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TV.
oitimftria
COPYRIGHTED IN 1937 BY WILLIAM B.
DANA COMPANY, NEW
YORK.
lMuedw|?5kl^trCopy~
VOL. 144.
ENTERED AS SECOND-CtASS
MATTER JUNE 23. 1879, ATTHE POST OFFICE AT NEW YORK,
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NO. 3735.
1937
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Zealand, Fiji, Papua,
Mandated Territory of New
Guinea, and London.
The
Bank transacts
tralasian
Banking
every
description
Business.
Produce Credits arranged.
Specializing in
Head Office:
FLORIDA BONDS
MUNICIPALS
and
CORPORATION
£8,780,000
8,150,000
8,780,000
£23,710,000
Aggregate Assets
A.
18 Clinton St.
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DETROIT
MICHIGAN
Commerce, Ltd.)
Paid up Capital
Reserve Fund
Reserve
Liability of Proprietors
BIRMINGHAM, ALABAMA
SOUTHERN
are amalgamated
the Western Australian
Bank and The Australian
Bank of
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WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
of Aus¬
and
other
London Office:
George Street,
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Agents Standard Bank of
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Beach, Fla.
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ST.
LOUIS
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ZEALAND, Ltd.
Established 1872
Chief Office in New
Zealand: Wellington
Sir James
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Manager
Moorgate, London, E. C. 2, Eng.
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Paid up Capital
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£1,000,000
Currency Reserve
Head Office: 8
INVESTMENT HOLDINGS
Subscribed Capital
ANALYZED
St/x
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The
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conducts
every
description
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Members St. Louis Stock
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Correspondents throughout the
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Manager, A. O. Norwood
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We buy and sell for
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own account
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Smith, Moore &Co.
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Incorporated in the Colony of
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liability of members is limited to
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Authorized Capital
(Hongkong Currency)
H$50,000,000
Paid-up Capital (Hongkong
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rency)
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of
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kong Currency)
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of 1929
by Ordinance No. 6
C.
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STREET, NEW York
WALL
Incorporated by Royal Charter 1727
NATIONAL BANK
Capital (fully paid)
£3,780,192
Reserve fund
of EGYPT
Head Office
.......
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Deposits
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.
£3,000,000
....
3,000,000
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Years
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Branches in
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Paid
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Associated Bank, Williams Deacon's
to the
Head Office:
26,
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principal Towns in
EGYPT and the SUDAN
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Bankers
Over
The Bank conducts
every
Bank, Ltd,
_
£4,000,000
£2,000,000
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description of banking
and exchange business
Trusteeships
and Executorships also
undertaken
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■ '.'y.'.r-
1
8
JANUARY 23,1937
Vol.144
■
I
No, 3735
CONTENTS
Editorials
i
Financial Situation
Rising
Prices
and
page
...
"Boom"
Outlook—By
...
H.
498
Parker
Willis.
514
President Roosevelt's Second Inaugural
511
What Is the National Power
512
Policy?.
Comment and Review
Listings
on
the New York Stock Exchange in 1936
515
520
Building Construction in United States in 1936
Week
the
on
502
European Stock Exchanges
503
Foreign Political and Economic Situation
Foreign Exchange Rates
and
Comment
507 & 558
Course of the Bond Market
527
Indications of Business Activity
527
Week
1
the New York Stock Exchange
Week
'■■■
on
on
the New York Curb
501
...
Exchange
556
News
Current Events and
Bank
and
Trust
Discussions
536
551
Company Items
General Corporation and Investment
Dry Goods Trade
State
and
601
News
..641
,
Municipal Department
642
Stocks and Bonds
Foreign Stock Exchange Quotations
600
Dividends Declared
j
560
Auction Sales
New York Stock
600
Exchange—Stock Quotations
567
New York Stock Exchange—Bond Quotations
566 & 576
New York Curb Exchange—Stock Quotations
582
New York Curb
585
Other
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
588
Canadian Markets—Stock and Bond Quotations
593
Over-the-Counter Securities—Stock & Bond Quotations.
596
Reports
Foreign Bank Statements
1
v'V:;',-'
'
-v
506
Course
556
of Bank
Clearings
Federal Reserve Bank Statements....
General
563
Corporation and Investment News
...
601
Commodities
The Commercial
Markets and
the
Crops
632
Cotton..
Breadstuffs
635
.....
.....
639
I
•
.
;
•
;v/VV>
"
l"
'
1
—
■
•
"7
1
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City
Herbert D. Selbert, Chairman of the Board and Editor: William Dana Seibert, President and
Treasurer; William D. Riggs, Business
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Other offices:
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State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O. Copyright, 1937, by William B. Dana Company.
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Contract and card rates on request.
,
■
/
V-
1
The Financial Situation
claims to
THIS is an age of thethousand other marvels of
automobile, the aeroplane,
the radio, apd
a
chemistry \nd engineering.
modern
strides that
ades in
has made
man
his mastery of
The
the truth of almost any
gigantic
the physical sciences and in
ject is
their practical application has wrought a profound
relative values has been
of
Men think
duces another
from
other
older
The
economic law
this
"We
Meanwhile, life has
else, it has
been given to see and un¬
derstand
this
this
new
and
age
a
this view is
day
passes
fifty
but
in
the
past
to afford
labor
support
seding
velt
unintentionally, done much
is
no
defense of New Deal pro¬
not
was
of
one
On
during his
of 1932
the
most
to foment.
a
Government,
the
people.
Grant these debaters their
balanced
a
sary
There
have
budget.
that it
suppose
the
for
Nor
seem
to
was neces¬
government
to assume a role
heretofore
unheard of in this country
in order to make "democ¬
racy" safe
dealing with
men
who openly and
boastingly flout the
law of the land. Probably
nothing else would
be necessary to bring an end to the
impasse
now
existing in the plants of the General
Motors Corporation.
can
of the most
such old-fashioned ideas as
honorable middle ground for him.
he must do if he is to win
great
one
outstanding champions of
intelligent, law-abid¬
ing citizens is to let it be known in "straightflung words and few" that he, as the head of
con¬
upon
with
did
old
contrary,
he
the respect of outraged
hold
have
the
election campaign
The least that
and policies, and in
to
era
Administration.
the
bulence which his past acts have, no doubt
truth, in
rank and file of the
new
originate with the Roose¬
at
personal opinion but
tinues
a
economic laws super¬
new
every
self-evident
President
be
did he at that time
as
a
the
or
may
theory, and
a
that
It
?
years ago
vigorous critics of the
as
the
or even
twenty,
helpful to recall that the
his command, or he can call a
sharp halt in the lawlessness and the tur¬
of
wise
ten,
notion of
expressed, not
explanation
necessary ,
tolerable
and used
as
grams
degree far greater than
was
future
to
catch the spirit of it.
Hardly
upon
ing followers "expect" him to do, to crown
his audacity with a public announcement of
what they "expect" of the Chief Executive!
The President clearly now stands at the
crossroads.
He can tamely submit to the
insolence of Mr. Lewis, and proceed in the
ment of forces and factors
in
and
tell the President what he and his law-break¬
align¬
new
the
the Administration to help the workers
in every legal way, and to
support the workers
in General Motor plants."
The leader of a group of men who stand
self-convicted of flagrant and continuing: de¬
fiance of the most elementary law of the
land, who insist that they have no intention
of submitting to that
law, has the temerity to
perhaps
more
a
Administration
expect
To President
Roosevelt,
individuals
"The Administration asked labor for help
to repel this
attack, and labor gave its help.
The same economic royalists now have their
fangs in labor.
The workers of this country
grown
industry how to
than any one
the
their energy to drive this Administration out
ing hand of government is
proceed.
should
intrude upon the lives
of power.
complex that the guid¬
baffled
advised
eral Motors contributed their
money
error
needed at every turn to tell
a
of
we
their business endeavors in
Secretary of
Labor and the
Governor of Michigan that for six months
the economic royalists represented
by Gen¬
in
problems.
our
suppose
government
.
have
through
world of ours, and
by trial and
should
now
in the steel, glass, automobile and
industries, called representatives of the
into his presence on Thursday and said
them:
to
se¬
that hold good
Exactly
why
trouble
press
quences
guide
no
that
Mr. Lewis, who for some months past has
been
devoting himself mainly to making
body of knowl¬
edge concerning causal
what exists in the present
or
Mr. Lewis "Expects"!
longer
no
velop
so
cisely what has occurred,
situation, to justify the belief that experience in past
generations offers
other
solutions for
flows
now
then profitably ask: Just what is, and
this age in which we live? Pre¬
for the present?
mentation in order to de¬
to find
We may
what is not, new in
same cause now pro¬
known
policy of bold experi¬
new
Is There A "New Era"?
worthless.
was once
a new
searching and dispassionate study.
The whole scale
Experience gained during ithe
applies, what is needed is
a
one,
frequency and emphasis. The sub¬
therefore, that is in obvious need of the
immeasurably altered.
effect, and the same effect
causes.
eras is now
Since what
as
most
differently, behave differently, and have
different ideas and ideals
unchallenged statement made
with sufficient
during the past few dec¬
change in the face of the universe.
validity that he for the most part accepts it
as he (more or less unconsciously) assumes
much
very
deed, it
no
he
or
was
effective. In¬
the fact that
apparently had much
faith
less
in
this type
argument than
his
of
oppo¬
premises, and it is difficult
nent
to argue
large part of the support
against their
clusions.
One
con¬
of
the [weaknesses of the business
community in its opposition to the policies that have
been foisted upon it
during the past few
years
is the
he
enjoyed
those who
date and
as
such—are
more
the New Deal
than half-inclined to accept
general philosophy of the existence of
this
a new era
in
which old precepts and experience-tested wisdom have
little application, necessarily the
major premise of the
New
Deal
To
arguments.
thoughtful
realistic turn of mind there is
of the fantastic in this
new
era
so
large
men
an
the average man in the streets and
so
so
often heard this gospel
seldom, if
ever,
heard
a
element
idea that few have
taken the trouble to point to its fatal defects.
has
of
on
As to
the farms, he
plausibly preached and
any
careful analysis of its
for him
a
thoughtful elements in
more
But the popular notion
had
oppose
the
won
the electorate.
fact that far too many practical business men—even
bitterly and rightly
among
that
that economic law, as it
previously been expounded,
no
spread enough at the time,
widespread for
some
years
badly out of
as
much
at least had been
Throughout most of the late
was
heard of the idea
seems never to
at that time that the
or
prior to the fall of 1929 and for
time thereafter.
1920's almost
although it
was
longer of substantial validity was wide¬
government need do anything in
the premises except encourage the boom
of economic law had made
some
of the most
as now,
have occurred to many
possible.
which repeal
Many volumes,
ponderous sponsored,
or
at least
encouraged, by Mr. Hoover relatively early in his
career
as
"Secretary of Commerce, appeared during
Volume
this
period
devoted
which
"New Era"
of 1929
Financial
144
it
passed
years
Yet
late
as
wisdom
as
1933 there
as
sympathy
observable
very
At any rate, no sooner had
assumed office than he
in
many
1920's
(although
with different
is
age
of
of the
one
large
a
meas¬
if not
working out
they be expected to work
or
covered
not
wagon
but
ages
and regulations without end, and in addition
assume
certainly
responsibilities in the realm of economics
seriously dreamed-of in this country
never
before.
This
with the
general philosophy, far from passing
more
with
urgent phases of the emergency,
real
of
a
no more
than what was
of the comforts and
many more
they
The Ideas Exist,
or
even
their fathers and moth¬
establish
not
but Are They Valid?
of these ideas
The filing of
validity.
does
should hardly
demanding that
about half-time and yet be pro¬
as
But the existence
their
we
groups
dreamed of.
ever
ers
peculiarities of this modern
long before; that is, to inaugurate controls, interfer¬
ences,
regarded
luxuries of life than
vogue
initiative,
large and ever growing
once
of individually
economic salvation by hard
own
work and constructive
find
people still
we as a
ideals
the
to
vided
with, those generally in
horse-and-buggy
our
Were
it.
earn
clinging
resolutely
usually expressed
practices and policies essentially similar to,
identical
in the
to
to do his best to
that it somehow demands that government
return to
Nor would the idea so
rainy day.
a
expounded during
as
course
and to add to them the further
words)
conclusion that
President Roosevelt
began to evince
of faith in New Era ideas
the
for
living regardless of the willingness of the individual
some
quarters with the underlying notions of the so-called
New Era, and particularly with inflation.
ure
vision
widely prevail that the public owes every one a
was
practical shrewdness.
a
the
to
revealed the hollowness of much of the
soon
lingered
attention
Naturally the collapse
as
balderdash that had for
and
their
called.
499
Chronicle
does not prove
claim
a
justification.
demand
or a
To give evidence
strong desire for more wealth at a lower price
in terms of human effort
such ambitions
lessons of
ments of
be
provides
no
evidence that
gratified only by flouting the
experience. That the astonishing achieve¬
industry and trade during the past century
have still left
sired,
can
us
far short of all that may be de¬
all that
or even
may
theoretically be adjudged
or
imaginary, existing at the time of his first inaugu¬
ration, has steadily grown in stature if not in wisdom,
as
a
easily be observed in his public utterances from
may
period long before his famous "horse-and-buggy"
interview with the press down to the present day. Per¬
haps he has
cation at
along with much
of the
more
of "the need to find
ment of
farther than[hej[did,iby impli-
never gone
least, in^his-inaugural on Wednesday when,
through government the instru¬
united purpose to
our
order, he spoke
same
solve for the individual
the ever-rising problems of a complex
The Notion Still
the
of
course
its
notion, the general doctrine of
world
altered that
so
four years ago
a
a
as
experience gained
is worthless, and
more
a
than
different that
so
large degree of "planned economy" is not only
desirable
but
essential,
to be at high tide.
seems
Has the idea any real basis in fact?
velt, the President,
than Mr.
man
been
he
a
wiser and
more
current
a
thought too strong for him to
through unfortunate advice
for
himself
untenable
an
or
by limiting production, by resorting to
still further
inflation, by methods to be developed
in the
being operated from Washington, or by asking gov¬
ernment to
as
his
years
enlightened
stem,
or
has
of popular
or
perhaps
otherwise developed
economic
and
social
in office have passed and
placed himself at the head of the cult rather than
in its ranks?
Of course, no one
the
to
marked
in his
would deny that
senses
changes in the face of the landscape, in
of the habits of life, and in the technical
of
esses
readily
industry.
reality
we
self-dependent
that
factors have
other
changes in the attitude of people
many
tdward life and its problems.
not a
proc¬
Intelligent students of the times
admit that these and
wrought
sentatives of the people—even
and
so many
so
women
other
an
thousand
luxuries to be
proper
automobile
and
more
or a
seem
The
The
:
mere
existence of these
tudes and demands is nonetheless
sible for many
fessional
.
popular ideas, atti¬
probably
respon¬
of the strange preachments of pro¬
politicians whose reasoning
on
the sub¬
ject at best is largely "rationalization" and whose
main desire is to be found
popular
tenets.
always
as
exponents of
modern theories,
These so-called
however, have more serious-minded defenders who
certain facts in support of
set forth
their conten¬
tions, although it is not always easy to follow a
reasoning
is
which
conclusions.
rarely
carried to its
One of the most
logical
frequently cited facts
complexity of what is known as "modern civil¬
ization" and "modern
cult to understand
industry."
It is
a
little diffi¬
just what this complexity
proves.
argument at this point usually becomes more
and
more
allegorical, and finally
definite substance in
a
haze of
ingless succession of words.
created
a
mechanism
so
seems
to lose all
analogies
or a mean¬
Man
delicate,
as
scientist has
so
complex,
so
powerful that it defies man as business manager and
threatens to devour him.
What
manner
of
nonsense
is this?
An Argument Against "Planned Economy"
It
radio
to
consider
or some
of the
was
precisely because of the complexity of the
economic
system even in those
found essential
to
a
days that it
was
century ago to leave its operations
large numbers of competitive individual enter¬
modern
conveniences and
prises, and its control largely to what become known
essential than
adequate housing,
as
one
clothing^ full nourishment,
is not the case,
such ideas.
continuing to ask
large a number who
possesion of
as
question at issue is the validity not the existence of
heretofore
they be provided for by a paternalistic govern¬
ment,
if,
country could provide were placed in
Were such changes
should not find
men
everything according
blue-prints drafted by politically chosen repre¬
The
triumphs of science and invention have brought
many
replace private enterprise in the manage¬
ment of business and to direct
is the
hypothesis
governmental economic and social laboratory
Is Mr. Roose¬
Roosevelt, the 1932 candidate,
swept along upon
supposition that existing shortcomings can
overcome
popular
changed world,
a
be
charge both of the planning and the direction.
origin, and what¬
development
for the
the ablest the
Strongly Held
But whatever and whenever its
ever
civilization."
adequate for a "decent" existence, affords no ground
or
prudent
pro¬
natural
economic law. Government had for cen¬
turies tried to
plan and to control business enter-
Financial
500
prise in the interest of the people of the respective
Chronicle
of that
Jan. 23, 1937
venerable document
naturally
never
heard
of the so-called
quantity theory of money and still
cantilism," and since Adam Smith published his
less of the
recent notion of
"Wealth of Nations," in
the
Economic historians call the
nations.
system "mer¬
1776, it is quite generally ad¬
mitted that the system was an abject failure.
in
those
Even
relatively simple days no man could be
found wise
enough to plan and direct the activities
It is indeed
of millions of individuals.
strange
a
more
the time the Constitution was written.
founding fathers
of the currency
non-currency
the
to be to
modern
of
industry
government
should be entrusted with tasks it could not
effectively in earlier and simpler times.
perform
Just why
and
much
were
lighter, the de¬
The simple truth of the matter
ponent sayeth not.
is that the increase in the
industry and trade is
complexity of modern
added argument for laissez
an
argument frequently cited
tralized control of modern
is the cen¬
industry and trade. But
this "rise of economic barons," so
far
The
which is
the part
tariffs, its inflation¬
tactics, its weak-kneed if not friendly attitude
ary
toward
nomic
monopoly, stimulated and fostered any eco¬
oligarchy which actually exists in this
coun¬
It need not exist and ought not to be per¬
try.
mitted to
us
on
asked to take supreme
now
command. Government with its
from
and
continue, but government which is to
save
ourselves, far from willing to demand open
free
competition, is actually still
monopoly,
fostering
witness plans for revival of the general
as
principles of the National Industrial Recovery Act,
the
Wagner labor relations law fostering labor dic¬
tatorships, and various other current policies that
squint in the
ships,
far
so
direction.
same
as
Economic dictator¬
they exist, are unfortunate, but the
remedy is obviously that of removing the founda¬
tions upon
which they rest, not that of replacing
existing dictators with others wearing the labels of
Even of it
government.
that government
selfishness of
be desirable
were
true, which it is not,
dictatorship would be free of the
private dictatorship, still it could not
or
tolerable.
even
thousands,
There is in
our
is
judgment
presented
certainly
upon
traordinary proportion of overhead costs, is like¬
as a reason why experience
gained in earlier years is no longer of value, and why
another
banking and
runs,
no case
for any sort of a
of the matter abroad than in the United
the idea is
In modern times, so the theory
are,
industry,
sirable
tainly
vincing
practically speaking, the
case
economic
system.
regulate virtually the
The conclusion usually
drawn is that to leave this mechanism in
hands is to
whole
private
place almost dictatorial power over the
economic
system
in
the
hands
of
irre¬
sponsible bankers interested chiefly if not wholly
in their
own
said, places
profits.
money
for any substitute
garment and needle trades, where very little capital
is
required, and why it is that the demand for elimi¬
nation of
competition is most persistent in such in¬
The
dustries.
with this type
evidence to
average
Even the Constitution, it is
under the control of Congress.
support conclusions, and refuse to ac¬
neither in
As far
as
private individuals
the Constitution is
of assertions
of the entire list
examination
An
heard in defense of such ideas and theories as we
have been
discussing would show that they are, after
all, mere assertions, wanting substantiation either
in abstract
is
reasoning
or
experience.
Precisely why
past experience now an unsafe guide ?
The ques¬
tion is still unanswered.
Federal Reserve Bank Statement
CHANGESmore than nominal, but the trends dis¬
hardly in the banking statistics this week are
closed
they
naturally
may
attracting much interest, since
are
well determine the action to be taken
diminishing the potential of credit inflation.
post-holiday movement of
banks again is abnormally
view of the larger
is to
nor
be tolerated
in government.
concerned, the framers
currency
bank to the
small, especially
so
in
requirements of the last season.
week to Wednesday night currency in cir¬
In the
decreased
summary,
$32,000,000,
according to the
this movement was almost
and
completely responsible for a gain in member bank
balances and
reserve
excess
are
reserves
extimated
post-holiday
over
an
increase of $30,000,000 in
legal requirements, which
officially
currency
at
$2,130,000,000.
now
The
return now amounts to $341,-
000,000, whereas the past experience that is based
on
much smaller pre-Christmas increases suggests a
is the simple fact that
bank deposits for the pur¬
business
confronted
man,
cept mere assertion as proof.
ment of either money or
controlling
business
of argument, need merely insist upon
return
of
competition.
plain why it is that the abuses cited most fre¬
The truth of the matter is, of course, that employ¬
pose
for
thought it worth while to ex¬
quently are found in those industries, such as the
credit
entire
have even attempted to establish a con¬
Neither has anyone
instrument
to
of economic activity, and cer¬
governor
none
culation
which
no means
much of it, renders competition unde¬
or
as a
"money" of the country, and offer the most effective
with
by
precisely why the highly mechanized state of our
The
j
argument has to do with credit,
bank deposits
States, but
unknown here. No one to
knowledge has taken the trouble to explain
toward
Quantity Theory
money.
to adopt new ideas and new
necessary
petition. More perhaps has been heard of this aspect
now
and the burden of proof
none,
now
demonstrates.
them.
The
Still
history amply
Certainly the defenders of the New
dictatorship.
Deal have
as
ex¬
Inefficiency and in¬
eptitude would cost billions where selfishness
costs
industry, with the resulting
wise sometimes cited
our
of government
large capital investment required by most
branches of modern
it actually
as
exists, is the offspring of erring policies
The concern of all ought
keep both bank deposits and money sound
theories, particularly concerning the value of com¬
The Economic Royalist Theory
Another
of the country, not its use for some
purpose.
liquid, and there the concern of all ought to
it is
faire.
What the
concerned with was the uni¬
stop.
government can be expected to succeed now when
it failed when the tasks
were
formity and possibly in some degree the soundness
argument that urges the contention that because of
complexity
using it to control
universe, for neither idea had been evolved at
flow of
culation
now
time last
$409,000,000.
More impressive still
all forms of
currency
total $635,000,000 more
year.
It is evident that
an
in cir¬
than at this
increasingly
large part of the business of the country is being
Volume
carried
Financial
144
on
by the medium of hand-to-hand
currency,
Chronicle
501
tions, despite official intervention.
Despite the old
owing to the heavy diminution of the number of
adage that stocks should not be sold
banks in 1933.
it remains true that
This factor
is, of
portant in the-general credit situation.
The monetary
to
quite im¬
course,
caused in
'
gold stocks of the country continue
increase, the gain for the week to Jan. 20 being
reported
at
$11,000,000,
$11,317,000,000.
But
making
the
the
Treasury
aggregate
currently
is
a
the market
As the week
unrest.
floods
in
became
good deal of
the
ever
by the latest
progressed,
industrial
perturbing.
more
situation encouraging.
There
the
Nor
Middle
production.
toward caution in the share markets.
certificate
Federal Reserve Banks
893,000,
certain
notes in
12
reported at $8,849,-
of currency
reserves were
in vaults increased
marked up to
gain for the week of $9,235,000.
a
the
of
$11,000 for the week, but specie and
up
other forms
and total
is
now
fund
actual circulation
.036,000, down $17,722,000.
Federal Reserve
Total deposits with the
12 Federal Reserve Banks increased
$17,711,000 to
$7,255,589,000, the account variations consisting of
an
increase of member bank balances
to
$6,754,890,000;
drop
a
of
by $15,275,000
$1,774,000
the
in
commodity price advance, which also tended
maintained, however, with the
full sessions
to
stock
suffered
did the
balances
System
to
$217,540,000.
The
80.4% from 80.3%.
increased,
mere
a
$33,000
to
wjiffe industrial advances fell $90,000
$2,381,000,
to $24,131,000.
marked holdings of bankers acceptances
pen
permitted
decline
to
holdings
were
ratio
reserve
Discounts by the
of
United
$5,000
States
to
while
$3,084,000,
Government
were
securities
quite unchanged at $2,430,227,000.
/U
the
of
current
week
industry
were among
Service Corp. of
almost
were
those which acted.
N. J. declared
a
of
wholly
Two companies in the
a
utility
The Public
quarterly dividend
of 65 cents, payable March
31, which compares with
only /60 cents in previous quarters; last December an
extr& of 20 cents
declared
a
also
was
stock, payable Feb.
10
c^ts paid
common
with
Cincinnati Street Ry.
a
which
1,
share
a
capital
with only
Owens Illinois
dividend of $1.50
a
stock, payable Feb. 15, which
share
U. S. Pipe
a
share
each
on
June
19, Aug. 31, and Nov. 30, 1937, respectively
the
common
and compares
stock,
payable
March
20,
with four dividends paid in 1936 of
half that amount.
Hearn Department Stores, Inc.,
declared
an
common
stock, payable Jan. 23.
initial dividend of $1.65
a
share
on
the
conflicting factors.
undertone
levels
of
the
severe
in
some
throughout,
that
sent
depression
sessions.
Despite
many
on
issues
to
occasion,
The
market
with early recessions
generally
a
highest
losses
was
more
were
volatile
than
com¬
pensated by mid-week gains, while the latter in turn
gave
way
changes
to
were
cumstances.
assumed
ever
liquidating
not
pressure
yesterday.
greatly important in
more
serious and
Net
these cir¬
The strike in the automobile
threatening
of
activities
notwithstanding
as
Corporation
Monday
on
toward
generally
were
the
to
difficulties
experienced
with
labor.
equipment issues resisted the trend, and small
gains
appeared
The
stocks.
alsQ
in
tendency
merchandising
Tuesday
on
and
food
to
mark
was
time, but losses slightly outnumbered the gains and
they also
in
significant, since they occurred
were more
leading industrial and other shares.
stocks constituted
also
firm group
a
The railroad
and tobacco issues
improved, but industrial and utility securities
The tone improved
Wednesday,
on
momentary impression that the motor strike
a
The inaugural address of President
Roosevelt contributed to the optimism, even though
it
not
was
was
especially colorful
or
rather
impressive.
United States Steel
vanced to its best level in six years.
was
continued
with the
Quite
There
informative.
general advance for the session, with gains
a
a
Thursday in
on
chief gains
a more
recorded in
a
common
movement
modest
manner,
last-hour rally.
were
by gains, and fresh highs for the
not
were
pessimistic
ad¬
The upswing
few small recessions appeared, but they
much outnumbered
almost
lacking.
yesterday,
entirely
showed
issues
dull.
Strike
news
and leading
again
was
stocks receded
industry
propor¬
on
by
liquidating
that
occasioned
pressure
Industrial
circumstance.
largest losses,
while rails also
were
Utility securities resisted the trend and closed
with small increases.
United
Government
States
obligations
were
un¬
certain in the listed bond market, as banks and other
institutional
investors
portfolios until the
not
are
reserve
answered by our monetary
inclined
to
enlarge
requirement question is
authorities.
Small losses
the rule in such issues, and also in best rated
corporate
ERRATIC movements of stock prices resulted the
on
the New York market this week from
firm
owing
were
The New York Stock Market
numerous
The fact that the steel industry
levels, with motor stocks weaker than others
slowly but steadily
compares
Fqundry declared four dividends of 75 cents
a
on
Jjl.25 paid each three months from Nov. 15,
1934,/to and including Nov. 15, 1935.
&
the
on
compares
each quarter of 1936.
Glass Co. declared
the
paid.
dividend of 15 cents
Saturday in
impressed traders and investors,
might be settled.
favorable character.
last
enlarge and improve production facilities.
Movements
on
extraordinary nature declared
an
Exchange close
that the United States Steel
slipped lower.
Corporate Dividend Declarations
TSlVIDENDS
news
is about to
Rail
bank
engaged
recession
no
the motor strike
900,000, and
moved up to
market
ship of steel stocks.
lower
gain of $1,948,000 in non-member
was
for the
moderate but impressive advance, under the leader¬
Treasury general account balance to $188,259,000; a
gain of $2,262,000 in foreign bank deposits to $94,a
the New York Stock
on
Activity
average
3,000,000 shares.
The
$9,177,196,000,
reported at $4,159,-
are
well
the foreign
was
in the
gold
of
West
signs of wavering
were
"sterilizing" the imports and additions from domestic
The
of labor
wave
moreover, news
of
area
strike news,
on
nervousness was
however,
issues.
bonds.
on
good
Among the listed bonds with
tinge the trend
equity
Bankers reported
results,
their offerings of fresh high grade bond
was
performances.
proved uncertain.
a
speculative
irregular and much in line with
Foreign
dollar
issues
Most commodities followed
also
an
irregular downward tendency, and the indications of
halting demand at the higher levels attained during
the
long upswing failed to aid the stock market.
the
foreign exchange markets attention
upon
the Japanese
economic crisis in
European units
yen,
Japan.
were
was
In
centered
owing to the political and
Sterling, francs and other
steady under official control.
Financial
502
Call loans
the New York Stock Exchange
on
mained unchanged at
On
Stock
York
the New
the half-day session on
shares;
on
pe-
1%.
Exchange the sales at
Saturday last
were
1,705,240
'Monday they were 2,860,550 shares; on
Tuesday, 2,619,110 shares; on Wednesday, 3,271,370
shares;
on
Thursday, 2,991,880 shares, and on Fri-
On the New York Curb Ex-
day, 2,684,170 shares.
change the sales last Saturday were 632,705 shares;
Monday, 1,054,145 shares;
on
shares;
Tuesday, 898,758
on
Wednesday, 815,415 shares; on Thurs-
on
day, 953,940 shares, and on Friday, 1,034,135 shares.
On
Saturday of last week the market was fea-
tured
by great strength and rising prices.
fear induced
of
How-
Monday early weakness developed through
ever, on
by the failure of efforts in the direction
settlement of the General Motors strike.
a
Tues-
day the market continued to be encumbered by a
spirit of pessimism which brought prices to generally
although
levels,
lower
toward firmness
contents of the President's
closed
on
a
slight
prevailed at the close.
tendency
With the
inaugural address dis-
Wednesday, tension among traders was
for the most
Heavy buying ensued,
part dissipated.
with
a
late
trading
corresponding rise in prices the result.
Thursday
on
further
impetus
In
was
given to purchases, and prices closed in much better
position than the day previous.
the strike situation
concern over
Yesterday renewed
brought on liquida-
tion, and many equities suffered substantial reces-
sions, erasing earlier gains.
General Electric closed
yesterday at 64 against 59% on Friday of last week;
Consolidated Edison Co.
of N. Y. at 48% against
46; Columbia Gas&Elec. at 18% against 19%; Public Service of N. J. at
51% against 51%; J. I. Case
Threshing Machine at 161 against 156%; International Harvester at 110
buck & Co. at
&
Co.
at
against 105%
;
Sears, Roe-
85% against 86%; Montgomery Ward
57% against 57%; Woolworth at 63%
and American
against 61%,
against 182%.
Tel. & Tel. at 183
Western Union closed yesterday at
81% against 75% on Friday of last week; Allied
Chemical &
Dye at 236 against 234; E. I. du Pont
Nemours at
de
174
against 179%; National Cash
Register at 34% against 32%; International Nickel
64
at
against 64% ; National Dairy Products at
23% against 23%; National Biscuit at 32 against
31%; Texas Gulf Sulphur at 40% against 40%;
Continental Can at 66 ex-div.
man
at
Kodak at
against 68%; East-
172% against 160; Standard Brands
16% against 15%; Westinghouse Elec. & Mfg. at
166
against 152%; Lorillard at 24% against 23%;
Chronicle
Ian. 23, 1937
road shares were irregularly changed for the week,
Pennsylvania RR. closed yesterday at 42 against
42% on Friday of last week; Atchison Topeka &
Santa Fe at 75% against 75; New York Central at
42% against 43%; Union Pacific at 130% against
128%; Southern Pacific at 48% against 47; Southern Railway at 26% against 26%? and Northern
Pacific at 28% against 29%. Among the oil stocks,
Standard Oil of N. J. closed yesterday at 69 against
68% on Friday of last week; Shell Union Oil at 28
against 28%, and Atlantic Refining at 34% against
31%. In the copper group, Anaconda Copper closed
yesterday at 55 against 55% on Friday of last week;
Kennecott Copper at 60% against 61; American
Smelting & Refining at 96% against 95%, and
Phelps Dodge at 55% against 56%.
Trade and industrial reports remain exceedingly
encouraging, save for the strike news. Steel ingot
production for the week ending today was estimated
by the American Iron and Steel Institute at 80 6%
of capacity, or the highest level since early in 1930.
The level compares with 78.8% last week and 49.9%
at this time last year. Production of electric energy
for the week to Jan. 16 was reported by the Edison
Electric Institute at 2,264,125,000 kilowatt hours
against 2,244,030,000 kilowatt hours in the preceding week and 1,970,578,000 kilowatt hours in the
corresponding week of 1936. Car loadings of revenue freight for the week ended Jan. 16 amounted to
700,238 cars, the Association of American Railroads reports. This is a gain of 1,709 cars over the
previous week, and an increase of 88,891 cars over
the corresponding period of last year,
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 127%c. as against 132%c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 108%c. as against lll%c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 49%c. as against 53%c, the close on
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 12.97c. as against 13.04c. the close on
Friday of last week. The spot price for rubber
yesterday at 20.65c. as against 21.88c. the close on
Friday of last week. The price of domestic copper
closed yesterday at 13c., the close on Friday of
last week.
In London the price of bar silver yesterday was
20 7/16 pence per ounce as against 20 13/16 pence
per ounce on Friday of last week, and spot silver in
New York closed yesterday at 44%c., the close on
United States Industrial Alcohol at 39 against 39;
Friday of last week.
Canada
week,
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.90 5/16
as against $4.91 3/16 the close on Friday of last
week, and cable transfers on Paris closed yesterday
against
at 4.66%c. as against 4.67%c. the close on Friday
at
Dry at 31 against 31%; Schenley Distillers
44% against 44%, and National Distillers at
28% against 28%.
The
steel
shares
closed
higher for
the
United States Steel closed yesterday at 87%
81%
on
Friday of last week ; Inland Steel at 114
against 116%;
76%
;
Bethlehem
Republic
Steel
at 79%
at 32% against
Steel
Motors
at
66%
In
Auburn Auto closed yesterday at
31% against 32%
on
Friday of last week; General
against 68%;
Chrysler
at 121%
against 122%, and Hupp Motors at 2% against 2%.
In the rubber group,
Goodyear Tire & Rubber closed
yesterday at 33% against 30%
on
European Stock Markets
29%, and
Youngstown Sheet & Tube at 80 against 79%.
the motor group,
of last week,
against
Friday of last
pRICE trends were irregular this week in listless
1
sessions
change reflected
were
The London Stock Ex-
improved tone after early hesi-
approximately equal.
pean
continued
an
International difficul-
ties of various kinds continue to impress the Euro-
and B. F. Goodrich at
The rail-
exchanges in the leading
tancy, but in Paris and Berlin the gains and losses
week; United States Rubber at 53% against 50%,
33% against 33%.
stock
on
financial centers of Europe.
markets,
so
even
though the tension
now
has been
long as almost to become the usual
Voikme
order of
Financial
144
The Spanish civil war and the dif¬
things.
ficulty of achieving
sort of unity in Europe
any
tend to stimulate the
export of capital, rather than
increased investments in the several markets.
industrial
securities, nevertheless,
Some
in favor at
were
impressed by
The Paris Bourse was not much
speech delivered by Finance Minister
a
Vincent Aurilo,
Wednesday, in which that official
gave way
tion.
The
Rentes
improved in
being made to im¬
are
plement the four-year plan of self-sufficiency, but
departments.
There
securities, and
even
opening
few
Nazis.
consist
to
entirely of perfervid
Sharp advances in almost all commodities
have caused
misgivings recently, and the specula¬
tion in natural
products
appears
to be running its
Although
fortnightly account
a new
the London Stock
ers
investors
and
fractionally
place
preferred to remain aloof, and
on rumors
Gilt-edged issues receded
that defense financing would
Iron and steel shares and other
soon.
industrial issues
and
were
firm, but
copper,
improved
prices
slightly easier, while only
were
issues in the industrial and
commodity
panies
a
few
groups man¬
Shares of shipping com¬
aged to close with gains.
in favor, but Anglo-American issues
were
declined.
Tuesday, and
British funds and
almost motionless.
were
rails
The tone
British funds
gains
Not much business
improved
marked
were
Wednesday, and
on
slightly higher.
Small
recorded in most industrial stocks, while
were
The
opening
was
ties.
Dealings
British
on
funds
uncertain,
remained
group
better demand for
there
Thursday again
were
but
international securi¬
were
quiet, but
steady, while most industrial
commodity stocks tended to advance.
American
Anglo-
trading favorites improved in reflection
of the better trend in New York.
marked
little lower
a
Gilt-edged issues
yesterday, but the tone
good otherwise, with international securities in
day again
the rule in the
were
The Paris Bourse started the week with
a* fairly
session, but early strength was offset by
a
decline, and changes were nominal in nearly all
departments.
the
day,
stocks
Rentes
receded
on
virtually unchanged for
were
while bank,
and coal mining
chemical
rather
securities received
ished
generally.
some
International
Dealings dimin¬
support.
Tuesday, and prices slipped a little lower.
Rentes led the list
downward, and French equities
joined the trend, with bank stocks affected more
than
industrial
issues tended to
ing
on
Rentes
or
utility
improve.
issues.
After
an
uncertain
open¬
Wednesday, prices rallied on the Bourse.
participated only
trial issues.
rentes
on
a
minor
International obligations
The tone
on
Thursday
scale, but
was
remained in
uncertain, with
slightly higher for the day, while most other
securities showed losses.
favor,
A
sharply
the
neglected.
Wednesday, and
Gains
ap¬
industrial issues, ship¬
equally
but industrial,
Chemical stocks
were
in
railroad and utility issues
Losses
small.
were very
leading industrial stocks, but
Berlin
small at
were
and losses
Prime
move¬
yesterday, with gains
numerous.
War Debts
REPORTS of fresh negotiations on thethe World
intergovfrom
ernmental debts that resulted
War
keep cropping
almost from week to week,
up
largely because the improvement of the world
nomic
United
on
the
eco¬
position slowly is making more possible
settlement
that
States
war
would
acceptable
prove
Government.
debts last month
The
notes
to
a
the
exchanged
suggest that the British
and French Governments
are
obligations
optimistically than during
a
little
more
The British omitted
depression.
reference
usual
beginning to view such
to
conditions
sumption of payments quite
as
fault
French
was
while the
occurred,
couched
in
cordial terms.
,
the United
insisted
States last
Monday
merely social.
was
make
that
difficult
re¬
when de¬
as
communication
Walter Runciman,
President of the British Board of
Trade, arrived in
on a
visit that he
But Mr. Runciman is
to confer with President Roosevelt over the current
week-end, and his denial that
usual
is considered in
the
In
debts
was
was
of
The
many
insisted that the visit of the Brit¬
a
holiday nature, and that neither
trade
nor
discussion.
an
circles
as
ish official
war
debts will be
war
diplomatic dismissal of a delicate subject.
Washington it
negotiations would
problem
was
come up
for
made the subject of
interpellation in the British House of Commons,
Tuesday, but
no new
Chancellor of
the
information
was
vouchsafed.
Exchequer Neville Chamberlain
merely referred questioners to the British note of
last month.
There
International
larger gains appeared in bank, chemical and indus¬
favor.
weak
among
irregular.
shipping shares tended to improve.
ments
touched upon
greatest favor.
late
a
Thursday was uncertain, and move¬
on
ments for the
the worst of the
commodity
active
on
was
peared in most of the heavy
their
was
done
was
the trend in that session
The
were
scattered
Fixed-interest obligations were
larger advances appeared in communication issues.
and
marked
were
with losses
rubber, oil
favorable week-end reports from
on
New York. ; Little business was done
home
After
showed only small frac¬
but other issues
The international
gold mining securities eased.
group
opened
was
Exchange last Monday, trad¬
prices moved irregularly.
take
or more
ping stocks and utility shares, but others were dull.
course.
on
elsewhhre.
favorites
changes,
gains.
point
a
heavy industrial stocks, while
Tuesday the tone improved at Berlin.
on
higher,
seem
,
demand for
any
Recessions of
in the
speculative
tional
does not
hardly
was
fractional losses appeared
only the most optimistic Nazis could call the en¬
lin
'■
small offerings tended to lower
considerably.
common
deavors
promising, and the financial market in Ber¬
•
the Berlin Boerse were at a low ebb
on
Monday, and prices tended to slip lower in all
on
were
have been taken in France of late.
demand, but other issues
-v'/
Dealings
franc, while indicating that long steps toward busi¬
recovery
irregular.
was
group
quiet; session yesterday, and
a
soft.
were
levels
In the German Reich efforts
international
bank stocks also reflected
promised to prevent any further devaluation of the
ness
under mild but persistent liquida¬
slowly
London, this week, owing to the signs of further
economic progress.
503
Chronicle
debt
is less uncertainty regarding French war
conversations, for it
late last week that
economic expert,
as
announced in Paris
would replace Andre le Laboulaye
Ambassador to
The
was
Georges Bonnet, financial and
Washington, for
understanding has prevailed for
M. Bonnet would take the
purposes
indicated
looked toward
he
a new
took
time at least.
some
time that
Washington post only for
of debt discussions.
before
a
Premier Leon Blum
office last year
debt settlement
that he
as a means
of
.
504
Financial
1
augmenting
would
Franco-American
that
seem
carried
been
matter have
on
Paris
in
William
Ambassador
States
friendship,
C.
it
and
preliminary exchanges
some
this
on
by United
Bullitt.
Unfor-
Chronicle
but that feeler quickly
French
and
by
seem
to
of any
success
made
markets,
barred
now
debt defaulters under the Johnson
war
the
American financial
to
access
Act, and
debt discussions with France is
questionable by that circumstance.
sever
reacted
of
means
a
trade pact
ties with Russia,
unfavorably
readiness to assist
French
they desire to clear
the problem chiefly to regain
British
abandoned because the
was
unwilling to
were
the
tunately, however, the French have intimated that
up
Jan. 23, mi
the Reich
well.
as
economically
affirmed, but it would
was
that these and other concessions to Germany
would be contingent
important steps toward
upon
conciliation by the Eeich.
Berlin reports state that
Herr Hitler would not limit German armaments
for colonies, and it may be surmised that the
even
1
armament
Naval Treaty
One
question enters into the general problem.
of the
most
important declarations of the
EXPIRATION of the Washington and only the week was Eden, before the British HouseSecretary
London Anthony made on Tuesday by Foreign of Cornnaval treaties at the end of 1936 left
London pact
of 1936
is
effective international
as an
instrument in the naval
sphere, and not much hope
placed in the most recent accord, since it affords
only qualitative limitations upon the British, American and French fleets.
tations
strictions
ment
subject, in
are
of
Italian
announcements
caliber
gun
late
A
last
little
encourage-
week,
however,
effect
the
to
qualitative limi-
respects, to similar re-
some
other countries.
afforded
was
Even the
that
14-inch
future capital ships would
on
by
prove
acceptable to Rome, if all the important naval Powagreed to the limitation.
ers
accord
provides
The existing London
14-inch limitation
a
on
the under-
Mr. Eden made
mons.
to join
countries,
brought
that real peace and prosperity
so
He
Europe.
to
"there must be no reserve
to cooperate can
guns
the two
now
capital ships
14-inch limitation becomes
as
the
ships
will be mounted
on
projected, unless the
guns
on
American
largely directed against themselves, it may
well be that
they will
with the other four
be
now
more
inclined to join
signatories of the Washington
pact and make the 14-inch limitation of the 1936
treaty effective.
The outcome of this question of
calibers is of relatively little significance, how-
gun
for the fact remains that the all-important
ever,
quantitative'
limitations
on
navies have been dis-
The will
exclusiveness and participation in a general Euro-
settlement, through reduction of armaments,
pean
was
merely
a
was
peace
a
In this and other respects the speech
reaffirmation of the British viewpoint,
expounded
as
of such international
will make the League of Nations
as
occasions of late.
on numerous
not considered impressive in German
It
circles,
which found the censorious tone offensive.
generally applicable, and
Japanese view 16-inch
as
may
already been indicated in
Washington that 16-inch
new
Government
Japanese
form
any
manifest itself, Mr. Eden suggested,
benefit to all.
the
the part of
through abandonment ot the doctrine of national
This leaves the
It has
be
that
and whatever
of interference in the affairs of others."
machinery
action
on
operation with others and in abandoning
treaty submitted to the restriction by April 1, 1937.
decide to take.
evasion
or
may
however,
form of government it prefers for itself—in its co-
and through acceptance
whatever
warned,
nation—whatever its ideology
any
standing that all signers of the Washington naval
application of the clause subject to
virtual appeal to Germany
a
in full and equal cooperation with other
Q
,,
p
,
e el ion
CATTLE lines in Spain have been extended in the
opanis
D
last week or two, owing to rebel efforts to
capture Mediterranean ports in the hands of the
loyalists/ but the fighting remains inconclusive,
The struggle which now has been in progress for
more than six months reems to involve the use of
ever greater masses of men and materials, and it is
altogether obvious that the aid being extended to
either side by other countries must be on the in¬
carded.
crease.
European Diplomatic Moves
This
gives greater
signiiicance
rent British and French efforts to
to the cur-
prevent such un-
PROGRESSthe European diplomatic sphere
toward conciliation and appease- to find aintervention. Likeneutrality, however, the
official plan for genuine the previous attempts
in
ment
once
Diplomatic
again was absent, this week.
continued in several
tions
were
were
augmented by
"trial
Spanish civil
to
raised
the British
all
on
assents of
the
a
sides,
in.enormous quantities, indicated last Tuesday that
genuine neutrality in the
proving fruitless, for objec-
plan for aloofness
while
few countries
are
the
even
made
are
being
half-hearted
contingent
upon
willingness of all others to prevent the dispatch
of volunteers to the
Hermann
lor
few public declarations and
assure
war are
Portu-
gal, through which supplies are reaching the rebels
The latest endeavors of the demo-
cratic countries to
present efforts seem foredoomed to failure.
directions, and they
balloons," but the situation remains clouded
and uncertain.
tions
a
conversa-
loyalists and rebels.
General
she has no intention of permitting
tional
any
interna-
patrol of the Portuguese-Spanish frontier, or
of Portuguese coastal waters.
Unless Portugal can
be brought into line, hardly anything is to be ex-
pected of
an
international agreement, however strin-
gent it might be.
Quite apart from the Portuguese attitude, there
seems
little
reason
to believe that genuine non-inter-
vention in Spain can be assured.
Great Britain
Goering, the chief lieutenant of Chancel-
has adopted a strict neutrality program and has
Hitler, concluded his conversations in Rome with
taken steps to prevent the enlistment of Britons on
leading Italian authorities, but the
talks
that
remains
the
undisclosed.
But
essence
all
of these
either side in Spain, but the French neutrality legis-
reports
agree
lation which the Chamber and the Senate
diplomatic unity which the fascist
coun-
voted provides for a ban
tries have found so
useful of late will be preserved,
Rome
dispatches of last Saturday suggested
vival
of
Premier
four-Power
Mussolini's
cherished
idea
a re-
of
a
pact in Western and Central Europe,
on
now
have
volunteers only if other
nations take similar action.
The Russian Soviet
Government informed Great Britain last Sunday
that
"unilateral"
prohibition of volunteering for
service in Spain would not prove acceptable to Mos-
Volume
Financial
144
and the opinion was stated broadly that such
cow,
The
regulations would favor the rebels in any case.
German and Italian
cation have not yet
that
been formulated, as it would seem
in
conversations
the
Hermann
cerned
replies to the British communi-
Goering and Premier Mussolini were con-
There have been
partly with this matter.
intimations, however, that the two fascist
numerous
countries have every
intention of continuing their
aid to General Francisco Franco and his
Paris
General
between
Rome
insurgents,
then
even
were on
the way to
Spain. ■"
The conflict within
Spain remained intense on the
several fronts which now
little
ties
are
are
active, and there is
to doubt recent statements that casual-
reason
approaching the 1,000,000 mark, this figure
Madrid was
repeatedly this week, and
including both killed and wounded.
bombed
the
from
air
artillery shelling of the capital by the insurgents
increased.
also
The
issued
loyalists
orders
on
Thursday for evacuation of Madrid by all non-combatants.
Insurgents north of the city are reported
have lost
to
again all the ground they gained at
But the Madrid
great cost in the last week or two.
sector
which
presents a scene of trench warfare in
now
gains or losses are measured in yards rather
An action
than miles.
10
on
a
wider scope developed
the southern coast of the
on
days
ago,
cover
Mediterranean,
some
and at present it is attracting far more
attention than the
fighting around Madrid.
of airplane and
Under
warship attacks, the insur-
gents landed a force of some 20,000 men at Estepona,
a
not far from Gibraltar, and this body started
quick march toward Malaga, 45 miles away.
Mar-
bella, a fortified town 35 miles from Malaga, was
taken
that
are
by the rebels last Monday, but the push from
point
and
when the latter stopped in the British capital en
route from Switzerland to Dublin.
hampered by increasing resistance,
was
observers report
some
that the latest endeavors
likely to bog down into trench warfare as well,
The rebels
began to resort on Thursday to airplane
bombing of Malaga, despite the demonstrated military futility of such tactics.
a
number of matters affecting the relations between
the two countries.
#
#
Irish Free State participation
in the coming coronation ceremonies at London
formed part of the difficulties that the officials
tried to adjust, but it appears that more progress
toward trade adjustments was made than toward
political agreement.
i
p
apanese ri i
TAPAN moved steadily this week toward a politiJ ca* and financial crisis of which the conse<l"ences are altogether unpredictable. The Diet met
Thursday for its first business session, and an
on
uproar followed that made it necessary for the Cabiliet of Premier Koki Hirota to suspend sessions for
two days while the officials deliberated their course,
Both Parliamentary parties objected in the most
strenuous terms to the policies pursued in all
spheres, and it was charged openly that the Hirota
Cabinet is the most unpopular seen in Japan in
Fostering the unrest which now has
been manifested in the Diet is a long series of events
that increased the cost of living sharply and made
the Japanese people apprehensive regarding the
commitments of. their leaders in the international
sphere. The economic crisis is acute, for a virtual
embargo was placed on imports two weeks ago by
means of exchange controls of which the details only
slowly are being worked out. The fear of unbridled
inflation is keen in Japan, after long years of rapidl7 mounting debt and continued military expenditures for Asiatic conquest. All in all, the situation
many years.
*s a critical one> and it would be idle to deny that
it is °t intense importance to the Occident, for the
yen is one °t the leading currencies of the world,
and any precipitate decline of that unit might cause
highly unfortunate repercussions throughout the
world. There is reason to believe, however, that
JaPan would prefer to bolster its currency even at
the expense of further large gold losses.
Political difficulties in Japan have been on the
,
British Empire
It was admitted
officially that "informal discussions" took place on
dispatches of Wednesday indicated that 3,000
German "volunteers"
505
Chronicle
Trade
increase for years, as
the business community and
PROGRESS has been made in several directions with the the people felt thoroughly outAsia, and the
many of costly expeditions in Eastern of sympathy
improved trade and political
of late
Empire.
that
a
toward
the various units of the British
overweening power of the militarists which made
It was announced in Ottawa late last week
such activities possible. The Cabinet, of course, is
responsible in theory not to the Parliament, but
relations
among
new
trade
agreement between
the United
arrangement, it
but democratic ideas have permeated the country. The treaty with Germany, directed ostensibly against the Communist Interna-
intimated, will follow in general the terms of
tionale of Moscow, produced intense uneasiness and
Kingdom and Canada was under discussion, with
agreement "in principle" already reached
The
outlines of the accord.
was
the trade
new
the
on
country resulted,
a fear that a completely Fascist scheme of government might follow. With these and numerous other
uncertainties agitating the minds of the legislators,
agreement most of the advantages
it was a foregone conclusion that the initial session
pact of 1932, which proved quite advan-
tageous to Canada, since an enormously favorable
trade
balance
with
Under the fresh
are
to be
retained, it
the
mother
appears,
will be made to the United
but some concessions
Kingdom, especially on
terms
of this
formulation
for
accord
some
Pre-
careful preparation and an agreement not to embarrass the Cabinet unduly, but it seems that all
such reservations were swept aside when the Diet
time to
come.
London
re-
ports have made it plain, recently, that another
attempt to adjust trade and political differences
with the Irish Free State is
being made.
Malcolm
actually resumed business.
Premier Koki Hirota, Foreign Minister Hachiro
Arita and Finance Minister Eiichi Baba spoke in
conferred at length last week with
turn on Thursday before the assembled legislators,
and attempted to explain and defend their policies.
Valera, President of the Irish Free State,
The Premier called for still further strengthening
MacDonald,
Secretary for the Dominions in the
British Cabinet,
Eamon de
of the Diet would be a stormy one. The party leadattempted to stem the flood of indignation by
ers
probably will be under
iron, steel and textile products from England.
cise
to the; Emperor,
Financial
506
of the "national
small business
and
heard
was
establishments, industrial and
expansion,
chukuo
emigration
fostered
to
com¬
Man-
This outline
administrative reforms.
quietly enough by the Diet, but the
ex¬
position of foreign policy by Mr. Arita produced
objections, which became still
the finances
were
reviewed
the militarists
net and
Foreign MoneyjRates
more
on
the militarist pressure upon
suicidal foreign
a
made for removal of
were
the Cabinet and the
as
bills,
against 9-16%
as
Money
Paris the
in
Switzerland
Bank of
THE statementof £48,256 in gold holdings, which,
gain for the week ended Jan. 20 shows
small
a
together with
contraction of £4,583,000 in circula¬
a
especially the butt of criticism and ridi¬
reserves.
The Cabinet
speakers.
some
charged with com¬
was
Public
other deposits
expansion of £4,631,000 in
an
deposits
£697,235 from other accounts.
tion
^Premier Hirota, unable to
with the
cope
two
Loans
and loans
promptly
In the economic
sphere the Japanese situation is
confused for the time
time necessary
control
being, largely because of the
to work out details of the exchange
plans announced in a general way two weeks
These plans
ago.
on
consists
the desired authority.
gave
government securities decreased £8,222,000
other securities
on
of discounts
and
£2,341,546. The latter
advances, which fell off
£3,614,739, and securities, which increased £1,273,No change was
193.
Below
for
made in the 2% Bank rate.
show the different items with comparisons
we
preceding
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
directed ostensibly against
were
speculators in commodities, who lately purchased
Jan.
Jan. 22,
1936
20,
1937
Jan.
Circulation
450,464,000
13,556,000
137,855,390
Bankers accounts- 100,287,072
Other accounts37,568,318
Go vt. securities
74,935,853
Other securities
30,984.969
Discount &4advs„
8,905,857
Securities
22,079,112
Reserve notes & coin
63,617,000
Coin and bullion—.. 314,081,591
Proportion of reserve
to liabilities
42.00%
Bank rate
2%
Public
for
weeks
and
For two
period of inadequate purchases.
a
virtually
exchange permits were issued,
no
import business was at a standstill.
restlessness not
sioned
This occa¬
only in Japanese business
circles, but also among exporters of other countries
who
unable to obtain
were
regulations
were
Wednesday,
Japanese exchange.
clarified
to
some
Japanese
through
however,
degree
The
Ministry of Finance was charged with the issu¬
of
permits to
cover
1933
394,918,734 373,823,921 364,212,787 353,237,928
13,075,463 16,969,062 12,815,455 11,652,619
155,241,026 144,588,316 154,966,242 135,848,706
118,866,630 108,238,376 118,060,089 103,372,480
36,374,396 36,349,940 36,906,153 32,476,226
86,680,001 81,122,413 78,792,869 90,602,390
33,790,731
19,388,905 19,598,285 28,858,005
9,121,511
119,279,807
8,097,940 11,562,413
14,510,924 19,267,394 11,500,345 17,295,592
65,979,236 79,171,535 87,509,230 46,152,379
200,897,970 192,995,456 191,722,019 124,390,307
deposits
Other deposits
39.19%
2%
49.00%
2%
52.15%
2%
31.28%
Bank of France Statement
Govern¬
tries, and through a general explanation in Japan.
ance
Jan. 25;
1934
last
ment instructions to its Consulates in other coun¬
The
Jan. 24,
23,
1935
large amounts of goods in other countries, partly in
anticipation of rising costs and partly to make up
reserve propor¬
42% from 37.40% last week and 31.70%
weeks ago; a year ago the proportion was 39.19%.
outburst, went to the Palace and requested permis¬
Hirohito
The
to
rose
sion to
suspend the Diet for two days, and Emperor
while
Of the latter
amount, £6,433,034 was from bankers' accounts and
of
people.
£1,171,000,
rose
decreased £7,130,269.
plete responsibility for the recent rapid increases
living costs in Japan, and for the plight of the
At
England Statement
Reich
the expansion in Asia was scored by
XA%.
was
134%•
at
tion, brought about
even
Friday
on
market rate remains at 2A% and
open
The anti-Communist agreement with the
cule, and
Friday of last week.
on
call in London
on
Emperor.
was
on
Friday *of last week, and 9-16@% for three months'
charged with Fascist
were
Strong demands
violent when
The Cabi¬
IN bills Friday were 9-16% against 9-16%
LONDON open market discount rates for short
by Mr. Baba.
inclinations, and with pursuit of
policy.
Jan. 23, 1937
defense," extension of compulsory
education, tax reform, aid to agriculture and to
mercial
Chronicle
exchange for merchandise
TTHE statement
for the week of Jan. 15 again
change in the Bank's gold holdings, the
total remaining at 60,358,742,140 francs, in com¬
1
shows
parison
no
with
66,416,762,136
francs
a
year
ago.
commercial
bills
imports, but established firms are not required to
Credit
obtain such
discounted, bills bought abroad and advances against
permits where the dealings amount to
Merchandise shipped
30,000 yen monthly, or less.
to
Japan before the control was established will not
be
Foreign banks in
subject to the regulations.
Japan are required to ascertain the validity of any
demands for
also
control
foreign exchange made upon them.
extends
to
the
The
proceeds of Japanese
exports.
"HERE have
the
been
securities register
changes during the week
rates
of
of the foreign
any
Present rates at the leading centers
compared with 72.39% the corresponding period a
A loss also appears in note circulation of
927,000,000 francs, bringing the total outstanding
rary
an
The
Below
discount
we
FRANCE'S
BANK OF
Effect
Date
Jan.22
vious
Established
Mar.
3^
_
1 1936
Hungary
4
4^
India
3
7
2
6
Aug. 15 1935
2H
Mar. 11 1935
Chile
4
Jan.
May 18 1936
4
4 y2
Java.
3
Jan.
5
Jugoslavia.
5
Feb.
July
18 1933
Jan.
11936
5
_
.
_
-
-
Finland—..
Oct.
21 1935
v
•
4
Oct,
2
4
Sept. 25 1934
Dec.
4 1934
;
Dec.
13 1934
Dec.
71934
Portugal
_.
South Africa
_.
May 15 1933
4
4J4
3^
6
5W
Oct.
Spain
5
July
10 1935
4
Sept. 30 1932
5
Sweden
Dec.
11933
3
6
Jan.
4 1937
7
Switzerland
2M
IH
Nov. 25 1936
2
15 1936
STATEMENT
Changes
*
Gold holdings
Jan. 17,1936
Jan. 18, 1935
Francs
Francs
Francs
No change
Credit bals. abroad.
a
Jan. 15, 1937
—2,000,000
60,358,742,140 66,416,762,136 81,937,428,389
12,666,625
13,019,856
10,205,261
French commerc'l
bills
discounted—
b Bills
bought abr'd
Advs. agst. securs—
—554,000,000 6,561,348,631 8,616,655,954 3,426,040,664
—8,000,000 1,436,682,486 1,314,833,849
952,357,492
—63,000,000 3,587,090,186 3,324,887,399 3,201,643,764
—927,000,000 87,490,929,230 80,453,546,400 82,059,044,770
6
4
Poland
COMPARATIVE
Francs
Note circulation
6
5
Norway
Rumania
4
5
534
6%
334
224
534
4H
2J4
a
for Week
5
3.65
4J4
3H
Morocco
6
19 1936
2H
4^
3^
3H
July
1 1936
May 28 1935
Dec.
5 1936
Oct. 25 1933
3^
June 30 1932
5
6 1936
14 1937
11935
Rate
2
France
Greece
June 30 1932
Apr.
Lithuania..
Danzig
Germany
3.29
Japan
24 1935
3
__
vakia
Denmark
4J4
Italy
-
Czechoslo¬
Estonia
3
Ireland
-
2 1936
Aug. 28 1935
Nov. 29 1935
4~
July*
Canada—._
Established
Dec.
July
Belgium
Bulgaria
.
vious
,
2
4
10 1935
1 1935
'i: May 15 1935
England-
...
3^
Austria
Colombia
Jan.22
Rate
Holland
Date
Effect
Country
remains unchanged at
comparison of the different
rate
furnish
Pre¬
Rate in
Pre¬
Rate in
Country
Creditor current accounts
advances without interest to state of 550,000,000
francs.
2%.
year.
increase of 781,000,000 francs and tempo¬
items for three years:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Batavia
decreases, namely 2,000,000 francs,
year ago.
record
shown in the table which follows:
Argentina.
French
554,000,000 francs, 8,000,000 francs and 63,000,000
francs respectively. The reserve ratio is now 57.57%,
546,400 francs last
Foreign Central Banks
no
discount
central banks.
are
abroad,
down to 87,490,929,230 francs, as against 80,453,-
Discount Rates of
in
balances
5H
Cred.
c
curr.
accts...
Temp. advs. with¬
out int. to State.
.
Propor'n of gold on
hand to sight liab.
a
+781,000,000 17,350,296,552 11,299,696,721 19,507,856,066
+550,000,000 19,598,092,309
+0.80%
Includes bills purchased in France,
resenting drafts of Treasury on
*
57.57%
72.39%
b Includes bills discounted abroad,
10-billion-franc credit opened at Bank.
80.67%
c
Rep¬
Gold holdings of the Bank were revalued Sept. 26, 1936, In accordance with de¬
valuation legislation enacted on
that date.
Immediately following devaluation,
Volume
Financial
144
10,000,000,000 francs of the Bank's gold
was
taken
over
Chronicle
507
by the French stabilization
Bankers' Acceptances
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.
Note—"Treasury bills discounted" appeared In blank In the statement of Sept. 25;
all of these bills had
as
matured and
have since been transferred to
"Temporary advances without Interest
the account
to the State."
THE demandbrisk primeweek but transactions have
bankers' acceptances has
fairly for this
been
been
Bank of
Germany Statement
THE statement for the secondofquarter of marks in
showed
further increase
110,000 January
a
gold and bullion, the total being raised to 66,868,000
marks, as compared with 76,536,000 marks the
corresponding period
a
year
A loss of 131,-
ago.
few
quotations
York
1 to 90
4,506,101,000 marks, compared with 3,868,560,000
Reserves in foreign
bills
currency,
exchange and checks, and investments also record
for
121
Bank's
from
and
ratio, at 1.6%,
serve
and and
marks
2.34% two
shown
was
marks in
compares
a year
A gain of 7,641,000
years ago.
Bank is
of
$3,089,000
Official
unchanged.
34% f°r bills running from
$3,084,000.
quoting the
are
remain
acceptances
to
decreased
Open
market
rates as those reported
same
by the Federal Reserve Bank of New York.
rates for open
market acceptances
180 Days
The
follows:
are as
—150 Days
120 Days
Asked
Bid
Asked
Bid
Asked
Bid
X
7ie
X
7t6
%
Prime eligible bills
with comparisons for
three years:
are
days, %% for 91- to 120-day bills and 1%
to
180-day bills.
The Federal Reserve
in
advances and of 43,251,000
daily maturing obligations.
Below
other
furnish the various items
we
with 2.11%
re¬
Rates
issued by the Federal Reserve Bank of
holdings
dealers
The Bank's
as
Reserve
decreases, namely 259,000 marks, 214,970,000 marks
189,000 marks, respectively.
limited supply of prime bills
a
including 90 days are
5-16% bid and 34% asked; four months, %% bid
and 5-16% asked; for five and six
months, 34% bid
and 7-16% asked.
The bill-buying rate of the New
to
of
only
New York for bills up to and
000,000 marks in note circulation, reduced the total
marks last year.
as
have been available.
90 Days ■
Bid
Asked
■
Prime eligible bills.l.
——60 Days
Bid
Asked
34
5i6
X
Eligible member banks
Changes
Assets—
Reichsmarks
Gold and bullion
Reichsmarks
+ 110,000
OI which depos. abr'd
Res've In for'n currency
Silver and other coin
Advances
Investments
—189,000
Other assets
15, 1936 Jan. 15, 1935
Reichsmarks
66,868,000
a26,186,000
—259,000
5,469.000
—214,970,000 4,599,208,000
8122,540,000
+ 7,641"66O
43,475,000
Bills of exch. & checks-
524,857,000
Reichsmarks
76,536,000
79,156,000
20,264,000
21,204,000
5,158,000
4,481,000
3,626,818,000 3,500,583,000
264,013,000
279,159,000
49,527,000
56,244,000
663,870,000
762,638,000
8642,891,000
785,838,000
691,540,000
Liabilities—
Notes in circulation
—131,000,000 4,506,101,000 3,868,560,000 3,563,192,000
+43,251,000
774,847,000
690,596,000
933,610,000
8329,465,000
296,958,000
267,795,000
Oth. daily matur. obligOther liabilities
Discount
curr. to note circul'n
1.6%
2.11%
of the
Rates
Reserve Banks
rates
The
for
following is the schedule of rates
the
various
classes
of
now
in effect
the
different
at
paper
Reserve banks:
DISCOUNT
RATES OF FEDERAL RESERVE
BANKS
2.34%
Figures of Dec. 31, 1936; latest available.
Rate in
Federal Reserve Bank
New York
Federal
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
Propor'n of gold & for'n
a
;% bid
\% bid
Eligible non-member banks.
Jan. 15, 1937 Jan.
Effect
on
Date
*
Jan. 22
Money Market
Boston
Previous
•
Established
2
Rate
8 1934
Feb.
New York.
1X
Feb.
market,
QUIET conditions prevailed this week in the
2
Jan.
17 1935
May
11 1935
Richmond
2
May
changed in
Atlanta
2
Jan
2X
2 1934
Philadelphia
14 1935
New
York
with
money
all departments.
rates
un¬
demand
Better
bankers' acceptances was noted from
for
large institu¬
tions, at the small increases of rates noted last
week.
Commercial
remains
supply
of
paper was
extremely
classes of money
some
aloofness
in request, but the
limited.
because the decision of the monetary authorities on
requirements
reserve
sold
last
Monday
bills due in 273
at
on
0.333%
average,
over
York
awaited.
an
A similar issue
advance
New
is
a
annual
was
bank
was
discount
awarded
which also represented
Exchange
a
Call loans
held
transactions, whether renewals
money
Treasury
at 0.345%
were
week earlier
previous awards.
Stock
The
issue of $50,000,000 discount
days, and awards
computed
average,
basis.
an
to
or new
small
the
on
1%
for all
loans.
Time
offered at 1%% for all maturities to
Money Rates
Jan.
19 1935
2
Jan.
3 1935
2
May 14 1935
2
Dallas
2
May 10 1935
8 1935
May
San Francisco
2
Feb.
on the
the
was
ruling quotation all through the week for both
loans and renewals.
reported
standstill,
this
2X
2X
2X
2X
2X
2X
2X
2X
Course of
16 1934
Sterling Exchange
STERLING steady, showing foreign exchangefrom
list
continue and the entire
little change
very
day to day.
The relative steadiness of rates is due
to the effect of the
tripartite
the close cooperation
as
money agreement
and
of the several countries such
Holland, Switzerland and Belgium,
which have
given adherence to the arrangements of Sept.
25
For the past week or more the market
and Oct. 13.
has been hesitant, partly because
of caution induced
by the fear of the possibility of change in United
States
monetary
fact that Japan
policies,
had
a
and also because of the
few weeks
ago
established
a
week.
new
The market for time money
no
transactions
Rates
134% for all maturities.
continue
of regulation in addition to its already
exchange control.
Fears were expressed in
financial circles that the Japanese authorities intended
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
a
2
9 1935
Minneapolis
Kansas City
severe
New York
at
2
Chicago
St. Louis
2
2X
strict system
six months.
still
IX
degree
a
institutions, largely
among
Cleveland
Regarding
market obligations,
prevails
■
Asked
5i6
FOR DELIVERY WITHIN THIRTY DAYS
REICHSBANK'S COMPARATIVE STATEMENT
for Week
*
Bid
X
5i6
SI6
30 Days
is
having been
nominal
There has been
no
at
change
to
drop the present
peg
of the
yen
to the pound, with
possibly disturbing effect on the tripartite
agreement
concluded
in
September
Great Britain and the United States.
range
of between $4.90% and
$4^94% last week.
has been
between $4.90 15-16 and $4.91 5-16
%% for choice
names
running from four to six months and 1% for
names
less known.
are
The range for
has been between $4.90% and
$4.91 1-16 for bankers' sight bills, compared with a
$4.90 3-16 and
Rates
money
France,
sterling this week
this week in the market for prime commercial paper.
The demand has been heavy but the supply of paper
short.
by
The
It
range
for
cable
transfers
ha?s bden\between
$4.91%, compared with
a
a
range
of
week ago.
was
generally understood that Congress would
be asked
by the Administration, and would comply
Financial
508
with the request, to pass
enabling legislation for the
extension of the $2,000,000,000
the President's power to
of its former
passed
devalue the dollar to 50%
Nevertheless, exchange traders
parity.
the
until
hesitant
were
requested
Jan. 19, when both
on
until June 30,
stabilization fund and
1939.
legislation
was
extended
powers were
/"
Democratic leaders
guiding the legislation to
pas-
declined to divulge definite information regard-
sage
Chronicle
Jan.
Any extraordinary inflation in
expected to occur.
any country
tion of
23? 1937
must, if not corrected, induce a devalua-
This has always been the
currency.
legal enactment
case,
not.
or
On Jan. 19 the Japanese Finance Ministry issued a
statement to the effect that the Japanese control of
exchange, which was strengthened by the enforce-.
ment of a license system with respect to transactions
settlement of imports into Japan,
in exchange in
intended to arrest anticipatory and speculative
ing the stabilization fund, though Chairman Somers
was
of
that
imports, which have increased since last December.
Secretary of the Treasury Morgenthau had reported
The exchange control, it was asserted, is not de-
House
the
Coinage
He added that the enact-
in'detail to his committee.
of
ment
the
the
resolution
tripartite
about
27
affecting transactions in the exchange market have
"There
have
we can
come
In
the
settlement of the exchange
no
House,
plained that the fund
said
that
by
He
"an
so
exchange
long
States
monetary
a
war
on" and Presidential power to alter the
of the dollar is needed
reported to
was
the United
use
proper
added that
ex-
created to meet the equal-
"forced" other nations to ask for
He
Somers
Representative
was
ization fund of Great Britain.
ment.
still
are
agreement," Mr. Somers said, "and until
they do
have
to
important nations which have not
into this
war."
signed to restrict legitimate trading and applications
maintain
essential
was
agreement.
money
conceded
Committee
agree-
is going
gold content
that conflict is in
as
progress.
should be readily recognized that there is no
It
exchange
to
was
in
When Great Britain
war.
abandon the gold
was
compelled
standard in 1931, the pound
doomed to depreciate in terms
of gold.
Later,
been and will be granted.
that the
bona fide traders
can
The Ministry declared
exchange regulations do not affect
new
shippers and is confident that it
or
maintain the yen at the long prevailing level of
Is. 2d.
Much speculation
banking circles has been
in
aroused by the arrival of Mr. Walter Runciman,
President of the British Board of Trade, and of Sir
Otto Niemeyer,
a
director of the Bank of England,
Sir Otto insisted that his trip to this side has been
made
representative of the British Protective
as a
Council
of
Foreign
Bondholders to
discuss
with
American holders of defaulted South American and
other bonds what steps should be taken to safeguard
Mr. Runciman gave the impression
their interests.
that he is here solely for
The
press was
holiday,
a
inclined to believe that the visit of
of the so-called
the two prominent authorities in the British banking
35 nations, a
world is in relation to renewal of discussion of the
greater step toward exchange stabilization was ac-
expected from the tripartite agreement, important
British war debt. However, Chancellor of the Exchequer Chamberlain told a questioner in the House
of Commons on Jan. 19: "The situation regarding
though this agreement has been in steadying the
settlement of the British war debt to the United
bringing about the
alignment
sterling bloc, including,
as
it did,
some
complished than has since been effected
be
or can
day-to-day rates of the major currencies.
The imposition
control
on
of
Jan. 11 caused much
anxiety in high
No official information
relating to the Japanese plan
made known until Jan. 19, and it was
intended to force
Tokio
gov-
circles, both here and in London and Paris,
ernment
was
States remains
stricter Japanese monetary
a
a
feared that
depreciation of the
in order to obtain commercial
yen
States,
or
with
particularly
more
Great Britain,
might, if sustained by a further decline in the yen,
put such pressure on the triangular currency agreement
to
as
The three countries
compel its revision.
might, however, attempt to counteract yen depreThe
ciation.
Secretary
original
agreement
called
Morgenthau
a
what
contained
warning to
non-
cooperative nations in the following sentence:
"It
[the United States] trusts that no country will
attempt to obtain
an
unreasonable competitive ex-
change advantage and thereby hamper the efforts to
restore
more
stable
economic relations
the aim of the three governments to
Undue
anxiety
the yen seems
bankers
as
corded power to
a
the
President has been
further devalue the
and
internal
yen.
It has
discontent,
and
Certainly there
large degree of infla-
Japan, with rising prices,
ac-
time that the Tokio authori-
has been in the past few years a
in
Runciman will, while here, engage in conversations
calculated to promote
war
further
trade agreement between
a
Great Britain and the United States,
in
Lombard
Street
continues
plantiful
and rates are easy. Call money against bills is in
supply at lA%. Two-months' bills are 17-32%,
three-months' bills and four-months' bills 9-16%,
and six-months' bills %%.
All the gold on offer in the London open market
continues to be taken for unknown destination. A
large part of this gold is believed to be of Continental
ownership and to be shipped to the United States for
investment of the proceeds here. On Saturday last
there was available £80,000, on Monday £162,000,
on Tuesday £576,000, on Wednesday £119,000, on
on Friday £848,000.
At the Port of New York the gold movement for
Thursday £182,000 and
Reserve Bank of New York, was as follows:
GOld movement at new york,
further devaluation of the
further devalue the dollar.
been expected for some
put forth proposals if we
the week ended Jan. 20, as reported by the Federal
promote."
unwarranted in view of the fact that
French franc and that
tion
it is
to the probable devaluation of
generally expect
ties may
which
The United States has
They invited us to
had any."
It is neverthe-
stated.
less firmly believed that Sir Otto Niemeyer and Mr.
Money
advantage.
Japanese commercial competition with the United
as
not put forth any proposals.
expenditures
inflation
is
^^'.ooo
from
jan. nt-jan. 20, inclusive
I
imports
Exports
CaS?
1,110,000 from Switzerland
None
$9,959,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: $100,000
The above figures are for the week ended on
Wednesday. On Thursday, $1,162,600 of gold was
Volume
Financial
144
received from India.
metal
On
account.
of which
from
There
were
Friday, $9,594,300 of gold
$9,434,300
Belgium.
was
received
from England and $160,000
came
There
exports of the metal
were no
change in gold held earmarked
or
exports of the
no
change in gold held earmarked for foreign
or
for
foreign
ac¬
Canadian
a
The
rate
exchange during the week ranged be¬
discount of
%% and
a
Paris, the London
on
London check
mean
market gold price,
open
price paid for gold by the United States:
MEAN
LONDON
CHECK RATE
Saturday, Jan.
16
Monday, Jan.
Tuesday, Jan.
18
105.13
19
105.13
105.13
LONDON
OPEN
Saturday, Jan. 16
Monday, Jan. 18
Tuesday, Jan. 19
PRICE PAID
MARKET
GOLD
20
105.13
.
141s. 7Kd.
BY THE UNITED
21
prices, much of the share buying
16__
Monday,
Jan.
Tuesday, Jan.
$35.00
18
105.14
35.00
(FEDERAL
.>$35.00
35.00
the franc.
Referring to day-to-day rates, sterling exchange
Saturday last was dull, showing little change from
Friday. Bankers' sight was $4.91 @$4.91 1-16; cable
$4.91 1-16@$4.91%.
pound displayed
trading.
The
On
Monday
the
slightly easier undertone in limited
a
$4.91@$4.91 1-16 for bank¬
range was
sight and $4.91 1-16@$4.91% for cable transfers.
On
Tuesday sterling again eased off slightly. Bank¬
ers'
sight was $4.90%@$4.91; cable transfers,
$4.90 15-16@$4.91 1-16.
steady.
The
bankers'
Thursday exchange
range was
trading.
The
range
$4.90%@$4.90 9-16
and
for
$4.9034® $4.90% for cable trans¬
Closing quotations
Friday
on
were
at $4.89
Com¬
7-16, 90-day bills at $4.89 3-16, documents
(60 days) at $4.89 7-16,
grain bills at $4.89%.
and seven-day
Cotton and grain for payment
Exchange
FRENCH francs are steady cooperation. Without
under the influence of
the tripartite exchange
question French business has shown
ment in external trade
as
well
during the past few weeks.
as
some
improve¬
in domestic business
In fact Paris observers
progressively increasing activity.
are
certain factors in this trade
higher
deal of the present expenditure in France
from
the
wages.
In
other
bring gold to the Bank of
into
On the
currency.
con¬
words, francs
to seek domicile
are
being turned
gold in other markets, chiefly in London and
York, by the
wealthy and astute investors.
more
The French Government is
its internal
Jan.
on
tures
the
31, before taking
stabilization
fund
If this loan is successful
might receive enough metal
Treasury Enough francs to
out the lean
expendi¬
measures t® meet
immediately ahead.
and the
awaiting the result of
loan, for which the books will be closed
through¬
carry on
months which normally include
revenue
the first quarter of the year.
likely that the loan will
But it is not thought
successful, with the
prove
result that
rumors
which
given credence by competent observers,
are
that the French
in London
current in Paris and
are
London,
Treasury will again borrow either
in Amsterdam for its
or
immediate
more
needs.
It
impossible for France to borrow in the
seems
home market.
The
London
be favorable to such
market is
credit.
a
Treasury obtained
Last
only
a
few weeks
had
credit
credit is
About
ago.
been
arranged
in
earlier
a
Amsterdam.
4';''
r
In addition to all other
increase
of
similar
If
on
the
gold
•
difficulties, the French for¬
eign trade situation promises
The
to
paid off completely
a year
effected, it will have to be based
guaranty,
ment.
believed
February the
£40,000,000 credit in
a
London which the Bank of France
no
important improve¬
buying due to public and
governmental orders, combined with low stocks and
difficulty of maintaining
or
because of strikes and social
French imports during
francs,
enforced
against
increase
of
increasing production
legislation, will necessi¬
40-hour
Agricultural
prices
week
are
period at
maintained
higher levels through governmental decrees.
Paris Bourse is reflecting greater
The
activity, but it is
1936 totaled 25,398 000.000
20,974,000,000 francs in
4,424,000,000
1936 totaled
francs.
1935,
Exports
an
during
15,454,000,000 francs, against 15,496,in 1935, a decrease of 42,000,000
000,000 francs
francs,
leaving
francs in
an
import
excess
of
9,944,000,000
1936, compared with 5,478,000,000 francs
in 1935.
The German mark situation gives no evidence of
amelioration.
lyin g Fren ch situation.
results
to
or
conversion
into
activity which indicate that all is not well in the underA great
into both shares and
be ascertained, there is no
can
heavy imports of textils, combustibles, metals,
&c., at much higher prices than prevailed a year ago.
Continental and Other Foreign
Nevertheless, there
as
tate
closed at $4.90 3-16.
find indications of
for
abroad.
$4.9034 for
$4.90 5-16 for cable transfers.
mercial sight bills finished at $4.90 3-16, 60-day bills
for payment
far
so
Government
France
French
$4.90J^@$4.90 7-17
was
the
was
sight and $4.90 3-16@$4.90% f°r cable
bankers' sight and
demand
London
on
On Friday sterling was steady in limited
transfers.
fers.
$4.90 9-16@$4.90 13-16
range was
quiet and steady. The
for bankers'
On Wednesday the pound
sight and $4.90%@$4.90% for cable
On
transfers.
at
Money has been coming out of hoarding
goods, but
35.00
on
transfers,
commodity
as
New
PRICE
Wednesday, Jan. 20
Thursday,
Jan. 21
Friday,
Jan. 22
35.00
19.
I
well
as
purchases results from fear of further devaluation of
__105.14
22
STATES
Aside
activity caused by fear of increasing
gold continues to leave France and
PARIS
Wednesday, Jan. 20___141s. 8HdThursday,
Jan. 21___141s. 9J^d.
Friday,
Jan. 22__„141s.lOKd.
141s. 7YA.
GOLD
ON
Wednesday, Jan.
Thursday,
Jan.
Friday,
Jan.
141s.
FOR
Saturday, Jan.
for
from the trade
and
consumers
larger purchases by distributors.
trary, it is believed that, despite government threats,
RESERVE BANK)
was
notable extent confined to
a
in turn forces
inclination to put hoarded funds at the disposal of
premium of 1-32%.
following tables show the
and the
ers'
ing is to
509
in recent weeks and has
gone
count.
tween
Chronicle
It
seems
all markets
apparent that
which entered into barter agreements with the Ger¬
man
economic
fied and
to
an
are
authorities
seeking
are
ways to
thoroughly dissatis¬
bring these agreements
end without incurring further losses.
to the German
position, the foreign
noted that while there is strength in French domestic
London
shares, especially in basic commodity stocks, there
news
Referring
editor of the
not for these causes—excessive
is
decided lack of interest in bonds and
a
no
practically
interest whatsoever in government issues.
A
large part of the business activity arises from
excessive
fear of
a
buying of commodities induced by
further rise in prices.
a
general
This commodity buy¬
"Financial News" wrote recently: "Were it
debt repatriation
German foreign
because
of
rearmament, foreign
(repurchase by the Reichsbank of
bonds selling at depreciated prices
default), political expenditure abroad—
the German balance of payment would show a sur¬
plus
more
than large enough to meet Germany's
Financial
510
entire demand for
materials and foodstuffs and
raw
permit fair treatment of her foreign creditors.
following table shows the relation of the lead-
The
ing European currencies to the United States dollar:
France
/S
(franc,
to 16.87^
Friday
In
the French center finished at
against 4.67%.
Antwerp belgas
sight bills and at
16.84% for bankers'
quotations for Berlin marks
were
40.23^ for
sight bills and 40.24 for cable transfers, in
Italian lire closed
comparison with 40.23 and 40.23.
5.26% for bankers' sight bills and at 5.26% for
cable transfers, against
5.26% and 5.26%.
Austrian
schillings closed at 18.70, against 18.70; exchange on
Czechoslovakia at 3.49%, against 3.49%; on
at 0.74,
arest
against 0.74;
on
Buch-
Poland at 18.95%,
against 18.95%; and on Finland at 2.16%, against
Greek exchange
2.17.
(11
contos, 370,042 contos more
16.84% for cable transfers, against 16.87 and 16.87.
at
1936
ing period of 1935.
to 54.77
4.65%, against 4.67 on Friday of last week; cable
bankers'
during
22.90^ to°22?976^
105.15, against 105.15 on Friday of last week.
New York sight bills on
Final
°f 702'120 C°nt°S
increased
54.75K
The London check rate on Paris closed on
at
lightened. Brazil has had an exceptionally good export trade, especially in cotton and vegetable oils,
at profitable prices. Brazil's total exports in the
11 months of 1936 to Nov. 30 were 4,422,294 contos,
ie.83%
f°^^evaluation of ^ European currencies
closed
steadily being
32.67
68.06
(guilder)——40.20
transfers at 4.66%,
the restrictions against imports are
16.95
Swi^eriami"(franc)IIIIIi9.3o
at
Jan- 23> 1937
4.66&
'
13.90
Belgium (beiga)
Hoiiand
Range
New Dollar
ou Dollar
Chronicle
closed at 0.90, against 0.90.
balan(^
on
4,052,820
than in the eorrespond-
which the nation depends to meet its
foreign obligations, decreased, netting in the 11
months 5,61'072 contos t0 feet fore^n
&Tug T^
*100,000 000. The fortnightly statement of the
Ce"tral Bank °f Argentina' for Dec. 31 showed a
gold reserve ratio to notes m circulation of 142.40%
and a
°f g°ld t0 n0teS and Slght ha"
hilities of 89. 9%.
Argentine paper pesos closed on Friday, official
quotetmns at 32 75 for bankers sight bills, against
32"75 f Bnday °fulast we®klcabIe transfers at 32 75,
3J75. Jhe nnofhc.a1 or free^ market
t
30'20@30:30' agamst 3®'35@ ?
waf
Brazikan
mllr®is'. °fficial rates' ,ar® 8-75'.agamst 8"7^ Tbe
uooffieialorfreemarket m milreis is 6.15@6.20,
6.20@6.28. Chilean exchange is nominally
^ed at 5.19, against 5.19. Peru is nominal at
♦
•
■
to
The Brazilian commercial trade
26%, against 25%.
,
1935' bUt imP°rtS fS°
months)
■
EXCHANGE on the countries neutral importance di most part follows Far Eastern countries for the
F^XCHANGE on the familiar trends. The Japanpresents
features of during the
war
firm and
new
no
are
ese
economic and financial situation is apparently
steady, fluctuating in close alignment with
undergoing a crisis which was aggravated on Jan. 21
noted above French
by the two-day suspension of the Diet at the request
While
sterling and the dollar.
francs
These currencies
weeks.
of recent
those
from
as
steady, the franc is inclined to ease in
are
assault
Switzerland
groups
guilder and the Swiss franc. Both
and Holland have recently acquired
position is
tional Bank of Switzerland
action
as
so
strong that the Na-
is disinclined to accept
a
of Jan. 15 shows
a
ratio of gold to
ening of exchange regulations licensing foreign trade
for the
ended Jan. 18 shows a further increase of
50,000,000
guilders in gold, which follows an exactly equal increase
reflected in the Bank's statement for Jan. 11.
pose
Jan. 18 amounted to 250,-
sight
on
Amsterdam finished on Friday
54.763^, against 54.76 on Friday of last week;
transfers
at
54.77,
against
sight bills at 54.66,
francs closed at
cable
54.76; and
against 54.66.
com-
Swiss
22.89J^ for checks and at 22.90 for
transfers, against 22.97^ and 22.97J^.
Copen-
hagen checks finished at 21.90 and cable transfers at
21.90, against 21.92 and 21.93.
Checks
on
Sweden
closed at 25.29 and cable transfers at 25.29, against
25.32 and
25.33; while checks on Norway finished at
24.65 and cable transfers at 24.65,
24.68.
Spanish pesetas
are
against 24.67 and
not quoted in New York,
—♦—
EXCHANGEfirm and progressively in favor of the
on the South American countries
continues
southern
were
intended
primarily to stop the
buying rush of importers to beat tariff increases
effective in April.
By preventing such a rush, the
tended toward weakness because of restrictions
abroad against Japanese goods which had retarded
Bankers'
mercial
transactions
The control's total
of acquiring more guilders.
000,000 guilders.
at
has asserted positively that the yen
control hopes to check renewed weakness which has
recently threatened the yen.
Formerly the yen
sales to the Bank up to
cable
to devalue the yen.
gain is due to sales of gold by the Dutch
the Bank of The Netherlands for the pur-
The present
control to
taken of the fears entertained in other mar-
week
Bank statement
Netherlands
The
was
kets that the Japanese authorities might be forced
total liabilities of 96.05%.
The Bank's statement
gold stocks of 2,716,600,000 Swiss
separate negotiation.
francs and
tice
However, the Finance Minister
will be maintained at its present peg of Is. 2d.
The Japanese authorities state that the new tight-
gold, will not buy freely and makes each trans-
more
the Cabinet by leaders of several opposing
at the opening session of the 74th Diet,
on
In the above resume of sterling exchange, some no-
large accessions of gold.
The Swiss franc
This action resulted from a bitter
of Premier Hirota.
terms of both the
republics.
There are signs that, in keep-
ing with the profitable exports of these countries,
Japanese
also
were
exports. The record budgetary figures
factor, together with the expected further
a
increase in imports. To offset these influences, the
fund available for pegging the yen in terms of ster-
ling is relatively small and is now being cMled into
at a time when exceptional influences are
added to the pressure derived from the normal imaction
port season which Japan is now passing
through.
The general rise in prices which started in Decemher is now gaining momentum and is expected to be
in full swing in March or April. On Jan. 20 Finance
Minister Baba asserted that he will not hesitate to
use
the power of the State to prevent increases in
prices of necessities.
The Japanese national debt, which in 1929 reached
approximately 5,846,000,000 yen, steadily increased
from year to year until the 1936 deficit was estimated at not less than 10,000,000,000 yen.
The
Volume
Financial
144
Japanese banks have had to
the yearly deficits
carry
Military expendi¬
by the absorption of deficit loans.
tures and other
outlays to induce expansion of Japan's
the increase
export trade are largely responsible for
in
the national debt.
of the Bank of
000 yen to
1929 the
Since
gold reserve
Japan have declined from 1,072,000
494,000,000
-
while the Bank's security
yen,
holdings have risen from 569,000,000 yen to 1,161,000,000
yen.
est rates in
Japan have been consistently forced down
under
gold
the
convertibility of
against government securities
100,000,000
yen
into
Closing quotations for
28.60, against 28.70
was
raised
to 1,000,000,000 yen, and
foreign exchange control law
a
money
paper
In 1932 the limit for Bank of Japan
ended.
was
1933
At about the
embargo since Dec. 13, 1931.
note issue
from
Gold exports have been
6.57% to 3.65%.
time
same
budget message in which,
a
presumably, his financial policy will have been an¬
nounced in more or less full detail. The result, as
far
public interest is concerned, is to make the
as
inauguration
than ever a ceremonial formality
more
in which the words of the .President are a
minor part.
the
It
weather
yen
but the political situation
bad,
was
were
Hong¬
kong closed at 30.66@30.70, against 30.65@30%;
Shanghai at 29%@30 1-16, against 29.85@30 11-16;
Manila at 50 7-16, against
503^; Singapore at 57%,
against 57%; Bombay at 37.07, against 37.13; and
Tliere
for
were
weighty
hoping that this
reasons,
year,
shown for the
are
corresponding dates in the previous
to know what Mr. Roosevelt had in mind for
four years
the
been
to
an
of
state
the
France
Germany b.
Spain
Italy
Netherlands
Nat. Berl'm
Switzerland
Sweden
Denmark
Norway
Total week.
191,722,019
617,284,562
17,039,150
90,458,000
76,666,000
192,995,456
655,499,427
2,899,100
90,709,000
62,731,000
70,170,000
72,897,000
69,392,000
15,972,000
7,395,000
6,582,000
200,897,970
531,334,097
2,814,850
90,203,000
42,575,000
54,720,000
97,615,000
46,825,000
22,870,000
6,555,000
6,602,000
£
£
£
£
£
314,081.591
482.869,937
2,034,100
c87,323,000
a42,575,000
59,963,000
105,835,000
83,475,000
25,484,000
6,551,000
6,603,000
England
1933
1934
1935
1936
76,621,000
78,444,000
67,518,000
14,515,000
7,398,000
6,574,000
124,390,307
658,447,337
38,673,000
90,345,000
63,095,000
86,050,000
74,381,000
88,964,000
11,443,000
7,397,000
8,015,000
1,216,794,628 1,103,011,917 1,247,141,983 1,244,239,831 1,251,200,644
1,247,213,728
Prev. week. 1,217,236,622 1,101,012,790 1,247,339,815 1,245,214,191
a
Amount held Oct.
29, 1935; latest figures available,
b Gold holdings of the
which is now
Bank of Germany are exclusive of gold held abroad, the amount of
reported as £1,309,300.
c
Amount held Aug. 1, 1936; latest figures available.
Note—The par of exchange of the French franc cannot be exactly
determined, as
yet, since the legislation enacted Sept. 26, 1936 empowers the Government to fix
the franc's gold content somewhere between 43 and 49 milligrams.
However,
calculated on the basis
on
which the Bank of France has revalued its gold holdings,
the parity between francs and pounds sterling Is approximately
165 francs to the
pound (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.
Treasury
whether
really being approached.
was
wanted to know
was
of Federal control of
was
to be
to
was
be
fashion
a
What the country
farther, and, if it was, by
directions, whether the
stabilized, whether inflation was
by lavish expenditures, whether
be exerted to raise prices
and whether the independence of the
wages,
Federal
in
budget balance
industry, business and agricul¬
carried
and in what
devices
a
whether the New Deal program
judiciary
was
to be curbed.
It wanted, in
short, to know whether the President regarded the
emergency as over,
and, if he did, what he proposed
to do in what would
1937
indication of Mr. Roose¬
and the budget message, while it
left much doubt
which
was
hope of a balanced budget, had presented
financial
the
as
With four years of
him, the country
The annual message had
come.
disappointing
held out
as
Bants of—
the other hand,
on
eager
policies behind
and
four years:
a
notwithstanding the new
ordinary attention.
of
by special cable yesterday (Friday); comparisons
on
Deal
artificial pressure was to
us
as
than
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
to
balmy
New
still to be invited
respective dates of most recent statements, reported
as
more
dollar
exchange) in the principal European banks as of
incongruous if the sky
air
procedure, the inaugural address would command
what
Banks
the
and
perfect day in June.
ture
Calcutta at 37.07, against 37.13.
Gold Bullion in European
clear
as
relatively
unfortunate that on Wednesday
was
velt's purposes,
passed.
was
checks yesterday
Friday of last week.
on
in
been
had
borrowing and also to aid
Since 1932 the bank rate has
recovery.
fallen from
sent in
also have
^
facilitate government
business
will
would still have been rather
Through the medium of official operations, inter¬
to
511
Chronicle
logically have to be regarded
fl?he electorate, by
normal times.
a
great popular
vote, had given Mr. Roosevelt its confidence, and
it very
properly hoped that he would now give it his.
Only in
did the inaugural address
vague ways
such
meet
expectations.
Gracefully
Mr. Roosevelt's accustomed manner,
with
was
expressed in
and sprinkled
phrases well calculated to catch attention, it
wholly general in its treatment of public ques¬
tions, while to most of even the major items of
public policy it made no allusion at all.
Only by
reading between the lines can any conclusions be
drawn about the
ministration is
of
specific
courses
which the
new
Ad¬
likely to follow, while at a number
points what may seem to be a reasonable inter¬
pretation raises as many questions as appear to be
answered.
President Roosevelt's Second Inaugural
It has not been the American
in
the
inaugural address of
promises
was
ral
President, specific
in the
tures between
specific proposals are attached
"a United
States which
can
pic¬
demon¬
important respect there
national wealth
In
one
year
until
more
in
which
for
second
a
known, and the lowest standard of living can be
a
than
Congress to the first Mon¬
two
weeks
President who
term will
after
Congress
has
been elected
have submitted
an
annual
raised far above the level of mere
the
lions"
are
today living in poverty, "denied educa¬
tion, recreation and the opportunity to better their
lot and the lot of their
of
a
nourished."
to
continue
throughout the first half of his new term,
that further
legally begun, and
children," and, to the extent
third of the nation, are
addressed to a new Congress which will
term of office has
subsistence," and
present United States in which "tens of mil¬
message,
own
a
would wander far from the
regularly in session, haye brought about a situ¬
ation
be translated into
spreading volume of human comforts hitherto un¬
generalities. The change in the
meeting of
can
inaugu¬
day in January, and the postponement of an inaugu¬
before his
no
contrast which Mr. Roosevelt
that, under democratic methods of govern¬
this
address
a
is found
ment,
accustomed field of
was
striking example, perhaps, of generali¬
strate
less than the usual likelihood that the
ration
The most
zations to which
commonly appeared in the annual mes¬
to Congress.
date of the
expect,
recommendations comparable to those
or
which have
sages
a
custom to
"ill-housed, ill-clad, ill-
These untoward conditions he proposes
wipe out, and he has already advised Congress
asked
large appropriations for relief will be
for, but
whether, in
addition, the country
512
is
to
Financial
have
Federal
education and
classes of
unemployed,
trol wages,
ricultural
The
housing, Federal subsidies for
recreation, "made" work for various
Federal attempts to
or
working conditions,
industrial
or
con¬
or ag¬
output is not intimated.
constitutional
issue, too, is left in
hundred and fiftieth
one
Constitutional
remarks
Convention
that
of
uncer¬
year
anniversary of the
1787, Mr. Roosevelt
forefathers
our
that
dividual
those
local
or
same
"created
a
strong
problems utterly beyond in¬
solution," that "today
rience
.
.
within
hold out the clear
.
we
invoke
of government to achieve the
powers
objectives," and that "four
same
rate
to solve
now
of
years
new expe¬
hope that government
communities, government within the
sepa¬
States, and government of the United States
do the
can
things the times require without yield¬
ing its democracy." On the surface this seems to
mean
is
that, in Mr. Roosevelt's view, the Constitution
still
adequate to
States
local
and
in their respective
constitutional
One
still
that
competent
unhampered in its adjudication
questions,
rights of the States
Federal
are
spheres, but whether the Supreme
Court is to remain
of
the Nation's needs and
communities
the
or
constitutional
to be safeguarded against
are
encroachment, the country is left in doubt.
does
not
read
far
in
the
address
without
feeling that Mr. Roosevelt is still deeply conscious
of opposition, and that the
opposition, to his mind,
carries the marks of moral taint.
In his second
tence, referring to conditions
he
as
every
sen¬
them four
saw
as
be
drawn
"we
knew," he asserts
autocratic
to the
that
"we
To the
have
must find
we
effect
same
are
the
subordination
public's government," "we have always known
that heedless self-interest
now
"We
begun to bring private
into their proper
powers
it."
blind economic forces and
over
blindly selfish men."
statements
profaned
little later, "that
a
practical controls
that it
is bad
ning to abandon
bad
was
morals;
economics," and "we
our
the
know
we
are
of
life."
declares, "is
depression
of
ruthless
If
I
know
Nation,
our
we
"Dulled conscience,
self-interest
aught
The sentence last quoted
haps than
any
already
of the spirit
will not listen to
fort, opportunism and timidity. We will
com¬
carry
on."
summarizes, better
per¬
other, the spirit and dominant im¬
plication of the address.
Mr. Roosevelt intends to
with his program.
He is satisfied with what
go on
has been
ing
a
accomplished, but he looks forward to do¬
great deal
interest
which
thing that
dition
how
say,
the
to
of
a
is
still
menacing,
the
him most is the
con¬
under-privileged.
to
be
Exactly;
improved he does not
suggestion of interest in
wealth
progress
as
concern
and
poor
but there is
our
regards
appears
of
tribution
of
he
the condition
Next to curbing the self-
more.
in
the
remark
is not whether
we
that
add
a
redis¬
"the
more
test
to the
abundance
we
of those who have
much, it is whether
provide enough for those who have too little."
In the tasks of betterment and reform
government
is to play a large
in
the
that
statement
Those,
doing
so
a
we are
power
for
morally better world."
accordingly—and
they
apparently
are
many—who have hoped that Mr. Roosevelt would
take
less radical
a
in his
course
second term than
he did in his first will find little to
encourage
in the second
inaugural.
discursive form
most of
does
his
not
of
them
The generalized and often
discussion
which
characterizes
public addresses tends to obscure, but
conceal, the policies to which he consist¬
ently adheres and in whose development he is
tively
details
of
policy
ac¬
of
be sought in the legislative and Executive
course,
acts of the
must,
past four years and in those which will
later, but the addresses create the atmosphere
come
in
The
engaged.
which
the
program is worked out and applied.
nothing in the inaugural address to indi¬
There is
cate any
relinquishment of Executive authority,
any
curtailment of the role of the Federal
government,
or
reduction in public expenditure
any
size of the bureaucratic army.
in
the
other
direction,
What
Mr.
Roosevelt
is defended in the
poses, moreover,
Roosevelt's aims
or
methods
are
in which that term has
stood, but it is
appeals for support.
he declared
mocracy
on
democratic in any
democracy that
a
"The Constitution of 1787,"
Wednesday, "did not make
our
de¬
impotent," and "our task in the last four
did not force democracy to take
years
that Mr.
agree
commonly been under¬
the leader of
as
are
pro¬
of democ¬
name
Not everybody, certainly, will
racy.
in the
or
The implications
The vision of
traditional
a
holiday."
a
democracy which is still
potent and active is invoked to confound the critics
who
insist
the New
that
democracy, under the shadow of
Deal, has passed into
an
eclipse.
begin¬
when the
was
narrowed
instrument of unimagined
an
What Is to Be the National
Power Policy?
today," he
progress
first attacked.
...
and purpose
to
difficult" than it
more
was
irresponsibility and
reappear.
hold
be
disturbing
a
and activities of govern¬
powers
the establishment of
tolerance of the abuse of power
"To
but there is
open,
practical from the ideal, and in
by those who betray for profit the elementary de¬
cencies
left
not
fashioning
he
had
Here,
beginning to wipe out the line that divides
are
ancient
who
is
will
ment
sense
those
ef¬
use
elsewhere, the question of where the line is to
ago, he declares that "we of the Republic
pledged ourselves to drive from the temple of our
years
faith
of popular government
agency
fective instruments to carry out their will."
government with powers of united action sufficient
then and
Jan. 23, 1937
suggestion that the
tainty. Referring to the fact that the present
is the
Chronicle
part, for the people "will insist
The
last
remarkable
Tennessee
issued
on
power
pol¬
Monday by the appointment of
on
committee to
Saturday
Chairman of the
Valley Authority, regarding
icy, followed
two
statement
by Dr. Arthur hi. Morgan,
recommend
to
the
a
President, within
weeks, legislation for the Bonneville Dam and
other
Federal
projects,
power
raises
with
unex¬
pected suddenness the question of what the national
policy in regard to
power is to be. It has long been
Morgan has found himself at odds
known that Dr.
David
with
Lilienthal,
of the Tennessee
which
that
difference
admit
of
agency
of
one
should
opinion
was
reconciliation.
the
power
the
President
policy which
in
of the three directors
Valley Authority,
the
It
over
pursue,
so
sharp
was
was
and
as
also
the policy
that
the
hardly to
evident that
finally approved by
Tennessee
Valley would be
the same,
in general principles at least, as that to be
followed
in
otfier Federal
power
projects.
What
Mr. Roosevelt will be advised to recommend to Con¬
gress, or
will
to do on his
be known
when
own
the
authority
committee
appointed makes its report.
as
Executive,
which
he
has
Dr. Morgan's standing
'
Volume
as
expert, however, is so high in the field ofi
an
administration
power
aim which
careful
Dr.
that
statement4 of
his
apparently is to be kept in mind merits
of which embodies
one
other deals
the
with
falls into two
case
principle while the
a
Referring specifically
procedure.
Tennessee
Valley region, but with obvious
application to other regions in which Federal
projects
are
problem
as
the
on
vate
operating
or
power
"Shall there be an effort
part of public officials to work with the priservice
remove
minimum
at
abuses, to insure
cost, and to insure
opportunity for public ownership where it is desired,
shall
or
drift into
the
private
who administer public projects
men
attitude of
an
a
fight to the finish against
companies, which might have the
power
natural and
achievements in technical efficiency and improved
service which the electrical
made, and that "even though
has
industry
power
hold that the utili-
we
ties in the past have been dictatorial and have
not justify a similar attitude on the part of men
in public life."
perhaps inevitable
consequence
of dis-
ruption of the private systems, the destruction of
At
time the "vicious circle"
some
must be broken, and the opportunity, Dr. Morgan
thinks, is "now, while the private utilities
are on
the defensive."
The
planned and to the general
well, he asks:
utility companies to
maximum
513
Chronicle
tended to thwart democratic government, that does.
scrutiny.
Morgan's exposition of the
parts,
the
which he thinks should be followed and the
course
to
Financial
144
which lead Dr. Morgan to
reasons
urge a
gradual rather than an abrupt change from private
"I believe,"
to public ownership
are
he declares, "that
considerable period of experi-
a
strongly put.
blefore
development will be necessary
ment and
America is ready for wholesale public ownership,
secret that graft,
It is
no
cracy,
red tape and patronage have been realities in
incompetence, bureau-
American government. Unless these
well
under
cain
be brought
they imay devour more
control
than
does all the waste of exploitation and abuse in the
that is.
Our
legitimate investments and of economical service,
private industry, serious
and the
sudden, if unexpected, throwing of great
government has little experience in handling large
systems into premature and unprepared-for
operating businesses, and we have not yet developed
power
public ownership?"
is
If
a
policy of non-cooperation
adopted, the result, Dr. Morgan declares, "might
have the effect of
violent
a
government participation
At the outset of his
seems
public reaction against
in the
business."
power
exposition, then, Dr. Morgan
clearly to commit himself to government
own-
effective
as
.
.
all the goodwill in the
With
methods.
.
world, it will take time to evolve them. The assumption that only political agitation and action are
necessary
to bring about sound public ownership of
is naive, and will lead ultimately to higher
power
costs and to more restricted service.
.
.
The
.
ership, provided always that the people want it
people have a right to actual examples of public
and that it is not thrust upon
ownership to supply
them before they
prepared to manage it properly.
in his statement he
reaffirms, this position.
lieve," he
we
"that
says,
are
At several points
"I be-
should deal with the private
power
companies to the end of eliminating abuses,
while
preserving the right of the people to acquire
their
own
choose.
service by public ownership if they
power
.
.
I
.
for
am
arriving at
a
fair working
arrangement with the utilities in order to allow
a
conclusions
basis for coming to long-time
a
the subject. We should not be forced
on
to decide by abstract theory."
The national power policy
which
Dr.
Morgan
outlines, and which he would have worked out by
Congressional legislation and administered through
a
Federal
agency,
can
best be discussed when the
President's committee makes its report. Two points
"There should be clear
only need be noted - here.
gradual transition from private to public ownership,
and unqualified admission," Dr. Morgan declares,
to whatever extent that proves
"of the right of the public to
desirable.
I
favor
by experience to be
public
own
and to operate
supply if it chooses to do
and if
its
own power
ship to enable the country to work out effective
it
proceeds
methods
agreement not to obstruct reasonable efforts to that
.
.
.
life-sized
on a
ownership that
before
nomical.
.
.
how to
and
taken
much public
it effective and
over
areas
by the public
eco-
of sufficient
as
units, with
territory in each, and if the properties
over
should be
transition
could be
so
proportions of city and country and of good
poor
then
make
If distribution
.
size should be taken
suitable
scale, but not
owner-
shall be swamped by inefficiency
we
learn
we
enough
an
paid for at reasonable prices,
from
orderly
private to public ownership
process
Dr.
to
companies
havior."
who
"any naive belief
have
a
On the
advocate
consistent
.
that the private
record
of
good
be-
.
on
cease
a
fair
so,
There should be
manner.
There should be absence of arbitrary
both
sides.
coercion,
as
.
.
.
Public
officials
by subsidies to duplicating
and competing systems, by threats of constructing
duplicating systems if arbitrarily fixed prices
are
not accepted, or by threats of disruption of private
systems with the effect of preventing refinancing
of the private companies."
Where does all this leave the private power
panies?
Morgan's advocacy of cooperation is not due,
states,
.
should
without destructive dis-
ruption of existing systems."
he
end.
coercion
in
com-
If Dr. Morgan's proposals are accepted,
the companies may doubtless expect a longer lease
of life, but the "death sentence" which hangs over
some
of them is not to be lifted; it is only to be
sus-
contrary, he believes "that those
a
pended until such time as the country shall be ready
fight to the finish
to enforce it.
have strong
No amount or kind of fair treatment
the part of government or of cooperation on the
arguments in their favor." In spite, however, of the
on
allegations of misconduct which he details at length,
part of the companies will hide the fact that the
and his conclusion that the attitude of the
private companies are marked for ultimate absorp-
companies is
"only
ance
a
"not
typical
which
have very
case
an
private
isolated phenomenon"
of the
arrogance
but
and intoler-
special privilege and economic
power
often exhibited," he thinks that the qual-
ity of the personal leadership in the utility
panies has
that recognition
com-
tion; indeed, one of the main reasons for abandon-
ing arbitrary, coercive or obstructive methods
methods, the day of doom may be the better
pared.
of abuses
ings,
ought not to prevent due recognition of the great
over,
improved,
on
either side is that, by adopting more reasonable
pre-
Loyal cooperation, just and equitable deal-
fair payment for
private
properties taken
careful conduct of experimental enterprises,
514
Financial
intolerance
of
politics, favoritism and graft—all
these, admirable as they may be in both theory and
practice, will only smooth the path to general public
ownership.
to
come
only if,
as
that field of
transfer to
in the latter direction.
Some of the more hasty
of these forecasters have been disposed to mate bald
public
save as
a
good deal of the speculation which
a
formerly found its main outlet in the stock market,
but which has now been in some degree restrained
and when the people desire it
practical consequence
/an. 23, 1937
away" price level in commodities and
The proviso that public ownership is
of little
seems
Chronicle
ownership may thereby be delayed, since the net
general prediction of a "boom," as one of the chief
effect of
economic features of the present year, and to fore-
would
the
adoption of Dr. Morgan's proposals
be to set
to
seem
goal, and to lay dowh
public ownership
the
as
see
procedure which will pre-
a
all of the usual "repercussions" exerted by such
booms
the banking situation and the general
upon
the public mind for reaching it.
If
financial status of the Nation.
the
pare
spread call for what is termed "credit control," and
a widely-advertised warning to the business and
public ownership and
whether
Federal, State
American
policy,
control of power,
local, is to become the
or
only hope that the transi-
one can
Hence,
wide-
a
banking community that business activity is likely
tion may
be made with the moderation and cooperative temper which Dr.
Morgan calls for. From that
to get "out of hand."
point of view, his words will
tend to establish
a
There
weight wherever
carry
disposition to follow reasonableness rather than
has been established
reason
why
added
to
any
industry
Congress and
ministration decide that "the people"
It is
idle
no
speculation that
situation of the
radio
of
an
ominous trend in the direction
Dr.
either
men
violently
or
»we fear, to be heavily disby those who, with large influence in na-
tional councils and
and
ness
speed
of reaching a
means
result.
strictions.
D.
■
.
D
•
_i
Rising Prices and
now
something
//n
Boom
ff
r\
ii
i
Outlook
business
attract
serious attention.
had
been
paced—so much
so
constantly urging
of
Before that
advance in prices as
There
was
a
good deal of introspection
"differential" against the former
been "closed."
Prices
are now
as
or
are
vague
of banking funds
was so
slow in
far downward, and which
recovering its "natural" level, is
now
as
a moderate use
to those who
are
dis-
abroad, and is employing
credit in
"
and
supporting itself,
-
_
.
as
forerunners of
"peak" in the "business sycle," have lately been
positive in foreshadowing a general "run-
as
in all such cases, the
assumption of speculative hazards that put
an
all of the economic "eggs in
reason to expect that
Above all
_
a
In this,
or "expansion," but is the irregular enlargement of the price
base, the creation of an economic disequilibrium,
especially high
Forecasters who have been in the habit of view-
making
are
well
undertakings.
ing commodity price advances
more
dif-
thing to be feared is not "rise of prices"
of bank
.
as
or
This state of affairs is significant and suggestive as
an indicator of broad business conditions for the
early future.
a
posed to be prodigal in their taking of risks, and in
their reliance upon a future which shall favor their
Speculation in commodities is active, both
good deal
un¬
indiscriminate "credit control," equally
go
in American markets and
a
an
Various highly specialized
materials have already attained
levels.
This is
to believe that it will
reason
materially higher.
rare
attempt
Copper, which, during the depres-
every
or
with economic ghost stories. Especially is it to be
regretted that there should be any disposition to
had not
steadily forging fur-
spread comment.
13c., with
of production
hand,
well-timed and should be heeded.
directed to those who
so
on
ferent matter from attempting to put bussiness into
a strait-jacket or to attempt to "scare" traders
was
ther upward. The movement of grains, and
particularly of wheat, has long since been a factor of wide-
sion, had been forced
hold
was adopted by Mr. Aldrich and other New York banking leaders at their
stockholders' meetings during the past two weeks,
to whether the
had
bounds, and to
public in the vein which
a sure
still
promise of restoring the "1926 level," and there
still
have
Cautions, thoughtfully addressed to the banking
time, price
that political observers were still
an
men
level which does not tempt the
duly to enlarge stocks
distinctly moderate, and slow-
promoting recovery.
reas0nable
a
unwary to overdo the process
steady forward drive of commodity prices began to
advances
within
prices down to
six months since the
over
unusually large number of
disposed to recognize that it will be the part
of wisdom on this occasion to keep the volume of
By H. Parker Willis
It is
An
been
================
means
did not try to find profitable outlets in pro¬
business public has 'been disposed to antagonize
artificial combinations, formed for the purpose of
boosting values through pools and production re-
administration, favor arbitrarithe surest
as
"excess" funds in
followedjjy corresponding exaggeration of prices,
Unquestionably, there is danger in this direction,
The wiser and'more conservative element among the
too fast
timely, but it is likely,
counted
or
duction and trade. A consequence of it may be, as
in other cases in the past, some over-exploitation
Morgan's warning of the evils that
be met with if the change to public ownership
may
of "spare"
vestment yield of money is niggardly in the extreme, it would be strange indeed if active business
ag-
of virtually complete public
or
in the power field is made too
is
desire,
so
in the present
sees
A collateral influence has been the in-
pressure
the money market. With industrial demand pressing, and manufacture of certain important kinds
profitable, at the same time that the ordinary in-
railroads, telegraph, telephone and
public ownership
control.
creasing
Ad-
an
companies, banks, security exchanges and
riculture
paredness.
business should not be
the list whenever
many
One of these factors is,
unquestionably, the unsettled character of the political status in Europe and the race for war pre-
the aim, there is no
as
or
number of factors which
a
high levels of values for
very
important classes of goods.
agitation and coercion prevails. It should be pointed
out, however, that once the public ownership of
power
certainly
are
should
cease
they
one
may
basket" with every
be "spilled."
else, it is essential that
our
politicians
trying to treat symptoms, and in what
they do, to devote themselves to underlying con¬
Thus, for example, it is of little use to
ditions.
devise
means
raising of
for the control of credit through the
reserve
ratios, the sterilization of gold
Volume
and
other
What
Financial
144
is
techniques,
conventionalized
highly
called
for
is
the
complete sanitation of
515
Chronicle
present rate with safety.
tion of
credit and elimination of all artificial factors tend-
the event of
ing to place
crease
us
upon
uncertain footing.
an
The
itself may be counted upon to
war
many
methods of meeting it
Treasury
upon
deficit
for
that
the
acknowledged
our
fiscal
past
was
year
Federal
than
more
as
a
mean,
in
do not promise very much better, when we con-
allow
our
year
sider
the
present expectations with regard to in-
and
comes
In fact, the Secretary of the
outgoes.
in
Treasury,
his
annual
shadows, for the fiscal
definitely
report,
fore-
ending next June,
year
a
budget deficit of about $2,700,000,000, to which, of
must be added all of the exceptional outgoes
course,
which
no
is
to
no
suppose
it may
do will be conducted after a safer method
with government
that
tend
to
This is
called
the
a
for
those which
are
we
our
our own
we
to
are
aggregate of
disclose
foreign
measure,
a
will-
customers
volved in collecting remuneration for such
and in leading
our
our
World War
commerce
an
sought to do in
The experience of
this regard, but is apparently convincing to
Here, then,
have the situation clearly marked
we
out for us—a growing demand for our products,
with mounting prices, and
very
excessive supply of
an
low rates with which to finance them,
a
government policy which seems
ment of sound underlying bases for business.
our
steps toward safety and soundness, we have the
more
than
a
Instead of worrying
to pay government expenses.
about the approaching "boom" and its bearing
we
the substitution of a sounder basis for international
goods that
corporate securities listed
Exchange during the calen-
trade.
