducted
series of eight lectures
scheduled for each
and
Wednesday at 5:30
p.
m.
on
beginning
on
66 West 12th Street, where they will be delivered.
their
New
York
Mr.
office.
that William S. Morrison Jr. is
trading department.
February 10th
formerly associated
-
Nesbett
New York Stock Exchange,
formerly
was
&
Jackson
with
now
announce
associated with them in their municipal
For the last five years Mr. Morrison has been
as¬
sociated with George B. Gibbons & Co., Inc.
being held in cooperation with the New School for Social Research at
are
was
—Granberry & Co., members of the New York Stock Exchange,
widely diversified
The lectures have been
announced.
was
Mr. Franke
Curtis and before that with J. H. Brooks & Co.
under the direction of Rudolph L. Weissman, economist of Robinson, Miller
a
street, Chicago.
with Arthur B. Treman & Co., members of the
H.jWalsh, Clayton Hamilton and others.
&lGo., Inc., in the form of
that Harold
—Announcement is being made that John G. Nesbett is now associated
Boyden Sparkes, Frank Parker Stockbridge, Raymond Gram Swing, John
phases of business and finance, it
announce
with the Chicago office of A. O. Slaughter & Co.
Wythe Williams,
Inglis,
Herbert
Co.
Sincere &
Franke has become associated with their trading department in their office
"The Washington Post," is advertising manager.
manager of
959
—The brokerage firm of Charles
—Fenner & Beane, members of the New York Stock Exchange and other
The lecturers number
eight leading business men, namely, John D. Ross, Allan M. Pope, Robert
leading stock and commodity exchanges, have available for distribution
L. Smitley, Max Winkler, Alexander Sachs, Dean Langmuir, Ernest Angell
twenty-page booklet entitled "Trading in Grain," which has been prepared
and Mr. Weissman.
by the Chicago Board of Trade.
—C. Benjamin Mitchell Jr., Edward J. Murphy and Philip W. Howard
have formed the partnership of
brokers for dealers,
Washington.
Exchange,
Mr.
was
B. Leonard & Co. and Albert C. Boehlert, formerly with Utica Gas & Elec¬
tric Co., have joined the sales department of the firm, Mr. Garrison in New
to conduct business as
York and Mr. Boehlert in the Utica territory.
banks, institutions and other brokers, and dealers in
The
new
—Ernstrom & Co., Inc. announces that L. S. Garrison, formerly of Ralph
•
Mitchell, Murphy & Houward, Baltimore,
Md., with offices in the Munsey Building there,
inactive issues.
a
firm will maintain direct wires to New York and
Mitchell,
who is
member
a
of
the
Baltimore
—Monahan, Schapiro & Co., 30 Broad St., New York City, have prepared
Stock
for distribution
formerly manager of the real estate bond department of
Gillet & Co., Inc., and Mr. Howard was associated with the
an
analysis of Continental Illinois National Bank & Trust
Company of Chicago for the
same company.
years
1934-1935-1936
on the
basis of the
new
capitalization.
Mr. Murphy was previously manager of the trading department of Frank B.
Cahn & Co.
—Gude, Winmill & Co., members of the New York Stock Exchange,
announce
—Announcement is made of the formation of Cardinal Securities Corpora¬
tion for the transaction of
offices at 30 Broad Street, New York City.
Officers of the
the admission of James G. Tremaine
Tremaine is the
general investment securities business, with
a
son
of Morris
S.
Tremaine,
as a
General Partner.
New York.
;
/
new company are
J. M. Biscoe, formerly Vice-President of Great Northern Bond & Share Co.,
Mr.
Comptoller of the State of
President; Ralph Peters, also formerly connected with Great Northern Bond
—Formation of the firm of Anderson & Conrow, to facilitate the financing
of both new and established enterprises, is announced by Samuel W,
&
Anderson and Jonathan H. Conrow.
Share
Co.,
Vice-President; J.
Lubetkin & Co.,
Vice-President.
H.
Lothian,
previously with
Seligman,
The firm will be located at 49 Wall
Street.
Secretary and Treasurer; and S. W. Waldman, assistant
Associated with them will be A. S. Boyan, H. C. Deppisch,
Hf—"The Financial Observer,"
R. L. Dergans, Luigi G. Guiducci, J. Hal Murphy and C. H. Peters.
a new
weekly magazine, is making its initial
appearance on the newsstands with their issue of
—Webb Hilbert, Hulbert D. Bassett, Otto B. Reimer and Twining Tous-
February 9.
It is pub¬
lished by the Observer Publishing Co., Inc., 55 William Street, New York
ley, partners of Reimer & Co., announced the dissolution of the firm and the
City
formation of two other Stock Exchange Houses.
Mr. Hilbert and Mr. Bassett have entered into
a
—Wright, Martin & Co., of Detroit
partnership with Edward
Avenue.
a new
Reimer
&
opening for business of Kaiser & Co., just organized to deal in municipal and
Offices
are
established in
Russ
the
Principals In the
new firm are
Ivan B. Heflebower and Leland M. Kaiser.
distribution
Leslie Rowell is .cashier of the firm.
firm.
new
offices at 40
Weeks
Knowles
&
—Swart, Brent & Co., Inc.
Martin G. Grunwald is President and
of
announce
that
Herbert
I.
—William
Baylis has
new
From August, 1933 until the close of
by Alston H. Garside,
bulletin containing an analysis of The Standard Products Company
a
the resignation of W. C. Kennedy and a change of firm name to T. L. Brook
The firm will conduct
& Company,
a
C. Delafield, M. Livingston Dela¬
that Joseph J. McCann, formerly a partner
—Charles King & Company, 61 Broadway, New York City, is
issuing for
a list of public utility preferred stocks which are in arrears
of
distribution
Amster, also formerly associated with Arthur
dividends.
connected with the customers department of their down¬
—H.
Partners of the
new
—The
1937 edition of the book
a
—A memorandum
compilation of important features of all foreign loans
which A. Iselin & Co. has been merged.
,
a
Nexsen announced that they have
Members of the New York Stock Exchange,
this city, have issued for distribution a partial statistical
description of stocks listed on the New York Stock and Curb Exchanges, as
as
an
analytical
study
of
the
Chemical and
Railroad Equipment
Companies.
plan, with
Steel Company giving the proposed reorgani¬
comparative 1936 earnings, has been issued by H.
Shuldiner & Company, 39
Broadway, New York City are distri¬
analysis of Atlas Plywood Corporation.
announce that August W.
Kops and Cas¬
Thomas have been admitted to general partnership in their firm.
a
Broadway, New York City.
D.
•
—Hoit, Rose & Troster, 74 Trinity Place, New York City, have prepared
special statistical memorandum on Gary Electric & Gas Co.
—Arthur J. Jacobs has become associated with
Amott, Baker & Co., Inc.,
in the corporate and public utility buying department.
—Gersten
—An analysis of the Scullin
zation
an
& Share Co., Incorporated, as manager of the trading
department.
—E. J. Coulon & Company,
well
bulletin containing
—Edward Longbotham has become associated with Great Northern
Bond
partnership to be known as T. E. Plumridge & Company with
offices at 32 Broadway.
50 Broadway,
a
—Cohen, Wachsman & Wassail
par
formed
Eastern Sugar Associates, $5 cumulative
preferred
by L. M. Otis Co., 39 Broadway, New York City.
—Campagnoli & Company, Inc., 41 Broad St., New York City, has
prean analysis of Tennessee Products Corporation, Nashville, Tenn.
H. Nexsen and Thomas M. Malone of the dissolution of Plumridge Nexsen
Plumridge and Mr.
on
pared
—Following the announcement by Theodore E. Plumridge, Samuel W.
Mr.
a
Pittsburgh bank
—Peter P. McDermott & Co., 39
buting
published by Dominick & Dominick, 115 Broadway, New York City, with
Malone,
on
•
stock has been prepared
"Foreign Bonds Issued in the United
outstanding in this country, formerly issued by A. Iselin & Co., has just been
&
Union Bank Bldg., Pittsburgh have issued
—Stein Bros. & Boyce announced that F. Aubrey Nash has been
ap¬
pointed manager of the Stock and Bond Department of its New York office.
firm
Henry H. Patton and William M. Schreiner, both of whom have been
active In the investment field for a number of years.
States," containing
Edwards & Co.,
stocks.
general investment business, and the opening of offices
Philadelphia.
S.
comparative analysis for the years 1934, 1935 and 1936
—Announcement is made of the formation of the firm of Patton, Schreiner
In the Commercial Trust Building,
municipal bonds including general market, New York and New
Jersey issues.
Broadway.
& Co. to carry on a
distrib¬
—B. J. Van Ingen & Co., Inc., 57 William St., this city, has issued a cur
announce
uptown New York office at 57th Street and Broadway and that John A.
are
are
2.40% to 4.88%.
Lipper & Co., has become associated with the management of their
are
Co., Inc., 30 Broad St., New York City,
uting their current offering list of State and municipal bonds yielding from
dealers or underwriters.
rent list of
Lipper & Co.,
Limited.
—C. G. Novotny &
field and Chester A. Braman.
town office at 120
general
—W. C. Kennedy & Company, Limited, of Toronto, Canada, announce
general brokerage business handling stocks and bonds on commission and
W.
a
$1 par common stock.
—Delafield & Delafield, members of the New York Stock Exchange, today
McAllister and Meyer
announce the formation of
—Peter P. McDermott & Co., 39 Broadway, New York City, are distri"
buting
economist, of the New York Cotton Exchange.
in Arthur
W.
—Post & Flagg announce that George B. Post and Benson B. Sloan have
business generally and for the cotton and textile trade particularly, during
—Josephthal & Co.,
Lucius
become general partners.
1937 edition of their booklet, "The Cotton Trade Looks Ahead," presenting
The partners of the firm are Edward
Edstrand,
become special partners and Arthur L. Hawley and William Turnbull have
the views of executives within the cotton industry as to the prospects for
will not engage in investment banking as
Elmer
the State of Washington.
New York City, have issued the
14 Wall Street.
of
—Hartley Rogers & Co., Inc., investment securities firm, has prepared an
Members of the new firm consist of Heisler Harrington, James
announced the opening of offices at
consists
Elchlepp.
analysis of Superior Portland Cement, Inc., largest producer of cement in
Edgar Morris, Le Roy Frost Jr., and Giles T. Phillips.
The booklet contains a foreword
The firm
business in unlisted securities.
firm name of Harrington & Company, members of the New
the next six months.
formerly connected with the
Billings & Frank with offices at 42 Broadway, this city, to transact
withdrawn from the copartnership of Baylis &
—Orvis Brothers & Co., 60 Broadway,
was
—Joseph H. Billings and Seymour V. Frank
Tyler, Buttrick & Co.
York Stock Exchange, with offices at the same address, 42 Broadway, New
York City.
Chicago.
Boardman and A. R.
Company and announcement Is made that the business will be continued
under the
that William H. Haskins has joined
Mr. Haskins
—Edman Company announces the opening of new offices in the Bankers
Building,
trick became associated with Merrill, Oldham & Co., continuing with that
last year he was vice-president and treasurer of
announce
Exchange, in their main office.
Following his graduation from Harvard in 1906, Mr. But-
firm and its successors for many years.
issuing for
have become associated with Prentice & Brady, members New York Stock
Buttrick has joined their organization as manager of their municipal bond
department.
are
—Hugh W. Jackson, formerly of Watson & White, and S, J. Severund
Other officers will be Ashmore L. L.
Boston,
Company, 40 Wall St., New York City,
list of bonds of municipalities located in the State of New
firm of Amott, Baker & Co., Inc.
Mitchell, Richard J. Robertson, Pliny Fisk and Herbert S. De Marrais.
—Whiting,
a
their retail sales department.
Government bond market, including guaranteed issues, Federal Land Bank,
George H. Cutter Jr., Vice-President.
associated with the firm.
York, yielding from 1.25% to 3.25%.
—Harvey Fisk & Sons, Inc., announces the opening of
Wall Street, New York, to resume active operations in the United States
territorial and municipal securities.
now
—Sherwood &
Charles P. Burgess, a statistical expert on municipal securities, is joining
new
Co., Inc., is
—Lockwood, Sims & Company, 90 Broad St., New York City, are issuing
for distribution an analytical study of the city of Sanford, Florida, with a
comparison of other cities in Florida.
Building where
temporary quarters are now being occupied.
the
was
announce
—San Francisco's roster of investment banking firms Is augmented by the
bonds.
Mr. Adams
—Craigmyle, Marache & Co., members of the New York Stock Exchange,
that Leonard W. Proctor, formerly with William B. Nichols &
& Co., which has offices at 111 Broadway.
corporation
the addition to their organi¬
formerly connected with Baker, Simonds & Co.
Mr. Condon formerly was a partner in Condon, Proctor & Co.
NMr. Reimer and Mr. Tousley have joined in partnership in
announce
zation of Charles D. Adams who will be in charge of sales.
B. Condon to form Hilbert, Condon & Bassett, with offices at 230 Park
&
Co., of San Francisco, has been formed
to
continue
the
investment security activities of Miller & Company.
—Bristol & Willett,
115 Broadway, New York City, are
distributing the
February issue of their Over-the-Counter Review.
960
Financial
Chronicle
Feb. 6, 1937
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
create
to
more
a
actual needs.
Friday Night, Feh. 5, 1936
Coffee—On
the 30th ulto.
futures
closed 3
to
6
400 to 525 reis up at 19.700 in February and
April. The Rio spot quotation was 600 reis up at
19.800 milreis, and the Santos spot was 200 higher at 24.300.
All three contracts traded on the Santos exchange advanced
from the previous day, with the A contract unchanged to
600 up; the B contract was unchanged and the C contract
up 500 throughout the list.
The open market dollar rate held
steady at 16.160 milreis to the dollar, while the Bank of
Brazil still quoted 16.180.
Havre futures were unchanged
to .75 of a franc higher.
On the 1st inst. futures closed 7 to
14 points higher for the Santos contract, with sales of 125
The
new
Rio contract closed 5 to 9
points
up,
The old Rio contract closed 4
points off, with sales of 8 lots.
Rio futures closed 100 to 225
reis off at 19.600 milreis in
February and 19.00 in April. The
Rio spot quotation held at 19.800.
The open market dollar
rate was unchanged at 16.160 milreis to the
dollar, while the
Bank of Brazil still quotes 16.180.
On the Santos Exchange
the "B" contract opened unchanged to 500 reis
up from
Saturday's close at 24.500 in March, May and July. Havre
futures
were
3.75 francs lower all
arouna.
off, with sales of 26 lots.
The old Rio contract closed 6
points off, with sales of 6 lots, i Rio futures were 200 reis
lower at 19.400 for February and 18.800 for April.
The Rio
spot quotation also declined 200 reis to 19.600 milreis. The
open market dollar rate was unchanged at 16.160 milreis to
the dollar, while the Bank of Brazil still
quoted 16.180.
Havre futures were .50 franc
up to unchanged.
On the 3d
inst. futures closed 4 to 2 points higher for the Santos con¬
tract, with sales of 90 lots.
The new Rio contract closed
unchanged to 2 points off, with sales of 36 lots.
The old
Rio contract closed 3 points higher, with sales of 10 lots. Rio
futures closed 100 to 50 reis up at 19.500 in
February and
18.500 in April.
The Rio spot quotation was
19.600 milreis.
The open market dollar rate
16.160 milreis to the
unchanged at
steady at
was
dollar, while the Bank of Brazil still
quotes 16.180.
'
On the 4th inst. futures closed 4 to 8
points up for the
Santos contract, with sales of 163 lots.
The new Rio con¬
tract closed 3 points off to 2 points
up, with sales of 63 lots.
The old "A" contract, which was not traded, was
quoted
nominally unchanged.
Rio futures closed 100 to 350 reis
higher at 19.600 in Feb. and 19.200 in April.
The Rio spot
quotation was unchanged at 19.600.
The open market
dollar rate held at 16.160 milreis to the
dollar, while the Bank
of Brazil still quoted 16.180 milreis.
Havre futures were
4.50 to 5.50 francs up.
Today futures closed 10 to 4 points
up for the Santos contract, with sales of 150 contracts.
The
New Rio contract closed 11 to 9
points up, with sales of 34
The old Rio contract closed 10 points up, with
.contracts.
sales of
one
contract.
Rio de Janeiro futures
were
200 to 250
reis
higher, while in Santos the "0" contract was 300 to 675
higher.
Cost and freight offers continued scarce.
Santos 4s ranged from 11.60 to 11.75c.. Havre futures were
2H to 3 francs higher. ;
Rio coffee prices closed as follows:
reis
December..
March
May..
7.741 July
7.54 J September
7.67
7.71
7.631
Santos coffee prices closed as follows:
March
10.821 December
May
July
10.901 September
10.90]
....
10.90
10.90
Cocoa—On the 30th ult. futures closed 20 to 24
points
Transactions totaled 303 lots, or 4,060 tons.
Liqui¬
dation continued on a rather substantial scale, and there
down.
being
appreciable support, prices yielded rather easily.
a trifle above the lows of the
day. Local
closing: March, 10.92; May, 11.04; July, 11.14; Oct., 11.16;
Dec., 11.09.
On the 1st inst. futures closed 100 points
down, which was the maximum limit, or $300 per contract.
no
The market closed
In
of the most spectacular sessions in many a day, the
market suffered one of the most violent setbacks, if not the
one
most
precipitate decline, since the freak market early in
July, 1933. Trading volume reached the highest figure on
record since that time, the volume totaling 1,866 lots, or
25,004 tons changing hands. There was a combinationjof
manufacturer selling and liquidation, a good part of the
latter being of a forced nature.
Much stress was laid on
persistent selling by a leading domestic manufacturer, some
going so far as to claim this pressure was largely responsible
for the flood of stop-loss and margin call sales that followed.
It was also stated that this consuming interest was
selling
On the 3d inst. futures closed 14
points higher. More normal trading conditions pre¬
vailed during this session after the hectic markets of Mon¬
day and Tuesday. Opening sales of 80 lots were worked at
gains of 13 to 23 points, while the close was at approxi¬
mately the highs of the day for the nearby deliveries. Sales
totaled 7,102 tons.
London came in Is. 6d. higher on the
outside and 2s. to 3s. stronger on the Terminal Cocoa Mar¬
ket, which closed strong after a trade of 3,210 tons. Local
closing: March, 10.20; May, 10.40; July, 10.44; Sept., 10.55;
Dec., 10.44.
17
to
On the 2d inst.
points off for the Santos contract, with
The new Rio contracts closed 9 to 7 points
his
Oct., 10.36; Dec., 10.25.
futures closed 5 to 8
sales of 104 lots.
cover
heavy decline had greatly strengthened the mar¬
It is now thought this drastic de¬
the confidence of the speculative
element.
Local closing: March, 9.92; May, 10.04; July,
10.14; Sept., 10.18; Oct., 10.16; Dec., 10.09. On the 2d inst.
futures closed 8 to 205points up.
In a wild trading session
prices broke to the extreme level of 72 to 77 points below the
previous close. For a time it looked>-as though the market
would break through to the extreme 100-point limit, the
same as it
did the day before.
At the critical moment,
however, a bid for 1,000 lots of September cocoa was entered
at prices slightly under the market. This had an electrifying
effect on traders and brought the market back with a sharp
rebound.
Shorts jumped in to grab off profits and this
greatly accelerated the rally. The dramatic bids, which had
so much to do with the sharp rebound of prices—represented
from 250,000 to 500,000 bags of cocoa beans.
These bids
made their appearance after the market had crashed almost
400 points from its recent high of a fortnight ago.
Local
closing: March, 10.00; May, 10.16; July, 10.26; Sept., 10.38;
were
contracts.
which to
ket's technical position.
cline has badly shaken
19.225 in
with sales of 31 contracts.
on
the recent
points
lower for Santos contracts, with sales of 28 lots.
New Rio
contracts closed 4 to 9 points off, with sales of 36 lots.
Old
Rio contracts closed unchanged, with sales of one lot.
Rio
futures
favorable market
The feeling was general among the trade that
,
On the 4th inst. futures closed 7 to 13 points down.
Open¬
ing sales of 72 lots had been worked at gains of 15 to 20 points.
The apparent instability of the market despite recent violent
declines, does not make for confidence on the part of those
inclined to buy.
London came in 6d higher for actuals and
Is 3d to 6d higher on the Terminal Cocoa
Market, with 2,310
tons trading.
Transactions in the local market totaled 656
lots, or 8,690 tons.
Local closing: Mar. 10.13; May 10.27;
July, 10.35; Sept., 10.45; Oct., 10.43; Dec., 10.33.
Today
futures closed 48 to 53 points down.
General liquidation
continued and caused heavy declines throughout the list.
A
recovery followed of 15 to 20 points, but this was subse¬
quently shaved down, with the market closing a little above
the lows of the day.
Good buying from manufacturers was
reported on the scale down.
Sales totaled 953 contracts.
Local closing: Mar., 9.62; May, 976;
July, 987; Oct., 9.91;
Dec., 9.84; Jan., 9.89.
Sugar—On the 30th ulto. futures closed 5
down.
the
Transactions
market
was
totaled
550
lots.
The
to
9
points
heaviness
of
attributed
largely to the prospects of an
excise tax.
This latest recession in prices brought the market
to the lowest point since Nov. 5 and measured
by the active
September position, 39 points under the best price for the
year, which was recorded on Jan. 4.
In the market for
there were definite offerings at the basis of
3.65c.,
comprising Philippines, now loading, Feb .-March or AprilMay shipment.
However, refiners showed no interest.
In
the world sugar market
prices declined 3^2 to 4H points.
Transactions totaled 224 lots.
There was nothing in the
news to influence world
prices, the weakness being attributed
entirely to the weakness of the domestic sugar market.
London was % to %d. lower, with the market for raws re¬
ported as quiet.
On the 1st inst. futures closed 2 to 3
points higher.
At last the almost steady descent of prices
raws
was
checked
in
today's session.
Steadied by trade and
prices generally were ruling 5 to 6 points
higher at one stage of the trading, but later on prices eased
and half of these gains were erased. Sales totaled 412
lots,
Cuban buying,
than half this volume
being transacted in September.
the market for raws, National
bought 10,000 bags of
Puerto Ricos, due on Feb. 22, at
more
In
3.68c., delivered, estab¬
lishing
tons of
spot price.
At the same basis Revere got 1,000
Philippines for April-May shipment.
On the recent
a new
recessions from the previous
spot
sales effected at 3.75c. and
basis of 3.81c., there were
reported sales at 3.70c., but
of them changed the spot.
The world sugar market
quiet, closing with net gains of 2 to 4K points.
Sales
totaled 9,550 tons.
London terme market closed unchanged
to %d. lower, with raw market
unchanged.
On the 2d inst.
futures closed 1 to 2 points lower.
Sales totaled 200 lots,
or 10,000 tons.
The narrow range and light trading reflects
the indisposition of traders to make
any substantial commit¬
ments until this uncertainty of the
processing tax has been
more or less cleared
up.
In the market for raws Arbuckle
bought 15,000 bags of Puerto Ricos at 3.65c., delivered,
off 3 points from the price
paid the previous day.
Part of
the shipment of 5,000 bags is for
February shipment and
none
was
Volume
Financial
144
establishes
a new spot price.
In the world contract market
prices closed unchanged to 2 points off.
Sales were 294 lots,
or|14,700 tons.
On the 3d inst. futures closed 1 to 2 points
off.
Transactions totaled 279 lots.
The March delivery
at 12.70c., which reflected sales late in the previous session
of [actuals at the equivalent bhsis of 2.75c. for Cubas—was
the lowest price on the current downward swing.
It was said
that producers are becoming more and more alarmed by the
prospects of the new processing tax.
In the market for
raws the only reported sale of raw sugar was one of 3,000
tons of Philippines for second half of March arrival at 3.65c.
to McCahan. 1 Definitely on offer at 3.65c. were 10,000 bags
of Puerto Ricos for March shipment, and the belief developed
that
more was
available at the
same
level.
The world
con¬
tract market closed
unchanged to 1 point lower.
Volume
of trading for the first time fell under 100 lots.
London
raw market was quoted at 6s, equal to 1.0634c., f. o. b.
Cuba, based on a freight rate of 22s.
On the 4th inst. futures closed 3 to 5 points down.
The
weakness of raw sugars together with the great uncertainty
concerning the effects of the prospective processing tax, was
responsible to a large extent for the heaviness of sugars
general!/.
Volume of business was moderate, amounting
to 262 lots, of which half were in September.
In the market
for raws it was stated,' though not confirmed, that sales
were effected
at 3.60c., delivered, which would represent
a
decline of 5 points.
Refiners however, were showing
little
or
no
interest.
At the close of the market there
were
offerings at 3.62c. definitely, parcels of about 4,000 tons of
Puerto Ricos and a cargo.
The world sugar contract market
closed unchanged to 2 points lower.
Transactions totaled
157 lots, or 7,850 tons.
An important development was
the definite fixing of a world conference in London April
5th, to study better organization for the production and
sale of sugar.
Today futures closed 4 to 1 point down.
Selling of the domestic contract continued, resulting in
price declines to new lows, with May, July and Sept. selling
at 2.64c.
In the market for raws sugar could be bought
at 3.60c.
The No. 4 or world contract sagged on rumors
that British Dominion sugar producers might not attend
the international conference in April.
London futures were
34 to 34d. higher.
Refined was reduced 134d. per cwt.,
while raws sold at the equivalent of 1.09c., f.o.b. Cuba.
The world contract market here closed 1 down to 34 up,
with sales of 143 contracts.
Prices
were as
July
March
September
follows:
2.64 [December
2.631 May
2.64 [
2.60
2.64
Lard—On the 30th ult. futures closed 7 to 15 points lower.
a total decline for the week of 50 to 55
points,
due largely to speculative selling.
Trade interests are still
This made
on
the sidelines and apparently are
unwilling to support the
owing to the present large inventories. During the
past few months stocks have increased rapidly due to the
heavy hog marketings, and with very meagre cash demand for
lard, no substantial decreases in supplies have been recorded.
Closing hog prices at Chicago were unchanged to 5c. lower,
with the top price registering $10, and major portion of sales
ranging from $9.75 to $9.85. Liverpool closed 6d. to Is.
lower. No export clearances of lard from the Port of New
York were reported. On the 1st inst. futures closed 7 to 12
points off. In the early trading the market showed sub¬
stantial improvement, but this was all erased later on rumors
of a substantial increase in the monthly lard stocks at Chi¬
cago, which induced considerable selling. It was stated that
the earlier expectations of the trade had been for a report
showing approximately 9,000,000 pounds, whereas the re¬
port showed that stocks in January had increased 19,186,123
pounds. Total stocks now are 99,715,814 pounds, against
29,260,935 on Feb. 1, 1936. Receipts of hogs on Monday
at Chicago totaled 14,000 head, whereas 30,000 were ex¬
pected. Total receipts for the Western run were 50,500 head,
against 70,300 for the same day a year ago. There were no
exports of lard reported from the Port of New York over
the week-end.
Liverpool lard prices were unchanged to
3 pence higher.
On the 2d inst. futures closed 27 to 32
points down. The sharp decline was attributed to heavy
speculative selling prompted by the bearish monthly report
on lard stocks at Chicago, issued after the close on
Monday.
As soon as the market opened prices fell off 15 to 25
points.
Lard stocks at Chicago in January increased over 19,000,000
pounds, and this was about 10,000,000 pounds over trade
expectations. Closing hog prices were 10c. to 15c. higher at
Chicago, the top price registering $10.40, with the bulk of
sales ranging from $10 to $10.30.
Western hog run was
below expectations and totaled 50,200 head, against 41,900
for the same day a year ago. Liverpool lard prices were 4d.
lower on the spot position and Is. 9d. lower on May and
2s. 3d. lower on July.
Export shipments of lard from the
Port of New York were a little above recent average and
totaled 74,200 pounds, destined for London, Liverpool and
Southampton. On the 3d inst. futures closed 25 to 27 points
higher.
After a prolonged decline of approximately 200
points in futures the past several weeks, it was figured the
market's technical position was pretty strong, and this view
was more or less justified by the action of the market
today,
which responded in a substantial way to the upward move¬
ment in grains and lighter marketings of hogs.
The hog
market closed firm with Chicago prices 10c. higher.
Total
market
961
Chronicle
receipts for the Western run were 56,400 head, against 36,200
for the same day a year ago.
The top price at Chicago was
$10.45, with the bulk of sales ranging from $10.10 to $10.45.
There were no export clearances reported from the Port of
New York. Liverpool lard prices were Is. 3d. to 3d. off from
the previous close.
On the 4th inst. futures closed 10 to 15 points down.
Persistent selling by packers was largely responsible for the
heaviness of this market.
Western hog receipts were 66,000
head against 68,500 for the same day last year.
Hog prices
at Chicago declined 10c. to 15c., the top price registering
$10.30, with the bulk of sales ranging from $10 to $10.25.
Liverpool lard futures were firmer at 6d. to Is. 6d. higher.
Export clearances of lard from the Port of New York were
moderately heavy, totaling 95,000 pounds destined for
Manchester.
Today futures closed 18 to 20 points up.
The firmness of this commodity was attributed largely to a
slight pick-up of cash demand and to somewhat lighter hog
receipts.
•
DAILY CLOSING PRICES OF
Sat.
January
12.82
March
12.85
May
July
13.12
13.35
LARD
Mon.
FUTURES IN
Tues.
Wed.
CHICAGO
Thurs.
12.85
13.07
12.57
12.80
12.82
13.05
12.67
12.97
13.30
13.00
13.30
13.17
13.52
13.20
13.50
13.37
Fri.
12.87
13.15
13.35
13.57
Pork—Mess, $31.37 per barrel; family, $32.37 nominal,
per barrel; fat backs, $26.25 to $28.25 per barrel.
Beef:
Steady.
Mess,' nominal; packer nominal; family, $17.00
to $18.00 per barret nominal; extra India mess nominal.
Cut Meats: Pickled Hams, Picnic, Loose, c.a.f.—4 to 6 lbs.,
1334c.; 6 to 8 lbs., 1334c.; 8 to 10 lbs., 1334c.
Skinned,,
Loose, c.a.f.—14 to 16 lbs., 2134c.; 18 to 20 lbs., 1934c.;
22 to 24 lbs., 1834c.
Bellies, Clear, f.o.b., New York—
6 to 8 lbs., 1934c.; 8 to 10 lbs., 1934c.; 10 to 12 lbs., 1934c.
Bellies, Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,
1734c.; 18 to 20 lbs., 1734c.; 20 to 25 lbs., 1734c.; 25 to 30
lbs., 1734c. Butter: Creamery, Firsts to Higher than Extra
and Premiuam Marks: 3034c. to 3334c.
Cheese: State,
Held, '36, 21c. to 2234c.
Eggs: Mixed Colors, Checks to
Special Packs: 19c. to 2434c.
Oils—Linseed oil
price schedule appeared to be maintained
despite the weakness in Argentine seed last
week.
Quotations: China Wood: Tanks, Jan.-Feb., 14c.;
M-J for'd, 13.4c.; Drms, spot, 1434c.
Coconut: Manila,
tanks, Spot, 934o.; F-M, 934c.;June for'd, 9c.
Coast,
Apr. for'd, 834c.
Corn: Crude, tanks, outside, 1034c.
Olive: Denatured, Nearby, Spanish, $1.65; Shipment, $1.50
to $1.55.
Soy Bean: Tanks, mills, futures, 10 to 1034c.
C. L. drms., 11c.; L. C. L. 11.5c.
Edible: 76 degrees, 1534c.
Lard: Prime, 15c.; Extra strained winter, 14c.
Cod: Crude,
in this district
Japanese, nominal; Norwegian Yellow, nominal; ^filtered,
Turpentine: 47c. to 51c. Rosins: $10.00 to $13.85. <4
48c.
Cottonseed Oil, sales, including switches, 106 contracts.
Crude, S. E., 10c.
Prices closed as follows:
February
11.15®
March
11.16®
April
May
11.15®
[June
July
[August
,_11.15@11.17[September
11.20®
11.23®
11.15®
11.16®
Petroleum—The summary and
tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber—On the 30th ult.
futures closed unchanged to
points lower.
The December options closed 2 points
higher.
Transactions totaled only 420 tons. The outside
market continued dull, apparently awaiting developments in
the automobile strike situation, which did not materialize.
Outside quotations were unchanged at 2134c. for standard
sheets. No factory buying developed.
London and Singa¬
pore closed steady, with prices slightly higher. Local closing:
Feb., 21.01; March, 21.06; May, 21.07; July, 21.00; Sept.,
20.95; Oct., 20.92; Dec., 20.90. On the 1st inst. futures
closed 2 points up to 1 point down. Transactions totaled 660
tons.
Trading was quiet. Quotations in the outside market
remained unchanged on a spot basis of 2134c. for standard
sheets.
Local closing: Feb., 21.03; March, 21.08;
May,
21.06; July, 21.00; Sept., 20.97; Dec., 20.92. On the 2d inst.
futures closed 4 to 8 points down.
Trading was light, with
transactions totaling 800 tons.
Futures opened 12 to 21
points lower, but subsequently recovered considerable of
the losses. Outside prices were reduced to a
spot quotation
of 2134c. for standard sheets and some brokers even
quoted
a slightly lower
figure. Local closing: Feb., 20.95; March,
21.00; May, 21.00; July, 20.96; Sept., 29.92; Dec., 20.86.
On the 3d inst. prices closed 10 to 11 points
higher. Trans¬
actions totaled 1,430 tons. Outside
prices were quoted on a
spot basis of 2134c. for standard sheets. London and Singa¬
pore closed steady, with prices slightly higher. Local closing:
Feb., 21.06; March 21,11; May, 21.11; July, 21.06; Sept.,
21.02; Oct., 21.00.
On the 4th inst. prices closed 23 to 30
points higher. The
market continued its upward trend of the
previous day,
7
with
a marked increase in
trading activity.
Transactions
totaled 2,400 tons.
Trading in the outside market, however,
was dull.
London and Singapore closed steady and dull,
respectively, with prices unchanged to slightly higher.
Local closing: Feb., 21.29; Mar., 21.34; May,
21.34; July,
21.29; Sept., 21.29; Oct., 21.27; |Dec., 21.25. : Today
futures closed 9 to 12 points up.
Sales totaled 279 con¬
tracts.
Crude rubber futures made further upward
progress
in fairly active trading.
London prices were l-16d tojl-8d
Financial
962
higher in London, and it was reported that a decrease of
2,925 tons in United Kingdom stocks this week was indi¬
cated, owing to a large shipment to Russia.
Local closing:
March, 21.43; May, 21.44; July, 21.41; Sept., 21.40; Dec.,
points down.
1,240,000 pounds. Stocks of certifi¬
cated hides in warehouses licensed, by the Exchange remained
Hides—On the 30th ult. futures closed 6 to 8
totaled
Transactions
unchanged at 741,956 hides. No new sales were reported in
either the domestic or Argentine spot hide markets during
The market for New York City calfskins, however,
easier and prices are reported somewhat lower than
Local closing: Feb., 21.01; March, 21.06; May,
21.07; July, 21.00; Sept., 20.95; Oct., 20.92. On the 1st inst.
futures closed 15 to 19 points down.
Transactions totaled
2,560,000 pounds. Stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 741,956
hides. No business reported from the domestic or Argentine
spot hide markets. Local closing: March, 14.99; June, 15.32;
Sept., 15.60; Dec., 15.83. On the 2d inst. futures closed
7 to 13 points down. Transactions totaled 3,840,000 pounds.
Stocks of. certificated hides in warehouses licensed by the
the
day.
appears
heretofore.
Exchange remained unchanged at 741,956
hides.
No
new
reported from the local spot hide market or the
Argentine spot center. Local closing: Dec., 15.70; March,
14.92; June, 15.25; Sept., 15.47. On the 3d inst. futures
closed unchanged to 4 points up.
Transactions totaled
2,400,000 pounds. Stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 741,956
hides. A weaker spot situation was reported yesterday, light
native cow hides having been offered at 14c. against the last
previous price of 143^c. Local closing: March, 14.92; June,
15.26; Sept., 15.51; Dec., 15.74.
On the 4th inst. futures closed 10 to 16 points down.
Transactions totaled 4,920,000 pounds. Stocks of certificated
hides in warehouses licensed by the Exchange remained
unchanged at 741,956 hides.
There were sales reported in
the Chicago market of 18,700 hides, with light native cows
at 14c., or a half cent a pound below the last previous sales
price. Local closing: Mar., 14.80; June, 15.10; Sept., 15.40;
Dec., 15.64.
To-day futures closed 25 to 20 points down.
Transactions totaled 148 contracts.
The easier tendency
in raw hide futures continued with losses of 5 to 20 points
at the opening, and prices closing at the lows of the day.
Local closing: March, 14.55; June, 14.90; Sept., 15.20.
business
was
Freights—Nothing spectacular happened in the
market for charters.
For a time there appeared to be a rate
deadlock in connection with scrap iron, but this apparently
loosened towards the end of the week.
Ocean
Sugar: Cuba, March, United Kingdom-Continent,
February, to United Kingdom-Continent, 18s; same, March,
18s. 6d.
Trip Across: Prompt, 81.75, redelivery African port.
Grain
Booked: This included ten loads New York-Havre, 15c.
Five loads. New
York to Sweden, 16c.
Trip: Prompt, Copenhagen, E. S. S. America,
redelivery, Norway.
Scrap Metal: United States Atlantic to Japan, four
ports in all, 29s. 6d., f.i.o., scrap iron, March 1-25.
United States Atlantic
to Japan, four ports in all, 30s., f.i.o., scrap iron, March 15-31.
United
States Atlantic to Japan, four ports in all, 29s., f.i.o., scrap iron, MarchApril.
Charters included:
Is.
Cuba,
Coal—Improvement in the local anthracite trade of New
York and New Jersey has been most marked this week, with
consumption in real volume, and retailers being favored with
a
good share of favorable though not dependable cold
weather.
New York tidewater bituminous dumpings on
about 575 cars.
Southern smokeless pro¬
loadings are again rising. West Virginia mines are
for the most part running at capacity.
Industrial slack has
the call, wherever transport conditions are not too bad.
A
medium cold wave enlivened the domestic market east and
west of the Ohio, and particularly in the upper central Great
Tuesday
ducers
speculative buying on the London Metal Exchange.
were
car
Plains.
Copper—The outstanding feature of the week was the
heavy speculative buying in Europe, accompanied by reports
that France is seeking large tonnages of the red metal.
On
the London Metal Exchange the heaviest trading in a week
or more brought about advances of
13s 9d. and 12s. 6d.
respectively, in standard spot and futures. Export copper
prices here went as high as 12.975c. a pound, c.i.f. European
transactions at the equivalent of 12.95,
Export sellers reported that they are not
anxious to sell any large tonnages, attributing, as they dp,
the latest rise principally to the same speculative groups
which have been active in copper all along. The speculative
purchasing is not confined to copper, but applies to other
metals and commodities.
To local interests the sharp ad¬
vance in copper abroad seems illogical as factors of the market
indicate declines rather than advances, it is pointed out.
Thus, the foreign market is regarded as overbought, produc¬
tion of copper is now unrestricted, the American floods and
automobile strikes exert bearish influences.
The renewed
flight from the franc has caused French speculators to invest
in commodities, which at least partly accounts for copper's
buoyancy.
The Navy Department, which invited bids on
2,735,000 pounds of copper, received bids yesterday on
1,035,000 pounds for shipment to various of its Navy yards.
The American Smelting & Refining Co. bid 13c. on 435,000
pounds, the American Metal Co. bid 13.05c. on 450,000
pounds. These two companies were successful bidders.
ports, with other
12.90 and 12.87c.
Tin—The
London
common
spectacular happenings in the tin market at
focusing the attention of the trade.
Tin in
with the other metals has felt the effects of strong
are
193:
How¬
reports were received in certain quarters that the in¬
dustrial demand for tin in Europe was brisk and that the rise
ever,
prices have a firm foundation.
in
The Navy Departmen
370,000 pounds of grade A tin. On
the entire lot the National Lead Co. bid 51.30c, Brooklyn,
while Tuthill & Co. bid 50.85c on 320,000 pounds; Pope
Trading Co. bid 51.23c on 320,000 pounds and Trench & Co.
bid 50.98c on the same amount.
H. P. Winter turned in a
bid of 50.92c.
Outside of Navy purchasing, there was com¬
paratively little business, prices apparently being too high for
American consumers and dealers.
Tin afloat to the United
States is 9,861 tons.
Tin arrivals this month have been:
Atlantic ports, 330 tons; Pacific ports, nil.
Stocks in local
here
21.36.
Feb. 6,
Chronicle
opened bids
warehouses
are
on
unchanged at 1,070 tons.
speculative buying wave is carrying the
Lead—A strange
metals forward
on
the London Metal Exchange,
and lead
Jiared in the upward movement.
London prices rose £1 for
two sessions.
With the strikes and floods here, domestic
the sharp rise of the metal abroad as not
conditions. Some American producers, how¬
ever, understood that a genuine consumer demand .appeared
in Europe
during the recent heavy buying movement.
Demand for pig lead here is only moderate, but prices are
firm at 6 to 6.05c per pound, New York, and 5.85c, East St.
Louis.
