The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 144.
lss"edw;;6ky^6Yf Copy~
NEW YORK, January 2,
^E.sZ^rY'c^
BROOKLYN TRUST
THE
COMPANY
Chartered
George V.
Kidder, Peadody & Co.
McLaughlin
NEW YORK
President
BOSTON
PHILADELPHIA
OF
THE
Deposit
Corporation
OF
served
YORK
is
tra-
bankers' bank.
a
many
Insurance
BANK
NEW
CHASE
ditionally
BROOKLYN
Federal
CITY
The
For
Mtmber
CHASE
NATIONAL
1866
NEW YORK
NO. 3732,
years
it
has
large number
a
of banks and bankers,
as
New York
W^EiraoBank
*
AND
INSURANCE
SAN FRANCISCO
Deposit Insurance Corporation
RESOURCES
United States
STOCKS
Government
$200,000,000
OVER
Corporation
BANK
UnionTrustCo.
Member Federal
depository.
reserve
Member Federal Deposit Insurance
O
and
correspondent
and
COMMERCIAL BANKERS SINCE 1852
Securities
'Tke
Hallgarten & Co.
first boston
Established I8S0
CORPORATION
Brown Harriman & Co.
Incorporated
63 Wall
NEW YORK"
Street, New York
BOSTON
Telephone: BOwling Green 9-5000
NEW YORK
CHICAGO
Boston
PHILADELPHIA
Chicago
London
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
Wertheim & Co
120
Broadway
State and
New York
Amsterdam
London
CARL M. LOEB & CO.
61
BROADWAY
NEW YORK
New\brkTrust
Municipal Bonds
t**
.
Company
Capital Funds
.
.
$37,500,000
Barr Brothers & Co.
-
■
INC.
'•
#
New York
Berlin
Amsterdam
'•
London
Chicago
Paris
IOO
BROADWAY
57TH ST. & FIFTH AVE.
United States Government
40TH ST. & MADISON AVE.
SECURITIES
EDWARD B. SMITH & CO.
31 Nassau Street
NEW YORK
State
New York
-
Municipal
Industrial
PHILADELPHIA
*
Cleveland
New York
(5th
•
.
.
Pittsburgh
aA.)*--*
BOSTON
«
Allentown
London
Easton
European Representative's Office:
S
Railroad
KING WILLIAM STREET
-
Public
l/tility
BONDS
LONDON. E. C 4
Correspondent
,
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
R.W.Pressprich&Co.
*
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance
Corporation
Members New York Stock Exchange
New York
Chicago
Philadelphia
San Francisco
7
fan. 2,
Chronicle
Financial
n
BAKER, WEEKS
A. G. Becker & Co.
& HARDEN
Incorporated
Investment Securities
J. & W. Seligman & Co.
Members
Established 189a
New York Stock Exchange
Wall Street
64
No.
New York Curb Exchange
NEW YORK
Philadelphia Stock Exchange
Investment Securities
Chicago Board ol Trade
Commercial Paper
52 WALL
STREET, NEW YORK
London Correspondento
Graybar Building, New York
*,
;
-
.
,
.....
Commercial Trust Bldg.,
Chicago
New York
Buhl
Philadelphia
Building, Detroit
SELIGMAN BROTHERS
6 Lothbury, London, E. C. 2
And Other Cities
Bourse
Building, Amsterdam
52, Avenue des Champs-Elysecs, Paris
Foreign
Leading Out-of-Town
Australia and New Zealand
Investment Bankers and Brokers
BANK
NEW
NEWARK
BIRMINGHAM
OF
WALES
SOUTH
(ESTABLISHED 1817)
(With which
are
amalgamated the Western Australian
Bank and The A us trail an Bank of Commeroe, Ltd.)
New
MARX & CO,
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
Paid up Capital
Reserve Fund
Reserve
£8,780,000
6,150,000
8,780,000
Liability of Proprietors
£23,710,000
BIRMINGHAM, ALABAMA
J. S. RIPPEL & CO.
AND
MUNICIPAL
SOUTHERN
18 Clinton St.
Newark, N. J.
CORPORATION BONDS
PALMIBEACH AND WEST PALM BEACH
Aggregate Assets 30th Sept., 1935- £118,559,000
A. C. DAVIDSON, General Manager
747 BRANCHES AND AGENCIES in the
Australian States, New
Zealand, Fiji. Papua,
Mandated Territory of New Guinea, and London.
The
Bank
tralasian
transacts
every description of Aus¬
Business.
Wool and other
Banking
Produce Credits arranged.
DETROIT
Head Office:
London Office:
George Street,
Specializing in
29 Threadneedie
SYDNEY
Street, E.C. 2
FLORIDA BONDS
MICHIGAN MUNICIPALS
Agents Standard Bank of South Africa
and
New York
CORPORATION BONDS
WATLING, LERCHEN & HAYES
Members
Palm Beach—West Palm Beach,
Bell System Teletype:
New York Stock Exch.
Fla.
W-Palm Beach No. 84
New York Curb Assoe.
Detroit Btook Exchange
1
CARLBERG & COOK, INC.
Chicago Stock Exch .
334 BUHL
DETROIT
BLDG.,
ST.
NATIONAL BANK OF NEW ZEALAND, Ltd.
LOUIS
Established 1872
Chief Office In New Zealand: Wellington
Sir James Grose, General Manager
Head Office: 8 Moorgate, London,
Subscribed Capital
HOLDINGS
INVESTMENT
Paid up Capxtal
ANALYZED
St[>\ & Co.
Reserve
Charles A. Parcel Is & Co.
22,000,000
Fund
£1,000,000
•
Currency
SAINT LOUIS
The
/
5O90UVC 51
E. O. 2, Eng.
£6,000.000
Bank
Reserve
conducu
every
£500,000
description
of
banking
business connected with New Zealand.
Correspondents throughout the World
Members of Detroit Stock Exchange
London Manager. A. O. Norwood
PENOBSCOT BUILDING. DETROIT, MICH.
Members St. Louis Stock Exchange
MIAMI
Missouri and Southwestern
Wm buy and
own
Florida
sail for
our
Stocks and Bonds
Hong Kong & Shanghai
Smith, Moore & Co.
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.
account
BANKING
Municipal Bonds
(CRMGAN.MIIASK £<3O.
--
INC.
St. Louis
--
CORPORATION
MIAMI
Ingraham Bldg.
Bell System Teletype
The First Boston
St. Louis Stock
Authorised Capital (Hongkong Currency) HI50.000.000
MMI18
Corp. Wire
Exchange
Paid-up Capital (Hongkong Currency) __HJ20,000,000
Reserve Fund in Sterling
£0.600,000
Reserve Fund in Silver (Hongkong Cur-
rency)
Reserve
Foreign
Foreign
Liability of Proprietors
kong Currency)
C.
NATIONAL BANK
RESERVE
FUND.
.
.
3,000,000
Deposits.. ................... ....£66,800,980
200
7, King William Street, E. C. 4
Branches in all the
principal Towns in
NEW YORK
FOREIGN
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and Uganda
DEPARTMENT
Kenya Colony
Bishopsgate, London, E. C.
Branches
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
...
£4,000,000
Bishopgate, London, England
Paid Up Capital
£2,000,000
HEAD OFFICE—Edinburgh
8
Reserve Fund
£2,200,000
The Bank conducts every description of banking
and exchange business
General Manager
William
Whyte
Trusteeships and Executorships also
EGYPT and the SUDAN
72 WALL STREET,
Head Office: 26,
Years of Commercial Banking
CHIEF
LONDON AGENCY
6 and
£8,944,171
£3,000,000
.
HUGHES, Agent
£3,780,192
...
Over
.
H$20,000,000
C.
Incorporated by Royal Charter 1727
Reserve fund...
Cairo
FULLY PAID CAPITAL
•
Capital (fully paid)
of EGYPT
Head Office
Royal Bank of Scotland
DE
M
H310.000.000
(Hong¬
Total number of offices, 254
Associated B$nfcr WjlJJemi
>
Deacon's Bank. Ltd.
Undertaken
IV
ommttcial f
No^732
JANUARY 2,1937
Vol. 144
CONTENTS
Editorials
page
1
Financial Situation
The "Sterilization"
16
Myth—By H. Parker Willis.
Let the Constitution Alone I
13
American
14
Neutrality and the War in Spain
Comment and Review
Book Reviews—
New
York
Municipal
Scientific
Advancing: A
Government
Approach
to
17
17
Money and Banking, 1935-36
17
National Income and Its Elements
The
American
Economic
System
Collectivism and Dictatorship
with
Compared
17
:w
.u
•;.
Week
the
on
5
6
9 & 52
European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates
-
Comment
and
Course of the Bond Market
17
Indications of
19
3
49
Business
Activity
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
.
News
Current Events and
Bank and Trust
General
29
Discussions
Company Items
Corporation and Investment News
Dry Goods Trade
State and
*
.
Municipal Department
—
47
94
132
133
Stocks and Bonds
Foreign Stock Exchange Quotations
/
50
DividprdsyDeclared
53
New/York Stq£k Exchange—Stock
Quotations
New York Stock Exchange—Bond
Quotations
New York Curb
_ _ .
Exchange—Stock Quotations
New York Curb
61
60 & 70
Exchange—Bond Quotations
Canadian Markets—Stock and Bond Quotations——
76
79
82
86
Over-the-Counter Securities—Stock & Bond Quotations.
89
Other Exchanges—Stock and
Bond Quotations—_—
Reports
9
Foreign Bank Statements
Course of Bank Clearings
—
Federal Reserve Bank Statements
General Corporation and
Investment News.
50
57
94
Commodities
The Commercial Markets and
the Crops...
124
Cotton
126
Breadstuff s
130
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New
York City
Herbert D. Seibert, Chairman of the Board and Editor: WilliAm Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Frea H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C. Copyright, 1937, by William B. Dana Company.
Entered as second-class matter June 23, 1879 at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
f
Financial
nu
Thi$ it not
Offering Prospectus.
an
Chronicle
Jan. 2, 1937
The Offer of these Bonds is made only by
This issue, though registered, is not approved
Commission, which does
not pass on
the merits of
Ohio Edison
Dated
of the Offering Prospectus.
registered securities.
any
$26,834,000
First
means
disapproved by the Securities and Exchange
or
,
Company
Mortgage Bonds 3%% Series of 1937 due 1972
January 1, 1937
Due
January 1, 1972
Interest payable January 1 and July 1 in New York City
BANKERS
TRUST
Coupon Bonds in denomination of $1,000 registerable
authorized multiples of $1,000.
Redeemable,
at the option of the
Company,
COMPANY,
to
as
NEW
principal.
YORK,
Trustee
Registered Bonds in denominations of $1,000, $5,000 and
Coupon Bonds and registered Bonds interchangeable.
whole at
any time, or in part on any interest payment date, prior to maturity,
days' published notice, at the principal amount and accrued interest, together with the following premiums;
10% of the principal amount, if redeemed on or before July 1, 1938, the premium decreasing
of 1% on July 2,
1938 and on the 2nd day of each eighteenth month thereafter to and
including January 2, 1967, and if
as
a
at least 30
on
redeemed
on
January 2, 1967
or
thereafter, without
premium.
any
The following is merely a brief outline of certain information contained in the
Offering Prospectus and is subject to the more detailed statements
in the Offering Prospectus and the
Registration Statement, which also include important information not outlined or indicated herein.
The Offering
Prospectus, which must be furnished to each purchaser, should be read prior to any purchase of these Bonds.
THE
Ohio Edison Company, 100% of the voting stock of which is owned by The Commonwealth & Southern
COMPANY
Corporation {Delaware), was incorporated in Ohio on July 5, 1930, and is engaged principally in the
generation and purchase of electric energy and its distribution and sale in 222 communities in Ohio, as well as in rural
areas, and in the sale of electric energy at wholesale to 52 communities in Ohio.
The principal places served are Akron,
Youngstown and Springfield and surrounding communities.
be in
to
excess
etc., serving
as
The population of the territory served at retail is estimated
of 800,000.
The Company owns six electric generating plants with 313,450 kilowatts total rated installed
{effective capacity 286,000 kilowatts), together with substations, transmission and distribution lines,
generator capacity
of October 31, 1936, 187,961 electric customers' meters.
1
Outstanding
CAPITALIZATION
*
,
,
First Mortgage Bonds
First
as o,
0ctober 2L1996
J
.
5% Series due 1960
Mortgage Bonds 4% Series of 1935 due 1965
$26,834,500
43,963,000
Preferred Stock, cumulative without par value {various series)*
Common Stock, without par value {1,436,920 shares)
--
-
29,671,200
14,499,200
I
*The stated value
of the shares of outstanding preferred stock is $100 per share.
The outstanding shares are'. $5.00 Series—1.867 shares', $6.00 Series—
198,747 shares; $6.60 Series—23,498 shares; $7.00 Series—69,004 shares' and $7.20 Series—4,096 shares.
On June 24, 1986, The Public Utilities
Commission of Ohio authorized the Company to refund its outstanding Preferred Stock in the manner and on the terms described in the
Offering Prospectus.
PURPOSE
OF
ISSUE
The Company will use the net proceeds from the sale of the 3%% Series Bonds {estimated at $26,976,135
after deducting expenses), together with treasury funds in an amount estimated at $1,200,090, to provide
funds
for the redemption
105% {total required $28,176,225).
at
EARNINGS
The following
the Auditors'
Years Ended
February 1, 1937, of the $26,834,500 outstanding 5% Series due 1960 bonds,
1
of the Income Statements has been prepared by the Company from the financial
certified by Arthur Andersen & Co. in the
statements
comments in
summary
on
Certificate and
on
Offering Prospectus and is subject to the notes and
such financial statements:
Total Gross
Net
Interest on
Earnings
Earnings*
Funded Debt
$14,490,008.60
$7,166,630.42
$3,743,235.16
December 81
1933
Other
Interest
Net
Charges, etc.
Income
$233,680.90
$3,189,714.36
1934
15,345,735.44
7,214,034.98
3,721,694.19
222,507.22
3,269,833.57
1935
15,942,175.26
7,501,701.97
3,826,844.72
222,805.63
3,452,051.62
1936**
14,480,187.62
6,192,058.37
2,765,469.19
207,902.87
3,218,686.31
*
After provision for taxes (including Federal taxes) and retirement
reserve.
**Ten months ended October 81.
The annual interest
and retirement of the
3%% SERIES
BONDS
charges
on
the $70,797,000 bonds to be outstanding
5% Series due 1960 bonds will
amount
upon
the completion of present financing
$2,764,795.
to
The 3%% Series Bonds, the issuance and sale of which have been authorized by The Public Utilities
Commission of Ohio, will, in the opinion of counsel for the Company, be secured, pari passu with bonds
of all series
outstanding under the Mortgage,
franchises of the Company.
The Mortgage perjnits, under certain conditions,
by
a
first lien
on
substantially all of the property and
the issuance of additional bonds thereunder, of the 3^% Series
of other series, which would rank pari passu with bonds of all series
outstanding under the Mortgage, and provides,
under certain conditions, for releases of and substitutions for
property covered by the Mortgage.
No notice is required
to be given to bondholders in connection with any release or substitution.
or
The Mortgage provides that the Company will deposit with
year,
one
commencing with May 1, 1936,
trustee
to
as
an
the trustee
on
Improvement and Sinking Fund,
a
or
before May 1 and November 1 of each
sum
in cash equal to at least one-half of
cent. of the maximum amount of bonds of the
Company outstanding at any one time under the Mortgage.
The
aside out of each Improvement and Sinking Fund payment the sum of $150,000 to be applied
the purchase of bonds issued under the Mortgage at not more than the
principal amount thereof and accrued interest.
per
is required to set
All moneys
deposited under the Improvement and Sinking Fund in excess of $150,000 and any balance of the $150,000 not
expended for the purchase of bonds within five months after the date for the deposit thereof may be used to reimburse the
Company for certain types of expenditures, described in the Offering Prospectus.
UNDERWRITING
Subject to certain terms and conditions, the Underwriters named in the Offering Prospectus have
'
severally agreed to purchase these Bonds from the Company at 101%,
v
accrued interest.
The
Such
Bonds
underwriting discounts
are
are
2%,
to
be offered to the public at 103%,
or a
or
a
or
a
total of $27,102,340, plus
total of $27,639,020, plus accrued interest.
total of $536,680.
Price 103% and Accrued Interest
The
Underwriters, including the undersigned and the others named in the Offering Prospectus, have agreed to purchase these Bonds on the terms
Agreement, including the approval of legal matters by Messrs. Winthrop, Stimson, Putnam & Roberts, Counsel
and conditions set forth in the Purchase
for the Underwriters.
It is expected that delivery of definitive
1987, against payment therefor in New York funds.
The
for long
coupon
Bonds will be made at the office of J. P. Morgan & Co.
on or
about January 12,
Underwriters have authorized the purchase and sale, in the open market
or
or otherwise, of 8%% Series Bonds for their several accounts, either
short account, within the limits and during the period set forth in certain agreements referred to in the Offering Prospectus.
Further information, particularly financial statements, is contained in the Registration Statement on file with
the Securities and Exchange Commission, and in the Offering Prospectus which must be
furnished to each purchaser and is obtainable from the undersigned.
MORGAN
STANLEY
& CO.
BONBRIGHT & COMPANY
I nc or p orated
Incorporated
BROWN HARRIMAN & CO.
Incorporated
EDWARD B. SMITH & CO.
THE FIRST BOSTON CORPORATION
LEE HIGGINSON CORPORATION
STONE &
E.
WEBSTER AND BLODGET
Incorporated
Dated December SO, 1986.
'
W. CLARK & CO.
The Financial Situation
of the program
IT formationclear that, as was expected, little sort
IS now of detailed and dependable in¬
ourselves to
a
about
just
Deal
what the New
program
substantial
for the
thus laid out,
indicate that the President
President's
annual
message
as
to the
further
of
all
At
reluctant
to
them
The
points
or
An
But viewed in
the longer-term
a
broad way,
further
amounts
expended in the
huge
be
of
name
relief both during the first
half
of
the
endar year and
fiscal
cal¬
current
during the
ending
year
eliminated
Agriculture,
are
reported
as
ready with extensive
President
It
moment.
headed
groups
figures
such
Sidney Hillman
as
and the Secretary of Labor
have
already made
a
good
start in their effort to win
over
the President
winning
(if
any
legislative attempts to
instate the
sum
National
defunct
far
labor
as
stitutional
which
and
its
the
That
inclined
in
is
with
employers
other
subjects
himself
of them
stantial
order for
that
a
a
to
proves
course
to
con¬
about
great deal
overcome
the founda¬
a saner
national
and
planned
carefully
ex¬
assured
rest
even
more
of
set
policies have been
It is true that recent
reports
from Washington
have asserted that
of Senators
group
a
small
are pre¬
paring to bring what
they
sure
President
to
pres¬
the
upon
can
subject
reasonable
to
revision
certain enactments such
undistributed
the
tax
as
on
profits
corporations, and
perhaps to reduce outlays.
have
groups
favorably
perfectly obvious.
sympathy for
well give up hope of sub¬
come.
obstacles
in
It is probably true
impossible by
one
means
or
apparently certain
a
in the past
from
few
years,
and
upon
occasion have been
able to extract certain concessions sometimes of real
They usually have, however, not been
consequence.
able to continue effective existence very
have
bring the budget into
rise in the courts in connection with
are
in setting the financial house
good while to
unless it
another
to
we may as
progress
a
very
real balance proves stronger than his
many
can
we
that not
some
of these proposals, at least
his determination
this situation
as
laid.
As
now.
time to time been formed
are
general outline, is of
Unless
to be
seems
none
tions for
coming session of Congress.
many
There
Such
relations
President
toward
ists
planners is far more complex than
Secretary of Commerce and the others in
Washington suppose, and considerably more
difficult of management than they seem will¬
ing to admit.
obviously destined to hear
rather early in the
long
as
amendments
were
original and fantastic
virtually
even
Banking, neutrality, and possible
we are
followers
the
In¬
Recovery Act
concerned.
that
the
provisions of
dustrial
fact
in its
We fear that the situation produced by our
and sub¬
the
the
"opposition"
national
re¬
stance of the
of
his
form.
taxation.
necessary) to
was
and
much for granted.
He would be even if the
disparity he thinks has been eliminated had
really
been
exorcised.
The
bank
credit
brought into existence in the process of the
deficit financiering by the Treasury is still
in existence.
It has long ago been widely
distributed throughout the economic system,
and is quite beyond the control of the powers
that be unless indeed they are ready to force
its retirement by reduction of public debt by
labor
by
view
an
formulating the New Deal
substantially reduced by the
he describes, he is taking entirely too
or
process
evident
interested
that
nated
proper
is
in
little enough in
was
in 1933 when the President
Certainly if the Secretary intended to imply
that the hazard of inflation has been elimi¬
upolKfie
the
at
There
op¬
party.
or
group
the form of
in return for it.
and costly programs with
which to descend
position
Treasury deficit continues uncurtailed and
is still being largely converted at the banks
into demand deposits and distributed in the
name of relief or something else to
large num¬
bers who patently produce little real wealth
headed by the Secretary of
about
sistent, statesmanlike
really what is intended, it is diffi¬
cult to understand how the Secretary can
reach the conclusion that the disparity men¬
tioned has been so largely reduced or possibly
"planned agriculture,"
lack of any
coherent, systematic, con¬
If this is
30,1938. Agricultural sub¬
a
crys¬
What
most of all is
us
the complete
duced and the number of dollars distributed.
June
sidy seekers and devotees
of
troubles
produced and income distributed has
if it has not been eliminated
entirely at the present time, is of paramount
significance and an important underlying
factor of strength in the present situation."
We frankly confess uncertainty as to the
precise meaning of this assurance sent early
in the week to Congress by the Secretary of
Commerce in his annual report, but we sup¬
pose that the Secretary intends to make a
comparison of the dollar value of wealth pro¬
been narrowed,
to
of money to
is
tallizing at present.
income
official and unofficial, are
obtain
Produced, Dollars Distributed
"The extent to which the disparity between
entourage,
determined
and considered from
the situation $s it
Goods
want
may
•
point of view, it is not; all this that
is most disheartening in
Work/I
and other elements in the
evidently
President
quite lacking.
Progress Ad ninistrator
President's
give them legislative effect.
"Opposition" Wanted
active
schemes, practically
his interest in
has lost
that he is prepared to reduce
grant what the
Meanwhile
are
these
is for the most part
a
and virtually all of them
unworthy
expensive.
many
obscure for
"pressure groups"
as
all sides in behalf of various
on
a
of time.
period
known
are now
as
basis for hope that Congress will be
Certainly
will doubtless remain
considerable
projects
the force of his efforts to
the
of
state
well.
as
be enlightening
may
general trend of thought.
program
what
the
on
Union, due two days earlier,
the
such
will be delivered to Congress, although the
message
very
a
There is absolutely nothing to
economy"
before
8, when the President's annual budget
well reconcile
expansion and elaboration of "planned
coming session of Congress is to be will be available
Jan.
we may as
indefinite continuation and
an
large part
usually,
been
chiefly interested in pruning off
two of some
as
long, and
is apparently true in this instance,
particularly obnoxious
a
branch
measure
going to the root of difficulties, and without in
way
forming
nucleus around which
a
an
or
without
any
effective
opposition to the Administration could be organized
to do
continuing work.
Senator Glass
time
time
to.
Utopian
and the other
undertake
nonsense
are
Senators
render
who from
new-fangled
less harmful by the application
of surgical technic, plastic or
programs,
to
entitled
to
otherwise, to New Deal
the
utmost
encourage-
Financial
2
What is
ment.
needed, however, is something much
Chronicle
Jan. 2, 1937
weaknesses of the
Republican campaign
more
profound, systematic and thorough-going than,
in the fact that while
this.
The theories upon which the New Deal rests are
one
breath Republican
the
next
impractical.
for
the
logic
They
most
reasoning,
abstract
or
demonstrated to
be
1932 in the main
the
same
basically unsound and untrue
are
part even by the standards of
We
Congress, composed of
the
real
who
rent
to
and will
group,
a
courageous,
less permanent
or
merely to
together consistently
basis not only to
on
a
prune cur¬
of their worst features
some
or
preposterous proposals, but
oppose
advocate and popularize alternative
formulate,
it is of
obviously impossible by such
course
the New
But
purely political results of such policies,
substitute
to
flattered it with
managers
by imitating it most unblushingly.
whatever the
means
really sound programs for those of
Deal, and that of course should be the im¬
portant objective of all opposition.
The
prefereably in
primarily interested in
men
work
proposals of
even
have
public welfare, who recognize these facts,
can
more
must
practical-minded
intelligent,
prior to
unfortunate and unwise for
were
reason.
and have often been
Policies in force
so.
pure
found
was
excoriating the New Deal with
first.
second
something
and
to
the
persistence of the belief that
be accomplished by the method of
can
yielding all
closely akin
impediment is
It is found in the
of praise to the "objectives"
manner
"purposes" of New Deal policies, and centering
attack upon ways
these
objectives.
and means selected for reaching
Except in the
that
sense
presum¬
ably those who formulate these Utopian programs
sincere
their opponents) in desiring to
policies of real merit, and who therefore will bring
are
into existence
promote the general welfare, there is nothing in the
nucleus around, which it would be
a
possible to construct
opposition which at the
an
time in the future would have
proper
tunity to become the majority.
not
a
real
oppor¬
It is difficult if
impossible at the present moment to recognize
even
the germ cell of such a movement in anything
that is being
Without
Taxation
Without such
a
group
Representation
around which to rally and
organize themselves, the millions of citizens in this
almost
are
vember
citizens
the
in
plainly millions of such
are
No
country.
one
doubts that not
only the 17,000,000 who voted against Mr. Roose¬
velt, but
a
voted for
substantial portion of the 27,000,000 who
him,
deeply skeptical of and dissatis¬
are
fied with various aspects
Many of them have
inconsiderable
an
of the New Deal
number
doubtless
ened and constructive ideas
be
doing. All these
program.
faith at all in most of it. Not
no
are
as
have
to what
just
as
we
enlight¬
ought to
in fact if not in theory
as
vulnerable
as
meas¬
the machinery
provided for realization of ends. Naturally, the ulti¬
mate
objective
of
increase in the
an
somewhat idealistic
tion
to keep an eye
one
the others.
issue.
public
all
policies
should
general public welfare.
no
view; at least it
be
If this is
be said
may
party or group has shown more disposi¬
The
single to public welfare than
subject really is not in the least at
?
'A/A<v "■
Unworthy "Objectives"
When
Despite
victory of the President in the No¬
voting there
the "purposes" of New Deal
or
that is not
inevitably destined to remain
unorganized, inarticulate and ineffective.
the overwhelming
are
that
country who really desire wholly different courses
of action
"objectives"
ures
a
reported from Washington.
(as
apply the words "objectives" and "pur¬
we
poses" to New Deal
meaningful
ferent.
now
The
measures
direct and
a more
"purpose" of the agricultural
being sought is of
course
control and subsidization of
tive" that
in
the situation becomes wholly dif¬
way,
one
no
agriculture,
need be hesitant about
measures now
being urged
Congress,
tributed
profits tax and
vive
National
the
a
number
the statute books and of others
on
upon
"objec¬
an
condemning
lock, stock and barrel. The "purpose" of
of
program
that of centralized
any
Industrial
including the undis¬
effort in effect to
re¬
Recovery Act provi¬
fully the victims of taxation without representation
sions, is that of exercising somewhat corresponding
and other like
control of
who
organized
Roosevelt
was
injuries
was
in 1932
the
as ever were our
Boston
Party.
President
successful in 1936 than he
more
even
Tea
forefathers
chiefly for the
reason
that those who op¬
any
industry and trade.
Why should there be
reluctance to oppose such an "objective"?
"purpose" of the
to alter
the
measure
giving the President
The
power
gold content of the dollar, of that
es¬
posed his policies failed to begin in 1933 to make
tablishing the so-called Stabilization Fund, and of
themselves effective in
a
tinued in this failure
time to
a
constructive way,
through four long
con¬
The
begin really serious preparation for 1940 is
1937, and this preparation should by
fine itself to matters of
There
are
successful
certain
We
the case,
and
ever
disposition timidly to
the past
Timidity
on
way
of the
really constructive
impediments.
defeat sustained
of
now
op¬
run
to cover as
a
The
It is the
result of the
experience of
few months ought to have convinced the
skeptical that nothing is to be gained politi¬
cally by trying to outbid the New Deal for the
sup¬
measures
actually in ef¬
experimenting with novel ideas of centralized
trol of
son
credit, banking and
it
seems
deference
to
us,
"objectives"
to
effective
So much for the
Let
men.
Business Man's
are
and
"pur¬
essential to
with equal frankness turn to
of the matter that
the business
siderable number
need
Part
part played by professional pub¬
us now
certain aspects
leaders
The
opposition.
The
concern
con¬
any rea¬
to discontinue this
Candor and realistic speech
poses."
lic
Ijs there
money.
why this "objective" should be sacrosanct?
meaningless
One of them has been
since election day;
that occasion.
other allied
persistently urged is obviously that of
to a definite realization of the
come
quite conspicuous
or
well understand that such is
may as
nature of these
a
number
fect
time has come,
impediments in the
organization of
position.
no means con¬
organization and patronage.
Time for
No
most
and
years.
to
of
our
give
formulation of their
even more
nearly
community^ itself. A very con¬
industrial
more
own
and
financial
careful thought to the
conceptions of wise public
port of This, that and the other clique or group of
^
policies, and in more adequate degree do their think¬
special interests,
ing in terms of national welfare rather than in terms
or
"planned economy"
those
of
the
New
by the formulation of various
programs
Deal.
with which to combat
One
of
the most
serious
of
special advantage for their
prises
or
own
branches of business.
particular enter¬
With deep regret
I
Volume
be
it
said
that the
not the
are
Financial
144
only
farmers and
fallen into the habit of
government.
the
labor leaders
who in recent decades have
ones
seeking special favors from
Surely it is not asking too much to in¬
sist that the business
expect from his
ought not to demand
man
government any favor
or
advan¬
or
3
Chronicle
delay in laying the foundations for effective opposi¬
tion
the fantastic programs
to
of the day ancffor
constructive formulation of alternative
server
detect
can
nothing,
continuance
in
afraid, all too likely to result in
The
-
manufacturer
of
ance
degree.
insists
who
upon
continu¬
a
unprecedented tariff protection for himself
and his
industry is not in
a
good position to
con¬
demn the farmer for
feasible to him.
alist who
his
seems
competition and
both cannot
or
justment Act type.
to
into
come
into
or
effective in opposing
very
measures
of the
Agricultural Ad¬
The industry that emphatically
lays claim to large subsidies
not
come
help him eliminate
control production or prices
hope to be
Bankhead laws
more or
less direct
can¬
^ouft writh clean hands and object
pleas by communities that they be permitted to
construct
their
own
plants at the
power
be
payer, or
effective
as
themselves
for
conveniences
as
which would find
form
not
are
inflationist
the
on
of the tax¬
expense
inflation
preach
in
part of the government.
The bankers and
busily engaged from 1916 to 1929
were
loading the banks of the country with long-term
illiquid assets, and who still cling to
of
commercial
banking
that
conception
a
would
permit
currency
weekly banking statistics take
In
bonds, naturally do not find themselves particularly
effective when
hold
they undertake to convince the Ad¬
that it
is
unwise
to
have
the
and the
and
Of
important
some
is
it
course
enough to
easy
distinctions
between
point
consisting of diversified corporate securities
repre¬
senting sound and productive enterprises and
loaded
the
with
evidences
distinction,
not go
of
while
Treasury deficits,
important,
to
portfolio
a
obviously
one
but
does
to the root of the matter of inflation which
is found in
It need
the
illiquid nature of bank assets.
hardly be added that
we
do not for
this way
the
a mo¬
are
permit themselves to be estopped in
from effective protest at Washington.
contrary,
banking
American
free of this weakness
countries.
tion
industry
as are
On
American
as many
who
to be found in other
Every oixexWho is familiar with the situa¬
point to numbers of
can
and
probably able to boast of
are
habitually manifest
sites of wise
a
public policies, but there
are
depending too much
upon
unfortu¬
government to come to
their aid.
It would
for wiser
policies at Washington if business itself
could show
a
more
help
a
great deal in the struggle
united front in
posing New Deal-like programs,
what
guise
they
appear
or
who
consistently
no
op¬
matter under
seem
to
000,000 in the week to Wednesday night, according
tion
of
bank
reserves
reserve
of
enough.
deposits
cause
alone.
are up
legal requirements,
the week.
Gold additions
Treasury under the
credit
base
be expected
probably will have increased another
$100,000,000 from this
bank
can
January, by which time
a
new
gain of $70,000,000 for
being sterilized by the
are
plan, and additions to the
tlfat account
on
Already member
to $1,950,000,000 in ex¬
But the
blocked.
are
prospects are such as to make it quite likely that our
monetary authorities will proceed with the plan to
increase
full
requirements again, possibly to the
reserve
extent
permitted
under
When the first increase of
summer, a
reasonable
existing
50%
full month's notice
to
that
assume
was
was
legislation.
announced last
given, and it is
advance
•
notification
again will be furnished.
The
banking statistics for the week to Dec. 30
quite in keeping with expectations.
stocks
gold
monetary
by
000,000 is noted, but the
are
An increase of
$22,000,000 to $11,251,new
"sterilization" plan
already is operative and the fresh metallic reserves
find
no
reflection in the other
certificate
were
Gold
$2,000 for the week to $8,851,878,000,
up a mere
but the
departments.
holdings of the 12 Federal Reserve banks
specie and
cash" increased
paper money
included in "other
sharply, and total
reserves
advanced
Federal Reserve notes
in actual circulation declined
$71,702,000 to $4,278,-
786,000.
deposits increased
Total
$62,623,000 to
$7,076,484,000, the changes consisting of
of member bank
721,000,
a
an
increase
deposits by $64,231,000 to $6,571,-
drop of Treasury general account deposits
by $19,731,000 to $230,829,000, a gain of foreign bank
deposits by $19,633,000 to $94,016,000, and
of non-member bank
918,000.
a
drop
deposits by $1,510,000 to $179,-
The gain in reserves and the recession in
circulation liabilities far
outweighed the increase of
deposit liabilities, and the reserve ratio improved to
80.2% from 79.8%.
Discounts by the System fell
$3,505,000 to $5,377,000, while industrial advances
moved off
$231,000 to $24,768,00.
Open market hold¬
ings of bankers' bills were up $1,000 to $3,089,000,
and
ties
holdings of United States Government securi¬
were
be the
entirely unchanged at $2,430,227,000.
The New York Stock'Market
no
the
This trend
to continue until the end of
beneficiaries.
There is
reserves
find circulation off $130,-
we
to the credit summary.
of influence who
men
true conception of the requi¬
nately many others who have fallen into the habit
of
reserves,
$48,100,000 to $9,112,291,000.
ment intend to assert that all industrialists and all
financial leaders
corresponding diminution of bank
excess
banks
large amounts of long-term Treasury obliga¬
tions.
different aspect.
on a
place of the rapid rise of the circulating medium
bank
portfolios to be overloaded with long-term corporate
ministration
country as a whole as little
one
fundamentally similar sort
a
are
NOW that the year-end holiday the banks,over,
with
returning to season is
the
it might otherwise be in
strong ground when they protest
on
policies of
others who
in
who
we
general collapse
a
Federal Reserve Bank Statement
cess
leaders
the
is,
in 1929.
was
build
to
or
opposing large government expenditures in general.
Financial
Indefinite
present ineffectiveness
The industri¬
pleads with the government to
branch of business and
own
of
prepared to work its way out of the morass as it
demanding similar bounty in
whatever form
are
next to nothing, is as
or
yet being done to get the work started.
tage that he is not willing to have all others enjoy
similar
policies
urgently needed, and that so far as the ordinary ob¬
need to
proceed farther in the elucida¬
matter, which must by now be clear
The point is simply that drastic steps and
sweeping changes in practices designed to end the
STOCK prices were market irregular on the
somewhat this abbreviated
New
York
trading week,
stock
in
but gains outnumbered the losses.
Interest in stocks
was
undiminished and quotations
4
Financial
soared
on
gains
were
Other
sessions
occasion, with all
recorded,
affected.
groups
especially
price structure is concerned,
Large
ample
Wednesday.
on
relatively dull,
were
Chronicle
funds.
so
far
the
as
ness
control
The
evidence, while apprehensions also existed regarding
the
dend
of
strikes
sweeping
represented
industries.
of
one
best
the
and other items.
As the year-end
activity dwindled, but
York Stock
of
Feb.
and
York Stock
Exchange,
Tuesday at $129,000,
sale, while another
ous
at
Dealings
markets
transferred Wednesday
was
suspended
were
Stock
trading
last Saturday on the
Exchange and in other securities
Friday, through Sunday.
on a
resumed
was
only
Monday, losses
on
few stocks
a
the downward trend.
were
Some of the metal shares
other
active
issues.
The
session
re¬
for
manner
the
was
last in which sales could be effected in the
regular
The tone improved
numerous.
Tuesday, with trading also increased, but motor
and
merchandising stocks failed to join in the
trend.
Industrial
because of the
improved
session
on
on
issues
generally
spreading strikes.
good gains in
Wednesday
Cash sales
for
were
numerous
was
up¬
uncertain
Commodity stocks
products. ' The
the most active of the
week, and quotations improved in all
tions.
Curb
groups
and
sec¬
establishing tax losses
were
fairly heavy, but they did not halt the upswing.
The
advance
was
the most pronounced
in months, and
share
a
share
on
the
common
New
Jan. 2.
on
Stock
York
stock, payable
.
stocks touched
Stock
York
new
low levels.
new
22
On the New York
low levels.
new
stocks
while
year
Exchange 78 stocks touched
New
the
was
special divi¬
a
Exchange 119
for the
high' levels
touched
the
in the
regular quarterly disbursement of
a
new
31
on
high levels
Call loans
Exchange remained
Saturday last
declared
was
a
un¬
holi¬
day by the New York Stock Exchange and the New
York Curb
On the
Exchange.
New York
Monday
were
shares;
on
Stock
and
Friday
on
Tuesday, 2,280,442
on
Thurs¬
New Year's Day
was
On the New York Curb Exchange the
Monday
on
on
Wednesday, 2,305,370 shares;
holiday.
a
sales
Exchange the sales
1,787,016 shares;
day, 1,760,305 shares.
643,840 shares;
were
557,998 shares;
on
Tuesday,
Wednesday, 587,182 shares, and
on
Thursday, 573,913 shares.
on
The stock
completion in 1936, and sales for tax
loss purposes were
on
were
able to resist
firm, but declines of 1 to 3 points appeared
in most
the
stocks
and
share
a
divi¬
a
a
company
Sugar Co., by declaring
share, payable
a
touched
here, the closing having been extended from
the rule and
mained
$4,000 from the last previ¬
$1.30
in¬
stock, payable
common
One other
2 last.
changed at 1%.
Christmas, which fell
When
New
the
on
was
:
$130,000.
New York
taken.,, This
seats
Nov.
25, and
On
week, and in
seat having been sold on
one
up
of
its
on
regular quarterly distribution of 50c.
dend of
60c.
transfers
share
a
industry which took similar action
started overshadowed
in
Holly Sugar Corp., which declared
$2
Great Western
and forecasts of the year now
also
week
sugar
Jan.
reflected
this
reached,
Reviews of activities
was
taken
on
Exchange exceeded 2,000,000 shares in
general a most optimistic view
actions
dividend
1; this compares with an extra of 75c.
a
the full sessions of the week.
of the
stabilization
exception, weak¬
the New
was
average turnover on
the immediate markets much
huge
yen was an
made
owing to sizable advances in copper, rubber,
groups,
sugar
important
many
Commodity equities
wave
various
the
affecting that unit.
cluded the
impending Congressional session and the
of
Japanese
Favorable
tax selling was in
as
Jan, 2, 1937
market, after experiencing weakness
Monday, gathered
some
face of moderate tax
A
further
was
less
a
on
Tuesday in the
Wednesday, with the
on
enjoying wide advances
heavy sales volume.
accom¬
Thursday, trading
spirited and the trend mixed, with prices
at the close
the close
closed
on
selling and closed the day firm.
rally occurred
better-known stocks
panied by
strength
irregularly changed when compared with
on
Thursday
Thursday
on
a
at
week
General Electric
ago.
54%
against 52%
as
on
Thursday of last week; Consolidated Edison Co. of
N. Y. at
44% against 43%; Columbia Gas & Elec. at
market leaders showed gains of 1 to 4 points.
18% against 17%; Public Service of N. J. at 473/4
Commodity issues led the movement, which also took
against 48%; J. I. Case Threshing Machine at 143
in
against
many
industrial, railroad and utility equities. ; A
cautious attitude
not
were
reflected
the
toward
recent
rated
new
were
securities
market
corporate bonds
right
were
United States Gov¬
foreign section.
unabated and
pression period
as
sugar
and
were
cocoa
paper, sugar,
sensational
new
gains.
in keen
de¬
highs for the entire de¬
recorded in
futures.
were
oil and
Demand for commodi¬
some
items, such
Copper reached 12c.
Thursday in the local market.
rubber
are
improved sharply, while bonds
commodity lines showed
was
Best-
Rail liens that still
Defaulted Latin American bonds
ties
was
firm, and bankers offered
companies engaged in the
mand in the
trend
to the end of the year, with
up
far below par value
other
main
generally higher.
investment demand keen.
of
the
snapped out of their apathy of
moved
improved, and grains had
on
a
firm undertone.
joined the commodity upswing, which was
important influence in the securities market.
Foreign exchanges remained quiet, and under the
on
105%
against 63%, and American Tel. &
184% against 185%.
Western Union closed
Thursday at 79% against 79%
last
on
Thursday of
week; Allied Chemical & Dye at 226% against
228; E. I. du Pont de Nemours at 173 against 174%;
National
Cash
national
Nickel
Register at 31 against 30%; Inter¬
at 63% against 64%; National
Dairy Products at 23% against 22%; National Bis¬
cuit at 32
against 31%; Texas Gulf Sulphur at 39%
against 39%; Continental Can at 67% against 66%;
Eastman
Kodak
Brands at
at
175
against
172;
Standard
15% against 15; Westinghouse Elec. &
Mfg. at 147% against 145%; Lorillard at 23 against '
22%;
United
States
Industrial
Alcohol
at
38%
against 38; Canada Dry at 28% against 27%; Schenley Distillers at 43% against 44, and National Dis¬
tillers at
The
Hides, coffee and
Cotton
an
Woolworth at 63
Tel. at
unchanged.
bond
weeks and
issues
Harvester' at
87%; Montgomery Ward & Co. at 56% against 55%;
decidedly better levels.
ernment
International
against 99; Sears, Roebuck & Co. at 83% against
Commodity and industrial issues
lacking.
listed
145%;
Thursday, but gains
on
quiet buying, and rails also improved, while
utility stocks
In
prevailed
more
week.
78
28% against 29%.
steel
stocks
United
against 77%
Steel at
advanced
to
higher levels this
States Steel closed
on
Thursday at
Thursday of last week; Inland
117% against 115 bid;. Bethlehem Steel at
on
75% against 74%; Republic Steel at 28% against
Volume
Financial
144
Chronicle
5
28%, and Youngstown Sheet & Tube at 78 against
at 4.67c.
78.
of last week.
In the
motor
Auburn Auto closed
group,
on
against 4.67%c. the close
as
Thursday at 29% against 30% on Thursday of last
week; General Motors at 63% against 66%; Chrys¬
ler at
115% against 119%, and Hupp Motors at 2%
against 1%.
In the rubber group, Goodyear Tire &
Rubber closed
Thursday at 28% against 27%
on
on
European Stock Markets
FIRM tendencies prevailedmarkets, with the prin¬
this week in dealings
cipal European stock
on
small scale
a
everywhere owing to year-end in¬
London
fluences.
against 33%.
week, while Paris and Berlin markets
RR.
The railroad shares reversed their
this week
closed
Thursday
closed
and
higher/
Pennsylvania
Thursday at 40% against 39%
on
on
of last week; Atchison Topeka & Santa
Fe at 72
against 69%; New York Central at 41%
against 41; Union Pacific at 127 against 125; South¬
Pacific at
ern
25
at
44% against 4$%; Southern Railway
against 23%, and Northern Pacific at 27%
against 27.
Among the oil stocks,
of N. J. closed
on
Standard Oil
Thursday at 68% against 68%
Thursday of last week;
on
Shell Union Oil at 28%
what
Investment
losses.
still,
Thursday of
on
week; Kennecott Copper at 60% against 61%;
and
the likelihood
also
may
Great
reflected
reports
a
good
concern
ing today
was
77.0% of capacity, unchanged from
but vastly higher than the rate of 46.7%
noted at this time last year.
energy was
at
Production of electric
reported by the Edison Electric Institute
2,080,954,000 kilowatt hours for the week ended
Dec.
26, which contained the Christmas holiday.
The
figure
with
compares
2,274,508,000
hours for the preceding week and with
kilowatt
1,874,264,000
political crisis
as a
In
all
previous records.
views
were
mism
was
in order
19,
as
reported last Monday by the Association
of American
was
a
Railroads, totaled 729,696
decrease
week but
a
of
9,051
cars
gain of 129,030
cars.
This
from the preceding
cars over
the correspond¬
ing week of 1935.
As
of the commodity mar¬
course
actions
were
kept to
shares
May
on
Thursday of last week.
closed
close
on
on
at Chicago closed
May oats at Chicago
Thursday at 51%c.
as
against 51%c. the
Thursday of last week.
The spot
on
corn
against 105%c. the close
price for cotton here in New York closed
Thursday at 13.00c.
tional securities.
partments.
British
on
Thursday
as
against 21.58c. the close
Thursday of last week.
The price of domestic
copper
closed
the close
In
was
on
on
Thursday at 12c.
price of bar silver
pence per ounce as
per ounce on
from the close
the
transfers
on
matter
on
against ll%c.
on
on
Thursday
against 211/16
pence
Thursday at 45c., unchanged
the
foreign
London closed
on
against $4.91 5/16 the close
week, and cable transfers
on
exchanges, cable
Thursday at $4.91
on
as
Thursday of last
Paris closed Thursday
com¬
on news
of
Gold mining issues
were
were
firm in almost all de¬
issues remained
favor, while international issues marked time.
much
day,
but
recorded ht most industrial
Rubber and base metal stocks remained in
stocks.
change in the situation
British funds again
as
was
Not
noted on Wednes¬
were
quiet and most
There was quiet but
steady buying of industrial issues, and home rails
good holiday traffic returns.
on
precious and base metal stocks advanced, and
gains
also
Trading
on
appeared
international
in
securities.
Thursday resulted in small gains for
gilt-edged issues.
Industrial stocks
were
well sup¬
little profit-taking appeared in the
a
commodity
securities.
No
business
done
was
yesterday.
Little business
the initial
was
pean
settlement
French
done
on
the Paris Bourse in
trading period of the week, but gains out¬
numbered the losses.
Thursday of last week.
of
Tin and rubber
Government
ported, but
Thursday of last week, and spot silver
in New York closed
In
as
Thursday of last week.
London the
215/16
21.10c.
and
holiday mood again prevailed
were
Both
on
quiet
the monetary situation is uncertain,
as
The spot price for rubber
Thursday of last week.
was
The
Tuesday, but prices
joined the upswing
on
were
steady, and small gains appeared in most interna¬
against 12.99c. the close
as
funds
ot^er departments improved.
'
Stock Ex¬
the London
in exceptional demand
tin restriction program.
further advances
as
re+
note of opti-,
price increases and favorable developments in the
on
Thursday at 108%c.
on
good inquiry.
were
Thursday at 135%c.
on
a
slightly easier in Monday's trading, but industrial
dull,
Thursday of last week.
of such
modest level by this and other
a
British
circumstances.
on
against 134%c. the close
appears
The customary year-end
;
everywhere, and
of traders
kets, the May option for wheat in Chicago closed
as
was
change was slim at the start of the week, and trans¬
on
indicating the
entirely satis¬
be caused by the
apparent with regard to the future.
Attendance
pany
Dec.
some
proportions that circulation requirements exceeded
issues reflected
freight for the week ended
may
England, however, the position
Car
revenue
is not
encouraging, for the holiday trade
kilowatt hours in the corresponding week of 1935.
loadings of
occa-t
dispute regarding the budget and the strike develop¬
to be
week ago,
in Great Britain and France for
The French situation
Steel
Steel Institute at
of
considerable expansion of the current
mean a
the rule.
a
form
some
time, and it is held obvious that relief for the Reich
might
ments.
estimated by the American Iron and
that
be extended to the Reich by
Britain, heartened the financial communities.,
maintenance of activity at a period Avhen decline is
ingot production for the week end¬
interna¬
growing economic strain in Germany has
factory,
industrial
evoked
was
new
under discussion. The will¬
Germany,
and
and
than
stand¬
in Europe toward the end
assistance
boom.
Trade
a
ingness of France to make colonial concessions to
American
Smelting & Refining at 93% against 94%,
Phelps Dodge at 54% against 55%.
almost at
by the indications that
tional arrangements are
sioned
Thursday at 53% against 53%
are
were
some¬
were
important
more
But keen speculative interest
occasion
31%.
last
dealings
they usually
as
of the year.
on
gains
irregular, with
against 26%, and Atlantic Refining at 31% against
on
Exchange displayed
great steadiness in the four business sessions of .the
The
In the copper group, Anaconda Copper closed
The
Stock
Thursday of last week; United States Rubber at
47% against 46%, and B. F. Goodrich at 33%
course
Thursday
on
High hopes for
were
occasioned
a
general Euro¬
by
the
Anglo-
diplomatic approach to Germany, and
buying of securities resulted.
dull and bank stocks
French rentes
some
were
irregular, but in the industrial
Financial
6
and
utility
tional issues
unchanged.
were
Ihterna-
general.
were
The trend
on
marks
Tuesday
were
generally upward, with rentes joining in the
was
move
the
gains
groups
on
that
assurances
franc
further devaluation of
no
French equities
impends.
Chronicle
were
marked
the
are
not
London
Jan. 2, 1937
property of American importers and
acquired merely to gain a trade advantage.
reports suggest that British and German
authorities
steadily
improving
are
machinery between those countries.
the
barter
Australian dis¬
higher, but the advance in commodity and foreign
patches state that the trade dispute of that country
stocks
with
modified
was
Wednesday,
proved
on
rentes.
Gains
but
were
leadership
the
registered
indus¬
were
among
equities and in various commodity
Rentes
marked irregu¬
were
dull session Thursday, but larger
a
gains appeared in bank stocks and
some
excellent
stocks.
The
demand
upswing
for
almost
of
new
operations which
are
regulations
gains also appeared in
Monday
German
blocked
up
marks in
such
governing
effective with the
Heavy industrial stocks moved
new year.
1 to 6 points, and
long list of utility, ship¬
a
Fixed-interest obligations
ping and other shares.
dull.
on
all
pronounced, and it was
was
attributed to the investment of
anticipation
Offerings increased
Tuesday at the
on
higher levels, and the session proved disappointing
to
Fractional
holders.
some
of the
selling.
unchanged.
were
losses
general,
were
Gains
crease.
The
improved
tone
again
interest
tone
was
were
in
most
instances,
No
taken in the fixed-income group.
Thursday
on
modest
were
The
confident^ and small gains
was
Dealings
general.
on
the in¬
on
stocks jumped 2 to 3 points.
some
on
Textile and shipping stocks
Wednesday, with public participation
although
and
previous favorites lost 2 to 3 points
the realization
Japan has been settled to the satisfaction of
both parties.
Inter-American Peace
DESPITE the amicable statements atprojected
Buenos
Aires
the
treaties
and
the
at
numerous new
Inter-American
maintenance
American
the
Dealings in the Berlin market started
were
industrial
The market closed yesterday.
issues.
with
of
issues,
foreign securities.
larly higher in
under
Prices im¬
small in the fixed-income
larger advances
trial and railroad
and
by profit-taking.
of
Conference
Peace
for
the
relations among the 21
friendly
republics, it appeared at the very end of
gathering that there is still much ground to be
before permanent peace can
covered
achieved,
in the Americas.
even
be considered
The delegates at
Buenos Aires avoided official attempts to
effect
a
final settlement of the Chaco conflict between Para¬
Bolivia,
and
guay
danger of
a
continued up to
The
diplomatic endeavors
Saturday, and only then
the latest effort at mediation deemed
Special
were
the time the United States delega¬
tion sailed for home last
was
was
pressure
resumption of the long and exhausting
thus remains.
war
unofficial
but
It proved quite fruitless* and the
brought to bear.
delegations
Bolivia
from
attended the Buenos Aires
on
the
failure.
Paraguay
and
gathering, but the
sentatives of both countries
all their addresses
a
are
repre¬
said to have ended
boundary problem with the
unequivocal declaration that the "Chaco belongs to
us."
In these
circumstances, of
not much
course,
could be made, and the delegates of the
progress
disputant countries departed last Saturday, along
with other
As usual, the diplo¬
major delegations.
suspended yesterday
in observance of the New Year
mats
holiday.
were
boundary question, but that hollow phrase has been
agreed "in principle"
settlement
to
much overworked and it deceives
Trade Treaties
no
of the
one.
European Appeasement
SOME progress of international of lateproblems
has been made
toward
clarification
trade
through negotiations for new treaties, and through
yNDER the leadership of the British and French
ambitious and far-sighted
modification
effort
always
are
of
existing restrictions.
merchandise.
tween the United
the
during the
lines
of
favored in
moves
to be welcomed, since they promote the
movement of
ated
Such
States and
in Rome and
pact be¬
Italy is to be negoti¬
reciprocal tariff
Washington.
trade
new
started, apparently along
year now
the
A
pacts that
Announcement
was
are
made
Washington, last month, that the trade
Governments
been
toward
most
if the promises of the Fascist
started, and
countries
a
general European appeasement has
be made to
can
mean
anything at all,
goodly measure of success seems possible.
endeavors
plainly
as a
are
the
of
British
predicated
on
and
Real
authorities
French
the rapid drift of Europe
whole toward embroilment in the
war.
a
The joint
Spanish civil
neutrality in that conflict is the obvious
treaty signed in 1871 will lapse on Dec. 15, 1937,
immediate
owing to the need for modernizing the accord and
the situation is
freeing the United States from the Italian quota
meeting German desires for colonies and the Italian
and
other restrictions which
favored-nation
The
of American
warfare.
some
are
of
the
accord
a
dead letter.
treaty is to be based on genuine most-
new
favored-nation
still
clause
really made the most-
treatment, and it is to take account
neutrality
The
measures
in the event of
problems of German-American trade
receiving close study in Washington, and
new
regulations
late last week.
It
were
was
American merchants
issued by the Treasury
indicated that German and
may
resort to virtual barter
wish for
aim, but reliable reports indicate that
being examined
with
anew
a
view to
recognition of the Ethiopian conquest.
woidd appear
It
that a wedge already has been driven
between Germany and Italy through British and
French
understandings
of
offer
a
large slice
French mandates
to
with Italy.
A
tentative
of African territory under
already is said to have been made
Germany, and there is a possibility of additional
territorial
concessions to the Reich in
assurances
of peace
Spanish struggle.
return for
and real non-intervention in the
Diplomatic conversations
were
arrangements without fear of American countervail¬
conducted all this week with furious
ing duties
evident that Chancellor Adolf Hitler and his Nazis
on
imports from the Reich.
tervailing duties
were
use
payment
a
fateful decision to make.
It is
probably
more
coincidence that the current conversations
than
a
The Treasury ruled
were
started at Christmas.
registered marks
for
have
of trade-marks in fos¬
tering exports to this country.
making
coun¬
lifted last summer, after the
Germans discontinued the
also that German
Such
speed, and it is
German
may
goods,
be used for
when
such
This newest
lowed
rapidly
phase of the European situation fol¬
upon
reports that the Spanish insur-
Volume
Financial
144
gent leader, General Francisco Franco, had appealed
to Berlin for
unteers"
in
60,000 additional trained German "volorder to make the capture of Madrid
The British Government widened at the
possible.
time the scope
same
of conversations with Italy, of
which the first fruits
were
made known two weeks
in the form of a reduction of the British and
ago
embassies
French
at
Addis
Ababa
to
consulates-
7
Chronicle
reaching either side. British and French negotia*'
tions for a general European settlement, as outlined
above, turn on the pivot of the Spanish rebellion,
The German decision probably will be indicative as
to the outcome of the struggle in Spain, for Rome
dispatches state that Italy is ready to abandon further intervention in the dispute.
Some thousands
of German "volunteers" who were ready to go to
Germany on the Spanish question there is some
Spain were held up at German ports this week,
Meanwhile, a shipment of $2,777,000 of American
airplanes and motors was reported here in New
York, the State Department having granted a license
most reluctantly because our neutrality legislation
does not include civil wars. The shipment, plainly
intended for the loyalists in Spain, was scored by
President Roosevelt, who insisted that an amendment be tacked on to the existing neutrality legislation so that arms shipments can be embargoed in
civil wars as well as international conflicts. The
Reich Government would
shippers of the airplanes and parts insisted that the
lone hand rather than take the profthat
materials were not suited for warfare. Some diploinatic conversations regarding these American air-
opportunity
The
general.
that
presented
thus
was
Rome reports of last Monday suggest
grasped fully.
comprehensive Anglo-Italian agreement on
a
problems is under negotiation, and
Italian capital that
Mediterranean
there have been hints from the
aid to the
Spanish rebels will be discontinued by
If the Anglo-Italian arrangement can be
Italy.
indicated lines, it would leave
consummated along
Germany as the chief support of the
and in view of the
doubt
as
to whether the
prefer to play
a
Spanish rebels,
possible schism between Italy and
colonial concessions and any other aid
fered
be involved.
may
It may well be surmised that
Although much was made of the American air-
Equally reasonable is the
Euro-
plane shipment, it is altogether obvious that the
real question of neutrality in the Spanish conflict
rests with the European "neutrals." The British
pact of non-aggression, and possibly in an
and French Governments last Sunday dispatched to
accord, under the terms of the
Berlin, Rome, Moscow and Lisbon a series of diplo-
part of any agreement.
assumption that the Reich would display a greater
willingness to engage in a general Western
pean
armaments limitation
matic warnings against sending troops to Spain
proposed settlement.
First indications of the new endeavors were made
available from Paris on Christmas eve,
sive conversations in Berlin and
eral
after exten-
Paris with the
diplomatic representatives concerned.
sev-
Accord-
ing to these accounts, French officials did not dis-
guise their apprehensions that the Reich was attempting to
set up a satellite
State beyond the
Pyrenees, with the ultimate aim of squeezing France
between Fascist
France
were
unteers"
Both Great Britain and
pincers.
represented
action to prevent
orous
determined to take vig-
the further dispatch of "volcountries
other
from
as
Spain,
to
and
especially from countries like Russia, Germany and
Italy, which
the
that
control rigorously all movements of
It was intimated last Saturday
nationals.
their
question of a general settlement of out-
standing problems had been put up to Herr Hitler,
with France
willing to concede to the Reich man-
territories in the
dated
having
an area
Cameroons and
were
were
Togoland
of 181,000 square miles and possessing
vast stores of mineral wealth.
ties
less
specific
The British authori-
to the concessions they
as
willing to make to Germany in any general
understanding, but it
ters must be handled
This
implied, of
was
stated that all these mat-
through the League of Nations.
course,
that the Reich would be
expected to rejoin the League in any settlement.
In
good part the newest endeavors are said to be due to
British and French fears
regarding the increasing
economic difficulties of the Reich.
indicated that
an
planes are said to have taken place,
authorities would form
financial aid to the German
intensive
Chancellor Hitler
Berlin dispatches
promptly started
study of all phases of the situation at
his retreat in Bavaria.
-
under the guise of volunteers.
was the first to point out the dangers of permitting
volunteers to serve on either side in Spain. The
entire issue was made additionally difficult and
complex by the seizure, over the last week-end, of the
German freighter "Palos," by Spanish loyalist warships. The German ship was taken to a loyalist
port, and much of the cargo was reported to consist
of field telephone sets and other war materials,
Strenuous representations were made by the German
Government and the ship finally was released, but
the cargo was held. These incidents gave rise to a
fresh series of rumors concerning possible German
activities, but German officials scoffed at all inflamatory statements and insisted that all matters
would be handled diplomatically in the regular
course.
In London it was believed possible that
favorable developments in the general European
situation,
and
auspicious
replies
to
the
Anglo-
French suggestions for real neutrality might result
in an international naval cordon around Spain, and
patrols on the Spanish-Portuguese frontier. The
British Government last Monday ordered the removal of its Madrid embassy to Valencia, where the
Spanish loyalist regime now is located. No explanation was given for this action.
Fighting in Spain remains quite inconclusive,
with the loyalists successful in encounters around
Madrid, while insurgent progress was reported on
other fronts. Airplane bombings of Madrid by the
insurgents were continued, but in a more desultory
fashion.
The War in Spain
These warning appar-
ently were received with good grace even in Berlin,
where it was indicated that the German Government
mained
Results
of
these
occasional
forays
re-
destructive, however, and the horrors of such
FAR overshadowing the immediate events conver- warfare were enhancedthe heart of theand artillery
Spanish civil war are the international in the
shells were exploded in when bombs
capital even
sations intended to enforce
the
genuine neutrality, and
various indications of the difficulties
tered in the efforts to
encoun-
prevent men and supplies from
on
Christmas Day.
The loyalists reported extensive
gains to the west of Madrid early this week, and the
easy
three-mile advance occasioned misgivings about
8
a
Financial
possible insurgent trap.
their
The loyalists continued
gains, however, and Madrid
danger of immediate capture by the rebels.
no
plans plainly
being formulated
were
able
on
Tuesday, when sharp attacks
loyalist posts
was
avail¬
were
made
were
on
Cordoba, southwest of Madrid.
near
reported from loyalist sources that crack Ger¬
battalions led the
man
New
|by the insur¬
gents, and indications of the decisions
It
to be in
appears
successful.
Eebel
week to cut
the
were
air
forces
was
generally
attempted
late last
railway link between Madrid and
France, but this
planes
attack, which
fruitless.
move was
on
head of the
war¬
the Asturian coast,
Wednesday.
Jan. 2, 1937
Nanking Nationalist Government arrived
at
Nanking, to be followed two hours later by an
airplane bearing his former captor. Marshal Chang
urged
be
proper
decreed
punishment for himself,
the
as
for not
seems
It appears
important
Chang,
as
birthplace in Chekiang Province.
that the entire affair may have rather
international
the
to be one of the few Latin Amer¬
ican countries that has not attained
stability since the
political
from the depression took
recovery
The change in government in the island
were
was
also
Presi¬
Miguel Mariano Gomez did not bother to de¬
fend himself in
the Cuban
Senate
against charges
preferred by the militarists because he vetoed their
9c.
a
bag
semi-military
doubtless
with
sugar
school
tax, intended to support
He
of
in
the
inclined to accede
foreshadowed, and de¬
Administration,
all
to
promptly
post, and apparently is,
demands
procedure affords not
of
the
even
Batista
the most
transparent of masks for the military dictatorship,
as
Colonel
the
new
Batista
promptly outlined the aims of
Administration, for which he assumed full
responsibility.
at Tokio, where warnings
concern
against
alignment of the Chinese
any
Government with the Russian Soviet
is
ample
regime.
There■
to believe that General Chiang Kai-
reason
shek, who
be realized.
may
"positive policy" immedi¬
more
has been restored to full control in
now
Nanking, is unaffected by Communist propaganda,
though he rode to popularity 10
even
Red
of
wave
sentiment.
The
years ago on a
strenuous
military
Communist centers of China is sufficient evidence
was
assumed the chief executive
This
issued
a
justice, that the result of the im¬
Senor Laredo Bru, who held the post of
faction.
re¬
campaign of General Chiang against the various
program.
parted from the Presidential Palace in Havana with
dignity.
re¬
Nanking
declared,
peachment proceedings
Vice-President
resistant policy with
more
by the Chinese student body,
The likelihood
ately occasioned
junta headed by Colonel Fulgencio Batista.
mo¬
ports indicated this week that such aims, sponsored
were
forcibly vacant by the Cuban military
a
spect to the Japanese encroachments.
Colonel Federico Laredo Bru into the Presidential
the
Marshal
purely patriotic, and designed to force
completed late last week through the induction of
a
repercussions.
of the famous Manchurian leader,
son
Nanking toward
bill for
in the Occi¬
opera
Chang Tso-lin, declared to the world that his
•UBA appears
dent
like comic
own
This
Chiang's brother and the departure of the General¬
issimo for his
Cuban Crisis
office made
his
cut short through the death of General
was
tives
shape.
General
was
having maintained adequate discipline.
exchange, which
dent,
if death
even
expiation of his sin.
Chiang, in turn, declared that the guilt
Loyalist air¬
employed, in turn, to prevent rebel
ships from attacking forts
Chronicle
military
The
chief
declared
last
of his true aims.
But if General
est measures to halt the
Chiang takes
earn¬
Japanese advance in Inner
Mongolia, much doubtless will be heard from Tokio
in
coming months regarding the "Communist" in¬
fluences
animating the Nanking regime, and the Far
Eastern
situation
delicacy.
then will
have lost
none
of
its
The danger of another world war, origi¬
nating in the East, merely will have been enhanced,
for it is
hardly to be doubted that the German-J apa¬
pact against the Communist Internationals has
nese
its secret
military protocols.
.
_
:;.
Saturday that the immediate and imperative aims
of the
regime will be approval of the "educational
law," and the calling of
Last
a
Monday the well-disciplined Congress passed
the sugar
Discount Rates of
Foreign Central Banks
Constituent Assembly.
tax bill by an overwhelming majority over
the veto of President Gomez.
In all their declara¬
tions of aims and
rates
Present
any
rates
all reference to the $80,000,000
DISCOUNT
RATES
now
in default.
No indi¬
OF
given
desire to fulfil the
as
to
a
obligations,
or
to meet the agreement for
was
s
CENTRAL
Pre¬
Effect
Country
negotiations last
course
of
long
Date
vious
Established
Rate in
Rate
Holland
1 1936
3H
July
i"
Hungary
4
1 1935
May 16 1935
4«
India
Ireland....
7
quickly
as
Belgium
0
2H
Aug. 151935
Mar. 11 1935
4
Jan.
4
July
18 1933
3
Jan.
11936
5
Oct.
.
vious
Rate
as
Chiang Kai-shek and the apparently
..
2
Dec.
4
Aug. 28 1935
Nov. 29 1935
3
June 30 1932
4H
2 1930
May 18 1930
2H
4H
3H
5
3.29
Java
Apr.
8 1930
3.65
4*
Japan
June
2 1935
3H
6K
6
Jugoslavia
5
Feb.
1 1936
July
1 1930
Morocco...
6H
May 28 1935
21 1935
3 H
6
Norway
4
Dep.
.
Lithuania..
vakia
it began, and quite
...
Italy
24 1935
Bulgaria...
Czechoslo¬
Saturday through the return to Nanking of
Generalissimo
10 1936
July
Chile
strangely, the Chinese kidnaping crisis ended
last
Mar.
2
Danzig
as
Date
Established
3
3 H
...
Colombia.
ALMOST
Pre¬
Effect
Jan. 1
Country
Austria
Canada
summer.
Chinese Interlude
i\
BANKS
con¬
Batavia
debt made in the
settlement of this
are
'
Argentina..
tractual
centers
.
Jan. 1
cation
leading
FOREIGN
■
Rate in
public works indebtedness,
the
at
shown in the table which follows:
principles the Cuban authorities
carefully avoided
THERE have been noofchanges during the week in
the discount
of the foreign central
banks.
5 1930
0
in
Denmark..
4
Oct.
19 1930
3^
Poland
5
Oct.
25 1933
England...
2
June
30 1932
5
Dec.
13 1934
5
Sept. 25 1934
2J4
5H
4^
Portugal...
Estonia
Rumania
4H
Dec.
7 1934
6
South Africa
3X
May 15 1933
4
Spain
6
July
10 1935
5H
Sweden
2H
1H
Dec.
1 1933
3
Nov. 25 1930
2
4 1934
4
Germany
__
Greece
Sept. 30 1932
7
France
Oct.
4
...
Deo.
2
Finland
Oct.
15 1930
5
..
Switzerland
13 1933
6
BH
voluntary surrender of his captor, Marshal Chang
Hstieh-liang.
scure,
means
paid.
captivity remain somewhat ob¬
Chang and
no
concessions
no ransom money
It is well known that Marshal Chang formerly
addicted to the
toward
Chinese
opium habit, which
may go
far
explaining the peculiarities of the incident.
formalities
were
Foreign Money Rates
by which General Chiang
but most reports indicate that
made to Marshal
were
was
The
released from
was
well
observed
when
the
IN bills Friday market discount rates for short
LONDON open ^@11-16% against
on
13-16%
on
were
three months bills, as
of last week.
was
lA%>
as
Friday of last week, and ^@11-16% for
Money
against
on
At Paris the
13-16%
call in London
open
on
Friday
on
Friday
market rate remains at
2V2%, and in Switzerland at 1J^%.
Volume
Financial
144
Bank of
an
England Statement
9
Chronicle
of 0.294% for the 273-day maturity.
average
,
bills due in 78 days
The shorter issue of $50,000,000
THE statement of the Bank for in circulation of
shows
sharp drop the week ended
Dec.
30
Dec. 23;
on
there remains outstanding £467,406,000 notes
culation, which
compares
with £411,751,000
Gold holdings fell off £65,926, and
pansion in
holds
in cir¬
a year
the
so
The Bank
£6,643,000.
reserves was
now
£9 598,000 and other deposits £78,783,487. Of the latter
a year
£78,359,952
Public deposits
ago.
was
accounts and
Loans
the proportion
Government
on
was
securities,
which
respectively.
count
with
previous
£191,187,
made in the 2% dis¬
show the figures compared
we
years:
and
£11,019,290
rose
Below
£11^210,477.
discounts and advances and
No change
rate.
27.48%.
securities increased T51,-
361,000 and loans on other securities
The latter consists of
was
-
v
not
rates
paper
quite motionless, with little
were
business done.
Call loans
held to
Exchange
the New York Stock
on
available at
while
1% for all transactions,
six months remained
time loans for maturities up to
1}^%.
L
'
New York Money
Rates
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
was
ruling quotation all through the week for both new
loans and renewals.
The market for time money is
still
at
standstill,
a
reported
this
has been very
Jan.
2,
Jan.
2,
Prime commercial
Rates
a
substantial
%% for extra choice
are
at
paper
Paper has been in
active this week.
good supply and the demand has shown
increase.
nominal
continue
Rates
maturities.
1M% f°r
having been
transactions
no
week.
less known.
Jan.
Bankers' bills and commer¬
greatly significant.
cial
names
running from four to six months and 1% for names
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Dec. 30,
special circumstances
are
addition to banked
an
£423,535 to other accounts. The reserve
week ago; last year
There
surrounding these bills and the variations in rates are
rose
proportion fell off still further to 23.10% from 30.20%
a
0.109%.
ex¬
£314,212,259 gold in comparison with only
£200,609,014
amount
at
a
£6,709,000 from the record high reached
ago.
went
-
■
Jan. 4,
3,
1936
1936
1935
1934
1933
£
£
£
£
£
Circulation
467,406,000
Public deposits
12,135,000
Other deposits189,771,347
Bankers' accounts. 150,580,188
Other accounts
39,191,159
Govt, securities
134,481,000
Other securities
38,624,121
Dlsct. & advances17,467,197
Securities.
21,156,924
Res've notes & coin..
46,806,000
Coin and bullion
314,212,259
23.10%
Propor. of res. to liab.
Bank rate
Bankers'
411,751,000 394,731,125 182,074,931362,599,116
9,931,185 17,735,301 12,616,299
9,965,000
167,832,750 154,165,403 164,238,445168,355,389
130,542,800 117,343,357 127,727,487134,120,092
37,289,950 36,822,046 36,510,958 34,235,297
110,364,499 89.336.413 89.881,692102,081,824
36,608,771 34,757,755 39,558,008 63,852,465
23,655,425 24.195.414 25,560,169 45,990,482
13,997,839 17,861,983
12,953,346 10,562,341
48,860,000 58,049,989 69,568,745 32,967,817
200,609,014 192,781,114 191,643,676120,566,933
27.48%
35.37%
38.44%
18.22%
2%
2%
2%
THE market for prime bankers' this week. The
moderate improvement acceptances has
shown
demand has been good and prime bills have
available in slightly larger volume.
Official quotations
change.
cluding 90 days
been
Rates show
no
issued by the Federal
for bills up to and in¬
as
Reserve Bank of New York
2%
2%
Acceptances
%% bid and 3-16% asked;
are
for four
THEgain of muchthe week ended Dec. 24inshows
statement for
707,000,000 francs
note
a
as
as
circulation, which brought the total outstanding to
francs,
87,306,527,930
during the
the
largest
issue
reported
A further large increase of
1936.
year
800,000,000 francs is shown in the item, temporary
advances to the State and creditor current accounts
months, 5-16% bid and %% asked; for five
and six
Bank of France Statement
months, %% bid and 5-16% asked.
y2% f°r bills running from 1 to 90 days, %% for
120-day bills and 1% for 121- to 180-day bills.
91- to
The Federal Reserve Bank's
increased
1,211,000,000 francs.
discounted
French commercial bills
against securities decreased 84,000,000 francs.
holdings again show
358,742,140 francs.
the
same.
Below
Gold
change, remaining at 60,-
no
shown the different items with
BANK OF FRANCE'S
—180 Days—
Bid
Asked
H
Prime eligible bills.
M
bills discounted.,
Credit current accts
Francs
Francs
60,358,742,140 66,296,058,748 82,124,109,003
9,953,636
11,003,727
6,640,971
+ 526,000,000
No change
7,590,245,923 9,710,617,900 3,971,087,411
952,236,452
1,450,838,272 1,318,641,126
—84,000,000 3,521,100,492 3,251,474,883 3,211,257,357
+ 707,000,000 87,306,527,930 81,149,325,675 83,412,395,015
+ 1,211,000,000 14,514,793,611 11,578,138,146 19,076,245,989
WITHIN THIRTY DAYS
% % bid
H % bid
Federal
Rates of the
Reserve
59.28%
71.50%
b Includes bills discounted abroad,
80.13%
c
rates
following is the schedule of rates
the
for
various
classes
of
at
paper
now
in effect
the
different
Reserve banks:
DISCOUNT
RATES
OF
FEDERAL RESERVE BANKS
Effect on
Date
Previous
Jan. 1
Federal Reserve Bank
Established
Rate
Rep¬
8 1934
2Y
Feb.
2 1934
2
Jan.
17 1935
Note—"Treasury bills discounted" appeared in blank in the statement of Sept. 25,
all of these bills had matured and have since been transferred to the account
"Temporary advances without interest to the State."
New York
Money Market
2
Feb.
New York
1M
Philadelphia..
2
Cleveland
1H
May 11 1935
Richmond
2
May
Atlanta
2
Jan.
14 1935
Chicago
2
Jan.
19 1935
St. Louis
2
Jan.
3 1935
Minneapolis..
Kansas City..
2
May 14 1935
2
Dallas
fund, but it was announced a few days thereafter that 5,000,000,000 francs of the
gold had been returned to the Bank.
See notation to table "Gold Bullion in Euro¬
pean Banks" on a subsequent page of this issue.
2
May 10 1935
8 1935
May
San Francisco.
2
Feb
Boston
Course of
MONEY market dealings werenearly all depart¬
quiet, with rates
unchanged this week, in
ments.
There
the award
count
Banks
Rate in
—1.14%
Includes bills purchased in France,
resenting drafts of Treasury on 10-billlon-franc credit opened at Bank.
♦
Gold holdings of the Bank were revalued Sept. 26, 1936, in accordance with de¬
valuation legislation enacted on that date.
Immediately following devaluation,
10,000,000,000 francs of the Bank's gold was taken over by the French stabilization
as
Y<
*««
+ 800,000,000 15,098,000,000
Propor'n of gold on
hand to sight liab.
a
Ye
30 Days
60 Days
M
>n
Asked
»i«
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
The
Temp. advs. wlth-
|f out int. to State..
120 Days
Bid
*t«
Dec. 28 1934
French commercial
b Bills bought abr'd
c
+2,000,000
Dec. 27 1935
Francs
No change
Adv. against secur's
Note circulation
H
-90 Days
Prime eligible bills
Discount
Dec. 24 1936
Francs
a
—150 Dave—
Bid
Asked
*i«
Eligible non-member banks
Changes
♦Gold holdings
as
ceptances are as follows:
Eligible member banks..
years:
far
so
COMPARATIVE STATEMENT
for Week
Credit bals. abroad,
nominal in
they continue to fix their
as
FOR DELIVERY
comparisons for previous
Open
$3,089,000.
to
The nominal rates for open market ac¬
Bills bought abroad also remain
are
holdings of acceptances
$3,088,000
concerned,
are
rates.
own
526,000,000 francs, while advances
rose
from
market rates for acceptances are
dealers
rose
The
bill-buying rate of the New York Reserve Bank is
was
a
little
tightening noticeable in
by the Treasury of the longer dating of dis¬
bills, Monday; the $50,000,000 issue going at
2H
2
9 1935
2H
2H
2H
2Y
2H
2M
2Y
2H
16 1934
Sterling Exchange
STERLING exchange, as in financial markets
everywhere, experiences
extremely dull
an
from the
approach of Christmas
Day, when all markets
are
season
until
New Year's
closed^ Immediately after
Financial
10
Chronicle
theJNew Year holiday the foreign*iexchange market is
expected to
the middle of January until the
advent of autumn
sterling is firmness with respect to the dollar.
forthcoming
to the
been
is expected to
season
rule.
The range
between
compared
$4.90 13-16
and
cable
$4.91
bankers'
of
between
a
week
The
week.
last
with
15-16, compared
range
a
been
has
$4.90% and $4.91%
exception
prove no
and $4.91% for
with
$4.91 5-16
transfers
The
for sterling this week has
$4.90%
sight bills,
for
Britain and elsewhere are not umpromising. The
trend of activity in Great Britain remains strongly
upward, while there are no indications of an early recession in any of the major branches of activity,
Moreover the rise in commodity prices and the steady
expansion of world industrial activity may lead to
against the pound, the normal condition of
pressure
9-16
"Time alone will show whether 1937 is to mark the
between
of
range
a
continued, if slow, expansion of international trade,
range
peak of the present cycle of prosperity."
The London "Financial News" index for 30 industrial shares, based on July 1, 1935 as 100, was 123.1
on Dec. 23, compared with 105.6 a year earlier and
with the low record of 41.6 in June, 1932.
Owing to the approach of the holidays the note
circulation of the Bank of England showed an expansion of £6,420,000 in the statement of Dec. 23. This
brought the bank's total circulation to a new record
high of £474,115,000. This compares with the preholiday circulation during 1931 of £370,030,000. Apart
from temporary factors, such as Christmas, New
Year's, Easter, and the August bank holidays, the
$4.90
between
ago.
Despite the heavy flow of foreign funds to the
New York market,
has been
chiefly by
proceeding at
the past two years,
of
an
way
of London, which
accelerated rate during
there is fully
great a volume
as
It is
foreign funds seeking domicile in London.
believed that since the
tripartite agreement of Sept. 25
only the active cooperation of the stabilization funds
has
prevented sterling from ruling
current
higher than
even
in terms of the dollar.
averages
Within
a
few weeks the market should normally see demand
for sterling on commercial account.
In the past
several
years,
of international business had
great increase in circulation is due to the high level
since 1931, the volume
of British industrial employment and
far declined that the
so
commercial
requirements for exchange had had very
little effect
on
doubt that
no
has
the market.
months.
Unless
can
It is
wages.
doubtful if the hoarding of British bank notes
by foreign interests would account for more than
£20,000,000 of the increase in the bank's circulation,
There will, of course, be a seasonal reduction in the
very
be
international trade
year
especially during the past
expanded notably,
six
However, there
during the past
Jan. 2, 1937
ReviewingT^he trade outlookf the "Economist" of
London sets forth that in the absence of unfavorable
political developments the prospects for 1937 in Great
greater activity and from around
assume
J
.
adverse conditions
note circulation of the bank following the turn of
develop, the volume of international trade should
the year, but it is expected that the note circulation
from week to week will continue at higher levels
than last year or than at any time in the bank's
history.
Money in Lombard Street has been easing off in
the last few days and rates are expected to drop to
the levels current in November. Owing to year-end
extremely
continue to increase in the
advent
the
of
on
war
and
Barring
large scale, international
a
bankers generally expect
coming months.
such
expansion in value
an
Such
quantity of import and export business.
development would, of
course,
of the foreign exchange
market.
a
increase the activity
-
stringency call
international commercial transactions
Meanwhile
must doubtless be aided
foreign exchange rates resulting from the tripartite
rate for
agreement of Sept. 25 and the gold exchange
currency
agreements of Oct. 13.
While only the major
guilder, and the Swiss franc—are officially
parties to the agreement, the influence of these
rencies
is
great in
so
minor currencies
of
are
international trade
cur-
that all
enabled to share in the steadiness
exchange rates.
It is not
further
thought possible that there
American
be
can
any
of foreign holdings in the
market, for there
be
can
doubt that
no
by far the major part of all available surplus foreign
„*7
.
.
London.
London
,
,
funds have
,
•,
.
The volume of foreign
can
°
...
already been invested either here
or m
funds domiciled in
not be estimated with accuracy,
more
than
£482,000, and
on
on
this side.
y
find
.,
it
^
volume of money m
There
u
u
4-u
can
*mp°rts,
of7e
-
gold which has
come
T
i
a
from London
has been attracted to this side
large part of the
-xi,
in
x
the past
year
by the profit to be
derived simply from sellihg this gold to the American
authorities at $35.00
jan ounce.
A large part of the
gold which continues to be shipped to New
York and has reached approximately $150,000,000
in the past year, represents metal bought in the
open
London
market and stored in
Lqndon at
some
cost.
was as
follows:
Exports
^
None
^
$15,969,000 totai
Net Change in Gold Earmarked for Foreign Account
Decrease: $214,000
A^traiia!0ximately 5385,000 of gold wafl
mi
Tlle
x
London
be httle doubt that
reported by the Federal
$14,275,000 from England
1,694,000 from Switzerland
British industrial and financial markets
x
as
gold movement at new york, dec. 24-dec. 30, inclusive
sought security and investment
,.
are-
Thursday, £272.000.
the week ended Dec. 30,
but it is
practically impossible to absorb the great
Bills of all maturities
a year.
Reserve Bank of New York,
generally believed that such funds exceed the volume
of funds which have
on
At the Port of New York the gold movement for
y
large extension
against bills reached 1%
23-32%.
Gold in the London open market continues to be
taken for unknown destinations. On Saturday last
London was closed. On Monday there was on offer
£272,000, on Tuesday £610,000, on Wednesday
cur-
rencies—sterling, the dollar, the French franc, the
Holland
money
Thursday of last week, but the rate immediately
dropped back to %%, which has been the prevailing
largely by the steadiness in
u
r
a
above figures
Wednesd
are
.1
for the
1
week
,
t
ended
on
0n
Thursday $3,106,500 of gold was
received, of which $1,791,700 cam^ from Ihdia and
0'
t
$1,314,800 from England. There were no exports of
the metal> or change in gold held earmarked for
foreign account. On Friday (New Year's Day) no
report was issued.
Canadian exchange during the week ranged between par and a premium of 3-32%.
Ther^ollowing tables show the mean London check
rate on Paris, the London open market gold price,
and the price paid for gold by the United States:
<n,1
„1yl
x
^
•
*
Volume
144
Financial
MEAN LONDON CHECK BATE ON PARIS
Saturday, Dec. 26
Monday, Dec. 28
Tuesday, Dec. 29
fund, is
I
Wednesday, Dec. 30
Thursday,
Dec. 31
I Friday,
Jan.
1
„
105.16
105.14
105.16
Holiday
141s. 4d.
PRICE PAID FOR GOLD
141s. 7d.
Holiday
BY THE UNITED STATES
$35.00
35.00
Wednesday, Dec. 30
Thursday,
Dec. 31__
35.00
Friday,
Jan.
market
closed.
was
$35.00
35.00
1
Holiday
Bankers'
sight was
$4.9134; cable transfers, $4.9134- On Monday ster¬
ling was firm, up from previous close, in limited
trading. Bankers' sight was $4.9134 @ $4.91 11-16;
cable
the
transfers,
pound
was
$4.91 5-16@$4.9l54-
firm in
$4.91 @$4.917/i
for
dull market.
a
ling
dull and steady.
was
@$4.91 3-16; cable
On
for bankers'
transfers.
On Tuesday
Wednesday ster¬
Bankers' sight
was
was
$4.9034
extremely
an
$4.90%@$4.91 3-16
Friday, New Year's Day, markets
Closing
quotations
Thursday
on
were
were
$4.90 15-16 for demand and $4.91 for cable transfers.
Commercial sight bills finished at $4.90, 60-day bills
at
$4.90, 90-day bills at $4.8954, documents for
pay¬
be
not
can
required by the
as
The
now
which
position of
ascertained, but market ob¬
believe that in the past few weeks the fund
servers
has had to
sell, in order to maintain the parity of the
franc, fully
from the
much gold
as
nore
could have been acquired
as
hoarders.
nervous
observers say that persons
Competent Paris
who fail either to deliver
declare gold by the dates fixed in the monetary
or
law
(which dates have
postponed)
several
on
offered.
marks
show
new
bonds
now
improvement.
no
week of the past
the
year
only
being
During
German devisen
position has progressively deteriorated.
estimated that the
Reich will need
It has been
$100,000,000 to
for foreign bread and fodder cereals if it plans
to maintain
of
been
*
German
every
occasions
avoid the risk of confiscation
can
by converting the gold into the
pay
steady in
com¬
The foreign exchange market is
administers the stabilization fund.
$4.90 9-16@$4.9l34-
The range was
gold has been declared
strictly controlled by the Bank of France,
The range was
sight and $4.90 15-16@$4.91J4 for cable
On
closed.
On
transfers,
Thursday sterling
listless market.
that the
bankers' sight and $4.91 1-16@
$4.91 15-16 for cable transfers.
and
persons
condition that proof must be presented
the fund
Referring to day-to-day rates sterling exchange on
Saturday last was only nominally quoted. The
London
buying metal from
now
on
141s. 8d.
(FEDERAL RESERVE BANK)
Saturday, Dec. 26
Monday, Dec. 28
Tuesday, Dec. 29
panies
monetary law.
Wednesday, Dec. 30
Thursday,
Dec. 31
Friday,
Jan.
1
141s. 63^d.
11
105.16
LONDON OPEN MARKET GOLD PRICE
Saturday, Dec. 26
Monday, Dec. 28
Tuesday, Dec. 29
Chronicle
1937.
adequate
an
Should
the
carry-over
so-called
after the harvest
national
foreign securities be liquidated,
of
reserve
probable,
as seems
a
substantial amount of exchange would be obtained.
The
consists
reserve
securities which
in
the
not
are
first
quoted
place of foreign
on
the German
changes, and which under the November decree
ex¬
were
ment
deposited in State controlled banks while theoretically
at
remaining in private hands.
(60 days) at $4.8954 > and seven-day grain bills
$4.9034Cotton and grain for payment closed
at 4.90.
of
many,
Continental and Other Foreign Exchange
In the second category
foreign securities, those which
such
no
present law
restriction
private holders
securities
Fluctuations in the franc rate
sales in
are
held within
narrow
limits, but this is due entirely to the cooperation of
the exchange equalization fund.
Bear operations
against the franc
not
are
strongly in evidence, but
their cautiousness is due in part to fear of
govern¬
ment control of operations.
Further
feared,
with
Thus far
more
devaluation
no
resultant
important
of
the
franc
impairment
is
of
generally
confidence.
is apparent to the
response
liberal policy toward the freedom of
exchange
and the movement of capital into and out of France
which was announced by the Government a few weeks
ago.
While
the
Finance
Chamber of Deputies that
actions
were
Minister
in
the
foreign exchange trans¬
absolutely free, he took
clear that if such
stated
care
to make it
liberal policy should prove in¬
a
effective to stimulate repatriation of
funds, he would
adopt other
measures.
The swings in Government
policy from compulsory to cajolery, from liberal offers
to threats, only serves to
intensify the fears of both
capitalists and small
success
is intended to draw
is
savers,
of the newly
out of hiding,
currency
the
the
are
40,000,000 francs for the
estimate
Without
the
question,
as
ordinary and
estimated to total
next year,
including
deficiency for State railways.
a
result of the
new
have
securities
of
go
been
a
considerable amount of gold in bars and coin.
The
Bank of France, acting on behalf of the stabilization
to the Reich.
and
other
quietly exerting
of
both
For
German
pressure
on
categories to induce
them to sell.*
This week
had
registered marks in New York could be
18.80 cents.
at
corded in
The low
October, 1934,
53% from parity.
is
was
17.50 cents
discount of
a
The so-called free
more
re¬
than
gold mark
or
practically unchanged from day to day around
40.24.
Banks view the present
tered marks
as
a
decline in the regis¬
natural result of the end of pre-
Christmas demand for remittance purposes, the dull
market for travel marks at this season,
and the fewer
permits issued by German authorities for purchase of
German
goods with the
use
of
part of the purchase price.
the
United
easier for
The
registered
marks
as
Both Great Britain and
States have taken
measures
to make it
Germany to sell certain classes of goods in
these countries
on a
following
barter basis.
table
shows
the
relation
of
the
leading European currencies to the United States
dollar:
;
New Dollar
Italy (lira)
Switzerland
16.95
5.26
(franc)
Holland (guilder)
a
6.63
13.90
Belgium (belga)
Parity
3.92
France (franc)
8.91
Range
This Week
a
4.66£i to
16.84
to
4.68
16.88H
19.30
32.67
5.26H to 5.26^
22.97M to 22.99^
40.20
■:
68.06
54.74
to 54.79
New dollar
parity as before devaluation of the European currencies
between Sept. 25 and Oct. 5, 1936.
The London check rate
monetary
laws, the Government has succeeded in obtaining
'
Parity
extraordinary budgets, which
almost
securities, but if such
Reichsbank
authorities
extremely doubtful.
is kept alive by the deficiencies in the
in
weeks
Old Dollar
Fear that the franc may suffer further
depreciation
the
.j
holders
with the result that the
inaugurated bond issue, which
gold and
Under
be compelled
sold voluntarily the proceeds from the
are
foreign currencies must
several
quoted in Ger¬
not
can
to sell either of these classes of
FRENCH francs continue to experience unfavor¬
able conditions in the
foreign exchange market.
are
imposed.
at
105.15
In New York
at
on
against 105.15
sight bills
on
4.6634? against 4.6654
Paris closed
on
on
Thursday
Thursday of last week.
the French center finished
on
Thursday of
|ast week;
Financial
12
cable
transfers
at
4.67,
against 4.67%.
Chronicle
Jan. 2, 1937
Argentine
Antwerp
closed
paper pesos
Thursday, official
on
belgas closed at 16.85 for bankers' sight bills and at
quotations, at 32.75 for bankers' sight bills, against
16.85 for cable
32.75
Final
transfers, against 16.88 and 16.88.
quotations for Berlin marks
bankers'
sight bills and 40.24 for cable transfers, in
Italian lire closed
comparison with 40.24 and 40.24.
at
40.24 for
were
5.26% for bankers' sight bills and at 5.26% for
cable
Austrian
transfers, against 5.26% and 5.26%.
Thursday of last week; cable transfers at
on
The unofficial
32.75, against 32.75.
close
zilian
milreis, official rates, are 8.75, against 8.75.
The unofficial
against
6.05,
Czechoslovakia at 3.50%, against 3.50%; on
nominal at
0.74, against 0.74;
18.93; and
on
on
25% against 25%.
Greek
Finland at 2.17, against 2.17.
»
•
•
J-;■..■ As A-iA;A'A YAAA
EXCHANGE on the Far Eastern countries follows
trends long in evidence. Japanese financial and
industrial interests
EXCHANGE on the countries neutralimportance.
during the
presents
features of
war
are
ruling steady and
are
Holland guilder have taken on
recent weeks
firmness in
as
generally
The Swiss franc
firm, in sympathy with sterling.
and the
tion
new
no
These currencies
additional
there has been heavy
stimulated by
foreign trade, which is greatly
the improved business of the Dutch
The Dutch guilder is strongly
East Indies.
to rise above
inclined
the lower limits set for the guilder when
Holland
acquiesced to the tripartite currency
ments.
The statement of the Bank of The Nether¬
agree¬
lands for Dec. 28 showed an increase in gold holdings
of .50,000,000
guilders, bringing the total to 719,-
The increase of 50,000,000 guilders
600,000 guilders.
a new transfer from the
fund, which has excess gold
supplies because of the strength of the guilder.
Bankers' sight on Amsterdam finished on Thursday
at 54.75, against 54.76 on Thursday of last week;
in
gold
Dutch
cable
was
probably due to
equalization
transfers
against 54.76; and
54.76,
at
at 54.65, against 54.65.
mercial sight bills
francs closed at 22.98 for checks
against
transfers,
22.99
showing
Copenhagen
checks finished at 21.91 and cable transfers at 21.92,
Checks
against 21.92 and 21.93.
at 25.31
Sweden closed
on
and cable transfers at 25.32, against 25.32
and 25.33;
next fiscal year.
extensive
while checks on Norway finished at 24.67
are
The Argentine situation
currencies show firmness.
The stock of gold and foreign
exchange held by the Central Bank of Argentina on
especially strong.
Dec. 15 showed an increase
as
of about 90,000,000
the effectiveness of the
plans the Finance Minister is seeking
of
control
and
investments
He said recently:
"I
pesos
compared with Nov. 30. The increase is believed
have resulted largely from the growing Argentine
Argentina is also enjoying a con¬
trade.
export
siderable influx of foreign
funds seeking investment,
to do with
tions,
insurance, stock exchanges, trust associa¬
Minister.
of the Finance
the
under the jurisdiction
&c.,
I intend to present to the Diet in
coming session
an
independent
bill investing the
Finance Minister with powers to prepare
bonds.
to
In form it
will be
the matter
preceded the
We must study
foreign exchange.
further, but I
the law will
contributed largely to
Buenos Aires
security market.
is
a
dustrial
bonds.
boom in the
Particular attention
Argentine in¬
being paid by foreign interests to
The rapid increase in holdings of
foreign exchange made it possible recently for the
central bank to halve the spread between its official
that the
can say
Until
a
few weeks
ago
The invoking of bonds would
extensive."
the Central Bank
bought exchange from exporters at the rate of 15
at
17.
to the pound
and sold exchange to importers
Its selling rate
is
now
15:
A
amount
as
the Government deemed necessary.
Closing quotations for
were
28.26, against 28.59
checks
yen
on
on
Thursday
Thursday of last week.
Hongkong closed at 30.70@30.75, against 30 11-16©
30.69; Shanghai at 29 13-16@30., against 29 9-16©
29%; Manila at 50%, against 50.50; Singapore at
57%, against 57%; Bombay at 37.15, against 37.16;
and Calcutta at 37.15, against 37.16.
Gold Bullion in
European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
of
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
to
us
are
by special cable
shown for the
four years:
on
December 31; comparisons
corresponding dates in the previous
,
1936
Banks of—
England...
France
Germany b_
Italy
Netherlands
Nat. Belg_.
Switzerland
Sweden
Denmark
..
Norway
1935
1934
1933
£
£
£
200,609,014
192,781,114
530,368,470
3,066,650
90,202,000
42,575,000
52,710,000
98,924,000
656,992,872
3,955,550
30,697,000
63,163,000
70,170,000
71,538,000
46,743,000
69,393,000
22,080,000
6,555,000
6,602,000
314,212,259
482,869,937
1,906,850
c87,323,000
a42,575,000
55,800,000
106,582,000
83,102,000
25,453,000
6,552,000
6,603,000
15,822,000
7,396,000
6,582,000
191,643,676
616,784,017
16,860,500
90,451,000
76,595,000
76,711,000
77,947,000
67,518,000
14,426,000
7,397,000
6,573,000
1932
£
120,566,933
664,132,046
38.289,400
90,336,000
63,008,000
86,053,000
74,180,000
88,962,000
11,443,000
7,399,000
8,015,000
1,212,476,972 1,100,435,134 1,248,490,536 1,242,906,193 1,252,384,379
week. 1,202,908,713 1,100,474,062 1,248,570,813 1,241,854,741 1,252,903,723
Total week.
Prev.
Amount held Oct.
29, 1935; latest figures available,
Bank of Germany are exclusive of
reported as £1,413,600.
c
b Gold holdings of the
gold held abroad, the amount of which la
now
Amount held Aug. l, 1936; latest figures available.
Note—The par of exchange of the French franc cannot be exactly determined, as
yet, since the legislation enacted
the
pesos
powers
give the Finance Minister will be quite
virtually to compulsory subscription to such issues
a
buying and selling rate of exchange, in order to give
customers rates more nearly in line with actual market
conditions.
for invoking
something like the law
prevent a flight of capital, which
law for control of
Spain
and this has
credit
the
contemplating the
am
£
to
in the
of deficit bonds
assure
not quoted in New York.
EXCHANGE steady and for the most part these
on the South; American countries
continues
is
To
placing of such financial institutions as those having
and cable transfers at 24.68, against 24.68 and 24.69.
Spanish pesetas
The Finance Minister proposes
issue 1,000,000,000 yen
market.
Japanese banks are
disinclination to extend their holdings of
a
Government issues.
to
further devalua¬
to fear that
com¬
Swiss
anc^at 22.98 for cable
and 22.99.
seem
of the yen is imminent.
Government's
repatriation of funds to both Switzerland and Hol¬
land.
Holland is experiencing a marked increase
in both domestic and
is
Peru is
5.19, against 5.19.
Poland at 18.95, against
exchange closed at 0.90%, against 0.90.
:;.•,/>
exchange
Chilean
5.95@6.05.
nominally quoted at
Buch¬
market in milreis is 5.95©
free
or
schillings closed at 18.70 against 18.71; exchange on
arest at
free market
Bra¬
or
30.50@30.60, against 30.45@30.60.
was
franc's
gold
content
Sept. 26, 1936
empowers the Government to fix
somewhere between 43
and 49 milligrams.
However,
calculated on the basis on which the Bank of France has revalued its gold holdings,
the parity between
francs and pounds sterling is approximately 165 francs to the
aound (the old parity was about 125 francs to the pound).
It is on this new basis
that we have here converted the French Bank's gold holdings from francs to pounds
Volume
Financial
144
in
was
Let the Constitution Alone!
Recent reports from
that interest in
Washington
are to
about
mandate from his constituents to work for any
any
kind of constitutional change.
resentment
that
West and South when the
self unable to
trusters
Supreme Court found it¬
eye
to eye with some of the brain
to
see
have receded, and references
appears
to horse and
The wave of popular
pictured as rolling over the
was
buggy days are so rarely heard as to
suggest that they are no longer regarded as exactly
good form. If the frontal attack which was to curb
the
"autocracy" of the Supreme Court and make
to
little time ago were calling
a
the
on
for
subject and, indeed, on a number of others,
Dec. 21
on
Secretary Perkins, after a conference
with leaders of
labor proposals
generally, reported that there was no
"general agreement
conference
as
sixty international unions on
some
or consensus
to the method
of opinion in this
by which
we can move
the
subject again,
is known
titude
is
ment issue
of
course,
that the amend¬
Within Congress and with¬
is yet dead.
out, there are stili individuals and groups that want
to
another amendment
see
or
two added to those we
urged notwithstanding that the pro¬
Con¬
by dropping the processing taxes and making
few other
changes aimed to avoid judicial disap¬
to be working pretty well,"
"seems
proval,
is
there
and
constitutional change on
for
demand
no
Members of Congress, this correspondent
score.
reports, find that "most of their constituents are
tired of
controversy," and having re-elected a Presi¬
dent and chosen
sults with
A third
new
a
Congress, they "expect re¬
minimum of annoyance to
a
reason
themselves."
is "that it is doubtful whether any
amendments to the Constitution could be
passed
ex¬
peditiously, and that any effort to trifle with the
independence would create an unfavorable
people who have no sympathy
even among
of the Court's recent decisions." Finally,
with economic recovery
amendment is not
of the
sonnel
as
deaths
or
of
state
under
constitutional
way a
needed, and in any event the per¬
Supreme Court can be reconstructed
resignations create vacancies.
four
If these
already have. The proposed child labor Amendment
continues to be
number
a
The new agricultural program,
gressional leaders.
that
indicated
which appear to weigh with
reasons
for many
always a variation of opinion."
was
has lately
Tribune"
of other
Court's
All this does not mean,
knows, and until his at¬
member of Congress, at least,
Washington correspondent of the New York
A
"Herald
reaction,
again
no one
no
likely to command much of a following by em¬
tional amendment has been discussed,
there
Whether, after
phasizing the issue.
forward," and that while "the need of a constitu¬
...
constitutional
tour
kept out of sight.
was
great personal endorsement which he received in
the
a
which only
amendment.
November, he is disposed to test public opinion on
tion, the preparations are carefully concealed. Even
groups
Southwestern
Roosevelt's
Mr.
amendment
which
loudly for change, seems now a bit up in the air
constitutional
a
tile, and in the speeches which shortly followed on
Congress the final judge of the law is in prepara¬
organized labor, easily the most aggressive of the
champion
public reaction, however, was unmistakably hos-
The
None of the early arrivals
Representatives seems to have
or
Wash¬
concluded that the President was
ington hastily
the effect
.
Senators
among
respects out of date, a good many peo¬
some
ple who take their political opinions from
amending the Constitution is at an
unexpectedly low ebb.
13
Chronicle
points
are a
fair
of the
summary
public opinion, one may safely .conclude
respect for the Constitution has not been appre¬
posal, submitted in 1924, has not been ratified by
that
the
ciably weakened by the attacks to which the in¬
required three-fourths of the States, and a com¬
mittee of the American Bar Association has
that any
in its
reported
ratifications given after Jan. 2,1933, would
opinion be unlawful because of the lapse of
time.
The
of
directors
the
National
Consumers
League committed that body on Dec. 16 to advocacy
of
"to
amendment
an
permit without question ef¬
fective Federal and State labor and
tion."
Major George L. Berry, the President's Coordi¬
Industrial
for
nator
into
special legisla¬
Cooperation, is busy putting
shape bills which, it is understood, are to make
"fair
competition"
a
Federal affair, and while he is
strument has been
Constitution
tions of
is
The conception of the
subjected.
fundamental law by which all ac¬
a
as
Congress
the Executive are to be tested
or
peculiarly American, and while the fundamental
law has
never
been
regarded
as
unchangeable and
number of amendments have been
there is
a
grafted
upon
a
it,
strong conviction that the essential prin¬
ciples of the Constitution are sound and should not
be
hastily tampered with.
merely because
an
of Congress,
members
To demand amendments
Administration, or
or
some
number of
a
organized
or
unor¬
hopeful that the bills will fit into the present frame¬
ganized group in the country want to do something
work
that the Constitution
of
the
Constitution, consideration of amend¬
ment is foreshadowed if without it the task proves
impossible
the
from special safeguards for labor and
power
to call in question the constitutionality of
has
There
are
however, the controversy is in¬
several
quieted down.
reasons,
apparently, why it
To begin with, nobody seems to
know where President Roosevelt stands in the mat¬
ter.
When, following the collapse of the codes be¬
fore the decision of the
ter
case,
marks
Supreme Court in the Schech-
Mr. Roosevelt allowed himself
indicative of
The American
a
way,
and there is no reason to believe that they
have
changed their minds because of anything that
the New Deal has done or tried to do.
The
respect which
also
attaches
Act of Congress.
For the moment,
active.
changing
people have never regarded the Constitution in that
security to denial to the Federal courts of
-
of
party politics or personal ambition.
social
any
creature
John L. Lewis is satisfied with
nor
Constitution, and they would like to see changes
which range
the
to occasion much doubt. Neither
or seems
William Green
obviously forbids would be to
Constitution
the
make
some
re¬
belief that the Constitution
interpreter.
■.
to
the
attaches to the Constitution
Supreme Court
There has always been
the Court for
its
rulings
on
the final
as
criticism
this subject
but the Court itself has never claimed to be
or
infallible,
and from time to time its attitude has been
fied
as
national
conditions have changed.
damental rule of the
of
that,
Court, in interpreting
modi¬
A fun¬
or
apply¬
ing legislation, is that legislation is to be upheld
wherever
possible, and it is incumbent
upon
those
Financial
14
who affect to
to show
ress
in the Court
see
wherein, in
an
Court of its right to
tions of
obstacle to prog¬
To
pass
finally
constitutionality would be to alter funda¬
whim of the moment, irrespective of what
or
the country
itself might desire and with no standard
by which their acts would be judged.
There is proper
fear, too, of the prolonged agita¬
tion which the submission of
ment is bound to cause,
constitutional amend¬
a
the personal, factional and
party controversies which
are
certain to be
dered, and the pernicious activity of
which
not
would
inevitably
pressure groups
The country has
appear.
yet forgotten the political influences which pro¬
duced the
prohibition Amendment, the
period which
the methods
it
engen¬
through
seven
years'
allowed for its ratification, and
was
by which the Anti-Saloon League forced
some
of the State legislatures. Unless
presumably embodying
amendment,
an
radical
some
Spain
Little has been heard during
upon ques¬
and the Executive free to act according to the
opinion
in
deprive the Su¬
mentally the constitutional system, and leave Con¬
gress
Jan. 2, 1937
American Neutrality and the War
of its recent decisions,
any
the rule has not been followed.
preme
Chronicle
of
the
function it
sued
war
to
was
the past few weeks
committee
international
see
that 25
whose
or more
ostensible
nations pur¬
a^olicy of strict non-intervention in the civil
in
Spain. The
reason,
of course, is not that offi¬
cial non-intervention has been
was
much
never
would
reason
intervene
to
abandoned, for there
expect that any Power
officially and directly on either
side, but that the pretence of forbidding, or in any
effectively discountenancing, unofficial, volun¬
way
tary and personal assistance to either of the warring
parties has been practically given up. Exactly what
the situation in this latter respect
the moment it would be
is in Spain at
impossible to
say,
and all
numerical estimates must be taken with much allow¬
but there is
ance,
doubt whatever that four, at
no
least, of the great Powers are substantially repre¬
change such as has been from time to time advo¬
sented
by their nationals in the loyalist and rebel
to be "jammed through" State legisla¬
forces.
"An unofficial but reliable German source"
cated,
tures
were
none
itself in
of which
elected with the amendment
was
mind, the proposition would remain before
the country
for probably three
since the great
years,
majority of the legislatures which will
convene
next January meet only biennially, and special ses¬
sions for the purpose
would
be
which,
as
of ratifying
and
unusual
amendment
an
expensive.
An
electorate
the "Herald Tribune" correspondent
re¬
was
cited
by the United Press
ing that German
about
added
large contributions of money, clothing, medi¬
other
and
stantial rate.
sources
posal in regard to which
divided,
sharply
whether from
partisan
opinion is
it
and
would
Washington
for
groups,
or
haste
a pro¬
sure
resent
to be
pressure,
from self-constituted
in
registering
its
approval.
Mr. Roosevelt is
ual
on
Tuesday, about "the grad¬
breaking down of standards governing child la¬
bor, minimum
which
wages
and maximum working hours
contained
were
the
in
defunct
NRA"
(we
With what is known of the war
not
offered
have
able if it had not had outside
The half-hearted efforts of the London committee
to
isolate
or
neutralize the conflict
Great Britain and France have
plomacy.
many
The first step was to try to induce Ger¬
State action would not suffice and that
ditions to the German forces in
a
constitutional amendment to deal with the situation
feasible, however, he declined to
was
the labor side that the demand for
seems
most
to
amendment
With all respect
for Mr. Roose¬
reported conclusion, it must nevertheless be
insisted that the
the
an
It is from
likely to be revived if the issue is again
to become active.
velt's
say.
ability of the States to deal with
subjects which he mentioned, if they are thought
be proper
subjects of legislative regulation, is
Day
a
made
many,
there
are
still
possibilities of voluntary
tion with business and
industry that
tried. The Tenth Amendment
ers
not
States,
may
If
needed,
coopera¬
well be
provides that the
re¬
France, it
was
also reported, had already
approached Italy with the hope of detaching it from
support of Germany.
As inducements to adopt
a
hands-off policy, it was understood, Great Britain
and France
were
sion of aid to
take
prepared to consider
some
situation, while Great Britain
some
exten¬
Germany in its serious economic and
was
ready
steps in the direction of recognizing
the Italian
conquest of Ethiopia.
gestion
heard that the insistent demand of Ger¬
many
was
for colonies might be met by
of the former German
The further sug¬
a
return of
territory in Africa
some
now
held
pow¬
by Great Britain and France under mandates, al¬
delegated by the Constitution to the1 United
though Great Britain, it was understood, would in¬
or
prohibited by it to the States,
to the States
eral
desirable.
further ad¬
Spain would be
Russia, Italy and Portugal. Both Great Brit¬
ain and
financial
encouragement is thought to be
reported that
any
similar expression was reported to have been
to
Federal
was
Germany that
jointly by France and Great Britain to Ger¬
clear, and that an amendment that would enable
their hands is neither necessary nor
Spain. On Dec. 24 it
garded with serious apprehension, and on Christmas
the Federal
government to take such matters out of
having failed,
again turned to di¬
and Italy to stop the mass movement of their
France had informed
given. Whether
kept the field
anything like the success that they have had.
nationals to
eral assistance would have to be
re¬
aid, and that General
"Times"), and to have expressed the opinion that
Fed¬
stubborn
the
Franco's rebel forces could not have
quote the summarized statement of the New York
some
re¬
Spain six months ago, it is evident that
could
Madrid
reported to have spoken earnestly,
conference
of
sistance to attack that has made its defense memor¬
with
at his press
supplies, and munitions and air¬
planes have entered Spain at an increasing and sub¬
apprehension
prolonged debate over
together from 40,000
To this foreign man power have been
50,000.
cines
as say¬
Spain numbered
10,000, Italian volunteers somewhat less, and
ports, is "tired of controversy" may well look with
upon a
in
Russian and French volunteers
to
Wednesday
on
volunteers
or
to the
a
radically different from the
reserved
people. Until there is
popular demand for
division ought to be
are
a gen¬
constitutional system
one we
have, that sound
scrupulously maintained.
sist that any
of the
The
such return should have the approval
League of Nations.
Anglo-French representation has placed Chan¬
cellor Hitler in
made
at
a
a
quandary. The communication
moment
was
when, according to reports,
a
144A
Volume
Financial
representative of General Franco was making an
urgent appeal for the dispatch of a large additional
German
force to
Spain in order to save the rebel
from
movement
If the appeal were ac-
collapse.
cepted, it would be difficult to maintain that Gernot openly at war with the Madrid Gov-
many was
ernment, and the responsibility for any spread of
the
would
war
The
certainly be laid at Germany's door,
hope of regaining its lost colonies by peaceful
would also have to be
means
crisis without
given
help from London or Paris. To yield
to British and French pressure, on
would
well,
as
check to German foreign policy,
as a
checking the advance of bolshevism
and the dream of
in
Europe by first making an end of it in Spain
would be
dissipated.
It
the familiar case of an
was
alternative either side of which
as
the other hand,
interpreted abroad, and probably in the
be
Reich
and Germany
up,
with its financial and economic
would have to cope
difficult
as
appeared politically
°
the other.
posed private shipment of airplanes, said to be destined for the Madrid Government, is entirely legal.
The Department of State, accordingly, has "reluctantly" found itself obliged to license the shipment,
but it has hastened to express regret to the other
Powers, and urged them to rest assured that the
American policy of non-intervention in the Spanish
war has not been abandoned. Meantime the advocates of a virtually complete commercial isolation
in the event of a foreign war are busily considering
how best to plug the dangerous leak in the existing
statute, the shippers of the airplanes are held up
as unpatriotic, and the Department of State announces that since the planes are of old patterns
and will probably need reconditioning to fit them
for service, it is hoped that shipment may be delayed,
presumably until an amended statute which is to
be rushed through Congress will prevent it
altogether.
The alleged
■
15
Chronicle
"discovery" is pure fiction.
It has
embarrassing,
been perfectly well known that the Neutrality Act
Spain is not a large factor in Italy's developing
does not apply to a civil war, but only to a war between two or more foreign States. The only purpose,
as far as can be discerned, in emphasizing this par-
For
Italy
Mediterranean
is less
situation
the
policy, and while diplomatic recog-
nition has been extended to the Franco
is
obligation
no
There is
forces.
or
no
Communist Government at
in
maintaining itself
will
be
to
menace
a
regime, there
Italy to support the Franco
reason to expect that a Socialist
upon
and
Madrid, if it succeeds
crushing the rebellion,
in
fascism
Premier Mussolini has
Italy, and while
spoken out strongly against
bolshevism, he has not shown quite the same crusad-
ing temper that Chancellor Hitler has.
Weeks of
negotiation, moreover, are believed to have paved
the
for an early accord with Great Britain
way
and the Ethiopian
regarding the Mediterranean,
Full diplo-
conquest is gradually being recognized.
recognition, including acceptance of the new
matic
title of Victor Emmanuel
corded
as
Emperor, has been
ac-
by Germany, Austria, Hungary and Albania,
other
countries, including Great Britain
but
seven
and
France, have extended de facto recognition, and
the
French and
British legations at Addis
A rebel
have become consulates.
Ababa
in Spain,
success
ticular limitation of the statute now is to lend support to those who, on the one hand, insist that
American neutrality shall mean nothing less than
the completest possible commercial non-intercourse
with belligerents (Latin American States always excepted), and, on the other hand, wish to deprive the
President of all important discretion in dealing
with neutrality problems. Senator Vandenberg of
Michigan, who as a member of the Foreign Affairs
Committee of the Senate is in a position to exert
considerable influence upon neutrality legislation,
issued a long statement last Sunday calling for a
policy of "war quarantine" as opposed to a policy
which he described as "war partnership." With the
exception of the limitations which such a policy imposes upon Executive discretion, there is every reason to believe that what Senator Vandenberg calls
for is what President Roosevelt himself wants,
In view of the friendly diplomatic relations which
supposed to exist between the United States and
accordingly, is not really needed to give Italy a clear
are
feeling of prestige.
the Madrid Government, it is a question whether the
Department of State has not violated diplomatic
If
immediate
the
outlook
to
appears
be
more
peaceful than warlike, it is because of the hope that
Hitler, after deliberation and consultation, will yield
in
measure
some
to
the
Anglo-French representa-
tion, rather than because of
.that he will
tainty,
actually do
moreover,
that
so.
even
any
clear intimation
There
can
be
no
cer-
if formal aid to the
Spanish rebels is ended, unofficial aid will not continue to be winked at.
ing to enter
Powers
the
a
Russia, it is reported, is will-
definite agreement provided the other
join, but it wants to know the terms and
machinery by which the agreement is to be en-
forced.
The
course
of France is only
second in im-
portance
to that of Germany, Russia
There
be
men
can
no
doubt that large
enlisted in the
are
Spanish
and Italy,
numbers of Frenchwar,
and it is very
doubtful if the Blum Government is strong
enough
to check the stream even if it desired to do so.
Into this confused and
United
States has
extraordinary
dangerous controversy the
suddenly been injected by the
course
of the Administration regard-
propriety by publicly arraigning a private shipment
of arms intended, presumably, to enable that Government to cope with a formidable rebellion. If the
commercial operations of private firms, admittedly
perfectly legal, are to be denounced by the Administration for no better reason than that they do not
accord with some policy which the Administration
hopes may be established later, we have exchanged
government by law for government by Executive
opinion. One would like to know, further, whether
the Department's announcement, with its humiliating apology for an ordinary and entirely legal
transaction, was not timed to bolster the AngloFrench pressure upon Germany, Italy and Russia
to which we have just referred. If it was, then the
United States is covertly taking a hand in a complicated and inflammable European situation at the
same time that the Administration, having already
thrown away substantial neutral rights in international law, is moving strongly for a policy of more
ing neutrality. The surprising "discovery" has been
complete national abstention. The lamentable epi-
Washington that the Neutrality Act does
side calls for more explanation than is readily dis-
made at
not
apply in the case of a civil war, and that a pro-
coverable on the surface.
16
Financial
tl
n c
The
•!*
Chronicle
muc^ larger residual excess balance than it
a
»iurs.u
•
Sterilization
Myth
^as any
By H. Parker Willis
process
Secretary of the Treasury Morgenthau has made
known the fact that "sterilization" of
will henceforth be
that
he
will
attempted by the Department, and
henceforward
entitled "inactive
us
factor
desired
national
our
finance
a
out in
that the
practice.
are
to
as
This is the
what
is
to
be
urgent in the
more
analysis of the
of
two
undertaking
new
underlie it.
It is
past, committed themselves to something of the
sort, but they have apparently done
Morgenthau
so
has
Secretary
vouchsafed
not
so
observers, friendly to his proposal, will have
So far
as
:
some
a sus-
;
the
aggregate
Again,
Whenever metal
ported into the United States
or
what is
bullion is im-
equal amount of
an
instead of
it
ance
would otherwise have become possessors of increased
Reserve bank balances in amounts equal to the
they had imported and turned
government, they will now, at the
gold
to
over
they make this addition to their "reserves," reduce
their existing balances by an amount equal to the
Treasury bills which they have purchased.
In other
words, the addition which would ordinarily have
been
made
the
to
through the importation of
canceled, since
be made from
of the
new
of
the
country,
gold, will
new
it, at the
are
same
assume
acquired
that
can
be
time that the proceeds
added to it.
This is what the
Treasury calls "sterilizing" the gold, and it
to
now
deduction of equal amount will
a
gold
base
reserve
as
a
result
the
actual
appears
metal
so
be stored away in Kentucky and be
without any more
effect than it would have had
us
first
note
this notion.
upon
some
unavoidable
limitations
It is evident that in order
to
bring about the condition which Secretary Morgenthau
contemplates, the sale
of the "bills,"
when
made, must be made to the banks which brought in
the
gold.
For example,
suppose
that $1,000,000 of
gold is brought into the country by
happens to have just $1,000,000 of
The
gold, under the old routine,
a
bank which
excess
the
0f the
Still
is
probably,
more
permitted to
110t such
balance that would have
Is not the sterilization effort
the past
penalty of 1 %% in use?
a
that the importing bank
suppose
for its bills by merely writing
"deposit account" in favor of the
a
bank
six
as
it has been doing during
whenever it has taken Treasury
years
paid for them by the familiar method
giving credit for them?
shadow of
that in such
cases
the whole
even
must conclude
we
undertaking is
a mere
basis of prevailing theory,
much, it would
seem,
sterilization must agree.
of this
Here there is not
"sterilization," and
upon any
so
Has
merely added to the outstanding
supply of "deposits," just
To
them at the present
of the Reserve bank of its district.
a
As
those who believe in
was
noted at the outset
discussion, however, there remains the
tion whether any
such undertaking
can
ques-
succeed in
form—whether, in short, the whole sterilization
any
is
idea
not
baseless
a
is that the total
banks is
the
the money
there is
of
credit
erroneous
which it is founded
supply of credit
the books of
on
market and which makes "money"
If this
more
assumption be true, then
ground for the opinion that by shortening
the total
any
upon
determining factor which influences
less abundant.
ever
piece
The assumption
theory.
quantity of bank credit in
a
district when-
importations of gold take place, the general
reserves.
credit situation
will be left undisturbed.
This is
"quantitative" doctrine
applied
to
pays
as
credit, and has all of the difficulties that inhered
the
in
original notion.
So far
as
preventing, by
this expedient, the banks from making more numerous
or
more
ordinarily
undesirable loans, no such policy has
any
effect.
The opposite attempt—that
of increasing loans by
and
enlarging
reserve
balances
lowering rates—has been tried by the Reserve
System for years
easing
Success
or
past,
in
any
and
such
increasing loans,
or
confessedly
without
endeavor, either in
,
in shortening them,
through the Reserve Sys-
can have a measurable effect only if the banking
community is already at the point where the pro¬
being the same. Now, under the
regime the bank in question having $2,000,000
posed action enlarges or contracts the supply of
credit beyond a strategic turning point, so that sub-
ment in some other
form
tein—the outcome
new
pay
its books
myth,
small
a very
produced by subjecting the credit resulting
or
or
on
reserve
incoming gold to
up 0n
a
only
Treasury in this instance entirely limited to
the effect
from
for it by giving to the importing
bank $1,000,000 in reserve
credit, or makes the pay-
which
had
discount, thereby creating exactly
existed in any case.
result.
ury,
violent
balances but by
own reserve
assumed
amount of
same
the Treas-
goes to
the
the old familiar
were
it still resting in some mine in South Africa.
Let
or
balances of the community,
0f its district and borrows
the
time that
same
make
we
in,
come
Obviously, it
balance, takes the offered bills, but
nominal rate of
0f
will be that, whereas the banks
given rise?
deducting their face amount from the bal-
bills and has
effect of this step
extent what-
any
already has, hastens to the Reserve bank
Treasury bills will be offered to the public, and
The presumed
it, to
that the original importing bank
had
we
presumably purchased by the banks.
which
reserve
suppose
Treasury
the official announcements
go,
planned is this:
full
a
details, and until he does
pension of judgment.
same
rather hastily
development of detail.
himself
account of such
that
true
banking authorities have, in the
our
and without the
or
can
gold which has
unless
governed not by their
reserve
conclusion
new
effect
no
excess
critical
or
have
as
definite
will the
way
assumption that the policy of individual banks is
wMch
the theories which
one
outstanding, or
the credit to w]lich it has
can
In what
for.
use
«sterilize" the
ever?
It is much to
present instance, in that there has thus far been
of
of credit
public at large should under-
expected from it.
little
immediate
have any necessary effect upon the amount
bearings of this undertaking, and should
stand the
reach
in
item
an
We thus have with
experiment in banking, whose effects
still to be worked
be
publish daily
gold fund."
immediate
an
another
incoming gold
Jan. 2, 1937
of excess
reserves, the Treasury Department sells
$1,000,000 of bills, but it sells them to another bank
which has
a
very
large volume of
excess
reserves,
The other
bank, we may assume, pays for them by
transferring to the Treasury Department $1,000,000
of its
excess
balance at the Reserve
bank, but has
sequent operations become "marginal" and thus tend
to effect all other
upon
them.
and is
is
a
operations which
That is not the
case at
are
conjecture seldom brought to
an excess
dependent
the present time,
pass.
There
amount of credit in the country at the
present moment, and it is fair to
assume
that the
Volume
Financial
144
banks of the
community will be influenced in their
credit conduct
the
with
case
voir who
Our
users
of water
less than would be
no
possessed of a full reser¬
suddenly found their supply increased or
diminished
traction
and
more
no
by
a
small fractional addition to, or sub¬
authorities
are
also.
They insist
an
keeping low money rates,
upon
enormous
hoard of gold which is
nominally "part of the banking reserve," but is in
fact
strictly controlled by the government, and in¬
sisting
the conversion of government deficits
upon
into demand
deposits.
At the same time, they affect
specie, the raising of discount rates, the shifting of
exchange quotations, and the other mechanisms of
both
plus and minus at the same time.
ization"
ficial
any
Unhappily, they cannot
banking.
be
The "steril¬
experiment will have no effect of a bene¬
sort; while in a country situated as is ours,
injurious influences it might otherwise have are
The repeated statement that
likely to be negligible.
"they have done the same in England" is not pre¬
cisely true, but even if true,
English conditions
own,
are
has
no
application.
totally different from our
and the character of the "management" which
has been invoked in financial affairs in that
is very
different from
ours.
country
dangerous credit
is to refrain from
expansion, the proper method
creating it—not to try to dictate to the country what
it
should
with
do
it
second
after it has brought
it into
table.
publications are issued by the Economic Intelligence
They are available in this country
through the World Peace Foundation, 8 West 40th Street,
The
Service of the League.
New York.
Elements—By
Its
and
Income
National
Robert
F.
York; National Industrial
Conference Board, Inc. $2.50
Martin—134 pages—New
inquiry, equipped with 31 statistical tables and
A detailed
of national income estimates and
composed. As Virgil Jordan,
National Industrial Conference Board,
84 charts, into the nature
the elements of which they are
the
of
President
points out in a Foreword, few persons who use the dollar
estimates of annual or monthly national income that are
popular or
professional economic statistics "have any understanding of
their nature, their basis and sources, and the methods used
in their construction.
Those who cite them usually assume
put out as part of the contemporary volume of
as
matter of course that these
a
impressive rows of figures
represent something in the nature of a comprehensive and
accurate accounting -of the national economic activity com¬
piled from complete records kept by an omniscient govern¬
ment.
They are rarely aware that figures representing the
national income are in large part estimates constructed
from
information and arrived at by compli¬
statistical manipula¬
fragmentary
cated and often arbitrary processes of
data available."
tion of the
About nine-tenths of the total of all estimates of national
income comprise salaries, wages,
dividends and
net
Mr.
rent.
individual profits, interest,
Martin's estimates deal
with
income taken, where possible, on a
accrual basis.
The years dealt with are
realized income, namely,
cash rather than
an
from 1929 to
1934, inclusive.
Salaries and wages form the
largest element in the national income.
To these are to be
added the gains
existence.
contains descriptions of the banking
report
effects of monetary
changes/on commercial banks being particularly emphasized.
Comparison is greatly facilitated by the incorporation of
the banking statistics of the various countries in a common
It would be well if we
could learn that in order to avoid
in
analyzed
are
systems in 48 different countries, the
narily been attempted through the exportation of
recognized
other League pub¬
their relation to monetary
changes, and explanations are attempted of the contrast, in
the light of the influence of monetary developments between
countries which have experienced a marked business re¬
covery
since 1935 and others in which stagnation still
the past have ordi¬
to seek for the results which in
The data, drawn largely from
lications,
The
engaged in the old
occupation of trying "to have their cake and eat it"
maintaining
the economic reaction of monetary
with special reference to
changes.
continues.
from, the total in the reservoir.
public
17
Chronicle
of
some
10,000,000 independent entrepreneurs,
classed by the census
one-fifth of the population
or
as
BOOK
REVIEWS
This
Advancing—A
volume,
covering the
years
1934-35, offers a
com¬
prehensive survey of the organization and work of the
various departments and the five boroughs of Greater New
York under the Fusion administration of Mayor F. H. La
The various chapters,
Cuardia.
replete with statistics and
well as with things
officials chiefly
responsible for the activities described. Students of munici¬
pal finance will value particularly the chapters on the work
of the Comptroller, the Bureau of the Budget and the City
Chamberlain, and on the operations of assessment and taxa¬
tion.
The tone is often laudatory, and the previous admin¬
istration comes
in for occasional
criticism.
Mayor La
dealing with things that
are
desired
gainfully employed, and the income of those who receive
interest, dividends or net rent.
Scientific
Approach
to
Municipal Government—An Accounting to the
Citizens by the Departments and Boroughs of the
City of New York—Edited by Rebecca B. Rankin,
368 pages—Illustrated—New York: Municipal Ref¬
erence Library
York
New
about
laneous
items
included
are
net residential
Under the head of miscel¬
interest
on
and
homes
owned
rent, these being distinguished from produc¬
tion income totals "because
they are types of income derived
consumption" and "are not clearly
derived from industries and occupation"; pensions of vari¬
ous classes, compensation for injuries, and relief payments.
The final chapter shows the fluctuations, for the period
covered, of national income by types and States. An appen¬
dix of "Auditing Notes" offers a critical examination of
from
the
the
financing
The book is of high
material used.
source
as an
of
value both
economic and statistical contribution and as a correc¬
tive of much popular ignorance
and misunderstanding.
as
that have been done, bear the names of the
Guardia,
who characterizes the two years as a
experiment, makes the high claim
noteworthy because it "seeks to
period of
is
that the experiment
politics completely
in the country,"
"seeks to give the harassed taxpayer one hundred cents'
worth of service for every tax dollar," protects the under¬
privileged 'from the neglect and exploitation characteristic
of former political administrations," recognizes a municipal
responsibility "for developing educational, musical and
artistic opportunities," and "seeks out and applies the most
scientific, rather than the most politically expedient, meth¬
from
ods
the
the
of
government
municipal
Federal
remove
of the largest
administration."
government
city
The
contributions
of
to
public works and other local
activities are duly recorded, and "transit unification, char¬
ter revision, a comprehensive construction program for lowrent housing, a municipally operated power plant, and the
establishment of a municipal art center, including an opera
house, a symphonic concert hall, and city auditorium" are
listed as major tasks of the future.
The"American
|Trpr
well-written
members of the
citizens
of
Nations
The first of these publications gives a general survey
the
the
recent
monetary policies of
other countries of the
United
States,
the United
Kingdom and
European gold bloc—Japan, Chile, the
Germany, Belgium and Czechoslovakia—
pamphlet,
National
generally, is
a
the United States
prepared
"for
the
Chamber" but equally
use
concise statement of the principles
United States and, to a greater or less extent, in most
countries,
and
other
by similar statements regarding the
of collectivism and dictatorship in gen¬
followed
systems
opposing
eral,
of
useful for
competitive economic system which prevails in the
in
particular of socialism, communism, Nazism,
While the superiority of the com¬
fascism and anarchism.
desires to be free, is
is distinguished not
merely by moderation at this point, but by the scrupulous
care with which the principles and methods of each of the
other systems are described, and by the complete absence of
petitive
system,
naturally
for
a
emphasized,
people that
the
pamphlet
exaggeration and vehemence in picturing their defects and
consequences.
The pamphlet is timely and deserves
a
wide
circulation.
The Course of the Bond Market
Bond
prices advanced moderately this week, bringing the
to the year's high.
U.S. Government bonds
also moved ahead*after twoTweeks of indecisiveness.
bonds closedrthe year at an average
comparesVith 3.42%
of
System Compared with Col-
Dictatorship—36 pages—Washing-
ton; Chamber of Commerce of
This
averages up
Money and Banking, 1935-36—Vo. I; Monetary Review—
Vol. II; Commercial
Banks—Geneva; League of
Economic
bjk lectivism and
a year
about 10 points, based on
agoThe Baa
converted prices.
ment bonds"added*between 4"andy5
during the
year.
TheTyear"has
Aaa
yieldfof 3.09%, which
group
advanced
U. S. Govern¬
points to^the
average
witnessedTan'increasefoF
18
Financial
20% in the
reserve
banks, and
ruling which increased
50%,
a
thus reducing
balances of
excess
close of the year were down
Federal
Reserve
reserve
after
one
latter
at
30% from their level of
Short term money rates remain at
ago.
member
Tel.
very
the
High-grade
railroad
bonds
have
firm.
Chicago
1997, at 104% were up %.
Lower grades
Illinois Central jt. 5s, 1963, advanced % to
88%; New York Cemtral 4%s, 2013, advanced % to 94%;
considerable period.
were
rose fractionally.
foreign bond market continued trading at an acceler¬
ated pace, with chief interest again concentrated on South
American issues.
This tendency has been by no means
uniformly strong, however; Chilean and Peruvian issues
The
43% and New York, New Haven & Hartford 6s, 1940,
were up 7 at 62.
advanced most, with Brazilians, Urguayans and
Antioquia
bonds reaching higher levels; Argentine and Colombian
Highest-grade utility bonds have advanced tether, thus
extending the recovery from the moderate setback which
developed several weeks ago.
Lower grades eased some¬
m
issues have been
on Wednesday re¬
Speculative, holding company
the largest advances.
International
subsequently,
healthy fashion.
deventures
recorded
Hydro-Electric 6s, 1944, at 81
were
MOODY'S BOND PRICES
(Based
V. S.
AU
1936
Govt.
Bonds
Jan.
Corp.*
off 1 %; International
(REVISED)
(Based
1— Stock
Baa
RR.
P. U.
bonds
registered
on
Individual Closing
(REVISED)
Prices)'
AU
120 Domestic Corporate
120 Domestic
1930
Corporate* by Groups
A
Italian
120
by Ratings
Corporate by Groups
DaUy
Averages
Domes-
120 Domestic
by Ratings
Aa
and
MOODY'S BOND YIELD AVERAGES
120 Domestic Corporate *
Aaa
Polish
Japanese also have been stronger.
Moody's computed bond prices and bond yield averages
are given in the
following tables:
tic
120
while
gains.
some
Average Yields)
Domes¬
Daily
Averages
on
irregular. In the European group weak¬
developed in German issues, which recovered somewhat
ness
the early part of the week but
covered in
issues
pany
Among the leaders
which
what
Indus.
ticCor p.
80
For-
Aaa
Aa
Baa
RR.
P.
U.
Indus.
Exchan ge Clos ed
105.98
117.72
1I3H&
iQ4.il
91.20
100.53
105.60
112.05
Dec. 31—
3.67
105.79
117.50
113.48
104.11
91.05
100.53
105.60
111.64
30—
3.68
3.10
3.29
3.77
4.55
3.97
3.69
117.29
113.48
103.93
90.90
100.35
105.60
111.64
29—
3.69
3.11
3.29
3.78
4.56
3.98
3.69
3.38
105.79
117.50
113.48
Exchan ge Clos ed
103.93
90.90
100.18
105.60
111.64
28—
3.68
3.10
3.29
3.78
4.56
3.99
3.69
26- Stock
25- Stock
Exchan ge
24— 112.34
105.60
117.29
113.27
103.74
90.75
110.18
105.41
111.43
23— 112.23
105.41
117.29
113.07
103.74
90.75
100.18
105.41
112.23
22— 112.30
105.41
117.29
113.07
103.74
90.59
100.00
105.41
111.23
113.07
103.74
signs
3.38
105.60
Dec. 31— 112.70
30- 112.61
29— 112.53
28- 112.47
'
se¬
Most of
loans moved upward; Swift & Company 3 %s, 1950,
% higher at 107. Non-ferrous metal and rubber com*
pany
have been Chicago & North Western 4%s,
2037, which ad¬
vanced 4 to 33, Missouri Pacific 5s, 1965, which
gained 4%
at
headway.
equipment brought lower prices, Pressed Steel Car 5s,
1951, declining 1 point to 97.
Some of the packing com¬
Southern Pacific 4%s, 1968, at 95% were
up to 1%.:
The
defaulted section has been marked
by one of the strongest
a
Amusement and liquor
the
higher.
in
%.
up
curities have been firm, but made little
Central 3%s,
movements
There has been definite strength among the oils,
(New Jersey) 3s, 1961, advancing into new
Oil
high ground at 101%,
Union Station 3%s,1951, advanced
% to 108%; New York
were
% to 69%; Associated
5%s, 1977, closed at 67, up 5%.
The largest
important of new offerings was $26,834,000 Ohio
improved.
Standard
been
4%s, 1952, advanced
Edison 3%s, 1972, for refunding purposes.
The general tone of the industrial list has been somewhat
low levels,
'
,
Tel.
and most
a year
adjustment to slightly higher rates, made in May
this year.
&
Jan. 2, 1937
Gas & Electric
requirements by
The
reserves.
Chronicle
21— 112.31
105.41
Jan.
Exchan ge Clos ed
3.09
3.29
3.77
26- Stock
90.59
100.00
105.41
4.54
3.97
3.69
3.36
.
3.38
Exchan ge Clos ed
24,.
3.69
3.11
3.30
3.79
4.57
3.99
3.70
3.39
23—
vi1-'1;-
3.70
3.11
3.31
3.79
4.57
3.99
3.70
3.40
22..
3.70
3.11
3.31
3.79
4.58
4.00
3.70
3.40
3.79
4.58
4.00
21
111.23
5.52
Exchan ge Clos ed
25- Stock
Clos ed
117.29
1— Stock
3.70
—
3.11
3.31
3.70
5.64
3.40
19- 112.30
105.79
117.50
113.27
103.93
91.05
100.53
105.41
111.64
19—
3.68
3.10
3.30
3.78
4.55
3.97
3.70
3.38
18— 112.35
105.98
117.50
113.48
104.11
91.35
100.88
105.41
111.64
18—
3.67
3.10
3.29
3.77
4.53
3.95
3.70
3.38
17- 112.39
16- 112.56
105.98
117.50
113.68
104.11
91.51
100.88
105.60
111.64
17—
3.67
3.10
3.28
3.77
4.52
3.95
3.69
3.38
106.17
117.72
113.68
104.30
91.66
101.06
105.98
112.05
16-
3.66
3.09
3.28
3.76
4.51
3.94
3.67
3.36
15- 112.62
106.17
117.72
113.68
104.30
91.81
101.06
105.98
112.05
15—
3.66
3.09
3.28
3.76
4.50
3.94
3.67
3.30
14.. 112.70
106.17
117.72
113.68
104.30
91.81
101.06
105.98
111.84
14—
3.66
3.09
3.28
3.78
4.50
3.94
3.67
3.37
12- 112.70
106.17
117.72
113.68
104.30
91.81
100.88
105.98
112.05
12—
3.66
3.09
3.28
3.76
4.50
3.95
3.67
3.38
11— 112.68
106.17
117.72
113.89
104.11
91.81
100.88
105.98
112.05
11—
3.66
3.09
3.27
3.77
4.50
3.95
3.67
3.36
10— 112.68
106.17
117.72
113.89
104.11
91.81
100.88
105.98
112.05
10—
3.66
3.09
3.27
3.77
4.50
3.95
3.67
3.36
9— 112.71
106.17
117.50
113.68
104.11
91.81
100.88
105.79
112.05
9—
3.66
3.10
3.28
3.77
4.50
3.95
3.68
3.36
8— 112.78
106.17
117.50
113.68
104.11
91.81
100.88
105.79
112.05
8—
3.66
3.10
3.28
3.77
4.50
3.95
7- 112.80
106.17
117.50
113.89
103.93
91.81
100.88
105.79
112.05
3.66
3.10
3.27
3.78
4.50
3.95
3.08
3.30
5_. 112.81
106.17
117.50
113.89
104.11
91.81
100.88
105.79
112.25
3.66
3.10
3.27
3.77
4.50
3.95
3.68
3.35
4— 112.77
3— 112.74
105.98
117.50
103.74
91.81
100.70
112.25
4-
3.67
3.10
3.28
3.79
4.50
3.96
3.69
3.35
105.98
117.50
113.89
103.74
91.66
100.53
105.60
112.25
3—
3.67
3.10
3.27
3.79
4.51
3.97
3.69
3.35
2-
112.61
105.98
117.29
113.89
103.56
91.66
100 53
105.60
112.25
2-
3.67
3.11
3.27
3.80
4.51
3.97
3.69
3.35
1
112.74
105.79
117.29
113.68
103.56
91.66
100.53
105.41
112.05
1
3.68
3.11
3.28
3.80
4.51
3.97
3.70
3.30
Nov. 27— 112.64
105.60
116.86
113.68
103.38
91.51
100.18
105.22
112.05
Nov. 27—
3.69
3.13
3.28
3.81
4.52
3.99
3.71
3.30
#V*-4
—
113.68
105.60
5„
Weelly—
—
1
3.68
5.65
5.05
3.36
5.68
Weekly—
20- 112.62
5.64
105.60
116.64
113.48
103.20
91.51
100.00
105.04
112.05
20—
3.69
3.14
3.29
3.82
4.52
4.00
3.72
3.36
13.. 112.25
5.59
105.22
116.64
113.27
102.66
91.35
99.83
104.67
3.71
3.14
3.30
3.85
4.53
4.01
3.74
3.37
5.58
104.85
116.00
112.45
102.12
91.51
99.83
103.93
111.84
111.23
13-
6- 111.63
3.17
3.34
3.88
4.52
4.01
Oct. 30— 110.85
104.48
115.78
112.25
101.58
91.20
99.31
103.74
111.03
Oct. 30—
3.75
3.18
3.35
3.91
4.54
4.04
3.79
3.41
23— 110.85
104.48
115.78
112.05
101.76
91.05
99.31
103.74
110.83
23-
3.75
3.18
3.36
3.90
4.55
4.04
3.79
4.42
104.67
115.57
103.50
16- 110.91
6-
3.73
3.78.
3.40
5.60
o'.oi
111.84
101.94
91.51
99.83
110.83
16—
3.74
3.19
3.37
3.89
4.52
4.01
3.80
3.42
9— 110.82
104.67
115.78
111.64
101.94
91.51
99.83
103.50
110.83
9—
3.74
3.18
3.38
3.89
4.52
4.01
3.80
3.42
2— 110.83
Sept 25— 110.68
5.65
104.11
115.57
111.23
101.41
91.05
99.48
103.20
110.43
2—
3.77
3.19
3.40
3.92
4.55
4.03
3.82
3.44
5.68
103.93
115.78
111.03
101.23
90.59
98.97
103.02
110.24
3.18
3.41
3.93
458
4.06
3 83"
3.45
6.68
103.93
116.00
111.03
101.06
90.14
98.45
103.20
110.43
Sept .25—
18-
3.78
18- 110.86
11— 111.04
3.78
3.17
3 41,
3.94
4.01
4.09
3 82
3.44
5.68
103.74
116.00
111.03
101.23
89.84
98.28
103.20
110.43
11—
3.79
8.17
3.41
3 93
4.63
4.10
3.82
3.44
4.. 111.13
103.38
115.78
110.83
110.88
89.25
97.78
102.84
110.24
4—
8.81
8.18
3.42
3.95
4.67
4.13
3.84
3 45
Aug. 28— 110.91
5.70
102.84
115.35
110.43
100.35
88.51
96.94
102.66
109.84
3.84
3.20
3.44
3.98
4.72
4.18
3.85"
3.47
21— 110.71
5.71
102.66
114.93
110.43
100.18
87.93
96.11
102.66
109.64
Aug. 28—
21-
3.85
3.22
3.44
3.99
4.70
4.23
3.85
3.48
14- 110.59
5.76
6.75
5.64
5.67
102.66
114.93
110.43
100.00
88.22
96.44
102.84
109.44
14„
3.85
3.22
3.44
4.00
4.74
4.21
3.84
3.49
7- 110.42
102.66
114.93
110.43
100.00
88.07
96.28
102.66
109.64
7-
3.85
3.22
3.44
4.00
4.75
4.22
3.85
3.48
iy.3i- 110.13
102.48
114.93
110.24
99.83
87.78
95.78
102.48
109.44
July 31—
3.86
3.22
3.45
4.01
4.77
4.25
3.sr
3.49
24„ 109.92
6.75
102.12
114.72
109.84
99.48
87.49
95.29
102.48
109.05
24-
3.88
3.23
3.47
4.03
4.79
4.28
3.80
3.51
17„ 109.76
10- 110.05
5.76
101.76
114.72
109.64
99.14
87.07
94.97
102.48
108.66
17-
3.90
3.23
3.48
4.05
4.82
4.30
£.80
3.63
5.77
101.58
114.93
109.64
98.97
86.50
94.49
102.48
108.66
10„
3.91
3.22
3.48
4.06
4.86
4.33
3.53
3„ 110.04
5.82
101.23
114.93
109.44
98.62
85.79
94.01
102.12
108.46
3—
3.93
3.22
3.49
4.08
4.91
4.30
114.30
109.05
98.45
86.07
94.17
101.58
108.27
June 26—
3.88,
3.54
101.06
3.94
3.25
3.51
4.09
4.89
4.35
3.91
3.55
19- 109.93
3.77
101.06
114.30
108.85
98.62
86.07
94.49
101.58
108.08
19—
3.94
3.25
3.52
4.08
4.89
4.33
3.91
3.56
12- 110.01
5.85
101 23
114.72
109.05
98.45
86.36
94.33
101.58
108.66
12„
3.93
3.23
3.51
4.09
4.87
4.34
3.91
3.53
5.95
108.46
3.25
3.52
June 26—
109.88
5— 109.99
100.88
114.30
108.85
98.28
3.86
6.82
6.80
May 29.. 110.01
101.06
114.51
109.05
98.45
85.65
93.85
101.58
108.46
5—
May 29—
3.94
3.24
3.51
4.09
4.92
4.37
3.or
3.54
22— 110.20
6.91
100.88
114.09
108.85
98.45
85.38
93.53
101.23
108.46
22-
3.95
3.26
3.52
4.09
4.94
4.39
3.93
3.54
15.. 109.98
5.92
100.88
113.68
108.85
98.45
85.65
93.69
101.06
108.46
15..
3.95
3.28
3.52
4.09
4.92
4.38
3.94
3.54
5.89
8.. 109.70
100.35
113.48
108.46
98.11
85.05
84.96
93.69
101.23
3.95
4.10
4.92
4.38
3.93
3.54
6.06
93.06
100.53
8„
3.98
3.29
3.54
4.11
4.97
4.42
3.97
3.55
1— 109.69
99.83
113.07
107.88
97.78
84.28
92.43
100.18
107.49
1—
4.01
3.31
3.57
4.13
5.02
4.46
100.18
5.96
113.27
107.69
97.78
85.10
92.90
100.35
107.88
Apr. 24..
3.99
3.30
3.58
4.13
4.96
4.43
3.99,
3.98
3.59
Aor.f24„ 109.80
17.. 109.96
3.57
6.86
100.53
113.48
107.88
98.11
80.07
93.85
100.53
108.08
17—
3.97
3.29
3.57
4.11
4.89
4.37
3.97
3.50
9.. 109.75
5.83
100.88
113.68
108.08
98.11
86.50
94.49
100.70
107.88
9„
3.95
3.28
3.56
4.11
4.86
108.27
5.84
4.33
3.96
3.57
3.. 109.64
100.70
113.89
108.08
97.95
80.21
94.33
100.53
107.88
3-
3.96
3.27
3.50
4.12
4.88
4.34
3.97.
3.57
Mar.27— 109.66
5.83
100.53
113.48
107.88
98.11
85.93
94.01
100.35
107.88
Mar.27._
3.97
3.29
3.57
4.11
4.90
4.36
3.98
20.. 109.51
13- 109.11
3.57
6.85
100.70
113.68
108.27
98.28
85.79
93.85
100.53
108.27
20..
3.96
3.28
3.55
4.10
4.91
4.37
3.97
3 55
5.80
6.. 109.46
6.94
100.53
...
6.83
113.07
108.27
98.11
85.79
100.18
108.08
13„
3.97
3.31
3.55
4.91
4.36
3.99
3.50
101.41
113.48
108.66
98.80
87.04
96.11
100.53
108.27
6-
3.92
3.29
3.53
4.07
4.78
4.23
3
3.55
109.03
5.87
101.23
113.07
108.46
98.45
87.64
95.46
100.53
107.69
Feb. 28..
3.93
3.31
3.64
4.09
4.78
4.27
3.9/
3.58
21- 108.95
6.03
101.41
113.07
108.27
98.45
88.22
95.95
100.35
108.08
3.92
3.31
3.55
4.09
4.74
4.24
3.98
14.. 108.48
3.66
5.92
101.06
113.07
108.08
97.95
87.78
95.13
100.53
108.08
2114—
3.31
7- 108.21
31.. 108.03
100.53
112.86
108.08
97.45
80.78
94.17
100.35
107.88
100.00
112.25
107.88
96.94
85.93
93.06
100.18
107.49
Feb. 28..
Jan.
94.01
3.94
4111
97^
3.56
4.12
4.77
4.29
3.97
3.56
7"
3.97
3.32
3.56
4.15
4.84
4.35
3.98
3.57
31..
4.00
3.35
3.57
4.18
4.90
4.42
3.99
3.69
24..
>
,/an.
17
4.00
3.35
3.57
4.16
4.90
4.42
4.00
3.67
6.11
4.19
4.96
4.46
4.01
3.57
6.17
4.23
5.05
4.54
4.05
3.61
6.26
4
3.67
6.23
24- 107.89
17— 108.34
100.00
112.25
107.88
97.28
85.93
93.06
100.00
107.88
99.66
111.84
108.27
96.78
85.10
92.43
99.83
107.88
17-
4.02
3.37
3.55
10.. 108.02
98.97
111.64
107.49
96.11
83.87
91.20
99.14
107.11
10-
4.06
3.38
3.59
8—
4.12
3.41
.
*
6.07
6.10
.
6.18
*- 107.94
97.95
111.03
106.22
95.13
82.40
89.84
98.80
3.62
4.29
5.16
High1936 112.81
4.63
106.17
117.72
113.89
104.30
91.81
101.06
105.98
112.25
Low
1936
3.66
Low 1936 107.77
High 1935 109.20
3.09
3.27
3.76
4.50
3.94
3.67
3.35
5.52
97.61
110.83
106.73
94.97
81.87
89.55
98.62
105.79
High 1936
4.14
3.42
3.63
4.30
5.20
4.65
4.08
3.68
97.45
110.83
6.31
106.73
94.81
81.61
89.25
98.62
105.60
Low
1935
4 15
3.42
Low 1935 105.66
1 Yr. Ago
Dec.33'35 107.87
3.63
4.31
5.22
4.67
4.08
3.69
88.07
5.78
103.56
95.78
86.92
68.17
79.70
82.79
94.17
High 1935
4.75
3.80
4.25
4.83
0.40
5.37
5.13
4.35
6.97
105.98
1
97.45
110.83
106.73
94.81
81.61
89.25
98.62
105.60
87.93
103.56
95.62
86.78
70.94
87.78
82.66
94.01
2 Yrs.Ago
Dec.31'34 105.65
£7
Yr. Ago
Dec.31'35
4.15
3.42
3.63
4.31
5.22
4.67
4.08
3.69
6.23
4.76
3.80
4.26
4.84
6.13
4.77
5.14
4.36
6.35
2 Yrs.Ago
'These
Dec.31'34
prices are computed from average yields on the basis of one
"typical" bond (4% coupon, maturing In 30 years) and do not purport to show either the average
level or the average movement of actual
price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
leld averages, the letter being the truer
picture of the bond market.
Volume
THE
Financial
144
STATE
TRADE—COMMERCIAL
OF
EPITOME
19
Chronicle
the
preceding
ended Dec. 28,
Thursday Niyht, Dec. 31, 1936.
Activity in most lines continued at a high leyel as the
drew to a close.
A high feeling of optimism con¬
(Number of Cars)
year
tinues
The
year
to
especially in
prevail generally,
trade.
the steel
ness
that without much
are
additional
19 Dec. 28 Dec. 26 Dec.
Dec. 26 Dec.
busi¬
utility industry also was favorable, for while there was a
seasonal dip in power production, it was less than the normal
amount for this time of year.
Compared with a year ago,
the current output is
12.7% higher.
The year 1936 has set
a record for electric output.
The last previous new high was
the 1935 total of 93,214,718,000 kilowatt hours.
The esti¬
mated total for 1936 is a gain of 13%.
The volume of pro¬
duction and trade for the year 1936 was approximately
15% higher than the 1935 total and the greatest since the
year 1930, according to the monthly review issued by the
Federal Reserve Bank of New York.
Spreading strikes and
19 Dec. 28
1935
1936
1936
1935
1936
1936
hundreds
automotive
of
factories
supply
throughout
13,119
The Bureau estimated that at least
taken
11,806
6,897
10,322
New York Central Lines
44,855
5,015
23,384
29,949
41,583
10,598
4,148
46,172
11,848
4,790
29,945
7,209
2,597
38,949
5,759
6,116
44,056
28,126
25,253
17,148
20,429
3,815
St. Louis Ry—
Norfolk & Western Ry
16,474
Pennsylvania RR
Pittsburgh & Lake Erie RR
52,198
5,110
5,869
Southern
21,290
Pere Marquette Ry
Lines.
Pacific
without
public
as
many more concerns
and
announcement,
8,647
8,185
11,026
1,314
1,993
7,013
4,217
17,039
7,105
28,096
5,937
2,108
22,237
6,496
4,215
7,036
3,652
x5,599
x8,217 *10,076
10,730
8,856
4,266
.
5,300
5,727
6,122
7,941
1,163
1,469
6,472
251,120 326,784 209,070 188,850 216,099 151,146
Total
Excludes
x
66,140
4,549
Wabash Ry
7,611
3,234
12,214
43,107
4,759
Orleans
cars
interchanged between S. P. Co.-Pacific Lines and Texas & New
Co.
RR.
CONNECTIONS
RECEIPTS FROM
TOTAL LOADINGS AND
(Number of Cars)
Weeks Ended-
and bonuses
increases
action
16,671
34,333
RR.
33,760
the
during 1936 are re¬
ported at $175,000,000 by the Industrial Bureau of the Mer¬
chants' Association of New York.
The compilation was
based solely on published reports of increases and bonuses.
Pay
country.
2,237
4,763
RR..
Missouri-Kansas-Texas RR
shortage cut further into automobile
pinch of a glass
3,877
Gulf Coast Lines
Internat'l Great Northern
N. Y. Chicago &
2,184
3,165
15,793
3,185
1,909
-
Pacific
2,681
12,520
2,698
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. St. P. & Pac. Ry.
Chicago & North Western Ry___
Missouri
11,264
17,344
8,839
9,409
9,668
12,539
1,425
16,270
19,444
16,051
12,014
13,527
10,333
1,917
1,514
3,679
26,195
18,394
13,128
15,642
Baltimore & Ohio RR-
production and extended the curtailment of operations into
had
Weeks Ended—
Weeks Ended—
majority of the mills will be able to operate around
a
80% of capacity through the first quarter, according to the
"Iron Age."
It is stated further that the only worries of
the steel industry are shortages of material and labor dis¬
turbances in customer industries.
News from the public
the
Received from Connections
Loaded on Own Lines
backlog position of the industry at the close of the
is the strongest since the boom years of 1928 and 1929.
Current estimates
CONNECTIONS
RECEIVED FROM
FREIGHT LOADED AND
REVENUE
days
week and 209,070 cars in the seven
1935.
A comparative table follows:
Dec. 26,
Dec.
1936
Dec. 28, 1935
19, 1936
Chicago Rock Island & Pacific Ry.
21,696
26,619
Illinois Central System
28,481
35,454
St. Louis-San Francisco Ry
11,619
15,243
16,805
22,766
10,227
61,796
77,316
49,798
{he
Total
unpublished figures of these concerns not reporting would
likely double the $175,000,000 actually recorded.
very
Wash¬
ington advices report the Nation's exports during the first 11
of
was
was
reflected
nothing
week
rising government
week-end
a
storm
There
revenues.
outstanding in the weather
very
outside of
in
news
$500,000.
70-mile
boats,
Huge
high tide, and
waves,
a
liner
a
and
More than
schooners
two
loose from moorings and were driven ashore.
three days of
Chicago, after
^Indian summer temperature, experienced a
drop in temperature after the official thermometer
severe
had
100
broke
registered 60
A cold
degrees.
oughly chilled the Middle West is
usher in, according to all
wave
on
indications,
which has
thor¬
its day East and will
a
frigid New Year for
New Yorkers.
to
Temperatures west of Chicago have dropped
sub-zero levels.
Minot, N. D., recorded 20 below.
Six
inches
of
fell
snow
Sioux
in
City,
Iowa;
a
sleet
storm
wrecked electric connections in 13 Dakota communities and
halted
was
street
service
car
Omaha.
in
The
affected in part by the cold wave.
in
week
New
the
York
City
Southwest
also
Weather during the
has been mild, though
during the past 24 hours unsettled and rainy, with tempera¬
ture abnormally high.
Today it was raining and cold here,
with
temperatures
forecast
at
was
Boston
for
it
area
from
ranging
43
to
60
degrees.
fair, colder tonight and Friday.
was
38
to
42
degrees;
Baltimore,
The
Commerce Commission
on
in
Loading
cars,
of
Coal
same
cars
loading amounted
the preceding
week, but
1935 and
week in
Grain
less
and
to
an
In
below
the
ended
week
Livestock
below
the
in
week
in
in
the
It
19
week
this
cars
decrease of 8,225 cars below
a
week
in
and' 8,952 cars above the same week in
alone, grain and grain products loading
20,539 cars, a decrease of 271 cars
totaled
but
year,
increase of 2,926
an
cars
above
a
Western
this
week
2,011
increase of 2,686 cars above the same
cars,
districts
but
year,
of
decrease
totaled 11,096
19
of
14,767
an
however,
the
Dec.
decrease
to
amounted
was,
In
1934.
Forest
13,041
1935.
loading
preceding
same
1935
Dec.
preceding week, but
1935.
week ended
the
cars,
and
1935
in
increase of 28,034 cars above the corresponding
districts
Western
the
the preceding
week
162,439
week
grain products loadiilg. totaled 33,807 cars, a decrease of
the preceding week/ but an increase of 4,783 cars above
week
same
1934.
carload
22,821 cars'abcye the same week in 1934.
corresponding week in
the
for
increase of 3,371
an
below
cars
1934.
cars,
above the corresponding week
cars
lot freight totaled 164,114
below the preceding week, but an increase
than
alone,
cars,
a
a
802 cars below the same
loading of livestock for
decrease of 1,733 cars below
increase
an
cars
of
1,987
cars
above the
1935.
35,731 cars, an increase of 1,446 cars
above the same week in 1935, and
1934.
■
Ore loading amounted to 9,201 cars, an increase of 1,043 cars below
the preceding week, 1,758 cars above the corresponding week in 1935, and
5,919 cars above the corresponding week in 1934.
>
Coke loading amounted to 11,200 cars, a decrease of 115 cars below the
preceding week, but an increase of 3,300 cars above the same week in 1935,
and 5,118 cars above the same week in 1934.
All
districts
reported increases in the number of cars loaded with
products
revenue
and
loading
the preceding
cars
in
week,
above the
totaled
6,145 cars
same
week in
freight compared with the corresponding weeks in
1930
freight in
revenue
1936
compared with
1935 and 1934.
two previous years
follow:
post¬
order
poned until April 1, 1937, the effective date of an
requiring railroads with terminals in the New York area to
cease furnishing warehouse services below cost.
The order originally was effective on Sept. 1, 1936, but
was
successively postponed.
The newest postponement is
from Feb. 1 to April 1.
The Commission was asked recently by the railroads to
vacate its order on the ground that several million dollars
worth of warehouse property would be destroyed.
This
was opposed by private warehouse interests, who contended
that their business had been ruined by railroad competition
19 was a decrease of
corresponding week in
above the corresponding
week in' 1934.
cars
above the
the
2,504
decrease of
a
69,461
above the
cars
merchandise
of
12,863
2,056
preceding week,
110,447
and
1935,
298,437
freight loading totaled
above the
cars
15,722
Dec. 29
or 33% above the correspond¬
36.1% above the corresponding
for the week of Dec.
1.2% below the preceding week.
or
cars,
Miscellaneous
above
ICC Again Postpones Warehouse Ban
Interstate
or
cars,
Loading of revenue freight
9,051
Loading of
The
totaled 729,696
21.5%, compared with the
or
1930.
Overnight
Pittsburgh, 52 to 60; Portland, Me., 28 to 34; Chicago, 28
60; Cincinnati, 36 to 62; Cleveland, 38 to 62; Detroit,
32 to 58; Charleston, 60 to 68; Milwaukee, 24 to 56; Savan¬
nah, 62 to 70; Dallas, 42 to 64; Kansas City, 32 to 52;
Springfield, Mo., 30 to 60; Oklahoma City, 34 to 52; Salt
Lake City, 22 to 26; Seattle, 36 to 44; Montreal, 32 to 46,
and Winnipeg, 4 below to 4 above.
follows:
as
129,030 cars,
and 193,404
1934,
in
in
44 to 48;
to
of
increase
an
was
week
ing
week
gale that reached
velocity caused the property loss.
including yachts,
at
This
corresponding week last year; 181,218 cars,
the past
along the southern Cali¬
fornia coast which caused damage unofficially estimated
19, reported
Loading of revenue freight for, the week ended Dec. 19
cars.
"quickening business life in the Nation," and said the
trend
ended Dec.
week
months of this year
exceeded imports by $49,012,000.
Secre¬
tary of the Treasury Morgenthau said today that the Nation
has a "right to look forward to the new year with renewed
confidence and courage."
He characterized 1936 as an era
in reviewing the
Tke Association of American Railroads,
1935
1934
1930
Four weeks in January-
,353,111
2,169,146
Five
2,183,081
2,920,192
2,461,895
3,470,797
4,380,615
3,550.076
2,430,460
3,026,021
2,504,974
2,351,015
3,072,864
2.501.950
3,147,988
2.229.951
551,485
3,653,575
,oto
4,586,
713,865
600,666
580,202
548,478
31,037,446
30,420.556
45,109,219
1936
,135,118
2,927,453
Four weeks in March
,418,985
2,408,319
Four weeks in April
...
.544,843
,351,801
,787,012
,825,547
weeks in August--..
,701,056
2,302,101
2,887,975
2,465,735
2,224,872
3,098,001
2,628,482
3,565,051
2,504,477
638,518
616,650
weeks in February..
Five weeks in May
Four weeks in June
Four weeks in July
Five
Four weeks in September
,061,119
.
Five weeks in October.-Four weeks in November
,095,623
,013,474
744,957
738,747
729,696
.
5
Week of Dec.
Week of Dec. 12
Week of Dec. 19
—
—
3,575
i*
3,683?
4,608,697
3,840,292
4.668.6N
3,096,897
744,353
536,292
at below cost.
,35,501,089
Total
—:—
^
Carloadings
of
Major
Railroads
Decline
During
In
the
following
table
.
we
undertake
to
show
also
the
Christmas Week
The first 17 major
Dec.
26,
freight
on
loadings for separate roads and systems for the week ended
railroads to report for the week ended
a total of 251,120 cars of revenue
lines, compared with 326,784 cars in
Dec.
1936 loaded
their
own
19,
1986.
showed increases
year.
The
most
During
this period a total of 119 roads
with the same week last
when compared
important of these roads
which
showed
20
Financial
increases
Central
Pennsylvania System, the New Yorkf
Baltimore & Ohio RR., the Atchison
the
were
Lines,
the
Chronicle
Jan. 2, 1937
Topeka & Santa Fe System, Southern Pacific RR.
Lines), and the Illinois Central System.
(Pacific
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED DECEMBER 19
Total Revenue
Total Loade Received
Freight Loaded
Railroads
from Coiinections
1936
1935
1934
V
1936
1935
Ann
Total Loads Received
Group B (Concluded)—
Georgia
Georgia A Florida
from Connections
1935
1936
Eastern District—
1934
1936
1935
524
553
524
1,374
1,896
8,298
1,766
1,486
7.240
250
200
1,542
1,619
7,384
1,288
11,760
2,594
9,790
1,922
32
23
20
75
61
1,144
5,176
9,427
927
866
2,540
5,098
7,774
1,825
6,398
Macon Dublin A: Savannah
4,315
8,254
204
142
121
332
289
7,659
7,555
6,669
Mobile A Ohio
2,069
349
198
194
119
69
Nashville Chattanooga A St. L.
2,962
1,714
2,554
1,631
2,348
1,897
2,470
1,386
1,897
3,244
2,618
2,093
378
364
286
13,138
5,934
11,554
4,585
11,412
3,190
2,065
4,475
17,298
3,509
13,391
Arbor
Bangor A Aroostook
Boston
Total Revenue
Freight Loaded
Railroads
A Maine..
Chicago Indianapolis A Loulsv.
Central Indiana
Central Vermont.
Delaware A Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Erie
Grand Trunk Western
'
1,102
1,681
Illinois Central
System...
Louisville A Nashville
153
9,954
2,034
1,547
8,415
2,924
7,801
1,685
1,104
6,961
Northwestern
3,540
1,888
36,289
9,935
3,556
306
209
1,760
32,612
9,594
2,123
43
37
35,178
10,911
1,771
8,785
4,107
5,095
-
2,447
44,850
10,854
1,647
5,015
7,350
7,013
b New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
2,387
490
301
358
349
314
291
134
1,313
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
46,192
13,803
1,781
11,848
6,791
6,496
C'-:;: 29
417
_
1,046
1,051
8,246
3,257
146,426
1,972
4,179
5,072
5,783
3,768
4,140
4,606
633
487
545
5,937
4,283
5,188
3,526
4,643
3,218
1,452
1,076
10,730
4,154
162,981
134,984
126,109
187,745
Rutland
Wabash
Wheeling A Lake Erie
Total
18
1,226
897
338
422
339
756
640
53,987
47,048
33,672
26,174
91,599
82,772
71,163
54,501
District—
Belt Ry. of Chicago
Chicago A North Western.
602
505
667
15,793
2,415
20,429
4,007
12,890
1,937
17,495
4,113
12,433
1,940
15,902
3,346
2,299
12,539
3,879
9,668
3,349
985
579
416
149
743
493
417
372
291
7,787
Chicago Great Western
Chicago Milw. St. P. A PaoifioChicago St. P. Minn. A Omaha
5,767
3,896
8,749
5,442
Duluth Mlssabe A Northern
Duluth South Shore A Atlantic
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
Great Northern
1,611
9,017
2,587
7,000
2,535
137
316
266
256
192
158
10,007
8,585
8,599
3,188
2,150
570
474
559
636
447
Green Bay A Western
Lake Superior A Ishpemlng
432
267
229
77
1,661
5,344
10,145
Minneapolis A St. Louis
Minn. St. Paul A S. 8. M
Northern Pacific
1,573
4,413
1,605
4,317
7,935
2,052
2,552
3,773
77
1,473
2,056
2,213
202
8,743
«
138
104
92
246
1,985
1,781
970
1,563
998
83,359
69,985
63,579
55,283
38,394
24,601
3,214
18,412
2,729
16,487
2,413
6,549
2,947
4,627
2.156
308
310
211
108
96
17,148
2,327
12,133
3,238
1,353
14,214
1,698
10,408
3,092
13,411
6,832
973
897
9,409
1,345
10,067
2,770
1,324
3,885
3.425
3,365
2,993
855
745
493
16
11
1,095
2,090
1,770
1,313
1,964
1,716
1,085
1,920
1,117
1,521
1,106
98
96
740
859
401
422
312
75
84
57
65
68
15,937
13,244
System
6,718
4,118
Spokane International
Spokane Portland A Seattle
1
454
107,930
Grand total Southern District
1,378
7,761
2,896
-
110
176
817
3,871
464
152
-
397
9,805
65,079
Total.
1,211
7,696
2,711
.
463
1,105
12,270
5,285
Tennessee Central*
138
-
273
1,318
17,996
16,999
164
1,552
Montour
1,305
314
1,640
19,973
19,910
i'
Mississippi Central
Lehigh A New England
Lehigh Valley
M alne Central.
* •
Monongahela
1,598
394
Lehigh A Hudson River
9,584
3,165
4,987
768
889
1,881
23,841
24,800
Gulf Mobile A: Northern
Total.
Allegheny District—
609
455
450
889
726
33,760
3,333
24,841
1,857
24,696
1,298
17,344
2,244
13,209
1,528
424
259
246
11
7
Alton
1,425
6,338
1,195
5,364
1.314
4,915
17
9
Bingham A Garfield
12,291
10,284
163
554
478
66
63
Akron Canton A Youngstown..
Baltimore A Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria
A
Indiana
Central RR. of New Jersey
Cornwall
376
348
225
241
159
43
40
615
727
768
2,973
2,579
982
895
933
54,092
11,490
8,715
1,006
50,872
12,982
4,034
642
66,140
Cumberland A Pennsylvania
Llgonler Valley
Long Island..
44,056
18,478
33,215
14,723
1,908
...
Penn-Readlng Seashore Lines
Pennsylvania System.
Co
13,991
16,235
Reading
Union
(Pittsburgh).
72
90
3,914
West Virginia Northern
Western Maryland
3,225
32
363
0
33
3,253
1
84
3,333
1
6,832
5,423
Central Western District—
Atch. Top. A Santa Fe System.
Chicago
Chicago
Chicago
Chicago
Burlington A Quincy..
A Illinois Midland
Rock Island A Pacifio.
A Eastern Illinois
Colorado A Southern
...
Denver A Rio Grande Western
Denver A Salt Lake
Fort Worth A Denver
City
Illinois Terminal
Nevada
....
Northern
North Western Pacifio
Peoria A Pekin Union
Total
148,602
Pocahontas
District—
114,348
106,998
109,172
84,681
23,384
20,612
18,420
21,265
16,054
918
727
787
25,253
Norfolk A Western
8,839
4,790
1,297
6,459
3,559
in U.
P.
2,800
a
766
6,711
2,074
1.157
2,160
980
339
342
253
1,321
923
14,321
11,213
10,990
9,529
6,831
663
643
525
10
6
1,522
1,402
1,532
2,276
1,393
111,521
91,479
81,316
60,605
42,423
123
5,288
3,965
Utah
Western Pacific
1,256
4,399
3,913
3,556
783
607
53,954
43,672
41,662
15,709
11,881
Virginian
Total
19,844
Included
Toledo Peoria A Western
Union Pacifio System
j
Chesapeake A Ohio
Norfolk A Portsmouth Belt Line
Southern Pacifio (Pacific).....
St. Joseph A Grand Island
1,666
9,566
Total.
Southwestern
District—
Alton A Southern
Atlantic
184
Burlington-Rock Island
Fort Smith A Western..
Southern District—
Group A—
159
116
118
294
226
241
230
259
222
3,185
3,016
2,022
2,619
1,769
1,415
1,955
9,296
1,355
8,230
1,111
8,448
5,013
1,083
2,141
Charleston A Western Carolina
423
334
295
1,202
790
Kansas Oklahoma A Gulf
Durham A Southern
130
133
138
402
255
Kansas
Gainesville Midland
50
34
42
81
88
985
890
1,003
1,267
428
427
442
327
323
308
8,683
7,261
18,713
7,161
16,684
1,187
4,319
4,640
;7f. 186
156
120
42,851
37,612
35,724
Coast Line.
Cllnchfield
Norfolk
Southern
Piedmont A Northern
Richmond Fred. A Potomac.
Seaboard Air Line
Southern System
Winston-Salem
20,988
Southbound
3,970
1,692
1,111
Gulf Coast Lines
211
Arkansas
125
1,688
1,401
1,046
1,294
917
1,669
887
Louisiana Arkansas A Texas...
Litchfield A Madison
231
124
129
381
380
378
415
974
702
Midland
741
616
649
259
212
207
151
68
256
217
16,292
2,994
3,653
12,145
Missouri
14,642
4,017
12,434
3,165
676
4,763
16,671
4,812
947
10,322
2,618
8,100
37,491
28,327
953
Valley
Missouri A Arkansas*..
Missouri-Kansas-Texas Lines..
Pacifio
Natchez A Southern
Total
378
1,425
2,184
1,469
2,208
1,031
2,237
City Southern
A
201
2,101
1,477
International-Great Northern..
Louisiana
148
64
43
37
285
14
31
212
Atlanta Birmingham A Coast..
Atl. A W. P.—W. RR. of Ala..
Central of Georgia
683
270
.
204
589
600
153
144
1,001
666
780
772
553
1,434
4,226
3,619
3,023
3,264
1,139
2,346
404
429
197
263
695
708
927
Florida East Coast
*
Note—Previous year's figures revised,
the Michigan Central RR.
Previous figures.
a
as^compared with 206.5
established
a
week
ago.
The 1936 high
was
Wed.
2,848
1,482
264
242
178
94
57
43
51
31
32
37
61,349
54,599
46,042
66,992
51,85 5
were
Holiday 2 Weeks Ago, Dec, 18
••
Month Ago, Nov. 30
208.7 Year Ago, Dec. 31
.207.1 1935 High—Oct. 7 & 9
Dec. 28
Dec. 29-,Dec. 30..
Terminal RR. Assn. of St. Louis
Wichita Falls A Southern
....
Weatherford M.
W. A N. W._
Total
b Includes figures for the Boston A Albany
rising to 137.1
Dec. 22, the "Annalist"
1,749
6,410
4,135
Outstanding
among
the
j_
RR., the O. O. O. A St. Louli RR
Dec. 29 from 134.8 (revised)'
on
commodities
advance
to
Gains
hogs and lambs, pork, veal and lard,
by
Hay and apples
increasing speculative
were
were
wheat,
also made
steers,
by corn
eggs, potatoes, cocoa, cotton¬
were lower.
participation in
markets.
The advance
many
of
was
the futures
V
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
.
Deo. 29,
1936
202.0
191.8
166.5
175.3
Farm Products
Dec. 22,
1936
Dec. 31,
£138.8
122.8
142.4
Food products
1935
131.7
129.0
135.6
*127.8
£127.2
118.3
167.3
Textile products
Fuels
167.3
170.3
...207.0
Low—Mar. 18
148.4
Metals
....207.5
120.7
111.5
1936 High—Dec. 28
122.5
208.7
162.7
Building materials
111.8
111.8
111.7
Chemicals
97.9
97.9
Miscellaneous
Thurs. Dec. 31
Fri.
Jan.
1
93.7
91.7
85.4
137.1
X134.8
129.4
81.0
£79 6
76.5
Holiday
—
Low—May 12
All commodities
All commodities
"Annalist"
Index
of
4
for
Tenth
Dec,
Wholesale Commodity Prices Up
Successive
29—December
Week
Average
on
♦Preliminary,
During Week Ended
Increased 4.8 Points
Sharp and in some cases spectacular gains carried the
"Annalist" Weekly Index of Wholesale Commodity Prices
2.3 points upward in the tenth consecutive week of
advance,
•
announced, adding:
cotton, hides and leather, steel and rubber.
and rye,
marked
net
Dec. 25
Dec. 26
5,673
........
seed oil, wool, silk and tin.
December 28, at 208.7.
on
gains for silk, cocoa, wheat, corn, hogs,
copper, cotton, wool, coffee and sugar.
There was a net
decline for the week in the price of rubber, while there were
no net changes in
prices of hides, silver, steel and lead.
The movement of the Index during the week, with com¬
parisons, is as follows:
Tues.
2,563
8,252
Louis Southwestern
Texas A Pacific
the index
Moody's Daily Index of Staple Commodity Prices ad¬
vanced moderately this week, closing at 207.5 this Thursday,
Mon.
104
3,589
1,863
2,563
3,563
16,523
Not available.
Moody's Commodity Index Advances Moderately
Sat.
103
4,865
2,791
3,358
4,654
21,549
857
Columbus A Greenville
FrI.
72
6,805
277
1,116
...
There
110
7,855
2,440
7,302
4,898
2,209
Texas A New Orleans
Alabama Tennessee A Northern
and
121
8,748
St.
Group B—
Quanah Acme A Pacifio
St. Louis-San Francisco
;
Reflecting
average
old dollar basis
x Revised.
the
rise
for December
'...
.
in
the
rose
98.4
.
weekly index,
the
monthly
4.8 points to 134.0 from 129.2
(revised) in November, said the "Annalist," which presented
monthly index as follows:
its
Volume
Financial
144
Declining prices of EpBom salts in the drugs and pharmaceuticals subgroup
OF WHOLESALE COMMODITY
THE ANNALIST MONTHLY INDEX
21
Chronicle
PRICES
and
(1913=100)
bone
ground
the
in
not suf¬
fertilizer materials were
of
subgroup
ficiently large to affect the indexes of these two subgroups.
The
Dec.,
Nov.,
Dec.,
1936
1936
of hides and leather products, continuing the advance
group
1935
the
week
last
since
in
October,
The index
July, 1930.
begun
1926 average for the first time
above the
rose
stands at 100.5.
All subgroups—shoes,
products—showed price advances.
now
hides and skins, leather, and other leather
137.0
*128.4
123.3
Food products
129.8
127.7
135.5
Textile products
125.7
*117.3
118.5
Fuels
167.1
166.9
170.1
Metals
119.9
115.5
111.5
caused
Building materials
4*1.8
111.8
111.7
97.9
97.7
98.4
The greatest number of
goods subgroup, where denims, drillings, duck,
filling sateen, tire fabric and yarns registered higher prices.
Advancing
prices of men's cotton hosiery caused the index of the subgroup of knit
goods to increase slightly.
Higher prices for Japan silk and silk yarns,
and increased! prices of woolen dress goods and yarns forced the subgroups
of silk and rayon and woolen and worsted goods slightly above the level
of the preceding week.
Higher prices of manila hemp, raw jute, rope,
and hard fibre twine caused the subgroup of other textile products to rise,
Farm
products
Chemicals
91.6
89.8
All commodities on old dollar basis
*129.2
Z76.3
♦Preliminary,
a:
Continued
the
76.7
—
Revised.
Advance
Wholesale
in
Prices
Commodity
During Week Ended Dec. 26 Reported by National
Fertilizer Association—Now at Highest Level Since
compiled by the National
Fertilizer Association during the week ended Dec. 26 regis¬
tered the highest point since September, 1930.
Last week
the index stood at 83.1% of the 1926-28 average as compared
with 82.8% in the preceding week.
A month ago it regis¬
tered 81.2% and a year ago 77.9%.
The Association's an¬
nouncement, under date of Dec. 28, went on to say:
The
latest
largely to higher prices for farm
due
was
hogs and lambs increased in price
week.
Falling prices for potatoes, flour, cocoa, lard, beef and cotton¬
oil resulted in a slight decline in the foods group index.
Textile
last
seed
prices
wool,
hay,
cattle,
with rising quotations for
somewhat higher during the week,
were
hemp and certain cotton goods offsetting the effect of lower prices
wool,
for
index
the
in
rise
wheat,
products;
with
rise
a
moderate
index
in
the
advance
to
rose
A rise In finished steel prices combined
scrap, copper and lead resulted in a
prices.
The building materials
burlap and silk.
cotton,
raw
a
price
the
in
steel
of
of metal
index
high for the recovery period!, caused by rising prices
new
The chemicals and drugs
index registered a decline for the first time since March,
due to lower
quotations for soda.
Lower prices for cottonseed meal, bran and middlings
caused a slight drop in the index representing miscellaneous commodities.
Advances were registered by 29 price series included in the index last
week and declines by 18; in the preceding week there were 47 advances
and
19 declines;
in the second preceding week there were 45 advances
Southern
for
and
white lead
pine,
linseed oil.
and
declines.
14
.
'
.
a
no
PRICE INDEX
V'*.
Latest
Prec'd'g
Month
Year
Week
•
Week
Ago
Ago
Each Group
Dec.
Group
Bears to the
26, Dec.
turpentine,
rosin,
23.0
cultural
The
implements,'
cereal
products,
motor
vehicles, and
plumbing and
advanced 0.4%.
group
products,
and1
fruits
declined.
foods
other
and
meats
heating
remains
and
Among
Average prices of dairy
vegetables moved upward, but
the items which advanced in
butter, bread at Cincinnati, oatmeal, flour, veal, salt mackerel,
price
were
lard,
and edible
tallow.
Lower
prices
registered
were
by cheese,
sweet
canned peaches, dried apricots, prunes,
crackers, yellow corn meal, pretzels,
mutton, mdss pork, fresh pork, herring, pepper, and raw sugar.
28,
in
the average prices
of cattle feed1 and crude rubber caused a
82.1
80.5
104.7
83.4
81.7
76.0
70.1
67.4
64.9
107.7
107.8
99.3
74.9
80.3
78.4
79.0
78.6
modities
80.1
79.9
79.7
76.5
Dec. 23.
Miscellaneous commodities..
82.3
82.4
80.8
75.9
75.8
73.7
91.9
90.8
87.9
Building materials
84.5
83.5
83.2
did
not
group,
affect
anthracite and
bituminous
higher prices of
the
index
petroleum
the
of
as
group
showed
products
a
no
Small
in
increases
influence
the prices
index
the
of the
of galvanized iron pails and tubs failed1 to
The indexes for
housefurnishing goods group.
furnishings and furniture remained at the level of the preceding week.
The
following
the
for
shows index numbers for the main
table
past
five weeks
groups
and for Dec. 21, 1935; Dec.
of
22,
com¬
1934;
1933, and Dec. 24, 1932:
83.5
6.1
of
70.8
Metals
coke
71.2
Textiles
lighting materials
prices
change.
96.5
7.1
and
Average
82.2
8.2
change.
fuel
Connellsville
and
whole.
1935
1936
no
the
In
coal
83.1
-
and poultry
for the foods
index
90.4
Livestock
Fuels
group rose
livestock
but
unchanged.
69.8
Grains
17.3
lead pipe, copper sheets and
subgroups of iron and steel and non-ferrous metals rose, but those of agri¬
84.7
Cotton
lath,
yellow pine
frames,
remained at the level of the preceding week.
0.5% during the week.
Prices of grains
and other farm products declined
slightly.
Items which showed increased prices were barley, No. 3 corn,
oats, rye, wheat, calves, light hogs, cotton, apples at New York, lemons,
oranges,
peanuts, alfalfa seed, flaxseed, white potatoes at Boston and
New York, and wool.
Lower prices were registered by No. 2 corn, cows,
6teers, heavy hogs, lambs, live poultry, eggs, and sweet potatoes.
Due to higher prices of scrap steel and several non-ferrous metal items,
the index of the metals and metal products group advanced 0.5%.
The
The farm products
107.3
Farm products
door
ing, and! structural steel
advanced,
84.7
Cottonseed oil
prices of
yellow pine flooring, spruce, red lead, litharge,
90.6
84.0
Fats and oils
increased
to
105.5
Foods
25.3
28, Dec.
19, Nov.
1936
1936
Total Index
slightly.
Douglas fir drop siding,
chanewood oil, linseed oil,
copper wire,
the index of the building materials group advanced 0.6%.
The subgroups
of lumber, paint and paint materials, and other building materials in¬
creased, but the subgroups of brick and tile, cement, plumbing and heat¬
Due
showed
r?».
•
subgroup
The clothing
of burlap.
slight advance in the index for the miscellaneous commodity group.
Auto¬
mobile tires and tubes, paper and
pulp, and other miscellaneous items
(1926-1928=100)
Complied by the National Fertilizer Association,
Per Cent.
in the price
decline
change, although prices of men's and women's linen handkerchiefs
Increases
WEEKLY WHOLESALE COMMODITY
with
the clothing subgroup.
those in
slight
despite
increased
Advancing for the thirteenth consecutive week, the weekly
wholesale commodity price index
textile products group rose to
the
The higher level of prices for this group was
average.
the cotton
in
was
showed
September, 1930
week,
the
by rising prices of commodities scattered throughout the group
exception of
increases
129.4
79.1
during
75.7% of the 1926
85.1
134.0
Miscellaneous
All commodities.
0.7%
Increasing
77.2
10.8
1.3
Chemicals and drugs
93.6
96.3
96.5
94.8
0.3
Fertilizer materials
69.5
69.2
68.5
Fertilizers
75.9
75.9
74.7
72.9
Farm Machinery
92.7
92.7
92.6
82.8
81.2
Dec.
Nov.
92.4
83.1
Dec.
Dec.
64.4
0.3
77.9
0.3
.!'■
(1926-100.0)
Nov.
Dec.
Dec.
Dec.
Dec.
r
19,
12,
5,
28,
21,
21,
22,
23,
1936
Commodity Groups
1936
1936
1936
1936
1935
1934
1933
1932
24,
62.5
83.7
83.4
83.0
82.6
82.4
80.4
76.7
70.4
Farm products
87.7
87.3
86.7
85.5
85.2
77.3
71.2
54.8
44.3
Foods
58.4
All commodities-
All groups combined
100.0
Prices Increased 0.4% During
Week Ended Dec. 19 According to United States
Department of Labor
Commodity
of
wholesale commodity prices showed an advance of 0.4% in
the Bureau's index during the week ended Dec. 19, accord¬
ing to an announcement made Dec. 24 by Commissioner
Lubin of the Bureau of Labor Statistics, United States De¬
The eighth consecutive week of the upward movement
partment of Labor.
index
The
stands
now
at
83.7%
week of last
month and 4.1%
Eight of the 10 major
of
the
1926
is at the
and
average
It is 1.6% above the corresponding
Two groups—fuel andi light¬
materials and housefurnishing goods—showed no change from the
previous week.
For the second consecutive week the chemicals and drugs
ing
and
showed the largest
leather
vanced
products
the
Continuing
finished
or
1.3%.
finished
average
each
groups,
which
of
modities
foods,"
0.2%,
semi-manufactured
the
for
other than,
industrial group,
ad¬
For
level
more
raw
prices
of
since
than raw
the increase
sharply
19
materials and
The rise in the
raw
respectively.
articles
wholesale
of October,
part
the
materials the increase
week of
fourth
has been 3.4%,
1.4%.
group
of
non-agricultural
"all
commodities,
of
These two groups
the
following
Dec. 24 by
The
was
corresponding
are
1.3% and 1.2%,
week of last
month
respectively,
2.3% and
and
is
also
from
the
61.6
86.4
89.2
69.1
75.2
74.6
74.3
73.5
72.7
69.7
76.0
52.8
Fuel<g.mater'ls.
Metals & met .prods.
Building materials-
77.5
77.5
77.6
77.6
77.5
75.7
75.0
74.4
69.5
Housefurn'g goods-
88.8
88.4
88.0
87.5
87.3
86.2
85.5
83.2
89.2
88.7
88.4
87.8
87.8
85.2
84.7
85.3
70.9
85.4
84.2
83.3
82.7
82.5
80.2
78.1
73.4
72.3
84.3
84.3
84.0
83.6
83.4
82.2
82.5
81.9
73.5
M lscellaneous
74.4
74.1
74.1
74.1
73.9
67.5
71.1
65.5
63.2
Raw materials
84.9
84.4
84.0
83.2
83.1
X
X
Semimftd.
82.7
81.6
81.0
80.1
79.5
X
X
X
X
83.7
83.5
83.2
82.9
82.8
X
X
X
X
82.9
82.5
82.2
81.9
81.8
81.0
77.8
73.7
66.6
82.2
81.9
81.7
81.5
81.2
78.8
78.2
77.6
69.0
articles-
Finished products.
-
than farm prods
farm
move
X
.
prods.
& foods
x
Not computed.
Electric Output in
Week Ended Dec. 26 12.7% Above
a Year Ago
f*The Edison Electric Institute in its weekly statement
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Dec. 26, 1936, totaled 2,080,954,000 kwh., or 12.7%,
above the 1,847,264,000 kwh. produced in the corresponding
week of 1935.
Electric output during the week ended Dec. 19 totaled
2,274,508,000 kwh.
This was a gain of 13.6% over the
2,002,005,000 kwh. produced during the week ended Dec. 21,
1935.
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
of
1.4%
by higher
in the prices
in
issued
Week, Ended
Regions
Dec. 26, 1936
the chemicals and' drugs group
Week Ended
Dec. 19,
10.2
upward.
1936
Week Ended
Week Ended
12,
Dec. 5, 1936
Dec.
12.4
1936
11.8
Middle Atlantic
11.4
13.7
13.8
Central Industrial
15.6
17.3
16.8
Not
11.0
11.7
10.3
available
16.1
17.1
18.8
15.9
13.8
12.3
7.7
7.3
8.2
13.6
14.9
13.9
West Central
of copper sulphate, copra, packers' prime
These increases caused the subgroup of chemi¬
The subgroup of mixed fertilizers showed no change.
prices
Major Geographic
Southern States
Rocky Mountain
Pacific Coast
tallow, and vegetable oils.
cals to
X
79.3
All comm'tles other
New England
announcement
Commissioner Lubin:
increase
caused
75.4
96.2
"all commodities other than farm products and processed
4.3% above the corresponding week of 1935.
The
85.3
98.3
com¬
farm products," advanced 0.5%, and the index for the
0.4%.
rose
the
latter
advanced
For the week ended Dec.
average
8.2%.
been
index
the
articles
in the
0.6% and
finished products
for
begun
products.
were
of
prices
has
above
products
advances
The
products
October
The
tendency
semi-manufactured
of
materials
and
textile
0.7%.
prices
was
Ranking next were the hides
increase—1.4%.
and
84.5
99.3
used by the Bureau in classifying wholesale
commodity prices advanced during the week.
group
84.4
99.4
than
above the corresponding week of 1935.
groups
84.8
99.8
All com'd'ties other
He stated:
highest point since September, 1930.
84.8
Chemicals & drugs.
Wholesale
85.1
Hides & leath.prods. 100.5
Textile products—
75.7
Total United States-
22
Financial
Chronicle "
FOR RECENT WEEKS
DATA
respectively,
the
with
(in Thousands of
Weekly Data for Previous Years
in Millions
P. C.
Kilowatt-Hours)
Week of
of Kilowatt-Hours
1936
3...
Oct.
1,863,483
1,867,127
1,863,086
1,895,817
2,175,810 1,897,180
2,169.480 1,913,684
2,169,715 1,938,560
2,196,175 1,953,119
17--.
Oct.
24-..
Oct.
31--.
Nov.
7--.
Nov. 14...
Nov. 21...
Nov. 28...
3,668,922
decrease of 6.1%
a
1932
1931
1930
1929
3,906,682 tons consumed in the previous month, and
1,653
+ 16.5
1.668
+ 14.3
+ 14.7
+ 13.4
1,677
1,711
1,724
1,729
1,747
1.669
1,676
1,819
1,806
1,799
1,824
1,816
and the
+ 16.1
+ 11.9
1,691
1,617
1,608
1,554
1,619
1,644
1,657
1,539
1,506
1,508
1,528
1,533
1,525
1,521
1,532
1,475
1,510
1,519
1,563
1,554
1.672
1,676
1.41
November,
+ 12.4
1,705
1,684
1,743
1,767
1,788
1,650
12.
19-..
Dec. 26...
2,080,954 1,847,264 + 12.7
FOR RECENT MONTHS
1,656
1,647
1,652
1,628
1,623
1,655
1,600
1.671
1,741
1,672
1.747
October,
increase of 14.1%
an
5.4% when compared with the tonnage
1936.
<
♦
In terms of day's supply, which is
calculated at the current rate of con¬
sumption, there was enough bituminous coal on hand on Dec. 1, 1936, to
last
1,718
1,722
in
Consumption of bituminous coal decreased 6.1%
1935.
of anthracite declined
consumed in
'
1,798
1,794
1,818
1,728
1,713
use
of coal
net tons
when compared with the
1,646
1,619
1,619
1,622
1,583
1,617
Dec.
DATA
was
1936.
1,
1933
Dec.
5...
This
when compared
decrease of 2.2%
a
Nov.
consumed
1,659
1,657
+ 16.4
2,133,511 1,876,684 + 13.7
2,243.916 1,969,662 +13.9
2.278,303 1,983,431 + 14.9
2.274.508 2,002,005 + 13.6
Dec.
1936.
and
on
plants
1934
1935
2,169.442
2,168,487
2,170,127
2,166,656
10-J,
Oct.
utility
power
November,
over
Oct.
increase of 6%
an
corresponding stocks
Electric
Ch'ge
Jan. 2, 1937
these
61
days and enough anthracite for 207 days' requirements.
(The Coal Division, Bureau of Mines, cooperates in the preparation of
reports.)
1,806
1,841
1,565
1.748
1,770
1,860
1,524
1,617
1,638
(THOUSANDS OF KWH.)
12.5% Gain Over A Year Ago Noted in Department Store
Sales in Metropolitan Area of New Yorktfrom Dec.
1 to 24—Sales in New York
Reserve^District in
November Also Higher
Month
P. C.
1936
of—
Jan
1935
8,664,110
Feb
7,762,513 +
7,048,495 +
7,500,566 +
7.382,224 +
7,544,845 +
8,025.886
March
8,375.493
8,336,990
8,532,355
8,640,147
.
April...
May...
June
July..
1934
Ch'ge
11.6
7,131,158
6,608,356
7.198,232
6,480,897
5,835,263
6,182,281
12.9
6,978,419
6,024,855
13.1
7,249,732
7,056,116
7,116,261
7,309,575
6,532,686
6,771,684
6,294,302
6,219,554
6,809,440
7,058,600
7,218,678
6,931.652
7,094,412
6,831,573
7,009,164
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638.424
13 9
7,404,174 + 16.7
7,796,665 + 17.5
August.
Sept
9.262.845
7,795,422 + 18.8
9,670,229
8,388,495 + 15.3
+ 14.8
8,078.451
Nov
8,197,215
6,832.260
7.384,922
7,160,756
Dec
8,521,201
7,538,337
—
Oct
For the Christmas shopping period—Dee. 1 to 24, inclusive
—total sales of the reporting department stores in the Metro¬
1931
1932
11.7
9,163,490
9,275,973
.
1933
7,011,736
6.494,091
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7.288.576
7,166,086
7,099,421
7,331,380
6,971.644
7,288,025
politan Area of New York "were 12.5% higher than a year
ago," said the Federal Reserve Bank of New York in its
"Monthly Review" of Jan. 1. "There was one more shopping
day this year than last, however, and for the corresponding
20 business day sales were 8.9% larger this year than last,"
said the Bank, which added:
The New York and
Brooklyn stores recorded an 8.5% increase in sales
93,420,266
85,564,124 80,009,501 77,442,112 86,063,979
Note—The monthly figures shown above are based on reports covering approxi¬
mately 92%
of the electric light and power industry and the weekly figures are
based on about 70%.
days, while the Northern New Jersey stores registered
increase.
Total.
for the 20
On the basis of these figures for the period up to Christmas, the
total for the month appears to have been
indicates that total sales for the year 1936 in the Second Federal Reserve
District
of
Electricity for
13% Above
Public
November
Use
During
Year. Ago
a
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 November,
1936, totaled 9,790,730,000 kwh. This is a gain of 13% when
compared with the 8,692,799,000 kwh. produced in Novem¬
ber, 1935. For the month of October, 1936, output totaled
10,174,447,000 kwh.
'
Of the November, 1936, output a total of 3,379,852,000
kwh. was produced by water power and 6,410,878,000 kwh.
by fuels. The Survey's statement follows:
PRODUCTION
ELECTRICITY
OF
STATES
FOR
PUBLIC
approximately 9.8% higher than in 1935,
were
IN
THE
UNITED
Total November sales of the reporting department stores in this District
7.6% higher than in 1935, but after allowing for differences in number
were
of shopping days,
Change in Output
from Previous Year
Total by Water Power and Fuels
November
October
628,181,000
679,566,000
659,818,000
2,461,020,000 2,654,606,000 2,579,953,000
East North Central
2,219,834,000 2,372,862,000 2,330,991,000
West North Cehtral634,997,000
603,730,000
609,746,000
South Atlantic
1,122,042,000 1,228,788,000 1,181,257,000
East South Central
443,980,000
458,521,000
446,227,000
West South Central.
498,425,000
536,860,000
470,516,000
Mountain
383,858,000
385,979,000
392,093,000
Pacific..
1,306,761,000 1,275,244,000 1,120,129,000
-
.
-
November
+ 8
+ 15
+ 13
+ 19
+ 19
9,720,807,000 10.174,447,000 9,790,730,000
November
in
326,358,000
was
daily production in October.
which
the average
preceding month.
0.3%
ern
months.
by the
use
The
York
New
and
Brooklyn stores,
+ 17
+23
less than in October.
an
Sales of the leading apparel stores in this district
15.2% higher than in November, 1935, and
Department store stocks of merchandise
6.9% higher than
were
two
a year
earlier,
a
on
+ 9
larger increase than in the previous
the
increase
PUBLIC
New York...
Stock
the
USE
February
1935
1936
53.3
51.3
51.6
44.4
+9.8
+5.8
+ 16.8
+5.0
12.4
+9.2
+7.4
t8.2
42.6
42.8
+ 12.2
44.8
45.0
+ 10.2
42.4
44.0
—3.7
35.0
36.2
+ 13.3
+ 4.4
Northern New York State—
—4,5
Southern New York State—
+ 1.9
+ 4.0
March
April
May
8,011,213,000
7,817,284,000
8,020,897,000
9,085,474,000
June
9,124,052,000
July
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
+2.3
Elsewhere
Central New York State
—
-t 8.7
+Yi".i
+ 9.2
+ 8.3
—3 4
+6.0
Hudson River Valley Dist-
Niagara Falls
9,671,982,000
August
September.
October
_
....
November
9,802,053,000
9,720,807,000
10,174,447,000
9,790,730,000
-.
1
+7.6
Apparel stores
1936
1935
11%
15%
11%
14%
13%
9%
4%
5%
4%
5%
10%
11%
37%
34%
42%
45%
43%
36%
33%
31%
39%
40%
44%
46%
46%
44%
43%
14%
31%
37%
33%
35%
32%
37%
Linens and
Woolen goods
+6.9
49.4
48 1
+2.4
49.3
49.0
Cotton goods
36%
+9.3
+ 15.4
Books and stationery
13%
1.1
+15.2
All department stores
Over
16%
16%
14%
18%
15%
13%
14%
...
50.6
50.1
+2.7
+3.7
Bridgeport
1934
6%
November
M onth
+ 11.5
+ 8.1
+7.2
"November sales and stocks in the principal departments are compared
with those of
8,349.152,000
7.494,160.000
Collected in
End of
+8.9
+
Northern New Jersey
Water Power
Kilowatt Hrs.
9,245,639,000
8,599,026,000
8,904,143,000
8,891,574,000
31
+7.6
Rochester
Syracuse
Over
Kilowatt Hrs.
Hand
Oct.
Nov.
+7.6
+4.4
Buffalo—.
Produced by
1935
Accounts Out¬
Net Sales
Nov.
average
over
'
Per Cent of
Year Ago
on
1935
January
year
Feb. to
+ 13
Increase
1936
a
in both the department and apparel stores.
+ 4
+ 15
ELECTRICITY FOR
1935
daily basis
on an average
hand at the end of November
The rate of collections averaged slightly lower than
months.
Locality
of water power in November
Increase
1936
1935, but
after allowing for the fewer shopping days in November, the increases
Capital District
OF
Department stores
even
standing
The output for the first 11 months of this year is
PRODUCTION
and
Rochester,
in the remaining localities reported sales well above November,
Westchester and Stamford.
MONTHLY
and the
parisons in the daily rate of sales in several months.
a
14% above the first 11 months of 1935.
TOTAL
South¬
Westchester and Stamford stores also recorded the best year to year com¬
Percentage Change from
This is the first month since May, 1936, in
of electricity
35% of the total.
showed
New York State department stores recorded the largest advance in six
+ 3
+ 15
+24
+ 13
+ 34
+30
less than
daily production failed to show
Daily average
the largest year-to-year gain since September, 1935, and sales of the
+ 15
The normal change from October to November is +0.7%.
The production
was
kwh.,
the largest since July.
+ 8
+ 13
The average daily production of electricity for public use in the United
States
was
District department stores made the best comparison
with the previous year since March, 1934, sales of the Syracuse stores
ago
New England
Middle Atlantic
Total for U. S
the increase
sales of the Capital
the gain was the highest since last March.
Percentage
October
compared with an
were
USE
(IN KILOWATT-HOURS)
September
as
1.7% between 1934 and 1935.
As to the sales of department stores in the Second (New
York) District during November, the Bank, in its review,
had the following to say:
were
Division
about equal to the Dec. 1931 total.
This estimate in combination with figures for the first 11 months of the
year
increase of only
Production
10.6%
a
a year
previous in the following table:
Net Sales
Stock
Percentage Change
November, 1936
Compared with
on
Hand
Percentage Change
Nov. 30,
1936
November, 1935
-'life''.-." *
V:'U
Compared with
Nov. 30, 1935
+ 19.4
:
+ 15.5
39%
,
+ 15.9
+ 10.4
+ 15.6
handerkerchiefs
+ 10.0
T-14.3
+
Women's and misses' ready-to-wear
+ 14.3
+ 12.7
-1-18.5
Musical instruments and radio
+ 11.2
4 25.7
Toys and sporting goods
+ 10.4
-r-7.6
Toilet articles and drugs
+9.6
engaged in generating electricity for public use, including central stations,
Men's furnishings
+9.0
+ 1.6
+ 19.1
both publicly and privately owned, electric railway plants, plants operated
Luggage and leather goods
Home furnishings
+8.6
+8.4
Women's ready-to-wear accessories
+6.8
+ 6.7
Silverware and jewelry
+6.4
+ 12.2
December...
Total
13%
99,393,073,000
9.2%
40%
The quantities given in the tables are based on the operation of plants
by steam railroads generating electricity foFtraction, Bureau of Reclama¬
tion
plants, miscellaneous
Federal
and
State
projects, and that part of
the output of manufacturing plants which is sold.
ceived
each
month
representing approximately 98%
shown; the remaining 2%
made
as
rapidly
as
are
of the total
are
available.
output
are
Thus the figures shown
to
7,948,456
5.3% above the stocks
were
bituminous
on
+6.3
Hosiery
+4.6
—3.4
Men's and boys' wear
+ 1.9
+20.8
—3.0
+ 12.9
+3.3
Shoes
Miscellaneous
_
-
.
+0.4
1.3% Above November,
1935, According to New York Federal Reserve Bank
Consumption
net
tons.
This
was
when compared with the amount of coal in reserve
tons
+4.3
November Sales of Chain Stores
Coal Stocks and
amounted
+6.3
+ 17.8
slightly
preliminary data.
The total stocks of coal held at electric power utility plants on Dec.
1936,
•
re¬
10.0
+ 14.8
preliminary while those for the preceding months
corrected in accordance with actual reports received and vary
from the
are
of the output is estimated and corrections
actual figures
for the current month
are
Accurate data
-
hand
coal
a
and
year ago.
1,089,025
on
an
increase
of
1,
4.8%
Nov. 1, 1936; and was
Of this total stock, 6,859,431
tons
anthracite,
which
were.
According to the Federal Reserve Bank of New York,
reporting chain store systems
in the Second (New York) District "were 1.3% higher than
in 1935, and even after allowing for differences in the numtotal November sales of the
23
Chronicle
Financial
144
Volume
FACTORY EMPLOYMENT AND
op shopping days, the increase was the smallest since
April."
In noting this in its Jan. 1 "Monthly Review,"
ber
last
PAYROLLS: INDEXES BY
the Bank also said:
basis, sales of the shoe chains
rate of sales in three to four
fe,There
for
Oct.
Nov.
NOV.
Oct.
NOV.
1936
1935
1936
1936
1935
1936
1936
1935
94.3
88.0
96.6
96.5
88.7
90.1
88.8
75.5
87.9
79.0
90.4
88.9
80.1
87.8
85.0
69.6
97.6 103.2 104.7
97.9
92.9
93.7
82.9
97.6
83.8
94.2
92.1
69.1
96.5 105.2 102.5
83.0
102.9 101.1
Non-durable goods
98.1
Iron and steel
Compared with November,
Type of Store
Total
Store
+2.2
—0.7
+ 1.3
69.2
62.5
60.4
63.5
50.1
60.5
67.2
69.1
61.4
61.2
62.5
48.7
Fabrics
B.
—10.1
—0.9
Total
67.6
67.2
A.
+ 2.1
+2.7
Candy
82.3
61.1
66.1
Textiles and products
2.0
+3.0
—7.7
99.7
66.2
Stone, clay and glass
Non-durable Goods—
+2.1
+ 1.0
Variety
99.0 101.6
66.0
Wearing apparel
Leather
products
Food products-
+2.3
Tobacco products..
Paper and printing
Chemicals & petroleum prod.
A
Chem.
group,
except
York Federal Reserve District
During November 7.8% Above Last Year
"In November total sales of the reporting wholesale firms
in the Second (New Yori) District averaged 7.8% higher
than in 1935, a slightly larger increase than in October,"
said the Jan. 1 "Monthly Review" of the New York Federal
Reserve Bank, from which the following is also taken:
Sales of the men's clothing and cotton goods concerns, and yardage sales
of rayon and silk goods reported by the National Federation of Textiles,
increased over a year ago by the largest amounts in three to five months,
and sales of the grocery, hardware and paper firms showed larger gains
than in October.
The diamond and jewelry concerns reported sales sub¬
stantially higher than in the precding year, although
the gains were
somewhat smaller than in the past few months.
The shoe firms, on the
other hand, showed a decrease in sales, the largest since last April, and the
Wholesale Trade in New
reported the largest decline in sales in over a year.
stationery firms
jewelry firms continued to report
larger amounts of merchandise on hand than in 1935. Collections averaged
slightly better in November, 1936 than in November, 1935.
The grocery,
hardware, diamond and
of Accounts
Outstanding
November, 1936
Compared with
Collected in November
adjusted to
are preliminary.
of Month
87.2
35.3
+ 10.3
Cotton goods
+ 16.7
36.7
*+15.0
34.4
41.4
Shoes
—11.8
—
46.6
47.7
+23.8
+ 11.4
Hardware
—6.7
Stationery
53.5
56.5
10.4
47.1
55.6
J 17.3
| 15.8
53.7
54.8
+
Paper
Diamonds
+20.9
Jewelry
~+5~.3
+56.1
-
+ 145.6
+7.8
Weighted average
ness
of Textiles, Inc., not
Governors of Federal Reserve
System for November
The Board of Governors of the Federal Reserve System
issued as follows, on Dec. 24, its monthly indexes of in¬
dustrial production, factory employment, &c.:
BUSINESS INDEXES
Governors, (1923-1925=100)*
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
usual
of
F.
W.
the
Dodge Corp.,
previous month.
employment
Nov.
ment
1936
1935
factories
97
Factory payrolls
104
60
p52
54
53
43
26
P39
41
25
p72
95.8
69
88
p 62
65
76
c
;
c
—
-
94.3
—
-
96.6
-
88.7
90.1
88.0
«
96.5
88.8
75.5
80
Department store sales, value
73
66
80
84
67
P93
Freight-car loadings
90
82
P104
99
91
127
124
106
126
118
Distribution
was
also
a
rise
104
95
86
sales
in
96
114
93
by general
areas
declined
Freight-car loadings showed a
ber.
of
Loadings
of
coal,
93
105
127
65
124
from
111
109
pl06
122
104
substantial increases
87
59
90
99
58
140
rubber.
150
153
157
71
P103
94
80
further,
48
48
p67
62
50
this
152
144
pl52
153
98
44
93
167
82
100
98
82
68
67
100...
Zinc
Silver.
Lead
V
Preliminary.
*
Indexes of production, car
■
-
-
--
118
73
73
70
,
loadings and department store sales based on dally
averages.
b Based on
three-month moving average of F. W, Dodge data centered at second
month-
Revised series.
Indexes of factory employment and payrolls
compiled by Bureau of Labor Statistics.
Index of
for seasonal variation compiled by Federal Reserve
See note below.
seasonal adjustment
factory employment adjusted
Board of Governors.
There were
37
101
to advance
nor-ferrous metals and
Prices of wool, cotton yarns and worsted yarns advanced somewhat
and cotton, pig iron and steel scrap prices also increased in
in the prices of wheat, flour,
143
71
shipments
137
86
119
Petroleum, crude..
146
110
—
p92
p65
P153
Anthracite
the usual
Commodity Prices
general level of wholesale commodity prices continued
the middle of November to the third week of December.
The
91
Tobacco manufactures
Minerals—Bituminous coal
smaller-than-seasonal decrease in Novem¬
and grain increased contrary to
miscellaneous commodities and of most
freight declined by less than the seasonal amount.
105
Cement
coke
serving rural
andl shipments of
pill
Leather and shoes
increased substantially in November, and there
at variety stores and at chain grocery stores.
merchandise stores and mail order houses
from the high level reported for October.
Sales
111
82
127
98
Food products
Automobiles
reported,
sales
89
138
121
...
Textiles
Iron ore
were
Department store
other classes
Production Indexes by
c
cotton
decline
establishments
seasonal tendency,
Groups and Industries—
Manufactures—Iron and steel
without
at
than is usual in November.
At shoes
producing wearing apparel smaller-thanand there were increases in employment
and woolen textile mills andl at meat-packing plants.
smaller
a
and
declines
95
57
showed little
98
114
p40
—
Factory employment
110
92
pll5
P115
pll4
111
97
p58
All other
96
110
figures of the
in November as in
awarded, according to
contracts
is usual at this season
decrease
a
showed
Oct.
1936
109
shipping strike on the
change from October to November,
of the year, and the Board's
seasonally adjusted index advanced to 96% of the 1923-25 average.
The
number employed at factories producing durable goods continued to in¬
crease, with the largest expansion in the automobile and machinery indus¬
tries.
There was a decline in employment at lumber mills and in the
glass industry.
In the non-durable goods industries as a group employ¬
although
Nov.
pllO
Residential
24, follows:
makes allowance for
continued at about the same rate
Factory
1935
b:
Total
industrial production, which
of
construction
of
Value
Nov.
Pll4
Minerals
the Board notes,
of October.
The
reduction.
Oct.
pll4
Construction contracts, value
end
Pacific Coast. Increases
meat-packing establishments and textile mills,
meltings and output of tobacco products declined by less than
seasonal amount.
At mines, coal production increased, and
crude petroleum and iron ore showed a smaller-than-seasonal
sugar
1936
General Indexes—
total
the
issued under date of Dec.
effects of the maritime
seasonal
production,
since
output were reported at
in
1936
Manufactures
steadily
index
Board's
Nov.
Industrial
Wholesale commodity prices,
advanced
and
of
Index numbers of Board of
Federal
general busi¬
States, based
November and the first three weeks of
statistics for
output
Indexes
October
Governors of the
System, in its monthly summary of
and financial conditions in the United
Reserve
the
Monthly
increased considerably from
November, -states the Board of
the
Quantity figures reported by the National Federation
included in weighted average for total wholesale trade.
*
and the distribution of com¬
Production, wage payments
modities to consumers
for the usual
November as
compared with 109% in October.
Output of both durable and non-durable
manufactures showed a considerable rise.
Production of steel ingots in¬
creased further to a rate of 79% of capacity in November, and output of
automobiles also increased.
Figures for the first three weeks of December
indicate continued expansion in output of both steel and automobiles.
In
the plate glass industry, where there has been a strike, production was
sharply reduced in November, and activity at lumber mills declined, reflecting
60.0
Rayon and silk goods
from
changes in the number of working days in the month and
seasonal variations, was 114% of the 1923-25 average in
39.6
61.8
♦
Production
November
October to
The
Men's clothing
Industrial
in
United States by
Reserve System—
Production and Employment
85.2
31.7
+4.9
-
Noted
Increase
1936
+ 12.4
Sales
adjusted
.
Summary of Business Conditions in
Board of Governors of Federal
to
77.2
Under¬
of month, and have been"
November, 1936, figures
Revised.
Board's summary,
1935
Index of factory employment
Board of Governors.
Statistics.
compiled by Federal Reserve
period ending nearest middle
the Census of Manufactures through 1933.
r
96.8
86.2 100.7
97.9
without seasonal adjustment com¬
lying figures are for payroll
Stock End
Net
Groceries
employment and payrolls
piled by the Bureau of Labor
for seasonal variation
have
Commodity
99.5
85.7
98.3
99.0
Indexes of factory
December.
October 31
November, 1935
119.9 7-119.4
Rubber products
upon
Per Cent
Percentage Change
80.7
88.5
87.2
99.8 104.8 104.3 100.1
104.4 101.7
81.3
85.1
86.6
95.8
97.1
98.8
94.4
95.5
97.3
76.2
91.5
84.7
118.3 107.3
118.4 113.4 109.5 116.1
64.4
74.0
67.5
86.5
92.8
88.9
92.1
92.0
94.8
95.0
+111.5
H12.7 107.1 113.8 +124.2 107.8 108.1
112.9
50.8
54.7
55.0
63.2
64.5
66.1
59.9
61.1
62.5
86.8
96.5
98.7
99.4
98.1 104.9 104.0
103.5 103.1
120.3 114.5 114.5 rll4.4 101.5
117.7 117.9 112.9 119.3
110.4
7-117.4 111.2 119.2 +120.2 113.8 112.9 113.9
petroleum refining.. 117.2
105.1
117.4 119.9 +120.6 117.4 119.4 + 115.9
Petroleum refining
B.
*
96.1 109.9 108.3
106.6 105.2
metals
Nonferrous
—1.0
+0.1
Shoe
—3.5
—2.7
Ten-cent
60.1
Lumber and products
—2.5
Grocery
60.8
Railroad repair shops.
Sales Per
Sales
91.3
98.9 113.3 101.8 101.6 109.0
110.0 117.1 120.3 rl01.5 104.5
52.6
63.9
65.8
60.4 53.7
53.7
60.8
95.4
121.3 113.4 112.6 126.2
Automobiles
Number
of Stores
97.8
95.5 111.2 109.5
110.7 104.7
equipment..
Transportation
1935
84.0
97.1
110.1 108.3
Machinery
in November, 1936
Percentage Change
sonal Adjustm't
Goods—
Durable
total sales.
Nov.
89.3
Durable goods..
combined was somewhat larger than
all chains
Nov.
95.8
Total
Adjustm't
Oct.
1936
months.
sonal
Nov.
slight decrease in the total number of stores in operation
November, 1935 and November, 1936, so that the percentage
increase in sales per store of
Without Sea¬
Without Sea¬
Adjusted for
Seasonal Varia'n
was a
between
Payrolls
Employment
showed the smallest
gain over the preceding year since September, 1935, and sales of the 10cent and variety chain stores made the least favorable comparisons with the
previous year in seven months.
On the other hand, the grocery and candy
chain store systems reported the best year to year comparisons in the daily
On an average daily
GROUPS AND
INDUSTRIES (*)—1923-1925=100
period.
Bank
enced
.
recent weeks has been influ¬
developments jn connection with
position of member banks in
by
temporary
holiday currency requirements
States Treasury.
seasonal
and mid-December financing by the United
Notwithstanding the increased
demand for currency for Christmas shop¬
ping, there was a further growth in
member banks
demand deposits at weekly reporting
through the first half of December, reflecting additions to
monetary gold stock, as well as a
At
Credit
reserve
largely
The
sharp increase in bank loans.
reporting banks outside New York City holdings of government
ties increased
by $140,000,000
securi¬
in the four weeks ending Dec. 16, while at
24
New
Financial
York
increase
New
Oity banks they showed
a
$100,000,000 in loans
to
of
York
ment
City,
largely for the
securities.
Commercial
further small decline.
brokers
purpose
loans
and
dealers
of buying
showed
in
was
securities
000,000,
carrying the total volume of such loans to
higher than a year ago.
1
level
of
lock
the
Govern¬
corresponding week of 1935.
All but West Coast and Redwood reported
shipments above, and all but Southern pine, West Coast, redtwood and
$150,-
Southern
$800,000,000
Activity in 1936 Only 25% Below Normal
trade, including production, distribu¬
tion, and financial activity, adjusted for normal
long-term
growth and seasonal variations, has risen to about
25% below
the estimated normal level from
the low point of
46%
below normal in March, 1933,
according to the monthly
business survey of the National Industrial
Conference Board.
The summary, issued Dec.
28, follows:
Last
securities is still lagging behind
improvement in production and dis¬
54.3% of the
fairly
by the P. W. Dodge Corp., amounted
and with
There
a
low of
to
$1,580,400,000 in the corresponding months
$1,255,700,000
is that sizable shortages of
of 1935
The second is that
expansion in plant.
are
tons of newsprint were made in
Newfoundland,
that the total North American
production for the month amounted to
Total production in
November, 1935, was 372,421 tons.
According to report, the Canadian mills produced 379,625 tons
more in
the first 11 months of 1936 than in
the first 11 months of
1935, which was an
ncrease of
15.1%.
The output in the United States was
slightly greater
than for the first 11 months
of 1935; in Newfoundland
11 months of 1936 was
substantially
above that for any full year since
1929. Total output for this year is esti¬
gross
duction of 1929.
tons
than during the
corresponding period of 1935.
class I railroads amounted to
$3,322,000,000
to
14.1%
or
no
9.6%.
Total gross revenues for all
for
the first
10-months of
as
for each month since
compared with $396,700,000 in the first 10 months of
November, 1934:
Canada
November—
285,771
October
of retail trade, and in
September
301,106
269,7 82
270,053
274,627
270,051
branches
notably mail order houses, 1929 sales
were
surpassed,
«
June
the year.
Significant facts brought out by analysis of individual
commodity
(1) agricultural products as a group have shown
very large
percentage gains; (2) food prices have declined
slightly; and (3) industrial
May.
groups are:
materials of all kinds have risen
February
anuary
Employment in non-agricultural activity had recovered, at the end
of
•
any time in 1929.
1936
:
Canada
September
223,892
235,573
234,266
232,020
242,693
222,224
205,682
180,305
201,959
75,187
73,108
77,339
84,323
74,891
73,528
70,805
80,666
239,544
.240,869
79,777
74,933
August
July
June
79,830
75,719
April
76,470
76,507
72,252
February
January
79,361
May
March
.
79,746
71.416
1934—
December
75,869
78,929
U. S
266,515
73,673
244,732
262,854
November
Conference Board place the number of
unemployed workers at 8,673,000.
This compares with peak
unemployment of only slightly less than 16,000,000
In the early part of 1933.
Hourly wage rates in manufacturing industry in
September and October were the highest on record. The
purchasing power
of average weekly earnings of
factory workers at present is greater than at
1935—
October.
73,361
1935—
December
Latest estimates of the
-Tonsil. S.
79,853
81,027
72,216
267,067
258,721
243,900
221,569
227,955
April
March
substantially.
September, 1936, 66.3% of the 1929-1933 decline.
August
July
Wholesale commodity prices have advanced
2.6% since the beginning of
raw
November-
.....
.
Crop Prices Averaged 26% Above 1936/ Bureau of
Agricultural
Economics
Reports—Were
Within
13% of 1929 Level
Prices received
Weekly
Report
of
Lumber
Movement,
Week
Ended
Dec. 19, 1936
The lumber industry during the week ended Dec.
19, 1936,
stood at 56% of the 1929
weekly average of production and
57% of 1929 shipments.
what
below
Reported
the preceding
new
business
was
some¬
week,
which, however, was not
only the peak week of 1936, but the highest for orders re¬
ported since November, 1933.
Orders booked in the week
ended Dec. 19 were 38% above
output and 30% above orders
of
a year ago.
Production and shipments are still restricted
by the maritime strike. National production reported
during
the week ended Dec. 19
by 10% fewer mills was 3% below
the output of the preceding week;
shipments were 4% below
and new orders 11% below that
week, according to reports
to
the
National
Lumber
Manufacturers
Association
from
regional associations covering the operations of important
hardwood and softwood mills.
Reported new business dur¬
ing the week ended Dec. 19, 1936, was 38% in excess of
production; shipments were 1% below output.
Reported
business of the previous week
new
tion;
shipments
were
the week ended Dec.
0.2%
19 was
was
52% above produc¬
below
output.
shown
by hardwood and soft¬
Production
in
wood
reporting mills 2% above the corresponding week of
shipments were 20% above, and new orders 30%
above shipments and orders of the
corresponding week of
last year.
The Association further reported:
1935;
During the week
ended
Dec.
19, 545 mills produced 200,246,000 feet
combined; shipped 198,568,000 feet, and booked
of 277,231,000 feet.
Revised figures for the
preceding week
Mills, 608; production, 206,674,000 feet;
shipments, 206,360,000
of hardwoods and softwoods
new
orders
were:
feet;
orders,
313,164,000
All
feet.
regions reported! orders above production in the week ended
Dec. 19
except Northern hemlock and Southern hardwoods.
All
reported ship¬
a
Oct. 31, 1936,
-Tons¬
1936—
Significant improvement took place this year in the field of retail
trade.
New high levels for the
recovery period were established in most
some cases,
52,135 tons
mills, making
on
The following table, contained in the
"Gazette," shows the
production of newsprint in Canada and the United States
gain of 32.2%.
a.
production was 8,619
productlion in Mexico, making a net increase
of
combined total of 68,167 tons,
compared with 75,839 tons
and 63,112 tons on Nov.
30, 1935.
more
as
$524,600,000,
tons,
of newsprint paper at Canadian mills
were reported at
at the end of November and
16,032 tons at United States
compared with $2,853,000,000 in the corresponding
period of 1935,
increase of 16.4%.
Net operating income in the same period amounted
1935,
2.8% less, with
Stocks
cars, or
1936,
or
354,473
tons, or only 14% below the record pro¬
Railroad traffic has risen
impressively during 1936. Total freight loadings
for the first 49 weeks of 1936 amounted to
34,032,646
an
mills during November
largest November output to date,
393,825 tons.
production of 4,119,800
47,000,000
Production
so
Steel ingot production in the first
mated at about
Largest for
States
During November, 28,201
The motor industry has made
extremely rapid progress in overcoming the
Total output of trucks and
passenger cars in the
United States and Canada in 1936 is
expected to approximate 4,565,000
units. This represents a gain of about
11 % over total
effects of the depression.
units in 1935.
Canada
Record—United
on
ments of
The first
known to exist.
a certain amount of
Newsprint Output in
Canadian newsprint production of
365,624 tons and ship¬
373,296 tons. The following bearing on the Bureau's
report is also from the Montral "Gazette" of Dec. 16:
believing that
during 1937.
dwellings
general business recovery is forcing
was
The Bureau announced that mills in
the United States had
output of 79,853 tons during November while
shipments
amounted to 80,221 tons,
making a total United States and
for the entire year of 1933.
reasons, the Conference Board points
out, for
the upward trend in
building activity will continue
12,494,000 feet.
an
82,475,600,000.
are two
was
according to the News Print Service Bureau.
This amount
22,917 tons in excess of November, 1935, but was
15,335
tons below the all-time record
month of October,
1936, when
301,106 tons of newsprint were produced.
of
as reported
Production
Reports
was
steady, though not a sharp, recovery in both
residential and non-residential construction since
the depression low
points
were reached
early in 1933. Total building awards in the first 11 months
1936,
it
ago
totaled 285,771
tons, the
recovery."
This compared with
6% above production.
Newsprint production by Canadian
no lasting
recovery could be
expected until the producers' goods industries
caught up with the improve¬
goods industries. This has now
occurred, and the
result is a better balanced
recovery.
No longer can the cyclical rise be
characteflzed-as a "consumers' goods
a
year
Month
It has often been stated that
been
or
Above Year Ago
ment in the consumers'
There has
a
November
58% of the 1929-32 decline,
to
year.
identical softwood mills was
183,218,000
179,370,000 feet; shipments were, respectively,
180,832,000 feet and 152,903,000 feet, and orders
received, 259,887,000
feet and 200,429,000 feet.
In the case of hardwoods, 69 identical mills
reported production last week andl a year ago
8,937,000 feet and 8,279,000
feet; shipments, 9,805,000 feet and 8,250,000 feet, and
orders, 8,628,000
feet and 6,460,000 feet.
tribution.
.consumers' goods output has amounted
of last
1936, by 463 soft¬
week's production of 435
feet, and
more rapidly than the
total volume of
Production has regained roughly
55% of the depression decline and
a point about
18% below the estimated normal level. Re¬
covery has been least impressive in the
financial field, where issuance of
1929-33 decline.
week
19,
below production.
Identical Mill
stands at
and recovery in
1%
or
13,227,000 feet,
Productive activity has advanced
new
similar
265,248,000 feet, or 41% above the production of the
Shipments as reported for the same week were 185,341,000
Production was 187,752,000 feet.
Reports from 99 hardwood mills give new business as 11,983,000
feet,
4% below production.
Shipments as reported for the same week were
or
trade.
now
above
for the week ended Dec.
mills.
feet,
The total volume of
recovered
reported production
mills, totaled
same
Industrial Conference Board Finds Business
Output of producers' goods has
hardwoods
Lumber orders reported
wood
National
Jan. 2, 1937
above output except West Coast, California
redwood, Northern hem¬
and Northern hardwoods.
All reporting regions showed orders above
ments
in
increase
a
Chronicle
an
United States
further
a
There
by farmers for their principal crops pro¬
duced in 1936 averaged
26% higher than for the 1935 crops
and came within
13% of the 1929 level, according to pre¬
liminary estimates released by the Bureau of Agricultural
Economics, United States Department of Agriculture, on
Dec. 29.
The sharp increase in 1936
crop prices reflectes a
generally improved demand situation as well as smaller
supplies, the Bureau stated.
Some of the food and feed
sharply reduced by the drought brought
unusually
high prices, and these increases helped to raise
prices of rice,
cottonseed and a number of othe>
competing foods and feeds,
of which there is a more
nearly normal supply.
Continuing,
crops
the Bureau said:
Although the total production of feed grains is not
nearly so short as in
the other drought year of
1934, the price of com is about one-fifth
higher,
reflecting slightly smaller supplies of
of livestock.
Improved
demand
has
helped to
slightly above last year's level.
corn
and the generally
higher prices
maintain
cotton
Percentage increases
in 1936 crop prices over those
of
reported by the Bureau as follows: Seeds,
53%;
prices
a
at
a
figure
year earlier were
hay, 49; grains, 36; fruits,
14; cotton and cottonseed 11; and sugar
crops, 4%.
the level of prices of the 44
principal crops to within
These upturns raised
13% of the 1929 level.
1929.
The most marked price advances registered
for 1936 crops occurred in the
case of seeds.
Alfalfa, timothy and the clovers were in great demand this
summer, while the supply of both alfalfa and
timothy was much shorter
Some prices were higher than in
than usual.
.
Farmers' Cash Income
According
Farmers'
November
to
.
Slightly Lower During November
Bureau
of
from
the
income
amounted
to
Agricultural Economics
sale
of
their
products
in
$731,000,000 compared with $882,000,000 in October and $669,000,000 in November,
1935, the
Bureau of Agricultural
Economics, United States Depart-
Volume
of
ment
Financial
144
Agriculture,
The decline from
Dec. 23.
reported
about in line with the
October to November was said to be
reported:
The Bureau further
usual decrease at this season.
than usual from October
to November,
due chiefly to the decreased sales of cotton andl tobacco.
Receipts from livestock and livestock products, on the other hand, increased
income from
The
than
more
:
usual.
November
The
with
fell off somewhat more
crops
income
income from
was
crops
9%
greater
in November last
than
and income from livestock
4%
up
year,
and livestock
reflected chiefly the much heavier
shipments and slightly higher prices of hogs this November as compared
with a year ago.
Producers have been marketing their hogs earlier and at
lighter weights this fall.
As a result the income from hogs in November
was the highest since November,
1929, and equaled that month.
The crops showing the largest gain this November over last included
corn, citrus fruits and a number of vegetables.
The income from apples
and truck crops was less than in 1935 because of smaller sales of apples
products
and
14%.
up
lower
The
of truck
prices
gain
latter
crops.
trading in the new No. 4 "World Sugar
Monday, Jan. 4, 1937, for
delivery in March, 1937, and thereafter.
Previous reference
to the new contract was made in our issues of Nov. 28,
tion directing that
Futures Contract" commence on
adjustment
(in the event of an emergency) Cuban and
American sugars in bonded ware¬
houses in Norfolk, Va.
Trading in the new contract will
be allowed for delivery 18 months ahead, and unlike the
present world contract in London there will be no compulsory
settlement in the event of a major war.
Cuban ports, or
other South and Central
National Coffee Institute
the sale of farm prod¬
$5,894,000,000 for the
cash income from sales of products andl
months of 1936 cash income from
first 11
In the
$6,835,000,000
compared with
ucts
amounted
first
11
from
government payments for the 11
to
to
of
months
Total
1935.
compared
$7,086,000,000
months' period of this year amounted
in 1935.
with $6,427,000,000
Upward Trend in World Wheat Production Reported
by
Bureau of
Agricultural Economics—United
States Acreage Sown This Fall Largest on Record
A world trend towards larger
to the lowest
wheat production in response
world wheat supply in 10 years was noted Dec.
by the Bureau of Agricultural Economics, Upited States
Department of Agriculture, in its monthly summary Of the
wheat situation.
The United States has sown the largest
28
of winter wheat on record—more than 57,000,000
fall wheat seedings total 702,000 acres
acreage
of 20%.
compared with 585,000 acres in 1935, an increase
At the
time, increased plantings in the Danube coun¬
same
tries, the British Isles, India, and the
Soviet Union are re¬
face of
The lower world supplies of wheat in the
ported.
increased world demand have resulted in the highest
prices since 1928. An announcement bearing on the
also had the following to say:
world
Bureau's
summary
The United States acreage sown
was
sown
in the
increase of 15%
this fall, estimated at 57,187,000 acres,
The previous record acreage of 51,391,000
fall of 1918.
The estimated acreage represents an
record.
Is easily the largest on
of normal compared with
31
of Oct.
Dec. 1 was reported at 75.8%
78.2 on Dec. 1,1935 and the 10-year average (1923-
In the case of Canada the condition of winter
32) of 82.4%
was
pared with 85%
a
Fall plowing in Canada at the end of
compared
earlier.
year
of land intended for next year's crop as
wheat
It further pointed out, however, that there exists the
United States production of a wheat crop in excess
In that event, prices are likely to decljne
definite possibility of
of domestic needs next summer.
toward
export basis.
an
was
atj planting time in the North Central spring wheat
decrease in the large plantings of last
States there is little probability of a
The large plantings of last year have
resulted in a relatively short
because of the drought.
There is
the
a
serious moisture shortage
Bureau
pointed
in the spring wheat States at present
out that spring precipitation in this area is of
relatively greater importance than in other areas.
not limited
It said that yields are
by the amount of fall moisture in that region to the same extent
It called attention to the fact that if yields
in the hard red winter area.
equal to the lowest on record were
as
seeded last year
realized the same acreage of spring wheat
If, on the other
would produce 110,000,000 bushels.
hand, the highest yield on record in this area were
acreage as was
realized
on
the same
planted last year the spring wheat crop would be 475,000,000
«
r
bushels.'
a
Agricultural Economics Regards'Feeding
Bureau of
Situation
as
Critical
Farmers are faced with a somewhat critical
members each of whom will service an
states.
cents) for each 46-kilogram
Venezuela under the conditions prescribed
for receiving export bounties will be appropriated by the Government to
support the work of the Institute, Mr. Grab reported.
A
sum
of Bolivares
1.00 (approximately 28
bag of coffee that is exported from
Allotment of 1937 Sugar Quotas for Foreign
Other Than Cuba
It is again necessary for feeders to reduce livestock numbers,
especially hogs, and to curtail feeding operations, said the
summary, which added:
Unless
the winter is unusually severe,
situation -will be less
however, the domestic feeding
critical than two years ago.
Domestic forage supplies
considerably larger and grain supplies are slightly larger.
grain are expected to
Corn
are
Sugar Section of the Agricultural Adjustment Ad¬
announced on Dec. 15 the allotment of the
The
ministration
1937
noted
quotas for foreign countries other than Cuba.
in our issue of Dec. 26, page 4174, the total
As
1937
foreign quota has been fixed at 26,610 short tons, raw value,
or 53,220,000 pounds.
The quotas for the various countries
(in pounds) follow:
Quotas
in
Argentina
Pounas
I
•
Country
294,308
Brazil
British Malaya
.
Canada
China and Hongkong
Colombia
Dominican Republic
Dutch East Indies
Dutch West Indies
--
France
Pounds
921,614
Italy.
1,197
26
564,205
288,114
267
20,597
263,302
6,668,480
211,384
6
175
Japan
Belgium
Quotas
3,432,568
1,751
Honduras
204
Australia
Germany...,..-
in
,
14,577 , Haiti, Republic of
;
4,009
6,031,877
217,865
Mexico
Netherlands
Nicaragua
10,221,004
Peru.
11,114,100
8,208,542
.Salvador
'
350.667
290,002
United Kingdom
Venezuela.
49,455,860
3,764,140
Sub-total
Unallotted reserve
117
.....
53,220,000
Total
334,902
...
Quota Deficit
Agricultural Adjustment Administration announced
a reallotment of 28,712 short tons of sugar, raw
value, out of the existing quotas of 1,036,090 short tons
and 5,796 short tons for Hawaii and the Virgin Islands,
respectively, to other producing areas.
It has been found
that the sugar producers of these two areas will be unable
to deliver this quantity of 28,712 short tons for United
States consumption during the calendar year 1936, said the
AAA, which added:
The
on
Dec. 22
them to about the same
demand resulting from higher livestock prices
high'until the'prospects for the
They probably will remain
1937 crops materially
influence current prices.
Trading'in New "Worid Sugar Futures Contract" on
New York Coffee and Sugar Exchange to Com¬
mence
Jan. 4
meeting held on Dec. 23, the Board of Managers of
the New York Coffee and Sugar Exchange approved a resolu¬
a
of 28,712
Of the total
tons,
26,482 tons represent the deficit for the
and 2,230 tons represent the deficit for the Virgin
the case of Hawaii, the sugar has been produced but cannot
on account of the maritime labor disturbances.
Reallotment
Territory of Hawaii
Islands.
In
producing areas was made in accordance
with the provisions
approved June
Act and Public Resolution No. 109,
of the Jones-Costigan
The
producing areas out of the
direct proportion to the existing
quantities alloted to the other sugar
above-mentioned deficiencies, which are in
quotas, are as follows:
'
,
•v.
Area—
States of Louisland and
•
■
Florida
Puerto Rico
Cuba
-
Foreign countries other than
Total
Cuba
The above allotments are
Series
C,
Revision 2,
Tons
3,278
7,606
17,585
243
.
28,712
—-
-
contained in General Sugar Quota Regulations,
Supplements 3 and 4, signed by the Secretary of
Agriculture, on Dec. 22,
Feed grain prices are supported, not only by small
supplies but by a stronger
Islands 1936 Sugar
AAA Reallots Hawaiian and Virgin
1936.
somewhat higher than two years ago and
in the price of oats have brought
in late 1934.
than in 1934.
Imports of
exceed those of 1934-35.
and barley prices
recent advances
as
Countries
19, 1936.
feeding situa¬
tion, similar to that of 1934, the Bureau of Agricultural
Economics, United States Department of Agriculture, said
on Dec. 28 in its December summary of the feed situation.
At
under the direction of the Ministry of
plan of operations, the report
be delivered
level
D.
In noting
Commerce
Agriculture
initial
term of three years.
The board has now been instructed by the Ministry
to prepare regulations for the functioning of the Institute and to submit
The Institute will be
and will be directed by seven
to other sugar
are
the
pointed out by the Bureau that it is too early to forecast
moisture is sufficient
as
Grab, American Commercial Attache, Caracas.
this, an announcement issued Dec. 21 by the
Department also said:
Guatemala-
spring
wheat production but that with very dry conditions in the Pacific Northwest
a greater proportion of the total acreage in that area may be spring wheat,
particularly if weather conditions are favorable in the spring. Moreover, if
It also
but
designed to assist the protection and im¬
provement of the industry, according to a report to
United States Department of Commerce from Frederic
Czechoslovakia
pointed out that it is too early to offer any forecast of
production in 1937.
crop
stitute which is
Costa Rica
^
40% in the fall of 1935.
The Bureau
wheat crop
107% of the long-time average yield per acre as com¬
October comprised 46%
year.
of Venezuela desires to enhance the
economic importance of the coffee industry of that country,
is evidenced by the recent creation of a National Coffee In¬
Country—
The condition of the winter wheat crop on
with
Industry
That the Government
that of lasst year and an increase of 26% over the
over
5-year average (1927-31).
as
Created in Venezuela—Will
and Improvement of the
Protection
the
in
Canadian
acres.
acres
Aid
programs
cultural conservation program.
should reflect the
price of world sugars, which are currently under 1 cent per
pound.
The contract provides for delivery of "other than
United States quota" sugar in licensed warehouses in certain
to
payments
31, page 2761.
the Exchange states,
page 3392, and Oct.
The new contract,
farmers cooperating under the agricultural
amounted to $19,000,000 in November compared
with $22,000,000 in October and $04,000,000 in November, 1935.
Pay¬
ments
in November
this year included $6,000,000 under the 1936 agri¬
Government
25
Chronicle
Cuban
Raw Sugar Exports
Increased During First 11
United States Also
Months of Year—Shipments to
Higher
Exports of raw sugar from Cuba during the first 11 months
of 1936 totaled 2,397,540 long tons compared with 2,315,073
longs tons in the corresponding period of 1936, according to
a report to the United States Commerce Department from
the American commercial attache at Havana, it was an¬
nounced Dec.
17.
Shipments of
sugar
from Cuba to the
United States in the first 11 months of 1936
aggregated 1,-
26
Financial
Chronicle
505,404 long tons against 1,487,500 long tons in the
January
November period of 1935, the
report states.
The stock of
sugar on hand in Cuba on Nov. 30, amounted to
636,909
long tons compared with 852,739 long tons on the same
date of
1935
business," he added.
"Profits in 1936 have been fair;
perhaps, I should say, very fair, considering the average of
all industries.
They are not evenly distributed, being for
the most part confined to
production and transportation
operations.
The refiners and marketers had the satisfaction
of doing better than
formery, in some instances being able
according to the report.
to operate at a
Petroleum and Its Products—Penn Grade
Crude Prices
Lifted—Oklahoma Follows United States Allowable
Forecasts for 1937 Stress
An advance of 12 cents
The record expansion in the
will
demand
a
repressuring in
yet been proven successful.
On the
other hand, the Bradford area has seen
marked reductions
in
production costs due to successful repressuring.
Oklahoma failed to follow Texas in
setting the January
allowable in excess of that recommended
by the United States
of Mines although the
way was left open for an
upward revision should market demand justify
any change
Bureau
in the State's quota for the first
month of 1937.
Kansas
an allowable about
9,000 barrels daily above
that recommended by the Bureau of
Mines.
moved to set
W. J.
Armstrong, conservation officer of the Oklahoma
Corporation Commission, reported to the Commission at its
meeting in Oklahoma City on Dec. 29 that the State's oil
operators had recommended that the
new
quota be kept
within the Bureau's estimate of
573,100 barrels daily. The
recommended level is 6,100 barrels above the
December esti¬
mate but 22,250 barrels under the
December allowable of
595,350 barrels set by the Commission.
New proration rules for the Texas side of the
Rodessa field
are under
preparation by the Texas Railroad Commission to
fix allowables to harmonize with the
recent order issued by
the Louisiana Conservation Commission
29,126
daily, effective Jan. 1. This order will be nullified when the
method of prorating production is
adopted.
After setting new all-time
highs for two consecutive weeks,
daily average crude oil production in the United States
slacked off during the week ended Dec.
26, dipping 12,450
barrels to 3,133,250
barrels, reports compiled by the Am¬
new
erican Petroleum Institute disclosed.
This compared with
the 2,930,300-barrel figure recommended
by the Bureau of
Mines for December, and actual
production in the like 1935
period J|f 2,810,800 barrels.
Sharpest reduction was in California where operators cut
production 4,900 barrels to 588,600 barrels, against the
Bureau's 533,400 total.
Oklahoma with a cut of 1,008
barrels was still above the United States level
of 595,600
barrels at 567,000 barrels,
A nominal drop was shown
by
Texas, off 350 barrels to 1,211,850 in
ment
bureau's
recommended
contrast to the govern¬
level of 1,145,200 barrels.
Wyoming and other small producing areas also cut back
production.
Kansas was the sole State to show
any large
gain, output there gaining 2,500 barrels to 176,150,
against
the Bureau's figure of
567,000 barrels.
A resolution
extending the life of the so-called "hot-oil"
bill which prohibits inter-state movement
of illegally pro¬
duced oil
next
or
its refined products will be offered
session of
whose
name
early in the
Congress by Senator Connally (D. Texas)
the bill bears.
having played
an
The
of hot oil in the East Texas field
movements of such oil
impossible.
There is
measure
is credited with
important part in cutting down proudction
as
it closed all inter-state
no
apparent barrier in the way of the petroleum
to be as good as those which
yearly statements for 1936 are avail¬
able, according to W. S. Farish, Chairman of the Board of
Standard Oil Co. (N. J.)
will be shown when the
"We should see a higher
price for all fuel oils relative to
gasoline," he continued.
"I expected to see crude
produc¬
This will
prices
needed.
The
conservation
States have been
bility.
or to
authorities
mean
less induce¬
run more
in
the
oil than is
producing
commendably conscious of their responsi¬
Out of this has
grown a better
in the effort to
gear production to
The two
major factors in
spirit of cooperation
consumer
demand."
aiding the industry to regain the
of pre-depression years were the success of the
earning power
voluntary inter-State compact to curb
over-production of
crude and 10% gain in
gasoline consumption which set a new
all-time disappearance
peak for the second successive year.
"Not that
earnings are high, either by comparison with
other good years, or in relation to
may increase gasoline stocks
of runnning their plants to meet the
1936, he
re¬
more than 10% over the previous
output.
The United States, during the year just
finishing, again furnished 60% of the world's total oil re¬
quirements.
An
equally optimistic viewpoint
of E. O. Thompson,
end review
disclosed in the yearChairman of the Texas
was
Railroad
Commission and of the Inter-State Oil
Compact
Commission.
"It is a source of
pride and satisfaction that the oil States,
through the oil States compact, have been able to success¬
fully work out our production control problems without
Federal interference," he said.
"The compact has worked
entirely satisfactorily and is proving effective to control
production and thereby stave off Federal control of the
industry.
"It is my opinion," he
continued, "that the year 1937 will
show at least a
7% increase in oil production over 1936,
which, by the way, was a billion-barrel oil-producing year.
I look
upon 1937 as the year that will bring the
greatest
prosperity to the oil business that America has ever seen.
The year just
closed, 1936, has brought more complete
understanding of the underlying principles of the prevention
of waste in the
productiion of oil.
Once waste procfuction
is mastered,
overproduction will be stopped."
The following price
changes were posted during the week:
Dec.
28—Tide
prices 12
lifted
cents a
Eureka,
$2.27
Water
Pipe
Co.
barrel to $2.57.
Southwest
advanced
Bradford-Alleghany
crude
South Penn Oil met the advance and also
Pennsylvania
and
Buckeye crude
15
cents
to
barrel, $2,323 and $2.12, respectively.
a
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
...$2.57
are not
shown)
1.16
....
Darst Creek
1.28
._
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.42
Lima (Ohio Oil Co.)
Corning, Pa...
Illinois
Central Field, Mich
Western
.........$1.10
1.15
over.........
...............
.97
1.32
Kentucky
1.28 Sunburst, Mont
1.15
Mid-Cont't, Okla., 40 and above.. 1.18 Huntington,
Calif., 30 and over.... 1.22
Winkler, Texas
.85 Kettleman Hills, 39 and over......
1.40
Smackover, Ark., 24 and over... .75-.80 Petrolla. Canada
..........
......
REFINED
PRODUCTS—GASOLINE
STOCKS
JUMP—REFINERY
OPERATIONS
OFF
MOTOR FUEL PRICES CUT IN OHIO
SHOW
2.13
RECORD
FRACTIONALLY-
Stocks of finished and unfinished
gasoline, for the second
marked up a new record expansion for
consecutive week,
seven-day period this
any
year.
Inventories
all the
more
1,688,000
barrels, the
rose
barrels in the week ended Dec. 26 to
60,873,000
American Petroleum Institute.
The sharp seasonal
expansion in holdings of gasoline was
noteworthy in view of the contraction in refinery
operations disclosed in the A. P. I. report.
A drop from
77.9% of capacity in the previous week to 76.8% was accom¬
panied by a decline in daily average runs of crude oil to stills
of 35,000 barrels to 2,955,000.
Colonial Beacon and Tide Water Oil Co. met the
)4 cent
gallon advance in tank car prices of gasoline initiated last
week by the
Socony Vacuum Oil Co. throughout much of its
territory. Outside of this, the local market was quiet with
fuel and heating oil stocks
showing seasonal strength.
a
Standard Oil Co. of Ohio
(Sohio) on Deo. 30 posted a
reduction of 1 cent a gallon in tank
wagon and service station
prices of gasoline in and around the Cleveland
area, although
the change did not affect the statewide
price structure. The
change, which becomes effective Dec. 31, cuts
premium
grades to 203^ cents a gallon, regular to
183^ and third-grade
to
17^ cents a gallon at the pump, taxes included. Tank
prices on all three grades are 3
cents a gallon under
the pump price.
Representative price changes follow:
wagon
industry to prevent 1937 profits
tion balanced to meet demand.
ment to refiners either to cut
refiners
process
ported, in its gain of
governing produc¬
tion in the Louisiana side of the field.
It is understood that
the proposed allowable will be on the basis
of 50% on acreage
and 50% on bottomhole
pressure of the wells.
The allowable
in the Texas area is 225 barrels
daily per well, or
the
year's
South Penn Oil Co. not
only met the 12-cent markup for
also announced a 15-cent a
barrel boost in Eureka, Southwest
southern fields is due
mainly to the fact that
the latter area has not
that
demand for fuel oil."
Crude production for the first time in the
industry's history
passed the 1,000,000,000-barrel mark during
Bradford-Allegheny crude but
Pennsylvania and Buckeye
$2.27 a barrel, $2.32 and
$2.12, respectively.
The fact that the northern fields
obtained only a 12-cent
jump in prices in contrast to the 15-cent advance in the
is
excessively in the
paratively low levels.
to
of oil burners this year
use
big gain in consumption of fuel oils, Mr. Farish
mean a
forecast, adding: "The threat to the industry in this increased
Industry's Strong Position
barrel in the price of BradfordAllegheny district crude oil to $2.57 posted Dec. 28 by the
Tide Water Pipe Co., Ltd., was the
first increase in these
areas since last
January and was due to the heavy demand for
Pennsylvania grade crude oil which has cut stocks to com¬
crude
profit.
Crude prices were stable, returning
10% to 12% more to the producer than in 1935."
from
Recommendation—Crude Output Dips in Week—
Connally to Push Extension of "Hot-oil" Bill—
'
Jan. 2, 1937
of
investment,
or
to volume
Dec. 26—Colonial
Beacon
and Tide Water met the
34 cent jump in
prices of gas posted by Socony Vacuum.
Dec. 29.—All major companies lifted
pump prices of gas 34 cent a gallon
at Rochester, N. Y., to 17
cents, taxes included.
tank
car
Dec.
30.—Standard of Ohio cut tank wagon and
retail prices of gasoline
gallon in and around Cleveland, effective Dec.
31.
Premium is
2034, regular 1834 and third-grade 1734, taxes
1 cent
now
a
Tank wagon prices on all grades are 3
34
U. S. Gasoline (Above
New YorkStandard Oil N.
Included, at the pump.
cents a gallon less.
Octane), Tank Car Lots, F.O.B. Refinery
New York—
J.$.06J4
Socony-Vacuum.. .07
Tide Water Oil Co
.0734
Richfield OH(Cal.)
.0734
Warner-Quinlan.. .0734
Colonial
Chicago
.$.05
-.0534
New Orleans. .0634-.0634
Beacon..$.0734
Texas
.0734
Gulf
Los
07
Shell Eastern
Ang.,
Gulf ports
Tulsa
.07
ex
...
.00
Kerosene, 41-43 Water White, Tank Car, F.O.B.
Refinery
New York
(Bayonne)
I North
$.05
Texas.$.0334-.03341 New
'Los Angeles.. .0334-.05
Fuel Oil, F.O.B.
N. Y. (Bayonne)—
Bunker C
Diesel 28-30 D
Refinery
or
California 24 plus D
$1.15
1.65
J
Orleans.
Tulsa
.03
$.03%
-.0334
Terminal
$1.00-1.25
New Orleans C.
Phila., Bunker C.»_.
$ .95
1.05
Volume
Financial
144
Gas OH, F.O.B. Refinery or Terminal
27 plus
M G 1
$.04
November
2H-.02H
$.C
New York
z
Cincinnati...... ..$.195
Brooklyn....... .167
.17
$.167
Boston....—....
.17
,175
Jacksonville
Chicago....
.175
Houston
..
Los Angeles
--
San Francisco...
.18
.175
..
Pittsburgh
.20
Detroit
Buffalo..........
Philadelphia....
.19
-.
_
New Orleans..-.
.21
..
Denver.
St. Louis
.175
.195
.18
...
..
...
.194
...
Not Including 2% city sales tax.
•
a
Daily Average Crude Oil Output Off 12,450 Barrels in
Week Ended Dec. 26
American
The
Institute
Petroleum
estimates
that
the
crude oil production for the week ended
Dec. 26, 1936 was 3,133,250 barrels.
This was a decline of
12,450 barrels from the output of the previous week.
The
current week's figure remained above the 2,930,300 barrels
calculated by the United States Department of the Interior
daily
Year
a
Ago
year ago.
In the following statement
of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
November, 1936, and of 163 plants at the close of November,
1935.
average gross
the restrictions imposed by the various
to be the total of
Above
monthly cement report of the U. S. Bureau of Mines
stated that the Portland cement industry in No/ember,
1936, produced 10,968,000 barrels, shipped 8,962,000 barrels
from the mills, and had in stock at the end of the month
20,086,000 barrels.
Production and shipments of Portland
cement in November, 1936, showed increases, respectively,
of 54.6 and 50.0%, as compared with November, 1935.
Portland cement stocks at mills were 7.1% lower than
...$.201
Minneapolis
.185
Cleveland.
Newark..........
and Shipments of Portland
Continue
The
Gasoline, Service Station, Tax Included
z
Production
Cement
Tulsa M'G I-5.02Ji-.02H
Chicago,
N. Y. (Bayonne)—
27
Chronicle
Daily
oil-producing States during December.
average pro¬
RATIO OF PRODUCTION TO CAPACITY
Nov., 1935 Nov., 1936 Oct.,
The month.
32.2%
28.1%
—
The 12 months ended...
PRODUCTION, SHIPMENTS,
1936 Sept., 1936 Aug., 1936
56 0%
50.9%
41.5%
AND STOCKS OF FINISHED PORTLAND
CEMENT. BY DISTRICTS, IN NOVEMBER, 1935 AND 1936 (IN THOU¬
SANDS OF BARRELS)
duction for the four weeks onded Dec. 26, 1936 is estimated
3,099,650 barrels.
The daily average output for the week
Dec. 28, 1935 totaled 2,810,800 barrels.
Further
at
ended
details
as
United States ports for the week
and receipts in bond at principal
barrels for the week ended
weeks
ended Dec. 26.
California oil at Atlantic and Gulf Coast ports
There were no receipts of
for the week
ended Dec. 26 and none for the week ended Dec. 19, as against
11,714 barrels daily for the four weeks ended Dec. 26.
3,954,000
Reports received from refining companies owning 89.9% of the
barrel
estimated daily
1935
Shipments
1936
of Month
1936
1935
1935
1936
ended Dec. 26 totaled 1,321,000 barrels,
daily average of 188,714 barrels, compared with a daily average of 191,571
Dec. 19 and 153,036 barrels daily for the four
a
Stocks at End
Production
District
reported by the Institute follow:
Imports of petroleum for domestic use
56.2%
36.1%
57.1%
38.1%
40.0%
potential refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of
Mines
oil daUy during the week, and that all
bulk terminals, in transit and in
pipe lines as of the end of the week 60,873,000 barrels of finished and un¬
finished gasoline and 106,889,000 barrels of gas and fuel oil.