Without these essentials,
entire effort
our
to get sounder conditions will be vain.
these government agencies took place in 1936, and
the
1936,
year
therefore,
witnessed
the
up
to which
time since the end of the World War corporate
ings had shown Increases
year
huge total of $9,151,523,107
was
any
by
list-
until the
year
reached in 1929 (the
12 months' period in the
history of the Exchange), a steady decline
$7,632,633,397 in that
year,
was
shown
$2,703,030,179 in
1931, $687,564,099 in 1932, and $373,137,314 in 1933,
the total
listings
and industrial
The years
was
This huge shrinkage in
brought about by the economic
conditions and business
investment market
of the
was
by
The
corpora-
money
rates
was an
out-
standing factor in
bringing the total listings to
$4,189,242,528
1936.
for
Another
development
which has increased the listings is the number of
new
securities finding thfeir
This
was
way to
the Exchange,
brought about by privately-owned
corpora-
tions offering their stock to the public and giving
their stockholders the benefits of
a
national
ex-
change market.
The
total of $4,189,242,528 for 1936
compares
depression,
favorably with the actual corporate financing for
the 12 months as represented by stock and bond
and
that business
issues offered
on
the investment market by
$1,686,495,443,
respectively,
showing
tions, where there has been
was
stable basis.
Borrow-
offering of
on
a
more
new
securities.
ings from government agencies to meet outstanding
the latter appear in
obligations declined in 1934 and 1935 from the fig-
175 in
ure
stimulated
further
to
1934 and 1935 showed large increases in
corporate listing over 1933, the totals being $815,-
156,214
resump-
tion of normal methods of raising capital.
reopening
favorable for refunding operations and
Starting with 1930,
39 years.
our-
"drop in the
again the changes that have taken
smallest in
upon
shall do well to devote
the New York Stock Exchange During the Year 1936
on
record for
upon
selves to the elimination of dangerous finance and
continue production at the
new
sition of income in lieu of the present reliance
what has well been termed "fiat credit," with which
tions
the
As
the unmistakable precept of the situation directing
the United States.
with
very
few people.
recip-
our
(apart from government securities)
1936
once
on
trade,
should be conclusive in
place in the general financial situation throughout
biggest
a
producers to believe that they
have actually been settled with.
the "business cycle,"
contrasted wTith the outlet for
if
capital
markets.
have thus far
the New York Stock
dar year
new
negotiation accompanied by
Listings
on
From
avail.
question, in large
rocity treaties is hardly
The
shall still have
we
to meet all the difficulties and embarrassments in-
imaginary credit control instead of the establish-
no
situation, the prophylactic
concede to
equal chance in
needed
not exactly sincere or
we are
the substitution of reliable methods in the acqui-
of international
as
If
neutrality efforts,
need for tlie restoration of safe public credit and
ingness to
bucket"
our
to prefer appearances to realities, which aims at an
bringing into existence with his
What
should not
we
and farmers to take advan-
producer's market and
conserve
credit.
and
corn-
of credit, already hastily
use
now
men
of
we say we
regularly to dispose of the goods which
enable him
he is
are
source
what
that, all efforts to
recklessly created, will be of
will
thus indicated.
truthful in
On the other side,
Without
the business side of the
is
The very first step in
mean
we
tage of any such great purchase movement as is
therewith, would be the restora-
prevent the unwise
measures
institutions
If
neutrality legislation,
business
credit at
credit.
sane
our
our
"boom," with the danger that
a
economists associate
of
already filled
securities.
guarding against
and
borrowings from the banks,
satisfactory indication that such borrowing
than that which has
tion
There is
that the Federal Government
the end of its
near
and
as
invariably to be reckoned with.
are
reason
seldom to be reckoned
are
regular and profitable
mercial operations.
$4,700,000,000, while the estimates for the coming
}n-
fold, that type of demand and the
figures lately made public by the Secretary of the
show
Although the continua-
demand is unhappily probable and, in
war
at which
they stood in 1933.
Less advances by
our
article
our
on
a
corpora-
large increase in the
(Full details regarding
issue of Jan. 9,
pages
166-
"New Capital Flotations for
the Calendar Year 1936.")
The latter compilations
516
Financial
constitute
an
and
the entire
cover
accurate index of new
listings relate to
an
embrace not
new
have
only
financing done
The Stock Exchange
country.
entirely different thing.
just found their
They
but also old securities which
way
to the Exchange, and thejr
relate
only to the New York Stock Exchange, by
which
we mean
that
they do not include listings
clude
securities
replacing
old
process occurs chiefly in cases of
other
year's listings
crease
features in
we
connection
note the following:
1935 in
over
the amount of
ment securities listed the total of
of
such during
any
(1) An in¬
foreign
govern¬
com¬
(2) The huge
change.
listed,
on rec¬
12 months in the history of the Ex¬
This compares with $929,608,680 in 1935,
Industrial and miscel¬
during 1936 reached $1,305,with $748,192,226 in 1935,
compares
511,986 in
Of the $1,305,409,442 listed
1932.
1936, $175,488,367
for
were
for
were
represent old stocks
new
refunding and like
As in recent years,
capital, $223,608,947
purposes.
it must be taken into account
that in the
majority of
of
value, and are represented by
no
par
the shares listed
cases
The tremendous increase in bonds issued for
(3)
replac¬
certain extent changed the comparisons of the
a
total stocks listed
value of
as
Although this practice has
expressed in dollars, still the
comparisons is in
12 months'
period.
This huge total, chiefly the
sult of the considerable amount of
tions which took place
The
$782,079,416
$124,714,225
The
in
in
1933,
$28,373,700
and
re¬
CORPORATE
LISTINGS
large increase in the
amount
Capital,
1934.
the
total
of
$1,413,274,258
double the amount of
being
Replacing
Old Securities.
S
169,000
S
2,443,453,771
782,079,416
.159,439,200
124,714,225
9,777,000
3,218,000
12,428,000
746,613,210
1935
177,688,367
140,611,600
251,563,947
326,637,111
1934
62,127,308
425,941,221
1933
65,509,543
1932
almost
205,407.438
346,896,024
2,723,806,396
2,660,789,377
2.189,175,784
1,306,478,525
108,751,530
37,489,798
82,485,537
546,199,903
1,032,197,383
443,339,549
217,562,446
984,021,944
289,638,052
97,758,185
58,080,216
116,369,263
1.133,057,046
2,318,321,661
3.807,368,587
1931
,
1929
1928
1927
1935, when $756,886,763
Total.
f
.
16,081,800
294,923,900
623,598,672
1,725,295,150
1,190,959,555
884,883,600
1.092,920.490
1932
stocks
aggre¬
STOCKfEXCHANGE.
Old Issues
66.672,300
1933
YORK
Now Listed.
&c.
332,345,499
137,752,264
1935
1930
listed,
NEW
S
1936
1932.
of
ON
Issued for New
1934,
in
declared value
or
following table embraces the record of
year, compares
$159,439,200 in
1935,
the
gate corporate listings for the last 19 years:
refunding opera¬
during the
as
reported in the companies' latest
as
Bonds.*
with
(4)
single
any
impaired,
no way
balance sheets.
ing old securities, the total, $2,443,453,771, being the
largest in the history of the Exchange for
or
to
figures.
of the shares
records go.
as our
more
nominal
figures given represent the stated
far back
were
less
est since
or as
in
just listed, and .$906,312,128
$229,329,500 in 1931, $140,796,025 in 1933, the low¬
1885,
with
compares
$580,105,977 in 1934, $217,002,647 in 1933, and $191,-
the three preceding
reaching $2,775,968,270, the largest
$114,271,513 in 1932.
409,442, which
the
and
1935, $5,720,737 in 1934, $15,120,242 in 1933,
laneous stocks listed
with
increase in the amount of corporate bonds
ord for any
Public utility stocks listed in
aggregated $68,364,061,
opera¬
$186,990,700,
United States Government securities.
the total
$53,483,000 in 1932.
in
com¬
with $8,694,537
compares
in 1934, only $218,400 in 1933, and
none
and
We also note the listing of $5,706,005,275
years.
1935,
which
paring with $76,000,000 in 1935, and the entire
absence
in
none
refunding
Of the
$1,413,274,258 listed in 1936, railroad stocks
prise $39,500,755, which
1936
tions, recapitalizations and reorganizations.
Among
$756,886,763 in 1935, $585,826,714 in 1934, $232,-
on
securities,
Jan. 23, 1937
341,289 in 1933, and $359,266,499 in 1932.
They also in¬
other exchange of the country.
any
Chronicle
was
5,000,000
28,373,700
3,578,000
3,410,000
15,000,000
513,414,900
316,600,287
445,208,205
•
953,305.766
2,775,968,270
929,608,680
229.329.600
140,796.025
328,297,600
1,140,591,572
2,044,305,437
1,651,167,760
1,838,189,366
1,851,961,700
Stocks.
reached, and compares with $585,826,714 in 1934,
$232,341,289 in 1933, and $359,266,499 in 1932.
The corporate
bond issues listed during 1936,
as
1936
1931
1930
already stated, aggregated $2,775,968,270
against
as
$929,608,680 in 1935, $229,329,500 in 1934, $140,796,-
1929
1928
*
025 in
1933, and $328,297,600 in 1932.
Of the 1936
—
1927.
------
1,719,529,458
1,885,332,325
1,413,274,268
756,886,763
685,826,714
232,341,289
359,266,499
1,562,438,607
5,588,327,960
7,500,355,347
4,352,044,791
3,409,373,290
Government Issues, foreign and domestic, not here Included, shown
separately.
HWote.—Applications for the listing of trust
railroad
total,
comprised
bonds
$621,142,900
as
against $155,220,000 in 1935, $165,559,100 in 1934,
and
$113,725,100 in 1933. Of the 1936 total, $60,000,-
000
were
were
issued for
issued for
new
capital and $560,973,900
refunding and like
Public
purposes.
company receipts and of securities
(If preparatory to reorganization), or of securities stamped
"assessment paid"—the securities themselves having
previously
been listed—are not Included in this table.
marked
also
a
in the
new
high record for
amounts
in
issued for
refunding
1935,
new
in
high record.
$44,539,500
compares
in
1934,
and
capital and $1,106,881,729 for
Industrial and miscellaneous
1936
reached
$989,572,370, also
a
This compares with $559,639,680
1935, $19,230,900 in 1934, $22,989,125 in 1933,
and
$59,315,900 in 1932.
974,228
were
leading head,
were
issued for
Of the 1936 total, $213,-
new
capital and $775,598,142
issued for refunding and like purposes.
The volume of stocks listed in
noted, reached $1,413,274,258,
so as to indicate
namely,
railroad,
public utility and industrial and miscellaneous companies.
This table shows at
during
the
&
glance the volume of bonds and stocks
last 10 years by each
of the different
groups mentioned:
with
Of the 1936 total, $58,371,271
purposes.
bonds listed
in
classify the figures
each
Bonds.
$4,081,800 in 1933.
new
$1,165,253,000,
under
12 months' period
history of the Exchange, and
$214,749,000
were
any
up
or
In the following we
the
listed
utility bonds listed in 1936 foot
"assented"
"assumed"
1936,
and
as
compares
with
Indus
.
A
Railroad.
Utilities.
%
S
Public
Miscell.
$
Industrial A
Utilities.
Railroad.
Miscellaneous
%
1936 621,142,900 1165253000 989,572,370
1935 155,220,000 214,749,000 559,639,680
1934 165,559,100
44,539,500
19,230,900
$
39,500,755
8,694,537
$
68,364,061 1,305,409,442
~5,72b" 737
"218",400
1933 113,725,100
4,081,800 22,989,125
1932
72,758,700 196,223,000 59,315,900 53,483,000
1931 418,635,572 523,800,000 198,156,000
9,869,270
1930 940,401,837 585,098,300 518,805,300 745,974,094
1929 567,890,460 471,134,300 612,143.000 265,148,356
15,120,242
114,271,513
237,193,009
1,441,236,493
1,439,787,105
1928 726,503,066 407,186,300 704,500,000 533,603,989
1,396,823,452
1927 591,746,000 386,131,500 874,084,200 320.436,200
722,494,135
In the following
much of the
tabulations
we
listings in the above
748,192,226
580,105,977
217,002,647
191,511,986
1,315,376,328
3,401,117,373
5,795,419,886
2,421,617,350
2,366,442,961
undertake to show how
were
for foreign purposes.
We give first the amounts of securities of foreign
corpora¬
tions per se, and secondly the amounts of securities of
American
already
Stocks.
Public
corporations issued
for
acquiring
or
financing
and developing properties outside the United States.
amounts,
as
already stated,
are
corporate listings in the above:
included
in
the
Both
totals
of
Volume
Financial
144
SECURITIES OF FOREIGN CORPORATIONS PLACED IN THE UNITED
STATES AND LISTED ON THE NEW YORK STOCK EXCHANGE.
Chronicle
Walker-Gooderham & Worts, Ltd.; 4,891,358 shares common
(no par)
I
Bonds.
Public
Indus,
Public
tfc
Indus.
Railroad.
Utilities.
Mis cell.
Railroad.
Utilities.
$
$
$
$
$
<fc
Miscell.
of Parke Davis
& Co.; 944,663 shares common
par) of Commercial Investment Trust Corp.;
$25,000,000 4*4% conv. pref. and $6,723,280 common stock
stock
Stocks.
517
of
(no
Commercial
Credit
Co.; $11,00,000 5% conv. pref, of
$17,625,000 5%% pref. of Schenley
Distillers Corp. ; 412,031 shares (no par) $5 pref. of B. F.
Goodrich Co.; $15,000,000 5% cum. pref. of Distillers Corp.Seagrams, Ltd., and $11,409,700 com. and $8,550,000 5% pref.
American
1936
25,000,000
1935
40,300,530
19,053,500
—
1933
$
...
1934
'
...
13,803*506
1,915*170
........
22,8*00,666
1932
...
50,000,000
1931
...
80,000,000
1930
...
1929
...
1928
...
1927
...
3,578,000
2,729,100
179,313,000 74,'720", 500 112,795,500 332,270,900
125,000,000 130,890,000 267,161,000 41,790,900
15,750,000
106,376,000
SECURITIES
OF
98,102,500 203,352,000
61,909,500 174,352,500
AMERICAN
OPERATIONS
3,640*666
322,896
2,988,720
46,572,339
of Butler
Bros.
ISSUED
UNITED
GOVERNMENT ISSUES LISTED AND AUTHORIZED TO BE
LISTED DURING 1936
Amount
FINANCING
FOR
Buenos Aires, Province of—
STATES.
Bonds.
Co.;
The following table shows at a glance government bonds
listed and authorized to be listed on Exchange during 1936:
400,000
COMPANIES
OUTSIDE
301,280
19,534,347
18,535,185
78,051,068
82,970,060
Chain
Stocks.
4M %-4 M % external read. sink, fund dollar bonds, 1975i %-4M %
external read. sink, fund dollar bonds, 1976j-4M% external read. sink, fund dollar bonds, 1976%-4M % external read. sink, fund dollar bonds, 1977external sink, fund dollar bonds, 1984
Canada, Dominion of, 3M% bonds, 1961
Federal Farm Mtge. Corp. 2Ms. 1942-47
Home Owners' Loan Corp. 2M% bonds, series G, 1942-44-2M% bonds, series B, 1949
Norway, Kingdom of, external 4Ha, 1956
External 4Ms, 1965
Oslo (Norway), City of, external 4Ms, 1955——
United States of America—
„
Public
Indus.
Public
&
Indus.
&
$12,398,700
11,113,500
12,730,500
.
43,167,000
4,581,000
..
Railroad.
Utilities.
$
1936
1935
Miscell.
$
Railroad.
%
*
Miscell.
Utilities.
$
-W-;
$
9,836,340
1,957,500
...
—
1934
mrnemmmmmm
1,089*720
...
1932
........
...
1933
m.mmmmrnmm
...
1931
...
1930
—
1928
...
1927
50,000,000
36.551,800
1,360,000
25,000,000
33,000,000
50,000,000
57,000,000
1929
...
7,500.666
*1*78*886
1,874,700
3.322,440
157,378
-
The
of such issues listed
or
Treasury
Treasury
Treasury
Treasury
Treasury
12,136,144
63,199,372
124,335,974
31,500,000 144,339,323
51,236,176
9,685,340
86,755,025
33,428,240
following is the aggregate amount
authorized to be listed for the past
10 years:
ON
NEW
Foreign Issues
981,848,050
$5,892,995,975
following tables:
$5,706,005,275
3.675,639,050
$5,892,995,975
3,751,639,050
1934
El Paso & Southwestern RR 1st &
ref 5s, 1965 (stamped)
6,270,129,450
6,270,129,450
Great
1933
2,938,224,600
2,938,224,600
2.121,410,350
2,321,560,350
401,338,000
153,295,000
1,138,639,200
1,097,729,600
1935
401,338,000
1929
153,295,000
888,639,000
602,831,500
1928
1927
..
Chief
H, both for $49,711,200,
to refund the
ref. 3%s,
3%s,
both
a
like amount of
issued for
two issues of
refunding
$29,500,000 ref. & imp.
Of
Electric
are
Co.,
We
purposes.
3^s;
also
Co.
issues
public utility
worthy of note:
1st
3%s
4*4s;
aggregating
1st mtge & coll tr 4s, series A, '45
$70,-
Pennsylvania
Gen
issues
two
$55,000,000,
of
Northern
and issues
States
Power
$989,572,370 industrial
Co.
miscellaneous
$345,297,000
UTILITY BONDS LISTED
FIRST SIX MONTHS OF 1936
Company and Class of Bonds—
Amount
Cleveland El Ilium Co ist3Ms,'65-$40,000,000
Consumers Power Co 1st 3 Ms, 1970 55,709,000
Dayton Power & Light Co 1st &
ref 3Ms, i960—
20,000,000
Duquesne Light Co 1st 3 Ms, 1965- 70,000,000
Laclede Gas Light Co coil trust 6%
I
notes series A,1942
310,000
of $55,000,000 each of
and
60,000,000 Refunding
1970—- 20,000,000 Refunding
26,835,000 Refunding
"
Total
Consumers Power Co., New York Edison Co., and Brooklyn
the
20,000,000 Working capital
3Ms, 1946-
?,
3M% debs, 1971
Edison Co.
Of
sec
Union Pacific 3M% debs,
PUBLIC
12,424,000/Issued under exchange and
10,000,000J
readjustment plan
40,000,000 Pay promissory note
RR—
3Ms. series C, 1970
Southern Pacific Co
Rapid Transit
4,714,000 Refunding
26,000,000 Refunding
Gen mtge 4Ms series A, 1960
New York Central sec 3Ms, 1946--
$95,-
Inc., viz.: $35,000,000 10-year
Corp;
1936
24,462,000 Refunding
F 1st & ref 3Ms, series E, 2003
Maine Central—
like amount of 20-year 3y2% debs.; $65,-
a
Brooklyn-Manhattan Transit
tr.
and
OF
Indianapolis Union Ry—
the
purposes;
& ref.
MONTHS
24,000,000 Refunding
Pe Ref & impt 3 Ms series B, 1986—
Louisville & Nashville—
listed
SIX
Cincinnati Union Terminal Co—
► 1st 3Ms, series D, 1971
3%s, and two
bonds
LISTED—SECOND
Chicago & Western Indiana—
1st & ref 4Ms, series D, 1962-_
Pennsyl¬
1st 3^s; two issues of Con¬
solidated Edison Co. of N. Y.,
3*4% debs., and
coll.
note
Two issues of Pacific Gas &
$120,000,000
viz.:
sec.
$275,845,900
BONDS
Company and Class of Bonds—
Amount
Purpose of Issue
0b.6Sd<p6Stk6 Sc Objo
Ref & impt 3Ms, series D, 1996-$40,362,000 Refunding
f
Ref & impt 3Ms series E, 1996— 29,500,000 Refunding
Chicago Union Station 3Ms, 19517,000,000 Refunding
aggregating $46,835,000.
Duquesne Light Co.
000,000
Total
RAILROAD
sec.
also
$60,000,000 of
000,000 1st & ref. 4s, chiefly for refunding
000,000
are
4s, series G
Southern Pacific Co.
9,292,000 Refunding
3-year 6% notes, 1938
14,973,500 Ext. of notes due 1935
Pennsylvania RR gen mtge 3Ms,
series O, 1970
40,000,000 Refunding
Virginian Ry 1st lien & ref 3 Ms,
l
series A, 1966
60,344,000 Refunding
,
3%s, $44,000,000 Chicago Union Station Co.
$1,165,253,000 of
following
1st & ref 4s, series D, due 2003-_
49,711,200/
7,494,000 Ext. of 6s due 1935
New York Chicago & St Louis Ry—
total of $99,422,400, issued
$40,000,000 New York Central
Pacific
the
cons mtge 3Ms, *50Louisville & Nashville—
Chesapeake & Ohio, viz.: $40,362,000 3%s and
vania RR. gen.
Union
or a
1936
during
conv.
169,000 Old bonds just listed
49,711,200(Refunding gen 7s, series A
Long Dock Co
7s; $60,000,000 Virginian Ry. 1st lien &
gen.
and
1st 3%s,
bonds listed
of Great Northern gen. mtge.
two issues
and
the railroad
among
2*5o",obo'ooo
494,898,100
OF 1936
Ry—
Gen mtge conv 4s, series H
200,156*666
1930
Northern
Gen mtge conv 4s, series G
1932
1931
700,000,000
-
-
Company and Class of Bonds—
Amount
Purpose of Issue
Bangor & Aroostook cons ref 4s, *51
$151,000 Refunding
Chicago Union Station Co 1st 3 Ms,
seriesE, 1963
44,000,000 Refunding
Total.
Securities.
$186,990,700
76,000,000
2%% bonds, 1956-59
2%% bonds, 1949-53--
RAILROAD BONDS LISTED—FIRST SIX MONTHS
U. S. Government
Unci. Canadian).
1936
1,223,496,850
838,456,700
1,626,688,150
-
The purpose? on account of which the several bond and
stock issues listed during the year were issued are given in
EXCHANGE.
STOCK
YORK
2%% bonds, 1948-51
2%% bonds. 1945-47
2%% bonds, 1951-54
Total
the
GOVERNMENT BONDS LISTED
—
——
Government issues, foreign and domestic, are not included
in the above tables.
48,000,000
34,978,300
228,813,175
71.724,050
17,000,000
31,500,000
6,500,000
bonds
Purpose of Issue—
Refunding
Refunding, improvements
Refunding
Refunding
Exchange for 5M % notes
New York Edison Co 1st lien & ref
listed, the following
3%
debs,
are
the principal issues:
and $50,000,000
3*4% debs, of General
Acceptance Corp.; $85,000,000 Standard Oil Co.
debs.;
$60,000,000
1st
4s,
$50,000,000
and
$30,000,000
Youngstown Sheet & Tube Co.; $45,000,000
New
Motors
3*4 s
The
industrial
and
miscellaneous
stocks
listed
include
800,000 Atlantic Refining Co. 4% pref. stock; 722,172 com.
shades (no par), and 460,818 shares pref. (no par) of Hiram
45,000.000 Refunding, additions, &c
10,000,000 Advance to sub., add'ns,&c
43,963,000 Refunding
Pacific Gas & Elec Co 1st & ref 4s
series G, 1964
95,000,000 Refunding, &c
Refunding, &c
45,000,000 Refunding
fcv 3 Ms, series B, 1964
Total—
$534,982,000
PUBLIC UTILITY BONDS LISTED SECOND SIX MONTHS OF 1936
F Company and Class of Bonds—
The
3,194,314 shares (no par) com., $93,388,700 7% pref., and
$18,666,740 5% pref. of Bethlehem Steel Corp., issued under
plan of simplification of its corporate structure and pay¬
ment of accrued dividends on the old preferred stock; $14,-
25,000,000 Refunding, corp. purposes
Pacific Telephone & Telegraph Co
1st ref 3Ms series B, 1966
30,000,000
Southwestern Bell Tel Co 1st & ref
stock of Wheeling & Lake Erie Ry.
pref. stock of Dayton Power & Light Co.
Lt & Pow
3Ms, 1965
Refunding 4Ms, 1961Refunding 5s, 1964
Ohio Edison Co 1st 4s, 1965
4*4s, series
principal stock issues of public utilities companies
listed were:
254,995 shares (no par) $4.50 pref. stock of
Cleveland Electric Illuminating Co.; $11,146,400 4^4% pref.
stock of Central Illinois Light Co., and $10,000,000 4*4%
& Queens El
cons
b
of
B, and $25,000,000 gen. 4*4 s, series C of Republic Steel
Corp.; $62,545,500 National Dairy Products Corp., 3%%
debs.; $60,000,000 Shell Union Oil Corp. 3y2% debs.; $60,000,000 Texas Corp. 3*4% debs.; $55,000,000 Bethlehem
Steel Corp. consol. mtge. 394s, series E. and $50,000,000 Con¬
solidated Oil Corp. 3y2% debs.
Among the stocks of railroads listed we note $27,955,000
Virginian Ry. 6% stock and $10,214,000 5Y2% preferred
York
Co 1st
55,000,000 Refunding
-
Northern States Power Co (Minn):
(N. J.) 3%
conv.
gen.
3Ms, 1965
Amount
Refunding
mtge ser A sink fund 3 Ms, 1961- 20,300,000
Consolidated Edison Co of N Y,Inc—
Refunding
—.
.
Purpose of Issue
Bklyn Edison Co consol 3 Ms, 1966_$55,000,000
Brooklyn-Manhattan Transit Corp
rap trans coll tr bonds 4Ms, 1966 65,000,000
Central Illinois Light Co 1st & cons
3Ms, 1966
7,178,000
Cincinnati Gas & El Co 1st 3 Ms,'66 35,000,000
Columbus Ry, Pow & Lt Co 1st M
& coll trust 4s, 1965
26,000,000
Connecticut River Power Co 1st
10-year deb 3Ms, 1946.
20-year deb 3Ms, 1956
Refunding
Refunding
Refunding
Refunding
35,000,000 Refunding
35,000,000 Refunding
Detroit Edison Co gen & ref 3 Ms
series G,
1966
20,000,000 Refunding
Gulf States Utilities Co—
1st & ref 4sseries O, 1966
17,300,000/Refunding, property addi4,000,000|
tions
4M% debentures, 1946
Monongahela West Penn P S Co—
1st 4Ms, 1960
22,000,000 Refunding
6% debentures, 1965
7,500,000 Refunding
Financial
518
INDUSTRIAL
Purpose of Issue
Amount
Company and Class of Bonds—
Chronicle
fan.
New York Edison Co 1st lien & ref
3 Ms series E, 1966.
$30,000,000 Refunding
i -
-
Diego Consolidated Gas & Elec
Atlas Powder Co 5% pref.
INDUSTRIAL AND MISCELLANEOUS BONDS LISTED FIRST SIX
MONTHS OF 1936
Company and Class of Bonds—
Amount
Purpose of Issue
deb $3,279,045 Issued per reorganiz'n plan
Atner Type Founders, Inc conv
2,809,125 Additional capital
2,000,000 Inv in new securities
9,855,500 Issued per reorganiz'n plan
V*
2,141,000 Refunding
*
Carriers & Gen Corp 5% debs, 1950
Consolidation Coal Co, Inc 5s, 1960
Gotham Silk Hosiery Co Inc 5%
a
debentures, 1946--
Hiram Walker-Gooderham & Worts
Ltd and Hiram Walker &
Sons
-
1956-——-
——
Republic Steel Corp—
!
General 4Mb B, 1961
8,000,000 Pay loans, &c
113,000 Issued per reorganiz'n plan
35,000,000 Refunding, gen'l corp purp
Purch money 1st conv 5 Ms, 1954
Copper & Brass, Inc 1st
4Ms, 1956
Sharon Steel Corp 4M% conv debs,
debs 1946
Walworth Co 6% debs, 1955
lst mtge 4s, 1955
Wheeling Steel Corp 1st 4Ms
5,000,000 Red. pref. stock
836,5001 Issued per plan
ganization
of
reor-
A,
ser
35,000,000 Refunding, work, capital
1966
Youngstown Sheet & Tube Co—
1st 4s series C, 1961
Conv 3M % debs, 1951
Total--
--
—
60,000,0001 Refunding
30,000,000/
-
*1,528,033 Working capital, &c.
*2,021,406 Old stock just listed; conv.
42,777 Acquis, of constituent cos.
*27,770 (Issued per reorganization
625,900/
plan of old company
1,750,000 Construction
new plant
150,000 Exp. of reorganization, &c.
.
*255,208 Stock dividends
684,410 Acquis,
constit. co., &c.
(507,768shs)*4,062,144 Stock dividend
Consol Oil Corp $5 pref (6,974 shs)
*697,400 Exch. for 8% preferred
Consolidation Coal com (v t c)
6,901,925(Issued per reorganization
5% pref (vtc)__
5,923,200/
plan
Continental Can Co Inc common._
3,553,580 Red. notes; working capital
com
*5,279,310 Old stock just listed
113,523 General corp. purposes
(202,916 shs)
*202,916(Merger of constituent
cos.
(178,650 shs)-- *3,573,000/
Endicott-Johnson Corp 5% pref. —
7,306,000 Red. of 7% preferred
Fajardo Sugar Co of Porto Rico—•
Common
Food Machinery Corp 4M % Pref__
6,477,800 Old stock just listed
2,000,000 Working capital, &c.
General Amer Transportation Corp
7,141,000/
——
corp. purposes
Common
Class A common
60,000,000 Refunding
9,000,000 Refunding, working capital
4,000,000 Refunding, working cap.
*1,415,854 General
construction
Dixie-Vortex Co
2,000,000 Refunding
-
392,1001 Issued per recapitalization
1,633,750/
plan
1,598,540 Old stock just listed
14,800,000 Red. of debs.; working cap.
*7,871,428 Old stock just listed; new
Curtiss-Wright Corp common
9,200,000 Refunding
-
Skelly Oil Co 4% debs, 1951
(A E) Staley Mfg Co 1st 4s, 1946-_
united States Pipe & Fdy Co 3M %
5% cum preferred
Champion Paper & Fiber Co—
Common (.551,000 shs)
Continental Steel Corp—
Common (200,649 shs)—
61,100 Issued per recap plan
co.
of debentures
Carriers & General Corp common.
Celotex Corp com (27,770 shs)
Commercial Credit Co common—
Commercial Invest. Trust Corp—•
Revere
1951
Shell Union Oil Corp 3 M % debs,'51
(Edw G) Budd Mfg CoCommon (339,563 shs)
Byron Jackson com (362,976 shs)_
62,545,500 Refunding
20,000,000 Refunding, working capital
of constituent
shs)
12,000,000 Refunding
15,000,000 Refunding, working capital
45,000,000 Refunding
68,960 Acquis,
-*315,342,3891 Simplification of corporate
7% cumulative pref ($100 par)— 93,388,7001structure & payment of
5% cumulative pref ($20 par)— 18,666,740j
accum. pref. dividends
Bridgeport Brass com (3,401 shs) —
*17,005 Conv of debentures
Common (3,194,314
6% cumulative preferred
City Stores Co common—
Columbia Pictures Corp—
Common (19,985 shs)
103,000 Issued per reorganiz'n plan
3,134,900 Issued per reorganiz'n plan
4,600,000 Refunding, construction
Amount
Purpose of Issue
*$16,812 Compensation to employees
9,600,000 Reclassification of capital
142,700 Exch. for 7% preferred
9,860,900 Exch. for 6% pref.
Beneficial Industrial Loan Corp—•
Common (197,745 shs)
Bethlehem Steel Corp—
_
Distillers, Inc conv 4M% debs__
(R) Hoe & Co, Inc 1st mtge, 1944Inland Steel Co 1st 3Ms, ser D,'61
Internat'l Cement Corp conv 4%
debentures, 1945
Loew's Inc deb 3Ms, 1946
National
Dairy
Products
Corp
3M% debs, 1951
—Paramount B'way Corp 1st M.1955
Paramount Pictures, Inc deb 6s,'55
Penn Glass Sand Corp 1st 4Ma, '60
Remington Rand, Inc 4M% debs,
FIRST
*449,060 Exch. Troy Laundry bonds
10,078,000 Conv. of notes; acquis., &c.
—
$630,271,000
Auburn Automobile Co conv 4M %
debentures, 1939
Common (89,812 shs).
Amer Rolling Mill Co common
Andes Copper Mining Co commonAtlantic Refining Co 4% pref
27,000,000 Refunding
--.
Total
1937
23,
LISTED
Amer Machine & Metals Inc—
$5 prior preferred.
16,000,000 Refunding
D, 1960
West Penn Power Co 1st mtge 3 Ms
series I, 1966
—-
Company and Class of Stock—
Allegheny Steel Co com (2,690 shs)
Amer Brake Shoe & Fdy 5M % pref
Amer Crystal Sugar Co 6% pref—
Amer Home Products Corp com—
Amer Zinc Lead & Smelting Co—
Common.
Co 1st 4s, 1965
15,500,000 Refunding
Southwestern Gas & Elec Co 1st 4s
series
STOCKS
% SIX MONTHS OF 1936
Niagara Falls Power Co 1st & ref
3Ms, 1966
-32,493,000 Refunding
Pacific Gas & El Co 1st & ref 3Ms,
series H, 1961
120,000,000 Refunding
Potomac Elec Pow Co 1st 3Ms, '66 15,000,000 Refunding, working cap,&c
Saguenay Power Co, Ltd, 1st mtge
4Ms, series A, 1966
25,000,000 Refunding
San
MISCELLANEOUS
AND
-$447,819,670
Common
908,000 Acquisitions, &c.
•.
General Theatres Equip Corp—
.
Capital stock (245,185 shs)._— *1,471,110 Issued per reorg. plan.
Glidden Co common (46,000 shs)__
*230,000 Working capital
(Adolf) Gobel Inc common
430,999 Issued per reorg. plan
Goebel Brewing Co common
1,323,126 Old stock just listed
Goodyear Tire & Rubber Co—
Common (6,083 shs)
*13,828 Acquis. constituenfco.
Ganite City Steel Co com (127,496
shs)
*1,434,330 Expansion
(H L) Green Co com.
7,579 Employment contract
Hayes Body Corp cap stock
54,000 Working capital
Hercules Powder Co 6% pref
9,619,400 Exch. for 7% pref.
——
MISCELLANEOUS BONDS LISTED
INDUSTRIAL AND
SIX
MONTHS
Company and Class of Bonds—
Adams Express Co 4Ms, 1946
Anglo-Chilean Nitrate Corp debs_
Bethlehem Steel Corp consol mtge
3Ms serE, 1966
Central Fdy Co 1st 6s, 1941
Gen 5s, 1941Colorado Fuel & Iron Corp inc 5s,
1970— i ——————
Commercial Inv Trust Corp 3M%
debs, 1951
Consol Oil Corp 3 M % debs, 1951Consolidation Coal Co Inc 5s, 1960
Crane Co. 3M% debs, 1951
El Paso Nat Gas Co 1st 4Ms, 19513H% debs, 1946---——
Fairbanks Morse & Co 4% debs '56
Francisco Sugar Co coll tr 6s, 1956_
-
-
— —
—
-
-
SECOND
1936
Amount
Purpose of Issue
$656,000 Exch. for existing bonds
11,053,500 Issued per readjust, plan
v
55,000,000 Refunding, betterments, &c
752,4001Issued Per reorg. plan of
653,200/
Universal Pipe & Rad'tor
com
(660,000 shs)
*14,700,000(01d stocks just listed
shares).
Household
—
Finance
Corp
—
*9,216,360/
class
*3,200,000 Refunding, work, capital
A
*6,241,575 Old stock just listed,'exch.
class B
35,000,000 Refunding
50,000,000 Refunding
Corp
development
484,200 Issued per reorg. plan
12,000,000 Refunding
7,500,0001 Refunding, corporate
3,745,000/
pur-
poses
6,000,000 Refunding, work, capital
1,957,500 Issued per reorg. plan
-
—
—$541,752,700
/
RAILROAD STOCKS LISTED FIRST SIX MONTHS OF 1936
Company and Class of Stock—
Amount
Purpose of Issue
Alleghany Corp com (87,050 shs) — *$1,092,478 Issued per readj. plan.
Virginian Ry 6% pref-..
—---.
27,955,000 Old stock just listed
———$29,047,478
Total——
Ltd
Cum red pref stock (460,818 shs)
Holland Furnace Co $5 pf (32,000
International
Corp—
-
Hiram Walker-Gooderham & Worts
10,796,400 Issued per reorg. plan
3% debs, 1946
—
50,000,000\Retire short-term notes,
3M% debs, 1951
50,000,000/ working capital
Goodrich (B F) Co lst4Ms, 1956-- 27,000,000 Ref., gen. corp. purposes
Gulf States Steel Co 1st 4Ms, 19617,000,000 Refunding, betterm'ts, &c.
(R) Hoe & Co Inc, 1st mtge, 194452,000 Issued per reorg. plan
Jones & Laughlin Steel Corp 1st
4Ms, 1961
30,000,000 Construction, refunding
McCrory Stores Corp deb 5s, 19514,552,000 Issued per reorg. plan
Paramount
Broadway Corp 1st
mtge, 1955
75,500 Issued per reorg. plan
Paramount Pictures Inc 6s, 1955-139,900 Issued per reorg. plan
Pressed Steel Car Co Inc 5% debs,
1951---..
——-it;
4,111,200 Issued per reorg. plan
Republic Steel Corp gen 4 Ms ser C,
1956—-i.————————— 25,000,000 Refunding
Standard Oil Co (N J) 3% debs, '61 85,000,000 Refunding Export pref.
Symington-Gould Corp 1st conv
income bonds1,623,900 Issued per reorg. plan
Tennessee Corp 6% debs ser C,1944
1,600,000 Acquis, of constit. co.
Texas Corp 3M% debs, 1951
60,000,000 Refunding
Total....
—
(249,663 shs)
—
General Motors Acceptance
OF
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1936
Company and Class of Stock—
Amount
Purpose of Issue
Allegheny Corp com (12,850 shs)—
*$151,268 Issued per reorg. plan
Chesapeake & Ohio Ry com
88,000 Conv. of pref. stock
Wheeling & Lake Erie Ry 5M % Pf- 10,214,000 Exch. for 6% pref. stock
Business
Machines
stock (21,522 shs)
International
Cement Corp com
(52,428 shs)
Kelsey Hayes Wheel Co cl B stockKeystone Steel & Wire Co com
(210,000 shs)
Lehigh Portland Cement Co com-4% preferredLehn & Fink Products Corp com..
cap
__—
Ludlum Steel Co
com.
—__
McCrory Stores Corp com
6% cum conv pref
McLellan Stores Co com
Monsanto Chemical Co
—
—
com
*693,370 Stock dividend
*1,813,908 Conversion of debs.
10,000 Working capital
*3,371,400 Old stock just listed
per
plan
oP' rerecapitalization(
2,000,000 Exch. for stock of predeces.
284,529 Acquis., work, cap., &c.
i
990,253(Issued per reorganization
12,777,038(Issued
12,146,700/
5,000,000/
plan
81,851 Conv. of 6% pref.
1,151,640 Acq., conver. of notes,'&c.
Motor Products Corp com (195*627
shares)-.--—
*1,956,270 Stock dividend
Mullins Manufacturing Corp cl B_
35,569 Converison of class A
(G C)Murphy Co com(465,000 shs) *1,271,914 Old stock just listed, work.
capital, &c.
5% Pref.
4,000,000 Redeem. 8% pref .[stock
Nat Department Stores Corp com
(480,832 shs)...
————*10,962,970 Issued per reorg. plan
(J J) Newberry Co 5% pref
4,879,400 Exch. for 7% pref. stock
com
1,968,350 Acquis, of constit. cos.J&c.
Paramount Pictures Inc com
7,726(Issued per plan of re6% 1st pref-..---.
3,146,000/
reorganization
Parke Davis & Co com (4,891,358
shares)-..-........-..—.....*24,468,040 Oldstock just listed
Owens-Illinois Glass Co
—.
Parker Rust Proof Co
com
Pathe Film Corp com
....
Pennsylvania Glass Sand Corp—
Com v t c (299,995 shs)
(
$7 cum prer (28,814 shs)
/
Pillsbury Flour Mills Co com.
Pond Creek Pocahontas Co cap
stock (169,742 shs)..—.......
_—
Pure Oil Co 6% cum pref
1,049,987 Old stock just listed
9,900 Issued per plan of old
co.
*2,006,000 Old stocks just listed
13,730,625 Issued
mergerlagreem't
per
*2,520,700 Old stock just listed
11,367,000 Issued under recap, plan
Remington1 Rand Inc com
2,500 Corporate purposes
5% prior preferred
496,300 Stock dividend
Republic Steel Corp—
Com (104,625 shs)
*2,416,837(Acquis, of assoc. cos.
6 % cum conv prior pref1,318,300 /
Reynolds Spring Co com
148,521 Stock dividend
Schenley Distillers Corp 5M% pref 15,000,000 Pay bank credits, &c.
Scott Paper Co com (116,099 shs)
*232,198 Stk. div. redem. of pf. stk.
Sharon Steel Corp $5 pf(40,000 shs) *4,000,000 Refunding. &c.
South American Gold & Platinum
Co common
1,760,000 Old stock just listed
Spear & Co $5.50 pref (19,500 shs) *1,950,000 Exch. for 7% pref.
Square D Co cl B com (222,876 shs)
*222,876 Old stock just listed
Standard Comm'l Tob Co com
73,140 Exch. for 7% preferred
Standard Oil Co (N J) com
8,618,600 Acquis, of constit. co.
Studebaker Corp com
12,988 Issued per reorg. plan
Sun Oil Co com (132,092 shs)
*4,518,717 Stock dividend
Thompson
Products,
Inc
com
_(20,350shs).—_ .—__
*203,500 Gen. corporate purposes
Truax-Traer Coal Co com (20,453
—
_
Total————————$10,453,268
PUBLIC UTILITY STOCKS LISTED FIRST SIX MONTHS OF 1936
Company and Class of Stock—
Am Water
Works
&
El
Co
Amount
Purpose of Issue
com
(601,612 shs) -—————----*$6,016,120 Conversion of bonds
Cleveland Electric Illuminating Co
$4.50 pref (254,995 shs)
..—*25,499,500 Red. of old pref.,exch. for
\
common
stock
Radio Corp of America—
Com (752,051 shs)
$3.50 cum conv Is pf (878,042shs)
*1,504,102(Issued
*14,197,939/
per recapitalization
plan of Jan. 1936
_shares)..^———*102,265 Acquis, of constit.
Underwood Elliott Fisher
Total
.-$47,217,661
PUBLIC UTILITY STOCK LISTED SECOND SIX MONTHS OF 1936
Company and Class of Stock—
Amount
Purpose of Issue
Central 111 Light Co 4M% Pref.—$11,146,400 Red. of 6% & 7% pref.
Dayton Pow & Lt Co 4M Pref.— 10,000,000 Red. of 6% prer.; capital
<
expenditures
Total
—
—
—
$21,146,400
(11,490 shs)
Union Bag &
/
com
co.
;
*114,900 Redemption of pref.
Paper
(65,359 shares)
'
Co
_ .
Corp com
.*1,960,770 Defray construction of sub.
United Aircraft Corp com
plant
1,999,500 Repay bank loans,
United Engineering & Fdy Co com.
4,141,180 Old stock just listed
capital; &c.
Total--.-.
-—.......$760,363,779
work.
Volume
Financial
144
INDUSTRIAL AND MISCELLANEOUS STOCKS
SIX
MONTHS
OF
LISTED
SECOND
.
,
common
,
,
*1,827,285 Old stock just listed,
re¬
demption of 8% pref
Bridgeport Brass Co com (81,288
shares)
Bucyrus-Erie Co common
7% preferred
Bulova Watch Co com (35,148 shs)
,
,
_
,
CaUahan Zinc Lead Co common.._
*519,430 Pay current bank debts, &c
6,053,685 (Issued per plan of recapital6,830,000/
ization
*115,385 Exchange $3.50 cony. pref.
11,409,700 Old stock just listed, conv.
of preferred stock
8,550,000 Red. of 5% debs, wkg cap'l
*60,992 Conversion of preferred
445,195 Pay indebtedness, expan¬
Celanese Corp of Amer, 7% pref..
16,481,800 Old stock just listed, work-
Butler Bros common.
5% preferred.
Byron Jackson Co com (10,950 shs)
Republic Steel Corp—
Common (22,095shs)..
6% conv prior pref
*1,940 (Issued per reorganization
59,900/
plan of old company
328,2451 Issued per recapitalization
7,004,500/
plan
511,000 Exp. of reorganization &c
505,710 Issued per reorganiz'n plan
Celotex Corp com
(1,940 shs)
5% cumulative preferred
Certain-teed Products Corp com..
6% cum prior pref
City Stores Co com..
Central Foundry Co com
Colorado
Fuel
&
Iron
Corp
com
...
*539,882 Issued per reorganiz'n plan
6,038,870 Conversion of pref stocks,
(539,882 shs)
Commercial Credit Co
common—
stock dividend
;
;
„
.
_
.
*2,500,000 Old stock just listed
30,523 Stock div.; recapital. plan
4,835,725 Issued per recapital. plan
*510,394(Acquisition of constituent
209,200/
companies
....
5M % preferred
Safeway Stores Inc 5% pref
Schenley Distillers Corp 514% pfd_
Sears, Roebuck & Co—
Common(9,911 shs).
Standard Oil Co (N J) common
Studebaker Corp common
Sun Oil Co com (121,387 shs)
Superior Oil Corp common
Symington-Gould Corp common._
Texas Gulf Producing Co—
Common (889,606 shs).
Thermoid Co
common
8,910,800 Exch. for & red. of 7% pfd.
1,585,300 Dividend on common stock
2,625,000 Stock dividend on common
*247,775 General corp. purposes
619,075 Exch. for constit. co. shs.
11,926 Issued per reorg. plan
*4,163,574 Stock dividend
65,000 General corporate purposes
617,266 Issued per reorg. plan
*663,759 Old stock jast listed
42,271 Dividend on pref. stock
—
Thompson Products Inc—
Common (1,100 shs)
Tide Water Associated Oil com
Transcontinental
Inc
*11,000 General corporate purposes
2,896,310 Exch. for constit. co. stocks
...
Air
Western
&
47,250 Gen. corporate purposes
com
Truax-Traer Coal Co
(42,256
com
*126,768 Acquisition, &c.
shares)
Twentieth
Century Fox Film Corp
(408,308 shs)
com
ing capital, &c
.
Revere Copper & Brass Inc—
sion, &c
•
,
,
9,273,050 Old stock just listed
Preferred stock.
,.
Decker Mfg Co
(365,457 shs)....
Amount
Purpose of Issue
*$5,169,000 Exercise of warrants
Company and Class of Bonds—■
com (51,690 shs)
Quaker State Oil & Refg Co—
Capital stock
Reliable Stores Corp—
Common (354,671 shs)
Remington Rand Inc common
Pure Oil Co
1936
Company and Class of Stock— •
Amount
Purpose of Issue
Allegheny Steel Corp com (136,840
shares)
*$852,937 Acquis, of constit. company
Allis-Chalmers Mfg Co common
(424,973 shs)
*12,536,803 Conv. of debentures
Amalgamated Leather Cos, Inc—
l. Common..
318,0001 Simplification
of
capital
I
6% cumulative preferred
2,480,000/
structure
[
American Chain Co 5% conv pref. 11,000,000 Red and exchange of 7% pf
American Encaustic Tiling Co com
280,355 Issued per reorgamz n plan
American Rolling Mill Co com
13,695,750 Conversion of debentures
American Seating Co (18,187 shs).
*301,904 Stock dividend
Amer Type Founders, Inc
4,120,910 Issued per reorgamz n plan
Am Zinc Lead & Smelting Co com.
19,908 Issued per recapitulation
$5 prior preferred
82,950/
plan
Beatrice
Creamery Co,
$5 pref
(100,000 shs)
*10,000,000 Rede nption of 7% pref
Black &
519
Chronicle
*408,308 Conv. of pref. stock
Underwood Elliott Fisher Co com
*5,515,400 Gen. corporate purposes
155,855 Repay bank loans, work.
(55,154 shs)
United Aircraft Corp com
capital, &c.
United Air Lines Transport Corp.
1,750,905 Purchase airplanes, &c.
common
United Carr
Fastener Corp
com
(36,239 shares).
*161,195 Conv. of pref. stock
S. Hoffman Machinery Corp,
5M% pref
;
1,500,000 Gen. corporate purposes
U. S. Pipe & Fdy Co com.
1,517,420 Conv. of debentures
U. S. Rubber Co com (33,160 shs)
*2,238,300 Corporate purposes
Walworth Co com (2,242 shs)
*5,605 Gen. corporate purposes
U.
_
4M%
conv
25,000,000 Exch & red 5M% preferred
preferred
Commercial Investment Trust Corp
common
(436,895 shs)
Consolidation Coal Co
com
5% preferred (v tc)
Continental Can Co, Inc
(v t c)
_
com
Continental Insurance Co cap stock
Crane Co common
7% preferred
Westvaco
*3,495,160 Conversion of senior securs
590,325 (Issued per reorganization
181,400/
plan
221,400 Corporate purposes
126,010 Stock dividend
58,715,700(Old stocks just listed
14,588,900/
Crown Cork & Seal Co, Inc—
Common (143,465 shs)
*717,325
$2.25 preferred (225,000 shs)...*11,250,000
Curtiss-Wright Corp com
546,999
Distillers Corp-Seagrams Ltd 5%
cumulative preferred
15,000,000
Douglas Aircraft
(93,480 shs)
Co.,
Inc.,
El Paso Natural Gas Co
Morse
&
com
Co
clared
Pay bank loans,
general
corporate purposes
*596,402 Working capital
1,645,047 Old stock just listed, con¬
Federated
Foster Wheeler Corp common
Gabriel Co class A (57,110 shs)___
77,500
*57,110
*7,500,000
2,400,000
Acquisition of constit co.
Exch for class B, options
General corporate purposes
Old stock just listed
General Theatres Equip Corp com
(282,886 shs)
*1,697,316 Issued per reorganiz'n plan
General Time Instruments Corp—
Common (327,789 shs)
*3,277,890(Old stocks just listed
4,817,400/
...
Includes shares of
or
6% preferred..
Bros, Inc, $6 preferred
(201,125 shs)
*20,112,500 Reclassification of capital
Glidden Co 4M% pref
10,000,000 Red of debs and pref stock
Goebel Brewing Co common
11,480 Working capital
(B F) Goodrich Co—
Cbmrnon (147,154 shs)
*4,708,928(Issued under plan reclassi$5 preferred (412*031 shs)
*24,721,872J
fying stock
Goodyear Tire & Rubber Co—
Common (206,737 shs).
*231,545(Issued under plan for re$5 conv pref (159,879 shs)
*15,987,900J
arrangement of capital
Graham-Paige Motors Corp com._
403,964 General corporate purposes
Gimbel
Gulf States Steel Co—
The amounts given represent the de¬
value.
par
In the
following tables
which trust company
give
we
of
receipts
which
companies for
our
tables above
These securities
LISTED
Common (601,674 shs)
*1,384,570 Conv of debentures
60,795 General corp. purposes
*14,976,300 Issued per recap, plan
*1,368,530 Acquis, of constituent co.
557,8(H) Acquis, of constituent co.
(41,000 shs)
Internat Printing Ink Corp—
Common (6,575shs)
f^
are
not considered by us as new or addi¬
FOR
THE
WHICH CERTIFICATES OF DEPOSIT
SECURITIES
THEMSELVES HAVING
6% preferred
common.
'
Lehigh Portland Cement common.
Libby, McNeill & Libby—
Common (164,430 shs)
McGraw Electric Co
x3>00O,OOO Old stockdust listed; stock
dividend*. &c.
3,070,100 Conversion Of preferred
Anglo-Chilean Consolidated Nitrate Corp ctfs of dep for 7%
debs, 1945
$12,700,000
Cuba RR ctfs of deposit for lstlien&refser A7Ms
4,000,OOD
Ctfs of deposit for 1st lien & ref ser B 6s
1,376,000
Eastern Cuba Sugar Corp ctfs of deposit for 15-year 7)4 % mtge
s f bonds, 1937.
7,500,000
Francisco Sugar Co ctfs of deposit for 1st mtge 7 Ms
2,880,000
Lautaro Nitrate Co Ltd ctfs of dep for 1st mtge 6s, 1954
31,357,00O
Mengel Co 7% cum pref stock
3,360,300
New Orleans Texas & Mexico Ry ctfs of deposit for:
Mead Corp common (33,642 shs)_.
Melville Shoe com (29,741 shs)
-
(1) 1st mtge series A
(2) 1st mtge series B
(3) 1st mtge series C
(4) 1st mtge series D
(5) Non-cum income
15,770,000
514s, 1954
5s, 1954
5s, 1956
4Ms, 1956—
5s, series A
LISTING
Co 4% conv pref series B
Mullins Mfg Corp class B
National Bond & Inv Corp—
Common (612,200 shs)
cum
SHARES IN EXCHANGE
CERTIFICATEb
FOR
VOTING
DEPOSIT
202,875
RECEIPTS
ISSUED
IN
CONNECTION
RECAPITALIZATION PLANS
WITH
Shares
^
63,004
169,076
130,000
Pure Oil Co
deposit receipts for—6% cum pref stock
8% cum pref stock
Radio Corp of America deposit receipts for B pref._,
766,987
PAR VALUE OF SHARES
CHANGING NUMBER OF SHARES LISTED
COMPANIES
CHANGING
WITHOUT
No. of Shares
American Hide & Leather Co
Eaton Manufacturing Co.
Malleable & Steel Cast¬
common (488,676 shs)__
*8,000,000 Old stock just listed
com (44,118 shs)
*220,5901 Issued in exchange for 7%
$5.50 conv 1st pref (112,951 shs) *11,295,1001
preferred
Owens-Illinois Glass Co common..
1,296,700 Expansion
Pacific American Fisheries, Inc—
Common
161,370 Conversion of pref. stock
Pacific Finance Corp common
4,309,560 Old stock just listed
Paraffine Cos Inc 4% pref..
2,380,400 General corporate purposes
Paramount Pictures Inc common..
276,414 Issued per reorg. plan
Parker Rust-Proof Co common
17,235 Old stock just listed
Peerless Corp common
728,727 Adv. to subsid. co.
Pennsylvania Glass Sand Corp—
Common v t c (13,775 shs)
*13,775 Acquisition
Phillip Morris & Co Ltd common._
1,036,860 Pay notes; corp. purposes
Phillips Petroleum Co—
Common (296,216 shs)
*8,690,264 Working capital
Pittsburgh Steel Co—
Common (354,900 shs)
L. *3,549,000 Old stock just listed; im¬
ings Co
-
...
provements,
&c.
364,031] Issued per reorganization
l,76l,905f plan of old company
4,049,050J
b515,000
:
Calumet & Hecla Consolidated Copper Co
Certain-teed Products Corp
Consolidated Laundries Corp
Otis Steel Co
Pressed Steel Car Co Inc common.
Shares
1,043,938
stock (par $5)
dividend^
National
American Seating Co common (no par)
United Air Lines Transport Corp capital
1,250,000 Old stock just listed
*640,124 Pay pref. div. arrearages
*31,176 Conversion of pref. stock
*7,000,000 Old stock just listed
6,000,000 General corporate purposes
pref series A
5% cum 1st preferred
5% cum 2nd preferred
14,345,900
4,600,000
5,900,000
2,354,000
—
TRUST
\
*1,151,010 Stock
Minneapolis-Honeywell Regulator
5%
-
-
-
2,032,100 Exch. for 6% preferred
12,022 Conversion of class A stock
common
WERE
BEEN
PREVIOUSLY LISTED
Certain-teed Products Corp deposit receipts for 7 % cum pref stock
*6517501 Acquisition of constituent
40/5,000/
company
re¬
includedln
'■
International Mining Corp com
Kalamazoo Stove Co
not
The tables follow:
listings.
SECURITIES
are
they represent substitutions for securities
as
already listed and
tional
new
changed, the number of shares listed
maining undisturbed.
*2,913,960 Red. of pref.; work, capital
Worts, Ltd, com (62,172 shs)
(A) Hollander & Son Inc common.
Household Finance Corp—
com
list of the securities for
were
Hiram Walker-Gooderham &
Inland Steel Co
a
issued during 1936, a
certificates were issued
through change in name without changing the number^of
shares listed; also a list of companies the par value of whose
list
COMPANIES
Common (97,132 shs)
no
stated value.
shares have been
*43,720 Conversion of pref stock
12,500,000 Acq of pref stock of con¬
stituent companies
Fidelity Phoenix Fire Insurance Co
capital stock.
285,175 Stock dividend
Flintkote Co com (668,046 shs)._ *6,346,437 Old stock just listed
Florence Stove com (311,057 shs).. *1,670,272 Old stjock just listed, pay
serial notes, &c
Gannett Co Inc $6 pref (75,000 shs)
Gar Wood Industries, Inc, com
$545,045,663
Total
General corporate purposes
*1,876,571 Conversion of preferred
Dept Stores, Inc, com
(4,372 shares)
434% convertible preferred
stock
886,147 Working capital
Youngstown Sheet & Tube Co com
(184,688 shs)
*11,543,000 Conv. of debentures
Redemption of $2.70 pref
common
(109,741 shares)
5,760,000 Retire funded debt & pref.
5% pref
*
version of debentures
Fairbanks
Co
Yellow Truck & Coach Mfg Co
Development of property
com
—
Products
Chlorine
i 2,005,502
b282,300
g400,000
...
Engineers Public Service Co
Federal Mining & Smelting Co.
Foster-Wheeler Corp
Granby Consolidated Mining, Smelting & Power Co., Ltd.
Great Northern Ry__
J.
_
National Lead Co
...
Pittsburgh Terminal Coal Corp
Real Silk Hosiery MiUs, Inc
Skelly Oil Co
(A. O.) Smith Co
Spear & Co
Tide Water Associated Oil Co
Yellow Truck & Coach Manufacturing Co_,_
bl
j'696,146
,909,968
f49,328
H300.000
k450,000
a2,497,483
e3,095,100
dl20,000
1 178,044
cl ,008,548
h500,000
b225,000
h5,998,930
bl,300,000
New no par shares exchanged for shares of $100 par, share for share,
b New shares of $1 par exchanged share for share for no par shares,
a
Shares changed from $25 par to $15 par and exchanged share for share,
d Shares of $1 par exchanged for $100 par shares.
c
e
Shares changed from
each old share.
f Shares changed
$100 par to $10 and
from $100
10
new
shares issued for
$10 and exchanged share for
e Shares changed from no
par to $5 par and exchanged share for
h Shares changed from no par to $10 par and exchanged share for
i Shares changed from $25 par to $5 par and exchanged share for
par to
share.
share,
share
share.
Shares changed from $100 par $4 par and exchanged share for share
t" Shares changed from no par to to $5 par and exchanged share for share
1
Shares changed from $10 par to $5 par and exchanged share for share
520
Financial
SECURITIES FOR WHICH NEW CERTIFICATES WERE
THROUGH CHANGE IN NAME
OF
CHANGING
LISTED
Barber
Co.
Barnsdall
LISTED
COMPANY,
NUMBER
OF
SHARES
COMPANIES
Jan. 23, 1937
CHANGING
NUMBER
OF
SHARES
SPLIT-UP OF SHARES
WITHOUT
STOCK!
Chronicle
ALREADY
OF
No. of Shares
(from General Asphalt Co.)
Co. (from Barnsdall Corp.)_A_
413,333
2,258,779
Oil
Consolidated Edison Co. of New York, Inc. ifrom Consolidated
Gas Co. of New York)—
$5 cumulative preferred
(no par)
T52S.L.
Common stock (no par)...
_5L.
Freeport Sulphur Co. (from Freeport Texas Co.), common^..
6% cumulative convertible preferred
Hecker Food Products (from Gold Dust Corp.)
Loan Star Cement Corp. (from International Cement
Corp.)..
Sharon Steel Corp. (from Sharon Steel
Hoop Co.) common
Vick Chemical Co. (from Vick Chemical, Inc.)
LISTED
Air Reduction Co. (3 for 1)
*
_.
,
2,523,865
American Safety Razor Corp. (3 for 1)
Bayuk Cigars Co. (4 for 1)
a524,400
............
393,060
.....
Greyhound Corp. (4 for 1)
2,103,474
11,487,474
796,380
12,301
1,823,134
804,537
375,000
700,280
BY
No. of Shares
2,603,380
(S. H.) Kress & Co. (2 for 1)1.......—^
2,357,574
......
Keystone Steel & Wire Co. (4 for 1)........................
757,632
Lerner Stores Corp. (2 for 1)..............................
400,000
Minneapolis-Honeywell Regulator Co. (3 for 1)
621,963
a
for
Par value changed
from no par to $18.50
par and
3 new shares Issues
onelold.
Building Construction in United States Shows Decided Improvement in 1936
Like other aspects of our national economic
building construction showed
tained
life,
enough, the tremendous contraction of building dur-
sharp and well-sus-
a
ing the downward cycle of depression contributed to
improvement in 1936, and there
continue for
time to
some
In
come.
presenting
of building construction activities
survey
be
one
our
year
able to point to the relatively encourag-
ago, we were
ing results for 1935
as
compared to the extremely
figures for the two preceding
poor
seems to
believe that the favorable trend will
every reason to
The gains
years.
continued last year, and now have reached the
were
point where depression totals
This is not to say,
are
left far behind,
of course, that full recovery has
the general paralysis, for iron, steel, lumber, cement,
paint and numberless other things that enter into
building work, while the employment afforded
new
by these projects also is of immense importance,
directly and indirectly.
Falling off of demand for
buildings affects the entire structure of industry,
and it follows as a matter of course that a revival
of building means
a
stimulation that touches
every
aspect of our economic life.
been achieved in this vitally important branch of
It is reassuring to note, at this time, that the
gains recorded in building construction during 1936
activities, for the fact is that
were
ditional
improvement is
tremendous
a
in the post-war decade are
approached.
common
tendency, however, is favorable and
degree of optimism
ad-
before figures
necessary
The
considerable
a
be well justified
appears to
as
to the future outlook.
Improvement
nomics.
construction
directly
aspects of trade and industry, and to
degree finance also is dependent
It
is
well
many
eco-
other
like
tries.
than
The
others of
the
tions, and its advance in
provement also is tardy
all
various
the
that
the
capital
than
more
varying
or
measures as
durable goods indus-
classes
more
durable goods classificaa
period of business im-
as a
rule.
and
kinds
But gains now
stimulating
are
of
business
de-
pendent directly and indirectly upon construction
activities.
ing 1935
We noted
was one
a
that the trend dur-
year ago
of almost uninterrupted improve-
ment, month by month, and it is possible to say
much the
same
of
1936, for the trend
tained throughout and seemed
as
the year
progressed.
was
well
sus-
to gain momentum
The construction of
new
dwellings gained increasing importance, and it is
fairly clear that an accumulated and postponed
now
demand of considerable
and
to
some
proportions exists for homes,
for apartments in
extent
the larger
cities.
Our
the
building permits in all
leading cities of the United States. They indi-
cate
with most other inforced observers
mon
cover
clearly that the decline in building work which
started
as
early as 1(526 reached its end in 1933,
when the totals
were
truly diminutive and
a
fitting
accompaniment of the business paralysis then prevaA mild and hesitant improvement was
regis-
lent.
tered in
1934, while
a
larger and
gain appeared in 1935.
genuinely
pronounced
more encouraging
But in 1936 the trend became
and
we
corn-
remain
profoundly skeptical of national building and planning programs, hatched in "New Deal" brains,
effective.
Obviously
of private building
excesses
can
and do
occur
free competition, but such excesses are corrected far
quickly than would be the case if planning
authorities were set to work without thought of
more
profit or sensible financing. When the country was
in its last period of rapidly increasing prosperity,
building construction unquestionably was overdone,
This was true not only in the large cities, such as
New York, Chicago, Los Angeles and Philadelphia,
where office buildings, apartment houses and other
structures were put up greatly in advance of normal
requirements, but also in many other parts of the
But the evil effects of that over-expansion
country.
rapidly
being wiped out, as is clearly evident
from the favorable trend of building construction
are
witnessed.
now
The statistics
testify that
now
a very
presented in these columns
handsome gain has been made in
construction activities since the depression was at
its greatest and most devastating intensity.
But
they also indicate that
a
ment is necessary before
prosperity
tions
can
vast additional
a
improve-
full degree of general
be said to have arrived.
cover the
these show
compilations
witnessed dur-
Some
being made rapidly and they
are
as was
when there is freedom of action restrained only by
building industry usually contracts
most
decline in construction
mous
the trend of
Buildings, locomotives, machinery and the
representative of the capital
meas-
considerable
known
all to be classed in
are
Governmental
could not possibly make up for such an enor-
a
food, clothing and other consumption goods in-
dustries.
demand and enterprise.
nary
ures
upon
goods industries suffer in depressions far
the
remains
important of all indices of
These activities affect
construction.
less to governmental activities than to renewed ordi-
ing the early stages of the depression, and in
in building
of the most
one
largely in the field of private business, and due
Our tabula-
building permits in 354 cities, and
a
contemplated expenditure for the calen1936 of $1,059,937,747 as against $657,236,411 in 1935. The improvement amounts to no
dar
year
less than 61.27% in the
year.
the two worst depression
The comparison with
naturally is highly
favorable, for in 1934 building permits in the same
cities amounted only to $399,494,015, while the lowest figure was reached in 1933, with an aggregate
of only $355,324,978.
years
When comparison is made
with still earlier years, the effects of the depression
and the degree of
recovery
still required
are
best
Volume
144
realized.
permits
Financial
In 1932 the total of
$1,220,779,503, while the first depression
1930
saw
was
year
of
permits issued for $1,776,623,053.
in
$3,500,730,450; in 1927 to $3,651,036,270, and
1926 to
$4,121,964,853.
attained in
than
$3,096,839,460; in
$4,393,364,166.
Thus it is
which started in 1926
and this trend is
seen
with
they,
as
the like.
of
F. W.
in this highly important sphere must be
covery
ried if the stimulation
of
period is to be afforded.
of
car¬
really active building
a
We
now
present
a
record
building permits back to 1906, which enables the
reader
determine at
to
glance the upward and
a
downward trends of activities.
York
City separate from the rest of the country,
and it should not escape
notice that the building
mits issued here in New York
different
City
The
$213,851,061 against $152,603,654 in 1935
was
lowest
the
total
Here
make
unfavorable
an
of
the
consistently
ran
OF
YEARLY
No.
Year.
354
1935
354
1934
354
1933
354
1982
354
1931
354
1930
354
1929
354
Whole.
20.18
28.62
1927
354
1926
354
1925
354
1,008,571,342
1924
354
310
846,505,817
785,557,945
22.88
1923
1922
20.17
20.89
18.53
22.91
31.01
26.78
24.14
25.73
2,855,629,518
2,663,907,795
2,169,314,914
1,393,407,781
1,343,549,455
1,253,554,036
450,859,008
718,970.094
910.278,381
758,991,580
753,730,258
818,029,278
798,913,875
762,174,380
763,368,183
.740,677,942
22.77
308
638.569.809
22.74
1921
307
1919
297
476,827,194
290,828,942
261,500,189
56,500,495
103,068,798
221,293,974
172,945.720
138,115,266
162,942,285
228,601,308
200,325,288
213,848,617
273,108,030
174,757,619
197,618,715
241.064.458
25.501
306
1918
287
277
1916
273
1915
284
1914
284
1913
273
1912
235
1911
235
1*10
223
1*09
209
208
.
1907
200
1906..
163
17.79*
17.26
It will also
in the
1929
reveal the
own
and
ous
f
11.141
12.54J
19.56 1
18.56
15.49
16.61
22.25
20.81
21.88
26.94
23.94
24.63
555,324,2521
604,671,7361
29.93
564,486.8231
to note, as we have done
occasions, that there
which
commonly
are
are
YORK
Total An.
1,059,937,747
657,236,411
399,494,015
355,324,978
420,526,396
1,220,779,503
1,776.623.053
3,096.839,460
3,500.730.450
3.651,036,270
4.121,964,853
4,393,364,166
8,702,135,335
3,449,465,740
2,807.884,753
1,869,694,975
1,634,378,397
1.515,054,225
507,359,503
822,038.892
1,131,572,356
931,937,800
891,845.624
980,971,663
1,027,515,183
962,499.668
977,216,800
1,013,785,972
730,081,871
802,290,461
805,551,281
previ¬
two sets of records
used to measure the
course
of
Our compilations
entirely to the latter; that is, to the plans
filed with the local authorities.
The record of build¬
ing permits, which forms the basis of
tions,
was
one
our
tabula¬
of continuous decline from 1925 to
1933, while modest gains occurred in 1934 and 1935,
with
The
a
more
distinct
long-continued
1925 to
1933
improvement noted in 1936.
recessions
activities
plainly have much significance,
though the decreases in the four
the
of
years to
from
even
1929, when
depression started, occurred without interrupt¬
ing general trade activity.
our
upon
and similar
power
financial conditions
all in the direction
were
expansion until the period of the great
The decline in
in 1925 to
tabulations from
our
$4,393,364,166
$355,324,978 in 1933 affords the sharpest
possible contrast, for the recession
$4,038,039,188.
was no
less than
It is in the light of that precipitate
drop that the improvement of the last three
can
to
best be
$1,059,937,747 in 1936 still leaves
be desired.
the F.
years
gauged, for it is evident that the advance
In the
W.
of the
case
great deal to
a
figures prepared by
Dodge Corp., the engineering and
Mountains total
The
con¬
Kocky
$2,675,296,000 for the calendar
year
figure contrasts with $1,844,544,900 for
1935;
$1,543,108,400
for
1934;
$1,255,708,400 for
1933;
$1,351,158,700
for
1932;
$3,092,849,500
for
1931;
$4,523,114,600
for
1930;
$5,750,290,500
for
1929, and $6,628,286,100 for 1928.
MONTHLY
RECORD
COMPILED
AS
CONSTRUCTION
OF
BY THE
F.
CONTRACTS
W. DODGE
1935
1934.
S
January
3
3
214,792,800
140,419,100
198,761,900
234,631,600
216,070,700
232,664,700
294,734,500
275,281,400
234,271,500
3
225,767,900
208,204,200
199,695,700
186,463,700
96,716,300
178,345,800
131,157,000
134,363,700
127,055,400
119,662,300
119,591,800
110,151,200
135,224,800
111,691,500
92,684,900
56,573,000
77,171,700
102,341,900
82,693,100
106,131,100
122,615,700
145,367,200
162,330,600
207,209.500
2,675,296,000
1,844,544,900
1,543,108.400
1.255,708,400
March
April
May
June
July
August
September
October..
November
December..
Total
1932.
1931.
1
January
May
June...
August
September
October
November
December
1,351.158.700
There is
which
room
of
set
senting the
explained
for
course
on
406.467,900
361,273,900
484,587,500
642,060,600
587,765,900
629,891,100
652,436,100
488,882,400
444.402,300
445.642,300
391,012,500
316,368,100
3,092,849,500
4.523.114.600
5.750.790.500
difference
may
of
be taken
building figures which
course
of
new
to
we
have
inclined to
we
and
a
few
better indica¬
building work than the
awarded, though it is not to be
denied that the latter have
In the first
a
as
best repre¬
As
we are
others undertake to collect furnish
of the
opinion
as
of building work.
records of contracts
3
323,975,200
317,053,000
456,119,000
482,876,700
457,416,000
600,573,400
366,878,400
346,643,800
331,863,500
336,706,400
253,573,700
249,435,500
previous occasions,
believe that the
1929.
235,405,100
369,981,300
336,925,200
306.079,100
316.147,600
285,997,310
233,106,100
251,109,700
242,094,200
151,195,900
136,851,600
a
figures
59,958,500
3
227,956,400
81.219.300
Total
83,356,000
52,712,300
1930.
3
84,798,400
89,045,800
112,234,500
121.704,800
146,221,200
113,075,000
128,768,700
133,988,100
127,526.700
107,273,900
105.302,300
April
own.
1933.
99,773,900
75,047,100
122,940,500
124,020,000
126,720,100
148,005,200
159,257,500
168,557,200
167,376,200
200,595,700
188,115,000
264,136,500
February.
tion
AWARDED
CORPORATION.
1936
July
plans filed with the local build¬
ing departments and authorities.
relate
by
breakdown in 1929.
March
on
building work, namely, 1, the statistics regarding
engineering and construction work, and 2, the statis¬
tics which deal with
disclosed
trend
Engineering projects involving,
developments, and these
of continued
February
It is necessary
downward
dependent
are
compila¬
of such other records, did not until
case
public utilities like light,
enterprises,
our
explain why the yearly compari¬
tabulations.
1936.
846,086,686
504,632,757
318,917,727
281,113,995
342,623,677
871.496.894
1,369,555,384
2,136,747,717
2.563.093,311
2,770,289,853
3,061,913,459
3.384,792.814
23.22
1920
1917
NEW
OvteideCUUt.
22.97
354
FOR
COUNTRY.
Per Cent of
New York.
by the building plans
struction awards for the 37 States east of the
PERMITS
REST OF
213,851,061
152,603,654
80,576,288
74,210,983
77,902,719
849.282,609
407,067,669
960,091,743
937,647,139
880,746.413
1.060,051,394
1928
York City
figure.
of
CUiet.
1936-
re¬
billion dollars, and
a
BUILDING
DISTINCT FROM
Calendar
when New
close to
sometimes exceeded that
COMPARISONS
was
comparison with the five-year
period from 1925 to 1929,
totals
depression
again, however, the current figures
readily explain why the record
those presented
sons,
say,
do
nor
awarded, like those compiled by the
permits which form the basis of
tions.
hand¬
contemplated outlay in New York
corded.
■
on a
only $80,576,288 in 1934 and $74,210,983 in 1933,
when
1908
per¬
City, covering all the
boroughs, showed improvement
scale.
some
and
The table shows New
of the work.
Dodge Corp., invariably arrive at much larger
and
re¬
prosecution
subways and highway work in the
This will
contracts
The
the degree to which
the
bridges, grade-crossing elimination and
totals than
moreover,
for
sewers,
of
preceded other indications of the coming collapse.
figures show,
issued in accord¬
are
rule, include public works construction
as a
such
quite instructive since the decline
stated,
as
with the local
varying requirements of local laws
State laws
nature
that the decline
which permits
on
the
filed
They do not include engineering projects,
less
was no
uninterrupted until 1933,
was
authorities,
and
building permits,
new
entirely to the plans
was
The highest point
1925, when the aggregate
521
figures of
relate
ance
Going back still further, it is interesting to note
that permits in 1929 amounted to
1928 to
Our
building construction
only $420,526,396; in 1931 the total
was
Chronicle
a
peculiar value of their
place building permits deal with
distinctly building work, and in the second place,
since they represent projected work more
largely
Financial
522
than
work
actually begun, they are
contract is
work will
when
so
made
plan is filed for
often
invariably
that
means
Not
building work,
new
or a
Numerous considerations may, and
work, and in
distant date.
or
tions with
many
cases
Thus it appears
more
at
some
our
recovery was
progress
general over the entire
of
lagged somewhat behind most of the
This is due, of
country.
course,
of office space constructed
excess
$
$
buildings
Educational buildings
Hospitals and institutions
Public buildings
Religious, &c., buildings.
Social, &c., buildings
47,574,500
31,056,000
Non-residential bldgs..
Residential buildings...
953,259,700
801,623,800
675,488,600
478,843,100
543,031,800
248.840.100
403,723,700
249,262,100
1,754,883,500 1,154,331,700
578,541,800
714,142,700
111,671,400
206,269,800
791,871,900
652,985,800
499,517,800
103,204.800
Factory
*
Total
buildings..
Public works &c
Public utilities..........
99,371,200
127,517,100
39,950.400
37,252,100
50,908,300
17,668,600
55,672,000
18,298,900
625,044,500
126.192,000
2,675,296,000 1,844,544,900 1,543,108.400 1,255,708,400
Total construction.
buildings
Educational
buildings
Hospitals and Institutions.
Public buildings
•
Religious, &cM buildings..
Social, &c., buildings-....
932,688,400
1756,512,400
381,908,000
152,203,700
120,777,900
106,111,200
628,809,500
1256,632,500
376,051,200
162,120.600
139,814,600
92,837,100
113.298,400
311,105,800
116,157,000
228,777,000
121,193,300
122.718.200
43,490.900
82,307,500
48,353,000
117,982.500
27,255,000
38.682,500
$
$
1
$
1929.
1930.
1931.
.1932.
181,266,600
53,099,600
98,746,500
140,019,400
coun¬
In New York City, for instance, the rate
of increase
'
Factory buildings.
compila¬
1933.
1934.
-
150.595.800
116,078.600
117,603,200
37,308,800
Commercial
try although some unevenness as to pace naturally
appears.
$
164,479,800
108,858,500
173,458,700
47,056,900
97,786,600
23,674,300
60,173,800
are more
own
tion, it is interesting to note that the
building
1935
definitely reflected by the build¬
to the details of
now
CONSTRUCTION
OF
249,136,100
198,019,100
226,146,900
74,120,100
102,208,200
28,252,900
75,376,400
Commercial buildings
that inten¬
ing permit figures than by other compilations.
Turning
1936
Calendar Years.
the contract
respect to new building work
clearly and
FIGURES
CONTRACTS AWARDED.*
engineering
an
for the work still remains to be awarded
near
more
do, intervene to postpone the actual carrying
of the
out
Jan. 23. 1937
CORPORATION
DODGE
rfespect to the
the heels of the award.
commence on
a
building.
new
it almost
W.
$
When award of
immediate future.
F.
much
a
valuable indication of intentions with
Chronicle
to the apparent
in the 1920's and
480,789,600 1,110.345.800 1,770.563,900 2,690,221,000
811.388.700 1.101.312.500 1,915,727,500
280,067,900
Total buildings........
*
Non-residential buildings
Residential buildings...
760.867,500 1,921,734,500 2,871,876,400 4,505,948,500
963,008,600
875.448,000
514,699,700
688,229,600
295,667,000
75,601,500
Public works, &c
Public Utilities..........
}t1248342000
Total construction..... 1,351.158,700 3,092.849.500 4,523,114,600 5,754,290,500
Note.—Military and Naval buildings are now Included under the general class
•Public Buildings."
lack
the
of
such
in recent
building construction
•
Includes projects without general contractors, sub-contracts being
let directly
Dy owners or architects.
For all of New York City construction in
years.
1936
totaled
1935,
an
ferent
$213,851,061
increase of 40.13%.
boroughs
those which
are
advanced far
wave
against $152,603,654 in
of
shared
in
more
$ Figures tor 1929 and 1930 were formerly classified as industrial buildings.
It will be
Almost all the dif¬
the
improvement, but
predominantly the home boroughs
rapidly than Manhattan.
The
construction
that
building
apartment
t Public works and public utilities were not shown separately lor 1929.
started in 1935 in the Bronx and
Queens
was
given
residential
seen
from the above
buildings
for
Dodge figures that
which
contracts
were
awarded in 1935 involved a money
623,800,
outlay of $801,amount 67.4% larger than the $478,-
or an
843,100 allotted in 1935.
The 1936 figure is also
much above the amounts of
$248,840,100 for 1934,
greater emphasis last year, and these two boroughs
$249,262,100 for 1933, $280,067,900 for 1932, and is
forged ahead with the greatest rapidity.
only a little smaller than the total of $811,388,700
In Brook¬
lyn and in Richmond, where small one-family houses
most numerous, an
are
in 1936
actual decrease
was
noted
The tendencies noted in New York
trative of trends for the entire
City
are
illus¬
country, to a large
It is well known and recognized that the
degree.
It is well to
hind the awards of
against 1935.
as
attained in 1931.
the 1936 residential
in
1929
and
building
$1,915,727,500 and $2,788,317,400
or
awarded in 1935.
entirely to the increased
tracts
a
very
demand for homes and
Industrial construction has lagged to
apartments.
great degree, and it is not out of place to
note that
government interference and competition
with business
probably played a large part in deter¬
The demand for homes is of a
mining that trend.
nature, however, that must be met, and all signs
point to
protracted continuance of the revival now
a
evidence.
in
During the worst of the depression
families often shared
a
single apartment
or
home
totaled
industrial
the
evidence
add
84.7%.
whole.
their part
in the improvement in 1936.
Returning to
our own
new
Federal tax
on
corporate surpluses, neces¬
sarily will offset expansion plans to a degree.
are
the
Nor
public utilities apt to embark on normal ex¬
cal divisions into which the cities
point
industry of
some
tion.
was
In the
small
proceeding further with our analysis of
building permits, points of interest are to be noted
in the F. W.
Dodge Corp. figures of engineering and
construction
awards, when brought together for a
years.
The Dodge Corp. classifies the con¬
according to types of building
and
construction, and in the following table
the
figures back to 1929:
we carry
as
steady if somewhat
The New
England area, where
kinds remains rather backward
country last" year, but still man¬
drought
areas
of the West the gain also
a
requires
very
no
other comment.
The
large percentage improvement,
building construction last
nearly doubled that of the preceding
some
struction contracts
we were
Greater New York,
a
showed
while in the Middle West
year
period of
con¬
compared to the more active sections, but
South showed
Before
classified
aged fio reflect a good increase of building construc¬
that circumstance
eliminated.
per¬
owing to competition in the South, lagged behind
all the rest of the
eral Administration is
or
are
improvement to which
a year ago.
pansion programs until the conflict with the Fed¬
mitigated
tabulations of building
mits, it is instructive to note that all the geographi¬
one-sided advance.
taxation, and especially
in¬
clearly show that all classes of construction played
sphere there has lately come into
The increase of
an
The Dodge Corp. figures, therefore,
already indicated,
tendency toward expansion, which should
the non-residen¬
having expanded the greatest with
In
enormously to the building activities, considered
as a
the
a
up
utilities
able to
ing that construction demands must increase.
con¬
increase, the public
crease
of
$953,-
were
$675,488,600
All of the various
make
tial awards contributed to the
dwelling, while the increase of population for the
furnishes another reason for believ¬
the
than
$2,590,221,000.
classifications that go to
last
years
higher
1936
In 1929 such non-residential
tinued in 1936 the
seven
in
awarded
41.1%
upward movement in the last few years is due almost
Non-residential
respectively.
1928,
contracts
259,700,
note, however, that
building awards are much be¬
year.
entials of earlier years,
but the important fact
mains that
was
pronounced
shows
years.
To
degree these variations merely correct differ¬
a
improvement
as
1936
general and
wore on.
comparison by
re¬
ever more
The following table
groups
for the last eight
Volume
Financial
144
Before
Inc. or
Calendar Years
(59)
(45)
Pacific
(51)
Southern.
(60)
Total.
1934
Dec.
(353)
pilation,
1933
$
$
$
%
68,554,836 50,685,402 + 35.26
168,839,115 105,434,934 + 60.14
186,011,054 97,249,470 + 91.27
81,186,440 58,277,167 + 39.31
177,931,761 104,286,290 + 70.62
163,563,480 88,699,494 + 84.40
Middle Atlantic.—(72)
Middle Western
(66)
Other Western
1935
$
New England
1936
sent
our
Canada, which also
somewhat less
a
general and detailed com¬
note that the building statistics for the
included, pre¬
satisfactory picture than do
those of the United States.
included in this
are
The 56 Canadian cities
study report building permits valued
846,086,686 504,632,757 + 67.66 318,917,727 281,113,995
New York City
213,851,061 152,603,654 +40.13
$43,199,264 for 1936 against $48,004,155 in 1935,
74,210,983
80,576,288
a
all
presenting
we
Dominion of
37,657,768 31,989,491
70,949,829 54,995,427
71,383,162 31,969,471
30,763,486 26,318,791
56,144,427 100,937,017
52,019,055 34,903,798
at
Total
523
Chronicle
AGGREGATES OF BUILDING PERMITS BY GEOGRAPHICAL DIVISIONS
decrease of
(354) 1,059,937,747 657,236,411 + 61.27 399,494,015 355,324,978
to be
1932
1931
$
10.01%.
Some extreme variations
in the various parts
1929
1930
$
seen
$
are
of the country, for
gold mining and other boom towns reflected a tre¬
New England
(59)
(72)
(66)
(45)
(51)
..(60)
Middle Atlantic
Middle Western
Other
Western.:
Pacific..
Southern
Total.
—(353)
40,556,836
92,050,259
59,390,236
36,740,298
68,475,061
45,410,987
(354)
93,656,351
136,850,981
110,732,571
$
154,011,851
325,491,320
350,826,501
125,723,919
231,878,275
181,623,518
mendous
spurt of activity, but the more settled areas
failed to
221,048,860
525,326,750
667,961,412
164,763,686
298,445,124
259,201,885
join in the improvement.
We
now
detailed
342,623,677
New York City———
Total all
112,378,600
234,100,823
183,777,508
77,902,719
871,496,894 1,369,555,384 2,136,747,717
349,282,609
407,067,669
our
very
elaborate and comprehensive
tables, covering the whole of the last eight
and embracing all the leading cities of the
years
960,091,743
United
420,526,396 1,220,779,503 1,776,623,053 3,096,839,460
add
States,
as
also those in Canada:
UNITED STATES BUILDING OPERATIONS
Inc.
1936
1935
or
Dec.
1933.
1934
1932.
1931.
1930.
1929.
New York City-
—29.33
32,684,461
11,375,406
17,336,280
14,911,806
4,268.335
21,024,804
20,752,305
15,637,920
15,089,212
1,706,742
28,123,470
8,670.140
21,576,439
16,058,706
3,473,964
130.631,045
65,399,250
75.954,449
68,535,620
8,762,245
198,662.088
56.115.642
73.903,136
70.044,381
8,342,422
622.434,715
89.416,707
149,343,306
87.478,012
11,419,003
+40.13
80.576,288
7*,210,983
77,902,719
349,282,609
407,067,669
960.091,743
398,816
+70.66
396,018
292,664
657,618
870,759
1,566.831
2.133.188
389,725
+92.32
392,448
378,664
464.826
709,306
774.302
1,241,253
407,321
369,492
+ 10.24
*287.585
150,000
202.200
456.000
1,555.700
842,675
*150,000
339,022
15,383,305
336,315
2,462,735
1,583,735
126,013
311,285
192,107
311,900
326,422
312,406
662,060
948,550
364,550
552,909
633,409
542,331
877,418
361,390
4,430.778
120,788
572,660
548,373
1,103,652
392,799
851,305
545,635
1,273,790
965,837
145,780
1,957,820
*100,000
158,971
13.537,429
399,789
+50.00
*95,000
+ 113.26
277,917
8.403,438
190,243
979,215
531.696
252.697
139,675
196,543
282.364
455,871
*120,000
347,435
578,948
74,500
237,945
444,054
272,180
256,992
440,850
2,229.686
261,983
574,484
325,895
423,391
347,460
710,466
253.939
976,028
193,199
178,398
1.288,623
97,450
319,749
7,038,080
325,506
962,231
833,822
184,831
179,735
212,178
190,536
86,617
102,298
167.525
235,608
*164,380
250,655
418,820
148.644
326,615
232,660
1,685,353
119,755
161.526
421,495
364,417
152,295
539,327
239,003
747,361
365,975
213,396
1,140,760
*200,000
270.870
9,453,614
315,889
1,359,670
1,977,158
284,935
110,010
121,255
445,283
188,648
129,092
240,875
234,738
265.670
159,645
*300,000
641,5 J2
24,679,886
885,220
2,015,316
4.716,235
248,676
582,329
1.445.251
697,105
259,586
360,862
834,950
763,091
566,550
633,480
1,520,647
975,484
2,238,682
383,230
4,887.579
126,695
598,475
1,618,230
1,839,062
279,675
872,073
980,665
3,693,443
856,913
113,083
5.594,581
*500,000
681,653
24,882,551
1.113.417
3,688,061
11.063.211
202,435
354,935
1,523,580
777,636
879,320
340.860
1.703.095
591,372
597,950
1,144,424
3.115.586
1,133.678
1.656.466
982,463
5.884,777
426,950
893,156
1,732.290
2,758,729
694,901
1,161,595
1.380,406
5,668,263
1,730.946
434,894
6.328,166
875,521
1,253.848
51.223,171
1,466,834
5,037,713
12,166,140
748,521
1,456,255
1,125,782
792,256
540,954
390,640
1,256,295
857,696
711,450
696,330
3,941,999
1.878,948
3,943,495
788,555
6,865,796
375,075
1,651.789
3,371,784
4,565,448
730,375
1,792.339
3,086,154
5,095.049
2,446.265
650,000
7,411,888
*40,000
1,721,400
1,013,144
837,811
503,904
1,319,516
4,009,115
*150,000
37,320
35,000
1,187,202
404,331
228,226
355.573
'2,670,204
169,005
407,879
384,240
722,758
1,362,888
174,749
695,134
120,581
78,295
626,710
339,941
225,861
492,765
3,740,882
101,125
33,977
1,019,193
480,917
45.765
*600,000
3.036,634
657,697
522,240
1,615.960
5.732.875
428,447
1,142,498
737,864
891.321
10,011,976
2,294,810
1,862,663
155,846
79,725
1,074,485
1,100,779
236.891
830.137
2,494,086
856,960
541.120
*800.000
3.235.022
902,279
1,223.391
1.554.811
6,458,883
372,245
950,524
1.073.418
926,164
16,406,195
1,273,120
2.365,724
392,930
180,145
2,640.490
1,341,410
1,113.772
2,138.224
4,563.664
1,156,592
289.530
*1,500,000
5,584,498
2,306.789
1,35/.707
2,030,898
16,922,868
833,905
1.278,280
1,148.005
1,863,299
13.284.494
1,613,393
3,518,745
392,845
175,160
4,744,754
1,660,274
1,450,820
3,000.950
6,315,939
2,000,000
412,225
49,475
619,833
5,485,441
115,547
452,700
2,870,780
—57.18
98,375
748,500
68,554,836
Manhattan
3,521,257
214,067
1,806,460
2,880,198
305,258
817,689
417,708
292,265
2,321,732
1,295.839
1,780,331
3,375,112
245,800
6,241,279
1,308,902
3,136.814
731,171
523,853
203,982
1,502,781
3,933,083
59,967,761
54,907,333
44,593,579
50,203,085
4,179,303
44,910,370
22,447,219
48,907,810
30,424,219
5,914,036
213,851,061
152,603,654
Ms.—Portland—
680,608
N.
749,529
Bronx
Brooklyn
Queens
Richmond
Total N. Y. O
New
+33.53
+ 144.61
—8.82
+65.01
England States —
H.—Manchester
Vt.—Burlington
Mass.—Attleboro
Beverly
Boston
Brockton
Brookllne—--
Cambridge.
_
Chelsea
Chicopee
Everett
Fall River
Fitch burg
__
Haverhill
Holyoke...
Lawrence
Long Meadow
.
Lowell
Lynn.
Maiden
-
Medford
New Bedford----
Newton
North Adams
Northampton
Plttsfield
-
Qulncy
Revere
Salem
Somervllle
Springfield..
Walt ham
Westfleld
-
Worcester
Conn.—Ansonla
Bridgeport
_
Bristol.
500,318
Dan bury
Hamden
Hartford
Manchester—
Meriden
Middletown
New
Britain
New
Haven
New London
.
-
Norwalk
Norwich-
94.750
Shelton
Stamford
Stratford
Torrington
Water bury
-
-
West Hartford
West Haven
214,513
506,725
3,103,698
746,825
409,761
381,888
1,118,697
1,692,806
335,060
1,783,976
354,323
-
Wiilimantic
R. I.—Central Falls
Pawtucket
--
Providence
--
1,687,161
867,890
830,472
308,512
144,305
195,242
1,098,563
148,594
339,735
376,261
134,950
255,873
797.572
166,944
301,952
356,675
2,594,310
121,502
+ 13.63
—15.87
+45.97
+82.48
+84.83
+0.90
+33.12
+59.75
—59.75
+ 110.24
+94.87
+ 152.10
+ 170.14
+ 116.09
+20.58
+224.86
+ 190.58
+ 13.21
+70.79
—0.59
509,526
+ 12.39
406,969
848,186
414,201
828,638
299,908
578,305
661,782
110,960
1,949,839
+34.74
+30.12
.
—5.17
+2.73
+81.93
+ 120.64
+45.94
+31.38
+0.41
419,980
253.201
456,115
194,205
1.343,208
52,140
220,625
420,062
574.032
188.910
646,144
555,754
1,019,015
223,834
347,802
1,589,992
*250.000
801,294
115,337
257,932
620.568
317,904
352,786
620,338
2,287.996
352,678
410,065
*56,389
31,595
509,561
179,725
167,975
528,050
1,135,084
189,753
51,821
52,000
611.527
127,812
169,600
337,839
891,921
122.645
322,443
193,080
322,829
2,204,475
880,690
576,834
175,282
25,000
509,693
183,315
177,638
286,735
1,135,084
300,364
57,665
+36.92
+91.08
42,710
929,763
1,930,950
68,660
285,479
2,520,950
48.895
*300.000
2.224.589
6.382.150
154,780
1,694.125
10.879.814
821,856
1.994,925
14.943.495
50,685,402
+35.26
37.657,768
31,989,491
40.556.836
112,378.660
154.011,851
221,048,860
3,131.885
175,895
1,162,624
2,961,753
305,665
391,162
289,800
164,086
1,261,830
277,450
618,496
971,984
200,403
2,714.201
811,297
1,868.802
1,270,326
325,010
+ 12.43
2,788,386
+21.70
+ 55.38
848,745
890,777
2,649,312
343,183
940,755
349,552
146,035
469,126
*250,000
394,062
1,017,144
228,309
3,714,596
1,920,371
210,810
856,662
125,551
269,143
212,166
*57,000
181,650
607,521
277,900
539,355
453,995
251,422
1,300,328
458,387
639,215
499,989
618,920
123,126
399,669
1,867,674
2,852.569
229,840
810,828
6,670.846
1,299,236
3,119.447
260,667
399.349
306,819
317,556
677.317
*450.000
747,959
919,739
437,741
2,436.270
9.240,971
848.436
739.509
740.371
275.300
3.815.453
1.062.341
4.221.923
1.267.398
1,298.148
6.282.387
10,596.246
1.142,503
2,405.723
17,303,110
1,846,553
782,854
1,036.632
9,836.808
1,490.881
4.220.843
24,181.500
1.552.816
1,927,303
1,135.464
251.615
4,197,164
1,198.647
3.616.387
3.787.546
744.467
8.008,274
5,564,205
5.418.484
627.945
6.179.243
1.079.546
7.664.597
5.151.564
1.616.048
+ 14.29
+44.99
+23.74
—6.01
+42.51
+ 16.23
+341.90
+0.46
—0.61
+54.78
+24.21
+91.74
+ 156.64
+ 193.85
+21.02
+ 61.66
+ 146.46
+ 123.10
+ 167.78
+7.17
+48.33
+9.84
*62,000
775,427
266,420
171,905
978.924
1,686,033
104 750
2,183,567
215,645
339,530
219,024
417,456
2,645,778
433,740
651,736
279.942
52,200
472,489
418,429
165,652
310.143
Total New England:
59 cities
-
Middle Atlantic States:
New
York—Albany
Auburn
Binghamton
Buffalo
—
Elmira
Jamestown
Kingston
Middletown
--
Mount Vernon
Newburgh
--
New Rochelle
--
Niagara Falls
--
Poughkeepsie.
Rochester
Schenectady
Syracuse
Troy
Utica
---
Water town
White
--
Plains
Yonkers
--
--
—2.75
—o.io
+ 109.04
+39.80
+78.12
+84.00
+367.05
+ 187.85
+247.24
+ 22.65
+ 128.95
+ 61.34
+67.85
556.337
221.907
—8.08
763,195
2,367,997
+ 96.91
1,159,305
673,093
1,299,240
189,088
361,055
+ 66.09
909.462
—42.44
+ 61.18
.
565.314
1.330.848
719.510
461,475
990.535
1.857.948
6,269,945^
2.219.008
994,523
245.221
213.335
636.238
2.633.078
6.334,160
10.6S7.588
3.026,943
1,527.746
434,823
6.001,825
9.893.303
13,303,261
3.672.695
11.269.695
2.041.942
2.345.835
1,101.400
7,194.967
21.489.219
Financial
524
Chronicle
Ian.
1937
UNITED STATES BUILDING OPERATIONS—(Continued).
Middle Atlantic States:
N. J.—Atlantic City
+34.22
+ 10.75
+21.78
+285.58
Montclair
+38.73
+46.05
544.601
173.926
597.335
76.753
479.607
547.579
508,691
461.258
1.062.799
450.427
365.075
1.511,931
394,335
914,418
Newark
+30.27
2,417,706
—54.62
102,489
351,118
480,328
850.982
336,154
♦300.000
719,447
925.296
--
Bayonne
Bloomfield
Caldwell
—
_
Camden
—48.33
Clifton
+78.21
East Orange
Elizabeth
Hackensack
+259.42
+48.33
+ 113.49
__
Hoboken
+48.40
—13.14
--
Irvington
Jersey City
Kearney
—39.10
—
.
New Brunswick
Orange
+ 118.05
...
Passaic
+ 91.16
Paterson
+99.39
Plainfield
+ 51.82
South Orange
Trenton
+52.38
West
+ 52.09
-
Orange
Pa.—Allentown
Altoona
Bethlehem
Bradford-
+ 64.22
+ 10.63
+21.02
+89.35
+ 52.08
+ 175.27
+ 110.86
+ 16.50
+53.43
+25.00
+217.42
+ 125.90
+28.85
+372.90
+315.85
+ 172.50
...
.
Chester
—
East on
Erie
Harrisburg
Hazleton
Lancaster
Philadelphia
Pittsburgh
Pottsville
Reading
Scran ton
Wilkes-Barre
+ 121.84
Wilkensburg
+69.15
Williams port
—
+ 141.04
—
+70.80
York
+73.14
Del.—Wilmington
Md.—Baltimore
+77.77
Cumberland
—52.95
Frederick
+213.19
D. O.—Washington——r_
+37.38
W. Va.—Charleston
Clarksburg
Huntington
Wheeling
+ 60.22
—
+70.98
+715.59
+ 97.24
,
J.
'
717.315
116,710
239.249
164,282
240,986
506,203
660.453
493.990
437,036
362,135
13,118,835
8,983,157
136,834
494,354
2,121,440
567,033
77.576
510.514
237.978
1.407.923
12,752.300
99,165
♦90.000
11,298.985
524,149
123,125
113.216
325.276
Total Middle Atlantic:
525,326,750
72 cities
Middle Western States—
Ohio—Akron.
Alliance
_
+77.51
-—_—.
+ 175.12
Ashtabula..
+79.77
Barber ton—
+0.92
+99.98
+ 66.35
+ 128.60
+ 110.46
+ 147.21
Canton
Cincinnati
Cleveland
Columbus
Dayton
East Cleveland
+ 57.30
Hamilton
+ 75.44
Lakewood
+ 59.78
+313.61
Mansfield
Newark
Norwood
+295.03
+56.96
Sandusky..
Springfield
+ 92.36
+ 52.96
Toledo
+ 159.78
Youngs town
+ 102.32
Zanesville
+ 55-25
+39.12
+ 53.71
+ 50.81
+ 132.35
+60.62
+ 570.51
+21.43
+ 164.64
+ 80.02
+ 139.08
Ind .—Elkhart...—.......
Fort
Wayne.*——-—
Gary
—
Hammond
Indianapolis
Kokomo
—
Michigan City.
Richmond
South Bend
Terre Haute
Ul.—Aurora.
-—
Cicero
-—
Decatur
East St.
Louis
Elgin
Evans ton
—
Freeport
Moline
Oak Park
Peoria
Rockford
Island
—
Arbor
--
Bay City..
Detroit
Flint
--
Grand
Rapids.
Highland Park.
--
+ 138.19
332,906
Kalamazoo.
------ -
- -
Lansing
Muskegon
Pontiac
—
Saginaw
Wis.—Kenosha
--
-----
—
Manitowoc
Milwaukee
...
—
Oshkosh
Sheboygan
Shorewood .j
_>
Superior
-
Total Middle West:
66 cities.
677,438
403,553
21,222,391
1,433,625
625,045
+ 122.87
--48.09
+46.94
+0.89
+48.42
—54.89
+ 18.84
+ 84.36
+ 159.26
+ 136.49
+ 218.47
+350.46
+532.61
+418.69
+ 120.53
+ 103.41
+ 139.62
+ 185.29
440,122
Jackson
Madison
+ 122.44
456,453
Springfield
Mich.—Ann
+ 129.14
947,750
1,791,342
95,065
374.065
—
Quincy...
Rock
250,270
579.122
12,936,409
198,240
588,102
869.123
217,945
229,090
335,893
626,200
....----------
Bloomington
Chicago
.
—
-
-
—6.97
168,826
882,072
1,040,185
315,426
771,711
1,326,953
+117.11
375,505
1,138,336
546,142
7,143,326
246,942
530,531
348,616
562,631
+46.25
+ 100.64
+75.32
+ 84.60
+7.66
+41.70
+ 55.81
+30.96
+72.83
+ 197.20
+ 156.69
+203.91
+26.28
Volume
144
Financial
Chronicle
525
UNITED STATES BUILDING OPERATIONS—
1936
Other Western States
Mo.—Joplin
Kansas City
St. Joseph
..
*
St. Louis
S
381,725
4,050,500
332,677
13,775,132
Sedalia
85,000
Minn.—Duluth
Mankato
Inc. or
Dec.
1935
282,690
4,467,100
315,510
11,355,867
74,000
1934
+^5.03
1933.
1932.
1929.
1930
1931.
87,385
1.823,700
426.250
4.998.453
32,000
523,175
5,720,950
454,406
16,619,836
82,500
858,665
15,942,375
1,628.830
17,347.865
153,000
599,429
15,468,750
1.464,391
27,330,623
100,000
1,015,846
104,468
2,537,360
148,316
80,342
1,366,970
398,973
6,426,805
3,064,037
260,255
991,637
238,481
12,371,660
13,994,545
107,080
2,212,396
623,216
13,449,340
11,084,281
478,576
3,727,371
290,601
20,960,135
9,205,574
337.868
327,932
1,097,556
296,156
2,196,174
1,585,864
3,914,556
1,492,634
5.035.825
2,560.098
5,554,497
58,504
2,019.440
56,950
303,290
686,905
23,350
186,442
99,495
259,970
350,902
24,734
297,799
247,100
20,195
1.180,008
100,610
647,147
116,340
2,126,088
2,340,208
251,025
1,353,858
320,850
2,386,881
6,276,230
317,495
1,768,453
100,000
1,718.492
8,651.582
1,512,986
188,968
350,820
1,513,923
158,059
405,525
1,142,319
440,155
+21.30
+ 14.86
97,396
2,241,100
147,185
4,331,904
20,585
482,736
1.952,432
+ 5.44
121,087
1,247,400
248,632
10,106,632
30.000
610.862
132,415
3,113,065
244.800
±04,434
—9.33
416,047
193,642
427,878
745,284
281,467
276,750
373,139
265,117
436,358
382,163
716,954
1,890,001
533,761
788,950
1,167,665
291,985
1,610,691
437,800
1,201,345
2,985,872
504,251
606,980
1,571,425
793,593
2,032,388
776,450
2,451,802
4.078,984
1,546,355
545.325
3.411,875
1,191,575
2,357,166
4,084,303
1,049,731
776,825
3,130,368
1,989,049
205,760
132,505
2,166,491
73,319
129,350
256.373
3,214,363
129,243
136,135
387,963
7,127,490
453.425
271,684
926.322
8.007,100
537,206
216,510
1,030,026
16,633,600
1,572,521
170,466
561,512
395,415
2,151,930
284,255
2.034.768
348,532
1,470,840
569,848
476,931
302,170
1,625,866
262,829
915.435
1,927,475
754,812
1.791,720
96,890
250,890
3,396,785
282,985
579,760
4,275,493
355,000
700,695
5,670,891
565,810
79,933
992,820
482,075
412,584
1.286,152
563,700
539,177
3.483,538
1,222,810
436,998
7,195,795
7,381,263
206,530
981,858
150,023
4,690,790
4,334,858
1,085,830
2,842,602
931,349
1,634,375
Kan.—Atchison,.
Kansas City
59,406
3,893,500
Leavenworth
184,800
2,155,198
2,356,683
46,237
4,354,537
*60,000
971,530
1,251,181
1,089,822
189,338
815,706
*2,500,000
203,177
818,900
887,882
1,126,572
986,135
218,047
452,740
2,121,223
176,089
500,450
528,837
940,146
+ 10.51
—13.17
679,647
579,514
8,337,479
233,899
257.885
373,444
5,223,616
298,894
+ 163.55
73.419
+ 55.18
—21.74
559,468
2,663,411
165,617
199,004
1,160,361
88,104
1,041,727
+ 125.87
37,275
+ 11.39
386,458
49,099
256,949
281,279
742,193
*100,000
263,042
149,517
98,970
+ 6.93
+396.39
+ 1.04
184,170
73,000
74,415
81,142
42,402
149,830
216,111
102,304
58,400
424,615
1,236,404
3.373,630
357.886
659,178
1,893,768
+ 18.64
+87.57
+78.14
65.322
272,092
1.272,792
42,821
348,451
568,434
54,150
119,005
527.826
691,795
709,230
422,420
648,232
67,678
354,490
+ 6.72
+ 947.95
+ 19.16
392,983
37,449
144,437
89,405
96,080
131,685
256,728
*30,000
982,130
Idaho—Boise.
2,067,095
1,068,960
+ 93.37
398,301
219,526
262,667
757,478
782,915
971,180
Wyo.—Cheyenne
904,120
153,256
1,531,661
2,080,992
902,617
94,820
1,140,146
1,297,474
+0.17
+61.63
+60.39
172,850
59,301
310,959
573,391
86,311
23.400
330,319
259,808
70,950
*30,000
392,411
351,106
447,516
65,969
2,125.343
1,228.570
635,966
122,512
3,001.066
2.066,345
805,428
104,205
5,248,674
3,449.442
81,186,440
58,277,167
+39.31
30.763.486
26,318,791
36.740.298
93.656,351
125.723.919
164,763.686
972,815
1,946,044
1,806,380
2,689,461
4,331,525
1,001,319
174,570
455,853
297,291
416,509
2.160,026
752,705
5,181,868
1,354,573
8,147,680
62,653,531
232,278
8,688,815
638,849
231,380
3.511,727
1,028.279
842,859
552,956
453,066
969,777
1,643,716
397,263
983,835
844,017
1,354,384
3,013,921
390,864
258,033
753,155
273,940
203,691
2,056,967
214,493
2,004,599
771,094
6,864,188
+ 144.88
848,394
334.134
573,344
659.650
1,886,528
163.651
105,234
256,612
90,774
216.222
801,398
123,442
933.524
572.521
2,629,670
14.591,595
39,063
2,802,210
274,302
130.546
1,663.232
142,513
316,802
83,159
159,614
387,284
1,444,484
622,011
2,575,714
7,309,635
118,147
1,324,005
531,368
52,351
644.236
259,025
1.578.664
138,807
488,251
246,955
281,676
408,833
760,173
1,797,892
143,703
16,575
416,459
42,088
117,854
518,511
57,305
740,435
476,656
6,452,960
15,283,216
50,938
2,050,116
42,088
29,700
993,671
184,727
159,506
186,545
103,948
383,453
1,365,988
143,521
1,819,154
56,448,751
74,010
1,061,870
386.369
172,275
486,529
214,518
313,171
780,595
375.475
289,291
940,029
1,135,669
159,146
23,400
192.313
55,803
89,603
791,617
84,540
1,247,595
239,920
674,547
1,171,450
685,944
1,598,416
3.275,899
684,470
64,200
379,248
278,270
208,618
1,028,899
129,716
2,901,545
553,730
4,590,795
41,210,860
89,484
7,415,159
418,590
233,384
4,053,183
1,404,416
2,513,501
1,580,216
4.732,846
8,116,042
1,505,973
142,300
1,167,371
521,170
765,773
1,698,846
850,518
5,456,149
2,370.950
18,149.585
93,016,160
251,248
125,247
354,958
188,141
541,144
169,960
1,394,132
787,898
242,278
979,264
1,115,855
1,487,310
2.986.989
5.865.990
746,122
118,250
979.550
283,850
660,116
1,339,321
382,846
3,409,701
1,588,528
13,480,380
74,088,825
107,769
9,284,758
V
671,920
203,927
6,040,751
696,838
1,254,840
869,727
525.782
1,665,878
3,062,373
1,852,646
5,393,252
22,726,994
412,336
3,417,200
1,475,545
592,178
2,400,541
1.334,158
90,333
193,376
2,301,431
286.899
55,702
104,238
2.380,440
184,607
4.827,230
204.384
5,977,625
38,976
9,517
1,934,150
622,180
135,055
131,259
57,357
88,440
34.694
18.980
4.022,084
572.801
740,990
83,176
76.056
142,099
67.213
136,684
9,415,600
2,088,970
2,154,325
179.636
135,910
1.806,085
Minneapolis
St.
Paul!
Winona
Neb —Lincoln
Omaha
Topeka
Wichita
Iowa—Cedar
Council
Rapids.
Bluffs
Davenport
i
Des
Moines
Dubuque
Ottumwa
Sioux City
Waterloo
Ooio.—Boulder
Colorado Springs
Denver
Pueblo
So. Dak.—Aberdeen
Sioux
No.
Palls
Dak.—Fargo.
Grand Forks
Minot
Utah—Logan
Ogden
Salt Lake
M
City...
ontana—Billings
Butte.
Great Falls
Sheridan
Ariz.—Phoenix
Tucson
171,147
+24.54
+ 191.29
+ 53.40
+70.28
+20.67
+ 16.59
+73.92
+28.48
—10.59
+ 208.00
+ 121.83
+ 88.36
+80.17
+ 17.86
+ 15.38
+ 63.63
+ 67.89
+ 19.83
+ 59.61
+34.34
►
2,905,969
676,950
Total other Western:
45 cities
Pacific States—
Calif.—Alameda
Alhambra
Bakersfleld
Berkeley
Beverly Hills
Burlingame
Colton
Compton
Emeryville
Eureka
Fresno
1
Fullerton
Glendale
Huntington Park..
Long Beach
Los Angeles
National City
Oakland
Ontario
Orange
Pasadena
Piedmont
Pomona
Redwood
City.
Richmond
Riverside
Sacramento
3an Bernardino...
San Diego.
2,045,793
9,002,137
19,927,148
678,658
1,993,855
1,670,493
.
San Francisco
San Gabriel
San Jose
San Mateo..
San Rafael
561,711
Santa Monica
2,204,945
1,054,031
1,619,580
453,978
*500,000
South Gate
Stockton
Torrancs
Venice
......
Ore.—Astoria
...
Klamath.";
Portland
153,476
200,927
Salem
,,
Hoquiam
Seattle
Spokane
:
Tacoma
Vancouver
Walla Walla
Yakima
+98.57
+43.72
+ 156.18
—32.35
—39.47
+8.52
+ 104.48
+ 5.01
+250.92
+ 158.50
+75.67
+ 18.70
31,672,983
+ 97.81
89,495
9,685,368
425,583
83,218
2.250,650
555,124
392,934
248,800
270,684
831,776
1,984,927
759,501
4,951,991
+ 159.54
12,517,412
349,454
1,328,360
592.944
145,229
1,311,769
372.032
1,059,704
204,895
452,218
—10.29
—50.11
+ 178.04
+56.03
+85.23
+ 114.50
+ 122.25
+ 67.38
+ 16.59
—17.19
+ 169.36
+81.79
+59.19
+94.20
+50.10
+ 181.73
+286.78
+ 68.09
+ 183.32
+ 52.83
+ 121.57
+ 10.57
637,716
2,716,760
17,506,606
36,838
2,388,773
59,280
47,284
1,219,653
360.138
121,115
469,553
154,165
150,494
294,576
2.375,253
199,449
2.137,011
16.427.915
109.525
1,169,644
714,934
515,435
672,319
3,687,076
643,502
5,259,224
21,372,550
334,013
1.776,090
1,266,045
206,535
1,637,042
476,620
1,295,371
1,033,810
102,690
430,447
1.315.643
420,387
885.551
14,317,428
481,360
324,775
6,991,199
1,231,143
1,063,140
722,879
628,300
1.484,423
4,409,244
2,386,901
12,149,167
33,682,025
495,790
2,468,155
1,807.396
396,995
2,987,104
2,663.380
1.444.054
606.418
1.421.016
1,893,246
134,250
104,658
3,385,200
348,359
131,626
203,142
6,281,800
3,945,765
1,646,207
515.048
496,098
840,595
88,597
45,190
3,575,360
1,564,284
817,554
286,155
395,934
619,254
+349.53
+75.70
+ 152.24
+ 101.36
+79.99
+25.30
+35.74
45,187
45,220
2,187.525
753.917
612.592
1,273,182
109,482
373,167
104,286,290
+70.62
56.144.427
100,937,017
68.475,061
136.850.981
231.878.275
298,445.124
567,549
223,142
822,151
22,170
1,024,615
404,766
936,288
277.788
1,219,384
+3.08
428,626
269,388
676,798
71,488
1.236.262
166.363
1.095,951
387.768
880,112
772,785
1,589,299
137,818
3.046,948
1,284,436
1,697.231
1,317,915
2.641.117
212,807
5,896.468
2,768.955
1,032,192
814,627
2,792,217
437,723
9,154,225
2.406,923
+ 69.73
331,163
+ 167.49
788,834
675,665
618.702
290,670
*75,000
352.127
165,242
721,988
27,950
267,918
144,248
*50,000
245,964
101,468
602,567
385.985
205,247
132.330
136,000
403.021
240,083
1.275.290
714,880
1,111,126
575,752
475,350
853,987
466.089
2.607.313
1,013,155
766.985
671.462
828.650
1,602,428
2,260,712
3,867,705
1,924,437
3,133.865
1,472.166
568,900
5.000,165
142,464
143,403
146,320
238,112
582,209
174.275
407.718
1.095,859
492.348
936.647
1,872,395
1.025.934
685.6201
1,283,835
1,182,278
6,775,650
W ash.—Aberdeen
+ 97.80
+ 104.34
+ 14.32
+ 91.98
+ 100.16
+443.49
+48.57
549,143
447,943
81,600
139.400
325.765
95,001
1.206.727
12.063,580
529.406
93,153
1,769,810
15,493,310
1,359,175
393.470
128.052
403.542
1.648.185
838,479
477,793
29,104,775
4,149,210
4,751,231
487,196
282,741
1,242,895
30.843.465
3,640,843
4.571,470
230.643
Total Pacific:
51 cities
177,931,761
Southern States-
Va.—Lynchburg.
Newport News
Petersburg
Richmond
...