It is thought in some quarters that with the maritime
strike about to be settled and with London prices rising
traders look upon
warranted by
sharply, it
may
lead to London.
be logical for American producers to sell
have been rumors current this
prices may go higher, most pro¬
ducers state that business by no means warrants any move in
this direction just now.
However, it is pointed out that in
the past sudden outbursts of buying have developed, and if
this should happen, it would find the market responsive,
especially in view of the firm undertone and remarkable
absence of offerings.
Recently it was reported that con¬
sumers were bidding 6.05c per pound,
East St. Louis, for
April delivery zinc, thus proving the strength of the market.
Sales of slab zinc last week were small again, consisting of
Zinc—Although
there
week that American zinc
of brass special.
of the week were
79,084 tons, with unfilled orders of brass special 5,139 tons
and of select grades 1,110 tons.
Shipments of prime Western
1,461 tons of prime Western and 700 tons
Unfilled orders of prime Western at the end
the real feature of the statistics, coming to
were
8,000 tons,
tons.
All prime Western
Louis, and about threefor first quarter shipment.
with shipments of brass special 622
sold on the basis of 6c, East St.
quarters of the sales were
Steel—The steel industry still presents a
glowing picture
in
spite of floods, strikes and threats of strikes.
The "Iron
Age" in its weekly summary of the industry, reports that
schedules for the week<are at 79% of capacity, against 75%
a week ago, due to resumption or operations at plants closed
by floods, Pittsburgh output being at a peak for six years.
As flood waters recede
tent of
some
fair idea is obtained of the ex¬
and already indications are
replacement business.
Several factors contribute to the feeling in industrial quar¬
ters that steel prices are due for another mark-up.
Dead¬
lines on price protection granted consumers in December
and uneasiness over steel strike threats uttered by John L.
Lewis, have contributed to the large volume of orders booked
by mills in recent weeks.
Some mills are booked so far
ahead that they have been declining specifications for ma¬
terial to be shipped after the end of the current quarter.
In addition, analysis of some company statements tend to
show that the price increases announced for December 1st
and January 1st have been insufficient to offset higher
wage costs and additional expenses in other departments.
The "Iron Age" states that notwithstanding the extremely
heavy backlogs on mill books, further additions are in sight.
Resumption of water shipments to the Pacific Coast, follow¬
ing settlement of the seamen's strike, will release consider¬
able suspended business: the United States Navy program
and rejuvenation of American shipbuilding under the aus¬
pices of the new Maritime Commission offer prospects for
large tonnages.
that
damage in
there
will
many areas,
be
tremendous
a
Iron—The floods played havoc with foundries in
The foundries in Cincinnati were hard hit by
the floods, according to reports to the trade here.
Most of
Pig
many areas.
the foundries connected
with the machine tool manufact¬
close to the railroad and the river, and few
survived
high waters, which damaged the sand, patterns and other
equipment.
It is thought that several weeks will elapse
urers are
the
before normal conditions
can
be restored.
There
are rum¬
of another rise in pig iron, but it is believed that no change
will be made except to apply to second quarter.
Prices for
ors
that
period would normally be named about March 1st, or,
are still observed, about Feb. 18th.
The New York pig iron trade apparently believes that it
would be unwise to advance prices just now since demand
is not brisk enough to warrant it.
Demand for pig iron in
this district continues rather slow, but is by no means stag¬
nant
Inquiry for American pig iron for export is expanding,
the following countries being in our market now:
Greece,
Japan, Uruguay, Italy, Great Britain and China.
if the old steel code rules
.
Wool—The upward
steady advance
m
the
trend in wool here continues.
The
markets has halted forjthe
overseas
Volume
Financial
144
opinion among importers here
prices may yet be made as the season pro¬
gresses.
Domestic wools are being sold well above the duty
paid cost of similar foreign wools, and there is nothing in the
near future to warrant expectations of lower values, according
to a leading authority in the wool trade.
With not more
than 25,000,000 pounds of unsold domestic wool in the entire
963
Chronicle
time being, although general
Stock
1935-36
1936-37
holds that higher
Receipts to
Week
Galveston
Texas
Week
City
7",273 1,184",719
281,529
13,137
27",788 1,588,208
200,248
7,530
86,827
"~"8
3,615
309
110,433
406
Corpus Christi
normal use in 1937
would easily take care of the new clip as such wools will come
into bare warehouses.
Contracting in Texas has been going
on at a good rate, not only for wool but for mohair, some of
the buying for both fibres for mill account on a commission
basis.
About half the Texas clip of 12 and 8 months wool is
said to have been placed under contract at prices from 35 to
36c.
Meanwhile the tendency in London and Australasia is
for wool values to level off somewhat, and where the demand
has been satisfied in part, for purchasers of such wool to offer
Beaumont
lower bids.
1936
1937
693,159
11,519
622,957
47,018
30,334
567,932
146,600
19,291
3,782
190,243
682,061
12,690 1,383,834
350
44,190
32,088 1,538,243
341
258,054
37,945
6,783
13,527 1,457,926
341,075
1,452
136,570
3,655
"842
285.402
6,824 1,574,383
Houston
Since Aug
1 1935
This
Since Aug
1 1936
This
Feb. 5
457,569
50,651
25,729
622,347
109,281
6,045
2,288
153,903
50
Philadelphia
United
States,
a
return to an average
1st inst. futures
Silk—On the
closed 3 to 5c.
up.
New
quite general. The promise of more stable con¬
ditions in Japan and general expectation of a good mill con¬
sumption for the month of January appeared to be the chief
influences in the development of renewed buying.
Sales
totaled 2,960 bales.
Statistics furnished by the Exchange
revealed that Japanese exports of raw silk during January
to all countries ran only 30,555 bales, while the into-sight
movement showed the usual drop.
Cables from Japan re¬
vealed advance of 123^ yen in Yokohama and 10 yen at
Kobe, both markets quoting 910 yen for grade D. Bourse
quotations at Yokohama were 5 to 7 yen up, while at Kobe
they were 2 to 8 yen higher. Cash sales for both places
totaled 650 bales, while transactions in futures totaled 5,500
bales.
Local closing: Feb., 2.00; March, 2.00; May, 2.01;
June, 2.01; July, 2.01; Aug., 2.00; Sept., 1.97]^. On the
2d inst. futures closed 4 to 5^0. lower. Transactions totaled
1,490 bales. Cables came in unchanged for grade D, which
stood at 910 yen at Yokohama and Kobe.
Bourse quota¬
tions on these markets ranged 7 to 13 yen lower at Yoko¬
hama and 3 to 8 yen lower at Kobe.
Spot sales at both
centers were 700 bales, while transactions in futures totaled
5,775 bales. Local closing: Feb., 1.96; March, 1.96; May,
1.963^; July, 1.96; Aug., 1.95K; Sept., 1.92. On the 3d
inst. futures closed lc. to 3c. down. Japanese cables were
lower, which accounted for the easier domestic market.
Sales here totaled 2,160 bales.
Cables reported grade D at
Yokohama 5 yen lower, while at Kobe the same grade was
10 yen lower, the price being 910 yen at Kobe and 905 yen
at Yokohama.
Bourse quotations at Yokohama were 16 to
23 yen lower and at Kobe 6 to 12 yen down. Cash sales were
700 bales, while transactions im futures for both centers
totaled 6,600 bales.
Local closing: Feb., 1.93; March 1,
1.933^; May, 1.95; July, 1.94; Aug., 1.933^; Sept., 1.903^.
On the 4th inst. futures closed 13^ to 4c. down.
Trans¬
actions totaled 3,340 bales.
The weakness was attributed
to bearish cables from Japan.
At Yokohama Grade D was
20 yen lower at 885 yen, and 20 yen lower at Kobe, putting
the price of grade D at 880 yen in Kobe.
Bourse prices
were 9 to 21 yen lower at Yokohama and 14 to 20 yen lower
at Kobe.
Sales of actual silk in these markets were 650
buying
New Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
Brunswick
Lake
changes in foreign markets caused irregularity in the raw
silk market.
The opening was lj^c. lower to 2c. higher.
The price of crack double extra in the New York spot market
was
3^c. lower at $1.97.
The Yokohama Bourse closed 5
to 10 yen higher, with the exception of February, which
was 2 yen lower.
The price of grade 'D in the outside mar¬
ket was 5 yen lower at 880 yen a bale.
Local closing:
Feb., 1.88; Mar., 1.88K; May, 1.89; July, 1.89; Aug., 1.87;
Sept., 1.86.
147",637
"789
197", 391
42",161
25
"92
55,446
19,120
1,347
53,916
19,086
29,515
922
30,500
15,061
21,003
33,896
44,145
22,691
23,215
34,577
538
4,645
1,995
24",559
'696
15", 994
3,156
1,150
1,650
Charles
594
Norfolk
Newport News
New York
Boston
Baltimore
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
1936-37
Receipts at-—
963
"""789
"2",067
1,359
"""773
594
92
243
282
798
521
1,347
922
828
372
611
214
Savannah
Sat.
Tues.
Mon.
Wed.
Thurs.
Wilmington
_
_
Norfolk
NewportNews
"
All others
"2~, 434
"8", 170
2,658
"8",764
"7",406
14", 176
Total this wk„
54,826
70,572
54,614
85,311
121,163
249,848
Since Aug
1
5,317,312 5,805,345 3.523,693 6,011,550 6,808,302 7,806.046
—
for the week ending this evening reach a total
122,063 bales, of which 23,770 were to Great Britain,
12,953 to France,' 13,292 to Germany, 15,688 to Italy,
33,412 to Japan, 272 to China, and 22,676 to other destina¬
The exports
of
tions.
In
the
corresponding week last year total exports
164,487 bales.
For the season to date aggregate exports
have been 3,508,084 bales, against 4,133,330 bales in the
same period of the previous season.
Below are the exports
were
for the week.
Exported to—
Week Ended
Feb. 5, 1937
Exports from—
Ger¬
Great
Britain France
Galveston
3,261
Houston
Corpus Christi.
5,318
Other
21,990
7,848
3,261
2,999
7,422
_
....
„
_
272
Total
12,202
China
Japan
Italy
many
6,383
2,589
49,154
6,561
30,952
50
50
2,913
32,049
.
_
38
Beaumont.
16,491
New Orleans
949
4,015
3,681
300
32
Lake Charles—
603
565
_
4,000
-
81
........
-
-
-
200
........
-
12
Jacksonville
—
•
—
-
-
-
3,096
Charleston
-
-
-
«
-
-
-
-
-
.
-
-
12
750
■
■
-
-
--
.
........
783
........
3,195
1,237
Houston
1,697
1,692
1,121
1,624
495
270
316
323
—
545
23,770
12,953
13,292
15,688
33,412
272
Total 1936
32,839
24,401
4,512
19,399
16,547
27,564
23,752
31,290 164,487
13,276
26,494
12,882
2,500
Total 1935
15,000
21,720 107,689
Total
22,676 122,063
Exported to—
From
Auq. 1,1936, to
Feb. 5, 1937
Exports from—
Ger¬
Great
Britain
Galveston
Houston
Corpus Christi*
Beaumont
New
Orleans..
Lake Charles..
Mobile
132,936 160,648
134,983 105,402
50,970 44,785
913
9,328
248,426 209,540
9,160 19,745
62,784 26,265
1,431
39,754
40,956
55,718
1,200
Jacksonville
Pensacola,
France
&c.
Savannah
Charleston
Wilmington—
........
1,494
1,791
122,639
81,187
8,640
2,931
100,199
73,944
65,280
8,045
460,790
221,687
65,430
54,706
106,980
3,359
41,376
1,258
28,523
210
9,761
5,845
2,170
482
655
133
955
—
4
18,000
m
m
»
54
-
N
.
100
283
-
-
-
372
;
........
60
4,528
1,552
-
«»
MM
-
........
6,922
Los Angeles—
San Francisco-
«.
....
-
-
«...--
2,222
166
-
1,584
m m
1,466
vm m — m
192
-
391
«.
........
'
-
-
-
........
*
----
...«...
487
50
100
58,407
15,464
3,831
2,560
New Orleans.
9",522
Mobile
2,191
—
1,147
4,755
2,460
1,169
6,88 i
1,788
Jacksonville
"23
Savannah
955,825
18,475 467,239 3508,084
566,830239,140 1120,183
250,882 285,049 1131,506
28,080 661,193 4133.330
73,443 470,1692993,257
On
our
telegrams tonight also
Shipboard Not Cleared for—
Leaving
Great
Britain France
7.273
4",843
246
1,497
27,788
7,530
8
13
309
727
25
594
Mobile
""38
81
"""8
8
115
238
413
547
16,901
5,275
12,205
111
126
64
272
1,582
"439
The
1,347
1,995
4,581
5,193
10,671
54,826
13
following table shows the week's total receipts, the
1, 1936 and the stocks tonight, compared
total since Aug.
with last year:
Ger¬
Other
Foreign
wise
Stock
Coast¬
many
Total
Savannah
291
""38
Galveston
Houston
New
Orleans.
_
4,600
3,300
12,700
6,468
1,859
16
800
16,212
1,881
1,326
4",137
53,000
25,307
19,351
5,500
413
1,556
79,100
33,004
40,859
Charleston
l",858
Norfolk
Other ports
Total 1937—
Totals this week.
1,397
5,038
71,886
18,722
473,991219,128
In addition to above exports,
4",085
""68
Lake Charles...
Norfolk.—
Baltimore
2,878
3,063
1,788
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
1,116
25
Wilmington
1,200
12,303
966,442 551,462
509,346272,862
Total 1935-36.
Total 1934-35.
2",462
176
"129
179
Charleston
79,597
82,474
117,170
796,759 576,667
Total
8
"692
2,689
-
2,516
-
1
--
-
-
2,225
8,112
....
2,805
222
-
2,850
30,588
40,936
354
Norfolk
15,962 158,103 1125,022
1,478 114,403 724,420
355 23,629 201,854
1
50
13,222
580 115,921 836,352
14,615
47,089
13,889 159,920
«.
4,751
Total
Other
China
Japan
Italy
many
406
406
Corpus Ohristi.
1,640
3,879
----
---
545
Norfolk
6,824
2,127
2,566
'
—
-
50
840
Savannah
1,492
1,074
-
-
-
Feb. 5 at—
Galveston
613
'
Mobile
Total
Fri.
891
100
Charleston
grams
Receipts at—
694
,
.
Brunswick
Philadelphia...
bales.
"""915
842
""727
Mobile
Baltimore
Movement of the Crop, as indicated by our tele
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 54,826
bales, against 61,831 bales last week and 82,643 bales the
previous week, making the total receipts since Aug. 1, 1936,
5,317,312 bales, against 5,805,345 bales for the same period
of 1935-36, showing a decrease since Aug. 1,1936, of 488,033
56,372
46,769
110,626
14,692
5,563
9,419
10,023
26,568
2,045
309
Orleans-
New York
The
22,312
47,287
34,468
4,297
3,211
20,321
26,806
25,722
12,690
32,088
13,527
1,452
6,824
Houston
Boston
Friday Night, Feb. 5, 1937
1931-32
1932-33
1933-34
1934-35
1935-36
7,273
27,788
7,530
Galveston
New
Gulf port
COTTON
195
70,572 5,805,345 2,226,889 2,463,953
54,826 5,317,313
Totals
was
bales, while transactions in futures totaled 13,650 bales.
Local closing:
Feb., 1.913^; Apr., 1.90; May, 1.91; July,
1.90; Aug., 1.90; Sept., 1.88.
Today futures closed at 33^
to lc. down.
Transactions totaled 305 contracts.
Mixed
"727
Charleston
Wilmington
Total 1936
Total 1935
a...*.-
22,353
20,884
6,476
24,965
5,553
5.145
5.981
13,972
7,552
99,516
38,195
52,661
7",32i
602,961
424,565
581,488
153,903
42.161
101,960
33,896
125.671
7,469 160.284 2,066,605
2,789 81,393 2,382,560
1,932 73,766 2,619,247
Speculation in cotton for future delivery was moder¬
ately active, with prices ruling within a comparatively nar-
964
row
Financial
Attention of the trade appeared to be focused
on the liquidation of
loan-cotton, though nothing of a spec¬
tacular nature developed in this connection.
range.
On the 30th ult. prices closed 5 to 7
points higher for the
old-crop positions, while the
new-crop
months closed 1 point
lower to 1 point higher.
The firmness of the old-crop de¬
liveries was attributed to an announcement that
Italy had
secured credits in the United States for the
purchase of
This, coupled with reports from Washing¬
ton that the
Commodity Credit Corporation does not con¬
template any immediate alterations in the grade and location
American cotton.
differentials in connection with the sale of loan cotton to
begin Monday, had a cheerful effect on sentiment, induc¬
ing some substantial buying of the old-crop positions.
The
trade, however, seemed to be wary of the new-crop months
Chronicle
Feb. 6, 1937
towards the close, rallied the market, and the final under¬
tone was steady.
Foreign orders were on both sides of the
market.
Southern spot
markets,
unchanged to 5 points lower.
officially reported,
Average price of mid¬
dling at the 10 designated spot markets was 13.02c.
Today prices closed 3 to 7 points down,
Trading was
quiet and without special feature, the market ruling heavy
were
as
during most of the session.
Most of the early hedge selling
in May and July, and was believed to be
chiefly against
was
the movement of cotton in the South.
The influence of
weak Liverpool cables was partially offset
by good trade de¬
mands for nearby
positions.
Liverpool
months,
and
houses.
The reported
the Pacific
there
Coast
was
a
fair
demand
bought
from
settlement of the maritime strike
considered
was
favorable
a
because of the general
much
action
concern
the part of not a few traders as to the possi¬
bility of a change in the loan differentials, which, it has been
maintained, held cotton above a working basis.
Southern
spot markets as officially reported were 5 to 10 points higher.
upon
The average price of middling at the 10
kets was 13.12 cents.
designated spot
On the 1st inst. prices closed 2 to 6
points down.
were no substantial sales of loan cotton on the
mar¬
While
there
opening
day of these Government operations, yet the threat of heavy
unloading of loan cotton and the possibility of hedge selling,
hung like a pall over the market during the entire session.
There was no real activity, traders
apparently just waiting to
see what was
going to happen on the first day of loan cotton
operations, which did not materialize in any real volume.
Reports from the South indicated small sales of loan cotton
and spot houses continued of the
opinion that under prevail¬
ing differentials buyers would not be interested in purchases.
Reports from the flood district indicated that levees were
holding at most strategic points, but that cotton was being
moved from numerous warehouses
along the Mississippi to
higher ground.
Mood news during the day failed to stimu¬
late much buying, though uneasiness still
prevails over the
possibility of unfavorable developments.
Demand for spot
cotton
was
quiet.
Southern spot markets as officially
reported were 4 to 7 points lower.
Average price of middling
cotton at the ten designated
spot markets was 13.06 cents.
On the 2d inst. prices closed 4 to 8
points lower.
The
market at the start showed heaviness, and this heaviness
was accentuated later on as fresh
liquidation developed and
continued heavy throughout the
morning session.
Long
cotton came out in considerable
volume, and the offerings
were not readily absorbed.
The fact that no breaks were
reported in the Mississippi levees gave the flood news a more
favorable appearance, and this inclined those who had
bought
recently on the prospects of flood damage to cotton, to sell.
Other bearish factors were
inactivity in the textile markets
and heaviness i* prices for
goods.
Little loan cotton has
moved in the south, so advices state.
It was pointed out
that if the Commodity Credit
Corporation is desirous of
disposing of any quantity of the 3,000,000 bales of loan cotton
it may reduce its basis and
bring out more low-grade cotton.
Spot demand was comparatively quiet.
Southern spot
markets, as officially reported, were 3 to 15 points lower.
The average price of middling at the ten
designated spot
markets
was
13.00
cents.
On the 3d inst. prices closed 3 to 6
points up.
Trading
was
comparatively light, with fluctuations continuing within
a narrow
range.
Trade interests were the best buyers,
concentrating their demand in old crop positions.
The early
decline of May to 12.49 cents was watched
closely, but when
the market broke below Tuesday's
123^ cent resistance point,
the failure of any severe pressure to
develop gave courage to
many traders and their buying caused considerable short
covering in other quarters.
The undertone ruled steady at
around the previous closing levels.
At no time during the
session was there any aggressiveness on the
buying or selling
side, a feeling of apathy apparently prevailing among traders
generally.
The market received small encouragement from
sales of loan cotton.
According to Southern advices limited
demand has developed for this cotton
owing to technical
difficulties in obtaining its release and the
higher basis asked,
compared with free stocks.
Southern spot markets, as
officially reported, were 4 to 6 points higher.
Middling
quotations ranged from 12.62 cents up to 13.40 cents, com¬
pared with 12.80c the close for March in New York.
On the 4th inst. prices closed unchanged to 5
points down.
There was nothing remarkable about the session
today out¬
side of the fact that the market felt its first influence of
several
as
hundred
Jan. 30 to Feb. 5—
Sat.
New York
heaviness.
ers
on
selling.
a
;
not
Houses with trade connections
scale down,
Tliis," in
were
good buy¬
absorbing both liquidation and hedge
combination
with
some
short
covering
Mon.
Tues.
Wed.
Thurs.
13.29
13.25
13.30
13.25
Fri,
13.20
Quotations for 32 Years
quotations for middling upland at New York
Feb. 5 for each of the past 32
years have been as follows:
1937 —.-13.20c.
1936
11.45c.
1935
12.55c.
1934
11.95c.
1933
5.95c.
1929
19.85c.
17.50c.
1928
14.10c.
1913
1912
12.95c.
9.90c.
1911
1910
1909
_14.65c.
1917
27.20c.
31.90c.
15.80c.
1916
11.90c.
8.65c.
1908
1907
12.65c.
1906
1919
20.80c.
1918
24.35c.
34.50c.
28.00c.
1915
17.00c.
1914
1931
10.80c.
1925
1924
1923
1930
16.15c.
1922-
on
32.80c.
14.15c.
6.65c.
——
1921
1920
1927
1926
1932
Market and Sales
at New
15.10c.
9.85c.
11.70c.
11.00c.
11.25c.
York
The total sales of cotton
on the
spot each day during the
indicated in the following statement.
For the convenience of the
reader, we also add columns
which show at a glance how the market for
spot and futures
closed on same days.
week at New York
are
Futures
SALES
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
__
Market
Closed
Closed
Steady, 5 pts. adv..
Quiet, 4pts. dec
Steady, 4 pts. dec..
Steady, 5 pts. adv..
Steady, 5 pts. dec
Steady, 5 pts. dec—
Very steady
Barely steady..
Steady
Steady
Steady
Barely steady.
Spot
Contract
lowest
"266
300
.300
500
and
New York for the past week have been
200
'256
_
highest,
200
"200
1,200
60,513
Futures—The
Total
200
Total week.
Since Aug. 1
500
200
73,100
closing
as
1331613
prices
at
follows:
Saturday
Monday
Tuesday
Jan. 30
Wednesday
Thursday
Friday
Feb. 1
Feb. 2
Feb. 3
Feb. 4
Feb. 5
Feb. (1937)
Range..
Closing. 12.72n
12.6871
*
12.6471
12.6977
March—
12.6477
12.5977
Range— 12.80-12.85 12.78-12.88 12.69-12.78
12.67-12.80 12.72-12.83 12.70-12.77
Closing
12.83-12.84 12.79
12.75-12.77 12.80
12.75-12.76 12.70
April—
.
Range—
Closing
May—
12.75n
.
12.7071
12.6677
12.7177
12.7677
12.6377
Range.. 12.62-12.68 12.60-12.71 12.51-12.59
12.49-12.63 12.54-12.66 12.54-12.60
Closing. 12.67-12.68 12.61-12.62 12.57 —
12.62
12.59-12.60 12.55-12.56
June—
Range—
Closing
12.59n
12.5271
12.4877
12.5377
12.5177
12.4677
July—
Range.. 12.46-12.50 12.43-12.54 12.34-12.41
12.30-12.45 12.37-12.50 12.35-12.44
Closing
12.49-12.50 12.43 —
12.39-12.41 12.43-12.44 12.43 —
12.36
Aug.—
Range—
Closing
12.31rt
.
12.2571
12.2177
12.2477
12.2477
12.1877
12.0771.
12.0377
12.0577
12.0577
12.0077
Sept.—
Range..
Closing. 12.13n
Oct.—
Range.. 11.93-11.95 11.86-11.98 11.80-11.87
11.75-11.88 11.82-11.91 11.81-11.87
11.94 —
Closing
11.89 —
11.84 —
11.87
11.85 —
11.82
Nov.—
Range..
Closing. 11.91n
11.8771
11.8177
11.8577
Dec.—
11.8377
11.7977
Range— 11.87-11.91 11.82-11.94 11.75-11.81
11.68-11.83 11.79-11.86 11.74-11.80
Closing
11.87
11.85 —
11.77 —
11.83 —
11.80 —
11.75
Jan. (1938)
.
Range.. 11.88-11.91 11.85-11.90 11.75-11.80 11.70-11.72
11.84-11.85 11.73-11.77
^"Closing. 11.8671
11.8277
11.7677
11.8277
11.7977
11.73
Nominal.
n
Range for future prices at New York for week ending
5, 1935, and since trading began on each option:
Feb.
Option for—
Jan.
Feb.
Range for Week
1937..
1937—
3 12.88 Feb.
May 1937- 12.49 Feb.
3 12.71
Feb.
June 1937—
July
3 12.54 Feb.
Sept. 1937-
Jan.
Jan.
1937— 11.75 Feb.
1937— 11.68 Feb.
1938.. 11.70 Feb.
3 11.98
Feb.
9 1936 12.78 July
9.94 Feb. 25 1936 12.76
1 11.52 Nov. 12 1936 12.88
10.20 Mar. 27 1936 12.78
1 11.51 Nov. 12 1936 12.71
10.48 June
1937- 12.30 Feb.
Aug. 1937Oct.
Range Since Beginning of Option
9.76
Mar. 1937- 12.67 Feb.
Apr. 1937—
Dec.
Hedge selling against
large, probably not exceeding 10,000
bales in the different positions. The
appearance of this sell¬
ing, however, had its psychological effect and influenced
considerable liquidation through Wall Street commission
houses, and for a time the market displayed considerable
was
ex¬
The
Nov. 1937..
loan-cotton
are
.*•'
13.33
Middling upland
almost
with yesterday's finals.
thousand bales of cotton
middling upland cotton in the
New York market each day for the
past week has been:
hedge pressure against sales of loan-cotton.
As a result,
prices fell off 7 to 13 points from the highs of the early
morning.
Trade buying on the scale down, and late cover¬
ing brought a partial rally, and at the close prices were
even
on
factor, inas¬
pected to be moved from these ports.
The official quotation for
uncertainty concerning the new crop
development, the eventual effects of the floods and the re¬
of
planters to Secretary Wallace's recent state¬
ments concerning future
crops.
There was considerable
far
the
commission
1 11.41
10 1936
July
10 1936
Feb.
1 1937
1 1937
1 1936 12.78 July
10 1936
Nov. 12 1936 12.55 Jan.
28 1937
11.50 Aug. 29 1936 12.55
11.52 Nov.
4 1936 11.92
1 11.05 Nov. 12 1936 12.10
11.93 Jan. 19 1937 11.93
3 11.94 Feb.
1 11.56
3 11.91 Jan. 30 11.70
10 1936
July
Feb.
Dec.
Feb.
July
Jan.
27 1936
Jan.
28 1937
22 1937
19 1937
17 1936 12.13 Dec. 28 1936
3 1937 11.98 Jan. 28 1937
Jan.
The Visible
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
this week's returns, and
consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the
complete figures for tonight (Friday) we
cable and
as
afloat
are
add the item of exports from the United
States, for
only.
*
Friday
Volume
965
Financial Chronicle
144
642,000
110,000
1935
823,000
79,000
906 000
902,000 1,017,000
295,000
567,000
305,000
169,000
22,000
26,000
90,000
83,000
114,000
38,000
7,000
17,000
9,000
8,000
636,000 1,114,000
1937
bales.
Stock at Manchester
1936
Stock at Venice and Mestre
006
15'000
Stock at Trieste
13 000
752,000
263,000
213,000
17,000
74,000
♦76,000
♦11,000
5,000
553,000
659,000
198'000
Week
Stock at Havre..
286,000
Stock at Rotterdam
22 000
Stock at Barcelona
Stock at Genoa
19
Total Continental stocks
Via Rock Island
Via Louisville
-
-
2.120
128,467
50,620
8,607
113,260
429,070
6,932
386
5,100
13,000
121,646
404,520
4,018
24,247
—-27,076
Via Virginia points
Via other routes, &c
867,253
37,317
730,427
24,059
7,858
696
16,052
5,861
160,088
-----
Total gross overland
Deduct
Aug. 1
Week
220,296
110,667
3,476
6,648
7,801
1,175
Via Mounds, &c
Since
Since
Aug. 1
Feb. 5—
Shipped—
Via St. Louis
Total Great Britain
Stock at Bremen
1935—36
1936-37
1934
918,000
99,000
799,000
107,000
Feb. 5—
Stock at Liverpool
Shipments—
Overland to N. Y., Boston,
Between interior towns
&c— 1,995
309
283
Inland, &c., from South
1,411,000 1,538,000 2,131,000
168,000
125.000
181,000
162,000
386.000
236,000
261,000
292,000
122,000
123,000
113,000
164,000
Egypt, Brazil,&c,,afrt for Europe
422,000
Stock in Alexandria, Egypt
300,000
322,000
389.000
932,000
Stock in Bombay, India
655,000
539,000
937,000
Stock in U. S. ports
2 ,226,889 2,463,953 2,693,013 3,577,606
Stock in U. S. interior towns
2 ,001,896 2,196,265 1,740,457 1,964,746
19,828
U. S. exports today
17,505
32,540
20,738
Total European stocks
13,736
286,118
9,047
Total to be deducted
16,040
318,035
10,026
182,001
Leaving total net overland*
11,036
549,218
27,291
548,426
1 ,459,000
India cotton afloat for Europe
American cotton afloat for Europe
Including movement by rail to Canada.
*
...
Total visible supply
Liverpool stock
Manchester stock
—bales.
and other descriptions are as follows:
329,000
66,000
154,000
253,000
stock
Bremen
9.723,180
7,664,325 7,507,956 7,427,975
Of the above, totals of American
Havre stock
Other Continental stock
U. S. Interior stock
29,000
292,000
2,226.889
2,001,896
U.S. exports today
year
week last
the
aggregate net
268,000
20,738
17,505
60,000
49,000
246,000
143,000
64,000
94,000 1 ,022,000
386,000
261,000
236,000
2,463,953 2,693,013 3 ,577,606
2,196,265 1,740,457 1 ,964,746
792 bales.
19,828
5,384,325 5,820,956 5,486,975
Total American.
436,000
39,000
stock
Bremen
Havre stock
Other Continental stock
Indian afloat for Europe.......
45,000
55,000
14,000
119,000
181,000
113,000
322,000
539,000
164,000
389,000
937,000
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
India
Stock in Bombay,
82,000
168,000
122,000
422,000
932,000
2,280,000 1,687,000 1,941,000
5,384,325 5,820.956 5,846,975
2,201,000
7.522,180
7,664.325 7,507,956 7.427,975
7i0d.
6.07d.
5.07d.
Middling uplands, Liverpool....
13.20c.
11.65c.
12.65c.
Middling uplands, New York
ll.Old.
9.76d.
9.20d.
Egypt, good Sakel, Liverpool
5.92d.
5.30d.
6.02d.
Broach, fine, Liverpool
9.05d
Peruvian Tanguis, g'd fair.L'pool
5.94d.
O.P.Oomra No.l staple,s'fine.Liv
Total visible supply
Receipts at ports to Feb. 5
54,826
Net overland to Feb. 5
11,036
Southern consumption to Feb. 5—130,000
5,317,312
549,218
3,475,000
-—-195,862
*44,517
9,341,530
817,841
over
North,
*
increase
movement—that
the
-
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day
Southern and other
of the week:
Closing Quotations for Middling Cotton on—
Week Ended
Feb. 5
Saturday Monday
Galveston
Norfolk
Memphis
Houston
set out in
Little Rock
Dallas
Fort Worth
Movement to Feb. 6,
Movement to Feb.
1937
8,656
45,453
2,272
Montgomery.
397
Selma
Ark., Blythvllle
323
Forest City..
38
Helena
74
Hope
37
Joneeboro
Little Rock..
"986
Newport
Pine Bluff-
58
1,741
Walnut Ridge
Albany..
"""4
Athens......
425
Ga.,
12,253
2,231
Atlanta
Augusta
300
Columbus
133
Macon
120
Rome
La., Shreveport
66
Miss.Clarksdale
1,577
68
Columbus
1,863
Greenwood..
361
Jackson
Natchez
4
....
181
Vlcksburg
23
Yazoo City..
'
Mo., St. Louis.
8,020
N. C. Gr'nsboro
63,853
166,941
31,672
58,453
53,802
18,833
173,878
27,409
125,105
43,320
13,259
28,815
261,670
165,244
12,925
37,021
20,798
99,289
152,393
37,754
252,116
58,811
15,698
38,474
52,234
220,338
106
Oklahoma—
16
towns *
S.
C.,Greenville
Tenn.,Memphis
Texas, Abilene.
Austln...
Brennam....
Dallas..
Paris
Robstown
San Antonio
.
Texarkana
Waco
Total, 56 towns
Season
Stocks
Eeb.
Week
7
57,846
14,969
78,856
79
27
38,104
11.721
789
1,833
62,776
74,865
11,386
15,160
14,216
10,318
95,507
13,694
30
84.160
883
470
107,628
26,678
36,114
2,497
65,094
92,386
354
20,253
1,615
16,874
7,817
381
5,307
611
71
23
29
195
30,555
66
53,953
14,856
18,598
30,372
880
28
9,682
153,912
30.212
105,588
34,062
24,110
65,685
9,957 228,745
3.888
251,991
3,693,117,409
968
36,500
500
274
7,746
407
7,509
<'
600
213
260
600
1,446
250
1,715
5,694
354
13,677
1,400
234
1,451
4,596
7,801
229
decreased
the
same
1,190
254
83
10
12.75
12.80
12.75
12.78
12.65
12.83
12.70
12.80
12.65
12.70
12.76
12.60
12.57
12.57
12.63
12.59
12.59
12.55
12.55
38,097
31,907
18,057
23,499
32,969
39,022
19,380
2,304
8,025
7,785
1,920
3,914
27
....
757
148
934
253
159,548
30.239
49,971
14,691
71,206
110,401
39,792
164,844
53,243
8,724
540 66,722
7,636 186,898
2,674 141,221
Market—The closing quotations
Friday
Feb. 4
Feb. 5
12.64-12.65
12.70-12.71 127461275a 12.70
12.55
12.60
12.56
12.41
12.37-12.38 12.55
118061181a 11.85
118161182a 11.79
12.52
August...
11.92
11.84
December. 11.98
11.88
October
._
November
Jan.
118461186a 11.82
117961181a 118061183a 118561188a 118561186a 118361184a
(1938)
118461186a 11.89
Tone—
W.
stdy.
'
Quiet.
Steady.
Steady.
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady.
Barely stdy
Quiet.
Very
Ray Bell Reelected President of Association of
Textile Merchants of New York—At a meeting
Cotton
26,655
3,502
47,658
of the directors of
906
24,563
11
chants of New
29,609
242
885
20,369
6,932
295
142
3.727
week last year.
the Week and Since Aug.
1
overland movement
from telegraphic
The results for the week and since
follows:
Thursday
Feb. 3
12.58
220
totals of 15 towns in Oklahoma.
reports Friday night.
Aug. 1 in the last two years are as
Wednesday
Feb. 2
September
Options..
37,568
128,529
4,500
We give below a statement showing the
for the week and since Aug. 1, as made up
market for
Tuesday
1
the Association of Cotton Textile MerT
York, held Feb. 2, W. Ray Bell was reelected
President and John C. Hughes Jr. of McCampbell & Co.r
Inc.,
Treasurer for the
ensuing
year.
George M. Miller
made the new Vice-President of
the Association.
To serve with these officers as an Executive Committee were named:
Elroy Curtis of Southeastern
Cottons, Inc.; George P. Ray of Riverside & Dan River
Cotton Mills, and Frank L. Walton of Catlin Parish Co., Inc.
of Turner Halsey
Co.
was
Weather Reports by
Telegraph—Reports to us by tele¬
graph this evening denote that the soil is still too wet in
many
sections especially in the East. In the extreme
south of Texas planting is being hampered by cold weather.
Less rain has fallen in the cotton belt lately and tempera¬
tures have been moderate, but there are few reports coming
of any great amount of plowing of cotton lands.
Rain
totals
Overland Movement for
12.62
12.74
Spot
5
159
13.60
12.47-12.48 12.40-12.41 12.35
July
25,350
126
6,932
13.35
June..
43,670
26,229
26,502
3,484
10,012
2
13.61
13.30
13.30
13.00
13.55
13.35
12.64
300
31,027
13.35
13.00
13.24
12.90
12.95
12.80
May
687
1,486
1,907
13.32
April
•
during
13.05
Feb.(1937)
March
19,373
1,143
4,875 102,778
986 18,758
2,311 62,564
503 17,799
46 17.722
95,57l|5,126,429140,0882001896 62,262 4,342,708125,7332196265
above
13.05
13.65
12.61
12.61
Feb.
Jan. 30
683
show that the interior stocks have
the week 44,517 bales and are tonight
194,369 bales less than at the same period last year.
The
receipts of all tljd towns have been 23,309 bales more than
The
13.30
Monday
Saturday
210
362,393 17,709 164,111
5,795
2,527 93,509
172,017
1,003
4,598 16,100
111,285
6,472
5,000 82,149
147,695
4,000
54,089 672,834
52,717 2,118,262 40,210 645,292 40,696 1,574,738
758
2,572
517
52.213
198
4,169
132
38,218
393
2,868
168
18,055
17
1,009
75
15,964
79
4,359
58
11,497
21
2,153
5
5,989
802 12,268
254
46,690
416 10,267
840
77,718
885 12,947
178
33.240
264
6,024
5
68,769
2
1,646
4
10.522
410
16
1
13,698
610
182
10
4,862
41
466
13
8,623
711 12,471
84
24,028
405
8,391
8
34,558
580 10,925
178
78,372
492
2,954
140
77,349
♦. Includes the combined
13.34
13.00
13.37
13.40
12.95
week have been as follows:
69,603
1,384
9,313
13.30
leading contracts in the New Orleans cotton
for
the past
47,656
10,073
3,269
12.74
7, 1936
~180 62,140
66,538
31
Eulaula
Week
5
Week
Season
2,940
Ala., Birmlng'm
Eeb.
Receipts
Ship¬
ments
Stocks
ments
Week
12.76
New Orleans Contract
Ship¬
Receipts
12.70
12.71
12.80
13.40
13.03
13.42
13.45
13.12
13.68
12.85
12.89
12.85
12.67
12.67
Montgomery-.
Augusta
Friday
Wed'day Thursday
Tuesday
12.76
13.34
12.99
13.36
13.40
13.05
13.64
12.80
12.83
12.82
New Orleans..
detail below:
Towns
Since Aug. 1— .Bales
Bales
7,155,077
136,538 1934.
10.053,872
120,149 1933
10,767,064
194.061 1932
-
Below
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is
sight in previous years:
Movement into
Week—
the
is,
728,389
19,201
1,184,702
Decrease.
Mobile
Towns
Interior
10,744,653
11,215,514
spihn's's takings to Feb. 5. 36,840
Savannah
the
144,392
151,345
during week..
1935—Feb. 8
1934—Feb. 9
1933—Feb .10
2,058,855 bales from 1933.
At
613,955
1,056,143
Total iri sight Feb. 5-
been 131,000 bales.
decrease over last
147,190 bales, a gain of 156,369 over 1935, an
of 236,350 bales over 1934, and a decrease of
of
9,058,771
1.071,927
Southern
Came into/Sight
Continental imports for past week have
The above figures for 1936 show a
week
mill takings
consumption to Jan. 1—of
'
5,805.345
548,426
2,705,000
197,863
♦53,471
Total marketed
Interior stocks in excess
6.&0d.
12.55c.
9.97d.
5.13d.
Aug. 1
Week
70,572
27,291
100,000
9.723,180
Total East India, &c
Total American
Since
Since
Aug. 1
Week
Takings
7,522,180
555.000
30,000
49,000
26,000
78,000
125,000
123,000
300,000
655,000
299,000
470,000
41,000
45,000
33,000
39,000
162,000
1935-36-
1936-37
Spinners'
In Sight and
Excess
East Indian, Brazil, tfee.—
Liverpool stock
Manchester stock
year, and that for the season to date the
overland exhibits a gain over a year ago of
482,000
343,000
65,000
208,000
199,000
32,540
American afloat for Europe
U.S. port stock.
foregoing shows the week's net overland movement
has been 11,036 bales, against 27,291 bales for
The
this
■Thermometer
Rainfall
Mean
Days
Texas—Galveston
Amarillo
Abilene
Brownsville
Corpus Christi.
Del Rio
Dallas
El Paso
Houston
Palestine
Port Arthur
San Antonio
Inches
High
Low
3
0.38
69
41
55
12
44
0.30
56
68
30
78
40
74
40
49
59
57
78
38
0.11
68
26
0.12
0.39
0.57
0.84
66
68
30
36
30
66
42
4954
0.19
74
34
54
dry
T
—
1
5
2
^
2
2
4
4
4
5
0.15
0.11
r
dry
72
58
47
48
54
.