Eastern Pa., N. J. and
New York and Maine
1,402
Md
2,036
1,125
1,753
3,804
1,698
2,945
1,447
1,610
1,697
2,357
1,459
3,923
1,764
3,281
1,956
1,859
283
543
342
463
Ohio, Western Pa. and W. Va...
Michigan..
—.........
685
1,210
587
838
478
918
321
518
Wis., 111., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. A La.
East. Mo., Iowa, Minn. & S.Dak.
W. Mo., Neb., Kan., Okla.A Ark.
848
1,040
1,002
566
889
606
619
975
1,565
676
981
452
578
508
737
421
736
2,505
1.752
Texas......................
327
444
313
Colo., Mont., Utah, Wyo. A Ida.
243
331
174
213
551
480
California..
854
1,282
917
1,204
1,213
1,265
183
444
139
303
619
628
7,093
10,968
5,976
^8,962
21,613
20,086
...
-
Oregon and Washington
.
492
625
696
basis, 2,955,000 barrels of crude
Total
companies had in storage at refineries,
pt Cracked gasoline
PRODUCTION,
SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1935 AND 1936 (IN THOUS. OF BARRELS)
production by companies owning 95.9% of the potential
rtmrgtng capacity of all cracking units indicates that the industry as a whole,
on a
Bureau of
Stocks at end
MinesJbasis, produced an average of 680,000 barrels daily
Production
Month
Shipments
of Month
during the^week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
3,202
3,053
4,299
6,136
January
February
■i
Actual Production
Of M.
Dept. of
Average
Week Ended
B.
4 Weeks
Int. Cal¬
1936
1935
Week
Ended
Ended
culations
Dec. 26
Dec. 19
Dec. 26
Dec. 28
(Dec.)
1936
1936
1936
1935
Oklahoma.
567,000
Kansas.
155,900
595,600
176,150
597,400
173,600
578,600
170,600
476,850
146,250
March
April
May.............
Panhandle Texas
60,450
67,000
North Texas—
64,150
64,150
32,900
32,900
167,050
90,250
445,900
179,850
171,300
Total..
76,472
July
August...........
September........
October
November
62,150
55,800
61,600
64,750
5.263
8,519
10,985
11,273
11,446
12,535
12,292
12,470
10,968
8,725
8,021
7.235
7,173
7,510
7,093
5,803
June
1936
2,846
2,951
4,878
6,198
7.428
7,632
7,813
8,105
7,799
8,794
5,976
4,514
3,630
3,454
8.222
December
—
1935
1935
3,889
3,156
7,138
9,089
11,121
12,417
11,766
12.560
22,415
21,783
20,501
12,564
13,089
8,962
•18,079
20,086
21,613
22,908
74,934
a
169,600
49,350
438,100
112,350
164,750
Note—Statistics given above are compiled from reports for November received
1,211,850
1,212.200
1,199,000
1,068,200
80,700
159,650
79,400
79,650
37,750
162,050
160,500
128,550
204,800
240,350
241,450
240,150
166,300
26,800
28,000
112,250
27,400
45,000
18,100
3,700
28,000
East Central Texas
East Texas
—
Southwest Texas..
<—
Coastal Texas
1,145,200
Total Texas
166.800
86,750
445,800
179,200
25.400
Revised.
by tbe Bureau of Mines, from all manufacturing plants except three, for wnloh
estimates have been Included In lieu of actual returns.
Domestic Prices for
North Louisiana
Coastal Louisiana
—
Major Metals Strong
Strength Abroad
Mineral Markets"
"Metal and
Total Louisiana—
86,250
85,650
27,950
114,200
28,200
46,750
18,250
3,650
85,050
2,376,900
2,544,650
2,552.200
2,512,400
553,400
588,600
593,500
587,250
671,900
2,930,300
3,133,250
3,145,700
3,099,650
2,810,800
Arkansas
110,600
Eastern...
29,300
40.200
14,300
4,500
78,300
.....
Montana—
Colorado...
—
New Mexico
Total east of California
California
...
Total United States—.
116,000
27,500
48,450
18,200
3,750
29,500
2,138,900
96,900
42.350
38,700
12,950
4,150
56,750
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
that
stated
Crude Runs
Copper
to StiUs
Unfinished Gasoline
for copper.
Stocks of Finished and
Capacity
Stocks
of
Poten¬
Reporting
Total
P.
P. C.
Aver¬
tial
Rate
Oper¬
At Re¬
age
ated
fineries
Unftn'd
C.
Gas
in
Dally
and
Terms., Nap'tha
&c.
OU
pound for domestic
per
above the general quotation.
612
612 100.0
550
89.9
*4.608
Appalachian.
Ind.,111., Ky
Okla., Kan.,
154
146
94.8
106
72.6
1,006
4,857
8,870
1,028
3,297
1,023
<1,9,932
247
658
859
a
477
3,207
62
190
31,757
457
96.2
419
91.7
453
384
84.8
263
68.5
Inland Texas
330
160
48.5
108
67.5
3,238
1,532
Texas Gulf..
732
710
97.0
605
85.2
6.280
284
1,740
6,819
La. Gulf
169
163
96.4
133
81.6
850
357
142
No. La.-Ark.
80
72
90.0
42
58.3
186
62
46
1,812
j 519
Rooky Mtn.
California...
97
60
61.9
37
61.7
930
852
789
92.6
467
59.2
9,386
2,292
3.553
89.9
2,730
76.8
,18,510
865
5,972 104,627
771
2,262
19,375
19,082
6,743 106,889
6,837 107,288
88
the day showed about an even division
Total sales
1,160
401
225
32,873
1,882
3.954
3,954
2,955
2,990
34,755
33,286
on
much
Total transac¬
between 11.625c. and
The volume of domestic
copper sales
last week
far this month amount to 111,776 tons.
Yesterday (Dec. 30) on lower London quotations, the excitement here
lessened considerably and all business reported was on the 11.625c. Valley
basis.
NfeNo offerings were made Dec. 30 on bids for copper to the Navy, Involving
about 1,250 tons,
because of the Walsh-Healy Act.
Alaska produced
73.697
advance statement
i
Reported...
Est. unrep'd
M
so
748
.
one-eight cent
Few sellers appeared willing to take
amounted to 10,031 tons, compared with 20,780 during the previous week.
I
.
was
good tonnage might have been sold at the higher level.
tions for
5,478
2,258
476
buyers actually
some
metal, which
business under conditions now prevailing in the market and undoubtedly
Fuel
Distil.
On Dec. 29, the tension was such that
paid 11.750c.
11.750c., Valley basis.
East Coast..
31
The upward trend of prices abroad revived talk here of a higher market
Dally Refining
Finished
in its issue of Dec.
major non-ferrous metals in that market made new highs for
the movement during the last week.
There was some unsettlement abroad on Dec. 30 on so-called year-end adjust¬
ments, which relieved the tension on this side of the water.
London prices were at the peak for the week on Deo. 29,
and on the same day domestic copper sold at both 11.625c.
and 11.75c.
Lead and zine quotations remained unchanged
throughout the week, with tin slightly lower.
Silver was
up a fraction of a cent.
Antimony advanced one-half cent
a pound.
Consumption of non-ferrous metals in the United
States during 1937 is
expected to show a gain of at least
10%.
The publication further reported:
(Figures in thousands of barrels of 42 gallons each)
District
Continued
on
sustained speculative activity in London,
on
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED DEC. 19, 1936
r
19,281
18,975
18,920
18,738
160.300
West Texas
Mo.
20.431
23,287
33.250
164,550
86,300
445,150
177,800
165,600
West Central Texas
Miohlgan
Wyoming
1938
22.686
22.971
21,126
20,571
21,785
21,899
21,289
21,219
21,991
23.083
marks
an
39,740,000 lb. of
of the
increase over
copper during
1936, according to an
Department of the Interior.
1935 of nearly 25,000,000 lb.
roductlon came from the mines near Kennicott.
This production
The bulk ofiithe
.
xEst.tOt.U.S
Dec. 26 '36
Dec. 19 '36
3,954
3.954
"»i
z2,742
xDeo.26 '35
x
'
*
Despite the holidays, a fair volume of business was
the last
U.S.B. Of M.
Estlmated
Bureau>fjMlnesTbasls.
http://fraser.stlouisfed.org/
/
Federal Reserve Bank of St. Louis
z
30,798
19,147
5,998 104,768
December 1935 daily average.
week, sales amounting to
booked in lead during
about 5,000 tons.
Though London
again moved above domestic parity, producers here felt that the spread
between the two markets was not sufficient for another advance in quota¬
tions.
The
undertone
was
strong.
Considerable
opposition
exists
to
Financial
28
Chronicle
Decrease
raising prices further, owing to the uncertain character of the buying that
has been
sending the London market upward.
abroad has
been speculative.
Most of the recent activity
Jan. 2, 1937
Iron
in
Steel
and
Foundry
Operations^ in
Philadelphia
Federal
Reserve
District
During
November Reported by University of Pennsylvania
The shortage in spot and near-by-lead in
foreign markets is still serious.
Prices
held
here
American
at
Smelting
Activity among gray iron and steel foundries located in
Philadelphia Federal Reserve District decreased during
November, according to reports received by the Industrial
Research Department of the University of Pennsylvania.
This decrease was widespread throughout the area, with
nearly all of the plants experiencing a shrinkage in production,
said the Bureau, which continued:
New York, the contract settling basis of the
6c.,
&
Refining
and at
Co.,
5.85c.,
St.
Louis,
the
by
Sales
St. Joseph Lead in the East were reported at a premium.
Returns
on
world
production of lead have been incomplete since last
July, owing to the absence of information from Italy and Spain.
But,
excluding those two countries, the latest figures of the American Bureau of
Metal
Statistics
reveal
that
refined lead during November.
by the
produced
145,182
short
tons
of
This compares with 129,077 tons produced
of countries during
group
same
world
the
October.
The decline
Production in Mexico,
Australia, Germany and the United States is showing
in which
upward trend.
an
of both
;.v
Zinc
7
The strength of zinc in
highest since
metal
it
as
prices,
even
30,
Jan.
i'-
did not influence buyers
did in the previous week.
Producers took
'
.
London, where it reached £20
1930,
no
'
V
■
the
Dec. 29, the
on
here
drop in production.
In
highest point reached this
action to raise
though the statistical position of the metal here is
year.
The steel foundries made a greater
very strong.
gray iron foundries.
in
while the increase during the same
Some metal
The London
market
sold at
was
a
premium for second-
eased slightly
on
in the trade look for further adjustments abroad.
some
for
delivery.
nearby metal held at 5.45c., St. Louis.
30,
Dec.
and
The market here
the
was
new
public.
tin
control
while
deliveries
of
of
for Jan. 5.
51.50c.
per
with
pound,
quoted nominally
the
that an official statement
No.
follows:
51.90c.
week
a
easier.
Straits
Chinese tin,
ago.
9%,
was
Dec. 24, 51.125c.; 25, holiday; 26, 51.125c.;
Change
Change
1936
Short Tons
from
Oct., 1936
Nov., 1935
+ 18.0
ESTIMATED UNITED STATES PRODUCTION OF COAL (IN NET TONS)
Gray Iron Foundries
.
1936
c
Calendar Year to Date
12 Dec
1936d
21
1935
1936
1935
1929
a
10,237
1,706
10.556
1,036
1,188
8,487 415,754 357,457 521,144
1,415
1,397
1,200
1,740
1,759
Pennsylvania anthracite: b
period
Three
ciphers
49,501
omitte d in ab
49,432
fig
ove
71,882
ures
Note—Figures of beehive coke production omitted because of Jnstnflcient data.
WEEKLY PRODUCTION
+20.1
+ 86.3
+ 31.9
+ 55.7
Scrap
23
1,543
+ 1.6
+ 10.8
Coke
23
521
—7.9
+ 4.5
8
4,824
—9.4
+ 162.2
Shipments
8
Unfilled orders
7
6,663
...
Steel Foundries—
Production
4,364
of final annual returns from the operators.)
Dec.
14 Dec.
1935r
15 Dec.
1934
14
Average
1929
2
2
2
261
Alabama
2
255
227
204
1923
s
s
436
349
The "Iron Age,"
83
62
89
146
195
185
178
156
249
1
2
1
1
1,376
1,281
1,083
1,178
1,570
448
432
365
in
Mills
Have
in its issue of Dec. 31, states that with
price protection, the heavy
operating rates.
Unfilled orders for sheets are
record-breaking volume, with new sales at the higher
quotations being freely made for March delivery.
has
withdrawn from
New
steel
by
identified!
for
protection
contracts
31.
at the
prior
This
Steel
will
with
31,
be
including
specifications to
the
from
down
into
enter
be
completed
schedules.
ingot production for this week is estimated at 79y2%,
recovery
shut
railroad
Contractors who
required to
that considerable of such business will appear
means
second-quarter rolling
full
Jan.
to
projects,
Dec. 31 deadline.
a
old prices
first-
j
plates and
heaviest in bars,
were
construction
which the mills placed
on
secured
March
in
bookings in the past week
required
equipment,
One large
the market for
The "Age" further stated:
quarter at any price.
Barring
have
holidays,
Christmas
Saturday,
Dec.
26,
is
well
as
steel
but
steei,
a
which
caused
Friday.
as
indicating
facilities
some
There
be
will
no
out
395
468
76
95
95
112
121
able,
146
177
181
159
falls
Kentucky—Eastern
912
911
627
649
988
584
Eastern
248
237
189
246
342
204
as
for
already
reason
to
facilities
producing
at
heavy
as
use
of
again
are
pig
iron,
forcing steel plants to
but there is
insufficient blast furnace
to
owing
go
steel scrap
possible
that
the possibility
actual
176
some
furnaces
now
limitation
a
capacity
at
active may have
some
to
be
relining.
shortage of pig
during the first quarter is not improb¬
integrated steel companies have less for the market and demand
more
Jan.
more
for
which
every
The fact that demand upon
quarter.
new
is
as upon open-hearth capacity
higher under existing pressure for
important factor is the continued shortage of coke and
procedure
and
An
the
industry,
there
ingot
operate
why operations do not
the greatest
points
automobile
shipments,
steel
industry will
Rising prices
to
such
the
in
of
producing capacity is not
reason
83
"
the
holdups
close to 80% through
clown
253
s
some
that
one
to
disturbances
labor
caused
184
Western.
—0.8
instances to carry through the first quarter at un¬
some
Kansas and Missouri
Iowa.
—55.1
+ 39.6
diminished
514
Indiana
—33.3
—16.4
295
several weeks has subsided, but steel
the new year with large backlogs, sufficient
mills will enter
1,535
Illinois
s
—43.7
3,726
buying of the past
83
115
Colorado
Georgia and North Carolina
243
6
the withdrawal of fourth-quarter
resort
Arkansas and Oklahoma
—
+ 199.3
Steel Buying. Has Subsided, but
Large First Quarter Backlogs
pig iron.
Alaska.
+ 32.1
+ 177.2
6
—
Heavy
very
1936p
+ 136.5
6
Pic iron.
Scrap
Coke.
bessemer
Dec.
Dec. 5
'+73.4
—15.3
Raw stock:
expect
Week Ended
12
—31.2
For further manufacture
interruption this week because of New Year's Day.
are based on railroad carloadings and river shipments and
subject to revision on receipt of monthly tonnage reports from district and State
Slate
—6.3
460
4,232
Jobbing.
(The current estimates
1936p
+ 16.8
889
OF
COAL, BY STATES
(IN THOUSANDS OF NET TONS)
Dec.
—12.3
1,794
to
are
+ 78.9
3,121
17
have
a Includes
lignite, coal made Into coke, local sales and colliery fuel,
b Includes
Sullivan County, w&shery and dredge coal, local sales, colliery fuel and coal
shipped
by truck from authorized operations,
c Subject to revision,
d Revised.
source* or
+ 11.0
—6.2
24
definite
ESTIMATED
—15.3
2S
Pig iron
shapes
952
172,700 198,000 158,700 167,500 167,300 243,300
Daily average.
—14.0
479
29
Jobbing
sheet producer
Total for
3,059
2,580
Production
in
19 Dec.
from
Raw stock:
During the calendar year to Dec. 19, 1936, a total of
415,754,000 tons of bituminous coal and 49,501,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 357,457,000 tons of soft coal and 49,432,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
statement follpws:
Week Ended
Per Cent
November
ing
Unfilled orders
This is in comparison with 10,556,000 tons in the preceding
week, and 8,487,000 tons in the corresponding week of 1935.
Anthracite production in Pennsylvania during the week
ended Dec. 19 is estimated at 1,036,000 net tons, as against
1,188,000 tons in the preceding week.
Production in the
week of 1935 corresponding with that of Dec. 19 amounted
to 952,000 tons.
Dec.
Per Cent
of
Firms
For further manufacture.
The weekly coal report of the United States Bureau of
Mines showed that the total production of soft coal during
the week ended Dec. 19 is estimated at 10,237,000 net tons.
Daily average—
than at the close
settled at
tin
Production of Coal Lower in Week Ended Dec. 19
period
The volume of
ago.
more
Report¬
Shipments-
Total for
rose
16.8%.
only
November, 1935.
the plan will be
on
28, 51.625c.; 29, 51.575c.; 30, 50.875c.
Bituminous coal:
year
castings was 86.3%
Prices moved within
quiet last week.
was
tendency slightly
against
as
increased
Details of the plan have not yet been made
plan.
The market for tin
limits,
castings
large as it was a
as
issued at the next meeting of the International Tin Committee, scheduled
narrow
iron
gray
unfilled orders for gray iron
announced during the week that Siam has approved the terms of
The trade hopes
During the same time shipments of steel castings
18.0%.
nearly three times
was
Tin
It
only
136.5%,
increase of 162.2%
an
period for gray iron castings amounted
At the end of November the backlog of unfilled orders for steel castings
73,882 tons.
were
November, 1935, the output this month showed
to
Unfilled orders up to Dec. 26
comeback dining 1936 than did the
Compared with the tonnage of steel castings produced
all for first-quarter
delivery.
Shipments
these decreases in activity the
contrast to
Sales for the week were moderate amounting to about 3,500 tons, practically
quarter
occurred in October.
and steel castings declined somewhat in proportion to
gray iron
volume of unfilled orders for both iron and steel castings increased to the
purchase
to
especially marked in the group of gray iron foundries
was
decrease in production had also
a
heaviiy
iron
merchant producers.
on
Pennsylvania have advanced pig
Furnaces at Pittsburgh and in
iron
prices
50c.
a
iron
has
ton, effective
1.
Maryland
39
32
39
44
64
37
Michigan
18
14
14
18
20
21
Montana
63
78
67
74
80
64
New Mexico
apparent in
41
37
33
28
53
56
North and South Dakota
86
62
57
this
54
63
27
Ohio
Pennsylvania bituminous.
Tennessee
475
516
570
599
1.942
1,712
2,837
2,818
received.
123
92
103
128
103
virtually
15
Other Western States.c
Total bituminous coal
Pennsylvania anthracite
16
15
15
46
21
90
105
91
85
128
100
286
288
230
212
288
193
57
38
36
36
61
57
1,963
1,977
1,541
1.461
2,124
1,132
720
686
549
507
706
692
152
*
147
*
117
116
140
1
s5
«5
Some
as
10,258
8,274
1,251
1,096
8,174
1,506
11,805
9,900
1,920
weeks
two
past
both
of
that material
Some
building
jobbers
pressure
is
than
in
to
and
the
is not
being
of pig
up
steel
pig
more
weeks
of
alarming to producers because
consumed
iron
been
preceding several
stocks
almost
has
as
soon
occurred,
as
but
it
is
it is
get
very far ahead, as is evidenced
for deliveries has not lessened but has increased.
users
unable to fill orders immediately, particularly in sheets,
turn to them to
supply material that cannot be obtained
are
consumers
promptly from the mills.
The
settlement
production
Some
10,556
1,188
buying
impossible for steel
by the fact that
173
1
the
apparent
571
2,444
127
Washington
Wyoming
speculative
buying movement, the situation
is
571
Utah.
West Virginia—Southern.a
Northern.b
it
2,503
Texas
Virginia
While
leaves
automobile
1,806
affected
in
their
of
two
of
the glass
makers
the
have
assembly
major
situation
large
lines
as
strikes
the
stocks
before
affecting automobile parts
most
of
long
threatening disturbance.
glass,
if
but others
fresh
supplies
may
are
be
not
forthcoming.
Grand total
11,744
11.509
9,370
9,680
13,725
Year-end
11,706
Includes operations on the N. & W.; C. & O.;
Virginian; K. & M., B. C. & G.;
& W. in Kanawha, Mason and
Clay Counties,
b Rest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California,
Idaho, Nevada and Oregon,
p Preliminary,
r Revised,
s
Alaska, Georgia, North Carolina and South Dakota included with "other Western
States."
* Less than 1,000 tons.
a
and on the N
chase
of
Joliet
&
developments in the railroad equipment field include the pur¬
freight cars by the Norfolk & Western, 1,050 by the Elgin
1,100
Eastern,
and
700 by the Western
will buy 1,050 and the Burlington will build
in
its
in
1937 will give
own
shops.
Railroad repair work
on
Pacific.
3,550
a
The
cars
Great
Northern
and 10 locomotives
large scale to be undertaken
considerable additional business to steel mills/
Volume
Although
the
holidays
upward
strongly
Financial
144
activity
checked
wherever
in
the trend was still
Reflecting the steel
scrap,
occurred.
transactions
29
Chronicle
granted
in
for
identified building jobs
and
specific
closing dates
bid
with
January.
One week ago
One month ago
2.274o.
2.197c.
rolled strips.
wire, rails, black pipe, sheets and hot
These products represenl
all grades 50c. a
districts will follow.
price increases in iron ore and
coal are
among
the reasons given for the decision.
Pig iron prices
generally were advanced $1 a ton, effective Dec. 1.
The great demand for scrap has forced prices still higher, "Steel's"
index advancing 37c. to
$17.58.
This index held at $16.54 from the
middle of September to the middle of October, declined to $16 and then
One year ago
2.130c.
86% of the United States output.
started
price
changes effective Jan.
2.83c.
finished steel
composite price for
the
1,
is
Pig iron price changes effective Jan. 1 will be shown in the next
THE
AGE" COMPOSITE PRICES
"IRON
Finished Steel
Based on steel bars,
Deo. 28, 1936, 2.330c. a Lb.
beams, tank plates,
Low
High
1938..
Dec. 28
2.330c.
1935
Jan.
effective
than
....2.199c.
Mar. 10
2.084c.
1
2.124c.
Jan.
8
Apr. 24
Oct.
3
,2.130c.
1934
2.008o.
Jan.
2
Oct.
1.867c.
Apr.
18
..1.977c.
Oct.
Feb.
1.9450.
Deo. 29
1930
2.273c.
Jan.
7
2.018c.
Dec.
9
2.015c.
1931
.
1929
2.317c.
Apr.
2
2.273c.
Oct.
29
1928
2.286c.
Dec.
11
2.217c.
July
1927
2.402c.
Jan.
4
2.212c.
Nov.
17
1
$19.73
a
One month ago..
One year ago
Gross Ton
| Based on average of basic Iron at Valley
furnace and foundry Irons at Chicago,
$19.73
Philadelphia,
Buffalo,
Valley,
and
19.73
Southern Iron at Cincinnati.
18.84
—
Low
Hloh
18.84
Nov.
5
17.83
Aug. 11
May 14
1934
17.90
May
1
16.90
Jan.
$19.73
$18.73
Nov. 24
27
3
16.90
Dec.
5
13.56
Jan.
1932
14.81
Jau.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Dec.
-
1929
18.71
May 14
18.21
Dec.
18.59
Nov. 27
17.04
July
24
1927
19.71
Jan.
17.54
Nov.
4
advanced!
1
melting
heavy
steel
$17.75 a Gross Ton
(Based on
quotations at Pittsburgh, Philadelphia
$17.75
One month ago...
and Chicago.
16.17
One year ago.
13.33
$17.75
13.42
1934
13.00
1933
12.25
$12.67
10.33
Dec. 10
Mar. 13
Aug.
9.50
6.75
6.43
8.50
11.26
14.08
13.08
13.08
8
1932
8.60
Jan.
12
1931
11.33
Jan.
6
1930
15.00
Feb.
1929
17.58
Jan.
18
29
1928
16.50
Deb. 31
15.25
1927
Jan.
11
9
Apr. 23
Sept. 25
Iron
nounced that telegraphic reports
cated that the
Institute
Steel
and
on
the
city for the week beginning Dec. 28 compared with
week
one
75.9%
ago,
98%
the industry will be 77.0% of capa¬
one
month
ago,
77.0%
1935, follow:
Mar. 23
Dec. 23
49.5%
Mar. 30
62.0% July
13
Dec. 30
46.7%
Apr.
6
64.5% July
20
Apr.
13
20
27
4
11
July
27
56.4%
Mar.
Dec.
9
55.7%
Mar. 16
Deo. 16
54.6%
1936-r-
Jan.
13
Jan.
20
Jan.
27
49.2%
49.4%
49.9%
49.4%
Jan.
6
Apr.
Apr.
May
May
9
67.9%
70.4%
71.2%
70.1%
69.1%
70.2%
74.0%
67.2%
69.0%
70.9%
3
50.0%
May 18
69.4% Aug. 31
Feb.
10
June
1
67.9% Sept. 7
68.2% Sept. 14
Feb. 24
52.0%
51.7%
52.9%
May 25
17
June
8
69.5% Sept. 21
Mar.
53.5%
June 15
70.0% Sept. 28
Feb.
2
Oct.
12.
Oct.
19
Oct.
75.3%
75.9%
26
74.2%
74.3%
operations
With
only
the
comparison
same
with
y2c. to 2c.
pig
on
up
toll
a
with
surcharge,
a
On shipments directly created
savings will
the
at
accrue
of
rate
•
the carriers'
at this time
equipment programs,
for the spring
As far
rails are concerned,
as
allocated
were
late November
in
dropped sharply from
121,038 units
to an
esti¬
about 13,000 tons to 27,000, this total including
bridge
Reinforcing
Pa.
Easton,
at
bar
awards
tons in the week before last to 5,720 tons last week.
tons.
October
In
and November
of 1929 the industry produced
tons of ingots and in the same months this year 8,882,413
gross
this
Output
month
already
is
well
ahead
the
of
2,903,063
tons
produced in December, 1929.
Japan
addition
The
at
is
40,000
composite
is
negotiating
reported!
the
to
of
iron
pig
The current
13
10
to
Buffalo,
68;
to
67;
87 to
'
down 4 points to 88% ; Cleve¬
were
47;
Pennsylvania
eastern
in
tonnage
finished steel index is unchanged
.
Operations in the Wheeling district
land,
iron
compiled weekly by this maga¬
and steel prices
15c. to $35.33.
up
further heavy
for
tons recently ordered.
$53.90.
Birmingham,
3
47%;
to
2
74;
to
Pittsburgh,
Youngstown
11
to
68;
Detroit, 8 to 92.
Steel
ingot production
placed at about 68% of
for the
a
week
28 is
Dec.
ended
full week's capacity, according to
Street Journal."
Most plants operated only five
days last week, observing the Christmas holiday.
The out¬
this week and is likely to nearly
approximate the rate of the week of Dec. 21, when the aver¬
snapped back
put has
age
81%.
was
74.3%
75.9%
ceding weeks.
7
76.6%
in
Dec. 14
Two
week
at 80%.
output was
ago
The
"Journal" further reported:
U.
79.2%
S.
Steel
is estimated
with
at
nearest
a
credited with
are
87% two weeks
following table gives
the
56%, compared with 70% in the two
Leading independents
the week before and
The
77.0%
comparison
of the percentage of production
years,
together with the
in points, from the week immediately preceding:
iron and steel
U. S. Steel
Industry
1936
1935
49
1934...
39
1933
—13
68
30
1932
pre¬
78% against 89%
ago.
corresponding week of previous
approximate changes,
new
ore
few days left in 1936, the ^year apparently will rank third
1929.
8,024,675
Dec.
high levels as early last week.
the heavy buying earlier this month,
iron
ingots in the last quarter of 1936 will exceed that of the corresponding
months of
Nov. 30
Christmas
7%
present
On
coal 3 to 10c. a net
on
history of this Nation's steel ingot production, exceeded by 1929
gross tons and 1928 with 50,325,393
tons.
The output
Nov. 23
the
the
iron
estimated
is
100 pounds.
per
ton will be lifted;
54,850,433
72.5%
of
heavy
the emergency
extend
to
year.
a
2,810
a
72.2%
business
at present is light, but moderate purchasing has been reported at the
higher prices for preferential deliveries.
Requests are still numerous for
coverage in plates, shapes and reinforcing bars where protections are being
In
and
were
for
tons
74.1%
the national average declining liy2 points to 68% of
capacity, but today (Dec. 28) producers expected to be operating again at
substantially the
of
ton, will be eliminated.
a
production
Shape awards
9
holiday last week,
Chicago
At
the result of the labor situation and the Christmas shutdown.
increased from
Nov. 16
by observance
curtailed
were
Commission's refusal
provided by the surcharges.
Automobile
mated 79,019,
Nov.
77.0%
week.
last
districts
early December.
71.5%
71.4%
70.0%
Dec. 28
$3, but at
the spread has been
difference of
a
at $17.58
sale at $18; and at Pittsburgh the market
gross
the requirements
of
most
and
revenue
74.7%
74.0%
Dec. 21
a
standpoint of
2
Dec. 28 stated:
on
Steelworks
the
Nov.
"Steel" of Cleveland, in its summary of the
markets,
5
a
a range
industry it
71.5%
68.2%
72.5%
74.4%
75.4%
3
Aug. 10
Aug. 17.
Aug. 24
Aug.
Feb.
Oct.
all
on
50c.
by
25c.
the "Wall
55.8% June 22
60.0% June 30
6
53.7% July
2
1936—
1936—
1936—
1935—
Dec.
in
Commerce
$12,000,000
annual
and 46.7% one year
Weekly indicated rates of steel operations since Dec. 2,
ago.
ton,
a
scrap
$19.25-$19.75.
saved;
of
steel
From
which it had received indi¬
operating rate of steel companies having
of the steel capacity of
an¬
and
it is difficult to estimate the over-all effect of the loss of the $115,000,000
Nov. 22
Dec. 28
to
steel
be
maximum
zine
American
Tlie
$19
was
$20
,
was up
50c.
will
by
June
Jan.
3
July
5
Dec. 29
Deo.
9
Dec.
3
July
2
iron
at
surcharge of 8.96c.
ton
in
Dec. 21
1935
Thus, in only a little more
When the scrap index
made.
been
has
$2.42.
finished
the
of
1936
iron
The Interstate
with
Low
High
of
freight rate surcharges beyond Jan. 1 will result in the lowering of charges
4,700
No.
pig
basic
pig
melting steel
1
Steel Scrap
Dec. 28, 1936,
One week ago
possibility
$1.58
prices advanced
Scrap
17
1928
that other
it is expected
gain of
a
$16,
with
narrowed to
16
1933
at
about
1935,
1936
month
present
on
Pig Iron
Dec. 28, 1936,
One week ago
and
1,
coke and the
rising in the last week of November.
a
stood
2
Jan.
4
13
1.926c.
2.037c.
1933
1932
producers will increase prices of
Pittsburgh pig iron
ton,
Shortages of
issue.
5
42
+ 2
33
3
28
—
—
12K
-
56
1931
30
1929
62
1928.
70
2
12
3H
22
4
36
1
—
—
—
—
78
4
—
—
—
—
73
—
44 ^
2
31
3
+
—
13
—
3
19V*
5
26
—
—
60 ^
85
+ 2M
—11
55
+ 3 *
64
83
1927.
—
20^
1930
Independents
—14
—
6
2X
4
1H
3H
4
2
81
+
2H
67
+ 2
Current Events and Discussions
The statement in full for the week ended Dec. 30, in com¬
The Week with the Federal Reserve Banks
The daily average
volume of Federal Reserve bank credit
outstanding during the week ended Dec. 30, as reported by
$2,518,000,000,
the Federal Reserve banks, was
of
an
increase
$11,000,000 compared with the preceding week and of
$24,000,000 compared with the corresponding week in 1935.
After
noting these facts,
parison with the preceding week and with the corresponding
date last year,
,
will be found
On Dec. 30 total
a
Dec. 30, 1936, were as
proceeds
Increase
member
with
Reserve
Federal
accounts
Reserve
This decrease corresponds with a
$22,000,000 in non-member deposits and
and
banks.
$6,000,000 in
Treasury
cash
and
Member bank reserve balances
$1,950,000,000 in excess of
Dec. 30 were estimated to be approximately
legal
or
Decrease
Bills discounted
5,000,000
3,000,000
Bills bought
U. S. Government securities.-Industrial
advances
(not
S
Dec. 31,
(—)
.
,
1935
S
—4,000,000
—2,000,000
2,430,000,000
—1,000,000
25,000,000
21,000,000
—7,000,000
+8,000,000
including
$21,000,000 commitm'ts—Dec. 30)
Other Reserve bank credit
Total Reserve bank credit
Monetary gold stock
Treasury currency
2,484,000,000
11,251,000,000
2,530,000,000
—54,000,000
—58,000,000
—2,000,000
+22,000,000 +1,126,000,000
—1,000,000
+54,000,000
requirements.
reported in the System's holdings of bills
A decrease of $6,000,000 in holdings of United States Treasury notes was offset by increases of
$1,000,000 in holdings of United States bonds and $5,000,000 in United
Relatively small changes were
discounted, purchased bills
States
(+)
1936 Dec. -23, 1936
$
offset in part by increases of $65,000,000 in
bank reserve balances,
Federal
deposits
on
week.
ended
Since
Dec. 30,
follows:
$130,000,000 in money in circulation and an Increase of $22,000,-
000 in monetary gold stock,
other
as
year
follows:
the Board of Governors of the
Federal Reserve bank credit amounted to $2,484,000,000,
decrease of $58,000,000 for the
decrease of
58 and 59.
ing and in related items during the week and the
.
Federal Reserve System
on pages
Changes in the amount of Reserve bank credit outstand¬
Treasury
bills.
and industrial advances.
-
Money In circulation
Member bank
reserve
balances
6,550,000,000 —130,000,000
6,572,000,000
+65,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
2,599,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
544,000,000
+668,000,000
+985,000,000
+ 6,000,000
—511,000,000
+22,000,000
+36,000,000
30
Financial
Returns
of
Member
Banks
New
in
York
City
Chronicle
and
Chicago—Brokers' Loans
United
and
also
for
at all
City member
Chicago member banks, for the
the
States
to domestic banks declined
declined
IN CENTRAL RESERVE CITIES
$
S
8,749
City-
■
'
8,800
.
$27,000,000
Dec. 23■ Def. 31
1936
$
1936
$
7,917
1935
$
2,118
2,114
the
;
-
■
992
955
76
75
59
46
43
28
708
719
743
142
139
149
145
142
174
14
14
15
129
130
127
14
14
16
38
49
42
6
6
6
1,556
1,559
1,161
405
408
257
3,579
3,647
3,243
1,126
1,124
1,069
451
452
383
95
96
89
1,063
1,035
1,030
269
269
243
U. S. Govt, direct obligations
Obligations fully guaranteed
514
United States Government
Other securities
1
(except banks)
Loans
on
bought
paper
real estate
Loans to banks
Other loans
U. S. Govt, obligations
Obligations lully guaranteed by
United States Government
Reserve with F. R. Bank
2,467
66
*.
Balances with domestic banks-
V
;-v
2,446
69
57
38
41
77
192
200
231
503
471
77
75
86
569
581
1,039,000,000
233,000,000
6,448
6,452
5,822
Time deposits
621
614
203
203
1,583
566
United States Govt, deposits
198
1,587
72
..
1,433
451
454
Inter-bank deposits:
fc
421
72
98
.v:
Domestic banks
Foreign banks
2,380
2,428
2,200
608
634
+ 121,000,000
+62,000,000
2,042,000,000
—6,000,000
+5,000,000
+2,000.000
+21,000,000
+58,000,000
—20,000,000
In New York City
Outside New York City..,
Loans
securities
on
others
to
(except banks)
Accepts, and com'l
paper bought.
Loans on real estate...
Loans to banks
387
411
5
5
4
22
26
353
364
"313
"34
""26
1,451
1,451
1,458
238
236
+15,000.000
+2.000.000
+885,000.000
+674,000,000
+1,000,000
-t-109,000,000
—16,000.000
+213,000,000
5,161,000,000
437,000,000
2,386,000,000
—146,000,000
+8,000,000
—112,000.000
+ 140,000.000
15,574,000,000
5,043,000,000
702,000,000
....
1,240,000,000
3,241,000,000
—51,000.000
+ 12,000,000
+ 1,789.000,000
+ 160,000,000
6,077,000,000
423,000,000
29,000,000
—113,000.000
—27,000.000
+788.000,000
+26,000,000
+24,000.000
+695,000.000
Capital account
Demand deposits—adjusted
Time deposits
+ 51.000,000
United States Govt, deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
......
+2,000.000
—3^,000,000
—15,000,000
225
—
.
Controversial
Nine-Cent
Veto
Affected
—69.000,000
—10,000.000
40
.
-—
Other liabilities
346,000,000
1,155,000,000
78,000,000
4,277,000,000
9,290,000,000
by
Reserve with Fed. Reserve banks.
Cash in vault
521
390
—
Borrowings
Tourists
+16,000,000
+5,000,000
Loans to brokers and dealers:
Liabilities—
Demand deposits—adjusted
^
+2,002,000,000
Balances with domestic banks
Liabilities—
S
+ 66,000,000
39
88
496
Other assets—net
1
V
-
2,465
.
90
Borrowings increased
22,941,000,000
Other loans
Other securities
Cash in vault
;
.
district.
$
Loans and investments—total
Loans
Accepts, and com'l
Deposits credited to foreign banks
York
Assets—'
1,004
Outside New York City
on
securities to
others
New
Increase (+) or Decrease (—)
V.Since
Dec. 23, 1936
Dec. 16, 1936
Dec. 24, 1935
■
1,872
'1
City
in
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Dec. 23, 1936, follows:
-ChicagoDec. 30
Loans to brokers and dealers:
In New York
"Other
$25,000,000 in the New York district.
(In Millions of Dollars)
Assets—
of
$16,000,000
Deposits credited
$71,000,000 in the New York district and $113,-
000,000 at all reporting member banks.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS
Loans and investments—total..
Holdings
reporting member banks.
district and $12,000,000 at all reporting member banks.
coming Monday:
-New York
$1,000,000.
Demand deposits-adjusted declined $35,000,000 in the
Chicago district,
$27,000,000 in the New York district and $51,000,000 at all reporting
member banks.
Time deposits increased $7,000,000 in the San Francisco
week, issued in advance of full statements of the
member banks, which latter will not be available until the
Dec. 30 Dec. 23 Dec. 31
1936
1936
1935
Increased
K
current
1
Holdings of obligations fully guaranteed by the
Government
securities" declined $23,000,000 in the New York district and
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
banks
Jan. 2, 1937
in the Cleveland district.
By New
Currency
Restrictions
In
Germany
The
Cuban
of
Sugar Tax Bill Passed
President
Chamber
Gomez of
Over
Cuba
of
Representatives on Dec. 28
placing a tax of nine cents a
bag on sugar to provide funds for army-controlled rural
schools. The Senate has repassed the bill on Dec. 22.
The measure, sponsored by Col. Fulgencio
Batista, army
chief of staff, was vetoed by President
Miguel Mariana
Gomez on Dec. 21, and resulted in his
impeachment on
Dec. 24.
The impeachment action did not
disqualify Mr.
Gomez from holding office.
Federico Laredo Bru, VicePresident, has automatically become President of Cuba.
United Press advices from Havana, Dec.
28, had the follow¬
ing to say regarding the sugar tax bill and Mr. Gomez'
impeachment:
overrode the veto of the bill
United Press advices from Berlin Dec. 26 said:
Currency restrictions were tightened today by
a
decree which provides
that after January 1 no foreign tourist may bring German bank notes into
the country, the idea of the decree is to make tourists
bring foreign
currency
into the country instead of buying bank notes abroad.
French Government Revises Franc Loan Policies
Advices from its Paris bureau to the "Wall Street Journal"
of Dec. 31 said
PiThe French Government has decided to abandon the attempt to compel
foreigners who contracted franc loans before devaluation to recognize the
obligation to continue service on the loans in Poincare and not Blum francs,
except in those cases where the loan contracts contain gold guarantees.
Accordingly, it has introduced
The measure
the
for
designed to provide approximately $2,000,000 annually
was
Army's rural school system.
Mr.
Gomez
denounced
the
bill
as
"undemocratic" and tending to create
a
bill abrogating Clause 6 of the devalua¬
new
definition of the franc inapplicable to
a "militarized youth" in Cuba.
He
warned he would veto it, an action which resulted in the Chamber's
voting
international payments contracted in francs before devaluation and which
impeachment charges against him for alleged "coercion" and "interference"
provided in such
with legislation.
tion bill, which rendered
cases
the
that the French monetary unit should remain in
pt,This clause, which
was
jenforce upon foreign debtors but also threatens French debtors with
demands from foreign creditors for payment of interest
suc¬
the world and contrary to international
jurisdiction and the decisions of the French Supreme Court.
The Chamber
to approve the decision of the government before the end of the
year.
Construct Railroads
repayment of
^' Inasmuch as such French debtors include the state, railways and other
public services, the government admits that, even if it were capable of
application. Clause 6 would cause more loss than profit, besides being
without precedent elsewhere in
Mexico Authorizes $5,500,000 Loan From United States
to
or
principal in Poincare instead of Blum francs.
is^expected
was
i
inserted in the devaluation bill by the Chamber,
despite the government's opposition, not only has been found impossible
to
The Senate sustained the charges and Gomez
ceeded by Vice President Federico Laredo Bru.
conformity .with the monetary law in force at the date of the contract.
In Associated Press advices from Mexico City, Dec.
29,
to the New York "Times" of Dec. 30, it was stated:
A Government decree authorizing President Cardenas to borrow
$5,500,-
000 in the United States for railway construction
the
officialjgazette.
was
The loan is to be handled by
a
bankers;;.."";
The
group of
New York
+:■
of oil taxes
use
published tonight in
as
guarantee
for
the
loan, authoritative
sources
■
said,
was
one reason
for
the government's anxiety to avert the recently
the subject of attempts to arbitrate between
threatened oil strike—now
Complete Returns of the Member Banks of the Federal
Reserve
System for the Preceding Week
As
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business Dec. 23.
The
condition
leading cities
on
statement
;
of
Dec. 23 shows
weekly
an
reporting
member
increase for the week of
banks
in
101
$66,000,000 in
government, oil operators and oil workers.
—
of Kingdom of Norway 6% External Loan
Gold Bonds, Due Aug. 1, 1944, Drawn for
Redemp¬
tion Feb.
The
in balances with domestic banks and $146,000,000 in reserve balances with
Federal Reserve "banks, and an increase of $26,000,000 in borrowings.
Loans to brokers and ^dealers in New York City increased
$16,000,000,
loans to brokers
loans
and
on
'andjjdealers
outside !New York increased $5,000,000, and
securities to others declined $6,000,000.
(commercial
Holdings of acceptances
bought
increased $5,000,000, real estate loans
increased $2,000,000. and loans to banks increased
$2,000,000.
"Other
paper
loans" increased $32,000,000 in
the
the New York district,
$14,000,000
as fiscal agent,
that there have been drawn by lot for
redempttion for the sinking fund, on Feb. 1, 1937, at
100%.of
their principal amount, $795,000 Kingdom of
Norway 20year 6% external loan sinking fund gold bonds, due Aug. 1,
1944.
Bonds bo drawn may be redeemed on that date at
the head office^of the fiscal agent, 55 Wall
Street, New York.
+
City of Buenos Aires to Pay Face Amount of Jan. 1
Coupons on External 6>£% Bonds of 1924 Series
2-B
reporting member banks.
4
;
Holdings of United ..States .Government direct obligations declined $21,000,000 in the New .York /district, $9,000,000 in the San Francisco district
ancL$20,000,000 at aU reporting .member.banks, and increased $11,000,000
„
Announcement
was made on Dec. 29
by Kidder, Peabody
Co., fiscal agent, that coupons due Jan. 1, 1937 on the
City of Buenos Aires, Argentine Republic, external 3134year 6H% sinking fund bonds of 1924 series 2-B will be
paid on and after that date, in current funds at the dollar
face amount, upon presentation at the New York office of
&
the fiscal agent.
■»
in
Chicago district, $10,000,000 in the Cleveland district and $58,000,000
at all
i
National City Bank of New York,
announces
total loans and investments, decreases of
$51,000,000 in demand depositsadjusted, $113,000,000 in deposits credited to domestic banks, $112,000,000
♦
$795,000
Jan.
1
Coupons
on
Province of Cordoba External 7%
Bonds of 1925 to Be Paid at Face Amount
Kidder, Peabody & Co. and First of Boston International
Corp., fiscal agents, announced Dec* 29 that coupons due
Volume
Financial
144
Chronicle
31
"
Jan. 1, 1937, on the Province of Cordoba, Argentine Re¬
public, external 1734-year 7% sinking fund bonds of 1925
will be paid on and after Jan. 1, in current funds at the
dollar face amount, upon presentation at the New York
office of Kidder, Peabody & Co.
The two leading New York exchanges
95.6% of the value of sales
and
99.8%
The
dollar
$1,993,793,
value
November
exchanges in
was
increase of 47.9% over October.
an
trading day
$115,021,108, the highest since publication of these
•
Member
Trading
on
New York Stock and New York
Exchanges During Week Ended Dec. 5—
Percentage of
Trading to Total
Transactions
Curb
Below Previous Week
The percentage of trading in stocks on the New York Stock
and New York Curb Exchanges during the week ended
Dec 5,
own account, except odd-lot
lower than in the preceding week, it was an¬
by members for their
dealers,
was
nounced
by the Securities and Exchange Commission on
Member trading on the Stock Exchange during
100-share
transactions, the Commission noted, or 19.88% of total
transactions on the Exchange of 13,426,880 shares.
This
compares with 4,339,486 shares of stock bought and sold
on
the Exchange for the account of members during the
previous week ended Nov. 28, which was 20.22% of total
transactions that week of
10,732,200 shares; the week
ended Nov. 28 included the Thanksgiving Day holiday
(Nov. 26) on which day the Exchange was closed.
Dec.
bank, 22 William Street.
,
exempt
begun.
was
Holders of the Municipal Council
of Sydney 25-year 534%
sinking fund gold bonds, due Feb, 1, 1955, of the City of
Sydney, New South Wales, Australia, are being notified
by the City Bank Farmers Trust Co., New York, successor
fiscal agents, that $40,000 principal amount of these bonds
have been drawn by lot for redemption at par on Feb. 1,
1937, out of sinking fund moneys.
The bonds will become
due and payable on the redemption date at the office of the
'
all
on
The average value of sales on all registered exchanges per
data
Drawing for Redemption Feb. 1 of $40,000 of Municipal
Council of Sydney 5 3^% Gold Bonds of City of
Sydney
(Stock and Curb) accounted for
registered exchanges, 95.1% of stock sales
"*
of sales
in November reached
♦
all
on
bond sales.
•
31.
the latest week amounted to 5,336,579 shares in
$257,500
Argentine External 6% Sanitary Works
Bonds, due 1961, Drawn for Retirement Feb. 1
of
Loan
J. P.
Morgan & Co. and The National City Bank of New
fiscal agents for Government of the Argentine
Nation external sinking fund 6% sanitary works loan bonds,
due 1961, have drawn for retirement at par and accrued
interest on Feb. 1, 1937 out of moneys in the sinking fund
$257,500 principal amount of the bonds.
Payment will be
York,
as
made at the offices of the fiscal agents.
Chase
National
Bank Draws
$179,500 of Argentine
534% Gold Bonds, Issue of Feb. 1, 1928,
Redemption Feb. 1
External
for
On the
.
The Chase National Bank of the
City of New York, act¬
ing for the fiscal agents, has drawn by lot for redemption
on Feb. 1, 1937, at par and accrued interest, out of sinking
fund monies, $179,500 principal amount of Government of
the Argentine Nation external sinking fund 534% gold
bonds, issue of Feb. 1, 1928, due >ug. 1, 1962.
The bonds
will become due and payable on the redemption date at the
principal office of the Chase National Bank, 11 Broad
Street, or at the the principal office of City Bank Farmers
Trust Co., 22 William Street.
New York
Curb Exchange, members traded for
during the week ended Dec. 5, according
to the SEC, to the amount of 1,218,190 shares, against
total transactions of 3,355,918 shares, a percentage of 18.15%
In the preceding week (ended Nov. 28) member trading
on the Curb
Exchange was 20.44% of total transactions of
2,860,924 shares, the member trading beipg reported by the
their
account
own
Commission at 1,169,767 shares.
The
data issued by
the Commission is in the series of
figures being published weekly in accordance with
its program embodied in its report to Congress last June
on the
"Feasibility and Advisability of the Complete Sgeregation of the Functions of Broker and Dealer."
The figures
current
for
the
week ended
The figures
Exchange
Moffatt
all
round-lot
from the
the
"In the year 1936 the volume of trading in
stocks on the
since 1930," says
Fred C. Moffatt, President of the New York Curb Exchange,
who, in his annual survey, added:
New York Curb Exchange was the heaviest
Business
volume
the
131,428,008
was
full
considerably in
was
months
12
Trading in
of
shares
1935
bonds for 1936
contrasted
as
and
Up
1935.
of
excess
with
the
Dec. 22 last
75,747,764 shares
to
for
60,050,695 shares for the full year 1934.
$807,713,000
totaled
up
to Dec.
28
were
given in these columns
ended
York
of stock
Dec.
5
Curb
effected
Curb
those exchanges
by the ticker.
the
on
Exchange
New
York
Stock
$1,171,440,000 for the full
admitted
to
dealing
corporations
An
indication
the
was
more
million
and
only
single day when
By far
this
writing
ject
to
I
can
revision
the
to
that
there
data
M|
published
are
based
and
but
76
new
While
the million-share mark.
Curb Ex¬
At
to Dec. 22, and the total is sub¬
development
at
the
New York
the greatly increased number of new listings.
before
the
end
listings
on
the
Up
year.
already been
issues which have
have not yet
of
to
that
date
Exchange and the New York Curb Exchange by their respective
members.
These reports are classified as follows:
New
the
New
new
and
approved for admis¬
In
18 bond issues.
York
Curb
Exchange,
financing in 1936 by the larger corporations was to
refunding operations, there
was
York
Number of reports received
Curb
Exchange
865
as
192
104
365
120
214
specialists *
Other than
Initiated
as
specialists:
floor
on
.
Initiated off floor
412
_
Reports showing no transactions
*
On
"in
the
New
473
383
Exchange the round-lot transactions
Curb
York
of specialists
registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
stocks
in
which
Curb Exchange perform the functions of the
dealer, as well
The
as those
number
New York Stock Exchange odd-lot
of the specialist.
of reports
in
the various classifications may
than the number of reports received because, at times,
1935
carry
entries
NEW
in
YORK
more
than
one
total more
single report may
classification.
and
in
STOCK
EXCHANGE—TRANSACTIONS
FOR ACCOUNT OF MEMBERS ♦
IN
ALL
STOCKS
(SHARES)
a
among
Week Ended Dec. 5, 1936
large
Total for
considerable activity in that direc¬
the smaller, privately-owned corporations that had
still greater opportunity to be of service
Round-lot
1.
transactions
members
of
except
Sold
-
-
Total
to the investing public.
of
Sales
on
National
Securities
Exchanges
Reported 9.8% in Excess of October—Were Also
io.9% Above November, 1935, According to SEC
specialists
In
stocks
In
of sales on all registered securities ex¬
November amounted to $2,824,195,708, an
increase of 9.8% over the value of sales in October, and an
increase of 10.9% over the value of sales in November, 1935,
the Securities and Exchange Commission announced on
Dec. 29.
Stock sales (including rights) had a value of
$2,530,464,380, an increase of 12.9% over October, while
bond sales were valued at $293,708,893, a decrease of 10.9%
in
frpm October.
•«r sales
shares,
or
The Commission added:
of stock
in November
(including rights)
17.9% above October's total.
1,150,940
1,152,310
.
8.58
2,303,250
Total round-lot transactions of members, except transactions
Sold
2,614,768
2,721,811
Total
5,336,579
of odd-lot dealers in stocks
In which registered—Bought.
19.88
Transactions for account of odd-lot dealers In Btocks In which
1.
registered:
In round lots—Bought...
...
.....
567,800
Total
Bought
Sold
268,300
299,500
Sold
(Including odd-lot transactions of specialists):
*•
1,549,657
1,527,813
Total principal amount of bonds
$353,379,842, a decrease of 16.0% from October
94,299,037
——
Total
2. In odd lots
were
which
Sold
The dollar value
changes
3.80
1,020,149
-
transactions
7.50
458,248
561,901
Initiated off the floor—Bought
Sold
a
1,005,580
1,007,600
2,013,180
Total
2.
Cent
transactions of
specialists and odd-lot dealers In stocks In which registered:
Initiated on the floor—Bought
registered—Bought
November
Per
Week
13,426,880
Total volume of round-lot sales effected on the Exchange
Round-lot
was
New
York
Stock
Exchange
1,076
been admitted to dealings, totaled 122.
decided to
offer their stock to the public, and to give their shareholders the benefits
of a national exchange market.
These closely held corporations, many of
them in lines allied to the automobile industry, have for years desired a
wider distribution for their shares but delayed their plans until 1936.
The decision of the Securities and Exchange Commission, early in the
year, that trading in unlisted1 securities was to be permitted on national
exchanges, was undoubtedly of great importance to this Exchange.
.
.
.
The later
decision
of
the
Cpmmission, extending the list of unlisted
securities with sufficient distribution, gave the New York Curb Exchange
a
the New York
reports filed with
upon
only six.
extent
tion
Curb
million shares or more dealt
104 listings were stock issues
total,
were
1934
list
which
give figures only up
upwardl
original listings,
sion
York
stocks during 1936
the daily turnover exceeded a
Exchange there were 13 days
in
interest
in, whereas in
million-share day, and in 1934 there was not a
a
interesting
was
public
in
business passed
the most
change during 1936
Of
New
one
week,
same
Reports showing transactions:
sessions
the
On
was
the
warrants).
The
Stock
1935.
Exchange
increased
the
of
the year with
over
there
this
on
Approximately 86 bond issues
were
called for redemption by
On the
the ticker.
3,355,918 shares, exceeded by 12.3% the ticker volume (exclusive of rights
22 compared
1936.
numerous
shares.
spread
1935
during
year
13,426,880
Exchange,
on
volume in
.
with
distinguished
as
The total round-lot volume for
round-lot
total
the volume of
Exchange represent
on
12.9% larger than the volume reported
was
York
New
New
the
sales
volume reported
week
shares,
the date for
given for total round-lot volume for the New York Stock
Exchange and
Volume of Trading in 1936 on New York Curb
Heaviest Since 1930 According to President
Nov.
of Dec. 26, page 4079.
In making available
the week of Dec. 5 the Commission stated:
Total
3,077,470
32
NEW
Financial
YORK
CURB
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
OF
MEMBERS *
IN
ALL
(8HARE8)
for
Total for
Week
the Exchange....
on
Per
Cent
3,355,918
a
transactions of members, except transactions
specialists In stocks In which registered:
1. Initiated on the floor—Bought.
of
reserved
135,350
be
against
3.78
3.74
Sold
10.63
Total
18.15
includes all
exchange members,
•'
Issues
Under
Securities
securities with
new
$260,026,000
November, it
was
became
announced
and Exchange Commission.
on
fully
Dec.
estimated gross
effective
29
during
by the Securities
This total compares with $526,-
330,000 in October, 1936, and $289,772,000 in November, 1935.
Included in the amounts for November and October, this
year, and November, 1935, the Commission explained, are
securities
which
have
been
$1,601,000
registered but which
were
in¬
tended for purposes other than immediate cash
offering for
the accounts of the registrants,
approximately as follows:
Oct. 1936
during
-
.
assets, &c
$20,073,000
$33,364,000
17,474,000
1,049,000
34,615,000
14,710,000
1,200,000
100,000
877,000
for 59.8% of
8.3%; preferred
for
11.4%;
participation
and
stock
common
warrants
manufacturing field
for
issues for 17.8%,
2.7%.
accounted
for
Approximately
November, 1936,
for
the
$36,800,600
were
of
account
registered
the
"for the
securities;
account
and certificates
Registrations for companies in
of the November aggregate,
securities
for
total of 29.5%.
a
effectively
other
purposes
registrants.
$17,351,000
convertible
of
intended!
Of
registered
than
for
cash
of
others";
$5,380,000 for exchange for
reserved
for
conversion
of
:
securities,
$228,081,000 represented issues »f already establishd
enterprises, while only $1,145,000 were initial offerings of newly-organized
companies.
In connection with the sale. of these issues, the
registrants
estimated that expenses of 4.0% would be
incurred; 3.1% for commissions
discounts
connection
,
to underwriters
with
registrants
flotation
and
and
estimated
agents,
issuance.
that
they
and 0.9% for other expenses in
After
would
of
payment
retain,
such
net
as
expenses
proceeds,
$219,972,000.
The main
indebtedness,
proposed to be made of these funds
toward
was
the repayment of
65.2% of the month's net cash proceeds was
applied—almost entirely for the repayment of debt before
maturity.
largest use was to be for additional "new money,"
amounting
to almost $64,000,000, or
29.1% of the total. This comprised $31,865,000,
or
14.5%, for the increase of working capital (inclusive of
approximately
$5,350,000 which three registrants indicated would be applied to
replenish
corporate funds paid out, or about to be paid out, as dividend
distributions),
The
second
and
$32,087,000,
other
assets.
In
or
14.6%,
addition to
for
the
purchase
of
plant,
this, 2.0% of the total
was
equipment
and
intended for the
purchase of securities for investment; 0.3% for the
purchase of securities
for affiliation; 0.8% for the retirement of
preferred stock issues; 0.7%
for reimbursement of loans for
capital expenditures; 0.1% for organization
and development expenses, and
1.8% for deposit with corporate trustees in
accordance with bond indentures.
Common stock
.
,.
90% of the $229,226,000 of securities proposed for cash
offering
of the registrants was
underwritten, 6.9% was to be
offered by the registrants
themselves, and 3.2% by various selling agents.
The registration statements further indicated that
89.4% of the securities
were
the
account
to be offered to the
public generally, 9.2% to the registrants' security¬
holders, and 1.4% to special persons.
registrations
gross
and certificates
No. of
Units
of
32
Nov.,
Oct.,
Nov.,
Amount
1936
1936
1935
7,056.700 $47,420,718
2,392,990 30,201.325
11
_
Gross
17.8
21.4
19.1
11.4
10.6
2.4
Certificates of participation,
beneficial int., warrants,
&c
10
2.7
5.6
0.5
159,036,349
59.8
19.9
67.0
3
Debentures
7,191,536
11
Secured bonds
22,175,825
8.3
42.5
11.0
$266025753
100.0
100.0
100.0
594,701
Short-term notes
Total
67
The
Commission
dition to the
of
also
issues
new
announced
Dec.
29
that in
ad¬
statements
seven
registrants' securities for their
securities,
and
in
own or
with
connection
their predecessors'
the issuance of certifi¬
deposit and voting trust certificates.
statements
covered
These regis¬
approximate
The Commission presented the
securities having an
$9,315,111.
following compilation:
THE
on
covering 10 issues
registered in connection with contemplated exchanges
were
TYPES
SECURITIES
OF
STATEMENTS
FOR
WHICH BECAME
INCLUDED
IN
REORGANIZATION
SEVEN
AND
of
REGISTRATION
EXCHANGE*
FULLY EFFECTIVE DURING
No.
ISSUES
NOVEMBER, 1936
Approximately Market Value
a
Issues
Nov. 1936
Oct. 1936
Nov. 1935
$1,628,680
Common stock
$3,667,785
1.759,333
566,911
Certificate of partic., beneficial int.,&c.
Secured bonds
"I
$3,738,900
"6
4,913,711
3
662,500
10
$9,315,111
1,648,167
283,258
Debentures
Short-term notes
Certificates of deposit
Voting trust certificates
Total..
2,077",225
303", 685
i-
...
4,269.837
$2,499,276 $13,705,605
Refers to securities to be issued in exchange for
existing securities,
a
Repre¬
sents actual market value or one-third of face value where market was not available
SEC
Adopts
Form for
Registration Under Securities
Mining Companies
Act of Securities of New
The adoption of a new form, designated "Form A-O-l,"
registration under the Securities Act of 1933 of the
for
securities
of
mining companies, was announced by
Exchange Commission on Dec. 23.
is designed for securities of mining companies
still in the promotional stage, the Commission
explained.
Heretofore such issuers have been required to
register their
securities on a general form which gave rise to certain
difficulties of interpretation and adaptation.
The present
form, the Commission said, is designed to obviate those
new
the
Securities
The
form
and
An instruction book accompanies the new form.
The Commission's announcement of Dec. 23 continued:
Before finally adopting this form, the Commission sought the advice of
hundred
several
leading mining engineers and promoters.
of the form were sent
to them for
their suggestions.
Early drafts
Later, round-table
discussions with representatives of the industry were held in Washington
and at the American Mining Congress in Denver, Colo., in the fall.
A
great many of (the suggestions and criticisms of the industry have been
adopted in the final form.
It
has
elements
been
as
the
Commission's
to which
an
<
purpose
to
place emphasis
upon
investor would be primarily interested.
those
Accord¬
ingly, the form seeks to penetrate the following factors:
The property,
the management, the development program, including the uses to which
the funds will be put, the promotional aspects, and the costs of distribution
and underwriting.
As
Almost
for
of
which
be
to
No.
Issues
difficulties.
use
68.1%
totaled
Per Cent of Total
Type of Security
securities
$1,221,000 for the exercise of options and
selling commissions, and $1,751,000 for other
.
the
securities
this total, about $10,997,000
;v
v ' ;V
After deducting the above amounts there remained
$229,226,000 of regis¬
tered securities to be offered for sale for the account of
the registrants.
these
was
62.4% in October, 1936, and 78.0% in
Common stock issues accounted for 17.8% of the month's
while preferred stock issues represented 11.4%
participation, beneficial interest, warrants, &c., 2.7%.
♦
during
immediate
were
'
were
92.0%
November, 1936, against
features;
warrants; $100,000
subsequent issuance.
$76,333,000
41.6%
and those for the utility
companies came next with
and!
bearing
Preferred stock
say:
Secured bond issues registered
during the month accounted
the month's estimated gross
proceeds ; debenture issues for
pro¬
f. ext. conversion loan 4%% bonds, due 1971, andl Southern
Co., $15,000,000 1st mtge, pipe line s. f. bonds, 4%% series,
Type of Security
issues
of $609,000,
were
underwriting
proceeds, of which more than
$38,981,000
As to the registration statements which became effective
Of
expenses"
After
for
515,000
$88,798,000
during November the SEC had the following to
having
net
companies.
aggregate,
3~,902",000
$36,800,000
Total
other
"other
as
All of these securities
registering
market value of
$17,351,000
1,221,000
1,751,000
10,997,000
5,380,000
Registered for the' 'account'' of others.
To be issued In exchange for other secur.
To
be issued against claims,
other
_
the
and
received
November, 1935.
tered
Nov. 1935
Reserved for conversion
of issues with
convertible features
Reserved for the exercise of options
Reserved for other subsequent issuance
for
Fully Effective During November, 1936
cates of
Nov. 1936
of
4.2%
and
s.
Gas
Preferred stock.
Analysis of statements registered under the Securities Act
of
for
Act
$266,026,000—10 Reorganization and Ex¬
indicates that
sale
Fixed-interest
■
change Issues Also Effective
1933
were
was to
increase
1951.
During November—Have Estimated Pro¬
of
for
bonds, 3%% series, due 1966; B. F. Goodrich Co., $27,000,000
mtge. bonds, 4^4% series, due 1956; Republic Steel Corp, $25,000,000
genl. mtge. 4%% bonds, series C, due 1956; Koppers Co., $25,000,000
1st mtge & coll. trust bonds, series A, 4%, due
1961; Argentine Republic,
of
New
of
cash
their firms and their
tions includes both purchases and sales, while the total Exchange volume Includes
Effective
32.6%
indebtedness,
of
repayment
$80,324,000
of
of these proceeds
equipment,
Types of New Securities Included in 49 Registration Statements that Became
Percentage of members' transactions to total Exchange transactions.
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' transac¬
Registration of 67
for
proceeds
net
and
refunding of outstanding bond issues.
Among the large issues for which registration statements became effective
during the month were:
Montana Power Co., $48,000,000 1st & refund,
a
'•
plant
intended to be offered for cash sale
About 38.5%
proceeds of $78,543,000.
gross
for
to be
partners, including special partners.
only sales.
and
preferred
for
purposes.
to be used
due
381,834
"members"
posed
$23,500,000
Total
were
$20,774,000
Only $84,184,000 of the manu¬
utility companies, which were the second largest group of registrants
November, registered $77,567,000 face amount of secured bonds having
Natural
218,880
162,954
Sold
proceeds
other
of
issues),
&c.
1st
1,218,190
Bought
were
other
$306,000
(of which $9,030,000 were
mtge.
Odd-lot transactions of specialists In stocks In which registered:
sale
of
warrants,
issuers,
25.7%
intended
592,435
625,755
,■*
the
purchase
expected
713,325
Bought
of
capital,
various
costs
315,210
398,115
Total round-lot transactions for accounts of all members:
ceeds
for
estimated
Total
term
used
in
251,210
Round-lot transactions of specialists In stocks In which regis¬
tered—Bought..
Sold
the
for
stocks
bondB,
secured
for
were
common
The
141,875
109,335
Total
of
conversion
account
working
253,655
Initiated off the floor—Bought
Sold
stock
$51,770,000
month,
$35,631,000 for
expected to be received therefrom.
118,305
Total
of
the
and $2,165,000
the
for
Sold
•The
$110,646,000 of securities registered by the manufacturing com¬
during
debentures,
slocks,
r
Jan. 2, 1937
facturing companies' registrations
Round-lot
2.
Of the
panies
Week Ended Dec. 5, 1936
Total volume of round-lot sales effected
Chronicle
STOCKS
to
property,
the Commission has attempted to differentiate those
mining properties where sufficient work has been done to disclose tonnages
of proven or probable ore from those properties that are still relatively
undeveloped.
In the case of properties in the first group, the facts
cerning the presence of such ore are required in the form of
In addition,
costs,
where such ore has been exposed,
based solely
on
an
estimate of operating
available information, is required.
v
con¬
an assay map.
On the other
Volume
Financial
144
hand, where definite tonnages of proven or probable ore are not
—that is, where the property is still
nor
underground
have
a
estimate
cost
a
and
been
done
is
showing
be
development
what
for the expenditure of funds in
work and sampling
Latitude is afforded a registrant of
supplied.
partially opened-up property to present all facts
Further Broadening
claimed
undeveloped—neither an assay map
Instead, only such customary surface
required.
maps
need
33
Chronicle
justifying his opinion
development.
developments in
principal
generally known as
securities—indicating,
apparently, a gradual rise in the demand for Sank credit for business
purposes.
The banks' holdings of direct and indirect obligations of the
government have also increased considerably during the year.
Security
loans andi security holdings other than government obligations have shown
afforded to
them logically
development program.
Instead of seeking precise, exact amounts
the Commission asks for the type of tentative budget that a mining en¬
gineer would set up for his client. < It is realized that it may be impossible
to state exactly what amounts will be spent for various items and elas¬
moreover,
ticity in this matter is, therefore, provided.
comparatively little change.
Miln dealing with the development program, opportunity is
set forth estimates of
expenditures in stages so as to connect
with the
As
information
that both the nature of the
shall be set forth clearly.
which will show how much of the
raised goes into the mine as
contrasted with how much is taken
wholly
been
has
"commercial"—that
promotion, the Commission requires
to
is,
Commission
money
out
a
seeks
Plays
This portion of the form calls for
by the security salesmen enroute.
full
underwriting and distribution program of
description of the
the
Action
as
the existing exemptions of issues
to the modification of
under
Rule
Act of 1933, as
Adopting Form A-O-l
authority conferred upon it
by the Securities
amended, and finding:
That any information or documents specified in Schedule A of the
Act which Form A-O-l for Securities of Issuers Organized within Two Years
(1)
Engage in the Exploitation of Mineral
to
and the Instruction Book for such form,
Deposits (other than Oil or Gas),
forth are
do not require to be set
require to be set forth, but which are not specified in said
Schedule A, are necessary and appropriate in the public interest and for
the protection of investors; and
(2) That the information which the rules contained in the Instruction
Book for Form A-O-l require to be contained in prospectuses for the class
of securities and issuers to which such form is appropriate is necessary
and
appropriate in the public interest and for
that the statements
mitted
be
to
omitted
used for registration
be
Act of 1933 of securities of the
instruction book for such form, to
under the Securities
class and issued by the class of issuers
specified in the rule for the use of
aid form A-O-l.
^The foregoing action shall be effective
provided that any registration statement
Treasury
As a result of large government expendi¬
continued to show a large deficit.
The gross
has
of November
the end
debt at
immediately upon publication,
filed with the Commission on
such form as would have been
prior to the adoption of Form A-O-l.
England Writing New Chapter in Industrial
Says First National Bank of Boston
New
History,
"Business
England is at the highest
Bank of Boston
England Letter," in which it adds:
activity
in
New
1929." says the First National
level since
in its current "New
participated in the upturn.
All of the major industries have fully
the protection of investors,
made in registration statements
form prospectuses
hereby adopts Form A-O-l and the
of relief
was more than four billion dollars
This increase, of course, was partly due to the
payment of the veterans' bonus, a non-recurring item.
The remainder was
mainly attributable to relief expenditures.
The size of the relief load
that is still being borne by the government in spite of the increases that
have taken place in private employment is one of the most important
problems facing the country andl one of the greatest sources of uncertainty
in
the general
business outlook.
Upon the successful solution of this
problem, more than any other, depends the future of the budget.
form
which are per¬
for such class of securities and
issuers are not necessary or appropriate in the public interest or for the
protection of investors; and that the form and contents which such rules
prescribe for prospectuses of the class specified are appropriate to the
nature and circumstances of their use and are consistent with the public
interest and the protection of investors.
and
the
public
inapplicable to the class of securities to which such form is appropriate,
ana disclosure fully adequate for the protection of investors is otherwise
required to be included in the registration statement, and that such in¬
formation and documents as Form A-O-l and the Instruction Book for
such
important role in shaping*
of public funds have
expenditures and the
amounts
result
larger than a year earlier.
$100,000 has been deferred for the time being.
The SEC, acting pursuant to
a
as
an
payment of the veterans' bonus.
tures,
promotion.
Large
conditions.
channels
business
into
flowed
financial
and
business
Active Part
an
to play
has continued
government
on
...
Government Still
The
those
than
other
loans
of
class
the
in
loans
promoter's contribution and his compensation
The
of Credit Base
the financial situation during the year
have been the large inflow of gold!, the continued expansion of the public
debt, and the increase in new security issues.
The commercial banks
have reported the same sort of changes in their condition as has been
the rule in recent years, with one important difference.
For the first time
since 1929 there has been a substantial increase in loans.
The increase,
The
Em¬
burdens have been
that despite the great development which
has taken place in other parts of the country, New England still produces
two-thirds of the worsted and woolen goods of the Nation and 37% of the
ployment has been substantially increased and relief
reduced.
It is gratifying to note
footwear.
There
than
are
any
more
England
diversified industries per square mile in New
It has about 14,000 manufacturing
where else in the world.
250 separate industries.
New
products and new lines are now filling the gaps made by the retreat or dis¬
appearance of old industries.
In one town, for instance, mill property
which formerly housed a single textile mill employing 1,800 persons is'
establishments, representing approximately
occupied
now
by
diversified industries
employing double that number.
or^before March 1, 1937, may be filed on
In
the form appropriate for use
accounted for two-thirds of the total value of
a
former important
industries
is
now
textile center where the manufacture of cotton
goods
product a variety of different
printing, silk, rayon,
found including paper and pulp,
furniture, leather, and shoes.
Business Conditions in 1936
Since
Depression—Possible
Overexpansion of Credit Principal Problem Facing
Guaranty
Most
Trust Finds
Encouraging
New Year
Considered
a
whole, the year 1936 has been
the most
Guaranty Trust Co. of New York in "The Guaranty Survey,"
its monthly review
of business and finance, published
According to the "Survey," the
principal economic
1937 is that of
possible overexpansion in the field of money and credit."
It adds that "if the public finances can be promptly placed
on a
sound basis, if the problem of credit control can be
satisfactorily solved, and if effective cooperation can be
problem that faces the country as it enters
business, there is
business in general
apparently views the outlook for continued recovery."
In
maintained
between
government
and
ground for the confidence with which
part, the "Survey" continued:
Not only has the general level of activity during 1936 been the highest
in six years, but for the first time since the beginning of the depression
the trend has been strongly upward throughout the year, with only minor
interruptions.
Although 1935 also marked a substantial net gain toward
recovery, the advance took place almost entirely during the last quarter.
In the year now closing,
the upward trend has been both steadier and
rapid.
more
of
pression
an
security prices,
which have been strong almost throughout the year.
Commodity prices
have also shown increasing buoyancy.
.
Thus far, this rise has
not resulted in an appreciable increase in the cost of living.
One of the
striking and encouraging features of the year's business
record has been the progress shown by the durable goods industries.
This
not only has swelled the total volume of industrial
output and employ¬
ment but has also contributed to a better balance in the country's general
economic structure.
Particularly favorable is the expansion that has been
of
evidence
this
is
in
found
movement
the
.
in
reported
that
been
has
tively
the
very
of
.
months in residential building, a branch of industry
severely affected by the depression, has been compara¬
and is believed to represent, in greater degree
other single factor, the key to a definite and satisfactory solution
slow
than any
of
recent
in
recovery,
Unemployment, as far as can be judged from the rather meager statisti¬
evidence, remains at the end of the year, as it was at the beginning,
cal
is true despite the
progress
that has been made during the year in increasing employment.
The best available estimates indicate that business has reabsorbed most of
the workers who were laid off during the early part of the depression.
crucial
This rise in
because
several
the
question
facing
the
country.
This
employment, however, has failed to solve the problem, mainly
number of available workers in the country has increased by
millions
during the interval.
England
one-third
as
92% of Commercial Banks Members of FDIC—
Finds 43% of $45,000,000,000 Deposits in
14,085 Banks Insured
in the
of the
Federal Deposit Insurance Corporation on May 13, 1936,
according to an analysis issued on Dec. 10 by Leo T.
Crowley, Chairman of the Corporation. The analysis,
based upon reports submitted $y 14,185 of the 14,092
insured banks, showed that deposits in the banks amounted
to
over
$45,000,000,000, of which approximately $19,500,000,000, or 43%, were insured.
On Oct. 1, 1934,
deposits of 14,060 insured commercial banks amounted to
$36,000,000,000, of which $15,600,000,000, or 43.5% were
insured.
"It is apparent," Mr. Crowley said, "that the
general growth in bank deposits has been accompanied by a
commensurate growth in the Corporation's liability for in¬
More than 92% of the 15,194 commercial banks
States and its possessions were members
United
sured
deposits."
Other details of its
analysis were summarized by the FDIC
follows:
were
between 95% and 100% of all commercial banks
insured by the FDIO.
In only nine States were less than 90%
commercial banks insured; Kansas, with 64%,
were
in the United States only 1,075
had the lowest ratio.
of
There
non-insured commercial banks, prin¬
cipally private banks and other institutions, many of
which are not eligible
for admission to insurance.
In 13,204 banks,
comprising 93% of all
insured commercial banks, the average insurance coverage was about 78%.
In 109 banks with deposits of over $50,000,000 each, approximately 25%
Insurance coverage varied
with
of
according to size of bank.
deposits of not more than $5,000,000 each,
deposits
were
insured.
These 109 banks held more than one-half of total
deposits of all insured commercial banks and almost
one-third of all insured
deposits
Insurance coverage
time
Demand and
$32,000,000,000 were
varied according to type of deposit.
deposits of the general public, amounting to
55% insured.
The $13,000,000,000 of other deposits, consisting chiefly
deposits of other banks and of governmental bodies were 12% insured.
The per cent of total deposits
most
New
Report
of
unemployment problem.
Unemployment Still a Serious Problem
the
movement
England
much as for the
as a whole and New England was the only section during the de¬
whose farm-land values did not fall well below the pre-war level.
In the majority of States
have been
equally pronounced gain in business confidence.
Suf¬
Tangible increases in industrial output and in trade volumes
ficient
this
Over
as
accompanied by
In
dining the past two decades have been but
Activity and Higher Prices
Greater
has been a definite trend in this country
industry.
Fluctuations of land values in New
position.
of the depression,
general prospect more favorable than
has been at the end of any other recent year, says the
and it closes with the
Dec. 28.
decentralization
fortunate
a
country
as
encouraging to business since the advent
'it
Within the past few years there
toward
is in
insured in individual States ranged from
85% in Vermont to 22% in New York.
States
was
The low coverage reported In some
due to the concentration of deposits in a few large banks
holding
funds, United States Government and
public funds which are largely secured by pledge of collateral or by
large proportions of uninvested trust
other
preferment, and of interbank deposits.
The proportion of deposits of the
North Dakota
general public protected by insurance ranged from 88% in
and Vermont to 30% in New York.
The banks reported a
or
total of 57,000,000 accounts, of which 56,000,000,
98.4%, were accounts with balances not exceeding $5,000. the maximum
insurance for each depositor.
The per cent of accounts with balances of
34
$5,000
Financial
loss ranged from 99.2% in the Dakotas and West Virginia to 97%
or
in New York.
As to insured banks
placed in receivership between Jan. 1,
1934, and Oct. 31, 1936, the Corporation stated:
Chronicle
Jan. 2t 1937
conditions and partially to the varying degrees of recovery
enced in the different areas."
being experi¬
,
The Home Loan Bank district comprising California, Nevada and Arizona
shows the highest percentage of October loans going into new construction
financing, 47%.
Other districts where the percentage of construction loans
In actual practice, deposit Insurance has
fully protected 99.5% of 84,687
depositors in the 70 insured banks placed in receivership between Jan.
was higher than the
average for the country include that comprising Ar¬
kansas, Louisiana, Mississippi, New Mexico and Texas, 40% in construction
1934, and Oct. 31, 1936.
loans: that comprising New York and New Jersey, 38%,.and
1,
Total deposits in these banks
000 of which 72% were insured, an additional
14%
curity, preferment, or counter-claims.
were
$19,600,000,-
being protected by
Washington, Oregon,
the
assets.
Montana,
Idaho,
total
disbursement
Estimated
posits of insured and non-insured commercial banks* in the
New construction
Banks fi
.' !
No.
Arizona
15
73,282
Arkansas
213
147,411
California
239
Colorado.,..
Connecticut
105
44
3,733,043
297,421
468,346
123,867
139
Delaware
1,102
1,075
1,449,538
1,336,524
10
1,906
1936
44,375
93,206
1,964,055
160,984
253,767
62,607
9
"""645
10
21,536
15
2,161
20
69,393
Jf. 2
I.
259
District of Columbia
Florida
22
323,645
..172,254
149
319,056
159,956
~5
Georgia
~2~, 892
261
390,485
60
57
75,084
4,923
6,468
863
193,911
51,860
1,401,733
420,347
42
367,471
203,223
76
Idaho
Illinois
Iowa
585
Kansas
463
3',665,195
718,915
549,519
325,213
389
401,545
148
387,557
3
260,778
179,126
Indiana
496
....
Kentucky
Louisiana..
:
Maine
61
180,372
184
527,293
198
1,810,007
446
1,229.422
649
Mississippi
196
9,529
13,131
32,079
•
44
55,931
11,798
2
391
10
708,074
666,356
Minnesota
260
249,870
Michigan
19
132,211
Maryland
Massachusetts
18,634
47,072
49,821
3
-
4
28
49
43,934
10,222
2,998
7,244
1
222
Missouri-....
635
794,906
151,481
1,320,243
Montana
120
124.092
377
310,451
463,271
108,583
560,153
80,568
184,327
59
10,411
9
26,932
18.060
1
223
56
74,093
1,543,917
6,370
7
47,461
1
492
2,881,634
25
698,470
....
Nevada....
New Hampshire
New Jersey
New Mexico
.
...
New York.
765 13,072,910
234
359,066
...
North Carolina
North Dakota
192
Ohio
70,606
1,974,947
413,543
255,585
4,377,329.
692
Oklahoma
385
Oregon..
Pennsylvania..
1
90
1,084
.....
Rhode Island
16
South Carolina
230,197
111
South Dakota
196
Tennessee
307
123,357
85,419
435,756
Texas
.
808
59
323
513,310
385,464
257,818
774,136
59
57.983
4
5,405
172
Wyoming.
Possessions—total
a
date, predominantly June 30, 1936.
are not
61
7
49,584
63,130
39
8,137
1
606
10
2.406
71
.
18,666
is estimated.
institutions.
4,825
i: 6,038
8,614
disbursed
total
to
approximately 55,000 different families, represents
gain of 5.8% over September and of 3.8% over October
year ago, the League's announcement said, adding:
Morton Bodfish,
Bringing the total of distributed earnings for the
were
a
a
built during the month with
the aid of savings and loan
financing, pointing out that the average con¬
loan was about
$3,171, considered a definite indication that
market
for
to
date has
been
well within
homes, the small income
Comparing the lending activities
year ago,
the League executive
the range
and
home
purchase
building mounted
of such
up to
financing the
loans.
this
are
same month in
October and
the most spectacular change in the
listed
October
$34,804,000,
of the broadest
group.
percentage of the total going into new construction loans.
for which savings and loan advances
an
are
Other purposes
for
new
home
increase of 24% over the volume
1935.
This
sum
also represented the
second highest month of construction loans in
1936 by the savings and loan
associations, yielding to the September record by
An auspicious start for this last
disbursements.
purchases,
a
These institutions
57% gain
over
seen
margin of only $50,000.
in the analysis of the month's
supplied $42,000,000 to finance home
the volume in October,
savings and loan leaders to be
an
general around 57 % better than it
the average
a
quarter of the year in loans made for
buying of existing houses is also
1935, judged by the
indication that real estate activity is in
in the fall of last year.
was
Comparing
monthly volume of home purchase loans for the third quarter
of 1936 with the October
disbursements, they judge that present activity
about 24% ahead of where it was in the summer
in residential sales is
and early fall..
•
.
'
"Construction loans account for 28.7% of
savings, building and loan
October activity, but vary widely according to
geographical location of the
institutions," said Mr. Bodfish.
"This is no doubt due partially to climatic
;*
the
for
are
on
$240,000,000,
year up to
past six months'
distributions.
and in those
quarterly basis,
a
dividends has included both
There is also
a
sizeable group whose
1, and actual payments of the dividends has already
These are also included in the estimate for the last six months.
The Federal Treasury will be recipient of between $2,000,000 and $3,-
000,000 of the dividends distributed for the period, since several hundred
associations have shares purchased
by the Treasury and the Home Owners*
Loan Corporation in the past two
years' emergency program to get more
J;VV'.;V
work.
Past
Year, Insofar as It Concerns Savings Banks of
NeWfYork State, Viewed with "Justifiable Satis¬
faction" by Andrew Mills Jr., President of Savings
Banks Association of New York
The belief
that
"the
savings banks of New York State
year with a certain amount of
justifiable satisfaction," is expressed by Andrew Mills Jr.,
President of the Savings Banks Association of the State of
New York, and President of the Dry Dock Savings In¬
stitution of New York City, in a statement issued on Jan. 1.
In part Mr. Mills continued:
look
back
Much
has
plished.
of
the
been
the
past
accomplished,
although
much
remains
to
be
accom¬
In the first place, we have had a rather surprising continuation
among
first, because in that
ordinarily
our
banks.
immediately following
era
a
depression there
made to repay debts which have been
during the difficult days and there is
improved income might
more
than
Yet in the face of this, savings
seem to warrant.
banks deposits have increased in the
accumu¬
accumulation of unfilled
an
only be met by spending relatively somewhat
can
the year ended
It is noteworthy for two
in personal expenditures out of line with ordinary
an increase
An attempt is
income.
lated
over
growth of deposits
reasons;
is
State by some $36,511,000, and for
Sept. 30 total $5,223,058,759.
.
.
.
Many of our banks have declined to accept substantial funds fronTa
single individual for deposit during the past four
that
they might
devote
depositor—the thrifty
regularly so that
096—and to
not
attention
his life.
an
The
a
set
This
in order
true
savings
savings
number
of
depositors
in
our
all-time peak on Sept. 30, 1936—6,009,-
.
these
figures alone, however, that reveal the progress which
banks have undertaken
of minimum
has
the
feeling of self-dependence
In the field of mortgages, for instance,
some
unusual
So
activities.
know, the mutual savings banks of New York State
a
five years,
great satisfaction the figure appears to be showing a still
''
M
mutual savings banks have made.
savings
or
exclusively to
he may continue to enjoy
banks reached
our
further increase.
It is
their
person of moderate means who accumulates
throughout
self-respect
mutual savings
refinancing, moderniza¬
disbursements
estimate
taken place.
and
of the associations
sees
the
needs which
struction
building revival
Some associations
computation.
Executive Vice-President of the League, calls special
attention to the 10,900 new homes which
the average amount of dividends, it
the year-end dividend payments have varied somewhat in exact date of their
l"l"3',6l4
Deposit figures for 40
The
A majority
four months.
■■
come near
♦
included.
of such
in which less than $1 will be
or
829
five-year high of
$122,328,000, according to figures released in Chicago,
Dec. 19, by the United States
Building and Loan League, on
basis of reports from associations
representing 35% of the
the
however,
funds for home financing directly to
ky Savings, Building and Loan Associa¬
Highest Level in Five Years—Disburse¬
During Month Totaled $122,328,000
resources
range high enough to receive several
are numerous cases
during the past three
of the accounts,
fiscal year ends Dec.
1
loan associations in October reached the
tion
gram with an association
2,806
18
33
Home-mortgage loans made by the savings, building and
entire
individual accounts
some
earned by an individual who has just started a modest systematic saving pro¬
cases
at
ments
a
Actually
hundred dollars, while there
of their last two quarter
October Loans
tions
increased earnings in these institutions have
of 1936 on account of homelending activities which passed the $1,000,000,000 mark, the
League said.
Morton Bodfish, Executive Vice-President of the League,
indicates that the average individual dividend will be be¬
tween $16 and $17, with something over 6,000,000 share¬
holders participating in the profits from these
cooperative
home-financing agencies.
It was also stated:
The
non-insured banks
that
4,121
1.405
number of operating insured commercial
banks is 14,092.
The reports
of seven insured banks are not
included.
Deposits figures of non-insured banks are
for nearest available
f
the fact
characterized the entire year
5,350
3,977
172
.....
1
to have been
completed by the savings, building
by Dec. 31, according to
by the United States
Building and Loan League.
The dividend total is approxi¬
mately the same as for the first half of the year, reflecting
was
12
229,676
576,962
586
West Virginia-...
Wisconsin
.
of 1936
and loan associations of the country
an
announcement issued Dec. 26
21
'
76,724
85,976
335,849
217,061
176,879
525,276
38,326
-
Virginia
Washington
10
199,493
100,807
■/W;, Vermont
38
159,645
2,044,645
126,462
74,751
62,654
147,075
76
183,887
57,227
1,127,153
1,164,546
'
Utah
.
Distribution of $120,000,000 in dividends for the last half
30,791
40
49,427
1,008,747
29,054
9
388
Nebraska—
.
of
Dividends
Distributed
by Savings,
Building and Loan Associations for Last Half of
Deposits
Insured
14,086 45,187,902 19,577,577
14,081 45,182.497 19,573,600
207
242,389
144,966
Alabama
9
10,642,000
$120,000,000
No.
States—total
6.6
34.4
21.3
Non-Insured
Deposits
U. S. and possessions—total.a
28.7
$34,804,000
8,446,000
42,041,000
26,395,000
...
Repair and modernization...
Home purchase..
Other purposes
Total
Total
in the United States
Refinancing
Insured Banks
% of
All Associations
by Mr. Crowley:
(Deposits in thousands of dollars)
October
Loans Made by
May 13, 1936, is from
NUMBER AND DEPOSITS OF COMMERCIAL BANKS IN THE
UNITED
STATES AND POSSESSIONS, MAY 13, 1936
30%.
follows:
following tabulation, showing the number and de¬
United States and its possessions as of
the analysis issued Dec. 10
that including
Utah and Wyoming,
The analysis of the October loans, showing percentage of each type to
Varying proportions of the remain-
tng 14% are being realized from liquidation of the closed banks
The
se¬
far
as'we
the first to compile
are
standard building specifications for individual homes.
been done with the
assistance of competent
architects and
en¬
gineers in the belief that the adoption of such standards would protect
the purchasers of homes
also
from the consequences of
poor
building and would
improve the quality of savings bank mortgage loans, which is for the
interest of the depositors.
Savings
banks
have
'
'
,
also interested
themselves
and
\
>
,•
are
in
process
,
of
making detailed studies of various proposals looking toward the alleviation
of the increasing
burden of taxes
The surpluses of our
upopYeal
banks have
estate.
Increased
protection for the savings of the people.
)
generally, which is
a
further
Yields from investments are,
unfortunately, still low, the most recent broad evidence of which is the
flotation by the
United States Government of
a
substantial quantity
long-term bonds at 2 H % and short-term notes at 1M %
felt among savings
banks that depositors
are
•
]of
It is commonly
still considerably
more
in-
Volume
Financial
144
terested in the safety of their deposits than in
banks
will
continue
in
as
the
yield, and that the savings
security rather than income
past to seek
despite their
proud record of safety and uninterrupted dividends, are continually seeking
improvement in their methods and in their service to depositors and to
►•'It should
be
the communities which they serve.
We expect that that spirit will con¬
Gold Receipts by Mints and Assay Offices During Week
Ended Dec. 24—Imports Totaled $16,135,489
announced on Dec. 28 that $18,696,587.89
received during the week ended Dec. 24 by the
various mints and assay offices.
It was stated that of this
amount $16,135,489.17 represented imports,
$227,876.79
secondary and $2,333,221.93 new domestic gold.
According
to the Treasury the gold was received as follows by the various
mints and assay offices during the week ended Dec. 24:
of
New
Offering of Two Series of Treasury Bills Dated
6, 1936, in Amount of $100,000.000—$50,000,000
to Be 71-Day Bills and $50,000,000 to Be 273-Day
Jan.
Bills
offering of Treasury bills in two series for a total
$100,000,000, or thereabouts, was announced on
Dec. 30 by Secretary of the Treasury Henry Morgenthau,
Jr. The bills, which will be sold on a discount basis to the
highest bidders, will be dated Jan. 6, 1936. Each series of
new
gold
was
RECEIPTS
amount of
GOLD
OF
BY
MINTS
THE
ASSAY
AND
OFFICES
New Domestic
Secondary
Imports
or
there¬
series will be 71-day bills, maturing March 18,
1937, and the other 273-day bills, maturing Oct. 6, 1937.
one
$19,590 31
16.064,800.00
40,903.79
$74,132.79
9,945.07
12.080.70
250 00
18,000.00
6,072.09
Vm,819".45
Total for week ended Dec. 24,1936 $16,135,489.17
$227,876.79
$2,333,221.93
Silver Transferred to United States Under
the bills will be offered in amount of $50,000,000,
abouts;
per annum on a
The Treasury
tinue to motivate the trustees and executives of our institutions.
A
0.294%
is about
bankers,
that savings
clearly understood
accepted. The average
99.777, and the average
bank discount basis.
part of the amount bid for at the latter price was
price of Treasury bills of this series to be issued is
rate
in the investment of the funds committed to their care.
35
Chronicle
Nationali¬
Dec. 24
Philadelphia
New York
San Francisco
Denver
New Orleans
'$iod,bbo".6o
106,200.00
11,391.21
Seattle
1,348,121.86
470,280.62
The face amount of the bills of each series will be
payable
without interest on their respective maturity dates. There
is a maturity of similar securities on Jan. 6 in amount of
$50,196,000.
^
Tenders to the bills announced this week will be received
banks, or the branches thereof, up to
Eastern Standard Time, Monday, Jan. 4. Bids
Treasury Department, Washing¬
ton.
Bidders, Secretary Morgenthau pointed out, are re¬
quired to specify the particular series for which each tender
2
is made.
The following is from
the announcement bearing on the
offering issued by Secretary Mongentliau on Dec. 30:
The bills will be issued in bearer form only, and in amounts or denomina¬
tions
of $1,000,
$10,000,
$100,000, $500,000, and $1,000,000
(maturity
value).
No tender for an amount less than $1,000 will be considered.
must be in
multiples of $1,000.
tive Order of Aug. 9, 1934, nationalizing the metal, was in
amount of 153 fine ounces during the week ended Dec. 24,
it
made known in
was
a
tabulation issued by the Treasury
Department on Dec. 28.
Total receipts since the order of
Aug. 9 (given in these columns of Aug. 11, 1934, page 858)
was
issued, amount to 112,992,803.27 fine ounces, the
Treasury announced.
The tabulation made available on
Dec. 28 by the Treasury follows;
SILVER TRANSFERRED TO
Each tender
Frac¬
under the Execu¬
Transfer of silver to the United States
UNITED STATES
(Under Executive Proclamation of Aug.
The price offered must be expressed on the
basis of 100, with not more than three decimal places, e. g., 99.125.
Ended
Week
During
Amounted to 153 Fine Ounces
m.,
p.
will not be received at the
Order
zation
at the Federal Reserve
9, 1934)
Fine Ounces
Week Ended Dec. 24, 1936—
Philadelphia
tions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
New York
-----r
-
153.00
San Francisco
and trust companies and from responsible and recognized dealers in invest¬
Denver
ment securities.
New Orleans
of 10% of
Tenders from others must be accompanied by a deposit
the face amount of Treasury bills applied for, unless the tenders
accompanied by
are
bank
or
guaranty of payment by an incorporated
an express
trust company.
on
Jan. 4, 1937,
all tenders received at the Federal Reserve banks or branches thereof up to
be opened and public announcement of the acceptable
prices for each series will follow
the following morning.
as soon as
possible thereafter, probably
a
Those submitting tenders will be advised of
the
thereof.
rejection
or
Tresury bills allotted must be made
or
Payment at the price
► The Treasury bills will.be
gain from the sale
taxation,
except
or
6, 1937.
exempt, as to principal and interest, and any
other disposition thereof will also be exempt, from all
and
estate
inheritance
(Attention is invited to
taxes.
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No loss from the sale
shall be allowed
of any
as
offered for
at the Federal Reserve banks in cash
other immediately available funds on Jan.
are not exempt from
the
or
other disposition of the Treasury
or
deduction,
a
otherwise recognized, for the purposes
tax now or hereafter imposed
bills
by the United States or any of its
possessions.
Treasury Department
Circular No.
418,
amended,
as
26, page 4081, reference was
during the week ended Dec. 18.
In the "Chronicle" of Dec.
and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
Newly-Mined Silver by Mints and Assay
Receipts of
Offices from Treasury
Fine Ounces During
particular series
will be subject to rejection.
acceptance
112,992,803.27
made to the silver transferred
than the amount applied for, and his action in any such respect shall be
Any tender which does not specifically refer to
!£o'£2
1936
through Dec.24,1936
Total for week ended Dec. 24,
on
The Secretary of the Treasury expressly reserves
the right to reject any or all tenders or parts of tenders, and to allot less
final.
—
Silver
Purchases Totaled 869,678.86
Week Ended Dec. 24
amounting to 839,678.86 fine ounces,
24,421,410 fine ounces of newlyturned over to the various mints
during the week ended Dec. 24.
A statement issued by the
Treasury on Dec. 28 indicated that the total receipts from
the time of the issuance of the proclamation and up to
Dec. 24, were 119,915,604.32 fine ounces.
Reference to the
President's proclamation was made in our issue of Dec. 31,
1933, page 4441.
Below is the statement issued Dec. 28 by
the Treasury Department:
partment to absorb at least
mined silver annually) was
RECEIPTS OF SILVER BY THE
(Under Executive Proclamation
$258,736,000
Tendered to Offering of $100,000,000 of
of Treasury Bills Dated
Dec. 30—
$50,033,000 Accepted for 78-Day Bills and $50,040,000 for 273-Day Bills
Series
Tenders totaling $258,736,000 were received and $100,073,000 accepted to the offering of $100,000,000, or there¬
abouts, of two series of Treasury bills dated Dec. 30, 1936,
Henry Morgenthau Jr., Secretary of the Treasury, an¬
Dec.
nounced
on
Federal
Reserve
2 p. m.,
28.
The
banks
tenders
and
the
were
received
branches
the
at
thereof
up
to
Eastern Standard Time, that day (Dec. 28). Refer¬
the offering was made in our issue of Dec. 26,
ence
to
page
4080.
The
bills,
as noted, were offered in two series, each in
$50,000,000, or thereabouts. One series was 78day bills, maturing March 18, 1937, and the other 273-day
bills, maturing Sept. 29, 1937.
Details of the bids to the
two issues were made available, as follows, on Dec. 28 by
Secretary Morgenthau:
amount of
78-Day Treasury Bills, Maturing March 18, 1937
For
this
6eries,
which
for
was
$50,000,000,
thereabouts,
or
the
total
$50,033,000 was accepted.
Except for one bid of $9,000, the accepted bids ranged in price from
99.993, equivalent to a rate of about 0.032% per annum, to 99.961, equiva¬
lent to a rate of 0.180% per annum on a bank discount basis.
Only part
amount
of
the
applied for was $140,621,000, of which
amount
bid
for
at
the
latter
price
was
accepted.
The
average
price of Treasury bills of this series to be issued is 99.976, and the average
rate is about 0.109% per annum on a bank discount basis.
273-Day Treasury Bills, Maturing Sept.
amount
Except
this
series,. which
was
for $50,000,000,
or
29,
1937
thereabouts,
Philadelphia
San
total
for
one
bid
of $30,000,
bids ranged in price from
the accepted
99.848, equivalent to a rate of about 0.200% per annum, to 99.751, equiva¬
lent to
a
rate of about
0.328%
per annum
on
a
bank discount basis.
Only
669,381.95
Francisco
-
—
10.869.77
Denver..
24, 1936
Total receipts through Dec 24, 1936
Total for week ended Dec.
—.—...
119,915.604.32
receipts of newly-mined silver during the week ended
Dec. 18 were noted in these columns Dec. 26, page 4081.
The
Discloses Figures of Sterilized
Imports—$14,835,000 Listed as
Under New "Sterilization" Program
Treasury Department
or
Inactive Gold
First Purchase
Under the
new
Treasury Department's
lately announced
plans to "sterilize" gold imports, it was made known on
Dec. 29 that the first purchase of "sterilized" or inactive
gold under the new program was made on Dec. 24 and
amounted to $14,835,000.
The figures were disclosed in
issued Dec. 29.
gold under the
"sterilization" program was shown on the daily statement
for Dec. 28, issued Dec. 31; this brought the total in the
the
An
Daily Treasury Statement for Dec. 24
additional purchase of $3,220,458 in
"inactive" gold fund to $18,055,458.
In announcing on Dec. 28 that the
ures
would be made public the next
Treasury Morgenthau
"sterilized" gold fig¬
day, Secretary of the
said:
know from day to day just what volume of gold is being
The item will appear on the daily statement.
This gold simply
"The public will
sterilized.
will be
purchased
withVioney borrowed by the Treasury and will be stored
expansion."
It will not be the basis of credit
plans of the Treasury Department to seek to "sterilize"
of gold by purchasing outright newly mined and im¬
ported gold and not allow it to become a basis for new bank
credits through the Federal Reserve System were noted in
our Dec. 26 issue, page 4081, stating that "sterilized" gold
The
the
applied for was $118,115,000, of which $50,040,000 was accepted.
OFFICES
Amended)
Fine Ounces
189.427.14
MINTS AND ASSAY
of Dec. 21, 1933, as
24, 1936—
Week Ended Dec.
away.
For
purchased
by the Treasury in accordance with the President's proclama¬
tion of Dec. 21, 1933 (which authorized the Treasury De¬
issue.
Two
—
—-
-
Total receipts
Immediately after the closing hour for receipt of tenders
the closing hour will
—
Seattle
excess
Chronicle
Financial
36
Jan. 2, 1937
has been placed in the general fund and designated as "in¬
active," in order that its effect on banking reserves, the
nation's credit base, might be decreased.
The Washington
of wage and hour standards.
The President held to the view
that State action alone could not deal with the problem,
bureau of the New York "Herald Tribune"
Federal Government.
on
which he
Dec. 29 ob¬
contended, required some move on the part of the
In part a dispatch from Washington
served that it is part of the $329,350,954 of gold listed in
the general fund; in part the advices to the "Herald Tribune"
Dec. 29 to the New York "Times" said:
added:'..
should
Under
\.v
T
\
"gold in the general fund," the Treasury listed
$14,835,000."
Something must be done, and it
.
as
"inactive—
The Treasury will replace deposited funds used to purchase
express an opinion.
As things now stand, in the light of the Supreme Court's NRA decision,
Showing an increase of total gold stocks from $11,229,474,737, as of
Dec. 23, to $11,245,177,448, as of Dec. 24, the $14,835,000 of gold was
of the Treasury as usual.
But there was
increase in the gold certificate fund of the Federal Reserve Board.
he pointed out, the President does not have the power to
no
years ago.
This
Yet
"sterilization" plan,
of the
the
issued gold certificates against acquired metal.
to
minimize
.'V
;V." V:
Creation
The whole question,
Thus, the plan operated
of "inactive"
"Gold in
was
a
new
These include
The
gold
.
was
cor¬
since the death of the NRA there is no question, Mr. Roosevelt declared.
He went
$329,350,954."
"inactive"
bill for Federal licensing of
O'Mahoney's
Of the breaking down of maximum hour and minimum wage limitations
$14,835,000; balance of increment resulting from reduction in the weight
total of
Senator
porations, and many other plans.
"Inactive,
of the gold dollar $140,992,958, and in working balance, $173,522,996, or
a
he continued, is under consideration by the De¬
and by individuals.
set-up of the Treasury
broken down into:
the movement.
partment of Justice, which is studying various proposals made in Congress
v'.\
..
gold necessitated
general fund"
judging from the
apparently think he has,
in the country
many
number of appeals he has been receiving to stop
Treasury would have
the effect of the inflowing gold in increasing excess banking
reserves.
statement.
check the abandon¬
ment of the hours, wages and working conditions that were in existence two
fund remained at $6,036,425,937.
Before adoption
But beyond
Asked about the feasibility of a constitutional amendment, he refused to
the gold by sales of Treasury bills in the future.
added to total gold stocks
abvious, he added, that something
was
child labor, long hours and starvation wages.
cover
that he could not go now.
on
to say
that he had discussed this question only today with
.
also shown under
the detailed breakdown
Sidney
of
Hillman,
president
Amalgamated
the
of
Workers
Clothing
of
America, but with what results he did not divulge.
the general fund, on the liability side.
The departure from the standards of two years ago has been constant
and increasing, the President emphasized.
j;
;:
1 i
,
Secretary Morgenthau Says Nation Has Right to Look
Forward
Year
New
to
With
Renewed
Confidence
President
Secretary of the Treasury Morgenthau stated on Dec..31
that the nation has a "right to look forward to the new
year
with renewed confidence and courage."
He characterized 1936 as an era of "quickening business
life in the nation" and said the trend was reflected in
rising
Government revenues.
"Business
activities," said Mr.
Morgenthau "have increased, the national income has
risen, opportunities for profitable work in all lines have
broadened," and an "eager demand" for Government issues
at high prices demonstrated the
"high state of the nation's
credit."
For
is
as
his
Carol."
from the
Mount,
of President Roosevelt to Congress
of the House and Senate
Wednesday next Jan. 6. The address is scheduled for
submission at 2 p. m.
Congress will convene on Tuesday
Jan. ,5, although, according to the Washington
"Post"
actual party organization will get under way at 3 p. m.
Monday Jan. 4, when Democratic members of the House
caucus
on the
contes
between Representative Sam Rayburn, of Texas, and Representative John J. O'Connor, of
New York, for the post of Democratic floor leader.
The President't budget message is expected to be sent to
Congress on Jan. 8. Congressional leaders are reported in
Washington advices Dec. 28 to the New York "Times" to
have said that in his annual message the P esident will give
a broad,
general outline of his program but will not specifi¬
cally recommend legislation. These advices also said in part:
Proclaimed—Also
Recommendations
ministration's
be sponsored
It
not
latter, bringing in
well
as
a reference to the Sermon on the
the recent peace conference, at which he
is
On this
eve
grea't
vicissitudes, he had
come to
under¬
lesson and the great opportunity of Christmas-
"I will honor Christmas in my heart and try to keep it all the year.
I will live in the
past, the present and the future.
The spirits of all three
shall strive within me.
I will not shut out the lessons that they teach.'
dorsed
knew
or any other good old
city, town or borough in the good Old World.
'Some people laughed to see the alteration in
him, but he let them laugh
and of nations
today
as
above the Sea of Gallilee.
Plane
on
the Mount is
when it
In such
as
was first
measure as
We of the Western Hemisphere have this
spirit of Christmas, for
reason
we
stringent neutrality legislation were
Roosevelt at his press conference
more
en¬
President
on
said to have indicated his disapproval
29 when he is
shipment of planes to
adequate to the needs of
a
Action
proclaimed among the hills
its
year
have pledged
and the practice of
May that faith make
through all the coming
spirit is accepted,
neutrality measures which expire
noted in special advices, Dec. 24, from Wash¬
ington to the New York "Herald Tribune," which said:
us
To that faith
we
Senator
bear
and
happy today and tomorrow and
including his wife, his mother, Mrs. James A. Roosevelt, ana
some of his children and
grand children.
On Christmas Eve,
Mrs. Franklin D. Roosevelt, the wife of the
President, left
Washington for Boston, to visit her son, Franklin Jr. who is
recuperating from sinus trouble in a Boston hospital.
•> ,'
♦
at
He Is in Favor of New
Press
rary
on
Indicates
,
and Child Labor
are
on
Dec. 29;
new National
Recovery
Administration legislation, he indicated that certain of
the
features therein appeared
necessary to avoid a break down
the
Foreign Affaire
bills to replace the present tempo¬
Senator Gerald P. Nye, Chairman of the Special Munitions
Democrat
on
while several
New
of
at work
Relations Committee,
Chairman of
Mexico,
other
Senators,
including Carl
William
On
Dec.
29,
to
prior
President's
the
D.
and
conference,
press
Senator Pittman, who criticized the licensing of the planes'
shipment, said he
situation
as
told
would
roll
Senator
law,
Washington
McReynolds,
E.
Borah, Republican,
James P. Pope, Democrat of Idaho, have definite proposals to make.
Hours, Wages
The problem of maximum hours of
labor, minimum wages,
and laws governing child labor was discussed
by President
Roosevelt at his press conference in
So
law.
He
Conference
D.
Investigating Committee,
Hatch,
of the Senate Foreign
Pittman, Chairman
Representative Sam
to
Congress
as
he anticipated
men
remedy
United
said
his
May
1, extending it to
define what
embargoes
bill
would
constitutes
just
opposition
no
in speedy fashion.
expires
proclaim
to
convenes.
Pittman
would
bill
a
the
Press
Washington, Dec. 29, added:
newspaper
through Congress
which
ment
would introduuce
soon
accounts from
Legislation
while it is said he did not declare for
was
Committee of the House, are
year.
Roosevelt
May 1
on
rendered special tribute
anew our faith in the arbi¬
friendship.
the part of Congressional leaders to draft legis¬
on
lation to replace existing
men
With members of his family the President went from the
White House to Lafayette
Square in automobiles, the group
President
by
departing from its policy of non-interference in the Spanish
the license was granted to Mr. Cuse re¬
gretfully and only because the law required it..
good
and nations may lay claim to be seekers after
peace on earth.
witness tonight.
will
program
situation and that
The teaching of the Sermon
to the
unworkable.
Spain by Robert Cuse of New
As we report in another item ip this issue, the
State Department announced on Dec. 30 that it had sent
through its embassies abroad assurances to the interested
governments that the United States Government was not
and little heeded them; for he was wise
enough to know that nothing ever
happened on this globe for good at which some poeple did not have their
fill of laughter in the outset.
His own heart
trament of
(
will
Jersey.
good
.
or
hopeful that the administration's
are
of
"Scrooge was better than his word.
He did it all and infinitely more;
Tiny Tim, who did not die, he was a second father.
He became as
a friend, as good a master and as
good a man as the good old city
and to
was
(
-
the coming session
that
15 and will be devoted largely to correction
Dec.
And at the end of the story is this glorious
passage:
)
;
leading Democrats
beyond June
Plans for
_
laughed; and that
ad¬
said
was
Voicing Disapproval of License
Shipment to Spain Declares for More
Stringent Neutrality Laws—Congressional Leaders
to Enact New Laws—Senator Vandenberg Would
Have Measure Which Quarantines United States
Against "Wars of Others"
tide:
enough for him."
the
of
it
President Roosevelt in
of Christmas I want to quote to you the
many
much
year,
be chiefly corrective.
for
stand in his heart the
men
much
rim
I have been reading the "Christmas Oarol" to
my family, in accordance
old Custom.
and
messages
be offered this
will
by subordinates.
opinion of
Democratic Senators
follows:
our
the
have proved unsatisfactory
pledged anew our faith in the arbitrament of
reason and the
practice of friendship."
"May that faith,"
he said, "make us
happy today and tomorrow and through
all the coming year."
The President's Christmas message
with
later
in
come
and expansion of present New Deal acts and the elimination of some that
said "we have
pledge of old Scrooge when, after
will
legislative program
to-day, after the President has consulted with his party leaders and will not
custom, he read to them Dickens's "Christmas
In his greetings to the country the President
quoted
as
In
Later
5.
on
were broadcast
by the President.
The message and the tree
lighting came late in the day (Dec. 24), after a day spent
principally with his family at the White House, during which,
I
Message To
Message Scheduled
Week—Congress
To
The annual message
With the lighting by President Roosevelt of the Washing¬
ton, D. C., community Christmas tree in Lafayette Square,
opposite the White House, Christmas greetings to the Nation
'
Submission
Annual
Present
6—Budget
will be delivered at,a joint session
Christmas Message of President Roosevelt—Says Teach¬
ing of Sermon on Mount Is as Adequate to Needs
Men Today as When
First
Quotes "Christmas Carol"
To.
Jan.
on
Convene Jan.
v.
of
Roosevelt
Congress
as
he
be
civil
now
.
andi predicted
civil
cover
and
do
to
war.
empower
in
it
:
.
amendment
an
war
may
.
case
of
the
existing
The
amend¬
the President
between
wars
nations.
Mr.
to
Roosevelt,
internal
strife
however,
rather
indicated
than
capable of varying definitions.
describe
the
Spanish
conflict
civil
he
would
war,
prefer
because
But he added that
as
civil
war
and
a
said
that
the
the
latter
normal
the
bill
refer
term
is
person would
President
should
Volume
have
handle
to
power
authority 365
The
Financial
144
days
President
recalled, that
situations
euch
he
because
arise
they
as
in
is
bring
the
out
for
necessity
cooperation.
business
for
to
war
the State Department
ship
armaments
received
had
applications
several
In each
Spain.
materials to
war
or
/
use.
as
Cue from Supreme
present neutrality law
civil
to cover
in
that "the
that
Court held that the existence of the
sources
benefits of which
and different meaning if
In
court
against other peoples' wars."
In
keep
of
out
trade,
war's
v; >'
We must
.
.
demand that our rights in
by these laws.
The new
and proposes so far as possible to
conception subordinated peace to
trade
to
peace
old
The
way.
.
deciding that the financial
emergency
had passed, the Court said:
information as to the
"The Court has investigated all available sources of
about Oct. 5, 1936.
on or
.
.
State's Business Weighed
"It has studied the condition of the State and the Nation at large as ee*
The price consists of fore¬
going fat war contracts in money and supplies, and swollen prices on
commodities which we might dump abroad as a result of war shortage.
The price consists of foregoing the erstwhile "neutral" right to sail un-
forth in the daily press, banking clearing statements, car loadings
trammeled
ticularly for the Southeastern District, to which Alabama is
Let's
pay a
seas.
theory—when
In
a
view
against
the
wars
extent.
It
cannot
to
by
the
leave
to
It
is
discretion after
by
quarantines
individuals
of
definite
as
and
realistic
has started inevitably invites an
is
not
once
trade has started to enrich large numbers of
all
It
alike if
we
trouble
comes
because
to
no
Presidential
a
the
if
the
It
other.
American
insulation
established
we
willing
are
fail to hurt
one
the
would
neutrality.
the
be
the
It
League of
of the
none
any
of
more
necessity for its
is really
latter, in
code
the
theory
theory of
my
acceptance
view.
of
more
are once
this
of
free to deal
Charles
1911,
one
quarantine"
"war
we want
opposed
This Government Holds to Non¬
Spanish Situation—Embargo Reso¬
lution Held Not to Apply in Case of Civil Strife
in Spain
r"
*
,
munitions as
soon as war breaks out between two nations abroad, limits
American loans to belligerents and provides that citizens
own
States
shall
travel
on
belligerent vessels at
on
steel, cotton and
others
be
"normal"
entirely
policy of non-intervention in the Spanish situation, and that
a license granted to Robert Cuse for a shipment of airplanes
and engines to that country was regretfully issued "only
because the law required it."
United Press advices from
Washington on Dec. 18 reported the granting of the license
follows:
as
The first license to ship arms to
Some
would
include
of
level.
food
the President to decide
as
and clothing;
of
airplanes,
valued
which materials
all
exports
Munitions
to
would
belligerent nations
be
excepted
to the pre-war,
this
from
a
"cash
their
and
own
policy,
carry"
policy.
this,
Under
being
belligerents
ships if they paid cash for them.
proposals would limit their purchases to the
pre-war
$2,777,000
Jl8
engines and replacement parts,
shipment will be consigned to
loyalist forces.
recommendations of
the
Administration.
Holding that the financial emergency provided for in the
Chichester Moratorium Mortgage Act of 1935, had passed
on Oct. 5, 1936, Judge Walter B. Jones of the Montgomery
(Ala.) Circuit Court, sustained on Dec. 19 demurrers by the
Associated Mortgage Companies, Inc., plaintiff in the case
under consideration, to a plea filed by the Marshall Lumber
& Mill Co., Inc., the defendant in the action, in which plea
the Lumber & Mill Co. invoked the benfits of the Chichester
v
;
*
The Montgomery
"Advertiser," from which the foregoing
said in part:
by the mortgage com¬
and that the property mortgaged did not, at the foreclosure sale,
the following announcement had
The State Department disclosed that
Moscow
and
Valencia last
night for oral transmission to the interested
governments to assure them that the
departing
its
from
policy
United States Government was not
in
of non-interference
and that the license was granted to Mr. Cuse
The
The plea alleged that the mortgage was foreclosed
advices in the
foreign powers, were made known pn Dec, 30
by R. Walton Moore, Acting Secretary of State, in the
following statement:
matter to the
the
Spanish situation
regretfully and only because
the law required it:
Judge Jones of Montgomery (Ala.) Circuit Court Holds
Financial Emergency Provided For in Chichester
Moratorium Mortgage Act of 1935 No Longer Exists
Act.
of the State Department's
been sent to the United States embassies in London, Paris, Berlin, Rome,
It is added that objections have been raised to all of these
pany,
The
He was authorized to ship
N. J.
$720,000 and 411
at
$2,057,000.
Announcement
EVen then
level.
proposals, and that by some it is forecast that the outcome
will be a compromise.
Much is expected to depend upon the
is taken, also
valued
at
Bilbao for use, presumably, by Spanish
or
banned.
Adoption
Spain went to Robert Cuse, President
of the Vimalert Co. of Jersey City,
such
'
could take goods in
most
copper.
"war materials"
embargo to
included.
Limitation
2.
arms
would leave discretion with
should
8.
of the wartime
Extension
iron,
With new neutrality leigislation under consideration by
Congressional leaders on the eve of the coming session of
Congress, the State Department at Washington on Dec. 30
made known that it had sent to its embassies abroad for
transmission to interested Governments adivises assuring
tbern that the United States was not departing from its
risk, reported that three broad propositions have
been advanced for broadening the neutrality plan, viz.:
1.
Spain—Says
intervention in
lot of the former.
a
trality legislation provides for embargoes
of the United
,v
Department Expresses Regret to Foreign Powers
Licensing of Plane Shipment by Robert Cuse
to
want
Associated Press advices, in stating that the present neu¬
their
adopted by the agency in
policy
calendar year.
of the youngest
at
to
as
We certainly
Foreign Affairs.
On Dec. 28 United Press advices from
Washington reported Representative McReynolds as stating
that he would cite to the Justice Department a section of
the criminal code penalizing enlistment of American citizens
in foreiwn wars by a $3,000 fine or a year in prison.
In
also stated:
was
a
Chairman is elected by the Commissioners to serve
a
State
of
on
was
Under
members of the Commission, Mr.
Miller was appointed by President Roosevelt in 1933.
He
has spent most of his professional life as an engineer.
Senator Vandenberg is a member of tbe Senate Committee
these advices it
Mahaffie
D.
to
One
for
conception
new
"war partnership."
But
of the Inter¬
succeed Commissioner
announced on Dec. 29 by the
Commission
Commerce
use.
objectively, the finest international cooperation
international
Nations
certainly
"mind-our-own-business"
ICC
Chairman for
The election of Carroll Miller as Chairman
Commission.
The safest neutrality,
"sanction."
specific
a
peace-minded peoples of the earth
with this whole subject
peace
will be
aim,
advance of
"sanctions"—and
indirectly of
nothing
people want
be
in
Whenever
smack
and so
.
state
We cannot, treat them
can
1936."
New
discretion which is exercised after
discretionary decision
will
the Court is of the opinion,
said Chichester
Act set forth in the plea, being Acts 1935, page 184, approved June 24, 1935,
had passed on the day the plaintiffs' additional demurrers were filed, Oct. 5,
.
than
.
.
"
people.
our own
belligerents scrupulously alike unless
leave much
figures for that entire period.
finds, that the financial emergency recited in the preamble to
large and
a
openly and directly to ally ourselves with one or other as in a case which
might involve what is left of the Monroe Doctrine.
the period
unneutral interpreta¬
to his sorrow—when
discovered
Department of Commerce, its com¬
January, 1935, to November, 1936, the index base of which
"From its study and investigation,
curtailed or offended by the decision.
himself a free agent among his own
which is
President
Wilson
treat
possible.
as
It
allocated.
Research, Bureau of Foreign
includes
electric
power production, new passenger car registration, cash farm income, income
from farm marketings, exports and imports, and employment and payroll
to the domestic
positive
as
Department of
pig iron production, construction contracts awarded, bank debits,
us
,
be
S.
the entire country and par¬
parison of selected business indicators for this State, covering
subordinated! peace
which
rules
Business," published by the U.
and Domestic Commerce, of the U. S.
from
neutrality decisions to the discretion of the
reflection
of the simple fact
that the exercise of
war
a
war
must
which
of two
and we
.
large
a
a
people—as Mr.
We
one
.
possible practicable and
old
the external rights
belligerent
any
Furthermore,
profitable
.
indices, and
the
the "Nation's Business," the October, 1936, issue of
has obtained from the Division of Economic
largely be done by subordinating commerce to peace
can
rules must
new
do
President.
the
the outcome.
neutrality
last
the
to
under
done
credits to
vast
grant
or
as
of Current
Commerce, showing the business index for
whole people.
our
not
tion
be
subordinating
But
will
"Survey
legalistic
in
belligerent inevitably is hurt;
stake in
American
an
others
of
It
commerce.
and
rights of
loans
The other
want
"neutral"—except
nothing
unwitting
an
we
is
vast
war.
acquire
my
There
float
we
belligerents in
inevitably
periodicals such
.
realists.
be
proceedings
.
condition of the State of Alabama
'
/
,,V;^ •'
price for these immunities.
seeking the benefits of the Chichester Act, the
were a
ruled, then the trial court could not stay the foreclosure
further.
any
should not be impaired
subordinates
actually existed at the time subsequent cases
be brought before them
Heretofore neutrality has consisted chiefly of a
conception
they deemed available, whether
should
chief
stay of any effort to foreclose a mortgage until 1939.
The ruling of the Supreme Court is to the effect that if the court trying the
case is of the opinion that the financial emergency was over at the time the
Michigan),
part, Mr. Vandenberg's statement continued:
profitable foreign trade
duty to ascertain, from all
a
not the emergency
or
new
a
to insulate America
we are
1936, when the Supreme
financial emergency was essential for
by the courts, and that the courts were
under
wars.
important thing is to understand fundamentally
neutrality must have
Court
the act to be effective and enforced
statement issued at Washington to the press, asserted
a
equitable to credit it with
foreclosure sale.
Alabama Supreme Court made in the summer of
' '
On Dec. 28 Senator Vandenberg (Republican of
estimating that value
ruling, followed a decision of the
The Montgomery court, in making its
Senator Pittman's proposal met with immediate response in Congress.
Senator Borah said he agreed "in principle" with the idea of extending
the
of the date of foreclosure, and that it was not
the actual price bid for the property at the
case,
reasonable
entitled to be credited with the fair and
was
value of the property conveyed by the said mortgage,
He
for
he
said, applicants withdraw their requests when the Department pointed
out that such shipments would be contrary to government policy.
.
.
.
Mr. Cuse, in a statement at Jersey Oity, deniedi the planes were intended
licenses
Lumber & Mill Co.
fair and reasonable value, and the defendant
a
contended that it
a year.
pointed
37
Chronicle
for the
Department
an
a
shipment of airplanes
the joint resolution of Congress now in effect providing
embargo against the shipment of arms, ammunition and implements
of war to "belligerent
in
Spain of
the total value of $2,777,000.
As you recall,
for
yesterday found itself obliged to grant two licenses
exportation to the port of Bilbao in
and engines to
Spain
as
countries" does not apply to the present civil strife
it is applicable to wars between nations.
The present authority
contains the following provision:
for the issuing of licenses
as provided for,
where exportation of arms,
"Licenses shall be issued to persons who have
except in cases of export or import licenses
registered
would be in violation of this Act or any
other law of the United States or of a treaty to which the United States
is a party, in which cases licenses shall not be issued."
ammunition
or
implements of
war
As none of these exceptions exists in
the case of the Spanish situation,
the right to a license could not be denied.
Since the beginning of
received
as
the disturbance in Spain many inquiries have been
to the attitude of this Government toward shipments of arms,
ammunition and implements of war, including
Heretofore in
from
all
such
cases
the inquirers
aircraft, to Spain.
['
.!
•
hav% patriotically refrained
requesting licenses for such shipments upon receiving an explanation
scrupulous non-intervention
Government's attitude and policy of
of this
in the
Thus, with the cooperation of arms
Spanish situation.
manufacturers
has so far been able to carry out its policy
of non-interference in the Spanish situation.
Mr. Robert Cuse insisted upon his legal rights in the face of ah explana¬
and exporters, this Government
tion
Government's non-involvement
this
of
policy and with full under¬
In view of the fact that most of the
airplanes and airplane engines
which have been granted as
will therefore require
overhaul and reconditioning, it is not expected that any of this shipment
will leave the United States during the next two months, and that the
entire shipment will not be completed before six months from now.
of new manufacture and
are not
"Times" of Dec. 30 a statement by
New York
Mr. Cuse, given out
by
official of his company, was pub¬
an
follows:
as
that the airplanes for which my
I wish to make it clear at the outset
commercial planes that are neither
planes and there
the statement that they are going to be converted
has secured a license are
company
designed, built nor equipped for conversion into fighting
foundation for
no
into fighting
planes.
have been used by private owners
length of time. The replacement
the manu¬
parts will provide employment for approximately
^ As stated in the newspapers, the planes
throughout the country for a considerable
and engines, the overhauling of engines and
of these planes
facturing of engine spare
1,500
for a period of one year.
men
My company is engaged in the manufacturing of engines
had dealings with foreign
and parts and
countries in its usual course of trade for 12 years.
lack of employment and vast expenditure
In my opinion, during the present
opportunity of securing work through trade
not at war should not be passed over.
of public money for relief, an
with countries that are
The airplane manu¬
skilled metal workers; and manu¬
Besides, there is another angle to the situation.
facturing industry is greatly in need of
facturers of engines
and parts are in need of skilled mechanics and machinists,
is provided for them, in case of need our country
and unless employment
be in
will
the
same
situation
Whatever
the fact remains that
country
has purchased commercial airplanes for shipment to a
my company
with which
laws may be passed in the future,
new
we are
not at war, on
the strength of and in compliance with the
granted
existing laws of our country, and the license for their export was
accordingly."
From
'
Washington
.
Dec. 30
dispatch to the
a
"Times"
said in part:
It
305 discarded
or
licensed for export to Spain had been obtained from airline ,
the 18 airplanes
operators who had taken the planes from
regular passenger service.
PjLate this
^
H. Woodring and other
War Department officials pointed out that the sale last January had been
made months before the Spanish civil war began, and it was also stressed
that the procedure was usual in the disposition of surplus material.
Mr.
'
made only to a
His ruling,
said the same paper, was handed down on the motion of
Joseph T. Higgins, Collector of Internal Revenue of the
Third District of New York, to dismiss the suits for refunds.
It was reported in the New York "Times" of Dec. 19 that
the New York court held that it was without jurisdiction
because the statute was valid and that therefore the refunds
must be in conformity with the new Act
From the "Times"
applications for refunds could be
Act
the
!f*"With the exception of some Liberty engines of wartime construction.
all of the airplane engines disposed of by the War Department this year
have been subjected to overhaul three or more times, were of obsolete
design and useless from the standpoint of any Government agency.
Treasury Department.
of review of the
board
also quote:
we
the
Under
Revenue
1936
Act,
however, processors
the Supreme Court held
refunds when
80%
of the
losing
processors
ment.
their income taxes to the govern¬
Inc., $262.04.
Co.,
the Edwin
Edwin Leaf
They had sued Joseph T. Higgins, local Col¬
and
the
amounts
sought
were
James B. Hall Jr., $8,729.25, and the
Cigar Co., $10,443.67;
Tobacco
and others who got
the AAA was unconstitutional must
rebates along with
The
return
Internal Revenue.
lector of
basic defense
Section 906 of the new
government was that
the
of
effective on June 22, withdrew the jurisdiction of
the District Courts over actions for the refund of the "windfall taxes."
became
which
Act,
This
prohibits
burden of the
the
"with
withhold
be
prove
did not
they
the
pass
little
dispute,"
Judge Mandelbaum said, in part,
that Congress, at its discretion, may give,
jurisdiction of the Federal courts except the
proposition
the
restrict
fixed
it be not extended! beyond the boundaries
Court, provided
by the Constitution."
After
claimants
to consumers.
on
very
general
or
unless
refunds
taxes
can
'
had
opposite
pointing out that Alabama and Massachusetts District Courts
upheld Title VII of the new Act, while a Virginia court took an
giving an opinion, he added:
without
the views expressed, the court is constrained to
1936 fulfills the requirement of
with
conformity
7
that Article
due
process
subject
the Revenue Act of
of
This court is therefore deprived of jurisdiction over
this action and must accordingly dismiss the
of law.
the
matter
of
complaint."
Nine
Woodring issued a statement saying in part:
Mandelbaum, in New York
upheld as constitutional the Revenue Act of 1936.
Judge Mandelbaum also ruled, according to the New York
"Herald Tribune" of Dec. 19, that under the provisions of
hold
afternoon Secretary of'War Harry
processing taxes collected
Adjustment Act (invalidated by a
Supreme Court decision), Judge
"In
Woodring]lssuesvStatement
■
impounded
of
City,
view
...
Dec. 18, three suits by tobacco processors
on
refunds
the Agricultural
under
Supreme
Company about
"surplus" engines last January, but none since then, and that
disclosed today that the army sold to the Vimalert
was
dismissing,
In
seeking
"There
,
Recover AAA Refunds
Judge Mandelbaum in New York
City in Upholding Validity of 1936 Revenue Act
The
workmen is concerned.
far as a shortage of skilled
as
the European countries are at present
as
by Tobacco Processors to
Ruled Against by
and
composing the shipment, licenses for
mentioned above,
lished
the
to
Amendments thereto."
Action
intervention policy.
In the
applied
as
the unfortunate non¬
American citizen^with this Government's strict non¬
compliance by an
is
debtor, the subsidiary debtor, the debtor in
possession, the subsidiary debtor in possession and your petitioner, or any
of them, are unconstitutional and null
and void: in that they are not
within the taxing power of Congress under Article 1, Section 8, of the
United States Constitution, and are in violation of the Fifth and Tenth
under,
The Department sincerely regrets
standing thereof.
parts
2> 1937
Financial Chronicle
38
other
"Herald
the
suit
were
aggregating well over $1,000,000, said
awaited the outcome of the single
suits,
Tribune,"
brought in behalf of the three companies whose suits
dismissed in New York.
^"Furthermore, these engines are in no sense military, being simply
counterparts of designs which are or might be used commercially.
The
only military adjunct, machine-gun^synchronizers, has been removed."
In the "Times"
Washington dispatch Dec. 30 it was also
Federal Judge
West of Cleveland Clears Otis & Co. of
Charges Al'eging Manipulation of Stock of Murray
Ohio, Mfg. Co.—Holds However Agreements Shoufld
stated:
Reports that the Cuse shipment to Spain had been arranged at the in¬
along this line and the Russian
Government with it.
'
i'
„
♦'
\
:
>
i
•
Validity of Federal Social Security Act
Brought in Federal District Court in Philadelphia
—Petition Filed by J. Harris Warthman as Trustee
for La France Industries, Inc.
Action to Test
action
test
to
the
constitutionality
in
Federal
of the
Federal District Court
Social Security Act was filed in the
Dec. 28 by J. Harris Warthman as trustee
for the La France Industries, Inc., manufacturers of furni¬
Philadelphia
on
upholstering fabrics and its subsidiary, the Pendle¬
ton Manufacturing Co. of La France, S. C.
The proceedings
were in th£ form of a petition, filed with Federal District
Judge William H. Kirkpatrick, said the Philadelphia "In¬
quirer" of Dec. 29, from which we also quote the following:
ture and
It is averred in the petition
the Fifth
fixing
or
the
"due process"
that the Act in two specific sections violates
Amendment to the Constitution, and the Tenth,
legislative power
of the Federal
Government under
the Con¬
stitution.
Public—SEC Granted
Court at Cleveland Otis & Co. has been
of charges brought by the Securities & Exchange
Commission said to allege manipulation of the stock of the
cleared
Murray Ohio Manufacturing Co.
Advices to this effect
were reported
by the "Wall Street Journal" of Dec. 30
from its Cleveland bureau, from whichjwe also quote the
following:
The investment house, however, was found to be guilty of withholding
information by not
putting into its prospectus the fact that individuals
which had sold stock to it had agreed to keep their holdings of Murray off
the market for a
prescribed length of time.
the agreements were
The court did not find that
illegal but merely that they should have been made
public.
Federal Judge Samuel
H. West, who heard the
case,
Injunction
technical
are
nature.
The decision said
"many things have been done and
manipulated prices, but these were all omitted here," and further that the
court was "unable to agree
with the plaintiff's contention that there is any
a
date later for argument
on
the motion requiring Walter J.
stock by the
The SEO
having as part of its purpose
an
illegal disposition of
defendant."
was
granted a restraining order in connection with withholding
agreements with certain
Bhould not
transactions it would be necessary to notify customers
issue,
restraining him from
Social
contribute to the
forcing either of the corporations
Security Fund
to make periodic reports ol
or
financial and employment situations, and
the
77-B
corporate petitioners
of
the National
duly constituted
His petition
trustee
are
in process of reorganization under
Bankruptcy Act, and Mr. Warthman is the
in receivership.
setsjorth that Sections 8 and 9 of the Social Security Act
under the
to the Social
In
same
category as
Security Fund.
the
request that the court find Sections 8 and
as
he should
The
of
as
trustee, should obey any of the requirements of the Act
uncon¬
to whether
or
whether
ignore them entirely.
petition
Titles
9
8
and
recites
9
of
that the petitioner
the
Social
"is advised that the provisions
Security Act and the regulations there-
any future
of any such agree¬
ments."
Advices to the
same
paper
from its Washington bureau
said:
Granting of an injunction in the Otis & Co. case was regarded in SEC
the Commission,
even
though the court found
the evidence insufficient to establish a claim that the defendants contem¬
plated
any
future violation of the Securities Exchange Act.
The injunction, it was
in any of
stitutional, Mr. Warthman asks the court for "instructions"
he,
other busi¬
Act, and requiring them to match employee-contributions
addition to
stockholders, the court stating that in
quarters as a victory for
specifically place receivership estates in the
nesses
why the Act should not be
unconstitutional.
Both of
Section
dif¬
dealers desiring to influence others to purchase stock through
done by
Rothensies, Collector of Internal Revenue, to show cause why an injunction
declared
a
character to be a menace to the investing public, instead of being of a highly
the result of any plan
Judge Kirkpatrick received the petition in chambers, and indicated that
he would fix
to
stated that
ferent conclusion might have been possible had the transactions been of a
evidence whatsoever that the underwriting mentioned in the pleadings was
Petition Asks
their
Restrain¬
to Latter
as
In the Federal
;
An
ing Order
^Embassy to deny any connection of its
Made
Been
Have
caused the State Department to say it had no information
stance of Russia
pointed out, would stay Otis & Co. from engaging
the practices complained of by the Commission.
sidered likely
It was con¬
here that the company would take an appeal.
""^Previous refererces
to
the
charges
and
to conclusions
of the Ohio State Commerce Director that no evidence was
found to substantiate
July 18,
page
355.
the charges appeared
in
our
issue of
Volume
Financial
144
Which Reinsured Vessels
Through American Companies not
Recover
Losses
Awarded Through
British Insurance Companies
and
Cargoes
Entitled
to
States.
Dec. 28
by Federal Judge John C. Knox in New York City, on
Dec. 28, according to the New York "Herald Tribune"
dismissed
the Mixed Claims Commission, was*
on
of Dec. 29:
with Germany.
recorded by British com¬
companies, under cooperative arrangements
between them.
Judge Knox based his decision on the fact that while
Great Britain, under provisions of the Treaty of Versailles, recovered part
of its shipping losses from Germany, it did not reimburse ship and cargo
owners save in
"necessitous** cases.
That fact makes it impossible for
British insurance companies to reimburse American co-insurers.
The
American Government, on the other hand, has reimbursed its shipping
interests with funds received from the Mixed Claims Commission, to the
of dollars in losses
panies, and also by American
extent of
83%.
reasonably be directed to the course
adopted by its sovereignty," noted Judge Knox in his opinion.
"If defendant were required to share its recovery with the plaintiff the
result would be that, at defendant's expense, plaintiff and the British
Government together
would have a larger sum than was
to Great Britain upon
accounts of losses
Thus far the defendant
rightfully payable
suffered."
has received $400,000 on account
of the amount
foreign surety concerns filed claims with
the ground that the United
not entitled to claim reparations on behalf of non-
The plaintiff and other
awarded.
but these were dismissed qn
the Commission,
States Government was
American claimants.
Government," noted Judge Knox, "has
"The British
distribution of sums awarded to
discretionary
adopted a policy of
it, turning over portions
nationals as are 'necessitous.*
the plaintiff has been the recipient of none of the
only to such of its
of such recovery
the circumstances,
Under
awards
these
and
of mergers or consolidations being
permanently by «mall minorities.
At the same
time, the stockholder who does not wish to go along with the continuing
enterprise has the right of appraisal.
He may withdraw and receive cash
held
in W. E. Hutton &
The Securities and Exchange
Co. from
Commission announced on
postponement until Jan. 25 of the hearing to
determine whether there has been a violation of provisions
of Securities Exchange Act of 1934 by W. E. Hutton & Co.
in the matter of influencing the market price of the common
Dec. 23 the
capital stock of the Atlas Tack Corp. The postponement
was made, the Commission said, at the request of counsel
for the firm.
A previous postponement of the hearing to
Jan. 11 was noted in our issue of Dec. 5, page 3546.
his
by SEC
of Investment Trusts—Recom¬
Control by David M. Milton,
mendations for Trust
Equity Corporation—SEC
Submit Report Jan. 4
President
to
of
reference
Brief
was
made in our issue
Required
of a week ago,
4079, to the statement made to the Securities and Ex¬
change Commission in Washington on Dec. 23 by David M.
Milton, President of the Equity Corp., at the close of his
page
public hearings before the Commission inci¬
investment companies. The statement
was accepted
and made a part of the record.
Mr. Milton
also re-offered a previous statement which he had presented
to the Commission upon his first appearance at the hear¬
ings.
This statement was also accepted and made a part
of the record.
Mr. Milton, a son-in-law of John D. Rocke¬
feller Jr., testified on Dec. 17 with the opening of the hear¬
ings before the Commission on the operations of the Equity
Corp. and its subsidiaries and affiliates. His testimony was
continued on succeeding days, up to Dec. 23.
His state¬
ment submitted on the latter date follows:
Before leaving these hearings I should like to say a few words about
some
of the things that have been discussed! here and to express some
appearance at
dent
is
sion
I
on
related subjects.
interesting to
has been
It
has
for
with every viewpoint you have
expressed, but I am sympa¬
have confronted you.
You are searching
an
ideal solution—how things ought to be.
We have dealt with facts
circumstances as they were.
I feel that a creditable job has been done
thetic
and
certain aspects
viewed
cannot agree
to observe the way in which the Commis¬
of the development of the Equity Corp.
the
with
problems which
corporation.
Forty-four companies have been welded
into a strong group of only three units: Equity, American General and
General Reinsurance, with assets of $80,000,000 invested in marketable
securities.
The large number of security issues of the various companies
which have been brought into the Equity group have been reduced to a
in
building
few simple
this
issues and a simple capital structure.
Our bonds and convertible
Our common stock represents sub¬
stantial assets.
Management expenses have been reduced 60%.
We are
continuing to reduce them wherever possible.
The stockholders of the Equity Corp. are largely stockholders of former
companies from which the Equity Group was developed.
In the aggregate
they have benefited substantially both marketwise and assetwise through
the appreciation which has taken place in the value of the Equity Corp.
stock which they received.
Dividend^ on the preferred stock of the Equity
Corp. have been paid in full, aggregating about $1,660,000.
A dividend of
approximately $1,239,000 was recently declared on the common stock. This has been accomplished since the summer of 1933, when the present
preferred
stock
are
amply
covered.
management took office.
In
lems,
have met with many prob¬
particularly in connection with our various mergers and consolida¬
the
process
of building this company we
procedure and for clarifying the
the States.
1. Appraisal laws vary among
courts the corporation does not know
liability may be.
The stockholder does not know what he will
receive.
Dissenting minority stockholders should not be favored as compared with
consenting majority stockholders.
1
3. The time required for appraisal may be Jong—sometimes two or three years.
This leaves the company with a contingent liability of indeterminate life and amount.
At the same time it leaves the stockholder without the use of his funds.
4. Appraisal statutes are often abused.
Securities are purchased in anticipation
of consolidations and mergers in the hope of reaping a profit.
This injures re¬
sponsible majority stockholders who go along with the continuing enterprise.
2. Under State laws as interpreted by the
what its specific
It
to
seems
it would be
that
therefore,
me,
helpful if the procedure
could be improved.
Such improvement would
promote (1) greater uniformity of procedure, (2) clarification of the prin¬
ciples upon which fair value shall be determined, (3) shortening the time
under
appraisal
and
statutes
stockholders.
of responsible majority
protection
(4)
it seems to me that there is real
need for greater uniformity among the States with respect to the laws
governing corporations.
The advantages which flow from the operation of
those uniform laws which have already been developed in many fields are
In
with
connection
and well
too numerous
last point,
my
I am convinced
recognized to need cataloging here.
uniform corporation laws among the several States
substantial benefit to the great body of security holders in
the development of
that
would
this
be of
and eliminating much
country, both in reducing management expense
effort-wasting uncertainties and red tape of
corporation practice.
If we establish uniform corporation laws we should
at the same time establish, if possible, some uniformity of so-called
Blue
the
of
time-,
and
money-
and correlate the work of the several States
Sky legislation
with that of
this Commission.
During the past three years the Federal Government
be
in
he invests it
a
those
stock¬
of government to the same degree as the
chemical or other industrial companies.
automobile,
steel,
afterwards.
money
entitled to the protection
holders of
a
to work in investment companies are no
who place their funds in other enterprises.
They are
put their
from
different
upon
and what happen to its
People who
has provided securi¬
sound principle, namely, that the investor
position to know what he is doing with his money when
based
legislation
adequately and
effectively.
However, additional information concerning publicly-owned
companies over and above the requirements of existing law might be desir¬
able—varying, of course, with the type of company and type of industry.
In general, it would be helpful to all security holders.
I know it would
be helpful to us in the practical work of analyzing securities and managing
government is fulfilling its obligation
In this respect the
funds
the
of
stockholders.
our
of
recommendations
Milton
Mr.
control,
for trust
presented at the outset of his remarks quoted above, were
given in the item which we gave last week, page 4079.
At
opening of the hearing, according to a Washington
the
dis¬
patch, Dec. 17, to the New York "Journal of Commerce,"
Mr. Milton, indicating the development of his interests, said
original investment was approximately
that his
cash and about 6,500 shares
Co.,
$13,000 in
of American Colony Insurance
firm whose operations were practically at a standstill.
Consolidated Firms of New York.
a
With this he bought into
The
dispatch further said:
has
now
one-quarter interest in Equity.
a
Schenker
Mr.
[counsel
Founders
the SEC]
for
acquisitions,
purchases and
United
of Oceanic Insurance Co., which
eventually gained control
Consolidated
with
Corp.
brought out
that through further
Mifton by Dec. 31, '1935, controlled
assets of $60,000,000; $33,000,000 in
Mr.
the
the
Equity group, $15,000,000 in North Star Insurance Co., and $120,000,000 in
General American Life Insurance Co.
Mr. Milton, however, no longer has
interests in the North Star and General American
any
In
the objectives
explaining
of
the
Life firms.
Milton
Equity Corp., Mr.
stated,
in part:
tration
•
investment
assemble sufficient
To
1.
reasonable
at
with
cost,
funds to permit of their
diversification
enough
provide stability.
and
them
into
and
,
To acquire a
2.
weld
me
for uniformity of
real need
a
principles of establishing fair value.
to its study of
thoughts
or
holdings.
There
The
Examinations
They eliminate the risk
temporarily
up
should
SEC Postpones Hearing
Jan. 11 to Jan. 25
fair value
approval of the required majorities of
to be accomplished by
mergers
stockholders.
ties
sovereign."
recovered by its
who is dissatisfied with
has the right to have the
appraised by independent parties.
The principles underlying
laws seem to be sound.
They permit many beneficial consolidations
his shares
of
element,
"Plaintiff's complaint should more
of procedure
States any stockholder
laws of many
the
the terms of a consolidation or merger
Judge Knox ruled, for the first time in
There are many millions
various
of yd»r
Commission.
for
this jurisdiction, if not in the
Unuted States, that British insurance companies which reinsured parts
of cargoes and of vessels which had been insured, at first hand, by American
companies, are not entitled to recover their fractional shares of losses,
or any part of them, from payments made to American companies in con¬
the right of appraisal
provided to dissenting shareholders under the statutes of
I think these are especially deserving of the consideration
Under
Co.,
Ltd., of England, against the Westchester Fire Insurance
Co., formerly United States Lloyd's, for an accounting as to
$1,396,881 awarded to the latter for World War losses by
brought by the Standard Marine Insurance
nection with adjustments
is
the problems relative to
them are
Among
tions.
which
Mixed Claims Commission
A suit
39
Chronicle
a
adminis¬
balance
to
<•
number of companies that were in need of rehabilitation,
compact group, and simplify both corporate structure
capital structure.
Mr. Milton's testimony on Dec. 18
dealt with the sale by
him and his associates of the General American Life Insur¬
ance
R. Emmet O'Malley, State Superin¬
Go. of St. Louis.
tendent of Insurance in Missouri, also
ing.
testified at the hear¬
In part, Associated Press accounts from Washington,
Dec. 18, said:
General American
business of
Instead
the
of
was
organized by the Milton group to take over the
insolvent Missouri State Life Insurance Co.
permanency,
Mr.
O'Malley
asserted,
the
General
American
its sale to Southwestern Life Insurance Co.
anything about it.
Milton explained from the witness stand that the failure to
organizers virtually completed
before the State Insurance Department knew
Later
Mr.
notify Mr. O'Malley of the sale
tion"
in which
negotiations
was a
"three-cornered situa¬
"everyone else felt someone else" had talked to the State
Superintendent.
Likewise, at the Dec. 18 hearing Arthur Morris, President
of
the
Morris Plan
Co., his testimony having to do with
negotiations for the exchange of Morris Plan stock for At¬
lantic & Pacific International Corp.
The inquiry on Dec. 19
bore
on
the operations
of the United Founders Corp., organ¬
Seagrave, O. F. Coombs and Frank
Seagrave testified before the Commission
ized in 1929 by Louis H.
B.
Erwin.
Mr.
Financial
40
that
Mr.
Milton's testimony extended
later days, viz., Monday,
Dec. 21, Dec. 22 and Dec. 23.
on
day, while
over
Equity Corpora¬
Dec. 24.
Its hearing into
by the SEC on Dec. 29
when it centered its attention on the operations of the
Liberty Share Corporation of Buffalo, N. Y.
The hearing
was
continued on Dec. 30,
In advices from Washington
practically ended
was
investment
trust3
on
resumed
was
Dec. 24 to the New York "Times" it
remain
so
was
stated that there
investment trusts to be inquired into
many move
that the SEC will not be able to conclude its
by Jan. 4
as was
expected.
It
Under the resolution of Congress
until Jan.
4 to submit
a
was
investigation
further said:
authorizing the inquiry the SEC had
A report will be submitted
report to Congress.
but it will be preliminary in nature only.
not be concluded before the middle of
loans
The investigation will probably
That
A favorable outlook for
agriculture in 1937 was forecast by
Agricultural Econom¬
ics, U. S. Department of Agriculture, in his annual report to
Secretary of Agriculture Wallace, made public Dec. 12.
Dr. Black asked, however, "that the outlook for agriculture
be not judged in terms of a single year since there are funda¬
mental weaknesses in the position of agriculture that still
require vigilance—and action."
Drought and rising farm income marked the agricultural
situation during the past year, the Bureau Chief reported.
An increase in total cash income from marketings and Govern¬
Dr. A. G. Black, Chief of the Bureau of
ment payments in 1936 of at least 10% over last year and
80% over 1932 is estimated by the Bureau.
The drought,
however, which "has reduced drastically and even wiped out
the very limited resources of many farmers,
emphasized," Dr. Black said, "the need for measures
that will contribute to the security and stability of farm
income."
In commenting further on Dr. Black's report, an
announcement by the Department of Agriculture continued:
market demands,
There is
domestic demand.
even
some
"Borrowing
1919 was planted for harvest this year,
drastically cut by bad
but there was high abandonment, and yields were
domestic
yields and
Though actual production of wheat was about equal to
needs, potential production, given normal weather and normal
about 960,000,000 bushels, Dr. Black noted in
normal abandonment, was
"How to dispose of
the return of
emphasizing the danger of recurring crop surpluses.
surpluses that we have reason to expect in future years with
normal
greatly
despite
weather,
demand for our farm
reduced foreign
products, is a problem that the Nation must be prepared to
Dr. Black added that "in view of the very sharp swings of
of production
to
the pendulums
capacity
products in years of
and made available in years of
and prices in American agriculture, and of our great
that they may be carried over
scarcity."
out.
gradually becom¬
tabulations
of financing for this purpose, the Land banks and the Commissioner have
extended approximately $60,000,00© of credit to finance the purchase of
nearly 25,000 farms, including farms acquired by the Federal Land banks
over a
period of years and resold on mortgage or contract terms."
The 13 banks for cooperatives put more business on their books during
half
the last
Mr.
of 1936
on
consisted
date
than
at
any
time since their organization, according
Loans outstanding increased from $39,000,000 on June
Myers.
$72,000,000
Dec.
of
About
1.
cooperating with the Depart¬
governmental agencies in the develop¬
of reciprocal trade agreements.
It is noted that the Bureau is
cooperatives accounted for
FCA
of
Past Year Reviewed
During
by
In¬
Myers—Expects Cooperative Credit
stitutions to Gain in Importance in 1937
Governor
chasing loans made by the banks for cooperatives, they have extended their
services
during the past
year
to several other types of farm business
remarks
issued
The
550
as
soil
as
improvement and
cooperative
companies,
oil
and
1936
an
announcement
credit associations, making short-term secured loans
production
compared
than
aggregated
to
Their loans during the year
$196,000,000
in
Farm mortgage
1935.
Land Bank Commissioner
Short-term
...
credit—
Intermediate Credit
corporations, now in
liquidation, $34,000,000, and emergency crop loans, $17,000,000.
According to Governor Myers, substantial increases in financing through
the cooperative organizations and continued decrease in emergency lending
during 1936 reflects the shift from the emergency demand created! by
tions,
$106,000,000
had
who
farmers
regional
;
other
no
agricultural
source
of
credit
credit
after
the
depression to
group
rates,
continue
to
of
operators
suitable maturities,
increase
their
business
in
1937.
The
loan volume
during the
past year was higher in 40 of the 48 States in spite of drought conditions
which curtailed
"In
the
financing in some sections, he said.
country as
a
whole, farmers apparently
machinery,
66
7
Regional Agricultural Credit corporations
Federal Intermediate Credit banks (loans to and discounts
for private financing institutions)
Loans to Cooperatives—
Banks for
Cooperatives
Agricultural Marketing Act revolving fund
Federal Intermediate Credit banks
4
44
670
1.060
-
Secretary Hull Departing from Buenos Aires Expresses
Satisfaction
with
Accomplishments
of
InterAmerican Peace Conference—Conventions Signed
and
Resolutions
Adopted
Secretary of State Cordell Hull sailed from Buenos Aire3
for New York on Dec. 26, on the Steamer Southern Cross,
expressing with his departure his satisfaction with the
accomplishments of the Inter-American Conference for the
Maintenance of Peace, which he said, "is an illustration of
what great things can be accomplished when 21 good neigh¬
bors animated by mutual understanding and real friendship
around
the
conference
table."
The conclusion of the
Conference, held at Buenos Aires, was referred to in our
issue of Dec. 26, page 4088.
Three conventions and a
declaration of principles to insure peace in the America's
were
adopted at the Conference, said an announcement
issued at Washington Dec. 26 by the "Pan-American Union,"
which in part also stated:
The conventions
vention,
neutrality and non-inter¬
covered collective security,
the declaration
and
pledged Pan-American solidarity.
would consult
In the
their governments
together to secure a united front when any one of three
circumstances should arise:
hostilities should break out or threaten to
if
break out between two or more American countries, between two or more
Observers concluded that by agreeing to
had generalized
non-American state.
this, the United States in effect
the Monroe Doctrine.
Neutrality Pact Adopted
To insure neutrality in the Americas in the event of any
might threaten peace, the 21
outbreak which
republics pledged themselves first of all to
maintain the five existing peace pacts,
and in the case of an outbreak or
threat of hostilities between two or more of them, to consult
an
endeavor
to
a
immediately in
adopt in their character as neutrals a joint attitude dis¬
couraging or preventing the spread or prolonging of the
Further,
hostilities.
taking into consideration individual circumstances, they might consider the
imposition of prohibitions or restrictions on the sale of arms,
to
countries engaged in hostilities.
munitions and
Governments are to be guided in this
by domestic legislation and with regard to their obligations
treaties.
under other
Four countries entered reservations to this convention.
Intervention Ended and Solidarity Pledged
Third of the major peace pacts was an
addition to the non-intervention
agreement of 1933, by which intervention in the
of another country
peace
to set consultative
States
went
all
domestic or foreign affairs
is considered a sufficient threat to the preservation of
the
way
machinery in motion.
with
the
In this pact the United
Latin American nations,
whereas at
Montevideo in 1933 a reservation was appended by this country which in
effect guaranteed
administration.
non-intervention only during the period of the Roosevelt
The present protocol has no such restrictive clauses.
Fourth cornerstone in the peace structure was the adoption of a
tion
of
country which may endanger peace,
all of them and justifies the consultative action
ments.
declara¬
toward an American
becomes at once the joint concern of
principles stating that any unfriendly act
provided for in other
territory by force will be recognized: intervention in
the domestic or foreign
affairs of another state is condemned; forcible collection of pecuniary
is
agree¬
By this declaration, conquest is proscribed and no acquisition of
claims
outlawed; and every inter-American dispute must be settled by arbitra¬
tion, conciliation or international law.
spent more money for
buildings and repairs in 1936 than in any
year since the beginning of the depression," the Governor stated.
"Their
increased purchasing power and the opportunity to gelfshort-term cash
equipment,
117
80
20
Drought relief loans
the
applying for loans because of favorable
and other good-business features of the
permanent cooperative credit institutions—Federal land banks, production
credit associations, and banks for cooperatives.
Governor Myers predicted that the production credit associations would
increasing
interest
34
Emergency crop loans
196
57
39
90
106
Production credit associations
•„
loans
and the Land Bank Commissioner amounted
loans for farmer-cooperatives,
$104,000,000; Federal
bank loans and discounts for private financing institu¬
$184,000,000;
248
196
225
17
Federal Land banks
Landl banks
Federal
1935
108
76
Un Millions of Dollars)
Farm mortgage credit—
implements of war, and upon the extension of loans or other financial aid
of the other FCA institutions.
by the
follows in
and livestock production, did a larger business with farmers
$225,000,000
to
summarized
agricultural
by the FCA:
for crop
any
were
new*
in
increase
activities
terracing cooperatives, mutual irrigation
gasoline associations, and! mutual fire
insurance companies.
Interest rates on the various types of loans remained
unchanged during the year at 2%, 3% and 4%, respectively, for com¬
modity, operating and physical facility loans.
Preliminary figures on 1936 loans by the various institutions under the
FCA's supervision compared to 1935 loans are as follows:
such
non-American nations, or between an American and a
financing and
greater importance of cooperative credit institutions may be
expected in 1937, according to a statement, Dec. 27, by
Governor W. I. Myers, in reviewing this year's work of
the Farm Credit Administration.
Upturns in cooperative
cash financing of crop production, more financing of farm
purchases and a larger credit business with farmers' cooper¬
ative marketing and purchasing associations featured the
1936 business of the FCA, Governor Myers said.
His further
Continued
Operating capital
large part of the increase.
a
outstanding amounted to $29,000,00© and physical facility loans
$17,000,00©.
In addition to the more usual type of marketing and pur¬
agreement on collective security, the delegates agreed that
Operations
30
$24,000,000 of loans outstanding at
Business with cotton marketing
commodity loans.
loans
ment of State and other
ment
real estate reached a higher level
"More adequate financing for farm
farm
of
pointed
Since Oct. 1 last year, when we began to make
ing effective.
sit
meet."
produce, we must move toward the storage of excess
plenty,
he
provided by the Farm Credit Act of 1935 is
as
produce."
can
The largest wheat acreage since
weather.
purchase
for
during the year,"
considerably in excess
Domestic
demand," he added, "cannot be expected to advance to a point that will
assure
an ample market with
satisfactory prices for all that American
farmers
refinancing and less
emergency
allowing for considerable advance in
improvement in foreign markets for our
but this improvement is taking place slowly.
products,
farm
in
decrease
continued
the
detailed by Dr. Black is "an agricultural
A major factor in the situation
plant that, in years of average weather, can produce
of existing
loans for the Federal Land banks and Commissioner
1935 volume was interpreted by Governor Myers
the
by other creditors for liquidation.
purchasing
in many cases
has
half
than
reflecting
as
pressure
that
Improved Farm Economic Situation Noted in Annual
Report of Dr. A. G. Black, Chief of Bureau of
Agricultural Economics
for
up
farm mortgage
less
were
to
♦
rates will furnish an additional motive
depression-depreciation in farm plants and
reasonable
present
make
to
equipment."
to
February.
the
at
1937
in
The examination into the affairs of the
tion
Jan. 2y 1937
Chronicle
Other Peace Instruments
farm
The Conference also signed two other treaties to supplement
chief peace
the three
conventions, one on good offices and mediation by which a
>
volume
144
Pan-American Union in Washington, from which media¬
to be on file at the
be drawn whenever any
then
the countries at odds cannot agree as to the mediator to be chosen,
they
If
international controversy threatens.
obliged to submit the controversy to the conciliation and arbitra¬
are
tion procedures already
possible future contro¬
versies, as well as means of carrying out provisions of existing agreements.
Supplementing the formal conventions to strengthen peace machinery,
study and suggest
ways
Conference at Lima, Peru,
questions needing detailed study which could not be handled in the time
available at
One
Buenos
Aires.
adopted unanimously aimed at coordinating inter-
resolution not
American peace instruments with the Covenant of
American
not
governments
members,
League
the League of Nations.
but who had signed the
Kellogg-Briand and the Saavedra-Lamas Anti-War treaties, were urged to
projects designed to coordinate
cooperate with the League in a study of
various existing instruments
with the
The traditional policy of the
;
Intellectual Cooperation
.
Supplementing the
create a
A
projects, the Conference'adopted a number of
peace
designed
and
resolutions
conventions,
to
...
large group of resolutions and recommendations stressed closer inter-
American cooperation in all fields of
intellectual endeavor, covering publica¬
tions, the radio, motion pictures and other media by which the American
nations might become better and more
favorably known to
Because governmental action to influence
refrained from voting on several of the resolutions in this group,
expression
down
was
another.
one
publications, the radio or motion
censorship, the United States delegation
pictures might be construed as
of the citizens of these territories and possessions.
The Bureau of Reclamation,
than $52,000,000 on projects.
of the important
one
barriers to closer inter-American inderstanding.
causes
to
strengthen
machinery by eliminating economic
peace
the Yuma and
great dam, Grand Coulee on the Columbia River in Wash¬
Surveys and plans for the Kennett and
the report
of
crops
that the Federal landed estate outside of Alaska has dwindled
from 1,500,000,000 acres to a little more than 400,000,000
acres
and the report urged that administrative problems
involved should be coordinated to the greatest possible extent
in order that the public domain as a whole shall be of maxi¬
benefit to the people.
mum
pledged at the Montevideo conference in 1933, namely, the gradual reduc¬
be considered
later, and the principle of equality of opportunity and of treatment for all
trade,
based
the unconditional most-favored-
on
These principles have been
the keystones of United Stqtes
commercial policy during the last three years and
and
application
world
their general acceptance
believed by Secretary of State Hull to be an essential to
are
the
in
of the
Department's
peace.
•
Two other resolutions
on
economic questions
called for
a
meeting of repre¬
and
economic
financial
institute
was
proposed,
this
subject to be considered in detail at the 8th Pan-American Conference at
Lima,
been
ever
the
of
an
American
important item
aborigines.
The
system of Federal national parks and monuments of out¬
a
After
Department of the Interior.
more
than 50
under the jurisdiction
lands
advocacy
years of
a program
area of
of adminis¬
public grazing
of the Secretary of the Interior.
though it
now,
The only
was
originaUy,
within the jurisdiction of this Department is concerned with the lands within
national
boundaries.
forest
half
than
more
the
area
According to reports of the Forest Service,
within
these
boundaries
is not available as a
of merchantable timber and is considered to be
source
chiefly valuable for
grazing and the maintenance of a useful forage cover.
use
The administration
of such lands should be coordinated or combined with those of the
of lands of similar general character in grazing districts
far greater area
under the
stabilization and the ending of exchange control in American countries; and
inter-American
guardianship
major land-administrative activity that is not
and
sentatives of finance ministries and central banks to bring about currency
an
The report continued:
The Administration of the Indian lands has
by this Department, the Congress, in 1934, adopted
in international
Friant
about 2,900,000 acres of land produced irrigated
value of almost $107,000,000.
It is also stated
a
tration, conservation and rehabilitation for the vast
tion of trade barriers preliminary to a general agreement to
nation clause.
Imperial Valleys."
Substantial progress was reported with respect to another
the principles introduced by the United States and
in further support of
that
means
"no longer can floods from above Grand Canyon threaten
devastation to the fertile lands and costly improvements of
the Buenos Aires conference went on record
of international friction,
nations
contributions to the rapid advance of
standing scenic, recreational and historic value has been and is the work
Trade Barrier Elimination Pledged
effort
an
spent more
year,
Completion of Boulder Dam, the Secretary said,
development of
In
during the
The Bureau's activities were
throughout the West, Secretary Ickes pointed out.
recovery
though an
objective of breaking
offered of general accord with their
Virgin
Reconstruction and rehabilitation programs in Puerto Rico, the
Islands, Hawaii and Alaska which have improved the economic condition
Reservoirs in the Central Valley of California also were well
under way at the close of the fiscal year.
According to
Stressed
recommendations
friendly spirit between the peoples of the Americas.
important
Petroleum Con¬
Department.
activities of the
ington.
the resolution.
on
„
Division to assist in coordinating all oil and gas conservation
servation
with the Covenant, and to cooperate generally
League in efforts to prevent wars.
United States toward the League caused this government to refrain from
voting
for the American Indian.
resolutions and recommendations
expressing the spirit of the meeting for closer inter-American ties, or.referring
to the 8th Pan-American
unified administration of the various national parks and monuments.
a
Ending of the long period of exploitation of the American Indian through
administration of the Wheeler-Howard Act which established "a new deal"
of eliminating causes of
the Conference adopted a large number of
to groups of experts or
time
Establishment within the Department of the Interior of a
agreed upon by the Conference
provides for the creation of permanent bilateral and mixed commissions
the first
Consolidation of all Federal park activities bringing about for
established by other pacts.
Another treaty to prevent controversies
to
41
Chronicle
American republic, the names
permanent panel of jurists is set up in each
tors can
Financial
\
jurisdiction of the Department of the Interior.
As to further features of the report,
quote from the
we
Department's release:
Discussing operation of the Grazing Act, the report said that the aid of
Peru.
the stock industry itself in initiating,
Pan-American Highway Advanced
development and administering this
wholesome national policy was assured by the election from the stockmen
The
Conference
adopted
a
draft convention on the completion of the
of 523 district advisors to work with officials of the Interior Department.
Pan-American highway, whereby signatories are to appoint technical com¬
missions
to
projects
prepare
construction
on
the
and
A
highway.
ferry service to connect Caribbean
the continent.
Other questions
name
financial
committees
recommendation
Island
was
also
to
speed
made for
republics with the mainland of
of an economic nature recommended for
further study included the preparation of model treaties on
immigration and
inter-American maritime and aerial communication.
With the increase of the public-land area available for grazing districts
to
142,000,000
by the Act of June 26,
acres
1936, it is anticipated that
upwards of 400,000,000 acres will be included within the boundaries of the
grazing districts within a year on the request of users of the range.
together with some 80,^00,000
area,
acres of
This
grazing lands within national
forests, will make nearly 500,000,000 acres capable of orderly regulation for
grazing,
The
the report said:
Shenandoah National Park in Virginia and the Mammoth Cave
new
National Park in Kentucky were admitted to the national park system and
Report Emphasizes Im¬
of Nation's Natural
His Department "De¬
partment of Conservation"—Indian Lands Import¬
ant Among: Items Within Secretary's Province
Secretary
Ickes
in
Annual
portance
of
Conservation
Resources—Would Rename
Placing emphasis
upon
resources
of conservation,
the human side
and not
Secretary of the Interior
Harold L. Ickes, in his annual report to President Roosevelt,
outlined the progress
achieved in the conservation program
during the fiscal year 1936—Secretary Ickes renewed his
recommendation that the Department be renamed "Depart¬
ment
of
lands within the
There
and
Conservation."
In
his
letter
to
the
a
Once again I commend to your consideration the desirability of chang¬
of Conservation—a name more expressive of its fundamen al purpose
as
a
Such
a
designation would give conservation
an
and
authority hereto¬
lacking, it would promote an increased consciousness of conservation
Government policy, not only in the minds of officials but among the
people of the United States generally, and it would place upon the personnel
of the
Department
conservation to the
a
definite responsibility for advancing the
end that the
resources
of the
United
States
cause
of
may
be
used for the maximum benefit of every citizen of the country.
Wise development of water resources, the prudent use of
the land and its
products and the orderly exploitation of
mineral deposits, without waste, is the keynote of the
report which was made available Dec. 7.
This sums up the
fundamental policy of the Department during this Adminis¬
tration, said Secretary Ickes.
A continuation of this policy,
he added, will insure a sound and permanent foundation
for the material welfare of the country.
Among the major
achievements of the Department of the Interior, during the
fiscal year ended June 30, the report cited:
Advancement in the conservation of the waters of the arid "West which
of
the
Department.
on
public lands;
The
various
bureaus
concerned,
proceeded with surveying
despite
and platting,
public and Indian lands, geologic and
mineral resources and products of the national domain, gaging streams and
determining the water supply of the nation and reporting
methods of utilizing water resources and
the
on
making statistical reports
best
on
the
of
the
United States and of the world.
Mineral
production under
Act
of
a
Aug.
the supervision
the
of
Department
value of about $70,000,000.
21,
1935,
the report said, constitutes
an
important
forward step in the leasing policy for oil and gas that will reduce materially
speculative operations using the public reserves
provide for
of
as
a
base
and also
will
business-like development of the oil and gas resources
more
a
public lands and will result in
a return to
the Government of
a
proper
share of the value of mineral production.
It
was
pointed out that under the mining laws
and all of the minerals therein mined and
Department of the Interior.
a
claim may be taken up
disposed of without notice to the
Only when
made is the claim made of record in
an
application for
a
patent
is
the United States Land Office and
then, if discovery has been made, title to the land passes from the United
States
on
payment of a nominal fee.
The report
which
are
cites the long-range plans and policies of the Department
improving economic and social conditions in Puerto Rico, the
Virgin Islands, Hawaii and Alaska.
The sugar and rum industries in the Virgin Islands are being restored to
the
important position they
once
held.
Small industries
are
being built
up,
handicraft is being encouraged and tourist trade developed with the result
that there is virtually no unemployment in the islands.
A reconstruction program is well under way in Puerto
rural rehabilitation,
struction of public
rural electrification, housing,
Rico, including
reforestation and
con¬
buildings.
The Hawaiian people have benefited greatly from the
energetic adminis¬
tration of the
colonization
curb overgrazing
area programs
topographic surveying and mapping, examination of the geologic structure,
reclamation
Federal supervision to
Michigan.
nation-wide survey of historic buildings and sites
examination and classification of the
Honolulu,
Successful organization and operation of a system of self-regulation under
a
relatively small appropriations,
demonstrated the benefit to the West and to the Nation of the national
policy.
With the
The inventory of land, water and minerals continued as one of the major
The
fore
initiated
Interior in 1936 had
ing the name of the Department of the Interior to that of the Department
increased.
were
of the proposed Isle Royale National Park in
and possibilities.
President,
he said:
nature.
was
area
comprehensive study of public parks and recreational
functions
forgetting
parks and monuments
allocation of emergency funds steps also were taken for the acquisition of
the importance of conservation of
the nation's vast store of natural
of other national
areas
recently reorganized Hawaiian Homes Commission.
quarterly
projects
scientific data for
to the South
expeditions
on
use
Baker,
are
conducted
in
connection
Howland and Jarvis
in connection with
the
Islands.
the
Valuable
development of air
Seas, New Zealand and Australia is being compiled.
From
with
routes
Financial
42
Secretary of Commerce Roper in Annual Report Finds
Marked Gain in Economic Recovery—Cites Rise to
$60,000,000,000 in National Income with All Major
Industries
Contributing Thereto—Trade Agree¬
ments Viewed as Major Step Toward Recovery of
Foreign Trade—Unemployment Census—Merchant
Marine
Chronicle
Jan. 2, 1937
marine, the Bureau has continued the analyis of the various ocean trade
routes with a view to
keeping up to date the essential data which will be
needed for the formulation of
mission.
policy by the United States Maritime Com¬
...
"It is confidently expected that
the United States Maritime Commission
will take steps to put in force many of the plans for the promotion and
development of the American merchant marine that have been formulated
by the Shipping Board Bureau over a period of years but which
In his annual report to
Congress, made public Dec. 28,
the Merchant Marine Act,
Secretary of Commerce Roper states that "the marked im¬
the personnel
provement in conditions
preparation of legislation,
preceding-
years
1935-36."
The report
which has characterized the two
continued to gain throughout
the
year
adds:
have
necessarily been held in abeyance until such time as legislation such
which
of the
1936, could be enacted.
as
It is gratifying that
Shipping Board Bureau has been so active in the
well as the formulation of constructive plans,
creation of a competitive merchant
as
will do much to bring about
fleet equal or superior to the commercial fleets of
the other great maritime
powers."
"Economic recovery broadened this year with acceleration of activity in
the durable goods industries and in construction lines, the further rise in
farm income, increase in the number of persons employed and expansion
in industrial payrolls.
In Year-end Statement Secretary
Roper Finds Volume
and Confidence Restored—
Appreciation of Social Responsibility
—Unemployment Still Paramount Problem
The upward recovery was especially noteworthy in
of
the late months of the fiscal year.
According to the report,
which
covers
the fiscal year
With
ended June 30,1936, the significant features for the year with
regard to industrial output
Business
Rising
Sees Growing
the
Daniel C.
were:
closing of the year,
(1) Substantial increase in the output of durable goods manufactured.
change in the late 12 months
(2) Further, but less marked, increase in the production of non-durable
made
goods industries, and
(3) The fact that the forward movement
was
not checked by an im¬
advance
observes that "the broad nature of the im¬
movement
says
is
and it
that "progress has been
indeed noteworthy that
the
steady and comparatively regular throughout
was
the entire year."
portant setback at any time.
The report
all fronts
on
Secretary of Commerce
Roper, in reviewing the evidences of economic
"At
experience
time," he
says,
"did the forward
material setback.
At the close of
no
a
the year business
the highest point
national income rose further and, at the rate of progress at the end of the
activity, although still subnormal, was at
since 1930.
It is still tending upward.
The upward movement was accompanied by, and no doubt
partly stimulated by, the alleviation of the many strains
occasioned by the unevenness of both the 1929-1933 decline
and subsequent recovery." Mr. Roper adds that "the better
balance is evidenced by improved price relationships and by
the lessening of the disparities in production and work oppor¬
tunities between major industries and
other fields
of
fiscal
endeavor."
provement in the economic
reflected in
not
are
during the
year was
further marked rise in the national income, with
a
all major industries
the report says:
Date
situation
computed by the Department
the calendar year
Continuing,
contributing to the gain."
on a
fiscal year basis, but in
1935 the national income reached $53,000,000,000,
an
increase of $4,600,000,000 over the preceding year, and of $13,400,000,000,
or
34%, over the 1932 low.
During the first half of the
year
1936 the
it is not improbable that the national income produced will
year,
reach at least $60,000,000,000 for the calendar year 1936.
The drought is,
of course, a factor yet to be appraised, but since the national income is
measured
which
on
dollar basis, the price increases in certain farm products
a
beginning to be noted before the end of the fiscal year will
were
provide an offset to the reduction in the volume of agricultural production
and marketings.
A
$60,000,000,000 total for the current calendar year would be about
one-fourth less than in 1929, although the decline in "real" income is much
less by reason of the decline in the price level.
It also appears probable
that the national income produced
the amount of income paid out for the first time since 1929.
which
was
thirds
of
almost $9,000,000,000 in
billion
a
dollars
in
1935.
1932,
was
may
eqftal
The difference,
reduced to less than two-
The extent
to
which
the disparity
between income produced and income distributed has been narrowed, if it
has
been
not
eliminated
entirely at
the present
time, is of paramount
significance and an important underlying factor of strength in the present
situation.
"Part
of the
improved demand for manufactured prod¬
ucts," says the report, "is traceable to the improvement in
building construction."
The value of residential contracts
awarded, it is stated "nearly doubled during the fiscal year,
although the total was less than a third of the volume in the
of extensive residential construction which followed the
era
war," these, latter comments being attributed in the report
to the F. W. Dodge Corporation.
Coincident with the
expansion of domestic industry and trade, the report states,
there was a continuation of the increase in our foreign trade
which in the last three years, has brought this phase of our
economic activity to a level far above that in the low years
As to this the report says:
1932-33."
Among the factors contributing to the expansion of our export trade the
following
are
Among other things the Secretary says "the production of
commodities was substantially higher than in
1935; the income of the farm population further improved;
employment and payrolls sustained their upward movement;
enhanced consumer purchasing power was reflected in an
expansion in retail sales; conditions in the railroad industry
improved materially; our foreign trade expanded further. The
construction industry, where the effects of the depression
have been extremely severe, experienced a sustained advance.
"Recovery in the durable goods industries" Secretary Roper
points out "was a significant development of the year,
although at the end of 1936 the production of such products
was lower, relative to the 1929 average, than the
production
of non-durable products."
He likewise alludes to the "gradual broadening of the
domestic recovery movement
during 1936" which was
reflected "in the increase in national income paid out which,
on the basis of
preliminary data, is estimated to have been
approximately $60,000,000,000,—as to which further com¬
ments are made in Mr. Roper's annual report, made
public
early this week.
In his year-end statement he says that
"the two-way growth of trade is one of the basic objectives
of the trade agreement program which was actively
pushed
during the year, with tangible benefits both at home and
abroad.
By the close of the year agreements were in effect
with 14 countries which purchased 36% of our exports and
supplied 46% of our imports in the first 10 months of 1936."
Mr. Roper refers to two features of the financial situation
which appear of sufficient importance to warrant mention,
industrial
and says:
worthy of note:
The further improvement of economic conditions in a number of
(1)
foreign countries which resulted in an increased demand for many United
States products.
into those markets.
sufficient
The
program
expand their purchases of certain raw materials and
to
small.
the reciprocal trade
"Although approximately 6,000,000 unemployed persons have obtained
gainful work since March, 1933, and the number of unemployed is steadily
diminishing, the Federal Government must cooperate with State and local
agencies and industry in making work available
is
a
whereby the unemployed
livelihood for themselves and their families.
essential
to
the
proper
.
.
.
solution of this national problem that
specific information be gathered as to the causes of unemployment, the
experience of the unemployed, their occupational aptitudes and availability
for absorption in other phases of industry.
The assembling of reliable data
in this respect will permit of the formulation of a policy to meet intelli¬
gently and effectively the present and future unemployment necessities.
"It is recommended that early consideration be given to this important
subject both
as
to present needs and subsequent periodic checking of the
datum and that legislation necessary to carry its conclusions into effect be
enacted and necessary funds be
provided."
should note
discussing the merchant marine, Secretary Roper in his
report says:
While the pendency of important legislation naturally has had a restrictive
effect on efforts to act affirmatively in behalf of the American merchant
now
towards
progressed for
expansion.
by corporations through the medium of
1935,
a
was
a
The
new
still relatively
considerable extent
a
we
also quote:
substantial evidences of improvement, we
also that the intangible elements in the situation have undergone
very
marked change for the better.
Confidence has been restored—a confidence
that has been engendered by material betterment and by the
of improved social relationships.
tion of social responsibility
have exercised
a
and
We
can
the past
We have witnessed
an
a
development
growing apprecia¬
extension of cooperative efforts which
pervasive influence in reestablishing a more equitable basis
upon which we may hope to
build future progress.
and should derive encouragement from what has transpired in
without under-estimating the importance of the lingering
aspects of the depression still pressing for solution.
Unemployment, while
year
alleviated materially in the past year, is still the paramount problem.
may
We
hope that cooperative efforts of business and government, aided by
the extension of business improvement, may result during 1937 ih further
material progress
toward the solution of the unemployment situation and
a
resulting alleviation of the concomitant problems of government expendi¬
tures for relief and of an unbalanced budget.
Nor can we afford to overlook
the threat inherent in the unsettled state
world
which
existing in various parts of the
might, if conditions develop contrary to
important repercussions on our domestic economy.
in all relations throughout the year
our
hopes, have
Our country's efforts
have been in the interest of
peace.
The
Buenos Aires Conference emphasized clearly the desire of the Americas to
preserve
In
definite trend
a
Roper's statement
Giving due weight to' the
"these trade agree¬
ments constitute a major step toward the recovery of our
foreign trade on a definite and equitable basis." Regarding
the proposed census on unemployment the report states:
provide
indicate
Capital outlays continue to be financed to
From Mr.
which has tended to stimulate the flow of goods.
Reference is made in the report to
"It
to
through the medium of liquid funds accumulated by corporations.
made in the extension of our reciprocal trade agreement
progress
agreements program, as to which it says,
may
period
amount of new funds secured
industrial equipment.
(4)
the large volume of corporate refunding operations which
substantial saving in interest charges, and the second has been
capital issues, while aggregating more than in
(3) The unsettled conditions abroad and threats of war which caused
countries
a
the increase in bank loans to customers which has
(2) The moderation of tariffs and other trade barriers in a number of
Latin-American countries which permitted a freer movement of our wares
some
The first is
brought
The
and foster harmonious relations.
groundwork has been laid in our domestic economy for further
progress
in peaceful relationships.
business contacts that
based
on
Let
us all so
work together in
our
1937 may be a year of constructive achievements
economic and social justice and harmony.
"Amendment"
New
Added
Most likely
"amended"
have been an
about 26 billions would cost Uncle Sam from
In government, the employment of many
bureaucratic methods which discourage initiative.
document
While there may be too many railroads
by
ticular line or station in their district
bagatelle.
It would be much better if Congress were to
problems of the people," and the principal
instrument for effecting this change has been the use of the
Another thing the United States Government
We
thought
it
which
merely temporary emergency war measure,
a
was
reality it was a vast and' probably permanent extension
During this depression we have perfected that
Fleet
weTe
have
list
the
become entitled to
extended that technic also, and now we have a
corporations and lending agencies competing with
government
that these extensions of Government
He predicted
Recovery Now at Point Where Confidence Is Reassert¬
ing Itself According to President Gay of New
York Stock Exchange—Sees Readjustments Neces¬
long
busi¬
The
control
federal
of
put into
economic conditions.
administration has
present
over
York
the
Mr. Gay, who
but
a
a
period of managed
It is
managed economy may be described as one In which the
controls the volumes of output of the principal products, and
tions of hours and
government
advances
the condi¬
these
A system of managed economics
undertakes to control the fundamental con¬
but not the detailed operations them¬
'
Our
years.
covery
economic
sued
-v:;'
huge bonuses to farmers.
It has kept interest rates at
farms and on urban homes.
for the relief of the unemployed.
of
ands
sums
mortgages
Americans
to
support
are
on
by
endeavor to
to
substantially without
they
activity,
trading
gratifying
securities
nevertheless,
have,
investors.
Although
of loan credit or
use
been
sufficiently im¬
the previous
avoid
a
principal problem of the period that lies before us may well be to
too sudden or too full use of the Nation's swollen bank deposits
credit
and
result
Should
resources.
relation
in
reappear.
the
to
the employment of
reemployment
workers
of
credit proceed too rapidly
productive
in
industry the
Indeed,
advance in
might be disconcerting developments in the price structure.
thous¬
prices and living costs.
It has spent immense
My
own
that
nition
of
months
recent
a
have
we
already
experienced
a
substantial
optimism for the immediate future is tempered with the recog¬
difficult readjustments are still to be made in the direction
normal
condition
economic life.
of
of the government to sup¬
the government, it is not the duty
authority
tional
should
leave
dustry
and
central
restrain
should
them
otherwise
improvement.
Under
come
from
injuring
one
to
the
With
our
Well Being of
the circumstances we may well
we
shall
choose
each
long term
command
and
over
for the short term.
economics.
It means that politics has
Colonel Ayres before the Cleveland
Chamber of Commerce substantially constituted the regular
Dec. 15 issue of the Cleveland Trust Co. Bulletin of which
he is the editor.
His observances as to general business
conditions in 1937, which formed part of his comments
were referred to.in our Dec 19 issue, page 3905.
The
C. Taylor of United States Steel Corp.—
Cooperative Efforts of Nation and People
Looks for Large Measure of Economic and Social
Myron
regulate
president over our politics, but a president over our economics.
This
is the paramount business development of our time.
It is a condition
which must control our attempts to forecast business developments both
assumed
Confidence
another, but
be confident that for many years
four years on election day not merely a
comments
by
Industry Entering the New Year with Greater
than at Any Time Since 1930, Says
Steel
their own pursuits of in¬
citizens have decided that
undertake the solving of their economic
*
free
must
government
men
Nevertheless
problems.
for
of
proceeded
in
people.
Informed citizens will agree almost without exception
that Jefferson clearly expressed the spirit and purpose of our Constitution
when he said that it was the sum total of good government that the na¬
to
superseded
the
port
the
prices
have
banks,
while it is the duty of the people
longer sure that
no
the
in
prosperity might
The
/
unprecedently low levels.
It has lent large sums to railroads,
and other corporations.
It has refinanced1 at low rates hundreds of
of
era
economics is the product of the past four re¬
In that period our national government has vigorously pur¬
policies of entirely new sorts.
It has lifted agricultural
prices, and paid
has been
pressive to give concrn in some quarters lest the problems of
of managed
system
output
in
advances
excessive
ditions under which business operates,
selves.
absorb
to
the quantities, demanded.
Then, too, the rising tide of
corporate earnings and dividends, taken in conjunction with superabundant
investment
funds
of
both
domestic
and foreign
origin, has produced
of the workers.
wages
which the government
in
one
parts of the business structure the effort to search out
some
adequate
supply goods
development of the utmost importance
a
A
is
Already in
markets
This is not
economics.
of American business.
the future
for
into
distinction.
verbal
mere
the
entering
are
we
thus commented in his yearly observations,
31, also had the following to say:
made available Dec.
decision of the Supreme Court against the NRA
early in 1935.
Since that time there has been a change In the direc¬
tion of our course.
We are no longer moving toward a managed economy,
time of
the year in which the people
as
approaching prosperity."
be
the
to
up
1936
on
passing depression to a concern about the problems of an
designed to create ultimately a true managed economy. It
clear that we were making rapid progress toward a managed economy
seems
look back
may
profits are beginning
future
about
gradually turned from an anxiety about the problems of a
operation it
of new legislation came Into effective
great mass
to
beginning to reassert itself
to recede,
point when confidence is
we
communication.
the
As
seemed
"recovery having now proceeded to
Exchange,
doubts
President of the New
Gay,
Charles R.
of
view
Stock
and
assumed regulation over foreign ex¬
change, and greatly increased its control over banking.
It has extended
its regulation over the production of electric power, and over transporta¬
tion and
the
In
effect far-reaching extensions
It has created governmental
It has devalued our money,
mining.
Normal Economic
Conditions
agriculture, manufacturing, and
machinery for the control of production in
Bring About
However to
sary
activity
and will be ex¬
panded and multiplied, and in part continued:
permanent features of our future
be
will
something
left to which to pin it.
banking and profoundly influencing our economic life.
and
medal but he will have difficulty in finding
a
vacations.
have arrived when every direct taxpayer will
Then the time, indeed, will
we
war
perfected and
of
ness
shippers will have to look for new vocations or enjoy permanent
created Federal corporations like the Emergency
Corporation and the War Finance Corporation, and thought that they
merely temporary emergency creations.
During this depression we
During
did
truck men to "get off the earth"
The traffic men employed by large
except as to handling local business.
but
of the power
technique, and
and easy.
government borrowing cheap
made
their railroads; it would tell the
own
would do, in case it owned
would be very much like several European countries
the railroads,
The speaker added:
In
'**jtawi k •
adopt,.after mature con¬
sideration, a constructive transportation policy.
of government policy.
of the State.
It would make the
Administration look like a mere
and deficit of the railroads.
1H billions deficit of the McAdoo Railroad
economic
banking system as an instrumentality
railroads would cause a tremendous increase
Government ownership of
our old principles which re¬
strained the National Government from attempting to solve
the
having a par¬
abandoned or any of their constituents
put of a job?
in taxes to pay the interest
abandoned
have
"we
said,
and too many trains, etc., can
conceive that any set of Congressmen will consent to
anyone
the ratification of three-fourths of the States,"
Colonel Ayres said that "nevertheless there has come into
effect a new amendment more important than any of the 21
formal amendments."
During the depression years, he
and
the case
additional men with no particular
of low wages and because of
interest in their jobs, partially on account
that "the amendment has not been added to
[the Constitution] by the votes of
two-thirds of the members of both houses of the Congress,
written
15 to 20 biUions.
such acquisition would mean, as is always
The consequences of
While stating
the
nearly 20 billion dollars.
To acquire
Interstate Commerce Commission at
the American railroads valued by the
his annual address
Commerce, on Dec. 15.
of
Chamber
direct and
1929 to the end of 1936, the
From the time of the panic of
indirect government debt increased
President of the Cleveland Trust Co., in
Cleveland
have been increased during
happened in other governmental departments, and instead
earnings left during the worst years, there would
annual deficit of about a couple of billion dollars.
Ml.
of there being some net
Federal Government
the responsibility for economic conditions under which its
citizens live and work, said Colonel Leonard P. Ayres, Vicethe
labor expenses, if anything, would
the depression as
during the depression to place upon the
before
the railroads
in 1929?
Depression, Colonel Ayres Says—Declares People
Have Come to Regard Government as Responsible
for Economic Conditions Under Which They Work
The Constitution of the United States lias been
happened if the government had owned
What would have
During
Constitution
to
43
Chronicle
Financial
Volume 144
In
man
that
Enduring Nature
"survey of steel in 1937," Myron C. Taylor, Chair¬
of the Board of the United States Steel Corp. states
a
steel
"the
industry enters
upon
the new year with
greater confidence than it has in any year since 1930 and
with indications of continuing activity."
According to Mr.
Taylor "new business booked in the last quarter of 1936 has
and is sufficient to enable the
industry to enter the new year with assurance. Especially
gratifying at the moment" he says "are the increasing
evidences of renewed activity in the field of railroad trans¬
portation.
It would appear that the long pent-up require¬
ments in that field are at last to be satisfied."
been in encouraging volume
He goes on
to say:
♦
We have emerged from the
Huge Increase in Taxes and National Debt Seen By
F. J. Lisman if Government Acquired
Railroads
as
Proposed in Wheeler Bill
huge increase in taxes and the national debt would
result if the government acquired and operated the railroads
of the United States, as proposed in the Wheeler bill at the
last session of Congress, which is expected to reappear at
the session next month, declared Frederick J. Lisman,
Chairman of the Lisman Corp., an authority on railroad
finance, in a statement issued in New York on Dec. 26
through the Transportation Conference. "It would be much
better if Congress were to adopt, after mature consideration,
constructive transportation policy,"
His statement follows in part:
a
resources
intact, and we may take a
Mr. Lisman advised.
pardonable pride in the conduct of
American industry during the depression.
wholeheartedly
A
long and difficult struggle with adversity
during the past six years with our courage, strength of character and
in
every
sound effort
The steel industry cooperated
to reestablish
confidence and to
develop and maintain a fair and sympathetic relationship with its workers
and with the public
this policy,
As evidence of its sincerity In carrying out
generally.
the steel industry today is giving employment to more men
than at; any time in its history
and its basic rate of pay is at a higher level
than ever before.
It would seem assured that if we continue these fine
cooperative efforts
Nation and the constructive
people, subordinating self-interest to the welfare of the
making full use of the vast resources of the
ingenuity of our
whole Nation, we have before us
the opportunity to achieve a large measure
of economic and social well being of an
we
enter upon
the new year.
enduring nature.
It is in this spirit
May no selfish or destructive influence, either
destroy these splendid prospects.
at home or abroad, intervene to
44
Financial
V
Chronicle
Earlier in his comments Mr.
Taylor points out that "as
ends the steel industry is operating at a rate ap¬
proaching 80% of capacity." From this statement we also
the old year
quote:
The year
1936 has
program of steel mill
of several hundred million dollars,
by changes in mechanical appliances and to supply products
character demanded
a
the beginning of a large
seen
involving expenditures
necessitated
of
deterioration
by the trade, and for general maintenance arising
the depression period.
Completion of these
during
rehabilitation plans, entailing large new investments, will
bring into being
efficient and economical units of
more
be
kept employed at
results.,
production, which must of necessity
level approaching
a
full
capacity to
...
General commodity price levels
have
has
seen
shown
As
the first
unmistakable
an
quarter of 1937.
however, that these price increases do not apply
goods and services.
consumer
in
utilize
every
modern
way
and
methods
equipment to improve quality and lower manufacturing costs.
w^ges, lower
the price to the consumer with a resultant increasing volume of production
and increased employment.
As part of this prgram industry, conscious of its social obligations, will
further
develop its human relations with employees, with
customers and
with the public.
♦
sary to announce moderate price advances in some lines of steel
become effective for
This past
these heavy industries approximating
rate of increase in
a
and
replacement
This will make possible a progressive program to increase real
'
upward
Better
Year
for
Business
1937
in
Forecast
by H.
H.
Heimann of National Association of Credit Men—
consequence it has been neces¬
a
outraced
of almost boom proportions was
recovery
a
Industry will continue to
technical
rates recently granted have sub¬
wage
stantially added to production costs.
to
best
Resultant increased material costs, heavier tax levels and
10% increase in steel
average
achieve
obsolescence
when
7,
trend recently.
an
years
five times that in the fields of
betterments,
from
During these last
modernization, the basis for
laid throughout the capital goods fields, including construction.
year
'
.
Jan. 2, 1937
Sees
products
Management,
Facing
However,
Many
Diffi¬
culties
It is to be observed,
While stating that the new year will witness better busi¬
on all lines of steel manu¬
factures and will not fully offset the increased costs
resulting from higher
ness
wages, cost of materials and taxes.
the-National Association of Credit Men, in summarizing his
views regarding 1937, expresses the belief that it will at
♦
Review of 1936 Bond Market
Stuart
&
Co.—Finds
by T. E. Hough of Halsey,
Year
One
Marked
of
Price
Advances and Increases in Corporate Bond Fi¬
nancing—Investors Facing New Year Hopefully
Stating that "the
trying
one for the investor," T. E.
Hough, Vice-President of Halsey,
Stuart & Co., Inc., points out that "to recurrent inflationary
scares
were
added record low interest
rates
as
a
offer¬
new
on
ings, restricted volume of new financing other than refund¬
ing, and continuation of social and legislative trends seem¬
ingly adverse to his interests."
These comments were con¬
tained
in
issued
Dec.
Mr.
26,
for by
1936 bond
Hough's review of the 1936 bond market,
in which he presented the following con¬
market
substantial
vances,
be Bummarizzed
may
increases
refunding nature),
in
as
bond
corporate
of marked price ad¬
one
financing
(mostly
of
a
restricted
public participation and continuing concern
regarding the soundness of underlying conditions and
longer-term business outlook.
Investors may be said to face the new
year hopefully, if not altogether cofffidently—a reflection of the obvious
gains during the year in so many directions, the equally obvious unsettled
the
on
part of
many
the
basic problems,
problems
and the devout wish that
statesmanlike
handling of these
leadi to their early and equitable solution.
may
undertakings involves long-term confidence."
the
is
long-term
with
trend
of
of the medium
power
both
interest
in
and
current
rates,
longer
and
which interest
In part,
risks of
range
the
and
stability
principal
business,
We
perhaps less difficult for institutional buyers, who, having
interest
rate
cerned
about
year
individual
a
of
cash
in
for
and
investment,
out,
year
inflationary
buying support
only
,?Quite
a
more
obtain
naturally,
an
reason
and who have less
trends.
throughout the year
came
able to
are
to
therefore,
less
or
average
the
cause
particularly those of average
limited degree.
...
failure
firms to
from
the
trend
and
be
of
Both
interest
latter
rates
and
questions
the
supply of
closely
course,
and
industry,
to
the
first
and
cannot well be divorced from it.
Through its various controls it is true,
however, that the government has an unprecedented! check on interest rates,
though economists differ as to whether it is adequate to maintain arti¬
ficially low ratse in the face of probable business expansion and advancing
commodity prices.
Thus, while the near-term outlook is for a continua¬
tion of
can
existing low rates, it would
be
that
indefinitely maintained.
initiated
in
the
seem
the
as
increase
in
recently
excess
by the Federal
bound
to
occupy
monetary and
The
one
announced
reserve
Reserve
positions
credit
base.
remaining
or
gold
requirements
and
source
rumored
of
bold prophecy to hold that these
sterilization
ordered
further
market—is
have
been
in
in
the
eager
field
demand
efforts
such
as
importance
in
move
and the
50%
July of member banks
increase
in
early
working
in 1937,
back to
a
are
sound
of
new
of
new
make
financing—aside,
State
and
as
the
municipal
throughout the
year,
of course, from
the
dominating factor in
bonds.
Such bonds
issued
both
from
For
the
will
year
with
the
most
presence
There
in 1936 in a slightly smaller volume
period in 1935, andl with lighter relief rolls, numer¬
ous
refundings already completed, and growing appreciation on the part of
taxpayers of need for greater economy in municipal
expenditures, it is
possible that this downward trend may continue
during the coming year.
Marked price improvement in this
field, achieving record levels during the
year, may lead to additional refunding in
secondary classifications hereto¬
fore not in a position to benefit
by existing conditions in the bond and
money markets.
the
a
Upward Trend of Business Through 1937
Predicted by Malcolm Muir, President of
McGraw-
Publishing Co.
can
be
question that there has developed an
upward surge of business which will continue
through 1937," predicts Malcolm Muir, President of McGrawHill Publishing Co., Inc., New
York, in a statement sumning upjthe industrial picture for the year. He said:
irresistible
no
will
new
more on hope than
comparison
the
of
with
over
heavy goods
1936
as
says:
1936,
that
but
the rate
industry,
has
year
may
with
of
not
1935.
continue
factors.
to
There
be much
will
replacement of needs developed during
be a strong demand for materials to
also
of current
trends, particularly in the machinery and housing
activity will .maintain production in both consumer and
lines at a high rate.
The improvement in 1936 will be made possible to a considerable extent
fields.
This
by the large amount of bank credit which is
presenting legitimate
the improvement
fund
bank
of
The
in
1936.
The
real
as
possible
needs
now
abundantly available to
extension.
A large share of
goods industries will Tesult from this large
being available.
...
the heavy
business during
of
for credit
1937
be
should
to
continue
the
present
but with the exercise of great care.
Business should
somewhat slower rate of acceleration than it experienced
movement,
prefer, in fact,
low
in
credit
object
recoyery
If
a
the rate
need
is
to
of recovery
continue
is
somewhat slower, it
efforts
to
keep the unit
will
be
price of
possible, consistent with fair returns upon capital.
increased consumer demand.
This
sounder.
goods
as
will make
Pacific Coast Maritime Peace Negotiations
Suspended
by Assistant Secretary of Labor McGrady—Will
Probably be Resumed Next Week—Strike at Ship
Yard
in
Chester, Pa., of Sun Shipbuilding &
Drydock Co. Ended
Following the failure of peace negotiations between Pacific
Coast Shipowners and the marine firemen and deck officers'
unions, Edward F. McGrady, Assistant Secretary of Labor,
said on Dec. 30 that he had suspended until next week his
efforts to negotiate settlement of the Pacific Coast maritime
strike.
The firemens' union had
sought several changes in
weeks ago, but the
shipowners rejected this request on Dec. 30.
They also
refused to make any concession on the demand of the deck
officers for preferential employment.
Regarding the re¬
fusal of the shipowners to the request of the firemens'
union,
United Press advices from San Francisco, Dec. 29, said:
the
tentative
agreement reached two
A committee representing the union informed the Coast
Committee for
Shipowners of their dissatisfaction with certain
terms of the agreement and
Thomas G. Plant, chairman of the shipowners'
committee, replied that
if the pact were reopened the operators also would seek to
have certain
modifications made in the concessions they had granted.
Reaches
F\The
discussion
setting
a
It
was
and the
same
Continued
Hill
Mr. Heimann
improvement
an
exception
certain
years.
keep abreast
which
reached
a
stalemate
Stalemate
and
the
.
conferees
parted
without
date for another meeting.
the second stalemate within two days.
Yesterday the shipowners
Masters', Mates' and Pilots' Association failed
deadlock
over
to break their long
The breakdown of this conference, on
weeks, caused Edward F. McGrady, Assistant
the control of hiring.
he had worked two
Secretary of Labor, to report to Washington that the
most
serious crisis
since the strike began had arisen.
However, Mr. McGrady remained hopeful of obtaining
agreements in conferences he is arranging.
and stewards into
radio
"There
failures.
concerns
tendency for
a
part -the expected1 improvement can be established because of
of
will
depression
show
institutions
during the first 11 months
during the
There will also be
J
limited
by laws or their own charters to the most conservative types of
securities, also by individuals concerned with security and the ever-mount¬
ing value of exemption from Federal income taxes.
Such bonds
were
than
unsound practices by present
to rise.
upJWhose possibilities would be based
excellent
as
the matter of business
in
asked that the pact be reopened and changed.
...
government, whose requirements must continue
the
stabilization
and subsequent Treasury rul¬
domiciled here, and credit control,
agreement
ings, control of foreign funds invested
such
a
Meanwhile,
tripartite
minimuum
of^cftimdence,
spring
there
says
failures, adding:
a
potenwJpties
improvement,
two
securities.
new
related
to
As to the favorable aspects,
The
to
to bond buyers are the probable
probable
of
are,
close
con¬
participated
means,
profitableness of business
other questions of fundamental importance
course
return
necessity.
on
Interest Rates and New Securities
Aside
been
primary
from this sector of the market;
investors,
very
have
With
and purchasing
naturally, in view of the uncertainty which existed on all the
foregoing points throughout the year, the right course of action was indeed
a
perplexing one for even the best informed investors.
The problem was
inflow
He also says:
their
Among other troublesome factors Mr. Heimann
payable.
are
Quite
continuous
have
will be more business
those
concerned
will
durable goods
he continues:
It
a more troublesome period for business
A continuation of labor difficulties is looked
influence upon business earnings.
Higher
higher wages and higher material costs are undoubtedly part of the
problem of business management during the coming 12 months.
Mr. Hough observes that "bond investing more than most
other
"be
Heimann.
Mr.
Rising costs
clusions:
The
time
same
management."
taxes,
1936 will be recorded
year
the
conditions, Henry H. Heimann, Executive Manager of
conference
with
the
temporary
He brought the marine cooks
new
Plant committee and lined
up the
telegraphists and the longshoremen for further meetings.
Previous reference to the maritime strike, which this week
our issue of Dec. 26,
entered its second month, was made in
4089.
The
situation
along the, Atlantic and Gulf
by several clashes in New
York, Jersey City, N. J., and Houston, Texas; the clash in
New York was between striking insurgent seamen and
long¬
shoremen during a meeting between Joseph P.
Ryan, Presi¬
dent of the International Longshoremens'
Association, and
strongly opposed the strike, and Joseph Curran, strike
page
Coasts
was
marked
this
week
Finalncial
Volume 144
leader.
The outbursts in
Jersey
City and Houston occurred
when police attempted to disburse picketing seamen.
Strikers at the ship yard in Chester, Pa., of the
Sun
Shipbuilding & Dry dock Co. returned to their jobs on Dec.
28, after a strike of three weeks.
In announcing on Deo.
24 that the strikers would return to
work, John G. Pew,
would be started after Jan.
1.
Calling of this strike was
''
inspiration to members of the Republican National
an
Republicans throughout the country will look to the committee and
party's elected representatives everywhere
formulating the plans for the future.
Will
Cordially,
M. LANDON.
ALF
Describing
the
the 'Chicago
meeting,
committee
corre¬
spondent of the New York "Herald Tribune" had the fol¬
At the executive
Plants
tors
Knox
relief
:
failure
shortage of glass due to strikes in several glass plants,
to the spreading of strikes in its various divisions,
prompted the General Motors Corp. this week to reduce
production and to notify its hundreds of suppliers to curtail
shipments. The decision of the corporation to operate on a
restricted basis has resulted in throwing out of work thou¬
sands of men, both in and outside the corporation, it was
stated in Detroit advices to the "Wall Street Journal" of
and
31, which added:
winning in 1940 with
He
company's plant has
With Pittsburgh
85% of the company's glass manu¬
facturing facilities are closed; so that unless and untU peace is restored in
the glass industry, General Motors, as well as other automobile companies,
of
hope of
no
after the convention.
up
meeting the mistakes of the campaign
open
particular defense of the campaign," he said.
no
I told you
errors.
Curtis
M.
Arthur
and there could be
organization,
of
"There
at Cleveland there would be, because we
4
wanted action."
glass supply, and the two weeks old strike in that
decision.
own
fully.
make
lot
a
saying he had
resignation,
make their
free to
organization set
an
suggested that at this
will
"I
and
to be reestablished), he said, it would be necessary to
year-around
should be aired
Democrats,
committee before calling the meeting
the
feel
to
the
issues.
his
discussion of
members of
were
active
an
Colonel
Vice-Presidency.
the
under
prosperity
of
return
opened the
any
the party
If
have
the
wanted them
he
addressed briefly by
was
candidate for
the
Republicans to popularize their
consulted'
because
committee
recently
said to have blamed the Republican defeat on three fac¬
money;
the
of
session the
Chicago,
was
Mr.. Hamilton
not
were
General Motors principal source of
of
Colonel Knox
A
is
of th«A
members
individual
to
•
Frank
Co.
regards
personal
my
the
in
committee?
Corp. Curtails Operations Due to Glass
Shortage and Spreading Strikes—Strikes at Glass
Libbey-Owens-Ford Glass
extend
you
leadership
intelligent
for
lowing to say, in part, on Dec. 17:
""■<..
General Motors
Dec.
Committee in their
deliberations.
President of the company, said that the workers would re¬
sume their jobs under the same conditions which prevailed
before the strike, but that negotiations for higher wages
noted in these columns of Dec. 12, page 3774.
♦
'
45
Chronicle
Missouri,
who
executive
assistant to
Mr.
resolution expressing confidence
and
was
an
forced General Motors to draw on its glass inventories.
Hamilton
Plate Glass Co. also down, more than
refusing the resignation, and then Mr. Fish took the floor, speaking in
vein which has long been familiar in New York State.
will be forced to curtail or stop
production.
Corp., Associated Press advices from Detroit, Dec.
30, to the New York "Herald-Tribune" of Dec. 31, had the
following to say:
the Fisher body plant No. 1
Flint, and E. J. Parker, manager of the plant, announced that it
be closed.
when they stopped
Monday, but they had been given no
work.
earlier "sit-down" strike in
the Fisher body plant No. 2 at Flint,
1,200 idle and caused the Chevrolet Motor Co. to suspend
operations in its assembly and delivery departments, sending 1,000 workers
home.
and Chevrolet,
The General Motors Corp., whose units include both Fisher
moved to stop or curtail
the inflow of parts in excess of its production re¬
quirements, announcing "temporary stop orders" had been sent to
through
dreds of its suppliers scattered
Two hours after the Chevrolet
hun¬
Cotton Products Co.,
which supplies
cotton
fiUing for automobile seats to the Fisher plant, began a "sit-down"
strike.
They demanded 20 cents an horn* wage increase, an eight-hour day
and time and one-half for overtime.
At Akron, Ohio, P.
caused
W. Litchfield, President of the Goodyear Tire and
Co., informed the employees tonight
Mr.
The
are
campaign
the
has not
both, in 1937.
strikes,
and
based
wage
in
a
the
and
continued,
"and
our
party perishes before
Congress.
old line of thought, discarded by the people.
an
opposition to what
on
26,000,000
wage
earners
knew the issues, and they believe today
earners
party is lined
Mr.
Fish
criticized
monetary issue
vention,
with
up
the employers
that
labor and with
of
as
the
for
party
its
stand
on
social security,
for the alienation of liberals
the
on
expressed in the Landon telegram to the Cleveland
con¬
like Senator Borah, for the neglect
youthful voters, and for standing pat in
a
changing world.
According to the advices to the New York "Times" from
its Washington correspondent, although Mr. Fish had de¬
Mr. Hamilton
clared that
was
a
reactionary and that the
party would die under his leadership, he did not vote against
the resolution of confidence.
He explained
not
want
McCormick
that he held
commit
to
voting against
of
Mr.
the
a
These advices added:
proxy
member
Hamilton's
of the member from Alaska, but did
without
continuance
Pennsylvania, who had the
his
were
proxy
The
consent.
Mrs.
Brown
of James
W.
only two
and
L.
W.
Arnold
of
Ceorgia.
Following the vote of confidence registered on Dec. 17,
was granted a yearly salary of $15,000
by the
committee on Dec. 18, and in addition the sum of $10,000
Mr. Hamilton
was
allowed him for "base expenses."
$100,000
interrupted
an
The
Libbey-Owens-Ford Glass Co. and the Pittsburgh Plate
Glas3 Co., is from Toledo advices appearing in the "Wall
Street Journal" of Dec. 31:
Libbey-Owens-Ford Glass Co. "sit-down" strike of 7,150 workera,
called Dec. 15
by the Federation of Flat Glass Workers of America, entered
its third week Wednesday with no settlement in
sight.
Negotiations have not been attempted by either the company or the
In the meantime stocks of safety glass for autos
been
dwindling rapidly.
Glass Co., whose plants were closed by a similar strike
of the safety glass for autos,
and window glass
Libbey-Owens-Ford and Pittsburgh Plate
Oct. 24, make 85%
93% of the plate and 70% of the window glass
produced in this country, according to estimates of Libbey officials.
fcfcThe two companies and the union appear to have adopted the tactics of
trying to outwait the other, as glass stocks for autos drop Ipwer and lower
each day and a crisis in that industry approaches.
Republican National Committee Retains John D. M.
Hamilton
as
Chairman—Gov. Landon's Message to
York World's Fair 4% Debentures
by James Speyer Who Urges Closer
ciers—Sees Fair
as
Aid to End "Mistrust"
One of the first
debentures
settlement.
following regarding the strikes at the plants of the
New
Contact Between Government Leaders and Finan¬
ship¬
the only one of the four that
accompanying Chevrolet assembly line. Union offi¬
of
Purchased
negotiations for settlement have been
The plant at Cleveland, which makes body stampings,
cials refused to accept the
have
Mr. Fish
represents
was
The
Republican
plants, at Flint, Cleveland, Atlanta and Kansas City,
closed by
deadlocked.
union.
liberals,
out today that the Republican party has learned no lesson
late,"
liberalize it
to
Hamilton
wanted!.
ping from there to other Fisher divisions, is
The
Western
that
lay off several thousand workers or shorten the hours, or
Four Fisher body
Mo.,
Middle
farmers,
earners,
curtailed production
by business lost during "sit-down" strikes would make it necessary
Rubber
to
act
can
every state.
assembly line halted at Flint, 60 workers
day shift of the Standard
of the
be too
may
of
unit, employs 16,000.
An
wage
a
special privilege."
jfriThe No. 1 Fisher factory at Flint supplies the Buick Motor Company's
plant there with bodies. Buick, like Fisher Body, a General Motors Corp.
Mich., left
it
we
down at
He said they had asked for a conferencd with
the management on a contract next
answer
would
It employs 6,500 persons.
Mr. Parker said that some of the workers on the night shift sat
their posts after lunch hour.
of
"If word goes
General
Motors
at
Millions
campaign, offered
youth of the Nation had been driven out of the party, he said.
As to the strikes in the various divisions of the
The latest of the strikes started tonight in
the
in
Speyer &
debentures
announced
purchases of New York World's Fair 4%
was made
by James Speyer, senior partner of
Co., New York, who bought $100,000 of the
for hi3 personal investment account, it was
on Dec. 30 by Richard
Whitney, Chairman of
the bond sales committee.
"Like my
fellow-citizens", Mr. Speyer said, "I naturally
have the welfare of New York at heart, am interested in the
success of this great undertaking, and believe that
every¬
body should support this Exposition in one way or another."
Mr. Speyer, a decendant of an old Frankfort
banking
family, is a native New Yorker who this year completed 50
year8 of active business life and whose New York business
will next year celebrate its 100th Anniversary. Mr.
Speyer,
who has always shown an interest in the welfare of his home
town and his country as a whole, said that he
always had
been impressed by the direct and indirect advantages that
leading European countries enjoy over the United States,
because of the fact that their financial and political "capitals"
are in one and the same city.
He stated:
Committee—Representative Fish Urges "Liberaliza¬
tion" of Party
In London, Paris, Berlin, etc., I know there exist a much closer contact
and cooperation between the leaders of the Government and the
legislators
and the leaders of finance than has ever existed in our big
National Committee on Dec. 17, by a vote
of 74 to 2, pefused to accept the resignation of Chairman
John D. M. Hamilton of Kansas, and expressed its con¬
fidence in his leadership.
Mr. Hamilton's immediate task,
it is stated, will be to develop means of meeting a deficit
of $901,501.
At the committee meeting in Chicago, Repre¬
sentative Hamilton Fish of New York urged "liberalization"
of the Republican party, and criticized Mr. Hamilton and
the party leadership, particularly for attacks on the Social
Security Act during the last campaign.
A telegram from
.Governor Landon, Republican candidate for President at
the November election, was read at the meeting.
The messags follows:
closer contact in European capitals naturally makes for better understand¬
country.
The Republican
The
splendid spirit which has been shown in defeat by those Who sup¬
ported the Republican ticket in the last general election
should
serve
as
ing and mutual respect.
This
The size of the United States, and the difference in
economic conditions and aspirations between the States, make closer contact
between Washington and our financial center
even more important than in
Europe, and the lack of personal acquaintance and contact, it seems to me,
creates unnecessary
not
suspicion and mistrust. Of course, a single Fair can
remedy this situation; but I do believe that New York can do a very
valuable work by showing those living in other States—who I
hope will
come here as visitors—that New Yorkers do not have "horns and
hoofs";
also it will show
us
here that
our
fellow-citizens in other parts of the United
States do not have "hayseed in their hair", and that
they ail want to be good
helpful Americans, first of all-
People must realize that New York is not merely
our
country's financial
center, our greatest seaport, and the largest and most diversified manufac¬
turing city in the United States.
may
also be mentioned, and, with
the largest city of the World.
Its hospitals, universities and museums
our
7,000,000 Inhabitants, I think it is
We will be glad to welcome
men
and
women
Chronicle
Financial
46
from other States who, we hope, will come here,to see us and our city.
The
philosophy of
Fair, of course, will be of advantage to New York business (to employers
and
employees—capital and labor);
but, what is
more
important
than
New Yorkers and
men
a
city/would not at least do
minute that his
as
well, or better, in these times
favorable times.
the struggles
I
The
Tjje 1937 Great Lakes Exposition will open in Cleveland
May 29 and will continue for 101 days through Sept. 6,
it was announced recently by W. T. Holliday, President of
the Standard Oil Co. of Ohio and newly elected President of
the Exposition trustees.
The announcement continued:
but
was
by
and
enlisting
the active
participation
of the
Dickey, who will
I
Nation's foremost
manage
which
I
must
than
more
deeply
am
His
ism.
tion material available throughout the country.
criticism
The cream of America's
entertainment talent, including stars of screen, stage and radio as well as
At
season.
macje
pocket-size calculator for figuring estate, gift and in¬
come taxes under the Revenue Act of 1936 has been pub¬
lished by A. Bobbe Co., Inc., of New York, printers and
lithographers. The calculator shows at a glance the tax
required to be paid on the various brackets of income,
estates, or gifts, and also lists the exemptions and deductions
allowed by the Revenue Act.
The "A. B. C. Tax Calcu¬
lator," as the device is called, may be obtained from A.
Bobbe Co., 100 Sixth Ave., at a nominal cost.
him
the
Under
the
"Principles
heading
Valuation" the pamphlet describes
of
was
funeral
Church
in
Of particular interest are the definitions which have
been adopted, after long and careful consideration, in respect of "Value"
There
terms.
25 separate definitionns of terms relating to value, such
are
"market value,"
as
"sound value," "intrinsic value," "going value," &c.
It is expected that this authoritative statement of definitions may
to eliminate the confusion which has so often arisen in
dustrial circles, etc.
The publication
and sets forth approved methods of valuation
in
In
members
of the
have reached through
Association
perience in appraising industries,
and^real
.
of
.
lively
offered
"The
told
of
under
bis
"The
Journal"
modest
Mr.
Brisbane
was
to
Editor and Columnist—
Tributes from President Roosevelt, William Ran¬
dolph Hearst and Others
Brisbane
article he
a
circulation.
fit,
saw
take
and
week and
In
September, and in recent weeks had
suffered attacks of coronary thrombosis. Mr. Brisbane who,
it is said, was under contract to the Hearst interests at a
of Dec. 26
sensational
complete
hire any
reporting.
charge
the
of
he desired.
one
$l-a-week bonus for every
a
weeks
ten
Sunday.
a
"The
World"
began
to
In two years Mr. Brisbane,
and
left
to
build
the aging
make him
it
...
into
up
powerful
a
New
York
Pulitzer and joined forces with the
the richest editor in
daily.
man
who
America.
Burns Resigns as General Counsel of SEC—
Open Law Offices in New York and Boston—
A. E. Throop Named Successor
To
John
J.
Burns, General Counsel of the Securities and
Commission since its formation in July, 1934,
resigned from that office on Dec. 29, effective Jan. 15. Mr.
Burns, a former Justice of the Massachusetts Superior
Exchange
Court, will
New
law office in Boston with
City. The Commission also
open a
York
of Allen
E.
a
branch office
announced
on
Throop, Senior Assis¬
tant
General Counsel, as successor to Judge Burns.
President Roosevelt, in accepting the resignation on Dec.
29 with "very real regret," expressed his
appreciation of
the
"splendid
The
It
service"
the
Government
letter, made public at
Dec. 29, follows:
on
by
Mr.
the White
John:
is
with
very
real regret
counsel of the Securities and
Knowing the sacrifices
pelled
accorded
President's
that
I accept your
resignation
as
general
Exchange Commission.
you
have made and
the
necessities
which
com¬
to yequest to be relieved, I cannot urge you to stay.
always the hope that when the challenge to further public
service comes to you again, it will be possible for
you to accept it.
you
is
have
rendered
Your
fine
to know how much I appreciate the splendid service you
as the first general counsel of the commission.
pioneering
legal
talent and
organizing ability have been of
the greatest
value during these early days of this great adventure in social
With all best wishes,
Very sincerely
FRANKLIN
The
organization.
yours,
for 39 years was
been in ill health since
and
to
agreement with
Arthur
Brisbane, newspaper editor and columnist, who
in the employ of William Randolph Hearst,
died suddenly of a heart attack at his home in New York
City on Dec. 25. He was 72 years of age. Mr. Brisbane had
repre¬
John J.
their nationwide ex¬
Brisbane,
St.
at
a
Pulitzer, made $52,000.
One day in 1897 Mr. Hearst, who had been slowly
buying Mr. Pulitzer*®
talent away from him by offers of higher salaries, hut who had not
yet
succeeded in matching the circulation of "The World," lured Mr. Brisbane
away by a different kind of offer.
He challenged him to take hold of
There
Arthur
28,
Pulitzer was juet beginning.
striving to outdo each other in the
illustrations,
editor $200
gained in
I do want you
Death
held
Dec.
on
"HeraldTribune"
were
lurid
young
any
his young
copies
1,000
Journal"
gain circulation at the rate of 11,000
Dear
♦
Brisbane,
York
Postmaster General James A. Farley
the services. Mr. Bris¬
features,
Pulitzer
.
House
estate.
Mr.
for
great feud between Hearst and
World" and
matter
respect of the various
public utilities, commercial properties
sound and constructive
will long be remembered
great loss to the country.
he
part:
1895 the
"The
Burns.
and conclusions which the
of
of
power
New
of the late editor the New York
said
do much
considers depreciation problems,
Lehman
bane was born in Buffalo, N. Y., on Dec. 12, 1864, the son
of Albert and Sarah White Brisbane. In detailing the career
discusses the elements of original and historical cost,
cost of reproduction new;
of the
memory
Gov.
also among those who attended
was
concepts of value, and the method of defining the same.
trended cost,
than
publishers and newspaper men was
others prominent in financial, in¬
Dec. 29 the appointment
appraisal reports.
for me
more
many
in
included about 100 definitions of terms frequently found in
in
from
figure and
His passing is a
praisal is the determination of "Value for Use."
are
and his
services
concepts and bases of value, and sets forth that the main goal of an ap¬
There
hold
my
outstanding figure In American journal¬
an
national
a
Sunday section, buy
Following a three-year study by independent public ap¬
praisers of the condition brought about by "both the mis¬
understanding and the incorrect use and application of the
terms and methods used by appraisers and laymen in the
preparation of their reports," the Association of Appraisal
Executives, Washington, has formulated and adopted basic
standards of appraisal practice and procedure and accepted
definitions of certain commonly used appraisal terms. The
reports of the Association's committees have been embodied
in a pamphlet entitled "Basic Standards of Appraisal Prac¬
tice and Procedure." This statement of principles and defi¬
nitions, it is said, should prove of value to those using or
relying upon appraisal reports. As to the pamphlet's con¬
tents, an announcement by the Association of Appraisal
Executives, issued Dec. 18, said:
following
courage
sentative gathering of
He
Basic Standards of Appraisal Practice and Terminology
Adopted by Association of Appraisal Executives
He
his
present, along with
A
quiet
to hear of the death of Arthur Brisbane, whom I had
sorry
wisdom,
Bartholomews
"A. B. C. Tax Calculator" for Figuring Estate, Gift and
Income Taxes Under Revenue Act of 1936
and
Brisbane.
other tributes
the
was
unforgettably filled by
so
Arthur
brother,
by the American people.
marine exhibitions and theatrical extravaganzas, is being secured for the
wit
pleasant
of
spend my few remaining years will
which had been
space,
known for many years.
the Great Lakes
full
friendship,
York:
show again in 1937, plans to take advantage of the great wealth of exhibi¬
1937
of
and sound' advice.
sincere
journalist
New
By extending the scope of the Exposition to embrace all phases of agri¬
culture
letters
Among the numerous
late
year.
I grieve for that and realize the loss;
deeply, and more tearfully, that that pen will no longer
longer know his enjoyable and helpful companionship, and that the
in
blank
friend and
gives promise of being the focal point of tourist interest during the coming
incalculably in the
friend—my close and dear and long-time friend.
intimate
and
no
world
which year will also see
lost
inconsolably that the long, long friendship, uninterrupted
single quarrel or definite difference of any kind, is ended—that I
a
a
have
but all that I can think of for the moment is
grieve
will
con¬
world
the
and
nation
Brisbane;
grieve as
I
the return of the National Air Races to Cleveland, the Cleveland Exposition
industrial groups, Lincoln G.
his day.
journalist of
of humanity.
sorrows
this
encouragement is stilled.
the
wisdom,
ceived, designed, built and opened all within a period of 80 days.
With the announcement of its re-opening in 1937,
I
write
broader scope than was permitted by the brief organization period last
Exposition capable of drawing 3,979,299 people
greatest
powerful factors behind the social and
that wrote the columns which millions read for their enlighten¬
pen
ment and
The progress of factory, farm, mine and laboratory will be dramatized
an
and
that
Arthur
of
that I have lost my
on
when
know
death
May 29 Through Sept. 6
year,
the
was
of the most
one
I know that he was one of the most patri¬
otic supporters and conservators of true American ideals and institutions.
I know that he was kind and understanding, and deeply sympathetic with
'1937 Great Lakes Exposition to Be Held in Cleveland
on a
was
political progress of the nation.
native New Yorker, would you, to doubt for one
of reviving prosperity, than Chicago has done in less
Brisbane
Arthur
that
I know that he
Fair ably managed, as It will be, will be a success.
You would not expect
know
I
worth all the effort and all it may cost.
I believe that the
Hearst, publisher of the Hearst news-
with whom Mr. Brisbane had so long been associ¬
ated, wrote in tribute to his late associate as follows: '
pa pers,
and women of
and this alone, in my opinion, will be
other parts of our great country,
civilization.
our
William Randolph
anything else, the Fair should help to bring about personal acquaintnace
and better understanding between
Jan. 2, 1937
opportunity, of exploring with him the teachings of history and the
had
I
D. ROOSEVELT.
following Washington advices, Dec. 29, are from the
New York "Times" of Dec. 30:
Also made public was a letter written
Chairman
of
his
of the
decision
missioners
SEC,
to
in
resign
which
and
by Mr. Burns to James M. Landis,
he notified
him
"with
praised the Chairman
and
genuine regret'*
other
the
Com¬
salary of $260,000 a year, was widely known through his
writings as a columnist, presented under the daily heading
"unfailingly kind, fair-minded, cooperative and sympathetic."
The reply of Mr. Landis, also given out, said Mr. Burns's
resignation was
"Today" in 200
accepted, but with the realization that his "devotion, sagacity and courage
have been an unfailing source of strength to ub."
and his weekly column "This
newspapers,
Week" published in more than one thousand rural papers.
In
a
telegram to Mrs. Brisbane, President Roosevelt paid
tribute to the late editor
Mrs.
and
Roosevelt
want
known
you
Mr.
to
and
I
know
Brisbane
for
as
extend
our
follows:
our
thoughts
many
years
sincere
are
and
sympathy
you
took
and yours
loss.
I had
delight whenever
to you
in
keen
your
Burns
contested
in
with
I
Mr.
as
any
case
case
saidi
in
an
interview
that
before the Commissioners
he
for
would
some
not
time
appear
and
was
counsel.
Mr.
legal
Burns
denied
staff with him.
reports that
he
was
taking
members
in
any
certainly not
which had been before the Commission while he
of
the
general
Volume
Mr.
continue
Mr.
established by Mr.
along present
General Counsel since September,
1934.
York
from
1926
to
Corporation.
*
cratic
Berry,
Ncrbeck
Herbert
E.
Hitchcock, Democratic
State Chairman for
South Dakota for the past four years, was
States Senator from that State on Dec. 29
9fi
nf TW
nnr
With the appointment of
Senate was noted as follows
by Governor Tom
nno-A
40Q8
■'
Mr. Hitchcock, the status of the
in Associated Press advices from
Washmgton, Dec. 29:
Appointment
vacancy
of
Herbert
Hitchcock, a Domocrat, to fill the Senate
Republican, runs the
Senate to 76, the highest party total in
created by the death of Senator Norbeck,
Democratic membership in the
history.
the Senate was democrats,
Progressive, 1, and Independent, 1.
Mr. Hitchcock's appointment adds one to the Democratic total and cuts
the Republican votes down to the record-breaking low of 16.
K*Prior to Mr. Norbeck's death, the line-up in
75; Republicans, 17; Farmer Labor, 2;
'
rp
n
,
on
bank and commer-
cia,l business throughout the country, and follows a similar
move made earlier this year when it placed a representative
131 the Southwest with offices in Dallas, lex.
_
. _
* _
mwoj.'
Harvey D. Gibson, President of the Manufacturers T ust
£o.. New York, announced on Dec. 21 the addition of
$5,000,000 more to the trust company s undivided profits
account, thereby increasing its capital funds in that amount,
Tbe announcement follows:
In Juh. 1936. the e"m of $5,ooo,ooo was transferred from contingent
reserve account to surplus account. Prior to that time, in addition to
charge-offs, all reserves that appeared necessary had been set up and a
_
appointed United
Berry, to fill the unexpired term of the late Peter Norbeck,
Republican, who died on Dec. 20. Mr. Hitchcock will enter
office when Congress convenes on Jan. 5, and will serve
until the 1938 general election. Senator Norbeck's death was
referrfld to in
.
^
stitution's development of correspondent
Appointed to United States Senate—
of South Dakota, Names DemoState Chairman as Successor to Late Peter
H. E. Hitchcock
Governor
t
,.
The Continental Bank & Trust Co., of NewYork, a nounced on Dec. 29 the appointment 01 Inomas W. rarweiL,
as its representative in the Middlewest With offices in the
Field Bldg., Chicago. Mr. Farwell represented the Chemical
Bank & Trust Co. for the past 10 years.
His appointment
by The Continental of New York is in line with that in-
Franklin, Wright & Gordon of
1934, in March of the latter year becoming
secretary of the Foreign Bondholders Protective Committee, Inc. For several months in 1932, he served as of counsel for the Reconstruction Finance
Previously he had been with the law firm of
New
Trust Co.
+
lines.
been Assistant
Throop has
His election as Vice-President of Manufacturers
marks his return to active business,
imagine any better general policy for
Burns and that it was his purpose
Throop said that he could not
the office than that
to
47
Financial Chronicle
144
substantial
profits; various items against
Since that time the
improve. Additional recovout have shown substantial
remained.
unallocated contingent reserve
position of the trust company has continued to
eries have been made; security accounts closed
which reserves had heretofore been set up
have improved in realizable value to the extent that all or part of many
such reserves are no longer required. These improvements have reached
a point which makes it possible for us at this time to add $5,000,000 more
to undivided profits account, thereby increasing our capital funds in that
amount.
In addition, our contingent reserve account continues to be
substantial in size. Upon conclusion of this transfer the bank will have
total capital funds of approximately $84,500,000, divided as follows:
$10,900.000
Preferred Stock
♦
32,936,000
Common Stock
of Vincent Dailey as New York State
Manager of HOLC—Will Reenter Private Business
Resignation
served as New York State Manager of the Home Owners' Loan Corporation since July,
1933, has resigned that post and will return to private business, it was announced on Dec. 28 by the HOLC, in Washington.
Mr. Dailey, who was one of the first State Managers appointed under the HOLC program, is said to have
desired to resign for some time but remained "in order to
complete the HOLC lending activities in the State, which
ceased on June 12 last, and to see that its liquidating proVincent Dailey, who has
gram
his
was
Under
$411,Corporation said, is "the greatest amount
well under way," the announcement said.
80,145 loans were made amounting to
regime
294,920, which, the
in dollars and cents of any State
in the Nation."
♦
L.
E.
Dodge Retires
as
General Auditor of New York
Plan
General Auditor of the Federal Reserve
Dec. 31, under the retirement
plan of the Federal Reserve banks.
Mr. Dodge has worked
in the hanking field in New York City since 1886, when he
was employed by the Produce Exchange Bank.
In 1904 he
left that bank to become a member of the staff of the New
Edward L. Dodge,
Bank of New York, retired on
n1Q™
rt>A
wnrir
f™m
rinhtnbi
SSBfiljffijg:
SMX?
SfflM"725
resident of Niw York City.
Dee. 31 also marked the withdrawal from the
is
now a
of the New York Federal Reserve Bank, under
personnel
the retirement
plan of Louis F. Sailer, Vice-President, previous reference
i.rt
L* l
i
•
-P
__ _
4aaq
to Which Was made in OUT issue of Dec. 26, page 4093.
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
Directors ' Dec* 30
|
The directors of the Chemical Bank & Trust Cm, New
York,.at a meeting held Dec. 24, transferred
$5,000,000 from
surplus account.
The bank's
capital is $20,000,000; surplus now $45,000,000; undivided
profits $8,000,000; reserves $10,000,000.
♦
Springs, Calif., formerly Assistant to
the President of the Citizens National Trust & Savings Bank,
Bert Clark of Palm
Manufacbegan his
banking career with the National City Bank of New York.
In 1917 he joined the Liberty National,Bank of New York as
of Los Angeles, has been elected a Vice-President of
turers Trust Co., of New York City.
Mr. Clark
office when the
merged into the New York Trust
Assistant to the President, and retained that
Liberty National Bank was
A
193540
with the Citizens National Trust & Savings Bank, of Los
Angeles, and in the fall of that year he retired from business.
go
,.
^,.1.
.
specialize in international banking,
where it is felt there are
particularly
exceptional
opportunities for the development of American business at
the present time. Augustin Legorreta, international banker
ai]jJ f°r ™an.y years head of the Banco Nacional de Mexico,
Wl11 be Chairman of the Board. John B. Glenn, who has
represented American banking and comn^ci^
intere^s
abroad for many years and who has held executive positions
m leading banks in New York City for a number of years
Past> Wl11 he President.
JVJSS
ta
Mr. Newhall, who is 60 years
old, has been active in the banking business in Philadelphia
since 1008. He joined the Drexel firm at the beginning of
1922
• partner of J. P. Mor„, tt,, 1928.
1,"r ,IOV2'e,
Alhany. N. Y will vote on Jan 12 ora Proposal; approved
bJ J
ors\
reconY®r' tlie institution mtoa State
ba^-. Albany advices on Dec. 21 to the WaU Street JournaT.',hln plan mg this. went133*y6ar-old Dank will return to its original
? is approv€df the on to ®aY •
,
...
If the
name,
"The
State
unchanged.
Bank of
Albany,"
on
The
^kin
&c.
under former
President Hoover, was elected a director of the Chase National Bank, New York, at a meeting of the Board of
,
America,
bank has 6,600
stock, held by the Reconstruction Finance
Ogden L. Mills, Secretary of the Treasury
undivided profits account to
Latin
remain
——
$84,435,000
earnings, which amounted
xr
XT
.
.
-—8.500.000
-
The Pan-American Trust Co., New York City,, combming
the business of the Harbor State Bank and the New York
agency of the Banco Nacional de Mexico, will start °PerB"
tions today (Jan. 2). The main office of the bank will be
located at 52 William Street, and the tomer Harbor State
Bank, located at Fourth Avenue at 9th Street, will be
known as the Harbor State branch. The capital and surplus
°f the bank have been increased and the institution is now
Id a position to offer both banking and trust service. The
bank will
SffiSKr•Trass
membership in the firms.
"'r? °g';-L..'°.LM:t'T(
V^rV
1Q9*JatA^ditnr
^ and in January, 1925 was'madeGeneral Au^or.
3«'?SS'SSS
--------
-
Undivided Profits (approximately)
Total capital Funds (approximately)
These figures give effect to the last quarter's
tj approximately $2,400,000.
,
•
in
Federal Reserve Bank Under Retirement
pomnlS
Surplus
Feb. 1. Capital structure will
shares of $150 par preferred
Corporation, and 20,000 shares
the State capital
and
depositary for State funds are reasons for the return
it was explained by Frederick McDonald, President,
fanctlon a. a Urge
to a State charter,
"Until the Banking Act of 1935 removed the privilege, this bank could
make a profit on the issuance of bank notes," he said. "Since this is no
longer possible under the law, the main advantage in remaining in the
N°ThTbank
rantinue
^"member
of the Federal Reserve System and
It has been operating under a Federal
the Federal Deposit Insurance Corp.
charter for 72 years,
•
In indicating that a 10% dividend was to be received
before Dec. 25 by depositors and creditors of the defunct
Jefferson Trust Co. of Hoboken, N. J., whose claims have
been allowed, the "Jersey Observer" of Dec. 23 said:
Vice-chancellor Egan, who has been ill for the last 10 days, has signed
an order at his home declaring a dividend of 10% on the claims of
depositors and other creditors of the Jefferson Trust Co. of Hoboken.
Carl K- Withers, State Department of Banking and Insurance Oommiswil1 .plTwhe ch^kf ,in *e mail tomorrow <Dec- 24> 80 that they
W1Thee d^iml allowed6 amount 'to $1,970,579.42, so that the checks will
total approximately $200,000.
Claims amounting to an additional million
dollars have not yet been passed upon.
t
,
48
Financial
Dividend payments by the First National Bank of
City for 1936
be
to
were
Jersey
brought to $6 a share with the
regular quarterly dividend of $1,
according to Kelley Graham, President of the institution.
This payment will represent the two hundred and first con¬
payment on Dec. 31 of
Chronicle
Jan. 2, 1937
ment, in charge of the liquidation of the institution.
paper added:
a
The
dividend
totals
$44,253.
The bank
closed
in
allowed
claims totaling $885,064.
Two previous
16%, have been paid by the Commissioner.
October,
The
1931,
dividends,
with
aggregating
secutive dividend
paid out over a period of 72 years.
The
its doors in April, 1864, and declared, out of
its first dividend in November of that year, Mr.
bank opened
earnings,
Graham
said.
Semi-annual
1929, when payments
of
quarterly
dividends
were
declared
until
made quarterly.
This procedure
declarations
continued
until
1936
were
dividend
when, in compliance with the provisions of the Bank Act,
dividend
Actual
declarations
could
be
distributions, however,
made
but
semi-annually.
be made quarterly, the
quarterly dividend of $1 a
may
bank having paid on Sept. 30 a
share and, in addition, a special
dividend at the
same
of $2 a share.
Cashier
of
the
Mr.
has been appointed an
Bartlett has been associated
National Bank of Jersey
City since 1931,
prior to which he was with the Irving Trust Co. of New
York.
His earlier experiences include research
work for
Irving Investors Management Co. and the Public Service
Corp. of New Jersey.
Concerning the affairs
Trust
Co.
of
Realty
of
the
defunct
People's Bank &
that city to the
Dec. 18 contained the
following:
Security Co., a holding company for some assets of the
&
bank
amount
pay
$370,000 to 22,000
closed
be distributed represents an additional
6% to depositors,
dividends.
The payment will be dated from Jan. 1.
to
plus 3% annual
The
the
appointment of John R. Higgins
Second
announced
Comptroller of
Washington, D. C., was
Reilly, President of the
noting this, the Washington "Post" of Dec.
National
Bank
as
of
Dec. 24 by John A.
on
institution.
In
25, went
to say:
'**
on
Mr. Higgins has
®He
received
a
taken
courses
in
several
courses
had
wide experience in the
accounting field.
a
.
degree in accountancy from the LaSalle
University,
economics
at
the
In addition to his
at the Bureau of
at
Columbia
National
Institute
banking activities he
•
.
has
University and has completed
Credit.
of
was
formerly
a special accountant
Mr. Jackson, who
71 years
was
death Mr. Jackson
was
a
member of the board of the Vir¬
ginia Electric & Power Co., the Johnson Publishing Co.,
Tredegar Iron Works and a trustee of the Sheltering Arms
Hospital and Hampden-Sydney College,** *
payment
made
on
old deposits
and brings
outlay
an
$91,000.
♦
It is learned from the
Chicago "Tribune" of Dec. 27 tha
meeting of the directors of the Halsted Exchange
National Bank of Chicago the following were elected As¬
sistant Cashiers:
H. H. Batson, J. F.
Braulik, George
at
recent
a
•
the
of
Mississippi Valley Trust Co. of St.
Jan. 11 will vote
on
to
on
of
say:
Letters
,•
sent
Sidney
out
yesterday
accompanying the
dividend' check and
Maestre,
the
belief
and also
of
directors
result
in
Weiner and J. W.
Directors
of
the
Boatmen's National Bank
Mo., of which Tom K.
the
broader
a
Smith, President
of
St.
of
the
Louis,
American
Bankers
Association, is President, have voted to retire the
$450,000 preferred stock of the institution remaining in the
hands
of
the
Reconstruction
Finance
Corporation, accord¬
ing to the "Wall Street Journal" of Dec. 21, which added:
The
bank
voted
was
retired
as
$50,000
several
Christmas bonus
a
to
months
all
half-month's
A
ago.
salary
employees.
Thearesignation of John G. Lonsdale as Chairman of the
Board of the Mercantile-Commerce Bank & Trust Co. of
St. Louis, Mo. and the retirement of
George W. Wilson,
committee, both effective
yesterday, Jan. 1 were announced on Dec. 29 following a
meeting of the directors. Mr. Lonsdale is resigning to devote
himself exclusively to his duties as co-trustee of the St.
Louis-San Francisco Railway, while Mr.
Wilson, who has
been eligible for retirement for some time under the bank's
pension and annuity plan, desires to limit his various re¬
sponsibilities.
Both will remain on the Board of the bank,
Chairman
as
of
its
executive
Liquidating Co., of which he is President.
ment continued in
The
announce¬
<
was
Springs,
appointed receiver for the Little Rock, Hot Springs & Texas
RR. later directing its reorganization.
He left New York for St. Louis In
1915 to become
Presiednt of the National Bank of Commerce of that
City,
and, upon its merger in 1929 with the Mercantile Trust Co., headed the
joint institution, as President and then as Chairman.
Mr. Wilson was one of the organizers in
November, 1899, of the old
Mercantile Trust Co. and became its President at the death of Festus J.
He
was
Mercantile-Commerce
made Board Chairman in the merger creating the
and
held
that
position
until
1933,
when
he
was
elected Chairman of the executive committee.
From
the
Raleigh "News and Observer" of Dec. 21 it is
learned that
final dividend of 4.9%, amounting to approxi¬
mately $26,000, was to be paid beginning that day to the
1,120 depositors of the defunct Mechanics Savings Bank of
Raleigh, N. C., bringing the total paid them to 19.9%.
We
quote the paper further, in part:
The
to
a
Mechanics,
depositors
Depositors'
Kenny.
part:
Mr. Lonsdale began his career in the real estate business in Hot
Ark., and
which closed Sept. 25, 1931, will have paid $65,590.53
the dividend is distributed this week.
In addition,
when
have
offsets
been
have
amounted
paid totaling
to
$9,480.85.
Preferred
claims
full
in
$2,147.79.
We learn from the
"Michigan Investor" of Dec. 26 that
ZurSchmiede, President and Treasurer of the Guardian
Depositors Corp., has announced that a second liquidating
dividend will he paid on Jan. 15 to
depositors of the Guardian
National Bank of Commerce of Detroit, Mich.
The paper
W. T.
continued:
Theliquidend of the Guardian
certificates
claims.
of the
The
bank will total $3,117,000 on
participating
corporation, and bring to 80%
certificates
depositors and creditors
represent
to
the
the
32%
corporation.
the total payment
balances assigned
on
by bank
The first dividend of 25%
Announcement
was made on Dec. 18 by
Gurney P. Hood,
Banking Commissioner for North Carolina, that he
had mailed to Hugh Davis,
liquidating agent of the Eastern
Bank & Trust Co. of New Bern, checks
totaling $70,996, in
payment of a 10% dividend to 3,059 depositors and other
State
creditors
of the institution.
The Raleigh "News and Ob¬
server" of Dec. 19 added that the checks
represent the third
dividend and make a total of
$116,743.96, or
20%, paid.
The bank
placed in liquidation Dec. 20, 1932.
was
totaled $6,218,000.
Checks aggregating $211,524, representing a 5%
dividend,
mailed
were
Dec. 18 to depositors of the defunct Fidelity
Bank & Trust Co. of
Detroit, Mich.
In noting this, the
Detroit "Free Press" of Dec. 19 said, in part:
Fred
on
L.
Day, receiver for the Fidelity Bank & Trust Co., was directed
Judge Sherman D. Callender to distribute immediately
dividends of $211,523.62 to 4,500
depositors.
Friday
The
total
by
•.
signed
distribution.
Wade in 1927.
It
is learned from
Zanesville, Ohio, advices, appearing in
"Money and Commerce" of Dec. 19, that a 5% dividend was
recently paid to the depositors of the defunct State Security
Bank of that place.
The dispatch added that this is the
v
other purposes.
after
$50,000, with
on a proposal to split the
capital stock four for one, thereby reducing the
par value of the shares from $100 to $25 and increasing the
number of shares outstanding from
60,000 to 240,000.
In
noting this, the St. Louis "Globe-Democrat" of Dec. 22 went
shares
old, went to Richmond in
1909, succeeding James M. Boyd, who had retired from the
Presidency of the Virginia Trust Co. At the time of his
sixth
profits
of
excess
and Mr. Wilson will continue as a member of various bank
committees and will attend to the affairs of the Mercantile
Investigation of the Department of Justice.
P Herbert W. Jackson, President of the Virginia Trust Co*
of Richmond, Va., died on Dec. 30. Born in North
Carolina,
of
balance in
for all
reserves
Louis, Mo.,
on
during the banking holiday, the holding company
was
formed with $6,708,000 of
semi-liquid and slow assets of the bank.
The bank reopened
May 4, 1934, and the depositors received 30% cash
and 70% in stock.
The
stated that undivided
a
President, stated it was
change would make the stock more marketable
the
Peoples Bank & Trust Co., announced today it will
of the bank depositors
beginning Feb. 4.
After
learned,
Passaic, N. J., advices from
Newark "News"
The
adequate
by
♦
1
is
Stockholders
First
the
this
the transfer will show
time
institution,
Assistant Vice-President.
with
which
,
Craig S. Bartlett, formerly Investment Officer and Assis¬
tant
Directors of the Mercantile Trust & Savings Bank of
Chicago, 111., at their recent December meeting ordered the
sum of $100,000 transferred from undivided
profits account
to surplus account, thereby raising the
capital funds of the
institution to $900,000, consisting of $600,000 capital stock
and $300,000 surplus.
The Chicago "News" of Dec. 17, from
Circuit
payment amounts
distributions
to
to
5%,
and; with
previous amounts paid, brings
Day said, or 50% to"T>atrons of
$2,312,741.25, Mr.
45% to commercial
the trust department and
and savings depositors.
That depositors in three
ceive dividends
son,
indicated
was
Los
Angeles
Checks
for
the
Payson
the
office
Dominion
A
We learn from the St. Louis "Globe-Democrat" of Dec. 19
re¬
Bank at
Bank.
10%
of
Phoenix
advices
Dec.
on
deposits in the Oldi Dominion Bank
Commercial
of
in
12
to
the
'Times," which said:
Y.
C.
distribution
& Trust
White,
will
Company, Payson,
State
total
are
Superintendent
$90,000
and
of
bring
at
Globe
being written
Banks.
payments
The
to
and
in
Old!
76%.
Commercial depositors have already received 80% of their
money.
of 3^4%
goes
to 900 depositors in the Cochise State
dividend
...
5% dividend to depositors of the closed
Fidelity Bank & Trust Co. of St. Louis, Mo., was authorized
Dec. 18 by Circuit Judge Joynt on
petition of J. A. Dacey,
Central
Special Deputy Commissioner of the State Finance Depart¬
President of the institution
banks would
shortly,—namely the Old Dominion
Globe; the Payson Commercial & Trust Co., and the Cochise
County State Bank, which operated at Tombstone and Ben¬
Payson
that payment of a
closed Arizona
.
T. A.
Crellin, heretofore Executive Vice-President of the
Bank
I
of
Oakland,
Oakland, Oalif.,
on
was
appointed
Dec. 15 to succeed Arnold J.
Volume
Financial
144
Mount, wlio resigned, it is learned from the San Francisco
"Chronicle" of Dec. 16,
Crellin
Mr.
bank.
the
is
His
with
association
appointed to
was
Thomas
member
third
the
which also stated:
board
the
institution
fill the
to
family to hold the position in
started! in 1908 when he
his
of
the
by
caused
vacancy
the death
of
Orellin.
Declaration
of
$1,000,000 dividend, payable in common
a
stock, and the retirement of $1,000,000 preferred stock were
authorized by the directors of the California Bank of Los
on Dec. 16, according to an announcement by A. M.
Chaffey, President of the institution. At the same time, the
directors voted a salary bonus of one-quarter of a month's
Angeles
the bank's employ
salary to employees who
have been in
one
maximum payment of $50; those
year
who
with
or more,
been
have
distribution
a
employed less than a year to share in th3
The stock dividend will be
thereafter as certificates can
be prepared, to shareholders of record as of Dec. 24.
The
proportionately.
payable Dec. 30,
soon
or as
Los Angeles "Times" of Dec.
49
Chronicle
balance of £129,500 to be carried forward to the present fiscal
year's profit and loss accounts
Total resources of the in¬
stitution are shown in the statement as £115,150,441, while
total deposits (including accrued interest and rebate) are
given at £89,145,169.
The bank's paid-up capital is £8,780,000 and its reserve fund £6,150,000.
During the year,
the report tells us, branches have been opened at Bourz,
Campsie (Sydney), Double Bay (Sydney), Gladesville (Syd¬
ney), Lane Cove (Sydney), Lindfield (Sydney), Mayfield
and Oberon, in New South Wales; Biloela, Boonah, Cracow
and Southport, in Queensland; Collins Street East (Mel¬
bourne), and South Yarra (Melbourne) in Victoria and
Burnie in Tasmania; the agencies at Collaroy (Sydney) and
Greenthorpe, in New South Wales, and at Miriam Vale,
Proston and Wallumbilla, in Queensland, have been con¬
verted into branches, while the
branch at Warkworth in
New Zealand has been converted into an agency to the Wellsford branch.
The branches and agencies of the institution
now number 780.
Thomas Buckland is President.
17, authority for the foregoing,
continued:
will
have
retired
stockholders
common
of
THE
$1,000,000 preferred
Including
year
total
a
will
have
stock retired in
of
preferred
stock,
stock
dividends
in
received
the
while
the aggregate
$1,500,000.
The
present
shareholder
now
dividend,
receiving
according
share
one
Fractional
owned.
shares
to
for
will
Mr.
be
provided for the sale of fractions to which
had
they been
will
be
also
issued,
and
available at
the
a
Chaffey,
three
each
not
a
opportunity
price
to be
will
shares
issued,
result
of
but
in
common
facilities
each
Btock
will
be
shareholder would be entitled
purchase
to
determined
fractional shares
later
and announced
Dec.
Chaffey stated
thai the capital structure of California Bank
as
of
31, 1936, will be $4,000,000 of common stock, $2,000,000 of preferred
6tock, $1,500,000 surplus and approximately $1,000,000 of undivided profits.
In
addition,
by
the published
for
by the
deduct
are
large
fact
some
of
reserves
are
statement
of
that
the
it
is
maintained which
from
.
are
not
condition of the bank.
banking practice,
reserves
provided.
EXCHANGE
Trading on the New York Curb Exchange has been
moderately active during the present week.
Considerable
irregularity has been apparent at times, but the tone has
been, on the whole, fairly firm.
Specialties and mining and
metal
attracted
have
shares
most
speculative
the
of
though there has been a good demand for oil
Public utilities were steady, but made little progress
attention,
stocks.
on
the up
side.
Rubber issues attracted some buying and
were moderately higher.
"
Mixed prices with a tendency toward lower levels were
the outstanding characteristics of the dealings as the market
resumed trading on Monday following the three-day holiday.
industrial shares
direct to the shareholders.
Mr.
CURB
mid-year, the bank this
$2,000,000
the value
fully disclosed
This is accounted
for statement
of the
assets
for
purposes,
which
to
they
,
Specialties were active, particularly Pepperell Manufacturing
Co., which reached 143 at its top for the day and closing at
14034> wilt a nef £ain of 5% points.
Detroit Steel Products
broke into new high ground at 57, with a gain of 5% points
and Aluminum Co. of America climbed to 146, but lost its
sixty-second annual statement of the Banque CanaNationale (head office Montreal) covering the 12
months ended Nov. 30, 1936 is now available.
Earnings for
the period amounted to $962,246, from which, in conformity
with the new practice of Canadian chartered banks, was
deducted $194,311 to take care of Dominion and Provincial
taxes (as compared with $167,000 last year) and a contribu¬
tion to pension fund of $40,000 (against $30,000 last year),
leaving net profits of $727,935, which when added to $227,860, the balance to credit of profit and loss brought forward
from the preceding fiscal year, made $955,795 available for
gain and closed at 142 with a decline of 2 points.
Oil shares
were in moderate demand and metal stocks did fairly well,
distribution.
Mining Co., which forged ahead 4 points to 129, Brill Corp.
pref. gained 2% points to 56, American Meter Co. 3 points
to 53, Royal Typewriter 4 points to 90%, Singer Manu¬
facturing Co. 5 points to 360, Dow Chemical 3% points to
134% and Carrier Corp. 1% points to 32.
Curb stock were moderately active on Wednesday though
considerable irregularity was apparent as the day progressed.
The
dienne
made:
From this
sum
the following allocations were
care of dividends; $40,000 to amorti¬
premises, and $125,000 representing provi¬
sion for payment to the Treasurer of the Province of Quebec,
under Statute 14 Geo. V. Ch. 3, leaving a balance of $230,795
to be carried forward to the current year's profit and loss
account (as against $227,860 a year ago).
Total assets of
the institution are given in the report as $137,041,112 (as
compared with $132,574,256 on Nov. 30, 1935), of which
$81,704,214 are liquid assets, or 65.88% of the bank's
liabilities to the public, while total deposits (savings and
current) are shown at $118,089,955, up from $112,231,005
on Nov. 30 a year ago.
The bank's total liabilities to the
shareholders (capital, rest fund, dividends and undivided
profits) are shown at $12,376,902.
$560,000 to take
zation of bank
P'Frank A. Rolph resigned on Dec. 30 as President of the
Imperial Bank of Canada (head office Toronto) and was
elected Chairman of the Board of Directors. A. E. Phipps,
General Manager of the institution, was
in lieu of Mr.
elected President
Rolph, and will hereafter hold both offices.
the Canadian Press, from which this is
Toronto advices by
was
He had sawed
Elected President in 1930 on the death of Peleg Howland.
on
the Board since 1919.
He is president of Rolph-Clark-
Stone, Ltd., lithographers, and has been President of the Canadian Manu¬
facturers Association.
Mr. Phipps has been General Manager of
since 1921 and was President of the Canadian
and 1929.
He
was
ing day, the gains were not particularly noteworthy in the
general list.
There were, however, a number of the trading
favorites that continued to move
Public utilities
substantial
were
gains.
firm and
upward, notably Newmont
some
of the oil shares registered
Mining stocks were irregular with the
exception of Newmont Mining Co. which was particularly
active and forged ahead 6 points to 135.
The volume of
transfers
totaled
approximately 587,000 shares against
644,000 on the preceding day.
Noteworthy among the
day's advances were Aluminum Co. of America 11% points
to 154%, Aluminum Ltd. 14% points to 110, American
Meter Co. 4% points to 57%, Babcock & Wilcox 6 points
to 138, Jones & Laughlin Steel 6 points to 100 and Brill
Corp. pref. 3 points to 59.
The trend of prices generally pointed upward on Thurs¬
day, and while there was a fairly large turnover, it was
slightly below the total of the preceding session.
Special¬
ties were in moderate demand and oil and mining shares
fairly active, but the gains, except in a few scattered,
were
small and without special significance.
As
compared with the closing quotations of last week, the range
of prices was toward higher levels, Aluminum Co. of Amer¬
ica closing on Thursday at 153 against 144 on Thursday a
week ago, American Cyanamid B at 36 against 34, Ameri¬
can Light & Traction at 21% against 20, Carrier Corp. at
32 against 29%, Electric Bond & Share at 22 % against 21 %,
Ford of Canada A at 22 % against 21 %, Holhnger Consoli-;
dated Gold Mines at 13% against 13%, New Jersey Zinc
at 82 against 80%, Newmont Mining Co. at 133
gainst
119%, New York Tel. pref. (6%) at 115 against 114%,
Sherwin-Williams Co. at 139% against 137 and South Penn
Oil Co. (1.60) at 43% against 42.