...
......
Roanoke
N. O.—Ashevllle.-..
Charlotte
Durham
........
.........
Greensboro.......
Raleigh
Wilmington
Winston-Salem
......
......
...
8. C.—Charleston...
Columbia
Greenville...
.....
837,340
819,946
560,923
866,796
+49.28
1,784,859
..,
Norfolk
2,311,979
32,737
1,730,720
685,594
—22.80
160,977
3,558,468
706,732
513,966
3,981,277
1,885,226
1,843,515
749,587
*200,000
1,498,992
1,203,003
2,170,880
1,803,542
—5.40
+391.73
+ 105.60
302,813
1,488,370
1,129,655
1,074,276
908,979
*100.000
+ 100.00
1,072,016
+39.82
+ 66.89
+71.61
—17.54
570,767
1,368,218
+ 110.77
721,809
+ 149.87
+ 58.67
-
518,600
919,182
392,660
*
38,848
.
1937
23,
Jan.
Chronicle
Financial
526
UNITED STATES BUILDING OPERATIONS—
Inc.
$
'
4,422,223
752,858
927,318
1,551,097
Southern States (Concl)
Ga.—Atlanta
Augusta
—
Macon
Savannah
................
Ala.—Birmingham
...
Montgomery
......
Miss.—Jackson....—.....
Vicksburg
La.—Alexandria ..........
Lake Oharles-j........—
2,284,622
+32.97
+36.07
+ 58.31
5,478,559
1,658,661
1,806,379
181,501
370,029
391,650
415,524
2,871,689
1,067.427
159.126
367,186
273.700
438.992
1.728,200
2,079,347
203,835
1.014,914
672,650
741.933
763.940
107,479
1.128.459
385.375
681,900
+24.52
468,510
2,350,140
—2.89
+57.07
+ 9.63
997,592
423,830
414,952
594,993
503,944
1,415,150
744,779
98,809
+ 186.48
+635.16
613.887
478,920
102,201
58,320
211,315
+231.73
334,076
3,473,282
1,286.465
+ 80.60
+27.11
+95.74
166,655
155,243
1,414,390
415,626
563,609
4,328,102
1,085,525
3,370,878
1,229,826
6,961,396
4,074,051
383,669
+ 177.87
482.927
+ 112.87
+ 12.77
327,757
2,790,391
260,107
1,380,166
529,180
4.800,873
1,302,152
+ 153.00
374,114
1,154,897
.........-
1,199,729
10,987,285
940,613
8,543,782
1,565,593
18,460,966
Beaumont
Dallas
El Paso—
.
-
GaJveston..............
Houston
4,594,381
970,698
San Antonio—........—
Wichita Falls.......—..
+ 153.86
—13.35
+ 153.46
+27.30
+ 16.532
Ark.—El Dorado..........
Fort Smith........—...
Little Rock.——....
136,846
480,518
961,299
66,409
399,431
575,757
+ 106.07
+20.30
Okla.—Guthrie
455,151
193,507
227,414
300,413
16,025
3,285,940
1,582,210
+ 100.14
—35.59
—3.11
...........
Muskogee
-
Okmulgee..
Oklahoma City
15,527
^
8,175,951
2,580,354
Tulsa
Tenn.—Chattanooga
Ky.—Covington
293,060
775,520
5,948,716
79,306
Lexington
Louisville
Newport---————-
597,985
500,000
2.314,302
17,122
819,750
3.185.698
1.084.670
1,274.082
10,401,370
138.416
61.073
478.586
72.976
2,985.334
3,970,489
191,675
522.445
226,652
111,500
1,185,297
441,201
428.212
*150,000
3,197,238
458.034
354,785
660,731
766,071
423.344
11,974,529
3.457.915
208,999
276,616
1,959,465
248,666
2,814,163
470,069
3,334,800
1,007,217
87,435
*1,500,000
298,000
2,352,162
364,712
1,434,299
1,019,876
2,874,040
1,535.807
719.113
1,115,552
7.190,944
961,756
6,316.346
2,542,275
11,900,170
3.281,864
150,568
214,666
470,551
95,012
118,930
145,027
27.077
170,600
229.746
21,980
231.749
1,666.107
2,125.705
28,869
53,595
42,256
*60,000
25.628
*40,000
*7,000
41,297
80.495
9.941
13.355.821
4.605.930
169,618
678,554
39,540
20.604.772
8,166,839
1,258.357
3.021.336
2.683.118
9.921.132
6.443.874
2,520.970
5.554,230
652,850
86,060
347,838
1,321,804
65,525
+ 148.82'
+63.46
11,875
972,000
+ 127.81
+81.67
+73.97
+49.49
353 cities.—.........
204,178
•
463,099
200.000
24,374,100
17.481.592
8.216.277
5,669.001
2,093,388
*50,000
755,251
342,342
5,465,910
*100.000
1,295,361
6,845,650
♦150,000
1,447,125
2,117,697
13,427,910
250,000
45,410.987
110,732,571
181.623.518
259,201,885
52,019,055
34,903,798
355,324,978
420,526.396 1.220,779,503 1.776,623.053 3,096,839,460
846,086,686
504,632,757
+67.66
318,917.727
281,113,995
342.623.677
5,648.862
10,428.631
31,873,676
37.504,590
272,950
+230.48
7.635,493
354,825
415,308
126,025
465,765
+89.72
701,165
790,750
4,049,875
676,350
242,030
705.188
1,481,600
4.912.257
812,150
851,703
2.207.501
—41.58
—62.73
76,455
283,586
35,000
221,900
506,677
76,060
187,360
1,034,957
327,635
821,258
1,227,300
264,899
346,448
6,291,100
1.056.986
1,344,232
2.744.735
42,000
483,678
1.024,710
195,470
6,295,075
131,800
797.895
995,487
610,067
589,803
180,327
643,898
1,914,600
30,095,589
196,125
1,990,335
4.623.050
533,730
473,387
452,200
813,550
1.759,000
527,315
537.313
7,008,320
908.900
1,645,700
2.408.900
50,000
905,510
400,000
1,478,090
3.403,323
200,000
622,403
560,945
1,427,432
782,059
172,090
1,019,759
2,311,120
47,646,314
301,500
5,571,849
7,714,900
Brantford..
Brockville
Chatham
William
Gait—————...............
Hamilton--——
Kingston—............
Kitchener
—.
London.
.
Midland....—.......
Niagara Falls—
Bay-—--—-
North
6,905,323
586,700
816,835
271,500
1,836,000
356,378
7,455,436
—7.39
775,550
2,141,695
314,450
555,555
188,110
—24.35
85,065
161,602
967,769
100,000
207,500
141,226
100,200
1,466,906
253,398
449,123
672,(45
7,300
127,767
58,700
.
—.
Ont.—Belleville.—.——
145,602
272,648
175,000
109,181
Oshawa
Ottawa
.
1,847,320
173,410
269,164
212,671
823,398
226,340
79,545
123,229
1,012,565
8,114,799
107,645
703,970
2,002,850
Owen Sound
Peterborough
Port Arthur
St. Catharines
'
Marie
St. Thomas——.
Sarnia
Sudbury
Toronto
Welland
..............
-
152,450
388,688
282,869
1,887,622
213,928
589,325
1,835,110
*120,000
/
82,862
26,875
125,300
4,096,240
49,452
195,880
164,071
108,022
225,341
131,320
128,350
137,052
443,960
9,905,455
74,609
675,149
1,432,700
+61.86
—13.66
+453.01
—8.41
—64.58
772,185
+ 18.45
N. B.—Moncton
St. John
(38 cities)—
141.398
234,449
—23.79
—63.34
—93.92
+ 54.19
+ 118.41
—13.79
—54.90
+ 250.66
+37.41
+29.62
+265.40
+ 72.36
—38.02
—10.08
+ 128.07
—18.08
+44.28
+4.27
+39.79
—27.93
—
Alta.—Calgary
—...—
Lethbridge............
Deer
Bask.—-Moose Jaw.......
Prince Albert
Regina
Saskatoon
Swift Current
Weyburn
—
British Columbia—
New Westminster
Vancouver
Victoria
Tetal West (18 cities).
Total all (50 cities)...
213.400
101,256
180,665
510,200
179,667
140,233
551,485
*20,000
42,882
23,150
49,035
916,065
31,000
133,900
114,815
115,356
93,397
671,840
60,000
59,819
18,450
50,970
1,257,000
16,800
149,238
101,807
151,648
257,340
42,261
127,202
133,670
7,378,772
108.326
170,102
641,100
1,179,465
305,900
107,575
286,370
100,705
170,844
87,545
54,480
294,100
88,768
106,443
1,424,300
349,039
363,047
567,690
*40,000
167,299
117,280
41,314
1.549.515
23,055
192,919
282,438
221,566
142,679
44,955
150,865
451,000
239,021
221,072
5,029,050
548,199
627.853
1,456,900
71,805
220.448
155,508
146,375
3.055,200
99,700
46.086.383
2,163,150
5,684,183
757,640
1,488,065
3.220.145
4,291.667
46,286
70,485
944,130
61.518
91,240
6.919,550
67.650
848.377
1.742.065
278,526
339,005
563,626
436,147
139,640
171,818
600,205
19,009,985
209.726
1,367,525
4,412,400
749,428
74,992
597,909
33,325
942,719
114,344
2.964,985
102,830
3,118.395
235.107
5.209,245
233,667
143,093
64,863
63,846
66,235
/
1,545.824
54,418
240,876
200.669
—58.36
+5.27
978,228
256,420
131,066
155,611
440,306
385,850
1,256.927
456,692
2.063,454
300,000
1.245,608
32,981,895
37,539,622
—12.14
25.617,701
17,523,191
30.394,252
83.854.697
120.100.268
152,339.512
113,235
12,400
97,279
1,407,450
111,235
26,350
110,540
+ 1.80
—52.94
46,821
19,200
—48.32
155,104
77,870
218,945
2,219,400
286.611
144,600
270.695
4,396.600
557,178
2,723,400
44.758
17.300
80,640
707.650
811,570
6.653.650
403,667
300,000
553,103
11,057,250
874,286
—3.32
676,535
118,442
31,607
+32.35
917,868
1,093,045
192,150
48,106
1,944,039
1,377,175
1,294.056
11,180
4,054,364
4.300,935
984,830
125.025
11,417,144
5.669,685
559,392
130,920
85,598
97,606
277,069
531,855
10,230
8.690
32.465
87,630
269,805
1,598,440
1,718,515
25,285
24,544
32.613
1.059.303
524,692
2,971,543
5,518,040
199,730
230,803
221,825
847,474
1,485.530
10,016,631
4,103,983
135,062
580,321
10,066.425
737.160
553,990
14,645,206
1,898,262
1,011,629
21,572,727
3,742,481
+229.66
Western Canada—
Man.—Brandon
East Klldonan
St. Boniface
Winnipeg
29,700
171,783
32,820
89,113
621,700
135,006
110,078
—22.29
186,400
228,588
359,116
53,850
+36.11
-—63.66
182,850
724,548
100,292
211,244
Sidney.
Estimated.
871.496.894 1.369.555.384 2,136.747,717
1,113,998
179,396
N. 8.—Halifax..
*
*700,000
1,199,946
3.267.187
102.000
426,805
399.494,015
Rivers
West Mount
Yorkton
1,104,822
+61.27
Three
Red
4,846,035
8.511.555
+84.40
herbrooke
§uebec —
Edmonton
1.052.664
3.479,635
1,845,021
2.659.321
9,548.889
4,378,799
11,324.845
3.658.967
29.526,810
3,111,385
1,337,338
88,699,494
...
Outremont
Total East
1,843,145
2,666.354
11,135,911
2,953,770
10,096.821
1,796,860
17,2t>4.993
657,236.411
Canada-
Quebec—Montreal
Windsor
2,737,571
OF CAN ADA—
THE DOMINION
York
898.141
401.434
6,183.082
1,559,716
163,563,480
354 cities
Outside New York:
Sault Ste.
197,139
244.000
5,529.626
937,141
1,643,939
2,750.481
1,059,937.747
60 cities
Guelph
1,369.685
1,373.370
1,975.090
1,147.845
330.364
1,640,165
21,850
Total Southern:
Fort
510.802
166,500
150,979
974,060
2,419,359
34,975
Total:
Eastern
1.596,418
641,724
489.769
1,615,482
1,804,299
1,251,044
1,732,250
1,395.668
+88.32
1,441,894
515,059
641,027
+46.18
+261.17
4,824,332
3,911.750
1,445,900
1.917.807
18,565
1,757.106
+ 110.49
■
797,525
1,293.961
155,618
426,892
3,419,359
53,050
11,643,845
7.565,321
..........
+66.96
394.255
647.712
134.405
641,483
367 930
1,226,724
1,880,741
3,223,914
3,594.192
2,794,588
2,749,303
......
Knozville ..............
Memphis..
Nashville
13.212.611
1,192,345
1,020,066
2,170,229
1.594,351
2.159.496
343,835
+31.52
2,518,071
Shreveport.............
Ft. Worth—...........
+ 54.95
1,521,354
989,197
4,424,854
New Orleans
Texas—Amarillo
1,896.465
3,373,645
9,486,787
932,579
532,320
$
$
8.924.099
764.542
1,210,683
540.185
854,535
361,539
414,502
251,171
'
700,987
603,327
Petersburg
Mobile
383,156
366,853
$
3,402,110
350,928
893.384
412,631
1929.
1930.
1931.
2,514,488
757,756
718,586
377,210
+72.89
+ 106.07
+ 142.02
+322.81
2,133,652
726,403
Pensacola
Tampa
365,339
7
1932.
$
$
$
:
2,282,175
791,553
1,551,394
--
Orlando
St.
'■
2,557,881
1933.
1934
5,227,325
12,614,824
1,268,911
842,700
2,000,960
1,231,782
Pla.—Jacksonville.—........
•
Miami
$
or
Dec.
1935
1936
845,287
895,440
200,414
56,910
>
—12.00
53,390
742,200
687,094
479,108
70,110
5,780
449,917
44,845
40,789
133,392
107,910
35,750
1,153
—64.25
100,687
118,481
291,696
79,725
13,530
2,650
23,600
+62.21
+80.05
+2.94
428,565
54,283
7.990
-
260,450
57,818
173,262
358,865
223,955
28,752
89,325
61,700
56,165
121,836
632,944
144,650
9,330
*33,000
172,595
369,215
4,641,545
584,517
210,490
3,892,665
518,463
+75.41
+ 19.24
+ 12.74
77,695
1.418,822
432;112
114,800
1,564,541
10,217,369
10,464,533
—2.36
4,651,438
4,215,682
8.621.202
24.865,694
45.571.396
73,871.616
21,738,873
39,015,454
108.720.391
165.671.664
226.211.128
43,199,264
48,004,155
+42.21
—43.30
+54.82
+208.17
+ 170.68
—10.01
30.269.139
30,000
340,136
2.130.466
389.673
200,000
300,000
500.000
Volume
Financial
144
Chronicle
New
Bonds
clined
have not
greatly
made
this
much
have advanced moderately, for instance
rails, while other
tionary.
The
High-grade
and
issues
highest-grade
Governments declined
the lower grades of
have remained more or less sta¬
groups
the United
States
fractionally.
bonds
railroad
<
generally
been
have
steady.
England
vanced
market
the
of
sections
Some
week.
have they de¬
progress nor
Portland Gas & Coke
mixed.
The Course of the Bond Market
527
5s, 1940, at 84, up 3%, and
Gas & Electric
the
against
5s, 1948, at 85, up 2%, ad¬
prevailing
trend.
Industrial bonds have been firm, with a tendency toward
slightly
higher prices
building
Dixie
oil
supply
Cement
securities
closing
among
scored
rather
6s, 1941, advancing
eased
106%,
at
evident
issues
somewhat,
%.
off
grades.
high
sharp
% to
Some
Penn-
gains,
100%.
Coal
and
Socony-Vacuum 3%s,
The
steels
moved
1950,
forward,
Chicago Burlington & Quincy 111. div. 3%s, 1949, were up
Wheeling Steel 4%s, 1966, adding 2 to close at 102%.
%
gations
109%;
at
Great
Northern
4%s, 1961,
% to
advanced
115%; Union Pacific 4s, 1947, declined 1*4 to 115.
LowerBalti¬
grade railroad bonds as a whole have been higher.
more
tral
&
Ohio 4%s, 1960, advanced
5s, 1963,
closed at
The
trend
ward.
%
rose
97%,
trend
has
been
Consumers
not assume
Power
has been
down¬
large proportions, but the
widespread.
quite consistent and
nati Gas & Electric
Cincin¬
3%s, 1966, lost % point, closing at 103;
3%s,
Pacafic
Gas
&
Tel.
&
Tel.
1965,
Electric
Pacafic
3%s,
3%s,
at
107%
1966,
%
declined
1961,
%
fell
down
were
106%;
to
104%.
to
1%;
MOODY'S BOND
(Based
All
120
PRICES
Govt.
the
lower-priced
American
South
exchange regulations,
Among
European
Italian
utility
Hungarian
off %.
were
issues
lost
Some
ground,
have
result of
foreign
new
developed
been higher,
Yugoslavian
strength.
well
as
as
120 Domestic
Aa
Aaa
Baa
A
RR.
P.
some
issues.
prices and bond yield
averages
given in the following tables:
(Based
Corporate by Croups*
a
Germans
bonds
issues
and
As
Japanese issues displayed weakness.
Moody's computed bond
are
YIELD
on
AVERAGES
(REVISED)
Individual Closing Prices)
All
120 Domestic Corporate
120 Domestic
1937
tic
Corp.*
the
Ana¬
while Brazilian bonds held up well; those of Sao Paulo and
Minas Geraes showed strength.
MOODY'S BOND
by Ratings
metals,
Copper 4%s, 1950, receded; at 106 they
(REVISED)
120 Domestic Corporate *
Domes¬
Bonds
Jan. 22.. 112.39
the
Among
Obli¬
while
120
by Ratings
Corporate by Groups
Daily
1937
Daily
Averages
fractionally.
rose
Average Yields)
on
steady,
Foreign bonds have been fairly active this week.
Lower
grades also tended to be soft, but price changes have been
U. S.
conda
companies have been
Crown Cork & Seal 4s, 1965, closed % higher at 107.
of
high-grade utility issues
Declines did
amusements
Southern Pacific 4%s, 1981,
to 91%;
1%.
up
of
% to 78%; Illinois Cen¬
of rubber
Domes-
ticCorp.
U.
Indus.
Averages
30
For-
Aaa
Aa
Baa
A
RR.
P.
U.
Indus.
106.17
117.72
113.27
104.30
92.28
101.23
105.79
112.05
Jan. 22—
3.66
3.09
3.30
3.76
4.47
3.93
3.68
112.40
106.36
117.72
113.48
104.30
92.43
101.41
105.98
112.05
21„
3.65
3.09
3.29
3.76
4.46
3.92
3.67
3.36
20- 112.37
106.36
117.72
113.48
104.48
92.28
101.41
105.98
112.25
20-
3.65
3.09
3.29
3.75
4.47
3.92
3.67
3.35
19-
112.45
106.36
117.94
113.48
104.48
92.28
101.41
105.98
112.25
19—
3.65
3.08
3.29
3.75
4.47
3.92
3.67
3.35
18-
112.51
4.47
3.92
16-
eigns
21..
3.36
106.54
118.16
113.68
104.48
92.28
101.41
106.17
112.25
18-
3.28
3.75
112.55
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
16-
3.65
3.07
3.29
3.75
4.47
3.93
3.66
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15—
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
14„ 112.50
106.36
117.94
113.68
104.30
92.12
101.23
105.98
112.05
14—
3.65
3.08
3.28
3.76
4.48
3.93
3.67
106.36
117.94
113.68
104.4S
92.12
101.23
105.98
112.25
13—
3.65
3.08
3.28
3.75
4.48
3.93
3.67
113.89
104.67
«.
3.35
117.94
«
3.36
13— 112.40
-
3.35
15- 112.53
5.39
12- 112.45
106.54
3.64
3.07
3.66
3.35
92.12
101.23
106.17
112.45
12—
3.64
3.08
11- 112.68
106.54
117.94
113.89
104.67
92.12
101.23
106.17
112.45
11—
3.64
3.08
3.27
3.74
4.48
3.93
3.66
3.34
9- 112.72
106.54
117.94
113.89
104.67
92.12
101.23
106.17
112.25
9—
3.64
3.08
3.27
3.74
4.48
3.93
3.66
3.35
106.36
117.94
113.89
104.48
91.97
101.23
106.17
112.25
8—
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
7- 112.62
106.17
117.94
113.68
104.48
91.66
101.06
105.98
112.05
7-
3.66
3.08
3.28
3.75
4.51
3.94
3.67
3.36
0- 112.56
106.17
117.94
113.68
104.30
91.66
100.88
105.98
112.05
6—
3.66
3.08
3.28
3.76
4.51
3.95
3.67
5.41
3.36
8- 112.71
5- 112.64
3.27
4.48
3.74
3.93
/
3.66
3.34
106.17
117.94
113.68
104.30
91.51
100.70
105.98
5-
3.66
3.08
3.28
3.76
4.52
3.96
3.67
3.36
4- 112.74
106.17
117.94
113.68
104.30
91.61
100.70
105.98
112.25
4..
3.66
3.08
3.28
3.76
4.52
3.96
3.67
3.35
2— 112.78
105.98
117.72
113.68
104.30
91.35
100.70
105.79
112.05
2„
3.67
3.09
3.28
3.76
4.53
3.96
3.68
3.36
1- Stock
Exchan ge
5~43
112.05
Clos ed
1— Stock
Exchan
ge
Clos ed
High 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Low
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.39
Low
105.98
117.72
113.27
104.30
91.35
100.70
105.79
112.05
High 1937
3.67
3.09
3.30
3 76
4.53
3.96
3.68
3.36
5.43
4.00
3.35
3.56
4.17
4.94
4.45
4.01
3.56
6.11
4.65
3.77
4.18
4.72
5.94
4.73
4.92
4.30
6.14
1937 112.37
1
Yr. Ago
Jan. 22'36 108.11
1
Yr. Ago
100.00
112.25
108.08
97.11
85.38
92.59
99.83
108.08
Jan.22'36
89.55
104.11
96.41
88.51
72.98
88.36
85.65
94.97
Jau.22'35
2 Yrs.Ago
2 Yrs.Ago
Jan.22'35 107.16
>
*
These 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
yield averages, the latter being the truer picture of the bond market.
STATE
THE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Jan. 22, 1937.
The sharp decline in automobile activity is now beginning
to make itself
felt, the business index figure of the "Journal
leadings for the week ended Saturday totaled 700,238
a
gain of 1,709 cars
like
the
over
weather,
week
stronger
a
over
of
last
year.
forward
In
spite
movement
of
this
of Commerce" showing a drop of 2.6 points from the previ¬
ous week.
The index declined to a preliminary figure of
ported for both retail and wholesale business.
96.1
to
for
as
compared with 98.7 for the previous week and 81.5
the corresponding
small
note
to
week of last year.
Optimism in
no
degree
prevails in steel circles, the only discordant
being the automotive labor disturbance and its threat
eventually
invade
the
disturbing considerations
enthusiasm of the
industry.
However, these
not sufficient to dampen the
steel
are
steel interests,
heavy buying movement
now
especially in view of the
under way and to
come.
In y
spite of delays occasioned in consuming industries because
of labor
troubles, steel production has risen to a seven-year
high, with virtually all modernized capacity in service.
De¬
cision
of
leading companies to expend millions
of dollars
reports
gain
a
Dun
&
of
10%
Bradstreet.
to
homeless.
in
the
The
Ohio
catastrophe is causing the greatest
crease
eral
of
a
year
ago.
gain -will
be much smaller than the large in¬
recorded in December, however.
Deliveries by Gen¬
Motors Corp.
dealers
are
expected to fall below those
last
January on account of the tie-up of production.
commodity markets continued to be more or less dis¬
turbed by the automobile strike and the Japanese currency
The
uncertainties.
was
mixed,
nervousness
The
with
trend
of
the principal
markets
futures markets
displaying considerable
and declines, especially rubber and silk.
Car
some
havoc
Mississippi River Valleys.
Officials be¬
lieved the loss already amounted to $5,000,000 in the tristate area of Indiana, Ohio and Kentucky.
In Cincinnati
about 1,500 families left their homes, and damage was esti¬
mated at $1,000,000.
Latest advices reported that Pitts¬
tions
of
last year, according
and
mestic demand with large-scale orders.
rate
re¬
ing into the millions. These floods raged over nine States,
leaving whole communities under water and 15,000 persons
Pennsylvania to Tennessee.
The
is
Retail trade
caused considerable loss of life and property damage mount¬
period.
Export demand for steel is becoming increasingly
pronounced, and miscellaneous buyers are swelling the do¬
pected to exceed the volume of the like month
over
week
volume, their survey
states, ranged from 20% to 40% over 1936.
Weather news
this week was of the highly spectacular kind.
Floods have
burgh,
tricity by the electric light and power industry totaled
2,264,125,000 kilowatt hours in the week ended Jan. 16,
which was a gain of 14.9% over the comparable week of
1936.
Retail sales of new automobiles in January are ex¬
18%
cars
inclement
Wholesale
this year for plant expansion and equipment shows prin¬
cipally that steel men expect sustained demand for a long
Production of elec¬
cars,
the previous week and 88,891
Pa.,
and
Portsmouth,
Ohio,
also
The flood waters smashed levees and
and
and
throuout
to uncontrollable
propor¬
to
alarming stages in West Vriginia, Ohio,
Indiana, Illinois, Missouri, Arkansas, Pennsyl¬
rose
Kentucky,
vania
threatened.
Tributaries of the mighty Ohio
Mississippi Rivers extended
and
were
retaining walls from
Tennessee.
the flooded
Continued
rains
were
forecast
Abnormally high temperatures
persisted east of the Mississippi River during the week,
and severely cold weather continued to prevail in most of
the West and Northwest, though there was some modera¬
tion
the
in
temperatures in the southern Great Plains and in
Southwest.
first
area.
In
the
real snowstorm of
New
the
York
season,
City
area
we
had
the
which at the start had
indications
of a blizzard.
After a rather heavy fall of
it turned into rain, and this rain has persisted dur¬
ing the balance of the week. Today it was cloudy and cool
snow,
here, with temperatures ranging from 42 to 48 degrees.
was
for rain tonight, probably changing to
forecast
The
sleet
Financial
528
or
Colder tonight and
Saturday.
snow
Over¬
Saturday.
night at Boston it was 44 to 50 degrees; Baltimore, 50 to 62;
Pittsburgh, 36 to 48; Portland, Me., 38 to 44; Chicago, 10
Detroit,
14; Sa¬
vannah, 64 to 78; Dallas, 22 to 46; Kansas City, 6 to 8;
Springfield, Mo., 16 to 50; Oklahoma City, 10 to 18; Salt
Lake City, 14 below; Seattle, 28 to 32; Montreal, 28 to 42,
and Winnipeg, 36 below to 12 below.
to
Cincinnati, 30 to 44; Cleveland, 28 to 44;
36; Charleston, 66 to 72; Milwaukee, 2 to
22;
24 to
smallest
compared with the corresponding month a year ago, as
''
with the 1936 low.
For the first time
Index either remained
unchanged or advanced, with most of the items tending higher.
Rising retail prices may characterize most of 1937, according to A.W.
Zelomek, Economist, under whose supervision the index is compiled.
He
points out that despite the gain of 4.3% in retail prices since the July 1,
in months, every
1936
low,
commodity included in the Fairchild
Moody's Daily Index of Staple Commodity Prices de¬
this week, closing at 206.9 this Friday, as
compared with 210.0 a week ago.
The principal factors in the decline were lower prices for
rubber and wheat.
Silk, cocoa, corn, hogs, cotton, coffee
and sugar were also lower.
The only increase was in the
price of steel scrap. There were no net changes for hides,
silver, copper, lead and wool.
The movement of the index during the week, with com¬
parisons, is as follows:
.210.0
Fri.
Jan. 15........
Sat.
Jan. 16
.209.5
Jan. 18
.208.7
Tues.
Jan. 19
.207.3
Wed.
Jan. 20
.207.9
Thurs, Jan. 21
Fri
Jan. 22
-207.9
2 Weeks Ago, Jan. 8
Month Ago, Dec. 22
_
Retailers are
Advances must be recorded to
quotations are still below replacement.
current
prices, although
reflect higher replacement.
THE FAIRCHILD PUBLICATIONS
....208.3
RETAIL PRICE INDEX
JANUARY, 1931=100
clined sharply
Mon.
1936 include furs, blankets,
Items that showed marked advances during
sheets, floor coverings, furniture, and men's clothing.
cautious in marking up
Moody's Commodity Index Declines Sharply
gain as
well as compared
have also shown the greatest
Home furnishings
gain.
1937
23.
Jan.
Chronicle
.
Copyright 1937, Fairchild News
Service
Jan. 2,
1936
Oct. 1,
1933
1936
1936
1936
Jan. 2,
1937
May 1,
Nov.
Dec. 1
1,
Composite Index
69.4
88.2
89.3
90.0
90.8
91.7
Piece goods....
65.1
84.7
85.4
85.6
85.7
86.1
Men's apparel......
Women's apparel.
.. -—
70.7
87.3
87.7
87.8
88.1
71.8
89.4
90.7
90.9
87.9
91.0
Infants'
76.4
92.7
94.5
94.5
94.6
94.9
70.2
89.2
89.9
90.3
90,9
91.8
_
.
wear
Home furnishings
Piece
goods;
64.2
63.8
63.9
63.9
64.3
91.4
——162.7
Low—May 12
1937 High—Jan. 14
210.1
Low—Jan. 22.-.-206.9
.206.9
Silks
57.4
Woolens......—-...-.
69.2
82.6
83.3
83.7
83.7
83.9
68.6
107.3
108.9
109.3
109.6
110.2
Sheets
65.0
99.9
99.7
100.6
101.7
102.4
Blankets <fc comfortables
72.9
96.9
102.4
103.3
103.8
104.4
59.2
75.2
75.5
75.6
75.5
75.6
Aprons & house dresses.
202.9
169.4
208.7
Year Ago, Jan. 22
1936 High—Dec. 28
75.5
103.9
103.8
103.6
103.8
103.9
Corsets and brassleres.
83.6
92.1
92.6
92.6
92.0
92.6
Furs
107.5
Cotton wash goods
Domestics:
Women's apparel:
Hosiery
"Annalist"
Weekly
Index of Wholesale Commodity
1.4% During Week Ended Jan. 19-—
Follows 12 Successive Rises—Foreign Prices Ad¬
vanced During December.
Prices Declined
Led
by wheat and flour and by livestock and meats,
commodity prices generally declined during the week ended
Jan. 19, according to the "Annalist,'V which• said that its
Weekly Index of Wholesale Commodity Prices, after 12
successive weeks of advance, declined 1.4 points to 138.2 on
Jan. 19 from 139.6 (revised) Jan. 12.
The "Annalist"
66.8
97.1
104.4
105.2
100.1
Underwear
69.2
80.4
85.0
85.1
85.1
85.2
Shoes.-
.........
76.5
81.8
82.8
83.0
83.2
83.3
Hosiery...........—.
64.9
86.9
86.8
86.9
86.9
86.9
Underwear
69.6
91.5
91.5
91.6
91.9
92.0
Shirts and neckwear
74.3
86.2
86.5
86.5
86.5
86.6
Hats and caps..
69.7
81.5
82.9
83.0
83.0
83.0
Clothing lnol. overalls-
70.1
87.1
88.4
88.6
88.8
89.2
Shoes
76.3
90.5
90.2
90.4
90.6
90.6
74.0
94.7
100.3
100.3
100.3
100.7
93.5
....
Men's apparel:
-
Infants' wear:
Books..
Underwear
74.3
92.8
93.0
93.1
93.2
Shoes...............
80.9
90.6
90.1
90.2
90.4
69.4
94.3
93.2
93.7
94.7
96.6
Floor coverings-
79.9
102.3
103.7
104.3
105.5
107.4
Musical instruments
50.6
58.6
59.5
59.5
59.9
60.1
gains were reported for potatoes, rice, coffee and tea, apples, bananas and
Luggage
60.1
75.2
74.7
75.0
75.2
75.4
lemons and copper.
Eleo. household appliances
China
72.5
78.8
80.1
80.0
80.3
80.4
81.5
93.2
90.8
90.8
90.8
91.0
added:
Furniture
Butter and eggs, cocoa, cotton, silk, rubber and tin also declined, while
5',;
90.4
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913—100)
Jan. 19, 1937
Jan. 12,1937
Jan. 21,1936
143.5
145.1
122.5
Farm products..
Food products
110.7
166.1
176.1
124.5
123.9
111.4
111.8
111.8
111.7
98.3
x98.3
94.3
95.2
86.1
138.2
Metals
134.5
xl33.1
166.1
X139.6
127.4
81.6
*82.4
75.4
,
Building materials...
Chemicals
....
Miscellaneous
.
i
All commodities
AU commodities
*
on
Preliminary,
As
to
old dollar basis
x
Loadings of
98.2
Revised.
foreign commodity prices during December the
"Annalist" had the following to say:
Foreign price indices advanced sharply during December, the Annalist
International Wholesale Composite rising to 78.3% of the 1913 average in
terms of
gold, from 75.7 in November and 74.5 in October; it is now the
Advances
highest since January, 1933.
were
general, only Germany with its
artificially pegged prices showing relatively moderate change.
weekly indices show
a
continuation of the
same
trend,
The latest
which
seems
to
reflect the improving statistical position of various commodities, rearma¬
ment demand and some speculative
interest, especially in the case of the
nonferrous metals.
MONTHLY FOREIGN AND
DOMESTIC
WHOLESALE
PRICE
up 1,70.0
Jan.
16
Freight Car Loadings
Ended
126.8
131.6
*133.2
Textile products
Fuels-
Revenue
INDICES
revenue
Cars in Week
freight for the week ending Jan. 16,
1937, totaled 700,238 cars.
This is an increase of 1,709
cars, or 0.2%, from the preceding week, a gain of 88,891
cars, or 14.5% over the total for the like week of 1936, and
an increase of 137,412 cars, or 24.4%, over the total loadings
for the corresponding week of 1935.
For the week ending
Jan. 9, 1937, loadings were 13.6% above those for the like
week of 1936, and 26.2% over those for the corresponding
week of 1935.
Loadings for the week ended Jan. 2, 1937,
showed a gain of 8.5% when compared with 1936, and a
rise of 18.2% when comparison is made with the same week
of 1935.
major railroads to report for the week ended
16, 1937 loaded a total of 312,484 cars of revenue
freight on their own lines, compared with 312,357 cars in
the preceding week and 274,233 cars in the seven days ended
Jan. 18, 1936.
A comparative table follows:
The first 17
Jan.
CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED FROM
(Number of Cars)
(1913—100)
Loaded
P.O.
*Dec.,
xNov.,
Oct.,
Dec.,
1936
1936
1936
1935
Change
Nov.
Jan.
to
Own Lines
on
Jan. 9
16
Jan.
1936
1937
1937
Received from
18 Jan. 16
1937
Connections
Jan. 9
Jan. 18
1936
1937
Dec.
U. S. A
Gold basis.
134.0
129.2
127.3
129.4
Baltimore & Ohio RR
79.1
76.3
75.2
76.7
+3.7
+ 3.7
Canada
Gold basis...................
124.5
120.6
120.4
113.4
+ 3.2
73.6
71.3
71.2
66.7
United Kingdom........
Gold basis...............
119.9
116.9
116.0
108.7
69.3
+3.2
+2.6
+ 3.2
...
.
—
...
...
...................
71.5
65.4
x
France-.————
616
491
69.0
471
354
+ 5.1
z
Gold basis..................
363
344
831
354
+ 5.5
Germany....................
105.0
104.4
104.3
103.4
+0.6
Japan
Gold basis.
162.2
153.8
151.5
145.0
+ 5.5
54.8
52.0
51.4
49.7
+ 5.4
_
.
.
.
.
w
-
i——-———
"Annalist" composite in terms of
gold y
*
..
Preliminary,
many
Revised,
78 3
75.7
74.6
74.5
+3.4
Includes also Belgium and The Netherlands; Ger¬
excluded from July, 1934; Italy from November, 1935. z End of month.
x
y
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chicago Milw. St. P. & Pac. Ry.
Chicago & North Western Ry...
Gulf Coast Lines.
International Great Northern RR.
Missouri Pacific RR
New York Central Lines
New York Chicago & St. L. Ry._
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR.
Southern Pacific Lines
Ry
Fairchild
Publications
Retail
Price
x
Excludes
cars
Orleans RR. Go.
26,964
21,509
14,906
18,976
13,831
3,088
2,182
4,870
15,101
37,177
4,353
19,108
53,993
5,827
5,328
21,859
5,161
32,668
25,361
16,545
18,875
15,042
4,237
2,198
y
16,575
42,769
4,788
23,363
65,821
4,857
7,518
26,075
5,665
16,777
8,877
8,855
8,952
11,885
1,644
2,231
2,989
9,007
45,255
11,967
4,756
42,859
5,892
7,006
X9.762
9,810
15,399
8,321
7,921
7,946
10,323
1,569
2,040
y
8,609
41,514
10,773
4,842
41,811
5,257
6,775
x8,682
8,807
14,106
7,458
7,189
7,992
9,752
1,488
2,042
2,700
24,941
37,400
9,355
3,787
33,563
5,308
4,370
x7,261
8,400
312,484 312,357 274,233 208,524 190,589 187,112
Total........—
According to
2,052
4,164
15,172
43,185
4,798
23,411
64,960
4,981
7,304
25,971
5,501
Missouri-Kansas-Texas RR
Wabash
RetaiLPrices Continued to Advance During December,
32,370
24,235
16,048
19,276
15,508
3,548
Interchanged between S. P. Co.-Paciflc Lines and Texas & New
y
Not available.
Index
TOTAL LOADINGS
AND
Retail
prices during December showed one of the greatest
monthly advances in the present upward trend, according
to the Fairchild Publications Retail Price Index.
Quota¬
tions on Jan. 2, 1937 show a gain of 1% compared with the
previous month, and an increase of 3.9% above Jan. 2,1936.
Prices have also advanced 4.3% as compared with the
July 1, 1936 low.
While quotations have gained 32.2%
as compared with the
May 1, 1933 depression low, they are
still 23% below the November 1929 level.
The announce¬
ment issued Jan. 14 by Fairchild Publications also had the
following to say:
Home
furnishings
recorded
withjpiece goods and women's
the
wear
greatest
advance
during
following, while men's
the
wear
month,
showed the
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
Weeks Ended—
Jan.
Chicago Rock Island & Pacific Ry.
9, 1937
.-t.v-—'.'-:
Loading of
cars.
This
revenue
was
an
reported
13,142
12,800
71,100
64,368
as
of
reviewing the
follows:
freight for the week ended Jan.
increase
1936
21,214
30,354
The Association of American Railroads, in
week ended Jan. 9,
Jan. 18,
24,258
33,700
70,677
St. Louis-San Francisco Ry
.
Jan.
24,375
32,391
13,911
Ulinols Central System.
Total
16, 1937
83,676 cars,
or
9 totaled 698,529
13.6%, above the
corre-
Volume
Financial
144
sponding week in 1936 and
an
increase of 145,011 cars, or 26.2%, above
the corresponding week in 1935.
Loading of
>
of
revenue
110,576 cars, or
Chronicle
increase of 2,156 cars above the preceding week but a
an
cars
freight for the week of Jan. 9 also
18.8%, above the preceding week,
was
an
which
increase
contained
ajioliday.
529
Forest
products loading totaled 29,909
above the preceding week,
9,990
above the
cars
^Miscellaneous freight loading for the week ended Jan. 9 totaled 275,148
cars, an increase of 32,883 cars above the preceding week, 49,399 cars
preceding week,
above the corresponding week in
jl936,
6,106
and 75,191 cars above the
corre¬
sponding week in 1935.
^Loading
merchandise
of
3,725
less-than-carload-lot
freight
totaled
preceding week, 9,291
157,555
cars
above
the corresponding week in 1936, and 7,583 cars above the same week in 1935.
cars
cars,
an
above the
increase of 4,834 cars
same
1936, and
week in
week in 1935.
same
Ore loading amounted to 9,718 cars, an increase of 749 cars above the
3,248
above
cars
the
jprecedingjweek, 2,983
cars
the
corresponding week in
1936, and
above the corresponding week in 1935.
cars
Coke loading amounted to
cars, an increase of 24,963 cars above the
1§8
decrease of
below the corresponding week in 1936.
Eibove the
11,864 car$, an increase of 1,220 cars above
above the
cars
week in 1936, and 5,113
same
week in 1935.
same
All districts reported increases in the number of cars loaded with revenue
KjOoal loading amounted jto 169,407 cars, an increase of 38,270 cars above
the preceding week, 16,652 cars above the
correspondnig week in 1936,
freight compared with the corresponding weeks in 1936 and 1935.
and
follows:
37,62licarsJabove the
same week in
1935.
,4,Grain and grain products loading totaled 29,887
4,160
cars
increase
an
above the preceding week, but a decrease of 1,877
the corresponding week
cars
cars,
above the
and grain products
in 1936.
It was,
week in 1935.
same
however,
an
cars
loading for the week ended Jan. 9 totaled 18,024
increase of 2,160 cars above the preceding week but
carsjbelow the corresponding week in 1936.
a
decrease of 2,091
1937
Week of Jan
2
Week of Jan.
9
Total Revenue
466
.
Chicago Indianapolis A Loulsv
Central Indiana
1935
1937
2,167
8,360
1,745
25
584
549
1,231
2,135
7,258
1,267
1.663J
7.754J
1.414!
131
234
242
10,329
2,340
10,045
2,286
1,173
16
54
67
1,108
892 A
877
5,532
9,551
4,824
8,238
2,183
7,661
Delaware Lackawanna A West
5,0624
8,562
320
Detroit Toledo A Ironton
3,291
Detroit A Toledo Shore Line.
Grand Trunk Western
Maine Central
......
Montour....
a
New York Central Lines
N. Y. N. H. & Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North.,
68
1,676
3,876
15,328
1,818
3,981
13,737
7,675
1,815
1,109
6,883
2,516
319
33?
287
11,272
11,172
3,355
4,3621
7,7441
1.7411
1,561|
157
118
138
1,457
9,467
3,025
5,120
2,407
42,769
10,609
1,725
8,504
3,021
1,553
7,255
7,704
2,691
2,6781
1,734
4,788
7,432
4,857
540
3,944
3,626
1,487
10,124
212
34,459
2,151
38,700
41,514
12,026
1,772
10,773
6,861
5,257
9,6661
1.908J
2,267
3,814
4,239
4,750
5,737
4,204
5,405
36j|
188
54
38,781
11,026
1,799
9,156
4,624
5,516
387
431
427
298
339
295
233
1,329
Pittsburgh A West Virginia
Rutland
101
2,505
2,727
'
6,664
181
225
J,826
4,695
6,022
12,967
5,184
Lehigh A Hudson River......
Lehigh A New England
Lehigh Valley...
Monongahela
1,071
947
1,311
1,267
18
15
588
............
Wheeling A Lake Erie.........
Total
516
514
958
902
5,665
4,106
5,151
3,598
4,717
3,138
8,807
3,449
8,229
3,078
157,502
.........
Wabash
140,809
129,315
166,394
152,626
Allegheny District—
Baltimore A Ohio
1936
from Connections
1935
1937
1936
District—(Concl,)
NorfolkiSouthern
961
829
964
1,107
1,071
Piedmont Northern
454
403
419
Richmond Fred. A Potomac—
351
296
314
1,086
4,398
3,077
8,660
6,695
6,439
Seaboard/Air Line
866
3,737
4,564
15,285
12,681
709
20,213
17,766
17,495
Tennessee Central
440
349
370
790
Winston-Salem Southbound
170
131
127
797
640
105,997
88,418
82,524
67,167
55,237
1,680
10,323
2,885
1,828
9,493
2,867
7,541
2,673
SouthernJSystem
Total
Northwestern District—
Belt Ry.
612
616
709
15,042
2,299
18,875
4,317
1,060
13,848
2,149
19,249
4,355
12,897
1,994
16,891
3,303
584
396
149
358
319
7,361
6,220
of,Chicago
Chicago A|North Western
ChicagojGreat Western
ChlcagojMilw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
DuluthlMissabejA Northern—
DuluthjSouth Shore A Atlantic.
ElginJJollet A Eastern
Ft. DodgejDes Moines A South.
820
567
5,726
7,946
2,225
4,218
318
262
218
143
161
9,428
9,068
2,775
2,083
580
555
677
583
427
Aj Western
452
216
252
Minneapolis A St. Louis
1,528
Minn. St. Paul A S. S. M
5,011
8,965
1,653
5,024
8,642
1,501
4,412
Lake Superior A
132
8,710
Great Northern
Green Bay
558
7,946
Ishpemlng
Northern Pacific
95
7,644
94
1,714
1,761
2,156
3,304
1,918
2,300
203
105
116
81
*222
1,118
1,163
1,007
1,406
942
77,758
74,142
65,835
45,325
40,962
20,774
2,854
18,137
2,772
17,244
2,477
5,937
2,343
4,831
2,115
263
Spokane International.
256
227
92
81
14,823
1,761
10,671
3,172
1,522
3,503
13,063
1,547
10,526
7,921
6,942
939
781
_
Spokeane Portland A Seattle...
Total
A|Lake Erie.....
Buffalo Creek A Gauley
Cambria A Indiana
....
Central RR. of New Jersey....
Cornwall
480
552
489
843
795
32,668
3,067
26,498
1,640
25,179
1,075
15,399
2,138
14,130
1,258
416
.......
305
291
9
10
Bingham A Garfield
1,438
6,558
1,427
1,162
5,140
25
20
11,544
Chicago-'Burlington A Qulncy..
CbicagolA Illinois Midland
16,545
5,353
ChlcagojRock Island A Pacific.
Eastern Illinois
ColoradofA Southern
__
10,956
3,318
Denver A Rio Grande Western.
3,893
714
10,433
119
10
62
Cumberland A Pennsylvania...
370
379
391
31
31
Llgonier Valley
Long Island
Penn-Readlng Seashore lines..
Pennsylvania System
Reading Co
Union (Pittsburgh)
197
256
168
38
30
2,394
1,462
41,811
........
609
724
781
900
881
65,821
14,684
55,919
1,028
51,89?
11,364
4,949
79
...
....
2,855
86
99
94
3,190
3,177
6~825
5",758
146,898
West Virginia Northern
2,537
1,400
34,578
15,147
1,524
3,754
.....
Western Maryland
Total Loads Received
Central Western District—
Akron Canton A Youngstown..
Bessemer
Total Revenue
Freight Loaded
1937
Delaware & Hudson
Erie
(NUMBER OF CARS)—WEEK ENDED JAN. 9
1936
Central Vermont
Detroit A Mackinac
1,050,792
Railroads
Southern
Boston & Maine
1,156,679
following table we undertake to show also the
loadings for separate roads and systems for the week ended
Jan. 9,1937.
During this period a total of 107 roads showed
increases when compared with the same week last year:
from Connections
Eastern District—
Bangor & Aroostook.—
497,274
553,518
Total Loads Received
Freight Loaded
1936
1935
541,826
614,853
_
the
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
1937
1936
587,953
698,529
1,286,482
.
Total
In
amounted|to 15,141 cars, an increase of 3,497 cars
above the preceding week, and 255 cars above the same week in 1936,
but a decreasejof 209'cars Jbelow the same week in 1935.
In the Western
districts alone loadingjof livestock for the week ended Jan. 9 totaled 10,843
AnnjArbor
freight in 1937 compared with the two previous years
cars,
Livestock loading
Railroads
revenue
below
increase of 3,616
In the Western districts alone grain
an
Loading of
of
119,684
107,195
102,967
15,136
13,359
8,983
17,531
Atch. Top. A Santa Fe
ChlcagofA
2,314
1,085
2,819
7,288
2,216
1,018
2,095
766
387
3
999
1,092
1,850
968
933
2,037
1,482
1,057
1,984
1,667
1,422
1,175
755
170
97
659
696
487
413
290
38
100
56
55
84
18,998
15,567
12,781
383
268
12,192
11,333
6,075
1,139
8,061
3,946
342
City
Illinois Terminal
—
Northern
North Western Pacific
87,730
2,768
1,214
2,593
864
13,059
Fort Worth A Denver
Nevada
8,778
2,730
997
Denver A Salt Lake
Peoria A Pekin Union
Southern Pacific
Total
System. .
Alton
—
(Pacific)
Toledo Peoria A Western
Union Pacific System
17
903
7,084
892
733
573
7
7
1,482
1,298
1,201
2,200
1,459
—
102,987
93,060
82,280
53,098
43,362
141
5,331
4,053
Burlington-Rock Island*
151
113
154
215
Fort Smith A Western......—
268
223
200
238
196
4,237
2,198
3,084
2,919
1,751
1,569
1,331
1,897
Utah
......
Western Pacific..
Pocahontas District—
Chesapeake A Ohio...........
Norfolk A Portsmouth Belt Line
Virginian
...
25,361
23,363
1,227
4,718
22,172
4,129
3,546
981
716
54,669
Norfolk A Western
46,278
40,276
15,402
13,132
18,920
20,033
15,828
1,057
869
8,321
4,842
1,258
7,457
3.929
1,030
Total
Southwestern
Total
District—
168
Alton A Southern
Gulf Coast Lines
Southern District—
International-Great
Northern.
Kansas Oklahoma A
Gull*
Alabama Tennessee A Northern
156
219
163
146
123
Atl. A W. P.—W. RR. of Ala..
824
739
557
1,430
1,103
Atlanta Birmingham A Coast..
793
580
592
933
623
10,257
4,268
7,726
2,395
7,751
3,123
4,848
2,718
4,032
Louisiana Arkansas A Texas—
Litchfield A Madison
382
439
312
314
977
Midland Valley.
506
1,221
949
935
1,132
2,207
1,747
Missouri A Arkansas
Columbus A Greenville
274
356
234
274
289
Mlssourl-Kansas-Teaxs Lines..
Durham A Southern
203
107
112
330
328
Missouri Pacific*
1,093
757
654
2,205
109
2,300
212
Atlantic Coast Line
Central of Georgia
Charleston A Western Carolina.
Cllnchfield
Florida East Coast
942
Kansas City
172
125
125
804
2,064
1,782
1,291
1,497
1,897
1,093
1,718
956
973
897
89
147
392
317
358
461
824
650
767
684
190
141
62
84
138
258
3,270
12,542
4,687
14,977
4,170
12,474
2,052
2,665
7,922
8,609
Southern......—
1,328
Louisiana A Arkansas
36
35
73
104
623
1,608
1,351
40
39
13
12
101
92
73
93
120
7,562
2,186
4,008
2,036
6,670
1,887
5,523
4,120
1,793
19,905
3,988
2,146
2,484
3,635
16,774
204
199
201
43
55
24
45
24
38
28
52,462
46,093
58,119
53,362
Quanah Acme A Pacific.
St. Louis-San Francisco
396
265
257
615
365
St. Louis Southwestern
1,412
20,248
20,368
1,181
17,736
17,773
919
806
Texas A New Orleans
11,001
5,124
9,718
3,990
Macon Dublin A Savannah
132
136
100
484
300
Wichita Falls A Southern
Mississippi Central
183
115
122
328
275
Weatherford M. W. A N. W—
1,659
2,743
1,374
1,594
2,540
1,730
2,310
1,331
1,833
_
Louisville A Nashville
Mobile A Ohio
Nashville Chattanooga A St. Li.
Note—Previous year's figures revised.
Michigan
Central
2,364
*
Prevtous figures.
a
203
7,697
2,272
7,077
4,805
2,966
Natchez A Southern*
29
598
1,521
23,380
24,382
Gulf Mobile A Northern
Illinois Central System
'
52,718
861
35
789
Gainesville Midland
Georgia
Georgia A Florida
2,040
233
Texas A Pacific
Terminal RR. Assn. of St. Louis
Total
Includes figures for the Boston
6,185
4,142
2,501
2,607
4,326
A Albany RR., the C. C. C. A St. Louis RR. and the
RR.
Wholesale
Commodity Prices
Remained
Stationary
During Week Ended Jan. 16, According to National
Fertilizer Association—Remains at Highest Point
Since August, 1930
Following the sharp and sustained upward trend which
has lasted for several
weeks, the wholesale commodity price
index
compiled by the National Fertilizer Association
mained
unchanged during the
week the index registered
100%, the
as
ago
it stood at 82.8%, and
ciation's announcement
as
Jan.
16.
re¬
Last
85.5%, based on the 1926-28 aver¬
in the previous week.
A month
age
same as
week ended
a
year ago at
77.5%.
of Jan. 18 continued.
The Asso¬
Financial
530
Declines
registered
were
the two most heavily weighted
week by
last
products.
With the exception of the preceding
veek, however, the index for each of these groups was at the highest level
reached in the entire recovery period.
Although 15 items included in the
food
and
foods
groups,
farm
declined, declines in several
advanced last week, and only seven
group
resulted in the down-turn of the index.
Higher
quotations for cotton textiles, wool, and silk were responsible for a rise
in
the index of
textile prices, marking the fourteenth consecutive week
that this index has moved upward.
With copper advancing to the highest
heavily weighted
items
zinc, copper wire, and
advancing, another sharp increase occurred in the
metal index j this index is now 14% higher than it was a year ago.
Although the composite index remained unchanged last week, advances
were registered
by 46 price series included in the index and declines by
point reached in seven years, and with steel scrap,
brass
also
products
only 26; in the preceding week there wer 60 advances and 11 declines ;
in the second preceding week there were 88 advances and' 9 declines.
Latest
ing Week
Jan.
Group
the
Bears to
Jan. 9,
16,
84.7
79.5
94.9
94.7
90.4
74.7
109.8
Foods
25.3
109.8
107.3
94.1
87.2
83.4
74.9
64.9
87.3
86.5
—
Fats and
Ago
19, Jan. 18,
1936
1936
Ago
1937
1937
Total Index
oils—
Cottonseed oil
products—
86.6
Cotton-W-—..-i--
71.4
71.6
70.1
112.5
111.1
107.8
82.9
78.4
79.9
79.7
-
-
-
-
Livestock.——17.3
10.8
Miscellaneous commodities
and
anthracite coal and gasoline caused the index
lighting materials group to decline 0.5%. Bituminous
coal averaged higher and coke remained unchanged at last week's level.
The hides and leather products group index fell
0.2%. Hides and
skins declined 1.8%. Leather, on the other hand, advanced 0.3% and "other
leather products" .rose 0.9% because of higher prices for luggage.
Weakening
for
and
ended Jan. 9 wholesale com¬
as to prices during that
announcement issued by the Bureau of Labor
the previous week
During
modity prices also increased
week,
an
Statistics
0.6%;
14 had the following to
Jan.
on
most
goods
say:
registered
during the week—-1.2%—was
pronounced. increase
housefurnishing
the
reflecting higher prices for floor
and oil stoves.
Both furniture and
group,
cutlery, sewing machines
furnishings shared in the advance.
Due to sharp increases in prices
leather, luggage, harness,
of skins,
minor advances in shoes, the index for the hides and leather
pioducts group rose to 102.0% of the 1926 average.
An advance of 0.8% was recorded by the textile products group.
All
gloves, and
goods,
yard
72.0
84.2
84.1
82.4
79.1
75.8
68.1
rising
95.3
93.9
90.8
83.4
Mixed
86.6
7.1
for
prices
fuel
the
79.7
-
-
Textiles
8.2
pulp was 0.2% higher.
and
paper
Cattle feed prices rose
Higher prices were reported for cotton
hosiery, underwear, raw silk, silk yarns, woolen
yarns, burlap, hemp, raw jute, rope, and twine.
The index for the chemicals and drugs group—86.8—rose to the highest
level
reached since September,
1930.
The advance was the result of
76.3
80.2
Grains
Fuels
.
5.4%
Both furniture and
• 'J
85.4.
the advance.
during the week.
sub-group indexes averaged higher.
76.6
81.4
80.2
Farm
23.0
The
coverings,
Dec.
Knit goods
were
furnishings subgroups shared in
Crude rubber advanced 6.7%
by
Year
Month
Preced¬
Week
Per Cent
Each Group
1937
23,
goods.
clothing and woolen and worsted
increases in
steady.
index for housefurnishing goods rose to
prices
The
Compiled by The National Fertilizer Association (1926-1928=100)
'
fractional
INDEX
WEEKLY WHOLESALE COMMODITY PRICE
Jan.
Chronicle
86.6
83.5
77.1
96.3
95.0
cotton yarns,
prices
camphor,
oils,
fats,
for
fertilizer prices
and fertilizer materials.
menthol,
steady.
were
0.3
Fertilizer materials
70.7
70.7
69.2
64.4
0.3
Fertilizers
75.8
75.9
75.9
73.0
wholesale prices of lumber largely accounted for
an
0.7% increase in the index for the building materials group.
Minor
increases' were also reported in prices of silica brick, paint materials,
0.3
Farm machinery
92.7
92.7
92.7
92.5
sand, and gravel.
85.5
85.5
82.8
77.5
6.1
1.3
a
Building Materials
Chemicals and drugs
93.6
94.4
A
sharp
Market
All groups
100.0
combined
fractional
oats, calves, cows, hogs,
corn,
the
Commodity Prices Rose for Twelfth Consecutive Week During Week Ended Jan. 16, Accord¬
Wholesale
Labor
The index of wholesale commodity prices
of
Labor
according
to
"This week's advance is the twelfth
Commissioner Lubin.
"The cumulative
all commodity index
the 1926 average," Mr. Lubin
which now stands at 85.7% of
said.
gain since the week ended Oct. 24
has been 5.7% and the advance over the
last
In
addition
metals
is 6.9%."
year
and
housefurnishing
and
Hides
the
to
metal
farm
materials,
building
also
commodities
miscellaneous
advanced.
fuel and lighting materials declined frac¬
products and
tionally.
"all commodities other than farm prod¬
1.7% above a month ago and
4.6% above a year ago. "All commodities other than farm products and
processed foods" advanced only 0.1%.
Compared with the corresponding
The
index
ucts"
weeks
of
large group
0.4%
month
a
spectively
the
for
advanced
during the week to
and
and
1.1%
a
commodity prices are re¬
industrial
ago,
year
5.3%
higher.
Wholesale prices of raw materials rose
1.1% for the week ended Jan. 16
t) a
point 4.1% above the corresponding week of December and 13.5%
above the corresponding week of January, 1936.
The semi-manufactured
products group index—85.7—increased 0.9%.
It is 3.6% above a month
ago and 14.7% above a year ago.
Fluctuations in prices of finished prod¬
ucts have been less marked.
The advance for the past week was 0.2%.
Manufactured commodity prices are 1.3% above a month ago and 3% above
a
year
week's
This
products
Individual
The
following
food
Lubin's
Commissioner
from
also
is
a
at
Chicago,
largest
last
of
Average
increase
during
the
were
prices of
Advancing
kerosene caused
the
crude petroleum from the Kansas-Oklahoma field
index for the fuel and lighting materials group
Wholesale
remained unchanged.
0.4%.
rise
to
Coke
corn
prices of
coal
natural gasoline declined.
and
Widely-scattered price advances in iron and steel items and non-ferrous
and metal products group to advance
to
90.1%
1926 average.
Prices of angle bars and pig tin were
Agricultural implements, motor vehicles and plumbing and
of the
slightly lower.
heating fixtures remained unchanged.
Wholesale prices of crude rubber declined 7.9%.
Cattle feed advanced
and pulp rose 0.7%. Prices of toilet soap also advanced.
tire and tube prices were stationary.
2.6%, and
paper
Automobile
The index of the Bureau of Labor
Statistics includes 784
price series weighted according to their relative importance
in the country's markets and is based on the average for
five
The following table shows index
of commodities for the past
weeks and for Jan. 18,1936, Jan. 19, 1935, Jan. 20,1934,
and
Jan.
the
100.
1926 as
year
numbers for the main groups
21, 1933:
(1926=100.0)
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
9,
Jan.
16,
2,
26,
19,
18,
19,
20,
1937
1937
1937
1936
1936
1936
1935
1934
1933
85.7
85.2
84.7
84.1
83.7
80.2
78.6
723
61.2
92.3
90.9
90.4
88.4
87.7
78.1
76.7
59.0
Jan.
Commodity Groups
21,
products.
prices
of
fertilizer
mixed
materials and
fertilizers
were
steady.
0.7%.
Fruits and vegetables were
up
Higher prices were reported for cheese,
oatmeal, cornmeal, canned peaches, bananas, canned tomatoes, fresh beef,
lamb, mutton, veal, dressed poultry, cocoa beans, coffee, copra, oleo oil,
raw sugar, edible tallow, and vegetable oils.
Cereal product prices declined
0.3% and dairy products dropped 0.1 %.
Lower prices were reported for
butter, flour, dried fruits, fresh pork.
This week's food index—87.3—is
2.6% above the corresponding week of last month and1 5.3% over that
market-prices of foods
4.6% and meats advanced 1.8%.
last
rose
year.
Due to higher prices for brick,
lumber, rosin, and copper wire the
building materials group index advanced 0.4%. Average wholesale prices
cement
and
Continued
structural
advances
mony,
electrolytic
caused
the
90.4%
of
index
the
fixtures
were
minor
of
the
remained
steel
in
prices
pig
copper,
for
1926
agricultural
average.
firm.
86.7
86.2
85.7
85.1
82.9
79.8
64.6
56.0
102.0
101.1
101.1
100.5
97.8
86.8
90.3
69.0
76.9
76.8
76.2
70.1
75.7
71.0
70.0
76.4
51.9
Fuel & ltg. mat'ls..
77.1
77.5
77.2
77.5
77.5
76.4
74.0
74.2
67.6
Metals & met. prods
90.4
90.1
89.9
89.1
88.8
86.0
85.3
85.1
78.2
Textile products _•.
_
materials.
91.2
90.8
90.2
89.7
89.2
85.2
84.8
86.5
70.3
Chemicals & drugs.
87.9
86.8
86.1
86.1
85.4
80.3
79.8
75.0
71.9
82.2
82.1
81.7
72.8
70.7
67.5
Building
and
and
copper
metal
and
products
Pig tin declined
motor
vehicles,
principally
brass manufactures
to
group
fractionally.
and
anti¬
advance
to
Average prices
plumbing
and
heating
unchanged at last week's level.
was
advance
recorded
of
2.1%
in
in
the
the
textile
silk
Housefur'h'g goods.
85.4
85.3
84.3
84.3
84.3
Miscellaneous
75.6
74.9
74.9
74.5
74.4
67.8
Raw materials
88.4
87.4
86 9
85.5
84.9
77.9
X
Semi-manuf. articles
85.7
84.9
84.3
83.1
82.7
74.7
X
84.8
84.6
84.1
83.9
83.7
82.3
84.3
84.0
83.5
83.1
82.9
80.6
78.8
75.1
65.1
83.1
83.0
82.6
82.4
82.2
78.9
77.9
78.6
67.6
All
products
and
rayon
group
largely
subgroup,; and
iv
x
60.8
X
'.r'V X S;
xV
X
•
commods. other
than farm prods.
All commods. other
than
farm
prods.
and foods
x
Not computed.
Chain Store Sales
According to
27
chain
store
a
Increase 19.19%
During December
compilation made by Merrill, Lynch & Co.,
companies,
including two mail order
com¬
panies, reported an increase in sales of 19.19% for Decem¬
ber,
over December, 1935.
Excluding the two mail
companies, the 25 other companies reported an in*
1936,
order
crease
metals,
non-ferrous
of
zinc,
metals
implements,
increase
an
43.0
87.3
Hides & leath. prods 101.8
Finished products..
year.
Wholesale
because
0.8%.
fresh
mutton,
All commodities.
and oils, camphor gum, glycerine, and men¬
thol caused the index for the chemicals and drugs group to increase 1.3%,
A
week
ago.
year
and
Farm
Advancing prices of fats
of
during the
an¬
21:
of Jan.
week—1.5%—was registered1 by the
farm products group.
Advances of 3% in livestock and poultry prices,
1% in grain together with sharp increases in prices of cotton, lemons,
oranges, hay, hops, seeds, tobacco, dried beans, potatoes, and wool con¬
tributed to the rise. Average wholesale prices of rye, eggs, apples in the
New York market, peanuts, and sweet potatoes were lower.
The current
farm product index—92.3—is the highest reached since May, 1930.
It is
5.2% above the corresponding week of last month and 18.2% above
of
cereal products,
meal, fresh fruits and vegetables, fresh
pork, veal, grape juice, oleomargarine,
pepper, granulated sugar, edible tallow, vinegar and vegetable oils.
Aver¬
age prices of rye flour, ham, cocoa beans, smoked' salmon and salt declined.
The current foods index—86.7—is 2.2% above a month ago and 2.6% above
wheat flour, oatmeal,
butter,
beef
Foods
The
of
Meats were up 1.8%; dairy
also advanced 0.6%.
and vegetables, 0.7%, and
items which
advanced in price
fruits
and
ago.
nouncement
that
ago.
year
a
Wholesale food prices
metals caused the index for the metals
foods, groups, textile products,
chemicals and drugs,
products and
and
corresponding week
The Commissioner continued:
products,
goods,
leather
Jan. 21 by
made
announcement
an
consecutive increase registered by the
of
processed
sharp increases in prices of farm products and
foods,
Labor,
0,6% during the week ended Jan. 16, largely due
advanced
to
of the Bureau
sheep, live poultry, lemons, fresh milk in
peanuts, seeds, dried beans, potatoes, and wool.
reported for rye wheat, steers, cotton, eggs, and oranges.
farm product index—90.9—is 4.1% above a month ago and
market,
Chicago
Lower prices were
16.1% above
Department of
States
United
Statistics,
Cement and structural steel remained firm.
farm products advanced 0.6% during the week, due
increase in the livestock and poultry sub-group, and
advance in grains.
Higher prices were reported for barley,
prices of
primarily to a 2.7%
a
ing to United States Department of
in
advance
in
sales
of
15.85%.
Sales of these 27 companies
showed an increase of 14.78%
months of 1935.
Ex¬
for the 12 months of 1936 over the 12
cluding
the
two
mail
order
companies,
the 25 chains re¬
increase of 10.88%.
The following table shows the amount of sales
ported
an
percentage of increase, by groups, for
ber and the 12 months ended Dec. 31:
and the
the month of Decem¬
Volume
Financial
144
531
Chronicle
(THOUSANDS OF KILOWATT-HOURS)
DATA FOR RECENT WEEKS
Sales—12 Months
Sales—December
Percent
1936
1935
Inc.
$
$
%
$
1935
Inc.
$
1936
%
Change
1937
5 Grocery chains
58,315,710 50,248,288 16.06
10 5 & 10c. chains 130,392,112 114,333,706 14.05
4 Apparel chains
47,618,999 40,078,385 18.81
2 Drug chains.
8,267,082 16.44
9,625,983
3 Shoe chains
6,066,853 12.27
6,811,473
'
Week Ended
669,536,795
790,066,955
332,852,738
85,072,764
67,232,928
290,781,368 14,47
77,731,545 9,44
58,009,392 15.90
1 Auto supply
chain..
1,992,000 63.5
3,257,000
25,701,000
19,230,000 33.7
1936
Jan.
Total 27
2.244,030
1,854,874
1,970,578
111,701,049
cos.
220,986,314 15.85 1,970,463,180 1,777,159,901 10.88
718,540,721 24.45
894,224,860
87,530,555 27.61
+ 14.9
16
Jan,
23
1,949,676
30--
1,955,507
1,962,827
1,952,476
1,950,278
1,941,633
6.-it
Feb.
13.J
Feb. 20
Feb.
27
1,781,666
1,762,671
1,763,696
1,760,562
1.728,293
1,619,265
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1,542,000
1,512,158
1,699,250
1,733,810
1,736,729
1,717,315
1,728,201
1,726,161
1,718,304
RECENT MONTHS
FOR
DATA
14.78
367,722,326 308,516,869 19.19 2,864,688,040 2,495,700,622
cos
1,668,731
1,772,609
1,778,273
+21.0
2,264,125
9.
Jan.
Feb.
Total 25 chains 256,021,277
1929
1932
1935
from
Jan.
.
2 Mall order
1936
1937
608,126,201 10.10
723,281,395 9.23
Percent
In Thousands
November
Sales
Electricity to Ultimate Consumers
of
Total
1936
SOURCE
Month of November
>..
7,048,495
8.375,493
8,336.990
8,532,355
7,500,566
8,640,147
9,163,490
9.275,973
7,404,174
7,796.665
8,078,451
March
__
August..
Sept
Percent
Change
1935
1936
6,132,125,000
3,002,317,000
8,114,623,000
+ 12.6
171,646,000
+3.2
61,945,000
233,591,000
+ 11.9
50,445,000
107,523,000
47,394,000
103,605,000
+6.4
+3.8
Additions to Supply—
Energy purchased from other sources
Net International imports
Total
9.262.845
Oct
9,237,905
Total
Energy used In electric railway departments
Energy used In electric and other depts
Total
-f 4.6
1933
1932
1931
1930
1929
7,131
6,608
6,481
7,012
7,436
8,022
7.585
5,835
6,182
6,494
6,679
7,067
6,851
6,025
6,772
6,294
6,219
7,580
7,416
7,495
7,380
7.285
6,533
7,371
7,184
7,180
6,809
6,130
7,071
7.240
7,220
7,059
7.219
6,932
6,112
6,311
7.287
7,363
7,166
7,099
7,391
7,337
7,719
7.270
7,567
7,485
7,774
7,198
6,978
7,250
7,056
7,116
7,310
6,832
7,385
+ 15.3
+ 12.7
8,197,215
8.521,201
6.318
7,094
6,832
6,634
7,331
6.508
6,972
7,009
7,161
7,538
6,638
7.288
85.563 80,010 77,442 86,064 89,467
93,420.266
.
7,487
7,523
8,134
7,682
7,871
90,277
Expansion of Canadian Business in Early Months of
1936 Continued
During Year, Reports Bank of
Montreal
the Bank of
its close the
highly satisfactory record of business expansion which marked
its early months and was never seriously interrupted, and
1937 has opened with a maintenance of this improvement."
In its
Montreal
Supply—
1934
+ 16.7
+ 17.5
+ 14.8
+ 18.8
7,795,422
8,388,495
9.670,229
Nov
+36.0
261,431,000
Total kilowatt-hours generated
+ 18.8
+1.7
177,157,000
84,274,000
By water power.
5,163,441,000
2,951,182,000
9,134,442,000
By fuel
7,382,224
7,544,845
Dec
Kilowatt-hours Generated (Net)x:
Deductions from
8,025,886
June
TO ULTIMATE CONSUMERS
:
Feb
1935
+ 11.6
+ 13.9
+ 11.7
+ 12.9
+ 13.1
1935
July
AND SALES
ENERGY
Kilowatt-hours
7,762,513
8,664,110
April
DISPOSAL OF
AND
Jan
May
Edison Electric Institute:
In MiUions of
1936
from
8,000,078,000 Kwh.
following statistics, covering 100% of the electric
light and power industry, were released on Jan. 16 by the
The
Change
of
Kilowatt-hours
"Business Summary" dated Jan. 22,
states that "the year 1936 held to
157,968,000
9,237,905,000
150,999,000
8,197,215,000
+ 12.7
Energy lost In transmission, distribution, &c.
1,237,827,000
1,270,454.000
—2.6
Kilowatt-hours sold to ultimate
8,000,078,000
6,926,761,000
+ 15.5
1,418,862,000
1,459,426,000
4,314,589,000
224,642,000
392,138,000
1,288,842,000
+ 10.1
basic natural industries, except the fishing
1,292,520,000
3,623,699,000
+ 12.9
improvement, are either restored to health or in process
Total energy for distribution
.
Sales to Ultimate Consumers
consumers
Domestic service
Commercial—Small light and power (retail).
Large light and power (wholesale)
368,035,000
78,756,000
+42.8
prise.
77,973,000
58,220.000
+33.9
situation remains
8,000,078,000
6,926,761,000
5183,065,600
Railroads—Street and lnterurban
+ 19.1
+3.7
+6.5
112,448,000
Municipal street lighting
$169,339,300
+ 15.5
+8.1
Electrified steam
Municipal and miscellaneous
Total sales to ultimate consumers
Total
from ultimate consumers
revenue
The bank further noted:
With the recovery in the price of grain and
(Kwh.)—
216,689,000
Notwithstanding
a
notable gain in employent, the unemployment
quite serious in many places.
Welfare Council revealed
Canadian
that
Change
were
years
exhaust the purchasing power of
Christmas trade would be the best in
Kilowatt-hours Generated (Net)x:—
67,968,556,000 54,997.397.000
36.672,101,000 36,354,580,000
By water power
Total kilowatt-hours generated
+23.6
+0.9
104640,657,000 91,351,977,000
the public is shown by the fact
The position
good response.
and.outlook of the farming community continue to improve.
+ 14.4
+6.6
Kilowatt-hours sold to ultimate consumers
that the special sales by many mer¬
chants to reduce their stocks have met with a
+ 14.5
(net)
3,009,755,000 3,026,542,000
Energy used In electric railway & other depts.
1,941,117,000
1.943,788,000
Total energy for distribution
105706,624.000 92,437,402,000
Energy lost in transmission, distribution, &c. 16,823,122,000 15,785,433,000
did not
that retail
That heavy Christmas buying
abundantly fulfilled.
trade is keeping up at a good level and
By fuel
sufficed to cut the
the end of last year there were as
people on these rolls as at the end of 1935.
The prospects in December that
Percent
1935
A recent report of the
50% in
increase of roughly
an
production since the depths of the depression had only
many
1936
of so being, and
thej[enlargement of purchasing power which results from this improvement
contributes to the benefit of all manufacturing and merchandising enter¬
relief rolls by about 20%, and that at
12 Months Ended Nov. 30
other farm products, all the
industry which is now showing
+ 16.0
Purchased energy
Total
revenue
88,883,502,000 76,651,969,000
$2,059,136,600 $1,911,424,S00
from ultimate consumers
—0.6
+0.1
Mid-November
Payrolls—Delaware Factories Report a Decline
Employment
in
in
+7.7
Important Factors—
The number of wage earners on
Per cent of energy generated by water power
Domestic Service (Residential Use)—
35.0%
Avge. ann. consumption per customer (kwh.)
Average revenue per kwh. (cents)
718
668
+7.5
4.76
5.06
—5.9
$2.85
$2.82
+ 11
39.8%
as
bursements
Generating
capacity
(kw.)—Steam
23,947,600
Total generating capacity in kilowatts
Number of Customers—
Farms In Eastern
area
(included with domestic)
9,286,400
33,903,300
y
23,702,400
9,321,100
634,600
Waterpower
Internal combustion..
33,599,100
610,300
3,804,587
3,806,835
510,898
68,691
26,082,763
IIIII!
Commercial—Small light and power
Large light and power
Other ultimate consumers...
(568,848)
(215,720)
21,001,610
64,146
commercial, large)
Domestic service
(666,513)
(241,100)
21,700,026
Farms In Western area (Included with
25,388,034
514.004
...
employing
approximately
$13,000,000 a week. Employee-hours actually worked showed
a
gain of 2% in this period, according to the reports of
2,054 plants.
The increases in employment and working
time reflected additional expansion in manufacturing activ¬
ity and were contrary to the usual seasonal decline.
This
some
2,296 manufacturing establishments
518,700 workers whose payroll averaged
though a part of the
The Bank's announcement
also true in the case of payrolls,
was
gain was due to wage increases.
further stated:
The 'index
or
average,
of the
As reported to the Federal Power Commission with deductions for certain plants
not considered electric light and power enterprises,
y New series both years.
according to indexes compiled by the
of Philadelphia from reports re¬
Bank
Reserve
from
ceived
1935
1936
of wage dis¬
5% from the middle of November to the
rose
of December,
middle
Federal
of Nov. 30
the rolls of Pennsylvania
about 1%, and the amount
factories increased
Average monthly bill per domestic customer
Basic Information
Factory Employment
Increased from
to Mid-December—5% Gain
Noted
Pennsylvania
of
employment
11% higher than
three-year
average
December was 88, relative to the 1923-25
in
a year ago;
that of wage payments was 91%
and showed an increase of nearly
33%
as
compared
x
with
Electric Output for Week Ended Jan.
16, 1937, Totals
2,264,125,000 Kwh.
The
Edison Electric Institute,
in its weekly statement,
electricity by the electric
light and power industry of the United States for the week
ended Jan. 16, 1937, totaled 2,264,125,000 kwh., or 14.9%
above the 1,970,578,000 kwh. produced in the corresponding
Electric output during the week ended Jan. 9 totaled
2,244,030,000 kwh.
This was a gain of 21.0% over the
1,854,874,000 kwh. produced during the week ended Jan. 11,
1936.
The Institute's statement follows:
PERCENTAGE
INCREASE
OVER PREVIOUS YEAR
Week, Ended
Major Geographic Regions—
New England
Middle Atlantic.
.
Central Industrial
Jan.
16, 1937
17.1
12.5
18.1
Wast Central....
point
18.2
Rocky Mountain.
13.0
Pacific Coast
11.6
the
of
of work
the
done
depression.
registered
in
Employment
than
four
past
Similarly, wage
disbursements and1 the volume
gains of 89% and 73%, respectively.
all major
levels
seasonal
years
groups
between
maintained at somewhat higher
was
November
and
December.
This
was
par¬
of the leather, stone, clay and
glass, lumber, and textile industries.
A similar situation in regard to
seasonal changes also was true of payrolls, with but one exception.
In
the case of transportation equipment, wage disbursements for the group as
a whole continued
at approximately the same level as in November, instead
ticularly true of those comprising products
about 3%.
This was due to a
shipbuilding companies, which virtually
offset gains reported by other lines.
Employment in both the durable and consumers' goods industries in¬
creased
1% from November to December, and wage payments indicated
of
showing the
usual seasonal increase of
in
the payrolls
sharp
decline
gains
of about 6% and
tinues
show much
to
of
4%, respectively.
greater increases in
The durable goods group con¬
employment and payrolls over a
than those industries included in consumers' goods.
year ago
9.3
Southern States..
•
the trend of employment, payrolls and
working time has continued rather steadily upward in contrast with a
sharp downward movement from 1929 to 1933.
The number of wage
earners
in 1936 was 30% above the average for the year 1932, the low
disclosed that the production of
week of 1936.
1935.
December,
During
Total Unired States.
14.9
The
Bank's announcement
had
the following
to
say
re¬
garding employment conditions in Delaware factories:
Reports from
fractional
decline
79 manufacturing establishments in Delaware registered
in
December
in
employment but
a
gain of over 2%
a
in
532
Financial
74
payrolls; working time in
Compared with
disbursements
a
year
plants
increased
about
employment showed
ago,
1%
17% and
gain of
a
this period.
in
wage
26% greater.
were
National Industrial Conference Board
Reports Increase
Unemployed Workers in November
Compared with Previous Month
Number
in
as
of
The total
1936,
number of unemployed workers in November,
8,968,000, according to estimates of the National
was
Industrial
198,000,
Conference
Board.
This
is
2.3%,
or
month, and
from the estimate for the preceding
decrease of 1,786,000, or 16.6%, from Novem¬
a
ber, 1935.
The Conference Board on Jan. 19 also said:
Employment in all types of enterprise in the United States in November,
1936, was 43,855,000 workers.
This was a decrease of 148,000 workers,
0.3% under October, and
or
increase of 2,392,000,
an
ber, 1935.
or
5.08%
■
.
^
Novem¬
over
.
The number of workers employed in November, 1936, was 3,301,000, or
7.0% below the average of 47,156,000 workers employed in 1929.
From
October to
November, 1936, the increases in employment by
industrial groups were:
Manufacturing, 70,000 ; trade, distribution and
finance, 58,000; mining, 5,000.
Decreases in employment were found in:
Construction,
151,000;
tion,
forestry and fishing,
16,000 ;
Compared
creased
with
8.0%
in
agriculture,
November,
74,000;
employment
27.9%
31,000;
public utilities,
5,000;
1935,
manufacturing;
service,
in
transporta¬
2,000.
November,
in construction;
in
trans¬
6.5% in the public utilities; 4.7% in trade, distribution and
3.6% in the service industries, and 2.1% in agriculture.
portation;
finance;
The following
1937
23,
was 24% in
8% above output.
Reported new business of the previous week was 41% above
production; shipments were 16% above output.
Production
in the week ended Jan. 9 was shown by reporting hardwood
and softwood mills 11% below the corresponding week of
1936; shipments were 6% above shipments of last year's
week and new orders 6% below orders of a year ago.
The
of
excess
9, 1937,
the week ended Jan.
production;
shipments
were
Association further reported:
week ended
During the
feet
hardwoods
of
booked
orders
of
Mills,
Jan.
1937,
9,
softwoods
and
578
were:
All
♦
Revised figures for the preceding week
152,097,000 feet;
production,
;
175,793,000
shipments,
•
regions but Southern cypress, Northern hemlock and' Northern hard¬
wood
reported
AH but
Jan. 9, 1937.
shipments above produc¬
in the week ended
above production
orders
these, West Coast and redwood, reported
All
tion.
Coast, cypress, Northern pine and
showed orders above corresponding week of 1936.
All
Coast
West
West
regions but
reporting
hardwoods
Northern
but
mills produced 159,970,000
shipped 172,523,000 feet;
513
combined;
197,820,000 feet.
feet; orders, 215,187,000 feet.
and'
above shipments of last
shipments
reported
cypress
year's week and all but Southern pine, West Coast and Northern hardwoods
reported production above similar week of 1936.
Lumber
orders
wood mills
9, 1937, by 430 soft¬
25% above the production of the
reported for the week ended Jan.
totaled
mills.
185,442,000 feet,
or
reported for the same week were
160,086,000
Production was 148,306,000 feet.
Reports from 100 hardwood1 mills give new business as 12,378,000 feet,
or 6%
above production.
Shipments as reported for the same week were
12,437,000 feet, or 7% above production.
Production was 11,664,000 feet.
same
in¬
1936,
8.9%
Jan.
business during
of
increase
an
Chronicle
feet,
Shipments
as
8% above production.
or
table, prepared by the Conference Board,
Identical
Mill
Reports
:\
shows the number of employed workers in the various indus¬
trial groups in 1929; November, 1935; October,
feet, and
November, 1936:
158,301,000 feet and 151,815,000 feet, and orders received 183,984,000 feet
1936, and
NUMBER
OF
EMPLOYED
and
WORKERS
week's
Last
1929
November
October*
November a
Average
1935
1936
1936
it was 166,515,000 feet; shipments were, respectively,
year ago
199,357,000
In
feet.
the
and
feet
10,452,000 10,558,000 10,851,000 10,777,000
267,000
151,000
159,000
154,000
1,087,000
685,000
741,000
746,000
11,073,000 9,153,000 9,819,000 9,889,000
2,841,000 1,688,000 2,310,000 2,159,000
2,415,000 1,701,000 1,869,000 1,853,000
1,167,000
892,000
943,000
941,000
7,321,000 6,825,000 7,091,000
7,149,000
9,156,000 8,543,000 8,881,000
8,850,000
1,377,000 1,267.000 1,338,000
1,337,000
Forestry and fishing
Industry—Mining
fc Manufacturing.
k"
Construction, public and private
L Transportation
Public utilities
Trade, distribution and finance
Service Industries
Miscellaneous Industries and services.
Total employed
♦
Revised.
47,156,000 41,463,000 44,003,000 43,855,00©
Noted
in
Pennsylvania
November
to
Employment
and
Collieries
Anthracite
Payrolls
from
in
Mid-
Mid-December
7
tural Economics
Crop insurance as a planned device for cushioning the
shocks of droughts and crop shortages was described Jan. 14
of the Bureau of Agricultural Economics,
by R. M. Green
United States Department of Agriculture, in addressing the
Agricultural Convention at Topeka, Kan.
of
would have been redistributed to them during the last three
November to the middle of December, according to indexes
when crops were short and prices
compiled
"in
by
the Federal Reserve Bank of Philadelphia
to the Anthracite Institute by 32 companies
employing some 76,000 workers whose earnings amounted to
approximately $2,250,000 a week.
The Reserve Bank fur¬
reports
ther states:
creased
These
about
gains
actually
The
in
volume
November
and
from
earlier,
year
of
to
payrolls
coal
some
mined
53.9%
in
since
the middle
the employment
showed
in
during the past
same
was
of
month before.
a
reflect
in
years
of
about
the
payrolls
1923-25
rose
4% lower,
The
is shown
trend
while
of
62.3
61.1
57.2
March
1936
61.1
January.
February
1935
61.4
62.7
1933
1934
1935
1936
57.9
36.3
59.4
48.1
45.8
60.1
47.7
55.2
53.9
64.7
in
Should
of premiums during the last three years,
excess
to
high, would have resulted," he explained,
producers
in
the
seven
Great
Plains
wheat-
getting most of their income from large proor
three years at low prices, Mr. Green
two
The speaker continued:
years.
the
difference
in
the
supplies
way
large
a
little during the years
being built up and to flatten
little in the year of short crops and higher prices.
crops,
prices
when insurance
distributed affect wheat
were
the tendency would be to raise the prices
prices,
of
a
second
aim
is
reduce
to
reserves
farmers'
were
dependence
relief, and
on
third,
a
improve the basis of farm credit.
Relief
of
Payrolls
1934
of
short-crop
A
that
income
poinied out that part of their production paid in as insur¬
ance premiums would have been stored and held over until
to
in the following table:
Employment
dutLion
a
Prepared by the Department of Research and Statistics, Federal Reserve Bank
of Philadelphia.
1923-25 Average—100
1933
rnstead
more
employment
increased
oducing States, of approximately $35,000,000."
p
average
Compared with
paying of losses in
an
out
much
He said:
"The
part
November.
interval.
change.
no
four
that
the
index
virtually
of
from 50.6%
December;
46.5%
to
in¬
companies
expansion in productive activity as indicated
employment advanced
33.8%
payments
wage
collieries of 27
34% in December, following a sharp decline
employment, payrolls and working time
index of
sharply
the
in
in
holidays last month and
by the
worked
"One of
insurance," Mr. Green said, "is to make
possible a steadier income from the production of farm
crops." He illustrated this by showing how wheat premiums
collected from farmers during the first three years, 1930-35,
crop
years.
Employee-hours
■>
Crop Production Is Aim of Crop
Insurance, Says R. M. Green of Bureau of Agricul¬
Employment in Pennsylvania anthracite mines increased
6% and wage disbursements nearly 38% from the middle of
from
re¬
9,529,000
9,427,000
Steadier Income from
the aims
Increases
mills
and
feet.
6,004,000
Kansas
Preliminary.
a
identical
7,045,000 feet, and orders,
feet; shipments, 9,882,000 feet and
♦
Agriculture
75
hardwoods,
of
case
last week and a year ago 9,735,000 feet
production
ported
Group Division
a
production of 418 identical softwood mills was 146,459,000
prevention
relief class
ened
by
before
preferable
is
offering them
stabilizing
to
farm income
letting
producers
get
down
to
the
remedy; farm credit would be strength¬
a
that
so
farmers
meet
can
their
annual
obligations for interest and taxes.
Secretary of Agriculture Wallace Apportions $200,000,000 of Federal-Aid Highway Funds
Henry A. Wallace, Secretary of Agriculture, on Dec. 29
apportioned to the various States, Hawaii and Puerto Rico
53.1
65.7
50.0
51.5
40.9
69.2
32.7
April..
50.3
56.6
51.5
48,9
31.3
43.3
42.0
24.1
May
42.0
62.0
52.4
53.9
25.2
53.7
41.8
47.5
$125,000,000 of regular Federal aid for improvement of the
Federal-aid highway system, $25,000,000 for improvement of
28.8
June
35.9
56.0
55.6
50.3
44.7
55.5
35.3
secondary
July
42.7
52.2
48.5
47.5
32.0
35.4
31.6
31.3
August
September
46.4
48.2
37.9
40.4
39.0
33.3
23.8
26.4
55.2
55.4
45.2
46.8
50.9
39.4
32.2
October
elimination of hazards at grade crossings.
The new appor¬
tionments are for the fiscal year beginning July 1, 1937.
55.3
56.9
57.7
49.0
51.6
40.4
47.1
40.8
November
59.4
59.0
45.7
50.6
40.1
42.8
23.9
33.8
December
63.0
59.8
56.3
53.9
37.2
43.9
46.7
46.5
Average
50.4
58.0
52.0
50.9
38.4
46.7
39.9
38.4
38.5
29.3
Report
of
Lumber
Movement,
Week
Ended
Jan. 9, 1937
52% of 1929 shipments.
Production and shipments are
gradually resuming after the holiday declines, but are still
restricted by the continued maritime strike.
Reported new
business dropped slightly from the high levels of December
weeks, but bookings during the week ended Jan. 9 were 24%
above output.
National production reported during the week
ended Jan. 9 by 11% fewer mills was
5% above the output
of the previous week; shipments were 2% below
shipments,
and
to
new
orders
8% below orders of that week, according
reports to the National Lumber Manufacturers Associa¬
tion
from
important
funds will be expended in accordance with the
general plan
previous Federal-aid highway work.
Projects for improvement will
be selected by State highway
departments, which will also prepare plans,
let
contracts
The
and
States
supervise construction, all subject to Federal approval.
are
required to
and
system
new
funds
for
improvement
It is not
use
on
required
of
the
that
the
the Federal-aid system
now available for
improving extensions of the system through cities.
Improvement of secondary roads and elimination of grade-crossings with
are
Federal
funds
unemployment.
the
first
tions
to
were
The
first
be made
under which
a
as
the
initiated
as
an
apportionments
new
two
part of
new
emergency
of funds
for
these
purposes
the regular Federal program.
funds
will be administered
relieve
to
measure
are
are
Regula¬
now
being
prepared.
~
Rayon Consumption During 1937 Expected to Surpass
M
Record Total of 1936—Shortage Anticipated
With
consumption
of rayon yarn continuing at recordevidenced by the huge total consump¬
tion of approximately
Reported
the
secondary roads.
grade-crossing funds be matched.
Funds for
hardwood
mills.
match
for
breaking totals,
softwood
for
of these
regional associations covering the operations of
and
$50,000,000
and
in
used
Federal-aid
Tbe lumber industry during the week ended Jan. 9,
1937,
stood at 47% of the 1929 weekly average of
production and
roads,
An announcement by the United States Department of Agri¬
culture continued:
All
Weekly
farm-to-market
or
as
290,000,000 pounds in 1936, the chief
Volume
Financial
144
problem facing the industry during the new year
will be
to
533
Chronicle
Rosser also stressed the fact that
mean
increased
purchasing
power
higher crude prices would
in the affected States as
supply this continued demand with domestic production,
according to the "Rayon Organon," published by the Textile
Economics Bureau, Inc.
The following is also from the
well
Bureau's announcement, issued Jan. 9:
in the New York "Herald Tribune" as of
"The outstanding characteristic of 1937 for
the rayon industry undoubt¬
during the year.
A
very meager amount of new capacity can be put into production until
very late in the year.
Thus the outlook is for very short yarn stocks, a
strong price structure, and a capacity production throughout the year.
In common with other industries, the rayon industry may experience labor
edly will
troubles
might
be
to
prove
continuing shortage of yarn
a
during the year, which,
cause
together with rising raw material prices,
increase in rayon yarn prices."
an
approximated 275,000,000 pounds
the "Organon" estimates.
Con¬
sumption, on the other hand, totaled 290,000,000 pounds, an increase of
15% over 1935, due not only to increased production but also to greatly
reduced yarn stocks.
The industry ended the year with only a three days'
supply of yarn stock on hand, the lowest level recorded in the history
Domestic
in
of
'
1936,
the
an
production
increase
of
rayon
7%
of
yarn
over
1935,
industry.
developments of the past year in the rayon indus¬
One of the sensational
increase in rayon staple fiber consumption to approxi¬
from around 6,000,000 pounds in 1935.
New
try was the 300%
mately
pounds
25,000,000
high levels for both production and consumption are expected this year.
Petroleum and its Products—Crude Output at
Firms Win Iran Concession
dipping for a few weeks, daily average production
upward swing to rise 66,850 barrels to a new
record high of 3,184,650 barrels for the week ended Jan. 16,
according to the report of the American Petroleum Institute.
The total compared with recommended production of 2,998,400 barrels set byjhe Bureau of Mines, and actual production
in the like 1936 period of 2,833,600 barrels.
resumed its
factors contributed toward
following:
companies have been given concessions
for vast oil developments in Iran, including the right to build
the world's longest pipeline from Iran and Afghanistan,
newspapers announced today.
"Both firms are controlled by the same group that controls
the Inland Exploration Co., which, according to recent
London reports, obtained a 75-year concession to open
270,000 square miles of oil land in Afghanistan, east of Iran.
[That group consists of Seaboard Oil Co. and Case, Pomeroy
& Co., a private banking company, with Seaboard the largest
stockholder.
John M. Love joy of New York, is President
of both the Inland and Seaboard firms.]
'
"The newspaper annoncement said that the Amiranian
Oil Co. had been granted a concession over 200,000 square
miles in parts of six Iranian provinces.
The grant would be
reduced to 100,000 square miles within 15 years by the elim¬
ination of areas without oil."
There were no crude oil price changes.
strike and the strike of oil workers in the Maracaibo region
in Venezuela which has cut down exports from that country.
In considering the record high which is some 186,250
barrels above the January recommendations of the Bureau
of Mines, it must be remembered that in the past the Bureau's
estimates have been far under actual
consumption and there
again true. This removes much
of the bearish tinge in the news of the new production peak.
fact
the
Bureau
to doubt that is
California
that
production declined strengthened
the belief that production east of the Rocky Mountains must
be lifted until movements from California again flow freely.
Oklahoma operators lifted output 38,550 barrels to 598,650
barrels, far above the 573,100-barrel level recommended by
of
Kansas
Mines.
also
exceeded
the
level
suggested by the Federal agency, producing 169,000 barrels,
up 12,750 barrels on the week and contrasting with the set
level of 165,600 barrels.
An increase of 16,400 barrels in
Texas output lifted the total to 1,247,950 barrels, against
the Bureau's figure of 1,176,000 barrels.
Gains in outside
States
area
established
east of the
a
net
increase of 70,550
Rocky,Mountains.
,
Prices of
$2.67
Bradford, Pa
Darst Creek..
Illinois
1.23
1.28
Sunburst, Mont
Mld-Cont't, Okla., 40 and above— 1.18
Winkler, Texas 40 and above—.
.90
Smackover. Ark., 24 and over.— .76-.80
REFINED
FOR
OIL
DIP—DIESEL
consumption of gasoline
earlier was estimated for
February by the Bureau of Mines in its monthly forecast.
Demand was set at 30,500,000 barrels in the estimate.
Export demand was set at 2,200,000 bareels, 100,000 barrels
under the January estimate, but considerably above Feb¬
An increase of
in
12% over actual
domestic market
the
last year.
An increase of
a
year
ruary
.
.
1,157,000 barrels in stocks of finished and
fuel lifted the Jan. 16 total to 66,559,000
unfinished motor
barrels, which is 7,780,000 barrels above the like 1936 date,
according to statistics compiled by the American Petroleum
Institute.
A drop in bulk terminal holdings failed to offset
material gains in refinery holdings and in inventories of
unfinsihed motor fuel.
Refinery operations dipped 1.7 points to 78.5 %of capacity,
daily average runs of crude to stills dropping 65,000 barrels
to 3,045,000 barrels.
Stocks of fuel and gas oils slumped
1,130,000 barrels, reducing total holdings to 104,841,000
barrels.
Output of cracked gasoline rose 75,000 barrels to a
daily average of 680,000 barrels.
Standard Oil Co. of New Jersey extended the advance in
its terminals at Beaumont and Magpetco,
15-cent jump set a new price of $1.65 with a
similar increase at Sabine, Tex., establishing the level there
Diesel oil prices to
Texas, where
at $1.75 a
a
barrel in barges.
Representative price changes follow:
Sabine, Tex.
U. S. Gasoline (Above 64
average production of
above the January forecast
$1.75.
Octane), Tank Car Lots, F.O.B. Refinery
Shell Eastern
$.07}*
New York-
New York-
daily
15 cents a barrel at
In the first two towns the new
19—Standard of Jersey advanced Diesel oil
Jan.
price is $1.65 and at Sabine
A reduction in
DEMAND
STOCKS AGAIN
ADVANCED
The 3,700-barrel dip in
increased.
FUEL
OPERATIONS
GAIN—REFINERY
—......
DOMESTIC
HIGHER—MOTOR
SEEN
.97
——.
—
1.32
1.15
Huntington, CaUf., 30 and over.... 1.22
Kettleman Hills, 39 and over...... 1.43
Petrolla. Canada
2.10
PRODUCTS—FEBRUARY
GASOLINE
barrels.
than
$1.10
1.16
Central Field, Mich
Western Kentucky
559,900 barrels, cut the net gain for the nation to 66,950
be reduced rather
shown)
Rusk, Texas, 40 and over
Corning, Pa...
Beaumont, Magpetcox and
should
.
Eldorado, Ark., 40
1.15
1.32
California to 593,400 barrels, against the Bureau figure of
February demand for crude oil calling for
3,068,600 barrels, 70,200 barrels
but about 70,000 barrels under
actual output, was disclosed in the Bureau of Mines monthly
prediction of indicated demand for petroleum.
Most im¬
portant increase in the recommended allowables was in
Texas where the Bureau suggested a quota of 1,203,400
barrels, which contrasts with 1,176,600 barrels recommended
for January and actual production in Texas as of Jan. 19
of 1,248,902 barrels.
The Texas Railroad Commission held its monthly pro¬
ration meeting at Austin Wednesday but to a late hour last
night (Friday) had failed to announce the new quota for
February.
It was reported that failure of the major com¬
panies to follow Continental's advance on the grounds that
their gasoline stocks were too high had aroused some feeling
among Commission members that output was too high and
.
Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not
barrels for the
An estimated
t
<
American
"Two
the establishment of
period. By far the largest
single increase shown was in Oklahoma where it is customary
for operators to open up during mid-month and then cut
back production as the quota period draws to a close. Other
considerations, however, were the facts that for the fourth
consecutive month no shipments of California oil has been
received at Atlantic or Gulf Coast ports due to the maritime
The
dispatch from Teheran, Iran (Persia)
Jan\18, in part,
stated the
the record outturn in the Jan. 16
no reason
revenues.
Lima (Ohio Oil Co.)—.
After
is
lift their tax
Record
High—Higher Crude Production Recommended
for February—Meet to Set Texas Quota—American
Several
as
An Associated Press
Chicago
$ .07
05
-.05}$
Standard Oil N.
WarnerQuinlan
Colonial Beacon..
.07
New
.07
Richfield OlKCal.) .07
Texas......
.071
07}
Gulf ports
,06}$-.07 4
.05}$
Tulsa
.05
J.8.06}*
Socony-Vacuum.. .07
Tide Water Oil Co
..
-
Gulf
Kerosene, 41-43 Water
Orleans.
-.05
White, Tank Car, F.O.B. Refinery
I North Texas
$.04
.New Orleans. $.05 }*-.05}$
(Bayonne).___..-$.05M ' Los Angeles.. .03}$-.05
J Tulsa-....... .03JI-.04
Fuel Oil, F.O.B. Refinery or Terminal
New York
California 24 plus D
N. Y. (Bayonne)—
Bunker C
Diesel 28-30 D
i
$ .95
New Orleans C
1.15
Phlla.. Bunker C
$1.00-1.25
...$1.15
1.85
Gas Oil. F.O.B. Refinery or Terminal
27 plus
I Tulsa U S I__8.02%-.03
I Chicago,
N. Y. (Bayonne)—
I
$.04}*
28-30 D
*
Cincinnati
$.185
New York
z
Brooklyn..
|
5.053
Gasoline, Service Station, Tax
Included
$.185
.17
Detroit
Buffalo
.175
Jacksonville
.185
.21
.17
.21
Chicago...
.177
Houston
.18
Los Angeles
$.178
Minneapolis
New Orleans..
.23
Philadelphia
Pittsburgh
175
.185
San Francisco.....
.18
St
.175
.185
.165
Newark
Boston
....
Cleveland
Denver
194
Louis
argued, would cause competitive bidding for
crude supplies that automatically would force prices higher.
Independent producers in the mid-continent field resent the
failure of the major companies to meet the 17-cent boost
posted by Continental Oil on Jan. 4, according to Charles F.
Roeser, president of the Independent Petroleum Association
Daily Average Crude Oil Output Gains 66,850 Barrels
of America.
daily
output, it
was
Mr.
stressed that
his
a
Not including 2%
city sales tax.
in Week Ended Jan. 16
The
American
Petroleum
Institute
estimates
that
the
the Mid-Continent—which is
crude oil production for the week ended
Jan. 16, 1937, was 3,184,650 barrels.
This was a gain of
66,850 barrels from the output of the previous week.
The
current week's figure remained above the 2,998,400 barrels
calculated by the United States Department of the Interior
levels—is needed by the
to
Roeser
statement was
made after
a checkup that included leading independents in
Texas, Oklahoma and Kansas.
A minimum price of $1.60 a barrel for top-grade crude oil in
some 50 cents above existing
independent producer to meet the
increasing costs, Mr. Rosser argued.
He added that at
present oil prices are below parity with all other commodities
and only 50% of the competing price of other fuels.
Mr.
average gross
be the total of the restrictions imposed by the various
oil-producing States during January.
Daily average pro¬
duction for the four weeks ended Jan. 16, 1937, is estimated
at 3,139,300 barrels.
The daily average output for the week
534
Financial
ended
Jan.
details,
as
18, 1936, totaled 2,833,600 barrels.
reported by the Institute, follow:
Imports of petroleum for domestic
United
a
daily
States ports
average of
for the week ended Jan.
weeks ended Jan.
There
16 totaled 824,000 barrels,
16.
9 and
a
Reports received from refining companies owning 89.9% of the 3,984,000
estimated daily potential refining capacity of the United States
barrels
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,045,000 barrels of crude oil daily during the week, and that all
as of
bulk terminals, in transit and in
the end of the week, 66,559,000 barrels of finished and
finished gasoline and 104,841,000 barrels of gas and fuel oil.
un¬
,
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 680,000 barrels
daily during the week.
DAILY
.
>
,
AVERAGE CRUDE
OIL
PRODUCTION
(Figures In Barrels)
B. of M.
Coal
production of bituminous coal during the week
is estimated at 10,263,000 net tons by the
United States Bureau of Mines in its weekly coal report.
This is an increase of 1,533,000 tons over the output in New
Year's week, and compares with 9,095,000 tons produced in
the week of Jan. 11, 1936.
Preliminary estimates place total output of Pennsylvania
anthracite during the week ended Jan. 9 at 1,196,000 net
tons, as against 842,000 tons in the week of New Year.
During the coal year to Jan. 9,1937, a total of 331,798,000
tons of bituminous coal were produced.
This compares
with 271,642,000 tons of soft coal produced in the corre¬
sponding period a year ago.
Anthracite production figures
Dept. of
Week Ended
4 Weeks
(Jan)
not available.
1937
1937
Jan. 18,
Week Ended
573,100
598,650
560,100
583,550
Kansas
165,600
169,000
156,250
166,800
Jan. 9,
1937 c
506,150
139,700
Bitum. coal:
Panhandle Texas
66,200
65,000
West Central Texas
32,700
West Texas
100,350
448,200
East Texas
Southwest Texas
Coastal Texas
64,500
32,850
168,850
95,750
447,200
96,850
447,700
183,950
178,200
185,650
179,350
58,200
56,700
25,350
146,900
42,900
431,600
112,500
158,550
62,600
32,800
170,450
170,500
East Central Texas
56,400
65,200
Coal Year to Date
1936
Oklahoma
North Texas
The Bureau's statement follows:
Ended
Jan. 16,
1937
Jan. 9,
16,
9
Week
Ended
Jan.
Jan.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
Average
Int. Cal¬
Output Higher in Week Ended Jan. 9, 1937
The total
are
Actual Production
culations
increase of 2,601,217 tons, or about 5%, over the total pro¬
These figures compare favorably with those included in
an
,
ended
for the four weeks ended Jan. 16.
pipe lines
1937
1936 of 54,760,000
duction in 1935.
126,679 barrels daily for the four
companies had in storage at refineries,
total output in
a
the above statement.
'V;/
/v;
show
daily average of 130,143
receipts of California oil at Atlantic and Gulf Coast ports
were no
Jan. 23,
included in the above figures,
net tons,
and receipts in bond at principal
use
117,714 barrels, compared with
barrels for the week ended Jan.
Further
Chronicle
182,300
174.850
Jan.
1936-
11,
1936
1929-
1935-
1937
1936
e
1930
'
e
a.
Tot. for per'd
Daily
Jan. 2,
1937 d
10263,000 8,730,000 9,095,000 331,798,000 271,642,000 408,860,000
1,711,000 1,712,000 1,516,000
1,402,000
1,146,000
1,714.000
aver..
Penn. anthra.:b
Tot. for per'd
1,196,000
199,300
Daily aver..
t
842,000 dl300,000
168,400
216,700
:-.f.
7:
t
Beehive coke:
Tot. for per'd
62,000
10,333
Daily aver..
56,900
9,483
28,000
4,667
1,483,900
701,400
4,998,500
6,132
2,898
20,655
Includes lignite,
1,247,950
1,231,550
1,228,900
1,032,700
71,600
169,550
75,400
164,800
77,150
163,850
49,400
130,100
by trhck from established operations,
c Subject to revision,
d Revised,
e AdJusted to make comparable the number of working days in the three years,
f Com¬
parable data not yet available.
216,300
241,150
240,200
241,000
179,500
27,300
27,450
117,300
29,550
47,750
27,550
115,550
29,450
47,200
16,900
27,850
116,100
28,500
46,100
30,000
112,200
Total Texas
coal made into coke, local sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
1,176,000
a
North Louisiana
Coastal T/OUlfliftnR....-
Total Louisiana
ESTIMATED
WEEKLY
PRODUCTION
OF
COAL,
BY
STATES
(IN THOUSANDS OF NET TONS)
Arkansas
tfim'wm+T
.
••
Eastern
Michigan
29,200
Wyoming...
40,100
Montana
14,400
4,500
79,800
Colorado
New Mexico.
16,250
3,450
42,100
92,300
State sources,
of final annual returns from the operators.]
or
35,850
12,900
4,000
17,150
3,600
89,400
3,650
92,750
109,100
[The current estimates are based on railroad carloadings and river shipments and
are subject to revision on receipt of monthly tonnage reports from district and
Week Ended
State
58,000
Jan•
Jan. 2
Total east ol California.
2,438,500
Californla.....——....
2,591,250
2,520,700
2,548,950
2,150,000
559,900
593,400
597,100
590,350
683,600
2,998,400
3,184,650
3,117,800
3,139,300
2,833,600
Dec.
1937 p
26
Jan. 4
Jan. 5
1936 p
1936 p
1935
Jan. 5
Aver.
1929
1923 d
r
1
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JAN. 9. 1937
(Figures in thousands of barrels of 42 gallons each)
................
2
2
3
1
......
227
193
229
174
290
65
66
103
73
105
93
163
153
163
134
199
226
1
1
1,075
1,158
1,149
1,039
1,088
2,111
373
390
397
373
300
569
65
65
96
102
72
Kansas and Missouri.
155
152
170
159
129
190
Kentucky—Eastern
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Alaska..
Alabama
Total United States
728
583
702
565
676
607
Arkansas and Oklahoma
Colorado
—
—
—.....
Georgia and North Carolina
Illinois
-
Indiana.......
.......
Iowa
...........
...
Western
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
■
Stocks
of
District
Finished
Poten¬
Reporting
Aver¬
tial
Rate
Total
P.
C.
P.
Oper¬
At Re¬
age
ated
fineries
Unftn'd
Gas
in
Dally
and
C.
Terms., Nap'tha
cfeC.
Distil.
Fuel
on
612
612 100.0
154
146
94.8
99
475
.
457
96.2
445
67.8 ;
97.4
534
87.3
4,275
1,028
8,744
1,308
8,725
1,008
240
635
6,462
3,180
852
5,407
453
384
84.8
288
75.0
3,811
2,195
542
3,077
Inland Texas
330
160
48.5
112
70.0
59
225
762
La. Gulf
740
97.1
641
323
1,833
6,937
169
163
96.4
131
80.4
980
307
336
1,738
80
72
90.0
36
50.0
260
68
71
191
175
200
316
240
35
32
37
37
46
55
12
10
8
18
12
32
Montana.
77
75
68
67
59
82
New Mexico
39
39
31
26
41
North and South Dakota.
68
55
63
61
44
50
466
428
470
434
294
814
2,250
1,966
1,821
1,659
2,056
3,402
83
133
Ohio.
...
Pennsylvania bituminous
Tennessee.
103
Texas
97
60
61.9
45
75.0
1,104
California...
852
789
92.6
481
61.0
10,004
2~, 1.80
3,583
89.9
2,812
78.5
37,035
3,314
18,064
1,045
92
11
Utah
60
Virginia
......
240
.......
96
13
83
186
.....................
89
73
14
■
13
19
78
74
no
109
239
187
177
211
■VN
26
39
36
30
39
41
74
1,555
1,310
1,556
1,354
1,471
1,134
.......
618
530
478
401
548
762
..........
123
112
no
105
117
186
2
2
7,900
8,288
West Virginia—Southern,
Northern.b...
Wyoming.
a
534
Rocky Mtn.
140
157
Washington.
No. La.-Ark.
s
s
......
1,516
Texas Gull-
1,592
7,519
Mo
1
.
434
—...
Maryland..
Michigan
.............. .
East Coast.
Appalachian.
Ind., 111., Ky
Okla., Kan.,
♦
s
s
Reported...
Est.
401
unrep'd
86.6
233
99
73,048
Total bituminous coal.
730
1,148
6
842
894
1,220
8,794
9,508
11,850
1,968
9,443
8,527
7
8,305
1,138
7,385
1,142
13,818
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.-
a
and on the B. & O. in
Jan. 16 '37
3,984
3,984
3,045
Jan. 9 '37.
3,984
3,984
3,110
40,349 19,109
z38,811 zl9,653
7,101 104,841
6,938 105,971
xJan. 16 '36
y2,767
33,821
19,546
bulk terminal storage.
Total stocks of finished gasoline
Domestic Copper Raised to 13 Cents, Valley—Reaction
in London as Speculators Sell
"Metal
stated
Anthracite Shipments During
1936 5.23% Above 1935
total
shipments of anthracite for the year 1936, as
reported to the Anthracite Institute, amounted to 46,979,604 net tons as compared with 44,643,322 tons in 1935,
and with 49,228,362 tons in 1934.
The increase in the ship¬
ments in 1936 over 1935 was 2,336,282 net
tons, or 5.23%,
and in 1936 as compared with 1934 there was shown a de¬
crease of 2,248,758 net tons, or
4.57%.
The shipments
by originating carriers (in net tons) are
shown in the following table:
.
•
1936
Reading Company
Lehigh Valley RR
Central RR. of New Jersey
Dela. Lackawanna & Western RR
Delaware & Hudson RR.
Corp
Pennsylvania RR
RR
N. Y. Ontario & Western Railway
Lehigh & New England RR
Total
►
10,312,323
9,422,422
3,850,063
5,548,637
5,038,574
5,094,225
3,194,663
2,455,714
2,062,983
1935
9,306,799
7,576,364
3,823,204
5,770,994
4,687,796
4,981,809
3,908,367
2,557,030
2,030,959
1934
11,118,119
7,748,135
3,905,868
5,814,304
5,241,183
5,406,855
4,760,646
2,787,417
2,445,835
44,643,322
49,228,362
The revised estimates of the United States Bureau
of Mines for the
production of anthracite which includes local sales and
total
colliery fuel, not
and
that
Mineral Markets,"
concerned
about
industry in this country
of
refined
copper
in
speculators unloaded
London
Metal
turned
easier.
in its issue
the
strike
well
as
in
of Jan. 21,
the automotive
the increase in stocks
as
foreign
the
field
during
December,
fair tonnage of copper, lead and zinc
a
the
The
on
Exchange, and prices in that market
weakness
became
pronounced
on
Jan. 19, but, on signs that consumers bought on the decline,
the speculative element again entered the market Jan. 20,
and
of the losses
some
abroad
ments
zinc
more
in
wide interest
copper,
less
or
quickly erased.
The develop¬
here, resulting in a
but leaving sellers of lead and
were
attracted
little uneasiness
unmoved.
The
publication
further
reports:
V''
Lead
In view of the unsettlement in
pleased
that
domestic
well
above
regarded
able
as
at
for
firm
lead
tons,
or
division, sheet
above
the
matters
stand,
prices, domestic producers seemed
advantage
market
might
the
price
the 6c. basis, New York.
because
ment
ers
well
on
time
statistics
lead
for
the
As
6c.
December
orders
London
they did not take full
lead
Demand
46,979,604
* Less than 1,000 tons.
6,454 102,186
* Estimated Bureau of Mines basis,
y January, 1936, dally average,
z Revised
due to transfer of 55,000 barrels in East Coast and
54,000 barrels in Appalachian
from refinery storage to
not affected
Kanawha, Mason and Clay counties,
b Rest of State, In¬
cluding the Panhandle District, and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Average weekly rate
for entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Caroline,
and South Dakota included with "other western States."
U.S.B. of M.
Erie
♦
9,572
Grand total
2,494
xEst.tot.U.S
The
/
8,730
Pennsylvania anthracite
6,654 102,347
447
...
Other western States.c
last
the
and
for
of
refined
labor
week
was
average.
lead.
troubles
of the
situation
have
is
been
raised
in
to
generally
few
"hold"
plants.
totaling about 7,000
included cable makers,
pipe, and foil manufacturers.
report their January output
here
automobile
good, with sales
Buyers
situation
The industry expects favor¬
There
at
strong
have been
easily
the pig¬
Important produc¬
is already about sold up.
Volume
144
Financial
Quotations held
American
at
6c.,
New
York,
the contract settling
basis
Smelting & Refining Co., and at 5.85c., St. Louis.
St. Joseph Lead in the East at a premium.
booked by
Chronicle
of the
Business
535
PRODUCTION AND STOCKS OF NATURAL GASOLINE
was
(In Thousands of Gallons)
Copper
Production
Late on Jan. 14 the domestic quotation for copper advanced to 13c.,
Valley, the highest price since May 5, 1930.
Before the advance occurred,
however, a fair tonnage sold on t)ie 12 V^c. level, so that our quotation
shows
a
sales
far
for the day.
range
for
the
last
this month
at the
week
reached
higher levels
Sales
amounted
total
a
that day totaled 6,918 tons.
on
to
of
17,812
but
the
Offerings of
available
domestic copper
and
of
December,
Foreign
decreased
tion
domestic
West
figures
larger
was
domestic—amounted
tons.
.
& Ter¬
minals
eries
minals
6"f752
19,
when
Kansas
Texas
the supply
expected,
353,150
to
Louisiana
totaling 82,409
Adverse weather
for
tons,
Foreign mine
Foreign scrap, &c
10,200
U. S. scrap, &c
copper
on
Dec.
Nov.
63,503
10,475
85,292
Daily
new
a
monthly high
summarized
are
3,816
3,830
38,076
123
114
Steel
82,409
78,701
257
42
144
84
116
2,016
1,004
2,034
3,696
79,842
1,128
2,242
65,688 121,254
70,056
9,996
77,658
2,589
168
15,960
84
1,564
Ingot Production
U. S.
.164,446
161,110
exports, domestic
8,030
6,667
171,291
181,745
161,044
—
Up to 81%
Foreign
Totals..