966
Financial
Rain
Rainfall
Days
Thermometer
Oklahoma—Oklahoma City
Inches
High
2
0.14
52
14
Arkansas—Fort Smith
r
Little Rock
33
2
0.04
58
24
41
Louisiana—New
3
0.20
54
72
42
39
57
3
65
62
33
49
2
0.36
0.14
34
48
1
0.06
60
34
47
2
78
39
56
62
28
57
42
34
48
56
71
_.
,
dry
Orleans
Shreveport
Mississippi—Meridian
I- i
Vickisburg
Alabama—Mobile
Birmingham
1
1.78
0.24
Montgomery
2
0.64
Florida—Jacksonville
1
0.01
Low
Mean
24
2
0.40
70
82
42
Miami
Pensacola.
2
0.62
76
38
Tampa
Georgia—Savannah
2
0.60
0.15
0.69
0.76
82
48
4
72
60
40
62
36
57
65
56
45
49
60
32
Chronicle
Feb. 6,
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
39,000 bales.
Exports from all India ports record a gain of
2,000 bales during the week, and since Aug. 1 show an
increase
increase of 249,000 bales.
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
46
Atlanta
3
Augusta
3
Macon
South Carolina—Charleston..
3
3
0.57
0.39
North Carolina—Asheville
60
30
69
37
1
0.40
54
22
Charlotte
53
38
2
58
26
42
Raleigh.
Wilmington
54
24
66
30
59
24
48
39
60
28
44
56
22
39
1936-37
1935-36
2
250,000
7,692,006
6,799,170
Tennessee—Memphis
2
1
Chattanooga
Nashville
0.40
dry
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:
Feb. 5,1937
Feb. 7. 1936
Feet
16.3
47.8
34.2
20.5
48.3
Feet
_
New Orleans
Above
zero
of gauge.
Memphis
Above
zero
Nashville—
Above
zero
of gauge.
Above
—Above
zero
of gauge.
of gauge.
Shreveport
Vicksburg
Receipts from the
zero
of gauge.
Receipts (cantars)—
This week
Since Aug.
1
This
Exports (bales)-
Week
To Liverpool
To Manchester, &c
To Continent & India
8.7
17.7
5.4
14.9
following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption; they are
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the
outports.
Receipts at Ports
1936
1935
Stocks at Interior Toums
1934
1936
1935
1936
1935
I
This
1
Since
Week
Aug.
This
Week
1
Since
Aug,
To America
55,000 691,228 31,000 691,327 41,000 623,938
9,000 146,697
6,000
98,237
13,000 422,069
3,000
24,324
86,535
6,000 84,431
32.000 429,833
3,000 23,139
Manchester Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm. Demand for both home trade and
foreign
markets is good.
We give prices today below and leave those
for previous weeks of this and last year for
comparison:
1936
32s Cap
Twist
1934
d.
Lbs.
1935
Shirt¬
ings, Common
Middl'g
Upl'ds
to Finest
s.
d.
s.
Cotton
32s Cap
Twist
d.
d.
SH Lbs. Shirt¬ Cotton
ings, Common Middl'g
d.
to Finest
3.
.
d.
s.
Upl'ds
d.
d.
Nov.—
Nov.
6..
'259,641 363,686 148,501 2,301,784 2,287,554 1,922,254295,054398,140 188,532
13.. 264,096 330,485 134,427 2,342,886
2,316,783 1,963,293 305,198 359,714175,466
20.. 251,440 271,993
27-. 217,563 222,432
Dec.
4..
133,5252,373,757 2,321,538 1,983,174282,311276,748153,406
119,7552,397,188 2,350,425 1,973,968,240,994251.319110,549
'211,898 258,950
104,0142,366,617 2,358,279
109,9452,327,953 2,369,180
105,0292,290,467 2,371,801
24.. 119,319 158,812 84,5502,253,715
1.911,138
31- 117,505 99,705
62,3712,250,247 2,361,505
il¬ 133,018 177,455
ls.. 143,595 188,143
Jan.
1937
8—
15-.
2229—
1936
96,101
61,240
1935
98,804
1937
90,602
83,604
106,109190,764
1,915,166
2,188.745
85,980
80,522
34,262
82,567169,268
1,883,029112,749 78,953
1936
1935
I
1937
1935
55,4622,180,501 2,337,209 1,851,022
65,9082,142,612 2,311,287 1,825,437
52,473 2,090,671 2,285,388 1,801,024
44,8842,046,413 2,249,736 1,767,312
26,355 74,508 23,455
23,351 66,834 40,323
30,702 77,2041 28,060
17,573 50,871 11,172
54,826
54,6142,001,8962,196,2651,740,457
10,309
I
5-
70,572
seasons
from all
sources
obtainable; also the takings
sight for the like period:
Cotton Takings,
Week and Season
from which statistics
amounts
or
Visible supply Jan. 29
Visible supply since Aug. 1
American in sight to Feb. 5
Bombay receipts to Feb. 4
Other India ship'ts to Feb. 4—
Alexandria receipts to Feb. 3Other supply to Feb. 3 * b
Total supply
Deduct—
Week
7,811,515
Season
7,590.027
151,345 11,215,514
144,392 10,744,653
83,000
1,086,000
31,000
399,000
31,000
1,350,600
14,000
267,000
1,502.000
421,000
1,542,200
314,000
7.664,325
7,893,419 18,142,512
7,507,956
529,535 12,229,647
291,535 8,922,447
238,000 3,307,200
Of which other
of
4,295",259
7,664,325
Total takings to Feb. 5 a
Of which American
out
4,899",258
8,193.860 19,893,972
Visible supply Feb. 5
gone
1935-36
Season
122,000
43,000
50,000
16,000
@10 7
@12^ 10 6
@12M 10 2
@12H 10 6
@110
@10 4
0.71
0.70
10^@12
10
1
@10 2
6.77
@11 0
6.72
10H@12
10 3
@10 5
6.59
11
6.92
7,507,956
385,463 10,634,556
241,463
6,610,956
144,000 2,923,600
*
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 3,475,000 bales in 1936-37 and
2,705,000 bales in 1935-36—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 8,754,647 bales in 1936-37 and
7,929,556 bales in
1935-36, of which 5,447,447 bales and 5,005,956 bales American.
b Estimated.
India Cotton Movement from All
Ports—The receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
of Indian cotton at
10
@11H 10 0
10H@11K 10 0
@10 2
@10 2
0.47
0.77
Deo.—
11H@12H
11H@12K
11X@12H
UX©12H
11
18
24
31
10 0
@11 0
6.81
10H@12
10 3
@10 6
0.07
10 6
@10 3
0.93
0.50
@10 6
0.88
@10 2
6.38
10 4
@10 6
@10 6
7.10
10H@11H 10 2
io>i@im 10 0
iox@nx 10 0
9 0
10K@11H
@10 4
10 4
@10 2
@10 0
6 44
10
11^@12H 10 4
7.01
19 37
6.41
19 30
8
11^ @12^
9 4
@
9 0
7.11
15
11J*@12J*
9 4
@96
7.20
22
12
@12 Jii
9
6
@10 0
7.16
29
12tf@13 H
9
6
@10 0
7.34
9K@11 y<
12X@13X
9
6
@10 0
7.30
9H@11 H
@11H
9K@11H
10
@11^
9
5
@97
9 4
@96
6.13
9 4
@96
0.17
9 4
@96
6.14
9 2
@94
6.07
0.07
Feb.—
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 122,063 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
GALVESTON—To
Bales
Copenhagen—Feb. 2—Delaware, 750
—Udderholm, 911
To Gdynia—Feb. 2—Delaware,
1936-37
Week
10 5
11
27,759
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
are
20
@12
11
13
27
5—
17,101
World's Supply and Takings of Cotton—The follow¬
for the last two
11
Jan.
1936
92,756
82,643 103,103
61,831 86,523
Feb.
6
4
1,960,556181.327266.804
1,934,215' 94^354188,356
_
Feb. 1
1,661
688
Feb.
1—Udderholm,
2,529
3,217
To Porto Colombia—Jan.
30—Margaret Lykes, 175
To Dunkirk—T'eb. 3—Floride, 139
To Ghent—Jan. 29—Waban, 915
To Antwerp—Jan. 29—Waban, 281
175
139
Feb. 3—Floride, 709---,
Feb. 3—Floride,
1,624
328i?
609
Feb. 3—Floride, 862
1,209
To Genoa—Feb. 1—City of
Omaha, 1,005
Jan. 30—Monteilo, 1,424
To Trieste—Feb. 1—City of
Omaha, 142
Jan. 28—Alberta,
1,096
6,244
1,209
To Havre—Jan. 29—Waban, 5,382
To Rotterdam—Jan. 29—Waban,
To Oslo—Feb.
1—Udderholm, 200
To Bremen—Feb.
3—Kellerwald, 3,261
To Leixoes—Feb. 1—City of
Omaha, 160
To Lisbon—Feb. 1—City of
2,429
1,238
200
-
3,261
....
...
Omaha,
149
1,471
1—Udderholm, 1,727
To Naples—Jan. 28—Alberta, 244
To Venice—Jan.
28—Alberta, 1,342
Feb. 1—City of Omaha,
To Oporto—Feb. 1—City of
Omaha,
To Gothenburg—Feb.
......
65
160
149
1,471
1,727
244
1,407
To
Japan—Jan.
28—Tauyama
Maru,
6,844
Feb.
3—
Skaguak, 9,094; Tacoma City, 6,052
21,990
HOUSTON—To Liverpool—Feb. 3—West Ekonk, 1,123
1,123
To Manchester—Feb. 3—West
Ekonk, 2,138
2,138
To Japan—Feb. 3—Patrick
Henry, 2,671
Feb. 1—Tacoma
City, 4,751
7,422
To China—Feb. 3—Patrick
Henry, 272
272
To Copenhagen—Jan.
30—Udderholm, 939; Delaware, 575
l,5i4
To Naples—Jan.
30—Alberta, 56—Jan. 29—Montello, 300
356
To Venice—Jan. 30—Alberta,
1,985; City of Omaha, 1,485
3,470
To/Trieste—Jan. 30—Alberta, 1,452; City of Omaha, 8
1,460
TojGenoa—Jan. 30—City of Omaha, 257
Jan. 29—Mon¬
tello, 2,305—..
2,562
To Oslo—Jan. 30—Udderholm, 224
224
To Gdynia—Jan. 30—Udderholm,
1,377; Delaware, 487
1,864
To Oporto—Jan. 30—City of
Omaha, 270
270
To Leixoes—Jan. 30—City of
Omaha, 315
;
315
To Lisbon—Jan. 30—City of Omaha, 401
401
...
1936-37
1935-36
1934-35
Receipts—
Feb. 4
Since
Week
Since
Week
Aug. 1
Since
Week
Aug. 1
Aug. 1
To Gothenburg—Jan.
30—Udderholm, 812
29—Kellerwald, 1,620
1,379
401; Floride, 526
To Antwerp—Feb. 2—Floride, 22
To Havre—Feb. 2—Effingham, 792;
Floride, 998
To Dunkirk—Feb. 2—Effingham,
538; Floride, 261..
To Rotterdam—Feb.
2—Effingham, 197
To Buena Ventura—Jan. 19—Velma
Lykes, 15
CORPUS CHRISTI—To Antwerp—Jan.
26—Floride, 50—
SAVANNAH—To Liverpool—Feb. 1—Tulsa, 179_
To Manchester—Feb. 1—Tulsa, 661
To Hamburg—Feb.
1—Tulsa,
50
To Gdynia—Jan. 29—Tungsha, 750
CHARLESTON—To Liverpool—Feb. 4—Tulsa, 1,956
To Hamburg—Feb. 4—Tulsa, 783-To Manchester—Feb. 4—Tulsa, 1,140
LAKE CHARLES—To Ghent—Jan.
29—Floride, 200
To Havre—Jan. 29—Floride, 100
To Dunkirk—Jan. 29—Floride, 200
To Genoa—Jan. 30—Monrosa,
81
To Liverpool—Jan. 30—West
Ekonk, 18
To Manchester—Jan. 30—West
Ekonk, 14
...
To Bremen—Jan.
Bombay
122,000 1,502,000
83,000 1,086,000
For the Week
91,000 1,028,000
Since August 1
Exports
From—
Bombay—
1936-37—
1935-36
Great
Conti¬
Jap'n&
Britain
nent
China
7,00o'
3,000
28,000
11,000
8,000
38,OOO'
—
1934-35—
32,000
Great
Total
Conti¬
Britain
nent
Japan
&
China
Total
67,000
77,000
30,000
163,000
718,000
33,000
684,000
24,000
162,000
158,000
489,000
54,000
612,000
794,000
5,000
43,000
161,000
31,000
39,000
143,000
66,000
43,000
911,000
Other India1936-37
—
1935-36-.
13,000
18.000
1934-35
19,000
20,000
45,OOo'
33,000
13,000
22,000
29,000
28,000
—
Total all—
1936-37
1935-36
—
..
1934-35—
32,000 110,000
66,000 108,000
43,000 93.0001
84,000
260,000
256,000
269,000
353,000
19l.OOo'
423,000
718,000 1,332,000
418,000
427,000
489,000 1,083,000
612,000 1,147,000
176.000
108.0001
1
Total exports---,.
Receipts from Plantations
1934
Since
Aug.
140,000
5,466,972
6,000 130,673
10,000 125,167
34,000 408,875
5,000 26,513
8%
Week
155,000
Note—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week
ending Feb. 3 were
250,000 cantars and the foreign shipments 55,000 bales.
5.6
Plantations—The
Ended
1934-35
Feb. 3
39
2
0.67
0.52
1.12
9.32
Alexandria, Egypt,
421,000
399,000
To Hamburg—Jan. 29—Kellerwald,
To Ghent—Feb. 2—Effingham,
812
1,620
1,379
927
22
„
1,790
799
197
15
50
179
661
50
-
750
1,956
783
1.
1.140
200
100
200
I"
I
81
18
14
Volume
144
Financial
Bales
NEW
ORLEANS—To Liverpool—Jan.
Feb. 1—Dratnahis, 5,322
To Japan—Feb.
2—Fernglen,
To Bremen—Jan.
3,972--
30—Sapinero,
4,000
100—-Jan.
30—Sapinero,
1,452—Feb. 2—Karpsfanger, 2,067
Hamburg—Feb. 2—Karpsfanger, 396
To Gdynia—Feb. 1—P. N.
Damm, 457
J
29—Cranford,
3,619
396
Jan. 29—Cranford,
^
To
^
949
Genoa—Feb.~3—Monrosa,"949—1111II HZ HZ IIIIIIIIIII
To Ghent—Feb.
1—Leerdam, 100
To Rotterdam—Feb.
100
1—Leerdam, 1,647
1,647
To Tallin—Feb.
1—Leerdam, 100
To Manchester—Feb.
100
1—Dramahis, 7,197
To
7,197
Antwerp—Jan. 28—Wisconsin. 209
To Havre—Jan.
28—Wisconsin, 2,207
To Dunkirk—Jan.
209
2,207
28—Wisconsin, 1,474
NORFOLK—To
1,474
-
-
Hamburg—Feb. 3—Luebeck, 366—-Feb.
City of Havre, 29
To Havre—Feb.
3—City of Havre,
BEAUMONT—To Bremen—Jan.
24—Kellerwald, 565
.,_T° Manchester—Jan. 26—West Ekonk, 38
MOBILE—To Bremen—Jan.
18—Bochum, 1,074
To Naples—Jan.
20—Alberta, 200
To Venice—Jan.
20—Alberta, 642
To Trieste—Jan.
20—Alberta, 650JACKSONVILLE—To Liverpool—Jan. 30—Tulsa, 12
Total
5—
395
150
565
38
1,074
200
642
650
12
———.122,063
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
_
Jan. 15
75,000
823,000
307,000
83,000
50,000
211,000
117.000
..
Forwarded
Total stocks
Of which American
Total imports
Of which American....
Amount afloat..
Of which American
Jan. 22
Feb. 5
29
Jan.
59,000
822,000
315,000
52,000
34,000
200.000
95,000
70,000
799,000
329,000
270,000
21,000
237,000
93,000
52,000
852,000
339.000
111,000
48,000
168,000
90,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been
Spot
Saturday
as
follows:
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
A fair
Market,
12:15
business
Moderate
Moderate
Moderate
Good
P. M.
doing.
demand.
demand.
demand.
Inquiry.
Mld.Upl'ds
Futures.
Market
7.39d.
Steady,
•
opened
changed
2
Market,
4
to 2
dec.
pts.
7.41d.
7.33d.
Steady,
un¬
7.27d.
Steady,
7.30d.
7.35d.
Steady,
Steady,
Steady,
5 pts. 2 to 5 pts. 1 to 3 pts. 3 to 5 pts. 3 to 4 pts.
advance.
decline.
advance.
advance.
decline.
10
Steady,
3
P. M.
Steady, un¬
Quiet but Barely stdy Quiet but
Quiet,
pts. changed to 6 to 7 pts. stdy., 1 to 3 to 5 pts. steady, 2 to
2 pts. dec.
advance.
2 pts. dec.
decline.
4 pts. dec.
advance.
to
4
Prices of futures at
Jan. 30
Sat.
Liverpool for each day
Mon.
Tues.
are
Wed.
given below:
Thurs.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
March (1937).—
7.14
7.15
7.12
7.08
7.05
7.02
7.03
7.10
7.08
7.05
7.04
May
7.11
7.14
7.10
7.07
7.04
7.01
7.02
7.08
7.06
7.03
7.03
July
4,000,000 bushels in wheat afloat.
On the 2d inst. prices
24c. to 134c. up.
Buying by previous speculative
sellers was an outstanding feature, especially in the late
afternoon trading.
Reports of dust storms in parts of
Kansas were received, and with reports also of thick ice
covering fields of domestic new winter wheat elsewhere, appre¬
hension concerning crop damage was quite general.
Other
closed
bullish items
were statements that for this time of year the
U. S, wheat visible supply total is now the smallest since
1923. It was also pointed out that wheat primary domestic
receipts today were only 147,000 bushels, which was the light¬
est yet this season.
As a further help to the Chicago mar¬
ket were late estimates that 500,000 bushels of Canadian
wheat had been taken today for export.
There were advices
too, that Italy had reduced her wheat import duty 50% and
had bought 1,000,000 bushels of Czechoslovakian wheat.
On the other hand the
Liverpool wheat market closed lower
than due at 1 to l%e. off.
On the 3d inst. prices closed
234 to 334c. higher.
Spectacular trading was evidenced in
this day's session.
Shyrocketing 334c. a bushel late today,
wheat prices showed the effects of a sudden overwhelming
demand for wheat on the part of European buyers.
Ger¬
many was stated to have purchased 1,468,000 bushels of
Argentine wheat and 2,400,000 of Argentine corn, with other
European countries also buyers from Argentine.
In addi¬
tion, fully 1,000,000 bushels of Canadian wheat were esti¬
mated to have been bought for export.
Unfavorable crop
developments, together with higher asking prices from ship¬
pers of wheat generally—served as the incentive for this heavy
wave of buying,
especially on the part of European coun¬
tries.
The action of the Liverpool market recently, with
its pronounced strength, implies, in the opinion of many,
that the severe temporary burdensome results of extra heavy
Argentine new crop shipments had passed. Possibilities of
a
short crop in the Danube Valley this summer and like¬
wise in North America, were considerations in the minds of
many.
Chicago wheat prices closed at about the highs of
the day.
On the 4th inst. prices closed 14 to %c. lower.
There was
heavy profit-taking in evidence during a good part of the
session, traders wishing to take advantage of the 6c. up¬
Tuesday's low.
Contributing to the reaction were
turn from
reports
that German purchases had ceased.
On the other
should have been a sustaining influence were
hand, what
estimates
that
buying of Canadian wheat today
bushels, principally for Great Britain.
The Liverpool market closed 2% to 3%c.
up at the topmost
point yet reached.
Another bullish item was the report
that English millers had bought five cargoes of Australian
totaled
Fri.
to
Feb. 5
967
of
■
9,294
4,000
To
Chronicle
export
1,000,000
as well as considerable quantities of Argentine.
Yet,
spite of the fact that bullish news more than countered
wheat
December
7.05
7.07
7.05
7.02
6.99
6.96
6.97
7.03
7.01
6.98
6.98
in
6.65
—
October
6.66
6.65
6.62
6.59
6.56
6.57
6.63
6.60
6.57
6.58
bearish developments, prices failed to hold.
Spain was also
reported to have purchased 750,000 bushels of wheat from
Argentina, and Germany was said to have taken some Ar¬
gentine wheat in addition to large amounts acquired the
6.59
January (1938)—
6.58
March.
6.59
6.57
6.59
6.58
—
m
„
_
6.55
6.57
6.53
6.52
6.51
».
6.50
6.52
6.51
6.50
—
-
-
6.56
--
--
6.55
6.54
6.53
-
.
-
6.51
6.53
6.51
6.50
previous
day.
Chicago September wheat led the late de¬
cline, and from $1.12 fell to $1.10%, but rallied a little at
BREADSTUFFS
Friday Night, Feb. 5, 1937.
Flour—In spite of the price advance, no important im¬
provement in sales could be confirmed.
However, it is be¬
lieved that odd carlot trade has
become brisker,
but there
is still
no evidence of any desire to book far forward.
Al¬
though mills have not indicated any big trade, it seemed
likely that some substantial business is being worked in
the family patents, since the advertised brands have been
marked 25c. higher in two days.
Wheat—On
the
30th
the close.
Today prices
setbacks
prices closed 34 " to %c.
higher.
The strength in Chicago wheat during this session
was
ascribed to the stronger Liverpool quotations, which
were
considerably higher than due; also a factor of con¬
siderable weight was the more than a cent overnight gain at
Winnipeg.
Advices from the latter market estimated export
of
sympathy
settlement of the maritime strike and
be resumed.
Open interest in wheat
DAILY CLOSING
__
PRICES
No. 2 red
better
May
July---September
ment that the amount of wheat
on ocean passage to importing
today more than double the quantity a
year ago.
Chicago May wheat contracts suffered the most
reaction, falling 124c. a bushel from the day's top and
touching $1.2734 in final dealings.
The sharp rise in the
Liverpool market was rather surprising in view of the increase
in world shipments as well as an enlargement of upwards
countries
totaled
PRICES
OF
was
by
new
upturns
103,748.000 bushels.
WHEAT IN
Mon. Tues.
146%
-
CLOSING
OF
Sat.
.
DAILY
prices at Chicago, was the report of a better flour
at
Minneapolis.
These
bullish
developments
seemed to effectually discourage any substantial offerings,
and the market held firm throughout.
Upturns of wheat
prices were in the face of official estimates showing world-wide
increases of 1937 acreage sown to winter wheat, compared
with 1936 figures.
Seeding in the United States is reported
to be the largest on record.
On the 1st inst. prices closed un¬
changed to
24c.
lower.
The Chicago wheat market
showed a poor response to the steep rise in the Liverpool
market and strong Winnipeg prices.
In the earlier trading
prices did show some gains, but this was all lost later in th$
day.
As trading approached the close, much selling came
from various wheat operators who previously had been
buyers because of the unexpected upturns of values at
Liverpool and Winnipeg, but were disappointed at the
lack of aggressive buying, especially on the part of the
speculative element.
A bearish factor was the announce¬
market
Liverpool quotations, Chicago wheat prices scored decided
gains early today. It was predicted that as a result of the
strike settlement, the export of Pacific Cdast wheat would
an
demand
securities
of
Eurchases Another itemwheat today (Saturday) at 400,000
of Canadian which served
ushels.
influence for
as
Despite transient
with
tumbles, wheat prices went upward late today as well as
early in the session.
A dominating factor as to wheat,
especially in the late dealings, was evidence of continued
strong demand for surplus supplies of wheat in exporting
countries.
It was estimated 700,000 bushels of Canadian
wheat were bought today for shipment abroad.
Influenced
by
ulto.
closed 1% to 2%c. up.
because
145%
147
15054
127%
Ill
127% 128
111% 112%
108
Made
~
108%
Season's
Dec. 28, 1936 May
Dec. 28, 1936 July..
Dec. 31, 1936 September
DAILY CLOSING PRICES OF WHEAT
SB
Sat.
May
Low
When
and
FUTURES
Mon.
Tues.
130% 133
113% 115
110% 111
131]
114]
111
105%
96%
107%
120% 120% 121%
110% 1117
.117%
106 * 106% 107%
0ctober
15234
FUTURES IN CHICAGO
Mon. Tues.
Wed.
Thurs. Fri.
108
When
15034
WHEAT
Sat.
Season's High and
May
137%
July
121%
September
117%
NEW YORK
Wed.
Thurs. Fri.
Made
Sept. 2. 1936
Oct.
2, 1936
Jan. 28, 1937
IN
Wed.
WINNIPEG
Thurs.
124%
124
120%
119%
110
10934
Fri.
126%
122
111 %
Lorn—On the 30th ulto.
prices closed 34c. off to 34c. up.
Trading was comparatively light, with little or no feature.
The floods of course are
causing quite a little uncertainty as
to stocks and primary
receipts, and with the threat of
Argentina shipments no little consideration, traders are in
clined to hold aloof awaiting further
developments. On the
1st inst. prices closed % to
134c. lower.
The heaviness of
the wheat market had its influence
on
corn.
There is still
uncertainty regarding the effects of the floods. Substantial
shipments are looked for from the Argentine as the strike
situation
closed
on
the Pacific Coast clears.
unchanged to 24c.
extreme break of 124c., but
The strength of wheat was
fluence by bearish reports
Coast seven ships carrying
On the 2d inst.
prices
down.
This grain showed an
later recovered most of the loss.
more
than countered
to the effect that
on
2,520,000 bushels of
as
an
in¬
the
West
corn
from
Financial
968
Argentine
waiting
were
be unloaded.
to
Feb. 6,
Chronicle
Closing quotations were as follows:
A statement
quoting Secretary of Agriculture Wallace as suggesting the
likelihood of
450,000,000 bushel
surplus in the United
States this year, was an added influence in depressing corn
prices. On the 3d inst. prices closed 13^c. to 2%o. up. The
a
corn
uenced
Sronounced strength of thethe reported heavy purchasesinwheat market naturally of
together with
1937
GRAIN
Oats, New York—
Wheat, New YorkNo. 2 red, c.i.f„ domestic--.152
Manitoba No. 1, f.o.b. N.Y-140
Corn, New York—
No. 2yellow, allra
„
No. 2 white
64%
Rye, No. 2. f.o.b. bond N. Y-122%
Barley, New York—
47% lbs. malting
109%
Chicago, cash
100-146
124%
corn,
Germany in the Argentine market, the amount of these
purchases being estimated at 2,400,000 bushels.
It would
seemfrom this that Argentine's surplus supplies will not prove
so burdensome
as a market factor.
German competition
with the United States as a buyer of Argentine corn ac¬
centuates this prospect.
On the 4th inst. prices closed
%
to
y2c. lower.
Cables
reported that a record big crop of corn in Argentina is
likely if additional rains are received this month.
On the
other hand, today's
receipts of
corn
in Chicago
were
only
53 cars, and estimated Argentine shipments for the week
were somewhat smaller than recently.
Today prices closed
%
lc.
to
Trading in this grain
up.
though the undertone.was firm.
37,873,000 bushels.
DAILY CLOSING
was
123%
Open interest in
122%
123
corn was
-104% 103
98%
97%
106% 105%
100% 100
95%
95
..
-
Fri.
124% 123% 124%
102% 105%
105
104%
w
97
99
98%
98%
105% 107% 106% 107%
99% 101% 100% 101%
94
95%
94%
95
Made
Season's Low and When Made
14, 1937 May
85%
July 29, 1936
14, 1937 July
—85
Oct.
1,1936
14, 1937 May (new)
89%
Nov. 2, 1936
14, 1937 July (new)
86%
Nov. 2, 1936
14, 19371Sept.(new)-— 93%
Feb.
2, 1937
-
Season's High and
May—
110
July
105%
May (new)—113%
July (new)—108%
Sept. (new)--.104%
When
Jan.
Jan.
Jan.
Jan.
Jan.
Oats—On the 30th ult.
prices closed %e. to 3 He. advance.
The flood situation is believed to have
some
bullish influence
here, there being considerable demand for this feed grain.
On the 1st inst. prices closed He. to
^c. lower. These lower
values
largely in sympathy with the declines in the
On the 2d inst. prices closed Hp* to Ho- up.
This advance in futures was credited to a better spot demand.
other
wheat and
prices closed Ho. to lHo.
bush 56 lbs
Clty..
10,000
Buffalo..—
123,000
1,695,000
2,744,000
1,821,000
3,227,000
1,811,000
Duluth.....
9,000
Milwaukee--
60*,666
Toledo
25,000
164,000
27,000
489,000
86,000
Indianapolis.
135,000
44,000
17,000
Louis...
St.
Peoria.
Kansas
City.
Omaha
St.
19,000
Joseph..
Wichita
Sioux
114,000
....
Total wk.1937
439,000
360,000
335,000
Same wk.1936
Same wk.1935
Since Aug. 1—
1936
1935
1934
1,162,000
Barley
Rye
bush 32 lbs bush 48 lbs bush 56 lbs
761,000
42,000
2,000
111,000
33,000
347,000
577,000
339,000
164,000
237,000
22,000
3,000
34,000
72,000
59,000
475,000
54,000
234,000
Chicago
Minneapolis.
169,000
34,000
146,000
407,000
36,000
349.000
41,000
~4~66O
.
8,000
7,000
23,000
18,000
44,900
348,000
152,000
127,000
44,000
46,000
53,000
38,000
148,000
87,000
5,000
37,000
166,000
1,367,000
1,452,000
495,000
21,000
91,000
1,000
8,000
36,000
240,000
324,000
1,087,000
1,671,000
686,000
183,000
11,128,000157,125,000100,113,000 51,034,00011,561,00061,893,000
9,770,000250,121,000 86,658,000 93,445,000,15,420,000 69,126,000
9,497,000'144,647,000123,903,000 32,938,000 9,301,00043,085,000
to %c. up.
This improvement
influ¬
was
enced largely by the upward movement of wheat and corn.
DAILY
PRICES
CLOSING
OF
Sat.
No. 2 white--
s
63%
—
OATS IN
Mon. Tues.
63
63%
Thurs.
Wed.
64%
63%
Fri.
64%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
May.
July
September
—
Season's High and
54%
48
45%
May
July
September
When
Jan.
Jan.
Jan.
49%
44
41%
49%
43 %
40%
49%
44
41%
50%
45
42%
Made
I
Season's Low and
14, 1937]May
40%
14, 19371 July
37%
14, 1937(September
40%
49%
44
41%
When
50%
44%
41%
54%
51%
-
-
-
54%
51%
54%
51%
Made
Oct.
Jan.
1, 1936
23,1937
55%
53
55%
52 %
55%
52%
Rye—On the 30th ult. prices closed unchanged to Ho. up.
Trading was light, with demand principally in May and July.
On the 1st inst. prices closed Ho. to lc. down. There was no
news bearing in a particular way on this grain, its weakness
being ascribed to the downward tendency of other grains.
On the 2d inst. prices closed %q. to Ho. up. In view of the
news and the action of wheat, it was thought this market
should have responded in a more substantial way. However,
uneasiness concerning possible shipments from the Argentine
was regarded as a restraining influence.
On the 3d inst.
prices closed 1%g. to lHo higher. With wheat prices sky¬
rocketing, it was only natural that rye should follow closely
in the wake of this
l%c. lower. A falling
off in spot demand, together with optimistic reports concern¬
ing crops in the Argentine and prospects of large grain
supplies from this source with the maritime strike removed
obstacle to further shipments, all played their part as
influences in
lowering prices.
Rye showed the most pro¬
nounced weakness of all the grains.
Today prices closed
1% to l%c. up. The pronounced strength of wheat had a
very
wholesome effect on rye, which was very strong
throughout the day's session.
Mon.
Tues.
—.110% 109% 110
— .-
100%
89%
99%
89]
Wed.
Thurs.
119%
112
September——103%
91%
90%
92%
99g 101% 100% 101%
Season's Low and
Made
75%
Dec. 28, 1936 May
July
71
Dec. 28, 1936
Dec. 29, 1936 September— 88%
DAILY CLOSING PRICES OF
When Made
Aug. 11,1936
Oct.
3, 1936
Jan. 28, 1937
RYE FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
106% 105% 105% 107% 106% 108%
101% 101% 101% 103% 102% 104%
-
DAILY CLOSING PRICES
OF BARLEY FUTURES IN CHICAGO
Sat.
May
DAILY CLOSING
84
Sat.
— —
July—
Mon.
Tues.
Wed.
Thurs.
Fri.
86
85
PRICES OF BARLEY FUTURES IN WINNIPEG
-
—
——
36,000
101,000
Week 1936.
17355
109,000
336,000
80,000
25,000
180,000
331,000
Since Jan.1'36
9,000
111,000
746,000
322,000
1,210,000
1,330,000
1,205,000
6,000,000
366,000
*
on
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
from the several seaboard ports for the week
30, 1937, are shown in the annexed
ended Saturday, Jan.
statement:
Wheat
New
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
48,480
219,000
York
277.000
Albany..
"Y.OOO
Baltimore
5,000
New Orleans
54,666
St. John
W. St. John
-
Total week 1937..
—
4,000
39,000
—*■»-
~8~66o
for the week and since
below:
as
80%
69%
84%
Mon.
79%
68%
83%
Tues.
80%
69%
86
Wed.
81%
70%
Thurs.
80%
69%
—
------
129,480
128,782
1,000
5.000
The destination of these exports
July 1, 1936, is
"Y,660
42,000
1,328,000
2,114,000
Same week 1936
33~,666
"Y.OOO
32,000
746,000
Halifax....
,
Wheat
Corn
Exports for Week
Week
Since
Week
Since
Week
Since
Jan. 30
July 1
Jan. 30
July 1
Jan. 30
July 1
1937
1936
1937
1936
1937
1936
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
and Since
July 1 to—
49.059,000
32,999,000
292,000
16,000
65,000
18,880
11,500
29,500
1,551,437
465,804
395,500
780,600
Brit. No. Am. Col.
3,000
16,000
Other countries
1,600
87,282
1YY666
2,204.666
129,480
3,296,524
2,259,55*
1,328.000
2.114,000
84,570,000
56,051,000
United
Kingdom.
Continent
So. & Cent. Am..
West Indies
Total 1937
Total 1936..—.. 128,782
1,109,000
88,000
20,000
"Y.ooo
"Y,66o
2,000
1,000
3.000
52,000
5,000
The
visible
supply of grain,
comprising the stocks in
at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 30, were as follows:
granary
GRAIN STOCKS
Wheat
Boston
Corn
Oats
Rye
Bushels
United States—
Bushels
Bushels
Bushels
536.000
416,000
23,000
------
..
Baltimore *
New Orleans. +
49,000
69,000
27,000
229,000
afloat
Philadelphia
1,000
1,286,000
...
New York.
"
May
July———
65,000
255,000
54,000
18,000
42,000
Since Jan.1'37
Total wk.1937
Fri.
111% 109% 111
Season's High and When
May
July
994,000
880,000 i
3,682,000
3,355,000
32,000
!
15,000
OF RYE FUTURES IN CHICAGO
Sat.
MayJuly-.September.
'Y.ooo
33,000,
St. John
closely related grain.
CLOSING PRICES
"Y.ooo
25.000
W. St. John..
36*000
178",000
12,000
19,000,
Galveston
Halifax
6,000
10,000
364,000
1,000
1,000
Flour
On the 4th inst. prices closed 1 to
DAILY
New Orleans *
26,000
5,000
July 29, 1936
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
/
Sat. Mon. Tues.
Wed. Thurs. Fri.
— --
22,000
14,000
.
Barley
Rye
bush 32 lbs bush 48 lbs bush 56 lbs
90,000
355,000
11,000
174.000
York...
Philadelphia
Boston
YORK
NEW
bush 56 lbs
bbls 196 lbs bush 60 lbs
Baltimore
Oats
Corn
Wheat
Flour
Receipts at—
New
corn.
prices closed %
receipts of flour and grain at the seaboard ports for
Saturday, Jan. 30, 1937, follow:
Total
the week ended
The strength
up.
On the 4th inst. prices closed % to %c. down.
This de¬
cline was largely in sympathy with wheat and corn.
Today
May..
Oats
Corn
Wheat
Flour
Receipts at-
were
On the 3d inst.
as an
of the last three years:
grains.
displayed in this grain was largely influenced by the pro¬
nounced upward movements in the other grains, especially
May-July
regarding the movement of grain
bbls 19616s bush 60 lbs
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
July
May (new)
July (new)
September (new)--
All the statements below
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
relatively quiet,
PRICES OF CORN IN NEW YORK
Sat. Mon. Tubs.
Wed. Thurs.
No/2 yellow
FLOUR
6.35
>8.10 Rye Jour patents
6.15<
>7.70 Seminola.bbl., Nos.1-3-11.70©
>6.65 Oats, good
3.30
3.20
>6.45 Corn flour
Hard winter straights-—-6.65< >7.00 Barley goods—
Coarse
4 75
Hard winter patents
6.851 >7.15
Fancy pearl ,Nos .2,467 6.75@6.25
Hard winter clears
5.901 >6.10
Spring oats, high protein .7.80 <
Spring patents
——7.40<
Clears, first spring-6.45<
Soft winter straights
6.20<
1,000
488,000
Galveston
270,000
FortWorth..
734,000
Wichita
Fri.
Hutchinson
81
70
St. Joseph..
Kansas City
1.000
—
—
150,000
396.000
—
—
-
-
mm**
1,000
—
--
--1
1,000
---
3,000
1,000
------
------
10.000
------
------
-
236,000
835,000
Barley
Bushels
------
—
356,000
278,000
21,000
-
283,000
28,000
■
------
12,000
116,000
10,000
84.000
Volume
Financial
144
GRAIN STOCKS—Concluded
Wheat
United States—
Omaha
3,048,000
305,000
„
St. Loula
917,000
1,549,000
1,124,000
Peoria
9,000
afloat
3,000
Minneapolis
5,496,000
2,110,000
112,000
5,116,000
1,122,000
Duluthy
Detroit
Buffalo
"
:
afloat--
On Canal
5,000
5,000
1,687,000
142,000
184,000
1,080,000
1
Total Jan.
Total Jan.
30 1937—. 47,761,000
23 1937... 50,378,000
Total Feb.
1 1936
—
14,356,000 29,469,000
13,891,000 31,220,000
6,395,000 40,380,000
64,223,000
.
6,000
14,000
68,000
23,000
109,000
1,298,000
150,000
3,903,000
4,674,000
1,252,000
400,000
718,000
189,000
1,312,000
608,000
6,000
241,000
4,409,000 12,850,000
4,388,000 13,241,000
8,216,000 15,117,000
*
Baltimore also has 156,000 bushels Argentine corn in bond,
x Chicago also has
56,000 bushels Argentine corn in bond,
y Duluth wheat includes 90,000 bushels
grain
not
Included
above: Barley—Buffalo,
494,000
bushels:
Buffalo afloat, 364,000: Duluth, 2,512,000; Duluth afloat, 572,000; Milwaukee
afloat, 1,047,000; Chicago afloat, 360,000; total, 5,349,000 bushels, against 21,000
bushels in 1936.
Wheat—New York, 7,820,000 bushels; New York afloat,'152,000;
Philadelphia, 5,000; Buffalo, 3,827,000: Buffalo afloat, 2,858,000; Duluth, 2,959,000:
Erie, 100,000; Albany, 2,771,000; Chicago, 239,000; Canal, 1,924,000; total, 22,655,000 bushels, against 28,447,000 bushels in 1936.
Wheal
Corn
Bushels
Canadian—
Ft. William <fePt. Arthur
Bushels
Oats
Rye
Bushels
Bushels
Barley
Bwhels
9,344.000
1,706,000
861,000
2,830,000
30,979,000
2,527,000
207,000
1,450,000
Other Canadian <fe other
water
points
Total Jan.
Total Jan.
30 1937— 40,323,000
23 1937— 41,657,000
Total Feb.
1 1936—119,281,000
4,233,000
3,486,000
5,342,000
47,761,000 14,356,000 29,469,000
40,323,000
4,233,000
4,409,000
1,068,000
4,280,000
4,260,000
3,891,000
3,436,000
1,068,000
1,072,000
Summary—
j
American
Canadian
Total Jan.
30 1937— 88,084,000
Total Jan.
23 1937—
12,85(^,000
4,280,000
14.356,000 33,702,000
5,477,000 17,130,000
13,891,000 34,706,000
5,460,000 17,501,000
6,395,000 45,722,000 11,652,000 19,008,000
92,035,000
1 1936—183,504,000
Total Feb.
The world's
shipment of wheat and corn, as furnished by
Exchange, for the week
ended Jan. 29, and since July 1, 1936, and July 1, 1935, are
shown in the following:
Broomhall to the New York Produce
Wheat
Corn
Since
Jan. 29
July 1
1936
July
1937
Bushels
Black Sea—
__
1
47,030,000
7,536,000
July 1
1936
1935
Bushels
Bushels
Bushels
56,532,000
616,000
16,016,000
21,497,000
3.535,000
—
July 1
1937
1,000
95,510,000
3,000
7,000
340,000 14,246,000
32,722,000
5,346,000
54,264,000 10,492,000 246,255,000 189,099,000
16,000
Australia
Since
Jan. 29
Bushels
2.402.000 132,752,000
496,000 44,968,000
7.477.000 60,086,000
North Amer.