The New York Curb Exchange, the New York Stock
were
learned, added:
F (Mr. Rplph
though the advances were small with the exception of Newmont Mining Co., which moved up to 125, with a gain of
5% points.
The volume of transfers totaled approximately
558,000 shares, with 575 issues traded in.
Considerable irregularity was apparent on Tuesday, and
while the volume of transfers was higher than on the preced-;
the bank
Bankers Association in 1928
elected to the bank's Board in 1929.
The annual report
of the Bank of New South Wales (head
fiscal year ended Sept.
30, 1936, has just recently come to head.
The statement,
which was presented to the shareholders at their ordinary
general meeting in Sydney on Nov. 27, shows net profits for
the period, after deducting rebate on current bills, interest
on
deposits, and paying income, land and other taxes
(amounting to £217,102), reducing valuation of bank prem¬
ises, providing for bad and doubtful debts, fluctuations in
the value of investment securities and other contingencies,
and including recoveries from debts previously written off
as bad, of £470,454,
which when added to £119,996, the
balance to credit of profit and loss brought forward from the
previous fiscal year, made £590,450 available for distribu¬
tion.
Out of this sum £329,250 was deducted to take care
of three interim dividends at the rate of 5s per share (Aus¬
tralian currency) for quarters ended Dec. 31,193^, March 31,
1936 and June 30,1936, leaving a balance of £261,200, which
the directors proposed be dealt with $>s follows: £131,700
to pay a dividend at the rate of 6s. per share (Australian
currency) for the quarter ended Sept. 30, 1936, leaving a
office Sydney, Australia), covering the
cases,
Exchange, and all the commodity markets were closed on
Friday in observance of New Year's Day.
AIL*
TRANSACTIONS
AT
THE
NEW
YORK
CURB
Bonds (Par
Stocks
EXCHANGE
Value)
(Number
Week Ended
Shares)
Foreign
of
Jan. 1, 1937
Saturday
...
Wednesday
Thursday..
Friday*
Total
...
Foreign
Governm't
Corporate
$2,539,000
3,003,000
2,212,000
2,342,000
$148,000
277,000
84,000
63,000
HOLI DAY
2,362,933 $10,096,000
Total
HOLI DAY
HOLI DAY
667,998
643,840
587,182
573,913
Monday
Tuesday
Domestic
$42,000
171,000
58,000
101,000
$2,729,000
3,451,000
2,354,000
2,506,000
HOLI DAY
$572,000
$372,000 $11,040,000
04Q,(
FKT
,
Financial
50
Chronicle
Jan. 2, 1937
The highest rate of exchange on New
Calendar
Week Ended Dec.31
Soles at
York recorded during the period
from Dec. 10 to Dec. 16 was $4.91% and the lowest
Year
$4.89%.
New York Curb
1936
Exchange
1935
1936
1935
PARIS BOURSE
THE
Stocks—No. of shares.
2,144,520
2.362,933
134,843,049
75,783,794
Bonds
Domestic
$10,096,000
572,000
372,000
$17,413,000
182,000
$790,556,000
19,202,000
13,292,000
$1,141,044,000
17,851,000
13,169,000
$11,040,000
Foreign government..
Foreign corporate
$17,939,000
$823,050,000
$1,172,064,000
344,000
Quotations of representative stocks as received by cable
each day of the past week:
......
Bank of France
Francs
FINANCIAL
Canadian
MARKET—PER CABLE
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Mon.t
Dec. 29
Wed.,
Thurs.,
Frl.,
Dec. 31
Dec. 30
Jan. 1
21%d.
21%d.
141s.6%d. 141s. 4d.
84 7-16
84%
21%d.
141s. 8d.
105%
105%
105%
105%
116%
116%
"331
26,300
992
1,330
25
1,310
25
26,200
1,031
1,330
25
26,500
968
557
555
543
793
795
Cle Generale Transatlantlque...
Citroen B
........
116%
794
120
110
207
215
592
585
day
595
1,600
1,280
1,570
1,610
306
308
...
....
580
575
654
670
1,330
1,360
.......
Liqulde
Lyon (P L M)
Nord Ry
BarN.Y. (for.) Holiday
U. S. Treasury. Holiday
U. S. Treasury
Orleans Ry 6%
Patbe Capital
50.01
,
(newly mined) Holiday
THE
45%
45
Holiday
50.01
50.01
50.01
Holiday
*.■
...
77.67
ENGLISH
45%
77.57
GOLD
77.57
AND
77.57
SILVER
Holiday
MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date
of
Dec. 16, 1936:
'
GOLD
..
M ;/
The Bank of England gold reserve against notes amounted to
£248,660,346
on Dec. 9 showing no change as
compared with the previous
Wednesday.
The ehanges effected yesterday will be shown in the next
return.
The Bank of England yesterday announced the
purchase of £65,000 313
of bar gold; this is easily the largest daily movement ever
recorded.
In reply to a question asked in the House of
Commons, the of Chancellor
L'Air
decided at the request of the Bank to reduce the
fiduciary issue by £60,000,000, the net addition to the total note reserve being therefore
£5,000,000.
He emphasized that the
measure
was
temporary, pointing out that the
fiduciary issue may be increased or diminished at any time in the future
in accordance with the
provisions of the Currency and Bank Notes Act of
651
amount of gold held against notes to
£313,660,659 valued at the statutory price; at the current market
price of gold
the value is £522,700.000 which is
£14,000,000 in excess of the total note
issue shown in last week's return.
In the open market about
£2,000,000 of bar gold was disposed of at the
daily fixing.
Offerings
to rule at about dollar
were taken
mainly for New York, prices continuing
*
parity.
Per Fine
„.
10
Dec- 11
If
Us
.11.80d.
141s. lOd.
Dec. 16
Average
Us .11.84d.
141s. 9d.
141s. 7d.
15
lis. 11.75d.
141s. 9d.
-
{tec- 14
Dec-
The
Equivalent Value
£ Sterling
lis. 11.54d."
Ounce
142s. 0%d.
141s. 9%d.
'
_
were
1,847
/
73.50
72.10
72.10
78.20
72.10
72.10
77.90
73.90
73.70
72.40
74.00
79.40
77.50
97.90
78.40
76.90
97.25
97.25
97.40
Saint Gobaln C & C
Schneider & Cle
1,150
4,920
1,665
1,150
4,490
1,650
1,140
150
1,279
1,297
Soclete Marseillaise..
533
Tublse Artificial Silk, pref
Union d'Electricltie
57
.151
...
4,990
58
153
56
56
........
Soclete Generale Fonclere......
Soclete Lyonnalse.....
75.40
72.40
76.70
76.50
379
19
" 1.860
...,
1,330
533
533
151
150
401
408
419
Wagon-Llts..................
85
....
151
.....
....
84
THE BERLIN STOCK EXCHANGE
EX<
Closing prices of representative stocks
each
day of the past week:
as
received by
cable
'
'•
'• .V
'•
Haa•
Dec.
Hap
Allgemeine Elektrlzltaets-Gesellschaft
Berliner
u.
Prlvat-Bank
30
31
■Per Cent of Par
38
38
39
(8%)
Jan.
1
38
124
124
125
125
165
166
165
165
....
109
109
109
109
109
107
108
106
111
111
111
(6%)......
(7%).
Llcht
Dec.
—....
Handels-Gesellschaft
Berliner Kraft
Dec.
29
■
28
26
Commerz'und
Dec.
Dec.
•
A. G
...
111
Holi¬
149
149
151
151
day
Deutsche Relchsbahn (German Rys) pf 7%
127
127
127
128
D res drier Bank
106
107
107
107
Deutsche Bank und
Deutsche
Erdoel
Dlsconto-Gesellschaft. Holi¬
(4%)
day
......
...
Farbenindustrle I Q (7%)...............
Gesfuerel (6%)
........—.
174
171
173
173
146
145
146
146
Hamburg Elektrhdtaetswerke............
147
148
150
16
15
15
15
............
120
118
120
120
Norddeutsoher Lloyd................—.
15
15
15
15
Relchsbank (8%)
Rhelnlsche Braunkohle (8%).............
188
186
187
186
231
229
231
233
183
181
183
184
201
200
201
201
........................
Maunesmann Roehren...
.....
.......
Saladetfurth (7%%)
Siemens A Halske (7%)...
151
Us. 11.84d.
12s. O.Old.
Us. ll.SOd.
141s. 9.50d.
following
706
378
1,795
73.25
Soclete Francalse Ford
DAY
1~390
660
686
378
19
4,940
1,610
Ha peg.
Quotations:
645
707
Dessauer Gas
Yesterday's influx brings the
HOLI-
316
377
19
Pecblney
Rentes, Pepetual 3%.
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4%s, 1932 A
Rentes 4%%, 1932 B
Rentes 5%. 1920
Royal Dutch-
the Exchequer stated that it had been decided to increase
the amount of
gold held by the Issue Department of the Bank of England by
£65,000.000.
As such a step by itself would mean a
very sharp expansion of the credit
base for which there is no justification at the
present time, it had been
1,660
1,410
681
1,370
120
604
Kuhlmann
price of silver per ounce (in cents) in the United
States on the same days has been:
45%
1,300
Energle Electrlque du Nord
HOLIEnergle Electrlque du Littoral.. DAY
The
1,380
25
112
207
Credit Lyonnaise
Eaux Lyonnalse oap
Holi¬
4%
1960-90
554
329
26,400
Canal de Suez cap
Cle Dtatr. d'Electricltie
Cle Generate d'Electricltie
Credit Commercial de France..
141s. 7d.
Holi¬
day
1,379
550
Courrleres...
84%
8,100
316
Comptolr Natlonale d'Escompte
Coty 8 A.
21 5-16
116%
Brltlsh 3%%
War Loan...
British
Tues.,
Dec. 28
Sliver, per oz_„
Gold, p. fine os.
Consols, 2%%.
1,364
Jan. 1
Francs
Francs
7,600
320
'
.....
Sat.,
Dec. 26
*,7,740
547
Pacific
...
The daily
Francs
Francs
7,760
1,365
.
Banque de Parte et Dea Pays Bas
Banque de 1* Union Parlslenne..
ENGLISH
29 Dec. 30 Dec. 31
Dec. 28 Dec.
Dec. 26
Francs
Total
COURSE OF
BANK
CLEARINGS
the United
registered from mid-day on
Kingdom imports and exports of gold,
Dec. 7 to mid-day on Dec. 14:
Bank
clearings this week will show
a
decrease compared
-
Imports
/
£1,254,633
116,125
Kenya
10,758
Tanganyika Territory...
5,163
British India.
325,222
Australia..
' \
20,533
New Zealand
18,497
United States of America.
Germany..
Stance
Morocco...
.
„
.
Br t sh South Africa
British West Africa
6,105,524
—
Netherlands
Venezuela
Morocco
Other countries
83,101
23,017
209,760
21,356
.
with
Exports
Belgium
Netherlands
£211,376
571,168
4,200
1,026,102
457,027
Sweden.
Switzerland
Prance
120
Straits Settlements
Other countries
22,684
2,125
5,450
3,909
£2.304,161
The SS. Naldera which sailed from
Bombay on Dec. 12 carries gold to
the value of about £371,000.
Preliminary figures compiled by us, based
year ago.
telegraphic advices from the chief cities of the country,
upon
indicate that for the week ended
today (Saturday, Jan. 2),
bank exchanges for all cities of the United States from
it is
which
possible to obtain weekly returns will be 1.6% below
those for the
total
the
£8,193,689
a
stands
same
corresponding week last
at
week in 1935.
the week ended
Our preliminary
year.
$6,307,374,648, against $6,410,632,461 for
At this center there is
Friday of 9.7%.
a
loss ofr
Our comparative summary
for the week follows:
The Transvaal gold
output for November, 1936, was 944,783 fine ounces,
compared with 977,425 fine ounces for October,
1936, and 909,550 fine
ounces for
November, 1935.
as
Per
Clearings—Returns by Telegraph
Week Ending Jan. 2
1937
1936
$2,943,923,686
254,823,970
277,000,000
183,051,000
71,353,686
68,800,000
110,984,000
.108,782,500
103,768,732
76,440,125
64,354,964
33,669,000
$3,261,872,955
245,966,509
313,000,000
222,000,000
75,834,893
69,400,000
112,496,000
91,806,542
98,347,243
68,096,667
48,777,595
30,188,000
$4,296,951,663
748,948,056
$4,637,786,404
645,671,532
+ 16.0
$5,045,899,719
1,261,474,929
$5,283,457,936
1,127.174,525
+ 11.9
$6,307,374,648
$6,410,632,461
—1.6
Cent
SILVER
The market was very
steady for the first half of the week, during which
prices remained unchanged at 21 3-16d.
China sales had been sufficient to
meet the moderate Indian
demand, but on Dec. 14 a sharp increase in the
latter had the effect of
raising prices by 3-16d. to 21 %d.
The demand was
not maintained and
quotations eased slightly in consequence, being quoted
today at 21 %d. for cash and 21 3-16d. for two months
delivery.
No wide
movements are anticipated in the near
future, but the market remains
sensitive and prices may continue to show small
fluctuations.
The following were the United
Kingdom imports and exports of silver,
registered from mid-day on Dec. 7 to mid-day on Dec. 14:
New York
Chicago
Philadelphia
.....—
Boston
Kansas
...
City
St. Louis
San Francisco
'
Pittsburgh
...
...
Detroit
—
Cleveland
Baltimore
Imports
.
Exports
British South Africa
x
Japan
Belgium
Prance
Other countries
£169,692
27,846
10.016
1,218
3,435
Bombay
Bengal
Canada
Prance
Switzerland
Denmark
Norway
Portugal
LiberiaOther countries
£212,207
x
New Orleans
£190,350
42,500
11,094
3,359
3,989
1,610
1,271
1,641
x5,000
1,154
£261,968
Coin at face value.
LONDON
-Bar Silver per Oz. Std.Cash
2 Mos.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
10...21 3-16d.
11.. .21 3-16d.
12...21 3-16d.
14.. .21 %d.
15—.21 5-16d.
16...21 %d.
Average—21.250d.
21 3-16d..
21 3-16d.
21 3-16d.
21 %d.
21 5-16d.
21 3-16d.
21.240d.
Twelve cities, five days
Other cities, five days
Total all cities, flye days
All cities, one day....
Total all cities for week
+3.6
—17.5
—5.9
—0.9
—1.3
+ 18.5
*
+5.5
'+12.3
i+31.9
+ 11.5
—7.3
—4.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish
Quotations during the week:
IN
—
—9.7
—11.5
IN NEW YORK
(Per Ounce .999 Fine)
45% cents
Dec. 10
45% cents
Dec. 11
45% cents
Dec.
9
Dec
12
Dec.
14—..I
Dec. 15—
45% cents
45% cents
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
able to give final and complete
results for the week previous—the week ended Dec. 26.
present further below,
For that week there
of
clearings for
we are
was an
the
increase of 28.1%, the aggregate
country having amounted to
whole
Volume
Financial
144
$6,474,024,807, against $5,052,715,204 in the same week,
Outside of this city there was an increase of 23.8%,
the bank clearings at this center having recorded a gain of
51
Chronicle
in 1935.
31.1
%.t We
group
inc. or
the cities according to the Federal Re¬
districts in which they are located, and from this
serve
Week Ended Dec. 26
Clearings at—
it
that in the New York Reserve District (including
city) the totals record an increase of 29.8%, in the
Boston Reserve District of 24.2% and in the Philadelphia
Reserve District of 22.8%.
In the Cleveland Reserve
District the totals are larger by 47.1% and in the Atlanta
Reserve District of 14.4% but in the Richmond Reserve
District the totals are smaller by 2.6%.
The Chicago
Reserve District has to its credit an expansion of 26.8%,
the St. Louis Reserve District of 30.4% and the Minneapolis
Reserve District of 28.4%.
In the Kansas City Reserve
District the increase is 15.2%, in the Dallas Reserve District
21.0% and in the San Francisco Reserve District 27.7%.
In the following we furnish a summary by Federal Reserve
appears
this
districts:
Seventh Feder al Reserve D istrict—Chi cago—
384.746 —17.7
316,739
BANK
307,962
463,163
72,994,144
1,588,146
50,456,295
1,217,007
719,873
566,867
675,160
368,215
8.753,000
566,860
3,732,061
9.057,263
Mich.—AnnArb'r
Detroit
Grand
Rapids.
Lansing
Ind.—Ft. Wayne
Indianapolis..
South Bend
—
Terre Haute...
Wis.—Milwaukee
109,305,366
3,419,078
1,325,861
1,267.007
17,523,000
1.368.735
5,375,224
19,127,820
1,017,679
7.967.736
3,001,788
531,968
la.—Ced. Rapids
Des Moines—
Sioux City—
111.—Bloomlngton
100,990,706
2,194,239
1,239,475
+8.2
+55.8
+7.0
857,816
+47.7
12,249,000
+43.1
2,387,225
—42.7
4,238,640
13,733,184
799,260
1933
8
%
+26.8
+39.3
+27.3
9,783,000
921,604
4,248,932
11,052,988
535,423
5,299,518
1,937,946
447,516
239,961,548
+ 11.2
+ 10.4
247,843 + 114.6
7,163.561
2,718,323
176,699
3,948,809
1,758,631
221,647
242,491,969
+ 33.4
995,428
662,346
i 50.3
509.052
4,126,117
1,585,906
1,283,556
2,554.759
+61.5
1,875,568
518,604
908,246
+41.3
725,817
159,264,086
385,195
1,779,565
341,573
654,644
503.052 626
396,576,908
+26.8
353,994,508
243,819,873
323,513,618
Chicago....
Decatur
Peoria
Rockford
Springfield
SUMMARY OF
1934
Dec.
1935
1936
755,570 + 109.9
CLEARINGS
Total (18 cities)
Inc.or
Week End. Dec. 26, 1936
Federal
Reserve
Dec.
1935
1936
S
Dists.
1934
1933
200,640,907
185,423,276
2,654,536,520
383,106,054
223,811,596 +24.2
3,113,912,364 +29.8
311,908,220 + 22.8
275,931,611
2,935,254,186
237,250,429
333,708,913
226,841,929 + 47.1
190,804,729
162,883,799
1st
Boston
2nd
New York. 12
"
4,042,198,125
3rd
Philadelphia 9
"
4th
Cleveland.
6
"
6th
Richmond.
6
"
98,597,348
6th
Atlanta
10
"
142,113,728
7th
Chicago
18
"
8th
St. Louis
9th
12 cities
278,017,270
—2.6
89,764,528
100,817,125
95,194,662
503,052,626
+ 14.4
396,576,908 +26.8
353,994,508
146,859,872
112,581,502
124,245,736
80,120,761
4
"
+30.4
95,971,460
79,822,082
Minneapolis 7
"
98,278,199
63,642,441
135,176,520
76,546,174 +28.4
117,293,898 + 15.2
69,990,940
"
94,170,185
82,851,245
"
61,132,637
50,508,662 +21.0
40,302,236
36,206,209
12th San Fran.. 11
"
251,783,515
Outside N. Y. City
Canada
now
163,853,540
147,248,172
+28.1
2,059,751,075 +23.8
4,330,778,289
4,349,717,135
2,550,856,647
32 titles
We
197,226,861 +27.7
6,474,024,807
109 cities
add
87,700,000
69.300,000
+26.6
59,500,000
54,000,000
37,543,292
26,293,732
+42.8
16,625,770
+26.7
22,744,100
13,429 360
15,086,030
21.056.580
1,763,119,625
1,495,970,652
245,335,563
225,058,90a
+ 57.3 '
285,821,480
detailed statement showing last
figures for each city separately for the four
146.S59.872
112,581,502
Qulncy
Total (4 cities)
.
Ninth Federal
Minn—Duluth^.
Minneapolis—
Reserve Dls trict—Minn
4,659,545
64,311,453
23,578,804
1.734,809
St. Paul
1935
+ 14.6
381,181
284.214
2,778,958
2,616,456
+6.2
2,333,484
257,445
1.729,572
98,278,199
76,546,174
+28.4
69,990,940
63.642,441
Helena
Total (7 cities).
Kan —Topeka
1933
New Bedford..
Springfield
Worcester
Conn.
—
Hart ford
New Haven
..
R. I.—Providence
Reserve Dls trict—Kans
.
417,792
392,249
1,315,331
+40.5
1.318,226
192,817,281
+24.7
173,029,155
.
514,127
2.114,380
72.117
+23.3
2,245,449
2,541,139
1,387,901
b
20,732,476
2,298,850
2,106,986
63,647,092
2,526,890
+0.3
28,066,335
28,919
57,109
1,537,573
+41.4
+49.4
+51.2,
+42.21
20,048,752
1,927,899
1,599,942
55,032,327
324,998
92,539,489
3,519,578
627,479
78,464,815
2,689,410
+ 17.9
521,573
502.365
+20.3
+2.1
377,576
513,153
813,516
321,220
135,176.520
117,293,898
+15.2
94,170,185
82,851.245
Pueblo
+21 1
+ 12.0
490,130
578,308
2,462,826
1,292,342
11,316,094
+ 31.3
448,187
+21.4
2,387,307
1,558,342
162,000.000
479,073
204,591
423,336
2,472,817
+47.6
1,271,597
979.614
+1 6
9,796,381
Ft.
2,574,579
9,742,200
+51.4
2,543,178
8,066,142
2,450,934
+27.5
7,887,400
6,139,000
Wichita Falls..
333,278
348,921
City
75,147
3,613,458
Wichita
Total (10
as
73.285
2,607,233
28,146,155
3,394,080
St. Joseph
+39.7
346,629
+37.0
103,628
112,267
Colo.—Col. Spgs.
520,909
727,760
1.848,141
240,517,195
622,732
388,295
759,348
2.990,207
1,906,923
11,498,422
3,898,864
12,426,100
cities)
Eleventh Fede ral
Texas—Austin...
Dallas
Worth
Galveston
Reserve
1,249,577
47.509,822
7,719,502
2,135,000
a808,227
4-30.9
2,184,287
District—Da lias—
1.086,934
+ 15.0
831,832
599,051
39,232.726
5,828,391
+21.1
27,973,278
4,268,701
2,374,000
a746,544
—10.1
30,538,551
4,330,838
3,069,000
1,532,015
1,339,179
40.302,236
36,207,209
+32.4
b
+8.3
+30.9
268,276
257,178
La.— Sbreveport-
2.518,736
1,986,611
+26.8
223,811,596
+24.2
200,640,907
185,423,276
Total (5 cities).
61,132,637
50,508,662
+21.0
Feder al Reserve D istrict—New
+63.5
7,547,848
6,256,795
Twelfth Feder al Reserve D istrict—San
Franc!
14.8
671,494
517,230
2,026,000
b
York-
N.H.—Manches'r
433,283
330,970
Total (12 cities)
278,017,270
Second
S
%
_
+ 18.9
+ 19.8
Mo.—Kan. City.
Fall River
2,747,397
42,045,144
15,375,387
1,138,575
+36.3
+33.3
483,566
Lincoln
1934
Dec.
S
Reserve Dlst rict—Boston
Lowell..
2,337,914
45,815,313
17,564,531
1,274,303
polls
ea
3,418,642
48,259,190
19,838,221
1,448,236
481,863
Omaha
Mass.—Boston..
79,822,082
660,299
_
Neb.—Fremont-
Inc. or
1936
Portland
95,971,460
554,331
.
Tenth Federal
years:
Clearings al-
Me.—Bangor
308,000
Mont.—Billings
N. D.—Fargo
Hastings
Federal
298,000
+30.4
362,000
week's
Week Ended Dee. 26
First
b
+54.7
b
560,000
10,428,052
b
b
b
111.—Jacksonville
S.D.—Aberdeen-
5,052,715,204
449,472,862
our
Reserve Dls trict—St. Lo uis—
Ky.—Louis ville.
Tenn.—Memphis
243,819,873
101,261,354
10th KansasCltylO
11th Dallas
6
Total
Eighth Federa 1
Mo.—St. Louis..
%
N. Y.—Albany..
6,562,896
972,495
Blnghamton...
Buffalo-.
i
4,014,563
847,009
30,800,000
587,580
Jamestown
New York
27,000,000
549,229
751,726
Elmlra
482,114
3,923,168,160 2,992,964,129
SCO—
27,777,198
8,309,000
+ 15.7
23,013,470
18,602,882
+22.5
675,740
+ 14.7
8,761,000
372,634
23,317,082
+25.9
5,260,000
330,184
14,043,422
14,463.467
3,154,209
+26.7
+12.8
3,318,434
2,581,933
147,924,000
2,343,026
112.598.466
+28.5
+31.4
+ 14.1
22,500.000
21,857,255
+7.0
364,044
420,097
+55.9
405,736
+31.1 2,567,658,664
•+32.6
5,863.498
+ 15.2
2,888,057
+ 16.8
al,441,709
+77.5
2,192,047
+50.0
228,568
+25 7
18,167,562
—31.0
26,049,002
337,623
,853,746,483
Ore.—Portland-.
32,147.000
10.178.000
775,394
29.349,683
Utah—S. L. City
18,319,144
4,732,879
Calif.—L'g Beach
3,558,490
T
Wash.—SeattleSpokane
Yakima
17,673,666
10,944,69
2,411,227
1,925,973
95,498,241
1,395,561
10.003,177
7,573.040
3,947,647
a2,477.927
Syracuse
Westchester Co
Conn.—Stamford
N.
3,426,282
a2,122,257
2,830,288
5,023,551
*300,000
J.—Montclair
Newark
22.452,119
40,058,911
Northern N. J.
Total (12 cities)
5,709,975
200,000
17,868,530
58,020,245
4,042,198,125 3,113,912,364
246,950
Santa Barbara.
1,527,073
924,548
+23.2
+65.2
14,208,414
28,356,563
Stockton......
2,343,271
1,522,642
+53.9
1 053,876
2,107,243
2,019,186
91,925 046
1,288,299
767,508
901,225
Total (11 cities)
Rochester
251,783,515
197,226,861
+27.7
163,853,540
147.248,172
2,437,687
al,378,552
2,136,210
Pi sadena
San
Francisco.
San Jose
Third
Federal
Reserve Dls
trict—Phila delphi
414,073
330,769
+25.2
a*330,000
a230,194
+43.4
8
(109
6,474,024,807 5,052,715,204
cities)
223,861
+28.1 4,330,778,289 4,349,717,135
2,059,751,075
+23.8 1,763,119,625 1,495,970,652
211,530
-
Bethlehem
Chester
253,879
1,339,034
Lancaster
Philadelphia...
Reading
Scranton
Wilkes-Barre..
York
371,000,000
1,229.015
2,727,671
240,319
+5.6
1,320,019
301,000,000
+ 1.4
+23.3
b
Outside New York 2,550,856,647
172,277
198,496
883,707
492,826
267,000,000
225,000,000
974,317
-1-26.1
888,775
715.773
+ 19.3
2,030,423
—8.0
1,859.065
1,111,586
1,271,290
711,154
929,195
3,066,000
6,838,000
275,931,611
237,250,429
N. J.—Trenton..
1,554,951
3,759,800
3,586,000
+22.3
+4.8
Total (9 cities).
383,106,054
311,908,220
+22.8
Fourth
b
2,285,961
899,545
827,631
849,372
Week Ended Dec.
Ohio—Canton
istrict—Clev eland-
b
Cincinnati
61,054,522
Cleveland
Columbus
93,296,766
11,885,000
vMansfield
b
*1,900,000
Youngstown..".
Pa.—Pittsburgh.
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
+29.1
9.741,200
+22.0
+64.3
1,156,741
b
165,572,625
333,708,913
b
103.788,904
226,841,929
Reserve Dlst rlct
337,195
2,189,000
b
47,300,568
64.854,516
+43.9
b
-1-59.5
+47.1
Inc. or
1936
—17.2
1,988,000
28,077,506
780,859
1,660,000
26,350,547
45,702,701
13,086,977
40,470,130
10,566,839
-4.3
+ 14.4
—4.6
Ga.—Atlanta—--
Augusta
Macon
Fla.—Jack'nville.
Ala.—Blrm'ham.
Mobile
Miss.—Jackson..
162,883,799
2,645,000
876.158
Nashville
190,804,729
128,485
30,876,997
Tenn—Knoxville
b
78,010,329
+67.8
51,374,180
15,288,048
Sixth Federal
b
83.299,116
200.971
49,018,150
Total (6 cities).
763.873
98,597,348
101,261,354
Reserve Dlst
+8.0
—2.6
89,764,528
964,968
80,120,76
rlct—Atlant
3,183,038
12,816,073
45.200.000
1,251.060
992,679
21,517,000
21,588.518
1,110,837
b
2,623,282
12,426,283
45,700,000
1.164,406
867,151
14,347,000
15,341,019
1,203,697
b
1935
Dec.
1934
$
Canada—
$
%
S
163,731,071
126,638,551
58,437,168
Montreal-
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton.
Calgary
St. John..
Victoria.-.
London
29,546,756
1,002,128
16,504,119
970,077
6,434,700
108,277
Md.—Baltimore
D.C.—Washing'n
b
33,614,695
44,060,202
-Richm ond—
S. C.—Charleston
.
b
40,680,920
57,678,316
8,176,300
Edmonton
:
23,559,137
20,748,618
5,651,066
2,588,095
5,646,286
7,274,706
2,112,714
2,039,632
3,288,165
4,912,1S1
5,497,814
Regina
+3 1
1,985,908
10,121,716
—1.1
36,700,000
+7.4
+ 14.5
+50.0
+40.7
1,009,910
716,062
12,272,000
13,353,576
977,677
—7.7
b
b
3,637,597
8,611,022
33,200,000
980.262
577,869
12,666,000
12,286,472
810,625
b
102,771
+65.6
128,668
La .— NewOrleans
170,158
34,284,365
30,470,127
+ 12.5
23,551,608
140,435
22,284,380
Total (10 cities)
142,113,728
124,245,736
+ 14.4
100,817,125
468,579
1,016,689
+62.2
-f 65.2
382,904
703,449
707,042
4-17.7
399,296
—13.9
200,277
223,487
562,573
Moose Jaw
733,609
1.097,249
452,288
1,213,964
—
907,686
New Westminster
720,619
248,708
Peterborough
695,231
638,107
Sherbrooke
948,848
549,391
612,081
288,857
586,120
516,477
3.547,831
1,021,327
2,340,109
Prince Albert
405,693
221.336
Moncton..
894,282
Kitchener...-
1,343,028
Windsor—
Kingston
610,696
Chatham
958,097
651,293
385,669
526,148
Sarnia
Sudbury
3,663,644
3,741,786
1.589,746
+7.1
+51.9
401,042
602,735
Fort William
4,069,901
2.355,142
247.712
1,667 153
Brantford
66,535,649
+79.4
-46.0
--91.9
+28.4
+46.1
+30.5
+53.2
+65.0
+54.1
+39.7
+68.9
+83.2
+87.3
+27.9
3,903,227
1,809,165
3,135,764
4,093,697
1,383,793
1,027,439
2,102,145
3,903,003
+ 18.6
619,566
+23.5
501,680
1,100,615
1,783 403
209,563
763,230
483,530
530,481
395,954
+31.5
+83.3
+37.3
+51.6
+58.3
+82 1
Vicksburg
Total (32 cities)
a
34,391,079
10.921,117
3,173,741
3,310,214
1,215.407
1,194.010
1,857.517
3,010,194
2.303,089
235,709
341,198
1.005.644
383,844
649,531
453,640
424,318
179,208
525,521
487,388
812.312
1,746,887
195,441
657,709
411,314
520.369
386,892
598,343
477,578
+25.3
1,160,834
641,916
+80.8
789.048
568,734
449,472,862
285,821,480
+57.3
245,335,563
225,058,908
95,194,662
-
$
78,166,056
76,963,731
31,353.570
11,961,271
+62.3
+58.2
-
1933
85,970,697
100,859,857
80,066.312
40,026,367
12,274,347
16,154,856
3,867,950
1,982,547
3,684,417
4,408,114
1,370,940
1,460,169
1,947,174
2,681,078
2,934,605
Lethbridge
Saskatoon
Brandon
Medicine Hat
+21.3
24
Clearings at—
Torohto
Feder al Reserve D
803,197
+29.8 2,654,536,520 2,935,254,186
Grand total
Pa.—Altoona
1,902,576
Not Included in totals.
+No clearings available.
* Estimated.
52
Financial
-
Chronicle
Jan. 2, 1937
Established 1874
Our booklet
"Foreign Exchange Regulations Af¬
fecting Exports" contains valuable information for
manufacturers
DeHaven fit Townseod
Members
and
merchants
who sell abroad.
New York Stock Exchange
Philadelphia Stock Exchange
MANUFACTURERS TRUST COMPANY
PRINCIPAL
OFFICE
55
BROAD
FOREIGN
AND
PHILADELPHIA
NEW
1613 Walnut Street
DEPARTMENT:
STREET, NEW YORK
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance
Philadelphia Stock Exchange
Dec. 26
Jan.
to
1, both inclusive, compiled from official sales lists
Corporation
Thurs.
Sales
Last
Pursuant to the
Act of
1922,
EXCHANGE
Stocks—
RATES
requirements of Section 522 of the Tariff
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
a
RATES
CERTIFIED
BANKS TO TREASURY
DEC. 26,
BY
UNDER TARIFF
American Stores
ACT OF
RESERVE
1930
1936 TO JAN. 1, 1937, INCLUSIVE
Bankers Securities
York
Unit
Dec. 29
Dec. 30
.186900*
i
.186885*
~40
10
Bel Tel Co of Pa pref.
mm
100
.
Budd (E G) Mfg Co
*
*
Curtis Pub Co
m
m
m
mm
mmm
mm
'm'm
*
com
mm
122*
12%
5
19
Electric Storage BatterylOO
General Motors.
10
44*
-
Dec.
31
Jan. 1
Range
100
mm
m
Lehigh Coal & Navigation*
Lehigh Valley.
50
m'm
m
41*
4%
135
$
.186914*
$
.186900*
.168773
18*
2*
3*
.168443
Penna Salt Mfg
.012875*
.035014
.219254
.219320
.219383
.219079
.219191
Phila Insulated Wire
*
England, pound sterl'g 4 .912083
.021640
Finland, markka
.046712
France, franc
.914291
.914250
L908526
1.911166
Phila Rapid Transit
50
.021618
.021650
.021625
.046731
.046743
.046680
.046705
7% preferred
50
Phila & Read Coal <fc Iron. *
Germany, reichsmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
.402314
.402307
.402285
.402303
.402307
Philadelphia Traction
.008991*
.008987*
Reo Motor Car Co
.073000*
.253216
Switzerland, franc
.229850
Yugoslavia
.023010*
mmmmmm
__
...
dinar
.021637
...
116
35*
mmmrn
13
.008980*
.008982*
.547500
.547471
.547464
1
.197875*
.197750*
.197750*
19*
.197750*
.197750*
Scott Paper
*
84
.052612
.052611
.052615
.052610
.052606
Sun Oil Co...
*
.246779
.246833
.246879
.246558
.246727
.188950
.188950
.189133
.189100
.189133
Tonopah-Belmont Devel .1
Tonopah Mining
__1
.044516*
.044562*
.044554*
.044485*
.044489*
.007291*
.007291*
.007291*
.007291*
.073875*
.074071*
.073928*
.072857*
.253270
.253329
.252995
.253164
.229850
.229848
.229757
.229701
.022990*
.023020*
.023020*
.023020*
.007291*
.547521
.5
Salt Dome Oil Corp.
Union Traction
United Corp com
HOLI¬
DAY
*
Jan
77*
Nov
Nov
Apr
30
632
39*
110*
Aug
Jan
Jan
245
Oct
12
Oct
Jan
21*
Oct
Jan
8*
Mar
Jan
8*
*
1%
9%
3%
8
Mar
Feb
14*
Feb
Jan
Apr
5*
45*
Feb
28*
113*
Feb
177*
112
Apr
117
8,238
2,133
25
151
140
105*
6*
94
Jan
Apr
118*
132
Oct
Nov
May
659
33*
Jan
35*
Dec
31
20
21*
Feb
31
Dec
7
6*
11*
1,140
2*
Jan
12* Mar
28* May
535
13*
8*
Jan
150
1*
July
250
10*
Jan
25
4%
July
16%
Mar
2*
13
5%
21%
18*
2,282
Jan
3*
19* May
7*
Apr
30*
Apr
88
75*
35
70%
Dec
'l6
*
316
9,102
he
Jan
1
Jan
1*
4*
3,230
%
Oct
885
3*
Nov
1%
8*
Apr
3,096
8,190
5*
40*
14*
Nov
312
108*
Apr
75
9*
Apr
15
4%
6%
15
m
mm
*
m
6%
43*
469
6*
44
15*
110* 111*
13*
13*
mm
57
63
14*
13%
Asia—
88
Jan
Dec
Mar
90*
Feb
Apr
9*
Feb
Apr
48*
19*
113*
July
Feb
Nov
Feb
Bonds—
Chefoo
(yuan) dol'r
Hankow (yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar.
India, rupee
Japan, yen
Singapore (S S.) dol'r
.296333
.296708
.296500
.296291
Elec & Peoples tr ctfs 4s.'45
11
.294333
.296500
.296875
.296666
.296458
Peoples Pass tr ctfs 4s. 1943
.294166
.296083
.296458
18 IT ^19
.296250
.296041
.294333
.296500
.296875
.296666
.296458
.294166
.305500
.305541
.306750
.306166
.305750
.371406
.371472
.371827
.371159
.371337
.285791
.285300
.283140
.282134
.575875
.576687
.575562
.575875
No par value,
.282058
.575750
*
capital stock for
c
new
Cash sale,
e
$12,200
20
Mar
Nov
27
May
National Standard Co. split up It
a 2-.or-l basis.
old no par
capital rtock of $10 par on
r
.913625*3. 914732* 3.915208* 3.910937* 3.913541*
.940000*3, 944687* 3.943750* 3.938125*3.940982*
Nov
16
Stock dividend of 100% paid Sept. 1, 1936.
Cash
>
Australia, pound
New Zealand, pound.
Africa—
9
10,000
0
Australasia—
Listed,
sale—Not
included
In
for
range
year,
z
Ex-dlvldend.
v
Ex rights
t In default
t Company In bankruptcy, receivership
or
reorganisation.
Africa, pound.. 4.856354*4.857321* 4.860781* 4.853392* 4.856562*
North
America—
Canada, dollar
Cuba, peso
Mexico, peso
...
dollar
South America—
Uruguay,
.000625
1.000132
1.000108
.999166
.999166
NOTICES
1.000364
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.998085
.998125
.997695
.997714
.997745
—L.
M. Otis Co., New York City, announce the
opening of a retail
department under the supervision of Stanley L. Jones. Associated with
sales
him
are
John J. Dobson, Frederick J. Brookes, Jack Blaustein and Charles
peso......
peso
.327450*
.327516*
.327700*
.327316*
.327433*
.087088*
.087088*
.087122*
.087088*
.087088*
.059642
.059625
.059562
.059687
.051725*
.051725*
.051725*
.051700*
.051725*
.573900*
.573900*
.573900*
.573900*
.573900*
—Wm. S. Baren, formerly of Campagnoli & Co., Inc., and Malcolm W.
Armstrong, formerly with Wesley Mager & Co., have become associated
.800000*
Argentina, peso
Brazil (official) mllrels
(Free) mllreis
Chile, peso
Colombia,
CURRENT
.000625
.999000
Newfoundland,
*
54
2,300
84
*
Preferred
Apr
Dec
160
31
'16
1316
*
Westmoreland Inc
Nov
41*
24*
55*
72*
*
Preferred
Mar
June
797
115* 116
34* 35*
5*
50
United Gas Impt com
14*
138*
17
4*
12
.008985*
Jan
Jan
3*
2
50
.547428
China—
South
mm
6*
Dec
Apr
18*
160
Oct
38
86
10
50
.168592
.012875*
42
127* Aug
15* May
405
12
.168698
Jan
Jan
9*
8*
110
Dec
11*
127
4*
40*
.035020
.035014
357
100
11
.012750*
Nov
683
4%
38*
.012750*
24*
24*
119*
50
326
10
12
Phola Elec of Pa $5 pref..*
Phila Elec Pow pref
25
Czechoslakla, koruna.
Denmark, krone
415
39
4*
40*
.168750
Nov
July
109
*
.035017
190
2%
39
1
.036010
Jan
Apr
140
109
50
.012876*
36
107
Pennroad Corp vtc
Pennsylvania RR
S
.186871*
High
Dec
481
140
Natl Power & Light
$
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
Low
24%
149*
1,306
44*
67*
9*
2%
Range for Year 1936
Shares
*
10
Mitten Bank Sec Corp. .25
Preferred
25
for
Week
26
24%
183* 186*
9*
9*
40
36*
35*
35*
121* 123
12*
12*
9*
9*
116
119*
19
18*
64*
Hard(Phila) com.* ~135~~
& Hard (NY) com.*
39
Preferred
Dec. 28
185
pref50
Barber Co
Horn
Dec.'26
25%
Horn &
Noon Buying Rate for Cable Transferg in New
Value in United States Money
Country and Monetary
Price
American Tel & Tel —100
Baldwin Locomotive
*
Chrysler Corp
FEDERAL
of Prices
Low
High
*
Budd Wheel Co
record for the week just passed:
EXCHANGE
FOREIGN
We
Par
Week's
Sale
FOREIGN
YORK
80 Broad Street
.800000*
.800000*
.800000*
.800000*
with the sales organization of Ernstrom & Co., Inc.
F. Sherer.
.059562
—Carlisle, Mellick & Co., members New York Stock Exchange,
Nominal rates* firm rates not available.
that Van R. Halsey has been admitted to their firm
effective
Jan.
as
a
announce
general partner,
1.
—James E.
Toronto Stock Exchange—Curb Section
other
York.
Dec. 26
to
Jan. 1, both inclusive, compiled from official sales lists
Thurs.
Last
Stocks—
Beath & Son
Week's Range
*
4*
*
58
100
110
*
BUtmore Hats pref
Bruck Silk
Canada Bud
Sales
Sale
of Prices
Price. Low
High
Par
Biltmore Hats
8
8
4%
59
110
8%
for
Range for Year 1936
Week
Shares
100
Low
2%
Apr
5
Aug
35
30
Feb
59
Dec
20
109
Jan
110
185
7
Dec
16%
*
8%
8%
310
35%
34 *
35%
350
30% May
37%
*
20
19%
20
305
19*
Dec
Canadian Wire Box A
*
24
24%
21
Jan
Jan
27%
26% June
Consolidated Press
75
6%
Mar
*
12
12
30
5
Aug
88
89
20
77
Apr
91
•
17
17
10
2
Jan
21
Oct
Dominion
*
53*
56%
Apr
58
Nov
Preferred
*
15*
no
..100
Hamilton Bridge
14 *
15%
106% no
145
220
4
20
56
Jan
4
May
30
Jan
65
11
12%
Hamilton Bridge pref.. 100
Honey Dew
*
Humberstone
*
63
61
63
235
Int Metal Indust
16
1.25
Aug
35
Jan
Jan
9
Jan
25
53
2%
4%
105
85
785
470
59*
Deo
50
1.00
Jan
2%
Dec
605
3%
Jan
4.50
Oct
Thayers
Toronto Elevators
*
Waterloo Mfg
No par value.
710
2,755
1%
37
m
mm m
1
1*
6%
48
1,960
430
1%
June
1.15
11
130
1%
4
18%
July
Jan
June
%
Feb
9*
29%
..
56 %
v.
6.50
48
Dec
Dec
Deo
2%
Feb
75
1
Aug
5
Feb
20
20
20
18
37
Feb
37
250
34
Aug
July
40
Oct
110% 111
360
110
May
119
Feb
58
Dec
54
56
625
2*
2%
2%
120
3%
2%
3%
2,680
20
1%
95
Apr
Sept
Sept
3%
3.25
Absorbed by: "The Second National Bank of
Uniontown,"
Uniontown, Pa., Charter No. 5034.
Pa.
CHANGES
IN CAPITAL
STOCK AS REPORTED BY NATIONAL
BANKS
Retirement
Date
Feb
Dec
Increase in
Pref. Stock
Name and Location
of
Change
Com. by Div.
No. of Shs.
No.
p
of Shs.
Par Value
Nov
37
mmmmmm
m
4*
38
1*
*
Toronto Elevators pref. 100
United Fuel pref
100
Walkerville Brew.
*
7%
29%
6%
*
common
Preferred
7%
26%
46
*
Nov
2%
7*
100
Stop & Shop
30 % June
13
May
Oct
4%
29%
»
VOLUNTARY LIQUIDATION
Amount
Dec. 19——'The First National Bank of New Salem, New
Salem, Pa__$25,000
Effective, Oct. 6, 1936.
Liq. Agent, R. J. Arnett, Uniontown,
Oct
54*
Shawlnlgan
Currency, Treasury
Department:
Dec
36*
34%
55%
4%
following information regarding National banks is
NOV
30
16*
90*
88
*
The Lanatin Corp.
from the office of the Comptroller of the
NOV
4
25
Rogers Majestio Corp Ltd.
»
Apr
28
33
-
*
Preferred
40c
20
88
Paving
Oct
25
20
6
Standard
Dec
1,095
80c
34
-
on
NATIONAL BANKS
The
Dec
Nov
16%
25
Star pref
12%
32 %
100
North
16*
no
Dec
15
cons
North Star
Jan
Dec
32 %
80c
*
Int Metal Indust pref.. 100
Mercury Mills pref
Montreal Lt Ht A Pow
National Steel Car.
34%
13%
435
12%
*
Co., 39 Broadway, New York, have prepared for dis¬
NOV
DeHavlland
Dom Tar & Chemical
Otis &
memorandum
a
10% June
Corrugated Box pref...100
55
tribution
Mar
*
Bridge
—L. M.
Dec
Malting
.
—Homer & Co., Inc. announces that Charles L. Hewitt, with the firm
a number of years, has been elected a
vice-president of the company.
for
—Hugh Evans, formerly with Baar, Cohen & Co., is now connected
with Morris Stein & Co. and will specialize in
reorganization securities.
High
Canada Vinegars
Canada
Bennett & Co., members New York Stock
Exchange, and
leading exchanges, have moved their offices to 50 Broadway, ;New
11-14-36 South
Philadelphia
National/
Bank of Philadelphia, Pa...l
12-17-36 The
National
City
Bank
Cleveland, Ohio
12-14-36 The Depositors National
of
11-14-36 The
Durham, N. C
Oxford
Seaboard
Bank of
P Preferred.
1
Bank/
Bank,/
\
CItlzeas
Nat./
Norfolk, Va
C Common.
After
Changes
Value
3,333 1-3 ahs.
P
$100,000
$100,000
C
200,000
152,600 shs.
$3,820,000
5,000 shs.
P
None
C7,500.000
P
None
$50,000
National
Oxford, N. C
11-17-36 The
off
Par
Outstanding
Capital
|
C
200,000
250 shs.
P
45,000
$5,000
C
50.000
P
None
6,000 shs
$150,000
CI,500,000
Volume
Financial
144
PREFERRED
ISSUED
STOCK
Per
$25,000
Dec. 21—The First National Bank of Winnetka, Winnetka, 111
COMMON CAPITAL STOCK INCREASED
Dec. 23—The Peoples National Bank of Rock Hill, Rock Hill, S.
From $150,000 to $200,000 (Amount of increase) —
C.
first
we
In the
bring together all the dividends announced the
are
current week.
we
show
grouped in two separate tables.
Then
the
follow with
we
dividends
have not yet been
previously announced, but which
Further details and record of past
paid.
dividend payments in many cases are
pany
News
in
name
second table in which
a
given under the com¬
"General Corporation and Investment
our
Department" in the week when declared:
The dividends announced this week are:
Holders
When
Payable of Record
Name of Company
Share
Life Assurance Co. (Winnipeg)
Sons Co., 7% 1st pref. (qu.)-7% 2nd preferred (quarterly)
Marathon Paper Mills, 6% pref. (quar.)
Massachusetts Investors Trust (quar.)
May Department Stores (extra)
Mercantile Trust Co. (Baltimore) (quar.)
$1.20
$1H
$1>A
$1H
Dec.
18c
Monarch
50,000
DIVIDENDS
Dividends
53
Chronicle
Mabbett (Geo.) &
Extra
Per
When
Holders
Payable of Record
Alaska
15c
Alaska Pacific Salmon Co. (initial)
Allied Chemical & Die Corp. (quar.).
Feb.
1 Jan.
9
Feb.
$4
1 Jan.
Dec. 22 Dec.
9
4
-
Feb.
1 Jan.
11
10c
Amalgamated Sugar 5% pref. (quar.)
American Asphalt Roof common (quar.)---American Can Co. (quar.)
American Light & Traction (quarterly)
Special
6% preferred (quarterly)
American Products Co. 5% prior pfef. (quar.)_Apolio Steel Co. (quar.)
Arlington Mills (quarterly)
Arnold Constable Corp
Associated Telephone Co., Ltd. (quar.)
Bandini Petroleum Co. (monthly)
Bankers Industrial Service A (semi-annual)
Jan.
11
12Hc
$2
Feb.
Feb.
15 Jan.
1
Dec. 31
Neilson
Dec. 31
Jan.
$1H
n%
12^c
15 Jan.
31
$1
Feb.
15 Jan.
25
30c
Feb.
Jan.
15
25c
Feb.
Jan.
15
37Hc
Feb.
Jan.
15
8&c
Jan.
Dec. 26
12Hc
Jan.
Dec. 26
50c
Jan.
16 Jan.
4
50c
Jan.
21 Jan.
11
31Mc
Feb.
1 Jan.
15
lc
Jan.
20 Dec. 31
15
15
1 Jan.
15
$2
Jan.
Dec. 31 Dec.
20c
Sltf
2 Dec. 21
15
Dec. 28 Dec. 26
Dec. 24 Dec. 22
2 Dec. 23
87Kc
75c
Jan.
70c
Jan.
14 Dec. 31
50c
Jan.
2 Dec. 21
55c
Jan.
2 Dec. 21
Dec. 30 Dec. 28
$1H
a
sh. of
new
Feb.
1. Jan.
15
50c
Calgary Power Co., Ltd., pref. (quar.)
or
2 Dec.
2 Dec.
40
(extra)
Brandtjen & Kluge 7% pref. (quar.)
Breoso Corp. (interim)
Bardine's, Inc., $2.80 pref. (quar.)
Burkart (F.) Manufacturing (quar.)
Preferred (quar.)
5% cumul. preferred
Jan.
Jan.
Dec. 30 Dec. 30
Bloch Bros. Tobacco
California Packing Corp
Optional payment of 2-200ths
15c
Feb.
—
Jan.
25 Jan.
9
$50
in cash.
$1
Feb.
50c
Jan.
19
15
Dec.
22
Dec.
30
Dec.
31
Jan.
20
15
50c
Dec.
28 Dec. 24
1 Dec. 31
2 Dec. 24
4preferred (quar.)
Central Railway Signal
31 Dec. 26
1 Jan.
Class A
25
31 Dec. 19
Chain Stores Products Corp., pref. (quar.)
Chicago Venetian Blind (monthly).Cleveland Rys. (quar.)
Certificates of deposit (quar.)
29 Dec. 28
31 Dec. 26
31 Dec. 26
30 Dec. 26
Cleveland Trust Co
1 Jan.
—
21
21 Dec. 10
22 Dec.
Columbia Dental Manufacturing
19
22 Dec. 19
24 Dec. 23
7% preferred (quarterly)
Columbia Mills, Inc. (quar.)
Dec.
2 Dec.
15
2 Dec.
20 Jan
4
4
15
15 Dec. 31
22 Dec.
22 Dec.
Extra
Duff-Norton
21 Dec.
Manufacturing-_«
Equitable Fire Insurance (S. C.) (s.-an.)
Dec.
1 Dec. 21
2 Dec. 26
Ferry Cap & Set Screw (init
itial).
26 Dec. 22
Firemans Fund Insurance (quarterly)
Four Wheel Drive Auto Co
21 Dec.
15 Jan.
5
1 Jan.
10
15
20 Jan.
-
Freeport Sulphur Co. preferred (quar.)
Gardner-Denver Co. (quar.)
Preferred (quar.)
Gordon & Belyea 6% 1st preferred
Great Western Sugar (special)
9
1 Jan. 20
22 Dec. 29
25 Jan.
-
28 Dec.
Light (quar.)
Guardian Depositors Corp. (liquidating)
Gulf Power Co. $6 preferred (quar.)
-
15 Jan.
Halle Bros. Co.
9
15
5
21
OlStSS
A.
'
2 Dec. 21
6^% preferred-
•»*,<*
—
-» «» m» m
m
1 Jan.
15
1 Jan.
8
1 Jan.
——
8
15 Feb.
5
15 Mar.
5
15 Feb.
.
4
2 Dec. 24
Extra
United
31
Jan.
20
Dec.
21
Dec.
15
Dec.
24
Jan.
2
Jan.
11
Jan.
5
Dec.
15
Jan.
Jan.
Dec.
31
Dec.
Dec.
21
Jan.
Dec.
21
Jan.
Jan.
Dec.
Dec.
22
Feb.
Jan.
15
26
Jan.
Dec.
Dec.
19
Jan.
Dec.
Jan.
Jan.
31
5
Jan.
Dec.
Dec.
19
$1
Dec.
Dec.
1
75c
Dec.
Dec.
1
Jan.
Dec. 31
Dec.
Dec.
90c
Feb.
Jan.
la
30
S1H
Jan.
Dec.
15
50c
hi be
Feb.
Jan. 30
50c
Jan.
Dec. 24
50c
Jan.
Dec.
24
50c
Jan.
Dec.
30
90c
Feb.
Jan.
30c
Jan.
Dec.
24
MM
$1X
Jan.
Dec.
31
Dec.
31
—
States
4
Jan.
—
Fire Insurance (special)
Washington Gas Light Co. (quar.)
Weinberger Drug Stores, Inc. (quar.)
West N. Y. & Penna. RR. (s.-a.)
5% preferred (semi-ann.)
White Rock Mineral Spring Co—
Wisconsin Telep. Co., 7% preferred. (quar.)_
Yosemite Portland Cement Corp—
35c
—
*1K
40c
4% non-cumul. pref. (initial)-
Below
we
Jan.
15
Dec.
Dec.
12
Jan.
Jan.
20
Dec. 29 Dec. 26
nounced
give the dividends announced
in previous weeks
The list does not include dividends an¬
this week, these being given in the preceding table.
and not yet
paid.
Per
Share
Name of Company
Aetna Casualty &
15
American Rolling Mill Co.
Preferred (quarterly)
Jan.
July
2
1
Kekaha Sugar Ltd
Dec. 24
Kobe, Inc., 6% pref. (quar.)
Dec. 20
Dec. 24
Dec.
17
Dec. 23
Dec. 23
Dec.
19
Dec.
19
Dec. 23
Dec. 30
Los Angeles
Extra
„
2 Dec. 18a
2 Dec. 17
5
Mar. 15 Mar.
Jan.
2 Dec. 19
15 Jan.
31
15 Dec. 24
15 Dec. 24
Preferred
(semi-ann.).
Preferred (semi-ann.)
18
2 Dec.
2 Dec.
18
Jan.
2 Dec.
14a
Jan.
2 Dec.
15
2 Dec.
26
Jan.
4
—
Jan.
Feb.
15 Dec. 15
1
15 Jan.
1 Jan. 15
Feb.
27 Jan.
Jan.
Jan.
29
10
2 Dec.
10
Jan.
2 Dec.
10
Jan.
2 Dec.
15
Jan.
Jan.
2 Dec.
5
2 Dec.
5
Jan.
—
—
2 Dec.
Jan,
(quar.)
(quar.)
—
American Sugar Refining (quar.)
Preferred (quarterly)
—
American Superpower Corp. (Del.), 1st pref—
American Surety Co. (semi-annual.)—-—-—
AmericanTelp. &Teleg. (quar.)-...-.
American Tobacco, pref. (quar.)
American Water Works & Electric Co.—
1st $6 preferred (quar.)
—
Amoskeag Co., common
— —
Feb.
2 Dec.
Jan.
Jan.
Preferred (quarterly)
Jan.
19
2 Dec.
Jan.
American Stores Co.
Common
9
15 Dec. 31
8
2 Dec.
4 Dec. 24
Jan.
(quar.)
American Smelting & Refining
American Snuff Co. (quar.)
9
21
Jan.
——
American Motorists Insurance Co.
15
American Shipbuilding
Jan.
Jan.
---
(Chicago)
(quar.)-
15
Dec. 31
"(initial)
Jan.
(quar.)__
(monthly)
2 Dec.
«*fM> m
Jan.
Dec.
2 "
2
14
Jan.
American Machine & Metals---—
2 Dec.
2$^an.
Jan.
American Gas & Electric Co.. common
American Home Products Corp.
2 Dec.
20 Jan..
Jan.
—
15
15 Jan.
Jan.
Preferred
American Express Co. (quarterly)-American Felt Co., preferred (quar.)---
15
2 Dec.
Jan.
preferred (quar.).
Pipe Co., 6% pref. (s.-a.)
Co., Inc 5% pref. (quar.)—-
2 Dec.
Lafayette Fire Insurance Co. (N. O.) (s.-a.),Lake Erie Power & Light Co., 7% pref. (quar.)
6% 2nd preferred (quarterly)
Lane Co., Inc., payable in stock-..-
Jan.
American Can Co.,
15
12
9 Dec. 23
2 Dec. 21
Jan.
American Box Board Co
Crystal Sugar
(quarterly)
6
12
2 Dec.
Jan.
Jan.
preferred (quar.)
Allied Stores Corp. (initial)
--------Stock div. at the rate of l-100th a sh. of 5% pf
5 % preferred (quar.)
Aluminum Industries, Inc. (quar.)
American Bank Note, preferred (quar.)
15
17 Jan.
2 Dec.
Jan.
Allied Mills, Inc
Allied Products Co.,
2 Dec. 23
-
Feb.
Preferred
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quarterly)----——---Albany & Susquehanna RR. Co. (special)--—
Allegheny & Western Ry. gtd. (semi-ann.)
21 Dec.
Semi-annual
Jan.
Jan.
----—- - —•—
American
12
15
2 Dec. 19
15 Dec. 31
15 Dec. 31
Jan.
America Cast Iron
15
12
2 Dec.
15 Dec. 31
Jan.
Alabama Great Southern RR.,
15
12
12
2 Dec.
Jan.
(new) (quarterly)
Agnew Surpass Shoe Stores, pref. (quar.)_.
Agricultural Insurance Co. (Watertown, N. Y.)_
Air Reduction Co., Inc. (quarterly)
American Chain
2 Dec.
Jan.
Affiliated Fund, Inc.
Extra
2 Dec.
Jan.
(quar.)
Extra
15
Holders
Jan.
------------
15
When
Payable of Record
Jan.
Surety Co
Quarterly
Aetna Life Insurance Co.
21 Dec.
Group shares (initial)
Julian & Kokenge Co. (increased) (s.-a.)
—__
19
Dec,
25c
(extra)
Thatcher Mfg. Co. preferred (quar.)
Toledo Light & Power Co. 6% pref. (quar.)
United Corp., Ltd
United Milk Products Co
21 Dec.
r
Dec.
Texas Corp.
15
1 Jan.
..
Extra
5
Feb.
13c
21 Dec.
Gas & Electric Corp—
6% preferred (quarterly)
Mohawk Liqueur Corp. (quar.)
15
Dec. 23
•
24 Dec.
-
7% preferred (quar.)
Industrial Credit Corp. of N. C. (quar.)
Institutional Securities Insurance—
P.) & Sons
Dec.
—
24 Dec.
I
Lewis (Edgar
Extra
1
24
__
1 Jan.
»
f nCT6E86d
1
Dec.
(extra)
Peaslee-Gaulbert Corp., 7% pref. (quar.)
Penmans, Ltd. (quarterly)
Perfection Stove (extra)
Philadelphia & Trenton RR. (quar.)
Phillips-Jones Corp. preferred (quar.)
Pioneer Mill Co., Ltd. (monthly)
Plymouth Rubber Co. 7% pref. (quar.)
Ponce Electric Co. 7% pref. (quar.)
Portland Gas Light, $6 pref. (quar.)
Rich Ice Cream Co. (quar.)
QuarterlyRichmond Insurance Co. of N. Y. (increased)
Rochester Cap Corp. (increased)
St. Joseph Light, Heat & Power Co.—
5% preferred (quarterly)
San Diego Consol. Gas & Elec. Co. pref. (qu.)-Sayer-Scovill Co. (quarterly)
6% preferred (quarterly)
-4—
Schuylkill Valley Navigation & RR. (s.-a.)
Shareholders Corp. (quarterly)
Sharp & Dohme, Inc., preif. A (quar.)
Slattery (E. T.) Co. 7%pref. (quar.)
Southern Bleachery & Print Works, 7% pref—
Southern New England Telephone (quar.)
Spicer Mfg. Corp. preferred (quar.)
Spiegel, May, Stern Co., Inc. $10 par
Distribution of 4 shs. of Spiegel, Inc., $2 par
stock to holders of record of $10 par stock
Squibb (E. R.) & Sons
Standard Silica Corp
1 Jan,
Participating preferred
1 IIIIIZZ
Participating preferred class A
Industrial Acceptance Corp. con v. pref
Industrial Credit of N. E. (extra)
Initial
23
Dec.
Paterson & Hudson River RR.
10
10
15
2 Dec. 30
6H% preferred (quar.)
Hawaiian Commercial Sugar
Hawaii Consol. Ry. 7% preferred
Hercules Powder Co., preferred
Highland Dairy 7% pref. (quar.)
Holly Sugar Corp. (increased)
Preferred (quar.)
Hotels Statler, Inc., 7% preferred--6% preferred
Humberstone Shoe Co. (quar.)
Imperial Royalties
23
Dec.
2 Dec. 30
Extra
Fairmont Creamery (Del.) (quar.)
Fall River Electric Light (quar.).
Hartford Electric Light Co. (quar.)
Hat Corp. of America 6M % preferred
30
Dec.
7% preferred (quarterly)
Pacific Coast Aggregates, Inc..
15
13 Jan.
-
Cypress Abbey
Detroit Steel Corp. (quarterly).
Greenfield Gas
15
Dec.
Extra
5
Feb.
15 Dec. 31
Community State Corp. (semi-annual)
Continental Telephone Co. 7% pref. (quar .)---6M % preferred (quar.)
Corn Products Refining Co. (quar.)
Preferred (quar.)
-
5
Jan.
Supervised Shares, Inc. (quar.)
2 Dec. 21
Carey (Philip) Mfg. Co.jresumed)__.
Central Hudson Gas & Electric Corp
Cumulative Trust Shares.
15
15
Jan.
preferred (quar.)—
North River Insurance (special)
Northwestern Title Insurance (Wash.)
Extra
Canadian Oil Cos., Ltd., 8% pref. (quar.).
Cluett, Pea body & Co. (increased)
Coleman Lamp & Stove
23
Jan.
-
15c
-
Beatty Bros., Ltd., 1st preferred (quar.)
Bell Telephone of Pa. (quar.)
Benjamin Electric Mfg. Co. 8% 1st pref
Big Creek Winifrede Coal pref. (initial)
Blair Distilling Co
par
15
«1H
All-Penn Oil & Gas Co. (quar.)
Extra
1 Jan.
15c
Extra
Feb.
15c
(J. D.) Mfg. (quar.)
Juneau Gold Mining (quar.)
9
Jan.
Pacific Truck Service, Inc
Adams
31
$2 A
$2 A
Extra
Share
28
Dec.
North American Edison Co
Name of Company
21
Dec.
hU%
$1H
$1H
(W.) Ltd., 7% pref. (quar.)
Nevada-California Electric preferred
New Brunswick Telep. Co., Ltd. (quar.)
New Jersey Zinc Co. (quar.)
New York & Richmond Gas, 6% preferred
Norfolk & Washington Steamboat Co
21
Dec.
%1H
Refrigerating Co. of N. Y. 7% pref__
Michigan Public Service, 7% preferred
6% preferred
Minneapolis Honeywell Regulator 4% new conv.
preferred B (quarterly)
National Distillers Products Corp. (quar.)
Merchants
22
Dec.
2 Dec.
Jan.
10
2 Dec.
7
Jan.
15 Dec.
15
Jan.
2 Dec.
10
Jan.
2 Dec.
14
Jan.
75c
July
4 Dec.{26
2 June 19
$2K
$2 X
Jan.
4 Dec.
July
2 June 19
26
54
Financial
Per
Share
Name of Company
Anchor Cap
When
Jan.
Armour & Co.
Jan.
Per
Dec. 18
Dec. 31
Dec. 31
Jan.
Dec.
2
Jan.
Dec.
2
Jan.
Jan.
Jan.
Dec"." 15"
Jan.
Dec.
15
Jan.
Dec.
10
Armour & Co. (111.), $6 prior pref. (quar.)
Jan.
Dec.
Jan.
Dec.
Jan.
Jan.
10
5
Dec. 21
Feb.
Jan.
20
Jan.
Jan.
Jan.
Jan.
2
2
Feb.
Jan.
Dec. 31
Dec. 12
Jan.
Jan.
2
Jan.
Jan.
Jan.
Jan.
Dec. 24
Dec. 24
Jan.
Dec.
12
Jan.
Extra
Dec. 17
Feb.
(quar.)
.
Dec.
12
5
Avon, Geneseo & Mt. Morris RR., 3H% gtd--
Jan.
Babcock & Wilcox
Jan.
Dec. 21
Jan.
Dec. 24
(quarterly)
Backstay Welt Co. (increased quar.)
Extra
—
Jan.
Dec. 24
Jan.
*
Badget Paint & Hardware Stores (quar.).
Baldwin Co. .preferred A (quarterly)
Bangor Hydro-Electric Co. 7% pref. (quar.)
6% preferred (quar.)
Bank of the Manhattan Co. (quar.)
Bank of N. Y. & Trust Co. (quarterly)
Bankers Trust Co. (quar.)
Bayuk Cigar Co. pref. (quar.)
Beatrice Creamery (quarterly)
Dec. 26
Jan.
Dec. 31
Jan.
Dec.
10
Jan.
Dec.
10
Jan.
Dec.
14a
Jan.
Dec.
18
15
Jan.
Dec.
Jan.
Dec. 31
Jan.
Dec.
14
Jan.
Dec.
14
Preferred (quarterly)
Beech Creek RR. (quarterly)
Jan.
Dec.
14
Jan.
Dec.
15
Beech-Nut Packing Co. (quarterly)
Extra
Jan.
Dec.
12
Jan.
Dec.
12
Extra
Belding Corticeili, Ltd. (quar.)
Preferred (quar.)
Jan.
Dec.
15
Jan.
Dec.
15
Bell Telephone of Canada (quar.)
Bell Telep. of Penna.. preferred (quar.)
Jan.
Dec. 23
Dec. 19
Jan.
Bethlehem Steel, 7% pref. (quar.)
5% preferred (quarterly)
Bickford's, Inc. (increased quar.)..
Preferred (quarterly)
Binks Manufacturing Co. (extra)
Birmingham Electric Co. $7 preferred
Dee.
4
Jan.
Dec.
24
62 He
25c
Dec.
24
Jan.
Dec.
16
Jan.
Dec.
16
Jan.
Dec.
15
50c
25c
Extra
Jan.
25c
Mfg. Co. (resumed)
Borg-Warner Corp. preferred (quarterly)
Jan.
Dec.
Jan.
Jan.
4
Jan.
Dec.
15
Jan.
Dec.
10
$1 X
SIX
50c
Jan.
Dec.
14
Jan.
Dec.
15
r40c
Jan.
Dec. 26
$1
Feb.
Dec.
37Hc
W7Hc
Jan.
29
Dec. 31
Jan.
Dec. 31
Brewers & Distillers of Vancouver
Brewing Corp. of Canada $3 pref. (quar.)
$3 preferred
Brillo Mfg. Co., Inc., class A (quar.)
Common (quar.)
British-American Oil, Ltd. (quar.)
50c
Jan.
Dec.
15
15c
Jan.
Dec.
15
20c
Ordinary (interim)
British Columbia Power, class A (quar.)
Brooklyn-Manhattan Transit (quar.)
Preferred (quar )
Brooklyn & gueens Transit, pref
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Trust Co. (semi-ann.)
Brooklyn Union Gas Co. (quar.)
Brown-Forman Distillery Co., pref
.
15
Dec.
15
Jan.
Dec. 22
Jan.
Dec. 22
40c
—
Jan.
Dec. 31
$1
SI v,
75c
Jan.
Jan.
2
Jan
Jau.
2
Jan.
$1H
....
Dec.
15
Mar.
Feb.
20
$2
Jan.
Dec. 24
76c
Jan.
Dec.
1
Jan.,
Dec.
18
10c
Jan.
$1X
Jan.
Dec. 28
Dec. 21
si x
.
J an.
$1H
Brunswick-Balke-Coliender, pref. (quar.)
Bucyrus-Erie Co., preferred (quar.)
Bucyrus-Monighan Co. class A (quar.)
Buffalo Niagara & Eastern Corp., 1st pref. (qu.)
(quar.)
16
Jan.
Dec.
19
Feb.
Jan.
15
40c
Jan.
35c
50c
75c
__
Building Products, Ltd., class A and B (quar.)-Class A and B (extra)
Burco, Inc., preferred (quar.)
Burger Brewing 8% pref. (quar.)
Burt (F. N.) & Co., Ltd. (quar.)
Preferred (quarterly)
Calamba Sugar Estate (quarterly)
Dec.
45c
SIX
Jan.
Jan.
Jan.
Jan.
$1
50c
10
Jan.
Dec.
10
Jan.
Dec.
15
SI
51
Jan.
Dec.
15
50c
California ink Co., Inc. (quar.)
Calif .-Oregon Power Co., (j% pref
Dec.
40c
—
Jan.
SIX
Extra
Jan.
Dec. 21
Feb.
h$ 3
-
7% cumul. pref. (quar.)
Canada Packers, Ltd. (quarterly)
Canada Permanent Mtge. (quarterly)
Canada Southern Ry. (semi-ann.)
Canadian Bronze Co., Ltd., common..
Common (interim)
Preferred (quarterly)
Canadian Caimers, Ltd. (quar.)...
Preferred (quarterly)
Canadian Cottons, Ltd. (quar.)
Prefered (quarterly)
Canadian Dredge & Dock
Feb.
Feb.
5
Jan.
Dec.
15
Jan.
Dec.
30c
.
Canada Northern Pow.Corp., Ltd., com. (quar.)
Dec. 31
SIX
62 He
-
Dec. 31
Jan.
Jan.
Dec. 31
IX %
75c
52
S1H
Canada Bread Co., class A pref
Class B preferred
Jan.
fc$3H
37Hc
.
7% preferred
California Packing Co
Jan.
Jan.
Dec. 31
Dec. 15
Jan.
Dec.
r
Dec. 28
Feb.
Jan.
20
Feb.
Jan.
20
S1H
rSlH
rSlH
$1
Feb.
Jan.
20
Jan.
Dec.
Dec.
15
15
Dec.
Dec.
18
15
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
rtl8
Canadian Fairbanks Morse Ltd. pref. (quar.)..
Jan.
Jan.
Jan.
Jan.
S1H
Jan.
r$2
r$lX
37 He
h37Hc
Canadian General Electric Co. (quar.)
Canadian Industries, Ltd., A & B
Jan.
Jan.
7% preferred (quarterly)
Canadian Silk Products A (quarterly)
Canadian Wirebound Boxes, class A
Capital City Products
Cariboo Gold Quartz Mining Co. (quar.)
15
31
15
31
31
15
15
Dec. 28
Jan.
Dec.
5
Dec. 19
SIX
Jan.
Dec. 22
M
(quar.).
Preftrre.
(quar.)
....
Carolina Clincnfield & Ohio Ry. (quar.)
Stamped certificates (quar.)
Jan.
2 He
50c
.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
20
9
15
21
4
Jan.
Dec.
18
Dec. 28
Dec. 28
Dec.
Dec.
Jan.
Jan.
Preferred (quarterly)
21
19
21
21
16
16
Dec.
Cluett, Peabody & Co., Inc., pref. (quarterlv)..
Colon Development Co. 6% redeem, conv. pref5% redeemable income stock
Dec. 21
Dec. 31
Dec.
2 Dec.
Columbia Pictures Corp. (quar.)
Columbus Ry., Power & Light Co.—
6H% preferred B (quar.)
Commercial Discount Co. (Los Angeles) (qu.)_8% preferred (quar.)
Commercial National Bank & Trust (quar.)
15
1
10 Jan.
$2
lO.Jan.
1
$2
2 Dec.
75c
SIX
SIX
six
Six
2 Dec.
2 Dec.
23
11
15
15
15
15
15
2 Dec.
19
1 Feb.
15
2 Dec.
20c
2 Dec.
15
15
75c
SIX
37Hc
Consolidated Car Heating Co., Inc. (quar.)
Consol. Chemical Industries, Inc., A & B
2 Dec.
2 Dec.
2 Dec.
2 Dec.
15 Dec. 31
1 Jan.
1 Jan.
-i
Consolidated Cigar Corp. prior pref. (quar.)
7% preferred (quar.)
Consolidated Edison Co.. preferred (quar.)
Consol. Gas, Elec. Lt. & Pow. Co. of Bait, (qu.).
1 Jan.
SIX
1 Feb.
SI x
90c
2 Dec.
SIX
Preferred (quarterly)
Consolidated Oil Corp., com. (quar.)
Consolidated Royalty Oil (quar.)
Consolidated Traction Co. (N.J.) (s.-a.)
2 Dec.
Dec.
1
20c
15 Jan.
5c
25 Jan.
15
15
15
15
30
15
15
15
15
31
$2
35c
Consumers Oxygen Co., 7% preferred
preferred (quar.)
6% preferred (quar.)
6.6% preferred (quar.)
7% preferred (quar.)
6% preferred (monthly)
6.6% preferred (monthly)
Continental Gas & Electric, pref. (quar.)
Continental Gin Co., 6% preferred
6% preferred (quarterly)
Continental Insurance Co. (s.-a.)
Year-end (special)
Cosmos Imperial Mills. 5% pref. (quar.)
Cottrell (C. B.) & Sons Co. 6% pref. (quar.) —
Cream of Wheat Corp (quar.)
Crowell Publishing Co. 7% pref. (semi-ann.)
Crown Cork & Seal, Ltd. (quarterly)
Crown Cork International Corp., cl. A (quar.)_
Crown Drug Co
Crown Wilamette Paper. 1st pref
Crum & Forster Co. (quarterly)
Cudahy Packing Co. (quar.)
Cunningham Drug Stores (quar.)_6% preferred A (semi-ann.)
6% preferred B (quarterly)
Darby Petroleum Corp. (semi-ann.)
Davega Stores Corp.,(semi-ann)
Dayton Rubber Mfg. Co. "A"
Dayton & Michigan RR., 8% pref. (quar.)
Dejay Stores, Inc
—
-
15 Dec.
SIX
2 Dec.
15
SIX
SI 65
2 Dec.
SIX
2 Dec.
15
15
15
15
2
2 Dec.
50c
2 Dec.
55c
2 Dec.
SIX
hSl H
SIX
2 Dec.
Dec.
Dec.
15
12
17
17
80c
Dec. 31
20c
Dec. 31
31
SIX
Dec.
SIX
Dec. 20
S3H
Jan.
19
23
20c
Jan.
30
25c
Dec.
10a
10c
Jan.
50c
hSlX
25c
62 He
3715
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Dec.
2
14
5
5
5
19
5
4
21
Dec. 29
Dec.
15
Dec.
15
Dec.
Extra
15
Dec.
21
Dec.
Extra
Dentists Supply Co. of N. Y. 7% pref
—
Deposited Bank Shares of N Y. (semi-ann.)
Des Moines Gas Co., 8% pref. (quarterly)—
15
Dec.
Delaware RR. Co. (semi-ann.)
Delaware Rayon Corp. 7% pref. (quar.)
De Long Hook & Eye (quar.)
21
Dec. 31
Nov. 15
Dec.
15
Dec.
Detroit Gasket & Mfg. Co. (quar.)
Detroit Hillsdale & Southwestern RR. (s-a)
Detroit River Tunnel Co. (semi-ann.)
Diamond
Shoe Corp
6H% preferred (quarterly)
6% preferred (semi-ann.)
Diamond State Telep., pref. (quar.)
Di Giorgio Fruit Corp. $3 pref. (semi-ann.)-Discount Corp. of New York (quar.)
Dixie-Vortex Co. (quar.)
26
Jan.
5
Dec.
19
Jan.
8
Dec. 21
-
Dec. 21
Dec.
Dec.
—
Dec.
21
9
15
Dec. 23
Dec.
10
Dec.
(quarterly)
(Quarterly.)
10
Mar. 10
Class A (quarterly)
Dodge Manufacturing Co
Dome Mines (quar.)
Mar. 10
—*
Dec. 26
Dec. 31
Mar. 31
Quarterly
Dominion Coal Co., 6% pref. (quar.)
Dominion Fire Insurance (Toronto) (s.-an.)
Extra
Dominion Glass Co., Ltd.
Preferred (quar.)
26
Dec.
Extra
15
Dec.
7% preferred (quarterly)
Detroit Edison Co. capital stock (quar.)
Class A
1 Jan.
17 He
20c
Connecticut General Life Insurance
Connecticut River Power 6% pref. (quai^)
Consolidated Bakeries of Canada (quar.)
Extra.
...
9
18
20c
6% preferred B (quarterly)
6H% preferred C (quarterly)
Connecticut Gas & Coke Securities, pref. (qu.)—
(extra)
$1.62
18
23 Feb.
2 Dec.
SIX
Commonwealth & Southern, $6 preferred
Commonwealth Teleph. Co. (Wis.), 6% pf. (qu.)
Commonwealth Utilities Corp., 7% pref. (quar.)
Class A & B
Dec. 31
...
Columbia Pictures Corp. common (quar.)
Common (semi-annual)
Dec. 15
Dec. 31
Dec. 31
(quar.)
Dec.
15
Dec.
7 % preferred (quarterly)
Draper Corp. (special)
Quarterly
Driver-Harris Co.,7% preferred (quar.)
Duke Power Co. (quarterly)
Duncan Mills 7% pref. (quar.)
Duplan Silk Corp. (semi-ann.)
;;
Preferred (quarterly)
du Pont de Nemours (E. I.) deb (quarterly)
Duquesne Light Co.. 6% 1st pref. (quar.)
Eagle Picher Lead Co. (quarterly)
East Tennessee Teleg. Co. (s.-a.)
Eastern Steel Products, pref. (quar.)
Eastman Kodak Co. (quarterly)
15
Dec.
Dominion Textile Co. (quar.)
Preferred (quarterly)
Dow Drug Co. (quar.)
15
Dec. 31
Feb.
4
Dec. 21
Nov. 28
Nov. 28
Dec. 21
Dec.
15
Feb". "I
Dec.
Jan.
11
8
Dec. 31
Dec.
15
Dec. 17
Dec. 22
SIX
$6 preferred
Cayuga & Susquehanna RR. Co. (s.-a.)
Central Aguirre Assoc. (quar.).....
Jan.
118
Carolina Power & Light, $7 preferred
Jan.
Dec.
12
Jan.
Dec.
12
Dec.
Jan.
6
Dec.
19
Extra
Dec.
Jan.
5
Dec.
15
Preferred (quarterly)
Dec.
Jan.
5
Dec.
Si .20
37 He
60c
Extra
Central Hanover Bank & Trust Co. (quar.)._
Central Ulinois Light Co., 4H % Pref. (quar.)
Central Power Co., 7% preferred—<-
6% preferred
Central Republic
Champion International Co. (quar.)
Champion Paper & Fibre Co.—
6% preferred (quarterly)
Chemical Bank & Trust Co. (N. Y.) (quar.)
Jan.
18
15c
_
15
Feb.
Jan.
-
15
25c
75c
Extra
Preferred
Dec. 15
2 Dec. 15
2 Dec. 15
2 Dec. 18
Dec. 15
Dec.
Jan.
—
—
Bruck Silk Mills (interim)
Calhoun Mills
Dec.
Jan.
8d.
;
Jan.
20c
lOd.
Extra
British-American Tobacco Co., Ltd. (final)
Co
15
15a
Dec. 15
Dec. 15
Dec. 24
Dec.
Clinton Trust Co. (quar.)
Extra
Consumers Power Co., $5
$1H
(quar.)
Brazilian Traction Light & Power, pref. (quar.)
Brazilian Traction Lt. & Pr. Co., Ltd. (ord.)
Carnation
4
hUK
h$lH
Black & Decker
Preferred
Dec.
Dec.
30c
$6 preferred
Birmingham Fire Ins. Co. of Ala. (quar.)
Boston Elevated Ry. (quar.)
Boston Herald Traveler Corp.
Dec.
25c
SIX
__
2
Dec.
City Investing Co
Preferred (quarterly)
Citizens Water Co. (Wash., Pa.), pref. (quar.)_
Clearfield & Mahoning RR. Co. (s.-a.)
Cleveland Cincinnati Chicago & St. Louis
Dec. 21
Jan.
of Record
Chesapeake Corp. (quar.)
;
-—
Chesapeake & Ohio Ry Extra—
(payable in new prer. ser. A stock)
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Cincinnati Advertising Products Co. (quar.) —
Cincinnati Gas & Electric, 5% pref. A (quar.)--
-
Jan.
Holders
Share
Name of Company
Cincinnati Northern RR. Co. (s.-a.)
Cincinnati Postal Terminal & Realty Co., 6H%
Preferred (quarterly)
Cincinnati & Suburban Bell Telep. (quar.)
10
7% preferred
*
7% preferred
Arrow-Hart & Hegeman Electric Co.pref.(quar)
Arundel Corp. (quar.)
Asbestos Mfg. preferred (quar.).
Associated Dry Goods Corp. 6% 1st pref
6% first preferred (quar.)
Atchisod Topeka & Santa Fe, pref. (s.-a.)
Atlanta Birm. & Coast RR. Co., 6% pfd. (s.-a.)
Atlantic City Sewerage Co. (quar.)
Atlantic & Ohio Teleg. (quar.).
Atlantic Refining Co., pref. (quar.)
Atlas Thrift Plan Corp. preferred (quar.)
Autoline Oil Co. Preferred (quarterly)
Automobile Insurance Co.
Jan. 2, 1937
Holders
Payable of Record
Corp., preferred (quar.)
Anglo-American Corp. of South Africa ordinary.
6% cum. pref. (semi-annual)
Appalachian Electric, $7 pref. (quar.)
$6 preferred (quar.)
Appleton Co Preferred (quarterly)
Arkansas Power & Light, $7 preferred^:
$6 preferred
i
(Del.), 7% pref. (quar.)
Chronicle
__
9
Jan.
15
Dec. 17
Dec. 15
Jan.
Dec. 31
Jan.
Jan.
Deo. 31
Dec. 31
S1H
Jan.
Dec. 18
SIX
Jan.
Dec.
15
45c
Jan.
Dec.
15
SI
SI .125
$1.31 H
$1,125
25c
Jan.
Economical-Cunningham Drug Stores
6% prior preferred (semi-ann.)
6% preferred (quarterly)
Edison Electric Illuminating Co. of Boston
Elder Mfg. Co. (quarterly)
5% participating A (quarterly)
8% 1st preferred (quarterly)
Electric Auto-Lite preferred (quar.)
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.).—
Jan.
Dec.
Jan.
Jan.
Dec.
Dec.
5
19
5
9
19
19
Dec. 19
Dec. 14
6
Jan.
Jan.
6
Volume
144
Financial
When
Per
Name of Company
Share
25 Jan, 11
15 Dec. 31
15 Dec. 31
El Paso Electric (Texas), $6
pref. (quar,).
15 Jan.
15 Jan.
15 Jan.
WI
Emerson Drug Co. preferred (quar.)
Empire Trust Co. (quar.)
Endicott Johnson Corp. (quar.).
Preferred
Dec.
Dec.
May 11 May
4
Aug. 10 July 27
....
Dec. 28 Dec.
Dec. 31
Fair (The) preferred (quar.)
Farmers
a
Traders
Life Insurance
21
Dec. 15
Dec. 17
(s.-an.)_.
Jan.
20
(quar.).
Extra
Quarterly.
Extra
Feltman & Curme Shoe Stores, pref. (quar.)
Fibre board Products, Inc., 6% pref. (quar.)
Dec.
1
Jan.
16
Fidelity & Guarantee Fire Insurance
Fidelity-Phenix Fire Insurance Co. (s.-a.)
Dec. 22
Dec. 31
Year-end (special)
Finance Co. of Penna. (quar,)..
Firestone Tire & Rubber
Dec. 31
Dec. 19
Jan.
5
Preferred (quar.)
First Cleveland Corp. A (quar.).
Feb.
......
Class
(initial)
First National Corp. (Portland, Ore.) class A
Dec. 21
15 Dec. 26
First National Bank of uniiago
quar )
First National Uank (N. Y ) (quarterly).
First National Bank (Toms River. N. J.)
First National Stores, Inc. (quar.)
2
15 Dec. 31
2 Dec.
15 Dec. 31
2 Dec. 21
2 Dec. 15
1 Feb. 19
1 May 22
2 Dec.
(quar.).
1 Jan.
...
(quar.)
19
9
2 Dec. 10
2 Dec. 17
2 Dec. 10
...
....
Preferred (quarterly)
2 Dec. 10
General Shoe Corp. A (2-months period).
15 Jan.
2
15 Jan.
2
1 Jan. 15
1 Jan. 15
2 Dec. 15
Series B
General Stockyards
Preferred (quar.)
General Telephone Corp. $3 conv. pref. (quar.)
Georgia Power Co. $6 preferred (quar.).
$5 preferred (quar.)
Georgia RR. & Banking Co. (quar.).
Gillette Safety Razor pref.. (quar.).
Gimbel Bros.. $6 pref. (quar.).
2 Dec.
15
2 Dec. 15
15 Dec. 31
1 Jan.
16
25 Jan. 11
2 Dec. 15
(quar.)..
Glidden Co. (quar.).
Preferred (quarterly)
Godman (H. C.) Shoe < o. 2d preferred.
C
Gold & Stock Teleg. (quar.)
2 Dec.
17
2 Dec. 17
10 Dec. 10
2 Dec. 31
15 Dec. 31
2 Dec. 15
Goodyear Tire & Rubber (Canada) (quar.)
Preferred (quarterly)
Gorton-Pew Fisheries Co. (quar.).
Gotham Silk Hosiery Co., Inc., 7% pref
7% preferred (quarterly)
Gray & Dudley Co. 7% preferred (quar.).
Gray Telep. Pay Station (quar.)
Great North. Iron Ore
15
1 Jan. 15
2 Dec. 21
2 Dec. 15
General Print. Ink Corp. $6 cum. pref. (quar.)
General Railway Signal..
Great Lakes Power. A
5
15 Dec. 31
—
Glen Falls Insurance
23
2 Dec. 15
2 Dec. 15
Freeport Texas Co .preferred (quar.).
Fulton Trust Co of N Y. (quar.)_
Gannett Co.. $6 preferred (quar.).
Gardner Electric Light Co
Gas & Electric Co. of Bergen Co.. N. J. (s.-a.)
General American Investors preferred (quarterly)
General Cigar Co., Inc., preferred (quar.)......
pref.
Dec.
15 June
1
15 Dec. 31
2 Dec. 15
2 Dec. 15
Class B (quarterly)..
Class B (extra)
Food Machinery Corp. (quar.).
Preferred (quar.)
Fox (Peter) Brewing Co. (quar.)
cum.
15
2 Dec.
Florsheim Shoe Co., class A (quar.).
Class A (extra)
6%
31
2
(qu.).
Dec.
2 Dec.
First Security Corp. of Ogdem Utah), ser A (s-a)
Fishman (M. H.), Inc. Preferred (quar.).
Preferred (quar.)
General Fireproofing Co.
preferred
General Mills, Inc. (quar.).....
15
Dec. 21
B
2 Dec. 23
1 Jan.
12
1 Jan. 12
2 Dec. 21
15 Dec. 31
15 Dec. 31
preferred (quar.)
Prop, (beneficial int. ctfs.)
4 Dec.
12
2 Dec. 21
2 Dec. 15
2 Dec. 15
Great West Electro-Chemical Co., 6% pf. (qu.)
Great Western Sugar Co. (quar.)..
Preferred (quarterly)
Guarantee Co. of No. Am. (Montreal, Que.)...
Extra
15 Dec. 31
15 Dec. 31
Guaranty & Fire Insurance (s.-a.K
Guaranty Trust Co. of New York (quar.).
Guenther Publishing (increased)
Halifax Fire Insurance Co. (N. S.) (s.-a.).
Harbauer Co. (quarterly)
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburg Gas. 7% pref. (quar.)
Hatfield-Campbell Creek Coal Co.—
5% preferred (quar.)
Haverhill Gas Light (quar.)..,
2 Dec. 22
2 Dec.
4
2 Dec. 31
2 Dec. 10
(quar.)..
Jan.
2 Dej.
17
Feb.
15 Fet.
1
Jan.
2 Dec.
15
Apr.
1 Mar. 15
%\fe
Kellogg Switchboard & Supply Co
Preferred (quar.)
Kelvinator Corp. (quar.)
E**r»
Kentucky Utilities, 6% pref. (quar.)
Keystone Public Service, $2.80 pref. (quar.)....
Kimberly-Clark Corp. (quarterly)
Preferred (quarterly)
Klein (D. Emil) Co. preferred (quar.)
Koppers Gas & Coke, preferred (quar.)
Kresge (S. S.) Co. (quar.)
Kroger Grocery & Baking Co., 6% pref. (quar.)
7% preferred (quarterly)
Lackawanna RR. of N. J., 4% gtd. (quar.)
Lambert Co. (quarterly)
Lane Bryant, inc., 7% pref. (quar.)
Lang (John A.) & Sons, Ltd. (quar.)
...
Lawyers Trust Co. (quar.)
Lehigh Portland Cement Co. preferred (quar.).
Lehman Corp. (quar.)
Special
Lerner Stores Corp. (quar.)
-
-
15
31
31
20 Dec. 31
2 Dec.
15
Jan.
2 Dec.
15
Jan.
2 Nov. 30
Jan.
2 Dec.
14
Jan.
Jan.
2 Dec.
24
Jan.
2 Dec.
18
18
Jan.
2 Dec.
Jan.
4
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Jan.
Dec.
14
Dec. 22
Jan.
Dec.
Jan.
2 Dec.
14
19
19
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
15
Jan.
2 Dec.
21
Jan.
2 Dec.
18
Jan.
11
Jan.
28 Jan.
2 Dec.
31 Jan.
Jan.
31 Jan.
Jan.
Jan.
Jan.
Jan.
15
10
11
11
10
10
15 Dec. 26
Dec. 15
Dec.
Dec.
70c
Jan.
25c
Jan.
$1H
$15*
$1H
Jan.
Dec.
12
Feb.
Jan.
20
Jan.
Dec.
25c
Jan.
Dec.
11
$1H
Jan.
Dec.
21
Feb.
Jan.
"11
12
12
20
Dec.
4
Jan.
50c
Dec.
Jan.
Dec.
17
$15*
Feb.
Jan.
17 He
Jan.
Dec.
15
15
6Uc
Jan.
Dec. 26
2 Dec.
14
8 Dec. 24
...
uarterly
Quarterly
Lexington Teleph Co., 6H% pref. (quar.).
Lincoln Stores, Inc. (special)
...
Lincoln Telep. Securities, cl. A & B (quar.)——
6% preferred (quarterly)..
Link Belt Co. (quar.)
Preferred (quarterly)
Liquid Carbonic Corp. (quar.)
Little Long Lac Gold Mines, Ltd
Little Schuylkill Navigation EE. & Coal Co
Lock Joint Pipe Co., 6% preferred (quar.)
London Packing Co. (quar.)
Long Island Safe Deposit (s.-a.)
Lord & Taylor (quarterly)
2d preferred (quar.)_.
...
._
Jan.
Jan.
50c
50c
Jan.
Mar.
Feb.
25c
Le Tourneau, Inc. (quar.)
$1
75c
$1H
25c
Extra
...
2
20 Dec.
20 Dec.
Jan.
50c
...
Quarterly..
Jan.
19
5
2 Dec.
Jan.
Jan.
Mar. 15
1
Apr.
$15*
12Hc
June
25c
Sept.
May 15
Aug. 15
25c
Decl'37 Nov. 15
Jan. 15 Dec. 31
"ft
Jan.
8 Dec.
15 Jan.
15 Jan.
Jan.
24
6
6
15
14
Jan.
21 Jan.
50c
Jan.
$1H
Jan.
10 Dec. 31
10 Dec. 31
50c
Mar.
Feb.
$1H
Jan.
Dec.
65c
Jan.
10c
Jan.
Dec.
$1.10
Jan.
15
15
Dec.
Dec.
17
28
11
Dec. 31
$2
Jan.
12Hc
Jan.
$1
Jan.
Dec.
Dec.
$2H
$2
Jan.
Dec.
Feb.
Jan.
16
$3H
Feb.
Jan.
20
Jan.
Dec. 31
18
23
17
Louisiana & Missouri River RR.—
7% gtd. preferred (semi-annual)
Louisville Gas & Electric Co. (Ky.)—
7% preferred (quar.)
6% preferred (quar.)
5% preferred (quar.)
Lunkenheimer Co., preferred (quarterly)
Lykens Valley RR. & Coal Co. (s-a)
Lynchburg & Abingdon Teleg. (semi-ann.)—
MacAndrews & Forbes, Inc. (quar.)
—
Jan.
Dec.
Jan.
Dec.
Jan.
..—.
Dec.
Jan.
Jan.
Jan.
Extra
Jan.
Preferred (quarterly)
Jan.
Jan.
M-A-O Plan, Inc. (R. I.), preferred-.
Manufacturers Trust Co. (quar.)
21
15
15
15 Dec. 31
Dec.
15|Dec. 31
1
K'Dec. 31
Dec.
(quar.)
Mapes Consol. Mfg. Co. (quar.)
Margay Oil Corp
Marine Midland Corp. (quar.)
Dec.
Jan.
Preferred
31
31
Dec.
Jan.
Jan.
17
19
4
20 Jan.
7
15 Dec, 31
Jan.
Dec.
Jan.
Dec.
19
Jan.
Dec.
11
Jan.
Dec.
Maritime Telep. & Teleg. (special)...
Jan.
Dec.
11
19
Jan.
Extra
1
Dec. 23
Dec. 28
Jan.
Jan.
Dec. 10a
Feb.
Jan.
McCall Carp., common
Jan.
Dec. 11
Jan.
Dec. 11
Dec. 11
Jan. 25
Corp., vot. trust ctfs.
W.) Co., common (quar.).
Extra
Preferred (quar.)
Hershey Chocolate Corp. (quar.).
Preferred (quar.)
Jan.
Feb.
Feb.
Jan.
Feb.
(participating dividend).........
9
25
Jan.
Jan.
7% pref. (quar.)—
10
25
Dec. 24
Jan.
Dec. 24
Jan.
Hilton-Davis Chemical Co.—
$1H preferred (quar.)
Holeproof Hosiery Co., 6 2-3% preferred—...
Holland Furnace preferred (quar.).
Holly Development Co. (quar.)..
Holmes (D. H.), Ltd. (quarterly).
Jan.
Dec. 31
Dec. 31
Jan.
Dec.
Jan.
Dec. 31
Dec. 18
Jan.
Extra
19
Jan.
Dec.
18
Jan.
Dec.
18
Jan.
Holyoke Water Power Co. (quar.).
Home Dairy Co.. Inc. (class A)
Jan.
5
Home Telep. & Teleg. Co. (Ft. Wayne, Ind.)—
$15*
Jan.
50c
Feb.
Jan.
$1H
Jan.
62$
Jan.
Jan.
Dec. 22
Dec.
5
87 He
Jan.
Dec. 31
2c
Feb.
Jan.
Dec. 31
50c
Jan.
12
Dec. 31
Dec. 10
Jan..
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec. 31
Jan.
Jan.
Jan.
10
15
15
15
15
Jan.
DGc.
2
Jan.
Dec.
2
Jan.
Dec.
2
Jan.
Dec. 14
Jan.
Dec.
7
15
Dec.
15
Dec. 31
Dec. 31
Jan.
Jan.
Dec.
31
Feb.
McKeesport Tin Plate (quarterly)
McLellan Stores Co., pref. (quar.)
Mercantile-Commerce Bk. &Tr. Co. (St. Louis)
Quarterly
Merck & Co.. Inc., (quar.)
Michigan Bakeries, Inc. (special)
Prior preferred (quar.)
$7 preferred (quar.)_
Mill Creek & Mine Hill Nav. & RR. (s.-a.)
Milwaukee Electric Ry. & Light Co., pref
—
Minnesota Power & Light $7 preferred
$7 preferred (quar.)_
6% preferred
6% preferred (quar.)
$6 preferred
$6 preferred (quar.).
Mississippi Power Co., $7 preferred (quar.)
$6 preferred (quarterly)
Mississippi River Power, pref. (quar.)
Mobile & Birmingham RR., 4% gtd. (s.-a.)
Monarch Knitting Co., 7% preferred
Monongahela West Penn Public Service, pref—
Montana Power Co. $6 pref. (quar.)
Montgomery (H. A.) Co. (quar.)—
Quarterly
Montgomery Ward Co. (quarterly).,
Special
Class A (quarterly)
Montreal Light, Heat & Power Consol. (quar.)
Montreal Tramways (quar.)
Moore Corp
Preferred A & B (quar.)_Moore (Wm. R.) Dry Goods (quar.)
—
20
Jan.
4
Jan.
Dec. 30
Jan.
—
-—
15
Jan.
Jan.
—
Jan.
Feb.
(quar.)
McCrory Stores, preferred (quar.)..
McGraw-Hill Publishing Co. (resumed)
McKee (A L) Co., class B (quar.)
Extra
—
Dec.
Jan.
Master Electric Co. (quar.)
Jan.
15
Jan.
(M.) & Sons, Inc. (quar.)
Jan.
Hecker Products
15
—....
Preferred
Helme (Geo.
—
31
2 Dec.
P
Jan.
7% preferred (semi-ann.)
Horn & Hardart Co. (N. Y.) (quar.).
Horn & Hardart Baking, N. J. (quar.),
Houdaille-Hershey, class A (quar.)
Household Finance Corp., A & B (quar.).
Par tic. preferred (quarterly)...
Howey Gold Mines
Hygrade Syivania (quarterly)
Preferred (quarterly)
Ideal Financing Assoc., $8 preferred (quar.).
$2 convertible preferred (quarterly)
Illinois Commercial Telep., $6 pref. (quar.)..__
Illinois Commercial Teleph. (Wis.), $6 pref
Imperial Life Assurance of Canada (quar.).....
Indiana & Michigan Electric Co., 7% pref. (qu.)
6% preferred (quarterly).
Indiana General Service Co., 6% pref. (quar.).
Industrial Rayon Corp
Ingersoil-Rand Co., pref. (s.-a.).
2 Dec.
Jan.
Jan.
Marsh
2 Dec. 23
Hawaiian Sugar Co
Hazel-Atlas Glass Co...
Preferred
Jan.
International Teleg. of Me. (semi-ann.)
$1,331-3
62 He
$2
Intertype Corp. first preferred
First pref. (quar.)
$2
Second preferred
$3
Iowa Electric Light & Power Co. 7% pref. A— /i87Hc
h8l He
6H% preferred B
hi be
6% preferred C
Iowa Power & Light Co., 6% pref. (quar.)..
$1H
$15*
7% preferred (quar.)
12 He
Irving (John) Shoe Corp
15c
Irving Trust Co. (N. Y.) (quarterly)
Island Creek Coal Co., preferred (quar.)...
$1H
43 5* c
Jamaica Public Service, Ltd. (quar.)
—
Preferred (quar.)
$15*
Joliet & Chicago RR. Co
$15*
Kansas Electric Power, 6% pref. (quar.)
$1H
$15*
7% preferred (quar.)
Kansas Gas & Electric. $6 pref. (quar.)—
7% preferred (quarterly)
Kansas Powef, $6 preferred (quar.)
$7 preferred (quarterly).
$15*
Kansas Power & Light Co. 7% preferred (quar.)
$15*
$1H
6% preferred (quar.)
Kansas Utilities Co., 7% pref. (quar.)
$154
50c
Kaufman (Chas. A.) Co. (resumed)
40c
Kaufmann Dept. Stores, Inc
Massachusetts Lighting Cos $8 pref. (quar.)
$6 preferred (quar.)
Massachusetts Utilities Assoc. pref. (quar.)
Hickok Oil Corp:,
Extra
$15*
$1H
Feb.
15 Jan.
1 Jan.
Interstate Hosiery Mills (quar.)
_
Equitable Investment Corp., capital stock....
Capital stock
Capital stock
Capital stock
Equitable Office Building Corp..
Eureka Vacuum Cleaner (quar.).
Excelsior Life Ins. Co. (Toronto)
18
Dec. 31
2 Dec. 31
lOiFeb.
3
—
15 Dec.
Jan.
50c
(qu.)
Jan.
sik
International Ocean Teleg. (quar.)
International Shoe Co. (quar.
Jan.
Jan.
62 He
8% preferred (semi-annual)
18
15 Dec. 31
15 Dec. 31
2 Dec. 21
2 Dec. 21
Jan.
$2
$4
c5%
-
International Business Machine
international Harvester (quar.)
International Milling 5% preferred (quar.)
Internat. Nickel Co. of Canada, Ltd., pref.
15
18
Dec.
(quar.)
$1
Holders
When
Payable of Record
50c
—
Intercolonial Coal Co
4
4
Dec.
Ensign Insurance Co. (increased).
Extra
Per
Share
Name of Company
Insurance Co. of N. A. (semi-ann.)
Extra
15 Dec. 31
4
Ely & Walker Dry Goods (extra).
1st preferred (semi-annual)B
2d preferred (semi-ann.)
Holders
Payable of Record
Electric Household Utilities.,
El Paso Electric (Del.), 7% pref. (quar.).
$6 preferred B (quarterly)
55
Chronicle
Dec. 30
Jan.
Dec.
17
Jan.
Jan.
18
Apr.
Mar. 20
Dec. 22
Jan.
15 Dec. 31
Feb.
1 Dec. 31
Feb.
1 Dec. 31
4
Jan. 14 Jan.
Feb.
1 Jan. 15
Jan.
Jan.
2 Dec.
11
Jan.
2 Dec.
11
Jan.
2 Dec.
11
Jan.
2 Dec.
11
Jan.
2 Dec.
11
Jan.
2 Dec.
11
Jan.
Jan.
2 Dec. 21
2 Dec. 21
2 Dec. 15
2 Dec.
1
Jan.
2 Dec.
Jan.
Jan.
h$lH
435*c
17
2 Dec. 15
Jan. 11
Feb.
Mar. 31 Mar. 15
June 30 June 15
Jan.
Jan.
Jan.
15 Dec. 22
Dec. 22
Dec.
18
Jan.
Jan.
Dec. 31
Jan.
Jan.
Jan.J
5
Dec, 10
Dec. 10
Jan.
Jam.
Jan.
2
Financial
56
Per
Name of
Morristown Securities
Share
Company
26c
25c
Corp., common
Special——
_
National Battery Co., preferred
National Bond & Share Corp
National Breweries (quarterly)
Preferred (quarterly)
National Cash Register
Jan.
50c
55c
25c
Dec. 21
Nov. 30
Jan.
Jan.
Jan,
Jan.
50c
43c
Jan.
Jan.
25c
Jan.
$1H
Jan.
50c
25c
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
50c
Jan.
15c
Jan.
10c
Jan.
$1%
$2H
Jan.
h50c
h\i
Co. (quar.)
New Haven Clock Co. Preferred—-.
h$ 1%
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31
18
31
15
15
30
Nov. 28
Dec. 24
Dec. 31
Dec. 15
Jan. 18
Dec. 28
Dec. 15
Dec.
1
Dec. 14
Dec. 23
Dec. 24
6% preferred
RR. Co. (semi-ann.)
Preferred (semi-annual)
New York & Mutual Teleg. Co. (semi-ann.)
New York Power & Light, 7 % pref. (quar.)
6% preferred (quar.)
New York Steam Co., $7 pref. (quar.)
$6 preferred (quarterly)
New York Telephone 6H % pref. (quar.)
New York Trust Co. (quar.)
Niagara Wire Weaving Co. (quar.)
Norfolk & Western Ry. Co., pref. (quar.).
North American Co. preferred (quarterly)
Northern Central Ry. Co
Northern Pipe Line Co
Northern Securities Oo__.
Northern States Power of Del., 7% pref. (quar.
6% preferred (quarterly)
North & Judd Mfg. Co. (quar.)
Northwestern Teleg Co. (semi-ann.)
Norwich & Worcester RR., 8% pref. (quar.)—_
Nova Scotia Light & Power Co. (quar.)
Noyes (Chas. F.) Co. 6% preferred
Ogilvie Flour Mills (quar.)
—
Ohio Edison Co., $5 preferred (quar.)
p.).
0 preferred (quar..
6.60 preferred (quar.).
$7 preferred (quar.)
—
$7.20 preferred (quar.)
Ohio Public Service Co. 7% pref. (monthly)—.
6% preferred (monthly)
5% preferred (monthly)-.
Ohio Leather Oo. 7% preferred (quar.)
8% preferred (quar.)
—
Old Colony Insurance Oo. (quar.)
Old Dominion Oo., irregular dividend
Old Dominion Fire Ins. (Virginia) (quar.)
Old Joe Distilling Co. (increased)
Participating preferred
Omnibus Corp., preferred (quar.)
Oneida, Ltd. (extra)
New York & Harlem
—
•
Jan.
Extra
Pacific & Atlantic Teleg. Oo. (s.-a.)
Pacific Gas & Electric (increased)
(increased)
Pacific Lighting Corp.,
6% pref.(quar.)
-Pacific Southwest Realty Co., 5H% Pref
Pacific Telephone & Telegraph pref. (quar.)
Packer Corp. (quar.)
Page-Hersey Tubes, Ltd. (quar.)
—
$5
$2H
$2H
75c
$1)4
$1H
$1H
$1H
$1H
31
Dec. 15
Dec. 15
Dec. 31
Dec.
15
Dec.
15
Dec.
15
Dec. 15
Dec. 18
Dec. 19
Dec. 22
Jan.
2lDec.
30
15
15 Dec. 31
Dec. 11
Extra
preferred (quar.)
Parke Davis Co. (increased)
Parker Rust Proof Co., common (quar.)
Pathe Film, $7 preferred (quar.)
Peninsular Telephone 7% preferred
(quarterly)
Pennsylvania Gas & Electric Corp.—
7% & $7 preferred (quarterly)
Pennsylvania Power & Light, $5 pref. (quar.)—
$6 preferred (quarterly)
$7 preferred (quarterly)
Penna Gas & Electric Co., 7% preferred
Penna. Power Co., $6.60 pref. (mo.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Penna. Water & Power (quarterly)
(quarterly)
Peoples Drug Stores, Inc. (quar.)
Peoria Water Works Co., 7% pref.
(quar.)
Pfaudler Co.
(quar.)
Pfeiffer Brewing Co. (quar.)——
Philadelphia Co.. common (quar.)$6 cumulative pref. (quar.)
$5 cumulative preferred (quarterly)-----.
Philadelphia Electric Co. $5 pref. (quar.)—.
Phoenix Finance Corp., preferred (quarterly)
Phoenix Securities Corp., pref. (quar.)-----.
Pie Bakeries, Inc. 7% preferred (quarterly) —
Second preferred
(quarterly)
(quarterly)
Pioneer Gold Mines of British Columbia
Pittsburgh Ft. Wayne & Chicago Ry. G6. (quar.)
7% preferred (quarterly)—
Plough, Inc. (quarterly)
Plymouth Cordage Co. (quar.)
Piedmont & Northern Ry. Co.
Dec.
16
Jan.
25
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
19
15
15
15
15
15
15
15
15
Dec. 19
Dec. 19
Dec.
8
10 Jan.
Dec.
Dec.
Dec.
Dec.
26
22
15
15
15
Dec. 31
—
Power Corp. of Canada,
Ltd., 6% cum. pf. (qu.)
preferred (quar.)
Mining Oo. (quar.)
6% non-cum.
Premier Gold
Extra
Premier Shares, Inc. (increased
Procter & Gamble, 8% pref. (quar.)
Provincial Paper 7% preferred (quar.)
Prudential Investors, preferred (quarterly)
Public National Bank & Trust Co. (quar.).
Public Service Co. of Colorado, 7 % pref. (mo.)
13
12
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
2
15
31
20
31
22
31
5
Dec. 15
Dec. 15
Dec. 31
Dec. 22
1 Feb. 10
2 Dec. 23
16 Feb.
5
Dec. 21
Dec. 15
Dec. 15
Dec. 15
Dec. 21
Dec. 19
Jan.
Feb.
Dec.
Dec.
Dec.
Dec.
Dec.
20
20
15
15
8
21
20
Dec. 21
Dec. 31
Dec.
1
Dec.
1
Jan.
9
—.
Extra
Extra
Hervel, Inc.. 7 % cum oreferred (quarterly)
Shamrock Oil & Gas Corp.—
6% conv. preferred (semi-ann.)-_--_
Shasta Water Co. (quar.)
40c
Jan.
Dec. 10
2 Dec. 21
60c
20c
Jan.
2 Dec. 21
30c
-
Extra
Feb.
15 Jan.
10c
Jan.
Jan.
25c
19
24
31
31
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
18
18
31
Dec. 24
Dec. 15
Dec. 31
Dec.
21
Dec, 15
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. (N. J.), 6% pref. (mo.)—
Dec. 15
Dec. 15
Jan.
2
20
Jan.
2 Dec. 14
9 Dec. 28
15 Dec. 31
$7
Jan.
15 Dec. 31
$1)4
Jan.
$1)4
Jan.
$2
Simon (H.) & Sons, Ltd. (resumed)
Jan.
Preferred
Smith Howard Paper Mills, pref. (quar.)
„
$1*4
(liquidating)
-
—
.
-
Jan.
50c
Skelly Oil Co., 6% preferred (quar.)
S. M. A. Corp. (quar.)
Sonotone Corp., preferred (quarterly)i
South Acid & Sulphur Co., Inc., 7% pref. (qu.).
South Calif. Gas, 6% pref. A (quar.)
6% preferred (quar.)
South Carolina Bower Co., $6 pref. (quar.)
South Pittsburgh Water Co., 7% pref. (quar.)—
6% preferred (quar.)
5% preferred
South Porto Rico Sugar Co., common (quar.)..
Preferred (quar.)
Southern Calif. Edison (special)
Quarterly
Original preferred (quar.)
Original preferred (special)
Series O 5)4% preferred (quar.)
Southern Canada Power (quar.)
6% cum. preferred, (qu.)
Southwestern Gas & Elec., 7% pref. (quar.)
Spiegel M*y Stern Co
preferred (quar.)
Springfield Gas & Electric Co., pref. ser A (qu.)_
Springfield Fire & Marine Insurance
Special
Staley (A. C.) Mfg. Co., 7% pref. (s.-a.)
Standard Brands (quarterly)
Preferred (quarterly)
Standard-Ooosa-Thatcher Co., 7% pref. (quar.)
Standard Oil of Ohio Preferred (quar.)
Standard Products Oo. (quar.)
Standard Steel Construction, $3 class A.
Standard Wholesale Phosphate and Acid Works
Stanley Works 5% preferred (quar.)
State Street Investment (quar.)
Stein (A.) & Co. preferred (quarterly)
Steel Co. of Canada (quar.)
Jan.
$1H
Feb.
Jan.
2 Dec.
5
Jan.
2 Dec.
10
20c
15c
$154
Jan.
37 He
Jan.
37Hc
Jan.
$1H
Jan.
$154
Jan.
Jan.
IIS
50c
2%
12 He
37Hc
37 He
12Hc
3454c
20c
154%
$154
—
-
preferred (quar.)
2 Dec.
15 Jan.
15 Jan.
15 Dec.
15 Mar.
Feb.
Jan.
Apr.
Jan.
Feb.
Jan.
Jan.
2 Dec.
$3H
Jan.
Jan.
20c
Jan.
$154
$154
Jan.
Jan.
Jan.
25c
25c
Jan.
31
Jan.
Feb.
Jan.
31®
JW
Jan.
Jan.
1
Jan.
2 Dec.
4
15 Jan.
15
15 Dec. 31
2 Dec. 15
1 Dec. 15
2 Dec. 19
15 Jan. 30
15 Dec. 15
Dec. 18
Jan.
7
Jan.
15 Jan.
Jan.
15 Jan.
2 Dec.
2 Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
15
15
22
2 Dec. 22
2 Dec. 21
2 Dec.
4
Feb.
Feb.
Feb.
Jan.
7
Jan.
7
1
1
18
18
2 Dec.
18
2 Dec. 21
15 Jan.
Jan.
2
Jan.
2 Dec.
5
2
Jan.
Preferred B (semi-ann.)
Tacony-Palmyra Brid 5% preferred (quar.)
Talcott (James), Inc
New (initial)-5)4% partic. pref-Tamblyn (,G.) Ltd. (initial, quarterly)
Quarterly
Quarterly.-.--.
11
Feb.
1 Dec.
17
Jan.
Jan.
Jan.
Jan.
-
2 Dec.
18
Apr.
July
—
Quarterly
Oct.
Jan.
Taylor Markets, Inc. (extra)
Teck-Hughes Gold Mines
Jan.
Jan.
-
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
-
Jan.
-
Jan.
..
Jan.
Timken-Detroit Axle Co. Preferred (quar.).
Preferred (quar.)
—
Preferred (quar.)
Toledo Edison Co. 7% pref. (monthly)
Mar.
June
2 Nov. 24
2 Dec.
15
2
1
1
1
4 Dec. 28
2 Dec. 10
2 Dec. 10
1 Jan. 15
2
2 Dec.
2 Dec.
2 Dec.
2 Dec.
2 Dec.
2 Dec.
2 Dec.
2 Dec.
2 Dec.
1 Feb.
15
15
15
15
15
15
15
4
21
20
1 May 20
Sept.
„
Traders Finance Corp. 6% pref. A (quar.)
:
J
50c
$154
2 Dec.
2 Dec.
15
15
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
6% preferred (monthly)
5% preferred (monthly)
Torrington Co. (quar.)
1 Aug. 20
Jan.
Jan.
-
Corp., 7% pref
7%,preferred (quar.)——
20
20
2 Dec.
4354c
Tuckett Tobacco Co.. pref. (quar.)
208 8. La Salle Street Bldg. Corp. (Chicago)
Quarterly
Twin State Gas & Electric preferred (quar.)I
10
20
20
15 Dec. 20
15 Jan. 30
15 Dec. 19
2 Dec. 15
Feb.
-
Tubize Chatillon
Jan.
Feb.
Jan.
Non-conv. preferred (quar.)
Storkline Furniture Oo. (quar.)
Superheater Co. (quarterly)
Supertest PetroleumCorp., ord. bearers (s.-a.).
Common bearer (semi-ann.)
7% preferred (quar.)
2
2 Dec.
Jan.
20c
-
2
10
10
Jan.
$154
h$ 2
Stokely Bros. & Co
Extra
15 Jan.
15 Jan.
19 Feb.
50c
(quar.)
Stetson (J. B.) Co. (resumed)
Preferred
5
2 Dec. 10
15 Dec. 31
15 Dec. 31
2 Dec. 15
$154
$1.12
r$2
Bonus—
Feb.
2 Jan.
4354c
Extra
-
Jan.
15 Dec. 31
2
20 Dec. 31
2 Dec. 15
2 Dec. 15
9 Dec. 31
h$\K
10
19
Jan.
15c
Shawinigan Water & Power Oo. (quar.)---.
Shawmut Assoc. (quar.)
Silver King Coalition Mines Co
Dec.
—
Dec. 26
30
Jan. 11 Jan.
6
Feb.
Jan. 15
Feb.
Jan. 15
May
Apr. 15
lan
JVC
,19
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)
Texas Electric Service Co. $6 pref. (quar.).
Tide Water Assoc. Oil, 0% prefferred (quar.)
Tilo Roofing Oo. preferred (quarterly)
31
31
10
10
Dec.
Security Storage (quar.)
Seeman Bros., Inc., com. (quar.)
19
5
Jan.
Tennessee Electric Power Co., 5% pref. (quar.).
,24
2
Jan.
Jan.
10
10
Dec.
Jan.
6)4 % debenture D (quarterly)
31
15
10
10
31
Jan.
Telautograph Corp. (quar.)
Telluride Power 7% pref. (quar.)
Dec.
15
Jan.
—
31
24
10
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
11 Dec.
Jan.
A (qu.)
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
1
15
15
Feb.
(quar.)-'
Scott Paper Co., common one for one
Scranton Electric Co., $6 pref. (quar.)
Sears Roebuck & Oo. (extra)
Conv.
5
Dec.
Dec.
Jan.
7 H % debenture B (quarterly)
7% debenture C (quarterly).
Preferred
Jan.
Jan.
Bridge Co. 1st pref. (semi-ann.)
2d preferred (semi-annual)
Dec.
Jan.
Jan.
Simms Petroleum Co.
Dec. 15
Dec. 15
18
Dec. 24
Dec. 24
Jan.
Dec. 22
Dec.
-
St. Louis
Dec. 21a
Dec.
Jan.
Jan.
Jan,
Dec. 30
Dec. 31
Dec. 31
Dec.
Extra.-—
Pneumatic Scale Corp., 7% pref. (quar.)
Pocahontas Fuel Co
Preferred (semi-ann.)
—,
Pond Creek Pocahontas Go. (quar.)
Jan.
Jan.
—
Sorg Paper Co., 6% pref, (quar.)
Sheaffer (W. A.) Pen Co., $8 pref. (quar.)
Shell Union Oil Corp., 5)4% pref. (quar.)
Sherwin-Williams of Can., pref
Jan.
Paraffine Co.. Inc.
2 Dec. 19
11 Jan. 14
14 Dec. 24
Dec. 22
Dec. 21
Jan.
Feb.
Jan.
5
Feb.
Second National Investors, $5 preferred
15 Jan.
Jan.
Pacific American Fisheries, Inc
—
Savannah Electric & Power Co.. 8% deb.
Jan.
Otis Co
_
Sagueney Power Co., pref.
Jan.
Jan.
Jan.
Jan.
Russeks Fifth Ave. (extra)
St. Croix Paper Co. (quar.)
Dec. 21
Jan.
Jan.
Apr. 25 Mar. 31
_
Dec. 19
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 12
Dec. 16
Jan.
(semi-ann.)
New York Hanseatic Corp. (extra)
Dec. 19
Dec. 19
Dec. 15
Jan, 15 Dec. 21
Feb. 27 Feb.
1
Feb.
Jan, 15
Feb.
Jan. 15
Jan. 26
Feb.
Railway & Light Securities Co., pref. (quar.) —
Railway Equipment & Realty Co.
Rath Packing Oo. (quarterly)
Reading Co. (quar.).
2d preferred
(quar.).
Reliance Manufactur
'acturing Oo. pref. (quar.)
Retail Stores Corp..
Opt. div. of one sh. for each 14 shs. held or—
Reynolds Metals Co..—
5)4% cum. con v. preferred (quar.)
Reynolds (R. J.) Tobacco Co. (quar.)_
Rickel (H. W.) & Oo. (semi-ann.)
.—
ExtraRochester Telephone, 6)4% pref. (quar.)
Holders
Payable of Record
Jan.
Jan.
Jan.
Extra
Jan.
& Hudson River Ry. & Ferry Co—
New Jersey
Public Service Co. of Oklahoma-^—
7% prior lien stoc
(quarterly).
6% prior lien stock (quarterly)
Puerto Rico Power Co,
tod., 7% pref. (quar.).
Puget Sound Power &T fht ,$5 pref
—.
5d (quar.)
Quaker Oats Co. prefc
Quarterly Income Sharl
Jan.
Jan.
Jan.
50c
40c
preferred (quarterly)
Preferred
Dec. 23
Jan.
When
Per
Share
Name of Company
--
Jan.
*8
Dairy Products A & B pref (quarterly)
Fire Insurance Co. of Hartford
Fuel Gas Co
Grocery Co., Ltd., preferred
Lead Co. Class B (quarterly)
Power & Light Co., $6 pref. (quar.)--.
Standard Co. (quarterly)..Sugar Refining Co. of N. J
National Tea Co, (quar.)
Navarro Oil Co. (extra)
New Britain Machine Co. (quarterly)
New Brunswick Light, Heat & Power Co
New England Power Co., 6% pref. (quar.)
New England Power Assoc., 6% pref
—
6% preferred (quarterly)
$2 preferred- —
New Hampshire Fire Ins.
Jan.
Jan.
(quar.)
National
National
National
National
National
National
National
National
$2
Jan.
_,
Murphy (G. O.) Co., preferred (quar.)
Mutual System, Inc., common (quar.)
Preferred (quar.)-_-
Jan. 2. 1937
Holders
Payable of Record
Jan.
$5 cum. pref. (semi-arm.)
Morris, Philip & Co., Ltd., inc
Muulingweax, Inc.
—
Stock div. of H sh. of Wayne Knit. Mills for
each sh. of Munsingwear held
__
When
Chronicle
2 Dec.
15
18
Jan.
Jan.
2 Dec.
2 Dec.
18
2 Dec. 15
2 Dec. 15
1 Jan.
9
2 Dec. 10
15 Dec. 31
4 Dec,
2 Dec.
19
15
ft!"
Volume
'
,
Financial
144
Per
Name of Company
When
Share
Jan.
United Bond & Share Ltd. (quar.)
Dec.
15
Dec.
Mar.
Feb.
Jan.
_
Dec.
Jan.
Jan.
6% preferred (quar.)
United Biscuit Co. of America (quar.)
Preferred (quarterly)
Holders
Feb.
15
15
15
Jan.
15
Dec. 31
United Corp. preferred
(quarterly).
United Dye wood Corp. common (quar.)
Jan.
United Fruit Co. (quar.)
United Gas Public Service Co., $6 pref. (qu.)
United Light & Railways, 7% pref. (mo.)
Jan.
Dec. 18
Dec. 11a
Dec. 21
—
Jan.
Dec. 19
_
Jan.
Dec.
Dec.
15
Dec.
15
Jan.
Jan.
Dec. 21
We hie Brewing—
Series B
...
United Loan Industrial Bank (Bklyn, N.
Y.)._
Extra
United Milk Products Co.—
Cumulative participating preferred (quar.)
United New Jersey EB. & Canal Co. (quar.)—
75c
Jan.
S2H
Dec. 24
Dec. 21
Jan.
62 He
37 He
United Shoe Machinery Corp., common
Dec. 21
Jan.
Jan.
Feb.
United States Smelting, Refining & Mining
Preferred (quar.)
U. S. Sugar Corp.—
Dec.
15
Jan.
21
Jam
Dec.
23
Jan.
Jan.
Dec. 31
68^c
Preferred
—
Jan.
$1X
Jan.
75c
Jan.
15 Dec.
25c
Jan.
30 Dec. 31
25c
Westing house Air Brake (quar.)
Quarterly
Quarterly
Quarterly
4-30-37
7-30-37
10-30-37
1-30-38
-
25c
25c
25c
Quarterly
Westmoreland, Inc. (quar.)
Weston Electrical Instruments, class A (quar.)_
Weston (Geo), Ltd. (quar.)
18
3-31-37
6-30-37
9-30-37
12-31-37
2 Dec. 15
Dec. 18
30c
50c
West Penn Power Co., 6% pref. (quar.)
Jan.
Dec.
19
10c
Extra
Jan.
20c
Jan.
Dec.
Feb.
Jan.
19
5
Feb.
Jan.
Jan.
Dec.
Jan.
Dec. 28
Jan.
88
M
5
Jan.
Dec.
15
Woodside National Bank of New York
4%
Jan.
Dec.
18
Wright Hargreaves Mines, Ltd. (quar.)
10c
Jan.
Dec.
14
Dec. 24
5c
Jan.
Dec.
14
10c
Dec.
14
Dec.
14
Jan.
5
Feb.
Jan.
26
Jan.
Dec.
21
Jan.
Dec.
16
Jan.
Jan.
Dec.
Dec. 20
16
Feb.
Walgreen Co. preferred (quar.)
Waltham Watch, prior preferred (quar.)
Prior preferred (quar.)
Prior preferred (quar.)
Prior preferred (quar.)
Ware River RR. guaranteed (semi-ann.)
11
Oct.
Dec.
Dec. 26
Mar. 20
Apr.
July
June
Oct.
Jan.
Dec. 31
19
Sept. 18
weekly statement issued by the New
Clearing House is given in full below:
NEW
WEEK ENDED
YORK
11
Dec. 21
$1H
%\H
Jan.
Dec. 21
Jan.
Dec.
75c
Jan.
Dec. 22
Jan.
Dec. 22
16
21
Feb.
1 Jan.
Jan.
2
Dec.
19
25c
Feb.
1
Jan.
20
20
Mar.
6
1
Feb.
25c
Apr.
1
Mar. 20
15c
__
Jan.
Jan.
2 Dec.
2 Dec.
18
Jan.
2 Dec.
18
25c
.
$1
$1
a
Payable in stock.
7
Transfer books not closed for this dividend.
e
.
/ Payable in common stock,
ulated
dividends,
i Payable
g
in
Payable in scrip,
h On account of accum¬
preferred stock.
Payable in Canadian funds, and in tne case of non-residents of Canada
reduction of a tax of 5% of the amount of such dividend wilJ be made.
r
a
Less depositary expenses.
w
New
The
York
following shows the condition of the Federal Reserve
Bank of New York at the close of
CLEARING
16
Jan.
Condition of the Federal Reserve Bank of
City
York
Dec.
Feb.
Jan.
_.
Weekly Return of the New York City
Clearing House
The
Jan.
$1
10c
2oe
Special interim dividend
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
Young (J. S.) Co. (quar.)
7% preferred (quar.)
11
19
15
37Hc
Extra
Apr. 10
July 10
Jan.
—
16
Jan.
Oct.
Jan.
--
Jan.
Jan.
Apr.
July
OF THE
Jan.
Jan.
(quar.)
Preferred (quarterly)
MEMBERS
20
15 Dec. 20
2 Dec. 21
2 Dec. 21
Jan.
50c
J
14
Dec. 21
Jan.
(quarterly)
(quarterly)
FOR THE
15 Dec.
60c
UK
-—
Preferred (quarterly)
Western Tablet & Stationery Corp.extra
5% preferred (initial)
Western Union Telegraph Co
-
15
15
Jan.
Valley RR. Co. of N. Y. (s.-a.)
Victor-Monaghan Co., 7% preferred (quar.)
Virginian Railway
Preferred (quarterly)
Vulcan Detinning Co.
Preferred (quarterly)
OF
15
Feb.
15
Jan.
—
Upper Michigan Power & Light Co.—
6% preferred (quar.)
Upson Co. 7% pref. (quar.)
ASSOCIATION
15
Dec.
Jan.
Dec.
Mar.
June 15
Jan.
(quar.)
STATEMENT
15
Dec.
May
1
Jan.
„
Preferred
15
Dec.
Feb.
Dec.
Apr.
July
Quarterly
Universal Leaf Tobacco Co., Inc., (quar.)
Preferred (quarterly)
Preferred
Dec.
16
Mar.
Jan.
(quarterly)
(quarterly)
Preferred (quarterly)
United States Trust Co. (quar.)
United States Tobacco Co. common
United Stockyards Corp.pref erred
Universal Insurance (.Newark, N. J.)
Western Grocers, Ltd. (quar.)
26
Jan.
_
Dec.
15
June
dividend of H share Clewiston Realty &
Development Co., common
Preferred
Extra
26
Jan.
Jan.
$1
$2
15
Dec.
Jan.
-
Dec.
Jan.
.
Dec.
Jan.
—
Jan.
Jan.
7% preferred (quarterly)
West Texas Utilities $6 preferred
West Coast Oil pref. (quar.)
West Virginia Pulp & Paper Co. (quar.)
Westvaco Chlorine Products 5% pref. (quar.)..
Whitaker Paper Co. (resumed)
White (S. S.) Dental Mfg. Co. Pref (quar.)
Whitman (Wm.) Co., Inc., 7% pref. (qu.)
Wieboldt Stores, Inc. (quar.)6% pref (quar.)..
$5 prior preferred (quar.)
Will & Baumer Candle Co., Inc., pref
Stock
Preferred
Feb.
Jan.
West Point Mfg. Co. (quar.)
Dec. 31
87Hc
United States Hoffman Mach. Co., pref. (quar.)
United States National Corp. (liquidating)
15
$2
Preferred
Dec.
Payable of Record
25c
*
Wesson Oil & Snowdrift Co., Inc.Extra
15
Jan.
Jan.
6.36% pref. (monthly)
6% prer. (monthly)
Jan.
Share
Warren Foundry & Pipe Corp. (quar.)
Wayne Knitting Mills, 6% pref. (s.-a.)
Wayne Pump Co. (initial)
Holders
When
Per
Name of Company
Payable of Record
Union Electric Light & Power Co. (111.) pref
Union Electric Light & Power Co. (Mo.) pref..
57
Chronicle
HOUSE
SATURDAY, DEC. 26, 1936
in comparison with the
business Dec. 30,
1936,
previous week and the corresponding
date last year:
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
Average
Average
Surplus and
Clearing House
Capital
Members
Dec. 30, 1930 Dec.
Bank of N. Y. ATr.Co.
Bank of Manhattan Co..
6,000,000
20,000,000
National City Bank
;
Chemical Bk. A Tr. Co..
C77,500,000
20,000,000
«53,577,400 al,416,918,000
52,738,100
470,665,000
167,136,000
28,506,000
Guaranty Trust Co
Manufacturers Trust Co
90,000,000
42,935,000
Cent. Hanover Bk. A Tr.
21,000,000
15,000,000
35,503,000
91,182,000
47,368,000
23,037,000
^ 51,214,000
609,001,000
11,191,300
25,431,700
140,345,000
407,720,000
Com'l Nat. Bk. A Tr.Co.
7,000,000
Public N. B. A Tr. Co..
5,775,000
178,070,700 61,542,036,000
35,132,900
487,602,000
64,217,500
741,765,000
16,866,400
255,369,000
90,750,600
521,692,000
59,220,500
506,679,000
3,911,600
64,565,000
/121.233.300 c2,056,778,000
3,440,600
49,686,000
69,954,500
dS53,602,000
2,702,200
16,509,000
8,494,300
95,329,000
23,129,200
326,274,000
7,873,900
78,290,000
8,595,100
86.204,000
522,480,000
13,449,000
31,101,000
836,531,800 10.118,028,000
Corn Exch. Bank Tr. Co.
First National Bank
10,000,000
50,000,000
Irving Trust Co
Continental Bk. A Tr.Co
4,000,000
Chase National Bank...
/100,270,000
500,000
Fifth Avenue Bank
Bankers Trust Co
25,000,000
Title Guar. A Trust Co..
Marine Midland Tr. Co.
10,000,000
5,000,000
New York Trust Co....
12,500,000
Totals
*
As
3,500,000
355,000
1,357,000
1,431,000
46,445,000
official reports: National, June 30, 1936; State, Sept. 30, 1936; trust
companies, Sept. 30, 1936. e As of Aug. 1, 1936. / As of Sept. 30, 1936.
Includes deposits in foreign branches as follows: (a)
5245,983,000: (6) $91,156,000:
per
(C) $111,116,000; (d)
The
New
returns
are
of
York
on
hand and due from
United States Treasury x
Redemption fund—F.
Other cash
Total
t
R
3,409,003,000 3,400,897,000 3,320,993,000
1,435,000
1,435,000
1,792,000
55,903,000
54,360,000
64,583,000
notes
—
3,475,021,000 3,458,235,000 3,377,145,000
reserves
Bills discounted:
Secured
U.
by
8. Govt, obligations,
(or) fully guaranteed
direct and
2,410,000
604,000
Total bills discounted
Bills bought in open market
Industrial
advances
2,198,000
4,592,000
3,030,000
1,100,000
6,026,000
....
3,387,000
1,205,000
3,014,000
Other bills discounted
1,100,000
6,051,000
7,741,000
832,000
1,738,000
United States government securities:
Bonds
Treasury
notes
130,269,000
356,035,000
bills
158,939,000
129,985,000
357,682,000
157,576,000
498,307,000
Treasury
645,243,000
645,243,000
741,883,000
655,383,000
656,986,000
754,392,000
84,000
7,734,000
194,671,000
10,866,000
31,255,000
85,000
265,000
5,667,000
185,870,000
166,040,000
10,866,000
30,423,000
27,956,000
Total U. S. Government securities..
55,908,000
187,668,000
"Times"
publishes regularly each week
which
The
the figures for the week ended Dec. 24:
Total bills and securities...........
number of
a
are
Due from
foreign banks
Federal Reserve notes of other banks..
Uncollected items
Bank premises
INSTITUTIONS
NOT IN CLEARING HOUSE WITH THE
CLOSING OF
BUSINESS FOR THE WEEK ENDED THURSDAY, DEC. 24, 1936
NATIONAL
AND
STATE
Loans,
Disc,
and
BANKS—AVERAGE
Other Cash,
Including
Investments Bank
Manhattan—
$
Grace National-
Sterling
1935
$
$47,695,000.
banks and trust companies
not members of the New York
Clearing House.
following
Dec. 31,
Assets—
Gold certificates
26,727,000
576,000
3,088,000
25,024,000
23, 1936
S
$
$
National.
.
Trade Bank of N. Y.
Notes
Res.
Total assets
FIGURES
Dep.,
Dep. Other
Y. and
N.
Banks and
Gross
Trust Cos.
Deposits
$
$
Elsewhere
$
$
All other assets
5,483,000
10,781,000
4,375,014,000 4,348.132,000 4,342,062,000
Liabilities—
26,033,000
21,549,000
4,519,430
96,500
5,979,500
829,000
289,598
6,650,000
2,413,000
2,354,000
2,696,846
327,784
30,687,600
28,048,000
6,868,142
4,975,000
120,000
580,000
590,000
5,740,000
F. R. notes In aotual circulation
915,529,000
924,419,000
807,718,000
Deposits—Member bank reserve acc't.. 2,902,122,000 2,891,216,000 2,747,431,000
U. S. Treasurer—General account
115,237,000
330,925,000
104,251,000
Foreign bank
34,284,000
Other deposits
95,171,000
Total deposits..
24,587,000
95,725,000
10,542,000
165,156,000
3,135,828,000 3,126,765,000 3,254,054,000
Brooklyn—
Peoples' National
TRUST COMPANIES—AVERAGE
Deferred availability Items..
191,223,000
50,590,000
50,825,000
7,744,000
8,849,000
14,426,000
Capital paid In
FIGURES
Surplus (Section 7)
Loans.
Disc,
and
Res.
Cash
N.
Empire
63,259,900
Federation
Fulton
Lawyers
United States
Gross
Trust Cos.
Deposits
$
13b)
Reserve for contingencies
$
All other liabilities
Total liabilities.
*8,883,200
182,868
12,197,877
21,037,200
29,892,100
67,940,601
*1,057,279
*4,867,100
*8,085,400
18,165,204
11,932,300
1,548,661
1,741,374
574,600
3,418,000
17,881,170
2,970,700
2,270,521
375,100
77,554,100
11,627,743
12,612,012
22,621,700
39,168,200
74,407,081
Ratio
of
total
reserves
to
Kings County
86,908,000
35,142,516
to
make
vances
4,108,000
42,085,000
2,653.574
10,111,447
54,000 124,517,000
42,616,408
Reserve
as
follows:
ciary $739,275, Fulton $4,586,800, Lawyers $7,231,800.
Empire $7,285,100
Fidu¬
1,727,000
Industrial
x
'
85.8%
85.4%
83.1%
8,665,000
9,948,000
bank notes.
These
over
7,744,000
ad¬
t "Other cash" does not include Federal Reserve notes or
100
Includes amount with Federal
8,849,000
9,474,000
8,632,000
Commitments
Reserve
50,825,000
7,744,000
8,849,000
deposit and
R. note liabilities combined
F
160,139,000
51,006,000
50,435,000
50,825,000
4,375,014,000 4,348,132,000 4,342,062,000
are
a
bank's
own
Federal
,
,
Brooklyn
*
Banks and
%
%
9,621,796
Fiduciary
Brooklyn—
$
Y. and
Surplus (Section
Dep. Other
Elsewhere
Invest.
Manhattan—
Dep.,
169,621,000
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar
cents to
59.00 cents,
was on Jan. 31, 1934, devalued from
these certificates being worth less to the extent of the
difference, the difference itself having been appropriated
under the provisions of the Gold Reserve Act of 1934.
as
profit by the Treasury
I
58
Financial
Chronicle
Jan. 2, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
on
Wednesday.
Thursday afternoon, Deo. 31
on
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
corresponding
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of 11Current Events and Discussions
Reserve note statement
COMBINED RESOURCES
Three ciphers
AND LIABILITIES
Dec. 30,
1936
(000) omitted
OF THE FEDERAL RESERVE
Dec.
23,
1936
Dec. 16,
1936
Dec.
1936
ASSETS
Gold ctfs.
Dec.
AT THE CLOSE OF BUSINESS DEC.
2,
1936
8,851,878
12,741
Nov. 25,
Nov.
Nov.
18,
10,
1936
1936
1936
$
hand and due from U. S. Treas.x
on
9,
BANKS
S
I
30,
1936
Nov. 4,
1936
3
8,851,876
8,853,624
8,809.324
247,672
12,741
199,674
12,133
232,753
11,986
247,464
9,112,291
9,064,191
9,098,510
4,521
7.029
1,853
5,856
856
5,377
8,882
7,684
3,089
3,089
24,768
3,088
24,999
25,313
25,493
25,696
25.980
490,643
489.576
489,576
408,326
381.326
381,326
1,340,963
598.621
1,347,163
593,488
1,347,163
593,488
1,417,283
604,618
1,449,163
599,738
2,430,227
2,430,227
2,430,227
2,430,227
2,463,461
2,467,196
2,466,313
2.464,807
220
221
29,225
760.266
23,834
26,646
26,074
23,823
25.464
26.926
23,289
24.852
747.244
895.842
582,369
615,194
556,847
48,082
48,082
48,066
40,147
39,468
48,078
46,200
718,925
48,066
573.938
48,082
41,253
651.945
48,066
43,285
42,673
41,725
48,067
40,988
40,255
.12,454,798
12,390.915
12,575,081
12,236,522
12,301,473
12.224,679
12,302,740
12,134,953
12,048,652
Redemption fund (Federal Reserve notes)
Other cash *
Total reserves.
8,650.837
8,811,021
8,768.838
8,730,839
8,726.337
11,407
11.407
12,585
11 853
11,354
246.357
247,458
258,858
243,801
249,355
9,068,774
9,068,785
9,027,703
9,002,282
8,981,991
8,911,546
3,994
2,005
4,351
1,987
4,211
1,854
3,345
1,900
4,128
4,142
2,738]
2,935
5,999
6,338
6,065
5,245
6,868
7,077
3,088
3,087
3,086
3,086
26,037
3,086
26,281
3,087
26,474
1,449.163
379,960
1,443,363
599.738
606.904
379,960
1,443,363
606,904
1,443,363
606,904
2,430,227
2,430,227
2,430,227
2,430.227
2,430,227
2.465.348
2,465,358
2,464,595
2,466,460
2,466.865
Bills discounted:
Secured by
U. S. Government obligations,
fully guaranteed
direct and (or)
Other bills discounted
,
Total bills discounted.
Bills bought In open market.
Industrial advances..
United States Government securities—Bonds..
Treasury notes
Treasury bills-—...
...
Total U. S. Government securities...
1,828
;
379.960
Other securities
Foreign loans on gold.
Total bills and securities
Gold held abroad
...
Due from foreign banks
...
Federal Reserve notes of other banks.
Uncollected Items
Bank premises
All other assets
Total assets.
220
220
221
221
221
220
220
48.067
LIABILITIES
Federal Reserve notes in actual circulation...
4,278,786
4,350,488
4,268,972
4,232,669
4,202.799
4,169,201
4,134,270
4,142,981
4,134,747
Deposits—Member banks'
6,571.721
230,829
6.507.490
6,674.157
6,730.989
6,775.236
6.794,650
6,850,652
6,824.565
6,693,359
250,560
109,628
79.079
60.485
54.589
65.198
163.415
59,405
63.955
52,702
179.918
74,383
181,428
172,826
60,779
165,803
93,081
94,016
152.320
152,525
143,893
48,804
142,440
153.316
7,076,484
7,013,861
7,073,565
7.052.683
7,096,589
7,080,209
7.097.732
7,070,398
6,988,002
739,938
130,833
145,501
672.619
879.317
578.938
623,656
720,127
570.910
575.644
130.624
130,390
130.283
130,247
130,224
145.501
145.501
145.501
145.501
130.219
145,501
130.232
145,501
650,064
130.275
145,501
27,088
34,251
27,088
27.088
27,088
27.088
27.088
27.088
27,088
34,249
34.295
34,291
34,237
35,111
34,251
14,906
34.290
21,917
34,248
16,486
27,088
34,246
16,002
14.487
13,503
13,565
13,201
12,454,798
12,390,915
12,575,081
12,236,522
12,301,473
12,224,679
12.302,740
12,134,953
12.048,652
reserve account...
United States Treasurer—General account.
Foreign banks
Other deposits—
Total deposits.
Deferred availability items.
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies-.
All other liabilities—
Total liabilities
94,549
46,778
145,501
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
80.2%
79.8%
80.2%
80.4%
80.3%
80.3%
80.1%
80.1%
80.1%
Commitments to make industrial advances—
20.959
21,064
21,371
21,491
21,544
22,040
22,138
t 22,436
22,574
4,737
7,757
6,297
4,568
5,082
4,832
4.054
5,130
5,250
171
189
230
495
272
542
479
511
565
161
176
246
268
311
504
386
860
788
302
421
564
148
145
144
317
209
319
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted..
16-30 days bills discounted
31-60 days bills discounted..—......
61-90 days bills discounted
Over 90 days bills discounted
...
...
.....
6
Tota
347
520
528
43
9
156
155
8,882
7,684
5,999
6,338
6,065
5.245
6,866
7,077
194
1-15 days bills bought in open market......
16-30 days bills bought in open market......
31-60 days bills bought in open market
61-90 days bills bought in open market......
Over 90 days bills bought in open market....
339
5,377
.......
Total bills discounted.
1,615
1-15 days Industrial advances
16-30 days industrial advances
81-60 days Industrial advances
1,950
134
163
220
141
83
513
584
545
1,895
£9
158
204
264
412
326
158
587
204
116
227
174
2,582
548
235
435
471
2,620
2,592
2,514
2,566
3,089
3,088
3,089
3,088
3,087
3,086
3,086
3,080
3.087
*.*1,167
bills bought In open market
1,944
63
250
1,212
938
928
1,022
1,017
991
852
1,035
647
407
334
348
433
457
522
668
819
780
880
677
949
....
260
270
647
669
565
468
669
734
853
805
962
713
797
721
22,003
22,218
22,407
22,591
22,637
23,097
23,121
23,395
23,356
24,768
24,999
25,313
25.493
25.696
25,980
26.037
26,281
26,474
3.240
23,499
54,426
63,548
29,281
121,372
34,319
49,968
168,653
26,739
2.133,618
151,028
2,101,807
49,968
139,372
32,521
143,297
2,282.662
44,586
135,042
28,951
148,587
2,073,061
42,362
64,189
99,674
16,011
43,749
137,175
2,285,514
11,011
12,940
51.985
61,374
2.292,917
2,430,227
2,430,227
2.430.227
2.430.227
2,430,227
2,430.227
4,637,989
359,203
4,646,501
296,013
4,576,604
307,632
4.538.157
305,488
4,497,999
295,200
4,278,786
4,350,488
4,268.972
4,232,669
4,616.838
95,000
4,616,838
7,397
95,000
4,535,838
6,143
95,000
4,716,474
4,719,235
4,636,981
......
......
;
61-90 days Industrial advances
Over 90 days industrial advances...........
........
Tota Industrial advances.
1-15 days U. 8. Government securities......
18-30 days U. S. Government securities......
31-60 days U. 8. Government securities......
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
Total U. S. Government securities
M
v
3,240
50,855
29.281
26.739
44,586
2,065,069
156,053
43,749
2,143,477
2,150,548
2,430,227
2,430,227
2,430,227
4,473,190
303,995
4,466,513
332,243
4,443,261
300,280
4,397,757
263,010
4.202,799
4,169,201
4,134,270
4,142,981
4,134,747
4.492.338
4,290
90,000
4,464,838
4,437,838
4,437,838
4,395
85,000
3,534
84,000
4,395,838
5,147
93,000
4,369,838
4,695
88,000
4,586,628
4,557,533
4,530,233
4,525,372
4,493.985
4,468.127
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities....
Over 90 days other securities..
..............
...........
...........
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
...........
In actual circulation
Collateral Held by Agent as
Notes Issued to Bank—
Gold ctfs.
on
Security for
hand and due from U. S. Treas..
By eligible paper
United States Government securities.........
Total collateral
*
"Other cash" does not include Federal Reserve notes,
These
oents
4,636
on
5,289
93,000
t Revised figure.
eertltlcates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
Jan. 31, 1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as
profits by the Treasury under
are
the^provislons of the Gold Reserve Act of 1934.
<
\
Volume
59
Chronicle
Financial
144
Weekly Return of the BoaM of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE
\2 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 30. 1934
Three Ciphers (000) Omitted
Federal Reserve Bant of—
Gold
Total
Boston
New Yort
$
%
%
Cleveland Richmond
Phila.
RESOURCES
%
certificates
hand
on
Atlanta
$
%
I
$
1
$
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
%
$
$
due
and
666,672
501,243
194
978
Redemption fund—Fed. Res. notes..
Other cash
'
24,124
19,336
15,215
Total reserves
585,086 3,475,021
525,561
686,986
310,502
12,741
167,927
638.565
666
198
12,988
6,358
1,480
20,355
174,483
660,400
252,494
170,106
857
915
28,232
15,098
7,411
265,931 1,705,596
340
247,672
8,851,878
261,477
1,570
278,145
178,432
266,148
249,795 1,676,507
294,947
563,142 3,409,003
1,435
1,449
64,583
20,495
9,112,291
from United States Treasury
2,659
13,477
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed.
•
695
2,410
360
22
604
27
28
13
11
35
39|
5,377
Total bills discounted
a
■
1
50
4,521
856
_
717
3,014
387
28
13
61
35
40
225
1,100
317
294
121
108
86
Other bills discounted
V
1,002
21
37
12
10
37
1,014
21
61
87
87
218
7
•
24,768
....
Industrial advances
2,888
6,026
4,706
1,214
2,654
400
,385
1,435
424
1,070
794
1,334
1,823
490,643
Bills bought In open market
35,167
96,116
130,269
42,194
115,317
49,618
135,612
25,340
20,025
57,324
23,381
18,313
20,318
54,731
60,539
156,670
69,939
63,901
51,479
69,254
30,916
28,527
50,051
22,343
25,409
69,445
43,285
118,301
52,810
3.089
«
U. S. Government securities:
Bonds
1,340,963
598,621
Treasury notes
.'
Treasury bills
Total
356,035
158,939
42,907
24,432
55,530
24,789
31,001
2,430,227
174,190
645,243
208,990
245,769
125,510
99,188
283,933
115,809
90,707
125,855
100,637
214,390
2,463,461
UJ S. Govt, securities
Total bills and securities
178,020
655,383
214,400
247,305
128,298
99,757
285,788
116,359
91,848
126,773
103,072
216,458
f
220
17
84
21
4
3
6
6
15
29,225
326
7,734
1,311
2,158
2,408
3,262
3,532
1,848
11,585
24,967
93,902
33,808
18,026
25,443
6,525
1,669
67,395
2,919
1,207
2,284
1,358
4,835
2,453
1,534
1,445
38,799
3,368
1,034
78,137
2,582
47,656
3,580
576
250
283
318
336
357
805,902 1,022,800
512,739
397,567 2,094,255
432,867
291,711j
436,857
305,900
931,048
420,497
206,321
188,827
964,742
183,914
135,893
162,326
92,042
333,031
162,483
472,246
40,653
Due from foreign banks
Fed. Res. notes of other banks......
760,266
48,082
41,253
Uncollected Items..
Bank premises
All other
resources
Total resources..
12,454,798
20
194,671
56,334
3,113
10,866
453
31,250
5,079
3,196
81,128
848,143 4,375,009
26
8
10
1,526
LIABILITIES
4,278,786
362,908
915,529
6,571,721
F. R. notes In aotual circulation
312,756
359,874 2,902,122
104,251
9,278
445,504
Deposits:
Foreign bank
Other deposits
191,644
34,117
3,566
116,497
4,992
221,132
4,504
3,292
4,169
10,912
i 1,673
2,822
7,171
2,258
4,964
2,728
187
6,372
2,728
3,774
496,097
227,514
170,510
989,220
205,203
128,711
228,551
175,357
534,860
53,780
12,211
74,415
12,664
63,935
4,717
24,806
4,272
95,828
12,324
33,458
17,812
2,943
36,095
27,399
3,962
3,825
13,406
14,371
5,186
5,616
21,350
4,655
3,613
4,231
3,000
1,007
3.448
754
1,391
546
8,849
3,110
1,319
2,556
7,573
898
3,149
1,003
1,408
3,783
1,252
1,328
39.351
10,159
9,645
1,696
1,849
14,421
1,073
639
299
220
1,827
411
792
320
914
457
397,567 2,094,255
432,867
291,711
436,857
305,900
931,048
25
1,125
71
333
489
4,084
6,961
34,284
3,075
95,171
379,188 3,135,828
405,445
Deferred availability Items
739,938
Capital paid In
130,833
191,223
81,836
9,384
....
All other liabilities
Total liabilities
145,501
27,088
34,251
538
12,454,798
make
to
50,590
50,825
7,744
9,902
2,874
1,513
21,917
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
848,143 4,375.009
512,739
805,902 1,022,800
3,782
1,142
848
20,959
cash" does not Include
247
8,632
2,050
290
2,333
1,280
STATEMENT
Three Ciphers (000) Omitted
Total
Issued to F. R. Bank by F. R. Agent
Boston
New Yort
%
S
%
4,637,989
359,203
Held by Federal Reserve Bank
In actual circulation
4,278,786
%
$
Atlanta
St.
Chicago
$
Cleveland Richmond
Phila.
*
Federal Reserve Aoent at—
Federal Reserve notes:
held
6,490
Federal Reserve notes.
FEDERAL RESERVE NOTE
Collateral
15,471
Industrial
advances..
"Other
942,518
3,037
4,139
4,952
388,282
6,859
8,748
1,556
230,829
7,076,484
Total deposits
*
160,012
9,016
8,654
12,573
179,918
reserve account
U. S. Treasurer—General account.
Commitments
209,407
29,366
94,016
Member bank
%
Louis Minneap. Kan. City
San Fran.
Dallas
S
%
$
S
%
385,806 1,018,294
102,765
22,898
331,151
18,395
452,490
224,261
17,940
216,691 1,007,926
43,184
27,864
196,265
12,351
142,141
6,248
173,777
31,993
11,451
103,295
11,253
385,892
52,861
915,529
312,756
420,497
206,321
188,827
964,742
183,914
135,893
162,326
92,042
333,031
226,000
176,000 1,030,000
171,632
128,000
389.000
362,908
by Agent as security
for notes Issued to banks:
'
Gold certificates
on
'
/
hand and due
from United States Treasury....
4,616,838
4,636
Fllglhla pap«r
332,000
457,000
4,716,474
Total collateral
406,695 1,028,215
105,500
1
3
13
1,005
30,000
15,000
5,000
201,633
143,003
175,013
360
95,000
U. 8. Government securities.
170,000
50
45,000
406,000 1,025,706
695
2,509
332,360
226,000
457,000
221,050 1,030,000
106,505
389,000
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(i 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. 0,
1935, covers reporting banas in 101 leading cities, as it dld^prior to the banking holiday In 1933, instead of 91 cities, and has
The amount of "Loans to banks" was Included heretofore partly in "Loans on securities—to others" and partly
also been revised further so as to show additional Items.
In "Other loans." The Item "Demand
demand deposits standing to the credit of individuals, partnerships, corporations,
deposits—adjusted" represents the total amount of
associations, States, counties, municipalities, <fco., minus the amount of cash Items reported as on hand or in process of collection.
The method of computing the Item "Net
demand deposits," furthermore, has been changed in two respects In accordance with provisions of the Banking Act of 1935:
First, it includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
oomparable 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 not otherwise specified, less oash items reported as>n hand„or in process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101
Federal Reserve District—
New York
LEADING CITIES. BY DISTRICTS, ON DEC, 23f 1936 (In Millions of Dollars)
Boston
$
$
S
$
%
1,198
9,698
1,189
1,917
1,039
14
1,002
9
31
77
19
2,042
146
St.
Chicago
$
1
233
Atlanta
$
Cleveland Richmond
Phila.
Total
"
:
ASSETS
Loans and Investments—total
22,941
$
Louis Minneap. Kan. City
$
518
664
601
3,144
15
4
6
48
6
2
3
221
72
53
203
2,205
3
703
410
694
San Fran.
Dallas
$
5
$
$
19
Loans to brokers and dealers:
In New York
City
Outside New York City
Loans on securities to others
8
•
••a...
(except
Loans to banks
849
146
48
152
23
6
10
242
62
180
26
26
3
50
2
3
I*.* -
«
1
47
10
24
2
22
44
6
18
23
369
6
■1
«...--
43
159
30
10
72
10
.
73
33
6
87
78
Loans on real estate
346
1,155
banks)
Acceptances and com'l paper bought.
4
1
~
2
1
Other loans
4,277
312
1,716
184
226
119
176
569
145
125
147
157
401
U. S. Government direct obligations..
9,290
389
3,880
343
931
297
210
1,639
236
177
273
199
710
Obligations fully guar, by U. 8. Govt.
1,240
3,241
18
501
94
55
56
38
165
62
12
48
150
1,229
307
279
80
85
397
112
48
140
5,161
272
2,577
259
324
142
88
755
134
69
437
117
87
19
40
20
11
78
13
6
14
11
21
429
130
92
276
183
257
231
Other securities
Reserve with
Federal Reserve Bank.
Cash in vault
151
38
<
153
53
361
109
281
2,386
1,376
Time deposits
United States Government deposits..
189
175
223
157
88
576
88
109
41
39
109
24
18
24
29
1,022
7,015
1,008
823
1,115
441
334
2,314
424
280
491
380
935
279
265
700
195
178
837
178
122
146
121
1,014
702
11
233
72
62
31
40
111
13
3
18
41
67
6,077
Demand deposits—adjusted
139
15,574
5,043
Balance with domestic banks..
Other assets—net
LIABILITIES
136
227
2,493
316
377
235
228
859
283
127
419
220
293
8
388
-
Inter-bank deposits:
Domestic banks
Foreign banks
......
Borrowings
Other liabilities
Capital account
....
1
14
4
1
1
6
29
1
26
900
31
378
24
18
31
8
34
10
5
3
7
3,553
235
1,586
226
340
91
86
354
87
57
91
79
423
2
351
32
W
Jan. 2, 1937
60
Stock and Bond Sales—New York Stock
DAILY, WEEKLY
Exchange
AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash
account
and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
United States Government Securities
York
the New
on
Transactions
Stock
Exchange
Below we furnish a daily record of the transactions in
Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during
the
No
is taken of such sales in computing the range for the year.
Number of
Shares
Jan. 1. 1937
Quotations after decimal point represent
of a point.
.
.
one
or
■
32ds
more
[High
Treasury
121.13
Thursday
21.16
121.7
[Close
121.10
121.11
121.11
121.13
$1,000 units...
89
45
2
109.22
109.21
109.21
09.28
109.17
109.21
109.21
09.22
109.22
109.21
109.21
09.28
34
1
108
115.22
115.20
115.22
jLow.
115.17
115.18
115.19
115.21
115.19
115.19
36
10
7
114.10
114.15
14.16
114.6
114.15
114.10
114.15
$1,000 units...
15
1
[High
110.12
110.15
110.14
Calender year
1935
1936
1936
1935
8,133,133
10,279.375
♦496,146,869
381,635,752
$4,320,000
10,182,000
53,721,000
$5,901,000
6,126,000
56,358,000
$318,887,000
358,615,000
2,899,372,000
2,287,488,000
$68,223,000
$68,385,000
$3,576,874,000
$3,339,458,000
Government
State and foreign
Railroad and Industrial
10.18
Total
14.16
110.6
110.12
110.13
110.15
110.14
10.18
$1,000 units...
28
29
32
*
10.14
110.12
8
Low.
[High
106.2
106.7
| Low.
3s. 1951-55
106
106.4
106.6
106.9
106.9
In last week's Issue the volume of trading for
06.12
06.20
15
$1,000 units...
26
14
7
[High
107.24
107.23
107.26
08
3 Low.
107.18
107.23
107.24
07.31
I Close
107.24
107.23
107.26
08
2
3s, 1946-48
Saturday, Dec. 19 was unofficially
reported.
In revising these figures we find that the volume of stock trading was
correct, the bonds however should have read Government $587,000, State & foreign,
$1,325,000, RR. & Industrials $8,552,000, and a Total of $10,464,000.
These
changes have been revised In our table.
06.20
106.9
106.1
[Close
$673,944,000
378,026,000
15
[Close
3^8. 1943-47
Stock
Below
70
50
107.20
107.25
107.19
107.21
07.22
107.20
107.25
9
108.24
108.22
108.25
08.24
108.24
108.22
108.22
108.23
of representative
the New York Stock Exchange
08.24
5
Averages
averages
08.24
108.22
Bond
3
108.24
and
daily closing
07.26
5
the
07.25
Low
[Close
$1,000 units...
are
stocks and bonds listed
20
$1,000 units—
[High
Total sales in
$68,223,000
14.16
Low.
Close
3Hs, 1940-43
HOLI DAY
$53,721,000
Ron ds
26
3^s. 1946-66
Total sales in
$4,320,000
1,451,000
Week Ended Dec. 31
Stocks—No. of shares-
15.21
$1,000 units...
[High
Total sales in
$10,182,000
11,666,000
$17,010,000
17,955,000
17,950,000
15,308,000
914,000
683,000
York Stock
Exchange
15.20
[Close
Total sales in
8,133,133
Sales at
New
15.23
$1,000 units..
4s, 1944-64
Total sales in
$1,272,000
20
(High
Total sales in
$2,580,000
2,919,000
2,492,000
2,191,000
$13,158,000
14,122,000
14,775,000
13
[High
33^8, 1943-45
Total sales in
Sales
HOLI DAY
21.16
|I Close
Low.
Total sales in
Bond
HOLI DAY
Total—
21.13
121.12
Low.
4^8, 1947-52
121.12
Total
States
Bonds
For'n Bonds
Bonds
2,280,442
2,305,370
1,760,305
Wednesday
Friday
121.12
United
State,
Miscell. Municipal dk
and
1,787,016
—
Tuesday
Jan. 1
Exchange,
HOLI DAY
Saturday
Monday
'
1
,
Daily Record of U. 8. Bond Prices Dec. 26 Dec. 28 Dec. 29 Dec. 30 Dec. 31
Railroad
Stocks.
Weeh Ended
week:
current
the New York Stock
at
Daily, Weekly and Yearly
[High
jLow
3^8, 1941-43.—,
[Close
on
compiled by Dow, Jones & Co.:
as
Bonds
Stocks
10
10
25
2
30
20
20
Total
10
First
Second
10
[High
108.22
108.23
08.27
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
jLow
Total sales in
108.18
108.22
08.23
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
108.22
108.22
08.27
$1,000 units.
3Ks, 1946-49
[Close
Total sales in
HOLI¬
38
$1,000 units...
[High
[Close
Dec. 31.
179.90
53.63
34.83
64.08
107.88
113.50
94.63
106.31
105.58
Dec. 30-
180.57
53.61
34.92
64.24
107.75
113.54
94.13
106.31
105.43
Dec. 29-
177.60
52.26
34.40
63.07
107.48
113.41
93.84
106.28
105.25
08.14
Dec. 28.
177.12
52.20
34.25
62.91
107.68
106.24
105.24
Dec. 26.
113.36
CLOS ED
93.68
2
108.6
08.14
108.4
08.9
108.3
108.6
$1,000 units...
60
29
[High
108.17
108.18
108.20
108.17
108.18
108.18
108.17
108.18
108.20
08.22
7
3
33
4
[High
109.20
109.21
109.22
09.26
Low
109.17
109.20
109.20
09.23
Close
109.20
109.21
109.20
09.26
Zyia, 1944-46
Total sales in
EXCH ANGE
08.20
Close
$1,000 units...
83^8, 1941
Total sales in
DAY
08.22
Low.
Total sales in
18
$1,000 units...
104.4
104.8
jLow.
103.26
104.4
[Close
2^8, 1955-60
128
104.3
104.8
United States Treasury
Rates
quoted
are
04.20
Bills—Thursay, Dec. 31
for discount at purchase.
62
104.14
104.10
104.14
5
'
[High
Bid
Ashed
May 19 1937
May 26 1937
6 1937
0.16%
June 16 1937
130
Feb.
10 1937
[High
104.1
104.3
104.6
04.13
Feb.
17 1937
jLow.
103.31
104.2
104.3
04.10
Feb. 24 1937
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
104.6
04.11
Mar.
3 1937
0.20%
July
14 1937
$1,000 units...
107
0.20%
July
21 1937
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.22%
0.22%
July 28 1937
4 1937
Aug.
Aug. 11 1937
0.22%
0.22%
0.26%
0.26%
0.26%
0.26%
0.26%
0.28%
0.28%
0.28%
0.28%
0.30%
0.30%
18 1937
0.30%
04.20
Jan.
52
32
112
Jan.
13 1937
106.9
106.12
Jan.
20 1937.
—jLow.
106.10
106.13
106.13
06.20
106.5
06.13
Jan.
27 1937
106.8
106.10
106.13
06.20
jveb.
3 1937
IClose
27
$1,000 units.
2$*s, 1948-51
[Close
Total sales in
70
$1,000 units...
2^8, 1945-47
Total sales in
[High
11
104.1
104.2
3
50
102.25
103.1
Mar. 10 1937.
129
51
Mar. 16 1937
03.13
103.2
Low.
102.25
102.29
103.2
03.7
Mar. 17 1937.
Close
2j*s, 1951-54
102.25
103.1
103.2
03.13
Mar. 24 1937.
$1,000 units...
1
62
5
[High
102.17
102.22
102.27
03.2
102.8
102.18
102.24
02.30
7 1937.
Apr.
Apr. 14 1937.
102.15
Total sales in
102.20
102.27
03
Apr. 21 1937.
2Kb, 1956-1959
Low
[High
jLow.
[Close
66
Apr. 28 1937.
101.4
101.8
01.15
100.30
101
101.3
01.10
5 1937.
May
May 12 1937.
101.1
101.4
101.6
June
2 1937
June
9 1937
—
June 23 1937
June 30 1937
7 1937
July
Aug.
Aug. 25 1937.
0.30%
0.34%
0.34%
0.34%
0.34%
1 1937
Sept.
8 1937.
Sept.
Sept. 15 1937
01.15
37
44
57
$1,000 units...
Federal Farm Mortgage
8 Xb, 1944-64
Mar. 31 1937
59
101.1
Total sales in $1,000 units..
2Kb. 1949-1953
Total sales in
Ashed
Bid
04.14
[High
Total sales in
Total
HOLI¬
13
51
108.3
108.2
DAY
jLow.
SHs. 1949-52
Date
1
15
41
[High
105.29
9
Sept. 22 1937
Sept. 29 1937
0.34%
36
105.30
05.30
Low.
105.27
105.30
05.30
Close
105.27
105.30
05.30
$1,000 units...
Federal Farm Mortgage
[High
3s, 1944-49.—
jLow
3
25
1
105.10
05.13
Total sales in
[Close
105
104.30
105.6
105
105.5
Total sales in
Federal Farm
$1,000 units...
Mortgage
[High
105.5.
105.16
105.10
05.13
1
Figures after' decimal point represent
05.9
105.10
5
19
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Thursay, Dec. 31
158
105.20
105.16
105.18
105.21
[Close
105.16
105.20
105.21
$1,000 units.
Federal Farm Mortgage
[High
2Jis, 1942-47
jLow.
1
29
one
or
more
32ds of
point.
105.21
jLow.
a
48
3s. 1942-47
Total sales in
104.3
104.3
Total sales in
104.9
104.3
[Close
104.14
$1,000 units...
Home Owners' Loan
3s, series A, 1944-62
1
104.22
104.27
105
104.22
104.29
104.27
105
173
Mar. 15 1941—
June 15 1940—
[High
102.23
102.28
103
1939-49—j Low.
102.23
102.29
102.22
102.28
103
$1,000 units...
177
128
34
[High
102.22
102.27
102.30
103
Low.
102.19
102.24
102.28
M%
1 H%
IX %
1X%
IX %
1X%
IX %
1H%
100.17
100.19
Maturity
June 15 1939
101.7
101.9
Sept. 15 1938...
100.26
100.28
Feb.
101.10
101.12
June 15 1938
101.12
101.14
Apr.
101.12
101.14
Mar. 15 1938...
101.12
101.14
Sept. 15 1937—
101.26
Rate
2X%
2X%
2X%
2X%
3%
3%
3X%
Bid
15 1937—
I Close
102.22
102.27
102.30
103
102.31
103.11
103.13
102.16
102.18
103.19
103.21
101.1
101.3
103.7
103.9
102.9
102.11
Total sales in $1,000 units...
Note—The
above
table
58
51
53
includes
only
sales
Transactions in registered bonds
5
Treasury 2Jia, 1955-1960
FOOTNOTES
200
of
NEW
YORK
STOCK
t Companies reported In receivership
coupon
a
Deferred delivery,
n
New stock.
r
Cash sale.
109.20 to 109.20
...
...
FOR
Bid and asked prices; no sales on this day.
121.11 to 121.11
Treasury 4^s, 1947-1952
Treasury 3^8, 1944-1946
Treasury 3^8, 1947-1952
2
129
*
x
Ex-dividend
y
Ex-rights.
were:
108.5
to 108.5
104.14 to
'
104.14
OS
Asked
102.29
101.28
1 1938—
102.31
23^8, 1942-44.
1
..
1
Asked
103.2
Total sales in
1
Int.
Bid
103
I Close
15 1940
Mar. 15 1940.
103.4
102.20
Home Owners' Loan
bonds.
Dec.
14
69
„
Mar. 15 1939—
105
204
15 1939.
—
June 15 1941—
105
104.22
15 1941
Deo.
105.2
104.19
Total tales in $1,000 units...
2J£b, series B,
Deo.
127
[High
jLow.
I Close
Home Owners' Loan
Int.
Rate
Maturity
104.14
PAGES
Abbott,
,
Proctor
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
institutions and individuals
Stocks, Bonds, Commodities for
New York
Chicago
Volume
Boston
•
Buffalo
•
Montreal
•
•
Toronto
Cleveland
•
Indianapolis
•
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
Sales
STOCKS
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 26
Dec. 28
Dec. 29
Dec. 30
Dec. 31
Jan. 1
•
On Basis of
Week.
*60
35l2
3l8
2434
7334
24*2
4
900
63
17,000
15%
15*4
2o
25
25
1,300
36
36
36
36*2
2,100
3%
1,600
3*4
3*8
74*2
3%
77*4
78
78*2
"5" 500
4*8
x73%
4*8
4
4%
4,000
14*4
1434
4
4
3%
46*4
44
*68
104
14%
4*4
48*2
4534
104
14%
ie'ioo
1484
24,555
4*4
47%
4%
46
5,700
46
46
44*2
46%
47
47
46
46
1,200
*44i8
48
44%
44*8
*46
47
*46
47
200
43
40
225"
226
225
6,600
*8414
86%
84
84%
♦8334
85
16%
*83%
7478
30i4
7584
7584
77
77*2
81
7 884
80
15,800
30i4
30*4
30*4
31
31%
31
31
500
5
5
4%
5
5
5
*34
36
4%
3834
40
34
65
69
139
65l2
7014
11312 115l2
173
83*2
,39*2
173
65
41
4034
6984
70
*139
113% 116
*171
85
*65
65
141
35%
*83
40«4
69
5
105
101
84
140
17
*34
35
99*2 100*2
*
141
32
173
117
*172
65*2
13,800
300
8484
1,200
200
5,500
700
8,700
90
70
2,300
141%
119*4
174
460
116% 118%
175
59
58*4
59
59
60*2
9714
9714
95
97*4
98
74l2
73*2
74*2
7384
15,375
174
74*4
200
98
7314
*115
Exchange
17
104% 104%
*83*2 84*2
4084 4134
66
65%
69
6934
141% *139
5814
Stock
119
*9878 100l2
*115
119
100
100
59*4
60*2
99*4 100
74%
73*4
*117% 119*4 *117% 119%
*98
*98%
35*2
3534
*29
4,900
800
Stock
2,900
""166
30
Closed
14i2
15
14*2
14%
15%
1434
1484
26i4
2634
27
26*4
26%
26%
27%
27
27%
4,800
Extra
27%
27
27%
2784
29
29*4
30% New Year's
8,900
9884
9878
97
98%
97
97
97
98
7%
7%
1234
Holiday
*12i4
♦156
35l2
300
35*2
7%
1234
♦156
*18*4
81%
68U
8214
6878
2538
165
3414
35
32
32l2
2314
23%
44
45
9314
9438
147
149%
107i8 10714
65
65
5712
*162
34%
32%
22%
40%
93%
*5984
112
2478
934
63
25*2
101
978
64*4
24%
9%
62%
1*4
13s
1*8
7*4
738
7
7
7*4
6%
*83*2
*80
45
"45""
53
400
H84
11%
52*2
53%
6,700
*117
125
66
66
12%
12
12%
81
81*4
81
81
68
69
68
68
25%
26
2534
26*4
125
*164
182
164
164
100
300
29,300
2,500
1,900
55,500
10
34*2
32%
25*4
34*2
35*4
32*4
3284
33*4
33*4
800
23*4
23
23%
24*4
3,000
43*2
42
42%
94
94
9434
23%
42%
93%
3434
107*4
64*2
102
6,500
12
66%
165
600
8,100
53
*117
6734
25*2
9,700
12,700
2,100
9,800
149
*146
150
500
107
*105
107
600
64*2
64*2
62
*143*2
6I84
113%
62%
25%
112
26
25%
*102% 103
984
64
10
64%
9%
*64
64
114*2 ♦112
65
25%
54%
141
65*2
900
62%
112
25%
55*4
141
*23*4 24*2
184% 18584
I?,900
60
4,100
7,200
200
10,400
26
25%
*102% 103
10
934
18*300
65
3,700
64%
200
3,100
1%
.
1*4
1*4
1*4
1,900
7
7
7%
6%
7*8
684
7
2,400
10,000
*85
54 38
51,200
87*8
88
86
8684
88
89%
89*2
700
1838
18*2
18
18*4
18%
1884
18*2
I884
5,200
105% 107
32
81
*124*2 135
*124% 135
60
5984
5958
59*2
16
1534
15%
15*2
For footnotes see page 60.
r33
33
5
5*4
5*2
5*4
5*2
42S4
42%
*42*8
42*2 42%
119*2 *119
119% *119
119%
10778 108*2 *106*2 108*2
7
634
6%
7*8
81
*105% 107
*105*4 107
34
33*4
107% 107% *107*4 108
7
7
7*4
7*4
60
1,100
168
Mv
984 Jan
175
Oct
84 May
934 Mar 23
2
Mar
603s Dec 12
14
Mar
Amer Metal Co Ltd
No par
6% conv preferred
100
Amer News N Y Corp..No par
Amer Power A Light
$6
preferred
No par
No par
$5
preferred
Am Rad A Stand
122*2 Nov 30
32
Mar
9
10
Apr 28
27
Apr 30
118
Dec 24
235*2 Jan 3
7*2 Feb 20
21
May
18*2 Mar
4*4 Apr
13*2 Mar
2978 Jan 14
Feb 13
15
5478 Nov 7
July 16
69
Nov 30
72
Jan
z24
Jan
134
.*2 Mar
10*8 Mar
883 Mar
148s July 28
2
165*2 Aug
43
157
2384 July 7
Deo 14
18
25%
6684
136*2
104
25
57*2
100
1333s
Amer Steel Foundries „A0 par
20*2
Amer Sugar Refining
Preferred
100
100
25
Tobacco....
Common class BJ_
25
100
Preferred
Am Type Founders me
Preferred
10734
Am Water Wka A Eleo.No par
Apr 30
Jan 2
Jan 7
Jan 3
Jan 9
Mar 6
Jan 7
Apr 30
Jan 4
37
Nov
15234 Mar 11
121
108*2May 28
73*2 Jan 22
101% Dec
f Am Writing Paper
July
Feb
113
Deo
32%
50%
Deo
43
Jan
Sept 23
124
18*2
6
74«4 Mar
8%June 30
18
Mar 17
.f Dec 14
May 13
35
Jan 11
2784
Oct 30
Feb
10934 Sept
11*2 Feb
5284 Sept 25
7O84 Feb
«4May 19
4ia Apr 30
98% Mar
129*8
Jan
9
Mar
Mar
Mar
30
Deo
16*8 Apr
10% Sept
96*2 Oct
3*s Mar
1*2 June
37
Deo
78
Deo TO
s
50
Dec
Jan
8
89*2 Dec 31
15*2 Jan
2
26»4Mar
97
9
20
May 13
9
June
43
7
Archer Daniels Midl'd.No par
37
1
Apr 30
50
118
May 11
122
""600
preferred
...100
ArmourACo(Del)pf 7% gtdlOO
56,600
Armour of Illinois new
A P
82
82
400
$6 conv pref..
*124*2 128
126
126
100
5
Preferred
No par
100
60*4
60*2
60*2
61
2,600
Armstrong Cork Co...No par
15*2
15%
15%
15«4
2,400
Arnold
Constable
Corp
3
par
7%
5
July
105*4 Jan 3
4:% June 10
2
Aug 18
47*4 Feb 24
66*4 Jan
104
■
7*2 Jan
9
15'
5
5
Jan 30
Nov
5
Nov 28
7
36
Jan 13
117
Jan
Nov
8
2
May 18
Jan 20
Anchor Cap
Copper Mining
W Paper Co
No
Nov
Mar
% Mar
2*4 Mar
24
111
107
141
JZI
35*2 Mar
5
558s Nov
160*2 Nov
104% Nov
3
Mar
4% Mar
Jan 10
Feb
784 Mar
70*2 Feb
140*2 May
27% Nov
2
7*8 Mar
48
2
1
1
44
35
Apr
25*4 Nov
38% Deo
2234 Deo
94*4 Nov
10«4 Sept
6884 Nov
2% Deo
H84 Deo
5% Deo
49
Aug
25
$6.50 conv preferred-No par
Jan
104
$5 prior pref
25
Anaconda Copper Mining..50
Anaconda W A Cable..No par
Andes
Deo
88*2 Mar 13
136
Jan 2
3
No par
Deo
72*2
28
117*4 Aug
88
6
6
Jan
Jan
Deo
May
June
Jan 29
145
2
26*4
64%
144
76
145*2 Nov
10
21% Deo
143
2688 Jan 28
3
32% Nov
Mar
10212 Feb
3i2July
Deo
Sept
159
12
190*8 Nov 27
Amer zinc Lead A Smelt....1
Aug
Aug
Jan
20!% Mar 21
19*8 Apr 28
Nov
Feb
149*2 Apr 30
87
Mar 13
9284 Jan
9%
49*2
41%
25%
63
6358 Aug 29
20
Deo
32*4 Deo
130*2 Nov
36*4 Nov
Dec 30
64
150
Deo
Nov
125
48*4 Apr 30
Jan 6
No par
Preferred
Feb
Nov
7
145*4 Dec
36
129
Mar
31% Apr
Nov 10
1
Preferred
4i2 Mar
20
45% Dec 23
103
7!% Sept 26
No par
No par
Woolen
_
3984 Oct 21
2834 Nov 18
100
preferred
10*2 Mar
134*2 Mar
1584 Mar
24*2 Dec 29
10
100
Jan
31
100
No par
Feb
23*8 Apr 28
66
Apr 28
7
Stores
3784
11% Nov
2788 Jan
100
Oct
Nov
38*s Nov
4% Jan
2784
75*4
33*4
12%
I884 Apr 30
Preferred
Oct
Mar
100
1st
40
Apr
Apr
9
Preferred
American
Oct
/29*8
178
14*4
8*4
3
412 Mar
2d preferred 6% cum
American
Oct
28
Mar
15*8 Nov 12
San'y.No par
...
Aug
Aug
38*4 Aug
16*8 Oct
6% Nov
12
74*2 Sept
Snuff
9*4 Aug
483s Dec 17
363s Feb 20
American Seating Co..No par
Amer Shipbuilding Co.No par
Amer Smelting A Refg. No par
American
Jan 14
24
No par
American Rolling Mill
25
Amer Safety Razor new. 18.50
Deo
95s Apr 30
87*2 Sept
...100
Deo
17
Feb 20
Preferred
Deo
42
378 Mar
16*2 Sept 24
Amer Mach A Metals..No par
Nov
9*4 Deo
Apr
6% non-cum pref
...10Q
Amer Internat Corp.._No par
No par
June
3584
19*8
9284
3%
284
5*8 Jan 14
Amer Maoh A Fdy Co
34*4 Aug
9*4 Deo
Mar
23s Mar
22*2 Mar
6*2 Feb
72
Aug
Aug 29
101
Sept 12
8% Dec 30
14% Feb 17
175
Oct 2
2*8 Sept 24
American Locomotive. .No par
Preferred
100
96
30
32
No par
American Ice
Oct
May
33% Deo
66* "Feb
113*8 Oct 26
3584 Dec 30
16*4 Dec 17
353s Nov 20
51% Nov 18
Jan
37
42% Deo
Deo
25*2 Mar **65
33*4 Deo
8
Jan
Dec 31
78*4 Dec 15
2
Jan 20
43s Oct 30
1
50
Apr
Apr
Nov
12084 Deo 15
1,100
600
31
31*8 Oct 29
6% conv pref
Amer Home Products..
81
r81
Jan
10
Dec
60*2 Dec 30
22*2 Deo 14
50*2 Dec 14
21*2 July 20
83s Mar 6
46
Jan 27
Preferred
53*2
82
Apr
3*2 Apr
89
1
9
8
30
2
2
30
2
30
30
■
*80
54%
88*2
82
Jan
16*4
6*2 Apr
200
53%
5
7*2 July 10
20*2 July
2934 Jan
146*2 146*2
17%
16%
54
5
87%May 11
Nov 16
27
No par
5,700
53%
42
4234
119*2 *119
100
31
.No par
Preferred
9634
545s
5
Amer Express Co
Amer A For'n Power
96
""366
42*2
Amer Encaustio Tiling new_.l
Amer European Sees...No par
American
43
*119
100
Am Sumatra Tobacco ..No par
Amer Telep
T....100
200
43
32
6% 1st pref
7,100
4784
33*8
Amer Colortype Co
10
Am Comm'l Alcohol Corp. .20
American Crystal Sugar
10
3,200
*43*2
10784
No par
(Alleg Co)..25
95
44
33
100
Chicle
Am Coal of N J
94*2
44
*107
conv pref...
American
PreferredL.
6%
1*4
7*4
7*8
9434
910
107
*143*2
102
44
19,000
*146
25
25
25%
2434 25*4
24*2
54
5214 53
5234
5284
52*8
141
141
*137l2 141
*137*2 141
24
*23l2 2434
24*4
*23% 24*2
185
186
18434 185*2 18384 18434
92
93%
92*2
92*2
9278 94
95
95
95
95
96%
94%
146
146
*146
147
146*2 *146
17
17
17%
I684 1738
16%
101
45«4 46*4
116% 117
23% 23%
1184
150
59*2
14%
66%
107
*112
23
22*2
11%
62%
19
11%
81*4
149
63
46%
45*8
117*2 117*2
14
68
*143*2
*143l2
112
25
100
3
Jan
13
18%
14*4
15184
100
No par
..No par
10
284
149%
673s Apr 27
Jan 3
111
Nov 23
American Chain
Amer Hide A Leather....
13%
Jan
174
100
Amer Hawaiian SS Co
18
Mar
162*4May 29
30
Apr 30
Preferred
American Car A Fdy
Preferred
5,400
14
21
110
141
2,900
18
Feb
70*4 Dec 28
Dec 28
Apr 28
May 2
Dec 12
17
284
Deo
6784
137*2 July 17
40
110
25
17
800
80
70
124
Can
634
500
Oct
2284 Nov
Jan
American
17%
48*4
37%
Mar
Jan
Am Brake Shoe A Fdy.No par
5 H% conv pref
100
6*2
39
Oct
Mar
13*2
65
12
39
June
43
36
25
48*4
2%
Nov
48*2 Jan
4U2 June
6512 Apr 15
73
Nov 20
10
Preferred
No par
39
Deo
9
76*4
478s Nov
50
American Bank Note
No par
47%
234
24%
-
125*2 Mar 29
89
Nov 20
July 17
Dec 21
49
preferred..
47%
34l2Nov
584 Deo
39*4 Deo
Oct 28
31»4 Nov 14
75 ' Jan 6
preferred
38*2
125
50
No par
Agrlc Chem (Del)..No par
$6
47*2
*66*4
11*4
7834
66%
com preferred.
Amerada Corp
2d
38*4
22*2 Dec
3% Mar
14
800
058
Deo
Sept
12
48
6*2
32
/49
4
Deo
1483 Deo
33*4 Deo
173
Dec 30
20*2
7%
58
17
20*8 Nov 13
1984May31
Deo
Jan
Nov 24
new 1
383
Mar
81
No par
Jan
Apr
187
21
90
47
47*2
*117
Nov
*20*8
125*
_
Jan 31
17%
2*2
34
Sept
14%
368s Jan 21
20
6*2
1134
684
28s Deo
74
14% Deo
Mar
1«4 Mar
6% Apr
"
Oct
Nov
173
2
111*2 Dec
Aug
7484 Nov
1178 Deo
37*4 Nov
248s Deo
208s Deo
8% Feb
23s Mar
54*2 Nov 19
403s
Oct
Apr
84 Mar
69
Amalgam Leath Cos Ino
6%
23
13*4
60*2 Nov 17
60
Nov 10
245
Sept
No par
preferred
Allls-Chalmers Mfg
Alpha Portland Cem
Am
186
Jan 7
Aug 14
Jan 7
157
Apr
84
74
No par
100
46
17*4
6658
5%
Corp
20*4
6%
37%
120
Allied Stores
10438 Mar
_
5*2 Nov 19
61*2 Nov 18
8
Feb
98
2,700
2,600
16*2
113s
100
warr
12,505
684
3934
481%
21%
66%
Pref A without
2 X % prior conv pref .No par
7*4
1784
2*4
17%
17%
1334
13*8
4584
44%
4484 45%
117% 1175s *115*2 117*2
22*2
22i8 2284
21%
IIS4
11%
11%
1178
5H2 53*2
52% 53*2
100
Jan
4*2 Mar
6*2 Sept
Mar
17*2 Sept 24
195
Mar 25
Aug 5
2*2 Apr 28
123s Jan 2
12*4 Jan 2
I2i2 Jan 2
27
Apr 28
267s July 7
No par
100
8
2
86*2 Nov 10
_
58*2
13i8
*163
300
46
19*4
Pref A with $30 warr
Pref A with $40 warr
June
4*4 Mar
6*8 Apr 1
103
Nov 18
July 17
^Allegheny Corp
28
9
178
7*4
5/84
18
2478
200
20
612
120
19,400
44*2
1714
238
*156
Day
7
2038
45%
48
300
170
5734
4538
*38
*156
8%
13
2,500
7
55*2
1978
300
8*8
*12%
Closed
56*4
20*4
44%
6%
7%
5714
678
55
8%
1234
8*4
1234
8%
*12%
13
June
51
37*4 Oct; 13
21*2 Jan 8
Mar 25
6%
Exchange
31a4
35*2
1434
*30l2
2
91
1
Feb
74»4 Feb 10
1584 Nov 6
3584 Feb>14
2
Jan
Way El Appliance..No par
Ala A Vlcksburg RR Co.. 100
Alaska Juneau Gold Mln._.10
Air
"2" 000
226% 231
31% 32
x31%
16%
32%
17*8
84
10
No par
Affiliated Products Ino.No par
Air Reduction Inc new.No par
Allied Chemical A Dye.No par
Allied Mills Co Ino
No par
SIX
I684
*83%
..No par
Address Multigr Corp
Advance Rumely
Allegheny Steel Co
No par
Alleg A West Ry 6% gtd_.100
1738
36
Adams Mlllls
4,000
32
103
..No par
4,500
111
17
99
25
Express..
118
3
69
Apr 28
9^8 Apr 30
17%June 9
22*8 Jan 21
zl% Jan 14
7% Jan 2
58
Apr 28
3834
37%
♦
111
3138
*34
Adams
110*4 Aug
42*2
41%
38*4
37*4
*
111
222"
229
43
42*2
38*2
37*4
*
111
226
42
40*8
3812
37i2
*105
Acme Steel Co
Mar 31
42
No par
100
Albany A Susque RR Co.. 100
*68
104
14%
4i8
4734
4634
Abraham A Straus
$ per share $ per share
32
Apr
62ij Nov
116" Oct
Jan
110
$ per share
70
Nov•12
$ per share
Par
Shares
*24%
4*8
*68
1434
16
3*8
4
104
14i8
36*4
73*4
4i8
*68
25
re3
63*2
15%
03*2
14%
3
7512
4
62*2
3534
318
1434
$ per share
69
Highest
Lowest
Highest
Lowest
Preferred
62*4
14%
64i4
15
2512
3512
64i4
*60
69
*60
75
*60
75
$ per share
$ per share
$ per share
$ per share
Range for Previous
Year 1935
1936
100-Share Lots
Range for Year
EXCHANGE
Saturday
$ -per share
61
New York Stock Record—Continued—Page 2
144
for
LOW AND
Norfolk, Va.
Richmond, Va.
•
110*2 Jan 20
78s Jan 25
84
Jan 28
128
Dec 19
62!% Mar 23
185s Nov 17
Jan
Aug
97
Apr
3*4 Apr
55*2 May
•
85
Jan
25% July
4
Mar
17%
Jan
109
Apr
12% Deo
4
Deo
52
Aug
122*4 July
109
6*8
70%
110
Deo
Jan
Jan
Jan
50»4 Deo
9% Deo
New York Stock Record—Continued—Page
62
LOW
AND
HIGH
SALE PRICES—PER SHARE,
Monday
Tuesday
Dec. 26
Dec. 28
Dec. 29
$ per share
$ per share
$ per share
1458
*
1434
1458
14 s4
9934 100
2058
100
2034
100
20
2214
100
Wednesday
Dec.
1478
*
99
r97
120
115
44
3114
73
*
45
3912
3134
3H4
114
120i8
73
135
1538
1612
2914
30
*7
3 934
73
*
41
3238
114
73i2
135
"7*8
*3814
15U
27i2
15l2
2914
634
678
36
638
634
66s
938
91%
938
3814
714
9&8
778
8
75s
778
88
*85
205s
90
*87
89
*85
2H8
15i2
*
2038
3238
Jan. 1
Shares
16i8
4,000
100
100
9,000
2158
95
95
! 1,200
200
72
73
101
101
45
16,350
i.eoo
6,600
457g
26
200
4U2
600
3134
3234
*11134 115
22,200
25U
r41i2
4H2
3278
*110
115
*73
78
r74
*130
135
130
'
74
130
1534
1578
29
30
684
38
; .7
1-784
10
1558
16
3,300
-2834
30
10.800
63A
7i8
38
600
ri8
39
~
39
280
41,500
11,400
7i8
91S
600
678
7
958
9U
9lz
8
90
90
88i2
88i2
90
2078
3412
3984
2034
3478
r758
2138
35l8
*87
9034
4,700
818
90i2
00
900
600
90
21,300
2H8
2158
34
35
34
34i2
3538
40
39
40
39
*40i2 41
10934 10934 *10934 110i8 *10934 11018 *10934110l8
rhz
'32
3514
3634
3512 36l4
36
36
3 778
35i2
26
27
26i2 27i8
27
27i8
2714
27U
*
*115
118i2
118i2 *112i2 118i2 *115
118i2
27U
28iS
2 734
"26I4 2714
27
2678
277g
18
*113
25
101
*4012
111
1858
115
2538
101
42
111
1778
*112
I8I4
115
26"
25
aft
2238
61l2
223g
2214
2238
62
61
61
7334 7578
*19i2 1958
12714 127l2
62
63
•835s
25i2
22i8
eoj
32
2934
*92
9478
92
92
33
3412
4112
875s
33i8
40ls
3414
88
45
45
45
26*4
7734
2558
26U
76i2
8
734
278
1734
54i8
48is
415s
2614
7684
8i8
314
8i2
Closed
Extra
Holiday
7512
48
41l4
6i8
3412
5078
3i2
18
66I4
4884
42
314
1734
55
33
x52]8
21
21l2
1218
100
9l2
51l2
3258
53
53l2
32i4
3234
*2712
32i8
714
28i2
2612
*2612
28
1414
iih2
1212
100
9'
52l2
3284
33l2
678 New Year'*
36
|36
52
* 53
111
125s
9712
95s
111
*11034 111%
1278
1258
13
97l2 *95i8 103
10
|n 934 10
400
7,900
25i8
253s
2514
210
1334
2984
14
2514
1418
26i4
13l2
2938
538
2934
30
5l2
5l2
28
27
2778
15l2
3378
3084
1414
61
63
15
15U
52
*101
1438
*60
1438
15
62l2
1458
73S
140
142l2
127U 127U
88l2
2678
108
*10314
678
13734
12714
87i4
26i4
*107
28
8434
r275s
46i4
29
1334
14
2.700
30
2,600
10,200
5i2
2758
,
1434
1434
1514
*52i4
108
108
*108
109
78
81
3678
37i2
8I2
87g
397g
3912
105g
40
III4
16
500
5
8
14i2 July
18i4May
8
8
7714 July 11
167g Apr 30
40is Deo 29
80i8June 12
June 30
255s Jan
10
64
Jan 21
100
6
Apr 27
JBotany Cons Mills class A.60
Bridgeport Brass Co...No par
Briggs Manufacturing.No par
2
ligJuly 16
yl2i8July 2
43U Apr 30
No
par
47
Dec 22
6
Brlggs & Stratton
Bristol-Myers Co
41
Jan 17
4i2 Jan
No par
33
No par
40U Jan
4
Dec 29
2
"V, 600
3,340
36
36
35i2
*44
36
13
1378
7U
23a
1314
*7i2
3134
ls4
4'4
314
11
22
22i2
62
62
2
2
2
2
6
6i
2is
«l2
6
684
5i2
*25i2
6
55s
584
234
7i2
2l2
1438
2512
14
3
180
800
200
2,800
14,700
500
77g
25g
4.900
145s
17,400
3,600
9
*784
9
3184
3112
3112
800
218
514
35g
6,900
2
5I4
312
5
3iS
117s
H84
2484
2412
2478
63
62
62
6
2384
*62
*2l2
7l2
212
214
25i2
12
Oct
Apr
3714 Jan
17i2 Deo
1978 Dec
28
May
4812 Nov
115
Sept
Jan
4
Mar
19i2
15
Mar
Deo
4512
Oct
5i2 May
14
Jan
35i2 May
234 July
10i8 Jan
46i2 Jan:
734 Mar
H84 Deo
63
Jan
li2
Feb
514
Deo
658
Jan
978 Dec
7i2 Apr
40
0
712
9i8
36%
IO6I4
2758Nov
41i4 Oct
118
2
July
7s Nov 28
3812 Dec 14
2838 Nov 20
314
32
Dec 15
131
28U Dec 24
2214 Nov 10
Dec 16
115
Mar
Mar
Mar
Mar
Feb
June
57s Mar
10734
"Jan
Deo
■
18
Sept
25U
Deo
49i2 Aug
116
Deo
"1512
Nov
88
Nov
1484
Deo
115'
May
2838 Nov 12
Ju_ ~
14
Oct
2018 Nov
427g Oct 20
"33"
Nov
3312 Sept
72
Feb
105
Deo 29
112
16U Mar
4
IDs Mar
79
89i8May
7
2834 Deo
Mar
10634
6
15
Corp
Nov 30
54U Mar
Oct
3
Mar
3234
25U Oct
Jan
Deo
20i2
72
23
Dec
9218
6
Jan
4584 Apr 30
16is Apr 28
107i2 July 8
Dec
60
3
Jan 18
39
(The)
49
48
7
Sept
100
6658 Mar
1912 Apr
20
2158 Jan 20
No par
Class B
Brown Shoe Co
No par
Bruns-Balke-Collender.No par
Bucyrus-Erie Co
6
7% preferred new
Budd (E G) Mfg
7% preferred
No par
Budd Wheel
No par
Bulova Watch
No par
Bullard Co
No par
100
100
Burroughs Add Maoh..No par
JBush Terminal
No par
Debentures
Bush Term
100
Bldg gu pf otfs.100
Butler Bros
10
5% conv preferred.
Copper & Zinc
Byers Co (A M)
30
5
Butte
No par
Preferred
100
Byron Jackson Co
No par
California
Paoklng
No par
Callahan Zinc-Lead
323s
Sept
95
Sept
1434 Nov
117% Mar
1178 Mar
241s
Oct
15i8 Mar
2284
Deo
34
Jan
67is Nov
1434 Mar
Nov 10
27is Sept
7784 Deo 30
20
Dec
1
135i2Nov 18
65i2 Dec 31
z34i2 Dec 31
2478 Dec 31
95g
1638
28%
6'a
39&8
3812 Nov 12
120
Oct 30
5
7
lOOU Apr 13
3738 Dec
6318 Mat
Mar
June
Deo
Jan
Jan
90
Deo
2212
100
38
Dec
21
Mar
18
i2 June
8i2
24ia
23ig
6
4
Apr
Jan
334 Mar
25
13
6478 Mar
69
28U
30
13s
14
51i2 Mar 5
58i4Sept 22
597g
July
4784 July
2784 Nov
70ia Deo
878 Deo
Apr
284 Deo
17ig Nov
Feb
553s
Jan
303s May
5012 July 24
12U Mar 5
Nov
90
Nov 18
90i4Nov
1U2 Jan
6i2Nov
187g Feb
17
237g Aug
Mar
Mar
July
323g Aug 10
47
Oct
9734 Feb 4) 106
57
Oct
44i2May 11
45
Sept 21
655s Jan
8i8May 19
22% Dec
87S Jan
2184 Dec
107i2 Sept 8 115 Sept
9i8 Jan
1578May
85
Jan
8
83g Apr 30
1U2 Jan 10
2O84 Apr 28
25
Apr 27
2i2 Jan
8U Jan 2
14i8 Apr
13% Deo
293g Dec
238 Jan
1612 Apr
54igJune
29
21
21
Apr
May
3612 Mar
Cannon Mills
25
No par
Capital Admin class A
1
Preferred A
10
100
Carriers & General Corp
Case (J I) Co
1
100
10
30,700
14,000
2,400
7,300
800
2iS
678
214
4,400
7
6i»
253g
65g
3,700
6,200
253g
200
90
Jari1
20
43
Mar
15
53
Mar
30
33g July
414 Mar
24
25
5
314 Mar
23
1151s Sept 16
14
Mar
5
o958 Dec 10
9
8I4 Mar
13i4 Mar
1
Apr
514 Apr
Mar 23
33i2 Dec
3I84N0V
1
9
I684 Nov 25
10
Oct
55
Oct
42
Deo
5i2
Deo
38
Deo
46®4 Aug
lis Mar
ll-ig Mar
658 Mar 20
2
32
4834 Dec 28
3
14 July
2i2 Mar
7i2 Mar
8i8 Sept
858 Oct
5
2
3034 Dec 29
6884 Nov 18
8
16
Feb 19
30
18% Feb 24
438 Mar
53
Nov
4
Jan
4 zlOO
Oct
8
91
Jan
4
10334 Dec 24
85
634May 22
92i2 Jan 6
934 Feb 19
7
Dec
8
186
143
July 15
5484 Jan 16
x91
Nov
6
par
2134May 22
3214 Jan
6
7% preferred
fCelotex Co
100
106
Deo 21
No par
19
Apr 30
May 1
3212
82U
June 22
7
par
100
June
87
Caterpillar Tractor
No
Celanese Corp of Amer.No
Preferred certificates
Mar
3012 Aug
Nov 25
16i2Nov
40U Apr
1038 Apr 30
107s Jan 20
1234May
4534 Jan
116
54
Jan
1U2
87a
Deo
Deo
934 Nov
9712 Deo
143s Nov
1434 Nov
241s Nov
28
Nov
3>8
10is
22'j
Jan
Jan
Jan
"3i"2
Nov
205g
Jan
66
Deo
42i2
Feb
lis
Jan
3384 Oct 22
37
Apr 30
Mar
Aug
711s Aug
6384 Aug
100
33i4Nov28
29% Dec 31
88% Dec 31
15
Mar
2i2 Mar
334 May
35i2 Dec 31
34i8 Oct 7
2
Apr 30
30U Apr 30
h Jan
6
29
22
1
110
Deo
634 Oct
333g Nov
1758
Deo
1334
40U
Jan
Oct
Nov
14
Feb
48
Feb
88
Aug
Mar
95
July
4584 Mar
83i2 Apr
36i2 Jan
1912 Apr
Nov
8% Deo
111U Nov
126i2 Nov
60
Nov
353s
Jan
14
3978 Deo 31
16% Nov
22U
5% preferred
100
Central Agulrre Assoo..No par
Central Foundry Co
1
253a Jan
6
86
Sept 26
37% Dec 31
658 Nov
4
Central RR of New Jersey. 100
35
21U Nov
6234 Nov
29
May
9ig Deo 14
Century Ribbon Mills..No par
Preferred
68,600
7
830
5,900
16,900
6,400
175s'
677g
60.
3,400
72i2
110i2
46
see page
200
17
86l2
27
50
6,200
11,600
71
67
27
4,400
*110
17%
86
2314
5,400
72
43
6218
5
June
No par
Bon Ami class A
Stamped
110
68
45g
314
1,300
68
858s
10'4
600
110
47
3
Boeing Airplane Co
Bohn Aluminum & Brass
Carolina Clinch & Ohio Ry. 100
84i4
414
460
10
65i2
212
1034
22l2
60«4
12,000
*99
15U
85
10l2
100
6
83
Canadian Pacific
6412
25g
I84
Bloomingdale Brothers.No par
Blumenthal & Co pref
Dec 22
400
IOI4
8
No par
Feb
13
30,100
*103i4 10812 *10314 108i2
73
72i4
7184
/284
3178
Blaw-Knox Co
8
85
66,000
84l4
15s
6
Aviation
Beneficial Indus Loan..No par
No par
Best & Co
2
Feb 28
15
64
8
20
Beldlng Hemlnway Co .No par
Belgian Nat Rys part pref
Jan
Aug 18
35
61
86
31
Beech-Nut Packing Co
18
100
14i2
2834
66
178
434
3%
IH4
$5 pref ww
Beech Creek RR Co
61
1458
*60
6312
2i2
684
2i8
912
100
...25
No par
...50
6
86
31
No par
preferred
Beatrice Creamery
Jan
*10
13i2
Bayuk Cigars Ino
30
10i2
13
5
Campbell W & C Fdy..No par
Canada Dry Ginger Ale
5
35%
81*
3714
214
100
1314 Jan 6
82i4 Jan 10
14% Jan 6
1634June 26
110
May 8
4,200
35i2
8I4
2i8
6)4% conv preferred
Barnsdall Oil Co
% Dec 23
243g Nov 4
33
35
*2i4
684
10
No par
337g
3038
15
60l2
345s
788
2i4
Rights
Barber Co Ino
Barker Brothers
109
Mar
3534 Mar
881
Dec 29
6
83S
37
2l2
39
Jan
35U
48
50
100 Z10934 NOV 24
6
8is
35l2
*44
100
Preferred
Calumet & Hecla Cons Cop..5
34
3434
Preferred
Bangor & Aroostook
26,600
77l2
36S4
834
3912
10U
3434
100
238July 8*
29i2 Apr 30
3334 July 8
1578 Apr 30
21
Apr 30
157g
3334
2934
38l2
16%
100
Pref assented
9
15i2
76
68I4
Preferred
Baltimore & Ohio
2i2July
16
15l2
3314
29i2
375s
111
Assented
4,500
76
lSlj
64l2
Avla'n Corp of Del (The) new .3
Baldwin Looo Works..No par
2912June 30
3
Apr 9
11.900
37i2
111
Prior A
258
75
1438
1534
64i8
65
IIOI4 111
3478
35
*43l2 (49l2
No par
No par
46i2
36'4
7114
Austin N'^hols
2658June 5
538June 30
H238
76l4
*10314 108i2 *10314
Preferred
Atlas Tack Corp
No par
Automobile..-No par
Auburn
Jan
238i2! 258
*99
37
131
June 26
48
85i2
275g
4584
365s
7314
29ig
88i2
275g
Jan 17
14
109
85l2
275s
47
*76
8iS
55g
*10314
*103U
712
m
mm
7l2
758
758
7i2
143
14U2 145
145
rl27i4 127i4 * •
127l2
87i4
8814
8758
88I4
26i2
27
2734
275g
108
200
30
r
*52i4
*52
*99
*10314
For footnotes
15,800
1,800
15i8
3278
2758
*25
10
75g
2934
1578
3412
2858
14l2
3
11,000
|7la
15
1«4
438
400
27
534
84
26sgJune
Sept
100
No par
A
4,100
12,000
27
5&8
2
25
Apr
13i2 Apr
Nov
''
7i8
26i2
2978
4% eonv pref ser
Atlas Powder
$6 preferred series A-No pat
Brooklyn Union Gas...No par
2,500
26I4
215g Apr
Bklyn Manh Transit
3,700
13,000
*28
107
100
2
24
22
24
4
17
5,200
33
7is
Atlanito Refining
Preferred
Day
35i2
7
9034 Jan
Brooklyn & Queens Tr.No par
53l2
2778
4634
25s
*8
800
35
2778
46i4
2i2
♦30
1,300
5214
84
7134
Closed
32i8
82l2
*10
10,200
44
684
2
1834 Nov
48
124
Jan
11
Oct
90
7i2 Mar
807g Apr
112
Feb 21
100
Boston & Maine
5234
85
3658
6®8
3434
5284
Preferred
97g
70
59
Atl G & W I SS Lines..No par
Borden Co
334 Mar
Apr
3
Jan 20
100 *112
Atlantic Coast Line RR
Borg-Warner
2,500
16,200
8i8 Jan
95
Highest
$ per share $ per share
$ per share
98
100
100
Preferred
3,200
34l2
3334
28i4
4834
258
263s
*43
r
Exchange
share
100
6% 1st preferred
7% 2d preferred
Bendlx
$ per
Lowest
Highest
1258 Apr 30
95
Dec 31
1
Atch Topeka & Santa Fe..l00
4,800
Stock
3334
3338
7ig
85
108
44
150
190
16,100
52
32l4
2814
46i2
2l2
88
48i2
10412 *10U2 104i2 *10H2"10438
46l8 47
4784
4812
48i4 49
47
47
*47
48
4734
4784
1934 2084
21
22
2078
22is
2078 21i2
2078
2112
2034
215g
31»2
7i8
'
17i2
18
53% * 5514
487g 4878
6,800
*102
*11084 llll2 *111
1212
13i8
IOOI4 IOOI4
10
984
6I4
8i2
35g
12,900
3478
43
761a
1
35s
18
545s
5H2
20
52
2678
7714
914
358
5H4
47
2784
45
265s
33
19l2
33i2
90
4412
515S
47
1334
2912
514
2634
*88i2
2634
77U
6l2
3412
*101l2 104
46l2 47
7
88
45
r48*2
4178
638
3434
6
22,800
30
88
18
4914
1,100
4,500
100
45
100
5% preferred
20
7% preferred
..100
Blgelow-Sanf Carp Ino.No par
Black & Decker Mfg C0N0 par
33
3438
42U
55
42
34l2
2478
42
....No par
Preferred
Associated Dry Goods
Beth Steel new (Del)..-No par
*93l2 100
92l2
343s
Artloom Corp
700
1,100
65»2
X33l2
24i8
*30i4
Par
41,200
128
65
33
700
77i2
19%
19%
8i2
3i2
1734
si 60
128
2434
76
700
1,600
3,600
34
41
20
24,166
75*8
7734
1958
1958
12734 12734
6412
64i2
*30U
9212
3334
4H2
200
26lg
24
54U
""600
Year 1935
lOb-Share Lots
Lowest
1st
22i2
*2934
Exchange
2,200
115
60
33
7538
7«4
18l2
*112
255s
223g
24i8
30i8
8678
44,500
61
3334
2534
2,800
26I4
22i2
23U
*44
5,500
16,600
....
33
4034
90
*835g
2338
23
!Stock
18
18*2
115
600
25l2
25i2
25i2 25i2
10U4 IOII4 *101
IOII4
41
41
*40l2 4H2
112
112
112
112
rllli2 112
1314
1314
*1314
13l2
13%
1314
*8338
74i8
753s
195s
1934
12714 12712
6212 62l2
33i2
34
•
3,000
•
2434
2434
*10114 10184
*4012 41i2
13i8
*8358
25i2
1314
18ig
*112
100
'
Range for Previous
Range for Year 1936
On Basis of
STOCK
EXCHANGE
Week
$ per share
NEW YORK
the
*10834 120
115
4H2
Friday
2058
7038
7U8
7238
103i2 xl00i8 IOII4
433s 4412
4434
4514
*25
*2412 26l2
26
2618
*114
1538
2138
97i2
103
41
31
$ per share
6938
7078
10314 10314
*40
Dec.
100
2H4
98
*24l2
30
$ per share
11412 11412 *109
6958
Thursday
STOCKS
Sales
NOT PER CENT
for
Saturday
Jan. 2, 1937
100
Cerro de Pasco Copper.No par
Certain-Teed Products
1
6% prior pref
100
ChampPap & Fib Co 6% pf 100
Common
Checker
Apr 28
6i2 Apr 29
97i2May
2
4734 Jan 21
8UJune
12
Nov 28
IO8I2 Oct
74
34
Mar 13
3858
....
22U Jan
2
59
Jan
2
51
Jan
2
7734 Nov
13gMay 19
27a Jan 4
lU Apr 28
2&a Feb
Preferred
100
JChlc irid & Loulsv pref...100
Chicago Mall Order Co
6
JChlo Mil St P & Pao..No par
Preferred
100
Chicago A North Western .100
Preferred
100
4
Aug
Jan
2
6
May
2538May
1*2 Apr
27g Apr
12
Nov
36
145s Dec:
12
Jan:
Jan
1
27
2
1538
Deo
21
«
Deo
61U Nov
53U
Deo
2ig Jan
314 Deo
2U Jan
55g Dec
Mar
9
Deo
1918 June
i4 Mar
x35
Nov
34 Mar
13g June
2i2 Apr 29
1934 Jan
Mar
37% Mar
1
Apr
7g June
5g Feb
15g Feb
30
Chicago Yellow Cab..-No
par
123g
MM
43g Mar
100
13
JChio Rock Isl & PaclfiO-.-100
7% preferred
100
6% preferred
100
par
No par
621s Aug
109i2 Jan
653g Deo
....
3
634May 1
12i2 Apr 30
4084May 4
Dx Apr 23
3i2 Apr 24
3U Apr 28
Chloago Pneumat Tool .No
Jan
358 Mar,
111
No par
25
fChio & East 111 Ry Co
100
6% preferred.
100
Chicago Great Western...100
Feb
Mar
8
101
19
Cab
Nov
6i8 July
9014 Mar
2
Nov 10
No par
Chesapeake Corp
Chesapeake & Ohio
Conv preferred
Feb 21
4
57i2Sept
57
55
358 July
4&g Mar
20
65ij Dec
3
Feb
8
Jan
8
July
325g Oct
-
Mar
34 July
158 Mar
1U July
9U July
3
Jan
484
Jan
Jan
Jan
558
10&8
205g Deo
5484 Deo
25g Jan
414 Deo
4
Jan
1934
Dec
Volume
AND
SALE PRICES—PER
HIGH
Saturday
Monday
Tuesday
Dec. 26
Dec. 28
Dec. 29
$ vet share
$ per share
21
21
1284
14
50
60
116% 120
1778
*85l4
18*4
8512
32
20%
12i2
*48
934
33
50
11578 117U
1734
I8I4
8578
8I2
32
111% 11112 *iiii8
35
37
37l2
86
30
$ per share
r21
13i8
*46
3334
$ per share
$ per share
13i8
50
H6I2 11914
18
19
85l2
86
19
7414
*12534 126
123
123l2
58
40
47,700
3,900
19i2
8512
280
86
*51
912
9l2
34
3478
34i8
"3~805
912
5,700
35
3614
""150
*111
3614
*86
3,300
36i4
*86
*49
*49
119
121
35
3558
40l2
41
1634
175s
10434 105
*92
99
119
331s
3912
61
119
121
120
33*2
36*4
36
4014
41
42l2
4234
98
*92
36i4
*17%
15
1412
1412
3734
36U
37
18%
1714
17i2
13*2
3684
37%
1834
18
80
80
*80
84
90
90
1812
19
80
80
86
89
89
89
*8078 110
*88
110
18
484
478
412
434
16l2
16*4
4234
16i2
17
4314
4378
10838 Xl0634 10678
9
914
918
43
4284
9
18%
*80% 110
5
5*4
iei2
108
17*2
106
9%
17%
44%
10634
9%
16%
17
1534
1638
1558
1578
*10434 106
*10484 106
*10434 106
*10%
1034
103s
*984
103s
978
1
Stock
7
Ha
758
1
7l2
295s
Closed
31
3078
2034
2138
20U
29
Exchange
3114
2884
318
103
314
103
3
103
1
1
Holiday
4%
103
103
103
40*4
4034
284
2114
2H8
41lS
4012
4114
340*4
41%
3
234
•
44U
234
4384
234
44i2
44
2%
44%
44l2
2714
26
2634
27
28
27
6H2
63
61
6134
6778
63*4
68%
64%
67
63*4
6734
67i2
68I4
170
*170
*169
""584
X6734
36
3584
36
23l2
25
23
24i2
2434
25%
25%
75
77
75i8
76*4
78
7734
*5414
77
56%
46l2
46%
*5418
465s
56l2
47
*54%
4634
56*2
47
*54%
*47
17
112
1784
51
53
123
123
214
15
1214
120
2i4
16
1258
122
214
*1514
1238
2U
16
1358
123l2 126
126
39
38
38iS
38
38
I884
193s
18l2
19
10478 109
6i2
19l2
684
20i8
105
6i2
19i2
105
684
19
*75
80
*75
80
*42
4978
8334
*45
4978
83
*17
1738
2i2
16*2
13%
82
83
16
17*8
*39
36
Jan
7
136*2 Aug 11
7
Jan
May 20
z45*2 Jan 22
51*4 Jan 23
40*4
Dec
4978
Dec
48*2
Dec
50
Deo
Columbian Carbon v t o No par
94
31
Col Pict Corp v t o
$2.75 conv pref
No par
Columbia Gas & Eleo._ 2Vo par
No par
2
6% preferred series A—100
90*2 Jan
100
8034 Jan
2
6
44
5%
preferred
—.10
4M % conv pref
____100
Comm'l Invest Trust.-No par
$4.25 conv pf ser '35.No par
Solvents..No par
Commercial
Commonw'lth & Sou
Conde Nast Pub Ino
$6 preferred
No par
series..-No par
No par
16,900
4,720
Exchange
Closed
3,800
5,100
6,300
900
21,300
1,000
4,200
Day
9,900
18,900
40
82%
17*4
29
148
6&8
148
10
17*4
43%
17%
60
*20
20l2
60i2
60
10%
20*2
61
61%
74
Feb
80
Mar
72*2
.1
Consol Film Industries
No par
Preferred
Consol Ed Co of N Y..No par
$5
32i8
32
3978
27
276s
3914
2678
Corp
Consol Oil Corp
.No par
5
No par
102
101
93
93l2
93
93,
27%
26%
*9284
93*4
93
93
33
*39*2
71«4
6978
50
50
50
35
34
3418
1
*1
*1
2
*2
73s
*1412
*112
2l2
712
15
119
172l2 17478
134
114
113s
172
134
300
50*2
70*2
50*4
16
36
35*2
36*4
1,300
1%
2i2
7%
14%
171
173
174
134
135
135
1178
172l2
1138
171*2
16312
34i8
12*4
39*8
112*2
116s
5
For footnotes see page 60.
7%
14%
72
119
119
113
514
35
10S4
119
*112
114
16012 I6OI2
35
3514
13
1212
3914 403s
*112
11212
II84
1214
518
714
*1412
70%
*50
*113*2 115
12
12*4
rll%
1*8
2%
7*2
400
1*8
300
2%
7%
200
1,200
*15
16
100
120
120
30
17284 175%
*134
114
9,500
135
900
114
710
12*4
7.400
173% 175
163%
163*2 *159
34*4
34%
34%
34%
12%
12%
12*4
12*4
900
4,300
4,500
40%
15,700
172
11%
172
*159
35*4
1,100
1,300
21,500
4912
60
17,600
3,400
21
a-49
105
6914
'
11%
72*4
50*4
*20*2
50
10i2
♦34i8
'
49*4
21
49i2
71
100
21*4
20i2
10i2
10%
2,900
49
205s
50
1038
39*4
113
ii84
5
40*2
113
12
5%
39%
113
12
6%
113
12%
5*4
3
11*2 Apr 30
Jan
5*2 Sept 23
3sMay
2
June 18
12*4June 18
Continental Bak class A No par
1038 Jan
No par
1% Jan
6
2
67*4 Jan
3
Class B
1584 May 14
50
110
13,600
9,300
85
7*8 Feb 13
20*8 Feb 13
4838 Oct 30
109
July 14
95s Nov 30
17*4 Dec 31
106*8June 30
1234 Nov 25
15s Jan 16
9*4 Deo 9
3778 Dec 31
26*4 Mar 9
353s Nov 18
4
3*4 May
14*4 May
1578 Feb
72*8
Feb
1*2 Mar
6*2 Mar
100*2
2*2
22
Jan
7*2 Jan
22*8 Feb
3484 Nov
105*8 Nov
63s Deo
12*4 Dec
Dec
101*8
Deo
Jan
8*4
Deo
Aug
Deo
13g Nov
4*2 Mar
23*8
1178
Deo
Deo
%
Apr
178
Deo
Nov 18
109
4534 Nov
Nov 18
46*4
Jan
69
87*4 Jan 13
24% Mar 5
6284
Jan
99*4 Nov
Continental Diamond Fibre..5
6334 Dec 21
17*2June 30
7
Jan
$1.50
35*2 Apr 30
46
Feb 11
20*2
4478
1
2*8 Apr 30
28%June 6
4
Mar 20
100
Preferred
20
Continental Can Inc
Continental Insurance
Continental
Motors
5
Continental Oil of Del
Corn Products Refining
25
100
Preferred
No
par
Deo
636s Aug 22
Aug 20
4
July
158
25
41
Oct 26
No par
Cream of Wheat ctfs
35
Mar 27
No par
$2.25 conv pref w w..No par
Pref ex-warrants
No par
155s Mar 16
435s jan
44
Deo
1
3*8 Deo
8
Crucible Steel of America.. 100
Jan 271
102
28
100
Preferred
Cuba Co (The)
Cuba RR 6% pref
7*4May
4
Apr 30
95*2 Apr 29
1*4 Sept 28
No par
100
10
6*8 Jan
7
100
Cuban-American
63*2 Jan
7
Sugar
Preferred
50
Packing
Curt las-Wright
1
1
Class A
Cushman's Sons
7% pref..100
preferred
...No par
8%
7
46*4 July 22
Cr W'mette Pap 1st pf.No par
Crown Zellerbaoh v t o.No par
Dayton Pow & Lt 4>£ % pf.100
Deere & Co
No par
20
Preferred
Denv & Rio Gr West
9
Sept 26
99*2 Mar 13
4
Jan 15
10*2 Jan
59
Sept
107
52
Jan
7
27
Jan
2
1478 Apr 30
43jj
Jan
4
5% non-cum prefened-.lOO
Devoe & Raynolds A..No par
13
June 12
42
Jan 10
No par
No par
Co
Dominion Stores Ltd..No par
Douglas Aircr Co Inc
No par
Dresser (SR)Mfg conv A No par
Convertible class B..No par
Dunhlll International
5
Dec 14
4
1
Jan
4
5
Jan
9
5*8 July
129
Deo 14
114
Deo
4
9*4 Mar 11
4
Nov
Dec 28
16
Mar
47
Deo
Nov 19
6
June
10*2
Dec
8884
197s
108*4
10834
Deo 19
Dec 31
323s Nov 6
33i2Nov 4
6434 Oct 13
23*8 Feb 20
93s Feb 7
2234 Mar
19
Jan
1878
Dec
23*2 Mar
Mar
11
Feb
5
Deo
65
Mar
130
Deo
1178 Oct 24
2
Aug
6
Jan
213S Jan 31
5*8
Oct
19
Deo
63
Deo 15
1*2
50%
26*2
Jan
41
343s
Jan
33
Deo
41*2 May
38*2 Deo
34*8
17*2
13*2
6%
*4
6
82*4 Oct
6
29
6
51
9
Deo
36*4 Deo 7
184 Jan 15
3
136*2 Dec 16
110*4 Jan 23
10
Apr 30
Eleo & Mus Ind Am shares...
5
Dec 29
Dec 21
123s Deo 17
185
Aug 8
166
Mar 13
40*2 Nov 16
1578 NOV 16
47*2 Nov
115
6
Jan
684 May
Mar
Mar
Mar
June
*4 June
Jan 15
884 Oct 13
116
Jan
35*2 Aug
Nov
Nov 16
606s Jan
3
5834 Nov
28
Sept
24*2 Deo
43*2 Jan
19*8 Jan
Feb 17
153
61*2June 4
123s Deo 11
100
Deo
Nov
18434 Nov 21
Preferred
12*4
75
Apr 30
Electric Boat
Jan
2434 Nov
105*4 June
4% Deo
z95
25
28*2 Jan 6
534 Apr 28
30»4 Apr 27
Deo
47*2
Mar
7
Co
4
....No par
5
Deo
Mar
133
(The)
2*8
14
June
Nemours(EI)«fc Co_20
Eleo Auto-Lite
Deo
61
Feb
7
6% non-voting deb
100 129
Duquesne Light 1st pref...100 zl 11*4 June 12
Eastern Rolling Mills...—5
5*2 July 1
156
Eastman Kodak (N J) .No par
Apr 28
6% cum preferred
...100 152 July 24
Eltingon Schlld
Deo
105*4
70*2 Jan 27
8
Eaton Manufacturing
Deo
Deo
Jan
6*4 Mar
2
13i8 Aug 27
9*8
38
8*2 May
80s4 May
89*2 Mar
2
100
73
Feb
Du P de
40*2
Oct
1
Deo
Jan 21
114
;
47*2 Apr
Dec
3% Deo
100
Preferred
Mar
14*4 Mar
20
18*4 Jan 17
120
Dec 23
Duplan Silk
3*2 Mar
14
19
%May 20
1*8 Jan 6
478 July 10
100
100
Preferred
5634 Oct
125
74*2 Mar
41*2 Jan
Jan
Deo
19%
Dec 28
5*2 Jan 10
758
39% Mar
48% Nov
93
7*2 Apr 28
Deo
69*4 Deo
783s July
165
May
11>4 Sept
40*2 Jan 25
43
Aug 6
345s Jan 2
95*2 Deo 4
30*8 Oct 5
37i8 Oct 28
18*4 Apr 30
No par
Duluth S S & Atlantic
19*8 Dec 14
90
Dec 14
2»4 Nov
35
9
Nov 12
9
36*aMay 17
43*4 Jan 6
75s Apr 27
Deo
Deo
5*4 Dec 14
110
2178 Dec
Apr 29
Dixie-Vortex
Jan
Deo
23*2 Mar
91*2 Nov
58*4 Nov
6
4
Dome Mines Ltd.
3578
Dec
Co...100
Corp-Seagr's Ltd No par
Oct
Mar
May 12
5% pref with warrants..100
50*2 Deo
3778 Nov 18
3538 Sept
15
128
Distil
Oct
37
100
No par
60
148*4
4*8 Mar
738 Mar
4938 Nov
4134 Mar
44*2 Jan 14
19*2 Apr 28
Participating preferred. ..25
Dec 23
Jan
24*4 Apr 13
3634 Jan 20
Diamond Match
170
84
15*8 Mar
4
1678June
100
pref-.lOO
445s Dec 30
46
Apr
69*2 Oct 19
82*2June 18
2878 Mar
35*2May 26
Corp. 10
Delaware & Hudson
Det & Mackinac Ry
*20*2
20%
49l2
1
32%
39%
Jan
378 Apr 28
5% preferred v t c
100
Container Corp of America.20
200
190
33*2
39%
27
32%
*39
4*8 Sept 28
15*4 Apr 30
27*4 Apr 30
No par
preferred
Consol Laundries
Detroit Edison
600
Dec
82
3
69
600
63
Oct
11
Oct
June
8
Nov 12
Cudahy
21
27
3I84
*3914
*1%
20*2
71
Nov
Jan
Nov 14
Delaware Lack & Western..50
*60
Oct
Jan
Nov
Mar
95
14,500
1,200
11*2
Jan
578 Mar
94
Dlesel-Wemmer-Gtlb
11
29*8
72*4 Jan 27
1,200
16,000
6%
Feb 17
15*2 Dec 17
73*2 Feb 13
Curtis Pub Co (The).—No par
Preferred
No par
400
82
preferred
100
pref ex-warrants..100
29%
29*4
43%
18
*10
3
3
58*2 Sept
11*4 Nov
11,431
*10
July
235s
Mar
106*2 io884
7%
784
6%
*143
146
146% 147
20
50
43*4
7
Oct
34 Mar
62
350
6I4
147i8
105
16*2
5*2 Feb 17
1934 Deo 14
Nov 7
108*2
29%
28%
43*4
17*2
97% July
245a Feb 21
2*4 Apr 30
59*4 Apr 28
6534June 24
-.5
30
Jan 10
14*4June 26
No par
100
No par
30
97
21*2 Nov
Ino
28%
Aug
Feb
Cutler-Hammer
28I4
4218
I684
72
Mar
Davega Stores Corp
3014
Oct
Feb
Nov'
1,000
108
58
56*4
Nov 21
7
1,000
104
Jan
91»4 Nov 17
136
Nov 18
8478 Sept 30
9
17
102
39*2
128
9
24
30
102i2 105
Dec
3^
49%
83*2
17
Deo
83
8
4
49%
83%
90*2
Mar
31
33i2 Jan
49%
*108
Oct
35*2 Mar
2584 Mar
20
83*2
17*4
1534
44*2 Jan
1,100
700
33s Mar
7
6,000'
33,500
17,400
Deo
2
80
108
4214
1678
*612
530
Dec
Aug 28
80
108
30>4
28i2
4384
173s
380
,
17*2 Dec
101*4 Nov
15
80
*108
*2978
2812
3,100
21
16
Crown Cork & Seal
21,600
Aug 24
"22*2
3078 Aug
pf-_100
Crosley Radio Corp..-No par
200
103
Feb
V
65s Mar
7
55*4 Apr 30
10,900
5,200
.
23*8 July 28
10834 Oct 5
"1O84 "Feb
Congoleum-Nalrn Inc..No par
Congress Cigar
No par
6,100
.
4
Connecticut Ry & Ltg
Consolidated Cigar
6,500
;
Mar
9
Corn Exch Bank Trust Co..20
10
Dec 15
Jan
510
1,400
48
978 Nov
Jan
25
900
Oct 29
55
Continental Steel Corp.No par
9,800
30
100*4 July
6,200
i884
19
19*4
107
105% 105% *106
6%
684
6%
634
19%
1934
19%
19%
*46
14
116*2 Nov 16
27
Preferred
Stock
39*2 Dec 19
Jan
Commercial Credit
3,900
2,200
24,600
1,500
2,000
177,600
19*4
80
Dec
36*4 Feb 20
Prior
128
40
109
377sMar 11
3,200
2%
16%
13%
128
108
108
2%
16%
13*4
2%
16*2
13%
12734
Deo
6934 Mar
684 Jan
2
200
*109
112
108U IO8I4 *109*2 112
18
18%
17%
18*4
17
1784
53%
54*4
53*2
54%
505s
511
*122% 123
*122% 123
123
123
50
2
Rights
*108
De«
Mar
Jan
Crane Co
36
5
9
Dec 29
7,300
3584
6684 Nov
107*4
16
7,700
36
106*2 Feb 28
Jan
19*8 Jan
6%
35%
Aug 14
100
101
19
49*2
36
26*4
7834
56*2
47%
49
June 30
100
100
Coty Ino
5%
50*8
5i2
5558 Jan 16
100
6
584
48*2
578
110
4% 1st preferred
4% 2d preferred
60'
*171*4
4734
5l2
47
Apr 28
Colorado & Southern
500
6412
6834
170
5284
28*4 Sept 17
4,200
28
234
July
No par
100
Preferred
600
2%
44%
2612
20
Colo Fuel & Iron Corp .No par
100
2l*4
4334
48
39*2 Apr 30
107*4 Jan 3
8*4 Jan 6
No par
Collins & Alkman
41,500
106,500
3,200
68*2 New Year's
67*2
2034
4034
100
preferred
^Consolidated Textile. .No par
Consol Coal Co (Del) v 10..25
68*4
21*4
21
66i8
June
Dec
6%
26,600
3
Oct
48
Deo
1*8
3i8
87
June
Dec
Prior
29%
3034
3%
3*4
101*2 102%
Mar
48
585g
%
30*4
Deo
80
21
Consol RR of Cuba pref.-.100
29%
48*2
8
Oct 13
Dec
93
750
9*4
37%
21*4
51
15*8 June
1,100
8%
90
63% Apr
7,300
106
21
Feb 26
Mar 30
Nov 17
5,600
5*4
35
82
48
68
10%
21%
Dec
July
21*4 Dec 14
10*4
834
34%
47*2 Oct 10
13
700
9%
9%
16%
17*4
*10434 106
21
80
"275a
11184 Dec 12
Colgate-Palmollve-Peet No par
----
17
7%
31*4
6*2 Nov
27% Deo
89
Aug
126
5,000
44%
106
Oct 31
Oct
37
Aug
-
Preferred
17
98
Apr
3*4
12*4 May
72*2 Nov
160
44
4
7
4
Deo
24% May
May
100
Nov 16
Preferred
90*2
90
Feb 10
90
107*4 Jan
33
July
Nov
I3i2 NOV 17
46*8 Mar 24
Oct
134
*80% 110
20i2
297s
67*4
21*4
6478
6434
Co (The) .1
Clev & Pitts RR Co 7% gtd.60
Special
50
Cluett Peabody & Co..No par
80
7*80
8is
3214
*21l8
Extra
Clev Graph Bronze
2,200
1734
17%
Clev El Ilium Co pref. .No par
90,000
19*2
*16*2
1
3*4
50
7
2334 Jan 21
1,000
18
18U
*1658
8934 Nov 17
4
12
6984 Sept
35
Oct
9378
500
3734
*17*2
*16%
17
2
Nov
434 Jan
Mar
790
13*2
1912
18%
17
7278 Jan
50
No par
Equipment
Colonial Beacon Oil
97
14*2
37%
14%
100
100
5
Preferred
City Investing Co
City Stores
31
Jan 31
3,000
67
67*4
67%
6834
67
68I4
68
7014
*11258 116
*11118 11134 *111*8 120
*11318 120
76*4
77
75*4
76*2
7634
74i2
78l4
76U
*113
125
*11384 125
117
117
*11514 117
19
19*2
18%
19%
19l2
19*8
2014
1938
3%
3*2
3*4
3*2
33s
.3U
312
314
70
69
69*4
7034
6958
6778
6034
70's
15
Nov 17
Nov
Jan 15
50
36%
4234
*92
23
Deo
26
84
5,000
1758
97
No par
85*2 Jan 21
15*4 Jan 2
Feb
124
100
17*2
18%
17i8
16%
10578 10578 *105*2 106*2 *10534 106*2
*92
Corp
Deo
9
100
120
3434
17*4
51
21,100
60*4
119
8
100
20i2 2114
103U 10314
60
Jan
9
Coca-Cola Co (The) ...No par
Class A
No par
30
1,800
58i2
60%
60%
6OI2
*11284 113*4
11284 II284 *11234 11314 *11234 113*4
*20
*20
2934
2984
25
*20
*20
2,5
45
46*4
45*4
46*4
43
45
43l2 4414
19
7-20*4
20%
19*2
19
19
2U8
2078
r22l2 23%
r22l2
24i2
26
24l2 24l2
26i4
*21
27
*1934
27
27
*19»4 27
*1934
61
25
5
25
share
31'4
3*2 Mar
Dec
May
2,600
2034
2II4
20
2034
2078
*103i2 104l2 *10312 10412 *10234 103
13834 Nov 12
30*4 Jan
1434 Dec
77*4 Dec 22
129
July 28
7612
77
7484
7434
74
7434
*125i2 127
12512 12534 *125i2 127
12334 12384
*12314 125
123
123
*56
57
5634
5634
*5678
58
20]8
Dec 22
Sept
25
3
Copper Co
City Ice & Fuel
Clark
6
9
Jan
178s Sept 19
$ per share $ per
share
7
10
Childs Co
Chrysler
per
No par
Chlckasha Cotton Oil
Chile
$
$ per share
Highest
Lowest
Highest
Lowest
Par
C C C & St Louis Ry Co pf 100
*97
*97
*47
*47
2H8
13i2
47i2
47i2
11534 117U
9
3614
1,700
4,000
13
100-Share Lots
On Basis of
Week
Shares
2H8
iins lins
37
Jan. 1
21
*51
9
Friday
*86
♦82
*5634
1278
*97
*97
73
21
*51
♦51
8l2
$ per share
EXCHANGE
Thursday
Dec. 31
Wednesday
Dec.
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Range for Previous
Year 1935
Range for Year 1936
Sales
for
LOW
63
New York Stock Record—Continued—Page 4
144
2
June
445s Deo
12% Jan
58%
32
Deo
Nov
17*2
Deo
1
Deo
1%
8*4
Deo
Deo
12>4 May
19
Aug
Mar
116
Nov
103
865s Mar
146*2 Nov
1267b
Feb
132
Oct
104
Feb
115
Aug
384 Mar
110*2 Jan
8
172*4 Nov
141
164
1658
Jan
Jan
3*4 Mar
1938 June
Nov
6
173s Feb
4
37g Mar
7»4 Feb 21
5% Sept
107
Jan
30%
Jan
July
Oot
8% Nov
3834
Oot
113*2 Sept
1434 Dec
8%
Feb
£
New York Stock Record—Continued—Page 5
64
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 26
Dec. 28
Dec. 29
Dec. 30
Dec. 31
Jan. 1
5 per share
S per share
$ per share
$ per share
$ per share
YORK
On Basis
STOCK
Week
$ per share
Range for Year 1936
STOCKS
NEW
for
Saturday
Shares
24 ,
903f
2338
24i4
25i2
87
89
90
9012
90
92
84
83
84
84
*83i8
85
42i2
4178
43
45
4334
14
li4
Par
Electric Power & Light.No par
$7 preferred
No par
700
414
1*8
54
2684
8334
4478
II4
514
54
5i8
2438
14
H4
H4
54
514
5
25i8
4414
H4
90
94
1378
2612
2234
1238
28i8
412
*7638
94
144
27l2
2234
1238
9i8
1314
25l2
2U4
12U
287S
28
45S
*81
90
94
1334
26i2
22
12U
28i2
5
J
*81
90
Storage Battery..No par
t Elk Horn Coal Corp .No par
6% part preferred
...50
El Paso Nat Gas Co
Corp
6% preferred
Engineers Public Serv
"2"666
S5H
~2~306
9i2
14
958
14l8
27
22
1212
2714
1458
2734
6,000
4,900
22
22i2
28i8
5i8
2914
53S
12l2
2812
538
29
1,100
2,200
5,100
4,300
1314
558
$ per share
2
2
2
393, Dec 18
63s Jan
3234 Jan
294 Jan
i2 Ja
14 Jan
*
2234Nov
4
634 July 25
Aug 18
110
2578 Deo 17
944 Deo 9
87 &s Dec 14
654 Jan 7
is8 Feb 5
64 Deo 11
294 Dec 21
69
116
7
Feb
July 22
preferred
preferred
7i2 Jan 3
45i2 Jan 14
48
Jan
6
164 Dec 14
8434 Oct 13
894June 30
55
Jan
4
97
1
Equitable Office Bldg__No par
Erie
100
First preferred
100
Second
100
preferred
54 Apr
7
11
Apr 30
16
Apr 29
1134 Jan 3
June 30
1078 Dec 11
39
Mar
4 Mar
4 Apr
"624 "Jaii
1254
Jan
74 Aug
34Bs Deo
3134 Deo
684 Nov
78 Jan
178 Aug
66
Sept
134
Deo
84 Nov
14 Mar
Mar
50
Nov
144 Feb
154 Mar
44 Aug
65
Nov
14
554 Nov
74 Deo
8
74 Mar
14
5
Oct
7
84 Mar
64 Mar
194 Deo
134 Deo
147g Aug
12
Jan
7
1578 Aug 10
234 July
438 Jan
2
407s Jan
3
par
Mar
24 Mar
184 Sept
29
5
Evans Products Co
14 Mar
3
344 Oct
6
Eureka Vacuum Cleaner
Exchange Buffet Corp .No
Highest
$ per share S per share
No par
600
938
13i2
26U
2U2
1238
$ per share
No par
$5 conv preferred
$6
50
100
Highest
No par
400
„
3
Endlcott-Johnson
700
90
91
No par
Elec
3,300
6,900
26i4 2738
2738
2658
2678
27i8
57
56
66
57
67
554 *55i8
66
*1104 113
*110i8 113
*110i8 113
*110i8 113
154
15i2
1584
1558
1584
15l2
I684
15i2
70
70
70
74
70
70
7H2 *72
75
77
75
74
74
80
*74l2
76
*78
$6 preferred
5,400
1,300
538
27
Year 1935
Lowest
Lowest
50,900
4,400
84
24b8
Range for Previous
of 100-Share Lots
EXCHANGE
89
23U
Jan. 2, 1937
8
104 Mar
15
May
2
84 Mar 19
Jan
404 Dec
Apr
6
Nov
►
*34*34 r
204
34
194
204
358
20
71
71
70
71
*210
220
*205
215
34
204
70
*34
214
70 4
358
21
71
860
440
7034
2,400
Fairbanks Morse & Co.No par
84 Apr 29
3434 Jan
100
6% conv preferred
100
Fajardo Sug Co of Pr Rico.20
Federal Light & Traction... 15
1224 Jan
3158 Feb 24
1834 Apr 30
215
2104 2104 *207
Fairbanks Co
378
224
Preferred
100
574
574
244
244
1004 1004
*98
105
*98
105
*98
105
*73
79
*73
77
*74
79
*73
79
*107
115
*107
115
107
111
*107
115
200
..No par
Federal Mln & Smelt Co
100
Preferred
100
9
5,600
6,800
3,200
Federal Screw Works..No par
Federal Water Serv A ..No par
87s
54,
44
42
1
57
£74
25
254
5734
2534
604
604
2534
2534
538
94
54
538
94
6
87S
534
44
93s
55s
43s
44
44
44
438
84
42
87S
44
42
42
41
41
41
1064 *105
106
107
*105
107
105
45
3338
*105
484
39
*45
3378
1054
494
4058
454
334
49
39
45
144
*324
16
16
32
3238
74
8,300
■
1,400
60
6
44
414
678J
Preferred
Federated Dept Stores.No par
500
434 % preferred
1,000
600
7s8 Jan 9
Apr 28
24 Jan
20i2 Jan
Preferred series A
Florence Stove Co
No par
Stock purchase war's No par
Florshelm Shoe class A.No par
t Follansbee Bros
No par
z247g Jan
Mar
17
Jan
115
Dec
614 Dec 31
2734 Deo 18
54 Mar
34 Deo
15
Dec
394 Deo
125
Deo
214 Nov
1014 Dec 15
48
Jan
x85
6
40
72
Aug
Apr
1234 Nov 30
54
Apr
Apr
95
May
92
Mar
4
124 Mar
6
Oct 15
34 Mar
Dec 30
6
464 Nov
9
2
84 Deo
44 Jan
34 Aug
July
7s Feb
164 Mar
9
2
1004 Feb 26
40
Apr 30
3012 Sept 25
Deo 29
45
4
9
Deo
1153s Nov
Dec 19
100
4 Mar
7134 Dec 24
2
9
Apr 30
First National Stores..No par
Flintkote Co (The)
No par
25
257
2104 Dec 30
3
38
Firestone Tire & Rubber... 10
4,000
Aug 10
6978 Mar 30
37
105
5,700
400
3
60
Fidel Phen Fire Ins N Y
300
Jan
100
2,100
1,400
20,000
84
Federal Motor Truck_.No par
600
105
444
x4378
46
444
3478
3538
344
3458
1054 *10478 1054 *1047S 1064
51
*50
50
514
507s
3934
403s
4238
4158
4238
454
*444 47
474 484
*164
20
15
7*144
1538
33
33
344
*334 344
67g
74
74
74
738
46
34
1054
47
L.7
614
264
5'4 Mar
25sJune
....25
49»4 Nov 10
364 Deo 1
1054 Nov 10
685s Nov 30
"284
25
Aug
Mar
454 Deo
134 May
844 Apr
443s Nov
254 Deo
10278 Deo
Feb
24 Mar
304 Deo
64 Jan
Jan
794 Dec
687s Aug
414 Dec 16
5634 Dec 14
Dec 14
1412 Dec 29
26
25i2Mar21
378 Aug 29
344 Dec 30
ll«4Mar 2
19
484 Dec 31
204
1
474 474
*1164 125
47
474
120
120
x48
48
48
X120
120
43
42
*120
125
*120
125
125
46
46
47
46
4634
85
*76
85
*764
85
274
454
*754
27
274
424
265g
273s
4284
4378
4438
3,800
125
*76
4,600
85
274
......
2778
8,800
*110
112
*110
112
*110
112
*110
112
75
*70
73
*70
73
*70
73
mrnmrnmm
43
43
*41
5
27
5
434
478
44
414
43s
478
26
"26
105
*102
154
124
Stock]
*104
(Exchange
72
17
*145
94
Extra
264
105
458
*264
*102
7*264
105
*102
444
54
264
150
1534
124
*145
94
94
264
5734
121
2,500
240
105
16
1534
163s
164
13
1234
123s
127g
1234
124
105
*104
*1044 105
1054 *1044 105
73
72
73
73
7234
73
733s
17
174
174
1634
173s
174
174
1578
264 274
574
584
1234 1234
Holiday
5
26
103
434
340
20
3,900
4,500
1534
150
1038
267s
584
1234
*145
*145
150
1034
103s
274
28
59
604
1204 122
1034
27»4
60
*121
150
Stock
*56
*38
59
*38
60
55
68
*324
68
*324
*35
75
*39
75
*39
6458
6578
$6 2d preferred
No par
Gabriel Co (The) cl A ..No par
Gamewell Co (The)
No par
3D2 Apr 30
Gannet Co
Gen Amer Investors...No par
Preferred
General
7%
7%
214
224
89
89
404
544
658
42
214
864
4034
64
33
824
2758
1164
102
114
96
34
64
44
544
544
54
634
6
678
344
824
285g
1164
1024
1158
96
335g
82
■
38
154
844
2178
864
4234
5478
558
67g
34
8234
284
284
1154 1154
102
114
*95
10238
1138
96
*734
154
34
54
*124
*494
584
39
36
354
*734
1478
34
80
16
34
140
624
354
80
154
544
52
13
114
524
51
334
544
124
5178
59
58
58
1293s *129
12938
34
334
334
*344 374 *344
374
144
144
1378
144
2634 2P34
2634
2634
1044 1054 10534 10534
34
For foot notes
see
pane tiO.
3
Corp.No
par
110
19,800
Glidden Co
678
344
814
1,400
10,000
3,900
21,500
2,100
Gobel (Adolf)
Goebel Brewing Co...
1
Goodrich Co (B F)..__No par
$5 preferred
No par
134 Jan 21
74
Sept 11
2938
25,500
Goodyear Tire & Rubb.No
214July
2834
116
2934
116
1024 1024
114
114
944
95
3
34
54
634
334
814
285S
116
6
116
700
2,700
1024 1027s
1134
1134
*93
3,500
70
96
42
394
*135
*52
354
*734
154
34
484
12
140
624
354
80
1534
334
544
124
7*504
504
584
5934
1294 1294
»3234
3534
*344
374
144
144
2634
105
27
1054
1087* *106
108
3
34
64
44
65s
478
42
139
*52
344
♦734
15
34
13,600
4,000
3,000
70
......
3,300
3478
80
153s
------
24,900
2,700
334
900
514
59
1,900
120
1294 1294
*3234
3534
*344 374
200
17
108
1
No par
Great
100
Western Sugar..No par
Preferred
100
Green Bay & West RR Co. 100
Green
Jan
June 30
1'sJuly
34 Apr 30
16
Apr 29
244 Aug 4
_
.
"l"606
Dec
14
Apr
51
12
Mar
9
Apr
31
Jan
136
Jan
6
504 Mar
9
7
Nov
Deo
Deo
Deo
Deo
3134 Deo 18
444 Nov 10
194 Oct 2
90
Jan 24
704
Jan
Nov 19
654 Jan 14
"234
Feb
354 Deo 15
74 Mar
1458 Deo
1
964 July 18
44 Feb 19
114 Mar 20
64 Jan 15
z2558Nov
9
Dec 21
524 Nov 30
224 Oct 17
464 Oct 14
424 Dec 31
1494 Aug 14
65
494 Deo
Dec 31
14 Apr
44
194 Aug
Aug
93
24 Mar
Oct 17
154 Mar
Apr
70
24 Apr
20
Apr
14 June
44
Jan
144 Deo
264
Jan
92
Jan
104 Deo
85
Deo
54 Mar
44 Oct
13®s Nov
24 Mar
144 May
184 Mar
354 Nov
26
384 Sept
Mar
94 Mar
94 Mar
264
Jan
119
Jan
21
Apr
5
Jan
294
Jan
16
Deo
354 Deo
3478 May
140
May
60
Deo
254 Nov
284 Deo
95
34
Feb
95
Feb
24
434
114
344
334
Greyhound Corp (The).No par
Guantauamo. Sugar
No par
Preferred
Gulf
100
Mobile & Northern.. 100
Preferred
100
Gulf States Steel
No par
105
30
33
10
6
No par
14
6
—.100
Corp of America cl A
Vi% preferred
100
June 10
Jan
9
Jan
2
Dec 15
June 22
304 Jan
120
4
Jan
1
3
3
1
12
Jan 20
100
104
Nov 24
19
Feb
4
Mar
6
Apr
12
Mar
48
Mar
63
Aug
1294 Sept
3478 Dec 16
37
Aug 4
154 Dec 11
32
Nov 18
1254 Nov 17
1054 Mar 18
55
Deo
6
Dec
1934 Mar
624 Oct
Jan 24
Jan
Jan 23
177s Nov
434 Dec
66
304 Jan
283g Jan
100 *104
.
7
July
94 Jan
25
Preferred
Hat
lB8July
24
25
Water
7% preferred class A
Printing
Preferred
Apr 28
May 21
1434 Dec 21
100
Preferred-
Hackensack
Harbison-Walk Refrac.No par
—
89
4
Oot
Nov
3978NOV 18
Hanna (M A) Co $5 pf.No par
.
284 Jan 16
109
22
250
.
Jan
14 Mar
154 Mar
65
5,200
—
934
Deo 31
1
(H L) Co Inc
Hamilton Watch Co
80
June 20
Greene Cananea Copper... 100
1,000
(
1024
544
17
Conv pref series
2,000
14
*106
Grand Union Co tr ctfs
Granite City Steel...—No par
Grant (W T).
No par
Hall
106
130
2
6
1,000
5234
77
Feb
Deo 17
2
13
102
.100
174
Deo
864 Nov 24
317s Apr 16
Jan
13
*128
Preferred
Deo
1
64 Deo
424 Nov
1164 Dec 28
1057s Deo 12
84 Apr 28
Graham-Paige Motors
1
Gr'by Con M S & P 2d stpd..5
Nov
21
8
Jan
324 Jan
6,100
624
283g
64 Nov
16
460
2738
No par
120
Aug
7ia Feb 28
104 Feb 17
Gt Nor Iron Ore Prop.No par
56
106
$5 preferred
Gotham Silk Hose
Jan
Mar
3
1434 Mar
1634 Jan
56
par
154 Aug
18
Aug
18
154 Jan
Apr
724 Oct
597„ Feb
116
Jan xl204 Deo
264 Mar
593g Nov
Dec 29
374 Dec 24
524 Sept 18
87
No par
...No par xlOO
Oct
Mar
478 Dec 15
92
Great Northern pref
55
14
2d preferred
$7
14 Aug
8
11
10
274 Nov 18
378 Jan
4078 Nov
377S July
Feb
X1074
484 Deo 15
Oct 15
50
9
Jan
Sept
71
84
preferred
Nov
Nov
644 July
1454 Oct
44
414
34
394
334
No par
(The)
conv
30
64 Feb
57
No par
preferred
4H%
634 Jan
18,600
139
59
$6
No par
1,100
3,800
2,400
10,500
4338
424
51
Gimbel Brothers
77
Jan 17
Aug 21
3
1234 Nov 28
594 Deo 17
1534 Deo 28
105
70
2
704 Jan 6
Aug 24
72
304 July
1358June25
204
4
123
Feb 17
34 Apr 28
324 Apr 28
2
Apr 28
264May 25
334 Apr 30
324 Apr 30
17 July
6
Deo
464 Nov
1274 Jan
44 Feb
38
56
103
103
10134 10234 *100
102
534
55
534
54
534
544
*128
*1274 130
130
*128
130
164
17
164
1658
1658
174
1087r *106
Gillette Safety Razor. .No par
Conv preferred...
No par
300
474
204
140
534 Jan
55
534
678
354
824
4234
*504
2
454
20
624
6
Jan 27
185S Jan
5478
54
634
3334
8034
4234
42
145
537s Jan
118
434
2038
4178
394
3
*8658
454
47
454
20
Gen Theat Equip Corp.No par
Gen Time Instru
224
*129
*106
6,700
44
4034
Oct
88
22
1934
$6 preferred
...No par
General Refractories...No par
Gen Steel Castings pf..No par
3
July 29
88
4234
414
3938
194 Jan
14,800
44
22
434
46
434
204
141
600
140
217g
884
46
44
2184
424
454
1978
404
394
594June 20
Deo
21
44
194
3
No par
2,400
1,210
64 Nov
49
58
•
Mar
184 Nov
116
Gen Railway Signal
No par
Gen Realty & Utilities
1
Oct
Aug
104 Nov
76
Oct
3,700
3,800
16,700
146
Mar
81
......
2
*134
Mar
100
General Printing Ink..No par
$6 preferred
No par
Gen Public Service
.No par
Jan
64 Mar
4
No par
No par
Common
74 Mar
115
1078 Deo
484 Deo
19
Oct 30
10
1004 Sept
Dec 30
Oct
General Motors Corp
54 Mar
844 Jan
324 Mar
604 Dec 31
22
56
28
71
$5 preferred
No par
Gen Outdoor Adv A ...No par
134 Deo
1284 NOV 27
77
900
Mar
7
2
1,300
64
44
2
3
143,700
Deo
54 Nov
2
3
Preferred
Nov
55
Jan
8,800
63s
22
6»4 Jan
17
Jan
$8 pref class A
General Mills....
304 Nov
125
474 Deo
114 Jan 11
Jan
50
Nov
704 Jan
154
64
424
Oct 24
2
19
3,100
Mar
Deo
70
44 Mar
Nov 17
Oct
Dec
14
Conv pref series A ...No par
$7 pref class A
No par
100
mm mm
414
34
44
20
155
7
8634
154
64
44
2138
*504
354
214
*39
No par
100
1044 Apr 21
Jan 23
141
*86
3
42
43
154
864
64
224
41
42
154
864
preferred.....
100
3
76
No par
No par
preferred
Jan
42i4 Apr 30
1034 Apr 28
Dec 30
120&S 1214
34
42
*22
*39
97
2
500
15
cum
General Cigar Ino
6,000
84
Cable
Class A
15
Nov 17
1778Nov 30
144 Nov 18
78 Jan
145g
*374
5
No par
6
General Bronze
1124 June
Deo
364 Nov
1054 Aug 27
No par
145g
*673s
154
..5
30
4
Nov
Gen'l Gas & Elec A
154
38
No par
lligMayll
15U Deo 21
8i2May 20
100
Nov 10
1478
87
$6 pf._ No par
3
44
mmmmmm
111
19'4 Mar
304 Apr
174 Mar
78 May
13,400
614
624
1184 1184
634
654
30
604 Mar
74 Aug
6
55
2,600
154
conv
Gar Wood industries Inc
334 Jan
152
'mm
94 Mar
534 Feb 29
Jan 21
67
67
67
67 '
*6658
70
674
*1074 108
*1074 108
*1074 108
*1074 108
4
44
438
44
44
44
44
44
52
55
57
523s
5558
524
5178
5234
4
44
45g
44
44
44
44
4&S
43
43
*43
44
435s
45
434 434
70
70
70
704
71
704
71
704
79 4
80
814
844
804
794
81
864
29
30
2958
314
2978
304
308s
31
'
Deo 12
3338 Feb 18
58
83
_
Apr 14
78
344 Apr 30
*57
*374
354 Feb
Nov 13 xl35
108
No par
57
15
234 July 15
100
No par
121
1434
974 Oct
General Electric
57
154
3
General Foods
121
14 58
Feb 17
473s Jan 17
10
78
605s
6034
1184 1184
4778 Dec
Preferred
127
17,600
80
60
604
5978
60
*1184 1184 *1184 11834
6478
674
6434
653g
*121
1214 120&S 121
56
56
554
57
1
5
54,800
55
*35
77
*
60
68
500
Dec 23
4538 Dec 31
Fuller (G A) prior prel.No par
600
Day
120
9584 July
7%pfl00
Free port Sulphur Co..