161,224
factor in
and
the
adds
steel situation,
to
Business
as
as
new
January by
a
shipments.
Consumers of sheets
353,150
orders
new
con¬
only unfavorable
business accumulates
already heavy backlogs.
in
192,106
353,036
New
1,668
The "Iron Age" in its issue of Jan. 21 reported that
of
United States
2,887
Heavy Backlogs
tinuance of the automobile strikes is the
78,829
82,395
......160,460
2,409
17,453
1,658
42,216
2,577
105
Adds to
97,067
copper only
Totals
4,368
3,318
126
84
35,204
127
aver.
Dec.
Foreign
170,085
91.778
Daily
(ap¬
parent consump'n): Nov.
United States
67,379
86,804
12,932
68,682
294
300
13,655
1,436
41,070
3,855
'■
follows:
as
Stocks, refined:
Foreign
2" 190
84
4,452
1,722
for
/•''''•/
Deliveries, refined
(refined):
United States..-
13,440
160,272 160,860 1599192 1478568 108,738
5,342
5,189
4,774
4,427
aver.
of barrels)
almost
61,012
9,337
169,470
Plants
Total (thousands
con¬
the
Totals
Totals
51,196
Total
unchanged
Domestic apparent consumption for December
blame
to
foreign and domestic statistics
Production (blister):
U. S. mine
6,139
California
whereas domestic sup¬
10,361 tons,
925
Rocky Mountain
short tons
5,972 60,278 56",391
1,062
9,702
9,052
38,241 378,834 344,924
3,661
32,855 29,049
45,319 454,396 459,557
6,709 57,606 43,419
973
10,907 12,190
6,098 58,301
48,437
52,825 536,313 475,549
1,109
37,707
3,959
43,216
9,269
Oklahoma
steady at 13c.
as
V1 riO'.V
Production
Refin¬
Both domestic and foreign mine produc¬
partly
were
output.
on
than
At
& Ter¬
12,558
111., Mich., Ky__
114 tons compared with a month
increase of
an
the year.
The
Jan.
showed little change for the month.
the
in
Plants
Refin¬
eries
in the hands of producers reporting to the
holdings increased
by 10,247
(blister)
ditions
At
1935
Arkansas
copper
the end
Nov.
1936
East coast
well, accord¬
very
up
the price
scanty until
were
stocks of refined
previous.
plies
producers regarded
Institute—foreign
Copper
Nov.
so
suddenly increased.
Total
at
20
At
Oct.
1936
Appalachian
Jan.
close
1936
1936
irregularity of the London market naturally caused uneasiness here,
at
Oct. 31,
At
Nov.
ing to fabricators.
The
Jan.-
Buying of Copper products
prevailing has been holding
now
Jan.-
Domestic
booked
and1 business
tons,
40,775 tons.
Stocks
Nov. 30, 1936
Bookings thus far
few of the large companies
in
are
insisting
are
on
excess
getting
mill books, with the result that considerable
on
Zinc
Shipments
good
metal.
zinc
there is
more
Western
Louis,
unsettled
consumers
in
surprisingly
are
galvanizing
shipments
the
of
than 6,000 tons.
and
other
ordinary
pointing to
large,
taking
industries
grades
the
for
Offerings of High Grade
are
market
light, and
further
sold
with
in
for
the
delivery
tone
the
over
firm.
The
first half
London
of
market
the
at
6c.,
excited
and
year
was
Though
liquidation by speculators.
plan,
quarter
consumers
will be
in
greatly concerned about
week
satisfied that
of
world
requirements,
and they
price
pared with
a
Chinese
situation.
Jan. 15,
Jan.
Demand
movements
in
99%,
was
nominally
were
new
"Age"
a
rate of 82 %, Youngstown 77 %,
Cleveland-
and Buffalo 79%, while the only loss is in southern Ohio,
open-hearth furnace was taken off, still leaving that area at 96%.
one
week
creasing production and are taking
largely
in
Com¬
small net gain.
a
Jan.
14,
suspensions, having declined last week to 85,703 units from 92,142 in the
50.450c.;
before,
Co.,
automobile companies not affected by strikes
some
virtually independent
now
large volume of steel.
a
of
outside glass
bound, has raised its daily output to 5,300
Nash has also stepped up its schedules.
of
strikes
resumption
of
automobile
50.350c.
on
♦"
a
1936
Copper Institute on Jan. 14 released the following
pertaining to the production, deliveries and stocks
of duty-free copper.
These figures will henceforth be pub¬
lished each month as soon as they are available.
for some time,
which will
production
UNITED STATES DUTY-FREE COPPER STATISTICS FOR THE MONTH
OF DECEMBER (IN TONS OF 2,000 LBS.)
a
General
Motors
the return to the market
companies and the public
being increased; structural fabricating
good deal of business, are specifying
a
freely; the farm machinery industry has large orders and counts upon
very
active spring demand, and tin plate rolling schedules
of capacity, as can companies specify in volume,
oil
the way for
pave
when
possibility
notably the oil
Production of rail orders is
utilities.
more
strike¬
are
a
liberal scale of steel consuming industries that have been back¬
buyers
shops, which have recently booked
The
statistics
that
ended.
are
more
ward
Copper Statistics for Month of December and Calendar
in¬
and is aiming for 7,000.
cars
early settlement of the glass strike,
an
capacity
plants
are
Ford Motor
Meanwhile, there is
The outstanding development of the week is
Year
the
pay
The
Lorain 79%,
not
50.750c.; Jan. 16, 50.750c.; Jan. 18, 50.500c.; Jan. 19, 50.250c.;
20,
Pittsburgh having attained
the
in the last
prevailed here.
follows:
as
for tin
London
situation
same
week ago, the price of Straits tin showed
tin,
to
reported:
in
production
the price
The
moderate.
was
to be
sympathy with other metals, and the
shipped before
agree
price in effect at time of shipment.
are
appear
excess
be
cannot
Detroit, the seat of the automobile strikes, maintains capacity output.
"While total motor car output has been reduced by General Motors
the Tin Committee has not yet released the details of the
tin-control
that
instances buyers readily
Steel ingot production, at 81 %, has been pushed higher in most
districts,
where
Tin
first
April; in such
week
last
placed
a
the
tendency by brass makers to purchase larger quantities of Brass
Prime Western
sales for the week totaled
about
7,400 tons.
a
Special.
Prime
to
operations
Indicated
amounted to
St.
of
of
rate
been
has
tonnage
at
are
97%
particularly for beer and
Another feature of current and prospective steel business is the
cans.
high rate of activity among household equipment manufacturers.
Further railroad equipment buying is also in immediate prospect.
Missouri Pacific is inquiring for 2,225 freight train cars, the
The
Milwaukee
Road will buy 2,000, the Western Pacific 350 cars and 11 locomotives, and
Mine
or
Smelter
Production
&
Custom
Deliveries
o
Customers
Refined
Export
360,534
Year 1935
506,085
Jan.
1936
Feb.
1936
57,201
52,303
Mar. 1936.
57,574
April 1936
61,560
Sept. 1936
1936-
Nov. 1936
1936
12 months
x
59,374
60,562
53,985
55,410
62,655
72,895
64,140
75,892
75,919
73,978
70,349
...
Aug. 1936-.-
Dec.
68,682
78,829
67,379
82,409
732,322
On consignment and in
consumers'
3,874
51,961
66,842
72,074
1936-
Oct
67,147
58,801
125,866
91,485
1,982
59,704
59,906
57,149
59,807
62,100
1936
Julv
54,<ftl
379,843
528,194
54,390
51,417
56,448
55,960
50,420
May 1936
June
336,710
496,658
55,845
748,636
764,560
3,630
2,287
3,090
4,901
4,290
4,239
3,780
7,677
8,030
6,667
523,435
354,436
231,415
230,888
230,292
238,704
233,927
230,305
228,817
218,705
205,736
188,719
178,018
171,291
161,044
these
Rapid Transit wants 600
Does
not
Include
tons
for
Natural
Gasoline
During
November
Again Higher
The
Mississippi
a
production of natural gasoline continued its upward
In
River
bridge,
6,000
new
tons
addition to
projects include
for
In recent buying there
has been, without doubt,
an
Government
element of protection
against possible labor troubles in coal mines or steel plants,
remains that consumers have not been able to
size,
so
rapidly is steel being used.
well-assorted
stocks
because
Jobbers
consumers
but the fact
lay in stocks of burdensome
barely able to maintain
are
affected by delayed mill deliveries
drawing upon them more heavily.
are
As ingot
acute
production advances steel companies are again faced with
problem in getting sufficient supplies of pig iron and scrap.
scrap prices are
forcing steel plants to resort to greater
use of
an
High
pig iron where
possible, and the situation is further complicated by renewed export demand
for scrap,
have
now
principally from Japan, England and Italy.
are
are
1
These countries,
withdrawn from this market owing to high prices here,
raised their offers to a point
paying
$17.25 to $17.50,
above those of domestic mills.
Philadelphia,
and
$15.50,
Ex¬
Boston,
heavy melting steel, these prices, with rail freight rates added,
being higher than
of
trailers.
In structural steel,
New York.
for No.
Production
been awarded.
buildings at Sacramento, Cal., and 400 tons for the Midtown-Hudson tunnel,
porters
warehouses.
passenger
inquiries, several previously reported totaling several thousand
new
have not yet
which had partially
54,447
commission exchange warehouses,
stocks at their plants or
the Chicago
cars
7,000
Year 1933
Year 1934
Refined
Refineries
Domestic
Intake
x
Stock at
Production
can
be obtained in the domestic market.
said to have been contracted for.
has advanced 50c.
a
No.
peak for that
year
wa^
THE
$20.83
on
use
Chicago, raising the
"Iron Age" composite price to $18.42, highest since Feb.
trend in November, according to a report prepared by the
Bureau of Mines for Harold L. Ickes, Secretary of the In¬
terior.
Large tonnages
1 steel scrap for domestic
ton at Philadelphia and 25c. at
10,
1925.
The
Jan. 13.
"IRON AGE"
COMPOSITE PRICES
Finished Steel
,
.
The daily average output in November was 5,342,000
gallons compared with an average of 5,189,000 gallons in
October and with 5,037,000 gallons in November of a year
Jan. 19, 1937, 2.330c. a Lb
.......2.330c.
..........2.274c.
One week ago.......
One month ago
One year ago
2.130c.
principal increases in daily average production were
recorded in Louisiana, Kansas and the Panhandle field.
The proportion of natural gasoline blended in refinery
gasoline rose to 8.8% in November, the highest ratio for the
year.
The increased refinery demand was reflected in
stocks which declined from 191,310,000 gallons the first of
the month to 174,426,000 gallons on Nov. 30.
bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
These products represent
rolled strips.
85% of the United States output.
Hioh
ago.
The
Based on steel
1936
2.330c.
Low
Dec. 28
2.084o.
1
2.124c.
Jan.
2.199c.
Apr. 24
2.008c.
Jan.
2
1933
2.015c.
Oct.
3
1.867c.
Apr.
lfl
1932
Oct.
4
1.926c.
Feb.
2
1931
1.977c.
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.273c.
Jan.
7
2.018c.
Dec.
9
29
-
1935
..2.130c.
1934
1929
Oct.
Mar. 10
8
..................-2.317c.
Apr.
Oct.
2.286c.
Dec.
2
11
2.273c.
1928
2.217c.
1927
2.402c.
Jan.
4
2.212c.
July 17
Not.
1
....
Financial
536
| Based
Jan. 19, 1937, 520.25 a Gross Ton
One week ago
.
.
One month ago
...
One year ago..
_
of basic Iron at Valley
on average
furnace and foundry Irons at
320.25
19.73
18.84
Philadelphia,
Chicago,
Valley,
Buffalo,
and
Southern Iron at Cincinnati.
for automobile users, to be
Proof of the
$18.73
Aug. 11
Nov.
5
17.83
May 14
May
1
16.90
Jan.
18.84
1934
27
for
week
last
small
current
effect
production rates is found in the
on
one-half point last week from the week before,
being
compared
79,
gained five
operations
prepared to ship promptly when need arises.
Deo.
5
13.56
Jan.
3
three
Jan.
5
13.56
Deo.
6
6
14.79
Deo.
15
Jan.
7
15.90
Dec.
16
May 14
18.21
Dec.
17
18.59
Nov. 27
17.04
July
24
19.71
4
17.54
Nov.
week
a
the rate
Detroit
earlier.
Cincinnati
lost
production rates unchanged.
Jan.
18.21
79H
with
New England three;
and
points
14.81
1933
1932
1931—
1930—
1937
23,
continue production of steel on specifications
of the strike to
settlement
decline of only
Nov. 24
-
1935
Jan.
In some cases steel-makers feel sufficient confidence in an early
nages;
Low
High
1936
Chronicle
have sufficient outlets for delivery to absorb more than the deferred ton¬
PI* Iron
1929
1928................
1927
Jan.
Other producing centers maintained
points and Youngstown one.
Quiet buying of scrap by large steel-makers In the Pittsburgh and Buffalo
districts
1
been
has
tons and it Is believed
and
Based on No.
1 heavy melting steel
19, 1937, 518.42 a Gross Ton
quotations at Pittsburgh, Philadelphia
$18.17
and Chicago. ;
One month ago
17.75
Jan
that
prices for
Japan
One week ago
selected
only
cover,
dealers
being given
$20
paid for No. 1 heavy melting, with $20.50
was
Buying of scrap for export is increasing in the East
railroad steel.
for
Steel Scrap
under
done
The Pittsburgh purchase is reported to involve 35,000 to 40,000
tonnages.
been advanced
have
purpose
Italy and
50 cents.
reported to be the principal foreign buyers.
are
indicates confidence on the part of important
Increased buying of scrap
.
One year ago......
$18.42
17.75
13.42
1934...........13.00
1933................................ 12.25
1932................................
8.50
1936i
—....
.............
............
11931..11.33
1930.
.............
Jan,
6
Feb. 18
Jan. 29
15.00
17.68
........
1929
$17.92
12.67
10.33
9.50
6.76
6.43
8.50
11.25
14.08
13.08
13.08
Jan. 19
Dec. 21
Deo. 10
Mar. 13
Aug.
8
Jan. 12
1937.
for some time.
Low
High
1935
that present heavy demand for steel is likely to continue
steel producers
13,58
..........
1928
16.50
Dec.
31
1927
15.25
Jan.
11
Railroad
Jan. 4
June 9
Apr. 23
Sept. 25
Jan.
3
July
6
Deo. 29
Deo. 9
Deo. 3
rails,
cars
partly because of heavy lettings of
buying is at a- low ebb,
and locomotives late last year and also in a measure because
by abolition of surcharges at the year end.
of reduction in freight rates
Final statistics of freight car lettings in
the largest since 1929,
totaled
1936 show a total of 64,643 units,
In December car bookings
when 106,105 were let.
reflected in suspension
railroad, awaiting evidence in its
of formal contract for 1,500 Cars by one
July
2
Nov. 22
Effects
23,450, by far the largest number for any month in 1936.
of loss of revenue from removal of the surcharge is
of the effect of surcharge
revenues
loss.
Rail mills have decided in some instances to spread rollings contracted
The American Iron and Steel Institute
.
Jan. 18
on
an¬
indi¬
98%
of the steel capacity of the industry will be 80.6% of capacity
for the week beginning Jan. 18, compared with 78.8% one
week ago, 77.0% one month ago, and 49.9% one year ago.
This represents an increase of 1.8 points, or 2.3%, from the
nounced that telegraphic reports which it had received
cated that the operating rate of steel companies having
rates
Structural steel placements
the preceding week and
Jan.
13
20
49.9%
Jan.
Apr. 20
49.2%
49.4%
Jan.
6
70.4%
71.2%
70.1%
69.1%
69.4%
Apr. 27
May
4
27
49.4%
Feb.
3
50.0%
10
52.0%
May 25
Feb. 17
June
1
Feb. 24
51.7%
52.9%
June
8
Mar.
2
53.5%
June 15
Mar.
9
55.8%
60.0%
53.7%
62.0%
June 22
64.5%
67.9%
July
Mar. 16
Mar. 23
Mar. 30
Apr.
6
Apr. 13
July
1,000,000 tons
and
7
76.6%
14
79.2%
history
77.0%
77.0%
best year since the war.
Dec. 28
12
75.9%
74.2%
Jan.
18..—80.6%
19
Oct.
the iron and steel
other consumers affected by labor difficulties
The
The
Week
daily
iron
General Motors Corp. and
have been negligible.
Federal
the
with
week,
Production esti¬
91,685 units, compared with 96,780 for
decline of 5,095 cars.
a
This follows
ton.
per
Mills
an increase in
the two lower brackets of
1.
advanced 29 cents to $18.16.
price composite is advanced
Member
of
Banks
The
three cents to $36.55 for the
$55.80.
but the finished steel composite remains unchanged at
Returns
Banks
Reserve
and steel
same reason
York
New
in
City
and
Chicago—--Brokers'; Loans
volume of Federal Reserve bank credit
average
labor disturbance on automobile production
16 are smaller than expected.
"Steel's" composite of scrap prices is
Effects of suspensions of steel shipments to
the
Strength of steel-making scrap has brought advances in all markets and
Jan. 18 stated:
on
about 2,000,000 tons
by
In pig iron also output is at a continuous high
Effective Jan. 15 makers of cold-rolled high carbon strip have advanced
prices $5
74.0%
"Steel" of Cleveland, in its summary of
than
of more
,
cold-rolled strip Jan.
markets,
exceeds
This
Britain.
of the automotive
the preceding
74.7%
9
steel production rate
1937, the largest production In post-war
mated by "Cram's Reports" was
74.3%
2
Great
for the week ended Jan.
78.8%
Oct.
for
Effects
79.4%
1930, and the total
maintained for the fourth consecutive month
capacity level.
1937—
Jan. 4
11
26
show the
month
per
total of 11,698,200 tons for
Dec.
Jan.
Nov.
a
England
from
Dec.
75.3%
NOV.
1,067,365 tons, surpassed all months since May,
10,825,132 tons for 1937 exceeds any recent year.
Advices
Dec. 21
5
67.2%
69.0%
70.9%
71.5%
20
27
July
68.2%
72.5%
74.4%
75.4%
Aug. 31
70.2% Oct.
74.0% Oct.
6
13
at
Nov. 30..—75.9%
Aug. 24
also took 613 tons of reinforcing bars.
Shipments of finished steel by the United States Steel Corp. in December,
74.3%
72.2%
72.5%
71.5%
67.9% Sept. 7
68.2% Sept. 14
June 30
July
Nov. 23
3
69.6% Sept. 21
70.0% Sept. 28
May 11
May 18
Feb.
71.4%
Aug. 10..—70.0%
Aug. 17
total of
week is 5,000 tons for a dam in the Mississippi
River at Clinton, Iowa, which
74.1%
Aug.
a
26,841 tons for the corresponding week in 1936.
The largest lot in the past
of
Nov. 16
high level,
are maintaining a
28,846 tons being reported for last week, compared with 16,544 tons for
1936—
1936—
railroads, which would not consume their entire
purchases in three months.
11, 1937.
1936—
1936—
This is in
extend deliveries beyond the first quarter.
line with requirements of
Weekly indicated
of steel operations since Jan. 6, 1936, follow:
estimate for the week of Jan.
Jan.
late last year and
Below is the statement of the Board of Governors of the
Outstanding during the week ended Jan: 20, as reported by
the Federal Reserve banks, was $2,484,000,000, a decrease
Federal Reserve System for the New York City
banks and also for the Chicago member banks,
$1,000,000 compared with the corresponding
member
for the
current week, issued in advance of full statements of the
member banks, which latter will not be available until the
After
coming Monday:
week and of
week in 1Q36.
noting these facts, the Board of Governors of the Fed¬
$2,000,000 compared With the preceding
of
eral Reserve System
On
Jan.
20 total
proceeds
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
follows:
$2,468,000,000,
bank credit amounted to
Reserve
decrease of $8,000,000 for
as
IN CENTRAL RESERVE CITIES
a
balances, $22,000,000
banks, and $4,000,000
deposits and other Federal Reserve accounts.
Member
by increases of $15,000,000 in member bank reserve
Treasury cash and deposits with Federal Reserve
non-member
in
bank
reserve
balances
on
Jan. 20
$5,000,000 in Treasury currency, offset in part
in monetary gold stock and
20
Jan.
were
be approximately
estimated to
$2,130,000,000 in excess of legal requirements.
System's holdings of bills
discounted, purchased bills and industrial advances.
A decrease of $3,000,000 in holdings of United States Treasury bills was offset by increases
Relatively small changes were reported in the
Chicago
New York City
circulation and increases of $11,000,000
decrease of $32,000,000 in money in
in
(In Millions of Dollars)
This decrease corresponds with a
the week.
..
•" v" v.
:
Jj£-
Loans and Investments—total..
Jan. 13 Jan. 22 Jan. 20 Jan. 13 Jan. 22
*193
1937
JjjJ
.•
1937
1936
' i':f$ .'V;..
7,940
1937
^
'
1
38
1
45
31
728
138
139
149
943
75
946
75
893
61
705
704
*
In New York City
(except banks)
^
2,127
8,634
Loans to brokers and dealers:
Outside New York City
Loans on securities to others
1936
^-v;
2,070
8,568
1,985
<
$1,000,000
The statement in full for the week
ended Jan. 20, in
(+)
■
Jan. 20,
1937
Jan.
or Decrease
Since
13,1937
>
1
•
5
.
Bills discounted-.-Bills bought
-
—
—
advances
(not
.
(—)
Jan. 22, 1936
'''' '
—4,000,000
—2,000,000
—8,000,000
24,000,000
8,000,000
15
15
14
5
1,475
1,512
14
5
361
411
15
6
260
U. S. Govt, direct obligations..
3,555
3,573
3,368
1,126
1,126
1,173
451
454
95
95
90
1,065
1,063
401
1,039
276
276
246
2,590
2,544
54
58
81
497
489
52
75
473
599
33
79
6,431
6,392
597
193
on
paper
bought
real estate
+■
Obligations fully guaranteed by
United States Government
Other securities---
Reserve with F. R. Bank
Cash in vault
•
.....
Balances with domestic banks..
Other assets—net.
-
571
463
189
74
36
183
74
36
183
77
5,785
541
1,567
455
1,575
456
1,417
162
53
67
415
91
2,383
626
626
563
400
4
A
2
....
.—
2,509
.
•
Liabilities—
Demand
deposits—adjusted....
Time deposits—.......
600
169
United States Govt, deposits...
Domestic banks.
Including
$20,000,000 commitm'ts—Jan. 20)
Other Reserve bank credit
16
128
31
1,118
Loans
Inter-bank deposits:
2,430,000,000
U. S. Government securities
Industrial
<Jj
2,000,000
3,000,000
—
173
130
26
Accepts, and com'l
com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 564 and 565.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Jan. 20, 1937, were as follows:
Increase
151
129
27
Other loans...
United States Treasury notes and
bonds.
143
Loans to banks
of $2,000,000 in holdings of
in United States
-8,000,000
Foreign banks
2,393
—.....
_
+
2,431
387
378
.
4
+4,000,000
Borrowings
Other liabilities-.-
7
334
\
313
22
25
31
1,466 ,1,463
238
238
223
349
2,468,000,000
11,317,000,000
2,533,000,000
+ 11,000,000
....
+ 5,000,000
—9,000,000
+1,145,000,000
+35,000,000
Member bank reserve balances.....
6,339,000,000
6,755,000,000
—32,000,000
+15,000,000
+635,000,000
+ 953,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
2,651,000,000
+ 22,000,000
—442,000,000
573,000,000
+ 4,000,000
+24,000,000
As explained above, the statements of the. New York and
Chicago member banks are given out on Thursday, simul-
Total Reserve bank credit.......
Monetary gold stock..
Treasury currency..
Money in circulation
....
—8,000,000
Treasury cash and deposits with Fedoral Reserve banks
.......
Non-member deposits and other
eral Reserve accounts
Fed¬
Capital account.
1,467
Volume
Financial
144
taneously with the figures for the Reserve banks themselves,
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
and covering the same
be
cannot
entire
the
the
insurgents.
condition
statement
interference in
Instead,
an
decrease
$119,000,000 in
in
101
and an increase of
deposits,
Government
balances with Federal Reserve banks.
reserve
Loans to brokers and dealers in New York City declined $18,000,000,
loans to brokers and dealers outside New York declined $9,000,000,
loans
securities
on
others
to
increased $7,000,000 in the
banks)
(except
and
New York district and declined $3,000,000 at all reporting member banks.
Holdings of acceptances and commercial
paper
real
and loans to
and
declined
loans
estate
000,000.
$3,000,000,
banks declined $3,New York district
$16,000,000 at all reporting member banks, and increased $12,000,000
in the Boston district.
Government
States
United
of
direct
obligations
declined
$28,000,000 at all reporting member banks, and increased $8,000,000
in the San Francisco district.
Holdings of obligations fully guaranteed by
the United States Government showed no net change for the week.
ings
increased
"Other securities"
of
$7,000,000
New
the
in
member banks.;
York
$9,000,000 in the Chicago
district
and
$18,000,000
all
at
Hold¬
district,
reporting
he
district and $137,000,000 at all reporting member bankp.
little
net
change
the week.
for
Government
declined
all reporting member
$47,000,000 at
banks.
credited to
Deposits
Increase
(+)
Decrease
or
(—)
Since
Jan. 13, 1937
Jan. 6, 1937
5
Loans and investments—total
o
City
990,000,000
238,000.000
—18,000,000
—9,000,000
securities
on
(except banks).
Accepts, and com'l
—3,000,000
+6,000,000
—74,000,000
Loans
paper
on real estate
1,152,000,000
-.-..
on
contended
for
Committee
control
to
<<Volunteers'>
the
months,
must
adopt
Such
enforcement.
must be estab¬
the
Urged
establishment
days,"
10
possible
Mr.
says
wish
the
of
arrival
such
for
cases
of
the
of
control
"the
Soviet
the
agree¬
form
any
Litvinoff's
that
volunteer
general
note,
signatories
of
London
prohibitive
committee,
continue
military
or
contingents
in
publication.
in the opinion of
to remark that
necessary
unilateral
Government
of
in
while
taken
measures
members
other
by
some
free
are
from
send
to
favor of the rebels.
"There
is
the
cooperation
London
well
as
Such
committee.
individual
such
that
danger
international
measures
the scheme
as
measures
the
have
establishment
not
given
stopping
of
control and
any
clear-cut agreement
a
the sending
of
by
up
premature
principle
the governments supporting them
the establishment
to
Spain
to
future
drawn
be especially
to
appear
hamper
may
control
of
when it is remembered the rebels have not yet given even assent in
to
of
of
control
military contingents
or
the
under
'volunteers.' "
guise of
We also quote
from United Press Rome advices of Jan. 17
regarding plans formulated by Premier Mussolini:
The
Italo-German
Mussolini
the
conversations
returns
draft
Berlin
to
further clarification
on
Chancellor
their
Herr
necessary
Premier
needed
is
respective
Goering will
Hitler
will
importance
great
readiness
fresh
to sound
discuss
to
British
to
out Foreign
four-Power
a
believed Germany
France
with
pact
a
new
instructions
Ambassador
and
pact.
Italy
and1
Great
Eric
Sir
Secretary Anthony Eden
willing to
were
Fascist State in Spain, but not Communist, and
a
the
study
Should
viewpoints.
receive
negotiate.
trip to London
British
and
harmonize
to
attached
Observers
sign
between
conversations
If
be resumed Thursday when Herr Goering
Mussolini
Premier
become
Drummond's
promise
in
Goering.
probably will
dattempt
discussions
from
drafted
was
Rome.
to
an
policy
Colonel-General
and
Britain
com¬
willing
were
provided
Russia
is
eliminated.
+ 8,000,000
—3,000,000
+7,000,000
57.000,000
—3,000,000
—16,000,000
—28,000,000
+878,000,000
+699,000,000
1,240,000,000
3,243,000.000
+18,000,000
5,303,000,000
413,000,000
+119,000,000
+67,000,000
—12,000,000
and
to
Spanish
armaments
rebel
General
shipped
were
believe
Rome
the
to
superiority
forces on all fronts.
of the French Chamber
-+525,000,000
+2,000,000
+41,000,000
and
men
Berlin
+180,000,000
Balances with domestic banks2,354,000,000
assistance
Both
what
controlled Italian press ridiculed' the decision
The
—14,000,000
4,228,000,000
9.275,000.000
balance
to
the government
of
German
continued.
Franco
Franco
General
and
Italian
Meanwhile,
Francisco
Loans to banks
has
-f 51,000,000
others
to
control
to
military contingents to Spain, will not
cnly fail to achieve the desired' object but .also will result in interference
+58,000,000
2,000,000.000
bought374,000,000
Outside New York City
Loans
declares his govern¬
measures
and munitions to Spain
men
that
expresses
report
Soviet
to
In New York
fact
Diplomatic quarters
Loans to brokers and dealers:
Union
Non-intervention
adequately
of
conclusion, I believe it
obligations and
5b
+1,884,000,000
—56,000,000
and
members
over
Jan. 15, 1936
§
22,797,000,000
making a practice of
now
unilateral
immediately authorize their agents and ships bound for Spain
the
Meanwhile,
of the principal assets and liabilitiet of the
reporting member banks, together with changes for the week
and the year ended Jan. 13, 1937, follows:
Soviet
London
measures
least
again
would
"In
domestic and foreign banks showed relatively little change for the week.
A summary
the
as
the
shipment
require at
Spain
Time deposits
deposits
$13,000,000 in the New York district, $10,000,000 in the Chicago district
and
of
the
of
observe
$20,000,000 in the New York
$26,000,000 in the Kansas City district,
district, $19,000,000 in the San Francisco district, $15,000,000 in the Dallas
showed
the
view
ment
the
even
Mr. Litvinoff
enter
j>
contends,
concerted
Government
the
,J...
/'
Demand deposits-adjusted increased $50,000,000 in the Chicago district,
in
immediately, Mr. Litvinoff insists.
would
to
to
now
Action
$26,000,000 in the New York district, $8,000,000 in the Cleveland district
and
follows
as
Spain.
members
over
"In
bought increased $6,000,000,
declined $15,000,000 in the
"Other loans"
Holdings
all
lished
deposits—adjusted,
increase of $137,000,000 in demand
$47,000,000 in
of
banks
member
reporting
that
wise
not
is
Jan. 13 shows a decrease of $56,000,000 in total loans and
on
a
weekly
of
it
believes
control
investments,
summarized
was
Asserting the Soviet Government is not
ment
effective,
leading cities
note
cablegram, Jan. 17, to the New York "Times" from its
special correspondent at Moscow, Harold Denny:
close of business Jan. 13:
The
The
a
body of reporting member banks of
the Federal Reserve System for the week ended with the
of
537
sending volunteer detachments to Spain,
compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns
Chronicle
Other loans
U. S. Govt, direct obligations
Obligations
fully
of
Deputies
of
volunteers
by
guaranteed
United States Government
Other securities
Reserve with Fed. Reserve banks.
Cash in vault
+91,000,000
15,562,000,000
5,053,000,000
655,000,000
Time deposits
United States Govt, deposits
Inter-bank deposits:
Outlook
Domestic banks.
—9,000,000
—22,000,000
—2,000,000
413,000,000
—1,000,000
international
Spanish civil
complications
as
result
a
of
the
Time
Any
at
Royal
Bank
of
Canada
Business
in
Recent
More
Finds
Favorable
Years—Comments
more
favorable than
time in
recent years, Morris W. Wilson, President
and Managing Director of the Royal Bank of Canada (head
any
Montreal), told stockholders at the annual meeting
Jan. 14.
on
Further
of
Canadian
for
The outlook for Canadian business is
at
office
Spanish War Vessels Seize Italian Merchant Ship—
Loyalists Claim Capture of War Materials—Rebel
Troops Lose Important Strategic Position on Rail
Line—Premier
Mussolini
and
General
Goering
Formulate Italo-German Policy
them out.
Monetary Situation at Stockholders' Meeting
on
+468,000,000
—3,000,000
6,121,000,000
Foreign banks
Borrowings
Than
—44,000,000
Newspapers said Premier Blum had "noble inten¬
Spain.
Wilson
President
+137,000,000 +1,792,000,000
+1,000,000
+155,000,000
—47,000,000
to
to Premier Leon Blum to halt the flow
powers
but could not carry
tions"
Liabilities—
Demand deposits—adjusted
to grant full
World
trade is expanding and foreign
for the forest and mineral products of Canada is
Mr.
Wilson likewise
said
that
greater internal purchasing
is stimulating activity in
power
demand
improving.
home industries and pros¬
pects favor a further rise in the standard of living and
steady decline in the volume of unemployment.
the
a
In spite of
possible slowing down of the rate of expansion because
developed this week, when it was an¬
Spanish Government warships had seized an
Italian merchant ship which was alleged to be transport¬
developments, said Mr.
Wilson, it would appear probable that the records of 1937
ing air bombs and other
With respect to the present monetary situation, which he
characterized as an outstanding challenge to economic indi¬
gents.
war
that
nounced
At
nounced
the
war
time
same
the
Spanish
defense
junta
an¬
victory in the capture of Cerro de Los Angeles,
a
with resultant domination
railroad
materials to the Spanish insur¬
stations
of
Pinto and
at
Getafe
the
airdrome and the
Valedmoro
on
the strategic
of
will
was
agree
to
the
Franco-British
France would accept
sion which
border
war
to
the appointment of
would occupy all French
prevent
materials
The
Spain.
on
the Spanish
a
Italo-German
troops or
policy
was
visit to Rome of Colonel-General
Goering, German Air Minister,
Chancellor Hitler in conversations with
It
a
towns
proposals if
mixed commis¬
the transportation of foreign
into
clarified this week after
Hermann
non-intervention
who represented
Premier
rejected
reported in London
the
proposal
for
on
an
project to halt shipments of war
tugal was said to have notified
would
experts
not
to
permit
Great
the non-intervention
'Portugal to examine
exports
Britain
that
committee to
to
Spain.
The Spanish civil war was referred to in the "Chronicle"
of
365. * Soviet Russia, in a note by Foreign
on Jan. 17, told the British Govern¬
ment that it objects to the "unilateral" prohibition of volun¬
teering for civil war service in Spain, on the grounds that
such action would handicap the loyalist forces and benefit
Jan.
16,
Commissar
page
Litvinoff,
it
if
low
powerful
a
evident
is
be
can
force;
that
it
operates
speculation
corrected
is
the
as
somewhat
slowly, but to
of hand' will
out
be
to
create
only by depression.
Raising the question as to whether
such
a
popular government,
United States, can deal effectively with mone¬
tary problems, he said it
was encouraging to note that mone¬
United States are taking "definite
world inflationary force resulting from
tary authorities of the
action"
against
a
the devaluation of
Gold
entering
of
be
may
member
money
she
send
is
money
until
conditions which
Mussolini.
Jan. 20 that Portugal had
international
supervisory
materials into Spain. Por¬
feresaw "an unhealthy and arti¬
borrowing rates continue on their
He added:
present basis.
wait
year.
Wilson
situation"
volume
was
Mr.
vidualism,
Easy
reported on Jan. 19 that Italy and Germany would
those of the past
surpass
ficial
railway to the coast.
It
uncertainty concerning foreign
In
use,
possible
increased
w$
general
more
or
to
an
to
are
is
Continuing, he said:
not
allowed
now
stated that
of
average
measures
to
about
20%
the
increase
statutory bank
reserves
deposits
of
of
making for the tightening of
asked to believe that the increased government
economy
less
prevent
we
recovery
encouragement
may
shall
to
be satisfied
of
any
may
make
indefinitely.
and that the action
if necessary,
that
should
States
It has been
and that additional
quarters
of
rates
not correct,
that
gold currencies.
United'
rates are under consideration.
some
interest
By
the
deposits.
further
banks,
regulation
better
bank
the
now
huge
serious
it
possible
I feel strongly
being taken is by
in
with
our
an
continue
low
view
is
premature.
reserves already accumulated it will be
interruption in recovery.
It is surely
maintain the upward trend' for
proceed
irresponsible
to
that this
no means
orderly
manner,
speculation.
present
recovery,
I
do
nor
a prolonged period and
with
not
that
the
minimum
suggest
prices
that
should
of
we
not
Financial
538
be expected to continue to
to
we must on no account allow recovery
forerunner of depression.
Individualistic
fall, depending upon its ability to prevent depressions.
will stand or
economy
rise, but
Jan. 23, 1937
Stock
York
New
Adopts
Exchange
Power
Constitution—Extends
boom—the
into
degenerate
Chronicle
Amendments
to
Committees
to
of
Fines and Empowers Committee on Odd
Specialists to Supervise Certain Business
Impose
Lots and
Floor
on
Issue of External Loan
4% Bonds to Lazard Freres & Co., New York, and
$29,000,000
Awards
Norway
Associates
The
^Kingdom of Norway
Jan* 20 advised Lazard
on
Freres & Co., Inc., New York, and associates of the accept¬
ance of their bid for a $29,000,000 issue of 26-year external
loan bonds carrying a 4% coupon.
Associated with Lazard
Freres are Halsey, Stuart & Co., Inc., Glore, Forgan & Co.,
Co., Ladenburg, Thalmann & Co.,
Corporation, Goldman, Sachs & Co.,
Harris, Hall & Company, Inc., E. H. Rollins & Sons, Inc.,
Bell, Gouinlock & Co., Ltd., and Baker, Weeks and Harden.
In noting the foregoing, an announcement in the matter
Kidder,
Peabody
&
Bancamerica-Blair
also said:
and Exchange
will be filed with the Securities
Commission in Washington during the last week in January,
with public offering
slated for the first week in February.
The bonds will
be of the sinking fund type, with operations beginning Aug. 1, 1938, on a
standing committee of the Exchange to five members and
giving authority to the Committee on Odd Lots and Special¬
ists
bankers in
These
March
of last
the floor of all members transacting business in stocks.
The amendments are being submitted to the membership for
An announcement by the Exchange said:
approval.
In addition to the Committees of
$17,000,000 issue of 4H % 20-year bonds, this issue representing the initial
refinancing operation of the Norwegian government under the Securities
Arrangements, Bonds and Foreign Busi*
which have the authority at the present time to assess fines in
circumstances, the new amendment grants similar power to the
Committees on Business Conduct, Customers* Men, Odd Lots and Specialists,
ness,
certain
of
The amendment provides
and Commissions.
Quotations
fine of
a
maximum
The scope of the fining power is extended by the inclusion
section which gives the specified committees the right to assess fines
a
$250.
conduct contrary to an
"for
established practice of the Exchange,"
as
well
for violations of written rules or regulations.
as
The amendment re-defining
successfully sold in this market a
year
supervise certain aspects of the conduct of business
to
upon
basis sufficient to retire the issue by maturity.
This is the second Norwegian bond deal to be handled by Lazard Freres.
Stock Ex¬
change, at a meeting Jan. 13, adopted two amendments to
the constitution of the Exchange, extending the power of
and
The registration statement for the issue
Governing Committee of the New York
The
the duties and
of the Committee
powers
on
Odd; Lots and
Specialists gives it authority to supervise the activities upon
the floor of the Exchange of members trading for their own account or
otherwise in stocks.
Previously, the committee's supervision was limited
dealings in odd lots and trading by specialists.
to
Act.
Negotiations for the present issue were handled through Lazard Brothers
& Co., Ltd., in
London.]
■
Decrease During December Noted in Short
New York Stock Exchange
Interest
on
opening
of
.
The
Argentine
Minister
of
Finance T Announces
That
$39,600,000 Will Be Used to Retire Through Sinking
1927 and
Fund Bonds of
C. Alonso
the
1928
Irigoyen, Financial Attache, in New York of
Argentine Embassy, made known
on
Jan. 18 plans of the
Republic to redeem all of the Government's
External Sinking Fund 6% Bonds of 1927 due Feb. 1, 1961
and the 5^2% Bonds of 1928 due Feb. 1, 1962.
The plans
Argentine
indicated in
were
The Minister
Ortiz,
of
announces
of the
resources
official release issued
an
Finance of the Argentine
Dr.
Treasury to the retirement by Aug. 1, 1937 through opera¬
Government of the Argentine Nation
Bonds of 1927 due Feb.
Sinking Fund 6%
1961 and of the
1,
Government of the Argentine Nation External-Sinking Fund 514% Bonds
interest
short
1962,
outstanding and not previously called for
now
redemption.
as
of
the
1,136,814 shares, it was announced by the Exchange on
Jan. 21, or 93,765 shares below the Nov. 30 figure of 1,230,579 shares.
As compared with Dec. 31, 1935, the short
interest existing at the end of 1936 is 209,786 shares higher.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each
month since the beginning of 1935:
1935—
1935—
Jan.
31
Feb.
28
764,854
741,513
760.678
772,230
768,199
840,537
Mar. 29
Apr. 30
May 31
....
June 28
July
31
Oct.
Dec.
Aug. 30
870,813
998,872
Sept. 30
of 1928 due Feb. 1,
existing
Dec. 31, as compiled from information secured
on
b.v the New York Stock Exchange from its members, was
Roberto M.
that he intends to apply 39,600,000 dollars out of cash
tions of the sinking fund, of all of the
External
follows:
as
Republic,
total
business
31
930.219
May 29
1,117,059
Nov. 29
1,032,788
927,028
June 30
1,138,358
1,103,399
1,246,715
Sept. 30
31
1936—
July 31
Aug. 31....
996,399
Mar. 31
....1,175,351
Nov. 30
974,338
1,011,670
1,066,184
1,230,579
30
1,132,817
Dec. 31
1,136.814
Jan.
31
Feb.
28...
Oct.
30
913.620
Apr.
The funds for this retirement will be deposited on or before Feb. 1,1937
with the fiscal agents of the loans.
This operation is to be regarded as another step in the general program
Member
Trading on New York Stock and New York
Exchanges During Week Ended Dec. 26
Below Preceding Week, According to SEC
Curb
of reduction of the cost of the service of the dollar debt recently begun
with the calling for redemption on Dec*. 1,
1936 of approximately 60 million
dollars of the outstanding dollar bonds.
The decision to
provide at this time for the retirement of the above
referred to loans is taken in view of the excellent cash position of the Argen¬
tine Treasury and the holdings of foreign exchange of the
Argentine Govern¬
ment, which holdings have of late increased considerably.
No decision has been made
as
yet as to when the Argentine Government
replenish its cash resources by the issue of bonds at a later date but it
may
should be pointed out that the Government has
to convert external loans
been authorized by Congress
outstanding into internal loans and has been able
to borrow in the internal market at
excellent financial position
comparatively lower rates
due to its
and to the general recovery in the country's
economy.
Of the approximately 365 million
market by the Argentine
dollars borrowed in the New York
Government during the period 1923-33
approximately 138 million or 37%
a
total of
of this total indebtedness has already
been paid off or funds have been deposited to that effect.
As
a
result of the
redemption of the two loans above referred to the net total paid off will
amount to
nearly 49% of the total borrowed by the Argentine Government
in this market and substantial savings in the service will be
accomplished.
Council Urges Holders of Chilean Bonds
Accept Government's Proposal for Payment
Protective
Not to
of 1937 Interest
In
statement issued Jan.
a
17 the
Foreign Bondholders
Protective Council, New York, recommended to holders of
dollar bonds of the Chilean Government, the Mortgage
Bank of
Chile, and the Chilean Municipalities that they
do not accept the offer made last week by the Chilean Gov¬
ernment for the partial payment of .1937 interest on the
The Chilean Government's offer
bonds.
issue
our
of
Jan.
16,
page
366.
referred to in
was
The Protective
Council
similar recommendation to the bondholders
made
a
ago.
In its statement Jan. 17 the Council said in part:
a
year
an
equivalent amount for the buying of the documents on the
market at depreciated prices; the proposal for
14 of 1%
(0.605%) for interest with
of the documents on the open
1937 is
a
little
more
open
than
market at depreciated prices.
it
was
in 1936.
Therefore,
...
on the Exchange of 7,725,430 shares.
with member trading during the previous
week ended Dec. 19 of 5,748,378 shares, or 20.53% of total
trading of 14,001,350 shares.
On the New York Curb
Exchange member trading during the week ended Dec. 26
amounted to 733,620 shares, or 18.32% of the total volume
on that
Exchange, of 2,001,970 shares; during the preceding
week trading for the account of Curb members of 1,549,220
shares was 18.41% of total trading of 4,207,454 shares.
This
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its pro¬
<
embodied in its report to Congress last June on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended Dec. 19 were given in these columns of
Jan. 16, page 367.
In making available the data for the
gram
week ended Dec. 26, the Commission said:
The figures given for total round-lot volume for the New York Stock
round-lot sales
from the volume
The
Council
renews
its
recommendation that
of stock
effected
on
reported by the ticker.
week ended Dec.
was
26
on
those
exchanges
Curb
data
same
are
register at
once
that
bondholders,
who
have
not
already
1937.
done
Street, New York, N. Y., their
Other than
names
and addresses, giving the issues of
bonds and amounts held by them, in order that such bondholders
may be
advised of any future developments in the situation.
New
York
Initiated
as
on
floor...
105
313
...
Initiated off floor
On
867
181
specialists:
Reports showing no transactions
*
Curb
Exchange
1,075
Reports showing transactions;
As specialists'''.-.
so,
with the Committee of Holders of Chilean Bonds, 90 Broad
York
Stock
Exchange
Number of reports received
present offer will remain open for at least two years from Jan. 1,
ex¬
These reports are classified as follows;
New
Bondholders should know that, under the existing Chilean Decree, the
2,001,970,
the New York
Exchange and the New York Curb Exchange by their respective
members.
initiating negotiations looking to the securing of better terms for the
The Council urges
On the New York
.
week,
based upon reports filed with
The Council is again approaching the Chilean Government with a view
bondholders.
of
the ticker volume (exclusive of rights and warrants).
published
bondholders do NOT accept this offer for 1937.
to
volume
distinguished
the New York Stock Exchange, 7,225,430 shares,
Exchange total round-lot volume in the
The
the
as
The total round-lot volume for the
11.9% larger than the volume reported on the ticker
Stock
.
compares
ceeded by 9.6%
Other than this small increase in service, the situation remains precisely
as
of total transactions
Exchange and the New York Curb Exchange represent
equivalent amount for the buying
an
dealers) and of the New York Curb Exchange to total trans¬
in each instance was below the preceding week
ended Dec. 19, it was made known by the Securities and
Exchange Commission yesterday (Jan. 22).
Both the
Stock and Curb exchanges were closed on Dec. 25, Christmas
Day, and Dec. 26, the Saturday following.
Trading on the Stock Exchange for the account of all
members during the week ended Dec. 26 (in round-lot trans¬
actions) totaled 3,081,285 shares, which amount was 19.94%
actions
all
The proposal for 1936 was a little less than H of 1% (0.475%) for interest,
with
During the week ended Dec. 26, which included the Christ¬
holiday, the percentage of trading for the account of all
members of the New York Stock Exchange (except odd-lot
mas
.....
_
...
92
364
179
441
526
the New York Curb Exchange the round-lot transactions of specialists
which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
"in stocks In
Volume
Financial
144
Stock Exchange odd-lot
Curb Exohange perform the functions of the New York
dealer as well as those of the specialist.
the
number
of reports
received because,
entries in more than one
carry
times,xa single report may
at
we are a part.
Constitution and
Rules, are long established and well understood.
The Exchange expects
all of
us—members, partners and employees—to observe them, both in
tiie letter and in spirit.
Their touchstone, "just and equitable principles
the
to
Our
|fc,The number of reports in the various classifications may total more than
classification.Jg
of
NEW
IN
(SHARES)
MEMBERS*
FOR ACCOUNT OF
:V
members
Per
Cent a
Week
;
7,725,430
Total volume of round-lot sales effected on the Exchange
of
trade,"
imposes
the
of
code
of
upon
the obligation,
us
500,380
557,920
Sold
the
6.85
last
job
and
number
4.34
of
increases
which
In
stocks
In
Sold
651,940
-
Total round-lot transactions of members, except
Sold
1,535,170
1,546,115
-
Operation,
If
371,000
Total.
2.
In odd lots (Including odd-lot transactions of
Total
FOR ACCOUNT OF
IN
STOCKS
Per
Week
transactions
members,
of
transactions
except
Cent
a
2,001,970
«l*
Round-lot
Initiated
He declared
making
said
66,250
68,900
135,150
—
3.38
Initiated off the floor—Bought
Sold
a
3.66
He
Sold
Total
for
many
451,755
11.28
Bought..
353 650
Sold
deposit insurance, Mr. Ben¬
the
trust,
I am
There is
and
trusts,
as
believe
are
then, is the administration
to be successful they must maintain
nowhere
The
business life of the community depends upon the daily operation of its
bank and frequently upon the ability of its manufacturers and merchants
it.
degree
They
They would
public confidence.
of
to the
bank with
furnishes the
realizes
and
that
this
Bought
Sold
-
refusing
or
134,272
99,815
—
the
Total
•
The
234,087
••members"
term
includes
all
partners, including special partners.
a
Percentage
members'
of
transactions
Exchange
total
to
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' trans¬
time
same
In
Exchange members, their firms and their
We
have
made
to
sound
mortgage
R. Gay, President New York Stock
Stresses Possibility of Loss as Well as
Stock
Dealings—Letter
Stricter
Rules
The possibility
Profit
Members
to
in
Forecasts
of loss in dealing in stocks deserves just
as much
emphasis as the possibility of profit, Charles R.
Gay, President of the New York Stock Exchange, said on
Jan.
14
in
a
Gay's letter
letter
members
to
their
and
made
Mr.
associates.
on
the
missions has virtually completed a revision of these require¬
of applicants for membership.
Gay said, in part:
A
which
matter
relates
time
There
is
school
a
I
to
deem
of
pessimism.
ings
be
despondency
violence
Our
depends
public.
Our
business
To
in
loyalty
is
The
premises
the
to
conception
economy;
of
stress
security
and
periods
in
influences
fiduciary
say
excessive
increasing
every
neither
requires
us
judged
to
the
our
enduring
we
welfare
with
live in
a
nor
that
nothing
about
risk
personal
and
loss
as
is
to
on
lack
the
Enlightened self-
other
of
on
that
terms
provide
gradual
for
to make mortgage loans with our funds.
responsibility to the bank to repay that
listen to the reasoning of those who wish a
a
after year:
year
Changing
require
conditions
depreciation that is constantly going
on.
Business
in
Chemical
Cited
&
Bank
by
Trust
Percy H.
Co.,
man
Meeting of Stockholders of
presented
report,
annual
week's
this
at
stockholders of the Chemical
& Trust Co. of New York, Percy H. Johnston, Chair¬
Bank
tax
Annual
Reports Net Earnings of 9.64%
annual
his
of
on
Jan.
on
20,
of the
the institution,
undistributed
took occasion
earnings,
to refer to
stating
that
if
the new
it
is
"not
earnings annually, they may not have sufficient resources
to meet a future decline in business."
Mr. Johnson went
on
to say:
They
ments, in
and
considerations
to
be
would
dividends
lessen
handicapped
retaining employees
accumulated
by the acts of its members.
all
In
meeting,
investment is the element
the story untold.
subordinate
income or
repealed or modified, and corporations distribute all their
evaded
speak about the possibility of gain and to be silent
Exchange is
Bank
optimism
and1
relationship
clients that
our
to
be
can
public—and
our
that inherent in
possibility of loss leaves half
interest
the
longer
no
unchanged
Modified—At
the recurrent swings from
cycles.
constantly remind
must
profit
To
frankness.
first
intelligent
We
risk.
in
Safe loans are those
buildings not worn out or
that can be used for homes
on
Who,
Warns Against "Pyramiding of Orders"
—Also Points to Handicaps to Corporations Unless
Tax
on
Undistributed Earnings Is Repealed or
,
boom
in
substantial
are
responsibilities
on
a
as
times
fluctuations
own
enthusiasm
have
of
However,
importance to emphasize at
appraise these very human fail¬
minor factors in business fluctuations, there can
or
has
be kept ahead of the
Johnston
responsibilities to the public.
holds that
and
Improvement
Steady
In his letter Mr.
attempting to
excessive
hard
in
of
avoided.
well
that
question
our
remain
to
the loan
Admis¬
on
accentuated by the errors of undue
are
While not
either major
as
no
sufficient
of
toward
thought which
good times to bad times
and
be
to
attitude
our
however,
will
We
loan.
seeking to perfect its procedure for the ex¬
amination
this
we
necessity
the
Quotations and Com¬
on
ments, and he also revealed that the Committee
has been
is
to the community
borrower,
ing of requirements for admission to partnership in member
sions
lesson
A
other,
any
period by period, are the proper mortgage
to some extent other banks.
We have a
month,
banks
an
made
loans,
by
savings
responsibility
The
These
month
for
loan
He said that the Committee
than
buildings,
that produce
buildings
people.
repayment
loans
that
firms.
made.
constructed.
that they can be and will be repaid over a
useful
and
necessary
obsolete,
also interpreted as forecasting strengthen¬
was
recent years.
tion, and have studied how to put it into practice.
of
Partnerships
on
way
been
force
greater
been
have
not
have
not
the
in
We have, in other words, learned the meaning of amortiza¬
period of years.
Exchange,
loans
mortgage
should
making loans in such a
Charles
realize
lending practices.
We have
Loans, for example,
banks
perhaps with
learned,
only sales.
to
at
community I
of
about
should
that
its granting
The
responsibility
that
loans
some
buildings
on
judgment in
deserves wise
of its funds in jeopardy.
none
much
learned
enables it to
of his moral responsi¬
the community which
do business as a bank,
educating people to
the
importance of
actions Includes both purchases and sales, while the total Exchange volume includes
loans.
placing
considering
the
funds and
its
aware
exists,
bank helps itself by helping others
should give all the advice and1 assistance possible,
The bank
succeed.
his bank
in which
community
grant
to
The banker is
bank.
the
community
Odd-lot transactions of specialists in stocks In which registered:
get
the custodians of the funds of the community.
are
obtain loans from
bility
18.32
people
every
this country,
of
If banks
trusteeship.
highest
very
without
to
733,620
by
thrift
and1
has been administered
say,
why all bank deposits should
conscientious bank officer
reason
no
I
toil
of
glad to
them.
banks
the
of
We have felt that the funds we
result
379,970
Total...
ad¬
In his
in the mutual savings bank, to main¬
years,
sacred,
This
regards
so
business
great
storm."
severe
a
of trusteeship.
were
means.
director
a
the
Total round-lot transactions for accounts of all members:
of
weather
high degree
deposit
on
accepted
The
of
220,275
231,480
on
country
added, however, that it remains to be
would
sought
very
be
and
Round-lot transactions of specialists In stocks in which regis¬
tered—Bought
City,
the
Benson said, in part:
moderate
not
146,715
York
Federal
wisely and successfully.
79,590
-
Total
New
throughout
intensive effort to foster and promote
67,125
-
».
-
well."
Mr.
received
of
2.
in
Inc.,
banks
that
Referring to
the
that
have
We
tain
Total
Second
Benson,
A.
they must maintain the
confidence, Philip A. Benson,
Savings Bank of Brooklyn, N. Y.,
Society,
more
"that it
seen
—
Successful 'Banking
to
Philip
Deposit Insurance Corporation
undoubtedly did much to restore public confidence in banks
and that "in ordinary circumstances the FDIC seems to
dress
-
a
confidence.
that
function
of
the floor—Bought
on
Sold
15.
-
.
specialists In stocks In which registered:
1.
Lutheran
son
Total for
the Exchange
on
Ar¬
of
successful
Dime
the
are
ALL
Week Ended Dec. 19, 1936
Total volume of round-lot sales effected
Committee
the
public
Jan.
(SHARES)
MEMBERS*
of
the
of
be
to
are
told
1,891,758
EXCHANGE—TRANSACTIONS
CURB
YORK
NEW
Essential
Declares
degree
President
912,742
—979,016
Sold...
banks
highest
specialists):
Bought
and
within the Exchange an historical
Vice-President of A. B. A.
208,200
162,800
—
Sold
Relations
Confidence
Public
registered:
In round lots—Bought
Public
on
the archives of
in
Transactions for account of odd-lot dealers In stocks In which
1.
em¬
19.94
3,081,285
Total
individual
to
velops," he said, "we will undoubtedly call upon the mem¬
bership for cooperation, which I know will be given whole¬
heartedly."
transactions
registered—Bought-.
of odd-lot dealers In stocks in which
able
compensation
drawn largely from the wealth of material avail¬
the Exchange."
"As the plan de¬
museum,
8.75
1,352,760
Total
classes and involving a large
wage
in
rangements to establish
700,820
—
systematic assignment of em¬
the
Mr. Gay also drew attention to "the plan of the
ployees."
Committee
specialists
Ex¬
of the
plan
completed during the
was
survey
ployees to their proper
670,225
-
of
retirement
and
wage
336,255
transactions
with the
transactions
our
Gay also stated that "tlie Commit¬
month, resulting in
333,970
-
registered—Bought
our
clients ahead of our own.
our
insurance
group
haustive
1,058,300
Total
Round-lot
in
in
plan have been adjusted to supplement the benefits afforded
by the social security legislation."
He added that "an ex¬
specialists and odd-lot dealers In stocks In which registered:
Total
which
of
outlined
as
change, whereby the benefits to employees under our private
1. Initiated on the floor—Bought
2. Initiated off the floor—Bought
itself,
Exchange
conduct,
Management and Personnel has completed a revision
tee on
of
v
transactions of
except
and
In liis letter President
Total for
"
transactions
general welfare
standards
public, to put the interest of
1936
Week Ended Dec. 19,
Round-lot
STOCKS
ALL
STOCK J EX CHANGE—TRANSACTIONS
YORK
539
Chronicle
the
who otherwise
on
in
their
of
in
the
providing
out
years—a
last
might have had to
funds
for
capital
improve¬
their payrolls, and in continuing interest
securities
prosperous
depth
on
of
~4 surplus and
practice
depression
secure
which
and
undivided
undoubtedly
sustained
many
help from public relief.
profits
served
families
Financial
540
For
100
over
its
with
the officers of this bank,
years
in their close
Chronicle
The
relations
earnings of your company for the
those
have continuously advised them to retain a substantial
customers,
proportion of earnings in their business, bearing in mind that "into each
life some rain must fall, some days must be dark and dreary."
Jan.
the
of
proceeding
year,
The earnings of
If
special
a
the
than
$1,995,875
Resulting In
the government would
doubt receive
no
This
another.
might
also
tend
to
sounder value
create a
We
It
Profits realized
this
Of
again call attention to the danger of an unbalanced Federal budget.
gratifying to observe the recognition of this danger by the
in
$4,812,485
$3,883,452
current
1935
,
.
951,835
2,375,041
$2,931,617
$2,437,444
The 1936 balance of
$2,931,617 was credited to an amor¬
tization fund to provide, In part, for the amortization
Washington.
of bond premiums, thereby increasing the annual yield
from such securities.
During 1936 bond premiums
observed
Johnston
in his
"business im¬
report that
In
not only the requirements of
placed to meet
future needs due
also
ticularly
It
is
pyramiding
greater current demands,
anticipated higher prices, and in
industries), to
assure
of orders
collapse of•* commodity and
some
delivery within
lines
the
but
paid
1919, 1920 and 1921 when a
caused over-production,
The
losses,
net
Mr.
December
In
reserves
ferred
fund
from
to
For
houses
one
banking
close
and
3.8
neces¬
earnings
from
Holdings of government securities,
of these
excess
In
out.
50%,
$225,811,000.
"The growth
greatly exceed legal requirements,"
1936,
the
about
of deposits
and
small demand for loans has resulted in an accumulation of
that
reserves
in
1935
was
he said.
The average
$237,000,000, Mr. Conway pointed
Aug. 16, when the reserve requirements
up to
of
average
entire year
excess
reserves
was
$135,700,000;
raised
were
from
Aug.
16
houses,
bringing
their
value
books
the
on
stood at $125,000,000.
An item relative to
appeared in
Dec.
business
of
report
31,
1936,
shows the
and
condition
discloses
the Dec. 31
Jan. 9, issue,
our
page
figures of the
198.
company
of
to Stockholders of Irving
York States That Company's
Report
Trust Co. of New
Surplus Fund Re¬
presents 110% of Capital—Comment on Abnor¬
mally Low Interest Rates
strong
liquid position.
at
a
of Dec. 31, 1936, were larger than at the corresponding
the year 1936 deposits averaged $58,949,977 more
The deposits as
For
1935.
date
in
than
those in the year
Dividends
on
1935.
The report
presented to the stockholders of the Irving
meeting on Jan. 20
stated that "abnormally low interest rates exert pressure on
banks to obtain earnings through loans and investments of a
type which ordinarily would not be considered desirable."
The report, submitted by Lewis E. Pierson, Chairman, and
Harry E. Ward, President, went on to say:
the bank's stock in 1936 totaled $3,600,000.
Trust Co. of New York at their annual
deposits Dec. 31, 1936, are shown as $590,001,019, in¬
cluding official and certified checks outstanding of $16,The
451.,i26.
Leroy W. Baldwin, President of Empire Trust Co.
Reports Net Profits of Company for Year of $433,713
Compared with $361,827 in 1935
Baldwin, President of the Empire Trust Co.
Leroy W.
of New York in his annual report to
the stock holders
on
Jan. 20,
or $1.44
indicated that the net profits for 1936 were $433,713
a share, including $154,630 net profit on securities
sold, compared with $361,827 or $1.20 a share in 1935.
Deposits at the end of the year were $82,466,216, an in¬
crease of $15,995,652
or 24% for the year.
The capital
remains unchanged at $3,000,000; surplus and profits are
$3,812,718.
Compared with $2,487,540 a year ago, an in¬
crease of $1,325*178.
Of this increase says Mr. Baldwin,
"$1,000,000 represents a restoration to surolus of a portion
unallocated reserves."
excess or
Pfln connection with the retirement
excess
or
Mr. Baldwin also
says—
September 29,1936, of SI,000,000.00
leaving SI,000,000.00 outstanding, there was transferred
capital notes,
on
unallocated reserves to surplus SI,000,000.00.
There
re¬
mains in reserves a substantial amount in excess of all chargeoffs or reserves
recommended at the time of the periodical examinations by the New York
State Banking Department,
Committees
of
our
own
the Federal Deposit Insurance Corporation and
These reserves are deducted from
Directors.
the several assets, and the net
amounts are shown in our published state¬
ments of condition.
pMiiBecause of continued light demand for loans, notwithstanding unprecedentedly low
interest rates,
excess
loans.
of
95%.
year
the company has continued to be
This has resulted in lower earnings than formerly
The substantial increase in our trust business and the
services however,
Such loans and investments
new
have contributed to the favorable showing reflected in
-♦
through inability of borrowers to repay, or from sale of securities at de¬
preciated market prices when the need for funds occurs.
{El1lt
invested in bonds
Company of New York on Jan. 20, W. Palen Conway,
President, read the report of William C. Potter, chairman,
who was absent.
In his report Mr. Potter indicated that
Trust
of the company in 1936 were $13,409,158 com¬
pared with $12,795,875 in 1936., Mr. Potter stated that
"aside from the annual statement of earnings and the balance
sheiet of Dec. 31 last, there appears to be little of interest
to report upon the banking situation that has not been
fully and repeatedly covered in the public press."
The
report of the earnings of the company as presented by
are
an excess
prices usually are high.
of funds available
Conversely, when funds
required by banks to meet customers' demands, the
prices of such securities tend to be depressed, especially longer-term and
lower-grade issues.
At present it is particularly important that a high degree of liquidity be
maintained by banks in leading financial centers.
They
are
holding
a
large
volume of deposits known to be temporary and may be required to supply
increasing amounts of banking credit
as
business expands and
more
funds
needed in the production and distribution of goods.
are
In the report,
it is stated that "in capital strength your
has long exceeded the new legal standards. At
Dec. 31, its surplus fund represented 110% of capital, while
its total capital funds of $110,651,760.02 were 18.6% of the
gross deposits or 21.2% of net deposits.
Consequently, your
company is in a position to increase its business substantially
without any increase in capital funds."
According to the report, net profit for the year, after all
charges, amounted to $3,691,941, of which $3,000,000 was
disbursed as dividends. The report adds:
company
The
remainder,
together
with
$1,000,000
released
from
reserve
for
contingencies, increased undivided profits by $1,691,941.22.
HThe
average rate of return on
year, as
loans and investments was 1.73% for the
This reduction reflected mainly the
compared with 1.93% in 1935.
replacement at current rates,
by
$13,409,158
meeting of the stockholders of the Guaranty
Potter follows:
must be remembered that when banks have
for Investment, bond
\
Earnings of Guaranty Trust Co. in 1936 at
Compare with $12,795,875
the earnings
detrimental to the public interest because
of maturing loans and investments.
The
effect of the decline in the average rate obtained in 1936 was largely offset
end statement.
At the annual
are
they result in lessening liquidity and involve greater risks of loss, either
the unemployed cash has continued at a
relatively high figure, and the liquidity of
Mr.
the company's
to increase
was
carried in the statement below their market value.
amounted to
the relatively
account to the surplus fund, raising that
following this
statement
the
bank
from
explained,
The switch
was
dollar.
The financial
well in
were
1936 to
in
he said,
through Dec. 31 the average was $108,000,000, while the average for the
the
the
from
$115,000,000
The average maturity on these issues,
reserves
long period of years the bank has been writing down its banking
equipment $25,000 per month.
During the year $342,906.84
off
1935
$1,303,318,000
Mr. Conway said that on Dec. 31 reserves in excess of the legal require¬
and
written
was
increased
securities
Government
Conway
stated,
was
ments
were
undivided profit
^1930
quoted in part in the New York "Times"
that source and to maintain dividends.
$45,000,000.
a
Mr.
sary,
directors, deeming the undivided profits account and
than ample for all contingencies, order $5,000,000 trans¬
more
was
compared with 1.9 years the year before.
years,
your
the
States
$590,105,249.
it
were
$52,494.
Conway informed stockholders that the company's holdings of
Mr.
profit account $3,494,498.69.
the
Conway
United
sufficient, after making provision for
pensions and the usual dividends, to add1 to the undivided
reserves,
y
was
follows?
as
and
profits
Deposit insurance deducted in 1935
^
of the
operating
$2,658,217
Average net deposits.——......$1,442,196,000
subsequent
and the
2,437,444
during the year and deducted from earnings before arriving at the
figure of $13,409,158.
inventory prices resulted in heavy losses.
reserves
9.64%
273,400
Deposit insurance of $1,087,303 and social security tax of $58,500
write-down of banking houses,
bank's capital funds.
Of the total
earnings, 78.92% came from operations, $2,092,000 from
profits on securities, which had been used to write down
holdings of government securities and banking premises,
and $830,000 from recoveries.
As to the operating profits,
&c., Mr. Johnston said:
after
equaled
against
31, 1936, applicable to the future, of
(par¬
period
Mr. Johnston reported that the net earnings of the institu¬
tion,
of
Leaving unused balance in amortization fund on Dec.
be required.
to forget, but we should recall
easy
similar
to
heavy
the goods will
when
time
of
the
in
(instead
fund
this
to Increase the reserves of your company
lines production now exceeds consumption, as orders have been
many
against
charged
were
interest earnings) to the extent of
During 1936 the unused balance of 1935 profits was used
ment as follows:
the
Government obligations were
there was Included In the
Leaving a balance of..
most
is
Mr.
of
on
amount
earnings shown above,--_-_--__-_--_-_--_---_--«
proved steadily throughout the year," adding further com¬
of
$103,692
-
the market.
Administration
to
credit to undivided profits of.......... $1,958,150
1936
securities
for
1,892,183
651,008
—
Memorandum Regarding Non-Recurring Profits
a
larger income and capital would be available to flow from one industry to
in
a
___
———— — —
other charges—Net
as many
created for capital gains with rates much lower
tax were
prevailing income tax,
|
$12,795,875
10,800,000
Leaving.
$2,609,158
During the period there was set aside as reserves, and for
the government of a sub¬
people have refrained
He likewise said:
selling securities."
from
;
$13,409,158
10,800,000
the company were.
Out of which were paid dividends of.--_-_._-_-
lias deprived
present form,
;
1935
1936
•
— — -
stantial amount of income,
compared with
as
herewith:
'
According to Mr. Johnston, "the tax on capital gains, in
its
1936,
year
presented
are
1937
23,
an
A
increase of 11.3% in the average volume of loans and investments.
comparative summary of operating income, operating expenses and
operating profit for the past two years follows:
Operating
Income
1935--1936
-
"Loans in
"amounted
690.64
was
$10,285,366
10,149,172
Operating
Expenses
$6,807,356
6,548,310
Operating
Profit
$3,478,010
3,600,862
Germany on Dec. 31, 1936," says the report
to $6,249,260.38, as compared with $8,398,-
before. In this reduction, a loss of $538,073.12
company and has been charged off."
the report we also quote:
a
year
sustained by the
From
During the year there was an encouraging, though moderate, increase
in the demand for
evident
as
bank loans by commerce and industry, and it became
the year progressed that
stage where further expansion
volume of
bank credit.
business activity was approaching
a
would require the use of a considerably larger
Volume
Financial
144
The Dec. 31 figures of the company were
16
issue,
given in
about 0.251% per annum, to 99.721, equivalent to a rate of about 0.368%
per
+.
of
Deposits in New
York During 1936—Total Dec. 31 $5,242,897,915—
Gain Shown Also in Number of Depositors
$56,350,522
The amounts
deposit and the number of depositors in
on
the mutual savings
gain
Savings
in
the
somewhat
accelerated
during
Increases
pace.
last
the
quarter were almost $20,000,000, including dividends.
The number of depositors on the last day
at
6,029,672,
and
in
of the year stood
of 96,732, or almost 2%,
The gain for the last six months
gain for the
a
record for all time.
a
the number
of
year
depositors
and for the last
45,675,
was
Andrew Mills Jr., President of the Associa¬
tion and President of the Dry Dock Savings Institution of
quarter, 20,576.
New York City, commenting on the figures, stated
of course gratifying to savings bankers to see
that "it
deposits
growing constantly, but it is even more impressive to wit¬
ness the addition
of a very large number of the thrifty to
our list
of savings depositors."
Mr. Mills added:
is
Our
aim
realize
is
the
definitely to
very
self-dependent and
that
For
which
assistance
by
the
under all
been
pleased
to
have
derived
from
we
banks
savings
This is
$100,000,000.
the
of
State
during
of
of
the
aggregating
of
declared
dividends
the
1936
amount
than
more
Announcement of
a new offering of
273-day Treasury bills
$50,000,000, or thereabouts, was made on
Jan. 21 by Henry Morgenthau Jr.,
Secretary of the Trea¬
sury.
The bills will be dated Jan. 27, 1937, and will mature
on
Oct. 27, 1937.
They will be sold on a discount basis
to the highest bidders and on the
maturity date will be
payable without interest at their face amount.
There is a
maturity of bills on Jan. 27 in amount of $50,110,000.
The1 tenders to the new offering announced Jan. 21 will
be received at the Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Monday,
Jan. 25.
Tenders will not, however, be received at the
Treasury Department, Washington.
In his announcement
of Jan. 21 Secretary Morgenthau added:
They (the bills) will be issued in bearer form only, and in amounts
denominations
Earnings of Federal Reserve * Banks in 1936
$37,898,000—Net
Expenses $29,872,000—Net
Ad¬
ditions to Surplus Accounts $457,000—Dividends
of $7,829,000 Paid to Member Banks
Preliminary figures of the
banks
serve
Board
of
during
1936,
Governors
of
earnings of the
public
made
Re¬
by
the
System, indi¬
Reserve
Federal
the
Federal
Jan. 8
on
cate
that the Reserve Bank earnings during the year to¬
taled $37,898,000; the total net expenses are shown as $29,-
No
tender
available
shown
are
given
are
follows
as
$7,829,000, and net additions
as
$457,000.
The figures were made
by the Governors of the Reserve
as
Preliminary figures received by the Board of Governors from the Federal
banks
indicate that
current
earnings of the Federal Reserve banks
during 1936 amounted to $37,898,000.
Of
total
ment
current
industrial
the
received
the remainder,
advances
Federal
ments
for
and
during
fiscal
certain
$2,718,000,
Federal
of
for
ments
Reserve
last
the
Board
and
the
total
leaves
deducting
net
of
Governors
amounted
expenses
the
Securities
of
the
Federal
ment
accompanied by
from
acceptable prices
earnings
profits
1934
and the
increasing during
expenses
of
ex¬
compared
as
'
normal
by
deposit
incorporated
an
as
soon
possible thereafter,
as
his action in
will
Those
submitting
must be made at
available funds
The
on
taxation,
to
Jan.
27,
or
such respect shall be
the
of
acceptance
except
Treasury
other
or
or
immediately
1937.
as
to
principal and interest,
and
other disposition thereof will also be exempt,
and
estate
Decision 4550,
exempt from the gift tax.)
the
any
advised
on
reserves
and to allot less
Payment at the price offered for Treasury bills allotted
Treasury bills will be exempt,
all
be
the Federal Reserve banks in cash
gain from the sale
any
tenders
of the
probably
The Secretary of the Treasury expressly
inheritance
that
ruling
taxes.
Treasury bills shall be allowed
as a
deduction,
(Attention
Treasury
No loss from the sale
or
any of its
or
or
bills
are
is
not
other disposition of
otherwise recognized,
possessions.
Treasury Department Circular
prescribe the terms
for
$12,235,000 in
1935.
the
Additions
of United
States
Government
year
to
of
current
$8,900,000
Treasury
tributions
to
1934,
retirement
the
which
during this
present schedule by the end
of
is
year;
as
amended,
govern
and
this
notice
the conditions
of
scheduled
to
be
completed
and
con¬
be
$24,174,100
completed
under
investment
Government
in
of $24,174,100, it was
Secretary of the Treasury Henry
This compares with purchases of the
Morgenthau Jr.
securities during November of $5,912,300.
The following tabulation shows the Treasury's transac¬
tions in Government securities by months since the begin¬
ning of 1935:
announced
accounts
on
Jan.
amount
15 by
1936—
January
February
March
$5,420,800 purchased
1,300,000 purchased
41,049,000 purchased
April
21,990,000 sold
April—.
February
23,326,525 purchased
.
September
October
the
of
During December, the Treasury Department made net
purchases of Government securities for Treasury
June
$2,523,000 for prior service
which will
system,
418,
market
Act
19,
No.
Treasury bills and
Securities During December
the
June
the
Purchased
May
securities.
the cost of the building for the Board of Governors,
of
of
of $29,872,000,
expenses
operations
amounted to $9,484,000, of which
year
sales
on
$1,678,000.
current
decrease,
a
assess¬
to net operating
currency
$29,872,000,
from
compared with
occupied by the Board
November
December
8,765,500
33,426,000
35,439,100
60,085,000
17,385,000
18,419,000
5,275,200
purchased
purchased
purchased
purchased
January
$18,546,850
4,500,600
32,702,150
19,025,000
15,794,000
March
May
purchased
purchased
purchased
purchased
purchased
June
30,465,400 purchased
July.
15,466,700 purchased
August
3,794,850 purchased
47,438,650 purchased
September-
purchased
October
sold
November
27,021,200 purchased
5,912,300 purchased
purchased
December..
24,174,100 purchased
and $315,000 for other miscellaneous
1939,
'
purposes.
Making
these
additions
balance
charge-offs,
for
the
dividends
Dividends
Act,
bank
relating
to
year
and
the
deductions
This
surplus.
under
to
from
current
amount
was
for
earnings
reserves,
distributed
as
industrial
advances,
$226,000;
special
$734,000
Treasury
Morgenthau
announced
on
18 that tenders of $124,392,000 had been received and
$50,015,000 accented to the offering: of $50,000,000, or there¬
abouts, of 273-day Treasury bills, dated Jan. 20, 1937,
and maturing Oct. 20, 1937.
The tenders to the offering,
were
Reserve
invited
banks
on
and
Jan. 14, were received at the Federal
branches thereof, up to 2 p. m.
the
Eastern Standard Time, Jan. 18.
Reference to the offering
was made in our issue of Jan. 16,
page 373.
Details of the bids to the offering were made
available, as
follows,
on
Jan. 19 by Secretary Morgenthau:
Improving Living
Standards of One-Third of Nation
additions
$124,392,000 Bid to Offering of $50,000,000 of 273-Day
Treasury Bills Dated Jan. 20—$50,015,000 Accepted
at Average Rate of
0.345%
the
Federal Government Must Aid in
charge-offs
;
contingencies, $3,418,000; net additions to surplus accounts,
of
Capitol
Steps
in
Drenching
Rain—President
Pledges Continuation of New Deal Policies—Says
$7,829,000; payments to the Treasury
of Section 13-B of the Federal Re¬
$457,000.
Secretary
President Roosevelt Is Inaugurated for Second Term—
He
and
Vice
President
Garner Take
Oath
on
fol¬
provisions
premises, in addition to regular depreciation,
reserves
net
of $12,664,000 available for special
member banks,
to
United States
which
of payment
than the amount applied for, and
by
Jan.
will follow
rejection thereof.
August
to
express guaranty
final.
authorized
serve
and recognized dealers in invest¬
the right to reject any or all tenders or parts of tenders,
on
on
an
the following morning.
apply
:
Each
the closing hour will be opened and public announcement
to
up
to
the
considered.
trust company.
or
July
of
will be
Immediately after the closing hour for receipt of tenders on Jan. 25,
1937, all tenders received at the Federal Reserve banks or branches thereof
$2,008,000
lows
$1,000
The price offered must be expressed
Tenders from others must be accompanied by a
securities.
Deductions from current net earnings include an assessment of
a
than
of 10% of the face amount of Treasury bills applied for, unless the tenders
to
the Board' by
Act of
been
for
assessments
Reserve
of
expenses
Exchange
Board have
of
and
to
upon
of $567,000.
net
as
$2,177,000,
responsibilities placed
addition
of
cost
earnings during the
leaves
less
Tenders will be accepted without cash deposit from incorporated banks
reimburse¬
amounted
expenses,
to
earnings of $37,898,000, less total net
current
$8,026,000
came
and
expenses
The
the year 1935,
Current
net
1933,
1935,
years.
gives
penses
with
few
Board
duties
Banking Act of
Banking Act of
the
amount
an
Govern¬
States
Operating
after
and other
amounted
currency
the
of
expenses
Because of additional
the
or
$1,000,000
discounted and purchased
items.
1936,
agency
United
on
on
miscellaneous
banks
Reserve
were
$26,017,000.
Cost
and
their issue.
$35,180,000
earnings,
securities and
bills,
of
$500,000
for the purposes of any tax now or hereafter imposed by the United States
System:
Reserve
for
and trust companies and from responsible
invited
1936
$100,000,
the basis of 100, with not more than three decimal
places, e.g., 99.125.
Fractions must not be used.
banks
in
$10,000,
on
from
surplus
$1,000,
tender must be in multiples of $1,000.
872,000, leaving current net earnings of $8,026,000 compared
with $12,235,000 in 1935.
Dividend payments to member
to
of
(maturity value).
bank
Total
per annum on a
to the amount of
are
example of true self-help.
an
Only part of the amount bid for
The average price of Treasury bills to
Offering of $50,000,000, or Thereabouts, of 273Day Treasury Bills—To Be Dated Jan. 27, 1937
self-reliance.
their
think
people to
continue to be
may
maintain
circumstances to
depositors
our
number
large
a
that they
so
have
too,
reason,
encourage
of steady savings
advantages
bank discount basis.
a
New
year
gain for the last six months and for the quarter was at a
on
be issued is 99.738 and the average rate is about
0.345%
bank discount basis.
banks of New York State continued to
1936, according to figures released
Jan. 16 by the Savings Banks Association of the State of
New York.
The amount due depositors on Dec. 31, 1936,
was $5,242,897,915, a gain for the year, including dividends
declared, of $56,350,522, or a little more than 1%.
The
during
annum,
the latter price was accepted.
at
Increase
541
The accepted bids ranged in price from 99.810, equivalent to a rate of
Jan.
our
390.
pagj
Chronicle
President
Roosevelt
on
Jan.
20
was
inaugurated for
a
second term of office, during which he promised to continue
the major policies of the New Deal and to seek to "paint
out" the present picture of poverty, undernourishment and
bad
living conditions undergone by one-third of the country's
population.
The inaugural ceremonies were marred by a
driving rain but both Mr. Roosevelt and Vice President
Garner took the oath outside the Capitol and the President's
inaugural address was made as he stood in a drenching down¬
pour.
Chief Justice Hughes administered the oath to the
President and Senator Robinson performed a like duty
for Mr. Garner.
Mr. Roosevelt
pointed out the economic gains that have
during his four years of office.
He declared
that the founding fathers had established the Federal Govern¬
ment to "promote the general welfare and secure the
blessings
of liberty to the American people," and he asserted that
today
been achieved
.
Financial
542
Chronicle
of
"those same powers of Government to
objectives."
Governmental powers, the President said, must increase
as the intricacies of human relationships increase.
He stated
that the essential democracy of the Nation depends upon
lodging power with those whom the people can change or
continue through a free system of elections.
In referring to
the economic progress since 1933, he said that his Administra¬
tion, "by using the new materials of social justice," has
undertaken "to erect on the old fundations a more enduring
we
invoking
are
achieve the
The greatest
of future
use
We
change during the last four
Y';:.v
fare
the solemn
speak their purpose
did
Our
Norris
to
The 20 Amendment to the Constitution,
L.
time that
President
a
was
Under the arrangement
In
are
Congress, ac¬
can
be
regularly that
we.
November,
feated members, would meet to carry out legislation proposed by a
ducks" has been appreciably shortened.
imaginable,
a
defeated
a
November until Jan. 2 of any
we
Senate parliamentarian,
Garner because he
an
expert interpretation by Charles
the first term
of President
It
12 o'clock noon.
instrument of unimagined
of the abuse
tolerance
our
not
accepted
will
easily
of
save
be so easily
hard-heartedness.
excuse
so
of good feeling.
But
not
realize that there
we
of goodwill.
among men
was
But
tests
Let
the nation, in the opinion of Mr. Watkins.
—-
Capitol functionaries turned the clock back; but it was doubted by the
7
I
as
and
of
became
themselves;
way?
our
on
Comfort says "tarry
Timidity asks "how
under the pressure of more than ordinary
portents
progressive
our
Have
Its
fear
of
and
cf
Dulled conscience,
Such
reappear.
symp¬
Prosperity already
disaster!
the
of
goal
our
130,000,000
vision of that
our
happy valley?
with
blessed
continent,
great
a
upon
resources.
goad
difficult.
already
found
we
the
purpose.
reached
we
Have
under
progress.
more
self-interest
become
of
confidence have been restored.
imperative
today, however, is
may
despair.
and
stagnation
of
days
and
extended.
the side of
ruthless
Nation,
natural
during the 28 minute lapse, presented a Constitutional question of Presi¬
continue
we
that is coming to birth."
one
good spot."
the
been
were won
were on
again:
great
a
see
or
a
Courage
have
day of March, 1933?
wealth
eco¬
the road that lies ahead?
upon
Or shall
face a great decision.
from
far
Advance
ask
back
our
"this is
preserved.
horizons
persistence
parliamentary sharks that this would have met the problem had some one,
With this change
Improve our
to
the road of enduring progress.
upon
land?
we
says
come
been
prosperity
us
fourth
and turn
ability
road1 ahead?"
The times
the
feet
change
climate of America.
democracy together4 offer an ever-
rediscovered
our
our
heard
moral
irresponsibility
of
and
Progress
the greatest
the moral
in
dream that is dying,
a
hold to progress
To
believing that
in
been the change
present gains
our
toms
Mr. Garner,
is
have
we
has
of Enduring
Road
on
justified
am
Opportunism
suffering.
Roosevelt
I
now
are
circumstance.
28 minutes
Setting Feet
this the promised
the
and
and then he was Vice President
not even Mr. Roosevelt or
one,
formerly
will
era
have set
we
age
is
Vitality
Mental
12:29 P. M.
During the 28 minutes no
had power to act for
prosperity
a
the practical from
divides
an
ever-larger satisfaction to the individual.
pause
while."
President Roosevelt took the oath
in first.
was sworn
abandon
to
things
an
climate
call
we
True,
later before the country had a new head,
at
order,
difficult
a
According to the Constitution, and
and
moral
Many voices
defeated President would only be able to call a special session
Vice President Garner ended at
of
conviction that in
the
come
morally better world.
a
of goodwill, science and
men
life
"each
For
period of 28 minutes the Nation was
without a President on Jan 20, special advices that day from
Washington to the "Times" said.
and
bad
was
the collapse
fashioning
are
we
good feeling
reasons
Shall
the period of power for "lame
given year.
Watkins,
of
era
America
our
nomic
In the most extreme circumstances
of a defeated Congress to sit from early in
Stating that for
evil
have witnessed has
Shall
constitutional provisions
new
of
of
been
have
self-interest
the line that
wipe out
Hard-headedness
Among
in
President during a period of four months.
Under the
untruths
practicality has
beginning
are
these
richer
the first
the situation arose
"lame-duck" Congress, composed at least partially of de¬
a
mind and
unlearned.
morals; we
achievements
by
Out
economics.
their
moving toward
no
For
much slower than they are today, a
Monday in
first
helped
heedless
that
doing
so
Sees
Congress.was ordered to meet on the first Monday in December.
the
job with second-hand ma¬
economic morality pays.
process
condoned.
We
to
those who betray for profit the elementary decencies of life.
this
proclaimed by Henry
Since the statutes of the United States provided for elections on
Tuesday following
Government
exercise
the
Jan. 2, 1935, but today was the first
on
were
boasted
We
by
power
made
understanding undermines the old admiration of worldly success
new
such.
begun
relearned;
the establishment of
for
This
as
provided by the Constitution, as originally drawn,
of transportation
means
session of
Public's
to
have
we
have
been
been
bad
beginning to
are
years
we
have
have
is
it
ideal, and in
in under its terms.
sworn
that
builders
We
the
for
known
always
now
whose
said.
The Seventy-fourth
Stimson, then Secretary of State.
cording to its provisions, convened
when
have
four
new
we
truths
the long run
re¬
scheduled session of the legislative body, was ratified by a suf¬
a
the
generations.
purpose
Old
know
defeated members partici¬
ficient number of States on Feb. 6, 1933, and was so
on
spirit.
intended primarily to prevent
of Congress in which
of
materials of social justice we have undertaken
the old1 foundations a more enduring structure for the better
that
We
last
not merely to do a patchwork
was
future
of
In
these
By using the
erect
use
the wires were all down,
"The ground was covered with snow and slush,
Private Autocratic Powers
of
democratic,
pledge
terials.
weather than attended the ceremonies
the trains could't operate, and there was no parade," he
pated in
instinct.
historic
our
government
democracy impotent.
our
in
more
power
sessions
belied
not
and
States,
separate
of all
bring private autocratic
powers
into their proper subordination to the public's government.
The
legend that they were invincible—above and beyond the processes of a
democracy—has been shattered.
They have been challenged and beaten.
Our progress out of the depression is obvious.
But that is not all that you and I mean by the new order of things.
power
today.
the "lame-duck"
have
experience
new
the
make
not
In' fact,
March 4, 1909,
called that the induction into office of President Traft, on
worse
of
years
within
Subordination
guest
Out of his long experience in Presidential inaugurations Mr.
much
invoke those same powers of government to achieve the same
United States
can
do the things the times require, without yielding its democracy.
Our
tasks in the last four years did not force democracy to take a holiday.
Nearly all of us recognize that as intricacies of human relationships
increase, so power to govern them also must increase—power to stop evil,
power to do good.
The essential democracy of our Nation and the safety
of our people depend not upon the absence of power but upon lodging it
with those whom the people can change or continue at stated intervals
through an honest and free system of elections.
The Constitution of 1787
of honor of the inaugural
committee said a Washington dispatch Jan. 20 to the New
York "Times" which also stated in part:
very
the Revolutionary War;
people.
we
Four
ment
Norris, father of the 20th amendment to the
Constitution, under which President Roosevelt was inaugu¬
by
150th anniversary of the constitutional convention
At that convention our forefathers found the
Nation.
a
us
book of self-government.
our
They hold out the clear hope that government within communities, govern¬
Senator
marked
wel¬
common
our
objectives.
completing the address, Mr. Roosevelt returned to
House, where he reviewed an inaugural parade,
consisting chiefly of members of the Nation's armed forces.
In the evening a concert was held in place of the usual in¬
augural ball.
As was indicated in these columns Jan. 16,
page 374, the present inaugural ceremonies marked the first
occasion when, under the provisions of the Norris Amend¬
ment to the Constitution, the terms of the President and Vice,
President of the United States begins on Jan. 20 of each
year following the November elections.
The change from
March 4 was proclaimed effective Feb. 6, 1933, by the
Secretary of State.
President Roosevelt assumed his first
term of office on March 4, 1933.
was
way( to master epi¬
of
Government as Forefathers in Solving Nation's Problems
marks the
made
Today
the White
the
in
chapter
new
American
seeking divine guidance to help us each and every one
was
a
they created
sufficient then and now
to solve problems utterly beyond individual or local solution.
A century
and a half ago they established the Federal Government in order to pro¬
mote
the
general welfare and secure the blessings of liberty to the
obligation of leading the American people forward along
week
had found1
we
leave the problems
to
strong government with powers of united action
a
peace.
this
We refused
out of the chaos which followed
way
reached
After
rated
people against disasters once considered
problems once considered unsolvable. We would not
not find a way to master economic epidemics just as,
its
by the winds of chance and the huurricanes of disaster.
Americans were discovering no wholly new truth; we were
we
a
This year
give light to them that sit in darkness and to guide our feet into the way
of
controls
practical
men.
that democratic government has
truth
the
sensed
find
must
we
solved
this
which
that
blindly selfish
fatalistic suffering,
of
Same Powers of
President of the United States, I
While this duty rests upon me I shall do my utmost to
and to do their will,
be
to
In
which they have chosen to advance.
over
we
disease.
of
writing
\
7
In taking again the oath of office as
to
and
protect
to
could
that
centuries
demics
goal he visualized on March 4,1933, and that the greatest
existing challenge to democracy is the fact that a substantial
part of our population is denied the greater part of "what
the lowest standards of today call the necessities of life."
Today, he said, "we reconsecrate our country to long cher¬
ished ideals in a suddenly changed civilization." He con¬
the road
knew
we
forces
Republic
capacity
admit
the
assume
this
do
solve
after
the Presi¬
years,
the
of
innate
generations."
America." He declared that the country has not yet
cluded:
To
economic
inevitable—to
"has been the change in the moral climate of
said,
blind
same
structure for the better
dent
mankind.
over
Jan. 23, 1937
people
great
a
at peace among
are
nations.
dential authority.
I
The inaugural address of President
Roosevelt follows:
My Fellow Countrymen:
When
four
single-minded
for all the
ancient
less
and
Our
nized
of
a
faith
those
covenant
a
our
of
the
unafraid,
did
of
stagnation
the
first
unable
are
with
purpose
hitherto
comforts
create
necessary
and
ourselves
But
can
there.
Instinctively we recog¬
government the
solve for the individual
to
and
is the challenge
its
of
instrument
the ever-rising problems
bewildered.
those
moral
For,
controls
a
without the aid of government had
without
over
the
that
aid,
services
useful servant instead of
of
a
we
had
science
been
which
ruthless master
very
standards of
the
among
democratic
under
be translated into a spreading
unknown—and
lowest standard
the
of
part of its whole population—who
see
millions
see
see
I
see
factory
other
I
the necessities
families
of
whose
millions
conditions labeled
I
denied the greater part of what the
are
today call
In this Nation I see tens
to our democracy:
citizens—a substantial
moment
trying
very
lowest
of life.
live
to
on
incomes
meager
so
that
pall of family disaster hangs over them day by day.
I
their lot
their solution
to make science
this
at
the
did not stop
neighbor
that,
be raised far above the level of mere subsistence.
here
of millions
I
despair of that day.
need' to find through
good
a
demonstrate
Challenge to Democracy in Denial to Millions of Necessities of Life
here.
We dedicated ourselves
time when there would be
the
civilization.
baffled
to
can
country
can
national wealth
government,
human
their
which
States
the Republic,
things first.
deeper need—the
united
complex
us
spirit
speed
President,
a
happi¬
Republic pledged' ourselves to drive from the temple of
those
who had profaned it; to
end by action, tire¬
Repeated attempts at
left
in
stood
vision—to
a
inaugurate
met to
of
of
making
are
,
our
We
we
people that security and peace essential to the pursuit of
We of
ness.
living
ago
anxiety,
in
fulfillment
the
to
years
methods
volume
they
United
a
see
and1 the lot
millions
and
by
daily lives
indecent by a
millions denied
oi
in
city and
one-third
farm
continue under
century ago.
a
their children.
lacking
the
their
poverty
of
nation
means
to
denying
millions.
see
on
so-called polite society half
education, recreation and the opportunity to better
buy
work
the
and
products
of
productiveness
'
a
ill-housed,
ill-clad, ill-nourished.
farm
to
and
many
Volume
Financial
144
Paints Picture
It
\
is
despair that I paint
citizen
the
fluous.
have
I
listen
of
test
our
to
who
will
Government
of
the
all
when
is
than
and
that
super¬
of
our
competent
and
all
Nation
a
of
'There
of goodwill,
of
practical
and
men
purpose
government
popular
as
use
justified
it
compose
work
uncorrupted by
as
trustees
when it keeps abreast
progress
reconsecrate
we
and legitimate criticism
support
drive
that
They
of injustice and, therefore,
lives
political
progress
To
Nation,
a
all
we
men
in
else
up—or
go
always at work forces
In our personal
are
together.
seeking
our
economic
for
all
we
and
down—as
go
Then
effort requires
of
differing methods,
the confusion
need.
democracy
a
of many
voices rises
political leadership
humility.
But
out
understanding of dominant public
an
voice
can
of
vast amount
a
common
ideals, and aid in their
In
taking again the oath of office
the solemn obligation
assume
the
road
which
over
While
misuse
this
they have chosen
duty rests
President of the United States,
as
I
of leading the American people forward along
reference
of
I
me
upon
shall
service.
do
utmost to
my
their
speak
It
power.
my
every
each and
us
to give light to them that sit in darkness and to guide
one
*r.to the
of
way
President
feet
our
peace.
Roosevelt
investments,
issue
power
headed
Secretary of the Interior
by
committee,
a
Ickes,
that it is
establish
to
necessary
If
visable,"
but
he added
uniformity
that
the
The
such
once
it would govern all new7 power
few
of
in
years
structed.
addition
policy
a
policy
fair
a
to
established
were
developments during the next
projects now being con¬
committee named by the President
The informal
includes, besides Mr. Ickes, Frederic A. Delano, Vice-chair¬
man
of
the
National
Resources Committee;
Robert E.
Healy, member of the Securities and Exchange Commission;
Morris
L.
Cooke, Rural Electrification Administrator, and
McNinch, Chairman of the Federal Power Com¬
Frank R.
mission.
The
President's announcement
statement by
with
a
who
Authority,
urged
Federal
cooperation
private utilities, and who said that since government
operation of utilities is still
in
followed the issuance of
Dr. Arthur E. Morgan, Chairman of the Ten¬
Valley
nessee
experiment,
an
steps taken
It has recently been re¬
that direction should be slow.
until
on
action in
The
the Board of the TVA, w7ho advocate militant
Federal operation of electric plants.
President, in his letter to Secretary Ickes, said that
power legislation is necessary immediately, since
from the Bonneville project on the 'Columbia River in
Oregon will be available for distribution this year.
His
power
letter read:
this
it
power
the
is
highly
generating,
uniform
far
as
This
does
does
project
not
practicable
of
to
next
distribution
for
the
At
legislation conform to
a
Instead
new
rates
of
such policy to
be
as
in
every
part
policy
of
once
the
but
country,
established
will
I
tlemen
an
as
committee
to
legislation
for
Delano,
Judge Healy,
Mr.
Inasmuch
that you
Dr.
they
as
completed
are
the
during
am
respect
as
can
all of you
let
«ne
Morgan,
the
make
to
Bonneville
Cooke and
are
recommendations
and
other
his
power
to
of
But
me
with
%
a
issued
statement
couple of weeks.
at
should
believe
we
should deal
with
the
private
power
companies to the end
eliminating abuses, while preserving the right of the people to acquire
own
power
service by public ownership if they choose.
In the
of
respect
for
transition
legitimate
from
private
private
should be
steps
solution
settlement
of
process
up
any
been
has
waged to
of compulsion
powers
worked
right to know
a
be
by open-minded
what
well
and
out
that
it is
regret to
is
are
what
would
it
that the power companies
say
should
the
cost
sell that
to the
power
private utilities
to
private utilities
their
generate
own
The private utilities, on the other hand, if assured of such supply,
government
am
additional
build
not
that
opinion
suggested
that
until
assured
supply
is fully used.
power
the
of
plants
generating
type
some
grid system,
prove
may
of
power
perhaps
President,
the
by
transmission
somewhat
pool,
along the
as
lines
to be desirable.
President Roosevelt Asks 3-Year Extension of
Recipro¬
Policy—Letter Urges Congress to Con¬
as
Means of Aiding Peace—
Secretary Hull Appears Before House Ways and
Means Committee as Hearings Start.
cal
Trade
Authorization
tinue
President Roosevelt
for
a
Jan. 21 asked Congress to extend
on
period of three year's the authority to conclude reciprocal
trade agreements.
a
letter to Representative Dough ton,
Chairman of the House
Ways and Means Committee, the
President
In
said that continuation of the
policy is desirable
aiding in bringing about "durable peace"
throughout the world.
Authority to negotiate the pacts
would terminate next June unless renewed by Congress.
Secretary of State Hull appeared before the Ways and Means
Committee on Jan. 21 and declared that economic collapse
in Europe is "almost a certainty" unless European Nations
change their policies.
1
United Press advices of Jan. 21 from Washington quoted
as
a
from
of
means
Mr.
Secretary
Hull's
statement
Europe is "almost
the
to
Committee
House Committee that
Hull told the
as
economic
follows:
collapse in
certainty" unless the nations of that continent shift
a
from their present policies.
"Within another year or two," Mr.
stance going into cannon,
Hull said, "with most of their sub¬
shot and shell instead of the
stomachs
a
of their
certainty."
Mr. Hull said that most economists believed that reciprocal trade policies
were
two
the best
means
of
promoting peace and prosperity.
During the last
he asserted, with the policy in effect for the United States,
years,
"we have made
IB Mr. Hull
was
than all of Europe."
more progress
the first of
a group
of Federal officials to
appeal before the
agreements act.
|
"It is manifest," he said,
the emergency in the
to
public
investments
"that, while genuine progress has been made,
field of international relations with which
confronted three years ago is not
in
ownership
the
there
utility
should
business,
a
we
were
over."
universally growing realization that
nomic well-being for all nations is an
eco¬
indispensable foundation for durable
peace.
"No
peace
machinery, however
perfectly
constructed,"
he
said,
"can
operate among nations which are economically at war rather than at peace
No durable peace is possible except among nations which
are
actuated, in their economic dealings with each other, by friendliness,
fair-dealing, and
a
sincere desire to keep open the channels of mutually
beneficial trade."
A
continuation
means
•
of the trade agreements act
and the trade agreements
he said, "insures that our country will continue to have adequate
of action in favor of peace at a time when the world hesitates peril¬
ously at the crossroads of peace and war."
their
process
other
of the British
President Roosevelt's letter to Representative
Washington,
16, presented as a "personal view of the electric power
issue," says, in part:
I
achieve.
two
campaign should
vigorous
a
have
utilities
customers, it
its
program,
familiar with the subject, I hope
Jan.
of
be
a more
should be developed and announced,' indi¬
of
process
the
and what
them,
about
power.
projects—Mr.
Judge McNinch.
in general
have recommendations within
in
would
have
may
may
we
approach
an
but it
of
the invaluable habit
achieve our ends
we
Public authorities should not give
reasonable
with each other.
informal
not be perfect,
may
and
reasonable methods
the conditions under whidh peace might be
in the Tennessee
Valley region have not been assured as to what are the intentions of the
TVA concerning them.
...
If the TVA has power over and above its own needs and the needs of
Boulder Dam and portions of the TVA,
asking the National Power Policy Committee of last year to
asking you to serve as Chairman with the following gen¬
reconvene,
by
such
accept the
Secretary Hull said there is
This
developments
power
reject
clear program
a
I
same
national
few years.
all
solution
issues
the country than the ends
on
established.
advisable.
policy.
apply to existing projects, such
and
available
immediately necessary.
such
or
identical
mean
uniformity
mean
is
advisable that
be
will
transmitting and distributing policy,
as
analysis
facts, and1 with
disclosing all
committee in defense of the Doughton resolution that would extend the trade
Bonneville
Therefore, legislation
year.
time,
it
from
open
sides
people, another economic collapse in Europe would be almost
national
Power
out by the process of
government,
in which
manner
the utilities to
a
asked
any
ported that Dr. Morgan has differed in policy with other
colleagues
good
public
of
settlement; and second,
analysis.
did not
those
to
private
with both
companies
power
First,
and
cating what in the opinion of qualified public authorities would constitute
identical rates for power for all parts of the country.
Mr. Roosevelt said that
electric
of
public
both
protect
be worked
can
leadership,
solution
the
taken.
with respect to electric power "as far as practicable or ad¬
mean
will
which
contribution
a
strengthened.
uniform policy
a
possible distribution
Since the creation of the TVA I have
to recommend
legislation designed to establish a broad national policy for
the generation, transmission and distribution of electric
power.
He asked the committee to report within two weeks.
He said
the widest
to
recognition of difficulties, the
reaching
recently
appointed
of utility
attitude to take with
.
.
qualified
be
will
solution
a
.
the
under
I
18
Yet,
dangerous.
learned
I have
proper
and
utilities which will protect both public and private
lead
and will
at
honest
of
Jan.
is unwise and
what
and
abuses
quarters that
some
to strive to find a basis of agreement between
is
power
in
some leading utility
executives are today in a mood to
reasonable working arrangement, and that it may be possible to
a
interests.
with Private Utilities
on
opinion
believe that
arrive
—A. E.
Roosevelt
have given their
utility
against
attitude.
that
desire
at.
President
fight
the honest
is
at the lowest possible rates.
power
taken
Appoints Board to Formulate
National
Power
Policy—Committee
Headed
by
Secretary Ickes Asked to Report Within Fortnight
Morgan, TVA Chairman, Urges Cooperation
the
to
experiences
own
all
and to do their will, seeking Divine guidance to help
purpose
development and
...
the private utilities
with
TVA
to
established.
advance.
to
America.
in
industry
power
abuses, I believe that at the present time the
compel
realization.
fail to
utility abuses as to
upon
electric
the
unselfishly
and
notwithstanding
patience
vast amount of
a
systems.
power
attention
of
respect the interests of
to
part by preserving the economy
whom Senator Norris is outstanding,
among
negotiation
any
and
convenience
enduring influence
maintain
dealing with
of
as
But
people.
one
in
In every land there
individualists.
are
in a sud¬
required
are a
intelligent aggressiveness in technical
an
sincerely
If
long cherished ideals
to
apart and forces that draw
men
we
of
I
demand that these
be created and maintained.
cancers
country
our
denly changed civilization.
ambitions
been
they
activity in the integration of the industry which has brought about a high
of all that government does.
people, they will
our
center
so
be
should
achievements
great
has
level
strong among the nations in its example of the will to peace.
Today
wise to
not
the TVA and the private
who
effective government shall
of
is
tiie
on.
dedication,
committees
efficiency of well-integrated
It
sec
similar
carry
women
of
will not
we
their will.
when
obtain
can
will
hearts
agency
Nation,
and
men
It can make constant
It
We
willing hands
out
carry
are
warm
every
aught of the will of
demand
as
to the abun¬
more
provide enough for those
timidity.
people receive true information
conditions
will
to
and
more
heads
insist
people.
know
I
cool
facts.
the
If
will
we
borders
our
add
we
it,
we
purpose
the Republic
of
we
instruments
for the whole
the spirit and
opportunism
have
effective
it is whether
and
concern;
within
group
is not whether
progress
who have
women
They
women
well.
and
in
American
every
Some men,
aught of
comfort,
and
interest
make
to
local
the larger communities of which
little.
too
know
Overwhelmingly,
men
country's
those who have much;
dance of
If
his
injustice
the
understanding
determined
are
I paint it for you in
that picture.
faithful law-abiding
any
The
We
out.
subject of
regard
never
and
seeing
Nation,
it
paint
to
proposes
individual
of Hope
you
the
because
hope,
'who
in
not
543
Chronicle
be
and
Doughton
follows.
kjBy the
act of June 12, 1934
(Pub. No. 316 of the Seventy-third Con¬
gress), the Congress authorized the Executive to enter into foreign trade
agreements
for the
United States.
I
am
purpose
of promoting
sentatives
(the
foreign
commerce
of
the
periodlof (three years.
you^have introduced in the House of Repre¬
This authority was conferred for a
very happy to learn that
:H. J. Res. 96) providing for an extension of this authority for
544
a
Financial
further period of three years.
Such
At the time of the original enactment the world was moving in the direction
a
destruction of international
progressive
Trade
commerce.
supplanting
As
result
a
discrimination
an
the
rule
of enhanced
on
equal
of
treatment
obstructions
in
commercial
trade and
to
and
industrial interests,
had
which
injured by the contraction of their foreign markets,
were
been severely
to regain their
deserved place in the international trade of the world and to expand foreign
outlets for their products, it was necessary for our governments in a time
of such emergency to be in a position to bargain with other governments
by
of energetic and decisive negotations.
means
The executive branches
of virtually all other important trading countries
to act
promptly.
authority in
already possessed
By the act of June 13, 1934, the Congress placed
a
power
similar
hands.
my
Through the exercise of that authority, foreign trade agreements have
been
concluded
with
15
nations.
Improved opportunities for
trade
our
have been secured in such important markets as those of Canada, Cuba,
Brazil,
France,
Through
Belgium,
the
Netherlands,
Switzerland
and
we
Bill
Extending Stabilization
$2,000,000,000 and Authority of President
19 both the Senate and House passed the bill
extending until June 30, 1939 the $2,000,000,000 Stabiliza¬
tion Fund and the authority of the President to devalue the
dollar..
The opposition was negligible, said a Washington
dispatch Jan. 19 to the New York "Herald Tribune" which
observed that even the amendment offered in the Senate by
Senator Arthur H. Vandenberg, Republican, of Michigan,
which merely required the Secretary of the Treasury to
make a report on the secret operations of the huge stabiliza¬
tion fund when the fund should go out of existence, was
voted down 43 to 32. Both Houses passed the extension bill
by a voice vote said the dispatch which likewise stated:
On Jan.
The Vandenberg amendement was
Sweden.
policy of demanding and granting equality of treatment
our
given in the "Chro¬
Devalue Dollar
to
the part of other nations, our foreign trade had suffered
agricultural
our
message was
Pass
House
and
Fund of
adverse
whole.
If
Senate
relations.
of increasing
drastic decline than the catastrophic fall in world trade as a
even more
budget
nicle" of Jan. 9, pages 162 to 164.
barriers
had risen to unprecedented heights, and exclusive preferential arrangements
were
Jan. 23, 1937
The President's
extension is highly desirable in
an
the interests of our nation.
of
Chronicle
offered in the House by Representative
The Republican floor leader remarked
Bertrand H. Snell, of New York.
have obtained removal of discriminations where they existed in the trade
when he offered it that he did not see "how any man
agreement countries and guaranties of equal treatment in the future.
to this
the
time
same
policy has served
our
At
reduce discriminatory practice
to
in many other countries.
In
the
process
interests of
our
safeguarded.
the
producers in the domestic market have been scrupulously
was
made possible by painstaking effort on the part
of the government agencies concerned with the negotiation of trade agree¬
ments and
by the helpful co-operation of the business community and the
general public in making known to the government their views and desires
amendment
Our vigorous initiative in the field of liberalization of commercial
policies
an
economic
important factor in arresting the world trend toward
isolation,
which
seemed
almost
irresistible
three
national
while
by
accomplishment
has
completed.
no means
conditions still exist.
the
gratifying,
In international trade relations emergency
an
economic recovery for our
mediately ahead,
and
Barriers operating against our trade are still excessive.
Their reduction continues to be
anced
substantial
our
essential requirement of a full and bal¬
In the period which lies im¬
country.
a
ability to act swiftly and effectively in the field of
normalization and expansion of international trade,
friendly and constructive basis of fair-dealing and equal treatment,
upon a
is to go forward.
in
importance
improvement.
even
In part
In
the material
benefits
conferred
by trade
the Washington account to the "Herald Tribune"
he
stabilization fund
the
said,
"is
It thus
a
powerful instrument of economic
serves
yours,
deny that there has been
called
D.rROOSEVELT.
Roosevelt
Authorizes
Construction
of
Two
Ships—Points to Building of 11 Such
by Other Signatories {of London^ Naval
budget message on Jan. 8, announced that he had
directed the Navy Department to construct two replace¬
ment capital ships, following the example of other signa¬
tories of the London Naval Treaty of 1930.
The President
pointed out that since the passage of the Navy Appropria¬
tion Act by the last Congress, Nations who signed the
London treaty have begun the construction of 11 capital
ships. He declared that "if we are not to reduce our Navy
by obsolescence, the replacement of capital ships can no
longer be deferred."
v
The text of the President's statement follows:
with
the
of
of two replacement
capital ships.
The keels of these ships
be laid in conformity with existing treaties at any time after Jan. 1.
our
battleships, the Arkansas, Texas and New York will be
than 26 years old before these ships can be completed.
reduce
our
If
more
we are not to
Navy by obsolescence, the replacement of capital ships
Let
me
measure
that
that the/ President determines
as
a
fact that capital-ship-replacement con¬
struction is commenced by any of the other signatory powers to the
for the Limitation and Reduction of Naval Armaments signed at
.
.
Secretary of the Treasury,
devaluation initiated
any
results
for
by foreign nations
States,"
the United
the 1936
programme
announced
had been let
thatTheTkeels
suould
belaid at the earliest possible
permitted by the Washington Naval Treaty; namely in January
essential to order the vessels
now,
and although complete specifications will not be available until
October, there is sufficient information available to enable the contractors
to prepare for laying down the keels in January next."
In order to achieve this object, it is
12, 1936, France laid the keel of the capital ship Jean Bart.
to
had specifically
with
prepared to
possible disad¬
Senator Vandenberg rose
to
Secrecy Held Essential
money
ury
will have been solely in the hands of the Secretary of the Treas¬
and the President for five and
tion expires.
There is
no
a
half years when the new authoriza¬
provision for review of their actions, no pro¬
My amendment merely requires that when the stabili¬
That is all, although
passing this
measure
I believe
we
these
three
capital ships
undertaken since the passage of the Navy
whose construction
has been
Appropriation Act, eight others
under construction in the foUowing countries, three in
France, two in
Italy and three in Germany.
Some time will elapse before bids can be obtained and contracts awarded
and additional time will be
required for contractors to assemble material
before the keels of
ships can be laid.
our
two
operations will
should have a report before
this afternoon."
Senator Vandenberg was opposed by Senator
W. Barkeley, Democrat, of Kentucky.
Glass and Senator Alben
Both of them emphasized the need
for secrecy in the funds operations.
Senate
Banking and Currency Committee voted a
time Repre¬
the House
Committee on Coinage, Weights and Measures, indicated
that he would report the bill this week.
Both committees
heard Secretary Morgenthau on the stabilization fund in
secret session said advices from Washington Jan. 15 to the
New York "Times," from which the following is also taken:
favorable report on the bill on Jan. 15 at which
sentative Somers of New York, chairman of
He told the committees that the stabilization fund had
contributed to
the stabilization of world currencies through the "gentlemen's agreement"
to maintain
a
existing exchange levels and that on June 30 the fund had shown
realized profit of $6,000,000 from its operations.
is easing and that the dislocations in foreign currencies are gradually
absorbed,"
Mr.
Somers
being
said.
"He further indicated that stabilization of exchange, which is our ulti¬
mate
goal, is
now
brought to
a
possibility for the future, especially since
the monetary agreements among Great Britain, France, Holland, Belgium,
Switzerland and the United States."
were
not approved,
the United States would lose its power
competition in foreign exchange markets, Mr. Somers said.
"The committee feels that if the Secretary's statement could have been
broadcast, fear of uncertainty could
no
longer be
a
factor among American
business firms," he continued.
Approval of Bill to Extend Life of RFC Until
1939—Rejection of Senator Byrd's Amend¬
June 30,
ment
to
Limit
Extension
RFC Outlined
to
One Year—Activities
by Jesse H. Jones—-Figures Pre-
sented to Senator Glass and
moment
are
profit.
speak.
of
"It is the intention
addition
a
Treaty
and stated:
In
fund, but rather
.
After Senator Glass had explained the bill and stated
in the Senate.
Senate
the orders for two battleships of
On Dec.
provoked Senator Glass to
on
London,
1930."
On July 29, 1936, Sir Samuel Hoare, First Lord of Admiralty
1937.
which,
in which manipulation
loss in the fund, which was originally the so-
Henry Morgenthau jr.,
If the bill
replacement of overage capital ships, to be undertaken only in event
that
been carried
secrecy
asked for its passage "to make sure that this country would be
to meet
The last Congress made an initial appropriation for "two capital ships,
April 22,
any
repeat, there has been no loss."
can no
longer be deferred.
as
advisable in
"The Secretary indicated that the credit situation in the United States
provisions of the Navy Appropriation Act
1936, I have directed the Navy Department to proceed with the
Three of
was
"gold profit" from the devaluation of the dollar to 59.06 cents.
The
President Roosevelt, in a statement issued in conjunction
with his
construction
dollar,
toward stability in the international
zation fund authorization does terminate, a report on the
Treaty^
may
devalue the
to
loss to the government in the operation of the
be made.
June 3,
and
progress
"I may state in general terms," said Senator Glass, "that there has been
no
vision for an audit.
FRANKLIN
accordance
Senator Carter Glass,
Senate,
"If this bill passes," said the Senator, "$2,000,000,000 of the people's
ourselves, relax our effort, or abate the vigor of our leadership, in a world¬
wide movement for durable peace through economic prosperity.
In
Any Losses
Republican attacks on the
to strengthen the foundations
to
Vessels
represent
of the stabilization found has
peace.
In the present unfortunate state of world affairs, we dare not in justice
Capital
to
monetary field."
vantageous
A policy designed to reduce excessive trade barriers and
equality of trade rights is
President
passed at once
view of the recent Anglo-Franco-American agreement on exchange
military conflict.
Sincerely
rejected by a vote of 75 yeas to 311 noes summoned the whole
Democrat, of Virginia, also stated that the extension of the two powers,
meet
of world
This
Senator Vanderberg's amendment effort was the only real attack on the
Economic strife, resulting from inordinate or discriminatory
appeasement and stability.
be excised from the bill.
The motion to recommit the bill
introducing the reported bill to the
trade barriers, is one of the most fruitful sources of political animosity and
to establish
ayes.
also said:
V
The development of liberalized trade practices has another effect, which
transcends
52
Democratic strength to the House floor, and the bill was
commercial policy will be indispensable, if the present favorable and pro¬
mising trend toward
devaluation,
after the motion had been beaten.
over
been
for dollar
107 noes to
beaten,
to committee
Glass Denies
the recent Buenos Aires conference.
But
task is
also
was
ago.
years
Striking evidence of this is furnished by the actions of individual countries
and by the discussions and recommendations of such international gatherings
as
objection
providing that the second section of the measure, extending
the authorization
in the matter and in supplying valuable pertinent information.
has been
an
Representative Hamilton Fish Republican, of New York, offered another
of obtaining improvement in our export positions,
This
could rise
proposal for a simple post-audit," but he was promptly voted down,
93 to 59.