Since
1935
Bushels
Argentina.
Week
Since
Week
Exports
India
Otb. countr's
256,000
392~,666 14,579,666 31,799",000
14,542,000 308.388,000260,781,000 11.225,000 275,083,000 226.251,000
Total
Report for the Week Ended Feb. 3—The
general summary of the weather bulletin issued by the De¬
partment of Agriculture, indicating the influence of the
I* Weather
weather for the week ended Feb. 3, follows:
'
Over the western half of the country temperatures
continued abnormally
they remained generally above normal east of the
low' and
Mississippi
preceding weeks, but the Southeast was consid¬
erably cooler than previously, with temperatures averaging near normal.
Precipitation was frequent in the more eastern States and most Pacific
sections, but there was much less than recently in the central valleys and
River, as during several
^The^ineTof
subzero temperatures extended southward approximately to
position as last week.
Below zero occurred in the interior of
States, and farther west as far south as southeastern
Wisconsin, southern Iowa, and extreme southern Nebraska.
In the
Eastern States the line of freezing weather extended considerably farther
south than during January, reaching Norfolk, Va., Charlotte, N. O., and
Atlanta, Ga.
The lowest temperature reported from a first-order station
was 34 degrees below zero at Havre, Mont., on Jan. 30.
the same
the more northeastern
Weekly mean temperatures ranged from approximately normal to about
5 degrees above normal over the area east of the Mississippi River; they were
somewhat above in the west Gulf sections.
However, from the central and
upper
ag
week was from 5 degrees to as many
normal, the greatest minus departures appearing in
Mississippi Valley westward the
23 degrees colder than
the northwestern Great
Plains.
x
x.
Precipitation was heavy, ranging from two to three inches, in the Atlantic
from the Potomac Valley southward.
In the interior valleys the
amounts were mostly light to moderate, with less than one-half an inch
occurring during the week in most of the area that previously had the heavy
rains which resulted in the disastrous floods.
Over most of the Plains region
area
the weekly totals were inappreciable, but were large in central and northern
Pacific coast sections where some very heavy rains and snows occurred.
With only light to moderate rains during the past week, flood reports at
8am
Feb
2
feet
Soe
fall in the upper Ohio River and a slight
At Pittsburgh the gage reading was 15.5
feet since the crest, representing a fall of 19.0
show a marked
recession in its lower
portions.
representing a fall of 19.0
CT™
tho
t; Parkersburg. W. Va-19.1 feet, fall 36.3 feet: Cincinnati
Ohio, 68.3 feet, fall 11.7 feet; Louisville, Ky.. 50.7 feet, fall 6.4 feet; and
Evansville, Ind., 53.6 feet, with a faU of 0.1 foot.
At Cairo, 111., the reading
was 59.5 feet, with a 24-hour rise of 0.1 foot; New Madrid, Mo., 47.9 feet,
rise 0.1 foot; and Memphis, Tenn., 48.2 feet, rise 0.4 foot.
The following
give comparative readings between the flood crest and the previous high
record for the respective stations: Pittsburgh, Pa., crest 34.5 feet, previous
high 46 0 feet* Parkersburg, W. Va., 55.4 feet, 58.9 feet; Cincinnati, Ohio,
80 0 feet, 71. i feet;
Louisville, Ky., 57.1 feet, 46.7 feet; and Evansville,"
The previous high for Cairo, 111., was 56.4 feet,
Memphis, Tenn., 46.6 feet.
While the
February 2, the gage reading at that time
at Louisville was still 4.0 feet above the previous high record, and at Evans¬
ville 5.2 feet above; the 8 a. m. stage on Feb. 2 at Cairo was 3.1 feet, New
Madrid, 3.3 feet, and Memphis, 1.6 feet higher than ever before recorded.
The general weather conditions during the week continued unfavorable for
agriculture.
The persistently low temperatures and snow-covered range
were hard on livestock throughout most western sections; continued heavy
feeding was necessary, with considerable shrinkage and some additional
losses, especially among sheep.
Many ranges in the more western portions
of the country are inaccessible because of heavy snows.
**In the Southeast, while temperatures were more seasonable, the pre¬
mature advancement of vegetation
became more pronounced.
At the
close of the week tree fruit blooms were out as far north as southeastern
North Carolina, and peaches were blooming to central Georgia, with much
alarm as to possible damage by frost.
In fact, at the close of the week the
frost line had advanced almost to districts where peach trees were in bloom.
Truck crops are also unseasonably advanced and in a physical condition to
Ind., 53.7 feet, 48.4 feet.
New Madrid, ko., 44.6 feet, and
Ohio River was falling at 8 a. m. of
be susceptible to low temperatures.
Because of tho cold wo&thor in the
Ji
»—™
*
*
Wost and saturated soil in the East farm
standstill in nearly all sections of the country.
Small Grain*—In the more eastern States winter wheat is unusually far
advanced, and in mostly fair to good condition.
In the Ohio Valley many
work was largely at a
wheat fields are water logged or Inundated, with some reports of drowning in
lower sections, while in the upper Mississippi Valley and the eastern Great
Plains a continued ice cover is causing increased apprehension as to possible
smothering.
In general, recent conditions in the principal Winter Wheat
Belt have been unfavorable.
The southwestern Plains are still dry, with
moisture needed.
However, in Montana, the Great Basin, and the Pacific
Northwest, grain fields
are
well protected by an ample snow cover.
1,456,000
10,000
of feed wheat.
Note—Bonded
969
4,000
5,883,000
1,251,000
141,000
80,000
264,000 11,420,000
22,000
3,695,000
201,000
Milwaukee
Bushels
786,000
155,000
5,320,000
6,214,000
x
Bushels
1,444,000
262,000
1,054,000
49,000
Barley
Rpe
Bushels
348.000
Indianapolis
Chicago
Oats
Bushels
2,545,000
City
Sioux
Corn
Bushels
Chronicle
THE DRY GOODS TRADE
New
York,
Friday
Night,
Feb.
5,
1937
Retail trade
during the past week made a very satisfactory
showing.
Ideal weather conditions stimulated the sale of
Winter apparel in the Atlantic districts, and on the Pacific
Coast the prospects of an early settlement of the maritime
strike found their expression in a noticeable increase of con¬
sumer
buying.
The retarding effects of floods and strikes
in other districts of the country, were thereby
largely offset,
and as a result earlier estimates of department store sales
during January underwent an upward revision.
For the
country as a whole, an average gain of approximately 8
per cent over last year is now predicted.
Early forecasts
of February sales, subject to weather conditions
remaining
favorable, point to an increase of around 10%, taking into
consideration that this month has one business day less than
a year ag®.
Trading in the wholesale dry goods markets quieted down
somewhat, as the initial buying of Spring goods was nearing
However, with the waters in the Ohio Valley slowly
receding, a substantial amount of orders was expected soon
to be placed for the purpose of
replenishing damage and
destroyed stocks.
Wholesalers displayed increased resist¬
ance to the steadily
advancing prices and limited their com¬
mitments mostly to covering immediate requirements. Busi¬
ness in silk
goods was quiet, only a small amount of orders
being placed during the week, and prices declined moderately.
Trading in rayon yarns continued brisk, as the demand for
all classes of yarns remained heavy.
Books were opened
for April delivery last Monday, and the amount of orders
received thus far points to the necessity of sellers
continuing
their previous method of allotments.
Although some pro¬
ducers expect a change in the present tight delivery situation
within the next few months, others feel that the
improved
flow of goods in distributive channels and the need of re¬
plenishing stocks in flood areas, will cause the demand to
exceed production until the middle of the Summer.
its end.
Domestic
Cotton
Goods—Trading in the gray cloth
a
desultory fashion during the first
half of the period under review, but
subsequently a brisk
demand for print cloths developed, and sales
during the last
few days were reported to have amounted to more than onehalf week's production.
The earlier dullness had caused a
substantial weakening of the price structure as a number
of second-hand offerings at concessions made their
appear¬
ance,
and several converters pushed goods on the market
which they were unable to deliver to flood areas.
Later
in the week, however, prices recovered
part of their losses,
with activity broadening considerably.
Business in fine
goods continued active.
Second-hand offerings practically
disappeared, and prices regained their former strength.
Closing prices in print cloths were as follows: 39-inch 80's,
10V2 to 9^c., 39-inch 72-76's, 10^c., 39-inch 68-72's 8V2
to 8c., 38^-inch 64-60's, 7% to 7c.,
38K-inch 60-48's,
6% to 6c.
markets
continued
in
Woolen Goods—Trading in men's wear fabrics was mo¬
derately active.
Although business in Spring goods tapered
off still further, mills continued to operate at
capacity.
Some producers were able to add to their substantial
backlog
of unfilled orders, owing to the receipt of a few
early com¬
mitments on Fall goods, although the latter have not been
formally
opened.
Moreover,
considerable
Government
orders in addition to those awarded last week, were
expected
to be placed soon.
Prices held steady at existing levels.
Clothing manufacturers continued active on Spring merchan¬
dise, and reports from retail clothing centres showed notice¬
able improvement in consumer demand for Winter
apparel,
due to more seasonal temperatures.
Business in women's
wear goods
was marked by continued heavy demand for
coatings and suitings as well as for sports materials such as
fleeces, and some mills were forced to withdraw their lines,
having booked all the business they can handle.
Garment
manufacturers continued very busy with deliveries to their
retail accounts of suits and cloaks before
Easter, as the flow
of goods in distributive channels made a much better
showing.
Foreign Dry Goods—Trading in linens remained active.
The demand for cambrics and sheers was again
outstanding,
and some new orders were rejected, as most mills are booked
ahead for several months.
also
moved
in
Dress linens and household items
satisfactory volume.
Prices continued
to
advance, as the rise in raw material quotations showed no
sign of abating.
Business in burlap was marked by increased
activity. • Although stocks in Calcutta at the end of January
showed an increase, prices, nevertheless, were higher in view
of reports of strikes in three mills, and also due to the short¬
age of available space on vessels leaving Calcutta.
While
the supply of used bags was reported to have been exhausted
for use as sandbags in the flooded districts,
bag manu¬
facturers did not as yet place a considerable amount of
orders,
as their stocks were said to be
ample.
Domestically light¬
weights were quoted at 3.90c., heavies at 5.40c.
Financial
970
Feb. 6,
Chronicle
2,500,000 Buffalo, N.
1937
Y., 2.20% construction bonds purchased byTan
York at a price
2.19%. Due serially from 1938
headed by Phelps, Fenn & Co. of New
account
of 100.059, a basis of about
to
Specialists in
Bonds
Illinois & Missouri
incl.
1947
2,225,000 Minnesota (State of) 2% certificates of indebtedness, due in
1942, awarded to a group headed by Halsey, Stuart & Co.,
Inc., of New York, at a price of 100.235, a basis of about
1.95%.
Re-offered to yield 1.80%.
1,900,000 Michigan (State of) 434% Port
tional bridge construction bonds
Harris & Co., Inc.. of Toledo.
Huron-Sarnia 20-year, op¬
were sold to Stranahan,
1,384,000 Woodbridge Township, N. J., 4\i% serial funding and
general refunding bonds, due serially from 1937 to 1961 incl.,
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
CHICAGO
WIRE
Tewark.
Surchased Re-offered
by a syndicate managed byof from 2% to 4.50%,
yield basis
J. S. Rippel & Co. of
314 N. Broadway
ST. LOUIS
on
a
according to maturity.
Rock, Ark., 4% water revenue bonds, due serially
1939 to 1976 incl., purchased by an account headed by
Bancamerica-Blair Corp. of New York.
Re-offered to
1,240,000 Little
from
the
MUNICIPAL
i
yield from 2% to 3.80%, according to maturity.
BOND SALES IN JANUARY
States and municipalities was
negotiated on a strikingly large scale during the month of
January, the principal amount of the loans sold being no
less than $205,513,246.
This was the heaviest output for
any month since March, 1931, and constitutes a record high
for disposals in January of any year since 1927.
The bulk
of the month's total is made up of such emissions as those of
$50,000,000 by New York City, $47,000,000 by the Los
Angeles, Calif., Department of Water and Power, $24,973,000 by the Boston Metropolitan District, Mass., $12,000,000
by the State of Louisiana, and that of $11,000,000 by
Chicago, 111.
In addition, the Reconstruction Finance
Corporation was responsible for $4,935,900 of the January
awards, having marketed various bonds which had been
originally acquired by the Public Works Administration.
Although most of last month's flotations were sold on
terms which reflected no material change in the trend of
Long-term financing by
low-interest cost on tax-exempt financing, in
several situations the underwriters encountered not a little
markedly
difficulty in placing the obligations into investment accounts. *
In a few cases, a reduction in the original offering prices was
required in order to stimulate investment demand for the
liens and accelerate the closing of syndicate accounts.
This
condition, it should be noted, was not peculiar in the case of
municipal securities, but was also evident with respect to
market action of Treasury and recently issued corporate
bonds.
Heaviness of the bond market, according to some
observers, was occasioned by the uncertainty which prevailed
throughout the month as to the imminence and extent of the
anticipated action of the Federal Reserve Board with respect
to an increase in reserve requirements of member banks.
Announcement of an advance in reserve requirements was
not made by the Reserve Board until the closing day of the
1,000,000 Board of Supervisors of
and
$1,000,000
summarized herewith:
of
or
more
sold during January are
Co. of
New Orleans, jointly, at a price of 100.50, a basis of about
3.95%. Due serially from 1938 to 1955 incl. Re-offered on a
yield basis of from 1.50% to 3.70%.
The following is a record of the issues aggregating $5,397,350, which failed of sale at the time of offering during
January.
As pointed out in the past, these failures have
comparison with the situation several
large wave of defaults occasioned a marked
retinence on the part of investment interests to add to their
holdings of tax-exempts.
The default problem, however,
has almost been entirely composed and, as indicated in the
large output of new issues in the month just ended, also in
the calendar years 1936 and 1935, municipal Hens are again
very much in investment demand.
In recording below the loans which were not sold in
January, we include the page number of the "Chronicle" in
which an account of the unsuccessful offering will be found:
been few in number in
years ago,
when
a
Int. Rate
3H%
Pa..not exc. 3%
635 c Batesville School City, Ind
3%
487 Bloomfleld Twp. and Bloomfield
Name
County, Ky
Page
486
a
493
b Ambrldge School District,
Allen
Hills
S.
Fractional
D.
No.
4%
26,000
4%
Inyo County, Calif
5%
817
d
4%
4%
1,400
13,000
20,000
30,000
12,000
153,000
35,000
160,000
3,784,000
20,000
124,000
802,000
Mich
Leipsic, Ohio
000 e Liberty Spec. Rural
S. D„ Ohio
493
Long Creek, Ore
318
Lyndhurst, Ohio
Marietta, Ohio
f Newton Falls, Ohio
g Orleans Levee District, La
not
Rapides Parish S. D., La
not
Ship Bottom-Beach Arl'gton, N. J.not
813
h Wayne County,
318
492
812
313
....
Mich
24,973,000 Boston Metropolitan District, Mass., 2J4% bonds, includ¬
ing two series maturing serially from 1938 to 1962 incl., pur¬
chased by an account managed jointly by the First Boston
Corp. and Halsey, Stuart & Co., Inc., both of New York,
at a price of 99.352.
Publicly offered on a yield basis of from
0.40% to 2.35%, according to maturity.
|
(State of) highway bonds, of which $6,500,000
series R bear 334% interest and $5,500,000 series Q are 354s,
all due serially from 1941 to 1960 incl., sold to Blyth &
Co.,
Inc., of New York, and associates, at a
price of 100.13, an
3.61%.
11,000,000 Chicago, 111., 3% judgment
bonds, due In 1956 and callable
small group of local insti¬
Continental Illinois National Bank &
price of 103.57, a basis of about 2.74%.
beginning on Jan. 1, 1947, sold to a
tutions headed by the
awarded to
at a
a
price of
Due serially
from 1938 to 1957 incl.
Re-offered by the bankers at prices
to yield from 1% to 2.70%, according to maturity.
_
3.000,000 California (State of) 234% veterans' welfare bonds, due
serially from 1938 to 1954 incl., sold to the Chase National
Bank of New York and associates at a price of 101.86, a basis
of about 1.99%.
Re-offered on a yield basis of from 0.50%
to 2.15%, according to maturity.
3.000,000 Philadelphia School District, Pa., 1J4% bonds, due in
1967, optional on any interest date, were sold to the district s
Loan Tax Fund, the only bidder, at a price of 100.003.
3 000.000
■5,UU '
Providence, R. I., 2K% emergency reUef and highway bonds
awarded to a syndicate headed by Dick & Merle-Smith of
New York at a price of 101.30, a basis of about 2.12%.
2.761,300 Jackson County, Mo., 2, 234
ing bonds, due annually from
and 2^% fdnding and refund¬
1938 to 1956 incl., awarded to
syndicate headed by the Harris Trust & Savings Bank of
Chicago at a price of 100.78. a basis of about 2.59%. Publicly
re-offered at prices to yield from 0.50% to 2.70%, according
to maturity.
a
2 549 ' 000
Newark, N. J., 254% various purpose bonds, maturing serially
1976 incl., purchased by Lehman Bros, of New
of 100.43, a basis of about
2.68%.
Re-offered at prices to yield from 0.80% to 3.05%,
according to maturity.
from 1938 to
York and associates, at a price
Not sold
Bids rejected
Sale canceled
Offering postponed
Not sold
No bids
Sale canceled
Sale canceled
Sale canceled
Bids rejected
No bids
No bids
as
e
Change In legal notice made and new offering announced for
result of flood news,
g Canceled sale
Feb. 20.
because of possible effect on
h PWA will purchase issue.
Financing of budgetary requirements, pending collection
resulted in the disposal of an aggregate of
$75,207,641 notes and other evidences of temporary debt
by States and municipalities during the month of January.
There has been a slight increase in the cost of such borrowing
in the past two months, in line with a similar progression in
the cost of interim financing to the Federal Government.
However, notwithstanding the tightening of short-term
money rates, municipal units are still able to finance their
requirements on an unusually low interest basis.
The total
of municipal loans for the month includes borrowings of
$40,600,000 by the City of New York.
Canadian municipal bond financing in January was
featured by the offering in the United States of $85,000,000
refunding bonds of the Dominion of Canada.
This was the
Dominion's first bid for credit in this country since the $48,of current taxes,
47,000,000 Los Angeles, Calif., Department of Water and Power 334%
optional bonds, comprising $23,500,000 series A, maturing
serially from 1938 to 1977 incl., and $23,500,000 series B,
due in 1977, were awarded to a banking group headed by
Brown Harriman & Co., Inc., of New York, at terms which
reflected a net interest cost to the community of 3.5101%.
The series A bonds were re-offered on a yield basis of from
1% to 3.40%, and the series B at a price of 102, to yield 3.41 %.
Trust Co., at a
6%
4%
5)4%
6%
exc. 4%
exc. 6%
exc. 5%
4%
Bids rejected
price of 103.50.
proceeds to redeem on Jan. 25,
porate stock notes.
interest cost of
Not sold
a Bonds will be sold privately,
b New offering will be made on Feb. 8. c Bonds
being re-offered on Feb. 13.
d New offering will be made after PWA grant Is
f Injunction restrained sale of Issue,
12,000,000 Louisiana
Report
Bids rejected
Bids rejected
3,
311
bids
The city used the
1937, $50,000,000 6% cor¬
Amount
$80,000
120,000
26,950
818 Clarks Green S. D., Pa
obtained,
made by the bankers at a
the Louisiana State University
Agricultural and Mechanical College, La., 4% bonds
awarded to H. L. Allen & Co. of New York and Weil &
650
month.
Issues
1,073,000 Mecklenburg County, N. C., 254% and 3% school building
bonds, maturing serially from 1938 to 1967 incl., awarded to
Lehman Bros, of New York and associates, at a price of 100.20,
a basis of about 2.805%.
The new offering, which was
under the management of
Morgan Stanley & Co., Inc. of New York, included $30,000,000 seven-year 2 Ms and $55,000,000 30-year 3s.
In
addition to this financing, the Dominion offered at public
subscription to its own citizens an issue of $35,500,000
Canadian National Railway bonds, guaranteed as to both
principal and interest by the Government. This issue was
made up of $15,500,000 seven-year 2Ms and $20,000,000 15year 3s.;
The borrowing was undertaken in order to reim¬
burse the Dominion for funds made available to the railway
company in order to redeem debt which matured or had been
redeemed prior to maturity.
These emissions by the Federal
Government, together with a flotation of $20,000,000 by the
Province of Ontario, increased the grand total of Canadian
municipal bond financing during January to $141,016,500.
Moreover, the Dominion indulged in the sale of temporary
Treasury bills in the amount of $55,000,000.
None of the United States Possessions appeared in the longterm capital market in January.
Below we furnish a comparison of all the various forms of
municipal obligations sola in January during the last five
000,000 flotation
a year ago.
underwritten by a large syndicate,
years:
Volume
Financial
144
1937
Perm, loans (U.
*
1935
$
1933
1934
$
$
$
55,071,204
89,523,614 97,172,419
75,207,641 173,965,568 141,812,000 130,353.200
55,000.000 25,000,000
500,000
35,834,606
47,293,039
4,300,000
56,016,500
549,914
19,332,400
85,000,000
48,000,000
8.). 205,513,246
Temp, loans (U. 8.)
Canad'n l'ns
1936
$
January
(temp.)
Canad'n l'ns (perm.):
Placed In Canada.
Placed in U. 8
40,817,849
34,172",600
Bonds U. 8. Possea'ns
Total.
971
Chronicle
433,000
476,737,387 337,039,096 274,090,019 226,242,253 106,760,045
♦
Includes temporary securities Issued by New York City—$40,600,000 In 1937'
$54,838,000 In 1936, $33,000,000 In 1935. $56,672,200 In 1934, $17,000,000 in 1933*
The number of
municipalities in the United States emitting
Sermanent bonds and the number of separate issues made
uring January, 1937,
312 and 403, respectively.
This
were
contrasts with 434 and 489 in
January, 1936.
comparative purposes, we add the following table
showing the aggregate of long-term bonds put out in the
United States for January for a series of years.
It will be
observed that the 1937 January output was the largest of
any year since 1927:
For
1937
$205,513,246
89,523,614
97,172,419
55,071,204
35,834,606
138,248,064
50,648,907
109,842,814
75,710,723
1922
$108,587,199
1907
1921
87,050,550
83,529,891
25,090,625
1906
1903
100,343,627
206,877,975
1913
24,060,118
40.973,081
50,176,099
34,303,088
84,603,094
30,414,439
1897
1911
1909
16,319,478
29,318,403
1895
1924
70,366,623
135,536,122
99,625,470
25,265,749
78,510.274
1923
96,995,609
1908
10.942,068
1893
1936
1935
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
In the
1920
1919
1918
1917...
1916
1915
1914
1912
1910
following table
we
give
a
1905
1904
1902
1901
1900..
1899
1898
1896
1894
$10,160,146
8,307,582
8,436,253
23,843,801
15,141,796
10,915,845
9,240,864
20,374,320
6,075,957
8,147,893
10,405,776
6,507,721
10,332,101
7,072,267
5.438,577
list of January loans in
the amount of $205,513,246, issued by 312 municipalities.
In the case of each loan reference is made to the page in
the "Chronicle" where accounts of the sale
are given.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
would be
required to pay an annual filing fee of $3, it is said.
repeal the poll tax law.
The bill would
New
Hampshire—Governor Urges Constitutional Amend¬
Relief—The following is the text of an Associated
Press dispatch from Concord on Feb. 3, reporting on an
unusual proposal for a referendum to land relief money,
advocated by Governor Murphy:
ment
on
A State-wide vote on amendment of New Hampshire's constitution was
urged today by the Republican Governor, Francis P. Murphy, after the
State's Supreme Court had rejected his proposal to set up what would in
effect, have been a "Baby Reconstruction Finance Corporation" to lend
money out of relief funds to private industry.
"I regret that the constitution prevents us from using money appropriated
for welfare relief to provide work for our citizens," the Governor said.
"I believe the people of the State should be given an
opportunity to
amend the constitution so that modern thoughts of government of this kind
may be put into effect."
The Court upheld as "proper" the purposes of the Governor's proposal,
referred to it by the Legislature, but found it unconstitutional.
New Jersey—Mandatory Salary Schedules Again Become
Effective—The Legislature on Feb. 1 ignored the pleas of
numerous
local
officials
to
contimue
the
authorization
of
suspension of mandatory salary schedules by local governing
according to Trenton dispatches of that date.
The law
giving such authority expired at midnight on Feb. 1, and
from then to the mandatory local salaries reverted to the
pre-depression scale.
Millions as a result will be added to local budgets, frequently in commun¬
ities long pinched for funds.
In some cases; it is estimated, a reversion to
the old pay scale would mean a rise of fifty points in the tax rates.
Some
retain the reduced pay scale anyhow,
persuade municipal employees not to
to which they are entitled by law.
Loizeaux, Republican leader, said he had tried in vain
to reach an agreement with Democratic leaders to re-enact the meas¬
ure.
It is generally believed, however, that both parties were afraid of
offending policemen, firemen and others affected.
local
officials
have threatened to
and others are thinking of trying to
press for the increase
Senator Charles E.
WE
OFFER
SUBJECT
TO PRIOR
SALE
$50,000 MIAMI BEACH 4%% Bonds
Due
New York
Price—3.00 Basis
Thomas M. Cook &
Harvey Building
WEST
PALM
Company
BEACH, FLORIDA
News Items
It is understood that the restorations would affect all civil
Course Offered in
Analysis of Municipal Securities—
The course in the analysis of municipal securities offered the
first semester will be repeated the second semester at the
Wall Street Center of New York University, 90 Trinity
Place.
This course deals with domestic public securities,
including district, city, county and State obligations, from
the point of view of the investor.
Financial statements will
be analyzed in the light of assessment methods, debt struc¬
ture, revenue sources, tax limits and tax delinquency.
Cur¬
rent developments in the field of municipal finance will be
considered
each
session
and attention will be
devoted to
municipal debt adjustment and revenue with special refer¬
ence to the bankruptcy law.
Dr. Bert C. Goss will give the course, as usual.
Regis¬
tration for this course should be made before Wednesday,
Feb. 10.
Greenwood
Temporarily
Project—The following is the
text of an Associated Press dispatch from Rock Hill, S. C.,
dealing with the granting by the local Federal Court of a
restraining order on a proposed PWA power allotment,
County,
S. C.—Federal Court
Restrains Buzzard*s Roost Power
which would conflict with the interests of the Duke Power
Co., the plaintiff in this long-drawn litigation:
The Duke Power Co. obtained a temporary restraining order here today
Greenwood County authorities from proceeding with construc¬
Roost power project on Saluda River pend¬
hearing on the merits of the case set for Feb. 23.
IJnited States District Judge J. Lyles Glenn issued the order on petition
to prevent
tion of the $2,352,000 Buzzard
ing
a
Federal
was un__
_
the ex¬
penditure of not more than $100,000 for legal, administrative, engineering
and conservation costs that might be incurred before a final ruling.
The
be set at $600,000.
Supreme Court recently sent the Duke Co.'s original suit con¬
testing the validity of the Public Works Administration loan and grant back
to the lower courts, holding that proper procedure had not been followed
in acting on it.
The high tribunal expressed no opinion upon the merits of
county authorities had requested that this figure
The U. S.
the
case.
Maine—State Income Tax Bill Introduced—A State income
bill, intended to reduce taxes on real estate, was intro¬
in the Legislature on Jan. 26 by Representative
Newton, of Readfield, according to an Associated Press
dispatch from Augusta.
It is reported that the measure
would impose a tax ofl% on taxable incomes of not more
than $1,000; 2% on not more than $2,000; 3% on not more
than $3,000, and 4% on amounts in excess of $3,000.
We are advised that the same tax would apply to that
tax
duced
portion of income received by non-residents from Maine
business.
A person having a net income of $1,000 or more
City—Estimate Board Votes to Restore Pay Cuts
Employees—The Board of Estimate, at a special meeting
on Feb. 3, unanimously voted full restoration of the salaries
of more than 110,000 city employees, at a cost of approxi¬
mately $9,000,000 for the half-year beginning July 1, 1937.
The Board, which planned in the 1937 budget to restore
half the pay cuts imposed during the city's financial crisis
in 1932 and 1933, acted in haste after a letter from Governor
Lehman asking for an emergency message to clear the way
for salary restorations was made public.
to
1947-48
service
employees affected by the cuts of 1932, including
firemen, policemen and school teachers, as well as certain
other classifications not yet defined.
Based on early esti¬
mates
by Comptroller Frank J. Taylor of the city's financial
condition during 1937, the sum of $4,500,000 was earmarked
in the budget to restore part of the cuts on July 1, 1937.
was callea on Feb. 3
Taylor introduced a report which showed he had under¬
estimated the city's income for the current year and that the
full restoration of almost $9,000,000 would be possible.
However, when the meeting of the Board
Mr.
New York City—Large Increase in 1938 Budget Held
Likely—The city faces a further increase of $29,0()0,000 in
the 1938 budget "Unless its spending is curtailed," according
to the annual report of the Citizens Budget Commission,
issued on Jan. 30.
The commission suggested four major
proposals for economy and efficiency as a partial means of
keeping the 1938 budget within bounds. It urged repeal of
the mandatory State laws which arbitrarily impose $51,000,000 in annual expenses on the city; reorganization on a
sound actuarial basis of the city's pension and retirement
system, which totals $31,533,000 this year, an increase of
$9,340,000, or 42%, in four years; transit unification upon
economically sound principles, including a flexible fare, and
the construction of public improvements only after accurate
appraisal of their usefulness.
New York State—Governor's
Budget Touches New High—
largest budget in the history of the
State—$365,555,789.69—was submitted to the Legislature
on Feb.
1 by Governor Herbert H. Lehman for the fiscal
Asks Gas Tax Rise—The
The figure is almost $67,900,000 higher
the previous
$37,000,000.
To meet the record outlay, Mr. Lehman, in his fifth annual
budget message, called for the re-enactment of all emergency
taxes now in force and the immediate re-imposition of the
second one-cent emergency gasoline tax, which was dropped
from his revenue program last year by the Republican-con¬
trolled Assembly. The following is a summary of the emerg¬
ency taxes which the Governor insists be re-enacted:
year
1937-1938.
than that for the current year and exceeds even
record budget presented in 1932, by more than
The emergency 1% special Income tax.
A special 25% increase in inheritance and estate taxes.
4% tax on the net income of all unincorporated businesses, professions
excluded, in excess of $5,000.
»h
A special stock transfer tax of IM cents a share on stocks selling for less
than $20 a share, and two cents on those selling for $20 or more.
A special 1^% franchise tax on business corporations.
Two emergency gasoline taxes of one cent a gallon each, making the
total tax on gasoline four .cents a gallon.
A
972
Financial
Chronicle
In opening his message, the Governor once again declared that
during
his administration the State had lived well within its income, each
HOMEWOOD, Ala.—BOND REFUNDING PLAN CONTEMPLATED—
an "operation surplus" sufficient to wipe out a part of the deficit.
Economic recovery, having reached a point where improved
earnings and
business activity were being shown in the State's revenue, he
continued, it
time the
State
thought not only of adopting
6,
It is
said that a meeting of the City Council will be held on Feb. 8 to
consider plans for refunding $1,000,000 of bonds at reduced interest rates.
year
showing
was
Feb.
MONTGOMERY COUNTY (P. O.
Montgomery), Ala.—CORRECTION
is stated by Ward, Sterne & Co. of Birmingham, that the report
appearing in these columns early in January, dealing with the autnorization of $740,000 County Board of Education refunding bonds—V. 144,
p. 483—was incorrect to a certain extent.
We had reported that the pur—It
a
pay-as-you-go policy
but of liquidating as soon as possible all debts that could be ascribed to the
depression.
Taking up the troublesome deficit question, Mr. Lehman pointed out
see it reduced to $21,869,040, while if his
predictions
of income were correct June 30, 1938, should see it wiped out and a
surplus
of $4,040,909.65 in the treasury.
Of this amount, however, he added,
about $3,115,000 would be needed to meet the State's share of the social
security program, which the Legislature was expected to pass shortly.
In addition to the above tax recommendations, Mr. Lehman advocated:
1—Appropriations totaling $365,555,789.60, an increase of $67,851,409.35
over the 1936-37 budget.
2—A tax program to yield $379,019,711.26.
3—An appropriation of $20,000,000 for unemployment relief and initia¬
tion of a "pay-as-you-go" plan for continuance of aid to the
jobless.
4—An appropriation of $123,057,804 for State aid to
education, an in¬
crease of $2,138,186.39
over last year.
5—State aid to municipalities totaling $137,859,072.72, an increase of
$4,000,000.
6—A broad highway construction maintenance and farm-to-markets roads
program calling for State expenditures of $33,000,000.
Anticipated Federal
grants and funds already available were expected to swell the total to
$80,000,000.
*17—Provisions for $3,000,000 to finance social security.
8—An appropriation of $1,000,000 to complete the
program for establish¬
ment of an eight-hour day for all institutional
employees.
9—An increase of
,000,000 in appropriations fo maintenance of State
for
that June 30 should
Eose of the proposed issue as being "to refinance operating deficits which
ave accumulated over a period or years."
We now understand that the
real purpose of the action is to refund the present existing indebtedness of
the Board which consists only of $740,000 of interest
bearing time warrants
maturing in annual instalments through 1947.
TUSKEGEE. Ala.—BOND ISSUANCE UPHELD—The
proposed issu¬
ance of $72,000 revenue anticipation bonds to make available a
grant of
Public Works Administration funds to cover the cost of a water works
system, is reported to nave
Court.
been upheld recently by the State Supreme
•
.
TUSCALOOSA,
Ala.—BONDS SOLD—The $20,000 issue of 4%
coupon semi-ann. refunding improvement bonds offered for sale on Feb. 2—
V. 144, p. 809—was purchased at par by the sinking fund,
according to the
City Clerk. Dated Feb. 1, 1937. Due from Feb. 1, 1940 to 1947 incl. am
<•
California Municipals
w
DONNELLAN & CO.
wards.
10—Increased appropriations for
15 of the State's 18 departments.
111 Sutter St.
Social
Security Bill Tentatively Approved—Governor Leh¬
Albany on Feb. 1
agreed on several amendments to the social security bill,
according to report. It is said that the changes are mostly
in phraseology and do not alter the provisions of the measure.
Speedy passage of the bill was forecast as a result of this
agreement, attended by both Democratic and Republican
leaders.
The bill has already passed the Senate, where it
passed last year but was defeated in the Republican-controlled
man
Assembly.
Pennsylvania—$4,800,000 for Idle Approved by Governor—
on Jan. 30 signed the first law
passed by the 1947 Legislature, an act appropriating $4,800,000 for support of 450,000 unemployed persons in
February,
according to Harrisburg advices.
It was expected that the
Governor George H. Earle
Governor would order
the
borrowed
sum
from
the
motor
fund, depository of vehicle registration fees and gasoline
taxes earmarked for highway
improvement.
The fund is
said to have a balance of about $20,000,000.
The general
fund owes it more than $17,000,000
previously borrowed for
relief.
The borrowings are payable before the end of the
biennium, May 31.
MOBILE COUNTY,
ALABAMA
BROAD STREET
NEW YORK
Telephone WHitehali 4-6766
GREENVILLE, S. C.
Teletype-8 F 396
CALIFORNIA
ALTURAS,
Calif.—BOND
EXCHANGE
CONTEMPLATED—It
is
reported that an exchange is contemplated on the $154,195 4)4 %
refunding
bonds approved by the voters on Dec. 15, rather than a
public sale.
Before
these bonds
can
be issued
understand that
we
CARMICHAEL
test of their
a
be required, so that they will not be avilable for
some
validity will
time.
IRRIGATION
DISTRICT
(P.
O.
Carmichael),
Calif.—BOND ELECTION—It is reported that an election will be
held
on Feb. 13 in order to vote on the issuance of
$53,000 in irrigation bonds,
(The Reconstruction Finance Corporation has authorized a loan in the same
amount, for refinancing.)
CARPINTERIA
Santa
UNION
GRAMMAR
SCHOOL
DISTRICT
(P.
O.
Barbara), Calif.—BONDS DEFEATED—At an election held on
Jan. 22, the voters are said to have defeated the
proposed issuance of $77,000 in school bonds.
CITRUS HEIGHTS IRRIGATION DISTRICT
(P. O. Roseville),
Calif.—BOND ELECTION—An election is reported to be scheduled
for
Feb. 20, to vote on the issuance of $86,000 in
refunding bonds.
A loan in
this
amount has been
Finance Corporation.
KERN
COUNTY
authorized
(P.
O.
for
refinancing by the Reconstruction
Bakersfield)
Calif.—BOND
SALE—The
$63,000 issue of Lost Hills School District bonds offered for sale on Feb. 1—
V. 144, p. 809—was purchased by Blyth & Co. of San
Francisco, as 3)4s,
paying a premium of $65.00, equal to 100.10. No other bid was
received,
according to the County Clerk.
SAN
price to yield 3.25 to 4.30%
McALISTER, SMITH & PATE, Inc.
67
Francisco, Calif.
MONTEBELLO UNIFIED SCHOOL DISTRICT
(P. O. Los Angales),
Calif.—BONDS VOTED—At the election held on Jan. 15 the voters
are
said to have approved the issuance of the
$300,000 in school bonds.
General fund 4)4% bond
due 1941 to 1966
.
San
Telephone Exbrook 7067
and legislative leaders in conference at
BERNARDINO
(P. O.
San
Bernardino), Calif.—
1947, inclusive.
SAN
(P
O.
FRANCISCO—OAKLAND
BAY
San Francisco), Calif.—FEDERAL
INTEREST
CHARLESTON, S. C.
COUNTY
BOND OFFERING—Sealed bids will be received until
11 a. m. on Feb. 15
by the County Clerk, for the purchase of a $250,000 issue of San Bernardino
High School District bonds. Int. rate is not to exceed
4%, payable J. & J.
Dated Jan. 1, 1937.
Due from Jan. 1, 1938 to
IN
BONDS—We
quote
in
part
BRIDGE
AUTHORITY
RULING REVIVES
TAX
as
follows
from
an
article
appearing in the "Wall Street Journal" of Feb. 4,
dealing with the possible
sale to investment houses of bonds of the above
named
Authority:
Bond Proposals and Negotiations
"Recent ruling of the Internal Revenue
Department that bonds of the
San Francisco-Oakland Bay Bridge
Authority are not subject to taxation
has renewed interest in the
$55,000,000 bonds held by the Reconstruction
Finance Corp.
"There has been little question in the monds of
investment bankers that
these obligations were tax free, but the
ruling of the department holding
bonds issued by the Marine
Parkway Authority subject to transfer and bond
issuance taxes had created some doubt as to the
attitude of Washington on
the San Francisco issue.
"In addition to the $55,000,000 which is held
by the RFC, the Authority
has under consideration plans to issue
$22,000,000 for completion of rail
Several attempts have been made in the
past to market these
bonds publicly, but dealers were anxious first to
settle several management
facilities.
ebt charges."
Suestions, principally that of freezing bridge tolls at a level designed to meet
SAN DIEGO COUNTY
ACQUISITION AND IMPROVEMENT DIS¬
TRICTS (P. O. San Diego), Calif.—CASH
SETTLEMENT FOR BONDS
—Cash settlements have been made on three
acquisition and improvement
district bonds of San Diego
County, according to an announcement by
T. B. Young, Manager of San
Organization,
Diego Improvement District Refunding
subsidiary of Morrison Bond Co., Ltd.
was settled at 22)4 cents
per dollar value, District No. 23
47)4 cents and District No. 44 at 83)4 cents.
These
a
District No. 15
was
settled at
compared with 15 cents, 15 cents and 50 cents
San
as
Diego County refunding plan.
prices
proposed under the original
Settlement agreement has
District No. 34.
Under the
also been reached on Road
Improvement
original plan, a settlement of 40 cents
per
Under the San Diego Improvement
District
Refunding Organization plan, settlement will shortly be made on the
basis
of 64 cents cash and a pro rata nterest in a
five-year, 3)4% deed of trust
covering 83 parcels of property.
The deed of trust carries a stipulated
release price destined to pay par flat, less a
service charge of $50 per bond
Failure to pay interest or future taxes will
place the deed of trust in default
and thereby permit bondholders to
acquire the collateral assets behind the
bonds on foreclosure proceedings.
Rapid progress is being made on other defaulted San
Diego A&I and
RDI bonds, and the refunding organization
hopes to be able to make cash
settlements on these in the near future.
dollar
ARKANSAS
ARKANSAS, State of—REPORT ON PROPOSED BOND REDEMP¬
TION—It is said that estimates will be made about Feb. 8
by the State
Refunding Board as to the total of redemption accounts available as of
Feb. 25 for the purchase of highway debt obligations on tenders.
It will
be the first purchase of the calendar year and also the first in the adminis¬
tration of Gov. Carl E. Bailey.