10
General Baking
$8 preferred.
31,500
7,100
2,800
Aug 21
304June
63
July
Gen Am Trans Corp
mmmmmrn
June2t>^
24i8 Apr 30
1
w
F'k'n Simon & Co Ino
6,100
Closed
32
106
No par
w
3,900
*50
494 4978
*4934
5034
495s
4978
504
*151
154
♦151
154
1504 1504 *1504 154
52
52
53
6234
55
544
55
524
38Bs
394
3838
39
385g 3958
394
3934
24
24
258
25g
24
24
234
258
*
10
Preferred
*.....
Exchange
11S4
New Year's
28
605s
1234
preferred... 100
conv
Fourth Nat Invest
mmmmmm
*70
Closed
434%
Foster-Wheeler
110
47
464
Food Machinery Corp new.. 10
50
4538
125
125
274
,900
484
*1174 125
42
Dec 28
1354 Dec
108
May
May
Deo
Dec
Nov
Deo
214
Jan
304
Deo
30
Jan
35
Deo
4
Mar
64 Apr
63
Jan
1004 Sept
16
Mar
8
Oct
144 Nov
112
Deo
105
Nov
303s Deo
1
184 Nov 24
9984
Jan
121
54
Feb
115
81
144 Deo
1134 Do
Jan
9
Feb
Deo
Volume
LOW
AND
6
578
100
125
*110
125
*110
125
165
*164
167
*164
167
20
35
3,900
160
800
129
64
65
150
149
146
*
1283S
64*8
*120
100
290
2414
247g
6,800
4184
41
41l2
4278
"8~i6o
41*4
40*2
42*4
25*2
2434
75*2
*75*2
24*4
68
1234
438
4*8
18*8
187S
1958
2
225g
45*2
*44i2
72
1484
72
*6814
1484
»
115
2078
55s
55s
780
13*8
37
1,600
3,300
37
135
23
1078
5*2
1178
16*2
1678
47g
42*2
47g
47g
42
43
512
915g
*4534
6
93*2
463s
110*2 111
9
Stock
7*2
52l2
26*4
48*2
31*8-
Exchange
Closed
11*2
57g
9134
4534
*110*2
9
9
5%
I684
57g
434
4378
7*2
52*2
25
26
48*2
48*4
48*2
31*8
31
*
52*2
26*4
31
89
86
11*4
33
193s
2714
3334
5S_
18i8
5
43
45
1,700
87
87
*27li
276s
*12084
86
87
12
'400
*49
152
5,400
310
151
129
*4312
1,000
2,500
31
25
25
110
110
*104
21
2012
21
1812
18l8
1834
22U
2H2
21&s
*103i2 104
104U 104i2 ♦10H2 104
61
6178
6238
615s
613s
617g
19
I884
18i8
18i2
1834
19
*43
44l2
*43
4434 *4112 4434
20*8
l734
205s
18i2
22
223s
47*2
46*2
283g
28
5i8
46*2
28*2
*9934 100*8
11*2
11*2
135
135
♦131
45
45
*42
135
r5i8
46
104
10412
60U
62i8
1918
*42
*514
5i8
48
'
287g
*9934 100*8
13
*103g
28*4
*120
135
130
*43
15
17*2
17*2
39*2
17
17*2
173g
38*8
38*4
3.9
39
*150
170
10
2634
120
118*4 119*2
18*4
58*2
18
18*4
57
58
74
70*2
95g
103s
27
2634
43*2
6184
*106
,
2*2
56*4
63
107
258
57
6*4
6*4
*40*2
41*2
*105
109*2
22
2238
143
14334
2*2
143
320
8,300
""160
20
300
71*2
71
10
978
2678
26S4
44*4
43*2
1,300
Sya cl A
25
Int Mercantile Marine.No par
Internet Mining Corp
—1
Int Nickel of Canada..No par
Preferred
100
Int Hydro-El
cl A.-No par
B_.------No par
Inter Pap & Pow
No par
Class C
100
Corp.-No par
Preferred---100
Internat Rys of Cent Am.-100
Int Printing Ink
No par
Certificates
100
Preferred
No par
International Salt
58l8
71*2
10
2678
44*2
-
Co'pt pf ser A-No
Kennecott Copper
No
Keystone Steel & W Co No
Kimberly-Clark
No
Kinney Co
No
Kendall
Preferred
-
410
1,800
91*2
1,300
3134
9,700
29*4
25*4
90
90*4
305a
32
3034
*32*2
35
*3834
31*8
35
42*2
4338
423g
5234
5378
513s
42*2
53*4
80
25*4
25*4
34*2
10,400
90*2
28
90*2
30*4
10
25*4
29
25*8
35*4
400
143*8 143*8
28
28*2
89*2
31*2
100
1,700
7,400
2,400
35
500
112
4lj Mar
21ig Jan
9812 Jan
Sept- 9
Kress (S H)
190*2 Deo
655g Nov
154
Deo
434 Aug
Oct
"i
"
47*4 Deo
6*2
130
Nov
5
Deo
3*g
Deo
23g
Deo
287g Deo
42>4 Deo
110
Deo
Oct
4>s
Jan
I84
Oct
5
Jan
61 *2 Nov
9*4 May
12
25
Oct 30
30
Deo
20*2 Deo
36*4 May
42U Mar
49*2 Nov
35
Nov 17
16
July
28
Nov 25
565g
Dec
78
Oct
19*4 Feb 17
55s Mar
14
Deo
3778Nov 18
87s May
165g Sept
39*2 July 15
Nov 24
Jan
2
19*4 Jan
2
2
133
7
19*4 Dec 22
Feb 28
50*4 Dec
Apr
26
Apr
48*2 Aug
3
45s Apr 29
747g Feb 26
99*2 Nov
126*2 Deo
120*4
93
Nov
Deo
141* Deo
6&8 Mar
22
Deo
Feb
Jan
7*2
1584
20*4 Nov
Oct
30
Nov 18
34
Mar
283g Jan 2
247g Jan 2
2538 Mar 20
6
Jan
90*8 Oct
31*4 Nov
3*4 Mar
10*4 Aug
28*4 Nov
18*4 Jan
110
Oct 28
107
7
99»4 Deo
120*2 Apr
37
Aug
384 Mar
121
18*2 Jan
Apr 28
20*2 Apr 28
Jan
Jan
Mar
115*4 Mar
5
Dec
245g Oct
30
Nov
38*2 Mar
117*2 Mar
50
Apr
Dec 31
4
37gMay 11
Aug
16
36
49
Sept 1
9338 Nov 14
126i2 Dec
90
6*8 Mar
24ig Oct
110
126
152
Jan
70*2 June
Oct 16
2284 Apr
3138 Nov 12
17»4June
Co—
10
7% preferred
100
Kresge Dept. Stores—No par
Preferred
100
Jan
2
par
par
No par
3
11*2 Oct 20
105g Oct 20
6338 Nov
Kresge (S S)
84
Mar
90
July
1384 Mar
308g Deo
46*2 Deo 12
73g Jan 8
10
21
61
23
5
3
Nov 30
323s Nov 18
llOSg Feb 10
18i2Nov 13
Mar
Oot
258
Nov
6*8
Mar
1984 Mar
103*2 Apr
Deo
Deo
41
113
27«4 Nov
Apr
2
May
42
Jan
80
Oot
22*4 May
32
Aug
337g Jan 31
12
50*4 July 13
2634 Feb 6
19*4 Mar
213g Oct
27*2 Deo
46
Aug
135
Dec 21
& Co new—No par
3584 Aug 31
51
No par
Louis 100
19*8 June 30
28
20*2 Apr 27
32
0ig Nov
Nov 13
Kroger Groc & Bak
5%
100
No par
Lane Bryant
Tobacco—25
Series B——
Preferred
19,300
•
4834 Nov 18
7
Liggett & Myers
45
8g May
8*8 Dec 11
98*4 Dec 18
28*4 Jan
600
4458
Nov 20
par
27
3,100
1,000
2,100
22*4 Jan
1237g July
li8 Mar
8g July
233g Dec 11
1478 Dec 11
87
700
""806
136
par
par
Jan
18*4 Dec 31
17*2 Dec 22
1484 Jan 2
No par
Jan
II4 Mar
178 June
—-—.—1
Class B—
Kelvlnator Corp
4,100
3,600
12184 Feb 5
75*8May 27
Jan
Jan
4284
June
135
7
33*4 Feb 25
8,000
3,300
58*2 Jan 18
88
May 7
80
Deo
5
Jan
34*8 Mar
663gNovl8
107
I
243g Aug 14
113
Apr 29
17
1388
149*2
53*2 Feb 21
11*8 Sept 21
103s Apr 30
13
Deo
93
Oct
Apr 29
June
116
7*2
235g Sept
26
36*4 Nov 17
10
278
16*2
"7:606
19*4 Jan
23
Apr 28
Oct
Mar
1*2 May
4*4 Mar
25g July
Feb 21
8
83s
884 Mar
3
Deo
5*4 Deo
36*8 Oct
Feb
4
Jan 27
71*4
2434
9034
Nov
•
2ij
2378 Dec 29
9?8
27
28
30
July
108
5
Kelth-Albee-Orpheum pf—100
Kelsey Hayes Wheel conv cl A1
Kayser (J) & Co
1,600
3,300
Jan
Jan
18*4
19
119*4 120
25*8
35*4
Nov
130
10*2 Dec
2
133g Dec 21
43UMay 8
125*4 Feb 6
384 Apr 30
2*4 Jan 6
1&8 Jan 9
20*j Apr 30
37 May 22
107 " Apr 27
3>4 Jan
Jan
60
16
30
92
121
Jan
109
6
105*2 Deo 31
160
Apr 3
8
4*2 Jan
15
Dec
15
46*4 Mar
Feb 14
Dec 19
Nov
194
148*2 Jan 23
284 Apr 30
82
Island Creek Coal
Mar
40
18*4 Dec 30
578 Mar 11
47*4 Dec 12
Apr 28
—-100
—No par
—-1
Preferred
—1
Jewel Tea Inc
No par
Johns-Manvllle
No par
Preferred
100
Jones & Laugh Steel pref—100
Kalamazoo Stove Co.10
Kan City P & L pf ser B No par
Kansas City Southern
100
Preferred
100
Kaufmann Dept Stores.312.50
Preferred
Intertype Corps
84 Apr
9i2 Mar
Apr
77g Jan 18
187g Jan 11
57g Deo 28
1
15
17*2
378
2*8 Mar
23*2 May
60*2 Mar
140
2
50
1384
15
Dec 30
95g July
3
Jan
Deo
Oct
Jan
22*4 Deo
38*4 Deo
59*4 Deo
5*2
4*4 Mar
122
2*2 Jan
565g Jan
603g Deo
Oct 19
147
1078 Dec 29
160
Nov
Jan
Feb
6*2 Mar
6*4 Mar
16*8 Nov 10
4138 Nov 12
20
Oct 27
5
47
18*8
278
500
170
2*2
143
6
4*8 Jan 2
255gMay 21
No par
Silver——100
7%
59*8
70*2
18*2
633g
143
Jan
May 12
11
Nov
7
1*2 Mar
3** Feb 19
29*2 Oct 17
643sSept 2
73*4 Oct 4
preferred
100
Inter Telep & Teleg
No par
Interstate Dept Stores-No par
International Shoe
International
3,100
2,800
1,300
*150
19
107
143*8
10,100
39*2
25
"'"BOO
1734
28*2
For footnotes see page 60.
Maehlnes.No par
Internet Harvester——No par
Preferred
—100
No par
Lee Rubber & Tire
5
Lehigh Portland Cement—25
4% conv preferred
100
Lehigh Valley RR60
Lehigh Valley Coal
No par
Preferred
50
Lehman Corp (The)...No par
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
Llbbey Ownes Ford Gl No par
Llbby McNeill & Llbby No par
lite Savers Corp
5
67
6584
67*8
633g
*106l2 107
*106*2 107
2*2
258
2*2
258
5778
5678
5634
57*2
56*4
5534
678
65g
6*2
67g
63g
63s
43
*41
43*2
43I2
43i2 43*2
109*2
109*2 109*2 *105
10912 *105
23
23
22
2234
2234
2238
6234
107
33,700
6,800
6,700
108
104
107*2 107*2 £108
105*4 106
10784 108*4
107*4 107*4
105*2 IO684
105*4 106
170
170
*167
*167
*167
172
*167*2 172
22
2I84
21*2
2H2
21*2
21*4 21*4
*207g
61
60
59
60
60
60
59*2
60
55
55
54
54*2
54*2
54
53*8
53*2
43*2
70
183g
15*8
18*8
104
44
4,600
5,200
13,600
39*2
2">8
25s
1684
163g
11834 11914
18
18*8
5778
2
2284 July 10
preferred
Lambert Co (The)
15*8
18*4
18*4
Jan
1
185s Apr 30
June 5
-.100
Laclede Gas Lt Co St
rl5*8
58*4
705s
225«Nov
Deo
73
284
5
4
preferred
130
15*2
120
8*2 Apr 27
2?8 July 10
290
16*4
3*8June 10
13*2May
—No par
Int Business
July
315g
Jan
'
42
57g Jan 23
1738 Feb 6
Agrlcul
39
*15*8
16
No par
Iron
Interlake
23
16*4
16*8
130
30
100
Intercont'l Rubber—-No par
2238
*15*8
25g
67fi
1
t Interboro Rap Tr v t o__
Deo
42
6*2 Mar
49
Dec 31
65
Aug 24
23
18
284
163s
7
May 12
Insuranshares Ctfs Inc
4
x705gNovl2
1378 Dec 14
4
63g Jan
125
r39
18*4
5434June
48»4 Jan 21
106
23*2
38*2
18*2
2&8
Nov 16
100
22*4
157
78
Ingersoll Rand—_——No par
38
1838
18
65U Jan 14
58
Industrial Rayon——No par
23
1734
*150
2
Mar
495"
3078 Mar
33
100
100
10
lines
RR Sec ctfs series A
22
18*8
19
338" "Feb
44*4 Feb 20
30
Indian Refining
40
175s
157
100
8
5
3978June
22*4 July
100
6% pref series A
22
18*8
18
No par
Corp——10
2158
1734
*153
100
44*2
39
2118
21*2
6
Manhattan—..100
Preferred
4412
2278
4434
22
*38
Oct
Feb
25
---5
*43
39
24*2
19U
44l2
48i2 481*
30
287S
*9934 100*8
12
*1058
21*2
*22*4
25g
110
I8I4
28
39
245g
21i8
20l8
46*4
13
300
31
29i2
2438
*11*4
44
400
30
*9934 100*8
129
110
"2:660
2378
5i8
10
500
44
29
514
60
500
1,600
21
2414
5i8
2,400
435s
*29l2
24i2
30
2214
19
2214
80,000
Day
2034
43
1834
1214
3414
43U
24
2112
New Year's
2"ll2
30
21*8
500
*11634
*11684
110
700
1,300
*124l4 126
126
43
*105
Closed
*104l2 105
♦19i2
20
2784
2784
27»4
*12034
*84
87i2
129U 129U
44
44i2
21
60
1,100
90
12
124
110
Exchange
267g
4914
32
3378
149U 15H2
110
90
89
124
r43l4
70
3184
148l2
42
Stock
734
5434
19 U
*41
115
544
Common stock new.-No par
Leased
19*8 Dec
Feb 17
pref__50
Howe Sound Co
Hudson &
lsi6 Dec 16
4278 Dec 31
Dec 22
Preferred
110
9"""
Deo
8
108
Houston Oil of Tex v t c new
Class
400
Jan
~2258
658 Mar
407
No par
Class B
Deo
11
3384 Oct 30
100
Household Fin partlc
July
118
30»4
2
19*4 Jan 13
Jan
584 Mar
Jan
9
Deo
8I84
Jan
104
100
preferred
Homestake Mining
Houdallle-Herahey cl A.JVo par
6,400
29,400
10,000
*52i2
2678
123
22
12",200
45
*7
147
2012
28,700
94
*8*4
124
*11634
8,100
27,200
45
146U
2034
100
923s
123
*11634
*20U
8,700
15,100
125s
6i2
6i8
145
13012 13012 *12712 12984
*44
45
45
4434
No par
Holly Sugar Corp
Prior
5
Feb
"i6 Dec
(A)—.——5
Hollander & Sons
Internet
June
36*2
Deo 16
124
108 "June 13
12
105
19
1201412014 *12034
87
par
162
4934 Dec 31
2
6*8 Jan
5
31*2
8978
123g
34U
34U
34*2
105
2634
preferred—No
30*8 Jan
Jan
73*4 Apr
Jan 13
119
102
885$ July
49
12
19
19
No par
No par
5312
2614
3H8
*86i2
104ig 105
193s
2812
687gSept 24
Sept 16
80
Inspiration Cons Copper.-.20
5*4
7U
49
1134
*10418 105
Deo
Inland Steel
40,700
2,300
3,100
8,400
54,100
2,000
*110i2
*5212
26l4
88
IH4
33*4
131
T966
17*2
9
9
9
52l2
Feb
135
12
*110i2
....
1138
Holiday
93i8
*44i2
94*2
40
88
Extra
6I4
6%
7*2
122
Jan 23
»55s
125g
63g
9378
4514
123S
12*2
7*2
17
Nov
June
142i2
Aug 13
24i8
534
2212
*18612 191
188
186*2 187*2. 187i2 188
104
105l2
10134 104l2
99
99
100*4
100*4
157U 15714
►157*4 160
*156*4 160
*15512 160
914
9i8
914
984
9
93g
87S
9*2
6
614
6I4
6i2
7
684
6*2
73g
17
I8I4
1478
1678
15
15*8
1434
1434
64
635s 64i4
643g
64*4
6358
6384 64*2
♦1325s 13584 *13258 13584 *13078 13534 *13078 13584
18
18i2
18
17i2
1778
16
17
15i2
117g
Oot
Apr
22
141
Deo 29
84
6% preferred--
1*
♦185
11*2
90
117*12
117
558
123S
534
I8I4
5
45
5&S
1178
55s
300
136
*135
11512 H6I4
23*4
2414
115*2
3814
37l2
*134
135
*135
578
47g
20
70
*68l2
15iz
17*4
11*2
43
900
133g
5*8
$5 conv
46
13
1658
11
Jan
Mar
No par
preferred-.---No par
46
15
55g
11
71
1438 May
Jan
165
126
Holland Furnace—
Hupp Motor Car
Illinois Central
13io
3712
21
2134
Oct 14
Dec 30
120
127
100
Hudson Motor Car
12,400
15
113
41
Deo
Jan
Jan 27
150
Herehey Chocolate
13,200
13l2
13484 135
115*2
25*2 Apr 30
li*8 Mar
85
141
117
—No par
35,300
15
*130
—
6
preferred
19
3634
135
218g Jan
25
238
237g
2i8
1234
36*2
36*2
700
14*2
143g
1384
I284
43g
125g
1884
2i4
235s
4512
72i2
178
23
*68*4
72
995g Dec 24
125s Aug 17
May 14
150U July 8
6
100
23i2
1912
19
178
600
28,000
13,300
1,200
65
♦1178
13
*11*2
22*4
44*2
2
23*2
44*2
*130
*4
11*2
200
68ls
133s
6312
414
64i2
414
15,200
77i2
1278
4*8
11*2
25i8
68
1312
63
11*2
42
600
245s
68I4
62
59*2
59«4
""300
*76
13
13*8
178
225s
44*4
*132
2412
*7514
68
13*4
5
Mar
No par
Hercules Powder
Conv
share
Oct
Mar
25
Motors
cum
6*2
9
Preferred
$7
§ per share $ per
133
Hecker Prod Corp v t c.No par
7%
439
*4184
42
253s
77i2
r68i4
68*2!
*6784
1258
58*2
4*8
11*2
18*2
*405
440
4178
4158
2434
77*2
4158
75*2
42
*407
445
*407
*113i2
*11312
*113*2
410
$ per share
Rights
x
40*4
*113*2
,
500
3,000
2484
24U
4134
6534
112i8
4984
122
49l2
120
120
2478
23*2
*63
*108
49
48*2
20
$ per share
45g Apr 30
Hazel-Atlas Glass Co
Hercules
Highest
Lowest
Highest
2
Hayes Body Corp
Helme (G W)
*129
110
110
*1087S 110
*10878 110
48
48
48*8
48*2
120
121
121
12178
25*8
*150
150
129*4 129*4
*63
6684
........
64
3434
3478
25,700
1358
1338
1358
3414
35
34*4
129
410
900
101
165
148
r3A
3,800
6i8
101
102
Par
13
35
24
Shares
102
165
148
% per share
Year 1935
100-Sftarg Lots
On Basis of
Lowest
*110
*12214 130
34*4
EXCHANGE
Week,
13
1234
13
*162
the
Jan.l
101
100
100
1278
6
6i8
6*s
6
534
Friday
$ per share
$ per share
$ per share
$ per share
$ ;per share
NEW YORK STOCK
31
Dec.
30
Dec.
Dec. 29
Dec. 28
Dec. 26
STOCKS
for
Thursday
Wednesday
Tuesday
Range for Previous
Range for Year 1936
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
Monday
Saturday
65
New York Stock Record—Continued—Page 6
144
25
100
Lily Tulip Cup Corp—.No par
Lima Locomot Works.-No par
June 10
1578 July 29
7*a Jan 2
12
July 15
15*2 Apr 30
94*2 Apr 30
8*2 Jan 2
Oct 19
5
Mar
6
1*2 Mar
1
5*2 May
12334 Nov 20
Jan
2
2134NovlO
67*8 Mar
10*2 Oct
387gMay
4
65
12
80*4 Nov 10
25
May
31*8 Jan 29
97
Marie
7
7
13
Nov 17
115
Jan 16
9734 Mar 13
116*8 Jan 15
Oct 28
170*4 Dec 23
23*4 Feb 5
160
19
Apr 29
2578 Jan
2
63*2 Nov 30
3
55
Loew's Inc.—
—No par
43
July
3
Apr 21
104*2 Feb 28
2
Apr 23
35*2 Jan 2
383 Jan 2
13884 Oct 15
107
May 19
2118 Apr 28
140
Dec
3
Deo
9
46*2 Dec 4
67*8 Dec 31
10878 July 17
3i>8 Feb 11
6178 Deo
1
83s Mar 24
45
113
Jan 17
Sept
1
26*2 Jan 27
151
Jan 30
13
Jan
51*2May 25
20
May
30*4 Oct 7
102*8 Oct 19
57*2 Jan
22*4 July
33-
Oct 16
9
Jan
Jan
14*2
173g
Dec
Jan
11*2
Jan
3*4 Aug
1584 Nov
9584 Nov
17*4
Jan
49*4
Oct
Nov 17
2
May 19
47*4 Jan
28*2
Nov 10
22
Oct
32i2June
preferred..
100
t Louisiana Oil preferred-.100
Louisville Gas & El A ..No par
Louisville & Nashville.——100
Ludlum Steel
1
MacAndrews & Forbes
10
105s Mar
Feb
No par
7%
May
8*2 Mar
19
No par
No par
Lone Star Cement Corp No par
Long Bell Lumber A—No par
Loose-Wiles Biscuit—
25
6% preferred
—-100
Lorlllard (P) Co
10
180
5
95g Apr 29
89
May 11
Liquid Carbonic
No par
1812Nov17
1834 Dec 16
45*2 Nov 10
Mar
4
July
Link Belt Co
Preferred
8
6
2
36
Loft Inc
Jan
21*2 Mar
0s8 Sept
21
Mar
94*4 Apr
9384 Apr
151*2 Jan
15*2 Oct
13*2 Mar
17*8 Mar
24ig Mar
31*4 Feb
102
Feb
1
Mar
227g Mar
1*4 Mar
Apr
33
IO784 Nov
18*2 Mar
124
10»8 Nov
295g Nov
120
122
Aug
Aug
167*2 May
2834 Nov
275g Nov
43
Oot
37*2 Deo
55*8 Nov
10834 Oot
25s Oot
3678 Nov
43g Deo
416g July
112
Deo
26*2 Nov
Apr *149*8 Dec
4*2 June
15
Deo
10*8 Mar
23
Aug
34
Mar
64
Dec
Sept
35
Feb 19
12*4 Mar
26
42
Jan 21
377, Nov
46
Oct 30
185* June
30»4
Deo
57
Nov
43*2
4534
45
453g
3,900
Mack Trucks Ind.;
No par
2738 Jan 30
49*4
52*2
52341
'5234
54
9,100
Macy (R H) Co Inc
No par
40*8 Apr 30
65*4 Nov 12
30*2
Apr
Feb
New York Stock Record—Continued—Page 7
66
W LOW AND HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 26
Dec. 28
Dec. 29
Dec. 30
Dec. 31
Jan. 1
$ per share
$ per share
$ per share
$ per share
$ per share
S per share
Range for Year 1936
Shares
On Basis of
Week
15
14%
15
14%
14%
56%
6%
53
53%
54
54%
27%
15%
26
6%
26%
15%
5%
25%
6%
27%
15%
16%
15%
32
33
32
38
38
38
13%
14
12%
14
24
24%
14%
23%
14%
23%
4?8
5%
10%
2%
14%
56%
6%
26%
*15
5%
Par
14%
1,200
Madison Sq Gard v t 0.No par
1,600
6%
1,200
Magma Copper...
t Manati Sugar
27
27%
15
15
500
Mandel
No par
7
June 30
37%
180
t Manhattan Ry 7% guar. 100
32
Dec 28
14%
11,600
Modified 5% guar
Manhattan Shirt
12% Dec 29
*31
14%
233.1
478
10%
600
23%
10
10
2%
*2
10%
2%
20
17
17
17
17
80
*37
39
*36%
6%
39
150
*49
61
2%
s*17
20
A37
*17
37%
14%
37
5%
*48
13%
50
43%
50
300
45
Nov 30
3% Mar
2d
100
2% July
41
May
preferred
Marlin-Rockwell
Marshall Field & Co
Martin-Parry Corp
No par
62%
63
63
5,100
Mathleson Alkali Wks.iVb par
May Department Stores...10
1378
14%
14%
4,200
Maytag Co
43%
43%
43% *._
104
41
41
41%
24%
38%
86
86
13
44%
r44%
16%
16%
17%
87
88%
12%
44%
13
84%
12%
44%
44%
17
17%
16%
107% 107% *108
24% 27%
26%
*96
96
97%
80
79% 81
11
10%
11%
27%
96
102
ex-warr'ts.No par
16
88
3,200
13%
8,200
MoKesson & Robbins
44%
800
18%
6,200
8% Apr 30
37% Jan 3
11% Apr 29
26%
6,300
40
*
81
conv
MoLellan
No par
Stores
6% conv preferred
Mead Corp
$6 pref series A
No par
No par
1.000
Melville Shoe
No par
9,600
96
Mengel Co (The)
7% preferred
30
~8l"
100
39
3878
39
59%
15%
29%
59%
15%
69%
59%
59%
1,600
16%
30%
1578
30%
16%
30%
31,100
Miami Copper
2978
18,500
Mid-Continent Petrol
39%
39
40
38%
39%
2,700
15%
30
29
39%
40
38%
120
120
9%
120
10%
84
*1%
3%
4%
27%
6%
24%
2%
6%
9%
85%
84%
1%
105
28
Holiday
33
32
98%
63%
1»16
42%
65%
1%
98%
98
56%
2%
42%
65%
1%
120
53%
1«16
42
64%
1%
86%
87
88
94
1,200
*1%
*3%
4
1%
5%
5%
27%
6%
24%
278
6%
1%
*3%
28%
7
2
96%
98
98
98
*96%
98
29
29
29
29
*29
29%
*71%
*10612
17%
*59%
16%
38%
18%
72
71%
72
74%
62
35
35%
17%
22%
35
35
22%
34%
*96%
74
61
*59%
109
17
Closed
35
22%
34%
97%
34
143
58
70
75
400
108
108
40
17%
60
61
61%
200
1678
16%
16%
27,100
40
41
40
41
18%
18%
19%
18%
13%
19%
34
34%
*143
150
67
11%
1%
11%
*1%
%
71%
34%
347?
*166%
69%
57%
11%
1%
%
%
71
*143
71%
33%
57
57
*56
107
107
*107
19
*16
19
*16
68*2
35%
33%
57%
1184
*184
11%
%
72i4
69%
69
81
82
83%
10%
4178
43%
84%
1084
23
265
270
111
111
29%
54%
12%
261
261
*111% 114
30%
55
29%
*55%
29%
55%
13%
13%
13%
103% *103
103%
27
26% 27%
27%
103
*50%
*3%
28%
16%
53
For
footnotes
«...
*5012
•*
~
—
3%
3%
3%
28%
*28%
16%
16%
53%
29%
16%
54%
56%
see page
22%
109
1%
2
1%
*266
261% 267
111% 111% *112
30%
55%
55%
13%
14%
103% 103%
2734
28%
*50%
*3%
*28
57% Jan 17
100
t Missouri Pacific
2% Jan
6
2
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
Mont Ward & Co Inc..No par
19% Aug 24
79
May 19
7
35% Jan
100
preferred
Rights
.
Morrel (J) & Co
Morris & Essex
No par
1'516 Dec 28
41% Dec 23
Feb
7
7% Feb 11
33% Dec 23
103
Mar
68
6
Nov 28
59% Feb
7
60% Jan
6
71
% Jan
2
2% Nov 30
43% Oct 19
Motor Wheel
6
Mulllns Mfg Co olass B
1
Preferred
No par
Munsingwear Ino
No par
Murphy Co (G C)
No par
5% preferred
...100
Murray Corp of America..100
28% Apr 30
15% Jan
11
May
21
Jan
7
44%May
102% July
3
14
Myers F & E Bros
No par
43
Nash Motors Co
No par
15
Nashv Chat & St Louis... 100
National Acme
1
Nat Aviation
2
Apr 30
70
1
4
Apr 30
Jan
2
Aug 12
20%May
4
12% Apr 30
9% Apr 30
28% Oct 6
Corp
No par
Biscuit
10
Nat Distil Prod
100
No par
..No par
Nat Enam & Stamplng.No par
National Lead
Feb 25
27
10
Jan
3634 Deo
5
79% Aug
108
22%
62%
21%
47%
19%
15%
38%
6
Nov
Oct
5
Mar
9
Jan
9
June
24% Nov 18
33% Mar 6
37% Apr 14
Deo 16
147
Nov 16
400
Nat Rys of Mex let
2d preferred
.
.No par
9%May 11
4% pf.100
Preferred
% Jan
8
100
National Steel Corp
National Supply of Del
% Jan 10
25
57% Apr 29
19% Jan
25
100
Bros
t New Orl Tex & Mex
4,300
2,600
1,670
#40
20
4,000
10,100
9,900
2,400
1,400
2,500
130
No par
100
100
1
N Y Chic & St Louis Co... 100
Preferred series A
New York Dock
Preferred
Apr 15
104% Apr
10% Feb
9
8
17% Jan
3% July
10%May 16
60
119
Jan
IN Y Investors Ino
No par
t N Y N H & Hartford
100
1
Jan
Conv preferred
100
N Y Ontario & Western... 100
N Y Railways
pref
No par
N Y Sblpbldg Corp part stk. .1
7%
preferred
100
3
Api 24
7% Apr 28
July 9
2% Jan 7
9% Apr 27
57
May 21
83
110
No par
2,200
t Norfolk Southern
100
93% Apr 23
1% Aug 27
900
Ncrfplk <fc Western
Adjust 4% pref
100
210
50
100
No par
Mar 17
105
North American Co
1,600
Preferred
.....60
Jan
98,000
500
2
May 12
23% Apr 30
52% Feb 6
30,800
17%
18
57%
North Amer Aviation
1
No Amer Edison pref..No par
Northern Pacific
100
Jan
2
23% July
7
6% Jan
98
Dec
4% Mar
21% Nov
4% Mar
6% Feb
22% Apr
141% Mar
6
12% Nov 10
13% Jan 24
60
Nov 24
64% Nov
9
Apr 14
Dec 14
83
Dec 14
36% Nov
158%
Deo
23%
22%
Deo
Deo
113% Nov
108
Aug
4% Jan
34% Nov
32% July
150
Jan
121%
Jan
4% Mar
% July
% Mar
Mar
36
Mar
x8% Mar
7% Jan
21% June
43% Jan
162% May
140% July
14%
1%
%
83%
20%
77%
11%
Aug
Nov
Nov
Nov
Aug
Aug
Jan
13%
41%
61%
Deo
"11%
Deo
10%
Deo
Deo
Oct
3% July
4% Mar
18% Mar
12% Mar
6
36% Nov
29% Deo
Mar
19
Deo
39
Deo
Mar
Dec
29% Nov 30
4
Mar
6%
16%
112
Mar
Oct
2% Feb
6% Deo 22
18% Dec 22
7% Feb 24
5% Feb 24
16% Mar 13
99
Sept 16
% May
2% Oct
5% Oct
2% Mar
% Mar
6% Mar
61
Oct
Nov 16
69
June
109% Aug 12
2% Jan 14
310% Oct 30
79
104
158
May
% Aug
139
1%
8%
16%
6%
3%
16%
87
Deo
Juno
Deo
Jan
Aug
Nov
Deo
Jan
Jan
92% July
102% Deo
2% Deo
Mar
218
Deo
2
99
Jan
108
June
35% July 27
9
Mar
28
Nov
115
59
Oct
June
9
14% Dec 31
106% July 21
36% Feb 20
32
Nov 30
115,700
18
Dec 31
6,700
Oliver Farm Eq new...No par
24% Jan
69% Dec 16
6
Oct
2
Aug 28
12% Aug 25
6
Jan
Deo
Deo
9% Mar
19
Jan
Jan
27%
14%
14%
Nov 30
60
Aug 18
Sept
1% Mar
23% May
21
May
47%
19%
Nov 23
40
Telegraph...60
2
Sept
9
Dec 14
Norwalk Tire A Rubb-.No par
Preferred...
80
Ohio Oil Co
No par
.......
13% Mar
12% Mar
40% Mar
75% Nov
150
4
34,900
78
15
Northwestern
56
15% Dee
15% Nov
81% Nov
26% Dec
Feb 11
49% Oct 13
53% Oct 5
95
Sept 29
No par
20
56%
9% Aug
Sept
13% Mar
62
1% Feb 11
43
36% Jan
100
3
110
Apr 30
32% Jan
27% Jan
100
..100
N Y & Harlem
41
61% Dec 14
14% Feb 17
133
74% Jan
N Y Steam $6 pref
*7 1st preferred
120
""360
1634
7% Mar
Feb
36% Nov 30
171
137% Jan 21
National Power & Lt.
94% Nov
40% Deo
66
Mar
100
Dec 19
Deo
Nov
65% May
1% May
33% Deo
14
B
54
23
Dec
Oct 22
Dec 17
Preferred
Nat Mall & St Cast's CoNo par
Deo
Jan
4%
Dec
% Apr
31% Dec
Jan
37% Dec 8
107% Dec 8
32% Nov 30
28% July 7
28
3
41%
Apr
164% Dec 18
26% June 30
17% Dec
6% Nov
16%
60
11
Oct 29
29%
64
Feb
21% Mar
30
155
"3%
*28
65
7
100
No par
114
2% July
6% May
1
July
1% Mar
10% Mar
Feb 19
9
10
Apr 28
25% June 11
Deo
July
4% Deo
4
1
Mar
A
No par
269
1% Mar
10% Apr
Nov
2%
Mar
Dec 31
30% Dec 21
Dec 24
68
% Apr
1
Nov 18
39% Nov 18
101% Nov 23
Preferred
New York Central
109%
2%
Mar
7% Nov
2"ts Dec 21
100
*50%
\
4
31
7
50
N Y Air Brake
29%
17%
60.
Dec 31
2% Feb
Mother Lode Coalitlon.No par
Motor Products Corp..No par
1,800
56,700
31%
5584
14%
103% 103%
28
28%
3%
94
2
Sept 15
3% Jan 3
Conv
Newport Industries
30«4
*55%
1378
3%
12% Mar 23
1% July 14
2% Aug 5
100
26",066
-
30
preferred
36%
34%
128% 128% *129% 133
1%
1%
1%
1%
5%
5%
5%
534
16%
17%
17
16%
484
5
4%
478
4%
4%
4%
4%
1184
12
1178
12%
67%
67%
70
67%
98%
99
99
99
109
7%
6
Newberry Co (J J)
6% pref series A
41%
109
Mar
6% Jan
10%June 18
32% Apr 29
42
70
Deo
"3%
Minn Moline Pow Impl No par
Preferred.
No par
Minn st Paul & S S Marie. 100
No par
80
99
98%
108% 108%
1%
1%
Nov
150
Nelsner
41%
4%
85
Jan
300
41%
11%
70%
Nov
58
Dec 23
55%
78»2
*4%
11%
85
Nov 12
120
5o%
3834
4%
4%
12% 12%
*70% 74
*98% 99
*108% 109
2
1%
Sept 16
112
7% July 10
4034
127% 127%
1%
1%
5%
5%
16%
16%
4%
4%
109
8
No par
39
23%
9
Dec 22
No par
75
*130% 131%
1%
1%
5%
5%
17
16%
5
4%
5,200
6%
119
Natomas Co
37
11%
24% Sept
116% Oct
Apr
National Tea Co
40%
83%
8% Mar
60% Mar
Mar
1,000
77
10%
20% Deo
48% Sept 10
131% Mar 30
88
2,400
39
81%
9% Mar
265
10%
41%
11%
2% Mar
6
100
.
12%
76
23%
600
Oct
Deo
Dec
Oct
16% Dec 31
*106
3,600
8% Nov
Minn-Honeywell Regu.ATo par
4% conv pref ser B
100
10%
4012
81
Feb 21
Jan
Jan
Deo
14% Dec
97% Deo
65% Nov
30% Nov
4
90
24
9
Apr
24%
112
400
11
Nov 17
12
38
80
65
Deo
Deo
15%
115%
60%
107
19
23
6
3
Nov
10%
40
33%
42%
108
59
12
40% Jan
5% Jan
1984 Deo
45% Sept
131
22
2
107
81
Oct 19
112% Mar
12,300
Oct
35% June
Mar
Apr 30
107
25
45
21% Jan
Jan
3
21
50
Nov
20% Mar
21
Apr 30
107% Oct 19
*57
77%
9
xl7% Apr 30
97% Dec
...100
*16
10%
23%
13^017% Dec 31
May 13
Dec
41
No par
19
35%
9
11
7% pref olass A
7% pref class B...
t Nat Depart Stores
200
69
Mar
85% Mar
Nat Dairy Prod
1,200
7,400
2,100
128% 128%
28
Dec 29
%
72
June
100
1%
*%
71%
Oct
103
6% pref ser A.........100
Nat Cash Register
No par
1,600
16,900
34%
75%
40%
34
Oct
10
12
55
Jan
Dec 18
31% Jan
'
58
Jan
153
30
Deo
32%
84%
7% cum pref
100
Nat Bond & Invest Co -No par
6,700
11
33% Nov
57% Nov
20
"2",200
32,400
Dec
45% Deo
14% Nov
54
National
400
Deo
Deo
Jan
2,200
21,500
108
59%
.
34%T3478
*165%
*143 |160
170
8,800
...
150
57%
11%
*1«4
%
107%
107
13,100
16
*165%
57
*15%
100
*71
17%
67
68% 69%
68
67%
*128
131% 132
132
132% *128
10% 10%
10%
10%
rl0%
10%
*12
12%
12
12%
12%
12%
66
56
*55
57
*55% 67
57
4,400
1,600
16%
39%
58%
11%
1%
%
2,200
18%
38%
18%
34%
143
Day
15%
39%
16%
168
80
7,800
600
13
13
13
12%
12%
13%
14
31% 32
31% 32%
32
32%
32%
32%
*161% 164% *161% 164% *16178
*162
32
32% 33%
32%
32%
32%
33"
32%
*100
100
102%
100
*9978 102
*101
102
30% 30% x29%
30%
31
30%
31%
31%
23
22% 23%
22%
23%
23%
24
23%
110
*108% 109% *108% 110
110
110% 111%
*106
107
107
107%
107
107
107% 107%
19
19
19%
19%
19%
19%
19%
19%
28% 29%
28%
28%
28%
28%
28%
28%
*29
29
30%
30%
30% 31%
*30
32
168
133,900
29
1778
*59%
1,600
38,200
1%
35
22%
*108
17
Exchange
64% Slew Year's
29
*108
2,400
10,500
3,700
400
22%
34%
Nov 30
12
1
100
1%
22%
33%
91
Preferred series A
56%
2%
"64%
34%
122
Dec
11,000
98%
56%
2%
35%
1
55% Jan 31
6%May 22
9% Feb 21
33% Oct 16
44
22%
108% Dec 30
28% Dec 14
29% Dec 31
31%
35%
1
2
Stock
Dec
2384
3%
Jan
7% Mar
33% Nov
118% Jan
90% Jan
r 6% May
14% Nov 18
49% Nov 17
38% Dec
21% Nov 18
8% Apr
2
110
Deo
10
Nov 18
6% Jan
14% Jan
30%
*97
22%
100
46
Dec
30
May
33
24% Dec 22
49% Jan 24
16%June10
7%
3.5%
8% cum 1st pref
Mllw El Ry & Lt 6 % pref-
7
No par
1,240
5,800
3
35%
No par
June 16
12% Jan
x95
5%
Deo
Oct
Sept
23% Nov 12
83% Dec 22
x95
June
May
101% Dec 12
6
No par
7%
66%
1%
Midland Steel Prod
9
June 19
2%May
4% leased line otfs
Mission Corp
Mo-Kan-Texas RR
3
56%
2%
6
10
2
25%
25
32%
Merch & Mln Trans Co .No par
Mesta Machine Co
5
Dec
37
10,900
29%
7
98
100
50% Apr 8
110% Oct 30
7
5
3
31%
54%
900
200
1
Feb 28
5% Feb 10
6% Feb 8
678
25%
98
*42%
*64%
1%
1%
4
r478
28%
36
17%
40
20,200
24%
2%
6%
32%
98%
54%
2%
42%
65%
1%
2%
6%
6%
*115
11
27%
6%
23%
3
160
""800
102% 103
86
6%
33
122
*103% 106
10%
1%
•
*121
70
1078
3%
4%
6%
25
120
40
10%
1%
4%
*115
*37
710
10%
*3%
4%
26%
33&
•
120
82%
11%
11%
105% 107%
11%
122
120% 121% 121
121
122
*103% 106
*103% 106 ' *103% 106
103
103
103% 103% 102
102
Extra
5
preferred
*37
58%
14%
Feb 24
38% Oct
40
60
Jan
McGraw-Hill Pub Co..No par
80%
11%
105%
59%
14%
29%
Closed
92
2
40% Nov
6
*37
Exchange
29
Co
104
104
Nov 20
103
Mclntyre Porcupine Mines..5
McKeesport Tin Plate.No par
Eleo
105
11%
44
No par
105
Stock
55
4
21% Feb 28
800
108% 108% *108
27%
27%
26%
*80
13% Apr 30
MoCall
$3
70
6% Mar
5
Mar
43% Dec 30
5,400
X23%
39%
96
35% Mar
39%
24
39%
Mar
Nov 18
4
43%May
MoGraw
24
20
23% Mar
700
39%
96
3.400
56% Nov 23
25%Nov 19
900
41%
Mar
42% Nov 17
41%
23%
100
1
No par
Prior preferred
Oct
8
12
10
12%
66%
% June
11% Jan 22
Corp
No par
McCrory Stores Corp new
1
6% conv preferred
100
42
7% Deo
Mar
6% Apr 28
27% Apr 27
13%
44%
17%
44%
38%
19
101
7
5
87%
13%
24
39
lk100
7
No par
Preferred..".
Preferred
10
36
1878
87
13
24%
38%
*101
50
36
9%
1%
18% Jan 10
1,600
*44"
Apr
100
8,100
*106% 110
3
6%
Prior preferred
8,400
50
Feb
7
Mar 19
21a
10%
M 600
19% Nov
1
Aug
Nov 30
20%
^
10
Mar 17
23
40%
63%
14%
*101
41%
*24
60
44
30
6I2 July 27
10
*44
13% Mar
3
Dec 31
Feb
100
40
50
23%
24%
6%
12%
3%
1% Jan
10%
14
Apr
Apr
100
40%
*44
104
*40%
260
62
109% 109% *108% 109% *106% 110
35
35
34%
36
35%
36
19
19
19
18%
19
18%
*101
2%
19%
Jan
3
29
3
40
20%
4
9
4
8% Apr 30
share
11% Deo
37% Deo
2% May
67% Jan 10
Nov
2% Jan
39%
9%
7
7
18
17%May
No par
No par
10
Deo
35% Dec
25
20
19%
9
5% Jan
18% Jan
% Feb
6
Nov
Maracalbo Oil Exploration.. 1
Marine Midland Corp (Del)-6
43%
14%
43%
r50
Jan
16% Dec 12
57
Highest
share 5 per
per
Preferred
5,800
11,300
5%
100
7%
Lowest
Market Street Ry
5%
10%
*2
47g
2,800
1% Jan
.100
Bros
2
6
2
2
8% Jan
34% Jan
100
Preferred
39%
60%
13%
63
*44
50
478
24%
10
19%
9%
39%
63%
2%
5%
*48
9%
39
37%
5%
51%
20%
9|s
4%
$ per share
5512
23%
4%
5
$ per share
Year 1935
Highest
14%
5478
6%
•
Range for Previous
lOO-Sharo Lots
Lowest
10%
4%
10
Jan. 2, 1937
67
Mar 24
4% Mar
6
35% Mar
2
Mar
57
Jan
13% Mar
35% Jan
1% July
*20
Mar
9% Mar
16% Oct
55
7%
102
25%
52%
2%
32%
14%
27%
Deo
Deo
Nov
Deo
Dec
Jan
Jan
Deo
Deo
.
Volume
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 26
Dec'. 28
Dec. 29
Dec. 30
Dec. 31
Jan. 1
1838
*100
110
15
15
36U
♦132
36
37
133
133
♦
*
118
♦79
*65
*115
2084
1214
24l2
12i2
25
21%
21l2
33
33
36
23
3334
3612
36
3612
50
5114
50is
51
41%
42U
6,700
154
20
18
24,672
"""266
813s
68
120
155
l",400
*115
*162
154
21
21%
13,900
12
12%
200
32018
*1214
2512
21%
1212
2512
*25%
22
2214
23
33
36
3284
3284
35
35%
51
51
5I84
3212
*35%
51
♦15014 153
*149
150
149
21
22
40%
153
149% 149%
22
23%
28%
120
23
230
1,600
6,600
I,800
2,400
41»4
163
149
-
5,200
23%
10%
110
40
149
23
11
10%
11%
21%
10%
18
18
1784
1784
17%
17%
17%
17%
400
3
3
3
3
*3%
338
61%
57%
62
*60
75
76
73%
75
7414
r74%
22% 25
158% 174
20% 228^
3X4
60%
7884
2i34
2,100
61
2%
6OI4
22%
158
20%
22%
23%
161
1034
22%
156% 157%
21%
20
20%
33%
4%
10%
35
10%
64
*76%
2*%
60
2,400
136,400
8,000
22%
22,300
34%
35
56,500
174% 173%
22%
600
35
34
33%
4%
43%
26%
414
4384
4%
4%
4%
4%
II,200
4384
43%
43%
43%
43%
3,300
26
26%
25%
263s
6%
584
6
6
26%
6%
26
6
9%
9%
9%
9%
14%
3%
9%
10
34
4X2
43%
2612
14
.
14
14%
14%
14%
5,600
3%
4,800
3%
3%
3%
3%
62
62
62%
62%
93%
4%
95%
95
66
65%
4%
7%
65%
4%
7%
65%
*62
22
22%
23%
24
3934
40%
*50%
.
24%
403s
40%
5
7%
64
65
2I84
3%
7%
*64
2134
39
*4984
22
39
39X2
54%
*113
11334
48%
48%
*484
5%
3534 3584
4984
*113
48
*484
33
4%
7%
3984
50
4934
11334 *113
48%
5%
33%
48
97
50%
11384
49%
5%
*4%
35
♦62
4%
7%
8,900
500
62i2
66
55
11334 114
30
4934
51
*6
6,300
5%
3812
87
*83
89
83
83
87
300
*86
90
*86
90
*87
to
89
90
300
*24
25
*24
25
*20%
25
*2012
25
*82
17
11
98
*6%
Exchange
13
2%
7034
Closed
13%
Extra
*85
50
8%
Holiday
*68
1734
18%
2l".466
11%
11%
11%
4,600
55%
5534
54%
6512
53
53
53%
55
54
101
7
6
12
13%
2%
2
7034
71%
6%
12%
2%
73
12
1314
2
214
*13
14
*13
14%
♦13%
*85
87%
51%
984
*85
87%
*85
73
♦68
50%
*8i2
8%
72
*68
1584
163s
3%
51%
52%
51%
*8%
984
*8%
16%
28%
2%
27%
28
3%
r27%
53
53
53
*53
16%
16%
17%
3
80
*71
80
17%
*71
13%
12%
13%
13%
25%
2434
25%
25%
109
3%
3%
26
*22%
3%
3%
110% 110%
33
2%
2%
25%
*2012
2612
25%
22%
812
2%
10%
27
109
3%
22%
21
27%
8%
2%
11%
27%
10%
26%
18%
7%
34%
41
48%
1784
11%
.....
76
35%
41
40
48%
47%
*41%
*1184
46
85
18%
21%
*81
12
1834
22%
8234
*9584 107
5%
53s
28
2884
112
98
112
30%
55%
65%
*11%
26
200
19,200
3,300
2%
234
26%
2734
27
22%
*18
2784
27
3%
8%
2%
8%
884
8%
2%
2%
10%
27%
11%
234
11%
11
80
22,200
200
6,800
2,600
900
1,600
27%
27%
27%
15,000
27%
28%
72%
72%
1,100
1,400
7,300
4784
48
107
107%
106% 106%
*118% 120% *11984 121%
*100
4,900
271?
72
71%
56
55X2
54% 55%
*11584 118%
117% 118
137%
13784 *136
154% 154%
154%
113% *112% 113%
6934
68I2
69%
19
130
92%
25%
*110
31
56%
65%
12
30%
55%
*59
*11%
For footnotes see page 60.
37%
79
130
92%
25%
....
30%
56%
67
11%
8
37%
79
No par
12
Poor & Co class B
Porto Rlc-Am Tob cl A-No par
—No par
Class B
t Postal Tel & Cable 7 % pf 100
Pressed Steel Car Co Ino
1
5
5% conv 1st pref.....
5% conv 2d pref-.
Procter A Gamble
No par
100
100
100
Gas pf $5-No par
preferred
preferred
preferred
....
No par
132
92
92
26%
27%
.
..
.
30%
31
56%
56%
67
12
"V,l66
9,900
900
113
31
56
*59
rll
113
31%
56%
2784 Dec
26% Mar
29% Deo
334 Dec
113% Apr
130
144% July 14
164
July 14
114
Apr 1
99% Deo 30
1
100
5
1~2~806
Reo Motor Car
Republio Steel Corp—No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Copper A Brass
5
100
2,000
9,200
67
100
11
100
Revere
10
100
100
No par
5 54% conv pref
100
Reynolds Spring new
1
Reynolds (R J) Tob class B.10
5preferred
Reynolds Metals Co
Class A
10
Rhine Westphalia El A Pow.
Nov
8
134 Deo
38
Nov
7612
Jan
Mar
12% Aug
26I4 June
44% Aug
7
5% Mar
10
Dee
22% Mar
55
Oct
2% Nov
I6X2 Deo
312 Sept
1
Mar
IOI4
1%
2412
6%
Apr
Apr
62
Nov
June
26
Nov
1
Mar
Mar
2% Aug
Deo
6X3 Mar
13
6% Mar
1% Mar
12»4 Nov
5% Nov
Feb
2is Nov
16% Jan
%
4% June
42%
115
Jan
Jan
20% Mai
62%
Feb
53% July
121
Nov
4684 Nov
104ig Deo
Mar
117
85% Mar
132
100
Mar
148
Deo
99
Jan
113
July
73
Deo
Deo
52%
Jan
17
Deo
24% Mar 20
13334 Apr 17
49% Mar
119% Dec
91i4May
9%May
4
117% Mar 27
65
103
9
20% Nov 16
2
984May 12
8312 Jan 2
68X3 Apr 28
2912
884
June
Feb
Deo
17%
Oot
19% Oct 27
16i8 Oct
14% Jan 17
4
Mar
13% Deo
35% Mar
92
Deo
2
10% Nov 17
1% Mar
6
Oct
28% Jan
6
38% Nov 14
3512 Jan
3
5034 Oct
3
30x4 Deo
43x8 Jan
3
I6I2 Mar
29% Mar
36
Apr
Apr
3% Apr
20% Apr
38
5
Jan
108i2June 18
80
2
13
28
7
21
21
.
Jan
14% Deo
1
2
Aug 21
9% Jan
Co._
4%
May
36% Jan
50
64,900
50
July 14
47
Preferred with warrants.-25
284 July
% July
31
Apr
65% Aug
Nov
10
Oct
5% Mar
7
Remington-Rand
6
4
6
30
3
12
15
15
3
23
128
4
Reliable Stores Corp..-No par
9
9% Apr 11
Jan
Rensselaer A Sar RR
4,300
Deo 31
3012 Deo
Jan
100
Feb
23
78i2 Nov
4% Dec 14
37
No par
100
1914 Dec
28% Deo
45% July
Dec 31
110
39
A Co
preferred
Deo
Oct
1284 Mar
11
July
13% Dec 30
29
60
1st
14
50
37% Jan 6
62% Aug 26
18% Deo 31
77
Dec 24
50
Preferred
Deo
19% May
Deo
18% Dec 31
3% Dec 31
preferred
Reis (Robt)
54
Feb 21
84
preferred
6
Mar
13X2 Oct
7% Mar
Nov
4
34X2 Nov
6434 Deo
1
11% Deo
103% Feb 21
100
100
Real Silk Hosiery
13
43it Aug
Deo
122X2 Feb 26
50% Nov 30
113
July 15
16
No par
39% Apr
11684 Mar
10% Deo
28% Dec 31
73% Deo 18
56
Dec 31
7
32x2 Deo
Feb
30
85
1734 Oct 27
Jan
17% Mar
108% Oct
1784 Mar
2Xg Feb
9% Mar
I6I2 Mar
40
28% Dec
112
6I2 Aug
5x2 Aug
30«4 Nov
Apr
17% Oct 23
3
Apr 4
Apr 14
Mar
Mar
11% Dec
146
18
8484 Sept
Mar
_
13% Deo
II4 Jan
Mar
I84 Nov
81
July
3
Mar
52% Dec 30
1st
Class A
92
88
2
2
4% Jan
103
t Radlo-Keith-Orph —No par
Raybestos Manhattan.No par
50
Reading
Preferred
26%
May 18
Jan 2
3
Deo
May
814
*68% Deo
6%May 21
No par
8% conv preferred
6% preferred
Purity Bakeries
500
92
1% Apr 24
11% Jan 6
20
540
26
'
Jan
64x2 Feb
5714 Apr
214 Mar
4% Deo
Mar
Mar
4114 Apr
3«4 Feb
2% Oct 30
Pond Creek Pocahon..No par
3984
79%
4
15
35%
5X2
5312
13»4
2
5
Plymouth Oil Co
1,100
1,200
4,900
38%
2
June 20
Apr
85% Nov
4% Nov
21
Pittsburgh <fc West Va
100
Pittston Co (The)
No par
79%
*126% 132
38%
Jan
U4May
49
80% Deo
12
Sept
101>4 Sept
1414 Sept
21% Nov
Mar
July
July
Mar
112% Nov
*42%
99
2
Nov
20
3812
1%
312
I84
Mar 13
10134 July 24
16
Nov 12
2d
900
4
19i8 Mar
7
46
98
18% Dec 31
5634 Dec 22
58% Jan
*48
200
9
Nov
100
25
Preferred
3,700
2,300
19%
31
14
23,100
....
7% Feb 19
4612 Aug 10
112
Nov 18
90
Dec 31
100
6% preferred
Pittsburgh United
11%
18%
Jan
7%June 8
3512 Apr 28
712 Apr 30
2312 Dec 21
Pittsb Screw & Bolt—No par
700
*24
July 13
4984 Dec 22
100
Preferred
6
3
2
27% Dec 29
Pirelli.Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
Pub Ser El A
700
59X2Nov 12
9
58
Oct 24
3% Jan 13
lit Jan
25
Pillsbury Flour Mills
8%
99
*72
*11
70
100
N 0 par
3734
4312
4912
19%
99
*59
.....100
pref
8%
3%
38is Jan
5% July
5
Hosiery...
$5 preferred
290
Oct 19
45
11634June
16% Mar 13
Mar 13
Dec
1% Deo
2734 July 17
12
7»4 Apr 29
68 May 29
No par
100
No par
7% preferred
Phillips Petroleum
Phoenix
66
10
37%
*41%
27
19
*112
Phillips Jones Corp
6%
7%
8%
7,400
Feb 21
112% Nov 30
6% Jan 28
10% Mar 24
74
Dec 2
Oce
712
Apr
Oct
Feb
84 July
54% Aug 19
3x4 Jan
8% Jan
IX2 July
Deo
14
21
6
34
102% Oct 19
100
""266
73
Nov
May
4%
8I4
8118 Jan
$3.50 conv 1st pref.-No par
80
*2%
7
32% Nov 5
10
Apr 1
11% Apr 2
17% Nov 7
334 Dec 30
45X2 Jan
No par
Dec
142xa:DeO
2X4 Mar
514 Jan 23
4714 Mar 10
25% Jan
42%
80
2
10i8 June 30
preferred
No par
J Phila Rapid Tran Co
60
7% preferred
50
49%
*24
12%June
*6
June
Mai
9X4 Aug
25
Phelps-Dodge Corp
"2",400
8%
12%
*130
6
Jan 13
of Am
6
Co..-No par
Jan
Aug
11
Philadelphia Co 6% pref—50
18%
22
23
2284
22%
82
82
a81%
8I84
107
*100
*9584 106
*101% 107
5
0
5
5%
5%
5%
29
29%
28%
2934
28%
2834
112
rll2
112
112
11334 114
37%
Pfeiffer Brewing
Pullman Ino
82%
*72
Jan
16
Pure Oil (The)
22
99
Petroleum Corp
900
120
99
56
4,100
900
19%
100
—.No par
113,600
37
2
3
preferred
17.306
78%
Jan
6412 Jan
Preferred
91,600
11%
*100
Apr 27
2518 Apr 28
—100
—.100
7834
11%
78
5
11534 Dec 29
39
Apr 29
3%
26%
I8I2
Prior
4
IOC
Mar
5% pf (ser of Feb 1 '29).100
80
81
38
Feb 19
Pub Serv Corp of N J..No par
*3
21%
People'sGL&C (Chio)—100
Pere Marquette
June 30
300
80
3
110
Quaker State Oil Ref Corp..10
Radio Corp of Amer
No par
Preferred B
No par
....
78
30
100
Preferred
20% 21%
111% 111%
99
98%
19%
18%
18%
18
17
28I4 Apr 29
57% Oct 23
80
27
Peoples Drug Stores
Mar 13
3XsJxxne 23
412 Jan 2
2834 Jan 2
No par
-..-60
No par
Mar
67
40i4May 12
80
2%
Penn G1 Sand Corp v 10
Dec 30
69
No par
.100
Pennsylvania
312
1084
12
6%
71%
3712 Dec 17
50
12%
*20
No par
Preferred series A
Dee
111% Jan
684 July
2284 Dec 30
No par
12
11%
2.50
Parmeiee
Cement
Jan
Jan
174
4
Apr 28
4% Jan 2
6%June 20
lOisMay 20
ix8 Jan 2
60
Aug 17
Pathe Film Corp
Penick A Ford
21
3
23
Nov
66
123
8
4034May
No par
—100
2%
2734
22%
27%
3%
2%
98%
Parke Davis & Co
31% Deo
Mar
70
Dec 30
Oct 7
Jan 9
Apr 6
Apr 4
97i2 Feb 13
8X8 Aug 19
1
Park Utah CM
Deo
June
Dec 30
June
3% Deo
10
19
July 16
17% Jan 13
284 July 7
1
Ino
17»4 Nov
5% Deo
25
59
100
10
preferred
preferred
Apr
Nov
129
12
23%
13%
20%
414
74X2
2
4
7
3
28
Deo
116% Mar
Mar
7X8 Aug 22
1
Corp—.—1
600
110
1st
2d
Park-Tllford
67
No par
Paramount Pictures Ino
7% cum pref.
240
21%
100
8% conv preferred
Paraffine Co Ino
Pitts Term Coal
34
49
Panhandle Prod & Ref .No par
1214 Aug
138 Jan
18% Jan
560
34
48
Pan-Amer Petrol & Transp._6
3,300
230
27
152
No par
112
27
8
Pittsburgh Steel Co
12%
95%
26%
....
....
108% 110
3%
3%
50
4,400
*41%
11%
012812 128%
*110
106%
119
29
2,500
26
*18
Jan
6% Jan
Preferred
4634
77
95%
25%
117
48%
13%
73
32
140
Pierce Petroleum
*43
38%
77
27%
27%
70«4
54%
100
46
98%
37%
11%
100
27_,800
112
r32
100
Corp._No par
Phillip Morris & Co Ltd
30%
3%
3%
preferred
Pac Western Oil
1184 Apr 30
Deo
13% Mar
39% Nov 10
41
July 20
3
No par
Mar
1
Jan
6%
Aug
1
312 Apr
118
Packard Motor Car
Mar
14
100
& Teleg.
55
80
6884 July 22
4714 Deo 10
153
Dec 31
Pacific Telep
Mar
114X2 Mar
Deo
Dec 12
17% Sept
92
38
3212 Deo
29% Deo
30
Jan
414 Mar
2234 Jan
Dec
15
8
3
14i4May 15
Pierce Oli Corp
28%
22
2
4434 Dec 11
15* 500
5912
18%
73%
1334
8
3084 Jan 11
Phila & Read C & I
72
29
July
3X2 Jan
8X4 July
414 Jan
No par
Corp
Pacific Mills
68.300
17«4
13
26% Deo
125
July
106
-
164% Mar
.-No par
Pacific Ltg
8,500
7%
36%
41%
*47%
7%
2%
27
9
2%
87% New Year's
52%
Day
9%
2
preferred—
No par
preferred
—No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electrio
25
9,700
Closed
Jan
Nov
11% Nov
11% Apr
July 22
114
128
2d
3%
29
3
Exchange
520
7
20>4 Deo
107
484 Apr
8312 Dec 16
70
Nov 25
July 22
114
1st
18%
*53
13%
2784
108%
Jan
3%
59%
75
47
17%
27%
17%
1,790
2%
75%
14%
100
76%
784
36i2
4084
47%
85
2%
*20
'
*100
76%
7%
35«4
18%
3%
300
Stock
110% 110%
♦22
137% *132
154i8 *151%
113i8 *112%
67
66%
20%
20%
109% 110
97
97
98%
18
18%
18%
18
17%
1734
11
1034
10%
98%
76
24
♦68
72
3
27
9%
2%
18%
*17%
10%
107
3%
20%
27%
98
109%
3%
3%
109% 110%
31% 34
234
234
26
26%
♦26%» 2784 *26
72
70%
72%
5384
54%
53%
H684 H684 11534
4734 48%
47%
10634 IO684 106%
119
*11884 119
*131
13734 *132
*151% 154% *151%
*112% 113% *112%
6514
64% 65
20
20%
20%
110
110
109%
*100
2%
13%
13
33
100%
6%
6%
13
1284
z74
9,200
54
*98
7434
72%
25
107
*52
*98% 101
6%
6%
87%
50%
28%
*71
18
10%
*98
16%
16%
17%
11
*52
15X2
2%
•5012
17%
10%
98
—No par
Preferred
100
Owens-Illinois Glass Co
25
Pacific Amer Fisheries Ino—5
Pacific Coasts
10
Outlet Co
Pet Milk
1634
17%
11%
63% ,55%
52
52%
Stock
86
Dec 29
Peoria & Eastern
"""966
I2OS4N0V
July
Jan
75
2084 Mar
7
79
Penn-Dlxie
1,500
26,400
2
100
preferred
5,100
600
2
$5.50 conv 1st pref.-No par
2,200
*%
734
Jan
70
Penney (J C)
No par
Penn Coal & Coke Corp
10
5,400
98
600
*34
35
No par
312 July
25% Mar 30
12x2 July
123
100
Preferred
Otis Steel
$ per share $ per share
11512 Feb 24
19% Nov 17
39»4 Nov 9
136 June 12
24% Apr 27
Transporta'n.No par
No par
Patino Mines & EnterprNo Par
Peerless Corp
3
14%
98%
5%
712
Jan
Parker Rust Proof Co
14%
61%
Jan
8
7
2
2
July
107
A
3,300
638
10%
3%
17
100
Preferred
4,700
6%
9%
61%
96X2
OmnlbusCorp(The)v t0No par
Oppenheim Coll A Co..No par
Otis Elevator
No par
Prior
118
68
70
4I84 42%
41i4
415s
15012 15078 *15H4 163
149%
22%
37%
*78
*115
20
25
22l8
3314
*6712
67
15234 153
1214
25
80
♦115
1533s 155
20
2138
12U
79
»
118
80
67
6612
...
*116
79
1,200
135
17%
177s
118
81%
135
133
17
17i8
16'4
17%
$ per share
100
3634
3712
37
*132
37%
133
1678
Shares
$ per share
10,800
Highest
Lowest
Week
14%
14
14
14
14i8
$ per share
Year 1935
10O-Share Lots
Highest
1878
18%
On Basis of
Lowest
*100
*100
115
1334
$ per share
19
I8I2
I8I2
18i8
1834
110
$ per share
$ per share
$ per share
STOCKS
NEW YORK STOCK
EXCHANGE
the
Range far Previous
Range for Year 1936
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
AND HIGH
% per share
67
New York Stock Record—Continued—Page 8
144
for
LOW
«**•*
I
65% Oct
1% Apr
12%May
Aug
1712 Aug
16
81
Deo 23
July 15
Deo
Nov 30
1684 Jan 30
9
1
Mar
3
Oot
2
8
Mar
18
*Nov
7
June
24% Nov 17
25
Nov 18
4
4
104% Oct
Apr 20
24%June 9
90
Apr 28
1
3934 Deo 31
79% Dec 31
138
Deo 30
<98
M4
92
25
60
July
3
Apr 29
58% Sept 16
884 Nov 23
2084 Dee
9012 Nov
114
22i2May 25
Apr 25
105
Aug
Nov
9
Dec
May
10
Deo
11
72
Dec
31
78i4May
77
43 ]s Nov
4% Dec
100
7
Apr 15
8% Mar 25
29% Dec 15
128
Dec 17
99% Sept 2
4% July 8
16% Apr 30
33
117
Oct
1
9
Mar
110
Mar
5% Deo
2084 Nov
28% Mar
97
78i2
9512 Nov
512
13
75
Oct
Apr
Apr
Apr
16
Nov
-
Deo
37i8 Nov
115
Nov
32
Deo
Nov 23
Feb
5
Jan 13
36% Nov 18
60% Nov 17
65% Feb 10
13%
9812 June
2x4 Mar
Jan
9
17% Apr
101
June
113% Deo
43% Mar
5514 Apr
1H2 Dec
58% Nov
67
Nov
1312 Mar
New York Stock Record—Continued—Page 9
68
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CEN
Jan. 2, 1937
Monday
Tuesday
Dec. 26
Dec.
Dec.
28
$ per share
$ per share
24i2
75
*114
29
Dec.
$ per share
24
75
r23*4
*73*8
115*2
116
878
878
8
50*4
50
5038
12
534
103S
25
25
*22i4
27
42
43*2
41
42
97*2
98*2
98*4
99
3
116
2i2
6*8
3
6*4
105«
110
110
110
111
111
111*4 111*4
14*8
1**8
*
14*8
15
42
44
93
94
2
18
85l4
1%
86*2
41*2
7
16U
29*2
1638
45
45U
37s
4478
46
4
99*2 100*2
*82
110
48'2
50
29
30
1578
16*4
*111*2 112*2
4*2
484
3184
3238
*
159U
~2878
2938
43*2
4238
7434 Apr 28
100
88
2
8*4
4212
r7*8
82%
1'16
434
8*4
42*2
7*4
84*4
1*4
47g
8934
28*2
89
1234
84
85
85
*108
50
2858
16
29
2978
16*4
17
50
51*4
5134
*53*2
56*2
*53i2
9*2
10*4
9*8
*73
104
93g
7412
*73
104
104
3138
6,400
200
1034
11
12,000
64
700
4U2
4H2
2778
28*4
102i2 103
13*8
1414
45I2
4578
3%
334
46*2
4738
84
51
*53*2
9*2
74i2
*73
5238
934
29i2
2138
30*4
30*4
28*2
51
51*8
50%
5078
103*4 103*2
50*2
30
105
8
2178
30%
50*2
111*2
734
778
22U
*34
71
67*2
*3
3*4
423s
4134
4584
45
31
31
68*8
*3412
69
36
71*2
57
17*4
2838
1778
2834
13*8
13*2
56
434
*74U
*124
'
5
39*4
40*2
3884
4038
33
33
33
34
13
*11*2
13
*11*2
17%
29*8
13%
74
124
5
478
4438
48*2
3278
*34%
72i2
36*2
72
42i2
463g
69*4
72*2
55
3*2
*31
71I2
124
69*2
3*4
'
46
3412
6938
68*2
42*2
1734
18*8
28*2
29*2
1358
13*4
76
72l2
12334 124
56
66
'
54%
478
18*4
17*2
18
30*2
29i2
30*4
137s
13i2
1378
19*4
1858
20*8
1934
20*4
1438
15*4
15*8
153S
7*2
758
8
8
13*2
1138
1134
11*8
44
1250 *1000
40
4034
1078
6*4
11*4
7
19%
9*8
*106
9
24
63g
32
2058
21*8
10434 10478
2478
7338
74
1678
17
18*8
183g
2*4
24*4
2
2334
24
73*2
7234
17*8
19%
17
73*2
17*8
2i2
185g
2*8
20*8
2%
2178
24
24
24
3578
3538
4334
85*2
4*4
4*4
43g
3534
44*4
1438
86*2
412
9878
35*4
43*4
14*4
84*2
14
14
8412
4*2
4
99
96*8
97
68
67
6784
For footnotes see page 60
*23
44%
34 38
42l2
48s
9884
6734
7284
1678
18*4
3434
24
3538
44
84
10478 105
24
24l2
98
14l2
14
86
86*2
100*2
6634
68*4
4*4
*95
6534
68
85
Nov 27
1
Sept
1
Mar
114
378 July 29
Apr 27
Jan 31
5
July
1
7i2 Feb 29
35*2 Aug 28
Jan
160
Mar
2012
Deo
60
Jan
13
Mar
24
Mar
65*2 Deo
70i2 Nov
Mar 26
463s Nov
Jan
132
152
Deo
27
Nov
5*2 July
7
July
82
Oct
15
•5
Mar 13
Mar
884 NOV
3U June
31
4
8*2 Mar
33U Feb
4378 Mar
IOI84 July
121
109% Nov 12"
1818 Nov
No par
12078 Jan 10
9*2 July 29
Oct
18'8
Deo
15*2
Oct
48
Nov
84
Oct
4384 Nov 10
143g Apr 19
Deo
36U May
7U Mar
4
Deo
8U
8i2
Nov
Nov 19
5334 Mar 20
Jan
70*2 Nov
318 Mar
5
241s Aug
37
133s Jan
Deo
107
59i2 Apr
6
9212 Oct 24
3634 Jan 25
2934May 1
1578 Apr 30
3384
Apr
Deo
Mar
42
Deo
2158
July
Oct 15
Oct
25*2
16*2
1234 Mar
7
984 Mar
73*8June 10
99
Oct
283g May
Feb
27
100
112
Jan
20
Deo
Nov
1534 May
26l2 Dec 15
678 Jan
63
30
|10% Mar
534 Apr 30
par
68i2
Apr
107i2
Deo
32i2 July 28
4778 Oct 13
Feb 20
21*4 Apr 27
110
1,600
11,600
13,700
1,200
4,000
Preferred
Stand Comm Tobacco
.1
t Stand Gas & El Co... No
par
Prefeired
No par
$6 cum prior pref
$7 cum prior pref
No par
No par
Stand Investing Corp..No par
Standard Oil of Calif
No par
114i2Dec
129
Feb 24
1384 Mar 17
Sis Apr 30
9i2 Jan 3
97s Feb 17
2778 Dec 18
2484 Apr 28
2634 Apr 30
2
4
62
Dec 14
7214 Dec 14
Feb 26
19i2
130
Jan
Apr
12*2 Deo
9*4 Aug
1138 Aug
26is
2878
Mar
6
384 Jan 17
35
105'8 Nov
12i2 Sept
1225s June
2% Mar
li2 Mar
134 Mar
484 Mar
7n July
Deo
Deo
2i2 Nov
Aug 21
3234 Jan 2
475s Feb 8
48i2 Dec 30
2734 Mar
4078
Deo
Oil of Indiana...25
Standard Oil of Kansas
10
23
Mar
33*8
Deo
25
31
20
Oct
32
Feb
Standard Oil of New Jersey.25
Srarrett Co (The) LS__No par
65is Jan
2434May
6
703s Dec 30
3584 Mar
523s Deo
9
Sterling Products Ino
Stewart-Warner
65
7
12i2 Mar
5834 Jan
32*2 Nov
2,100
12,200
4034 Oct
78i2Nov
30,300
19,800
1,100
Stone & Webster
100
43,100
200
17,700
28,900
26,200
35,600
13,500
29,300
26,100
Standard
10
5
No par
(The)
Sun Oil
...No par
70
100
118
par
27
1
3
Superior Steel
100
Sutherland Paper Co..
10
Sweets Co of Amer (The)...50
23
.
Preferred
Superheater Co (The)..No
Superior Oil
Swift & Co
1
.
25
Swift Internat Ltd
No par
Symington-Gould Corp ww..l
Without warrants
Telautograph Corp
Tennessee Corp
Texas
...5
5
Corp (The)
Texas Gulf
25
Produc'g Co No
Sulphur...No
Texas Gulf
1,300
10,400
3,500
4,700
100
20,800
2,200
5,200
4,400
9,200
25,600
65,100
4,700
12,800
""900
500
7,000
4,300
1,900
120
Mar 27
Jan
16i2 Apr 30
14&8 Jan 2
918 Jan 6
X Studebaker Corp
91
Mar 12
2
125
Nov 25
60
Dec 17
Jan
Jan
Jan
2
d
425s Dec
3778 Oct 15
3J
3
Nov
13i2Nov 20
26% Nov 18
3578 Jan 30
203s Dec 17
2
c.
55s Apr 27
2878 Jan 6
6
33
Jan
6
6
Texas Pacific Land Trust... 1
9UJune30
100 1000
No par
Preferred
100
28
15i4 Feb 29
1438Mar 6
July 15 1375
Jan
Dec 30
5514 Deo 31
878 Dec 7
4434 Nov 13
Nov 23
7i2 Jan
15i2 Deo 17
938 Jan 8
13
2
Feb 18
884 June 16
Oct
5
$3.60 cum pref
No par
8I4 Jan 3
2458 Jan 2
478 Jan 21
26
"
1434 Jan
6
100% Jan
12is Jan
3
10
Timken Roller Bearing.No par
56
Transamerica Corp
No par
Transcont & West'n Air Iuo 5
1478 Jan
Rights
Transue & Williams St'l No par
Truscon Steel
10
20th Cen Fox Film Corp No par
Preferred
No par
Twin City Rap Trans. .No par
Preferred
11
6
Apr 27
Apr 30
2
158 Dec 16
Tri-Contlnental Corp. .No par
6% preferred
No par
Truax Traer Coal
No par
.100
1,800
3,300
No par
Under Elliott Fisher Co No par
2,300
Union Bag & Pap
Ulen & Co
Corp No
par
3234 July 31
8i2 Mar 23
Apr 30
10
100
Tlmken Detroit Axle
1358 Nov 18
103sMay 19
718 Jan 3
93
Jan
6
478 Jan
6
718 Apr 30
22i2June 1
313s Apr 27
884 May 20
65*4 Jan 22
278June 30
74%June29
38i2May 21
3934 Feb 25
2134 Dec 30
106*2 Mar 3
978
Jan
Mar
834 Deo
30*4 Deo
2884
Apr
314
Jan
8i2
Jan
1050
Apr
May
2i2 Mar
2
June
16
Mar
Jan
1338 Mar
1% Mar
17
Apr
75s Mar
84
9*4
Feb
Oct
12i2 May
Dec 1075
13is May
Sis
3634
Deo
28*2 Deo
4438 Deo
61
Nov
1258
100
Oct
Oct
10*2 Deo
5
Jan
29
Nov
878 NOV
2634 Nov
5
Deo
28
Dec
157s
Deo
Jan
104i2 NOV
4% Mar
28*8 Mar
13*8 Deo
72i2 Nov
Nov 23
478 Mar
14
Apr
-714 Mar
15*4 Nov
8
7412
18i8
275s
2&s
22i8
4
Deo
Dec 31
Dec 17
12
Feb
4
110
Oct
8
938 Nov 25
Deo 10
5*8 Mar
16
178 Mar
8U
97*8
67s
8U
69
358
13
4734 Nov 16
245s
17*2 Dec
Dec
4
7
Apr
Oct
3i2 Mar
3858Novl7
109
Sept
Nov 12
27 7s Deo
28
9
16*2 Mar
Jan
2334June
Deo
2234 Deo
Apr
9*2 Feb 18
4D4 Deo 2
,
25
33i2 Deo
6U Sept
4
Deo
1234 Aug
Dec
5*4
5
Mar
3i2
Sept
6118
2
Preferred.
314 Mar
15
32i2
Feb 28
314 Jan
Tidewater Assoc Oil
Oct
Nov 17
100
Thompson Prods Ino. .No par
Thompson-Starrett Co.No par
1778
Mar
16
125s Mar
Nov
305s Deo
Jan
110
9
77
121
%
5
14
8i2May 23
1
1%
50
..1
25
60*2 Mar
115*2 Jan
Apr
1084 Nov
zll
6318 Oct 24
Third Avenue
Third Nat Investors
Deo
49
July 21
4878Nov 18
Thermoid Co..
Thompson (J R)
Deo
1518
59
85
Nov
1878
2i2 Mar
214 Apr
3378 Apr 27
Mar 25
68
65s Mar
634 Mar 12
123s Nov 24
634May 14
par
9
1578 Oct 13
6&8 Jan 4
20U Apr 28
28i2 Apr 28
par
9
Jan 11
95s July
15
Dec 15
24i2 Apr 16
30i2 Deo 30
Deo 18
Texas Pacific Coal & Oil...10
Old
300
43*4
13*2
*84i2
23*2
35
'
6%
34
2134
193s Apr
Jan
April
118i2 Dec
26
25
Deo
Nov
Deo
132
12i2May 20
150
Deo
111
63'8 Mar
838 Feb
6
July
1834
No par
1,200
21
19*2
19*2
20*8 21*2
19*2
9%
884
9*s
938
9*8
914
9*2
109*8 *107*2 109*2 *108
10912 *108
109*2
8 34
9
8*2
878
8*2
87s
878
43*2
14
6*4
34
21
16*2
20*2
116*4
No par
6H% preferred..
125g
27*4
6l2
6%
*30
3378
21*4
2134
10518 105*8
638
26*8
5*2 Mar
534 Nov
Oct
Standard Brands
1300
*1134
2634
34U
Jan
Square DCo
50,400
3934
39*2
11*2
50
Dec
6*2
1*500
"
500
39*2
3U Mar
40i2 Nov
29%
.
434
Spiegel-May-Stern Co .No
678
267s
Mar
684 Jan 15
4,300
678
39*2
4% Nov
473S Dec 31
Jan 22
11
578
14i2 Jan 25
4878 Oct 19
834 July
44
1078
11
11*2
26*2
2
1
No par
220
11
2*4
Conv preferred A
9438
4038
2
par
180
93*4
11
1834
Sperry Corp (The) vtc
Splcer Mfg Co
No
900
95
25
18*8
20,900
*94
40*8
24
par
93
11*2
6*4
Spencer Kellogg A Sons No
The Fair
2634
*30*2
"i~66o
500
25*4
6*2
No par
12
*10%
32%
*29*4
21*4
2034
10478 105
2438
2378
72*2 7378
17
17*4
preferred
12
92
578
$5.50
12
93
Dec 23
ll7sNovl7
11*2
93
102
28U Dec 31
127i2Nov 9
11484 Nov 24
Texas & Pacific Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref.....No par
4634
1434 Apr 30
Dec 31
Nov 12
8
100
4534
64
45
634 July
"moo
38
1114 Dec 11
434 Jan
4318 Jan
30U Apr
63i4June 12
101*2 Mar 18
65*8
r4534
July
par
47*2
3934
11*2
10*2
14*8
89
100
1st preferred...
*623g
11*2
6
200
Spalding (A G) & Bros.No
Spang Chalfant & Co Inc pUOO
Sparkb Withington
No par
Spear & Co
1
*38
63
11*8
9,300
Exchange
Preferred
65*8
37*8
6
40*4
25
38
45
36*2
63
1078
8*4
38U
135g
1138
100
*6238
*11*4
4438
373s
4*4*2
30
220
12%
65*4
8%
3934
14*8
12*2
1138
12*4
1200 *1000 1300
*1000
65*8
11*2
36*2
"MOO
Stock
2,600
83g
39*4
135g
12*8
8*8
39
13*8
2534 Nov
59
6,000
8*2
7*2
37%
Deo
9
3278 Dec 10
104i2 Dec 17
Jan
8
12i8
1278
34
15
54i2
7>4 Mar
40
5U4 Dec 17
20
13
1934 Nov 17
Jan 21
19*2
14%
*778
54%
Deo
IDs Jan
2084 Jan
19
2,200
6,400
1,800
13,900
12*4
Nov
17
100
27,300
54
70
lis
7
100
5
12*2
May
Apr
Dec
Dec 18
Mobile & Ohio stk tr ctfslOO
150
54U
|6978 Nov
75s Mar
5
92
Southern Railway
12,800
2,600
1178
Mar
31
3138Novl6
23,900
56
53*2
Jan
Oct
in16 Dec 23
23*2 Jan
1234 Apr 27
13
1438
734
1284
5438
Deo
278
10U2Nov 12
100
600
14*4
83s
I referred
125
2534
3178
De
47g
Southern Pacific Co
34
31*4
13%
southern Calif Edison
4178
25l2
3
367a
Dec 31
77s Nov 18
33,900
34
31*4
40
8~600
"
40
25
13*4
So Porto Rico Sugar...No par
42%
31*4
% Aug
2084 Mar
44
U16 Dec 30
234May 25
61UMay 13
15&8 Jan
South Am Gold & Platinum .1
5412
434
*11*2
2514
3178
87s Dec 30
Apr 23
110
Solvay Am Lnvt Tr pref...lOO
33*2
253g
3878
75
Deo
1058 Aug
40
31
*63
*743g
*124
1*4
15U
100
JanNov
U June
l7i2Nov
33*2
*11*2
25*8
•1050
4734
*31
2
4*8 Nov
2*8 Dec 30
30i2 Dec 23
46,900
23,000
7278
13
91
21
44%
35
5*8
20i8
Jan
72
3,900
717S
7534
Apr
Apr
134
40UJune30
3*2
34i2
31*2
12
3*2
4334
72i2
253g
53U
778
69
483s
32*4
6978
25*8
31*8
1884
758
68
68
5534
8
55
19i2 Jan
9758 Dec 24
54
Sept 29
6578 Jan
6,600
Closed
3512
2U2
2134
*30
30*2 New Year's
51*2
5U2
111*2 11212
Day
703g
35*2
125
7
Dec 29
88
1934 Jan
95
*10634 108*2 *10634 108*2 *10634 108i2 *10684 108*2
42
42
40
40*2
40*2
4034
42*4
43U
15
15
15*4
15*2
153g
15*4
1512
15%
123
124
123*8
124*4
124l2 12412 *124i8 127*2
11
11
11
1034
11*8
107s
1034
11*4
9
884
9
8%
878
834
9*8
834
25
26
2638
2434
2678
2534
26*4
2678
56
57I2
58
57*2
55*2
5734
57*2
58i2
Oct
7
*3*2 June
100
109
7
10
...100
Jan
11314 June
114*2 June
1358 Deo
56% Nov
4U Feb
25
7% preferred
46
10484 Mar
20i2 Feb
No par
Floss-Sheff Steel & Iron
9
10184 Mar
Slmms Petroleum
100
Nov
4
6
2
Skelly Oil Co
Preferred
23i2 Nov
Dec
138May 26
7">8June
5312 Jan
7s Jan
Sliver King Coalition Mines.5
Slmraonb Co
Mar
Smith (A O) Corp
10
Snider Packing Corp.. .No par
Socony Vacuum Oil Co Inc 15
74i2
2U2
.100
13,400
56l2
934
104
Conv preferred
12
315s
Oct 24
Dec 29
3,700
4,500
116,600
5234
104
Conv preferredser A.No par
Sheaffer (W A) Pen Co.No par
Shell Union Oil
.No par
Jan
Jan
1,200
170
50*2
29*8
1678
A o par
I o par
14
Mar
6,200
2,000
100
35
35
21U
2834
68*8
4,600
85
35
33*2
3*4
17,100
3,200
16,100
108*2 111
*90
3*8
41*2
45*4
*29*8
80
*9938 100*2
95
33*2
No par
Sharpe & Dohme
6212
..No par
$r conv pre!..
23*2
2078
1
1
103
*90
34
Preferred
6
6
100
Shattuck (F G)
Sharon Steel Corp
450
Nov
22
3*2 July 24
69^8 Jan 21
434
Jan
3
Oct 13
114i2Mar 11
30*2 Aug 22
229,800
1,500
Deo
Apr
Apr
1
1778 Nov 18
Seagrave Corp
Sears. Roebuck & Co. .No par
Rights
Second Nat'l Investors
_-l
Deo
2
5578 Nov 18
June
Seaboard Oil Co ol Del.No par
No par
10
2584
84 June
8
11
22,600
14,000
Preferred
Deo
3778 July 15
93
Deo 28
68,500
5,700
103
114
5
No par
X Seaboard Air Line...No par
.
1678
734
*2134
21*2
Scott Paper Co
Aug
Deo
102
Apr
3
4958Nov 18
99
110*8 Seot 22
1
..100
163s
30,
95
778
...100
Preferred
Servel Inc
2378
7%
5^% preferred
Schulte Retail Stores
4,400
5238
56i2
106
7% preferred
.100
Savage Arms Corp
No par
Sohenley Distillers Corp... .5
89*2
*85
68
70
500
29
*21
66
108
89
95
103*2 104
100
100
28*4
8*8
2378
34
Holiday
6% preferred
15,600
17*8
112
*111
112
H23g *112
11238
4 58
438
45g
438
4l2
4i2
32U
3234 34*4
3378
3234
3478
*
*
159*4 *
159*4
159*4
"28*2 29
29*8
2938
"29*4 29i2
44
44 •
42*4
4412
44i8
4434
25
23*2
24U
2458
253g
2578
2078
Extra
120
44
l116
45g
*22
Closed
Dec 18
36,400
50i2
50*2
29U
16*4
5658
734
July 29
96
37
Jan 24
27
100
8478
ls16
*85
Exchange
18
No par
83*4
85
Preferred.
15
,5% preferred
85U
1113g
778 Jan
Deo
33
10*4 Mar
4
634 Dec 31
Safeway Stores
900
89
X St Louis South western... 100
20i2
Feb
Nov
82
358 Mar
834
8*2
42*2
1516
434
100
Dec 30
share
per
514 Mar
2178
10i2 Feb 19
Jan
238 Jan
1st preferred
MarlO
Highest
share
per
5038 Deo 29
July
1»2
2*8
2
119
538June
22
t St Louis-San Francisco. .100
560
7*4
51
52*2
74*2
20
10
Jan
4,200
7*4
13*8
13*2
45*4
4578
*4
4*8
0*3*2
334
45
47
46*8
4578
9934 100U rl0038 100*2
*54*2
9*4
74l2
106
1,500
8,600
15,900
22,400
1,430
7*8
45*2
243s
*104
878
43
2734
16*2
108*4 109
2
2*8
13*8
45
94
2*8
2
2338
4958
Stock
94
2
28*2
15*2
16*4
1634
2 884
30
30
30%
102
102
*1003g 103
11
10*8
10%
10*2
62
63
*60*4 62
*40
403g
40*2
42*8
267s
27*8
2738
2778
102*2 103
10278 103*8
83
110
par
Rutland RR 7% pre!
St Joseph Lead
810
4*8
87*2
27*8
27*4
10234 10278
13*8
13*2
Ruber'dCo(The)capstkiVo
87
28
1034
300
$
7534 Dec 31
87*4
8734
4258
35
500
28*2
share
2
1,600
7,900
28
per
3
1734
1*8
$
share
19i2 Feb
85
7*4
per
32
88
734
$
RItter Dental Mfg
No par
Roan Antelope Copper Mines
9434
2*8
41
Par
■
Year 1935
Lowest
Highest
500
1734
1916
434
61
110*4
1?8
,
to
900
75*2
17*4
86
Lowest
Range for Previous
2434
77
17*4
8234
102
Shares
94
87*2
10*4
60*2
*40*2
$ per share
2*8
17*2
83*4
1*8
*458
8734
*101
*23
Week
93
2
7
303s
$ per share
Jan. 1
93
*17
8
7%
31
Range for Year 1936
On Basis of 100-Share Lots
EXCHANGE
4278
2
41
Dec.
STOCKS
NEW YORK STOCK
the
T
Friday
42i8
2>8
17*2
23U
Thursday
7534
117
119
*115
121*8
8
8*4
8%
8*4
4834
sou
4758
4834
3
27s
3*8
3*8
6U
6*8
6*8
684
*1U4
117«
1178
13*4
*22l2 34
28*2
28U,
42
43
42*f»
42i2
98
98U
98*4
98i2
*110
111*2 *110
11U?
11U2 11U2 111*4 111*4
15
14J8
15
1412
44
43 U
43*4
44U
85«
49*8
258
584
1078
30
$ per share
24
*7358
24*2
75
Wednesday
Sales
for
Saturday
Nov
May
Nov
Aug
247a Deo
Oct
33i2 Deo
1258 Nov
2i2 June
18
Deo
Nov
Mar
73
Deo
85s Jan 20
1 *s June
10238 Dec 21
5334 Mar
5*8 Nov
87*4 Deo
29
50*2
70
Dec 11
May
Jan
31
Volume
LOW
AND
SHARE, NOT PER CENT
HIGHgSALE PRICES—PER
Saturday
Monday
Dec.
28
Dec. 29
101*4 102*2
24*4 25*8
124
1233j 124*2
25
126
2578
126*2
125
2,100
2834
22
23,700
47,400
*27*2
2812
29*4
2912
29%
29*2
*11412 115
*114% 115
115
8434
85
85
85*4
84*4
31
*29%
31
3134 *29
684
678
678
6%
6*2
44*2 44l2
4438
43*4
44
1438
14%
14%
13%
14*8
18
r!8
18*2
18i2
18
*99*4 100
*99% 100
101
200
26
26*8
26%
2778
28*4
2578
2734
26*8
28*4
19%
20*8
19*2
20*4
26*2
85
85
*100
29*2
14
13*2
18*4
13*2
*18*4
84*4
32
658
44
1734
6*4
43
*99*4
7*8
102
7*4
46*2
81*4
81
14*4
12
16*4
17
98
98
3*8
20*4
31
81%
8134
82
3078
122*2 123*8
30%
*54%
2,600
100
1,000
55*2
57
56*2
600
36
37*4
38
39%
38 84
39%
14,700
6*8
6
6*8
6
6*8
6*4
6%
3,300
4,000
*54
56%
90
90
90
90
*89
13l3
93%
60*2
62*2
61
62*2
62
6378
63
737g
17*8
1778
167S
1738
17%
18*8
17*8
18
4778
4678
4738
49%
95
98
95
47%
95%
85
487g
47*2
97*2 / 98%
84i2 8434
1278
13*4
47
13
13
1234
92
*89
87
94*4
84*4
*73*8
74
74
74
76*4
78
76*8
7734
98%
85
£84%
*72*2
77%
85
13*4
13%
62,900
79*4
77*2
79%
100
75
*73
75
500
7,300
12,000
28,200
5,900
6,900
1,800
141
143
14134l
140*4 141*2 *14034 141%! 142
132
132*2 *122
132*2 *120
13212 *129
*161*2 170
*161*2 169
*161*2 170
7*4
7*4
7*8
6%
6*2
678
7
678
87*4
83
*70
8734
*75
8 734
*75
*79*2
83
*79*2
83
*7934
101
3*4
48
27*8
40*4
116
Stock
1^4
2
178
48
178
49*2
*48
29
41
3978
42*4
88*4
*84
8884
*85
94
*85
7*4
55*4
54*2
113
Extra
7*4
54
113*2
11*4
*35
Holiday
116
*42l4
*114
42*2
8884
*85
13,400
293g
40*2
40*2
*84
.
110
4
48
30*2
*114
94
7*4
Closed
I84
49*2
403s
42l2
42*2
20
101
378
134
37g
39
114
114
42
*84
Exchange
134
*48
28*2
40%
27*8
116
384
334
101
101
101
103*2
3*2
""loo
16434 16434 *160*4 17434
160*4 16434
*102
378
94
42l2
*84
*85
40
30 >8
34,100
4034
5,700
210
116
500
Stock
94
7*2
8*8
7%
55*2
5534
11
11
11
11*2
*31*2
38*2
*27
*129
130
*12778 130
*129
130
130
450
420
50
Day
1
75
76
76
75
75
*75
75*2
7578
*122*2 135
♦122*2 135
*122*2 135
*122*2 135
3
3
338
3
23s
2*4
2*2
234
93g
10*4
*8
9*2
8*s
8*4
7*2
734
7
734
6*4
6*4
*5*4
534
*5*4
7*4
16
16%
16%
16
163s
163s
16*4
16*2
38*4
38*4
38
3834
3784
*37*8
383s *38*4
114*2 115
H484 11434 11434 11434 *11434 118
80
4^500
13,300
150
1,700
600
90
11*4
11*4
11*2
113s
117g
46'8
4738
47
47
12
47*2
22,600
48*2
19*2
19*2
19*2
19*2
*19*4
1984
*19*4
19*2
300
45*2
*42
45
*42
45
300
7*4
7
46
7*2
*94
47*2
*43
7*8
7
101
*94
16*4
17*8
16*8
*65*8
1%
10*4
33*4
36*2
68*8
*65*4
3C*4
1*8
11*4
33*4
37*8
37*:
*81
178
49*4
51*2
104
95
1S8
1034
33
37
36*4
3634
8*8
*1*2
4978
178
5084
IO84
*29*2
36*4
37*2
8*8
1778
68
13g
11*8
33
17S
51*8
523g
*80
8234
100
*98
*98
99
104*8
104
104*2
104
105
96
96
96
96
120
114
114*4
H384 11334
8*2
87S
87S
18
17
2*2
2*8
6*8
6*8
6
78*2
47*2
80*8
48*4
7734
4734
120
17*4
120
*17
2*8
2*4
6*8
7884
79
4978
£49
143
145*4
143
14534
152
152
149
149
120
11334 114*4
8%
6*8
*94
1784
*66
138
1034
*32
2,700
6,100
7*4
18*s
65^600
13g
"moo
117g
8,300
9
18
2*4
6*2
807g
5078
144*2 147*2
146*4 146*4
2%
2*2
684
7*2
3,700
9,600
14,900
32,600
10,600
79
4984
8034
50%
147*2 149*2
152
300
210
152
24*2
25
25
2634
26*2
26*2
2,600
*37*2
38
38
38
37*2
38
37
37%
160
24*2
25
23
2378
*32*8
33*4
34
3418
34
34
23*2
33*2
3,800
23%
33%
*75
90
*75
90
*70
90
*70
120
*110
120
*113
120
*113
37
36
*104
105
36*4
*103*2 105
37
rl04
3934
104
5,800
*103*2 105
2478
24*8
100
24
24*4
23*2
24l8
24
25
15*2
15*2
15*4
1534
15*4
1534
15%
15%
5
5
5*8
5*8
36*4
4*2
36*4
4%
5*8
38*2
38*2
534
40%
13,200
1,100
2,900
1,200
4*2
4%
434
1,400
8%
5
36*2
4*8
8*8
5*8
38
4*4
8:
77
77
7734
61*2
63*8
34*2
6158
878
7734
62*4
3334
34
34
81*4
*75*2
119
8234
77*2
120
79*8
75*2
114
81
75*2
72
50
50
50
50
23*4
2238
£127*2 130
2178
128
2238
8,500
Preferred B
No par
No par
100
t Walworth Co
No par
Walk (H) Good A W Ltd No par
Walgreen Co
6H% preferred
No par
Preferred
Ward Baking class
A...No par
....No par
Class B
100
5
Warner Bros Pictures
No par
f Warner Qulnlan
No par
...No par
Warren Bros
—5
Waukesha Motor Co
Wells Fargo A
100
1
Co.
Wesson Oil A Snowdrift No par
West
No par
preferred
Penn El class A..No par
100
Preferred
100
pref
100
100
6% preferred
Western Maryland
2d
100
100
preferred
Western Pacific
Preferred
-
12978
129
43*8
77*2
44
73
50*2
210
44*2
42%
7634
44
5% preferred
Co
.
.
30
100
For footnotes see page 60.
Dec
Jan
99
11
Deo
1*4
Feb
3
Dec
28%
Jan
47
Deo
2*4 Mar
Dec 16
14% Mar
% Mar
17
Jan
Aug
Sept
39*2 Dec 22
30*4
Dec
4
Mar
85
Apr
90
Feb
284 Jan 13
5238 Dec 30
1
Jan
3
Nov
30*2
3978 Mar
W) Co..
Worthlngton P A M
No par
100
10
100
92
Nov
Jan
120%
Deo
116% Deo 10
95
Jan
11434
Deo
12% Feb 21
5*2 Mar
10*8
Deo
23U Sept 11
7*2 Mar
1*8 July
2% Fob
1934
Dec
338
Jan
Feb
7
978 Feb
7
4
6
77*4 Nov
18
3584
32% M.ir
90
Feb
10
Mar
33%
Deo
3
29
Jan
38%
Deo
Jan
3*4 Apr 28
Apr 28
234 Jan
7
Youngstown S A T
5 Mi %
preferred
Zenith Radio Corp
Zonite Products Corp
No par
100
No par
1
25*2 Nov
18
35*2 Sept
6
Jan
14% Mar
6%June19
43
46*2
Nov 17
5*4 Mar 30
Jan 14
11
Jan
678 Mar
12%
Oct
1*4 Mar
6
Jan
1
Mar
378 Apr
87
Jan 15
68
Apr
4484 Apr 23
71
Nov 18
61
Jan
3684 Deo 17
11% Mar
8684 Deo 17
8OS4 Oct 23
25*2 Mar
14034Sept 16
35*2 Mar
79
Feb 10
7334 Mar
51
Nov 17
June 20
47
10,700
Jan
4
62% Jan
6
Aug 21
33% Apr 28
884 Jan 3
83*2 Jan 6
2% Dec 7
42*4 July
41% Jan 6
63
105
Deo
1634 Mar
July 29
Oct
126
Oct 23
100
100
9884 Nov
Oct 17
Nov 17
Preferred B
Preferred
Deo
Oct 16
91
Jan 14
100
Young Spring A Wire.-No par
Mar
3384 Jan 25
July 21 £120
Preferred A
"2^260
Jan
20% Mar
35*4
23% Apr 30
56
Apr 30
59,800
77g
5
x5078 Dec 30
96*8 Nov
16
70
99% Nov
Mar
36
1334 July
Wilson A Co Inc.
55*2 Nov
84% Oot
91% Deo
104*2
...50
5
Jan
Mar
784 Nov
124% Sept 18
6
6
White Rk Mln Spr ctf_.No par
Wilcox Oil A Gas
Jan
72
34
8334 Dec 18
Sept 9
110
Apr 21
102
Sept 10
107
28% Nov 12
17% Nov 17
6% Nov 17
No par
Deo
25%
6
June 23
11*4 Feb
85
109*4 Feb 19
preferred
6%
Dec
32
3
7
Conv
Deo
Deo
1%
2% Mar
778 Mar
8
8
Mach...No par
10%
52
20% Aug
12% Deo
July
White Sewing
Mar
5
18% Feb
White Motor....—
Deo
Apr
6% Nov
38% Deo 8
37% Deo 28
72%May 4
3434 Jan 13
34
33%
120
Feb
278 Feb 29
5*8 Aug 26
94*2 Jan
Jan
1*4
18% Deo 14
8% Apr 27
15
Apr 30
178 NOV
Deo
97g Nov
Nov 19
69
Feb 20
IH84 Jan
Deo
4%
May
114
Nov 10
105
2
87
Dec
5%
7% Nov 17
7
96
May
3*4 Nov
9
Nov
52
Feb 25
116*2 Jan
83
11734
Apr
4% Mar
26*4 June
Jan 16
20
Aug 21
9134 Jan
Nov
4984 Nov 18
4
33%June 30
78
33
1
6
6
12% Dec 11
2% Apr 29
47% Jan 2
9*4 Apr 30
44
Apr 29
*2June 18
4% Jan 2
1578 Jan 7
21
Apr 30
19*2 Apr 28
6*8June 9
83
May 26
1
Deo
D4 M ir
39% Dec 16
5*2 Jan 3
26% Apr 17
1778 Apr 17
107g Jan
Nov
118
Dec 17
37
Feb
1
84
100
Preferred
Yellow Truck A C»».ch cl B..1
4,500
784 Mar
19
109*4
5
3
3978 Dec 31
900
"Vieoo
DSC
112*2 Deo
784 Nov
63*2 Mar
Feb 19
86
1
No par
50*2
78
7734
79*8
79*4
78*8
*10684 110% *106% 110*2 *10634 110*2 *10634 110*2
33
34%l
34*4
35
3284 34*8
32*4 33
784
778l
734
784
7*2
784'
73g
758
77*8
47S
Feb
21% July
Wheeling Steel Corp
50
1,250
June
32
700
44*2
2
15
1984June29
3l84 Nov 28
747g
44
1334 Dac 15
4*8 June 29
9*8 Jan 7
30
Apr 30
114
17*2 June
Jan
72%
41% Dec 15
35% Oct 22
Rights
44
44%
2*2 Mar
8*2 Dec 12
No par
Class A
*72
'
2
58% Deo 12
Westvaco Chlor Prod..No par
Wright Aeronautical—No par
Wrigley (Wm) Jr (Del)-No pa
Yale A Towne Mfg Co.....25
22%
21%
2234
132
12934 *128
Aug
39
35*4
600
Deo
70
153%
35*2
79
63
Dec
160
$6 preferred
83
Dec
68
10% Mar
Jan
22%June
Woolworth (F
120
May
63
Sept
2
5
123*2 Jan
preferred
800
79
34
84
4*2 Feb
50
50
1st
19,400
82*2
48*4 July 21
80
Aug 20
2
2% Aug 21
Weston Elec instrum't.No par
87g
*116
Nov
6
7
8
Wpstlnghouse El A Mfg
63*8
36*4
78l2
100
Wastingh'se Air Brake.No par
7734
81*2
100
.100
Western Union Telegraph
834
50*8
22*8
70
120
100
100
Preferred A
Waldorf System
62s4
118
Nov
114
5
8
137%June 10
7734
81*2
7734
Jan
33
Feb
Aug
Aug 8
Aug 31
109
100
-100
t Wabash
878
960
2134
91
49% Nov
116
4*8 Jan
2884 Aug
100
Vulcan Detinning
63
34*2
Nov
56*2 Nov
Apr
11*4 Feb
131% Aug 26
7734
2,400
2
11*4
114*2May 15
834
*71
71
4*2
4% Aug
Mar
*2 Mar
19*4 Apr
Dec 11
Dec
Nov
73
Aug1
29
Oct
Feb £159*2
133*4
30% Dec 31
4
Apr 27
Virginia Iron Coal A Coke. 100
14
May 4
5% preferied
—100
Virginia Ry Co pref
100 £114% Jan 16
7734
114
72*2
40
73*2 Nov
7
6
Mar 24
Chem...-No par
6238
118*2
72*2
100
514% conv preferred —100
3978
39
78
Mar
57
Apr 30
6
Sept
Jan
Apr
51
Nov
Aug 7
115
Apr 24
6% Mar 18
2% Oct 28
16*4 Apr 30
2834 Jan 16
40
7*2
3% Apr
46
165
May
Wheel ing A L Erie Ry
120
36
70C
90
*110
7384 July
9
Mar 23
153
100 £110*4 Feb 17
6% preferred
*15%
1
92
72
West Penn Power
87g
I884
July 10
57% Apr 29
84
W
530
114
Jan
8'4 Nov 17
102
Nov 28
9
160
•
4,900
884
6734May
July 30
168
June
No par
200
v-
95*4
120% 120%
144
3
30
Conv
95*4
114
Oct
Apr 30
No par
100
Preferred
105
160
Vadsco Sales..--
Webster Elsenlohr.....No par
104
124*2 Apr
115*2 Jan 7
Apr 27
9
A 0 par
8*980
6278
9
Dec
50% Nov
2
pref
r"i 0
Dec
9184
Dec
119% Nov
14084 May
165
Aug
7
Pipe
82*2
Jan
48
24*2 Mar
Deo
73% Mar
119% Jan
149% Feb
Jan
Convertible
,30
17%
27*2 Mar
July
5
22%
11*2
7978 Dec 17
1
of Am.No par
f
Mar
9*8 Mar
15484 Nov 28
3% Jan
2,100
1,300
178
517g
75% Apr
3
Dec
46% Jan 21
50
8,600
98*2
72*4 July 30
68*2 Jan
165
Jan
3
Nov 28
101
Nov
1434 Mar
103% Nov 10
pref. 100
1
Van Raalte Co Inc
53
6378 Deo 30
Jan
87
4% Mar
19% Dec 11
49% Nov 30
Utilities Pow & Light A
100
36
25
24*2
No par
No par
100
37*4
98*2
6
5
37*2
50s4
8
United Stores class A..No par
' 8*4
*80
16*4 Sept
73
Sept
Jan
131
37
178
9*2 Sept
7*2 Mar
100
No par
100
$3.85 conv pref
68*8
24*4
24
100
Warren Fdy A
36%
50% Nov
3% Mar
2
Preferred
100
*81
*158
99
96
7
35*8 Mar
7% Apr 30
*8
37*4
37*2
83*2
121
*16*2
*2*4
1678
*65*2
138
*81
83*2
120-
8*2
*94
*81
*81
*1*2
*97
1678
683S
36*2
8
8*8
*80
1%
10
*25
100
7*8
100*8
1134
Oct
Jan 27
978
47
pref
Dec
18% Jan 28
104
Sept 21
Aug 18
71
preferred
—100
U S Smelting Ref & Min
60
Preferred
50
non-cum
39%
10% Nov
49
1st
7% 1st pref
Vlck Chemical Co
3%
20%
Mar
Jan
2
-
58 June
July
Oct
5
11
Jan 23
Feb
16% Jan
Preferred
Nov
5
21% Jan
Vanadium Corp
96
143
No par
Universal Picture* 1st
65*4 Mar
20% Nov 18
62% Nov 18
59
Apr 2
U S Rubber
Preferred
Nov
5
Nov
169*4 Feb 18
100
...20
No par
Universal Leaf Tob
Dec
15
2
U S Realty & Impt
Preferred
11*4
4*2 Mar
6
No par
U S Steel Corp
Nov
110
Jan
2*8
May
t c
preferred vtc
Foundry
87*2 Mar
878 Jan
160
50
U S Pipe &
18% Nov
9*4 Mar
8
9
Jan
9234 May
Oct
125% Nov 28
4i2 Oct 3
10
Aug 17
Prior
Deo
7%
3% July
60%
Deo
Feb 17
6
31*4 Aug 28
v
Deo
96
8
t 0.....No par
Class A
13%
20*2
Mar
23% NOV 28
39% Jan 2
v
U S Leather
884 June
65
2
4
U S Industrial Alcohol.No par
Preferred
~
11*8
47*2
47
9
24*4 Deo
7% NOV
4584 Nov
80*4May
U S Hoffman Mach Corp...5
5M% conv pref
Jan
Apr 29
10
6% preferred
100
Va El & Pow $6 pref—-No par
40
*129
7% preferred
100
Feb
4*2 Mar
4
13*2 Dec 16
4
Oct
1%
24*4June
Va-Carolina
112*2 113
11*2 New Year's
11*4
35
113*2
U S Gypsum
Jan
1938
113*4 July
7
Jan
2
17*2
2O84 Mar
Nov 19
20
91
No par
U S Di&trlb Corp
Jan
June
87
2
6% Apr 30
13
Apr 30
4,600
Closed
35
113
109
8,700
778
5784
12
113
.....No par
Nov
8
50% Nov 25
14% Nov 14
Improve...No par
Preferred
United Paperboard
100
U & & Foreign Secur—No par
Preferred
100
5%
Exchange
39*4
113
United Gas
Vicks Shr & Pac Ry Co oomlOO
8884
55i2
73s
55
3,900
178
48*2
42*2
66*2 Jan
Aug
78
8*4 Dec
June 18
1 32%
..No par
118
Jan
16*2 Feb
Jan 15
Fdy
J&n
Oct
46
29*2 Aug 10
July 10
United Fruit
Deo
Nov
26*2
111
105
4
Preferred class A
83
162*2 162*2
101
11,600
8734
83
*70
1034 Apr 27
15
Jan 9
93
1384
20
9
35% Nov 21
9*4 Feb 17
4878 Aug 4
6
100
30% Dec
Mar
20*4 May
9634 Nov
United ElectticCoal-.-No par
United Eng &
26% July
Jan 11
117
9
Jan 21
—5
10
Preferred
*161*2 170
Oct
..No par
U S Tobacco
*120
33% Nov 19
6% Apr 30
100
56
7
22% Jan
...No par
20
100
3778
6
25*2 Sept 26
37*4 Nov 16
90*2 July
20%
7
32% Feb 18
31% Feb
40*4 Apr 29
Corp
82% Mar
79*2 Mar
June 10
100
2
Jan
No par
Preferred
60
Jan
7
Oct
97g Mar
4% Mar
68
U S Freight
2,500
1734
Deo
111%
111
330
122%
24
100
3,400
4,200
19
17*2
17*2
17*8
300
1,000
75% Nov
Feb
No par
United-Carr Fast Corp.No par
Preferred
600
Jan
14%
24*4 Mar 18
United Carbon
United Dyewood
share
44
28*2 Feb 7
14984 Aug 12
16*2 Apr 27
No pat
Preferred
per
105*4 Nov 18
13
United Amer Bo8Ch-._A7o par
United Biscuit
share $
per
3
90*8 Jan 2
22% Jan 2
20% Apr 30
5
Corp...5
United Drug Inc
167
*166
166
17
16*8
Un Air Lines Transp
share
108*2 Jan
No par
United Aircraft Corp
1,400
31*4
122
122*2 123%
£166
*166*2
100
7,500
258
r25g
18*2
31*4
19
30
Preferred
4,400
98
*95
37g
*2%
18*2
3
19
83
98
*95
98
7%
*47*2
7%
48%
Union Pacific
Union Tank Car
per
71% Jan
25
100
United Corp
Preferred
46,200
7%
30
~I7%
'54*2
36*2
.
700
102,300
2,900
234
121*4 12134
17
20
1,300
83*2
18
31*4
*166*8
1,700
778
48*4
*94*2
3*8
*19*2
26%
48%
77g
48
8034
14*8
12
20%
"3" 100
48
111
111
28%
20*4
r26%
29%
15
15*4
147g
14%
14*8
1418
*111
111*2
11034 11034 *110% 111%
12i2
12i2
12%
*12%
12
12*8
17
18*8
18*8
18%
167g
16*4
7*4
46*2
700
5,200
28*8
20*4
977b
*31*8
6*4
43*2
13,900
Union Oil California
5
share
per
2034 Aug 26
Union Carbide & Carb.iVo par
28%
9838
29*2 29*2
29*8
114*4 114*4 *114*2
12,900
$
Highest
Lowest
Highest
Lowest
$
Par
Shares
98
2634
97*8
26*2
$ per share
*97%
2684
98*4
26*4
Week
977g
26%
98*2
*25
Jan. 1
103% 0378
2534
2638
127
12734
10278 10378
26
25*2
102jli 10278
Friday
$ per share
$ per share
$ per share
$ per share
EXCHANGE
the
Dec. 31
30
Dec.
Range for Previous
Year 1935
100-Share Lots
On Basis of
STOCK
NEW YORK
for
Range for Year 1936
STOCKS
Sales
Thursday
Wednesday
Tuesday
Dec. 26
$ per share
69
New York Stock Record—Concluded—Page 10
144
Jan
6
11*8 Jan 28
534 July
20
17%
Apr
Apr
23*4 Dec 28
2% June
163*2 Dec 11
31*2 May
5*8 Deo 18
Apr 6
55
8734
122
Oct 10
Aug 7
18
Mar
13
Mar
38*2 Apr
42% Nov 17
1% May
4
2% June
9%
Jan
32% Nov
102% Nov
19*2 Deo
24% Jan
434 Deo
20*8 Deo
3*8 Dec
9% Nov
79
Nov
65% June
25% Nov
61
Nov
51% Nov
68
Deo
82'4 Apr
35% Nov
9% Deo
96
Nov
53*g Deo
4678 Deo
105
Deo
1434 Nov
734 Dec
Complete
Bond'|Brokerage Service
RICHARD WHITNEY & CO.
Members
15
York
Stock
Now
York
Curb
Exchange
Eochange
BROAD STREET,
Telepeono BOwling-Green
1
New
Members
NEW YORK
9-4600
A. T. & T. Teletype
TWX, M. Y. 1-17JI
New York Stock Exchange—Bond Record, Thursday, Weekly and Yearly
70
On Jan.
1, 1909 the Exchange method of quoting bonds
changed and prices are
was
now
"and Interest"—except for income and
defaulted bonds
NOTICE—Cash and deferred delivery sales are disregarded In the week's
range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown In a footnote In the
week In which they occur. No account Is taken of such sales In computing the range for the year.
Thurs.
N.
BONDS
Y. STOCK EXCHANGE
Week Ended Jan. 1
U.
S.
Week's
Range or
Range
Sale
Thursday's'
for Year
Price
JUD
High
No.
Low
121.16
149
116.3
109 28
163
105.24110.16
O 121.16 121.7 1
O 109 28 109.17
J
D 115 21 115.17
M 8 114.16 114.6
J
D 110.18 110.6
111
116.9
109
114.21
97
106.17111.3
62
102.20106.19
110.18
108
142
102.29108.7
107.25 107.19
107.25
17
107.19109
108.24 108.22
108.25
33
108
108.27 108.18
108.27
102
108.14 108.2
108.14
91
103.19108.17
108.5
109.23
103.24109.3
108.22 108.17
108.22
47
109.26 109.17
109.26
213
105.12110.16
266
100
109.25
104.20 103.26
104.20
M
S
106.20 106.5
106.20
171
100.31106.27
M
S
104.11 103.31
104.13
337
101.7
J
D
103.13 102.25
M S
103
J
101.15 100.30
D
M
102.8
104.20
104.18
127
100.23103.13
103.2
162
100.30103.2
101.15
143
100.24101.15
103.13
S
105.30 105.27
105 30
29
M N
105.13 104.30
105.13
183
100.20105.13
105.21
78
101.20105.21
104.14
128
100.15104.14
15 1942-1947 J
J
1942-1944
„
79
31
100.20
105.21 105.16
254s
Mar
1 1942-1947 M S 104.14 104.3
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N 105
104 19
254 s series B._ Aug 1 1939-1949 F A 103.2 102.20
254 s series G
115.23
J
107.18
121.28
114.16
M 8 100.20 106
D 108
High
103
102.19
102.20100
460
103 4
468
99.10103.10
103
362
100.17105.2
.
I
Akershus (Dept) Ext 6s
♦Antloqula (Dept) coll 7s A
A
1945 J
'98"
J
♦External
s
f 7s series B
1945
"l9"
♦External
s
f 7s series C
1945
19
♦External
s
f 7s series D
1946
19
♦External
s
f 7s 1st series...1957
♦External sec s f 7s 2d series. 1957
16
♦External
sec s
1554
1654
f 7s 3d series.1957
Antwerp (City) external 5s
1958
Argentine Govt Pub Wks 6s... 1960
Argentine 6s of June 1925
1959
External
s f
External
s
2
1754
1754
1754
1754
1454
1454
1454
9754
102
102
10154
10154
10254
10154
10254
10254
10154
10954
10954
10154
9854
External 6s series B
J
M N
101K
10254
M S
102
1958
f 6s of May 1926
1960
s f 0s (State
Ry)_. .1960
Extl 6s Sanitary Works
1961
5
9854
101K
Extl
s
2554
98
102
1957 M S
External
26
10254
6s of Oct 1925—.1959
f 6s series A
D
F A
Extl 6s pub wks
May 1927—1961 M N
Public Works extl 554 s
1962 F A
10254
10254
10254
Australia 30-year 6s
External 5s of 1927
1957 M S
"10954
External g 454s of 1928
Austrian (Govt) s f 7s
1956 M N
10154
1957 J
1955 J
J
Ba
♦Bavaria (Free State) 654s
Belgium 25-yr extl 654s
External
s
f 6s
1955 J
Bergen (Norway) ext
s
D
1955
f 5s....1960 M S
O
(Germany) s f 654 s
♦External sinking fuDd 6s... 1958
D
♦Brazil (U S of) external 8s
D
1941
♦External s f 6 Mb of 1926
1957 A O
♦External s f 054s of 1927—1957 A O
1950 A
♦7s (Central Ry)
1952 J
Brisbane (City) s f 5s
Sinking fund gold 5s
20-year s f 0s
D
A
1950 J
s
External
s f
f 6s ser C-2
6s
ser
"26"
4054
4054
41
10254
1960 A
O
O
♦6s stamped
'161
1961
Refunding
1976
1976
"8554
Extl re-adj 454s-454s
Extl s f 4>*s-4Hb
3% external s f $ bonds
Bulgaria (Kingdom of)—
"78
1960 A
O
1952 M N
10-year 254s
Aug 15 1945 F
1961 J
25-year 354s..
♦Carlsbad (City) s f 8s
♦Cent Agrlc BaDk (Ger) 7s
♦Farm Loan
♦Farm Loan
s f
s
10354
J
♦External sinklrg fund 6s... 1963 M N
♦Chile Mtge Bank 654s
1957 J D
8
22
59
45
18
18
32
18
45
2
9854
10254
4
19
10254
10254
10254
17
113
44
102
103
23
__
.
10254
10254
40
10254
10254
11054
11
28
110
19
10254
71
9954
14
2054
94
9754
9754
9754
9754
9754
9754
9754
9754
9754
9454
104H
___
102,
1025
1025
102?
103
103
10254
7
17
60
102M
10254
10254
11154
10454 11154
9854 103 54
9054 100
11654
7
100
8
6
For footnotes
see page
75.
O
1952 J
J
10554
10054
10054
S
3154
19
3154
2354
2354
2254
10054
9854
17
2354
~"~9
1754
1754
2254
4
9954
9 8 54
16
98
26
2754
25
10154
"""9
10354
~"~6
6154
232
10554
10554
10554
16
10454 10054
48
100H 10254
9354 10934
5854
10554
10554
105
10054
99
4454
S
7554
O
73
7054
13
8
9254
8854
7054 100
23
3454
9954 10554
99
10154
92
1
1
10054
10054
69
2
4454
7554
7154
98
100
103 54
3754
6854
90
100
89
10554
37
4854
16
6654
78k
6
0154
6154
78
78
71
"2354
73
7
2354
2354
2
J
*65
1967 J
J
♦98
1945 M S
10654
2454
—1908 F
A
1
12254 183
13
11054 17254
19
12554 190
20
12254 18254
r2554
3254
2754
120
12354
1954
2154
2054
312
1854
"28k
♦Sink fund secured 6s
27
127
12554
12354
2154
♦(Cons Agrlc Loan) 654s
1958 J D
♦Greek Government 8 f ser 7s.-1964 MN
98
109
18
all754 all754
D
♦7s unstamped
1949
German Prov A Communal Bks
93
105
12
20
127
3054
7054
"""2
99
10754
2154
4154
71
20
D
26
2854
225
24
2454
27
2354
34
2654
23
25
4554
14
30
35
72
2654
3154
r2554
30
26
54
3254
2754
1954
1854
26
2954
29
3954
1
Haiti (Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7548 '50
Helsingfors (City) ext 6548
1960
Hungarian Cons Municipal Loan—
♦754® unmatured coup on
1945
A
O
A
O
J
J
A
J
J
8
F
A
9354100
1554
104
10554
2454
110
17
30
2154
2154
4
1854
21
21
2
17 54
8254
2554
*21
21
a4854
1960 M N
f 5s
9
1954
1854
16
10554
J
♦Hungary (Kingdom of) 7548—1944
99
1954
O
1946 J
♦7s unmatured coupon on
99
1854
♦Hungarian Land M Inst 7548-1961 MN
•Sinking fund 754s ser B
1961 M N
a4854
11354
22
6
2154
4854
11354
8554
92
"77"
"4
2
2
1654 26
38
5154
11254 115
6054 8754
8354 100
"8554
70
66
70
33
98
9854
21
83
9654
7954
83
21
2954
29
2954
2
25
35
24
24
2
2254
3154
158
8454
*9754
77
♦Leipzig (Germany)
204
83
53
6154 77
9154 10054
78
8954
Lower Austria
3854
10254
10254
10654
101
*10054
10054
4154
10254
199
10254
8
10554
4
85
2654
7
25
10154
6
95
3854
10254
10154
♦Medellin (Colombia) 654a
1954 J D
♦Mexican Irrlg assenting 4 54s.-1943 MN
♦Mtalco (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q J
♦Assenting 5s large
1554
93
101
9254101
♦4s of 1904
1954 J
D
70
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦{Treas 0s of *13 assent(large) '33
♦{Small
D
"85 54
33
7
7854
7854
55
5554
68
68
14
5754
5954
6154
3954
8
79
8254
11
4
65
2554
2354
11054
11454
20
13
13
13
101
29
10354
49 54
35
47
15
.
40
10
8
8
100
863
863
81J
813
8054
83J4
67
2554
2354
10554
11154
9654 10154
9954 10454
32J4 50
42 54
29
2554 3654
1S8
2654
2654
17
25
32
12
2654
3954
14
2154
2054
16
2154
55
1654
1654
2054
393
1954
143
1654
20
282
1954
157
1654
1654
1954
89
1954
204
17
55
17
1354
1354
1354
36
19^4
20
1354
19K
1354
1954
14
19 %
17
64
12
17
17
36
12
17
1654
1254
1654
45
4154
2254
3
"21H
6054
2154
1154
4054
3
1954
1654
5354
2754
1254
1254
17
47
17
15
654
*954
954
954
-
10054
7754
10954
11454
10054
10254
4854
♦9254
6
85
2554
<75fs
1957 A O
s f 7s
1947 F A
(Province of)—
June 1 1935 coup on——1950 J D
10454
1754
7
9554 101
68
754
60
4
1054
Milan (City, Italy) extl 054s—1952 A
Minas Geraes (State)—
♦Sec extl
754
754
854
J
J
O
f
♦6s series A
654
754
054s
-------1958 M S
♦Sec extl s f 6 Kb
1959 M S
♦Montevideo (City) 7s1952 J D
s
1054
165
654
854
854
14
66
454
80
454
8 54
8
75
654
1254
1254
.1943 F
A
1963 M
S
—1956 M
S
External sink fund 454s
454 s
♦Nuremburg (City) extl 6s
1952 F
A
Oriental Devel guar 6s
Extl deb 5 54s
1953 M
1054
7054
6554
1254
7054
120
26
22
26
23
26
2254
26
16
68
66
2
6454
0454
2
43
6454
10454
10454
1955 A
1953 J
10154
10354
10154
10054
10254
10154
10354
10154
30
♦Nat Loan extl
s
1947 M
3
1
S
100
10454
9954 10354
9054 10154
10254 104
"72 k
2054
11
74
76
17
88
7054
9954
73
15
6954
106
9954
106
5
10
*7354
85
7354
75
2554
2554
9
8654
8254
9654 100
104
10654
07
"22
27
9054
58
81
1254
1354
2554
23 54
10
2054
-.1959 M S
23
D
20
2254
1754
1654
2354
2054
626
O
20
16
2054
508
10
—.1940 A O
57
6554
5754
6
37
8054
1947 A
O
76
71
76
30
44
11154
1950 J
J
5554
5154
5554
52
40
ser__
1960 J
f 6s 2d ser—1961 A
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
102 X
26
74
♦7s Sept coupon off
♦Peru (Rep of) external 7s
"Nat Loan extl s f 6s 1st
101
10554
10454 110
10454 10954
17
1963 M N
f 5s ser A
67
10054 10654
43
D
s
♦Stamped—
Pernambuco (State of)—
47
9
10754
10254
1854
14 54
26
26
76
109
'<1854
77
1554
105
106
101
554
50
105
108
O
1958 MN
28
108
S
Oslo (City) s f 4543
Panama (Rep) extl554s—
9
"iik"
O
1965 A O
Municipal Bank extl 8 f 5s. -.1970 J D
♦Extl
754
4
1254
1254
1054
654
37
A
1944 F
External sink fund 5s
s f
754
1254
A
Norway 20-year extl 0s
20-year external 6s
1054
"l6
12
—1959 MN
New So Wales (State) extl 5s..1957 F
External s f 5s..
Apr 1958 A
External
,
954
7H
654
1754
754
9
♦Assenting 5s small...
♦External sink fund g 8s
*
O
1942 A
A
r
103
6954
1951 A
External 7s stamped -------1949 J
41
17
8
High
19
2254
9854
98 54
*9754
J
O
23
88
29
10154
♦Frankfort (City of) s f 6548—1953 M N
French Republic 7 54s stamped. 1941 J D
754s unstamped
1941
41
1654
D
D
28
1948 J
♦7s with all unmat coup—
1654
1951 J
162
Low
Japanese Govt 30-yr s f 654s.. 1954 F A
Extl sinking fuDd 5548
1965 M N
Jugoslavia State Mtge Bank—
11
10554
1962 M N
♦Cologne (City) Germany 654S.1950 M
3154
3154
28
*103
A
1945 J
2d series sink fund 554s
1940 A O
♦Dresden (City) external 7s..-1945 MN
38
30
17
1949 F
1953 J
1940 A
5548 of 1926
38
2654
1654
No.
Italy (Kingdom of) extl 7s
1951 J D
Italian Cred Consortium 7s A—1937 M S
External sec s f ser B
...1947 M S
Italian Public Utility extl 7s—1952 J
J
7
110
1961 A
f 6s
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
D
1930
High
97
2254
99J4
J
1955 F
1902 A
Deutsche Bk Am part ctf 6s
1932
{♦Stamped extd to Sept 1 1935— M
Dominican Rep Cust Ad 5 54s..1942 M
13
2654
1954
1954
1954
1954
"23"
♦554a unstamped
1905
♦German Rep extl 7s stamped. 1949 AO
1354
13J4
1354
1354
1901 J
♦Guars! 6s
Sinking fund 554s— .Jan 15
♦Public wks 554s—June 30
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
Denmark 20-year extl 6s
External gold 554s
External g 4 54s
Apr 15
79
"2654
20
Range
for Year
Asked
A
♦21
2754
7s unstamped
1949
German Govt International—
♦5 54a of 1930 stamped
1965 J
1960 M
654b of 1926
External loan 454s
6154
34
Ilk
3154
3154
Cuba (Republic) 5s of 1904.—1944 M S
External 5s of 1914 ser A
1949 F A
22
"35"
J
O
A Apr 15 1938 A o
f 7s
1942 M N
♦Extl sinking fund 6s.
.Sept 1961 M
♦External sinking fund 6s...1962 M
♦Guar
11454
J
8
♦Chile (Rep)—Extl s
♦External sinking fund 6s... 1960 A
♦Extl sinking fund 6s...Feb 1961 F A
♦Ry ref extl s f 6s
Jan 1961 J
♦Sink fund
i09k"
A
1952 J D
1953 MN
♦7e Nov 1, 1936 coupon on.-1951
2054
23
101
1950 M
6s..July 15 1960 J
ser
2554
J
25-year gold 4 Kb
Cordoba (Prov) Argentina 78.-1942 J
Costa Rica (Republic of)—
46
65
A
1954 J
f 6s...Oct 15 1960 A
♦Farm Loan 6s
8
854
754
754
754
754
7854
♦Sink fund 7s July coup off.. 1967 J
♦Sink fund 7Kb May coup offl968 M N
6s
84
82
40
82
J
O
1947 F
♦Sinking fund 7s of 1927
Copenhagen (City) 5s—
ser
Bid
of)
♦Colombia Mtge Bank 654s— 1947 A O
♦Sinking fund 7s of 1920
1946 MN
20
78
1975
1984 J
Canada (Dom of) 30-yr 4s
9654 10054
754 22
22
85
1977
f 454s-454s
26
2554
1754
1754
2154
2154
*97
1961
♦6 54s stamped
Extl s f 454s-454s
11654
2554
10154
♦Buenos Aires (Prov) extl 6s... 1961
s
(Republic
20
"5lk
D
1900 A
C-3
2054
10854
10554
99
1957 M
1958 F
Budapest (City of)—
♦6s July 1 1935 coupon on...1962
Buenos Aires (City) 654s B-2..1965
External
10854
10554
11554
Price
Range or
Thursday's
Low
♦0s Apr 1 1935 coup on—Oct 1961 A
♦6s July 1 1935 coup on -Jan 1961 J
Irish Free State extl
1945 F A
1949 M
External 30-year s f 7s
♦Berlin
4
2354
2554
O
1963 MN
Colombia
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s_
Finland (Republic) ext 6s
26.
85
Sale
99.17103.5
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on.1947 F
♦Sink furd 6s Apr
coup on
.1948 A
STOCK EXCHANGE
Week Ended Jan. 1
Foreign Govt. & Mun. (Concl.)
1st
105.2
Sale
Y.
1936
A
May 15 1944-1949
3s
'
Asked
A
Treasury 454s—Oct 15 1947-1962
Treasury 354s...Oct 15 1943-1945
Treasury 4s
Dec 15 1944-1954
Treasury 3548—Mar 15 1946-1950
Treasury 354s... June 15 1943-1947
Treasury 3s
Sept 15 1951-1955
Treasury 3s
June 15 1940-1948
Treasury 354s.—June 15 1940-1943
Treasury 354s
Mar 15 1941-1943
Treasury 354s.__ June 15 1946-1949
Treasury 354s
Dec 15 1949-1952
Treasury 354 s
Aug 16 1941
Treasury 354s.—Apr 15 1944-1946
Treasury 2>4s—_Mar 15 1955-1960
Treasury 254s_—Sept 16 1945-1947
Treasury 2^s...Sept 15 1948-1951
Treasury 254 s
1951-1954
Treasury 2548—Sept 15 1956-1959
Treasury 254s
Dec 15 1949-1953
Federal Farm Mortgage Corp—
3 J^s
Mar 15 1944-1964
3s
A
Low
Government
Bid
BONDS
N.
1
Week's
~.Thurs.
Last
K
67
2054
96
Volume
Sale
Low
Foreign Govt. &Munlc. (Concl.)
Porto Alegre (City of)—
♦88 June coupon off
—1961
♦7%s July coupon off
.1966
Prague (Greater City) 7 He
1962
♦Prussia (Free State) extl 6%s.l951
a
♦6 Via Aug coupon off
1963
Rio Grande do 9ul (State.ol)—
♦8a April coupon off-—.
♦68 June coupon off
1946
.1968
♦7$ May coupon off
1966
♦7a June coupon off
—.1967
Rome (City) extl 6%a
1962
Rotterdam (City) extl 6a
-1964
-
26 H
28
J
N
S
25%
22
25%
♦94
99%
♦Saxon State Mtge Inst 7a
1946
-1946
(Kingdom)
♦8s Nov 11936 coupon on..-1962
♦7s Nov 1 1935 coupon on...1962
Silesia (Prov of) extl 7s
1958
♦Slleslan Landowners Assn 6s
1947
4
♦Sinking fund
6%s
g
-
Serbs Croats A Slovenes
111%
"l4
18
20%
22
18
11
109
113%
7
109
114
24%
27
38
231
14
26%
Auburn Auto conv deb
28
26%
A O
J D
M N
J D
A O
M N
30 %
27%
31%
139
16
20%
24
103
14
24
14%
24%
15
24
Austin A N W lat gu g
23%
~72%
68
♦105
«24%
23%
62
72%
112%
23
r25%
77
♦
21%
J
J
M
J
25%
35 %
29%
27
28%
30
25
25%
17%
14%
22
25
84
16%
38
35%
16
15%
29%
27
14
46
81%
27%
95
35
32%
22%
28
~24""
25%
24
_
24
-
N
N
D
M
M
J
F
25
24%
53
26%
23
23%
49%
25
22%
29%
29
53
33
75
33%
33
51%
♦30
A
90%
90%
104%
72%
21
68%
72%
46
68%
70%
1960 M N
69 %
69 a
—1952 M N
78—1968 F A
Yokohama (City) extl 6s...—1961 J D
10
71
69%
69%
87
39%
37%
37%
53%
♦81
47%
17
90
89%
70,
74
33%
72%
76
97
71%
89
INDUSTRIAL
♦tftAbltibl Pow A Paper 1st 68.1953 J D
Adams Express coll tr g 4s
1948 M S
Coll trust 4« of 1907
—1947 J D
10-year deb 4%s
1946 F
Adriatic Elec Co extl 7a.——1952 A
84 %
105
105
D
O
F
A
1949 J
D
78
75
1955
2030
M
99%
100%
96%
97
1949
5%8—1949
M
S
'"§4
66
63%
♦102%
100%
166%
♦93%
D
109
105%
J
94
80%
86%
107%
105%
109%
105%
112%
112%
62
18
78
111
J
112
111%
112%
173 H
169
173%
110%
109%
110%
J
J
73
73
70
61
3
165
29
48
129
Bell Telep of Pa 5s series
1st A ref 5a aeries C
86
S
103%
104
26
107
107%
29
99%
89%
77%
89%
115%
29
88
75
231
74%
«1%
110%
3
113%
77%
2
"89%
"113%
88%
75
115%
110%
113%
77%
105%
36%
37%
32%
79
32%
79
99% 107%
47
73
111%
97
2
'iom
32
72
6s_1964 M S
Armour A Co (III) 1st 4)48
1939 J D
1st M a ( 4s aer B (Del)——1965 F A
J
Armstrong Cork deb 4a
—I960 J
Atch Top A S Fe—Gen g 48-—1996 A O
Adjustment gold 4s.
1995 Nov
72
104%
Ark A Mem Bridge A Term
1995 IVI N
1965 J D
.,—.1955
.1960
1948
Rocky Mtn Dlv 1st 4s
1965
J
D
J
D
"ioiji
103%
99 a
98%
107%
71
116
111«
111%
J
5
104%
99%
53
167
103% 1
94% 1
107%
10
104% 1
116
96
111%
3
110%
111%
19
107
105%
107
12
106)4
105
106%
11
♦108
111
110%
J
110%
♦106%
J
♦111%
114"
S
"no%
42%
27%
104%
107%
115%
110%
D
J
Trana-Con Short L lat 4s.. .1968 J
Cal-Arlz 1st A ref 4%s A-..1962 M
4
6
119
122
125
131%
103
103%
109%
108% 111
103
102% 104%
65% 95
19
30%
120%
130%
131
«22%
r21%
21%
1959
21%
21%
1955
♦Berhr Elec El A Undergr 6 %s 1956
Beth Steel cons M 4%s ser D—1960
♦20%
105
105%
99
99%
...1966
1944
"23% "l3
39
23%
3
22
106" "38
99%
140
"84%
164
46
♦112
1967
1955 M N
"83%
83%
J
85%
85
85%
80
78%
80%
32
28
27%
29
45
35%
32%
33%
35%
35%
89
35
♦Certificates of deposit
Brooklyn City RR 1st 5a
1941
Bklyn Edison cons mtge 3%s_.1966
Bklyn Man hat Transit 4%s—.1966
Bklyn Qu Co A Sub con gtd 5s. 1941
1st 5s stamped..
1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5a
1945
lat lien A ref 6s series A——.1947
74
113%
103%
109%
68%
98%
23
120%
J
99%
MN
62
36
105%
M N
MN
J
F
J
A
M N
M N
1950
J
D
1957 M N
F
A
99%
100%
39
101% 105%
103% 104
103%
81
*78%
*
93%
114%
115%
122%
121%
131%
131%
131%
105%
105% 105%
108% 108%
106
106%
.1950
B
J J
F A
M S
MN
A O
109
I
"89""
108
92
27
15
25
27
90%
23
90%
26%
O
1955
J
75
"75"
O
61
59
A
1
MN
101%
J
115%
120%
13
11
115
14
115% 121%
6
nik
116%
115%
115%
127%
115%
102%
w
236
102%
103%
25
115
115
115%
16
109%
109%
109%
J
J
105%
106
J
J
109%
109%
105
105
J
122
112% 120
110% 117
122%~i2&—
109%
"2
1
108%
111%
6
35
D
1952
108% 116%
113% 119%
87%
101%
113%
105%
100%
49%
105%
♦71
105%
103% 107%
103% 105%
9%
42%
111% 120
|410% 117,.
5
128%
98%
98
105%
1st A cons g 6s aer A.Dec 15
6
116%
..1938 J D
Caro Clinch A 01st 5s
14
118%
M S
D
67
92% 102%
119
120%
115%
118%
120%
27
118%
J
J
8
90
77%
50
115%
35
119
115%
128%
98%
J
31
62
~25
104%
J
J
30
48%
102%
105%
104%
38%
119%
♦103%
35%
J
17
80%
"27
75%
120% 020%
M N
deb stk perpet
.—1946
5a eauip trust ctfs...
-.1944
Coll trust gold 5s——Dec 1 1954
Collateral trust 4 %s—
.1960
{♦Car Cent 1st guar g 4s
—1949
2
88
113
113
"l6
1
96
Carriers A Gen Corp deb 6s w w 1950 MN
Cart A Ad lat gu g 4s
...1981 J D
♦Cent Branch U P 1st g 4s
99%
106
116%
106
70
108%
91%
34
34
A
78%
33%
22
168
18%
21%
27%
21%
145
21
19%
19%
12
102% 1
Central Foundry mtge
1
109
1
105% 1
110% 1
110% 1
6s——.1941
O
21%
78%
31%
18%
21%
27%
25
MN
A
A
O
J
D
J
J
J
J
Cent Illinois Light 3%s.
1951
1966
"33%
J
J
M 5
Gen mortgage 5s
1941 M S
Cent Hud G A E 1st A ref 3%s.l965 M S
Cent 111 Elec A Gas 1st 5s
F
A
A
"19%
♦27
178
J
J
179
105%
♦108%
103%
103%
O
{♦Cert New Engl 1st gu 4s_.—1961 J
Central N J gen g 5s
.....1987 J
General 4s..
.....1987 J
160
♦108
""63"
86
J
Vilas & Hickey
Stock Exchango
49 WALL STREET
—
Mombors
—
Now York Curb Exchangs
....
Tolophono HAnovor 2-7900 — A. T.
NEW YORK
& T. Tolotypo NY 1-911
Private Wires to Chicago, Indianapolis and St. Louis
1
14
3
"19
107
105
21
109
"62
63
65%
82 k
86
40
43% 77%
82% 103%
71
73
48
71
Railroad, Public Utility and Industrial Bonds
New York
5
99
30
BROKERS
BOND
6
90%
D
F
104% 1
104% 1
105% 1
105
1
110%
91
5
1948 J
{♦Central of Ga 1st g 5«—Nov 1945
♦Consol gold 5s
.1945
♦Ref A gen 5%e series B
1959
♦Ref A gen 5a series C
1959
♦Chatt Dlv pur money g 4s.. 1951
♦Mao A Nor Dlv lstg5s
1946
♦Mid Ga A Atl Dlv pur m 5s. 1947
♦Mobile Dlv lat g 6s
1946
For footnotes see page 75.
2
♦104
.
Boston A Maine 1st 5e A C
124
100%
99%
103%
131
1960
88%
♦104
120%
B——1948
Cons mtge 3%sser E
Big Sandy lat 4s.
75
108%
84%
99
Belvldere Delaware cons 3 %s—1943
♦Berlin City Elec Co deb 6 %s_ 1951
♦Deb sinking fund 6%s
♦Debenture 6s
102%
101%
...1951
Con ref 4s
103%
W
1967 J
1995 Q
1910
90%
103
100%
Canadian Pac Ry 4%
Coll trust 4%s
♦Angla Chilean Nitrate—
Cort deb 4 Ha
51
100%
103%
107%
111% 115
109% 119%
107% 180
7
36%
Anaconda Cop Mln a 1 deb 4%s 1960 AO
Conv g 4s Issue of
109%
13
Guaranteed gold 5a
Oct 1969 A O
Guaranteed gold 5s
1970 F A
Guar gold 4%a
June 15 1955 J D
Guaranteed gold 4 %s
1956 F A
Guaranteed gold 4%s—Sept 1951 M S
J
Canadian Northern deb 6 %s
1946 J
41
70%
106%
70%
♦Certificates of deposit
Stamped 4«
8
""$)
115%
98%
83%
66
87%
107% 117%
101% 106%
90%
66%
♦n
{♦Am Writing Paper lat g 68—1947
Conv gold 4s of 1909
Conv 4s of 1905
3
102%
84%
114%
89%
115%
Canadian Nat guar 4%s
-.1957 J
Guaranteed gold 5a....July 1969 J
86%
80%
J
J
♦Am Type Founders conv deb. 1950 J
Amer Water Works A Electric—
Deb g 6s series A
1975 MN
4s
18
83
115
J
Cal Pack conv deb 5s
1940 J
♦Camaguey Sugar 7s ctfB—... 1942 A O
Canada Sou cons gu 5s A.
—1962 A O
103%
♦112%
M N
20-year sinking fund 5%s—1943
Convertible debenture 4 He—1939 J
g
21
O
89
77
ex.1960
By-Prod Coke 1st 5%s A
—1945
Cal G A E Corp unif A ref 5s...1937
31
MN
S f Income deb
159
61%
53%
D
J
M
♦Bush Term Bldgs 6s gu tax
150
88
*85
~65%
S
..1953 J
Amer I G Chem conv 5%s
72
108%
4s stamped
—
1951
Battle Creek A Stur let gu 3s.. 1989 J D
Beech Creek ext let g 3%s....1951 A O
♦Consol 6s
u
American Ice a f deb 6s
99
108%
90%
♦Certificates of deposit
{♦Bush Terminal lat 4s— .1952
78
♦104%
100 X
1950 A O
——1950
4s
1998 AO
Allegh Val gen guar g 4s
...1942 M S
Allied Stores Corp deb 4 %•
1950 A O
AUIs-Chalmers M fg corv deb 4s 1945 MN
{♦AnnUrbor let
2000
1960
Ref A gen M 5s ser F
1996
Bangor A Aroostook lat 6s..—1943
Buff Roch A Pitts gen g 5s.—
77%
♦65
gu
Am Internal Corp conv
Am Telep A Teleg—
Ref A gen 5s series D
Conv 4%s
—1938
1981
.1937
Consol 4%s._
1957
|{*Burl C R A Nor lat A coll 5s 1934
♦109
O
O
1996 J D
1941 M N
J
1950 J
Ref A gen 6a series C
P L E A W Va ftys ref 4s
Brurs A West 1st gu g 4s
Buffalo Gen Elec 4%s ser
•114
D
1946
1944
♦Alpine-Mon tan' Steel 7s
Am A Foreign Pow deb 5s
13
114%
105%
99%
98%
105%
2
77
A
6a—
in %
♦106%
♦105%
1940
-
Brown Shoe • f deb 3%s
*103%
A
conv
232
♦104%
A
1943 J
1943 J
85
79%
O
♦Albany Perfor Wrap Pap 6a.-1948
♦6s with warr assented—. —1948
♦Coll &
5s assented
Bait A Ohio lat g 48
July 1948 A
Refund A gen 6s series A
1995 J
lat gold 5a
July 1948 A
Debenture gold 5a
1st lien A ref 5s series B
Coll A conv 6s....—..
No.
High
♦106%
1940 M N
1st g
70
86%
49
89%
45%
74%
83%
4%s series JJ
1961 A O
{♦Boston A N Y Air Line 1st 4s 1955 F A
I {♦Botany Cons Mills 6 %s
1934 A O
102
COMPANIES
♦5s stamped
Allegb & West 1st
1937
1939
6a...... 1941
1st M 5s series II
82
70
99%
68
6« Nov coupon on—
76%
3
68
1964 M N
Warsaw (City) external
68%
102
69
f 6s
89 %
100% 106%
83
68
70
101%
f 6a
A O
16
95%
90%
2
70
a
Venetian Prov Mtge Bank 7a.. 1962
Vienna (City of)—
1
104%
a
AlbASusq 1st guar 3%s—
Alleghany Corp coll tr 6a
♦102
Southwest Dlv 1st 3%-5s
Tol A Cln Dlv 1st ref 4s A—1959 J
95
I
D
D
J
J
22%
27%
23%
92%
30
94%
10
35%
29%
26%
J
122%
38
35%
J
J
S
81%
64%
110
1
25
I 25
25 %
2
30
♦External
A 5s...
82%
4%s
Baldwin Loco Works 1st 6s
25
25%
25%
A
J
♦External
1st cons 4s Berlee B
1936
Asked
31%
24
114%
104%
97%
97%
104%
59%
53%
1959
Atlantic Refining deb 5s
21%
off-.——-—1946 F A
1956 F A
72%
1971 J
J
Tokyo City 6a loan of 19x2—.1952 M 8
External s f 5%s guar——1961 A O "72 %
Trondbjem (City) lat 6Ha
1967 IVI N 101%
69 %
♦Uruguay (Republic) extl 8i—1946 F A
cons
1948
28
25
K* *7a Feb coupon
Ala Gt Sou lat
105%
99%
98%
105%
60%
53%
16
26%
Sydney (City) a f 5%s
Taiwan Elec Pow a t 5%s
AND
♦110
114 %
23
28
A
♦119
1st 30-year 6s series B
2d 4s
90% 101%
111%
Styria (Province of)—
RAILROAD
D
J
1944 J
1944 J J
Atl Coast Line 1st cons 4s July 1962 M S
General unified 4%s A
1964 J D
LAN coll gold 4s
Oct 1952 MN
10-yr coll tr 6a
May 1 1945 M N
J
Atl A Dan 1st g 4s.—
1948 J
Atl A Charl A L 1st 4 %a A
A O
F A
—1940 A O
f 7a
25%
113
19
.—1952 M N
off--1967 M N
-1936
♦External 8s July coupon off -1950
♦External 7a Sept coupon off 1956
♦External 6a July coupon off -1968
28
15
for Year
Thursday's
.
Bid
Low
Atl Gulf A W1 S3 coll tr 6s
1963 J
l*8s July coupon off
16
31
111%
20
San Paolo (State of)—
s
Sale
Price
High
29%
28%
113%
19
O
Roumanla (Kingdom of) Monopollea —
♦7a August coupon off--—-.1959 F
Secured
Low
Range
Range or
Last
STOCK EXCHANGE
Atl Knox A Nor 1st g 6a..——1946 J
Rio de Janeiro (City of)—
♦8a April coupon off......-1946
♦88 May coupon off
♦Extl 6%s May coupon
No.
3
28
Queer aland (State) extl 8 f 78—1941 A O
26-year external 6a...
.1947 F A
♦Rblne-Mal n-Danube 7n A——1960 M S
♦Saarbruecken (City) 6a
Sao Paulo (City of Brazil)—
High
Y.
Week Ended Jan. 1
1936
Asked
&
J
J
M
M
1962 A
I 6b
A
Bid
N.
for Year
Thursday's
Price
Week Ended Jan. 1
BONDS
Range
Range or
Lost
Week's
Thurs.
Week's
Thurs,
BONDS
N. Y. STOCK EXCHANGE
♦External
71
New York Bond Record—Continued—Page 2
144
93%
in72
New York Bond
Jan.
Record—Continued—Page 3
Week's
Thurs.
BONDS
Last
Hewlett Hros. &
Week Ended
Johnson
Debenture 5s
DIgby 4-5200
-<• Dell
Thurs.
<0
"a
STOCK EXCHANGE
Week Ended
Range
Sale
Jan. 1
Price
A
1949 F
Through Short L 1st gu 4s.-1954 A
Guaranteed g 5s
1960 F
A
Cent Pac 1st ref gu g 4s
O
A
HI
34
10834
10234
*8634
12534
10834
103J4
Cent RR & Bkg of Ga coll 5s.-1937 rvi n
1941 M
N
1948 M
Pap & Fibre deb 4j*sl950 M
S
Central Steel 1st g s f 8s
Certaln-teed Prod 5 34 s A
Champion
Chesap Corp conv 5s
10-year conv coll 5s
Potts Creek Branch 1st 4s
R & A Dlv 1st
con g 4s
2d consol gold 4s
Warm Spring V 1st g 5s
M N
No.
11234
10834
64
2
75
89
....
12534
9334
10734
7
154
17
135
26
10834
109
44
128
12734
12834
10234
10134
10234
61
F
10234
102
10234
78
A
J
*11034
*11134
*11834
*11534
*11134
1989 J
1989 J
1941 M
5434
57
75
10934
11234
109
10934
13
11234
113
35
11434
11334
11434
115
14
20
11834
11334
11834
114
F
11834
22
1949 J
General 4s
..
1st & ref 43*s ser B
1st & ref 5s ser A
1958 IVI
1971
{{♦Chicago & East 111 1st 6s._1934 A
{♦C & E 111 Ry (new Co) gen 5s_1951 IVI
*99
N
♦Certificates of deposit
'"3734
3434
3234
J
J
J
J
1947 J
C
S
J
"3734
389
4934
10234
4934
770
4134
*
43
"34"
5
....
34
31
1956 J
J
Chic L S & East 1st 434s
1969 J
D
*106
11134
11134
12434
10234 10534
26 34
493*
2834
49
29
483*
46 34
2834
28
1534
29
1634
9234 106
11034 11234
♦Chic M & St P gen 4s ser A. .1989 J
6234
6034
6234
47
♦Geng 334s ser B..May 1 1989
♦Gen 434s series C-.May 1 1989
♦Gen 434s series E__May 1 1989
♦Gen 4j*s series F—_May 1 1989
{♦Chic Milw St P & Pac 5s A. .1975
♦Conv adj 5s
_.Jan 1 2000
{♦Chic& No West gen g 3 34s.-1987
55
5534
4
J
5534
6534
6634
6834
F
3334
4634
6634
43
5834
4734
68
4734
18
4
54 3*
36
543*
37
56
16
156
16
34
1034
1834
82
*8034
70
8234
400
32
46 3*
11
31
4334
4134
3834
4134
39
38
39
1734
16
2034
1834
424
1834
2034
130
1934
1034
204
2034
1834
2034
17
934
*11334
*9436
D
464
284
15
.
23
1334
20
1534
2334
1434
203*
7
lit*
105
11334
943$
9734
95
*9534
9834
9934
45
74
101
8734
9934
S
8734
12
61
89
83 34
99
Guaranteed 4s
1944
1st mtge 4s series D
1963
1st mtge 33*8 series E
1963 J
10534
Childs Co deb 5s
10734
10534
1943 A
93
{♦Choc Okla & Gulf cons 5S...1952 IVI N
Cincinnati Gas & Elec 33*s
1966 F A
1st mtge guar 334s series D..1971 IVI N
Clearfield & Mah 1st gu 4s
J
1943 J
1
11034
34
109
8
10734
47
10534
43
9234
9334
104"
10434
*
10434
D
18
*10534
9734
10634
235
J
10134
10234
""16
9634
*103
1940 M S
1940 J
*103
Series A 434s guar
1969 J
55
10334
see page
1053*
1
102
102
4
1013*
*1033*
107
107
1951 IVI N
107
10834
1
J
3434
J
35
313*
3134
343*
3534
498
1936 J
35
3834
1955 F
A
1934
17
117
♦Assented (subj to plan)..
♦Ref & lmpt 5s ser B
Apr 1978 AO
183*
174
203*
2034
323*
163*
2834
1934
183*
323*
93
3234
r634
634
634
A
1163*
O
10934
10934
1965 A O
1966 M 3
11134
1153*
10934
11134
10834
10834
{♦Des M & Ft Dodge 4s ctfs... 1935 J
{♦Des Plains Val 1st gu 434s.. 1947 IVI
Detroit Edison Co 434s ser D_. 1961 F
Gen & ref 5s ser E
Gen & ref M 4s ser F
Gen & ref mtge 334s ser G..
♦Detroit & Mac 1st lien g 4s
♦1st 4s assented
♦Second gold 4s
1952 A
1995 J
*47
♦2d 4s assented
Conv deb
*50
65
D
*35
45
1937 J
conv
10934
1093*
433*
46
43
4534
1956 M N
1939 J
*11634
10734
5s International series
5s stamped
...1
10334
"51
71
10934
46
25
7
463*
125
*1383*
1941
IVI N
D
1951 J
1946 J
C
J
104
10334
J
104
161
161
*1103*
*10834
*107
......
J
J
1033* 11534
10634 108
1283* 13834
110
11434
10334 10434
13734 173
lOlJ* 11134
10734
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D
*107
1063*i
91
I
106
9034
1951
A
1953
O
9034
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1063*
44
91
103
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94
1063*
903*
18
74 34
75
74
913*
9534
953*
94
8534
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8534
196
70
92
1975 A
O
86
8434
86
135
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1955 J
J
119
5
11634 119
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1
11634
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103
104 34
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1954 F
A
1956 J
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1942 IVI
119
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62
104 J4
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1942
1942
603*
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10134
62
5
10434
4
102 34
6
10134
4234
74
10134 1053*
98
1033*
1025*
8
99
1013*
9734 10334
103
4
1013* 104 34
2
11
43*
12
334
33*
6
89
1039*
783*
♦1st & ref 5s series A
1974 M S
♦Certificates of deposit
Fonda Johns & Glov 434s
1952
{ {♦Proof of claim filed by owner. M N
cons 2-4s
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit.....
Fort St U D Co 1st g 434s
1941 J
Framerican Ind Dev 20-yr 734s 1942 J
{♦Francisco Sug 1st
s f
43*
J
J
10234
95
113
5
11134
110
11134
14
1977
105
105
10534
61
115
107
104
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c
6034
8734
2
5234
76
1
563*
734
813*
19
394
*107
10734
10734
Gas & El of Berg Co cons g 5s._ 1949
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 534s A
1947
♦Gen Elec (Germany) 7s Jan 15 1945
113
113
1053* U434
10534 113
10034 1123*
95
10534
11034 112
9834 108
8934
9134
19
81
74
75
30
593*
9434
8134
♦Sinking fund deb 634s
♦20-year s f deb 6s
"""2
83
6
3534 138
126
6
79
81
83
44
81
83
98
19
753*
98
*12234
*102
J
J
10534
J
J
*40
41
1940 J
D
41
41
40
40
105
104
10434
""96"
13
105
64
76
95
"963*
"69
4034
4034
4034
3
46
46
46
5
r27
2
7-27
105
105
1st mtge 43*8
Goodyear Tire A Rub 1st 5s
10134
1043*
1003*
Gotham Silk Hosiery deb 5s w wl946 IVI S
Gouv & Oswegatchie 1st 5s
1942 J D
Gr R & I ext 1st gu g 434s
J
1941 J
4034
38
'""5
10434
r27
1957 IVI N
103
10534
10334
*10234
♦Good Hope Steel A Ir sec 7s. .1945
Goodrich (B F) conv deb 6s
1945
1956
11034
122
A
{♦Ga & Ala Ry 1st cons 5s
1945
{{♦Ga Caro & Nor 1st ext 6s__1934
634
106
9634
"l26~~
D
A
634
107
10734
12434
F
1948 IVI N
33*
105
J
Gen Motors Accept Corp deb 3sl946 F
15-year 33*s deb
1951
Gen Pub Serv deb 534s
1939
Gen Steel Cast 534s with warr.1949
334
123
734a-—1942 IVI N
♦Certificates of deposit
Collateral trust 6s
1956 IVI N
Galv Hous A Hend 1st 534s A.. 1938 A O
9334
10534 106
*110
*106
7734
105
334
1113*
*11234
110
10734
10734
1073*
(Amended) 1st
963* 107
11134 119
112
1943
1003*
10534
10534
9934
1967 IVI N
1938 IVI
Ernesto Breda 7s
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
U73*
*10634
1995 J
Genessee River 1st s f 6s
J
1957 J
N Y & Erie RR ext 1st 4s.-.1947 IVI N
s f
65
1953
4s series D
Ref & lmpt 5s of 1927
Ref & lmpt 5s of 1930
Erie & Jersey 1st s f 6s
1st lies
1173*
*103
71
1953
Series B
Gen
J
J
5s stamped
1965
Erie & Pitts g gu
334s ser B...1940
Series C 334s
1940
Erie RR 1st cons g 4s
prior
1996
1st consol gen lien g 4s
1996
Penn coll trust gold 4s
Conv 4s series A...
70
*35
1965 A
El Paso & S W 1st 5s
11134
*50
1995
43*s
6634
1163*
D
1995
1995 J
38
1834
11134
1945
10834
1936 J
8
10134
10834
112
105
110
107
7
96
1973
75.
1053*
104
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9034
7434
1053*
1023*
1073*
8
*10434
Colo A South 434s ser A......1980 M N
913*
8
913*
62
10034
*11534
11134
1083*
270
100
9034
J
1969 J
5s.._ 1951 IVI N
Stamped as to Penna tax
{♦Den & R G 1st cons g 4s
{♦Consol gold 434s
{♦Den & R G West gen 5s.Aug
22
108
100
913*
834
105
*113
1970
J
7134
104 34
834
A
434s...
10734"
108
73
71
1013*
1834
Gen 4 34 s ser A
1977 F
Gen A ref mtge 4J4s ser B...1981
For footnotes
*6734
*
763*
68
19
1113*
Coal River Ry 1st gu 4s
Colo Fuel & Ir Co gen s f 5s
♦5 Income mtge
*65
163*
11034 110J4
s
D
17
10534
O
1972
j
1834
*113
1st
1936
66
74
18
10834
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f 5s series B guar
f 434s series C
7
813*
*10934
s
9
72 34
7134
813*
103
F
1st
62
71
{♦Florida East Coast 1st 4343—1959
10734
O
1961
603*
7234
76
1950 A
Cleve Short Line 1st gu 434s
Cleve Union Term gu 534s
62
"7l"
80
J
1942 J
1948 M N
Series C 334s guar
Series D 334s guar.-
"42
76
10734
112
63
80
10334 10634
10334
*10534
J
613*
1943
105
1939
Cleve & Pgh gen gu 434 s ser B.1942 A
Series B 334s guar
1942 A
J
Cumb T & T 1st & gen 5s
J
1937 J
Dayton Pow A Lt 1st A ref 3 34s 1960 A O
Del A Hudson 1st & ref 4s
1943 IVI N
Gold 534s.
1937 IVI N
Del Power A Light 1st
J
1971 J
8 f
5
6234
D
♦Certificates of deposit....
1st & ref 43*s
1st mortgage 4 3*s
Den Gas & El 1st & ref
106
1954
105
1977
Cleve Elec Ilium 1st M
D
{♦1st lien & ref 6s ser B
♦Certificates of deposit
9
S
1952 J
.1936 J
Cuba RR 1st 5s g
{♦1st ref 7 34s series A
1063*
1946
104
Cin Wabash & M Dlv 1st 4s_1991 J
J
St L Dlv 1st coll tr g 4s
1990 M N
J
IVI
"75
102
10534
{♦Fla Cent & Penin 5s
47
110
*10534
10234
N
J
1033* 10434
106
J
4j*s_1950 M
33*s___1965 J
A
J
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10234
*10134
106
*119
9734
F
M N
102
1942
10434
D
D
1st lien 6s stamped
30-year deb 6s series B..
Fiat deb 8 f g 7s
1023* 105 J*
73
953*
10834 113
J
W W Val Dlv 1st g 4s
Cleve-Cllffs Iron 1st mtge
1113*
10634 10934
99 34 1083*
110
J
4s
107
10834
1963
g
10834 1123*
10834
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1941
Spr & Col Dlv 1st
10534 1083*
35
"40
101
*10834
10834
110
J
6234
100
27
38
*
Cin H & D 2d gold 434s
J
1937 J
Cin Leb & Nor 1st con gu 4s.-.1942 M N
Cin Un Term 1st gu 5s ser C..1957 IVI N
Ref & lmpt 6s ser C
Ref & lmpt 5s ser D
Ref & lmpt 434s ser E
Cairo Dlv 1st gold 4s
6
11234
10934
10834
10734
10434
109
1952 J
Oleve Cin Chi & St L gen 4s___1993
General 5s ser B
1993
10534
11234
1962 M
4s
D
10534
11034"
.1951 M
D
1942 J
3d mtge 434s
Chicago Union Station—
con
Cuba Nor Ry 1st 534s._
Elgin Joilet & East 1st g 5s
El Paso Nat Gas
434s ser A
231
ser
Crane Co s f deb 3 34s
1951
Crown Cork & Seal s f 4s
1950
Crown Willamette Paper 6s
1951
Crown Zellerbach deb 6s w w—1940
East T Va & Ga Dlv 1st 5s
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons
g 5s
673*
1734 1166
4)*s
2
Copenhagen Telep 5s.Feb 15 1954
66
34
1st & ref M
1023*
6134
3434
334s guaranteed
Chic & West Indiana
1013*
*1003*
102
10134
1063*
10634
3834
4034
1434
D
4
1943 J
warr
42
28
1960 J
Dec 1 1960 IVI
15-year deb 5s with
5634
2834
5s
10434
67
1734
lnc gu
104
67
3434
3334
Chic T H & So East 1st 5s
10434
47
♦1st & ref 434s stpd.May 1 2037 J D
♦1st & ref 434s ser C.May 1 2037 J
D
♦Conv 4j*s series A
1949 MN
1951 J
17
1946 M N
Container Corp 1st 6s 1
52
343*
343*
g 4s
1083*
4834
17
Memphis Dlv 1st
1073*
52
87
1934
1034
1083*
{♦East Cuba Sug 15-yr s f 734s. 1937 M S
♦Certificates of deposit
East Ry Minn Nor Dlv 1st
4s./.1948 A O
3434
1960 MN
Ch St L & New Orleans 5s
1951 J D
Gold 334s
.June 15 1951 J D
10
1970 IVI N
Duquesne Light 1st M 334s... 1965
2934
♦Certificates of deposit
♦Conv g 434s
17
10734
1034
6
3334
3534
3434
O
29
1093*
107
4834
31
D
1952 M S
663*
109
6534
934
4834
....
10734
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4534
1
35
r34
1093*
Detroit Term A Tunnel 434s.. 1961 IVI N
Dul & Iron Range 1st 5s
1937 A O
43
70
D
f 5s
1st mtge 3 34s
1st mtge 334s
3334
1034
1934 A
1960 J
r34
18
169
May 1 1965 IVI N
s
Consumers Power 33*s.May 1 1965 J
6934
4834
{♦Refunding gold 4s__
Coal
r34
1734
45
♦Certificates of deposit
{♦Secured 434s series A
35
.
30
*34
1956 A
4734
4934
M N
♦Certificates of deposit
343*
.1955
20
4734
10334 1073*
..1955
3334 2760
52
1043* 10734
10734
107
6834
50
10634
10634
10634
2934
"5634
*1063*
1053*
10634
♦Consolidation
105
1053* 11034
10534 108
*193*
68
4834
1043*
10534
♦Debenture 4s
♦Debenture 4s
High
1053*
10834
3534
non-conv
99
9934 1053*
983* 1053*
110
11234
1103* 11334
1073* 1093*
1033* 10534
10434
deb 4s..1954
{♦Consol Ry
12
10834
107
22
47
29
10634
334s
40
4734
105
1951
deb
conv
6634
50
82
107
6634
1987 M N
104
10634
6634
4834
1043*
10434
Low
*1043*
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*10734
1951
65
1034 2999
59
45
8 {♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
{♦Chic R I & P Ry gen 4s
1988
434s
6434
A
May 1 2037 J
99
2
45
♦1st ref g 5s
6134
1093*
10834 1133*
10734 11634
10634 114
112
11834
373*
23
1936 IVI N
41
104 34
35
2334
♦434s stamped
§ ♦Secured g 634s
9934 102 34
9934 10234
10834 ' 11 34
110
1U34
11234 119
10834 1153*
110
1U34
14
22
♦Stpd 48 non-p Fed lnc tax 1987 M N
♦Gen 4 J* s stpd Fed lnc tax.. 1987 M N
♦Gen 5s stpd Fed lnc tax
1987 M N
11834 12834
14
22
1987 M N
11034 16534
10834 11234
116
2234
♦General 4s
176
11534
1
2334
J
100
10234 10734
79
1966 J
J
95
127
35
1966 IVI N
J
67
82
♦1st A gen 58 series A
♦1st A gen 6s series B.May
Chic Ind & Sou 50-year 4s.
J
104
122
122
J
M
10934
4134
IVI N
J
10334 11234
10234
4634
35
Chicago A Erie 1st gold 5s
1982
Ch G L & Coke 1st gu g 5s
1937
{♦Chicago Greht West 1st 4s__1959
{♦Chic Ind & Louisv ref 6s
1947
♦Refunding g 5s ser B
1947
High
98
131
1946 J
Low
121 h:
IVI N
S
guar
♦Debenture 4s.
102
104
1977 F
Illinois Division 4s
ser
High
148
109
*1133*
10834
1073*
No.
*11234
A
1936
High
3 34s debentures
1956
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956
Consol Gas (N Y) deb 434s.—1951
1936
21
IVI
Chic & Alton RR ref g 3s
1949 A
Chic Burl & Q—111 Dlv 334s~.1949 J
♦Refunding 4s
9034
10734
1947 1VI N
D
1944 J
1939
General gold 434 s
1992
Ref & lmpt mtge 334s ser D..1996
Ref & lmpt M3Hs ser E
1996
Craig Valley 1st 5s
May 1940
g 5s
con
9334
S
O
Conn River Pow s f 3J*s A
1961
Consol Edison (N Y) deb 33*8.1946
Range
for Year
Asked
95
J
1948 A
Range
for Year
Asked
Consol Oil
or
Thursday's
Bid
Low
Ches A Ohio 1st
Stamped
Week's
Last
10334
10434
10434
Conn Ry & L 1st & ref 434s—-1951
Salle St.
Randolph 7711
System Teletype -y Cgo. 543
BONDS
Y.
La
Connections
"K. T. 1-761
N
So.
104 H
10434
1961 J
15
Columbus Ry Pow & Lt 4s
1965 M N
J
Commercial Invest Tr deb 334s 1951 J
Conn A Passum Riv 1st 4s
1943
Chicago, III.
135
A
...1955 F
Jan
Col & H V 1st ext g 4s
Col & Tol 1st ext 4s
^BONDS
Drivate Wire
Bid
Price
Jan. 1
Columbia G & E deb 5s—May 1952 IVI N
Debenture 5s
Apr
15 1952 A O
■Hew Tork, H- T.
Thursday's
Low
Member,
One Wall Street
Range or
Sale
'
N. Y. STOCK EXCHANGE
1937
2,
104
103
10534
10134
1043*
1033*
22
119
33
6
*10334
111
ill"
""'31
1403*
Volume
Week's
Thurs.
Y.
Last
0
STOCK EXCHANGE
Week Ended Jan.
Range or
Range
Sale
BONDS
N.
Thursday's
for Year
Asked
A
Bid
Price
1
High
Low
1947
1944
A
l8t& gensf 6*s
-.1950
Great Northern 4*s series A..1901
General 5*s series B
1952
J
gu 5s
Gt Cons El Pow (Japan) 7s
1936
No.
88*
1
80
115*
10
47
J
117
116*
118
1973
J
115
114
115
19
1976
J
107*
109*
47
97
J
107*
106
107*
J
119
117*
119
J
io s*
108
108*
156
Greenbrier Ry 1st gu 4s
1940
Gulf Mob & Nor 1st 5*s B...1950
1st mtge 5s series C
1950
Gulf & S 11st ref A ter 5s Feb 1952
M N
Stamped
A
60
75
*62*
174
11*
11*
*108*
A
100 *
90
56
f
s
Gulf States Util 4s
.1961
4*s
*88
90
A
98*
99*
104*
104*
*107*
105*
14
10-year deb 4*s
Hackensack Water 1st 4s
1946
104*
22
125*
125*
93*
93*
78*
79*
105*
A
1952 J
125*
4 *s
g
*78*
Houston Oil sink fund 5 *s A__1940 M N
s f 5s ser A
1962 J D
Hudson Co Gas 1st g 5s
Hudson & Manhat 1st 5s
1949 M N
ser
A. 1957 F
A
♦Adjustment Income 5s_Feb 1957
Illinois Bell Telep 3*8 ser B._. 1970
Illinois Central 1st gold 4s
1951
1st gold 3*s
Extended 1st gold 3*8
1st gold 3s sterling
Collateral trust gold 4s
1951 A
1951 M
1952 A
Refunding 4s
1955 M
Purchased lines 3*8
1952 J
Collateral trust gold 4s
1953 M
Refunding 5s
1955 M
40-year 4*s_.
Aug 1 1966 F
Cairo Bridge gold 4s
1950 J
Litchfield Div 1st gold 3s
1951 J
Loulsv Div A Term g 3*8.-.1953 J
Omaha Div 1st gold 3s
1951 F
St Louis Div A Term g 3s
1951 J
-
Gold 3*8
g
74
77
81*
32*
141
110
109*
104
32
107*
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92*
39*
110*
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87*
28
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88
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16
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87*
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34
96
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104
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86
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23
78
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64
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100*
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107
106
38*
38*
95*
58
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92*
3
46*
48*
45
44*
45
95
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13
92*
93
11
ser
ser
1952 J
A
J
♦1st 5s series B
1956
♦1st g 5s series C
Internat Hydro El deb 6s
Int Merc Marine s f 6s
—
Internat Paper 5s ser A & B
Ref s f 6s series A
Int Telep & Teleg deb g
Conv deb 4*3
J
S
J
J
1955 F
A
O
t§*K C Ft 8 A M Ry ref g 4s_1936 A O
♦Certificates of deposit
'A O
Kan City Sou 1st gold 3s
1950 A O
Ref A lmpt 4s
Apr 1950 J
J
1990 A
Kansas City Term 1st 4s
I960!J
Kansas Gas A Electric 4*s-._1980'J
J
D
♦Karstadt (Rudolph) 1st 6s—1943'M N
♦Ctfs w w stmp (par $645)-.1943
♦Ctfs w w stmp (par $925)..1943
♦Ctfs with warr (par $925)--1943
Keith (B F) Corp 1st 6s
1946 IVI S
Kendall Co 5 Ha
96*
32*
78
82
207
73*1
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101*
98
72
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96
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65*
39
99
3
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66*
70
175
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82
222
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252
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100
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59
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2
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51
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60
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40
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1961 J
40*
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74*
108
99*
107
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102* 106*
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108*
*115*
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
1949 F
1954 J
1954 J
103
106*
155
163
10
108*
116*
♦119*
First and ref 6*s
Kinney (G R) & Co 7
% notes 1936 J
Kresge Foundation coll tr 4s. .1945 J
118
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100*
110
110*
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103* 108*
112* 116*
122
99* 104
104* 113*
^♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
44
Coll A ref 5*s series C
"66*
64*
66
Lake^Erie A West 1st
g
5s
2d gold 5s
Lake ,Sh A Mich So g 3*s
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1937 J
1941 J
4*s A
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s
f 5s
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1954 J
1954 J
61
89*
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J
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23
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90
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38
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1938 J
1954 F
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74
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178
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A—1962
1978
Jan 1967
A
1965
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;
♦1st & ref 5s series F
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1977 ivi
B
1978 M n
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12
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32
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62
124
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83
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60
44
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1943 J
j
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4*s
2
128
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4*
5
94
109*
----
63
1946 J
40-year 4s series B
1st mtge
43*
-.1938 J
{♦Mobile A Ohio gen gold 4s.-.1938 M s
♦Montgomery Div 1st g 5S..1947 f A
♦Ref & impt 4*s
1977 M s
♦Secured 5% notes
1938 M s
Mohawk & Malone 1st gu g 4s_1991 M S
21
90
~"l8
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3
104*
98*
67*
101*
101*
109*
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J
3*
29*
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104*
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23*
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92
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90
100
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J
1974 F
For footnotes see page 75.
74*
65
38*
1st & ref s f 5s
Leh Val Harbor Term gu 5s
188
50*
36*
67*
102
*108
J
Lehigh A New Eng RR 4s A
1965 A O
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st A ref s i 58.1944 F A
Is A ref
101
2
42* 48*
98* 102*
80*
63*
80*
63*
38*
♦Certificates of deposit
s f
70
19
*106*
1997 J
♦Lautaro Nitrate Co Ltd 6s.-.1954 J
Lehigh C & Nav
54
66
64*
1942 F
1942 F
24
66*
64*
*60
1960 F
Coll tr 6s series B
64
44*
100
99
1953 F
Coll & ref 4*s series D
Coll tr 6s series A
.
43*
..
68
74*
74*
♦Certificates of deposit
Laclede Gas Light ref & ext 5s. 1939 A
ISH
87*
int.-—1938
Mo-K-T RR pr lien 5s ser
164*
14
98*
102
103
103
1937 A
1997 A
32*
r31
97
115*
103* 106*
53
O
89
*107
71*
52*
D
107
1961 J
50*
1943 J
101*
4*s unguaranteed
76
38
100
108
55*
34*
92
109
97*
52*
37*
32
98
22
j
5s gu as to
102
98*
29
4s int gu.1938 J
5s
*109*
23
84*
11*
cons
*106*
22
1934 M n
1949 ivi S
1962 Q f
1st & ref 6s series A
1961 J
80
85
J
115*
103
76
84
J
104*
11
99* 104*
1
*82*
A State Line 1st 3*s.-1941 j
22
"98*
7
IVI N
{^♦Milw&No 1st ext 4*3(1880)1934 j
1st ext 4*8
1939
Con ext 4*s
1939
t*Mil Spar A N W 1st gu 4s...1947 ivi
cons
99
88
80
O
1st
108* 114*
*92*
D
1st
Plain
Purchase money 6s
1939
102
97*
102*
1
93
S
1961 j
1971 j
38*
100*
86
102* 104*
r31
1940 a
1st Mtge 5s
39
96*
111* 114
33
100*
114*
35
54*
Mid of N J 1st ext 5s—-
44
111*
81
104*
104*
84
Milw El Ry & Lt 1st 53 B
35
98*
96*
105
80
1977 M
D
Miag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
j
J
City Air Line 4s.
1940
Jack Lans A Sug 3*s
1951 M S
1st gold 3*8
1952 ivi N|
J1
Ref A impt 4*s series C
1979 J
M St P A SS M con g
40
"96"
103*
104*
1977 M S
{♦Minn A St Louis 5s ctfs
♦1st & refunding gold 4s
♦Ref A ext 50-yr 5s ser A
67
101* 104*
104
D
1953 IVI
(Chic) 4s.l938
59*
94*
97*
111*
103* 110*
103* 106*
♦4s (Sept 1914 coupon)
j*Mllw
107*
7
19
O
2013 J
warr__1945
63
107* 110
"22
49*
A
25-year 5*s
1949
1st ref 5*s series B
1978
1st Chicago Term s f 4s
1941
{♦Mo-Ill RR 1st 5s series A.---1959
Mo Kan & Tex 1st gold 4s
1990
115*
Kentucky Central gold 4s
4*
101* 105*
*24
106
1947 A
♦Mex Internat 1st 4s asstd
30
r29*
*33*
102*
95
84* 101
40
28
*24
98
West Side El
107* 112*
105
O
Market St Ry 7s ser A.-.April 1940 Q
45
85*
79*
100
2
135*
106
Metrop Ed 1st 4*s ser D
1968 IVI s
Metrop Wat Sew <^D 5 *3. ... 19501 A^O110>*
102* 105*
102
*90*
Mead Corp 1st 6s with
54
105*
99
104*
114*
A
14*
46*
88* 103
81* 100*
91*
66*
77* 99*
71*
'166*
47*
90* 103
75*
99*
80
1
102
102
31*
36*
15
102*
97*
30
*115*
99*
S
1959 IVI N
1st ext 4s
31*
9
95*
A
^♦Man G B & N W 1st 3*S—1941
101
*100*
19481M S
Kings County El L & P 5s
4s
115*
S
James Frank & Clear 1st 4s.--1959 J D
Jones<fc Laughlin Steel 4*s A..1961 M S
Kan & M 1st gu g 4s
97
f 5s.
61
A
1939 J
-
Debenture 5s
^♦Iowa Central Ry 1st A ref 4s. 1951 M
Manila RR (South Lines)
s
35
102 *
1947
4*s._1952
60*
173
97*
D
4s. 1990
Marion Steam Shovel s f 6s
72
1941
1947 F
Manila Elec RR A Lt
125
84
83
♦Certificates of deposit
♦Second 4s
65*
118
104
♦Certificates of deposit
88* 101*
10
108*
D
1960
{^♦Manati Sugar 1st s f 7*s—1942
cons g
131
*111*
J
Gen mtge 4*3 ser A
^♦Manhat Ry (N Y)
1
3
60
111*
107*
"97*
A
1945 J
Maine Central RR 4s ser A
90* 102*
33
102*
99* 107*
104
110
103*
McCrory Stores Corp s f deb 5s 1951 IVI N
McKesson A Robbins deb 5*3.1950 IVI N
90
30
106*
98
6
28
109*
108*
♦Lower Austria Hydro El 6*s_1944 F
1
13
102
74*
45*
104* 100
103* 105*
101
101*
105*
*111
J
South Ry joint Monon 4s
1952 J
Atl Knoxv A Cin Div 4s.—.1955 IVI N
89
Int Rys Cent Amer 1st 5s B—1972 IVI N
1st coll trust 6% g notes
1941 IVI N
1st lien & ref 6*s
-.2003
95*
35
32*
10
111
96
"33
104*
*101*
109*
J
2003 A
162
11
69
134*
134*
124*
124*
99
97*
alll* alll*
99
A
2003
101
80 *
1944
1955 M
1st & ref 4*s series C
1st A ref 4s series D
101*
"_32*
.1956
1940 J
87*
30
161*
105*
105*
2003 A
158*
31*
*
108
101*
.1937 IVI N
Unified gold 4s
1st A ref 5s series B
101
12
103*
137
121* 127
*107
S
101*
A.-July 1952
30
130*
131
5
125*
64*
A
4s... 1945 IVI
101
35
115
*106
Louis & Jeff BdgeCogu5
Louisville A Nashville 5s
46*
44*
11
69
90*
103* 1G9*
135*
100*
101*
J
Mfrs Tr Co ctfs of partlc in
A I Namm A Son 1st 6s
r 160*
_
Internat Cement conv deb 4s.-1945 M N
♦Adjustment 6s
1951 F
87*
106
40
2
125*
1944 A O
5s
101*
1951 IV1 N
M N
Corp 5s stamped 1942.
^♦Int-Grt Nor 1st 6s
103* 108
89*
98*
48*
Interlake Iron 1st 5s B
108*
102* 105*
93*
♦Certificates of deposit
50*
35
108
92 *
{♦10-year eonv 7% notes.---1932 M S
Int Agrlc
105
107*
♦Certificates of deposit
105
21*
107*
95 *
1932 A O
95*
90*
99* 107*
105*
22
130
135*
Louisiana A Ark 1st 5s ser A.-.1969 J
M
107*
{♦10-year 6s
Lorillard (P) Co deb 7s
1945
84*
*105
40
82*
109
IVI
71*
67*
*106
79
High
81* 103*
33* 75*
34
81*
94
*108
S
1980
82*
107*
*106*
♦Certificates of deposit
1949 IVI
20
1936
Low
70
109
Long Dock Co 3*s ext to.._.1950 A O
Long Island gen gold 4s
1938 J D
Unified gold 4s
1949 IVI S
20-year p m deb 5s
-.1937 IVI N
Guar ref gold 4s
103 *
*129
D
---1952 J
A
71
81*
1946 F
84 *
Jlnterboro Rap Tran 1st 5s
ser
1st & ref 3*8 series E
D
1940 A O
Ind Bloom A West 1st ext 4s.-1940 A O
Ind 111 A Iowa 1st g 4s
1950 J
}*Ind A Louisville lstgu 4s
1956 J
Ind Union Ry 5s series B
1965 J
S
Lombard Elec 7s
St Louis Div 2d gold 3s
Mob A Montg 1st g 4*s
100* 101
87
100*
101
*100*
76
A
F
No.
for Year
70
66*
109
1962 M N
1946 F A
Paducah & Mem Div 4s
89*
1986 IVI
1951 F
1966 J
1951
5s
Little Miami gen 4s series A
Loews Inc s f deb 3*s
102*
70
O
O
1944 A O
97*
87*
Ref A imp mtge 3*s ser B
Inland Steel 3*s series D
2003 IVI N
88
89 *
1963 J
5s
91*
D
1st <k ref 4 *s series C
Illinois Steel deb 4*s
4*s
cons
75
97*
100*
A
cons
General
82
~90
89
3*s_—1951 J
General
102*
1940 J
J
2003 M N
2003 M N
4*s
Lehigh Val (Pa) cons g 4s
72*
*87
89
97
87
*96
A
Low
Leh Val NY lstgu g
Range
§3
§3
High
Bid
Price
Jan. 1
Asked
Thursday's
Sale
89*
79*
81*
25
94
92*
88 *
N
N
A
D
Week Ended
Range or
TjOSt
EXCHANGE
Liggett A Myers Tobacco 7s
01*
105* 112
101* 106*
*106*
*106*
94
STOCK
Leh Val Term Ry 1st gu g 5s_—1941 A
Lex A East 1st 50-yr 5s gu
1965 A
26*
*110*
N
89
38*
87
30
O
95*
119* 124*
89*
72*
1
32 *
O
Y.
100* 103*
24
51*
124
"si*
110
126
44*
64*
102*
97*
Western Lines 1st g 4s
1951 F
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A
1963 J
116
O
1951 J
Springfield Div 1st
107* 110*
27
37*
Week's
Thurs.
BONDS
N.
103* 106*
104
106*
A
A O
J
99*
102* 105
101* 105*
124
1951 J
A. T. A T. Tele. N. Y. 1-1598
Telephone Whitehall 4-2900
83
98*
110
*101*
102 *
102*
51
49*
Hudson Coal 1st
NEW YORK
St.
106
69
*102*
J
1937 J
Houston Belt A Term 1st 5s
...-
"90
29
1949 J
1999 J
♦Hoe (R) A Co 1st mtge
1944 A
t^Housatonic Ry cons g 5s.-.-1937 M N
H & T C 1st g 5s intguar
J
1937 J
♦Harpen Mining 6s
Hocking Val 1st cons
Wall
'
York Stock Exchange
Members New
63
81* 102
75*
77*
24
1966 A
C
ser
J
J
_
D. H. SlLBERBERG & Co.
75*
7*
14*
106* 109
~~2
1Q4
TOO*
103*
99*
104
O
DEALERS
BANKS AND
FOR
90* 109
109* 124!
99* 109;
295
"n*
99
103* 115
96* 109:
1977
1946
1946
Feb
99
107* 116
107* 119
General 4*s series D
General 4*s series E
General mtge 4s series G
Gen mtge 4s series H
Feb
99
78
1
90
80
115*
General 5s series C
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
High
90
90
90
J
BONDS
IN
BROKERS
Low
*99
D
Grays Point Term 1st
Gulf States Steel
73
New York Bond Record—Continued—Page 4
144
1962
1
1
1
1
108
104*
108*
97* 104*
66*
99*
New York Bond Record—Continued—Page 5
74
Week's
Thiers.
BONDS
N.
Y.
Last
STOCK EXCHANGE
Week Ended Jan. 1
Bid
Price
A
Low
Montreal Tram 1st & ref 6s
1941 J
Gen A ref s f 6s series B
1955 A
Gen A ref s f 4 #s series C—1956 A
Gen A ref s f 5s series D
1955 A
1939 J
2000 J
Morris A Co 1st b t 4#s
Constr M4H> series B
1955 M N
Mutual Fuel Gas 1st gu g 6b. — 1947 M N
Mut Un Tel gtd 6s ext at 6%—1941 IVI N
Namm (A I) A Son—See Mfrs Tr
Nash Chatt A St L 4s ser A
1978 F
1937 F
1961 J
Nash Flo A S 1st gu g 6s
Nassau Elec gu g 4s stpd
No
Hioh
Low
86 H
85 H
80
83
84
84
86 #
95#
106 H
96
40
100 #
34
93 H
32
93 #
93#
118
119
♦97 H
A
102 H
98
86
61
106 #
106
106#
42
106H
59
103
60
.34
61
♦Assent
J
J
♦4s April 1914 coupon on
1977
A"o
♦4s April 1914 coupon off—1977 A
♦Assent warr A rets No 6 on '77
Nat RR of Mex prior lien 4 Ha—
♦Assert warr A rets No. 4 on_1926 J
♦4s April 1914 coupon on
♦4s April 1914 coupon off
♦Assent warr A rets No 4
♦3
4
4#
*3
O
5H
4
4H
J
6
1951 A O
1951 A O
"il
on
♦3
4
*61
"22
4#
s
1965 J
f 4s
D
1948 J
D
6a
1945 J
J
106H
♦70 H
♦122#
69 H
76#
J
68
New England Tel A Tel 5s A
1945 J
1952 J
1964 IVI N
{♦Naugatuck RR 1st g 4s
Newark Consol Gas
cons
{♦New England RR
6s
guar
♦Consol guar 4s
D
N J Junction RR guar 1st 4s
N J Pow A Light 1st 4#s
1986 F
A
2#
2#
3#
1st A ref 7s series B
Ohio River RR gen g 5s
First A ref 6s series B
"4#
2#
6#
100
100
n-c
93
lnc 58—1935
'"■49"
1964
♦Certflcates of deposit
19
95
82H
19
52
25
99H
99H
45#
47
100H
46
100
24
45#
7
49
45
47 H
6
45
48H
64
1956
47H
44
1964
•
♦1st 6#s series A
52
49
N A C Bdge gen guar 4 Ha
1945 J
N Y Cent RR conv 6s
1944 MN
Consol 4s series A
1998 F
10-year 3#s sec s f
4 #s series A
Ref A lmpt 5s series C
J
2013
A
1946
Ref A lmpt
2013
N Y Cent A Hud River M 3 Ha. 1997
1942
Debenture 4s
Ref A lmpt 4 Hs ser A
2013
Lake Shore coll gold 3Hs
1998
Mich Cent coll gold 3 Ha
1998
1937
N Y Chic A St L 1st g 4s
Refunding 6Hs series A____. 1974
1978 M S
C
Oct 1 1938 A
3-year 6s
54
O
1953
*11134
108#
103H
102#
93 H
95
101H
99#
103 H
103 H
108
108H
93 H
94H
97 H
98
95H
102#
102#
103#
110#
104#
103#
94
98 H
302
110#
104#
103#
61
98
22
100
78
74H
98
21
90
96 H
15
102 #
1
103#
83
94
98#
99# *37
108
1953
♦108H
N Y Dock 1st gold 4s
1951
64
Serial 5% notes
N Y Edison 3 Hs ser D
1938
65 H
160
108#
1965
105#
105H
6
41'
~~28
1949
Purchase money gold 4s
IW N
H7H
1946
2000
100H
*106#
102H
1973 M N
♦109H
22
100h
1973 IVI N
109#
4 Ha series B
IVI N
N Y A Long Branch gen 4s
1941
{♦N Y A N Eng (Boat Term) 4t 1939
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3HS--1947
♦Non-conv debenture 3HS--1964
M
41
'IV
37 #
"3 8%
A
37
75
35#
4
14
105
123#
108#
102#
102
102#
5
101#
101#
101#
9
*75#
109#
106#
102#
102#
76#
110#
107#
102#
102#
110#
1938 F
*
-
105
20
31
3
3
....
34
105#
108
4
56
64
56#
37
55#
53#
56#
49
72#
73
72#
100#
101#
39
73#
♦122#
123#
100#
E trust ctfs
38#
......
85
*101#
106#
11
.
101#
107
104#
111
25#
37
6
85
102
....
4
106#
....
....
34
99#
99#
105#
104#
10
105#
104
105#
*112
......
116#
......
*115#
7
118# 126
35
109
H6#
18
115#
99#
105#
105#
115#
106#
123#
121#
-1970 A
105#
105
1981 A
110#
110#
1984 J
110#
110#
O
*121#
116#
116#
98#
98#
....
84
45
50
....
......
17#
15
7
117
98#
28
18
61
Peoria A Pekln Un 1st 5#s—1974 F
Pere Marquette 1st ser A 6s__.1956 J
1st 4s series B
1956 J
A
......
1st g 4 #s series C
Phlla Bait A Wash 1st g 4a
General 5s series B
S
103#
1943 M N
......
113#
113#
General g 4#s series C
General 4 #s series D_
Phlla Co
sec
5s series A
1980 IVI
J
J
2
112#
106
112#
105#
106
24
100#
101
22
102#
104
1974 F
A
*125
1977 J
J
117
1981 J
D
1967 J
D
......
106
*115#
105#
27
24#
24#
38#
28
25
41
♦Conv debenture 3Hs
1956 J
J
39
34 #
39
79
1948 J
J
47 H
47 H
23#
26#
39
♦Conv debenture 6s
42
1st A ref 4s
1971 F
Phlla A Reading C A I ref 5s. .1973 J
Conv deb 6s
1949
♦Collateral trust 6s
1940 A
O
♦Debenture 4s
1967 M N
47#
63#
PhlUpplne Ry 1st s f 4s„
1937
Plllsbury Flour Mills 20-yr 6s„ 1943
27#
PlrelU Co (Italy) conv 7s
1952 IVI N
*82#
Pitts C C A St L
1940 A
O
1942 M N
130#
78
5
....
1
117
....
68
106#
♦111#
+113#
*113#
*113#
27#
108
35#
15#
439
28
♦Harlem R A Pt Chee 1st 4s. 1964 M N
95H
95
95H
8
June 1992 M S
44 H
43
45
120
41
38
41
37
N Y O A W ref g 4s
General 4s
1965 J
D
154
{♦N Y Providence A Boston 4s. 1942 A O
N Y A Putnam 1st con gu 4s—1993 A O
N Y Queens El Lt A Pow 3 Ha. 1965 M N
{♦N Y Rys Corp lnc 6s
Jan 1965 Apr
Prior Hen 6s series A stamped 1958 J
~93#
1st
109
11
67
59
44
105
106
53
106
1947 IVI N
mortgage 6s...
N Y Susq A West lBt ref 6s
2d gold 4 Hs
General
gold
5s
Terminal 1st gold 6s
1937 F
..1940 F
—1943 IVI
stamped
69#
N
Deb 5Hs series B
Deb 6s series C
A
1967 IVI
Aug 15 1963 F
5
"n
109#
109#
93H
"61
*91
17H
189
109H
12
104
S
A
Nov 151969 M N
North Cent gen A ref 6s....—1974 IVI 8
Gen A ref 4Hs series A—...1974 IVI 8
106#
105#
104#
104
♦126H
♦118#
107
105#
105#
5
105
109
103
103
22
103
108#
44
48
81
37
65
22#
18#
24#
15#
32#
J
24#
19#
18
34
4#s A
Series B 4#s guar—
Series C 4#s guar
Series D 4s guar
Series E 3#s guar gold
Series F 4s guar gold
104# 106
Series J
106
107#
54
96#
93#
46
25
2
20
240
cons guar
4#s
1946 MN
1949 F
1953 J
2
93#
105#
70
109
85
111
111
....
106
104
1
111
111
109
114#
*115
108# 115
1963 F
A
*124#
*124#
1964 IVI N
....
....
124#
D
123
*122
123
107
....
123
O
107
J
1977 J
Pitts Va A Char 1st 4s guarx—1943 MN
4#s
*110#
6
.
.
12
.
..
M
96
96
1
1958
*87
95
...
1960
93
93
ser A—1958 J
1st M 4 #s series B
1st M 4 #s series C
113#
113#
105# 106#
*114#
1975 A
Pitts A W Va 1st
114
111
110
*112
D
112#
A
D
6
115# 126
118
125
116# 124#
116
123#
106# 110
109# 110
73
96#
75
96
74
95#
110
112#
109# 111#
95
Pitts Y A Ash 1st 4s ser A.—.1948
99
12# 22#
105# 109#
105# 108
96# 104
105# 155
25
12#
12#
23#
D
*112#
1962
A
*122
1974
1st 4#s series D_
1977
Port Arthur Can A Dk 6s A.—1953
1st mtge 6s series B
1953
D
*123
D
*115
1st gen 5s series B
1st gen 6s series C
A
51
66
{♦Postal Teleg A Cable coll 5s. 1953
J
121 #
106
24
116
124
Potomac Eleo Pow 1st M 3#s 1966
Pressed Steel Car deb 5s..—.1951
J
104H
106H
105#
9
103# 107
102# 105;
103# 106#
101#
120
107
127#
112# 120#
......
•
A
Port Gen Elec 1st 4#s ser C—1960 M S
1st 5s 1935 extended to 1950
J
J
Porto Rlcan Am Tob conv 6s. .1942
J
12
I21"
61
1960 F
.1957 MN
96
12
106
A
23 #
9
107
1970 J
J
{♦Providence Sec guar deb 4s—1957 IVI N
{♦Providence Term 1st 4s
1956 M S
Pure Oil Co s f 4#s w w
J
—I960 J
4#s without warrants.——I960 J
Purity Bakeries s f deb 5s
1948 J
{♦Radlo-Kelth-Orph pt pd ctfs
com
stk (65% pd)
§ ♦Debenture gold 6s
1942 A
66
42
107
General M 6s series A
for deb 6s A
For footnotes see page 75
O
292
20
107
General mtge 6s series B
General 4#s series C
73
80
34
118
116#
103# 107#
47#
Series G 4s guar
Series H cons guar 4a_z
Series I cons 4#s
80
103H
106#
113
110
103
95
82#
104# 109#
31#
61#
100
70#
99
9
19#
108# 1123
98# 106)
89
101)
89
104)
111
113)
120
130)
105#
56#
49#
103#
45
101
90
111#
117
J
106# 111
106# 107#
107H
*94
1946
ser
108
106 #
♦105H
109#
J "l7H
15#
{♦N Y Westch A B 1st ser I4Hsl946 J
108 #
Niagara Falls Power 3 Ha
-1966 M 8
106H
Nlag Lock A O Pow lst5s A...1955 A O
103H
Niagara Share (Mo) deb 5HS--1950 IVI N 103#
Nord Ry ext sink fund 6Hs
1950 A O al05# *105#
20
24#
^♦Norfolk South 1st Aref 68—1961 F A
20 H
♦Certificates of deposit
23#
65#
|{*Norfolk A South 1st g 5s_—1941 IM N
N A W Ry 1st cons g 4s
1996 O A "121H
121#
North Amer Co deb 6s
1961 F A
105#
105#
No Am Edison deb 6s
32#
111#
121#
PlHla Elec Co 1st A ref 4 #s—-1967 MN
A
105# 108#
92
*88
A
A gen a f 4Hs—1939 M N
N Y Trap Rock 1st 6s
1946 J D
6s
106 H
♦106H
105H
A
N Y Telep 1st
.
*106
1951 IVI N
1966 M N
1937 J
mortgage 6s
1st
~93H
109
59
N. Y. A Rlchm Gas 1st 6s A..1951 M N
N Y Steam 6s series A
36
76
108
46#
84# to;
103
109
38#
110# 115#
111# 116#
115#
122#
106#
110#
111#
114#
A]
105# 107#
111# 116#
100# 103#
122#
1990
2
108# 108#
79
115#
1940 A
45
....
10
1965 J
Peoria A Eastern 1st cons 4s
♦Income 4s
April
....
105#
115#
116#
126
1968 J
1943 A
1947 M S
90# 100
104# 105#
103# 107#
102#
32
63 H
101# 107#
124#
41
46#
107#
102# 108#
126
38#
38H
26
104
103#
38 H
63 H
87
102#
116#
103#
38
41#
60
101
104# 107#
105# 107#
11
*108#
105#
......
1956 IVI N
63#
26#
73
42
32#
77
49#
119# 123#
2
99#
Peop Gas L A C 1st cons 6s
Refunding gold 5s
41
24
46
61#
69#
39
....
106#
1955 J
D
55
108#
151#
105#
♦Non-conv debenture 4s
♦let A ref 4Hs ser of 1927-.1967 J
36#
34#
101#
....
♦Non-conv debenture 4s
302
105
83
*108#
106#
100# 104#
102# 105#
100
......
A
78#
106# 111
105# 108)
99# 102)
93
102#
31
*106#
1963 F
104
115
*107#
1952 IVI N
...
100
100
98# 103#
100#
65
102#
108
J
6a '40 J
S
"
Debenture g 4#s
General 4#s series D
Gen mtge 4#s series E
122# 126#
113H 117#
105# 108#
100 H 100#
20
106#
J
General 4#s series A
General 5s series B
77#
52
94 H
109
36
IVI
59
103
*96
A
109
100 H 103
104 H 106
♦106H
*108#
M
105#
92 H
103
106#
4s sterl stpd dollar May 1.1948 IVI N
Gen mtge 3#8 ser C„
1970 A
Consol sinking fund 4#s
1960 F
100#
106 H 109
102
*102
N Y L E A W Coal A RR 6HS-1942 IVI N
N Y L E A W Dock A lmpt 6s. 1943 J
J
88
96
102# 105#
N Y Lack A West 4s
A
70H
29
126
119
Pennsylvania P A L 1st 4#s—1981
Pennsylvania RR cons g 4s
1943
Consol gold 4s
1948
101H 105#
N Y Greenwood L gu g 6s
N Y A Harlem gold 3Hs
aer
97#
69
♦125#
116#
122
1
Pa Ohio A Det 1st A ref 4#s A.1977
4 #s series B
1981
107
7
N Y A Erie—See Erie RR.
N Y Gas El Lt H A Pow g 6s_. 1948
113#
123#
Penn-Dlxle Cement 1st 6s A.-.1941
Penn Glass Sand 1st M 4#s—_ 1960
22*
99
105#
105H
104#
115
114
105
108#
65#
105
1st lien A ref 3#s ser E.._. 1966
108#
86 #
103#
111# 116#
118
A
28-year 4s
101H 104 #
82
113#
101
109
.
102#
112
110# 113#
110
1968 M
1953 J
ser
15
——
1
1955 J
Guar 4s
1
112
101#
3
Penn Co gu 3#s coll tr A
1937
Guar 3 #s coll trust ser B—1941
Guar 3 #s trust ctfs C
1942 J
Guar 3 #s trust ctfs D
1944 J
96
24
39#
109# 109#
104# 108#
121#
1944 A
Pat A Passaic G A E cons 5s—1949
♦Paullsta Ry 1st ref s f 7s
1942
105
73
57
112
......
1955 F
111
94 #
107
99# 104
8
Panne lee Trans deb 6s
108 H
104# 107#
107# 109
107
115
105
53
117
107
114#
113#
A
67#
97# 105#
112
114
Paramount Pictures deb 6s
108# 124
31#
♦100#
-
102#
53
101H
104H
9
102
106#
111
..
J
J
32 H
74 H
80 H
9
——
106
103#
1961
Paris-Orleans RR ext 5#s
{♦Park-Lexington 6 #s ctfs
89
93#
N Y Connect 1st gu 4 Ha A
1st guar 5s series B
49#
64H
78
123
40
105#
108
103
♦104#
......
1946
1946
I {♦Pan-Am Pet Co (Cal) conv
♦Certificates of deposit
Paramount Broadway Corp—
1st M a f g 3s loan ctfs
55
47
91
95
99# 110
*113#
113#
121#
121#
123#
1938
Pacific Tel A Tel 1st 5s
1937
Ref mtge 3#s series B
1966
Paducah A 111 1st s f g 4#s—1955
85
32 #
30
4
108
106
107#
109
12
52
51H
106
1946
48
47 H
♦Certificates of deposit
10
♦109
Pac RR of Mo 1st ext
g 4s
♦2d exte d'd gold 5s
102
101#
100#
80 H 100#
24 H
49#
33#
103#
103#
28
28
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El 4s series G
1964 J
1st A ref mtge 3#s ser H...1961 J
88 H
89
48 H
1966
83#
77#
w
100 #
29
101#
106#
Oslo Gas A El Wks extl 5a
1963
Otis Steel 1st mtge 6s ser A—-1941
77#
127#
119# 124#
100
47 H
♦1st 58 series C
♦1st 4 #s series D
Ref 4 H» series
107H
102
—1937
Ore-Wash RR A Nav 4s
122
82
ioo"
1955
♦1st 5s series B
13
125 H
124#
109#
105#
1947
com g 4s
Ore Short Line 1st cons
g 5s
120# 123#
45#
110
108
1948
1943
Oregon RR A Nav
103# 107#
_100
107H
95
New Orleans Term 1st gu 4s—-1953
1I*N O Tex A Mex
3
113
100
*107
Ontario Power N F 1st g———1943
Ontario Transmission 1st 5s
1945
6#
""4#
58
107
15
104# 112#
74# 85#
107#
105#
Ohio Connecting Ry 1st 4s
6#
61#
"l8
76#
♦104
1960
New Orl Great Nor 6s A
1983
NO A NE 1st refA lmpt 4 Ha A. 1962
New Orl Pub Serv 1st 5s ser A. 1952
80
124
68
125H
124H
1961 M N
1st g 4 Hs series B
68
63
107#
81
109#
103#
103#
103#
Guar stpd cons 5s
107#
93
112
111#
109
Ohio Edison 1st mtge 4s
1965
Ohio Indiana A West 5s—Apr 11938
Ohio Public Service 7 #s A— —1946
F*
Nat Steel 1st coll
60
1938
ser A
B
6#
2#
2#
26
76
73
,
42
108#
103#
ser
65
92
111#
2047
4#
*3
6
88
69
82#
108#
2047
Og A L Cham 1st gu g 4s
2#
2#
♦3
mm
3
2#
2#
53
■
105#
105
Ref mtge 4#s ser B
1961
Ref mtge 5s
—1964
Northwestern Teleg 4#s ext—1944
Norweg Hydro-El Nit 5#s—. 1957
106#
2#
2#
♦3
J
A rets No 4 on '67
warr
♦3
84
High
64
111#
80#
82#
105
1941
1st A ref 6s
Nat Ry ol Mex pr Hen 4 #s
1967
♦4#s Jan 1914 ooup on
1957 J
♦4#s July 1914 coup on——1957 J
♦4#S July 1914 coup off
1967 J
2
Low
109
110#
2047
2047
..1941
Nor States Pow 5s
73#
57#
101# 108#
106#
Range
for Year
1936
No.
82
♦81#
110#
Ref A lmpt 5s series C
Ref A lmpt 5s series D
Nor Ry of Calif guar g 5s
98
106
82
♦81#
Ref A lmpt 4 #s aeries A
Ref A lmpt 6s series B
102# 104#
J
fs
Asked
High
April 1 1935 lncl coupons—1945
North Pacific prior lien 4s
1997
Gen Hen ry A Id g 3s Jan
2047
101H
96 #
Nat Dairy Prod deb 3#s w w__1961 IVI N
Nat Distillers Prod deb 4 #s—1945 IVI N
A
♦Oct 1935 and sub coupons. .1945
as to sale of April 1 '33 to
108 H 1U*S
102 H
Bid
Price
♦Stpd
109 # 119
*11134
A
84
Thursday's
{Northern Ohio Ry 1st guar 5s—
♦April 1 1934 A sub coupons. 1945
103i16 105 H
90
97 #
90
Range or
Sale
EXCHANGE
Low
88
82 H
100 #
STOCK
High
100# 104 H
87
83#
100 #
119
Y.
Week Ended Jan. 1
103#
84
Last
BONDS
N.
1936
95H
1965 M N
Constr M 6s series A
Asked
♦II III
♦IIIII
♦"III
♦103"
1965 A
Morris A Essex 1st gu 3#s
Range
for Year
103#
*-——
Gen A ref s f 6s series A
Week's
Thurs.
Range or
Thursday's
Sale
Jan. 2, 1937
J
J
J
D
72#
......
80#
40#
105#
......
......
......
122
104#
99#
D
1941 J
......
—
105#
119# 123#
..
....
105#
*1053,s
70#
106
80#
40#
105
96#
*16#
85#
119#
104#
98
10
....
72#
106
80#
41#
105#
97#
20#
85#
123
107
3
5
143
17
13
....
2
162
105#
42
100
11
*100
115#
1.4#
77# 106
79# 106
66#
80#
104#
64#
27#
104)|
91
9
78#
3
82#
44#
106#
99
21#
92#
110# 131#
102# 106
91# 103
158
116#
108
63
275#
122
I
Volume
Week's
Thurs.
Last
Thursday's
Week Ended Jan. 1
Price
Bid
&
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 %s series A
1997
Gen A ref 4 %s series B
1997
Remington Rand deb 4%s w w.1956
Rensselaer A Saratoga 6s gu
1941
Republic Steel Corp 4 %s ser A.1950
Gen mtge 4%s series B
1961
Purch money 1st M conv 5%s *64
Gen mtge 4%s series C
1956
Revere Cop A Br 1st mtge4%s.l956
103%
102%
107%
O
J
J
S
N
S
A
N
N
J
1946 J
t 7s___
s
A
J
J
Wl
M
M
F
M
M
J
106%
107%
109%
U0%
"128"
98%
108%
110
99%
98%
105%
105
*
s f
con
1977
1962
({♦R I Ark A Louis 1st 4J4S—1934
111
Tol W V A Ohio 4s
28%
34
33%
33%
86
65
136
91%
80%
45%
*121
103%
A
33%
Uljlgawa Elec Power
S
65%
65%
Union Elec Lt A Pr (Mo) 5s... 1957 A
Un E L A P (111) 1st g 5%s A- 1954 J
O
A
O
F
A
♦loo""
12-year 4s
1
1933
J
41%
J
45%
84%
J
35
31%
31%
34%
31%
28%
31%
♦Certificates of deposit
81%
83
J
June
Wl
June
Wl
s
34-year 3%s deb
A
M N
76
36%
103%
112%
101%
103%
♦Certificates of deposit
1950
♦Prior lien 6a series B
j""i
♦Certificates of deposit...
♦Con M 4 %s series A
♦Ctfs of deposit stamped
S
-1978 Wl
tSt I SW 1st 4s bond ctfs
1989
♦2d g 4s inc bond ctfs...Nov 1989
♦1st terminal A unifying 68—1952
♦Gen A ref g 5s ser A
—1990
El Paul City Cable cons 5s
1937
84
28%
28%
26%
98%
31
28%
99%
MN
({♦United Rys St L 1st
16
U S Pipe A Fdy conv deb 3%s_.
U S Rubber 1st A ref 5s ser A_.
Wl N
35%
148%
J
J
107
♦Un Steel Works Corp 6 %s A..
♦Seo s f 6 %s series C
J
D
J
D
mm—mmm
J
J
mmmmmm
A
O
103%
Utah Power A Light 1st 5s
Utll Power A Light 5%s
F
A
105%
J
D
69
F
A
65
98%
98
45%
84%
35%
31%
67%
87%
71
6
86
34%
75
86
A
O
15%
14%
A
St*
119
17%
35%
31%
34%
F
162
J
15
31%
31
261
28%
215
100
2
137
61
19
46
J
53
49%
53
87
3
J
{Pacific ext gu 4s (large)
St Paul Un Dep 5s guar
*105%
23%
103%
D
J
J
123%
20
103%
101%
106%
123%
30
5
50
17%
10%
14
103%
101%
104%
117%
102%
J
102
1943 J
4s
San Antonio Pub Serv 1st 68—1952 J
1965 Wl N
San Diego Consol G & E 4s
Santa Fe Pres A Phen 1st 6s.. 1942 M S
1946 J
{♦Schulco Co guar 0%s
8
114
39%
J
"39%
♦Stamped
♦Guar
114%
101%
*112%
109%
39
40%
({♦Seaboard Air Line 1st g 4s._ 1950
♦Adjustment 6s
(♦Refunding 4s
109
j
j
*112
*85
*102
J
mmmmmm
13
19
21%
36
12
14%
12
13
Sharon Steel
deb 4%s
♦(Siemens A Halske s f 7s
♦Debenture s f 6%s
♦Silesia Eleo Corp 6%s
Sllesian-Am Corp coll tr 7s
♦111%
100%
1951
1951
1952
1935
1951
....1946
1941
conv
Shell Union Oil deb 3%s
Shlnyetsu El Pow 1st 6%s
Skelly Oil deb 4s
*
102%
100%
1950
80
56%
102
105%
69
102%
106%
108
Southern Colo Power 6s A
105%
1947
107%
105%
97%
99
99
99%
Gold 4%s
Gold 4%s
1969
95
1981
94%
10-year secured 3%s
1946
102%
101%
94%
102%
San Fran Term 1st 4s
1960
108
109
95
1st 4s stamped
Southern Ry 1st cons g 5s
39
66
26
36%
33%
36%
15
24%
40%
36%
40%
35%
40%
60
26
40
25
36
) A
O
O
36
35%
36
7
108
107%
108
9
85%
97%
98
7
71
99
99%
83
86
51%
75%
53
58
28
59
77
5
41%
84
74
77
11
41%
*77%
*102%
O
81
— mmm
s
99%
52
S
Wl
s
mmmmmm
74
A
-----
110%
112%
109%
*126%
3 Wl
S
mmmmmm
J
mmmmmm
5
105% 115
94% 101%
80
89%
8 J
J
2 A
O
22
59% 103%
42% 72%
7 J
J
7 J
J
3 A
O
3 IVI
S
120
23
5
22
47
90
96% 102%
103% 106%
114% 129%
47
100% 108%
102% 107%
80%
99%
115
West N Y A Pa 1st g 5s.
{♦Western Pao 1st 5s ser A—
89
190
7
1
2
mmmm
122%
109%
122%
109%
2
2
108%
105%
106%
107
109
16
106%
47
106%
109
107
*
mmmmmm
5
108%
105%
112
80%
1996 J
Mobile A Ohio coll tr 4s
1938 M
98
1956 A
Mem Dlv 1st g 6s
St Louis Dlv 1st g 4s
East Tenn reor lien g 6s
101
1956 A
1951 J
1938 M
8'western Bell Tel 3%s ser B___ 1964 J
S'weetern Gas A Elec 4s ser D. 1960 M
{♦Spokane Internat 1st g 5s.. 1955 J
Staley (A E) Mfg 1st M 4s... 1946 F
Standard Oil N J deb 3s
1901 J
*102
70
1 J
107%
D
108
3 Wl
S
96
95%
3 J
J
mmmmmm
1 J
J
97%
70%
95%
97% 102%
106% 118
1 J
76%
77
J
"39
121
68
105
103
101%
rl04% rl04% rl04%
Q3
93
93%
109%
109%
109%
106%
106%
105%
------
9 M S
White Sew Mach deb 6s.
63
"37
—
106
106%
3
100%
102
122
170
21
104%
21
113
F
104%
*125%
104%
*104%
1947 A
Tenn Coal Iron A RR gen 5s_. 1951 J
Tenn Cop A Chem deb 6s B... 1944 Wl
1944 Wl
Tenn Elec Pow 1st 60 ser A... 1947 J
Term Assn of St L 1st g
1st cons gold 5s
Gen refund
s
...
f g 4s..
Tex A N O
118%
111%
111%
107%
105%
1943 J
2000 J
*105%
127%
105%
105%
106%
106%
108
107%
1977 A
Gen A ref 5s series C
1979 A
Gen A ref 6s series D
1980 J
Tex Pac Mo Pac Ter 6%s A.. 1964 M
S,.
35
2
126
111%
32%
32%
44
42%
15
104
107
5
103
112%
103% 107%
104
98%
32
94
93%
*106
3
mmmm
104%
104%
— —
m
mmm
69
109%
r
81
33%
100
96
104
107%
107% 114
99
102%
J
36
35%
J
1
""36%
35
36%
61
60%
D
9
90
104%
71
2
*105%
102%
40%
40%
68%
105% 107%
99% 104%
18%
18%
45
D
J
0 J
J
9 J
J
34%
31%
35
94
31%
25%
30%
34%
29
6 WIN
57%
21%
25%
64
9
(♦Certificates of deposit..
{♦Wor A Conn East 1st 4%s.,
Youngstown Sheet A Tube—
32%
25%
22
22
22
1
9
23
25%
25%
1
21
127%
103%
130%
83
105% 140
104%
.
98% 105
F
103
'
mmm
—
*113
j"3
1
98% 102
3
mmmmmm
A
1 Wl N
129%
104%
•
----
mmmm
103
16
115
— — — —
107
115
15%
15%
35
25%
109%
"81% 128"
105
107%
130
170
113% 120%
74% 105
120
126%
103
104%
e
25
116
14
105%
47
107
108%
109%
121
105% 112
108
127%
106%
102%
109% 111%
87% 109
101% 106
99% 107
117% 130%
98
106%
97
108
«7
108%
105% 110
and not Included In the yearly
Rhine Westphalia 7s 1950, Deo. 30 at 22.
Rio Grande de Sul. 7s 1966, Deo. 31 at 25%.
Un. Steel Wks. 6%s A 1951, Dec. 31 at
105
Q4
Cash sales transacted during the current week
range;
r
102%
118%
"105%
"33
110%
118%
111%
1953 J
gold 5s
con
107
100%
1944 F
Texas A Pac 1st gold 5s
Gen A ref 5s series B
116%
*108%
102%
4%s_. 1939 A
Texarkana A Ft S gu 5%s A— 1950 F
Texas Corp deb 3%s
:.1951 J
106
13
A
— —
77
5 J
Winston-Salem S B 1st 4s
104% 107%
126%
C
109
8 J
103
37
11
121
ser
78
33%
5
167
Corp deb 6s
105%
93%
104% 110%
103% 106%
14%
39
106%
Tennessee
106
*105
1956 F
Tenr Cent 1st 0s A or B
110
70
3 MN
2 J
71% 104%
41
167
w w 1956
107%
107% 109%
96% 106%
25
113%
102%
97% 104%
107
inc
126%
123%
22%
*112%
101%
102%
5 MN
68% 101%
5
Symington-Gould
conv
112
119
e
84
85
Staten Island Ry 1st 4%s
1943 J
♦Studebaker Corp conv deb 6s. 1945 J
Swift A Co 1st M 3%s__
1950 Wl
Without warrants
110%
112%
t>
"92% 112"
33
102
103
107%
108%
21%
97%
——————
SMS
— -
41
112
111%
106%
107%
——————
— —
37%
104%
104
J
3 Wl N
.
57
102%
103
"106%
83%
83
94%
105%
109%
109%
121%
99% 104%
38
34%
34%
37%
3 J
Funding A real est g 4%s...
100%
111%
*116%
38
3
87% 100%
124
1
109%
-----
87
98
100%
31%
56
1 J
—— —
-
112%
J
A
70
77
110%
D
5 F
Wash Water Power s f 5s.
23
'
Devel & gen 6s
Devel A gen 6%s
103% 111%
84
84
O
Wl
Wl
100% 101%
89% 108%
111%
79%
1956 A
37%
39
.
107%
1994 J
Devel A gen 4s series A
40%
2
5
97
103% 106%
>
1955
38%
25
35
♦Deposit receipts.
*103%
con gu g 5s.. 1937
So Pac Coast 1st gu g 4s—
1937
So Pac RR 1st ref guar 4s
1955
26
27
37
40
6 F
So Pac of Cal 1st
4
60
37
35%
34%
34%
i J
83
93%
93%
93%
42%
40
5 A
9
11
99%
95%
99
26%
A
F
5 A
142
106%
99
77
89
i
Warner Bros Plct deb 6s
27
"l7
1968
60
40%
3 Q Wl
5 F A
108"
Gold 4 %s
So Pac coll 4s (Cent Pac coll). 1949
1st 4%s (Oregon Lines) A...1977
—
5
— — — -
98
) F
♦125
South A North Ala RR gu 6s.. 1963
South Bell Tel A Tel 1st 8 f 68.1941
99
98
543
113
!01%
— — —
78%
37%
79
23
"68%
1951
Socony-Vacuum Oil 3%s
80
*102%
51%
51%
-----
———
40%
) J
♦Series B certificates
98% 104%
84% 97%
67% 85
100% 103%
72
82%
10
-
mmmmmm
198
1935
4s
103% 109
31
s
5
62
33
g
46
81
S
96
18
1933
{♦Seaboard All Fla 6s A ctfs..1935
(♦Atl A Birm 1st
72
112%
100%
104
mmm
20
78%
♦97%
J
O
42%
58
103%
96%
88%
96%
96%
6
98%
106%
97%
J
♦Certificates of deposit.
121
18%
♦Certificates of deposit
♦Certificates of deposit.
♦Ref A gen 5s series D
8
34
19%
1945 M S
115
103
A
"il"
106% 110
65
106%
103%
51
30
109%
-■
106%
98
23
----
Wl
8
34
17%
16%
1959
----
S
mmmmmm
———
85%
98%
106% 111
107% 110%
2%
6%
6
12
Oct 1949
♦Certificates of deposit
♦1st A cons 6s series A
121
75
4
>WI
2
31%
O
78
60
38
65
109%
A
11
30
A
1950
(♦Gold 4s stamped
41%
121
1989 MN
Scioto V A N E 1st gu 4s
42
40%
1946 A O
f 6%s series B
♦Stamped
64
59
98%
„
) Wl N
J A
1
12
65%
*2%
iWI
♦Ref A gen 5s series B
12
69
35
♦Certificates of deposit.
109%
!44%
39%
42%
33%
77
95% 104%
97% 105%
----
♦Certificates of deposit.
S A A Ar Pass 1st gu g
33
23
1
4%
J
J
26%
14
-
36
38
150%
103% 107%
33%
23%
19
-----
O
) J
26
-----
I A
27
107 %
104%
107%
124%
25%
27%
25%
103%
105%
U
1 J
1J
108
57
4
S
) F
64
107
103%
114%
25
150%
23
mmmmmm
MN
31
98
111
27
*113%
D
IVI
75
58
1
off.
68%
56%
100% 102%
100% 102%
105
107%
84
17
J
J
coupon
39%
28%
24%
103%
101%
106%
123%
2
(♦July
14%
31
13%
29%
76% 100
106% 109%
87
— — — —
37
27%
4
J
100% 100%
99
102%
-----
*113%
M N
118
109
46
103%
35%
147%
106%
223%
51%
107% 111%
— —
30
64%
50
102%
*113%
r23
111% 110%
14
108
104%
68%
60
— —
47
— —
101
103%
——
25
17%
100%
*107%
J
63%
..1937 J
1940 J
1972 J
Mont ext 1st gold 4s
101
J
84%
83%
31%
116
100%
100%
100%
45
69
27
115%
109%
*113%
103%
59
30
115%
109%
------
mmmm mmm
67
St Paul A Duluth 1st con g 4s.. 1968 J D
J
{♦St Paul E Gr Trk 1st 4 %s—1947 J
{♦St Paul A K C Sh L gu 4%s.l941 F A
J
St Paul Minn A Man 5s
1943 J
123
s
1937 J
Guaranteed 5s
122%
103
s
63%
J
119
O
J
J
1
181
Wl
7
107%
20
IVI
4s._.
104
108
A
g
99%
104% 107%
121
United Drug Co (Del) 5s
U N J RR A Can gen 4s
"49
3
....
20
♦Sink fund deb 6 %s ser A...
Utah Lt A Trac 1st A ref 6s...
34
93%
84%
106
United Biscuit of Am deb 6s..
29
79
.107%
115%
109%
O
35-year 3%s debenture
"6
2
17
121
_
s
1st lien A ref 6s
122
106
90% 102%
84%
98
12l"
J
1st lien A ref 4s
Debenture 5s
{♦St L Peor A N W 1st gu 6s—1948 J
St L Rocky Mt A P 6e Btpd
1956 J
{♦St L-San Fran pr lien 4s A—1950 J
106
130
2
85%
106%
84%
*105%
Wl N
deb_.
Union Pac RR 1st A Id gr4s...
St Louis Iron Mt A Southern—
84%
83%
conv
3
90
85
J
77
*100%
WIN
s f 7s
101% 107"
120% 122
115
90
90
A
35
20%
^112%
f 7s
50%
17%
*18%
28%
32%
103%
33
102%
89%
80%
99% 108%
96% 103
5
I21"
102
1945 Wl
sec s
71
15
....
121
82
108%
20%
"28%
♦Guar
{(♦Union Elev Ry (Chic) 5s...
Union Oil of Calif 6s series A—
91%
73%
43
100% 103%
108%
*122%
1952 F
58
108%
S
102
♦Tyrol Hydro-Elec Pow 7%s..l955 Wl N
65
Hioh
57%
22%
119
76%
108%
102
*110%
*107%
1942 M S
C
3
34
61%
J
...1996 J
1996 A O
♦|Riv A G Dlv 1st g 4s
ser
72%
107%
108%
------
Toronto Ham A Buff 1st g 4s—1946 J D
Trenton G A El 1st g 5s
1949 Wl S
22%
O
101
70
99%
106%
5
St Joe A Grand Island 1st 4s—1947 J
St Jos Ry Lt Ht & Pr 1st 5s.-.1937 M N
2d gold 6s
D
"l5
60%
Rut-Canadian 1st gu g 4s
St Lawr A Adlr 1st g 5s
1953 J
1st 6s dollar series
15
5
S
M
1
Tol A Ohio Cent ref A Imp 3%s 1960 J D
Tol St L A W 1st 4s
1950 A O
8
S
1949
Rutland RR 1st con 4Mb
1941
Saguenay Power Ltd 1st m4%sl966
101
22%
91%
1948 A
♦Ruhr Chemical s f 6s
101
21%
82
M
J
Trl-Cont Corp 5s conv deb A.. 1963 J
J
Truax-Traer Coal conv 6%s
1943 M N
*45
M
128
Tokyo Elec Light Co. Ltd—
♦103%
1949 A O
Roch G A E 4%s aeries D
Gen mtge 6s series E
39
85
23
1955
A coll trust 4s A
68%
36%
99%
105%
22%
81
66%
39
110
22%
22%
61%
1mo
68%
J
A
100%
20
1936
No.
High
O
.I960 J
♦AdJ Inc 5s tax-ex N Y—Jan 1960
Third Ave RR 1st g 5s
135
77
99%
Range
for Year
1937 J
Third Ave Ry 1st ref 4s
113%
64
{♦Rio Grande June 1st gu 6s—1939
♦Rio Grande West 1st gold 4s.. 1939
♦1st
34
134" "81
Is
Asked
A
Low
108
64
M N
7s
110%
1
22
1952
♦Rlma Steel 1st
108%
22
1944 M N
Rlchm Term Ry 1st gu 5s
104 %
24
33
O
({♦Richfield Oil of Calif 6s
♦Certificates of deposit
23
<3
Bid
Hioh
103%
108%
107%
Sale
c22%
1952 IV! N
A
-
♦Cons mtge 6s of 1928
1953 F
♦Cons M 6s of 1930 with warr *55 A
No.
Range or
Thursday's
Last
Price
Jan. 1
'21%
♦Rhine-Westphalia El Pr 7s.-.1950 M N
♦Direct mtge 6s
Week Ended
1936
112
132%
99%
J
J
♦Rhine-Ruhr Water series 6s—1953 J
Asked
N. Y. STOCK EXCHANGE
Hioh
Low
«■»
BONDS
for Year
Range or
Sale
Week's
Thurs.
•0
Range
BONDS
N. Y. STOCK EXCHANGE
♦Rheinelbe Union
75
New York Bond Record—Concluded—Page 6
144
23.
Cash sale only transaction during current
transaction
during ourrent week,
current week.
n
week,
a Deferred delivery sale only
Under-the-rule sale only transaction during
t Accrued Interest payable
( Negotiability impaired by maturity,
at exchange rate of $4.8484.
{ Companies reported as being In bankruptcy, receivership, or reorganised under
Section 77 of the Bankruptcy Act, or securities assumed by suoh companies.
*
Friday's bid and asked prloe.
No sales transacted during ourrent week.
♦ Bonds
selling flat.
s
Deferred delivery sales transacted during the current week and
In the yearly range:
Berlin City Elec.
Nord Rys.
6%s 1951, Dec. 31 at 21%.
6%s 1950, Dec. 30 at 105%.
not Included
76
New York Curb Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded In the week's range,
regular weekly range are shown In
In the
a footnote In the week
n
which they occur
unless they are the only transactions of the
No account is
Jan. 2, 1937
week
aken of such sales In computing the range
and when
elllng outside of the
for the year
following extensive list
we furnish a complete record of the transactions on the New York Curb Exchange for the
Saturday last (Dec. 26, 1936) and ending the present Thursday (Dec. 31, 1936).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include
every security, whether stock or bond, in
which any dealings occurred during the week covered:
week beginning on
Thurs.
Last
STOCKS
Sales
West's
Sals
Par
Range
Pries
Low
High
Range for Year 1936
Shares
Low
Class B
*
4%
Air Investors com
99
June
113%
Jan
100
21
49%
2,000
14
20
20
*
Conv preferred
5
14
Agfa Ansco Corp com—.1
Ain8worth Mfg new com_5
50
Ill
May
16
111.
3
3%
500
3X
2%
9%
20
1,900
*
Warrants
500
Vs
16
Alabama Gt Southern—60
'"150
Mar
Dec
Dec
4%
Mar
Oct
»u
37%
07%
Jan
83
35
Feb
1%
Oct
Mar
Nov
*
*
Feb
84%
70
70
72
110
68
Feb
76
23
23
24%
1,000
19
Apr
29%
Nov
5
6%
6,000
2
Dec
6%
Deo
2%
Jan
4%
Jan
2
Nov
25'
Nov
Alles A Fisher Inc com...*
Alliance Invest
5%
*
com
Allied Internet Investment
Common
*
S3
,
*
pref
conv
.5*
Allied Products cl A com 25
Aluminum Co
Aluminum Ltd
110
*
com.-;
0% preferred
--100
American Airlines Inc.—10
'
110
123%
16
Feb
Buckeye Pipe Line
50
Buff Nlag A East Pr pref25
87
18%
Sept
Mar
13%
125
Jan
'
$5 1st preferred
*
Bunker Hill A Sullivan.. 10
Burco Inc
123%
300
8,400
16%
Dec
123%
35%
Dec
35%
2%
300
2%
Sept
4%
Jan
Dec
77%
7%
%
7%
%
200
65
7%
4%
•u
2,000
9
Jan
Jan
2
Deo
Jan
Feb
Feb
27
Jan
36%
Mar
*
86%
Jan
91%
Feb
25
40
25
45
%
39%
40%
OH
44%
6%
45
1
Amer Cyanamid class A. 10
Class B n-v
.10
"36"
warr
Class B
"33"
725
38 %
400
.
41
6%
2,600
~36~~
iL600
Amer Dlst Tel N J pref 100
Amer
Equities Co corn
1
Amer Foreign Pow warr...
Amer Fork A Hoe Co com*
110
'"§9%
*
112%
UH
34 H
Preferred
American General Corp 10c
82 preferred
1
$2.60 preferred
Amer Lt A Tr com
26
0% preferred
3
20%
38%
40%
111% 112%
10%
11%
33%
34%
38
1
Amer Hard Rubber com .50
Amer Invest (111) com--*
Amer Laundry Mach
20
4%
2%
20
*
Amer Gas A Elec com
4%
4%
H
2
"r27X
38
22%
27%
100
1
Amer Meter Co
♦
com *
24 %
24%
24%
21H
20
22
32 H
31%
Preferred
*
5
Anchor Post Fence.
Angostura
49
Apex Elec Mfg Co com
Appalachian El Pow pref
*
Arcturus Radio Tube
1
33
Preferred
10
Feb
Feb
425
13,100
450
25
900
IX
8X
8H
10 X
com
5
"iix
Ashland Oil A Ref Co
1
0%
Jan
25%
Oct
33%
Apr
47%
114%
Aug
July
108
Jan
7%
30%
36%
22%
800
2,700
Sept
85 preferred
46
Oct
19%
17%
25%
Jan
30%
28%
25%
July
Feb
30%
Jan
Jan
Jan
50,100
2
300
82
Jan
1,500
32
May
03%
Feb
200
4
June
5%
5%
Nov
45%
4%
4%
47%
6%
36
4%
5%
•16
107% 108%
1
1%
6%
8%
6%
9%
94%
14%
6%
8%
10%
95
8%
5,500
.1,600
400
110
2,800
12,200
46,500
18,800
120
14%
6%
1%
4%
13
104%
%
3%
3%
7%
83
60
Oct
1%
Feb
Jan
57%
2%
Dec
45
Jan
Oct
10%
Dec
4%
Feb
100
Jan
Jan
Oct
7%
Dec
June
1%
2%
4
3
4
Bell Tel of Pa
53%
500
10%
11%
2,300
62%
Nov
88
11%
%
20%
98
si6 Sept
Jan
Aug
92
Apr
8% June
Nov
16%
Jan
52
Dec
11% May
17%
Deo
60
55
28
"17
51%
16%
50
3%
21
18%
"17%
23~035
June
51%
2,500
3%
12,900
4,800
50,100
1,200
3,300
7%
6%
Dec
11
Oct
12 %
39%
Dec
70
Jan
21
8
2%
7%
3%
8
7%
7%
7%
Dec
97%
Nov
Jan
2% May
4%
Feb
7% May
21%
Nov
3%
Deo
1
July
Mar
39%
40%
460
140%
1,525
3
2,800
3%
4%
3,300
2%
Oct
18%
18%
700
17%
3%
Nov
51
July
6%
2,000
2
Aug
10
142
Jan
121
39%
139%
Jan
129
2%
""§%
6%
5%
160
100
Purchase warrants
4%
4%
100
2%
2%
10,000
1%
14%
14
Bliss (E
*
19%
18%
1
3%
W) A Co
com..
Blue Ridge Corp com
$3 opt conv pref
Bohack (H C) Co com
*
35
10%
7% 1st preferred.—-100
%
Bearing.—.6
7% 1st preferred
preferred
"29%
*
oom
100
"33"
Brazilian Tr Lt A Pow...*
For footnotes see page
81
29%
2%
30
1%
900
19%
3%
46%
36%
4,000
5,200
10%
"is"
1%
6,200
14%
300
900
%
13
300
5
20
34
15%
50
%
300
6
400
30%
1,600
2%
700
34
650
7%
18%
2,500
12%
%
Aug
4%
4%
19
Feb
5
July
July
Oct
19%
3%
1%
Oct
19%
July
May
Apr
Nov
Nov
Mar
40
June
27
Feb
4%
53
Jan
Jan
1,600
%
Feb
5%
Jan
"31%
"206
July
Nov
Jan
•,«
4%
24%
"15% "15%
"Too
29%
29%
50
10%
14%
74%
7%
220
37%
1,500
6%
7
6%
1%
3%
Dec
40
Dec
8%
18%
Deo
3
Nov
Aug
1%
14
"2
2%
12~666
Deo
6%
40
Oct
Feb
%
Apr
Deo
4%
8% Nov
2%
32%
7
Nov
Mar
Deo
Nov
Oct
15%
Deo
Mar
29%
Dec
Aug
Oct
75%
Deo
12%
11%
2%
Feb
July
July
Oct
1%
Jan
22
4%
Aug
16%
2%
32
32
30
35%
32%
34%
35%
300
£0
9,509
2,300
'""8% "9% 'X,700
107
105
107
425
Jan
Jan
102
Apr
95
75
7%
16
7%
Jan
Feb
Mar
Feb
19%
""500
9
14%
Sept
Aug
Sept
Deo
Deo
Nov
July
Oct
34%
Deo
40%
Nov
68
Oct
16%
Mar
110%
Jan
16%
Jan
55
Jan
102
Jan
19%
Dec
68
3%
3%
1%
1%
100
4
4,000
1%
Apr
Apr
89
Oct
17
Dec
21
Nov
42%
Feb
90
Deo
Apr
4%
3%
31%
Deo
Jan
66
Aug
Jan
44
Feb
1%
22,100
1%
Jan
100
20
19
21
1,025
45
44
45
205
16%
31%
Nov
100
100
warr
24
23%
18%
5%
15%
23%
100
20
19%
450
Feb
2,100
17
May
*4% May
30%
5%
7%
Nov
15%
100
15
22
58
Oct
72%
Deo
300
105
May
124%
Mar
Conv pref opser '29—100
Cities Service com..
*
19%
5%
108
— —
Preferred BB
Cities Serv P A L $7
pref
$6 preferred
.
4%
28
79
81
4
55
5%
Deo
300
38
Jan
68
200
1%
24
Jan
34%
900
%
34%
Jan
75
4%
59%
5%
65,500
3
Jan
41%
Jan
1,000
3%
May
54
56
130
40
75
71
75
500
42%
67
67%
100
43
13%
12%
13%
4,000
11
4
Cleveland Tractor com.. *
Cllnchfleld Coal Corp. .100
%
5% preferred.-100
100
%
11%
5%
2
11%
3%
x4%
18%
60%
91
1
9%
Columbia Pictures com..*
Commonwealth Edison 100
118%
3
2,700
100
2,500
4%
3%
17%
53%
60%
3,700
83%
9%
91%
9%
4,550
17,200
118%
800
%
38,800
1,000
3%
19%
Apr
Nov
Feb
June
6%
Feb
63
June
75
Deo
67%
Dec
19%
Apr
Jan
Oct
6%
Feb
1%
10% Nov
May
Aug
Sept
May
Aug
Sept
100
1%
11%
Nov
Nov
Jan
Oct
1,800
5%
Jan
Jan
"""166
47
7%
60
Jan
May
3%
1,300
9%
86$
Feb
June
Nov
47
11
Club Alum Utensil Co
Cockshutt Plow Co com..*
Colt's Patent Fire Arms.25
Columbia Gas A Eleo—
4
Jan
8,400
67
*
Claude Neon Lights Ino.__
Clayton A Lambert Mfg..*
Cleveland Elec Ilium
*
Columbia Oil A Gas
54%
27%
1%
*
City Auto Stamping..—.*
City A Suburban Homes. 10
Development
110
54
59
Preferred
Preferred B
Apr
Aug
Apr
Nov
99% May
87
""18"
100
8%
36%
18%
40
......
May
27
86
18%
Cent A South West UtU-.l
Cent States Elec com
Conv
33
nl03%wl03%]
86
500
Oct
52%
Aug
10%
Feb
7%
Deo
3%
Jan
11%
Dee
3%
Deo
400
Oct
4%
3%
Sept
3,700
Nov
19%
Deo
May
83%
%
Dec
Jan
73
Deo
Jan
110%
10%
July
Deo
34
116
Deo
45
Jan
97
Jan
119
Deo
Commonwealth A Southern
Warrants
Commonwealths Dlstrib.l
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv.. 1
Compo Shoe Mach vtc
1
Consol Copper Mines
5
Consol G E L P Bait oom. *
31
7,000
700
Deo
Feb
1%
18%
Aug
Dec
18
X
17%
Cent Hud G A E vt c
*
Cent Maine Pow
7% pf 100
Cent Ohio Steel Prod
1
Cent P A L 7 % pref
100
12
58%
Dec
Oct
Dec
1%
S16
1%
"31%
1%
16%
%
1%
60%
31%
1%
16%
6% pref A
450
8%
87%
9
Feb
Deo
600
16%
200
19
50
49
150
33%
3%
16%
47
23%
%
4,100
9%
28,500
8%
87
88
2,500
"80% _8l"" ""l50
8%
24%
200
100
"8l"
%
62$
31%
1%
22%
%
Consol Mln A Smelt Ltd.-5
Consol Retail Stores
5
8% preferred
1%
61
47
22%
Consol Cigar warrants
Nov
9%
Dec
82
Jan
1%
34
"u
10
42
7%
Aug
Dec
Jan
96
New v t c ext to 1946
Conn Gas A Coke $3 pref.*
Consolidated Aircraft
1
Jan
% Sept
Mar
%
96
Feb
Aug
20% May
%
Oct
2%
2%
7%
'"906
72%
""3%
Oct
200
"lH
7%
5% Income stock A...£1
6% conv pref
Colorado Fuel A Iron warr.
Dec
Jan
7
Jan
Dec
Jan
%
"31"
"3%
Dec
Jan
100
X
15%
29%
1 sb
Dec
1 %
200
%
4%
TX
Colon
Dec
June
102
300
Jan
7%
Dec
101%
Deo
6%
Dec
158%
Deo
124% May
3
500
18
Apr
35%
Oct
13%
Jan
2%
Apr
43% June
14% July
51
6
.100
Bridgeport Gas Light Co.*
15%
%
6
*
Bowman-Biltmore
2d
*
.
Bourjols Ino
Bower Roller
9%
51
25
Botany Consol Mills Co.
3
46%
»
(S) A Co.—*
Borne Scrymser Co
3%
11
2%
1%
Blckfords Inc com..——.*
$2.60 conv pref
*
Blumenthal
160
%
55%
133
Oct
107%
Jan
•
Oct
51%
52
26%
Jan
4
T
Chief Consol
Mining
1
Chllds Co pref
.—100
Feb
Nov
Apr
150
525
29%
Aug
Dec
23%
51%
103
106%
50
.*
Nov
1,000
Oct
33%
10
932
24%
10%
102
99
10%
Charls Corporation
34%
Jan
39
Centrifugal Pipe
Jan
Deo
50
10%
Oct
Jan
23
Jan
39
Deo
5%
Aug
July
*
$7 dlv preferred
1st preferred
13%
6%% pf.100
Benson A Hedges com
*
Conv pref
•
Berkey A Gay Furniture. 1
Catailn Corp of Amer
1
Celanese Corp of America
7% 1st partlc pref
100
Celluloid Corp com..
16
Jan
200
12%
39%
24%
Cherry-Burrell Corp
Chesebrougb Mfg...
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...*
100
1
——
10%
Axton-Flsher Tobacco—
com
Carrier Corporation
*
Casco Products
*
Castle (A M) A Co.——10
Nov
6,200
22,500
6%
Deo
Mar
100
♦
%
%
6
7% 1st pref
Class B
97
2%
4%
31
3,200
*
Jan
316
Automatic Products
Bell Tel of Canada
A
Conv preferred
Jan
Oct
Deo
Deo
%
4%
Carnation Co com
*
Carolina P A L $7 pref.—*
$0 preferred
*
Deo
Jan
13%
250
106
25c
Convertible class
Dec
34%
3%
Bellanca Aircraft
Carlb Syndicate
Feb
1
Nov
Carman A Co—
4
1
SB
9%
10
*
9%
%
1
1
Barlow A Seellg Mfg A.-.5
Baumann (L) A Co com—*
Capital City Products
Jan
4,400
34,100
Jan
7% May
Oct
47%
1
0%
*32
__*
Barlum Stainless Steel
Canadian Marconi..
6% pref without
7% preferred
Nov
Jan
23
*
500
29%
Atlas Plywood Corp
Austin Sliver Mines
Class A common..—.10
Babcock A Wilcox Co
*
Baldwin Locomotive warr.
B non-voting
Oct
Deo
24%
Calamba Sugar Estate. .20
Canada Bread Co com
*
Aug
Jan
3%
3%
Canada Cement Co com
*
Canadian Car A Fdy pfd 25
Canadian Hydro Eleo—
0% preferred
—100
Canadian Indus Aloohol A*
44
Jan
Dec
9
'162"
Am dep rets B ord shs.£l
Amer dep rets pref she £1
112
June
2%
1,250
3,200
Cables A Wireless Ltd—
Am dep rets A ord sh_£l
Jan
8%
33%
32%
Deo
Mar
47
Burma Corp Am dep rets
Burry Biscuit Corp.. 12%c
Cable Elec Prod v 10
»
Mar
Jan
Nov
23
47%
_
3
Automatic-Voting Mach.*
40
Jan
46%
13%
*
2,800
Atlanta Blrm Cat RR pf 100
Atlanta Gas Lt 0% pref 100
preferred
Mar
Dec
Apr
16
Warrants
Jan
Nov
300
32%
Atlantlo Coast FisheriesAtlantic Coast Line Co..60
Atlas Co«> common
5
Mar
Dec
Dec
26% June
Jan
28
900
com
$3 convertible pref
Warrants
10%
Ontlon warrants
Assoc Laundries of Amer.*
Associates Investment Co *
Jan
10%
2
1
Feb
14
£1
Common
12
39%
43%
Jan
Jan
Industries
Class A
0%
19
18
93
35
35
*
Amer deposit rets
Assoo Gas A Eleo—
Sept
7
5
675
5%
45%
4H
5H
Arkansas P A L 87 pref
Elec
133
Jan
Nov
10,000
3,200
92%
Art Metal Works
Associated
Feb
1%
57%
2
2X
108 X
Arkansas Nat Gas com..
Common class A
Nov
40%
3%
1% May
21%
Apr
9%
6
Wupperman.
38%
2%
1
IX
55
*
American Thread pref
Feb
2%
Amer Potash A Chemical. *
Superpower Corp
Jan
Jan
Sept
400
Amer Pneum Service com
1st preferred
9
27
American Seal-Kap com.-2
Am
48%
47%
3,300
1,700
12,800
25
Amer Mfg Co com
Amer Maracaibo Co
Deo
Nov
5% May
31%
Jan
29%
Jan
2%
9%
*
Dec
27%
Mar
Apr
Mar
24%
Brown Forman Distillery. 1
Jan
100
*
Bruce (EL) Co
Am Cities Pow A Lt—
Clas A with
pref
Deo
*
Class A
A
Dec
10c
S3 preferred
15.50 prior pref
Class
32%
28
13%
Feb
120
13%
27%
30
Jan
20%
41%
12%
45%
125%
9% Sept
Feb
Feb
Deo
Jan
7%
50
*
100
161
45
8%
60
Aug
28%
X
Brown Fence A Wire oom.l
Jan
50
Jan
Aug
,
4%
Jan
300
2%
Jan
2%
31%
10c
Common class B
Am dep rets ord reg
British Col Pow cl A_
Brown Co 6% pref
Jan
600
30
37
29
S3
Am dep rets ord bearer £1
87
1,800
30
Am dep rets ord reg._£l
British Celanese Ltd—
109
17%
rl0% rlO%
30
3,900
1,300
•
1,050
10%
10%
90% 125
7%
60
108
Jan
Amer Tobacco—
6,200
100
com
rlOX
161
American Capital—
Class A
*
116
16%
"iox
3%
Coupon.*
Oct
25%
'21500
21
Mar
19%
6%
53%
High
Jan
3,100
1
7X
Feb
Feb
Low
18%
'"2% '"3%
58 H
Registered
British
Range for Year 1930
Shares
......
*
•
High
16%
17%
100
Brlllo Mfg Co oom
Class A
British Amer Oil
Low
Price
*
115
American Beverage com.. 1
American Book Co
-.100
142
153
Aluminum Goods Mfg
*
Aluminum Industries com *
Preferred
21
*
-100
common
0% preference
June
*
7% preferred
24%
2% June
Bridgeport Machine
Oct
19
1
80 H
West
Deo
5%
Apr
Aug
Allen Industries
80 X
for
of Prices
Brill Corp class B
Class A
Nov
Ala Power $7 pref
$0 preferred
com
West's Range
Sale
Par
Nov
20
25
13
Last
High
40
100
*
STOCKS
(.Continued)
Acme Wire v t o com.-.20
Adams Mlllls 7% 1st pf
Aero Supply Mfg ol A
Sales
Thurs.
for
West
of Prices
9$
94%
116
3
98
1%
Cont Roll A Steel Fdry
*
Continental Secur Corp..5
17%
Cook Paint A Vara com..*
84 preferred..........*
"19%
Oct
Mar
Nov
Deo
Apr
Nov
Deo
Deo
Nov
Mar
81
Deo
9
1,400
11%
Nov
3
200
1223$
100
Consol Royalty Oil
10
Cont G A E 7 % prior pf 100
Continental Oil of Mex._. 1
Oct
Deo
Jan
98%
150
1%
18
1,200
2,500
19%
Deo
"19% "19%
12
'""566
Deo
21%
Deo
1%
17%
101% June
2
62
Feb
Nov
aar
Volume
for
of Prices
Week
Sale
(Continued)
Par
Cooper Bessemer com
$3 prior preference
3,200
62
100
34
52%
100
52 X
11X
12%
700
4
6%
3%
*
32
52%
31%
*
*
5
Corroon A Reynolds—
Common
1
12 %
4%
Preferred
Deo
6H
Dec
Jan
Dec
Dec
4%
9,800
3%
Auk
12 X
8
0%
500
4%
July
8
Feb
Jan
103
Nov
4%
41,800
IX
Jan
38 %
800
0%
Jan
37
38
UK May
£1
•
2
Crystal Oil Ref
~~2X
4,000
»»«
19,800
Petroleum
7,300
200
13
%
15
Jan
S3 preferred
*
33%
Feb
14%
Nov
Jan
2H
Jan
Jan
3,300
3K
Oct
25
22 %
June
16X
July
5H
Feb
Feb
25
7%
com
20%
1st preferred
Gt hloithera Paper
Greenfield Tap A Die
100
25
"38"
126% 127
38
38%
2X
Oct
15%
Deo
51X
600
51%
Dec
Guardian Investors
Apr
Gulf Oil Corp of Penna.25
Gulf States Util $5.50 pf.*
19%
X
23,300
6,700
20%
31
19
31
,
1,100
15%
15%
15 X
70
7% pref. 100
70
1,000
120
Sept
"8
18K
"l3%
6
Detroit Steel Products
15K
19
13%
15K
15%
20
Detroit Gray Iron Fdy
Detroit Paper Prod
5%
1H
Apr
Dec
10 X
June
18X
21K
22
May
32 X
15%
Dec
18%
50
Feb
73
*
13
IX
Jan
Mar
1,300
15K
Dec
300
18 X
Dec
800
8%
Jan
1,100
Aug
1
55%
57
2,700
29
28%
10
29
10%
100
10
Diamond Shoe Corp com.*
Distilled Liquors Corp
6
53 X
2,600
17Kit Deo
Dec
Mar
x9
25 X
Detroit Gasket A Mfg ooml
ww
100
70
5%
5%
34%
35%
30%
38%
55
38 %
Dominion Bridge Co
Dominion Steel A Coal B 25
"l2 %
500
55
UK
12K
30%
2,200
25
700
19K
Haloid Co
23%
Dec
Hartford Electric Light .25
Hartman Tobacco Co
*
Harvard Brewing Co
\0X
57
Dec
Dow Chemical
Holt
Nov
preferred
Durham Hosiery class B._
Dtval Texas Suplhur
*
Eagle Plcher I^ad
—
-
1%
22%
10
20%
2,100
22%
13,900
Jan
97
Deo
June
39
Jan
July
111
Sept
Jan
6
Mar
Feb
85
Oct
7
2,200
69%
67%
69%
61
4%% prior preferred. 100
6% preferred
100
6%
56%
61
Aug
1X
10 44
Jan
7X
23%
Dec
*
Easy Washing Mach "B"_»
Economy Grocery Stores. •
Dec
Dec
42 Hi
Feb
Imperial Oil (Can) coup..*
Registered
Imperial Tob of Can
5
6%
Dec
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pref 100
Jan
80 K
15X
23X
73
400
11%
11%
12
1,600
0%
Jan
15 X
June
10
10
8%
i
200
62
2,200
3%
22% 115,900
7%
72%
80%
1,800
3,300
10
77
1
com
Class A
1,400
69
Oct
4%
Mar
7%
preferred..
88%
Julv
industrial
V t c common
1%
July
Deo
7% preferred.