The action of the United States
RepresentativeSteagall
Senate, in voting on Jan.
of th^ Reconstruction Finance Cor¬
poration until June 30, 1939, was briefly referred to in these
columns a week ago, page 376.
The Senate passed the bill
by a vote of 74 to 1 (early accounts reported it as 73 to 1)—
the one vote in opposition having been cast by Senator Byrd,
of Virginia (Democrat) who sought to limit the extension to
June 30, 1938; his amendment to this end was rejected, 23
votes being cast in the affirmative with 52 votes against the
proposal.
Senator Byrd, who is Chairman of the Senate
15 to extend the powers
Volume
Committee
Reorganization, during the Senate debate
on
Jan. 15 said:
"A
on
broker
Hand'.
'
The bill not only extends the loaning
authority of the RFC,
duty
but likewise
The
Government:
I
am
agencies will without doubt be given the
the
status and it is likely that
same
"I for
one cannot
"The best time to abolish
ation.
If
continued,
bureau
a
such
will
Jones, Chairman of the Reconstruction Finance
a
letter addressed
Jan.
on
15
held
Carter
to
Banking
and
Committee
presented
Currency
rapidly
Representatives
a
more
recent
account
.
Senate and
of the activities
of the
House of
of 34,000 separate loans
and
able to get the funds elsewhere
were
by the RFC.
60%, has been repaid,
or
Of this amount, $4,374,-
the fact that it is
measure to
available.
Of this amount $110,575,785.77 has been canceled, the
capital
investment
retired their
$402,715,377.58
has
been
repaid.
714
capital entirely, leaving 5,377 banks in which
banks
have
still have
we
capital investments aggregating $648,051,725.65.
Our policy for the past year or more has
applicants in getting their loans from private
than
Jan.
by making them ourselves.
make the loans enables
We
our
are
liquidating
where possible rather
we
are
in
a
position to
do this, in many cases.
us to
as
The fact that
rapidly as is consistent with the best interests of
borrowers, and the best interest of the country.
Our bill is drawn with
this in view.
During the
agencies
and
1936, except for funds advanced to other governmental
year
for
relief,
collections
our
exceeded
disbursed
loans
by
of 1%
per
$736,000,000.
We have
operated at
a
total expense
of approximately
H
annum.
We have paid the
Treasury $190,732,868.24 in interest
on
the money we
our
operating surplus
from loans and investments authorized by our Directors, giving effect to
accrued interest receivable and payable, is $150,702,834.07.
Of this earned
surplus $114,400,000 has already been collected.
This $150,702,834.07 will more than
cover
such individual losses
we
H.
on
rate
how
or
any
these
The
a
of
all
a
case
outstanding.
reorganization
permit
when such proceedings
to the "Wall
18
Street
follows:
as
Commission
July
from
a
plan
6%
1,
1936,
4%
to
which
held
the court
from Jan.
that
which
action
until
for the
July
period
1,
con¬
made
was
consent
1934,
to
1938.
sustained, without
the
on
reduced
and
July 1,
and
cer¬
The
their
extended
1938,
from
1, 1935, to July 1,
the order
single affirmative
attack
of
assent
to
in
certificate
part of
of reorganization carrying
large part
issue
when
approved
certificate holders.
and
fair
as
Court after notice and hearing and
tacit
Under these provisions,
plan need not be expressed,
a
provisions which
on
to become operative and binding upon
particular
a
State Supreme
approval by two-thirds of the
affirmative
based
was
of reorganization
holders
certificate
but
dissent
must
be
expressed in writing, and failure to dissent is deemed to constitute assent.
In Associated Press advices from
Lehman
nor
that
the
was
reported
Supreme
Albany, Jan. 18, Gover¬
stating that he was "gratified"
as
Cou^t had upheld the 1935 New York
Abt.
Mortgage Commission
The
recommended
measure was
originally by Governor Lehman.
In these columns, April 18, 1936, page 2598, it was noted
that the New York Court of Appeals, in three unanimous
decisions, on April 14, had upheld the State Mortgage Com¬
mission Act.
The Supreme Court's decision, according to
the State Mortgage Commission, deals specifically with that
section of the law giving to the Commission power to reor¬
certificate issues
where
written
dissents
are
filed
by holders of less than one-third of the face amount of the
affected by the plan.
mortgage investments
only section of the statute which
was
This was the
appealed to the Su¬
Court, said the New York "Times" of Jan. 19, which
quoted the Commission as follows:
further
Court of Appeals
Commission
the
statement
in New York already has affirmed the constitu¬
to
borrow
by the State
such
for
as
the constitutionality of the power
rehabilitation
agency
for
and
tax
payments,"
explained.
"Apparently the time has elapsed for the making of appeals from other
decisions
the
Brokers Records of Customers' Dealings Not Privileged
are
features.
equitable by the
of
C
which
Commission Act,
challenged
from
constitutional
permitted
the
Honorable Henry B. Steagall, House of Representatives, Washington, D.
its reor¬
the portions of the
deemed to have assented to the plan
were
"The
Honorable Carter Glass, United States Senate, Washington, D. C.
in
the theory that in failing formally to dissent the certificate
upon
holders
the
tionality of all points contested,
JONES, Chairman.
was up¬
up for a test in a case involving mortgage
$100,000 mortgage in Bronx real property.
contended
appearance
holders,
yours,
JESSE
Act
Mortgage
1935, and to 5%
preme
as
will naturally have in so large an operation.
Very truly
valid it is
are
all,
sustained the Commission
others had questioned
holders
holders
ganize
have borrowed from it.
After the payment of interest and all expenses,
at
brought
holders
1,
The
been to assist and encourage
sources
York
was
interest
out
banks finding that due to recovery the funds were not needed.
We have actually disbursed
$1,050,767,103.23 for the purchase of pre¬
ferred stock, capital notes and debentures in 6,091 banks.
Of this bank,
and
mortgage maturity
Our total authorization included $1,259,531,619.41 for
capital investments
6,858 banks.
enforced
be
can
Mortgage Commission Act of 1935
summarized
certificate
the
We have outstanding commitments at this time of
$969,229,666.30, but
used, due in large
oppression in a
no
brought to book."
Commission
New
The
leaving a balance outstanding of
$1,970,065,764.62.
much of this will not be
statutes
to
,
A
the
We have actually disbursed
$6,344,413,566.45.
the
contemplated.
Washington disppich of Jan.
were
tificate
applicants
There is
for service upon certificate holders
RFC, beg
$1,260,616,818.26 of these authorizations have been canceled, due in
after the loans were authorized
the judge said'.
Lauro
stitutional,
in
how
be
according
constitutional,
$1,500,000,000 of mortgage certificates
transactions.
most cases to the fact that the
is
Exchange Commission vs. Jones,
Supreme Court, which
suit by William Lauro to test the legality of the
a
other governmental agencies and for
re.ief, by direction of Congress, have
been $8,574,260,051.01, which is made
up
...
1933
of
of Securities and
case
The rejection
Journal"
347,801.83,
the
McMann.
Act
Jan. 18 by the United States
total loan authorizations, independent of allocations to
our
a
without positive dissent by one-third of the certificate hold¬
ers.
lie contended that the law made no adequate provision
Jan. 15, 1937.
to advise that
Mr.
serve
Securities
see
Mortgage
borrowers and the best interest of the country."
The
letter, which was read into the Congressional Record, follows:
States
not
assume,
Mr.
our
Dear Senator Glass and Chairman
Steagall:
To bring to the attention of the United
is
we
and
is consistent with the best interests
as
customer
ganization of properties against which between $800,000,000
are
as
of
are
he said, and concluded, "unless such subpoenas
to
on
law.
an
account of the activities of the RFC and stated that "we
liquidating
of
in
could
rejected
Glass, member of the Senate Banking and Currency Com¬
mittee of the Senate, and Henry B. Steagall, Chairman of the
House
not
The New York
Jesse H.
paramount
course
the
confidential rela¬
client, pentinent, a patient or a
There
affected.
States
Supreme Court Upholds New York
Mortgage Commission Act—Rejects Suit Attacking
Validity of Reorganization Law -
functions of our government."
Corporation, in
be
one's control,
to
within
usually
is
documents,
United
indefinitely among the
remain
of
In fact we have
is on the date of its termin¬
or agency
agencies
decision
offender
opinion of many, very desirable, the creation of these emergency agencies,
will contine to exist for the next two and one-half years.
been told the emergency is largely over.
betray to others
the other hand, the
On
pertinent questions
may
although
the
of
impossible
that the crisis which made necessary, and, in the
agree
broker's
a
Therefore,
valid search,
July 1, 1939.
on
that
authorize the investigation,
to
reorganization will be deferred until the expiration date of the emergency
agencies
all
his duties.
of
course
said Judge
fiduciary,"
a
privileges touching communications in certain
Enough
14 emergency
that the other
the
court
such
as
his customer and not to
for
production
interests
that will
leges,
1939, and this applies not only to the RFC but to the other emergency
mean
in
a
the
and
agent,
an
to act
as we do, that the conduct of
investigations under these statutes is subject to the same testimonial privi¬
these emergency activities for two years and six months, or until July 1,
If the bill is passed it will
by
or
But
sptuse.
opposing this resolution in its present form because, first, it extends
agencies.
learn
may
traditional
tions.
bound
disclose to
private
any
Feb. 1.
on
to
testimony
Commodity Credit Corporation, which does not expire until April 1; the
Export,Import Bank, which does not expire until June 16; the RFC Mort¬
gage Corporation, which does not expire until June 30; and the Electric
Home and Farm Authority, which expires
he
indeed
is
""He is
what
extends the life of the following
emergency agencies of
545
Chronicle
Financial
144
to
the
Supreme
decision of the
cases
Court.
Court
of
This
Appeals
makes
in
final
the appeal
and
case
binding not only
but in the other
well."
as
According to Ruling of United States Circuit Court
of Appeals in New
York—Upholds SEC in Refusing
Injunction Sought by Customer of Engel & Co.
In
ruling
Federal
Jan. ,19 the United States Circuit Court
of Appeals in New York City upheld Judge Robert P. Pat¬
terson in refusing to grant an injunction to restrain Engel &
to
Co. against complying with a subpoena granted the Securi¬
ties and Exchange Commission, demanding surrender of
general
a
records
Budd
of
Wheel
York
Co.
Wil-Low
and
"Herald Tribune"
stated
that
Hand,
was
the
of
concurred in
McMann
firm
from
appeal
taken
to the
under
he
the
alone is
Judge
Counsel
we
quote,
Judge Learned
Mr.
for
for
the
to
Mr.
same
paper
an
SEC,
McMann
also
we
McMann's transactions
in
the
willing to comply, when
was
injunction
but
the
said1
the
to
restrain
the
court
refused
and
case
will
now
be
Supreme Court.
said,
in reviewing the case,
immunity
in
the
Engel & Co.
Patterson
the material
taken.
The court
contained
asked
giving
was
stitutional
From
subpoenaed the records of
stock of the two companies, and
Mr.
20, from which
The New
by Judge Martin T. Manton and
B. Chase.
take the following:
SEC
Jan.
court's opinion, written by
Judge Harrie
The
Cafeterias, Inc.
the
Fourth
against
books,"
which
Amendment
interested.
any
of
that Mr. McMann "asserts
disclosure
he
the
to
the
SEC
of
a
con¬
information
held to be confidential, privileged
Constitution, and property in which
at
Birmingham,
Ala.,
Upholds
Social
General Welfare Clause of Constitution—Dismisses
on
dealings by Vincent J. McMann in the stock of
Court
Security Law—Judge Davis Says Act Is Valid Under
Petition of 200 Alabama
Companies for Injunction
Restrain Collection of Tax
The validity of the Federal Social Security Act under the
Jan.
welfare clause
14
Court
by
of
the
Judge David J.
Constitution
Davis of
was
upheld
the Federal
on
District
in
Birmingham, Ala., who dismissed suits by more
seeking to enjoin collection of
under the law.
Attorneys for the companies an¬
nounced that the decision would be appealed to the Federal
Circuit
Court.
Judge Davis, in his opinion, cited the
"calamity of depression," and said that if Congress were
unable to levy a tax for unemployment insurance "it is
than 200 Alabama companies
taxes
difficult to conceive of any tax that could be levied for the
general
welfare, and it seems the general welfare clause
of the Constitution would be made absolutely
meaningless."
The Birmingham "Age Herald" of Jan. 15 outlined the
decision
as
follows:
Describing briefly the
five
or
"Can
tax
on
six
it
the
years,
with
"ravaging effects"
Judge Davis's
reason
be
said
of unemployment in
opinion continues:
that
the
the
past
Congress cannot levy an excise
privilege of employing others to aid in prevention of a recur-
such
of
rence
"If
of
seems
the
fought the constitutionality of the State Act
Declaratory Judgment Act.
Instead,
Alabama
State
before
Act
and;
the tax
paying
made
allow
to
"The
that
fact
mere
they
.
.
the
Federal Act, rather
and
also allow
opportunity to test the constitutionality of the State Act, does
this court in
restraining the collection of the legal Federal
opinion stated.
The
suit
first
United
for
an
here Nov.
Court
States
' ■
injunction
an
not justify
tax," the
against
1936.
6,
[the Act's] repeal from causing too serious
repercussions in the market."
It is added:
Authority should also be given for the Treasury to sell silver in the
future, when conditions warrant, in order to provide an opportunity for
the favorable disposal of some of the metal already acquired.
the Federal tax was filed in
During Judge Davis's vacation
Social Security unemployment tax are due by
without protest are allowed
total amount due under both the Federal and
credit
90%
a
the
on
time, failed to accomplish the purposes
legislation was intended; and, they
Act had, up to that
Payments of the Federal
Fij-ms paying the tax to the State
review, Handy & Harman note that in
that the Silver Purchase
In their present
their 1935 review they pointed out
suits.
31.
this piece of
for which
'
and confirm our
In part, the firm, in the latest review,
"events of the past year emphasize
say,
previous opinion."
State Acts.
however," says the review, "to
be taken,
should
its
prevent
complainants sought a temporary injunction
from Judge John McDuffie in the United States District Court at Mobile.
On Judge Davis's return, Jan. 6, he took the injunction petition under
advisement, along with a government motion to dismiss the injunction
Jan.
advantageous results for all
"the most
that
belief
cautions
■
January,
in
early
absence,
Purchases
& Harman
will be accomplished by repealing the Silver
Purchase Act, which will put an end to mandatory pur¬
chases by this government and permit the free flow of silver
through the normal channels of trade" is expressed by
Handy & Harman, New York bullion brokers, in their
twenty-first annual review of the 1936 silver market.
"Pre¬
of
put themselves in the position
the 90% credit against the liability under the
method1 which would give them the credit
losing
than
Silver and End of Mandatory
Flow of
The
Called Unjustified
.
force is
silver interests
credit.
Injunction
Van Home, is an officer of many
by Government Advocated by Handy
Through Repeal of Silver Purchase Act
Free
Statutory Court,, which held the State Act invalid, paid
registry of the court, pending final adjudication of the
constitutionality in higher Courts.
For such payments, Federal
refused
gate.
entrance
in the field service of the Mint.
The guard
selected from various government agencies.
of men
up
complainants contested the
following instructions of a three-
the money into the
authorities
the
at
experience
years'
judge Federal
State Act's
the site.
a
Chief-Clerk-in-Charge, Russell T.
The
under the provisions of the
down
gate,
situated
are
It
for
of
building. A steel
The driveway leads through an
newly-constructed road to the Dixie Highway.
Sentry boxes, similar to the guard boxes at the corners of the depository,
entrance
that the
Constitution would he made absolutely mean¬
has been definitely determined that the Congress can levy a
general welfare."
Regarding the "threatened double payment" stressed by complainants'
counsel, the opinion pointed out, in substance, that complainants could
have obtained 90% credit for tax paid directly to the State and then
ingless.
boundaries
the
guard boxes, one
the depository, are four
A driveway encircles the
basement of
of the building.
corner
marks
fence
conceive of any
could
general welfare clause of the
tax
each
at
the
from
passages
its hardships should it
Congress cannot do this, then it is difficult to
be levied for the general welfare, and it
the
that
tax
the alleviation
and
calamity
a
again?
come
1937
23.
Jan.
Chronicle
Financial
546
continues:
York
New
"Budget Savings Account" Proposed by Emigrant
Industrial Savings Bank of New York in Fur¬
therance of Its Services in Behalf of Depositors
General John J. Bennett Jr. of New York up¬
13 a ruling of State Superintendent of Banks
Attorney
held
Jan.
on
that savings banks may not provide
White
R.
William
Internationally,
Rules Against
General Bennett
Attorney
in
service, described as a "budget
savings account."
The plan, which had been proposed by
the Emigrant Industrial Savings Bank of New York, pro¬
vided, said the "Knickerbocker Press" of Albany, for de¬
posits, monthly or otherwise, of an amount equal to the
depositor's monthly obligations for rent, telephone, insur¬
ance, gas and electric service, department store accounts and
other items.
Out of these deposits the bank would pay the
creditors, who could present their bills directly to the bank.
Superintendent White held that the plan is "inconsistent
with the long recognized purposes and functions of savings
banks."
In his ruling Attorney General Bennett said that
behalf of depositors a new
plan "necessarily contemplates that the depositor's pass
permanently at the bank," and added:
Such practice on the part of the bank would constitute a clear violation
silver
operated1 successfully without
reinstated its former silver currency, did so because the
prevailing price of the white metal permitted such action to be taken
without fear of the melting pot, and presumably because some assurance
which
Mexico,
had
to
been
accrued
have
would
Based
It is stated that the New York Savings
Bank Association
sympathy with the Emigrant Bank's proposal.
in
was
business by
artifice," he ruled.
an
beneficial results
Purchase Act.
has approached the silver reserve
purchasing 381,200,000
ounces in
that year, and, since the passage of the Act, is nearer the goal
by only 307,000,000 ounces, after acquiring a total of 1,209,200,000
ounces.
Aside from the evident difficulties of accomplishing the legal
the
that
indicate
figures
government
goal by only 75,000,000 ounces during 1936, after
objective,
the advisability of retaining a law which requires
purchases and the compulsory issuance of silver
against
such purchases.
These certificates
constitute an
bank reserves, and it would appear inconsistent, to say the
question
we
certificates
in
increase
silver
of
continuance
the
government
such
no
Silver
the
short
least, to persist in such
spirit of the law.
of
continuance
the
from
year-end gold stocks of $11,257,581,562, Treasury silver holdings
of the required amount by 1,000,000,000 ounces.
These
on
still
are
would not force the market up
States
that the United
given
point where demonetization would again occur.
the field of domestic finance, also, we can find
a
In
book shall be kept
"Savings banks may not justify the doing of a commercial
no
stabilization of exchange; China and Hongkong
returning to the silver standard; and
monetary agreement for the
have
the
of at least the
trend toward the greater use of
It was not mentioned in the tripartite
been
has
there
primary monetary metal.
a
as
action with respect to silver at a time when the
by "sterilizing" gold
attempting to reduce excess reserves
is
requirements of member banks.
More¬
over, tiie silver itself, which constitutes part of the metallic reserve, could
not be used to liquidate international balances as is the case with gold.
Under present market
conditions, it would not be acceptable in settle¬
ment abroad,
even
at the price of 45c. which our government is now
paying, and it is almost inconceivable tbat its monetary value of $1.29
imports and by raising the reserve
will
be obtained.
ever
be found for the passage
it provided a means of
inflation, thereby satisfying the popular demand in Congress at that/time,
as
well as affording the Administration another desired measure for the
purpose of combating the depression.
So far as the Act permitted, the
retrospect, however, some justification may
the Silver Purchase Act on the grounds that
In
Shipment Transferred from United States
at
Philadelphia to new United States De¬
Gold
First
Mint
pository at Fort Knox, Ky.
received on Jan. 13 at the new
Depository at Fort Knox, Ky.
The shipment
transferred from the United States Mint at Phila¬
The first gold bullion was
United States
was
special train which left Philadelphia the previ¬
Mrs. Nellie Tayloe Ross, Director of the
Mint, was in Philadelphia to arrange for the shipment.
The
bullion, in the form of gold bars of approximately 400 Troy
ounces, was transferred to the Post Office Department for
shipment during Monday night. It was transported by truck
to the train.
The train included cars for the bullion and
delphia by
a
day (Jan. 12).
ous
personnel accompanying the shipment. Post office in¬
for the
of
minimum
The bullion passed under the control
upon its transfer at the
Pheladelphia Mint and remained under that control until
delivered to United States Mint employees at the depository.
Office
Post
The Treasury
The
the
depository
Procurement
pletion
the
first
thick.
A
a
the
building is
door
a
two-level steel and concrete vault, 40x60 feet.
20 tons.
The vault casing is 25 inches
weighs more than
The vault
corridor
Bureau of the Mint for operation.
Its
feet, and its height is 42 feet above
by 121
level.
floor
vault
105
are
the
to
over
dimensions
Within
The
turned
was
exterior
constructed at a cost of approximately $560,000 by
Division of the Treasury Department, and upon its com¬
was
roof
is
independent of the bomb-proof depository roof.
encircling the vault is fitted with mirrors which give guards
view
of
by
utilized for offices,
store rooms and other purposes.
space
is
The outer wall of the
depository is of Tennessee granite lined with concrete.
The
of
building has
bullion
and
front
supplies.
under
only
use
of
calls
for
the
be
desires
elimination
found
It
a
upon
for
.
.
seems
is
and
rear
Outside
entrances,
the
the latter
building,
for
the reception
but connected
with it by
lines.
requirements
compulsory
to
respect to
This program
silver
purchase
such action,
secondary silver have
is at a
supplies of
when
that their pressure upon the market
extent
an
.
hardly
whole
cooperating along such
of
United States, but no better time than the present could
taking
to such
reduced
necessary
repealed,
to add
irrespective of whether the Act
that,
advocate the
we
ultimate removal
of
restrictions
the free movement of silver and of taxes upon a specific industry.
The
such
opportunity
have
we
as
Oriental
sition
beneficial
for
is
suggested
In
demand.
the
on
part
In the
coinage.
in
procedure
This
nations.
other nations with
of
needs
and
then
and
silver
the part of the
minimum.
as
certain
with
agreement
belief that the best interests of silver will be furthered,
our
ascertaining the
their
results
of
case
nations
from
restricted
artistic and
the
cooperative silver
a
largely
industrial
to
field,
policy
of
stimulation
the
the intrinsic possi¬
and there seemB to be but little dispo¬
generally
to
increase
the
use
of
silver
for
of India, while the price is not the controlling factor
buy at a
inducement; and; given a certain
purchasing power from the Indian peasants' sale of their produce, that
purchasing power will be translated into the acquisition of a progressively
large number of ounces of silver in direct ratio to a decline in the price.
In China, although a managed foreign exchange1 standard has proved satis¬
or
constitutes
figure
factory
it
experience
purchases,
lower
real
the space
between the two roofs.
Between the corridor and the outer wall of the depositors the
constant
.
.
of
bilities for expansion are limited;
the following to say :
.
no
economic
and
structure
see no
sort,
by forcing its price up unduly as a result of mandatory buying, but
not
Department
Department, under date of Jan. 13, also had
state.
we
this
of
the time is ripe for
Considering the provisions
conforms with
pository is located.
the
inflation
credit
domestic
the
their present
reached
opinion,
our
purchases
reservation, the bullion being trucked for the short distance
of
when
currency
a
but
provisions,
its inflationary
continuing
Congress to revise our silver pro¬
the present law, the Treasury De¬
partment's method of administering it during 1936 has been admirable, in
that
it has
ceased its aggressive open-market buying policy and made
In
gram.
been
reservation in which the United States de¬
in
moderate,
have
recovery
on
to the Treasury
how
of
made
been
advantage
matter
soldiers, Bureau of the Mint guards and Secret
Service men joined in safeguarding the shipment.
At Fort
Knox the train unloaded at a spur track within the army
spectors,
has
use
possible
considerable
during the
past year,
At
future
test.
advisable
even
has indicated that the opportunity to
a
to
to
some
increase
make
a
the
partial
the
date,
use
of
return
new
the
system has not yet been
Chinese
silver
to
for
the
Government
reserve
silver
or
may
put to a
consider
monetary purposes,
standard
;
but
certainly
they would hesitate to take such a step without assurance that the safety
of their financial structure would not again be jeopardized by some subse¬
quent
action
of the United States.
-UisectiidBM&jA
Volume
Financial
144
according to the review, was
The world silver production,
253,000,000 ounces in 1936 compared with 218,500,000 ounces
in 1935.
Figures of world silver supplies and consumption
presented
are.
WORLD
follows in the review:
as
SILVER CONSUMPTION
WORLD
SUPPLIES
SILVER
(In Millions of Fine Ounces)
(In Millions of Fine Ounces)
1936
1935
62.7
37.9
0.8
1.0
Open market purchases..317.7
489.4
381.2
528.3
1936
1935
United States
64._
48.5
Mexico-
82.1
75.6 ✓-•-Nationalized stocks
Production:
Domestic production
19.2
17.5
South America
31.4
23.5
countries
56.3
53.4
Total production
253.0
218.5
Canada
\
other
China,
7.2
Canada
silver
-
-—- .
.
.
* -
-
-
-
7.2
1.7
Mexico-
Hongkong and
incl. smuggled
by
1.7
Peru
302.0
Sales by Indian Govt
29.0
Sales by the Soviet Union
1.0
1.0
1.0
0.6
15.5
7.9
2,8
Cuba
consumption...16.0
Austria
2.0
German
Persia
3.4
Arts and Industries-
3.5
2.0
Unallocated supplies
141.1
Total........
610.0
—557.0
In
26.5
23.5
12.0
10.0
557.0
Total
their
in
610.0
Canada
England
have already gone far toward bringing some
many
Fifteen foreign countries have already signed agree¬
States, and in every case these nations have shown
their
lower
to
allotment
Jan.
previous year's review
18, 1936, page 390.
referred to in our issue
was
liberalize their quantitative
duties,
import
existed, be more liberal
goods. As a
$3,736,000,000 in 1934
exchange for purchases of American
of
result, United States foreign trade increased from
$4,282,000,000 in 1935,
to
an
increase
over
trade
international
in
trade of
increase of over 14%, while foreign
the rest of the world actually dropped back slightly.
an
Recovery
That the world is ready
by the success of our own trade
cooperation is indicated
of 1936 the world followed the lead of the
The
Foreign trade alone is lagging.
nations.
import restrictions, and, where exchange control
States and
the United
In
willingness
a
of
In the first nine months
The world showed
United States.
nearly
compared to slightly
11%,
/
11% for the United States.
"In addition to the concessions made between the United States
W.
Willkie
L.
Further
Comments
Power
Pool
of Calling of
by President
Question
on
Conferences
Roosevelt
South
and
Norway,
calling of a further
"power pool" conference by President Roosevelt have lately
Conflicting
regarding
reports
the
indicating the likelihood of
a new conference and
still another, under date of Jan. 17,
from Washington, intimating that the President has decided
appeared in the daily press,
one
L.
Willkie,
Corp., commenting
As
to
that
reports
believe
cannot
the latter report, said:
on
has
that
the
further
turned "thumbs down" on
has
President
on
September.
For
when the Presi¬
dent
called the original conference,
viz., that his object in calling the
conference was political strategy.
I cannot believe this.
It is apparent,
however, there are those in the Senate and House who will interpose
further
obstacles
to
spirit
of
Valley
or
fair
last
initiated
the charges made
cooperation
and
problem
Authority
find
to
do
shall
which
official in a complete
solution of the Tennessee
justice to the public and the
government
other authorized
any
play
available for conferences either with
hold ourselves
continue to
President
to .believe
be
solution.
any
We shall
the
would
he
which
conferences,
pool
power
believe that
to
me
a
utilities.
In
earlier
an
Jan.
statement
for publication
by him, issued
15, Mr. Willkie had the following to say:
Norris
Senator
conference
pledging
is
the
at
quoted
time
cooperation,
a
pool
power
was
with
along
went
attended
I
other
18
companies
power
At
the
unless
delay
it
of
declined
the
be
progress
Thereafter,
v
its
construction
for
work
and
the
requested
by
cussed
by the court, in
Inquiry
7, 1936, the extension agreement was entered
to
of cooperation was dis¬
the meantime, until enjoined
other question
No
the TVA
Nor has
in
Federal
pooling
I
Power
has
which
Commission,
he
was
As
to
do
at
not
have
how
the
Senator
lead
on
numerous
occasions,
all
we
useless
expenditure
holders and
to
security
the
rate payers.
can
to
confusion about this because
in
Norris is
conference.
stated
work out this vexing problem with the
will
to
I
protect
our
of
we
will
do all in
our
power
government which, unless solved,
public
money
and tremendous loss
seek to
security holders through appropriate court
In the meantime, we must
action.
The Sept.
Oct. 3, page
30 conference was referred to in these columns
payroll loss of about $2,600,000
J
Pittsburgh Plate employees alone.
glass workers move into the ranks
They gave up, however, the closed shop and check-off of union
issues
Since about 90% of all glass
workers are now members of the Federation
the sole collective bargaining agency,
W. McCabe,
in
unions in the industry,
The union will continue to serve
demand was not pressed.
according to a statement by Glen
president of the federation.
The agreement,
effective for one year, provides:
women.
a
workers.
minimum rate of 63 cents an hour for men
This compares with 54 cents
Predicts U. S. Trade Increase of $750,000,Secretary
of Commerce
1937—Assistant
World
Trade Gain
$4,000,000,000 This Year
Says
An increase of world
Should
Approximate
trade volume in 1937, including a
gain of approximately $750,000,000 for the United States,
workers.
for
paid to laborers in the steel industry
here.
4.
Recognition of seniority rights.
Creation of a commission of five, with a chairman
Federal Labor
appointed by the
Department, to investigate pay differences between
Pitts¬
burgh Plate Glass and Libbey-Owens-Ford Glass Co.
Seamen
New
in
York
Vote
End
to
Strike—Action
Subject to Ratification by Strikers at Other At¬
lantic
and
Gulf
Ports—Pacific
Coast Walkout
Surpasses 1934 Strife
meeting Jan. 21 in the Manhattan Lyceum, in New
City, seamen at this Port participating in the insurgent
maritime strike along the Atlantic and Gulf Coasts voted
to terminate their strike, subject to the approval of the
action by strikers at the other ports.
The strike at the
Atlantic and Gulf Ports was called on Oct. 31 in sympathy
with the walkout on the Pacific Coast, and is without sanc¬
At
a
York
the International Seamen's Union.
In making
adoption of the resolution proposing the end of
the strike at the Port of New York, Joseph Curran, Chair¬
man of the strike committee, made the following statement:
tion
by
known the
The action of the seamen tonight demonstrates
against the ship owners and our former union
000
dues, two
fought hardest by the manufacturer.
of Flat Glass Workers and there are no company
as
the
of highest paid American industries.
co-operate with the government in a peaceful
2147.
E. G. Draper
workers back
More than 14,000 workers
Pittsburgh Plate Glass and Libbey-
It is estimated that the strike resulted in a
supervised the
by duplication.
understand
can
of the
Through today's settlement, following three months of negotiation,
of
idly by and not seek to protect the property of our security holders
destruction
from
factories
Owens-Ford Glass Co. within the next few weeks.
lessened its activities in duplicating our facilities.
transmission, I know will disclose that we
fully cooperated in every respect in furnishing data and otherwise
the making of this study.
No unprejudiced person would expect us
sit
to
5.
of all parties to it that this was the position
have
for
back
An increase from 42 cents to 55 cents an hour as minimum pay
Oct.
on
any way
the
will march
3.
President.
the
at
of
studying
the hard-pressed auto industry and sending 4,000
jobs in the Pittsburgh district alone.
to do, and by the same token I declined
so
the law suit.
of
suggested.
immediately, releasing a flow
The company agreed to reopen its plants
of glass to
Establishment of
The
reference
cooperation was in regard to the furnishing of data by both parties
the
studying of the feasibility of the pooling of transmission, as
the
of Jan. 20 to the New York "Times":
A flat pay rise of eight cents an hour for all
facilities.
only agreement made at the White House conference with
or
approximately 90% of the Nation's flat glass in¬
Libby-Owens-Ford Glass Co., where a similar
strike was in progress, ended negotiations with the union
on Jan. 21 when Glenn W. McCabe, President of the Federa¬
tion, announced that the company objected to the pay rise
granted by the Pittsburgh Plate Glass Co.
Conclusion of the agreement with the Pittsburgh Plate
Glass Co. was described as follows in a Pittsburgh dispatch
dustry.
1.
distribution
and
of both ourselves and the TVA.
to
pay
2.
into with the full knowledge
The
a
affected
TVA
degree
from
determined
position.
for
In addition, I stated publicly, as
the newspapers of that date, that this was our
in the slightest
to
alter
discontinue
likewise
employees of the Pittsburgh Plate Glass
following an agreement that
The Federation of Flat
the company providing
increase of eight cents an hour.
The strike had
strike lasting 14 weeks.
Glass Workers signed a pact with
a
the closed shop
directors that
frankly declined to do so
I
law
1936.
30,
of the TVA
one
suit.
the
transmission
our
by
suggested
was
dismiss
or
would
TVA
the
duplication
Sept.
on
■■'•VV-"V
conference
should
can
held
was
the TVA.
against
we
and
grid1 system,
or
off
ended
by the President to study the creation of a
called
was
The law
suit by the 19
utility companies against the TVA program, seeking to
enjoin the TVA, had been started long before this, on May 19, 1936, and
was
pending at the time of the conference.
There was likewise pending
at that time before Judge Gore an application for a temporary injunction
pool,
Breaks
to the
conference
power
with
Seven thousand
in
enjoining the TVA.
This
last penetrated the
point."
of Pittsburgh Plate Glass Co.
Pay Increase — Libbey-Owens-Ford
Negotiations with Union.
Ended
to their
the White House
first discussed and then, after
that
saying
as
the building up of national programs
Co. returned to work Jan. 21,
down
from the President I
the absence of a statement
in
reports
thumbs
turned
absurdity of seeking
which make no
the
Apparently
Strike of 7,000 Employees
Southern
&
Commonwealth
the
the President
pool conference,
power
of
have liberalized their
Kingdom
United
provision for the restoration of foreign trade has at
power
President
the
restrictions.
mind of the world, and we are now at the turning
pool conferences with private utility
interests of the Tennessee Valley area.
On Jan. 18 Wendell
against further
and
Turkey
import
through
recovery
duties somewhat in 1936,
Africa have lowered certain import
quantitative
and the
agreements, Germany
fifteen countries with whom we have signed trade
and
The
and the consequent social unrest.
required international cooperation.
for this type of
15.0
Indian consumption
being optimistic.
have many reasons for
"Foreign trade cannot be brought back by unilateral action.
in this field
ments with the United
5.0
0.5
we
to
agreement program.
100.0
Peru
Indo-Cliina
prosperity
1.8
Others—
Netherland India
of
0.3
Venezuela
Other Demonetization:
convinced that
National recovery grograms
return
1.1
0.6
Coinage-
19.0
Sales by German Govt
1.1
Australia
190.0,
am
world is sick of depression, unemployment
Silver Pact:
Sales
"absurdity" of seeking recovery by national programs
no provision for restoring foreign trade has "at
last penetrated the mind of the world," Mr. Draper said.
He continued, in part:
which make
"I
Other government purchases
under the Eight-Nation
Other supplies:
predicted on Jan, 14 by Ernest G. Draper, Assistant
Secretary of Commerce, at a dinner meeting of the Foreign
Trade Association of Philadelphia.
Mr. Draper forecast a
rise of $4,000,000,000 in world trade this year.
He pointed
out that the world increase in 1936 was $3,250,000,000, of
which the United States obtained at least $550,000,000.
was
The
U.,S. Govt, acquisitions:
All
547
Chronicle
As ,to
we
their sincere efforts to
solution of their grievances
officials.
the resolution adopted by the New
take the
York
seamen,
following from the New York "Journal of Com¬
merce" of Jan. 22:
The resolution
on
ending the strike, which was approved by a substantial
majority, does not affect the walkout on intercoastal ships operating be¬
tween New York and California.
548
The
Financial
resolution
also^provided
approved
until assured by
that
striking maritime unions
on
final
no
be
action
Sunday night.
It
Coast
seamen
in any move to end the strike.
mind
their pocket cards.
the
Pacific and
East
strike leader
Coast
Joseph
Saliors' Union of
Curran.
The two
re¬
She asked
Perkins.
to
join her
reached
could1 be
formula
some
was
v-,y'y'VV,V"y
follows:
as
Miss
of
if
to see
evacu¬
Lewis
Mr.
whereby
us
the
Secretary yesterday.
We had a further talk this
result of that, a couple of suggestions which we had ,in
explored further with a view of further discussions and
procedure.
be
to the hotel
came
we
it
useless
was
read
we
transcript of Mr. Lewis's speech.
a
this time to
at
discuss
further the ideas
any
had."
we
\" Mr.
situation
resumed.
a
to
decided
which
'
strikers
Bit-down
that
were
be resumed.
with
As
were
"When
We
The split occurred between Harry Lundenberg of the
insisted
negotiations
invitation
Murphy
could
met
further
The Pacific Coast men—stranded here by strike-locked ships—marched
the
at
came
"We
before
refusal.
explained the
Governor
evening.
...
A group of West Coast seamen refused to join the East
out of the hall and tore up
Sloan
representatives
plants
his
negotiations
thus refusing to return to the old leadership of the International Seamen's
Union, which outlawed the walkout.
C.
in
"We
and
Jan. 23, 1937
Motors
M.
Mr.
remain ready
seamen
also stipulated that duly elected strike leaders retain their offices,
was
G.
ate
adamant
meeting at Manhattan Lyceum
stressed that the insurgent
was
Final
to aid West Coast maritime workers whenever called upon.
It
General
taken
the Pacific Coast that end
of the walkout does not jeopardize the interest of the strikers there.
action is scheduled to be taken at another
Chronicle
said
Sloan
they would
tonight.
leave
portedly disagreed over who should have preference in going back to work
Secretary
after the strike is ended.
Lundeberg
said to have insisted that West Coast
was
through the hiring halls which
off, before East Coast
not favor
men
are to
are
be organized after the strike is called
He said the West Coast
placed.
calling off the strike.
be hired
seamen
men
did
Curran refused to agree.
strike of their
members at Atlantic and Gulf Ports.
The strike of the officers and engineers had been in effect
since Nov. 23 and was also called in sympathy with the
Pacific Coast walkout.
The West Coast strife, which has
been in effect since Oct. 30, has now passed in length the
1934 conflict which lasted 83 days.
In its issue of Jan. 21
the New York "Times" has the following to say
the Pacific Coast situation:
It was estimated that the
Coast, had cost
ship-owners and the
Negotiations between the
men's
with
Association, the last of the
an
up on
the
agreement, were stalemated, The Associated Press reported.
pieceworkers' spokesmen charged that the
offer made before the
The
cluded
owners had "repudiated" a wage
The first
^
peace offers to
moved at Portland,
cargo
tinejcorn,
the
all unions involved.
yesterday with consent of the unions.
General
the
the
Ore., since the strike
moved
was
conference of G. M. O. officials and leaders of the United Automobile
a
Workers
of
America
which
canceled when G.
was
bargaining
been
have
to
was
O. refused to
M.
held
Detroit
in
Murphy and I
striving to
are
bring about
fair and honorable terms that wil
on
reopening of
and mutu¬
a
assure proper
satisfactory settlement."
ally
Miss
Perkins
21
Jan.
on
On the
her conferences with
resumed
day speakers in the House urged
same
President Roosevelt to intervene in the strike.
tive Hoffman of
become
to
Michigan charged that Mr.
dictator.
a
Late this week it
General
the
Representa¬
Lewis sought
.
estimated that approximately
was
135,-
Motors employees were affected by the strike.
Motors
statement
Corp.
Jan.
on
18
issued
following
the
explaining the break-down of negotiations with
union:
In
to
answer
Workers
in
statement
a
wish to state
we
Monday but
recognize the U. A. W* A. as sole
agency.)
"Governor
It consisted of 4,700 tons of Argen¬
which was said by ranchers to be badly needed.
Murphy, Mr. Knudsen and Mr. Brown.
satisfactorily con¬
situation.
Motors
all aspects of the problem and particularly the breaking
of negotiations and causes leading to it.
(She referred
plan
000 General
had done everything in their power to settle
owners
of
to
T. G. Plant, chairman of the Pacific Coast shipowners' committee, de¬
clared that the
principal
the
that
21
that negotiations may be resumed and
hopes
in
"We discussed
off
strikejand spokesmen of both sides said they had
made their "final" offers, which were mutually rejected.
strike, having made
have conferred with Governor
have
Mr. Lewis.
International Longshore¬
striking unions to be approached
seven
"I
We
negotiations
of the 1934 strike.
I
Jan.
on
General Mo¬
headed by Mr. Sloan. After that conference
Secretary issued the following statement:
the
against the $220,000,000 cost
as
said
On the preceding day she had conferred with
regarding
present strike, with 223 ships tied
$581,000,000
commerce
Perkins
resumption of direct peace negotiations was the
continued occupation of General Motors plants by strikers.
a
tors executives,
A week ago, as noted in our issue of Jan. 16, page 384,
officials of the Masters, Mates and Pilots' Association and
of the Marine Engineers' Beneficial Association called off
the
barrier to
by Mr. Homer Martin,
published today,
as
follows:
as
the
parts
department of
Cadillac
notified
to report
Monday in accordance with representations made to Messrs. Martin, Brophy
Automobile^Strike Truce Ends
Both Sides Charge
as
Violation of Agreement—Failure of Move In Wash¬
ington to Reopen Peace Negotiations
The
"truce"
between
officials
of
Motors
Corp. and union leaders, designed to end the strike of auto¬
mobile
workers,
ended
Jan. 18
Mortimer, and agreed to by Mr. Mortimer
the
same
when
As
operate several closed plants and also by negotiating with
representatives of workers not affiliated with the United
Workers of America.
The
corporation, on its
part, contended that the agreement by the union to evacuate
the plants by Jan. 18, "as a condition of bargaining, had
not been kept, as the strikers have not left the plants in
Flint."
The
truce,
which
on Jan. 15,
was
Governor Murphy
Michigan, who brought about the temporary truce, visited
referred to in
of
was
Washington this week
to attend
President
Roosevelt's
in¬
the telephone Saturday;
Norwood.
and
phone connection.
no
notified
were
These
men
all
are
Cleveland
the
to
all
office workers
Anderson
situation,
prevented from entering.
were
telegram just received from
Harry R. Baldwin, Mayor of the city of Anderson, Ind.:
"Reports have been received here that a statement has been made to the
quote
we
effect that 150
city policemen are guarding the Guide Lamp plant
Anderson, Ind., and that picketing at the plant has been prohibited.
"The
facts
that
are
by sit-downs.
policemen
policemen were assigned to duty at the Guide
immediately following the evacuation of the plant
This number
been
the
assigned to
"Peaceful
was
reduced until at this time there
district to prevent
picketing
is being
against
forcibly
warned
in
14
Lamp plant during and
agreed to
Jan. 16 issue, page 385.
our
over
Cleveland
in
through the office.
In
were
Automobile
offices
working on distribution and on records; none on manufacturing.
This
morning 70 men were refused admission and 65 salaried people went in
suspended after union officials charged that the com¬
pany had broken the terms of its compact by preparing to
on
covered
Eight hourly workers and 17 salaried workers out of 135
negotiations
was
arrangements
by telegram due to their having
General
the
and
were
permitted
any
restraining
are
seven
possible disorder.
continue
to
and
pickets
from
anyone
have
entering
the
received
and
property."
With
reference
the
to
have
sent
answers
been
Flint
Alliance
published.
all
communications
No commitment
been
has
auguration, and conferred with Secretary of Labor Perkins
and John L. Lewis, Chairman of the Committee for Indus¬
meeting at
trial
made for
a
representatives of United Automobile Workers of America.
Organization, in
Yesterday
United
effort to re-open negotiations.
President Roosevelt, according
an
22)
Press advices from
of John L.
Lewis, who had asked that the President aid sit-
means."
Mr.
The United Press added
Roosevelt
usual
emphasized
practice
of
not
his
every
"legal
policy,
press
and,
departing
from
conference statements to be
said:
quoted,
there
come moments when
we
have not at Lansing
or
any¬
would not talk to anybody other than
we
condition of
plants in
Flint.
The corporation stands ready to carry out
is
not
acted
as
responsible
they had
Under
the
have been
"I think in the interest of peace,
tion and headlines are not in order.
guarantee that
a
by the union with the Governor
Lansing last Thursday [Jan. 14] to evacuate the plants by Monday as a
bargaining has not been kept, as the strikers have not left the
at
It
hands-off
allowing his
Corp. by
:
definite time and place, but
a
made
Suffice it to say that the agreement made
to
Washington, denied the request
strikers of the General Motors
down
bis
(Jan
where else
statements, conversa¬
A
I have no further news than what you've got''
the
for
civic
right to do,
a
circumstances
there
Its agreement in good faith.
authorities
nor
can
be
efforts.
who clearly
bargaining until the plants
no
outlining the union
18, said, in part:
Jan.
Anderson,
evacuated.
statement
Mr. Lewis immediately countered by ordering a fight to a finish, direct¬
ing his strike lieutenants tb return to Detroit to intensify organization
in
for the Flint Alliance.
contentions, issued
on
that
Homer
ers
Martin, President of the United Automobile Work¬
America, telegraphed Governor Murphy on Jan. 19,
of
protesting against police attempts to break picket lines at
The international union, United Automobile Workers of
America, regrets
the representatives of the General Motors Corp. this
morning refused
to
enter
All
made
Detroit with tear gas.
President
of
conferred
with
General
Motors
Corporation (who had also
Secretary Perkins), that he and his aides
leaving the capital because it was "useless" to remain.
United Press accounts from Washington on Jan. 21, indicat¬
ing this, added in part:
were
Mr.
had
Sloan
intended
"useless"
chief
of
to
after
the
Automobile
Mr.
announced
here
had
Committee
Workers
Lewis at
Motors
stay
he
a
of
at
special
a
that
but
seen
for
a
press
he
transcript
Industrial
America
are
conference
decided
of
a
such
speech
Organization.
members
of
that
the
originally
action
would
The
0.
O.
that President Roosevelt himself aid
striking workers "in every
Mr. Sloan recited the events which led to the visit to
Finance
Chairman,
Knudsen,
and John
G.
M.
Thomas
O.
legal way."
by
Vice-President; Donaldson Brown,
Smith.
General
Counsel.
The
this
statement
to
Friday
[Jan.
15]
the
morning
at
statement since
off, and then walk out.
were
public admission that the General Motors
a
continued its repudiation of the agreement by refusing
to enter
.
corporation's statement is
also
an
admission
of the
charges made
by the union yesterday that General Motors violated the agreement in the
instances
mentioned
negotiate with
In
respect
Detroit
at
and
Anderson
and
in
its
agreement
its trouble-making
to
the
subsidiary, the Flint Alliance.
Alliance, the published communications
Flint
.
to
.
show
conclusively that the General Motors Corp. agreed to negotiate with another
before sitting down to negotiate with the union
This
issue,
at
collective
the
A
recognition
bargaining
is
agency
of
a
point
union.
on
was
Boysen that
sentatives
and
at
time
emphatically
Flint
as
Automobile
Motors
one
of
the main
Workers
as
sole
employees.
y,
definite commitment
We
United
General
of the agreement,
presuming to remove from
which the corporation had agreed to negotiate with
day to George E.
the
the
for
direct violation
a
negotiation
Washington
himself, William S.
Corp. has
points
striking United
I.
agreed
of Governor Murphy.
to hand the union representatives
negotiations.
be
conference late this afternoon charged that General
officials represented "economic royalists" and1 asked
was
consider
group
by John L. Lewis,
negotiations
presence
did
public, stating that the conferences
he
press
Corporation
they
We
Collapse of Secretary Perkins's attempt to settle the strike
came on Jan. 21 with announcement by Alfred P.
Sloan, Jr.,
the
into
Lansing in the
Alliance.
by Mr. Knudsen in his telegram Sun¬
he would
meet
place* to be arranged
General
contest
.
made
.
,
Motors's
as
with
Flint
soon
as
denial
of
Alliance repre¬
possible.
responsibility
for
Volume
Financial
144
The workers
determined not to leave the plants
are
over,
was
approximately $21,000,000 had
been contributed.
A
natural development
of L. Says More Than 2,000,000 Obtained Re¬
employment in Private Industry During 12-Month
Period—Secretary Perkins Reports 5,000,000 Place¬
ments by Employment Service in 1936
the community chest of
as
F.
his association
of his interest in this work was
of the founders of the Welfare Federation of
as one
A,
When the campaign
agencies.
in the face of these
by General Motors of a bona fide agreement.
flagrant violations
549
Chronicle
Philadelphia, now known
Philadelphia and vicinity.
Lloyd's banking connections imposed many activities in
Mr.
and utility corporations, and he was
industrial
director of numerous such organiza¬
Philadelphia Electric Co.,
Telephone Co. of Pennsylvania and the Susquehanna Power Co,
tions, including the General Asphalt Co., the
the Bell
More than 2,000,000 wage earners
obtained jobs in private
industry between November, 1935, and November, 1936,
the American Federation of Labor reported on Jan. 14. The
Federation said that in the 12-month period more jobs were
restored than at any time since the National Industrial
Recovery Act was invalidated.
The report said that re¬
employment progress was particularly marked by gains in
heavy industries, but added that relief rolls have been slow
to diminish and that employers hesitated to give jobs to men"
relief.
on
Secretary of Labor Perkins said on Jan. 16 that 1,510,private employment and more
of all types were made by the
Employment Service in 1936.
Her report was outlined in
part as follows in a Washington dispatch of Jan. 16 to the
463 persons were placed in
than 5,000,000 placements
Death
Stevens, Former Chairman of
Federal Reserve Bank—Resigned
April to Join Blyth & Co. as Vice-Chairman
of
M.
Eugene
Board of Chicago
Last
Eugene M. Stevens, Vice-Chairman of Blyth & Co., Inc.,
and former Chairman of the Board of Directors of the Federal
Reserve Bank of Chicago and Federal Reserve Agent, died
yesterday (Jan. 22) at his home in Evanston, 111., of a heart
attack.
He was 66 years of age.
Mr. Stevens resigned as
Chairman of the Chicago Reserve Bank last April to accept
the post with Blyth & Co.; his headquarters were in the
Chicago office of the firm.
His resignation from the Chi¬
cago Reserve Bank was referred to in our issue of April 4,
1936, page 2259, in which a summary of his career was given.
New York "Times":
The number of private employment placements,
awgain of 36.4%
was
over
begun in July of 1933.
"Included in the
public, non-relief
to
Miss Perkins said, was
the
and 1,366,548
on
relief work, in addition
"The service registered
applications during the year.
new
^'Operations during 1936
were
jobs in private industry.
made,
a
which
was
2,212,998 in
5,090,009 placements of all types were
employment
private placements," Miss Perkins said.
4,259,914
Over
characterized by a continued effort to find
1,102,000 field visits to employers were
gain of 20.5% over 1935.
most
Accompanying the rise in field visits,
pronounced during recent months,
private
placements
during the last ten months of 1936 showed successively higher gains over the
totals for the
J.
E.
corresponding months of the previous year.
Record
December
Made
month.
This is
placements
private
of
172,354
gain of 185.1% over December,
a
employment offices
were
was
a
record for one
1935, when the public
heavily engaged in connection with the operations
of the work program and is also the largest gain over the same
month of the
"A
total
303,129 placements of all types were made in
of
Placements of
on
and
public works
men were
15,009
on
Duties
as
Joseph E. Davies, newly-appointed American Ambassador
Russia, who sailed from New York on Jan. 5 aboard the
North German Lloyd liner Europa, arrived in Moscow on
Jan. 19, accompanied by his wife.
Mr. Davies was appointed
to the post on Nov. 20, succeeding William C. Bullitt, who
was recently appointed Ambassador to France.
Reference
to the appointment of the new Ambassador to Russia ap¬
peared in our issue of Nov. 28, page 3407.
Prior to his departure on the Europa, Mr. Davies issued
following statement:
am
through this assignment.
it with the greatest of
to say
glad: indeed to be identified with President
very
velt's Administration
definite
Russia
Roose¬
nothing I have to say in connection with my mission to
is
that I
except
previous year which has been reported.
including 115,766
Assume
to
the
December
in
Moscow to
in
American Ambassador to Russia
There
"The
Arrives
Davies
1935 and the highest level attained since the service
We are looking forward to
I hope to be able to have something more
interest.
the conclusion of my work there.
upon
December,
relief works projects.
Walter
Sir
229,581 and of women 73,548."
President of British Board of
United States—To Be Week-end
Runciman,
Visits
Trade,
Guest of President Roosevelt
Rail
Brotherhoods
20% Wage Increase—$116,500,000 Annual Rise in Joint Demand
the five big railroad brotherhoods voted at
Jan. 20 to demand a 20% pay increase for about
300,000 members of the unions.
The vote came after nine
days of negotiations among the brotherhood chiefs.
The
brotherhoods embrace all employes in the train service
Leaders
Chicago
of
on
President of the British Board of
Walter Runciman,
Sir
Ask
to
Trade, who arrived in the United States during the current
week, will be a guest of President Roosevelt at the White
Mr. Runciman was a
this week-end.
House
Anchor Line steamer Caledonia,
the
passenger
on
which docked at Bos¬
|» Formal notice of the demand for increased pay will be served on the
and President
"Transcript" of
the 18th inst., have asserted that Mr. Runciman's Wash¬
ington sojourn will be quite unofficial, but informed ob¬
servers point out that conversation will most likely revolve
about questions of war debt payments, monetary stabiliza¬
tion and possibilities of a reciprocal trade agreement.
In
country's carriers as soon as the necessary steps can be taken, David B.
part, the "Transcript" also said:
classifications.
Based
the
on
October,
1936 payroll statistics issued by the Interstate
Commerce Commission, the 20% rise would require an increase of $116,-
500,000 in the annual payrolls of the country's railroads.
Robertson
Cleveland,
of
President
of
the
Brotherhood
of
ton
18.
Jan.
on
State Department officials
Roosevelt, it was observed by the Boston
Locomotive
Greeted
by Steamship
Firemen and Enginemen, asserted.
fc»,The brotherhood leaders did not act
on a
Line,
proposal, presented at the start of their meeting.
I- Besides
demand
motive
the
are
firemen's
brotherhood,
the unions
involved in the joint
the Brotherhood of Railway Trainmen, Brotherhood of Loco¬
Engineers,
Order
of
Railway
Conductors
and the
Switchmen's
Walter, who is
Samuel
Act the railroads of the country within 30 days
after the filing of notice of demands by the unions must set a time
land
and place
that
♦
Death of
G. Lloyd, of Philadelphia, of J. P.
Morgan & Co. and Drexel & Co.
died
& Co., New York, and of Drexel & Co., Philadelphia,
on Jan. 21 at his home in Haverford, a suburb of Phila¬
Mr. Lloyd, who had celebrated his 70th birthday
on Jan. 14, had been a partner of Drexel & Co. since 1910
and of J. P. Morgan & Co., and its two foreign branches—
Morgan, Grenfell & Co., London, and Morgan et Cie, Paris—
delphia.
on
have
been
aware
with
the
United
well be
may
is
as
John A. Aiken, New Eng¬
widely
on
The
British debt is
met
payment
Sir
diplomatic
movement
Commentators
in
officials
"goodwill"
of another period of
the threshold
for
Great Britain for
the opinion
express
Runciman has been authorized to speak
subjects of war debts, trade and international mone¬
now
high circles convinced that the British are
settlement of their debt to the United States.
some
a
$786,000,000 in arrears, as repeated defaults have
Should Great Britain move to settle, it is regarded
take similar action.
.
.
.
Runciman sailed from Glasgow, Scotland, Jan. 8, deter¬
dates.
that France would
probable
Walter
mined,
strong
a
States.
believed that Mr.
stabilization, with
to negotiate for
ready
American
mission,
of
marked the pre-war era.
the interdependent
tary
of
real
ties
we
It
Horatio
Walter's
Sir
missions, such
Horatio Gates Lloyd, a member of the firm of J. P. Mor¬
gan
Mackinac to meet the Caledonia.
time
some
closer
Labor Board for adjudication.
Scotch
President of Waterman Steamship
General Agent of the Anchor Line in America, and
Manager of the Londonderry office, went out on the
agent of the line, lead the group.
If
agreement can be reached the whole matter is then referred to Railway
and
Henderson,
Whatever
for meeting with brotherhood leaders for the opening of wage negotiations.
no
Officials
of Lord Philip Runciman, head of the Anchor
eon
J. W. O. von Herbulis,
Ltd.,
Agency,
a
greeted by a boarding party of Boston associates of the
was
shipping firm.
customs tug
Unionfof North America.
Under the Railway Labor
Sir
six-hour day, thirty-hour week
he said, to
do "everything in my power to increase the exchange
goods between Great Britain and1 America."
since 1912.
The
from
following regarding the career of the late financier is
Philadelphia advices, Jan. 21, to the New York "Times"
Sir
Bondholders' Protective Council
was
born at Middletown, Del., on Jan. 14, 1867, the son of
Horatio Gates and Elizabeth Newell Lloyd.
He received his early educa¬
tion in private schools and was graduated from the
Law School of the Uni¬
versity of Pennsylvania with the degree of Bachelor of Laws in 1887.
was
He
admitted to the bar the following year, but never was engaged in active
practice of law.
In the
Co.
Director of Bank of England, Ar¬
Foreign
Niemeyer,
rives in New York—Meets With Members of
of Jan. 22:
SiMr. Lloyd
Otto
same
year
he obtained work
as a
clerk in the Philadelphia Trust
;v,
i
...
In 1894 he was made assistant secretary of
the company, but left it in
Sir Otto Niemeyer,
G.B.E., K.C.B., a member of the Brit¬
Bondholders, and Douglas Reid, Sec¬
ish Council of Foreign
retary-General of that organization, paid a courtesy call
yesterday (Jan. 22) on the officers of the Foreign Bond¬
holders Protective Council, Inc., in New York City.
It is
planned, during Sir Otto's stay here, to have some informal
discussions covering problems common to the two organiza¬
tions and incident to the securing of service upon defaulted
1900 to become treasurer of the newly incorporated Commercial Trust Co.
foreign bonds.
Two years later he was
arrived in New York on Jan. 20 on the steamer
Berengaria.
With his arrival, Sir Otto was quoted as
when he
was
President and continued in that position until 1910,
invited to become
a
partner in the old-established Philadelphia
private banking house of Drexel & Co.
In 1912 Mr.
Co.
became a member of Morgan,
Grenfell & Co. of
London, and Morgan, Harjes &.Co. (now Morgan et Cie.) of Paris.
InVthe
war
war
.
.
saying:
I
sent
.
days of 1917 and 1918 he accepted the chairmanship of the
chest campaign committee to
Bank
.
Gates was named a partner in the firm of J. P. Morgan &
and subsequently
Sir Otto, who is also a director of the
of England,
provide funds for the Red Cross and other
with
way
am
not
here
as
an
official of
the
government in any way.
the American bondholders, to
can
be found to remedy it.
the
Bank of
England,
nor
do I repre¬
I am here for one purpose, to meet
survey
the situation, and
see
if
some
550
Financial
He stated that he does not plan to see Walter Runciman,
President of the British Board of Trade (who also arrived
in the United
States this
President Roosevelt.
week),
Mr. Reid
also
a
passenger on the
Berengaria.
Georges Bonnet Named
v
French Ambassador
as
the
to
United States
appointment of Georges Bonnet
dor to the United States
from
Paris,
French Ambassa¬
as
made known in press advices
was
Jan. 15.
M. Bonnet will replace Andre de
M. Bonnet is a member of the Chamber of
Laboulaye.
Deputies and,
such, it
as
to the New York
was
"Times," he
pointed out in Paris advices
can
hold his
new
appointment
only six months unless he decides, like his colleague, Andre
Francois-Poncet, in Berlin, to resign from Parliament and
adopt a diplomatic career. In the same account it was said:
M.
is
Bonnet's
his
nomination
economic
an
and
however,
be wrong
organized in 1929 and later
was
Chairman of the Board.
Mr. Wilson,
became
formerly President of Morris & Co., packers,
President of Wilson & Co.
in
1916.
Mr,
Wilson
organizer and first President of the Institute of American
Meat Packers.
He was also an organizer and Chairman of
the National Committee on Boys and Girls Club Work.,
Mr. Williams, succeeded Donald Richberg as National
Recovery Administration Administrator.
Educated in the
law, he began in the legal department of the R. J .'Reynolds
Tobacco
Co. and became successively general counsel,
given
was
President and Chairman of the Board.
Mr. Kohler
an
an
examination
tonight
in
the
of
supposition possible
the debt
authoritative
problem.
quarters
A
that
it
Governor of Wisconsin in 1929-39 and is
participation in making Kohler, Wis.,
In addition to the above officers,
industrial garden city.
the following regional Vice-Presidents of the National Asso¬
ciation of Manufacturers were elected at the board meeting
on
makes
expert,
was
also well known for his
Ambassador, coupled •with the fact that he
as
financial
principal task will be
ing,
1937
23.
was
♦
The
Jan.
dent of General Foods when it
does he intend to see
nor
was
Chronicle
'
jJan. 22:
1
H. A. Bullis, Vice-President, General Mills, Minneapolis.
that
S. Bayard Colgate, President, Colgate-Palmolive-Peet Co.,
warn¬
O. S. Davis, President, Borg-Wamer Corp.,
would
Lammot du Pont,
to leap to any too hasty conclusions.
Jersey City.
Chicago.
President, E. I. du Pont de Nemours & Co., Inc.,
Wilmington, Del.
William L. Hoge, President, Mengel Co., Louisville,
Commissioner
Stevens Named Vice-Chairman of
United States Tariff Commission
Robert
President Roosevelt has named Commissioner
Raymond
Stevens Vice-Chairman of the United
States Tariff
Commission to fill the vacancy caused by the death on
adviser
Hampshire and was United States Representative in
Congress from the State.
He has also been special counsel
the Federal Trade
Commission and later
a
member
of
body.
He has also served as vice-chairman of the
United States Shipping Board.
During the World War he
represented the United States Government on the Allied
American
Transport Council.
Mr. Stevens makes his
home in Washington.
♦
York
Stock
mittee
for
Exchange
1937
Governors of
The
following
change
Elects
Nominees
—
Exchange
to Be
Nominating
for
Com¬
Officers
S. Wells Utley,
All officers
J.
President, Detroit Steel Casting Co., Detroit.
were
B.
M.
Reported April 12
List of
Time
Staff
Named
William Kurt Beckers of
Coleman
Frank J.
Nominating Committee
of
John
S.
by
of
Blair
S.
Williams & Co.
were
meet with it and was
on
Stock List.
of
Exchange
Has
Been
of
the
appointed
a
member of the Committee
"This is the first time that a staff executive
Exchange has been
so
honored," the Exchange said.
The Governing Committee, in a resolution recording its ap¬
preciation of the distinguished service rendered to the Ex¬
change by Mr, Hoxsey, invited him to attend meetings of
and
that it may
so
avail itself of his judgment
experience.
Mr.
Hoxsey has
been Executive
Assistant
to the
Com¬
Stock List for the past 10 years, acting as adviser
to the committee in all the relations of the Exchange with
on
listed companies.
Although he will remain in charge of the
work of the Stock List Department, Mr. Hoxsey, in the
New
retiring Nominating Committee.
The
Committee will hold three meetings in
annual
election
of
new
the
the
Exchange
on
May 10.
The
Nominating Committee will report its nominees on April 12.
At a meeting Jan. 21, the new Nominating Committee
elected Mr. Smith
Chairman, and Mr. Havemeyer Secretary.
Chester Elected Chairman of Board of National
Association
Succeeds to
of
York
Manufacturers—W.
B.
Warner
Presidency
C. M. Chester, Chairman of the General Foods
Corp. and
of the National Association of Manufacturers
Coffee
Mackey
chosen from 21 nominees pro¬
month of March, to which members and governing members
will be invited for the purpose of suggesting nominees for
the officers, governors and governing members to be elected
C. M.
Executive
Committee
to
Hammill & Co.
the
Nominating
at the
Member of Committee on
Exchange—Is First
New York Stock
Havermeyer of Homans & Co.
Smith of Shearson,
Williams
The members elected
posed
term.
more of his time to basic problems and
policies of the Committee on Stock List.
John Haskell,
under the title of Executive Secretary to the committee, will
be in charge of administrative details.
Foley of Dyer, Hudson & Co.
Harry K.
one-year
future, will devote
Spencer Trask & Co.
Adler, Coleman & Co.
John W. Foster of Paine, Weber & Co.
Charles F.
a
J. M. B. Hoxsey, Executive Assistant to the Committee on
Stock List of the New York Stock Exchange, was invited by
the Governing Committee of the Exchange on Jan. 13 to
mittee
seven members of the New York Stock Ex¬
were elected members of the
A.
elected for
Hoxsey Appointed
Stock
and
for 1937 at the election held Jan. 11:
John
San
F. B. Davis, President, United States Rubber Co., New York.
the committee
New
Co.,
H. W. Prentis Jr., President, Armstrong Cork Co., Lancaster, Pa.
on
New
that
Ky.
Pacific Portland Cement
a
Foreign Affairs to the Siamese Government.
He has had long experience in State and Federal Govern¬
ment affairs.
He served four sessions in the legislature of
to
President,
F. W. Lovejoy, President, Eastman Kodak Co., Rochester, N. Y.
Jan. 13 of Thomas Walker Page, it was announced
by the
Commission on Jan. 22.
The death of Mr. Page was re¬
ferred to in our issue of Jan. 16, page 386.
Democrat from New Hampshire and was
appointed a member of the Tariff Commission in August
1935.
Prior to his appointment to the Commission he was
Henderson,
T. M. Girdler, Chairman, Republic Steel Corp., Cleveland.
B.
Mr. Stevens is
B.
Francisco.
&
as
Sugar Exchange Retains
President for Third Term
C.
A.
At the Annual Election of the New York Coffee & Sugar
Exchange, held Jan. 21, Chandler A. Mackey was reelected
to the office of President for the ensuing
year; This will be
Mr. Mackey's third consecutive year as President.
Others
elected at
President
the
same
time
were
F.
Shelton Farr
as
Vice-
in
place of William G. Daub, the present in¬
cumbent, and William W. Pinney, reelected as Treasurer.
Managers elected to serve the two year term expiring in 1939
were Frank G. Henderson, F. R.
Home, B. K. Schaefer,
A. M. Walbridge, Walther J. Wessels and Earl B. Wilson.
A Nominating Committee composed of the following mem¬
bers was also elected: Carl H. Stoffregen, Chairman, William
G, Daub, John G. Fitzgerald, David E. Fromm and J. H.
Walter Lemkau.
^
■
President
during 1936,
Jan. 22 elected Chairman of the Board of
the Association for 1937, and William B. Warner, President
of the McCall Co., was elected President.
The elections
took
was on
place at the first meeting of the
board of directors,
held*at the Waldorf-Astoria in New York City.
At the
same meeting, Thomas E.
Wilson, Chairman of the Board of
Wilson & Co., Chicago packers, was elected First VicePresident;
S. Clay
Williams,
former
National
Indus¬
trial Recovery Act Administrator and Chairman of the
R. J. Reynolds Tobacco Co. of Winston-Salem, N. C.,
Second Vice-President; and Walter J. Kohler, former Gov¬
ernor
of Wisconsin and President of Kohler Co., Kohler,
Wis., Third Vice-President.
A number of regional vicepresidents also were elected.
The new board of directors for
1937, representative of virtually all manufacturing industries
and geographical divisions of the country, was elected by the
new
members of the National Association of Manufacturers
their annual convention last month.
Mr.
at
Warner, who is also Chairman of the Executive Com¬
Co., served last year as Vice-
mittee of American Woolen
President
Mr.
of
the
Chester is
National
Association
Chairman
of
the
of
Manufacturers.
General
Foods
Corp.
He became Assistant Treasurer of the Postum Cereal Co. in
1919 and
was
successively promoted until he became Presi¬
F.
Y.
Keeler
Reelected
of Commodity ! Ex¬
change, Inc.—Milton Katzenberg and C. T. Wilson
President
Elected New Vice-Presidents
The Board
of
Governors of
the Commodity Exchange,
meeting Jan. 21 reelected Floyd Y.
Keeler of Or vis Bros. & Co. President of the Exchange
and Martin H. Wehncke, Treasurer.
Mr. Keeler, the second
President of the Exchange, has been reelected for his second
term.
Originally elected in January, 1936, Mr. Keeler
succeeded Jerome Lewine, who had been President since
the organization of Commodity Exchange, Inc., on May 1,1933.
At their meeting Jan. 21 the Governors also elected Milton
Katzenberg of Jacob Stern & Sons and Charles T. Wilson
of C. T. Wilson & Co., Vice-Presidents to represent the hide
group and the rubber group, respectively, and reelected
Douglas Walker, Ivan Reitler and Harold L. Bache VicePresidents of the silk group, the metal group and the com¬
mission house group, respectively.
Mr. Katzenberg, a
past President of>the former New York Hide Exchange and
a Governor of the
Commodity Exchange since its inception,
succeeds E. L. McKendrew, while Mr. Wilson, at one time
a
Vice-President of the former Rubber Exchange of New
York and also a Governor of the Commodity Exchange from
its beginning, succeeds William E. Bruyn.
Inc., New York, at
a
Volume
Financial
144
Tenth Annual Convention of the Wholesale Dry
Chronicle
James
Goods
Dry Goods
Institute will be held at the Hotel New Yorker in New York
City Jan. 27-28.
Among those scheduled to address the
two-day meeting are Felix H. Levy of Levy & Sweedler,
New York; Dr. Willard L. Thorp, Director of Economic
Research of Dun & Bradstreet; E. B. Sydnor, President,
Richmond Dry Goods Co., Richmond, Va.; Flint Garrison,
Director-General, Wholesale Dry Goods Institute; Henry
Matter, Secretary-Treasurer, Wholesale Dry Goods Insti¬
tute; John Allbright, Bureau of the Census, U. S. Depart¬
ment of Commerce; Warren Bishop, editor, Washington
"News Letter for Man lecturers,'' Washington, D. C.;
E. Cameron Hawley, Director, Bureau of Retail Merchan¬
dising, Armstrong Cork Products Co., Lancaster, Pa.;
John F. Evans and C. A. Spaulding of National Paper
Trade Association, New York.
In executive session the members of the Institute will dis¬
"Methods
Erwin
W.
New York
Charles
Berry,
Assistant
J.
Co.,
Trust
Manufacturers
Officer
Trust
City.
H.
Chairman Committee
Mylander,
Vice-President
B. A., and
Taxation, A.
on
Huntington National Bank, Columbus, Ohio.
The various sessions
President
of
National
Bank
will be presided over
Division
the Trust
by Mr. Coles,
Vice-President
and
First
Portland, Portland, Ore.; Robertson
Vice-President of the Trust Division and Vice-
Griswold,
of
Md., and Samuel
Executive Committee of the Trust
President Maryland Trust Co., Baltimore,
W.
Chairman
Waugh,
Division
and
Vice-President
Executive
the First Trust
and
Trust
Officer
Co., Lincoln, Neb.
conference appeared in our
Views of Bankers
Committee
on
of
An item bearing on the
Dec. 5 issue, page 3562.
National Housing Act
Bankers
American
Sought by
Association
of
Compensating Salesmen," "Returned
Goods Statistics," and will elect officers for the ensuing year.
cuss
Shelor, Trust Officer Trust Co. of Georgia, Atlanta.
Douglas Davis, Vice-President PlainfieldUTrust Co., Plainfield, N.
H.
The tenth annual convention of the Wholesale
Allison, Vice-President Equitable Trust Co., Wilmington, Del.
W.
James C.
Institute to Be Held in New York Jan. 27 and 28
To ascertain the sentiment of bankers regarding
tinuation of Title 1
of the National Housing
due to expire April 1, the
New York State
Bankers Association
to
Hold Annual
Committee
on
the con¬
Act, which is
Banking Studies of
the American Bankers Association has sent
a questionnaire
operated extensively under the
Mid-Winter Meeting in New York Jan. 25—Harper
to
Sibley and J. Herbert Case Speakers
Act, it is announced by Wood Netherland, Chairman of the
annual
The
mid-winter meeting
Association
Bankers
York
of New
Bank
be
held
Federal
the
at
Reserve
Monday, Jan. 25, it was announced
Jan. 16.
Harper Sibley, President
J. Herbert
on
the Association
by
will
State
of the New York
on
of the United States Chamber of Commerce, and
Case, former Chairman of the Federal Reserve Bank and
a partner in R. W. Pressprich & Co., will be the prin¬
nCNv
Case will speak on problems of bank
will present his address at the
banquet in the Hotel Roosevelt, which features the
cipal speakers.
annual
Mr.
Mr.
investments.
Sibley
each year.
meeting
The delegates to
the meeting will be in session all day.
There will be business meetings in the morning and after¬
at which reports of several of the Association's work¬
noon,
ing
received.
The delegates will be
officers of the Federal Reserve Bank.
will
committees
be
luncheon guests of the
Committee.
The questionnaire is being distributed through
city Clearing House Associations throughout the country,
comprising about 1,800 member banks.
According to Mr.
Netherland, the attitude of bankers who have had experi¬
ence with Title 1 loans will be a determining factor in fram¬
ing new legislation or extending the present law.
The Act
provides for the insurance of lenders against losses up to
10% of their aggregate of such loans made for the mod¬
ernization
repair of homes up to $2,000, or business prop¬
$50,000.
Up to the end of November, Mr. Netherland says, the Fed¬
eral Housing Administration had insured 1,294,807 Title 1
or
erties up to
notes in the amount of
$486,420,696.
It is pointed out that
termination of the plan would mean that banks in about half
the States could no longer make instalment loans at rates
equivalent to those obtainable
it
Regional Conference of American Bankers Association
at
Pittsburgh Jan. 28-29—A. E. Braun General
institutions which have
is
while
on
Title 1 loans.
In others,
said, they could be made only for a limited period,
in still others it would be possible to continue to
make similar loans.
■■
Chairman
E.
A.
of
Braun
Pittsburgh
Brooks
will
Deposit National Bank of
General Chairman, and F. F.
as
the First National Bank of
of
Chairman
Farmers
the
serve
the
Pittsburgh
Vice-
as
making the
local arrangements for the American Bankers Association
of
Pittsburgh bankers who
are
Regional Conference to be held in that city Jan. 28 and 29 at
the William Penn Hotel.
The Committee on Arrangements
consists of L. S. Bell, Union National Bank, Chairman;
W. H.
Fawcett, First National Bank; L. N. Murray, Mellon
National Bank; C. W. Orwig, Commonwealth Trust Co.;
C. R. Korb, Union Trust Co.; G. A. Price, Peoples Pitts¬
burgh Trust Co.; A. P. Reed, Fidelity Trust Co.; John S.
Smith, Farmers Deposit National Bank; C. A. McClintock,
Colonial Trust Co.; A. J. Huglin, Pitt National Bank.
ITEMS
ABOUT
BANKS,
""Alfred A. Cook
was
a
member of the law firm of
and J. Boyd McKown of the Peoples
Pittsburgh Trust Co. is Chairman of the Registration Com¬
The conference was referred to in our Jan. 16 issue,
mittee.
388.
page
Speakers
Mid-Winter
at
Division of A.
York City
B.
Trust
Conference
Trust
of
A.—Sessions to Be Held in New
Feb. 9-11
The program
for the eighteenth mid-winter trust confer¬
Division of the American Bank¬
10, 11, at the Waldorf-Astoria,
City, has been announced by Blaine B. Coles,
New
York
President
Mr.
Those
the Division.
of
conference
who
are
to
address the
♦
Trust
Co., N. Y., held Jan. 20, announcement was made of
Mathey, of Dillon, Read
& Co.; Dean S. Edmonds of the law firm of Pennie, Davis,
Marvin & Edmonds; and William H. Long Jr., Chairman of
Doremus & Co.
The report to the stockholders of President
Leroy W. Baldwin is referred to elsewhere in these columns
the election to the Board of Dean
today.
York
Chapter,
Institute of Banking,
"Money Market" to be
given by Horace L. Sanford, Assistant Secretary, Federal
Reserve Bank of New York, during its spring semester,
commencing Jan. 25.
This course is an analysis of the struc¬
ture of the money market and of the factors influencing
interest rates.
Registration for this and 39 other courses on
Banking and Investments has been held during the current
week—Jan. 18-22-—at the Chapter quarters, 233 Broadway.
announces
a
new
course
American
entitled
♦
Riehle, President of the National Assocation
A.
Division,
Price,
of Life Under¬
Y.
Committee
Chairman
Vice-President
and
Merrill
and'
Trust
on
Trust
Officer
Information,
Trust
Peoples-Pittsburgh
Anderson, President Merrill Anderson & Co., New York, N. Y.
Gilbert
School
T.
of
cussion
A.
New
Fairman
N.
R.
William
Austin
Dr.
of
Dick,
Personal
of
Department,
Banking,
Graduate
leader of dis¬
Officer
Trust
Guaranty
Trust
Go.
of
New
Yr.
Committee
Chairman
and
Association
A.
senior
on
partner
Railroad
Securities,
Dick
Merle-Smith,
&
Invest¬
American
Bankers
announces
the appoint¬
Assistant Secretary, London
.
New
tors of the
organization meeting of the Board of Direc¬
Chemical Bank & Trust Co. of New York
on
Jan. 21, James B. Davis, formerly Assistant Secretary, and
Arthur P. Ringler, formerly Assistant Branch Manager,
appointed Assistant Vice-President and Assistant
Treasurer, respectively.
The following additional appoint¬
ments were also made: Howard W. McCall, Assistant Secre¬
tary; Frederick H. Rommel, Assistant Treasurer; Walter T.
Smith, Supervisor of Real Estate A. H. Hauser, Investment
ment Trust Officer, and Francis X. Kane, Assistant Comp¬
troller.
The annual report of Percy H. Johnston, Chairman
of the bank, is referred to in the earlier pages of this issue
were
of
our
paper.
Association and President
George A. Kinney has resigned
Louis, Mo.
Stark, Vice-President and
Trust
Officer Fifth
Third Union
Cincinnati, Ohio.
W.
as
—-♦
President
Smith,
Scott,
discussion
George W.
of the
Institute
Problems."
National Bank, St.
Boatmen's
leader
N.
Research
Trust
American
Y.
K.
Co.,
Jones,
York,
Bankers
Tom
Director
the
of
"Trust Business
on
York,
Stephenson,
Banking
Robert
Trust
office.
At the annual
Trust Co.
ment
ment of Leonard A. Lewinton
♦
New York, N.
Gwilym
York,
Guaranty Trust Co. of New York
are:
Theodore M.
L.
♦
New
Coles, President of the Trust Division.
writers,
Mr. Cook
Jan. 20.
Cook, Nathan, Lehman &
Following the annual meeting of the directors of the Empire
9,
Feb.
Association,
ers
on
&c.
Board of
of the
Greenman.
to be held by the Trust
ence
COMPANIES,
member
a
Trustees of the New York Trust Co.
is
Ray Harrison of the Mellon National Bank is Chairman
of the Hotel Committee,
TRUST
elected
Professor of
on
"Trust
Law, Law
Law
School of Harvard1 University,
Problems."
Edwards, head of the Department of Economics, College,
City of New York, New York, N. Y.
H. Roseberry,
Vice-President and Manager Trust Department, SecurityLos Angeles, Calif.
First National Bank of Los Angeles,
Harold Eckhart,
Secretary Harris Trust & Savings Bank, Chicago.
Harold B. Driver, Trust
Officer Old Colony Trust Co., Boston.
as a
Vice-President of the
Chase National Bank of New York to establish
a
trust de¬
partment for the Bank of Bermuda, Ltd.
He will assume the
duties of trust officer of that institution at Hamilton, Ber¬
muda, on Feb. 1, and will make his home thereafter per¬
manently in Bermuda.
Mr. Kinney was with the Hamilton
Trust Co. of Brooklyn for more than 20 years and joined
the Chase National Bank in 1919, when that institution's
trust department was formed.
He became trust officer in
1921, and was elected Vice-President in 1930.
He has been
552
Financial
actively associated with the Americanilnstitute of Banking
for many years, serving in a number of official capacities,
including a term as President of New York Chapter in 1921.
Jan. 23, 1937
Chronicle
dent,
Savings
Citizens
the
of
York.
Bank of New
President of the bank, Mr. Rogers succeeds Mr.
The other officers were re-elected.
As
F. Gulden.
'*'■
Xx'j;V/V
♦
Morris, President of the Fulton Trust Co. of
New York, in his report presented at the annual meeting of
the stockholders on Jan. 20, stated that the company showed
continued progress during 1936 in line with general business
conditions.
The net earnings
from operations, totaling
$293,600 were equal, he said, to $14.68 per share, against
$10.48 per share earned in the previous
year.
The net profis
from sale of securities were credited directly to undivided
profits and were not included in net operating income.
Mr. Morris stated that the deposits of over $24,000,000 on
Dec. 31, 1936 were the highest in the history of the com¬
pany.
The total assets in the Trust Department show
an increase of 25% since Dec. 31, 1935.
In part he also
Arthur J.
said:
money rates is uppermost
in the minds of all
banks, and in view of the abnormally low rates obtaining during the
believe that
our
earnings are gratifying.
there have been evidences of
Owing to the
demands
In
liminary approval for the grant of a charter by the Federal
Home
excess
a
reserves
year,
In the latter part of the
developing demand for
a
Mr. Morris
maturing within five
years,
ng
he
known
as
the
♦
Announcement
of
trustees
was
made
on
14 by the board of
Jan.
the
Emigrant Industrial Savings Bank, New
York, that David J. Groden and Joseph H. Praetz have
been advanced from the posts heretofore held by them as
Assistant
At the
Vice-Presidents
to
office of
the
Vice-Presidents.
time James A. Coulter, George W.
same
Lincoln
S.
Hassion,
Haggerty
previously Deputy Comptrollers
Hayden and
made Assistant Branch Managers.
elected Assistant Vice-Presidents; John J.
were
Joseph R. Brennan
were
;
noticeable change in money rates.
in the highest grade securities with 52%
hereafter
year
in the banks throughout the country, these
have not been reflected in
will
and
Board
by industry.
money
investment portfolio we have maintained a very liquid condition
our
Loan
Bankers Federal Savings and Loan Association.
and
Naturally the question of
we
According to an announcement by 0. Harry Minners,
President, the Bank Clerks' Cooperative Building and Loan
Association of 25 Broad Street, New York, has received pre¬
»
,,,
>,
.
At the annual meeting of the stockholders of the Guaranty
Trust Co. of New York on Jan. 20, the following directors,
whose terms had expired,
were
unanimously reelected:
Charles P.
Cooper, Henry W. de Forest, Eugene G. Grace,
W. A. Harriman, David F. Houston, Thomas W. Lamont,
William C. Potter and L. Edmund Zacher. At the annual
observedjthat the institution isjin^its
47th year
—approaching the half-century mark.
The Dec. 31 figures
of the trust company were noted in our Jan. 9 issue, page 199.
meeting of the board of directors, following the meeting of
stockholders, the officers of the company were reelected
for the ensuing year.
The report of William C. Potter,
Chairman is referred to elsewhere in these columns today .
♦
Harvey D. Gibson, President of Manufacturers Trust Co.
York, announced this week the following promotions:
of New
Raymond A. Lockwood, Eugene S. Hooper Jr., and William E. Ford
of the main
A.
office, from Assistant Vice-President to
Herbert
Planteroth,
from Assistant
officer
Vice-President
to
in
charge
of
the
James R.
Vice-President.
39th
Street
Reuling
was,
at
the annual meeting, elected
Vice-President of the Bayside National Bank, Bayside, L. I.,
N. Y. Doctor Reuling succeeds Charles V. Bossert, resigned.
Branch,
Vice-President.
Joseph Brown, officer in charge of the Canal Street Branch, from Assistant
All other officers
were
reelected.
Vice-President to Vice-President.
Francis Crave, Supervising officer for the Bronx branches, from Assistant
Carl C. Francis has been elected President of the Kingsboro
National Bank of Brooklyn, succeeding John F. McKenna-
Vice-President to Vice-President.
Harry C. Kilpatrick, from Assistant Manager of the Real Estate Depart¬
ment to Assistant
Vice-President.
who
Edward J. Korbel, officer in charge of the 85th Street Branch, from Assist¬
ant
resigned at the bank's annual meeting of the stock,
holders
Jan. 12.
on
Secretary to Assistant Vice-President.
rStewart E.
Morris and Joseph
M. Vollmer of the Main Office, from
Assistant Secretary to Assistant Vice-President.
4
Alfred R. Weil, officer in charge of the Southern Boulevard Office, from
Manager to Assistant Secretary.
Robert W.
bank for
a
Cordon and Ambrose O.
Brady, who have been with the
number of years, were elected Assistant Secretaries.
At the annual meeting of the
stockholders of the Con¬
tinental Bank & Trust Co. of New York Jan. 20, Frederick
At the annual meeting of the National Bank of Kings
Park, Kings Park, Long Island, N. Y., State Senator
George L. Thompson was elected President, succeeding
Justice John F. Kelly, who died as a result of injuries received
in an automobile accident last year.
Charles S. Parker,
Superintendent of the Kings Park State Hospital, was
elected Vice-President.
All other officers and directors
were
re-elected.
H.
Hornby, President, stated that, in the opinion of the
directors and officers, the year 1936 has been one of con¬
siderable progress for the institution.
The earnings for
the year 1936, he said, amounted to $503,252, as compared
to $502,351 for the year 1935.
Included in the earnings
was a part of the security profits which amounted to $173 ,770, the balance being from operations.
Dividends paid
to stockholders during the year 1936 amounted to $320,000,
which, it is stated, was more than covered from operations,
leaving $183,252.47 to be added to the undivided profits
account.
Deposits at the close of business Dec. 31, 1936
were $80,138,030, as compared to $61,916,380 at the close
of 1935.
The average rate of interest received on loans
and discounts for the year 1936 are reported as 2.69%,
and the average rate of interest received on the bond invest¬
ment account as 2.33%.
The investment account of the
institution totals $24,177,690.
Mr. Hornby stated that the
institution had no foreign securities in the investment ac¬
count, and that 78% of the securities held in its government
bond portfolio have maturities of less than five years.
He
added that the market value of the investment account is in
excess
of the total book value.
of
statement
these
condition
columns
Jan.
of
the
The figures
institution
in the Dec. 31
noted
were
in
ings for the
which
At the annual meeting of stockholders of the Clinton Trust
Co. of New York, Lee S. Buckingham, President, an¬
nounced
on Jan. 20 that the bank had a most
satisfactory
and that there was an increase in deposits of approxi¬
mately 40% since Dec. 31 a year ago.
In September the
bank opened its new office in the McGraw-Hill Building
The following directors were re-elected: Ellwood M. Rabenold, Ralph D. Ward and John F. Creamer.
year
■;}: XX:
-%
the
XX V
/X:
♦
Xfx'
to
;
/'X
'
y
X:0
•
stockholders of the Trade
Vice-President of the New
York Merchandise Co., was elected a director of the bank,
replacing Alexander P. Hirsch, resigned. All other directors
were re-elected;
it is announced that debentures were re¬
duced by $25,000 and that $25,000 was transferred from
At the annual meeting of the
Bank of New York, Victor Price,
reserves
and
added
to
surplus.
♦—
■
':;X
•
-
On Jan. 14 the election occurred of Charles E. Rogers Jr.,
as President and Charles C. Heuman as Second Vice-Presi¬
earnings
&
from
Trust
Co.,
Scarsdale,
net profit from
the
or $8.04 per share, of
loans and services and
sale
of securities.
After
of
$22,000 declared in 1936, balance transferred
undivided profits and reserves was $58,449. The Dec. 31,
1936, condensed report of condition shows total
$5,566,519 at the end of the
at the end of 1935.
resources
of
compared with $4,845,767
Cash amounted to $1,031,919 and United
year
States Government securities totaled
$1,903,241. Collateral
$826,237, and real estate mortgages as
$533,158. Total deposits amounted to $4,854,848 on Dec. 31,
1936, against $4,231,199 at the close of 1935.
Neil Petree,
President of James A. McCreery & Co., has been elected to
loans
the
were
shown
as
Board of Directors of the bank.
Promotion of 12 of its official staff was announced
by
the/Marine Trust Co. of Buffalo, N. Y., on Jan. 12, follow¬
ing the annual meeting of the directors, it is learned from
the Buffalo ^Courier-Express" of Jan. 13.
Four Assistant
Assistant
Secretaries were appointed.
Those named
Ralph Wahlborg, heretofore Manager of the foreign
department, and Edwin J. Voltz, Arthur J. Rau and Francis
A. Smith, formerly Assistant
Secretaries, advanced to Assis¬
were:
ts nt
Vice-Presidents;
George B. Hartley, heretofore an
Secretary/ promoted to Treasurer; James C.
Evans, Earl W. Haffa, Karl Hinke, J. Hayward Metanle,
and Archie A. McConnell, named Assistant
Treasurers, and
George W. Fox and Harrison M. Ivollatz, advanced to
Assistant
Assistant Secretaries.
./TV,
Assistant Secretaries.
X
Bank
1936 of $80,449,
was
■
Company of North America, New York, announces
appointment of Edward W. Ewen and Irving J. Piken
y
was
dividends
Trust
as
National
year
$39,220
$33,399
two
■
Scarsdale
Vice-Presidents, Treasurer, five Assistant Treasurers, and
Page 199.
9,
The
N. Y„ in its annual report to stockholders, shows net earn¬
From
the
Buffalo
♦
': TX.V
"Courier-Express"
of Jan. 13 it is
learned that two promotions were made at the annual
meet¬
ing of the directors of the Manufacturers & Traders Trust
Co. of Buffalo, N. Y., namely, Robert E. Leake
and Herman
J. Ludescher were advanced from Assistant
Secretaries to
Vice-Presidents.
G.
All
other
officers
Harriman is President.
were
reelected.
Lewis
xyxyvx
The entire directorate and all officers of
the Niagara
National Bank & Trust Co. of Buffalo, N.
Y., were reelected
at the annual meetings of stockholders and
directors on
J an.
12, it is learned from the Buffalo "Courier" of Jan. 13.
Milford H. Whitmer, heretofore
Cashier, was made a Vice-
President, while continuing
as
Cashier, and L. Edgar Cullen
Volume
was
added to
The
paper
Mr.
the
active
as
and
later
Mr.
National
became
at
its
Group 1
born
was
in
organization
acting Assistant Cashier.
an
the
of
Cullen
in
He
T-
the New
.
.
.
July,
1930, as a
the last year
served
A:.'
well known
of
Buffalo.
•.;
.*■>.
.
♦
The statement of condition of the Fairport National Bank
& Trust Co. of Fairport, N. Y., as at the close of business
Dec.
31, indicates a net profit for the year 1936 equal to
$25.14 a share on the 1,000 shares of common stock out¬
standing.
year,
Undivided profits increased $19,137 during the
after deduction of $6,000 in dividends paid on the com¬
mon
stock.
the
Total
of
sum
increased
resources
$217,669
in
increased
during the
to
year
$2,114,021;
deposits
of Dec. 31, and surplus increased
$198,060 to $1,881,095 as
$3,125 to $53,125.
Preferred stock held by the Reconstruc¬
tion Finance Corporation was reduced
$3,125 to $46,875.
James I. George is Chairman of the Board of
Directors, and
P. G. McGinnis, President.
553
Chronicle
Observer"
of
Trust Co.
Paying Teller.
a
Cashier.
Assistant
an
*
been with the bank for several years and is
Association.
joined the Niagara
bookkeeper,
as
participation in the activities
York State Bankers
He
executive staff
added, in part:
Whitmer has
his
for
Financial
144
Jan.
13,
Joseph
G.
York and its branch at
tively,
the
as
West
of the
Granite
Trust Co.
of
Quincy, Mass.,
their annual meeting on Jan. 19
(the 101st) elected
Judge Kenneth L. Nash a director.
Judge Nash will serve
the Trust
directors'
Committee
of
the
bank.
meeting, Loy J. Bowen,
dent, was chosen
an
Vice-President.
a
At
the
subsequent
Assistant Vice-Presi¬
The business
Mr.
in
Bowen
counselor
was
to
Hanover
York
the
CityJ.
&
.
was
York
branch
and
Trust
.
prior
Co.
He
.
that
to
and
has
the
connected
was
New
served
as
York
an
Trust
with
Co.
instructor
in
the
as
a
Central
[both
New
of
accounting
at
the
University of Georgia and in investments at the American Institute of
Banking in New York.
from
liamstown,
Mass.,
resigned
that day
tional
on
Bank
Mr.
Directors.
bank
and
Associated
Jan.
on
as
was
Vice-President,
17,
Press
that
elected
Willard
Chairman
Clark, who is 83
was
advices
from
Ballou
Wil-
Clark
President of the Williamstown Na¬
Cashier in 1879.
as
Trust
Co. of New Jersey in West New York, was made a
Vice-President of the Trust Co. of New Jersey and will con¬
tinue
in charge of the West New York branch.
Louis J.
Asterita, of the Monitor branch, and William G. Klemt, of
the Weehawken branch, will continue in
charge of thoSe
offices
Assistant Treasurers of
as
Jersey,
.7
the
*
of
the
Board
of
777
7
Holland, C. Ellwood Williams, Herbert J. Cousley, As¬
Trust Officers; William McBride, Assistant Real
Officer; George Smith, Registrar, and Harry J.
Wylie and Chomly Fox, Assistant Registrars.
The Philadelphia
"Inquirer" of Jan. 19, from which
this
information
Packard,
of
and
is
having
Chairman
date
ruled
of
that
Mr.
elected President to succeed Mr. Clark.
institution for
Vice-President and
over
a
43 years.
Mr.
director of the Old
became
Under-Secretary of the Treasury, from
he resigned in February, 1936.
Mr. Coolidge is
President of the Boston Museum of Fine Arts and holds
which post
trusteeships and directorships in many New England
corpo¬
rations.
On Mr. Abbott's retirement the Board
passed a
resolution expressing "the deep obligation of the trust com¬
to him for his part in bringing it to the position of
leadership in banking and fiduciary fields in New England."
pany
All other officers of the trust
company were
the exception of Charles H. Bowen, a
reelected
the
Bradlee, Actuary, both of whom have retired
years'
service.
At
meeting, William J. Davidson
the
was
previous
elected
a
stockholders'
B.
the
stockholders
Jan.
12 of
of
the United States Trust
Co., Boston,
Mass., of the capital readjustment plan recently
proposed
by the directors, it was announced that transferable sub¬
scription warrants were to be mailed to the stockholders
entitling them to subscribe to nine shares of new preferred
stock, at $20 a share, for every 14 shares of common now
These
owned.
"rights"
will
expire today (Jan. 23). The
Boston "Transcript" of Jan.
12, from which we quote, went
on to say:
'
.;
.
A
total
be
to
will
share and
per
preferred is to be sold, the proceeds
with other funds, for the retirement of
$1,000,000 of out¬
stock held by the Reconstruction Finance
Corp.
The
entitled
to
$22
$20
be
convertible
dividends at the annual
share-for-share into
rate
common.
of
80
It
cents
will
be
share and
per
share
per
cumulative
carry
will
non-callable prior
at
new
preferred
stock
new
45,000 shares of the
applied,
standing
be
of
accrued
to
After that date it may be redeemed
dividends.
and
dividends
in
liquidation
and
C.
of
S.
the
W.
duties
be taken to fill
had
the vacancy thus
served
the company since
as its President."
Sep¬
Morris,
Chairman
of
the
Philadelphia, and
one
Board
of
the
of the outstand¬
ing bankers of that city, died yesterday, Jan. 22, at the age
80 years.
Mr. Morris had been President of the trust
of
company
became
for 41
years
Chairman of
when he retired
the
He
Board of
in May, 1928, and
Directors, the office he
said to be the oldest director of
was
Pennsylvania
RR., having been elected a member of
the Board on Dec. 31, 1896.
A graduate of the University
of Pennsylvania Law
School, Mr. Morris practiced law for
number of years prior to
entering the banking business.
the early 80's he was general counsel for
the Lehigh
Valley RR. and was later identified with many
corporations.
a
In
«
Stockholders of the Fidelity Trust Co. of
Baltimore, Md.,
at
their annual
meeting elected United States Senator
George L. Radcliffe and Jesse N. Bowen of
Semmes, Bowen
& Semmes, members of the Board
of Directors.
♦
Directors
of
the
Bank
of
Commerce
&
Trusts
of
Rich¬
mond,
Va., at their annual meeting on Jan. 12 advanced
Clark C. Roper from the office of
Assistant Cashier to that
of
Cashier,
and
an
promoted J. B. Adams from the post of
Assistant Cashiership, it is learned from the
"Dispatch" of Jan. 13.
with
youth,
having
the
Bank
started
duties of W. N.
of
Mr.
Commerce
as
a
clerk.
He
Street, Vice-President
Roper has been
&
Trusts
will
and
also.
since
take
con¬
early
over
the
previously Cashier
»
All
111.,
ing
officers of the
Mid-City National Bank
of
Chicago,
reappointed by the directors at their annual meet¬
J an. 6, and M. K. Moussa was named a new Assistant
were
on
Cashier.
The officers
"Journal
of
now
Commerce"
include, according to the Chicago
Jan. 7, the following:
Ben
of
Mills,
President; D. B. Kennedy, Vice-President; W. O.
Schultz, Cashier; F. A. Groenwald, R. G. Had and M. K.
Moussa, Assistant Cashiers; W. L. Breitsprecher, Auditor,
and F. R. Busch,
Manager of the new business department.
'
V'
«
will
Directors
July 1, 1939.
accrued
action
Girard Trust Co. of
nected
on
relieved
♦
Richmond
♦
Following approval at the annual meeting
reported that
be
of Directors, the board, under
reluctantly accepted his resignation
Packard
Effingham
Auditor to
director.
he
Board
11,
no
that
tember, 1892, from 1899 to 1934
with
Vice-President, and
many
obtained, also
asked
January
created.
of age, joined the
Domin, heretofore a
W.
Colony Trust Co. in 1921.
On March 23, 1934, he was ap¬
pointed by Secretary of the Treasury Morgenthau as his
special assistant in charge of fiscal affairs, and he subse¬
after
'
Estate
the
J.
New
E.
held at his death.
Frederick
of
Lives and Granting Annuities,
Philadelphia, Pa., were
re-elected; John H. Packard, 3d, a Vice-President was
given the additional office of Secretary, and the following
new officers
appointed: L. J. Clark, Vice-President; Her¬
bert O, Frey, Vice-President in charge of real
estate; Frank
years
Nelson
retired
quently
Co.
on
after having served the
a
Trust
'•■.^•"'7.
organization meeting on Jan. 18,
all present officers of the
Pennsylvania Co. for Insurances
Directors of the Old Colony Trust Co. of
Boston, at their
annual meeting on Jan. 12, elected T. Jefferson
Coolidge,
former Under-Secretary of the
Treasury, Chairman of the
Board of Directors to succeed Gordon
Abbott, who
Coolidge became
Monitor
the
charge of the Claremont branch, was advanced to a VicePresidency, and Frederick W. Hetzel, Assistant Treasurer
at the main office, was made an Assistant Vice-President.
Ralph G. Krieger, who formerly was Vice-President of the
of
learned
is
It
and
branch, while thewPark Trust Co. becomes the Weehawken
branch.
The directors at their meeting, held the same day,
reelected all officers of the bank and made the following
promotions:
Joseph A. Hall, Assistant Vice-President in
sistant
formerly connected with Moody's Investors' Service
banks,
Bank
March, 1932,
Ledger" as follows :
Quincy "National
of
career
Mr. Bowen, who joined the institution in
outlined
the
At the directors' annual
at
on
of
Monitor, N. J., will be known, respec¬
New
•
Stockholders
President
Parr,
New Jersey as well as of the affiliates, said
there would be no change in policy and that the same staffs
will continue.
The Trust Co. of New Jersey in West New
of
The
offering has been underwritten by Bond & Goodwin, Inc., who will
purchase at $20 per share any of the stock not subscribed by the
present
stockholders.
of
the
Lake
Shore
Trust
&
Savings
Bank
of
Chicago, 111., at their annual meeting on Jan. 8 made the
following promotions (as reported in the Chicago "Tribune"
of Jan.
9)
:
Harding L. Wilbur, from Assistant Vice-Presi¬
dent to
At
all
the
the
Co.
respective stockholders' and
directors
were
and
officers
of
the
directors'
United
meetings,
States
Trust
re-elected.
to
Vice-President; Charles J. Schaniel, from Auditor
Assistant Vice-President; James G.
Wing named Assis¬
tant
Cashier
officers
were
and
Philip
That two of its affiliates—the
Trust Co. of New Jersey
York, N. J., and the Park Trust Co. of Weehawken, N. J.—liad been consolidated with the institution
in
West New
was
ers
announced
Jan.
12, following the annual stockholdmeeting of the Trust CO. of New Jersey, Jersey City,
X. J.
In
a
on
letter to the
depositors, according to the "Jersey
Cordes
named
Auditor.
Other
re-elected.
♦
——♦
At the annual meeting of the Board of the Harris Trust &
Savings Bank of Chicago, on Jan. 13, the directors, in addition to reappointing all officers and electing six
promoted
two Assistant
new
Vice-Presidents, according
ones,
to
the
Chicago "Journal of Commerce" of Jan. 14. Lynn Lloyd was
elected a Vice-President, and Charles J. Roubik Jr. was made
Financial
554
The six new officers appointed were as followst
Manager; Roy M. Frisby, Assistant
Secretary.
Jan. 23, 1937
Chronicle
of the Central National Bank
Directors
& Trust Co.
of
their annual organization meeting on
Hardin H. Hawes, Sales
Des Moines, Iowa, at
Secretary, and Charles A. Carey, Elton W. Follett, Adelbert
Jan.
B. Grout and Donald Waterbury, Assistant Cashiers.
promotions, it is learned from the Des Moines "Register"
of Jan. 13:
Fred H. Quiner, Emmett E. Johns and Lehman
Plummer were advanced to Assistant Vice-Presidents, and
Directors of the American National Bank & Trust Co. of
Chicago, Chicago, at their annual meeting on Jan. 12 reap¬
pointed
all
officers and made the following ad¬
old
the
C.
Charles
ditions:
Kuning
Assistant Vice-President;
Officer, and Samuel
as
12, reelected all the officers and made the
following
C. Winder, Chief Clerk,
At the annual meeting of
the stockholders, held previously, Edwin F. Buckley, a VicePresident, was added to the Board of Directors.
Ernest
were
and
Auditor,
Quiner,
H.
named Assistant Cashiers.
Clarence C. Morgan as Assistant Trust
In noting this,
of Jan. 13 also stated
Bay and Fred T. Hanson, Assistant Cashiers.
the Chicago "Journal of Commerce"
that all the directors were reelected.
in the personnel of the institu¬
the Des Moines "Register" of
Jan. 13:
Orville M. Garrett and Harold P. Klein, both
Assistant Cashiers; were promoted to Assistant Vice-Presi¬
dents, and Irwin Abram and Frank R. Sage, formerly de¬
partment Managers but without official status, were ad¬
lowing changes were made
According to the Detroit "Free Press" of Jan. 13, H. P.
Parshall, Vice-President and Cashier of the Commonwealth
Commercial State Bank of Detroit, Mich., was elected Ex¬
ecutive Vice-President and Cashier by the directors follow¬
ing the annual stockholders' meeting on Jan. 12.
All other
learned
is
it
tion,
officers
the directors of the Iowa-Des
Bank & Trust Co., Des Moines, the fol¬
At the annual meeting of
Moines National
vanced
from
Assistant Cashiers.
to
«
and directors were reelected.
Bank of Cedar Rapids, Iowa, was
That the United States
begin payment on Jan.
to
promotions were made by the directors of the Na¬
tional Bank of Detroit, Detroit, Mich., at their annual met¬
Two
ing oh Jan. 12, it is learned from the Detroit "Free Press"
of Jan. 13.
Eugene T. Garner was elected Assistant VicePresident
and
William
Powers was named Assistant
since
institution
the
with
its
First National
the
directors
and
were
organization and were formerly
Bank-Detroit.
All other officers
reelected.
changes were made in the personnel of the
National Bank of Minneapolis, Minneapolis,
Minn., at the recent annual meeting of the directors, it is
learned from the "Commercial West" of Jan. 16.
George
Only
two
Marquette
Larkin, heretofore Cashier, was named a Vice-President,
Merth E. Mortenson, formerly an Assistant Cashier,
E
and
At the
annual
meeting of the directors of the Midway
St. Paul, Minn., but one change
National Bank of St. Paul,
made in the bank's
was
who
Schwartz
Harold
personnel, namely the addition of
elected an Assistant Cashier,
was
is learned from the "Commercial
it
dispatch stated.
Stockholders of the Live Stock National Bank of
West" of Jan. 16.
Omaha,
Neb., at their annual meeting on Jan. 12 added Herman K.
Schafer. President of the Maney Milling Co., Omaha, to the
bank's board.
At the subsequent meeting of the directors,
all the officers were reelected, as follows:
W. P. Adkins,
President; H. C. Karpf and
Vice-Presidents; R. H. Kroeger, Cashier,
L. V. Pulliam and Paul Hansen, Assistant Cashiers.
Alvin E. Johnson,
Chairman;
Howard O. Wilson,
and
Stannard, Vice-President of the Southwestern Bell
Co., on Jan. 12 was elected a member of the
of Directors of the First National Bank of St. Louis,
A. G.
Telephone
Board
chosen Cashier in his stead.
was
the
Both Mr. Garner and Mr. Powers have been with
Cashier.
2 of the last half of 40% of its
deposits placed in trusteeship during June, 1933, was re¬
ported in Cedar Rapids advices to the Des Moines "Register"
on Jan. 1.
This payment will represent a 100% liquidation,
Mo., at the annual stockholders' meeting on Jan. 12, it is
learned from the St. Louis "Globe-Democrat" of Jan. 13.
Mr. Stannard succeeds the late George A. Meyer.
All other
directors
were
At the subsequent session of the
reelected.
Fuchs, who has been with the bank for a
number of years, a great part of which as Manager of the
advertising department, was promoted
to an Assistant
Frank
Board,
All other officers were reelected.
Cashier.
Several promotions and
additions were made at the recent
annual meeting of the directors of the First National Bank
of St. Paul, Minn., it is learned from the "Commercial
Arthur W. McNee, an Assistant Cashier
West" of Jan. 16.
since
1921,
was
promoted to the office of Cashier, succeed¬
ing Harry R. Fairchild, recently retired; William J. Gratz,
an Assistant Cashier since 1932, was made a Vice-President;
Charles H. Loomis, who entered the bank's employ in 1924,
advanced to
was
Albert Johnson,
Manager of the investment department;
who came to the institution in 1929, was
George W. Clarkson Jr., formerly a Vice-President, was
City Trust Co. of St. Louis,
elected President of the Mound
Mo., at the annual directors' meeting on Jan. 12, according
to the St. Louis "Globe-Democrat" of Jan, 13.
Mr. Clarkson
Sr., who died re¬
Harold
L. Keller, formerly with the Franklin-American Trust Co.,
which was absorbed by the First National Bank several
succeeds his father, George W. Clarkson,
He will be succeeded as Vice-President by
cently.
years ago.
appointed Auditor, and the following members of the bank's
staff
were
Arthur L.
named
Assistant Cashiers:
Elmer M. Volkenant, Lee A.
Bernard V.
Minea,
Maier, Walter J. Bergquist,
Peters, Theodore D.
Sauer.
Four
promotions were made in the official staff of the
Minneapolis, Minn., at
the annual organization meeting of the directors on Jan. 12.
Henry Verdelin, Assistant Vice-President of the First Serv¬
ice Corp. (with which the bank is affiliated) was made an
Assistant Cashier of the bank, while continuing in his pres¬
First National Bank & Trust Co. of
ent
A.
position with the Service Corp.; Oliver S. Aas and Lee
Short were both advanced to Assistant Trust Officers,
Lew Wallace, heretofore
and
Assistant Secretary, was
given the additional title of
an
named Assistant Secretary and
meeting of the directors of the North¬
western National Bank & Trust Co. of Minneapolis, Minn.,
the
annual
Jan.
held
12,
Officer.
Trust
sonnel
Samuel H. Rogers was elected an Assistant
No other changes were made in the per¬
institution,
the
of
J.
Miller, heretofore Assistant Cashier of the Firstbeen
promoted to the Cashiership of the institution, succeeding
Harry Bottorf, who resigned recently to become President of
the Central Trust Co. of Owensboro, it is learned from
Owensboro
of
which
Theodore
Wold
is
President.
the
At
annual
meeting
of
the
directors
of
the
Mattson, were reap¬
pointed and two promotions made. V. W. Maser, an Assis¬
tant Cashier, was given the additional title of Assistant
Trust Officer, and Everett L. Thompson, who has been with
all
the
the
officers,
for
bank
headed by Edgar L.
13
years,
was
named
an
Assistant
Trust
Officer.
■
♦
Executive Vice-President
ers
meeting
and
on
Jan. 12, it is learned from the Des Moines "Reg¬
the advancement of Richard R. Rollins
F. C. Atkins from Assistant Cashiers to Assistant Vice-
ister"
of
Jan. 13,
Presidents.
President,
/
The other officers, headed by
were
reappointed.
B. F. Kauffman,
Louisville
"Courier-
on
by the
directors at their
annual
Jan. 12, and at the previous stockholders' meet¬
ing Mr. Turner was added to the Board of Directors. No
other changes were made either in the Board or in the
officials, it is stated.
♦
—
"Banner" of Jan. 12, three
promotions were made by the directors of the Nashville
Trust Co., Nashville, Tenn., at their annual meeting on
the Nashville
According to
were the advancement of Granville Bourne
Secretary to an Assistant Vice-President;
of Albert H. Thomas of the mortgage loan department to
an
the
They
Assistant
Assistant Vice-President, and Charles
insurance
and
department, to
tax
Rose, Manager of
an
Assistant
Sec¬
retary.
v
^
•
At the annual meeting of the directors of the Wachovia
.
Bank
of
promotions were made by the directors of the Bank¬
Trust Co. of Des Moines, Iowa, at their organization
Two
the
to
•
.
Trust
&
Winston-Salem,
-<■ v:;-v\.
1
Memphis "Appeal" of Jan. 13 it is learned that
Norfleet Turner, formerly a Vice-President of the First
National Bank of Memphis, was advanced to the office of
that day.
recent
Jan.
on
From the
from
Midland National Bank & Trust Co. of Minneapolis, Minn.,
advices
Journal," which also stated that Mr. Bottorf succeeds E.
Kelley Short, who resigned to devote more time to the
Owensboro Wagon Co.
meeting
Assistant Trust Officer.
At
P.
Owensboro Bank & Trust Co. of Owensboro, Ky., has
the
Raleigh
Co., held
on
Jan. 12 at the head office in
N. C., four members of the official staff
branch of the institution were promoted.
They are: H. J. Plonk, from Assistant Cashier to Assistant
Vice-President; W. P. Lawrence, from Assistant Cashier to
Agnew of the banking department ad¬
Cashier, and Allen Langston named
Assistant Trust Officer.
All other officers were reappointed
Cashier;
vanced
as
Leon
to
were
M.
Assistant
the
directors
previously on the
same
at
the
day.
stockholders'
meeting,
held
Volume
Thomas
Trust
Financial
144
K.
Glenn
of
Co.
Georgia,
advanced
was
President
from
the
of
Chronicle
555
institution, headed
the newly-created
office of Chairman of the Board of Directors, at the direc¬
tors' annual meeting on Jan. 12, and Robert Strickland,
former President
of the
of the
Ga.,
to
Georgia Bankers Association,
was
named President in his stead.
—♦—
■
Four officers of the First National Bank of Birmingham,
Ala.,
promoted
were
at
the
directors'
annual
meeting
on
by
M.
■■V
•
resignation of Wylie Hemphill as a
National
Bank
Price explained that Mr. Hemphill, who will remain a mem¬
ber of the Board, will take over the ownership and man¬
agement of the Cumberland Coal
Vice-President of the bank until he
elected
as
director.
a
Walter
E.
Henley, who
was
re¬
The stockholders of the
♦
Hibernia National
E.
moted
for the ensuing year.
Later in
directors, at their organization meeting, pro¬
the
F.
LeBreton
from
Vice-President; elected three
Assistant
Vice-President
all
officers,
present
as
follows:
R. S. Hecht, Chairman of the Board; A. P. Howard, Chair¬
man of the Executive Committee; A. P.
Imahorn, President;
J. H. Kepper, Executive
Fred
W.
Vice-President; Bernard McCloskey,
Owen
W.
Frank J.
Jr.,
Cashier ;
Swain and R.
F.
Schwaner, Assistant Cashiers.
•
The
A.
election
of
Frank
M.
Ratto
He
Cashier
as
of
San
the
Bank, San Francisco, Calif., and of A. J. Guillemard as Assistant Cashier, was announced on Jan. 11
by
Parker S. Maddux, President of the institution,
according
San
the
has
Francisco
"Chronicle"
to
R.
Rightmire
Barrett
In
Mr.
Guilletnard
of
the
following
day,
became associated
the
with
bank
in
1926
Tucker,
0.
C.
Los
of C. M.
of the Citizens
MacFarlane to be Assistant Trust
National Trust
&
of the directors.
For the past three years Mr.
Secretary.
the
At
recent
Trust
annual
MacFarlane
He has been with the trust
meeting
of the
Bank of America
&
Savings Association (head offiV San
Francisco, Calif.), A. P. Giannini was reelected Chairman
of
the
All
Board and
other
dent
of
were
Giannini
A.
bank, was appointed
Directors, and B. B. Meek
directors
reelected.
were
Bocqueraz, who
has
a
Executive Committee.
Gock, Vice-Presi¬
Vice-Chairman of the
was
Mr.
elected
Gock
a
director.
succeeds
Leon
under the bank's retirement
director and member of the bank's
Mr. Gock is in charge of the bank's
California-Montgomery branch and
ica
President.
J.
retired
plan, but will remain
man
reelected
was
reelected.
the
Board of
Other
M.
L.
officers
was
previously
Chair¬
of the General Executive Committee of Bank of Amer¬
(California), the associated State bank.
meeting of
Bank
of
America
At the annual
(California),
the
associated
State bank, L. M. Giannini was reelected President and the
directors and officers were reelected.
Directors of the Wells Fargo Bank & Union Trust Co.
of San Francisco, Calif., at their annual meeting on Jan. 11
advanced A. W. Kohner, formerly an Assistant
Cashier,
to the office of Cashier, and named G. W. Colby and R. L.
Assistant
Francisco
Cashiers,
"Chronicle"
of
it
Jan.
is
12.
learned
directors
at
the
previous
from
the
San
Other
by R. B. Motherwell, President, were
the
officers, headed
re-elected, as were all
stockholders'
meeting.
Changes made in the personnel of the Seattle-First Na¬
tional Bank of
Seattle, Wash., at the directors' annual meet¬
as follows, it is learned from the Seattle
"Post-Intelligencer" of Jan. 13:
Thomas F.
Gleed, an
on
Jan. 12, were
Assistant
Vice-President,
promoted
to
a
Vice-President;
Charles H.
Gordon, heretofore Auditor, advanced to Comp¬
troller; B. N. L. Davis, formerly Assistant Auditor, named
Auditor
to
succeed
Mr.
R.