Charles D. Hill, Supervisor, is
reported
descriptions of highway debt.
VOTED—At the election held on
to have said that purchases will be made in all
LITTLE
ROCK,
Ark.—BONDS
Jan. 26—V. 144, p. 134—the voters are said to have
approved the issuance
of
$508,000 in bonds, divided as follows: $468,000 municipal auditorium;
$25,000 public library, and $15,000 Negro Park Center bonds.
ALABAMA
CRENSHAW COUNTY (P. O. Luvcrne), Ala.—WARRANT SALE—
Marx & Co. of Birmingham have purchased and are now
offering tolinvestors
$130,000 3%% warrants, of which $19,000 are issued for school
building
Eurposes and $11,000Denom. $1,000 and $500. of Dated Jan. 15, school
to refunding a like amount outstanding# % 1937,
ullding warrants.
Principal and semi-annual interest payable at the Central Hanover Bank
& Trust Co.. New York.
Due serially from 1938 to 1956.
Legality is
approved by Storey, Thorndike, Palmer & Dodge of Boston.
FINANCIAL STATEMENT (as officially
reported)
Actual value of taxable property, 1936
Assessed value of taxable property, 1936 (60%
actual)
Total indebtedness of School Board (these issues)
Population 1930 Census, 23,656,
"
,
"
value
SIERRA
was
COUNTY
(P. O. Downieville), Calif.—BOND SALE EX¬
Clerk, that the sale of
TENDED—It is stated by F. H. Turner,
County
the $12,000 not to exceed 5% semi-annual.
bonds, scheduled for Feb, 1,
as
Allegheny School District
144, p. 810—has been
noted here— Y.
extmided^to March 1. Dated March 1, 1937.
Due $1,000 from March
1,
TULARE COUNTY SCHOOL DISTRICTS
(P. O. Visalia), Calif —
BOND OFFERING—Sealed bids will be received until
10 a. m on Feb 6
by Gladys Stewart, County Clerk, for the purchzse of the following
issues of
bonds aggregating $120,000:
$60,000 Lindsay Unified School District bonds.
Due $4,000 from Feb 6
9A
1928 to 1952.
130,000 Orosi Union" High School District bonds.
Due on Feb
6 as
^
follows: $1,000, 1941 to 1947; $2,000, 1948 to
1954, and $3,000,
1955-to 1957.
30,000 Woodlake Union High School District bonds.
Due on Feb 6 as
foUowEU $;2,000, 1938 to 1945; $4,000, 1946, and
$5,000 In 1947
i~4
*
Denom.
$1,000*.
payable F. & A.
Treasurer's office.
$7,050,506
4,230,301
130,000
proposed.
for,
Dated Feb. 6, 1937.
Int. rate is not to exceed
5%,
Prin. and int. payable in lawful
money at the County
A certified check for 5% of the
amount of bonds bid
payable to the Chairman of the Board of Supervisors,
Ak(This report supplements the offering notice given in
—V.il44, p. 810.)
must accompany
our
issue^of Jan. 30
Volume
Financial
144
obligations previously approved by freeholders.
Homesteads which were
subject to taxation when the original bonds were issued remain taxable for
retiring the refunding bonds.
The General Refunding Act of 1931, the
Court stated, authorized refunding bonds even though an approving elec¬
Rocky Mountain Municipals
tion has not been held.
ARIZONA—COLORADO—IDAHO—MONTANA
NEW MEXICO
JACKSON COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
69
Fla.—BOND OFFERING—The Board of Public In¬
Feb. 26 for the
purchase of a $500 4% bonds of Special Tax School District No. 69. Dated
Jan. 1, 1936. Interest payable Jan. 1 and July 1. Due Jan. 1, 1957.
WYOMING
—
973
Chronicle
(P.
O. Marianna),
struction of Jackson County will receive bids until 10 a. m.
DONALD F. BROWN & COMPANY
DENVER
Telephone: Keystone 2395
—
LAKELAND,
Fla.—BOND
REFUNDING
PROGRAM
The program calls for refunding about $1,000,000 in
terest at 40 cents on the dollar, with no interest on this total for
estimates.
COLORADO
DELTA, Colo.—
MUNICIPAL
CONSTRUCTION AUTHORITY UP-
COUNTY
SCHOOL
DISTRICT
6
NO.
(P.
Fort
O.
Collins), Colo.—BOND CALL—The County Treasurer is said to be
calling for payment at his office on March 1 4M% school bonds numbered
31 to 40.
Denom. $1,000.
Dated March 1, 1924.
LAS ANIMAS COUNTY SCHOOL DISTRICT NO.
(P. O. Trini¬
dad), Colo.—BONDS NOT REDEEMED—It is reported that school
bonds, dated Jan. 1,1922, numbered 8, 36 to 60, 66, 119 and 123, called for
payment on Jan. 1, at the office of Brown, Schlessman, Owen & Co. of
Denver, are still outstanding.
Due on Jan. 1, 1952, optional on Jan. 1,
1
1937.
Also, 4H% bonds, dated July 1, 1910, numbered 71, 81 to 83, 86 and 87,
on Nov. 1,1936, are still outstanding.
Due on July 1,1940, optional
called
on
July 1, 1925.
RIO GRANDE COUNTY SCHOOL DISTRICT NO. 9 (P. O. DeNorte), Colo.—BOND CALL—It is reported that ail school bonds of the
1917, were called for payment on Feb. 1, on which date
issue dated Aug. 1,
interest shall cease.
SAGUACHE
COUNTY
Colo.— WARRANTS
SCHOOL
CALLED—The
DISTRICTS
County
O.
(P.
Saguache),
is said to have
Treasurer
called for payment on Jan. 23 at his office the following registered warrants:
All warrants drawn on the General
School Minimum Salary Funds
(every school district) registered prior to Feb. 1, 1936.
Also the following special school fund warrants:
School District No. 4, registered prior to Oct. 1, 1934.
School District No. 26, registered prior to May 1, 1936.
School District No. 27, registered prior to Dec. 1, 1935.
MARION
COUNTY
(P. O. Ocala), Fla.—INTEREST RATE—It is
Clerk of the Board of Commissioners that the $83,000 re¬
funding bonds sold to D. F. McRae & Co. of Jacksonville, and the RobinsonHumphrey Co. of Atlanta, jointly, at a price of 100.78, as noted here re¬
cently—V. 144, p. 644- -were purchased as 4Ms, giving a basis of about
Due on Feb. 1, 1954.
4.68%.
Dated Feb. 1, 1937.
stated by the
MIAMI, Fla.—DEBT REFUNDING PLAN VIEWED AS DOUBTFUL
"Wall Street
indebtedness
—We quote in part as follows from an article appearing in the
Journal" of Feb. 4, dealing with the proposed refunding of the
of the
above named city:
"Reports from Miami that a group of New York and Chicago invest¬
proposed the refunding of that city's entire indebtedness,
approximating $28,800,000, on a lower interest basis have been accepted
with reservations by the financial district.
ment firms had
"In most circles it is contended that talk of refunding on a
and
a
continuance of the gains in general business
"However, the present market for outstanding Miami bonds would seem
to preclude the possibility of an early refunding on a 4% basis.
Miami's
5% bonds are currently quoted at 97 M to 98; the 4 Ms are about 96 and the
4Ms at 94M. At these prices they are yielding between 4.85% and 5.20%,
a level which dims the prospects of a
refunding at or near 4%. Coupon
rates on the outstanding bonds of the city range between 4M% and 6%
and the average rate is 4.97%.
"The reported proposal to the city was to refund the outstanding debt
at 4%, with the interested investment houses offering to pay 99M for the
new bonds when and if issued.
Another offer is said to have been given
COUNTY
(P.
FAIRFIELD COUNTY (P. O. Bridgeport), Conn.—
SALE—
principal, series B Merritt
Parkway construction bonds offered on Feb. 1—Y. 144, p. 644—were
awarded to a syndicate headed by Halsey, Stuart & Co., Inc. of New York
and including the Bancamerica-Blair Corp., Stone & Webster and Blodget,
Inc., Phelps, Fenn & Co., Spencer Trask & Co., Goldman, Sachs & Co.,
B. J. Van Ingen & Co., Inc., Darby & Co., Gregory & Son, G. M.-P.
Murphy & Co., Charles D. Barney & Co., Newton, Abbe & Co., Inc.,
Morse Bros & Co., Inc., First of Michigan Corp., all of New York, R. F.
Griggs Co. of Water bury and Goodwin Beach & Co. of Hartford, on a bid
of 96.927, a basis of about 2.17%.
A syndicate headed by the Bankers
Trust Co. of New York was second high with a .bid of 96.429.
Dated
Jan. 1, 1937.
Due $568,000 yearly on Jan. 1 from 1938 to 1952.
headed by
Halsey, Stuart & Co., Inc. is offering at prices to yield 0.60 to 2.30% an
issue of $8,520,000 Fairfield County, Conn., 1M% Merritt Parkway bonds,
due tfUUOtUUU aiuiuauj tiau, JL» 1938-1952 incl.
$568,000 annually Jan. 1, aoua*7kjxj
The bonds, in the opinion
of the bankers, are legal investment for savings banks and trust funds in
BONDS OFFERED FOR INVESTMENT—A banking group
uuu
«
i
York and Connecticut.
Associated in the offering group are Bancamerica-Blair Corp.; Stone &
Webster and Blodget, Inc.; Phelps, Fenn & Co.; Spencer Trask & Co.;
New
Goldman, Sachs & Co.; B. J. Van Ingen & Co., Inc.;.Darby & Co., Inc.:
Gregory & Son; G. M.-P. Murphy & Co.; Chas. D. Baraiey & Co.; Newtsn,
Co., Inc.; First Michigan Corp.; R. F. Griggs
Co., and Goodwin Beech & Co.
|.
*
The bonds will constitute, in the opinion of counsel, general obligations
of Fairfield County, payable from unlimited ad valorem taxation.
They
Abbe & Co.; Morse Bros. &
,
Dade
additionally secured by the agreements of the State of Connecticut to
provide funds for the annual amortization and payment of interest upon the
principal sum outstanding.
The net taxable grand list of the county (1935)
aggregated $859,965,777 and the net bonded debt, including this issue, is
officially reported as $14,832,291.
F.
Brunicardl,
City
Comptroller, will receive bids until 5 p. m. Feb. 5 for the purchase at not
less than par of $36,000 school bonds.
Interest rate is not to exceed 4%
Denom. $1,000.
Dated Feb. 1, 1937.
Due $5,000 yearly on Feb. 1 from
1938 to 1944, incl.
Cert, check for 1 % of amount of bonds bids for, payable
City Treasurer, required.
Fla.—SEALED TENDERS
Cochrane, Chairman of the Board
sealed offerings on Feb. 15,
City).
of County Commissioners, that he will consider
at 11 a. m., of the following issues:
County-wide road and bridge refunding bonds, dated Oct. 1, 1932.
Highlands Special Road, and Bridge District road and bridge refunding
bonds, dated Oct. 1, 1932.
Special Road and Bridge District No. 1, road and bridge refunding bonds,
dated Oct. 1, 1932.
Gulf Special Road and Bridge District, road and bridge refunding bonds,
dated Oct. 1, 1932.
The amount of bonds of each issue to be purchased will be determined
by the Chairman and offerings must be firm for at least 10 days in order to
be considered.
PINELLAS COUNTY (P. O. Clearwater), Fla.—DEBT REDUCTION
County Commissioners have adopted a
PLAN ADOPTED—The Pinellas
plan intended to reduce the county debt by more than $1,500,000.
As
a first step the Board will ask the State Legislature for an Act enabling it
to cancel $1,336,000 in county bonds under the Futch law, affecting de¬
linquent taxes.
The county debt, Clark McQuagge of the Board said,
already is below the $10,000,000 mark, for the first time since the boom
days.
GEORGIA
LAVONI A, Ga.—BOND ELECTION—An election is said to be scheduled
for March 10, to vote on the issuance of $19,000 in bonds, divided as
ollows:
$16,000 paving, and $3,000 water system bonds.
IDAHO
are
to the
O.
INVITED—It is announced by Stanley
The $8,520,000 1 M% coupon, registerable as to
OFFERING—Wm.
and winter tourist trade,
credit rating.
which have been noticeable, should enhance the city's
PASCO
Conn—BOND
4^ basis—
the figure stipulated in the reports—is at best premature.
Miami has
made considerable progress toward credit improvement in the past two years,
to the city for a refunding at 4M % interest.
The second suggestion, itjs
understood, was turned down when the higher offer was received."
CONNECTICUT
NOR WALK,
back in¬
the first
It calls for issuance of new bonds, at dollar for dollar, on out¬
standing principal of some $6,500,000, with a graduated interest rate over
a 30-year period.
10 yqars.
HELD—The State Supreme Court is said to have upheld the right of the
city to construct a municipal lighting plant.
The city Council is reported
to have passed an ordinance providing for the issuance of $162,000 in 5%
revenue bonds for the project.
(An allotment of $197,000 for the project
has been approved by tbe Public Works Administration.)
LARIMER
EFFECT
TO
LARGE SAVING—The City of Lakeland will save about $500,000 through
carrying out its own bond refunding program, City Attorney A. R. Carver
Teletype: Dnvr 580
COUNTY INDEPENDENT SCHOOL DISTRICT
O. Idaho Falls), Idaho—BOND SALE DETAILS—It is now
reported by the District Clerk that the $85,000 school bonds sold to Sudler,
Wegener & Co. of Boise, as noted here recently—V. 144, p. 811—were
BONNEVILLE
NO. 1 (P.
1937.
?urchased Due from Jan. 1, 1938 2Ms, and $53,000 as 2Ms. Dated Jan.
as follows: $32,000 as to 1957.
i
CANYON
reported
COUNTY
that
the First
(P. O. Caldwell) Idaho—BONDS SOLD—It is
National Bank of Caldwell has purchased the
following bonds aggregating $95,000:
$55,000 tax anticipation bonds at 1 M %. Dated Feb. 1,1937.
40,000 tax anticipation bonds at 1M%. Dated Aug. 1, 1937.
GOODING COUNTY INDEPENDENT SCHOOL DISTRICT No. 35
BONDS
FLORIDA
(P.
Clyde C. Pierce Corporation
Barnett National
JACKSONVILLE
Bank Building
....
Wendell).
Idaho—BONDS
NOT
S OLD—REOFFERED—T he
from 1939 to 1945; $1,000 on Jan. 1 and $1,000 on July 1 in
1946; and $2,000 Jan. 1,1947. Cert, check for $750, payable to the District
Sale will not be made at less than par.
of the years
FLORIDA
Branch Office: TAMPA
Treasurer, required..
T. S. Pierce, Resident Manager
First National Bank Building
O.
$15,000 school building bonds offered on Jan. 15—V. 144, p. 312—were not
sold.
A new offering of the issue will be made on Feb. 26 at 8 p. m„ at
which time H. D. Jackson, Clerk of the Board of Trustees, will receive
bids.
Interest rate is not to exceed 4%.
Denom. $500.
Dated Jan. 1,
1937.
Due $500 July 1, 1938; $1,000 on Jan. 1 and $500 on July 1 in each
IDAHO,
State
of—BETTERMENT
IN
FINANCIAL
POSITION
REPORTED—A sharp increase in cash and a reduction in outstanding debt,
favorable developments brought out in the biennial report of Ida¬
are two
ho, issued by State Treasurer Myrtle P. Enking.
Florida
EEDY.
Oriamcio,
Beginning the fiscal period, October 1, 1934, the state had cash in the
$4,395,630 as of Sept. 30,
Receipts for the biennium totaled $45,523,557 while disbursements
were $43,630,517.
During the period the state reduced its bonded debt $848,000, from
$3,068,500 to $2,220,500.
There were no general fund notes outstanding
either at the beginning or at the end of the period, although $500,000 was
sold during the term.
Short term obligations issued against the highway fund totaled $300,000
on Oct. 1, 1934 but were paid off before the end of the period.
Registered
warrants outstanding at the beginning of the biennium totaled $1,131,491.
An aggregate of $35,769,495 were sold during the period, but $36,340,392
were redeemed and the state closed the year with $560,594 outstanding,
a reduction of $570,897 during the period.
As of Sept. 30, 1936, tbe state
had $329,105 in the bond interest and redemption fund.
treasury of $2,502,590, which was increased to
Municipals
last.
WHEELER&CO.
8
Fla.
^
/f-A
Lr fp t*.' v
FLORIDA
j^C REST VIEW, Fla.—BOND SALE—The two issues of bonds aggregating
$23,000 offered for sale on Jan. 30—V. 144, p. 810—were purchased by the
''W. O. Brannon Construction Co., according to the Town Clerk.
The
issues are divided as follows:
.
$18,000 6% town hall and jail bonds.
5,000 6% town hall and jail bonds.
DADE COUNTY (P. O.
-It is stAtftd
hv W.
,
On April
Due from July 21, 1944 to 1946.
1940 to 1946.
Sr.. Chairman
TENDERS INVITED
of the Board of Public
ln-
1920, numbered 61
to 70.
....
1—School building bonds, dated April 1, 1919, numbered 106
to 120.
Due from Oct. 1
Miami), Fla.—SEALED
H. Combs.
„„
,
„
TWIN FALLS COUNTY SCHOOL DISTRICT No. 1 (P. O. Twin
Falls), Idaho—BOND CALLS—S. H. Graves, District Treasurer, states
that the following bonds are being called for payment:
On March 1—School building bonds, dated March 1,
On July 1—Funding bonds, dated July 1, 1919, numbered 43 to 48.
Interest ceases on dates called.
Payable at the office of the District
Treasurer.
ILLINOIS
w
and must be identified
BARRY, III.—BONDS VOTED—At a recent special election the voters
approved a proposal to issue $25,000 sewer system bonds.
by series.
DAYTONA BEACH, Fla.—DETAILS
ON RECENT COURT DECISION
Court validated the issuance of
—A recent decision of the State Supreme
$3,055,600 of refunding bonds by the above city, as noted
The refunding bonds, the Court said, are not new bonds,
in these columns.
but extensions of
CANTON, 111.—BOND SALE—An issue of $11,400 4% funding bonds
A. Lowther, Inc., of Chicago at a price of par.
has been sold to Harry
Due July
1,1956.
974
Financial
Chronicle
The bonds
valorem taxes
on all of its taxable
property.
The warrants mature on June 1, 1937.
Municipal Bonds of
INDIANA
ILLINOIS
MICHIGAN
IOWA
WISCONSIN
PERRY SCHOOL
//nc.
MUNICIPAL BOND DEALERS
Chicago
State 0540
TOWNSHIP, Marion County, Ind .—PROPOSED
BOND ISSUE—A resolution was
adopted on Jan. 27 authorizing the
issuance of $10,000 bonds for school construction
purposes.
They would
bear interest at not more than 4% and mature
serially in from 1 to 10
years.
The township reports a net assessed valuation of taxable
property
of $10,269,560 and a bonded
debt, exclusive of the projected issue, of
Bought—Sold—Quoted
135 So. La Salle St.,
Feb. 6, 1937
direct obligations of the
county, payable from unlimited ad
are
$189,480.
SPICELAND SCHOOL TOWNSHIP (P. O.
Teletype CGO. 437
ILLINOIS
VANDERBURGH
P CHICAGO PARK DISTRICT, III.—BOND CALL—The district has
formally called for redemption on March 1 of $3,880,000 series B
bonds,
numbers B1 to 3957, incl.
No tenders were received on March 28 in
response to the district's offer to purchase a
similar^amount„of its series A,
B, C.and D refunding bonds at not more than par.
—The
issue
COUNTY
of
Iowa
$
MATTOON.
III.—BOND ELECTION—The City Council has called an
election for Feb. 16 at which a
proposal tojssue $170,000 sewerage revenue
bonds will be submitted to the voters.
MAYWOOD, III.—BONDS OFFERED TO INVESTORS—II. C. 'Speer
Sons Co., Chicago, are
offering an issue of $180,000 Maywood, 111.
&
works
and sewerage revenue
4% bonds, due serially May 1, 1938
to 1966, inclusive, at prices tp
yield 1.25% to 3.30%.
Proceeds from the sale of these bonds are to be used
to improve and
enlarge the municipally owned water works and sewerage system,
princi¬
pally by construction of two water-softening plants.
For
Maywood operated its
many
water
years
works
property alone.
In November, 1935
the village included the
sewerage system with their water works system,
and since then have been
operating both with no additional
charge being
made for sewerage service.
fiscal
year
1936
amounted
to
$52,587, before deductions.
For
t^TJNTY
(P.
O.
INDIANA
M BATES VILLE
SCHOOL CITY, Ind.—BOND OFFERING-—Bids will
be received by the Secretary of the School
City until 2p.m. Feb. 20 for
the purchase of an issue of $26,950 bonds.
ELKHART,
Ind.—BOND CALL—Herbert P. Sisterhen, City Clerk,
that $312,000 5% series B water works bonds will be redeemed
April 1, 1937, at the place of payment indicated on the face of the
announces
on
estate
awarded to
purchase bonds
offered on Feb. 1—V. 144, p. 485—were
Dewees & Ehrman at par, plus a premium of $459.70,
equal to 103.064, a
basis of about 2.57%.
Huyck & Co. of Chicago were second high, bidding
premium of $426.
Dated Feb. 1, 1937.
1952, incl.
a
Due $1,000 yearly
on
Jan.
1
from 1938 to
r*HANCOCK
on
Jan. 27 to the
BONDS SOLD—The $9,000 water
White-Phillips Co. of Davenport,
2Ms, at a premium of $160, equal to 101.77—V. 144, p. 811—are
coupon
bonds in the denomination of $500 each, dated Feb.
as
1, 1937.
Interest
Due $500 yearly beginning Feb. 1, 1939.
payable Feb. 1 and Aug. 1.
BRITT, Iowa—BOND OFFERING—D. E. Williams, Town Clerk, will
receive bids until 7:30 p.m.
Feb. 8, for the purchase at not less than par of the
following bonds:
$38,387.67 special assessment sewer bonds. Dated Nov. 9, 1936. Interest
payable annually on May 1.
Due yearly on May 1 from 1938
to 1947.
11,000.00 sewer outlet and disposal plant bonds.
Dated
Interest payable semi-annually on
May 1, and
yearly on Nov. 1 from 1937 to 1957.
20,000.00 general obligation sewer bonds. Dated Nov. 1,
payable semi-annually on May 1 and Nov. 1.
Nov. 1 from 1938 to 1946.
7,700.00 town improvement fund bonds.
payable semi-annually on May
Nov. 1 from 1941 to 1952.
15,000.00 water works revenue bonds.
Nov.
1, 1936.
Nov.
1.
Due
1936. Interest
Due yearly on
Dated Nov. 1, 1936.
Interest
1 and Nov. 1. Due yearly on
Dated
Feb.
1,
1937.
Interest
tayable 1938, 1939 and 1940; and $1,500, 1941Aug.1948; redeem¬
1 as follows:
1,000, May 1 and Nov. 1. Due serially on
to
able
Bidders
on
and after Feb.
are to name rate
1, 1942.
of interest.
The town will furnish the bonds and
approving legal opinion.
FORT
DODGE, Iowa—BOND SALE—The $231,000 issue of coupon
sewerage plant bonds offered for sale on Jan. 25—V.
144, p. 485—was
finally awarded on Jan. 29 to the Iowa-Des Moines National Bank & Trust
Co. of Des Moines, as 2Ms. paying a premium of
$1,245, equal to 100,539,
according to the City Clerk.
A premium of $1,240 on 2Ms, was tendered
by Shaw, McDermott & Sparks, of Des Moines.
The bonds are 2M% coupon bonds in the
denomination of $1,000 each.
Dated Feb. 1, 1937.
Interest payable May 1 and Nov. 1.
Due serially
to 1956.
JOHNSON COUNTY (P. O. Iowa
City), Iowa—BOND SALE—The
$11,000 issue of funding bonds offered for sale on Jan. 29—V. 144, p. 812
a
WAYNE, Ind.—BOND SALE—The $15,000 3% park real
Ames) Iowa—BOND ELECTION
already
works bonds awarded
time
FORT
Sioux City
Sioux Palls, S. D.
Teletype: DE8M 31
ANKENY, Iowa—DESCRIPTION OF
—was
dated Oct. 1, 1926, numbered from 1 to 90; 96 to
131; 137 to 272 all incl.;
$50,000 dated Oct. 1, 1927, numbered 273 to 322 incl.
Denom. $1,000.
Interest nayable A. & O.
T.
approved.
instruments.
All unmatured coupons shall be attached to the bonds at the
of presentation for payment.
The total includes $262,000 bonds,
A
IOWA
expenses.
111.—BOND SALE—The
White-Phillips Co. and Vieth, Duncan, Worley & Wood, both of Daven¬
port, have purchased an issue of $45,000 poor relief bonds.
T.
AMES SCHOOL DISTRICT (P. O.
the
Winchester),
Davenport
Iowa City
CONTEMPLATED—It is stated by F. B. Howell, District
Secretary, that
an election may be held within the next 60
days to vote on $100,000 in
school bonds, to be used on a Public Works Administration
project
feaThese bonds constitute valid and binding obligations of the
Village of
Maywood and an ordinance has been passed to collect such rates as will
produce sufficient income at all times to pay principal and interest on these
SCOTT
MOINES
Ottumwa
A.
1937 fiscal year, net income amounted to
$31,460 before
charges.
Annual average principal and interest requirements on all revenue
bonds, including this issue, is $28,190.
In addition, a depreciation
fund has been established into which
monthly deposits will be made.
Das Moines Building
Cedar Rapids
first half of the
bonds, operating and maintenance
as
Municipals
DES
Waterloo
teNet income of the water works for the fiscal year ending April 30,1934
amounted to $65,240 before deductions for
depreciation, interest and princi¬
pal requirements.
In 1935, net income amounted to $83,878, also before
charges.
In May, 1935 the water rates were reduced and net income for
the
on
Polk-Peterson Corporation
report.
WJASPER COUNTY (P. O. Newton), 111.—BOND SALE DETAILS—
The $140,000 4% road bonds sold to the H. O.
Speer & Sons Co. of Chicago,
as reported in a
previous issue, are dated Jan. 1, 1937 and mature Dec. 1
as follows:
$5,000, 1938 to 1940 incl.: $6,000, 1941; $8,000, 1942; $9,000 in
1943 and 1944; $10,000, 1945; $11,000 from 1946 to 1948
incl.; $12,000 in
1949 and 1950, and $13,000 in 1951 and 1952.
Principal and interest
(J. & D.) payable at the First National Bank. Chicago.
Legality approved
by Chapman & Cutler of Chicago.
IL LASALLE, III.—BOND SALE—An issue of $33,000 water revenue bonds
was sold
recently to Stifel, Nicolaus & Co. of St. Louis, at a price of 103.30.
Legality approved by Chapman & Cutler of Chicago.
Feb. 20
noon
(P. O. Evansville), Ind.—BOND SALE
$100,000 jail and annex improvement bonds offered
Feb. 4—V. 144, p. 645—was awarded to A. S.
Huyck & Co. of Chicago
3 Ms at par plus a premium of $1,380, equal to 101.38.
EVANSTON ^TOWNSHIP HIGHISCHOOL DISTRICT
NO.\202
(P. O. Evanston), 111.—ADDITIONAL DETAILS—The $200,000 tax
anticipation warrants of 1936 sold last December to Kirkstein & Co. of
Chicago at par plus a premium of $10 bear interest at
1M%. not 1.70%
as
previously reported, and will mature in less than one year, according to
water
Spiceland), Ind.—BOND
OFFERING—The Township Trustee will receive bids
until
for the purchase of an issue of $27,000 bonds.
"
awarded
to
the Carleton D. Beh Co. of Des
Moines, as 2 Ms,
paying
Dated Jan. 1,
premium of $50, equal to 100.45, a basis of about 2.20%.
1937.
Due from May 1, 1945 to 1947.
KEOTA, Iowa—BOND SALE DETAILS—We are now informed by the
Town Clerk that the two issues of
coupon bonds, aggregating $27,335.19,
on Jan. 25 to the Carleton D. Beh
Co. of Des Moines, as noted
in these columns previously—V.
144, p. 812—are in the denominsation of
$500 each.
The issues are divided as follows:
$8,000 3M% general bonds,
dated Jan. 1, 1937, and $19,335.19
5% street improvement bonds, dated
Dec. 3, 1936.
Due serially over a period of 20 years.
Interest payable
M. & N.
awarded
COUNTY (P. O. Greenfield). Ind.—BOND SALE—
The $2,136 6% Pott's Ditch construction bonds offered on Jan.
30—V. 144,
LEON, Iowa—BOND SALE—The $7,848.70 coupon bonds described
below, which were offered on Jan. 29, were awarded to
Sargent Bros, of
S. 485—were awarded to the Mohawk Statebond annually on Dec. 1Dated
Bank, the only bidder. from
1, 1937.
Denom. $213.60.
Due
$5,848.70 5% street improvement bonds.
an.
one
1937 to 1946 incl.
HUNTINGTON,
to 1946.
Ind.—LOSES
POWER PLANT SUIT—'The State
Supreme Court on Feb. 3 upheld an injunction granted to the Northern
Indiana Power Co. in its fight to prevent
competition from a municipal
electric light plant.
The injunction, issued by Special Judge David E.
Smith of Fort Wayne, sustained the utility's contention that under a certifi¬
cate obtained from the Public Service Commission it had the sole
right to
distribute electric current in the city.
The municipality began negotations
last year toward having th6 Public Works Administration finance the
plant.
INDIANAPOLIS, Ind.—LOAN SALE DETAILS—'The $650,000 1%
Indianapolis institutions headed by the Union
sold to a group of
Trust Co., at par plus a
notes
mature
premium of $6.50,
May 17, 1937.—V. 144, p. 811.
JACKSON
SCHOOL TOWNSHIP
(P.
are
O.
dated Jan. 25, 1937 and
Crandall),
Ind.—BOND
SALE—The $13,650 4% school building bonds offered on Jan. 22—V.
144,
135—were awarded to the Old Capital Bank & Trust Co. of Corydon,
p.
at par
plus a premium of $600, equal to 104.394, a basis of about 3.28%.
Due semi-annually from July 15, 1938 to July 15, 1952.
LYONS, Ind.—BOND SALE—The Indianapolis Bond & Share Corp.
of Indianapolis has purchased an issue of $30,000 4% water works revenue
bonds.
Dated Nov. 15, 1936.
Legality approved by Matson, Boss,
McCord & Clifford of Indianapolis.
MARION, Ind.—WARRANT SALE—The $40,000
offered on
National Bank of
The Indianapolis
warrant
Feb. 1—V. 144, p. 811—were awarded to the First
Marion on all M % interests basis, plus a premium of $10.
on
Des Moines at par:
Bond & Share Corp. bid 1M% interest, plus $7.20 premium.
The warrants 1 to the First National Bank of Marion on a 1
M % interest
basis, plus a premium of $10, are to be issued in the denomination of $1,000
each, and carry date of Feb. 1, 1937, payable June 1, 1937.
MARION COUNTY (P. O. Indianapolis), Ind.—BOND OFFERING—
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. m.
Feb. 15 for the purchase of $696,000 not tojexceed 4% interest series A
Due serially on May 1 from 1937
2,000.00 3M% improvement fund bonds.
from 1938 to 1941.
Denom. $200 to $500.
on May 1.
Due $500 yearly on May 1
Dated Jan. 23, 1937.
Interest payable annually
P»MONONA
COUNTY (P. O. Onawa)
Iowa—WARRANT SALE—
A $25,000 issue of 3%
anticipatory warrants was offered for sale on Feb. 3
and was awarded to local
investors, for a premium of $150.00, equal to
100.60.
MUSCATINE
COUNTY
(P.
O.
Muscatine), Iowa—BOND
SALE—
The $18,000 issue of funding bonds offered for sale on
Feb. 1—V. 144, p.
812—was awarded to the Carleton D. Beh Co. of Des
Moines, according
to the County Auditor.
OSKALOOSA INDEPENDENT SCHOOL DISTRICT
loosa),
(P.
O. Oska-
Iowa—BOND SALE—The $60,000 refunding bonds offered on
Feb. 1—V. 144, p. 645—were awarded to
Jackley & Co. of Des Moines as
2 Ms, at par, plus a premium of $100,
equal to 100.166, a basis of about
2.48%. The Carleton D. Beh Co. of Des Moines was second high, offering
a premium of $95 for
2Ms.
Dated May 1, 1937.
Due $15,000 on May 1
from 1946 to 1949, incl.
ROLFE,
Iowa—BOND OFFERING—F.
E.
Grant,
Town
Clerk,
will
receive bids until 8 p. m. Feb. 8, for the purchase of
$4,000 3M% improve¬
ment fund bonds.
Dated Nov. 1, 1936.
Principal and interest payable
at the Town Treasurer's office.
Due on Nov. 1 as follows:
$300,
1937,
1938 and 1939; $400, 1940 and 1941; $300,
1942; and $400, 1943 to 1947.
The bonds and attorney's opinion will be furnished
by the town, m
PI SCOTT
COUNTY
(P. O. Davenport), Iowa—BOND SALE—The
County Supervisors have sold an issue of $45,000 2% funding bonds to the
White-Phillips Corp.; Vieth, Duncan, Worley & Wood, both of Daven¬
port.
Due on Nov. 1 as follows: $4,000, 1940; $31,000, 1941 and
$10,000,
1942.
on
of 1937 advancement fund bonds, issued under Chapter
117, Acts of 1935,
to finance poor relief requirements in the township s in the
county.
The
bonds will be dated March 10, 1937.
Denom. $1,000.
Due as follows:
$35,000
June 1 and Dec. 1 from 1938 to 1946 incl. and $33,000 June 1
and Dec. 1, 1947.
Bidder to name a single interest rate on the issue, ex¬
pressed in a multiple of K of 1%. Interest payable J. & D. A certified
check for 3% of the bonds bid for, payable to the order of the Board of
on
County Commissioners, must accompany each proposal. The joint opinion
Ross, McCord & Clifford, and Smith, Remster, Horn brook &
Smith, both of Indianapolis, will be furnished the successful bidder.
No
conditional bids will be considered.
Delivery and payment for the bonds
to be made by the purchaser on March 10, 1937 at the County Treasurer's
office or at such bank in Indianapolis designated by the successful bidder.
of Matson,
KANSAS
CONCORDIA, Kan.—MATURITY—In connection with the sale of
$17,125.78 park and sewer bonds to the State School Fund Com¬
the
mission, noted in these columns recently—V. 144, p. 646—it is
by the City Clerk that the bonds mature as follows:
$12,000 2M% park bonds.
Due on Sept. 1, 1946.
5,125.78 2M% storm sewer bonds.
Due on June 1, 1946.
JEFFERSON
now
reported
COUNTY
(P. O. Oskaloosa), Kan.—BOND SALE—
The $20,000 2% county poor relief bonds offered on
Feb. 1—V. 144 p
812—were awarded to W. E. Davis & Co. of
Topeka at a price of 100.028*
a basis of about
1.99%.
Dated Feb. 1,1937. Due $2,000 yearly on Feb.
1
from
1939 to 1948, inclusive.
*
9 "
w# A
Volume
Financial
144
ROY, Kan.—BOND SALE—Two issues of bonds,
LE
for waterworks and another of $22,000 for sewers,
Small-Milburn Co. of Wichita.
one
of $31,000
have been sold to the
Kan.—BOND SALE—The $202,000 issue of 2% coupon
WICHITA,
semi-ann. internal improvement refunding bonds offered for sale on Feb. 1—
V. 144. p. 646—was awarded jointly to Lazard Freres & Co., Inc., of New
York, and Callender, Burke & MacDonald, of Kansas City, at a discount
of $347.44, equal to 99.828, a basis of about 2.035%.
Dated Feb. 1, 1937.
Due in approximately equal annual instalments over a 10-year period.
he second best bid was an offer of 99.63, submitted jointly by the
City National Bank & Trust Co. of Kansas City, ahd Stern Bros. & Co.,
also of Kansas City.
KENTUCKY
975
Chronicle
193645
Due Nov. 3, 1937.
Said notes will be authenticated as to genuineness and
validity by The First National Bank of Boston, under advice of Ropes,
Gray, Boyden & Perkins, Boston, and all legal papers incident to this issue
will be filed with said bank, where they may be inspected.
Notes will be
delivered on or about Thursday, Feb. 11, 1937, at The First National
Bank of Boston, 17 Court Street Office, Boston, for Boston funds, and are
payable at The First National Bank of Boston, in Boston, or at the Central
Hanover Bank & Trust Co., in New York City.
119933645
Tax
Uncollected
Levy
$6,986,707.42
7,407,855.40
7.224,195.60
Tax titles, $430,571.15; none
KENTUCKY, State of—BOND SALE—It is now reported by Robert
Humphreys, Commissioner of Highways, that the $250,000 Bridge Revenue
Project No. 11 bonds offered for sale
on Jan. 28, as noted in these columns—
V. 144, p. 486—were purchased by the Security Trust Co. of Lexington.
Dated Feb. 1, 1937.
Due on Jan. 1, 1952, subject to redemption before
Offerings Wanted:
LOUISIANA & MISSISSIPPI
MUNICIPALS
funded. Cash, $727,274.18.
193465
1937.
$1,972,182.16
2,291,716.56
2,204,843.96
Uncollected as of Jan.
Net debt
Department
WHITNEY NATIONAL BANK
NEW ORLEANS,
Ball
Cash
as
Raymond 5409
Teletype N. O. 182
LOUISIANA
BIENVILLE PARISH SCHOOL DISTRICT NO. 16 (P. O. Arcadia)
La.—BOND SALE—The $20,000 issue of 53^% semi-ann. school bonds
offered for sale on Feb. 2—V. 144, p. 64—was purchased by the First
National Bank of Arcadia, according to the Secretary of the Parish School
Board. Dated Jan. 1,1937. Due from Jan. 1,1939 to 1948 incl.
MATIE, La—BONDS NOT SOLD—The $30,000 water works improve¬
Feb. 2.—V. 144, p. 486—were not sold.
The only
an offer of a premium of $33 for 6% bonds, was rejected.
ment bonds offered on
bid received,
Dated Feb. 1, 1937.
on
1,407,523.30
1.260,523.30
22,000.00
30,1937
of Jan. 30,1937
-
-
265,770.78
hand
Notes outstanding from
LA.
30,1937
997.92
6,474.08
676,134.08
Sinking funds
900,000.00
1936 revenue—
Mass.—LOAN OFFERING—Lionel
Bonvouloir, City
Treasurer, will receive sealed bids until 11 a. m. on Feb. 9 for the purchase
at discount of $500,000 notes issued in anticipation of revenue for 1937.
Denoms. $50,000, $25,000, $10,000 and $5,000.
Notes will be dated
Feb. 9, 1937, and payable Nov. 5, 1937 at The First National Bank of
Boston, in Boston, or at The Central Hanover Bank & Trust Co., in New
York City, and will be ready for delivery on or about Wednesday, Feb. 10,
1937, at either of said offices. Said notes will be authenticated as to genuine¬
ness and validity by The First National Bank of Boston, under advice of
Storey, Thorndike, Palmer & Dodge, Boston, and all legal papers incident
to this issue will be filed with said bank, where they may be inspected.
HOLYOKE,
Financial Statement, Jan. 31, 1937
$84,471,330.00
Valuation, J,935
83,514,150.00
285,681.45
207,336.09
20,548.20
1936
Due serially in 18 years.
Tax titles
MINDEN, La.—BOND SALE—The $120,000 light and water plant bonds
recently approved by the voters have been sold by the City Council to the
Peoples Bank & Trust Co. of Minden and the Bank of Minden, jointly.
ORLEANS
PARISH
NAMED—We
are
(P.
informed
O.
New
that
La.—PAYING AGENT
Orleans)
Manufacturers
the
Trust
Co.
of New
York, is paying agent for $1,500,000 Orleans Parish School Board 4% school
bonds, dated Dec. 1, 1927, due from Dec. 1, 1937 to 1967.
Borrowed against
Total uncollected taxes previous to
WAT&R
DISTRICT
(P. O. Rumford),
refunding bonds
offered on Jan. 28 was made to Coffin & Burr of Boston on their bid of
101.20 for 3Hs, a basis of about 3.37%.
The First National Bank of
Boston bid 100.75 and F. S. Moseley & Co. of Boston, 101.07, both for
3Hs.
Dated Feb. 1, 1937.
Due on Feb. 1 as follows
$5,000 from 1941
to 1952; $8,000 from 1963 to 1961, and $40,000 in 1962.
RUMFORD
AND
MEXICO
of
the
$172,000
coupon
Financial Statement, Jan. 1. 1937
The Rumford
and Mexico Water District is comprised of the territory
Included in the Town of Rumford and
$6,173,065.00
-
172,500.00
47,500.00
issue)...
257,500.00
revs,
profits
1936
for
$43,772.32 $42,201.93 $43,656.78 $44,102.14 $43,951.70
years....
Net
1935
1934
for
7,641.03
years
6,892.10
6,719.19
0.68%
0.69%
Gade & Co
Day Trust Co
Jackson & Curtis
0.713%
0.72%
0.75%
Whiting, Weeks & Knowles
0.76%
Leavitt & Co
Merchants National Bank of Boston
METHUEN, Mass.—NOTE SALE—The issue of $175,000 notes offered
on Feb. 3 was awarded to the Second National Bank of Boston, on a .639%
discount basis.