100
Insurance Co of N Amer. 10
2
Jan
13K
Dec
International Cigar Mach *
6
May
9%
Feb
Internal Hydro-Eleo—
Pref $3.50 series
Mar
88
May
50
10
Jan
17%
17%
39
39
200
15
Jan
99
Nov
29 X
19 X
]
16%
172%
74
25
2%
Holding & In v..*
Feb
Apr
30 %
Jan
45%
Nov
42
Jan
63%
Julv
70
60%
70
825
43
Jan
70
Dec
64
61%
65
225
44
Jan
66
July
66
A
»
16%
14%
Class
B
1
1%
1%
2%
2%
13,600
1%
45%
45%
100
38 X
Fire Association
First
3%
Feb
47%
Deo
%
1%
22%
350
3
19
..._1
6%
6
19%
6%
2,100
1,800
5,500
X
6
Jan
14 H
4K
Apr
Sept
Jan
%
...1
(PhilajllO
8%
900
21%
23%
1,300
13 X
Jan
13
13
100
11%
Nov
31%
37%
32%
18%
31%
1st preferred
18%
4
X
%
36
50
9,900
111
Dec
l
74
74
75
225
46
Apr
May
62
60%
62
450
40
X May
*
4%
8
dep rets ord reg_.£l
7%
Ford Motor of Can cl A..*
Class B
22%
21%
22%
6,500
24%
24%
24%
25
7%
6,300
7 H
19
May
July
Froedtert Grain A Malt—
Conv preferred
15
General Alloys Co
Gen Electric Co Ltd—
Am
Gen
"10% "l"6% ""206
9%
200
9%
18%
3%
18%
3
18%
3%
36
24%
1%
Dec
34/
Sept
3%
Apr
36%
100
100
7%
2,700
16%
2
1,900
1
com
1%
Feb
37
Nov
20%
19
20%
130
19
Dec
33%
Mar
May
Feb
Mar
A
Dec
1%
Feb
10%
24%
Nov
Jacobs (F L) Co
Jeannette Glass Co
i
14%
14%
9%
14%
9%
1,600
9%
900
']6
13%
8%
Nov
100
70%
17
Dec
Jan
36%
1%
89
Sept
117
12%
Feb
5%% preferred
6% preferred
7% preferred
Feb
100
87
87
88
100
93%
92
93%
98%
99
Jonas A Nauru burg
Jan
Nov
79
Oct
04%
Oct
100
2.50
Jones A Laughlln Steel. 100
Kansas City Pub Service-
"~7%
98%
♦
916
V t c preferred A
*
Kansas G A E 7% pref. 100
Ken-Rad Tube & Lamp A *
21%
Common vtc
9%
28%
Feb
Feb
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
32
11%
Kirby Petroleum
1
Klein (D Emil)
Knott Corp common
Koppers Co 0% pref...100
19
Mar
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 36 pref
*
Gen Rayon Co A stock.
General Telephone oom.20
^
33 convertible pref
*
General Tire A Rubber...5
100
For footnotes see page
81.
5,100
150
93
-----
-----
93
93%
225
85
85
21%
-----
19%
May
40
lit
Apr
Jan
71
June
20
67
Jan
1%
525
1
Jan
20%
21%
2,100
50
50%
200
19%
20%
6,600
1
7%
8%
100
94
716
3%
21%
100
100
210
13 X
85
Feb
Auk
9%
Deo
70
Jan
80
May
93%
Aug
97%
2,300
300
1,700
3%
1,200
1%
20
111%
22
900
Aug
8%
100
.Jan
0%
Mar
Jan
Deo
Mar
Dec
114%
25%
106%
Jan
3%
5
5%
3,600
2%
1
1,700
%
13%
13%
100
106%
150
Dec
Nov
July
8%
Jan
6%
7ii May
18%
Jan
3%
Mar
20
106%
"ioe"
Dec
06 %
Apr
10% May
'"26" "is% "20""
'l~306
14
Jan
58
6%
2,200
61
Jan
57%
56%
Lakey Foundry A Mach..!
6%
6%
1,100
5%
70
Lane Bryant 7%
pref.. 100
Langendorf United Bak—
11
...»
1
3%
*
18%
Apr
Lion
Oil Refining
Lit Brothers com
16%
9
X
,S16
111
14%
6%
3%
18%
10%
1
111
17%
6%
Dec
74
4
Dec
90
70
1
Dec
Mar
July
1%
Aug
Dec
1%
Mar
10
7,700
1
*
%
7%
*
..*
Jan
Jan
6%
1
Class A
30
3",200
Lake Shore Mines Ltd
Lefcourt Realty com
Preferred
1%
105
92
6%
5%
1
10
Jan
80
"2%
"~2% ""2"
Aug
Jan
17
106
10%
Jan
Dec
110
916
114% 114%
Lehigh Coal A Nav
*
Leonard Oil Develop
25
Leraer Stores 6 % % pref 100
12 H
47
%
Dec
Jersey Central Pow A Lt—
Kress (S H) A Co pref
2,300
Apr
6,400
Nov
%
9%
%
Sept
1%
Sept
%
21%
80%
5
*
23%
%
Feb
27%
Italian Superpower A
Warrants
Feb
1%
%
%
200
%
4%
80%
*
Jan
3,800
35
6%
26%
Jan
Jan
'i«
7
35
6%
31 %
Sept
13
Feb
Deo
Dec
2
Jan
Jan
Deo
2%
96
Dec
16
12 H
16%
Jan
Sept
300
18H
Jan
Sept
14%
5% pref series D
100
Kingston Products....
1
100
Jan
Jan
%
22%
Dec
Dec
300
2%
900
11%
23
July
Fel
Nov
2,600
Nov
20
K
700
Kings County Ltg Co—
7% pref series B
100
23
Jan *103
15,200
%
7%
Dec
16%
Feb
20
20
7
"""760
1
Feb
Dec
Jan
Feb
35
Kreuger Brewing
preferred..
400
Jan
Feb
24%
Royalty
1,700
*
preferred A
25%
2%
Kobacker Stores Ino com.*
*
com.,
Warrants
6%
*
4%
Gen Gas A Electrlo—
36 preferred
Gen Investment
84
16
1
Klrkld Lake G M Co Ltd.l
dep rets ord reg__£l
Fireproofing
9%
*
10
Oct
87
New warrants
International Vitamin
Sept
22X June
2X
Sept
64 ay
14%
Ford Motor of France—
American dep rets 100 fos
Fox (Peter) Brew Co
6
Franklin Rayon Corp coml
3%
21 %
1%
9
68%
23%
Ford Motor Co Ltd—
Am
Dec
50
900
16%
Nov
12
600
24
Sept
..100
Corp
preferred
11%
1%
16%
75
1
23%
112
111
Jan
Jan
Irving Air Chute
42%
12
6%
Iron Fireman Mfg v 10..10
Dec
July
6%
Aug
Investors
June
Jan
74X
Sept
3
Jan
Jan
18 X
130
2%
400
Feb
2844
84
300
Dec
1%
23 X
Jan
4
3%
23%
10%
100
X
Oct
28
500
3,800
Deo
Jan
♦
Interstate Power $7 pref.*
1,100
39
"16
82
82
100
Florida P A L 37 pref..
prior preferred
Feb
National Stores—
7%
Flsk Rubber
$7
Interstate Hos Mills
20%
Oct
102
Oct
92 %
"1%
Internatl Safety Razor B-*
Internat'l Utility—
Class
19%
48
64
Dec
K
June
Apr
Nov
Jan
Aug
14
39%
22
•u
44%
9%
40
38%
Jan
5,000
"""16
Jan
Feb
Dec
33% Aug
3% May
15
July
July
Mar
5%
32%
1,300
X
400
8,900
6%
18%
38%
Dec
Feb
34
7%
17%
»
Mar
34
Registered.
Internationa] Products
*
0% preferred.
.100
17%
com.!*
14%
33%
34%
international Petroleum.
Emsco Derrick A
dep rets
Fldelio Brewery
Feb
Apr
Deo
Dec
Fiat Am
24%
24%
Nov
Dec
Fedders Mfg Co com
Ferro Enamel Corp
Dec
Dec
%
70
8
Dec
19%
19%
13%
16%
32
-
11
Feb
75%
-
Dec
Jan
35
Jan
-
Sept
Dec
Jan
8%
Sept
69%
69
%
Jan
22%
60
Jan
6%
21
— —
Jan
Feb
350
47
*
36%
38%
62%
1,600
43
Metallurgical
Jan
Nov
16
150
Fansteel
7%
52%
33
1,350
l
Fanny Farmer Candy "III
Oot
Jan
May
32
15%
1,600
Falrchlld Aviation
Falstaff Brewing
9%
30%
75%
-
Feb
Apr
16
32
1
2%
Feb
30
33
70
— — -
Jan
2%
40%
*
70%
—
6
80
50
30
100
2,800
Sept
9% Aug
13% June
A stk purch warr
IntI Metal Indus A
32
7% preferred
Ex-cell-o Air A Tool
"""800
June
%
Finance^""
9X
175
Evans Wallower Lead
1,300
67
Indian Ter Ilium Oil—
3%
300
916
34%
150
101% 102
3%
74 %
7%
"34"
'"34"
*
15%
%
%%
10
7%
*
96
916
14% May
37
7%
Non-voting class A..
15%
European Electric Corp—
Option warrants
8%
5%
438
300
Class B
95%
2%
6,600
1
17%
10,300
Apr
Jan
15%
Equip
6
Corp com
10c
Pipe Line
60
J%9
20%
75%
Eureka
22%
21%
Empire Power Part Stk._*
Equity
10,000
20
Mar
12
2,000
70
110
900
Julv
83X
2,200
15
40
Dec
57
27
Apr
5%
Empire District EI 0% .100
Empire Gas A Fuel Co—
6% preferred
100
6%% preferred
100
7% preferred
100
8% preferred
100
Apr
108%
53%
79
96
Elgin Nat Watch Co
8%
52%
Feb
Apr
Jan
12%
17%
40%
17%
20%
29%
100
Apr
6%
5%
Electrographlo Corp com.l
3
200
46
2K
Internal
$6 conv pref w w
19%
""455
19%
21%
ind'po-ls PAL 6 %%pflOO
9X
11%
Elec Shovel Coal 34 pref..*
5%
15%
64 X
Shareholdlng-
Commou
15%
100
18 X
5%
Option warrants......
Jan
Mar
1,100
76
*
36
Dec
Sept
50
8%
75%
12%
Elec P A L 2d pref A...
22
70
80%
July
Imperial Tobacco of Great
Dec
81
*
July
900
19
60
110
109
Jan
8,000
800
6%
14%
9%
Jan
Jan
70%
Dec
10%
deposits rcts._.£l
Mar
May
72%
preferred
Amer
83
IX
20%
June
16%
200
Oct
Dec
14
Industries
85
24 X
23
3%
Mar
Chem
Jan
3,800
22%
Dec
Apr
2%
300
53
Jan
6%
Elec Bond A Share com..6
66
Feb
13%
6%
"53%
41X
27%
61%
3%
Nov
21%
46
69 X
100
Edison Bros Stores com..*
Eisler Electric Corp
1
39
5%
575
73
$6 preferred series B
Elec Power Assoc
11 Hi
2%
150
""8%
1,400
*
preferred
Jan
4
1
350
2,000
Illuminating Shares cl A..*
5
6%
Corp
900
8%
Dec
6 0%
2,700
17
July
Jan
26
Malleable Iron.26
$7 preferred series A
50
25%
72%
40%
13%
20%
8%
80
Hydro Electrlo Securities.*
Hygrade Food Prod
5
Imperial
6%
15
Oct
22
40
13%
%
X
5
East Gas A Fuel Assoc—
Common
100
39%
1
Hygrade Sylvanla Corp..*
Illinois P A L $6 pref
*
6% preferred
100
200
1%
7
97
Aug
10%
78%
7% pref stamped
100
7% pref unstamped.. 100
6%
—
6%
Apr
Sept
5%
28
80
600
00
88%
Huylers of Delaware Ino—
31
175
1%
Jan
59
Dec
33%
Common
2,900
5K
Dec
27%
32%
Deo
3%
Jan
X
54
250
32%
Nov
70
Deo
Sept
Apr
Jan
*41
10%
28
*
Hud Bay Mln A Smelt
Humble Oil A Ref
41K
67%
23%
67%
109%
142 K
105%
X
900
e
100
5% preferred
Apr
25
Apr
6% July
IK June
27%
8%
Aug
28%
24%
200
16,500
59
~38% "§9"
15K
3%
3%
70
(H) & Co cl A
Nov
108
1,600
Feb
124
Dec
Hormel (Geo A) A Co
Horn A Hardart
*94 X
100
Dubllier Condenser Corp_
Duke Power Co
..100
Oct
K
75
700
2,400
10%
20%
75
65 X
|
10%
Oct
Dec
130%
130
100
"13%
600
32 X
Draper Corp
31
Deo
10
135
32
131
10
Dec
12%
32%
Mar
110%
10%
*
38 X
55
9%
4%
440
40%
5
May
Sept
4% June
July
5,300
1%
*
Holllnger Consol G M
Holophane Co com
27 K
10
40
Hires (C E) Cod A
40
27%
4%
28
Hey den Chemical
Dec
Nov
Jan
10%
18%
25
ww
Jan
108
Driver Harris Co
Preferred
Oct
31K
2 W July
1%
2
12 %
♦
._*
Co
1%
14
15%
30%
Mar
16% /May
400
10%
14%
Hecla Mining Co
..25c
Helena Rubensteln....
*
Heller
67%
2%
1
Dec
23%
1,400
13,200
1%
2%
14%
15%
19%
1%
1%
Hat Corp of Am cl B com 1
Hazeltlne Corp
15
Julv
Douglas (W L) Shoe Co—
7% preferred
..100
67%
10
8
com
6%% pref
6
Oct
Aug
Apr
Feb
7%
38%
9%
Dec
July
21X June
18% June
81
Deo
18K
Jan
600
$6 preferred
Oct
81
Oct
104
Jan
^
76
56%
: 5%
Oct
6K
"59"
Aug
May
100
Dominion Tar A Chem
1
8%
3%
%
Gypsum Lime A Alabast
Hall Lamp Co
.....*
Distillers Co Ltd—
Amer deposit rets
£1
Doehler Die Casting._.._*
9%
4%
*
Grocery Sts Prod com..25c
18%
18%
112% 115%
16 X
109
3%
115%
Jan
Feb
27%
3%
13%
21%
13
*
stock
Aug
31
Derby Oil A Ref Corp com*
Preferred
*
Electric
Non-vot
K
Dec
Nov
%
2X
Feb
Nov
Oct
Great At! & Pao Tea—
*X
K
Dejay Stores.
S0
•
Gray Telep Pay Station. 10
26%
3%
13%
Grand Rapids Varnish..
100
17
xl7X
6
com
35
$5
27
V t c agreement extended
Grand National Films Ino 1
1,100
37 X
100
700
Dec
Mfg Co—
2%
105
Jan
'
Aug
Sept
45%
32%
Jan
8
1,400
3ts
5%
35%
Feb
IK
11%
""%
Mines.. 1
24
50
103%
103
*
5%
Deo
Dec
550
29
*
2X
July
13
Deo
74%
11%
47%
18%
Apr
7~300
40%
28
Gorham lnc ol A
16
4%
100
5
Class A
Eastern States
preferred
5
1,700
39%
'29"
95%
Apr
Apr
40
"13%
Goldfield Consol
39
23 %
2
-
Dayton Rubber Mfg com. *
Eastern
$7
"l3"
Dec
May
6
2%
Cusl Mexican Mining..60c
7%
13%
*
Class B
79%
08%
~
50
com
6%%
'
furred
Curtis Mfg Co of Mo
6% pref
»
15 %
com.....
om
Dennlson Mfg
•
300
Dec
Jan
4%
"4 %
Darby
Glen Alden Coal
125
10
9%
*
High
Low
Shares
95%
94
4}
38}
Apr
23 %
Crown Drug Co com...26o
Preferred
25
Cuneo Press
14 %
13
Crown Cork Internet A__*
June
9
IK
%
1
X
19 X
12%
%
14%
Crowley, Mllner A Co
Crown Cent Petroleum
100
38 %
37 %
37 %
9,500
1
1
6
Crocker Wheeler Elec
Mar
$6 preferred
Gilbert (A C) com
Preferred
Range for Year 1930
for
Week
High
Low
Price
*
*
Georgia Power 36 pref
Gorham
Cramp (Wm) & 8ons Ship
Engine Bldg Corp
100
Creole Petroleum
of Prices
Godcbaux 8 ,nars class A.*
4%
100
Courtaulds Ltd
Dec
64%
66
1
32
52 X
16 preferred A
Cosden Oil com...
Week's Range
Sale
Par
Jan
'
Copper Range Co.
Cord Corp
Jan
9%
30 %
62
*
S3 preferred A
Last
High
Low
Shares
High
Low
Price
STOCKS
(Continued)
Range for Year 1936
Week's Range
Last
Sales
Thurs.
Sales
Thurs.
STOCKS
Cuban Tobacoo
77
New York Curb Exchange—Continued—Page 2
144
Sept
Mar
Aug
1
24
16%
21
107%
12%
x25
62%
8%
100
15%
300
1%
Nov
200
11%
July
6,900
6%
%
Jan
Jan
12%
107%
7%
Feb
3
Mar
113%
17%
7%
2,100
100
20,200
300
Jan
25
2
Dec
Dec
Nov
New York Curb
78
I
Thurs.
Sales
STOCKS
Last
Week's Range
Sale
of Prices
Low
High
Week
Par
Price
14
.5
Shares
*
Lone Star Gas Corp
13%
14 H
m
10%
103*
12
3,500
13.800
5%
6,100
Low
2,000
12
Lockheed Aircraft.—
6
53*
——
90
100
100
7% preferred
6% pref class B
'77
90
77
78 %
275
6
6%
143*
13%
14%
15%
Nov
6% May
113*
9%
Jan
14%
Dec
Mar
3%
72%
Apr
Jan
13*
r375*
1%
37%
20
96
64
Jan
84
1%
38%
5%
9%
Oct
Jan
7
Sept
July
July
8%
Feb
153* May
Louisiana PAL Co—
$6
94
5
1
1
*
Lynch Corp common
Majestic Radio & Tel
Mangel Stores
$5 conv preferred
4%
4%
Oct
2%
Sept
Mar
34Vfc
Jan
55%
Feb
3,100
3,600
8%
78
1%
800
4%
8
8%
82
87
270
Consol Marine..
Marconi InternatlMfg—
Amer dep rights
Margay Oil Corp
May
17
Masonlte Corp com...—
62%
33*
1
8%
Massey-Harrls common
Master Electric Co—...1
May Hosiery Mills pref—*
McCord Rad & Mfg B...*
17%
16%
61%
17%
17%
62%
3%
Mead Johnson & Co
.•
r33%
3
7%
18%
6% Prior preferred
4%
Low
High
5,100
663*
363*
300
35*
63*
600
3*
3 16
11,400
373*
3,800
400
60
Nor European Oil com..
100
Aug
273*
Feb
Jan
Mar
9%
223*
2,100
5
Apr
600
44
19%
64%
Oct
2,300
1%
9,800
4
121
200
2,000
42
200
■
CO
643*
Metal Texrlle Corp com..*
3*
673*
S16
TIoo
250
11,400
25*
23*
23*
3*
55*
35*
33*
Dec
Oldetyme Distillers
Apr
Sept
35*
..*
3
Michigan Bumper Corp.
Michigan Gas & Oil
Pacific G & E 6% 1st pf.25
2
Apr
Pacific Ltg $6 pref
Pacific P & L 7% pref. 100
Pacific Public Service
Aug
Jan
Feb
Apr
203*
89%
5%
33*
125
8%
47%
105
Deo
10%
Apr
Pacific Tin spec stock
Page-Hereey Tubes Ltd—
1%
Deo
Pan Amer Airways.....10
Jan
1%
14%
%
Dec
Sept
Nov
Sept
Pantepec Oil of Venez
Feb
7%
Deo
Parker Pen Co
Feb
Patchogue-PlymouthMllls*
Pender (D) Grocery A
*
102
Dec
Mar
Nov
Feb
Dec
Deo
Feb
Pa Gas & Elec class A
*
Feb
Pa Pr & Lt $7
*
Nov
6%
225
8%
6
9
9
IX
*
t c
*
Midland Oil conv pref
13*
100
11
111«
2%
Jan
Dec
13
Midland Steel Products—
19
72
Mid vale Co
3%
3%
Mid-West Abrasive com50c
3%
*
Mining Corp of Can
.
41
Minnesota Mining & Mfg. *
7% pref.-.100
Pow pref.. 100
25
72
3%
3%
42%
"ll4% 115"
800
"""30
Jan
13%
2.50
13
14
Moh & Hud Pow 1st pre!.*
102
101
2d preferred
—*
Molybdenum Corp—...1
Monroe Loan Society A..*
Montana-Dakota Utll..10
114%
114
115
Montgomery Ward A....*
Montreal Lt Ht & Pow—*
153%
9%
3%
8%
3%
18
34
9%
3%
203*
148
{153%
Pennroad Corp v t c
1
Penn Cent L & P $5 pref—*
X32%
92
Nov
Jan
116
Nov
Phila El Pow 8% pref...25
Phillips Packing Co
*
15%
109%
Sept
Dec
3%
118
13%
5
900
20 %
240
38
160
1,300
425
43
100
35%
49f ;
Dec
Nov
Oct
Oct
Nov
Apr
*
—100
Pepperell Mfg Co
Perfect Circle Co
107
106
61
593*
615*
853*
85*
9
95*
103*
""166
10
1,700
100
1,250
1,200
89,700
6
325
55
55
10
293*
293*
50
43*
55
293*
"45*
43*
17,500
165*
200
45*
155*
155*
100
111
110
111
109
110
160
160
50
89
92
300
"92
1403*
*
Philadelphia Co com—..*
Phlla Elec Co $5 pref
*
2.
Common
100
*
Pie Bakeries Inc com
7%
1353* 143
333* 333*
143* 143*
12
575
100
200
1,100
65*
4,800
383*
21
"21
133*
53*
373*
10
pref ser A
conv
13
63*
22
1,100
18
22
4,600
200
Pierce Governor com
*
Pines Wlnterfront
93*
50
1
213*
35*
35*
100
"5%
5
55*
10,400
83*
Pioneer Gold Mines Ltd.
45*
34
85
100
preferred
Piedmont & Nor Ry—100
8
85*
Jan
June
73*
Apr
40
Feb
24J£
Dec
92
Sept
Jan
633*
Jan
Apr
22
53*
Sept
Dec
123*
Jan
Deo
Dec
3,800
18
193*
873* 895*
1253* 1283*
13*
2
16
163*
35*
43*
113* 115*
7%
25*
43*
Jan
Sept
"moo
Pltney-Bowes Postage
Meter
158
Dec
T.700
46
Oct
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
20
200
2o
Oct
Plough Inc
34
1,900
47
Mueller Brass Co com
1
'43%
43%
Naohman-Springfilled
*
41%
19%
'34
31%
6%
T, 700
8«
com.l
1,400
Pitts Bessemer & L Erie.50
"6%
Nat Bellas Hess com
May
Pa Water & Power Co
10% May
63* Aug
8%
Feb
6%
Mtge Bk of Col Am shs
Mountain Producers....10
Mountain Sts Tel & Tel 100
National Baking Co
Feb
45
""6% "0% ~2~8o6
Moore (Tom) Distillery..!
Nat Auto Fibre Avto—*
Dec
150
.100
6
313*
Phoenix Securities—
109
5%
2,100
35%
300
303*
235*
435*
50
43%
1,400
43
38
*
*
4,300
110
pref
preferred
Penn Salt Mfg Co
Jan
6,200
34
1,550
53*
85*
$2.80 preferred
Jan
625
t
325*
2,600
"5% "5% """260
91%
July
Sept
1% May
600
102%
Moody Investors pref
Moore Corp Ltd com
Peninsular Telep com—
*
Preferred
—100
22
39%
3%
28%
77%
Mock, Jud., Voehrlnger Co
Common
305*
63*
83*
853*
83*
235*
443*
853*
83*
Penn Mex Fuel Co..—
Apr
Nov
Oct
Dec
Dec
3,400
125
10
100
13
135*
Class B
$6
$2 non-cum dlv shs.—
125
100
10
Mar
July
73*
55*
13*
106
1
4%
2H
73*
6
—*
112
325
123*
Paramount Motors Corp.l
Middle States Petrol—
v t c...
"313*
1st preferred
Dec
5
7%
Jan
$1.30
%
65
Aug
1,100
1,500
100
500
"44"
32%
Jan
1,300
1,200
65*
Dec
3%
%
3%
4%
18%
1%
8%
15*
50
—
May
27
Aug
Aug
153*
preferred
Jan
2%
13*
Nov
Sept
$3
8%
5,900
163*
445* 45
1073* 1075*
1093* 1095*
634% 1st preferred...25
Feb
2,700
"l%
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Preferred
10
1,000
333*
13
135*
325*
Overseas Securities
Nov
20
300
265*
363*
1083* 1083*
Nov
%
4%
100%
1%
600
104
112
5
13%
43%
T.ooo
643*
5
Met Edison $6 pref
Oklahoma Nat Gas com. 15
55
40
1
Ollstocks Ltd com
1095*
Ohio P S 7% 1st pref—10
Feb
Dec
21
Dec
"63*
Dec
4
Oct
30%
79%
5%
1
1075*
100
Ohio Power 6% pref... 100
Jan
T,6o6
•
45
com
Ohio Edison $6 pref
Ohio Oil 6% pref
Feb
"33%
63*
35
14%
323*
63*
34
104
.26
8%
Jan
Aug
8%
405*
Dec
373*
60
Engineering.
Novadel-Agene Corp
42
63*% A preferred...100
Mexico-Ohio Oil
Nor Sts Pow com cl A..100
North Penn RR Co
July
500
100
Northwest
T.300
"65* ""73*
Mesabl Iron Co
preferred
7%
Nor N Y Utll 7% 1st pf 100
Northern Pipe Line.....10
Deo
June
8%
18%
L20
42
....
Preferred A
Range for Year 1936
Shares
33*
653*
353*
No Am Utility Securities.
Deo
Nov
10%
""63*
100
Merchants & Mfg ol A...1
Participating preferred.*
Merritt Chapman & Scott ♦
preferred
Miss River
High
35*
53*
3%
653*
363*
Nor Cent Texas Oil
4%
11%
12
mrnmmm
Mercantile Stores com..
Minn P & L
Low
Class B com
87
Dec
"10%
Memphis Nat Gas com..5
v
Common
$6 preferred
North Amer Rayon cl A—
Dec
300
Mc Williams Dredging—.
Class B
Price
Nor Amer Lt & Pow—
Ohio Brass Co cl B
Marlon Steam Shovel....*
Class A
Week
Apr
4%
4
74%
193*
7%
173*
—*
Mass Utll Assoo v t c
102
900
Mapes
Warrants
for
of Prices
Nor Ind Pub Ser 6% pf.100
*
preferred
Lucky Tiger Comblnat'n 10
7%
Week's Range
Sale
Par
Nov
12%
1,800
24,100
63*
*
Louisiana Land & Ezplor.l
Loudon Packing
Last
High
Long Island Ltg—
Common
STOCKS
(Continued)
Range for Year 1936
10
Locke Steel Chain
Sales
Thurs
for
(Continued)
Jan. 2, 1937
Exchange—Continued—Page 3
"2% "3"
1
Pittsburgh Forgings
Pittsburgh & Lake Erie.50
"l93*
895*
126
-—*
6
Mar
Potrero Sugar com
Sept
"163*
6
115*
Powdrell & Alexander
43*
520
1,500
300
200
2,600
1,200
1
"2%
Nat Bond & Share Corp..*
51%
50%
51%
200
Natl Container new com-.l
13
12
13
600
4,400
23
Jan
Premier Gold Mining
1
43*
35*
43*
13,400
800
66
Dec
Prentice-Hall Inc
*
Feb
Pressed Metals of Amer—*
343*
345*
1
3*
3*
343*
*16
19,000
5*
5*
800
'143*
145*
143*
400
113*
113*
123*
3,400
1033* 1033*
30
100
109
10
1033*
173*
National Gypsum cl A—5
17%
18
66
*
National Fuel Gas
62
66
3%
National Investors com..l
10,100
3%
7,800
"is
%
1%
1%
8%
8%
33%
33%
87%
88%
35
1,600
1,300
2%
Nat Leather common—10
%
1%
com...*
8%
Warrants
Nat Mfg & Stores
4
National Oil Products
"88%
National P & L $6 pref—
700
100
550
*
"12% ""l2% '13%
%
Conv part preferred._.*
3%
*16
4
National
"27% "25
12.60
Transit
"l0%
1%
New Bradford Oil..
Jan
Feb
|
135*
"16%
15%
1%
16%
183*
1%
*18
14
18
4%
243*
""45* "1%
300
133
133
10
22
82
22
100
80%
82%
4%
4%
133
*
303*
$6
preferred
Dec
Nov
Dec
Feb
135
25
300
28
30%
300
Dec
2834
7%
N Y Auction Co com—
N Y & Honduras Rosario 10
Nov
Mar
2,000
4,000
122
Feb
Dec
July
4,000
24 J*
4%
9634
454
13834
2334
Deo
Oct
Jan
Feb
N Y Merchandise Co—
N Y Pr & Lt 7%
Aug
19
13
25
Mining Corp.10
Feb
Apr
*
New Process Co com
Feb
2
35*
11334
800
Deo
New Mex & Ariz Land—1
Newmont
155*
3,200
41
5
New Jersey Zinc
1,500
Dec
115
Co 100
New Haven Clock Co
1
Aug
10
500
113% 114
Nelson (Herman)
New England T & T
10%
30%
2~600
Dec
'37% "37% "41
Nelsner Bros 7% pref—100
Corp—6
Neptune Meter class A—
Nestle-Le Mur Co cl A...*
Nev Calif Elec com
100
7% preferred....—100
Dec
Feb
Dec
%
6%
9%
10%
1%
1%
1%
*
Nehl Corp common
Oct
800
"27%
9%
Nat Union Radio Corp..
Nebraska Pow 7 % pref-100
Providence
59
53* % pref. 10
Nebel (Oscar) Co com
Prosperity Co class B
Deo
2,600
Oct
pref.. 100
*
105
106
30
Dec
N Y Shipbuilding Corp—
8%
17%
1
Founders shares
*
63*% pref—100
New York Transit Co. -«-5
N Y Water Serv6% pref 100
N Y Steam Corp com
N Y Telep
115
115
4%
~48""
45
8%
18%
116
4%
48
200
1,150
325
100
260
6% May
143* Apr
112
4%
45
Nov
1154
Jan
21
Dec
125
July
15
16%
%
Class A opt warr
16%
*16
2
Class B opt warr
17%
%
2%
20,000
14%
1,700
2,700
500
.5
Niles-Bement-Pond
——1
For footnotes see page
12%
47
*
Niplsslng Mines.......—5
Noma Electric
14%
"2%
11
81.
2%
10%
47
2%
11%
100
1,300
7,600
100
100
6% 1st preferred
7% 1st preferred
*
645*
Pub Serv of Nor 111 com..*
r825*
$7 prior pref
$6 preferred
Common
34
175*
54
33*
Jan
Apr
July
Jan
1554
6234
334
115*
Oct
623* 653*
313* 34
r825* r83
200
Oot
Jan
Jan
580
10
48
715*
45
Oct
Apr
85
Deo
Oct
48
Apr
81
Dec
100
111
Apr
U9
Sept
6% prior lien pref... 100
100
pf—.*
Puget Sound P & L—
$5 preferred
*
$6 preferred
Pyle-Natlonal Co.———5
Pyrene Manufacturing—10
Quaker Oats com.—.—*
6% preferred
Quebec Power Co
Ry & Light Secur com
100
—*
*
1
983* 100
102
7% prior Hen pref—100
Pub Utll Secur $7 pt
Class B
20
92
Jan
101
20
98
Jan
110
3
853*
84
86
300
503*
48
443*
48
750
22
Jan
14
Jan
'"83*
33*
250
"8% ""83*
'""700
1183* 1193*
23
13* June
53*
233*
225*
1
40
115
148
148
24
*
—*
Class A
102
"35*
Ry & Utll Invest cl A
Rainbow Luminous Prod—
10
141
24
50
233*
1
5*
425
3,300
June
Jan
152
Feb
Dec
Deo
Deo
Nov
Jan
Dec
Jan
24
Deo
17
Jan
24
Nov
3*
800
Jan
23*
Jan
Aug
Sept
2,300
243*
3*
Jan
923*
50
223*
93*
1373*
Sept
July
143*
100
%
516
Jan
73*
1 y%
Feb
Feb
243*
Dec
Feb
Raymond Concrete Pile—
*
24
preferred.—.—*
41
Raytheon Mfg v t c—50c
Red Bank Oil Co
*
103*
185*
393*
33*
93*
Reed Roller Bit Co....—*
335*
33
Common
$3 conv
Reeves
4
(Daniel) com....*
._.*
Reiter-Foster Oil.
53*
Reynolds Investing
Rice Stlx Dry Goods
1
1
*
23*
123*
Aug
Richmond Rad com
1
53*
Feb
Aug
73*
5*
53*
23*
41
4
325
900
53*
25
Feb
25*
Jan
113*
335*
75*
6,500
3
Jan
500
21
"16
53*
23*
2,100
2,800
133*
2,200
300
46
Oct
75* June
-20
Deo
June
343*
Nov
63*
»i«
July
95*
Nov
Jan
13*
Mar
43*
13*
Jan
Jan
7
Rochester G & E Corp—
Feb
Apr
1053*
111
.—.60
6% preferred
7554
Sept
Jan
Mar
Pub Service of Okla—
Dec
May
109
Public Service of Indiana—
Reybarn Co Inc....
1
7%
28%
2%
3%
preferred
Feb
75*
%
400
Pub Serv Co of Colo—
63*
Niagara Share—
Class B common
Prudentla 1 Investors... ..*
$6
400
Gas
Aug
Niagara Hudson PowerCommon
Propper McCallum Hos'y
Jan
Nov
30
100
Royalty
Producers
29
29
Can com.
6% 1st pref
Dec
133*
'2",600
National Steel Car Ltd—*
National Sugar Refining..
Dec
Apr
9%
Nat Service common—..1
National Tea
Pratt & Lambert Co
92
National Refining Co—25
Nat Rubber Mach
Power Corp of
Nov
Nov
4%
1113*
1%
2%
95*
365*
1
$5.50 preferred
Nov
555*
14%
Aug
Nov
Jan
Deo
12
53*
6
600
6,000
6% pref class D
100
RochesterTel634 % lstpf 100
Rogers-Majestic A
*
Roosevelt Field Ino..—.5
Root Petroleum Co...—1
$1.20 conv pref
.20
63* May
33* July
1043*
113
63*
33*
135*
175*
33*
125*
173*
35*
143*
18
1,600
3,400
600
2
$
35*
133*
63*
Apr
Mar
Deo
Mar
Apr
106
Nov
Sept
113
Sept
Jan
85*
43*
193*
Feb
Apr
Jan
23
Apr
Sept
Jan
Oot
Volume
STOCKS
Week's Range
for
{Continued)
Sale
of Prices
Low
High
Week
Par
Price
*
Russeks Fifth Ave
♦
12J4
Ryan Consol Petrol......*
Safety Car Heat & Lt-.lOO
323*
133*
43*
6,600
2,400
12
43*
33*
St Lawrence Corp Ltd...*
St Regis Paper com
5
3*
63*
85*
16
93*
35*
.....5
Schulte Real Estate
*16
73*
93*
14,000
400
50
600
75
983*
Deo
Oct
Trl-Continental warrants..
Mar
393*
Nov
Jan
Jan
135*
43*
Dec
Apr
33*
15*
Apr
3*
123
Nov
Dec
7t«
75
33*
r33*
71
Jan
May
41
*16
Aug
63*
Feb
"23*
23*
55*
7
33*
30
Apr
62
Dec
42
Jan
85
Sept
25*
413*
13*
Jan
6
Apr
49
Nov
100
25*
7
2,000
9,100
973*
600
81
Jan
43*
983*
983*
1,800
78
Jan
99
300
Jan
1st
Feb
Oct
Oct
£1
1
Sentry Safety Control
1
43*
Shattuck Denn Mining...5
183*
tl73*
com
Seversky Aircraft Corp
A
26
Shawlnlgan Wat «fc Pow..*
com..25
'1393*
5% cum pref ser AAA 100
Sherwin-Williams of Can. *
""24
Dec
4,700
6,800
15*
3*
75*
33*
43*
1,100
183*
July
283*
1453*
,516
»16
10
93*
^43*
1,300
103*
43*
900
185*
283*
Option warrants
United G & E 7% pref. 100
Jan
13*
15
Feb
$6 conv 1st pref
Oct
53*
Apr
Sept
Feb
203*
Dec
Nov
24
900
117
.May
10
110
July
16
June
253*
Aug
3*
Deo
Apr
Apr
Line stamped
$3 preferred..
1,300
3*
Oct
35
833* Sept
Simpsons Ltd 63* % pfd 100
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg.. £1
30
365
360
328
Aug
40
Oct
833*
427
963*
Jan
Dec
1.300
19
Jan
Oct
""900
163*
13*
Sioux City G & E 7% Pfl00
Smith (L C) & Corona
7J*
983*
July
293*
Oct
"i'5* "2""
1
Jan
345* Mar
163* 1 Oct
33*
Feb
Southern Calif Edison—
6% original preferred.25
6% preferred B
25
393*
283*
53* % pref series C
25
273*
Southern Colo Pow cl A. 25
43*
34
Feb
100
27
Mar
100
25
Jan
300
2
May
75
63*
Southern Union Gas.....*
23*
Southland Royalty Co
South Penn Oil
140
5
93*
433*
25
53*
5
400
15*
23*
600
9
93*
3,800
44
1,500
44
So'west Pa Pipe Line... .50
423*
44
50
Oct
141
100
100
10
7% preferred
393*
283*
273*
5
£1
*
Spencer Chain Stores
3*
93*
373*
Square D class A pref....*
Stahl-Meyer Inc com
*
United Profit Sharing
Standard Invest
1
Standard Oil (Neb)
Standard OH (Ohio) com
5% preferred....
Standard
10 3*
Jan
383*
3*
43*
400
33*
33*
15
50
100
113*
37
900
29
Dec
July
43*
13*
Dec
July
63*
123*
353*
173*
11
Jan
Apr
July
"""63*
...*
"45* ""55* "ls'ioo
43*
63*
53*
65
"22"
65
22
23
4
2,800
50
1,200
213*
Jan
97
2,800
100
183*
633*
233*
143*
40
Starrett (The) Corp
1
Steel Co of Can Ltd......*
7
73*
Sept
Dec
Jan
Feb
Apr
Apr
Dec
Jan
Feb
Oct
3*
736
4,600
2,300
183*
183*
'""i00
100
Sterling Brewers Inc
Oct
263*
Dec
43*
Stlnnes (Hugo) Corp
5
Stroock (S) & Co.
*
Stutz Motor Car........*
""93* ""95*
1
203*
1
'""600
Nov
73*
75
203*
1083*
Dec
Dec
Nov
-1
Wayne Pump common... 1
Wellington Oil Co
1
Went worth Mfg Co
6
Western Air Express
1
Western Auto Supply A..*
West. Cartridge 6% pf-100
Western Grocery Co
20
Western Maryland Ry—
7% 1st pref erred... .100
125*
Oct
Nov
May
43
Nov
June
153*
Western Tab & Sta
73*
Nov
Oct
5
Nov
Westmoreland Co
33*
325
163*
Sept
253*
Jan
1,100
Jan
55*
Nov
June
Williams (R
243*
193*
43*
263*
150
23*
1,100
1,300
255*
203*
43*
400
12,600
46
*
100
20
203*
9,200
133*
600
30
Jan
Feb
43*
293*
Apr
Williams OllOMat Ht._*
Nov
Wil-low Cafeterias Ino—1
Dec
Jan
203*
Dec
Dec
200
53*
102
113* *113*
"l23*
18" 100
Apr
163*
*573*
*375*
573*
383*
100
Aug
57 3*
40
1
2
1
4
Technicolor Inc common.*
213*
55*
Teck-Hughes Mines.I
1
Tenn El Pow 7% 1st pf.100
*13*
2
200
Jan
1,300
Aug
3,000
&193*
4
215*
17,700
53*
53*
5,200
I 4
&
35! July
173*
43*
66
Texas P & L 7% pref...100
Texon Oil & Land Co
2
6
*
1
46
6
453*
6
Mar
tMay
81
1003*
63*
Sept
93*
175
163*
Aug
503*
12
1,300
103*
300
Apr
1123*
2
Amer dep rets
Youngs town Steel Door..*
Yukon Gold Co
6
12
Dec
1st & ref 5s..
...1951
Oct
1st & ref 5s
1968
1st & ref 5s
Am dep rets ord reg___£l
193*
215*
53*
Feb
Jan
200
45*
323*
Mar
Oct
Aluminum Co
Am dep rets def reg___£l
Todd Shipyards Corp....*
Jan
54
Deo
Am El Pow Corp deb
10
1023*
Nov
107
Dec
Amer G & El deb 5s...2028
40
107
Mar
113
Apr
1st & ref
Tobacco Securities Trust
Toledo Edison 6% pref. 100
523*
107
7% preferred A..... 100
Tonopah Belmont Devel.l
1103*
Tonopah Mining of Nev__i
'""l3*
ft 51
107
523*
107
1105* U03*
3*
13*
3*
13*
June
300
500
3*
Oct
3*
13*
Feb
Feb
1967
43*8
s
f deb 5s '52
Aluminium Ltd deb 5s 1948
5s
6s *57
2008
called
Am Pow & Lt deb 6s..2016
Amer Radiator
Am Roll Mill
Deo
23*
Mar
Jan
943*
85*
Aug
July
93*
July
a°/i
Jan
800
Jan
Jan
68
July
323*
75
55*
293*
6J*
Jan
375*
Nov
Jan
663*
Deo
140
66
Apr
1123*
100
155*
Jan
73* May
95* May
13*
600
"600
913*
423*
550
13*
80
13*
15*
600
13
10
13
153*
163*
5,600
23*
23*
300
"23*
"23* "23*
T.Boo
""83*
"T
'"266
67
73*
.....
65
"83*
673*
73*
....
8
70
425
2,100
.....
'"*30
1
33*
43*
13*
66
43*
5*
33*
43*
13*
65
1
33*
45*
4,400
13*
663*
400
4,100
7,200
750
43*
873*
1,300
1
13*
2,400
43*
13*
43*
13*
33*
4,300
18,000
1,500
233*
73*
13*
6,900
45*
873*
"~13*
43*
13*
33*
23
75*
13*
3
213*
73*
13*
25
1,200
900
"143* "153* """366
63*
11
"II"
13*
23*
353*
103*
27
"72""
333*
103*
263*
83*
73*
2
23*
36
900
600
4,600
103*
800
27
400
83*
693*
72
1013* 1013*
93
700
"II"' ""loo
100
200
1,350
25
303*
303*
883*
883*
10
33*
73*
103*
43*
73*
103*
1,300
83*
100
1,100
64
31
Mar
25* June
7
85*
Dec
Dec
1
1
13*
800
1
Apr
75*
73*
8
700
63*
Aug
46
100
46
133*
9
43*
123*
836
5
133*
9
200
1,200
3,700
33*
12
Jan
Dec
73*
73*
11,100
55*
Jan
213*
Dec
73*
673*
663*
69
1,500
75*
Oct
363* Sept
23*
23*
3
2,000
15* June
1104
*223*
93*
73
43*
108
1083*
105
1043* 105
104
1043*
1083*
15.000
9,000
Apr
107
1023*
965*
Jan
1083*
Feb
105
3.000
96
Feb
973*
50,000
84
Mar
42,000
1063*
913*
92-3*
1053* 106
1063* 1063*
1033*
1003*
943*
1083*
"l073*
353* 353*
1073* 108
103
""973*
923*
106
97
103
5,000
14,000
1,000
793* May
1055* Dec
1033*
Feb
133*
Jan
55,000
107
373*
106
Jan
1083*
106
Dec
1063*
1033*
1053*
"I6I3* "I613* 162"
541656
923*
Jan
1033* 1033*
1033* 1033*
1053* 1053*
1,000
17,000
102 3*
103
June
105
102
May
1073*
45*8.-1947
1946
Arkansas Pr &. Lt 5s..1966
81
105*
123
Jan
4,500
163*
23*
d^b 5s..1948 "l033*
Amer Seating 6s stp...
see page
Jan
25,500
83*
Appalachian El Pr 5s. 1956 rl043* el043* 1043*
107 rib 108
Appalachian Pow 6s.1941
1193* 1193*
Debenture 6s
2024
1023*
1013* 1023*
Ark-Loulslana Gas 4s 1951
For footnotes
813
25*
133*
83*
893*
...1956
Ana
"2,660
Jan
633*
41
1942
....1946
1st & ref 5s
53*
""33* ""33*
July
Deo
Feb
Dec
Feb
BONDS—
Abbott's Dairy 6s
Alabama Power Co—
Mar
33*
1,200
(new)—*
Wright-Hargreaves Ltd..*
23*
Tobacco Prod Exports...*
13*
4
Oct
69
Nov
52 3*
Feb
Jan
145*
103*
Feb
Apr
Dec
July
3* June
113*
65
Apr
3
Woodley Petroleum
1
Woolworth (F W) Ltd—
Oct
Feb
Dec
Mar
July
Oct
Jan
Oct
Dec
73*
73*
15
Wolverine Tube com
Oct
22
353*
9,700
Wise Pr & Lt
Mar
Oct
Apr
80
■
Nov
Dec
43* Mar
63* May
323* Mar
63* July
1,300
46
123*
10
123*
Tlshman Realty & Const.*
Tobacco and Allied Stocks *
Jan
Dec
Dec
12
61
90
--*
Wilson Products
133*
943*
—1
Sept
100
Aug
Aug
Winnipeg Electio cl B—*
7% pref. .100
Wolverine Portl Cement-10
x49
Jan
52
5
173*
July
WHson-Jonee Co
Jan
7
Jan
30
Apr
Mar
100
*
Conv preferred
5
245*
i
423*
pref..*
*
C) & Co
*
Feb
July
Mar
23*
42",600
""23* "23*
13*
West Texas Util $6
13*
163*
193*
23*
123*
300
--*
18
45
July
43
West Va Coal & Coke
23*
800
Westmoreland Coal Co.--*
23*
1
400
163*
31
*
Jan
Sept
13
Tampa Electric Co com..*
Tilo Roofing Inc
33*
10
86
73*
83*
61
Walker Mining Co
43*
97
Syracuse Ltg 6% pref.. 100
Taggart Corp common...»
Talcott (J) Ino 634 % pf-50
Thew Shovel Coal Co
Jan
A..—*
*
1,900
1,900
45
"203*
100
Taylor Distilling Co
Deo
3*
185*
Oct
Oct
......
common..*
63*
43*
22
43*
50
Tastyeast Ino class A
203*
Jan
Dec
Jan
Venezuela Mex Oil Co.—10
Venezuelan Petrol
1
Va Pub Serv 7% pref. .100
Vogt Manufacturing.....*
63*
43*
213*
26
23*
253*
Sullivan Machinery .....*
oonv pref
Oct
3*
Jan
100
Class B
Apr
Mar
3
Class B
7% preferred
Waltt & Bond class
193*
Apr
*
pf 100
Utility Equities Corp
»
Priority stock
*
Utility & Ind Corp com..'
Conv preferred
«
Wahl (The) Co
25
133*
1053*
33*
121
23*
23*
—*
23*
63*
Sterling Ino
.........1
Stetson (J B) Co com....*
Sunshine Mining Co... 10c
Swan Finch Oil Corp
15
com—..*
$7 conv 1st pref
*
United Stores vtc
-*
United Verde Exten_..50c
United Wall Paper
*
Universal Consol Oil
10
Universal Insurance
8
Universal Pictures com.—1
U S Stores Corp
6
93*
1
Sunray Drug Co
Sunray Oil
U S Rubber Reclaiming..*
29
*
60
20
Swiss Am Elec pref
119
121
Waco Aircraft Co
23* May
23* Apr
59
Stein (A) & Co common..*
1st preferred
U
Card
Utah Radio Prod
Jan
15
716
3*
213*
8
Utlca Gas & Elec 7%
Wholesale
Phosphate & Acid Wks20
Standard Silver Lead
1
63* %
Dec
25*
5.200
2d preferred
U S Playing
Feb
85*
300
193*
12
383*
Sterchl Bros Stores
*
*
10
S Radiator Corp com..*
7% preferred
..100
U 8 Lines pref
Feb
Feb
Jan
200
15
*
63*% Pref
U S and Int'l Securities..*
Universal Products
33*
3*
573*
Preferred
1
US Foil Co class B
Utah Apex Mining Co
6
Utah Pow & Lt $7 pref—.*
3*
3*
Dec
113*
53*
434
23*
83*
943*
8
15*
100
Jan
700
193*
Standard Products Co__.l
July
10
2,300
Class B
U S Finishing common..
Jan
750
573*
1
Common class B
25
Dec
1,800
""673*
Standard P & L
July
July
1,100
4,600
U S Dairy Prod class A__
44
93*
10 il93*
25 3,115*
25 £373*
$53* pref *
283*
65*
763*
Jan
373*
43*
*
Standard Oil (Ky)
B..1
United Shoe Mach com..25
Util Pow & Lt common—i
•
Conv preferred
*
10
Preferred
63*
323*
9
33*
3*
295* July
33* June
37
Standard Brewing Co....*
Standard Dredging CoCommon
3*
Apr
May
Spanish & Gen Corp—
Am dep rets ord bear..£l
Am dep rets ord reg
413*
Nov
*
1st pref with warr
273*
Typewriter v t o com
*
Smith (Howd) Paper Mills*
13
£1
United N J RR & CanallOO
Preferred
33*
645*
145*
Am deD rets ord reg
Sept
Nov
175*
Jan
233*
United Molasses Co-
Preferred
Con v pref
May
7
'""13* "l3* "2",loo
13*
♦
....
United Shipyards com
3*
716
25
Corp
*
United Milk Products
Nov
116
173*
"16" '"93* "103*
.*
Common class B
Simmons-Boardman Pub-
Southern N E Telep
Southern Pipe Line
1
$7 pref non-voting -*
Mar
60
1363* 1393*
1113* 1113*
24
Apr
23*
Shreveport El Dorado Pipe
Sonotone
73*
United Lt & Pow com A..*
Amer dep rec
39
Sept
6
43*
19
$3 cum & part pref....*
United Corp warrants .....
United Elastic Corp
»
7,000
23*
163*
United Chemicals com...*
Dec
33*
Jan
Mar
12,500
""33* "35* "l",200
213*
Mar
15*
973*
Allotment certificates
97
7,900
1,300
50
Warrants
Mar
983*
33*
33*
973*
25
0
173*
643*
93*
113*
183*
65*
100
7
43*
a
United Aircraft Transport
40
Selfrldge Prov Stores—
Sherwin-Williams
Union Stock Yards
United Gas Corp com
.....
11
*
Jan
Jan
Selected Industries Inc—
Seton Leather
Union Gas of Canada
Nov
2
293*
03
Unexcelled Mfg Co.....10
Dec
1,100
163*
2
5% preferred
Apr
Oci
13*
150
*
$5.50 prior stock.
173*
63*
Twin Coach Co
Sept
13*
High
8
"183*
Tung-Sol Lamp Works—1
80c dlv pref
♦
26
Low
213*
*
Dec
Deo
Deo
Oct
500
Ulen&Co 73*% pref—25
103*
1183*
73*
5,000
23*
85*
1
Class A
Jan
Aug
43*
23*
153*
615*
83*
Tublze ChatUlon Corp_..l
May
33*
4
43*
23*
*
Trunz Pork Stores
55
23*
Range for Year 1936
Shares
Triplex Safety Glass Co—
Am dep rets for ord reg..
Feb
50
48
48
Selberllng Rubber com...*
Common....
1
Common
Union Traction Co
*
Selby Shoe Co
505*
Jan
8
Price
'
385*
4,200
463*
Manufacturlng.25
1
1,200
,516
*7
5*
Scranton-Sprlng BrookWater Serv $6 pref
*
Securities Corp general...*
Segal Lock & H'ware
43*
393*
38
*
Seeman Bros Inc
High
60
Schlff Co common....._.*
Scoville
100
*
Savoy Oil Co
Par
Trans Lux Plot Screen—
900
115
115
100
com
Week
Mar
70
St Anthony Gold Mines.. 1
Sanford Mills
for
of Prices
Low
High
13*
Jan
1,200
""800
323*
Rustless Iron & Steel....*
preferred
Week's Range
Sale
263* June
H
H
5*
.*
Royal Typewriter...
Shares
'863* "903*
Rossla International
Royallte Oil Co
Lon
Last
(<Concluded)
Range for Year 1936
Last
Sales
Thiers,
Sates
Thurs.
STOCKS
7%
79
New York Curb Exchange—Continued—Page 4
144
1043*
1033* 1043*
1,000
13,000
8.000
4.00U
27,000
25,00o
1045*
1063*
1135*
1013*
98
Aug
Dec
Dec
107
1083*
Feb
121
Dec
1025*
Feb
1045*
Feb
New York Curb Exchange—Continued—Page 5
80
Thurs.
Sales
bonds
Last
Week's
(.Continued)
Sale
of Prices
Low
High
Price
Associated Elec 4% s.. 1953
Associated Gas A El Co—
Range
for
bonds
Last
Low
High
61
65% 180.000
55%
78
7233
78
56
57
35%
28) '
Mar
61
Oct
Gesfurel 6s
27]
Mar
61
Oct
Glen Alden Coal 4s
1905
69
Oct
Gen Wat Wks & El 58.1943
July
Georgia Pow & Lt 5s.. 1978
Georgia Power ref 5s.. 1967
55 %
Conv deb 6s
1950
60%
57
Jan
66
Oct
Gobel
60%
56%
5833
61% 110,000
61% 113,000
5833
1,000
30
.-1968
29
Mar
65%
Oct
Grand Trunk West 4s. 1950
Jan
61%
Nov
Gt Nor Pow 5s stpd..l950
62%
67
Conv deb
.1908
5%s
1977
Assoc Rayon 5s
1950
Assop t a t deb
100%
88
5%s A '55
^
Atlanta Gas Lt 4%s._1955
Atlas Plywood 5%s_..1943'
57
30%
Jai
21,000
33
Mar
100% 100%
88
8733
20,000
75
Jan
10433 104%
15,000
33,000
$104%
78
80%
70
100%
Oct
Grocery Store Prod 6s. 1946
Guantanamo A West 0s '68
91%
May
105%
105%
Nov
Jan
Oct
Baldwin Locom Works—
with warrants
6s
1938
167
160
167
4,000
77%
Apr
173
Nov
6s stamped w w..1938
167
165
167
Apr
175
Nov
15133 157%
77,000
41,000
65,000
79
15333
73%
Apr
166
Nov
75
Apr
166%
Nov
6s without warrants 1938
6r stamped x w
152
1938
Bell Telep of Canada—
1st M 5s series A ..1956
115
1st M 5s series B...1957
123
5s series C.
Bethlehem
115
115%
123%
12333 12333
Steel 6a...1998
145
13,000
145
114%
Oct
117
10,000
116
Jan
124
Dec
13,000
116%
Jan
Dec
10,000
134
Jan
124%
145%
105%
89%
Feb
63^566
123
Blnghamton L H-A P 5s '46
$10533 107
Birmingham Elec 4%s 1968
Birmingham Gas 6s
1959
97%
86
84%
1939
107%
1956
86
12,COO
98
Broad River Pow 5s.. 1954
Gen A ref 5s.
98
1,000
107% 107%
$103% 10333
103%
"7~666
10,000
104% 10533
112% 11233
43,000
10,000
103
Carolina Pr A Lt 5s... 1956
10533
Cedar Rapids M & P5s.'63
Cent Ariz Lt A Pr 5* 1960
11233
$10533
76
Jan
Jan
107%
98%
90
Mar
Dec
Rept
Nov
Oct
1956
ser
10333
F.1967
103%
1968
4%s
5a series G
106
103% 10333
102% 103%
103% 104
96,000
102
102
14,000
10333
90
10233
10333 10333
90
8933
14,000
9,000
116%
Mar
Jan
105%
Ian
114%
107%
Deo
Nov
Mar
99%
93%
Jan
Jan
Jan
May
Dec
75%
78%
80%
65
Apr
May
Apr
27,000
104*4
Apr
106%
3,000
104%
Dec
106
Feb
Jan
Feb
Jan
June
Chicago A Illinois
Yards 5s
1940
Chic Pneu Tools 5%s.1942
I960
5s registered
80%
99%
5,000
99
Dec
99%
Dec
1,000
109%
101%
Jan
111%
Apr
104
4i"666
67
Apr
Dec
12,000
86%
Jan
10433
12,000
93
Jan
104 %
Dec
25,000
69
Nov
86%
June
Nov
85% June
102%
80
77%
80% 777,000
68%
78
"so"
78
77
Jan
97%
Jan
102
102%
3,000
12,000
81
103%
Dec
Aug
July
$102% 10333
75%
73%
7633 130,000
7533
74%
76
63,000
$51
55
5%s_1952
5%s
1949
Commerz A Prlvat 5%s '37
102
Mar
105
1963
4%s aeries C
1st 4%s series D
1st M 4s series F
1981
3%s series H
1966
11033
1957
5% s 48
Community Pr A Lt
Community P 8 6s
"166%
103"
6s *67
8533
1960
10033
Jan
3,000
Dec
113%
Mar
2,000
110
July
63,000
11,000
10633
103
103%
84
85%
10033 100%
20,000
78,000
7,000
105%
103%
Jan
113%
108%
Nov
Jan
108
Nov
102%
63%
98%
Apr
105
Feb
Jan
Oct
86%
101
Dec
Oct
Sept
7s aeries A
1951
$128
4%r series C
1956
6s series D
1962
$104% 105%
104% 104%
Consi'l Gas (Bait City)—
5s..
1939
109% 11033
124% 124%
Consol Gas Utll Co.—
1st A coll 6s ser A..1943
94%
94
103
Cuban Telephone 7%s 1941
Cuban Tobacco 6s
1944
Dallas Pow A Lt 6s A. 1949
97%
31%
94%
103
99
$96%
78%
78%
107% 107%
105% 105%
103% 104
1952
Delaware El Pow 5%a_ 1969
Denver Gas A Elec 6s. 1949
Derby Gas A Elec 5a..1946
10633
105%
1901
4%s._1958
1957
6s series B
1947
4%s series C
1961
Kansas Power 5s
1st mtge 5s ser H..1961
Jan
9,000
109
Dec
112%
May
Lake Sup Dlst
Lehigh Pow Secur 6s
108
108%
102% 102%
106% 106%
105% 106
7,000
28
Sept
93,000
3,000
85%
101%
88%
Jan
48
95
Aug
104
Jan
102%
Kimberly-Clark
6s
.Aug 1 1962
Certificates of deposit
Aug 1 1952
Certificates of deposit.
10%
9%
.
Deb 7s
..1943
..........
3%
0%s_. 1937
-
»
-
Eastern Gas A Fuel 4s 1956
Edison El Ill(Bost)3%s '65
"94%
Elec Power A Light 6s. 2030
Elmlra Wat Lt A RR 6s '56
93%
9%
3%
3%
102
93
1960
104
Empire Dlst El 5s
1952
103
Aug
Manitoba Power
Apr
Apr
Metropolitan Ed 4s E. 1971
Apr
Feb
First Bohemian Glass 7s '57
Fla Power Corp
5%s_1979
Florida Power A Lt 5s. 1954
103
104
-
-
-
-
-
100%
* 13% 104,000
91
104%
108%
65
Jan
Nov
Jan
108%
101%
Dec
Sept
Sept
Apr
Feb
108
Oct
Dec
111%
Feb
Jan
84%
Oct
May
63
Jan
84
Oct
69
Sept
96%
Jan
Jan
100%
104%
4%
Jan
17
Oct
Feb
71
76
16,000
50
Jan
83
July
54
Feb
"3*600
53%
Feb
85%
85%
July
74
65
July
Jan
109%
Feb
15,000
98%
Aug
103%
Dec
69%
Aug
59
81%
78
Apr
8,000
107
88
Feb
Aug
79%
Jan
Apr
93
55
54%
104%
Nov
87%
106%
Oot
Jan
July
I as
Dec
6*666
103
Dec
100%
Feb
6,000
101%
Jan
107
Dec
"
100
Jan
1,000
75^666
44
Jan
75
65
85
103% 104%
105% 105%
103
103
98%
97%
98%
106% 106%
101% 101%
97
97%
104
104
97%
104
103% 103%
101% 101%
110%
110% 110%
103% 104
104%
104
104% 104%
105% 106%
105% 105%
May
90
Feb
Jan
71
June
39%
June
47)
May
61
Jan
105)
5,000
9,000
25,000
*2*666
Aug
108
Jan
103%
103%
115%
100%
Apr
106
Mar
Jan
106%
122%
103%
Mar
Dec
Sept
Jan
Feb
98%
98%
34,000
90
Apr
1,000
101
3,000
22,000
3,000
10,000
11,000
13.000
2,000
16.0001
3,000
4,000
10,000
7,000
$10
Oct
Feb
100%
108%
95%
Feb
103
90
Apr
99%
Sept
Jan
June
July
Aug
103%
Dec
104%
106%
100%
Dec
101%
Dec
112%
June
Sept
103%
108%
102
103%
102%
105
103%
75%
Feb
Apr
Nov
105
Jan
106
Aug
Feb
Apr
104%
107%
Mar
Jan
106%
May
Jan
98%
Deo
27
Aug
24
Oct
103
Oct
11,000
101
Feb
106
Nov
105%
13,000
6,000
103%
91%
Feb
108%
98%
1943
93%
106%
99%
93%
95
15
Oct
Miss Pow A Lt 5s
97%
97
98%
21,000
8
Oct
Mississippi Rlv Fuel 6s '44
3%
32,000
105%
4,000
18,000
94%
78
Jan
Jan
10,000
102%
May
55,000
10,000
98%
102%
83%
89%
Mar
May
Mar
29,000
47,000
$105% 106%
Jan
105
Jan
Oct
103
Jan
96
Sept
107%
103%
100%
95%
Aug
Sept
Oct
Oct
100
Sept
May
106%
105%
Dec
107%
109%
108%
78%
"moo
67%
Jan
82%
Oct
99%
2,000
93%
Jan
101%
May
107% 107%
Miss River Pow 1st 5s. 1951
Missouri Pow A Lt
Mar
Jan
103%
105
Oct
Aug
02
103
105
105%
6%s '46
1957
June
103
103
4%s._ 1967
PAL 4%s
.*1978
Minn
June
68
$40
103
95
*10*666
$
5%s '55
94%
Nov
Missouri Pub 8erv 5s. 1947
108% 108%
13,000
93%
93% 106,000
108%
Dec
93%
110%
105%
Dec
Dec
1944
Munson 8S 6%« ctfs.. 1937
Aug
Nassau A Suffolk Ltg 5s '45
104
July
Nat Pow A Lt 6s A...2026
93
Dec
Jan
09
June
Jan
108
June
Nebraska Power 4%s_1981
6s series A
2022
July
31
Nov
Nelsner Bros Realty 6s '48
$109% 110
Oct
Nevada-Calif Eleo 5s. 1966
97%
$120% 121
Oct
June
May
Montana Dakota Utilities
109
103% 104
103%
91%
93
91%
92
101% 101%
103
103%
2,000
7,000
18,000
86,000
3,000
40%
105%
28
16,000
2],000
111,000
104
104
9,000
$94
95
23"666
105% 105%
100
100% 120,000
6s ex-warr stamped. 1944
101
101
103
102% 103%
99% 100%
99% 100
75%
99%
Jan
97%
102
Aug
Jan
105%
106%
95%
105%
Feb
Feb
Jan
Mar
Apr
100%
Dec
102
Feb
July
102%
July
91
100
90%
101%
Jan
100% 100%
105
$104
94 %
95%
Jan
4,000
88%
92%
83%
3,000
82
12,000
41,000
78
5%s
Deb 5s series B
2030
N E Gas A El Assn 5s. 1947
13
93%
49
108%
125
1948
1950
78%
New Eng Pow Assn 5s_ 1948
100%
101%
Income 6s series A.. 1949
101%
100%
Dec
Jan
July
102%
May
Jan
103%
90%
Jan
30
$24
28
Certificates of deposit...
$24
26%
1942
N Y Central Elec 5%s '50
New York Penn A Ohio—
79
70%
1964
Deo
90
$68
5%s
Dec
Mar
Dec
Dec
71
Nov
22% June
27%
July
20
27%
Nov
June
77%
77%
125
78%
78%
77% 78%
100% 100%
101
101%
1,000
34*600
8*5*660
6% July
102% May
97
85%
10
106
Nov
Feb
Apr
107
Aug
Apr
97
July
18
Jan
77
Dec
107
Dec
112
May
117%
Jan
105% May
86%
Jan
109%
Jan
04%
May
125%
110
102
79%
79%
79%
Feb
Dec
27,000
88%
Jan
101%
102%
12,000
32,000
74%
Jan
95%
69
Jan
92
11,000
97
May
105
105
July
110%
85
Jan
Oct
Nov
64% May
Apr
Deo
120%
36,000
71,000
63,000
04%
Dec
Feb
Feb
Mar
New Orleans Pub Serv—
Dec
Jan
78%
78%
Conv deb 5s
Debenture
13
12%
11,000
105%
7,000
102% 102% 24,000
92%
94%
90,000
50
46%
686,000
108% 108%
4,000
105
'102%
Conv deb 5s
101%
103%
Jan
98
5,000
52~666
General Rayon 6s A.. 1948
Gen Vending G rp 6s. 1937
81.
4,000
33,000
105
Gatlncau Power 1st 5s. 1966
Deb gold 6s. June 15 1941
Deb 68 series B
1941
95%
105%
97%
$120% 121
Midland Valley 5s
5s stamped
"loo"
104
Jau
47,000
102
Gary Electric A Gas—
General Bronze 6s
1940
General Pub Serv 5s__ 1953
Gen Pub Utll 0%s A. 1956
Jan
100
76%
54
103%
105%
New Amsterdam Gas 5s '48
Firestone Cot Mills 6s. 1948
Firestone Tire A Rub 5s *42
90
1,000
83%
1955
....
101%
3,000
105%
Mississippi Pow 5s..._ 1955
57%
57%
$105% 106
$29%
91%
Dec
Oct
$104% 105%
Middle States Pet
MUw Gas Light
Nat Pub Serv 5s ctfs. 1978
Finland Residential Mtge
Banks 6s-6s stpd._.1961
99%
26 J)00
Oct
Aug
Mar
July
Ercole Marelll Elec Mfg—
6%s series A
1953
Erie Lighting 6s
.1967
Farmers Nat Mtge 7s. 1963
Federal Water Serv 5%s '64
104%
Jan
76%
16
7%
Jan
86
106%
83,000
30,000
104
95
13,000
1,000
50
5%s_1951
102}
1075
1,000
111,000
6,000
12%
12%
4%
102
Nov
5,000
65
7» without warrants. 1941
5,000
Jan
106%
Mansfield Mia A Smelt—
June
McCallum Hosiery 6%s '41
McCord Rad A Mfg 6s '43
28,000
Jan
86%
$68
"55"
Memphis P A L 5s A-.1948
109
99
12,000
85%
105%
Jan
103%
Dec
25,000
8,000
Louisiana Pow A Lt 5s '57
May
107%
106%
Feb
100%
87
103%
$103% 104%
105% 105%
105%
105% 105%
Jan
108
Jan
109
Jan
105
103
106%
110
Jan
Deo
Jan
5,000
1942
Apr
99%
105%
102%
82%
Feb
Feb
Sept
101%
91%
Long Islind Ltg 6s... 1945
Sept
May
May
5,000
Aug
82
67
Nov
70
13,000
Mar
107
Jan
Oct
106
96%
93%
92%
106% 106%
101% 102%
103
92%
Empire Oil A Ref 5%s_1942
2026
105
18,000
104
94% 142,000
109
El Paso Elec 6s A
__
106
105%
107%
Dec
90
Lexington Utilities 5s. 1952
LIbby McN A LIbby 5» '42
4,000
1,000
83%
Dec
70%
Pow3%sl966
~%66o
Jan
Mar
Kentucky Utilities Co—
109
101%
108
73%
1947
Dec
Jan
103%
73% 204,000
42,000
69%
Kansas Gas A Elec 08.2022
104%
88
108
107% 107%
55
1,000
1,000
Jan
Dec
Jersey Central Pow A Lt—
1969
Feb
97%
103%
101%
103%
I 60%
3,000
100% 102
101%
1948
1956
Nov
July
4,000
96%
73
54%
5%s
5s series I
125
Jan
Dec
107%
1942
Stamped
Jamaica Wat Sup
6s
11
0%8
5s series B
0%s series D.
5%s series F
Detroit Internat Bridge—
see page
Iowa-Neb LAP 5s... 1957
Jan
110
100%
102%
82%
87
Dec
Jan
32%
Dec
May
Jan
75%
75%
75%
1958
Lone Star Gas 6e
9733
31%
Conv deb 0%s w w.1943
Cont'l Gas A El 5s
1958
Crucible Steel 5s
1940
Det City Gas 6s ser A. 1947
5s 1st series B..^
1960
76%
4%s series F
109
Dec
Jan
~4J)66
107% 107%
98%
99%
91%
128%
120
21% June
100
103%
$109% 110
1956.
Dec
3,000
11,000
104% 104%
"99%
6s series D...
May
104%
1964
43%
1,000
95
Koppers Co deb 5%s.l950
11033
Jan
Jan
May
109%
105
1952
124
Consol Gas El Lt A P (Bait)
lstr ef s f 4s
1981
6s series O
1957
Debenture 6s
105
130
Dec
72
Interstate Public Service—
Italian Superpower 0s. 1963
June
4,000
22%
100%
102% 103
Isarco Hydro Elec 7s. 1952
Isotta Fraschlnl 7s
1942
Connecticut Light A Power
4%s
Interstate Power 5s
Dec
113%
July
107%
99%
Mar
70%
$72
July
106
1956
103
"96%
1957
July
113
Oct
110%
Oct
107
95%
1952
80%
80%
Apr
76%
Jan
81%
70%
1955
7s series E
55%
Mar
Jan
105
Jan
It
Jan
110%
56%
108%
58
13%
Jan
110%
110%
Feb
Dec
Dec
International Power Sec—
Feb
1,000
01%
2,000
Intercontlnents Pow 69 '48
34
2,000
101
77%
1Q5
65%
66%
110% 110%
Sept
108
"12,000
105%
Iowa Pub Serv 5s
11033 11033
11033 11033
11033 1)1
10633 106%
Mar
104%
25
44,000
99%
Feb
103
78%
A. 1957
ser
Jacksonville Gas 5s
1st M 5a series A...1963
1st M 6s series B
1954
1st
For tootnotes
1950
1st lien A ref 5s
Ind'pollR P L 5s
May
Commonwealth Edison—
5,000
"5*660
105
103
96%
Indianapolis Gas 5s A. 1952
Iowa Pow A Lt
1943
Dixie Gulf Gas
Indiana Service 5s
International Sec 5s.. 1947
10133
Jan
104
International Salt 5s..1951
104
Jan
44
105%
105%
1957
Aug
Pipe
_.
Gen mtge
5s
'58
June
83%
101%
77
5%s '42
Gas
109% 10933
$10233 104
80%
81%
101
10433
1950
Com' wealth Subsld
5s
7s series F
Chic Rys 6s ctfs
1927
Cincinnati St Ry 5%s A *62
6s series B
1955
Cities Service 5«
1966
Cities Serv PAL
Indiana Hydro-El***
6%s series C
99
Ry 4%s A1956
Chic Jet Ry A Union 8tock
Aug
64
101% 101% 140,000
9,000
106% 106%
55,000
105% 106%
105
27,000
105%
Indiana A Mich Elec 5s '55
61
62%
47,000
90
78%
108
101%
Indiana Gen Serv 5s..1948
104%
Sept
74
May 1957
1951
97
79
77%
1953
Feb
6933 125,000
C...1956
ser
5%8
Indiana Electric Corp—
6s series A
1947
58 series C
95
71
1st A ref 5s
S f deb
B.1954
ser
6%s series B
88% June
82%
Jan
6733
5%s
A *63
Dec
Sept
Dec
7,000
75,000
91,000
1st A ref
ser
Mar
96
Nov
78
78%
77%
1947
105%
104%
104%
102%
3,000
68%
Service
..1949
Apr
73%
Line 6s.
6s series B
111 Pow A L 1st 6s
Jan
Apr
$78
1981
Aug
69%
Cities
1978
1949
105%
69%
Cities 8ervlce Gas
4%s series D
4%s series E
Mar
94
85
10,000
103% 103%
101% 101%
111 Northern Utll 5s... 1957
5%s ex-warrants
1954
Cent States PAL 6%s '53
10533
104% 10433
1st
Illinois Central RR 6s. 1937
Cent States Elec 5s... 1948
105
1st
Hygrade Food 6s A
Jan
95%
69%
Conv deb 5s
22%
100
1953
Feb
95%
Chic Diet Elec Gen 4%s '70
6s series B
1961
1st 6s series A
109
100%
Deo
Mar
22*666
$104% 105
101% 102
0%s with warrants. 1943
108
Dec
Nov
May
93
Houston Light & Power—
103% June
111%
105%
Apr
Sept
July
26
$
El Underground
5%s
1938
(W E) 4s w W..1946
Jan
Apr
Cent Pow A Lt 1st 6s. 1956
94%
98%
98%
97
79
105%
69
A St Ry
Apr
102%
109%
98%
1,000
8,000
$109% 111%
105
95%
High
May
Mar
Hamburg
Heller
89%
105%
104
103%
4%b series H
1981
Cent Ohio Lt & Pr 68.1950
Cent Power 6s ser D..1967
Midland
Hall Print 6s stpd_._.1947
Hamburg Elec 7s
1935
Idaho Power 5s
Central 111 Public Service—
1st & ref
"09%
1977
104
12,000
11133 112%
Canada Northern Pr 6s *53
Canadian Pac Ry 6s.. 1942
6s series E
6s series A
87
104
104%
108%
$107
92
87%
89%
61
61%
Houston Gulf Gas 6s.. 1943
1960
Buffalo Gen Elec 5s
158
Guardian Investors 5s. 1948
90~,666
86%
87
80
29
34
85%
86%
Hackensack Water 5s. 1938
Jan
100%
96%
94%
20,000
104% 104% 111,000
87
87%
7,000
$
Low
$
93
94%
104%
(Adolf) 4%s...l941
Nov
Mar
Range for Year 1936
Week
1953
vi_
5333
5133
5s registered
for
of Prices
Low
High
Price
5%s
1938
Codv aed 4%s C...1948
Conv deb 4%s
1949
Debenture 5s
Week's Range
Sale
(Conti*. ued)
i
31,000
30,COO
196,000
Sales
Thurs.
Range for Year 1936
Week
64 34
Conv deb
Jan. 2, 1937
Ext
4%s stamped.. 195C
92
87%
92
92%
87%
88%
103% 104
$108% 109%
Dec
Nov
Oct
Mar
n
Volume
Last
Week's Range
for
Sale
of Prices
Low
High
102 H
Jan
104
1054
Mar
1014
Aug
1054 106
84,000
105
N
1024
1024 1024
29,000
15,000
107
1st 54s
1902
N Y & Westch'r Ltg 4s 2004
Debenture 68
107
*102
1034
1124 1124
1964
"16^666
*1044 106
*86
87
Niagara Falls Pow6sA1969
Nippon El Pow 64S--1953
Oct
1074
1054
44« '67
Y State E A G 44»- 1980
Apr
1114
1054 May,
844 Mar
July
Jan
1084
1054
Feb
113
Dec
109
Jan
90
Feb
1966
548—1948
954
No Indiana G A E 6s_1962
1074
654
954 954
16,000
D04
Jan
Mar
97
Apr
72
Oct
1074 1074
6,000
1064
Mar
108
Jan
65
66
6,000
63
404
43
58,000
29 4
Oct
444
49
49
494
53,000
48
Dec
65
7-4% stamped
1930
2d stamped 4s—1940
7-4% stamped
1946
1946
2d stamped 4s
44s
1957
-
1024
Jan
une
64s.. 1953
6,000
1024
Jan
106 5T Sept
Texas Elec Service fis. 1960
103
Jan
1044
1044
Texas Gas Util 0s
Aug
Mar
106
N'western Elec 6u stmpl94o
'l"044
28,000
1,000
5,000
874
1,000
874
N'western Powei 6s A. 1960
98
1024
1004
51
984
Jan
Nov
Oct
Oct
894
Dec
*87
89
Jan
105
Nov
110
110
111
"imoo
1034
Jan
111
Nov
.I960
1054
38,000
1054
Dec
107
Jan
Ohio Power 1st {is B..1952
1054
1054 1054
1054 1054
104
Apr
1074
Mar
1044
1044 1044
13,000
1034
Apr
107
Mar
N'western Pub 8erv fie 1957
1945
Ogden Gas 5a
Ohio Edison 1st fis
1st A ref
44« iter D.1956
7,000
109
1094
7,000
1084
July
112
Feb
...1954
103
1034
6,000
103
Dec
107
May
1961
105
105
2,000
105
Dec
1950
1034 1034
1014 1014
1953
fis series D
54s series E
Okla Gas A Elec fie
Okla Nat Gas
fis
conv
109
1940
6s series A
44s._-1951
1946
debs
4pr
11,000
Apr
2,000
1054
1,000
1004
1941
1st 6s series E
A. 1948
«er
Pacific Ltg A Pow fie.. 1942
Pacific Pow A Ltg 5e..l955
Palmer Corp 6s
Jan
fis series B
Penn Cent LAP
44s_1977
1,000
1014
Dec
Nov
1034
35,000
99
Oct
80
Apr
1014 1014
*1054 1064
3,000
934
1064
Jan
Apr
119
Dec
4,000
994
1044
944
Nov
Dec
103
Nov
108
Aug
Jan
119
119
1194
7,000
1014
1014 1014
1164 1164
5,000
98
Apr
5,000
114
Jan
864
874
*1024 103
1044 1054
99,000
80
Mar
105
Mar
404
Dec
25,000
1044
Apr
104
Jan
90
July
1004
1154
1044
Dec
984
Jan
1044
23
39
—
23
Deb
1959
105
1044 105
16,000
59,000
494
59,000
374
July
1054
Aug
105
Mar
1074
Apr
107 4
Jan
1174
105
United Elec N J 4s... 1949
United El Serv 7s
United Industrial
1st
a
—
04b 1941
1945
f 6s
-
—
-
—
-
64s
64B
106 4
1981
4s series B
2,000
62 4
-
-
—
-
984
1979
274
1104
Phlla Elec Pow
1094
Phlla Rapid Transit 6s 1962
Phil Sub C0GAE4H '57
64» '60
Piedmont A Nor 5s
1949
1948
106"
63
1954
Pittsburgh Coal 6s
Pittsburgh Steel 6s
Potomao Edison fie E. 1950
44s series F
1961
Potrero Sug 7s etpd_.1947
1054
Feb
1084
Jan
107
Dec
Oct
1144
Jan
1084 June
Aug
984
50,000
100
Mar
274
264
1104 111
1084 1094
954
954
46,000
13,000
294
1134
—
—
64s *52
United Lt A Rys (Me)
6s series A
24
7,000
234
24
24
86
70
Jan
80
Jan
914
106
— ——
11,000
81,000
13,000
4
92 4
33,000
5,000
1124
1024
44s.
------
1064
8,000
63
614
1044 1044
23,000
75
1,000
105
1054
214
774
79
106
June
"77"
Sept
13,000
1014
754
904
924
Jan
1154
Oct
Jan
904
1034
July
July
6,000
25,000
------
Oct
1004
100
,
984
984
454
68,000
/1,000
Ward Baking 6s
102
107 4 1074, V
102
106 4
105
974
72 4
73
105
1054
73
West Newspaper Un 6s '44
West United G A E 54s '55
106$
1054
1054 1054
1104 112
964
974
1054
105
*1074
2,000
5,000
105
16,000
1014 1014
1064 1064
34,000
1054
Dec
Wise Pow A Lt 4s
1966
9,000
274
Mar
Yadkin Rlv Pow fis
1941
18,000
834
Jan
494
Feb
99
11,000
32,000
14,000
------
Apr
Dec
107
Dec
Mar
Aug
16,000
Aug
Sept
Dec
June
1054
1054
10,000
------
17
1014
3,000
May
Dec
1044
104 4
984
7,000
44
1937
1958
Wash Ry A Elec 4s..1951
June
7,000
1004
1054 1054
1074
102
104
105
13,000
Wiso-Minn Lt A Pow fis '44
Dec
Jan
1084
Dec
1074
1074
Nov
Feb
Jan
1054
Dec
1034
884
Jan
112
Jan
974
Dec
334
Jan
774
Sept
Dec
105
Mar
1074
Nov
1064
Sept
1054
Dec
1074
1074
Nov
Oct
1004
Sept
1024
Nov
5,000
106
Mar
109
Sept
33,000
99
Dec
1044
99
994
254
254
254
1,000
Jan
27
Dec
254
2,000
17
Jan
204
1,000
20
May
264
264
Dec
20 4
85
85
9,000
554
Jan
854
Dec
2,000
574
88
Dec
Jan
Aug
109
Jan
Mar
1,000
------
Wheeling Elec Co 5s..1941
10,000
Dec
77
78
1014 1014
*1004 102
214
1954
May
96 4
Mar
14,000
July
1064
Jan
Mar
1064
97
Jan
1,000
44
Jan
Jan
June
60,000
6s.
Deo
814
108
1084 1084
1064
92
1014 1014
Waldorf-Astoria Corp—
7s with warrants
1954
Sept
1004
1084
"looo
324
334
102 4 1024
99
May
June
1024
1014
Dec
Jan
72
11064
tt074
8004
Sept
106
Jan
Feb
9,000
92
1134 1144
July
984
1084
Deo
25,000
1064
914
114
6s series A
110
Dec
844
914
Mar
98
204
"79
Power Corp (Can )44s B '59
Power Securities 6s
1949
__
1064
1044
1104
*1064 1064
Elec 0s..1953
Portland Gas A Coke fis '40
1084
954
844
Jan
Dec
24
M -
22,000
234
*—
65
1044
1134
454
Wash Gas Light fis
Phlla Electric Co fie.. 1960
54 s-.1972
3,000
6,000
*1054 1064
44s series B
1968
Peoples Gas L A Coke—
Peoples Lt A Pr 5s
"5;6o6
1104 HI
Dec
1044
1064
1064 1064
1954
fis series D
Penn Water A Pow fie. 1940
2,000
105
'------
92 4
1974
1959
-----
1164 1164
-
86
United Lt A Pow 6s...
Un Lt A Rys (Del)
—
644
1956
ex-w
—
99
104
Mar
944
*1054 1064
-
1064 June
Nov
July
July
Mar
108
93
*1064
May
1064
Dec
34
Apr
Jan
48 4
1074 1074
Jan
Jan
Dec
Dec
94
Apr
Mar
Mar
*..
23,000
June
Deo
494
Dec
974
29
Feb
744
1004
764
Dec
1014
984
Penn Pub Serv 6s C..1947
5,000
103
22,000
Pennsylvania Power fie '56
107,000
8,000
1054
1074
30",000
54 s series B
------
23
Jan
1054 1054
.Tan
'
1064 1074
Apr
1054
Electric 6s
106
100
'l024
Prussian
Jan
1044
4L000
1950
Pomeranian
994
1024 103
-
Penn Ohio Edison—
Pledm't Hydro-El
May
Jan
90
414
854
86
1014 1024
*1014 1014
*104 4 106
1971
4s F
774
27,000
2,000
104
6s series A x-w
Electric
32,000
45,000
Oct
1014
*1054 1054
1024 103
Penn
1214 Mar
1024 Mar
1164 May
944
Feb
Jan
Feb
81
664
1044 1054
*112
1064
1957
1034
934
1979
gg
-
-
—
—
Feb
98
89
80 4
60 4
1967
44s
102
873^
—
1094
15,000
*?0S4 1034
1954
Feb
974
1938
-
Oct
954
1054 106
103
..1944
stamped
fis series A
Feb
Pacific Gas A El Co—
Pacific Invest fis
-
Jan
Jan
Apr
1064
1064
1104
Union Elec Lt A Power—
105
19,000
fis *40
-
54s '52
107
994
93
-
1962
Twin City Rap Tr
Ulen Co—
Deo
Dec
39
1054
-
74s.l946
1074
99
1941
Pacific Coast Power
Tietz (Leonard)
Toledo Edison fis
1034 June
35,000
994
Okla Power A Water fis '48
Oswego Falls 6s
Thermold Co 6s stpd.1937
Tide Water Power 5s.. 1979
6s 3d
Ohio Public Service Co—
6s series C
2022
48
45
104
39
1946
Texas Power A Lt fis.. 1956
0s.
11,000
954
1054
1034
48
104
664
1054
1034 1034
1044 1054
Mar
6,000
81
9,000
105
1034
Dec
604
104 4
954
1044 1054
1940
46
Aug
1074 1074
—----
1969
..1970
Dec
43
1074 1074
1966
£s
45
1044 1044
Tennessee Elec Pow 5s 1956
Terni Hydro-EI
6,000
2,000
45
1970
1954
5s series B
454
49
104 4
Super Power of 111 44" '68
Syracuse Ltg 54s
Apr
45
6s series D...
44b series E
Dec
49
6s series C
No States Pow 5!
High
LOW
S
414
Inc fis..1950
Tenn Public Service fie 1970
Northern Indiana P 8—
Range for Year 1936
for
Week
dtlnnes 'Hugo) Corp—
1st
No Amer Lt & Pow—
54 b series A
Starrett Corp
Rangt
of Prices
High
Low
Price
High
Apr
N Y PAL Corp 1st
Week's
Sale
{Concluded)
Low
$
Last
BONDS
Range for Year 1936
Week
Price
SaLes
Thurs.
Sales
Thurs.
BONDS
(Continued)
Nor Cont'l Utll
81
New York Curb Exchange—Concluded—Page 6
144
214
914
1014
July
32
13:666
Nov
101
2,000
7,000
Feb
Mar
Public Service of N J—
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
1424 144
16,000
1324
Jan
146
1st A ref fis
I960
111
111
111
10,000
1084
Jan
112 4
Sept
fis series C
1960
105
104
105
10,000
Nov
Jan
107 4
106
Oct
Baden 7s
Dec
Buenos Aires (Province)—
1034
1034 1034
1034 1034
1034
1,000! 1014
Jan
1054
Sept
102
Jan
1044
July
1034
Apr
106
July
6% perpetual certificates
Dec
Agricultural Mtge Bk (Col)
254
Pub Serv of Nor Illinois—
44 s series D
4^8 series E
1978
1980
1034 1034
1st A ref 44s ser F. 1981
105
I960
434s series I
1054
Pub Serv of Oklahoma4s series A
1966
Puget Sound PAL 64# '49
1st A ref 5s series C_ 1950
1st A ref
104
44s
ser D.
Quebec Power fis
1950
1908
8,0005,000
16,000(
10,000
94 4
954
72,000
914
914
924
35,000
88
87
88
74,000
1034 1044
2,000
Dec
106 4
Sept
Jan
Jan
964
934
Reliance Manag't fie..1954
Rochester Cent Pow 6s '63
86
894
Feb
103
Jan
Apr
1064
Mar
Jan
864
834
784
44s '79
107
St Louis Gas A Coke 6s '47
184
1064
,000
74
Jan
May
264
25
24
174
106
Sauda Falls 6s
1955
*1324
*1084
Saxon Pub Wks 6s
1937
24
52
1074
,000
184
,000
1064
.000
25
1064
12
384
6s ex-warrants
37
384
1935
1024 1034
1034
Seoond Int'l Sec fis... 1948
1023,6 1024
*1074
104
1034 104""
1034
1034 1034
*1034 1044
674
674
1948
Shawlnigan WAP 44s '67
44s series B
1968
1st 44s series D
1970
Sheridan Wyo Coal 6s. 1947
fis. 1957
994
2025
994
Maranhao 7s
34
Jan
Jan
102
July
Jan
1014
6,000
1004
Dec
60
Aug
73
Apr
20
18,000
18
Dec
204
29,000
18
Dec
21
May
284
284
324
Feb
18
194 May
204
Jan
May
164
Dec
624
m4
*19
22
20
21
6,000
164
164
2,000
23
23
------
9
Feh
Jan
234
Nov
184
194
43,000
134
94
Jan
------
Jan
19 4
Dec
a914
a914
914
8,000
63
Feb
92
Deo
224
224
18
Jan
224
224
224
Dec
21 4
1,000
11,000
39,000
Mendoza 4s stamped. .1951
Jan
2,000
Mtge Bk of Bogota 7s. 1947
24
Sept
Issue of May 1927..
Dec
224
Issue of Oot 1927..
404
Dec
41
154
134
*13
Deo
6s stamped
1931
_
_
99
16
18
100
254
23
254
314
11,000
29
314
------
10,000
25,000
42,000
58,000
rl4
54s
:::: 1921
64b certificates
1921
Santa Fe 7s stamped.. 1945
Santiago 7s
1949
2,000
"moo
9,000
1074
106
106
1074
108
1064 1074
1064 108
47,000
Ref M
17,000
1094 1094
*105
1054
*103
1034
86
854
5,000
Mar
79,000
7s
1961
14
14
rl4
"MOO
30,000
Mar
18
..1958
Medellin 7s series E..1951
1945
Ref M 34s. May 1 I960
Southeast PAL 6s
Dec
954
894
1,000
t
648.1958
Jan
994
1064 1074
Sou Carolina Pow
23
Dec
834
18
1947
Lima (City) Peru
Aug
13,000
5,000
Scripp (E W) Co 548-1943
Dec
13,000
18
18
196*
July
2,000
Servel Ino 6s
04 s
Mtge Bk of Chile 6s...193'
384
224
23
Jan
74 May
Danzig Port A Waterways
Hanover (City) 7s
1939
Hanover (Prov) 64s..1949
Schulte Real Estate—
6s with warrants... 1935
11,000
100
fis.
1014
1074
9,000
23
1014 1014
124
llo"
36,000
e23
r21
Secured 6s
224 June
107
164
224
German Cons Munlc 7s '47
984 May
t—-
San Antonio P S .5s B..1958
San Joaquin L A P 6s B
86
,000
*224
Ruhr Gas Corp 04s. .1953
Ruhr Housing 0.4s
1958
Safe Harbor Wafer
85
88
154
Prov Banks 0e B...1951
External
1054
*105
1034 1044
1952
Feb
87
164
Feb
Jan
104
Queens Boro Gas A Elec—
64s series A
184
Cent Bk of German State &
103
1044
95
1044
102
1951
1
174
12
14
14
14
14
14
5,000
63
63
134
154
21,000
17
15
17
13,000
124
Sept
Sept
104
Jan
254
Dec
124
Jan
314
Dec
May
Jan
June
24
24
2H
Sept
24
Jan
June
654
Dec
Jan
Jar
154
Dec
I
100
Jan
4 May
1
12,000
154
Dec
Dec
16
Jan
124
924
14 110,000
23,000
Mar
4
49
114
114
17
Dec
Jan
Jan
Oct
Sou Calif Edison Ltd—
Debenture
34s
3Hb B.July 1 '60
1st A ref mtge 4s
I960
1094
Sou Calif Gas Co 44s. 1901
Sou Counties Gas 44s. 1908
Sou Indiana Ry 4s
1951
Southern Nat Gas 6s..1944
1034
S'western Assoc Tel fis. 1901
S'western Lt A Pr fis.. 1957
So'west Pow A Lt 6S..2022
S'west Pub Serv 6s
"l04
994
Certificates of deposit.
Convertible 6s
1935
"904
91
Debenture 6s
1951
1
1960
924
90
Standard Investg 64s 1939
1004
Standard Pow A Lt 6s. 1957
894
994 100
1054
894
904
89
91
89
904
894
904
Certificates of deposit.
Debenture 6sDec
1034 1034
103
1034
1034 104
105
1945
Stand Gas A Eleo 6s.. 1935
106
90
874
92 4
87
90
1004 1004
90
Jan
1074
1094
Dec
Jan
109
Dec
Mar
Oct
Dec
Apr
1114
1074
Feb
1044
June
8,000
Jan
874
Dec
3,000
3,000
7,000
4,000
3,000
7,000
22,000
12,000
30,000
62,000
114,000
Jan
104
Jan
1044 Nov
1044 Sept
1014 June
Jan
Jan
May
Jan
May
106
Oct
,
Jan
Oot
914
Dec
91
Dec
May
92
Dec
May
91
Dec
92 4
Deo
91
Dec
May
May
6,000
Jan
127,000
May
1024
90
*
range
r
not
a
Deferred delivery sales noi inoiuded ia year's range,
n Under
in year's range,
r Cash sal» not included in year's
Included
Ex-dividend
* Friday's bid and asked price
e
No sales were transacted during current week.
Cash sales transacted during the ourrent week and not Included In
yearly range:
Appalachian Elec. Pow. 5s 1956, Dec. 31 at 1044.
Cent. Bank of Germany 6s 1952, Dec. 31 at 21.
Cent. States Elec. 7% pref., Dec. 30, at 434.
N. Y. Shipbuilding Corp., Dec. 30 at
Feb
Dec
No par value
the rule sales
V
weekly or
,
8.
Under-the-rule sales transacted during the ourrent week and not Included in
weekly
or
yearly range:
No sales.
*
Deferred
delivery sales transacted during the current week and
not
laoluded
weekly or yearly range:
No sales.
Abbreviations Used Above—"cod,*
certificates of deposit; "cons,' consolidated.
,'oum." cumulative; "conv," convertible "m," mortgage; "n-v," non-voting stock.
,'v","o,"
voting
without
trust
certificates:
warrants.
"w
1," when issued
"w
w,"
with
warrants
82
Financial
Chronicle
Jan. 2, 1937
Other Stock Exchanges
Sales
Thurs.
New York Real Estate Securities
Last
Exchange
"
Bid
Ask
Unlisted Stocks
Bid
01 Bway Bldg 5%S—.1950
Lincoln Bldg Corp vtc
|
•
V
32
54
Ask
Pennsylvania Bldg ctfs
30%
8%
Week
Reece Buttonhole Mach.10
Shawmut Assn tr ctfs
*
Torrlngton Co
14%
475
28%
30%
1,359
3%
29%
*
3%
160
5
95
98
26%
98
United Gas Corp
1
United Shoe Mach Corp_25
Preferred
.25
Utah Apex Mining
Utah Metal & Tunnel
60
14
___*
Union Twist Drill Co
...
7
Range for Year 1936
Sahres
25
25
Suburban Electric Secur..*
4%
39 Bway Inc units
33%
for
of Prices
Low
High
Price
Par
Stone & Webster
Dorset ctfs of deposit
Oliver Cromwell ctfs
Week's Range
Sale
•
|
Stocks (Concluded)
Closing: bid and asked quotations, Thursday, Dec. 31
Unlisted Bonds
1
27%
140
122
Low
High
Jan
15%
Jan
15%
Feb
30%
Dec
Jan
1%
Jan
90%
21% June
6%
Sept
Established 1853
6.S. Calvert St.
NEW YORK
Hagerstown, Md,
Members
New
York
Louisville, Ky.
and
Baltimore
Mar
Deo
28%
10%
260
4
Jan
10%
91
852
83
Jan
94%
Oct
42%
41%
1%
42%
88
Aug
Dec
1%
475
1%
42%
2%
1%
9%
37%
"16
Jan
1
1%
1%
12,797
%
Jan
*
16%
15%
16%
170
10%
10
11%
463
9%
4%
Jan
»
86%
86%
86%
8,000
70
92%
94
2,750
70
5
85c
Deo
Feb
Aug
19%
12%
Nov
Jan
87%
Dec
Jan
94
Dec
Jan
Dec
Bonds—
39 Broadway
•ALT I MO P. E, MD.
104
89
Eastern Mass St Ry—
Series A 4%s
1948
STEIN BROS. &> BOYCE
July
90
Waldorf System Inc
Baltimore Stock Exchange
on
Nov
11
14%
Warren Bros Co
Orders Executed
26
Series B 5s
1948
York, Pa
Stock
Exchangee
Chicago Board of Trade and Commodity Exchange, Inc.
CHICAGO
Baltimore Stock
Dec. 26 to Jan.
Exchange
1, both inclusive, compiled from official sales lists
Thurs.
Last
Stocks—
Par
Price
Arundel Com
*
Atl Coast Line (Conn)..50
Bait Transit com v t o._*
preferred
100
Eastern Sugar Assoc com.l
Preferred
Range
for
845
17%
46
200
2%
8%
88
88%
113% 114
41% 46%
46
47%
Finance Co of Am
12%
Mfrs Finance
com v
12%
*
t
Jan
2%
10 So. La Salle St.,
Jan
"2l"
1st preferred
25
Feb
9%
Deo
94%
Aug
Chicago Stock Exchange
84
Jan
111
July
2,457
1,216
11
Jan
17
Jan
Dec
Thurs.
88
Jan
139
Oct
Last
Week's Range
'or
39%
Apr
50
Jan
Sale
of Prices
Week
Jan
13
79
3
20%
1%
11%
2%
3%
'im
2d preferred
...25
2%
1
188
Merch & Miners Transp..*
MononW Penn P S 7%pf25
9%
3
116
Feb
46%
48%
May
Dec
Dec
6%
1,782
14%
Aug
22%
Deo
157
21%
1%
12
2%
%
Feb
1%
Dec
Dec. 26 to Jan. 1, both
Par
Stocks-
100
6
Owlngs Mills Distillery..1
Phillips Packing Co pref 100
U 8 Fidelity & Guar
2
170
7% May
232
4
39
39
50
27
369
73
73
73
16%
1%
15%
16%
1%
13
%
May
1%
950
26%
1
101
"28%
Feb
Nov
4
Nov
3%
51
Common (new)
Adams (J P) Mfg com
*
Adams Royalty Co com..*
"6%
8%
Dec
Advance Alum Castings._f
31
Jan
45
Oct
10
Feb
28
Aug
40
Apr
80
Dec
Apr
17%
10
Common
9%
Asbestos Mfg
7%
3%
52%
13%
7%
common.-
1
Oct
2
Aug
20
101
Nov
102
Nov
Associates Invest Co com.*
Apr
30
Nov
Athey Truss Wheel cap...4
2,758
13%
Co
com..
Bait
Transit 4s flat..1975
116
39
A 5s flat...
1975
45
45
1975
103
103
300
Apr
116
Dec
39
8,500
9,400
15%
Jan
43
Dec
17
Jan
52
Dec
Bastian-Blessing Co com.*
1,000
84
Jan
103
Dec
Bendlx Aviation
46%
103
115
Boston Stock Exchange
fw
Dec. 26 to Jan. 1, both inclusive, compiled from official sales lists
Thurs.
Last
Sales
Week's Range
Sale
Stocks—
Par
Price
for
Range for Year 1936
Week
of Prices
High
6% non-cum pref
1st preferred
50
50
100
185%
Boston & Albany
100
147
985
4%
5%
28% 28%
183% '185%
140
30
1,527
Low
50
J 147
2
July
19% May
149%
Apr
Jan
117%
«
67%
326
65
May
30%
192
28
Oct
*66
6%
31%
190
157
70
33%
Dec
Dec
Nov
Oct
Feb
Nov
Boston & Maine—
.5
Cl A 1st pref
7%
5
w
137
4%
£34%
10
100
8%
22
5%
Apr
5
500
37
895
3%
17%
July
4%
July
8%
11,143
11%
Common
14
13
Cl C 1st pref stpd
Class Cilst pref
12
11%
13
100
100
Cl D 1st pref stpd-. 100
S 9%
""15%
Boston Personal Prop Tr. *
Boston & Providence.. 100
Brown-Durrell Co—
14%
17
148
*
Calumet & Hecla
25
Cliff Mining Co..
3%
25
Copper Range
_.__26
East Boston Co
15%
15%
1%
"12%
11%
*
88c
17%
3%
conv
1
Conv preferred
*
Cent 111 Pub Serv pref---*
Jan
10%
8%
Jan
Feb
41
Feb
14%
Feb
1
900
Apr
8% June
12% May
132
June
2%
5%
July
%
6%
500
Feb
Jan
11%
21
17%
156%
7
16%
2
Jan
Sept
Deo
Apr
Jan
Nov
Nov
Prior lien preferred
Preferred
*
Preferred
*
*
common
Preferred
Chicago
Chicago
Chicago
Chicago
Chicago
Chicago
Dec
Cities Service Co
Feb
*
com
244
Mar
141
60
Jan
85
Jan
Compressed Ind Gases cap*
61
359
41%
Jan
83
Mar
Consolidated Biscuit com.l
100
3
Adjustment
3
I
115
50
!
1 100
14
15
40
7
310
15
..100
Eastern SS Lines com
Edison Elec Ilium
*
100
6%
"12"
*
Gillette Safety Razor
*
cum pref
*
3%
62%
18
May
3
Feb
8
Dec
8%
Jan
15
July
169
Mar
Apr
Apr
1,460
145
Nov
147
20
Apr
27%
Feb
36% May
Nov
Feb
44%
2%
Jan
16
Nov
1%
20
94
1%
13%
14%
1%
14
250
15%
1%
489
49%
10
4%
1,780
3
355
"3%
18%
19
298
10%
37%
Mergenthaler Linotype..*
Narragansett Racing Ass'n
Inc
Jan
710
49%
4%
.....
100
Mass Utilities vtc.
Jan
Feb
12%
1
13%
15%
Hathaway Bakeries cl B..*
Preferred
*
Isle Royal Copper Co. J.25
Loews Theatres (Boston) 25
Maine Central com
100
1%
8%
33
151% 160
23
23%
43% 43%
160
Employers Group
*
General Capital Corp....*
Georgian lnc(The)A pref 20
Gilchrist Co
?10%
11
150
37%
10
3%
1,200
"2%
53%
_
54
356
6%
7
980
132
141
633
90
90
1
5%
13%
Dec
Common
7
New England Tel & Tel 100
New River Co pref
100
N Y N H & H RR
(The) 100
141
90
105
5
6% prior pref A
100
7% cumul pref.—-100
0%
Jan
21%
7%
Jan
Jan
July
Jan
12 %
Dec
Apr
i
60
650
jf 350
*1,950
*
100
j 1,800
3
22%
Dec
74
"5%
3%
37%
90%
Nov
Jan
23
Aug
9%
25
11%
Nov
Oct
July
7%
Jan
29%
1%
Dec
Jan
"4%
119%
47
%
7%
Common
*
-
Preferred
27%
100
Cord Corp cap stock
6
25
Crane Co common
Preferred
100
49%
120%
1% May
26% May
Jan
%
Jan
9%
2%
Jan
Dayton Rubber Mfg com.*
"19%
12
July
57
Jan
73%
Oct
Apr
4%
100%
Deo
:3,150
M
100
15
ii 100
I- no
4%
5%
2%
27%
"100
18,200
-650
;1
70
1%
49
Jan
20% May
8
27%
Cum class A pref
35
22%
Feb
Jan
73
Deo
74
Deo
June
25
4
43%
18
33%
Jan
2%
Aug
25
Jan
100
Jan
44. 20
it
10
100
19%
Jan
8,450
2%
Mar
4%
Oct
1% May
30
Sept
96%
Jan
41
Sept
8% Dec
3%
Jan
1.4
'
1%
4%
1%
35
116% 119%
45
47
50
60
950
1,250
Feb
119%
Deo
72%
Aug
11%
Aug
H
%
3,550
60
5%
Jan
12%
Feb
3%
250
2%
Jan
7%
Feb
8
26%
4%
47
27%
100
4%
% June
50
120% 120%
107% 107%
22
22%
19% 20
1%
Feb
25
Nov
50
97%
Aug
117%
9,850
3%
Aug
Apr
8
Apr
50
Deo
Nov
200
700
24
47
10
120
Jan
141
70
103%
21%
Oct
110
Dec
450
570
20
Dexter Co (The) com
Dlxle-Vortex Co com
5
17
17%
20
20%
38%
21
300
39%
500
24
24
"21"
Oct
i
3%
100
*
38
Apr
Aug
600
600
"12%
32
9%
12%
18%
1%
38%
Jan
Nov
Feb
25
32
Mar
58%
4%
34%
106%
Feb
Nov
105
27%
Mar
0%
55%
105
32
com 10
Deo
Sept
Jan
350
11%
27%
Decker (Alf) <fc Cohn
68
Jan
Apr
Apr
500
*
18
Nov
35
i
De Mets Inc pref
45
23
40%
1
Nov
Jan
Jan
Feb
720
19
Jan
5
2%
2,300
,
69
100
i"4%
107%
7%
Deo
Nov
Nov
Jan
68
9%
Cudahy Packing Co preflOO
Cungham Drug Stores.2%
Deo
16%
33%
Deo
Nov
1
J.I 330
35
Feb
Nov
14
30%
24
Deo
25
163"
19%
4%
Oct
Jar
3,200
14%
July
60
Nov
16%
.1.100
*
270
T1.550
Jan
Deo
64
Continental Steel-
10%
19%
Jan
22%
21%
Jan
33
4%
Jan
14
21%
Jan
9%
Jan
18% July
38% May
28
23
30
Apr
Jan
Jan
Deo
Deo
Nov
Dec
Deo
19%
July
24%
41%
Nov
Jan
3%
Feb
Jan
57%
Nov
Eddy Paper Corp (The)
10
10%
6
Nov
Elgin National Watch
15
38
39
600
Jan
45
Nov
117%
Mar
7%
141%
9%
27%
Nov
Dec
Nov
Fitz Sim & Son(D&D)com*
15
15%
100
15
Dec
23
Apr
Class A
Elec Household
100
1,000
650
*1,800
18%
22%
32%
14%
1%
Consumers Co—
^50
100
74
Club Aluminum Uten Co.*
6%
69%
...100
68%
Rlv & Mach cap.*
Towel conv pref.*
Yellow Cab Co--*
1%
|
Dec
63%
54%
com 100
12%
11%
100
61
54
& N W Ry
56%
Preferred
100
"el"
25
66
Common
3%
45
60
Eastern Mass St Ry—
3%
44
Jan
Jan
18%
17
25
69
3%
^300
M
3%
Nov
Deo
Feb
x1,200
70%
Jan
62%
13%
July
77%
1%
Dec
5
22
5 2
13%
7%
Deo
Jan
5%
11
34
1%
15%
68%
July
Jan
18
76
14
2%
27%
Nov
32
*
100
6
900
600
650
200
200
£
19
Electric Mfg A--*
Flex Shaft com. .5
...100
6%
,
4% June
May
4.
25%
11%
10%
2
*
com
Coleman Lp & Stove com.*
Commonwealth Edison 100
*
Aug
Sept
7% May
13
j
4
18%
20%
25 V
11^
10%
1%
15%
70%
*
Sept
h
Common
4%% prior pref
6% cum pref
18%
Central States Pr & Lt—
June
2,424
21
Central S W—
5
10
.8
m
J
21%
.33%
.77%
*
Common
Chicago Corp
1/573
17%
13%
8
14%
30
Feb
1100
54
13%
13%
29%
15
ifc
1
10%
51%
14
June
1%
12%
Jan
May
30
5
la72
25%
73%
7%
5%
21
10
Canal Constr conv pref
Central 111 Sec—
i
20
30
preferred
Chain Belt Co
16
East Gas & Fuel Assn—
20%
Cherry Burrell Corp com.*
150
Sept
Nov
Feb
57%
Nov
140
26
Jan
435
9%
23%
June
5
100
24
Feb
J
Jan
11% June
Oct
15
12,250
1,200
12
12%
j no
J A] 70
50%
200
1
7%
3%
26
17
i
650
250
250
850
*
d
69%
21
5
10
150
High
t6%
'
3%
13%
6% May
15%
.
Low
18%
22%
23%
695
14
s
"IH%
*
*
569
9%
ClassB 1st prefstpd.100
fl8%
*
com
Berghoff Brewing Co...
Birko Mfg Co cap
1
Bliss & Laughlln Inc cap.5
Borg Warner Corp com.10
Brach A Sons (E J) com..*
Common
Common.
100
Preferred stamped...100
Prior preferred
100
Class A 1st prefstpd.100
73
May
*
-
-
*
Utll cap_5
10%
10
6,450
Apr
18%
Deo
Jan
Jan
Dec
Gardner Denver Co com..*
58%
57
58%
130
39
Jan
60
6
1,172
July
Apr
6%
Dec
General Candy Corp A.—5
17%
17
11%
Jan
20
Nov
60c
71c
17%
100
67c
6,015
25c
Oct
85o
Nov
750
23%
20%
23%
16%
4%
Nov
1,039
Oct
Mar
5%
Deo
70%
General Finance Corp coml
Gen Household Utll—
°5
100
25
North Butte
Old Colony RR
%
%
41%
,
%
42%
40%
100
56c
Jan
73
1%
47%
45%
7%
7%
22%
Dec
14%
14%
Aug
*
Old Dominion Co
Pacific Mills Co
5%
*
Pennsylvania RR
50
Quincy M(Jan ass'tunpd)25
Jan. assessment paid..25
For footnotes
Seellg Mfg A
Bruce Co (E L) com
Butler Brothers..
High
29%
67%
&
Common
5%
Amer Tel & Tel
Boston Elevated
100
Boston Herald Traveler..*
Barlow
Class A
Shares
Low
51%
15% j 16
6%
6%
l7%
8%
Brown Fence & Wire—
Amer Pneumatic Service—
5%
pref
116
38%
B 5s
Preferred B
conv
Backstay Welt Co com—*
1958
51
ill
Automatic Products com.5
Automatic Wash
City—
4s Conduit
Range for Year 1936
Shar es
69%
25
Armour & Co
Bonds—
Baltimore
High
18%
22%
Amer Pub Serv Co pref. 100
Oct
3,400
28%
Low
Allied Products Corp—
23%
1,660
101
26%
Price
les
Abbott Laboratories—
Class A
Preferred
inclusive, compiled from official sales lists
Mar
Mt Ver-Wdb Mills—
New Amsterdam Cas
CHICAGO
Dec
5
75
13
3
*
Mar Tex Oil
22%
51%
146
45
100
Apr
%
Chicago Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
July
June
16%
26%
1,153
1,083
High
342
46
Fidelity & Deposit
20
Fidelity & Guar Fire Corp 10
cl A..*
Low
139
114
1
Guilford Realty com
Houston Oil pref
Members;
New York Stock Exchange
Shares
High
17%
45%
2%
7%
2%
Range for Year 1936
Week
of Prices
Low
1st pref v t c
*
Consol Gas E L & Power.*
5%
VmV H.Davis &€o.
Sales
Week's
Sale
SECURITIES
Liated and Unlisted
see
page 52
5%
483
28%
May
Apr
5%
7%
1,208
6%
9
3,310
1%
4%
Dec
39
6%
7%
2%
Oct
93
9
Apr
Common
*
10
Oct
"41"
Dec
Great Lakes D & D com..*
24%
Dec
Harnlschfeger Corp
15
com.
10
9%
5
10%
11,500
40
Godchaux Sugar class A__*
Goldblatt Bros Inc com..*
Dec
4%
40%
100
40
41
23%
24%
14%
15
2,100
3,950
80
Jan
45
Nov
22 %
Jan
46
Sept
23%
9%
Dec
Jan
33%
Apr
17
Apr
Volume
Financial
144
Sales
Thurs.
Range for Year 1936
Last
(Concluded)
Helleman Brew Co Q
Week's Range
for
Sale
Stocks
of Prices
Low
High
Week
Price
Par
May
17%
50
11
Apr
19
*
24
24
Jarvls (W B) Co cap
1
Jef ierson Electric
*
Oct
150
16% May
22
700
22%
May
32%
Mar
May
18%
Cincinnati and Ohio Listed and Unlisted Securities
Nov
8
1,650
200
Jan
31
26
BALLINGER
UNION TRUST
Feb
Nov
21%
42 %
21
21%
42
42%
150
45
Dec
44%
44
44%
170
43
Jan
70
Mar
1
com
Kalamazoo Stove com..
15%
15%
9%
20%
15%
10%
21%
850
15%
Dec
Nov
Last
Week's Range
for
Oct
Sale
of Prices
low
High
Week
37
37
16%
13%
26%
43%
750
Phone Cherry 6711—First Boston Wire—Bell Sys. Tel.
Kellogg Switchboard comlO
10
Ken-Rad T & Lamp com A*
21
Ky Utll Jr cum pre!
6% preferred
Kingsbury Brew
60
100
1
cap
82%
2%
2%
1%
850
4%
750
20
2%
1%
3,500
Apr
34%
10
82%
Apr
10
Feb
Nov
Stocks
(Concluded)
Price
Par
90%
Aug
Jan
3%
Mar
Cincinnati Street Ry
Sept
Jan
43
Dec
Jan
9
Nov
130
21
Apr
35%
Jan
10%
650
7
May
12%
Nov
11%
1,300
$3%'preferred
43
10
35%
4
100
3%
7%
Jan
5%
3%
4
10
*
6
14%
5%
17%
6%
5
38
37%
38%
350
16 A
Electric
com..
_
6%
4
1
" Dec
6
June
10
Dec
10
7
June
11%
107
8
Jan
23%
Jan
37%
Feb
Dec
Dec
50
July
Formica Insulation
22
159
18
July
25
Jan
75
*
Oct
6%
17%
Dec
Gibson Art
Dec
8%
Feb
Hatfield prior pref
Jan
54%
Feb
pref-.--.100
75
10
75
Dec
75
Dec
34
30
28
Jan
35
Dec
200
9%
17%
64
12
7
7
50
7
Jan
Hobart A
*
47
48
132
40
Feb
50
Aug
Jaeger
*
24
24
25
12%
Feb
25
Dec
4%
Nov
100
27
33%
50
32
Dec
84%
Apr
Julian & Kokenge..
29%
30
30
23
Jan
30
Oct
2%
20%
6%
33%
3,750
4,250
1
July
3%
Jan
Kahn common
10%
11
397
10
Dec
14
July
100% 101
22
22
9
93
Jan
5
19%
.3%
12%
12 %
5A
5
Jan
Nov
46
25%
Nov
11%
120
Jan
5%
Apr
8
Jan
25% May
2,050
35
July
1st preferred..
100
Kroger
Leonard
4
13%
5%
2%
3,000
4%
13%
Apr
3%
Julj
Deo
7%
Jan
7
1,450
10,850
Feb
Oct
2.50
National Pumps
.--*
io%
7%
*
Midland Utll 7% prllenlOO
7
100
6
2%
100
3%
100
7
pref__ *
45 A
*
43%
Jai
Oct
%
11%
7%
7%
3%
2,200
2,750
3%
50
7%
45%
790
3%
Jai
11%
8% preferred
38%
Jai
55
80
6%
48%
Julj
Dei
53
50
17
Jai
28%
250
11
Jai
25
28
Apt
33
Ja
67
1%
Jai
70
5%
Jai
10
26%
Dec
31
Jan
Jan
4%
10%
175
9%
*
55
2
Feb
3%
40% June
60
210
208
218
10%
July
11%
55%
220
Feb
Dec
Dec
May
Jan
4%
Jan
Sept
12 %
33
58
25
Aug
48 %
30
31
30
26%
3%
13%
Sept
39
Dec
%
2
33
Feb
1,300
363
Oct
Jan
Dec
1,450
7
2%
May
38%
Jan
Rapid
Oct
10
10%
54%
210
27%
4
Feb
20
.....
54%
.....
105% June
180
Jan
350
*
100
Procter & Gamble--
July
6%
6%
2%
*
-----
Randall B
Common...
conv
i.June
104
33%
Jan
Midland United Co-
Modine Mfg com
25
Jan
21%
*
Magnavox
Middle West Corp cap
5
Stock purchase warrants
Miller & Hart
Mar
44
36
36
Early & Daniel
Mlckelberry'B Food Prod-
6% prior lien
7% preferred A
6% preferred A
20
32
41%
32
*
Conv preferred A
124
2%
*19%
6%
20%
_
Common
Nov
22%
33%
VA
Marshall Field common..*
Prior preferred..
100
8%
9%
8%
21%
July
34
Jan
5%
22%
36%
*
Dow Drug
Found Invest
85
Jan
522
104
10
Crystal Tissue
13%
Jan
436
100 %
41%
.5
McWilliams Dredging Co.*
Manhatt-Dearbom com..*
Mer & Mfrs Sec cl A com
21%
102
Coca-Cola A.
Jan
7
4,700
1,450
Lynch Corp
com
3%
Eagle-Picher Lead
Loudon Packing com
Lion Oil Refining Co com."
96
Clntl Union Stock Yard.-*
7%
27
28%
3%
Feb
7%
26%
9%
10
Common
com
1%
30
200
1%
39
Cumulative preferred.
Llbby McNeil & Libby__lG
Lincoln Printing Co—
Lindsay Light
690
39%
43
5
Lawbeck 6% cum pref.100
Leatn & Co com
*
98*
Oct
Nov
Jan
98
107%
8%
8%
50
Cincinnati Telephone...50
11%
La Salle Ext Unlv com
High
Low
108%
9%
155
107
107
Clntl Gas & Elec pref. .100
1%
Range for Year 1936
Sahres
Aug
Nov
75
Cln. 291
Sales
Thurs.
Co—
Common
CO.
&
CINCINNATI
BLDG.
Dec
22%
Feb
18%
31% June
*
Iron Fireman Mfg v t c
McGraw
Dec
30
19%
25%
16
24%
Katz Drug
Apr
17%
Exchange
Markets In
Dec
20%
10
24%
14%
*
A
13%
27%
42%
8%
50
16
oom
Illinois Brick Co
Jan
1,000
42%
17%
Houdallle-Hershey clB._*
Cincinnati Stock
Active Trading
Feb
10 A
25
25
Hormel & Co
High
10
*
com
Low
42%
10%
"42 %
Hordera lnc
Members
Shares
25
cap.l
Heller pre! ex-warrs
25
Hibbard Spen&Bart com 25
83
Chronicle
%
%
1
Mai
15%
Sept
1
510
US Playing Card
Mai
12
Sept
U S Printing
10%
Sept
Preferred
50
7
Nov
Western Bank
10
6
Sept
Wurlitzer
1,000
1%
Jai
100
%
%
Fet
Jai
10
4%
*
4%
20
V"
94
100
358
4%
20%
70
9%
250
9%
5
94
Nov
Sept
8%
Sept
28%
Feb
5% May
20% Mar
9%
Dec
Feb
Dec
94
Monroe Chemical CoCommon
7%
48%
...
Preferred
19
19%
28%
10
22
28%
66
Natl Uypsum cl A com
National Leather com
67
1%
1%
Nat Rep Inv Tr conv pfd.
Natl Standard Co—
Capital stock
30
10
"13A
851
4,451
41
1%
45
Apr
26
1,251
2%
Jan
3%
7%
7% June
Oct
Jan
Jan
49
25
Apr
76%
Sept
12
Feb
23%
25%
26
15l.
19
Apr
30
*
2%
-
1%
Jan
27%
351
Jan
52
3t
16
101
16
33%
33%
150
32
6%
6%
100
6%
3%
3%
1,950
1,450
3*
n
*
*
100
Nov
Feb
Jan
8
6
Jan
Sept
Sept
Mar
Apr
Public Service of Nor 111—
Common
*
84
-83
84
500
Common
*
121
118
121
430
115
Preferred
100
144% 149
32%
33
270
141%
88%
Apr
49%
Deo
Quaker Oats Co—
Rath
Packing Co
10
com
""32 A
200
June
140
Jan
Oct
151
Dec
May
22
34
Dec
Raytheon Mfg—
Common
t c
v
50c
3%
Schwltzer-Cummlns
cap.
30%
3%
1%
34
17
16
18
70 A
70%
70%
27 A
16%
550
16%
27%
15%
30
.1
Preferred
30
30
30
com.
.25
4%
"loi"
Southern G & E 7% pref 100
Southw Lt & Pow pref...*
92 A
Standard Dredge com
Convertible preferred..
400
590
91%
June
3%
Feb
May
35
Dec
Nov
18
Dec
9%
Jan
77
Nov
July
30
Nov
150
18%
2%
Apr
16%
40
26%
Aug
33
Oct
20
2%
Apr
7
July
Feb
106
Feb
93
Sept
Aug
7
Apr
35
"
4%
90
99
92%
80
61
1,500
105
Mar
3%
Storkline Furooav pref..10
Swift International
15
4%
15%
11%
10
11%
750
32
31
32
500
28%
Swift & Co
20%
18
_.
7%
Nov
1%
11
1,750
4%
15%
104
Jan
2%
50
27 A
1%
Slgnode Steel Strap com..*
South Colo Pow A
300
34
6% preferred v t c
5
Reliance Mfg Co com
10
Rollins Hosiery Mills pf..*
Sangamo Electric Co
*
700
Nov
18%
Feb
5% June
11%
Dec
Apr
35%
Jan
Apr
26%
Nov
Aug
28
12% June
25 A
25
25
25
11A
10%
25%
25%
12
2,250
Sundstrand Mach ToolCo*
Thompson (J R)
United Gas Corp
785
8%
Jan
13%
Nov
1
9%
9%
100
Nov
9%
Dec
Utah Radio Products com.*
2%
3%
1%
5
1,500
1,850
2,900
7%
2%
Mar
4%
Sept
May
2
Jan
May
5%
Jan
25
25
com
com
Utll & Ind Corp
lA
4%
*
Convertible pref
*
1%
4%
500
%
2%
Dec
Viking Pump Co—
Common
Wakl Co
*
com
Walgreen Co
Ward
22
_*
•
*
common
(Montg) & Co A.
Wieboldt Stores lnc com
Willlaina-Oil-O Matic com*
10
Wisconsin Bankshares com
Woodall Indust
8%
13 A
2
com
Zenith Radio Corp. com.
34 A
22
4%
5%
37% 38
152% 152%
21%
21%
50
1,050
Jan
4
24%
Apr
15%
Nov
10
Dec
Dec
300
30
Apr
39%
100
142
Jan
157%
Dec
50
16
Apr
24%
Nov
10
Mar
16
July
10
10%
650
7%
13%
32%
8%
14
5,100
400
13
Dec
35
3,000
11
Jan
5%
8%
15%
42%
Jan
Dec
Dec
Nov
Bonds—
1927
5s
32%
32%
1,000
22%
Apr
32%
Dec
1927
Chicago Rys 5s A
81
81
1,0)0
81
Dec
81
Dec
Par
Sales
for
of Prices
Low
High
Price
9%
American Laundry Mach20
24
American Products
*
Baldwin
8
Burger Brewing
*
1
Champ Paper & Fibre
Churngold
Clntl Ball Crank pref
*
1
1%
I
1
1
Shares
1
1
1
1
*
*
2%
8
8
125
581
50
10
5%
3%
34%
3%
250
35%
139
13
I I Il
For footnotes see page 52.
9%
24%
13
4%
5%
24
Mar
40
Mar
Dec
14%
14%
135
12
Sept
14%
36
675
11%
Mar
42%
18%
18%
200
15%
Jan
23
Nov
86
86
July
86
Dec
35
35
35
Dec
100
Clark Controller
1
Cleve Builders Realty
*
Cleve Cliffs Iron pref
Cleveland Ry
------
3%
79
60
Oct
21
93
4%
259
Oct
3%
6%
Oct
Jan
88
"Ctfs of deposit"
100
Cleve & Buffalo Transit..*
""60"
Cliffs Corp vtc
*
Commercial bookbinding.*
"35%
89
313
54
Jan
95
Oct
60
88"
*
100
60
100
60
Dec
74
59
60
65
54%
Dec
73
July
July
Dec
1
100
1
Nov
34%
36
1,210
17
July
36
Dec
30
31
337
Feb
31
Dec
116% 117
53
112
Aug
117
Oct
72
72
24
45
May
75
Dec
29%
29%
20
25
July
35%
Jan
1
31
6%
1%
'
Dow Chemical
pref
100
Elec Controller & Mfg...*
*
Faultless Rubber
*
*
McKee A G class "B"
Mar
60
:
34%
Jan
115
10
Jan
27
25
8%
19
8
41
200
9
15
16%
380
18%
1%
550
4%
%
1%
44
44%
16
15%
16
26%
26
26%
300
3%
50
*
"54"
54%
736
6%
987
Patterson-Sargent
Peerless Corp
Rlchman
*
100
1
*
...1
Seiberling Rubber
8% cum pref
S M A Corp
T
Union Metal Mfg
Upson Walton
~
wm.
1A
3%
6%
mm
-
5%
14
9
*
15
*
18
38
110
14
15
Nov
9%
Dec
Aug
Nov
12
4%
20
4%
Apr
47
Jan
21%
17%
July
2
Oct
53
Dec
•
Jan
2
Jan
8%
14
May
27
3%
68
6%
45
10
550
9
May
20
17
Jan
8%
1,210
15
18
18
Feb
Nov
Oct
Jan
Nov
Feb
Dec
Nov
Feb
15
13%
Feb
Deo
Jan
Nov
5%
Jan
Feb
19%
8
65
9
Detroit Stock
Dec. 26 to
34%
Apr
July
9%
160
18%
-.37%
Aug
Aug
27
85
18
38
*•
53
25
1%
171
*
*
3
~
Mar
6
110
*
Packer Corp
mm
Mar
5
667
10
Dec
15
Jan
265
8
11
Dec
Oct
50
29%
8%
1%
—
Dec
8%
Ohio Brass "B"
Nestle Le Mur cunfcl "A"*
46
20% May
9%
7
11
Dec
46%
28%
11
Dec
Mar
23
50
Oct
10%
23%
4% May
23
Dec
Nov
Mar
115
29
100
8
540
23
8
3%
'
8
7%
9%
8%
30%
June
190
15
43
38
63
28
19% June
250
9%
21
43
""4l""
*
7% cum pref
215
25
27
'
""9%
*
25
National Tool
60
24%
15%
*
National Refining
National Tile...
14%
Dec
58
1
Metropolitan Pav Brick. .*
Miller Wholesale Drug...*
Monarch Machine Tool..*
Murray Ohio Mfg
Mar
19%
*
Medusa Portland Cement *
26
12
10
1
*
Leland Electric
Nov
100
75
28%
15%
"25""
Kelley Isl Lime & Tran..*
Lamson & Sessions
Dec
30%
10
33
28%
*
Interlake Steamship
33
100
32
5
Harbauer
Jaeger Machine
101
Jan
100
33
28%
100
Dec
Dec
100
GenT&R6% pref "A'TOO
Great Lakes Towing
Halle Bros
17
25%
Oct
Oct
Nov
Exchange
Jan. 1, both inclusive, compiled from
Week
*
High
Low
Shares
30
26
35
official sales lists
30
417
(Safes
Thurs.
Last
High
Low
Sale
Aluminum Industries.
High
24
24
Range for Year 1936
Week's Range
Sale
Par
Low
Price
*
Preferred
inclusive, compiled from official sales lists
Last
Stocks—
Week
*
Apex Electric Mfg
City Ice & Fuel
Weinberger Drug, lnc
Cincinnati Stock Exchange
Thurs.
for
of Prices
Airway Elec Appl pref. 100
Akron Brass
.'*
Vlchek Tool
Dec. 26 to Jan. 1, both
Range for Year 1936
Week's Range
Sale
Stocks—
**4
Sales
La*t
Nov
5%
5%
compiled from official sales lists
Thurs.
Apr
41
Apr
Dec. 26 to Jan. 1, both inclusive,
Dec
22%
Mar
1%
2%
2%
1%
3%
Cleveland Stock Exchange
Apr
Nov
58
Dec
3
'
"3 A
6
Potter Co (The) com
Prima Co com
7%
16
16
Perfect Circle (The) Co..*
Pictorial Paper Pkg com. .5
com
2%
27(
52
..100
Penn Gas & Elec A com..*
Pines Winterfront
A. T. & T. GLEV. 565 A 566
Telephone GHerry 5050
Sept
lit
311
1
Union Trust BuildinS/ Cleveland
Nov
June
14
73
com
6% preferred
GILLISrjWOODdb
Feb
10
Peabody Coal Co B
Members Cleveland Stock Exchange
Jan
22%
73
*
com
com
Ohio Listed and Unlisted Securities
Dec
70
39
100
7% prior Hen pref
Parker Pen
6%
13%
15(
Jan
10%
22
100
7% preferred
Ontario Mfg Co
1%
40%
37%
*
com
Northwest Bancorpcom..*
Northwest Utii—
31
13
'40%
Noblitt-Sparks Ind com..*
1%
8%
150
29%
1%
39%
6%
National Union Radio coml
North Amer Car
8
22
Muskegon Mot Spec cl A.
Nackman Ppringfiiied com*
National Battery pref
9
19%
13%
Jan
Mar
28%
Oct
Stocks-
Par
Price
Week's Range
of Prices
High
Low
1
1A
1%
Aug
4%
8%
Oct
Baldwin Rubber com
1
10
Dec
6%
Apr
Brlggs Mfg com
54%
Aug
38%
17%
6%
Dec
Feb
Dec
Burroughs Add Mach
*
*
Capital City Prod com
Chrysler Corp com
*
5
Apr
Jan
Oct
Auto City Brew com..
5% May
19%
12%
1%
Range for Year 1936
Low
High
Nov
*
3
1%
for
Week
Shares
33
14%
33
1%
10%
54%
33%
14%
15
117% 117%
850
415
1A
9%
Apr
63
Mar
46
684
25% May
600
14
86%
Feb
14
June
255
918
3%
Oct
July
Aug
Jau
33)
24)
135
Oct
Jan
Nov
84
Financial
Chronicle
Jan. 2, 1937
Sales
Thurs.
Last
Stocks
WATLING, LERCHEN & HAYES
Detroit Stock
Exchange
Par
Exchange
Low
Union Oil of Calif
44
44
22%
16%
22%
17%
17
150
150
Building
DETROIT
Telephone
25
26
Universal Cons Oil Co... 10
13
Van de
Buhl
36%
10%
Kamps Bakeries..*
Wellington Oil Co
1
Randolph 5530
Low
500
High
28
100
Oot
14% May
5,100
11
10
120
3,300
1,100
10%
2,300
25c
Deo
24%
,
Jan
26
13%
36%
Nov
47
Apr
150
24%
12%
36%
10%
Range for Year 1936
Shares
High
22%
*
Transamerlca Corp
*
Union Bank & Trust Co.50
Chicago Stock Exchange
Week
44
Taylor Milling Corp
New York Curb Associate
for
of Prices
Price
Superior Oil
Members
New York Stock
(Concluded)
WeeJt's Range
Sale
18
Nov
150
Feb
20%
7%
Aug
28%
Mar
Jan
28
July
12
Feb
40
Nov
Jan
11%
200
4%
V
Deo
Mining—
Thurs.
Par
Week's Range
Sale
Stocks (Concluded)
of Prices
Price
Low
ConsolidatedjPaper com .10
Det & Clev Nav com
Dot
10
Cripple Creek
Detroit Edison
146
146
Detroit-Mich Stove com_.l
7%
Detroit Paper Prod com
8%
.
1
.
Federal Mogul com
Federal Motor Truck
Gemmer Mfg A
General Motors
com
64%
6%
10
Goebel Brewing com
1
6%
Graliam-Palge com
1
40
65%
-6%
3%
3
3
10
com.
Hosklns Mfg com.
com..
Kresge (S S) Co com
Lakey Fdy & Mach
"l9~~
*
McAleer Mfg com
*
Michigan Sugar com
*
4%
1%
3%
17%
10 A
MidfWest Abrasive comSOc
Murray Corp com
10
Packard Motor Car com.
Parke-Davis
2.50
com
com
.....
.2
_
River Raisin Paper com. _*
Tlvoli Brewing com
United Shirt Dlst
5%
7%
1
*
com
Unlv Cooler A
__.*
Walker & Co units
Jan
Nov
Packard Motor Car Co
10%
Radio
Corp'of America
Radio-Keith-Orpheum
11
15%
Dec
StandardjBrands'Inc
Standard OilICo (N|J)-25
Mar
Warner Bros Pictures Inc 5
18
65
Oct
Apr
1%
5%
6
1
Young (L A) Sp & Wire.. *
15
Apr
Jan
6%
41% May
23% June
4% July
Oct
4%
4% July
Jan
6%
Jan
7%
Jan
6%
Jan
2%
279
5
887
5%
7%
950
3,930
220
300
800
400
7
'6
975
200
44
Feb
Feb
Nov
Feb
220
Oct
j
Sept
UNION
Feb
Oct
Tel
120
Feb
Angeles Stock Exch.
Los
Oct
7%
Dec
8
Mar
Dec. 26 to Jan.
Stocks—
Par
Bandlni Petroluem Co
1
Barker Bros Corp
*
Par
9
100
27%
Warrants
Bolsa-Chica Oil A
10
Broadway Dept St pref. 100
Buckeye Un Oil com v t c. 1
Preferred
for
Week
Price
*
59%
23%
2%
5%
16%
17%
100
32
1
5
Follansbee Bros pref
Fort Pittsburgh Brew
2%
1.25
1.25
1,100
1,300
104
com.
.
_
_
_
Preferred
104%
17c
12c
12c
1,500
9c
Nov
30c
11c
11c
11,000
29%
29%
39%
10%
17%
3%
17 X
Creameries of America
5%
*
5
1
.
9%
15%
3
2,300
2,900
1
18%
67% c
63%
14%
10%
29%
21%
87% c
10c
10c
7c
1
48c
41c
Jan
54
Deo
85
Nov
91
Dec
106%
28c
26c
Hancock Oil A
*
*
com
Holly Development Co.
Jade Oil Co
Kinner Airpl & Motor
.
_
Los Ang G & E 6 % pref 100
Los Ang Industries Inc.-.2
Mascot Oil Co
1
Menasco Mfg Co
Mills Alloys Inc A..
1
10
108%
4%
77% c
3%
1.40
*
2
5
Funding
Nordon Corp
:
Olinda Land Co
com.
Dec
Forglngs
Steel Fdy
Nov
Dec
13%
July
3
Jan
Jan
25
443
|12%
Jan
27%
1
500
1
Ruud Mfg Co
5
19%
1%
18%
27%
1%
19%
290
15
"6%
Preferred
500
2,800
Dec
Jan
25""
Apr
Dec
July
22
Feb
75
14%
Jan
Jan
1.50
Apr
Oct
16c
Feb
95c
10%
600
108% 108%
4%
4%
77% c 77% c
3%
3%
17
36c
Nov
25c
Sept
So Calif Edison Co
10
6%
June
1.40
105
July
6,100
55c
July
1.00
3%
Jan
6%
1.25
New York Stock
St.
2,500
5,000
2,650
1,000
12
11%
12
33%
36%
31%
30%
32%
32
31%
28%
8%
32c
36%
So Counties Gas 6% pf. 100
Southern Pacific Co
100
100
400
*
2,600
500
8%
32c
2%
2%
82%c 82% c
2%
2%
45
45%
51% 53
33% 35
3,000
1,300
500
97
325
28c
*
57c
July
Jan
85c
Jan
31c
Deo
152%
Oct
*
13
248
4%
108%
3%
115
Feb
Jan
July
5%
Oct
page
52.
10c
Jan
2%
Dec
50c
Feb
75c
Jan
3%
54%
July
8
18%
31%
29%
18%
5%
2%
150
44
850
200
50%
11%
500
13
28%
28%
26%
29%
1,600
28%
27%
600
25%
27%
600
26
105
43%
41%
105
43%
44%
4
100
1,600
Stock
Exchange
Exohange
New
.
York
Chicago
Curb
Board
(Associate)
of
Trade
July
1%
all
Nov
Jan
14%
39%
40%
32%
35%
8%
13%
on
Feb
Jan
Louis
Feb
8c
19
43%
44%
Jan
MEMBERS
Apr
Jan
19
105
For footnotes see page 52.
2,000
Sept
50c
29%
28%
27%
....
Standard Oil of Calif
200
11c
25c
19
25
113
Enquiries Invited
Feb
20c
25
50
Jan
97
102
Mid-Western and Southern Securities
Mar
1
_25
34%
Business Established UJ74
Mar
100
18c
_
Jan
150
1,324
I. M. SIMON &CO.
Apr
300
1.40
2%
Jan
100
45c
5%% pref
6% pref
Jan
1
3%
3%
47%
50
143% 145%
ST. LOUIS MARKETS
67% c Dec
Jan
11%
Jan
116%
5% Nov
Nov
35
60o
334
Oct
4.00
53
320
Jan
6% Nov
14% Nov
50% Nov
4% Nov
1% Sept
3% Deo
Feb
28c
18c
Security-First Nat Bk._.20
Signal OH & Gas A com
*
Sontag Drug
400
1
4%
82% c
12%
45
3
512
Philadelphia Stock Exchange—See
Oct
Jan
42c
6% pref ann
...10
Security Co un of ben int. *
3
4c
3%
Jan
11%
Oct
22% May
1%
Oct
._
*
Jan
2%
82% c
2%
Mar
14
48
1
6% % pf. 100
Pennroad Corp vtc
Dec
*
20
Mar
87%c July
7c
80c 82% c
18c
20c
Samson Corp B com
June
13%
46%
113
Dec
32c
2
Jan
2c
9,333
6,964
Dec
Dec
Jan
Unlisted—
Lone Star Gas
32c
1
2c
6%
7% May
J
79
46c
18c
Ryan Aero
2c
6
14
12%
Rice Ranch Oil Co
Oct
Dec
Mar
Dec
97
5
100
1
Jan
17
100
*
Jan
1
10
70c
Republic Petroluem Co
Dec
7%
125
12%
Pacific Public Service
24
590
820
70c
31%
29%
8%
9%
Nov
Feb
200
18%
80c
10
4%
36%
18%
1%
13%
Aug
Feb
500
45c
6% 1st pref
25
Pacific Indemnity Co.-.IO
Deo
Aug
2%
25
13%
12%
Pacific Gas & Elec Co___25
135
Feb
Sept
Feb
100
202
9c
July
2c
95
Westlnghse Elec & Mfg.50
54%
8%
7%
22%
4
34%
18%
Jan
Jan
4%
1%
1,203
3,600
21
Apr
300
12,885
12%
*
Feb
Nov
Nov
510
Westlnghouse'Air Brake..*
Nov
Jan
95
Waverly Oil class A
20c
41
20
Feb
100
Mar
178
Sept
2%
64%
7%
10%
*
Dec
11,000
14%
Apr
100
70c
*
4
1
5%
53%
14%
107%
Jan
1
6c
33%
18%
Screw & Bolt.. *
United Engine & Fdy
United States Glass C...
16%
17%
5%
19%
16%
Jan
10
5
Victor Brewing
200
1
Pacific Clay Products
Pacific Finance Corp
4c
1
Oil & Gas
97
510
2
60%
7%
8%
*
.
356
12,628
106%
12
59%
6%
7%
"~7%
Feb
7,000
8,100
8,500
1
<
2
*
Dec
30%
28%
...5
Occidental Pet Corp
Oceanic Oil Co
10%
25c
com
12%
Mt Diablo Oil M & Dev.. 1
National
106
12
*
Dec
14% May
'
Lockheed Aircraft Corp._l
*
29%
39%
300
48c
Lincoln Petroleum Corp._l
Globe Grain & Mill Co..25
Goodyear Tire & Rub
Dec
June
4
500
10c
General Motors Corp.-.10
General Paint Corp
3
3,600
17%
17%
5%
5%
69% 69%
18%
18%
57% c 67% c
63% 65
14%
14%
10%
129% 29%
22
i 21%
87% c 87% c
Sept
June
Jan
31
30c
10c June
19
26%
9%
11%
Mar
1%
San Foy Mining
1
Shamrock Oil & Gas..,..*
Feb
24
Oct
40
July
RennerCo
Feb
800
23
Jan
Jan
1
Plymouth Oil Co
Apr
July
34
7%
15%
Jan
Oct
July
10
Preferred
July
Jan
5c
*
*
Emsco Der & Equip Co
Nov
1,000
11c
*
Exeter Oil Co A
1.50
5c
29%
38%
io%
16%
3%
Douglas Aircraft Inc
Nov
6c
*
Consolidated Steel
_.
3%
10
953
365
1,585
1%
Jan
185
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Dec
98
18
3% June
14
91
Pittsburgh Brewing
Dec
12c
100
Consolidated Oil Corp._
800
7%
104
400
Apr
Dec
54
Mountain Fuel Supply Co
Dec
43c
i
1,182
July
91
Natl Fireproofing com
High
1% Sept
Oct
57% c
5% May
5%
17%
17%
2
6,493
53%
Koppers G & Coke pref. 100
6c
Citizens Nat T & S Bk__20
Claude Neon Elec Prod.
7%
7%
c__.__.--l
v t
2%
752
3
High
62%
24%
4%
6%
23%
July
July
Jeannet Glass pref
27%
5c
47%
13%
Harb-Walker Refrac com.*
Jan
3,900
Low
176
33
1
Duquesne Brewing
Range for Year 1936
Shares
60%
24%
Carnegie Metal Co
1
Clark (D L) Candy Co...*
Columbia Gas & Elec
*
2% Aug
15% May
100
43c
104
1
Central Investment
27%
33c
1.25
Berkey & Gay..
27%
43c
Cons.
Oct
Deo
Deo
Sales
of Prices
Low
High
Mesla Machine Co
Low
Jan
PITTSBURGH, PA.
Week's Range
Preferred-
Shares
High
Apr
Jan
Nov
A. T. & T. Tel. Pitb-391
*
Blaw-Knox Co
Range for Year 1936
2%
Barnhart-Morrow
Preferred
Low
53%
9%
Sale
Week
Price
700
Last
Phoenix Oil
for
100
18
Thurs.
Apr
Sales
of Prices
Aug
1, both inclusive, compiled from official sales lists
Mar
1, both inclusive, compiled from official sales lists
Week's Range
15
Mar
Angeles Stock Exchange
Sale
100
Pittsburgh Stock Exchange
Dec
3
Teletype L.A. 290
Last
15%
68%
Oct
San Francisco Stock Exch.
Thurs.
Jan
Specialists In Pittsburgh Listed and Unlisted Stocks and Bonds
Apr
McKinney Mfg Co
Dec. 26 to Jan.
9% May
5% July
BROADWAY, NEW YORK
Lone Str Gas Co...
Los
7
500
Mar
Chicago Board of Trade
Angeles
600
Oct
July
Dec
Oct
Jan
MEMBERS
523 W. 6th St.
100
1,800
100
BLDG.,
Gourt-6800
Mar
Wm. Cavalier & Co.
Exchange
Jan
Oct
2%
Apr
20% June
7% Apr
New York Curb Exchange (Associate)
BANK
Armstrong Cork Co
Los
100
300
Mar
Feb
Apr
J Pittsburgh Stock Exchange
Won,h#P,
Members
Mar
Stocks—
New York Stock
800
8
15%
68%
16%
Dec
Nov
7%
7%
20%
4%
24%
14%
13%
14%
10%
17%
68%
18%
Jan
H. S. EDWARDS fit CO.
Feb
10
11%
1%
54%
8
8
May
4%
3%
16%
Nov
7
11%
12%
14
26
190
20% May
150
83
Mar
50
31%
8%
7%
5
100
300
Nov
,516 Jan
5% Sept
% July
Dec
42%
2,585
"16
42%
Aug
393
"16
Jan
Jan
3
841
8%
6%
7%
1%
31%
22%
32%
8%
6%
IX
5%
22%
13%
Oct
1,876
10
7
"1%
Wayne Screw Prod com..4
com
No Amer Aviation Inc_._l
Apr
8%
6%
ox
1
Wolverine Brew
Electric Bond & Share
Nov
14
*
Warner Aircraft com
Mar
20%
5%
3%
1316
10
_*
Unlv Cooler B
12
Feb
26%
5%
4%
19%
3%
22%
Solvents
26
184% 186%
6%
7
4%
4%
19%
19%
3%
3%
22% 22%
12%
14%
10%
11
10% 11
7
44
May
537
26
26
186%
5
Jan
23
3,079
Amer Radiator & St Sani..
Jan
Jan
11
Jan
Commonwealthf& Southn.
11
45
15c
Commercial
44%
10%
43%
26%
5%
4%
6%
7%
26%
5
com
RIckel H W
*
*
Parker Rust-Proof
Reo Motor
_
com
Oct
Oct
262
100
4o
Apr
76%
10%
4%
18%
1,050
16,650
Dec
100
1
11c
8
740
3%
17%
10c
10%
July
166
10c
23%
Jan
2
815
1
Feb
Unlisted—
Jan
54%
6%
1,013
Sept
Aug
25%
19%
28%
6%
4%
1%
3%
17%
6%
4%
48c
American Tel & Tel Co. 100
65
19
July
Aviation Corp (Del)
Cities Service Co__
17
28
1
31o
Feb
2,857
2,655
Aug
100
Apr
65
10
com..
4,139
1.45
46c
4
24
100
Dec
46o
152%
25
"65~~
*
Hudson Motor Car
200
Feb
65c
46c
Jan
17
*
Houdaille-Hershey B_
Dec
2%
7%
9%
7%
240
Nov
26%
4%
63c
65o 72%c
4,400
1,700
Jan
65c
1
Aug
128
1,613
9 '
High
Apr
2%
%
2,175
8%
20%
40
*
Hoover Ball & Bear
8
7
*
com
1,900
7,265
92
8%
19%
8%
*
Low
19
100
148
22c
1
ZendaGold
Range for Year 1936
Sabres
23%
2%
"is
24c
24c
Cardinal Gold Mining
Tom Reed Gold
for
Week
High
23%
2%
%
2%
%
1
100
com
Black Mammoth Cons 10c
Sales
Last
106%
24
35%
Jan
Feb
Jan
Mar
Jan
July
315 North Fourth
St. Louis Stock Exchange
Oct
Dec. 26 to Jan.
Mar
1, both inclusive, compiled from official sales lists
Dec
Thurs.
Jan
Last
Week's Range
for
40c
Sept
Sale
of Prices
Week
3%
Nov
Par
Stocks—
American Inv
Burkart Mfg com
Apr
Price
29
com
36
37
375
*
32
32
6
Dec
15%
Dec
Columbia Bew com-5
Jan
Aug
Preferred
1.10
1.00%
5
"25%
32%
July
Dr Pepper com
29
July
Ely & Walker DGds
July
Emerson Electric pref-.100
"no"
105
Aug
Falstaff Brew com—....1
8%
8
47
*
com
25
Griesedieck-Western Brew*
Oct
Feb
\
Low
(new)._l
Coca-Cola Bottling com._l
Feb
Range for Year 1936
Shares
13%
Nov
28%
109%
46%
High
195
37%
Jan
Low
29
Jan
Jan
Sales
28%
60
Jan
.
Nov
July
Jan
Mar
St., St. Louis, Mo.
Telephone Central 3350
Hamilton-BrownSboe com*
29
25%
26%
27
3%
1.10
5
25%
26%
110
8%
29
3%
High
31
21
Jan
Aug
31
Nov
32 %
38%
Nov
Dec
Jan
83
57c
Jan
1.10
Deo
30
3
Jan
6%
26 %
Mar
Dec
220
25%
Dec
135
17
July
210
74
Mar
520
4%
158
16
Jan
Aug
25
2
June
26%
110
10%
31%
4%
Dec
Dec
Nov
Dec
Nov
Volume
636
Jan
18
Jan
17
Dec
13h
13)6
Jan
16
International Shoe com...*
49
48
49
4736
Oct
Johnson-S-S Shoe com
*
17
17
17)6
1136
Jan
Key Co com__
*
12
13)6
3%
Hydraulic Pr Brick comlOO
100
Preferred
36
Jan
4
336
Dec
feOct
11
12
836
Jan
23
Knapp Monarch com
*
Laclede-Chrlsty Clay com *
5336 LMar
1736
Feb
*
1436
Feb
23
8
Apr
23
Dec
15
15
636
Jan
25M
26
2236
July
3036
15)6
153-6
13
Aug
1536
Members: NewYork Stock Exchange, SanFrancisco Stock Exchange,
18
2036
UH
12
936 June
936 Feb
Nov
iMay
National Candy com
*
1st preferred
100
Nicholas Beazley Alrpl cm5
Rlce-Stix D Gds
1st pref
12 M
115
*
com
...100
100
2d pref
116
SanFrancisco
Jan
11936
7 36
June
12 36
Doc
115
11136
Aug
117 36
100
Dec
102
Jan
St Louis Bk Bldg Equ com*
5K
30c
2
536
St Louis Pub Serv com...*
40c
13)6
25c
21
122)6 12236
pref-100
122)6
Stlx, Baer & Fuller com.10
Wagner Electric com
15
15)6
15)6
1536
39)6
39)6
4036
27
27
S western Bell Tel
American Inv 7% pref.
.25
Nov
Mar
336 May
136 Mar
12236 Dec
936 Mar
2836 Apr
1336
20
21
Oct
15c
236
2 34
*
Preferred A
Scruggs-V-B D G com ...25
Scullin Steel pref
*
27
Dec
Dec
536
1.00
Nov
•••''
•
•
'
■"/ •.»'?
«■'
»•
'
'
S F-20
Atlas Imp
Dec
Dec
16
Nov
Oct
9536
95)6
t Scullin Steel 6s
1941
United Railways 4s c-d s
8736
9636
3336
8736
87)6
3336
20
21
1,917
17
195
50
186
Sept
203
7
Calamba Sugar com
260
110
2136
Oct
2236
8
8
300
436
Jan
Sept
836
136
36
36
795
4836
1,156
Calif Cotton Mills
3436
California Packing
46
46
14,000
Dec
103
3,000
27
103
-
Crown Willamette pref—*
Preferred A—
Di Giorgio Fruit
(Since 1880)
preferred
-
_
Emporium Capwell
Emsco Derrick &
Last
Sale
Par
Stocks—
of Prices
Hiqh
Price Low
736
9136
336
Jan
Apr
Jan
114
117
2336
Aug
70
2236
Jan
75
Aug
45
Alaska United Gold
-100
Amer Tel & Tel
-
....5
Ark Natl Gas A
Atlas
Corp
i,
com
Preferred
3
Aviation Corp
10
Bancamerlca-Blair
Barnsdall Corp
10
Bunker Hill-Sullivan
z
10336
2036
Calif Art Tile A
195
75c
Feb
Feb
24c
Feb
150
Apr
87c
90c
7,200
39c
Jan
2236
2336
305
15)*
11
530
1036
Jan
Mar
636
1636
5036
636
23
.
18436 18536
Oct
5c
50
1036
90c
Amer Tell Bridge
Anglo Natl Corp
Argonaut Mining
4c
4o
18436
15c
100
31c
31o
25
5
Alaska Treadwell
2236
22 36
873
22
Jan
3036
2336
1,975
14
Mar
636
10
1636
5136
21
15
10
736
355
5036
436
73c
zCardinal Gold
Nov
536
Dec
Jan
5136
756
Feb
Dec
Oct
1536
736
1636
Nov
Mar
Dec
Dec
Mar
1036
1,621
636
Jan
1336
2736
2736
9936 10336
400
223$
Dec
2736
Dec
no
52
Jan
10336
Dec
2036
40
12
May
Nov
3.50
200
10
20
65c
2.00
Apr
2236
4.50
63
20
95
95
Calif-Ore Pow 6% '27-.100
1.10
25
Dec
3.50
B
Nov
190
Jan
95
Jan
Dec
2,200
73c
65c
Dec
1.45
25c
Dec
75c
Aug
Aug
46c
2,700
40c
42c
1,600
Oct
75c
Aug
636
636
100
6
Dec
836
Apr
436
436
436
2,610
3
Jan
736
Feb
Claude Neon Lights
Consolidated Oil
75c
71c
84c
3,856
60c
Oct
'1536 c
Crown Will 2d pref
11236
Curtiss-WrighfCorp
636
Central Eureka Min
45c
corn..
"42c
Preferred
z
10
Chica Southern Air
Cities Service
1136 May
200
17
17
33c
j!11036 11236
1,065
17
Dec
June
72
50
636
636
Feb
436
U2 36
Dec
Jan
936
Mar
£
Domlnguex Oil Fields
z
4636
...
1.05
10
General Metals
74
2.50
:
1.15
26 36
June
59
100
Jan
Jan
Jan
80c
17
Oct
Apr
Nov
75
Holly Development
1
50
1.50
Aug
2.75
Nov
30c
120
40c
Nov
82c
Mar
87c
B
87 c
100
50c
Feb
1.55
Apr
Nov
„
Internatl Cinema
_
636
_
1.25
_1
Internatl Tel & Tel
Jan
736
1.25
1.30
1,950
85c
Nov
2936c
1136
Idaho-M aryland
1136
175
1136
Sept
636
7
L3.15
3,400
Feb
Feb
19
Feb
74c
53c
62c
5,275
22c
Jan
4.70
4.40
4.85
5,293
1.60
Jan
4.85
Dec
50c
43c
50c
4,750
37c
July
95c
Feb
15c
Jan
58c
Feb
Italo Petroleum
I.]
Preferred
z
1
200
285
Dec
30c
Hobbs Battery A
z
1.10
2236
74
20
^4636*
6,531
4636
1.05
2.50
Gt West Elec-Chem
z
4636
2236
Dumbarton Bridge
4636
125
86
Oct
112
Feb
756
32 36
June
48
Dec
Kinner Air & Motor
1
27c
10
.1
43c
McBryde Sugar
27c
35c
44c
97,493
13c
Jan
8
Kleiber Motors
M J & M & M Oil
500
8
50
6)*
Jan
Jan
44c
Dec
July
12
6536
Dec
5436
Rights
1136
1436
Mountain City Copper
North Amer Aviation
Oahu Sugar
5436
10
2.25
Montgomery Ward
2.25
175
36 36
2.25
Dec
2.65
Dec
.4,105
4.10
Jan
1236
Nov
835
7)6
10
27J6
Jan
Jan
44
1136
12
"42c
1236
1436
40
20
40
1436
Dec
Nov
Jan
54c
Jan
2336
Nov
June
2236
July
July
4,960
21c
19
20
425
63^
Olaa Sugar
20
14
14
30
Onomea Sugar
20
44
4436
40
4336
Jan
3.45
1,257
2.50
Aug
3.90
Oct
3.10
Apr
536
Dec
May
Dec
Apr
2136
1336
536
1436
Apr
1036
Nov
Jan
17
Nov
z
Occidental Pete
O'Connor-Moffatt
*
3.40
Pacific Coast Aggregates
Pacific-Portland Cem._100
..
z
42c
50c
536
2236
Packard Motors
536
285
2236
10
11
Pacific Western
11
8
13
436
1
Radio Corp of Amer
636
230
Jan
236
July
436
436
200
1036
Park Utah Mines
1136
325
10
736
50
5
375
9
736
Radio-Keith-Orpheum..
16
Riverside Cement A
16
.
36
Santa Cruz Port Cem.__50
4.00
4.00
150
3.75
Schumacher Wall Brd pref.
1736
1836
370
17
43
6% preferred
25
2936
25
"2836"
Standard Brands
Stearman-IIammond Aircft
7
United Corp.
2836
Victor Equipment
.
Jan
19
May
Dec
1,148
2436
31
25 36
Feb
Feb
2836
298
2736
Mar
15
200
15
Dec
32 36
July
2836
2836
1736
Aug
Nov
Aug
825
1.50
Nov
2.40
75 c
Nov
2.20
Dec
5 36
Apr
S56
July
25c
636
1636
17
836
52
7
1.90
7
1636
18
2,032
Jan
19c
3.10 June
836
Nov
200
1036 May
1636
Nov
1836
Dec
936
Feb
690
10
936 May
5
1436
1836
736
1836
736
121
736
1436
1836
10
2,947
Dec
4136
42
54
Feb
3436
3536
1,671
Dec
550
136
Jan
July
35 36
336
736
850
536
July
436
756
2136
350
636 June
2136
Aug
July
Deo
1236
260
11
Apr
25
June
3
com-20
736
2136
Langendorf Utd Bak A—*
1236
Letourneau
3536
1236
3436
34
1,450
Libby McN & Llbby com.*
Lockheed Aircraft
1
10
10
10
100
9
10
Jan
436
Feb
July
436
Oct
Jan
2736
2736
4336
4736
Nov
769
2
23
260
16
2336
756
1936
236
236
2236
23
98
96
1436
365
28
Jan
3336
Feb
2536
552
19
Aug
936
2136
1636
3536
3136
2836
936
2036
9^
2136
1636
3636
3136
2,017
1,090
1,435
2,170
1,774
3236
1436
2136
Nov
23
July
4036
3256
2956
5836
July
2836
16
35
3036
2836
50
10636
836
2336
106
151
151
*
B
*
Tide Water Ass'd Oil com. *
*
Union Oil Co of Calif—25
Transamerica Corp
25
Union Sugar Co com
5
10
United Air Lines Tran8
Universal Consol Oil.
Walalua
Wells-Fargo Bk & U
Western Pipe & Steel
T.100
Co. 10
Yellow Checker Cab A-.50
901
10136
551
1836
86
145
8536
4736
936
600
29
19
3,155
15
110
136
1136
1,115
1,541
136
1736
2836
34
3636
10136 10136
4336 4436
2
136
136
1^6
836
836
4136 4436
15
1336
236
236
2136 2136
1736
1636
2436 2636
2136 22
1936 2036
1336
1236
8436
8436
44
236
2136
1736
2536
22
2036
1336
8436
119
15
20
27
136
1536
10436
436
1836
451
836
110
15
Super Mold
Thomas-Allec Corp A
90
1,686
76
47
2836
Spring Valley Water Co__*
Standard Oil Co of Calif--*
45
152
1836
8536
10136
4436
136
136
836
A__*
Jan
Jan
106
1836
8536
5
Feb
2936
2636
836
'7336
106
110
1536
31
2336
836
2336
1336
Aug
July
Dec
398
107
50
536
385
50
*
Sou Pac Golden Gate
Mar
31
936
Southern Pacific Co.-.100
1936
1336
47
—
Jan
Nov
25
36
Sounvlew Pulp Co
Mar
10036
29
76
Signal A
2,480
Nov
1436
106
Shell Union Oil com
80
13
25
100
100
Dec
1036 June
6836
Jan
1236 Dec
Aug
31
Parafflne Co's com.—__»*
Schlesinger&Sons (BF) com *
Preferred
100
Jau
32
443
98
20
880
36
3436
1236
Roos Bros pref
Aug
10
36
100
Jan
Nov
Dec
11636
136
3236
1236
pref B
Republic Petroleum
1136
10536
36
Rainier Pulp
Nov
45
3436
1236
Ry Equip & Rlty new com*
Jan
Nov
1236
200
Market St Ry pr
Non-voting preferred--*
Pacific Tel & Tel com -.100
16 36
76
636 June
636 May
136
Natl Automotive
*
2136
*
10836
136
23M
4,189
1036
36
107
10836
136
236
2236
*
Oct
4736
736
2136
Pac Pub Serv non-vot com*
Nov
Jan
Oct
336
25
25
1136
28
Jan
35
5
Pacific Can Co
*
Pacific Gas & Elec com..25
2036
Dec
40
4136
Pacific Amer Fisheries
Apr
7 36
26
Home F & M Insur Co. -10
*
1436
Jan
Nov
Oct
414
4736
pref.-100
Fibres.-*
Natomas Co
*
Nor Amer Inv 6% pref-100
Nor Amer Oil Cons
10
Occidental Insur Co
10
Oliver United Filters A—*
1336
400
4736
Elec preflOO
Lyons-Magnus Inc B
*
Magnavox Co Ltd
2 36
Magnin (I) & Co com
*
Marchant Cal Mach com.5
76 36
4756
5
Los Ang Gas &
4836
Jan
1936 May
22
Preferred
Dec
July
100
22
Ltd.__*
*
5436
503
22
235
440
68
Dec
Jan
Jan
Jan
Jan
Apr
35
Jan
60
Feb
Nov
86
110
13
17
273
3836
10136
4736
Dec
Dec
Nov
Feb
Dec
Nov
Oct
Dec
Oct
Sept
k
Oct
Oct
Feb
1136
Oct
236 June
1936 Dec
15
Deo
2156
11
Apr
18
Aug
2836
2836
2036
Aug
28
July
65
Nov
2036
10
Jan
435
14
Nov
5
1936
47
736
Jan
5036 June
290
Apr
315
11
36
565
2636
Jan
60
36
Nov
Aug
645
2,628
8736
Dec
611
32,549
3,700
152
133
536
Oct
10436
Jan
36
Jan
236 May
1536
Apr
2336 Apr
306
85
Sept
836 July
2636 Sept
July
2336
Jan
136 Dec
136 May
636
Jan
494
July
47
139
2,020
Oct
July
BMay
43
679
Jan
108
755
3,195
108
Jan
July
Dec
Dec
3436
60
100
2336
Jan
315
315
CURRENT
Feb
327
3836
6436
Deo
Nov
Feb
Oct
Apr
Sept
Nov
NOTICES
Jan
New York and Chicago, have been elected
the Chicago Board of Trade.
—Avery & Co., with offices in
to membership on
—Arnold
&
Co.,
25 Broadway,
year-end issue of their "Securities
—A.
Albert
Mol
has
members New York
—Donald
Durant
Dec
785
293
6636
1436
36 36
2,043
39
63
436 May
Jan
46
5,500
636
3636
63
*
Apr
Mar
2.10
1.15
1736
1
Mar
2.20
1636
5
For footnotes see page
31
Sept
2.00
636
—
Warner Bros Pictures...._
Western Air Express
15
5.50
Apr
Dec
1.70
U S Petroleum
Preferred..
27
L
2.00
"2.60
Texas Consolidated Oil...
z
43
2936
15
536% preferred
2836
27
Shasta Water
Southern Calif-Edison. .25
Dec
50
30
36 36
com*
336 June
70
4
4
4
10
6% new
Dec
3036 June
4936
Preferred
Aug
40
135
4736
6% preferred
6336
15
40
9336
Pac Lighting Corp com
Dec
58
38
4936
536% preferred
Nov
56
58
9336
6% 1st preferred
22
38
Insur—25
com—10
Foster & Kleisercom
10
Galland Merc Laundry... *
B
Feb
Nov
Feb
18
9336
Island Pine Co Ltd
2736
1436
115
18
58
—
Hunt Bros A com
Dec
23
Equip.-5
Honolulu Oil Corp
Dec
18
Hawaiian Pineapple
High
Low
Shares
1836
2336
General Paint Corp A
Oct
Aug
112
170
1036
45 36
Hancock Oil Co
rr
Apr
100
636
18
1036
45
Golden State
XVpfib'
Feb
Dec
Oct
2236
General Motors com
Nov
16
36
113
1736
1036
Gladding McBean
Range for Year 1936
for
Week's Range
9036
Dec
65
112
11236
Fireman's Fund Indem__10
Sales
Thurs
June
105
*
Ewa Plant-.
Francisco Curb Exchange
both inclusive, compiled from official sales lists
Feb
Deo
990
Food Mach Corp
San
J6
5 36
100
536
Feb
4836
July
9
29
Fireman's Fund
Dec. 26 to Jan. 1,
Jan
Nov
45
Corp.*
Eldorado Oil Works
York Stock Exchange—San Francisco Stock
Exchange—San
Francisco Curb Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Direct Private Wire
301
411
Jan
Nov
Oct
3236
11036 HI
18
*
—*
com.—10
100
Crown Zellerbach v t c
55
10
5M
536
11036
Creameries of America
9936
35
35
35
J an
3036 June
1,168
8836
936
10
*
*
25
25
103
8736
88
*
Caterpillar Tractor
36
600
3536
Dec
com_100
Corp..*
Calif Water Service preflOO
Nov
Oct
3336
22
88
Members: New
Jan
Jan
8
105
$3
Sept
3036
Jan
FRANCISCO
536
22
;
36
Cons Chem In dust A
SAN
130
109
3036
Preferred
July
MONTGOMERY STREET
Aug
36
22
*
20
Co
Byron Jackson
69
STRASSBURGER & CO.
Nov
26
1536
2336
22
Nov
640
636
2736
3036
636
2736
636
2736
2,000
36
Nov
7
193
3436
Jan
336
Oct
Dec
1736
25)6
17
6
—
Claude Neon Elec Prods.
133
1336
835
6
6
California Engels
--
360
21
Bank, of California N A. 100
—— —
Bishop.
28
14 36
2436
July
Jan
1436
193
Inc---10
Diesel Eng A__5
Dec
High
Low
Shares
Apr
Sept
Assoc Insur Fund
Nov
1936
Range for Year
Week
24
1436
2436
10
Alaska Juneau Gold Min
Anglo Calif Batl Bk
Low
Price
Par
8
4436
of Prices
High
Sale
Stocks—
for
Week's Range
Last
'
■
1636
2436
12736
Mar
Sales
Thurs.
,■
Calaveras Cem Co com—*
Bonds—
St Louis Car 6s extd
compiled from official sales li st
1, both inclusive,
Jan
100
1236
12
114
Francisco Stock Exchange
San
Dec. 26 to Jan.
Mar
55c
Los Angeles
Long Beach
Pasadena
Beverly Hills
Fresno
Stockton
Dec
1.75
1.00
90c
100
100
15
NewYork Honolulu
Portland
Tacoma
Seattle
Sacramento
Oakland
Feb
Dec
118H 118 X
90c
Chicago Board ofTrade
(Asso.), SanFrancisco Curb Exchange, Honolulu Stock Exchange
NewYork Curb Exchange
Dec
1734
"is"
Private Leased Wires
CORPORATION BONDS
MUNICIPAL AND
Dec
14
..20
Meyer Blanke com
*
Mo Ptld Cement com...25
com
& Co.
Dean Witter
Dec
4
16)6
14
3%
15
16)*
Hussmann-Llgonier com..*
Huttig S & D com
*
Laclede Steel
85
Financial Chronicle
144
Cassatt
&
Co.,
New York City, are distributing the
Review."
admitted to partnership in Stout &
been
has
resigned
as
a
Vice-President
'
Inc.
—Albert H. Week Co. announce that
with them.
Co.,
Stock Exchange.
■
'
>
and
director of
,
'
Frank J. Carey is now associated
86
Financial Chronicle
Ja^'2,
1937
Canadian Markets
LISTED
Provincial and
Province
of
Alberta—
6s
Jan
1
Bid
1948
July
Oct
12 1949
Bid
Jan
8
1937
100
/71
73
6s
Oct
1
1942
6s
97%
Aug
1
1941
97
16
1954
98
5s
Deo
2
1959
99
98%
15 1943
May
1 1959
4s
101
Sept
5s
June
4%s
100
Jan
1
1962
15 1965
98% Province of Quebec—
99%
4%s
Mar
2 1950
100
4s
Feb
1
1958
Apr
15 1960
4%s
May
1 1961
113% 114% Prov of Saskatchewan—
Apr
16 1961
111
112
4%s
SeDt
6s
Mar
15 1952
1
1960
109%
110%
117
Distillers-Seagrams
113
114
118
15 1943
92
94
Nov
15 1946
96
4%s
Oct
94%
89%
1 1951
90%
119
A
,
4s perpetual debentures.
6a
—Sept 15 1942
4%s
/111 % 113
15 1944
102% 103%
1 1944
115
116
bee
6s
98%
Jti'y
4%s
4%s
4%s.
Sept
June
4%s
Sept
1 1946
5s
Dec
1
4%s
July
1 1960
1954
16 1955
118
1956
116
116%
1957
1969
115% 115%
118% 118%
6s—
.Oct
1969
*
.Feb
1970
6%s
July
1 1946
3s
Jan
1 1962
&
Sons Ltd.
King Street West, Toronto.
B
Preferred
*
29
29
29
18%
17%
18%
*
B----
—*
Beatty Brothers
*
Preferred
8
19%
100
"T%
100
Bell Telephone
159%
Blue Ribbon
*
Blue Ribbon pref..
Brazilian
*
new
Preferred
British American Oil
*
*
Building Products A
Burry Biscuit new
13%
22%
10%
*
A
preferred
B preferred
Preferred
Canadian Bak pref
Car
8
19%
104
7%
160
4
Low
1.25
Jan
6%
Jan
42
39
40
19
Sept
1,900
14
Oct
160
1,045
20
760
167
10
3%
Aug
9% June
93
1%
141
Jan
June
Apr
6%
*
Cndn industrial Alcohol A*
B
•
18%
8
19%
107
7%
160%
Jan
Nov
Deo
Deo
Sept
Deo
Dec
Aug
5
Apr
Jan
36
Dec
9%
Jan
Dec
18%
8%
Nov
7%
1%
Aug
4%
25
18%
8%
2%
14%
5,210
775
1,060
11
Oct
18%
22%
37%
4,255
16%
Jan
27%
28%
May
10%
280
3%
July
58
Canadian Locomotive
Canadian Oil
*
57
7%
165
80
33
100
6
10
50
Jan
%
Aug
Dec
Canadian Pacific Ry
25
...
Consolidated Bakeries
*
Consolidated Smelters..25
Gas
Cosmos
100
75
90
Jan
20
30
May
2,300
6
Jan
340
68
Jan
103
90
80
May
91
Nov
Dec
15
Feb
86
6%
87
6%
140
5%
61
16%
Dec
138
9
Feb
22
Oct
61
25
40
July
62
Dec
8%
100
8%
100
14
15
21%
29%
6,570
1,085
44%
7
6%
19
45
7%
6%
19
14
205
13%
14%
15%
30
81
Feb
17
Nov
78
Nov
33
Nov
1,075
17%
Mar
22
Nov
3,488
1.00
Jan
7%
Apr
Aug
12%
8%
Dec
Sept
53%
17%
Deo
10
10%
8%
53%
19,505
3,905
14%
2,375
100
44%
35
1,215
180
%
4%
8%
35
1
4%
8%
105
10
31
100%
20%
.100
Dec
Jan
182
Nov
146
%
4%
Apr
Feb
Oct
1%
4%
Dec
130
June
Dec
140
Nov
Nov
250
July
22
Nov
15
25
10
Oct
17
Nov
102
300
79
Jan
110
Nov
25
1,695
16%
Jan
3%
82
July
Deo
10%
100
Oct
11%
Jai
30%
Dec
19
Jai
38%
Nov
15
28%
60
99%
Nov
45
100% 100%
20% 21
10%
Sept
25
Nov
4
June
15
Nov
101
Dec
55
11%
Aug
36
Dec
Oct
101%
99% 101
200
70
Aug
84
85
350
57
Jan
88
75%
15%
10%
77
220
49%
Jan
16
100
Dec
Nov
11
265
15%
7%
79%
16%
Sepi
12
Nov
Jan
108
Nov
11
•
-
-
-
*
105
-
16%
*
8%
*
47%
19%
*
*
......
18
106
*
16%
7%
47
19%
105
17%
8%
48%
10
102
3,985
5,445
9
1,105
594
5%
♦
11%
19%
11%
76
77
20
17%
11%
......
.100
18
900
105% 106
5%
5%
5
5%
-100
28
54
30
35
705
316
30
54
.
Jan
46
75%
15%
.100
.
105
Jan
85
*
B
Jan
Jan
20
11
100%
*
26
Winnipeg Electric A__
12%
29%
101
11
preferred
Oct
97
20
138%
31
Western Can Flour pf. .100
Westons (Geo) common..*
Deo
10
31
*
com..
28
June
40
com
3%
6
35%
Gas
2
1,120
35
5%
75
5
25
5%
Jan
Dec
Deo
Deo
2%
May
17%
9%
Nov
26%
Apr
49%
Deo
Mar
17%
4%
Apr
36
Nov
Dec
12%
8
79
Dec
Apr
13%
21
Nov
Mav
1%
2%
19%
Sept
109%
Nov
6%
Dec
Nov
5%
Deo
Oct
35%
Dec
Jan
60
Dec
.Tiinp
6
Nov
60
Nov
38
IV,
20
May
Banks—
Canada
-
Commerce
-
100
Dominion
mm
mm
mm
mm
57%
..
.mm.
68%
90
182
mm
183
4m
mm
187%
105
149
Jan
191
Deo
235
235
3
190
Jan
235
Deo
9
197%
July
240
Dec
51%
Jan
Imperial
100
240
240
Montreal
100
220
220
21
182%
Apr
222
Deo
312
315
25
271
Jan
315
Dec
200
202
41
164
Jan
205
Deo
250
260
19
220
July
260
Dec
Nova Scotia
Royal
100
Toronto
-100
200%
«.
..
Loan and Trust—
Canada Permanent
.100
Huron
.100
&
Erie.
148
...........
Toronto General Trust .100
105
31
2%
2%
103% 104
11
15%
21
20%
81
79%
204
26%
206
26%
210
1,875
15
25
4
88%
6
5%
May
Jan
June
Apr
13% May
Jan
37%
9%
105
12%
21%
29%
50
Nov
Nov
Nov
Dec
Dec
June
6%
Sept
12%
Feb
5
July
11
Jan
24%
Dec
385
1%
11%
Dec
18
Jan
23,952
10%
Jan
15%
Feb
60
24%
Sept
32
Dec
250
20
2
101
Jan
Sept
June
3%
104
17,015
5%
Aug
15%
215
15%
Apr
22
Feb
Nov
Deo
Nov
1,380
51
May
81
Deo
164
189
Jan
209
Nov
25
17%
Jan
27%
148
73
1
105
120
Oct
160
Feb
75
70
July
90
Mar
35
73%
105
75
Nov
114
Dec
Toronto Stock Exchange—Curb Section
See
Sept
Page 52
Exchange—Mining Section
inclusive, compiled from official sales lists
Thurs,
Sales
Last
Stocks—
Par
Aome Gas & OH...
Week's Range
for
Sale
Dec
20
29
14%
20%
11
Oct
35%
*
Metals
Nov
18
20
104
175
96%
Nov
16%
100% 103
20%
29%
*
100
June
51
13%
478
Canadian Wallpaper B___*
Canadian Wineries
Carnation Co pref
Cockshutt
Dec
Jan
16,435
9% Sept
50
11%
14%
-
Dec
5
10%
19
16%
Mar
104
11%
*
Jan
Nov
2%
13%
22%
27
60
7%
Apr
Jan
10%
96%
30%
Nov
8%
38%
10%
Nov
39%
13%
9
Apr
5
Feb
66
18%
28
Feb
3%
32%
104
45
43
7
Wood Alex&James pref 100
*
Zimmerknit
Dec
Dec
Dec
65
50
10
Toronto Stock
25
100
29
Winnipeg Eleo pref
High
May
33
1,031
*
Dec. 26 to Jan. 1, both
*
Preferred
Canadian Dredge
16
1
Corp
Oct
100
105%
101
43%
Pan tepee Oil
Porto Rico pref
Deo
"~8%
—
101
Mar
*
June
10
5,535
6,145
Oct
19%
8%
104%
Canadian Canners 1st pref.
2nd preferred
*
Mar
15
47%
20
100
138
Jan
100
Canadian Canners
13
-
*
Apr
6%
14%
*
4%
87
May
*
37%
Canada Steamships pf.100
Canada Wire & Cable B__*
48%
Preferred
235
*
Canada Packers
7%
1
425
103
-
8%
8%
100
20%
6%
10%
*
65%
44%
15%
13%
Dec
♦
8
"si"
1,105
Oct
Dec
*
Preferred
43
*
Apr
6
46
-
-
8
50
Canada Cement
22%
24%
Jan
14
43
100
Dec
15
44%
*
50
May
19%
44%
-
*
26
Preferred
Burt (FN)
Consumers
32%
17%
55%
7%
65%
50c
Canada Bread
Canadian
158
8
"2%
*
B
6%
6%
Week
37%
18
.5
B C Power A
16%
4
50
Brewing Corp. of Canada..
7
103
*
...
Brewers & Distillers
46,430
5,680
42
100
Alberta Grain pref
2%
12%
2 25
52%
100
Western Can Flour
Range for Year 1936
Shares
4 %
33%
6%
for
of Prices
High
Low
42
Bathurst Power A
Beauharnols
Week's Range
Jan
465
30%
8%
♦
Preferred
Sales
100
6% preferred—
2,970
10,250
Jan
_
A
New
Thurs.
Abitibl
Nov
Jan
6%
100
Tamblyns Lts
Tip Top Tailors
both inclusive, compiled from official sales lists
Sale
70
40o
Maple Leaf Milling pf.100
»
Massey-Harris com
Preferred
Toronto Stock Exchange
Last
Mar
6%
*
Preferred
Price
50
3%
16
*
(Hiram)
Dec
Feb
Dec
12
75
Walker
15
755
23%
21%
United Steel
Mar
3
8,225
1,455
75
Union
Sept
69
June
6%
90
Oct
1
1.95
22%
Stee Jof Canada
WA. 3401-8
Jan
Mar
64%
63%
30%
75
Simpsons Ltd pref
Exchange
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
Nov
27
*
B
Members Toronto Stock
Feb
9%
June
Dec
(John;
Saguenay Power pref. .100
*
SlmpsonsA
STOCK BROKERS
Deo
8
32
Page-Hereey
Co.
Jan
3
Dec
Jan
National Sewer Pipe..
Ontario Steel Prod
101% 102%
33
24%
28%
43
National Grocers
109%
Jan
July
Deo
Nov
6%
1.45
....
23%
21%
127% 128%
May
18%
2%
Dec
1.85
_
»
Ask
Nov
27
Power
Grand Trunk Paolllo Ry—
4s
Jan
1 1962
Duncanson, White
Par
5%
20
25
21
21%
13%
14%
103% 103%
63%
64%
35
33%
14%
16%
Nov
Apr
13%
Jan
Dec
22%
12%
12%
30%
_
Riverside A
Stocks—
5%
*
Pressed
Dec. 26 to Jan. 1,
35
*
Bonds
120% 120%
16
63%
*
Moore Corp common.
120% 120%
5s
5a—
20
*
105% 106
118%
.Feb
-July
.July
4%s.
63
20
_
20
6,740
5.%
100
oom._
55
135
14%
30%
21%
13%
1%
400
63
...5
4% May
320
2%
21
Maple Leaf Milling
Bid
May
13%
30%
14%
*
Ask
Canadian Northern Ry—
14
90
Lake of tbe Woods
102 % 103
109
109%
34%
94
20
8%
89
June
Apr
Dec
490
56
McColl-Frontenac
Ask
115% 116
7%
56
18%
8
8%
Apr
94
45
7
30
10
2,880
6,345
2
Kelvlnator.
Bid
4,095
23
8
*
Petroleum.
41
35
23%
89
Muirheads
Bid
Ry—
1 1951
35
21%
21%
*
Preferred
National
35
23%
22%
Loblaw Groc A
Dominion Government Guaranteed
Canadian
175
56
Interuatl Utilities B__
Canadian Paolflo Ry—
98
4%
Laura Secord
Ask
Ry—
4%
4%
*
Internatl Utilities A._
Railway Bonds
Pacific
Mar
50
Lang Co.)
Canadian
May
10
Hamilton Cottons pref-30
Hamilton Un Theat pre! 100
Lang &
Bid
8
50
11%
10%
*
Preferred
Great Western Sad
Gypsum L. & A
lnternatl
Inc.
6,050
1,865
18%
21%
12%
11%
18%
*
lntl Milling pref
Internatl Nickel
CO.,
20%
12%
11%
*
Imperial Tobacco
&
94
21%
Hlnde A Daucb
Private wires to Toronto and Montreal
27%
*
Imperial Oil Ltd
14 Wall St
26%
94
*
Harding Carpets
Gundy
High
50
27%
*
Easy Washing
Economic Investment- -.50
*
Fanny Farmer
General Steel Wares..
Bonds
Low
49
*
Goodyear Tire
Canadian
Range Since Jan. 1 1936
Shares
49
Frost
New York
Price
Preferred
inn
Dominion Coal pref.. -.25
Dominion Steel & Coal B 25
♦
Dominion Stores
Ford
Wood,
Week
*
Eastern Steel Products
June
5%s
111% 112%
Par
of Prices
Low
High
Crow's Nest
116
6s
Province of Nova Scotia—
Stocks (Concluded)
for
Sale
120
Week's Range
121% 122
112% 113%
109% 110%
Sales
Last
--
119
Exchange
Thurs.
112% 113%
June
4%s
4%s
Ask
6%s
6s
Prov of New Brunswick
Toronto Stock
Province of Ontario—
74
4%s
1 1963
Province of Manitoba—
4%s
UNLISTED
Municipal Issues
Ask
f 72
4%s
Oct.
1 1956
Prov of British Columbia—
6s
AND
of Prices
Week
Price
14c
High
13%c
Range for Year 1936
Low
High
Algoma Mining
Anglo Huronlan
Argosy Gold Mines.
*
8c
4%c
5%c
T.18
Arntfield
Ashley Gold
Astoria-Rouyn
5c
6c
l%c
3%o
Jan
6.60
555
4.10
Jan
7.50
1.08
1.15
17,888
1.00
Apr
89c
4,850
65o
Apr
1.75
1.20
9%c
1,900
7c
8c
40o
1
1
6,100
13,200
1,000
27,000
24,500
6.45
1
AJax Oil & Gas
Alexandria Gold
40c
3%c
4%c
1
9c
9c
1
10%c
9%c
*
11c 115,100
1.69
1.63
1.70 108,193
9c 324,600
...
Bagamao Rouyn—
—III
6 %c
6%c
Bankfleld Cons Ltd.
1
1.65
1.50
Base Metals
*
25 %c
Beattie Gold Mines.
1.45
Bidgooe Kirk
1.70
Big Missouri
68c
Bobjo Mines
No par value.
1.72
23,884
25c 27 %c
1.26
1.49
1.63
1.75
13,000
57 %c
70c
19%c
19o
21c
8.00
Bralorne Mines
BR XGold Mines..
Buffalo Ankerite...
•
14c
Shares
85c
Afton Gold
Aldermac
Low
7.95
8.05
9c
10c
11%
12%
.500
...1
"n%
Flat price.
48,425
30,841
49,500
21,900
2,375
6,800
1,775
9%o June
4o May
40o June
Jan
6%c May
2%o
Jan
18%o
Feb
88o May
70o
Feb
10c
Aug
12 %o May
Aug
Sept
Aug
310 July
12
Deo
88c
Oct
1.83
5%o
Jan
11%0
Feb
1.40
Oct
2.15
Nov
14o June
42o
Sept
Deo
1.20 June
1.84
Feb
1.25
Oct
2.00
July
46o
Oct
76c
Jan
Aug
13o
Apr
36 %0
5.55
Jan
9.00
Oct
8o
Dec
25 %o
Mar
3.80
Jan
12%
Deo
Volume
144
Financial
87
Chronicle
SF
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
Sales
Last
Week's
Sale
GRAIN
BONDS
Exchange—Mining Section
Thurs.
Stocks (Concluded)
Par
Low
Price
Toburn Gold
OFFICES
—_1
4.35
Sudbury
The Toronto Stock Exchange
Winnipeg Grain Exchange
Hamilton
Kirkland Lake
Montreal Curb Market
Sarnla
North Bay
Owen Sound
Bourlamaque
Canadian Commodity Exchange(Inc.)
Chicago Board of Trade
1.30
1.30
1.35
17,475
20c
Jan
1.40
Deo
3.00
2.90
3.00
11,275
1.60
Jan
3 15
Nov
*
3.05
2.95
3.08
21,742
1.00
Jan
3.10
Dec
6Hc
6c
6Hc
30,700
'205*c
2Hc
4c
13,300
5Ho
2H
Nov
3HC
Dec
60
Apr
Sept
95*c
9%c
10c
49c
49c
58C
*
7.70
7.60
7.85
35c
37 c
20,200
58,850
16,260
5,700
Ymlr Yankee Girl
Toronto Stock
Exchange—Mining Section
Week's Range
Last
Sale
Par
Price
of Prices
High
Low
4Ho
5Hc
13c
12 He
2.55
13c
3.17
3.22
38 He
1.88
2.15
9,500
86,640
39,050
101,232
29,225
20,935
45,400
I,660
23,125
26,900
1
43c
__*
2.14
Calmont Oils
43c
-1
1.42
1.41
1.53
Central-Patricia
1
4.40
4.35
4.60
Central Porcupine
Chemical Research
*
32c
30c
33c
*
1.30
1.25
1.33
Castle Trethewey
1.30
Clericy Consolidated
Gommonweath Petroleum *
1.27
1.30
6Hc
*
*
Chromium Mining
6Hc
7Hc
6c
5c
Jan
45c
Deo
Mar
2.15
Deo
1.18
Dark water Mines Ltd.....
2.70
2.62
*
49)*
49H
Dominion Explorers..... 1
Dorval-Siscoe
1
7c
6H0
40c
40c
Gold M.l
1.35
1.28
1
2.30
2.23
1.10
50
55o
Nov
Dec
2.35
7,904
6 90
Jan
125*
3c
Jan
23H0
Dec
75c
Oct
2.22
19o
Nov
40o
Aug
Juiy
Jan
12 H
15c
47c
lie
12c
22c
24c
24%c
27c
7c
7c
""41c
41c
43c
*
12c
10c
12c
1.08
1.05
T.09
56,500
29,400
3,600
84,300
17,600
22,500
5,767
1,000
24,900
2,200
McWatters
*
89c
80c
90c
15,600
6,800
74,336
31,950
7,700
4,725
35,425
30,865
II,540
16,890
7,550
356,038
7,075
1,820
100,600
21,200
33,166
10,900
10,110
2,100
56,595
56,967
82,600
17,575
55,785
4,498
33,750
207,550
9,745
14,750
Mentor Exploration..
Merlaud Oil..
5
1.50
1.50
1.50
12c
12c
12c
3.25
3.01
3.33
Mlnto Gold
*
22c
Model Oil
1
4c
3Hc
1
3.06
2.72
3 He
3.10
Barker Gold
1
15HC
15c
16c
16c
145*c
13Hc 13Hc
53 He
61c
Howey Gold-
47c
53c
58c
63c
Intl Mining ctfa.....
J M Consolidated...
17 H
45c
15
42c
48c
Kirk Hudson Bay..
Kirkland-Lake
2.25
2.20
2.25
1.00
74c
90c
90c
90c
97c
Laguna Gold Mines..
Lake Shore
57
57H
18c
Lamaque-Contact.
16H
57 H
18c
20c
82c
90c
1
90c
Lebel Oro
1
18c
Lee Gold Mines
1
6c
Little Long Lac
*
*
7.45
7.40
7.50
Lowery Petroleum
33c
33c
40c
Macassa Mines
1
8,35
8.00
8.40
M acLeod-Cockshutt...
*
4.80
4.50
4.80
Manitoba & Eastern
*
12 He
Lava
Cap Gold
...
I6H0 17Hc
60
6 He
11c 13J*c
18 He
20c
Maple Leaf Mines
;
1
May Spiers Gold Mines...
Mclntyre Porcupine
6
30c
43c
38 %
1.75
39 H
1.85
15Mc
18c
McKcnzie Red Lake
1
McMillan Gold
1
17 He
M c V Ittle-Graham
1
Mining Corp—
20c
42c
39 H
1.83
19c
17c
19C
195*0
23c
45c
45c
.1
1~.75
1.60
_.l
66c
60c
66c
Nay bob Gold
*
69c
66c
72c
Newbec Mines.
*
5c
5c
5Hc
New Golden Rose..:
1
1.34
1.28
1.37
Nlplssing
6
2.65
2.55
2.72
Moxieta- Porcupine
Morris-Kirkland
,
73Hc 74Mc
9 He
10c
*
Noranda
10c
Norgold Mines Ltd
1
Northern Canada Mining. *
O'Brien Gold
1.79
75c
13 H
7c
63c
7 He
77c
4.00
Olga Oil & Gas New
*
Omega Gold
1
Pamour-Porcuplne—... *
Paulore Go la Mines
115*
72c
I
58c
3.75
4.15
7c
75c
14
1.45
Oct
23Hc
Feb
Jan
52a
Dec
60
Jan
26Ho
Feb
Jan
27o
Jan
15o
July
21o
Mar
860
Aug
8c
Feb
16c
750
Jan
47 H
2.38
Shawkey Gold—.
4
1
Mar
15o
5.70
Aug
7.75
Feb
7o June
50o
Dec
3.12
Deo
Jan
8.40
3.50 June
5.40
Deo
30O
Aug
Aug
5
Ho
5Ho
30o
Jan
Jan
30C
Deo
6O0
Oot
49 X
Sept
Jan
1.22
Mar
2 24
July
2 Ho
May
20c
Nov
17c
Dec
38
42o
Jan
Jan
60
Aug
15c May
400
Mar
85o June
3.10
Dec
5.20 June
65*c
Jan
1.93
Nov
16o
18c
5.20
5.45
2.20
2.30
18c
of Prices
Low
High
4.30
Dec
15o
Mar
18
"'8H
'
Bawlf (N)
18
8H
4H
4>*
10
4H
6
175*
3
100
27
35
158H 160
223
3
1
Bruok Silk Mills
*
Building Products A
* 1.57*'
* #•15 J*
Canada Cement
18H
Can North Power Corp
Canadian Cottons pref.100
July
3.05
Jan
Cockshutt Plow
74 H
Nov
Con Mln & Smelt new
18c
Sept
Dec
M
M
Nov
2.35
Deo
2c
July
4Hc
Feb
3.95
Mar
8.30
Dec
4.95
Dec
Jan
950
Oot
1.72
Nov
1.80
Jan
4.45
Deo
Jan
1.40 May
5.00
Deo
50e
Jan
2.46
1.00
Mar
1.46
5 Ho
Mar
750
265* Sept
60 H
3.45
Aug
Apr
Sept
Sept
Aug
Deo
Jan
1.15 June
970
Oot
Dee
8 Ho
Feb
I8H0
Jan
950
Deo
15o
Nov
Feb
3.00
Jan
38 Ho
6.40
25*c
Dec
Nov
60
Jan
47o
Deo
83o
Mar
2.50
Sept
2.25
Mar
3.74
Deo
12a
Nov
680 May
4.30
Mar
6.70
July
1.45
Sept
4.90
Deo
Deo
Jan
18 5*
Nov
Jan
9 5*
28
39
Dec
10H
Dec
3H May
7
July
730
33
Jan
58
Nov
16
9,005
1,039
6
May
16
Deo
105
Deo
Jan
205* INOV
Jan
26
2H
2
27H
2H
14H Nov
27 H July
3.25 Feb
6
7
365
60
61
840
105
-
-
«.
M
-
—
1,195
22 H
Jan
235
1.25
Apr
5
6)* June
31
Jan
102 H May
5H
Apr
21)*
9,925
5,580
21)*
Deo
30
13
May
30
Dec
25
26
375
25
H May
31H
Feb
131H
-
112
Jan
22
29
18
Feb
22
Oct
32
35
22
£ug
32
Jan
105
-
50
22
-
105
90
97
May
26
May
126H 126H
7
7
7H
2,855
3,887
6H
6
71H
74 H
6)* May
5)* June
1
Aug
10 H
Jan
6H
*
19
18
20 H
530
15
15H
15H
14H
105*
80 H
80
81
17,287
13,630
2,565
51
May
18H
18H
18H
100
15
Mar
94
94
27
27
275*
54)*
57
56
100
*
21H
115
21H
112H 115
13
11H
Dominion Textile
73
73
* :
100
Dry den Paper
5
*
East Kootenay Power
*
Eastern Dairies
..—..*
M
M
-
148
-
1
M
_
M
13
73 H
148
10
-
■»
155*
Deo
Deo
Oct
Deo
94
34 H
Jan
1,485
Jan
58 H
Nov
945
14 H
Apr
22
Nov
Jan
116
Nov
4)* May
July
13
Deo
79
180
8,679
106
205
60
5
143
1
5
10
765
150
Oct
4H May
15
Deo
1
1H
19H
Feb
2H
July
Jan
28 H
4H
4
5H
760
1
Jan
6
English Electric B
14
14
14 H
45
4
June
19
24
23)*
7H
24
27
Foundation Co of Can
General Steel Wares
*
8H
7H
14H
12 H
Gurd, Charles
*
Gypsum, Lime & Alabast.*
Hamilton Bridge
*
Preferred
19H
100
*
Industrial Acceptance. _...
Int. Paper & Power C
*
International Power
Preferred
*
14
...100
•
;
—
635*
34H
MM----
5H
Lindsay (C W)_.
»
*
750
5
63
195
14
3,400
477
20
2,770
2,126
102
138
13H
14
3,558
41
13)*
18H
10
85*
63 H
85*
100
64 M
1,886
33
34 H
j
55*
5H
648
Feb
Nov
Feb
Nov
Oct
Deo
m
Nov
Aug
9H
Nov
55* June
14H
4
May
13
Nov
Jan
65
Nov
13H Dec
9)* June
88
Apr
13 H Mar
20
119
25 H
40
Jan
85* Dec
43H May
28
Nov
55*
100
5H
1,050
3
Dec
July
5H
17H
14 H
45
Deo
Oot
Dee
Mar
Mar
Jan
10
Deo
66H,
34H
7H
m
Nov
Sept
Dec
Deo
Nov
15H
43 H
90
91
77
67
Jan
95
35
mmmmmmm.
Jamaica Public Ser Ltd. ..*
John A Lang & Sons Ltd...
Lake of the Woods
100
June
11
7
13H
100
Intercolonial Coal..... 100
Int Nickel of Canada
Mar
3
41
14
Holilnger Gold Mines
5
Howard Smith Paper....*
Howard Smith Paper pf 100
Imperial Tobacco of Can.5
Int Hydro-Elec Sys A.. .25
13
62 H
63
100
...
615
2,265
8H
7H
14H
12 H
Jan
July
23 H
*
*
Jan
Feb
21)*
235*
5H
1
Feb
Dec
81
Enamel & Heating Prod..*
Electrolux Corp
Dec
Apr
3,430
25*
12H
14H
25)*
15H
Dec
15
24
Aug
75
Nov
94
13
25*
5H
106H
Oct
18 H
32
945
1
14 H
•
155*
20
Dominion Steel <fc Coal B 25
^
Feb
Deo
July
32
M
74H
100
15H
61
108 H
20)*
285*
25
Preferred
Jan
57
740
Dominion Glass
16
June
32
Distillers Seagram pre!
Dist Corp Seagrams
1.25 May
Jan
Jan
160 H
Mar
3
*
Dominion Bridge
Dominion Coal pref
Nov
2
Canadian Ind Alcohol....*
Class B
4.50
58
25*
126 H
Crown Cork & Seal Co...*
75c
141
18J*
38
50
29 H
25
Oct
Jan
75
20 H
.*
Jan
15
13H
107H 107H
Can Hydro-Elec pref-—100
2.30
July
10 H Mar
1.00 Sept
20
Sept
9H
19H
61
.100
*
Canadian Converters ..100
Nov
7
*
Rights
935
29
56
101
100
Preferred 7%
8H
Jan
14
*
Canada Steamship pref.100
Canadian Bronze
*
Preferred
65
2,346
14
27H
*
Steamship
10,586
ID*
Jan
38H
19H
105
-•..MM
*
Canadian
9,705
Jan
21H Sept
14
100
Preferred
Canada Forgings class A--*
Can Forgings class B
*
7H
85*
7H
Jan
July
July
26 H
j
Nov
7H
18H
Paper A.*
*
-100
44 H
75o
High
21
2
"27"
Grain
Preferred
Canadian-Pacific By
1.60
Low
14 H June
100
495
Aug
1.44
Dec
9Hc Sept
27o Sept
375
12
1.40
12
Jan
8H
i
11
July
Dec
10
10
1.00
46c
Apr
Dec
2c
Range for Year 1936
for
29
Canadian Locomotive
14
4c
2Ho
Week
Shares
29
Nov
35*c
2.28
10 He May
from official sales lists
29
7c
25*c
5.40
3c
Corp'pre!-50
Jan
43o June
*
.*
llHc
11c
23o
280
2c
Sladen Malartlc—.
Teck-Hughes Gold
Texas-Canadian
13Ho Mar
29
Oct
2.25
Sylvanlte Gold
.....1
Tashota Gcldflelds
1
Jan
27 H
Dec
2.25
41c
lc
28
85c
2.02
3.74
Jan
100
72c
2.13
2.18
*
Dec
Doo
37c
Agnew-Surpass Shoe
16o
Nov
2.10
3.40
July
4o
Week's Range
Price
Alberta Pacific Grain A..*
54o June
6.50
3.70
70c
28,400
215,300
163,800
13,500
75,850
7,800
Sales
Acme Glove Works Ltd..»
Feb
2.95
39 He
2.10
Jan
48c Sept
16,000
8Hc
9HC
2HC
Sale
Dec
Jan
1
Apr
Dec
7 He
18c
Last
Par
Stocks—
24o
Jan
Sullivan Consolidated
7o
42c
40,176
Thurs.
3.40
Jan
6.20
Jan
Montreal Stock Exchange
Nov
56o
5.90
26c
July
3c
Dec. 26 to Jan. 1, both inclusive, compiled
10c
1.00
Sudbury Basin
Sudbury Contact
25*c
20c
1.10 May
2.87
91c
Temiskaming
1
—
Canadian Celanese
2.90 519,200
22c
Aug
4c
7c
Jan
4.20
6 He
6c
11c
1
ltobb Montbray
Canadian Car A Foundry.*
Preferred
25
Sept
Oct
87c
1
Sudbury Mines
1.78 June
69o
20HO
8c
Ritchie Gold
2.50
73c
88c
6Hc
.
Feb
5.50
35*c
1
1
Porcupine Crown.
Dec
Jan
21 Ho
6.10
2Hc
4.15 3.85
7lo
5.25
....
3Hc
50c
2.75
Stadacona-Rouy n
1
.
10c
31c May
18c May
2c NOV
18H
5.35
St. Anthony Gold
24c
39
"2".95
South TIblemont.
22 He
17H
Jan
93,530
115,250
11,000
33,820
39,000
4,480
28,500
21,955
27,000
11,300
15,010
13,850
22 He
37 J*
July
78o
13,200
18
Mar
Aug
Slscoe Gold..
Sheep Creek
Sherrltt-Gordon
3,000
34c
39
1.38 May
34c
2,561
12,900
18,550
1,800
5 He
100
295*0
25*c
*
9,300
5c
Brazilian Tr, Lt & Pr
»
British Col Power Corp A.*
B
*
Jan
3.25
79c
19c
16Hc
27c
July
Jan
Aug
120
2.25
2.40
May
47c
5c
70c
Deo
48
Dec
6H
159
Mar
2.30
50o
Jan
Bell Telephone.
21o
47
7
Jan
Nov
1.15
75 Ho
78o
Feb
12c
1H
62H
800
76c
San Antonio
1H
J&Q
72c
Royalite Oil
24,500
44,680
52c
3Hc
515*
28 Ho
4? 33o 38 He 622,600
3
4c
4Hc 107,700
3Hc
48c
Dec
10,600
45,670
5,000
38c
Roche-Long Lac
94o May
9c
11,675
4c
21c June
1
.
Dec
Jan
1
Pawnee-Kirkland
Deo
34 H
3c
5c
Pend Oreille-
Dec
May
41,650
30c
Parkhlll.
9c
3.27
7c
1.04
6,700
1.24
18 He
Bathurst Pow &
Jan
3,313
1.49
Dec
2.60
23c
Aug
Dec
5.00
Dec
14c
34c
55o
49c
1.35
Mar
6Hc May
7,500
30c Sept
14,435
4c
Apr
1,000
Apr
11,450 72 He
22 H
Jan
6,823
14Hc Jan
2,000
*
Dec
30o
41o May
Mar
4.65
5
6Hc
Associated Breweries.
22c
11.18
Nov
4c
1.50
....$1
Osisko Lake
Aug
Jan
Mar
1.36
8.00
Jan
38c June
6c
52c
80 Ho
2.31
29o
1.00
1.24
2.95
July
32 He
—
3Hc
Amal Electric
1.37
4.95
7Hc
July
57C
23C
33Hc
—
1
Dec
Jan
1
Reno Gold
7Hc
*
16H
7 He
*
Red Lake-Gold Shore
2c
2.85 2.70
1
Preferred
13,500
1,200
143,175
17,750
18,825
25,800
16,650
3,790
....1
Read-Authier
2.20
Night Hawk
July
3,500
4,665
19,410
Quebec Gold
11 He
6c
14Hc
Sept
June
1.40
1.37
10c
Mandy Mines
1 00
31c
1.23
1.59
4.55
1
(new)
Prospectors Airways
26o
July
1.25
5.60
1.51
3.75
*
*
1
Preston
3.63
23,070
3,500
36,290
6,635
24,285
40,582
12,260
5.05
12,827
Malrobic Mines
55Ho Mar
12H Oct
Perron Gold..
1.59
Mar
11,000
1.43
*
Dec
Jan
5.60
2.25
lHc
7.00
Lake Mar on
May
1.12
4.50
9Hc May
2.15 1.90
*
Nordon Corp
Oil Selections
Nov
llHc
.....1
-
Jan
3c
2Hc
*
Hudson Bay
KIrkland-Townsite
llHo
1.30
....$1
Home Oil
81o
2.30
1
Grozelle Kirk
17H
2.10
—
High
Jan
2c
1.42
*
Jan
2.30
..1
Foothills Oil
Dec
Oct
Premier Gold
East Crest Oil
U
Jan
Poweli-Rouyn Gold
Low
62,400
24c
6.50 6.25
*
llo
13
30c
Pioneer Gold
Jan
13c
5c
2HC
*
Oct
6OH0
8.30
71c
Range for Year 1936
for
Shares
54,500
12,400
1,665
5
Dalhousie Oil
Jan
54,250
7.85
5 He
Cobalt Contact
70
37c
"8"l5
Feb
Dec
Week
High
llHc
18H
22c
1
lOHo
1.18
...1
1
Churchill Mining..
Coast Copper
1.20 May
Jan
31c
2Hc
Low
13c
—
lOHo June
2c
30c
1.10
J 2Hc
of Prices
Price
Sept
Jan
31c
-1
Brett-Trethewey
Central Manitoba..
400 June
5Ho
r
1.12
1
Dec
30o
Deo
17o May
Paymaster Consolidated.. 1
Pickle Crow
Nov
Nov
88,200
7,265
12,600
Peterson-Cobalt
Dec
3Ko
24,521
1
Hard Rock
2.45
9Hc
500
—«...*
65c
Aug
4 Ho
100
Halcro w-Sway ze
13Hc
Jan
61H June
9>*o Sept
82c
23c
Homestead Oil
Jan
1.40
25c
15c
Dec
42
Dec
44c
115*c
Highwood Sarcee
Holilnger Cons
2.75
1.10 Sept
July
1
...
Apr
Nov
52c
1
—
2.75
3.30
32c
Granada Gold
Gunnar Gold
Deo
1.60
4Ho
46c
Graham-Bo usquet
...1
Dec
1.40 102,665
14c
Grull-Wihksne
27o
4.25 June
1,244
2,500
32,400
7c
23c 26 He
86c
930
46c
...1
July
14o May
1.22 May
7,135
1.08
Golconda Lead..
;
2.46
Jan
24,717
11H
God's Lake
Greene Stabell
Dec
3o
16c 23 He 403,600
1.25 135,300
12
22 He
1.15
26 He
Grandoro.
Feb
Jan
1.95
Goodflsh
Sept
1.60
75o
2.20 100,095
2.75
17,650
Goldale
July
July
Jan
1.85
Glenora Gold
59o
2.80
1.62
*
Jan
4.95
Oct
4Ho
1.85
1
1.69
Mar
30c
200
2.05
Ltd.
Oct
2 41
5,250
*
12o May
95 Ho
25c
1
Federal-Kir kland
Dec
Deo
58c
9.00
Oot
3.22
3.35
Cons Chibougamau
Falconbridge
18o
Jan
23c
3~35
Conlaurum
Dome Mines.
Jan
Par
Stocks—
Week's Range
Sale
73c
12Ho
Oot
Sales
Last
Jan
3.35
~
..5
Thurs.
High
2o
20,700
*
Low
Jan
Dec
Exchange—Mining Curb Section
Range for Year 1936
for
3c
48c
7.50
both inclusive, compiled from official sales lists
Week
_*
Hill
Caleary & Edmonton
Dec. 26 to Jan. 1,
Sahres
5c
—*
Toronto Stock
Sales
Thurs,
Francoeur Gold Mines
Oct
4.45
*
Wrlght-Hargreaves
Eastern Malartlp
Eldorado
;
Jan
Wayside Consolidated -60c
*
White Eagle
1
Wlltsey-Coghlan
Timmins
Coniagas
High
1.20
11,010
Waite-Amulet
Noranda
Ottawa
Canadian-M a t artlo.
Low
4.35
Ventures
Montreal
Bunker
High
3.75
Towagamac Exploration .1
MEMBERS
Cobalt
Buffalo Canadian
Range for Year 1936
for
Week
Shares
TORONTO
WAverley 7881
Toronto
Stocks (Concludde)
Range
of Prices
35
26
83
Jan
375*
Oct
15H
16
930
14
Oct
165*
Nov
43
44
1,580
8
8
15
16 H
2
Jan
May
48
Dec
8
Oct
No par value.
i
Financial
88
Chronicle
Jan- 2> 1932
SEE
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
Stocks {Concluded)
Lindsay (C W) pref
Massey-Harris
Par
Week's Range
of Prices
Low
100
*
MoColl-Frontenao Oil
8%
*
14
7%
8%
14
Low
10
Jan
4
Aug
JaD
12%
2,431
Hihg
40
19,185
Stocks {.Concluded)
70
Oct
Par
Beaufor Gold
Week's Range
for
Sale
Range for Year 1936
Shares
70
13
100
Montreal Cottons
High
70
Range Since Jan. 1, 1930
Last
Week
Price
Sales
Thurs.
for
Sale
Market
Curb
Montreal
Sales
Thurs.
of Prices
Low
High
Week
Price
52c
16,200
30c
Mar
59c
68c
57o
68c
Nov
75o
Jan
60c
62c
34o
Oct
70c
Dec
6c
11c
21,565
22,800
20,200
48o
60c
5o
Nov
40c
Jan
27%
Sept
51 %c
Big Missouri Mines Corp_l
Feb
Bouscadlllao Gold Mines. 1
26
Jan
38
Nov
Brazil Gold & Diamond Ml
8,200
30
May
30
Oct
25
Dec
28%
Oct
Buloio Gold Dredging Ltd 6
Cartler-Malartic G M Ltd 1
30
122
36
85
Apr
103
Jan
Consol Chibougamau
1
2,566
39
Jan
45
June
Dome Mines Ltd
*
East Malartlo
37
38
33
34%
Montreal Loan A Mtge. .25
27
27
Montreal Tramways...100
National Breweries
*
92
94%
41%
42%
Mar
45%
Nov
55%
3,955
13
May
59%
Deo
43
650
29
July
44
75
2,500
Nov
Sept
Deo
Montreal L H A Pr Cons.*
Preferred
34%
40%
25
Nat'l Steel Car Corp
Niagara Wire
W
m m
*
m
m
-
53%
44
new
Noranda Mines Ltd
»
Ogilvie Flour Mills
73%
*
Preferred
Ottawa LHAP
52%
42%
73%
50
167
14
105
49%
Jan
50o
Dec
Apr
3.36
Nov
43
June
61
50%
245
1
1.38
1.30
1.38
27,975
52o
July
1.38
Eldorado Gold Mines Ltd 1
2.30
2.20
2.35
7,225
1.79
Nov
2.45
Faloonbrldge Nickel M._*
12%
11%
12%
6.90
Jan
Franooeur Gold Mines Ltd*
1.28
10c
July
2.24
Aug
23o
Jan
930
Aug
28 %c
52
Jan
81c
Aug
Dec
Jan
Deo
Dec
15
Nov
Jan
255
1.14
1.06
Jan
170
NOV
Greene Stabell Mines Ltd.i
43c
40c
43c
Jan
20
Nov
J-M Consol G M Ltd
1
45c
45c
47c
13,600
101%
Lake Shore Mines
1
57%
18%c
57%
58%
265
18o
20c
00
Jan
46 %o
13o
Jan
29o
Jan
3o
Apr
14o
Aug
1.24
Aug
3.33
Deo
Nov
105
30
63
62
63
45
48
Mar
128
128
10
118
Jan
Power Corp of Canada...*
28
28
31%
6,534
11%
Jan
31%
Quebe
23%
20
24
3,966
14%
Jan
24
Nov
4%
May
«■w
49%
Jan
37
2c
1.10
6
75
128
«
1.25
152
19
'-■:t
Jan
*
preflOO
Preferred
49c
2.10
5
44%
199%
100
new
Penmans
5,386
92,230
31,690
30
27%
44 %c
1.85
2,145
48,250
8,900
167
14
14
*
39%
10c
45c
25
249% 250
100
Ontario Steel Products
4034
42%
20
High
50c
1
Dec
8%
17%
Low
Sahres
Oct
Dec
105
Dec
Lamaque Contact G M_.*
Dec
Lebel- Oro Mines
Dec
63%
129
6%c
5%c
6%c
27,650
1,000
17,100
3.25
3.25
3.25
100
16%c 19%c
63
Nov
July
25c
25c
Nov
2.05
145
12%
Feb
Deo
O'Brien Gold Mines Ltd.
13%
11%
14
25,405
35c
Jan
14%
Deo
10
23
Dec
9%
19%
24%
40c
19
23
Dec
4.00
4.00
4.00
200
3.17
Oct
5.00
June
24
24%
280
24
Dec
25
Deo
Pamour Porcupine M Ltd*
Parkhill Gold Mines Ltd__l
23c
23c
25c
46 %c
Sept
2.35
2.13
2.35
9
Dec
Pickle-Crow
8.25
7.85
8.25
Dec
Quebec Gold
75c
75c
27,750
16,300
4,300
1,000
18c June
Perron Gold Mines Ltd.__l
Regent Knitting
Deo
19
*
Lee Gold Mines Ltd
Mining Corp of Can Ltd__*
Montague
23
Power
4.70
9
9
Preferred
..25
Rolland Paper
Rolland Paper voting trust
St Lawrence Corp
24%
*
9
60
A preferred
27
6%
23%
St Lawrence Paper pref.100
70
66
Shawlnlgan W A Power..*
29%
26
Sherwln Williams of Can.*
24%
Simon (H) A Sons
23%
14%
»
Southern Can Power
*
14%
14%
Steel Co of Canada
*
83
Preferred
25
United Steel
9
2734
72%
29%
24%
14%
13
15
83
75%
100%
50
50
Wabasso Cotton
8%
27%
27
65
Jan
Read-Authier Mine Ltd._l
4.90
4.95
4,100
1.43
5.05
Deo
Shawkey
1
Slscoe Gold Mines Ltd._.l
76c
75c
79c
Oct
1.16
July
5.25
5.40
2.88
Mar
5.40
15
Nov
Sladen Mai
1
2.10
2.03
2.27
4,400
22,935
52,725
750
5.30
42 %o
Mar
2.27
Deo
90
Dec
Sullivan Cons Mines Ltd.l
Sunloch Mines Ltd
1
2.15
2.10
2.17
21,625
83c
Mar
2.47
Sept
49%
Jan
99%
Nov
Deo
84
Dec
101%
Aug
35
150
Jan
100
Nov
50
Nov
Nov
Ventures Ltd
10
50
Nov
3,025
7
Nov
350
20
May
32
Jan
5
48
Feb
65
Nov
Wright-Harg reaves
Aug
45
4
655
2
Apr
Sept
9
9
5
5
5%
5
5
5%
359
Winnipeg Eleotrlo pref.100
Woods Mfg pref
100
28
26
28
41
2%
17%
80
80
80
40
50
2%
12
*
18,119
1.30
1.30
100
"3.66
2.95
3.00
6%c
Canadlenne
100
Dec
July
2,100
3,000
1.00
6%c
60
Nov
21c
Feb
3c
3c
1,000
3c
Dec
5%c
Sept
7.65
7.85
1,500
7.15
Dec
8.90
Dec
Feb
6%
4%c
Jan
ll%c
Aug
98c May
Unlisted Mines—
Dec
Arno Mines Ltd
*
5c
6c
7,000
32
Dec
Cndn Malartlo Gold
1
2.15
1.90
2.15
15,750
90
Oct
Central Patricia Gold
1
4.35
4.30
4.50
1,300
1
6%c
6c
6%c
Jan
133
87c
97c
3.40
3.65
1.00
85c
1.05
Macassa Mines
1
8.30
8.05
8.35
1
2.85
2.70
2.90
142
16
143
Deo
Sherritt-Gordon
100
181
186
199
148
Apr
190
Deo
100
220
221
139
184
May
222
Deo
Stadacona-Rouyn
Sylvanite G M Ltd.....
Nova Scotia
100
317
317
24
271
Jan
317
202
132
164
Jan
203
Dec
Deo
4.80
Deo
Deo
Deo
38c
Deo
3.18
Jan
8.35
Jan
Jan
10% 0
2%
3.00
Dec
200
2.15
Mar
4o June
400
1
Nov
Montreal
2c
2.49
24,500
9,550
8,385
13,250
79,450
60
Commerce
Royal
142
18234
201
'Hi
Jan
Deo
Nov
6%c
Oct
51%
Deo
1.32
3.15
Jan
"V. 85
Wayside Con Gold
Klrkland Lake Gold
34
35c
6.65
2.87
Nov
6%
Banks—
59
Dec
Mar
37 %c May
24o May
1,750
2.25
Duparquet Mining.
58
Dec
35o
5.40
1.83
May
Aug
Jan
4.30
5.20
60c
White Eagle Silver Mines.*
Nov
75c
9%
100
35c
35c
5~35
2.10
Teck-Hughes G M Ltd.__l
Thompson Cad
1
Towagamac Exploration. 1
9
58
Dec
1.40 May
Jan
*
50
Dec
8125
June
100
Canada.
2.35
Oct
Dec
11
2%
B
Jan
Mar
59c
Dec
57
2,800
1.12
3.95
Nov
494
2
Preferred
1
72%
3,774
2%
Winnipeg Electric A
1
29%
25%
15%
Oct
121
Gold
Sept
Jan
9
640
27%
3,800
50c
July
20%
18%
110
65
*
May
8
May
27%
65
*
1.5
16
50
7%
V
290
157
8%
Windsor Hotel
11,636
77
75%
100% 101
157
Corp
Western Grocers Ltd
14,509
10,130
1,684
85%
157
Saguenay Pow pref
Tuckett Tobacco pref.. 100
Preferred
100
365
934
34
7% preferred
100
Acadia Sugar Refining pf 5
70
67
*
Can Wire & Cable
.*
Donnaconna Paper A
Sales
Thurs.
Week's Range
Sale
Stocks—
Asbestos
Par
112
112
Corp voting tr__*
Paper ol B.*
BC Packers Ltd
6%
22%
22%
18
19
6
*
18
Calgary A Edmonton Ltd *
3.20
Can Nor Pow Ltd pref.100
Canada Vinegars Ltd
*
110%
5
-
Preferred A
30
W
*
-
-a.
1.10 June
35
Feb
50
8%
>; 31
10
1.50
2.00
3%
1.00
30
460
10c June
2
July
2% June
10
Dec
1.00
Sept
4
1,235
3
80
2
Jan
15
50c
Feb
28
26%
Jan
1.00
109%
55c June
4
15
32%
—
—
—-
2.80
W
m m
m -
-
4%
1,030
Feb
109%
255
4%
50
Jan
109%
1.75
100
65c June
2%
1,661
35
*
1.85
8%
"68"
68
116
♦
40c
Government
Nov
98 %
Jan
116
Sept
15o
Sept
15%
Apr
22
Oct
Jan
11
Dec
1,000
5
f: 2
17%
23,554
16%
1,516
17%
55
23%
70'
573
75
635
20
20
120
31
34
2,240
15
49%
53
1,750
28%
30
96%
98% 103%
47%
49
4%
2%
8%
18%
Apr
Jan
Jan
60
34
Feb
Dec
Deo
Beauharnols Pr Corp 6s '73
Bell Tel Co of Can 6s. 1965
/6 2
Apr
Brit Col Power
5%s..I960
45
June
90
14%
Aug
Sept
Sept
21%
Mar 1 1960
106
6s
Dec
Feb
Calgary Power Co 6s..I960
2.70
3.00
18,280
Canada Bread 0s
70c
70c
200
9%
1,800
8,601
33%
35
16
Burns & Co
5%S-3%S-1948
115
—
74%
95%
m
—
—
96
Jan
3.28
Dec
1941
110
111
95c
Nov
CanadaNorthPow 6s.. 1953
103
103%
Sept
10%
Feb
24%
Apr
Canadian Inter Pap 6s '49
Canadian Lt & Pow 5sl949
101%
101%
102
Dec
Canadian Vickers Co 6s '47
99% 100%
Cedar Rapids M & P 5s *53
Consol Pap Corp 5%s. 1901
111% 112%
/74% 75
19%
2%
Apr
9%
Oct
1,198
33
Dec
39%
Apr
360
4
Jan
16
Dec
50c
Jan
2.50 May
85
3,082
1,670
June
9
Dom Gas & Elee
Aug
14%
5%
Deo
2%
Feb
5
Apr
21
Dec
Donnaconna Paper Co—
3 s 1956
102
42
79
Feb
135
_*
20
20
25
104
104
5
104%
Jan
26%
103%
50%
Deo
1,175
20%
Apr
105
106
18
Jan
97%
Mar
•
•
110%
27
106%
Nov
Jan
Nov
Utility Bonds
6%s_1945
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
FraserCo6s
Jan
1
1950
103
98
99
5%s_1951
Maple Leaf Milling—
2Kn to '38—5%s to '49
98%
99
81%
82%
96
97
104% 105
/59
59%
104% 105%
par value) 3s
1939
Montreal Tramway 6s 1941
New Brunswick Pr 5s. 1937
Northwestern Pow 0s_ 1960
Certificates of deposit..
_
95
94%
5s
100
'•*
m m
'■
—
102
—
—
103
Deo
I 1957
103
103%
50o
Apr
1.15
Nov
General Steelwares 6s. 1952
104
105
Smith H Pa Mills
495
1.75
Sept
Apr
July
3%
Feb
49%
20%
f89
103% 104%
Nov
Gt Lakes Pap Co 1st 6s '55
Int Pr A Pap of Nfld 5s '08
Lake St John Pr & Pap Co
70
105
26%
17%
Deo
0%S
6%S
Mines—
_.l
1
1.70
1.65
1.70
21,875
5c
July
81c
Aug
85o
90c
2,250
90o
Dec
1.10
Dec
•
Feb
Feb
No par value.
1956
1 1942 /115
1 1947 /130
V Flat price.
—
a*
-
m _
90%
91%
101
102
103
104
103% 104
375
Gatlneau Power 6s
•
•
102%
1.00
Dec
88
Provincial Pap Ltd 534s '47
Quebec Power 6s
1968
2.50
116
93
88
87
102
95c
Jan
91
87
103%
2.25
98
/50
50%
103% 104%
Nova Sootia LAP 5s. 1958
1.00
21
'
McColl Frontenac Oil 6s *49
Minn & Ont Paper 08.1945
534s. 1955
Ottawa Valley Pow 5%s '70
Power Corp of Can 4%s'59
90
82%
Ask
MaoLaren-Que Pr 6%s '01
Manitoba Power
2.25
Arntfleld Gold
Dec
HAnover 2-6363
United Distillers of Can..*
A ft on Mines Ltd
Dec
Corporation
Walker vllle
19%
Deo
Jan
May
Saguenay Power 4%s. 1966
Shawlnlgan W A P 434« '67
48
Dec
53
Ottawa Traction
3,345
19%
Oct
35
Montreal Island Pr 534 8 '57
Montreal L H & P ($50
m
Dec
4.00
47%
Nov
Massey-Harris Co 5s-.1947
97%
62%
115%
60c
21
19%
Feb
28%
Bid
84%
70c
7
3.50
48
Nov
2% May
27
Ask
106%
Dec
60
Walker-Gooderh A Worts *
Deo
Dec
21
SECURITIES
New York
/84%
34
21%
6%
•
Abltibl P & Pap otfB 6s '53
Alberta Pao Grain 6s. .1946
Dec
Jan
Walker-Good A Worts pf.*
Oct
17%
16%
Sept
July
8,530
1,450
Municipal
Bid
Nov
20%
•
Industrial and Public
Feb
Nov
17%
"105%
75c
Bell System Tele. NY 1-208
8
Power of Can cum pref.100
Southern Can P pref. .100
Brewery Ltd.*
Oct
69%
Royal Securities Corporation
30 Broad Street
37
102
37
21,393
99% 100
26%
Dec
Apr
11
r
Mar
Mar
Private wire connection between New York, Montreal and Toronto
4.00
Page-Hershey Tubes Ltd.*
45c
CANADIAN
7
14%
6%
57
30%
8
20%
8%
48
Royalite Oil Cof 'rf
25
Jan
150
.
116
20%
45c
11
100
10,611
12%
35%
11
265
68
34%
35%
..100
21
13%
Mar
24%
Preferred
34
1.90
18%
10%
25
MeColl-Frontenae OilpflOO
Price Bros Co Ltd
100
39
1.45
Sept
52%
39
14%
*
Inter Util Corp class A
Inter UtU Corp class B
295
Dec
4
1.25
16%
6
Feb
14%
8%
Dec
Feb
12%
16%
8%
21%
4.50
34
31
34
—
Aug
21%
May
3.00
July
9
Feb
Nov
'7%
34
1.75
5%
Dec
3%
12%
250
31
800
76
Dec
10%
1.75
2%
20
Dec
65
108
1.40
23
Jan
5
14%
16
Dec
General SteelWares preflOO
Int Paints (Can) Ltd pref30
*
July
91
10%
Int Petroleum Co Ltd
Paton Mfg Co Ltd
25
49
59
65
6
*
125
2%
3
»
*
5
91
10
Apr
Dec
70c
13%
13%
Dec
-
5%
17
Dec
*
B
Jan
135
16%
Imperial Oil Ltd
Mitchell A Co (Robt) Ltd *
37
45%
68
-
Nov
16 %
25
Dec
Dec
5
Jan
«►
70
70
21
16%
15%
Aug
19%
112%
27%
Jan
Int Paints (Can) LtdA.
Melchers Dist Ltd A
3.22
Feb
1.75
Hydro-Electric Sec Corp.*
1
Feb
11%
3%
*
Hunter Valley Oil
1.03
107%
60
—
..*
Home Oil Co Ltd
22%
Dec
Apr
Dec
278
*
Voting trust ctfs. ....»
Frelman (A J) cum pf6%100
Feb
1,850
2.00
pf 100
Fraser Cos Ltd
Dec
9
25
8%
m
Dom Tar A Chemical Ltd *
cm
May
7%
27%
4
*
Dom TarAChem
Jan
15
m
*
Foreign Pow Seo Corp
8
Dec
60
*
Dominion Stores Ltd
195
4
16%
1,900
2%
—
;__*
Dom Eng Works Ltd
30
2,445
2%
11%
Commerical Alcohols Ltd *
B.
Nov
3,610
3
60
4
City Gas A Elec Corp Ltd *
David A Frere Ltee A
Dec
8
1.95 June
14
*
Catelli Food Products B._*
120
17%
19%
4%
Jan
Mar
3,934
2,257
Deo
41
5%
17
*
MacLaren Power & Paper*
Massey-Harris Co pref.100
High
60
*
100
Canadian Wineries Ltd
2.95
110% 112
91
-
Canadian Vickers Ltd----*
Cum pref
6
Low
Shares
45
Cndn Pow A P Invest Ltd*
100
3.22
7%
7
Range for Year 1936
19%
Can Dredge A Dock Ltd..*
Cum preferred
Cndn Pow A P Invest
118
"22%
Bright (TG) &Co Ltd...*
*
High
6%
6%
7%
Beauharnols Power Corp.*
Brit Amer Oil Co Ltd
Week
Low
Price
Bathurst Pr A
for
of Prices
Last
42%
Jan
8%
Eastern Dairies pref... 100
Ford Motor of Can A....*
B
compiled from official sales lists
Dec
June
13%
Consolidated Bak of Can.*
Montreal Curb Market
7
0%
2%
2%
13%
Claude Neon Gen Ad Ltd. *
1.30 May
5%
7%
»
pref.100
Consol Paper Corp
Dec. 26 to Jan. 1, both inclusive,
Deo
Nov
6
6%
70
8
Canada Bud Breweries...*
330 Bay St., Tariati
Nov
97C
Jan
Mar
6,900
1,620
41
Canada & Dominion Sugar*
Canada Malting Co Ltd..*
Industrial Bonds
2.35
78,935
42%
34
Preferred
Public Utility and
1883
42
41
Brewing Corp of Canada.*
Municipal
255 St. James St., Montreal
Sparks St., Ottawa
7
4%
100
pf 100
Brewers & Dist of Van...*
Canadian Government
INCORPORATED
58
7
•
Cum 6% pref
Ctf of deposit 6%
HANSON BROS
1.00
17% c
Unlisted Stocks—
Abltibl P & P Co
ESTABLISHED
95c
434s '51
103%
-• »
104
103% 104%
102% 103%
Southern Can Pow 5s. 1955
Steel of Canada Ltd 6s '40
112
United Grain Grow 5s. 1948
96
97
United Secure Ltd 534» '52
Wlnnlpge Elec Os.Oct 2 '54
79%
80%
102
103
'
4m mm
99% 100%
Volume
Quotations
Over-the-counter Securities—Thursday Dec. 31
on
New York
89
Chronicle
Financial
144
New York Trust
City Bonds
Bid
12434 125
a4t\iB
o434s
o434s
a4348
a\\iB
o434s
a434s
0434&
0434s
04348
a434s
04.34s
a434s
12434 125
a6s
11975.
11954.
11954.
11960.
a334s Jan 151976.
a3}4s July 11975.
11234 11334
11234 11334
113 34 11434
11434 11434
11634 11734
May 11957.
11934 12034
Nov
a4s
11934 12034
11934 12034
11958
May 1 D5f
May 11977.
Oct
12334 12434
12434 12534
11980.
B
8
Mar
11962.
s
Mar
12454
124
Sept 11960.
11964.
.
115
Empire
28
29
475
480
Fulton
250
265
Bankers
67
69
Guaranty
324
329
12
Irving
Jan 251937
10934
a334sJuly
o3Ma May
03340 Nov
a334a Mar
Ask
Bid
105
Bk of New York A Tr. .100
126 34 127 34
12734 12834
Apr 1 1966..._____
Apr 15 1972
June 11974
Feb 15 1978
Jan
1 1977
Nov 15 1978
Mar 11981
May 1 A Nov 11957
Mar 1 1963
June 1 1965
July 1 1967
Dec 15 1971
Dec 11979
110
Par
Itallana.100
12434 12534
Ask
Bid
Companies
Ask
Bid
Par
Ask
Banca Comm
Bank of Slcllly
128 34 129
Bronx
10
Brooklyn
12934 13034
13034 13134
Central Hanover
120
Lawyers
Manufacturers
124
127
59
61
Clinton Trust
90
93
New York
12834 129
Colonial Trust
16
18
Title Guarantee A Tr. -20
12834 129;
Continental
127
132
131
-25
20
Preferred
55
56
54
20
20
Chemical Bank A Trust. 10
12734 12834
126
1534
1715
•51
25
115
——
1434
10
100 1665
Kings County
9H
834
County
12834 12934
10
136
133
1734
1634
92
82
Btnk A Tr. 10
16 34
18
Underwriters
100
20
63 34
6434
United States.
100 1985
Corn Exoh Bk A Tr—
5734
X5534
—25
2035
13334 13434
10034 10034
Chicago Bank Stocks
New York State Bonds
Ask
Bid
3a 1974
b 2.30
less
b 2.40
less
World
1
3s 1981
1
War
Highway
'
Sept 1958 to *67
''mm**
Northern Trust Co.— .100
115
Barge CT
...
Hartford Insurance Stocks
BOUGHT
11034
Bayonne Bridge 4a series C
1939-53
JAJ 3
334s '65
334s '76
106
106 34
Inland Terminal
Gen A ref 4th ser 3s_1976
1940-53.MAN
MAS
112
434s
MAS
115
1.65
60.40
MAS
116
Insurance
Par
Aetna Casualty A Surety 10
d3.50
110
11134
U S Panama 3s June 11961
119
110
11134
5a
Feb
102
104
112
11434
114
116
117
1952
634s Aug
1941
Hawaii 434» Oot 1956
—.
11934
3.00
434s July 1958
d3.75
5s July 1948
112
3.50
30 34
Homestead
86
88
Importers A Exporters
5
6
2334
25
Ins Co of North Amer„ 10
74
75
38
41
Knickerbocker
1634
434
1834
534
—
5
12
1957 opt 1937
1968 opt 1938
4a
Maryland Casualty
1
7
Mass Bonding A
Ins..1234
62
65
10
3334
Merch Fire Assur com.234
60
63
5834
Merch A Mfra Fire New'kS
13
15
33 34
National Casualty
10
National Fire
10
1834
6734
2034
10
-.25
3134
5634
-.10
3134
Baltimore Amer
-234
..
Shippers.. —25
..100
Boston
Ask
10034
10134 101'is
2834
3034
3034
Connecticut Gen Life- ..10
2934
3334
3434
Continental Casualty. ...5
2734
2934
434
534
4834
Fidelity A Dep of Md. -.20
95
Ask
101
Lincoln 5a
Atlantic 5s
100
102
Louisville 58
100
Mary land-Virginia 5a
100
...
Mississippi-Tennessee 5a._
100
8
New York 5a
99
North Carolina 5s
9934 10034
100
California 5s
ww-
'
n
Chicago 6s
100
Dallas 5s
...
...
Denver 5s
87
89
Ohio-Pennsylvania 5s
99
70
First Carollnas 5s
434s..
100
101
Pacific Coast of Los Ang 5s
100
First of Montgomery 5s._.
88
91
Pac Coast of Salt Lake 5s__
100
96 34
Pac Coast of San Fran 5a__
100
First of Fort Wayne
First of New Orleans 5s
9434
First Texas of Houston 5s.
98
100
First Trust of Chicago 5s..
100
Fletcher 3s
Fremont 5s
Greenbrier 5s
100
Greensboro 5s
100
www
...
86
99
97
99
Kentucky of Lexington 5s.
100
94
La Fayette 5s
/19
100
99
Union of Detroit 5s
ww
-
85
Southern Minnesota 5s
101
Iowa
100
Tennessee 5s
89
434s.
of Sioux City 434s...
f27
San Antonio 5s
Southwest 5s
...
Illinois Midwest 6s
100
St Louis 5s
90
Illinois of Montlcello
Phoenix 5s
109
Potomac 5a
10034 102
87
99 34
Pennsylvania 5a
96
4134
3434
Rossla
5
1034
4234
4434
St Paul Fire A Marine. .25
.10
25
27
Seaboard Fire A Marine.
5
21
16
4334
,4534
Land
—
2d preferred
Great American
—5
Great Amer Indemnity
...
100
35
40
10
30
32
Springfield Fire A Mar..25
Stuyvesant
5
127
130
27
2834
934
38
43
North Carolina
Dallas
100
76
80
Par
Ask
2234
3734
3034
US Fire
11034
Hartford Fire
—10
7434
77 34
U S Guarantee
Hartford Steam Boiler -10
7234
7434
Westchester Fire
..
Bid
Arundel Bond Corp 2-6s '53
Bid
81
*53
Series A 2-6s
55
1953
Debenture 2-6s
—
52
...100
42
46
Virginia
Fremont
100
2
5
Virginia-Carolina
5634
5
...
Art
57 34
1954
Corp
80
(all
1953
77
54
Potomao Cons Deb Corp—
Potomac Deb Corp 2-6s
1953
2-6s
47
49
*63
47
49
47
49
Potomao Franklin Deb Co
60
Empire Properties Corp...
2-3a
1945
48
51
25c
75o
Interstate Deb Corp 2-5s'55
40
43
45
San Antonio
Bond
4934
55
Potomac
Potomac
Issues) 2-5s
Pennsylvania
8
1954
Series B 2-5s
ww
Associated Mtge Cos Ino—
Ask
78
14
3534
Bid
Ask
81
4734
80
66
3334
Nat Union Mtge Corp—
1953
Contl InvDeb Corp 2-6s'53
4
2934
62
Surety Guaranteed Mortgage Bonds and Debentures
...
Cont'l Inv Bd Corp 2-5s '53
72
2.50
2734
5434
21
100
10
10
4
10
89
20
100
Co..2
w
30
100
U S Fidelity A Guar
40
6
100
490
2834
16
First Carolines
710
480
3534
27
Denver
680
100
10
—100
Dee Moines..
934
100
10
w
834
Sun Life Assurance
Harmonla
.
3734
Southern lire
Halifax Fire.
.
35
7934
Hanover Fire
.
1354
33
3534
10
8834
101
...
12
1034
5
76
834
2034
1
9934 10034
Lincoln
100
Surety
26
211
Security New Haven—.10
10
Arundel Deb Corp 2-6s
Atlantic
_
206
23
Travelers
...
Bank Stocks
Atlanta
Seaboard
5
8434
Globe A Republic
All series 2-5s
Bid
10
Preferred Accident
100
Virginia-Carolina 5a
Virginian 5s
Par
25
32 34
Allied Mtge Cos Inc—
Joint Stock
National. 25
Phoenix
2234
5
Globe A Rutgers Flre.
9934 101
Northwestern
3934
2434
Glens Falls Fire
100
93
Oregon-Washington 5a
Pacific Coast of Portland 5s
64
90
28
2.50
20
Franklin Fire
Georgia Home
100
4734
25
10134 105
27
2834
12834 132 34
134 34
131
97 34
9334
94
92
...5
.
Fireman's Fd of San Fran25
'www
4534
12.50
Pacific Fire
13
General Reinsurance Corp5
98
100
65
634
48
12134 124 34
81
82 34
1134
Firemen's of Newark.
Atlanta 5s
4334
Providence-Washington. 10
Republic (Dallas)
10
Fire Assn of PhiladelphlalO
Bidi
36 34
4134
2
Northern
North River
51
534
45
Federal
Bonds
1734
3434
New York Fire
.234
16
10
20
New Hampshire Fire
New Jersey
—
11
133
126
2
New Brunswick Fire
10
Eagle Fire
10634 107
6934
10
10
—
934
2
734
20
New Amsterdam Cas
Excess
Burlington 5s
National Liberty
National Union Fire
678
2334
City of New York
100
Ask
10134 10434
660
2134
Camden Fire
Carolina
10434 10434
Called Jan 1 1937
Bid
9
Employers Re-Insurance 10
102% 10334
MAN
MAN
434s 1957 opt. 1937
MAN
434a 1958 opt 1938—MAN
Land Bank
5
14
7934
American Reserve
4348 1957 opt 1937.—JAJ
Joint Stock
Lincoln Fire
834
1234
Bankers A
4s
6
734
25
76 34
Automobile
1945.—-JAJ
JAJ
3a 1956 opt 1946
MAN
334a 1955 opt 1945—MAN
48.1946 opt 1944
JAJ
—10
Fire
Re-Insurance. 10
American Surety
3s 1956 opt 1946
1434
10
American of Newark- -234
Federal Land Bank Bonds
3a 1955 opt
4134
5034
..10
American Home
11334
American
Bid
Ask
10
Equitable..
11234 11434
Conversion 3s 1947
3934
634
23 34
25
112 34 114
U S conversion 3s 1946
Bid
5
Home Fire Security
American Alliance
American
Par
Home
106
2834
Agricultural
121
102
Companies
Ask
Bid
5234
-10
Aetna Life
Govt of Puerto Rloo—
434s Oct
434s July
1969
1952
April 1955
Ask
i
Honolulu 5s
100
5a
Bid
Ask
10134
4a 1946.
Hartford 35
—
ser E
Aetna Fire
Bid
HARTFORD
A. T. T. Teletype
113
United States Insular Bonds
Phllllpplne Government—
QUOTED
CENTRAL ROW
6-0151
Tel.
1.75
60.50
MAS
1942-1960
11434 11534
—
York Stock Exchange
Members New
6
D
1937-1941...
George Washington Bridge
ser B
ser
107
1937-1941...
Holland Tunnel
434s
434s
106
1942-1960
10734 10734
10434
SOLD
PUTNAM & CO.
Ask
Bid
Ask
110
Gen A ref 3d ser
—
Bonds
Gen A ref 4b Mar 1 1975.
Port of New York—
Gen A ref 2d ser
830
...
11734
434s Jan 11945
Port of New York Authority
Bid
790
www
129
13634
134
440
129
4s Mar A
Www
13634
295
420
Improvement—
Canal Imp 4s JAJ'60 to '67
Barge C T 4s Jan '42 to '46
5a Jan A Mar 1946 to '71 b 2.70
Highway Imp 434s Sept '63
Canal Imp 434s Jan 1964..
Can A Imp High 434s 1965
290
202
198
33 1-3
Trust
100
Harris Trust A Savings. 100
First National
w
w
Continental Illinois Bank A
b 1.80
Ask
Bid
Par
Ask
270
—100
Trust
Bonus—
434s April 1940 to 1949.
Canal A Highway—
Bid
Par
American National Bank A
Ask
Bid
53
Mortgage Bond Co of Md
Ino 2-58
1953
1953
2-6a
Potomao Maryland Deben¬
80
—
ture Corp
Potomao
Nat Bondholders part ctfs
1953
Atlantic
2-6s
Realty
Federal Intermediate Credit Bank Debentures
Bid
F I O
134s—.Jan
15
FIG 134s—.Feb 16
FIC 134s
Maris
F I O 134s—Apr 15
1937 b .25%
1937 b .30%
1937 6 .35%
1937 b .35%
FIC 134s—-May 15 1937 b .35%
Bid
Ask
I
1
1
1
1
1
1
1
1
•
•
1
1
I
t
FIC
134s—June 15 1937 b .35%
134s—.July 15 1937 6 .35%
FIC134S—Sept 15 1937 6.40%
FIC 1348
Oct 15 1937 6 .45%
FIC
FIC
134s—Nov 15 1937
15 1937
FIC 134s—Deo
Nat Cons Bd Corp 2-5s *63
77
Nat Deben Corp 2-6s_1953
7034
47
ww
-
49
1953
47
49
41
43
Bid
Ask
Debenture Corp 2-6s '53
37
/35
47
Unified Deben Corp 6s '65
(Central Funding series)
Realty Bond A
Mortgage
deb 2-6s
49
Ask
1
1
1
1
•
1
1
1
1
•
1
1
6 .45%
»
•
1
6 .50%
1
Telephone and Telegraph Stocks
Par
1
Bid
Par
Ask
1
Am DistTeleg (N J) com.*
128
13134
New York Mutual Tel. 100
—100
132
13534
N'weet Bell Tel pf
Canada.. 100
Bell Telep of Pa pref—100
158
161
Pac A Atl Telegraph
121
123
Peninsular Telephone com*
Clncln A Sub Bell Telep. 50
96
99
Cuban Telep 7% pref. .100
44
43
Par
Bid
Ask
Par
Bank of Manhattan Co. 10
31
33
Merchants Bank
Bank of Yorktown. .66 2-3
58
64
National Bronx Bank
National..50
65
Bensonhurst
Bid
Ask
101
So A Atl Telegraph
100
95
104
Sou New
Llnooln Tel A Telegraph.*
115
100
95
50
39
17
19
Gen Tel Allied Corp $6 pf.
1334
1534
Int Ocean Telegraph
68
Chase
48
50
National Safety Bank. 1234
Penn Exchange
10
City (National)
-1234
Commercial National—100
3934
4134
Peoples National—j
50
205
211
Public National
25
57
—100
990
1010
2105
Sterling Nat Bank A Tr.25
Trade Bank—
1234
WWW
38
First National of N Y—100 2065
37
100
Flatbush National..
110
Fifth Avenue
—
ngsboro National ...100
65
w
«•
20
www
59
65
Mtn States Tel A Tel..100
149
New England Tel A TellOO
135
30
42
—
28
47
99
Bell Telep of
New York Bank Stocks
25
48
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Preferred
For
Footnote
see
page
92.
—
■
634 % 100
Preferred A
WW
WW
25
.100
Roch Telep $6.50 1st pf 100
10534 107
19
21
28 34
3034
10934 112
111
25
22
Engl Telep... 100
159
115
24
16134
S'western Bell Tel pref. 100
12134 12334
Wisconsin Telep 7 % pf. 100
115
www
137
117
90
Financial
Quotations
Chronicle
Jan. 2, 1937
Over-the-Counter Securities—Thursday Dec. 31—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stocks
bought
sold
.
Earnings and Special Studies
3oscpb Walkers Sons
Members TVfw York Stock
Exchange
Dealers in
120 Broadway
JOHN
GUARANTEED
NEW YORK
E. SLOANE & CO.
York
Members New
Tel. REctor
41 Broad Sr., N.
Y.
Monthly
Bulletin
Request
on
.
quoted
.
Security Dealers Association
HAnover 2-2455
-
Bell Syst. Teletype NY 1-624
-
2-6600
STOCKS
Since 1855
Bonds
Railroad
Guaranteed Railroad Stocks
Bid
(Guarantor In Parenthesis)
Dividend
Akron Canton & Youngstown
Par in Dollars
Alabama & Vlcksburg (Illinois
Central)
Albany & Susquehana (Delaware & Hudson)
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
Boston & Albany (New York
Central).
Boston & Providence (New
Haven)
Bid
100
.
6.00
Asked
100
105
175
180
108
112
Boston & Maine 3s, 1950.
50
8.75
146
152
8.50
148
155
100
Canada Southern (New York Central).
Carolina Cllnchfleld & Ohio (L <fc N-A C L)
4%
Common 6% stamped..
2.00
3.00
59
.
107 H
70
Prior lien 4s, 1942
Prior lien 4
84
84
Ha, 1944
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1961
4.00
101%
6.00
103
106
Choctaw & Memphis 1st 5s, 1952.. 1
98
102
3.50
89%
91%
Cincinnati Indianapolis & Western 1st 5s, 1965.
Cleveland Terminal <fe Valley 1st 4s, 1995
104
94
103
6.00
100
86
86H
H
90
100
105
90
Chateaugay Ore & Iron 1st ref 4s, 1942
92
57
61
102
103
99
101
50
2.00
51
53
Georgia Southern & Florida 1st 5s, 1945
69
71
25
2.00
47%
60
Goshen & Deckertown 1st 5 Ha, 1978
98
101
100
Delaware (Pennsylvania)
Fort Wayne & Jackson pref (N Y Central)
Georgia RR & Banking (L & N-A CL)
Lackawanna RR of N J (Del Lack & Western)
5.50
91
95
10.00
100
198
203
100
York Central)
Morris <fe Essex (Del Lack <fe Western)
4.00
76
79
100
Michigan Central (New
50.00
1000
1200
50
New York Lackawanna & Western (D L &
Northern Central (Pennsylvania)
3.875
100
5.00
50
4.00
Oswego <fc Syracuse (Del Lack & Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
50
W)
H
63
42
iOH
Chicago Cleve Cinn <fe St Louis pref (N Y Central) 100
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
103
106 H
67
Boston & Albany 1st 4%s, April 1, 1943.
6.00
99
102
10.50
76
97
100
100
75
74
6s, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
__100
100
Asksd
73%
5%s,1945.
65 %
68
97%
100
101
103
4.50
69
73
1.50
43
45
50
3.00
84
88
Pittsburgh Fort Wayne «fe Chicago (Pennsylvania)..100
7.00
172
Hoboken Ferry 1st 5s, 1946
91
Little Rock & Hot Springs Western 1st 4s, 1939....
Long Island refunding mtge. 4s, 1949
Macon Terminal 1st 5s, 1905
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
•
Minneapolis St Paul & Sault Ste Marie 2d 4s, 1949.
Montgomery & Erie 1st 5s, 1950..
104
103%
Kansas Oklahoma & Gulf 1st 5s. 1978.
93
102
-
Kanawha & West Virginia 1st 5s, 1955
104 H
*
33
/30
105 H
105 H
106
178
Preferred.
Preferred
100
7.00
190
Rensselaer & Saratoga (Delaware <fe Hudson)
100
6.90
100
105
St. Louis Bridge 1st pref (Terminal RR)
Second preferred
100
6.00
148
153
100
3.00
74
77
Tunnel RR St Louis (Terminal RR)
United New Jersey RR <fc Canal (Pennsylvania)
100
3.00
148
153
100
W)
100
Valley (Delaware Lackawanna & Western)
100
Vlcksburg Shreveport & Pacific (Illinois Central)...100
10.00
252
257
6.00
91
100
107
78
100 H
102
58
60
98
100
95
5.00
106 H
80
Utlca Chenango & Susquehanna (D L <fc
5.00
192
New York Chicago & St Louis 4s, 1940
New York & Hoboken Ferry general 5s, 1946
103 H
82
98 H
99 H
76H
HConsolidated 5s, 1945
74 H
93 H
Rock Island Frisco Terminal 4Hs, 1957
97
99
St Clair Madison & St Louis 1st 4s, 1951
95
98
94
86
89
Shreveport Bridge & Terminal 1st 5s, 1955
5.00
91
95
Somerset Ry 1st ref 4s, 1955
68H
50
3.50
49
53
Southern Illinois & Missouri
50
3.00
67
69
Toledo Terminal RR 4 Ha, 1957
Toronto Hamilton & Buffalo 4Hs, 1966
Union Pacific 3%s, 1970
96
88
100
Preferred
Warren RR of N J (Del Lack <fc Western)
West Jersey & Sea Shore (Pennsylvania)
103%
77
Piedmont and Northern Ry. 1st mtge. 3%s, 1966.
Portland RR 1st 3 Ha, 1951
Bridge 1st 4s, 1951.
72
94
96
112
114
100
102
t
-
64
Washington County Ry 1st 3 Ha, 1954
66
EQUIPMENT TRUST CERTIFICATES
UNION ELECTRIC LIGHT & POWER CO. MO.
Quotatlonn-Appraisal* Upon Request
6% CUMULATIVE PREFERRED
troud
Private Wires to
& Company Inc.
Bmtell Brothers
Philadelphia, Pa.
New York
v
members
est.
n. y.
Tel. DIgby 4-2800
1908
stock
ONE WALL ST., N.Y.
exchange
Teletype n.y. 1-1146
and n. y. curb exchange
Railroad Equipment Bonds
Bid
Atlantic
Coast
Line 4%s
Baltimore & Ohio 4%s
6s
2.00
62.25
1.75
63.25
2.25
63.25
,
3%s Dec. 1 1936-1944..
2.50
63.00
2.25
Bid
Missouri Paoifio 4 %s__.
5%S
Pacific 4%s
2.00
62.60
2.00
2.00
NYNH & Hartf 4%s
2.00
5s
2.00
Assoc Gas & Elec orlg
2.00
2.00
62.50
61.70
1.25
61.00
0.50
61.00
0.50
5s
1.25
3.00
pref
62.20
61.75
5s
3.00
63.85
Chic Milw & St Paul 4 %s_.
58
..
Chicago R I <fc Pac 4%s._.
4.00
65.00
4.00
80
84
80
6s
Jan & July 1936-49
84
non
call Deo. 1 1936-50
Pere
Marquette 4%s
Reading Co 4 Ma
5s
St. Louls-San Fran 4s
4%s
Denver & R G West 4 %s__
58
Erie RR 5%s
6s
3.25
64.25
3.25
64.00
5%S
64.25
3.00
61.50
_
4%s
1.00
61.50
1.00
62.50
1.75
V 5s
62.25
1.75
Great Northern 4%s
61.50
1.00
61.50
1.00
61.25
0.75
5s
St Louis Southwestern 6s._
5%s
Southern Pacific 4%s
5s
Southern Ry 4%s
Hocking Valley 6s_—
H
lnolslCentral 4%s
5s
5%S
Internat Great Nor 4%s_.
Long Island 4%s
62.30
114
133
*
78
5
1.00
Mountain States Pr com..*
7%
62.25
1.90
62.50
62.30
61.50
/96
/97
/98
2.25
62.75
62.20
)
107
110
63
66
)
1.00
Virginian Ry 4%s
5s
7%
56 H
59
99
112%
114
100
G4E7% pref... 100
Pacific Pow & Lt 7% pf 100
Penn Pow & Lt $7 pref...*
H
62 H
60
Philadelphia Co $5 pref..*
Pub Serv of Colo 7 % pf 100
%
Queens Borough G & E—
6% preferred
100
*
111
113
104
105
108
109
114% 116%
123
3
195
*
109H 111%
110% 112
83%
110
90%
85%
111
93
109% 111%
95
)
'
0.50
61.25
0.75
61.25
96
107 H 108%
6% pref.-.100
6% pf__100
preferred
58%
67%
68%
104% 105%
112% 114%
*
preferred
Okla
57 H
--
55 %
58%
0.50
61.10\
$7
79
75
195
1.00
1.00
■»
*
Ohio Pub Serv
113
3
1.00
61.10
Ohio Edison $6 pref
Ohio Power
2.00
62.00
New Orl Pub Serv $7 pf..*
N Y Pow & Lt $6 cum pf.*
98%
97
*
7% cum preferred
100
Nor States Pr $7 pref. .100
105% 106 H
105% 106%
105% 106%
3
0.75
62.00
$7 prior Hen pref
108H 111%
*
4%S
New Eng G &
Continental Gas & El—
2.00
«a
New Eng Pub Serv Co—
1.75
62.50
37%
86%
98
3
1.75
62.20
7
36%
85H
88
80
*
2.00
17
55
50
84%
3
99
5H
49
85%
95H
3
100
15
52
112
E5H% pf-*
N E Pow Assn 6% pref.100
99
63.00
81H
83%
114H 116
122
92
3
1.80
Ask
72%
81
100
104
90
Columbus Ry Pr <fc Lt—
0.75
68 H
76 H
Newark Consol Gas
25
101
3
2.00
62.50
1.00
...100
Bid
Nassau & Suff Ltg pref.100
Nebraska Pow 7% pref.100
79
24 H
preferred
3
62.00
2.50
Mississippi P <fe L $0 pf—.*
Miss Riv Pow 6% pref.100
Mo Pub Serv $7 pref
100
*
2.C0
61.25
61.50
preferred
3
62.50
5s
63.75
$7
*
1.00
0.75
5%S
Texas Pacific 4s.
Union Pacific 4 %s
5s
61.75
1.75
16
31H
3.00
53
6s
15
30 H
31
3
Par
Mississippi Power $6 pref..
*
*
2%s series G
3.00
65.00
61.50
61.35
<21.25
1.00
63.85
94 %
*
4s series E due
6s
Chicago & Nor West 4%s_.
Northern Pacific 4%s
Pennsylvania RR 4%s
82
93
2.00
63.75
80
*
$6.50 preferred..
62.50
63.75
Cent RR New Jer 4 %s
Chesapeake & Ohio 6%s..
6%s
4%s
Ask
*
3.00
62.40
Utility Stocks
Bid
*
2.00
63.75
Par
r
62.40
6s
N YChloA St. L4%s
5s
62.50
4%s_.
3.00
63.00
New Orl Tex & Mex 4 %s__
New York Central 4%s___
Public
Ask
63.75
63.00
5S
62.60
National
6s
Canadian
1.00
62.50
Boston & Maine 4%s
6s
Canadian
Ask
61.50
0.75
%
83
84%
Rochester Gas & Eleo—
6% preferred C
100
105%
*06%
Maine Central 5s.