M.
who
Hardy,
Vice-President
Assistant
continues
in
as
a
service
Grays Harbor branch,
to
of bond
charge
the
W.
bank,
H.
elected Vice-President,
was
Vice-President at the
head1 office.
the
and
American
National
Bank—was
an¬
tire.
on
American
with the
years
National
Deposits
of
Bank,
will
re¬
Associated Press advices from Bellingham, on Jan. 12,
from which the above information
the
of
the
First
American
National
National,
exceed
which
is obtained, added:
$4,000,000,
in
located
is
while
South
the
resources
Bellingham,
total
$1,265,453.
The
is to become effective within
merger
a
few days.
♦
The following statement was issued on Jan. 20 from the
New York agency of the Dominion Bank, the head office
of
which
is in Toronto,
Canada:
The sixty-sixth annual statement of
holders
ings,
Jan.
for
20
increased
percentage
after
deposits,
liquid
of
Provincial
Dividends
contributing
bank
of
deposits amounting to
Cash
assets
the
sheet,
of
at
reserves
profits
for
the
amounting
to
officers'
$700,000,
pension
added
show
total
21.6%
to
liquid
remain
high
of
unchanged,
paid,
and
$100,000
of liabilities
assets
was
$6,541,000.
the
to
$93,363,000,
Capital at
with
and
were
and loss account.
increase of
an
year
were
fund,
to profit
unusually high ratio.
an
$7,000,000
earn¬
Dominion
net
equal
in
unusually
an
for
$202,248,
$76,278
improvement
and
provision
$112,478,000 show
$26,289,000,
balance
position,
making
the
to
and
Total
of
of
10%,
$75,000
premises
1936, shows
cash
After
taxes
the Dominion Bank, issued to share¬
year
strong
a
assets.
Government
off
calendar
the
public
equal
to
$7,000,000
undivided
profits
$668,977.
The New York agency
nounced
the
Toronto
as
Hogarth is
The
election
member
a
a
of the bank on the same date an¬
Major-General D. M. Hogarth of
of
of
director in
the
a
Board of Directors.
General
number of mining companies.1
sixty-second annual statement of the Banque Cana-
dienne Nationale (head office Montreal) for the fiscal year
ended Nov. 30, 1936, is now available.
Net earnings for the
period amounted to $962,247, which, when added to $277,860,
the balance to credit of profit and loss brought forward from
the previous fiscal year, made the sum of $1,190,107, from
which
was
Provincial
leaving
deducted $194,311 to take care of Dominion and
Government taxes and $40,000 for pension fund,
$955,796 available for distribution.
(
This amount
allocated
as follows:
$560,000 to take care of divi¬
$40,000 written off bank premises, and $125,000
representing provision for payment to the Treasurer of the
Province of Quebec, under Statute 14 Geo. Y. €h. 3, leaving
a balance of $230,796 to be carried forward to the
present
was
dends;
fiscal
year's profit and loss account.
Total assets of the
are given in the
report at $137,041,112 (compar¬
ing with $132,574,256), of which $81,704x215 are liquid assets,
institution
equal
or
while
to 65.88%
total
of
deposits
the bank's
(savings and
liabilities to
current)
the
are
public,
shdwn
at
Gordon.
All
other
officers
of
(comparing with $112,993,914 last year). The
institution has a paid-up capital of $7,000,000 and a reserve
fund of $5,000,000.
Beaudry Leman is President and O. St.
Pierre, General Manager.
*
The
net
profits
of
the -Westminster
Bank,
Ltd.
(head
office London) for the past year, after providing for rebate
and income tax, and after appropriations to the credit of
contingency accounts, out of which accounts full provision
made, amount to £1,731,954/19/9.
This sum, added to £369,848/15/9 brought for¬
ward from 1935, leaves available the sum of
£2,101,803/15/6.
for bad and doubtful debts has been
♦
ing
be
elected Vice-President.
was
$118,089,955
♦
Wallace,
of the
Bank
31
for
department of the Citizens since March, 1924, and prior to
that had been associated with other trust companies-
National
Mr.
will
Jan. 12 by A. M. Muir, President of the former.
Mr. Muir will head the new organization, and B. T. Drake,
Savings Bank of
was announced by Herbert D.
Ivey,
institution, following the January meeting
had been Assistant
elected
Ousdahl, Assistant
nounced
Angeles, Calif.,
President of the
succeed
Phillips
Mr.
Merger of two Bellingham, Wash., banks—the First Na¬
tional
and
election
will
Commerce Central branch.
branch.
Vice-President of the bank and' Manager
a
succeeding
77% of public liabilities,
*
The
elected
was
was
Manager
and
and'
1927, respective!}'.
Officer
Vice-President,
a
Bremerton
by W. D. Courtney, who
branch,
Green
$951,277.
and
the
recognition, of their long and valued
written
Ratto
elected
was
of
investments at the head office.
Mr. Ratto, who has been Assistant
Cashier, succeeds George Belcher as
Cashier.
Mr. Belcher, after 40 years of banking experience, of which 17
years were Bpent as
an
official of the San Francisco Bank, is retiring.
Mr.
13
Jan.
of
'
-
.
the National Bank of
of
Manager
Yakima
which added:
and
who
Manager
as
been
the
.
,
headquarters.
Phillips,
succeeded at Bremerton
L.
v,
Faragher, Vice-President in charge of the Central branch, will be
L.
Faragher
Francisco
to
W.
Carl
Ellsworth and Willis G. Wilinot,
Vice-Presidents;
Paul Villere, W. B. Machado,
R. G. Fitzgerald, J. M. O. Monasterio and W. W. Pope,
Assistant Vice-Presidents; Louis V. DeGruy, Trust Officer;
A. C. Lapeyre, Assistant Trust Officer, and R. J.
Druhan,
G.
several changes made in
meeting, held
Seattle "Post-Intelligencer"
the
:/:.v;•
transferred
new
the
.'In noting
as
duties
new
to
officers, Kenner S. Baetjer, Assistant Trust Officer, George H. Dobelman, Assistant
Cashier, and James A. Stouse, Manager of the bond depart¬
and reelected
day,
same
added:
Bank in New
reelected all the directors
day
hence.
his
assumes
director.
.
Orleans, New Orleans, La., at their annual meeting, Jan. 12,
ment,
the
of
:
the
several months
He will continue
Co.
the bank's personnel at the annual directors'
President, stated that the Chairmanship would be
filled later.
Vice-President
Seattle, Wash., was
announced by Andrew Price, President of the institution,on Jan. 12, at the annual meeting of the stockholders.
Mr.
Jan.
continues
re-#
of Commerce of
of Jan.
12, it is learned from the Birmingham "Age Herald"
13.
Claude M. Shill, Harris Moriarty and Alan J.
Daly, formerly Assistant Vice-Presidents, were advanced to
Vice-Presidents, while John A. Hand was reelected Comp¬
troller.
All the other officers were reelected, headed by
Oscar Wells, Chairman of the Board, and John C. Persons.
At the annual directors' meeting of the Birmingham Trust
& Savings Co.
(an affiliated institution of the First Na¬
tional) Arthur W. Smith, who had been Chairman of the
Board, at his own request was not reelected Chairman, but
were
♦
_
^
The
Arnold, President,
A.
■' .'■■■■ ■'
elected.
Atlanta,
the
The dividend
and
6% %
on
of 9%
paid in August last
on
the £4 shares
the £1 shares absorbs £592,433/11/1.
A further
dividend of 9% is now declared in
making 18% for the
cn
the
£1
shares
year,
will
be
and
a
respect of the £4 shares,
further dividend of 6%%
paid, making the maximum of
12%% for the year.
The dividends will be payable (less
income tax) on Feb. 1.
£200,000 has been transferred to
Financial
556
the
premises account and £200,000 to officers' pension fund,
leaving a balance of £516,936/13/4 to be carried forward.
Comparative figures of profit and loss for the last three
bank
\
'
1936
.V
Net profit
Net
'-V■■ ' -r"
follo^:
years
£1,731,955
-
profit after providing for the Centenary
pensioners, and widows..
369,849
481,084
£2,101,804
1,184,867
-
Dividends
£1,883,740
1,204,291
109,600
£1,985,375
1,204,291
Centenary bonus on £4 shares
......
200,000
......
Officers' pension fund
200,000
516,937
200,000
369,849
£2,101,804
£1,883,740
Carried forward
of
directors
the Midland
Bank, lLtd.
100,000
200,000
481,084£1,985,375
(head office
that after making full provision for all
bad and doubtful debts, the net profits for the year 1936
amounted to £2,467,894, which, with £467,447 brought for¬
ward from the previous year, gives a total of £2,935,341, out
of
which
the following
appropriations, amounting to
London), report
£1,519,129, have been made:
To interim dividend, paid
July 15, for the half-year ended June 30, at the rate of 16%
per annum, less income tax, £869,129; to reduction of bank
premises account, £350,000, and to reserve for contingencies,
£300,000, leaving the sum of £1,416,212 from which the direc¬
tors recommend a dividend be paid on Feb. 1 for the half-
at the rate of 16% per annum, less
amounting to £869,129, and a balance of
£547,084 be carried forward to the current year's profit and
year
ended Dec. 31
tax,
income
loss account.
■■
In
a
1
♦
statement issued Jan. 20, Harold J. Roig, a
of Grace Brothers
is
concern
director
& Co., Ltd., of London, revealed that that
retiring
from
business
and
its capital will be
shareholders.
The statement, which follows,
was issued in New York by W. R. Grace & Co.:
Grace Brothers & Co., Ltd., has decided1 not to continue banking busi¬
returned
ness
and
sentation
plates
a
to
as
service business for
can
as
;
460,495
Bank premises account
The
.
1934
£1,524,880
£1,402,656
Bonus to staff,
Brought forward..........................
Total available
:
'
,
1935
the total sales being
day,
the outstanding
Buying interest
continued to center around the rubber shares and new peaks
were reached by General Tire & Rubber and the Fisk stocks.
Specialties also were in good demand and new tops were
registered by Atlas Plywood and Driver Harris.
Themining and metal issues were represented on the up side by
Bunker Hill-Sullivan and Eagle Picher Lead, both of which
broke into new high ground.
Dow Chemical reached 159%
at its top for the day and Babcock & Wilcox moved up to
152 with a net gain of 2 points.
Curb market prices were slightly higher during the early
trading on Friday but some profit taking developed as the
day progressed and many of the' early advances were can¬
celled, though there was a goodly number of small gains
scattered through the list as the market closed.
Aluminum
Co. of America attracted some buying and advanced 2%
points to 167%, and Alabama Power $6 pref. climbed up 2%
points to 77. Royal Typewriter also forged ahead and closed
with a net gain of 3 points at 103, a drop of 2 points from its top
for the day.
The volume of business reached approximately
1,034,000 shares against 954,000 on the preceding day.
As
compared with Friday of last week, prices were slightly
higher, Creole Petroleum closing last night at 36% against
34% on Friday a week ago, Fisk Rubber Corp. at 13%
against 11%, Ford of Canada A at 27% against 25%, Hollinger Consolidated Gold Mines at 15% against 14%, Hum¬
ble Oil (New) at 82% against 81%, National Bellas Hess
at 3% against 2%, New York Telephone pref. (6%) at
117% against 116%, and United Shoe Machinery at 95%
against 95.
DAILY
TRANSACTIONS
THE
CURB
to its share¬
EXCHANGE
Bonds (Par
Week Ended
tNumber
of
Shares)
7% points to 167%; Commonwealth
Edison 3 points to 137;
pref. 2 points to 67%; Babcock &
Eastern Gas & Fuel pref. 4 points to
69%; and Ford of Canada B 2 points to 29%.
Advances predominated as the market closed on Monday,
and while there was some selling among the motor stocks
during the early trading, most of it was promptly absorbed
and the trend continued to point toward higher levels.
Public utilities improved and a number of the trading favor¬
ites made further gains.
Oil shares were fairly steady but
made little progress on the side of the advance.
Specialties
were active at higher prices and the preferred stocks in the
rubber group^ showed a steady upward trend.
In some parts
of the list prices eased off but the trading continued heavy,
the transfers for the day reaching approximately 1,054,145
Wilcox 5 points
to 154; Metropolitan Edison pref. 4% points to 104%;
Creole Petroleum 2 points to 36% and Fisk Rubber pref.
6% points to 82.
■
.
•
Public utilities turned heavy oh Tuesday and losses ranging
The best gains included Babcock &
to 4 or more points were apparant as the session came to
close.
The decline was due in part to unsatisfactory news
up
public utilitity field and to the uncertainty regarding
the outcome of the automobile strike.
Losses also prevailed
in the industrial specialties group and a number of stocks
that registered sharp gains during the fore part of the week
fell off from 2 to 6 or more points.
Babcock & Wilcox was
in the
particularly weak and dipped 6 points to 148; Brown Co.
pref. 3 points to 58%; Commonwealth Edison 3% points to
135; Jones & Laughlin Steel 2 points to 103 and Cities
Service pref. 2 points to 56.
Higher prices again prevailed on Wednesday following early
irregularity, and while the advances in the general list were
not particularly noteworthy, there were a number of stocks
that registered substantial gains.
Specialties attracted the
most attention, but there was considerable interest apparent
n the industrial stocks.
The volume of transfers was under
81,000
54,000
Thursday
103,000
2,249,000
2,372,000
32,000
144,000
2,872,000
2,387,000
2,425,000
2,494,000
$253,000
Total
$24,000
2,230,000
37,000
$489,000 $14,117,000
Jan. 1 to Jan. 22
Week Ended Jan. 22
Sates at
73,000
49.000
New York Curb
1937
Exchange
Stocks—No. of shares
1936
1937
1936
5,389,098
3,954,585
$13,374,000
$24,276,000
253,000
489,000
681,000
210,000
$43,186,000
1,383,000
1,249,000
$14,116,000
$25,167,000
13,269,076
15,075,258
$45,818,000
-
Bonds
.2.
Domestic.
...
Foreign government _.
Foreign corporate. ....
Total
...
*
$97,067^,000
1,850,000
803,000
$99,720,000
volume of business was heavy,
American Superpower
Wilcox 6 points to 149;
a
...
$1,497,000
2,292,000
2,734,000
short period reaching approxi¬
mately 633,000 shares with 494 issues traded in. Low priced
stocks attracted a good share of the buying though consider¬
able interest was also manifested in the public utilities.
Prominent among the day's advances were Dow Chemical
shares.
Total
5,389,098 $13,374,000
Friday......;....
specialties group. The
the total transactions for the
Foreign
Corporate
57,000
1,054,145
898.758
815,415
953,940
1,034,135
Monday.
There have been some brief periods of
in the
Oovernm't
Domestic
Value)
$1,543,000
2,395,000
Saturday
Tuesday.........
Wednesday
irregularity due to profit taking but the market generally
forged ahead with only a moderate check to the advance.
Specialties and public utilities have attracted considerable
attention, and while the latter had a weak day on Tuesday
due to unfavorable news in the public utility field, there was
a moderate recovery on the following day.
The volume of
business has been fairly heavy throughout the week.
Further advances were registered in the curb market during
the short session on Saturday.
The advances in many
instances were small but there were some wide gains scored
Foreign
CURB EXCHANGE
$22,000
66,000
632.705
Except for the general decline on Tuesday, price move¬
ments on the New York Curb Exchange have generally
pointed upward.
THE NEW YORK
AT
Stocks
Jan. 22, 1937
holders.
approximately
6% points to 144%.
Increased trading at rising prices was
feature of the curb market on Thursday.
Grace & Co., and steamship repre¬
their own agency, the plan contem¬
return of capital by Grace Brothers & Co., Ltd.,
The capital is £1,105,000 and is unimpaired.
preceding
815,000 shares against 899,000 on Tuesday. The outstanding
gains included among others Aluminium Ltd. 11 points to
110; Babcock & Wilcox 2 points to 150; Brill Corp. pref. 8%
points to 63; Mid vale Co. 3% points to 83; Pittsburgh Plate
Glass 3% points to 133 and Pepperell Manufacturing Co.
W. R.
well be handled by
1937
23.
Jan.
Chronicle
COURSE OF BANK CLEARINGS
_
"Bank clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Jan. 23),
bank exchange for all cities of the United States from which
it is possible to obtain weekly returns will be 14.1% above
those for the corresponding week last year.
Our preliminary
total stands at $6,395,152,476, against $5,602,879,945 for
the same week in 1936.
At this center there is a gain for
the week ended Friday of 8.3%.
Our comparative sum¬
mary for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending Jan. 23
$2,896,091,463
+8.3
207,420,364
289,000,000
+32.5
187,000,000
+ 18.2
75,107,968
65,700,000
110,000,000
84,672,010
78,420,045
51,900,032
+ 12.8
45,166,390
31,599,000
+25.0
$4,647,895,555
681,398,175
$4,122,068,271
+ 12.8
578,243,650
+ 17.8
$5,329,293,730
1.065,858,746
Chicago
Philadelphia..
1936
$3,135,976,665
274,915,267
New York...,
$4,700,311,921
902,568,024
+ 13.4
$6,395,152,476
$5,602,879,945
+ 14.1
337,000,000
220,996,000
84,696,930
84,800,000
121,802,000
118,400,412
97,607,968
77,117,490
56,477,823
38,105,000
Boston
Kansas City..
St. Louis
San Francisco,
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans..
Twelve cities,
Cent
1937
5 days
Other cities, 5 days...
Total all cities, 5 days
All cities, one day—
Total all cities for week
...
..
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today inasmuch as the week ends
+ 16.6
+ 29.1
+ 10.7
+ 39.8
+ 24.5
+48.6
+20.6
+ 18.1
by the
cannot
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
present further below, we are able to give final and complete
results for the week previous—the week ended Jan. 16.
For that week there was an increase of 8.4%, the aggregate
of clearings for the whole country having amounted to
Volume
144
Financial
Chronicle
$7,029,611,586, against $6,484,840,628 in the same week
in 1936.
Outside of this city there was an increase of
15.4%,
the bank clearings at this center
having recorded a gain of
4.2%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District
(including
this city) the totals show an
improvement of 4.4%, in the
Boston Reserve District of
9.7%, and in the Philadelphia
557
Week Ended. Jan. 16
Clearings at—
Inc.
1937
1936
or
Dec.
1935
%
%
Seventh Feder al Reserve Di strict—Ch
icago
MichAnnArbor
621,797
610,532
+ 1.8
Detroit
117,704,441
3,755,158
1,568,976
1,134,449
19,944,000
1,451,918
5,488,144
22,858,436
1,145,841
8,619,119
3,596,069
'371,126
379,609,321
Peoria
4,813,533
Rockford
Reserve District of 6.8%.
The Cleveland Reserve District
has managed to enlarge its totals
by 25.5%, the Richmond
Reserve District by 21.9%, and the Atlanta Reserve Dis¬
1,428,436
1,373,212
104,270,966
3,467,602
1,334,854
947,934
15,603,000
1,183,725
4,037,873
19,113,094
1,008,467
7,343,833
3,089,626
328,010
286,583,553
812,023
4,050,956
873,234
986,787
576,361,910
455,646,059
Grand Rapids
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South Bend..
trict by
In the Chicago Reserve District the totals
18.4%.
register a gain of 26.5%, in the St. Louis Reserve District
of 14.2%, and in the
Minneapolis Reserve District of 10.8%.
The Kansas City Reserve District has to
its credit an
increase of 2.5%, the Dallas Reserve District of
8.4%, and
Terre Haute...
Wis.—Milwaukee
Iowa—Ced. Rap.
Des Moines
Sioux City
111.—Bloom'gton
Chicago
the San Francisco Reserve District of
13.0%.
In the following we furnish a
summary by Federal Reserve
Decatur
districts:
877,934
Springfield
SUMMARY OF BANK CLEARINGS
Total (18 cities)
1934
468,280
87,828,915
1,885,221
1,156,191
661,943
+ 12.9
+ 8.3
+ 17.5
+ 19.7
+ 27.8
13,315,000
757,809
3,660.768
14,625,380
+ 22.7
+ 35.9
+ 19.6
411,973
65,419.142
1,471,085
792,812
518,687
10,965,000
575,776
4,140,031
11,309,567
303,160
4,665,932
2,236,915
264,067
+ 13.6
720,122
+ 17.4
6,108,559
2,571,682
263,375
259,523,594
558,525
2,796,574
191,671,252
433,560
2,739,981
+ 39.2
692,030
871,866
489,028
684,648
+26.5
398,465,834
299,092,616
77,600,000
24,081,484
13,908,595
65,200,000
21,132,406
13,000,482
+ 16.4
+ 13.1
+ 32
+8
+ 18.8
+ 63.6
'
Inc.or
Week End. Jan. 16, 1937
1937
1936
Dec.
1936
1934
S
%
%
S
S
Federal
1st
Reserve Dists.
Boston.... 12 cities
310.536,885
283,159,292
2nd
New York. 12
"
4,339,993,361
4,157,601,753
3rd
Philadelphia 9
"
425,054,392
397,977,697
4th
Cleveland.
5
"
322,212,657
256,820,389
6th
Richmond.
6
"
146,873,699
+9.7
+4.4
+6.8
+25.5
+21.9
+18.4
+ 26.5
+ 14.2
120,478.563
6th
Atlanta
10
"
168,609,825
142,424,400
7th
Chicago
18
"
576,361,910
455,646,059
8th
St. Louis
4
"
158,762,288
139,007,981
9th
Minneapolis 7
KansasCitylO
"
"
145,011,078
5
"
64,772,302
12th San Fran..11
"
272,715,601
10th
11th Dallas
Total
98,707,688
109 cities
Outside N. Y. City
Canada
We
234,620,747
Tenn.—Memphis
3,097,514,234
258,120,554
216,990,483
100,236,448
99,681,888
75,043,995
100,570,965
43,341,536
40,721,458
196,509,176
166,047,897
6,484,840,628
+8.4
2,446,384,172 + 15.4
6,103,639,575
4,732,892,566
2,079,884,669
1,727,875,728
+5.4
299,657,906
286.844.43i
352,743,870
Minn.—Duluth.
1936
Reserve Dist rict
Lowell
Springfield
Worcester
Conn.—Hartford.
New Haven
R. I.—Providence
N .H.—Manches'r
Total (12 cities)
Second
589,493
2,107,569
268,488,764
789.402
443,845
947,614
Bingham ton...
Buffalo
+ 4.6
460,694
2,122,235
98,707,688
89,061,099
+ 10.8
75,043,995
Tenth Federal
Pueblo
Total (10 cities)
Syracuse
Westchester Co
Conn.—Stamford
N. J.—Montclair
Newark
Northern N. J.
Total (12 cities)
Third Federal
Pa.—Altoona
+3.0
2,249,657
231,156,337
—2.3
741,616
+ 7.7
+ 8.9
2,571,054
1,388,771
9,076,893
+ 1.2
3,302,589
+ 13.4
+24.7
+ 9.7
3,849,473
500,614
5,777,900
1,190,045
33,200,000
634,005
613,610
3,730,908
500,000
20,233,496
38,113,555
4,339,993,361 4,157,601,753
548,427
N. J.—Trenton..
Total (9 cities).
425,054,392
397,977,697
Lancaster
Scran ton
Wilkes-Barre..
York
Fourth
+ 34.5
9,105,400
380,619
261,552,392
234,620.747
7,274,312
Eleventh Fede ral Reserve
2,659,009
1,173,875
7,651,175
3,636,645
7,748,500
323,002
9,841,407
1,094,944
25,784,914
482,381
397,991
3,005,016,838
5,348,222
4,986,835
1,188.380
2,919,249
499,056
Tex.—Austin
Cincinnati
Cleveland
Columbus
Mansfield
Youngstown..
Pa.—Pittsburgh.
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk.
Richmond..
S. C.—Charleston
Md.—Baltimore
D. C.—Wash'gt'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville.....
Ga.—Atlanta...
Augusta
Macon
Fla.—J'ksonvllle-
Ala.—Birm'ham.
Mobile
1,862,742
48,188,979
20,175,279
1,722,259
+ 11.6
511,807
a351,732
b
66,112,869
97,945,359
14,602,000
1,862,289
b
b
54,936,786
76,434,975
11,180,200
1,419,724
b
+ 58.6
+ 8.9
993,353
+ 10.2
27,700,000
+ 19.6
483,112
500,586
+31.9
+ 4.2 4,023,754,906
+6.5
6,185,657
+0.8
3,586,320
2,347,408
2,980,706
320,000
16,603,931
32,702,457
+ 3.1
+ 3.2
+0.1
+ 5.5
+20.4
La.—Shreveport.
Total (5 cities).
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle.
+ 25.4
—27.8
+ 5.6
Ore.—Portland..
Utah—S. L. City
Calif.—Long B'h
Pasadena
San Francisco
San Jose
Santa Barbara
Stockton
Total (11 cities)
458.852
—6.5
+ 6.0
—26.6
+ 7.4
—7.7
555,545
+2.5
121,350,584
+8.8
+ 7.0
—1.0
—4.8
+4.2
328,000,000
1,464,294
2,146,231
1,041,796
1,204,302
3,420,000
+6.8
338,599,629
258,120,554
+9.8
+ 6.8
—6.8
+ 14.4
+ 12.0
b
+ 20.2
+8.4
+20.3
46,567,220
+28.1
65,206.797
+ 30.6
10,029,400
+ 31.2
1,275,064
b
b
+ 37.5
+ 14.3
+ 16.5
+ 40.2
+25.2
971,677
55,618,343
272,715,601
241,434,191
+ 13.0
196,509,176
+8.6
+ 6.0
+ 38.2
+ 14.5
+ 10.6
+ 27.3
+8.4 6,103,639,575 4,732.892.566
+ 15.4 2,079,884,669 1,727,875,728
Canada—
Montreal
Winnipeg
39,286,942
54,365,391
9,667,300
1,099,851
Vancouver
Ottawa
Quebec
Halifax
b
Hamilton
Calgary
St. John
Victoria
Edmonton
120,582
1,490,000
24,648,333
Regina
Brandon
Lethbridge
864,293
+21.0
16,482,474
+21.9
100,236,448
Saskatoon
86,331,458
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Reserve Dist rict—Atlant
3,889,973
+25.7
16,712,057
49,000,000
+ 16.6
2,708,222
12,075,560
Peterborough
9,447,879
1,956,365
+ 16.9
36,800.000
+ 39.0
967,841
+ 18.9
901,134
649,167
+29.6
15,202,000
13,701,654
1,062,767
12,619,000
11,390,733
837,467
Kitchener
501,663
14,528,000
19,207,475
1,388,162
Sherbrooke
33,300,000
1,138,376
+28.2
+28.0
.
+ 21.5
+ 7.9
Inc.
46,298,626
12,909,624
+6.8
Windsor
787,844
Prince Albert
Moncton
Kingston
Chatham
b
b
Sarnia
—4.4
129,589
123,471
Sudbury
42,900,834
180,567
35,411,949
+21.1
26,910,578
26,260,933
168,609,825
142,424,400
+ 18.4
110,140.671
or
1936
Dec.
1935
$
$
%
$
139,331,863
119,342,270
32,855,557
19,289,250
16,968,925
4,932,417
2,512,900
4,428,392
5,457,211
1,931,155
1.736,148
2,776,384
3,818,518
2,926,114
236,268
356,100
1,345,197
491,355
971,346
837,713
565,790
181,054
562,664
615,662
987,049
2,793,911
307,769
831,638
523,726
559,772
445,760
1,041,878
117,543,926
94,007,978
+27.0
70,980,051
—53.7
16,647,852
15,556,455
3,383,673
2,285,703
4,387,340
4,989,898
1,370,267
1,531,640
2,374,054
3,668,699
2,418,483
226,182
434,160
1,202,920
410,719
734,885
484,276
+ 18.5
+ 15.9
+ 9.1
+ 45.8
+ 9.9
+0.9
+ 9.4
+ 40.9
+ 13.4
+ 16.9
+ 4.1
+21.0
+ 4.5
—18.0
+ 11.8
+ 19.6
b
a
371,961,756
Not included in totals,
$
105,037,256
83,286,815
46,372,253
13,782,783
4,125,054
3,415,747
2,055,391
3,018,331
4,187,364
1,656,885
1,456,943
1,856,751
3,931.907
2,313,910
.
373,073
551,167
411,436
152,000
634.460
509,694
169,409
587,600
+ 11.0
513,871
+ 19.8
+6.9
—4.2
928,059
+ 6.4
2,493,828
+ 12.0
199,468
+ 54.3
584,529
493,123
412,987
412,334
799,807
+42.3
+30.3
475,879
914,580
2,267,289
270,193
552,832
466,041
422,742
365,427
628,209
352,743,870
+ 5.4
299,657,906
+ 6.2
+ 35.5
+ 8.1
b No clearings available.
223,256
415,463
1,024,683
469.734
704.504
+ 73.0
J"
Total (32 cities)
1934
103,517,242
87,662,535
54,066,651
14,378,336
4,338,671
3,386,768
2,180,210
3,261,375
4,701,791
1,526,235
1,354,087
2,329,366
3,978,255
2,258,198
245,802
347,426
1,035,126
+ 32.2
97,225,355
Total (10 cities)
b
SCO
143,687,284
2,587,883
1,320,928
1,778,360
+ 8.3
+ 16.0
7,029,611,586 6,484,840,628
London
129,856
2,107,000
24,927,098
Franci
23,964,956
8,142,000
429,849
21,027,823
12,405,296
3,092,534
2,885,536
120,212,076
1,803,945
1,193,844
1,351,317
32,560,479
8,546,000
860,377
27,114,217
14,705,740
4,447,944
3,824,979
1937
Reserve Dist rict—Richm ond-
b
43,341,536
Week Ended Jan. 14
181,784,779
172,643
2,218,369
Clearings at—
b
216,990,483
Vicksburg
La.—New Orl'as.
b
+ 75
(109
Toronto
b
+ 25.5
Miss.—Jackson..
1,224,542
.31,988.269
5,318,356
2,592,000
Outside New York 2,822,640,335 2,446,384,172
256,820,389
1,780,407
+ 33.5
+ 10.3
35,256,561
9,913,000
1,045,028
29,257,069
15,968,578
4,715,363
5,285,272
164,454,000
2,863,298
1,681,901
2,275,531
357,221
b
231,513
816,538
264,534
683.451
248,000,000
1,208,726
1,888,934
1,148,236
910.452
3,659,000
+ 30.2
total
cities).
274,955
.
Spokane
Yakima
Grand
322,212,557
4,888,443
19,493,442
57,300,000
1,582,401
1,150,656
18,829,000
20,511,999
59,737,942
Whichlta Falls.
77,365,295
120,478,563
64,772,302
Galveston
+4.4 4,125,432,748 3,097,514,234
93,912,002
146,873,699
1,186,301
45,669,941
6,649,616
3,595,000
a840,097
2,637,084
Ft. Worth
15,788,347
+25.6
236,560
—18.1
94,960
70,962
1,952,230
26,754,594
2,300,833
3,594,611
81,342,709
4,225,288
+ 16.2
24,165,670
112,848,704
2,432,000
34,309,920
1,056,366
61,407,687
21,036,030
—20.6
York
141,690,040
325,152
2,780,000
39,980,267
1,480,590
76,853,557
25,454,133
City
as
District—Da lias
1,290,295
48,860,279
6,581,080
3,423,000
al,009,779
4,617,648
Dallas
Feder al Reserve D istrict—Clev eland
Ohio—Canton...
+ 25.9
+ 11.8
+ 9.1
569.022
376,073
674,381
Reserve Dis trlct—Phila delphia
437,333
a487,133
270,659
1,221,432
382,000,000
1,272,152
2,905,734
1,031,627
1,581,760
7,257,000
Philadelphia...
Reading
404,522
1,481,585
207,922,976
642,346
387,080
+ 25.4
4,206,971,252 4,038,456,456
8,483,210
7,965,666
4,315,571
4,279,684
2,995,378
2,906,428
21,348.643
45,896,000
+ 20.1
454.494
283,159,292
9,165.068
1,295.400
+ 9.5
755,627
285,919
1,340,575
408,000,000
1,656,102
2,708,791
1,179,916
1,771,662
7,563,000
Bethlehem
Chester
141,491,262
St. Joseph
2.046.989
245,133,852
310,536,885
809,602
Rochester
145,011,078
Wichita
Colo.—Colo, Si
550,030
657,019
1934
_%
+3.6
3,454,732
1,775,160
12,603.602
4.381.990
10,799,200
527,465
Jamestown
New York
107,492
114,246
2,628,729
32,535,758
2,188,347
4,093,808
94,445,449
4,217,176
534,765
625,492
Kan.—Topeka.
1935
Reserve Dis trict—Kans
85,369
132,801
2,898,527
30,405,990
2,319,056
3,006,759
101,416,209
3,455,167
714,163
577,037
Mo.—Kans. City
Boston
3,722,122
2,387,497
13,723,104
4,432.710
12,247,100
657,665
36,600,000
758,529
Elmira
99,681,888
Reserve Dis trict—Minn eapolis
—7.8
_
Lincoln
569,162
Feder al Reserve D istrict—New
N. Y.—Albany..
115,976,079
Total (7 cities).
or
Dec.
$
New Bedford..
+ 14.2
Helena
Mont.—Billings
Omaha
Inc.
Fall River
139,007,981
our
1937
Portland
349,000
+ 11.4
N. D.—Fargo..
S. D.—Aberdeen
Clearings at—A
Mass.—Boston..
b
386,000
b
2,322,356
57,389,207
23,723,964
1,969,511
579,650
578,722
2,497,689
St. Paul
Neb.—FremontHastings
First Federal
b
+ 14.3
2,924,049
64,148,342
25,885,711
2,193,112
647,178
605,331
2,303,965
Minneapolis...
Week Ended Jan. 16
Me.—Bangor
b
442,000
158,762,288
(4-clties).
Ninth Federal
71,180,615
121,350,584
+ 10.8
+ 2.5
+8.4
241,434,191 +13.0
b
299,092,616
115,976,079
Total
97,225,355
398,465,834
+ 25.3
+ 25.9
505,000
Quincy
86,331,458
110,140,671
59,737,942
371,961,756
35,136,191
17,729,790
181,784,779
detailed statement showing last week's
figures for each city separately for the forir years:
now
44,031,554
22,325,734
111.—Jacksonville
338,599,629
89,061,099
7,029,611,586
32 cities
261,552,392
4,125,432,748
141,491,262
2,822,640,335
add
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
91,900,000
+ 7.2
85,700,000
Ky.—Louisville..
620,425
570,822
354,576
»
170,442
606.306
465,482
905.835
1,873,238
229,615
605,555
440.137
441,310
403,435
526,727
286,844,431
Financial
558
Jan- 23> 1937
Chronicle
UNITED STATES
The statement of the public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Aug. 31,
1936, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
COMPLETE PUBLIC
correspondents
With
countries,
all foreign
extend world¬
in practically
in position to
are
we
and importers.
facilities to exporters
wide banking
and net debt
COMPANY
MANUFACTURERS TRUST
PRINCIPAL OFFICE AND
BROAD
55
on
that date, we
CASH
append a summary
OBLIGATIONS
MATURING
AVAILABLE TO PAY
STREET, NEW YORK
thereof,
1935:
with the same date in
making comparison
FOREIGN DEPARTMENT:
DEBT OF THE
Aug. 31,
1936 Aug. 31,
$
Member Federal Reserve
System
Clearing House
Deposit Insurance
Member New York
Member Federal
Balance end of month
Association
Corporation
Add or
&c_.
deficiency of receipts over
by dally statements,
Deduct—Excess or
under disbursements on
or
1935
1,474,882,243
1,903,692,203
—9,760,821
belated items.-.-.—-- 4,—29,842,501
1,873,849,702
Matured Interest
RATES
requirements of Section 522 of the
RATES
EXCHANGE
FOREIGN
BANKS TO
FEDERAL
Settlement on warrant
Country and Monetary
647,267,166
3s of 1961
__
3s convertible bonds of
1946-1947
Certificates of Indebtedness
4>is Fourth Liberty Loan of 1933-1938
4^8 Treasury bonds of 1947-1952..
3s Treasury bonds of 1944-1954
New York
A.-O.
A.-O.
1946-1956
1943-1947
Treasury bonds of 1940-1943
Treasury bonds of 1941-1943
Treasury bonds of 1946-1949
M.-S.
J.-D.
J.-D.
M.-S.
J.-D.
3Hs Treasury bonds of
Jan. 18
Jan. 19
Jan. 20
$
$
Jan. 22
Jan. 21
$
16
$
$
Z%s
3Vas
$
Austria, schilling
.186871*
.186828*
.186800*
.186828*
.186828*
.168678
.168592
.168571
.168534
.168386
.168351
Belgium, belga
Bulgaria, lev
.012875*
.012875*
.012875*
.012875*
.012875*
.012875*
.034889
.034889
.034885
.034885
.034882
.034882
Czechoslakia, koruna.
.219212
.219216
.219150
.218983
.218891
Denmark, krone
.219100
.910375
.910375
.909250
.907708
:.904291
1.904083
England, pound sterl'g
Finland, markka
France, franc
Germany, relchsmark
Greece, drachma
Holland, guilder
.021630
.021610
.021630
.021605
33^s
.186800*
.021593
.046634
.021630
OUTSTANDING
Payable
-Q-M.
Q.-J.
TUle of Loan—
RESERVE
Unit
Jan.
.046700
.046700
.046689
.046675
.046642
.402225
.402232
.402225
.042225
.402235
.008983*
.008989*
.008985*
.008985*
.008985*
.547528
.547525
.547539
.547525
.197750*
.197750*
.197750*
.197750*
.197750*
.052608
.052613
.052610
.052610
.052610
.052608
.246720
.246713
.246640
.246612
.246445
.246366
.189266
.189266
.189266
.189266
.189266
.189266
.044512*
.044491*
.044495*
.044520*
.044483*
.044470*
.402228
.007325*
.007278*
.007235*
.007275*
.007275*
.071214*
.071000*
.070785*
.071000*
.071000*
.070833*
Spain, peseta
.253166
.253162
.253113
.252870
.252800
Sweden, krona
.253060
.229594
.229583
.229519
.229321
.228964
Switzerland, franc
Yugoslavia, dinar
.229625
.023066*
.023020*
.023020*
.023020*
.023020*
.023020*
dol'r
.296916
.297083
.926708
.296916
.296916
.297250
.296875
.297083
.297083
.296875
Hankow(yuan) dol'r
.297083
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
.297083
.297250
J.-D.
2,353,452,000
Treasury bills
Aggregate of
Hongkong,
dollar.
.296875
.296875
.926875
.296875
.297083
.297250
.296875
.297083
.297083
.296875
.305333
.305750
.305541
.305541
.305375
.305541
India, rupee
.370990
.371044
.370709
.370612
.286875
.286530
.285600*
.285515*
.285446*
Japan, yen
.371022
.286544*
.370545
Singapore (S. S.) dol'r
.575875
.575875
.575562
.575562
.575062
.574750
Australasia—
Australia, pound
New Zealand, pound.
Africa—
912500* 3.910208* 3.909791* 3.908385* 3.907447*3.906875*
941428* 3.938303* 3.937857* 3.939375* 3.937723*3.935267*
Matured, interest ceased
»(Free) mllrels
Chile, peso
Colombia, peso
.051725*
.051725*
.051725*
.051725*
.051725*
.573900*
.573900*
.573900*
.573900*
.573900*
.051725*
.573900*
Uruguay, peso
.788750*
.788250*
.778250*
.788250*
.786875*
.786875*
Nominal rates; firm rates
deficit....+ 1226 582,536
121,819,840
11,036,139,600
1,952,372,000
+754,863,317
b32,150,826,487 28,277,779.141
Net debt
was
receipts
of obliga¬
tions of foreign governments or other Investments,
c Includes amount of outstand¬
ing bonds called for redemption on April 15 and Oct. 15, 1934, and April 15, 1935.
CONTINGENT LIABILITIES OF THE UNITED STATES, AUG. 31, 1936
a Total gross debt Aug. 31, 1936, on the basis of dally Treasury statements,
$33,380,468,640.98, and the net amount of public debt redemption and
in transit, &c., was $3,059,618.50.
b No reduction Is made on account
-Amount
Principal
of Contingent
Liability
Interest
Total
7,543,249.00
1,460,217.68
886,836.75
11,627.61
1,410,311.29
746,743.25
869,628,849.00
99,488,817.68
237,376,636 75
a
Guaranteed by the United States:
Federal Farm Mortgage
Corp.:
862,085,600.00
98,028,600.00
236,489,800.00
22,325,000.00
103,141,100.00
100,122,000.00
3% bonds of 1944-49
3H% bonds of 1944-64
3% bonds of 1942-47
1 M% bonds of 1937
2 H7e bonds of 1942-47
1)4% bonds of 1939
*1,422,192,100.00
Administration:
3% debentures---
22,336,627.61
104,551,411.29
100,868,743.25
12,058,985.58 1,434,251,085.68
Federal Housing
Home Owners' Loan
available.
94,977,994
a33,377,409,023 29,032,642,458
odd Treasury
Detail—
4.854475* 4.851250* 4.851093*
South Africa, pound.. 4.857500*4.856796* 4.856015*
North America—
.999014
.999206
.999062
.999050
.999254
.999414
Canada, dollar
.999166
.999166
.999166
.999166
.999166
.999166
Cuba, peso
.277500
.277500
.277500
.277500
.277500
.277500
Mexico, peso..;
.996816
.996629
.996777
.996503
.997089
Newfoundland, dollar .997011
South America—
.326933*
.327333* .327316* .327233* .327250* .326983*
Argentina, peso
.087088* .087088* .087072*
Brazll(offlcial) mllrels .087088* .087088* .087105*
.061557
.063175
.061475
.061387
.062025
.061650
491,377,100
2,611,156,200
.......32,620,588,569 27,956,268,734
592,933,514
892,165,249
—
163,886,940
184,208,475
Interest-bearing debt.....
Bearing no Interest
Total debt
Chefoo (yuan)
*
'
Deduct Treasury surplus or
China—
1,035,884,900
J.-D. 1,035.884,900
1949-1952
1955-1960....
1945-1947
1948-1951
1951-1954
.296708
Asia—
$
49,800,000
28,894,500
252,300,000
cl,316,672,100
758,955,800
758,955~ 800
1,036,762,000
1,036,762,000
489,087,100
489,087,100
454,135,200
454,135,200
352,993,950
352,993,950
544,914,050
544,914,050
818,646,000
818,646,000
755,477,000
755,476,000
834,474,100
834,474,100
1,400,570,500
1,400,570,500
1,518,858,800
F.-A.
A.-O.
.......A.-O. 1,518,858,800
.007278*
Rumania, leu
Aug. 31, 1935
31, 1936
49,800,000
28,894,500
106,707,000
491,377,100
2%a Treasury bonds of
M.-S. 2,611,155,700
2Hb Treasury bonds of
M.-S. 1,214,453,900
2Jis Treasury bonds of
M.-S. 1,223,496,850
2Kb Treasury bonds of
J.tD, 1,626,688,150
U. S. Savings bonds, series A
193,452,374
U. S. Savings bonds, series B...
172,218,375
3s Adjusted Service bonds of 1945.
541,968,350
2 Hs Postal Savings bonds
—-J.-J.
119,974,320
Treasury notes—...—11.886,191,550
.197750*
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
J.-D.
M.-S.
1951-1955
33^8 Treasury bonds of
.547532
Hungary, pengo
3s Treasury bonds of
3Ms Treasury bonds of 1941
4Jis-33i8 Treasury bonds of 1943-1945
3Ms Treasury bonds of 1944-1946
3s Treasury bonds of 1946-1948
.008982*
.547521
710,258,105
+754,863,317
Interest Aug.
3^8 Treasury bonds of
Europe—
23,884,751
678,497,985
3,789,445
4,085,924
+ 1226582,536
surplus (+)
INTEREST-BEARING DEBT
ACT OF 1930
1937, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in UnUed States Money
certificates..
checks
Total
Balance, deficit (—) or
TREASURY UNDER TARIFF
16, 1937, TO JAN. 22,
JAN.
BY
CERTIFIED
obligations...
Disbursing officers' checks
Discount accrued on War Savings
Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below a record for the week just passed:
Pursuant to the
22,613,958
619,960,866
3,683,030
1,009,312
obligations:
Deduct outstanding
FOREIGN EXCHANGE
1,465,121,422
62.15
Corporation:
12,493.98
b24.00
12,431.83
24.00
4% bonds of 1933-51
1,081,142,926.25
3% bonds, series A, 194+52
1,070,416,300.00 10,726,626.25 1,285,121,369.48
2.981.094.48
2h% bonds,seriesB, 1939-49-1,282,140,275.00
TREASURY MONEY
The following
ernment
HOLDINGS
compilation, made up from the daily Gov¬
shows
statements,
the
money
holdings of
the
business on the first of October,
and December, 1936, and January, 1937:
Treasury at the beginning of
November
Holdings in U. S. Treasury
Oct.
1, 1936
Nov.
Net gold coin
and bullion .
Net silver coin and bullion
Net United States notes..
Net National bank notes.
Net Federal Reserve notes
Net Fed
bank notes.
Res
Net subsidiary silver
Minor coin, &c
-----
Total cash In Treasury.
Less gold reserve
fund
Cash balance in Treas..
1, 1936
Dec. 1,
1936
Jan.
549,968,636 1485,257,406
418,856,972 1413,833,268
2,893,377
3,199,255
2,020,380
3,295,530
16,402,505
15,137,620
139,290
393,394
5,505,496
3,928,737
5,739,264
5,019,334
477.937,294
400,120,648
2,813,545
1,883,857
16,919,650
5,387,312
3,535,659
497,949,500
393,569,691
3,452,024
1,767,785
18,051,185
939,482
5,772,858
4,704,597
931,790,986
156,039,431
908,885,612
156,039,431
843,760,047
775,751,555
752,846,181
770,167,691
Dep. In spec'l depositories
account Treas'y bonds,
tificates of indebtedness
Dep. in National banks—
To credit Treas. U. S_.
To credit dlsb. officers.
•Cash in Philippine
Islands
yDeposits In foreign depts.
Net
cash
In
1,168,993,000 1,006,107,000
155,234,559
350,127,447
675,204,000
124,605,967
988,859,000
275,743,342
10,621,621
40,253,438
1,564,544
2,843,925
11,163,630
37,161,354
2,371,001
20,135,906
41,578,221
2,277,303
2,665,021
11,692,537
38,353,041
1,717,681
1,824,381
2,736,415
Treasury
•Deduct current liabilities.
2,416,468,134 1,992,376,642 1,606,088,548 2,101,426,484
195,475,670
200,473,932
228,747,161
228,886,056
Available cash balance.
2,187,582.078 1,763,629,481 1,405,614,616 1,905,950,814
and in banks
*
Includes
on
Jan. 1 $347,181,148 silver bullion
mot included In statement "Stock of Money."
and $1,801,949 minor,
&c., coins
"~3 a",343" 8 5
41,276.75
1.219.716.49
604,729.07
178,500.00
49,879.343.85
49,573,376.75
326,474,466.49
218,578,004.07
15,609,810.89 3,010,948,010.89
86,403,000.00
165,346,666.67
291,240.54
528,567.21
86,694,240.54
165,875,233.88
251,749,666.67
2% notes, series H
1)4% notes, series K
819,807.75
c252,569,474.42
Tennessee Valley Authority.—
4,697,781,064.87
Total, based upon guarantees-On Credit of the United
States:
Secretary of Agriculture..
Postal Savings System:
Funds due depositors
—
—
dl260,787,703.92
1,260,787,703.92
United States
Other Obligations:
Fed. Res. notes (face amount)
-----
1,231,746,559.50 29,041,144.42
Total, based upon credit of the
e4005,486,182.00
...
After deducting amounts of
funds deposited with the Treasury to meet interest payments,
b Interest to July 1,
1935, on $2,437,000 face amount of bonds and Interim receipts outstanding which
were called for redemption July 1, 1935.
c Does not Include $3,780,000,000 face
amount of notes and accrued interest thereon, held by Treasury and reflected In the
public debt,
d Figures as of June 30, 1936—figures as of Aug. 31, 1936, not
available.
Offset by cash In designated depository banks amounting to $203,057,384.80, which Is secured by the pledge of collateral as provided In the Regulations
of the Postal Savings System having a face value of $206,117,048.25; cash in posses¬
sion of System amounting to $88,650,377.22, and Government and Governmentguaranteed securities with a face value of $959,388,230 held as investments, and
other assets,
e In actual circulation, exclusive of $12,625,978 redemption fund
deposited In the Treasury and $283,255,400 of their own Federal Reserve notes
held by the Issuing banks.
The collateral security for Federal Reserve notes
Issued are (1) $4,306,338,130 in gold certificates and credits with the Treasurer
of the United States payable In gold certificates; (2) United States Government
securities of a face value of $73,000,000, and (3) commercial paper of a face amount
*
Treasury notes and cer¬
Dep. in Fed. Res. bank..
*2,995,338,200.00
*926,207,122
156,039,431
999,799,478
156,039,431
287,647
178,500.00
49,843,000.00
49,532,100.00
325,254,750.00
217,973,275.00
Reconstruction Finance Corp.:
1,1937
$
$
$
$
1)4% bonds, series C, 1936
1 H % bonds, series D, 1937
2% bonds, series E, 1938
1)4% bonds, series F, 1939
2\i % bonds, series G. 1942-44-
Of
Includes only
$6,540,232. •
bonds Issued and outstanding,
a
Volume
the following
reprint
Jan.
6, 1937:
•
under date of
Quotations;
v
Per Fine
5
Jan.
6
141s. 5%d.
Average
12s. 0.13d.
12s. 0.13d.
141s. 6Mid.
-
Jan. 22
20%d.
20 7-16d.
d. 20 7-16d.
3%%
Holiday
105
105
105%
105%
104%
Holiday
W. L
1960-90
The
12s. O.Old.
lis. 11.92d.
141s. 5%d.
*
p. oz.
British
of £ Sterling
141s. 8d.
4
Jan.
¥
Frl.,
Thurs.,
Jan. 21
115%
115%
115%
115%
115
British 4%
141s. 7d.
Jan.
Jan. 20
the past week:
20%d.
20%d.
20 7-16d.
Gold, p.fineoz;-141s.7%d. 141s.7%d. 141s.7%d. 141s.8%d. 141s.9%d. 141s.l0%d.
83%
Consols, 2%%. Holiday
83%
83%
83 7-16d. 83%
Silver,
Equivalent Value
,
••;Ounce
Dec. 31
12s. 0.05d.
States
price of silver per ounce
the
on
United
(in cents) in the
days has been:
same
Bar N. Y. (for¬
Closed
44%
44%
44%
44%
44%
50.01
60.01
50.01
50.01
50.01
50.01
(newly mined) 77.57
77.57
77.57
77.57
77.57
77.57
eign)
U. S. Treasury.
U. S. Treasury
and exports of gold
following were the United Kingdom imports
The
parity.
Wed.,
Jan. 19
Jan. 18
CABLE
securities, &c., at London,
Tues.,
Mon.,
Jan. 16
against notes amounted to
Prices were fixed at about dollar
made for New York.
daily closing quotations for
reported by cable, have been as follows
Sat.,
£313,660,659
on Dec. 30, showing no change as compared with the previous Wednesday.
In the open market the amount of bar gold disposed of at the daily fixing
was about £1,300,000; there was a general demand and further purchases
were
as
V':.
GOLD
The Bank of England gold reserve
FINANCIAL MARKET—PER
ENGLISH
The
of
from the weekly circular
& Co. of London, written
Samuel Montagu
559
Chronicle
SILVER MARKETS
AND
GOLD
ENGLISH
THE
We
Financial
144
registered from midday on Dec. 28 to midday on Jan. 4:
Exports
Imports
16,076
British
372,255
India.
British
Malaya
India
97,070
Germany
18,767
New Zealand
Switzerland
Belgium
6,012
— .
433,570
Netherlands
The
6,300
Other countries
1,418,596
NATIONAL BANKS
109,15
13,093
France
11,00^
France
British West Africa
British
£5,179,815
U. S. A
£1,579,630
British South Africa
127,935
Department:
BRANCHES AUTHORIZED
Jan. 11-—'The First National Bank of
All in the State of Oregon.
City
7,713
Switzerland
126,163
Peru
Other countries
£5,409,350
£4,157,258
The SS. Strathaird, which sailed from
Rhodesian
Bombay on Jan. 2, carries gold to
gold output for November,
1936, amounted
for November,
City of Glendora, Los Angeles County; Township of Cedarville, Modoc County.
Certificates Nos. 1316A to 1319A. inclusive.m<4
side County;
with offerings increased by
on
spot has made the latter disposed to carry
and while this continues a
Retirement
Increase in
Date of
Pref. Stock
No. of Shs.
Par Value
Par Value
bull commitments for¬
India has again been a feature,
difference between the two quotations in favor
Trust
Indian reselling has given the market a
somewhat
duller tone.
United Kingdom imports and exports of silver
registered from midday on Dec. 28 to midday on Jan. 4:
£16,521
4,900
Malaya
British
Co., Des Moines, Iowa_
National Bank of
First
Mason City,
Iowa
Mich
Trust Co. of Kalamazoo,
12-31-36 The
£259,252
India
20,281
Germany
5,291
Switzerland.—
U. S. A
2,800
France
1.865
Belgium
3,955
Norway
1,710
Other countries
2,158
Other countries.
12-31-36 The
150 shs
100 Shs
$11,250
$10,000
$2,500
Earth
Blue
Bank of
IN
NEW
YORK
4
21 3-16d.
Dec. 30
45% cents
5
21 5-16d.
21 3-16d.
Jan.
4
45% cents
6
21 3-16d.
21d.
Jan.
5
45% cents
21.266d.
21.125d.
Oklahoma
highest rate of exchange on New York recorded during the period
the lowest $4.90%.
per
2 Mos.
Cash
Average
Oz. Fine
142s. Id.
per
21 %d.
20 13-16d.
{21.1875d.
21%d.
20%d.
—21.3275d.
Highest price
Bar Gold
Std.-—
141s. 4d.
1141s. 8.28d.
Jan. 16 to Jan. 22, both Inclusive, compiled from
Last
Par
Week's Range
for
Sale
of Prices
Low
High
1
Churchill Mining...
1
Coast Copper
Cobalt Contact
Bank of
94,300 12 He
18c
47,000
Jan
20c
21c
Jan
31c
6c
6c
5c
Jan
6c
Jan
*
6.50
6 80
Dalhousie Oil
13c
2.70
2.45
♦
Home Oil
Hudson Bay
*
Klrkland-Townsite..
1
2.90
34
2.7G<
*
.rf__5
*
89,876
24c 122,045
2.90
3.70
35%
30c
28c
32c
7%c
5c
7%c
3%c
4c
53c
53c
61c
4%c
Malroblc Mines
Mandy Mines
3%c
5c
33c
21c
6%c
12,530
29,925
3,212
31,200
115,100
64,650
27,500
352,100
38c 322,755
6.25
Jan
2c
Jan
of
100 shs.
50 shs.
$5,000
20,000 shs.
$5,000
Bank
National
First
Central City, Pa
1- 2-37 The
Bank
National
First
150 shs.
250 shs
1.30
10c
1.90
2.75
Jan
2.70
24c
Jan
Jan
2.90
Jan
Jan
3.70
Jan
32%
Jan
35%
Jan
23c
Jan
37c
Jan
5c
Jan
7%c
Jan
3%c
Jan
50c
Jan
3%c
Jan
5c
Jan
17%c
Jan
38c
Jan
6%C
Jan
Jan
7,800 22%c
22c
20,200
5c 109,950
3c
4%c Jan
69c
Jan
6%c
23c
22 %c
28c
Jan
30c
Jan
1
22c
22c
24c
Jan
24%c
Jan
.1
4%c
3%c
Jan
5c
Jan
3.50
Pawnee-Kirkland—
3.45
Jan
4.05
Jan
.
Pend Oreille
8%c 133,800
10%c H%c 71,188
4c 188,500
2%c
28c
25c
54,583
7%c
1
8c
7%c
1
10%c
3%c
1
26 %c
Porcupine Crown—
Ritchie Gold
.
-
,
Sudbury Mines
No par value.
3.85
29,255
60,100
7c
7%c
3.40
Duluth, Minn
12-23-36 Northwestern National Bank &
6%c
Jan
8%c
Jan
6%o
Jan
9c
Jan
9%0
Jan
12%c
Jan
2 %C
Jan
4c
Jan
20c
Jan
30c
Jan
First
12-
Bank
National
of
Mb
12-30-36 The
National
Boonton
Bank,
Bath
None
100,000
94,000
150,000
$20,000" V*
Valley
None
100,000
Bank,
Nat'l
Bank, Cambridge, N. Y
Spraker
100 shs.
$10,000"B"
National
Bath, N. Y
Cambridge
12-31-36 National
Bank
in
Canajoharie, N. Y
2,000 shs.
$50,000
2,500 shs.
$25,000
1,250 shs.
$50,000"A"
Bank
of
Bank
of
Bank
of
500 shs.
Riegelsvllle, Pa
12-15-36 The Watsontown National Bk.,
Watsontown, Pa
$25,000"A"
12-31-36 The
First
National
Middleburgh, N. Y
12-31-36 The
First
National
250 shs.
$25,000
Bordentown, N. J
1- 5-37 The
First
National
P—Preferred stock.
.
None
400,000
800 shs.
Bank,
Bath, N. Y
12-31-36 The
C5,000,000
$2,000
National
12-11-36 The
None
CI,500,000
P2,500,000
40 shs.
Boonton, N. J
Bath
None
P
$25,000
Rutland, Vt
'
C2,000,000
250 shs.
1-36 The Central National Bank of
12-14-36 The
$20,000
$450,000
5,000 shs.
$500,000
10,000 shs.
$1,000,000
12,000 shs.
$300,000
Louis, Mo
12- 8-36 First and American Nat. Bank
Lg wist on
200 shs.
$25,000
156% shs
$12,500
22,500 shs.
12-15-36 The First-Hardin Nat . Bank of
12-21-36 The
25,000
50,000
87,500
125,000
$20,000
of
La
12-23-36 The St. Charles National Bank
Jan
Jan
5c
44.80C
Bank
Baton Rouge,
of
300,000
250 shs.
$25,000
160 shs
Nat. Bank of
National
12-31-36 Louisiana
50,000
125,000
125,000
70,000
120,000
280,000
$20,000
of
None
$15,000
2,500 shs.
Tr. Co.of Minneapolis, Minn
Jan
$1
Parkhill
Merchants
5,000
30,000
800,000
CI,200,000
$200,000
-
W. Va. at Clarksburg, W. Va
7 75
2%c
5c
Oil Selections
Osisko Lake
*
3.65
34%
15,400
1,650
2% 139,600
4c
*
Lake Maron
Temlskamlng.
1.67
22c
*
Foothills Oil
Robb Montbray.—
2.65
2%
*
East Crest Oil
Night Hawk
Nor don Corp
2%
Jan
50,000
320,000
400,000
$20,000
Chewelah, Wash
City National Bank &
Trust Co. of Columbus, Ohio
12-31-36 The Central City Nat. Bank,
Jan
5c
16%c 18%c
None
$50,000
Mexia, Tex
12- 8-36 The
of St.
18c
5
1
High
None
50,000
'
Elizabethtown, Ky
Low
C4,100,000
400 shs.
Prendergast-Smith
12-31-36 The Boatmen's National Bank
19c
17c
Brett-Trethewey
Central Manitoba
Shares
$25,000
20,000 shs.
$200,000
12-31-36 The Merchants & Planters Nat.
Week
Price
100,000
125,000'A
50,000 B
275,000
900,000
$50,000
of Norco, La
Range Since Jan. 1. 1937
None
$25,000
600 shs.
500 shs.
Sales
Friday
Stocks—
official sales lists
50,000
500 shs.
Westminster, Md
Exchange—Mining Curb Section
None
$5,000
$25,000
Nat'l
12-31-36 The
Toronto Stock
50 shs.
250 shs.
20,000 shs.
$200,000
•
Mexia, Tex
12-21-36 The
Oz.
City, Okla
First
Bank of Sherman, Tex
Statistics for the month of December, 1936:
Silver
$25,000
National Bank &/
Trust Co, of Okla. City, Okla'
12-26-36 The City National Bank of
12-28-36 The
from Dec. 31,1936 to Jan. 6,1937 was $4.91%, and
Lowest price
$5,000
625 shs
12-31-36 The
100,000
75,000
100,000
$25,000
50 shs
200 shs
45% cents
Dec. 31
None
$25,000
250 shs.
of
Bank
National
$10,000
$25,000
;
—
First
100 shs.
250 shs.
250 shs
Bank,
Holdenville, Okla
21 %d.
—Bar
$25,000
12-31-36 The Fidelity National Bank of
Jan.
The
Hastings, Neb
(Per Ounce .999 Fine)
Jan.
Average
$10,000
250 shs
Tr. Co. of Bismarck, N.Dak.
1- 4-37 The
21 %d.
Dec. 31—..21 5-16d.
Jan.
142 6-7 shs
Nat'l
Valley
Winnebago, Minn
Okla
2 Mos.—
Cash
$9,600"A'
—
12-31-36 First Nat. Bank In Frederick,
-Bar Silver per Oz. Std.-
,
960 shs
Bank,
12-24-36 The Dakota National Bank &
£290,689
£35,625
the week:
J
350,000
300,000
30,000
50,000
120,000
60,000
20.400A
30,000lB
10,000
15,000
35,000
$50,000
of
12-26-36 The Hastings National
LONDON
350,000
25 shs
Truman, Minn
4,488
IN
250,000
$50,000
3,093
Japan
Quotations during
CI,250,000
500 shs
of
National
Truman
$250,000
Bank
12-31-36 The First National
Albert Lea, Minn
12-28-36 The
P
$70,00 J
C
150,000
PI,750,000
Bank
National
First
Capital
After 4
Changes
500 shs
&
Bank
National
First
Wakefield, Mich
Exports
Imports
British India
British
12-28-36 The
10-21-36 The
The following were the
$10,000
7,500 shs
$750,000
1,000 shs
$100,000
Springfield, 111
BANKS
2,500 shs.
200 shs
of/
11-12-36 The Illinois National Bank
12-23-36 Iowa-Des Moines Nat. Bank &
of cash is likely to be maintained.
The appearance of
branch:
Outstanding
Com. by Div
No. of Shs.
but the pre¬
The enquiry for early shipment to
ward.
BY NATIONAL
Change
declined from 21 5-16d. to 21 3-16d.
21.3-16d. to 21d.
Sales have been made on China account and by speculators,
mium
Town of Fossil, Wheeler
CHANGES IN CAPITAL STOCK AS REPORTED
SILVER
Indian reselling orders, the cash price
Bank of Portland, Ore.
Location of
County, Ore.
Certificate No. 1320A.
Jan. 12—The First National
1935.
Little movement was seen until today, when,
and the two months' price from
& Savings Association,^an
Francisco, Calif.
Location of branches: All in the State of California.
Sunset Blvd. & Laurel Ave., City of Los Angeles; City of Corona, River¬
1936,
64,377 fine ounces, as compared with 64,935 fine ounces for October,
and 62,886 fine ounces
Trust
National
of America
Jan. 12—Bank
the value of about £47,000.
Southern
City.of
1315A,
inclusive.
18,164
...
Portland, Ore.
Location'of branches'
of Ashland, Jackson County; City^of
Coquille, Coos County; City of Grants Pass, Josephine County;
Oregon City, Clackamas County.
Certificates Nos. 1312A to
19,636
Venezuela
to
Comptroller of the Currency, Treasury
5,660
Germany
The
is
information regarding National banks
following
from the office of the
C—Common stock.
300 shs.
$15,000
None
50,000
2,500 shs.
$25,000
None
100,000
30,000 B
50,000
25,000
100,000
»
25,000 B
25,000
15,000
60,000
560
Financial
Chronicle
Jan.
1937
23,
COMMON CAPITAL STOCKflNOREASED
Jan. 12—First
National Bank In Clatskanle,
Clatskanie,
$35,000 to $50,000) Amount of Increase, $15,000.
Ore.
Per
(from
Jan. 14—Upper Avenue National Bank of Chicago, Chicago,
$200,000 to $300,000). Amount of increase, $100,000.
111.
(from
Hawaiian Agricultural Go.
Capital
we
are
current week.
show
we
grouped in two separate tables.
bring together all the dividends
Then
we
dividends
the
have not yet been
paid.
follow with
Further details and record of past
dividend payments in many cases are given under the com¬
in
"General Corporation and Investment
pany
name
News
Department" in the week when declared:
our
The dividends announced this week
are:
Per
Name of Company
Share
Alabama Power $5 preferred (quar.)
All-Canadian Properties (liquidating dividend)
Allied International Investments $3 pref
American Book Co. (quar.)
American Envelope Co., 7% pref. A (quar.)—
7% preferred A (quarterly)
—
7% preferred A (quarterly)
......—--—
7% preferred A (quarterly)
American Factors, Ltd. (monthly)
Feb.
Feb.
Feb.
Feb,
May
Aug.
Feb.
-—-—
Nov.
Feb.
Feb.
—
—
Jan.
Feb.
Feb.
Feb.
Jan.
Jan.
Mar.
Feb.
Mar.
Apr.
July
June
9
1
28
1
25
25
18
20
19
Oct.
Feb.
Jan.
Feb.
Feb.
Feb.
Jan.
Mar.
Extra
Commonwealth Investment Co. (quar.)
Sept. 18
Mar.
25
jam" 15"
Jan.
Jan.
15
14
1
Jan.
(Philadelphia, Pa.)
Feb.
Feb.
Jan.
Mar.
Cumberland County Pow. & Lt., 6% pref. (qu.)
Cuneo Press, Inc. (quar.)
Preferred (quar.)
—
Dallas Power & Light 7% preferred (quar.)
6% preferred (quar.)
De Vilbiss Co. 7% preferred
Dexter Co .(quar.) .;
Dieme & Wing Paper Co., 5% pref. (quar.)—.
Dominion Bridge Co. (quar.)—
—
Mar.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
1
16
16
Dec. 31
Feb. 15
Mar.
Feb.
_
16
20
Jan.
Jan.
Feb.
31
30
Mar.
Mar.
preferred (quarterly)
6
preferred
(quarterly)
Feb.
Feb.
10
10
Electric & Musical Industries, Ltd.—
Jan.
6% preferred (semi-ann.)
Fidelity & Deposit Co. (Md.) (increased)
Fiduciary Corp. (increased)
15 Dec. 31
26
Feb.
1 Jan.
Jan. 23
Erie & Kalamazoo RR. Co. (semi-ann.)
Fairmont Park & Hadding Ry. (Phila., Pa.)
F. E. D. Corp. (partial liquidating div.)
Jan. 22"
Jan.
26
Jan.
30 Jan.
1 Jan.
23
Feb.
——
Frankford & Southwark Phila. City Pass. <fty_.
Fuller Brush Co. 7% preferred (quar.)
——
Jan.
1
July
7% preferred (quar.)—
7% preferred (quar.)
Genesee Brewing Co., Inc., A & B (quar.)
Germantown Passenger Ry. (Phila., Pa.)......
Glidden Co. (quarterly)..
Preferred
(quarterly)
Goodyear Tire & Rubber Co. 2d preferred
Offer to exchange 2d pref. for $5 conv. pref.
stk. & com. stk. has been ext. to Mar. 13,
1937, with proviso that should a div. be
dec. to holders of 2d pref. stk. of rec. on or
before March 13, exchange under plan shall
Apr.
r
UK
50c
56 He
20
25
1 Mar." 17"
1 Mar. 17
preceding the record date for payment of
div. on 2d pref. stk. *
New $5 conv. preferred..
To holders bf rec. of new pref. orlg. issued on
exchange of 2d pref. on Jan. 16 and on
each business day up to and incl. March
13 (or such earlier date as previously ex¬
plained)
Gorham Mfg. Co. com. v. t. c. (special)...
Graton Knight Co., 7% pref. (quar.)
$4tf
Mar. 25
.
Great Western Electro-Chemical
Green & Coates Streets Phila. Passenger Ry
Guilford-Chester Water Co. (semi-ann.)
Hale Bros. Stores, Inc. (increased, quar.)
$1
80c
I2
$1
25c
Jan. 25 Jan.' 15
Feb. 15 Feb.
1
Feb. 15 Feb.
5
Jan. 23
Jan. 15 Jan. 11
Mar.
1 Feb. 15
Jan.
Jan.
Jan.
15
30
30
Jan.
21 Jan.
18
Feb. 10 Jan. 25
5
Mar.
1 Feb.
Jan. 30 Jan. 23
1
15 Feb.
20 Jan. 30
Jan. 18
Jan. 25
Feb.
Feb.
5
Mar.
Mar. 7
Apr.
Feb.
Feb.
Feb.
May
Apr, 20
Feb.
Feb.
10 Feb. 10
1 Jan. 20
1 Jan. 21
Feb.
Feb.
Feb.
Mar.
Feb.
10 Jan. 30
10 Jan. 30
1 Feb. 16
1 Jan. 16
1
27 Feb.
15 Jan. 30a
5
15 Feb.
5
1 Feb.
Mar.
1 Jan. 21
Feb.
1 Jan. 21
Feb.
Feb.
Feb.
Feb.
-
Feb.
Feb.
5 Jan. 25
28 Feb. 28
May 31 May 31
Aug. 31 Aug. 31
Nov. 30 Nov. 30
Mar.
Jan.
1 Feb.
28 Jan.
1
25
15 Jan. 30
Mar. 15 Feb. 20
Feb. 16 Jan. 27
Feb.
1 Jan. 18
1 Feb. 16
1
15 Feb.
1
Feb. 15 Feb.
1 Jan. 21
Feb.
1 Feb. 24
Mar.
Feb.
Mar.
Feb.
June
1 May 27
Sept.
1 Aug. 27
Dec.
Mar.
1 Nov. 26
1 Jan. 23
1 Feb. 15
Mar.
1 Feb.
Feb.
1 Jan.
Feb.
16
22
15 Mar. 12
Feb. 27 Feb. 11
1
Feb. 15 Feb.
1 Feb. 18
Mar.
1
Feb. 15 Feo.
1
Mar.
1 Feb.
Apr.
(guar.)
Nat. Credit Co. (Seattle, Wash.) 5% pref. (qu.)
National Oats (quar.)..
National Paper & Type Co. 5% pref. (initial)..
National Power & Light Co., com. (quar.)
1 Fob.
15
1 Jan.
Feb, .15 Feb.
15
1 Jan.
1 Jan.
30
22
Jan.
Jan.
Jan.
Jan.
25
25
Mar.
National Pressure Cooker Co. (quar.)
Nation Wide Security Co., series B—
Feb.
Neptune Meter Co. $8 preferred (quar.)—..
New Jersey & Hudson River Ry. & Ferry Co—
6% preferred (semi-ann.)
New Process Co. preferred (quar.)
—
New York Fire Insurance (quarterly)—
Feb.
Feb.
30
30
5
Mar. 10
.'
1
Jan. 25
Feb. 26
1 Jan. 11
Feb.
Jan. 30 Jan. 15
5
Feb. 15 Feb.
Jan. 25 Jan. 18
Feb. 15 Jan. 30
North American Oil Consol
Feb.
North River Insurance Co. (increased)
Northern N. Y. Utilities, Inc., 7% 1st pref
Nunn-Bush Shoe (initial)
Oahu Sugar, Ltd. (monthly)
Oceanic Oil (quarterly)
......
pref. (quar.)—
7% preferred
Oswego Falls Corp., 8% 1st pref. (quar.)
Oswego & Syracuse RR. (semi-ann.)
Feb.
Feb.
Owens-Illinois Glass Co
Pacific Power & Light, 7% pref. (quar.)
Feb.
6% preferred (quarterly)
—
Package Machinery Co., 7% 1st pref. (quar.).
Parker Pen 'Co. (quarterly)
Passaic & Delaware RR. (semi-ann.)
Feb.
Mar.
30
23
5
30
18
1 Jan. 18
1 Jan. 20
1 Feb. 15
Feb.
30 Jan.
22
22
Feb.
Peoria & Bureau Valley RR.
1 Jan.
Jan.
————————
(semi-ann.)
Philadelphia City Passenger Ry. Co
Philadelphia Co., 5% pref. (s.-a.)
15 Jan.
1 Jan.
20 Feb.
Feb. 15 Jan.
Feb.
1 Jan.
Feb.
10 Jan.
22
23
1 Feb*." 16"
Mar.
Jan. 23
Jan. 23
Jan. 23
1 Feb. 15
Mar.
Mar. 31 Mar. 15
1 Jan. 22
Feb.
Jan.
—
Philadelphia & Darby Ky. Co
Philadelphia & Grays Ferry Passenger Ry—
Philadelphia Traction Co
Plymouth Fund, class A
—
Special...
Portland Gas & Coke Co.. 7% pref. (resumed).6% preferred (resumed)
Portland RR. (Me.), 5% pref. (s.-a.)
Public Electric Light Co. (quarterly)
Quaker City Fire & Marine Insurance (s.-a.)
Public Service Corp. of N. J. (increased quar.).
preferred (monthly)
preferred (monthly)
preferred (quarterly)
preferred (quarterly)
preferred (quarterly)..
Republic Investors Fund, pref. A & B (quar.)..
Rochester Capital Corp., common
Royal Dutch (New York shares) .(interim).—.
St. Louis Screw & Bolt, preferred
Scott Paper Co., common (quar.)
Securities Corp. General, $7 pref. (quar.)
$6 preferred (quarterly)..
Security Insurance Co. (New Haven), (quar.)..
Selby.Shoe Co. (quarterly)
•
terminate after close of business on date next
Jan.
Jan.
15
2
21
15
15
Feb.
Quarterly
Quarterly
Quarterly
Mortgage Corp. of Nova Scotia (quar.)
Muskogee Co., 6% cumul. pref. (quar.)—
National Bearing Metals Corp—
7% preferred (quarterly).
National Biscuit Co. (quar.)
Pennsylvania Sugar Go—
1 Mar ."23"
1 June 22
1 Sept. 22
Oct.
Feb.
1 Jan.
Jan. 23
Apr.
Apr.
22
Jan.
Feb.
Feb.
Ontario Steel Products Co., 7%
Eastern Shoe Public Service Co—
Jan.
Feb.
Feb.
Participating preferred
Extra.
15
Jan.
Feb.
Moore Drop Forging class A (quar.)
Preferred
Jan.
Feb.
Morris Plan Insurance Society (quar.)—..—
1
Apr. 24
July 24
Oct. 25
Feb.
stock (quar.)..
Fully participating (quarterly)
Mayflower Assoc. (liquidatin 4 dividend)
McClatchy Newspapers, 7% pref. (quar.)——
7% preferred*(quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Mclntyre Porcupine Mines
.....
McVicker (W. B.) Co
—
Mercantile Stores, Inc., 7% pref. (quar.)
Mergenthaler Linotype (quar.)
Miller (I.) Sons, 8% preferred
Mississippi Power & Light $6 preferred—
Mitchell (J. S.) & Co. (increased)
Moody's Investors Servicepartic. pref. (quar.)..
Nov.
Feb.
Mar.
Feb.
Feb.
—
Jan.
29
21
23
25
Jan.
Macy (R. H.) & Co. (quar.)
5
5
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Nov.
Marine Bancorporation, initial
5
May
Aug.
Feb.
Feb.
.....
Lynch Corp. (quar.)
Jan.
Jan.
May
Aug.
Ludlum Steel Co. common
25
10
3
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
—
Louisville & Nashville RR. Co
Jan. 30
Feb. 10
Jan. 14
Jan. 19
Jan. 20
Jan. 20
Jan. 20
Feb.
1
Jan. 31
Jan. 21
Jan. 29
Feb.
5
Jan. 21
Jan. 20
Feb.
Oherry-Burrell Corp. (increased quarterly)
Preferred (quarterly)
Chicago Yellow Cab (quarterly)—...
Cincinnati Union Terminal Co., 5% pref. (qu.).
Preferred (quarterly)
—
Preferred (quarterly)
Cincinnati Street Railway (increased)
—
Citizens Passenger Ry. (Philadelphia, Pa.)—$
Commonwealth Internat. Corp., Ltd., (interim)
Continental Oil Co. (Del.)
Continental Passenger Ry.
Jan.
Feb.
Feb.
Mar.
Feb.
Feb.
Feb.
-—
Charts Corp. (quarterly)
Chartered Investors (quar.)-.
Nov. 25
Jan. 30
Jan. 29
Mar.
5
Mar.
5
Jan. 30
Jan. 25
Apr.
Apr.
Broadway Dept. Stores, 7% 1st pref. (quar.)..
Buckeye Steel Casting
r.
-—
Quarterly
Prior preferred (quar.)
Byron Jackson Co. (quarterly)
California Water Service 6% pref. (quar.)
Carolina Insurance Co. (semi-ann.)
....—
Castle (A. M.) & Co. (quar.)
Central Cold Storage (quarterly)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly.
Quarterly
Century Ribbon Mills (resumed)
Chain Belt Co
May 25
Aug. 25
Dec.
Feb.
Feb.
Associated Telep. & Teleg. Co. 7% 1st pref
$6 first preferred
——-—
Atlas Corp. 6% preferred (quar.)
Atlas Tack Corp
—
—
Beacon Mfg. Co., 6% pref. (quar.)
Belden Mfg. Co. (quarterly)
Bourne Mills (quarterly)
Central National Com. class A
Central Ohio Steel Products
Jan. 20
Feb.
1
Jan. 25
Jan. 19
Feb. 25
Sept.
—
...
Holders
Payable of Record
Feb.
Feb.
Feb.
Jan.
Mar.
June
.....
American Re-Insurance Co. (quarterly)
American Sugar Refining Co. (quar.)
Preferred (quar.)...
American Tractors, Ltd. (monthly)
When
Feb.
Mar.
—
—
previously announced, but which
19
20
1
Jan. 19
Feb. 16
Mar. 16
Jan. 15
Jan.
HotelBarbizon, Inc.. vot. tr. ctfs. (quar.)
Voting trust certificates (quarterly)
Voting trust certificates (quarterly)
Voting trust certificates (quarterly)
Houston Lighting & Power Co., 7% pref. (qu.)
$6 preferred (quarterly)
Humboldt Malt & Brewing
Hussman-Ligonier Co. common
—
Hutchison Sugar Plantation Co., Ltd. (mo.) —
Idaho Power Co. 7% preferred (quar.)
$6 preferred (quar.)
*
Illuminating Power Securities (quar.)
7% preferred (quarterly)
Imperial Tobicco Great Britain & Ireland ord—
Ordinary (extra)
——
—
Insurance Co. of Pa. (s.-a.)
Independent Realty & Investm't Co. (St. Louis)
Liquidating dividend
International Harvester, pref. (quar.)
International Radio Corp. (quar.)
Kayser (Julius) & Co
Ivelvinator Corp
King Oil Co. (quarterly)
Kings County Trust Co. (quarterly)
Kroger Grocery & Baking Co. (quar.)
6% preferred (quar.).
•.)■
7% preferred (quar.
Lansing Co. (quarterly).
Lawbeck Corp., 6% pref. (quar.).
Lerner Stores, 4H% preferredCovers period from Dec. 14, '36 to Feb. 1, '37.
Lexington Utilities Co. preferred
Preferred (quar.)
Ligget & Myers Tob. Co. com. & com. B (qu.) —
Louisiana Power & Light $6 preferred (quar.)—
In the
Feb.
Jan.
.
announced the
Jan.
Jan.
Jan.
Homestead Fire Insurance (semi-ann.)—
Home (Jos.) Co. preferred (quar.)
second table in which
a
Jan.
Feb.
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly.
Monthly.
Hinde & Dauch Paper Co., 6% pref. A (quar.)
Hollander (A.) & Sons (quar
*.).
DIVIDENDS
Dividends
Jan.
———.
Preferred
charter No. 4514.
first
Feb.
Jan.
Heileman (G.) Brewing Co. (quar.)
Hestonville M. & F. Passenger Ry
Jan. 15—The Danlelsville National Bank, Danielsville, Pa
50,000
Common stock, $25,000; preferred stock, $25,000.
Effective:
Jan. 13, 1937.
Liq. agent: H. H. Hower, Danielsville, Pa.
Absorbed by: "The Cement National Bank of Siegfried at
Northampton", Northampton, Pa., charter No. 5227.
Feb.
5
Jan.
1
Feb.
1
Jan. 25
Jan.
(mo.)
Hearn Dept. Stores (initial)
Preferred (quar.)
Jan. 14—The Roseburg National Bank, Roseburg, Ore.
$75,000
Common stock, $50,000; preferred stock, $25,000.
Effective,
Jan. 7, 1937.
Liq. agent: R. L. Orem, Portland, Ore.
Ab¬
sorbed by: The United States National Bank of Portland, Ore.,
When
Holders
Payable of Record
Mar.
Hamilton Watch Co. 6% preferred (quar.)
Hammond Lumber Co., preferred
Havana Elec. & Utilities Co., 6% pref
VOLUNTARY LIQUIDATION
■
Share
Name of Company
$1.06
22
23
Feb.
1 Jan.
1 Jan.
Feb.
1 Jan.
15
Jan.
30 Jan.
23
Feb.
Mar. 31 Mar.
Feb. 27 Feb.
Mar. 31 Mar.
Mar. 31 Mar.
1
Mar. 31 Mar.
Mar. 31 Mar.
1
1 Jan. 15
5
11 Jan.
5 Jan. 22
1 Jan. 25
Feb.
Mar. 15 Feb. 27
1 Jan. 25
Feb.
1 Jan. 25
Feb.
1 Jan. 15
Feb.
Feb.
Jan.
Feb.
Feb.
1 Jan.
21
Volume
Financial
144
Per
Share
Name of Company
Preferred
Preferred
(quar.)
Preferred
(quar.)
1 June 17
17
Feb.
Feb.
Simpson's, Ltd., 6H % preferri
Smith Agricultural Chemical Co. (quar.)—
6% preferred (quarterly)
Soundview Pulp Co. (div. payabld in stock)
Southern Indiana Gas & El. Co., 4.8% pref.(qu.)
Sovereign Investors, Inc
Squibb (E. R.) & Sons, $6 pref. (quar.)
Stein (A.) & Co. (quar.)
Sterling, Inc., common
—
3 Dec. 20
1 Jan. 21
1 Jan.
Feb.
ref. (quar.)
1 Sept.
Jan.
Sierra Pacific Electric Go.,
Preferred
1 Mar. 18
Oct.
--
(quar.)
Preferred
17
1 Feb.
Apr.
July
(quar.)
1 Jan.
1 Jan.
Feb.
Feb.
1 Jan.
20 Jan.
Feb.
1 Jan.
26
20
25
Feb.
15 Jan.
19
Feb.
1 Jan.
25
1 Jan.
25
Jan.
28 Jan.
1 Jan.
Feb.
18
25
Syracuse Lighting, Inc., 8% pref. (quar.)----—
Feb.
Ik 6% preferred (quar.).
Feb.
15 Jan.
15 Jan.
Feb.
15 Jan.
20
20
20
Feb.
1 Jan.
16
Feb.
1 Jan.
16
r
6H% preferred (quar.)
Texas Power & Light Co., 7% preferred—
6% preferred (quar.)
13th & 15th Streets Passenger Ry
Jan.
-
Feb~.~~5~
23
Dec.
(quarterly)
Vanadium-Alloys Steel Co
Wayne Screw Products Co. (quarterly)
Weill (Raphel) & Co., 8% pref. (s.-a.)
Western Grocers Co
Mar.
—
23
27a
19 May 31a
15 Feb.
1 Feb.
Mar.
Jan. 25 Jan.
--_—-—-
West Phila. Passenger Ry
:
Jan.
—
Jan.
Westland Oil Royalty Co., Inc. A (mo.)
Class A (monthly)
Class A (monthly)
Feb.
.
1
1
15
23
15 Dec. 31
15
[Jan. 31
Mar. 15 Feb.
28
15 Feb.
1
1 Jan.
21
Feb.
West Virginia Pulp & Paper, pref. (quar.)
Westchester Fire Insurance Co. (increased)
Extra
20 Nov. 30a
2 Feb. 20
Feb.
Feb.
[Jan. 21
Feb.
1 Mar. 20
1 Jan.
Jan.
—
1 Mar. 20
Feb.
-—
1
Apr.
Apr.
-————
Whitaker Paper Co
Preferred (quar.)
28 Jan.
19
23
Feb.
1 Jan.
19
Extra
Feb.
1 Jan.
19
Quarterly.
Extra
May
May
Aug.
Aug.
1 Apr.
Nov.
White (S. S.) Dental Mfg. Co. (quar.)
Wieboldt Stores, Inc. (extra)
—
Winstead Hosiery Co. (quarterly)
—
Quarterly.
Extra
15
1 Apr. 15
1 July 15
1 July 15
1 Oct.
1 Oct.
15
Nov.
Wisconsin National Life Insurance (s.-a.)
Extra
Feb.
1
[Jan.
22
Feb.
1 Jan.
22
Youngstown Sheet & Tube, preferred
Zeller's Ltd., 6% preferred
Feb.
15 Feb.
15 Jan.
6
31
Quarterly
Extra
—
———
-
Feb.
Mar. 25 Mar.
Feb.
class A (quar.)
Feb.
Brewers & Distillers of Vancouver----—
Feb.
Broadway & Newport Bridge Co
5% preferred
—
Feb.
Mar.
—
15
Feb.
Feb.
Below
give the dividends announced in previous week
we
Per
Name of Company
Share
When
Holders
Payable of Record
Adams (J.
15
Jan.
Feb.
——
D.) Mfg. (quar.)
Jan.
15
22
16
California Packing Corp
Jan.
25 Jan.
Optional payment of 2-200ths a sh. of new $50
par 5% cumul. preferred or in cash.
Common (quarterly)
------—Canada Cement Co., preferred
Canada Northern Pow.Gorp., Ltd., com. (quar.)
Canada Southern Ry. (semi-ann.)
Canadian Bronze Co., Ltd., common
Common (interim)
Preferred (quarterly)
Canadian Industries, Ltd., A & B
Canadian Investors Fund, Ltd. (quar.) —-—-
37 He
h $1
30c
Celotex
Central Power &
6% preferred
Central Railway Signal class A
Century Ribbon Mills, nref. (quar.)——
—
Century Shares Trust participating--—
Cerro de Passo Copper Corp
Chain Store Invest. Corp. $6H pref. (quar.) —
Champion Paper & Fibre Co. (quar.)
Preferred (quar.)
—-——
Chase National Bank (semi-ann.)
Cincinnati Inter-Terminal RR. 4% gtd. 1st pfCincinnati Northern RR. Co. (s.-a.)City Ice & Fuel Co. (quarterly)
—
Preferred (quarterly)
—---—City of New York Insurance Co. (s.-a.)—
City Water Co. of Chattanooga 6% pref. (quar.)
Cleveland Cincinnati Chicago & St. Louis
Preferred (quarterly)
-------—
Cluett, Peabody & Co. (increased)
Columbia Gas & Electric Corp—
6% preferred series A (quarterly)—-—
5% cumul. preferred (quarterly)
5% cumul. conv. preference (quar.)
Columbia Pictures Corp. (semi-annual)—
$2% conv. pref. (quar.)—-—
—
Columbus Ry
Power & Light Co.—
6H% preferred B (quar.)
Commonwealth Edison Co
i
—
Feb.
Feb.
Feb.
Mar.
Feb.
Feb.
$1.31 X Feb.
$1,125 Feb.
Feb.
Jan.
Apr.
Feb.
Jan.
Extra
20
20
15 Jan. 20
9
Feb. 23 Feb.
3
Feb. 15 Feb.
Feb.
Feb.
15
Feb.
Mar.
Jan.
15
Feb.
Dec. 30
Feb.
Consolidated Cigar Corp. prior pref. (quar.)—
7% preferred (quar.)
—
Consolidated Edison Co., preferred (quar.)
Consolidated Oil Corp., com. (quar.)..
15
Dixie-Vortex Co—s
15
Feb.
Jan.
15
Dome Mines (quar.)
Feb.
Jan.
Feb.
Jan.
16
15
Domestic Finance Corp., $2
Dow Drug Co. (quar.)
Feb.
15
Duplan Silk Corp. (semi-ann.)
——
du Pont de Nemours (E. I.) deb (quarterly).—
Duquesne Brewing Co. (increased)
Edison Electric Uluminating Co. of Boston....
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.).Electric Household Utilities—-—-----—
Feb.
July
June 19
Jan.
Dec. 31
Jan.
Dec. 31
Associated Dry Goods Corp., 6% 1st pref
7 % 2nd preferred
Mar.
Feb.
5
Associated Insurance Fund, Inc. (s.-a.)
Associated Telephone Co., Ltd. pref. (quar.)
Atchison Topeka & Santa Fe. pref. (s.-a.)
Jan.
Jan.
Feb.
Jan.
18
15
Feb.
Feb.
Dec. 31
Jan.
9
Jan. 25
Feb.
Jan.
5
Feb.
Feb.
Feb.
1
Jan.
——
-
20
Feb.
20
Jan.
21
Feb.
-
Jan.
Jan.
Feb.
Jan.
20
Mar.
Feb.
Feb.
—
*91
"Hfi
Atlas Powder Co. preferred (quar.)
Feb.
Badger Paper Mills, Inc., 6% pref. (quar.)
Baltimore American Insurance (s.-a.)--..
Extra
20
Feb.
Atlantic City Electric $6 pref. (quar.).—
Atlantic Macaroni Co., Inc. (quar.)-Atlantic Refining Co.. pref. (quar.) —
Atlas Plywood Corp. (increased)
29
Feb.
5
20
Jan. 21
Feb.
1
Feb.
Feb.
1
Feb.
''
Jan.
Jan.
11
14
Jan
15
Jan.
Bangor Hydro-Electric Co. (quar.)
Barnsdall Oil Co. (quar.)
Beatty Bros., Ltd., 1st preferred (quar.)
Feb.
Feb.
Beneficial Industrial Loan
Jan.
Jan.
Jan.
Jan.
Preferred A (quar.)
Borland Shoe Stores, optional dividend
Interest div. of $1H in cash, or at holder's
15
15
Jan.
15
option one share of stock In ratio to each
(quar.)
——
Blue Ridge Corp. $3 pref. (quar.)
Opt. stk. div. of 1-32 sh. of com. or cash.
Bon Ami Co. class A (quar.)
Class B (increased)
15
15
15 Jan. 30
Jan. 26 Jan. 16
Mar.
1 Feb.
5
25c
Feb.
$1|£
—-—---—
Preferred (quarterly)
Blauners, Inc. preferred
Bloomingdale Bros., Inc
—
Class A
—
.
Feb.
Feb.
10c
75c
$1
62Mo
Jan.
'Jan.
1 Jan.
1 Jan.
30 Jan.
30 Jan.
18
18
15 Jan.
April
1 Jan.
Insuracne
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Feb.
Feb.
Feb.
3c
37Hc
(quarterly)
Gardner-Denver Co. preferred (quar.)
General Cigar Co., Inc
—...
Preferred (quar.)
Preferred
(quar.)
——
General Foods Corp. (quar.)
General Mills. Inc (quar.)
General Stockyards-——
Preferred (quar.)
50c
16c
15 Feb.
1 Jan.
1 Jan.
1 Jan.
1 Feb.
1 Feb.
10
10
20
20
13
13
1 Dec. 30
8 Jan. 14
Jan.
2
Jan.
Feb.
15
15 Feb.
4
15 Feb.
25 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
1
8
22
Feb.
1 Jan.
1 Jan.
Jan.
25 Jan.
6
6
11
Feb.
Feb.
S1H
Jan.
25c
$2
Feb.
25c
25c
Mar.
1 Feb.
19
25c
Jan.
30 Jan.
$2
10c
Feb.
Feb.
1 Jan.
10 Feb.
16
22
3
10c
4
May 11 May
Aug. 10 July 27
50c
80c
18
$2H
Dec. 28 Dec. 21
Jan. 15
Feb.
Feb.
Jan.
Feb.
Jan.
20
20
20
Apr
Apr
62Hc
Feb.
Jan.
50c
Jan.
Jan.
28 Jan.
30 Jan.
Feb.
1 Jan.
10c
$1H
11H
30c
h$ IX
75c
Feb.
Jan.
Mar.
1
27
»x|i
1
June 15
18
20
16
Jan. 20
Jan. 18
Feb. 15
June
1
Feb.
Feb.
Jan.
Jan.
20'
20
Feb.
Jan.
15
Jan.
15
Feb.
Feb.
Feb.
Feb.
Jan.. 15
Jan.
16
20
Jan.
16
Mar.
1 Feb.
19
June
1 May
Feb.
$50c
-
16
16
22
30
23
Mar. 10
Apr.
Mar. 10
Apr.
Apr. 20 Mar. 31
Feb.
1 Jan. 20
50c
25c
Extra
Free port Sulphur Co. preferred (quar.)—
Free port Texas Co.. preferred (quar.)...—-.—J
Froedtert Grain & Malt, pref. (quar.)
20
20
1 Mar. 10a
-
Fire
15
6 Feb. 19
26
Mar. 15 Feb
Feb. 15 Jan. 30
$1.06 H
4H% preferred (quarterly)
—-—
$1H
Fibreboard Products, Inc., 6% pref. (quar.)
25c
Fidelity Fund, Inc. (quarterly)-———
20c
Filene's (Wm.) Sons Co
$1H
Firestone Tire & Rubber preferred (quar.)
50c
First Security Corp. of Ogden(Utah), ser A (s-a)
Franklin
16
Mar.
50c
.
Federal Knitting Mills Co. (quarterly)—
Federated Dept.- Stores, Inc.------
Jan.
Feb.
Feb.
50c
pref. (quar.)_
Jan.
Feb.
62 He
——
Ely & Walker Dry Goods (quar.)
Employer Group Assoc. (quar.)
Eppens, Smith & Co. (semi-annual)
Equitable Investment Corp., capital stock
Capital stock
Capital stock
Capital stock
Eureka Pipe Line Co. (quarterly)
Faber Coe & Gregg, Inc., 7% pref. (quar.).
Fair (The) preferred (quar.)
-——
Farmers & Traders Lite Insurance (quar.)
Rxtra.
Jan.
Feb.
-
Frost Steel & Wire Ltd.. 7% preferred
$12H worth of cash dividend.
Birtman Electric Co
Jan. 27 Jan.
Feb.
Mar.
Feb.
Mar.
Feb.
14a
Feb.
15
25
12
-
Jan.
15
20 Feb.
15 Jan.
Feb.
——
Jan.
Feb.
15
Feb.
Continental Can Co.. Inc., common (quar.)—Continental Service (quar.)
—
—
Feb.
Amoskeag Co. preferred (semi-ann.)
Anglo-American Corp. of South .Africa ordinary.
6% cum. pref. (semi-annual)
Appelton Co. $7 preferred
$7 preferred (quar.)
Archer-Daniels-Midland Co., preferred
Asbestos Mfg. preferred (quar )
American Shipbuilding (quar.)
American Smelting & Refining (quar.)
American Thermos Bottle
—
Feb.
15
15 Jan.
Mar.
1 Feb.
Jan. 25 Jan.
—
-
Feb.
Feb.
Consolidated Royalty Oil (quar.)———-—-—
Container Corp. (increased, quar.)
—
Feb.
—
21
15 Jan.
15 Jan.
15
15
15
Jan.
Jan.
Jan.
Jan.
—-—
Jan.
Feb.
Feb.
Jan.
Jan.
15
Jan.
Feb.
Jan.
Jan.
15
31
25
Jan.
Jan.
15
20
21
21
Jan.
11
Jan.
Feb.
—
Jan.
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
—
Jan.
Feb.
Feb.
Feb.
15
15
Feb.
Mar.
1
Jan.
Feb.
Concord Gas Co. 7% preferred
Connecticut River Power 6% pref. (quar.)
5
Feb.
Mar. 15
Consol. Chemical Industries, Inc., A & B
Class A & B (extra)
Mar.
21
21
Mar.
Mar.
15
15
Mar.
Jan.
Jan.
Jan.
30
Feb.
Feb.
14
18
15
Jan. 30
Mar. 15
Jan. 16
Jan. 20
Jan.
15 Jan.
Mar.
11
20
Feb.
Mar.
Jan.
25
Feb.
Jan.
Feb.
Feb.
Jan.
Jan.
9
Feb.
Jan.
Mar.
Feb.
Feb.
Feb.
Feb.
Community Public Service (quar.)
7% preferred (quarterly)
Corn Exchange Bank & Trust (quar.)
Cresson Consol. Gold Mining & Milling (qu.)
Crowell Publishing Co. 7% pref. (semi-ann.).—
Crown Cork International Corp. class A (quar.)_
Crown Cork & Seal Co., Inc., common (quar.)—
$23^ cumul. preferred (quarterly)—
Crown Cork & Seal. Ltd. (quarterly)--—
Crown Drug Co. pref. (quar.)
—Cummins Distilleries Corp., pref. (quar.)——
Davenport Water Co. 6% pref. (quar.)
Denuison Mfg. Co. debenture stock (quar.)
Dictaphone Corp
—
Preferred (quar.)
--------Distillers Co., Ltd., ord. reg. (interim)
Amer. dep. rec. for ord. reg. (interim)
Distillers Corp .-Seagrams, Ltd., 5% pf. (initial)
Dividend Shares, Inc. (quarterly)
9
Jan.
15
Jan.
21
15
15
20
Mar. 10
Jan. 18
Dec. 31
Jan. 15
Jan. 15
Jan.
Jan.
15
Coon (W. B.) Co.
Jan.
Dec. 31
Jan.
Mar. 15
Jan.
20
20
Jan.
Jan.
Cook Paint & Varnish Co. (quar.)
Preferred (quar.)
————
Jan.
20
Jan.
1 Jan.
1 Jan.
Jan. 22
Feb. 15
Feb.
Dec. 28
Jan.
Jan,
Feb.
Jan.
Feb.
Feb.
(quarterly)-*--—
Allied Chemical & Die Corp. (quar.)
Aloe (A. S.) Co. (quar.)
A1 tor for Bros, preferred (quar.)
Amalgamated Sugar 5% nref. (quar.).—.——
Amerada Corp. (quarterly)
Amerex Holding Corp
American Asphalt Roof common (quar.)
American Can Co. (quar.)
American Chain & Cable Co., Inc 5% pref.(quar.)
American Chicle Co. (quarterly)
American Cities Power & Light class A (quar.)
I
Opt. stk. div. of 1-32 sh. of cl. B stk. or cash.
American Equitable Assurance, (quar.)---American Home Products Corp. (monthly)
American Light & Traction (quarterly)
Special
6% preferred (quarterly)
American Machine & Foundry Co
American Reserve Insurance (semi-annual).
5
28
Dec. 31
Feb.
Feb.
Extra
Feb.
Feb.
Feb.
—
Light 7 % preferred
Feb.
Mar.
Feb.
Corp. 5% preferred
Central Hudson Gas & Electric Corp—
9
Jan.
Feb.
-—-—
Apr.
Alaska Packers Assoc.
15
Feb.
Capital Management Corp
Carter (Wm.) Co., preferred (quar.)——-----
Feb.
6
1 Jan.
22
Feb.
Preferred (quarterly)
Agnew-Surpass Shoe Stores (semi-ann.)-\
Preferred (quarterly)
Alabama Great Southern RR., Preferred
Alaska Juneau Gold Mining (quar.).-.———
20
1
15
11
14
1 Mar. 15
Feb.
Mar.
Adams-Millis Corp
1
26 Jan.
Feb.
Calhoun Mills---
Preferred (quar.)
Feb.
Jan.
Mar.
Abbott's Dairies, Inc. (quar.)
Abraham & Straus, Inc
Feb.
I Jan.
1 Jan.
Apr.
Extra
and not yet paid.
The list does not include dividends an"
nounced this week, these being given in the preceding table.
1
15 Feb.
Feb.
Calgary Power Co.. Ltd., pref. (quar.)—
1
30 Dec. 26
1 Jan. 15
1 Dec. 29
1 Dec. 31
1 Dec. 31
Jan.
Extra
Extra
Sept. 20 Aug. 31a
(quarterly)
Common
•
15
23
June
(quarterly)
Common
Feb.
Jan.
1 Jan.
Feb.
Mar. 20 Feb.
United States Fire Insurance Co. (quar.)
United States Pipe & Foundry Co., com. (quar.)
Common
23
Jan.
12Hc
$2.74
Thompson (John R.) Co. (quar.)
Union Passenger Ry. Co
Union Traction Co. of Phila
Brentano's B. S., Inc.,
Holders
When
Payable of Record
Jan.
(ord.)—
Calamba Sugar Estates (quar.)
17
Feb.
A$1H
56 He
Bower Roller Bearing Co. (quarterly)
Brazilian Traction Lt. & Pr. Co., Ltd.
25
21
21
Feb.
(quar.)
Strawbridge k Clothier, 7% preferred---
Share
Name of Company
(quarterly)
Brooklyn Teleg. & Messenger Co. (quar.)
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Buffalo Niagara & Eastern Corp., 1st pref. (qu.)
Bullock's, Inc., 5% pref. (quar.)
Feb.
Stouffer Corp., class A (quar.)
Per
Holders
When
Payable of Record
Mar.
Servel, Inc. (quar.)
561
Chronicle
Jan.
22
Feb.
15 Jan.
25
25c
Feb.
Feb.
1 Jan.
1 Jan.
15
$1H
Feb.
Jan.
15
75c
9
Financial
562
Per
Share
Name of Company
When
$1*4
$1*4
Feb.
20:
Jan.
h$ 1
7% preferred (quarterly)
Grace National Bank (semi-ann.)-.,
......
Great Lakes Engineering Works (quar.)—-—
nu
Feb.
Feb.
Extra
——
Halle Bros, (quarterly)
Extra...
i
Hartford Electric Light Co. (quar.)
Hat Corp. of America 6*4 % preferred
.....
—;
50c
/i20c
Hecker Products Corp., vot. trust ctfs
Hercules Powder Co., preferred
...
15c
Hollinger Consolidated Gold Mines
Holly 8ugar Corp. (increased)
Preferred (quar.)
Home Insurance Co. (quarterly)..
23
1 Jan.
25
1
25
Nash-Kelvinator
National Automotive Fibres class A
15
National City Bank (semi-ann.)
National Distillers Products Corp. (quar.)——
Jan.
30 Jan.
20
(quar.)——
(quarterly)
Corp.
——
1 Jan.
8
1 Jan.
8
National Lead Co. Class B (quarterly)
5
National Liberty Insurance
Extra
Mar. 15 Mar.
Feb.
1 Jan.
—
National Power & Light Co.. $6 pref.
9
(quar.).—
National Standard (new, initial)
New (quarterly)-.
5
L
(quar.)....
Feb.
Feb.
1
15 Feb.
1 Dec. 28
1 Mar. 15
40c
Apr.
Apr.
Feb.
1 Mar. 15
14
1 Jan.
15
Feb.
1 Dec. 30
Mar.
Feb.
1 Feb.
1 Jan.
16
Feb.
1 Jan.
16
Feb.
...
1 Jan.
Feb.
1 Jan.
10 Jan.
1 Jan.
31
20
20
30
1 Jan.
15
1 Jan.
15
25 Jan.
20
20
18
Norfolk & Western Ry. Co., pref. (quar.)
_
North American Edison Co preferred (quar.)—
Feb. 19 Jan.
Mar.
l Feb.
North Carolina RR. Co., 7% guaranteed (s.-a.)
Northern Illinois Finance Corp
Feb.
1 J an.
Feb.
1 Jan.
1 Jan.
§2
Jan.
Jan.
25 Jan.
28 Jan.
Jan.
28 Jan.
50c
$1
6% preferred (quarterly)
New Jersey & Hudson River Ry. &
6% preferred (semi-ann.)
Feb.
Feb.
15 Jan.
15 Jan.
30
30
Feb.
1 Jan.
12
$1.17
Apr.
Apr.
2c
50c
Feb.
Feb.
$1*4
Feb
1 Jan.
Feb
1 Jan.
Feb.
Hampshire (quar.)
Northwest Engineering Co
Noyes (Ohas. F.) Co. 6% preferred
30 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Jan. 30 Jan.
Jan.
—
—
Nunn-Bush Shoe Co—
7
Jan.
7.
15
Feb.
Jan.
Feb.
Apr.
1
50c
Feb.
1 Jan.
il Jan
Feb.
1 Jan.
Feb.
1 Jan.
Mar.
Feb.
1 Feb.
1 Jan.
21a
Feb.
1 Jan.
(quarterly)
Interstate Hosiery Mills (quar.)
Intertype Corp. first, preferred
Jantzen Knitting Mills (quar.)
Preferred (auar.)
Kalamazoo Stove Co. (quarterly)
Kansas City St. Louis & Chicago RR.—
6% preferred guaranteed (quarterly)
Kaufmann Dept. Stores, pref. (quar.)
21a
Jan.
$194
Feb.
25 Jan.
1 Jan.
18
62 *4 c
Feb.
15 Fet.
1
$2
25c
....
Apr.
1 Mar. 15
Feb.
Mar.
Feb.
1 Jan.
$1*4
25c
18
Feb.
......
Kaufmann Dept. Stores. Inc
Jan.
Jan.
28 Jan.
27 Jan.
22
Feb.
Feb.
5 Jan.
15 Jan.
12
Feb.
1 Jan.
15
Feb.
15 Jan.
15 Jan.
30
2d preferred (quar.)
Overseas Securities Co. (increased)
Paauhau Sugar Plantation, Ltd. (monthly)
Pacific American Fisheries. Inc. extra
18
Pacific Finance Co., 5% pref. (initial)
Pacific Gas & Electric Co. 6% pref. (quar.)
—
15
-
Feb.
Feb.
5*4% preferred (quar.)
(increased)
Pacific Lighting Corp.,
21
Kellogg Switchboard & Supply Co
Jan.
Jan.
Feb.
Feb.
(quar.)—
Kresge Dept. Stores, 8% preferred
(S. H.) & Co. (increased)
Special preferred (quarterly).
Kroger Grocery & Baking Co., 7% pref. (quar.)
Landis Machine (quarterly)
Quarterly
Quarterly
Quarterly
;
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Lane Bryant, Inc.. 7% pref. (quar.)
Layton Oil Co., Inc., 8.4% pref. (monthly)
Lazarus (F. & R.) (increased)
Lee Rubber & Tire Corp
Lehigh Portland Cement (quar.)
11
Penman's Ltd.
15
50c
Feb.
15
15
25c
Extra
Public Service Co. of Colorado, 7% pref. (mo.). 58 l-3c
Feb.
15 Jan.
Feb.
1 Jan.
37*4c
25 Jan.
1 Jan.
1 Jan.
14
50c
Feb.
1 Jan.
15
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. (N. J.). 6% pref. (mo.)
Public Service of Northern Illinois
1 Jan.
1 Jan.
30 Jan.
25 Jan.
1 Jan.
1 Jan.
15c
Feb.
HI*
25c
Feb.
25c
25c
25c
$1
wJl Y\
$194
70c
Feb.
1 Jan.
22
1 Jan. .20
15 Feb.
5
May 15 May ys&
Aug. 15 Aug. ■m;
5
Nov. 15 Nov.
Mar. 15 Mar. 5
June 15 June
5
Sept. 15 Sept. 5
Dec. 15 Dec. ;v5
Feb.
10c
Mar.
June
Quarterly..
25c
Sept.
25c
—
Decl'37 Nov. 15
87*|c
50c
$4
r25c
20c
10c
15c
Loew's, Inc., $6*4 cumul pref. (quar.)
—
Lone Star Gas, 6H% preferred (quar.)
Loose-Wiles Biscuit Co. (quar.)
$1.(
50c
$1*4
$1*4
$2
...
Feb.
1 Jan.
21 Jan.
14
1 Feb.
15
Mar.
Jan. 25 Jan.
Mar.
1 Feb.
Feb.
1 Jan.
Feb.
1 Jan.
12
Feb.
Feb.
Feb.
Feb.
1 Jan.
23
15 Jan.
1 Jan.
1 Jan.
29
15
Apr.
1 Mar
18
Mar.
1 Feb.
1 Jan.
17
Feb.
14 shs
$1*4
Feb.
15 Jan.
held
or
—-
Feb.
1 Jan.
20
Rice-Stix Dry Goods
75c
Jan.
Jan.
25 Jan.
26 Jan.
16
22
Rich Ice Cream Co. (quar.)
Feb.
1 Jan.
15
Richmond Insurance Co. of N. Y. (increased)-.
1 Jan.
15
Rich's Inc. (quar.)
$1*4
1 Jan.
1 Jan.
15
McCrory Stores, preferred (quar.)
Feb.
Feb.
Feb.
McGraw Electric (quarterly)
McLellan Stores Co.. pref. (quar.)
50c
Feb.
$1*4
Jan.
75c
Jan.
Feb.
«■,
a w—w
Melville Shoe Corp. common (quar.)—
2d preferred (quar.)
Mercantile-Commerce Bk. & Tr. Co. (St. Louis)
$1*4
7*4c
Feb.
$1*4
debentures,
Apr.
$3
Quarterly
Mercantile Stores Co., Inc., common.
Jan.
1 Jan.
23 Jan.
23 Jan.
1 Jan.
1 Jan.
(extra)
Royalties Management
Russeks Fifth Ave. (extra)
Saguenej Power Co.. pref. (quar.)
St. Lawrence Flour Mills (quar.)
Preferred (quar.)
Savannah Sugar Refining Co. (quar.)
Schwitzer-Cummins (quarterly)
16
Metal & Thermit Co. (additional dividend)
7% preferred (quarterly)
7% preferred (quarterly)
Michigan Bakeries, Inc. prior preferred (quar.)$7 preferred (quar.)
1
Michigan Central RR. Co
Michigan Public Service, 7% preferred
6% preferred
Milwaukee Electric Ry. & Light Co., pref...
Minneapolis Honeywell Regulator (quar.)......
4% new con v. preferred B (quarterly)
...
194
194
25c
$194
25c
$194
$1*4
$1*4
50c
$1
Jan. 30 Jan.
Feb.
1 Jan.
Jan. 30 Jan.
Mar. 31 Mar.
June 30 June
Feb.
1 Dec.
Feb.
1 Dec.
Jan. 30 Jan.
1 Jan.
Feb.
20
23
Extra
20
21
31
21
Feb.
1 Jan.
1 Jan.
4
1 Feb.
19
Mar.
15
•
Feb.
Feb.
15 Jan.
1 Jan.
15
15
15
25
1
15
15
27
26
Apr. 25 Mar. 31
Feb.
1 Jan. 21
Feb.
1 Jan. 21
14
22
22
Feb.
11 Jan.
Feb.
1 Jan.
1 Jan.
Apr.
1 Mar. 22
Feb.
1
Jan.
5
$1
50c
50c
30c
30c
15c
50c
Feb.
Feb.
Feb.
Feb.
1 Jan.
1 Jan.
15
1
May
1
Feb.
1
25
25
25
Feb.
Jan.
Jan.
Jan.
$2
$194
75c
$194
.—
50c
25c
-
25c
-
l
62m.
-
...
1 Jan.
15
15
,«»«•
Jan.
Jan.
Jan.
Jan.
1 Jan.
1 Jan.
11
15
15
1 Jan.
15
15
15
15
Feb.
1 Jan.
1 Jan.
1 Jan.
18
20
11
Feb.
Feb.
Feb.
Feb.
Jan. 25 Jan.
Feb.,1 Jan.
Feb.
Feb.
Feb.
50c
-
May
87&c
Preferred (quarterly)
Skelly Oil Co., 6% preferred (quar.)
Solvay American Investments 5 *4 % pref. (quar.)
South Pittsburgh Water Co., 5% preferred
Feb.
Feb.
Feb.
62*4c
Feb.
Feb.
$194
$1*4
1 Jan.
1 Jan,
Feb.
Feb.
1 Jan.
Jan. 25 Jan.
Jan. 25 Jan.
50c
Sharp & Dohme, Inc., pref. A (quar.)--
15
20 Feb.
Feb.
—_
Shawinigan Water & Power Co. (quar.)
Sign ode Steel Strapping (quar.)
15
Feb.
-
——.
31
50c
25c
75c
25c
15c
5c
-—
Seeman Bros., Inc., com. (quar.).
Extra
Extra
20
$1*4
,1M
Roos Bros., Inc. (Del.), $6*4 pref. (quar.)
Root Petroleum Co. (quarterly)
Rose's 5, 10 & 25c. Stores (quar.)
18
1 Jan.
1 Jan.
1 Jan.
Feb. 15 Jan.
Feb. 27 Feb.
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
22
15
15
15
2
Feb.
19
Riverside Cement Co., 1st pref. (quarterly)
Rockland Light & Power (quarterly)
22
Feb.
Jan.
75c
Rike-Kumler Co.
22
eb.
$1
-
15c
h$194
—
20
dated
Merchants & Mfgs. Fire Insurance (.quar.)
Merchants Refrigerating Co. of N. Y. 7% pref—
common
Extra
1 Mar. 20
23 Jan.
Co.
Quarterly
18
1*41
Feb.
Jan.
20
90c
-
$3*4
50c
$194
1 Jan.
Corp—Opt. div. of onesh. for each
7% gtd. preferred (semi-annual)
Macy (R. H.) & Co. (extra).
Mandel Bros., Inc. (special)
Maytag Co., $6 1st preferred (quar.)
$3 preferred (quar.)
McCall Carp., common (quar.)
$1
21
18
15c
10c
Rhode Island Public Service Co., class A (quar.)
Preferred (quarterly)
31
Louisiana & Missouri River RR.—
1 Jan.
1 Jan.
1 Mar. 15
50c
(quarterly)
>res
10 Sept. 30
10 Dec. 31
Feb.
r25c
—
...
1
9
20
10 Mar. 31
10 June 30
Apr.
30c
-—
Preferred
Retail Si
—
$194
Extra.
16
—
Feb.
30c
-----
18
Feb.
sl®
-
15
Oct.
Jan.
—
$1*4< Feb.
Feb.
$194
Quebec Power Co. (quarterly)
Railway & Light Securities Co., pref. (quar.)
Railway Equipment & Realty Co
Raymond Concrete Pile (quarterly)
Preferred (quarterly)
Reading Co. (quar.)
Reliance Mfg. Co. (quarterly)-—-—
15
Apr.
July
60c
75c
Extra
20
Mar.
Feb.
41 2-3c
6% preferred (quar.)-—
7% preferred (quar.)
Pullman, Inc. (quarterly)-.
Quaker Oats Co. preferred (quar.)
Quarterly Income Shares
-
21
Jan.
...
—
1 Feb. 15
1 May 15
1 Aug. 15
Los Angeles
I
15 Feb.
1 Feb.
1 Jan.
Jan.
Jan.
20
15
20
19
22
25c
—
5
80c
25c
25 Jan.
25 Jan.
Feb.
Penna. Power Co., $6.60
1
20 Feb.
1 Jan. 15
1 Jan. 20
Jan.
Jan.
Feb.
40c
11
1
25c
Locke Steel Chain Co. (quar.)
ExtraLoew's Boston Theatres Co. (quarterly)
5
1
Feb.
1 Jan. 20
Mar.
1 Feb. 20
Jan. 25 Dec. 31
9
Feb.
1 Jan.
1 Jan. 20
1 Jan. 20
25 Dec. 31
15 Jan. 22
20 Feb.
Quarterly
(quarterly)—.
10
15 Feb.
15
Feb.
Feb.
Feb.
Feb.
Le Tourneau, Inc. (quar.)
20
15 Feb.
Feb.
(quarterly)
1 Jan.
1 Feb.
Feb.
Feb.
Feb.
Airways Corp. (quar.)
Parker Rust Proof Co., common (quar.)