The New England Trust Co. of Boston bid .67 % discount.
Notes are payable $150,000 on each of the dates Nov. 5 and Nov. 16, 1937.
bids
were
as
follows:
Discount
0.846%
Bidder—
First National Bank of Boston
12,068.30
0.87%
0.89%
0.91 %
0.94%^
Merchants National Bank of Boston
Mass.—NOTE SALE—The issue of $300,000 revenue
anticipation notes offered on Feb. 1—V. 144, p. 813—was awarded to the
Merchants National Bank of Boston, at 0.68% discount.
Due Nov. 5,
1937.
Other bids were as follows:
P* NEWBURYPORT,
Number of water customers, 1,200.
1933
1932
„.
Discount
Bidder—
Faxon,
Whiting, Weeks & Knowles
$37,500.00
Bonds due serially 1937-1952.
Total bonded debt
follows:
Faxon, Gade & Co
$427 195.19
Bonds due 1952 (callable on any interest date)
Bonds due May 1937 (to be refunded by this
LYNN, Mass.—NOTE SALE—The issue of $500,000 revenue anticipa¬
offered on Feb. 1 was awarded to the First National Bank of
at 0.648% discount.
Due Nov, 5, 1937.
Other bids were as
Boston,
National Shawmut Bank—
77,647.02
for depreciation)
Population of the district, 8,000.
Levy
Jan. 31,1937
$2,461,094.69
$11,224.76
2,356,617.20
41,577.55
2,330,743.45
274,953.04
outstanding against 1936, $750,000. Cash balance;
tion notes
Other
Rumford Falls Village.
Assessed valuation of Rumford Falls Village Corporation._
Valuation of water district's properties
$504,842.21
reserve
1934
$321,953.36.
MAINE
AUGUSTA, Me.—BOND ISSUE DETAILS—The $35,000 2^% bonds
sold to the Shawmut National Bank of Boston, at a price of 101, as pre¬
viously reported, were issued for school and refunding purposes.
Dated
Feb. 1, 1937.
Denom. $1,000.
Coupon in form, due serially from 1938
to 1952 incl.
Interest payable F. & A,
Me.—BOND SALE—Award
:
Uncollected to
Year—
Tax anticipation notes
Gross
$81,590.47
327,698.18
1,506,570.68
HAVERHILL, Mass.—NOTE SALE—The issue of $300,000 revenue
anticipation notes offered on Feb. 5 was awarded to the National Shawmut
Bank of Boston, at 0.87% discount. Dated Feb. 6, 1937, and due Nov. 4,
Gross debt as of Jan.
Bond
(Less
Feb. 3, 1937
Tax Levy
maturity.
.
Report
Year—
x8,237.42
Surplus, $37,605.92.
Sinking funds, $14,114.82.
no floating debt.
Drop in profits 1936 due to expenses caused by damage of flood in] 1936
The district has
x
.
Discount
Bidder—
0.71%
0.74%
Tyler & Co., Inc..
Whiting .Weeks & Knowles
First & Ocean National Bank, Newburyport
0.76%
1.00%
Institution for Savings, Newburyport
NEWTON, Mass.—TEMPORARY
LOAN—The $500,000 revenue antici¬
pation notes offered on Feb. 1—V. 144, p. 813—were awarded to the Day
Trust Co. of Boston, at 0.49% discount.
Due Nov. 10, 1937.
Other
bids were as follows:
Bidder—
MARYLAND
Merchants National Bank of Boston
^MONTGOMERY COUNTY
Second National
It is reported that an
—
Bank of Boston
Jackson & Curtis
(P. O. Rockville), Md.—BOND SALE—
issue of $180,000 school bonds has been sold to John
...
Discount
0.51%
>0.514%
-----0.52%
0.54%
Whiting, Weeks & Knowles
Nuveen & Co. of Chicago.
0.575%
E. H. Rollins & Sons
(P. O. Salisbury), Md.—BOND SALE— The
$140,000 coupon or registered, series B, public school construction bonds
offered on Feb. 2—V. 144, p. 813—were awarded to an account composed
of Mackubin, Legg & Co., Mercantile Trust Co., Baker, Watts & Co.,
Stein Bros. & Boyce, and Strother, Brogden & Co., all of Baltimore, as
3s, at a price of 100.419, a basis of about 2.97%.
Dated Jan. 1, 1937 and
due $35,000 annually on Jan. 1 from 1952 to 1955 incl.
Second high bid
of 100.153 for 3s was made by Alex. Brown & Sons of Baltimore.
WICOMICO COUNTY
SALEM, Mass .—TEMPORARY LOAN—The Naumkeag Trust Co. was
awarded an issue of $500,000 revenue notes at 0.53% discount.
Due
$300,000,000 Nov. and $200,000 Nov. 10, 1937.
Day Trust Co. was second
high bidder at 0.54%.
Other bids were as follows:
Discount
0.56%
Bidder—
Merchants National Bank of Salem
First National Bank of Boston
WBOSTON, Mas*.—BUDGET SUBMITTED—Mayor Mansfield submit¬
ted to the City Council budget recommendations totaling $34,177,667 for
city departments and $3,645,653 for county departments, excluding borrow¬
ings for relief, Boston Elevated deficit, Metropolitan District assessment,
state taxes and school expenses, which must be known before fixing the
1937 tax rate.
Total for city departments is $57,543 under 1936 and county
TAUNTON, Mass.—NOTE SALE— The $200,000 revenue anticipation
Feb. 2—V. 144, p. 813—were awarded to the Merchants
Bank of Boston, at 0.74% discount.
Dated Feb. 3, 1937 and
due Nov. 17, 1937.
Other bids were as follows:
notes offered on
National
Discount
'
W Bidder—
0.78%
Whiting, Weeks & Knowles
total $50,723 more.
DISTRICT (P. O. Boston), Mass.—
BOND CALL—Joseph Wiggin, Treasurer of the Board of Trustees, has
called for redemption on March 1, on which date interest shall cease, the
following bonds at the principal amount of such bonds of each such series
plus
of
0.475%
(plus $1)
Co. for $200,000 maturity
Note—Naumkeag Trust Co. bid for all or none.
MASSACHUSETTS
BOSTON
0.589%
0.65%
New England Trust
Second National Bank of Boston
METROPOLITAN
b<
0.92%
First National Bank of Boston
0.95%
Leavitt & Co. (Plus $3 premium)
0.97%
■» WELLESLEY, Mass.-—NOTE OFFERING—Sealed bids will be received
by the Town Treasurer until Feb. 8 for the purchase at discount of $300,000
revenue notes, due $100,000 each on Nov. 12, Nov. 19 and Dec. 1, 1937.
Faxon, Gade & Co
interest
bonds:
Series
A, 4H%. of 1932.
of 1932.
Series B, 4M%,
Due March 1, 1938 and 1939.
Due March 1, 1940 to 1966.
payment and surrendered
Vonds should be presented for redemption and
on date called at the principal office of the First
National Bank of Boston,
paying agent in Boston, or at the principal office of the
Bank of New York City, the Districts' paying agent in
New York City.
Fully registered bonds and bonds registered as to principal (otherwise
than to bearer) should be accompanied by duly executed? instruments*^
the
District's
National
City
,
transfer.
'
J. Shea,? City
Treasurer will receive sealed bids until 11 a. m. on Feb. 10 for the purchase
at discount of $500,000 notes issued in anticipation of revenue for 1937.
Dated Feb. 11, 1937.
Denoms. $50,000, $25,000, $10,000 and $5,000.
CAMBRIDGE,
Mass.—LOAN
OFFERING—William
MICHIGAN
Mich.- -BOND SALE—The $47,000 general obligation
emergency bonds offered on Dec. 14—V. 143, p. 3877—were awarded to
the Channer Securities Co. of Chicago, the only bidder, as lHs, at par
BAY
CITY,
,
81us a 23, 1936 and$32.90, equal to 100.07, a basis of about 1.47%.
Tov. premium of
due Nov. 23 as follows: $15,000 in 1937, and
in 1938 and 1939.»»
Dated
$16,000
A
DETROIT, Mich.—SEEKS BOND TENDERS—The City of Detroit
called for tenders of its general callable refunding bonds in the amount
nas
of $230,000, subject to acceptance on the basis of
the city. They will be received until Feb. 11 at the
City Controller, who requests that tenders
interest, date of maturity, the dollar value
the highest net yield to
office of John N. Daley,
show the purpose, the rate
and the yield to maturity.
of
976
Financial
Chronicle
Feb.
MINNEAPOLIS,
We
Buy for
Our
SALE—The $825,000 coupon, fully
registerable, bonds described below, which were offered on Feb. 2—V. 144
p. 648—were awarded to Brown, Harriman &
Co.. Phelps, Fenn & Co.,
both of New York, and the
Wells-Dickey Co. of Minneapolis, as 2.10s,
paying a premium of $625, equal to 100.075, a basis of
about 2.09%:
$750,000 public relief bonds.
75,000 permanent Improvement (work relief) bonds.
Dated Feb. 1, 1937.
Due annually in
approximately equal instalments,
from 1938 to 1947.
1
Own Account
MICHIGAN MUNICIPALS
Cray, McFawn & Company
DETROIT
Telephone CHerry 6828
,
bonds of 1937 offered
on
Jan. 28—V.
DET347
(P. O. Ecorae),
refunding
coupon
144, p. 647—was awarded to H. V.
Sattley & Co. of Detroit, as 4s, at par plus a premium of
$1,190.20, equal
to 100.495, a basis of about
3.81%.
Dated Feb. 15, 1937 and due Feb. 15
as follows:
$40,000 from 1938 to 1941 incl. and $20,000 from 1942 to
1945
NEW ULM INDEPENDENT SCHOOL DISTRICT
(P. O. New Ulm).
Minn.—BONDS VOTED—At an election on Jan. 29 the voters are said
approved the issuance of $100,000 in school addition bonds
by a
to have
inclusive.
large margin.
r HAMTRAMCK,
Debt
Commission
Mich.—NOTES
and
city of $345,000 notes
succeeding fiscal year.
APPROVED—The
Michigan Public
approved the issuance by the
against anticipated uncollected taxes for the next
Notes will mature on or before Aug. 1, 1937.
Loan
Board
POLK
has
Sealed
First National
Bank of
Administration. I
ST.
m.
on
OFFERING—Sealed bids will be received
Feb. 10, by Harold F. Goodrich, City
Comptroller, for
Interest
approving opinion of
Thomson, Wood
& Hoffman, of New York City, and Walter Fosness, of
All bids must be unconditional.
No bids for
interest will be considered.
Bonds will be
furnished by the city, but delivery shall be at
purchaser's expense.
Pay¬
able in lawful money of the United
States, at the office of the Commis¬
sioner of Finance, St. Paul, or at the
city's fiscal agency in New York. A
certified check for 2% of the amount of bonds
bid for, payable to the city,
is required.
St. Paul, will be furnished.
less than par and accrued
$152,805 for the police department,
compared with $131,567.51 in 1936.
The increase
apparently is accounted
for by contempl ted salary raises or additions to the
department.
ROYAL OAK, Mich.—BOND OFFERING
WANTED—Sealed tenders
for sale to the city, at prices below par, of series
B, C and D refunding
bonds will be received by Minnie N.
Reeves, City Treasurer, until 7:30 p. m.
on,Feb. 8.
The city will act on the offers and make available the
purchase
funds before Feb. 10.
A separate tender,
accompanied by a certified
check for 2% of the offering, payable to the
City Treasurer, must be made
on each series tendered and the holder is
required to fully describe the offer¬
ing, including serial numbers.
A flat price must be quoted and all bonds
tendered must have April 1, 1937 and subsequent interest
coupons attached
to the instruments.
Delivery of the bonds purchased will be made at the
Detroit Trust Co., Detroit, within 10 days after
acceptance of tender.
WHEATON, Minn.—CORRECTION—It is stated by the Village Clerk
that the report given in these columns
recently, that the voters had ap¬
proved the issuance of $44,000 in water system bonds—V.
144, p, 648—is
incorrect.
MISSISSIPPI
BAY
ST. LOUIS, Miss.—PRICE PAID— In connection
with the sale
$38,500 5% semi-annually funding bonds to Dane & Weil,
Inc., of
New Orleans, as noted in these columns
early in January—V. 144, p. 314—
it is stated by the
City Clerk that the bonds were sold at par.
Dated
Jan. 1, 1937.
Due from Jan. 1,1938 to 1947.
of the
SPRING LAKE, Mich.—BOND SALE—Of the
$40,000 coupon bonds
offered on Feb. 1—V. 144, p. 813—the
$22,000 village hall bonds were
awarded to the Channer Securities Co. of
Chicago as 3 Ms, at par, plus a
Sremium of $440, equal to 102, apremiumabout 3.30%. McDonald, Moore
basis of of $43 for 3Ms. Dated Dec. 15,
Hayes of Grand Rapids bid
CLARKSDALE, Miss.—BOND OFFERING DEFERRED— It is stated
by Adrian H. Boyd, City Clerk, that a $67,500 issue of not to exceed
6%
semi-annual refunding bonds had
originally been scheduled for sale on
Feb. 8, but it was decided to
postpone the sale for about 60 days.
a
$22,500 general obligation sewage disposal system bonds.
Dated Jan. 15,
1937, and due Jan. 15 as follows: $500 in 1938 and $1,000 from
1939 to 1960, inclusive.
12,000 sewage disposal plant and sewage disposal system revenue bonds.
Dated Feb. 1, 1937, and due Feb. 1 as follows:
$500 from. 1940_to
1945, incl., and $1,000 from 1946 to 1954, incl.
a.
semi-annually.
Denom. $1,000.
Dated
Feb. 1, 1937.
Due on Feb. 1 as follows:
$13,000, 1938 and 1939; $14,000,
1940 and 1941; $15,000,1942 and 1943;
$16,000,1944 and 1945, and $17,000
in 1946 and 1947.
Bids may be submitted in multiples of l-10th and
M of
1%.
Bonds must bear one rate of interest.
The
a
UTICA, Mich.—BOND SALE—The $34,500 bonds offered on Jan. 25—
Y. 144, p. 648—were awarded to
Guy G. Wedthoff & Co. of Detroit.
The
sale consisted of:
Crookston), Minn.—BOND OFFERING—
Feb. 17, by Henry J. Welte, County
a
PAUL, Minn.—BOND
until 10
tion will leave but 2.69 mills for the schools and
county in the present year.
The appropriations include an item of
;
O.
the purchase of an issue of $150,000
coupon public welfare bonds.
rate is not to exceed
6%, payable
$1.31 mills to rise a total of $1,038,680.04 by taxation "or from other
sources", has been adopted by the City Commission.
The rate compares
with that of only 5.5 mills allowed by the
County Tax Allocation Board in
1936.
If the proposed budget is passed by the tax
board, the 15-mill limita¬
1936. Due $1,000 yearly from 1938 to 1959.
There were no bids for the $18,000 sewage disposal
plant bonds offered
at the same time.
Dated Dec. 31, 1936.
Due as follows $1,000, 1937 to
1950; and $2,000, 1951 and 1952.
Braun, Bosworth & Co. of Toledo offered to pay par plus a premium of
$79 for 4s.
(P.
received until
$90,000 issue of bridge bonds.
Bidders to
the rate of interest.
Denom. $1,000.
Dated Jan. 1, 1937.
Due
$10,000 from Jan. 1, 1938 to 1946, incl.
The approving opinion of Junell,
Driscoll, Fletcher, Dorsey & Barker, of Minneapolis, will be furnished. A
certified check for $1,500 must accompany the bid.
*
(This report supplements the offering notice given in our issue of Jan. 30
—V. 144, p. 814.)
,s:
Dated Jan. 1, 1937 and due Jan. 1 as follows:
$500, 1938 to 1948 incl.; $600, 1949 to 1954 incl. and $700 from 1955 to
1961 incl.
Redeemable on 60 days' notice on or after Jan.
1, 1949, on
any interest date, at a price of 101, by lot, at district's option.
PONTIAC, Mich.—ADOPTS BUDGET—The 1937 budget, calling for
be
name
144, p. 813—were awarded to the
Petoskey, contigent upon approval of the Public
rate of
COUNTY
bids will
Auditor, for the purchase of
ONAWAY (CITY OF)
AND ALLIS TOWNSHIP FRACTIONAL
SCHOOL DISTRICT NO. 2, Mich.—BOND
SALE—The $14,000 4M%
school bonds offered on Jan. 29—V.
Works
immediately reoffered
prices to yield from .60% to 2.20%,
according to maturity.
NEW ULM, Minn.—BIDS
RECEIVED—AWARD DEFERRED—There
was only one bid received on Feb. 2
when the city offered an issue of
$60,000
2 M % coupon sewer bonds.
The Citizens State Bank of New Ulm offered
to take $15,000 bonds of the
early maturities at a price of par for 2 Ms.
Decision as to acceptance or rejection of the
bid was deferred to Feb. 5.
The bonds as offered were dated March
1, 1937 and were to mature $3,000
yearly on March 1 from 1939 to 1958, incl., subject to
prior redemption
at the option of the City Council.
MICHIGAN
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 3
Mich.—BOND 3ALE—The issue of $240,000 nan-callable
,
BONDS OFFERED TO PUBLIC—The bonds
were
to investors at
/
A. T. T. Tel.
6,
Minn.—BOND
COW ART CONSOLIDATED SCHOOL
DISTRICT (P. O. Charles¬
ton), Miss.—BONDS SOLD—It is reported that the First National Bank
Vicksburg, has purchased $6,000 6% semi-annual refund¬
ing bonds.
Dated Oct. 1, 1936.
& Trust Co. of
EDWARDS, Miss.—BOND SALE—The $13,500 issu^ of refunding
on Feb. 2—V.
144, p. 648—was purchased by the
Merchants National Bank of
Vicksburg, as 4 Ms, paying a premium of $75.00
equal to 100.55, a basis of about 4.18%.
Dated May 1, 1937.
Due
from May 1, 1938 to 1953 incl.
bonds offered for sale
McCOMB, Miss.—BOND CALL—It is stated by Kenneth G. Price,
City Attorney, that at a meeting held on Jan. 26, the City Council called
Whitney National Bank of New Orleans, on April 1.
5% special assessment refunding bonds, numbered 524 to 533.
Dated
for redemption at the
Oct.
1, 1934.
Denom. $500.
Due
on
Oct. 1, 1954.
MARION
Northwestern
COUNTY (P. O.
Columbia), Miss.—BOND SALE—The
$34,000 issue of refunding bonds offered for sale on Feb. 1—V.
144, p. 814—
was awarded to
Wiggins & Walton of Jackson as 3Ms, paying a premium of
$34.00, equal to 100.10, according to the
Chancery Clerk.
Municipals
Minnesota, North and South Dakota, Montana,
Oregon, Washington
MISSOURI
CAPE
GIRARDEAU, Mo.—CORRECTION—We
are now informed
by
Smith, City Attorney, that the $55,000 coupon park bonds sold on
a group headed
by Baum, Bernheimer & Co. of Kansas City,
here—v. 144, p. 814—were awarded as follows:
$40,000 as
2Ms, and $15,000 as 2Ms, instead of all as
2Ms, as we had previously
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
R. P.
JaD. 25 to
as
Teletype—Mpls287
noted
reported.
12 years.
AUSTIN COMMON SCHOOL DISTRICT NO. 14
(P.
Minn.—BOND SALE—The $2,000 issue of school bonds
O.
Austin),
offered for sale
Jan. 29—Y. 144, p. 648—was
purchased by a local investor, as 2.90s,
according to the District Clerk.
The price paid was par.
Denom. $200.
Dated Feb. 1, 1937.
Due $200 from
on
July 1, 1938 to 1947, incl.
payable Feb. 1.
Interest
MONTANA
EAST
HELENA,
Mont.—BOND
OFFERING—John
Gough,
City
Clerk, will receive bids until 7 p. m. March 3 for the purchase of
$40,000
6% sewer system bonds.
Denom. $1,000.
Cert, check for $l,000,re-
quired.
BIWABIK, Minn.—PRICE PAID—It is now stated by the Village Clerk
that the $42,700 certificates of indebtedness
purchased by local investors
as noted in these columns
recently—V. 144, p. 814—were sold as 4s at par.
Dated Jan. 18, 1937. Due on Dec. 31,
1937.
CANBY, Minn.—BOND OFFERING—Sealed
FERGUS COUNTY SCHOOL DISTRICT NO. 1 (P. O. Lewistown);
Mont.—BOND SALE DETAILS—It is now
reported by the Superintendent
of Schools that the
$28,000 refunding bonds purchased by the State Loan
Board, as 3 Ms, as noted here recently—V.
144, p. 648—are dated Feb. 1,
1937, and mature in 10 years.
-4 4* M
_<_■*
m
>
bids will be received until
1 p
m. on Feb. 8, by J. R. Guddal, City
Recorder, for the purchase of a
$38,500 issue of community hall bonds.
Interest rate is not to exceed 3%,
payable J. & J. Denom. $1,000, one for $500. Dated Jan.
1, 1937. Due on
Jan. 1 as follows
$1,500, 1939; $2,000, 1940 to 1956, and $3,000 in 1957.
Prin. and int. payable at any suitable bank or
trust company designated
by the purchaser.
The approving opinion of Junell,
Driscoll, Fletcher,
Dorsey & Barker, of Minneapolis, will be furnished.
These bonds were
approved by the voters at an election held on April
7, 1936.
A certified
check for $1,000, payable to the
city, must accompany the bid.
""GLASGOW,
folis, according to the Town Clerk. Dated Dec. 1, 1936. Due
1956, optional
any interest payment date before
maturity.
on
rejected.
near
future to vote
on
the issuance of
addition bonds, according to
report.
McLEOD
(P.
O.
BONDS
NEBRASKA
COUNTY
INDEPENDENT SCHOOL
DISTRICT
NO.
R. Kurth, Clerk
of the School Board, will receive bids until 2
p.m. Feb. 10 for the purchase
of $175,000 school building bonds.
Bidders are to name rate of
interest,
3%.
Denom. $1,000.
Dated Feb. 1, 1937.
Interest pay¬
able
semi-annually.
Due on Feb. 1 as follows: $9,000, 1940 go
1944; and
$10,000, 1945 to 1957.
Principal and interest payable at
any
suitable
the purchaser.
The district will
approving legal opinion of Junell,
Driscoll, Fletcher, Dorsey & Barker of Minneapolis.
Cert, check for $1,000,
payable to the District, required.
(Preliminary notice of this
offering
Seared in these columns under the caption "Hutchinson
linn."—V. 144, p. 814.)
'
BONDS
AND
OTHER
NEBRASKA
ISSUES
The National company
OF
OMAHA
First National Bank Bldg-
A, T. A T. Teletype OMA 81
2
not to exceed
bank or trust company designated
by
furnish the executed bonds and the
MUNICIPAL
OMAHA, DOUGLAS COUNTY, LINCOLN
on Dec.
$110,000 in high school
Hutchinson;, Minn.—BOND OFFERING—H.
issue of^ot
park improvement bonds offered on Jan. 27, as
144, p. 315—was not sold as all the bids were
RE-OFFERED—Sealed bids will be received until 8
p. m.
Feb. 10, by G. D. Peterson,
Chy Clerk, for the purchase of the above bonds.
JACKSON SCHOOL DISTRICT
(P. O. Jackson), Minn.—BOND
ELECTION CONTEMPLATED—It is
reported that an election will be
held in the
Mont^B0NDSwN0r's6L^Theh$MJ)00
to exceed 6% semi-ann.
noted here recently—V.
CLOVER
(P. O. Twin Lakes), Minn.—BOND SALE—The
$6,000
issue of 3% semi-annual
refunding, Series B bonds offered for sale on Jan. 2
—V. 144, p. 137—was purchased at par by Mr. T.
G. Evenson, of Minnea,
He also points out that the
premium paid was $297.50, (not
to 100.54.
The bonds mature serially in from two to
$710.00), equal
MINNESOTA
ap-
School District,
NEBRASKA
MILLARD, Neb.—PRICE PAID—It Is now reported by the Village Clerk
that the $7,000 refunding bonds
purchased by the Farmers State Bank of
Millard, as noted here recently—V 144, p. 815—were sold as 3
Ms at par.
MINATARE, Neb.—BOND ELECTION—It
will be
held
acquire
the
on
Feb.
23
ownership
to
vote
on
of the local
is reported that an election
the issuance of $46,000 in bonds to
electrical
distribution system.
RICHARDSON COUNTY DRAINAGE DISTRICT NO. 6
(P. O.
Falls City), Neb.—MATURITY—It is stated
by the Attorney for the
District that the $13,000 drainage bonds sold to the First National Bank
Financial
Volumit
of Falls City, as 3.70s, as
as follows: $1,000, 1942 to
$180,000 emergency relief bonds.
notedlhere recently—V. 144, p. 815—are due
1948,iand $2,000, 1949 to 1961.
sideration
ST. PAUL, Neb.—BONDS CALLED—L. B. Conklin, City Clerk, is
reported to have called for payment on Feb. 1 the following 4 Yi % semi-ann.
bends aggregating $12,000
*
amount
of 4%
193465
WILBER.
tended to offer for sale
according to report.
Interest payable F. & A.
The bonds will be issued
25, Laws of New Jersey of 1936.
Bids for less than
considered and accepted only if the bonds bid for are
those first maturity and the amount bid equals or exceeds $24,000.
A
certified check for 2% of the bonds, payable to the order of the Borough
Treasurer, must accompany each proposal.
The approving opinion of
Caldwell & Raymond of New York City will be furnished the successful
M
CONTEMPLATED—It
or
l-10th of 1%.
pursuant to Chapter
of said bonds may be
like
in¬
a $48,000 issue of not to exceed 3% refunding bonds,
Dated March 1, 1937.
Due on March 1, 1947.
ISSUANCE
is
bidder.
NEW
JERSEY
of)—SEEKS RELEASE OF $4,000,000 FOR
Treasurer William H. Albright has
David Wilentz for an opinion as to whether he
can legally arrange for the investment of more than $4,000,000 in State
funds now reposing in local banks.
The situation, according to report,
arises from the fact that the money in question is earning interest at only
1%, as against that of 4% % being paid on the bonds which provided the
funds in the initial instance.
The bonds were issued under Chapter 387
of 1933 to provide loans to school districts for payment of teachers' salaries
and other educational needs.
More than $4,000,000 has been repaid to
the State and the apparent lack of provision in the law as to what should be
done with the money has caused the Treasurer to apply for a ruling in the
matter from the Attorney General.
The bonds, it is pointed out, are not
callable, hence the money cannot be used in that direction.
They mature
serially until 1942.
Democrats in the Legislature are in favor of using the
money for relief purposes.
This cannot be done, according to report, with¬
out approval of the voters, as the referendum authorizing the bonds dedi¬
cated the proceeds specifically for school loans.
INVESTMENT
NEW
HAMPSHIRE
In New York City.
They will be authenticated as to genuineness and validity by The First
National Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins,
Financial
with said
be filed
,
Statement, Feb. 1, 1937
Valuation 1935
Valuation 1936
Tax titles
$92,757,548
85,038,060
96,277.28
-
-
-
-
-
Tax title loans
None
$7,837.06
,
Total Uncollected Taxes for all years prior to
1934
Uncollected
L$vy
Year
to
Feb.
1, 1937
$7,837.06
14,639.50
559,798.33
$2,823,931.00
3,061,541.00
3,580,174.00
Tax Anticipation
(State
PURPOSES—State
asked Attorney General
MANCHESTER, N. H.—LOAN OFFERING—F. D. McLaughlin, City
Treasurer, will receive sealed bids until 2 p. m. on Feb. 11 for the purchase
at discount of $500,000 revenue notes, issued in anticipation of taxes for
the year 1937.
Denoras. $25,000, $10,000 and $5,000.
Notes will be dated
Feb. 11, 1937, and payable July 15, 1937 at The First National Bank of
Boston, in Boston, Massachusetts, or at The Central Hanover Bank &
Trust Co., in New York City, and will be ready for delivery on or about
Friday, Feb. 12, 1937, in Boston, or on1 or about Monday, Feb. 15, 1937,
Boston, and all legal papers incident to this issue will
bank, where they may be inspected.
Notes outstanding against 1936, $1,000,000.
NEW MILFORD, N. J —BOND SALE DETAILS—The Peoples Trust
Co. of Bergen County, of Hackensack, which was the successful and only
bidder for the $35,000 coupon or registered sewer bonds offered on Jan. 19,
paid
a
price of 100.12 for the issue as 4Ms.—V. 144, p. 649.
PITMAN, N. J .—PROPOSED BOND ISSUE—The State Funding Com¬
on Jan. 22 laid over for further consideration the proposal of the
borough to issue $150,000 refunding bonds.
The borough, it was said,
$8,500 of bonds to finance the purchase of a new fire truck.
The commission, in deferring consideration of the matter, declared that
the act under which it operates permits the incurrence of debt only for
the purpose of funding or refunding obligations previously outstanding.
mission
proposes to use
PRINCETON,
N.
J.—BOND
noted in these columns—V.
the
to
as
T.:
A.
N.
Y
Telephon
t
John 4-6364
Market 8-3124
Newark Tel.:
N.
SAYREVILLE,
orizing
& Co. Inc.
N. Y.
1-730
Board of Education 4^8, due May
1, 1945
mission
A. T. & T. Teletype
NWRK 24
J.—BOND SALE—The
N.
$25,000 coupon or registered
awarded to
of $187.50,
Due $1,000
New York,
J.—BONDS AUTHORIZED—An ordinance auth¬
bonds was passed by the Borough
N.
J.—BONDS AUTHORIZED—The,
COUNTY
(P.
O.
Elizabeth),
N.
J.—NOTE SALE—The
VENTNOR, N. J.—PLANS TAX INCREASES—'The budget for 1937.
The 1936 budget totaled $734,558.
WAYNE TOWNSHIP SCHOOL DISTRICT (P.
w BEACH HAVEN, N. J.—BOND APPROVAL WITHELD—Declaring
that the "plan be laid over and no formal action taken thereon because
the issuance expense is frightfully excessive," the State Funding Com¬
mission on Jan. 22 took no further action on the request of the borough
$159,000 refunding bonds.
CAMDEN, N. J.—PLANS NEW BOND ISSUE—The State Funding
Commission, at a special meeting held on Jan. 22, approved the proposal
of the city to issue $1,620,000 refunding bonds.
r
f>' CARTERET, N. J.—BONDS A U TilORI ZED—T he Borough
Jan. 25 adopted on final reading an ordinance authorizing the
Council on
issuance of
$62,000 refunding bonds.
J.—MAY EXTEND MATURITIES
—According to minutes of the Municipal Finance Commission meeting of
Jan. 22, the Board of Education plans to have bondholders agree to having
1937 maturities extended in some instances in order to have a school
budget substantially the same as that of 1936-1937.
ESSEX COUNTY (P. O. Newark), N. J.—APPROVES BOND ISSUE
of Freeholders has adopted a resolution authorizing an issue of
—Bond
$800,000 bonds for voting machines.
GREENWICH TOWNSHIP (P. O. Gibbstown).
O. Mountain View),
OFFERING—Neal Demarest, District Clerk, will receive
sealed bids until 8 p. m. on Feb. 16 for the purchase of $300,000 2M. 2M.
JERSEY
N.
Com¬
amounting to $897,161, which has passed first reading and awaits public
hearings, forecasts a rax rate of $5.18 per $100 of assessed valuation, com¬
N.
TOWNSHIP,
Funding
approved on Jan. 22 the borough's proposal to issue $47,000 fund"
pared with $4.24 last year.
DELAWARE
in order
placed on a M % interest basis plus a $5 premium. The other half, maturing
in 10 months, will bear 1% interest, less a premium of $11.
MArket 3-1718
REctor S-26S6
for approval of a proposal to issue
Bidder to
ing and refunding bonds.
UNION
New York Wire:
NEW
$1,000.
county recently sold $400,000 tax anticipation notes to the National
State Bank of Elizabeth.
Half the issue, running for seven months, was
INCORPORATED
Raymond Blvd., Newark
Denom.
SOMERVILLE, N. J.—BOND SALE— The issue of $123,000 coupon or
registered sewage disposal plant bonds offered on Feb. 1—V. 144, p. 650—
was awarded to Minsch, Monell & Co., Inc., and Morse Bros. & Co., Inc.,
both of New York, as 3s, at par, plus a premium of $343.17, equal to 100.279,
a basis of about 2.98%.
M. M. Freemah & Co. of Philadelphia were second
high, bidding $123,153.75 for 3s.
Dated Jan. 15, 1937. Due Jan. 15 as
follows $4,000, 1938 to 1949; $6,000, 1950 to 1961; and $3,000 in 1962.
yield 3.25%
Colycr, Robinson $ Company
1180
York.
issuance of $35,000 sewage
on final reading on Jan. 29.
STRATFORD,
$14,000 Borough of East Rutherford, N. J.
To
New
public library bonds offered on Jan. 28—V. 144, p. 649—were
H. L. Allen & Co. of New York, as 4s, at par, plus a premium
equal to 100.75, a basis of about 3.93%.
Dated Feb. 1, 1937.
yearly on Feb. 1 from 1938 to 1962.
B. J. Van Ingen Co. of
the only other bidder, offered a premium of $102.50 for 4s.
Council
T.
Bank,
both principal and interest on. the bonds.
Bonds will be approved
legality by Hawkins, Delafield & Longfellow of New York City.
ROSELLE,
New York
and General Market Issues
WILLIAM STREET.
National
property will be subject to the levy of unlimited ad valorem taxes
MUNICIPAL BONDS
A.
Chase
to pay
109 Broadway
•T
previously
single interest rate on the issue.
The sum required to be obtained
through the sale of the bonds is $750,000.
All of the borough's taxable
N. Y. 1-528
B. J. Van Ingen
DETAILS—As
an
name a
:ipal Bonds
Telephoiw^Ei^or 2-7333
New Jersey
Feb. 16
at
H. L. Allen & Company
A. T. & T.
OFFERING
144, p. 815—the borough is offering for sale
issue of $750,000 not to exceed 5% interest coupon or regis¬
tered sewer bonds.
Principal and semi-annual interest (J. & D.) payable
on
New Jersey
The measure will come up for final con¬
Feb. 9.
METUCHEN, N. J .—BOND OFFERING—Arthur T. Strong. Borough
Treasurer, will receive sealed bids until 8:30 p. m. on Feb. 15 for the purchase
refunding bonds.
Neb.—BOND
on
of $24,000 not to exceed 5% interest coupon or registered emergency relief
bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due $3,000 on Feb. 1
from 1938 to 1945 incl.
Rate of interest to be expressed in a multiple of
$10,000 refunding district paving bonds.
Dated Feb. 1, 1926. Due on
Feb. 1, 1946, optional Feb. 1, 1937.
Numbered 46 to 55.
2,000 sewer bonds. Dated Feb. 1, 1929. Due on Feb. 1, 1949, optional
on Feb.
1, 1935. Numbers 6 and 7.
Denom. $1,000.
Interest ceased on date called.
It is said that the city seeks to pay off the above bonds by issuing a
977
Chronicle
N. J.—BOND SALE—
refunding bonds offered on Feb. 1—V. 144,
315—were awarded to the First National Bank & Trust Co. of Paulsboro
as 4s, at par, plus a premium $469.11, equal to 100.823, a basis of about
3.92%.
Hendricks & Eastwood Inc., of Philadelphia, were second high,
offering a premium of $221.73 for 4s. Dated Dec. 1, 1936. Due on Dec. 1
as follows $1,000,1939 and 1940: $2,000, 1941, 1942 and 1943; $3,000,1944
and 1945; $4,000, 1946 and 1947; and $5,000, 1948 to 1954.
J.—BOND
3, 3M. 3 Vi, 3M or4% coupon or registered school bonds.
Dated Feb. 1,
1937.
Denom. $1,000.
Due $15,000 each year on Feb. 1 from 1939 to
1958, incl.
Prin. and int. (F. & A.) payable at the Haledon National
Bank, Haledon.
A certificate check for 2% must accompany each pro¬
posal.
Approxing legal opinion of Hawkins, Delafield & Longfellow of
New York City will be furnished the successful bidder.
WEST DEPTFORD, N. J —BOND ISSUE PROPOSED—The State
Funding Commission on Jan. 22 laid over for further consideration the
proposal of the borough to issue $140,000 refunding bonds, part of the pro¬
ceeds of which would be pledged to the Board of Education.
Pointing out
that the board recently completed a refunding program and is now in a
position where only $30,000 is required to meet particular requirements,
the commission declared that approval of the plan would be withheld
pending assurances from the township and school board that such funds
not immediately required would be used to retire the latest maturing
school
bonds.
WEST NEW YORK, N.
J —BOND CALL—'Thomas D. Miller, Town
Treasurer, announces that $175,000 4% series A general refunding bonds
have been called for payment on March 1,1937, at par and accrued interest.
The bonds, together with Sept. 1, 1937 and subsequent interest coupons
attached, should be presented for redemption at the Town Treasurers'
office.
The bonds are dated March 1, 1936, in $1,000 denoms. and mature
March 1 as follows:
$60,000, 1958: $60,000 in 1959, and $55,000 in 1960.
They are numbered consecutively from 444 to 618 incl.
The $57,000 coupon or registered
p.
HAMILTON
TOWNSHIP
SCHOOL
DISTRICT,
N. J.—BOND ELECTION—The taxpayers will vote on
to issue
Mercer
Feb. 9
on a
NEW
County,
proposal
NEW
$110,000 school building bonds.
SOLD—The Sinking Fund
issue of $10,000 4% sewage disposal plant
HASBROUCK HEIGHTS, N. J .—BONDS
Commission purchased in 1936 an
bonds at par.
DISTRICT, N. J.—BOND EXCHANGE—
The Teachers' Pension and Annuity Fund has accepted $175,000 school
refunding bonds in exchange for a similar amount of original debt.
HIGHLAND
SCHOOL
HOPEWELL TOWNSHIP, Mercer
County,N. J .—BONDS PASSED
25 the Township Committee passed on
first reading an ordiance authorizing the issuance of $100,000 refunding
bonds.
Final consideration will be given the ordinance on Feb. 9.
ON FIRST READING—On Jan.
IRVINGTON, N. J.—BONDS PROPOSED—1The Town
first reading an ordinance authorizing
have approved on
Conmiissioners
the issuance of
MEXICO
NEW MEXICO, State of—HIGHWAY BOND AUTHORIZATION
BILL INTRODUCED—A bill which proposes the authorization of $10,000,000 in bonds for State highway construction is reported to have been intro¬
duced in the Legislature by Senator A. S. Jones.
YORK
ALBANY, N. Y.—BOND ISSUE—The city is seeking legislative author¬
bonds maturing in the present year.
ity to refund up to $1,200,000
ARIETTA (P. O. Piseco),
N. Y.—BOND SALE—The $40,000 coupon,
fully registerable, general obligation, unlimited tax, public works bonds
offered on Feb. 4—V. 144, p. 816—were awarded to the Bancamerica-Blair
Corp. of New York on a bid of 100.20 for 3.10s, a basis of about 3.06%.
Dated Feb. 1, 1937.
Due $4,000 yearly on Feb. 1 from 1938 to 1947, incl.
CATTARAUGUS COUNTY (P. O. Salamanca), N. Y.—BOND SALE
$175,000 coupon or registered, unlimited tax, highway refunding
—The
bonds offered on Feb. 2—V.
144, p. 650—were awarded to the Harris Trust
Savings Bank of New York, as 2.43s, at a price of 100.407, a basis of
Dated Feb. 15, 1937 and due on Feb. 15 as follows $5,000,
1938 to 1947 incl.; $25,000 from 1948 to 1950 incl. and $50,000 in 1951,
George B. Gibbons & Co., Inc. of New York bid 100.35 for 2.40s.
&
about 2.36%.
978
Other
Financial
bids
were
as
Chronicle
follows:
Bidder—
Manufacturers & Traders Trust Co
Roosevelt & Weigold
Feb.
LOCKPORT, N. Y.:—BOND SALE—The
Int. Rate
Premium
2.40%
2.40%
B. J. Van Ingen & Co., Inc
2.50%
A. O. Allyn & Co., Inc., and E. H. Rollins & Sons.
2.50%
Bancamerica-Blair Corp
2.50%
Bacon, Stevenson & Co
2.60%
Salomon Bros. & Hutzler
2.60%
6, 1937
issue of $19,697.34 coupon or
registered tax refund bonds offered on Feb. 1—V. 144, p. 816—was awarded
to the Niagara County National Bank & Trust Co.
of Lockport, as 2Ms. at
a price of 100.32.
Dated Jan. 1,1937, and due Jan. 1 as follows:
$2,697.34
in 1939; $2,000 from 1940 to 1946
incl.. and $3,000 in 1947.
The Manu¬
$616.00
490.00
540.75
245.00
151.00
892.50
facturers & Traders Trust Co. of Buffalo bid 100.239 for
2.702.
MAMARONECK (P. O.
Mamaroneck), NOTE OFFERING—V. F.
Luceno, Town Comptroller, will receive sealed bids until 10:30 a. m. on
Feb. 9 for the purchase of a $75,000 tax
anticipation note, dated Feb. 10,
1937 and due May 10, 1937.