6%s-_
Minn St P & SS M 4s...
62.40
1.75
Wabash Ry 4%s
100
102
102 %
Illinois Pr & Lt 1st pref..
103
InterstatejNatural Gas...
6s
100
101%
InterstateJPower $7 pref..
61.20
0.75
63.10
2.50
63.10
2.50
63.75
2.75
Western Maryland 4%s
5s
Western Pacific 5s
5%s
62.10
1.75
62.10
1.75
64.00
3.00
64.00
3.00
7%
For footnotes see page 92.
preferred
55
Sioux City G & E $7 pf .100
Sou Calif Edison pref B.25
35
South Jersey Gas & El .100
»
20
21H
Tenn Eleo Pow 6%
54
98
99 %
Texas Pow & Lt
113
86
90
7% pf.100
Toledo Edison 7% pf A 100
United G & E(Conn)7% pf
111% 112%
110% 112
3
100%
101
33
3
1(
68
5%S
53
3
preferred..
1.50
0.75
*
3
7%
62.25
61.20
»
3
6s
Loulsv & Nash 4%s
5s
77%
79
3
89
91
Utah Pow <fe Lt $7 pref
*
Utlca Gas & El 7% pf—100
♦
73
71
60%
65%
100% 101%
143
J—
3
7%
preferred
Virginia
Ry
pref 100
..100
100
96
98
28%
28%
193
64%
72%
91
99
65%
73%
93
Volume
91
Chronicle
Financial
144
Securities—Thursday Dec. 31—Continued
Quotations on Over-the-Counter
WANTED
OFFERINGS
Securities of the
Associated Gas & Electric
First Mortgage
System
Bonds of Subsidiaries
American Water Works
O'BRIEN A
S. A.
Members New York Curb
ISO BROADWAY,
CO.
COrtlandt 7-1868
H. M. PAYSON & CO.
New York and Boston
Teletype—N.Y. 1-1074
Direct Private Telephone between
Bell System
Public Utility
Amer States P S
6%s_1948
Amer Tel Tel deb 3%s1961
88%
Bid
Federated Utll 5%s...l957
90%
1948
87
1945
94
87
68
Assoc Gas A El Co 4 %s
Assoc Gas & Elec
'68
49%
51%
109% 109%
103
INCORPORATED
104%
40
55
105% 105%
Corp—
104% 105%
1978
1978
41%
43
44
1978
46
47
Income deb 4%s
1978
51
52%
...1973
82
Convdob4%8—-—1973
88
106% 106%
106
Alabama Water Serv 5s "57
103% 104%
Alton Water Co 5s
Income deb
3%s
Conv deb 4s
108% 108%
102% 102%
Montana Power 3%s_1966
1973
94
Conv deb 6%s
1973
104
Sink fund Income 4s 1983
Sink fund ino
102% 102%
67%
Sink fund ino 4-5S..1986
47%
Sink fund lnc 4 %-5 %s 86
56%
Sink fund lnc 5-6S..1986
61%
103%
Atlantic County Wat 5s '58
104
103
103%
Birmingham
79
77%
Water
1946
Debenture 4s
..
6s series B
1954
101%
102% 103
5%s series A
1954
103
Butler Water Co 5s...1957
105
1966
103% 103%
102% 103%
Pacific Tel & Tel 3%s C '66
104% 105%
Calif Water Service 4s 1961
110
Parr Shoals Power 58.1952
101
Chester Wat Serv 4%s '58
104% 105%
103% 104%
3%s
--
series
I—
105
105%
106% 107%
Telep Corp 1st 4s *65
103
Peoples L & P 6%s...l941 /101
Public Serv of Colo 68.1961
105% 106%
Pub 8erv of N H 3%s D '60
106%
85
86
87
1108
109
95
97
106%
Pub Utll Cons 5%s
•
.
.
_
106%
_
3j*s A. 1961
87"
1948
Sioux City Gas A El 4s 1966
101
Sou Calif Gas 1st 4s...1965
107% 107%
104% 105%
Conn River Pr
Citizens
Sou Cities Utll 5s A...1958
108% 108%
104% 104%
107% 108%
85
102
Southn Nat Gas Pipe Line
Sinking fund 4%s..l95l
Tel Bond A Share 5s. .1958
56
1st coll trust
100% 100%
86
87%
Utica Gas A El Co 58.1967
126% 127%
67%
69
WashA Suburban 5 Mb 1941
102% 103
Western Mass Co 3 %s 1946
105
104% 105%
Western Pub Serv 5 Mb '60
93
103% 103%
102% 102%
Wisconsin G A El 3 %s 1966
105% 105%
Wise Mich Pow
106
/62
"
35*8.-1961
Oft
1948
100
1st consol 5s
1948
-.1948
101
Phlla Suburb Wat 4s. .1965
107
Prior Hen 5s
(N J)
1957
105
5 %8 series A
.1947
103%
...
—
Pinellas Water Co 5%s *59
..
80%
82%
Pittsburgh Sub Wat 5s '58
Plain field Union Wat 5s '61
82%
84%
Richmond W W Co 58.1957
Community Water Service
6%s series B
1946
1946
100
Connellsvllle Water 5s. 1939
4 %8
Roch A L Ont Wat 58.1938
96%
94%
1958
1958
1st mtge 5s
106% 106%
100
....
106%
1942
103%
104
.I960
58 series D
...
1952
101% 103%
5s series B
We invite inquiries for copies of our compre¬
hensive statistical reports on real estate issues
1952
101% 102%
105
1977
Huntington Water 5s B '54
109
6s
1954
103
5s
1962
104
Illinois Water Serv 5s A *62
&, CO.
BAKER
INCORPORATED
150 Broadway,
236 J
Bell System Tel.
NY 1-588
N.Y.
102
Bid
Jan 1 1941
Alden 1st 6s
Bid
Ask
Majestic Apts 1st 6s..1948
Broadmoor (The) 1st 6s '41
/47%
/51%
B'way Barclay 1st 68.1941
/35
36
/40
42
1948
Chanin Bldg Ino 4s... 1945
/70
72
68%
71%
Munson
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s..1948
67
70
/32
Ask
34
1st leasehold 6%s..l944
103
105
1949
6s series A
Texarkana Wat 1st 58.1958
Union Water Serv 5%8 '51
104%
Kokomo W W Co 5S..1958
101
.
.
.
...
103%
101% 103
Ino 5a '42
95
100
W Va Water Serv 4s .-1961
102
104
99
101
N
Cos
Y
Water Co—
5s series B.
101
98
103
84
82
103%
1950
1st mtge 5s
1951
1950
1st mtge 5%8
99
—
—
—
101%
104% 105%
Westmoreland Water 5s '52
192% 104
104%
Wichita Water Co 5s B '56
102
1960
1949
104
1952
103% 105%
"
99% 102
5s series C
6s series A
106
104
W'msport Water 5s
106
___
...
103
6s stam ped
99% 100%
Court A Remsen 8t Off Bid
Apr 28 1940
(The) 1st 6s...1941
1947
6s
99% 101%
Metropol Playhouses Ino—
Broadway Motors Bldg—
1st 6s
1960
102%
100
Western
Long Island Wat 5 %s_ 1955
Middlesex Wat Co 5%s '57
96
'50
Pittsburgh Wat 6s '55
5s series A
1960
Sou
Metropolitan Corp (Can)—
B'way A 41st Street—
Dorset
93
Shenango Val 4s ser B 1961
105
103
.
'55
1957
N Y Athletic Club—
1948
6s
104
102% 103%
'47
101
104% 105%
Lexington Wat Co 5 %s *40
Metropolitan Chain Prop—
104
103
1967
Serv 5s
Spgfield City Wat 4s A1956
...
1958
Joplln W W Co 5s
102
1961
Water Co
Terre Haute Water 5s B '56
103%
Interstate Water 6s A .1940
98
95
...
Jamaica Water Sup 5 %s
5s
Mortgage Certificates
105%
101% 103
Spring Brook
Water Serv
Indianapolis Water—
1st mtge 3%s
1966
108
"...
102
Indianapolis W W Securs—
Real Estate Bonds and Title Co.
Scranton
5s series B
Hackensack Wat Co 5s '77
6 %s series B
AMOTT,
Gas A
Scranton
South Bay Cons Wat 5s
5s series A
99% 101%
103
107
Sedalia Water Co 5%s
Greenwich Water A Gas—
--
108
105
19A'66
1st A ref 5s A
103%
-
103%
1958
St Joseph Wat 4s ser
Water
1942
6s series B
Real Estate Securities
105
Davenport Water Co 5s '61
E St L A Interurb Water
5s series A
BArclay 7
1950
W 5s
Roanoke W
...
4 %s
1961
1st mtge 4s
100% 102
1st consol 4s
101%
Consol Water of Utica—
106%
1950
105
6s series A
105%
105
Water Works Co—
1957
Clinton W Wks Co 58.1939
Wisconsin Pub Ser
Cons. G E L & P
102%
1st A ref 58
...
6s series C
62
97%
95%
102
1966
City W (Chat) 5s B..1954
Commonwealth Wat
eo
.
Penna Water Co 5s
Peoria
101%
1940
4%s.
101
1st 5s series C
58
Penna State Water 5 %s *52
100% 103%
1941
.3
90
100
103
6s
i
--
108
102
5%s series A
'
5%bV£»
Water 5s .1954
Ohio Valley
Ore-Wash Wat Serv 5s 1957
1951
5s
Water
-
97%
101
99
Ohio Water Service 5s. 1958
-
-
92%
96%
Newport Water CoJJs-1953
Water Co (Wash)
1951
City of New Castle Water
Penn
100
84
94
Wat Serv 6s '51
Ohio Cities
Pennsylvania Elec 5s 1962
98
1951
5%s
New York
67%
102% 103
Sink fund lnc 6%-6%s 86
90
...
104%
Pacific Gas A Elec Co
.
104
102
New Rochelle Wat 5s B '61
106
102% 102%
■
105
58-1950
New Jersey Water
Works
104
104%
Morgantown Water 5s 1965
M uncle Water Works 5s '65
...
1957
...
103
1950
5%s
...
5s series C
100%
Monmouth Consol W 5s '56
Monongahela Valley Water
...
102% 103%
4s
57
61%
105
Ask
|
103%'
101%
1956
Bid
Ask
Bid
Ashtabula Wat Wks 5s '58
1965
Northern N Y Utll 58.1955
56
Sink fund lno5%s__1983
101
N. Y. State E & G Corp.
47%
4%s..l983
Sink fund Income 5s 1983
Water Bonds
100% 100%
99
Conv deb 5s
Teletype: New York 1-1073
HAnover 2-0510
Tel.
NEW YORK
EXCHANGE PLACE,
Income deb 4s
Income deb 3%s
Invited
Swart.Brent&Co.
100% 100%
Keystone Telep 6%s.l955
52%
Water Works Securities
Complete Statistical Information—Inquiries
103
101
City Pub Serv 38.1951
Kan
89
Associated Electrlo 5s.1961
Mb—1960
96
Ark Missouri Pow 1st 6s *53
86
103%
104% 105
Iowa Sou Utll 5
89
1st 6s series A
Specialists in —
Ask
84 M
102 J*
102% 103%
Ariz Edison 1st 6s
Tel. 2-3761
Bonds
102% 102%
102% 102%
Debenture 3%s w 1.1966
Amer Wat Wks & El 6s '76
Est. 1854
MAINE
PORTLAND,
.4 s*
Bid
(Maine)
Exchange
75 FEDERAL ST., BOSTON
HANcock 8920
NEW YORK
& Electric Co., Inc.
Consumers Water Co.
/50
/35%
1945
S f deb 5s
Bldg 1st 6%s.l939
1st mtge 2s stmp A
1st A gen 68.
reg'55
1946
53
N Y Eve Journal 6%s.l937
38%
79%
/36
/32%
/32%
81
37%
BURR & COMPANY INC.
34%
34%
Chicago
103
NEW YORK
-
N Y Title A Mtge Co—
101%
-
Boston
57 William St.
5%s series BK
/60%
62%
1947
/9%
11
5%s series C-2
88%
89%
5%s series F-l
/49
/58%
51
Eqult Off Bldg deb 5s 1952
Deb 6s 1952 Legended..
85
88
6%s series Q
/50
53
60 Bway Bldg 1st 3s Ino '46
53
56
East Ambassador Hotels—
1st Aref 5%s
1st 6s
600 Fifth Avenue—
1949
46
1941
6%s unstamped
602 Park Ave 1st 6s
/35
...
52d A Madison Off Bldg—
Nov 1947
6s
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
/50%
75
...
---
77
80
1948
/42
45
/19
21
Fox Theatre A Off Bldg—
1st 6%s
Oct 1
1941
Fuller Bldg deb 6s
1944
5%s unstamped
1949
Graybar Bldg 6s
1946
Harrlman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s... 1960
Keith-Albee Bldg (New
1936
Rochelle) 1st 6s
1st 4-6s extended to 1948
79%
/473*
81%
50%
83
67%
69
88
90
Lincoln Bldg lnc 5%s_1963
Loew's Theatre Realt Corp
58
73
1st9 %s( L
69%
/55
66%
67%
/50%
79%
1947
96%
66%
60
...
70
57"
18%
20
5%
*
14%
*
Bohack (H C) common..*
7% preferred
100
Diamond Shoe pref
100
36%
10
Bickfords lnc
..1943
/51%
53%
6%s.l940
/59%
61
/30%
/30%
32.60 conv pref
14%
37%
11%
51%
32%
Savoy Plaza Corp—
Realty ext 1st 6%s.l945
1945
6s
32%
May 15 1948
60 Park PI (Newark) 6s '37
/34%
/34
36%
61 Bway Bldg 1st
/55
57
6%s
5%s 1950
47%
12%
H) 6% pref
18
*
6%% preferred
100
Murphy (G C) 35 pref.100
Nelsner Bros pref
100
49
Reeves
52
115"
(Daniel) pref--100
preferred
100
pf-100
Schlff Co
104
223
United Cigar Sts 6%
Flshman (M H)
8tores...*
100
Preferred
Sherry Netherlaod Hotel—
Kress (S
Miller (I) Sons com
5
B/G Foods Ino com
a»k
Par
Ask
Bid
103
...
Roxy Theatre—
1st
*
100
7% preferred
Realty Assoc See Corp—
1st fee A l'hold
Borland Shoe Stores
23%
25%
22)
6% pref ctfs
U S Stores
105
preferred
7
100
36
49%
Katz Drug preferred
Kobacker Stores
7% preferred
*
105
110
*
16
22
90
100
1st
6%s
Oct 23 1940
1958
82
98%
1st 5%s
1939
2 Park Ave Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6%s
Oct 19 1938
Westinghouse Bldg—
1st fee A leasehold 4s '48
73%
73%
/70
52%
54"
Sugar Stocks
Trinity Bldgs Corp—
53%
1942
..1936
Par
Syracuse Hotel (Syracuse)
Apts 6s '40
Ludwlg Bauman—
1st 6s (Bklyn)
'61
165 Bway Bldg 1st 5%s
Textile Bldg 1st 6s
Apr 15 1937
1st 6s
...
103 E 57th St 1st 6s... 1941
Chain Store Stocks
...
616 Madison Av 1st 6%s'38
/63%
Lewis Morris Apt Bldg
London Terrace
/8
70%
2nd mtge 6s
5s Income
77%
Lefcourt Manhattan Bldg
1st 6%s
/30
1951
15
Nov
Prudence Co
1400 Broadway Bldg—
1st 6%s stamped
1939
1939
1st 6s
1 Park Avenue—
/41
1958
1939
42 Bway 1st 6s
July 7
Oliver Cromwell (The)—
6%s double stpd.__1961
—-
Store Securities
Chain
60
19th A Walnut Sts (Phila)
97%
99%
68
69%
Par
Eastern
/30
.
Sugar Assoc.. —1
46
1
46
Preferred
*
Haytlan Corp Amer
/76
Bid
H
---
...
For
footnotes
see
page
92.
Par
Ask
47%
47%
1
Savannah Sug Ref com
West Indies Sugar Corp..l
Bid
Ask
38
39%
7%
7%
92
Financial
Quotations
Chronicle
Jan. 2, 1937
Overthe Counter Securities—Thursday Dec. 31 —Continued
on
Investing Companies
SYLVANIA INDUSTRIAL CORP.
1.
20.50
Amerex Holding Corp...*
Amer Business Shares...!
Amer A Continental Corp.
29)4
31*4
Bank Group Shares....
Insurance Group Shares
1.26
1.38
Amer General Equities Ino
Am Insurance Stock Corp *
1.13
5
5)4
Assoc Stand Oil Shares..2
NEW YORK
Members New York Curb Exchange
Telephone HAnover 2-9030
7)4
8)4
4H
4)4
Mass
...
Maid Slippers
Electrol, Inc;
Inquiries Invited
Members of the New York Security Dealers Assn.
ST., N. Y.
11.11
Trust..l 28.87
Mutual Invest Fund
1 Z16.81
30.63
4.88
*3)4
2.09
22)4
24)4
Canadian Inv Fund Ltd.l
Central Nat Corp ol A...*
4.65
5.05
No Amer Bond Trust otto
6
9
Series 1955............
3.66
29.11
Series 1956............
3.59
Series 1958
3.38
12
18
19
Northern
2.93
Blass B
2.93
31)4
116
7% preferred
33)4
111
87*5
A
16)4
4)4
.97
1.08
19.01
20.62
14.69
15.19
5.06
5.36
Royalties Management...
5.00
4.16
15.40
Cumulative Trust Shares. *
6.53
Selected American Shares.
Deposited Bank Shs ser A
Deposited Insur Shs A
Deposited Insur 8h ser B.
2.40
3.76
Selected Income Shares...
3.54
Selected Industries oonv pf
11*4
Spencer Trask Fund
5.66
mm
27
28)4
23.03
4:30
4.55
1.04
1.12
7.75
8.60
Standard Utilities Ino...*
25c
2.01
2.16
State Street Inv Corp
Eqult Inv Corp (Mass)..5
Equity Corp oonv pref
1
Fidelity Fund Ino
...»
35.77
38.43
28.61
13.60
BB
2.88
11.25
O
8.08
D
8.08
40
*
B
* 104.96
4.20
Super Corp of Am Tr Shs A
2.88
AA
4.40
B
43
30.82
Foundation Trust Shares A
5.35
5.66
Over-the-Counter Market
Fundamental Investors Ino
Fundamental Tr Shares A.
25.11
26.52
6.48
7.25
Trustee Standard Invest C
7.72
Trustee Standard pil Sh K
B_.................
B
D
7.09
Group Securities—
m
m m
mm
mm
mm
15.70
3.29
m
3.22
..
m
m
14.45
Supervised Shares
5.90
General Investors Trust..
.
mm
7.93
m
7.49
m
'
..
Agricultural shares
1.96
Trusteed Amer Bank Shs B
.90
1.00
1.45
1.58
1.72
2.19
2.39
Trusteed Industry Shares.
U 8 El Lt A Pr Shares A..
1.65
Building shares
Tel. BArclay 74)700
1.81
Automobile shares.....
1920
Members New York Security Dealers Association
Broadway, N. Y.
—
22.34
in the
115
«
16.19
•
Standard Am Trust Shares
5.15
D
Dividend Shares
COMPREHENSIVE SERVICE
Established
5.30
Selected Cumulative Shs.. 101.80
Diversified Trustee Shs B.
O
Bristol & Willett
—
15)4
3)4
*
Fixed Trust Shares A
61 Broadway, New York
mm
80"
Selected Amer Shs new...
35)4
mm
75"
Plymouth Fund Ino A. 10c
Quarterly Ino Shares 'nep.
Representative Trust Shs.
Republic Investors Fund. 6
3.69
mm
■
100
Securities
Pacific Southern Inv pref. *
Class A
*
3.10
-
68)4
2.86
100
Common B shares....10
BOwllng Green 9-3565
Teletype N. Y. 1-1666
..
64*4
No Amer Tr Shares 1953..
3.69
100
2.23
3)4
53
10)4
10
8% preferred
Molybdenum Co.
k Trust Shares...
27.07
...
oom
NYBa
48
...
(New York Security Dealers Association
^commodity Exchange, Inc.
18.51
4.78
Voting trust certificates.
Accumulative series....
Series AA mod.......
UNTERBERG & CO.
«.«•
Investors
Nation Wide Securities..1
Teletype N Y 1-1397
Sylvania Industrial Corp.
Members
27.63
10.16
..*
oom.
".70
Series ACO mod
E.
25.25
Major Shares Corp
Maryland Fund Ino
37.70
Crura A Forster Ins
C.
16.19
.50
Continental Shares pref...
Corporate Trust Shares...
Series AA......
1.89
15.87
Keystone Cust Fd Ino B-3.
1.25
5.30
...♦
1.92
46
43
35.25
Century Trust Shares...*
Consol. Funds Corp ol A
Established 1919
Climax
1.75
10
Investors Fund O
13
12
oom.
1.78
Broad St Invest Co Ino...
Bullock Fund Ltd..
..1
Class B
M. S. Wien & Co.
25 BROAD
Invest Co of Amer
Bid
British Type Invest A...1
Am. Writ. Paper, New
Dainty
United Cigar Stores Com.& Pref.
Tel. HAnover 2-8780
Par
Ask
Institutional Securities Ltd
11.78
Bankers Nat Invest Corp *
Basic Industry Shares
♦
BROAD STREET
Ask
19.80
10.80
Par
QUAW & FOLEY
80
Bid
Administered Fund.....*
Affiliated Fund Ino
Bought, Sold & Quoted
20
21)4
1.68
1.82
B
3.20
3.30
Food shares.........
1.07
1.17
Voting trust ctfs
1.13
1.21
Investing shares
1.62
1.76
Un N Y Bank Trust C3._
Merchandise shares
1.48
1.61
Un N Y Tr Shs ser F
Mining Shares.........
Bell System
1.77
1.92
Petroleum shares
RR Equipment shares
1.49
1.62
1.66
1.80
Investm't Banking
Steel shares
1.77
1.92
Bancameriea-Blalr
Tobacco shares......
1.18
1.29
First Boston Corp
Chemical shares
Teletype NY 1-1493
Industrial Stocks
Par
American Arch
Bid
Ask
Par
*
54
....100
American Book
63
66"
17*4
18*4
Amer Box Board com
1
American Hard Rubber—
8% cum preferred...
American Hardware
25
♦
American Mfg 5% pref. 100
105
26
Ask
1)4
28
113)4
National Casket........*
Preferred
....*
Nat Paper & Type com
83
11*5
23
24)4
6
7)4
Beneficial Indus Loan pf_*
51*5
100
30
33
25
27)4
125
128
Climax Molybdenum,...*
Columbia Baking com...*
$1 cum preferred......*
Northwestern Yeast... 100
88
92
5
44)4
46*5
Leather...........*
19)4
13)4
Pharmacal
Ohio Match Co
....*
Pathe Film 7% pref.....*
Petroleum Con version... 1
14)4
23)4
25)4
97
SS
100
Remington Arms com....*
48
112
118
3*4
4*4
49)4
Singer Manufacturing..100
365
375
*
55)4
57)4
Standard Screw
155
165
17 preferred
100
Dentists' Supply Co of N Y
109 H
58
6l"
65)4
58)4
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp.....*
Taylor Milling Corp
..*
*
25
100
Bid
111
114
100
103
Home Owners' Loan Corp
l*4s
2s
99)4 100
Bear Mountain-Hudson
River Bridge fs_.._1953
104
48 *5
16)4
17)4
43)4
26
16)4
17)4
June
15
15
1937 100.28 101.2
1938 102.6 102.12
100)4
Conv deb 6s
101)4 i->
Cont'l Roll A Steel Fdy
1st conv s f 6s
1940
Cudahy Pack
1st 3)4a
103)4
Kopper Co 4s
Martin
1950
104)4
1955
conv 4s.
*-» 00 H*>0.
103)4
1—
oonv
0 0 t0o*.
1951
ser A
(Glenn L)
Merchants Refrig 6s.. 1937
Nat Radiator 5s
1946
Deep Rook Oil 7s
1937
/93
95
32
35
Trico Products Corp
..*
41
43
94
97
Tublse Chatlllon cum pf. 10
United Merch A Mfg oom *
107
114
Wltherbee Sherman 6s '44
1)4
25
27
Woodward Iron 5s...1952
4
United Piece Dye Works.*
Flour Mills of America...*
Foundation Co. For shs__*
American
shares
H
3)4
*
8
*
9)4
10*4
*
38)4
Gen Fire Extinguisher
*
Gen Flreprooflng $7 pf.100
20 H
41 *5
21 *5
Gair (Robert) Co com
Preferred
Golden Cycle Corp
Good Humor Corp
10
Preferred
8*4
105
2)4
42)4
*
Preferred
100
/18X
20)4
95
109
107
1945
6*4s as'42
Struth Wells Titus 6*4s '43
27)4
/26
94
...
/36X
m
38)4
...
29
46
*
33 conv preferred
Welch Grape Juice pref. 100
West Va Pulp A Pap com. ♦
92)4
Scovlll Mfg 5** s
Std Tex Prod 1st
101.6
•
...
3)4
25
...100
101.2
l*4a
Sept 1 1939
Haytlan Corp 8s..... 1938
Warren Northam—
45"
42,
Federal Farm Mtge Corp—
....
98
Reynolds Investing 5s 1948
Douglas Shoe preferred. 100
..*
Draper Corp
com
1
iCi
fib"
N Y Shipbuilding 5S..1946
72
153)4
148
1939
6s
119
Steel
99)4 100*4
104
104*4
1948
100
Taylor Wharton Iron A
91)4
87
Kelsey Hayes Wheel Co—
Chicago Stock Yds 5s. 1961
Comm Credit 3)48
1951
Dixon (Jos) Crucible...100
76"
101.6
1 1939 101.2
Journal of Comm 6*4s 1937
...
44)4
24
Aug
Aug
l*4a
Associates Invest 3s._1946
Ask
Bid
Ask
American Tobacco 4s. 1951
Am Wire Fabrics 7s..1942
50
Scovlll Mfg
Preferred
6)4
6)4
1.38
Miscellaneous Bonds
2*4
53
Dictaphone Corp....
11)4
46)4
105
53 H
Crowell Pub Co com
10)4
45
25*4
33
95
13)4
61*1
1.10
Incorporated Investors..*
Corps
Corp..
Schoelkopf, Hutton A
Pomeroy Ino com
25
23
Huron Holding Corp.....
22.40
10"
9
30
100
51*5
Columbia Broadcasting A *
Class B
*
1)4
4)4
2)4
20.46
Wellington Fund...
3)4
1)4
110
*
preferred...
New Haven Clock pf
Publication Corp com
•
37 1st preferred.....100
39*4
1
Preferred
20*4
51*5
100
5%
Ohio
..100
19*4
48*5
Norwich
53
Hotels
Canadian Celanese com..*
97
Muskegon Piston Ring....
36)4
48)4
Indust Serv cl A*
Guardian Inv Trust com.*
100
39
10*4
1st preferred
100
Preferred
109
46)4
Preferred
preferred
35
American Republics com.*
Bowman-Blltmore
6%
37 H
Andlan National Corp
*
Art Metal Construction. 10
Bankers
1
1
Mock Judson & Voehringer
100
Amer Maize Products
Bid
Maytag warrants
Merck A Co Inc com
...
104
29 H
31)4
105)4 107)4
7Vs
m
West Dairies Ino
tc 1
4
*
7
9
32
60
63
20
37
40
Great Northern Paper. .25
Klldun Mining Corp
1
42
44
Lawyers Mortgage Co..20
2
Interchangeable,
t Now listed
on
b Basis prloe.
c Registered coupon
to. i When Issued,
s
Now selling
ex-dlvldenf..
x
(serial)
y
Now
ex coupons.
New York Stook Exchange.
22
Great Lakes SS Co com..*
a
Coupon,
e Ex-righta.
/ Flat price,
selling on New York Curb Exchange,
34)4
100
33 cum preferred
*
White (S S) Dental Mfg.20
White Rock Mlu Spring—
No par value,
d
Graton A Knight com
Preferred
Lawrence Portl Cement 100
2*4
38)4
com v
37 1st preferred
2*5
2)4
40)4
100
26
6% preferred
5)4
—Arrangements
29
11*4
11
100
260
WJR The Goodwill Station
32
34
110
Worcester Salt
100
60
120
Young (J S) Co oom...100
7% preferred.
100
113
Macfadden Publlca'n com *
102*
.♦
67)4
^Preferred
11)4
70)4
10
(Jo.
5
1st 6% pref erred.... 100
2d 8% preferred
100
Lord & Taylor oom
CURRENT
100
WUcox-Gibbs common..50
Willys Overland Motors. .1
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
6
118"
completed
were
NOTICES
whereby
the firm
will today acquire the business formerly conducted
& Co.
of
Fahnestock
&
by H. L. Horton
Both firms are members of the New York Stock Exchange and have
their main offices at
1 Wall Street.
The present branch offices of Hj L.
Horton & Co. in uptown New York and Atlantic City will be continued by
Fahnestock &
Co.
126
The latter firm,
which
was
established in
1881, has
offices in London and Paris, as well as branch offices in uptown New York,
Jersey City, New Haven and Torrington, Connecticut.
At the
same
time
Fahnestock & Co. will admit to general partnership Sherburn M. Becker
Jr., formerly
Submarine Signal Company
partner of H. L. Horton & Co., John J. Rudolf, formerly a
partner of A. Iselin & Co., and De Forest Van Slyck, formerly associated
with Lazard Freres.
Horton &
ROBINSON, MILLER A CO.
a
Sherburn M. Becker, formerly senior partner of H. L.
Co., will establish offices at Fahnestock & Co.
Sherburn M.
Becker Jr. has been associated with H. L. Horton & Co. since 1928, having
been made a partner of the firm in 1930.
Mr. Rudolf was a
partner of
A. Iselin & Co. for 16 years until the dissolution of the firm in 1936.
INO.
HAnovS.h2°ie282 52 William Street, N.Y.
N.^f
that time he
of
the
was
active in international banking affairs.
Swiss-American
Electric
Nestle Milk Products Co.
Co.,
Italo-Argentine
He is
Electric
PETROLEUM
CONVERSION
ALLENDALE CORP.
1
GENERAL ALLOYS PFD.
NORVIN
GREENE
Incorporated
80 BROAD
HAnover 2-0077
and
During
Co. which is affiliated with Lazard Freres.
BAKESHOPS
&
Co.
that period he was for a time associated with General American Investors
ROBERT GAIR
LANCASTER
director
Mr. Van Slyck has been with Lazard Freres In
the investment department of their New York office since 1929.
FEDERAL
During
a
STREET
Bell Tele. N.Y.1-1786
—Charles E. Quincy & Co., 24 Broad St., New
York, members of New
York Stock Exchange, have prepared an Interest table for United States
Treasury issues showing interest accrued during the mbnth of January,
1937, on each different $1,000 bond or note.
—F. T. Sutton & Co., 64 Wall St., New York, have issued their year-end
of "Facts and Comments," a monthly bulletin giving a digest of
edition
security situations,
market trends and
statistical department.
comment
as
developed
by their
Volume
250 The 348 Madison Avenue Corp. (N.
50 Jamaica Chamber of Commerce Building, Inc. (N.
48 Martin's, Ino.
(N. Y.) common, no par;
60 Terminal Properties, Inc. (HI.), no par
1946
mx
Antloqula 8%
1946
/22
Argentine 4 *s
.1971
Bank of Colombia 7 % 1947
Bank of Colombia 7 % 1948
Barranqullla 8s'35-40-46-48
Bavaria 6 *8 to
1945
Bavarian Palatinate Cons
Cit 7 % to
1945
Bogota (Colombia) 6 *9 *47
8s
1945
22 *
99*
Hungarian Discount A Ex¬
change Bank 7s....1936
llseder Steel 6s
1948
24
/21
/20
24
/20*
22 X
Nov 1932 to May
/15 M
/20
/19
/10*
17X
21
Koholyt 6*s
1943
Land M Bk Warsaw 8a '41
20
Leipzig O'land Pr 6Ha '46
10X
Leipzig Trade Fair 7s
1958
/9*
10*
1969
/9*
/9
/20*
/75 H
/85
/22
/18
10*
1940
11
Mannheim A Palat 7s. 1941
BrandenburgElec6s..1953
Brazil funding 5 %. 1931-51
Brazil funding scrip.-
Bremen (Germany) 7s 1935
6s. 1940
-----
British
1962
...
7s assented
City Savings Bank, Buda¬
pest, 7s
1953
Colombia scrip Issue of '33
Issue of 1934 4 %
1946
Cordoba 7s stamped.. 1937
7s stamped
1957
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 *s *49
73 H
/20H
22 H
/19*
21*
/22
/23*
24
22
68
116
18
16
15H
/14
/16
/4
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
Nassau Landbank 6H» '38
Natl Bank Panama 6H%
(A A B)
1946-1947
(C A D)
1948-1949
Nat Central Savings Bk of
Hungary 7*8
1962
National Hungarian A Ind
Mtge 7%
1948
North German Lloyd 6a '47
7
/15
70
/69
66
/19H
21H
/19*
/19H
/38
22 H
55
Dulsburg 7% to
1945
East Prussian Pow 6s-1953
/19*
21X
78 ctfs of dep
/20
22 H
4s scrip
6 Hs '50
1953
European Mortgage A In
vestment 7 Ha
1966
/21 *
/21*
23 X
8s-
23 X
8s ctfs of dep
.
.
1949
5s
Cundlnamarca
6H8..1959
Dortmund Mun Utll 6s *48
1945
Duesseldorf 7s to
Electric Pr (Germ)
6Hs
Frankfurt 7s to
1945
French Govt 5 Ha
1937
6o"
36
25
35
21X
Salvador 7%
1934
1937
German Atl Cable 7s- -1945
bank 6H%
/22H
24 H
July to Dec 1934
/55
jf35
/25
Jan to June 1935
/23 H
July to Dec 1935
/22
Jan to June 1934
...
/6*
/7*
/15H
11
/12*
13X
/93
Apr 15'35 to Oct 15 *36.
6*
8H
16H
/ 10
Dec 1934 stamped
June 1 '35 to Dec.
Graz
1 '36.
1954
(Austria) 8s
Guatemala 8s 1948
Hanover Harz
Catharlna
Water
99
1939
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Hs '32
6a unstamped
25 Kreuger & Toll American
65
10 Central States Electric Corp.
74
85
24
50 Gresser Mfg. Co. common, class A
f22X
24*
/22*
24*
1,500 Cardon Collieries Ltd., preferred, par $10; 1,000 common
20 Bliss Design Co., par $100
68.1947
1956
1956
/23*
42
43*
4 Boston Chamber of Commerce Realty Trust
39
25 Massachusetts Power A Light Associates common;
1936-
7s...1946
unstamped. 1936
Certificates 4s...1936
7s unstamped
1946
Certificates 4s
1946
1955
1947
Electric 7a
1951
Tucuman Prov 7a—1950
Union of Soviet Soc Repub
7a
16H
100 World Radio Corp
295
1947
Vesten Elec Ry 7a
7a to.-.1945
prior preferred, par $100
42 New England Power
—
Association common—
Association $2 preferred
10 Air Container Co.,
ctf., common; 315 New
$75 lot
4
31
27*
100 New England Power
Bonds—
44
$10,000 Alabama Tennessee & Northern RR.
Coupons January, 1935, and subsequent on
42
22*
Per Cent
prior lien 6s, July, 1948, stpd.
13* flat
32* flat
72 flat
125 & int.
30* flat
$3,000 Chicago Milwaukee St. Paul A Pacific 5s, February, 1975
$3,000 Province of Alberta 4*s, 1967
$2,000 City of Springfield, Mass., 3*s, Dec., 1960; reg.; tax exempt
$1,000 Inland Gas deb. 7s, 1938
By Crockett & Co., Boston:
/46
/55
/46
/87
/15H
98
98
Unterelbe Electric 6s. 1953
Wurtemberg
$1* lot
$10 lot
$50 lot
$20 lot
3*
—
Inc., common; 50 Wlckwire Spencer Steel Co. trust
York Title A Mortgage Corp., par $1
/36
f20X
/55
Steamship 6a. 1937
-$25 lot
199-2140 class B
151 Cape Cod Toll House, Inc
36
Shares
92
16
$ per Share
64
Stocks
8 Naumkeag Steam
Cotton Co., par $100
25 Farr Alpaca Co., par $50
H
100
50 Berkshire Fine Spinning
Associates common
—
100 American Superpower Corp. common
99 H
100 Wilsonite Corp., par
$1
—
preferred, par $100-.
10 Saco Lowell Shops, 1st
91.10
1943 186.50
7% gold ruble
22H
1935 sub. on
,—$155 lot
certificates, par $100 kronen
75c. lot
7% pref., par $100; 20 Lamson A Hubbard
Canadian Co., Ltd., 8% pref., par $100; 100 Seaboard Public Service
convertible $3* preferred
$425 lot
1,100 Buffalo Placer Mining A Milling Co. of Colorado, par $1
—
$3 lot
77 Southern New England Ice Co., Inc., class B, par $1; 25 class C, par $1;
75
/55
/15 H
/23
Oct 1935 to Oct
/29
1*
Realty Co. 7s, Jan., 1953, series A; coupon July
13H
/65
1951
State Mtge
United
1*
—
$100
$47 lot
$100; $1,000 Massachusetts Cities
par
24 H
Toll ma 7a
/52
/68
/I9*
/29
1
$100
;
/22H
Stlnnes 7s
/18* 21X
100
97
D. C., Investment Trust 7% dividend preferred, par
C., Investment Trust 7% cumulative preferred-
/75
Toho
5
70c
2
5 Washington, D.
/ 72
stamped. 1942
Tucuman City
Hansa SS 6a stamped. 1939
5 Boston
5 Washington,
22
128 H 131H
Coupons—
Oct 1932 to April 1935 /50 60
Wks
1957
1953
6%
Haiti 6%
1948
1948
(Brazil)
1947
/41
1960-1990
4s
H
/IIH
125* 126 X
113* 114*
Gt Brit A Ireland 5 Ha '37
$1 lot
preferred, par $100-...
Chamber of Commerce Realty Trust 1st pref., par $100
10 Walker Coal A Ice Co. preferred,
Stettin Pub Utll
German Young Coupons
Dec 1 '34 stamped
22
1936 /34
6s.2930 /265
1940 /98
State Mtge Bk Jugoslavia
5s
1956
42
2d series 5s
1956
38
German scrip
Packing Co. temporary
—
5 National Electric Power Co. 7%
Nov 1935 to Nov
/20H
certificates, par $10
-
-
1 Butlers Point Associates
24
Slem A Halske deb
/19
50
100
24*
5*
10 Autosales Corp
10c. lot
36 Continental Shares, Inc., common; 9 Southern Ice Co., pref. A, par $100;
32 American Utilities & General Corp. $3 pref.; 5 Southwest Gas Utilities
Corp. common; 10 Southwest Gas Utilities Corp. 6*% preferred
$15 lot
37 15-100 Burkett Van Cleave Oil Co., par $1; 200 Acme
/23
/20 H
/20
$ per Share
r
Stocks
243 U. S. Electric Power Corp. common, par
-
Fe 7a
—$225 lot
DueAprilll,
$23 lot
12* Winchester National Bank, Winchester, Mass., par $100
47 Second National Bank, Nashua, N. H., par $100
14 Southern Ry. Co. common, par $100
100 New York New Haven & Hartford RR. common, par $100
42
7s
July to Dec 1936
German Dawes Coupons
24
Coupons—
Nov 1932 to May 1935 /50 60
Jan to June 1936
....
Interest in default from Jan. 1, 1932—
33
2d series 5s
July to Dec 1933
Due
$35 lot
and
subsequent coupons attached
$850 lot
$5,000 The Wabash Pittsburgh Terminal Ry. Co. 1st mtge. 4% 50-year bonds.
Due Jan. 1, 1954.
Temp. ctf. of dep. No. 554 of the Central Trust Co.
40
Serbian 5s
German defaulted coupons
Per Cent
Bonds—
$1,000 The Lake Shore Electric Ry. Co. (Ohio) 5% gen. mtge. bond.
Feb. 1, 1933.
August, 1932 and subsequent coupons attached
$2,000 The Cleveland Provision Co. 1st 8s, s. f., 1936.
June, 1933,
/35
/31
6Ha
Saxon
American Shareholders Finance Corp. (N.
shares common stock) of
$20 lot
25
Y.)._$25 lot
(consisting of 12* shares preferred and
1957
1957
Santander (Colom) 7s. 1948
28
$1,200 lot
Long Island Sound, Inc. (N. Y.) preferred
29 Skinner Organ Co
1943
Saxon Pub Works 78.1945
f24 H
Land1948
German Building A
on
25
Sao Paulo (Brazil) 6s.
/57
1 Bronx Beach
Trustees certificate for one unit
/20
Scrip
/70
5s
Santa
Sold subject to approval of
(N. Y.) common.
M Bk 6s '47
8%
22 X
126
123
1945
Royal Dutch 4s
Saarbruecken
Santa
French Nat Mall S3 6a '52
Gelsenkirchen Mln 6s
R C Church Welfare 7a '46
17H
23 H
/29
/20*
120H
25
(Ger¬
1946
Prov Bk Westphalia 6a '33
Prov Bk Westphalia 6a '36
Rhine Weatph Elec 7% '36
Rio de Janeiro 6%—1933
Rom Cath Church 6*s '46
$2,600 lot
(Mo.), no par
1 Silver Beach Realty Corp.
Shares
50
21*
many) 7a
100 Goldman Jewelry Co.
By R. L. Day & Co., Boston:
/29
/94 X
/19*
Church
$3 lot
$10 lot
$9 lot
4H The Collene Laboratories, Inc. (N. Y.), no par
1946.
/64
/23
1968
Co. (Del.) preferred, par $100; 50 common, no par
Y.), par $10100 Lawyers Mortgage Co. (N. Y.), par $20
50 Bond & Mortgage Guaranty Co. (N. Y.)
20 City Housing Corp. (N. Y.), par $100
100 The Gardner Motor Co., Inc. (N. Y.), par $5—'.
25 Prosco Oils Corp. (Del.) 8% pref., par $100; 25 common, no par-—a.
75 Highland Holding Corp. (N. Y.) common, par $100
of New York-
Panama
5% scrip
7%
$1,575 lot
$500 lot
$7 lot
$200 lot
$25 lot
$10 lot
$6 lot
$100
$300 Sands Point Bath Corp. 5% 1st mtge. gold registered bond.
/29
f22
Protestant
77
93
93
Oberpfala Elec 7%—1946
Oldenburg-Free State 7%
to
1945
Porto Alegre
/29
/75
25*
/87
/85
1947
4s
17
/53
/68
/58
/33
/23
/32
/16*
/21 *
/19%
.
/33
/71H
/15
1968
Chilean Nitrate 5a
23 H
26
/21*
1945
24"
$770 lot
$200 lot
preferred,
Surrogate of Bronx County
Merldlonale Elec 7S..1957
1953
Chile Govt 6s assented
27
Munlc Bk Hessen 7s to *45
Buenos Aires scrip
Callao (Peru) 7H%—1944
Cauca Valley 7*8
1946
Ceara (Brazil) 8%
1947
27 H
Munich 7a to
/29
/24
/65
BurmelsterA Wain 6s-1940 /113
Caldas (Colombia) 7 Ha '46
/17
Call (Colombia) 7% —1947
/15
24 H
/45
/
/24
76 H
Brown Coal Ind Corp—
6H8
36
22 H
Hungarian Bank
7Hs
43 H
39
42
1935 /50 60
/34
/22H
6s
Realty
100 Fuel Oil Motors (N.
Nov 1935 to Nov 1936
7s
8s. 1947
Westchester A Fairfield
Y.) common,
238 pref. (old stock), par $100-$2,200 lot
50 Sirian Lamp
25
Coupons—
24
Central
par
1953
Luneberg Power Light A
Water 7%
1948
Bolivia (Republic)
7s
210
Ask
/29
/23*
Jugoslavia 5a Funding1956
Jugoslavia 2d ser 5s
1956
/2l
$7,000 lot
$100.-$250 lot
no par—$16 lot
$100; 200 common
Co., Inc. (N. Y.),
100 World Bestos Corp. (Del.) pref., par
Bid
Ask
$15 lot
$100; 161* common, no par
Y.), par $100
160 Jamaica Chamber of Commerce Building, Inc. (N. Y.) pref., par
Foreign Unlisted Dollar Bonds
Anhalt 78 to
$ per Share
Stocks
Sabres
20 P. H. Lamp Corp.*(N. Y.) pref., par
Quotations on Over-the-Counter Securities
Thursday Dec. SI —Concluded
Bid
93
Chronicle
Financial
144
101H
100
/22H 24 H
/18* 21*
23*
/21*
140
Industrial Development Corp.,
par
—
$1
200 The Moxie Co. class B
.....
330 Kreuger & Toll Co. American
certificates
100 Intercontinents Power Co. A
25 Saco Lowell Shops 2d preferred, par
For footnotes see page 92.
—
$1
100 Insurance Securities Co. common, par
$100
100 Detachable Bit Corp
24*
18*
2*
2*
132
$1 lot
$5 lot
15c
$8 lot
$2 lot
62
$12 lot
12*
1*
Co., par $10
50 Lawyers Mortgage Investment Corp. of Boston, par $100
50 Rockland Light A Power
AUCTION
The
of
the
following securities
current
were
SALES
sold at auction on Wednesday
$ per Share
Stocks
Specialties Co., Inc. (N. Y.), no par
3H
(Del.), no par
25
25 Eleanor OH Corp. (Texas), par $100—
1
900 Richmond Cedar Works (Va.) second preferred, par $100
5160 lot
110 Securities Investing Fund, Inc. (N. Y.) class A preferred, no par...
12*
50 Milgrade Realty Co., Inc. (N. Y.), par $100
6
400 Consolidated American Royalty Corp. (Del.) common, no par
$9 lot
Certificate of deposit for 105 shares class A stock of the Covert Gear & Mfg.
Corp. (Mass.), stamped to show 20 shares of class B
85 Jamaica Chamber of Commerce
attached
$13 lot
Building, Inc. (N. Y.) preferred, par $100;
135 common, no par
50 Automatic Food Shaping Co., Inc. (N, Y.) cum.
preferred, par $100
Co., Inc. (N. Y.) class A, par $1
36 Automatic Food Shaping Co., Inc. (N. Y.) class B, no par
50 Automatic Food Shaping
$155 lot
$20 lot
$6 lot
$14 lot
(S. C.) partlc. preferred, par $50; 300 common,
-...$450 lot
$5.......
(N. Y.), par $100
-$51 lot
$100; 33 common, no par..$3 lot
50 Nassau-Suffolk Bond & Mortgage Guaranty Co.
25 Fashion Park Associates, Inc. (Del.), pref., par
1 Rockwood Hall,
$10 lot
Inc. (N. Y.), no par
5 Blrdseye Electric Co. (Del.) pref. stamped, par $100; 10 com.
stpd., par $100 $11 lot
Co., Ltd. (Canada) common (interim certif.), par $100
Inc., common, par $5
100 International Match, participating preferred, par $35
22 Rlordan
200 Golden Center Mines,
.
75 Rudolph Karstadt,
Inc., American shares
1,000 American certificates representing deposited
of Kreuger & Toll...
$4
$8
$13
$6
lot
lot
lot
lot
participating dedntures
..—$23 lot
500 St. Louis General Investment Corp., no par..
61 Alaska Mining A Power Co.
$35 lot
(Del.) stamped certificate, no par
$8
100 City Housing Corp. (N. Y.), par $100.
$26
1 Seaview Golf Club (N. J.), no par
$26
100 Safe Guard Corp. (Del.), no par
-$20
445 Hammond Redwood Co. (Del.) (formerly named Hammond A Little River
100 Standard Motor Holding Co. (Del.) common, no par
5
lot
lot
lot
lot
Ltd.), no par...—
$481 lot
35 Sullivan Smythfield Co. (Pa.) preferred, par $100
$17 lot
80 General Kiln A Furnace Corp. (Del.) pref., par $100; 400 com., no par—$25 lot
5 Exana Realty Corp. (N. Y.), no par.
$11 lot
100 The Yarns Corp. of America (N. Y.) class A temp, ctf., no par
$13 lot
Redwood Co.,
lc
11*
$8 lot
1 North Adams Industrial Co. common, par
$1 lot
200 Consolidated Gas Utilities Corp. common
,.—
2*
61 Western & Southern Associates, par $100
$6 lot
50 Kreuger A Toll Co. American certificates—
$1.50 lot
72 Associated Gas A Electric Co. class A, par $1__.
3
2 New York Ambassador Hotel common v. t. c., par $5; 2 Atlantic City
Ambassador Hotel common v. t. c., par $5
$7 lot
35 M-A-C- Plan, Inc., of R. I., preferred, par $25; 16 common A
$475 lot
50 Railway Equities Corp. preferred, par $100; 21 common...
—$750 lot
—
$35
$100
100 International Match Corp., preferred, par
100 Peyton-du Pont, Inc.
par
$100
150 The Fair common
80 A. B. A.
300 Cooper River Bridge, Inc.
87 Winthrop Building Trust, par
2,965 Egan Mines, Inc., par $5
week:
By Adrian H. Muller & Son, New York:
Shares
$1 lot
$22 lot
25 Ideal Demountable Wheel Co
Per Cent
Bonds—
$600 Eastern States Refrigerating
Co. 7s, June 1, 1952, certificate of deposit-_$7 lot
$1,000 Imperial Russian Govt. 5*s, 1921 (Dec.,
1919, coup, detached)-...$11 lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
125 Bryn Mawr
$ per Share
•
10*
Trust Co., Bryn Mawr, Pa., par $10.
$475 lot
75 Pennsylvania Paving Co. common, no par
40 Land Title Bank & Trust Co., par $5
9 Union Bank A Trust
Co., par $100-.
-
Co., par $12.50
$100
10 Scranton Life Insurance Co., par $10
100 Industrial Discount Co., Amsterdam
60 Carthage Pulp & Board Co., Inc., preferred, par $100
200 Prudence Corp. (Calif.), no par
53 Corn Exchange National Bank & Trust Co
90 Broadway-Merchants Trust
;—
10 Rockhill Coal A Iron Co. preferred, par
—
15 American Metal Edge Box Co. common
U
—
—
50 International Match participating preferred-
100 Lancaster Iron Works class A
300 Urban A Suburban Real Estate
$1 lot
$5 lot
$10 lot
3*
$52 lot
$3 lot
$4 lot
60*
.$2 lot
$2 lot
$50 lot
Co.; $4,572 Suburban Co. ref. 6% income
debs., July 1, 1943; 100 Pennsylvania Gas A Elec. Corp., and 250 Hamilton
Gas Co
50 Philadelphia Co. for Guaranteeing
Bonds—
$500 Women's Hospital of
Mortgages
.$205 lot
$2 lot
Per Cent
Philadelphia 1st 6s, due May 1, 1936; November,
1934, and subsequent coupons attached
15,000 roubles Russian 5*s, 1916
$250 Rlttenhouse Square Corp. 20-year 6% Income, 1946
$1,000 Illinois Coal Corp. 1st 7a, 1943, series A, certificate of deposit
8*
$50 lot
$1 lot
$2 lot
94
Financial
Chronicle
Jan. 2, 1937
'
#
General
'
'
,
\
■
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
and
Bennett, Richards & Hill, of Los Angeles,~are the underwriters.
H. S. Fisher, of San Francisco, is President.
Filed Dec. 17. 1936.
(The) Emporium Capwell Corp. (2-2739, Form A-2) of San Francisco,
Calif., has filed a registration statement covering capital stock purchase
warrants evidencing 90,000 rights to purchase its no par value'capital stock.
The warrants are to be attached to certificates of 4M»% cumulative prefer¬
ence stock series A, to be offered by The Emporium Capwell Co., a sub¬
sidiary.
The corporation is also registering 90,000 shares of no par value
capital stock to be reserved for exercise of the warrants.
Such of the
proceeds to be received upon exercise of the warrants as may be determined
by the board of directors shall become capital liability and the remainder
will be held as surplus, it is stated.
As the offering will be through warrants,
the same underwriters who will offer the securities of The Emporium
Capwell Co. will participate.
H. S. Fisher, of San Francisco, is President.
Filed Dec. 17, 1936.
Specialists in
All Rights and
Scrip
M c qonnellACo
/N«w York Stock Exchange
Member«^New
120
Brooklyn-Manhattan Transit Corp. (2-2740, Form A-2) of Brooklyn,
TEL.
«
FILING
York Curfa Exchange
BROADWAY,
OF
NEW YORK
RECTOR
REGISTRATION
^
N. Y., has filed a registration statement covering $4,500,000 of Rapid
Transit collateral trust bonds 4j^% series due May 1, 1966.
This is an
additional amount of the same securities registered on April 2,
1936
2-7815
STATEMENTS
UNDER
SECURITIES ACT
The
Securities
and
Exchange Commission on Dec. 28
filing of 18 additional registration statements
(Nos. 2728-2745, inclusive) under the Securities Act.
The
total involved is $158,934,915.71, all of which represents
announced the
issues.
new
No. of Issues
The
are
Total
Type
18
Commercial and Industrial.
.$158,934,915.71
following issues for which releases have been published
included in the total:
United States Radiator
Corp.—$2,331,000 of 5% convertible deben¬
Aug. 1,1946; 42,096 shares ($50 par) 6% preferred stock; 211,076
($1 par) common stock including scrip certificates for fractional
shares; and 155,400 shares ($1 par) common stock.
(See details in V. 143,
p. 4018.)
(Docket No. 2-2730, Form A-2, Filed Dec. 15, 1936, included in
Release No. 1191.)
tures due
shares
Union Oil Co. of
California—$10,000,000 of 15-year 3M% debentures
due Jan. 1, 1952, and 300,000 shares ($25 par) capital stock to be reserved
for conversion of the debentures.
(See details in V. 143, p. 4018.)
(Docket
No. 2-2732, Form A-2, Filed Dec. 15,
Household Finance Corp.—180,000 shares ($100 par) preferred
stock
and preferred stock scrip to be issued in lieu of fractional shares, and 90,000
shares (no par) common stock.
(See details in V. 143, p. 4156.)
(Docket
No. 2-2745, Form A-2, Filed Dec. 21, 1936, included in Release No. 1197.
Other securities included in the total
are as
follows:
G. Krueger Brewing Co. (2-2728, Form A-2) of Newark, N. J., has
filed a ^registration statement covering 50,000 shares ($1 par) common
stock and
subscription warrants evidencing rights to subscribe to the com¬
mon stock.
The stock will be offered through transferable warrants to
stockholders at the rate of one-fourth share for each share held.
Shares not
subscribed will be offered pubicly through underwriters at market.
The
proceeds are expected to be used to replenish working capital, for outlay
for plant additions, equipment and dividends.
William C. Krueger, of
West Orange, N. J., is President.
Filed Dec. 14, 1936.
Water
Works
(2-2729, Form A-2) of San Jose, Calif., has
registration statement covering $2,100,000 of 1st mortgage 3H%
bonds, series A, due Dec. 1, 1961. The proceeds are to be used to discharge
indebtedness.
Bankamerica Co., San Francisco, Chandler & Co., Inc.,
filed
a
Philadelphia, and Burr & Co., Inc., N. Y. City, are the underwriters.
H. S. Kittredge, of San Jose, is President.
Filed Dec. 12, 1936.
Interstate
a
Bond
Co.
(2-2731, Form A-2) of Atlanta, Ga., has filed
registration statement covering 2,996 shares ($100 par) class AA 7%
cumulative first preferred stock.
The proceeds
capital,
expansion, and debt payment.
President.
Filed Dec. 15, 1936.
Mines
are to
George P.
be used for working
Street of Atlanta is
Operating Corp. (2-2733, Form A-l) of West Hanover, Mass.,
has
filed a registration statement covering 38,520 shares ($5 par) 7%
cumulative participating preferred stock and 3,852 shares (no par) common
to be offered in units consisting of 10 shares of preferred and
one share of common at $50.25 a unit.
The proceeds are to be used for
stock,
machinery, equipment and working capital.
Percy F. Wood, of West
Hanover, is the underwriter.
George J. J. Clark, of West Hanover, is
President. Filed Dec. 15, 1936.
North
Shore
Gas
Co.
and
Rochester Gas & Electric Corp. (2-2741, Form A-2) of Rochester,
N. Y., has filed a registration statement covering $15,000,000 of general
mortgage 25-year 4% gold bonds, series F, due Sept. 1,1960, and $3,000,000
of
general mortgage 30-year 3M % gold bonds, series G, due Sept. 1, 1966.
The series F bonds have been sold privately, it is stated.
The offering price,
the application of the proceeds and other information in connection with
the series G bonds are to be furnished by amendment.
Herman Russell,
of Rochester, is President.
North
Shore
Coke
&
Chemical
Co.
(2-2734, Form A-2) both of Waukpgan, 111., have jointly filed a registration
covering $5,100,000 of joint first mortgage 4% bonds series A
due Jan. 1, 1942.
The proceeds from the sale of the bonds will be applied
by North Shore Gas Co. to the purchase Of $1,700,000 of 5-year 4% deben¬
statement
tures from North
Shore Coke & Chemical and the balance together with
other funds will be used for payment on or before
maturity on Feb. 1,
1937, of its first mortgage 5% gold bonds. The proceeds to be received by
North Shore Coke & Chemical Co. from the sale of the debentures are to
be used for the redemption on or before March
1,1937, of its first mortgage
6% sinking fund gold bonds series A, for the purchase and installation of
equipment, and for general corporate purposes. W A. Baehr, of Chicago,
is President of both companied.
Filed Dec. 15, 1936.
Filed Dec. 18, 1936.
Cunningham Drug Stores, Inc. (2-2742, Form A-2) of Detroit, Mich.,
has filed
registration statement covering 35,000 shares ($2.50 par) com¬
mon stock, all of which is presently outstanding.
None of the proceeds are
to be received by the company.
Nate S. Shapero of Detroit, is President.
Filed Dec. 18, 1936.
a
Fiscal Fund, Inc. (2-2743, Form A-l) of Philadelphia, Pa., has filed a
registration statement covering 1,100,000 Beneficial shares—bank stock
series, having a par value of 10 cents a share, and 1,100,000 Beneficial
shares—insurance stock series, having a par value of 10 cents a share.
The
proceeds are to be used for investment purposes.
Transcontinent Sharas
Corp., of Philadelphia, is the principal underwriter.
S. C. Finnell, of
Philadelphia, is President.
Filed Dec. 19, 1936.
Gold Seekers Mines, Ltd. (2-2744, Form A-l) of Toronto, Canada, has
1936, included in Release No. 1192.)
Consumers Power Co.—547,788 shares (no par) $4.50 cumulative pref.
stock.
(See details in V. 143, p. 4150.)
(Docket No. 2-2737, Form A-2,
Filed Dec. 17, 1936, included in Realease No. 1194.)
San Jose
(Release No. 728).
The proceeds are to be used for the purchase of general
5% sinking fund gold bonds, series A, due July 1, 1968, of
Williamsburgh Power Plant Corp., a subsidiary, and for general corporate
purposes.
Hayden, Stone & Co., Brown Harriman & Co., and Lazard
Freres & Co., Inc., all of New York City, are the underwriters,
William S.
Menden, of Brooklyn, is President,
Filed Dec. 18, 1936.
mortgage
filed a registration statement covering 1,300,000 shares ($1 par) common
stock optioned to Red Lake Securities, Ltd., of Toronto, to be offered at
20 cents a share.
The proceeds are to be used for the development of
property, erection of a mill, machinery and equipment and other corporate
purposes.
J. R. Notter, of Toronto, is President.
Prospectuses
Filed Dec. 19, 1936.
filed for 11 issues under Rule 202,
which exempts from registration certain classes of offerings
not exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
made any finding to that effect.
A brief description of
these filings is given below:
were
Southern Rubber Co. (File 3-3-895), 1230 South Van Ness Ave., Los
Angeles, Calif.
Offering 50,000 shares of capital stock of $1 par value at
Charles W. Andrews, above address, is President.
No underwriter
par.
is named.
Briskomb Co. (File 3-3-896) 900 Market St., Wilmington, Del.
Offering
80,000 shares of class A 6% cum. pref. stock of $1 par value and 20,000 shares
of class B stock of $1 par value in units of four shares of class A and one share
of class B at $5 per unit.
The offering is to be made through Carl O.
Johnson Co., 203 South Dearborn St., Chicago, 111.
Dermo-G, Inc. (Filed 3-3-898), 535 Fifth
Offering 70,000 shares class A pref. stock of 25c.
class B
one
Ave., New York, N. Y.
value and 35,000 shares
par
stock of 10c. par value in units of two shares class A and
share of class B at $2.25 per unit.
L. D. Greenfield, above address, is
common
President.
No underwriter is named.
Manufacturers
Trading Corp. (File 3-3-899), no address.
Offering
38,857 shares of common stock of $1 par value at $2.50 per share.
Alfred
H. Sachs, Cleveland, Ohio, is President.
The offering is to be made through
Thomas & Griffith, 120 Broadway, New York, N. Y.
Cycle Unit Engineering Corp. (File 3-3-900), 1617MS Echo Park Ave.,
Los Angeles, Calif.
Offering 49,900 shares of common stock of $1 par value
Otto Von Kories, above address, is President.
The offering is to
W. H. Fowler, Suite No. 616, 220 West 42d St., New
York, N. Y.
at par.
be made through
Lookout Mining & Development Corp. (File 3-3-901), no address.
Offering 80,000 shares class A 7% cum. preferred stock of $1 par value
and 20.000 shares class B stock of $1 par
class A and one share class B at $5 per unit.
Hawthorne. Calif., is President.
value in units of four shares
A. H. Kent, 205 Birch Ave.,
No underwriter is named.
Empire Distillery Corp., Ltd. (File 3-3-902), 953 Beacon St,. Los
Angeles, Calif.
Offering 10,000 shares common stock of $10 par value at
par,
Frank Rally, above address, is President.
No underwriter is named.
Silver Tip Gold Crown Mining & Milling Co. (File 3-3-904).
Offering
8,725 shares of capital stock of $1 par value at par.
Mrs. Mary McClellan,
601-21st St., South Arlington, Va., is President.
No underwriter is named.
a
Vim-O-Lax Medicine Co. (File 3-3-905), Muncie, Indiana.
Offering
100,000 shares of class A common stock of $1 par value at par.
J. W.
Whinrey, 800 Powers St., Muncie, Indiana, is President.
No underwriter
registration statement covering 60,000 shares ($1 par) class B common
stock, of which 28,300 shares are to be issued as part of a total of 42,300
shares to be issued by the company to certain holders of common stock of
The John Lees Co.; 25,000 shares are now
outstanding and issued in the
name of L.
F. Serrick, voting trustee under a voting trust
agreement
dated Nov. 17, 1936; and 6,700 shares are to be offered
by the company.
O-Neh Da Products, Inc. (File 3-3-906), Naples, New York.
Offering
80,000 shares of class A $1 par stock and 20,000 shares of class B $1 par
stock in units of four shares of class A and one share of class B at
$5 per
unit.
Dr. Emil Rausch, Academy St. & West Ave., Naples, N.
Y., is
President of the corporation.
No underwriter is named.
.
(The) Serrick Corp. (2-2735, Form A-2) of Defiance, Ohio, has filed
!,-h£&r<£9veeds to the
$5,912.50
company from the sale of 6,700 shares together with
are to be used to pay certain
promissory notes of The John Lees
Co. issued by that company to holders of its common
stock as a dividend
and assumed
along with other liabilities of The John Lees Co. upon the
transfer of its business and assets to The Serrick
Corp.
Harrison, O'Gara
& Co., of
Chicago, will underwrite the 60,000 shares of stock being regis¬
tered.
L. F. Serrick, of Defiance, is President.
Filed Dec. 16, 1936.
Jefferson
Brewing Co.
(2-2736, Form A-l) of Detroit, Mich., has
filed a registration statement
covering 1,275,000 shares ($1 par) common
capital stock to be offered at par.
The proceeds are to be used for the
constructions a plant, for
machinery and equipment, and for operating
capital.
Jefferson Brewery Sales, of
Detroit, is the underwriter. Walter I.
Owen, of Detroit, is President. Filed Dec. 17, 1936.
E™P?rium Cap well Co. (2-2738, Form A-2) of San Francisco,
"J*3 Illed a registration statement covering $2,000,000 of first mtge.
ifoQQ1? tU"
1952, $800,000 of 4% serial notes due serially from
*;.ari* 1» .1938 to Jan. 1, 1942, and 90,000 shares ($50 par) 4^4% cumula-
e'erence stock, series A, with attached
capital stock purchase warrants
of the company s
parent, The Emporium Capwell Corp.
The proceeds are
to be used to
discharge indebtedness and for working capital. The warrants
®ntitle the holder to
purchase one share of capital stock of the
parent
eac,
Slocumb
x
r?"
w
of 4Mi % preference stock held. The warrants will
7- Dean Witter & Co.; Schwabacher & Co.; Brush,
& Co.; Wm. Cavalier &
Co., and Bissinger & Co., all of San
Francisco, and Pacific Co. of California,*,
Griffith, Wagenseller & Durst,
is
named.
National Pumps Corp.
(File 3-3-907), Dayton, Ohio.
Offering 7,250
convertible preferred shares of $10 par value at $12.25 per share.
G. F.
Mattman, 3274 Beekman St., Cincinnati, Ohio, is President.
Allen & Co.,
20 Broad St., New York City, N. Y., named as underwriters.
The Commission has consented to the withdrawal of the
following registration statements
on
the request of the appli¬
cants:
^Consumers Credit Corp. (File No. 2-2699). Request filed Dec.
18,
Mansul Chemical Co.
(File No. 2-1955).
Request filed Dec. 4, 1936.
Oil Payment Purchase Corp. (File No. 2-1873).
Request filed Dec. 18,
1936.
Somoa Products Co., Inc. (File No.
2-2609).
Request filed Dec. 9,
1936.
Tri-States Natural Gas
1936.
In
Corp. (File No. 2-1780).
Request filed Dec. 14,
,
making available the above list, the Commission said:
In no case does the act of filing with the Commission
give to any security
its approval or indicate that the
Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last
in
our
previous list of registration statements
issue of Dec. 26, p. 4142.
was
given
Volume
A-B
Financial
144
Stoves, Inc.—Earnings—
the Period Aug.
Earnings for
We Invite Inquiries in
1935 to March 31, 1936
$12,835
$0.06
1,
int. & other charges..
Net income after Federal taxes, deprec.,
Adams-Millis
Corp.—50 Cent Dividend—
have
directors
declared
of 50
dividend
a
w^m & m
cents per share on the
value, payable Dec. 23 to holders of record Dec. 18.
paid on Nov. 2, last, and compares with 25 cents paid
on Aug. 1 and May 1, last; 50 cents paid each three months from May 1,
1934 to and incl. Feb. 1, 1936; 25 cents on Feb. 1, 1934; Nov. 1 and Aug. 1,
1933, and 50 cents per share paid each quarter from Nov. 1, 1928 to Feb. 1.
1933, incl.
The May 1, 1933, dividend was omitted.—V. 143, p. 4143.
common
stock,
no par
Phon* Daly 0892
A like amount was
special dividend of 23 cents per share in
addition to the regular quarterly dividend of 10 cents per share on the
common stock, both payable Dec. 21 to holders of record Dec. 15.
A special dividend of 5 cents in addition to the regular 10 cent quarterly
dividend was paid on Oct. 20, last.
Of the total current distribution, 5 cents was paid out of realized profits
and the remaining 28 cents was derived from income received from dividends
on stocks held in portfolio.—V, 143, p. 2196.
The directors have declared
Affiliated
Fund,
a
directors
have
Inc.—To Pay lL-Cent Dividend—
declared
dividend of 15
a
stock, par $.25, payable Jan. 15 to
Akron Canton & Youngstown
1936
November—
Ry.-
-Earnings-
.
Net from railway
Net after rents
$177,838
55,603
32,322
$128,219
35,160
15,632
$112,178
1,807.027
586,621
341,926
1,572,199
519,687
250,227
1,468,826
528,890
294,932
30,230
21,227
From Jan. 1—
Gross from railway
Net from railway
771,072
436,081
Net after rents
share
was
Name from
Alabama Great Southern RR.—Earnings—
1936
1935
1934
1933
$587,729
$469,406
$407,375
$368,467
191,951
111,256
100,988
39,956
56,079
25,766
74,182
37,210
5,986,025
1,571,237
4,829,397
729,397
4,507,254
871,443
the
353,233
566,029
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
970,080
528,920
143, p. 3616.
Alaska-Juneau Gold Mining
name
value, listed and outstanding, bearing the name American Chain Co.,
and 165,000 shares of such common stock upon official notice of
upon conversion of the shares of 5%
cumulative convertible
preferred stock, making the total amounts applied for 110,000 shares of 5%
cumulative convertible preferred stock; and 415,221 shares of common
Inc.;
stock.
American Discount Co.
have declared
a
dividend of 40 cents per common share out¬
have declared
directors
an
extra dividend
a regular quarterly dividend of 25 cents per share on the capital
$10, both payable Dec. 30 to holders of record Dec. 21.
A
similar extra dividend was paid on Sept. 30, June 30 and March 30, last,
and on Dec. 30, 1935.
The company paid extra dividends of 10 cents per
share on Jan. 2, 1935 and in each of the four quarters prior to this latter
date.—V. 143, p. 1862.
Inc.—50 Cent Dividend—
Allied Mills,
American-Hawaiian Steamship Co. (&
common
the
15 to holders of record Jan. 2.
A dividend
Aug. 20, last, and compares with 25 cents paid on
stock, payable Jan.
of 50 cents was paid on
Dec. 28, 1935, and on July 31,
made since July 1, 1930, when
1935, this latter being the first distribution
15 cents per share was paid.
stated its dividend policy has not as yet been affected by
the undistributed profits tax as present fiscal year ends June 30, 1937.
—V. 143, p. 2663.
The company
Allied
Owners,Corp.—Interest Warrants—
Dec. 29, of a sum equivalent
represented by interest warrants issued in respect
31, 1934, on the corporation's first mortgage real estate
6% sinking fund gold bonds.
Checks in payment of such distribution were mailed to registered holders
of such warrants at the close of business on Dec. 29, 1936.
The directors also authorized the payment in full on Dec. 29, 1936 of
interest warrants, issued in respect of interest to Dec. 31, 1934, on the
corporation's serial
6%
debentures.
Registered holders thereof may obtain such payment by surrendering
such warrant accompanied by an ownership certificate properly filled ou^
to Halsey Stuart & Co., Inc., paying agent, 35 Wall Street., N. Y. City,
or at its office at
201 South Da Salle St., Chicago, 111.
Payments to other than registered holders will not be made unless there
is presented with the warrant a proper assignment executed by the regis¬
tered holder with the signature guaranteed by a member of the New York
Stock Exchange or by a bank or trust company having a correspondent in
New York or Chicago and by proper Federal transfer tax stamps. —V. 142,
p. 3661.
of interest to Dec.
Allied Stores
The directors
on
common
above
are
Corp.—Initial Common Dividend—
Earnings—
1933
1934
1936
1935
$1,434,830
481,543
231,076
Gross from railway
$1,198,729
253,539
28,521
$948,590
158,814
def68,900
$1,073,969
335,395
82,812
14,807,860
3,351,158
492,377
12,682,239
1,909,137
def609,436
12,105,304
2,613,493
211.535
12,366,113
3,848,908
1,501,148
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
143, p. 3616.
$1,379,202
643,276
$410,952
628,599
def222,055
def41,350
$52,609
$735,926
def2l7,647
$50,680
Net
profit
def263,405
before
$52,609
the new
quarterly dividend of 75 cents per
6% convertible preferred stock, par $50, payable Jan. 1
to holders of record Dec.
23.—V. 143,
p.
I.
American
G.
American Airlines,
A.
Rheinstrom
Inc.—New Vice-President—
has
been
elected
Vice-President and
General
duties on Jan. 1.—V. 143, p. 3457.
American Box Board
Co.-—Listing—
The New York Curb Exchange has approved the
listing of 125,363 out¬
standing shares of common stock, $1 par, and will add to the list, upon
official notice ofissuance, 7,000 additional shares of common stock, $1 par.—
V. 143, p. 3989.
American Chain Co.,
Inc.—Name Changed—
a special meeting held on Dec. 28 stockholders approved change in
company's name to American Chain & Cable Co., Inc.
At
Chemical
Corp.—Extra
Dividends
on
21 declared an extra dividend of 50 cents per
share in
dividend of $2 per share on the no par common A
They also declared an extra dividend of 5 cents per share in addi¬
tion to a regular dividend of 20 cents on the $1 par class B common shares.
The above dividends, which were declared for the fiscal year ended
addition to a regular
shares.
March 31, 1937, are payable Dec. 29 to holders of
Previous disbursements on the A stock were as
record Dec. 28.
follows: extra of $1 and
regular of $1 paid on May 6, 1936; $1 per share paid on Dec. 26, 1935;
special dividend of 50 cents in addition to annual dividend of $2 per share
paid m April, 1935, and an initial dividend of $2 per share paid on Nov. 8,
Previous disbursements on the
B stock were as follows:
extra of 10 cents
paid on
of 10 cents paid on May 6, 1936; 10 cents per share
Dec. 26, 1935; special dividend of 5 cents in addition to annual
20 cents per share paid in April, 1935, and an initial dividend of 20
and regular
dividend of
paid on Nov. 8, 1934.—V. 142, p.
American Power &
Period End. Nov. SO—
Light Co. (& Subs.)—Earnings—
1936—12 Mos.—1935
1936—3 Mos.—1935
$21,103,315 $90,048,643 $82,074,928
10,839,430 46,321,322 42,037,126
oper.-$l 1,340,903 $10,263,885 $43,727,321
Net revs, from
$40,037,802
198,331
350,251
66,130
Other income (net)
Gross corp.
84,826
income..-$11,407,033 $10,348,711 $43,925,652 $40,388,053
Interest to public
& other
3,986,848
Cr50,196
deductions
Int. charged to
reserve
constr'n.
1,998,477
appropriations
Crl,668
15,938,410
Cr56,039
16,392,915
Cr588
1,596,402
6,963,489
5,976,309
4,053,072
Pref. divs. to public..
$5,471,904
1,792,715
int.
22,018
$4,700,905 $21,079,792 $18,019,417
1,792,586
7,170,777
7,168,993
25,346
81,596
85,860
$3,657,171
$2,882,973 $13,827,419 $10,764,564
Balance
a
cents
3836.
Operating re venues
$23,349,765
Oper.exps., incl. taxes.. 12,008,862
Portion appl. to min.
Net equity of A. P. &
Lt. Co. in income of
subsidiaries
Am. Pow. & Light Co.—
Net equity of A. P. & Lt.
Co. in income of subs.
(as shown above)
Other income
Expenses, incl. taxes—
Int. & other deductions-
$3,657,171
8,501
$3,665,672
110,817
728,244
$2,882,973 $13,827,419 $10,764,564
5,109
22,792
30,878
$2,888,082 $13,850,211 $10,795,442
48,925
446,302
264,382
732,716
2,908,179
3,025,171
Balance carried to con¬
solidated earned sur.
2664.
Sales Manager of this company, according to an announcement made on
Dec. 16 by 0. R. Smith, President. Mr. Rheinstrom will assume his official
„
A and B Shares—
a
Charles
_
$719,170 def$156,966
3457.
Preferred Stock—
The directors have declared an initial
on
defl6,756
37,137
Fed.
income tax
Total income
Amalgamated Leather Cos., Inc.—Initial Dividend on
the
$109,182
56,573
Prop, retire. & depletion
stock, both payable Jan. 20 to holders of record Jan. 9,
The
the initial distributions on the common stock.—V. 143, p. 3989.
Alton RR.
New
def$156,910
65,145
Total profit
Prov. for deprec
Dec. 18 declared a cash dividend of 20 cents per share
1-100 share of 5% preferred stock, par $100, on the
November—
share
$1,315,104
64,098
stock dividend of
a
—V.
$1,105,451
3,731
$373,815
14,122
defl71,032
profit from oper_.
Other income
—V. 143, p.
Subs.)—Earns.
1936—11 Mos.—1935
$1,195,159 $13,245,137 $11,121,363
1,089,708 11,930,033 10,747,548
$293,400
464,433
Operating earnings
Operating expenses
The directors authorized the distribution on
to one-third of the interest
and
1936—Month—1935
Period End. Nov. 30—
104*£
Management
for redemption on Feb. 1, 1937, at
the outstanding 5% debentures, series A, of Reliance
Corp., assumed by American General.—V. 143, p. 3989.
The directors on Dec.
Dec. 14 declared a dividend of 50 cents per share on
on
Corp.—Reliance Bonds Called—
American General
Non-recurring items
of 5 cents per share in
par
The directors
no par
The directors on Dec. 30 called
addition to
stock,
stock,
Balance
Co.-—Extra Dividend—
Allemannia Fire Insurance
The
18. This is the first
May 31, 1930, when
have declared
directors
and int.,
Net
Since 1930
(Ga.)—Larger Dividend—
a dividend of 45 cents per share on the
value, payable Jan. 2 to holders of record Dec. 20.
A dividend of 30 cents was paid on Oct. 1, last; 25 cents on July 1, last;
20 cents paid in each of the three preceding quarters; 15 cents each three
months from July 1, 1934 to July 1, 1935, inclusive; 10 cents on April 1,
1934 and 7M cents per share paid each three months previously.—V. 143,
p. 1862.
r
p.3831.
Trustees
issuance
issuance
Co.—15-Cent Extra Div.—
dividend of 15 cents per share, in
quarterly dividend of like amount, on the common
stock, par $10, both payable Feb. 1 to holders of record Jan. 9.
Similar
distributions were made in each of the 13 preceding quarters.—V. 143,
standing, payable Dec. 24 to holders of record Dec.
dividend that has been paid on these shares since
50 cents was paid.—V. 143, p. 3135.
Stock Exchange has authorized the listing of 110,000
cumulative convertible preferred stock (par $100) each bearing
American Chain & Cable Co., Inc., on official notice of
shares of 5% cumulative convertible
preferred stock of like par value, listed and outstanding bearing the name
American Chain Co., Inc.; and 250,221 shares of its common stock (.no
par) each bearing the name American Chain & Cable Co., Inc., on official
notice of issuance in substitution for an equal number of shares of like
The directors have declared an extra
addition to the usual
Aldred Investment Trust—Declares First Div.
American Chain Co., Inc.—
in substitution for an equal number of
4,126,521
868,028
.
„
Co., Inc.—Listing—Change of
New York
The
common
November—
3989.
paid.—V. 143, p.
American Chain & Cable
The
—V. 143, p. 3616.
Gross from railway
Net from railway
the common
par
1933
1934
1935
$189,577
71,749
40.246
2,054,359
Gross from railway
Pays S3 Dividend—
stock, payable Dec. 24 to holders of record Dec. 22.
A dividend of $1
was paid on Oct. 30, last, this latter being the first distribution made on
the common stock since April 20, 1931, when a dividend of 50 cents per
shares of 5%
cents per share on the
holders of record Dec. 31. An
extra dividend of 30 cents per share was paid on Dec. 23, last.
See V. 143,
p. 1861 for detailed dividend record.—V. 143, p. 3989.
The
common
MILWAUKEE, WIS.
Teletype Milw. 488
The directors have declared a dividend of $3 per share on
Inc.—Special Dividend—
Administered Fund Second,
Wisconsin Issues
Milwaukee and
Earnings per share on 200,000 capital shares
—V.
142, p. 3153.
The
95
Chronicle
$2,826,611
Full dividend requirements
$2,106,441 $10,495,730
$7,505,889
applicable to respective periods, whether
earned or unearned.
Notation—All intercompany transactions have
been eliminated from the
Interest and preferred dividend deductions of subsidi¬
full requirements for the respective periods (whether paid
or not paid)
on securities held by the public. The "portion applicable to
minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stock of subsidi¬
aries.
The "net equity of American Power & Light Co. in income of
subsidiaries" includes interest and preferred dividends paid or earned on
securities held, plus the proportion of earnings which accrued to common
stocks held by American Power & Light Co., less losses where income
accounts of individual subsidiaries have resulted in deficits for the respective
periods.
•
No provision has been made in the above statements for surtax on "un¬
distributed net income" under the Revenue Act of 1936.—V. 143, p. 3617.
above statement.
aries represent
96
Financial Chronicle
American Screw Co.—Extra Dividend—
Directors have declared regular quarterly dividend of 20 cents a share
an extra dividend of $1
per share both payable Dec. 21 to stock of
R. H. Cabell, President, says in part:
and
record Dec. 10.
This brings total payments during
—V. 135, p. 1656.
The company's fiscal year ended Oct.
are now submitted.
1936 to $2 per share.
Month of—
April
May
a
June
b July
August
c September
d October
e November
American Stove Co.—Extra Dividend—
The directors have declared
an extra dividend of
$3 per share on the
stock, payable Dec. 26 to holders of record Dec. 9.
An extra of
50 cents in addition to the regular semi-ann. dividend of $1.50 per share
common
paid
on
Oct. 1, last.—V. 143, p. 2038.
Telephone & Telegraph Co.—Debs. Called—
The directors on Dec. 16 authorized the advance
payment beginning
Dec. 18, of the company's 5% debentures of 1965, which are
being called
for redemption on Feb. 1, 1937.
LjUpon surrender of the debentures on or after Dec. 18, at the office of the
Treasurer, holders will be entitled to receive payment of the principal
amount with interest to Feb.
1, 1937, and premium of 10%.
Listing—
The New York Stock Exchange has authorized the
listing of $175,000,000 25-year 3M% debentures, dated Oct. 1. 1936, and due Oct. 1,1961,
which are now outstanding and in the hands of the public,
including $25,000,000 sold to the trustee of Pension Funds established by this company
and by certain of its subsidiaries; and $160,000,000
30-year 334% de¬
bentures, dated Dec. 1, 1936, and due Dec. 1, 1966, upon official notice of
issuance and distribution, including $20,000,000 to be sold on or before
Feb. 1, 1937 to the trustee of pension funds.—V. 143, p. 3990.
American Toll Bridge
It will be noted that during the year funded debt maturing in 1939 has
been
reduced in the principal amount of $10,345,000.
During the current
month, Armour & Oo. of Del. sold $20,000,000 of bonds maturing in 1957.
The major part of the proceeds from the saie of these bonds will be used to
Co.—Pays Initial Dividend—
retire the remaining outstanding bonds of Morris & Co. held
by the public,
which have been called for redemption on Jan. 1, 1937 and to purchase
The company paid an initial dividend of 8 cents per share on its common
on Dec. 9 to holders of record of same date.—V.
143, p. 1863.
stock
American
Water
Works
&
Electric
Co.,
certain properties from Armour & Co.
kwh., an increase of 11.7% over the output of 39,207,000 kwh. for the
corresponding period of 1936.
table of weekly output of electric energy for the last five
years follows:
^Comparative
Week Ended—
1936
1935
1934
1933
1932
Dec.
5
47,357,000 44,253,000 35,363.000 32,793,000 29,113,000
Dec. 12
49,479,000 44,254,000 33,799,000 33,240.000 29,542,000
Dec. 19
50,201,000 45,349,000 38,198,000 33,687,000 28,894,000
Dec. 26----
43,821,000 39,207,000 32,741,000 28,997,000 25,179,000
—Y. 143, p. 4143.
Amoskeag Manufacturing Co.—Dividend Ordered Paid
Referee in
Bankruptcy Arthur Black issued an\order providing thac all
stockholders of the
company are to receive the $2 liquidating dividend
except two stockholders named In objections filed on behalf of Thomas B.
Donnelly of Manchester, N. H.,
a
stockholder.
Mr. Black in his order says that the trustees in liquidation shall
pay over
Amoskeag Manufacturing Oo. $629,428 and that the\company in turn
shall disoribute a $2 dividend to its shareholders
except Dumaine's, a trust,
and Consolidated Investment Trust.
<
\
to
As to the $45,880 representing the $2 dividend on
22,940 shares held by
Consolidated Investment Trust, Mr. Black says that payment-shall not
be made until the Investment Trust files a stipulation
satisfactoryTfftorl
to the Referee, consenting that the
controversy as to whether the trust's
holdings are entitled to participate in the dividend shall remain subject to
the jurisdiction of the Federal District Court of
Boston, and agreeing to
repay the trustees any amounts paid by Amoskeag
Manufacturing Co.
which it is finally determined should not have been paid.
A similar condition is made applicable to the
$56,646 representing $2
dividend on 28,323 shares held by Dumaine's, a trust.—V.
143, p. 4143.
Ann Arbor RR.—Interest—
The interest due Jan. 1, 1937, on the first
mortgage gold 4% bonds, due
was paid on that date.—V. 143, p. 4144.
1995,
Co.,
Inc.—Dividends
Resumed—
The company paid a dividend of 38 cents per share on its common
stock,
par $5, on Dec. 21 to holders of record Dec. 16.
A dividend of 70 cents
was paid on Dec. 10, 1935 and one of 25 cents
per share was distributed on
July 25, 1935 —V. 106,
p.
603.
Arkansas Power &
revenues
exps.
rev.
& taxes-
from oper
leased prop
98.35 % of the capital stock.
In the near future the leather corporation will
be dissolved.
Since Oct. 31, 1936 Armour & Co. of Del. has liquidated
North American Provision Co., a wholly-owned
subsidiary.
It has also
liquidated certain other wholly-owned subsidiaries.
This has been done in
the interest of economy and to simplify the
corporate structure.
During the year the company paid the regular dividends on the 7%
guaranteed preferred stock of Armour & Co. of Del. and on the $6 prior
preferred stock of Armour & Co. (111.). Dividends aggregating $6 per share
were also paid on the 7% cumulative
preferred stock of Armour & Co. (111.)
still outstanding.
On Dec. 18 after the results of the fiscal year were de¬
termined and audited, the board of directors ordered
payment of all the
accumulated dividends up to Jan. 1, 1937 on this 7% stock and the with¬
drawal of the right to exchange the 7% preferred stock for
$6 prior preferred
and
stock of the company.
common
This action of the board makes possible the
payment of dividends on the
the judgment of the board of directors the earnings
ana the financial position of the
company would justify such dividend pay¬
i
common stock when in
ments after
dends
on
providing,
the
as
Light Co.—Earnings—
-52
$7,925,386
4,489,691
$7,238,926
3,795,951
$322,119
$3,435,695
$3,442,975
$307,801
1936 —12 Mos.—1935
(net)
Gross corp. income—
Interest & other deduc--
Prop. retire,
z
Divs.
to
or
Artloom
3,746,890
3,402,354
3,751,055
3,299,672
3,824,698
793,391
3,857,637
Balance, surplus
3,035,248
2,297,951
5,942,530
4,264,004
54,970
29,171
35,777
728,020
49,005,268
49,654,148
Profit arising on purch.
and retire, of co.'sbds.
for
not
losses
and
applic. to
year's oper. (net)
Previous surplus
Adjust, relative to recap,
plan adopted July 6
1934 (net)
Credit arising from adj.
$315,756
156,306
$3,570,945
of prior year's prov. for
Federal income taxes.
Credits arising from pur¬
1,885,879
$3,489,480
1,884,221
y$159,450
$1,685,066
599,400
$1,605,259
600,600
pref.
dCr2,359,737
24,586.081
17,234,320
©18,665,280
,
173,128
500,000
321,327
378,958
f345,485
b3,276,484
Credit arising from ad¬
just. of pur. of subs.
Surplus charges
------
$136,401
$55,394
Corp.—Rug Prices Increased—
J. Stuart Allen, director of sales, announced Dec. 30 a
price increase of
approximately 10% on all rug lines, effective Jan. 4, 1937.
All present
orders will be shipped subject to the mill's
ability to deliver up to and
^including Dec. 31, 1936; balance of unfilled orders as of that date will be
subject to cancellation or reinstatement at the new price basis, the announce¬
ment said.—V.143, p. 3832.
Corp.—Vice-President—
Joseph E. Pridday, for the last five years President of Lord &
Taylor, will
leave that post next month to become
Vice-President and member of the
executive committee of Associated
Dry Goods Corp., the parent organiza¬
tion of which Lord & Taylor is a
unit, it was announced Dec. 29 by Oswald
K. Knauth, President of Associated.
Mr. Pridday has been a director of
the Associated for seven years.
I
The duties of President of Lord &
m
Taylor will be taken
Hoving, in addition to his present duties
V. 143, p. 2825.
as
324,480
21,523
949.265
cumulative.—V. 143, p. 3832.
Associated Dry Goods
chase & redemption of
co.'s pref. stock
to book value
949,265
'33
(Del.)
$338,162
157,671
Before
are
28
$
Credits arising from adj.
unpaid
these stocks
Weeks-
Oct.
preferred dividends
Parent co. pref. divs
16,192
property retirement reserve appropriations and dividends,
z Dividends
accumulated and unpaid to Nov. 30,
1936, amounted to
$1,344,792. Latest dividends, amounting to $1.75 a share on $7 pref. stock
and $1.60 a share on $6 pref. stock, were paid on Oct.
1, 1936. Dividends
on
-52
'34
-
30,313
Balance
y
53 Weeks
'35 Oct. 27
$
8.121,641
125,650
9,600
stks. for per., whether
paid
$
10,560,619
Co.
6,590
1,365
res. approp.
applic.
2
9,348,678
&
y$180,491
income
'36 Nov.
10,184,492
Armour
15,406
637
(net)
_
Other
31
$
748,935,218 683,000,000 564,000,000 452,000,000
Income
23,531,342
22,421,702
24,615,651
20,376,363
Deprec. (bldgs., mach'y,
equipment and cars)—
5,632,617
5.378,717
6.362,840
6,883,671
Interest charges
4,380,753
5,209,660
5,024.192
5,371,051
Contributions to pens.fd.
600,000
600,000
600,000
Prov. for Fed.inc. taxes.
2,733,480
1,884,647
2,068,000
of invest, in subs
'
Weeks
Oct.
Perioa Ended—
Net sales (approx.)
reserve
1936—Month—1935
$747,367
$635,180
425,248
327,379
required in the charter, for the payment of divi¬
preferred stocks.
Consolidated Income and Surplus Statement
Including Armour & Co. of Illinois, Armour & Co. of Delaware. North
American Provision Co. and their
subsidiaries]
Charge
[Electric Power & Light Corp. Subsidiary]
Period End. Nov. 30—
from
will retire an
Last month Armour & Co. of Del. acquired the
properties and assets of
J. K. Mosser Leather Corp., of which
company Armour & Co. of Del. owns
Net profit
Argonaut Consolidated Mining
Net
company
813,000.
Output—
Rent
(111.), which
additional $10,000,000 of its bonds with the proceeds from the sale of this
property.
This will reduce the company's 1939 bond maturities to $17
Inc.—Power
Output of electric energy of the electric properties of American Water
Works & Electric Oo. for the week ended Dec. 26, 1936 totaled
43,821,000
Operating
Operating
ended Oct. 31, 1936,
charges.
Sales In dollars showed an increase of 9.7% and tonnage showed
an increase of
10.8% respectively over the previous year.
Of the $10,184,492 profit shown in the consolidated income statement,
$7,458,331 was earned by Armour & Oo. of Del. and its subsidiary com¬
panies, which, in addition to their domestic packing business, include South
American, fertilizer and leather operations.
In connection with the foregoing statement of results It should be noted
that on Jan. 6, 1936, the Supreme Court held that the processing tax was
unconstitutional and, one week later, further held that collection of unpaid
processing taxes should be enjoined. Following these decisions, the amount
of the unpaid
processing taxes for the two months from the beginning of
the fiscal year to Jan.
6, 1936, less certain charges relative thereto, being a
net amount of $4,583,341, was credited back to the profit and loss account.
The amount of the unpaid processing taxes for the fiscal year 1935, less
certain charges relative thereto, was carried forward in suspense on the
balance sheet pending final determination as to its
disposition.
During the fiscal year ended Oct. 31, 1936, the company made a final
adjustment of its consolidated income tax liability for the calendar year
1925 the 10 months period ended Oct. 31, 1926, and the fiscal years 1927
to 1932, inclusive.
The amount |of such additional income taxes, accrued
interest thereon and ^expenses incidental thereto was charged partially to
reserve for Federal income taxes.'and partially to reserve for contingencies.
k^The Federal income tax returns for the years 1933 and 1934 are now
being audited by the Bureau of Internal Revenue and it is considered that
any additional assessments that might develop from a review of the returns
for these years or for the year 1935 are adequately
provided for in the
reserves for Federal income taxes and for
contingencies as shown in the
balance sheet of the company.
The reserve provided for the year 1936
through charge to profit and loss is considered adequate for that year.
The net working capital of the company declined
$941,083 during the
year, from $113,232,302 to $112,291,219.
This decline resulted principally
from expenditures incurred in reducing funded debt in the
principal amount
of $10,843,500 and preferred stock in the par amount of
$648,700.
These
reductions were largely offset by the transfer of the accrual for U. S. Pro¬
cessing taxes from current liabilities to reserves, and by the earnings carried
to surplus.
c Five weeks ended
May 2.
b Four and two-thirds weeks ended Aug. 1.
Five weeks ended Oct. 3.
d Four weeks ended Oct. 31.
e Four weeks
ended Nov. 28.—V. 143, p. 3304.
American
year
handled a volume of sales amounting to $748,935,218 and had a net profit,
from all1 sources, of $10,184,492 after depreciation, interest, taxes and other
a
was
The results have been
.
Company and its subsidiaries for the fiscal
1936
1935
1934
1933
$10,193,697 $10,630,723 $10,602,865 $10,157,087
9,078,407
9,418,804
9 074,434
8,425,292
8,860,420
9,048,869
9,234,926
8,446,763
11,207,484
11,595,220
9,010.725
8,349,021
8,411,377
9,010,563
11,231.864
10,363,100
9,263,157
9,072,179
8,843.731
8,615,951
9,894,879
10,357,987
10,294,961
10,223,120
8,045,799
8,022,422
8,253,842
7,856,348
10,449.596
10,548,537
8,354.964
8,299,376
8,394,846
8,696,511
10,735,860
10,683,643
8,728.841
8,899.733
8,744,032
8,579,652
March
31, 1936.
audited and
American Stores Co.—Sales—
January
February
Jan. 2, 1937
Armour & Co. (111.)—Financial Report—
over
by Walter
Chairman of the Board.—
Total surplus
c52,744,455 c49,005,268 c49,554,148
Common shares (par $5)
4,065,940
4,065,418
4,059,632
per share
$0.74
$0.57
$0.81
a Class A stock
(par $25).
Earnings
24,586,081
a2,000,000
$0.14
b Consists of
debits relative to redemption of Armour &
Co. (Del) 1st
mtge. 20-yr. 5H% guar, gold bonds, series A premium
(5%), $2,110,695
unamortized discount, $1,165,789.
c
Surplus consists of $35,424,470 ($35,277,211 in 1935) capital and
paid
in ($5,663,093 in 1935); appropriated
earned, and $11,283,411 ($8,064,963
in 1935) $6,036,574 unappropriated earned.
d After deducting in 1932 and adding in
1933, credits
arising from pur¬
chase and retirement of companies' preferred stock.
e Arrived at as follows: Credit
arising from exchange of 2,000,000 shares
class A and 2,000,000 shares class B common stock of an
aggregate par value
of $100,000,000 for 3,000,000 shares common stock of
an aggregate par
value of $15,000,000, $85,000,000; reserve provided for
par value of 1,144,626 shares of common stock issued or to be issued to holders
of Illinois Co.
7% pref. stock upon exchange for $6 prior preferred stock and common
stock, $5,723,130; reduction in book value of properties in respect of write
off of appreciation, excess cost, loss of
utility values, &c., $54,241,590:
portion of unamortized discount and other deferred charges written
off,
$2,370,000; total, $22,665,279; less transfer to reserve for contingencies.
$4,000,000; net as above, $18,665,280.
f Consists of debits arising from redemption of
Armour & Co. (111.)
real estate 1st mtge. 4H% bonds: Premium of
2>^% paid on redemption
$250,000 and unamortized discount at date of redemption,
$95,485.
Volume
Financial
144
Condensed Balance Sheet (Illinois
Company)
American Provision Co., and their subsidiaries]
Oct.
31
2
'36 Nov.
31
Oct.
'35
Liabilities—
$
$
Land, buildings,
machinery and
'3
2
'36 Nov.
$
Delaware Co. 57,079,900
fixture equip. 136,945,712 136,259,177 d 6% conv prior
stock (111.Co.) 53,297,000
Refrigerat'r cars,
dellv. equip.,
7% pref. stock,
'
Illinois Co...
tools, &c
12,526,482
12,922,260
3,873,300
Cash
12,263,164
14,437,077 New common—
Notes & accts.. 37.054,034
(par $5)
39,109,941
20.329,700
Interco.accts.rec
718,985
364,177 cNewcom.(re8.)
387,330
a Inventories—103,404,269
92,457,081 Notes payable.. 19,044,063
Accp'ts payable.
4,412,454
Invest., stocks,
bonds & adv. 15,073,590
7,660,047
16,140,715 Accts. payable.
Deferred charges
4,314,918
4,051,238 Processing taxes
Goodwill
payable
1,130,686
1,396,075
8,149,177
Associated
Gas
Electric
&
Co.—Hearing
initial
Set for Dis¬
of Associated Gas Case—Parties Reach Accord Subject to
Court*s Approval—Accountants' Report Indicates Cushion of
Earning Power over Fixed Charges—New Board Functions
Harmoniously—
missal
$
pref. stock,
7%
Marchf25Tlast, and on Dec. 20. 1935, this latter being the
dividend on the stock.—-V. 143, p. 3619.
and
(Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
Assets—
97
Chronicle
57,728,600
53,270,900
.
3,899,400
20,327,090
389,940
8,415,943
4,231,487
7,972,544
2,034,339
Acer. Int.,wages,
local
State
&
5,429,426
4,970,:
associates and advisors.
4,104,742
taxes
5,030,771
forded to the newly designated directors and officer by their fellow directors
and officers and the willingness evinced by all representing the debtor to
"The
Res. for Fed. In¬
come
The parties to the proceedings pending in the Federal Court for a re¬
organization of Associated Gas & Electric Co. under Section 77-B reported
Dec. 30 to Julian W. Mack that Peat, Marwick, Mitchell & Co., the
certified public accountants designated in the stipulation of Oct. 26, i936,
had rendered their final report; and that the independent directors and
officer were already functioning in relation to that stipulation.
Following the receipt of the accountants' report, Jack Lewis Kraus II,
counsel for the petitioning creditors delivered to Charles M. Travis, of
Travis, Brownback & Paxson, counsel for the company a letter which
stated, in part, as follows:
"This final report has been carefully studied by the undersigned and his
taxes...
Armour & Co. of
undersigned has further been pleased to note the cooperation af¬
out with the participation of such independent directors
Del. 1st mtge.
carry
20-yr.4% bond
series B, due
Aug. 1, 1936
under
sinking
fund provision
498,500
480.000
83,224,500
94,068,000
2,500,000
4,000,000
697,246
52,744,455
Funded debt
1.312,570
49,005.268
Res. for conting.
Mln. stkholders.
equity In sub.
companies
Surplus....
t.323,431,840 317,137,7401
Total
323,431,840 317,137,740
Total
Packing house products, at market values, less allowance for selling
expenses; other products and supplies at cost or market, whichever Is lower,
b After depreciation reserve of $42,572,422 in 1936 (as adjusted to new
property values) and $39,675,137 in 1935.
c Common stock reserved for
issuance to holders of Illinois 7 % pref. stock upon exchange for $6 prior
preferred stock and common stock,
d Represented by 532,970 no par
shares in 1936 and 532,709 in 1935.
a
Consolidated
Statement
Income
(Armour & Co, of Delaware, and incl. North American Provision Co. and
their
subsidiaries]
Weeks
-52
'
Period Ended—
31
Oct.
53
Weeks
'36 Nov.
Weeks-
52
*35 Oct.
2
27
'34
Result before deprec., interest charges
contributions to pension fund and
$15,828,355 $15,880,577 $17,041,237
3,384,516
3,158,279
3,854,395
2,469,460
3,101,926
3,075,007
prov. for Federal income taxes
Provision for depreciation
Interest charges
296,882
2,219,166
Contributions to pension fund
Provision for Federal income taxes—
280,934
1,574,076
arising from adjust, of purch.
!
of subs, stock to book valuation
Debits relative to redemption of 1st
mtge of 20 year 5 H % gold bonds
series A, due Jan I, 1934:
208,000
1,668,000
Credit
21,523
-
2,110,695
1,165,789
Premium of 5%
Unamortized discount.
$7,458,331
Net result
$4,510,401
$8,235,835
54,970
51,451,831
29,171
50,409,709
36,211
80,063,760
and
Credit arising from the purchase
retirement of company's bonds
Surplus at beginning of year
Credit arising from adjust, of invest.
in subsidiaries
and officer
the agreements embodied in the said stipulation.
"As counsel for the petitioning creditors, following
fits
from
/Voluntary disposition of these proceedings than from their
a
further prosecution.
"Your acceptance of this letter as in conformity with
of Oct. 26, 1936, will constitute the agreement of the
the said stipulation
parties to said pro¬
ceedings to consent to dismiss the same, pursuant to the terms of said
stipulation.
"It is, of course, understood that the actual discontinuance or dismissal
of these proceedings, as in said stipulation provided, will be subject to the
approval of the Court."
After a conference In the Judge's Chambers attended by representatives
of the company, of the petitioning creditors, and of the general protective
committee for the security holders of the Associated Gas & Electric Co.
and its subsidiaries, the report of the accountants and the letter referred
to of counsel for the petitioning creditors were presented to Judge Mack,
who, thereupon, entered an order setting a hearing for Jan. 8, 1937, at
10:30 o'clock a. m., to determine whether the stipulation of the parties
should be approved and whether the reorganization proceedings should
be dismissed.
The Judge ordered publication of a notice of this hearing which notice
provides that copies of the report of the accountants are available to
interested parties.
The report of Peat, Marwick, Mitchell & Co., is dated Dec. 30, 1936, and
shows net earnings and income of Associated Gas & Electric Co. and of its
subsidiaries, including certain investments on a consolidated earning power
annual charge basis for the 12-months ended Sept. 30, 1936, computed as
defined in the stipulation amounting to $6,524,889 in excess of the annual
fixed interest charges on the fixed-interest bearing debentures of the com¬
well as its interest bearing scrip.
The report of the accountants
a full reconciliation of these figures, so computed, with the figures
published reports of the company. The effect of the report
is substantially to corroborate the accuracy of the company's Sept. 30,
1936 figures.
,
The above figure is substantially greater than the company s published
figure for Sept. 30, 1936, due to the fact that the basis adopted in the
pany as
contains
173,128
Credit arising from purchase and re¬
tirement of company's pref. stock.
the rendition of the
final report of the independent Certified Public Accountants so provided
by said stipulation, the undersigned has therefore arrived at the con¬
clusion, concurred in by his associates and advisors, that, on a basis intended
reasonably to reflect the future minimum earnings of the debtor's system,
computed upon the results of current operations for the 12 months ended
Sept. 30, 1936, it appears that the debtor, upon said consolidated basis,
will be able to earn its consolidated fixed charges by a substantial margin
providing a cushion of safety without obtaining a reduction in principal or
interest or an extension of time for the payment thereof, and further, they
feel reasonably satisfied that the agreements embodied in the said stipulation
of Oct. 26, 1936, can be carried out with the participation of independent
directors and an independent officer.
The undersigned has accordingly
arrived at the conclusion that it will be in the best interests of the debtor
and its security holders that the proceedings instituted by the petitioning
creditors should be discontinued or dismissed, pursuant to the terms of said
stipulation. It is believed that the security holders will derive greater bene¬
...
321,327
set forth in the
324,480
328,735
,
i
$59,459,587 $55,278,017 $88,660,287
Dividends paid: 7% preferred stock—
3,822,021
3,826,186
3,899,830
Common stock
2,000,000
2,000,000
Reduction in book value of properties
in respect of loss of utility valuation
....
25,980,748
Portion of unamortized discount and
other deferred charges written-off.
—...
......
2,370,000
Transfer to reserve for contingencies.
4,000,000
Total
stipulation was
one
intended reasonably to reflect the future minimum
earnings of the company's system,
operations.
computed upon the results of current
Weekly Output—
Net electric output of
Associated Gas & Electric System for the week
84,212,339 units (kwh).
ended Dec. 25, amounted to
$53,637,566 $51,451,831 $50,409,709
Surplus at end of year
x
x Comprising: Capital and paid-in surplus, $43,198,418 in
1936; $42,716,713 in 193
and $42,366,4 5 in 1934; appropriated earned surplus,
$5,558,599 in 1936; $5,231,226 in 1935 and $4,911,261 in 1934; unappro¬
priated earned surplus, $4,880,548 in 1936, $3,503,891 in 1935 and $31,131,992 in 1934.
Consolidated Balance Sheet (Delaware Company)
Oct.
31
'36
Nov.
2
Liabilities—
$
$
Assets—
Oct.
7%
Land, buildings,
equipment—
stock
pref.
57,079,900
10,000,000
57,728,600
Del. Co. bonds..
47,021,500
Mor. & Co. 4^s
2,843,156
&
'35
$
$
Delaware Co.
99,517,039
Cash
Notes
2
*36 Nov.
Common stock
8,390,000
2,500,000
394,063
47,520,000
8,735,000
machinery and
'
31
99,086,214
4,617,779
accts.
y
Res for conting.
Interco.accts.reo
419,515
21,674,651
146,427
Notes payable
xInventories...
52,742,546
49,410,435
13,787,022
3,149,593
10,000,000
4,000,000
378,943
Processing tax
13,365,692
Deferred charges.
3,250,633
Goodwill
1,130,686
Acer.int .wages,
local & State
19,419,473
receivable
.
bonds & adv.
1,396,075
629,391
2,358,190
taxes
2,192,457
come taxes
Interco.
accts.
3,344,750
3,225,713
270,624
4,161,229
4,713,292
payable
Co.
29,162
472,722
752,202
498,500
697,246
53,637,566
1,312,570
51,451,831
Surplus
192,688,741
Total
193,268,1971
Total
192,688,741 193,268.197
Packing house products at market values, less allowance for selling
other products and supplies at cost or market, whichever is lower
x
merge
Co.
Maryland Public Service Commis¬
Consumers Public Service Co. into Eastern Shore
The elimination of this unit of one of the
Public
newly acquired
properties is in line with the policy of the Associated Gas & Electric System
of simplifying its corporate structure to the greatest extent possible.
In addition, Utility Investing Corp., a Delaware corporation, was
dissolved on Dec. 18.
The elimination of these two companies brings the
total of System companies merged, dissolved or otherwise disposed of to
341, since 1922.—V. 143, p. 4145._
*4
_____
Corp.—Dealings Suspended—
Associated Rayon
of the corporation in accordance
21,1936, approved the dissolution
with the plan for its complete liquidation
common
of the
stock may now surrender the certificates for
by them to the Marine Midland Trust Co. of New
common
stock held
York, liquidating agent, in accordance with the provisions of the plan for
complete liquidation, permitting each holder of one share of common stock
to either sell his stock for $5.67 in cash provided such option is exercised
on or before Feb. 1, 1937, or to receive certain securities of the corporation.
In view of the foregoing, the Committee on Formal Listing of Stocks of
the New York Curb Exchange suspended dealings in the common stock at
the close of business Dec. 24, 1936.
Debentures Called—
stkhldrs."
equity in sub.
companies
Now
480,000
bonds
for sink. fund.
Min.
Permission has been received from the
Service
Holders
current
Del.
Companies Eliminated from System—Total
previously announced.
Res. for Fed. in¬
Accepts, payable
Accts. payable-
Two More
341—
Stockholders at a meeting held on Dec.
1,981,487
payable
stocks
Invests.,
-
comparable week a year ago.
sion to
[Including North American Provision Co. and their subsidiaries]
'35
Although electric production for the week under review Is not so high as
in recent weeks, because of the holiday period, it is 17.7% higher than the
The company has called for redemption Feb. 20 all of its 20-year
guaranteed convertible debentures at principal and interest. Payment
be made at the Marine Midland Trust Co. of N. Y.
5%
will
Liquidating Agent—Marine Midland Trust Co. of New
appointed liquidating agent.—V. 143, p. 3619.
York has been
expenses;
y
Atchison Topeka
All owned by Armour & Co. (Illinois).
Clears Up Arrearages on
[Includes Atchison Topeka
7% Preferred Stock—•
The directors have declared a dividend of $31.50 per share on account
of accruals on the 7% cum. pref. stock, par $100, not converted,
Jan. 15 to holders of record Jan. 5.
This payment will clear up
dividends
on
payable
all back
the issue.
for Exchange of Preferred Stocks Expires Jan. 5—
Time
from the company
the resolution extending the time for exchange of 7% cumulative
preferred stock for $6 cumulative convertible prior preferred stock and
common stock until March 10, 1937, has been revoked and that no further
exchanges shall or may be made after the close of business Jan. 5, 1937.
—V. 143, p. 3619.
The New York Stock Exchange has received notice
that
Arnold Constable Corp.—Larger Dividend—The
directors
common
have
declared
a
dividend of 50 cents per share
stock, par $5, payable Jan. 21 to holders of record
compares
on
Jan. 11.
with dividends of 12H cents paid on Dec. 15, Sept.
the
This
18. July 15
& Santa Fe Ry. System—Earnings—
& Santa Fe Ry.,—Gulf Colorado & Santa Fe
Ry.- -Panhandle & Santa Fe Ry ]
1936—11 Mos.—1935
1936—Month—1935
$
Period End. Nov. 30—
14,566,368
12,720,594 142,079,698 123,836,082
Railway oper. revs
9,735,342 113,765,713
99,608,285
Railway oper. expenses. 10,615,971
915,486
12,736,100
9,633,666
1,322,531
Railway tax accruals
CY93.071
Cr470,018
37,572
Other debits
CY69.474
~'
Net ry. oper. income-
Average miles operated-
2,697,339
13,227
-
2,162,836
13,259
16,047,903
13,230
14,556,558
13,287
operating expenses for the period ended Nov. 30, 1935 include a
credit of $1,028,816, reversing charges in 5 months ended Dec. 31, 1934
made under the Railroad Retirement Act, 1934.
Railway tax accruals for month and period ended Nov. 30, 1936 include
The
$291,437
and
$2,694,503 respectively, representing accruals under com¬
panion act to Railroad Retirement Act, 1935 and also under
acts, Federal and State.—V. 143, p. 3991.
Social Security
98
Financial
Atlanta & West Point RR. —Earnings—
November—
Gross from railway—
Net from railway
Net after rents
1936
1935
1934
1933
$144,674
26,342
1.719
$121,568
15,823
def7,696
$105,230
def2,607
def23,965
1,636,956
240,877
defl3,501
1,445,929
171,475
def47,292
1,293,056
77,167
defl26,951
1,176,267
•
—V. 143, p. 3620.
Atlanta Birmingham & Coast RR.November—
Gross from railway
1936
20,205
def208,895
-Earnings-
1935
1934
1933
$292,637
29,454
defl6,286
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$258,936
17,966
def5,603
$232,567
def6,946
def35,683
3,112,386
389,723
44,394
Net from railway
Net after rents
2,762,907
2,585,145
def28,172
def289,973
19,113
def234,655
196,669
def82,758
$206,595
2,045
Atlantic Coast Line RR.November—
Net after rents
From Jan. 1—
Gross from railway
.
Net from railway
Net after rents
-
.
1935
$2,922,542
425,365
286,227
1934
1,110,688
659,058
508,359
$2,901,772
503,973
382,501
Beaumont Sour Lake & Western Ry.—Earnings—
1936
1935
1934
1933
$183,333
49,089
def4,927
$157,785
44,419
6,703
$119,070
17,058
def20,376
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$107,649
22,956
defl7,661
1,998,045
522,671
def41,581
1,588,665
397,152
def41,581
1,525,485
345,243
def123,884
1,226,348
259,820
def197,825
—V.
39,338,003
8,780,011
3,906,873
35,754,152
6,415,403
2,258,418
36,145,191
7,880,529
3,784,826
9 Mos. End.
1935
Sept. 301934
$1,407,766
1,114,937
$895,885
728,437
Expenses.
$292,828
181,260
$167,448
.143,495
$287,736
145,645
Other icome.
$111,567
57,238
$23,953
61,663
$142,091
38,561
Other expenses
$168,805
18,952
17,445
$85,616
2,391
8,509
$180,652
8,725
24,685
$132,408
$74,715
$147,242
$1.62
$0.91
Federal income tax.
—
81,476 shs. cap. stk.
$1.81
Consolidated Balance Sheet Sept. 30
1935
$232,204
149,310
xCapitalstock
1,422
99,099
Deferred charges..
Fixed assets
Due
&
171,031
26,083
goodwill.
from
Benton Southern RR.—Notes
Bessemer & Lake Erie RR.November—
.
Total
x
27,076
1935
612,556
$521,597
71,451
54.623
14,460,008
7,464,316
6,452,948
9,318,943
3,329,767
2,980,173
7,979,057
1,687.012
1,477,480
6,379.218
1,957,613
1,745,576
From Jan. 1—
Gross from railway
Net from railway
after rents
—V. 143, p. 3620.
Bishop Oil Corp.—Extra Dividend—
Dec. 14 declared
on
an
extra dividend of 10 cents per
Black & Decker Mfg. Co.—Rights—
Rights to subscribe to 60,909 shares of common stock, in ratio of one share
for each five shares held, which was offered to stockholders of record Dec.
3, at $21 a share, expired as of the close of business Dec. 23.
According to the company, stockholders subscribed to 60,155 shares.
The balance will be taken up by an underwriting group which is headed
by Lehman Broths, and Alex Brown & Sons.
Proceeds from the issuance of the 60,909 shares of common stock will be
applied towards the purchase or redemption for retirement on or before
Dec. 31, 1936, of the 40,000 outstanding shares of 8% cumulative ($25 par)
preferred stock.
Of the estimated net proceeds, $1,080,000 will be applied
to redemption of the preferred stock.
The remainder of the net proceeds
will be used for additional working capital.
After giving full effect to this offering, capital structure of the company
will consist solely of 365,457 shares of common stock.
Earnings for Years Ended Sept. 30 (Incl. Subsidiaries)
$61,572
23,576
1,010
407,380
407,380
Earned surplus.224,234
Capital surplus—
136,184
1936
65,735
253,566
Gross
1934
$3,622,501
2,062,167
$2,731,339
1,509,512
$2,386,674
981,980
288,455
$1,560,334
714,922
231,907
$1,221,826
$1,116,238
99,521
118,478
$613,504
51,859
75,561
$532,619
172,829
34,257
$898,240
360,000
profit
Selling and service costs
Administrative and general expense.
1935
$4,892,493
2,505.819
profit
Operating
9,604
3,425
867
Other deductions less other income-
Federal
$812,8401
Represented by 81,476
no par
Total
$925,593
taxes—estimated..
income
$486,083
60,000
$325,533
$426,083
$325,533
$2.74
$1.36
$812,84q
Preferred
shares.—V. 142, p. 2489.
The directors have declared
a dividend of 30 cents per share on the com¬
stock, payable Dec. 26 to holders of record Dec. 21.
This compares
with 10 cents paid on July 7, last, and 20 cents
paid on Dec. 29, 1935, this
latter being the first distribution made since
October, 1929, when a dividend
of 37M cents per share was paid.—V.
142, p. 4330.
Earns,
mon
Baldwin Locomotive
Works—Hearing
on Plan Jan. 25—
Judge Dickinson has entered an order fixing Jan. 25, 1937, at 10 a. m. in
the U. S. District Court for the Eastern District of
Pennsylvania at Phila¬
delphia as the time and place for considering the proposed plan of rereganization and the reports of the special master in relation thereto.
The report of the special master recently filed shows that the
plan of
reorganization has been accepted by or an behalf of the holders of twothirds of the 1st mtge. bonds and consolidated
mortgage bonds; and by or on
behalf of holders of a majority of the pref. stock and of the
of the company.—V. 143, p. 4145.
Balfour Building, Inc.—Bond Interest
common
stock
dividends.
pay¬
p.
533,591
155,615
1936
Cash
4120.
Liabilities—
$390,935
$244,072
counts receiv'le.
674,214
Vendors' debit bal.
648
Mdse. Inventories.
1,717,557
555,025
1,125
1,421,038
$0.82
53,171
50,506
219,163
109,144
180,000
20,112
1935
180,000
29,195
1,732,012
1936
1,610,564
8%
preferred
Common stock.
y
Accounts payableAccrued accounts.
$1,000,000 SI ,000,000
1,491,770
1,491,770
242,031
162,068
48,326
28,020
Estimated Federal
life Insurance
Inv. In
cum.
stock
Cash surr. value of
Australian
subsidiaries, &c.
Real est. not used
income taxes
126,180
25,000
Res. for contlng..
Other reserves
75,561
75,000
51,970
Capital surplus...
in operations
2,038,236
1,408,901
Land, buildings,
mach. & equip..
1
1
35,702
40,650
Goodwill
Deferred charges
$5,023,613 $4,241,320
Total
Corp.—Extra Dividend—
The directors have declared an extra dividend of $1.25
per share in addi¬
tion to the regular semi-annual dividend of 25 cents
per share on the com¬
mon stock, both payable Dec. 26 to holders of record
Dec. 18.—V. 138,
1935
Notes, bills and ac¬
x
3459.
298,354 shares
stock
on
Consolidated Balance Sheet Sept. 30
After
in 1935.
Bancamerica-Blair
share
common
Assets—
x
Deferred—
These up to the middle of the current year amounted
approximately $30,000.—V. 143,
per
(no par)
Sundry accounts..
Interest payments due Oct. 1, 1936, and April 1, 1937, on the
6% first
mortgage bonds of the Balfour Building, Montreal, have been deferred.
The step was taken through the cooperation of the bondholders' committee
in order to allow the
company to apply its available revenue toward
p.
share
the capital stock, par $5, payable Dec. 19 to holders of record Dec. 17.
The regular quarterly dividend of 2j^ cents per share was paid on Oct. 15,
last.—V. 143, P. 1867.
23,359
$925,593
ment of tax arrears.
1933
$561,449
30,574
18,266
Baldwin Co.—Dividend Increased—
to
1934
$950,115
429.838
411,172
727,015
$538,240
expensesRes. for bad debts-
164,629
2,977
assets....
—Earnings—
1936
$1,327,689
Net after rents
officers
and employees..
Sundry
102,566
5,195
6,359
Canada—Smaller
1935
$130,720
Accrued
126,612
Investments
1936
Payables
103,608
173,926
Cred. from vendors
Pats.
Liabilities—
$101,051
235,105
Ltd.,
The Interstate Commerce Commission recently authorized the company
to issue a 4% demand note or notes in the face amount of $680,000, to be
delivered at par to the Illinois Central RR. to evidence a like amount of
indebtedness for advances from that company.
$1,185,178
897,441
Cost of sales
U. S. Govt.bonds.
Co.,
a
stock, payable Jan.
dividends of $3 per share previously distributed each six months.—V.
138,
p. 4121.
The directors
Sept. 30,*36
Net sales
Inventories
Insurance
on
-Year End.
Receivables -1
Fire
dividend of $2 per share on the common
2 to holders, of record Dec. 15.
This compares with
Net
Backstay Welt Co.- -Earnings—
Cash..:
3620.
Gross from railway
Net from railway
The company paid an initial dividend of $1.25
per share on Dec. 24 to
holders of record Dec. 23.—V. 142, p. 4329.
1936
p.
The directors have declared
34,649,999
7,997,862
3,736,899
Aviation Capital, Inc.—Initial Dividend—
Assets—
143,
Beaver
1933
The company paid an extra dividend of 10 cents
per share in addition to
the regular semi-annual dividend of 15 cents per share on the new no par
common stock on Dec. 19 to holders of record Dec.
10.—V. 143, p. 3991.
on
per shares was
1712.
-Earnings-
Automobile Banking Corp.—Extra Dividend—
Net income
regular quarterly dividend of $1.75
p.
Dividend—
$3,603,124
810,899
503,645
—V. 143, p. 3458.
Earns, per sh.
a
November—
Gross from railway
Net from railway
Net after rents
2,382,999
1936
-
This was the first dividend paid on the pref. stock since
May 16, 1932, when
distributed.—V. 143,
defl9,470
—V. 143, p. 3620.
Gross from railway
Net from railway
Jan. 2, 1937
v.
record Dec. 21.
$163,804
33,450
2,494
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Chronicle
for
reserve
y
Total
$5,023,513 $4,241,320
depreciation of $1,573,864 in
Represented by 298,354
1936 and
$1,594,725
no par shares.—V. 143, p. 3992.
(E. W.) Bliss Co .—Accumulated Dividend—•
The company paid a dividend of $5 per share on account of accumulations
the first preferred stock on Dec. 24 to holders of record Dec. 21.
This
on
was
the first dividend paid since Jan. 2,
1932, when $1
per
share
was
dis¬
tributed.—V. 143, p. 3139.
Bangor
&
Aroostook
RR.—Preferred Stock Offering—
The company announces that
approximately 75% of the
38,280 shares of new 5% cumulative convertible preferred
capital stock has been subscribed for by the preferred and
common
stockholders and that the unsubscribed balance has
been sold to
syndicate headed by Hornblower & Weeks
and including Brown Harriman & Co.,
Inc., Lee Higginson
Corp. and Hayden, Stone & Co.
The banking group is
making a public offering of the shares at 101 and accrued
dividend, to return about 4.95%.—V. 143, p. 4145.
a
Barker Bros.
Thl0 c°mpany paid a dividend of $10 on the
6J^% preferred stock on
Dec. 26 to holders of record Dec. 21.
Distribution of this payment is in
accordance with recapitalization plan
recently adopted
presently outstanding preferred.—V.
Beatrice
After
for each share of
143, p. 3991.
3
1936
estimated surtax
on
Months
12 Months
1935
1 936
x$360,599
$316,471 x$l ,427,293
undistributed profits.—V. 143, p. 3991.
(Ludwig) Baumann & Co .—Accumulated Dividend—
indebtedness for advances from that company.
Bond & Share
Trading Corp.—Special Dividend—
on
the
class A common stock, no par value, payable Dec. 24 to holders of record
Dec. 19.
The regular quarterly dividend of 25 cents was paid on Nov. 2,
last.—V.
142,
p.
617.
Border City
Mfg. Co.—50 Cent Dividend—
The directors have declared a dividend of 50 cents per share on the
com¬
stock, payable Dec. 22 to holders of record Dec. 17.
A dividend of $1
was paid on Nov. 14 last, this latter being the first distribution to be made
on the issue since 1924.—V. 143, p. 2991.
The company paid a dividend of $7 per share on account of
accumulations
the 7% cumul. conv. 1st pref.
stock, par $100, on Dec. 26 to holders of
on
Blue Island RR.—Notes—
The Interstate Commerce Commission on Dec. 8 authorized the company
4% demand note or notes in the face amount of $530,000, to be
delivered at par to the Illinois Central RR. to evidence a like amount of
to issue a
mon
deprecia¬
tion, Federal income taxes
x
by stockholders,
% $50 par cumu¬
Creamery Co. (& Subs.)—Earnings—
n
Period Ended Nov. 30—
Net income after interest,
indebtedness for advances from that company.
The directors have declared a special dividend of 35 cents per share
Corp.—Preferred Dividend—
which provides for an
exchange of 2 1-3 shares of new
lative preferred stock and one share of common
stock
Bloomington Southern RR.—Notes—
The Interstate Commerce Commission on Dec. 8 authorized the company
a 4% demand note or notes in the face amount of $250,000, to be
delivered at par to the Illinois Central RR. to evidence a like amount of
to issue
Boston & Albany
The
Interstate
RR.—Abandonment, &c.—
Commerce
Commission
on
Dec.
9
issued
a
certificate
(1) permitting abandonment by the company of part of a branch line of
railroad extending from Chatham to Ghent, 2.66 miles and abandonment of
operation thereof by the New York Central RR., lessee, and (2) authorizing
operation by the Boston & Albany RR. and the New York Central RR.,
lessee between the same points over a line of railroad of the New York &
Harlem RR., all in Columbia County, N. Y.—V. 143, p. 3139.
Volume
Financial
144
Boston & Maine
Other.income
X
i
Gross^income
Deductions.
_
_
1936—11 Mos.—1935
1936—Month—1935
$3,966,455
1,168,497
694,315
78,698
Net oper. re venues
Net ry.oper. income
California-Oregon Power Co.—Accumulated Dividends—
RR.—Earnings—
Period \End. Nov. 30—
Operating revenues
$3,537,167 $42,045,464 $39,820,345
1,007.684
9,033,336
9,690,023
597,264
3,870,990
5,592,602
77,361
1,027,051
987,326
"■»•
L
■"
$773,013
635,506
_
['
Net income
■»
■*
*
"
—
$4,898,041
6,976,400
$674,625
636,714
•
■
$6,579,928
6,927,991
$37,911 def$2,078,359def$348,063
$137,507
The directors have declared a dividend of $3.50 per share on the 7% cum.
pref. stock, par $100, $3 per share on the 6% cum. pref. stock, par $100,
and $3
per share on the 6% cum. pref. stock, series of 1927, par $100,
payable Jan. 15 to holders of record Dec. 31.
Dividends of $1.75,
$1.50 and $1.50 per share, respectively, were paid on Oct. 15, last, and
dividends at half these rates were paid on the respective issues in each of
all
the 12 preceding quarters, prior to
—V. 143, p. 3621.
few Jersey
Slan for reorganization last. Section 77-B by the U.S. District Court of
Nov. 30 under
Judge J. Whitaker Thompson allowed the appeal to Mr. Bollenbach,
reorganization plan is unfair to the creditors and bond¬
who claims that the
were
made at the regular
_____
12 Months Ended Nov. 30—
1936
"
1935
$4,361,915
1,583,290
$2,778,625
$2,196,777
4,668
$2,782,720
300,000
$2,201,445
300,000
$2,482,720
Net operating revenue (before appropriation for
for retirement reserve)
$3,978,244
1,781,437
4,095
Operating revenues
x Operating expenses, maintenance & all taxes
Botany Consolidated Mills, Inc.—Bondholder—
ThelU. S. Circuit Court of Appeals, Philadelphia, has granted Chester
G. Bollenbach, a ^bondholder, an appeal from the confirmation of the
which payments
quarterly rates.
!
»
'
■■
.
"
99
Chronicle
$1,901,445
Other income
Net operating revenue &
other income
appropriation for retirement reserve)
Appropriation for retirement reserve
(before
holders and should have been disapproved by the District Court, and the
assetsiof Botany distributed because it is insolvent.
He asserts that the
plan unduly discriminates in favor of stockholders over creditors and bond¬
holders.
No date has been set
as
yet for hearing on appeal.—V. 143, p. 3621.
Bremner-Norris Realty
The directors have declared
Co.—Registers with SEC—
instituted by the
petition by the corporation in the U. S. District Court for the
Attorneys for the corporation stated that
the Court has approved the petition and continued the corporation in
possession of its properties, pending a hearing of creditors and stockholders
to be held at a later date.
A plan of reorganization is being developed which
is expected to be filed in the near future.
Prior to Sept. 1,1932, corporation manufactured at its plant at Cortland,
N. Y., the line o f trucks known as "Brockway,"
On that date substantially
all of its assets employed in the manufacture and sale of its products were
either sold or leased to Brockway Motor Co., Inc., a new company or¬
ganized to acquire such assets and to carry on the business formerly con¬
ducted by Brockway Motor Truck Corp.
Since that time the new company
has exclusively conduted the "Brockway" operations, all of its capital
stock being held by voting trustees for the benefit of Brockway Motor Truck
Corp.
In connection with the filing of the petition the corporation, George S.
Piroumoff, President of Brockway Motor Co., Inc., stated that his company
was in a strong financial condition, was not a party to the reorganization
proceedings, and that therefore its operations should not in any way be
affected.—V. 142, p. 3157.
a
share in
The directors have declared an extra dividend of 6X cents per
regular quarterly dividend of 75 cents per share on the
6% cumul. and par tic. pref. stock, par $50, both payable Jan. 2
of record Dec. 16.
An extra dividend of 6)4 cents per share has
to holders
been paid
quarter (except on April 1) since and including July, 1927.
An
extra partic. dividend of 56 K cents per share has been paid each April 1
since 1932.—V. 143, p. 1867.
each
Brooklyn-Manhattan Transit Corp.—Registers with SEC
of this department.
$1 Dividend—
The
directors
common
stock,
on
The Oct. 15, 1934 dividend was the first paid since April 15,
of $1 per share was distributed.
July 15, last.
1932 when a regular quarterly dividend
—V. 143, p.
4146.
Mills, Ltd.—10-Cent Dividend—
of 10 cents per share on the
common stock, no par value, payable Jan. 15 to holders of record Dec. 28.
A similar payment was made on Oct. 15 and on July 15, last and compares
with 30 cents paid each three months from July 15, 1935, to April 15,1936,
inclusive and 25 cents per share paid quarterly previously. In addition, an
extra dividend of five cents per share was paid on April 15 and Jan. 15,
1935—V. 143, p. 3621.
directors
have
declared
a
dividend
Gross
Buffalo Insurance Co.—Extra Dividend—
Burlington-Rock Island RR.—Earnings—
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
$110,604
17,675
340
817,291
def71,540
def252,281
1933
1934
1935
$83,111
defl9,527
def36.717
$59,514
defl9,994
def34,553
$109,513
29,154
798,289
defl34,532
def314,088
729,930
deflll,137
def260.196
875,435
137,276
def30.885
10,913
—V. 143, p. 3622.
Burry Biscuit Corp. (& Subs.)—Earnings—
$144,625
$0.31
Net income after exps., minority int., Fed. income taxes, &c
Earns, per share on 400,120 shares common stock
Note—Net income shown above is before deduction of Federal surtax on
undistributed profits of subsidiary companies for period from July 1, 1936,
to Oct. 31, 1936, imposed under the Revenue Act of 1936.
Company
of such surtax, if any, cannot be finally determined until
June 30. 1937, the fiscal year end of the subsidiaries.—V. 143, p. 3622._
states amount
1,1936. on the guaranteed 1st mtge. 50-year sinking
fund 5% gold bonds, due 1960 (stamped)
was paid Dec. 29, 1936.—V. 143,
p. 4146.
<
Copper & Zinc Co.—Pays 5-Cent Dividend—
paid a divdend of five cents per share on its common
stock on Dec. 28 to holders of record Dec. 22.
This was the first payment
made since Dec. 24, 1929, when a dividend of 50 cents per share was dis¬
tributed.—V. 143, p. 2992.
company
Calaveras Cement Co.—Accumulated Dividend—
Sept. 1, July 1, May 1, March 2 and Jan. 16, 1936; Nov. 15 and Aug. 12,
1935, this latter being the first distribution made on this issue since Jan. 15,
1934, when a regular quarterly payment of $1.75 per share was made.
—V. 143, P. 3308.
California Ice & Cold Storage Co.—Accumulated
The company paid a dividend of $1.20 per share on account
1,035,642
993,922
1,008,672
Camaguey Sugar Co.—Time for Deposits Extended—
below.—V. 143,
Cambria & Indiana
p.
3622.
RR.—Earnings—
1936
November—
1935
1934
1933
$117,343
46,938
79,535
$107,056
def26,276
27,739
$88,515
def68,320
def8,590
$92,520
30,589
81,336
1,165,380
274,559
734,933
1,021,244
185,651
955,950
16,199
599,38 7
1,088.302
348,954
861,469
Gross from railway
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
723,33 8
—V. 143, p. 3622.
Canadian
Bronze
Co., Ltd.—Extra Dividend—
The directors on Dec. 18 declared an extra dividend of 75 cents per share
in addition to the
regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Feb. 1 to holders of record
Jan. 20—V. 143, p. 101.
Canadian
Canners,
Shareholders at
a
Ltd.—Recapitalization Plan Passed
special meeting held Dec. 14 agreed to the conversion
of the 6% first preference shares into new 5% cumulative first preference
stock of $20 par value on the basis of five new shares for each existing
share of $100 par value.
Instead of 38,348><a shares of $100 par value
there will be now 194,242shares of $20 par value, redeemable at $23
ShfliFQ.
The old
preference shares were not convertible.
The new shares are
The company has outstanding $1,080,000 first mortgage
bonds, which will be paid off in instalments from May 1, 1937 to May 1,
1942.
Then all securities of the company will be convertible into common
convertible.
stock
as
follows:
$2,420,000 4% bonds due 1951, convertible into common on the basis
each $100 of principal until Nov. 1, 1943, and thereafter
4 shares per $100.
194,242
$20 par value 5% first preference shares, convertible share
of 5 shares to
363,732
common
no par
second preference stock, convertible share for share into
stock.
137,784
shares, which would become 816,958H common
converted before 1934, and 792,785M shares
It would take annual net earnings after
depreciation on the 1930 basis exceeding $1,000,000 to produce such con¬
version, it is estimated.
The new preferred shares can be redeemed at $23 a share.
It is entitled
to participate in further earnings, after second convertible preference has
received 15 cents a share in any quarter, equally cent for cent per share
until five cents additional per share has been paid on both stocks for that
quarter.
When half the second convertible preference stock has been
converted into common stock, the new first preferred shares will participate
equally share for share with the common stock after the latter has received
25 cents a share, up to a total of five cents a share.—Y. 143, p. 3460.
no par common
shares if all securities
were
if all converted after that period.
Canadian Industrial Alcohol, Ltd.—Disposes of Ameri¬
can-Type Whiskey—New Directors—
The company has disposed of the balance of its American type whisky,
was revealed at the recent annual meeting.
It was learned after the
meeting that 2,500,000 gallons were involved in the final sale, consummated
Dec. 18.
Deliveries will be extended over the next eight months, with
most of them to be completed in next six months.
With the McNish deben¬
tures situation cleared, way will be open on completion of deliveries of the
American
type whiskey for consideration of cash dividend action,
by an official.
Forsyth and J. L. Bishop were added to the directorate.
directors were reelected.—V. 143, p. 3993.
it
was
intimated
S. L. M.
November—
1936
Gross from railway
Net from railway
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V
•
143»
p.
Other
England—Earnings—
1935
1934
1933
$116,576
5,905
def35,604
$83,743
def37,720
def75,627
$67,362
def29,563
def78,215
$66,207
def32,570
def78,488
1,250,498
defl48,422
def604,245
1,037,803
def243,246
def675,113
967,347
def236,852
def762,293
960,234
defl82,634
def725,058
3622.
John W. McConnel, has been appointed
Black, retired.
director to succeed
a
W. A.
Period End. Nov. 30—
1936—Month—1935
1936—11 Mos.—1935
Gross earnings
$12,116,559 $11,859,007 $126309.559 $118097,638
Working
8,577,907
8,403,598 106,540,256
99,006,127
$5,538,651
expenses
Net earnings
Div.—
of accumula¬
Dec. 10 to
the $1.75 participating cumulative class A stock on
holders of record Dec. 5.—V. 141, p. 427.
on
1,203,863
Canadian Pacific Ry.—New Director—
The directors have declared a dividend of $4 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Dec. 19
to holders of record Dec. 10.
A dividend of $1 was paid on Dec. 1, Nov. 1,
tions
1933
$2,016,482
See Yertientes Sugar Co.
Net after rents
Butte
1934
$2,059,665
Canadian National Lines in New
Terminal Buildings Co.—Interest—
The interest due Oct.
The
1935
$2,094,044
corporate
it
Earnings for the Period Jan. 11 to Oct. 31, 1936
|l Bush
Co.—Earnings—
1936
for share into common stock.
share in addition
quarterly dividend of $3 per share on the capital stock, both
payable Dec. 30 to holders of record Dec. 21.
Previous extra distributions
were as follows:
$1 on Sept. 20, last; $2 on Dec. 31, 1935; $1 on Sept. 30,
1935; $2 on Dec. 31, 1934; $1 on Sept. 29, 1934; $2 on Dec. 30,1933, and $1
per share on Dec. 31, 1931.—V. 143, p. 1868.
November—
,
a
$2,345,090
revenues-
income
(balance before bond
int.,deprec.,&c)
—V. 143, p. 3140.
The directors have declared an extra dividend of $2 per
to the regular
Gross from railway
Net from railway
.
California Water Service
&
Bruck Silk
The
3622.
•
12 Mos.End.Nov. 30—
Gross
declared a dividend of $1 per share on the
value, payable Jan. 15 to holders of record Jan. 2.
A similar payment was made on Oct. 15, last and compares with dividends
of 75 cents per share paid each three months from Oct. 15, 1934 to and incl.
p.
Corp.—Authorizes $10,000,000 Pre¬
$10,000,000 issue of ($50 par) 6%
preferred stock, to be issued in lieu of cash as dividends on 965,073 shares of
common.
Preferred shares are expected to be issued shortly in the form
of a common dividend payable in optional preferred stock, or cash, to be
followed by a second dividend payable only in preferred stock before the
end of the company's fiscal year, Feb. 28.
Payment of dividends in this form is believed by company officials to
remove Federal surtax liability on undistributed earnings.—V. 143, p. 3992.
Dec. 21
no par
deferred in 1931.—V. 143,
expenses
Net from railway
Brooklyn Borough Gas Co.—Extra Dividend—
See list given on first page
14,900
$460,725
Including $16,674 for the 12 months ended Nov. 30, 1936 and $183,326
x
The stockholders have authorized
Northern District of New York.
to the
52,093
for the 12 months ended Nov. 30, 1935, for amortization of extraordinary
operating
ferred Issue—
Proceedings for the reorganization of the corporation under the provisions
238,629
1,030,259
156,932
$1,087,815
Net income
1
first page of this department.
of Section 77-B of the National Bankruptcy Act have been
addition
187,469
California Packing
Brockway Motor Truck Corp.—To Reorganize—
filing of
Amortization of debt discount & expense
Other income deductions
Investment, Ltd.—Pays$ 1 Div.
1935; $1 paid on Dec. 31, 1934, $2 on June 15, 1934, $1 on Jan. 1, 1933 and
$2 per share paid each six months previously.—V. 140, p. 4227.
See list given on
239,242
916,101
dividend of $1 per share on the common
a
stock, payable Dec. 31 to holders of record Dec. 15.
This compares with
semi-annual dividends of $2 paid on June 30, last, Dec. 31, and June 30,
Briskomb
Gross income
Rent for lease of electric properties
Interest charges (net)
$3,455,408 $19,769,303
$19,091,510
Earnings of System for Week Ended Dec. 21
IQQft
Grossemmings
—V. 143, p. 4146.
.
iQQFI
$2.943?000 $2,653?000
Tnrrpncp
$290,000
100
Financial
Canadian National
Period End. Nov. 30—
1936—11 Mos.—1936
Operating revenues.....$16,151,674 $16,247,706 $169386,264 $168170,620
Operating expenses
.
13,768,403
12,918,661 167,169,013 146,078,840
Net
$2,383,271
revenue
$2,329,166 $12,227,261 $12,091,780
Earnings of System for Week. Ended Dec. 21
1Q9A
iqok
$3,764,676
$3,490,836
v
Gross earnings
»
Tnrrfi/im
$263,840
—V. 143, p. 3993.
Canadian Pacific Lines in
935,144
def274,305
def543,526
-
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 143, p. 3622.
1935
1933
1934
$99,213
$73,197
def3,070
def22,478
$66,252
defl8,489
def37,499
def21,863
877,119
def219,188
def456,363
863,095
def202,398
def437,206
830,655
defll5,561
def357,998
110
Cannon Shoe Co,—Initial Dividend—
Syndicate, Ltd.—Court Refuses to Void Deal—
Supreme Court Justice Salvatore A. Cotillo of New York denied Dec. 30
the application of Fred Rosenthal, minority stockholder of Oarib for a
court order voiding the action of stockholders in approving on Nov. 25
$21000,000 of Oarib's 21 % interest in Colombian Petroleum Co.,
holder of the Barco oil concession in Colombia.
It was Mr. Rosenthal's second defeat, as Justice Louis A. Yalente pre¬
viously denied his application for an injunction to restrain the holding of
the stockholders' meeting.
Justice Cotillo said there were no precedents for the Court to invalidate
resolutions in connection with a proposed sale of assets on a mere summary
proceeding such as Mr. Rosenthal brought.
The Court said the denial
of the application did not prejudice Mr. Rosenthal's right to commence a
plenary action.
Mr. Rosenthal had also asked for a mandamus to compel
inspection of the records of the stockholders' meeting, but the company
permitted him to do this before Justice Cotillo had rendered his decision.
—V. 143, p. 3993.
Carnegie Metals Co.—Listing—
The New York Curb Exchange has approved the listing of 1,121,226.7
outstanding shares of common stock, par $1, and will add to the list, upon
official notice of issuance, an aggregate of 289,446 additional shares of com¬
mon stock, $1 par.—V. 143, p. 3835.
Products
Casco
Corp.—Earnings—
profits
3 Mos.
9 Mos.
$248,570
$i.60
Earns, per sh. on 155,000
—V. 143, p. 3623.
$399,441
shs. cap. stk. (no par)--
$2.57
Central Arizona Light & Power Co.—Bonds Called—
bonds due 1960 have been called for
redemption on Jan. 22 at 105 and interest.
Payment will be made at the
Security-First National Bank of Los Angeles, Los Angeles, Calif.—V. 143,
p. 4147.
Central Breweries,
Inc.-—Earnings—
$382,303
——
226,677
Gross profit on sales
(before depreciation)—
Selling, delivery and administrative expense.———.
$155,626
(before depreciation)
Net profit from operations
Other income
4,556
—
Total income...
—$160,183
—..—..
20,056
1,370
—
—
Interest and discount on mortgage notes—
Interest on current loans
Prov. for depreciation on plant, mach.,
Reserved for Federal income tax
;
61,853
equip, and containers
10,574
Net profit
Earns, per share on 114,706 shares common
stock—
Balance Sheet Oct. 31,
$66,330
$0.58
——
1936
Liabilities—
Assets*"m
$17,141
Cash on hand and in hanks
Accounts receivable—customers a33,658
Accounts payable
Note payable.
$2,583
2,500
....
inventory of materials & supplies
Due to officers
inventory of beer
Inventory of revenue stampsFixed assets
6,658
Acer, wages, int., taxes & exp—
Accrued income tax
18,384
44,630
3,659
b776,550
_-
16,961
Deferred charges
—
—
12,933
10,574
14,697
2,500
5,321
Cust.'s deposits on containers..
Note payable—due June 30, '38
Res. for contract contingency..
30, 1939
2d
mtge.
150,000
payable,
notes
due
March 15, 1939
Cap.
stock, common,
shares outstanding
Capital surplus
—
113,000
-
$910,983
$910,983
b After
reserve
for de¬
preciation $162,826.—V. 140, p. 140.
Insurance
Co.
of
50 cents per share on its capital stock,
par $10, on Dec. 28 to holders of record Dec. 26.
This compares with
dividends of 25 cents per share previously distributed each six months.
The company paid a dividend of
139, p. 4122.
Central of Georgia Ry.1936
November—
Gross from railway
Net from railway
$1,399,651
266,994
148,338
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Earnings—
1934
1935
1933
$1,232,892
234.605
132,099
$1,141,050
193,084
87,552
$964,311
84,891
13,308,420
2,087,908
955,286
12,273,804
1,861,486
647,898
11,206,593
1,699.622
602,224
1,491
—
1,045,721
Central Illinois Light Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Nov. 30—
Gross revenues
Oper. expenses A taxes—
Prov. for retire, reserve.
Int. & other fixed chgs—
on
* anointed
transfer agent for this-
Century Electric Co.—Pays $3 Dividend—
on Dec. 7 declared a dividend of $3 per share on the'eomstock, payable Dec. 21 to holders of record Dec. 15.
A dividend of
was paid on Oct. 15 and July 15, last, this latter
being the first
payment made since Oct. 1, 1931, when a like distribution was made.—
V. 143, p. 1554.
50 cents
preferred stock.
1936—Month—1935
$668,906
$738,911
345,117
398,375
80,000
60,000
66,588
76,004
57,751
41,800
1935
1936—12 Mos.
$7,438,328
$8,216,732
4,380,800
3,724,710
920,000
811,715
892,707
812,018
604,677
693,013
director; O. O. Brown, Vice-President and director; D. F. Brown, VicePresident and director: Robert M. Nelson, Vice-President and Treasurer
William E, Horn, Assistant Secretary and Treasurer.
The board of directors elected the following: James K. Norris, Treasurer
and
director; and Audenried Whittemore, Vice-President.
Benjamin
B. Watson will continue as Secretary and Assistant Treasurer.—V. 143,
P. 3309.
Charlton Mills—Dividends Resumed—
<3
The company paid a dividend of $1 per share on the capital
stock,"par
$100, on Dec. 21 to holders of record Dec. 14.
This was the first dividend'
paid since Aug. 1,1934 when 50 cents per share was distributed.—V. 139,
p. 2989.
Charleston & Western Carolina Ry.—Earnings—
November—
Gross from railway——
1936
$199,221
68,432
42,129
Net from railway
Net after rents
From Jan. 1—
Gross from railway—2,044,628
655,649
411,359
Net after rents
1935
$158,278
37,393
22,525
1934
$151,350
42.533
30,972
$147,115.
37,296
25,84(1
1,790.889
471,133
294,474
1,765,200
544,094
350,512
1,737,930
584,209394,600-
$142,731
$139,449
$1,418,547
$1,396,870
Central Power Co.—Preferred Dividend—
The directors have declared a dividend of $1.3434 per share on the
7% cum. pref. stock and $1.12H per share on the 6% cum. pref. stock,
both of $100 par value, payable Jan. 15 to holders of record Dec. 31.
Divi¬
dends of
each of the
873^ cents and 75 cents and share, respectively, were paid the
per
in
July 15, 1933 prior to which
company
paid dividem
143, p. 3309.
1933
—V> 14o» p* 3623•
•/
Chicago Burlington & Quincy RR.—Equipment Trusts
The company has asked authority of the Interstate Commerce Com¬
mission to issue $7,080,000 of 2% equipment trust certificates and use the
proceeds for rolling stock,
company's shops.
the greater part of which would be built in
Earnings for November and Year to Date
November—•
1936
Gross from
railway
Net from railway
.
$8,677,912
2,837,946
1935
$7,669,272
1,934,873
1934
$6,588,386
1,944,931
1933
$7,221,314
2,438,878-
Net after rente
1.585.538
969.792
1,174,004
1,477,669
89,161,423
24,093,381
11,870,352
"
Gross from railway
Net from railway
75,687,670
73,957,970
16,346,702
6.952.214
20.660.650
11,600,466
72,270,001
22,730,312
12,236.789
—V. 14o, p. 3835.
Chicago & Eastern Illinois Ry.—Earnings—
November—
1936
Net after rents
From Jan. 1—
Gross from railway—...
Net from railway
Net after rente
1935
1934
$1,479,608
494,582
245,162
Gross from railway
Net from railway
$1,194,040
287,771
88,575
$1,034,896
182.980
def549
1933
$1,058,122
218.004
22,986
14,454,341
3,690,916
12,118,357
11,652,118
2,426,891
380,729
11,179,657
2,356,397
119,444
1.254,552
2,408,546
439,792
—V. 143, p. 3835.
Chicago Great Western RR.—Earnings—
November—
Gross from railway
1936
$1,700,392
619,911
256,723
Net from railway
Net afterrents
1935
$1,325,730
469,398
255,175
1934
$1,241,812
362,789
155,111
$1,229,946
394,732
151,838
17,029,231
4,934,230
1,832,861
14,190,877
3,338,970
829,215
14,294,887
3,822,818
1,170,839
13,440,241
3,794,436.
1,013,097
rrom Jan. 1—
Gross from railway.
Net from railway Net afterrents
-
-
—
1933
—V. 143, p. 3835.
Chicago & Illinois Midland Ry.—Earnings—
1936
Gross from railway
Net from railway
1935
1934
1933
$244.60095,185.
92.288-
$367,430
159,995
121,364
$250,720
58.954
53,022
$244,129
70,465
70,253
From Jan. 1—
Gross from railway
Net from railway---—-
3,388,182
1,308,095
2,976,277
851,842
2,707,506
765,728
2,739,766
1,062,378
763,127
723,403
878,733
Net after rente
—
978,509
Chicago Indianapolis & Louisville Ry.—Bondholders*
Meeting Jan. 7—
Guaranty Trust Co. of New York, as corporate trustee under the first
dated May 1, 1916, and supplement dated March 1.
1917, has notified holders of 1st & gen. mtge. gold bonds series A and B,
due May 1, 1966, that there will be a meeting of the bondholders at its
office, 35 Nassau St., New York, at 10:30 a. m. on Jan. 7, 1937, for the
purpose of considering the report of the temporary committee which was
created at the bondholders' meeting held on Nov. 23, 1936.
Copies of this report are now available at the office of the corporate
and general mortgage
trustee.
1936
November—
Gross from railway
Net from railway
Net after rente
From Jan. 1—
Gross from railway
Net from railway
—
Net after rente———
on
on
both
issues
at
the
regular quarterly rate.
£
$943,944
277,600
71,729
1935
$769,152
183,159
. 73,170
$578,008
56,471
def38,101
1933
$618,352
137 286
7,456
9,418,649
1,951,933
364,881
7,449,542
1,349,487
58,741
6,808.635
1,097,681
def368,926
1,323,909
def58,894
1934
6,653.134
—V. 143, p. 3624.
Chicago Milwaukee St.
ment
Paul & Pacific RR.—--Equip¬
Certificates—
The Interstate Commerce Commission on Dec. 22
Balance
—V. 143, p. 3623.
—V.
Changed—
The directors on Dec. 21 elected waiter G. Baumhogger, Presidentlof
the corporation and a director.
Mr. Baumhogger will take the place of
Chester E. Rahr, whose resignation was accepted by the directors.
Other personnel changes announced .all effective
immediately, included
the following resignations: George M. Brown, Chairman of the Board and
Earnings for November and Year to Date
14,491,759
2,383,630
—V. 143. p. 3993.
Divs.
Co.—■Transfer Agent—
Baltimore—Dividend
Doubled—
—V.
25,062.142
7,220,572
2,215,982'
—Vai43*rpn3836"
573,530
80,936
64,249
Total.
for doubtful accounts of $3,793.
Fire
26.595,905
8,000,162
2,873,984
1933
$2.259,224
mon
November—
114,706
Operating deficit—
Central
26,979,503
7,368,030
2,077.461
1934
^
_
1st mtge. note payable, due June
reserve
28,889,045
7,380,922
1,385,840
FrornJa^f—
Earnings for the Year Ended Oct. 31, 1936
After
659,419
169,656-
The Chase National Bank has be»"
compauv's stock.—V. 143, p. 4147.
All of the outstanding 5% series gold
a
175.395
1935
.
-
-
$2,249,760
713,587
Net from railway
Period Ended Nov. 30, 1936—
Net profit after depreciation and estimated Federal
income taxes, but before surtax on undistributed
Total
$2,314,297
533,081
def93,234
Certain-teed Products Corp.—•Personnel
The company paid an initial dividend of 10 cents per share on its com¬
mon stock on Dec. 26 to holders of record Dec. 15.—V. 143, p. 3622.
the sale for
Jersey-^-Earnings—
1936
$2,723,642
780,509
106,029
The directors
r
Carib
November—
Gross from railway
Net from railway
Net after rents.—
From Jan. 1—
Gross from railway
Net from railwayNet after rents
—V. 143. p. 3460 .
Central Violeta Sugar
Vermont—Earnings-
1936
$87,187
deflO.449
def29,769
November—
Gross from railwayNet from railway
Jan. 2, 1937
Central RR. of New
Rys.—Earnings—
1936—Montfi-r-1935
Chronicle
authorized the
com¬
obligation and liability in respect of not exceeding $3,180,000 equipment-trust certificates, series P. to be issued by the Con¬
tinental Illinois National Bank & Trust Co. of Chicago, as trustee, and sold:
at 102.55205 and accrued divs. in connection with the procurement of
certain equipment.
The certificates were offered for sale through competitive bidding and
in addition individual requests fojp bids were sent to 73 firms.
In responsethereto four bids were received, and the highest bid, 102.55205 and accrued
dividends, made by the Northwestern Mutual Life Insurance Co., of Mil¬
waukee, Wis., has been accepted.
On this basis the annual cost of theproceeds will be approximately 3.125%.
pany to assume
Volume
f
101
Financial Chronicle
144
Cincinnati New Orleans & Texas Pacific
Interest—
The New York Stock Exchange received notice Dec. 23 that payments
be made Dec. 29 on account of the July 1, 1936 coupons on the
Chicago Milwaukee & St. Paul Ry. bonds mentioned:
(a) $13.33 per $1,000 on general mtge. 4s series A, 1989.
(b) $11.67 per $1,000 on general mtge. 3Hs series B, 1989.
(c) $15.00 per $1,000 on general mtge. 4^s series C, 1898.
(d) $15.00 per $1,000 on general mtge. 4>is series E, 1989.
(e) $15.83 per $1,000 on general mtge. 4Mb series F, 1989.
The Committee on Securities of the New York Stock Exchange rules:
That the series A bonds be quoted ex-Interest
(a)
rmS®?11 m*?* &fi
1
$13.33 per $1,000 bond,
'flat" and to be
«i i
o
err
rim*
"flat''and to be a delivery
continue to be dealt in
4,276,487
3,143,731
#nd$2-50 per 8hare
^~nt
^°IPf~Z(JardMd
$1,000 bond
"flat" and to be a
ha
n
th«
n
o
The directors have declared a dividend of 50 cents per share on the cornstock, payable Dec. 24 to holders of record Dec. 14. A dividend of
25 cents was paid on Feb. 1, last, prior to which no dividends were paid
since 1931.—V. 142, p. 456.
delivery in settlement of transactions made beginning Jan. 6, 1937 must
carry the July 1, 1935 ($15.00 paid), Jan. 1, 1936 ($7.50 and $7.50 paid),
July 1, 1936 ($15.00 paid), and subsequent coupons.
(d) That the series E bonds be quoted ex-interest $15.00 per $1,000
bond Jan. 6 1937; that the bonds shall continue to be dealt in "flat*
and
to be a delivery in settlement of transactions made beginning Jan. 6, 1937,
must carry the July 1, 1935 ($15.00 paid), Jan. 1, 1936 ($7.50 and $7.50
paid), July 1, 1936 ($15.00 paid), and subsequent coupons.
_
10 794,083
$&•?. iz
M
(l(c)6That1(the siies C^onds be quoted ex-Interest $15.00 per
Jan. 6, 1937; that the bonds shall
11,334 859
4,057,610
2,916,834
The directors have declared a dividend of $1 per share on the common
8t0ck, par $100, payable Jan. 5 to holders or record Dec. 28. A similar
payment was made on July 7, last, and on Jan. 7,1936, and compares with
andeonSJufydi0ni933^ $1*50 on Jan ^
9331 and $2 SoV^share paid on
Tan
«1 nnn
12,401,339
4,428,454
3,334,810
Dividend—
City Investing Co.—$1
Mflfi'Sid?
paid)
miSbiuSSt onm2?ns
r
«
6,1937; that the bonds shall continue to be dealt in
1933
$847,581
249,606
147,857
—v. 143, p. 3461.
continue to be dealt in
Jan. 6, 1937; that the bonds shall
491,315
371,205
15,247,650
6,044,870
4,477,670
Net from railway
Net after rents
From Jan. 1—
Gross from railway...
Net from railway
Net after rents
1935
$1,223,106
574,171
417,835
Gross from railway
Ry.—Earns,
1934
$920,087
212,531
162,388
1936
$1,431,313
November—
would
mon
_
/n
t
RnrtJ* Pnlled
r'lo^L- C
\
DOnas Lauea
yar» <-o.
v.y»
All outstanding bonds, amounting to $421,000, will be redeemed Feb. 1
at 105 and accrued interest at office of Colonial Trust Co. of Pittsburgh,
trustee.—V. 142, p. 1811.
on1LT6Mlt9h37:<'SClark Controller Co.-IniM Dividend on New Stock-
a dividend of $4 was paid on
1935
1934
1933
$9,184,043
$8,262,605
$6,950,205
$6,784,484
IrtS SnSay
i'i7fi'n79
I4n4'9fi2
1,404,96
398,
99,624,400
84.658,624
81,150,869
Net from railwav
21
274 Q7Q
14 209 571
17 040 825
From Jan
1,176,072
1—
old share.
quarter.—V. 143,
18, last, and 25 cents per share was previously paid each
1936
Gross from railway
Not
new common stock, payable Dec.
The common stock was recently
shares being issued for one
Date
Earnings for November and Year to
November—
Gross from railway
share on the
28 to holders of record Dec. 24.
split on a three for one basis, three new
the old stock on Dec. 15, last; $1 on Sept.
The directors have declared an initial dividend of $1 per
1937,
$7.91
be a delivery in settlement of transactions made beginning Jan. 6,
the July 1, 1935 ($15.83 paid), Jan. 1, 1936 ($7.92 and
paid), July 1, 1936 ($15.83 paid), and subsequent coupons.
must carry
P. 3836.
Cleveland Union Terminal Co.—Bonds Called—
J. p. Morgan & Co., as sinking fund trustee, has drawn by lot for redempJion onApriFl.1937 at.105jW8.000«2S
series A, and $128,500 first mortgage 5% sinking fund bonds, series B.
,
79.238.051
19 856 123
g$SS^::::::
™ ^a6
CMa
Chicago & North Western Ry.-Equipment TrustsThe company has received Federal court authority to purchase new
Of this total $1,000,000 is to be
equipment costing $6,307,500.
8tock
expended
eight.streamlined^passenger■locomotives, $1,385,000 for 23 p^senger
cars, $2,000,000 for 500 automobile cars with automatic loaders. $1,540,000
ever,
*
1-|42,735
743,644
841,587
166,402
1.061.798
294,804
84,264,538
13,492,052
4,419,199
70,988,258
10,903,140
70,408,039
13,016,570
2,935,191
4,784,766
68,060,435
14,752,964
5,848,345
V. 143, p. 6624.
r?
«i
•
7
a
r-
.
7
j
n-
The directors have declared a dividend of $3.06 per share on account
on the 7% cum. pref. stock, par $25, payable Dec.
19,
A dividend of 87cents was paid on Oct. 1
of accumulations
to holders of record Dec. 18.
last, and one of 43 ££
cents per share was
paid on July 1, last, this latter
Sr?^rLPfarl£,°Lthe
iP?os£
1, 1932.
July
per share
^
and prior thereto regular quarterly payments
made.—V. 143, p. 2045.
of 43% cents
D
ili
,
«
«
if
Chicago Rock Island & Gulf
et
n
$414,974
239,293
160,280
170,608
278,770
231,150
151,792
169,690
5,667,387
4,804,569
4,793.473
4,444,443
Net from railway
Net after rents
2,481,122
2.366,611
1,941,563
1,778,422
2.021,874
1,887.676
1,982,146
1,719,960
*
^Prom^Tl^-"
1 AQ
1934
1933
$350,137
109,533
52,339
$290,722
58,105
def6,245
$336,363
120,831
30,143
3,576,849
971,943
84,147
3,351,025
3,117,154
782,280
def277,904
18,046
Net after rents
after rents
3,997,676
1,094,508
271,264
....
797,373
def22,533
—V. 143, p. 3624.
_
.
Chicago Rock Island & Pacific Ry. System—Earnings
1936—Month—1935
1936—11 Mos.—1935
Railway oper. revenue.. $6,477,951
$5,764,856 $71,168,690 $61,444,189
Railway operating exp_.
5,249,187
5,205,461
62,066,566 54,476,567
Railway tax accruals a.
405,407
285,000
5,219,411
3,945,000
Uncollectible ry. revenue b
1,102
28,545
Period End. Nov. 30—
206,940
196,329
2,705,678
95,454
84,070
$520'963
def$7-108
Joint facility rents
MndMoTk
tirement Act accruals
2,737.468
1,042.203
Equipment rents
983,048
*134,832 dof$726,439
$112,376
$1,106,942
33,031
386,296
Cluett-Peabody & Co.—To Pay lb-Cent Dividend—
directors have declared a
1
'...'
1936
b Effective Jan. 1,
Interstate Commerce
1936 included in appropriate revenues account new
Commission classification.
dividend of 75 cents per share on the com.
value, payable Feb. 1 to
holders of record Jan. 21.
,
,
_
dividend of $3 per share was
*
rr
«
*
«
«
Colorado & Southern Ry.—Earnings—
1934
1935
1036
Nnrpmhpr
$711,890
$713,557
6,725,050
5,671,802
5,165,023
507,657
247,693
145,591
305,843
234,730
220,108
133,115
1,055,119
1,483,347
Net after rents
.
.
D
.
r
^
7
,
.
243,040
j
j
distributed.—V. 143, p. 2672.
dividend of 50 cents per share was
Columbus & Greenville
Ry.—Earnings—
yoiumDUS oc oreenviitc ivy.
November—
Gross from railway
Net from railway
1936
38,653
w ""V*
1935
$ Sn'ooo
1934
1933
ol'§?o
—V. 143, p. 3624.
oa'oaz
27,323
24,245
io'koh
10,590
24,513
ul4,167
Net after rents
890.266
gOi.420
757.981
107:744
..
lUtl
lllilk
The New York Stock Exchange has authorized the listing of $30,000,000
3K% debentures due Oct. 1,1951.—V. 138, p. 3836.
Consolidated Edison Co. of New York, Inc.—Merger—
Dec. 22 in the office of the Secretary of State
of the Brush Electric Ulumt-
into the New York Edison Co.. Inc., and
solidated Edison Co. of New York, Inc.
The Bronx
the latter into Con-
Gas & Electric Co.,
1933
$5,413,626
448,760
$4,703,721
458,848
def59,443
def4.706
$4,898,267
601,773
def26,816
New Amsterdam Gas Co., Northern Union Gas Co., Central Union Gas
Co. and East River Gas Co. of Long Island City have since been merged
into Consolidated Edison Co.
At a meeting of the board of trustees of Consolidated Edison Co., the
67,171,014
57,839,062
8,007,616
5,967,134
defl36,431
def810,585
'
lm
i
—
58,618,633
8,939,010
1,828,096
"""at
56,736,425
10,956,250
3,203,097
seven
Mrf
on
-
p
Dec. 8 authorized the company
4% demand note or notes in the face amount of $20,000,000, to
be delivered at par to the Illinosi Central RR. to evidence a like amount of
indebtedness for advances from that, romnaiiv —V
.naeDteaness ior
d
2517
irom that company.—V. l^Q
139, p. ZOll.
Chicago St. Paul Minneaoolis & Omaha Rv.—Earnings
ainQfi
November—
1936
1no_
1935
$1,481,449
$1,372,403
199,871
261,077
^
defl4,905
0,0
16,818,227
2,882,341
466,562
1noo
1933
ino.
1934
y
$1,127,777
$1,110,091
29,686
197,600
68,443
108,216
defl07,433
14,092,728
1,975,940
143,112
13,640,574
2,298,224
672,739
^
13,426,371
3,106,311
1,461,529
—V. 143, p. 3624.
Chicago Union Station Co.—Definitive Bonds Ready—
has!announced! that it is? predeliver at its corporate trust division, 11 Broads Street, New
York, definitive 3 J4% guaranteed bonds due Sept. 1, 1951, in exchange
for the temporary bonds.—V. 143, p. 2360.
The Chase National Bank of New Yorki
n •
Columbus Auto Parts Co.—Accumulated Dividend—
Vice-Presidents of New York Edison Co., Inc., were elected Vice-
Presidents of Consolidated Edison and other officers or the gas and electric
companies which are being merged were elected to posts in the parent company.
The new Vice-Presidents are: Robert B. Groye, Ralph H. Tapscott,
X. H. Kehoe, Joseph F. Becker, E, F. Jeffe, Philip Torchio and W. W.
Erwin.
Dividend Declaration Postponed—
to issue a
to
1,046,943
1934
The Interstate Commerce Commission
pared
4,958,463
The company paid a dividend of 50 cents per share on account of accumulations on the $2 cum. conv. pref. stock, no par value, on Dec. 23 to holders
of record Dec. 18.
A similar payment was made on Oct. 15, last. Dividends of 25 cents per share were paid on Sept. 1, June 1 and March 2,1936.
A dividend of 10 cents was paid on Dec. 2, 1935, this latter being the first
payment made on the issue since Dec. 1. 1933, when a regular quarterly
Certificates were filed
Chicago, St. Louis & New Orleans RR.—Notes—
Net after rents
•
949,071
—V. 143. p. 3624.
natlng
From Jan. 1—
Gross from railway
Net from railway
Gross from railway
Net from railway
248,983
186,694
1935
Net after rents
Net after rents.
From Jan. 1—
$632,808
129,251
72,688
502,918
railway
Net from railway
Gross from railway
Net from railway
1Q33
$534,181
Gross from railway
Net from, railway
Net after rents
$6,083,741
1,138,482
Gross from
i'
This
Nov. 2, last, and each three
compares with 25 cents per share paid on
months previously.
In addition, a special
paid on Dec. 15, last.—V. 143, p. 3461.
1936
November—
4147,
par
at Albany effecting the final gtep in the merger
Fnminn*
Earnings nf Ortmnnn,, Hnh,
of Company Only
—
no
Commercial Credit Co.—Listing of Debentures—
aFSaf'Unemriovii?fc
Ins. effective Jan
Q AO/i.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
f)
v. i<w, p. ooz*.
Net from railway
1935
$394,211
90,283
Gross from railway
Net from railway
—V. 143, p.
1933
$404,624
$497,965
Gross from railway
•
Ry.—Earnings—
1936
November—
Net
1934
1935
1936
302,439
...
From Jan. 1
were
.
*
$600,816
stock,
Chicago Railway Equipment Co.—Accumulated Div.—
JSS?
3531
November
Net from railway
mmammiXT
'
Gross from railway
Net from railway
d
D
v
Gross from railway
1933
}»?£4,949
1,125,724
Net after rents
.
141
Gross from railway
Gross from railway
Net from railway
X1"
y
\
1934
1935
1936
November—
*
A similar
Clinchfield RR.—Earnings—
I
Earnings for November and Year to Date
frOm t/QtTI
17
Dec
price from its trea-
Jan' 11'
•
its common
Dec. 24 to holders of record Dec. 17.
Dec. 24, 1935.
regular quarterly dividend of 20 cents per share which had been
declared on Nov. 24, last, also was paid on Dec. 24 to holders of record
and finance the balance through equipment trust certificates.
Howfinal settlement of financing details awaits further court hearing on
sury,
on
^he
for
for 500 hopper cars and $382,500 for 150 other cars.
The road proposes to pay 20 to 25% of the purchase
value
no par
payment was made on
oo
..^4-n
Thrustees ofthe company at their meeting held Dec. 28 postponed until
the January meeting consideration of the dividend on common stocl
normally payable on March 15.
The purpose, it was announced, was to
of the dividend to fad in the same calendar year in which
the declaration themade and of the dividend.
is payment to make uniform the interval between the
declaration and
cause the Payment
An extra of 25 cents and a quarterly
was paid on
*
dividend of 50 cents per share
Dec. 15, last—V. 143, p. 3996.
„
.-•».«
„
^
_
Consolidated Gas Electric Light & Power Co. of
r-ih
Baltimore
Tiiitinn.
Listing
The New York Curb Exchange has approved the listing of $23,000,000
outstanding principal amount first refunding mortgage sinking fund bonds,
seri!f N" 3/.?" du!
\\
1^» p*
Consolidated Textile Corp.—Plan bent Back to Referee—
The plan of reorganization for the corporation, which is backed by an
unnamed group for which Edward B. Levy is counsel, was sent back to
Referee Peter B. Olney Jr., sitting as special master, by Federal Judge
102
Financial
Chronicle
Jan. 2, 1937
share for each four shares held at $58 per share.
The underwriters named
below purchased all shares so offered and not subscribed for.
We Maintain
DEEP
a
If all holders of warrants attached to the
company's $2.25 cumul. pref.
stock outstanding should, by exercise of rights to purchase common stock
conferred by the warrants, have become common stockholders on or before
the record date, there would be outstanding, exclusive of
treasury stock,
426,869 2-5 shares of common stock, and the maximum number of shares of
Trading Market In:
ROCK
OIL
CORP.
stock, that is, 106,717 shares, were to be offered for subscription.
The number of shares of common stock outstanding and of record on said
date and the exact number of shares of common stock, which were offered
for subscription on the basis aforesaid, was to be determined
common
Notes
due
7s
TRADING
1937
DEPARTMENT
to
YORK
Corp.—Withdrawal of Registration—
Insurance
Co.—Year
End
Dividend—
before said date.
The directors have declared a semi-annual dividend of 80 cents per share
addition to a special year-end dividend of 20 cents per share on the
capital stock, both payable Jan. 11 to holders of record Dec. 31.
Previously regular semi-annual dividends of 60 cents per share were
distributed.—V. 143, p. 3625.
in
Continental Motors
Corp, (& Subs.)—Earnings—
IQIfi
Gross profit
Other income
IQI^
$5,848,610
506,007
62,855
Net sales
$4,631,858
267,096
26,479
Total income
by the
514,632
294,614
551,172
504,047
other miscell. expenses
treasury
of the company for expenditures made for these and other
purposes.
Underwriting—All of the common stock offered has been underwritten,
pursuant to contract between the company and the several principal under¬
writers,
See
_
216,478
231,650
102,999
114,096
600,000
$1,977,620
$3,497,763
property disposed of during the year have been charged to
profit and loss deficit account in connection with the charges made for
b Reduction of prior years' taxes and penalties effected,
primarily through settlements and changes in assessments.—Y. 143, p.
Continental Paper & Bag
Corp.—Bonds Called—
The company announced that it will redeem and pay off on Feb. 1,1937,
outstanding first & ref. mtge. 6H % 20-year sinking fund gold
bonds, series A, due Feb. 1, 1944, at 103H and int. Bonds should be pre¬
sented for payment at the principal trust office of the Chase National Bank
of the City of New York, trustee, 11 Broad St., on or after the redemption
date.—Y. 143, p. 3996.
all of its
Conveyancers Title
Receivers Appointed—
Insurance
of Massachusetts
&
Mortgage
General
Co.—
Laws, Tercentenary
Edition
Chapter 175, Section 180A, policy holders are being notified that
Joseph J. Mulhern, of Boston, John w. Corcoran of Newton and George
Alpert of Newton, Mass., were on Dec. 8, 1936, appointed by decree of
the Supreme Judicial Court of Massachusetts permanent receivers of the
Conveyances Title Insurance & Mortgage Co. and of Realty, Inc.; and that
on
Dec. 12, 1936, Joseph J. Mulhern, John W. Corcoran and George
Alpert qualified as receivers.—V. 143, p. 3463.
(W. B.) Coon Co.—Dividend Doubled—
a dividend of 30 cents per share on the com¬
stock, payable Dec. 24 to holders of record Dec. 12.
A dividend of
was paid on Sept. 26, last, this latter marking the resumption of
dividends on the issue as no disbursements had been made since Aug. 1,
The directors have declared
mon
15 cents
dividend of 20 cents per share was paid.—V. 143, p. 1226.
Cosden Oil Corp.—Committee Formed for Common Stock—
Preferred Group Will Oppose Loeb Reorganization Offered—
been
organized for common stockholders headed by
O. Shelby Carter, as Chairman, which will seek participation in the reor¬
ganization proceedings under Section 77-B of the Bankruptcy Act at Fort
Worth, Texas, on Jan. 22.
Improved conditions in the oil industry and the earnings capacity of the
company as reported should permit a favorable reorganization for all
classes of securities, including equity holders, Mr. Carter declared.
Other members of the committee are Curtis B. Dall, J. Fred Pierson
and Peter Cohn.
Stanley M. Dorman, 60 Broad St., is Secretary of the
committee, and counsel are Thompson, Knight, Baker & Harris of Dallas,
Texas, and Eugene Frederick Roth of New York.
The committee announces that it has affiliated with it a substantial
common
stock and intends to take all necessary steps to
protect the rights of the common holders.
The committee plans to submit
plan of reorganization.
Meanwhile, the preferred stockholders' reorganization committee is
opposing a plan proposed Dec. 24 and which is to come up for hearing
Jan. 22 at Fort Worth before Federal Judge Wilson.
Joab H. Banton, former District Attorney, is Chairman of the pre¬
ferred stockholders' committee.
Counsel for the preferred committee stated that it will not approve the
plan,
as
underwritten by Carl M. Loeb & Co. and B. H.
Roth & Co., as the committee feels it does not fully recognize the full rights
of the
preferred stockholders at a time when the trustees' reports definitely
show that the company is earning money.—V. 143, p. 3838.
Crown
Cork
& Seal Co., Inc.—Stock Offered—Paine,
Hayden, Stone & Co.; W. C. Langley & Co.;
Hallgarten & Co.; Cassatt & Co., Inc.; Estabrook & Co.;
Stone & Webster and Blodget, Inc.; Alex. Brown & Sons;
Mackubin, Legg & Co.; Baker, Watts & Co.; Mitchum,
Tullv & Co., and Putnam & Co. on Dec. 26 offered the
unsold portion of 102,969 shares of common stock not taken
by stockholders. It is stated that only 460 shares re¬
Webber & Co.;
mained for the underwriters.
Holders of common stock of record Dec. 3, were given the right to sub¬
scribe until 3 p. m„ Dec. 23, to
45.20'
9.50'
9.50'
6.50'
4.75'
4.75'
4.75'
4.00'
4.00'
2.40'
2.40'
-i
2.25'
this department.—V. 143,
p.
4150.
Cycle Unit Engineering Corp.—Registers with SEC—
See list given on first page of this department.
Dallas
Railway & Terminal Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
1936—Month—1935
$263,305
200,026
15,505/
$197,161
137,559
1936—12 Mos.—1935
15,505
$2,961,621
2,114,653
186,063
$2,292,829
al,597,767
186,063
Other income
$47,774
1,042
$44,097
1,458
$660,905
15,000
$508,999
Gross corp. income
Interest & other deducts
$48,816
25,837
$45,555
25,845
$675,905
311,682
$526,499
315,359
Balance
y$22,979
y$19,7l0
Property retirement reserve appropriations
Dividends applicable to pref. stock for period,
whether paid or unpaid
$364,223
168,472
$211,140
17,500
150,000
$910,961
on
Pursuant to the terms
under¬
thereof
Cunningham Drug Stores, Inc.—Registers with SEC—
See list given on first page of
Balance
144,697
12,1,578
641,999
so-called Loeb
principal
percentage
2,646
99,267
101,665
Net loss
a
the
See also V. 143, p. 3626.
Rent for leased property
52,923
Special prov. for inven¬
tory losses
amount of Cosden
of each
and
Hallgarten & Co., New York
Cassatt & Co., New York
Cr113,997
has
name
stock
Estabrook & Co., New York
Stone & Webster and Blodget, Inc., New York
Alex. Brown & Sons, Baltimore
--
83,474
Other charges
Prov. for conting
committee
The
Paine, Webber & Co., New York
1,382,310
636,821
455,985
a
39,820
,
Property taxes—
A
jointly.
not
Operating revenues
Oper. exps. and taxes—
motor
a
and
Period End. Nov. 30—
Federal tax of sub
b Prior years taxes
1931, when
severally
writer with respect to such common
underwritten by each are as follows:
$79,372 loss$382,886
749,091
551,296
com¬
pany for the manufacture of cans and metal containers, for the expansion of
this and other lines of the company's business and to reimburse the
Not Available
$28,792 loss$445,405
50,580
62,519
$293,575
stock
the record date, and (2) the number of stockholders who exercise the sub¬
to be issued.
The company intends to use the cash proceeds from the sale of the com¬
mon stock for the further development and completion of the
property of
Crown Can Co., wholly-owned subsidiary recently organized
Selling, administrative &
plant revaluation,
common
scription rights
1Q14
$568,862
Depreciation
Loss on properties dis¬
posed of
Net expend, in connection with develop, of
single
sleeve
valve
Losses
proceeds to the company from the sale of the
Mackubin, Legg & Co., Baltimore
Baker, Watts & Co., Baltimore
Mitchum, Tully & Co., Los Angeles
Putnam & Co., Hartford
Consolidated Income Account for Years Ended Oct. 31
a
on or
net
Hayden, Stone & Co., New York
W. C. Langley & Co., New York
Larger Dividend—
■
by the extent
the $2.25 cumul. pref. stock
stock and become stockholders
company's $2.25 cumul. pref. stock, which shall be exercised so that the
holders thereof become common stockholders of the company on or before
Teletype N. Y. 1-752
The Securities and Exchange Commission, upon request of the company
received on Dec. 18. has consented to the withdrawal of the registration
statement.—V. 143, p. 3838.
Continental
to
common
a minimum of
approximately $5,307,616, or a maximum of
approximately $6,015,685, depending upon (1) the number of outstanding
common stock purchase warrants, attached at the time of issuance
to the
Henry W. Goddard on Dec. 29.
The plan called for issuance of $682,700
in new 1st mtge. bonds.
George E. Netter, counsel for the group of security holders, which has
opposed the plan to sell the Windsor Print Works, the corporate plant,
to Keblane Corp. for $300,000, has given his support to the former
plan.
Judge Goddard said he wanted the master's advice on the plan.—
V. 143, p. 3837.
Consumers Credit
attached
warrants
will amount to
New York
A. T. & T.
of
rights to purchase
The
STOCK EXCHANGE
Broad Street
15
holders
of record
Eastman, Dillon 8 Co.
MEMBERS NEW
which
exercised their
common
stock (no par), in the ratio of
one
x
z
Balance
103,901
103,901
$91,850
$107,239
z Dividends
accumulated and unpaid to Nov. 30, 1936, amounted to
$320,361.
Latest dividend, amounting to $1.75 a share on 7% pref. stock,
was paid on Nov. 1,1933.
Dividends on this stock are cumulative,
a In¬
cludes $54,144 for maintenance which when incurred was
charged to reserves
x Designated in
the franchise from the City of Dallas as "repair, main¬
tenance and depreciation reserve."
y Before property retirement reserve
appropriations (.see (a) note) and before dividend.—V. 143, p. 3838.
Davega Stores Corp.—File Registration for 75,000 Shares
The corporation has filed a registration statement with the Securities
&
Exchange Commission covering 75,000 shares of 5% cumulative convertible
preferred stock, ($25 par) and 138,450 shares or common stock.
Of the
common shares registered, 93,750 are to be reserved for conversion
of the
preferred, 30,000 are to be optioned to underwriter and 14,700 to be sold
to certain employees.
J. A. Sisto & Co. is the underwriter.
The preferred will be offered to the
public at $25 a share.
Proceeds will be used to pay off bank loans and
provide funds for opening additional retail stores.
The option to the underwriter calls for 10,000 shares of
common at $19
on or before July 31, 1938; 10,000 additional shares at
$20 each on or be¬
fore Jan. 31, 1939, and 10,000 additional shares at $22 each on or
before
Jan. 31, 1940.—V. 143, p. 4151.
Deep Rock Oil Corp.—Modification to Amended Plan of
Reorganization—
The Oklahoma District Court on Dec. 22 ordered that certain
modifica¬
tions be made to the amended plan of reorganization (V.
143, p. 3313) and
has conditionally confirmed the amended plan as so
modified, subject to
acceptance thereof by the requisite percentage of creditors and stockholders
Security holders desiring to accept the amended plan as so modified should
forward their securities either to First National Bank of
Chicago or to Chase
National Bank, New York, depositaries, together with letter of
transmittal
The reorganization committee (John J. Shinners,
chairman)
urges
and
recommends that security holders accept the amended plan of
reorganization
as further modified pursuant to the order of the court.
The Reorganization Committee in a circular letter addressed
to security
holders and creditors states in part:
Under date of Dec. 22, 1936, the U. S. District Court for the
Northern
District of Oklahoma entered its order approving the
compromise of the
claim of Standard Gas & Electric Co. in accordance with the
terms and
conditions of the offer of compromise made by Standard under
date of
Nov. 7, 1936.
The court also entered its order on Dec. 22, 1936 directing
that further modifications and changes should be made in the
amended
plan of reorganization and conditionally confirming the amended plan as
so modified, subject to the acceptance and
approval of the further changes
by those creditors and stockholders (including Standard) who have here¬
tofore accepted the amended plan.
The modifications (except in certain
particulars) constitute clarifica¬
tions of the accounting provisions included for the purpose of
available
determining
net income to be used in paying interest on the new
income
debentures; a reservation by the court of the power to change the period
during which the court shall retain jurisdiction over the new company and
permission to pay stock dividends which may become important in'con¬
nection with the Federal tax laws.
The major provisions included in the
amended plan fixing a depreciation base and the formulae for
computing
depreciation, depletion and amortization have not been altered.
The only modifications which seem to the committee to be of
any sub¬
stance are those designated as paragraphs numbered
5, 9, and 10 on the
list of modifications, which change the sinking fund
requirements and
increase the cash disbursement to be made to the holders of convertible
notes.
The amended plan provided that until the principal amount of
outstand¬
ing income debentures was reduced to $5,000,000 there should be paid into
the sinking fund, on or before March 15 of each year, an amount
equal to
one-half of the annual available net income
remaining after the payment
of interest upon the income debentures and after provisions for Federal
income taxes.
Since adequate provision has been made in the plan for the
deduction of depletion, depreciation and amortization in the computation
of available net income, we believe that no objection should be made to
the modification which provides that all available net income
(instead of
one-half thereof) remaining after the payment of interest and
provisions
for Federal income taxes should be used to retire the new income debentures
until the oustanding amount thereof shall be reduced to $5,000,000.
This
Financial
144
Volume
change should result In a more rapid retirement of the new income
bentures, which would seem to be beneficial to the present creditors
preferred stockholders.
,
The
amended
plan
A
originally formulated by
At that time the
was
de¬
and
committee shortly after Jan. 1, 1936.
for the payment of $30 in cash to the
the reorganization
committee provided
holders of each $600 principal amount
of convertible gold notes of the debtor.
The presentation and confirmation
of the amended plan has been delayed for practically a year by circum¬
stances beyond the control of the parties; and, since the delay has deprived
the noteholders of interest which otherwise would have accrued, we believe
no objection should be made to payment of an additional amount of $30
for each $500 note to compensate the noteholders for such loss.—V. 143,
p.
3463.
RR.—Earnings
Delaware & Hudson
1936
1935
1934
1933
$2,272,755
565,487
$1,828,169
128,018
$1,834,834
42,037
54,945
$1,967,197
o?R'a«q
417,896
23,026,701
4,137,155
20,957,945
2,179,691
21,361,641
1,910,824
2,685,347
1,283,879
November—
Gross from railway
Net from railway
Net after rents
,
Gross from railway
Net from railway
Net after rents
1,285,833
210,068
20,294,977
1,717,860
882,152
—V. 143, p. 3626.
$4,258,299
1,159,967
824,490
Gross from railway
Net from railway
$3,682,399
$3,462,199
$3,650,522
771,738
430,363
672,187
272,673
685,517
347,879
45,266,216
9,385,415
Net after rents
From Jan. 1—
40,814,585
6,818,212
2,994,952
41,028,205
8,433,798
4,261,415
39,734,961
8,017,482
3,195,629
5,550,792
Net after rents
November—
$287,357
131,106
Net after rents
$150,337
73,476
100,843
73,060
65,713
1,438,442
1,974,699
856,214
1,133,739
—
1,522,361
686,540
648.267
From Jan. 1—
Gross from railway
Net from railway
Net after rents
915,455
615,757
703.027
—V. 143, p. 3626.
Dermo-G, Inc.—Registers with
SEC—
November—
Gross from railway
Net from railway
-
Net after rents
1933
1934
$59,357
19,958
17,558
$52,767
15,478
9,986
610,959
108,619
70,168
594,930
118,493
125,261
559,708
89,076
47,934
RR.-
1933
1934
$620,620
312,643
222,417
$650,215
394,712
282,377
$349,180
123,513
73,232
$289,734
92,851
48,550
7,361,389
Net from rail way......
6,975,554
3,481,529
4,004,543
Net after rents
2,419,426
2,921,905
5,297,700
2,559,140
1,767,142
3,647,105
1,432,414
945,376
1—
Gross from railway
—V. 143, p. 3627.
Detroit & Toledo Shore
November—
Gross from railway
Net from railway..
Net after rents
From Jan. 1—
,
992,193
Net after rents
1933
1934
1935
$321,377
194,522
106,980
$230,008
$201,527
117.567
52,999
3,168,761
2,670,017
1,385,325
663.442
2,323,071
1,141,045
465,645
1,720,100
900,278
Chemical
Dewey & Almy
Class A Dividends—
Co.—Pays
Common
and
share on the common and class A
first dividends paid during 1936.
dividends of 25 cents per share were paid on these issues.—V.
The company paid dividends of $1 per
stocks on Dec. 15, last.
These were the
141, p. 1767.
payable in reorganization of companies incorporated in Delaware
prior to 1927.
Di Giorgio was chartered in Delaware in 1920.—V. 143,
p. 1875.
held
on
Dec. 21
declared
a
dividend of $2 per share on the
capital stock, par $100, payable Dec. 23 to holders of record Dec. 21.
Dividends of $1 were paid on Nov. 30, last, Dec. 31, 1935 and 1934, on
June 30, 1934, and on Dec. 31, 1931; prior to this latter date regular quar¬
terly dividends of $2 per share were distributed.—V. 143, p. 3314.
Doehler Die Casting
York
common
Exchange has authorized the listing of 283,187
stock (no par).
Pro Forma Balance Sheet—June 30, 1936
11,527,470
5,423,259
4,423,566
3,129,702
2,375,076
$106,931
$81,789
def366,200
def308,989
9,402,221
9,621,527
4,565,721
3,982.729
—V. 143, p. 3628.
Dulutb South Shore & Atlantic Ry.- —Earnings—
Gross from railway
1933
1934
1935
1936
November—
$224,685
63,105
35,793
$179,005
23,596
9,649
$143,311
5,291
def5,328
$149,173
8,683
defl3,112
2,713,515
862,788
623,630
2,210,162
2,053,401
402,722
188,048
1.778,914
266,329
19,876
.
Net from railway
Net after rents
U. S. Treas. bonds
(net)
Miseel. accts. rec., tenants, &o
employees'
accts.
& advances
Inventories-
8,306
458,544
Cost of dies to be absorbed by
customers
Other assets
Land, buildings <& equip, (net)
Deferred assets
Patents, nominal value
Total
39,415
54,963
$3.33 1-3
a
share)
Earned surplus
-
Duluth Winnipeg
—
—-
Capital surplus
Common shs. in treas. at cost.
264,997
80,000
295,000
32,853
1934
1935
$70,185
6,696
966,090
13,473
defl36.613
823,261
def50.637
def53.988
753,234
def58,401
def67,779
$104,227
21,570
1,242,082
232,506
defl4,307
Net after rents
From Jan. 1—
Net from railway
Net after rents
1933
$85,000
11,496
9,375
$114,266
30,348
9,631
8,922
15,242
—V. 143, P. 3628.
Duplan Silk Corp. (& Subs.)—Earnings—
1934
1935
1936
6 Mos. End. Nov. 30—
1933
Nee profit after charges
and Federal taxes
x$323,119
$264,376
$331,920
$475,834
Shs. common stock out¬
standing (no par)
Earnings per share
270,000
$0.94
270,000
$0.73
270,000
$0.97
270,000
$1.49
Before deduction for surtax on undivided profits.—Y. 143, p. 1226.
x
Talc Co., Inc.—Pays Extra Dividend—
Eastern Magnesia
The company paid an extra dividend of 50 cents per share in addition to
the regular quarterly dividend of $1 per share on its common stock, par $100,
on Dec. 21 to holders of record Dec. 10.—V. 142, p. 781.
Period End. Nov. 30—
Railway oper. revenues.
Railway oper. expenses.
Ry.- -Earnings—
1936—Month—1935
$522,215
$502,089
336,921
330,651
1936—11 Mos.—1935 ^
$6,143,562
$5,807,120
3,886,333
3,870.005
385,336
319,810
27,954
29,780
$163,610
11,178
$135,388
8,086
$1,871,893
95,006
$1,617,305
101,620
$174, M
$143,474
$1,966,899
$1,718,925
55,603
102,093
65,148
99,964
672,984
1,186,804
726,363
1,182,237
$17,092
def$21,638
Taxes
Other incomeGross corp. income
on funded debt,
Interest
rents, &c
Net
inc.
before prov.
for retire't losses
$107,111 def$189.675
—Y. 143, p. 3464.
Eastern Utilities Associates
Gross
earnings
Operation
Maintenance
taxes)..
(& Subs.)—Earnings—
1936—Month—1935
$741,317
$745,052
334,597
342,973
30,217
30,584
60,416
60,416
d48.106
89,568
_
.
1936—12 Mos.—1935
$8,639,761
1,472,108
.
4,239,777
341,259
725,000
1,011,442
4,088,776
346,550
725,000
967,890
b66,504
527.379
582,797
$174,169
$205,210
Pref. div. deductions—B. V. G. & E. Co., and
$1,794,902
$1,761,093
77,652
30,400
77,652
30,454
Interest & amortization.
43,603
Balance
P. G. Co. of N. J
943,957
808,703
2,253,261
Applicable to minority interest
Applicable to E. U. A
I>r27,600
a
Includes credit;
$1,686,850
adjustment of $41,905 for income
tax
as
$1,609,256
a
result
of
refinancing by Blackstone Valley Gas & Electric Co.
b Includes interest
on bonds of Blackstone Valley Gas & Electric Go. redeemed Nov. 30
1935
in addition to $20,277 interest from Nov. 6, 1935, on new bonds issued'
—V. 143, p. 3628.
Total
Eastman Kodak Co.—Loses Patent
$5,042,127
Note—During September, 1936 the corporation filed a registration state¬
ment with the Securities and Exchange Commission for the issuance of
74,231 shares of common stock as of Oct. 22, 1936, the proceeds of which
were to be used for the redemption of the oustanding shares of preferred and
preference stock and to defray or reimburse the corporation in part for
cost of plant additions.
/
The pro forma balance sheet gives effect as at June 30, 1936 to the
following transactions in connection with the above: (a) The sale of 71,821
shares or common stock for $2,226,451; (b) the exchange of 1,136 shares of
common stock, plus $404,454 for
7,994 shares of outstanding preferred
stock; (c) the exchange of 1,274 shares of common stock plus $415,972 for
& Pacific Ry.—Earnings—
1936
November—
Gross from railway
Net from railway
$390,956
2,944,026
106,208
1
$5,042,127
534,509
386,942
—V. 143, p. 4152.
Taxes (incl. inc.
$581,568 Accounts payable--201,050 Accrued liabilities
1st mtge. payable 1937
639,954 1st mtge. payable 1938
8,089 Res. for taxes & conting
Capital stock (stated value
—
Customers' notes & accts. rec.
—
Net from railway
Net after rents
Retirement res. accruals
Liabilities—
Assets—
&
1934
def34l,332
def365,855
18.926,938
11,213,072
9,320,617
Net after rents
Period End. Nov. 30—
Co.—Listing—
Stock
Gash
Officers'
1933
1935
$162,627
def321,734
def367,278
Deprec. & equalization..
(Joseph) Dixon Crucible Co.—Pays $2 Dividend—
\
be
of
Ry.—Earnings—
1936
$1,414,720
608,999
327,062
Eastern Massachusetts Street
senting about 700 shares of old $7 preferred stock.
The injunction restrains payment of Jan.
1, 1937 dividend pending
hearing of the case, which is expected in February.
The case is under¬
stood to result from the recent Delaware Supreme Court decision in the
"Wilson & Co. case in which accrued dividends on preferred stock were
shares of
Duluth Missabe & Northern
November—
Fruit Corp.—Dividend Enjoined—
Preliminary injuction was granted on Dec. 30 by Judge I. L. Harris in
San Francisco Superior Court restraining payment of $1.50 a share dividend
on the company's $3 preferred stock.
Action was brought by a group repre¬
The New
4% demand note or notes in the face amount of $1,500,000, to
delivered at par to the Illinois Central RR. to evidence a like amount
indebtedness for advances from that company.—V. 139, p. 3479.
89,454
26,792
—V. 143, p. 3627.
directors
Dec. 8 authorized the company
The Interstate Commerce Commission on
to issue a
Gross from railway
Line RR.— -Earnings—
1936
$371,423
233.013
133,414
3,518,153
1,942,646
Gross from railway.
Net from railway
The
Driver-Harris Co.—Extra Dividend—•
paid an extra dividend of 50 cents per share on the common
stock, par $10, on Dec. 24 to holders of record Dec. 19.
The regular quar¬
terly dividend of 25 cents per share was paid on Oct. 28, last.—Y. 143, p.
The company
Gross from railway
Earnings—
1935
1936
November—
Gross from railway
Net from railway
Net after rents.
Di Giorgio
3997.
From Jan. 1—
Detroit Toledo & Ironton
A year ago
New York has been appointed trustee under
of Dec. 1, 1936, and has certified and delivered
$5,000,000, 15-year 3% debentures due Dec. 1, 1951.—V. 143,
Gross from railway
—V. 143, P. 3627
From Jan.
thereunder
as
Net from railway
24,384
19,331
733,803
178,820
118,254
Gross from railway
Net from railway
Co.—Trustee—
Dow Chemical
The Guaranty Trust Co. of
the indenture dated
From Jan. 1—
1935
$70,208
1936
$92,176
44,905
35,713
Net after rents—
From Jan. 1—
par).
Net after rents
Ry.—Earnings—
Detroit & Mackinac
recently to meet the cost of production of useable
$1,200,000 6% cumulative preferred stock ($100
Preference stock dividends were earned more than two and a half
times in 1935 and $5.03 a share was shown on the old common stock but
no dividends have been paid on the common as yet.—V. 143, p. 1875.
issued by the company
steels and tin plate, and
Gross from railway
Net from railway
first page of this department.
See list given on
Split Ap¬
Ltd.—Stock
Steel,
Dubuque & Sioux City RR .—'-Notes—
$158,453
142,253
2,553,328
751,649
Net from railway
$268,936
131,668
132,418
Gross from railway
1933
1934
1935
1936
,
&
2835.
Ry.— -Earnings—
Denver & Salt Lake
Foundries
By-laws submitted at a special general meeting of shareholders on Dec. 23
were passed unanimously.
The plan was to convert the common shares of
$100 par value into no-par-value shares on the basis of four new shares for
each present share held.
The split will create 96,000 shares which will be
held by present shareholders and another 36,000 shares issued would make
the amount outstanding 132,000 shares.
There are outstanding as well $600,000 of 4H%. five-year serial notes
p.
3626.
—V. 143, p. 2834,
Dominion
proved—
1933
1934
1935
1936
Gross from railway
Net from railway
4,422 shares of outstanding preference stock; (d) the payment of dividends
on such preferred and preference stocks of $1,638 and $1,813, respectively;
(e) the redemption for cash as at Dec. 31, 1936 of the remaining outstanding
preferred and preference stocks at $55 and $103 per share, respectively,
plus dividends; (f) the payment of underwriting fees and other expenses
aggregating $140,628 incurred in connection with the registration and
issuance or the 71.821 shares of common stock; and (g) the addition to cash
of $222,408, representing balance of net proceeds from the sale of 71,821
shares of common stock.—V. 143, p. 3314.
Western RR.—Earnings—
Delaware Lackawanna &
November—
103
Chronicle
Infringement Suit—
Federal Judge Harlan W.
Rippey has held that the company infringed
Hill Mfg. Co. of Kansas City and appointed
Edmund Klynes, Rochester, a special master to hold hearings to determine
upon
patent rights of the
of damages.
The Hill comapny sued for $3,000,000 actual
damages, and under the United States patent laws asked $9,000,000 from
the amount
Kodak.
i
The Hill company claims that Kodak is using an enlarged reproduction
of
patented gas purging refrigerating machine bought from the company
in 1931, while Kodak contended the purger in question was in use before
the Hill patent was granted.
The Court held that "Claims Nos 1 and 6
of the Hill patent are valid and infringed."—V. 143, p. 3144.
a
i
104
Financial
Ebasco
Chronicle
Jan. 2, 1937
Services, Inc.—Weekly Input—
Consolidated Balance Sheet
Assets—"—
For the week ended Dec.
24, 1936, the kilowatt-hour system input of
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power & Light Co.,
as compared with the
corresponding week during 1936, was as follows:
the
Operating Subsidiaries of—
1936
American Power & Light Co.— 107,334,000
Electric Power & Light Corp...
National Power & Light Co...
—V. 143, p. 4152.
Edison
51,545,000
79,944,000
88,284,000
38,762,000
59,879,000
>
19,050,000
12,783,000
20,065,000
■
%
21.6
33.0
33.5
Invest. <& advances
Illuminating
Trading—
Co.
of
Boston—Ad¬
43^% was made Dec. 29 by means of a prospectus by
Michigan Corp. and Campbell, McCarty & Co.,
Inc.
The bonds, which are dated Oct. 1,
1936, and due
Oct. 1, 1961, were priced at 101 %% and accrued interest.
All of the proceeds of this issue (exclusive of accrued
interest) to be
received by the company will be used as follows:
$500,000 for the redemp¬
tion of its outstanding 1st mtge.
6% gold bonds due June
1,1948; $167,688
redemption of outstanding Upper Peninsula Power Co. 1st mtge.
20-year 6% gold bonds due April 1, 1953; $122,808 for the redemption of
outstanding Upper Peninsula Power Co. 10-year 6% notes due June
1,
1943; $52,000 to pay in full the balance on St. Ignace Public Service Co.
6% acquisition mortgage note to the City of St. Ignace due serially to July
16, 1947; $96,500 to pay in full the company's 8% demand notes to Ameri¬
can States Public Service
Co., and $100,000 to pay in full St. Ignace Public
Service Co.'s 8% demand notes to American States Public Service Co.
for the
bonds
redeemable in whole or in part at the election of the
days' notice at 105% to and incl. Oct. 1, 1938; at 104%
1, 1942; at 103% to and incl. Oct. 1, 1947; at 102% to and
incl. Oct. 1, 1952; at 101% to and incl. Oct.
1, 1956; and at par thereafter
until maturity.
A sinking fund provides for retirement in each year from
1937 to 1942, inclusive, of $35,000 in principal amount of the
bonds, and in
each year thereafter until maturity or retirement of all the
bonds, of $15,000
in principal amount.
Company, a subsidiary of American States Public Service Co., is engaged
primarily in the business of generating and distributing electric energy at
retail and wholesale in the eastern end of the Upper Peninsula in the State
of Michigan, with a combined population of approximately
20,500.
The
company also supplies electric energy to the Manistique Light & Power Co.
which in turn distributes and sells at retail to its customers in the
City of
Manistique, and sells wholesale to the Manistique Pulp & Paper Co. for its
industrial purposes.
It supplies water to the City of Saint Ignace and water
and sewer service to the City of Mackinac Island.
The company reported combined gross revenue for the 10 months ended
Oct. 31, 1936, of $400,769, compared with $458,281 for the full year ended
Dec. 31, 1935.
Balance transferred to earned surplus for the 10 months
ended Oct. 31. 1936, amounted to
$67,107, compared with $84,572 for the
full year ended Dec. 31, 1935.—Y. 143, p. 4152.
City Dairy, Ltd.—Smaller Pref. Div.—
The directors have declared a dividend of $1.25 per share on the
6M%
cumulative preferred stock, par $100, payable Jan. 2 to holders of record
Dec. 15.
Previously regular quarterly dividends of $1.62H per share were
distributed.—V. 139, p. 2361.
Edmonton Street
7,575
commissions,Ac.
Mortgage payable-
1
1
Res. for contlng..
60,688
6,313
Notes pay. (def'd)
893,800
889"007
151,161
1,173,796
456,665
886,610
expenses
6,617
pleted orders
Mtge. pay. (curr.)
Accrued
Renewals
Total....
1936—11 Mos.—1935
$613,438
471,308
63,540
64,000
Total surplus
$4,840
$14,590
$5,856
$598,606
461,094
61,669
49,000
$26,842
-V. 143, p. 3464.
Electric
November—
1936
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
1933
..
..
-
$1,328,869
459,288
351,601
$758,891
109,168
21,906
$768,751
95,084
71,077
17,122,598
5,290,554
3,613,674
12,832,891
3,658,072
2,577,346
9,465,156
1,790,650
511,058
9,252,118
2,321,128
821.490
—V. 143, p. 3628.
Elk Horn Coal
Corp.—Hearing
on
Plan—
See list given on first page
Hardwares Co.,
143, p. 3840.
Palace Housewares
Co.
and
Federal Bake Shops, Inc.—Initial Dividends—
declared
Shoe
of 50 cents per share
initial dividend of 75 cents per share on
an
initial
dividend
the new common stock and an
the 5% preferred stock both payable Dec. 31 to holders of record Dec. 9.
on
—V. 143, p. 2365.
Fairchild Aviation Corp.
Co.,
Inc.—Initial
an initial dividend of $1 per share on the
stock, payable Dec. 26 to holders of record Dec. 14.—V. 142,
2498.
p.
Fiberloid
Corp.—Larger Dividend—
The directors have declared
a dividend of $2.50 per share on the common
value, payable Dec. 21 to holders of record Dec. 14.
This
compares with $2 paid on July 1, last; $1.50 on April 1, last; $3 paid on
Dec. 31, 1935; $2 in each of the four preceding
quarters; $1.50 paid on
stock,
no par
Oct. 1 and
on
July 2, 1934, and $1
per
share distributed
on
Dec. 30, 1933 —Y. 143, p. 2366.
Fidelity-Phenix Fire Insurance Co.-
April 2, 1934 and
•Special & Larger
Dividend—
The directors
on Dec. 17 declared a special year end dividend of 20 cents
per share in addition to a semi-annual dividend of 80 cents per share on
the capital stock both payable Jan. 11 to holders of record Dec. 31.
Previously regular semi-annuaLdividends.of 60 cents
per
—V. 143, p. 3629.
share were paid.
Firestone Tire & Rubber Co.—To Pay 50-Cent Div.—
The directors have declared
a dividend of 50 cents per share on the com$10, payable Jan. 20 to holders of record Jan. 5. A similar
on Nov. 20, last and compares with 30 cents paid on
July 20, April 20 and Jan. 20, last; 10 cents per share each three months
from April 20, 1933 to Oct. 21, 1935, incl.; 25 cents
paid quarterly from
Oct. 20, 1930 to and including Jan. 20, 1933, and 40 cents
per share paidi
on Jan. 20, April 21, and
July21, 1930.—V. 143, p. 3629.
mon.stock,
amount
par
was
Fiscal
paid
Fund, Inc.—Registers with SEC—
this department.
The New York Stock Exchange has authorized the
listing of 10,000 addi¬
tional shares of
for
common
stock (no par)
making the total
amount
applied'
690,546 shares.
The directors Dec. 2, 1936 authorized the issuance and sale for cash
prior
to Dec. 31, 1936 but not earlier than Dec.
20, 1936 of 700 shares of the
common stock to certain
designated officers and (or) employees at $37.50'
per share. The issuance of the remainder of the 10,000 shares has not as
yet
been authorized, but may be issued from time to time
employees as the directors may determine.
10
Months
to officers and
Ended
Oct.
10.
Net sales
(or)
1936
$10,720,728
7,580,587
1,939,421
332,098
„
Gross profit
$868,620
Royalties received,
less
participations
and
expenses
in
-
con¬
nection therewith
255,707
Net profit from K-B operations abroad
(estimated)
Amts. rec. in settlement of pat. infringements & other claims—
66.500
5,755
Total.....
Other charges (net)
Federal, State and foreign taxes
$1,196,583
47,036
204,665
„
$944,881
Consolidated Balance Sheet Oct. 10,1936
Assets—
Liabilities—
Cash, incl. int. bearing dep..
$593,158 Accounts payable
U. S. Govt, securities
1,006,337
Accounts receivable
Notes receivable
2,941,106
93,905
1,590.179
3,521,358
35,665
33,837
Accrued payrolls, Ac
Provision for Federal,
$453,912
649,030
-
State,
&c., taxes
Provision for finance plan &
product guarantees
Capital stock (668,046 shs.)
Capital surplus.
—
426,476
127,603
6,346.437
104,357
1,787,779-
80,050
1
$9,895,598
Fleet Aircraft, Ltd.—Stock
Earned surplus
Total
$9,895,598
equipment from Consolidated Aircraft Corp.; enlargement and improve¬
ment of plant facilities and additional
working capital.
With the completion of the proposed financing, the control and management of Fleet
Aircraft, Ltd., will be in Canadian hands.
Florida East Coast
Sales.
Manufacturing costs
Unabsorbed factory overhead
Selling and administrative expense
Amortization of development and tools
—
Gross operating loss.
Other income
$1,263,267
980,409
28,812
247,143
72,543
$65,639
13,623
expense
paid
Engineering and experimental development exdense.
allowed
Miscellaneous
1936
1935
1934
1933
$582,277
85,523
14,689
$623,285
$498,592'
15,687
def82,198
6,956,178
909,142
6,932,777
1,347,627
159,933
145,992
76,995
Net after rents
101,993
37,856
From Jan. 1—
Gross from railway
Net from railway
7,677,221
1,792,324
594,192
Net after rents
—V. 143, P. 3466.
Florsheim Shoe
def262,468
6,039,087
1,003,686
def218,693
Co.—Obituary—
Milton S. Florsheim, Chairman of the Board and founder of the
company,
Gross operating loss after other income
Repairs and replacements to goods sold.-
Ry.—Earnings—
$688,623
Gross from railway
Net from railway
Consolidated Earnings for 9 Months Ended Sept. 30, 1936
Offering—
An issue of common shares (no par) will be offered
shortly by Nesbitt
Thomson & Co., Ltd., Montreal,
Proceeds will be used for acquisition of"
plant of Fleet Aircraft of Canada, Ltd.; certain manufacturing rights and
November—
(& Subs.)—Earnings—
Inventory liquidation adjustment and
Stores
The directors have declared
common
Total
A. B. C. Dohrmann, Chairman and director, died Dec. 28 at his home in
San Francisco.
In addition to Emporium Capwell he headed Dohrmann
have
Curme
-V. 143, p. 3998.
Chairman Dohrmann Dead—
directors
&
Common Dividend—
Patents, royalty contracts, &c
Prepaid & deferred expenses.
of this department.
See list given on first page of this department.
Supply Co., Palace
dividend of 25 cents per share was paid.—V. 133, p. 2607.
Other real estate acquired...
Emporium Capwell Corp.—Registers with SEC—
Nathan-Dohrmann Co.—V.
a
Feltman
Inventories
of this department.
Emporium Capwell Co.—Registers with SEC—
Discount
1931 when
Plant & properties (net)
Investments
Empire Distillery Corp., Ltd.—Registers with SEC—
See list given on first page
Co.—Pays 75-Cent Dividend—
The company paid a dividend of 75 cents per share on its common
stocky
par $5, on Dec. 18 to holders of record Dec. 5.
This compares with 25
cents paid in 1935, prior to which no
payments were made since July 1,
Net income
At conclusion of hearings on the reorganization on Dec. 28 at Cincinnati,
Ohio, the sole dissenting security holder withdrew his objection to the plan.
Judge Nevin indicated the court's approval would be given Jan. 11. About
90% of bond and debenture owners and more than a majority of stock¬
holders have assented, it is stated.—V. 143, p. 3998.
Interest
Federal Drop Forge
After depreciation reserves of $282,—
Includes trade acceptances payable
y
z
Depreciation
1934
$1,836,020
718,415
531,503
Net after rents
shares.
282,269
$2,542,268 $2,262,419
Cost of goods sold, exclusive of depreciation..
Selling, administrative and general expenses
Elgin Joliet & Eastern Ry.—Earnings—
Gross from railway
Net from railway
par
Consolidated Income Account
The Manufacturers Trust Co. is transfer agent for 3,500 shares
6% cum.
The
Represented by $1
029 in 1936 and $249,077 in 1935.
—V. 143, p. 3629.
Ferries, Inc.—Transfer Agent—
preferred stock.—V. 139, p. 1082.
Hotel
x
Total
$2,542,268 $2,262,419
Flintkote Co.—Listing—
-
•.
expenses,
Deficit
See list given on first page of
1936—Month—1935
$60,902
$64,546
41,286
46,154
5,776
5,536
9,000
7,000
Total expenses
Fixed charges.
partially com¬
Mln. equity In cap¬
ital stock of sub.
Ry.—Earnings—
Period End. Nov. 30—
Total revenues
49,222
60,188
25,546
expenses
Deferred & prepaid
are
company on 30
to and incl. Oct.
Edmonton
46,665
596",818
on
a
of
73,620
2,000
10,965
12,389
716,801
series A
The
64,174
2,000
and employees..
Deposits on contra
issuO^of $1,042,800 first mortgage sinking fund bonds
First
190",479
Deps. received and
408,167
Capital surplus
Offered—Offering of
$220,977
Z172.584
4,010
144,686
Accounts payable.
Goodwill, &c
Edison Sault Electric Co.—Bonds
167,958
423,631
Interest dates J.-J.—V. 143, p. 4152.
new
$283,684
maoh. & equip..
Due-from officers
The New York Curb Exchange has admitted to unlisted
trading privileges
$53,000,000 first mortgage bonds, series A sinking fund 3M% due July 1,
1965.
Sept. 30 '36 Dec. 31'35
$182,049 x Capital stook
184,554 Notes payable
595,530 Notes receiv'le dis¬
counted
281,108
$74,096
221,494
768,546
288,799
yLand, buildings,
DeKe[op.
Electric
mitted to Unlisted
Increase
Amount
1935
Liabilities—
Sept.30 *36 Dec. 31 '35
Cash
Notes & accts. reo.
Inventories
..
$52,016
15,680
3,259
21,510
1,099
1,369
7,009
died Dec. 22—V. 143, p. 3998.
Fort Smith & Western
railway
Net from railway
Net after rents
Ry. —Earnings
1936
November—
Gross from
-
1935
1934
1933
$81,667
25,884
15,119
$69,280
18,272
9,746
def6.605
736,737
140,765
42,165
599,776
32,094
def48.662
621,123
48,433
def28,104
$54,711
290
$64,083
11,300
4,001
•
From Jan. 1—
Net loss before minority interest
$101,943
17,292
Profit applicable to minority interests
Gross from railway
Net from railway
Net after rents
Net loss
"...
$119,235
—V. 143, P. 3630.
—_
608.615
66,625def7,490»
Volume
paid since May 15, 1933'when a regular
share was distributed.—V. 143, p. 2998.
-Listmt
Co.—Listing—
Francisco Sugar
105
Chronicle
Financial
144
horized
The New York Stock Exchange has authorized the listing on
of250,000 shares
of capita] stock which are issued and outstanding and 100,800 additional
shares of capital stock upon official notice of issuance pursuant to the terms
of the plambf reorganization making the total amount applied for 350,800
quarterly dividend of $1.50 per
_
Subs.)—Earnings—
General Public Utilities, Inc. (&
Gross oper. revenues
shares.
Operating expenses
250,000 represent the 50,000 shares of stock
*. the company, each of the par value of $100, which, by amendment to
certificate of incorporation filed Nov. 28, 1936, were each converted into
five such shares of capital stock (no par), and the balance of 100,800 shares
of capital stock are to be issued under the plan of reorganization since the
holders of first mortgage 7 Yi % sinking fund gold bonds, due 1942, who have
accepted the plan will receive 35 shares of the capital stock for each $1,000
principal amount of bonds exchanged.—V. 143, p. 3999.
1936—12 Mos.—1935
1936—Month—1935
$424,145
$392,094
278,859
242,573
Period End. Nov. 30—
Of the shares of capital stock
$4,554,534
2,907,977
$4,987,518
3,166.428
Fredonia & Reeds RR.—Notes—
Dec. 8 authorized the company
4% demand note or notes in the face amount of $30,000, to be
delivered at par to the Illinois Central RR. to evidence a like amount of
$1,821,090
44,863
$146,680
The Interstate Commerce Commission on
$149,521
1,009
$1,646,556
1,394
$150,530
$1,865,953
$1,674,911
6,713
38,971
75,836
8,193
34,226
72,597
65,903
425,457
873,326
47,804
440,287
873,400
3,242
3,242
38,910
38.910
$21,917
$32,269
$462,356
$274,509
$145,285
Net oper. income
Non-operating Income
Exps. & taxes of G. P. U.
Inc. (excl. oper. divs.)
Charges of subs, cos
Charges of G. P. U., Inc.
Divs. on G. P. U., Inc.,
$5 pref. stock.
__
28,354
to issue a
Balance avail. for com.
indebtedness for advances from that company.
Frost Steel & Wire Co.,
stock and surplus
—V. 143, p.
Ltd. (& Subs.)—Earnings1935
1934
$111,365
$92,810
9,467
2.921
1,644
$29,857
6,530
11,219
3,150
1936
Years Ended Oct. 31—
Net operating profitIn come from investments, rentals,
&c.
Prof, from sundry invest, realized—
Former reserve, not now required
Non-recurring
profit
1
8.375
8,914
11,141
9,000
13,390
$50,757
10,465
225
11,250
12,600
Cr554
115
932
$88,110
617.076
$59,234
616,712
$35,513
581,199
$705,186
$616,712
58.870
$675,946
58,870
$646,316
$617,076
$616,712
Provision for depreciation
(
Factory management & selling expense
Provision for taxes
Directors' fees
Executives salaries & legal expense—
Life ins. prem., after
ide
surrender value.
Net profit
Previous surplus
Preferred dividends
Surplus.
$105,584
198,268
223,170
206,215
33,450
In bank
Accts. receivable..
Inventory
Market .sec.at cost
Lifeln8., surr. val.
,
furniture,
495,339
trucks & autos..
836,400
836,400
Good will...
1935
$46,110
15,000
20,000
20,000
841,000
841,000
500,000
500,000
30,000
646,316
617,076
—V.
Surplus
10,000
30,000
Total
Galve8ton-Houston Co.- -Earnings—
6 Mos. End.
Nov. 30,'36
Period—
Income—Bond interest from subsidiariesHouston Electric (incl. $10,800 to be received
Pec
Electric Co
$122,302
def8,508
defl0,848
1,757,212
182,556
36,539
1,699,748
126,278
52,695
1,503,503
153,992
defl2,309<
143, P. 3466.
...
Texas Bus Lines,
Inc
$32,400
10,792
7
$82,027
$2,577,491
shares)
Bonds, secured 6% income.—
13,025
cos
Taxes accrued
,
Inc
4
investments—
1,319
Special deposits
Unadjusted debits
244
Unadjusted credits
$2,632,018
Total
—
1,320
1,382,760
21,706
$2,632,018
Total
Gemmer Mfg.
Ltd.—Registers with SEC—
Gellman Mfg.
Co.—Initial and Special Dividends—
The directors have declared an
initial dividend of 10 cents per
share and a
stock.
The initial
and the special on
(B. F.) Goodrich Co.—Listing—
The New York Stock Exchange has
$58,415
—V. 143, p. 428.
The directors
be
of
first page of this department.
special dividend of five cents per share on the common
dividend is payable Dec. 23 to holders of record Dec. 21
Dec. 31 to holders of record Dec. 29.—V. 143, p. 3631.
authorized the listing of $27,000,009
which are issued and
4H% series due Dec. I, 1956
Goodyear Tire & Rubber Co. of
1,167,500
208
109
Miscellaneous liabilities
Capital surplus
Earned surplus
the company
amount of $800,000, to
evidence a like amount
outstanding.—V. 143, p. 4000.
Common stock (58,415 no par
39,935
affll.
Gold Seekers Mines,
See list given on
first mortgage bonds,
Liabilities—
receiv.
Commission on Dec. 8 authorized
4% demand note or notes in the face
delivered at par to the Illinois Central RR. to
indebtedness for advances from that company.
prof.$819
6% income bonds is recorded on the company's
books when, in accordance with the terms of the indenture, it is declared
by the directors.
Unpaid interest after payment of 2H% on Dec. 15,
1936 amounts to 2.75%, payable as determined by the Board of directors
out of available surplus income as defined in the indenture.
Balance Sheet, Nov. 30, 1936
Note—Interest on secured
Texas Bus Lines,
Golconda Northern Ry.—Notes—
The Interstate Commerce
to issue a
46,700
29,188
$1,269
Net loss
Cash
Globe Underwriters Exchange, Inc.—Liquidating Div.
liquidating dividend of 28 cents per share on the
$2 par capital stock on Dec. 15.
A liquidating dividend of $2.75 was
paid on July 13, last.—V. 143, p. 1400.
717
29,188
Interest paid
Interest declared.
A$S€tS*~~~
Glens Falls Investing Corp.—Pays 30-Cent Dividend—
paid a dividend of 30 cents per share on its capital stock
Dec. 21 to holders of record Dec. 15.
All of the stock of this company is held by trustees for the pro rata benefit
of all the stockholders of the Glens Falls Insurance Co., therefore the above
dividend was paid to stockholders of the Glens Falls Insurance Co.
The company
on
4,604
717
Taxes
Investments in sub. cos
Gillette Safety Razor Co.—Buys Preference Stock—
has purchased, or accepted tenders for, a total of 10,009'
preference stock.
The highest price to be paid for any stock is
$88.25 a share and the average price for the entire 10,000 shares is slightly
less than $87 per share, it is stated.—V. 143, p. 3466.
The company
shares of its
25
$29,992
1,356
Expenses
declared an extra dividend of 10 cents per share in.
dividend of 40 cents per share on the com¬
mon stock, no par value, both payable Jan. 1 to holders of record Dec. 21.
Like payments were made on Oct. 1, July 1 and April 1, last.
An extra
dividend of 5 cents was paid on July 2, 1934.
For detailed dividend record,
see V. 141, p. 4014.—V. 143, p. 1879.
The directors have
addition to the regular quarterly
10.792
24,500
14,303
Bus Lines, Inc
Total income..
10 to
Nor.30,'36
$10,800
8,400
...
Open account interest—Texas
Non-subsidiary miscellaneous
Mar.
Dividend—
Gibson Art Co.—Extra
The company paid a
Ry. Co..—.—..
Galveston-Houston Electric
A dividend of
Calif.—Accum. Div.—
$9 per share was paid on account
of accumulations on the
7% cumul. pref. stock, par $100, on Dec. 16 to holders of record Dec. 9.
Dividends of 50 cents were paid on Oct. 1, July 1 and April 1,1936; Dec. 30,
Oct. 1, July 1 and May 1, 1935, prior to which no dividends had been paid
since April 1,1932, when a regular quarterly dividend of $1.75 per share was
distributed.—Y. 143, p. 2210.
Gotham Silk Hosiery Co., Inc.—Accumulated Dividends—
hav declared a dividend of $1 per share on account of
and the regular quarterly dividend of $1.75 per share ordinarily
due (or a total of $2.75 per share) on the 7% cumulative preferred stock,
par $100, both payable Feb. 1 to holders of record Jan. 12.
Similar pay¬
ments were made on Nov. 2, Aug. 1, and May 1, last, these latter marking
the resumption of dividends, the last previous disbursement having been,
the regular diviend of $1.75 per share paid on Feb. 1,1935.—V. 143, p. 4155.
The directors
arrears,
Co.—Accumulated Dividend—
of $5 per share on account of
partic. pref. class A stock, payable Dec. 21
dividend of $4 was paid on Nov. 16, last.—
have declared a dividend
accumulations on the $4 cumul.
to holders of record Dec. 15. A
Y. 143, p. 2998.
General Capital
Corp.—95-Cent Dividend—
Directors have declared a
to holders
Gross from railway
$29,880
Fuller Manufacturing Co.—Extra and Initial Dividend—
declared an initial dividend of five cents per share
dividend of 10 cents per share on the common stock,
-V. 143, p. 3631.
both payable Dec. 24 to holders of record Dec. 19.-
Miscellaneous
1933
1934
$137,506
def1,940
def3,064
From Jan. 1—
The directors have
Accounts
Ry.—Earnings—
1935
$169,403
27,413
15,133
2,082,152
289,766
64,894
Net from railway
Net from railway
in addition to an extra
Galveston
$1,072,172:
$1,154,715
1936
$198,043
33,782
17,344
Net after rents
$2,098,426 $2,047,956
x After depreciation of $508,309 in 1936 and $497,168 in 1935.
y Repre¬
sented by 30,000 no par shares.—V. 143, p. 586.
52,098.426 52,047,956
Total
Georgia Southern & Florida
November—
Gross from railway
1936
$22,798
197,592 Prov.for taxes
248,146 Res. for conting..
194,966 7% cum. 1st pref.
40,908
7% par tic. cl. A
pref. stock
507.146 y Common stock..
Lds., bldgs., eq.,
office
1935
$19,575
Accts. pay. & accr.
Cash on hand and
x
Jan. 1 to Dec. 21
1936
1935
of Dec.
1936
$21,575
Net after rents
Liabilities—
1935
1936
Week
—Third
Gross earnings
Consolidated Balance Sheet
Assets—
Georgia & Florida RR.—Earnings—
"3", 500
—V. 143, p. 4155.
adjust, to cash
Profit and loss surplus
of
be made since Nov. 25, 1931 when a dividend
paid.—V. 143, p. 3632,3466.
.
25 cents per share was
345
$132,667
$132,667
-—
General Refractories Co.—50-Cent Dividend—
dividend of 50 cents per share on the
Dec. 29 to holders of record Dec. 24.
The directors on Dec. 18 declared a
the first distribution to
$102,829
11,455
9,200
10,000
330
Total Income
3631.
dividend of 95 cents per share,
Grand Trunk Western
payable Dec. 26
of record Dec. 18.
paid on Feb. 15, 1936; one of 50 cents on
Aug. 26, 1935; $1.25 on Feb. 11, 1935, April 2, 1934, and April 1, 1933,
and a dividend of $1.50 per share was paid on Feb. 1,1932.
The current dividend has been declared from dividends and interest
received after deducting all expenses and does not include any net profits
derived from sales of securities.—V. 143, p. 2368.
A dividend of 65 cents was
General Motors Acceptance
The General Motors Corp.
Corp.—Denies FTC Charges
and its subsidiaries have filed a
denial of the
complaint issued on Dec. 2 by the Federal Trade Commission charging 21
automobile and finance companies with false and misleading representation
concerning the amount of interest paid by purchasers under deferred pay¬
ment plans.
•
Asserting that there had been no misrepresentation by it, the corporation
contended that the complaint failed to state facts sufficient to show a viola¬
tion of the law and also maintained that the Commission had no jurisdiction
in the matter.
The Federal Trade Commission had charged that the 21 automobile and
Investment companies, which included the General Motors Corp. and its
paying an annual
subsidiaries, had led purchasers to believe that they were pa
lereas the actual rate paid was higher.
To this the
6% interest rate whereas the actual rate paid was higher
corporation emphatically
took exception.—V. 143, p. 3841.
'
General Outdoor Advertising Co., Inc.—Accumul. Div.
declared a dividend of $3 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
Dec. 26 to holders of record Dec. 21.
A similar payment was made on
Nov. 25; Nov. 15 and on Oct. 15, last, this latter being the first dividend
The directors have
RR.—Earnings—
1936
L $2,094,696
637,724
264,519
1935
$1,880,140
,
514,299
338,938
1934
$1,102,957
def58.487
defl84,172
1933
$1,127,608
15.279
defl48,947
21,541,731
5,030,559
2,334,336
November—
Gross from railway
19,003,480
3,757,584
2,173,246
15,847,828
2.133,269
314,464
13,828.468
1,125.848
def839,517
,
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—Y. 143. p. 3632.
Granby Consolidated Mining,
Ltd.—Listing—
The New York
Smelting & Power Co.,
Stock Exchange has authorized the
listing of 450,003
capital stock (par $5) in substitution for the presently outstanding
of $100 par per share.
The change to capital stock of a par value of $5 per share Is being made on
share for share basis and by reducing the capital account to $2,250,003.
shares of
and listed shares
a
Statement of Income
and Liquidators' Expenditure for
1936 to Oct. 31, 1936
Period" from
Jan. 24,
Liquidators' expenditure
Income
expenditure over income
Jan. 24,1936
-
Excess of liquidators'
Deficit as at
Loss on sale of investments
Increase in
Deficit
provision for contingencies
as
at Oct.
31,1936
$91,764
—_—
...........
-
—...—.—
53,442
$38,322
5,342,773
70,589
3,090
$5,454,780
106
Financial
Balance Sheet
as
Chronicle
of Oct. 31, 1936
[Giving effect to reduction in capital stock from $50,000,000 to $2,500,000
Assets—
hand...
on
$385,308 Accounts payable
Accounts receivable
4
Investments
mineral
lands
&c.,
1,442
5,159
20,000
2,250,003
x320,825
Capital stock (par $5)
2,199,014 Capital surplus
at
"After
estate,
3,507
Total
x
$2,599,5801
Total
companies, notwithstanding the form which it takes as a stock dividend."
Of the stock to be issaed, $1,576,770 will go to the common
stockholders
as a stock dividend, while the remainder will be sold to obtain cash
for those who chose their dividends in that
form, the Commission explained.
The cash so obtained is to be regarded as a reimbursement of the
appli¬
cant's treasury for an equivalent amount advanced by the
applicant to the
system's companies for additions and betterments.—V. 143, p. 4155.
$2,599,580
directly
Statement reflecting changes in capital structure
after giving effect to
reduction
in
capital stock:
Capital stock (old)—par $100 each
Deduct capital distributed to shareholders:
Prior to appointment of liquidators
Distributed by liquidators
$45,000,065
10,265,580
4,500,000
Balance.
Guantanamo Sugar
$30,234,484
2,250,003
Capital stock (new) issued & outstanding (450,000.65 shares)
x
Years End. Sept. 30—
Gross sugar & molasses
1935
$1,349,887
$1,337,744
1,143,795
1,101,230
719,753
535,781
$206,092
Dr35,088
$236,514
Dr77,695
loss$15,573
Dr71,100
$28,325
Dr45,203
$171,004
209,719
$158,819
216,101
loss$86,673
232,278
loss$16,878
258,578
$38,715
1,476,038
$57,282
1,418,756
$318,951
1,099,805
$340,981
758,824
$1,514,753
$1,476,038
$1,418,756
$1,099,805
cane, mfg., ship¬
ping and gen. expenses
Profit
operations..
on
Other income (net)
$320,825
Profit
Deprec. of mills, &c
Great Atlantic & Pacific Tea Co.— U.
pany to
Addit. pjov.
S. Orders Com¬
case, the
x
Cane plant'g exp__
to
preceding
Dec. 20,
on
Great Lakes
Steamship Co., Inc.—75-Cent Dividend—
The directors have declared
dividend of 75 cents per share on the com¬
stock, no par value, payable Dec. 26 to holders of record Dec. 16.
Alike payment was made on Oct. 1 and on June
29, last; and compares with
dividends of 50 cents per share distributed on March
28, last, and 25 cents
per share in each quarter of 1935 and 1934.—V.
143,
a
mon
p.
Great Northern Ry.—Seeks
The company has applied to the Interstate
Commerce Commission for
authority to issue and sell $50,000,000 of general mortgage 3 H% bonds
with a program to refund
$40,843,000 of its consolidated
mortgage 5s and about half of $20,185,100 of bonds maturing next summer.
The maturing bonds are $10,185,000 of Montana
extension 4% bonds,
due June 1 and $10,000,000 of Montana Central
Ry. 6s and 5s, due July 1.
It is proposed to redeem the consolidated
bonds on July 1, next
year,
at lOl^i of par, plus accrued interest.
in connection
receivable, &c_.
Unexpired Ins., &c
Livestock
The company said that it would be
impossible to provide from earnings
liquid resources the entire amount to pay the $20,185,100 of maturities
1937, and that it would be necessary to refund about
$10,000,000 of
the bonds through an additional issue of funded
obligations.
No contract has been entered into for sale of the
bonds, but the company
believes that the bonds can be sold to investment
bankers at a price that
will result in substantial
savings.
The new issue would be designated as
general mortgage 3 K % gold bonds,
series I, would be dated Jan. 1,
1937, and mature Jan. 1, 1967.
A sinking
fund equivalent to $250,000
annually would be provided for the new issue.
Earnings for November and Year
November—
1936
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1933
$7,447,340
2,686,718
1,850,462
$6,679,470
2,422,548
1,810,705
$5,828,318
1,902,403
1,233,678
$5,119,639
1,501,898
832,180
83,210,001
30,860,881
22,298,056
75,830,152
29,660,707
21,961,341
65,660,466
20,633,123
12,897,342
57,496,718
19,222,405
10,980,190
—V. 143, p. 4155.
Great Western Sugar Co.—To
The directors have declared
In
announced
a
5%
bonus to employees along with
5%
a
January 5% of 1936 wages will be paid to employees in cash and
5% in current rates of pay will be made.—V. 142,
p. 3853.
Green Bay & Western
including Jan. 16, 1933.
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
—-V
.
lAo, p. 3o32.
Non-residents of Canada
an
Guenther Publishing Co.—To
1934
$123,276
def2,127
defl3,832
$104,634
11,796
7,233
$85,243
6,325
440
1,471,022
338,844
146.631
1,303,107
259,339
123,231
1.022,465
1,012,919
140,275
71,792
def510
Greyhound Corp.-—ICC Ratifies Plan
for Avoiding
65,981
a
Tax
Pay $10 Dividend—
on
Dec. 11 authorized the company
obligation and liability, as lessee and guarantor, in respect of
exceeding $1,440,000 equipment-trust certificates of 1934, to be issued,
in amended form, by the Merchants National Bank of
Mobile, Mobile,
Ala., and sold at 100.17 and divs., the proceeds to be applied to the retire¬
ment of $698,000 of Gulf, Mobile & Northern RR.
equipment-trust cer¬
tificates of 1934 now outstanding and the remainder used in connection with
the procurement of additional equipment.
(See offering in V. 143, p. 3148)
assume
Earnings for November and Year
November—
1936
Gross from railway
Net fromirailway
to
1935
Date
1934
1933
$641,726
260,799
125,083
$597,897
225,526
132,706
$446,308
128,926
50,724
$406,014
108,533
30.400
6,683,460
2,592,912
1,316,342
5,656,837
1,909,540
1,019,653
4,800,940
1,334,094
455,750
3,798,981
1,216,957
598,204
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 143, p. 3633.
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.
-1935
$129,651
$101,947
$1,467,885
$1,233,806
Oper. expenses & taxes—
86,220
64,964
953.224
777,320
Period End. Nov. 30—
Gross revenue
Prov. for retire. reserve
8,000
5,584
5,500
21,925
5,584
93,500
206,942
67,014
63,750
204,889
67,014
$12,156
$3,971
$147,203
$120,832
-
Int. & other fixed charges
Dividends
on
17,689
pref. stock
Balance
Gulf & Ship Island
November—
RR.—Earnings-—
1936
$105,823
def496
Gross from railway——
Net from railway
1935
1934
1933
974
def516
def23,772
defl6,404
1,173,203
169,801
84,967
def23,844
$95,759
5,124
defl7,759
1,052,135
125,128
defl53,202
979,436
140,188
defl56,076
$83,704
Interstate
$80,613
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1,328,455
165,139
defl07,929
3633.
(M. A.) Hanna Co. (& Subs.)—Earnings—
Consolidated Statement for the Year Ended Sept.
30, 1936.
a
Gross sales & operating re venues
_
Cost of sales & oper. exps. (incl. selling, gen. & admin,
exps.)—
Prov. for doubtful accounts & accounts charged off-—.
Profit-.
Other income
......—...............
Interest & discount (net)—
Prov. for estimated Federal income &
excess
$9,082,441
7,915,296
214,645
$952,501
1,313,635
——
profits taxes
Dividend—
*n Its history, the
Commerce Commission
authorized Dec. 28 a carrier
subject to its jurisdiction to issue
preferred
stock for the purpose of
paying an extra dividend.
It approved plans of
Greyhound Corp. to issue $1,950,900 of
53-^ % preference stock to pay
dividends of 75 cents a share to holders
of common stock.
5% tax.
not
Total income
-—Authorizes Corporation to Sell
Preference Stock to Pay Extra
a
Gulf, Mobile & Northern RR.—Equipment Trust—
The Interstate Commerce Commission
to
1933
$137,710
25,972
8.176
subject to
The directors have declared a dividend of $10 per share on the
capital
stock, payable Jan. 2 to holders of record Dec. 31,
This compares with
$6 paid on Jan. 2, 1936; $4 paid on Jan. 2, 1935; and $5 paid on Jan. 4,
1934.—Y. 139, p. 4128.
—V. 143, p.
1935
are
—V. 143, P. 2370.
RR--Earning,
1936
J
Net after rents
mcrease of
November—
Gross from railway
30,701
The directors have declared an extra dividend of $2.50
per share in
addition to the usual quarterly dividend of $1.50 per share on the common
par $50. payable in Canadian funds on Jan. 15 to holders of record
Dec. 31.
Similar distributions have been made each quarter since and
Pay Special Dividend—
Wage Increase—
The company
increase in pay.
504,054
49,295
1,476,038
stock,
common
Bonus and
198,362
251.009
100,412
—V. 143, p. 3633.
a special dividend of $1.30
per share on the
stock, no par value, payable Jan. 25 to holders of record Jan. 9.
The regular quarterly dividend of 60 cents
per share was paid on Jan. 2.
4,048,350
1,650
1,396,000
1,650
Guarantee Co. of North America—Extra Dividend—
Gulf Power
1934
24,869
23,746
107,905
V. 142, p. 301.
to Date
1935
4,048,350
Total
$6,687,786 $6,701,382
Total
$6,687,786 $6,701,382
a After reserve for
depreciation of $1,964,517 in 1936 and $1,859,212 In
1935.
b Represented by 404,835 no par shares,
c $50 par value,
d After
reserves
of $347,451 in 1936 and $369,000 in 1935.
e Partly secured.—
or
in
74,586
55,501
295,803
Advs. to colonos..
Miscells. accounts
stock.
Old common
.
831,756
1880.
$50,000,000 Refunding Issue
season
Cash
Dillon, Read & Co., as fiscal agents, have announced that $450,000
prin¬
cipal amount of the company's first mortgage 7% sinking fund bonds, series
A, have been drawn for redemption on Feb. 1, 1937, through operation of
the sinking fund. Payment will be made at 100 and
accrued interest at the
office of Dillon, Read & Co. in New
York, or at the principal office of
J. Henry Schroeder & Co. in London.—V. 142,
p. 128.
nine
follow,
Liabilities—
1936
1935
Pref. 8% stock...$1,728,700 $1,728,700
b Common
767,203 e Notes payable.
1,395,000
124,698 Accts. pay. & ac¬
crued liabllitles.
101,772
84,215 Loans pay. (sec.).
372,091
740,277 Other notes pay'le
36,504
(unsecured)
499,681
305,470 Taxes & contlng's.
55,295
Deficit
1,514,754
25,910
Grow, crops, carr'd
Co., Ltd., Japan—
In addition, an extra dividend of 40 cents was paid
of 50 cents on Dec. 19,1934.—Y. 143, p. 2216.
|
c
742,693
133,223
Inventories
company's account; and (3) permitting an employee of the
company
packer a charge that exceeds the actual and reasonable
providing the service rendered.—V. 143, p. 3467.
one
RR
anamo
to collect from a meat
1935, and
1935
build¬
$4,397,704 $4,485,992
d Invest.In Guant¬
expense incurred in
Engineering Works—Special Dividend—
1936
Real est.,
ings, &c
packers
The directors have declared a special dividend of
50 cents per share
the common stock, par $10, payable Dec. 21 to holders
of record Dec. 14.
An extra dividend of five cents in addition to a
regular quarterly dividend of
10 cents per share was paid on Nov. 2, last and in each of the
After deducting sea freight, commissions, &c.
Assets—
a
authorized to purchase meat for its account; (2)
permitting an
employee to make misrepresentation to the effect that he is in the
brokerage
business when, in fact, he was purchasing meat
supplies from meat
quarters.
65,524
Balance Sheet Sept. 30
Secretary,
on
—
Deficit
agency
Great Lakes
on
.
Previous deficit
in the report just signed, summarizes the evidence
obtained at a hearing
and orders the company to cease and desist
from the deceptive and unfair
practices set forth in the report.
These practices are:
(1) Concealment of
the true relationship existing between the
company and an employee or
Great Consolidated Electric Power
fop losses
Balance, deficit.
cease and
desist from various practices held to be in violation
of the Federal Packers
and Stockyards Act.
The report and order signed Dec. 28 is the latest
development in the so-called A. & P. brokerage case in which more than a
year ago the U. S. Department of Agriculture
charged that company with
practices forbidden by. the Packers and Stockyards Act and
having the
effect of giving the A. & P. company an unfair
advantage over its com¬
petitors. The order becomes effective Feb. 2.
After reviewing the complaint and proceedings in the
Bonds Called—
1933
$564,107
advances to colonos..
Cease Deceptive Practices—
Secretary of Agriculture Wallace has ordered the company to
for the
1934
$704,180
Cost of
.
surplus^as at Oct. 31, 1936
Co.—Earning
1936
sales
Capital surplus arising from reduction in par value of
cap. stk_$27,984,481
Utilized as authorized by directors on Dec.
10, 1936, as follows:
To write off discount on capital stock
(old)
22,208.875
To write off deficit at Oct. 31,1936
5,454,779
Capital
consideration, our conclusion is that these other dis¬
of lesser consequence, in the public interest, and, that the
of preference stock should be approved.
We are in¬
are
fluenced in this conclusion by the fact that this course
appears to be in
consonance with the present policy of
Congress, and by the further fact
that, as we interpret the proposed transaction, the preference stock will in
actual effect be issued to finance additions and betterments
for the system
2
Prepaid insurance—
extra dividend
avoid a $300,000
proposed issuance
at
bldgs.,
nominal value
to
careful
advantages
nominal value
Real
the corporation
profits, the Commission said:
"The question, therefore, is the practical one of
determining the course
which is Compatible with the public interest' in these
circumstances.
The
choice is between a course which imposes a severe financial
penalty and one
which carries with it certain other disadvantages.
$2,149
(est.)——_
Unclaimed capital distribs
Prov. for contingencies
10,004
Allenby & Copper Mtn. props.
(not operating)
&
Accrued liabilities
1,736
Sundry supplies—at nom. val
Mines
payment was that it would enable
Federal tax on its undistributed
Liabilities—
Cash in banks and
Jan. 2, 1937
Frankly conceding that the'only merit in the proposed
$2,266,136
12,620
182,432
Net income (excl. of security transactions & Federal income
& excess profits taxes applicable thereto)....
$2,071,084
Less discounts, returns and allowances.
Inter-company sales 'and
operating revenues have been eliminated.
• ■
Note—From the above earnings no deduction has been made for the surtax
on undistributed profits.—V. 143, p. 4155.
.
a
Volume
Financial
144
Hale Brothers Stores,
Hus8mann-Ligonier Co. (& Subs.)—Earnings—
Inc.—Extra Dividend—
The company paia an extra dividend of 25 cents per share on its common
on Dec. 21 to holders of record Dec. 16.
The regular quarterly divi
Consolidated Income Statement for 10 Months Ended Oct. 31,
stock
dend of 15 cents per share was paid on
107
Chronicle
Sales (less returns and allowances,
Dec. 1, last.—V. 143, p. 112.
Distributors' charges,
&c
1,231,174
Happiness Candy Stores, Inc.—Court Rescinds Transfer
of 97,000 Loft Shares—
Cost of sales
A block of 97,000 shares of Loft, Inc., stock, which was transferred from
Happiness Candy Stores, Inc. to Pepsi-Cola Co., will be returned to Happi¬
ness,
by a decision of Justice Burt J. Humphrey, made Dec. 23 in
special term of the New York Supreme Court, in Queens. Justice Humphrey
heard argument and reserved decision in the matter a month ago.
o
While Charles G. Guth, now a director of Pepsi-Cola, was President of
Loft, Inc., and interested in Happiness, Inc., there was transferred a total
of 108,000 shares of Loft stock, owned by Happiness, to Pepsi-Cola. PepsiCola brought an action to have this transfer approved.
Happiness, Inc.,
brought a counter-action to have the transfer of 97,000 of the 108,000
shares rescinded, claiming that the transfer was made by Mr. Guth without
authority or approval of the directors.
Justice
Humphrey's decision
rescinds the transfer. —V. 141, p. 438.
Selling, administrative and financing dept. expenses
Profit
Haverty Furniture Cos., Inc.—Larger Dividend—
The
declared
a
share
of 25 cents per
dividend
Inc.—New Preferred Dividend—
At the regular board of directors meeting held Dec. 30 they declared a
IH% dividend on the $100 par preferred stock.
This is the new rate
established by the charter amendment which was approved by the stock¬
holders on Dec. 16, 1935. The dividend is payable Feb. 15, to stockholders
Feb. 4,1937.—V. 143, p. 3633.
on
debenture
on
Discounts
Interest
Miscellaneous
Expenses
Federal
.
on
Dec. 28 declared
paid
corporation
an
a
dividend of $2 per share on the common
1 to holders of record Jan. 15.
On Nov. 2, last, the
extra dividend of 75 cents per share and a regular
dividend of 50 cents per
share.
14,471
non-operating properties
on
income
40,329
taxes
Net profit for the period
$236,266
stock—•
paid on preferred
preferred stock
In
$12,687
17,292
67,649
provision has been made for the Federal surtax on undis¬
tributed profits, applicable to 1936 income.
In cash
On
*
common
stock:
In cash
Note—No
Cash
1,439,345
922,544
957
1,031
Comm. reserve due
13.591
340,830
22,223
5,046
Federal and
274,946
220,360
2,744
208,039
c 22,405
U. S. Govt, secur.
Instalment notes
Misc.
claims receivable
Due from
em pi.
.
A quarterly dividend of 50 cents was paid
Aug. 1, last, ana an initial dividend of 25 cents was distributed on
May 1, 1936.
The following statement was issued by the directors after their regular
meeting held Dec. 28.
"The fiscal year of the corporation for which it-makes its income tax
reports to the Federal Government ends March 31 in each year.
The
entire amount which would normally be paid on the common stock during
the calendar year 1937 is consolidated into one dividend in order to make
such dividend a distribution during the fiscal year ending March 31, 1937.
It is not to be taken as an indication of any intention on the part of the
directors to change the rate of dividend ofn the common stock which has
recently been current at the rate of $2 per share per calendar year."—V.
143, p. 3319.
22,223
5,307
9,531
eurr. assets.
126,728
7,500
State
income taxes
21,173
_.
Sales agts.' comm.
50,093
10-year sink, fund
and
plant
Patents, dies, pat¬
terns,
51,754
est, taxes, &c_.
agents
-
b Plant bldgs
55,860
&
agents
Inventory
Land
Accts. pay. (trade)
Acer, wages, Inter¬
Other
and
accts.
$369,000
1,000
$183,449
accts. receivable
$529,645
Notes payable
$103,008
1,000
in banks
a
Sept. 30'36 Der. 31/35
Collat. trust notes
hand and
on
Liabilities—
Sept. 30,'36 Dec. 31/35
Assets—
Dismantled
Holly Sugar Corp.—To Pay $2 Common Dividend—
Directors
3,416
2,320
23,611
1,808
-
collateral trust notes
equipment
stock payable Feb.
bonds
instalment notes receivable, discounted.
on
on
Consolidated Balance Sheet
100,000 shares of class A stock,
no par, and
100,000 shares of new common stock, no par, upon official
notice of issuance, in exchange for 100,000 shares of convertible $3 dividend
preferred stock. The Exchange will also list 59,169 shares of new common
stock, no par, upon official notice of issuance in lieu of 295,842 presently
listed and outstanding shares of old common stock, no par.—V. 143, p. 4166.
Hercules Powder Co.,
118,501
$322,224
profit
Interest
Inc.—Listing—
The New York Curb Exchange will list
of record
Total
on
—V. 143, p. 3318.
Helena Rubinstein,
$203,723
operations
on
Other income and credits
Dividends
the
common stock, payable Dec. 22 to holders of record Dec. 17.
A dividend
of 20 cents was paid on Nov. 25, last, one of 15 cents was paid on Sept. 25,
last, and previously dividends of 10 cents per share had been distributed.
have
directors
$579,956
376,233
Gross profit on sales
•
1936
$2,700,538
889,407
&c.)
&c
e
309
Treasury stock
Deferred charges..
liability
Deferred Income.
Deferred
Reserves
1
<
debentures.
24,746
11.32Q
on
Conv.
66,000
70,138
68,235
.
_
33", 795
...
cum.
pref.
632,994
stock (no par)..
Pref
stock 5J^%
cumulative
d
597,900
Common stock-
636,680
Surplus
$2,236,128
Total...
After
a
reserve
72,500
240,279
75,000
101,006
$1,584,9921
Total
$2,236,128 $1,584,992
$7^002 in 1936 and $62,942 in 1935. b After
for losses of
$334,853 in 1936 and $329,860 in 1935.
c After
for depreciation of $15,719.
d Represented by 146,979 (83,311 in
1935) shares, no par, after deducting 3,189 (689 in 1935) shares held in
treasury,
e Stated value $10 per share.—V. 143, p. 4002.
reserve
for depreciation of
reserve
Huttig Sash & Door Co.—Initial Dividends—
The directors haye declared an initial dividend of 40 cents per share on
Home Dairy Co.,
Inc.—50-Cent Class A Dividend—
the
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $2 cumul. class A stock, no par value, payable
Jan. 15 co holders of record Jan. 5.
A similar payment was made on Oct. 15,
July 15, April 15 and Jan. 15, last, and on Oct. 15, July 15 and April 15,
1935, this latter being the first distribution to be made on this issue since
April 1, 1932, when a regular quarterly dividend of like amount was dis¬
tributed.—V. 143, p. 2372.
i.
Horn & Hardart
Baking Co. (& Subs.)—Earnings—
Years End. Sept. 30—
1936
Sales.
$11,943,868
1935
1934
1933
$10,996,770 $10,450,002 $10,406,163
Material, costs, salaries,
wages and other oper.
Divs., &c., received
$1,130,641
143,823
$955,276
157,185
$1,060,407
9,142,100
247,143
$1,207,937
156,600
__
Net inc. before deprec.
and Federal taxes._
8,525,636
260,801
8,734,563
248,993
227,955
283,215
9,960,268
270,270
268,954
236,439
Taxes, ins. & water rents
(net)
stock and
Idaho Power
Co.—Earnings—
[Electric Power
216,085
213,441
306,357
300,322
206,121
$1,274,464
558,584
81,911
$1,112,461
627,667
49,847
$1,266,528
638,271
55,475
$685,193
522,511
$633,969
497,624
$434,947
497,599
$572,782
x645,827
$1,364,537
552.266
reserve
Federal income tax
Net income
Dividends
Suplus
def$73,045
def$62,652
$136,345
$162,682
Shares capital stock out¬
standing (no par)-.-.
Earnings per share
x
.
99,525
$5.74
99,523
$4.37
99,526
$6.37
99,526
$6.88
Includes $49,971 paid in stock at $87.50 a share.
Balance Sheet
Assets—
S
1935
1936
$
s
Liabilities—
$
Corp.
Subsidiary]
1936—12 Mos.—1935
$370,174
170,370
$4,722,133
2,399,884
$4,270,005
2,096,960
$180,362
$199,804
:$2,322,249
$2,173,045
591
504
Dr667
Dr2,390
$180,953
60,536
$200,308
56,755
:$2,321,582
718,645
$2,170,655
708,591
y$120,417
y$143,553
Property retirement reserve appropriations
z
Dividends applicable to preferred stocks for
period, whether paid or unpaid
$1,602,937
465,000
$1,462,064
422,000
Net
rev.
from oper
Gross corporate inc.
Int. & other deductions.
Balance.
414,342
414,342
$723,595
...
$625,722
y
Before property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 preferred stocks were paid on Nov. 2,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 143, p. 3844.
z
1936.
Illinois Bell
Telephone Co.—Earnings—
Earnings for 12 Months Ended Oct. 31.
Telephone operating income—Local service revenues
1936
$62,322,440
17,572,525
1,556,121
Toll service revenues
Miscellaneous revenues
$81,451,086
Total
Sept. 30
1935
1936
Light
$399,368
219,006
Operating revenues
Oper. expenses and taxes
_
127,078
Total income..
&
1936—Month—1935
Period End. Nov. 30—
Balance....
Deprec. and
initial dividend of $1.75 per share on the new 7 %
an
Other income (net)
Maintenance & repairs.
Interest
common
preferred stock, both payable Dec. 26 to holders of record Dec. 16.
A plan was recently ratified clearing up all accruals on the preferred
stock.—V. 143, p. 2374.
320,409
Uncollectible operating revenues
Operating revenues
$81,130,678
,,
Current maintenance
15,191,026
10,445
Capital stock... 2,137,025
233,941
payable—
2,137,025
15,492
317,274
Depreciation
Inventories
325,869
306,748
Accrued expenses .
299.832
250,792
Investments
517,400
517,400
Dividends
payable
149,289
124,407
Traffic expenses
Commercial expenses
for conting..
11 ,801,471
12,097,156
90,321
92,000
52,482
33,117
111,208
Res. for Fed. taxes
47,160
17,890
224,992
12,550,068
13,670,405
6,607,821
929,516
.92.000
Mtges. due within
Cash
893,502
Accounts receiv...
y
556,804
Res.
Real estate, land,
fixtures
Prepayments
Goodwill..
Deferred charges
Treasury
-
stock...
x
Accts.
63,832
33,117
Deferred credit
47.160
23,600
107,072
Operating rents
Executive and legal department expenses
Accounting and treasury department expenses
210,000
employees' service pensions
Employees' sickness, accident, death and other benefits
Provision for
,
445,488
2,511,622
993,584
mtges.
Surplus
1,119,824
565,000
4,057,500
4,622,500
General services and licenses
6,089,026
1 year
Long-term
5,948,878
Other general expenses
620,753
1,069,123
Crl34,691
Expenses charged construction
13 ,821,654
Total
Represented by 99,526
-V. 143, p. 1881.
x
13,788,710
no par
Total
shares.
y
13,821,654 13,788,710
After reserve for depreciation.