Peninsular Telephone 7% preferred
(quarterly)
1 Jan.
1 Jan.
Feb.
Kokomo Water Works Co., 6% pref.
Kress
11
15 Jan.
1 Jan.
30
20
15
Feb.
Feb.
Feb.
50c
Storesjjdecreased)
28 Jan.
31 Jan.
31 Jan.
15
Mar.
Pan American
18
18
6% preferred (quarterly)
pref. (mo.)
$6.60 preferred (monthly)
Philadelphia Co., common (quar.)
Philadelphia Electric Co. $5 pref. (quar.)
Philadelphia Insulated Wire Co. (semi-ann.)
Philadelphia Suburban Water 6% pref. (quar.)Phillips-Jones Corp. preferred (quar.).
Phoenix Finance Corp., 8% prer. (quar.).—
8% preferred (quarterly)
8% preferred (quarterly)
8% preferred (quarterly)
Pioneer Mill, Ltd. (monthly)
Pittsburgh & Lake Erie RR
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)—Pleasent Valley Wine Co
Corrected:
Previously reported as Pleasent
Valley Wire.
Potomac Edison Co., 7% pref. (quar.)-.
6% preferred (quarterly)
Power Corp. of Canada. Ltd.. 6% cum. pf. (qu.)
Procter & Gamble (increased quar.)
Jan.
*1%
20c
...
$1*4
h37*4c
87*4c
15c
(quar.)
Kentucky Utilities. 7% junior preferred
7% junior preferred (quarterly)
Keystone Steel & Wire
Klein (D. Emil) Co. preferred (quar.)
Knickerbocker Insurance Co. (quarterly)
1 Jan.
Mar. 31 Mar. 10
$1
40c
15c
Preferred (quar.)
•
Lord & Taylor 1st preferred t quarterly)
2d preferred (quarterly)
Jan.
Feb.
Pacific Public Service. 1st pref
1
Quarterly
Lincoln Printing Co., preferred (quar.)..
Lincoln Stores, Inc. (special):
Link Belt Co. (quar.)
Lit Bros., preferred
Loblaw Groceterias Co., A. & B. (quar.)
Jan.
1 Jan.
10 Jan.
28 Jan.
28 Jan.
28 Jan.
....
1 Feb. 25
1 Jan.
Feb.
Jan.
1st preferred (quar.)
21
60c
15
15
26
20
25
18
18
18
Extra—
21
$1*4
1 Jan.
1 Jan.
10 Jan.
Outboard Marine & Mfg. Co.—
Outlet Co. common (quar.)
2
Feb,
50c
—
Old Dominion Co., Irregular dividend
Oliver United Filters, Inc., A
16
$194
11
15
25
15
15
15
15
Feb.
6% preferred
Mar. 15
30 Jan.
30 Jan.
1 Jan.
15
21
15
15
Feb.
Feb.
(monthly)
5% preferred (monthly)
1 Dec. 31
«5%
87*4
Preferred
Gas & Electric Corp—
6% preferred (quarterly)
Feb.
Feb.
Convertible preferred (quarterly)
15
$194
......
Northern RR. of New
15 Mar. 31
15 Mar. 31
1 Dec. 31
1 Jan. 15
16
Ferry Co—
New Jersey Zinc Co. (quar.)—_—
New York Merchandise (quar.)
18
$2*4
S3 *4 prior preferred (quarterly)
Interstate Dept. Stores (increased)
10c
Feb.
Jan.
15
15
18
$1*4
Feb.
15
3.15c
Group shares (initial).
...
1
11
16
15 Feb.
Ohio
Internationa] Business Machine
International Cigar Machinery Co
Internat. Nickel Co. of Canada. Ltd., pref. (qu.)
International Printing Ink
Preferred (quarterly)
International Safety Razor, class A (quar.)
International Utilities Corp., $7 prior pref. (qu.)
10 year 5%
dated Jan. 20, 1937.
20
20
18
30
Feb.
Newberry (J. J.) Co., 5% pref. A (quar.)
Newberry (J. J.) Realty Co., 6*4 % pref. A (qu.)
Institutional Securities Insurance—
in
30 Jan.
30 Jan.
3 Jan.
Feb. 20 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1394c
Nevada-California Electric preferred
25
14
60c
25c
50c
50c
50c
40c
15 Jan.
31 Dec. 31
Jan.
Feb.
$1*4
.
...
Payable
Jan.
10c
National Tea Co. preferred (quar.) —
Neisner Bros., Inc., preferred (quar.)-.
20c
25c
Participating preference (quar.)..
Howey Gold Mines
Humberstone Shoe Co. (quar.)
Illinois Northern Utilities, 6% pref. (quar.)—
$7 preferred junior (quarterly)
(Increased)
Jan.
$1*4
(semi-ann.)
4
15 Feb.
15 Jan. 25
15 Jan. 25
28 Jan.
25c
38c
12*4c
Extra
15 Feb.
25c
Y.) (quar.)
Leonard Custom Tailors
15 Feb.
Feb.
1 Jan. 11
Mar. 31 Mar. 15
June 30 June 15
1 Jan.
1 Jan.
.
.....
Kobacker
Feb.
$1*4
25c
25
Feb.
.....
Horders, Inc. (quarterly)
£;
Special
;
Hormel (Geo. A.) & Co. (quarterly)
Preferred A (quarterly)..
Preferred
$194
25c
15c
;
Household Finance Corp. common
1 Feb.
Payable of Recora
$1 %
Extra.
Homestake Mining (monthly)
Extra
Horn & Hardart Co. (N.
20
15'
12
1 Jan.
26 Jan,
26 Jan.
1 Jan.
$2
Preferred (participating dividend)-.....
1 Jan.
Jan.
Jan,
Feb.
Feb.
Feb.
Feb.
Feb.
$1
$1
20
Morrell (John) & Co., common
Feb.
Feb.
Feb.
Jan.
—
15
1 Jan,
20
r5c
Hershey Chocolate Corp. (quar.).
Preferred (quar.)--
1 Jan.
Feb.
1 Jan.
Vo
.
Feb.
50c
16
JSc
...
$1*4
9
$194
$2
75c
Mine Hill & Schuylkill Haven RR. (s.-a.)i
Modino Mfg. Co. (quarterly) —
—
Monmouth Consolidated Water Co.—
•
$7 preferred (quarterly)
Montana Power Co. $6 pref. (quar.)-—..
Montgomery (H. A.) Co. (quar.)...
Quarterly
--Montreal Light. Heat & Power Consol. (quar.) —
Moore (Tom) Distillery (quar.)
16
11
25
Feb.
Feb.
$194
1 Jan.
25 Jan.
30 Jan.
Holders
Wheri
Share
Company
1 Jan.
Jan.
689?c
Per
'
Name of
25 Jan.
21 Jan.
$1.30
MIX
—
Hawaiian Commercial Sugar
Hawaiian Pineapple Co
Hawaii Consol. Ry. 7% preferred——
...
Mar.
Feb.
Feb.
20c
Great Western Sugar (special)...;
—.
Green (H. L.) Co. preferred (quar.)
Gude Winmill Trading Corp., vot.'trust ctfs
6*4% preferred (quar.)
Jan.
Jan. 23, 1937
Holders
Payable of Record
Gillette Safety Razor pref.. (quar.)Gin)be! Bros., $6 pref. (quar.)
—
Globe & Republic Insurance Co. (quar.)
Gotham Silk Hosiery Co.. Inc., 7% pref......
$3
10c
5c
Chronicle
Feb.
Feb.
1 Jan.
1 Jan.
1 Apr.
1
15
5
5
2
Jan.
Jan.
Jan.
Jan.
5
15
20
20
15
18
18
16
15
15
15
20
30
30
Jan.
5
15 Jan.
15
10
19 Feb.
,
Volume
Financial
144
Share
Southern Oalif. Edison (special)
Feb.
Quarterly.
Original preferred (special)
Southern Canada Power (quar.)
Southern Fire Insurance (s.-a.)
Feb.
Extra
Feb.
....
Apr.
July
Semi-annual
Trustee Standard Investment Shares C
Feb. 23 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Jan. 30 Jan.
22
Jan.
15
6.6c
Chatfifon Corp",~7% prefZIIIIIIIIIIIII
Jan.
Feb.
h$ 5M
Feb.
50c
A75c
States & International Securities, pref
U. 8. Sugar Corp.—
15
Jan.
..............
Insurance Trust Shares series F. reg_.
New Jersey RR. & Canal (quar.).
States Sc Foreign Securities, pref. (qu.)._
States Hoffman Mach. Co., pref. (quar.)
15
Jan.
Feb.
Feb.
Feb.
15
15
Jan.
Feb.
Feb.
Mar.
Feb.
20c
25c
40c
4c
p
68Hc
$1M
9
19
Jan. 21
Feb. 15
Jan.
15
25
Jan.30
Dec. 31
Mar. 20
Jan. 20
Jan. 21
Jan. 20
Apr.
Feb.
Feb.
Feb.
Upper Michigan Power A Light Co.6% preferred (quar J
Utica Gas Sc Electric Co. pref. (quar.)
$6 preferred (quar.)
Utilities Stock & Bond Corp. vot. tr. ctfs. (s.-a.)
Utility Equities Corp. $5
priority stock
Virginian Railway Preferred (quarterly)
Vulcan Detinning Co. Preferred (quarterly)—
Apr. 15 Mar. 15
July
The
weekly statement issued by the
Clearing House is given in full below:
OF
THE NEW
1 Jan.
Feb.
1
Feb. 15
Jan. 30
Feb.
1
Feb. 15
Feb.
1
14
26
Feb.
1
Jan. 15
Jan. 21
Jan. 28
Jan. 16
Jan.
Apr. 20 Apr. 10
July 20 July 10
Preferred (quarterly)
Preferred (quarterly)
Walgreen Co. (quar J
Waltham Watch, prior preferred (quar.)
Oct.
Feb.
July
20 Oct. 11
Jan. 15
June 19
Oct.
Washington Gas Light Co. (quar.)
....
Wentworth Mfg. Oo. (extra)
Western Cartridge 6% pref. (quar.)....
Westlnghouse Air Brake (quar.)..........
Quarterly
Sept. 18
Feb.
Feb.
Prior preferred (quar.)
Warren Foundry Sc Pipe Corp. (quar.)...
Jan.
15
Jan.
Jan.
Jan.
15
Feb.
Feb. .20
Jan. 80
4-30-37
7-30-37
10-30-37
Feb.
Jan.
Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
Mar.
Feb.
Feb.
Jan.
Jan. 30 Jan.
Jan. 30 Jan.
Mar.
Feb.
Feb.
8 Jan.
Feb.
8 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Preferred (quar.).
Wisconsin Telep. Co., 7% preferred, (quar.)—
Tele
WJR Goodwill Station (quar.)
Wool worth (F. W.) Oo. (quarterly)
Woolworth & Co., Ltd., ordinary (bonus)
Wright Hargreaves Mines, Special interim div.
Wrigley (Wm.) Jr. Oo. (monthly)
Monthly
Mar.
Aur.
Monthly.
Yellow & Checker Cab Co., class A
Zenith Radio (resumed)
Mar.
Jan.
a
J
1
5
5
11
26
26
15
15
20
20
10
14
14
6
20
Feb. 20
Mar. 20
1 Feb.
30 Jan.
18
22
Transfer books not closed for this dividend.
g
15
30
Dec. 31
3-31-37
6-30-37
9-30-37
1-30-38 12-31-37
July
1 June 15
Feb. 15 Jan. 20
Feb. 15 Jan. 20
Quarterly
Quarterly
Quarterly
West Jersey & Seashore RR. Co. (s.-a.)
West Penn Electric 7% preferred (quar.)
6% preferred (quar.)—..
West Penn Power Co., 6% pref. (quar.)
7% preferred (quarterly)
Westvaco Chlorine Products 5% pref. (quar.)—
Wheeling Sc Lake Erie, prior lien (quar.)
5)4% preferred (quarterly)
Wilson & Co. (quar.)
Payable in stock.
/ Payable in
olated
common
dividends,
stock,
i Payable
Payable in scrip,
preferred stock.
o
in
h On account of accum
Payable in Canadian funds, and in the case of non-residents of Canada
reduction of a tax of 5% of the amount of such dividend wilJ be made.
a
15 June 15
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
MEMBERS
1 Feb. 15
1 May 15
Feb.
r
(quarterly)
OF
Mar.
June
_
American dep. rec. for ord. reg. (final)
(quarterly)...
STATEMENT
Payable of Record
Universal Insurance (Newark, N. J.) (quar.)—
Quarterly
Universal Leaf Tobacco Co., Inc., (quar.).
Feb.
20c
United Biscuit Co. of America (quar.)
Preferred
15
1 Aug. 20
Sept.
D
Preferred
Jan.
Jan. 20
15 Jan. 30
Mar.
1 Feb. 20
June
1 May 20
......
Share
of Company
....
Feb. 20
Feb. 20
Feb.
Feb.
Tung-Sol Lamp Works, pref. (quar.
Union Oil of California (quar.)
United
United
United
United
United
15
15
30
7
7
7
15
15
17
Oct.
6.4c
......
15
1
Mar.
Mar.
Feb.
6% preferred (monthly)
5% preferred (monthly)
Transamerica Corp. (stock dividend).
Payable in 1-50 sh. of Bancamerica-Blalr stk.
(quarterly)
Union Bag & Paper
United Corp., Ltd
15
15
1 Apr. 15
1 Jan.
1 Feb.
Mar.
1 Feb.
Feb. 15 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Jan. 25 Jan.
Jan. 26 Jan.
Feb., 1 Dec.
...
Preferred
15
15
1 Jan.
Feb.
Mar.
^
Tubize
30
1 Feb. 15
May
Timken-Detroit Axle Co. Preferred (quar.)
Preferred (quar.).
Preferred (quar
»#).
Toburn Gold Mine. Ltd
Toledo Edison Co., 7% pref. (monthly)
Series
20
Feb.
(quar.)
Stix, Baer & Fuller Co..
Sun Ray Drug Co., preferred (quar.)
Tacony-Palmyra Brid 5% preferred (quar.)
Tamblyn CG.) Ltd. (initial, quarterly)
Quarterly
Quarterly
Tampa Gas Co. 8% pref. (quar.)
7% preferred (quar.)
Telautograph Corp. (quar.)
Telephone Investment Corp. (monthly)..
Thatcher Mfg. Co. preferred (quar.)..
.
20
Mar.
1 Feb.
Jan. 30 Jan.
Jan. 30 Jan.
...
Spiegel May Stern Co.. preferred (quar.)..
Standard Car & Seal, new
Preferred (quar.)
Stanley Works 6% preferred (quar.)
Steel Co. of Canada (quar.)
■m
15 Jan.
Mar.
^
Extra
Preferred
15 Jan.
15 Jan.
Apr. 15 Mar. 20
Spartan Mills Corp. (semi-ann.)
Spencer Chain Stores, Inc., common
Spiegel, Inc.. new
Preferred (quar.)
Name
Payable of Record
Holders
When
Per
Holders
When
Per
Name of Company
563
Chronicle
New
York
New
City
The following shows
York
the condition of the Federal Reserve
Bank of New York at the close of
YORK CLEARING
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 16,
in
1937
business Jan. 20, 1937,
comparison with the previous week and the corresponding
date last year:
*
*
Clearing House
Net Demand
Time
Deposits,
Average
Surplus and
Deposits,
Average
Undivided
Capital
Members
Profits
Bank of N. Y. A Tr. Co.
6,000,000
Bank of Manhattan Co..
20,000,000
77,600,000
20,000,000
42,935,000
21,000,000
16,000,000
10,000,000
60.000,000
4,000,000
100,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
144,207,000
12,993,000
25,431,700
386,092,000
«56,117,700 al,423,132,000
476,942,000
53,382,800
179,356,600 51,490,326,000
41,778,600
480,957,000
66,798,100
751,580,000
17,438,000
260,687,000
498,716,000
106,960,900
60,651,800
505,026,000
3,974,500
63,593,000
126,734,200 c2,047,194,000
3,655,500
54,035,000
d831,017,000
73,937,800
16,685,000
2,738,600
94,856.000
8,768,700
27,771,500
316,863,000
8,034,100
80,199,000
85,608,000
9,007,600
13,817,000
31,638,000
161,587,000
28,556,000
35,010,000
92,452,000
522,480,000
885,531,700 10,007,715,000
593,202,000
National City Bank....
Chemical Bk. A Tr. Co..
Guaranty Trust Co
90,000,000
Manufacturers Trust Co.
Cent. Hanover Bk. A Tr.
Corn Exoh. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk. A Tr.Co
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar. A Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Com'! Nat. Bk. A Tr.Co.
Public N. B. & Tr. Co..
Totals.......
*
As per official reports:
companies, Dec. 31,
e
As of Jan. 5, 1937.
as follows:
\ Includes deposits in foreign branches
C$118,906,000; d $47,940,000.
New
The
York
50,523,000
23,457,000
3,500,000
355,000
1,721,000
53,568,000
606,000
3,105,000
27,005,000
1,331,000
46,986,000
a
of
a
"Times"
number
INSTITUTIONS NOT IN
of
banks
CLEARING HOUSE
BUSINESS FOR THE WEEK ENDED
NATIONAL
AND
STATE
WITH
BANKS—AVERAGE
Other Cash,
Res. Dep.,
Loans,
Disc, and
N. Y. and
Including
Investments Bank Notes Elsewhere
Manhattan—
%
Grace National.....
Sterling National
Trade Bank of N. Y.
$
27.113,900
22,003,000
4,437,563
4,956,000
THE
FRIDAY, JAN.
CLOSING
15,
Total reserves
3,600,918,000 3,667,251.000 3,494,425,000
Secured by
U.
direct and
1
1
Bills discounted:
S.
Govt, obligations,
681,000
630,000
2,403,000
1,971,000
1,352,000
1,311,000
4,374,000
1,096.000
5,916,000
1,100,000
5,916,000
1,739,000
7,705,000
132,062,000
361,251,000
158,947,000
131,699,000
360,713,000
159,848,000
55,252,000
493,164,000
185,967,000
652,260,000
652,260,000
734,383,000
660,624,000
660,587,000
748,201,000
87,000
8,384,000
167,161,000
10,134,000
10,469,000
84,000
8,948,000
170,465,000
10,134,000
10,353,000
123,561,000
...
Total bills discounted
Bills bought in open market
Industrial advances
United States government securities:
Bonds
Treasury
768,000
584,000
(or) fully guaranteed
Other bills discounted......
notes
....
Treasury bills
Total U. S. Government securities..
Total bills and securities.
Due from foreign banks.............
Federal Reserve notes of other banks..
Uncollected items
Bank premises
.........
All other assets
263,000
8u945,000
10,808,000
30,049,000
4,457,777,000 4,427,822,000 4,416,252,000
Total assets.
Liabilities—
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
$
248,236
6,087,200
7,090,000
2,916,725
1,881,200
2,718,000
377,974
31,290,600
29,186,000
7,036,652
107,000
648,000
546,000
5,736,000
88,100
671,000
3,522,619,000 3,488,872,000 3,418,641,000
1,158,000
1,276,000
1,046,000
77,221,000
74,508,000
77,253,000
FIGURES
$
$
OF
1937
$
Other cash f...
United States Treasury x
Redemption fund—F. R. notes
$243,540,000; 5 $83,667,000;
publishes regularly each week
and trust companies which
are not members of the New York Clearing House.
The
following are the figures for the week ended Jan. 15:
returns
$
Assets—
Gold certificates on hand and due from
17",985",666
National, Dec. 31, 1936; State, Dec. 31, 1936; trus*
1936.
Jan. 20, 1937 Jan. 13, 1937 Jan. 22,1936
$
*
F. R. notes in actual circulation
774,153,000
884,333,000
879,210,000
Deposits—Member bank reserve aoo't.. 3,042,907,000 2,996,496.000 2,849,426,000
U. s. Treasurer—General account
343,739,000
81,144,000
68,409,000
17,745,000
33,812,000
Foreign bank
34,591,000
190,889,000
Other deposits....
146,756,000
151,411,000
......
3,297,318,000 3,258,208.000 3,401,799,000
Total deposits.
F Brooklyn—
Peoples' National—
TRUST COMPANIES—AVERAGE
Res.
Loans,
Disc,
Cash
and
Invest.
N.
Dep.,
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
160,077,000
51,237,000
51,474,000
7,744,000
9,260,000
1,457,000
All other liabilities
Manhattan—
$
$
$
63,416,500 *15,522,200
233,876
9,743,751
Fiduciary...
Fulton
Lawyers
United States
11,842,200
12,776,098
*1,148,192
21,187,000 *5,432,400
29,251,400 *10,229,000
66,588,840 30,331,871
Federation
1,976,449
1,486,700
3,568,700
17,247,777
1,522,191
$
3,317,100
2,017,219
949,000
f
80,380,900
11,554,195
13,907,045
24,612,400
40,835,700
84,212,869
F. R. note liabilities combined
Commitments
to
make
Brooklyn
* Includes
83,550,000
36,721,751
amount
with
3,750,000 46,112,000
2,757,525
Federal
Reserve
9,537,399
53,000 126,973,000
43,894,278
follows:
$10,904,000;
Empire,
Fiduciary, $793,272; Fulton, $5,141,300; Lawyers, $9,335,200.
as
industrial
vances.
86.2%
86.1%
8,389,000
8,494,000
,
t "Other cash" does not include Foderal Reserve notes or a
x
83.7%
ad¬
—
Reserve bank notes.
Kings County
deposit and
Ratio of total reserves to
Brooklyn—
)
120,674,000
51,033,000
50,825,000
7,744,000
8,849,000
1,175,000
4,457,777,000 4,427,822,000 4,416,252,000
Total liabilities..
Empire
164,045,000
51,192,000
51,474,000
7,744,000
9,260,000
1,566,000
Deposits
Elsewhere
■
Deferred availability Items..
Capital paid in
Surplus (Section 7)
Surplus (Section 13b).......
Reserve for contingencies...
FIGURES
bank's
9,888,000
own Federal
,
These are certificates given by the United States Treasury for the gold taken
over
dollar was on Jan. 31, 1934, devalued from
these certificates being worth less to tbe extent of the
from the Reserve banks when tbe
100 cents to 59.06 cents,
difference, tbe difference Itself having been appropriated as profit by the Treat urv
under the provisions
of the Gold Reserve Act
of 1934.
Financial
564
Chronicle
Jan. 23, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, January 21
The first table presents the results
with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (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 "Current Events and Discussions."
showing the condition of the twelve Reserve banks at the close of business
on
Wednesday.
for the System as a whole in comparison with the figures for the eight preceding weeks and
COMBINED RESOURCES AND LIABILITIES
Three
OF THE
FEDERAL
RESERVE BANKS
AT THE CLOSE OF BUSINESS JAN.
20 1937
ciphers (000) omitted
ASSETS
Gold ctfs. on hand and due from TJ. S. Treas.x
Redemption fund (Federal Reserve noted)
Other cash
^tal reserves———
——...
8,849,893
12,729
314,574
8,849,882
13,330
304,749
9,177,196
8,811.021
11,407
8,851,383
12,533
278,370
246,857
9,142,286
9,112,291
9.064,191
9,098,510
9,068,774
7,684
9.068,785
9,027,703
7,972,380
6,999
Bills discounted:
Secured by U. S. Government obligations,
direct and(or) fully guaranteed..... ....
Other bills discounted
Total bills discounted
2,381
2,348
3,041
5,377
8,882
3,084
Bills bought In open market
Industrial advances
3,089
24,221
3,089
24,328
3,089
24,768
3,088
24,999
24,131
United States Government securities—Bonds..
Treasury notes-..——i—
Treasury bills-—...............
....
489,576
I
1
3,089
3,088
3,086
25,313
25,493
25,980
1,449,163
599,738
492,045
1,345,963
592,219
!
490.690
1,343,963
595,574
490,643
1,340,963
598,621
490,643
1,340,963
598,621
1,347,163
593,488
489,676
1,347,163
593,488
2,459,823
2,459,885
2,460,685
2,463,461
2.467,196
2,466,313
2,464,807
381,326
408,326
1,417.283
604,618
Total U.S. Government securities..
Other securities-.—.......—...
Foreign loans on gold
....
....
Total bills and securities—...—....—....
Gold held abroad...
Due from foreign banks
223
Federal Reserve notes of other banks..
Uncollected items...—————
Bank premises-. w.
All other assets—
Total
220
220
34,381
660,987
46,146
37,727
29,225
760,266
48,082
41,253
220
23,834
747,244
48,082
40,147
12,419,193
12,417.228
12,382,432
12,454.798
12,390,915
221
663
26,074
221
29,821
665,840
46,146
40,144
2,465,348
25,464
615.194
24,865
535,717
47,797
582.369
48,078
12,675,081
48.066
42,673
12,236.522
12.224,679
12,301,473
39,428
11,094,582
LIABILITIES
Federal Reserve notes in actual circulation....
4,169,201
Deposits—Member banks'
6,794,650
reserve account
79.079
United States Treasurer—General account—
63,955
152,525
Foreign banks—.....———
Other
deposits.—......—
Total deposits
7.013,861
Reserve for contingencies—.
liabilities-..——.———.——
Total liabilities-—
12,419,193
—
7,052,683
7,096,589
7,080,209
879,317
130,390
650,064
130,275
145,501
623,656
16,486
Surplus (Section 7)
Surplus (Section 13-B)
All other
7,073,565
672,619
130.624
145,501
27,088
34,248
._
Deferred availability Items——————
Capital paid in
12,417,228
34,246
16,002
578,938
130,283
145,501
27.088
34,249
35,111
12,236,522
12,301,473
145,501
27,088
12,382,432
12,454,798
12,390,915
12,575.081
130,247
34,261
145,501
27,088
34,290
14,906
14,487
27,088
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined.
80.3%
80.3%
80.2%
79.8%
80.2%
80.4%
80.3%
80.3%
78.0%
Commitments
20,565
t20,640
20.959
21,064
21,371
21,491
21,544
22,040
27,091
3,084
3,089
3,089
3,089
3,088
1,152
1,010
925
1,167
1,212
to make Industrial advances
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted———
16-80 days bills discounted
81-60 days bills discounted---.-—61-90 days bills discounted-----Over 90 days bills discounted—
Total bills discounted-.-.-......
1-15
days bills bought In open market-...
16-30 days bills bought in
open market-...
31-60 days bills bought in open market...,
61-90 days bills bought In open market
Over 90 days bills bought in open market..
Tota
bills bought In open market......
1-15 days Industrial advances...
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days industrial advances.
171
928
1,022
647
;
407
1-15 days U. S. Government securities—.
16-30 days U. S. Government securities—,
31-60 days U. S. Government securities—.
61-90 days U. S. Government securities—.
Over 90 days U. S. Government securities.
260
270
587
544
669
665
468
522
1,158
21,146
1,100
21,350
669
734
853
805
962
22,637
24,131
...
409
560
1,103
21,145
Over 90 days Industrial advances
Tota llndustrlal advances...
4,657
3,088
938
24,221
22,809
25,329
61,374
125,135
2,195,580
23,499
25,309
320
58,029
647
668
60,280
2,263,110
79.000
2,256,462
4,558,517
381,759
22,218
22,407
22,591
24,768
12,940
23,809
58,015
22,003
24,999
25,313
25,493
25,696
25.980
32,210
3,240
11,011
12,940
51.985
29,281
99,674
121,3X2
27,605
54,426
63,648
185,514
4,609,640
3,240
16.011
50,855
64,189
43.749
26.739
61,374
137.175
2,292,917
2.282.662
2,133,618
151,028
2,101.807
4,646,501
296,013
23,499
44,586
135.042
28,951
148.687
2,073.061
4,576,604
307,632
4,497,999
295,200
4,473,196
303,995
4.202,799
4.169,201
3,608,049
137,838
4,395
3,904,343
4,565
85,000
133,400
29,281
36,013
108,925
183,785
2,073,936
Total U. S. Government securities......
1-15 days other securities
16-30 days other securities
81-60 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
335,109
4,159,036
—*
Collateral Held by Agent as
Notes Issued to Bank—
4,494,145
........
•
4,278,786
4.540,838
1,735
101,000
1
4,582.838
4,616,838
4,636
95,000
2,331
101,000
4,616,838
7,397
95.000
4,535.838
4,492,338
4,464,838
6,143
4,290
90,000
4,695
88,000
95,000
———.
"Other cash" does not lnolude Federal Reserve notes,
These are certificates given by the
oentson Jan.
4,242.336
Security for
Gold ctfs. on hand and due from U. S. Treas.
By eligible paper
United States Government securities.
Total collateral
367,304
t Revised figure.
United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from
100 cents to 59.06
31, 1934, these certificates being worth less to the extent of tie difference, the difference itself having been appropriated as profits by the Treasury under
the provisions of the Gold Reserve Act of 1934,
Volume
Financial
144
Chronicle
565
Weekly Return of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OP
Three
EACH OP THE 12 PEDERAL RESERVE BANKS
CLOSE OP BUSINESS JAN. 20( 1937
Ciphers (000) Omitted
Federal Reserve Batik of—
Total
Boston
New York
*
%
*
Cleveland Richmond
Phila.
RESOURCES
Gold
AT
%
certificates
hand
on
and
%
Atlanta
St.
Chicago
9
%
9
Louis Minneap. Kan.
9
9
City
San Fran.
Dallas
9
9
%
due
from United States Treasury
612,694
285,659
168,316
900
642
677
21,044
255,064
1,540
18,512
9,337
15,158
6,724
Total reserves
30,451
307,139
248,264 1,731,504
275,116
178,553
258,395
185,163
637,798
a
19
16
41
19
56
558,062 3,522,619
1,046
1,360
77,253
27,315
499,245
535
854
436
31,374
22,907
9,177,196
Redemption fund—Fed. Ree. notes..
Other cash •
605.902
1,445
177,762
229,988 1,691,987
727
2,567
15,709
38,790
8,849,893
12,729
314,574
586,737 3,600,918
531,154
636,455
242,595
Bills discounted:
Scoured by U. S. Govt, obligations,
direct and(or) fully guaranteed..
1,506
95
768
355
875
7
584
2,381
Total bills discounted
102
1,352
Bills bought In open market.........
Industrial advances
U. S. Government securities:
50
11
9
35
223
61
40
101
138
14
....._
136
4
1,095
317
294
121
108
385
86
61
87
87
218
5,916
4,596
1,178
2,572
386
1,389
375
1,028
768
1,309
1,842
35,569
97,298
132,062
361,251
27,013
22,259
60,890
26,792
55,964
153,087
23,497
64,276
28,281
17,297
47,313
20,819
25,632
158,947
39,437
107,875
47,465
50,664
138,586
42,811
70,118
30,851
19,228
52,596
23,142
118,782
52,262
2,430,227
Total U. 8. Govt, securities
Total bills and securities
225
2,772
175,678
652,260
194,777
250,228
133,416
109,941
276,410
116,054
85,429
126,601
94,966
214,467
2,459,823
Treasury notes
Treasury bills
3,084
p4,131
492,045
1,345.963
592,219
Bonds
178,777
660,623
200,054
251,709
136,123
110,658
278,245
116,651
86,522
127,497
96,381
216.583
Due from foreign banks
Uncollected items
29,821
665,840
46,146
_
Bank premises
All other resources
40,144
resources
12,419,193
73,891
32,512
60,978
21
20
10
8,384
736
53,998
60,875
2,810
5,096
1,475
64,345
16,368
4,556
2,715
167,161
10,134
10,470
1,797
25,963
2,237
1,665
840,873 4,457,777
796,011
964,928
67,359
8
606
69,236
3,057
2,443
223
Fed. Res. notes of other banks
Total
85
4
364
10
9
Other bills discounted
87
17
.
4,952
6
15
1,223
2,398
522
15,943
34,647
1,493
1,355
3,285
1,923
27,227
1,261
1,557
4,931
33,328
3,449
2,981
426.432
285,092
428,151
312,117
899,085
26
4,710
3,816
1,963
28,637
2,390
1,671
512,283
390,592 2,105,852
3
4
3,071
2,611
43,423
84.480
6
LIABILITIES
F. R. notes In actual
Deposits:
Member bank
circulation.
879,210
303,558
408,760
200,724
182,615
946,912
179,129
133,723
159,452
89,074
6,754,890
372,358 3,042,097
68,409
15,131
34,591
7,028
2,310
151,411
385,896
11,703
8,833
1,759
425,869
14,404
8,738
13,261
211,582
12,905
4,179
3,303
157,044
5,200
993,873
25,120
216,355
4,962
3,324
5,385
11,017
2,280
5,075
2,754
1,333
191,480
3,218
2,849
7,827
115,583
94,900
217,540
224
162,831
8,074
2,754
6,519
479,112
14,940
6,553
19,133
7,255,589
reserve account
351,694
396,827 3,297,318
408,191
462,272
231,969
170,953 1,031,343
205.374
127,131
224,295
180,178
519,738
50,974
62,232
12,765
14,323
1,007
34,468
3,984
3,613
1,142
1,194
14,938
2,940
3,116
1,003
2,090
31,946
3,843
3,851
1,262
1,847
31,274
10,161
9,645
1,696
2,037
133
1,457
398
449
196
142
82,840
12,547
21,504
1,416
7,971
1,319
31,578
3,802
4,655
3,120
64,778
4,803
4,869
3,422
1,522
24,526
1,570
160,077
51,237
51,474
7,744
9,260
155
151
266
116
349
840,873 4,457,777
796,011
964,928
512,283
390,592 2,105,852
426,432
285,092
428,151
312,117
899.085
225
1,195
2,283
1,313
70
306
486
3,804
U. 8. Treasurer—General account.
Foreign bank
188,259
Other deposits
Total deposits
Deferred availability Items........'..
Capital paid In
658,189
Surplus (Section 7)
Surplus (Section 13-B)
145,854
27,190
36,232
5,131
131,972
Reserve for contingencies
All other liabilities
Total liabilities.................. 12,419,193
Commitments
to
make
68,558
9,391
9,826
2,874
12,203
13,362
4,325
3,000
20,332
"Other cash" does not Inolude Federal
Three Ciphers (000) Omitted
Federal Reserve Agent at—
1,965
8,389
as
931
286
10
RESERVE NOTE
Boston
New York
Phila.
%
%
$
%
STATEMENT
Cleveland Richmond
$
Atlanta
Chicago
9
9
St.
$
Louis Minneap. Kan. CUy
9
'
Dallas
San Fran»
%
%
%
9
335,109
380,773
29,079
977,626
98,416
325,418
21,860
436,721
27,961
213,489
12,765
208.781
26,166
978,381
31,469
191,272
12,143
138,313
4,590
168,193
8,741
96,668
7,594
378,510
54,325
351,694
879,210
303,558
408,760
200,724
182,615
946,912
179,129
133,723
159,452
89,074
324,185
4,488,838
1,897
406,000
990,706
332,000
440,000
209,000
171,632
128,000
95
972
355
4,494,145
security
for notes Issued to banks:
Gold certificates on hand and due
from United States Treasury....
Eligible
545
4,159,036
In actual circulation
by Agent
754
1,690
-
Total
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
held
5,616
Reserve notes
FEDERAL
Collateral
4,296
4,193
.
Industrial
advances
*
324,185
4,159,036
paper
U. 8. Government securities
Total collateral
4,583,735
991,678
406,095
332,355
440,000
990,000
185
213,185
97,500
38^000
2
32
16
47
15,000
5,000
193,765
143,002
172,032
97,516
389,047
50
45,000
215,010
167,000
133
22,000
168,000
10
6,000
93,000
990,050
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the FedefhTBeserve System, giving the prineipal
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 or
the Federal Reserve System upon the figures for the latest week
appears in our department ofuCurrent Events and Discussions,
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935, covers reporting Danss in 101 leading
cities, as It did prior to the banking holiday In 1933, Instead of 91 olties, and has
also been revised further so as to show additional Items.
The amount of "Loans to banks" was included heretofore partly In "Loans on securities—to others" and partly
n "Other loans " The item "Demand
deposits—adlusted" represents the total amount of demand deposits standing to the credit of Individuals, partnerships, corporations,
associations. States, counties, municipalities. Ac., minus the amount of oash Items reported as on hand or in process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been ohanged 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
oomparabie 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 souroes.
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 on hand or In process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES. BY DISTRICTS. ON JAN. 13, 1937 (In Millions of
Dollar^
i
Federal Reserve District—
Toted
Boston
New York
Phila.
9
$
9
9
S
1,204
9,531
1,192
1,926
ASSETS
Loans and Investments—total.......
22,797
Cleveland Richmond
Atlanta
$
9
9
668
Chicago
589
Loans to brokers and dealers:
St.
Louis Minneap. Kan. City
9
3,161
9
%
San Fran.
Dcdlat
9
%
693
408
708
5
2
4
516
2,201
3
22
«
In New York City
990
14
955
9
1
Outside New York City
on securities to others (except
238
27
77
20
16
213
1
5
7
4
51
4
1
Loans
banks)
157
2,000
144
833
140
52
199
71
30
47
bought.
374
57
164
24
6
10
6
36
11
12
23
1
24
.......
1,152
86
242
63
180
26
25
73
44
5
18
23
367
57
4
27
2
3
1
1
9
6
Other loans
4.228
314
1,672
192
231
119
171
570
144
"""116
149
155
395
U. S. Government direct obligations..
9,275
1,240
3,243
387
3,806
346
949
307
208
1,647
239
185
276
198
727
21
500
95
54
54
35
165
63
12
49
39
153
150
1,255
301
273
77
83
406
110
46
139
53
350
5,303
293
2,660
275
317
139
131
65
110
297
Acceptances and com'l
Loans
on
paper
real estate
Loans to banks
Obligations fully
....
guar,
by U. S. Govt.
Other securities
...
Reserve with Federal Reserve Bank.
Cash In vault
70
90
778
2
148
44
mmmmmrn.
2
413
18
38
20
12
72
12
6
13
11
21
189
168
227
143
140
412
138
93
273
173
252
89
560
86
105
39
38
105
24
17
24
28
224
1,024
6,958
834
1,114
427
330
2,336
417
276
509
393
944
5,053
Other assets—net..
75
146
15.562
.......
115
2,354
1,339
280
995
263
707
196
175
849
179
123
146
121
1,019
655
10
221
65
59
29
37
102
11
3
18
38
62
6,121
.....
Balance with domestto banks........
262
2,502
328
378
237
234
851
297
127
401
201
303
7
LIABILITIES
Demand
deposits—adjusted.........
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestlo banks
Foreign banks
Borrowings
-
413
379
4
1
1
5
1
14
842
30
361
20
14
"~30
6
31
9
4
2
6
""*329
3,560
234
1,599
225
340
90
86
354
85
55
90
78
324
.....
Other liabilities
Capital account
mmmmmm
1
mm m m
Jan. 23, 1937
566
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY
YEARLY
AND
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions
account Is taken of such sales in computing the range for the year.
Government Securities
United States
York
Below
furnish
we
a
Stock
the New
on
Transactions at the New York Stock
Exchange
the
current
week:
Shares
1,705,240
2,860,550
Tuesday
Wednesday
Thursday
Friday
2,619,110
120.30
120.26
120.19
120.18
120.21
120.30
120.26
120.18
120.16
120.19
120.30
120.26
120.19
120.16
120.21
5
2
$1,000 units...
4
11
120.19
20
New
109.4
109.5
109.1
108.29
109
108.28
Low.
109.4
109.2
108.31
108.29
108.28
109.4
109.2
108.31
108.29
109
108.28
27
(High
114.25
114.25
1
(High
Total sales in
113.25
"m
$1,000 units...
(High
Total sales in
mm am
•
mm
$1,000 units...
Government
$2,890,000
$5,819,000
114.20
114.21
114.20
114.24
State and foreign
Railroad and industrial
10,111,000
63,547,000
86,125,000
$18,490,000
39,585,000
204,561,000
30,237,000
316,274,000
$76,548,000 $100,454,000
$262,636,000
$367,233,000
37
113.20
10
5
mmmm
109.21
109.29
109.21
1
m m
109.27
109.29
10
2
rnrnmm
Total
113.19
5
mmmm
109.29
■
mmmm
mm
mmmm
mmmm
mmmm
mmmm
mm
m
-
rn
m
m
Stock and
Below
—
106.26
106.25
106.24
106.24
106.23
106.24
Low.
106.25
106.22
106.20
106.19
106.19
106.20
(Close
106.25
106.22
106.22
106.23
106.21
106.20
$1,000 units...
5
4
23
17
9
30
(High
rn'mmm
107.19
107.16
107.19
107.15
107.19
107.16
(High
3s, 1951-55
Total sales in
(Low.
3s. 1946-48
mm
(Close
Total sales in
(Low.
$1,000 units...
(High
-
V
37
107.10
107.10
107.10
107.8
107.10
107.10
107.10
107.10
107.10
107.10
8
108.11
108.8
108.11
108.10
108.8
108.11
108.11
108.8
60
mmmm
6
1
Total sales in $1,000 units..
26
mmmm
5
10
(Close
Bonds
Stocks
107.13
108.11
— — — —
compiled by Dow, Jones & Co.:
107.15
mmmm
7
m
■
as
Averages
107.15
107.11
mmmm
stocks
Bond
the
daily closing averages of representative
and bonds listed on the New York Stock Exchange
are
107.16
-
107.11
;
(Low.
3*8, 1941-43
-
mmmm
107.10
mmmm
mmmm
(Close
Total sales in
-
107.11
mmmm
■
—
mmmm
mmmm
$1,000 units...
(High
3*8, 1940-43
"'..mmm
mm
$20,722,000
9
mmmm
109.30
8,510,000
113.19
----
113.19
mmmm
Bonds
113.19
113.19
109.30
1
•
5
114.24
114.18
109.30
mmmm
Low.
Close
14
114.22
mmmm
6
'
3*8.1943-47
2
mmmm
113.25
mmmm
(Close
51,229,945
114.18
6
mmmm
(Low.
45,723,070
114.21
mmm
113.25
mmmm
11,833,608
114.19
mmmm
$1,000 units...
16,132,320
Stocks—No. of shares.
3
mmmm
114.25
1936
1937
1936
1937
114.19
mmmm
(Low.
(Close
Total sales in
Jan. 1 to Jan. 22
Week Ended Jan. 22
Stock
Yorh
Exchange
114.26
6
$1,000 units...
3*8, 1945-56
$76,548,000
108.28
(Close
4s, 1944-54
$63,547,000
Sales at
21
(High
3*8,1943-45
$2,890,000
10,523,000
16,132,320
425,000
323,000
1,967,000
1,920,000
1,953,000
120.18
(Close
$10,111,000
11,640,000
11,517,000
12,012,000
3,271,370
2,991,880
2,684,170
120.19
LOW.
4*8. 1947-52
1,758,000
1,599,000
590,000
586,000
790,000
$8,590,000
12,747,000
13,883,000
14,060,000
14,356.000
12,912,000
$176,000
$914,000
$7,500,000
10,355,000
Total
(High
Treasury
Total sales in
111
States
Bonds
For'n Bonds
Bonds
Saturday
Monday
Tan. 18 Jan. 19 Jan. 20 Jan. 21 Jan. 22
Tan. 16
Total sales In
United
State,
Miscell. Municipal A
and
Number of
.
point.
a
Railroad
Stocks,
Week Ended
Jan. 22. 1937
Quotations after decimal point represent one or more Z2ds
of
Exchange,
daily record of the transactions in
the New York Stock Exchange during
on
No
Daily, Weekly and Yearly
Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds
of the day.
$
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
trials
roads
ties
Stocks
trials
Rails
Rails
ties
mmmm
mmmm
mmmm
mm
mm
40
Bonds
mmmm
mmmm
Total
20
Rail¬
6
2
'mmmm
10
30
Indus¬
Date
Jan. 22.
186.53
56.08
36.94
66.81
107.68
113.14
95.18
106.60
105.65
Jan. 21.
186.90
56.69
37.06
67.10
107.55
113.23
95.54
106.64
105.74
Jan. 20.
-
185.96
56.44
36.71
66.73
107.58
113.13
95.58
106.64
105.73
m
108.16
108.16
108.14
108.13
108.12
Jan.
19.
184.02
56.00
36.64
66.16
113.25
95.41
106.66
108.18
105.78
(Low.
*
107.79
(High
3*8, 1945-49
108.15
108.13
108.11
108.12
108.12
Jan.
18.
184.95
55.86
37.31
66.52
107.73
113.44
95.74
106.63
105.89
108.15
Jan.
16.
185.73
56.31
37.26
66.80
107.76
113.45
95.76
106.60
105.89
Iciose
Total sales in
108.18
108.16
108.13
108.11
108.13
108.12
$1,000 units...
9
16
58
7
9
1
(High
108.15
108.13
108.10
mmmm-
(Low.
108.15
108.13
108.10
----
mmmm
(Clos
108.15
108.13
108.10
----
mmmm
$1,000 units..
2
10
25
8%8, 1949-52.
Total sales in
108.7
(Hig:
(Low.
3*8, 1941
3
mmmm
-
-
-
108.11
109.4
109
108.31
108.29
109.4
108.29
108.30
108.26
108.28
109.4
108.31
108.30
108.29
108.29
7
44
2
9
10
104.21
104.19
104.17
104.13
104.14
104.17
104.18
2*8,1955-60
104.15
104.14
104.10
104.10
104.14
104.18
104.15
104.15
104.12
104.14
104.14
14
94
14
32
56
140
105.28
105.26
105.23
105.22
105.21
105.25
105.23
105.21
105.21
105.20
105.25
105.23
105.21
105.21
105.20
2*8, 1945-47.
mmmm
Total sales in $1,000 units..
2
2*8, 1948-51
21
11
104.12
104.13
104.12
_
104.15
104.12
104.12
104.12
104.15
104.12
104.13
2
10
104.7
18
104.9
104.8
104.9
9
18
103.12
103.13
103.10
103.10
103.11
103.13
103.11
103.9
103.9
103.6
103.9
103.9
103.1]
2*s, 1951-54.
103.9
103.10
103.7
103.11
103.9
14
5
16
19
15
103.6
103.6
103.4
103.5
103.7
103.6
103.6
103.1
103.2
103.4
103.6
103.3
103.2
103.5
1
16
85
9
101.18
101.16
101.17
101.17
101.16
101.15
101.11
101.14
101.15
101.21
101.18
101.16
101.12
101.15
37
24
57
194
mmmm
3*8,1944-64
mmmm
mmmm
mmmm
■
—
-
-
-
-
mmmm
mmmm
mmmm
mmmm
•
-
105.16
105.14
106.4
106.3
106.3
106.4
106.3
4
105.12
105.8
105.12
105.12
105.11
105.8
105.12
105.11
105.8
25
92
105.14
105.14
105.14
(Low.
105.11
105.11
105.9
105.8
105.13
105.15
105.11
105.9
105.10
6]
----
mmmm
-
-
—
-
-
11
1
17
103.30
104
103.31
104.2
103.30
104
103.30
103.30
104
104.2
1
1
104.30
105
105
2
104.2
104.31
103.30
25
50
104.30
104.29
104.31
104.29
104.30
104.26
104.25
104.31
104.30
104.28
104.30
12
1
63
16
103
102.29
102.29
102.28
102.28
102.28
102.27
102.25
102.26
103
102.29
102.29
102.28
102.28
13
1937.
0.40%
0.40%
0.40%
20
1937
0.40%
Indebtedness, &c.—Friday, Jan. 22
39
6
41
102.26
102.28
102.25
102.30
102.27
102.29
102.23
102.22
102.23
102.29
102.29
102.25
102.28
102.24
2
29
1
41
units..£
102.20
102.29
only sales of
Transactions in registered bonds were:
table
includes
No sales
32 ds of
point.
Int.
Int.
Maturity
Dec.
15 1941...
Dec.
16 1939...
June
15 1941...
Mar. 15 1939...
Mar. 15 1941...
June
15 1940...
Dec.
15 1940...
Mar. 15 1940...
Maturity
Rate
Bid
Ashed
1*%
1H%
100.6
100.8
June
101.2
Sept. 15 1938...
IX
IX
IX
IX
IX
IX
%
100.22
100.24
Feb.
%
%
101.8
101.10
June
15 1938
2*%
2X%
2X%
2*%
101.1
101.3
Apr.
15 1937...
3%
%
%
%
101.2
Rate
101
.
15 1939
1 1938...
Bid
102.24
103.1
103.3
102.10
102.12
103.8
103.10
101
101.2
101.4
Mar. 15 1938...
3%
102.30
103
101.2
101.4
Sept. 15 1937...
3*%
102.4
102.6
101.19
FOOTNOTES
*
Deferred delivery
n
coupon
FOR
NEW
YORK
Bid and asked prices; no sales on this day.
t Companies reported in receivership
a
38
New stock,
r
Cash sale.
x
Ex-dividend
y
Ex-rights
Ashed
102.22
101.17
102.25
9
6
102.30
Oct.
7
102.30
bonds.
1937.
Figures after decimal point represent 'one or more
102.25
.Close
above
6
102.27
102.30
$1,000 units...
Home Owners'Loan
(High
H* 2*8, 1942-44...Low.
Note—The
0.40%
Oct.
104.29
28
Total sales in
■
0.38%
0.38%
Sept. 22 1937.
Sept. 29 1937.
104.29
104.31
Total sales in $1,000
0.38%
Sept. 8 1937.
Sept. 15 1937.
Quotations for United States Treasury Certificates of
7
105.13
-
(Close
5 1937.
May
May 12 1937.
May 19 1937.
May 26 1937.
1937.
Aug. 18 1937.
Aug. 25 1937.
1 1937.
Sept.
0.22%
0.22%
0.22%
0.25%
0.25%
0.25%
0.25%
105.10
105.11
-
2*8, series B, 1939-49.. Low.
Apr.
Apr. 21 1937.
Apr. 28 1937.
105.10
1
104.9
l<
(High
7 1937.
21
105.10
105.11
----
Low.
0.22%
0.22%
0.22%
Mar. 31 1937.
14 1937.
July
0.22%
7 1937.
July
0.22%
Mar. 24 1937.
July
6
105.15
1
Total sales in $1,000 units...
Home Owners' Loan
0.30%
0.32%
0.32%
0.32%
0.32%
0.34%
0.34%
0.34%
0.34%
July 28 1937.
4 1937.
Aug.
Aug. 11 1937.
Mar. 17 1937.
a
106.7
1
105.1^
iv 38. series A, 1944-52
Mar. 16 1937.
Mar. 18 1937.
106.7
37
Home Owners' Loan
Mar. 10 1937.
106.10
106.3
105.12
H
0.30%
June 30 1937.
9 1937.
116
Federal Farm Mortgage
F-2*s. 1942-47
3 1937.
101.15
26
E_
June 23 1937.
32
101.20
101.18
»
Feb. 24 1937.
Mar.
June 16 1937.
June
103.4
101.21
(Low.
17 1937.
2 1937.
103.4
103.8
2^8, 1949-1953.
10 1937.
Feb.
June
Oct.
57
103.8
...
3 1937.
Feb.
14 1937.
104.9
17
ireb.
0.30%
0.30%
0.30%
0.20%
0.20%
0.20%
0.20%
0.20%
0.22%
0.22%
0.22%
27 1937.
Apr.
104.9
104.8
5
58
104.11
Jan.
Ashed
Bid
Ashed
108.29
109.3
5
c
Bills—Friday, Jan. 22
for discount at purchase.
Bid
11
109.4
109.4
3s. 1944-49
are
108.7
52
mmm
(Low.
2*8, 1958-1959
quoted
108.6
108.7
Rates
108.7
(Hig:
3*8, 1944-45
United States Treasury
108.11
108.7
108.4
-
mmmm
11
108.11
50
-
-
----
108.4
108.7
$1,000 units..
-
•
108.4
108.6
(Clos
Total sales in
108.7
-
----
STOCK
PAGES
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
New York
Chicago
Volume
LOW AND
•
Boston
Buffalo
•
Montreal
•
New York Stock
144
HIGH
SALE
Toronto
•
Cleveland
•
Indianapolis
•
Richmond, Va.
•
567
Sales
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis of IQQ-Share Lots
the
SHARE,"{NOT PER CENT
EXCHANGE
Saturday
Jan. .16
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 18
Jan. 19
Jan. 20
Jan. 21
Jan. 22
Week
$ per share
$ per share
*58
69
$ per share
*58
69
$ per share
*62
69
$ per share
*62
69
$ per share
Shares
♦59
69
*62
Lowest
!J.
Par
.
Abraham & Straus
69
66%
66
67
65%
1734
18
18%
18
27
17%
27%
27
27
35
35
35%
3%
3%
3%
35%
3%
76%
4%
77%
77%
78%
4%
4%
27
*34
4%
♦100
....
1484
mm*
m
14%
mm
4%
4%
48
mm.
48%
*100
mmmm
14%
♦176
76%
4%
14%
*45
4%
46
48
27
27
27
35%
3484
35
34
384
4
384
77
4%
77
♦100
15
mmmm
1484
4%
4%
46
47
*45
47
4%
47
47
*45
46%
*45
46%
37%
46
47
*44
46
*44
37%
38%
47%
*46%
46
46
♦109
♦107%
234% 237
32% 33%
17
I684
84% 84%
236
32
16%
84%
79
80
34%
6%
39%
34%
80%
34%
6%
6%
40
40%
105
103
91%
94
92
3934
41%
39%
71
71
73
105
71
71
♦141
143
114% 116%
171
172
70%
♦141
114%
♦170%
62%
63%
62%
94%
94%
93%
79%
119
79%
119
78%
♦115
♦103% 105% ♦103%
35
♦29
♦29
47
*46
*46
*44
37%
mmmm
35
—
♦29
35
♦29
35
16%
15%
16
1584
16
27%
28
27%
2778
27%
30%
31%
27%
31%
*97
30%
97%
26%
31%
*97
97
97
28*4
33%
97%
9
9%
9
18%
300
31%
97%
9%
16%
*156
9
17
300
16%
♦156
9%
16%
300
10%
12
11%
13%
12%
13%
65%
66%
34%
56%
19%
66
66
67
49%
3%
68%
37%
58%
19%
8%
43%
50%
3%
23%
33
55%
1934
7%
41%
*49%
3%
8%
42%
50
3%
35%
57%
19%
8%
42%
20%
21
21%
15%
15%
15
46%
47
115
115
23%
24
13
13%
63%
63
♦122
131
67
67
15%
46
46%
114% 115
23% 24%
13%
12%
62
8
41%
50%
3%
130
*66%
68
43%
51%
51
51
3%
36
55%
19%
8%
3%
23
15
M84
4584
23%
15%
45% 46%
114
115%
23% 24
12% 13%
60
16%
300
8%
42%
19
12%
65%
22%
63%
♦125
16%
*156
10%
12%
67%
36%
6712
19%
8%
44%
35% *37
56% 58%
18%
97%
9%
62
♦122% 130
♦66% 68
15%
16
15%
16
14
15%
86
86
85
87%
85
85
115
384
23%
15%
47%
116%
23
24
13%
61%
13%
62%
♦125
*66
14%
84%
68%
25%
130
67
1484
84%
♦29
15%
27%
5,900
35
1584
2884
33%
96%
98
10
10%
I684
12%
66
36
57%
18%
8%
43%
51%
384
23
15%
I684
300
13%
67%
3784
58%
18%
9%
4584
51%
3%
23%
15%
47%
46%
115% 115%
23% 24%
13%
13%
61% 62%
*126
♦66%
14%
83%
*
28%
*106
12%
75
1%
8%
8%
♦96
•60%
65%
93
24%
107
34%
6%
43%
*120%
*108%
8%
86%
*90
4%
47
30"§66
4%
47«4
»
46
29%
106
13%
76%
1%
8%
8%
mrnrnrn
52
55%
93
24%
107
34%
28%
*105
13
14%
76%
1%
79
8%
8
27%
28%
27% 27%
*105% 106
♦105% 105%
13%
14%
13«4
14%
75%
77%
7684 78
1%
1%
1%
1%
8%
9%
8%
9%
8
8
7%
8%
*95
6l"
♦95
60
50"
*60
64%
55%
53%
♦90%
22%
92%
90%
54%
90%
♦87
50
107
♦95
59%
14%
For footnotes
53%
27%
106
13%
76%
1%
884
8%
700
15%
27%
32%
97%
9%
*1684
*156
12%
65%
36%
58%
I884
884
45%
50%
3%
23%
15%
47%
116
23%
12%
6O84
35
15%
28%
33
1
•97
52"
5434
92%
51%
54%
*86
800
25,600
3,100
47,000
4,600
6,100
5,600
7,200
67
67
3,600
15%
84%
67%
26%
28%
27% 28%
♦105% 106%
14%
1384
14%
13,200
92%
23%
77
1%
1«4
9
984
8%
8
♦97
*50
54%
90%
22%
mmmm
51%
55%
90%
5,700
70Q,
2,500
400
mmmmmm
9,500
7,200
27,200
150
900
mmmmmm
300
96,500
2,500
3,800
77,400
50
57,900
2,900
5,900
480
11,300
60%
14%
60%
14%
see page
666
100
100
100
60«4
61
61
1484
14%
14%
*100
61%
14%
103
♦100
62
62
14%
14%
1031
62%
1484
Jan 18
63«4 Jan
6
67
15
Jan
4
1838 Jan 21
25% Jan
2
2738 Jan 16
34
6
36
3% Jan 12
4
Jan
7512 "Jan 14
4
Jan
9
Jan 20
80% Jan
7
2
434 Jan 14
100% Jan 22
100% Jan 22
15% Jan 12
Jan
14% Jan
4
pref
Can
6% pref
190
100
2,900
10,500
2,200
10,300
400
30,400
36,200
200
38,000
9,600
9,000
20,900
31,600
mmrn
m
500
68,700
400
2
$6 preferred
Amer Hawaiian SS Co
Amer Hide A Leather.
83% Jan
76
7
Jan
30% Jan
4% Jan
34% Jan
245
Aug
34
Nov
36
8%
48%
110%
101%
41%
Jan 20
Jan 22
Jan 22
50
l
No par
6% non-cum pref
100
Amer Internet Corp
No par
American Locomotive. .No par
72
116
Jan
5
Jan 19
102% Jan 11
26% Jan
29% Jan
96% Jan
8% Jan
13
Jan
7
6
13
21
4
5
58% Jan
20% Jan
584 Deo
39%, Dec
125% Mar
31*4 Nov
Jan
July
89
Dec
55% Apr
Jan 18
65
Jan
73
7178 Jan 13
40
Jan 14
124
Apr
May
141
9
110
Deo
9
162% May
73
64% Jan 21
96% Jan 5
30
Apr
Dec
Jan 12
31
Jan
121% Jan 13
105% Jan 22
111
Nov
78%
120%
113%
35%
16%
Deo
Deo
Oot
80
16% Jan 18
2884 Jan 20
33% Jan 21
87% May
99
Jan
2
10% Jan 20
17
Jan 18
Jan 22
Nov
7% July
20% July
16% Jan
89
Apr
3% Apr
984 Jan
Oct
Jan
6% Jan
37% Jan
Oct
22%
50%
21%
8%
31%
Oct
46
Jan
51% Jan 19
37
Jan
51% Nov
2% Jan
17% Jan
13% Jan
4% Jan 22
25
Jan 22
16
Jan 22
42
49
Jan 22
47
Jan
4%
2%
16%
9%
23%
Sept
Sept
Apr
2
66
Apr
Apr
Jan 20
25% Jan 11
21
May
11% Jan
7
13% Jan 20
10
50% Jan
2
65% Jan 14
27
Apr
Apr
Jan 14
118
Deo
Jan
*35% Jan
7% Feb
65
Jan 12
Jan
8
1178 Jan
79
Jan
67% Jan
2478 Jan
164
Jan
118
128
67%
16%
87%
72%
2678
170
Jan
6
Jan 13
Jan 18
Jan 12
Jan 22
Jan 21
43
Feb
36% Feb
18*4 Apr
157
Jan
American Seating Co..No par
23% Jan
26% Jan 21
18
Apr
.100
32
4134 Jan 22
9I84 Jan
4
147
Jan
9
105
Jan 15
63<4 Jan 5
143% Jan 14
59% Jan 5
111% Jan 2
25
Jan 14
100
53
Jan 19
100
Amer Sugar Refining
Preferred
140
Am Sumatra Tobacco. .No par
Amer Telep
.100
Jan
5
23% Jan 11
Tobacco....
25
Common class B........25
18134 Jan 15
9334 Jan 15
95% Jan 16
Preferred
147
American
100
Am Type Founders mo
Preferred
10
100
Am Water Wks A Eleo.No par
1st preferred
No par
American Woolen.....No par
Preferred
.100
$Am Writing Paper
Preferred
1
No par
1
Amer Zinc Lead A Smelt
Preferred
25
$5 prior pref
25
Anaconda Copper Mining. .50
Anaconda W A Cable. .No par
Jan
5
16% Jan
4
25% Jan
4
Jan
5
102
Armstrong Cork Co...No par
Arnold Constable Corp
5
Jan
103
Jan
Jan
152% Mar
108% May
73% Jan
145% Deo
57% Mar
133% Jan
99
Jan 22
150
Jan 22
18% Jan 20
129
Jan
20% Mar
149% Apr
87
Mar
Dec
145% Nov
36
Jan
63% Aug
Sept
26% Jan
190% Nov
102% Feb
145
88% Mar
104
Feb
Jan
150
18
Mar
35
Jan
136
Deo
Jan 13
44
Jan
78
Deo
Jan 12
24
May
50
Deo
Jan 11
28
Jan
Jan 11
35
Jan
29% Jan 13
106
7
52
2
57%
947b
24%
108%
37%
5
32% Jan 19
5% Jan 8
Jan
7
119% Jan
8
107%
Jan
2
Jan 11
7
Jan
4
81% Jan
2
10
Jan 12
11% Feb
70% Feb
2
10
Feb
Jan
7% Mar
55% Nov
89% Deo
26*4 Mar
Jan 16
16%
97
Jan
May
111
Jan
Jan 12
9
June
43
Nov
Jan 22
3
July
7
Nov
Jan
8
Jan
8
Jan 21
87
Apr
May
105% Jan
4% June
66% Jan
126
Jan
6
104
59% Jan 18
63% Jan
8
14% Jan 20
16
6
Jan 20
27% Oct
109% Sept
Jan 19
45%
119%
109%
10%
90%
100
64
Nov
100
7
4,700
2,300
8
Jan 22
Nov
89% Oot
28% Nov
45% Deo
Jan 13
4
100
Jan
98JJ
37
Jan 14
Jan
$6 conv pref.......-No par
Preferred
100
25% Jan 22
165% Aug
104
20% Apr
187
Nov
Jan
107% Jan
24% Deo
48% Apr
26% Jan 20
567b Jan 11
143% Jan 13
69
14% July
87is Sept
74% Sept
27% Jan
25%
56%
Jan 20
115
Feb
July
136%
73% Jan 21
44% Jan
52% Jan
897b Jan
41
Jan 18
16
54% Nov
134
9
Jan
Armour of Illinois new......5
67% Jan 22
146
Jan
6
18
Archer Daniels Mldl'd.No par
Jan 22
Jan
15% Nov
48% Deo
122% Nov
29% Jan
2
106
7% preferred
.....100
ArmourACo(Del)pf 7% gtdlOO
107
79
No par
$6.50
Andes
4
Jan
1% Jan 22
9% Jan 22
Jan
1% Jan
684 Jan
6% Jan
100
Jan
14% Jan 18
9% Jan
64
45
08% Jan 12
153% Jan 21
5%
24
Deo
Deo
July
Mar
87i June
20
May
19% Apr
92% Jan
7% Sept
52*4 Sept
% May
4% Apr
3% July
conv preferred.No par
Copper Mining
20
A P W Paper Co
No par
Anchor Cap
Oct
Apr
Apr
Deo
No par
Feb
12
31
Stores
14%
175
13
23*% July
Preferred
Aug
Sept
8% Deo
Jan 22
Jan 18
34% Jan 21
American
32
101
9% Mar
60% Deo
35% Jan 21
25
Dec
Deo
35% Nov
6% Apr
29*14 Jan
Jan
100
Dec
60% Dec
100
33% Jan
Preferred
Deo
137% July
174
57% Apr
American Rolling Mill
25
Amer Safety Razor new.18.50
Amer Steel Foundries. .No par
Nov
70% Deo
25
Jan
125
Shipbuilding Co.No par
Nov
Jan 22
Jan
18
6% conv preferred
100
Amer News N Y Corp..No par
Amer
Deo
Oct
4
20% Jan 11
9% Jan 21
47% Jan 22
49
Jan 19
Am Rad A Stand San'y.No par
Preferred
100
Nov
34% Nov
175
23
No par
No par
81
75
Jan
13%
687b
38%
587b
7% Jan
114
$6 preferred
$6 preferred
90'
Jan
27
13% Jan
Preferred.
.....100
Amer Maoh & Fdy Co ..No par
Amer Maoh A Metals..No par
Amer Metal Co Ltd
.No par
Amer Power A Light...No par
Jan
19% May
36
Jan
4
69
35%
49
Jan
Jan
20% Nov
Jan 16
174
56
Jan
7
121
93% Jan 19
6*4
Jan 22
112% Jan 21
170% Jan 19
l
6% conv pref
Amer Home Products
American Ice
Nov
54% Nov
Jan
143
No par
10
60
27
Feb
4
Amer Express Co
100
Amer A For'n Power...No par
Preferred........ ...No par
2d preferred
No par
Mar
5% Nov
61% Nov
60% Nov
Aug
4
Corp__20
American Crystal Sugar
10
6% 1st pref...
100
Amer Encaustic Tiling new_.l
Amer European Sees...No par
Nov
17% Sept
195
23
Jan
Am Comm'l Alcohol
103
157
Jan
Chicle
...No par
Am Coal of N J (Alleg Co)..26
Amer Colortype Co
10
12% Jan
Apr
267s July
Mar
Jan 18
69
American
Jan
Jan
9
86% Nov
6% Apr
33% Jan 16
1784 Jan 18
84% Jan 8
83% Jan 22
238
139
American Snuff
1,700
1,800
Jan
30% Jan 14
16% Jan 13
4
.100
July
Feb
74% Feb
15% Nov
35% Feb
37% Oct
21% Jan
98
225
Jan
100
Mar
13
118
40% Oct
111% Deo
66
American Car A Fdy...No par
Preferred
loo
Amer Chain ACabCoIncNo par
'
Jan
Jan 14
25
Preferred
Jan
91
12%
12%
47% Jan
38% Jan
38%
400
15,500
48
Jan
Jan
800
20
43
42U Jan
3612 Jan 12
Jan
100
2
Aug
2% Apr
434 Jan
4984 Jan
48% Jan
83
Am Brake Shoe A Fdy.No par
American
Jan
60
Preferred.
5 H% conv
4
4312 Jan
4384 Jan
10
American Bank Note
Apr
9% Apr
177b June
22% Jan
zl% Jan
7% Jan
58
Apr
59
178
101
Amer Smelting A Refg.No par
Preferred
100
2d preferred 6% cum
100
300
mmmm
♦92
100
No par
Alpha Portland Cem...No par
Amalgam Leath Cos Inc new 1
6 % com preferred
50
Amerada Corp..
No par
Am Agric Chem
(Del)..No par
.
35
100
6% preferred
AUls-Chalmers Mfg
200
23
22% 23
241
2284
23% 11,400
108
108% 108% *107% 1081
108
108
108
190
32% 33
33
33»
•33% 34% ♦33
400
33%
7
7
7
684
10*
8%
8%
9%
9%
11,400
43%
43% 43%
43% 43%
43% 43%
42% 42%
1,100
*120%
*118%
*118%
*118%
109
109% 109% 109% 109% 109% 109% ♦109% 110% ""eoo
8%
884
8%
984
884
9%
10%
9%jfc 10
332,100
86%
86% 86%
86% 8984
89% 90% ♦89% 1901
2,000
23%
100
100
Pref A without warr....100
400
106
76
No par
Pref A with $30 warr
Pref A with $40 warr
160
67
1484
84%
55
^Allegheny Corp
110
1384 194,500
67% 14,500
38% 16,000
58%
3,900
19
1,200
9%
81,100
47%
7,800
51
2,700
4%
28,700
25
10,100
16
9,000
49
12,300
117
1,600
2384 13,200
13% 19,100
62% 20,000
15%
8434
51%
Alaska Juneau Gold Mln_._l0
Allied Chemical A Dye.No par
Allied Mills Co Inc. __.No par
Allied Stores Corp
No par
130
mmmm
Air Way El Appllanoe. .No
par
Ala & Vlcksburg RR Co..100
3,000
7,000
47,100
17%
300
10
5,100
26,700
♦126
1%
9%
8%
No par
No par
Affiliated Products Inc.No par
Air Reduotlon Inc new.No
par
2H% prior conv pref .No par
Allegheny Steel Co
No par
Alleg A West Ry 6% gtd_.100
98
130
77
Adams M1111s
Address Multlgr Corp
Advance Rumely
200
46
108
♦33
6*4
43% ♦43%
♦120%
109% 109
8%
8%
86% ♦86%
14%
1%
8%
8%
*97
7
60%
29%
106
No par
300
46%
*44
♦29
25
Adams Express
3,000
*45
46
110% Aug
-.100
Acme Steel Co
Highest
\ per share \ per share
70
Nov
42
Mar
$ per share
shar
Year 1936
Lowest
Highest
Albany A Susque RR Co..100
•••
100
60*s
14%
10
9,700
185
71
69
70%
70%
70
69
70%
69
69
67%
26
25% 26
26%
26
25% 26
26%
26%
26%
165% 165% ♦165% 182
170
♦166
170
170
♦165% 182
168
168
34
34% 35%
34% 35%
34%
3484 3584
34%
34%
35%
35%
33% 34%
34
33% 34% *33% 34%
3484 3484
34% 3484
3384
25% 26%
2584 26
26
25% 26
26% 26%
25814 26%
26%
43
42
42
42
44% 44%
44% 44%
43%
4184
42% 43%
95
96
95
95
95%
94*4 95*4
9584
94% 97
94%
96%
152
♦160
♦151
152
153
*150% 152
152
152
153% *152
153%
105% 105% ♦1058s 106% ♦106
IO684 *106
106% 107
106>4 *10684 107
*66
67
*66
67
*66
67
♦66
68
67
67
67
67%
♦145
146
146
♦146
149% ♦146
149% ♦146
149% *146
149%
68
68% 69%
67% 68
71
6884
71% 73%
69%
71%
72%
114% 114% *114% 116% *115
115
115% IH84 115
114% 115 " ♦113
26
25% 25%
26
26C
25% 26
26
26
26
26%
26%
53
53
54% 55
54
53% 54%
54
54%
54%
5384
54%
141
*140
♦140% 142% ♦141% 142% ♦141% 142% ♦139% 144% 142% 142%
25% 25%
25
24% 25
24% 2484
25
*24% 25£
2484 25%
182% 183% 183% 183% 183% 184
182% 18384 I8I84 183% 182% 183%
94
96
93% 93%
97
98
94%
96%
96% 97*
9584 9684
95% 96
95%
96%
96% 97%
98% 992
9784 99
97% 08%
*148
0148
148
150% ♦148% 162
♦149
152
•148
152
150
150
17
17% 17%
18
18
17%
17%
17%
17
18%
18%
18%
•
5,100
7,700
mmm
33
*156
700
1,400
4
77%
78%
4%
4%
100% 100%
15
1484
15%
4%
4734
46%
46%
46%
37%
3%
3,700
20,800
35
37
37% 3784
37%
37%
♦107%
♦107%
♦107%
♦107%
238
234
235
236
238
238 '
234% 234% 236
32%
31
31% 32
31%
32%
*31% 32
31%
17%
17%
17%
17%
17%
17%
17%
17%
17%
84
84
84
84%
8334
84% *82
83% 83%
80
81%
78% 80%
7884
83%
80%
79% 8O84
?4% 3484
36
34%
36
3584
3584
35%
35%
8
6%
7
6%
6%
8%
784
7%
7%
41
42
40% 41%
47%
4884
46%
43%
43%
104
103
104
107% 108%
106% 107% 106% 109
94
94
99
93%
94%
101%
96% 99
97%
41
40
3984 40%
4084
40% 40 84
40% 4034
73
73
73
75
72
72
*72
♦73% 74
71
70
70
69% 70%
7084
70%
70%
6984
143
141
140
♦137
140
140
140
141% 140
115
116
116
II284 115
112% 11484 *112% 114%
173
172
170% 170% ♦170% 172
*170% 173% 173
63%
61% 62%
63% 64%
62% 63%
61%
62%
95
95
93%
94
94
93%
93%
94%
94%
78%
77%
78%
78%
77%
78%
7684
78%
77%
118
116
116
♦116
116
117% ♦115
11734 ♦115
104
104
*104
104
105% 104
105% 104
105%
16
♦16%
4%
47%
46%
16%
♦156
35
4%
185
18%
26%
♦26
x
*100
14%
66
18
78
47
'
15%
3O84
77%
4%
15%
47
46
37
4
*
47
65%
65%
18%
26%
35%
3%
77%
4%
4%
46
37%
65%
18%
*175
458
47
66
6584
17%
18%
226%
*100
14%
178
4%
3%
65%
18%
$ per
Range for Previous
No par
Preferred
66
Norfolk, Va.
Record—Continued—Page 2
for
PRICES—PER
•
Jan 15
Jan 21
Jan
118
47%
Aug
Feb
Jan
50
Jan
122
Jan
110%
7%
Jan
Jan
84
Jan
128
Deo
62% Mar
18% Nov
New York Stock Record—Continued—Page 3
568
AND
% per share
17
17%
21%
2034
Jan.
$ per share
167s
16%
100
♦99
100
♦95
Tuesday
Jan. 18
16
Jan.
SALE PRICES—PER
HIGH
Monday
$ per share
16
16%
*99
100
21
21%
207b
19
21%
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
EXCHANGE
Wednesday
Tgursday
Friday
Jan. 20
Jan. 21
Jan. 22
$ per share
$ per share
16%
*99
21
16%
16%
107
*99
21%
21%
17%
1678
107
*99
21
21%
17%
,
Shares
8,200
107
21%
♦100
104
*100
104
*100
104
*101
104
*101
104
*102
116
115
115
*114
115
114
115
*107
116
*110
116
"5", 900
104
♦115
74%
75%
74%
*102% 103
48
4634 4784
27
27%
2784
75%
75%
103
103
103
47%
27
46%
*27
75%
7434
75%
7434
75%
7434 75%
103
103
103
103
48
47
47%
47%
48%
46%
48
2784
27
27%
27
27
27
27%
43%
3434
103
103
103
*4234 4334
♦42% 44
42% 42%
43% 44
42%
3134
3178
32%
32%
32
32% 32%
33%
33%
*114
119
113% 11378 *113% 11378 *113% 119
*113% 119
85
82
80
85
80
*81
79%
*79
79%
82
83% 84
*
*
*
♦
133
'zj- 133
133
132
132
133
13284 13284
17
17%
17%
18
"17% 18
1784
~17% 17% "17% 177b 17
31
32
32
31%
31% 3234
31% 3184
31%
3134
31% 3134
8
884
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
42
41
42
41
41% 41%
40
42%
40%
42%
4034 4034
9
8%
8%
8%
8%
8%
8%
8%
8%
8%
878
8%
9%
978
9% 10
984
10%
9% 10
fi7g
9% 10%
97b
♦42
44
32%
32%
"""300
14,000
1,000
10,900
1,600
1,000
37,100
200
♦113% 115
8%
8%
8%
8934
8%
8934
8%
89%
89%
*87
89
89
89
89
23
23%
37%
23
23%
3734
4178
3878
30%
119
317b
20%
♦86%
22%
3678
42%
♦4134
42%
38%
3878
27%
27
118% 118%
32%
20%
3134
1978
27%
27%
♦102% 10278
42
42
*105
110
31
19%
22%
60
78%
1978
*126
68
*67
34%
♦307s
93%
33%
94%
30%
3634
37%
447g
91%
44%
2784
8OS4
36%
26
4438
27%
80%
334
19%
6678
44
91
91
44%
45
27%
»28
78
[80%
1 9%
»
4
4%
20%
46
46
37%
5134
61
♦100% 101%
51
51
48%
23%
20%
48%
23»4
2078
112
14%
1078
54%
43%
3134
9%
11%
5478
44%
32%
10%
♦30
3134
33%
1378
33%
14%
734
36% 36%
51
51%
100% 100%
*50% 51
48
51
23%
20%
101
49%
48
50
48
22%
20%
2234
2034
II284
1338
13%
23%
21
112
111
13%
51
101
48%
*95
♦95% 101
56%
48%
7%
111
112
137s
14
95
1027b
95
32
157b
62%
16%
51%
17%
61%
-
••
94
28%
*787B
8034
36%
10%
10%
41
41
2284
11
115
71%
17
17%
69%
70%
327g
31
32
32%
1378
2934
31%
1334
13%
7
278
17%
29%
6%
30%
18
33%
33
2%
115
740
42,900
26,800
19.900
1,100
1,000
46,200
11,500
20
66
2%
8%
7%
26^2
*90
21
14%
95%
*48
23%
20%
113
13%
*90
*51
105
7%
778
161% 163
112
69%
167b
69%
♦111
69'4
17%
70%
49%
3%
978
2%
14%
*9%
31%
2%
5%
4
13
30%
65%
2%
8
678
2712
88%
68%
3%
10%
2%
1478
984
31%
2%
5%
4%
13%
32%
65'4
2%
8%
7%
27%
68%
see
page
69%
17
16%
6934
69%
110% 110%
50»4
4734
*42% 47%
88
88%
66% 67%
3%
3%
9
10%
2%
2%
14%
15%
9%
9%
31% 3184
2%
2%
5%
5%
4
13%
29%
65*4
238
7%
6'4
26%
'
For footnotes
115
566.
4%
30
Boeing Airplane Co
—6
Bohn Aluminum & Brass
5
Bon Ami class A
No par
No par
Class B
Borden Co (The)....
15
10
Borg-Warner Corp
Boston & Maine
100
fBotany Cons Mills class A .50
Bridgeport Brass Co...No par
Briggs Manufacturing.No par
Brlggs & Stratton
No par
Bristol-Myers Co
...5
Brooklyn & Queens Tr.No par
No par
Preferred
Bruns-Balko-Collender.No par
1,100
70
1778
6978
110
50%
49
10%
2%
15%
9%
32
2%
584
4%
14%
31%
67%
2%
778
678
2534
7,900
100
Debentures
Bush Term
Bldg
gu
pf otfs.100
—-10
30
5
690
Byron Jackson Co
California Packing
Century Ribbon Mills..No' par
9«4
31«4
2
5%
4
11
32
2%
578
68%
2%
7%
634
4%
15%
31%
68%
2%
8%
7%
25%
26
14
31
89%
66%
3%
10%
3%
16
11%
*31%
2%
6%
4%
14
30%
♦68%
2%
784
7
•2578
Preferred
Cerro de Pasco
.100
70^2
9,100
18%
71%
43,800
Certain-Teed Products... ...1
11780
.100
6% prior pref
ChampPap A Fib Co 6% pf 100
32
2%
578
4%
15%
31%
69%
284
8%
7%
2?%
Common
Checker
2.200
14.300
2.400
13.000
21,500
29.100
250
1,500
6,100
27.000
Copper .No par
.......No par
Cab............
5
Chesapeake Corp
No par
..25
Chesapeake A Ohio...
tChlc & East 111 Ry Co
600
Jan
88
Jan
4234
26i4
72%
8i2
93
Jan 22
4534 Jan 14
39
255s
Jan
Jan
8034 Jan 16
93s Jan 18
64
Jan
6
Apr
Jan
Jan 18
412 Jan 11
20%
Jan 18
5734 Jan 15
49»4 Jan 15
4634 Jan 22
48% Jan
42l2 Jan
63s Jan
8
Jan 13
Jan 18
Jan
4
Jan
4
Jan 12
4
Jan 15
5
9i2 Jan
Jan
.100
Preferred
Preferred
.100
.100
par
Conv preferred
.No par
tChlc Rock Isl A Paoifio. .100
.100
7% preferred..
.100
6% preferred..........
Chicago Yellow Cab...No par
Dec
69
Jan
5013 July
12% Mar
41)
Jan
9734
Feb
106
5234 Jan 14
4412 May
57
50
45
65%
22%
21«4
7
24% Jan 11
22i2 Jan 22
113
Jan
6
1438 Jan 11
98
Jan
7
Jan 21
Dec
Sept
8i8 May
878
Jan
10712 Sepi
9'8
Jan
Jan
85
8%
llt2
2034
25
Apr
Jan
Apr
Apr
51% Mar
58% Sept
115
Oct
Oct
Jan
Dec
Dec
Sept
157b May
115% Sept
14
Mar
59%
35%
Dec
Dec
34%
Oct
9
Mar
33%
Deo
3134
Nov
Dec
16%
Nov
Dec
33% Nov
Jan
2%
Jan
6%
Mar
29%
88%
Dec
3012 Jan 18
16% Apr
54i8 June
22
Apt
33%
Dec
Oct
30U
Apr
4834
Dec
Jan
Jan
5
-
4
2
Jan 14
1412 Jan
4
4
314
5
Jan 12
%
Jan
Jan
Apr
Apr
Jan
Jan
3
6
Jan
30
Jan
Nov
40%
16% Nov
Apr
10%
Apr
3034
Dec
54
Jan
60
Aug
16i8 Jan 20
1078
Jan
16
Feb
61% Jan
37
Apr
18
Jan 14
9
Jan 21
1234 May
68»4 Nov
18% Feb
Nov
2
4534
Jan
53
6
99
Jan
5
87
Jan
rlOO
Jan 19
106
Jan
18
91
Jan
10334
Dec
634 May
92*2 Jan
934
Feb
Jan 11
Jan
52i4 Jan
7
Jan
6
8I4 Jan 18
138
Jan
4
16334 Jan 20
12934 Jan 22
12434 Jan 11
85i2 Jan
5
Jan
6
Jan
6
Jan 13
Jan
5
Jan
4
Jan
4
Jan
2
96
Jan 21
3U2 Jan 21
108% Jan 19
4034 Jan 18
Jan
7
Jan 19
82%
3914
1214
4134
2434
Jan 12
1112 Jan 20
Jan 12
Jan 20
Jan 15
115
16% Jan 6
6778 Jan 6
10914 Jan 14
Jan 22
Jan 14
7534 Jan 11
3512 Jan
4
1834
7178
110i2
5234
41
Jan
6
44
85
Jan
6
89»4 Jan 22
68I4 Jan 8
35s Jan 15
6638 Jan 22
116
5484
Jan
37%
Dec
6-% Nov
9%
Dec
54
25%
35
Jan
2
Jan
6
Apr
97i2 May
4734
Jan
8i4 June
57% Sept
86
57
Deo
Dec
Sept
"l2~"
Feb
108%
74
Nov
Oct
Nov
19% Mar
72% Dec
111
Deo
Mar
Jan 22
19
Aug
Jan 13
22U
Jan
59
Jan
Deo
69% Apr
100
Nov
51
Jan
77»4 Nov
Jan 20
Jan
4
2i2 Jan 11
678 Jan 7
434 Jan
3l2 Jan
1U2 Jan
2
438 Jan 22
6
23
4
1512 Jan 22
32>4 Jan 18
68I4 Jan 21
Jan 21
Jan 15
Jan
8
Jan 14
3 884
Jan
Deo
Jan
3%
8%
Apr
2%
Feb
14%
Dec
12
Jan
1% May
6
Jan 12
110
101
4
234
812
73s
2712
Apr
6~i2
11% Jan 22
Jan
Jan
3978
I684 Jan 22
Jan
Nov
Apr
May
4
Jan
32%
19
814 Jan 13
3034 Jan 5
6U2 Jan
July
*91
Dec
2
Jan
June
143
Jan
106
27S
1%
4
186
Jan
21 s4 May
11% Jan 22
3i2 Jan 22
32
Oct
Jan 11
10812 Jan 14
6814 Jan 19
214
678
6I4
24i2
Jan
13%
29%
24%
1312
29%
538
2734
2
6478 Mar
47
41
40%
Jan
Nov
11% Jan
512 Nov
187t Feb
33
32l2 Jan 14
3378 Jan 18
4
Preferred
47
32% Aug
90% Nov
Jan 14
2
Oct
Dec
63% Mat
100% Apr
14i4 Jan 14
305s Jan 9
8% Jan 12
Jan
678 Jan
2% Jan
13% Jan
tChio Ind A Loulsv pref...
.100
Chicago Mail Order Co.. —5
tChic Mil St P A Pao..No par
37%
212
8U
14ig
27
265s
10612
3612
79l2
3578
83S
3712
2112
1012
38% N >v
120
Jan 12
102U Jan
IOI4 Jan 14
7i8 Jan
99
1% July
gl2% July
43U Apr
Oct
Oct
135% Nov
65% Dec
x34% Dec
2478 Dec
53
12U Jan
51
June
32%
3812
Jan
5012 Jan
10058 Jan 18
4812 Jan 5
20U
3734 Jan 12
4478 Jan 16
1412 July
18U May
77U July
16% Apr
4018 Dec
80 >8 June
28
35s Jan
48
7
16
Jan
I684 Jan
5114 Jan
35
263s Jan 12
32i2 Jan
94i2 Jan
Jan
.100
6% preferred
Chicago Great Western.. .100
Chicago Pneumat Tool .No
5.400
41
6
15,900
2.400
4
335s Jan
234 Jan
Chicago A North Western.
.100
4,700
Jan 12
.100
19.600
7,200
17,600
92
51
2,200
19,500
Jan
De"
Jan 22
2,700
5234
46%
8984
67%
3%
11%
3%
I684
11%
"
Jan
11%
5078
*42%
23
2884
105
preferred
107% July
Jan 21
15
11%
280
qq
Jan 16
60
11%
110
Jan
68
88
Jan
..1
2234
1784
7078
12758
6
64
61
21%
11%
110
Jan 12
3314 Jan 4
2234 Jan 4
30l4 Jan 18
3278 Jan 13
Central RR of New Jersey .100
Central Vloleta Sugar Co..
..19
18%
17%
69
71%
110% 110%
51
49%
*43
46%
8884 89
66% 67%
3%
3%
10%
11%
2%
3%
16%
1478
1251<
4
40%
21%
20
Dec
Deo
61
3984
21%
111
77%
20
2712 Jan
40%
69%
Apr
Apr
.100
40%
111
Nov
.10
6%
Oct
Deo
16% Mar
89% M iy
25%
...5
Central Agulrre Assoo.. No par
Central Foundry Co
...1
4278
112
July
72
20*8 Jan 12
337g Jan 16
11% 200,500
Dec
28% Nov
Jan
4
36
115
105
Jan
2% Jan
1514 Jan
3214 Jan
11%
Dec
Jan
46i2 Jan
No par
.100
Nov
28% Dec
22% Nov
48
Carolina Clinoh A Ohio Ry .100
.100
Stamped
tCelotex Co
Oct
Feb
Dec
8
433s Jan 18
Carriers & General Corp...
...1
Case (J I) Co
.100
Deo
Nov
6234 Jan
No par
Preferred A
131
Dee
Dec
20
Jan
Capital Admin class A
978
9478
94%.
27%
41%
49i2
38%
28%
215s
No par
Cannon Mills
Jan
Jan
734 Mar
11% Deo
83
27
.25
10%
46%
5
No par
Canada Dry Ginger Ale
Canada South Ry Co...
Canadian Pacific
30% Feb
54% Mar
2334 Jan
Jan 21
1
Deo
84l2 Jan 16
28l4 Jan 16
4
Jan 25
36
70
June
Feb
118%
2218 Jan 22
91
II84
11478
Dec
33
36
.,69%
Feb
13
Jan
11%
*111
85
Jan 15
36
1.500
35
8
Jan
84
Preferred certificates....
.100
2.700
Jan 16
100
No par
Preferred.
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
.100
7% preferred
4,500
May
1434 Jan 18
111
35
290
400
42
IO8S4 Jan 13
313s Jan
3,900
92.400
Jan
Aug
Burroughs Add Mach—No par
fBush Terminal
No par
22,600
5,400
18
Jay
11% Jan 15
57i2 Jan 22
4514 Jan 18
Callahan Zinc-Lead....
40
110
100
95
Calumet & Hecla Cons Cop. .6
Campbell W & C Fdy_.No par
160
5
20
4,300
*102
112
2712 Jan 13
1027g Jan 18
3434 Jan
5% conv preferred.
Butte Copper & Zino
ByersCo (A M)
500
Jay
.No par
3,500
3,000
13U Jan
82% Jan
14i8 Jan
I6S4 June
Jan
110
—No par
No par
Budd Wheel
Butler Bros..
54,900
Jan 21
25
No par
..100
5.000
6034
243g Nov
112
5
7% preferred new
Budd (E G) Mfg
7% preferred
33,900
115
600
39
8
Jan 20
34U Jan 22
2014 Jan 16
10134 Jan
4012 Jan
100
Bucyrus-Erie Co....
60,200
89
2584
No par
;
3
67%
3%
297g
67%
2%
7%
67g
Blaw-Knox Co
Bloomlngdale Brothers.No par
Blumenthal & Co pref
100
18%
88%
30%
66*4
2%
778
7%
2612
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Blaok & Decker Mfg Co No par
1,100
6,900
10,600
5
Jan
16i8
Brown Shoe Co......-No par
20,200
Jan
4038
45>4
Brooklyn Union Gas...No par
16,600
Dec
43
357g Jan
Jan 22
1,300
100
Apr
Jan 18
BklynManb Transit...No par
$6 preferred series A .No par
120
21
80
400
19,800
Jan 20
20
33%
6684
5%
3,600
8,500
3814
7
278
17%
'
4
4
33
161
3334 July
1578 Apr
Jan
18
158
9434 Jan 22
9312 Jan 22
2384 Jan 20
Jan
3378
163
6
19
27g
17%
33%
128% 12934
96
95% 96
95%
30% 31%
29% 31%
108% 108% *107% 108%
40
40%
3978 40%
81
81% 8IS4
8134
Jan
2% July
2912 Apr
73
3,600
158
2i2 July
878 Jan 15
(Del).—No par
..20
preferred
Beth Steel new
45
127% 127%
10'2 Jan 15
6
Jan 22
44%
8
6
29% June
3
Apr
58
45
8
4
No par
Best & Co
5%
265s June
538 June
634 Jan
Jan
8
Jan
2,700
51
June
Jan 16
29%
10534 *105
10534
8
8
7%
734
14
9
Jan 14
26% June
Sept
109
834 Jan 18
42*2 Jan 18
9% Jan 12
7% Jan 6
3914 Jan 13
84
29%
*102
Nov
25
—
30
*104
131
:::b
Aviation
29%
44%
1734
52
Jan
5
30%
3
xll2
Jan
88
..
Nov
Jan 13
13
91
3
84
133
par
88%
51
4
..50
..20
Beech-Nut Packing Co....
Belding Hemlnway Co.No
Belgian Nat Rys part pref.
89%
52
14
par
30,900
52,000
3,280
52
14
No
7%
3178
105
10%
2%
147g
9%
31«4
2%
.25
Creamery..
30%
7i2
32%
105
3
.100
preferred
$5 pref w w
Beeoh Creek RR Co
30%
1734
49%
1st
par
14%
30%
7%
32%
8934
60
*42
No
Bayuk Cigars Inc
31
18
Jan
5
32
14
44%
48
Jan
127
3034
31%
Jan 18
2534 Jan
30
•
85
11812 Jan
26i8 Jan
1778 Jan
14
33
8
No ■par
32
7%
Jan 15
72l4 Jan
Jan 18
3434 Jan 22
6^% conv preferred... .100
._-5
Barnsdall Oil Co
14
7%
44
114
.100
i—
31
1734
I684
Preferred
31% Oct
54% Nov
35% Apr
4
2
Iioo
Baltimore & Ohio—....
BuIIard Co
34%
978
30%
9%
7,600
Dec
Jan 21
Bulova Watch
60
69
1,700
3,300
49
11
Jan 13
Pref assented
5,400
18
no
5,000
Oct
Apr
Apr
13i2 Apr
4858 Jan 12
2734 Jan 16
88% Aug
Jan
41
30i8 Jan
112
.100
Preferred
6,800
60%
69%
260
107
8
714 Jan
Assented...—......
57%
1734
*111
250
16,500
Jan
Jan
18is Jan
30
161
16334
*126% 129
127% 128
*126% 129
947s
95%
93% 94%
943s 95%
29%
29% 30%
28%
28% 28%
*107% 108% 108% 108% 108% 118%
40%
39%
39% 4084
38% 3984
81
8134
81%
8034
8O84 8O84
36
36% 37
3678
36% 36%
12
12%
11
11%
11%
10%
41
41
40%
40%
4034 41%
22
22% 23
2234
21% 22
11%
11%
1034
10%
10%
10%
112
3,900
Oct
9084
215s
103
33
44
60%
52
14,600
Oct
124
Jan
4
14
*100%
105
31%
90
112
Feb
4
Baldwin Loco Works..No par
Feb
May
2778 Nov
Dec
Jan
Corp of Del(The)new.3
share
98
Jan
46,300
1578
1734
*100%
*30%
32%
31%
9%
5
5
Jan
125s Apr
per
22%
108
59
16
1378
9434
10%
31%
61%
-
9%
113
15%
17%
106
10
49%
2384
22%
3078
*60%
61%
:'!»-
3334
130
900
16
17%
*51
11
23,200
900
6034
61
88%
32
1384
14%
95%
24
115
600
14,000
31%
17%
67«4
2%
684
4%
13%
*114
3,900
5534
36
44i4 Jan
25
Jan
Jan
95
30
No par
No par
Prior A
Beatrice
8>8
9
Jan
Corp
No par
Automobile...No par
3.400
1,400
97,800
4684
7%
51%
5
Highest
% per share $
755s Jan 19
130
Beneficial Indus Loan..No par
49
50%
116
100
Preferred
Bendix
55
1584
61
88
984
200
46
7%
35%
-No par
Atlas Powder
18,700
48%
31
1534
68
317s
300
11,300
44,100
*60%
307b
*60%
1534
*100%
9
4
16%
61%
6O84
67
15
23%
20%
21
113
49%
mm m
100
19%
3134
31%
88
10%
2%
*48
49%
23%
m
2,800
34
6034
30%
*43
3%
51%
9
4
25
100
4% eonv pref ser A
5
9
4
Barker Brothers..
93
19
100
Preferred..
Atlantic Refining...
Jan
Jan
6912 Jan
10134 Jan
13,400
'«»•»
1738 Jan 21
98
..10
940
share
114
Barber Co Ino
80,400
8,200
per
2258 Jan 9
100% Jan 14
5
2012 Jan
Bangor & Aroostook
600
$
95
16,400
*
.v
6% 1st preferred
—100
7% 2d preferred
.100
Santa Fe__ 100
Preferred
-100
Atlantic Coast Line RR...100
Atl G & W I SS Lines..No par
Atch Topeka &
Avla'n
share
15% Jan 7
per
2058 Jan
3338 Jan
..50 vJ41^ Jan
9,200
44%
27%
80%
1
Atlas Tack
1,400
92%
36%
447g
Associated Dry Goods
Auburn
%
Lowest
Highest
—100
Austin N'«hols
38
2578
No par
Artloom Corp
Preferred
2,600
3,400
125%
6778
33%
*60%
15%
61%
173s
49
7%
26%
39%
31%
4178
34%
1934
Par
Year 1936
100-Share Lots
Lowest
4,400
42
1634
33%
1578
60
*
3
17%
61%
46
*T 8
3184
2934
6%
32%
88%
29%
4334
32%
♦42
31%
166
2%
7
9%
15%
10984 10934
47% 4934
110% 110%
13
13%
*88
32
8%
734
160
162%
40%
.
113
3234
10%
9%
14
8%
160%
40
2%
1434
*9%
♦31%
2%
;
5%
■f ■ 4
*48%
22%
20%
31
32%
10%
32%
3378
106
♦107% 108%
>
38%
4438
27
79%
3334
934
31%
32%
1378
106
♦126% 129
% 3%
■; 10%
23%
101% 101% *101% 10284 *101% 103
50
50 i, 51
50
49% 49%
31%
*60%
62
15%
♦60%
70
8»4
9434
93%
93
£
34
33%
31«4
51
44%
35
234
16%
3234
♦60
52
92%
35%
10%
5584
43%
44
3
51
25%
*31
.
11
43%
18%
3378
67
37%
56%
44%
4478
33%
125
,
1034
2984
44%
♦112
*112
56
29%
11
115
19
44
30%
44%
3%
> 2284
*112
32%
56
30
36
115
32%
I884
4434
30
93%
28%
19%
44
88
158
41
10%
54
86
8
3084
42
10%
87
m m —
31%
3812
45
85
♦104
32
»4184
31%
1834
31%
127
*41
55%
28%
*101%
39
1038
85
278
42
3734
30%
54%
43%
32%
29%
18
42
38
11
84
443s
22%
37%
3778
55%
45%
2934
7%
♦29%
*112
2384
2334
38%
42%
10%
7%
28%
5
30%
1834
88%
23%
37%
90
55
44%
31%
297b
7%
30%
30
30
30
121
9284
89
12534 a!25% 125% al25%;i26
68
*67
68
68
6934
35
35
36%
36% 38
25% 26
24%| 2578
25% 26
30%
30%
30% |30%
*30% 34
*92% 194% *92% 94% *92% 94%
35% 36%
35% fe
3578 3634
44
44
44% 4478
44% 44%
92
91
91
92
92
92%
45
45
45
443s
,*44% 45
27
2734 ; 2678
27%
27% 28
78
78%
78% 79% ^79% 80%
9%
9% a 9
9%
9%
9%
4
4
4
4%
4%
3%
187g
19% r 19%
19%
18% 19%
53
56% ; 5578
54%
55%
56%
49
49%
*48% 49% *48% 49%
46
46
46
46
46%
46%
734
7%
7%
1-7%
778
7%
35% 3634
3534 36%
35% 36
3078
94%
37%
447b
187b
54%
48%
7%
7%
♦35%
37%
90
3434
26
94%
50
46
*42
89
89
67
6934
3478
46
66%
♦48%
23%
37%
8%
125
128
34%
25%
9
9
9
334
19
88
*88
8%
,
' 127
*91
115
8%
20
rnrnmrn
34%
25%
4434
38
28% 30
119% 121
2978
31%
19%
19%
*112
115
23%
37%
42%
8%
26% 2634
267s
2678
2634 2684
2678 27%
26% 2684
*102% 103
*102% 10278 *102% 10278
10278 10278 *102% 103
*42
*42
*42
*42
*42
43%
110
109
109
*105
109
*105
108«4 10834 *105
10878
14% 1 14%
14%
14%
14%
14%
14%
1434
14%
14%
*84
*84%
*84%
*84%
*84%
28
27
27%
27%
27% 28
27% i 28% r 27% 28%
22% 22%
22% 22%
22% 22%
22% 22%
22% 22%
59
58
60
60
59% 60
*59% 60
58%
59%
76%
78%
77%
7878
77% 80
76% 7784
75% 76%
19
19%
1934
19%
19%
1934
19%
19%
1934 20
68
127
37
89
8%
700
...»
14%
84%
28%
137b
84
27»4
22%
♦59%
7634
19%
4178
37%
277b
118%
*112
115
♦112
37%
88s
8884
On Basis of
Week
$ per share
Range for Previous
Range Since Jan. 1
Sales
for
LOW
Saturday
Jan. 23, 1937
Jan
May
25% May
1% Apr
27g Apr
2% Apr
634 May
12% Apr
40% May
1% Apr
3% Apr
3% Apr
19>4 Jan
337s Nov
27S Feb
57S Feb
478 Feb
12% Oot
247b Deo
65% Deo
3
Feb
8
Jan
8
July
32% Oct
Volume
New York Stock Record—Continued—Page 4
144
AND
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
Sales
STOCKS
for
LOW
NEW YORK STOCK
Saturday
Jan. 16
Monday
Jan. 18
Tuesday
Wednesday
Jan. 20
Thursday
Friday
Jan. 19
Jan. 21
Jan. 22
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
22
21
'iange Since Jan. 1
Shares
On
Week
21
21%
12%
123
1234
50
123%
20
20
85%
934
36%
*97
85%
10
37%
....
*110% 111
37%
3734
21%
21%
12%
12%
*46%
50
120% 122%
1934 20
85
8534
9%
3634
10%
38%
21
*20%
12%
2078
127s
4634
4634
11934 121%
20
1934
85
8534
978
934
3634
36%
21%
13
1334
22
21%
13%
*46%
1934
85%
9%
1978
85%
9%
3678
37
122% 124%
20
1934
85% 85%
9%
9%
3678
3634
14%
13%
46%
46%
120% 122%
1978
1934
85%
85%
10%
9%
36%
36%
*97
4734 4734
121% 124%
*97
14%
50
*97
*97
109% 110%
10934110%
3634 3634
10934110% *109% 110% 110
37
37%
*3684 37%
37%
*3684
38
....
*97
*90
*90
*90
*47
*47
.
.
.
*47
....
*90
*47
*86% 88% *88
90%
12734 12734 *127% 128
*89
131
*125
128
12834 *127
126% 12834 *125
57%
57%
67%
57%
*5634
57% *5634
57%
20
20%
20%
20% 20%
20%
20% 20%
129
88
88%
♦127
128
*103
103%
69
59%
88%
89%
*127% 12734
103% 103%
58%
59
♦111% 11134 *111% 112
103% 103%
58
58%
26
26
46%
24%
4534
46%
*23%
29
29
*24
24
29%
*23
i 2
*23
32
*23
119%
119
120
*23
119% 119%
36%
37%
*45%
46%
19%
20%
106
106
*101% 102
68%
68%
♦112% 11338
74%
75
116
*114
*26
29
36%
37%
3634
45
45%
45%
20%
18%
19%
106
106% *104% 106%
101
101
99
19834
67
68
6734
6884
113% 113% *111% 114
45
19%
76%
*114
76s4
4%
4
1934
4%
74
74%
74
75%
14
14
14
14
383a
39
18%
20
20
17%
84
*82
*90%
*82
91
*90%
110
♦90
5%
5%
*90
18
18
17%
46
46%
46
30
*23
30
121
120
12134
334
*45%
1834
9834
*9034
*9034
67
68%
19
18
17
1734
1734
84%
17%
175s
17%
18%
*82
84
84
84
84
5%
18
45%
82%
90%
91
110
5%
5%
17%
843S
17%
17%
4534
46%
10634 107
30%
68%
70%
69%
70%
*170%
54
120
*119
36%
36%
*27%
28%
87
8934
52%
120
37
91
91
*90
110
*90
87
88
57
47%
47% *47
*109% 111
*109% 111
1984
20%
19% 20%
5434
56 %
55%
56%
57
47
| 47
120% 120%
2%
2%
*14% 15
12%
13
119% 120
41% 42
122
57
*47
♦120% 122%
2%
234
*14%
13
15%
13%
121
121
*4034
41%
i.18%
1834
.;103% 103%
J 7%
X21
7%
21%
*86
89
>50%
83%
55%
83%
18%
18%
106% 107
120
12034
30%
28%
48
19
8%
30%
2834
49%
19%
9
145
145
*10
11
*23
25
66
66%
32
32
*39%
27
40
27%
18%
111
20
-
,
111
,
21%
55%
54%
122
2%
2%
13%
J
14%
1234
12
116
116
7
7%
52% 54
120
120
3634
94
94
93%
23%
40%
40%
49
50
67
25
25%
25
4134
42
42
3
£65%
3%
7%
53%
3%
44I8
43%
32
31%
6934
7034
6934
71%
*170%
«...
734
5434
120
*119
3634
3634
2%
14%
2%
14%
12
12%
1115% 115%
.41%
41%
.19%
20%
122
105
106
7%
21%
778
22%
......
9%
144
11
11
*23
25
*23
68
68
*67%
44,900
15,700
66,700
58,100
2,630
8,300
100
1
3
3%
734
8%
8
1
3
.160
159
35%
*160% 163%
ft 13 ^13%
*
41%
42%
111 -4 112
'* 1334
16
14
> 6%
34%
>13
4
35
13%
41%
4184
111% 112
13%
13%
534
6
*53%
36
36
1
*1
5%
For footnotes see page 566.
578
13%
6
June
par
17
Jan 19
187s Jan 15
Preferred
100
80
Jan
7
843a Jan 20
Prior
100
No
preferred
Prior pref ex-warrants.. 100
Consol Film Industries
1
1%
111% 111%
13%
13%
6
684
1883s Jan 14
Preferred
Consol Oil Corp
Preferred
No
par
5
91i2 Jan
7
584 Jan 20
1834 Jan 9
106
9% Jan
12% Jan 12
8
17U Jan
10&8 Jan
Jan
78 Jan
(Del) V1o__25
5% preferred v t o
100
Container Corp of Amerlca.20
Continental Bak class A No par
Class B
No par
Preferred
..100
Continental Can Ino
20
JaD
3%
11%
12% June
1534 May
1038 Jan
35% Nov
Jan
5U Jan 15
1%
Jan
4
Nov
Jan 22
67%
6334
Jan
109
Nov
Dec
10278 Jan 13
Jan 22
£65
6
7
2
69i8 Jan 9
2558 Jan 20
42i2 Jan 16
3i2 Jan 22
45U Jan
Jan
32
263s Jan
6378
Jan
4
67
Jan
2
Jan 16
170l2
108
4
8
17% June
35%
2%
28% June
25
Jan 21
Apr
Apr
Dec
55% Apr
63% Aug
7034 Jan 19
7D4 Jan 15
17U2 Jan 14
158
Aug
8
Jan 22
5434 Jan 21
4
July
41
Oct
111
Jan
5
102
243a Jan 22
593a Jan 21
28
280
Cr W'mette Pap 1st pf.No par
Crown Zellerbaoh v t o.No par
109
17
Jan
5
51
Jan
4
1,800
18,200
1,100
734 154,200
70,500
2,500
1,700
130
Preferred
100
Cudahy
Packing
50
Curtis Pub Co (The)...No par
Preferred
No par
Curti8S-Wright
1
Class A
1
Cushman's Sons 7%
8%
preferred
Cutler-Hammer
5
Jan 13
18
1015s Jan 14
127
Jan 11
1% Sept
9
Sept
6%
Jan
63%
Jan
4214 Jan 22
20% Jan 20
35% May
16% June
6
99% Mar
109i2 Jan
778
Jan 12
4
Jan
22%
6i2 Jan
19i8 Jan
Jan 21
10%
Jan
86
Jan 14
59
55
Jan 14
No par
82
Jan
87
Jan 22
36% May
43% Jan
17
Jan
5
Dayton Pow A Lt 4>£ % pf.100
No par
20
Dlesel-Wemmer-Gilb
Corp. 10
Delaware A Hudson
15,500
Delaware Lack A Western..50
Denv A Rio Gr West
3938 Jan
Jan 11
17% Jan 4
14% Jan 12
95%
Jan
52,200
3,100
11514 Jan 20
6
Apr
Apr
Jan
Preferred
1,400
Jan 19
3
Jan
Jan
7% May
49
Deere A Co
2,600
12
123
Dec
80
Davega Stores Corp
14,000
120lg Jan 18
2% Jan 15
1378 Jan 19
Jan 21
pref. .100
No par
Ino
100
pref. .100
20%
48%
3
Crucible Steel of Amerlca._100
10
Nov
7%
7
Jan 15
15,800
Nov
94
4034 Jan
44
No par
100
95
3734 Jan 14
2
(The)
Deo
Nov
29
Jan
Cuba RR 6% pref
Cuban-American Sugar
19*4
85
Jan
47
Cuba Co
Jan
33%
Jan
46'4 Jan 12
390
Jan
25*4 Mar
44%
Jan 22
June
15% Mar
3,800
Deo
1234 Nov
1% Jan
9% Deo
37% Deo
2
43% Jan
46% July
'
Feb
15%
7
8
100
Feb
82
Jan
56i2 Jan
Preferred
Feb
5%
106% June
93
No par
Nov
24%
Jan
2834 Jan 15
ex-warrants
Nov
91*4 NOV
3g May
Jan
Pref
128
136
5% Sept
7414 Jan
5478 Jan
$2.25 conv pref w w_.No par
Oot
Aug
84% Sept
4
25
preferred
103
Apr
Apr
102
No par
7%
IO884
Jan
4214
25
Jan
Jan
2318 July
29
35
2012 Jan
39i8 Jan
234 Jan
100
Mar
36
136% Aug
x45%
51%
20%
1
Corn Produots Refining
Preferred
Hs
10
Jan
6
Motors
2
Oct
Deo
Feb
Feb
Oct
109
July
9% Nov
17% Deo
4% Sept
15% Apr
27% Apr
101
9
30
48
Jan 19
No par
Consol Coal Co
Continental
4
4
Jan 15
16
6534 June
72% Jan
73% Feb
No par
106
18i2 Jan 16
106% Jan 15
10438 Jan 5
4
2934
Jan
27
Jan 15
Apr
87%
Jan
2438 Mar
46
Feb
4
Mar
44%
Deo
Apr
46
69% Oot
82% June
170
Dec
7% Mar
50 %
140
Deo
Nov
37% Nov
35% Sept
91% Nov
58% Nov
4938 Nov
NOV
110
19%
5634
125
3%
20
Deo
Oot
Deo
Deo
Deo
14% Mar
129
Deo
44%
Jan
24%
Apr
114
Deo
9% Mar
21%
90
70%
8834
Dec
Jan
Jan
Deo
19% Nov
5
107
Dec
123% Jan 21
30% Jan 8
52
Jan
27
Jan
32% Nov
19%
36'4
14%
4%
Apr
33% Nov
5434 Oct
23% Feb
9% Feb
109
Jan
29
Jan
4
5314
Jan 20
4
1938 Jan 18
Jan 13
934 Jan 15
146% Jan 7
4218 Jan
17i8 Jan
778 Jan
7%
Sept
26% Mar
5
Jan
Apr
Jan
108%
IO884
Deo
Deo
100
144
128
May
11%
30
Det A Mackinac Ry Co...100
11
Jan
12
Jan
2
4
Apr
11%
Oct
28
20
5% non-cum preferred..100
Devoe A Raynolds A..No par
23
Jan 19
26
Jan
8
13
June
61
Jan
68
Jan 21
42
Jan
21%
63
Deo
Diamond
31
Jan 12
33i2 Jan
5
30%
Oct
40%
39U
26i8
9234
2034
Jan
40
9
371 j
283a Jan 12
18%
Oot
Apr
43
Jan
Jan 22
94% Jan 13
23% Jan 14
93
Dec
95%
19
Oct
39
Jan
8
41
Jan 21
40
Aug
4734
105s
69%
507s
Jan
4
5034 Jan 11
61%June
lll2 Jan 21
41%
7%
50%
Jan
Jan 20
Apr
12%
Jan
82%
29
Jan
51
Deo
Jan
% May
1% Jan
36%
1%
Deo
3
Jan
4% July
13% Aug
8%
144
700
68%
800
2,500
93%
23%
900
700
50
11%
3,500
1,000
75%
23,200
55
>
....
13%
534
8
Consolidated Cigar
Crown Cork A Seal
400
3
111% 1117g
Aug
Crosley Radio Corp
......
123
7%
17%
161% *159
161% *159
160% 161% *159
35
35
35%
35%
34% 3478 ,35
13
13%
1278
13%
1278
13%
; 12%
42
4134
43%
4034 41%
41% 42%
111% 111%
13
13%
Jan
15
Detroit Edison
41
*
£35
16
Jan 14
Participating preferred...25
36
....
Jan 22
Mar
1,100
r
19
22
Nov
4,200
1
.it'l1#
li*5r:,3%
8
36
18% Jan 11
18% Jan 8
Congress Cigar
No par
Connecticut Ry A Ltg pf-.lOO
35
1%
1
^
36%
4H4 Jan 21
8
136
*1
%
3
8%
16
8
36
3034 Jan
par
Jan
Jan 16
3
3%
3%
3%
734
734
7%
*7%
734
16
16
16
16 1
1678
17%
*1678
17%
17%
17%
122
122
*118% 124
*118% 122
*118%
121% 122
*118%
174
178
178
179
178% 179%
178% 180%
178% 180
17984;i80
*134
134% 134%
134% 134% £134% 134% 134% *134% 1347S *134% 134%
*115 4
♦115
114% 115%
*115%
*115%
*115%
16
16%
16%
1534
16%
1534
16%
1534 1516% **15%
>' 15% 16%
174
175
*174
174
172% 172%
172% 173
174% 175
173% .175
78
234
.M
5334
38
Congoleum-Nalrn Inc..No
Jan
Jan 20
37%
38%
14% June
2% Apr
59% Apr
7
July
30% Aug
15i8
Distil Corp-Seagr's Ltd No par
55
2H4 Jan 21
4i8 Jan 13
755s Jan 13
18% Jan
338 Jan
37
37
55
*3734
72%
*53%
55
Jan
120
747S
73%
Jan
97
Jan
74
73%
53%
37%
141
55
8
13% Jan
300
41
100% July
8
$6 preferred series...No par
Conde Nast Pub Ino...No par
9,000
23%
Jan
JaD
Jan
49%
75%
No par
7634 Jan
117
Jan
Jan
Jan
44
Jan 12
114
Jan
Jan
90%
8034
8
Dec
14
Jan 14
6914 Jan
Jan
7312
117
39%
8
Jan
101
JaD
9,900
9178
9%
May
Jan
3534
49%
11%
73%
*53%
55 i
Commonw'lth A Sou
Jan
31
19%
Cream of Wheat ctfs..-No par
41
74%
$4.25 conv pf ser '35.No par
Commercial Solvents. .No par
27
1
49%
10%
74
55
111
100
Comm'l Invest Trust..No par
40
*22%
49%
10%
4%% conv pref
16
94
108
Jan
65i2
36% Feb
37% Mar
Jan 14
4
Jan
Dec
19
Jan 14
Jan 20
10534
9778
10
32
£93
*40%
2
26%
9234
*22%
23%
40%
4
40
93%
49%
,11%
Jan
1778 Jan
31%
*22%
■
42
6% preferred series A... 100
5% preferred
100
116% Nov
2,500
1,000
11%
49
4
Commercial Credit
Feb
66*4 Nov
107% JaD
8% Jan
28% Sept
3912 Jan 20
46i8 Jan 20
207s Jan 14
Jan
No par
$2.75 conv pref
106%
28
3434
Columbia Gas A Eleo.-iVo par
Deo
Aug
Apr
30
4
No par
v t o
21%
12334 Jan 22
117i2 Jan
40
93%
23%
40%
*1034
72%
*53%
11%
75%
100
June
39%
4734 Jan 8
2434 Jan 14
2434 Jan 6
2638 Jan 11
100
t o No par
Continental Insurance. _.$1.60
50
*11
Corp
v
Continental Diamond Fibre..5
41
50
12
4% 1st preferred..
4% 2d preferred
Columbian Carbon
6,000
11
41
4934
*11%
4
1,000
15,000
29,700
49%
>40%
4
32%
*3978
26%
27%
93%
93
Jan
Jan
^Consolidated Textile. _2Vo par
27
145
32
Jan 18
Consol RR of Cuba pref... 100
85%
9%
26
4478
21
Colonial Beacon Oil
3,500
84
9
110i2
No par
Colo Fuel & Iron Corp.iVo par
Colorado A Southern
100
Oct
Dec
July
100
8
113i2 Jan 12
2934 Jan 20
Jan 20
100
35,600
7,100
1,580
10
*9%
5984 Jan
Jan 12
30
145
4
108
55%
19
Preferred
Jan
Jan 14
89
28
Jan 15
56
$5 preferred
No par
Consol Laundries Corp
5
*55
52%
103
2,100
3,300
89,800
*85
507s
18%
Nov
Jan
Deo
13
Jan 22
55%
30
Nov
58
5558
49
89
297s
27%
134
57% Jan 20
2158 Jan 8
104i2 Jan 6
Jan 19
119
17%
Jan
133
6
Jan
43% Jan
200
107
84
6
57
20
100
17%
Jan 21
122i2 Jan
Consol Ed Co of N Y..No par
3634
107
129
par
No par
120
121% 123%
2978
2978
28
28%
50%
51%
19
18%
Jan
59,600
*55
1734
124
Jan
120
107
6
128
Jan
123%
77%
4
5
*85
17%
51
1658 Jan
70%
7034
107
90
Apr
90
No par
....