Legality approved by Hawkins, Delafield &
Longfellow of New York City.
367.50
CORTLANDT
(P. O. Peekskill), N. Y.—BOND OFFERING— S. Allen
Mead, Town Clerk, will receive sealed bids until 2:30 p. m. on Feb.
9,
for the purchase of $161,000 not to exceed
4% interest coupon or registered
MENTZ, MONTEZUMA, BRUTUS, CONQUEST, CATO, AURELIUS
THROOP CENTRAL SCHOOL DISTRICT NO.
1 (P. O. Port
highway bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due Feb. 1 as
$16,000 from 1938 to 1946, incl. and $17,000 in 1947.
Bidder to
rate of interest on the issue, expressed in a
multiple of M or
l-10th of 1 %.
Principal and interest (F. & A.) payable at the Westchester
County National Bank, Peekskill, with New York exchange.
The bonds
are general obligations of the
town, payable from unlimited taxes.
A
follows:
AND
name
Byron), N. Y.—BOND SALE—The $300,000
one
193645
coupon or registered school
on Feb. 1—V. 144, p. 816—were awarded
to Rutter & Co.,
R. W. Pressprich & Co. and Francis I. du Pont & Co. of New
bonds offered
York, Jointly,
as 2Ms, at par, plus a premium of
$930, equal to 100.31, a basis of about
2.73%.
The Manufacturers & Traders Trust Co. of Buffalo was second
high, offering a premium of $2,187 for 2.80s.
Dated Feb. 1, 1937.
Due
on Feb. 1 as follows: $8,000,
1940, 1941 and 1942; $9,000, 1943 to 1946;
$10,000, 1947 to 1950; $11,000, 1951 to 1954; and $12,000, 1955 to 1967.
certified check for certified check for $3,200,
payable to the order of the
town, must accompany each proposal.
Legal opinion of Clay, Dillon &
Vandewater of New York City will be furnished the successful
(Previous mention of this offering
bidder.
1).
was made in our issue of Feb.
CORTLANDT (P. O. Peekskill), N. Y.—BOND SALE—The
$22,000
coupon or registered Crompound Water District bonds offered on
Feb. 2—
—V. 144, p. 816—were awarded to the
Mahopac National Bank, as 3s, at
100.125, a basis of about 2.985%.
Dated Feb. 1, 1937 and due $1,000
annually on Feb. 1 from 1938 to 1959 incl.
Other bids were as follows
Bidder—
A. O. Allyn & Co., Inc
Int. Rate
pur¬
The certificates will be sold at private sale, at not less than par,
interest at a rate determined by the
Comptroller.
They will
All of the revenues, including
by the city for relief purposes
will be set aside solely to provide for the payment of the
certificates.
In
addition, the obligations will be secured by the full faith, credit and resources
of the city.
poses.
3.20%
mature within six months from date of issue.
sales tax receipts, received from levies made
100.39
100.35
ELMIRA, N. Y.—BOND OFFERING—Ralph D. Klebes, City Chamber¬
lain, will receive sealed bids until 2 p. m. on Feb. 10 for the purchase of
not to exceed 6% interest coupon or registered series A of
1937
equalization bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due
Feb. 1 as follows $40,000,1940; $45,000,1941;
$20,000 in 1942, and $10,000
in 1943.
Bidder to name a single rate of interest, expressed in a
multiple
of M or 1-10th of 1%.
Prin. and inc. F. & A. payable at the City Cham¬
berlain's office.
A certified check for 2% must
accompany each proposal.
Legal opinion of Hawkins, Delafield & Longfellow of N. Y. City will be
$115,000
NEW YORK, N. Y.—JANUARY FINANCING—In addition to
the
public award of $50,000,000 3% 40-year corporate stock to the National
City Bank of New York and associates, the city also effected privately in
January the sale of the following:
debt
$5,000,000 1% special corporate stock notes.
Due April 8, 1937.
5,000,000 1% temporary certificates of indebtedness.
Due July 8, 1937.
10,000,000 1M% revenue bills.
Due June 30. 1937.
furnished the successful bidder.
Financial Statement
Assessed valuation
Total bonded debt (incl. water bonds)
Moreover, the city exchanged $20,600,000 1M % revenue notes,
maturing
variously from April 1,1937 to July 1,1939, for an equal amount of matured
$50,0o6,100
3,275,900
revenue
Tax Collection Report
(Levies Exclusive of School Taxes)
Fiscal
Uncollected End
Year—
Levy
Fiscal Year
$1,079,146.73
$181,841.41
1,695,648.90
282,821.91
1,481,871.46
224,631.23
1,367,876.44
Population, 1930 Federal census, 47,397.
$90,000 tax
Uncollected
Dec. 31,
RENSSELAER
$25,855.73
65,602.77
88,883.28
160,915.18
$60.00
,
84.00
Financial Statistics
The assessed valuation
of property subject to the taxing power of the
village is $551,025; the total bonded debt of the village, including the bonds
described above is $59,000; the population of the
village according to the
most recent United States census is 656; the bonded debt of
the village
does not include the debt of any other subdivision
having power to
taxes
commencing
1933, March 1, 1934, and March 1, 1935, was, respectively,
$6,022.40, $9,000 and $11,600. The amount of such taxes uncollected at
UNION-ENDICOTT SCHOOL DISTRICT (P. O. Endicott), N. Y.—
BOND ELECTION—At a special election scheduled for Feb.
16 the voters
will pass on a proposal to issue
$175,000 school construction bonds.
1,
the end of each of said fiscal years
was, respectively, $1,070.29, $1,546.15
and $2,000.03.
The amount of such taxes remaining uncollected as of
Feb. 1, 1937, is, respectively, $327.82, $689.72 and
$1,378.26. The taxes
of the fiscal year
commencing March 1, 1936, amount to $11,674.83, of
which $9,166.14 has been collected.
FREDONIA, N. Y.—BOND OFFERING—Samuel L. Drayo, Village
Clerk, will receive sealed bids until 2 p. m. (Eastern Standard Time) on
Feb. 23 for the purchase of $64,000 not to exceed
4% interest coupon or
registered water bonds. Dated Feb. 1, 1937. Denom. $1,000. Due Feb. 1
as follows:
$4,000 from 1938 to 1941 incl. and $3,000 from 1942 to 1957 incl.
are
on
ISLANDS
BRIDGE AUTHORITY OF JEFFERSON
COUNTY, N. Y.—BOND SALE— The Bridge Authority has completed
sale of $2,500,000 4M %
bridge bonds to B. J. Van Ingen & Co. and Stranahan, Harris & Co., bothff New York.
The bonds mature in 25 years but
are callable at any time.
village (1930
The bonds
of the
$5,847.46.
THOUSAND
census) was 453. The bonded debt above stated does not include the debt
of any other subdivision having power to
levy taxes upon any or all of the
property subject to the taxing power of the village. The fiscal year com¬
mences March 1. The amount of taxes levied for the
fiscal years
1-10 of 1 %.
power
begins on March 1.
The amounts of taxes
levied by the village for the fiscal years
beginning March 1, 1934, March 1,
1935 and March 1, 1936 were respectively $15,911.42 and $18,810.46 and
$21,465; and the amounts of such taxes which remained uncollected as
of Jan. 25, 1937 were
respectively, $1,519.38, $3,564.10 and
Financial Statement
or
all of the property subject to the taxing
The fiscal year of the village
The assessed valuation of the
property subject to the taxing power of the
village is $683,540. The total bonded debt of the village, including the
above mentioned bonds, is $42,500. The
population of the
M
levy
upon any or
village.
be furnished the successful bidder.
of interest
on
TANNERSVILLE,
N.
Y.—BOND OFFERING—Ernest;
G.
Cole,
Village Clerk, will receive bids until 4 p. m. Feb. 11, for the purchase of
$12,000 5% coupon, registerable, refunding bonds.
Dated Feb. 1, 1937.
Interest F. & A.
Principal and semi-annual interest payable at the Catskill National Bank & Trust Co. in Catskill.
Due $3,000 on Feb. 1 in
each of the years 1938, 1939, 1940 and 1941.
Certified check for $250,
payable to the Village, required.
of the village, payable from unlimited taxes.
A certified check for $100,
payable to the order of the village, must accompany each proposal. The
approving opinion of Clay, Dillon & Vandewater of New York City will
name one rate
of $390,000 refunding bonds.
Jan. 26 authorized the issuance of a total of $4,255,000 bonds.
An issue
amounting to $2,500,000 is for relief purposes.
Other issues include $400,000 for land purchases, $120,000 for police and fire
telegraph bureau, $235,000 for a rubbish incinerator, and $1»000,000 for tax revenue
anticipation.
H. Carbeck, Village Clerk,
will receive sealed bids until 2 p. m. (Eastern Standard
Time) on Feb. 15
for the purchase of $4,000 not to exceed
5% interest public works bonds.
Dated Feb. 1, 1937. Denom. $500. They will be issued in
registered form,
without coupons. Due $500 on Feb. 1 from 1938 to 1945 incl.
Bidder to
name a single interest rate on the
issue, expressed in a multiple of M or 1-10
of 1 %. Principal and interest (F. &
A.) payable at the First National Bank,
Silver Creek, with New York exchange. The bonds are
general obligations
Bidder to
(P. O. Troy), N. Y.—BONDS AUTH¬
County Supervisors recently authorized the issu¬
ROCHESTER, N. Y.—BONDS AUTHORIZED—'The City Council
FARNHAM, N. Y.—BOND OFFERING—J.
March
COUNTY
ORIZED—The Board of
ance
Premium
3.50%
3.70%
revenue
bonds.
on
36
Traders Trust Co. of Buffalo, as 3 Ms, at par
plus a premoum of $43.80,
equal to 100.219, a basis of about 3.23%.
A .C .Allyn & Co. of New York
were second high,
offering a premium of $36 for 3Ms.
Dated Feb. 1,1937.
Due $1,000 yearly on May 1 from 1938 to 1957.
Int. Rate
bills.
ORLEANS COUNTY (P. O. Albion), N. Y.—BONDS AUTHORIZED—
The County Supervisors have authorized the issuance of
EVANS UNION FREE SCHOOL DISTRICT NO. 13
(P. O. Angola),
N. Y.—BOND SALE—The $20,000
coupon or registered school bonds
offered on Feb. 4—V. 144, p. 816—were awarded to the
Manufacturers &
Other bids were as follows:
Bidder—
E. H. Rollins & Sons.
Marine Trust Co. of Buffalo
bear
and
Rale Bid
3.40%
Roosevelt & Weigold
NEW YORK, N. Y.—AUTHORIZE $30,000,000 RELIEF
CERTIFI¬
CATES—The Municipal Assembly has passed a local law
empowering City
Comptroller Frank J. Taylor to issue, as funds are required, up to $30,000,000 temporary certificates of indebtedness for work and home relief
UTICA, N. Y.—CERTIFICATE OFFERING—Sealed bids will be re¬
ceived by the City Comptroller until noon on Feb; 8 for the
purchase of
$500,000 tax anticipation certificates of indebtedness.
Dated Feb. 10,
1937.
Denom. $50,000.
Due July 10, 1937.
Payable at the Chemical
Bank & Trust Co., New York
City.
Legality approved by Clay, Dillon &
Vandewater of New York City.
VESTAL CENTRALIZED SCHOOL DISTRICT NO. 1
(P. O. Vestal),
N. Y.—BOND ELECTION—At an election to be held on Feb. 26 the
voters
will
consider
a
proposal
to
issue
$546,000
school
bonds.
building construction
the issue, expressed in a multiple of
general obligations of the village, payable
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
from unlimited taxes. A certified check for
$1,280, payable to the order of
the village, must accompany each
proposal.
Principal and interest (F. & A.)
payable at the Citizens Trust Co. or the National Bank of
Fredonia, at
Fredonia, or at the Guaranty Trust Co., New York, with New York ex¬
change, at the option of the holder. Approving legal opinion of Clay, Dillon
& Vandewater of New York
City will be furnished the successful
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
bidder.
KIRCHOFER
Financial Statement
The assessed valuation of the
property subject to the taxing power of the
The total bonded debt of the village
including the
above memioned bonds is $488,150, of which amount
$147,000 is water
debt. The population of the village (1930 census) was
5,814. The bonded
debt above stated does not include the debt of
&,
ARNOLD
INCORPORATED
village is $5,090,950.
RALEIGH, N. O.
A
T.
T.
TELETYPE
RLGH
80
any other subdivision
having
all of the property subject to the taxing
power to levy taxes upon any or
power of the village.
The fiscal year commences March 1. The amount of
taxes levied for the fiscal years
commencing March 1, 1933, March
1, 1934,
and March 1, 1935, was, respectively,
$97,614.95, $110,113.39 and $112,213.13. The amount of such taxes uncollected at the end of
each of said
fiscal years was, respectively, $7,451.70,
$4,870.12 and $7,531.79.
The
amount of such taxes
remaining uncollected as of Jan. 30, 1937, is, respec¬
tively, $1,074.99, $2,168.94 and $3,888.40. The taxes of the fiscal
year
commencing March 1, 1936, amount to $109,892.90, of which
$102,402.75
has
been
collected.
(Report of this offering
was
given previously in these columns.)
FULTON, N. Y.—BOND SALE—The
issue
of
$60,000 coupon or re¬
gistered refunding bonds offered on Feb. 3—V. 144, p. 650—was awarded
to Roosevelt & Weigold, Inc. of New
York, as 2.30s, at a price of 100.11,
a basis of about 2.28%.
Dated Feb. 15, 1937 and due $6,000 annually
on Jan. 15 from 1938 to 1947 incl.
HUDSON, N. Y.—PROPOSED BOND ISSUE—According to report the
city has introduced in the State Legislature a bill providing for an issue
of
$15,000 not to exceed 6% interest 1-10-year bonds to pay various
outstand¬
ing claims and to legalize diversions made in 1935 and 1936 of funds
for
municipal purposes other than those for which the taxes were levied.
LAWRENCE (P. O. North Lawrence), N. Y.—BOND
SALE—The
$10,000 4% coupon refunding bonds offered on Jan. 29 were awarded
to the
First National Bank of Winthrop at a
price of 103.621, a basis of about
3.03%.
Dated Feb. 1, 1937.
Due $1,000 on Feb. 1 in 1938 and
1939;
and $2,000 on Feb. 1 in 1940, 1941, 1942 and
1943.
LOCKPORT, N. Y.—BONDS AUTHORIZED—'The Common Counci
recently authorized the issuance of $80,000 hospital alteration
bonds.
NORTH
CAROLINA
ALAMANCE COUNTY (P. O.
Graham), N. C.—BONDS AUTHOR¬
IZED—The Board of County Commissioners have
passed two ordinances
authorizing the issuance of a total of $140,000 funding bonds.
ASHEVILLE
AND
BUNCOMBE
COUNTY, N. C.—BOND EX¬
CHANGE COMPLETED—The two committees
representing the holders of
bonds and notes, respectively of the above
city and county nave completed
the exchange of Asheville and Buncombe
County bonds deposited witu them
and are beginning the delivery of the
refunding bonds to depositors.
The
refunding bonds being delivered by the bondnolders' committee
carry the
approving legal opinion of Thomson, Wood & Hoffman, while
refunding
bonds being delivered
by the noteholders' committee carry the approving
legal opinion of Reed, Hoyt & Washburn.
Of the $20,871,000 of City of Ashville bonds
to be refunded, the two
committees have exchanged $20,001,500
principal amount.
Of the $2,778,500 of Asheville local tax school district bonds to be
refunded, $2,579,000
principal amount has been exchanged and of the
approximately $18,000,000
of County Buncombe bonds to be
refunded, the two committees have
exchanged $16,780,000.
This leaves with the committees
only approxi¬
mately $5,000,000 of bonds of special school,
sanitary and water districts
of Buncombe
County
the
and
issuance
possible.
'
BENTON
is to be held
to be exchanged, and arrangements in connection with
exchange of such bonds are proceeding as rapidly as
HEIGHTS,
on
N.
C.—BOND ELECTION—A special election
a proposed bond issue of
$20,000 for sewer
Feb. 9 at which
purposes will be voted upon.
CLINTON, N. C.—NOTE SALE DETAILS—We are informed by N. H.
Larkins, City Clerk, that the $20,000 revenue anticipation notes purchased
Financial
144
Volume
979
Chronicle
SCHOOL DISTRICT (P.
LIBERTY SPECIAL RURAL
by the First Citizens Bank & Trust Co. of Clinton, as noted here recently—
V. 144, p. 817—were purchased at 6% at par.
Due on April 1, 1937.
BOND EXCHANGE—Mr. Larkins also states that $68,000 refunding
bonds will be issued in exchange for past-due bonds and maturities through
July 1,1937.
O. Manteo), N. C.—BONDS
DARE COUNTY (P.
APPROVED—The
Commission is reported to have reversed
Local Government
its previous
ad been held have approved the that the issuance
Eosition and to by the Commission issuance of $36,000of these bonds would
in school bonds. It
exceed the county's
has been approved
of $29,454
debt limit.
(A loan of $36,000 and a grant
by the Public Works Administration.)
indebtedness and $113,919.23 to fund
GUILFORD
COUNTY
(P. O.
unpaid interest.
Greensboro), N. C.—NOTE
SALE—
County
the
The $75,000 revenue anticipation notes, authorized recently by the
Commissioners, as noted here—V. 144, p. 651—were purchased by
Wachovia Bank & Trust Co. of Winston-Salem.
Dated Feb. 1, 1937. Due
on
Aug. 1, 1937.
MOUNT
GILEAD,
N.
C.—BOND
OFFERING—W.
Easterling,
E.
Secretary of the Local Government Commission, will receive bids at Raleigh
until 11 a. n.. Feb. 9, for the purchase at not less than par of $4,000 general
obligation, unlimited tax, interest funding bonds.
Bidders are to name
rate of interest, in a multiple of H %, but not to exceed 4%.
Denom. $500.
Dated July 1, 1936. Principal and semi-annual interest (Jan. 1 and July 1)
Due $1,500 on July 1 in 1938 and 1939; and $1,000
redeemable on any interest payment date. Certified check for
payable at New York.
July 1, 1940;
$80, payable to the State Treasurer, required.
_
AUTH0RI7ED—L. B. Aycock, City
Manager, states that an enabling act has been passed by the Legislature,
providing for the issuance of $30,000 gymnasium bonds approved by the
voters in January, 1936.
It is understood that these bonds will be offered
ROCKY MOUNT, N. C.—BONDS
sold
Jan. 30.
on
in
owing to an error
However,
the legal notice
deposit check in the initial instance having been fixed
necessary to postpone the sale, according to Carl D.
intendent of Putnam County Board of Education.)
Vermilyea, Super¬
E.
Ohio—BOND OFFERING—Harold
the
at only $50, it was
City
$2,500
Dated
April 1 and
Brooker,
Auditor, will receive bids until noon Feb. 12, for the purchase of
2H% public building bonds.
Denom. 2 for $1,000 and 1 for $500.
Jan. 1, 1937.
Interest payable semi-annually.
Due $1,000
$1,600 Oct. 1 in 1951.
Certified check for $25, required.
SALE—The $5,000 electric light
bonds offered on Jan. 25—V. 144, p. 318—were
Banking Co. of Monroeville on a, bid
The purchaser is to pay for printing of the bonds.
Dated
Due $1,000 yearly on Dec. 1 from 1938 to 1942.
Ohio—BOND
MONROEVILLE,
improvement
system
awarded to the Farmers & Citizens
of par for 4s.
Dec. 1, 1936.
NELSONVILLE,
Ohio—BONDS
NOT SOLD— The
$60,000 coupon
492—
Bonds
1954.
O. Circleville), Ohio—BONDS SOLD—
addition construction bonds has been sold
municipal light plant mortgage bonds offered on Feb. 1—V. 144, pwere not sold.
Sale of the bonds was stopped by a referendum.
were to be dated Jan. 1,1937 and mature yearly on Jan. 1 from 1939 to
PICKAWAY COUNTY (P.
courthouse
County Sinking Fund.
An issue of $20,000
to the
Ohio—REJECT POWER PLANT
CLINTON,
PORT
The voters defeated at
MEASURE—
construct a $250,000
Current is now supplied by
Co. subsidiary.
yesterday's election a proposal to
municipal electric light plant with WPA aid.
the Ohio Public Service Co., a Cities Service
debt
CLINTON, Ohio—BOND SALE—The Board of Cemetery
purchased $12,000 4% water works improvement bonds.
15, 1936.
Denom. $1,000.
Due $1,000 on March 1 and
Sept. 1 from 1938 to 1943 incl.
Principal and interest (M. & S.)
at the American National Bank, Port Clinton.
BOWBELLS, N. Dak.—BONDS SOLD—It is stated by H. C. Wood,
Auditor, that the $3,500 hospital bonds offered for sale without
success on Jan. 4, as noted in these columns recently—VI 144, p. 318—
TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Willard, R. D. No. 2), Ohio—BOND SALE—The issue of $32,500 school
bonds offered on Feb. 1—V. 144, p. 492—was awarded to Stranahan,
Harris & Co. of Toledo.
Dated Jan. 1, 1937.
Due as follows: $1,000,
June 1 and Dec. 1, from 1938 to 1951, incl.; $500 June 1 and $1,000 Dec. 1
from 1952 to 1954, inclusive.
for sale in the near future.
^
^
PORT
SALISBURY, N. C.—BONDS AUTHORI7ED—An ordinance has
adopted by the City Council authorizing the issuance of $224,000
funding bonds.
been
Sept.
payable
RICHMOND
DAKOTA
NORTH
has
Trustees
Dated
i
Clerk, wOl
$30,000 4%
Dated March 1, 1937.
Denom. $750. Due $750
from 1938 to 1957 incl.
A certified check for $300,
payable to the order of the Board of Education, must accompany each
proposal.
(These are the bonds which were originally scheduled to be
school building bonds.
on March 1 and Sept. 1
MARIETTA,
CITY, N. C.—BONDS AUTHORIZED—'The City Council
has passed two ordinances authorizing the issuance of $1,834,419.23 bonds,
of which $1,702,500 is to be issued to refund a like amount of outstanding
ELIZABETH
O. Leipsic).
OFFERING—Edward J. Reinman,
District
Feb. 20 for the purchase of
Ohio—BOND
receive sealed bids until noon on
City
purchased by the State, as 4s at par.
Wood that the $3,000 not to exceed 5% semi¬
offered without success on the same date, as noted—
V. 144, p. 318—have not been sold as yet.
have been
It is also reported by Mr.
annual city hall bonds
CAVALIER. N. Dak.—BOND OFFERING—H. B. Spiller, City Auditor,
bids at the office of the County Auditor of Pembina County
WELLSTON, Ohio—BOND OFFERING—W. A. Lausch, City Auditor!
until noon Feb. 20 for the purchase of $5,500 4}4% storage
construction bonds.
Denom. $500. Dated Jan. 1, 1937
Interest payable semi-annually.
Due $500 yearly on Jan. 1 from 1939 to
1949, incl.
Cert. check for $55, required.
will receive bids
warehouse
will receive
2 p. m. Feb. 15, for the purchase of $2,000 4% general
obligation fire equipment bonds.
Denom. $200.
Dated Feb. 15, 1937.
Principal and semi-annual interest (Feb. 15 and Aug. 15) payable at the
County Treasurer's office, in Cavalier.
Due $400 yearly on Feb. 15
from 1939 to 1943, inclusive.
in Cavalier, until
GOLDEN
SCHOOL
GLEN
$33,000
Oklahoma Funding 6%
Creek County,
due June 11,
DISTRICT (P. O. Edgeley) N. Dak.—
Clerk of the Board of Education that
1944
3.00 basis
(g>
BONDS SOLD—It is reported by the
the $22,000 high school bonds offered by the said Board last
noted here at that time, were purchased by the Bank of North
August, as
Dakota, of
EDWARDS, Inc.
R. J.
Established 1892
Bismarck, as 4s.
OKLAHOMA CITY,
COUNTY (P. O. Mandan),
N. Dak.—CERTIFICATE
SALE—The $25,000 issue of certificates of indebtedness offered for sale on
Jan. 18—V. 144, p. 318—was purchased by the Bank of North Dakota,
of Bismarck, at 5M%. paying par.
Due on Jan. 18, 1938.
NORTON
SCOTIA SCHOOL DISTRICT NO. 52, Bottineau
—CERTIFICATE OFFERING—Joel Larson, District
County, N. Dak.
Clerk, will receive
office in Bottineau until 2 p.m.
bids at the County Auditor's
the purchase at not less than par
totbear interest at no more than
Feb. 13 for
of $1,000 certificates of indebtedness,
7%.
Denom. $500.
Dated Feb. 15,
Feb. 15, 1938.
Cert, check for 2%
Principal and interest payable
of amount of bid required.
1937.
SCHOOL DISTRICT NO. 46, Bottineau County,
OFFERING—W. C. Holz, District Clerk, will
Feb. 11 at the County Auditor's office in Bottineau
for the purchase at not less than par of $3,000 certificates of indebtedness,
to bear interest at no more than 7%.
Denom. $500. Dated Feb. 15,
1937.
Principal and interest payable Feb. 15, 1938.
Cert, check for 2%
of amount of bid required.
Dak.—BONDS TO BE PURCHASED—It is stated
by the City Auditor that a $22,000 issue of 4% semi-annual electric light
plant system bonds will be purchased by the Public Works Administration.
Dated Aug. 1, 1936.
Due on Aug. 1 as follows: $1,000, 1940 and 1941,
and $2,000,1942 to 1951.
WALHALLA,
N.
Fessenden) N. Dak .—CERTIFICATE SALE
WELLS COUNTY (P. O.
of certificates of indebtedness offered for sale on Feb. 3,
noted here recently—V. 144, p. 817—has been purchased by local banks,
5%, according to the County Auditor. Due in either one or two years.
—The $25,000 issue
as
at
OHIO
MUNICIPALS
MITCHELL, HERRICK & CO.
700 CUYAHOGA
AKRON
CANTON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
OKLAHOMA
CONSOLIDATED SCHOOL DISTRICT NO. 71
(P. O. Berwyn), Okla —BOND OFFERING—J. C. Carpenter, District
Clerk, will receive bids until 2 p. m. Feb. 9 for the purchase at not less
than par of $14,000 school building and equipment bonds.
Bidders are
to name rate of interest.
Due $1,000 yearly beginning July 1, 1941.
Certified check for 2% of amount of bid, required.
CHATTANOOGA
as
4s at par.
of sale given
OFFERING—
CHICKASHA SCHOOL DISTRICT, Okla.—BOND
Clerk of the Board of Education, will receive bids until 2 p. m.
8 for the purchase at not less than par of $42,000 school building,
repair and equipment bonds.
Bidders are to name rate of interest.
$3,000 yearly, beginning three years after date of issue.
for 2% of amount of bid, required.
Susie Frey,
Feb.
Due
Certified check
CROOKED OAK SCHOOL DISTRICT
Okla.—BONDS VOTED—At an election on
to have approved the issuance of $35,000 in
BONDS
OHIO
CANTON TOWNSHIP SCHOOL
DISTRICT (P. O. Canton, R. D.
CRESTON,
Ohio—BOND SALE—The
$6,000
coupon
water works
improvement bonds offered on Jan. 29—V. 144, p. 492—were awarded to
the Wayne County National Bank of Wooster, as 2^s, at par plus a
premium of $11, equal to 100.18, a basis of about 2.72%.
1937 and due $500 annually on Oct. 1 from 1938 to 1949
DAYTON, Ohio—BOND
Dated Feb. 1,
incl.
EXCHANGE—The Provident Savings Bank
& Trust Co. of Cincinnati, holder of the original debt, has accepted
refunding bonds to the amount of $184,000 on an exchange basis.
Dec. 1, 1936 and due $23,000 on Sept. 1 from 1938 to 1945 incl.
FRANKLIN
Ohio—BOND
2M%
Dated
TOWNSHIP SCHOOL DISTRICT (P. O. Fayette),
OFFERING—L. A. Stevens, District Clerk, will receive
sealed bids until noon on Feb. 6 for the purchase of $36,000 4% coupon
school bonds.
Dated March 1, 1937.
Denom. $900.
Due $1,800 on
March 1 and Sept 1 from 1938 to 1947 incl.
Principal and interest (M. &
S.)
payable at the Farmers State Bank,
must accompany each proposal.
Fayette.
A certified check for 5%
OFFERING—Regina Hartzell, Village
Feb. 23 for the purchase at not less than
HARBOR VIEW, Ohio—BOND
Clerk, will receive
bids.until noon
of $4,100 6% coupon water supply bonds. Denom. $250, except one for
$100. Dated Jan. 15, 1937. Interest payable March 15 and Sept. 15. Due
$250 yearly on Sept. 15 from 1938 to 1953, incl., and $100 Sept. 15, 1954.
Certified check for $50, payable to the Village Treasurer, required.
par
extension
received util 3 p. m. on
the purchase of the above
RE-OFFERED—Sealed bids will be
MARLOW,
4), Ohio—BOND SALE—An issue of $112,000 school building construction
bonds has been sold to the State Teachers' Retirement Board.
said
all bids were rejected.
by Bernice Block, Town Clerk, for
Interest rate to be specified in bid.
8,
bonds.
102.73.
(P. O. Oklahoma City),
Jan. 27 the voters are
gymnasium bonds.
EUFAULA SCHOOL DISTRICT (P. O. Eufaula), Okla.—BOND
SALE—A $6,000 issue of school building bonds, offered for sale on Jan.
18—V. 144, p. 492—was purchased by the District, as 3Ms: at par, itis
stated by the District Clerk.
Due $1,000 from 1940 to 1945 incl.
HASKELL, Okla.—BOND SALE—The $12,000 issue of water works
bonds offered for sale on Jan. 29—V. 144, p. 818—was purchased by R.J.
Edwards, Inc., of Oklahoma City, according to the Town Clerk.
Due
$1,000 annually from 1941 to 1952 incl.
No other bid was received.
LEXINGTON, Okla.—BONDS NOT SOLD—The $11,000 sewerage
bonds offered on Jan. 22, as reported here recently—V. 144, p. 493—were
not sold as
PUBLICLY OFFERED—Bonniewell,
Neil & Camden, Inc., of Chicago, are making public offering of $231,000 4%
first mortgage sewer revenue bonds at prices to yield from 1.50% to 3.30%.
They mature semi-annually from 1938 to 1957, incl., and, it is said, are
secured by a first mortgage on the entire sewerage system, appraised at
$1,650,000.
The bankers purchased the bonds last December at a price of
Chattanooga), Okla.
school bonds were
SPRINGFIELD
Ohio—BONDS
SCHOOL DISTRICT (P. O.
stated by J. B. Shelton, District Clerk, that $4,000
purchased by the First National Bank of Chattanooga,
Due from 1942 to 1950.
(This report corrects the notice
here recently—V. 144, p. 651.)
—BOND SALE—It is
Feb.
BARBERTON,
Long Distance 168
CARTER COUNTY
STONE CREEK
N. Dak.—CERTIFICATE
receive bids until 2 p. m.
OKLAHOMA
AT&T OK CY 19
Okla.—BOND SALE—The
bonds offered
and improvement
$10,000 ilme of water works
for sale on Jan. 29—V. 144,
651—was purchased jointly by the First National Bank,
National Bank, both of Marlow.
Due $1,000 from 1940 to
p.
and the State
1949 incl.
O. Nowata), Okla.—BOND
SALE—The $33,000 issue of coupon auditorium-gymnasiqm bonds offered
for sale on Jan. 28—V. 144, p. 651—was purchased by the First National
Bank of Nowata.
Due $1,500 from 1940 to 1961.
NOWATA
SCHOOL
DISTRICT
OKLAHOMA COUNTY SCHOOL
(P.
DISTRICT NO. 53 (P. O. Okla¬
Okla.—BOND OFFERING—H. A. Bosse, District Clerk, will
purchase at not less than par of
$35,000 building bonds.
Bidders are to name rate of interest.
Due
$12,000 yearly beginning three years from date of issue, except that the
last instalment is to amount to $11,000.
Certified check for 2% of amount
homa City),
receive bids
of bid,
until 4 p. m., Feb. 9 for the
required.
v
SEMINOLE, Okla.—BOND OFFERING—Herman O. Sullivan, City
Clerk, will receive bids until 8p.m. Feb. 9 for the purchase at not less than
par of $24,500 bonds, divided as follows:
$10,000 municipal building bonds.
Due $2,000 yearly beginning three
years after date of issuance.
6,000 fire equipment bonds.
Due $1,000 yearly beginning in three years.
2,000 storm sewer extension bonds.
Due $1,000 yearly beginning in
three years.
1,000
4,000
1,500
sanitary sewer extension
bonds.
Due in three years.
park bonds.
Due $1,000 yearly beginning in three years.
cemetery bonds.
Due $1,030 in three years and $500 in four years.
Bidders are to name rate of interest.
Cert, check for 2% of amount of
bid, required.
OREGON
BEND, Ore.—BONDS CALLED—L. G. McReynolds, City Treasurer,
is said to have called for payment at his office on Feb. 1, on which date
interest ceased, improvement bonds of Feb. 1, 1928, numbered 34 to 65.
980
Financial Chronicle
DOUGLAS COUNTY SCHOOL DISTRICT NO. 4
(P. O. Roseburg),
Ore.—BOND ELECTION—An election is reported to be
scheduled for Feb.
15 in order to vote on the issuance of
$54,000 in school bonds.
Feb. 6,
multiple of M%.
or
as
otherwise agreed upon.
1) payable in New York, or as may be agreed
upon.
Due $2,000
May 1 in each of the years
1940,1942,1943,1944,1945,1946,1947,1948,
1949, and 1950.
Certified check for 2% of amount of
bid, required.
Pur¬
chaser is to pay for printing of
bonds, and furnish at his own expense any
legal opinion he may require.
SALE—The $11,000 issue of
5% semi¬
annually water works bonds offered for sale on Noy. 4—V.
143, p. 3036—
was purchased by the First State Bank
of Eagle Point, at
par, it is reported
by The Town Recorder.
Dated Nov. 1, 1936.
Due from Nov. 1,1940
to 1956; optional after Nov. 1, 1946.
on
KLAMATH
COUNTY-COUNTY
Kalamath Falls),
Ore.—BOND
SCHOOL
DISTRICT
(P.
O.
OFFERING—Sealed bids will be re¬
Porter, District Clerk, for the
Interest rate is
Bonds to be dated day of delivery,
Principal and semi-annual interest (May 1
and Nov.
""EAGLE POINT, Ore.—BOND
ceived until 2 p. m. on Feb. 10,
by Jean K.
purchase of a $75,000 issue of school bonds.
1937
Denom. $1,000.
SOUTH
CODINGTON COUNTY (P. O.
DAKOTA
Watertown), S. Dak.—BOND
SALE
an issue of
$78,000 3H% refunding
Northwestern National Bank & Trust
Co. of Minneapolis.
Due serially from 1940 to 1952.
—The
not to exceed
5%, payable M. & S.
Dated March 1, 1937.
Due on March 1 as follows:
$15,000, 1939 and $20,000, 1940 to 1942, incl.
A certified check for
5%
must accompany the bid.
County Commissioners have sold
bonds to the
EDMUNDS COUNTY (P. O.)
Ipswich), S. Dak.—BOND SALE—
The County Commissioners have sold an issue
of $115,000
warrant
refunding bonds to the Allison-Williams Co. of
Minneapolis.
Due $10,000
yearly from 1939 to 1949, and $5,000 in 1950.
POLK COUNTY SCHOOL DISTRICT
NO. 4 (P. O.
Dallas) Ore.—
BONDS NOT SOLD—It is stated
by the District Clerk that the $4,000 issue
of interest bearing warrants offered on Jan.
8—V. 144, p. 140—was not
sold.
Due $400 from June 1, 1938 to 1947
incl.
FLANDREAU, S. Dak.—BONDS SOLD—It
TOLEDO, Ore.—BOND ELECTION—It is reported that an election
is
set for Feb. 9 to vote on the
proposed issuance of $55,890 in water
system
bonds.
is
now
reported by the City
Auditor that the $5,000 4% semi-annual
hospital equipment bonds offered
for sale without success on Dec. 14, as noted
here at that time—V. 143, p.
4047—have been purchased by the Farmers State Bank
of
Dated Dec.
WALLOWA IRRIGATION DISTRICT NO. 1
(P. O. Enterprise),
Ore.—BONDS HELD LEGAL—The issuance of
$60,000 in irrigation
bonds by the above district was held
legal recently in a Circuit Court
ruling.
v/..y V.vv•
■■
1, 1936.
MADISON
Due
SCHOOL
on
Dec. 1,
Flandreau.
1946.
DISTRICT (P. O. Madison)
S. Dak.-—BOND
OFFERING—It is reported that sealed bids will be received
until Feb. 19,
by the Clerk of the Board of Education, for the purchase of a
$40,000 issue
of not to exceed 4% semi-ann. refunding
bonds.
:
'
.
.,,
;
MOBRIDGE, S. Dak.—BOND OFFERING— Sealed bids will be received
until 8 p. m. on Feb. 15 by R. C.
Riddell, City Auditor, for the purchase
of two issues of 4%
coupon semi-annual bonds aggregating $22,000, as
follows:
;
City of Philadelphia
4M% Bonds due February 27, 1981-51
■
$12,000 auditorium bonds.
Due on Feb. 1 as follows:
$500, 1938 to 1953,
and $1,000, 1954 to 1957.
Payable at the City Treasurer's office.
10,000 grading, curbing and pavement bonds.
Due on Feb. 1 as follows:
$500, 1939 to 1954, and $1,000 in 1955 and 1956.
Denom. $1,000.
Dated Feb. 1, 1963.
Bids may be submitted for all
or part of either issue and the bid
or bids covering all the bonds of either
Price: 114.270 and Interest To Net
3.00%
Moncure Biddle & Co.
1520 Locust Street
issue and deemed
favorable will be accepted.
The city will furnish
the executed bonds and the
approving opinion of Junell, Driscoll, Fletcher,
Dorsey & Barker of Minneapolis.
;
(This report supplements the offering notice given in these columns
recently.—V. 144, p. 819.)
Philadelphia
most
.
PENNSYLVANIA
AVOCA, Pa.—BOND SALE—The $25,000 4% registered bonds
on Feb. 1—V.
Avoca at par.
annually
CASS
on
144 p.
offered
652—were awarded to the First National Bank of
Denom. $1,000.
Dated Dec. 15, 1936.
Interest payable
Dec. 15.
Due Dec. 15, 1961.
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Heckscherville),
Pa.—BONDS NOT SOLD—The $190,000
coupon, registerable, judgment
funding bonds offered on Jan. 27—V. 144;, p. 493—were not
sold, no bids
being received.
Dated Feb. 1, 1937.
Due on Feb. 1 as follows: $10,000,
1940, 1941, 1942, 1944, 1945, 1947,
1948, 1949 and 1950; $15,000, 1951 to
1956, incl.; and $10,000 1957.
CHARTIERS
TOWNSHIP
SCHOOL
COUNTY, Pa.—BOND ELECTION—An
at which
a
upon.
DISTRICT,
WASHINGTON
election is scheduled for Feb. 23
proposition to issue $120,000 school building bonds will be voted
CLARKS
SUMMIT, Pa.—BOND OFFERING—Robert R. Walters,
receive bids until 8p.m. Feb. 9 for the
purchase
4% bonds.
Interest payable Jan. 1 and
July 1.
Denom.
$1,000.
Due $9,000 in
1942, 1947, 1952 and 1957; and $4,000 in 1962.
Cert, check for 5%, required.
Borough Secretary, will
of $40,000
DUBOIS SCHOOL
DISTRICT, Pa.—BOND OFFERING—T. L. Males,
District Secretary, will receive bids until 8
p. m. Feb. 16 for the purchase
of $72,000 coupon
refunding and improvement bonds.
Bidders are to
name rate of interest,
making choice from 1, \%, m, 1M, 2, 2M, 2M.
2%, and 3%.
Denom. $1,000.
Dated March 1, 1937.
Interest payable
March 1 and Sept. 1.
Due as follows: $2,000, 1942, and
$10,000 from
1943
to 1949.
EAST
PENNSBORO TOWNSHIP SCHOOL DISTRICT
(P.
O.
Enola), Pa.—BONDS VOTED—At a recent election a proposal to issue
$50,000 high school building bonds was
approved by a vote of 533 to 149
ERIE COUNTY (P. O.
Erie), Pa.—NOTE SALE—The $300,000 notes
offered on Feb. 5—V. 144,
p. 818—were awarded to Fisher, MacEwan &
Co., Inc., of Philadelphia, on a .77% interest basis.
Singer, Deane &
Scribner, Pittsburgh, second high bidder, bid 1% interest,
plus a premium
of $128.
Notes are dated March 3, 1937 and
mature in five months.
QUINN
a
SCHOOL DISTRICT, Pa.—BOND
ELECTION—
special election to be held on Feb. 9 a
proposal to issue $110,000 school
building bonds will be boted upon.
HUNTINGDON SCHOOL
DISTRICT, Pa.—BOND SALE—The issue
of $25,000 3 % school bonds offered
on Feb. 1—V.
144, p. 493—was awarded
MacGregor of Pittsburgh, at par plus a premium of
$1,884.50,
equal to 107.538, a basis of about
2.40%.