$25,556,139
Net operating revenues
Federal income tax
1,351,213
9,872,690
Other taxes
Houston
Lighting & Power Co.—Earnings—
Net
(National Power & Light Co. Subsidiary)
1 1936—Month—1935
1936—12 Mos.—1935
$14,332,235
operating income
283,151
Other income
Period End. Nov. 30—
$805,362
403,314
$738,284
337,599
$9,605,017
4,631,583
$8,693,574
4,034,225
$400,685
$4,973,434
1,292
14,248
$4,659,349
16,634
Amortization of discount on funded debt
Other income
$402,048
1,225
Gross corp. income...
Int. & other deducts..
$403,273
115,729
$401,977
116,577
$4,987,682
1,392,176
$4,675,983
1,391,074
—V. 143, p.
Balance
y $287,544
y$285,400
Proterty retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
$3,595,506
1,215,468
$3,284,909
954,235
Operating revenues
Oper. exps. &c. taxes—
$14,615,386
1,774,234
Cr318,473
10,254
Total income
Interest
on
funded debt
Other interest deductions
Net
rev.
from oper.
Net income
$13,149,372
....
3844.
Illuminating & Power Securities Corp.—Special Div.—
$50,
on
dividend of $1 per share was
315,078
315,078
$2,064,960
paid or unpaid
paid a special dividend of $1 per share on its common stock,
Dec. 18 to holders of record Dec. 11.
The regular quarterly
paid on Nov. 10, last.—V. 140, p. 642.
The company
par
$2,015,596
Illinois Terminal Co.—Earnings—
Balance
Vefore property retirement reserve appropriations and dividends,
z Regular divs. on 7% and $6 pref. stocks were paid on Nov. 2, 1936.
After
the payment of these divs. there were no accumulated unpaid divs. at that
date.—V. 143, p. 4157.
y
November—
Gross from railway
Net from railway
Net after rents
Hygrade Sylvania Corp.—Capital Increased—
stock by 60,000 common
shares.—V. 143, p. 3844.
in the capital
1936
1934
1933
$482,289
189,092
138,029
$408,910
129,624
94,941
$392,756
117,765
62,221
5,443,999
2,005,374
1,374,246
4,824,081
1,565,575
1,088,035
4,489,280
1,343,250
878,302
4,360,738
1,417,262
796,508
From Jan. 1—
Gross from railway.....
The stockholders at a recent meeting authorized an increase
1935
$509,225
202,113
r
138,569
Net from railway
Net after rents
—Y. 143, p. 3634.
108
Financial
Illinois Central
r
RR.—Earnings—
November—
1930
1935
1934
1933
$10,728,796
$8,503,824
3.489.098
■Gross from railway
Net from railway
1,916,796
1,107,020
$7,494,991
1,768.237
952,038
88.918,363
18,822,193
10,555,789
83,289.499
21,104,968
11,779,900
80,143,321
23,253,987
14,546,586
2.500,505
26.028,795
14,554,292
Net after rents
fNovember—
Gross from railway
1936
Net from railway
Net after rents
1935
1934
1933
$8,909,389
2,599,585
1,832,690
$7,181,407
1,428.074
834,806
$6,322,674
1,301,724
774,074
$6,077,324
1,557,996
1,121,299
77,318,848
15,302,569
9,635,382
72,345,407
18,169,123
11,077,914
69,331,290
19,680,813
From Jan. 1—
Gross from railway
Net from railway
89,715,653
21,144i347
12,066,838
Net after rents
13,408.507
~V. 143, P. 4003.
Interstate Bond Co.—Registers with SEC—
addition to
a
share for Hawaiian stock for last 12 days before Dec. 18.
Non-consenting
Island preferred holders are to be paid off at $25 a share and accrued divi¬
dends.
The balance will go to Island common holders.
Jackson
&
an
extra dividend of 50 cents per
regular quarterly dividend of like amount
holders of record Dec.
on
,
Income Foundation
Fund, Inc.—Special Dividend—
T The company paid a special dividend of 1 % cents per share on the common
on Dec. 23 to holders of record Dec. 21.
An extra dividend of 2H
cents, in addition to the regular quarterly dividend of 1M cents was paid
on Nov. 2, last.
An extra of 3M cents was paid on Aug. 1 and on May 1,
last, and an extra of 1 cent per share was distributed on Feb. 1, 1936.
—V. 143, p. 2843.
Indianapolis Water Co.—Earnings—
Earnings for 12 Months Ended Nov. 30, 1936
revenues
or
Up
All
For detailed dividend record see—-V._143,_p. 2682.
The directors have declared a dividend of 25 cents per share on the com¬
mon stock, par $1, payable Dec. 26, to holders of record Dec. 19.
A similar
payment was made on Oct. 1 and on July 15, last.—V. 143, p. 1883.
Jamaica
Producers
Banana
Association,
Ltd.—De¬
bentures
stock
Operation, maintenance and retirement
■Clears
Corp.-
(F. L.) Jacobs Co.—25-Cent Dividend—
Imperial Royalties Co.—To Dispose of Certain Assets—
See Toklan Royalty Corp. below.—V. 143, p. 3001.
Securities
The company paid a dividend of $7.50 per share on account of accumula¬
tions on the $6 cumulative preferred stock, no par value, on Dec. 15 to
holders of record Dec. 8.
This payment cleared up all accruals on the
share In
the class A stock,
14.—V. 133, p. 2274.
Curtis
Accruals—
preferred stock.
both payable Dec. 28 to
Gross
Pineapple Co., Ltd.—Dissolution—
The stockholders have approved a plan of dissolution.
The plan calls
for distribution of Hawaiian Pineapple Co., Ltd., shares held by Island to
Island preferred stockholders on average weighted market value of $41 a
Illuminating Shares Corp.—Extra Dividend—
The directors have declared
Trust Co., New York.—
See list given on first page of this department.—V. 143, p. 3321.
Island
104,224,764
Jan. 2, 1937
made at the head office of City Bank Farmers
V. 143, p. 3002.
$7,186,450
1,965,305
1,319,470
Net after rents
►•From Jan. 1—
Gross from railway
Net from railway
Chronicle
$2,654,034
824,304
depreciation
All Federal and local taxes
Offered—W. C. Pitfield & Co., Ltd., Montreal, are
offering at 100, £350,000 3% non-callable serial debentures.
Guaranteed unconditionally as to principal and interest by
the Government of Jamaica.
Dated Dec. 15, 1936, and to mature £25,000 per annum from Dec.15,
1937 to Dec. 15, 1950, incl.
Principal
of holder in pounds sterling at Royal
and int. (J. & D.) payable at option
Bank of Canada, London, E. O. 2,
Eng. or in Jamaican pounds at Royal Bank of Canada, Kingston, Jamaica.
Coupon debentures in denom. of £200 and £500, registerable as to principal
on the books of the Association.
Debentures will be a direct obligation of
the Association and will be non-callable.
In the opinion of legal advisers,
these debentures will be a legal investment for trustee funds in Jamaica.
Jefferson Brewing
503,607
Co.—Registers with SEC—
See list given on first page of this department.
Net income
$1,326,122
Interest charges
Other deductions
Julian & Kokenge Co.
718,576
84,947
.
Balance available for dividends
$522,598
Interest charges above include duplication of interest due to refinancing
In amount $76,201, total charges prior to refinancing $642,375.
Interest charges after December 1936, on present outstanding bonds will
Selling expenses.
$
Assets—
Other income
Liabilities—
1,054,900
5,250,000
1,054,900
5,000,000
indebted.13,827,000
613
352
receiv..
253,004
112,504
Investments—Gen.
22,322
Prepayments
12,755
Special deposits-17,479
222,265
Consumers' depos.
70,330
Other current liab.
count & expense
Replacement
Undistrib.
23,226
5,549
posits.
17,206 Accrued taxes
73,662
28,713
424,459
202,154
308,432
1,305,695
277,638
Accrued
39,789
463,629
38,281
450,622
Accrued interest..
debits-
87,943
39,850
Main extension de¬
fund
—
Misc. unadj. cred.
Total
Net profit
Previous balance, Nov. 1
Balance,
....24,741,227 23.097,805
Total
$6,162,147
-V. 126, p. 107.
dividend of 65 cents per share on the com¬
mon stock, no par value, payable Dec. 23 to holders of record Dec. 15.
A dividend of 20 cents was paid on Sept. 30, June 30 and April 1, last.
a
regular quarterly dividends of 15 cents per share were dis¬
In addition, an extra dividend of 20 cents was paid on Dec. 31,
1935.—V. 143, p. 2374.
At a meeting of directors on Dec. 23, Thomas H. O'Brien was elected a
Vice-President.—V. 142, p. 3679.
Institutional Securities, Ltd.—Dividend—
an
initial dividend of $0.0315
a
share
on
Insurance
Group Shares payable Feb. 1, 1937 to holders of record Dec. 31, 1936.
3845.
Payment of $43.50 per $1,000 note will be made on Jan. 2, 1937, on the
10-year secured convertible 7% gold notes, due 1932:
The Committee on Securities of the New York Stock Exchange rules that
the notes be quoted ex $43.50 per $1,000 note on Jan. 2, 1937; that the
notes shall continue to be dealt In "flat" and to be a delivery in settlement
of transactions made
on and after that date the notes and Sept. 1, 1932.
be stamped as to payment of $41.40, $44, $43.50, $43, $43, $43,
$43, $43.50 and $43.50.
Such coupons must be securely attached and bear
coupon
same
serial number as the notes;
notice having been received
Further
that the above payment
on
that
Sart 2, i 1937, to holders of record at the close of business willDec.mailed on
o the notes represented by certificates of deposit on be 28, 1936,
an.
on Securities rules that certificates of deposit be quoted ex
$43.50 per $1,000 certificate on Jan. 2, 1937; that certificates of deposit
delivered in settlement of contracts made Dec. 24, 28, 29, 30 and 31, 1936,
must be accompanied by due-bills for the above payment; and that all
due-bills must be redeemed on Jan. 4,1937.—V. 143, p. 4157.
the Committee
International Great Northern RR
November—
1936
Gross from railway...
Net from railway..
Net after rents
...
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
1933
$1,048,393
169,087
13,366
$945,071
124,652
15,778
$961,866
182,313
56,140
$851,534
168,574
38,796
......
$1,381,138
$2.56
1935
1936
in bank
and accts. receiv.
641,324
533,325
779
720
857,610
935,506
rec_.
Cash
surr.
value of
57,396
4,571
120,648
V
433,057
stock..
606,076
606,075
Earned surplus, as
annexed
1,627,905
1,381,138
8,536
64,429
299,872
250,000
Common stock..
Surplus arising from
retire,
of
pref.
120,147
16,020
64,429
285,687
34,756
76,713
433,058
48,036
250,000
life insurance-..rec. .suspense
z
11,082
notes, at cost...
Inventories--
$137,557
36,707
76,174
&c
Federal taxes
$11,000 U.S. Treas.
1935
5144,848
Acer, wages, taxes,
55,703
Notes, accept'ces
Accrued int.
1936
Accounts payable-
$339,494
$626,304
Certif. of deposit-.
x
LiabUUie*—
hand and
,
2,442
cost (market value
not available)-Prepaid & deferred
accounts
Land
y
-
Buildings & equip
.-$2,924,767 $2,669,2971
Total
Total
11,085.759
1,773,303
140,227
10,610,697
1,871,268
11,666,403
3,098,882
1,400,742
11,391,253
3.218,327
1,477,471
$2,924,767 $2,669,297
x After
allowance for doubtful accounts and discounts of $123,857 In
1936 and $96,996 in 1935.
y After allowance for depreciation of $328,873
in 1936 and $112,452 in 1935.
z Represented by 131,411 no par shares.
—V.
143, p. 2375.
Kansas City
Southern Ry.—Equipment Trusts—on
Dec. 22 authorized the
com¬
obligation and liability in respect of not exceeding $3,195,000
equipment trust, series F, 3% equipment-trust certificates, to be issued by
the Guaranty Trust Co. of New York, as trustee; the first six maturing
pany to assume
Instalments thereof, of an aggregate par value of $1,278,000, to be sold at
105.0851 and accrued divs.
(see offering in V. 143, p. 4005) snd the last
of an aggregate par value of $1,917,000, to be
Co. of New York, as trustee under the first
mortgage and deed of trust dated April 2, 1900, at par and accrued divs.,
in connection with the procurement of certain equipment.
nine maturing instalments,
sold to the Bankers Trust
Trustee, Paying Agent, &c.—
Guaranty Trust Co. of New York has been appointed trustee, paying
agent and registrar of the equipment trust, series F, created by agreement
and lease dated as of Jan. 1, 1937, pursuant to which, $3,195,000 of 3%
equipment trust certificates series F will be issued.—V. 143,
4005, 4158.
— -
Gross from railway
Net from railway
Net after rents..
1936
$212,138
125,323
80,791
$199,205
110,582
73,192
$144,319
44,227
17,127
$135,497
41,109
1,573
2.265,219
1,193,857
735,147
November—
Gross from railway
Net after rents
From Jan. 1—
p.
1,823,070
807,492
478.892
1,728.609
793,187
457.333
1,648,665
776,446
419.821
1935
1934
1933
—V. 143, p. 3635.
—
552,136
—V. 143, p. 3634.
International Paper Co.—Tonawanda Bonds Called—
The
on
Net from railway
—Earnings—
1934
837
157,693
1,000
Consolidated Balance Sheet Oct. 31
i
..
Cash
The Interstate Commerce Commission
Interborough Rapid Transit Co.—Principal and Int.—
the
3,299
$1,515,309
2,760
131,411
$1,787,436
Including portion of minority interests share of deficit, Foot Saver
Chicago, which is accrued by capital stock $1,500.
Goodwill
Inspiration Consolidated Copper Co .—New Vice-Pres.
143, p.
68,000
Securities owned, at
Inland Investors, Inc.—Dividend Increased—
—V.
$337,361
xl, 106,648
Shoe Shops, Inc.,
Accts
Directors have declared
$413,712
3,494
72,856
Oct. 31
$1,627,905
share on 131,411 no par shs. cap. stock
$3.09
Assets—
Indianapolis Water Co. stock
Capital stock—common
$2,000,000
(499,935 shares)
$6,000,000 Secured 5% gold notes, due
Cash
1958
31,543
3,598.500
229 Taxes Accrued
Coupons receivable
5,179
343 Unmatured interest on funded
Sinking fund
Unamort. debt disc. & exps..
debt accrued.
114,403
74,969
Special deposits
4,629 Other accrued accounts
4,752
11.000 Surplus—
Reacquired securities
478,747
Previously,
$479,386
5,276
67,812
Minority int. of Foot Saver Shoe Shops, Inc
Liabilities—
tributed.
2
1,940,142
1,653,019
1,278
x
The directors have declared
$348,840
64,860
Special prov. for doubtful notes and accounts re¬
ceivable returned to surplus
Excessive deprec., Chicago store, furniture and
fixtures, prior years
Earns, per
$6,162,147
stimated.
Total surplus
Additional income taxes for previous year
Dividends paid
Indianapolis Water Works Securities Co.—Balance Sheet
Nov. 30, 1936—
Total
«
20,273
1,632,588
—V. 143, p. 3149.
Assets—
profits taxes,
30,288
dividends
Reserves
excess
138,924
13,186
Other accr. llabil.
24,741,227 23,097.805
Other expenses
Federal income and
215,722
Corporate surplus. 2,092,321
Total
$403,869
75,517
12,692,000
Common stock.._
Funded
Total profit
$
$
Preferred stock
Materials & sup..
Unamort. debt dis¬
..........
...
$3,360,050
2,446,782
460,998
103,421
$406,298
1,381,138
...
1935
$3,603,587
2,582,321
506,145
111,252
Nov. 30/36 Dec. 31/35
5
20,188,448 20,105,135
2,550.764
1,718,696
Notes receivable..
Accounts
...
„
Administrative expenses
Profit before other income and expenses
Balance Sheet
Nov. 30,'36 Dec. 31/35
Fixed capital
1936
_—.
.
Cost of sales
be $483,945 per annum.
Cash
(& Subs.)—Earnings—
Years Ended Oct. 31—
Net sales
has called for redemption on Feb. 1 a total of $800,000
of Tonawanda Paper Co., Inc., 1st mtge. bonds,5M% serial issue.
All
of the outstanding bonds of four series, consisting of
$200,000 each, are to
be redeemed at prices of 100H for the 1938
series, 101 for the 1939 series,
101H f°r the 1940 series and 102 for the 1941 series.
Payment will be
Kellogg Switchboard & Supply Co.—Larger Dividend—
The directors have declared a dividend of 15 cents per share on the com¬
mon
stock,
no
This compares
par
value, payable Jan. 31 to holders of record Jan. 11.
with 10 cents paid
being the initial
distribution
on
on Oct. 31 and on July
the
common
31, last, this latter
stock.—V. 143, p. 1883.
company
Kenmore Hall
(145 East 23rd St. Corp.)—Payment—
Funds will be available as of Jan.
1, 1937, for payment
on
account of
gold bonds, due July 1, 1936 at the rate of $455, per
original $1,000 bond.
Bonds may be presented for such payment at the
the
1st mtge. 6%
Volume
Financial
144
109
Chronicle
Interest will be paid thereon up to Jan. 1,
1937, on which date interest will cease on the paid portion of such bonds.
There will still remain unpaid principal on such bonds of $100 per $1,000
•bond.—V. 141, p. 4169.
Broad St., New York.
at 30
Liabilities—
Assets—
Kensington & Eastern RR.—Notes—
Accounts receivable
117,419
115,946
(net)
Inventory
Accounts
Accrued liabilities
of indebtedness for
advances from that company.
Kermath Manufacturing
Co.—Stock Dividend—
a stock dividend of 10% in addition to the
regular quarterly cash dividend of 10 cents per share on the common stock,
both payable Feb. 1 to holders of record Jan. 20.—V. 143, p. 1561.
The directors have declared
King Edward Hotel Co., Ltd., Toronto—Invitation for
Proposals for Purchase of Assets Asked—
made Dec. 19, 1936, offers
are invited
by National Trust Co., Ltd., receiver and manager of the
company, for the purchase of all the undertaking property and assets of
the company now
subject to a mortgage dated May 1, 1923, to secure an
issue of refunding sinking fund mortgage gold bonds of which there are
Pursuant to the order of Justice McTague,
presently outstanding $1,105,300.
Intending purchasers are advised that they should communicate with
National Trust Co., Ltd., 20 King St.. East, Toronto, Canada, receiver
And
manager,
with prospective
which is authorized to conduct negotiations
with
a
dividend of $1 per share in scrip on the
preferred
at the rate of 5% per
annum from Dec. 28!
1936.
It is callable in whole or part at par plus
accrued interest at any time on 10 days notice.
I -The above is the first dividend paid on the preferred stock since
-April 15,1931.—V. 143,
p.
4159.
Additional
The
Listing—
Kresge Department Stores, Inc.—Meeting
shares of
Postponed—
28 has
4159.
been
$2,929,785 free cash on
directors
have
stock payable
a dividend of 50 cents per share on the
Jan. 2 to holders of record Dec. 24.
This will be
July 1, 1931 when a distribution of $1 per
2671.
Laclede-Christy Clay Products Co.—Dividends—
The company paid a cash dividend
stock on Dec. 19 to holders of
common
In
addition another
Net
ana
per
share payable in notes
maturing one year from date was declared on the common shares.
This
-dividend likewise bears the above dates.
The note is callable before ma¬
turity at 101 plus accrued interest.—Y.
1935
1934
1933
$139,865
61,675
$42,391
def21,257
$128,580
47,197
75,042
39,702
def35,797
2,885,769
1,755,837
1,291,085
p.
As the
1935
1934
1933
$1,803,889
278,919
$1,796,506
$1,790,392
717.923
def54,811
def61,835
427,240
88,626
23,467,542
5,603,666
813,752
21,826,557
4,956,708
22,274,805
6.308,244
1,915,616
22,195,785
7,913,510
3,751,135
Net after rents
395,525
From Jan. 1—
Gross from railway
Net from railway
—V. 143, p.
468,649
3847.
Loomis-Sayles Second Fund, Inc.—Extra
& Larger Div.
extra dividend of 25 cents per share in
quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 31 to holders of record Dec. 14.
Extra dividends
of 15 cents in addition to regular quarterly dividends of 10 cents per share
were paid on Oct. 1, July 1, April 1 and Jan. 2, 1936.—Y. 143, p. 3636.
The directors have declared an
addition to
a
Lookout Mining
& Development Corp.—Registers
2,179,294
1,189,214
876.432
See list
given on first page of this department.
29,186
1935
$439,694
163,192
116,977
1936
$429,874
41,089
Gross from railway
Net from railway
def3,129
Net after rents
1934
1933
$368,393
$343,549
103,585
116,796
73,434
64,278
From Jan. 1—
4,382,246
1,535,126
1,039,011
5,072,906
1,002,265
1,650,627
4,084,418
1,402,182
934,128
3,794,864
1,314,303
851,070
—V. 143, p. 3848.
1,393,461.
533,904
314,587
1,839,510
1,055,377
Louisiana Arkansas & Texas Ry.- -Earnings—
1934
1936
1935
$72,848
$96,264
$83,047
9,789
Net from railway.
defl8,570
16,715
def5,826
Net after rents
def40,831
3,607
788,348
Gross from railway
From Jan. 1—
3635.
1933
1,153,425
171,657
887,148
199,610
Net after rents
November——
1936
1935
1934
1933
Gross from railway
Net from railway
$133,232
44,994
18,537
$114,555
31,779
$115,634
36,451
$118,581
34,980
after rents
def59,663
42,494
1,431,209
442,700
1,328,542
382,506
1,327,809
435.412
164,594
Net from railway
Net after rents.
1,369,787
447,364
184,440
431,836
175,865
~j-V. 143, p. 3635.
889,334
194,770
7,930
775,444
143,525
def4,555
—V. 143, p. 3848.
Louisiana Oil
13,152
12,701-
11,342
From Jan. 1—
$79,057
22,003
8,649
_
Net from railway
Lehigh & Hudson River Ry.—Earnings—
■Gross from rai way
with
SEC—
Gross from railway
Net
stock.
of the outstand¬
November—
after rents
143,
voted by the State Theatre Co.
distribute all of its rights, assets,
1936
Net after rents
1936
From Jan. 1—
Net
State
Over
$2,062,544
325,721
Gross from railway
Net from railway
Gross from railway
Net from railway
$209,204
106,636
Gross from railway
Net from railway
—V.
Take
annual meeting approved the dissolution of the
Like action was also
The State Theatre Co. will
November—
Superior & Ishpeming RR.—Earnings—
Lake
November—
Co.—Will
Theatres
Boston
Louisiana & Arkansas Ry.- -Earnings—
company
Gross from railway
Net from railway
Net after rents
386,281
3847.
ing 86,358 shares of the State Theatre Co., the sole capital liability, the
practical net result of the transaction will be the transfer of the State
Theatre property to Loew's Boston Theatres Co.
It is expected that stock
not held by Loew's will receive something better than $17 a share in liquida¬
tion.—V. 143, p. 4159.
138, p. 2253.
paid a dividend of 45 cents per share on the common
stock, par $20, on Dec. 26 to holders of record Dec. 16.
This compares
with dividends of 15 cents per share paid each three months previously.
—V. 143, p. 3003.
•
.
439,840
80,080
88,047
income taxes
Loew's
Laclede Steel Co.—Dividend Increased—
The
1936—28 Weeks—1935
$9,541,076 $8,321,770
Theatre—
record Dec. 14.
cents
Ltd.—Earnings—
1936—4 Weeks—1935
$1,556,708
$1,330,436
profit after charges
—V. 143, p.
of 25 cents per share on its no par
dividend of 25
B
stock, no par value, payable Jan. 10 to
Loblaw Groceterias,
declared
the first dividend paid since
-share was made.—V. 142, p.
•
Dividend—
dividend of 25 cents per share on the class
holders of record Dec. 31.
This compares with 15 cents paid on Oct. 10, July 10 and on April 10, last,
this latter being the first payment made since Jan. 10,1934 when a dividend
of 10 cents was distributed.—V. 142, p. 2164.
common
Net after rents
of Dec. 17.—V. 143, p.
(B.) Kuppenheimer Co., Inc.—To Pay 50-Cent Dividend
The
Telephone Securities Co.—Larger B
Lincoln
The directors have declared a
Long Island RR.—Earnings—
A dividend of $1,232,414, amounting to 3% on allowed claims, will be
paid to creditors of the company as a result or the approval given Dec. 30
by Federal Judge Henry W. Goddard to a ruling of the referee in bank¬
ruptcy recommending the payment.
The allowed claims which will participate in the payment amount to
-common
200,000 shs. 112,600 shs.
November—
Payment will be made out of the
4159.
Outstanding
Authorized
Kreuger & Toll Co.—Payment—
as
capitalization:
to stockholders in cancellation of its outstanding
Loew's Boston Theatre Co. on Aug. 31, 1936 owned 85,038
York Curb Exchange will list 50,000 additional
stock, $1 par, upon official notice of issuance.
$41,080,497.
$340,079
&c.,
The special stockholders' meeting scheduled tor Dec.
■adjourned to Jan. 11, due to a lack of a quorum.—V. 143, p.
.hand
i.
Total
Common shares ($1 par)
—V. 143, p. 4005.
The stockholders at their
New
common
has the following
stockholders.
department.
(par $25)
Earned surplus
State Theatre Co.
(G.) Krueger Brewing Co.—Registers with SEC—
Bee list given on first page of this
Common stock
Capitalization—On Nov. 10, 1936, the shareholders authorized the filing
of amended articles of incorporation.
The authorized capital stock was
changed from 3,200 shares of 7% cumulative preferred stock (par $25)
and 4,800 shares of common stock (par $25) to 200,000 shares of common
stock (par $1).
As a result of the changes effected and as a result of the
exchange of 25 shares of the new $1 par value common stock for each out¬
standing share of the old $25 par value common stock, the company now
Period End. Dec. 11—
stock on Dec. 28 to holders of record Dec. 21.
The scrip matures Dec. 28, 1938 and bears interest
37,827
4,421
9,421
112,600
142,168
—
Reserve
$340,079
.
Sales
(G. R.) Kinney & Co.—Pays Preferred Dividend—
The company paid a
Total.
be sub¬
consider
a view to developing definite proposals which can
meeting of the holders of the bonds to be called to
the same.—V. 140, p. 319.
offerors
mitted to
5,121
Deferred assets
$33,642
—
—
Deferred liability
11,370
55,089
Fixed assets
De». 8 authorized the com¬
the face amount of $1,500,000
RR. to evidence a like amount
The Interstate Commerce Commission on
payable
$35,133
Cash
Other assets
pany to issue a 4% demand note or notes in
to be delivered at par to the Illinois Central
30, 1936
Balance Sheet Sept.
■office of Continental Bank & Trust Oo. of New York, successor trustee,
Refining
The Governing Committee of
Corp.—Stock to Remain on List
the New York Stock Exchange, at a
meeting Dec. 29 rescinded its previous action
cumulative preferred stock of the corporation
Dec. 31, 1936.
special
in directing that the 6M%
be stricken from the list on
Committee on Stock List, the Governing
1936, directed that the 6H% cumu¬
stock be stricken from the list on Dec. 31,1936 with advance
notice, inasmuch as the Exchange had been advised that the U. S. District
Court of the Western District of Louisiana had confirmed an amended
plan of reorganization of the corporation.
The Committee on Stock List has since been advised that holders of
substantial amounts of this preferred stock have filed applications to
appeal the Court order confirming the plan of reorganization.
The Com¬
mittee therefore recommended that the Governing Committee rescind its
previous action to strike the 6K% cumulative preferred stock from the list
on Dec. 31, 1936.—V. 143, p. 3848.
Upon recommendation of the
Committee at its meeting of Dec. 23,
lative preferred
Lehigh & New England RR.—Earnings—
1934
1935
1936
November—
$343,947
■Gross from railway
Net from railway
$244,727
28,874
$247,365
1933
$261,955
56,187
30,616
18,020
20,211
3,636,979
954,521
3,153,226
773,958
3,193,376
751,415
2,784,414
665,517
722,592
769,507
678,274
626,403
93,129
71,816
Net after rents
From Jan. 1—
Gross from railway
Ner from railway
Net after rents
55,731
—V. 143, p. 4005.
I
Louisiana Power & Light
Lehigh Valley RR.—Earnings—
1935
1934
1933
$4,278,764
1,256,909
■Gross from railway
Net from railway
$3,331,141
672,249
$3,101,493
614,682
$3,188,790
566,383
844,583
349,403
401,607
283,921
44,432,260
12,231,657
8,023,590
Net after rents
36,903,886
7,642,133
36,550,712
8,056,474
4,596,726
34,997,599
7,403,835
3,816,507
From Jan. 1—
■Gross from railway
Net from railway
Net after rents
4,232,136
—Y. 143, p. 4005...
Lima Cord Sole & Heel
■Gross sales (net)
Cost of sales
•
Years Ended Dec.
1933
$230,703
58,089
$60,021
495
$21,837
218
loss$8,384
41,781
$90,731
666
Sell., gen. & admin. exp_
Operating profit
Other income
458,564
Rent for leased prop. (net)
194,909
44,178
39
Subsidiary]
1936—Month—1935
1936—12 Mas.—1935
$5,792,055
$7,128,879
$532,927
$674,860
3,664,890
4,439.088
312,772
425,947
Cr519
253
1,554
423
$2,125,611
$248,490
$219,902
$2,690,310
2,083
730
21,037
30.520
$250,573
76,948
$220,632
76,816
$2,711,347
923,715
$2,156,131
922,768
y$173,625
y$143,816
$1,787,632
$1,233,363
Property retirement reserve appropriations
Divs. applic. to pref. stock for period, whether
paid or unpaid.
622,500
420,000
356,532
356.532
$808,600
$456,831
Balance
Other income (net)
31
1934
$330,165
258,396
49,931
1935
$576,676
Period End. Nov. 30—
Operating revenues
Oper. exps. & taxes
Gross corp. income—
Interest & other deduct_
Co.—Earnings—
9Mos.End.
Sept. 30 *36
$554,794
422,281
Co.—Earnings—
[Electric Power & Light Corp.
1936
November—
Balance
z
Balance-
y Before
property retirement reserve appropriations and dividends,
Regular dividend on $6 pref. stock was paid on Nov. 2, 1936.
After the
payment of this dividend there were no accumulated unpaid dividends at
that date.—V. 143, p. 3848.
z
Total income—
Other deductions
Prov. for Fed. income &
excess
profits taxes—
$91,397
2,130
19,500
$60,517
3,280
$22,055
389
loss$8,345
170
14,579
4,605
1,438
$17,060
loss$9,953
9,008
x39,410
12,386
x Includes 10% paid Aug.
1, 1935 and 25% declared Dec. 26, 1935 and
fpald 15% Jan. 5 and 10% March 1,1936.
t
Net profit
Dividends paid
$69,767
$42,656
Lyons-Magnus, Inc.—Accumulated Dividend—
50 cents per share on account of accumu¬
participating class A stock, no par value,
Dec. 23.
A similar payment was made on
Dec. 31, 1935 and compares with 25 cents paid on Dec. 31, 1934 and 37H
cents per share distributed each quarter from Dec. 31, 1932 to Sept. 30,
The company paid a dividend of
on its $1.50 cumulative and
lations
on
Dec. 24 to holders of record
110
Financial
1934 inclusive.
1930 when
a
Prior to Dec. 31 1932
dividends
paid since July 1,
quarterly payment of 37 H cents per share was made.
regular
no
—V. 143, p. 2058.
were
a
Jan. 2, 1937
certain stop order proceeding under Section 8(d) of the
Co.(Del.)(& Subs.)—Earnings
revenues
.$10,938,420 $10,314,280
5,450,754
5,195,477
exps., maint. and all taxes
$5,487,665
379,132
...
registration statement.—V. 143,
Market Street Ry.
1935
1936
Net oper. rev. (before appropr. for retir.
reserve)
Other income
1237.
p.
f
Co. (& Subs.)—Earnings—
12 Months Ended Nov. 30—
Operating
Operating
$5,118,803
390,699
retirement
reserve)
Amortization of contractual capital expenditures..
$5,866,797
1,112,500
37,000
$5,509,502
1,025,000
37,000
Gross income
Interest charges (net)
Amort, of debt discount and expense
Other income deductions
$4,717,297
1,296,194
129,108
12,963
$4,447,502
1,497,196
138,024
12,892
Appropriation for retirement
Balance
Dividends
reserve
$3,279,032
of
Louisville
Gas
$806,107
482,651
24,794
4,463
Net income
—V.
143,
p.
$1,444,470
3471.
Louisville & Nashville RR.Nov ember—
Gross from railway
•Earnings—
1936
1934
1933
1.937,512
$6,931,216
1,579,923
1,286,185
$5,986,255
1,512,612
1,290,005
$5,483,276
1,069,177
821,129
82,221,604
22,903,629
17,530,432
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents:
—"V. 143, P. 4159.
1935
$8,401,544
2,710,916
68,880,503
15,990,154
12,319,925
64,235,204
15,242,017
11,762,955
60,535,710
14,306,399
10,764,976
,
'
$294,199
stock, par $10, both payable Jan. 15 to holders of record Dec. 31.
Similar
payments we(e made on Jan. 15, 1936; an extra of $1 was paid on Jan.
15,
1935 and an extra of 35 cents per share was distributed on Jan. 15, 1934.—
V. 143, p. 2684.
McKay Machine Co.—Extra Dividend—
The directors have declared an extra dividend of 35 cents
per share in
addition to a quarterly dividend of 25 cents
per share on the common
stock, both payable Dec. 26 to holders of record Dec. 19.
Similar pay¬
ments were made on Oct.
1, last, and prior thereto regular quarterly divi¬
were paid.
In addition an extra dividend of
Aug. 1, last.—V. 143, p. 1887.
dends of 20 cents per share
20 cents
was
paid
on
Maine Central
RR.—Earnings—
Period End. Nov. 30—
Operating
1936—Month—1935
1936—11 Mos.—1935
$998,287
$943,032 $11,039,810 $10,426,612
301,932
310,508
2,519,308
2,714,275
168,348
208,395
1,172,360
1,634,435
32.351
36,814
428,753
456,191
revenues
Net oper. revenues
Net ry. oper. income
Other income
Gross income
$200,699
168,915
Deductions
Net income.
$245,209
179,481
$2,090,626
$65,728 def$264,306
$31,784
$1,601,113
1,865,419
$96,898
1,993.728
The Interstate Commerce Commission on Dec. 17 modified its order of
May 15, 1936 so as to permit assignment of constructive market prices or
values, in determining pledging ratio, to Maine Central RR. and European
Ry. 5% first mortgage gold bonds and to Portland &
p. 3471.
Ogdensburg Ry. 4^% first mortgage gold bonds.—V. 143,
Mangel Stores Corp. (& Subs.)—Earnings—
Estimated Consolidated Income Statement 9 Months Ended
Sept. 30, 1936
Gross sales, less allowances
$5,969,090
Cost of sales
4,118,084
Estimated gross profit from trading
Deduct—Estimated selling, administrative & general expense
$1,851,006
1,791,369
$59,637
11,375
,
Total income
Merchandise loss due to flood
on
$71,012
o,089
furniture and fixtures—closed stores
300
Miscellaneous charges
a
119
Est. net prof, for the per. bef. prov. for Fed. inc. taxes
$65,504
Note—Corporation estimates that the normal Federal income taxes upon
profit of $65,503 pursuant to the 1936 Revenue Act would be
$8,665.
However, attention is called to the fact that the corporation and its subs,
file separate and individual income tax returns with the
Federal Govern¬
ment under which each corporation
pays the income taxes called for
by the
amount of separate profit or loss made
by such corporation.
It is not
possible at the present time to determine such separate profit for each sub.
corp. as of Sept. 30, 1936, by reason of the fact that certain
adjustments
necessary to determine such profit are made solely at the end of the fiscal
year, which is Dec. 31, 1936; nor is it possible at the present time to deter¬
mine the amount of surtax on undistributed
profits payable by the corp.,
as the dividend
policy of the corporation has not as yet been decided upon.
Estimated Consolidated Balance Sheet Sept. 30,
Assets—
J936
Liabilities—
Cash in hanks and on hand...
Sund. accts. rec., less reserve.
$534,574
Est. merchandise inventory
Other assets
$773,339
24.057
Accts. pay., merch, less dise't.
Acc>s. payable—exps., custs.
1,240.732
8,220
Fixed assets
credits, &c
Mortgage instalments payable
124,300
a537,348
Deferred charges
Goodwill
41,834
1
...
within
Res.
one year
for
Fed.
2,000
inc.
taxes
contingencies
Mtges.
pay.
on
54,399
real
estate,
less current instalments-.-.
82,000
614% cum.pref stk.(par $100) 1,750,000
Common stock
b625,000
Deficit
Total
a
After
$2,386,7651
reserve
par shares.—V.
for depreciation of
143,
p.
1,024,274
Total
$71,997.
..$2,386,765
b Represented by 125,000
no
4159.
Manufacturers Trading Corp. (Del.)—Files with SEC—
Corporation, has filed
a
registration statement with the Securities
ana
Exchange
Commission covering 261,143 common shares.
It is seated
that 186,143 of these shares are to be offered
to the public.
The registration statement states
that Thomas & Griffith, New York,
have been named as
selling agents for the issue.
An offering of 38,857
shares believed to be
exempt from registration was made about two weeks
ago and has been fully
subscribed, according to the statement.
Corporation was formed in Delaware on Dec. 12 as the successor
of an
Ohio corporation of the same
name, which had engaged in commercial
banking in Ohio, Pennaylvania and Michigan for the
previous eight years.
The company specializes in
discounting manufacturers' accounts and
notes
receivable, warehouse receipts and liens on
income-producing machinery.—
See list given on first
page of this department.—Y. 143, p. 4006.
Mansul Chemical
Co.—Withdrawal
of Registration—
The Securities and Exchange
Commission upon the request of the
pany received on Dec. 4, 1936, has
consented to the
registration statement filed Aug. 6, 1936.
3637.
The stockholders have approved the management's recapitalization plan
dividends of $20
a share, will be exchanged for one share of 6% cumulative
preferred and 5-6ths of a share of common stock.—V. 143, p. 4006
Melville Shoe Corp.—Sales—
Four Weeks Ended—
Jan. 18
Feb. 15
Mar. 14.
1936«
$2,121,902
1.413,889
1,886,886
9
June
6
July
4
Aug. 1
Aug. 29
Sept. 26
—
Oct. 24
Nov. 21
Dec. 19
-
3,812,588
2,795,262
3,601,140
3,249,480
1.807,272
1,708,958
3.387,267
3,124,864
2,644,547
3,023,442
1935
1934
1933
$1,748,419
1,421,024
1,699,250
2,516.819
3.364,128
2,985,692
2.654,958
1,377,870
1,596,796
2,878,307
2,602,212
2,382,025
2,788,509
$1,325,240
1,290,858
1,543,401
$1,060,914
1,017,182
1,010,003
1,945,178
1,444,198
2.054.505
1,770,716
1,242,728
1,500,476
2,028,993
1,829,453
1,860,431
2,307,892
2,720,111
2,323,145
2,910,143
2,152,583
1,283,701
1,562,967
2,549,956
2,305,298
2,148,161
2,665,164
—V. 143, p. 3848.
Miami
Bridge Co.—Trust Agreement Amended—.
At a meeting of the holders of the 20-year 6 % income debenture bonds
held at office of Manufacturers Trust Co., 55 Broad St., New
York, on
Dec. 21, 1936, the following resolution was duly adopted ;
"Resolved, That Article VI of the trust agreement dated as of Oct. 7,
1931, between Miami Bridge Co. and Chatham Phenix National Bank &
Trust Co., trustee, be and it heroby is amended to be and read as follows:
•ARTICLE
VI
'Disposition of Cash Proceeds from the Sale of Property
'Sec. 1. The corporation covenants and agrees that while
any of the bonds
issued hereunder are outstanding and funds for the
payment of the same,
with all interest due and payable thereon, have not been deposited with the
trustee, it will promptly deposit with the trustee all cash received as net
proceeds of the sale of any property of the corporation other than property
the conduct of its bridge business.
deposited with the trustee shall be applied by the trustee
more of the following manners as the cor¬
poration may from time to time request:
(a) In the event that such cash so on deposit with the trustee shall equal
or exceed 1% of the original principal amount of all bonds of this
issue out¬
standing at such time, the trustee upon request shall apply such portion of
said cash as shall equal 1 % (or some
multiple thereof) of the orglnal prin¬
cipal amount of all bonds of this issue outstanding at the time of such re¬
quest to the partial payment of said bonds in the following manner:
necessary to
'The cash
whole
or
so
in part in such one or
'
'The trustee shall mail to the respective
registered holders of bonds out¬
standing hereunder at their addresses appearing on the registry books of
the corporation a notice stating that there has been deposited with it cash
available for the partial payment of bonds
outstanding hereunder and further
stating that on a date, which shall be the first day of a month and which
shall be at least 30 days after the mailing of such
notice, 1 % (or some mul¬
tiple thereof) of the original principal amount of all bonds of this issue out¬
standing on said date will be paid.
On the date fixed for such partial pay¬
com¬
Commission further dis¬
1
amount of cash which the corporation has
requested the trustee
apply to the partial payment of bonds outstanding hereunder shall be
applied by the trustee to the making of such partial payment.
Any such
partial payment shall be made with respect to any bond only upon
presen¬
to
tation thereof for notation thereon of such
payment.
If notice of any such
partial payment shall be given and funds for the payment thereof are
duly
provided by the corporation, interest shall cease to accrue on the
portion
of the principal amount so to be paid from and after the
date for partial
payment fixed in the notice thereof.
Any moneys held by the trustee for
the partial payment of bonds outstanding hereunder unclaimed
by the holder
of bonds for six years after the specified
partial payment date shall be
dealt with in the
manner provided in Section 3 of Article
V hereof.
•(b) Upon request, the trustee shall apply such cash to the purchase of
bonds outstanding hereunder, at a price not
exceeding the redemption price.
[The manner in which this is to be accomplished is then
outlined.—Ed.]
'Sec. 2. The corporation covenants and
agrees that while any of the bonds
issued hereunder are outstanding and funds for the
payment of the same,
with all interest due and payable
thereon, have not been deposited with the
trustee, it will promptly deposit with the'trustee the consideration
received
from the sale of any of the property of the
corporation necessary to the con¬
duct of its bridge business less any expenses and
(or) liabilities (including
Federal income tax liability) incurred or
arisipg'from such sale.
The cash
so deposited with the trustee shall be
applied/ to the extent possible in the
manner provided in subdivision
(a) of Section 1 of this Article, any balance
then remaining to be applied in such one or more of the
manners provided in
subdivision (b), (c) and (d) of said Section 1 as the
corporation may from
time to time request.
'Section 3. All bonds purchased or redeemed
by the trustee as provided
in this Article VI shall forthwith be
canceled and cremated and no new
bonds shall be issued in place thereof.
'The trustee shall allow and pay to the
corporation interest on moneys
held by the trustee under this Article VI at the
rata, if any, allowed by it
at the same time on similar deposits.' "—V.
143,
p.
3637.
Michigan Public Service Co.—Preferred Dividends—
The
directors have declared dividends of
$1.75 per share on the 7%
cum. pref. stock, par
$100, and $1.50 per share on the
6% cum. pref.
stock, par $100. Both dividends are payable on account of
accumulations,
on Feb. 1, to holders of record Jan.
15.
Like distributions were made on
Nov. 2, Aug. 1 and May 1, last. Dividends of
$1.31^ and$1.12H per share,
respectively, were paid on Feb. 1, 1936, and on Nov. 1,
1935, while in each
of the six preceding quarters dividends of
87H and 75 cents per share,
respectively, were paid. Prior to then regular quarterly dividends of
$1.75
per share on the 7% preferred stock and $1.50
per share on the 6% pref.
stock were distributed.—V. 143, p. 2526.
Midland
Valley RR.—Earnings—
November—
1936
1935
1934
1933
$135,257
64,640
41,834
$120,944
61,513
44,922
$118,380
52,612
34,232
$108,620
38,937
16,150
railway-1,401.780
1,212,620
537,867
374,210
1,207,835
506,179
348,741
1,266,438
575,055
386,515
Gross from railwayNet from railway
Net after rents
From Jan. 1—
Gross from
Net from railway
Net after rents.
—V. 143, p. 3638.
658,424
463,705
1
!.
Middle West Corp.—Would Increase
Holdings—
withdrawal of the
The
Approved—
ment the
Estimated net profit before other income & other
charges
Other income
Provision for loss
p.
by which accumulated unpaid dividends on the preferred stock will be
cleared up and fixed charges reduced.
Directors already have authorized
payment of $11.50 a share on the outstanding preferred stock.
Under
the plan each share of this stock plus the right to remaining unaccumulated
in
Bonds—
& North American
143,
Marshall Field & Co.—Plan
May
The directors have declared an extra dividend of
50 cents per share in
addition to a regular quarterly dividend of like amount on the common
$69,337
Net income
Apr. 11
MacAndrews & Forbes Co.—Extra Dividend—•
$601,473
500,505
26,588
5,043
income
Other income deductions
—Y.
&
$1,089,929
488,456
(before approp.
retirement reserve
«
1,354,920
$1,924,112
stock
$1,082,188
7,741
Interest charges
Amortization of debt discount and expense
$2,799,390
1,354,920
pref.
(Ky.)
on
Electric Oo.
Appropriation for
$1,298,351
7,755
500,000
income
Net oper. rev. & other income
for retirement reserve)
Gross
193^
$7,343,471
6,261,283
$1,306,107
and all taxes
Net oper. rev. (before approp. for retire, res've)-
Other
1936
_
$7,541,724
6,243,373
revenues
expenses, maintenance
Net oper. rev. and other income (before
appropr.
for
Securities
Act of 1933, as amended, the stop order proceeding having been heretofore
Oct. 12, 1936, instituted and being until now pending with respect to>
the
Louisville Gas & Electric
12 Months Ended Nov. 30—
Operating
Operating
missed
on
'
;
Chronicle
The corporation, a registered
holding company, has filed application
pursuant to Public Utility Holding Company Act of 1935 for
approval of
the acquisition by it of 1,000 shares of the common stock of the Missouri
Gas
Volume
144
Financial
?*5lec^ SeryIc? Oo.
J*:i.
T ls
as reorganzied, from the Middle West Co. of Canada,
acquisition would increase the holdings from 50%
53.9%
or the common stock of
the
reorganized company.
TT+n!le ^Poration
utility
on Dec. 28 filed an application (46-25) under the Public
Holding Company Act of 1935 asking approval of the acquisition
securities of Southern United Gas Co. (Del.),
_
a new company
holding substantially all the assets of its predecessor
company. Southern
United Gas Co. (N. J.), pursuant to a
reorganization.
The securities to be
acquired are $19,550 first lien 6% income bonds,
J iu5H shares of 6% non-cumulative ($100 par) preferred stock and
977H shares of
securities
now
Jersey,
($1 par) common stock.
They are to be acquired in lieu of
by the applicant in Southern United Gas Co. of New
<
held
•
•
The corporation also has filed
■
,
application under the Act asking the
Commission to approve
acquisition by it of 4,248.5 shares ($1 par) common
®tock of the United Public Service
Corp. presently held by Middle West
Utilities Co. of
Canada, Ltd., which is wholly owned by the applicant,
lne proposed
acquisition will increase the stock ownership of the Middle
Corp. in United Public Service Corp. from 48.65% to 50.0002%.
V. 143, p. 3638.
Mines
an
Chronicle
111
beneficial interest having
a principal amount of $2 for each share of common
the declarant has outstanding.
The holder of each such trustee
certificate will be entitled to receive a
pro rata part of all collections of
principal and interest which the trustee shall make on the note of the
Southwestern Development Co. thus placed in trust.
Such trustee certifi¬
stock which
cates will be
as
delivered to the holders of the
dividend
a
The
has
common
stock of the declarant
stock.
debt outstanding
common
no
funded
and only one class of
common stock.
Its current liabilities are small and the cash
payment which
it will receive on the note of the Southwestern
Development Co. will be
sufficient to pay in full all its current liabilities and leave it a
surplus in
cash.
It is the obvious intent of the Revenue Act of 1936 that
corporations
shall make the fullest practicable distributions of
earnings to and among
their stockholders for the calendar
year in which such earnings are realized.
Distribution to the stockholders of the declarant is in
with the
keeping
purposes of that statute and will serve an urgent corporate
purpose
declarant
of the
by enabling it to effect the distribution of earnings which, in
judgment, will avoid the surtax penalties to which it would be subject
its
if it failed to declare such a dividend.
An additional issue of common
stock would not be taxable in the hands of its stockholders
and, therefore,
would fail to accomplish the desired objectives and, if the declarant can
accomplish that
Operating Co.-—Registers with SEC—
such
on
declarant
same purpose
without the issuance of
bond
a
on
which it
will incur
a direct liability, it is desirable that it shall do so.
Under the
circumstances of this case, the Commission finds that the issuance of the
proposed trustee certificates will serve a necessary and urgent corporate
See list given on first
page of this department.
Minneapolis Brewing Co.—Earnings—
purpose
of the declarant, that the requirements of the provisions of Sec¬
tion
Earnings for 11 Months Ended Nov. 30, 1936
Net income after
depreciation, Federal taxes and other deducts.
Earns, per share on 500,000 common shares
$411,983
$0.82
—V. 143, p. 3324.
7(c) (1) would impose an unreasonable financial burden upon the
declarant and that the public interest or the protection of investors does
not make those requirements necessary or appropriate.
The declarant shows that the balance of its surplus account as at Dec. 31,
was $184,805 and estimates that as at Dec. 31,1936, after consumma¬
of the aforesaid transactions, such account will be $282,889.
The
1935,
Minneapolis-Moline
Power
capitalize—
Implements
Co.
■To
Re-
'
tion
declarant also shows that
as
at
Aug.
1, 1936, it had outstanding current
liabilities
over
aggregating $79,028.
Its capital stock outstanding consisted
($1 par) common stock.
The stated value of such stock,
together with surplus attributable thereto, was $525,935.
As at Dec. 31,
1936 the declarant shows that it will have no outstanding current liabilities.
Its 344,100 shares of common stock outstanding as at that date will, accord¬
ing to the declarant, have a stated value, together with surplus attributable
thereto, of $626,989.—V. 143, p. 4007.
"Current improvement in business requires increased
working capital.
For that reason, directors do not wish that this disbursement
(the $3
dividend on preferred arrears), be considered as an initiation of a
Gross from railway
Net from railway
The company plans to recapitalize its stock some time toward the end of
1937.
The plan Will take into consideration accrued dividends on the
pre¬
ferred shares.
In a letter to
stockholders, W. C. MacFarlane, President,
said:
"Although preliminary earnings for 1936 have shown
an
improvement
last year, and the company will have no indebtedness to banks at the
end of the current year, a succession of adverse
years has resulted in a re¬
duction of working capital.
policy
of 344,100 shares
Mississippi Central RR.—Earnings-—
1936
November—
of continued payment of regular and accrued dividends.
"At some time toward the end of the coming
year, when a reasonable
estimate of the year's results can be made, directors will endeavor to for¬
Net from railway
Net after rents
plan of recapitalization to include proper consideration of the
accrued dividends on the preferred stock."
Mr. MacFarlane stated that the $3 dividend was declared in order to
reduce tax on undistributed profits.—V. 143,
p. 4007.
a
Minneapolis &
St. Louis
November—
def347
$49,769
2,527
def5,751
def 2.092
589,120
52,280
560,671
49,210
deH8,123
1935
From Jan. 1—
Gross from railway
.
Net from railway
1934
.
Net after rents
—V. 143, p.
$598,137
54,219
3,635
$617,758
44,472
def22,290
6,967.665
743,860
61,760
6,976,843
678,186
63,098
7,068,627
865,888
226,756
[Excluding Wisconsin Central Ry.]
Int.onfundeddebt
1936—Month—1935
$1,180,487
194,368
50,780
24,904
465,512
Oper. expenses & taxes.
$310,598
$24,716
Mississippi Power & Light Co.—Earnings—
"[Electric Power & Light Corp. Subsidiary]
$5,052,784
$4,681,342
$594,448
405,839
$457,656
298,236
$5,820,723
4,008,976
$5,004,954
3,442,448
from oper...
leased prop-
$188,609
$159,420
$1,811,747
$1,562,506
Drl,415
137
461
222
1,751
2,151
3,904
10,036
$187,331
74,888
$160,103
72,871
$1,815,649
892,190
$1,576,446
885,196
y$l 12,443
y$87,232
$923,459
382,500
$691,250
370,000
Net
Operating
revenues
Net
from oper
Other income
rev s,
$289,616
$263,409
156
129
$3,482,341
1,287
Gross corp. income—
Property retirement reserve appropriations.
Dividends applicable to pref. stock for period,
whether pad or unpaid
Balance.
$2,976,772
1,501
y
Before
retirement
property
$263,538
143,703
$3,483,628
1,711,847
$2,978,273
1,724,501
Nov. 2, 1936.
y$119,835
$1,771,781
405,000
$1,253,772
396,250
November—
Property retirement reserve appropriations
Dividends applicable to pref. stocks for period,
whether paid or unpaid
Balance...
990,661
$376,120
990,630
2 ividends property retirement reserve appropriations and dividends,
Before accumulated and unpaid to Nov. 30, 1936, amounted to
Latest dividends, amounting to $2.34 a share on 7% pref. stock,
6% pref. stock, and $2 a share on $6 pref. stock, were paid on
Oct. 1, 1936.
Dividends on these stocks are cumulative.—V. 143, p. 4007.
on
to
Pay Dividend—
Missouri & Arkansas
1935,
enabling
trustee
the issue by
certificates
company of $688,200 aggregate
of beneficial interest in an unsecured 4%
amount of
promissory
note of Southwestern
Development Co. in the principal amount or $688,303,
maturing July 1, 1942.
The Commission, in an opinion granting the
application, says in part:
The declaration was filed on, and in conformity with the instructions for
Form U-7, and was once amended.
A hearing on this declaration was held
after appropriate notice and no person appeared in opposition thereto.
After examination of the record in this matter, the Commission makes the
following findings:
The declarant, a registered
holding company, is the owner of 19,294
common stock of the Southwestern
Development Co.
Such shares
constitute its only important investment.
The Southwestern Development
Co. is preparing to make a distribution to its common stockholders on
account of its earnings during the current fiscal year.
Such distribution
shares of
Will
be made in
mature on
the form
July 1,1942.
of unsecured
As
a
4% promissory notes which will
result of such distribution, the declarant will
receive one of such notes of Southwestern
amount
Development Co. in the principal
of $832,985.38.
It is expected that, shortly after the receipt of
such note by the declarant, the maker of such note will make a cash payment
thereon of $144,682.50.
Such note will be endorsed to evidence the receipt
of such cash payment and there will then remain an unpaid balance on such
note of $688,302.88.
Such note will
constitute taxable income received by the declarant in
fiscal year.
Under the Revenue Act of 1936, the declarant
will be obliged to pay a surtax on its adjusted net income for the current
the current
fiscal year to the extent
tion to its stockholders.
that it fails to make an equivalent taxable distribu¬
The declarant, therefore, has effected an arrange¬
ment whereby it will distribute to and among its own stockholders equitable
rights in the balance which will remain unpaid on the aforesaid note of the
Southwestern Development Co., after the endorsement of the aforesaid
cash payment thereon.
In order to accomplish this result, the declarant
will transfer the note of Southwestern Development Co., endorsed as
aforesaid, to the Commerce Trust Co. of Kansas City, Mo., which will
hold the same pursuant to a trust agreement for the benefit of the holders
The declarant will cause the trustee
of such note to issue to the stockholders of the declarant trustee certificates of
of the commo nstock of the declarant.
and
def$82,358
dividends,
$655,863.
Ry.- -Earning.
1936
def 1,122
5,807
950,079
179,193
45,887
1934
1935
$100,730
21,753
Gross from railway
Net from railway
1933
$85,783
20.379
def 16,646
$69,573
16,581
7,668
809,467
863,632
818,231
.180,235
172,262
50,793
$85,704
9,241
From Jan. 1—
Gross from railway
Net from railway
Net after rents
129,744
52,049
I
63,525
—V. 143, p. 3638.
Net from railway
Net after rents
From Jan. 1-—
1935
1934
1933
$124,754
Gross from railway
--
Net after rents
$95,541
44,539
27,280
24,221
11,746
$80,202
14,806
3,416
$69,346
14,482
5,646
1,054,402
—
Net from railway
—V. 143, p.
RR.—Earnings—
1936
November—
Gross from railway
The Securities and Exchange Commission on Dec. 23 approved a declara¬
tion pursuant to Section 7 of the Public Utility Holding Company Act of
appropriations
$1.50 a share on $6 pref. stock, was paid on
Dividends on this stock are cumulative.—V. 143, p. 3849.
Missouri Illinois
Mission Oil Co.—SEC Authorizes Note
Aim Is to Avoid New Tax—
reserve
Latest dividend amounting to
Net after rents
def$133,108
f403,608 1? ^ 403,608
$137,351
....
Dividends accumlated and unpaid to Nov. 30.1936, amounted to
$289,772
142,231
z
$805,249.
$2 a share
.....
y$147,541
Balance
__.
z
z
Gross corp. income
Int. & other deductions.
0
^
Balance
1936—Month—1935
1936—12 Mos.—1935
$574,963
$488,514
$6,327,422
$5,573,617
285,347
225,105
2,845,081
2,596,845
Oper. exps. & taxes
revs,
from
erty (net)
Other income (net)
Int. & other deductions.
Co.—Earnings—
\_A
i
1936—12 Mos—1935
1936—Month—1935
Period End. Nov. 30—
Operating revenues
Oper. expenses, & taxes.
[American Power & Light Co. Subsidiary]
Period End. Nov. 30—
$117,504
$15,429 ^$254,414
3638.
"""""
Note—No deduction included above for estimate of surtax on undivided
profits imposed under the Revenue Act of 1936.—V. 143, p. 3638.
Minnesota Power & Light
_
Balance
1936—11 Mos.—1935
$1,209,528 $13,064,038 $12,410,312
275,298
1,907,281
1,824,258
190,386
422,519
853,393
55,925
358,182
596,271
445,060
5,117,121
4,938,465
$439,636
.
Int. & other fixed charges
Divs. on pref. stock
Rent
Net deficit
1935
1936—Month—1935
1936—12 Mos.
$2,745,361
$270,240
$235,420
$3,082,330
1,854,784
178,212
2,004,706
155,751
73,200
9,000
6,100
116,900
446,770
453,246
37,223
37,051
253,102
253,062
21,088
21,088
revenue
—V. 143, p.
Other income (net) Dr..
def 8,606
3638.
Prov. for retire, reserve.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
Net railway revenues
Net after rents Cr
664,050
86,577
24,519
136.391
Period End. Nov. 30—
Gross
—V. 143, p. 3638.
Period End. Nov. 30—
Total revenues
839,844
216,709
-
[A Subsidiary of Commonwealth & Southern Corp.]
1933
$669,670
129,697
40,878
8,251,999
1,711,608
682,873
Net after rents
From Jan. 1—
Gross from railway
RR.—Earnings—
$705,280
128,578
24,994
.
1933
$49,352
Mississippi. Power Co.—Earnings—
1936
Gross from railway
Net from railway
1934
18,609
Net after rents
mulate
.***1935
$64,601
def9,116
10,613
defl3,521
$78,603
974,137
198,909
49,080
885,566
190,756
51,106
777,721
261,395
79,586
167,644
23,879
3638.
Missouri-Kansas- -Texas
Lines—Earnings—
1936—Month—1935
1936—11 Mos.—1935
Period End. Nov. 30—
$2,731,766
$2,561,737 $28,617,382 $24,916,953
Operating revenues
1,741,482
1,771,297
20,991,030
19,807,630
Operating expenses
704,550
555,303
3,993.025
1,851,257
Inc. avail, for fixed chgs.
Fixed charges
349,106
346,913
3,880,880
3.872,373
Inc. after fixed charges
$355,443
$208,389
$112,144def$2021,116
—V. 143, p. 3849.
Missouri Pacific
1935
1934
1933
—
$8,004,049
2,061,331
1,160,607
$6,559,579
1,275,536
608,983
$5,575,472
^735,302
i«*j,163,116
$5,636,128
1,120,762
387,445
82,312,070
20,117,354
9,898,765
Net from railway
Net after rents
RR.—Earnings—
1936
November—
Gross from railway
68,130,117
12,490,780
4,685,906
67,915,019
14,392,064
6,078,653
62,793.558
14,748.175
6,770,520
From Jan. 1—
Gross from railway
Net from railway..
Net after rents
—V. 143, p. 4160.
Mobile & Ohio
November—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
143,
p.
3639.
RR.—Earnings—
1936
$1,037,838
311,963
196,399
1935
$787,741
68,085
24,100
1934
$689,165
63,088
1933
def29,479
$677,150
85,946
5,411
9,835,161 ^ 8,113,601
7,895,354
2,214,183
1,040,440 I 1,125,937
1,097,775 1.
58,447
32,695
7,500.078
1,277,038
160,704
112
Financial
Moloney Electric Co.—Resumes Class A Dividend—
Chronicle
The company paid a dividend of $1 per share on the class A stock,
no
Sar value, on Dec. 22 toissue since April 15, 193212. Thisquarterly divi¬
holders of record Dec. when a was the first
istribution made
the
National Cash Register
on
dend of $1 per share was paid.—V. 141. p. 3697; V. 137, p. 1948.
The
Monongahela Ry.—Earnings—
1936
1935
1934
1933
$423,876
266,687
146,272
$317,315
187,360
86,455
$316,406
183,154
83,426
$304,810
176,893
70,203
4,263,311
2,610,287
1.307.130
3,495,773
2,093,653
1,013,436
3,544,303
3,258,813
2,046,562
Net after rents
From Jan. 1—
2,106,619
1,010.321
1,051,430
—V. 143, p. 3639.
stock,
or
more.
Formerly an order had to total $20 or more
under the time payment plan.—V. 143, p. 3850.
customers that
orders of $10
to become eligible
(John) Morrell & Co. (Maine)—Listing—
The New York Stock Exchange has authorized the
listing of 400,000
shares of capital stock (no par) in substitution for certificates for shares
of capital stock (no par) of John Morrell &
Co., Inc., (Del.) and
of the company, which are presently issued and listed.
On Nov. 16,1936, an agreement of consolidation
was
the parent
entered into between
the company and John Morrell & Co., Inc. (Del.). Agreement of consolida¬
was approved by stockholders of each
corporation Dec. 23, 1936.
On and after the effective date of the
merger and consolidation, shares of
tion
capital stock of John Morrell & Co., Inc., will be exchanged for shares of
capital stock of the consolidated corporation at the rate of one share of
capital stock of the consolidated corporation for each share of capital stock
of said John Morrell & Co., Inc.—V.
143, p. 3474.
Morris Plan
Corp. of America—Accumulated Dividend—
The company paid a dividend of 30 cents
per share on account of accumu¬
lations on the series 1931 6% preferred stock on Dec. 26 to holders of
record Dec. 17.—V. 142, p. 4347; V.
136,
Mountain States Power
p.
671.
$1,037,670
246.942
$1,284,612
331,730
$1,187,330
12,000
477,522
$952,883
12,000
502,346
2,851
401,799
4,997
373,035
$291,013
Appropriation for retirement
$1,239,917
247,413
$1,487,330
300,000
expenses, maintenance and all taxes
$3,221,928
2,184,258
income
Rent for lease of electric property
Interest on funded debt
Amortization of debt discount and expense..
Other interest (net)..
$57,909
Other income deductions
Before provision
mortgage bonds.—Y.
for
143,
amortization
of discount
and
on
Stocks to Be Suspended from
Period End. Nov. 30—
Subsidiaries—
dividend of 40 cents
was paid on Sept. 1, last and one of 30 cents
per share
June 1, last, this latter being the initial dividend on the
stock now outstanding.
Net
$8,674,216
95,215
Total income
Murray Ohio Manufacturing Co.—Listing—-
Gross corp. income
Interest to public & other
deductions
par).—V. 143,
1936—12 Mos—1935
$8,112,946 $33,283,491
81.737
394,371
Manipulation Case—
Otis & Co., investment bankers were cleared in Federal
Court, C13veland,
Dec. 29. of charges brought by the Securities and Exchange Commission
of manipulating the stock of
Murray Ohio Manufacturing Corp.
The
investment house, however, was found to be guilty of withholding infor¬
mation by not putting into its prospectus the fact that individuals which
had sold stock to it had agreed to keep their other
holdings of Murray
off the market for a prescribed length of time. The Court did not find
that
the agreements were
illegal but merely that they should have been made
public.—V. 143, p. 4009.
$8,769,431
102,405
$8,194,683
74.259
$8,120,424 $33,247,400 $32,290,910
$33,677,862 $32,642,268
430,462
351.358
3,118,439
Cr4,684
1,583,542
12,382,248
Crl7,492
6,173,007
12,456,666
CY24.853
6,304.648
$3,885,068
1,515,767
$3,423,127
1,515,852
$14,709,637
6,063.260
$13,554,449
6.063,401
2,609
2,666
11,014
12,070
$2,366,692
$1,904,609
$8,635,363
$7,478,978
Nat. Pow. & Lt. Co.—
Net equity of Nat. Pow.
& Lt. Co. in income of
subs, (as shown above) $2,366,692
Other income....
5,465
$1,904,609
6,142
$8,635,363
59,947
$7,478,978
61,741
$2,372,157
63,129
340,623
$1,910,751
31,976
340,686
$8,695,310
220,427
1,356,427
$7,540,719
183,165
1,355,935
$1,968,405
$1,538,089
$7,118,456-
$6,001,619
Interest chgd. to const..
Prop, retire, res. approp.
Balance
...
Pref. divs. to public._
Portion
applic.
min.
to
interests
income of subs
Exps., including taxes..
Interest & other deduc..
Balance
on
Dec. 17 declared
a
Full
stated
requirements applicable to respective periods whether
unearned.
or
intercompany
transactions
have
been
eliminated
on securities held by the public.
The "portion applicable to minority
applicable to
minority holdings by the public of common stocks of subsidiaries. Minority
interests have not been charged with deficits where income accounts of
subsidiaries have so resulted.
The "net equity of National Power & Light
Co. in income of subsidiaries" includes interest and preferred dividends
paid or earned on securities held, plus the proportion of earnings which
accrued to common stocks held by National Power & Light Co., less losses
where income accounts of individual subsidiaries have resulted in deficits
for the respective periods.
No provision has been made in the above statements, except as to two
subsidiaries, for surtax on "undistributed net income" under the
act of 1936.—V. 143, p. 3474.
National Pumps
Corp.—Registifrs
National Rys. of
with SEC—
Mexico—Earnings—
[Mexican Currency]
Period End. Oct. 31—
The New York Stock Exchange has authorized the
listing of 2,730,000
shares of capital stock ($5 par) bearing the name Nash-Kelvinator
Corp.
upon notice of issuance in substitution for an equal number of shares of
common stock (no
par) of the Nash Motors Co.; and 1,645,600 additional
shares of capital stock ($5 par) upon notice of issuance to stockholders
Railway
Railway
Tax
oper. revenues.
oper.
accr.
expenses.
& uncoil,
1936—Month—1935
10,809,123
9,712,975
8,946,677
7,573,508
rev..
Other income
178,488
486,053
Deductions
1936—10 Mos.—1935
104,354,111
86,052,850
75
30,263
122,987
1,452,934
377,412
4,733,983
of
Kelvinator Corp. pursuant to the terms of an agreement of
merger, making
the total amount applied for 4,375,600 shares.—V.
143, p. 2851.
Net
Co.—Shipments—
C. H. Bliss, Vice-President and director of sales states that Nash
ship¬
December were greater than in any previous month since October
were
greater by 40% than in any other December in the history
of the
company.
The previous mark was set in the final months of 1925.
Shipments of 1937 Ambassadors and Nash La Fayette "400" for the last
four months of 1936 are more than
period
100% greater than shipments during the
a
year ago.
three plants
"Although all
a
pour
are
Nashville Chattanooga & St. Louis
Net from railway
Net after rents
p» rrom Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
1936
Ry.—Earnings—
1935
1934
1933
$1,249,123
217,136
I.
163,128
$1,067,946
152,776
108,618
$1,013,747
90,704
42,840
$1,014,478
72,068
12,057
12,857,801
1,826,377
1,219,700
11,289,512
1,103,471
484,462
11,767,763
11,429,338
1,530,732
926,791
National Rubber
143, p. 3640.
,
1,611,653
932,905
Corp.—Special Dividend—
The company paid a special dividend of 55 cents
per share on its common
on Dec. 26 to holders of record Dec. 18.
An extra dividend of
on
1,554,880
11,282,817
1,884,967
11,289,017
14,989.948
20,578,546
Machinery Co.—Declares 20-Cent Div.
The company paid a dividend of 20 cents per share on its common stock
Dec. 28 to holders of record Dec. 22.
This was the first payment made
since October,
1930.—V. 143, p. 2380.
National Steel
that
Corp.—Subsidiary Liquidated—
and
Exchange has received notice from this company
of its subsidiaries, the Producers Steamship Co., has been
liquidated
all of its assets and business transferred to the parent
company.—
one
V. 143, p. 3851.
National
$1.10
Surety Corp.—Board of Directors—
The first meeting of the new board of directors of this company since
the purchase of all of the stock by Commercial Investment Trust Corp.
was held on Dec. 22.
President Vincent Cullen announced the membership
of the
new
Henry
National Bearings Metals
stock
income
472
1,048,691
3,247,949
The New York Stock
working at capacity, with employment
high level, orders for the 1937 Nash La Fayette cars continued to
in," said Mr. Bliss.—V. 143, p. 4160.
November—
Gross from railway
oper.
Kilometers operated....
95,676.313
72,898,03$
—V. 143, p. 3641.
ments in
at
revenue
See list given on first page of this department.—V. 142, p. 466.
that the debentures
Nash-Kelvinator Corp.—Listing. &c.—
same
the
paid)
would be redeemed next year.—Y. 142, p. 4185.
Nash Motors
from
interests" is the calculated portion of the balance of income
regular cash dividend of $1 per share
on the common
company,
to consol.
surplus
dividend
above statement.
Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods (whether paid or not
and a dividend of $1 per share payable in
debentures,
stock both payable Dec. 24 to holders of record Dec. 21.
fcW. H. Albers, chairman of the
car.
earned
a
(A.) Nash & Co .—Dividends—
1929, and
$32,268,001
374,267
3,097,224
02,919
1,687,653
Note—All
The New'York Curb Exchange has approved the
listing of 98,449 out¬
standing shares of common stock, no par, and will add to the list, upon
official notice of issuance, 8,974 additional shares of common
stock, no par.
Cleared in
and
$8,667,026
Other income deductions
earned
The directors
from oper..
revs,
Total income
Rights—
Co.
par),
common
The stockholders will be given rights to subscribe to new common
stock
early next March under the company's present plans.
In a letter accom¬
panying the dividend paid Dec. 28, J. S. Mack, president, stated it is
probable the rights will be on the basis of one share of new stock for each
40 shares held.
The price to be paid for the new stock is still undetermined.
—V. 143, p. 3850.
&
($1
par).
Net equity of National
Pow. & Lt. Co. in
an extra dividend of $1.30 per share on the
stock, no par value, payable Dec. 28 to holders of record Dec. 24.
dividend of 75 cents was paid on Dec. 23, last and a regular
quarterly dividend of 50 cents per share was paid on Dec. 1, last.
A
Otis
following stock
Light Co. (& Subs.)—Earnings—
1936—3 Mos.—1935
Other income
The directors have declared
To Issue
Jan. 2—
3640.
p.
An extra
on
on
Operating revenues
$20,307,600 $18,214,478 $77,608,156 $71,813,225
Oper. exps., incl. taxes.» 11,633,384
10,101,532
44,324,665
39.545,224
first
common
distributed
Dealings
announced that the
2:
(a) Second National Investors Corp., common stock
$5 cumulative convertible preferred stock ($1 par).
(2) Third National Investors Corp., common stock ($1
(3) Fourth National Investors Corp., common stock ($1
p.4009.
(G. C.) Murphy Co.—Extra Dividend—
was
22.—V.
Corp.—Votes to Mutualize—
The New York Stock Exchange has
4,742
expense
Dec.
will be suspended from dealings on Jan.
a
Net income
died
qualify under the investment trust provisions of the Revenue Act of 1936.
At Dec. 29 Jmeetings, mutualizationtof Second, Third and Fourth Naional Investors corporations was authorized, and only the uniting of the
National Investors companies into a single mutual investment trust through
the salejof assets to a new company and dissolution of the existing companies
remains to be accomplished under the plan.
Stockholders' meetings for
this purpose are called to be held on Jan. 12. The mutualization of Second,
Third and Fourth National Investors corporations, as a result of the meet¬
ings, is expected to become effective on Jan. 1.
(before approp.
reserve
Corp.—Obituary—
Vice-President and Director,
by large majorities for the plans of mutualization and reorganization of the
companies.
The National Investors companies have thereby become the
first major investment trust group of the closed corporation type to vote to
1935
$3,620,736
2,380,819
Net oper. rev. (before approp. for retire,
res've)
Other income
Loasby,
National Power &
1936
revenues
W.
3850.
p.
The stockholders of National Investors Corp. and of the Second, Third
and Fourth National Investors Corps., at their meetings held Dec. 29 voted
Co.—Earnings—
12 Months Ended Nov. 30—
Net oper. rev. & other income
for retirement reserve)
Arthur
143,
National Investors
Montgomery Ward & Co.—Monthly Payment Plan—
larger amount of
Corp.—Stock Called—
National Distillers Products
The company's midwinter flyer catalogue is advising
the company's monthly payment plan now applies on all
x
National Container
stock at $32.50 a share, plus dividend of 50 cents for the quarter ending
Dec. 1 and one-third of 50 cents for the month of Dcember.
Delivery of
stock must be made any time prior to Dec. 31 at Manufacturers Trust Co.,
Co.—Listing—
The New York Stock Exchange has authorized the listing of $48,000,000
1st & refund, mtge. bonds, 3%% series due Dec. 1,1966.—V. 143, p. 4160.
x
Co,—To Pay 25-Cent Dividend—
have
no par
55 Broad St., New York.—V. 143, p. 3850.
Montana Power
Gross
share
The corporation has called for redemption the $2 convertible preferred
Gross from railway
Net from railway
Net after rents
Operating
Operating
per
declared a dividend of 25 cents per share on the
value, payable Jan. 15 to holders of record Dec. 30.
A dividend of 50 cents was paid on Dec. 15, last, and previously, the
company had distributed dividends of 12 M cents per share each three
months from July 15, 1934 to and incl. Oct. 15, last.—V. 143, p. 3850.
directors
common
November—
Gross from railway
Net from railway
Jan. 2, 1937
share in addition to the regular quarterly dividend of 25 cents
was paid on Dec. 1, last.—V. 143, p. 2687.
per
board
as
Ittleson,
follows:
Chairman
of the Board; Dudley Cates, Chairman
and
Chairman
Investment Committee; Vincent
Cullen, President; E. M. Allen, Executive Vice-President; Edgar S. Bloom,
Pres. Western Electric Co.; Lindsay Bradford, Pres. City Bank-Farmers
Trust Co.; Edward H. Clark, Pres. Cerro de Pasco Copper Corp.* A. O.
Dietz, V.-Pres. Commercial Investment Trust Corp.; Richard E. Dwight
of Hughes, Schurman & Dwight, attorneys; James V. Forrestal, Dillon,
Read & Co.; William S. Gray, Pres. Central Hanover Bank & Trust Co.;
P. W. Haberman, V.-Pres. and General Counsel Commercial Investment
Executive
Committee
Volume
Financial
144
New York Central RR.
Trust Corp.; John M. Hancock, Lehman Bros.; Henry Ittleson Jr., V.-Pres.
Commercial Investment Trust Corp.; George de Forest Lord of Lord, Day
Lord, attorneys; Hon. Alfred E. Smith, President Empire
Edwin C. Vogel, Chairman Executive Committee Commercial
&
Trust
States
State, Inc.;
Investment
Corp., and Francis B. Davis Jr.. Chairman of the Board United
Rubber Co.—V. 143, p. 3474.; V. 142, p. 4348.
[American Power & Light Co. Subsidiary]
/
Period End. Nov. 30—
1936—Month—1935
1936—12 Mos—1935
$6,793,795
$7,020,147
$623,460
Operating revenues
$597,876
3,532,074
3,882,314
309,608
317,988
Oper. exps. & taxes
Net
from oper__
Other income (net)
revs,
Gross corp. income
Interest & other deduc-
$313,852
29,989
$285,005
84,659
-
y$200,346
$3,137,833
237,964
$3,261,721
217,124
$343,841
86,279
$279,888
5,117
$3,375,797
1,032,934
$3,478,845
1,038,655
y$257,562
$2,342,863
450,000
Prop, retire, res. approp.
Divs. applic. to pref.
$2,440,190
487,500
z
stks. for per., whether
paid
or
499,100
a.
mm
m
m
m
•a.---..
••
-
499,100
$1,393,763
unpaid
Balance
Before property retirement reserve appropriations and dividends,
z Regular dividends on 7% and 6% pref. stocks were paid on Sept. 1, 1936.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared
for payment on Dec. 1, 1936.—V. 143, p. 3851.
Neptune Meter Co.—Pays Class A and B Dividends—
The company paid a dividend of 60 cents per share on its class A and B
shares on Dec. 23 to holders of record Dec. 18.
These were the
first distributions made since Dec. 15, 1931 when 30 cents per share was
common
distributed.—V.
143,
p.
November—
Earninqs—
1933
1934
1935
1936
$52,311
21,872
15,274
$53,536
28,947
23,781
$30,572
def670
$18,492
def5,159
def8,313
504,824
211,584
152,823
376,098
109,038
80,290
330,282
72,267
37,084
249,383
def7,429
def38,187
Gross from railway
Net from railway
Net after rents
3,162
From Jan. 1—
Gross from railway
Net from railway
Net after rents
3641.
Power
New
England
$1,000,000 Link—
New
Association—Completes
Completion of a new link in the high-tension power network of the New
England Power Association was announced Dec. 30 by Frank D. Comerford,
Chairman of the Board.
The new
110,000-volt line, costing approxi¬
mately $1,000,000, will supply energy to communities in the densely
populated section north of Boston which are served by various subsidiaries
of the system.
By means of the new line these communities may now be
directly served for the first time by hydro-electric plants of the New
England Power system on the Connecticut and Deerfield rivers with
aggregate installed capacity of over 300,000 kw.
In announcing completion of the new high-tension line, Mr. Comerford
observed that power consumption in the entire territory served was showing
a
strong upward trend.
He indicated that final production figures for
November, probably available within a week, would show further sharp
gains over a year ago.—V. 143, p. 4010.
New
Clock
Haven
Net
Net
From Jan. 1
—V. 143, p.
Up—
Arrears Paid
Co.—Preferred
The directors have declared two dividends of
on
$1.62% per share each on
the 6% % cum. conv. pref. stock, series
A, par
This payment will clear
$100, payable Jan. 2 to holders of record Dec. 16.
up all accruals on the issue.
The directors also declared a dividend of 37 % cents per share on the
common stock payable Dec. 28 to holders of record Dec. 24.
This was the
iirst dividend paid on the common stock since January, 1931.—V. 143,
p. 3851.
Newmarket Manufacturing
the capital
stock, no par value, on Dec. 23 to holders of record Dec. 16.
The regular
quarterly dividend of $1 per share was paid on Nov. 16, last.—V. 143,
2529.
New Orleans Cold
Storage & Warehouse Co., Ltd.—
Pays Extra Dividend—
The company paid an extra dividend of $2 per share in addition to the
regular quarterly dividend of $1 per share on the capital stock, par $100,
on Dec. 21 to holders of record Dec. 15.—V. 140, p. 4242.
New Orleans & Northeastern R.R.November—
1936
Gross from railway
Net from railway
Net after rents.
1935
The Interstate Commerce
1933
1934
$191,555
51,801
9,551
$169,207
44,130
2,154,856
658,536
173,608
54,059
2,527,263
860,957
362,566
Net after rents
2,027,305
477,836
51,710
1,781,071
311,582
def 1,336
def302,872
—V. 143, p. 3474.
New Orleans Public Service
Operating revenues
Oper. exps. & taxes
Net
Inc.—Earnings—
1936—Month—1935
$1,447,056
999,311
Exchange, the company announces that it has instructed the Guaranty
Trust Co. of New York as its agent to continue to receive deposits of
Lake Erie & Western RR. first mortgage 5% bonds due Jan. 1, 1937 for
and incl. Jan. 8, 1937.
The period for receiving deposits
originally was to have expired on Jan. 1.
During this additional period Edward B. Smith & Co. also has agreed
to continue to purchase the above bonds in accordance with their agree¬
ment with the railroad company at 100 and accrued int. to date of purchase,
except that interest will not be paid beyond Jan. 1, in the case of bonds
delivered after that date.—V. 143, p. 4161.
extension up to
New York Connecting RR.
1936
$252,359
Net from railway
1,992,577
Net after rents
142,117
Gross corp. income
Interest & other deduc.
_
Balance
oo^
1934
1933
$238,280
189,698
119,860
$220,527
173,976
103,195
2,488,217
1,913,514
1,154,800
2,470,820
1,934,513
1,129,189
2,535,478
2,015,943
1,220,173
143, p. 3851.
New York Hanseatic Corp.—Extra Dividend—
The directors have declared an extra dividend of $5 per share on the
capital stock, payable Jan. 2.
An extra of $2.50 was paid on Jan. 2, 1936;
an extra of $2 on Jan. 15, 1935, and an extra of $1 per share was paid on
Dec. 29, 1933.—V. 142, p. 305.
& Hartford RR.—Earnings—
New York New Haven
Period End. Nov. 30—
Operating revenue
Net rev. from ry oper..
Net ry. oper. income
x Net
after charges
1936—Month—1935
1936—-11 Mos.—1935
$7,028,786
$6,032,892 $71,446,895 $64,773,967
2,310,605
1,527,685
18,168,434 17,058,300
al,272,728
614,084 a6,839,531
7.587,847
b352,691
def419,758bdef4.091.865def3,263,398
of
guaranties on separately operated properties,
a The leases
Old Colony RR. and Hartford & Connecticut Western RR. were
disaffirmed June 1, 1936 and Aug. 1, 1936, rsepectively, but net railway
x
Before
the
operating income includes the results of operations of these properties,
b Effective as of those dates no charges for the stated leased rentals are
included covering the Old Colony RR. and Hartford & Connecticut Western
RR. leases.
Court Authorized Interest
Payment on Bonds—
Judge Hincks of the U. S. District Court in New Haven has authorized
of the road to pay interest overdue on bonds and debentures
secured by liens.
^
,
Authorization for payment of a $48,000 semi-annual interest instalment
on New Haven & Northampton 4% 50-year refunding consolidated mort¬
trustees
„
gage
withheld due to illness of a
gold bonds of 1956 was
group
,
bondholder's
representative.
Interest payments on
the following bonds are now being
paid:
Coupon
July
Housatonic RR. 5% consol. mtge. bonds
May
Naugatuck RR. 4% 1st mtge. bonds
May
New England RR. 4% guar, consol. mtge. bonds-,
July
Guar. 5% consol. mtge. bonds
July
New York & New England RR. Boston Term. 1st mtge 4s_.Oct.
N. Y. N. H. & H. Harlem RiVer & Portchester 1st 4s
May
New York Providence & Boston gen. 4s
Oct.
Providence Terminal Co. 1st 4s
Sept.
gold 1st mtge bonds
Central New England Ry. 4%
—V. 143, p.
1, 1936
1936
1936
1936
1936
1936
1936
1,
1,
1,
1,
1,
1,
4161.
Ry.—Earnings—
1934
1935
1936
November—
1933
$621,382
126,137
24,230
$657,450
161,347
105,925
$626,832
109,408
16,811
$777,445
179,195
109,047
8,042,699
1,927,999
986,637
7,750,162
1,846,678
1,062,332
8,680,596
2,065,734
1,038,498
8,820,796
2,442,591
1,556,801
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway..
Net from railway
Net after rents..
—V. 143, p.
1, 1936
1, 1936
3475.
Queen's Electric Light & Power Co.—
York &
Appeal
on
Stock Ruling—
Division of the New York Supreme Court, in Brooklyn,
permission to appeal to the Court of Appeals,
Albany, from a recent decision of the Appellate Division.
The decision
The Appellate
Dec. 28 granted company
in
in
question denied the company
the right to call in pref. stock inasmuch as
$447,745
1,221
$438,786
4,227
$5,324,303
16,599
$5,343,336
41,353
such action by the company was believed to have been contemplated in
connection with a proposed merger of New York & Queens Electric Light
& Power Co. and Consolidated Edison Co. of New York, Inc.
$44S,966
229,362
$443,013
243,112
$5,340,902
2,758,253
$5,384,689
2,904,551
in the Supreme
y$199,901
$2,582,649
2,124,000
$2,480,138
2,124,000
544,586
544,586
$188,448
property
-
-
.
retirement
reserve
appropriations
and
dividends.
Latest dividend, amounting to 87% cents a share on $7
was paid April 1, 1933.
Dividends on this stock are cumu¬
lative.—V. 143. p. 3851.
Ry.—Earninqs—
Net after rents
1935
1934
1933
$169,030
35,260
33,514
$122,715
8,492
29,501
$108,413
15,112
26,658
1,853,908
418,913
293,605
1,604,623
343,245
396,786
1,518,675
314,959
476,137
1,157,263
From Jan. 1—
Gross from railway
Fiet from railway
Net after rents
__
89,530
250,449
—V. 143, p. 4161.
New York Auction Co.,
time
for
Susquehanna & West. RR.—Time Extended
depositing first
mortgage
refunding bonds and second
bonds has been extended to March 1, 1937.
The two issues,
which mature Jan. 1 and Feb. 1, 1937, respectively, are being extended to
Aug. 1, 1940, under a plan proposed by the road and approved by the
Interstate Commerce Commission and Erie RR. stockholders.—Y. 143,
p.
4162.
New
York
Co.—Distribution
Title£&XMortgage
to
Creditors—
series C-3, guaranteed mortgage certificates!,
This will bring
announced the distribution of 1% of income on Dec. 31.
distributions on this series to 2%% for 1936.
Checks
totaling
$79,955
were
distributed
to
holders of series F first
mortgage certificates by William J. Pedrick, William J. Schmitt and Alexan¬
der Pfiffer, trustees.
This payment, plus one of the same amount on June
27, last, will make a distribution of 6% for
Hudson Power
Get Merger Notice—
Niagara
Holders
Inc.—Dividends Increased—
have declared a dividend of 18% cents per share on the
stock, payable Dec. 24 to holders of record Dec. 22.
A dividend
of 6% cents was paid on Oct. 29, last, this latter being the first payment
made since Dec. 15, 1929 when a dividend of 37% cents per share was
distributed.—V. 143, p. 2529.
The directors
common
The
Adrian P. Burke, trustee of
1936
$163,870
21,737
7,681
November—•
Gross from railway
Net from railway
She objected to the "arbitrary" offer by
repurchase the stock at what she termed an "inadequate
price."—V. 143, p. 4162.
the company to
mortgage
accumulated and unpaid to Nov. 30, 1936, amounted to
New Orleans Texas & Mexico
the right to call in its pref. stock was brought
Court by Florence Ullman Breslav, who claimed that she
Action to deny the company
owned five shares of the stock.
New York
Deficit.,
Before
2,574,232
1,992,577
1,289,014
after rents
Net
—V.
-1935
$1,296,295 $16,931,500 $15,263,706
857,509
11,607,197
9,920,370
Prop, retire, res. approp.
z Divs.
applic. to pref.
stk. for per., whether
paid or unpaid
y
1935
$231,795
188,267
118,573
From Jan. 1—
Gross from railway
Net from railway
Permitted
1936—12 Mos.
—Earnings—
November—
Gross from railway
$85,937
_
_
Dividends
Deposits of Lake Erie Bonds Up to Jan. 8—
delivery regulations of the New York Stock
To Receive
Due to the holidays and the
y$219,604
from oper.
Other income (net)
revs,
$2,064,889.
pref. stock,
authorized the com¬
250,000
New
[Electric Power & Light Corp. Subsidiary]
Period End. Nov. 30—
Commission on Dec. 11
extend to Jan. 1, 1947, the date of maturity of not exceeding $7,of Lake Erie & Western RR. first mortgage gold bonds, with
interest at the rate of 3 % per annum, and to assume obligation and liability,
as primary obligor in respect of the extended bonds, and to pay premiums
and commission not exceeding 3% of the principal amount of the bonds
in connection with such extension.
pany to
-Earnings—
From Jan. 1—
Gross from railway
Net from railway
1936.
Assumption of Obligation and Liability—
New York Ontario & Western
$212,361
55,944
14,208
$254,643
100,438
_
& St. Louis RR.—Listing—
has authorized the listing of $16,000,000
The New York Stock Exchange
10-year 4% coll. trust notes due Aug. 1
Co.—Pays Extra Dividend—
The company paid an extra dividend of $1.50 per share on
p.
4010.
New York Chicago
Common Dividend—
account of accumulations
..326,456,447 281,803,447 270,452,592 260,465,383
70,460,419
67,720,127
65,724,798
67,720,127
31.035,767
33,500,592
27,584,970
32,500,592
railway
Net from railway
Net after rents
1408.
Nevada Northern Ry.-
—V. 143, p.
1933
1934
1935
railway—..$31,883,252 $27,077,900 $22,650,097 $22,812,196
4,850,445
6,810,937
4,379,482
from railway
8,684,569
1,813,159
4,393,696
1,706,079
after rents
5,027,105
Gross from
$1,453,590
y
-Earnings—
1936
November—
Gross from
Nebraska Power Co.—Earnings—
113
Chronicle
1936.—V. 143, p. 4011.
Corp.—Niagara and Mohawk
Notices have been sent to stockholders of Niagara Hudson Power
and
Mohawk
Hudson Power
Corp. in formal
Corp.
confirmation of recently
announced plans for the consolidation of both companies into a new Niagara
Hudson Power Cop.
Stockholders of both concerns will vote on confirming
the plans
for consolidation
4162.
in V. 143, p.
on
Jan. 29.
Details of the plan were outlined
114
Financial
Chronicle
Nineteen Hundred Corp.—Pays Extra Dividend—
The company paid an extra dividend of 50 cents
per share on the class B
on Dec. 24 to holders of record Dec. 21.
A quarterly dividend of 25
stock
cents was
paid on Nov. 14, last.—V. 137, p. 2116.
Northern Pacific
amount to
Ry.—Earnings—
1936
1935
1934
$5,459,256
1,556,758
1,619,174
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$4,957,372
56,510,583
11,864,631
9,408,628
Net after rents
November—
1,249,733
$4,096,029
827,971
638.783
49,573,257
8,460,024
6,386,302
47,600,789
9,140,397
6,970,598
43,908,658
7,840,094
4,977,150
RR.—Earnings—
'
1936
Net after rents
1934
1933
$346,665
31,902
3,903
$352,567
48,801
409
$358,898
73,099
52,261
4,061,374
750,742
238,981
From Jan. 1—
Gross from railway
Net from railway
1935
$363,795
67,335
20,297
Gross from railway
Net from railway
Net after rents
—V.
1933
$4,285,032
765,601
647,740
1,385,809
—V. 143, p. 3642.
Norfolk & Southern
4,316,279
4,440,987
1,093,828
480,005
4,066,089
710,821
229,165
865,140
314,920
143, p. 3642.
North
Plan
At
American
Gas
&
Electric
Co.—Reorganization
Confirmed with Amendments—
hearing held Dec. 23 and concluded Dec. 24 before U. S. District
Court for the Southern District of New
York, Judge Robert P. Patterson
an order confirming the plan of reorganization dated
Aug. 15, 1935,
as amended by the
proposed modifications attached to the order to show
cause, pursuant to which the hearing was held, and authorized the com¬
pany to proceed to carry out the plan.—Y. 143, p. 4163, 766.
signed
North American Investment
Corp.—Bonds Called—•
company has called for redemption on March 1, 1937, at 102
3^
and interest all of its coll. trust 5% bonds.
For holders who wish to antici-
Sate the redemption date, moneys for this purpose have been deposited
y the company with the Bank of California, N. A.,
trustee, which will
made payment at its San Francisco office at
any time prior to March 1.
At the option of the holder, payment will also be made at
Bankers Trust
Co., New York.
Bonds redeemed prior to March 1,
1937, will receive
full interest to that date.—V. 143,
p. 3851.
North American Trust Shares—Dividend—
Advancing the date of its
next
distribution, normally due Jan. 15, to
within the 1936 calendar year, North American
Trust Shares will
make semi-annual distributions on Dec. 31 of
13.4 cents per trust share
on the 1955 series and 14.8 cents
per trust share on the 1956 series.
This
compares with distributions of five cents per share on the 1955 series and of
six cents per share on the 1956 series made last
July.
The year-end distributions for both series
include, in addition to regular
and extra cash dividends, income received from sales of
securities.—V. 142,
p. 306.
come
North Shore Coke & Chemical
Co.—Registers with SEC—
See list given on first page of this
department.—V.
North Shore Gas
See list
given
on
129,
p.
295.
Co.—Registers with SEC—
first page of this department.—V. 143, p. 4011.
North Star
Oil, Ltd.—Accumulated Dividend—
The directors have declared a dividend of 17
H cents per share on account
of accumulations on the 7% cumulative
preferred stock, par $5, payable
Jan. 12 to holders of record Dec. 19.
This dividend is payable in Canadian
funds and in the case of non-residents is
subject to a 5% tax.
A dividend of
8% cents
per
share was paid
on
Oct.
1, July 2 and April 1, last, while
dividends of 17 H cents per share were paid on Dec.
20 and on March 1,
1935.
The last regular quarterly dividend paid on this issue was
the 8K
cent payment made on Oct. 2, 1933.—V.
143, p. 2529.
Northern Alabama
1936
Gross from railway
Net from railway
*
Ner from railway
Net after rents
—V.
1935
def4,201
$68,133
30,992
15,444
Net after rents
From Jan. 1—
Gross from railway
I
Ry.--—Earnings—-
November—
649,896
277,250
99,042
1934
$49,206
13,058
def2,665
$45,285
18,003
2,761
506,912
169,200
6,616
497,745
165,506
17,141
1933
484,534
186,528
143, p. 3475.
The
directors
have declared
June, 1932.—V. 143,
p. 2690.
v.
in rural areas, and in the sale of electric
energy at wholesale to 52
munities in Ohio.
The principal places served are
Commerce
Commission
company
on
served at retail is estimated to be in excess of 800,000.
Company owns six
electric generating plants with 313,450 kilowatts total rated installed
generator capacity (effective capacity 286,000 kilowatts), together with
substations, transmission and distribution lines, &c., serving
Dec.
16 issued
a
certificate
and the
end of the track at
Kerriston, approximately 0.7 mile, in King County, Wash.—V. 143,
p.
Northern Securities Co.—Larger Dividend—
The directors on Dec. 21 declared a dividend of
$3 per share
capital
stock,
3642.
on
the
$100, payable Jan. 20 to holders of record Dec. 30.
$2 paid on Jan. 15, 1936, on Jan. 10, 1935 and on
on Jan. 30, 1934; $2 on Nov. 1, 1933, and $2.50
per
Jan. 9, 1933.—V. 142, p. 466.
par
This compares with
Aug. 1, 1934; $3 paid
share paid on
fl[ Northland Greyhound Lines, Inc.—Stock—
The
Interstate Commerce Commission has authorized the
company
45,250 shares of common stock to provide for the conversion
rights
16,500 shares of preferred stock outstanding, and
subject to certain
conditions 30,000 shares of common stock to be
sold at $27.50 a share,
proceeds to be used for capital purposes.—V.
139, p. 3970.
to issue
of
Northwestern Bell Telephone
Co.—Pref. Stock Called—
The company will redeem all of its
outstanding preferred stock on
April 15, 1937, at $105 per share plus accrued dividends to
that date.
Payment will be made at office of the
company, 118 South 19th St., Omaha,
Neb.
Checks for the regular
quarterly dividend of $1.62 H Per share for the
quarter ending March 31, 1937,
payable on the stock April 15, 1937, will
be mailed on the latter date to
stockholders of record March 20, 1937.
A final dividend of 27c.
per share for the period from April 1 to
April 15,
1937, will be included in the redemption
payment.—V. 143, p. 4163.
Capitalization Outstanding
November—
Gross from railway
Net from railway
Net after rents,,..
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
—V. 143, p. 3643.
1936
1935
1934
1933
$263,265
9,448
6,191
$217,069
defl6,922
def41,232
$235,752
6,141
defl9,167
3,469,801
468,912
276,199
3,070,277
229,091
3,011,905
312,365
12,764
2,629,061
121,430
def200,844
of Oct. 31,
of Oct. 31, 1936
$26,834,500
43,963,000
29,671,200
14,499,200
Common stock (no par) (1,436,920 shares)
a The stated value of the shares of
outstanding pref. stock is $100 per
The outstanding shares are: $5 series—1,367
shares; $6 series—
198,747 shares; $6.60 series—23,498 shares; $7 series—69,004 shares; and
$7.20 series—4,096 shares on June 24, 1936.
The company has been authorized by an order of P. U. Commission of
Ohio dated June 24, 1936 to issue not
exceeding 296,712 shares of its pref.
stock of any series which it may be corporately authorized to
issue, bearing
share.
dividends at rates not exceeding $5 per share per
annum, which shares of
pref. stock shall be sold for the highest price obtainable, but not less than
$100 per share, from time to time to refund a like number of its
presently
outstanding shares of pref. stock bearing higher dividend rates which it may
acquire or redeem.
The order provides that the proceeds from the sale of
the said shares of pref. stock shall, with other
moneys in the treasury of the
company, be expended and used for the redemption and acquisition of the
shares of $5, $6, $6.60, $7 and $7.20 series pref.
capital stock outstanding,
and for
no other purposes whatsoever.
The order also authorizes the com¬
pany to charge to a sub-account entitled "pref. stock premium,
discount,
commission and expense" under account entitled "miscellaneous
deferred
debits" the premiums paid for shares acquired or red. and the
commission,
discount and expenses incurred in the issuance and sales of
pref. stock and
to credit thereto any premiums received on sales of
pref. stock and to
amortize such account until it is entirely
extinguished by crediting thereto
the amounts of the difference or saving between the dividend
it pays on the
pref. stock issued and what it would have paid on the pref. stock acquired
or red. and to charge such amounts to a
sub-account entitled
"amortization
pf pref. stock premiums, discount, commission and expense" under income
account entitled "miscellaneous appropriations of net
income," or to provide
for the earlier extinguishment of said account
by charges to surplus, such
extinguishment to be effected in either manner within a
ten-year period
provided that after the payment of any premium on pref. stock
acquired or
red. and charged to said account, the
company until said account is entirely
extinguished shall declare dividends on its common stock only out of earn¬
ings applicable thereto thereafter accruing.
Purpose—Company will use the net proceeds from the sale of the 3 M. %
deducting expenses), together
with treasury funds in an amount estimated at
$1,200,090, to provide
funds for the redemption on Feb. 1,
1937, of the $26,834,500 outstanding
5% series due 1960 bonds, at 105% (total required $28,176,225).
Summary of Income Stattments
series bonds (estimated at $26,976,135 after
Years End.
Total Oross
Dec. 31
Earnings
1933
$14,490,008
15,345.735
15,942.175
14,480,187
1934
Net
Interest
on
Earningsx
Fund. Debt
$7,166,630 $3,743,235
7,214,034
3,721,694
7,501,701
3,826,844
6,192,058
2,765.469
Other Int.
Chgs. &c.
$233,680
222,507
222,805
Net
Income
$3,189,714
3,269,833
3,452,051
3.218.686
207.902
x After
provision for taxes (in^l. Fed. taxes) and retirement reserve,
Ten montns ended Oct. 31.
The annual interest charges on the
$70,797,000 bonds to be outstanding
upon completion of present financing and retirement of the
5% series due
1960 bonds will amount to $2,764,795.
3M % Series Bonds—The 3%% series bonds will in the opinion of counsel
for the company, be secured, pari passu with bonds of all
series outstanding
under the mortgage, by a first lien on
substantially all of the
y
property ana
conditions, the issuance
of addi¬
tional bonds thereunder, of the 3%% series or of other
series, which would
rank pari passu with bonds of all series
outstanding unaer the mortgage,
and provides, under certain conditions, for releases of
and substitutions for
property covered by the mortgage.
No notice is required to be given to
bondholders in connection with any release or
substitution.
The mortgage provides that the
company will deposit with the trustee
on or before May 1 and Nov.
1 of each year,
commencing with May 1,
1936, as an improvement and sinking fund, a sum in cash
equal to at least
H of 1 % of the maximum amount of bonds of the
company outstanding
at any one time under the mortgage.
The trustee is required to set aside
out of each improvement and
sinking fund payment the sum of $150,000
to be applied to the purchase of bonds issued
under the mortgage at not
more than the principal amount thereof and
accrued interest.
All moneys
deposited under the improvement and sinking fund in excess of
$150,000
and any balance of the $150,000 not
expended for the purchase of bonds
within five months after the date for the
deposit thereof may be used to
reimburse the company for certain types of
expenditures.
Underwriters—The names of each of the serveral
underwriters of the
bonds and the several principal amounts underwritten
by them respectively
as follows:
are
Morgan Stanley & Co., Inc., New York..
Bonbright & Co., Inc., New York
Brown Harriman & Co., Inc., New York
Edward B. Smith & Co., New York
The First Boston Corp., New York__
Lee Higginson Corp., New York
E. W. Clark & Co., Philadelphia
Stone & Webster and Blodget, Inc., New York
$5,092,000
5,092,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,100,000
1,100,000
Lazard Freres & Co., Inc., New York
Co., Inc., New York
Lehman Brothers, New York
$317,156
28,684
10,665
Eastman, Dillon & Co., New York
Kidaer, Peabody & Co., New York
Mellon Securities Corp., Pittsburgh
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo
W
E. Hutton & Co., New York
Graham, Parsons & Co., New York
Spencer Trask & Co., New York
Ivuhn, Loeb & Co., New York—
—V. 143, p. 4163.
.
9,023
as
1st mtge. bonds 5% series due 1960
1st mtge. bonds 4% series of 1935 due 1965
Pref. stock, cum. (no par) (various series)a
Blyth &
Northwestern Pacific
RR.—Earnings—
as
1936,187,961 electric customers' meters.
The mortgage permits, under certain
of the part of its Green River
branch between engineer's station 744 plus 04.3
com¬
Akron, Youngstown and
The population of the territory
franchises of the company.
Northern Pacific Ry.—Abandonment—
Interstate
2530.
Summary of certain information contained in Prospectus dated Dec. 30.
Company—Company, 100% of the voting stock of which is owned by
Commonwealth & Southern Corp. (Del.), was incorp. in Ohio on
July 5,
1930, and is engaged principally in the generation and purchase of electric
energy and its distribution and sale in 222 communities in Ohio, as well as
1936y
a
permitting abandonment by the
p.
registered bonds interchangeable.
Red., at option of company, as a whole
at any time, or in part on any int. payment date,
prior to maturity, on at
least 30 days' published notice, at principal amount and accrued
int.,
together with following premiums: 10% of principal amount, if red. on or
before July 1, 1938, the premium decreasing ^ of
1% on July 2, 1938 and
on the 2nd day of each 18th month thereafter to and incl. Jan.
2, 1967, and
red. on Jan. 2, 1967 or thereafter, without any premium.
Issuance and sale authorized by Public Utilities Commission of Ohio.
Co.—Pref. Divs.—
dividend of $1.75 per share on the 7%
cum. pref. stock, $1.50 per share on the
6% cum. pref. stock and $1.37 Mi
per share on the 5H % cum. pref. stock (all of $100
par value), all payable
Dec. 23 to holders of record Dec. 19.
Dividends at one-half these rates
were paid on Oct. 14, last and in each
quarter since and including April 14,
1933, prior to which quarterly payments were made at the regular rates.
There has been no payment on the common stock since
The
$1.20 per share.—V. 143,
Dated Jan. 1,1937; due Jan. 1,1972.
Interest payable Jan. and July 1 in
New York City.
Bankers Trust Co., New York, trustee. Coupon bonds in
denom. $1,000 registerable as to principal. Registered bonds in denoms. of
$1,000, $5,000 and authorized multiples of $1,000. Coupon bonds
and
1935
Northern Indiana Public Service
$30, payable
Co.—$26,834,000 Bonds Offered—A banking
group headed by Morgan Stanley & Co., Inc. and Bonbright & Co., Inc., as joint syndicate managers, and in¬
cluding Brown Harriman & Co., Inc., Edward B. Smith &
Co., The First Boston Corp., Lee Higginson Corp., E. W.
Clark & Co. and Stone & Webster and Blodgett,
Inc., on
Dec. 30 offered at 103 and accrued int.
$26,834,000 1st
mtge. bonds, 3%% series of 1937 due 1972.
defl0,941
$44,270
8,891
'
par
Ohio Edison
Springfield and surrounding communities.
a
The
stock,
Feb. 1 to holders of record Jan. 25.
A dividend of 45 cents was paid on
2 and on Aug. 1 last.
Arrearages after the current payment will
Nonquitt Mills—Pays $1 Dividend—•
November—
(Charles F.) Noyes Co., Inc.—Accumulated Dividend—
The directors have declared a dividend of 60 cents per share on account
of accumulations on the 6% cumulative preferred
Nov.
The directors have declared a dividend of $1
per share on the capital
stock, payable Dec. 24 to holders of record Dec. 18.
This compares with
50 cents paid on Nov. 15, last, and dividend of $1 per share
paid on Aug. 15,
last, this latter being the first payment made since 1930, when a $5 partial
liquidating dividend was paid.
A $10 partial liquidating dividend was paid
in 1929, prior to which no disbursements were made since
1924.—V. 143,
p. 2854.
Gross from railway
Net from railway.
Jan. 2, 1937
_
1,100,000
1,100,000
550,000
550,000
550,000
550,000
550,000
400,000
400,000
1,200,000
Volume
Financial
144
O-Neh-Da Products, Inc.—Registers
See list given on first page fo
on
Corp.—Larger Preferred Dividend
Dec. 7 declared
a
dividend of $1.75 per share on the $5
non-cumul. pref. stock, payable Jan. 1 to holders of record Dec. 15.
This
with 50 cents paid on Oct. 1, July 1, April 1 and Jan. 1, 1936;
$1 paid on Oct. 1, 1935, and 50 cents paid on April 1, 1935, and on Oct. 1,
1934, this latter being the initial payment on the issue.—V. 143, p. 767.
compares
Pacific Gas & Electric Co.—Larger
Corp.—Withdrawal of Registra'n
The Securities and Exchange Commission upon
the request of the com¬
pany received on Dec. 18, 1936 has consented to the withdrawal of the
registration statement.—V. 142, p. 698.
Oklahoma City-Ada-Atoka
November—
Gross from railway
regular
—V.
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from
393,937
Old Joe
6,527
def3,877
293,986
100,257
defl5,702
f def9,548
—V. 143, p. 3643.
97,744
9Y.Y44
Distilling Co.—To Pay 40-Cent Dividend—
The directors have declared a dividend of 40 cents a share on the common
stock, payable Jan. 2, to holders of record Dec. 15.
The last previous
dividend on the common stock was 20 cents a share paid Jan. 1, 1936, this
latter
being the initial distribution.—V. 143,
the
on
recently
Commission
Commerce
issued
certificate
a
permitting abandoment by the company of a line of railroad (0.73 mile) in
Pottawattamie County, Iowa, and Douglas County, Nebr., and abandon¬
ment of operation thereof by the Illinois Central RR.
Orange Crush, Ltd.—Earnings—
stock,
.
1935,
as
directors, having in mind among other things, a
date as possible of salaries to their normal figures,
deemed it wise, in
the
early
a
conservative policy, to reduce the dividend rate on the
The reduction has been in effect for nearly two years.
In
of our employees have
have been made, and
it is altogether likely that the City of Los Angeles will, before long, acquire
our electric properties.
After having given full consideration to all or the
foregoing and present and probable future earnings, the Board has decided
that the former dividend rate on the common stock, which was in effect
for some years prior to the reduction in 1934, should be restored and has,
therefore, put the common stockTBack on the former dividend basis of $3
per annum beginning with the dividend in Feb. 1937— V 143, p: 2856,
carrying out a
common
stock.
the meantime, salaries have been restored, the wages
been increased, reductions in gas and electric rates
list
150,000 shares of such capital stock upon official notice of issue upon
of outstanding stock purchase warrants, making a total number
exercise
from no par to $10 par value per share
approved by the stockholders at a special meeting held on Dec. 28,
Assets—
affil. cos. (cost) .10,924,187
Spec, funds—Serv.
A perform. deps.
2,197
a Fixed assets.
8,881,434
4,890,646
Perm, in v. In non-
1,544
6,043
Inventories
..
170 958
18,088
15,725
Accrued salaries, taxes, Ac
inventories
17,993
Due from affiliated companies._
19.881
Advtg supplies, prepd
19,722
5,348
surr. value of
exps
,
Ac
life insurance
In
Investment in real estate
on
Reserve for Domii-lon
upon
—
17,762
a2S5,500
14,007
a
After
reserves
2
Corp.—Stock Rights—
.$341,409
Total
Represented by 30,000 preference shares and 45,500 common shares,
no par value,
b After reserve for depreciation of $142,630.—V. 143,
767.
transfer department, Central
O.
1
15,000 shares offered and the
entire proceeds, less the expenses of registration, will be used for the retire¬
ment of loans incurred in the purchase of additional poster advertising
plants, including mainly the poster advertising plants in and around
Miami, Fla., Orlando, Fla., and Erie, Pa.—V. 143, p. 4163.
and payment for stock was received at the
National Bank, 308 Euclid Ave.. Cleveland,
There was no underwriting in respect to the
O'Sullivan Rubber Co., Inc.—Pays
5-Cent Dividend—
Comparative Income
The company paid a dividend of five cents per share on its common
on Dec. 26 to holders of record Dec. 21.
This is the first payment
dividend of 2^ cents per share was dis¬
bursed.
Prior to this latter date regular quarterly dividends of 10 cents
per share were distributed.—V. 143. p. 2062.
a
for Exchange Extended—
The New York Stock Exchange has received notice from the company
that the time within which shares of 7% cumulative prior preference stock
be exchanged for convertible first preferred stock and common stock
under the plan of recapitalization has been extended to the close of business
may
on
Tne company has filed an amendment with the Securities
and Exchange
Jan. 16.
Interest paid
Outboard Marine & Mfg.
New
York
Co.—Listing—
Prov. for Fed. inc. tax_.
311933
$167,868
51,803
8,838
63,908
3,958
37,196
52,788
1,109
2,439
36.328
45,454
3,699
36,035
41,607
1,062
loss$l,235
20,922
loss$39,086
28
$13,423
26,036
$47,781
4,397
10,000
$39,459
3,6*6
2,500
$19,686
loss$29,706
1,071
$33,312
$16,621
715
564
9.380
2,500
Stock
Exchange has authorized the listing of 297,144
common stock (par $5) which are issued and outstanding, excepting
22,974 K shares thereof, which are held by the transfer agent for exchange
for stock of the predecessor companies.
On Sept. 30, 1936, an agreement of consolidation between Outboard
Motors Corp. (Mich.) and Johnson Motor Co. (Del.) was filed whereupon
Outboard, Marine & Mfg. Co. (Del.) was created and the separate existence
of the constituent companies ceased.
Capital stock of the company is to
be issued in exchange for stock of the predecessor companies on the following
shares of
basis:
Predecessor Company and Stock—
Outboard Motors Corp.:
Class A (no par) pref. stock
Class B (no par) common stock.
Johnson Motor Co.:
x
Dec.
1934
$225,861
60,619
19,355
62,185
Miscellaneous other inc.
Total income
Ended
$268,822
77,736
24,773
57,836
$47,753
Operating profit
Commission changing the proposed offering date of its securities to
—V. 143. p. 4011.
The
-Years
1935
Sept. 30 '36
Gross sales, less disc., &c
$270,382
Operating expenses
63,391
Maintenance & repairs..
19,214
Depreciation
* 46,409
Taxes (other than income
taxes)
3,885
Rents and royalties
30,791
Sell., gen. & admin, exp.
58,936
Bad debts
Jan.30,1937.
Offering Delayed—
Statement
9 Mos. End.
stock
Otis Steel Co.—Time
subscribe to
22
$341,4091
July 1, 1935 when
b Rep¬
and $9,529,714 in 1935.
shares.—V. 143, p. 4012.
of $10,885,219 in 1936
resented by 1,000,000 no-par
Packer
both
made since
818.109
21,035,047 15,431,990
15,000 shares of common stock (no par) at $15 a share, in the ratio of one
share of stock
offered for each four shares held.
Rights expired Dec.
bl49,284
Total-
10,000,000
3,416,500
The stockholders of record Nov. 25 were given the right to
39 148
Licenses, Ac-.
8.899
10,000,000
.
sur.
Total
21,035,047 15,431,990
Total
42,058
4,294
..
h* nd A with cust-
Fixed assets.
refundable
return of containers
....
18,109
subseq. oper.
6.000
deposits
Capital stock
Surplus
214,799
214,799
Def'd credits appl.
(paid in) 3,416,500
Earned surp. (un¬
appropriated)
1,731,388
6.617
__
65,881
2,599,160
Other reserves
cap
and pro¬
vincial taxes—estimated..
of
capital stock
sub., allied and other cos
May 1'36,sec.).
b Common stock.
Accts. rec., less reserve $2,478__
Due from affil. cos.—current
Investment
750,000
109,973
47,829
Notes payable (due
2,472
9,503,457
143,151
$11,523
payable—trade
Customers'
Dec. 31 *35
Liabilities—
Notes
to
Accounts
a
404,417
377,644
110,204
Prepd. Adef.chgs
$9,868
p.
620,507
325,664
110,050
Accts. receivable..
...
Sept. 30'36
payable to
banks (secured). 1,450,047
Accounts payable
1,378,651
Accrued taxes
199,620
Other accr. lial lis.
26,772
Sept. 30'36 Dec. 31 '35
$
$
Liabilities—
hand and in banks
authorized the listing of 1,000,000
of shares applied for 1,150,000.
The change in the common stock
704
$10,098
Assets—
Containers
Corp .—Listing—
shares of capital stock ($10 par) in substitution for a like number of shares
(no par) which are issued and outstanding, with authority to add to the
$38,789
20,400
profit..
Balance Sheet Oct. 31, 1936
Cash
a quarterly dividend of 75 cents per
value, payable Feb. 15 to holders of
Consolidated Balance Sheet
$37,994
795
„
income.
on
no par
1936.
Depreciation on fixed assets
Interest and exchange
Provision for doubtful accounts receivable
Provision for income taxes
Cash
distributed.
the effect of reductions in electric and gas rates,
and
Cash
Net
were
This compares with 60 cents per share paid on Nov. 16,
last, and each three months previously.
In addition, an extra dividend of
30 cents was paid on Nov. 16, last.
The following statement was issued in connection with the current
Operating profit, before providing for depreciation and doubtful
Interest, discount, &c
share
record Jan. 20.
was
Earnings for Year Ended Oct. 31, 1936
accounts receivable
per
Corp.—Dividend Increased—
Dec. 16 declared
on
common
Pacific Western Oil
Bridge & Terminal Ry. Co.—Abandonment—
Interstate
Total
cents
The New York Stock Exchange has
Omaha
The
share
121.
p.
of 37 H
dividends
quarterly
restoration at
$24,727
311,274
143,344
41,987
y
Previously,
143, p. 3644.
Pacific Lighting
Early in
1933
$27,362
5,424
def4,330
4,054
492,008
209,685
104,322
railway
Net after rents
1934
$36,798
14,457
$39,468
5,582
7,157
>
share on the
stock, payable Jan. 15 to holders of record Dec. 31.
dividend:
Ry.—Earnings—
1935
1936
'
Dividend—
The directors on Dec. 16 declared a dividend of 50 cents per
common
The directors
Oil Payment Purchase
of the authorized
series" making the total amount applied for 465,956 shares
issue of 1,000,000 shares.—V. 143, p. 4011.
with SEC—
this department.
Ohio Service Holding
The directors
115
Chronicle
Predecessor Co. Stock
150,000 shs.
20,000 shs.
120,000 shs.
...160,000 shs.
Common stock ($5 par)
101,715 f-10 shs.
x Excluding
730 1-10 shares held in treasury
subsequently canceled.—V. 143, p. 3644.
Pacific American
on
Stock of the Co.
Sept.
127,143
30,
shs.
1936 and
Fisheries, Inc.—Pref. Stock Called—
The company has called for redemption on Feb. 1, 1937, its outstanding
first preferred stock at 105 and accrued dividends.
The preferred is
convertible into common stock at the rate of six common shares for one
preferred.
The conversion date is Jan. 23, 1937.
Prior to any conversion
there were $1,200,000 of the preferred outstanding at a parity of $100
per share.
This is the second issue of convertible preferred stock which the company
has converted.
The current issue called for redemption was issued in
May, 1935, by a syndicate composed of Elworthy & Co.; Schwabacher &
Co.; Dulin & Co.; Drumheller, Ehrlichman & White, and Conrad, Bruce
Balance Sheet Sept.
Accounts receivable
Value of life insurance
Pacific Commercial Co.,
Inc.—Larger Dividend—,
The directors have declared a dividend of $2 per share on the common
stock, payable Dec. 15 to holders of record Dec. 10.
A semi-annual divi¬
dend or 50 cents per share was paid on June 30, last.—V. 138, p. 4309.
Corp. of Calif.—Listing—
listing of 35,000 addi¬
$10) on official notice of issue upon
outstanding, non-detachable common
stock purchase warrants attaching to 35,000 share of preferred stock "5%
The New York Stock Exchange has authorized the
(par
the exercise of outstanding or to be
44.637
27,663
15,000
Prov. for Fed. income taxes..
690,024 Accrued lease rentals
352,005 Capital stock (60,000 shs.)___
415,786 Earned deficit
3,370 Capital surplus
cos
-
Fixed assets (net)
Goodwill
Other assets
1,200,000
35,375
203,900
Total
$1,627,253
Pipe Line
Co.—Files Registration
$1,627,253
Total
15,000
2,428
—V. 143, p. 4163.
Panhandle
Eastern
Statement—Sales—
Company filed on Dec. 30 with the Securities and Exchange Commis¬
a registration statement covering 80,000 additional common shares
(no par) and certain additional outstanding shares of common stock which
the receivers of Missouri-Kansas Pipe Line Co. may sell.
Receivers of the Missouri-Kansas Pipe Line Co., beneficial owner of
sion
a large block of Panhandle Eastern common stock, hold transferable sub¬
scription warrants evidencing the right to subscribe to the new shares at
$25 a share, which warrants they will distribute on behalf of the company
to Missouri-Kansas stockholders.
Distribution will be made on a pro¬
only
that each class B share of Missouri-Kansas stock will be
l-20th of the right accorded to each share of common
stock.
Directors have declared an extra dividend of $1 per share on the common
stock, par $5, payable Feb. 5 to holders of record Jan. 12.
Directors also declared the regular quarterly dividend of 25 cents per share
on the common stock, payable Jan. 15 to holders of record Jan. 2; and the
regular quarterly dividend of $1.25 per share on the 5% cumul. conv pref.
stock, par $100, payable Feb. 1 to holders of record Jan. 15.—V.142, p. 4350.
Pacific Finance
131,000
12,951 Accrued liabilities
11,955 Dividends payable
Prepaid lease rentals
Materials and supplies
Invest, in securities of sub. and
entitled to
$
tional shares of common stock
$23,000
$30,348 Notes payable: Banks
Others
84,448
26,362 Accounts payable
Cash
affiliated
loss$30,778
30,1936
Liabilities—
rata basis, except
& Co.
Extra Dividend—
$33,383
Net income
Assets—
Proceeds of the issue, estimated at $2,000,000, are to
be used as part
payment of the cost incurred by the company for additions and better¬
ments to its present facilities and those of its subsidiaries made necessary
by increasing sales.
Sales in the
10
months to
Oct. 31
ft., ran 57.6% ahead of the same
President of the company states.
cu.
this year, at
period
19,718,850 thousand
J. D. Creveling,
a year ago,
By agreement, any of the 80,000 shares of the new Panhandle Eastern
Pipe Line Co. stock not subscribed by Missouri-Kansas stockholders will
be purchased by the Columbia Oil & Gasoline Corp. which will, however,
upon request sell to the Missouri-Kansas Pipe Line Co. (or its successor in
reorganization), any shares so acquired at $25 a share plus interest at 6%
per annum, at any time within six months after the termination of the
Missouri-Kansas receivership but not later than Dec. 31. 1937.
Following sale of the new stock, and assuming complete exercise of
rights by Missouri-Kansas stockholders, there will be outstanding 808,652
shares of Panhandle Eastern common stock (no par), approximately half
Financial
k 116
of which will be owned by Columbia Oil & Gasoline-Corp., and
approxi¬
mately half by the Missouri-Kansas Pipe Line Co. and the public.
In
are already outstanding 100,000 shares
of class A preferred stock and 10,000 shares of class B preferred stock, both
of $100 par value, owned by Columbia Oil & Gasoline Corp., and $17,728,000 of 20-year 6% mortgage bonds, due 1950, held chiefly by insur¬
ance companies.
In addition to the 80,000 shares of Panhandle Eastern common stock
to be offered the stockholders of the Missouri-Kansas Pipe Line Co.,
the receivers of that company may sell some additional shares of common
stock of Panhandle Eastern already outstanding and owned by MissouriKansas in order to take care of expenses incurred in the Missouri-Kansas
receivership.—V. 143, p. 3644.
addition to the common stock there
Parke, Davis & Co.—Larger Dividend—
have declared
The directors
dividend
of 60
cents per
share on the
common stock, no par value, payable Jan. 2 to holders of record Dec. 22.
This compares with 40 cents paid on Sept. 30, June 30 and March 31 last;
55 cents paid on Jan. 2,1936; 45 cents on Sept. 30, June 29 and March 30,
1935; 75 cents on Jan. 2, 1935, and 35 cents per share paid on Sept. 29,
June 30 and Jan. 2, 1934.
Dividends of $1 per share were paid in 1933,
$1.30 in 1932 and $1.65 per share in 1931, 1930 and 1929.
In addition,
a stock dividend of 1% was paid on Jan. 10, 1936.—V. 143, p. 3158.
Patino
Mines
&
a
Enterprises
Consolidated—Special
Dividend—
The directors have declared a special dividend of 60 cents per share on
the common stock, payable Dec. 24 to holders of record Dec. 19.
This was
the first payment made since 1929.
In connection with the current dividend payment the company will
make available through a boliviano dividend of four-fifths of a boliviano
share of stock approximately 1,000,000 bolivianos for necessary humani¬
per
tarian purposes in Bolivia.—V. 143, p. 3329.
ft
1936
1935
1934
$371,642
12,216
52,392
$280,600
24,933
34,250
$423,939
2,904,430
_
$262,429
Cr8,239
40,000
$230,668
2,827,537
$307,034
2.780,111
2,693,303
1937
2,
Pennsylvania Power Co.—$6,978,000 Bonds Placed Pri"
vately—The company (an operating unit of Commonwealth
& Southern Corp.) has sold privately to two institutional
investors for their investment portfolios a new issuelof
$6,978,000 1st mtge. bonds, 3^% series of 1936, due 1961,
at 100 and interest.
The proceeds will be used to redeem on Dec. 29 at 104 and int. to Jan. 1,
1937 at office of City Bank Farmers Trust Co., 22 "William St., N. Y. City
all of the outstanding $6,978,000 1st mtge. 5s of 1956.—V. 143, p. 3644.
Pennsylvania RR.—Earnings1936
1935
1934
1933
$38,443,966 $31,601,045 $26,536,891 $26,982,541
10,654,911
9,221,360
7,042,913
7,975,950
7,385,187
6,528,962
4,414.831
5,004,463
November—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
401,023,478 335,770,750 316,757,639 299,655,725
115,903,383
96,372,627
88,180,999
92,085,265
75,759,856
64,001,055
55,683,035
57,548,059
Net from railway
Net after rents
The company has applied to the Interstate Commerce Commission for
authority to sell to the Pennsylvania Co., its investment affiliate, 150,000
of 4% special guaranteed betterment stock of the Cleveland &
Pittsburgh RR. at $50 a share.—V. 143, p. 4164.
shares
Pennsylvania Reading Seashore Lines—Earnings—
November—
Gross from railway
1936
1934
1935
1933
defl49,809
$360,305
defl5,618
defl48,585
$366,733
def30,711
defl59,448
$364,728
def89,491
def256,881
6,077,906
5,314,311
5,362,197
3,735,826
$407,848
def8,094
Net from railway
Net after rents
From Jan. 1—
Net after rents
1933
$477,659
Crl3,280
67,000
Operating profit
Other deductions (net)__
Prov. for Federal taxes-
Jan.
Gross from railway
Net from railway......
Patterson-Sargent Co.—EarningsYears End. Oct. Si¬
Chronicle
963,216
251,873
263,369
139,837
defl ,137.881 defl ,549,132 defl ,772,355 defl ,218,408
.
—V. 143, P. 3645.
Peoples Gas Light & Coke Co.—Earnings—V
[Excluding Subsidiaries]
Previous surplus
Adjust,
prev. years
eral taxes
Fed¬
30,614
$3,328,369
..
-
-
-
-
-
$3,088,819
34,389
150,000
$2,914,719
34,608
100,000
$2,827,537
$2,780,111
$0.98
150",666
$3,087,145
34,608
225,000
$2,904,430
.
7% pref. stock
purchased & retired--
$1.36
on
3,210
Balance, surplus
$3,175,159
Earns, per sh. on 200,000
shs. com.stk. (no par)
$2.02
After
a
deducting
cost
of
sales,
selling,
administrative
$0.93
and
general
expenses.
Benjamin Patterson Jr., President, says:
"You will note the change in the capital structure of company, due to
amendment of charter, voted on and
authorized issue of 5,000 shares of cumul. 4% pref. stock of one class was
substituted therefor.
An offer of exchange share for share of the new
cumul. 4% pref. stock was made for the cumul. 7% 2d pref. stock outstand¬
During the
of exchange 642 shares of the cumul. 7% 2d pref.
stock were purchased by the company on the open market for redemption,
thereby reducing the cumul. 4% pref. stock outstanding on Oct. 31,1936, to
4,277 shares.
Furthermore, since Oct. 31, 1936 company has purchased
on
open market 1,173 additional shares of the cumul. 4% pref. stock for
redemption reducing the number of shares outstanding at the present time
to 3,104 shares."
Pere Marquette
Assets—
1936
U. S. Govt,
$611,454
1,027,285
secure.
1935
Liabilities—
accepts, payable
Inventory
623,619
1,084,052
of life Insurance-
47,273
46,848
42.787
47,526
1,073,859
...
x
'62,977
Otherincome
x
3*00,000
3,175,159
Common stock-
40,579
Profit and loss sur¬
|
Total
$4,554,969 $4,319,703
p.
3477.
Initial and Special Dividend—
stock, par $1, on Dec. 28 to holders of record Dec. 22.—v. 143,
p.
2856.
Pecos & Northern Texas Ry.—- Control—
Northern Texas Ry. and the Pecos River RR., by purchase of their capital
stock;—V. 133, p. 3628.
('David) Pender Grocery Co.—Special Dividend—
The company paid a special dividend of 50 cents per share on the no par
on Dec. 22 to holders of record Dec. 16.
This was the first
class B stock
payment made since Dec. 21, 1934, when a similar distribution was made,
this latter being the first dividend paid since April 1, 1930, when an extra
dividend of 25 cents and a regular quarterly dividend of 25 cents per share
were distributed.—Y. 143, p. 933.
Peninsular Telephone Co.—Extra Dividend—
The company paid an extra dividend of 25 cents per share on its common
value, on Dec. 24 to holders of record Dec. 15.
The regular
quarterly dividend of 25 cents per share will be paid on Jan. 1.
see
At the last meeting of the board of directors A. A. Magnier was named as
Assistant Secretary.—V. 143, p. 4164.
Pennsylvania Co.—Earnings—
Earnings for 12 Months Ended Aug. 31,
1936
Dividends from securities of subs. & affil. companies.
From other security investments
Interest from securities of affiliated companies...
From other security investments
_
$3,928,376
...
3,978,273
5,474
187,858
On bank balances.
_
....
Miscellaneous
...
.....
...
Total income
Maintenance & repairs (on real estate)
492
4,234
85
$8,104,792
4,089
General & administrative expenses
;
Prov. for taxes (other than Fed. inc. & excess prof, taxes).
Int. on Fed. cap. stock & real est. tax—settlements for prior yrs.
Interest on funded debt
.....
16,960
860,353
17,831
2,333,056
$4,872,504
Disposition of net inc. sinking fund appropriations..........
500,000
Balance transferred to surplus.
$1,250,504
itslcommon Stockton
Pettibone Mulliken
9 Months Ended Sept.
paidlon
Co.—Earnings—
30—
1936
$110,440
1935
loss$l ,778
Philadelphia Co .—25-Cent Dividend—
have declared a dividend of 25 cents per share on the
stock, no par value, payable Jan. 25 to holders of record Dec. 31.
26; 20 cents paid on July 25 and
April 25 last; 25 cents on Jan. 25, 1936; 15 cents paid on Oct. 25, 1935;
20 cents each three months from April 25, 1934 to July 25, 1935, incl.;
l7H cents paid on Jan. 25, 1934; 1234 cents on Oct. 25, 1933; 25 cents on
July 25 and April 25, 1933; 35 cents per share each quarter from ApriliJ30,
1932 to and incl. Jan. 25, 1933, and 55 cents per share on Jan. 25, 1932.—
V. 143, p. 4164.
Philadelphia Electric Power Co.—Bonds Called—
Fidelity-Philadelphia Trust Co. successor trustee under the mortgage,
called for redemption and will redeem for sinking fund
purposes on Feb. 1, 1937, $175,000 1st mtge. gold bonds 514% series,
due 1972,at 106 and interest.—V. 143, p. 121.
Philadelphia Rapid Transit Co.—Subway Lease to Be
Terminated—
Judge George A. Welsh in the U. S. District Court at Philadelphia on
Dec. 22 granted permission to the city to terminate its agreement with the
Philadelphia Rapid Transit Co. for operation of the Broad St. subway.
The lease which provides for payment by P. R. T. of $75,000 monthly to
the city was for four years from July 1, 1933.
Therefore it will expire
June 30, 1937.
City Council authorized Mayor Wilson Dec. 12 to serve
notice on P. R. T. that it would end the lease on June 30, subject to authority
being given by Judge Welsh, who has control of the company's affairs by
virtue of Section 77-B reorganization proceedings.
Judge Welsh granted the request of City Solicitor Sharfsin that the city
be allowed to terminate the operating agreement.
City to Acquire P. R. T. Bus Subsidiary—
Judge Welsh on Dec. 22 signed a second order under Section 77-B re¬
organization proceedings of the P. R. T. Co., permitting the city to notify
the Philadelphia Rural Transit Co., a subsidiary of P. R. T., of its intention
to acquire its entire bus system on July 1, 1937, or as soon thereafter as
possible.
Earlier in the day, City Council passed a resolution authorizing
Mayor Wilson to serve such a notice and shortly afterwards the Mayor
signed a petition asking the Court's permission to send the notice to the
bus company.
The Mayor's petition states that the city has the right to "recapture"
the bus lines, price to be the actual value of the physical property, and
without any allowance whatsoever for bus franchise value.
To
Argue Underliers Charter Case Jan. 27—
Argument
was
continued Dec. 22 by the Daimhin County (Pa.) Court
the motion of the P. R. T. underliers to quash the quo warranto pro¬
on
ceedings instituted by Matthew H. McOloskey Jr., to cancel the charters
of the underliers.
The case has been listed for argument before the local
court on Jan. 27.
Mr. McOloskey some months ago petititioned Attorney
General Charles J. Margiotti for permission to institute the quo warranto
proceedings against the
underliers.
After a hearing before Attorney
General Margiotti, the Attorney General announced that he would allow
the
of the Commonwealth to be used in connection with the suit.
143, p. 4012.
name
i...
.........
$4,372,504
Note—These interim corporate earnings statements have not been audited
by independent public or independent certified public accountants and
subject to future adjustment.
It is not anticipated that any provision
la necessary for surtax on undistributed profits.—V. 143, p. 4012.
are
$2,144,503
Net income before depreciation and interest
—V. 143, p. 4164.
—V.
Net income-
$304,240
Dec. 12.
The last previous payment was the 50 centidividend
Dec. 24, 1930 —V. 132, p. 2788.
V. 143, p. 1243.
(J. C.) Penney Co.—Assistant Secretary—
Rents received
$370,012
Netincome
—V. 143, p. 3478.
For detailed
no par
78,390
3,182,138
dated Feb. 1,1926, nas
The Interstate Commerce Commission on Dec. 14 approved the acquisi¬
tion by the Atchison Topeka & Santa Fe Ry. of control of the Pecos &
dividend record
63,566
3,071,803
This compares with 15 cents paid on Oct.
The company paid an initial dividend of 10 cents per share and a special
dividend of like amount (or a total of 20 cents per share) on its common
stock,
$5,285,469
The directors
Represented by 200,000 no par shares.—V, 143,
Pearson Co., Inc.—Pays
$4,516,082
$598,132
4,613
286,829
Fixed charges—
common
28,952
$4,554,969 $4,319,703
$656,353
6,541
1936—11 Mos.—1935
$2,655,456 $29,266,252 $25,797,025
850,224
7,928,307
6,488,764
577,132
4,892,727
4,181,983
21,000
392,742
334,099
277,301
Miscellaneous deductions
2,904,430
_
24,052
Total income
349,186
491,900
427,700
300,000
plus
Unexp. ins. prem.
prepaid taxes...
Total
99,276
349,186
1,107,484
Dep.in closed bank
Land, bldgs., ma¬
chinery, equip.,
&c
$126,778
84,433
Res. for conting
7% pref. stock
$4 cumul. pref. stk.
574,483
949,701
Cash surrender val
1936—Month—1935
$2,891,655
898,472
632,301
Net oper. revenue
Net ry.oper. income
The company paid a dividend of $2 per share on
$203,648
Dividends payable
Accrued taxes
Customers' notes &
$587,346
Perry-Fay Co.—Dividends Resumed—
1935
1936
,
Accounts payable-
$536,638
1,032,133
1936—12 Mos.—1935
$1,450,240
$28,547
Ry.—Earnings—
Operatingrevenues
Balance Sheet Oct. 31
Cash
$351,600
Period End. Nov. 30—
process
the
1936—Month—1935
Net income for the 11 months ended Nov. 30, 1936 was $1,352,494 after
charges and taxes, against indicated net income of $697,552 in correspond¬
ing 1935 period.
Neb income of $436,662 for the parent company in October and November
combined this year has more than offset the third quarter net lossfof
$313,191.
Last year the first two months of the final quarter together
showed a net loss of $12,092 while the third quarter net loss in 1935 was
$361,061.
Net income of the parent company accounts for bulk of consolidated net
results.
In year 1935 parent company net inoome was $733,599 and concolidated net income of Peoples Gas and subsidiaries was $1,009,823.
V. 143, p. 4012.
approved by 85% of both classes of
stockholders on Sept. 23,1936, whereby both the cumul.. 7% 1st pref. stock
and the cumul. 7% 2d pref. stock were eliminated as of Oct. 1,1936, and an
ing.
Period End. Nov. 30—
Net income after deprec.,
interest, taxes, &c
—
Total surplus
Divs. on 2d pref. stock.
Common dividends
Prem.
$221,416
Phillips-Jones Corp.—$1.75 Preferred, Dividend—
A dividend of $1.75 per share has been declared on the 7% cum. pref.
stock, par $100, payable Feb. 1 to holders of record Jan. 20. A like amount
was paid on this issue in each of the 13 preceding quarters, while on March 14
1933, a payment of $3.50 per share was made.
Accumulations on the pref. stock, following the Feb. 1 payment, will
amount to $3.50 per share.—V
143, p. 2382.
Volume
Financial
144
Public Service Co. of New
Philadelphia Suburban Water Co.—Earnings—
30, 1936
Earnings for 12 Months Ended Nov.
Gross
revenues
$2,523,402
_
Expenses—Operation (incl. maintenance)
Taxes (not incl. Federal income tax)
654,673
—
-—
Net earnings
Interest charges
155,068
-
$1,713,659
676,171
.
Amortization and other deductions.-....-..-.-..-----Federal income tax
30,576
108,197
---
Retirement expenses (or depreciation)
229,902
—
$668,812
Balance available for dividends
Balance Sheet Nov. 30, 1936
Accounts receivable
78,687
Materials and supplies
Other current assets-
79,555
Consumers' deposits
$3,200,000
2,500,000
233,903
5,116
7,715
Investments, general
Prepayments
Main
deposits
extension
Dividends declared—
taxes
Accrued interest
286,781
4,697
expenses
Undistributed
...
Other current liabilities
40,219 Accrued
Special deposits
Unamort. debt discount and
16,907,500
150,235
32,926
508,028
248,000
335,700
197,150
22,163
2,129,857
debits
Other accrued liabilities
Reserves
Surplus
Gross
Net
$144,217
1,553
$1,839,581
37.441
$1,841,667
39,340
$182,802
income^.
Deductions
$145,770
63,880
$1,877,022
900,571
$1,881,007
865,187
$81,890
43,360
$976,451
559,805
$1,015,820
544,404
78,151
...
$104,651
income
Pref. div. requirements.
143,
47,385
4165.
P.
Public Service Corp. of New
1936—12 Mos.—1935
122,134.104$119,403,078
mainte¬
taxes & deprec.
7,319,380
Net income Jrom oper.
Bal. for divs. & surplus.
$3,507,082
2,426,958
Oper.
Total
$28,460,045
141.
$28,460,04
Total
3081.
p.
nance,
83,606,306
81,194,404
53,339,155 $38,527,799
2,239,552
25,025,916
$38,208,674
24,175,483
'6,904,881
—Y. 143, p. 3330.
The directors have declared an extra dividend
the common stock, no par value, payable Dec.
from the corporation
preferred stock may be converted
into $3.50 cumulative convertible first
has been extended to Feb. 27, 1937.
Dec. 15.
A regular quarterly dividend of 10 cents per share was paid on Nov. 16,
See also V. 143, p. 599 for detailed dividend record.—V. 143, p. 3645.
stock
preferred stock and common
that with respect to
1,1937 and prior to March 1,
shares so converted, as a divi¬
amount in cash equal to
number of shares of first
the whole number of such shares issuable upon
1937 there shall be paid to the holders of the
of 15 cents per share on
24 to holders of record
Extended—
of America—Time Exchange
Radio Corp.
The New York Stock Exchange has received notice
Notice has also been received from the corporation
the B preferred stock converted on or after Jan.
Pitney-Bowes Postage Meter Co.—Extra Dividend—
r
o
expenses,
that the time within which shares of B
-V.
Jersey (& Subs.)—Earns.
1936—Month—1935
$10,826,461J&10,244,036
Period End. Nov. 30—
Gross earnings
2,228,482
-
$179,201
3,601
Net oper. income
Non-oper. incopre (net).
—V.
Capital stock, preferred
Capital stock, common
Funded indebtedness
$25,384,245
2,339,123
Hampshire—Earnings—
[Including Manchester Street Ry. and New Hampshire Power Co.]
Period End. Nov. 30—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$492,042
$435,023 $5,395,326 $4,973,000
Operating expenses
312,841
290,806
3,555,745
3,131,333
Liabilities—
Assets
Fixed capital...
Cash
117
Chronicle
dend adjustment in respect of such conversion, an
the dividends theretofore declared and paid on the
preferred stock equal to
conversion.—V. 143, p. 3646.*
such
last.
Railway Equipment & Realty Co.,
Pittsburgh &
Lake Erie
The plan for
1934
1933
$2,150,601
$1,466,844
$1,154,792
$1,228,145
253,410
321,330
104,080
200,438
124,448
184,681
20,151,250
4,699,743
4,911,044
...
15,384,486
2,998,162
3,523,571
14,161,817
2,284,057
2,986,270
13,458,002
2,509,665
2,743,108
railway
Net
after rents
From Jan. 1—
Gross from railway.
...
Net from railway
Net after rents
...
—
Ltd.—•Plan Effective
reclassification of the capital stocks of the company, became
amended certificate of incorporation
effective Dec. 22 with the filing of the
1935
510,496
516,185
Gross from railway..
Net from
RR.—Earnings—
1936
-
November—
in
Delaware.
preferred and common stocks were
The new
simplification of the company's stock structure,
capitalization now consists of the following:
Authorized
Outstanding
the
Preferred stock ($100 par)
42,000 shs.
140,700 shs.
50,000 shs.
150,000 shs.
-
Common stock (no par)
—V. 143, p. 4164
listed on the San Francisco
Stock Exchange Dec. 22.
With tnis final step in the
.
requested at their early convenience, to present their
certificates to the transfer agent, American Trust Co., 464 California St.,
San Francisco, for exenange for new certificates.
As provided in the plan no fractional shares will be issued, but scrip cer¬
tificates in bearer form (naving the rights and limitations specified in the
plan) will be issued for such fractions as result from the reclassification.
No fractions will result as to holdings of former 1st pref. and 2d pref. stock
or holdings of former common stock evenly divisible by 4.
»»•
Arrangements have been made with the transfer agent to buy or sell any
necessary fractions at the time certificates are presented for exchange.
Under date of Nov. 7, 1936, you were advised of the vote at tne stock¬
holders' meeting at which the amendment of the certificate of incorporation
was authorized, and a .notice was enclosed of the hearing to be held before the
Commissioner of Corporations of the State of California on the application
of the company for a permit to issue the new securities.
This hearing was held on Nov. 25, 1936, at which time the two stock¬
holders who voted at the stockholders' meeting against the amendment of
the certificate of incorporation, appeared ana opposed the granting of the
permit.
On Dec. 2, 1936, the Commissioner of Corporations
issued a
permit authorizing the company to issue the new shares, and also made his
findings of fact and conclusions in connection with the hearing.
Alfred J. Lundberg, President, states: "It has been found impracticable to
pay the initial dividend on the new common stock within the present calendar
year.
I now intend to recommend to the board of directors that the divi¬
dend dates for the new common stock be fixed as follows:
Holders of
record March 31, June 30, Sept. 30 and Dec. 31; dates of payment: April 25,
July 25, Oct. 25 and Jan. 25.
"It will be my recommendation that a dividend of 50 cents per share be
paid on April 25, 1937 to holders of record March 31; and thereafter regular
dividends of 25 cents per share per quarter, assuming of course, that no
unforeseen developments affect the earnings available therefor. —V. 14o,
p. 3160.
Stockholders are
Pittsburgh & Shawmut RR.—Earnings—
November—
Gross from railway
1933
1934
1935
1936
5
$64,895
6,727
Net from railway
Net after rents
$39,577
$56,887
def6,460
5,281
6,543
$58,439
8,310
15,274
592,191
57,872
100,403
611,564
102,959
113,854
6,689
517,366
def4,488
Net from railway
Net after rents
def3,537
502,864
defl2,396
From Jan. 1—
Gross from railway
31,681
def236
—V. 143, p. 3645.
Pittsburgh Shawmut & Northern RR.—Earnings—
$103,846
22,509
$65,242
2,597
13,764
def620
976,020
147,121
833,552
64,175
def9,322
1933
1934
$91,168
15,189
5,438
840,812
23,589
def62,135
1935
1936
November—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
49,981
.
$81,767
15,936
9,903
908,089
17JK916
98,290
—V. 143, p. 3645.
Pittsburgh & West Virginia Ry.—Earnings—
November—
Gross from railway
From Jan.
Gross
from
1935
1936
__
1933
1934
$329,957
83,665
98,658
$256,115
79,503
89,545
$204,086
36,060
53,684
$207,032
50,237
58,491
3,509,073
2,718,226
2,515,772
1,066,753
1,159,139
...
Net from railway
Net after rents
857,380
923,239
670,750
782,995
2,350,273
764,753
856,409
1—
railway.
Net from railway
Net after rents
—
....
...
Railway Express Agency,
—V. 143, p. 3645.
Revenues
The Chicago Stock Exchange has
approved the application of the com-
J)any to list 81,535 shares of common stock (new), $1 53,188 shares change
par, due to a of this
par value and the issuance of additional shares.
n
stock
are to
be admitted to trading upon notice of the
to the certificate of
filing of an amendment
and income..$15,207,752
Operating
&
Alexander,
The directors have declared an extra dividend of 25 cents per share on
the new common stock, par $5. payable Dec. 24 to holders of record Dec. 17.
The regular quarterly dividend
last.—V. 143, p. 2222.
Premier Shares,
on
a
semi-annual dividend of 10 cents per share
Pressed Steel Car
144,353
5,023
1,339,351
1,453,863
20,154
28,476
Co., Inc.—Subs. Being Dissolved—
$6,556,749' $5,485,947 $48,362,808 $42,829,176
other carriers, express privileges.—V. 143, p. 3646
Ltd.—80% Dividend—
declared a dividend of 80% or 4 shillings on the ordi¬
This is the same amount as declared a year ago at this time.
2534.
Rath Packing
the capital stock, payable Jan.
15 to holders of record Dec. 31.
This
7 cents paid on Jan. 15, 1936
15, 1935; 10 cents on July 15
Jan. 16, 1933, and quarterly
share paid from Oct. 15, 1931 to and incl. July 15,
Co.—Earnings—
Nov. 2, '35 Oct. 27, '34
$39,629,897 $34,937,695 $25,733,725
Net sales
Cost of sales,
Oct. 28, '33
24,662,937
175,352
18,142,740
Oct. 31, '36
Years Ended—
x
livery & adm. exps—
Deprec. & obsolescence.
Other inc. & exp., incl.
38,285,622
214,849
166,848
300,000
148,558
400,000
$3.86
Nil
$3.03
Common diviaends
company.—V.
15,500
$82,709
189,290
300,000
tion and their properties
Earns, per sh. on 200,000
shs.com.stk. (par$10)
for the bondholders.
The announcement followed attempts to reorganize
the company without a sale.
p.
The sale has been set for Feb. 3.—V. 143.
3645.
Corp.—Admitted to Unlisted Trading—
Oct. 31, '36 Nov. 2, '35
Assets—
$839,337
Cash
surety
$773,968
Royalty Corp.
The name of Producers Royalty Corp. has been changed
Corp. and the common stock of Producers Corp. is issuable,
share for share, in exchange for common stock of Producers Royalty Corp.
(see latter company).
Inventories.
Royalty Corp.- -New Name—Stock Increase,
Liabilities—
——
50,000
Oct. 31, '36
payable..
Vouchers and other
Notes
accts.
bonds—
Receivables,
Producers
Fed.
payable..
1,502,442
2,877,140
pers'l prop, taxes
200,920
76,458
Res. forundeterm'd
3,700,357
3,822,528
38,482
34,356
processing taxes 1,000,000
Dividends payable
Deferred and other
assets.
p.
share (or
These latter
a
3479.
188,400
2,117,300
588,100
2,000,000
2,000,666
Earned surplus
2,427,615
510,000
1,165,260
510,000
Paid-in surplus
authorizing
total of 50 cents per share) were paid on Dec. 10
Jfche first ever paid by the company.—V. 143.
were
195,321
7% cum. pref. stk. 2,117,300
6% pref. stock
694,300
Common stock...
on
Prudential Investors, Inc.—Pays 25-Cent Dividend—
The company paid a dividend of 25 cents per share on the common stock,
no par value, on Dec. 28 to holders of record Dec. 18.
Two dividends of
25 cents per
15,948
liab. arising from
Property, plant &
Dec. 19, 1936, changing its name to Producers Corp. and its shares of com¬
stock from a par value of $1 per share to a par value of 25c. per share,
last.
89,394
59,032
Res. for Fed. taxes
92,067
Other assets
equipment
Nov. 2, '35
$215,100
2,451,399
1,660,397
3,325,743
reserve
mon
and
$247,883
proc. taxes..
5% pref. stock
increasing the authorized common shares to 3,000,000
50,000 shares of preferred stock.—V. 140, p. 324.
$2.34
Prov. for real and
less
&c.—
The articles of incorporation of this company were duly amended
102,888
$616,783
147,880
400,000
and allowances.
Comparative Balance Sheet
The New York Curb Exchange has admitted to unlisted trading privileges
the common stock, 25c. par, in lieu of common stock, $1 par, of Producers
to Producers
202,497
After deducting returns
Cash dep. in escrow
as
collateral to
Producers
123,704
#756,427
155,803
$961,511
Net profit
Preferred dividends
x
30,901
12,113
interest, &c. (net)
Price Bros. & Co., Ltd.—Sale—
judicial sale of the property and assets of this bankrupt news¬
print company, was announced Dec. 30 by the Montreal Trust Co., trustee
34,660,345
148,240
.
Prov. for Fed. inc. tax..
A proposed
$19,064,908
selling, de¬
The New York Stock Exchange has received notice from the company
that its subsidiaries, Fidelity Land Co., Koppel Industrial Car & Equip¬
ment Co. and Pressed Steel Car Co. of Illinois, are in the process of liquida¬
and accounts are being transferred to the parent
143, p. 2692.
70,553,357
1,302,771
75,595,161
3,537,652
The directors have
nary shares.
—V. 143, p.
compares with 8 cents paid on July 15 last;
and on July 15, 1935; 8 cents paid on Jan.
and Jan. 15, 1934; 15 cents on July 15 and
dividends of 10 cents per
1932.—V. 143, p. 2532.
Payments torailand
Rand Mines,
of 15 cents per share was paid on Dec. 15,
Inc.—Dividend Increased—
The directors have declared
Rail transp. revenue
*
Inc.—Extra Dividend—
$116167,643
7,459,702
129,685
133,135
1,157
Express taxes
Interest and discount on
funded debt
*
Powdrell
1936—10 .Mos.—1935
$13,224,710 $128855,126
8,103,969
412,742
expenses
Other deductions
incorporation.—V. 143, p. 4164.
Inc.—Earnings—
1936—Month—1935
Period End. Oct. 31—
Potter Co.—Listmgi
Total
—V. 143, P.
$9,640,772 $9,152,501
Rayon Industries
$9,640,772 $9,152,501
Corp.—Officials Guilty in Stock Fraud
in Federal Court on Dec.
of 14 men accused of using the
A jury
case
Total
4166.
24 returned a verdict of guilty in the
mails in 1933 and 1934 to swindle the
public of $5,000,000 in the sale of stock of
the corporation.
118
Financial
Chronicle
Though the jury was still undecided as to the
guilt or innocence of two
other defendants. Federal
Judge Goddard discharged the 12 men.
Judge Goddard, on Dec. 29, sentenced the
men to serve
penitentiary
terms ranging from one
tences were
year and a day to
suspended.—V. 143, p. 3160.
seven
Four of the
tfri
<
|| Red Indian Oil Co.—Extra Dividend—
The
paid
company
an
Years
sen¬
M
years.
Jan. 2,
Gross profit from sales.
Prov. for depreciation..
a
distributed
on
April 1, 1936.—V. 143,
p.
1244.
Reliance Grain
Co., Ltd.—Bonds Offered—Public offering is being made by Nesbitt, Thomson &
Co., Ltd., Mont¬
real, of $1,400,000 first
mortgage & collateral trust bonds.
Of the
amount offered
$400,000 are 3% serial bonds, ma¬
turing $80,000 each Jan. 2, 1938 to
1942, and $1,000,000
are
4^% bonds, maturing Jan. 2, 1952. The
price of the
4bonds is 100 and int. to
yield 4}^%. The boncU are
first offered in
exchange for the presently outstanding 6%
bonds, series A, at 108 flat (Canadian
funds).
^Principal and interest (J. & J.), payable in lawful money of Canada at
the
holder
s
option
at
the
principal office of the company's bankers in
Montreal, Toronto, Winnipeg, Vancouver and
Halifax, Canada.
Coupon
bpnd® i11 denoms. of $1,000 and $500, registerable as to principal only.
o«:
w ,ole or in part at any time before maturity at
option of company
30 days notice at 101 for
the 3% bonds, the
4K% bonds to be red. at
103 if red. on or before
Jan. 2, 1938, thereafter
at l-5th of
1% less for each
subsequent year or fraction
thereof, in each case with accrued interest to date
of redemption.
A
sinking fund of $80,000 per annum will be
provided
23,285
16,590
10.207
14,247
56,554
72,422
34,129
$278,839
158,121
$122,291
196,360
$295,236
116,306
$279,266
121,763
loss$74,068
7,633
$178,930
6,582
24,418
$157,503
19,219
18,008
$96,630
"
Operating profit
Other deductions
(net)..
Prov, for Fed. inc. tax..
income
loss$81,701
$147,931
$120,276
a After
deducting cost of goods sold exclusive of provision for
depreciation
and amortization or
special tools and dies.
_
Balance
JpM
Assets
Cash
on
SheerSept"\30t_193Q'
Liabilities—*
hand and cash
on
dep
Accounts receivable—trade
Inventories....
$147,504
a81,216
111,468
Other assets
15,205
Property, plant and equipment. 380,525
Pat'ts, Pat't rights & appllcat'ns
8,079
Deferred charges..
26,042
Notes payable to officers
$31,419
Accounts
126,929
143^^°4^4COmnienCing Jan*
2*
p.
3646.
Rhode Island Insurance
Co.—Initial Dividend—
The company paid an
initial dividend of 10 cents
per share on its
on Dec. 21 to
holders of record Dec.
15.—V. 141, p. 3549.
November-
due Nov. 21, 1936
Mortgage
1936
railway
1935
695,019
—V. 143, p. 3647.
1934
1933
$453,708
43,949
def2,074
$435,992
5,884,338
931,619
284,806
6,794,692
1,576,216
Net from
railway
Net after rents
5,551,482
944,166
311,791
5,402,298
1,181,051
404,078
68,917
20,902
C.H. W.) Rickel & Co.—7-Cent Extra
Dividend—
The directors have
declared an extra dividend of 7 cents
per share in
addition to the
regular semi-annual dividend of 8 cents
per share on the
common stock,
par $2, both payable Jan. 15 to
holders of record Dec. 24.
An extra of 12 cents
was paid on
July 25 last and extra dividends of 4 cents
per share were paid on Jan.
15,1936, and
on
Appreciation
Rochester Gas & Electric
Corp .—Registers with SEC—
Approved—
The P. S. Commission
has authorized the New
York company to issue
$3,000,000 3^% 30-year general
mortgage bonds, the proceeds to be used
for the payment of
"notes outstanding and for new
construction."
The
bonds are to be sold at not
less than 104 and interest.—V.
143, p. 4166.
Russell Motor Car
Co., LtdLResumes Common Dividends—
-Clears
Preferred Arrears-
The directors have
declared a dividend of $1
per share on account of
accumulations and a dividend of
$1.17 per share for the current
quarter
on the 7%
cumulative preferred stock,
par $100, both payable Dec. 31 to
holders of record Dec.
21.
This payment will clear
up all accruals on the
Ereferred stock. A record
V. 143, p. 2693.
i
of dividend payments
a dividend of
$1.50 per share on the no par
stock, payable Dec. 31 to holders of record
Dec. 21.
This is the
first payment made
on
the common stock since 1932.—V.
143, p. 2693.
Rutland RR.-Earnings—
November—
Gross from
railway.
Net from
railway
Net after rents
From Jan. 1—
Gross from
railway
Net from
railway.
Net after rents
_
1936
..
_.
1935
$261,223
6,162
21,782
..
$292,4/16
35,626
..
.$770,041
Total
After reserve for doubtful accounts of
$500.—V. 143, p. 4014.
St. Helens
$770,041
Pulp & Paper Co.—Dividend Increased—
The company paid a dividend of
60 cents per share on its common stock
Dec. 1 to holders of record Nov.
21.
This compares with dividends of
20 cents per share
previously distributed each three months.—V. 134, p.
on
St. Lawrence Flour Mills
Co., Ltd.—Stock
Split—
The stockholders at a
special meeting approved the proposed three for
split in the common stock, the placing of capital stock on no
par value
basis instead of $100
par and the elimination of the $930,224 item
among
assets in the balance
sheet which has represented goodwill, &c.
The authorized capital is
being increased to 50,000 new (no par) common
shares, so as to leave 14,000 unissued shares in the
treasury after the share
exchange.—V. 143, p, 2384.
St. Louis Brownsville & Mexico
November—
1936
Gross from
railway$500,536
Net from
railway..
148,509
Net after rents
3,157,616
258,663
111,594
Ry.- -Earning
1935
"
100,431
—V. 143, p. 3647.
1933
$334,469
63,621
26,061
$243,594
47,115
23,175
4,955,420
1,128,391
604,090
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
1934
$315,329
20,971
def9,580
4,100,342
847,699
421,027
4,187,596
1,204,895
3,590,522
1,005,085
476,655
669,174
■
.
St.
Louis-San Francisco Ry.
System—Earnings—
Period End. Nov. 30—
Operating
Operating
revenue
expenses
Net ry. oper. income
Other income
Total income
—
Deductions
Bal. avail, for int., &c.
1936—Month—1935
1936—11 Mos.—1935
$4,422,066
$3,681,532 $45,770,655 $38,836,850
3,534,120
3,223.470
37,601,874
34,683,370
a616,266
164,402
a4,561,687
1,037,136
11,735
13,439
197,822
278,206
$628,001
5,067
$177,842
5,516
$4,759,509
66.997
$1,315,342
75,220
$622,934
$172,326
$4,692,512
$1,240,122
a After
charges of $99,562 for November, 1936 and $880,247 for
period
Jan. 1, to Nov. 30,
1936, for accruals for Federal Railroad Retirement Act
of 1935, and Federal and State
Unemployment Acts.
Other expenses for the period Jan.
1 to Nov. 30, 1935 included credit of
$363,123 for reversal of 1934 accruals under Railroad
Retiremetn Act of
1934.
Road Seeks
Reorganization Delay—
The company has filed an
application in Federal Court in St. Louis for a
further extension of six months in
which to file a plan of reorganization.
It already has received three
extensions, the last one expiring on Dec. 31.
Counsel for the trustee stated that the
time was not propitious for re¬
organization because the company's business was still in
an unsettled condi¬
tion.
1934
1933
$264,153
defl0.998
$240,276
def7,633
def21,l60
2,964,969
80,985
defl25,631
2,999,184
160,550
def22,509
3,138,909
358,862
11,340
6,190
266,362
Outlines Interest Plan—
The company announced Dec.
30 a plan by 4fhicnh|terest
paid on its
bonds in the next four
years would be reduced
substantially. In accordance
with the plan, the
company will pay one-half of the interest due Jan.
1
on its three bond
issues only to holders who assent to the
adjustment.
A minimum of
30% is to be paid on subsequent interest due on the bonds
up to and including Jan.
1, 1941,' depending on income.
Unpaid interest
will become cumulative.
The bonds affected
first consolidated
by the plan comprise $3,499,000 Rutland RR.
4>£s due in 1941, $4,400,000 Ogdensburg & Lake Champlain Ry. first 4s due in 1948 and
$1,350,000 Rutland-Canadian RR. first
4s due in 1949,
"On July 1, I advised
you of the serious situation n
regard to the fin¬
ancial position of the
company," said P. E. Crowley,
President, in a
statement to bondholders.
"The business of the
company is not such as to enable it to
pay full
interest on its
outstanding bonds.
A voluntary plan of adjustment is
presented herewith, under which it is
felt that the company
may be able to
continue the operation of the
property as a whole,
avoiding the costs and
reorganization, with the hope that future improved conditions
may restore the income
sufficiently to permit of the payment of full interest
on the bonds
pending maturity and the subsequent extension or
refunding
at maturity.
"The plan as presented has
been considered by certain of
the larger
institutional holders of the
company's bonds and they have indicated their
approval.
In order to make it
effective, it is necessary that substantially
all of the bondholders
consent."
expenses of
The percentage of interest to be
paid on July 1 in the years 1937 to
1940,
inclusive, shall be determined by the amount of
income earned in the
fix months
ending on the preceding May 31 and the
percentage to be paid
on Jan. 1
coupons to Jan. I, 1947, shall be based
on the income in the
12 months
ending on the preceding Nov. 30.
Payments of 30, 50, 75 or
100% would be made on coupons in
accordance with a schedule contained
in the plan.
The plan will not become
operative unless by July 1 next or some
later
date sufficient assents
have been received.
After Jan. 1, 1939, holders of
25% of deposited bonds may have a
meeting called at which termination
of the
plan would be voted upon.
It would be terminable on
approval by
holders of 85% of deposited bonds.
Holders of some
35% of the bonds have agreed to the
plan, it is said.
The New York Central and
the New York New Haven &
Hartford
each hold $2,352,050 of the
Rutland's $8,962,500 of
7% cumulative pref.
stock outstanding.
The Rutland has
$11,780,000 par of common stock
outstanding.—V. 143, p. 4014.
a
on this issue is given
The directors also
declared
common
surplus
Earned surplus
July 25,1935.—V. 142, p. 4190.
See list given on first
page of this department.
Bond Issue
1,500
193,400
227,500
14,911
98,045
$1)
864.
$494,913
66,507
14.467
195,821
105,088
From Jan. 1—
Gross from
1,500
21,000
payable
Paid-in surplus
common
& Potomac RR.- -Earnings
$655,063
.
12,534
15,500
payable—
one
Fredericksburg
Gross from
railway
Net from
railway
Net after rents
mtge.
Total
stock
Richmond
on
Deferred income...
Common stock (par
Remington Rand, Inc.—Listing—
143,
5,080
20,723
...
Instalment
Trustee: Montreal Trust
The New York Stock
Exchange has authorized the listing of 14,064
additional shares of common
stock (par $1) upon official notice of
issuance
to common
stockholders of record Dec.
10, 1936 on Jan. 2, 1937 as a 1%
stock dividend,
making the total amount applied for
2,739,962 shares of
common
stock.—V.
payable—trade
Account payaole to officer
Payroll.
Accrued taxes,
commissions, in¬
surance and royalties.
Federal income tax—estimated.
j
Oo —V
Year Ended
$120,718
8,588
15,500
Gross profit
Sell., admin. & gen.
exps
Net
9 Mos.End.
61,336
of special
tools and dies
common
of 50% was
Ended
Sept. 30 '36 Sept. 30 '35 Sept. 30 '34 Dec. 31 '33
$363,460
$195,435
$377,865
$327,642
Amortization
extra
dividend of three cents per share on its
stock, par $1, on Dec. 15, last.
A regular dividend of three cents
per share was paid on Dec. 1
and on Sept. 1, last.
In addition a stock
dividend
7
Ryerson & Haynes,
Inc.—Earnings—
The
application was opposed by counsel for the RFC and the
Railroad
Credit Corp.—V. 143. p. 3647.
St.
Louis, San Francisco & Texas Ry. —Operation—
The Interstate Commerce
Commission recently issued a certificate author¬
izing operation, under trackage rights, by the St. Louis San
Francisco &
Texas Ry. over certain tracks of
the St. Louis Southwestern
Ry. of Texas,
n the City of Fort
Worth, Texas.—V.
143, p. 3647.
St.
Louis Southwestern
Ry.
Period End. Nov. 30—
Railway
oper. revenues-
Net rev. from ry. oper-Net ry. oper. income.--
Non-operating income.-
Lines—Earnings—-
1936—Month—1935
1936—11 Mos.—1935
$1,744,719
$1,365,468 $17,501,604 $14,314,037
525,085
438,901
5,628,853
4,502,970
296,400
274,482
2,952,024
2,293,825
Net income
5,344
66,646
69,907
$279,827
279,488
$3,018,671
3,116,133
$2,363,733
2,904,845
$23,072
Deductions
5,381
$301,782
276,710
Gross income
$338
def$97.462 def$541,lll
Reorganization Hearing—
The Interstate Commerce
Commission has assigned public
hearings for
March 16 on the management's
plan for reorganization.
The hearings
will be under direction of
examiners R. T. Boyden and J. V.
Walsh.—V.
143,
p.
4167.
San Antonio Uvalde & Gulf
November—
Gross from
Net from
railway..
railway.
Net after rents
From Jan. 1—
Gross from railwayNet from railway.
Net after rents
—V.
143,
p.
3647.
1936
.—
RR.—Earnings—
1935
$108,325 ~
15,877
$87,021
2,910
1934
defl2,535
def21,914
$70,496
14,345
def7,881
1,175,799
800,152
def46,103
def314,227
976,058
306,810
41,213
322.530
10,653
1933
$65,953
10,855
def9,621
defl23,571
689,854
131,482
Savoy-Plaza Corp.—Reorganization Plan—
The plan of reorganization dated
June
29, 1936, as amended, has, pur¬
suant to orders of the U.S. District
Court for the Southern District of New
York, been confirmed, approved and declared effective.
The Commercial
National Bank & Trust Co. of New York has
been appointed exchange
agent for the purpose of delivering, in
exchange for old bonds and old certi¬
ficates, the new securities provided for under the
plan; holders of old bonds
and old certificates and certificates of
deposit therefor, have been directed
to surrender the same to the
exchange agent in exchange for the new secur¬
ities to be deliverered pursuant to the
plan.
Pursuant to the provisions of their
respective deposit agreements the bond¬
holders protective committees filed on Dec.
29,1936, with their respective de¬
positaries statements covering their respective intermediate
accounts, and
will file on or before March 1,
1937, with their respective depositaries state¬
ments covering their supplemental and
final accounts.
The committees
Volume
144
Financial
have elected to terminate
Jan, 15,
1937, their respective deposit agree¬
ments pursuant to which they have been
acting and, accordingly, nave
instructed their respective depositaries to close their books as of the close of
business on Jan, 15, 1937, ana after date to refuse to make
any further trans¬
fers of certificates of deposits
representing either old bonds or old certifi¬
cates by either of the depositaries.—V.
143, p. 2384.
on
San Diego Consolidated Gas & Electric
12 Months Ended Nov. 30—
Co.-*-Earnings
Chronicle
119
'
Seattle Times"ICo.—Securities
Offered—Blyth & Co.,
Inc., Seattle, Wash.; Wells-Dickey Co., Minneapolis; and
Drumheller, EhHchman& White, Seattle, on Dec. 18 offered
$1,125,000 sinking fund debentures 4\i% and $500,000
serial debentures 4J4%.
Approx.
1936
1935
$7,819,160
4,525,511
$7,481,521
4,101,986
Net operating rev. (before approp. for retire, res.) $3,293,649
$3,379,535
7,781
Operating
Operating
revenues
exp., maintenance and all taxes
Other income
Net oper.
rev.
& other income
1
for retirement reserve)
Appropriation for retirement
-
$3,295,169
-
$3,387,315
1,205,000
1,250,000
Gross income
Interest charges (net)
Amortization of debt discount and expense
Other income deductions
....
...
a.
-
$2,045,169
621,107
61,954
$2,182,315
738,491
264
71,222
6,252
$1,361,845
Net income....
Note—Company made
$1,366,350
provision for Federal income taxes for 1935 as
it claimed as a deduction in its 1935 income tax return, debt discount and
expense, on bonds redeemed in 1935,
consisting of unamortized debt discount
and expense on such bonds at date of redemption, and premium and
expense
on redemption together with duplicate int.
charges, which resulted in no tax¬
able income.
From Jan. 1, 1935 to April 30,1935 company made provision
for Federal income taxes, in amount ef $66,000 by monthly
charges to
operating expenses.
During the period from Aug. 1, 1935 to Dec. 31,1935,
no
ecjual monthly credits were made to eliminate this provision.—V. 143,
Sanford
p.
Mills—Pays $2 Dividend—
Seaboard Air Line
Ry.—Hearing on Reorganization—
Improvements in business and earnings and the disposition of many of
receivership now justify and require a prompt
reorganization, Judge Way has declared a Federal District Court, Norfolk,
Va.. in issuing an orderjcalling a conference of interested parties for Jan. 19
Stockholders, creditors, mortgage trustees and others will attend.
It is
indicated that efforts will be made to terminate the receivership quickly
and begin operation of the road under a complete
reorganization.
the principal problems of the
Earnings for November and Year to Hate
November—
1936
from
Net from
railway
railway
Net from railway
Net after rents....
—V.
1935
1934
1933
$2,852,806
231,949
39,221
$2,758,295
335,579
113,221
$2,672,603
34,363,117
5,484,326
2,632,509
From Jan. 1—
Gross from railway
30,818,447
4,252,358
1,329,169
30,897,832
4,563,557
1,387,805
28,763.236
5,170,125
2,284,162
476,365
281,322
143, p. 3482.
The company mailed to stockholders Dec. 28 warrants to subscribe for
capital stock and an explanatory letter from General R. E.
Wood, president, together with a prospectus covering offerings of 613,655
shares, of which approximately 488,655 are available for subscription by
stockholders at $72 a share in the ratio of one new share for each ten shares
-held and not in excess of 125,000 are to be offered to
employees and officers
under two plans recently authorized by the stockholders.
The financing, which involves the first
offering of rights to stockholders
by the company since the initial public distribution of its securities in 1906
through Goldman, Sachs & Co. and their associates, will produce an
estimated maximum of $43,340,633 to the
company.
Substantially all of
this will be allocated to increasing
working capital to finance recent ex¬
pansion in the company's business.
The company has made arrangements for the subscription warrants to be
traded in on the New York Stock Exchange.
The warrants will expire on
Jan. 15, 1937 at 3 p. m„ Eastern Standard Time, and payment in full for
subscriptions must theretofore be made at The Chase National Bank, 11
Broad St., New York City.
Upon completion of this financing the company's capitalization will
consist exclusively of one class of stock.
It is estimated that upon the
issuance of the shares being offered to stockholders and of such of the
100,000
shares as are subscribed by officers and employees under Plan
A, calling for
immediate payment, there will be
outstanding approximately 5,475,214
shares, exclusive of not in excess of 268,391 shares issued or to be issued to
additional
treasurer
Series C
Series D
Interest payable 4^% per annum June 1 and Dec.
of the trustee, Seattle-First National Bank.
Business—Company
of the
company,
as
trustee,
for delivery to employees and
officers under existing stock purchase contracts or under Plan B.
Authorized capitalization is
par value.
In connection with the
6,000,000 shares of capital stock without
offering of
common stock to
stockholders,
a pros¬
pectus dated Dec. 21 states:
The company has agreed to sell, and the
principal underwriters named
below have agreed, severally and not jointly, to purchase from the
company
at $72 per share, subject to certain
conditions, the percentages set opposite
their respective names below, of the unsubscribed
portion of approximately
442,349 shares out of the approximately 488,655 shares being offered to
(the Employees' Savings and Profit Sharing Pension Fund
having agreed to purchase the approximately 46,306 shares being offered
to the fund as a stockholder).
stockholders
1 at the main office
organized in Delaware Jan. 18, 1930.
Com¬
pany is engaged principally in the publication in Seattle, Wash., of two
newspapers of general circulation, consisting of "The Seattle Daily
Times,"
an
evening newspaper, published six days per week, and "The Seattle
193245
Sunday
Times"
was
published
every
Sunday
morning.
Brief Summary of Income Statements
9 Months
Years
Ended
Dec. 31
1936
1935
1934
1933
$2,145,714
1,664,483
$2,523,581
2,002,521
$2,334,787
1,934,518
$2,207,588
1,854,634
Prof, from operations
Deprec. of physical prop.
$481,231
52,082
$521,060
69,972
$400,269
69,585
$352,953
172,486
Prof, from oper
b Other deductions
$429,149
13,635
$451,087
17,133
$330,684
18,001
$280,467
7,472
$415,513
$433,954
$312,683
Revenue from oper.—net
a
Expenses
_
of bond disc. & exp.,
inc. & undistributed
.
'
profits taxes
a
real
.
•-
Production, promotion and distribution expenses, maintenance, repairs,
estate taxes, rentals, management
fees, administrative and general
b Exclusive of interes t on debenture
bonds, amortiztion of
deducting other income.
The annual interest charges on the
$1,625,000 serial debentures series A
sinking fund debentures series of 1948 for the year ending Dec. 1,
1937, will be $69,062.
to E and
Purpose—The estimated net proceeds to be received
by the company is
certain additions
?>1,570,529. The entire net proceeds plant,paying approximately $240,000
the company's after
will be used for the redemption
Or
to
Feb. 1, 1937 of 6^% sinking fund gold debenture
bonds, aated Feb. 1,
on
1930 and due Feb. 1, 1948, of which
$1,325,500 are outstanding.
will be redeemed at 103 and int.
Circulation—The
following
figures
show
the
daily
Daily
Only
97,042
Year—
1931——YA
X
-
X
,* 1936
Bonds
net
average
Sunday
Only
paid
Daily and
Sunday
130,239
110,182
103,117
109,101
118,994
143,665
93,339
92,123
98,127
100,284
102,987
X
101,772
95,732
93,720
99,690
102,949
108,722
months—jJanuary to October, inclusive. These increases may be
partly due to Hie suspension of publication of the Seattle "Post-Intellingencer" from Aug. 14, 1936 to Nov. 30, 1936.
Control of tpe Company—The Blethen
Corp. at the present time has the
voting control of the company through the ownership of 58.1% of the pre¬
ferred stock which, at this time, is the onlv stock
entitled to vote.
It is
provided; in the certificate of incorporation that whenever six or more con¬
secutive quarterly dividends on the preferred stock are in
arrears, such stock
shall have exclusive voting rights, and that when all
arrears
of dividends
preferred stock have been paid and the full preferred dividend for the
quarterly dividend period shall be declared and
paid or set
aside for payment, the class B common stock
(which normally has the ex¬
clusive voting rights) is reinvested with the exclusive
voting rights.
As of
Nov. 15,
1936, there were nine consecutive quarterly dividends on the
preferred stock in arrears.
Clarance B. Blethen is the owner of 90% of the
outstanding voting stock of Blethen Corp.
Funded
Funded Debt and Capitalization
Debt—Company's only funded debt outstanding, except deben¬
hereby, is its 6M % sinking fund gold debenture bonds ($1,325,deducting bonds of $20,000 held in treasury at Sept. 30, 1936
tures offered
500 after
and $5,500 purchased since that date to Nov.
23, 1936).
It is the purpose
of the present financing that the entire issue of debenture bonds
now out¬
standing be redeemed on Feb. 1, 1937.
The capital stock of the
company is
as
follows:
Authorized
7% cum. pref. stock (par $100)
Class A common stock (no par)
Class B common stock (no par)
—
Outstanding
10,000 shs.
20,000 shs.
1,000 shs.
10,000 shs.
20,000 shs.
1,000 shs.
The entire amount paid for the
company's class A common stock, $1,800,000 was paid partly in cash and partly in property and allocated to
capital, but no specific allocation per share was at any time made, and the
entire amount paid for the class B common
stock, $193,000 (after deducting
the reserve of $40,000 for the liability assumed
by the company for the in¬
come tax payable by Clarance B. Blethen on the
exchange of his stock in
Seattle Times, Inc., for capital stock of the
company and cash), was like¬
wise paid partly in cash and
partly in property and allocated to capital,
and no specific allocation per share was at
any time made.
Underwriters—The underwriters named below have
severally agreed to
amounts of the debentures
purchase from the company the respective
shown by the following table:
Percentage of
Goldman, Sachs & Co., New York..
Lehman Brothers, New York
A. G. Becker & Co., Inc., Chicago
,
Co., New York
The First Boston Corp., New York
Edward B. Smith & Co., New York
Blyth & Co., Inc., New York
Hemphill, Noyes & Co., New York...
Kidder, Peabody & Co., New York
Clark, Dodge & Co., New York
Hayden, Stone & Co., New York
Jackson & Curtis, Boston
Klein wort, Sons & Co., London, E. O. 3
Lazard Freres & Co., New York
G. M.P. Murphy & Co., New York
J. & "W. Seligman & Co., New York
Speyer & Co., New York
"White, Weld & Co., New York
...
Bancamerica-Blair Corp., New York
Drumheller,
Blythe & Co., Wells-Dickey Ehrlichman
Inc.
1.50^
1.50
1.50%
1.50%
1.50%
1.00%
1.00%
1.00%
1.00%
5.00%
*
Exclusive of shares offered to Employees' Savings
Pension Fund, as a stockholder.—V. 143, p. 4167.
.
1.50%
and
Profit
Sharing
&
White
$15,000
15,000
15,000
15,000
15,000
175,000
$9,000
9,000
9,000
9,000
9,000
105,000
$1,225,000
$250,000
$150,000
Series C
Series D
Series E
Sinking fund debentures
Total
—Y.
Co.
$76,000
76,000
76,000
76,000
76,000
845,000
Series B
143, p. 4014.
Second National Investors
Directors have declared
conv.
preferred stock,
par
a
Corp.—Preferred Dividend—
dividend of $16.60
$1,
a
share
on
the
$5
cum.
representing
the amount of dividends in
and accrued to date of reclassification of shares.
The dividend is
contingent upon effectuation of reclassification of shares contemplated
upon proposed mutualization and reorganization
of National
Investors
arrears
for
1.50%
1.50%
...
Serial debentures—Series A.
Corp. and will be paid
2.25f
2.25'
1.50'
1.50'
1.50'
•
Harris, Hall & Co. (Inc.), Chicago
W. E. Hutton & Co., New York
Ladenburg, Thalman & Co., New York
Lee Higginson Corp., New York
F. S. Moseley & Co., New York..-.
Otis & Co., Cleveland
L\
Stein, Brennan & Co., Chicago
Lawrence Stern & Co., Inc., Chicago
Wertheim & Co., New York
Dean Witter & Co., San Francisco
Arthur Perry & Co., Inc., Boston
O. T. Falk & Co., Ltd., London, E. O. 2
R. de Lubersac & Oie, Paris, France
Singer & Friedlander, Ltd., London, E. O. 2
Kuhn, Loeb & Co., New York
15.25%
10.00%
5.00ft
5.00%
5.00%
5.00%
3,00%
3.00%
3.00%
2.25%
2.25%
2.25%
2.25%
2.25%
2.25%
2.25%
on
the
then current
to Be Purchased *
*
$272,994
expense,
Unsubscribed Stock
Brown Harriman &
1.50%
2.25%
2.75%
3.25%
3.75%
4.25%
103.73%
*10
Sears, Roebuck & Co.—Rights to Stockholders—
the
debs.—series
Series B
circulation of the above papers:
$3,453,655
732,523
510,620
Net after rents
104.17%
103.65%
102.22%
100.00%
Serial
Maturity
bond discount and expenses, income and undistributed
profits taxes, after
Works—Registers with SEC—
See list given on first page of this department.—V. 143, p. 4014.
Gross
Sinking fund debentures.
100,000 Dec. 1, 1938
100,000 Dec. 1, 1939
100,000 Dec. 1, 1940
100,000 Dec. 1, 1941
1,125,000 Dec. 1, 1948
Yield to
Price
102.61%
'
Inc. before int., amort.
The directors have declared a dividend of $2 per share on the common
stock, no par value, payable Dec. 23 to holders of record Dec. 18.
A like
payment was made on July 20 last and compares with $1 paid on Dec. 24,
1935, on Aug. 31 and Jan. 18, 1935, and on July 15 and Jan. 15, 1934.
On
Sept. 1, 1933, 50 cents was distributed, while on Jan. 15, 1932, a dividend
of 25 cents per share was paid.—V. 143, p. 442.
San Jose Water
A..
Maturity
$100,000 Dec. 1, 1§37
-
Series E
(before approp.
reserve
Unit Offering
Amount
....
1,520
-
Principal
detached
as soon
thereafter
dividend record.
as
practicable.
See V. 143, p. 3856
The New York Stock Exchange has received notice from the
corporation
of the declaration, contingent upon reclassification of shares in
accordance
with the plan of mutualization and
reorganization dated Dec. 9, of a divi¬
dend to holders of preferred stock of record Dec.
30, in the amount of divi¬
dends in arrears and accrued to the date of reclassification
contemplated
by the plan.
The amount of such dividends to Dec. 31, 1936, is estimated
by the corporation to be approximately $16.60 per share.
In the
event
this dividend becomes payable, payment will be made after Dec.
31,
and as close to the time of the reclassification of shares as
1936,
practical.—V.
143, p. 4014.
(L.
C.)
Smith
&
Corona
Typewriters,
Inc.—Extra
Dividend—
The
directors
have
declared an extra dividend of 50 cents
per share
in addition to a quarterly dividend of 25 cents
per share on the common
stock, both payable Dec. 24 to holders of record Dec. 18.
A dividend of
25 cents was paid on Oct. 1, last, this latter
being the first distribution
Financial
120
made Bince Jan. 1, 1931, when a dividend of 25 cents per share was
paid.—V. 143,
Chronicle
also
Spokane International Ry.—-Earnings—
2860.
p.
November—
Gross from railway.....
Net from railway
....
Net after rents...
Scott Paper Co •-^-Listing—-Stock Dividend—
The New York Stock Exchange has authorized the listing of 285,015
additional shares of common stock (no par) on official notice of issuance
stock dividend, payable Jan. 11 to holders
the total amount applied for 570,031 shares.
This dividend is charged against earned surplus at $7.33 per share, the
heretofore stated value of the stock.
As of Nov. 22, 1936 the company's
a combined stated capital and earned
consolidated balance sheet showed
surplus per share of common stock of $23.57, which will be reduced upon
payment of this dividend to $16.24 per share.—V. 143, p. 3647.
'
•5'iSK
:
Scovill Manufacturing
'
:'
Co.—175-Cent Dividend—
a dividend of 75 cents per share on the
stock, par $25, payable Dec. 24 to holders of record Dec. 15.
A
like payment was made on Oct. 1 last and compares with 25 cents paid each
quarter previously.—Y. 143, p. 1571.
The directors have declared
common
's' rtm
m:-\<.m 'v
'"i''
,''i
.i.''*
'
(The) Serrick Corp*—Registers with SEC—
'
this department.—V. 143, P. 3332.
See list given on first page of
;y;f
-V.
Co.—15-Cent Dividend—
Silver King Coalition Mines
v
■
.
SS;?®--'
.V'":. -f'i
:■■■.
The directors have declared
a
dividend of 15 cents per share on the capital
stock, par $5, payable Jan. 9 to holders of record Dec. 28.
wm&
cents
paid previously quarterly.—V. 143, p. 3333.
Silver
Tip Gold Crown Mining & Milling Co.—Registers
with SEC— I
mm
*/:■:.-'V^.
See list given on first page of
lit
Simms Petroleum
vmrnt
;;
■
PF
Co.—Liquidating Dividend—
The directors on Dec. 17 declared a liquidating dividend of 50 cents per
share on the common stock, par $10, payable Jan. 9 to holders of record
Dec. 31.
A liquidating dividend of $1.25 was paid on July 29, last; $1 on
Jan. 27, 1936; one of $1.25 on Oct. 18, 1935, and one of $10 pot share on
Solar Mfg. Co .—Pays
PFiFFF'F
Initial Dividend—
The company paid an initial dividend on its common stock of 40 cents per
share, on Dec. 24,1936 to stockholders of record Dec. 21, 1936.—Y. 143,
p. 3858.
v
Somoa Products Co.,
py%p\p
V .>V.-V''' >■■'.
*:lvr
•
■■
Inc.—Withdrawal of Registration—
Ik Subsidiary of Commonwealth & Southern Corp.]
•;v:-
$227,823
$238,432
150,396
53,586
14,286
131,214
20,000
56,179
14,286
$2,163
.
$2,818,990
1,696,232
$2,672,620
1,476,099
218,000
645,730
171,438
177,000
647,828
171,438
$87,589
def95,929
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the Public Utility operating companies in
Standard National
the Standard
Dec. 26 totaled 105,087,519
with the corresponding week
Corp.—Larger Dividend—
The directors have declared
a
dividend of $1 per share on the common
stock, payable Dec. 26 to holders of record Dec. 21.
This compares with
50 cents paid on Jan. 27, 1936, this latter being the first payment made
since January 1930.
Tenders for
Stock—
•
stockholders the privilege of making
stock of the corporation
at a price not to exceed $25 per share, and to the extent of 600 shares of its
7 % preferred stock, not to exceed $90 per share. Tenders were to be made
not later than 3 p. m. Tuesday, Dec. 22, and acceptances of tenders were
The directors recently voted to offer
to be made on or before Dec. 24th.
Deliveries in payment for stock were
made Dec. 29.
All stockholders making tenders of shares were entitled
receive in addition to the payment the dividend currently declared.
—V. 142. p. 4354.
to
State Theatre Co.—Dissolution—
See Loew's Boston Theatres Co. above.—V. 141, p. 3703.
November—■
Gross from railway.
Net from railway
$200,254
$6,143
18,000
-
;
1936—12 Mos.—1935
1936—Month—1935
-
Operating exp. & taxes.
def97
Corp.—Pref. Dividends—
Gas & Electric Oo. system for the week ended
kilowatt hours, an increase of 18.5% compared
last year.—V. 143, p. 4168.
Staten Island Rapid Transit
South Carolina Power Co.—Earnings-
Prov. for retirement res
Int. and otherfixed chgs.
Dividends on pref. stock
411,507
def25,720
payments clear up all accumulations on the latoer issue but still leave
$17.50 to be paid on the $7 preferred stock.—V. 143, p. 1092.
on
Period End. Nov. 30—
Gross revenue
470,853
12,249
def48,678
Standard Fruit & Steamship
the request of the com¬
Dec. 9, 1936, has consented to the withdrawal of the
registration statement.—V. 143, p. 3332.
received
547,167
53,127
13,557
The directors have declared a dividend of $28 per share on account of
accumulations on the old $7 preferred stock and a dividend of $3.75 per
share on account of accumulations on the $3 participating preferred stock
both dividends payable Dec. 26 to holders of record Dec. 24.
The current
The Securities and Exchange Commission upon
pany
$38,195
4,359
tenders to the extent of 2,500 shares of the common
July 6, 1935.—V. 143, p. 3482.
vV^v'r"'
$35,103
def6,472
def10,524
718,724
181,502
98,345
.....
$52,889
4,354
def1,082
Square D Co*—Scrip Redeemed—
r'^'■>!'!'',-P'FF'Fp-FF)
this department.
$65,252
17,765
12,709
Company has redeemed all of its scrip certificates, which represented
90.2782 shares. Giving effect to this reduction, there are now outstanding
127,200 shares of class A preferred stock, of which 3,974 shares are held in
the treasury of the company.—V. 143, p. 3858.
A like payment
was made on Oct. 1, last and compares with 10 cents per share distributed
each three months from Oct. 1, 1934 to and including July 1, last, and 15
mmp
Net from railway
Net after rents
—V. 143, p. 3858.
1933
1934
1935
1936
From Jan. 1—
Gross from railway..
of record Dec. 31, making
as a
Jan. 2, 1937
1936
...
Ry.—Earnings—
1933
1934
1935
...
Net after rents
..
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
$126,249
def12,480
def50,226
$121,950
def4,801
def36,933
$118,713
defl0,365
def53,700
$138,058
23,273
def9,460
1,464,600
_
1,373,592
def58,789
def466,637
1,538,603
208,296
defl76,738
1,567,284
352,695
20,912
def 13,815
def410,792
—V. 143, p. 3649.
-V-:
m
■'
V
!~F
N.
'-
Balance
—V. 143, p.
.
•
3648.,
:Pmm'-pmPs\F-[
South Chicago
:f'
Southern California Edison Co.,
other class of stock, the directors also declared a
special dividend of 12
cents per share on the original preferred stock, -pay¬
able April 15 to holders of record March 20.—V. 143, p. 3162, 3012.
any
Southern Pacific
Co.—Earnings—
v-V.'j:' •"
W1
Net from railway.
F/F :FFF)^'M-;- Fx^iFF}
$14,244,878 $10,612,697
2,928,413
1,963,821
4,049,902
2,757,514
1933
$8,637,084
2,230,763
1,434,691
1,415,251
Income
Account
for Calendar Years
(Including Subsidiaries)
Earnings for 4 Months Ended Oct. 31, 1936
22,619,471
i;:
143, p. 4015.
/:
.■
/
.:v ;;
Returns, allowances and freight
Discount allowed
I
Net sales
$507,085
382,621
Gross profit
Royalty income
$124,463
21,027
....
Total income..
$145,490
33,131
■<
15,865,201
■
16,211,863
Uncollectible customer accounts written off, less recoveries
Other charges
Profit
v
'■■■■;. ■/■:„■ v.':;'1--
\-K'C-
:j;;" .^vV;-';:'
November—
Gross from railway..
mFmmmmmF
f
•;
;; m:ym^m^Fm^.
.
mFFmmmw.
FFF-fF
.'i'.
...
'
;
o
•;.••
.•
■
'■.'",v; ■•.
v
■
-'""'c
-"'-W
v-'V"
.
$309,571
def55,609
def56,086
4,095,698
def734,566
def736,079
3,873,597
def375,835
def384,814
& Electric Co.—Earnings-
1936—Month—-1935
$316,251
$287,869
153,498
30,000
29,381
62,635
167,599
23,141
.
Prov. for retirement res.
Int. & otherfixed charges
Divs. on preferred stock.
25,417
45,206
Net income
1936—12 Afos.—1935
$3,581,534
$3,114,745
1,973,526
1,776,304
305,133
277,700
318,597
320,348
549,804
542,476
^FFFiF^^F■:
■
■
$40,735
Balance
-V. 143, p. 3648.
\
F^iW:F:F^FF:^FF
m^mpmmmi
F:F'?\F:^F F'PFFFtP FpF:
F;FyF.-'p, pFPPpplfpF
Southern Natural Gas
Southern Ry.
Assets—
'
'.
>.
•••
,
■■
••
:.•
■
W!WB
mm
4^%^ series 3333,1951, dated
143, p. mie
Salaries, wages & commiss.
Taxes (other than income)
...
Total.
a
.,
WltF
f.
'•■
■
-
Capital stock
(par
$1)
standing 246,500 shares.
Surplus earned
Total
...
out¬
246,500
388,319
$780,130
After reserves of $7,461.
b After reserve for depreciation of $86,679.
reserve for amortization of $1,898.—V. 143, p. 4016.
After
Stecher
Traung
Lithograph
Corp.—Pays
Extra
&
The directors have declared an extra dividend of $1 per share in addition
to a dividend of $1.50 per share on the common stock, no par
value, both
payable Dep. 31 to holders of record Dec. 19.
A dividend of $1 per share
was paid on Sept. 30, last, and one of 50 cents per share was distributed on
June 30, 1936.—V. 143, p. 2385.
(Hugo) Stinnes Corp.—Out of Bankruptcy—
1935
1934
1933
$6,509,165
1,464,534
848,133
$6,068,103
The U, S. District Court in Maryland has discharged Hugo Stinnes
Corp.
1,570,296
934,281
and Hugo Stinnes Industries, Inc. from reorganization proceedings under
Section 77-B of the Federal Bankruptcy Act.—V. 143, p. 4169.
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
87,527,003
25,990,303
17,558,479
75,600,922
19,562,097
12,498,759
71,749,625
17,588,795
10,634,756
70,212,078
20,623,767
1936
$2,777,772
Jan.
1
to
(Hugo) Stinnes Industries, Inc.- -Out of BankruptcySee Hugo Stinnes Corp.—V.
Southern Weaving
Dec.
Strawbridge & Clothier Co.—Accumulated Dividend—
21-—
1935
1936
1935
$2,326,428 $123736,893 $105552,256
SEC—
The directors have declared a dividend of 75 cents per share on account
7% cumulative preferred stock, par $100, payable
Dec. 31 to holders of record Dec. 16.
A similar payment was made on
of accumulations on the
Oct. 1, July 1.
a dividend of $3 per share on the common
stock, no par value, payable Dec. 21 to holders of record Dec. 16.
A
dividend of 50 cents was paid on June 30, last, and on Dec. 31, 1935, and
compares with 75 cents per share paid on June 29, 1935, and on Dec. 31.
1934; 50 cents on June 30,1934; $1 per share on Dec. 31, 1933; 20 cents per
share paid on June 30, 1933, and 35 cents per share previously distributed
each six months.—V. 143, p. 287.
'•••. •
and April 1, last.—V. 143,
p.
2068.
Superior Portland Cement, Inc .—Accumulations Cleared
Co.—Pays $3 Dividend—
The directors have declared
.'tf
143, p. 4169.
13,607,650
See list given on first page of this department.
"
•
Res. for Fed. & State inc. taxes.
4,030
9,582
2,550
85,840
$7,427,315
2,273,541
1,550,348
Southern Rubber Co.—Registers with
i'JFF
Other accruals
1936
Period—
'
$43,307
accr.
accr.
$8,569,565
2,766,547
1,931,397
Gross earnings (est.)...
—V. 143, P. 4168.
''yF'' F-,"J
$780,1301
payable—trade
Net from railway
Net after rents
—Third Week of Dec.
FPPUI PrP'-'F/F
Liabilities—
Accounts
$389,456
36,585
Accounts receivable
al43,131
Inventory
85,638
Other assets.....
2,098
Property, plant and equipment.bl04,274
Patents and tradename
c8,053
Deferred charges
10,892
Larger Dividend—
Co.—Listing—
See offering
$73,837
—
Cash
$197,916
Earnings—-
November—
•••:•
$434,472
The Ntirvv York Stock Exchange has authorized the listing of $15,000,000
1st mortghge^)ipe_line sinking fund bonds,
Oct. 1,1936, due Oct. 1, 1951.
Gross from railway
...
"...!.;
$26,504
$90,812
16,975
Consolidated Balance Sheet Oct. 31, 1936
c
^'^F^FFr/FF-F-
352
Profit before provision for Federal and State income taxes...
Provision for Federal and State income taxes
Marketable securities
Ik Subsidiary of Commonwealth & Southern Corp.]
Period End. Nov. 30—
Gross revenue
Oper. expenses & taxes.
? K:. :''■■■■'•
def16,550
def500,114
v:.' v
Southern Indiana Gas
h",.''F-"~' ?. 'Jr.'■!.:■■.•.■.■-■
'•
4,367,659
def463,509
1933
$338,018
dei72,174
def72,836
def 428
defl2.585
5,505,187
24,095
3648. ■
1934
$414,127
35,507
Net from railway.
Net after rents
—v. 143, p.
1935
$580,568
35,498
Net from railway
Net after rents....
From Jan. 1—
Gross from railway-
$90,460
.-
Lines—Earnings-
1936
(
72
21,827
-
Other income
Southern Pacific SS.
■""-vj:
$522,771
14,000
1,685
Sales
Selling, administrative and general89,051,497
21,590,990
8.610,449
.138,812,940 113,547,394 104,142,625
38,623,908
30,658,489
28,886,915
Net after rents
—V.
1934
$8,750,166
2,409,642
1935
1936
November—
Gross from railway...
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Sterling Aluminum Products, Inc —Initial Dividend—
The company paid an initial dividend of 75 cents per share on its capital
stock, par $1, on Dec. 22.
Cost of goods sold..
fWri;;'- v.':
•;
a
Ltd.—Specie! Div.—
The directors on Dec. 18 declared a special dividend of 12H cents per
share in addition to a regular quarterly dividend of 37 H cents per share on
the common stock both payable Feb. 15 to holders of record Jan. 20.
Since by its terms the original preferred stock participates in the highest
J
50 cents per share in addition
quarterly dividend of 25 cents per share on the common stock, both
payable Dec. 26 to holders of record Dec. 22.—V. 142, p. 4192.
to
The Interstate Commerce Commission on Dec. 8 authorized the company
to issue a 4% demand note or notes in the face amount of $1,150,000, to be
delivered at par to the Illinois Central RR. to evidence a like amount of
indebtedness for advances from that company.
dividend paid on
(Frederick) Stearns & Co.—•Extra Dividend—
The company paid an extra dividend of
RR.—Notes—
The company paid a dividend of $3.02 H per share on account of accumu¬
lations on the $3.3u cumulative class A participating stock, no par value
This payment will clear up all
Dec, 21 to holders of record Dec. 12
accruals on the issue.
F
The directors also declared the regular monthly dividend of 27 H cents
ec. 12.
par share on the above issue payable Dec. 21 to holders of record D<
—V. 143, p. 3336.
on
Volume
Financial
144
Studebaker
1,
convertible 6%
(1 K%)» on the 10-year
1937
Trading—
debentures, due 1945, will be paid on that date:
The Committee on Securities of the New York Stock Exchange rules
that the debentures be quoted ex-interest IM% on Jan. 2, 1937; thai; the
debentures shall continue to be dealt in "flat" and to be a delivery in
settlement of transactions made beginning Jan. 2, 1937, must carry the
July 1, 1937, and subsequent coupons and five undated contingent
coupons, numbered 21 to 25, inclusive.—V. 143, p. 4169.
Superior Water, Light & Power
Net revs, from oper_.
.
$25,444
$21,829
$25,444
428
$271,312
$281,268
8,191
100,729
99,779
|y$17,253
$170,583
$181,489
48,000
47,917
35,000
35,000
$87,583
777777
171711
Balance
y Before
property retirement reserve appropriations and dividends,
Regular dividend on 7% pref. stock was paid on Oct. 1, 1936.
After
payment of this dividend there were no accumulated unpaid dividends at
that date.—V. 143, p. 3858.
.
z
,
Symington-Gould Corp.—Bonds Called—
The Marine Midland Trust
Co., New York, announces
that it has called
^redemption on Feb. 25, 1937, $80,000 first mortgage convertible income
bonds of Symington-Gould Corp. and Gould Coupler Corp.—V. 143, p.3163.
Tampa Electric Co.—Earnings—
1936—Month—1935
$351,225
$348,718
Period End. Nov. 30—
1936—12 Mos.—1935
$4,188,773
$4,020,270
136,328
1,641,064
1,605,245
$160,628
def1,602
$154,903
605
$1,810,698
14,334
$1,714,938
- 30,227
$159,026
35,833
1,003
$155,509
35,833
1,268
$1,825,032
430,000
12,677
$118,407
$1,382,355
$1,304,188
127,521
Operation
17,715
45,358
Maintenance
Taxes
Net oper. revenues...
Non-oper. income—net.
Balance
Retirement accruals
Interest
Net income
20,287
37,199
1
239.409
460,676
245,593
491,417
429,999
10,977
3484.
—V. 143, P.
directors on
stock,
Dec.
no par
Ry.—Earnings—
Tennessee Central
1936
1935
$219,619
55,716
30,731
$200,232
48,496
31,033
1934
$178,494
42,259
25,117
1933
$155,759
30,563
11,513
2,296,458
656,948
422,591
2,059,988
587,202
388,019
1,933,965
510,866
312,895
1,768,319
454,054
249,170
November—
Gross from railway
Net from railway
Net after rents
-
From Jan. 1—
Gross from railway
...
Net from railway..
Net after rents
—V.
143,
3649.
p.
City Bank Farmers Trust Co., successor trustee, has drawn by lot for
redemption on March 1, $24,700 Tennessee Copper & Chemical Corp.
15-year 6% convertible debentures, series B, due March 1, 1944.
Bonds
will be redeemed at 103M and int. at trustee's office, 22 William St.,
N. Y. City.—V. 143, p. 3859.
Electric Service Co.—Earnings—
Texas
[American Power & Light Co.
30—
1936—Month—1935
Period End. Nov.
Subsidiary]
1936—12 Mos.—1935
$578,419
297,091
5,000
$7,409,990
3,864,120
$6,695,525
3,460,399
5,000
$315,220
310
$276,328
Dr 134
$3,485,870
Dr3,719
$3,161,042
8,052
income.._
$315,530
$276,194
Interest & other deduc..
142,890
142,757
$3,482,151
1,713,738
$3,169,094
1,712,571
y$172,640
y$133,437
$1,768,413
$1,456,523
325,000
Operating revenues
Oper.exps. & taxes
Rent for leased property
Balance
Other income (net)
Gross corp.
Balance
$655,969
335,749
60,000
370,834
Prop, retire, res. approp.
z Divs.
applic. to pref.
stk. for per., whether
74,084
375,678
375,678
$1,021,901
$755,845
paid or unpaid......
Balance
Before property retirement reserve appropriations and dividends,
z Regular dividend on $6 pref. stock was paid on Oct. 1, 1936.
After the
payment of this dividend there were no accumulated unpaid dividends at
that date.—V. 143, p. 3859.
Texas Mexican
A
Ry.—Earnings—
$99,789
16,199
3,337
1935
$95,974
20,021
10,803
1934
$97,193
33,264
23,148
1933
$40,866
def8.676
defl6,458
1,166,121
294,987
159,347
1,099,449
296,910
182,778
881,069
217,656
121,764
579,719
def29,708
defll3,580
1936
November—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway..
Net from railway
Net after rents
143, p. 3649.
Light Co.—Earnings—
Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$894,830
$802,221 $9,937,473 $8,997,016
Oper. exps. & taxes
420,725
340,782
4,618,278
4,462,263
Rent for leased property
/
--—.
Cr27,500
Texas Power &
[American Power & Light Co.
Period End. Nov. 30—
income...
Interest & other deduc.Balance
.
„
$474,105
429
$461,439
843
$5,319,195
8,155
$4,562,253
8,037
$474,534
201,829
$462,282
197,595
$5,327,350
2,413,980
$4,570,290
2,450,530
y$272,705
Balance..
Other income (net).....
Gross corp.
y$264,687
$2,913,370
$2,119,760
Prop, retire, res. approp.'
ziDlvs. applic. to pref.
stks. for per., whether
paid or unpaid......
y
z
Before
„
456,249
555,074
■
...
......
property retirement reserve
...
865,050
865,050
$1,493,246
$798,461
appropriations and dividends,
7% and $6 pref. stocks were paid on Nov. 2, 1936.
dividends there were no accumulated unpaid
date.—V. 143, p. 3859.
Regular dividends on
payment of these
dividends at that
31,463,868
5,856,640
2,414.138
29,208,223
4,497,920
defl70,418
...
26,324,908
4,288,599
def241,332
3649.
Doubled—Extra Dividend—
directors
to
a
with the July 1,
July 2 and Oct. 1, 1934.
75 cents to $1 per share
1936, payment.—V. 143, p. 1731.
Thermoid Co.—Bonds
Offered—Public offering by means
prospectus of $2,450,000 of first lien collateral trust 5%
bonds (with stock purchase warrants and sinking fund) was
made Dec. 30 by a group headed by Van Alstyne, Neol &
of
a
Co., Inc., of New York and Philadelphia; and including
New York, Schluter & Co., Inc., New York,
Griffith-Wagenseller & Durst, Los Angeles, James, M.
Johnston & Co., Washington, D. C.; Banks, Huntley &
Fenner & Beane,
Co., Los Angeles, Burr & Co., Inc., New York, Drumheller,
Ehrlichman & White, Seattle, McGowen, Cassady & White,
Inc., Chicago, Tussig, Day & Co., Inc., St. Louis, and C. T.
Williams & Co., Inc., Baltimore.
The bonds, which are
dated Dec. 15, 1936, and due Dec. 15, 1951, and priced at
100% and accrued interest have baen sold.
Common Stock
Offered—Fuller, Cruttenden & Co., Chicago;
Co., Inc., of New York, and Barney Johnson
& Co. of Chicago on Dec. 31 offered 70,000 shares ($1 par)
common stock at the market.
The stock is listed on the
Schluter &
bond will carry three non-detachable stock purchase
10 shares of common stock, exercisable as a whole only at
$1,000
warrants
for
$12 and $16 per share respectively, on or before Dec. 15, 1941, or
prior to the redemption of the bonds.
The stock purchase warrants entitle
the holders to purchase an aggregate of 73,500 shares.
Net proceeds from the sale of the bonds and common stock, excluding
amounts received from the exercise of warrants, will be used together with
such other funds as are necessary for the payment in full of the company's
$8,
five-year 6% gold notes due Feb. 1, 1937, outstanding in the amount of
$2,593,500; payment of the unpaid balance of $91,250 on purchase money
mortgage on property in Trenton, N. J., and payment of current bank
indebtedness of Thermoid Rubber Co., a wholly-owned subsidiary, in the
amount of $300,000.
Proceeds from the exercise of stock purchase warrants
are to be applied to the purchase or redemption of the new bonds through
the sinking fund.
The bonds are to be secured by a first mortgage on all of the fixed proper¬
ties of the company.
In addition there is to be pledged as security for the
bonds all of the capital stock of the subsidiary and controlled companies
owned by the company.
Under an indenture of mortgage
and deed of trust dated Dec. 15, 1936,
deposit
March
each year, 20% of its net earnings available for dividends
on its common stock after all prior charges but before the declaration and
payment of any dividends on the common.
Moneys so deposited in such
sinking fund are required to be applied by the trustee to purchase bonds
in the open market, at the lowest price reasonably obtainable not in excess
of the current redemption price, provided, however, that in the event on
Dec. 15 of any year commencing with Dec. 15, 1938, there shall be on
deposit in the sinking fund and not expended for the acquisition of bonds
as set forth above, $25,000 or more, then the trustee shall take the neces¬
sary and proper steps t-o call for redemption such amount of bonds as are
necessary to exhaust the moneys in the sinking fund.
The bonds are redeemable in whole or in part by lot at any time on
60 days' prior notice at 105 and accrued interest, decreasing 1% for each
three years of the life of the bonds during the firt 12 years and i % for the
next two years, so that they will be redeemable at par and accrued interest
for the year prior to maturity.
Company was incorporated in Delaware in 1929 and is primarily a hold¬
ing company, owning and holding shares of capital stock of Thermoid
Rubber Co.; Southern Asbestos Co., and Thermoid, Ltd.
The company
may also be considered as engaged in the businesses conducted by its sub¬
sidiaries and controlled companies, viz:
Manufacturers of automobile
brake linings, brake clutches, clutch facings and other automotive products.
Sales of the company and domestic subsidiaries for the nine months
ended Sept. 30, 1936, amounted to $4,425,764, and net income, exclusive
and September in
of tax
on
undistributed profits,
was
$195,926.
Listing of Additional Common
The New
York Stock Exchange has
Stock—
authorized the listing of 126,312
additional shares of common stock ($1 par), upon official notice of issuance
from time to time upon conversion of its conv. pref. stock; and 126,312
additional shares of common stock, upon official notice of issuance as a
dividend upon the conv.
pref. stock; 70,000 additional
shares of common
73,500
stock upon official notice of issuance and sale to underwriters; and
additional shares of common stock upon official notice of issuance upon the
exercise of warrants attached to 1st lien coll. trust 5% bonds to be issued,
making the total amounts authorized to be listed 736,030 shares.
[As to 126,312 shares of common stock to be issued on conversion
conv.
pref. stock, and 126,312 shares of common stock to be issued as dividend
upon conv. pref. stock, see V. 143, p. 1576.]
As to 70,000 shares of common stock to be issued for cash, and 73,500
shares of common stock to be issued upon exercise of warrants attached to
1st lien coll. trust 5% bonds: Directors on Dec. 12, authorized the issuance
of
of
$2,450,000 of 1st lien coll. trust 5% bonds, with non-detachable
Directors reserved for issuance upon the exercise of
attached.
warrants
warrants
73,500 shares of common stock.
They also authorized the sale and issuance
of 70,000 shares of common stock.
The net proceeds of the securities to
be issued, after payment of the expenses of the issue, estimated at $3,866,750
will be used as follows:
k
$2,593,500
company's outstanding 6% sinking fund gold notes
unpaid balance of purchase money mtge. on prop,
N. J., formerly owned by Mercer Motor Co. The
mortgagee is First Mechanics Bank of Trenton, N.J
To discharge current indebtedness of Thermoid Rubber Co., a
subsidiary to Bank of Manhattan Co., New York
To purchase and (or) redemption of bonds.
Such money to be
received when, as and if non-detachable warrants attached to
.i
bonds, are exercised
...
To discharge
To discharge
in Trenton,
91,250
300,000
882,000
.
...i..
Balance..
After the
37,560,468
8,753,854
4,514,272
25 cents per share were paid on Jan. 30, April 30,
The regular quarterly dividends was raised from
y
—V.
...
the company covenants that beginning March 15, 1938, it will
with the trustee in the sinking fund, on or before the 15th day of
Corp.—Bonds Called—
Tennessee
296,119
$2,441,733
394,923
39.693
have declared an extra dividend of $2.25 per share in
quarterly dividend of $2 per share on the common stock,
no par value, both payable Dec. 23 to holders of record Dec. 18.
A regular
quarterly dividend of $1 per share in addition to an extra dividend of $1
per share was paid on Oct. 1 and on July 1, last; extras of 50 cents were
distributed in each of the six preceding quarters and extra dividends of
The
addition
Each
17 declared a dividend of $1 per share on the
value, payable Dec. 31 to holders of record Dec. 19.
This compares with 75 cents paid on Oct. 1, last; 50 cents paid each three
months from June 30,1935 to and including July 1 la st: 40 cents distributed
in each of the three preceding quarters; 25 cents per share paid each three
months from Sept. 30, 1933 to July 2, 1934, inclusive; 12H cents paid on
July 1, 1933; 25 cents on March 31, 1933, and 40 cents paid on Dec 31,
1932.—V. 143, p. 3484.
The
$2,767,691
654,188
New York Stock Exchange.
Taylor-Colquitt Co.—Dividend Increased—
common
$3,353,333
991,206
726.924
Time, Inc.—Regular Dividend
$1,745,166
$122,188
Operating revenues
—V. 143, p.
$98,572
..
_
Net from railway
Net after rents
$280,840
8,351
Prop, retire, res. approp.
z Divs.
applic. to pref.
stk. for per., whether
paid or unpaid
...
1933
1934
1935
1,382,553
1,040,072
$4,082,282
1—
From Jan.
Gross from railway.
y$13,621
Balance
...
Net after rents
$918,532
637,692
...
stock, no par,
** A
RR.—Earnings—
1936
November—
Gross from railway..
Net from railway
1,029
$21,972
Gross corp. income
Interest & other deduc..
Texas & New Orleans
interest
—1935
$270,283
143
Other income
PNkThe New York Curb Exchange has removed the common
from unlisted trading privileges.—V. 143, p. 4170.
Co.—Earnings—
[American Power & Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos
Operating revenues
$83,528
- $83,791
$973,417
Oper.exps. & taxes
61,699
58,347
703,134
Period End. Nov. 30—
from AUnlisted
Corp.—Removed
Products
Tennessee
Corp.—Interest—
The interest due Jan.
121
Chronicle
$3,866,750
Of the 70.000 shares of common stock, 65,000 shares will be sold to under¬
writers for $8.50 per share in cash, and 5,000 shares ,will be sold to an under¬
writer for $1 per share plus an undertaking by the underwriter to underwrite
or obtain underwriting of the bonds.
The warrahts entitle the holders to
buy 10 shares at $8 per share, .10 shares at $12 per share and 10 shares at
$16 for each $1,000 bonds.
(See also V. 143, p. 4170, 3859.) ,
Total..
.
122
Financial
Consolidated, Balance Sheet
as at
Chronicle
June 30. 1936
sidiaries not
[Company and Domestic Subsidiaries]
Assets—
than $11
Liabilities—
Cash in banks and
on
hand
Notes payable—bank
Notes payable—others.........
$135,658
1,004,754
Inventories-.;..1,299,314
Misoell. invests. & advances..
50,289
Prop., plant & equip, (net)... 2,710,439
Land & bldgs. not used in oper.
51,760
Prepaid exps. & defd. charges.'
229,267
Goodwill,
patents,
trade•
marks, &c
2
Notes <fc accts. receiv.
(net)..
Total
revenues
expenses
Taxes
Operating income
Non-operating income.
$190,410
1, 1937.
United States Treasury notes, at cost
Notes receivable
31,813
_
Gross income.
Deductions
$222,223
226,529
Net deficit.
1936—5 Mos —1935
$181,009
38,768
$219,777
228,076
'
$4,306
Total
$50,277
Paid-in surplus
-
Total...
common
stock ($5 par) at $12
share for each three shares of
common
per
share, at the rate of
stock neld.
Transferable sub¬
.
Valley Distillers Corp.—Plan Approved—
The stockholders on Dec. 22 authorized
an
from $1,250,000 ($1 par) common stock to $2,745,000, represented by
350,000 shares of 7% cumulative preferred ($3.50 par), and 1,250,000 shares
of class A common stock ($1 par).
Elimination of stockholders preemptive
rights and exchange of 1,250,000 shares of common stock now outstanding
for 625,000 shares of new class A common stock was also voted.
It is planned to issue 312,498 shares of the new preferred stock at $3.50
a share with warrants attached for purchase of one share of class A common
at $1 a share for the first year, $1.50 a share in the second year and $2 a
share for the third year.
Underwriters will be paid a cash commission of
15% a share and in addition will receive a warrant or option to buy com¬
mon stock at the same prices for the same periods, a warrant or option
for
one share of common to be issued the underwriters for each three shares
of preferred stock purchased or sold.
There will be 312,498 shares of the new common reserved to meet require¬
ments of warrants issued to preferred shareholders and
104,166 shares
reserved to meet requirements of options or warrants issued to the underv^ritcrs
'
*
Stockholders authorized the issuance of warrants for the balance of the
authorized common amounting to 208,336 shares for allotment by directors.
These warrants would be exercizeable under
to the
same terms as
those attached
7% preferred stock.—V. 143, p. 2228.
Tri-States Natural Gas Corp.—Withdrawal of
Dec. 14, 1936, has consented to the withdrawal of the
registration statement.—V. 141, p. 3617.
Truax-Traer Coal Co.—To
$14,153,481
$12,305,911
directors have declared a dividend of 20 cents per share on the
stock, no par value, payable Jan. 15, to holders of record Dec. 31.
This compares with 10 cents paid in each quarter of
1936; 20 cents paid on
Oct. 15, 1935 and dividends of 10 cents per share distributed each three
montus previously.
In addition, an extra dividend of 15 cents
Oct. 15, last.—V. 143, p. 2540.
United Elastic Corp .—Pays
The directors
was
paid
on
Special Dividend—
Dec. 16 declared a special dividend of 15 cents per share
stock, no par value, payable Dec. 24 to holders of record
Dec. 17.
A quarterly dividend of 15 cents which had been declared on
Nov. 12 was also paid on Dec. 24.
A like payment was made on Sept. 24,
last, and compares with 1Q cents paid each three months from Sept. 24,
1934 to and incl. June 24 last; 20 cents
paid on June 23, 1934; 25 cents on
March 24,1934, and on Dec. 23, 1933; 20 cents disbursed on
Sept. 23, 1933,
and 10 cents per share paid each quarter from June
24, 1932 to and incl.
June 24, 1933—V. 143, p. 3337.
the
on
common
United Gas
Improvement Co,—Weekly Output—
Week Ended—
Electric output of system (kwh.)
Dec. 26 '36
Dec. 19 '36
88,275,347
Dec. 28 '35
96,505,762
81,309,716
—V. 143, p. 4018.
United
a
States
Casualty Co.—New Stock Issue—
to
simplify the capital structure a ne<v is.,ue of convertible
announced Dec. 28.
A registration statement covering
the issue became effective Dec. 22.
Heretofore the company has had three
classes of stock of varying par value.
The new convertible preferred is to be offered Jan. 7, first to stockholders
of New Amsterdam Casualty Co., at $10 a share.
The $1,000,000 of
capital stock of United States Casualty on completion of this transaction
will consist of 150,000 shares of $2 par convertible
preferred and 350,000
shares of common of $2 par.
move
preferred stock
The
new
45 cents
was
stock
will
be entitled
to
cumulative dividends at
the rate of
share from Dec.
1, 1936, and further participation when any
of 40 cents per annum is paid on the common.
It will
be convertible into common stock share for share.
More than 340,000
shares of common will remain In the treasury of New Anmsterdam
a
dividend in
excess
and
the management alliance
V. 143, p. 3165
Casualty
between the two companies will
continue.
United States Foil Co.—Dividend Increased—•
The company paid a dividend of 25 cents per share on its class A
and
common shares, par $1, on Dec. 24 to holders of record Dec.
21.
Previously dividends of 15 cents per share were distributed each three
months on these issues.—V. 142, p. 4358.
class B
United States &
pany, received on
100,000
37,355
3,249,246
3,393,285
476,947
United Bond & Share, Ltd.—Dividend Increased—
Registra*n
The Securities and Exchange Commission, upon the request of the com¬
100,000
7,560
The
In
increase in the capital stock
216,990
60,440
common
on
scription warrants evidencing the subscription rights, but exercisable only
in amounts calling for full shares of common have been issued.
The war¬
rants will expire Jan. 6, 1937.
Lehman Brothers, heading a group of underwriters who will purchase the
unsubscribed stock not taken by stockholders, will underwrite 36%. Other
underwritings are: Chas. D. Barney & Co., 10%; G. M.-P. Murphy & Co.,
7%; Bancamerica-Blair Corp., Dominick & Dominick, Hallgarten & Co.,
Hayden Stone & Co., Kidder Pea body & Co., Wertheim & Co., White,
Weld & Co., Dean Witter & Co., 4.8% each; A. G. Becker & Co., Cohu
Brothers and Wells Dickey Co., 2.4% each.—V. 143, p. 3860.
220,020
4,236,373
—V. 143, p. 4171.
Manufacturing Co.—Pays $1 Extra Dividend—
Stockholders of record Dec. 17 have been given the right to subscriDe for
95,911
263,000
230,782
236,017
3,377,208
227,903
Earned surplus (deficit)
The company
Inc.—Rights—•
-—
Unearned aeronautical school tuitions
Unused transportation
Reserve for liability to liquidating committee of
United Aircraft & Transport Corp
Liab. to acquire bal. of stk. of merged co. (1,512 shs.)
Reserves
Tonopah Mining Co.—Earnings—
$5,219,885
285,636
610,248
-
Accrued wages, insurance, &c
Accrued taxes
Earnings for 10 Months Ended Oct .31, 1936—
Net profit exclusive of Federal taxes
.$72,569
W. L. Haehnlen, chairman of the board, says:
In association with Ventures Ltd., company has taken an option on the
La Luz gold property in Nicaragua, and is now actively engaged in its
development.
From the limited work to date the property shows possi¬
bilities of developing a very large body of ore, but no accurate estimates
can be given until further development work is completed.—V.
143, p. 3650.
paid an extra dividend of $1 per share on its capital stock,
no par value, on Dec. 19 to holders of record Dec. 14.
The directors also declared the regular quarterly dividend of $1.50
per
share on these shares, payable Jan. 15 to holders or record Jan. 9.
An extra dividend of $2 was paid on April 15, 1935 and an extra of $5
per share was paid on April 16, 1934.—V. 143, p. 1731.
$5,224,285
-
Net liab. for deposits received for air-travel cards,
$146,998
$12,305,911
Dec. 31, '35
Sept. 30,*36
stock.
Accounts payable
$995,1153
1,142,113
$7,480,470
631,346
2,233,964
444,652
133,947
1,030,119
293,425
57,990
$14,153,481
Liabilities—
$806,143
188,973
$1,092,997
1,143,274
$8,299
Transcontinental & Western Air,
-
Capital
—V. 143, p. 3485.
Trenton
$7,567,840
710,921
3,648,155
346,807
87,876
1,403,297
283,253
105,333
Prepaid taxes, insurance, &c
$5,406,806
4,068,373
532,290
$907,542
185,455
was
Sept. 30, '36 Dec. 31, '35
Accounts receivable
Inventories
$5,594,502
4,129,815
557.145
1936, it
Consolidated Balance Sheet
Assets—
Real property and
equipment
Investments and other assets
$5,481,485
1936—Month—1935
$1,120,630
$1,099,460
816,336
809,730
113,884
108,722
Oct. 23,
as were in the employ of the corporation or its subsidiaries on
Oct. 31, 1936, and who are in the employ of the
corporation or its subidion Jan.
1, 1937.
Shares offered to employees and officers must be
subscribed and paid for by them on or prior to Feb.
Railway System—Earnings—
Period End. Nov. 30—
207,711 shares of
on
and officers
[Railway & Bus Operations]
one
meeting held
Cash
Third Avenue
Towle
a
aries
-V. 143, p. 4170.
Operating
Operating
#4
at
(excluding directors who are
excluding also W. A. Patterson, the President) of the cor¬
poration and its subsidiaries. The offering is to be made to such
employees
1,410,811
Total
share.
not officers and
_
$5,481,485
more
officers) of the corporation and its sub¬
than 50,000 shares of its capital stock at a price of not lea*
determined to offer, on Jan. 1, 1937, not to exceed 50,000 shares of
capital
stock at $11 per share to employees and officers
2,270
408,050
203,916
56,496
5-yr. 6% sink, fund gold notes 2,518,600
Purch. money bond & mtge...
92,500
M in. stockholders' int. in sub
12,767
Preferred stock
3,041,700
Common stock
256,096
Deficit.
a
1937
2,
not
are
By action of the directors
$300,000
Accounts payable
Accrd. wages, int., taxes, &c..
Prov. for Federal income tax..
-
Jan.
(excluding directors who
Duncan H.
V.
Read
was
Foreign Securities Corp.—Director—
elected
to
the board of directors
on
Dec. 24.—
143, p. 2699.
United States Radiator
Liquidate Subsidiary Co.—
Corp. (& Subs.)—Earnings—
Earnings for 8 Months Ended Sept. 30, 1936
The New York Stock Exchange has received notice from the company
that it proposes liquidation of its wholly owned subsidiary, Cabin Creek
Net loss after depreciation.
Consolidated Coal Co., as of Dec. 31, 1936.
The property and assets of
said Cabin Creek Consolidated Coal Co. will be transferred and conveyed
to the parent company.—V. 143, p. 3650.
—Y. 143, p. 4018.
Trusteed American Bank
Union Bag &
New
143,
o.
2539.
Paper Corp.—Absorbs Georgia Sub., Forms
announced
it
has
absorbed its
tion in the State of
Georgia, to take effect 30 days from date of filing.
Formation of the Onion Bag & Timber Co. of Georgia was announced at
the same time, to handle all woods operations of the Union Bag & Paper
Corp. A Calder, President of the parent organization, will be President
of the new company and J. H. Allen, Vice-President, in charge of the
corporation's Savannah mill, will serve as Vice-President of the subsidiary
company.
Other officers of the new company include John Gamble, VicePresident; John Wohnsiedler, Vice-President and Comptroller; Stuart H.
Brown, Secretary, and P. E. Bonin, Treasurer.
Union
all
Bag & Timber Co. has taken over all woodlands owned
of the
have declared an initial dividend of 25 cents
per share
stock, par $1, payable Dec. 29 to holders of record Dec. 18.
woods
equipment which
or leased
formerly was owned by the old
Union Bag &
Paper Corp. of Georgia, now discontinued.
Construction or Union Bag & Paper Corp.'s second mill unit at Savannah,
originally planned for completion in July,
143, p. 3651.
1937, is proceeding ahead
or
Inc.—Pays Extra Dividend
The company paid an extra dividend of $2 per share on its
common
no par value, on Dec. 24 to holders of record Dec. 19.
The directors also declared the regular quarterly dividend of
75 cents
per share on the common stock, payable Feb. 1 to holders of recora Jan.
14.
An extra dividend of $1.75 per share was paid on
Aug. 1, last; an extra
of $2 was paid on Aug. 1, 1935 and one of $1 on
Aug. 1, 1934, and on
stock,
wholly-owned subsidiary,
the Union Bag & Paper Corp. of Georgia, which has now been discontinued.
A petition has been filed by Union Bag & Paper Corp. (N. J.) for domestica¬
and
directors
common
Aug. 1, 1933.—V. 143,
Company—
Corporation
the
—V. 143, p. 4018.
Universal Leaf Tobacco Co.,
Industry Shares—Special Dividend—
The company paid on Dec. 26 to holders of rdcord Dec. 16, a special
dividend representing distribution of realized capital profits for 1936 of
9.6 cents per share.—V.
$13,213
Universal-Cyclops Steel Corp.—Initial Dividend—
on
The company paid a special dividend of 18 cents per share on the B shares
on Dec. 26 to holders of record Dec. 21.—V. 141, p. 289.
Trusteed
tion, and other deductions
The
Shares—Special Dividend—
Federal taxes, interest, amortiza¬
p.
1732.
Utah-Idaho Sugar
Co.—Pays Larger Dividend—
The directors have declared
a dividend of 10 cents
per share on the com¬
stock, par $5, payable Dec. 31 to holders of record Dec. 18.
A divi¬
dend of 5 cents was paid on Sept. 30 and on
April 10 last, this latter being
the first payment made on the common stock since 1926.—V.
143, p. 128.
mon
Utah
Ry.—Earnings—
November—
1936
1935
from railway
Net from railway
Net after rents
1934
1933
$119,034
42,159
24,899
Gross
$156,209
73,475
54,645
$87,285
38,951
17,510
$93,743
26,415
5,513
964,411
279,980
177,326
931,176
289,457
148,480
625,542
116,531
def80,539
878,890
255,448
50,596
From Jan. 1—
Gross from railway.....
Net from
railway—...
Net after rents
—V.
—-
143, p. 3652.
schedule.—V
Union Sugar
Vertientes Sugar Co.—'Time for
Co.—Pays $1.50 Dividend—-
Notice
The company paid a dividend of $1.50 per share on its common stock
on
Dec. 26 to holders of record Dec. 22.
This was the first payment
made since early in 1927.—V. 143, p. 2387.
,\
* •
United Air Lines
The New
York
Stock
Transport Corp.—Listing—
Exchange has authorized
the
listing
of 50,000
additional shares (par $5) of capital stock upon official notice of issue and
payment in full, making the total amount applied for 1,521,740 shares.
By action of stockholders at a meeting held Sept. 23, 1936, the corpora¬
tion was authorized to issue and sell for cash to officers and employees
was
issued
Dec.
31
Deposits Extended—
by the bondholders' protective committee
1937, of the time in
sinking fund 7% gold
bonds, due Dec. 1, 1942, and of Oamaguey Sugar Oo. 1st mtge. sinking
fund 7% gold bonds, due Oct. 15, 1942, may
deposit their bonds in assent
to the respective plans of reorganization for these
corporations.
Manu¬
facturers Trust Oo. is depositary for the Vertientes bonds and
Chemical
Bank St Trust Oo. fof the Oamaguey bonds.
The committees have filed with the Securities and
Exchange Commission
registration statements for certificates of deposit to be issued upon the
deposit of bonds under the two plans.
Copies of a prospectus relating to
of
extension to the close of business March
31,
which holders of Vertientes Sugar Oo. 1st mtge.
an
Volume
Financial
144
may be obtained from W. A. Chadbourne, Secretary of the
committee, 25 Broadway, N. Y. City, and copies of a prospectus relating
to Camaguey may be obtained from James B. Guaraglia, Secretary of the
committee, 7 Hanover St., N. Y. City.—V. 143, p. 4171.
Vicana
Co.
Sugar
(Compania Azucarera Vicana)-
123
Chronicle
Vertientes
Western Maryland
Period End. Nov. 30—
Ry.—Earnings
1936—11 Mos.—1935
$1,268,625 $14,808,008 $13,511,419
445,084
5,239,198
4,094,642
387,484
4,275,002
3,665,004
3,168
67,167
73,170
1936—Month—1935
$1,389,604
549,056
466,506
Operating revenues
Net oper. revenue
Net ry. oper. income
Other income
3,648
No Interest—
No interest will be
payable on Jan. 1, 1937, on the 20-year conv. 6%
debentures, according to annoucement by C. W.
non-cumulative income
Net income
Brewing Co.—Dividends Resumed—
a dividend of 10 cents per share on the com¬
$1, payable Dec. 22 to holders of record Dec. 15.
This
The directors have declared
stock,
mon
par
the first dividend paid since Dec. 21, 1934
was
distributed.—V.
143,
p.
when 3 cents per share was
1933
1934
Net after rents
..
..
—
1935
$1,252,225
677,220
577,223
$1,288,918
$1,129,199
736,214583,192
652,170
530,328
16,006.070
8,800,488
8,129,836
after rents
From Jan. 1—
14,358,635
7.772,847
6,545,938
13,177,839
7,028,461
6,145,347
12,287,406
6,306,391
5.527.216
—V. 143, p. 4171.
Ry.- -Interest—
Wabash
Interest of 3 % due Jan. 1, 1937, on the Wabash RY.
Debenture mort6% gold bonds, series B, due 1939, was paid on that date.—V. 143,
sag®
4171.
P.
directors
have
declared
a
Warner
The
5
Quinlan Co.—Hearing Postponed—
hearing before Judge Hulbert in Federal
Court has been adjourned until Jan. 6.—V. 143, p. 4172.
District
bonds and the certificates.
139. p. 3492.
t
$295,159 $15,840,521 $14,396,896
The company is paying a final liquidation dividend of $124.61 on its
1st mtge. 5% bonds.
A payment of $51 was made in 1933.—V. 143, p. 777.
$738,319
48,962
def2,892
14,094,064
4,086,760
3,186,482
....
12,239,666
3,132,147
2,244,236
10,308,688
2,415,662
1,417,084
9.821,593
2,725,900
1,590,035
(S. S.)
White Dental Mfg. Co.—Special Dividend—
The directors have declared a special
dividend of 25 cents per share on the
stock, par $20, payable Dec. 26 to holders of record Dec. 15.
A
dividend of 30 cents was paid on Nov. 2 last and compares with 25 cents
paid on Aug. 1 last; 20 cents paid each three months from Aug. 1, 1934 to
and incl. May 1 last; 15 cents paid on May 1, 1934, and 10 cents per share
distributed on Feb. 1, 1934, Nov. 1, 1933 and Aug. 1, 1933.—V. 143,
2703.
p.
1936
Gross from railway.
Net from railway
share on the common
stock
also de¬
2187.
$45,517
8,183
3,439
$53,228
20,360
15,489
512,769
136,070
474,937
105,847
513,561
149,177
81,664
82
$35,526
1,719
def3,950
43,777
84,906
From Jan. 1—
Gross from railway
Net from railway
579,229
135,425
76,091
Net after rents
.
Willys-Overland Motors, Inc.—Dividend—
Directors have declared a dividend at the rate of 6% on the $10 par cumu¬
lative preferred stock from Sept. 15 on those shares given holders of $2,000,000 bonds, from Oct. 5 on shares held by those exercising stock subscrip¬
tion
15 on shares held by the underwriter, E. H.
1 to holders of record
rights and from Oct.
Rollins & Sons, Inc.
The dividend is payable Jan.
Dec. 24.—V. 143, p. 2704.
Central
Wisconsin
Total
Ry.—Earnings—
1936—Month—1935
1936—11 Mos.—1935
$972,438
$833,263 $11,541,154
$9,600,843
Period End. Nov. 30—
revenues
Net railway revenues...
Net after rents
241,685
53,615
2,281,717
661,352
86,143
128,613
150,476
Dr20,356
37,168
154,693
3,574,321
1,628,074
Other income—net Dr..
832,147
1,542,490
1,730,542
$161,140
$212,217
$746,563
$1,441,218
Int.
on
fund, debt—Dr.
Netdeficit
The company paid a special dividend of $1 per share on its common
and class A common stocks, on Dec. 19 to holders of record Dec. 15.—V. 143,
CURRENT
NOTICES
Jules S. Bache, founder of the
—In line with the custom established by
50
firm of J. S. Bache & Co., over a period of
his
during
who,
staff
their
T.
of Charles
sion,
Corey,
Sam J.
the firm announced the admis¬
With few exceptions during the firm's existence, its partners have
partners.
been chosen from members
organization and this manner of aug¬
of the
menting the partnership personnel makes for perpetuation of firm policy
through linking up the present partners
a
the
of
with those who will assist and
Many of the important staff
the conduct of the firm.
them in
members
association
uninterrupted
have
firm
who has been
a
of
of 30
years
and
The firm also
Joseph P. Griffin,
Bache is justly proud.
record of which Mr.
announced the retirement of two of its present partners.
partner for 17 years, is withdrawing on account
of ill health,
Murphy is retiring from active participation after 47 years
continuous
Both
service.
remain with the firm in
an
Mr.
investment department of
and
Griffin
Murphy,
Mr.
however,
advisory capacity.
—William C. Clark and Henry H. Kohl,
who have been in charge of the
Greer, Crane & Webb, announce the formation
general investment business,
specializing in guaranteed stocks.
Offices have been opened at 40 Wall St.
been with Greer,
Crane & Webb for the past eight years
Mr.
new
Inc., have announced that the issue of 60,000 shares of
capital stock offered by them at $6 per share on Dec. 24 has been heavily
oversubscribed and the books closed.—V. 143, p. 4172.
whereby members of
Smith and George Weiss as general
Clark has
Kohl has been with the
same
firm for the past 14 years, having
Associated with them in the
previously been with the National City Co.
A. W. Porter,
years,
showed individual loyalty and
employment,
ability, have been enrolled as partners,
and Mr.
1257.
Weisbaum Bros.-Brower Co.—Stock Sold—
372,028
—V. 143, p. 3488.
of the new firm of Clark & Kohl to engage in a
(J.) Weingarten, Inc.—Special Dividend—
1933
1934
1935
$48,651
5,669
Net after rents
and Frank J.
Waterbury Farrell Foundry & Machine Co.—Extra Div.
The regular quarterly dividend of 25 cents per share which was
clared will be paid on Jan. 2 to holders of record Dec. 18.—V. 135, p.
$822,577
194,831
130,119
common
upwards,
Liquidating Dividend—
The company paid an extra dividend of 25 cents per
on Dec. 16 to holders of record Dec. 7.
1933
1934
1935
$1,144,442
342,975
277,321
—V. 143, p. 3862.
succeed
Washington Baltimore & Annapolis Electric RR.—
»■
to Dec. 21
1935
From Jan. 1—
Gross from railway
Sugar Corp.—Committee Outlines Present Status—
to be taken in the interest of the holders of such
p.
1
1936
$1,384,968
466,645
415,729
—V. 143, p. 3653.
The bondholders' protective committee for the 1st & ref. mtge. 15-year
7% sinking fund gold bonds in a circular dated Dec. 18 gives a resume of
the difficulties which beset the corporation, in common with other sugar
producers of Cuba, and concludes:
With this situation in view, a plan of reorganization has been tentatively
agreed upon between the representatives of the owners or holders of a
majority of the outstanding bonds and the financing banks.
If, as now
appears, the expenses of reorganization can be financed from funds made
available from the proceeds of sale of sugars and molasses manufactured
during the last two seasons and the approaching season, the plan of re¬
organization presently under consideration, it is believed, will provide for
the foreclosure of the mortgage and the issuance to the holders of the bonds
and to the bank creditors secured by the pledge of the unmortgageable assets
of the corporation of shares of stock of a new corporation without imposing
any assessment upon the bondholders.
In order to permit the bondholders to foreclose the mortgage securing
their bonds, the stockholders of the corporation, at a special meeting thereof
held on Sept. 18, 1936, waived the benefits of all Cuban moratorium legis¬
lation which since 1933 has prevented the foreclosure of mortgages in that
Republic.
What the future of the property will be it is, of course, impossible to pre¬
dict.
It depends largely upon the condition of the sugar industry, the prices
for sugar in the world's market. United States and Cuban Government
control of production, restrictions upon the importation of sugar into the
United States and customs duties of the United States upon sugar importa¬
tions, the effect of social legislation already enacted or under consideration
by Cuban Congress, the political stability of Cuba, and many other factors
which it is impossible to consider at length in a communication of this kind.
By means of this communication, the committee has endeavored to in¬
form the holders of the bonds and of the certificates of deposit therefor of
the circumstances existing in recent years as the committee understands
them, and to outline briefly the steps which have been and are expectep
—V.
Jan.
Wichita Falls & Southern RR.—Earnings—
holders of record Dec. 24.
This
1932 when a quarterly dividend
distributed.—V. 143, p. 2542.
reorganization
Warner
$817,653
$328,359
November—
dividend of 50 cents per share on the
class A common stock, payable Dec. 30 to
was the first payment made since Dec. 1,
of 50 cents per share was
$1,446,908
1936
Net from railway
Net after rents
Waitt & Bond Inc.—Resumes Class A Dividends—
The
(est.).-.
Net from railway
Net after rents
1936
Net
$124,060
Wheeling & Lake Erie Ry.—Earnings—
$1,600,999
719,601
886,770
...
Gross from railway.,
Net from railway...,
Gross earnings
Gross from railway.
Virginian Ry. —Earnings—
from railway.,
Net from railway
$3,738,174
2,920,521
—V. 143, p. 4172.
November—
with SEC—
See list given on first page of this department.
Gross
$4,342,169
2,895,261
—Third Week of Dec.
'
1936
1935
Period—
2700.
"Vim-O-Lax Medicine Co.—Registers
November—
$390,652
266,592
$209,259
Fixed charges
Street, Treasurer.
Victor
$470,154
260,895
Gross income
firm will be Victor H. Graymount, Harold
Harold S. Wyckoff, Lloyd A.
Saxe and C.
H.
J. Welsh, Ralph De Pasquale,
Souville, J. Harold Thompson, Douglas H.
Kendal, all of whom have been with the investment de¬
partment of Greer, Crane & Webb.
Wellington
Oil
Co.
of
Del.—Admitted
Listing and
to
Registration—
The New York Curb Exchange has admitted
listing and registration.—V.
to
West
the
common
stock, $1 par,
143, p. 4020.
Coast Telephone Co.—Accumulated
Dividend—
The directors have declared a dividend of 75 cents per share on account
of accumulations on the 6% cum. preferred stock, par $25, payable Dec. 21
to holders of record Dec. 10.
Dividends of 37 H cents per share were paid
June 1 and April 1 last, this latter being the first pay¬
1, 1932, when a regular quar¬
terly dividend of 37H cents per share was distributed.—V. 143, p. 3337.
on
dissolved. J. Gould
Earl E. T.
Smith, the board partner of Paige, Smith & Remick will make his office
with Evans, Stillman & Co., and Benjamin L. Belt Jr. will become asso¬
—
Paige, Smith & Remick of New York City has
Remick, is
now a
general partner in Evans, Stillman & Co.
ciated with that firm.
The firm of Evans, Stillman &
Co. was formed in
July, 1912 and in addition to their main function of executing
stocks and bonds, they underwrite
trust
Dec. 1, Sept. 1,
obligations.
—Formation of the co-partnership of
ment made on the preferred stock since June
a
orders in
wholesale and retail railroad equipment
general
bond
Rich, Clark & Brady to transact
The partners of the
New York Stock Exchange and
the New York Curb Exchange, are Charles V.
brokerage business
is announced.
firm, which will have membership on the
Westchester Service Corp.—Plan
At
the last
hearing before the U.
Confirmed—
as
associate membership
S. District Court on Dec. 19, 1936,
the Court ordered the plan confirmed and it will be fully
executed as quickly
possible.
New York
17, 1937, together with the letter of transmittal.
Pursuant to the order of the Court bonds must be mailed to
Trust
Co.
before Jan.
—Y. 143, p.
4172.
Western Electric
Rich Jr., Ray
—The
about
*3,000.—V. 143, p. 4172.
the past
Corp.—Sells 51% Inter-
English Subsidiary—
Inc., 135 South La Salle
The New York 8tock Exchange has received notice from
the corporation
Middlesex, an affiliate of Sangamo Electric
143, p. 3861,
Sangamo Co., Ltd., of Enfield,
Springfield, 111.—V.
H. P. Heiss as Vice-
Mr. Heiss has been identified with the investment
business for
20 years and is well known throughout the Middle West.
further increase
E. W.
sales and trading departments to
their facilities for servicing banks, insurance companies,
corporations and other financial institutions.
—Samuel
Abrahams, member of the New York Curb Exchange, and
William M. Wolff have formed the firm of Abrahams & Wolff, with head¬
were
120 Greenwich Street.
Both Mr. Abrahams and Mr. Wolff
partners in Abrahams, Hoffer & Co. in the past.
recently having been
announcing the sale of a 51% stock interest in its English subsidiary,
Weston Electrical Instrument Co., Ltd., of Surbiton, Surrey, to British
of E. W. Thomas & Co.,
Thomas & Co., Inc., are expanding their
quarters at
Weston Electrical Instrument
of
year-end of Rich, Clark & Petersen.
investmerifcfirm
President.
Co., Inc.—Sales—
ing the total in the employ of the company at the close of the year to
Co.
Organization of the new firm follows dissolu¬
New York Stock Exchange.
tion at the
St., Chicago, announces the association with them of
Edgar 8. Bloom, President, announced Dec. 31 that sales for 1936 will
exceed $140,000,000 which compares with $105,417,000 in 1935.
The
volume of orders now on hand points to a continued increase in sales during
1937.
Additions to the force during 1936 amounted to more than 11,800, bring¬
est in
on
Clark, Walter V. Brady and H. H. Wurzler, member of the
—J. Henry B.
a partner
Rebhann,
a
Mr. Abrahams more
in Abrahams, Kopperl & Co.
founder of the investment banking firm of
Schaumburg, Rebhann & Lynch, 52 William St., died of a heart attack in
his home in Garden
fifty-fourth year.
City.
Mr. Rebhann, a native of Brooklyn, was in his
124
Financial
Chronicle
Jan. 2, 1937
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
business tomorrow
Coffee- -On the 28th
inst.
futures
closed
7
to
4
points
higher for the Santos contract, with sales of 88 lots.
The
new Rio contract closed 6 to 5 points better, with sales of
The
lots.
31
Rio
old
contract closed 1
with
Rio futures opened 25 to 50 reis off at 19.425
sales of 4 lots.
milreis for December and 18.825 for
trading
the
day
months
were
point lower,
February.
changed
to
During the
and
January
closed at 19.050 milreis and
18.675 milreis, respectively.
The Rio spot quotation was
unchanged at 19.300 milreis, and the open market dollar
March,
these
and
positions
rate held firm at 16.650 milreis to the dollar.
were
Havre futures
2.50 to 3.00 francs better.
the 29th
On
futures
inst.
Santos contracts,
closed
17 to
11
with sales of 246 lots.
tract closed 18 to 16
The new Rio con¬
The
points up, with sales of 100 lots.
19 points up.
Rio futures closed 50 to 75 reis lower
19.000 milreis in January and 18.600 in March.
On the
at
Santos Exchange the
"A" contract closed unchanged to 350
prices last reported on Dec. 15, at 24.250
milreis for March and 24.600 for May.
The Rio spot quota¬
tion was unchanged at 19.300 milreis, and the open market
reis up from the
dollar rate weakened 20 reis to 16.670 milreis to the dollar.
Havre
*
futures
were
1.25 francs off to unchanged.
On the 30th inst. futures closed 7 to 4 points up
Santos contract with sales of 274 lots.
The
new
for the
Rio contract
closed 6
points up to 1 point off, with sales of 60 lots. The
oldJRio contract closed 10 points higher, with sales of 4 lots.
Rio futures closed unchanged to 400
reis net lower at 19.000
milreis for January and 18.200 for March.
The Rio spot
quotation was steady at 19.300 and the open market dollar
rate weakened 10
futures
were
reis to 16.660 milreis to the dollar.
1.75 to 1 franc higher.
Havre
Today futures closed 3
to unchanged for the new Rio contract, with sales
of 51 contracts. The Santos contract closed 3 points down to
points
up
with sales of 157 contracts. The Rio de Janeiro
closed until next Monday. Havre futures were
at new highs, with gains of 2 to 2J4 francs.
Rio coffee prices closed as follows:
2
points
up,
markets
were
March
7.25
7.25
7.27 July.
7.16 September
May
7.22
December
Santos coffee
prices closed as follows:
10.45 J December
10.40 September
March.
May
July..
10.28
10-30
10.401
Cocoa—On
the 28th
At one time
during the session the maximum rise was 30 to 39 points
the
over
London came in Is. 9d. stronger on
9d. higher on the Exchange, fol¬
previous close.
the outside and 6d. to Is.
lowing
11.55;
the long holiday week-end.
Local closing: Jan.,
March, 11.58; May, 11.65; July, 11.65; Oct., 11.70;
Dec., 11.71.
On
the
29th inst.
futures
closed
Transactions totaled 689 lots, or
9d.
lower
Terminal
on
the
Cocoa
outside
Market,
and
with
23 points lower.
12 to
9,233 tons.
IY2
4^d.
to
1,780
London closed
easier
on
Local
trading.
tons
the
closing: Jan., 11.43; May, 11.46; July, 11.47; Oct., 11.49.
On the 30th inst. futures closed 18 to 22 points higher.
Total sales
were
552 lots
or
7,397 tons.
outside market 3d. lower to
Terminal
London reported the
unchanged and futures
Cocoa Market 3 to 6d. higher,
on
the
with 1,870 tons
Trading on the local Exchange was quite
active. Liquidation was considerable, but was well absorbea,
so that new buying support both from speculative and trade
channels drove prices steadily higher.
Local closing: Jan.,
11.61; May, 11.68; July, 11.67; Sept., 11.70. Today futures
closed 3 to 6 points up.
Sales totaled 430 contracts. New
high prices, the highest since 1928, were established on the
cocoa market today.
At one time during the morning the
market was 20 points above yesterday's level.
This was
subsequently lost in large measure on heavy profit taking and
evening up over the year end. Local closing: Jan., 11.64;
March, 11.67; May, 11.70; July, 11.74; Sept., 11.75; Dec.,
changing hands.
H.73,
:
---V:
time
points.
futures
Heavy
showed
a
maximum
advance
profit-taking developed,
in
of
5
to
7
which most of
the early gains were erased towards the close.
Sales totaled
703 lots, or
35,150 tons. In the market for raws sales were
made at 3.90c., exceeding by 2 points the best previous price
recorded this year and establishing a new
One
refiner,
Pennsylvania, announced
a
high since 1930.
20-point jump in
.the refined quotation to become effective at
in
spot market
raw
the opening of
In London sellers
for January
asking 5s. 3d., equal to 0.93c., f.o.b. Cuba.
raws
parcel
quantities
shipment
On the 29th inst. futures closed 1 to 4 points higher.
totaled
296 lots,
were
Sales
14,800 tons.
While trading was rela¬
tively light, the market's undertone was firm.
According
to reports in some quarters, shippers were forced to
pay as
high as $10.50 per ton for Philippine freight, whereas the
or
conference rate
reported
market
is only $8.
The raw market strength was
based mostly on the lack of offerings.
In the
as
for
raws
and
these
only about 25,000 tons were available at
were firmly held.
The London market
continues to
move higher in the best sustained advance in
Small offerings yesterday were held at 5s. 4%d.,
years.
equal to 93%c., f.o.b. Cuba.
On the 30th inst. futures closed 2 to 5
points higher. Sales
25,250 tons.
Reflecting purchases of
approximately 55,000 tons of raw sugar by refiners and
operators at 3c. for Cubas and 3.90c. for duty frees yesterday
totaled
505 lots,
or
(Wednesday) prices on the local Exchange advanced to new
high levels, which represented the best seen on the local
board since April, 1928. The selling was mostly profit taking
on the scale up and also hedging
against the purchases of
actuals.
Openly announced purchases of raws by operators
and
refiners
yesterday
(Wednesday)
approximated
5,000
tons, but it was estimated that American Sugar Refining Co.
got more than one cargo which was credited to them.
The
only reported sale to American was 4,300 tons of Puerto
Ricos for March shipment at 3.90c.
Of the total volume
sold approximately 15,000 tons were Philippines, about
16,000 tons Puerto Ricos and the balance Cubas.
Today
futures closed 1 to 3
Sales totaled 464 cdntracts.
futures continued without in¬
terruption during an abbreviated session, as trading was
suspended at noon for the holiday. The opening was 2 to 3
points higher and the close 1 to 3 points higher, with the
market registering new highs.
December contracts sold at
3.08c., highest price paid since early 1928.
In the market
for raws it was reported that 3.95c. had been
paid, an op¬
erator giving that price for 1,000 tons of
Philippines for AprilMay shipment. National Sugar Refining was said to have
paid the same price for 8,000 tons. London was higher also
and raws there sold at about 0.99 of a cent, c.i.f. Cuba.
The
bull
market
points
in
up.
sugar
follows:
were as
July
3.041 January
May
March
3.04
3.03
-.3-01
September
3-05| December
Lard—On
higher.
the
26th
inst.
futures
The firmness of lard
nounced
strength
considerable
in
short
was
3.08
closed
markets,
and
10
to
due largely
was
the grain
covering
rise in prices, which
which
20
points
to the pro¬
influenced
consequent substantial
maintained up to the close.
The
a
livestock market at Chicago'on Saturday was closed, and no
prices
were
released.
On
quoted
and
on same
reports
no
All foreign markets were closed
28th inst.
the
Trading
was
active
futures
with
closed
the
15
on
on
to 22
undertone
receipts were
Saturday.
points higher.
strong,
especially
during the forenoon, when prices touched the highs of the
day, or 20 to 30 points over the previous close.
Chicago
marketings of hogs totaled 25,000 head and about 50,000 to
60,000 were anticipated.
Hog prices at Chicago were 15 to
25c. higher, the top price being $10.65, with the major por¬
tion of sales ranging from $10.30 to $10.60.
Export
ship¬
ments
of lard from the Port of New York yesterday
35,000 pounds for Bristol.
Is. 6d. from last Thursday.*
day)
were
were
up
On
the
29th
inst.
futures
Trading was light, with
Chicago
was
were
$10.50,
$10.10
no
closed
the
bulk
5
to
12
points
lower.
special feature.
10 to 30c. lower.
and
(Mon¬
Liverpool lard futures
of
Hog prices at
The top price for the day
sales
reported
ranged
from
$10.40.
Western hog receipts were quite heavy
and totaled 90,000 head against 96,000 for the same
day a
week ago and 59,700 for the same date last year.
Export
to
shipments of lard from the Port of New York
week-end
Sugar—On the 28th inst. futures closed unchanged to 2
points higher.
The highest levels in years were recorded
in all branches of the sugar industry yesterday (Monday)
as new demand at peak levels developed for raw sugar.
At
one
offering nothing below the basis of 3.90c.
of
Prices
inst. futures closed 20 to 26 points
Sales totaled 707 lots, or 9,471 tons.
higher.