Dated Feb. 1, 1937 and due
$1,000 annually on Feb. 1 from 1940 to 1964 incl.
to Glover &
■■■
I
LAMAR TOWNSHIP SCHOOL
DISTRICT (P. O. Salona), Pa.—
BOND ELECTION—The Board of
Education has decided co hold a
special
election on March 9 for the
purpose of voting on the question of
issuing
$33,000 school building bonds.
v
^
LOGANVILLE, Pa.—BOND SALE—The $11,000 3%
as to
coupon, registerprincipal only, water works bonds offered on Jan. 29—v.
144,
Henry W. Lawer of Dover, the only bidder, at a
price of 103.64, a basis of about 1.81%.
Dated Oct. 1, 1936.
Due Oct.
1, 1961; redeemable on and after April 1, 1940.
able
p. 493—were awarded to
»
MOUNT CARMEL, Pa. — BONDS
AUTHORIZED — The Borough
Council has passed four ordinances
authorizing the issuance of a total of
$397,000 bonds.
....
»
NEW
OXFORD
SCHOOL
DISTRICT,
voters at a recent election
approved a
>
building bonds.
«
Pa.—BONDS
VOTED—The
proposition to issue $25,000 school
NORTHUMBERLAND
COUNTY
1938; $15,000, 1939 to 1941,
incl.; $20,000 in 1942, and $25,000 from 1943 to
1947, incl.
A certified
check for 2%, payable to the order of the
County Treasurer, must ac¬
company each proposal.
The bonds will be issued subject to
favorable
legal opinion of Townsend, Elliott & Munson of
Philadelphia.
(The county, as reported in a previous
issue, originally proposed to offer
the issue on Feb. 2.)
.
TOWNSHIP
SCHOOL
County, Pa.—BONDS VOTED—At
trict approved a proposal to issue
of 936 to 299.
a
DISTRICT,
Venango
recent election the voters of the
dis¬
$140,000 school building bonds by
WEST DEER TOWNSHIP SCHOOL
DISTRICT (P. O.
Pa.—BOND OFFERING—Max O. Siegel, District
a vote
Russellton),
Secretary, will receive
sealed bids until 8 p. m. on Feb. 25 for the
purchase of $25,000 3%
coupon
bonds.
Dated Feb. 15, 1937:
Denom. $1,000.
Due Feb. 15 as
follows: $12,000 in 1942 and $13,000 in
1947.
Interest payable F. & A.
The bonds will be exempt from State taxes
up to 4 mills on the dollar.
A certified check for $500,
payable to the order of the District
Treasurer,
must accompany each proposal.
The bonds will be sold
subject to the
approval of the Pennsylvania Department of
school
Internal Affairs.
SOUTH
$20,000
tax,
coupon,
a.
m.
Feb. 6 for the purchase
registerable
as
highway refunding bonds.
(P. O. Quinn), S.
*
SISSETON, S. Dak.—BOND SALE—The $44,000 4%
system bonds offered on Feb. 1—V. 144,
Prescott & Co. of Minneapolis at
<
coupon
water
p. 653—were awarded to E. J.
par plus a premium of $300, equal to
100.681, a basis of about 3.92%.
Dated Jan. 1, 1937.
Due as follows:
$2,000, 1938 to 1950, and $3,000, 1951 to 1956; callable after 10
years.
VIBORG
INDEPENDENT SCHOOL DISTRICT No. 4
(P.O. Viborg),
S. Dak.—INTEREST RATE—It is now
reported by the District Clerk that
the $9,000 refunding bonds
purchased by the Security National Bank^of
Viborg, at par, as noted here in December—V. 143, p. 4047—were sold as
4s.
Due $1,000 from Jan. 1, 1938 to 1946
incl.
TENNESSEE
CHATTANOOGA, Tenn.—BOND
SALE—The two issues of bonds ag¬
gregating $75,000, offered for sale on Feb. 3—V. 144, p.
653—were^awarded
composed of the Cumberland Securities Corp., RobinBon, Webster
&- Gibson, both of
Nashville, and the First National Bank of Memphis, as
3Ms, paying a premium of $469.00, equal to
100.625, a basis of about
3.67%.
The issues are divided as follows:
md
$25,000 local improvement bonds.
Due from Feb. 1, 1938 to 1957 incl.
$50,000 local improvement bonds.
Due from Feb. 1, 1938 to 1957 incl.
to a group
W
ENGLEWOOD,
Tenn.—BONDS
missioners have adopted a resolution
deficiency waterworks bonds.
revenue
AUTHORIZED—The
Town
Com¬
authorizing the issuance of $35,000
HAMILTON COUNTY
(P. O. Chattanooga), Tenn.—BONDS A(J.
THORIZED—At a meeting held on Feb. 1 the
County Court is said to have
authorized the issuance of $44,000 in
bonds, to be used in conjunction with
a PWA grant for court
house construction.
HAWKINS COUNTY
(P. O. Rogersville), Tenn.—BONDS OFFERED
TO PUBLIC—A $26,000 issue of
3% refunding bonds was purchased by
the Cumberland Securities
Corp. of Nashville, and is being offered at a price
of 105.85, to yield
2.50%.
Denom. $1,000.
Dated Jan. 1, 1937.
Due
on Jan. 1,1951.
Prin. and int. (J & J) payable at the office of the
County
Trustee.
The bonds which this issue will
refund are subject to 100%
reimbersement by the State under
Chapter 23. Public Acts of 1927 and
amendments thereto.
Legality approved by Chapman & Cutler of Chicago.
HUMBOLDT, Tenn.—BOND OFFERING—Sealed bids will be * re¬
a. m. on Feb.
23, by Mayor H. J. Foltz, for the
purch^se„of
$215,500 issue of refunding bonds.
Bidders to specify interest rate in(a
multiple of M of 1 %.
Rate must be the same for all of the bonds. Denom.
$1,000, one for $500.
Dated April 1, 1937.
Due as follows
$2,000, 1939
and 1940; $8,000,
1941; $3,000, 1942 and 1943; $4,000, 1944 and 1945;
$10,000, 1946 to 1948; $5,000, 1949 and 1950; $8,000, 1951 and
1952:
$10,000, 1953; $15,000, 1954; $18,000, 1955; $20,000, 1956 to
1958, and
$30,500 in 1959. Award will be made on the bid
offering the lowest interest
ceived until 10
a
rate at a
price not less than par and accrued interest to the date of
delivery.
Prin. and int. (A. & O.)
payable at the Merchants State
Bank, Humboldt.
2% of the par value of the bonds, payable to the City
Treasurer, must accompany the bid.
These bonds are said to be general
tax obligations of the
city.j
A certified check for
JACKSON, Tenn.—BOND
ELECTION— At an election scheduled fo,
vote on the question of
issuing $391,250 bonds
the municipal electric distribution
system, $20,000
city stadium and $11,250 for school
improvements.
March 4 the people will
for
a
KNOXVILLE
Tenn .—REPORT
ON
PROPOSED REFINANCING
PROGRAM—The City Council is reported to have
adopted a resolution to
seek legislative
authority to carry out a broad program of
refinancing.
Another resolution that was
adopted calls for the appointment of a special
committee of the Council to consult with financial
experts on the refinancing.
A contract was presented at the
Council meeting by Norman S.
Taber,
financial consultant, of New
York, calling for his appointment as the city's
fiscal agent in connection with
refinancing for the next 18 months.
MACON COUNTY (P. O.
Lafayette), Tenn.—BONDS SOLD—It
is stated by F. D.
Gregory, Clerk of the County Court, that $40,000
4%
semi-annually county bonds were purchased at par
by the Nashville Trust
Co., and Thomas H. Temple & Co., both of Nashville.
SULLIVAN
COUNTY
to
at not
O.
Bristol),
less than par of
Tenn.—BOND ELECTION
WASHINGTON COUNTY
(P. O. Jonesboro), Tenn.'—NOTES OF¬
funding bonds was purchased
by the Cumberland Securities
Corp. of Nashville, priced to yield from 1.00 to
2.25%, according to ma¬
turity.
Dated Jan. 1, 1937.
Due $25,000 on Jan. and
July 1, from
July 1, 1937 to Jan. 1, 1941.
Legality to be approved by Chapman &
Cutler of Chicago.
FERED TO PUBLIC—A
$200,000 issue of 3 %
and is being offered for
general investment
TEXAS
principal, general obligation, unlimited
are to name rate of
interest, in a
Bidders
(P.
UPHELD—The election scheduled for Feb.
13, to vote on the proposed
issuance of the $500,000 school
improvement bonds, as noted in these col¬
umns recently—V.
144, p. 495—is said to have been upheld by the
County
Court.
CAROLINA
McCORMICK COUNTY (P. O.
McCormick), S. C.—BOND OFFER¬
ING—rJ. O. Patterson, Clerk of the
County Board of Commissioners, will
receive bids until 11
DISTRICT
including $360,000 for
(P. O. Sunbury), Pa .—BOND
OFFERING—Charles Kline, County
Comptroller, will receive sealed bids
until 2 p. m. on Feb. 16 for the
purchase of $200,000 coupon,
registerable
as to
principal only, funding and refunding bonds.
Bidder will be required
to name one rate of interest on the
issue, the rates possible being as follows:
1. IH, 1M, IK', 2, 2H, 2H, 2%, or 3%.
Dated March 1, 1937. Denom.
$1,000.
Due March 1 as follows: $10,000,
SUGARCREEK
SCHOOL
$15,000 funding bonds.
Due from 1938 to 1956.
2,000 school building bonds.
Due from 1938 to 1956.
GIRARDVILLE
At
INDEPENDENT
Dak.—BONDS SOLD—It is stated by J. H.
Chamberlain, District Clerk,
that the following coupon or
registered bonds aggregating $17,000, offered
for sale on Oct. 30, as noted in these
columns at that time—V.
143,$p.
2725—were sold to the State, as 5s:
;\V:
ABILENE, Texas—BOND ELECTION—It
will be held
on
March 6 to vote
on
is reported that an election
the issuance of $600,000 in water bonds.
BUCKNER BOULEVARD FRESH WATER
DISTRICT NO. 11
Dallas), Tex.—BONDS VOTED—The
to the issuance of
(P.<5.
voters recently gave their
approval
$70,000 bonds to finance the laying of water mains.
Financial
144
Volume
(P. O. Linden), Tex.—
CASS COUNTY ROAD DISTRICT NO 7-A
proposal
BOND ELECTION—An election will be held on Feb. 8 at which a
to issue
981
Chronicle
$25,000
$400,000 road bonds will be submitted to the voters.
ELLIS COUNTY ROAD DISTRICT NO. 2 (P. O. Waxahachie),
—BOND ELECTION—At an election called for Feb. 6 a proposal to
Tex.
NEWPORT NEWS, Va., 5s,
issue
$50,000 road bonds will be voted upon.
Due
,
GEORGETOWN, Texas—BONDS SOLD— It is stated by M. L. Gates,
City Secretary, that the $25,000 3H% semi-annual water bonds approved
by the voters at an election held on Dec. 14, were purchased by Mahan,
June
1952
F. W. CRAIGIE & COMPANY
Dittmar & Co. of San Antonio.
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
O. Kountze),
5% road bonds,
dated Feb. 20, 1917, numbered 28 to 39, and 57 to 89, are being called for
payment at the Sour Lake State Bank of Sour Lake, on Feb. 20.
Denom.
$1,000.
Due on Feb. 20, 1957; optional any time after Feb. 20, 1937, on
HARDIN COUNTY ROAD DISTRICT NO. 1 (P.
Tex.—BOND CALL—It is reported that all outstanding
.
VIRGINIA
30 days' notice.
offered for sale
HILLSBORO, Tex.—BONDS SOLD—It is stated by A. M. James, City
Secretary, that $10,000 improvement bonds approved by the voters on
Oct. 1 have been purchased by R. E. Levy & Co. of Waco, paying a premium
of $244.40, equal to 102.44
of 13 dealers, as 3%s, at par.
Tex.—BOND ISSUANCE CONTEMPLATED—It is an
nounced that a proposed bond issue which may amount to $8,500,000 or
more will be taken up for consideration by the City Council as soon as the
1937 budget is adopted.
Bank of Fairfax, according to the
HOUSTON,
HOUSTON INDEPENDENT SCHOOL DISTRICT (P. O. Houston),
Tex.—BOND OFFERING—Sealed bids will be received until 11 a. m. on
a
Va —BOND SALE—The
HERNDON,
offered for sale
on
Feb.
$50,000
issue of sewer bonds
National
144, p. 820—was awarded to the
1—V.
Town Clerk.
BEACH, Va .—BONDS VOTED—At the election held on
approved the issuance of the $168,000
VIRGINIA
Jan. 26—V. 144, p. 496—the voters
in sewage
Board of Education, for the pur¬
Heights school refunding bonds.
of 1 %. Coupon bonds
dated March 15, 1937.
Denom. $1,000.
Due on March 15 as follows:
$10,000, 1938 to 1942; $15,000, 1943 to 1947, and $20,000, 1948 to 1952.
These bonds are issued for the refunding of a like amount of 5% bonds,
dated March 15, 1917, due on March 15, 1957, and optional on March 15,
1937 (assumed by the above school district). The purchaser shall agree to
pay all expenses of this refunding deal, including advertising of call, printing
of bonds and approving legal opinion of Thomson, Wood & Hoffman of
New York. The bidder shall also make available on March 15, at the Chase
National Bank of New York, $225,000 to take up the called bonds. Prin.
and int. (M. <fc S. 15) payable at the Central Hanover Bank & Trust Co. in
New York.
A certified or cashiers' check for $4,500 must accompany the
of
purchased by a syndicate
Dated Feb. 1, 1937.
Due in semi-annual
Feb. 1, 1968.
Jan. 29—V. 144, p. 653—were
on
payments from Aug. 1, 1938 to
Feb. 9 by H. L. Mills, Business Manager,
chase
@ 3.10% basis
disposal plant bonds, according to the Mayor.
NORTHWESTERN MUNICIPALS
$225,000 issue of Houston
Bidders to name the rate of interest in multiples of
Washington
DIEGO
Diego).
SCHOOL
INDEPENDENT
Tex.—BONDS SOLD—J.
C.
Education, states that $70,000 school
Dec. 12, have been sold.
King,
bonds
DISTRICT
(P.
O. San
Secretary of the Board of
approved by the voters on
WHARTON, Texan—BOND OFFERING— Sealed bids will be received
Wright, City Treasurer, for the pur¬
chase of an $85,000 issue of coupon paving bonds.
Bidders to name the
rate of interest, stated in multiples of l-8th of 1 %.
Denom. $1,000. Dated
Feb. 10, 1937.
Due on Feb. 10 as follows: $7,000, 1938 and 1939; $8,000,
1940 and 1941; $9,000, If 12 to 1946 and $10,000 in 1947.
Prin. and int.
(F. & A. 10) payable at the Chase National Bank, New York.
The legal
approval of the State's Attorney General, and of Chapman & Culter of
Chicago, will be furnished by the city.
The printed bonds with a certified
copy of the transcript will also be furnished.
These bonds were approved
by the voters at an election held on Jan. 23.
Delivery will be made at point
designated by the purchaser, at his expense.
A $2,500 certified check,
payable to A. H. Armstrong, Mayor, must accompany the bid.
(This report supplements the offering notice given here recently—Y.
144, p. 820.)
Estimated actual value of taxable property
.$5,082,424.00
Assessed valuation of taxable property
2,541,212.00
$1.50 per $100
1.20 per $100
1.50 per $100
Tax limit
Tate 1936
Rate 1937
193,500.00
27,500.00
Bonded indebtedness, including above
Warrant indebtedness
Total debt (with
Less
revenue
payable out of revenues
above)
$27,500.00
11,151.31
Sinking funds, cash on hand
There is no
boundaries of the city or the
90% to March 31, and fiscal year.
census
WICHITA
FALLS
INDEPENDENT
SCHOOL
WASHINGTON
No. 478.
Brown,
WILBARGER
COUNTY
SCHOOL
NACHES
DISTRICTS
(P.
Tex.—BONDS SOLD—It is said that the State Permanent
DISTRICT
SCHOOL
(P.
O. Yakima), Wash.—BOND
reported by Blanche McLane
ISSUANCE NOT CONTEMPLATED—It is
Deputy County Treasurer, that the $48,000 school bonds voted on
as noted in these columns—V. 143, 0. 4198—will not be acted upon
until the district instructed to do so by the county.
SEATTLE, Wash.—MORA TORI UM GRANTED ON
Dec. 7,
further
STREET RAIL¬
WAY BOND PAYMENT—The following report is taken from the Seattle
"Post-Intelligencer" of Jan. 30:
Seattle's municipal street railway system was tided over another fi¬
nancial crisis yesterday when the Puget Sound Power & Light Co. granted
a moratorium on the
$833,000 principal payment due March 1 on the
purchase bonds.
The company acted in compliance with a resolution adopted by the
city council Thursday morning formally asking that the March 1 payment
due be postponed until March 1,1947.
"This is the eight moratorium granted by the company, the last seven
annual principal payments of $833,000 having also been postponed for ten
years, which means that interest at 5 per cent will run that much longer.
"If the railway had been able to meet all the principal payments as they
fell due, the total remaining unpaid principal on the fifteen million purchase
bonds would have been $1,672,000 after March 1, 1937, instead of $8,336,-
000, the amount now due."
YAKIMA COUNTY SCHOOL
DISTRICT NO. 121 (P. O. Yakima),
OFFERING DETAILS—In connection with the offering
$48,000 not to exceed 6% semi-annual school
bonds, notice on which appeared in these columns recently—V. 144, p. 820—
we are informed that the bonds are to run for a period of 22 years, being,
as nearly as practicable, the estimated life of said improvement, payable
serially, in their numerical order, lowest number first, the various annual
maturities to commence with the
by
an
second year after date of issuance, to be
equal annual tax levy.
area).
WEST VIRGINIA
DISTRICT (P. O.
by W. W.
Falls) Texas—BONDS REFUNDED—It is stated
District Secretary, that $746,000 out of a total of
school bonds have been refunded.
Wichita
PORTLAND
SEATTLE
Wash.—BONDS CALLED—Charles R. Dobler, City
Treasurer, is reported to have called for payment on Jan. 28, on which
date interest ceased, the following bonds: Nos. 87 to 93, of Local Improve¬
ment District No. 471, and Nos. 15 to 23, of Local Improvement District
met
1930, 2,656; est. 1937. 5,000 (metropolitan
Population:
Montana
EVERETT,
Wash.—BOND
$171,848.69
Tax collections average
—
scheduled for Feb. 13, of the
Net debt
litigation pending affecting the corporate
right of any official to hold office.
Idaho
Teletype—SEAT 191 Teletype—PTLD ORE 160
Teletype—SPO 176
$221,000.00
.
warrants, sewer cons
—
Ferris & Hardgrove
until 1:30 p. m. on Feb. 8, by R. J.
Financial Statement
Oregon
SPOKANE
bid.
SAN
—
$1,855,000
O. Vernon),
School Fund
purchased at par the following bonds aggregating $82,000:
$80,000 4% South Lockett School District bonds.
Due on Aug. 1, 1966.
2,000 4^% Farmers Valley School District bonds.
Due on Dec. 15,
has
CABELL COUNTY (P. O. Huntington), W. Va .—BOND ELECTION
CANCELED—It is stated by R. B. Marston, Secretary of the Board of
Education, that the election which was scheduled for Jan. 26, to vote on
the issuance of $600,000 in 3% school bonds, noted here recently—V. 144,
654—was cancelled temporarily because
p.
of flood conditions.
WISCONSIN
1956.
WOODSBORO, Texas—BONDS SOLD—It is stated by Mayor Fricke
the $40,000 5% semi-ann. street improvement bonds offered on
Nov. 24, as noted in these columns at that time—V. 143, p. 3193—were
purchased jointly by the First National Bank and F. B. Rouke & Co., both
of Woodsboro, at par.
Due in 40 years.
that
VERMONT
BRANDON FIRE DISTRICT NO. 1 (P. O. Brandon),
B. Ledden, District Treasurer, will
OFFERING—Hermon
Vt.—BOND
receive bids
for the purchase at not less than par of $50,000 coupon
refunding bonds. Bidders are to name rate of interest, in a multiple of
\i%. Denom. $1,000. Dated March 1, 1937. Principal and semi-annual
interest (April 1 and Oct. 1) payable at the First National Bank of Boston.
Due $3,000 yearly on Oct. 1 from 1937 to 1952, and $2,000 Oct. 1, 1953.
These bonds will be valid general obligations of Brandon Fire District
No. 1 and all taxable property of the district will be subject to the levy of
unlimited ad valorem taxes to pay both principal and interest.
They will
be engraved under the supervision of and authenticated as to genuineness
by the First National Bank of Boston; their legality will be approved by
Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the
purchaser.
The original opinion and complete transcript of proceedings
covering all details required in the proper issuance of the bonds will be filed
with the First National Bank of Boston, where they may be inspected.
Bonds will be delivered to the purchaser on or about March 1, 1937, at
the First National Bank of Boston, 17 Court St. office, Boston.
APPLETON,
Financial Statement, Feb. 3,
1937
$1,147,773
1,754,804
50,000
None
Assessed valuation of the town
♦Total bonded debt of the fire district
Total
bonded
debt of the town of Brandon
Total indebtedness of the town school district
$11,000, 1943; $17,000, 1944; $58,000, 1945; $59,000, 1946; $63,000, 1947;
$64,000, 1948; $65,000, 1949; $67,000, 1950; and $69,000, 1951.
The
Channer Securities Co. of Chicago was second high, offering a premium
of $760, bonds running from 1942 to 1944 to bear 2% interest, from 1945
to 1948 2 M %, and from 1949 to 1951 2 M %.
district
Outstanding notes of thefire district
1
83,000
None
Population of the district, 1,800.
Population of the town, 2,891.
♦To be called for payment on April 1, 1937.
The fire district comprises that part of the town known as the Village
and is made up of the business section of the Town of Brandon and prac¬
tically all of the residential section, the outside district being mostly farm
\
land.
OF VISITORS OF THE RECTORS AND VISITORS OF
UNIVERSITY OF VIRGINIA (P. O. Charlottesville), Va.—
BOARD
BOND
JOINT
SCHOOL
SALE—We
are
informed by E. I. Carruthers, Secretary of the
$523,000 coupon library building revenue bonds
Board of Visitors, that the
DISTRICT NO. 1 (P. O. Barron),
bids will be received until 8 p. m.
Feb. 16, by C. C. Morrison, District Clerk, for the purchase of a $50,000
issue of coupon high school addition bonds.
Interest rate is not to exceed
3%, payable F. & A.
Dated Feb. 1, 1937.
Due on Feb. 1 as follows:
$3,000, 1938 to 1947, and $4,000, 1948 to 1952. Prin. and int. payable at
the First National Bank of Barron.
BEAVER DAM, Wis —BOND OFFERING—Sealed bids will be re¬
Feb. 15, by Wm. A. Gergen, City Clerk, for the
purchase of a $60,000 issueof3% coupon water works improvement bonds,
1936.
Denom. $1,000.
Dated March 1, 1937.
Due on March 1 as
follows: $3,000, 1938 and 1939; $6,000, 1940 to 1945, and $9,000 in 1946
and 1947.
Principal and interest payable at the office of the City Treas¬
urer.
Interest payable annually on March 1.
Authority for issuance is
Chapter 67, Wisconsin Statutes, 1935.
Bonds will be sold for not less
than par and accrued interest.
The purchaser is required to furnish the
approving legal opinion.
A certified check for $1,000, payable to the
City Treasurer, must accompany the bid.
ceived until 8 p. m. on
DODGE COUNTY (P.O.
Countv Supervisors are
Juneau), Wis.—BONDS APPROVED—The
said to have approved the issuance of
$196,000 in
house addition bonds.
(P. O. Eau Claire), Wis.—BOND SALE—
building improvement bonds offered on Feb. 2—V.
E. Wood & Co. of St. Paul as 2^8,
at par, plus a premium of $1,405, equal to 101.124, a basis of about 2.35%.
The Harris Trust & Savings Bank of Chicago was second high, offering a
premium of $1,222 for 2^s. Dated Dec. 1, 1936. Due on Dec. 1 as follows:
$8,000, 1937 to 1946; and $9,000, 1947 to 1951.
EAU CLAIRE COUNTY
The $125,000 county
144, p. 654—were awarded to Harold
KENOSHA COUNTY (P. O.
VIRGINIA
THE
BARRON
Wis.—BOND OFFERNING—Sealed
on
court
and graded school
SALE—The $481,000 senior high school
496—were awarded to the Harris Trust
Savings Bank of Chicago, as 2Ms and 2Ms, at par, plus a premium of
$371, equal to 100.077.
A total of $153,000 bonds maturing from 1942
to 1946 will bear interest at 2 H %, while the rest of the issue will bear 2 M %
interest.
Dated Feb. 1, 1937.
Due on Feb. 1 as follows: $8,000 1942;
&
until 3 p.m. Feb. 19
Assessed valuation of the fire district
Wis.—BOND
bonds offered on Feb. 2—V. 144, p.
Kenosha), Wis.—BOND OFFERING—
Feb. 16, by John C. Nieder-
Sealed bids will be received until 2 p. m. on
prim. County Clerk, for the purchase of an issue of $135,000 tuberculosis
sanatorium addition bonds.
Bidders to name the rate of interest. Denom.
$1,000.
Due on March 1 as follows
$13,000, 1938 to 1942, and $14,000,
The basis of determination shall be the lowest interest rate
and the interest cost to the county.
Prin. and int
1943 to 1947.
bid by the purchaser
982
Financial Chronicle
,,
(M. & S.) payable in lawful money at the
County Treasurer's office. The
county will furnish the completed bonds and the legal
opinion of Chapman
& Cutler, of
Chicago.
The bonds will be ready for
delivery on or about
March 1, A certified check for 2
%, payable to tha county, must accompany
the bid.
NEW
LONDON, Wia.—BOND SALE—The $220,000 issue
Minneapolis,
basis of about
of refunding
rate of
SOUTH
!
WAUPACA, Wis.—BONDS
143, p. 4198—
as
NOT
Railway
bonds
The
7% and, latest figures indicate that the State
has spent $10,940,000 in interest
charges of which $5,240,000 was expended
the retired debt and
$5,700,000 on the debt still in existence.
The rate
higher than would probably be paid if the debt were held
school fund
bonds,
guaranteed
by
the
Dominion
of
Canada.
following table summarizes by various classes the
as compared with January 1936:
1937
Dominion of Canada..........
Provincials
These
issues for
new
1936
$85,000,000
20,000,000
—
Municipals..
publicly, but
the
Co.
offered by tne Bank of Canada and are
payable only in Canadian
'''Vv.sf,"r
.
January 1937
on
that
of the amount
were
funds.
is
the fact
excess
were
pay¬
found in
January.
Dominion of Canada 2M% bonds due Jan. 15, 1944 and
$55,000,000 3%
bonds due Jan. 15, 1967 made in the United States.
Subscription lists
also opened in Canada on an issue of $35,500,000 Canadian National
143, p. 4198—have been sold.
consolation may be
was sold earlier in
,
(P. O. Wautoma), Wis.—NOTES SOLD—
Johnson, County Clerk, that the $50,000 general
county
by the County Supervisors in December, as noted
beneficiary.
0.747% at which an issue of $25,000,000
CANADA (Dominion of)—BOND OFFERINGS HIGHER IN JANU¬
ARY—Total offering of new Canadian bonds for
January amounted to
$150,950,000 as compared with $91,232,900 in January 1936 according to
Dominion Securities Corporation.
These included offerings of $30,000,000
WISCONSIN,! State of—REPORT ON INTEREST PAYMENTS
MADE ON STATE
DEBT—Although the State of Wisconsin has no bonded
debt outstanding, it has paid in interest more
tnan five times the amount
of present indebtedness to the school
fund from which it has borrowed.
Since the Civil War the State has
borrowed $3,859,592 and at the present
time there is $1,183,700 of this owed to the
school fund.
Interest
some
57
Scotia, $81,100,000
(815%): New Brunswick, $64,900,000 (951 %); Quebec, $163,900,000 (465%);
Ontario
$688,800,000 (852%); Manitoba, $111,000,000 (761%): Saskat¬
chewan, $183,400,000 (1,105%); Alberta, $165,600,000 (984%); British
Columbia, $158,200,000 (598%).
COUNTY
ments on this debt have been
■o
$1,917,460
the relation of the debt to the annual income that
year in brackets follow:
Prince Edward Island, $5,200,000
(381%); Nova
purpose notes authorized
in these columns—V.
of
amount of abo
they had deposited in sinking funds was $813,400,000.
Ten years later, in
1935, it was $1,622,100,000.
The increase was 99 per cent.
Debts have been increasing faster than revenues.
In 1926 the debt was
563% of the annual revenue of the Provinces.
In 1935 it was 777%.
The public debts of the Provinces in
1935, less the sinking fund with
WAUPUN SCHOOL DISTRICT
(P. O. Waupun), Wis.—BOND
ELECTION—The issuance of $85,000 in
high school remodeling bonds,
to be used in connection with a Public
Works Administration
grant, will be
submitted at an election scheduled for Feb.
12, according to report.
WAUSHARA
.
In 1925 the total indebtedness of the Provinces in
yet been auth¬
SOLD— It is stated
by F. A. House¬
man, City Clerk, that the $25,000 not to exceed
4% annual coupon sewage
disposal plant bonds scheduled for sale on Nov.
13, as noted here at that time
—V. 143, p. 3038—were found to be
invalid.
Dated Nov. 15, 1936.
Due from May 1, 1938 to 1950.
It is stated by J. J.
V v
..
of)—PROVINCIAL DEBTS STEADILY RISING
—Provincial debts have been increasing at a
greater rate than revenues
between 1925 and 1935, according to a
compilation issued recently by the
Bank of Canada.
This was the first of a series of
monthly statistical
summaries, which the bank plans to issue.
MILWAUKEE, Wis.—CORRECTION— In connection with the
report given in these columns in December, that the
City Council had
voted to issue $75,000 in
sewage disposal plant bonds—V.
not
•/'
CANADAlDominion
15, 1937 to 1956 incl.
City Clerk that the bonds have
.
"
as 2Ms, paying a premium of
$420.00, equal to 100.19, a
2.48%.
Dated Feb. 15, 1937.
Due $11,000 from
Aug.
it is stated by the
orized for sale.
■■
ADA "(Dominion of)—HIGHER RATE ON TREASURY BILLS
—Tenders for the full amount of an offering of $30,000,000 Treasury
bills, maturing May 1, 1937, were accepted Jan. 29 by the Bank of Canada
on
behalf of the Minister of Finance.
The average discount price was
$99,815 and the average yield 0.759%.
This compares with an average
bonds offered for sale on Feb. 2—V.
144, p. 654—was awarded at auction
to a group composed of the
Channer Securities Co. of
Chicago, Harold E.
Wood & Co. of St. Paul, and the Northwestern
National Bank & Trust Co.
of
Jan. 30, 1937
,,
requirementsfwould^be'xeduced from the present total
$1,244,439. ISinking'fund holdings of city bonds in the
$6,600,000 would be^cancoled.
Public utilities
is the
Railways.
7,000,000
35,500,000
$48,000,000
850,000
132,900
15,000,000
3,450,000
15,000,000
12,250,000
$150,950,000
.
$91,232,900
...
Miscellaneous and industrial
OFFERINGS
In addition to new bond issues of the Dominion of
Canada and the
Canadian National Railway, the Province of Ontario sold
internally $20,-
WANTED
UTAH—IDAHO—NEVADA-MONTANA- -WYOMING
000,000 serial bonds bearing coupons of 2M% and 3% according to ma¬
Other financing during the month included a
$7,000,000 issue
4% bonds of the Nova Scotia Light & Power Co. and $2,000,000 4%
bonds of the Industrial Acceptance Corporation.
An issue of $75O,00O
5M% debentures of the Donnacona Paper Co., Ltd. represented the first
financing for a Canadian newsprint company in a number of years.
turities.
MUNICIPALS
of
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Phone Wasatch 3221
GRANBY, Que.—BOND SALE—'The issue of $15,000 bonds offered
on
Bell Teletype: SL K-372
Jan. 30—V.
Montreal, at
a
144, p. 820—was awarded to Beausoleil & Beausoleil, of
price of 102.01.
Dated Jan. 1, 1937, and due serially in
from 1 to 10 years.
WYOMING
BOSLER
SCHOOL
DISTRICT NO. 30 (P. O.
Bosler), Wyo.—
$10,000 issue of not to exceed 4% semi-ann.
BONDS NOT SOLD—The
school bonds offered on Jan. 25—V.
to the District Clerk.
Dated Dec.
144, p. 320—was not sold, according
1, 1936.
J; v'V.Vt-S';
l"
MANITOBA (Province of)—FINANCES STUDIED—Graham'
Towers.
Governor of the Bank of Canada, is now in
Winnipeg conferring with
A. D. Skelton, bank investigator, on the results of a
study made by the
latter into the finances of the Province.
The study was made in view of
requests for financial aid from the Federal Government, which have been
received
from Premier John Bracken.
In connection with the
appeals,
is understood that the Premiers of both Manitoba and
Saskatchewan
have taken the attitude that unless financial aid is furnished
by the Gov¬
it
TORRINGTON, Wyo.—BOND
CALL—It is stated by N elle
Armitage
Treasurer, that all outstanding bonds of the 5M% refunding
issue,
March 1, 1927, are being called for
payment on March 1, 1937, on
date interest shall cease, at the office of the
Stock Growers National
Cheyenne. Due on March 1, 1957, optional on March
Town
dated
which
Bank,
1, 1937.
ernment, the Provinces may have to default
MONTREAL,
(
Que.—BOND
on
SALE—The
their debts.
city
has
•
formally awarded
the issue of $6,500,000 bonds offered on Feb. 2—V.
144, p. 820—to a syndi¬
cate headed by the Bank of
Montreal, of Montreal.
The bid of
this
Canadian Municipals
Information and Markets
cost
KING
ST.
WEST, TORONTO
a
price of 100.62,
a
basis of about 3.39%.
The sale consisted
$165,000 bonds issued under By-law No. 2569, to mature
serially in 10 years.
50,000 bonds issued under By-law No.
2570A, to mature serially in
20 years.
n
'
All of the bonds will be dated Dec.
31, 1936.
;.V-V
CALGARY, Alta.—-NOTICE
TO
BONDHOLDERS—Taylor & Taylor,
Board of Sinking Fund
Trustees, 227A 8th Ave. West,
that the trustees will apply on March 8 in
Chambers
in the
in Calgary, "for advice and
directions involving the
rights of debenture holders as against the consolidated
sinking fund of the
City of Calgary and as amongst ourselves."
Such advice and directions
are required, it is
said, due to the fact that the present
holdings of the
fund are materially less than the
actuarial requirements and the future
earnings of the fund are in immiment danger of
being reduced below the
statuory requirement.
Copies of the originating notice to be issued return¬
able on March 8 are available for
inspection at the principal offices of the
branches or agencies of the Bank of Montreal
in various Canadian cities,
also in New York City and London,
England.
The court has appointed
several persons to represent holders of various
classes of the city's
bonds,
as herewith indicated:
J. E. A. Macleod, K.C., Canada Life
Bldg., Calgary, for holders of
debentures outstanding June 1, 1925.
solicitors for she
Calgary,
announce
court house
D. S. Moffat, K.O., Grain
Exchange Bldg.,
issued since June 1, 1925.
A. MacLeod Sinclair, K.C., Insurance
Calgary, for holders
of bonds
Exchange Bldg., Calgary, holders
of local improvement debentures.
W. H. McLaws, K.C., Canada Life
Bldg., Calgary, holders of deben¬
tures issued in respect of public utilities of the
city.
H. G. Nolan, K.C., Lancaster Bldg.,
Calgary, to represent all holders
not embraced in any of the
above-mentioned categories.
Holders of the bonds are requested to advise their
repsective representa¬
tive of any views which they should like
presented to the court in respect
to any contentions they
may desire to raise.
The order made, the notice
states, may declare rights and give directions, and will be
debenture holders.
binding
on
all
Committe,
the
on
Jan.
was
28
decided
ON DEBT PLAN—Tne Civic
Finance
to hold an election to
permit property
to pass on the plan
recently drafted by a bondholders' group for
refinancing of the city's entire $17,463,148 bonded debt.
No date
set for the election.
Details of the refinancing plan, as given in
columns sometime ago, include the
exchange of new 4M%
for the liens
presently
more
about
these
25-year bonds
outstanding.
Holders of bonds bearing interest at
than 4M% would be reimbursed
by cash payments to make
difference.
It
is
$1,195,000
proposed to retire the refunding bonds
annually.
Under
of each series of
the
proposal,
on
annual
the
debt
2.58%, 3.21% and 3.86%, respectively.
are payable in Canadian funds and
re-offeringlof
only in Canada.
of
the
successful
account:
Royal Securities Corp.
Banque Canadienne Nationale; Bank of Nova Scotia; Nesbitt, Thomson
& Co.; L. G. Beaubien & Co.; Hanson
Bros., Inc.; McTaggart, Hannaford,
Birks & Gordon, and Collier, Norris &
Henderson, all of Montreal; Bell,
Gouinlock & Co.; McLeod, Young, Weir & Co., and
Nills, Spence & Co.,
all of Toronto; Rene T. Leclerc,
Ltd., Montreal; Midland Securities Corp.,
London, Ont.; Mead & Co., Kerrigan, MacTier & Co., Ernest
(Savard,
Ltd., Bruno Jeannotte, Ltd., Credit Anglo-Francais, Ltd., and Societe
de Placements, Inc., all of Montreal.
The successful group paid a price of
96.6095 for the issue, the average interest cost to the
city being 3.64%.
The bonds, dated Feb. 1, 1937 and
payable only in Canadian funds,
mature
was
made
members
as
follows:
up the
basis of
service
v.
.
$706,000 bearing 2^% interest, due annually on Feb. 1:
$134,000, 1938;
1938; $138,000, 1939; $141,000, 1940; $145,000 in 1941 and
$148,000 in 1942.
i
807,000 bearing 3% interest, due annually on Feb. 1:
$152,000, 1943;
$157,000, 1944; $161,000, 1945; $166,000 in 1946 and
$171,000
in
1947.
4,987,000 bearing ZM% interest, due annually on Feb. 1:
$176,000, 1948;
$183,000, 1949; $189,000, 1950; $196,000, 1951;
$4,243,000 in
1952.
The
bonds
are
;
non-callable and have been
approved as to legality by
Meredith, Holden, Heward & Holden, for the purchasing
syndicate, and
Charles Laurendeau, K.C., for the city.
The bankers resold all of the
2 H % and 3 % bonds prior to the formal offering of the issue.
The 3Hs were
priced from par for those due in 1948 to 97.75 for the final
maturity.
City
is required to provide in each year in its annual
estimates of income an
amount sufficient to pay interest and bond
principal due in each year and
for partial
amortization of bond principal due in
1952, this amortization
being based on a period of 30 years from date of issue.
The city rejected the only other bid submitted for
the issue because it
did not conform with the conditions established in
the call for tenders.
This offer, terms of which were not disclosed, was
made on behalf of the
Dominion Securities Corp., Royal Bank of
Canada, Provincial Bank of
Canada, Canadian Bank of Commerce. A. E. Ames & Co..
Wood, Gundy
& Co.
.-V "
-
NELSON, B. C.—BONDS SOLD—McDermid, Miller & McDermid
of
Vancouver have purchased an issue of
$75,000 3H% bonds, due Feb. 15,
1957.
Re-offering is being made at a price of 99.25, to yield
3.55%.
I*
VICTORIA, B. C.—PLANS
in the amount of $107,000 for
VICTORIAVILLE,
CALGARY, Alta.—ELECTION
owners
case
Principal and interest
CANADA
Montreal, at
the
the issue
Other
ELGIN 6438
BRANTFORD, Ont.—BOND SALE—The $215,000 3M% bonds offered
on Jan. 30—V.
144, p. 820—were awarded to the Bank of
Montreal, of
of:
in
Of the bonds, $706,000 mature in five
years, $807,000 in the next five years,
and $4,987,000 in the last five-year period.
Financing was accomplished
to consolidate a number of civic debts.
BRAWLEY, CATHERS & CO.
25
ac¬
count, according to report, was the only one made on an all or none
basis, as
required by the city.
The accepted tender was based on an average interest
cost to the community of
3.64%.
The offering is divided into three series,
as follows: bonds
maturing in the first five years bear 2 >£% interest £ next
five 3%, and the remaining five of the
15-year maturity schedule bear
SH% interest.
The prices named in the accepted bid figured an interest
BOND ISSUE—The city may issue bonds
refunding
purposes.
Que.—OTHER
BIDS—The $21,500 4% 20-year
Rene T. Leclerc, Inc. of
Montreal, at a price of
100.05 (not 100.465)—V. 144, p. 820—were also bid for
as follows:
serial bonds awarded to
Bidder—
La Corporation de Prets de Quebec
L. G. Beaubien & Co., Ltd
Banque Canadienne Nationale
Comptoir National de Placement Ltd
Gairdner & Co
Ernest Savard Ltd
Paul Gonthier & Co
Rate Bid
99.87
99.53
99.44
99.43
99.335
99.10
99.05
@FedFRASER