After the
offerings last Thursday in heavy trad¬
ing at 3.85c., sellers at the opening of the new week were
3.90c.,
points up for
old "A" contract was not traded, but was quoted nominally
24 to
(Tuesday).
had been cleared of
Thursday night, Dec. 31, 1936.
were
fairly
destined for London,
heavy
and
totaled
over
the past
307.080
pounds,
Liverpool, Hamburg and Havre.
On the 30th inst. futures closed 7 to 12 points
up.
There
was
considerable buying by commission houses, and this
with
relative scarcity of
offerings, caused prices to steadily
Hog receipts for the Western run yesterday
(Wednesday) were 70,000 hogs, against 19,000 for'the same
day last year. Prices at Chicago closed 10c. higher.
The
top price for the day was $10.50, with the major portion of
sales ranging from $10.15 to $10.45.
There were no export
clearances of lard reported yesterday (Wednesday) from the
Port of New York.
Liverpool closed 6d. to 9d. lower. Today
futures closed 5 to 15 points up.
The firmness of this coma
advance.
Volume
Financial
144
modity was attributed to the severe cold wave prevailing
throughout most of the west, with its probable storms de¬
laying or interfering with the marketing of hogs. The sharp
upward movement in corn was ako an influence in the up¬
ward swing of lard prices.
DAILY
13.75
13.97
13.92
14.00
14.05
>.13.85
14.20
14.00
14.40
14.55
13.95
14.32
14.47
14.02
14.40
14.57
14.17
14.55
14.67
December
January
May
July.
Fri•
Thurs.
Wed.
Tues.
Mon.
Sat.
IN CHICAGO
OF LARD
CLOSING PRICES
HOL
Pork—Mess, $32 per barrel; family, $31.00 nominal per
barrel; fat backs, $26.00 to $28.00 per barrel. Beef: steady.
Mess, nominal; packer nominal; family, $17.00 to $18.00
per barrel nominal; extra India mess nominal.
Cut Meats:
Pickled Hams, Picnic, Loose, c.a.f.—4 to 6 lbs., 14c., 6 to 8
lbs., 13%c.t 8 to 10 lbs., 133^c. Pickled Hams, Skinned,
Loose, c.a.f.—14 to 16 lbs., 21^c., 18 to 20 lbs., 19^c.,
22 to 24 lbs., 17^c. Bellies—Clear, f.o.b. New York—6 to
8 lbs., 19^£c., 8 to 10 lbs., 20c., 10 to 12 lbs., 20c. Bellies—
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., 18c., 18 to
20 lbs., 17Kc., 20 to 25 lbs., 17Kc., 25 to 30 lbs., 17%c.
Butter: Creamery, Firsts to Higher than Extra and Premium
Marks: 3234 to 34%c.
Cheese: State, Held, 1935, 23c. to
2334c. Eggs: Mixed Colors, Checks to Special Packs: 25c.
to 3134c.
reported as from $42 to $44
around $31.50 per ton. Quotations:
China Wood: Tanks, A—M for'd 13.8c., Drms. spot 15c.
Coconut: Manila, tanks, Coast, Mar. forward, 834c., May
forward, 9c. Corn: Crude, tanks, outside, 10^c. to 1034c.
nominal.
Olive, Denatured, Nearby, Spanish $1.60; Ship¬
ment, 1.45.
Soy Bean: Tanks, mills, Futures 10c., C.L.
drms. 11c., L.C.L. 11.5c.
Edible: 76 degrees 15c. Lard:
Prime 1334c., Extra strained winter 12c.
Cod, Crude,
Japanese 49c. Norwegian Yellow nominal. Turpentine 44c.
Oil: meal is
Oils—Linseed
ton, with cake bids
per
Rosins: $10.80 to $12.15.
to 52c.
Cottonseed Oil, sales, including switches, 1.78 contracts.
Crude, S. E., 1034c.
Prices closed as follows:
V-11.72®
January
February
11.50@11.55 May
11.55@
June
11.73®
March
11.59@
July
11.26®
April
11.65@
August
11,78®
Rubber—On
the
28th
closed
futures
inst.
—-
opened 104 to 125 points above the closing levels of
eve.
Prices touched a high of 23.26c. for the
Christmas
while the volume of transactions totaled
March
delivery,
record
proportions, mounting
followed
market
the
to 7,010
The outside
tons.
prices advancing
futures market,
to
2334c. for standard sheets. Local closing: Dec., 23.14; Jan.,
23.15; March, 23.20; May, 22.92; July, 22.53; Sept., 22.38;
Oct., 22.36.
to 80 points down.
Quotations in the outside
market were lowered to 22%c. per pound for nearby stand¬
ard sheets.
A decree by the Government of the Dutch East
Indies declaring that all the rubber under customs control
for export during the first quarter of next year must be
shipped before March 1 next was largely responsible for
the initial drop.
London and Singapore closed % to 5/16d.
lower.
Local closing: Jan., 22.35; March, 22.35; May, 22.20;
On
the
29th
inst.
Transactions totaled
futures
closed 39
4,180 tons.
Sept., 21.94.
July, 21.94;
On the 30th inst. futures closed 75 to 95
points lower. Out¬
quotations were reduced to 2134c., but even on the break
only a small amount of factory business developed. Transac¬
tions in the local futures market totaled 4,110 tons.
Local
closing: Jan., 21.45; March, 21.49; May, 21.25; July, 21.18;
Sept., 21.05.
Today futures closed 15 to 28 points down.
Sales totaled 348 contracts.
This commodity suffered a
decline here following
a
drop in the London
market, where rumors of another meeting of the Inter¬
national Rubber Regulation Committee caused nervousness
traders. London closed %d. to 19-32d. lower. Here
opened 12 to 25 points higher, with the exception
of January, which broke 18 points at the start.
Later, in
among
the market
s^^jtctive trading, the whole market sold off.
In the early
afternoon prices were 21 to 43 points lower, July showing the
maximum loss, dropping to 20.75c.
Local closing: Jan.,
21.30; March, 21.31; May, 21.10; July, 20.90; Sept., 20.84;
Oct., 20.80.
Hides—Ou the 28th
inst.
futures
closed 23
to 28 points
Transactions totaled 6,320,000 pounds.
Stocks of
certificated hides in warehouses licensed by the Exchange
remained unchanged at 741,956 hides.
Business in the do¬
higher.
mestic
market was fair, with light native cow
a pound.
In the Uruguay market
4,000 frigorifico steers sold at 16%c. a pound.
closing: March, 15.10; June, 15.33;
Sept., 15.53;
spot hide
hides
last
there
sold
at 14c.
were
Local
Dec., 15.83.
On
the
29th
Transactions
cated
hides
mained
inst.
totaled
in
futures
7,240,000
warehouses
closed
10
to
18 points
off.
Stocks of certifi¬
by the Exchange re¬
Local closing, March,
pounds.
licensed
unchanged at 741,956 hides.
14.95; June, 15.20; Sept., 15.43; Dec., 15.65.
points up. Trad¬
active, transactions totaling 5,480,000 pounds.
Stocks of certificated hides in warehouses licensed by the
Exchange remained unchanged at 741,956 hides.
No spot
'
On the 30th inst. futures closed 15 to 19
ing
was very
was
reported.
15.35; Sept., 15.60; Dec., 15.84.
helped
matters
much,
yet rates
are
steadily advanced.
the advance
Grain and sugar shippers complain, in fact, that
of rates has hindered and thus reduced trade.
Charters in¬
Trips: redelivery Gulf, $1.55, thence to
cluded:
load Tam-
pico, asphalt.
Putney Hill, 6s, Pacific round.
Grain:
Bookings included 4 loads Havre-Dunkirk at 14c January.
Coal—A heavy falling off in tonnage is reported, with
retailers here and there this week having reported no
some
new
business at all.
Continued mild weather cuts sharply
tidewater markets and in the
into consumer demand in the
west of the Ohio.
Bituminous
by the holiday, and dumpings
at New York on Monday were close to the 500 car mark.
Prices rule easier, except for good small screenings, the de¬
mand for which is almost fully maintained.
In the trade
it is said the January price situation will be largely a matter
of weather.
The outstanding feature of the week has been
the sustained industrial buying virtually down to New
chief
consuming centers
traffic has also been reduced
Year's
eve.
Copper—The spectacular action of the European copper
markets continues to attract attention.
On Tuesday the
European price advanced as high as 11.90c
Eurpoean ports, which was another new
The domestic price remained the same, at
with no indications of another impending
pound, c.i.f.,
high since 1930.
11 ^gc per pound,
per
rise in price here
despite the fact that the large margin between American
and foreign markets might suggest another rise in the domes¬
tic quotation.
On Wednesday the Navy Department at
Washington, opened bids on 2,635,000 pounds of copper at
11 a. m., this being a readvertisement of bids since no pro¬
ducer submitted offerings two weeks ago.
There are var¬
explanations given for this failure on the part of pro¬
in these bids.
Some attribute it to the
provisions of the Walsh-Healey Act, while others maintain
that producers are taxed to meet demands of private cus¬
tomers.
The opinion has prevailed for some time that a
large share of the purchasing of copper abroad was for spec¬
ulative account.
It is stated, however, that large tonnages
are also being bought by regular consumers.
In fact it was
said that the percentage of speculative buying of copper is
not as large as in the case of lead and zinc.
Tin—The action of the tin market is in sharp contrast
with the other metals. " Dulness in the local tin market is
ducers to take part
attributed in part to the threats of labor trouble in the steel
and automobile industries. Strikes at the steel mills would
tin at the tin
week was the
announcement that the Peoples Public Assembly of Siam
has approved the terms of the new International Tin Control
Agreement. Tin afloat to the United States is 9,291 tons.
naturally cut down the consumption of pig
plate mills. An item of interest during the
Tin arrivals
so
far
this month have been: Atlantic ports,
7,503 tons; Pacific ports, 30 tons.
writing
side
further sharp
Local closing: March, 15.IP; June,
Today futures closed 9 to
12 points down.
Sales totaled 85 contracts. The heaviness
of this market was attributed largely to liquidation and
evening up operations over the extended holiday.
There
were no reports up to this writing on the domestic or Ar¬
gentine spot markets. Local closing: March, 14.99; June,
15.23; Sept., 15.51; Dec., 15.74.
Ocean Freights—Notwithstanding the small demand,
rates are holding firm.
The intercoastal dock strike has not
business
ious
112 to 157
points higher.
Today's session was one of the most active
in years.
Following the lead of the London market, futures
here
125
Chronicle
were
Local stocks up to this
unchanged at 105 tons.
Lead—Business in this metal continues
brisk.
Despite
holidays, the 6c. price, etc., lead sales last week fell only
20 per cent from the unusually large total of the preceding
week, according to confidential figures released in the trade
by Lead Industries, Inc. Lead on the London Metal Ex¬
change is conspicuous among the leaders in the way of
strength and activity.
The recent London price rose to
13s 9d to the equivalent of 6.17c. per pound.
Like most
commodities, lead has been feeling the effects of Government
buying abroad as a result of the seeming approach of war
among the European nations.
Books will be opened for
February in the domestic markets on January 4th. It is
expected there will be a revival of vigorous activity after
the
the turn of the year.
Zinc—Demand for
this metal
was
fairly active.
The
price of zinc concentrates in the tri-States district at the end
of last week was unchanged at the range of $34 to $35 per
ton.
Production of ore for the week came to 6,800 tons, a
considerable shrinkage because of the holiday.
However,
sales were large at 9,430 tons, as were shipments which came
to 12,100 tons.
Sales of slab zinc last week came to 3,838
tons, consisting of 3,708 tons of prime Western an 130 tons
of brass special. Unfilled orders for prime Western at the
end of last week stood at 73,882 tons, a decrease of 733 tons.
Unfilled orders for brass special were 3,535 tons, making
total unfilled orders of 77,417 tons.
Shipments of prime
Western came to 4,441 tons, and total shipments figure out
4,621 tons. Most of the second quarter business was taken
at 5.55c. per pound East St. Louis, while first quarter
business
was
booked at 5.45c., 5.50c. and 5.55c.
operations are holding up well in spite of the
According to Myron C. Taylor, president of the
United States Steel Corp., the steel industry is entering
upon the new year with greater confidence than it has in
any year since 1930, and with indications of continuing
activity. He states that the new business booked in the last
Steel—Steel
holidays.
126
Financial
quarter of 1936 has been
sufficient to enable the
assurance.
will
Final
have
soon
in
encouraging volume
industry to
figures
been
on
enter the
the
compiled.
steel
The
per ton in
new
of
50c.
have
quotations
into line with mill
prices.
Latest
that the Western
Pacific has ordered four loco¬
motives from the Baldwin
Works and seven from the Am¬
erican Locomotive
Co., a total of eleven.
dvices
i
are
Pig Iron—The
outstanding development of the week was
the action of most makers in
following the rise of 50c. per ton
on all grades of
pig iron announced last week
by Pittsburgh
makers.
Some eastern
Pennsylvania
producers are booking
through first quarter at the old
prices, but all such bookings
after Jan. 1 will be at
the higher
price, according to au¬
thoritative sources.
No great demand for first
quarter has
been noted recently,
due, it is assumed, to the fact that
consumers
have
already covered their needs quite com¬
pletely.
In the east there was considerable
curiosity as to
whether Mystic Iron
Works, Everett, Mass., will raise their
prices. They were advanced $1.25
per ton at the time other
producers raised prices $1 last November. It is
assumed
by
in the trade here that
this time.
New
ome
Mystic will make no change at
pig iron prices at Chicago, put into effect
by Inter lake Iron Corp., are the
highest since 1926. Mal¬
leable and foundry iron will
sell at $21
per ton after Jan. 1.
Wool—The wool situation is
very favorable all around
the year comes to a close.
Domestic wool values are at
as
top
peak levels, with consumption
only about 8 per cent below
the record year of 1935.
Stocks are
reported to be light,
with manufacturers
covering extensively on foreign wools in
fear
of
a
real famine
in the
raw
material
before the
1937
clip becomes available. Prices continue to mount on
scarcity
of supplies.
However, there is some apprehension concerning
what will happen when
Australian wools arrive here
priced
below domestic
territory. Contractors of the 1937 clip are
awaiting a cue on the opening of the second half of the
Australasian season next
Monday. Demand for wool for
military purposes is reported as
tremendous, and the reentrance of Japan into the
Australian markets, which at no
time have lacked eager
purchasers, is expected to advance
raw
material values to a new
high plane.
Original bag
wools are established
firmly at $1. to $1.05. Territory wool
of %-blood grade of the Montana
type is held at 98c. and the
%-blood at 88c., scoured basis. Fleece wools exhibit
strong
features, the %-blood Ohio selling at 51c. and the
%-blood
at 50c. in the grease.
Pulled wools are in rising
trend, but
the high prices on B
supers are said to be turning attention
of
users
to some of the East India
wool.
Silk—On
the
Sales totaled
corded
in
28th
inst.
futures
5,530 bales, which
closed 4
was
to
7c.
higher.
the best business
re¬
two
years.
Cables reported grade D 30
yen
stronger at both Yokohama and
Kobe, putting the price at
802% yen at Yokohama and 900 yen at Kobe.
Bourse quo¬
tations were^9 to 56 yen
higher at Yokohama and 50 to 56
yen higher at Kobe.
Cash sales amounted to
1,250 bales,
with transactions in futures
totaling 21,750 bales for both
centers. Local closing :
Jan.; 2.02
;
July, 2.00.,
March, 2.03 ; May, 2.00%;
897%
respectively.
and
Sat.
Galveston
Houston
Corpus Christi.
Tues.
Wed.
12,244
7,793
4,038
29,137
2,214
10,384
1,586
948
236
176
Thurs.
173
1,213
1,848
319
Bourse prices at these centers
14 to
and 895 yen,
were
14
to 21
19 yen
lower, respectively.
Sales for both
markets totaled 1,250 bales of
actuals, and transactions in
futures totaled 10,000 bales for both
markets.
Local clos¬
ing: Jan., 1.90; March, 1.90%; May, 1.99;
July, 1.98.
On the 30th inst. futures closed
unchanged to 2%c.
higher. Sales totaled 2,330 bales. There was no
trading in
futures on either the Yokohama or
Kobe Bourses, these
being closed down for the end of the year holidays. In the
outside market Grade D lost
7% yen to 10 yen, closing at
890 yen in Yokohama and 885
yen at Kobe.
Cash sales
were 900 bales for
both centres.
Local closing: Jan.
2.00;
Fri.
Total
4,089
1,965
405
30,836
19,724
588
_
New Orleans
Mobile
Savannah
Charleston
Lake Charles
Wilmington
"19
Baltimore
209
558
"128
"148
89
/
1~,665
Totals this week.
55,252
5,933
1,701
76 HOLI¬
298
DAY
219
"322
252
588
9~,093
2.600
2,057
,
171
850
171
Norfolk
The
Mon.
12,971
7,713
12
107
227
1,665
26,810
53.119
15,851
5,760
15,965
117,505
following table
total since
shows the week's total
receipts,
1, 1936 and the stocks tonight,
Aug.
with last year:
1936
1935
Receipts to
31
i^ec.
This
Since
Week
Galveston
Stock
This
1, 1936
30.836 1,504,306
Since A ug
Week
Aug
the
compared
-YY.yYN',
1, 1935
1936
26,087 1,278,540
158
43.339
39,146 1,371,585
527
255,904
31,162
25",437 1,323,213
5,209
324,683
521
134,858
3.531
'637
280,089
1935
877,274
Houston
19",724 1,135", 078
Corpus Christi...
588
279,581
11,871
55",252 1,408,333
5,933
179,308
82,722
3,600
l",70i
100.348
Beaumont
New Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
Brunswick
Charleston
...
"558
142,535
53,697
"501
171
16,910
23,145
1,110
40
1,665
"15",482
"228
48,755
24,506
22,935
34,562
"4",645
2,724
1,025
1,575
55,167
17,540
28,137
"l"2'308
Lake Charles
Wilmington
Norfolk
Newport News-
60,465
26,379
21,213
32,421
50
192",421
104
850
227
580.265
60,403
26,545
742,363
113,823
6,584
2,578
151,397
803,197
16,126
669.621
54,173
24,730
635,951
166,958
20,167
4.299
195,412
"""502
Texas City
_.
New York
Boston
Baltimore
Philadelphia
Totals
117,505 4,956,916
133
99,705 5,352,477 2,706,011
2,727,745
In order that
comparison may be made with other
years,
we give below the
totals at
leading ports for six seasons:
Receipts at—
1936
Galveston
Houston
1935-36
1934-35
1933-34
1932-33
1931-32
Savannah
30,836
19,724
65,252
5,933
1,701
26,087
39,146
25,437
5,209
Brunswick
Charleston
637
18,918
14,254
20,585
2,025
1,341
""'558
"""501
850
227
"2",342
"l",566
1,110
950
209
40
1,897
2,075
387
287
1,051
667
New Orleans.
Mobile
Wilmington.
_
Norfolk
35,602
31,629
20,244
3,527
46,041
72,744
50,289
6,516
1,081
435
"
N'port News.
95,631
124,059
86,587
19,141
3,312
"
1
"
1*138
1,280
"
~
All others
"2",424
1,569
"7",507
12",320
21",794
117.505
Total this wk.
"l",538
99,705
62,371
101,016
194,020
353,609
NkW
Since Aug. 1
4.956,916 5,352,477 3,250,192
5,487,981 5,945,216 6,534,712
of
118,729 bales, of which 53,426 were to
Great Britain,
26,365 to France, 10,711 to
Germany, 3,867 to Italy,
6,655 to Japan, nil to China and
17,705 to other destinations.
In the
corresponding week last year total exports were
143,715 bales.
For the season to date
aggregate exports
have been 2,880,981
bales, against 3,484,585 bales in the
same period of the
previous season.
Below are the exports
for the week:
Week Ended
Exported to—
Dec. 31, 1936
Exports from,—
m
Great
ft
.
Britain
Ger-1 «l
France
many
<•1
Italy
Japan
m
China
Other
-v-
On the 29th inst. futures closed
% to 3%c. lower. Trans¬
actions totaled 3,160 bales.
Grade D was 5 yen lower at
Yokohama and Kobe, being
quoted at
yen
Receipts at—
with
year
pig iron at Pittsburgh is
expected to become general
some
bearing on steel prices.
For those steel
makers who purchase
pig iron in the open market, the rise
will of course mean
higher costs.
It is expected that one
group of steel prices will soon be
advanced, those of the
jobbers. However, these advances will
merely serve to bring
warehouse
and
Jan. 2, 1937
and is
industry for 1936
advance
Chronicle
Galveston
796
Houston
Corpus Christi..
6,760
3,692
Beaumont
5,397
4,425
Total
5,2,11
5,719
3,616
18,264
20,085
1,371
6"076
66,341
3,692
"166
New Orleans
Lake
6,352
38,981
Charles
100
19,913
"795
1,084
Mobile
594
3*185
Pensacola, &c._
2,473
3,835
650
682
Savannah
Charleston
682
1,050
2", 113
Norfolk
"94
1,050
2,113
94
v
Feb.
2.00%;
Mar.
2.01; May 2.00; July 1.99.
Today
futures closed %c. to
3%c. up.
Sales totaled 165 contracts.
The market opened
unchanged to 2%c. higher, holding
firm throughout the session
though trading was moderate.
Crack XX in the spot market advanced
4% cents to
Grade D in the outside market at
yen to
$2.07%.
Yokohama advanced 12%
Local closing: Jan. 2.02; Feb.
2.04;
902% yen a bale.
Mar. 2.02; May
2.01%; June 2.00%; July 2.00; Aug. 1.98.
Total
53,426
26,365
10,711
•
bales, against 119,319 bales last week and
143,595 bales the
previous week, making the total receipts since
Aug. 1, 1936,
4,956,916 bales, against 5,352,477 bales for the
same period
of 1935-36* showing a decrease since
Aug. 1,1936, of 395,561
bales.
45,026
67,346
Total
1936...
27,053
21,129
1935.-...
14,181
5,821
35,494
10,282
5,933
8,911
From
Dec.
31, 1936
Exports from—
Galveston
Corp, Chrlstl *
Beaumont
New
Great
1
Britain
Orleans.
.
Lake Charles..
Mobile
Jacksonville
Pensacola, &c_
Savannah
Charleston
Wilmington...
3~ 978
many
114,478 94,385'
50,970 41,04S!
9,211
913,
159,769 177,436
7,832 16,135
55,685 21,642
1,282
37,247
1,091
38,960
1,791
50,4211
Italy
70,969
8,640
966
■<"
57,177
48,423
8,045
Japan
China
365,105
180,324
64,395
11,922119,186 890,649
...J
84,196
3,359
33,685
1,258
26,908
29,454
33,941
33,163
254
1,312
482
92,473
21,192
87,913
500
129
"V,400
4,751
"2,850
Philadelphia
__
Francisco
Total
Total
1935-36.
Total
1934-35.
*
—\
2,106
7,062
2,602
54;
2~,222
166
100
4
Los Angeles..
San
955
"222
987
391
"16
252
4,528
1,552
2,560'
50
93,325
8,530
12,438
372
60
133
50
18,000
655
~<3~2il
2,170
570
355
I
7,167i
1,200!
Gulf port
New York...
Baltimore
30,505 143,715
21,124 153,068
Ger¬
1France
100,702135,787, 100,770
Houston
17,705 118,729
Exported to—
Aug. 1, 1936, to
Boston
Thursday Night, Dec. 31, 1936
Crop, as indicated by our telegrams from the South tonight, is
given below.
For the week
ending this evening the total receipts have reached
117,505
The Movement of the
6,655
Total
Norfolk
COTTON
3,867
3,831
58,407
15,464
487
100
...J
1,466
1,147
3,664
2,460
1,169
601,622
194,645
11,140
636,302
35,985
136,017
2,540
74,953
78,294
104,864
1,200
9,999
2,878
2.46C
1,788
1,211
3,81f
71.88C
18,725
636,739 494,819
405,790160,507 798,230 13,447371,449 2880,081
818,489460,428
399,328227,511
474,621203,530 955,919 18,614 552,9843484,585
226,169232,953 977,802 55,993386,6592506,415
Includes reports from Brownsville.,
NOTE—Exports to Canada—It has never been
above table reports of cotton shipments
to
our
Canada, the
praotice
reason
to
inelude In
the
being that virtually
Volume
144
Financial
all the cotton destined to the Dominion comes overland and It is
Impossible to give
returns concerning the same from week to
week, while reports from the customs
districts on the Canadian border are always very slow In
coming to hand.
In
view,
however, of the
numerous
Inquiries
receiving regarding the matter, we will
say that for the month of November the exports to the Dominion the
present season
have been 38,444 bales.
In the corresponding month of the preceding season the
exports were 12,251 bales.
For the four months ended Nov. 30, 1936, there were
100,326 bales exported as against 56,651 bales for the four months of 1935
we are
Chronicle
Staple Premiums
60% of average ot
markets quoting
tor deliveries
longer
.38
.70
.38
.70
.38
.70
Galveston
20,700
8,608
18,408
11,900
1,963
7,445
Coast
.60
.27
.48
_
Savannah
582
.38
6,839
600
Charleston,..,
Mobile,..
17,222
96,100
35,014
66.447
800
100
768
200
2", 286
"874
1,353
Norfolk
Other ports
Total 1936,.
Total 1935..
Total 1934..
50,602
23,455
10,519
22,661
36,854
15,121
20,549
6,501
6,949
91,700
87,550
60,761
in
for
cotton
future
The matter
now
concerning the trade not
to
are
the
turbed
On
was
that
values, but it
inst.
was
that the market
commodities.
market
and
will
he
Good Middling....
Strict Middling
do
do
Middling
do
do
.60
Strict Low Middling...
do
do
.48
Low Middling
.65
.36
.65
Good Middling..
Strict Middling..
.25
.45
10 to 15 points
prices closed
higher.
explanation given for the day's rise in
the
nations
of
consensus
opinion among traders
Another very plausible explanation—and this
have
feel
the
preparing for
many
by purchasing vast
war
materials, and cotton is just beginning to
.27
.45
Dec. 26 to Jan. 1—
New York
near
reached
the
domestic
mills
for
forward
was
12.88c.
a
This
sharp turnabout from the previous day,
decidedly downward trend, prices losing
from
rumor
Memphis that the
market
for
spot
cotton
was
generally
holiday character, with the basis for desir¬
able qualities still firm.
Average price of middling at the
designated spot markets was 12.73c.
inst. prices closed
early reaction prices
volume
with
of
business.
to
11
points
up.
steadily upward,
There
was
a
After
with
a
noticeable
Tuesday's heavy liquidation, and hedge selling
light.
Trade houses
foreign interests showing
months.
7
worked
were
a
conspicuous buyers,
preference for the late
Three
January notices were issued, which were
promptly stopped, and the January price advanced to
12.49c.,
closing at 12.47c., or 11 points net higher. The matter
con¬
cerning traders most just now appears to be the
forthcom¬
ing announcement of the government as
to just how and
what is going to be done with the
loan cotton.
Some
un¬
easiness is apparent in some
quarters concerning its effect
on the market's
future course, but
Washington already has
declared that it intends to disturb
the market and basis as
little as possible.
Average price of middling at the 10
designated spot markets was 12.82c.
Today prices closed 3 to 6 points down.
Trading was com¬
paratively light.
Futures opened
generally quiet and dull,
1 to 3 points
up on steady cables from the
Liverpool market.
Offerings were confined chiefly to scattered
liquidation and
the general tone was firm.
Trade interests were the chief
supporters, and they centered their attention
around the
March delivery.
A good deal of
uncertainty still remains
concerning the loan situation, and traders were
wait for further
inclined to
developments, which
are
expected shortly.
that business in
Aews from the
goods market revealed
Worth Street was still in a
relatively quiet state, although
there was some
pre-holiday and year-end evening up. Prices
however,
were
holding firm.
Mon.
Tues.
13.11
12.95
Wed.
13.04
Thurs.
13.00
Fri.
Hoi.
Quotations for 32 Years
1920
14.75c.
1912
1919
39.25c.
1911
1918
32.60c.
1933
.20.70c.
1917
1916
31.75c.
17.25c.
12.40c.
1910.—
1909
-24.85c.
—
—
,36.70c.
.26.60c.
.19.45c.
1915
1914
7.80c.
12.60c.
1913
Market and Sales
13.20c.
9.25c.
15.00c.
16.10c.
1908.....
9.20c.
1907
1906
11.70c.
10.65c.
1205
11.90c.
New York
at
Futures
Spot Market
Saturday
Monday
Tuesday
WednesdayThursday
Friday
SALES
Market
Closed
Closed
Contr'ct
Spot
Total
HOJLI DAY.
Steady, 12 pts. adv. Steady—
Quiet, i6 pts. dec
Barely steady..
"341
Steady, 9 pts. adv.. Steady
Steady, 4 pts. dec
Steady
'341
500
500
300
._
300
HOLI DAY.
Total week.
1,141
51,722
Since Aug. 1
Futures—The
highest,
lowest
and
1,141
115,922
64",200
closing
prices
at
New York for the past week have been as follows:
Saturday,
Monday,
Tuesday,
Wednesday,
Dec. 26
government
middling and strict low middling, and also freight differ¬
ences from the
interior, did much to influence selling in the
also
do
.12.95c.
Average price of middling cotton at the 10
plans to sell its 3,000,000 bales of loan cotton at 25
points
off the average spot
price, allowing for differences on low
was
.1.13
do
.20.10c.
confidence, and resulted in heavy selling by recent buyers.
absence of
do
shipment.
Sharp reactions in other commodi¬
ties which had been
leading the recent advance, and uncon¬
firmed rumors that the government intends
to sell all of
its 3,000,000 bales of loan
cotton, combined to undermine
moderate
do
do
77
.
.20.55c.
1921
prices
all of yesterday's gains.
an
do
1928
1922
the market taking a
the 30th
do
.53 off
1927
1926
17.25c.
After
On the 29th inst. prices closed 16 to 25
points down.
On
do
.2 20
.
12.85c.
10.00c.
buying.
designated spot markets
10
do
12.10c.
developed in the form of profit-taking and
Spot houses reported fair inquiry for
a
do
do
.99 off
.1 64
1934
1930
from
quiet and of
2.38
do
1935
1929
The
do
1936.....13.00c.
Southern spot markets, as
officially reported, were 10 to 19
trading.
do
do
The quotations for middling upland at New York on
Dec. 31 for each of the past 32 years have been as follows:
hedge selling.
late
.63
1.16
Gray
.
do
..1.84
...
do
....
Sat.
positions, consider¬
An unconfirmed
do
35 off
do
....Hoi.
Middling upland
1923
session there was
do
1.91
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
19°4
points higher.
..1.25
...
future contract
on
1925
cotton
do
do
'
6.50c.
spot
do
do
Yellow Stained
♦Middling
Good Middling...
Strict Middling
•Middling
.45
do
on
63 off
♦strict Middling
.27
.18
.06 off
do
Good Middling
.43
6.10c.
this
slightly above, for
resistance
2.37
do
do
10.30c.
some
do
..Spotted
do
193?
of
or
do
♦Middling
1931
effects
12^c. mark,
able
been
raw
do
♦Strict Low Middling
♦Low Middling
working higher in sympathy with other
was
applies to most commodity markets—is the fact that
quantities of
1.13
....1.80
do
Good Middling..... ..Tinged
Strict Middling...
do
.48
do
do
do
♦Strict Low Middling
♦Low Middling
•25
48 off
do
.
.
Middling
.48
do
do
do
.36
.25
do
on
35
even
do
.
♦Strict Good Ordinary
♦Good Ordinary
a
dis¬
do
Ml
do
.27
Washington
basis
do
....2..37
Extra White......
.54
49 off
possible.
as
real
no
the
do
181
.70
Mot deliverable
28th
the
There
effect
little
as
Assurances from
1.14
do
.
.31
little is the action that will be taken by the government with
reference to its loan cotton.
do
do
do
.70
active, the price trend during the latter part of the week
being upward.
do
.35
do
—
fairly
was
do
.54
Basis
.68
22,890 202,974 2,503,037
2,543 170,951 2,556,794
921
85,651 2,856,951
delivery
Mid.
on
.64
...........
.38
.25
Speculation
.74
....
..............
.37
781,174
545,251
675,916
150,597
60,365
109,310
32,421
148,003
4,513
ten
Strict Low Middling—
Low Middling
Total
4.800
51,000
23.093
16,533
7,700
the
♦Strict Good Ordinary..
♦Good Ordinary
Stock
wise
"too
Houston
New Orleans,
Other
Foreign
many
of
Agriculture.
.08
Leaving
Ger
France
quotations
designated by the Secretary of
Middling Fair
White
Strict Good Middling.,
do
Good Middling
do
Strict Middling
do
do
Middling
.70
.31
grades established
contract to Jan. 7, 1937
on
average
markets
1 Inch St
inch
.37
the
are
16-16
Shipboard Not Cleared for—
Great
Britain
for deliveries
on
Deo. 30. 1936
.38
Dec. 31 at—
Differences between
six
In addition to above
exports, our telegrams tonight also
give us the following amounts of cotton oh shipboard, not
cleared, at the ports named:
On
127
Thursday,
Dec. 28
Dec. 29
Friday,
Dec. 30
Dec. 31
Jan. 1
Jan. (1937)
Range..
Closing
12.45-12.56 12.36-12.52 12.39-12.49 12.42-12.50
12.55
12.36
12.47-12.48 12.44
.
Feb.—
Range..
Closing
12.5371
.
12.3677
12.4677
12.4277
March—
Range—
Closing
12.46-12.54 12.34-12.51 12.35-12.48 12.35-12.50
12.51-12.52 12.35
12.44-12.45 12.40
.
April—
Range.
Closing
12.46n
May—
Range..
Closing.
HOLI¬
DAY.
12.3077
12.3977
12.3577
12.38-12.46 12.25-12.41 12.26-12.37 12.23-12.39
12.41-12.43 12.25 — 12.33-12.34 12.29-12.30
HOLI¬
DAY
June—
Range..
Closing
July—
Range
12.3871
Closing
12.2277
12.2977
12.2577
12.31-12.40 12.18-12.36 12.18-12.28 12.18-12.30
12.34 —
12.18 —
12.25-12.27 12.21 —
.
.
Aug.—
Range.
Closing.
12.2471
12.0577
12.1377
12.0977
12.1477
11.9277
12.0177
11.9777
Sept.—
Range.
.
Closing
Oct.—
Range..
11.97-12.09 11.79-12.04 11.81-11.92 11.81-11.93
12.04 —
11.79-11.80 11.90-11.91 11.84 —
Closing.
Nov.—
Range..
Closing
12.0577
11.8177
11.9277
11.8677
Dec.—
Range
12.02-12.13 11.83-12.08 11.85-11.98 11.85-11.97
.
Closing
77
12.06
11.83-11.84 11.94
—
—
11.88
—
Nominal
Range for future prices at New York for week
ending
31, 1936, and since trading began on each option:
Dec.
Option
for-L
Range for Week
Dec.
Jan.
1937— 12.36
Feb.
1937—
Range Since Beginning of Option
1936—
Mar. 1937..
Apr.
May
10.12
Dec. 29 12.56
Dec. 28
12.34
Dec. 29 12.54
1937..
1937.. 12.23 Dec. 31 12.46
Jan.
Feb.
1937—
1937— 12.18 Dec. 29 12.40 Dec. 28 11.41
10.48
11.50
—
Sept.1937.
1937—
11.52
11.79
Dec.
29 12.09
Dec. 28 11.05
11.83
Dec.
29 12.13
Dec.
Nov. 1937Dec.
1937..
9 1936
12.74
Dec.
12.78 July
14 1936
10 1936
July
10 1936
Nov. 12 1936 12.54 Dec. 28 1936
10.20 Mar. 27 1936 12.78
July 10 1936
Dec. 28 11.51 Nov. 12 1936 12.46
Dec. 28 1936
July
Oct.
3 1936
25 1936 12.76
Dec. 28 11.52
June
Aug. 1937
Mar.
9.76
9.94
28 11.56
June
1 1936 12.78 July 10 1936
Nov. 12 1936 12.40 Dec. 28 1936
Aug. 29 1936 12.55 July 27 1936
Nov. 4 1936 11.56 Dec. 12 1936
Nov. 12 1936 12.09 Dec. 28 1936
Dec.
17 1936 12.13
Dec.
28 1936
Financial Chronicle
128
Cotton tonight, as made up by
The Visible Supply of
cable and
afloat
as
figures
follows.
Foreign stocks as well
this week's returns, and consequently all foreign
telegraph, is
are
as
brought down to Wednesday evening. To make
show the complete figures for tonight (Thursday) we
are
the total
add the item of exports from the
United States, for Thursday
only.'.
bales.
_
1934
846,000
811.000
98,000
1933
886,000
79,000
1935
616.000
1936
Dec. 31—
Week
Since
Week
25,000
13,000
9,000
508,000
Stock at Bremen
Stock at Havre
925,000 1,006,000
330,000
612,000
175,000
305,000
30,000
$2,000
80,000
84,000
65,000
150,000
14,000
9,000
7,000
9,000
*
Stock at Rotterdam
595,000
701,000 1,201,000
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre—*.
Stock at Trieste.
7,620
177,903
3,624
7,224
97,267
660
100
3,274
6,301
'460
4,829
...—15,000
95,697
361,520
5,699
19,201
7,818
91,986
319,905
-34,773
741,962
29,644
560,020
1,665
228
.21,011
15,482
6,362
220.540
.23,019
242,384
6,676
138,220
,.11,754
499,578
22,968
421,800
Via Louisville
Via Virginia points
Via other routes, &c
Shipments-
Overland
to N.
.
343
-
Leaving total net overland
♦
195
236
1
In Sight and
8.002,244 7,767,610 7,850,162 10049,849
Total visible supply
Of the above, totals of
1
j&TFl&T%CCLTV~~~~~"
Bremen stock
\
468,000
286,000
......
Other Continental stock
American afloat for Europe
317,000
235,000
55,000
138,000
215,000
30,000
312,000
Havre stock
68,000
180,000
173,000
113,000
395,000
48,000
66,000
269,000
146,000
12,000 1,119,000
214,000
307,000
2,706,011 2,727,745 2,942,602 3,980,625
U. S. ports stock
U. S. interior stock
U. S. exports
:
*1
..bales.
Liverpool stock
2,250,247 2,361,505 1,883,025 2,181,268
53,956
44,531
26,360
45,986
today
6,038,244 6.362,610 5,902,162 8,175,849
Total American
East Indian, Brazil, &c.—
Liverpool stock
......
299,000
611,000
Indian afloat for Europe
43,000
53,000
37,000
35,000
104,000
39,000
64,000
14,000
51,000
47,000
31,000
62,000
29,000
75,000
83,000
Egypt, Brazil, &c., afloat—.....
Stock in Alexandria, Egypt
Stock in Bombay, India
120,000
114,000
152,000
-85,000
385,000
662,000
325,000
452,000
334,000
571,000
448,000
705,000
Bremen stock.........
Havre stock
.......
Other Continental stock.....
2,775,000
99,705
22,968
100,000
5,352,477
421,800
2,205,000
8,231,494
1,066.192
222,673
*20,752
7,979,277
1,237,167
li,754
7^67,610
Total visible supply
8,002,244
Middling uplands, Liverpool
7.10d.
Middling uplands. New York
13.00c.
Egypt, good Sakel, Liverpool
11.45d.
Broach, fine, Liverpool
5.89d.
Peruvian Tanguis, g'd fair, L'pool
8.55d.
O.P.Oomra No.l staple,s'fine.Liv
5.93d.
6.44d.
12.10c.
9.95d.
5.84d.
7350,162 10049,849
7.23d.
5.64d.
12.85c.
10.55c.
Interior
Towns
the
8.93d.
4.41d._
8.98d.
6.03d.
Continental imports for past week have been
the
82,000
82,000
135,000 bales.
movement—that
is,
I
corresponding period of the
previous year—is set out in
detail below:
*
31,1936
WeeI
Season
Ship¬
Stocks
ments
Receipts
Towns
Movement into sight
541
31
Movement to Jan.
52,224
10,517
62,308
68,282
93,178
13,250
27,001
17,162
11,243
119,858
16,430
74,596
18,903
42
13,003
19,589
3,250
14,803
25,370
200,600
152,278
11,225
35,394
20,093
98,897
144,429
38,439
240,335
57,806
15,657
37,563
51,028
177,427
6,020
"750 28,472
2,147 207,467
2,867 130,846
300 36,400
51 41,368
50 32,202
95 26,816
6,000 43,069
2,000 33,144
5,000 88,169
1,000 24,945
649
3,986
2,122 15,022
2,297 18,197
7,620
1,402
59
2,749
167,239
128,065
,855,071
37,585
15,806
5,955
73,948
68,003
13,696
8,483
34,344
77,668
3,081 102,033
3,560 83,215
47,866 681,301
5,102
M05
1,114
99
2,293
406 10,865
977
9,420
329
Montgomery.
38
Selma
1,046
528
Helena
612
Hope
237
Jonesboro..
195
Little Rock.
1,495
75
Newport
1,775
Walnut Ridge
Ga., Albany.
Augusta x
1,685
Columbus
1.100
954
Macon
125
Rome
67
La., Shreveport
x.
3,000
1,000
x
1,500
Vicksburg...
421
Yazoo City..
116
Mo., St. Louis.
N.C.,Gr'nsboro
7,770
Columbus
Greenwood
Jackson
2,561
237
10
Eufaula
x
500
x
63
Natchez
Season
Week
Stocks
ments
Receipts
Jan.
3
Week
67
200
728
361
2,668
650
968
1,085
268
1,420
582
2,850
786
85
57,255
324
26
14,742
120
22
77,514
83,472
104,124
25,974
35,028
29,289
9,035
137,072
27,400
90
1,864
460
351
260
377
5,791
1,809
1,175
2,179
20
25
100,458
31,744
24,037
65,432
181
207,340
151,804
24,039
47,196
14,396
70,835
105,865
38,723
1,309
158,915
165
51,794
8,673
28.094
7,511
637
1,000
72
50
388
858
8
85
71
206
37,454
98,563
3,304
21,565
313,219
3,624
38,606
11,968
194 72,122
1,868 70,046
3,631 103,539
65 25,004
1,705 21,962
668 21,347
1,150
1,570
2,563 112,770
1,277
3,476
23,430
1,398
23,516
18,279
162
70,239
250 70,144
6,803 174,786
3,136 149,414
800 22,250
247 44,835
26,234
1,065 32,975
2,629
232
2,881
2,319
535
711
604
37,549
26,848
62,729
30,106
4,497
12,739
25,366
3,624
159
171
3,135
1934—Jan. 5
1933—Jan. 6
x
2,140
4,334
50,760
Texas, Abilene.
122
S.C., Greenville
Tenn.,M'phis
266
Austin
92
Brenham
1.101
Dallas....
Paris
597
....
Robstown
San Antonio.
Texarkana
Waco
x
"303
137
_.
;1,500
93,551
2,500
36,841 1,336,760
47,513
2,986
78
67
991
12,558 191,640
2,500 62,087
52,491 701,827
3,217
3,013
3,088
17,419
11,154
41,980
268
1,185
4,609
13,309
15,571
368
14,117
324
11,656
484
127
495
32.095
10,501
635
805
63
699
10,521
905
3,000
4,288
385
4,621
22,746
76,228
Total, 56 towns 104,9334,655,640 109,6892250247
*
5
792
1,704
720
97,564 3,887,358 118,316 2361505
Includes the combined totals of 15 towns in Oklahoma,
x
Estimated,
Overland Movement for the Week and Since Aug. 1—
We give
Bales
6,484,418
9,298,661
9,451,217
Quotations for Middling Cotton at Other Markets-—
are
the closing quotations for middling cotton at
Below
Southern and other
principal cotton markets for each day
of the week:
Closing Quotations for Middling Cotton on—
Week Ended
Tuesday
Wed'day
Thursday
12.68
12.96
12.81
12.55
12.63
12.59
12.91
12.86
12.65
12.74
12.70
13.15
13.10
12.65
13.24
13.20
12.75
13.20
13.15
12.70
13.20
12.45
12.61
12.35
13.29
13.25
12.55
12.50
12.44
12.40
Dallas
13.32
13.25
12.80
13.36
12.60
12.77
12.52
12.56
12.40
12.44
12.40
Fort Worth
12.56
12.40
12.44
12.40
Jan.
Saturday Monday
1
Galveston
New Orleans..
Mobile
Savannah
HOLI¬
Norfolk
DAY.
Montgomery..
Augusta
Memphis
Houston
Little Rock
12.84
12.70
Friday
HOLI¬
DAY.
12.65
New Orleans Contract Market—The
closing quotations:
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday,
Monday,
Tuesday,
Wednesday,
Thursday,
Friday,
Dec. 26
Dec. 28
Dec. 29
Dec. 30
Dec. 31
Jan. 1
February
124061243a 12.37
12.33
Jan.(1937)
bid
_
12.33-12.34 12.41
March
12.36-12.37
below
a
statement showing the overland movement
for the week and since Aug. 1, as made up
from telegraphic
reports Thursday night. The results for the week and since
Aug. 1 in the last two years are as follows:
12.32-12.33 12.27
12.24
HOLI¬
HOLI¬
DAY.
12.15-12.16 12.23
12.186 .20a
DAY
August
September
October
11.90
11.80
._
11.82
November
11.86
Bid. 119761200a 11.89
bid
Tone—
Spot
Steady.
Steady.
Options
Steady.
Barely stdy
Review of Cotton
Trade by
Steady.
Steady
Steady.
Steady
President Botts of New
York Cotton
Exchange—Cites Record Consumption in
his year-end review of the cotton trade
John C. Botts, President of the New York Cotton Exchange,
said that "an outstanding fact disclosed by statistical records
of the cotton trade for the past year is that the world has
used cotton at a higher rate during these 12 months than in
any previous 12 months in history.
This fact must be con¬
sidered highly encouraging from a cotton trade standpoint,"
Mr. Botts said, "particularly in view of the large increase
in world production of synthetic fibres and the continuing
large amount of industrial unemployment in numerous
countries.
It is conclusive evidence that cotton is fully
maintaining its role as one of the world's great basic commodi¬
Past
ties."
Year—In
Mr.
r
Botts continued:
This record-breaking consumption of the staple has been made possible by
the fact that world production has likewise established a new high record.
Cotton growing has evidently been relatively profitable in most parts of
the world,
for the trend of
in countries of South
Oklahoma—
15 towns *_
Since Aug. 1-
Bales
154,009 1934
....214,968 1933
258,863 1932
July
3, 1936
Ship¬
Dec.
Week
61,469
8,389
39,072
52,859
165,501
31,445
56,999
53,272
18,765
169,488
27,210
116,841
42,903
Ala., Birming'm
Miss.C'ksdale
591,848
in previous years:
Week—
1935—Jan. 4
December-
Athens
26,494
957,167
31 51,665
Decrease.
June
Atlanta
9,765~337
10,173",064
Total in sight Dec. 31
North, spinn's's takings to Dec.
April
Movement to Dec.
Pine Bluff.
201,921
.244,503
May..,
Ark., Blythville
Forest City—
548,893
875,378
consumption to Dec. 1-.
over
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
499,578
.
______
1,964,000 1,405,000 1,948,000 1,874,000
6,038,244 6,362,610 5,902,162 8,175,849
Total East India, &c
Total American
At
54,000
Aug. 1
.249,259
*4,756
418,000
525,000
Manchester stock
Since
Week
Dec. 31-120,000
Total marketed
American and other descriptions are as follows:
Manchester stock...........
1935-1936
"
Since
Aug. 1
4,956,916
Net overland to Dec. 31
.—1,417,000 1,318,000 1,626,000 2,207,000
104,000
47,000
83,000
82,000
312,000
395,000
214,000
307,000
"""'"1936
.
American cotton afloat for Europe
Egypt, Brazil,&c.,afl't for Europe
120,000
114,000
152,000
85,000
Stock in Alexandria, Egypt.....
385,000
325,000
334,000
448,000
Stock in Bombay, India
662,000
452,000
571,000
705,000
Stock in U. S. ports
2,706,011 2,727,745 2,942,602 3,980,625
Stock in U. S. interior towns
2,250,247 2,361,505 1,883,029 2,181,268
U. S. exports today
45,986
27,360
44,531
53,956
121,200
Week
...117,505
Takings
India cotton afloat for Europe.*.
"
Spinners'
Southern consumption to
Total European stocks
12,366
4,654
6,212
Including movement by rail to Canada.
Receipts at ports to Dec. 31
Total Continental stocks
98,637
41,479
Via St. Louis
Via Mounds, &c
'
723,000
243,000
187,000
17,000
59,000
74,000
11,000
4,000
909,000
190,000
252,000
19,000
Total Great Britain
Aug. 1
Via Rock Island
120,000
107,000
1935-1936
Since
Aug. 1
Dec. 31—
Shipped—
Deduct
Stock at Liverpool
Stock at Mancnester
Jan. 2, 1937
-1936-
acreage
and production has been generally upward
even the Mediterranean
America, Africa, and Asia, and
countries of Euorope have increased their small contributions to the world
supply.
The domestic crop in 1936 was substantially larger than that of
the previous year, but still far below the average of predepression years.
From the standpoint of American cotton, the principal developments
during the year have been the continued control of production in this
country but at a somewhat higher level than in the previous two years, the
liquidation of approximately half of the huge Government holdings, the
extremely large consumption by domestic mills, and the declining consump¬
tion by foreign mills.
American cotton has continued to occupy a much
lesser place in the world cotton trade then in former times, partly because
this country has not made available to the world such large supplies as
previously, and partly because certain foreign countries are unable to take
as much American cotton as formerly because they are unable to command
the necessary amount of dollar exchange and hence they have had to resort
to barter arrangements for obtaining cotton from other producing countries.
In looking ahead to the coming year, the cotton trade may well expect
continued large consumption of all growths of cotton in the aggregate,
provided that business and political conditions are such that world buying
power is maintained, but while world stocks of the staple are less than in
recent years of burdensome supplies, there would seem to be little ground
for anticipating a shortage of world supplies, unless adverse weather results
in short crops in this country or other important producing areas.
En¬
couragement is to be found in the prospect that the United States Govern¬
ment will further reduce, and may entirely liquidate, its remaining stocks.
Volume
Financial
144
which it is holding as collateral against loans to growers.
If these stocks are
fully liquidated, if this country produces a crop of reasonable size during
the coming year, and if American cotton is permitted to flow into world
"markets in free competition with foreign growths, the United States may
make progress during the coming year in rebuilding its cotton trade in
foreign countries where it has suffered severe losses. However, full recovery
can hardly be expected until or unless those countries which have been
forced to reduce their purchases of our cotton because of lack of dollar
exchange are enabled to obtain larger amounts of our exchange through
Weather Reports by
Telegraph—Reports to us by tele¬
graph this evening indicate that rainfall in the cotton belt
has been mainly in the form of light, scattered showers, with
the weather unusually mild.
Cold and wet weather would
result in a better season in the soil,
though at the same time
winter plowing would be retarded, which in most of the
cotton States is making better than usual progress.
Rain.
Amariilo.
—
Rainfall
4 days
Texas—Galveston
0.65 in.
high 69
low 55
dry
0.01 in.
high 64
0.13 in.
0.22 in.
high 72
high 74
high 80
0.09 in.
——
.
Austin
-1 day
2 days
3 days
Abilene.
Brownsville.-
Corpus Christ!—3 days
Dallas
.3 days
1 day
Del Rio
ElPaso—
1 day
5 days
Houston.
Palestine
.4 days
Port Arthur..
3 days
San Antonio.
3 days
Oklahoma—Oklahoma City_.2 days
Arkansas—Port Smith
2 days
Little Rock...
3 days
Louisiana—New Orleans
2 days
>
>
Shreveport
.3 days
Vicksburg
0.50
0.02
0.14
1.41
1.36
1.48
10.07
0.20
0.42
0.94
0.78
0.69
.
..
Birmingham...
Montgomery
.
Florida—Jacksonville
Miami
Pensacola
Tampa
Georgia—Savannah
...
Atlanta
2 days
1 day
>3 days
4 days
2 days
1 day
-.2 days
.1 day
5 days
4 days
-
2 days
Augusta
Macon
....1 day
Carolina—Charleston. 1 day
North Carolina—Asheville—4 days
Charlotte
4 days
South
,
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
1.36 in.
0.08 in.
2.50 in.
1.63 in.
0.10 in.
0.24 in.
0.47 in.
0.08 in.
0.37 in.
1.58 in.
0.18 in.
0.01 in.
0.01 in.
1.38 in.
0.29 in.
3 days
Raleigh
Wilmington
Tennessee—Memphis.
Chattanooga
Nashville
0.27 in.
1 day
2 days
4 days
0.33 in.
4 days
0.01 in.
2.68 in.
1.92 in.
low 28
mean
55
mean 55
mean 70
high 76
low 58
mean
high
high
high
high
high
high
high
high
high
high
high
high
low 42
low 40
low26
low 50
low 42
low 52
low 50
low 34
low 34
low 36
low 52
low 44
74
64
70
66
76
72
high 72
high 72
high 75
high 72
high 74
high 78
high 78
high 72
high 80
high 74
high 66
high 72
high 72
high 69
high 68
high
high
high
high
55
57
45
mean 62
mean 58
mean 61
mean 62
mean 49
mean 52
mean 51
mean 64
mean 58
mean
mean
mean
mean
mean
mean
mean
mean
mean
64
68
68
70
56
54
58
58
62
mean 57
mean 57
mean 64
mean 58
mean 46
mean 52
mean 53
mean
mean
low 40
low 44
low 31
low 36
low 38
72
60
59
63
mean 61
mean 61
mean 66
mean 75
mean 63
low 50
Above
Above
zero
bales,
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:
1936
Week
Since
Week
Aug. 1
Bombay
132,000
-
or
Since
Week
Aug. 1
778,000
90,000
Aug. 1
640,000 113,000
For the Week
Exports
from—
Great
Conti-
Britain
ment
674,000
Since Augus* 1
Great
Conti-
Japan &
Britain
ment
China
Jap'nA
| China
Total
Tota*
t
Bombay—
15,000 49,000 64,000
3,000 12,000 15,000
2,000100.000 102,000
1936—
1935-36—
1934-35Other India-
12,000
lS.OOo'
1935-36--
1,000
13,000'
1934-35—
13,000
3,000
1936
1936
27,000
114,000
——
14,000
16,000
79,000
59,000
49,000
91,000
132,000
96,000
74,000
30.00o'
12,000
1,000
13,000
1934-35-
98,000
104,000
119,000
17,000
15,000
16,000 12,000 29,000
5,000100,000 118,000
Total all—
1935-36-.
18,000
428,000
302,000
427,000
544,000
423,000
561,000
158,000
142,000
189,000
272,000
221,000
248.000
256,000
246,000
308,000
428,000
816,000
302,000
427,000
644,000
909,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
Exports from all India ports record
42,000 bales.
a gain
during the week, and since Aug. 1 show an
of 62,000 bales
increase of 172,000 bales.
Alexandria
ceive
weekly
Shipments—We
re¬
now
cable of the movements of cotton at Alexan¬
The following
dria, Egypt.
for the
and
Receipts
a
the receipts and shipments
are
past week and for the corresponding week of the
previous two years:
1936
Alexandria, Egypt,
Jbec.
1935-36
1934-35
30
■
This week.
7.7
12.8
Since Aug. I
240,000
6,289,29;)
...—
Since
Week
Exports (bales)—
To Liverpool
To Manchester, &c
To Continent & India.
260,000
5,971,947
Aug.
from which statistics
amounts gone out of
This
Week
1
To America
7,000 103.415
10,000 96.095
22,000 290,456
4,000 15,963
Total exports
obtainable; also the takings
sight for the like period:
1934
1935
Since
Receipts—
This
are
towns
Receipts (cantars)—
6.8
6.0
sources
interior
at
India Cotton Movement from All Ports—The receipts
of Indian cotton at
13.7
7.0
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all
stock
3.3
2.6
9.2
20.7
of gaugeof gauge-
zero
112,749
was
having decreased 4,756 bales during the week.
Jan. 3, 1936
Feet
Feet
Above zero of gauge.Above zero of gauge...Above zero of gauge-
Shreveport
Vicksburg
past week were 117,505 bales, the actual movement from
67
mean
low 48
high 64
high 68
3,973,871
were
mean
low 46
low 44
low 50
low 48
low 54
low 72
low 54
low 60
low 38
low 42
low 44
low 44
low 54
low 46
Dec. 31, 1936
Memphis....
6,562,464 bales and in 1934
were
(2) That, although the receipts at the outports the
46
low 38
low 36
low 60
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:
Nashville
1935
bales.
62
68
74
64
74
74
70
(1) That the total receipts
Dec. 31
mean
The
New Orleans—
in
Thermometer
1.70 in
2 days
Mississippi—Meridian
Alabama—Mobile.
The above statement shows:
from the plantations since Aug. 1, 1936, are 6,015,679 bales;
plantations
the channels of trade with us.
129
Chronicle
43,000 505,929
....
.
.
230,000
4,802,789
Since
This
Week
1
Aug.
Since
Aug. 1
6,000 122,161 11,000 74,077
75,557
62,524
6",666 348,592 6~,O56 333,025
1,000 19,510
16,112
13,000 565,820
17,000 485,738
Note—A cantar is 99 lbs.
Cotton Takings,
Week and Season
Visible supiply
Dec. 24-
Season
4.899",258
244", 503
Bombay receipts to Dec. 31—
Other India snip'ts to Dec. 31
Alexandria receipts to Dec. 30
Other supply to Dec. 30 * 6-.
132,000
27,000
48.000
16.000
10,173,064
788,000
272,000
1.260,200
239,000
20i",921
90,000
14,000
52,000
12,000
4,295",259
9,765,337
640,000
221,000
1,185,600
207,000
8,480,955 17,631,522
8.002.244
8.002,244
7,767,610
7,767,610
Total takings to Dec. 31a...
Of which American
Of which other...
478,711
247,711
231,000
9,629.278
7,226,078
2,403,200
483,783
329,783
8,546,586
6,189,986
2,356,600
1936
8,251,393 16,314,196
Dec. 31.....-
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm.
Demand for yarn is good.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
Deduct—
Visible supply
were
Season
Week
7,881,472
8,013,452
Visible supply Aug. 1
American in sight to Dec. 31..
Total supply
1935
1936
Week
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Dec. 30
240,000 cantars and the foreign shipments 43,000 bales.
154,000
*
Embraces receipts in Europe from Brazil, Smyna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,775,000 bales in 1936-37 and 2,205,000 bales in 1935-36—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 6,854,278 bales in 1936-37 and 6,341,586 bales in
1935-36, of which 4,451,078 bales and 3,984,986 bales American.
b Estimated.
1935
Cotton
8% Lbs. Shirt¬
32s Cop
Twist
d.
v
32s
Cotton
8% Lbs. Shirt¬
ings, Common Middl g
Cop
ings, Common
Middl'g
to Finest
Upl'ds
Twist
d.
d.
s.
d.
d.
s.
to Finest
s. d.
Upl'ds
d.
s. d.
SeDt.
10 0
@10 2
6.73
2.
10% @11% 10 0
@10 2
7.02
@97
11
10 0
@10 2
6.86
10
9
5
@97
6.50
10 8
@10 5
@10 4
@11 0
6.99
10
9
5
@97
6.40
9
6
@10 0
6.47
6.81
9%@11%
@11%
@11%
10
@11%
10
@11%
9 5
9—
9
6
@10 0
6.45
@10 7
@110
@10 4
6.92
10
25-—
10% @11%
9%@U
9
3
@95
6.40
UOfc.—
@12%
@12%
16
11
23
10% @12
10%@12
10 2
Plantations—The following table
6
11
@12
10 5
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
13
11
11
@12%
@12%
10 6
20
11
@12% 10 6
30—
10 6
6.96
6.59
Nov.—
Receipts from the
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.
27
Dec
Receipts at Ports
Stocks at Interior Towns
6.71
6.76
@11 0
6.72
@11
6.81
6.93
@10
@10
@10
@10
6.47
2
2
6.77
2
6.77
5
6.59
@10 5
8.67
10%@12
10%@12
10
1
10
3
10%@12
10 3
10%@11% 10 2
10% @11% 10 0
10% @11% 10 0
10%@11% 9 6
@10 4
6.50
@10 2
6.38
@10 2
@10 0
6.41
—
4—
11% @12%
10 6
11%@12% 10 6
11
11% @12% 10 4
24— 11% @12% 10 4
18.
— .
11%@12% 10 4
31
Week
10 2
@11% 10 0
10%@11% 10 0
0
@10 3
@10 6
6.88
@10 6
7.01
@10 6
7.10
6 44
Receipts from Planations
Ended
1936
1935
f
1934
1936
1935
1934
1936
I
1935
|
1934
25..
314,287 336,897 237.205 1 677,862 1,610,222
322,464 492.874 532.515344.223
Oct.
2.. 319,754 326.252 244,448 1,832,026 1,784,489 1.547,572 473.918 500,519345,826
330.033
370,723
23.. 378.683
30.. 385,111
9..
16..
387,060 240.603 1,980,336 1,990.723
372,945 208,963 2,098,733 2,132,345
405,164 232,059 2,179,563 2,220,751
372,149 201.932 2,266,371 2,253,100
1,640,092 478,343 693,294337,159
1,735,609 498,120 514,566300,444
1,829,198 483.163 493,570325,648
1,882,223 471.919 404,498 254.957
Nov.
6..
259,641 363,686 148,601 2,301,784 2,287.554 1,922,254 295,054 398,140 188,532
13.. 264,096 330,485 134,427 2,342,886 2,316,783 1,963,293 305,198 359,714 175,466
20.. 251,440 271,993 133,525 2,373,757 2,321,538 1,983,174 282,311 276,748 153.406
27-. 217,563 222,432 119,755 2.397.188 2,350,425 1,973,968 240.994 251,319 110,549
Dee.
4.. 211,898 258,950 104,014 2,366.6172.358,279 1.960.556 181,327 266,804
11.. 133.018 177,455 109.945 2,327,953 2,369,180 1,934,215 94,354 188,356
18.. 143,595 188,143 105,029 2,290,467 2,371,801 1,915,166 106,109 190,764
24.. 119,319 158,812
31..
Shipping
News—As
shown
on
a
previous
page,
the
exports of cotton from the United States the past week have
Sept.
117,505
99,705
90,602
83,604
85,980
84,550 2,253,7151,911,138 2;i88;745| 82,567 169,268 80,522
62,3712
~,250,2472,361,5051,883,029112 ,749 78,953 34,262
reached 118,729 bales.
up
The shipments in detail, as made
from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Rotterdam—Dec. 26—Boschdijk, 942..-Dec.
30—West Cobalt, 2,094
....
.......
To Liverpool—Dec. 19—Duquesne, 486
3,036
486
To Ghent—Dec. 26—Sangor, 1,292..-Dec. 30—West Cobalt,
_
1,077.
2,369
To Manchester—Dec. 19—Duquesne, 310.
To
310
Antwerp—Dec. 26—Sangor, 86...Dec. 30—West Cobalt,
150
236
To Havre—Dec.
balt,
26—Sangor,
3,478—Dec.
30—West
Co¬
49.
3,527
To Dunkirk—Dec. 26—Sangor, 921...Dec. 30—West Cobalt.
1,904.—
2,825
5,322
—
To Bremen—Dec. 26—Nishmaha, 5,322
To Hamburg—Dec. 26—Nishmaha, 75—
To Gdynia—Dec. 26—Nishmaha, 78
...
75
78
130
Financial
Bales
HOUSTON—To Liverpool—Dec. 24—Duquesne, 3,748
To Hamburg—Dec. 29—Schwanhelm, 192
L
3,748
192
Japan—Dec. 29—Bengal Maru, 5,284
I
5,284
To Copenhagen—Dec.
24—Tennessee,
303-_-Dec.
30—
Georgia, 670
973
To Bremen—Dec.
28—Nishmaha, 557
Dec. 29—Schwanheim, 3,676
4,233
To Oslo—Dec. 24—Tennessee, 259
259
To Gdynia—Dec. 28—Nishmaha, 322
Dec. 24—Tennessee,
530-.-Dec. 30—Georgia, 137
989
To Gothenburg—Dec. 24—Tennessee, 1,087
1,087
To Manchester—Dec. 24—Duquesne, 3,012
3,012
To Rotterdam—Dec. 24—Boscndijk, 308
308
NEW ORLEANS—To Liverpool—Dec. 21—Sydland, 24,076—
Dec. 23—Dartford, 14,905
38,981
To Havana—Dec. 26—Metapan, 150
150
To Valparaiso—Dec. 26—Metapan, 200
200
To Japan—Dec. 24—Hanover, 1,371
1,371
To Ghent—Dec. 23—West Tacook, 1,873; Idarwald, 50
1,923
To Antwerp—Dec. 23—West Tacook, 150
Dec. 28—Lou¬
is iane, 885
1,035
To Havre—Dec. 23—West Tacook, 9,376—Dec. 28—Louisi¬
ana, 7,189
16,565
To Dunkirk—Dec. 23—West Tacook, 1,100
Dec, 28—Louisiane, 2,248
3,348
To Rotterdam—Dec. 23—West Tacook, 1,814; Idarwald, 954_
2,768
LAKE CHARLES—To Liverpool—Dec. 17—Chancellor, 860
860
To Manchester—Dec. 17—Chancellor, 224
224
To Bremen—Dec.
21—Nishmaha, 450
Dec. 20—Gonzenheim, 345
795
To Gdynia—Dec. 21—Nishmaha, 594
594
CORPUS CHRISTI—To Liverpool—Dec. 26r—Dakarion, 1,945—
1,945
To Manchester—Dec. 26—-Dakarion, 1,747
1,747
CHARLESTON—To Liverpool—Dec. 28—Schohaire, 1,543
1,543
To Manchester—Dec. 28—Schohaire, 570
570
BEAUMONT—To Havre—Dec. 23—West Cobalt, 100
100
SAVANNAH—To Gdynia—Dec. 26—Sturehom, 1,050
1,050
NORFOLK—To Bremen—Dec. 31—City of Havre, 94
94
PENSACOLA, &c.—To Venice—Dec. 24—Lucia C.. 682
682
MOBILE—To Trieste—Dec. 26—Lucia C.. 500
500
To Naples—Dec. 26—Lucia C., 333
333
To Venice—Dec. 26—Lucia C., 2,352
2,352
To Gdynia—Dec. 26—Ragnyildsholm, 650
650
——
To
_
.
Chronicle
On
/an. 2, 1937
28th inst.
the
to 4%c. lower.
The
against the market was the
spread abroad that the United States will reduce
wheat import duties.
It was quite a shock to traders, even
though unfounded, and prices fell almost 6c. from a sevenyear peak.
This was the last day on which new trading in
December delivery of wheat could be done, and the decline
was most drastic in this position.
Despite Washington de¬
nials that a slash in duties was at all probable, enough
wheat selling resulted to reverse the market trend to a
radical extent, with the close at the lows of the day.
An¬
other bearish influence was the heaviness displayed by the
Winnipeg market, where export business appeared to be
light.
On the 29th inst. prices closed % to lc. lower.
The chief
bearish influence against the 'Chicago market was the action
principal
prices closed 1%
influence operating
rumor
-
.
of
Winnipeg, which showed a decline at one time of 2%c.
a result, the Chicago wheat market slumped, losing all
of its earlier gains.
Considerable selling of wheat in Chicago
was attributed to Winnipeg sources.
The Canadian market
appeared to be adversely influenced by the absence of any
appreciable export demand for wheat.
In the early trading
on the Chicago
Board prices rose lc. a bushel on reports
of torrential rains in Argentina, the view being held that
these rains were doing irreparable damage to the crops. Evi¬
As
dence
118.729
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Stand¬
High
Stand¬
High
Density
ard,
Density
.47c.
.32o.
Liverpool
Stand-
High
ard
ard
Density
Trieste
d.45c.
.60c.
Piraeus
.85c.
1.00
Flume
d.45c.
.60c.
Salonica
,85c.
1.00
Manchester.32c.
.47o.
Antwerp
.32o.
.47c.
Baroelona
*
Havre
.32c.
.47c.
♦
*
Venice
d.45c.
.60c.
Copenhag'n.40c.
.560.
Rotterdam .32o.
.470.
Japan
Shanghai
Genoa
d.45c.
.60c.
Bombay X
.60c.
.65c.
Naples
Leghorn
.48c.
.63c.
Bremen
.32c.
.47c.
Gothenb'g
.69c.
Hamburg
.32c.
Great Britain's
Stockholm
.44c.
*
Rate is open.
z
Only small lots,
*
.60o.
d.45c.
.60c.
d.45c.
.44c.
.59c.
Dec. 11
Of which American
Amount afloat
Of which Amer
can
Dec. 24
55,000
734,000
253,000
66,000
31,000
263,000
116,000
731,000
243,000
61,000
31,000
236,000
115,000
Total imports
Of which American
18
Dec.
65,000
-
Total stocks
39,000
788,000
284,000
90,000
48,000
206,000
91,000
31
Dec.
55,000
811,000
286,000
84,000
30,000
226,000
113,000
spot cotton have been as follows:
Monday
earlier
12:15
Moderate
Quiet.
P.M.
demand.
Wednesday
Thursday
Friday
A fair
Market,
business
Futures. f
7.11d.
demand
7.04d.
7.10d.
Stady,
Steady,
DAY.
I
P.M.
Steady,
|
Market,
Steady,
un¬
HOLI¬
11 points
Steady,
Powers, for the time being at least, has let up.
market was strong, closing at about the
volume
were
reported.
Tues.
%c. lower.
of Canadian wheat for export was in evidence.
said
the
that
weather in
in
wheat
was
more
HOL
No. 2 red
CLOSING
PRICES
OF
Mon.
May
July
September
136%
119%
Mon.
IN
Tues.
154%
WHEAT
Sat.
141 %
153
121%
117%
CLOSING
YORK
Wed.
Thurs.
Fri.
154
152 %
HOL
HOL
134 %
117%
135%
118%
115%
PRICES OF WHEAT FUTURES
HOL
Mon.
127%
128
123%
Tues.
127%
127%
123%
135%
118%
115%
When
Thurs.
this
Made
May 28, 1936
Sept.
IN
Wed.
Oct.
2. 1936
2, 1936
1936
Dec. 30,
WINNIPEG
Thurs.
129% HOL
128%
124%
129
124%
There
nothing in the news of particular interest bearing on
grain, the upward movement apparently being
vigor and strength of wheat and rye.
prices closed %c. off to %c. up.
On the 28th inst.
Close Noon Ciose Noon Close Noon Close Noon Close Noon
Jan. 1
d.
d.
d.
December (1936)
January (1937)-.
mm
'
mm
d.
6.86
d.
6.83
mm
d.
mm'
d.
mm
d.
d,
6.81
| Close
1
d.
d.
6.84
6.81
6.77
6.79
6.83
6.82
6.86
6.86
6.83
6.79
6.82
6.85
6.85
day.
6.83
6.84
6.83
6.80
6.77
6.79
6.83
6.83
HOLI¬
6.78
6.79
6.77
6.76
DAY
6.53
6.55
6.52
6.51
July..
October
December
~
-
6.51
6.78
6.74
6.54
6.50
-
-
«...
6.51
January (1938)..
6.46
6.71
6.47
•
«•
mm
6.46
6.73
6.49
6.45
mmrnrn
6.44
by no means the same effect on this
it had on wheat
On the 29th inst. prices closed %c. off to %c. up.
At
times this grain showed considerable strength, rising l%c.
to $1.07%, a new high for seven years.
Unfavorable weather
import duties had
6.84
6.85
May..
Trad¬
ing was active, with December corn offered freely through¬
out the day.
However, the rumors of a reduction in wheat
mmrnrn
6.83
Holi¬
March...
influ¬
enced by the
Fri.
to
New Contract
Fri.
129%
Corn—On the 26th inst. prices closed % to lc. up.
was
that
NEW
When Made
I
Season's Low and
Dec. 28, 1936 December.... 85
Dec. 28. 1936 May..
105%
Dec. 28, 1936 July
96%
Dec. 31, 1936 September
114%
.
.137%
May
July...
September
and
Open interest
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
137%
135%
118%
115
.
Late reports
100,896,000 bushels.
Sat.
DAILY
favorable.
CLOSING PRICES OF WHEAT
DAILY
advance
Wed.
Year-end
Argentina had cleared
conditions in Australia were
2 to 4 pts.
Mon.
Sat.
No Canadian exports in any appreciable
highs of the day.
May
July
Prices of futures at Liverpool for each day are given below:
Dec. 26
Winnipeg
Sat.
Steady at
to 2 pts.
decline.
decline.
wave
European
The
December
3 to 5 pts. 1
cold
severe
period
3 to 6 pts.
Barely stdy
advance.
pointed out that a
of wet, mild weather in the domestic
wheat belt would be likely to cause heavy crop damage.
There was nothing in the news of a particularly interesting
character.
It would appear that the spectacular buying of
a
DAILY
Steady at
5 to 8 pts. changed to 4 to 5 pts.
2 pts. dec.
advance.
decline.
(
The wheat
up.
a
following
DAY
\
opened
on
the other hand, it was
.
HOLI¬
Market
showing
downward trend
the better harvest reports from Argentina.
On
Season's High and
December.
143
Moderate
doing.
7.10d.
Mld.Upl'ds
prices closed % to lc.
sharply after
December.
Tuesday
Saturday
Southern
profit-taking during this session more than wiped out l%c.
overnight advance of wheat prices.
Only scattered buying
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
Spot
rallied
Today prices closed unchanged to
d Direct steamer.
Liverpool—Imports, stocks, &c., for past week:
Forwarded
purchases were chiefly from the
On the 30th inst.
.47c.
Oslo
*
Continental im¬
Hemisphere.
market
Total
quite abundant that European
was
port countries had ceased buying for the present and that
grain
6.47
6.46
as
is
BREADSTUFFS
Thursday night, Dec. 31, 1936.
Flour—Business continued to
run very light, which was
expected in view of the holidays. Shipping directions
continue spotty, some mills reporting fair withdrawals;
others find such business poor.
Several mills reduced their
price ideas 5c. per barrel.
Advertised brands of family
to be
patents moved down 10c. per barrel recently.
Wheat—On the 26th inst.
Buying
on a
large scale
was
prices
closed
attributed to
a
%
to 2%c.
war
scare
up.
over
recent
developments in Spain and to the delicate state of
European political affairs generally.
As a result of the
vigorous demand prices for wheat soared 3%c. a bushel,
bringing prices to levels untouched since 1929. Profit-taking
on
a
heavy scale developed as prices reached their peak,
causing considerable reactions, but not until Chicago Decem¬
ber contracts had skyrocketed to
$1.42%.
In the early de¬
mand
houses with Eastern
prominent
as
purchasers.
connections were, in particular,
Apprehensive shorts and numer¬
spot loss orders, caught in the sudden outburst of
strength, did much to accelerate the early upward move¬
ment of prices.
ous
1
retarding the movement of corn from the country, and
receipts at Chicago today dropped to 67 cars.
On the 30th inst prices closed unchanged to l%c. up.
In
a
sharp upward move today deliveries of corn shot above
the peak
levels of the last seven years, and naturally had
uplifting influence on the other grains.
Unfavorable
moist weather, with scantiness of receipts, as well as fore¬
casts of a widespread drop in temperatures likely to increase
livestock feeding demand, all tended to promote buoyancy of
corn values.
Arrivals of corn at Chicago today (Wednes¬
day) totaled only 48 cars, and the aggregate for primary
centers taken as a whole was only 364,000 bushels against
621,000 bushels a week ago.
May delivery of corn, new
style contracts, scored the maximum gain, rising l%c. to
$1.07% a bushel.
July corn, new, also reached a fresh top
price record of $1.04.
an
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat.
No. 2 Yellow
HOL
Mon.
120%
Tues.
120%
Wed.
Thurs.
Fri.
121%
122%
HOL
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
<
December
May
July
May (new)
July (new)
September (new)__.
-
-
Sat.
111%
104%
100%
106%
102%
Mon.
109%
104%
101
106
103
Tues.
Wed.
Thurs.
Fri.
HOL
104%
100%
106%
102%
99%
105% 106
100% 100%
107% 108%
104
104%
100
100%
Volume
Financial
144
Season's Low and When Made
Season's High and When Made
Dec. 28, 1936
111 %
Dec. 31, 1936
Dec. 28, 1936
Dec.
May
July
May (new)
31, 1936
Dec. 31, 1936
Dec. 31, 1936
June
2, 1926
July 29, 1936
Oct.
1, 1936
Nov. 2, 1936
Nov. 2,1936
Dec. 30, 1936
52%
December
December
May
106%
July..
102%
May (new)
108%
July (new)
105%
Sept. (new) —101%
131
Chronicle
-
July (new)
Sept. (new)
85%
85
89%
86%
99%
Flour
Receipts at-
*4 to lc. up. The
firmness of this grain was due in large measure to the
firmness of wheat and rye.
On the 28th inst. prices closed
% to l%c. down.
There was nothing to explain this heavi¬
ness
markets,
all grains.
On the
outside of the extreme weakness in the wheat
which
29th
had
its
effect
or
more
less
on
*4 to %c. down.
There was no
special feature to the trading or news, the market being
inst.
prices closed
influenced largely by the heaviness
of wheat and rye.
Today prices closed % to l*4c. up.
grain
in
due
was
to the
largely
severe
The strength of this
drop in temperature
the West, this very cold
substantial
increase
in
weather naturally indicating a
demand for feed grains, with the
the marketings
of corn.
Open interest in corn was 42,466,000 bushels.
On the 30th inst. prices closed % to %Q. up.
The fore¬
casts of a widespread drop in temperatures had its effect
on this feeding grain as wTell as corn, indicating, as it does,
a
substantial increase in feeding demand.
Today prices
closed %c. decline to %c. advance.
The failure of this grain
to respond to the advance in corn and the cold weather
reports was rather surprising.
The irregular fluctuations
were attributed largely to evening up of commitments over
probability
that
snowstorms
slow
may
up
the year-end.
<
Minneapolis.
HOL
DAILY CLOSING
PRICES
65%
52%
51%
—.45%
May
July
Tues.
Mon.
Sat.
December....
64%
FUTURES
OATS
OF
65%
High and
53%
May
52%
July
46%
September
43%
When
Dec.
Dec.
Dec.
Dec.
HOL
65%
HOL
51%"
45%
43%
50%
45
September
Season's
December
*191,000
35,000
107,000
90,000
46,000
146,000
298,000
7,000
10,000
37,000
173.000
10,000
792,000
257,000
21,000
142,000
8,000
66,000
118,000
36,000
148,000
104,000
39,000
St. Joseph..
Wichita
240,000
Sioux City..
11,000
Buffalo
87,000
260,000
34,000
2,000
45,000
264,000
25,000
14,000
Detroit
16,000
2~i8~6b6
72,000
73,000
489,000
30,000
Indianapolis.
St. Louis
—
Peoria
8,000
Kansas City.
43,000
Total week/36
Same week,'35
262,000
264,000
2,283,000
1,841,000
Same week, *34
267,000
1,152,000
12,000
lb", 000
"2,000
87", 000
14,000
58,000
84,000
5", 66o
249,000
3,000
18,000
1,058,000
754,000
499,000
260,000
345,000
135,000
1,592,000
977,000
1,055,000
504,000
Since Aug. 1—
9,033,000 147,365,000 84,473,000
8,131,000237,806,000 68,094,000
7,892,000138,453,000 115,268,000
1936
1935
1934
44,931,000 10,148,000 57,351,000
86,241,000 13,456,000 51,183,000
29,842,000 8,711,00039.923,000
receipts of flour and grain at the seaboard ports for
Total
the week ended
Saturday, Dec. 26, 1936, follow:
Flour
Receipts at-
Corn
Wheat
Oats
Rye
Barley
bbls. 196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.48lbs.
New York...
97,000
Philadelphia-
16,000
Baltimore
8,000
16,000
New Orleans *
8,000
6,000
10,000
56,000
90,000
Galveston
24", 000
10,000
13,000
80,000.
2,000
17,000
37,000
26,000
W. St. John..
Halifax
IIII
18,000
761,00012,573,000
54,000
24,000
7,863,000
4,558,000
3,914,000
45,000
17,303,000
48,000
4,797,000
16,000
4,874,000
152",000
1,000
1,326,000
Since Jan. 1,'36 14,999,000 139,961,000
Total week,'36
Week 1935
9,000
240,000
365,000
1,079,000
2,000
217,000
234,000
1,401,000
116,000
71,450,000
15,602,000
—
♦
When Made
May 27, 1936
Season's Low and
Made
28, 1936 December.... 26%
40%
28, 1936 May
37%
14, 1936 July.
42%
30, 1936 September
1,000
~
3,108,000
3,946,000
SinceJan.l,'35 13,152,000
51%
45%
43%
3,000
46,000
Omaha
79, 000
26,000
3,000
11,000
Toledo
Boston
Fri.
IN CHICAGO
Wed.
Thurs. Fri.
52
51%
45%
1,196,000
63,000
Duluth
St.John.N.B.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon.
Tues.
Wed. Thurs.
No. 2 white.-.
97,000
705,000
141,000
Chicago
Milwaukee..
Oats—On the 26th inst. prices closed
Barley
Rye
Oats
Corn
Wheat
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.SQlbs. bush.48lbs
July 29, 1936
Oct.
1, 1936
Dec. 30, 1936
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
.
The exports
ended
from the several seaboard ports for the week
Saturday, Dec. 26, 1935, are shown in the annexed
statement:
52%
51%
52
51%
52%
52%
HOL
52
Rye—On the 26th inst. prices closed 1% to 2%c. up.
All
in seven years.
to rye in
North Dakota was estimated as
with condition only 46% of normal
because of lack of moisture.
On the 28th inst. prices closed
24% less than last
year,
*4 to lc. lower, which decline was relatively moderate in
view of the
closed 1*4
heavy declines in wheat.
to iy2c. down.
Rye
was
On the ^th inst. prices
the weakest of all the
grains, this market's technical position apparently being the
weakest.
There was nothing special to account for the slump
outside
l%c.
this
1 to
of
the weakness in
the 30th
On
Flour
Oats
Rye
Barley
Barrels
Bushels
Bushels
Bushels
136,000
"2,000
26,000
"T,66o
152,000
"37",000
is",000
1,114,000
1,939,000
104,038
58,890
19,000
Halifax
80~,666
St.John.N.B
W
St
Job"
Total week, 1936..
Same week,
1935
Corn
Wheat
Flour
wheat.
ib", 000
8,000
July 1, 1936, is as below:
km* MttMllaiL.
Exports for Week
Since
Week
Since
Dec. 26,
July 1,
Dec. 26,
July 1,
1936
July 1 to—
that explained
news
Week
Week
1936
1936
1936
1936
1936
Barrels
Bushels
Bushels
Bushels
Bushels
and Since
Dec.
26,
Since
July 1,
irregularity of price movement.
l%c. down.
This grain
Today prices closed
subject to liquidation and
was
Barrels
43,460
1,325,391
evening up over the week-end, many traders not caring to
Continent
10,483
have commitments over the extended holiday.
So. & Cent. Amer.
11,500
West Indies
33,500
412,933
340,500
629,500
The reaction
in wheat also had an adverse influence.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
December
119%
116%
109%
110%
September
Season's High and
December
121%
May
July
September
119%
112
103 %
United
Kingdom-
Tues.
115
108
103
IN
CHICAGO
Wed.
Thurs.
116%
108%
101%
HOL
115%
107%
100%!
When mMade
I
Season's Low and
Dec. 28, 1936 December
55%
Dec. 28, 1936 May
75%
Dec. 28, 1936 July
71
Dec. 29, 1936 September
100%
OF
RYE
Mon.
Sat.
December
FUTURES
HOL
111
May
112%
Tues.
When Made
Sat.
_
December
Mon.
94
84%
June 3, 1936
Aug. 11, 1936
3, 1936
Dec. 31, 1936
IN WINNIPEG
Wed.
Thurs. Fri.
84%
Tues.
Wed.
Fri.
Thurs.
iHOL
84%
84%
84%
5,000
Mon.
Sat.
.
December
HOL
88
75%
Closing quotations
were as
Tues.
Wed.
88
74%
91%
76%
Thurs.
93%
77%
Fri.
HOL
104,038
58,890
Total, 1936
Total. 1935
2,795,787
1,864,016
1,114,000
1,939,000
78.264,000
47,058,000
The
visible
supply
seaboard ports
GRAIN STOCKS
Wheat
Corn, New York—
No. 2 yellow, all rail
.122%
164,000
Baltimore*—
951,000
241,000
74,000
afloat
New Orleans..
847",000
Rye flour patents
6.50@ 6.75
Seminola.bbl., Nos. 1-3 11.95@
Oats, good
3.25
3.10
Hard winter patents
7.30 @7.60
Coarse
Hard winter clears
6.30 @6.60
Fancy pearl,Nos.2.4&7 5.75@
Hutchinson.
90,000
186", 000
-
322,000
1,163,000
463,000
118,000
2,396,000
314,000
933,000
1,125,000
1,491,000
89,000
4,395,000
835,000
8,000
7,355,000
28,000
9,000
....
1,258,000
12,973,000
3,896,000
404,000
3,163,000
7,193,000
Omaha
1281666
afloat
Milwaukee
5,646,000
Minneapolis
2,368,000
160,000
7,117,000
1,791,000
Duluth. x
Detroit
-
Buffalo .y
afloat
On Canal
1,000
346,000
3,000
1,000
111 000
28,000
9,000
Kansas City
2,000
434",000
16,000
121,000
40,000
5,000
6,000
8,000
65,000
28,000
144,000
18,000
1,953,000
50,000
1,722,000
800,000
107,000
1,000
5,2361666
248,000 14,909,000
5,876,000
1,647,000
28,000
3,765,000
1,310,000
466,000
6,000
6,000
7,000
170,000
1,561,000
1,483,000
174,000
240,000
1,143,000
209,000
184,000
-
58,446,000 12,093,000 35,379,000
Total Dec. 19, 1936-. 59,644,000 10,592,000 35,903,000
Total Dec. 28, 1935— 72,003,000
7,701,000 41,936,000
Total Dec. 26, 1936-.
4,966,000 16,313,000
5,170,000 15,949,000
8,915,000 15,559,000
♦Baltimore—Also has 212,000 bushels Argentine corn in bond,
4 40
6.25
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
2601666
1,528,000
St. Joseph
cludes 106,000
corn
of the last three years:
827,000
91,000
92,000
27,000
34,000
37,000
112,000
3,273,000
881,000
4,234,000
Galveston
Fort Worth
44
65
Barley goods—
7.10@7.45
Bushels
647,000
"
straights
Barlet
Bushels
80,000
"
FLOUR
Hard winter
Rye
Bushels
637",000
New York
Chlcago.r
Rye, No. 2, f.o.b. bond N. Y... 127
Barley, New York—
47% lbs. malting
.106%
Chicago, cash
100-140
Cornflour....
Oats
Bushels
156,000
Peoria
No. 2 white
Spring oats, high protein.8.30@8.60
Spring patents.
7.90@8.20
Clears, first spring
6.65 @7.05
Soft winter straights
6.25@6.50
Corn
Bushels
Boston
St. Louis
Oats, New York—
152%
Y.143%
accumulation at lake and
Saturday, Dec. 26, were as follows:
Indianapolis
No. 2 red. c.i.f., domestic
Manitoba No. 1, f.o.b. N.
1,000
45,000
comprising the stocks in
of grain,
at principal points of
granary
Sioux City
follows:
GRAIN
Wheat, New York—
l'.OOO
2,089",000
Wichita
£>AILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
May
"
'
76,463
Philadelphia
HOL
109% 111% 111%
110% 112% 111%
94
*
5",095
Other countries—
Oct.
"DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
May—
30,200,000
255,000
14,000
9,000
Fri.
United States—
DAILY CLOSING PRICES
45,706,000
232,000
868,000
11,000
Brit. No. Am. Cols.
FUTURES
Mon.
119%
117%
May
July
^
39,038
746,000
Galveston
inst prices closed irregularly 1^4 c. down to
There was nothing in the
up.
Corn
Bushels
Exports from—
52%
deliveries of rye sold at the topmost figures
Acreage seeded
Wheat
Bushels
HOL
December
May
In bond,
x Duluth—In¬
bushels feed wheat,
y Buffalo—Also has 99,000 bushels Argentine
s Chicago—Also has 84,000 bushels Argentine com in bond.
Note—Bonded grain not included in above: Oats, Buffalo, 78,000 bushels; total,
78,000 bushels, against
falo afloat,
232,000 bushels In 1935.
Barley—Buffalo, 508,000: Buf¬
364,000; Duluth, 3,063,000; Duluth afloat, 572,000; Milwaukee afloat,
1,047,000; Chicago afloat, 360.000; total, 5,914,000 bushels, against 54,000 bushels
In 1935. Wheat—New York, 8,580,000 bushels; New York afloat. 1,156,000; Buf¬
3.648.000; Erie, 100,000; Albany.
1,924,000; total, 27,458,000 bushels, against
falo, 4,236,000; Buffalo afloat, 4,504,000; Duluth.
3,048,000; Chicago, 262,000; Canal,
30.168,000 bushels In 1935.
Financial
132
Wheat
Bushels
Canadian—
Corn
Bushels
Oats
Rye
Bushels
Montreal.
Barley
Bushels
Bushels
.
Ft. William & Pt. Arthur
9,160,000
1,390,000
853~66O
2,359",000
37,397,000
3,032,000
839,000
1,464,000
4,422,000
5,262,000
5,898,000
1,692,000
1,082,000
3,454,000
3,823,000
4,073,000
3,917,000
Other Canadian & other
water points---------
Total Dec. 26, 1930-Total Dec. 19,
Total Dec. 28,
46,663,000
1936-- 47,717,000
1935..126,271,000
......
Chronicle
In
Canadian...,
..
58,446,000 12,093,000 35,379,000
40,046,000
5,006,000
large
areas
lack sufficient moisture for proper wintering.
THE DRY GOODS TRADE
1936—105,092,000 12,093,000 40,385,000
6,061,000 20,362,000
Total Dec. 19. 1936.-107,361,000 10,592,000 41,155,000
6,252,000 20,022,000
Total Dec. 28. 1935-198,274,000
7,701,000 47,834,000 12,369,000 19,476,000
The world's
shipment of wheat and corn, as furnished by
Exchange, for the week
ended Dec. 25, and since July 1, 1936, and July 1, 1935, are
shown in the following:
Broomhall to the New York Produce
Wheat
Corn
Week
Since
Since
Dec. 25.
July 1,
July 1,
1936
1936
1935
Bushels
Bushels
Bushels
3,047,000 118,611,000 77,943,000
1,344,000 40,224,000 30,346,000
3,218,000 31,174,000 50,653,000
2,057,000 34,213,000 44,210,000
6,880,000
320,000
256,000
560,000 12,952,000 16,960,000
North Amer.
Black Sea...
Argentina.
Australia...
India.
Oth. countr's
Total
|
Week
Dec.
25,
Since
Since
July 1,
July 1,
1936
1936
1935
1Bushels
Bushels
Bushels
1,000
1,000
1,207",000 11,576,000 4,979,000
9,799,000 200,550,000 156,834,000
280",066 12,240,666 27,380",000
10,546,000 244.054,000 220,368,000 11,286,000 224,367,000 189,194,000
Weather
Report for the Week Ended Dec. 30—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 30, follows:
The
Ohio,
opening day of the week brought much warmer weather to the
Mississippi and Missouri valleys, the Lake region and the
upper
Gulf States; changes were greatest in the upper Mississippi Valley and
Lake region, where White River, Ont., reported a 24-hour rise of 54 degrees.
Temperatures fell generally along the Atlantic coast, with subzero weather
reported in the United States only at Canton. N. Y., and Northfield, Vt.
No temperatures of zero or below occurred at first-order Weather Bureau
stations in the United States during the next 72 hours.
Rising tempera¬
tures were general Thursday, except in portions of the Southeast, the
Missouri Valley, and in some Rocky Mountain and Plateau regions and
the Pacific slope; decidedly colder weather was noted in the Canadian
Northwest, with a 34-degree drop recorded at Minnedosa, Man.
The ten¬
dency toward warmer weather persisted for another 24 hours in most central
sections, but colder weather was reported by Friday in the northern Plateau
and from the Rocky Mountains westward.
Temperatures continued to drop in large Western areas and on Satur¬
day morning colder weather was reported in New England and the upper
Missouri Valley; at 8 a. m. The Pas, Man., noted a reading of —30%,
while by Sunday morning zero weather was reported locally in the north¬
ern Great Plains and upper Mississippi Valley.
At 8 a. m. Monday plus
changes of 2 to 26 degrees were general in the east Gulf States and along the
Atlantic coast, while decidedly colder weather was reported in most central
and western sections.
The closing day of the week brought markedly
colder weather to the Atlantic coast, St. Lawrence Valley, the northern
Plateau, Pacific slope, and the Canadian Northwest; temperatures rose
considerably in most interior valley sections.
Except for portions of the Lake region, where light to moderate rains
or snows were reported Friday morning, the first three days of the week
brought substantial precipitation only to the far West.
Heavy falls oc¬
curred in portions of Washington, Oregon and California, with Portland,
Ore., noting 2.30 inches on Wednesday morning, and Eureka, Calif., 1.24
inches the following morning.
The 48 hours ending at 8 a. m. Sunday
brought widespread light to moderately heavy falls to the Northeast, the
Mississippi Valley and.Lake region, portions of the Gulf States, and the
far West.
On Monday large amounts were again reported in the far West,
where Los Angeles and San Diego, Calif., measured 1.92 and 1.88 inches,
respectively, while lesser amounts occurred in the upper Mississippi Valley,
the Lake region and Ohio Valley, the west and central Gulf States, and
generallysubstantial Atlantic coast. The 24 hours Southwest, and Tuesday
rought along the rains to portions of the far ending 8 a. m. light to
moderate rains to some Atlantic Coast
States, locally in the Ohio Valley
Missouri Valley and middle Plateau.
abnormally warm in a large central area reaching from
and Tennessee, and to portions of the
The week
was
central Idaho eastward and southeastward almost to the Atlantic coast.
The entire Mississippi Valley averaged from 9 to 15 degrees above normal,
the largest departure, 23 degrees, reported at Dubuque, Iowa.
In
with
southeastern
sections and along the Atlantic coast the week was from
3 to 6 degrees warmer than normal.
Over the northern Rocky Mountains
and in the northern Great Plains departures were 3 degrees to as much as
10 degrees, while in the Southwest they were only slightly less.
Only two
limited sections of the country, both on the Pacific Coast, had subnormal
warmth and the departures from normal were only 2 degrees or less.
Freezing weather was largely confined to more northern sections of the
United States, though to east of the Mississippi River temperatures of
32 degrees were reported as far south as Meridian, Miss., northern Alabama
and Georgia, and central South Carolina.
Temperatures of zero or below
occurred only in the far northern portions of the country, with the lowest
in the United States—22 degrees noted at Williston, N. Dak., on the morn¬
ing of Dec. 29.
In nearly all instances the coldest weather of the week
occurred on the last day.
Some few stations in northern New England
and Northern New York had subzero temperatures.
Temperatures were much above normal over the central portion of the
country with near-record maxima for the season on Friday and Saturday
Minnesota.
Similar high temperatures were also noted the
in southern
latter
part of the week in Pennsylvania and portions of the Northeast.
The effect of the unusually warm weather has been a great diminution of
snow-covered area, leaving large central and northeastern districts
the
bare,
snow
with only a light cover. In portions of the Plains States the melting
largely soaked into the ground with little runoff. The soil-moisture
or
condition has improved decidedly in several of the grain States.
Considerable rain occurred during the week, with the largest totals
noted in the far West, where Red Bluff, Calif., and Portland, Ore., had
more
than three inches.
A second
area
of maximum rainfall is found in the
lower
Mississippi Valley and in portions of the Lake region.
From the
Mississippi River eastward most of the precipitation occurred during the
latter half of the week and was largely in the form of rain.
Only light
snows occurred, and in most sections they were of short duration and
quickly melted. Over a rather extensive area reaching from central North
Dakota southward and comprising a large section of the Plains States and
portions of the Rocky Mountain region, little or no precipitation occurred
Portions of eastern Oregon, the far Southwest, Tennessee, the Southeast,
and a large north Atlantic area had a practically dry week.
In eastern
Oregon precipitation was not sufficient to cause material change in droughty
conditions, and a similar situation continues in southeastern and north¬
eastern New Mexico.
In large areas in the central and northern Great
Plains subsoil moisture is still deficient. Unusually heavy snows occurred in
several western States at the close of the week; the Utah they were the
heaviest of the season.
Small Grains—The week favored small grains in more western por¬
tions of the belt; in Washington from .75 to 1.50 inches of rain on unfrozen
soil in the wheat belt was absorbed, and grains showed some improvement
before cold weather came. In Montana good rains and snow improved the
moisture situation considerably and the snow provided
protection to
winter grains which had lately been subjected to alternate
freezing and
thawing. In Minnesota slow, heavy rains improved the moisture situation
decidedly and there Were some reports of winter grains turning green in
extreme southern and western counties of that State.
In eastern portions
of the belt winter wheat is mostly fair to good, with only occasional re¬
ports of damage from cold. In more southern portions of the belt progress
and condition have been generally very good, although rain would be
beneficial generally and topsoil moisture is badly needed in several States.
4,960,000.16,313,000
1,095,000
4,049,000
Total Dec. 26,
Exports
good condition
for winter, although growth is smaller than usual and subsoil moisture is
deficient in most of the State; little has been frozen down.
In Nebraska
SummaryAmerican
Jan. 2, 1937
Kansas winter wheat improved and is generally in
New York,
Friday Night, Jan. 1, 1937.
Unseasonally mild temperatures and the usual post-holi¬
day dulness kept retail trade restricted during the past week.
January promotion sales, however, are expected to meet
with good response on the part of the buying public, inasmuch
as
stores will feature a number of regular spring goods,
due to the very small carry-over of other items. Department
store sales in the metropolitan area for the period of Dec. 1
to Dec. 24 increased 12%% over last year, according to a
compilation of the Federal Reserve Bank of New York, but
it should be noted that the period contained one more busi¬
ness day than last year.
For the entire year 1936 the gain of
department store sales in the New York district was ten¬
tatively put at 9.8%.
Trading in the wholesale dry goods markets was more
active for this time of the year than had been anticipated.
With retailers' stocks at very low levels, with an acute short¬
age in many lines either existing or expected to develop
within a month or so, and with prices generally displaying an
advancing tendency, merchants were anxious to cover against
their requirements lest they be found short of merchandise
for their January and February promotions.
Wholesalers
remained on the sidelines, although they were expected to
enter the market shortly to cover against their fall needs.
Business in silk goods was quite active.
Prices held firm,
and the demand by cutters and retail piece goods depart¬
ments was reported to exceed the supply in many weaves.
Trading activity in rayon yarns continued unabated.
Al¬
though normally at this time of the year a period of dulness
is the rule, no such development is anticipated during the
current season, in view of the present scarcity of all classes
of yarns. Books for March business will be opened on Mon¬
day and, owing to the non-existence of any reserve stocks and
the continued heavy demand, producers are expected to
again resort to rationing their output. While some talk con¬
tinued to be heard of impending price advances in view of
increased production costs, the trade generally appeared to
hold to the opinion that quotations will be left unchanged,
for fear that a rise in prices under present circumstances
may invite increased importations of foreign yarns.
Domestic
Cotton Goods—Trading in the gray cloth
seasonally quiet. Buyers in most instances were
busily engaged in taking the usual year-end inventory, and
transactions were confined to scattered quick shipment lots
for fill-in purposes. At times, a fair amount of inquiries for
second-quarter goods came into the market, but few actual
transactions resulted as offered prices were below mill quo¬
tations. Sellers felt that these inquiries represented a testing
of the market on the part of buyers, preparatory to an early
resumption of active buying. Some anxiety was voiced over
possible legislative measures, but the general opinion was
that, if and when enacted, these measures would not entail
any drastic change in present standards so far as the cotton
industry is concerned. Prices held steady throughout the
list.
Business in fine goods was quiet, as buyers concen¬
trated on inventory taking. Mills offered a few spot lots at
somewhat reduced prices to clean out the small amount of
such goods still on hand. Closing prices in print cloths were
as follows: 39-inch
80's, 9% to 10Mc.; 39-inch 72-76's, lO^c.;
39-inch 68-72s, 8 to 8%e.; 38M-inch 64-60's, 7% to
38 3^-inch 60-48's, 6^8 to 6 %c.
market
was
Woolen
Goods—Trading in men's wear fabrics was fairly
buying for spring has been completed,
January, but the
continued heavy.
With a backlog of unfilled orders equivalent to about two to
three months' production, many mills continued to
operate
on
a
double shift basis.
Clothing manufacturers, while
absorbed by the customary year-end inventory taking, re¬
mained quite cheerful as to the future outlook, inasmuch as
retailers' resistance to the higher prices which threatened
to interfere with the flow of goods, is
gradually disappearing,
and reports from retail clothing centers continued satisfac¬
tory.
Business in women's wear goods was fairly active.
Mills received a good amount of orders on spring fabrics,
with worsted suitings for tailored suits sharing the lead with
active.
The bulk of the
and fall business will not start before late
demand for overcoatings and topcoatings
materials
for
use
in winter
resort
wear.
Garment
manu¬
facturers, in view of the expected brisk consumer buying,
were kept busy with deliveries for
January sales.
Foreign Dry Goods—Trading in linens, while temporarily
interrupted by the seasonal post-holiday lull, nevertheless
continued to give a good
account.
Linens for cruise and
winter resort yrear are becoming more and more fashionable,
and a heavy call for such materials is expected to develop on
the occasion of thi3 month's promotional sales.
Prices dis¬
rising trend, reflecting the higher quotations for the
raw material.
Business in burlap continued quiet, with only
a few spot and forward transactions being reported.
Prices,
however, remained steady, in sympathy with the Calcutta
market.
Domestically lightweights were quoted at 3.95c.,
played
a
heavies at 5.50c.
>
Volume
Financial
144
133
Chronicle
MUNICIPAL BONDS
Specialists in
Dealer
Bonds
I in nois & M issouri
WM. J.
Markets
MERICKA & CO.
INCORPORATED
Union Trust Bids,
One Well Street
135 S. LeSelleSt.
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
WIRE
a
314 N. Broadway
CHICAGO
ST. LOUIS
Report on Progress of Various Construction Programs—We
give herewith the text of the statement introducing the yearend PWA non-Federal roundup release made public at Wash¬
Dec. 26, reporting on the advances which
three and a half years in work
relief construction projects, on the three programs instituted
by the Administration over that period of time:
ington, D. C.,
a
ployed in the production, fabrication and transportation of materials than
are employed at the sice of construction.
This ratio does not take into
account the millions of workmen benefited through the increased demand
for consumers' goods.
WORKS ADMINISTRATION
PUBLIC
Materials used in PWA construction cost a billion and
billion dollars.
half dollars—the majority of which went into the pockets of workmen in
the mines, the forests and the factories most often far removed from the
site of construction.
It is a matter of record that 2.5 more men are em¬
on
have been made in the past
The PWA enters the year 1937 with its first PWA program virtually
completed, the second PWA program at its peak, ana the third, or cuirent,
with the benefit of earlier experience,
reaching construction faster than either of its preceding programs.
PWA officials today reported to Administrator Ickes that (as of Dec. 18,
PWA Disclosed
Portfolio of Bonds—The Administration has
breakdown of its $130,192,000 bond portfolio,
disclosing that more than half of its holdings is made up of
revenue issues of municipalites.
The breakdown follows:^
Municipals: Revenue bonds, $68,355,200; general obliga¬
tions, $32,191,435, and other special obligations, $3,830,500.
Other types:
Housing loans, $10,305,373; railroad loans,
$5,093,000, and miscellaneous, $10,394,572.
made public a
PWA program well launched and,
1936) the third PWA non-Federal program composed entirely of allotments
1936, had provided for 1,700 useful non-Federal
projects having a total construction cost of $268,000,000.
Of these, ap¬
proximately one-third or 544 projects of a total cost of $86,000,000 were in
the brick and mortar construction stage with more going into construction
made since the end of July,
daily, despite the season.
As of Dec. 18 , 832 communities had completed
their preliminary work and signed agreements with PWA.
On only 7
allotments in this program has there been no progress reported.
One project, allotted since July 28 on the third program has been com¬
pleted.
It was made possible by an allotment to Jefferson County, Wash,
n which a grant of $14,296 was made for a grading project which was esti¬
mated to cost $31,770.
PWA records show that it was completed Nov. 25,
£
1936.
Commenting on the
progress
of the present program, Administrator
Ickos s&id.
experience gained by committees and Federal officials in handling
PWA matters in the past three and one-half years is now bearing fruit.
While PWA's greatest labor on a project is prior to the time construction
starts, the latest non-Federal program is moving into the construction stage
faster than either of the first two programs.
Many of the difficulties en¬
countered earlier have been surmounted and communities are co-operating
with the Government in a most effective manner."
The basic principles of all three programs have remained the same.
In
each program, the community selected its own project, put up most of the
money required, and administered the construction with the aid of Federal
grants and Federal advice under PWA regulations.
A major part of the
employment benefits were achieved prior to construction by the production,
fabrication and transportation of materials.
Such employment, the De¬
"The
'
partment of Labor has determined, is two and one-half times the building
site employment in PWA.
In creating this laoor, PWA was responsible for three-quarters of all the
schools and two-thirds of all the hospitals built in the last three years.
PWA's program is generally measured in terms of projects, although a
school project may comprise work on 22 buildings as is the case in
and a hospital project may provide for work on 50 hospitals, as is the case
Chicago,
declaration that PWA has 9,392 nonbe taken too literally.
for 3,078 utility projects, which include
waterworks, sewer systems, disposal plants, power plants, &c.; 4,770 build¬
ings, which include schools, municipal auditoriums, courthouses, hospitals,
&c.; 96 flood control, water power and dams; 896 street and highway im¬
provements; 24 water navigation aids; 271 engineering structures, &c.
The non-Federal PWA programs are listed in reference to the source from
which the funds are derived, as follows:
in St.
Louis.
In view of this, the
Federal projects cannot
Nevertheless, PWA has allotted
First
The first PWA program
PWA
is nearing completion.
Of the 3,747 non-Federal
for permanent construction
The second PWA program
Construction
financed from the Emergency Relief Act
with up to 45% grants coming, for the
priation was required for this program for funds resulted
ional action permitting PWA to use its accumulated assets
from Congress¬
coming from re¬
payment ol loans made under the first two programs to carry
PWA was created in June, 1933, for the dual purpose of
economically depressed nation in recovery by creating
site of the construction of permanent and useful public
heavy industries which furnish the materials.
There are two types of PWA allotments.
on.
assisting an
lahor both a,t the
works and in the
The Federal program, under
the departments and oureaus of the Government to
much needed improvements, for which PWA allotted 100% of
The non-Federal program, under NIRA and subsequent Acts
the NIRA, permitted
the
of
costs.
Congress,
permitted the Federal Government to furnish the smaller
for the purpose of encouraging applicants to
for which most of the funds were supplied from
of construction costs
make local improvements
local
District, Sacramento County, Calif
$53 000
Sacramento County, Calif
86 000
Drainage District No. 12, Boundary County, Idaho
5'500
South Beardstown Drainage and Levee District, Cass County, 111
126 000
Brashear Drainage District, Adair County, Mo
17 000
Hidalgo County Water Improvement District No. 3, Texas
"185 000
Sugarland Drainage District, Hendry and Glades Counties Fla.:~
'
Refinancing
$133,000
Rehabilitating
62,000
\
Citrus Heights Irrigation District,
Paradise Irrigation District, Butte County, Calif
Cartersville Irrigation District, Rosebud County, Mont
sources.
„
,
,
,
___.
non-Federal applications have been filed with the PWA,
calling for allotments exceeding $7,000,000,000.
Almost 10,000 of these
have been placed on the inactive list.
They require four and a half billion.
At the present time there remain "approved by the examining divisions
and eligible for allotment" 2,792 projects which call for loans of $113,393,413 and grants of $375,699,381. The estimated total construction cost
of these would be $831,087,417.
Considering both the Federal and non-Federal programs, and including
PWA's housing program, there hare been allotted moneys for 25,200 pro¬
jects costing a total of $4,071,750,926.
Nineteen hunared projects costing
a billion and a half dollars are completed.
PWA has spent for wages almost
All in all, 23,580
*20 000
22 000
Drainage District No. 1, New Madrid County, Mo
~~ 25 000
Drainage District No. 5, New Madrid County, Mo
"" 20 000
Loans for $211,000 have been authorized for refinancing four school
districts in Arkansas under the provisions of Public—No. 325—74th Con¬
gress
(S.3123).
This makes a total to date of $1,655,500 authorized under
this Act.
'
The districts are:
Mammoth Spring School
District, Fulton County, Ark
England Special School District, Lonoke County, Ark
Rector Special School District No. 46, Clay County, Ark
Tuckerman Special School
District, Ark
WE OFFER
$30 000
97 000
"" 41*000
43*000
SUBJECT
$5,000 FT. PIERCE Waterworks 5% Bonds
Price
—
104
1942
and
Interest
Thomas M. Cook &
Harvey Building
WEST
PALM
Company
BEACH, FLORIDA
of
lost part, from $300,000,000 of its revolving fund, has involved to date
PWA grants totaling $120,180,358 and loans of $13,867,000.
No appro¬
share
The districts are:
Carmichael Irrigation
,
„
1,939 projects estimated to cost $108,461,934 are completed.
This is 49.06% of the total of 3,953 allotments for projects estimated to
cost $818,943,335.
Under construction are 1,954 projects estimated to
cost $654,294,112, or 49.43% of the total.
The remaining 60 projects are
in the preliminary processes of getting under construction.
The second
program has been made possible by PVvA grants of $7,342,827 and loans of
$14,696,955.
It differs from the first program inasmuch as NIRA grants
were up to 30% of labor and materials, whereas ERA grants were up to
45% of all construction costs.
Third Construction Program
make many
drainage
ing and rehabilitating one drainage district in Florida, and for rehabilitating
one irrigation
district in California, one irrigation district in Montana
and two drainage districts in Missouri, aggregating $754,500, have been
authorized by the Reconstruction Finance Corporation.
This makes a
total to date of $122,316,739.08 authorized under the provisions of Section
36, Emergency Farm Mortgage Act of 1933, as amended.
News Items
date,
The third construction program,
one
Program
1934 is nearing its peak.
To
districts in California,
Loans for refinancing two irrigation
district in Idaho, one drainage and levee district in Illinois, one drainage
district in Missouri, one water improvement district in Texas, for refinanc¬
Due
3,262 projects estimated to cost $410,825,501, are completed and giving
valuable service daily to thousands of communities.
Four hundred fortyseven, estimated to cost $686,980,732, are under construction, while 38
others are in the preliminary stages.
The first non-Federal program was
made possible by PWA grants of $267,331,490 and loans of $451,051,188.
Second
Report on Loans Made to Drainage and Irrigation Districts—
following is the text of a statement issued on Dec. 23
by the above named Corporation:
appropriation of 1933
National Industrial Recovery Act allotments
estimated to cost $1,115,609,736 , 87.06%, or
CORPORATION
The
Construction Program
resulting from the NIKA
FINANCE
RECONSTRUCTION
Iowa—Jobless
Surety Law Bill Signed—Governor Clyde L.
Herring on Dee. 24 signed the State's new unemployment
compensation act, passed in three days by the special session
of the Legislature to conform with the Federal social security
program, according to a United Press dispatch from Des
Moines.
Kentucky—Legislature Passes Job Bill—The State Legis¬
passed an unemployment compensation bill on Dec. 29,
according to an Associated Press dispatch from Frankfort.
lature
Maryland—Road Building Program to be Submitted to
Legislature—A long-term highway building program for the
State involving a total cost of approximately $60,000,000
will be placed before the General Assembly for consideration
when it meets in January, Governor Nice has announced,
according to Baltimore news reports.
The Governor said that proposals are
being drafted for financing such a
from gasoline tax revenues within the constitutional provision that
borrowing by the state to 15 years.
Mr. Nice Indicated that this
restriction might be overcome by authorizing the entire program at one
time, but limiting the issuance of the bonds to lots of $5,000 000 or so in
any one year, to be spent as the highway building progresses
'
When the Governor first expressed interest in modernizing Marvland's
road system, he suggested the issuance of $100,000,000 in bonds to rebuild
all the arterial highways of the State.
The Governor said that this sugges¬
tion was just a figure offered as a basis for discussion.
He added that
studies have now been made, and it is probable that authority to borrow
$50,000,000 or $60,000,000 over a period of 10 to 12 years would be sufficient
to build up an adequate road system.
program
restricts
134
Financial
New
York
State—Mayors
Excessive Municipal
of Mayors has
issued a pamphlet portraying the financial distress which
municipalities have inflicted on themselves by pre-depression
extravagance and overexpansion of governmental services.
Debts—The
New
York
State
Assail
Conference
Depicting the municipalities collectively
"concern"
operating income this
year amounting to $128,000,000, the pamphlet shows that
this "major enterprise" can use
only $76,000,000 of its
income in administering its 200 odd
services, because $52,000,000 must be used to pay debt and interest "contracted
and spent in previous years."
with 3,500,000 "customers" and
Reference List Published
as
a
an
Municipal
of $1,122 for
on
Finance
3H% bonds.
Dated Feb. 1, 1937.
Due
on
Feb. 1
as
on
follows:
and after
ARKANSAS
ARKANSAS, Stat® of—BOND REFINANCING CONTEMPLATED—
Refinancing of approximately $90,000,000 of State highway and toll
bridge bonds, and probably other State issues, including $800,000 of Con¬
Commission bonds is scheduled for consideration by Arkansas
Legislature when it convenes Jan. 11, according to a dispatch from Little
struction
Rock to the "Wall Street Journal" of Dec. 28.
Governor-elect Carl E. Bailey, who has returned from Washington and
York, expresses confidence in acceptance of refinancing plan if ap-
New
Sroved by the Legislature. He conferred with Governor LehmanYork other
tate officers, relative to restoration of .Arkansas bonds
New and legal
on
list, and expressed opinion that
bonds
were
on
be accomplished.
this might
Arkansas
removed after default in 1933.
Bailey advised prompt action to take advantage of current low rates
bonds.
In event refinancing plan Is adopted, new bonds may be offered at Z%%.
Act 11 of 1934, under which $155,000,000 highway debt was refunded,
provided that the original interest rate shall be paid on refunded bonds,
3H % in cash and the balance in series B refunding bonds to April 1, 1937.
For two years thereafter, 4% will be paid in cash and the balance in series B
refunding bonds, and beginning April 1.1939, the contract rate will be paid
in cash.
LITTLE
ROCK, Ark.—BOND ELECTION—Willis H. Holmes, City
an election will be held on Jan. 26 in order to vote
Issuance of $493,000 in 4% general obligation bonds, divided as
follows: $468,000 municipal auditorium and $25,000 public library bonds.
(This report corrects the election notice given here recently.—V. 143,
p. 4035.)
Attorney, states that
officials.
the
on
Virginia—Railway Opens Attack Upon State's Tax System—
by which more than $170,000,000
railway property in Virginia is taxed by the State and
An attack upon the system
in
Jan. 2, 1937
$9,000, 1940 to 1944; and $10,000, 1945 to 1956; redeemable
Feb. 1, 1948.
Mr.
Municipal Finance Pub¬
Officers' Association,
whose offices are located at 850 E. 58th
St., Chicago, 111.,
has prepared a pamphlet which retails at 35 cents a
copy,
giving a list of books, pamphlets and magazine articles
dealing with municipal accounting, municipal finance and
related subjects, which should prove of benefit to public
lications—The
Chronicle
Local governments has been launched
by receivers for the
Air Line Railway, it is stated in a Richmond
Seaboard
dispatch of Dec. 25, which continues
as
bonds
arkansas
follows:
Largest Retail Distributors
This property, of which about $30,000,000 is in
rolling stock taxed by the
State and the remainder taxed by local governments on assessments made
by the corporation commission, is located in all parts of the commonwealth.
The petition claims that, in assessing it, the State should take into
the capitalized net
earnings and the market value
securities of each railway.
The commission has docketed the case for
hearing on Jan. 26.
consideration
WALTON, SULLIVAN & CO.
of the
LITTLE
Under the present system, the commission makes assessments both for
the State and the localities on a basis of
40% of the estimated fair market
value of the railroad property.
This property includes real
estate, buildings,
shop machinery, trackage and every other kind of material used by the lines.
The petition was filed by the firm of Hunton, Williams,
Anderson, Gay &
Moore, of Richmond.
The receivers for the line are L. R. Powell Jr. and
Henry W. Anderson, both of Richmond.
Among the decisions cited in support of the claim is the so-called Great
Northern case from South Dakota.
Attorney General A. P. Staples has assigned his assistant, W. W. Martin,
to work up the preliminary phases of the State's case.
The railways now pay a total of approximately $3,000,000
per year in
property taxes to the localities and the State.
ROCK, ARK.
California Municipals
DONNELLAN
111 Sutter St.
& CO.
San Francisco, Calif.
Telephone Exbrook 7067
OFFERINGS
Teletype-S F 396
WANTED
Arkansas—Illinois—Missouri—Oklahoma
CALIFORNIA
MUNICIPAL BONDS
ALTURAS, Calif.—BONDS VOTED—At
the voters
Francis, Bro. & Co.
ESTABLISHED
1877
CONTRA
Bond
TULSA
Proposals and Negotiations
MONTGOMERY, ALABAMA
various purposes 5% 1953
to
CHARLESTON, S. C.
ALABAMA
(State of)—TRADE SCHOOL BONDS SOLD—On Dec. 22
the State sold $45,000 short-term refunding bonds for the Gadsden School
of Trades to Ward, Sterne & Co. of Birmingham and the First National
Bank of Montgomery on a .39% interest basis.
Bonds are dated Jan. 1,
1937 and mature July 1, 1937.
CITY, Ala.—BOND OFFERING—R. A. Blythe, City
Clerk will receive bids until 2 p.
m. Jan. 5, for the purchase of $39,600
5% street improvement bonds.
Dated Jan. 1, 1937.
Interest payable
Due on Jan. 1 as follows: $3,500, 1938; $3,600, 1939;
$3,700, 1940; $3,800, 1941; $3,900, 1942; $4,000, 1943; $4,100, 1944;
$4.200,1945; $4,300, 1946, and $4,500,1947.
Jan. 1 and July 1.
FORT PAYNE, Ala.—BOND SALE—A $25,000 issue of 5% semi-ann.
bonds was offered at public auction on Dec. 28 and was awarded to
Mr. Hugh Mallory of Selma, at par, according to Mayor O. M. T. Sawyer.
Dated Jan. 1, 1937.
Due on Jan. 1, 1967, with partial option privileges
sewer
Prin. and int. (J. & J.) payable at the
$1,200,000 of funding bonds to fund the county's unbonded
and past due bonded indebtedness, and $150,000 of
the construction of needed public school buildings was
refunding bonds for
upheld in a decision
rendered recently by the Alabama Supreme Court.
K The decision affirmed on appeal, judgment of the Mobile Circuit Court
in the test case of E. O. Doody as clerk of the County Board of Revenue
and Road Commissioners vs. Mobile County.
All points raised as to
RUSSELL COUNTY (P. O.
were
overruled in the high
Seale), Ala.—BOND SALE—The $50,000
issue of court house bonds offered for sale at auction
on Dec. 23—V. 143,
4188—was awarded to Marx & Co. of Birmingham, according to the
Chairman of the County Commission.
Dated Oct. 1, 1936.
Due from
Oct. 1. 1939 to 1966, incl.
p.
ARIZONA
APACHE
FRESNO, Calif.—BOND ELECTION PLANNED—The city Is plan¬
ning to hold an election for the purpose of voting on the question of issuing
$2,990,000 bonds to finance the purchase of the electric system of the San
Joaquin Light & Power Corp.
The bonds would bear int. at no more than
4}$%, and would mature within 40 years.
LOS
ANGELES
(P. O. St. John.), Ariz
$165,000 coupon refunding offered on Dec. 38—V. 143,
p.
—The
3668—were
awarded to Brown, Schlessman, Owen & Co. of Denver and Graefe & Co.
Bonds in the amount of $75,000. maturing from 1940 to
of DeB Moines.
1947, will bear interest at 2%% and the remainder of the issue, running
after 1948, will bear 3M% interest.
a premium of $598, equal to 100.362.
Charles A. Hinsch A Co. of Cincinnati, and associates, offered a premium
The award was made at par, plus
COUNTY
(P.
O.
Los
Angeles),
Calif.—BOND
OFFERING—L. E. Lampton, County Clerk, will receive bids until 2 p. m.,
Jan. 5 for the purchase at not less than par of $100,000 bends of El Monte
School District.
Bidders are to name rate of interest, not to exceed 5%.
ANGELES
COUNTY
(P.
O.
Los
Angeles),
Calif.—BOND
SALE—The
$20,000 issue of Lowell Joint School District bonds offered
Dec. 22—V. 143, p. 4035—was awarded to Spear, Singer & Co.
of Los Angeles, as 2Hs, paying a premium of $12.56, equal to 100.062,
a basis of about 2.48%.
Dated Jan. 1, 1937.
Due from Jan. 1, 1938 to
1943.
for sale
on
REDWOOD
CITY.
Calif.—BOND SALE DETAILS—In
with the sale of the $350,000 3H%
semi-ann.
connection
refunding bonds, noted in
these columns recently—V. 143, p. 4035—it is stated by the City Treasurer
that the bonds were sold to Stone & Youngberg, of San Francisco, as
2&s.
REDWOOD
CITY,
Calif.—BOND
OFFERING POSTPONED—It is
Clerk, that the sale of the $200,000 not to
improvement bonds, previously scheduled
for Jan. 4—V. 143, p. 4188—has been postponed to Jan. 11.
Dated July 1,
1936.
Due from July 1, 1937 to 1956, inclusive.
stated by B. E. Myers, City
exceed 4% semi-ann. harbor
.
DIEGO
SAN
COUNTY
(P. O. San Diego), Calif.—OTHER BIDS
official list of the other Dids received for the $600,000
county special district refunding bonds that were awarded to the Harris
Trust & Savings Bank of Chicago, and the Anglo-California National
Bank of San Francisco, as l^s, at 100.09, a basis of about
1.22%, as noted
in these columns recently:
—The following is an
Bidder—
E.
B.
Bid
Smith
&
Co., and Griffith-Wagenseller &
1U%
1H%
Shaw, Glover & Co,
Blyth & Co., Inc., and Wm. R. Staats Co
\W%
First Boston Corp., and Pacific Co. of Calif,1H%
$239.40
3,039.00
2,288.00
1,314.00
lh%
1H%
1H%
1H%
289.00
3,130.20
2,125.00
Brown Harriman & Co., and
R. H. Moulton & Co
Bankamerica Co.,
and American Trust Co
Dean, Witter & Co., and Heller, Bruce & Co
Weeden
&
Co
Halsey, Stuart & Co., Inc.; Bankamerica-Blair
Corp. and First Michigan Corp
John Nuveen & Co
IH%
2H %
15.00
1,050.00
206.25
SAN
FRANCISCO, Calif.—PURCHASE OF ELECTRIC SYSTEM
CONSIDERED—Purchase of the Pacific Gas & Electric Co.'s San Francisco
electric distribution system for the delivery of Hetch Hetchy power by the
city was considered by the Board of Supervisors on Dec. 23.
Supervisor James B. McSheey plans to introduce a motion calling for a
special election to vote on the issuance of $43,700,000 of bonds tofinpnce
the purchase of necessary equipment.
The plan, which has been approved by Secretary of the Interior Ickes,
provides for the distribution of the total city power load by the municipality.
FRANCISCO, Calif.—VOTE SCHEDULED ON MUNICIPAL
DISTRIBUTION BONDS—The Board of Supervisors is stated
submit to the electorate at a special election on Feb. 16
a proposed charter amendment
providing for the issuance of $50,000,000
in revenue bonds to finance the municipal distribution of electricity.
The proposal calls for the puchase of the Pacific Gas & Electric Co.'s
distribution system for $39,700,000, the construction of a generating plant
for $1,125,000, and the purchase from the said company of transmission
step-down and standby services.
SAN
COUNTY
from 1948 to 1956 but subject to call
(P. O. Martinez), Calif.—BOND OF¬
Supervisors will offer for sale an issue of
Durst
MOBILE COUNTY (P. O. Mobile), Ala.—BONDS HELD VALID—
Validity of the constitutional amendment adopted Dec. 17, 1935, and the
enabling act of April 10 following, authorizing Mobile County authorities
validity of both the amendment and the act
court's holding.
COUNTY
RED BLUFF, Calif.—BOND OFFERING—Enville O. Spaulding, City
Clerk, will receive bids until 7:30 p. m. Jan. 4, for the purchase of $15,000
2H % fire apparatus bonds. Certified check for 5%, required.
ALABAMA
to issue and sell
COSTA
$1,000.
Dated Jan. 1, 1937.
Prin. and semi-ann. int. payable
County Treasury.
Due on Jan. 1 as follows: $3,000, 1938 to 1942;
$5,000, 1943 to 1959.
Cert, check for 3% of amount of bonds bid for,
payable to the Chairman of the Board of Superviosors, required.
NEW YORK
from date of issue.
Bank, New York.
15
4)4%
Denom.
Telephone WHitehall 4-6765
after five years
Chase National
Dec.
$85,000 bonds of the John Swett High School District.
LOS
ALEXANDER
on
and
McALISTER, SMITH & PATE, Inc.
GREENVILLE, S. G.
election held
wide margin.
at the
1957
price to yield 4.50%
67 BROAD STREET
a
FERING—On Jan. 4 the County
LOUIS
an
said to have approved the issuance of $154,195 in
refunding bonds by
Inoeetment Securities
ST.
are
POWER
to have decided to
135
Financial Chronicle
Volume 144
Municipal Bonds of
Rocky Mountain Municipals
MICHIGAN
INDIANA
ILLINOIS
WISCONSIN
IOWA
ARIZONA—COLORADO—IDAHO—MOOT ANA
NEW MEXICO
—
Bought—Sold-- Quoted
WYOMING
MUNICIPAL BOND DEALERS
DENVER
**>
Telephone: Keystone 2395
—
VP Pfoic.
tfloSintom
DONALD F. BROWN & COMPANY
135 So. La Salle St;, Chicago
Teletype: Dnvr 080
Teletype CGO. 437
State 0540
ILLINOIS
COLORADO
MESA COUNTY SCHOOL DISTRICT NO. 1 (P. O. Grand June
tion), Colo.—BOND ELECTION—At a special election to be held on
Jan. 12 a proposition to issue $75,000 refunding bonds will be submitted
to the voters.
RIO GRANDE COUNTY SCHOOL DISTRICT NO. 8 (P. O. Monte
Vista), Colo.—BONDS VOTED—At an election held on Dec, 19 the voters
are stated to have approved the issuance of $80,000 in 4% school bonds
by a count of 170 to 70.
Due from 1940 to 1956.
1, 1945 must all be called for payment before bonds optional Jan. 1, 1947,
may be called: bonds optional Jan. 1,1947, must all be called before bonds
optional Jan. 1,1949 may be called.
Bids must be for all of the $11,000,000
bonds.
Proceeds will be used to pay judgments rendered prior to April 1,
1931.
Principal and interest (J. & J.) payable at the City Treasurer's
office, or at the office of the City's Fiscal Agent in New York City.
Suc¬
cessful bidder will be notified of the award not later than 5 p. m, (Central
Standard Time) on Jan, 5.
Bonds are general obligations of the city, pay¬
able from unlimited ad valorem taxes
on all its taxable property.
A cer¬
tified check for $110,000, payable to the order of the City Comptroller,
must
accompany
each proposal.
The approving opinion of Chapman 0c
Cutler of Chicago, will oe furnished the successful bidder.
CONNECTICUT
(This report of the offering supersedes that given in
CONNECTICUT (State of)—BONDS PROPOSED—The State Board of
Finance and Control is planning to recommend to the 1937 Legislature the
passage of legislation authorizing the issuance of $25,000,000 bonds to
retire $14,500,000 floating indebtedness and finance a program for construc¬
tion of State institutions.
a
previous issue.)
URBANA, 111 —BONDS AUTHROIZED—The City Council has passed
an
ordinance authorizing the issuance of $158,000 refunding bonds.
WASHINGTON PARK (P. O. East St. Louis), 111.—BOND SALE—
Subject to the result of the Jan. 23 election, the village has sold an issue
of $15,000 village hall bonds to the Municipal Bond Co. of Alton.
INDIANA
FLORIDA
BONDS
PIERCE-BIESE CORPORATION
JACKSONVILLE
Orlando
Tampa
Miami
EAST
CHICAGO.
Ind.—BOND OFFERING—M.
A.
McCormick,
City Comptroller, will receive sealed bids until 2 p. m. (Central Standard
Time) on Jan. 15, for the purchase of $6,600 not to exceed 4% interest
East Chicago Park District bonds.
Due $300 each year annually on Jan. 1
from 1939 to 1960, incl.
Principal and interest (J. & J.) payable at the
First National Bank of East Chicago
.Both principal and interest will be
payable out of special taxes levied upon all the taxable property of the
ndebtedness
the bonds will not in any respect Matson, Ross, McCord
J>ark district.of Thecity. The approving opinion of become obligations and
0c Clifford of Indianapolis will be furnished the successful bidder.
JACKSON SCHOOL TOWNSHIP, Harrison County, Ind.—BOND
C. Emily, Trustee, will sell at public auction at the
OFFERING— Ivan
office of the trustee of Jackson Township, Harrison County, at 2 p. m.
on Jan. 22, an issue of $13,650 4% school building bonds.
Due as follows:
Florida
Municioals
$500, July 15, 1938; $500, Jan. 15, 1939; $600, Jan. 15, and July 15 from
1940 to 1951 incl.; $500, Jan. 15, and $150, July 15,1952.
Interest payable
J. 0c J. 15.
A certified check for3% of the amount of bid must accompany
each proposal.
LEEDY. WHEELER & CO
Jacksonville, Fla.
Orlando, Fla.
Bell
Orlando
System
10
Teletype
Jacksonville
No.
96
(This offering was originally scheduled for Dec, 26.)
JEFFERSONVILLE SCHOOL CITY. Ind.—BOND SALE—The issue
of $70,000 school building bonds offered on Dec. 29—V. 143, p. 4037—
was awarded to Jackson-Ewort,
Inc., of Indianapolis as 3s at par plus
a premium of $1,100, equal to 101.57,
a basis of about 2.82%.
Dated
Jan. 1, 1937, and due $2,000 each six months on Jan. 1 and July 1 from
1939 to 1955, inclusive, and $2,000 Jan. 1, 1956.
VANDERBURG COUNTY (P. O.
Evamville), Ind.—BOND SALE—
The $60,000 property purchase bonds offered on Dec. 21—V. 143, p. 3876
awarded to McNurlen 0c Huncilman and the Cities Securities Co.,
—were
both of Ianidanapolis, as 2%s, at par, plus a premium of $1,179, equal to
101.965.
Denom $1,000. Dated Dec. 15,1936. Interest payable May 15
FLORIDA
AUBURNDALE,
Fla.—AGREEMENT
REACHED
ON BOND RE
REFUNDINO PLAN—A plan to refund the outstanding bonds of the above
city has been agreed upon by the city and the bondholders' protective com¬
mittee, it was announced by William Farson, chairman of the committee.
The proposal calls for the issuance of new bonds dated about March 1,1937,
and maturing Aug. 1, 1977, in the amount of 50% of the bonds now out¬
standing.
The new bonds would bear interest at 1 % for the first three
years and increase gradually until a 5% rate is reached, and will have the
same security as the bonds now outstanding.
More than 75% of the bonded indedbtedness of the city is deposited with
the protective committee, which has announced that it will continue its
efforts to obtain as early as possible the approval of sufficient bondholders
to this pi in, so that it may be put into effect within the next few months.
and Nov. 15.
VINCENNES, Ind.—BOND OFFERING—The City Clerk will receive
a. m. Jan. 15, for the purchase of an issue of $17,500 bonds.
bids until 11
Iowa
Polk-Peterson Corporation
Das Moines
NEWMAN, Ga.—BOND SALE DETAILS—It is stated by the City
Clerk that the $15,000 water works bonds purchased
by Johnson, Lane,
Space 0c Co. of Savannah, at a price of 117.42, as noted here recently—V.
143, p. 4189—were sold as 4s and mature from 1942 to 1956.
TIPPETTVILLE SCHOOL DISTRICT (P. O. Vienna, R. F. D.),
Ga.—BONDS NOT SOLD—It is stated by Attorney Roy B. Friedin,
day for presenting an appeal for validation,
no bids were received for the bonds scheduled to be offered on that date.
—V. 143, p. 3669.
It is stated that bids will again be considered for the $8,000 5% semi¬
that since Dec. 28 was the final
annual school bonds
IDAHO
BONNEVILLE COUNTY INDEPENDENT SCHOOL DISTRICT
NO. 1 (P. O. Idaho Fall*), Idaho—BOND OFFERING—Sealed bids will
be received until 7.30 p. m. on Jan. 11, by Stanley Crowley, District
Clerk, for the purchase of an $85,000 issue of school bonds.
Int. rate is
not to exceed 3)4%. payable J. & J.
Denom. $1,000.
Dated Jan. 1,
1937.
Due on Jan. 1 as follows; $4,000, 1938 to 1952 and $5,000, 1953
to 1957.
Prin. and int. payable at the office of the District Treasurer or
at some bank in New York City.
A certified check for 3 % of the bid, pay¬
able to the District Treasurer, is required.
Ida.—BOND SALE—The issue of $19,000 bonds
offered on Dec. 28—v. 143, p. 4037—was awarded to Murphey, Favre
0c Co. of Spokane, the bonds to bear int. at 3% for the first 10 years and
Paine, Rice & Co.
or
A t
Sioux Falls, S. D.
Teletype: DESM
31
IOWA
GOWER
SCHOOL
TOWNSHIP,
Cedar
Iowa—BOND
County,
SALE—The $2,500 bonds offered on Dec. 26—V. 143, p. 4190—were
awarded to the Tipton State Bank of Tipton on a bid of par for 3 % bonds,
Due $500 yearly for five years.
plus a premium of $156, equal to 100.283, bonds maturing from
1941 to 1946 to bear 2% interest, and those coming due in 1947, i
Vieth, Duncan, Worley 0c Wood of Davenport offered a premium of
at the same rates.
COUNTY
(P. O. Guthrie Center), Iowa—CERTIFI¬
Knauer, County Treasurer, will receive
Dec. 30, for the purchase of $15,000 secondary road
construction anticipatory certificates of indebtedness.
CATE OFFERING—Truman O.
bids until 2 p. m.
FRANKLIN COUNTY (P. O. Hampton), Iowa—MATURITY—The
$30,000 secondary road certificates awarded on Dec. 23 to the First National
Bank and the Hampton State Bank, both of Hampton, on a
1
—V. 143, p. 4190—will be payable on or before Dec. 31,
bid of par for
1937.
HARLAN
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—BOND
SALE—An issue of $10,000 school refunding bonds, reported as being
offered for sale on Dec. 30—V. 143, p. 4190—has been sold to the White-
Phillips Corp. of Davenport, as 2 Ms, at par, plus a premium of $45, equal
to 100.45.
KLEMME, Iowa—BONDS SOLD IN PART—Of the $7,500 Improve¬
fund and street improvement bonds offered on Dec. 10—V. 143*
3876-—the $3,000 improvement fund bonds have been sold to the
ment
REXBURG. Ida.—INTEREST RATE—The $37,000 coupon refunding
bonds awarded to Madison County at par on Dec. 18—V. 143, p. 4189—
3%.
p.
Carleton D. Beh Co. of Des Moines as 3Hs, at par, plus a premium of
$10, equal to 100.333, a basis of about 3.46%.
Due on Nov. 1 as follows:
$100,1937 and 1938; $200, 1939 to 1946; $300,1947; $200, 1948 and 1949;
$300, 1950, and $200, 1951.
KNOXVILLE. Iowa—BOND ELECTION—At
CHICAGO, 111.—BOND OFFERING—R. B. Upham, City Comptroller,
will receive sealed bids until 10 a. m. on Jan. 5 for the purchase of $11,000,000
3% coupon, registerable as to principal, judgment bonds. Dated Dec. 1,
1936. Denom. $1,000.
Due Jan. 1, 1956.
Bonds are callable at par as
follows: $4,000,000 on Jan. 1, 1945, or on any interest date thereafter:
$4,000,000 on Jan. 1, 1947, or on any interest date thereafter; $3,000,000
on Jan. 1, 1949, or on any interest date thereafter.
Bonds optional Jan.
an
election scheduled for
Jan. 5, a proposal to issue $14,500 swimming pool bonds will be voted upon.
LEE COUNTY (P. O. Fort
ILLINOIS
T.
CLINTON COUNTY (P. O. Clinton), Iowa—
DETAILS
—It is stated by the County Treasurer that $45,000 poor fund bonds pur¬
chased by the Carleton D. Beh Co. of Des Moines, as 2)4s, at a price of
100.93, as noted hare recently—V. 143, p. 4038—are due on May 1 as
follows:
$5,000, 1944; $1,000,1945; $6,000,1946 and 1947; $11,000, 1948,
and $16,000 in 1949, giving a basis of about 2.15%.
Legal approval by
Chapman 0c Cutler of Chicago.
Spokane bid on int. rates
KOOTENAI COUNTY INDEPENDENT SCHOOL DISTRICT NO.
2 (P. O. Rathdrum), Ida.—BOND SALE—The $38,500 school bonds
offered on Dec. 26—V. 143, p. 4037—were awarded to the Spokane 0c East¬
ern Trust Co. of Spokane, as 3s, at par, plus a premium of $35, equal to
100.09,
Dated Jan. 1, 1937.
bear Int. at
A.
GUTHRIE
upon.
3H% the next 10 years.
of 3k% and 3H%.
Sioux City
Davenport
Iowa City
Cedar Rapids
at par,
BONNERS FERRY INDEPENDENT SCHOOL DISTRICT NO. 4,
Idaho—BOND ELECTION—A special election is scheduled for Jan. 5 at
which a proposal to issue $40,000 school enlargement bonds will be voted
COEUR D'ALENE,
Ottumwa
Waterloo
GREENE COUNTY (P. O. Jefferson), Iowa—BOND SALE—The
$55,000 county hospital bonds offered on Dec. 28—V. 143, p. 4038—were
awarded to the Iowa-Des Moines National Bank 0c Trust Co. of Des Moines
Jan. 8.
on
Building
DES MOINES
PORT ST. JOE, Fla.—BOND SALE—The kftue of $200,000 water and
sewer revenue bonds offered on Dec. 28—V. 143, p. 4189—was awarded
to the Pierce-Biese Oorp. of Jacksonville on a bid of 98 for 4s.
D. F.
McRae & Co. of Jacksonville offered 98.25 for 4 Hs.
The bonds are coupon, registerable bonds in the denomination of $1,000.
Dated July 1,1936.
Interest payable Jan, 1 and July 1.
Due from 1942
to 1956.
GEORGIA
Municipals
Madison), Iowa—BOND SALE—County
court and poor fund bonds totaling $105,000 were sold
Carleton D. Beh Co. of Des Moines as 2J^s, at par, plus a
recently to the
premium of $55,
equal to 100.052.
LEON, Iowa—BOND SALE—An $8,000 issue of 3)4% semi-annual re¬
funding bonds is reported to have been purchased by the White-Phillips
Co. of Davenport at par.
Due $1,000 from July 1,1938 to 1945, inclusive.
MACEDONIA
CONSOLIDATED
SCHOOL
DISTRICT,
Iowa—
wil
BOND OFFERING—Carl Jones, Secretary of the Board of Directors,
136
Financial
Chronicle
Jan. 2, 1937
receive bids until 2 p. in. Jan. 5, for the purchase of $6,000 school building
bonds.
MASSACHUSETTS
Bonds and attorneys, opinion will be furnished by the district.
OXFORD INDEPENDENT SCHOOL DISTRICT (P. O. Oxford).
Iowa—BOND SALE—The $10,000 issue of school building bonds offered
for sale on Dec. 24—V. 143, p. 4038—-was awarded to the White-Phillips
Oo. of Davenport, according to report.
ATTLEBORO, Mass.—NOTE SALE—The issue of $100,000 revenue
anticipation notes offered on Dec. 30 was awarded to the First National
Bank of Boston at 0.28% discount.
Dated Dec. 30,1936 and due Nov. 10
RIVERSIDE SCHOOL DISTRICT (P. O. Riverside), Iowa—BOND
SALE—The $12,000 issue of coupon or registered school addition bonds
offered for sale on Dec. 23—V. 143, p. 4038—was purchased by W. D.
Hanna & Co. of Burlington, Iowa, as 2Ms, paying a premium of $83,
equal to 100.69, a basis of about 2.16%.
Denom. $1,000.
Dated Dec. 15,
1936.
Due $1,000 from 1938 to 1949, incl.
Interest payable M. & N.
,
Bidder*—
First National Bank of Boston
New England Trust Co. (plus $1
Second National Bank
WASHINGTON, Iowa—B&ND SALE—The $9,785.07 issue of street
Improvement bonds offered for sale on Dec. 21—V. 143, p. 3876—was
purchased by the First National Bank of Washington, as 5s, paying a
premium of $56, equal to 100.572, a basis of about 4.59%. Due on May 1
as follows:
$3,000, 1937 and 1938, and $3,785.07 in 1939.
ADDITIONAL SALE—A $15,000 issue of street improvement bonds is
reported to have been sold to the White-Phillips Corp. of Davenport, as
2Ms, paying a price of 101.12.
1937.
Other bids
were as
follows:
•
Discount
0.287%
>>>0.295%
premium)
—0.30%
——0.31 %
0.32%
...
Whiting, Weeks & Knowles
Faxon, Gade & Co..
—
——0.36%
R. L. Day & Co
First Boston Corp
—..........i..—0.415%
B
ROOK LINE,Mass.—NOTE SALE—'The issue of $500,000 notes of¬
fered on Dec. 28 was awarded to the Brookline Trust Co. of Brookline, at
0.15% discount, at par plusiamremium of $2.80.
Dated Dec. 28,1936 and
due Oct. 27, 1937.
OtherJiids were as follows:
Bidder—
Discount
National Shawmut Bank..
——0.16%
Mercnants National Bank........
0.165%
Wniting, Weeks & Knowles
.............0.18%
First National Bank of Boston
0.265%
....
...—
KANSAS
.
ATCHISON SCHOOL DISTRICT (P. O. Atchison), Kan.—
VOTED—At the election held on Dec. 15—V. 143, p. 3876—the voters
are said to have
approved the issuance of the $118,000 in school building
and repair bonds.
ATTICA,
Kan.—BONDS VOTED—A
sewer and sewage
ATCHISON
disposal plant
SCHOOL
vote of
was
bond
issue
of
recently approved by
DISTRICT,
$27,500
for
a
the voters.
Kan.—BONDS VOTED—By a
have
1,232 "for" to 260 "against," the residents of the district
approved the issuance of $118,000 school bonds.
DIGHTON, Kan.—BONDS VOTED—The residents of Dighton on
Dec. 11 gave their approval to a bond issue of $30,000 installing a new
engine in the municipal light plant.
'
EL
DORADO, Kan.—BONDS
SOLD—A block of $5,000 storm sewer
ESBON, Kan.—BONDS A UTHORTZED—An
authorizing
an
234%.poor
CITY, Kan.—BOND SALE—An issue of $43,776 1M%
resurfacing bonds has been tld to the Board of Public Utilities.
O.
Kan.—BONDS DEFEATED—
Dec. 15 defeated a proposal to issue $30,000
The voters of the county on
courthouse bonds.
Lakin),
KENSINGTON SCHOOL DISTRICT (P. O. Kensington), Kan.—
BOND OFFERING—It is stated by H. Dilsaver, District Clerk, that he will
receive sealed bids until Jan. 4, for the purchase of a $20,000 issue of 2% %
semi-annual school bonds.
Dated Jan. 1, 1937.
Due serailly in 10 years.
MARSHALL COUNTY (P. O. Marysvllle), Kan.—BOND SALE—An
Issue of $29,800 general improvement and public assistance bonds has been
sold te the Baum, Bernheimer Co. of Kansas
City, Mo., at a price of 101.55.
SABETHA,
struction
of
a
jboston
Mass.—NOTE
was
awarded
0.20% discount.
on
SALE—The
Merchants
28 an issue oi Wo.UUO
Dec.
Due Nov. 15. 1937.
Doner bids were
Discount
0.267%
Bidder—
KANSAS
(P.
of
Second National Bank of Boston
GOODLAND, Kan.—BOND SALE—An issue of $10,000
fund bonds has been sold to the Dunne-Israel Co. of Wichita.
'KEARNY COUNTY
BARRINGTON,
follows:
as
EUDORA, Kan.—BOND SALE—Subject
street
GREAT
National Bank
ordinance has been passed
'
'
will be filed.
issue of $25,625 refunding bonds.
to rejection of the issue by
the Kansas State School
Commission, the Baum, Bernhelmer Co. of
Kansas City has agreed to purchase an issue of $31,000 water works bonds.
_
FRAMINGHAM, Mass.—NOTE OFFERING—John P. Dunn, Town
Treasurer, will receive hids until 11a.m., Jan. 4 for the purchase at discount
of $500,000 revenue anticipation temporary loan notes, payable Nov. 5t
1937.
Notes will be in the denomination of $50,000 each, or as otherwise
agreed upon, and will be payable at maturity in either Boston or New York,
at purchaser's
option.
Notes will be ready for delivery on or about Jan. 8,
or as soon as
they can be registered and certified by the Department of
Taxation and Corporation of the Commonwealth of Massachusetts.
These notes will be made on the standard engraved forms as prescribed
by Chapter 616 of the Acts of 1910, and will bear the certificate of the
Division of Accounts, with whom a copy of the vote authorizing this issue
revenue notes at
bonds has been purchased by the city at
par.
1
—--—0.273%
Second National Bank
Kan.—BONDS VOTED—A $17,500 bond issue for con¬
swimming pool was approved by the voters at a recent
election.
New England Trust Co
0.299%
-
0.37 %
Faxon, Dade & Co
MEDFORD, Mass.—BOND SALE—The issue of $103,000 coupon city
office building bonds offered on Dec. 29 was awarded to Estabrook & Oo.
of Boston, as 2j4s, at a price of 101.68, a basis of about 2.06%.
Dated
Jan. 1, 1937 and due Jan. 1 as follows: $8,000 in 1938, and $5,000 from
1939 to 1957, incl.
Other bids, all for 234s, were as follows:
Rate Bid
Bidder—
Frederick M. Swan & Co —>101.637
National Shawmut Bank.
...
101.25
Whiting, Weeks & Knowles.-100.76
Bidder—
Rate Bid
Merchants National Bank of
Boston
100.68
100.537
Goldman, Sachs & Co
Financial Statement, Dec. 15, 1936
*$83,170,080.00
3,568,556.54
385,000.00
30,000.00
Assessed valuation 1936
Total debt (present loan included) Water debt, included in total debt
Sinking
funds other than water
1934 census, 62,000.
Inclusive of motor vehicle excise tax.
Population:
*
MIDDLESEX COUNTY (P. O.
Cambridge), Mass.—BOND SALE—
Central Bridge bonds offered on Dec. 29 were awarded
Bank of Boston as Is, at a price of 100.40.
Dated
Dec. 15, 1936 and due serially from 1937 to 1941, incl.
Other bids, also
for 1% bonds, were as follows:
Bidder—
Rate Bid
Bidder—
Rate Bid
Faxon, Gade & Co....
100.375 Whiting. Weeks & Knowles. .100.25
Burr & Co., Inc
100.337 Ballou, Adams & Whittemore,
Inc
>>100.21
Somerville National Bank—100.317
L. S. Carter & Co., Inc.
100.199
Second
National
Bank
of
100.184
Boston
100.311 Washburn & Oo
The $61,000 coupon
to the First National
SATANTA, Kan.—BONDS AUTHORIZED—An ordinance
passed authorizing the city to issue $57,712.50 refunding bonds.
has
been
SHAWNEE
COUNTY (P. O. Topeka), Kan.—BOND SALE—'The
$24,500 issue of 2% semi-ann. public work relief bonds offered for sale on
Dec. 28—V. 143, p. 4190—was awarded to Estes, Payne & Co. of
Topeka,
paying a premium of $21.30, equal to 100.086, a basis of about 1.98%.
Dated Dec. 15,1936.
Due from Jan. 15,1938 to 1947.
.
Merchants
KENTUCKY
KNOX COUNTY (P. O. Barbourville), Ky.—BOND SALE CON¬
TEMPLATED—The County Fiscal Court will offer for sale a $50,000 issue
care for outstanding warrants and judgments over a
period of
years, according .to report.
of bonds to
National Bank" L 100.29
>>100.175
Newton, Abbe & Co
NATICK, Mass.—LOAN OFFERING—Sealed bids will be received by
the Town Treasurer until 2:30 p. m. on Jan. 4, for the purchase at discount
of $200,000 notes, due Nov. 5, 1937.
WALTHAM, Mass.—NOTE SALE—The $150,000 revenue anticipation
30 were awarded to the First National Bank of Boston
0.387% discount.
Due in instalments of $50,000 each on Sept. 15,
Oct. 15 and Nov. 1,1937.
Other bids were as follows:
notes offered on Dec.
at
Immediate Firm Bide
on
Scliarff L Jones
INCORPORATED
T. T. TEL. N. O. 180
Discount
Didder
0.39%
Whiting, Weeks & Knowles
Faxon, Gade & Co
Second National Bank of Boston—r —
First Boston Corp. (plus $2 premium)
LOUISIANA MUNICIPALS
TELEPHONE RAYMOND 1189
New Orleans
0.395%
0.414%
0.48%
WATERTOWN, Mass.—NOTE OFFERING—H. W. Brigham, Town
Treasurer, will receive sealed bids jntil 3-30 p. m. on Jan. 4 for the purchase
at discount of $300,000 revenue anticipation notes, due Nov. 26, 1937.
WEYMOUTH, Mass.—TEMPORARY LOAN—The $200,000 revenue
anticipation notes of 1937 offered on Dec. 30 were awarded to the Second
National Bank of Boston at 0.294% discount.
due Nov. 19,
Bidder—
LOUISIANA
1937.
Dated Jan. 4, 1937 and
Other bids were as follows:
Discmmf
0.31%
National Bank of Boston
Gade & Co>.
First National Bank of Boston.
Merchants
0.37%
Faxon,
TANGIPAHOA PARISH DRAINAGE DISTRICT NO. 1 (P. O.
Amite), La.—RFC LOAN NOT CONSUMMATED—It is stated by H. E.
—
.
Carroll, Secretary of the Board of Directors, that the district was unable to
use a loan of $396,000 that had been authorized
by the Reconstruction
Finance Corporation for refinancing.
WISNER, La.—BOND
We
will be held on Jan. 12 in order to vote
works bonds.
on
MICHIGAN
MAINE
DETROIT
Telephone CHerry 6828
AUBURN, Me.—NOTE SALE—The $375,000 revenue anticipation
temporary loan notes offered on Dec. 28—V. 143, p. 4191—were awarded
to the First
Auburn Trust Co. of Auburn on a .32% discount basis.
The
First Boston Corp. and the Merchants National Bank of Boston each bid
•33%.
Dated Jan. 2, 1937 and payable Nov. 3, 1937.
'
Other bids were as follows:
Bidder—
Discount
E. H. Rollins & Sons
>-0.35%
.
Leavitt & Co
.
„
.0.463%
PORTLAND, Me.—NOTE SALE—The issue of $1,000,000 revenue
anticipation notes of 1937 offered on Dec. 29 was awarded to Leavitt & Go.
of New York City, at
0.46% discount, at par plus a premium of $3. Dated
Jan. 2, 1937 and due Oct.
11, 1937.
Other bids were as follows:
Discount
Bank of Port¬
land
Bond & Goodwin
First Boston Corp
E. H. Rollins & Sons
-_0.47%
Bidder—
Discount
National Bank of Commerce
of Portland
0.51%
0.495%
Oasco Bank
Portland
0.495%
National Shawmut Bank. 1 >>0.52%
0.49%
&
Trust
Co.,
->0.51%
MARYLAND
HYATTSVILLE, Md.—BOND SALE—The city recently sold $32,000
4% road bondsIto the Prince Georges Bank & Trust Co. of Hyattsville at
a price of 102.25.
>•
MUNICIPALS
Cray, McFawn & Company
ANDROSCOGGIN COUNTY (P. O. Auburn), Me.—BOND SALE—
An issue of $38,000 214% bridge bonds was sold
recently to E. H. Rollins
& Sons of Boston at a
price of 101.045,
a basis of about 2.13%.
Due
$2,000 yearly on Dec. 15 from 1937 co 1955, incl.
mBt(ide)r—
First National
Buy for Our Own Account
ELECTION—It
is reported that an election
the issuance of $45,000 in water
0.39%
A. T. T. Tel. DET347
MICHIGAN
BENTON HARBOR, Mich.—BOND SALE—The issue of $94,000 wate
works revenue bonds offered on Dec. 28—V. 143, p. 4192—was awarded
to Stranahan, Harris & Oo. of Toledo and E. W. Cress & Co. of Benton
Harbor, at par, plus a premium of $113, equal to 100.12.
The bonds
maturing from 1939 to 1944 will bear 2)4% int., and the balance of the
issue, running from 1945 to 1957. 2)4%.
BERRIEN COUNTY (P. O. St. Joseph), Mich.—BOND OFFERING—
The Board of Road Commissioners will receive sealed bids until 11 a. m.
Jan. 6 for the purchase of $1,153,900 not to exceed 3% interest county
portion, county highway improvement refunding bonds.
Dated Feb. 1,
1937.
Due May 1 as follows; $89,000, 1938; $330,400, 1939; $234,000,
1940; $267,000,1941; $80,500, 1942; $57,000 1943; $46,500,1944; $26,500,
1945; $23,COO in 1946.
Callable at par and accrued interest on any May 1
interest date on 90 days' notice.
Principal and interest (M. & N.) payable
at the Farmers & Merchants National Bank, Benton Harbor.
Bids must
be for the entire issue and bidder must name the rate of interest in multiples
of H of 1%.
Printed bonds and legal opinion to be furnished by the
successful bidder.
A certified check for $10,000, payable to the order of
the County Treasurer, must accompany each proposal.
on
EAST GRAND RAPIDS, Mich.—BOND OFFERING—Louis F. Battjes,
City Clerk, will receive sealed bids until 7 p. m. on Jan. 4 for the purchase
of $141,000
pouponrefunding bonds.
Dated Jan. 1,1937.
Denom. $1,000.
Volume
Due May 1 as follows: $19,000, 1938 to
137
Chronicle
Financial
144
1940incl.; $20,000, 1941; $21,000.
1942; $23,000, 1943; $18,000 in 1944, and $2,000 in 1945.
Rate of interest
be named by the bidder in a multiple of H of 1 %,
Principal and interest
(M. & N.) payable at the City Treasurer's office.
A certified check for 2%
must accompany each proposal.
Legality approved by Miller. Canfield.
Offerings Wanted:
"
to
& MISSISSIPPI
LOUISIANA
MUNICIPALS
Paddock & Stone of Detroit.
"ECORSEr Micli.—BOiVD^FFE/e/iVG—Don"^eckman, Village Clerk!
Jan. 5 for the purchase of$999,990
Bond
will receive sealed bids until 7:30 p. m. on
4)4% interest series A refunding bonds.
Dated Jan. 1, 1937.
$990, others $1,000 each.
Due Jan. 1 as follows: $15,990,
1940; $15,000, 1941 to 1944 incl.; $20,000, 1945; $25,000, 1946 and 1947;
$30,000, 1948 and 1949; $35,000, 1950; $40,000, 1951 to 1954 incl.; $45,000,
1955 and 1956; $60,000, 1957 to 1961 incl.; $70,000 in 1962 and 1963, and
$69,000 in 1964.
Proceeds of the issue will be used to redeem the following
1934 callable refunding bonds: $88,000 series A; $63,990 series B; $546,000
series E; $267,000 series F; $35,000 series G.
The bonds now offered will be
payable as to both principal and interest (J. & J.) at the Manufacturers
National Bank, Detroit.
They will be general obligations of the village,
all of its taxable to be subject to the levy of unlimited ad valorem taxes in
order to provide for payment of principal and interest.
A certified check
for 2% of the bonds bid for, payable to the order of the village, must
accompany each proposal.
The approving opinion of Miller, Canfield,
Paddock & Stone of Detroit, will be furnished the successful bidder.
The
State Public Debt Commission has approved the issuance of the bonds by
the village to effect a saving in interest costs.
Department
not to exceed
ECORSE
TOWNSHIP
(P. O. Ecorse), Mich.—BOND OFFERING—
Jesse J. Pettijohn, Township Clerk, will receive sealed bids until 8 p. m. on
Jan. 6, for the purchase or $146,000 not to exceed 4% interest refunding
bonds.
Dated Jan. 15, 1937.
Due July 15 as follows:
$10,000 from 1938
NATIONAL BANK
WHITNEY
One bond for
ORLEANS, LA.
NEW
Bell Teletype N.
Raymond 8409
O. 183
MISSISSIPPI
DISTRICT (P. O. Cleveland), MUa.
Supervisors, states
governing body, the Board of Super¬
visors, is calling for payment on Feb. 1, 1937, at the Central Hanover
Bank & Trust Co. of New York City, a total of $116,000 6% refunding
DUNCAN SEPARATE ROAD
—BOND
CALL—E. B. Nelson, Clerk of the Board of
that the district, acting through its
1, 1936.
bonds, dated Feb.
PHILADELPHIA, Miss.—BOND ELECTION—& special election has
been called for Jan. 9 to vote on the issuance of $35,000 in grammar school
building bonds, to be used in connection with a Federal grant of $28,336,
according to report.
1940, incl.; $30,000 from 1941 to 1943, incl. and $26,000 in 1944.
Prin¬
cipal and interest (J. & J. 15) payable at the Ecorse Savings Bank, Ecorse.
certified check for $1,000 must accompany each bid.
Township will
furnish approving legal opinion of Miller, Canfield, Paddock & Stone of
to
Markets in all State, County
Detroit.
(The township recently called for redemption on Jan. 15, 1937,
6% refunding bonds of 1934.)
& Town Issues
$149,500
GRANDVILLE, Mich.—BOND SALE—The $11,000 4% bonds offered
Dec. 28—V. 143, p. 4040—were awarded to Crouse & Go. of Detroit
plus a premium of $251, equal to 102.28, a basis of about 3.54%.
SCHERCK, RICHTER COMPANY
on
at par
LANDRETH BUILDING, ST.
The sale consisted of;
extension bonds.
Due $1,000 annually on Dec. 1 from 1938
to 1946, inclusive.
2,000 street improvement bonds.
Due $500 annually on Dec. 1 from
1938 to 1941, inclusive.
$9,000
BONDS
MISSOURI
A
LOUIS, MO.
sewer
1936.
A bid of par plus a premium of
$129.80 was made by McDonald, Moore & Hayes of Detroit, while an
offer of par was received from the Old Kent Bank.
Each
issue
is
dated
Dec.
1,
LAWTON, Mich.—BOND OFFERING—Sealed bids will be received by
Abe Kole, Village Clerk, for the purchase of an issue of $10,850 not to
exceed
4% interest special assessment sanitary sewer system bonds.
Date of sale
is not given.
Bonds will be dated Jan. 15, 1937 and mature $2,170 on
Jan. 15 from 1938 to 1942, incl.
Registerable as to principal only and
principal and interest (J. & J. 15) at the Village Treasurer's
office or, at holder's option, at the First National Bank of Lawton.
The
bonds will also be secured by the full faith and credit of the village.
A
certified check for 2% of bid price must accompany each proposal.
Pro¬
posals must be made subject to the approving opinion of Miller, Canfield,
payable
as to
Paddock & Stone of Detroit.
NILES
(CITY AND TOWNSHIP) SCHOOL DISTRICT NO.
1
(P. O. Niles), Mich.—BOND OFFERING—Sealed bids will be received at
the Superintendent's office until 7 p. m. (Eastern Standard Time) on Jan. 11
for the purchase of $50,000 not to exceed 3% interest refunding bonds, due
$5,000 annually from 1938 to 1947, incl.
Successful bidder to furnish legal
opinion and pay for printing of the bonds.
OWOSSO, Mich.—NOTE SALE—The issue of $48,000 general tax
anticipation notes offered on Dec. 21—V. 143, p. 4040—was awarded as
3^8 to Crouse & Co. of Detroit.
Dated Dec. 15, 1936.
Due $31,000 on
Sept. 25, 1937 and $17,000 Aug. 15. 1938.
SPRING LAKE, Mich.—BONDS VOTED—By a vote of 194 "for" to 17
"against," the taxpayers on Dec. 7 approved a proposal tp issue $22,000
municipal building bonds.
Northwestern
MISSOURI
CONSOLIDATED
SCHOOL DISTRICT, Mo.—
VOTED—At a recent special election a bond issue of $22,000 for construc¬
tion of an auditorium was approved by the voters.
ARCHIE
5.
Jan.
JACKSON COUNTY (P. O. Independence),
—It is stated by
Mo.—BOND OFFERING
John B. Pew, County Counselor, that the county expects
office of Truston W. Kirby, County Treas¬
to receive bids on Jan. 4 at the
for the purchase of bonds aggregating $2,761,300,
$2,465,000 funding, and $296,300 refunding bonds.
urer,
divided as follows:
LADUE DEER
CREEK SANITARY DISTRICT (P. O. Clayton)
Mo.—BOND OFFERING—It is reported that sealed bids will be received
until Jan. 4, by the District Secretary,
exceed 2)4% semi-ann. sewer bonds.
These bonds were
for the purchase of $275,000 not to
approved by the voters at the election held on
Dec. 4—
V. 143, p. 3355.
SANITARY DISTRICT (P. O. St. Louis), Mo.—
BONDS VOTED—At an election held on Dec. 18 the voters approved the
issuance of $170,000 in sewage system bonds by a count of 449 to 84.
The
bonds will be used to secure the loan portion of a Public Works
Admin¬
istration project.
LEMAY FERRY
MARCELINE, Mo.—BOND SALE—The City Council has sold
3% Musselfork pipeline bonds to the Commerce Trust Co.
plus a premium of $690, equal to 101.38.
$50,000
of Kansas City
at par,
MONTANA
BILLINGS, Mont.—BOND CALL—The City Treasurer is said to be
calling for payment at his office on Jan. 1, 1937, on which date interest
shall cease, various special improvement district bonds.
Municipals
SCHOOL
COUNTY
FERGUS
DISTRICT
NO.
1
(P.
O.
Lewis-
Mont.—BOND OFFERING—Louis Eager, District Clerk, will
m. Jan. 15, for the purchase of $28,000 refunding
bonds, to be issued on the amortization plan.
Minnesota, North and South Dakota, Montana,
town),
receive bids until 8 p.
Oregon, Washington
GLASGOW, Mont.—BONDS VOTED—The voters have approved a
$24,000 bond issue to help finance construction of a civic center and a
swimming pool.
WELLS-DICKEY COMPANY
Teletype—Mpls287
Telephone—Minneapolis Atlantic 4201
$63,000
scheduled for
CLAYTON, Mo.—BOND ELECTION—A proposition to issue
city hall and garage bonds is to be voted upon at an election
HAVRE, Mont.—BOND CALL—H. F. McMaster, City Treasurer, is
to be calling for payment on Jan. 1, a total of $16,400 in special
said
improvement district bonds.
MINNESOTA
..BIRD
ISLAND
VOTED—;At
SCHOOL
election
an
held
on
gymnasium-auditorium bonds
CLOVER
(P.
O.
DISTRICT
was
Dec.
14
a
JUDITH
No.
64,
Minn.—BONDS
proposition to issue $28,000
approved by the voters.
Hobson),
mature on the amortization
on
any
plan.
submitted the only other bid, $1,003, for
Minn.—BOND OFFERING—It
is
reported that sealed bids will be received until 2 p. m. on Jan. 2, by Leo
Brisbois, Town Clerk, for the purchase of a $6,000 issue of 3% semi-ann.
refunding, series B bonds.
Dated Dec. 1, 1936.
Due on Dec. 1, 1956.
callable
DISTRICT NO. 25 (P. O.
$14,850 school building bonds
bid of par for 3 Ma, will
Sidlo, Simons, Roberts & Co. of Denver
SCHOOL
COUNTY
BASIN
Mont.—MATURITY—The
awarded to the State Land Board on Dec. 21 on a
4Ha.
Mahnomen),
MUNICIPAL
NEBRASKA
interest payment date.
BONDS
OMAHA, DOUGLAS COUNTY, LINCOLN
AND OTHER NEBRASKA ISSUES
PRIOR LAKE, Minn.—BOND SALE—The $1,000 issue of 5% semi-ann.
bonds offered for sale on Dec. 28—V. 143, p. 4193—was
fire equipment
purchased by the Prior Lake State Bank, paying
equal to 101.15, according to the Village Clerk.
,
FERGUS
indebtedness
FALLS,
Minn.—CERTIFICATE
the amount of
National Bank & Trust Co.
in
GRANGER
COMMON
a
premium of $15.00,
SALE—Certificates
SCHOOL
DISTRICT
SCHOOL DISTRICT,
NO.
a
T1^ 9,?*' anc* t^ie First National Bank & Trust Co., all of Minneapolis,
the First National Bank of St. Paul, paying a premium of $2,500,
equal to 101.35, a basis of about 2.83%.
Dated Feb. 1, 1937.
Due from
July 1, 1942 to 1948.
and
^P.
O.
COUNTIES
CONSOLIDATED
£ original bonds, according to the District Clerk.
on
any
Due on Jan. 1, 1966,
interest payment date.
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
3
(P. O. Pine City), Minn.—BOND SALE DETAILS—It is reported by the
District Clerk that the $18,000 school bonds purchased by the State of
Minnesota,
noted here recently—V.
mature in 1956.
as
143,
p.
4040—were sold as 3s and
PINE CITY, Minn.—BOND ELECTION—An election will be held on
4 at which a proposal to issue $16,500 sewage disposal plant bonds
will be voted upon.
Jan-
CAMPBELL, Neb.—BOND SALE DETAILS—It is now reported
Village Clerk that the $6,500 water works bonds
p.
passed
by the
purchased by the Mortgage
noted in these columns recently—V. 143,
4193—were sold as 4s at par, and mature in 1956, optional after
five years.
Neb.—BONDS AUTHORIZED—The City Council
reported to have provided for the issuance of $58,500 in refunding bonds.
CLAY CENTER,
MARYSVILLE
DISTRICT, Neb.—BONDS VOTED— At a
of the district voted 796 to 332 in favor of the
high school building bonds.
SCHOOL
recent election the residents
issuance
of $104,775
NEW
SCHOOL
Borup), Minn.—BOND EXCHANGE—The
$35,000 issue of 3% semi-ann. refunding, series B bonds that was scheduled
for sale on Dec. 26—V. 143,
p. 4040—was exchanged with the holders of
callable
NEBRASKA
Investment Co. of Hastings, as
ITASCA COUNTY SCHOOL DISTRICT No. 1
(P. O. Grand Rapids),
Minn.—-BONDSALE—The $185,000 issue of 3% semi-ann. school building
bonds offered for sale on Dec. 12—V. 143, p. 3671—was purchased by a
group composed of the Wells-Dickey Co., the Northwestern National Bank
CLAY
A. T. & T. Teletype OMA 81
BLAIR, Neb.—BONDS AUTHORIZED—An ordinance has been
authorizing the issuance of $28,000 refunding bonds.
Minn.—BOND ELECTION—
School Board has decided to call an election for Jan. 19 at which
proposal to issue $175,000 school building bonds will be voted upon.
66
OMAHA
First National Bank Bid*-
130
The
No.
OF
$1,031.60 have been sold to the Fergus Falls
(P.
O.
Granger), Minn.—BOND OFFERING—Harold Sikkink, District Clerk,
will receive bids until 1 p. m. Jan. 9, for the purchase of $4,000 bonds.
Denom. $200 and $300.
Certified check for 5%, required.
DISTRICT
THE NATIONAL COMPANY
of
HILLSBOROUGH
HAMPSHIRE
COUNTY
(P.
O.
Manchester),
N.
H.—LOAN
Sheehan, County Treasurer, will receive sealed
bids at the Manchester Trust Co., Manchester, until 2 p. m. on Jan. 5
OFFERING—Thomas
for
F.
of $300,000 notes due Dec. 7,
that 1936 taxes are 100% paid.
the purchase at discount
Treasurer reports
1937.
The
NASHUA, N. H.—LOAN OFFERING—Sealed bids will be received by
purchase at discount of
$200,000 notes, payable $100,000, respectively, on Dec. 2 and Dec. 15,1937.
the City Treasurer until 10 a. m. on Jan. 5 for the
NEW HAMPSHIRE
borrowed
Shawmut
$1,000,000
Bank
expenditures.
of
(State of)— BORROWS $1,000,000—The State has
for 90 days at 0.20% interest from the National
to reimburse the treasury for flood damage
Boston
/
138
Financial
Chronicle
Jan. 2, 1937
of the
Township of North Bergenlbondholders committee and William O.
O'Keeffe, representing a group of insurance companies, including Metro¬
politan Life, Aetna, John Hancock and Colombian Life Ins. Co. of Boston.
H. LAui
New
& Company
Jersey
PILES GROVE TOWNSHIP SCHOOL DISTRICT (P. O. Woodstown), N. J.—BOND OFFERING—P. LeGrande Wriggens, District Clerk,
will receive sealed bids until 7 p. m., on Jan. 13 for the purchase of $160,000
ipal Bonds
2%, 3, ZM
or 3H% coupon or registered school bonds.
Dated Jan. 1,
1937.
Denom. $1,000Due Jan. 1, as follows: $6,000, 1938 to 1943 incl.;
$9,000,1944 to 1956 incl. and $7,000 in 1957.
Prin. and int. J. & J. payable
at the First National Bank, Woodstown.
A certified check for 2% must
accompany each proposal.
Legal opinion of Hawkins, Delafield & Long¬
fellow of N. Y. City will be furnished the successful bidder.
'or 2-7333
Telephoi
A.T.&T.
N.Y. 1-528
New York
100 Broadway
RARITAN, N. J.—BONDS AUTHORIZED—The Board of Com¬
missioners has given final approval to two ordinances which authorize the
issuance of a total of $145,000 bonds for a sewage disposal plant and in¬
cinerator.
MUNICIPAL BONDS
New Jersey and General Market Issues
SOMERVILLE,
will offer for sale
yearly for
B. J. Van
•T
WILLIAM
k.
T
Sc.
STREET, N. Y.
T.:
N
Telephon
1-730
Y
the 25th
Ingen & Co. Inc.
s
N.
an
J.—BOND OFFERING—On Jan.
$6,000 yearly for the next 12
years,
the borough
Due $4,000
and $3,000 in
1
RIVER,
N.
J.—BOND
OFFERING— George
Borough Clerk, will receive sealed bids until 8
John 4-8S64
11
issue of $123,000 disposal system bonds.
years,
year.
SOUTH
m.
p.
on
A.
Bowen,
Jan. 11 for the
Surchse of $120,000 not to exceed 6% interest coupon or $5,000 annually
onds.
Dated Jan.
1,
1936.
Denom. $1,000.
Due registered sewer
Market 3-3124
Newark Tel.:
12
on
Jan.
1
from
1938
to 1961, incl.
Interest rate to be expressed in a
l-10th of l07".
Principal and interest (J. & J.) payable
South River.
The Security Bank Note Co
of Philadelphia will prepare the bonds and certify as to genuineness of
signatures of municipal officials and seal impressed on the obligations.
Bids are asked on bidding forms to be furnished by the note company
or the Borough Clerk.
A certified check for 2% of the amount of bonds
bid for, payable to the order of the borough, must accompany each proposal.
The approving opinion of Caldwell & Raymond of New York City will
multiple of
at the
$134,000 Borough of Roselle Park, N. J.
Ref. 3% Bonds, due Dec. 1, 1938-53
To yield 1.50% - 3.00%
Colyer, Robinson $ Company
First
or
National Bank,
be furnished the successful bidder.
INCORPORATED
1180
Raymond Blvd., Newark
New York Wire:
NEW
MArket 3-1718
REctor 2-2055
NWRK
NEW
SCHOOL DISTRICT NO. 1 (P. O.
Mex.—PRICE PAID—It is reported by the County
Treasurer that the $58,500 4% semi-ann. refunding bonds purchased by
Bosworth, Chanute, Loughbridge & Co. of Denver, as noted in these
columns in November—V. 143, p. 3189—were sold at par.
Due from
Nov. 1, 1937 to 1946.
Alamogordo),
U
JERSEY
ALLENHURST, N. J.—NOTE SALE—The issue
of $30,000 emergency
143, p. 4041—was awarded to Van Deventer,
Spear & Co. of Newark, as 3^s, at a price of 100.03, a basis of about
3.495%.
Dated Dec. 1, 1936 and due $3,000 annually on Dec. 1 from 1937
notes offered on Dec. 28—V.
to*1946 incl.
Other bids
Callable at par
were
on
any
interest date
60
on
days' notice.
follows:
as
Bidder—
Int. Rate
Colyer, Robinson & Co
Allenhurst Bank & Trust Co
H. B. Boland & Co
BLOOMFIELD,
N.
Premi
3^%
4H%
5%
J.—BOND
SALE—Award
of
75.00
2%
or registered emergency relief bond issue offered on
Dec. 30—
V. 143. p. 4194—was made to the Bloomfield Bank & Trust Co. of
Bloom-
coupon
field, which bid $75,280 for $74,000 bonds, equal to 101.729, a basis of
about 1.58%.
Dated Dec. 15, 1936.
Due $10,000 yearly on Dec. 15
1937 to 1943, and $4,000 Dec. 15, 1944.
Other bidders, all asking
for 75 bonds, were:
from
\mName—
Price Bid
Ira Haupt & Co., New York
& Co., New York
Kean, Taylor & Co., New York
Minsch, Moneil & Co., New York
MacBride, Miller & Co., Newark
$75,756.00
A. C. Allyn
75^690.00
75,679.20
75,142 59
75,115.50
-
CLOVIS, N. Mex.—BOND ELECTION— An election is
Jan.
11, for the purpose of voting
hospital bonds.
BRIDGANTINE, N. J.—NO DISSENTS TO REFUNDING PLAN—
L. W. Schenck, City Clerk, in a letter sent to George C.
Skillman, Secre¬
tary of the Municipal Finance Commission, stated that Robert Wright of
Haddonfield, N. J., has filed an affidavit with the
city stating that
or
notes
no
of
approval of the
commission in October.
At that time, the commission announced that it
would withhold its approval pending official announcement from the
city
that all creditors had been advised of the
refunding plan and that no
objections to its terms had been made by any creditor. Aside from ordering
the inclusion of Mr. Schenck's letter in the minutes of the Dec.
18 meeting,
the commission made no official comment on either the communication or
the plan of refunding.
Jan. 8 was set as the date for a
hearing by the
outstanding debt and other matters
pertaining thereto.
Record of defaults by the city, at the close of Novem¬
ber, as recorded by the municipal commission, follows:
commission
to
determine
the city's
Defaults—
Tax
bonds
notes,
Temporary
notes,
Permanent bonds
bonds.__
Interest...
Month
$128,596.83
938,982.25
86,536.34
374,197.76
SANTA ROSA
Santa Rosa), N.
MUNICIPAL
The lowest rate of interest at which the bidder will purchase said
(a)
bonds at par, or
The lowest rate of interest and premium, if any, above par at which
such bidder will purchase said bonds.
None of such bonds will be sold at less than par and accrued interest at
(b)
the date of delivery to the purchaser, nor will any discount or commission
be allowed or paid on the sale of such bonds.
Only unconditioned bids will
be considered and the right is reserved to reject any or all bids.
NEW
$29,536.33
BUFFALO, N. Y.—BOND OFFERING—William A. Eckert, City
Comptroller, will receive sealed bids until 10 a. m. on Jan. 5 for the pur¬
6% int. bonds, divided as follows:/
$2,000,000 work relief and (or) home relief bonds.
Due $200,000 annually
on Jan. 15 from 1938 to 1947, incl.
500,000 city contribution-relief project bonds.
Due $50,000 annually
on Jan. 15 from 1938 to 1947, incl.
chase of $2,500,000 not to exceed
All of the bonds will be dated Jan. 15. 1937.
Bidder must name a single
on the entire $2,500,000 bonds, expressed in a
multiple of
or
int. rate
1-10th of 1 %.
Prin. and int. (J. & J. 15) payable at the City Comptroller's
office, or at the Central Hanover Bank & Trust Co., New York City, at
the option of the holder.
Coupon bonds, fully registerable, will be issued
in denoms. of $1,000 and may be exchanged for bonds of
$1,000 or
registered as to prin. and int., at the option of the holder.
A
certified check for $50,000, payable to the order of the
City Comptroller,
each proposal.
Broadway, New York
(preferred place to be specified in bid) on or about Jan. 15,
bonds are eligible for Postal Savings Deposits.
CANISTEO,
VILLE
1937.
The
AND
HARTSVILLE,
GREENWOOD
NEW PROVIDENCE TOWNSHIP
(P. O. Berkeley Heights), N. J.
Township
$84,000 not
registered refunding bonds of 1936. Dated
—BOND OFFERING—Sealed bids addressed to W. C.
Russo,
Clerk, will be received until 8 p. m. on Jan. 6, for the purchase of
to exceed 4 % interest coupon or
19^6Denom. $1,000.
Due Dec. 1 as follows:
$4,000, 1937:
$5,000 from 1938 to 1941, incl. and $6,000 from 1942 to
1951, incl. Prin¬
cipal and interest (J. & D.) payable at the Summit Trust
Co., Summit,
or at the New York Trust
Co., New York City.
Rate of interest to be
expressed in multiples of % of 1%.
A certified check for 2% must accom¬
pany each proposal.
Legal opinion of Hawkins, Delafield & Longfellow
of New York City will be furnished the successful
bidder.
BERGEN
TOWNSHIP, N. J.—REF UNDING PLAN AP¬
refunding plan for the township recently prepared
by a
creditors group has been approved by the New
Jersey Municipal Commis¬
sion and by the Board of Commissioners of the
Township of North Bergen
according to W.E. Wetzel, Chairman of the Conciliation Committee formed
PROVED—A
year ago.
The creditors group, which represents
approximately 75% of the town¬
ship's creditors, is composed of Mr. Wetzel, Theodore
Furman, President
of the Seaboard Trust Co. of Hoboken, N. J.; Edwin H.
Barker. Chairman
HOWARD,
CENTRAL
JASPER,
SCHOOL
HORNELLSDISTRICT NO. t
(P. O.
chase
Canisteo), N. Y.—BOND OFFERING—Sealed bids for the pur¬
of $300,000 not to exceed 5% interest
coupon or registered school
building bonds will be received by Donald M.
Gardner, District Clerk,
until 3 p. m. (Eastern Standard Time) on Jan. 8.
The bonds will be dated
Jan. 1, 1937.
Denom. $1,000.
Due Jan. 1 as follows: $9,000, 1940 to
1944 incl.; $H0,000, 1945 to 1949 incl.; $11,000, 1950 to 1954
incl.; $12,000
from 1955 to 1960 incl., and $13,000 from 1961 to 1966
incl.
Bidder
to
name
a
single interest rate
on all of the bonds, expressed in a
multiple of
Principal and interest (J. & J.) payable at the First
exchange, or at the Chase National
Bank, New York City, at the option of the holder.
The bonds are direct
general obligations of the school district, payable from unlimited taxes.
The district was duly organized and established
pursuant to Article 6-B
M
or
l-10th of 1%.
State Bank, Canisteo, with New York
of the Education law of the State of New
posals must be accompanied by
the
order
of
Gerald
Talbot,
will be furnished with the
water of New
York City.
BRUNSWICK, N. J.—BOND EXCHANGE—An
The approving legal opinion of Caldwell
& Raymond of New York City will be furnished the successful
bidder.
Bonds will be delivered to the purchaser at the
City Comptroller's office
or at the Central Hanover Bank & Trust
Co., 70
$1,557,849.51
issue of $225,000
% refunding bonds has been exchanged for an equal amount of
floating
a
YORK
BALDWINSVILLE, N. Y.—BOND SALE—The $75,000 coupon or
registered sewer bonds offered on Dec. 29—V. 143, p. 4042—were awarded
to the Bancamerica-Blair Corp. of New York on a Did of 100.13 for
2.40s,
a basis of about 2.39%.
Rutter & Co. bid 100.35 for 2.60s and A. C. Allyn
& Co., 100.299 for 2.80s.
Dated Dec. 1, 1936.
Due on Dec. 1 as follows:
$4,000 from 1938 to 1955; and $3,000 in 1956.
must accompany
MORRISTOWN, N. J.—BOND OFFERING—Nelson S. Butera, Town
Clerk, will receive bids until 8:15 p. m. Jan. 12, for the purchase of $125,000
improvement funding bonds of 1936. Bidders are to name rate of interest
in a multiple of H%, but not to exceed 4%.
Denom. $1,000.
Dated
Jan. 1, 1937.
Principal and semi-annual interest (Jan. 1 and July 1;
payable at the First National Bank of Morristown.
Due July 1 as follows:
$5,000, 1937 to 1941; and $10,000, 1942 to 1951.
Certified check for 2%,
required.
Approving opinion of Hawkins, Delafield & Longfellow of New
York will be furnished by the town.
about
DISTRICT NO. 8 (P. O.
OFFERING DETAILS— In connection
ann. school bonds, notice of which was given in
these columns recently
—V. 143, p. 4194—we give herewith the following additional Information:
Each bidder must submit a bid specifying:
Month
$128,596.83
938,982.25
116,072.67
374,197.76
$1,060,000 3^% general refunding bonds. Due June 1 as follows: $75,000
in 1944 and 1945, and $70,000 from 1946 to 1958
inclusive.
560,000 3H% general refunding bonds.
Due $70,000 on June 1 from
1959 to 1966, inclusive.
Dated Dec. 1,1936.
Denom. $1,000. Interest payable J. & D. Legality
approved by Hawkins, Delafield & Longfellow of New York City.
NORTH
SCHOOL
Mex.—BOND
thereof,
CAMDEN, N. J.—BOND SALE—The syndicate headed by Lehman
Bros, of New York wbich was awarded on Dec. 10 an issue of
$3,000,000
refunding bonds as 3 >£8, at a price of 95.003, also purchased privately on
Dec. 17 the following additional bonds, aggregating $1,620,000:
2
to be held on
of issuing $56,000
with the offering for Jan. 20 of the $20,000 issue of not to exceed 4% semi-
Balance
End Of
Added
$1,528,313.18
NEW
question
multiples
Defaults
Beginning
the
CURRY COUNTY RURAL SCHOOL DISTRICT
(P. O. Clovis),
N. Mex.—BOND SALE—An issue of $42,500 refunding bonds has been
Seated
BOGOTA SCHOOL DISTRICT, N. J.—BOND OFFERING—
bids addressed to the District Clerk will be received until 8
p. m. on Jan. 12
the purchase of $36,000 not to exceed
4}4% interest school bonds.
Legal opinion of Reed, Hoyt & Washburn of New York City.
for
dissents have been received from any known holder of bonds
the city to the plan of refunding which was submitted for
on
m
Par
$75,000
N.
sold to the Clovis National Bank and the Citizens Bank of Clovis.
$113.10
the
MEXICO
ALAMOGORDO MUNICIPAL
A. T. & T. Teletype
FIELD,
VETERAN
a
York,
on
Oct.
18,
certified check for $6,000.
1935.
Pro¬
payable to
District Treasurer.
The successful bidder
approving legal opinion of Clay, Dillon & Vande-
HECTOR, CAYUTA, NEWFIELD, EN¬
AND VAN ETTEN (TOWNS OF) CENfRAL
DISTRICT NO. 1 (P. O.
Odessa), N. Y.—BOND OFFERING
—Sealed bids for the purchase of $190,000 not to exceed
5% interest coupon
or registered school bonds will be received
by G. Howard Goold, District
Clerk, until 3 p. m. (Eastern Standard Time) on Jan. 7.
The bonds will
be dated Jan. 1, 1937.
Denom. $1,000.
Due Jan. 1 as follows: $6,000,
1939 to 1944 incl.; $7,000, 1945 to 1949 incl.; $8,000, 1950 to 1956
incl.,
and $9,000 from 1957 to 1963 incl.
Bidder to name a single interest rate
on the issue, expressed in a multiple of
or l-10th of 1%.
Principal and
SCH06L
interest
(J. & J.) payable at the First National Bank, Odessa, with New
exchange.
The bonds are direct general obligations of the school
payable from unlimited taxes.
A certified check for $3,800,
payable to the order of Lloyd Underdown, District Treasurer, must accom¬
pany each proposal.
The district was duly organized and established pur¬
York
district,
v
suant
to
Article 6-B of the Education Law of the State of New York
on
April 29, 1936.
The successful bidder will be furnished with the approving
legal opinion of Clay, Dillon & Vandewater of New York City.
CATO, N. Y.—BOND SALE—The $40,000 coupon or registered water
bonds offered on Dec. 28—V. 143, p. 4194—were awarded to Roosevelt &
Weigold of New York, as 3Ks, at par, plus a premium of $172, equal to
100.43, a basis of about 3.22%.
E. H. Rollins & Sons of New York offered
a premium of $152 for 3.40s.
Dated Jan. 1, 1937.
Due on Jan. 1 as fol¬
lows: $1,000 from 1940 to 1973, and $1,500 from 1974 to 1977.
Volume
CHERRY
Financial
144
VALLEY,
Y.—BOND
N.
OFFERING—Henry
S.
Coats,
Village Clerk, will receive sealed bids until 3 p. m. on Jan. 4 for the purchase
of $13,500 not to exceed 5% interest coupon or registered water system
bonds.
Dated Jan. 1, 1937.
One bond for $500, others for $1,000.
Due
July 1
follows:
$1,000 from 1939 to 1951 incl., and $500 in 1952.
Rate
of interest to be expressed in multiples of XA or l-10th of 1%.
Principal
and interest (J. & J.) payable at the Otsego National Bank, Spring Valley.
A certified check for $675, payable th the order of the village, must accom¬
pany each proposal.
as
■CROTON-ON-HUDSON,
improvement bonds offered
to the Marine Trust Co.
of about 1.72%.
N.
on
Y.—BOND SALE—The $15,000 street
Dec. 30—V. 143, p. 4195—were awarded
on a bid of 100.091 for 1.70s, a basis
of Buffalo
Due serially
on
Jan. 1 from 1938 to 1942, inclusive.
coupon
or
on Dec. 29—V. 143, p. 4195—was awarded
to the Manufacturers & Traders Trust Co. of Buffalo ,as 2.70s, at par plus
registered school bonds offered
a premium of $59.85,
equal to 100.39, a basis of about 2.65%.
Dated
Jan. 1, 1937 and due $1,000 annually on Jan. 1 from 1939 to 1953, incl.
A
bid of 100.199 for 3s was made by A. C. Allyn & Co., Inc., of New York.
Other bids were
as
■1YONKERS, N.1Y.—BOND SALE—The $1,100,000 debt equalization
bonds offered
on
Int. Rate
Co., Inc. and Schlater, Noyes & Gardner, Inc., all of New York, as
2^s, at a price of 100.278, a basis of about 2.73%. The bonds, designated
series of 1936, will mature on Dec. 1 as follows: $1,000, 1943 to 1945 incl.;
$2,000, 1946; $65,000, 1947 and 1948; $80,000, 1949; $95,000, 1950 to
1953 incl.; $80,000, 1954; $75,000, 1955; $70,000, 1956; $65,000, 1957 to
1959 incl.; $45,000 in 1960, and $40,000 in 1961.
A syndicate headed by
E. H. Rollins & Sons, Inc. of New York submitted the second high bid of
100.228 for 2.80s.
Others in the account were A. O. Allyn & Co., Inc.,
Hemphill, Noyes & Co., Rutter & Co., all of New York, Schoellkopf,
Hutton & Pomeroy, Inc., Buffalo, and Granberry, Safford & Co. of New
YONKERS, N. Y.—BONDS PUBLICLY OFFERED—Re-offering was
by the bankers at prices to yield 2.25 to 2.75%, according to maturity.
are legal investments for savings banks and trust funds in New
York State.
In the opinion of counsel the bonds are general obligations
of the city, payable from unlimited taxes.
Assessed valuation for 1937 is
officially reported as $314,895,650.
Net bonded debt at the conclusion of
made
The bonds
this financing will
2.70%
21.96
87.00
30.45
21.45
29.85
-
3%
Par
Dec. 30—V. 143,
on
p.
coupon or regis¬
4195—were awarded to Blyth
& Co., Inc. and Kean, Taylor & Co., both of New York, jointly, as 2.30s,
price of 100.43, a basis of about 2.27%.
The sale consisted of:
$377,000 sewer improvement bonds of 1936. Due Jan. 1 as follows: $13,000
from 1939 to 1947 incl.; $12,000, 1948 to 1957 incl.; $15,000 from
1958 to 1966 incl. and $5,000 in 1967.
150,000 public improvement bonds.
Due Jan. 1 as follows: $7,000 from
1938 to 1947 incl. and $8,000 from 1948 to 1957 incl.
Each issue is dated Jan. 1, 1937.
at a
I SLIP (P. O. I slip), N. Y .—BOND OFFERING—Roy E. Pardee, Town
Clerk, will receive sealed bids until 3 p. m. on Jan. 12 for the purchase of
$308,200 not to exceed 5% interest coupon or registered bonds, divided,
follows:
$300,000 unlimited tax, general obligation public works bonds issued to
finance purchase of materials and equipment for various projects.
Denom. $IS000. Due Jan. 1 as follows: $30,000 from 1939 to 1944
incl. and $40,000 from 1945 to 1947 incl.
8,200 Brentwood Water District Extension No. 1 bonds issued to finance
construction of water supply system in said extension.
One bond
for $700, others $500 each.
Due Jan. 1 as follows: $700 in 1940
and $500 from 1941 to 1955 incl.
Although general obligations of
the town, the bonds are payable primarily from taxes to be levied
on the several lots or parcels of land in the aforementioned ex¬
tension.
If not paid from such taxes, all of the town's taxable
property will be subject to the levy of unlimited ad valorem taxes
to provide for payment of both principal and interest of the bonds.
Each issue is dated Jan. 1, 1937. Bidder to name one rate of interest on
„il of the bonds, expressed in a multiple of K or 1-10 of 1 %. Principal and
(J. & J.) payable at the First National Bank of East Islip, with
A certified check for $6,000, payable to the order of
the town, is required. Approving opinion of Clay, Dillon & Vandewater of
New York will be furnished the successful bidder.
interest
New York exchange.
JOHNSON CITY, N. Y.—BOND SALE—The $35,000 coupon or regis¬
tered general improvement bonds offered on Dec. 28—V. 143, p. 4043—
were awarded to the Workers Trust Co. of Johnson City, as l^s, at par.
Slus a premiumYork offered $40 premium a basis of about 1.46%. 1,Rutter
Co. of New of $41.65, equal to 100.119, for 1 ^s.
Dated Jan.
1937.
:
a
Due
on
July 1
as
follows:
$8,000 in 1938; and $9,000 from 1939 to 1941.
LONG BEACH, N. Y.—BOND SALE— The issue of $200,000 coupon or
registered land purchase bonds offered on Dec. 24—V. 143, p. 4043—was
awarded as 6s, at par, to Long Beach on the Ocean, Inc. of Long Beach.
Dated Jan. 15, 1937, and due $20,000 on Jan. 15 from 1938 to 1947, incl.
Callable at par and accrued interest on any interest date prior to maturity.
Dated Jan. 15, 1937.
Denom.
1938 to 1942 incl. Bidder
expressed in multiples of
M or 1-10 of 1%.
Principal and interest (J. & J. 15) payable at the Union
Trust Co., Rochester, or at the Marine Midland Trust Co., New York
City.
A certified check for $15,100, payable to the order of the county,
must accompany each proposal.
The approving opinion of Clay, Dillon
& Vandewater of New York City will be furnished the successful bidder.
The bonds are general obligations of the county, payable from unlimited
taxes.
They are being issued to renew an equal amount of tax anticipation
notes, dated July 20, 1936.
changeable; denoms.
any multiple of $10.
Federal and New
$1,000 for coupon bonds, or in registered form in
The obligations, in addition to being exempt from
or
York State income taxes, are also exempt from any tax
of the City of New York.
Proposals may be conditioned upon "opinion of
recognized municipal bond attorney as to validity of issuance" of the
corporate stock.
Each bid must be accompanied by a certified check for
2% of the bonds bid for, payable to the order of the City Comptroller. No
special form of proposal is required to be used in submitting a bid.
Con¬
ditions of sale include the following:
It is required by the Charter of the City that in making proposals "every
bidder may be required to accept a portion of the whole amount therefor
bid by him at the same rate or proportional price as may be specified in
his bid; and any bid which conflicts with this condition shall be rejected;
provided, however, that any bidder offering to purchase all or any part of
the bonds offered for sale at a price at par or higher
may also offer to
purchase all or none of said bonds at a different price, and if the Comptroller
deems it to be in the interests of the City so to do, he may award the bonds
to the bidder offering the highest price for all or none of said bonds; provided,
however, that if the Comptroller deems it to be in the interests of the City
so to do, he may reject all bids."
Under this provision, the condition that
the bidder will accept only the whole amount of bonds bid for by him, and
not any part thereof, cannot be inserted in any bids, except those for "all
or none" offered by bidders who have also bid for "all or any part" of the
bonds offered for sale.
The "highest price" will be determined by the bid
which indicates the lowest (net) interest cost to the City, i.e. the total
interest over the entire period, less premium bid if any.
C —REPORT
and
CHOWAN
COUNTY
(P.
CRAVEN
PLAN
VALLEY, N. Y.—BOND OFFREING—Frank M. Eckerson,
Village Clerk, will receive bids until 3 p. m. Jan. 4 for the purchase at not
general obligation, unlimited tax, fire
less than par of $15,000 registered,
equipment bonds.
Bidders are to name rate of int., in a multiple of M%
1-10%, but not to exceed 6%.
Denom. $1,000.
Dated Feb. 1, 1937.
Prin. and semi-ann. int. (F. & A. 1) payable at the Village Treasurer's
office.
Due $3,000 yearly on Feb. 1 from 1938 to 1942, incl.
Certified
check for $300, payable to the Village, required.
Approving opinion of
Clay, Dillon & Vandewater of New York will be furnished by the Village.
or
OF
BOND
REFUNDING
plan
O.
Edenton), N.
C.—MATURITY—It is
COUNTY
(P.
OPERATIVE—The
O.
New
Bern),
bondholders
No.
refunding
Car .—REFUNDING
committee,
of
which
Hugh D. Montgomery is chairman, announces that the agreement providing
for refunding all outstanding obligations of the County has been declared
operative.
The outstanding obligations affected by the plan total $3,873,000, of which more than 87% are represented by the committee.
Other members of the committee are R. A. Bigger, P. K. Robinson and
R. G. Rolston.
W. D. Bradford, 115 Broadway, New York City, is
secretary.
UNIVERSITY OF NORTH CAROLINA—BOND OFFERING—Sealed
Treasurer, at his office
Raleigh, until 11 a. m. on Jan. 9 for the purchase of a $225,000 issue of
4% physical education and dormitory buildings revenue coupon bonds.
Denom. $1,000.
Dated July 1, 1936.
Due on July 1 as follows: $8,000.
1938 to 1940; $9,000, 1941 to 1943; $10,000, 1944 to 1946; $11,000, 1947
to 1949; $12,000, 1950 and 1951; $13,000. 1952; $14,000, 1953 and 1954;
$15,000, 1955 and 1956 and $16,000 in 1957.
Bonds are registerable as to
principal at the option of the holder.
No bid for less than par and accrued
interest will be entertained.
Interest payable J. & J.
The purchaser will
be required to take up and pay for the bonds upon demand after the award.
The approving opinion of Reed, Hoyt & Washburn of New York City,
will be furnished.
These bonds are to be issued pursuant to Chapter 479
bids will be received by Charles M. Johnson, State
in
of the Laws of 1935.
They
are
payable only from the revenues derived from
the said university buildings.
A certified
the bonds must accompany the bid.
check for 2% of the amount of
WINSTON-SALEM. N. C.—BOND SALE—The $655,000 coupon bonds
below, which were offered on Dec. 29—V. 143, p. 4195—were
W. Pressprich & Co. and Mackey, Dunn & Co., both of
York, and the First-Citizens Bank & Trust Co., of Smithfield at par,
the bonds maturing from 1940 to 1953 to bear interest at 3% and those
running from 1954 to 1967, 2%%, making the net interest cost to the
city 2.8054% annually:
described
awarded to R.
New
$490,000 refunding bonds. Due as follows; $20,000,1947 to 1957; $25,000,
1958 to 1963, and $30,000, 1964 to 1967, all incl.
41,000 water bonds.
Due as follows: $1,000, 1940 to 1954 and $2,000.
1955 to 1967.
25,000 sewer bonds.
Due $1,000 from 1940 to 1964 incl.
85,000 street improvement bonds. Due as follows: $3,000, 1940 to 1943;
$4,000, 1944 to 1948; $5,000, 1949 to 1953, and $7,000, 1954 to
1957, all incl.
14,000 general improvement bonds.
Due $1,000 from 1940 to 1953 incl.
Denom. $1,000.
Dated Jan. 1, 1937. All bonds mature as of Jan. l.« -4
OFFERED FOR INVESTMENT—The successful bidders repriced to yield from 1.75%
2.70% on the 3% bonds and from 2.65% to 2.80% on the 2% % bonds.
They are said to be general obligations of the entire city.
1
BONDS
offered the above bonds for general investment,
to
DAKOTA
NORTH
JAMESTOWN, N. Dak.—BOND ELECTION CANCELLED—The City
Auditor states that the Mayor has vetoed the resolution setting an election
for Dec. 29 to vote on the issuance of $97,000 in auditorium bonds as it
would increase the debt limit too greatly.
w
JAMESTOWN, N. Dak.—WARRANT OFFERING—A. R. Thompson,
City Auditor, will receive bids until Jan. 4 for the purchase of $12,135
special improvement warrants.
Certified check for 5%, required.
LANGDON, N. Dak.—BONDS TO BE SOLD—It is stated by the City
Auditor that the $18,000 4% semi-annual water supply bonds
by the voters on July 2, as noted here-r-V. 143, p. 472—will be
by the State Land Department.
RICHARDTON,
N.
approved
purchased
Dak.—BOND SALE— The $10,000 issue of 5%
28—V. 143, p. 4044
semi-ann. water works bonds offered for sale on Dec.
purchased by the Bank of North Dakota, of
1937 to 1956, incl
No other bid was received.
—was
Bismarck.
Due from
(P. O. Rock Lake), N. Dak.—
BONDS SOLD—It is stated by Barbara Putman, District Clerk, that
$4,000 school bonds have been purchased by the State.
ROCK
LAKE SCHOOL DISTRICT
SCRANTON.
N.
Dak.—BOND SALE—The Village Clerk states that
$8,200 4% semi-ann. water system bonds were
State Board of University and School Lands.
purchased at par by the
TOLNA. N. Dak.—BONDS SOLD—It is reported by the Village
that $3,000^village hall bonds were
OHIO
Clerk
purchased by a local bank.
MUNICIPALS
MITCHELL, HERRICK 8 CO.
700 CUYAHOGA
CANTON
AKRON
SCHENECTADY, N. Y.—BORROWS $175,000—A loan of $175,000 at
1%.interest has been made to the city by the Union National Bank of
Schenectady.
SPRING
PROGRESS
ON
sewer
Wilson, at 3>£%, plus a premium of $15.00, as noted here recently—V.
143, p. 3506—are due on May 15, 1937.
registered tax revenue bonds.
troller, will receive sealed bids until noon on Jan. 12 for the purchase of
$50,000,000 corporate stock.
Dated Jan. 1, 1937 and due on Jan. 1, 1977.
Bidder to name one rate of interest on the entire loan, expressed in multiples
of K of 1%.
Bids stating a net yield but not stating a rate of interest will
not be considered.
Interest payable J. &
J. The sale will not add to the
debt of the city, as the proceeds will be used to take up $50,000,000 6%
special corporate stock notes which mature Jan. 25, 1937, the proceeds of
which were used for the following purposes: rapid transit, $38,150,000;
water supply, $7,000,000: docks, $4,850,000.
The $50,000,000 notes to
be paid out of the proceeds of the current offering represent the balance
outstanding of the total of $100,000,000 sold in 1932.
The new issue of corporate stock will be issued in coupon form and inter¬
water
stated by the Clerk of the Board of County Commissioners that the $90,000
bond anticipation notes purchased by the Branch Banking & Trust Co. of
Due $151,000 annually on Jan. 15 from
to name one rate of interest on all of the bonds,
YORK, N. Y.—BOND OFFERING—Frank J. Taylor, City Comp¬
N.
bonds, covered by $107,000' refunding bonds and
$13,718.51 interest funding bonds, has been completed and the bonds
have been exchanged with the exception of $5,000 still outstanding.
$1,000.
NEW
III
PLAN—It is stated by W. E. Fuqua, Town Clerk, that a refunding
for
MONROE COUNTY (P. O. Rochester), N. Y.—BOND OFFERING—
A. Smith, Director of Finance, will receive sealed bids until
a. m. on Jan. 8 for the purchase of $755,000 not to exceed 6% interest
coupon or
page
CAROLINA
NORTH
Clarence
11
on
BURLINGTON, N. C.—MATURITY—It is now reported by the City
Clerk that the $20,000 bond anticipation notes purchased by the Morris
Plan Industrial Bsnk of Burlington, at 4%, as noted here in November—V.
143, p. 3506—mature in four months.
CARY,
HEMPSTEAD, N. Y —BOND SALE—The $527,000
appears
of this issue).
14.10
as
be $31,170,150.
(The official advertisement of the above reoffering
Premium
$35.00
-
bonds offered
Co., Inc., Burr
&
follows:
Bidder—
tered
Dec. 29—V. 143, p. 4195—were awarded to a group com¬
posed of Halsey, Stuart & Co., Inc., B. J. Van Ingen &
York.
DRYDEN AND HARFORD CENTRAL SCHOOL DISTRICT NO. 1
(P. O. Dryden), N. Y.—BOND SALE—The issue of $15,000
139
Chronicle
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
OHIO
(P. O. Jefferson), Ohio—NOTE SALE—
An issue of $50,000 1K % poor relief notes has been sold to Siler, Carpenter
ASHTABULA
COUNTY
& Roose of Toledo.
BEDFORD, Ohio—BOND SALE—The $136,000 general obligation
disposal works bonds for which all bids were rejected on Nov. 15,
sold later as 43^s, at a price of par, to the State Teachers' Retirement
System.
Dated Oct. 1, 1936, and due Oct. 1 as follows: $5,000 from
1938 to 1951, incl., and $6,000 from 1952 to 1962, incl.
sewage
were
140
Financial
Chronicle
BLANCHARD RURAL SCHOOL DISTRICT (P. O.'Dunkirk), Ohio
—BONDS SOLD—An issue of $25,000 school building bonds has been sold
to the State Teachers' Retirement System, Columbus.
CENTERBURG,
Ohio—BOND SALE—An
issue
of
$7,000
4%
Jan. 2, 1937
inations to suit
purchaser.
Due $400 from June 1, 1938 to 1947,
Prin. and int. J. & D. payable at the office of the District Clerk.
PRAIRIE
Ore.—BOND OFFERING—Elizabeth
CITY,
incl.
Kight.
City
Recorder, will receive bids until 7:30 p. m. Jan. 12, for the purchase of
$5,000 5% bonds.
Dated Jan. 2, 1937.
Certified check for 2% of amount
of bonds bid for, required.
first
mortgage water works revenue bonds has been sold to the Public Works
Administration.
Dated Nov. 1, 1935.
Denom. $500.
Payable at the
Knox National Bank, Mount Vernon.
DOVER, Ohio—BOND SALE—An issue of $16,500 4% street improve
been sold to the Sinking Fund Trustees.
Dated Oct. 1,
ment bonds has
1936.
Due as follows: $500, April 1, and $1,000, Oct. 1, 1938; $1,000,
April 1 and Oct. 1 from 1939 to 1945 incl., and $1,000, April 1, 1946.
I RONTON, Ohio—BOND SALE—The $17,000 storm water sewers,
public buildings and park equipment bonds offered on Dec. 30—V. 143,,
p. 4045—were awarded to Saunders, Stiver & Co. of Cleveland, as 2J^s
at par plus a premium of $62.90, equal to 100.34, a basis of about 2.41%.
Dated Jan. 1, 1937 and due Jan. 1 as follows; $3,500 from 1939 to 1942
incl. and $3,000 in 1943.
LIBERTY CENTER,
Ohio—PURCHASER—man, Schwartz & Seufferle
of Cincinnati purchased the issue of $15,000 water works system bonds
on Dec.
19, as previously reported in these columns.
Sale was
awarded
made
3Ms, at par plus a premium of $57.
Saunders, Stiver & Co. of
Cleveland bid par for 3 Ms, while the Liberty State Savings Bank of Liberty
Center offered to pay par for 4s.
as
LYME TOWNSHIP
RURAL
SCHOOL DISTRICT
(P. O. Monroe-
ville), Ohio—BOND SALE—The issue
of $35,000 school bonds offered
Dec. 29—V. 143, p. 3880—was awarded to G. Parr Ayres & Co. of
Columbus as 2Ms at par plus a premium of $56.50, equal to 100.18, a
on
basis of about 2.48%.
Due
as
follows:
$500 April 15 and $1,000 Oct. 15
from 1938 to 1959, incl.; $500 April 15 and $1,500 Oct. 15, 1960.
MONROEVILLE,
system improvement
Ohio—BOND
bonds offered
awarded to the Farmers &
Citizens
of par for 4s.
Dated Dec.
1938 to 1947, inclusive.
SALE—The
on
Dec.
$10,000
21—V.
143,
electric light
3675—were
p.
Banking Co. of Monroeville
1, 1936.
on a bid
Due $1,000 yearly on Dec. 1 from
PENNSYLVANIA
NORWOOD, Ohio—BOND OFFERING—A. M. Schoenberger, City
Auditor, will receive sealed bids until noon on Jan. 11 for the purchase of
$25,000 4% park purpose bonds.
Dated Dec. 1, 1936.
Denom. $1,000.
Due Dec. 1 as follows: $1,000 in 1938, and $2,000 from 1939 to 1950, incl.
Principal and interest (J. & D.) payable at the First National Bank, Nor¬
wood.
A certified check for 5% of the issue, payable to the order of the
City Treasurer, must accompany each proposal.
Approving opinion of
Peck, Shaffer & Williams of Cincinnati, will be furnished, at the successful
AMBRIDGE
SCHOOL
DISTRICT, Pa.—BONDJOFFERING—E. T.
Larson, District Secretary, will receive sealed bids until 8:15 p. m. on
11, for the purchase of $120,000 not to exceed 3% interest coupon
school bonds.
Dated Jan. 1, 1937.
Denom. $1,000.
Due Jan. 1 as follows:
$20,000 in 1938 and 1939, and $10,000 from 1940 to 1947, incl.
Bidder to
name one rate of interest on all of the bonds, expressed in a multiple of
M of 1%.
Interest payable J. & J.
A certified check for $1,000, payable
to the order of J. R. Armington, District Treasurer, must accompany each
proposal.
The approving opinion of Reed, Smith, Shaw & McClay of
Pittsburgh will be furnished the successful bidder. The bonds will be issued
subject to approval of the Pennsylvania Department of Internal Affairs.
Jan.
bidder's expense.
OSBORN, Ohio—BONDS AUTHORIZED—The ViUage Council has
adopted an ordinance providing authority for the issuance of $48,500
sewage p'anJ aad sewer system general obligation bond..
H*SOUTH EUCLID, Ohio—BOND SALE—An issue of $8,800 village hall
bonds has been sold. Dated Sept. 1,1936. One bond for $800, others $1,000
each. Due Oct. 1 as follows: $1,800 in 1938, and $1,000 from 1939 to 1945
incl. Principal and interest payable at the Cleveland Trust Co., Cleveland.
i* BLOOMSBURG, Pa.—BOND OFFERING—Frank M. Fisher, Town
Treasurer, will receive bids until 7:30 p. m. Jan. 11, for the purchase at not
lessthanpar of $95,000 3% coupon bonds. Denom. $1,000.
Dated June 1,
1935.
Interest payable semi-annually.
Due $5,000 yearly on Dec. 1 from
1937 to 1955, incl.
Certified check for 2% of amount of bonds, payable to
the Town Treasurer, required.
.
JKTIFFIN SCHOOL DISTRICT, Ohio—BONDS VOTED—On Dec. 23
the voters of the district approved, by 418 to 38, a $55,000 bond issue for
remodeling a school budd ng.
CONSHOHOCKEN
SCHOOL
DISTRICT
(P.
O.
Conshohocken),
Pa .—BOND OFFERING—The School Board will receive bids until Jan. 4
WEBSTER
TOWNSHIP
RURAL
SCHOOL
County, Ohio—BOND SALE—The $46,000
offered
Dec. 24—V.
on
143,
p.
coupon
DISTRICT,
Wood
school building bonds
4045—were awarded to Stranahan, Harris
each six months
& Co., Inc., of Toledo at a price of 100.29.
Due $2,000
from March 1, 1938 to March 1, 1949, inclusive.
issue of $70,000 high school annex bonds.
on an
Dated Jan. 1, 1937.
Due
serially at five-year intervals.
!
GREEN TOWNSHIP (P. O. Erie, R. D. No. 6), Pa.—BOND OFFER¬
ING—W
C. Thornton, Secretary of the Board of Supervisors, will receive
.
a. m. on Dec. 29, for tne purchase of $3,000 5% coupon
township bonds.
Dated Aug. 1, 1936.
Denom. $1,000.
Due $1,000 on
Aug. 1 from 1937 to 1939, incl. Interest payable F. & A. A certified check
for 5% of the amount bid, payable to the order of the Board of Supervisors,
must accompany each proposal.
sealed bids until 10
$39,000
Marshall
County, Oklahoma, Road
HARRIS
R. J.
DISTRICT (P. O. Linden Hall),
$24,500 coupon, registerable as to principal,
143, p. 3881—were awarded to the First
National Bank of State College, as 3s, at par, plus a premium of $123.23,
equal to 100.502, a basis of about 2.95%. Glover & MacGregor of Pittsburgh
were second high, offering a premium of $280 for 3M%
bonds.
Dated
Jan. 16, 1937.
Due Jan. 15 as follows: $1,000, 1939 to 1949; and $1,500,
bonds
EDWARDS, Inc.
Established 1892
COKLAHOMA CITY, OKLAHOMA]
AT&T O. K. CY 19
TOWNSHIP SCHOOL
Pa.—BOND
■5%, due 6-15-47j@ 4%
offered
SALE—The
on
Dec.
30—V.
1950 to 1958.
Long Distance 158
OKLAHOMA
McALESTER, Okla.—BONDS SOLD— It is stated by the City Clerk
<
HATFIELD SCHOOL DISTRICT, Pa.—BOND SALE—An issue of
$16,000 2M% school bonds was sold on Dec. 28 to Granbery, Safford &
Co. of New York, at a price of 100.625, a basis of about 2.18%.
Dated
Dec. 15, 1936. Denom. $1,000. Due $1,000 on Dec. 15 from 1938 to 1953
incl.
Interest payable J. & D.
Legality approved by Townsend, Elliott <fc
Munson of Philadelphia.
that $3,500 dam repair bonds have been purchased by the city.
LOWER YODER TOWNSHIP SCHOOL
MOORELAND,
Okla.—BOND
bonds offered for sale
SALE—The
$4,000
issue
of
electric
Dec. 28—V. 143, p. 4196—was purchased by the
Town Treasurer as 4s, at par. "No other bid was received, according to
Due $2,000 on Dec. 15, 1940 and 1941.
the Town Clerk.
on
PAULS VALLEY, Okla.—BONDS VOTED—At the election held on
Dec. 8—V. 143, p. 3675—the voters are stated to have approved the
$50,000 improvement bonds by a count of 251 to 165.
I* PONCA CITY, Okla.—BOND SALE—On Dec. 21 the city disposed of
the $175,000 electric plant extension and improvement bonds offered on
that date—V. 143, p. 3881—to three different purchasers.
The first block,
amounting to $72,000 and maturing from 1941 to 1949, was awarded to the
Ponca City Sinking Fund on a bid of par for 1% bonds.
Bonds maturing
from 1950 to 1956, in the amount of $56,000, went to R. J. Edwards, Inc.,
of Oklahoma City, at par, plus a premium of $2.25, the bonds maturing in
1950, to bear interest at 2 M % and the balance at 2 M %
The City National
Bank of Kansas City, Mo., was awarded the third block, amounting to
$47,000 and coming due from 1957 to 1962, on a 3% rate, at par, plus a
premium of $47.51.
•
.
SEMINOLE
COUNTY
O. Wewoka), Okla.—BOND SALE—A
$29,360 issue of funding bonds is reported to have been purchased by the
Taylor-Stuart Co. of Oklahoma City.
STILLWATER, Okla.—BOND SALE—The $210,000 water works bonds
from date of issue, except that the last
years
instalment is
be $15,000.
to
OREGON
DOUGLAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 11
(P. O. Reedsport), Ore.—BOND OFFERING— Sealed bids will be received
until 8 p. m. on Jan.
an
6, by B. Borrevik, District Clerk, for the purchase of
$8,400 issue of 4% school bonds.
Denom. $500. one for $400.
Dated
Jan. 15, 1937.
Due on Jan. 15 as follows: $400 in 1938 and $500, 1939 to
1954 incl.
Prin. and int. J. & J. payable at the office of the County Treas¬
urer.
A certified check for 5% of the bid is required.
KLAMATH
FALLS,
Ore.—BOND
SALE— The $540,000 refunding
bonds offered on Dec. 17—V. 143, p. 3881—were awarded to the First
National Bank of Klamath Falls at par, bonds maturing from 1938 to
1943 to bear interest at 3 % and maturities from 1944 to 1948 2M %. Dated
Jan. 1,1937.
Due on Jan. 1 as follows: $50,000, 1938 to 1947; and $40,000
in 1948; optional on Jan. 1, 1942.
LONG CREEK,
Ore.—BOND OFFERING—Sealed bids will be received
(P. O. Johns¬
McADOO SCHOOL DISTRICT, Pa.—BOND OFFERING—Michael
Pensock, Secretary of Board of School Directors, will receive bids until
Jan. 11 for the purchase of $34,900 4% bonds.
Interest payable
May 1 and Nov. 1. Due on Nov. 1 as follows: $2,000, 1938 to 1946; $3,000,
1947 to 1951; and $9,00, 1952.
Certified check for $1,000, required.
8 p. m.
NORRISTOWN SCHOOL DISTRICT, Pa.—BOND CALL—Harold R.
announces that the district, in accordancweith iis option,
on Jan. 1, 1937, at par and interest to that date, an issue of
Kratz, Secretary,
will redeem
$156,000 bonds, dated July 1, 1921 and due July 1, 1950.
PENNSYLVANIA
(State
of)—LOCAL
ISSUES
APPROVED—The
following is the most recent report on the issues approved by the Depart¬
ment of Internal Affairs, Bureau of Municipal Affairs.
The information
includes the name of the municiplaity, amount and purpose of issue and date
approved:
(P.
offered on Dec. 29—-V. 143, p. 4196—were awarded to the Brown Crummer
Co. of Oklahoma City on a 2.6985% interest basis.
Due $13,000 yearly,
beginning five
DISTRICT
R. D. No. 5), Pa .—BOND OFFERING—Charles K. Stillwagon.
Secretary of the Board of School Directors, will receive bids until 5 p. m.
Jan. 4, for the purchase of $5,000 4% bonds.
Denom. $500. DatedDec.l,
1936.
Int. payable June 1 and Dec. 1.
Certified check for $300, required.
town
Dale
Municipality and Purpose—
Delaware County—Constructing
Approved
Amount
Ridley Township,
a sewer
system
Dec.
City of Bethlehem, Northampton k Lehigh Counties
—Funding floating indebtedness
Borough of Sharpsburg, Allegheny County—Fund¬
ing floating indebtedness
Clarks Green Borough School District, Lackawanna
County—Furnishing and equipping new addition
to high school building
Clarks
Summit Borough School District,
Lacka¬
wanna
County—Furnishing and equipping new
addition to high school building
Trafford
Borough, Westmoreland County—Street
improvements and current expenses of said im¬
21
$42,000
Dec.
22
110,000
Dec. 22
100,000
Dec.
22
1,400
Dec. 22
3,600
*
Dec. 23
Borough
School
District,
County—Paying operating expenses
20,000
Dec. 23
provements
Green tree
35,000
Allegheny
POTTSTOWN, Pa.—BOND SALE—The $50,000 permanent improve¬
ment
bonds offered on Dec. 30—V.
143,
p.
3881—were awarded to East¬
Dillon & Co. of New York on a bid of 101.015 for 2s, a basis of about
1.93%. Mackey, Dunn & Co. of Philadelphia bid 100.899 for 2s.
Due
$10,000 on Jan. 1 in each of the years 1942, 1947, 1952, 1957 and 1962.
man,
RIDLEY TOWNSHliP (P. O. Folsom),
Pa.—BOND ISSUE DE¬
TAILS—The $20,000 2M% road improvement bonds sold to the sinking
reported in a previous issue, are dated Sept. 1, 1936 ana
mature Sept. 1, 1966.
Callable Sept. 1,1941 or thereafter. Denom. $1,000.
until 10 a. m. oh Jan. 9, by Reid J. Buseick, Town Recorder, for the pur¬
chase of a $12,000 issue of 6% semi-ann. water bonds.
Denom. $250.
Due $1,000 from Nov. 1, 1938 to 1949, incl.
Prin. and int. payable at the
fund at par, as
Grant County Bank of John Day.
Interest
ONTARIO, Ore.—BIDS REJECTED—All bids received for the $40,000
water bonds offered on Dec. 28—V. 143, p. 4046—were rejected.
The
Atkinson-Jones Co. of Portland bid 100.078 for 3 Ms and the Baker, Fordyce
Co. of Portland 98.675 for 4s.
Due $5,000 yearly on Dec. 1 from 1940 to
1947, incl.
POLK COUNTY SCHOOL DISTRICT NO. 4 (P. O. Dallas), Ore.—
WARRANT OFFERING—Sealed bids will be received
untilf8 p. m. on
Jan. 8, by Mattie I. Carr, District Clerk, for the purchase of a! $4,000 issue
of interest bearing warrants.
Bidders to name the interest rate.
Denom¬
payable (M. & S.).
SHAMOKIN SCHOOL DISTRICT, Pa .—BOND OFFERING—Earl G.
Fox, District Secretary, will receive bids until 8 p. m. Jan. 12 for the pur¬
chase of $58,000 coupon refunding bonds, to bear interest at 1%, 1M%.
1M%, 1M%, 2%, 2M%, 2M%t 2M% or 3%.
Denom. $1,000.
Interest
payable Jan. 15 and July 15. Due $10,000 in each of the years 1938, 1939,
1940 and 1941, and $18,000 in 1942.
Certified check for 2%, required.
SHARON, Pa.—TO ISSUE BONDS—The city will sell shortly an issue
for funding and general purposes.
New tax rate is 15
of $80,000 bonds
mills, an increase of two mills.
Volume
SPRING
Financial
144
Pa .—BOND OFFERINGS.
CITY,
N. Mowrey, Borough
141
Chronicle
WHITE LAKE SCHOOL
DISTRICT, S. Dak.—BOND ELECTION—
issue $30,000 school building bonds
be held on Jan. 9.
will be submitted to the
Secretary, will receive bids until 6 p. m. Jan. 5 for the purchase of $35,000
coupon sewer bonds, to bear interest at 1M. 1%, 2, 2M, 2M, 2%, or 3%.
JDenom. $1,000.
Interest payable Jan. 1 and July 1.
Due $5,000 in each
of the years 1942, 1947, 1952, 1957, 1962, and 1967.
Certified check for
2%, required.
A proposal to
TOWNSHIP
SCHOOL DISTRICT, Dauphin
County, Pa.—BOND OFFERING—James F. Shields, Secretary or the
Board or School Directors, will receive bids until 7:15 p. m. Jan. 16 for the
purchase of $28,000 coupon, registerable bonds, to bear interest at 3%,
3M%, 3M% or 3M%. Denom. $1,000. Dated Feb. 1, 1937. Interest
payable semi-annually. Due $2,000 yearly on Feb. 1 from 1939 to 1952 incl.
COOKEVILLE, Tenn.—BOND SALE—The $84,000 issue of street
improvement bonds offered for sale on Nov. 24—V. 143, p. 3359—was
SUSQUEHANNA
Certified check for 2%
DISTRICT (P. O. Progress),
DETAILS—The $28,000 not to exceed 3M%
offered for sale on Jan. 16, as previously noted
will be issued subject to approval of the Pennsylvania
Department of Internal Affairs.
OFFERING
Interest school bonds being
in these columns,
TRAFFORD, Pa.—BOND SALE—The issue of $20,000 bonds
offered
Dec. 19-—V, 143, p. 3676—was awarded to the First National Bank of
Greensburg, as 4s, at par plus a premium of $315, equal to 100.57, a basis
of about 3.91%.
Due as follows: $1,000, 1939 to 1941 incl.; $2,000 in
1942, and $3,000 from 1943 to 1947 incl.
on
O. Robertsdale), Pa.—
BOND OFFERING—Leslie O. McClain, District Secretary, will receive
bids until 7p.m. Jan. 11 for the purchase of $9,000 coupon bonds, to bear
interest at 3M, 3%, 4, 4M, or 4H%*
Denom. $500.
Dated Jan. 1, 1937.
Interest payable semi-annually.
Due $1,000 yearly from 1947 to 1955,
incl.
Certified check for 5%, required.
WOOD TOWNSHIP SCHOOL DISTRICT (P.
PUERTO
PWA
RICO,
of—REPORT
Government
ON APPLICATIONS
LOANS—In connection with reports current
as
recently to the
Kliendienst, Administrative Officer:
inquiring regarding an offering in the near
follows in a letter from R. A.
"I have your letter of Dec. 21,
future of $3,000,000 drydock and electric bonds. The
of Puerto Rico has made application to the PWA for
Insular Government
the financing of the
graving dock at San Juan on a loan and grant basis.
Application has also been made by the Insular Government for the financing
of a project to purchase the property of the Ponce Electric Co. on a loan
basis only.
"Above projects are under consideration in the PW A. Should they finally
be approved and funds allotted for the purposes indicated, bonds in the
approximate amounts of $800,000 for the graving dock and $1,400,000 for
the purchase of the Ponce Electric Co. would probably be issued under the
auspices of the PWA.
"It is also probable that the bonds will be taken by the PWA at their
par value and that there will be no public offering of the bonds."
construction of
OFFERING—It is
he will receivea
issue of coupon
school bonds.
Interest rate is not to exceed 3 M %, payable J. & J.
Denom
$1,000, one for $500.
Purchaser shall pay the cost of printing the bonds
and the expense of legal approval.
Each bid must be for all of the bonds
and state a single rate of interest.
A certified check for $3,000, payable to
the county, must accompany the bid.
These bonds are being issued in
connection with a Public Works Administration construction project, as
noted in these columns
ING■—Sealed bids will be received by
1944 incl.
6,000 Silverdale Hospital,
LENOIR CITY, Tenn .—BOND
LEGALITY APPROVED—The follow¬
LEWISBURG, Tenn.—BOND SALE—The $30,000 issue of 4% coupon
impt. bonds offered for sale on Dec. 28—V. 143,
semi-ann. street and sewer
p.
3881—was awarded jointly to the First
National Bank, and the Peoples &
both of Lewisburg, paying a premium of $426.00,
101.42, a basis of about 3.78%.
Due $2,000 from July 1, 1937
Union Bank,
John
equal to
to 1951.
Tenn .—BOND CALL—
5% highway improve¬
Cunningham. County Judge, states that
T.
6 bonds, numbered 26 to 50, aggregating $12,500, are
being called for payment at the National City Bank. New York, on Feb. 1,
1937, on which date interest shall cease.
Dated Aug. 1, 1915. Due on
ug. 1,1945, optional on Aug. 1,1935.
ment, series No.
Industrial—Municipal—Utility
1,640,000
issue
-
SECURITIES
TEXAS
—$24,420,750
Sinking fund (other than water)
115,000
24,000
RAUSCHER, PIERCE & CO.
Population, 1935 census, 10,997.
as of Dec. i, 1936: 1935 levy, $431,172.47—uncollected
date, $4,261.08; 1936 levy, $431,679.52—uncollected to date, $86,381.82;
uncollected taxes previous to the year 1935, $11,481.84.
Tax rate—1935,
$22.70—1936, $22.50.
No floating debt. No notes issued in anticipation
BUILDING, DALLAS
MAGNOLIA
Tax collections
to
are
Due $1,000, Jan. 1, 1939 to
ing refunding bonds aggregating $41,000, are said to have been approved
as to legality by Charles & Trauernicht, of St. Louis, Mo.:
$2,500 series O,
dated Jan. 1, 1936: $2,500 series D,
Dated Jan. 1, 1936; $5,000 series E,
dated April 1, 1936; $27,500 series K, dated May 1, 193o; $5,000 series L,
dated June 1,1936, and $3,500 series F, dated April 1,1936.
100.383
100.298
E. H. Rollins & Sons
Estabrook & Co
of taxes
3rd Series bonds.
exceed 4%, payable (J. & J.).
Rate to be in multiples
of l-10th or M of 1% and all bonds of each issue shah bear the same rate.
This is to be construed as prohibiting a split rate on any single issue. Denom.
$1,000.
Dated Jan. 1, 1937.
Prin. and int. payable at the National City
Bank, New York.
The approving opinion of Caldwell & Raymond,of
New York, will be furnished.
No proposal blanks will be furnished.
Bids
may be made for any one issue or all of tjhe issues.
A certified check for 1 %
of the amount of bonds bid for, payable to the County, is required.
Rate Bid
Par
Int. Rate
1H%
2%
2%
Financial Statement, Dec. 1, 1936
First National Bank of Boston
Assessed valuation, 1936
Total bonded debt, not including this
Water debt (included in above)
Tenn .—BOND OFFER¬
Will Cummings, County Judge, for
purchase of three issues of coupon public works bonds aggregating
$21,000, up to 2.30 p. m. on Jan. 8.
The bonds are as follows:
$9,000 jail bonds.
Due $1,000 from Jan. 1, 1939 to 1947 incl.
6,000 Silverdale Hospital, 2nd Series bonds.
Due $1,000, Jan. 1, 1939 to
the
MONTGOMERY COUNTY (P. O. Clarksville)
follows:
Bidder—
recently—Y. 143, p. 3881.
HAMILTON COUNTY (P. O. Chattanooga),
ISLAND
RHODE
(P. O. Pulaski), Tenn .—BOND
stated by Gilbert B. Abernathy, County Court Clerk, that
bids until 1 p .m. on Jan. 12, for the purchase of a $60,500
a
WESTERLY, R. I.—BOND SALE— The issue of $50,000 coupon bridge
bonds offered on Dec. 30 was awarded to Webster, Kennedy & Co. of Bos¬
ton as 1 %s, at a price of 100.079, a basis of about 1.745%.
Dated Dec. 1,
1936. and due $5,000 on Dec. 1 from 1938 to 1947 incl.
Other bids were
as
1937, to 1957, incl.
Interest rate is not to
effect that municipal bonds would be offered by the above named Govern¬
ment in connection with Public Works Administration projects, we are
advised
and the Citizens National
Due $4,000 from April 1,
purchased jointly by the First National Bank,
Bank, both of Cookeville, according to report.
1944 incl.
RICO
PUERTO
FOR
TENNESSEE
GILES COUNTY
required.
SUSQUEHANNA TOWNSHIP SCHOOL
Pa .—BOND
voters at an election to
A. T. & T. Teletype DLS 186
L. D. 841
renewed.
TEXAS
MARKETS APPRAISALS INFORMATION
NORTH CAROLINA STATE
AND MUNICIPAL BONOS ALL SOUTHERN
KIRCHOFER
BROWNWOOD, Texan—BOND CALL—F. E. Scott, City Treasurer, is
said to be calling for payment at the State Treasurer's office, the following
5% bonds:
On March 1, 1937—
Dated Jan. 1, 1909.
$15,000 school building bonds, numbered 1 to 15.
7,000 school house bonds, numbered 1 to 7.
Dated April 1, 1915.
80,000 school house bonds, numbered 1 to 80.
Dated March 1, 1917.
10,000 street impt. bonds, numbered 1 to 10.
Dated Jan. 1, 1909.
30,000 city hall and fire station bonds, numbered 1 to 30.
Dated March 1,
STATE AND MUNICIPALS
& ARNOLD
INCORPORATED
RALEIGH, N.
SOUTH
1917.
T. T. TELETYPE
A
C,
On May 1, 1937—
$15,000 school house bonds,
RLGH 80
CAROLINA
NORTH CHARLESTON, S. C.—BOND SALE—James Conner & Co.
Frost, Read & Co., also
purchased an issue of $15,000 3M% water, fire, sewer
lighting district bonds at par, plus a premium of $52.50, equal to
100.35, a basis of about 3.45%.
Due $1,000 yearly from 1938 to 1952, incl.
Legality approved by Nathans & Sinkler of Charleston.
of Charleston inform us that they, together with
of Charleston, have
and
ROCK|HILL, S. C —BOND SALE DETAILS—'The $70,000 issue of
public building bonds offered for sale and awarded on Dec. 22 to
O. W. Haynes & Co. of Columbia, as noted in these columns—V. 143, p.
4197—was purchased as 3Ms, for a premium of $366.55, equal to 100.5236.
coupon
HOUSTON INDEPENDENT SCHOOL
Premium
3M@
$70
R. 8. Dickson & Co., Charlotte
3M%
1,127
Peoples National Bank of Rock Hill
3H%
917
Greenville
,
DAKOTA
SOUTH
INDEPENDENT SCHOOL DISTRICT (P. O. Britton),
S. Dak.— WARRANTS CALLED—George G. Baker, District Treasurer,
is said to be calling for payment all registered district warrants outstanding
and registered up to and including No. 1,015.
BRITTON
INDEPENDENT SCHOOL DISTRICT (P. O. Eureka),
S. Dak.—BOND OFFERING—Sealed bids will be received until 8 p. m.
EUREKA
on
Jan. 11 by Robert Hahraus,
issue of school bonds.
District Clerk, for the purchase of a $25,000
Interest rate is not to exceed 4%, payable J. & D.
Denom. $500.
Dated March 1, 1937.
Due on Dec. 1 as follows; $1,000,
1939 to 1949 and $2,000, 1950 to 1956, all incl. The Board of Education
will furnish blank bonds and the legal opinion of a competent bond attorney.
Payable at the Eureka State Bank.
bid for i s required.
A certified check for 10% of the bonds
EUREKA SCHOOL DISTRICT,
S. Dak.—BOND OFFERING—Rob¬
ert Jahraus, Clerk of the Board of Education, will receive bids until 8 p. m.
Jan. 11 for the purchase of $25,000 4% school building bonds.
Denom.
$500.
Certified check for 10% required.
INDEPENDENT
CONSOLIDATED SCHOOL DIS¬
(P. O. Humboldt), S. Dak.—BOND OFFERING—It is
stated by D. J. Masters, District Clerk, that both sealed and oral bids
will be received by him until 2 p. m. on Jan. 12, for the purchase of a
$40,000 issue of refunding bonds.
Interest rate is not to exceed 4%,
payable (J. & J.).
Dated Jan. 1, 1937.
Due on Jan. 1 as follows: $2,000,
1940 to 1953 and $3,000, 1954 to 1957.
The approving opinion of Junell,
Driscoll, Fletcher, Dorsey & Barker, of Minneapolis, will be furnished.
HUMBOLDT
TRICT
No.
2
Dak.—BOND ELECTION—An election will be held
completion of a
city auditorium will be submitted to the voters.
MOBRIDGE,
on
Jan.
S.
5 at which a proposed bond issue of $12,000 for
PROPOSED
BOND
DISTRICT (P. O. Houston),
REFUNDING—In connection
informed
as
follows by H. L. Mills, Business Manager:
to your inquiry of Dec. 21, permit me to
answer
advise you that
Independent School District, has set up
Kurth, Attorney for the Board of Educa¬
the Board of Education, Houston
Rale
McAlister, Smith & Pate, Inc
ON
with the report given in these columns recently that the School Trustees
ordered the refunding of callable school bonds—Y. 143, p. 4197—we are
"In
Bidder—
Dated May 1, 1917.
CHRISTI,
Tex.—DETAILS
Due from 1946 to 1964.
The other bids received were as follows:
numbered 1 to 15.
Tex.—BOND SALE NOT CONSUMMATED—
Because of the failure of the voters to approve the issuance of the $3,850,000
in refunding and water revenue bonds at the election held on Dec. 19, as
noted in these columns—V.
143, p. 4197—the conditional sale of the
$1,243,000 block of 4% first mortgage water revenue bonds to O. W.
McNear & Co., and A. S. Huyck & Co., both of Chicago, also reported here
recently—V. 143, p. 3882—was not consummated.
CORPUS
a
committee consisting of M. E.
tion; J. A. Phillips, Certified Public Accountant and Independent Auditor
for the Board of Education, and H. L. Mills, Business Manager, Board of
Education.
This committee was set up for the purpose of making a study
of the callable bonds outstanding as against Houston Independent School
District and such adjacent districts as have been annexed to Houston
Independent
School
District
and whose bonded indebtedness
has been
mittee will make a report to
to be made
The com¬
the Board of Education sometime in the early
part of January.
"There are several small
bond issues of the districts that
absorbed by the Board of Education, this city.
This study is
with the idea of refunding said outstanding callable bond issues.
annexed, which will no doubt be called by the Board of
on hand.
There are two larger issues—namely, one
have been
Education, with
in the amount of
maturing 1941. Also a
funds
$500,000 City of Houston bonds, dated 1911,
$225,000 issue, Houston Heights School District bonds, dated March 15,
1917, maturing March 15, 1937.
These two issues will receive the special
attention of the committee, as these are the two issues which may possibly
be refunded.
It will no doubt not be necessary to refund the entire issue
of each of the above-mentioned issues, as there is on hand in the sinking
fund a credit on each of these issues, which will be iused for the purpose of
retiring that part of said issue, provided the remaining securities
sinking fund of each of the two issues are sufficient to meet the
fund requirements of the new refunding bonds."
in the
sinking
Tex.—BONDS VOTED—At the election held on Dec.
143, p. 3677—the voters approved the issuance of the $160,000
It is stated
% % water supply system bonds by a count of 350 to 283.
that these bonds will be offered for sale shortly.
MARSHALL,
15—V.
in 3
Tex.—BOND SALE CONTRACT—
Judge that a contract has been entered into for
semi-annual court house and jail bonds.
REEVES COUNTY (P. O. Pecos),
It is stated by the County
the sale of $120,000 in 4M%
RUSK
COUNTY
(P.
O.
Henderson),
Tex.—BONDS SOLD—The
and 3% semi-annual road
County Judge states tnat the $2,500,000 2M
bonds
approved by the voters at the election on Dec. 19, have been sold.
Due in
seven years.
142
Financial
Chronicle
DOUGLAS
Jan. 2,
COUNTY
(P.
O.
Superior)
1937
Wis.—CORRECTION—In
connection with
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT
LAKE CITY
Phone Wasatch 3221
Bell
the sale of the $150,000 coupon relief bonds on Dec. 23,
2%s at par, as noted here at that time—V. 143, p. 4198—we are informed
by A. R. Cole, County Clerk, that the bonds were sold to Bartlett, Knight
& Co. of
Chicago, bidding alone. We had previously reported that A. S.
Huyck & Co. or Chicago, was associated with them in the purchase. How¬
ever, that firm did submit the second highest bid, an offer of
$9,390.00
premium on 4s.
Next highest was a tender of $8,120 premium on 4s,
by
Bonniwell, Neil & Camden, of Chicago.
as
Teletype: SL K-372
MARINETTE COUNTY (P. O. Marinette), Wis.—BOND SALE
DETAILS—George E. Costello, County Clerk, states that the $100,000
highway improvement bonds sold as 1 >£s, as noted here recently—V. 143,
p. 4198—were purchased at par by the Farmers & Merchants
Bank, the
Stephenson National Bank and the First National Bank, all of Marinette.
WSHEBOYGAN,
UTAH
Wis.—BOND SALE—The $355,000 issue of 2H%
junior high school bonds offered for sale on Dec. 28—V. 143,
4048—was awarded to the First National Bank of Chicago, at a price of
105.93, a basis of about 1.95%.
Dated Nov. 2, 1936.
Due from Nov. 2,.
1941 to 1955,' incl.
:■
'T
coupon semi-ann.
SALT LAKE
CITY, Utah—BONDS OFFERED FOR INVESTMENT—
The SI ,250,000 issue of tax anticipation bonds that were awarded on Dec. 22
0.70%, plus a premium of $107, as noted in these columns—V. 143, p.
4197—is being re-offered by the First Security Trust
Co., Edward L.
Burton & Co., both of Salt Lake City, and R. W.
Pressprich & Co. of New
York, for general investment at a price of 0.45%.
Dated Jan. 1, 1937.
Due on Jan. 1, 1938.
They bear a semi-annual coupon payable on July 1,
at
p.
V.>■■'
SHULLSBURG,
Wis.—BOND SALE—The
$6,000
issue
of
coupon
Dec. 22—V. 143, p.
4048—was awarded to Harley, Hayden & Co. of Madison, as 2)^s, at par.
Dated Dec. 1, 1936.
Due $1,000 from Dec. 1, 1937 to 1942, incl.
sewer
extension
bonds offered for sale at auction
on
VERMONT
GRAFTON, Vt.—BOND SALE POSTPONED—The
Dec.
28
V.x143,
of $25,500 coupon refunding
p.
bonds
was
Canadian Municipals
sale scheduled for
postponed to Jan. 2—
4047.
Information and
BRAWLEY, GATHERS & CO.
$48,000
DANVILLE, Va. Street & School 2Vis
Due December 1, 1942-49
KING
80
Richmond, Va.
ELGIN
6438
CANADA
A. T. T. Tel. Rich. Va. 88
ALBERTA
CANADA
(Province
of)—BORROWS
$600,000
FROM
DOMINION
(Dominion of)— SELLS $25,000,000
Bank of Canada announced
TREASURY BILLS—
Dec. 30 acceptance of tenders for $25,an average discount rate of
000,000 Treasury bills, due April 1, 1937, at
$99.81443. The average yield is 0.746%.
VIRGINIA
MIDDLEBURG, Va .—BOND OFFERING—Sealed bids will be received
until 8 p. m. Jan. 15, by Norris
Royston, Town Treasurer, for the purchase
of a $22,000 issue of coupon sewer bonds.
Interest rate is not to exceed
4%, payable M. & S. Denom. $500. Dated Sept. 1, 1936. Due on
Sept. 1
as follows:
$500, 1938 to 1957 and $1,000, 1958 to 1969.
The bonds may
be registered at the option of the
holder, as to principal only. Interest rate
is to be stated in
multiples of
of 1 % and must be the same for all of the
bonds.
1
WEST, TORONTO
—The province recently borrowed $600,000 on 3% Treasury notes from the
Federal Government in order to maintain its direct relief payments.
The
>u)0
ST.
@1.60-2.20%
F. W. CRAIGIE & COMPANY
Phone 3-9137
Markets
No bid for less than all of the bonds will be considered.
milBlii mi—mini—
i
CHARLOTTETOWN, P. E. I.—BOND SALE—The Royal Securities
Corp. of Montreal has been awarded an issue of $9,750 3>£% 20-year
a price of 100.31.
Dated Dec. 1, 1936.
Other bids were as
bonds at
follows:
Bidder—
Eastern
Rate Bid I
Securities
Bidder—
Rate Bid
Co
99.50 |T. M. Bell & Co
Corp— 98.751 Irving, Brennan & Co
Royal Bank of Canada
98.701
Dominion
FORT
98.65
Securities
ERIE.
Ont.—PLANS
PA YMENT
OF
95.19
BACK
INTEREST—
The city recently asked the Department of Internal Affairs to disburse
NORTHWESTERN MUNICIPALS
Washington
-—
Oregon
—
Idaho
—
Montana
Ferris & Hardgrove
SPOKANE
SEATTLE
Teletype—SPO 176
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
an
unstated amount of funds
Dec. 31, 1934.
the purpose at
bids
were
as
Rate
(P. O. Chehalis), Wash.—WARRANTS CALLED
-—It is stated by Harold
Quick, County Treasurer, that all unpaid warrants
of the following funds and
districts, issued prior to and inclusive of the
numbers herein
enumerated, upon the funds designated, were called for
payment at his office on Dec. 24, on which date interest ceased:
School District No. 206, General Fund
No. 10309, dated Dec. 18, 1936.
School District No. 211, General Fund
No. 8374, dated Dec. 18, 1936.
School District No. 225, General Fund
No. 4093, dated Nov. 25, 1936.
School District No. 235, General Fund No.
1662, dated Dec. 18, 1936.
Union High School District No.
1, General Fund No. 3162, dated
Dec. 18, 1936.
Blind Pension Fund, No.
687, dated Aug. 1, 1936.
Current Expense Fund No. 79747, dated
Sept. 26, 1935.
STEVENS COUNTY SCHOOL DISTRICT NO. 50
(P. O. Colville),
Wash.—BOND SALE—The $33,000 school bonds offered on Dec. 28
143, p. 4048—were awarded to the State of Washington on a bid of
par for 4s.
Due over a period of 20 years.
—V.
VANCOUVER, Wash.—BOND OFFERING—Sealed
until 7:30 p. m. on Jan.
bids
will be received
18, by C. A. McDonah, City Clerk, for the pur¬
$14,000 issue of park improvement bonds. Interest rate is not to
exceed 6%, payable
semi-annually.
Prin. and int. payable at the County
Treasurer's office.
A certified check for 5% of the bid is
required.
a
Jan.
9, by C.
D.
Stephens, County Treasurer, for the purchase of a
$25,000 issue of coupon school bonds.
Int. rate is not to exceed 6%, pay¬
able J. & J.
Dated Jan. 1, 1937.
Due serially in from 2 to 22 years after
the date of the bonds.
Prin. and int. payable at the office of the
County
Treasurer,
A certified check for 5% must accompany the bid.
SUMMERS
COUNTY (P. O. Hinton), W. Va .—BOND CALL—
informed that Harold E. Price, Clerk of the
County Court, is calling
for payment on Jan. 1 at the Kanawha
Valley Bank Charleston, W. Va.,
at par and accrued interest
up to Jan. 1, after which date interest shall
are
cease, the
following described bonds:
Greenbrier Magisterial District 5% road and
bridge bonds, dated Oct. 1,
1915, due on Oct. 1, 1947, numbered:
15 to 25; 81 and 82; 77 to 80;
73 to 76; 69 to 72, and 67 and 68.
Denom. $1,000.
Talcott Magisterial District
5% road and bridge bonds, dated Oct. 1,
1915, due on Oct. 1, 1947. numbered:
14 to 19; 119 and 120; 62; 59
to 61; 56 to 58; 53 to 55; 50 to
52; 48 and 49.
Denom. $500 and $1,000.
WISCONSIN
BLOOMER, Wig.—BONDS SOLD—-It is stated by F. C. Dutton, City
Clerk, that the $45,000 3% semi-ann. sewer bonds offered on Nov.
16,
the award of which was held in
abeyance for 30 days, as noted in these
columns—V. 143, p. 3360—have been sold to Harold E. Wood &
Co. of
St. Paul, paying a premium of
$1,200.00, equal to 102.66. a basis of about
2.63%.
Dated Nov. 5, 1936.
Due from Feb. 1, 1938 to U
DE
PERE,
Wis.—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Dec. 31, by Harry J.
Danen, City Clerk, according to
report, for the purchase of an issue of $175,000 sewage system
mortgaged
revenue bonds.
Interest rate is not to exceed
3%%, payable J. & D.
Denom. $1,000.
Dated Dec. 1, 1936.
Due on Dec. 1 as follows:
$4,000,
1939 to 1941; $5,000, 1942 to 1945; $6,000, 1946 to
1950; $7,000, 1951 to
1955; $8,000, 1956 to 1958; $9,000, 1959 to 1961;
$10,000, 1962 and 1963,
and $7,000 in 1964.
Bidders shall furnish their own legal opinion and the
printed bonds.
A certified check for 2%, payable to the City
Treasurer,
must accompany the bid.
^ :
:
Rate Bid
Corp.
101.04
__
.100.26
99.732
(United Counties of),
Ont.—BOND SALE—The Dominion Securities Corp. of Toronto has been
a new issue of $100,000
4% bonds, due serially in from 1 to 20
years, at a price of 107.32, a basis of about 3.22%.
Other bids were as
.follows:
Bidder—
Rate Bid
Bidder—
Wood, Gundy & Co
.-.107.07
Bank of Nova Scotia
-_.107.00
Rale Bid
Harrison & Co....
li. A. Daly & Co
--.-.-105.92
104.51
...
McLeod, Young. Weir & Co._106.21 Dyment, Anderson & Co
Bank of Montreal
Griffis, Fairclough
&
Norsworthy
__106.32 Barrett & Co.
_
104.11
103.18
.101.80
WINDSOR, Ont.—MUNICIPAL BOARD REVISES REFUNDING
TERMS—The plan for refinancing the debts of the four municipalitieo now
merged as the City of Windsor, as proposed by the consolidated city's
fiscal agents and the Bondholders' Protective Committee, has been drastic¬
ally revised by the Ontario Municipal Board, according to the "Financial
Post" of Toronto of Dec. 26.
The board, among other things, has reduced
the rates of int.
proposed to be paid on the new bonds to be issued in ex¬
change for the old obligations of the defaulted units.
The rates fixed by
the board in the case of each of the municipalities are as follows:
Walkerville,
3% instead of 4j^%; Windsor, 3% instead of 3j^%; East Windsor,'l^%
instea
of 2%; Sandwich, l\i% instead of 1M%The lower coupons,
however, are offset to some extent by the fact that the board proposes that
the term of the refunding bonds shall be 40 years for Windsor. East W indsor
and Sandwich bonis, and 30 years tor Walkerville bonds.
Tne plan sub¬
by the
protective
committee
established
a
uniform
maturity of
60 years in all instances.
In shortening the term of the new bonds, the
board stated that "it seems neither wise nor sound to
require two generations
of tax payers to pay for capital structures which are
capable of
serving
only
one generation."
The municipal board eliminated the income interest feature of the fiscal
agents' plan, which called for an increase in the bugdet for debt service
charges if annual operating expenses exceeded $2,700,000, which is $100,000
higher than the present budget.
In lieu of this feature, provision is made
that
WEST VIRGINIA
We
Bidder—
R. A. Daly & Co
101.53 [Midland Securities Corp.
101.57 | Aird, MacLeod & Co
101.251
awarded
mitted
YAKIMA COUNTY SCHOOL DISTRICT NO. 81
(P. O. Yakima),
Wash.—BOND OFFERING—Sealed bids will be received until 10 a. m.
on
Bid]
.-102.02
STORMONT, DUNDAS AND GLENGARR
LEWIS COUNTY
in default since
follows:
Bidder—
Wood, Gundy & Co
C. H. Burgess & Co
W. L. McKinnon & Co
chase of
account of bond interest
LANARK COUNTY, Ont.—BOND SALE—An issue of $15,000 3H %
bonds, due serially in from 1 to 10 years, has been awarded to J. L. Graham
& Co. of Toronto, at a price of 103.577, a basis of about
2.80%.
Other
Dominion Securities
WASHINGTON
on
Mayor Malkin, it is said, placed the amount available for
$200,000.
in
1940
and
at
the end
of any subsequent
five-year period, bond¬
holders may apply to the municipal board for an increase in interest.
board rejected the proposal to permit sinking fund trustees to make
chases of the new bonds in the open
market, where it
The
pur¬
was
expected by the
agents that they would sell at a discount for some time.
Instead, the
board decided that the obligations should be callable at
par at any time
prior to maturity.
The board refused to consider objections to the plan
made by the Ontario Hydro-Electric Power Commission ana
also held
that any settlement of the city's liability in connection with
debentures
of the Windsor, Essex and Lake Shore Electric
Railway Association would
not
be
considered
until
municipal units which
indebtedness.
refunding plans have been completed for other
jointly and severally liable for payment of the
are
The city is to remain under the supervision of the
Department of Muni¬
cipal Affairs until Jan. 1, 1938.
During the life of the plan, however, the
municipal budget must be approved by a committee of three bondholders.
If such approval is not obtained, the city will be
required to ask the Ontario
Municipal Board to settle the dispute.
In connection with the changes made by the
municipal board in the
original plan of refunding, it is reported that the Bondholders' Protective
Committee is expected to meet this week for the
purpose of discussing the
situation.
ADDITIONAL REFUNDING DETAILS—'The plan provides for the
payment in cash of $2,600,000 in lieu of the total of $6,000,000 due in
unpaid interest on the existing debts of the municipal Units.
The order
approving the program will become effective 15 days from Dec. 23, unless
than one-third of the creditors file objections.
In the following we
be refinanced, interest rates fixed
by the Municipal Board and the maturity of the bonds:
more
show the debts of the individual units to
'Name—
Sandwich, Ont
East Windsor, Ont
Windsor, Ont. (Former city).
Walkerville, Ont
Indebtedness
Int. Rate
Maturity
$4,408,849
6,619,098
19,165,524
4,492,942
1H%
40 years
40 years
40 years
30 years
1$%
3%
3%
@FedFRASER