121
Feb
Mar
48
4
Continental Steel Corp.No par
Corn Exch Bank Trust Co..20
87
82
Jan
46
86%
Jan 14
126
11,600
22
Oct
48
25
7%
21%
Deo
47%
£90% Jan 20
Crane Co
106
Oct
11134
2
3178
27S
1534
98
Jan
July
13% Nov
46 % Mar
33
Jan
14,500
123
Feb
107%
Jan 14
No par
Nov
89*4 Nov
3734 Jan 16
5
Colgate-Palmollve-Peet No par
6% preferred
100
Collins <fc Alkman
23
7
Jan
Jan
Jan
Jan
138*4 Nov
Jan 18
78
Continental Oil of Del
57%
33*8
113
90
21,200
234
278
1434
1434
12%
12%
12%
*114% 119
11534 110
42
42
42%
42%
19%
197a
19% 20
234
14%
12%
4
4
•
122
No
Deo
30%
72%
434
2334
Jan
12,500
3,600
47
300
46% 46%
*109
111
50
114
*110% 125
22%
22% 24% 153.600
21% 22%
58
4 59
5834 23,000
59%
57%
122
Coca-Cola Co (The)
Class A
Jan
Deo
51
85% Jan
15%> Jan
60
Preferred
1484
Jan
90
3212 Jan
109i2 Jan 18
54
1 57%
*121
103g Jan 22
53
2534
46%
Jan 12
9
Jan
90%
*55%
*46%
46%
8684 Jan 12
100
Special
Jan
173a Sept
Jan 11
Jan
44
3634
7
25
Jan 21
14% Jan 21
51
35
Cluett Peabody & Co. .No par
Col Plot
22
Highest
$ per share $ per share
share
124i2 Jan 20
20% Jan 13
Jan
6
93
56
3%
4
er
6
85
No par
27
21
25%
42%
Clev Graph Bronze Co (The) .1
Clev & Pitts RR Co 7% gtd.50
$
Jan 16
Coty Ino
9134
*110
66
No par
Lowest
4012 Jan 22
11078 Jan 4
18% Jan 4
57,800
27
57%
108
Equipment
C C C & St Louis Ry Co pf 100
Clev El Ilium Co pref-.JVo par
Jan
20i2
12i2
Year 1936
Lots
Highest
$ per share
8
734
*56%
27
19%
23%
107
66%
| 92%
j
4134
*93
23%
107
107
88
27
19%
93%
23%
40
......
5%
534
5%
5%
18
1734
1784
18%
49
47%
47%
46%
106% 106%
10634 107
1134
11%
1134
11%
1634
16%
16%
16%
*10434 106
*10434 106
978
978
9%
9%
1
1
1%
1%
9
87s
9%
8%
36
38
36%
36%
28
27% 29
25?a
36
36
37
35%
5
5
434
478
>55
103% 104
103% 104
104% 104%
7%
7%
7%
7%
7%
734
20% 21%
20% 21
2034 2134
85
85
*85
89
*85%
89
55
55
*55
55%
54%
54%
84
84
837S
83%
84%
8434
18%
18%
18%
1784
*17% 18
107% *10634 107%
IO684 10734 *107
1207s
118% 120% 116% 120% 117
30
30
30%
30%
29% 30%
28
28%
2834
28% 2834 *28%
49
50%
49t4
52%
51%
53%
18%
19%
18%
19%
18%
19%
8%
9%
834
87S
9%
9%
145
145% 145% 145% *145% 147
*9
11
*10
11% *10
11%
*23
23
23
23
23
25%
66
67
66%
66%
67% 67%
32
32
31% 32%
31% 31%
40
40
40
40
*3934 40
2634
2634 27%
26%
26% 27%
23%
30
110
41
19%
3,000
91
*90
534
18
18%
45% 46%
10634 107
11%
11%
16
16%
3634
2634 ^27%
*56
*56%
460
91
44
678
3634
300
110
5%
....
51
19
21%
91
!T44%
43%
31
3034 i31
1 317s
,7034 "6934 7034 x70
70%
, 70%
70% _7034
*170%
*170%
6%
7
18%
21%
*90
90%
♦90
31%
>
9,500
22
30
*56%
65%
80
22
3134
89%
800
98
67
*18
3034
28
150
1,700
13.900
10534
*9034
18%
43% r44
89
150
600
22
44%
28
68%
67%
105
20
4,500
19% 103,000
*21
43%
*119
150
46
*17%
44%
37
98
46
*1834
19
44
120
400
6,100
......
21%
10634 10634
12
1134
12%
11%
16%
16%
16%
16%
16%
*10434 106
*10484 106
*10434 106
*10434 106
9
9
9%
9%
9%
9%
93s
9%
1
1
1
1
1%
%
1
1%
8%
878
834
9%
884
9%
884
9
36
36
i.7%
3734
35% 37%
35% 36%
25% 26
2534 26%
25%
26%
2534 26%
35
36
35% 36%
36%
37%
36%
36%
5
5
4%
4%
5%
434
478
5%
105
106
♦104
105
104%
104% 10418 104
66
67
68
68%
66% 67%
67% 68%
23
24
24%
25%
25%
25%
22% 22%
42
4134
42
42%
41% 42%
4134 42%
3
3
3%
3%
3%
3%
3%
3%
37
387a
30
122% 12334
38
39%
*21
„■
12
67%
65%
66%
70%
70%
69%
170% 170% *170
634
6%
7
50
54
52%
300
21,600
......
16%
*119
39%
46%
19%
10534 10534
3734 39%
46%
46%
18%
19%
10534 10534
*23
39%
19
107
107
*1184
2,200
1,200
1384
38%
*17%
110
5%
......
110% 111% *111% 112
*26
*26
2984
2934
47
46%
46% 47
24
24
*23% 24%
26
26
27%
27%
46%
*23%
6
Clark
900
132
84
19
20A
H OO JP
*130
Chrysler Corp
City Ice & Fuel
5
100
57%
*57%
57%
57%
2034
20%
2034
20%
103% 103% *10278 103%
59%
58%
58%
59%
25
6,800
128
21
*17%
3884
*17%
OO
128
10
No par
City Stores
600
113
*110
113% 113% *112% 116
76
75
7.300
75%
74%
7434
7534
116
*114
116
*114
*114% 116
21% 151,000
21%
20%
20%
19%
19% 20%
4
378 146,700
334
378
334
378
334
71
71%
5,500
71%
72%
72%
72% 73
14
3,900
1478
1434
14%
1334
1334 14%
4034 21,700
3934
41%
3978
39%
39% 40%
72
19%
m
Chllds Co
6,900
88%
116;
19
4
19%
133
88%
Chickasha Cotton Oil
Chile Copper Co
No par
100
76
7434
*114
116
8934
127% 128
Par
Preferred
......
iasis of 100-Share
Lowest
360
37%
.
4634
24%
2878
110% 111%
2934 2934
*26
36
63,900
3,500
130
*23
32
119
45%
5934
58%
50
110
*120
111% 111%
*26
2934
4534
46%
23
23%
20
*22
103% 103%
....
3,100
12,300
*90
*47
*90
*47
.
Range for Previous
EXCHANGE
the
*46%
569
161%
35%
13%
4278
111% 111%
13%
14%
534
5%
Match
No par
6% pref with warrants..100
Dlxle-Vortex
Co......No par
Class A
Dome Mines Ltd
No par
No par
Dominion Stores
Ltd..No par
Douglas Alrcr Co Inc. .No par
700
Dresser(SR)Mfg oonv A No par
1,100
Convertible class B..No par
Duluth S S A Atlantlo
100
2,500
3,400
70
9,100
600
210
29,900
1,500
40
3,100
8,200
15,300
730
31,000
6,000
Preferred
1
100
Dunhlll international
1
Jan
Jan
76% Jan 15
Jan 16
Jan
4
Jan
2
55
35% Jan
4
39U
34 Jan 12
8
314
214 Jan
7% Jan
Jan
7
13s Jan
5
Jan
8
5
8U Jan 16
17i2 Jan 19
5%
153
34%
25
40%
18%
Feb
Jan
Jan
Aug
Jan
Deo
Nov
Deo
Deo
Oct
Jan
Oct
Jan
No par
1514
Jan 11
100
12H2
Jan 20
Du P de
169
Jan
5
180% Jan 18
6% non-voting deb
Duquesne Light 1st pref
134
Jan
2
135
11212
Jan
5
115% Jan 22
lll2 Jan
2
Jan 13
16% Jan 18
175% Jan 2
156
Apr
185
Aug
Jan 16
163
152
July
Jan
166
Mar
Duplan Silk
Preferred
Nemours(EI)«fe Co.20
100
100
Eastern Rolling Mills
5
Eastman Kodak (N J).No par
6% cum preferred
100
Eaton Manufacturing Co
4
Eitlngon Sohlld
No par
Eleo Auto-Lite (The)
5
Preferred
Electric
Boat
170
159
:
Jan 19
Jan
5
Jan 11
3284 Jan
4
3534 Jan 14
12% Jan
2
14% Jan
3834 Jan
4
100
111
3
12
Eleo A Mus Ind Am shares...
1
122
Jan 16
Jan
4
5% Jan
4
8
433g Jan 21
114
Jan
8
114
Feb
120
133
Apr
129
Feb
184% Nov
136% Deo
rlll% June
5% July
28%
Apr
30«4 Apr
534
116
Deo
Deo
12% Deo
40% Nov
15% Nov
47% Nov
110%
Jan
Jan 15
10
Apr
17%
Feb
6% Jan 15
5
Dec
7%
Feb
14%
115
Nov
New York Stock Record—Continued—Page 5
570
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Sales
STOCKS
for
LOW
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 16
$
Jan. 18
Jan. 19
Jan. 20
Jan. 21
Jan. 22
$ per share
$ per share
$ per share
$ per share
Shares
S per
share
share
25i8
88i2
84i2
26ig
2484
2538
2314
24%
23%
24
90
88
88i2
85
86
87
87
84S4
82
85
82
83
23%
87%
8234
44i2
85i2
433g
86
44
4414
4284
134
43%
42%
43
43
I84
I84
1®4
178
7i8
778
285S
7i2
8
273g
712
2714
29
28
58
58
*5612
115l2
11512 *113
1734
1734
1714
165s
76
*75
75l2
75i2
79
79
*78
*77ig
9l2
9i2
15ig
2912
2334
23i2
79l2
1578
3058
2384
2984
76
*80
9l2
1634
93s
1584
I684
88
*81
88
*82
2
1%
2
784
28
•
734
8
28
2784
5634
5684
115% 115%
17
17%
57
5634
115i2 115i2
*56
*113
93s
15
2912
2384
307g
2384
*80
1%
7%
2784
5634
76
76
79%
*77
79
115%
16%
*76%
*77%
88
*81
88
*82
17
76
9%
9%
984
1534
30%
2334
15%
1534
30
3034
2334
23%
*76
9%
15%
29%
23
m-mmm
*78
*80
13i2
3012
13l8
13U
13
13%
13%
14
14
30
3014
30
31%
30%
31%
30%
53g
414
2434
438
2434
23l2
24
6912
7034
69
70
•
1314
30i2
5i4
4i8
24i4
7014
53«
438
2484
7034
215
*200
65
2784
*98
-mmm
6
57S
4
----
6
6%
4%
3%
22
68%
205
210i8 *201
67
66
64l2
66%
28% 29%
283g 2938
*9812 101
*99% 103
208
*205
66I4
28i4
103
64
♦76
6%
4
23%
6934
208
6%
3%
22%
68%
*205
71
*68
72
*67
71
*68
71
*07
105
105
*103
110
110
110
*105
7i2
558
*39
97g
8
7%
5%
684
*38
4U2
106
106
4514
3458
IOI4
8I4
8
514
534
4012
106% 106%
45%
4558
33% 3434
45i2
3434
97g
*35
*
49l2
42l2
5184
♦338s
8
5034
49i2
42%
44
50
51
3458
8I4
*34
50s4
52i4
140
*130
I6I4
1638
91
*81
30
3034
115
*108
4978
5134
43
11934 11934
52
49%
3458
75g
77g
45
5l8
31s4
17
14
1U2
28i2
*59
SOU
514
33
512
*5612
*6612
*7212
65
1734
14l2
14%
14%
14%
103% 103%
7634
78%
17%
18%
*146
150
*146
150
150
150
50%
50i4
*
50i4
151
6058
417g
3%
50%
*
59%
50%
151
50%
*
59%
123
50%
151
51
149
59%
60%
16%
61%
42
6138
4258
334
4284
42%
3%
43%
61%
4234
3%
3%
3%
3%
62
60
62
*66
70
*66%
70
75
*7214
78
*71
78
*72
78
*72
78
64
65
*120
122
6534
66
6484
6578
120
120
*120
13%
*71
5
6534
122
64%
4%
6134
6U2
11612 ♦114
5
•514
5%
62%
116%
14
4%
13%
*6984
*109
5
5
61
63
61%
116% 116% *116
5%
5%
534
46
46%
46%
6834
67%
68
68
48%
68%
53g
47%
83
80%
82
81
31%
32%
38
37%
38
37%
1734
86%
22%
38%
31%
37%
18%
87%
22%
1714
17
1734
84l2
22l2
85%
21%
86%
22%
*82
87
47i8
46
5818
73g
*57
6
45
46%
47
46%
20%
43%
38i4
2O84
4612
2014
4414
6212
37
36
*74
84
*57l2
*72
37g
44%
3884
61
3618
80
1534
*51
334
1634
4
567g
1438
1412
56
56
14l2
*54lg
59%
60i2
*34
3434
*33%
33i2
15
3334
153«
2784
2734
28%
597g
*34
15
6034
35
33l2
15i2
2814
*106U 106% *106% 106%
*104l2 105
*104l2 105
54
5414
5412
5278
*132
134i2 *133
13412
17
1634
I684
165g
105l2 *10314 10512
For foot notes
52
95
18%
87%
22%
68
1334
72
«•■»»«
5%
62%
534
50
100
Preferred series A—
First National Stores..No par
87
*86
87
86
46%
46%
57%
47%
57%
47%
57%
58
6%
6
6%
121% 123
107
108
1234
*94
3%
10%
3%
934
5%
23%
45%
46%
5
22%
7%
33%
81
3334
108%
13%
95
334
10834
1284
13%
*94
3%
95
6
400
8,000
10,200
120
1,400
3,400
734
1234
*94
13%
23
48
46
45
45%
43%
20
20%
20%
19% 20%
43
44
43
43% 44%
4334
3784
3734
37%
38%
3734
37%
144
143
143
143% 143% *143
61
*57% 61
*57%
*57% 61
35
35%
35%
36%
34% 35
85
*77
83
*72% 85
*72%
16
16%
15%
1634
15%
16%
4
3%
3%
384
3%
3%
51
51
*51
55
*51
56%
15
14
14%
14%
14%
14%
54
55
54
54%
54%
54%
64%
6434
61%
63%
64% 66%
*34
35
34%
34%
34%
*33%
35
*3334
3384
3334
33% 3334
15
15
15
15
15%
15%
29
29
29%
28%
28%
28%
106% 106% 106% 016% *106% 107
*104% 105
*104% 105
*104% 105
54
54
53%
54%
5334
6434
*133
134% 134% 134%
134% *133
17
17
*16%
1634
1634
17%
*103% 105%
103% 103% *103% 105%
1934
42%
37%
20%
43%
3784
20%
566.
40
5%
24
*142
*57%
34%
*72%
15%
334
*51
13%
*53%
66%
3,900
3,400
840
9,100
900
97,300
9,600
9,800
95
46%
5
70,300
600
23
5%
40
86
47%
46%
4%
1034
300
4784 12,600
500
57%
6% 43,700
7% 27,100
3334 32,700
80%
4,000
33% 115,500
5,200
123%
23
11
4,000
2,500
22,100
4634
1134
200
32%
37%
18%
87%
22%
33%
80%
33%
123%
108% 109
144
83
16%
3%
56%
1438
Co
F'k'n Simon & Co Inc
Free port
116i2 Jan 19
9,900
73
Jan
478a
48i2
Jan
31*2 Apr
384 Jan
11% May
Jan 20
10
3,400
120
Jan 14
63
55s Jan 22
26
Jan
8
33
Jan 16
Jan
7
106
Jan 19
-
.3
Gen Amer Investors—No par
No par
Preferred
Gen Am Trans Corp
—5
5
General Baking
$8 preferred.—.—.No par
General Bronze
5
...No par
Class A
No par
100
7% cum preferred
General Cigar Inc..—No par
preferred
—..100
General Electric. ......No par
Conv pref series A...No par
15% Jan 12
12i8 Jan 4
103
$5 preferred
Common
No par
Preferred
100
Gen Realty A Utilities
Jan 21
105%
Jan
4
11
Jan
5
2578 Jan 11
5734 Jan
11834 Jan
8
49i8 Jan
149
150
Jan
_
133s Jan 21
29% Jan 12
60% Jan
Dec
Nov
58
6
2
72
56
Jan 11
Jan
4
122
Jan 21
Jan
69
Jan 16
Jan
122
Jan 18
Jan
Jan
6012 Jan
1278 Jan 15
69
Jan
6
107% Jan
4% Jan
6684 Jan
4
114
72i2 Jan 12
657g Jan 18
4
4
9
15% Jan 9
7112 Jan 19
110
Jan 19
53» Jan 13
63
Jan 20
Jan 14
117% Jan 22
Jan 20
4
Jan 11
Jan
5
Jan
40
8
Jan
Jan
Jan
Jan
9
Jan 21
Jan 12
4058 Jan
2
6
4
37l2 Jan 20
.100
139
60
Jan 13
Green (H L) Co Inc
Greene Cananea Copper
1
34
Jan
4
100
73
Jan
8
1434 Jan
334 Jan
4
preferred
100
Jan
Jan 22
13% Jan 18
1912 Jan
Preferred....
100
Hat Corp of America cl A.... 1
81
Oct
58
Jan
July
70i2
Jan
110
Oct
123
Aug
77
Nov
19%
637*
118
584
Jan
Jan
185s
Jan
Jan
72
Dec
Jan
110
June
3% Apr
32% Apr
106
Jan
2
Apr
4
Jan 22
4758
Jan
5
21% Jan 12
4438 Jan 18
42l4 Jan 2
143% Jan 19
60
Jan 13
47g
Dec
89
Dec
17
3184 Deo
6*4
84
Aug
Jan
Oct
3718 Dec
52U Sept
37S Jan
014 Nov
13&8 Jan
Sept
21% July
74
87
Jan
zlOO
Deo
8ia Apr
Jan
558 Jan 22
2434 Jan 22
Feb
Deo
Dec
June
48
57
118% Mar
71
2
Jan 12
68a
2612 May
33U Apr
3212 Apr
77
Jan
1231a Nov
5912 Deo
1584 Deo
Feb
5
15
Oct
38
4l2 Jan 22
96
Oct
105
235g Jan 8
87i2 Jan 6
4784 Jan 22
58*8 Jan 18
65s Jan 21
Gt Nor Iron Ore Prop. No par
Great Northern pref
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrao.No par
77
4
Jan
634 Jan
11%
71
70
2U2 Jan 4
41% Jan 4
43% Jan 22
Hamilton Watch Co...No par
Preferred
100
Feb
Jan
18«4 Jan 21
Conv pref series..—No par
Granite City Steel.....No par
Grant (W T)
No par
...No par
48a
Deo
Jan
87% Jan 20
Jan
109
Water........25
59i2 June
14
4
Jan 19
100
100
Jan
Jan 16
$5 preferred
Gotham Silk Hose
Gulf Mobile A Northern.. 100
7|
July
30]a July
13&8 June
5% Jan
31
3258 Jan 18
34% Jan 16
8i% Jan 2
34V Jan 21
123i2 Jan 21
.100
70 V Jan
19
Jan
79% Jan
2784 Jan
114% Jan
No par
605a Deo
12884 Nov
44
2
No par
Goodyear Tire & Rubb.No par
$7 2d preferred
No par
Greyhound Corp (The)-No par
Jan
Deo
55
15%
84i8
20%
85%
435g
55%
Preferred
Jan
Oct
11*4
28
152
Gillette Safety Razor—No par
Conv preferred......No par
Great Western Sugar..No par
17
Jan
Nov
Jan
6
1
.Oct
584
Dec
20
Dec
Jan
No par
7
76
155
34% Apr
333s Feb
88
...No par
Jan
49
Jan
No par
141
140
29%
37%
$5 preferred
Jan
Jan 13
Gen Theat Equip Corp .No par
Gen Time Instru Corp.No par
Goodrich Co (B F)
Nov
Jan 22
2
No par
30
52
6478 Jan 21
43% Jan 20
384 Jan 18
63% Jan 22
Jan
No par
Nov
100
152
4
70
preferred
Deo
6312 Feb
73a Aug
4
584 Jan 20
4878 Jan 7
434% conv preferred..—60
Gobel (Adolf)
1
Goebel Brewing Co.
1
78
Jan
Jan 21
5234 Jan
39i8 Jan
258 Jan
7
Glldden Co (The)
Oct
Feb
Apr
Jan 16
4
No par
355g
Nov *135
123
7
2
Gimbel Brothers..
23% July
Feb
104i2 Apr
Jan
No par
9784
97
Jan
634%
Dec
Dec
42% Apr
10«4 Apr
19i2 Jan 14
145
453a
Jan
79
4
Jan
Gulf States Steel
Dec
Jan 21
4
1634 Jan
414
4312
66%
80i2
1
$6 preferred
Preferred
Deo
10512 Aug
1778 Nov
145a Nov
General Refractories...No par
Gen Steel Castings pf.-No par
Preferred....
Nov
15% Dec
8% May
18% Jan 22
15i8 Jan 18
70% Jan
0012
...100
H884
10
60i2
No par *119%
Preferred
Guantanamo Sugar
Nov
48i2 Dec
July
108
105
-
15%
29%
10
53% Jan 20
No par
15
4,000
127
Jan
7% preferred class A.....25
Hall Printing
......10
55
120
Jan 13
Hackensack
105
Aug
32%
Gar Wood industries Inc
$6
June
24% Apr
9584 July
110
100
80
32
106
Jan
2634 Jan
109% Jan
10
100
110
4,800
1,500
122
Jan
Green Bay A West RR Co. 100
1,600
8% Jan 16
5434 Jan
Nov
183s Jan 12
Grand Union Co tr ctfs—
30
34U Deo
11»4 Mar
83
17,100
71,400
3,600
56>4 Deo
Jan
4
rn.~mm.~~
Dec
4
Jan
2
3,900
423s
45
25*2 Mar
3% Aug
135
Jan
20
685a Nov
14
4
6% Jan
43s Jan
68
17%
17%
*103% 105%
4
3
700
....
634 Jan 14
93
26,100
4,900
Apr
30% Sept
40
80
34
54%
Jan
.100
10,500
10584 Nov
Apr
No par
7%pflOO
Preferred
2,500
3,100
Jan
Gannet Co conv $6 pf._ No par
7%
Oct
Feb
38
Jan
Sulphur Co—
Cable
Deo
100i2
Dec
124
Gamewell Co (The)
General
6
z247|
105
No par
Preferred
Francisco Sugar
6
Jan 20
35
Jan
48% Jan
Mar
123i2 Nov
12U Mar
46%
1158g
4984
36I4
Jan
35
105
6
Jan
1
Gr'by Con M SAP 2dstpd—5
4,400
Jan 14
92
'
106% Jan 22
50i2 Jan 7
Jan 22
Jan
6
42% Jan 9
107i2 Jan 11
4558 Jan 18
43
34
*133
2
105s Jan 14
8% Jan 12
Jan
*34
29
4
Jan 20
Graham-Paige Motors—
55
*106% 107
3978
102i2
42i4
x3234
105%
4838
4
45,900
134",600
61
35%
8i2 Jan
5% Jan
438 Jan
Jan 18
No par
Dec
6U2 Dec
2734 Deo
IOU2 Dec
Aug
697S Mar
78s Jan
3
Apr
2% Jan
20*2 Jan
4
Dec
71«4 Dec
21014
Jan
37
Jan 20
Jan 12
Gen Railway Signal—.No par
18
84
Jan
110
34
8,100
87
Jan
72
Jan 14
52i2
6,800
1834
87%
2284
103
Jan 12
44
X Follansbee Bros
8U Mar
25
Jan
Jan
Feb
Apr
Jan 13
Oct
584 Mar
Apr
105
6
720
Jan 11
Jan
5
81
293g Jan 18
Jan
General Printing Ink..No par
$0 preferred
...No par
Gen Public Service
No par
31%
37%
70
2
Jan
50
31%
3734
2
4
78
68%
8134
Jan
41
%7 pref class A
—No par
$8 pref class A
No par
General Mills.........No par
48
Jan 11
34
70
67%
June
48
No par
47
Jan
2%
8%
3484
I22i2
316g
I884
No par
Gen'l Gas & Elec A
5%
62
6284
117% 117%
534
5%
43s
No par
No par
13%
6»4 Jan 21
438 Jan 16
2434 Jan 16
717g Jan 15
210% Jan 14
Florence Stove Co
General Foods
71
12
3412
23% July
Florshelm Shoe class A .No par
43% 21,000
3% 134,700
120
63%
13%
14% Jan 21
255s Jan
59
16
June
1078 Dec
18U Sept
Apr
Apr
3212 Jan 21
458 Jan
60
71
157b Aug
407a Jan
11
5
4U2 Jan
113,900
60
Jan
5% Apr
6
1238 Jan
28% Jan
Flintkote Co (The)
*108
48%
68%
82%
8
734
333S
34%
81
80%
33%
34%
122% 123%
80%
3234
*58
Jan
67
64
65
Oct
69
$6 2d preferred
No par
Gabriel Co (The) cl A—No par
149
4%
12%
5%
2434
4734
43%
see page
63%
x4284
3%
63%
*67%
*7334
6434
4%
11%
5%
23%
12i8
144
*143
*57%
3684
57
*94
4578
225g
45l2
4
7%
33%
5ig
2384
46
16
7%
33%
80%
31%
32%
120% 121%
106% 107%
13
1234
3%
9%
4%
23%
23i2
46
6
32%
95
5
*85
*56%
5%
80
10434 10558
13i2
1278
3%
11%
58
7%
73g
34
*94
86
4684
534
80% 81
31% 3258
118% 12014
13
51S4
149
13%
28%
29
Jan
Fuller (G A) prior pref.No par
72
*108
32
50ig
1412
Fidel Phen Fire Ins N Y
Firestone Tire & Rubber—10
Gen Outdoor Adv A...No par
81
.
378
100
% preferred
General Motors Corp
31%
5
1534
4ti.
60
3258
33
65
12%
2734
152
Jan
68
720
1334
*69%
13%
71%
110
08%
84
534
*150
7834
18%
1134
Jan 14
230
*58
109
514
95
50
Federal Water Serv A.-No par
Preferred
60
66
31%
38
Federal Screw Works.-No par
122
83l8
144
100
122
6884
83i2
58
13,700
*58
66%
60
46
*45
50
121% 12134
13%
71%
109
5i8
58%
2,000
40
121% 121%
6584
66%
6734
66% 168,300
12184 122
*12184 123
1,700
65%
74
*108
390
*58
14
74
11,100
I2I84 12I84
67l2
12U2 122
58i4
58U
58
43%
377g
64%
43%
3%
*60
4738
*143
51%
149
70
22l2
20
900
40
104
Jan 15
80
Jan
Jan
97
-1'
Federated Dept Stores.No par
400
60
22
23%
4584
46%
_
Preferred
800
100
17%
14%
Jan 18
24%
80
7%
45%
•70
No
Preferred
Federal Min A Smelt Co.
Federal Motor Truck. .No par
58
60
334
100
Preferred
15,100
9,800
8,700
122
*65
12
300
58
70
38
358
115g
~~~~~~
123% *121
61
167g
84l2
215g
857g
46%
*94
mrnmmmm
29,700
7,200
2,200
*5612
1714
127s
13%
2834
59%
*66%
39
*10314
*118
152
70
117i2
5,000
23,900
35
31%
307*
6
4
49
106
17%
1434
62
8412
5
*150
123
5934
12334
32
2
Jan 14
Jan
43%
5%
97
66
42%
18
5984
5734
120% 120%
*123
5%
Jan
20U2
4?'
18%
3214
117
5
Feb
Jan
6% oonv preferred
100
Fajardo Sug Co of Pr Rlco-20
Federal Light A Traction...15
2,300
18,400
1,100
18
13
1025g 1035s
Evans Products Co
2914 Deo
69
116
Aug
55
Fairbanks Morse & Co-No par
600
78
28%
58%
7i2
Eureka Vacuum Cleaner
80
5514 Jan
1% Feb
6U Deo
Jan
1% Jan
22«4 Nov
53i2 July
110
Deo
Dec
Dec
4
26% Jan
22% Jan
50
5
257a
9414
87%
48
200
*34%
7%
v
——100
100
First preferred
Second preferred
Jan
Jan
Jan
Dec
Jan 14
5
2,300
7,000
50
100
Erie
6
57l2 Jan
115i2 Jan 19
17«4 Jan 16
70i2 Jan 22
29i2
393s
%
84i4 Jan 14
934 Jan 15
16% Jan 15
6
Jan
34%
49
.
Jan 16
6%
3234
July
10i8 Deo
8484 Oct
8912 June
Jan
106%
*102
13%
34U
45
Jan 18
44i2
Jan
34
79
28%
80i2
32i4
44
103
11S4
167g
*'
14%
28
73s
10%
8%
5%
39%
29
5
106
78
12
3358
80i2
307S
70%
102% 103
103
27%
84lg
.
17%
11%
6
7%
5%
*35%
101
115
4
55% Jan 14
Jay 13
153s Jan 5
70% Jan 5
7912 Jan 19
82i2 Jan 8
112
3%
2U2
18,000
7,300
31
27
86
10
10%
*106
17%
12
32
*107
Jan 18
Fairbanks Co.—.———.25
18%
1434
31%
2878
8212
*67
70%
Jan 19
8
Exchange Buffet Corp-No par
3,600
5%
11%
514
68%
205%
64%
28%
2
4
14,500
4,110
1,220
4,800
44%
5%
31%
*
857g
4678
*5784
57g
6984
634
4%
2334
69%
205%
65%
28%
67
5%
277g
5984
69
23
210
8%
8%
5%
5%
*37%
39%
104% *102% 103%
*44
45%
44%
35
34
34%
106
*105% 106
49
49%
4934
43
43%
43%
49
49
49%
34
35
*34%
8
7%
7%
12
46
4
4%
40
28%
6734
6%
634
23
3,200
9,000
67
1834
46
14
32
5
2
8% Jan
1378 Jan
Erie & Pitts RR Co
43
18ig
514
14
31
14%
32%
115
23%
rn.~m.rn,
70
1834
69
23%
*76
45
18i2
60i8
♦114i2 11612 ♦114
*38
2334
7,800
7,400
2,100
45
18%
109
5
30%
~~~~
4,500
*68
77
12U2
6038
13i2
13i2
5i8
5914
15%
29%
68
104
*58
*69ig
15%
9%
15%
30%
45
77
*121
♦108
9%
67
104
122
68I4
9%
preferred
No par
preferred
No par
Equitable Office Bldg.-No par
$6
42%
5%
5%
77i2
65l2
*120
$53^
70
77
338
100
88
76%
50
31
31%
30%
IO584 106
*1053.1
17
17
17%
~~~
17
51
77
4214
$5 conv preferred—-No par
79
*82
44
5%
33
32
*106
4178
3%
400
*77
43
44
61
76%
79
88
80
*68
70i2
154
3,300
6% preferred
—100
Engineers Public Serv
-1
Jan
Jan
20% Jan
Corp.—.50
EndlcottrJohnson
100
8
5i8 Jan
3
El Paso Nat Gas Co
500
4H% conv preferred—100
Foster-Wheeler.
10
70
59%
42l4
Us
70
60i2
*
87
Food Machinery Corp new—10
44
123
123
103
10
2658 Jan 14
92% Jan 7
Jan 19
1,600
5%
150
*146
5%
39%
106%
50i4
1414
15i8
1418
104i2
104l2 *104
75i2
I884
8
8%
534
40
10%
8%
5%
Jan 19
82
Jan
Highest
$ per share 3 per share
85
-—-No par
No par
Eleo Storage Battery—No par
t Elk Horn Coal Corp. No par
6% part preferred.——.50
10,900
30,300
20,000
% per share
$6 preferred
Electric Power & Light-No par
3,900
3,200
2,900
10,400
1784
*104
9%
17
% per share
23% Jan 4
Year 1936
Lowest
Highest
$7 preferred
73,100
734
50i2
7234
*10512
17
Par
Range for Previous
100-Sfiare Lots
Lowest
50
50
50%
49%
50%
11934 11934
116l2 116l2 *114% 11934
11934 11934 *116
119%
52
53
51%
51% 52
53%
52%
52%
53%
53%
*126
134
*126
134
133
132% 133
133% 133% 132
16
16
1534
1512
1534
1534
15%
15%
*1534
15%
90
90
90
*8034
*8034
*8034 92
*8084
80%
8034
30
29%
30%
29l2 3058
29%
29%
30%
29%
30%
*108
117
*108
117
108
117
*11U2 117
*11U2 117
50i2
45
*70i2
10
"44"
44%
44%
34%
3384 34%
10558 106
*105%
49% 49%
48%
43
42% 43%
48
49%
49%
34
*34
34%
73g
734
7%
10534 10584 *105i2 10534
17
65
64%
29%
28% 29%
*100
*100
101
*9884 101
109
10i2
23% 24%
87
8784
83%
84%
84%
43%
43%
43%
1%
1%
184
784
634
7%
2734
283s
28%
58
5634
*57%
115% *113
115%
89
65%
*68
IOI4
24%
28%
*100
l
Range Since Jan. 1
On Basis of
Week
per
Jan. 23, 1937
l»a July
3% Apr
16
Apr
48i2 Deo
44% Nov
198a
Oot
90
Jan
2712 Nov
92
Jan
56
Dec
7i2 Feb
10U Feb
35is Dec
8012 Nov
317a
U6i2
1057a
14&S
96i2
412
llU
Apr
Dec
Dec
Dec
July
Feb
Mar
68a Jan
x25% Nov
24ia Aug
281a Jan
44
16
Jan
Nov
55U
Deo
52U Nov
31
Jan
223a Oot
463a Oot
4214 Dec
136
Jan
149i2 Aug
3214
Jan
Oct
6OI2 Mar
65
3812 Jan 11
22
397a Nov
81
65
Jan 13
Apr
95
347a
Jan
13
Jan
5
15
Jan 20
51%
55%
Jan
6
56
Jan 18
Jan
6
68
Jan 22
May
1484 Dec
15a July
24
July
914 Jan
301a Jan
2888 Jan
34
Jan
5
34%
Jan 19
30
Jan
36
Jan
7
33
June
16
Jan 11
2984
106i2
Jan 11
14
Jan
Jan 19
xl04
Dec
12512 Nov
105
Jan 22
100
June
1051a Mar
55
Jan 22
4
50
Jan 15
3258 Jan 12
13% Jan 4
2784 Jan 16
105%
101% Jan
5
50% Jan
4
Jan
129
Jan
7
5
16l2 Jan 4
103% Jan 20
1634 Jan 18
434 Jan 11
59
Jan
9
134l2 Jan 21
1734 Jan 11
104% Jan 15
6
30ia
Jan
Jan
120
Jan
12
Jan
104
Nov
177a Nov
484 Dec
06
Dec
19<4 Mar
62i2 Oot
63
37
15i2
32
55
13512
Aug
Dec
Aug
Dec
Nov
Dec
Deo
18U Nov
115
Jan
Volume
New York Stock Record—Continued—Page 6
144
Sales
STOCKS
for
PRICES—PER SHARE,
NEW YORK STOCK
the
EXCHANGE
LOW AND
HIGH
Saturday
Jan. 16
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 18
Jan. 19
Jan. 20
Jan. 21
Jan. 22
$ per share
$ per share
$ per share,
$ per share
75g
7%
$ per share
Shares
7i2
102i2 102i2 102i2
13i2
135s 1334
*116
12518 *115
*160l2
*16012 167
3718 3712
3578
*165
*1647S 169
*131
*130i2
65
*64i2 65
...
NOT PER CENT
738
7%
7%
734
7i2
V\
784
101
102
102
102% *101%10212
102i2 102*2 102*2
15
1438
1518
1484
1514
155g
15
15*4
15%
124ig 12418 *115
124i8
125*8 *115
125*8
125*8 *119
*160i2 167
167
160l2 16012 *160*2 167
*160*2 167
36
35
3612
36l2
3512
36ig
355s
36
35*8
170
—
168
*131
168
169
*131
...
170
...
170
169
175
178
65
6 584
67
6434
65
6584
6734
6784 £67
110
111
H07
107
11212
109
109
11212 *110
*1097g 111
48
49
4834
48%
48ls
4812
48*4
4834
48*2
4884
49
116
116
*11434 11512 *11434 H512
11484 11434
IH84 IM84
11484 115*2
23
23®4 24ls
2358
24
23%
23*4
22*2
235g
23*4
23*4
23*8
37
36i4
36%
3678
3634 3778
37l2
37*4
37*2
36*2
3734
3678
*112
*112
*112
*11114
*11U2
*11138
*379
366
390
390
390
400
405
3847s 3847s 366
*39978 40978
41
41
*40t2
41
*40i2 42
40%
*40*2 41*4
4058
*40*2
42
2578
26i2
2514
2678 27
2534
2584
2612
2534
2578
2638
2638
77
78
7784
7678
77
76%
77i2
78%
78*8
78*8
78*2
78*8
67
67
67
67
*66i2 6812
67l4
67%
68%
67*2
67*2
68*8
4834
1634
I6I4
167g
7034
69l2
70
5
14l8
20i2
2l2
143s
5i8
1438
1512
68i2
5ig
5
143g
14
2H8
25g
2538
1978
2%
245g
*48i2
1638
16
17*4
7U4
70
5ig
1414
20i2
2l2
2538
50i4
47g
1414
20i2
2i2
247g
71*4
5*4
14i2
21*4
21
20
25
25g
25i2
51
51
23s
2434
4912
70
70
70
70
70
71
16
1635
165s
38%
1612
1584
1834
1712
17i2
18
16i8
38i2
*130
132
*141
3784
132
50i2
175g
3884
132
*140
115
38
132
51
71
.18
_
18
18l2
385S
188
188
10612 107
107
10784
107i2 IO8I4
161
162
*160
14
73«
17
161
145g
75s
1714
64
6418
*133i8 13518
1978
1978
13
133s
684
95i2
*43
*7
19
7
55
14%
7l2
16i2
63i2
134
6U
1934
714
5612
1334
734
17ig
714
16ig
64
63
134
96
*13318
1912
13%
67g
683
96
97i2
42
43
42
IIO84 111
111
20
1312
65g
9
9
*7
85g
914
8i2
a51
51
*49
51
27
27
27U
4812
3514
*9112
1314
2714
♦48%
4812
3634
9212
13i2
3H4
3634
9212
1378
32
*10314 107
22ig
2712
121
2234
27i2
121
*82% 84
154l2 15412
*125
12584
125l2 126
45
*116l4
2234
4478
2834
26
*104
2184
1812
*106
45
~2~3~%
4478
2834
2612
115
31
227g
273s
♦121
125
*7
50
27i2
*48ig
*34i2
*92
13
3H8
*10314
*121
125
125
126
25i2
278s
125
125
245
♦43
44
44
30
29%
26*4
1914
46
45
45
5978
183s
4484
27
*104
2058
177g
50
50
50
6%
50*2
27«4
28
27%
28%
50i2
27i2
1512
1578
1434
15%
*1334
21*3
18*4
*106
*152
175
43
43
2384
265s
6%
*148
24
43%
2334
*137
~4~3%
24
265s
26%
27
*41
41l4
39
41
20
20i2
20is
*15ig
2278
155s
15&8
2318
4314
2334
4312
170
19l4
3
17
170
19i2
3i8
1714
*121
128
18
18
56
56is
78
79
12%
1314
28
♦107
109
*172
28
109
109l8
174
43
173
187g
3is
17
128
18%
16*8
16*8
15,100
400
217g
185g
107
*104
213g
183g
106
Ingersoll Rand
132*2 *124
19
20
44
44
44
44
50*2
27*2
*12
5258
28
1484
7*4
52
5584
2784
28
*12
*138
79*2
148
1434
145
*104
t Interboro Rap Tr
16
235g
185g
1958
314
3%
17ig
18%
128i2 128i2
18
*
43*4
175
"19"
1958
33s
3l2
18
17*2
127*4 12834
23*8
4234
*168
1834
3%
17*8
130
16*2
23%
61
60
2134
60i2
60
60
60
5U2
4934
5034
74
7H2
7H2
108% *10784 108U
3
3%
3%
593g
585g
5938
9
784
7%
14*8
60
1,100
"V,400
1,500
100
International Salt
May
147
125
Aug
140
Dec
88% July
122
Nov
1984 Jan 18
55
56
4,600
2,410
27%
28*4
1484
400
7
14% Jan 20
534 Jan 12
7% Jan 20
6
108% Jan 22
90% Jan
41
Jan 21
6% Jan 11
48
Jan 13
5
Preferred
100
Intertype Corp
Island Creek Coal..
..No par
1
121
Jan 16
143
79%
Jan 22
4
117
Jan
5
20
Jan
4
43
Jan 11
Kansas City Southern
Preferred
100
100
.....
Class B
1
Kendall Co pt pf ser A .No par
Kennecott Copper
No par
110
Jan
Jan 14
19*4 Jan
1634 Jan
38
39
6%
preferred
100
Lambert Co (The)....No par
Lane Bryant
500
15,900
3,900
Lehigh Portland Cement...25
173
170
230
4% conv preferred..... 100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
16%
130
18%
55*4
76*2
13%
17
130
19%
No par
-.6
Lee Rubber A Tire..
Preferred
......50
2,900
Lehman Corp (The)..-No par
Lehn A Fink Prod Corp.....6
2,900
1,100
55*4
77*2
11,300
1384
59,000
5984
60
*59
50
51
200
600
5
25
25
Preferred
100
.....
Lily Tulip Cup Corp...No
par
60
1,300
4,800
Liquid Carbonic—
74%
75*2
30,800
3
109
400
Loew's Inc....
No par
...No par
No par
Preferred
Loft Ino
Long Bell Lumber A ...No par
60
21,900
1,730
780
1,000
5,200
26,200
300
Lone Star Cement
..No par
Corp No
par
107
Feb
Nov
121
13
Jan
Oct
126% Deo
50%
Deo
Dec
Apr
26
Apr
48% Aug
Jan
Jan 18
23%
Dec
Jan 14
80
Jan
19%
Dec
28%
Jan
17%
Dec
24%
Jan
87
Feb
110
22% Jan 14
19% Jan 14
Jan
5
4*4 Jan 21
56
Jan 22
29% Jan
15%
2
Jan 16
147
Jan 13
46
Jan 20
24*4 Jan 14
27% Jan 14
130
Jan
30
61
Apr
20*2 Apr
4%
Apr
74% Feb
35*4 Aug
19*8 June
20% Apr
Jan 20
Jan 21
15% July
7% Jan
Jan 16
12
Jan 18
15% Apr
94*2 Apr
8% Jan
2
July
9% Apr
89
May
9
4
79
2
14% Jan 19
Jan 16
4
Oct
46% Deo
7% Jan
32
Jan 21
107
Nov
28% Jan
17*4 June
18*2 Jan
3% May
Jan 14
Jan 18
36% Nov
33% Feb
110
June
July
Jan
63% Nov
24%
Oct
Nov
32% Nov
18% Nov
135
Deo
51
Nov
28
Jan
33%
Jan
50% July
2684 Feb
18% Nov
I884 Deo
45% Nov
180
Nov
22
Oot
4
Feb
19
Oct
12384 Nov
21*4 Nov
65
Nov
80% Nov
13
Nov
28% Jan 18
110% Jan 11
25
May
97
Mar
115
Jan
6
112
97*4 Mar
116%
Jan
5
175
170%
Deo
21% Jan 21
22
Jan
63%
Jan 22
108
Jan 20
106%
Jan
171
59
Jan
Jan
4
Jan 11
Jan 13
160
Oct
5
19
Apr
54*4 Jan
43% Jan
64% Jan
61
Jan 14
52
Jan 15
76
Jan 20
106% Jan
109
Jan 22
3% Jan 16
2% Jan
Jan
Jan 22
6% Jan
984 Jan 20
43% Jan 8
56
£42
Jan 15
25%
36
Jan
July
32%June
43
Apr
10412 Feb
2
Apr
35% Jan
3%
Jan
£38*4
Oct
May
31%
Jan
23% Feb
63*2 Nov
55
Deo
46*2 Deo
67% Dec
108% July
3% Feb
61% Dec
8% Mar
45
Jan
113
Sept
7% preferred
100
t Louisiana Oil preferred.. 100
142
6
109% Jan 2
24% Jan 22
14734 Jan 20
140
Dec
151
28
Jan 11
3584 Jan 14
13
Jan
Louisville Gas A El A ..No par
Louisville A Nashville..... 100
25
Jan
4
Jan 13
20
May
90
Jan
5
Jan 22
Ludlum Steel
—1
MacAndrews A Forbes
—10
29% Jan 4
34% Jan 15
57*2 Jan
22% July
51*2 May
30% Oot
102% Oct
5%
preferred
(P) Co
.......100
Lorlllard
10
107% Jan
4
Jan
4
Jan
2284
132
Jan 20
Jan 13
6
Mack Trucks Ind.—.No par
4234 Jan
5
49% Jan 13
5,700
Macy (R H) Co Inc
51
5
54*4 Jan
3,500
1,900
Madison Sq Gard v t 0.No par
13% Jan 18
Magma Copper
53
No par
No par
10
132
2834
94*4
32%
35%
Jan
6% preferred
11",000
Nov
19%
116
38% May
47% Jan
7
May
...
93
37% Nov
133
58% Jan
50*4
60
Jan
May
Jan 20
Series B
Nov
27%
384 Jan 18
18% Jan 18
Jan
Apr
113
55
49*2
109
118
Oct
Feb
35
17
4
19% Jan 15
16*4 Jan
53*2
Oct
19*4
173
Jan
1784 Jan
2% Jan
Apr
67*4 Jan
984 Jan
2684 Jan
No par
Llbbey Ownes Ford Gl.No par
Llbby McNeill A Llbby No par
Lima Locomot Works..No par
Link Belt Co
No par
10,200
160
June
11% Sept
10%
Lerner Stores Corp
Life Savers Corp
21*2
63%
Jan
Apr
12
Liggett A Myers Tobacco
63
17
3834 Jan
Oct
15
30
Jan
41%
21%
16%
2384
4384
18% Jan
15% Jan
47
19% Jan 22
1,000
*21*4
Jan
Jan
61% Nov
Apr
Jan 16
1,300
2138
63*2
23
37
6
10%
Jan
18
10,100
213s
6I84
Jan 16
Jan
Jan
44% Jan 16
Jan 16
100
Deo
30
46
26%
8,100
117% Jan
23% Jan 15
5
22% Jan
36,800
13,600
Jan
5
Kroger Groc & Bak
No par
Laclede Gas Lt Co St Louis 100
I884
3*4
46
Jan
6,300
170
128% Jan
5*2 Jan
......
Dec
8% Dec
98% Dec
48*4 Nov
112
Sept
11% Oct
121*4 Feb
75% May
39% July
42
Preferred
Nov
3
88
Kimberly-Clark.......No par
Kinney Co
...No par
II84 Jan 6
12934 Jan 11
23%
14%
3*4
58%
Jan 11
23%
26%
3*4
Jan 20
87% Jan
64
43
15,700
125
5984 Jan 20
47*4 Jan 12
27*2 Jan 19
136
22*4 Apr
Jan 21
10
Feb
Dec
66% Nov
31% Nov
126
Sept
93% Nov
152
Deo
20
No par
Dec
Jan
6
(S S) Co
8
18%
15
17*4 Jan
Preferred
May
Apr
107
10*2
24% Aug
Keystone Steel & W Co No par
Kresge Dept. Stores...No par
Jan
13% Deo
43*4 May
125*4 Feb
384 Apr
2*4 Jan
1% Jan
20% Apr
2834 Jan
107
Jan
Kress (S H) & Co new. .No par
70
5
4
Jan
Deo
105% Deo
160
Apr
26% Jan 20
5
105
10
270
5
Apr
194
Jan
Jan
2
148%
2*4
4*2
Jan
18% Deo
5% Mar
7% Dec
82
126
Jan
Jan
50
Jan
123% Jan 19
Jan
56%
95
Jan
44
Deo
23
155
123
Jan
5%
27*2 Jan 19
49% Jan
38% Jan
Jan 20
Jones A Laugh Steel pref..100
Kalamazoo Stove Co
.10
7%
18%
2% Jan
9% July
2% July
22*4 July
160
Apr
19%
5
No par
No par
..100
Jan 15
1934 Jan
Jan 19
24% Deo
Oct
Dec
52% Jan
2
27
Preferred
8
.
Jan
5
6%
37
Jan
Jan
105
1
Preferred
45
111*4 Jan
9% Jan 15
13% Jan 16
36% Jan
105% Jan 11
II84 Jan 4
3034 Jan 22
1,000
18%
7
Jan
I6S4
3*4
4
90
43*4
60
4
11% Jan
46
28
*27*2 28
109*4 110
10934 110
110*2 III84
111*8 111%
170
170*2 *168
171*2 171*2 *167
3*8
59*2
132% Jan
I684 Jan
64% Jan 11
13534 Jan
21% Jan 20
100
28
59
4
2
preferred
Jan 18
15% Jan 14
8*4 Jan 22
1834 Jan
Jan
Jan
23*2
7578
74*8
IO884 IO884
16% Jan 19
145
21*2
4
Jan 12
Inter Telep & Tel eg
No par
Interstate Dept Stores.No par
8,100
21%
*15*2
162
4
8% Jan
6*2 Jan
Jan
Feb
10%
.
Jan 18
4
25
7*8
6
16% Jan
Kayser (J) & Co
5
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wheel conv cl A1
684
32% Jan 12
2
2,800
44*2
9
Jan
5
28% Jan 13
110
118% Jan
1384 Jan 20
6*4 Jan 18
3134
Loose-Wiles Biscuit........25
106
48
900
566.
4
26*4 Jan
42,400
see page
Jan
No par
100
Shoe
Oct
Jan 21
No par
International Silver
20
15% Nov
41% Nov
135
100 1109% Jan 20
8
Jan
6
...No par
25% May
137
Jan 21
II284 Jan 19
22% Jan 4
Internat Rys of Cent Am..100
Preferred.
Jan
4%
Dec
5% Jan
17% Feb
22% Nov
3% Feb
29*2 Oct
64% Sept
73% Oct
137
Kaufmann Dept Stores.$12.50
23,000
2,600
145
par
Nov
130% Jan 20
No par
9
7%
8%
934
884
9*4
9%
43
43
43
43
43
4234 43
42i2 42%
43%
109
109
108
*.107% 109
109
108
*108i2 119
10884 109
24
2312
227g 2358
237g
243g
2438
24*2
24*4
24%
24%
145
145
146
144
144
145
147
14512
14618
14784 14784
32
34
33
33
33%
31%
315g
31*2
31*2
31*2 32*2
27
27
27
28is
28ig 28%
2784
28ig
2784
26*2 2634
92
94
90% 90%
913g
9H2
9184
9U2 92*8
93*4
94%
30
31
3034
3034
2984 30i2
30*2 32ig
3178
31%
31%
35
35
3514
3514
35%
34i2 *34*2 35*4
34I2
*34*2
35*4
*13U2
*13H2
*131*2
*131*2
*131*2
48
48
~48%
4884
475g ~4~8%
48%
"48*2
47*2 48*2
5314
52l2 63%
52ig
52i2
523s
53*4
52*2 53*4
52% 53%
14
15
15
14i4
13i2 1334
14*4
1538
148s
14*2
14*2
58
57
57
553s
55*2
5684
56*2
6684
56*2 56*2
For footnotes
4
Jan
46,500
12,100
77g
37
160
3%
60%
43
Jan
May
Jan 22
Corp..No
June
11
111% Jan 22
Preferred
Jan
1
18% Apr
58
Jan
Int Printing Ink
Mar
78
13% Dec
Jan 20
103
....100
33
£70% Nov
65
1834 Jan 18
Jan 22
100
Oct
Feb
Feb
Jan
22% Jan 20
40% Jan 11
8
Preferred
Oct
Deo
Jan
4
58
Inter Pap & Pow cl A__No par
Class B
.......No par
Deo
6%
3% June
8*2 Apr
13% May
4
Jan
44%
Dec
48*4
1434 Jan
1234 Jan
69*4 Jan 15
900
19%
44*2
*12
Jan
Kan City P & L pf ser B No par
1,020
40,500
.19
Jan
Jan
5434 June
17% Jan 22
7334 Jan 12
5% Jan 21
15% Jan 21
189
Johns-Manvllle
640
7
2
110
5978
597g
50*2
49*2
76
7334
108*4 10834
3*4
3*8
65*4
Jan 11
4
109
2U2
Jan
73
Jan 22
28
61*8
22*4 July
80
Jan
108
60
27% Jan 14
Jan 18
Jan
108
21*2
544
5
23
1378
Dec
39% June
6
43
130
407
5
5% Jan
43
19*8
33g
1758
9
Jan
11% Jan
Jewel Tea Inc
61
41
16
Jan
41
5
1,000
60
2678
23*8
4112
415
6
Jan
42
2,900
30
*38*4
21*4
16*2
21%
Jan 18
1
25
33*4
42%
115
72
Internet Harvester....No par
Preferred
...100
124
Feb
186
80
106
24
175
132*2
Jan
108
m„Nopar
7%
Jan
30
.No par
No par
Agrlcul
International
June
9
19*4
5
7
Prior preferred...
.100
Int Business Machines.No par
Internet
108
49*4
7
t O..100
v
Jan
43*2 Jan
113% Jan
Jan 21
Inspiration Cons Copper...20
148
*104
2378
*26*8
23%
4312
40
5,400
24
2178
2,900
"V.900
237S
*26*8
41
150
61,800
18%
23l2
26ig
28
800
1,000
21*2
45*4
23*2
*38*8
20*4
900
18
46
4012
20U
15%
Jan 15
56
100
Insuranshares Ctfs Inc..
Certificates
""326
21*2
*44*2
27
90
1,400
19
6%
310
5,400
61*4
Feb
Jan
100
...No par
Preferred
27
106
119
30*8
46
No par
6% preferred..
Inland Steel..
54,800
1,100
25*2
2138
18*2
Jan
102
Jan 19
4934 Jan 2
120% Jan 4
24% Jan 13
21% Jan 20
2% Jan 16
25% Jan 20
10
Class C
27
110
58% Sept
Sept
80
111-
9
Jan
Industrial Rayon......No par
57,300
25%
60*4
67g
15,100
27*4
61
6%
100
24,900
2578
7884
7058
*107i2 108
*107%
314
3l2
314
58% 5914
587g
53
8
56
70i2
59
1384
8
77*2
13%
2758
5078
1,000
*161
14*2
55
60
9,800
108*2 10934
46
*2U2
29,600
109*4 111*2
78*2
2134
8
58
187
186
56
2134
2,100
8,800
57*2
55*2
187*4 187*4
55
5134
♦1312
110
Jan 14
Jan 22
Jan
...100
Interlake Iron
45
18
59,200
5»4
lines..
RR Sec ctfs series A.
76,300
76*4
13*2
61
48 i4
18%
5,400
2934
125*2 125*2
124*4 125*2
125
125% 126
12484 125*2
45
45
*44*2
45*2
45*2
*116*4
*116*4
22
22*2
.22%
22*4
2234
44
43*4
43%
43*8
43*8
*30
30
30
295g
30*4
27
27
2634
*26*2 27
*138
56
55l2
5534
78
7412
7534
14
13%
133s
14%
*28
28% 283g
28%
10834 10834 *108i2 110
10834 109
10914 110
172i2 17212 *17012 17134
70
90i2
128
584
1,600
10
114
Leased
Indian Refining
Intercont'l Rubber
76%
51
3014
*34is
*13H2
384
18l2
27*2
280
14,300
5512
61
28
1938
113
24
♦168
70
584
19%
80
Deo
Apr
12%
18%
2*8
2284
No par
6% pref series A
5*2
I884
784
57*8
I884
6H4
32
173
2,800
578
19%
1858
2U2
*107i2
23is
14514
16
23%
4334
55%
130*2 131*2
45
20i8
1514
2284
4234
20,600
534
19*8
185g
61
784
20%
25*4
Illinois Central
13%
146
150
135
Jan
Hupp Motor Car Corp..... 10
13
797fl
Jan
Aug
100
Hudson Motor Car
2%
*135
44
*38
27,300
55,400
21
Oct
84
126
4
100
41
Jan 22
100
Preferred
1384
18*4
2H2
*42
6I4
2,500
534
1284
18*4
15i8
6I4
15*4
20*2
Deo
131% Jan 21
6734 Jan 21
12% Jan
5
Hudson <fc Manhattan....100
Jan
165
178
2384 Jan 4
76% Jan 18
67
Jan
141
5
H284 Jan
40
Mar
Mar
21%
5
Jan
37% Jan 16
share
9
4
22% Jan 22
366
6
per
133
Jan
11434 Jan 20
36
Jan
Highest
e
Jan
6234 Jan
38%
59«4
60%
185S
4434
6%
50i2
277b
19ig
48
166
shar
Jan
Howe Sound Co
38
146
124% Jan 19
Jan
Jan 15
Houston Oil of Tex v t o new 25
8,800
10,800
2,010
*124
7
120
17*2 152,200
53,400
8,700
253s
27*4
15% Jan 21
160
72*8
5%
15%
5%
17*2
1384
7*4
16*2
Jan 15
4
per
4% Apr
99% Dec
12% Aug
117
May
150*4 July
25*2 Apr
Jan 14
16*2
124
*29l2
26i2
61
125
124
2912
2714
105
27*2
80
*116*4
227g
223g
115
26*8
146
4414
603s
185g
17
80
2884
2612
105
75s
143
83l4
147
44
107
143g
8
103
71
.
12312 12412
124
12584
4514
45l2
♦105
No par
2
13*4 Jan
33%
150*2
12934
64*2
$
Jan 13
6% Jan
101
Int Nickel of Canada..No par
27
17%
Class B
35,700
24i2
205s
% per share
Household Fin partio pref..50
Common stock new..No par
20»4
778
% Per share
2,500
4,100
637g
635g
64*8
63%
64%
633s
135l2 *133*8 135i2 *133*8 135*2 *133
135*2
21
21
2114
19*4
20% 213g
20*4
1414
14l2
14*4
13*2
13i2
1384
14*8
7
7
73g
7%
738
7*2
7*8
IOII4
100*2 103*4
104% 108%
101*4 105*4
41
4134
42i2 £41% 42
*41%
41%
111
111
110
*109*2 111
£109% 111
*8
914
9*4
9*8
8*2
*8*4
8*2
*7
*7
884
8*2
*6*g
884
8i2
50
50
50
50
51
50
*49*4
27
27i2 *27
27*2
26%
27*2
2634
487S
48*2
4884 4834
48i2
4834 4834
36
35
35
35*4
35*4
35*4
3484
92
92
92i2
92*8
*90*4
92*2
92*8
13*8
13*2
13*2
13i2
13*4
13%
13*4
31
31
31*4
313g
3034
3H2
3084
105
*105
105*2 105*2 105*2 *105*2 106
12534
213g
183g
7,400
preferred
100
Homestake Mining..,
100
Houdaille-Hershey cl A .No par
20,700
27
*104
No par
Highest
preferred.....No par £107
17*8
137g
7%
16*8
63*4
I65g
124
110
Conv
Int Mercantile Marlne.No par
Internet Mining Corp
1
83
*104
Herehey Chocolate
Int Hydro-El Sys cl A
23i2
♦116%
2314
2218
200
18%
7
100
13,500
144
45l2
preferred...
cum
60,500
84
4512
*116l4
2284
$7
8*4
149
1734
4334
6I4
2334
2712
*9
Hercules Motors......No par
Hercules Powder......No par
"14*8
147
21
615s
92i2
1384
32
195g
678
7*8
54%
5534
18684 187*4
14%
7&8
*82
185s
60l2
I884
36
*10314 105
2I84
107
4812
19
"""566
17*2
161*4 *161
6
100
...
7%
70
57s
Preferred
Hollander & Sons (A)
5
Holly Sugar Corp.....No par
18
161
534
1334
Hecker Prod Corp v 10.No par
Helme (G W)
25
130
72
137
Hayes Body Corp..........2
Hazel-Atlas Glass Co..
25
2,500
7,500
22*4
113*2 114
28
28%
Par
Year 1936
Lowest
Lowest
Holland Furnace-.... .No par
$5 conv preferred
No par
7134
17*2
2U8
108*2
28*2
534
1234
5%
800
55
108
2534
800
2,800
56
137
116
7,200
1,000
54
72
18
10
25*2
55
22*4
100
2*2
24%
114
*161
15ig
1912
96i2
44
6
13
13
7
IIO84 11034
9
534
1234
51s
1478
2034
2l2
25
*135
188
188
•
578
157s
21*8
2%
38
39*2
3812
130i2 131»4 *130*4 131*2
132
*140
1143s 1153s
273g 287g
17*4
72
1634
705g
5*4
375g
II284 114
2514
2714
578
5%
12i2
127g
6
534
18i2
19%
678
714
54
55i2
187
187%
116%
2884 2918
534
584
*125g
13is
53g
5%
I884
19i2
7
73s
5434 56
25g
2578
78,000
...
...
5
1558
70
■'
800
10
131*2 131*2 *131*2
*110
...
13,400
Range for Previous
Range Since Jan. 1
On Basis of 100-Share Lota
Week
$ per share
7«4
7%
SALE
571
Jan
Jan
4
Jan
6
6
15% Jan 20
61
Jan 12
107
21% Apr
33
Oct
26%
Jan
Jan
35
Feb
42
Jan
127*2
27%
40%
Apr
8%
Jan
16%
Dec
34*2
J&n
57
Nov
Jan
Jan
134*2 Nov
49% Oot
65% Nov
New York Stock Record—Continued—Page 7
572
SALE PRICES—PER
H1QH
AND
LOW
NOT PER
SHARE.
STOCKS
Sales
CENT
f()T
NEW
JUf
Jan.
Wednesday
Thursday
Jan. 20
$ per share
$ per share
18
Jan.
16
$ per share
S ver share
•\
7
7
*678
7
2534
26
16
40
38%
154
154
54
538
114
114
2%
2%
174
74
26%
15
15
£15
*364
384
164
284
534
114
24
384
154
27%
384
164
*364
15
16
164
1534
1578
284
284
578
284
64
28
284
1134
2%
12
1178
234
1934
240
Preferred
100
38
600
Prior
460
2d
100
100
274
54
11%
24
*164
354
*434
5%
*44
50
21
2178
21
1034
694
70
104
694
704
104
694
70
40
40
404
40
40
104
624
15
6134
62
15
*62
15
154
*
50
50
*1084 1094 *10834 1094
334
19
*100
334
194
334
334
19
194
101
104
424
2734
4034
414
91
91
134
274
134
47
464
174
17%
*1104
27
274
95
95
*854
86
47
17%
*11012
101
42%
242%
274
404
424
27
434
*
40%
89
134
464
16%
28
50
49
21%
2078
154
434
*1104
274
34
184
19
42
42
42
284
4034
2734
404
284
4078
904
88
89
13%
47
13%
46%
144
474
174
17
174
*1104
2778
274
30
964
----
6234
624
624
61
6134
22%
224
2234
2134
234
2034
20
3034
314
42%
42
1184 119
*1044 106
30
30
3034
3034 •f- 304 314
404
40%
404 424
414 424
119
119
1174 119
1184 1184
*1044 106
*1044 106
*1044 106
111
110
110
111
10978 110
114
1084 *110
120
*11434 1194
*11434 120
14%
14%
15%
154
144
93
95
944
944
954
2
2
24
24
24
44
4%
44
44
44
6
6
6
534
*534
274
2734 28
274 27%
11934 11934
1478
144
*9134
*2
934
24
*378
6
274
74
4%
64
2734
7%
27%
119
*6
2734
734
274
74
7%
2634
264
274
338
34
3%
34
34
34
34
84
394
7%
384
*984
387g
38
9934
99
57
5734
574
8
734
734
374
27
84
304 31
42
414
11834 11834
7%
26
34
734
38
994
994 101
5778
5838
57%
584
5678
58%
24
*444
*654
2.%
24
2*16
2%
*45
47
664
*66
66%
664
14
14
178
1%
383#
38%
244
66%
134
178
374
237«
3634
24
66%
2
23
354
354
1%
1654 1654
334
100
324
2334
♦111
16%
3334
100%
33
24
109
109
101
,
109
109
19
20
194
194
194
284
284
284
28%
28
150
57
58
58
5834
144
1434
144
1434
24
4
24
78
24
78
7234
7334
7334
75%
63
634
63
644
114
*12
126
114
124
55
*51
5634
*56
109
*107
1
*1204 124
1134
114
12
1134
*52
564
108
53
564
108
58
109
101
53
56
101
*100
34%
23 78
*100
354
344
23%
24
110
110
29
284
33
35
35
354 36
1704 1704
147
147
35%
171
35
3,300
36%
6,900
200
*1464 150
51
6178
61%
13%
144
24
13%
*178
24
1
%
7534
664
78
10,800
76%
26,200
5,200
*2
24
%
744
644 65%
1234 124
114
114
1178
124
53
53
*56
564
109
*107
284
2
1
754
53
56%
109
4
7534
774
65
6634
125
125
*125
114
114
114
12
124
12
*534
57 4
*107
54
5434
*534
574
109
*107
137g
67
126
III4
124
544
5734
109
*234
3734
284
*234
404
374
81
81
82
43%
44
4278
4378
434
44%
434
44
49
494
49
514
494
534
55
57%
914
90
92
914
9234
92
9234
94%
114
114
1134
114
12
114
117g
924
114
284
3878
814 824
424 43%
564
614
9434 100
12%
12
2234
22%
224
224
444
494
90%
*114
100
61
134
40%
49
S
61
134
804
434
120
5,600
23,600
171
7978
784
8
63i4
Jan 18
Miami Copper..
6
1634 Jan
2
26
Jan 11
29U Jan
4
38i2 Jan
5
284
*234
38
39
J
82
»
r
•
127g
14,700
54,500
1,100
300
Mld-Con'lnent Petrol
10
Midland Steel Prod
8%
No par
No par
Preferred series A
Conv
100
Mar
4
111
Jan 20
*65
Apr
Jan 15
122
Jan
8
119
Dec
Jan
7
95i8 Jan 18
2i8 Jan 18
Jan
8
Morrel (J) & Co
Morris & Essex
458 Jan
9
6U Jan
2934 Jan
8
2% Auk
284 Jan
2
1684 June
7
Jan
4
3014
Jan
4
95i2 Jan 15
1
par
10
...100
pref
...No par
7% pref class A
100
7% pref class B
100
t Nat Depart Stores...No par
Nat Distil Prod
..No par
Nat Enam & Stamplng.No par
National Lead
10
Jan 18
378 Jan
197§ Aug
.
May
79
58i2 Jan 14
3584
6
l»w Dec
414 Dec
Jan
5
25s Jan 16
45% Jan 11
66i2 Jan 18
6
Jan
4
4
213,} Jan 4
32i2 Jan 4
9514 Jan 14
2734 Jan 4
No par
No
Jan 21
39»4 Jan 16
101
Jan
Jan
Sept
6
34
1
Acme
2
8
1% Jan
Munslngwear Ino
No par
Murphy Co (G C)_.
No par
5% preferred
100
Murray Corp of Amerloa__100
Nat Aviation Corp
National Biscuit
9
5ia
144
Jan 15
312 Jan
65
50
Mother Lode Coalition.No par
Preferred
734 Jan 15
2734
54i8 Jan
l's16 Jan
4278 Jan
No par
Mfg Co class B
Jan
Jan
1% July
7
2
10
6i«
57U
2
Jan
Rights
cum
155s Jan 18
3
Mont Ward & Co Inc..No par
7%
4
100
20
preferred
Mills
National
Jan
100
Paclflo
2
Jan 12
604
84
Jan
Jan
Jan
38i2 Jan 15
24% Jan 15
28«8
Apr
154
36
Jan 14
11
Jan
Apr
98
Jan
2
70
May
30
Jan 11
21
Jan
Jan
8
73l2 Jan
2
4478 May
107
Jan
6
107l2 Jan
5
1024 Jul*
14
Apr
72i4
20
Jan 14
62
Jan
17
Jan
59
.
Jan 21
173s
Jan
8
2034 Jan 22
38i2
18i2
1358
313s
Jan
5
43i2 Jan 13
223g Jan 20
183s Jan 2l
Jan
4
4
Jan
4
Jan
7
3234 Jan
9
8
Jan 18
43
Jan
204 Ma>
124 Apr
94 Apr
2884 Oct
153
Jan
165U Jan 16
3178 Jan 22
167
100
100
Dec
21
Jan 21
10212 Jan 6
3512 Jan 20
24l4 Jan 11
11134 Jan 7
Apr
Apr
Oct
107i2 Jan
Jan 16
29% Jan
23% Jan
110
5
5
3334 Jan 13
307g
21
IO784
Dec
4
109i4 Jan 14
107
Dec
18l2
Jan
4
20i4 Jan 13
10
Apr
28
Jan
4
29
254 June
30
Jan
7
Jan 14
35
28
Preferred
A..
100
34i8 Jan 4
168'g Jan 12
171
155
Preferred
B
100
144
Jan
6
14712 Jan 20
13784
Jan
Nat Mall & 9t Cast's Co No par
54
Jan
5
6178 Jan 22
1434 Jan 14
2i4 Jan 18
54
Dec
National Power & Lt... No par
Nat Rys of Mex l»t 4 % pf. 100
2d
preferred.
Preferred
Nelsner
Jan 21
3778 Jan 12
Jan 22
1
34 Jan
25
6278 Jan 14
No par
123
Jan
Jan 15
10i2 Jan
1134 Jan
53
2
5
Jan 15
Jan 19
Jan
9
126i2 Jan 14
1218 Jan 15
1214 Jan 2
55
Jan
4
57l2 Jan 21
No par
56
100
107
Jan
5
19
Jan
6
29
3434 Jan
109
Jan 11
Jan
9
Oct
268s June
Oct
94 May
7g
4
Jan
57U
1978
Apr
744
Jan
Jan 18
7714 Jan 21
70
100
Bros
lll2
lh Jan
25
No par
Newberry Co (J J)
5% pref series A
t New Orl Tex & Mex
Jan
100
National Steel Corp
National Supply of Del
No par
Jan
Jan
7h July
104 June
3284
41
Apr
Apr
1044 Apr
104
Feb
4
4134 Jan 18
9
Apr
78%
Jan 18
New York Central
No par
N Y Chic & St Louis Co...100
40
Jan
4
8234 Jan 11
443s Jan 20
324
2784
Jan
Jan
41
Jan
4
6U2 Jan 22
17»4
Jan
Preferred series A......100
83
Jan 14
364
Jan
52,300
2,100
Newport Industries
80,800
11,600
7,800
4,860
88
2678 Jan 14
678 Jan 2
2414 Jan 4
par
Natomas Co
------
Jan 22
5
100
National Tea Co
10
106
88i2 Jan
1% Jan
334 Jan
100
2,000
700
Feb
7
102
Minn St Paul & 3 S Marie. 100
t Missouri
Jan
110
10334 Jan
11
No
215s
2
119
7% preferred
4% leased line ctfs
*17U Apr
4212 Jan 16
Jan
100
Mission Corp
Mo-Kan-Texas RR
7
Jan
Jan
Jan
122
Minn Mollne Pow Impl No par
Preferred
No par
4% conv pref ser B
315s Jan
3112
405s
584
Jan 19
117 is
pref
100
Milw El Ry & Lt 6% pf—100
Minn-Honeywell Regu.No par
cum 1st
2,100
1,000
Jan
Jan 22
Jan
Nat Dairy Prod
19
Jan 13
59
19,100
28%
135
6
21,400
109
187g
284
2
Jan
Mesta Machine Co
2378
120
2
Jan
Dec
Dec
65% Jan
6?s May
30
May
Jan 16
3478
111
Jan
41
Nashv Chat <fe St Louis...100
300
5
134
530
32,400
16,200
12>4
*95
8612 Jan 13
15
Jan 22
Jan
6
5% pref ser A.........100
Nat Cash Register
No pa*
394
40
80%
83l2
1H2
106U
11714
Jan 14
Myers F & E Bros
No par
Nash-Kelvinator Corp
5
22,700
Jan 22
39
Nat Bond & Invest Co .No par
109
29
900
98
Oct
Dec
1U2 Apr
*95
Jan 20
Meroh & Mln Trans Co .No par
600
111
1094 *1084 109
19%
19%
194
16,500
8
30
June
85s Apr
3734 Jan
Jan 14
6
Jan 12
95
1
100
100
7% preferred
7% pref ctfs of dep
3,000
*234
414
79
Mengel Co (The)
Jan
2534 Jan
No par
10078
284
*234
39%
Jan
16
Jan 12
19
99,100
59
58%
134
144
24
24
1
%
744 747g
6434 664
*1224 123
114
114
12
1134
*107
194
4134
7934
29
*22
42
32
33
33
3278
3278 334
36
36
36%
3534
3534 36
*1654 1704 *1684 1704 *1674 1704
150
*146
*1454 150
1474 1474
*146
*122
42
2034
42t2
22%
354
3278
234 244
all0% 1104
109
2
59
204
414
21%
22
22%
21% 22%
18
174
174
18%
18%
174
32
3134
3134
32%
3178 32
*165% 170
1654 1654 *165% 168
324
324 3234
3178
3234 3234
1934
-
59
204
42%
42
111
—
47i2
112l2
300
111
—
4
1
1,200
111
36%
45
No par
Stores
9634
59
8312
1638 Jan 19
IIII4 Jan 9
$3 conv preferred
MoLellan
.
June
4012 Nov
14i4 Jan 20
73
194
8
6
294
194
38*8
9234 Jan
Jan
87l4 Jan
1258 Jan
73
59
92
5
38
294
19%
Jan 15
McKeesport Tin Plate.No par
5
7334
1978
101
2
4
Dec
Nov
2U May
421a Jan 21
28i2 Jan 19
42i2 Jan 14
40% Jan 12
Molntyre Porcupine Mines..5
73
------
Jan 19
*99
MoKesson & Robbing..
Monsanto Chemloal Co
500
8
2334 Jan
964
111
31
I8I4 Jan
5
29
11134
—
Co
Eleo
j
2834
31
MoGraw
x33
McGraw-Hill Pub Co.-No par
73 4
194
364
*1654
Feb
964
283s
109
29
8
29
22
21%
16%
174
32%
3134
167
167
*1654 167
33%
334
334
334
101
1014 1014
10134
334
324 334
32%
23% 244
2334
244
21%
3134
2
Jan
734
43
164
Jan
191a
29
42
21%
36
954
424
224
174
3234
32
Jan
Jan 14
954
42
16
103
Motor Products Corp..No par
Motor Wheel
6
434
204
Jan 22
Mullins
4278
3178
4312
111
No par
McCall Corp
No par
MoCrory Stores Corp new—1
6% conv preferred
100
Mohawk Carpet
61
13i8 Apr
7
10612 Jan
Prior preferred
1,300
194
Jan
44
3,100
6,300
61
15l2 Jan 11
Jan 13
374
234
1978
64
4
Jan
Jan 13
3378
62
43% May
163
14
45
3634
234
194
6
Jan 14
59i2 Jan 22
5
3334
9634
20
Jan 14
27% Apr
15378 Jan
Jan 13
2378
614
8
Jan
344
97%
294
194
IDs Jan
6% Apr
43
234
1934
2178 Jan 18
11% Jan
May
45
4,600
40,400
----
41
No par
19,800
*1074
194
1878
Jan 18
ex-warr'ts. No par
98
----
51
Jan
Preferred
37
*1074
2% July
44
344
----
Jan 20
163
3634
2334
97
Jan 20
7% preferred
...100
Department Stores... 10
Maytag Co
No par
3434
294
Jan
Jan 21
Jan 20
1SV8 Jan
978 Jan
May
3578
23%
*73
2i4
Jan 20
6
278
4134 Jan
34
734
6i8 Jan 21
12
20
2
9
701a Jan 18
23
*28
17% May
39
Jan
Jan
334
*1074
18%
19%
*61
10
5778
24e 29,6 171,600
100
*444 46
350
664 664
17g
11,900
1%
374
Dec
Jan
39
57%
Dec
1278
60
364
61
*10638
964
294
734
5778
27,6 29,6
*444 4678
32
39
357S
*1074
1878
1834
61
*594
19%
194
*28
100
Jan 14
39
16% Jan 20
28l2 Jan 20
No par
No par
Martin-Parry Corp
2234
334
344
964
964
294
2878
734
734
*1074
19~34
1834
*73
29,6
,
June
Mathteson Alkali Wks .No par
Masonlte Corp
97
17s
664
66
444
2%
380
106
Jan
Jan
7
48
Marshall Field & Co...No par
384
664
178
45
*444
29,6
444
10,600
3,300
•
106
387g
3934
100
4,000
79,000
900
1084 1084
60
*11434 1194
1478
15% 139,000
700
93
*9134 94
700
24
24
24
500
4%
4%
*44
1,270
64
534
54
28
3,900
28%
284
-•
7%
7,000
74
74
26
27
8,000
2678
2,700
3%
34
34
9
16,400
84
834
98
99
28,700
1,240
15%
384
39%
15
119
14%
*9134
24
*44
734
2738
74
.
1%
7%
Jan 11
1678 Jan 11
8% Apr
1*8 Jan
6% July
I884 Jan
2
.No par
Marlin-Rockwell
Melville Shoe
130
1978
preferred
2
30
N Y Air Brake
100
1
No par
New York Dock......
100
1034 Jan
5
100
Jan 22
1278 Jan 22
34 July
*
224
1374 *132
*132
1374 *132
14
1%
1%
1%
1%
64
64
6
64
6
18
184
1778
184
17%
244
22%
135
1374
1%
6
54
6
5%
44
44
44
4%
144
1334
134
1334
724
724
134
*704
*70%
7234
•
*9934100
100
7234
100
*1084 10934 *1084 10934
1004 1004
1084 1084
244
244 25%
135
13478 *130
1%
1%
5,300
64
6
64
64
174
54
54
6i4
13,800
534
4%
13%
18
174
578
578
434
434
13%
13%
70
704
1004 1004
10934 10934
24
24
714
1004
1084
24
18%
6
54
18
6
7,000
14
15%
144
744
744
764
1004 10034 10034
1084 *1084 10934
3
34
234
18,900
274
*265
270
*264
24
2694 *265
270
*264
269
264
264
115
*114
115
*114
115
114
114
114
114
*114
115
34%
34
*5512
57
16
1584
*103
1034
2%
334
*5578
154
1037S
2938
514
2934
*5112
47g
304
354
364
36
18%
194
18%
524
54
5
24
24
32% 33%
324 32%
«*
56
56
56
564
5634
*554 5634
15
17%
16
15%
16%
154
164
10378 *1034 10434 *1034 10434 *1034 10434
2934
294
2884 2978
294 30%
304
52
52
52
524
524
624 524
5%
578
54
534
5%
534
5%
40
*37
3834
3878
3878
374 40
19
19
1878
18%
18%
1834
18%
344
32
For footnotes see page 566
33%
13,500
5.200
5%
*114
234
10
1%
*264
*24
4,820
1%
17%
534
44
2234
*130
1%
6
64
184
578
44
134
2334
135
1%
350
130
80
Conv
preferred
56
664
800
1634
174 105,400
500
1034 103%
28% 294
534 534
43,800
5%
48,400
220
3834
540
194
61,100
2538 Jan 22
Jan
135
Jan
Jan 14
Adjust 4%
pref....
Preferred
1878 Jan
8
Jan
4
6I4 Jan 14
558 Jan 22
1538 Jan 22
76i2 Jan 22
57
May
9934 Jan 8
108i2 Jan 11
10034 Jan 22
83
Mar
4
314 Jan 21
4
110
Jan
2
4
July
24 Jan
94 Apr
934 Apr
14 Auk
2
100
264
Jan 22
272
Jan 14
210
Jan
100
11258
3038
5512
133s
Jan
8
114
Jan
8
105
May
No par
j.Tl
No Amer Edison pref.-No par
Northern Pacific
100
Northwestern
4U Jan 13
100
60
North Amer Aviation
Jan
Apr
74 Apr
2
Jan 20
North American Co
1
3
Jan
70
100
Jan
7
9
Jan
preferred
104 May
119
Jan
6l2 Jan
5
7%
Jan 20
2
12
N Y Steam $6 pref...-No par
*7 1st preferred
No par
2
Jan
N Y Railways pref
No par
N Y Shipbidg Corp partstk..i
Norfolk & Western
20
..100
2ll2
129%
1%
5%
16%
N Y Ontario & Western... 100
100
49,200
54
60
12,700
334
1834
100
t N Y Investors Inc...No par
t N Y N H & Hartford
100
t Norfolk Southern
32
*33
Preferred
NY4 Harlem
Telegraph...60
Jan
Jan
Jan
Jan
10212 Jan
27U Jan
5112 Jan
Norwalk Tire & Rubb.-No par
Preferred
60
29
Ohio Oil Co
17i8 Jan
No par
314 Jan
Jan
3478 Jan 14
57i8 Jan
7
173s Jan 21
10412
303s
53l2
578
40
Jan
8
Apr
5284 Feb
64 Jan
234
98
Jan
Jan 20
237g July
Jan 22
60
AUK
Jan 18
2
Jan
Jan 18
19
Aug
19i2 Jan 14
Highest
$ per share 3 per share
1634 Jan 12
35is Jan 19
514 Jan 6
Corp (Del) .5
100
preferred
6
4
434 Jan
IOI4 Jan
Maracalbo Oil Exploration.. 1
Marine Midland
Market Street Ry
500
41
13%
Jan 13
7
13^4 Jan
237s Jan
25
84%
41
1378
36
t Manhattan Ry 7% guar. 100
100
Modified 5% guar
Manhattan Shirt
280
40
134
*83
Jan
98
40
14
85
Jan 20
15
28,100
40
134
*83
•
25
30
400
134
86
Bros
6% conv preferred
.100
Mead Corp
....No par
$6 pref series A
No par
1344
234
*344
964
5,100
------
134
2234
45
1678
----
-----
127
6234
8
38,700
2,500
130
62
778
900
1254
634
224
534
300
9,200
6,400
2,700
126
624
21%
438
*984 100
414 424
28
2734
414
404
884 8834
144
1378
464
464
174 X174
16%
*1104
*1104
29%
2834
294
97
97
964
1,800
7,900
125
624
274
74
2634
34
184
126
604
*178
334
170
125
*394
6234
9434
1104 111
334 334
184
184
*984 1004
42
424
27% 2778
404 40%
874 88
14
13%
46% 4678
m'm
126
40
1334
50
6I2 Jan
100
100
No par
Preferred
S per share
778 Jan 12
Preferred
600
434
125
40
108
434
*
t Manatl Sugar
Mandel
.
4,400
3,200
124
41
120
154
'«•*-.
1334
12534
*40
♦1044 106
-
1254 1254
41
31
434
—
604
125
41
424
154
50
334
184
-
594
1538
85
127
42
*155
2,700
3,200
85
964
854
127
3078
-
1,300
20,500
3,100
964
135
11934 1194
434
*
-
-
6078
810
96
1294
144
104
69
404
—
15,300
22,500
964
95
*127
1334
104
69
1104 *1104 111
33
99
11
394
15%
434
50
5078
214
207g
70
5978
15%
434
*
*49
494
214
9,100
15,200
64
40
*155
61
604
154
*54
694
.
*155
614
1034
6
40
70
40
85% 85%
14
13%
1254 128
129
11
70
*984 1004
13%
1734
38
z99
90
47
20
3834
54
no"
28
----
19
384
6
70
6
578
27g
820
1,400
40
*364
19
1094 1094
334 334
19
19%
*404
39
39
394
;
50
4034
89
—
154
28
1338
«»'—
614
44
44
46-%
*__,
104
*155
*160
*160
*44
104
15
*4834
2078
104
214
3934
7%
264
15
5%
17%
50
2138
204
51
74
25%
11%
234
1934
27g
37
5%
51
12
74
264
154
74
25%
6
54
114
2%
174
354
52
*51
600
25
74
Year 1936
Lowest
Highest
$ per share
Par
1534
2%
17%
364
36
5%
Shares
26
54
11%
174
36
$ per share
Range for Previous
100-Share Lots
Lowest
15
28
26%
54
11%
*24
174
*354
*54
Week
$ per share
Range Since Jan. 1
On Basis of
STOCK
*74
254
384
154
15
26
Jan. 21
YORK
EXCHANGE
16
*154
254
7%
the
Friday
Jan. 22
264
26
16
*36
Tuesday
Jan. 19
Monday
Saturday
Jan. 23, 1937
124 Aug
9
Deo
351* Dec
18
Nov
57U Jan
2314 Feb
2434 Deo
6'4 Mar
1234 Aug
318 Mar
23
Nov
45
Nov
7i2
Deo
56ia Nov
25'8 Nov
12
Mar
Volume
LOW
New York Stock Record—Continued—Page 8
144
SALE PRICES—PER SHARE,
HIGH
AND
NOT PER
Sales
CENT
STOCKS
fOT
NEW
Jan. 16
$
share
ver
$
per
Jan.
58%
57%
58%
23%
24%
22%
24
114% *109% 110%
1534
15%
14%
15
38%
39%
39%
39
*135%
*140
1734
*
"18%
"78%
79
75
18%
a»
155
"
Jan. 20
Jan. 21
Jan. 22
Week
$ per share
$ per share
$ per share
Shares
5634
8,600
22%
46,800
57
57%
58%
58%
56%
23%
22% 23%
2238 24%
*100
110% *100
*100
110% *100
14%
1334
13% 1434
1534
16%
14%
15%
39
39
41
45
39%
4034 45%
44%
*135%
*135%
*135%
*135%
18
17%
17% 18%
18%
17%
18%
17%
114
114
*110% 114
*112% 114% *112% 114%
79
79
78
78%
*76
78%
78% 79
....
76
"
157
158"
22
21%
22%
21%
22
13
13
13
13
13%
29%
*23%
29%
28%
13%
29%
29
24
23%
24
23%
*31
32
31%
31%
3734
37%
37%
38
37%
5234
5284
52%
53
z52%
41
40
40
40%
*31
*
75
mm
*
m
m
75
*113%
160*"
*64%
*79
26%
67%
80%
26%
184% 185%
79
160%
"uoo
21
12,200
420
29
29
29
28%
12%
28%
23
23
2234
3034
800
37%
3734
3084
3734
3734
52%
43%
51
51%
4134
42
8,100
4,900
2,700
52%
52%
52
42%
43%
43%
5%
23%
32%
4%
23%
3034
4%
43%
43%
27%
27
43%
27%
43%
26%
6%
934
1434
24%
31%
4%
43%
27%
31%
7%
7
9%
15%
4%
684
7
10%
15%
4%
934
15%
10
4%
62
62
102
15%
4%
4%
63
62
101
102
5%
8%
79
27%
62
5%
584
8%
8%
9%
8%
10%
1434
15%
4%
*61% 6234
101% 101%
1013s 102%
*31
32%
26%
634
10%
15%
4%
62
9
484
43%
26%
6%
4%
534
8%
5
43%
27%
7
6
9%
36
36
85
*78
85
*78
85
90
90
*84
90%
24%
*82%
24%
91
24
17%
12%
17%
18%
56
18%
12%
5484
*53%
*53%
*98
*6%
13
2%
12%
55%
57
55
10034
6%
13
2%
79
79
18%
20
*88
51%
*9
100
75%
•190
3%
32
53
434
5
*33
34
9%
3%
*72
234
25%
22%
26%
10
3%
78
18%
*86%
51%
50%
9
9
♦71
74
9%
74
33%
9%
9%
73%
17%
3%
33%
*73
1634
3%
*32
63
17
5
4%
116
33
3
234
24%
*20
5
118
33%
25
434
118
32%
3
*2%
25%
22%
24%
*20
25%
25
5%
122
33
3
25%
22%
26
26%
9%
3%
26%
934
9%
934
3%
10
3%
3%
3%
15%
26%
26%
29% Jan 12
25% Jan 12
3234 Jan 14
30
4
38
13
July
312 Jan
8% July
4%
Jan
Dec
Jan 12
30s4
Jan
Jan 22
5334 Jan 14
4484
Dec
Jan
44% Jan
14U May
100
150% Jan 13
152
Jan
4
118
100
148
149
140
4
16
6
11% Jan 16
17% Jan 20
4% Jan 19
678 Jan
12U Aug
1%
Jan
85
1812
Jan
100
Parafflne Co Ino
Ao par
Paramount Pictures Ino
1
1st preferred
2d preferred
100
10
Ino
1
1
Parke Davis A Co
No par
Parker Rust Proof Co
2.50
60
76
Jan
6
Jan
6
23% Jan
2
166
Jan
4
Jan
2138
30%
4%
42%
24%
Jan
Jan
4
13
6
12
4
6
Jan
4
9% Jan
2
4
2
Jan
Jan
Patino Mines A EnterprNo Par
Peerless Corp
3
14% Jan
Penick & Ford
No par
62
Jan
4
Penney (J C)
No par
97
Jan
5
5
Jan
2
7% Jan
2
Penn Coal & Coke
Corp
10
3% Jan
Cement
No par
Preferred series A
100
64
Jan
v t c No par
22
Jan 13
Penn G1 Sand
Corp
Dec
10% Jan
8% conv preferred
Pennsylvania
.50
Peoples Drug Stores
No par
Preferred
100
People sGLAC (Chic).—100
Peoria & Eastern
10C
Pere Marquette
Prior preferred.
100
3934 Jan 4
4934 Jan 14
113% Jan 15
48% Jan 4
4% Jan 5
34
Jan
84
Jan 20
4
Jan 20
81% Jan 22
28% Jan 20
198
Jan 20
25s4 Jan 20
34% Jan
5
5% Jan 12
43% Jan 2
28
Jan
7%
10%
1634
4%
Jan 14
64
Jan
8
67
Ape
Apr
718 Aug
59
June
818 Aug
1712 Jan
234 July
4084 May
23
Apr
418 Jan
Jan 20
6% June
Jan 12
10i8 May
Jan 12
9
60
Jan
Aug
102% Jan 21
6% Jan 18
934 Jan 22
69
Mar
73% Jan 22
24% Jan 22
43% Jan 19
51
Ds
3is June
4ig
2834
17
Jan
Jan
June
28U Apr
Jan 22
30
Feb
4
110
Mar
57% Jan 12
38
Apr
4
Jan
114
7
Jan
Jan 22
38% Jan 22
6884 July
47U Deo
July
8
Jan
Dec
Dec
3988 NOV
41
July
152
2
26% Jan
•234 Jan 12
Dec
Jan
Jan
5
No par
Packard Motor Car
Dec
15
32i8
29%
153
22% Jan
11»4
22
Jan
10
Pan-Amer Petrol A Transp__6
Panhandle Prod A Ref.No par
Park-Tilford
9
164ia Mar
2312 Deo
1358 Oct
20%
25
Dec
174
Dec
22®4
3712
10
384
73
6%
74
45
58
87
Jan
7
100
89
Jan
4
91
Jan
8
56
Jan
90
Deo
24
Jan 16
25
Jan 11
16
Jan
31
Nov
Jan
Jan
8
7
100% Jan 8
6% Jan 12
12%
2%
....
51%
9%
*86%
51
834
....
*31
55%
53%
17%
17%
7534
23
*21
5,700
2.300
......
17,600
800
3%
32
53%
17%
76%
26
*6 preferred
No
t Phlla Rapid Tran Co
7%
100
2,300
1,200
50
58,000
2,300
250
200
170
5%
5
5%
22,500
124%
33%
33%
2%
2%
25% 25%
125
127%
21%
2634
10%
3%
33%
234
2434
*20
26%
10%
3%
36
234
2534
22
28%
11%
3%
510
1,800
10,200
......
8,900
11,900
5,900
par
50
60
No par
Phillip Morris A Co Ltd
10
Phillips Jones Cbrp
No par
7% preferred
100
Phillips Petroleum—
No par
Phoenix
12
Jan
2
2% Jan
4
74
2
81
Jan 20
4
20
Jan 16
6
4
87% Jan
52% Jan
4
9% Jan 20
74% Jan 13
1834 Jan 13
87% Jan
49% Jan
Jan
100
70
Jan
2
Pierce Oil Corp pref
Pierce Petroleum
100
1638 Jan
4
A 0 par
3% Jan
Pillsbury Flour Mills
25
28% Jan
4
4
50
9
Preferred
Jan
16% Jan 20
100
73
Jan
5
Pitts Ft W & Chic pref
100
Plttsb Screw A Bolt—_Ao par
190
Jan
7
Pittsburgh Steel Co—*-No par
7% cum pref
100
Pitts Term Coal Corp
1
6% preferred
100
Pittsburgh United
25
Preferred
100
Pittsburgh A West Va
100
Pittston Co (The)
Plymouth Oil Co
Pond Creek
No par
6
Pocahon—No par
Poor A Co class B
No par
Porto Rio-Am Tob cl A.No par
Class B
No par
Jan 12
234 Jan 13
Jan
8
Pirelli,Co of Italy "Am shares'
Pittsburgh Coal of Pa
100
14
Jan 12
13% Jan
6
Hosiery
Preferred
760
122
preferred
Phlla A Read C A I
80
8,800
25,900
4,300
100
Preferred
Pet Milk
600
16,000
834
18%
32
&
51%
1734
3%
3%
450
Oct
No par
534 Jan
......
Oct
7i2 Feb
46i2 Aug
52
6%
12%
234
Dec
2518 Apr
64% Jan
100
100
54%
Jan
59i2 Nov
11684 June
6634
100%
Feb
27»4 July
10i8 June
25% Jan
6
Dec
lOis Mar
13
*53%
Apr
1121s Nov
57% Jan 12
54% Jan 14
*98
Deo
11% Apr
17% Nov
4
54%
Dec
514 Jan
47U Mar
32ia Nov
Jan
100
Jan
414 Apr
74i2 Apr
97i2 Feb
54
72
25%
934
3%
4
5
5
7
Phelps-Dodge Corp
25
Philadelphia Co 6% pref—-50
17%
*20
Jan
25% Jan
2134 Jan
30% Jan
Jan
13% Jan 12
14,600
17
5
128
23
Jan
1,800
12%
56%
72
23
Nov
July
55%
16%
27%
25
160% Jan 22
70
114
20% Jan 11
1134 Jan 4
Jan 22
Dec
Jan
July
51
Corp
8312
47
12%
*75
75
75
75%
*188
191
191
*188
♦174% 194
16%
17%
17%
1734
17%
1734
28
28
28
27%
2734
27%
2634
106
106
10584 106
*105% 106%
105% 105%
334
334
*3%
334
334
3»4
*3%
*3%
25
Jan 13
Dec
June
20«4 Mar
12084 Nov
114
mm
150
79
3984 Nov
136
56%
75
3%
5
Jan 12
share
18U
73
32
75
July
35
6,700
600
80% Jan
70
39
preferred
Pac Western Oil
200
Jan 13
No par
Pacific Telep A Teleg
2,400
115
Jan
1212 July
No par
Corp
Pacific Mills
Penn-Dixle
18% Jan 18
123
123s June
73
*53%
*16%
Pacific Finance Corp (Cal)_10
Pacific Gas & Electric
25
9
18% Jan 21
12%
234
3%
No par
Jan
4
5
12%
*834
No par
136
24% Apr
17% Jan
11% Jan
6%
*86%
5034
1st preferred
2d preferred
.
Petroleum Corp of Am
6
Pfeiffer Brewing Co ...No par
18%
51%
10
.
16,600
9,800
80
98
Pacific Coast
Jan
...
16% Jan 22
45% Jan 21
18%
17
50%
25
Pacific Amer Fisheries Ino—.5
4
Jan
8
mmm
per
6912 Dec
26ig Mar
115i2 Feb
19*8 Nov
100
7934
*86%
Jan
107
Jan
400
6%
2%
Jan 15
70
July
300
18
16%
26%
934
*98
78
100
17
91
194
25%
22%
3%
54%
53
33%
26
*53%
*97% 100%
6%
6%
12% 13
2%
2%
17
16%
116% 118
*1834
18%
53
28
25
18%
12%
55%
*53%
1st pref_.No par
No par
conv
Jan 20
Parmelee Transporta'n.No par
Pathe Film Corp
No par
600
4
114
Owens-Illinois Glass Co
6%
16% Jan
100
Outlet Co
Pacific Ltg
4
24%
24%
81
51
$5,50
Jan
59% Jan 14
24% Jan 16
'
85
18
....
Prior preferred
5
Highest
$ per share $
*24%
18%
12%
*78
80
75
106%
33%
2%
1834
18%
No par
135
Jan 14
Lowest
*83
84
.90%
18%
*190
28
4%
25
17
16%
3%
*24
♦52%
75%
*26
*81%
90%
25
81
33%
106
90
18
32
27%
84
79
3%
190
84
Steel
Park Utah CM
2,700
22,700
11634 *11334 H634
55%
56%
54% 55%
7
6
6%
6%
38
38
38
38%
I884
3%
17%
9%
6%
984
78
3%
53
*50
90
12%
54%
Otis
100
4,400
6,100
48,200
*114
*24
56
17%
16%
54%
6%
37
12%
16%
190
6
37
55
17%
32
63%
50%
114
12%
1634
3%
*73
27
234
*88
75%
194
115
*2%
78%
18%
*52%
17%
114
25%
*19%
26%
78%
18%
17%
16%
1584
27%
2734
106% 106%
3%
*334
*25
12%
8%
17
31
12%
2%
50
114
55%
*97% 100%
6%
6%
12%
*12%
234
2%
6%
9%
*1684
*52%
16%
6%
5078
74
53%
100%
*98
52%
*71
3%
53%
12%
24%
Preferred
6,800
16,900
6,300
8,300
1,600
51
37
57
534
par
No par
25,300
1,100
1,800
5
51
50
*50% 52
♦113
114
*113% 114
54%
5584
5534
5334
54%
5%
5%
5%
*5%
5%
114
8
600
32%
43%
27%
7%
9%
15%
4%
62
62%
100% 102
52
43
18%
434
43%
2634
6%
9%
1434
4%
73%
24%
42%
23%
42%
24%
*31
42
22
43%
50%
24%
1734
12%
1,200
80%
27%
27% 235,300
11,600
19034 194
25
32,300
24%
69%
22%
42%
*78
30,300
2,090
23
22%
43
*35
500
3%
79%
81%
69%
23
42%
37
78
11%
17%
23%
43%
68%
23
43
6%
334
23%
42%
6684
2234
55%
2,100
54,400
*17
100
13%
20
25
68
67%
*36
5%
9%
148
69
22%
4234
50
534
834
62
148
69
67%
50
62
70
151%
24%
11%
A
Janf4
-i
35% Jan
340
151
68
68
♦113
80
10
3034
5
79
80%
80%
27%
28%
193% 196
2434
25%
3034
a3034
434
4%
43% 43%
26% 27
634
7%
934
10%
14%
15%
4%
4%
2534
102%
534
5%
6%
80
80%
27% 28%
193% 198
25
101
102%
81%
85
24%
43%
Preferred
par
Otis Elevator
400
31%
22%
30%
37%
2234
31
2234
3034
37%
52%
Year 1936
$ per share
Oppenhelm Coll A Co..No
Preferred
12
42
Range for Previous
TJitn
JLJU+O
% per share
18%
900
......
21
31%
37%
M/tU' O
Highest
53% Jan A
100
159
2334
18334 192%
51,600
21%
12%
*158
JIUvr
OmnibusCorp(The)v 10No
......
160"
29%
2584
26%
14,300
11,900
21%
12%
22
82%
75
\JJ
Oliver Farm Eq new— .No par
......
13
*157
21«4
12%
28%
79
7934
25%
184% 184%
23%
*31%
434
23%
\
67%
77
Par
*113%
*151% 152
*151% 152
*151% 152
*151% 152
151% 151%
♦146
148% *147% 148% *147% 148% *147% 148% *144% 148%
24
24
24
24
24% 24%
24%
2334 24
24%
11
11%
11%
11%
11%
11%
11% 11%
11%
11%
17
17
17
16%
17%
16%
17%
16%
16%
*16%
4
4
4%
3%
438
3%
3%
4%
3%
4%
77
*
RoMm fit 1 HO-ShfiTA
JLtULO Ml
Lowest
'■
....
*113%
*113%
Range Since Jan. 1
flti
l/il
STOCK
vvXV
EXCHANGE
2234
21%
*4034
the
57%
...
160
159
Friday
57%
*
*75
*113%
*113%
155
mm
*110% 115
*78
79%
115
*72%
1784
m m
Thursday
22
58
*105
Wednesday
19
$ per share
share
YORK
X WXVJA
XI JJi »»
JUT
.Tuesday
Monday
Jan. 18
Saturday
573
13% Jan 2
2634 Jan 19
104
Apr
May
Dec
11%
Deo
Dec
3714
Dec
62 >s
718 June
3512 Apr
18U
7
29% Jan
108% Jan
176
Feb
5
712 Apr
23i2 Dec
2
49
2
5% Jan 21
Jan
4
127% Jan 22
Jan
Jan
7
5
Jan
II4 May
14
2%
58is
Oct
Dec
29
Deo
110
Dec
4%
Deo
Deo
9i2
Apr
Jau
112U Nov
41U Apr
36
Jan 22
21
Jan
3
Jan 12
lig
117S
Apr
3»4
Feb
Jan
2784
Dec
20
Jan 13
20
May
28% Jan 7
11% Jan 22
3% Jan 22
12
Jan
5
Dec
1378
Oct
Jan 13
1034 Jan
Jan
Aug
Deo
3012
28% Jan 22
25% Jan 4
25% Jan 15
77
187
Deo
June
Jan 19
t Postal Tel A Cable 7% pf 100
Dec
4984
Jan 12
Pressed Steel Car Co Ino
Feb
I8I4
3%
27&s
Jan 12
2
84
18% Jan
4
4
Mar
52%
53% Jan 22
28
834 Jan
2% Jan
88
Jan
512 July
70
July
33% Jan 18
Jan
Jan
Nov
Jan
1734 Jan 21
Mar
16
1%
7
2538 Jan 20
3%
334 Jan 12
2
20
Mar
12
Jan
Jan 21
107%
31%
2%
24%
10134 July
7»4
68
Jan
338 Jan
66
3818
76% Jan 22
Deo
1678 Mar
8
190
Dec
19ia Mer
54% Aug
1021s Oct
6
2
Nov
4512 Jan
8118 Jan
3U Jan
8is Jan
lis July
8
3% Jan
23
112
4%
II4
Jan
Jau
26% Mar
29% Dec
11%
Dec
384
Dec
*
15
1234
26%
13%
2634
1234
26%
26%
26%
26%
26%
14%
2534
2534
26
14%
2534
2534
70
78
68
68
68
67
68
65%
6434
65%
64
65
6334
64%
*67
65%
♦117
118
117% 117% *117
52%
5134
109% 109%
109%
51%
125
125
125%
♦138
143
*138%
♦155
161% *155
112% 112% ♦112%
6934
6884
68%
20%
21%
111% 111%
*101% 102%
22% 2234
*17%
12
♦103
78%
8%
18
12%
....
78%
9
2634
20%
77%
8%
35%
69%
68%
22%
21%
....
117%
69%
21%
22
1734
11%
*105%
77%
78
834
3534
35%
45%
*43%
8%
1734
1734
12
12%
1734
11%
*105%
78%
18%
12%
*105%
78
78%
834
834
35
35%
....
49
49
49
45
43
43%
13%
13
13
*80
83
*28
29%
83
334
*25
334
3%
*26
30
*19%
19%
19%
19%
19%
25%
25%
25%
89%
25%
24%
89%
♦102
6%
30
90
117
7
30%
6%
30%
110
110
109%
*98
101
100%
37%
*72
37%
78
36%
♦72
91
90
117
*102
*102
7%
31%
111
101
3734
78
6%
30
109
44%
3%
70
27%
70%
37,200
24,100
3,500
2,400
63%
64
17,400
14%
27
27%
14%
27%
44%
*48%
43%
1284
83
*3%
...»
79
9%
35%
834
35%
11034
105%
2034
18%
....
36
4584
*45
46
49
13
*48%
*43%
12%
83
*75%
86%
3%
338
3%
21%
1134
*105%
79
78%
9%
884
49
43%
x68
45
13
35%
....
78%
9
35%
3%
*25
30
20
*19%
24%
91%
19%
25%
91%
100%
33% 35%
78
91
91
*104
110
30% 32
109% 110
6%
7%
3234
3134
109
109%
100
100%
100
100
35
37
36%
74
74
71
37%
72%
*104
6%
31%
110
110
7%
For footnotes
see page
566.
100
1,200
37,200
3,900
......
78,000
3234 230,300
3,400
1,000
36%
8,000
900
72%
110
100% 101
35%
72
132
132
132
132
132
132
132
130% 13134
131«4 13184
94
94
94
*90% 94
♦90%
*90% 94
93% 93%
94% *90%
28
29
29
29
29% 29%
2884
28%
28%
28% 29%
29%
*107% 112% *107% 113
*107% 113
*107% 112% *107% 112
*107% 112
31
30
33
31%
3084 31
30t2
30% 31
33%
3034
34%
56
55%
56%
56%
57%
57%
57%
57%
57%
57%
56%
57%
130
80
1,600
840
100
3,800
......
4,100
22.500
110
Jan 22
Jan 15
Jan
113
112
1934 Jan
4
22% Jan
108
Jan
100
99
Jan
7
1838 Jan
Quaker State Oil Ref Corp.. 10
Corp of Amer
No par
Radio
Preferred B
No par
17
12% Jan 15
934 May
Jan
2
Jan 19
Jan
7
Jan 15
9% Jan 20
3634 Jan 11
4584 Jan 20
49
Dec
27
Jan
9
No par
Republic Steel Corp
6% conv preferred
No par
2
27% Jan
100
109
6 % conv prior pref ser A.100
99
Revere Copper A Brass
Class A
Preferred
6H% preferred...
Reynolds Metals Co
5H% conv pref
6
10
4
Jan 19
Jan
2
33% Jan 19
71
Jan 21
100
128% Jan
4
100
93% Jan
26% Jan
6
4
No par
100
Reynolds Spring new
1
Reynolds (R Jt Tob class B.10
112
Jan
8
29% Jan 4
55% Jan 18
Jan 20
334 Jan 18
Jan 15
20% Jan 6
25% Jan 15
91% Jan 19
100
351s
Nov
Reliable Stores Corp
4
July
10% Nov
383s Nov
5084
83
Jan
Jan
Jan
47
8
Jan
80
5
2878
50
5
5
Jan
Jan
8
100
Oct
14%
Jan
Jan
Preferred with warrants. .25
68is Apr
19%
108% June
Jan
Jan
Rensselaer A Sar RR Co—.100
Reo Motor Car
6
Jan
39
3
29
83i2
20% Nov
37
12% Jan
19% Jan 12
21% Jan 4
80% Jan 5
91U May
Jan 11
80
1
Apr
Deo
18% Jan 21
4
100
Rem 1 ngton-Rand
July
Jan 13
No par
100
6
3978
13384 Apr
117% Mar
Rels (Robt) A Co
1st preferred
Hosiery
114
May
4334 Jan 8
13% Jan 16
Preferred
164
9% May
1618 Oct
42% Jan 12
Silk
July
144% July
103
Reading
50
130
111% Jan 7
10534 Jan 22
2234 Jan 15
80
preferred
July
2
6
76% Jan 14
7% Jan 4
34% Jan 6
1st pref--No par
Jan
Feb
113
24% Mar
f Radlo-Keith-Orph
No par
Raybestos Manhattan-No par
conv
Jau
Deo
50% Nov
Aug
103
$3.50
3678
56
122%
16
7
■■
5
Jan 21
13% Deo
28% Dec
28% Dec
73% Deo
8
10% Jan
103
Apr
Jan
No par
100
No par
39
Jan 21
128% Jan 21
140% Jan 20
161
684 May
17i2 Oct
1734 Oct
57i2 Oct
40U May
11684 Dec
10312 Feb
11318 Apr
128
Apr
146
Apr
Pure Oil (The)__
8% conv preferred
6% preferred
Purity Bakeries
4
Jan 21
71
Real
1234
Jan 11
4
3,200
83
7134
65%
118%
5234
66% Jan
47% Jan
3%
27% Jan 22
No par
43
12%
4
Jan 11
60
*75
2
6
159% Jan 7
112% Jan 16
60
28
7
138
1st preferred
*19%
25%
91
400
4734 Jan
108% Jan
11934 Jan
2d
*25
110
1,200
Jan 20
500
27
6%
2,800
117
4
15% Jan 20
27% Jan 21
Pullman Inc
......
60,100
Jan 12
55% Jan
400
25%
90
200
5% pf (ser of Feb 1 *29) .100
Pub Serv Corp of N J ..No par
$5 preferred
No par
6% pr< ferred.
100
7% preferred
100
8% preferred
100
Pub Ser El A Gas pf $5_No par
67
46
20
♦102
100
6
50
No par
45
19%
6%
30%
109%
400
200
pref—
49
27
91%
1,700
conv 1st
6% conv 2d pref
Procter A Gamble
49
25
109
10,900
5%
1
*45
*43%
1934
25%
25%
160
13,300
7034
22% 92,400
100
111
800
10534
16,000
21%
5,00
1834
12% 153,000
30
*99
*68
22%
2134
11034 11034
*104% 107
12%
49
*75
71
21%
*43%
3%
69%
21
45
84
64
2I84
49
3%
68%
21%
17%
46
*75
22%
111
103% *105% 107
21
*48%
♦43%
13
2I84
111
69%
103
*42
13%
69
111
36
12%
26
z63%
15%
27%
27%
70%
117
111
*35%
45%
26
14%
2534
117
117% *117
117%
117%
52%
51%
52%
5134
52%
5234
52%
51%
52%
110
110
110
109%
10934 10934
10934 10934 allO
*124
128
128
125% *124
128% 128% *126% 128
*140
140
144
143
142%
140% *13934 144% *140
161
*155
161
161
161
*156
162
161% *155
112% *112% 112%
112% 112% *112% 113% *112% 113%
111% 111%
102% 10234
21% 2234
17%
17%
II84
12%
♦105%
15%
Jan
4
7% Jan 15
3234 Jan 21
9% Jan
6518 Oct
1% Apr
12% May
16
Aug
17lf Aug
81
Deo
I684
100
4%
31
Oct
Jan
Deo
Deo
Deo
24% Nov
25
Nov
90ts Nov
Apr
8% Mar
29% Dec
9918 Sept
4is July
1678 Apr
114
128
111% Jan
7
77
101
Jan
9
39% Jan
79% Jan
6
6
78% May
10
Apr
2414 June
6
90
A pr
138
Oct
94% Jan 6
30% Jan 14
92
Dec
98
Nov
22i| May
105
Apr
34
Feb
117
Jan
132
112
Jan
Jan
8
May
34% Jan 22
25
July
68
50
Apr
Jan
8
Dec
104% Oct
3984 Deo
79% Deo
36% Nov
60% Nov
New York Stock Record—Continued—Page 9
574
AND
HIGH
SALE PRICES—PER
Tuesday
SHARE,
Wednesday
Jan. 16
Jan. 18
Jan. 19
Jan. 20
$ per share
$ per share
*57
67
$ per share
*57
67
$ per share
Friday
Range Since Jan. 1
$ per share
*57
*12
14
*12%
*23
27
*25
76
76%
*7
8%
46%
3%
46%
3%
7*2,
8
13%
*30
*43%
2%
44%
99%
112%
112
16%
44%
96%
2%
17%
17%
*98%
*110%
*111%
16%
44%
*96
76%
7384
44% 45
IV
2
7%
7%
42% 43%
9%
10
86%
86%
123%
123
*7
7%
*13%
7%
46%
3%
7%
14%
*13%
*30
123
123
13%
75%
*12%
25%
13
26%
35
123
7%
46%
3%
*65
67
*65
13%
*13%
13%
25%
25
74
*7434
123
123
75
123
*7%
8%
*8%
46%
384
46%
4684
3%
3%
14
7%
13%
13%
*30
40
*31%
42
42
42
9884
9884
99
7
43%
99
99%
110% 110%
111% 112
*16
16%
44
44%
111% 111% *111
112
111% 111%
7»4
40
112
15%
44%
43%
45%
97
97
97%
2%
97%
2%
2%
2%
19
is
44%
2
7%
44%
10%
44
86
8"
85
29%
16%
31%
30
29%
17%
16%
3084
7%
42%
9%
7%
42%
10%
2
14%
':w
1484
16%
112
16%
44%
97%
112
1,000
2,300
100
8%
47
8%
5,600
11,500
16,300
15%
450
4
m
112
3,800
440
4584
97%
4384
98
98
2%
17%
284
11,600
19%
2,000
43
4384
1,100
25,500
6,700
21,500
17
r# co co*
2
86%
1%
7%
44%
10%
8584
7%
43%
10%
42%
29%
1634
2984
30%
29%
16%
17
16%
220
16%
44%
43%
43%
1034
86%
40
112
16
44%
2%
«•
16%
2%
17%
10%
85%
500
76
123
*30
a
2%
17%
1%
7%
7%
3%
7%
8%
17%
44%
1%
4
44
18%
43%
1%
46
26
.
16
2%
18%
13%
*30
*7%
2
1%
7
7%
Lowest
31
103
12%
64
*41
28%
103
13%
47%
30
16%
31%
103
12%
102
12%
12%
64%
64%
64%
42
41
41
28%
28%
29
103
13%
48
103% 103%
1384
13%
49
50%
4
4%
46%
45%
100% 100% *100% 100%
4
4
45%
45%
133
135
114% 115%
52
53
28%
28%
16%
16%
*111% 112%
4%
37%
*155
5
32%
47%
26%
48%
27%
51%
52%
10
*71
*64
3,000
18,000
600
2
46
45
7%
46%
11%
8684
IO84
85%
86%
30,900
30%
16%
3284
30%
3134
16%
16%
31%
32%
103% 103%
1284
12%
10,700
7,000
11
8,800
28%
28%
103% 103%
12%
4
61
27%
28
28%
53
4%
46%
100% 10034
100% 100%
52
53
51%
52
27%
2884
111% 111%
600
4%
37%
13,100
158
158
158
*155
*155
*165
158
159% *155
31
31%
31%
31% 3184
31%
32% *31% 32%
48%
4934
5084
48% 49%
4884
47% 48%
48%
27
27%
27% 2734
26%
26% 27%
26%
26% 27%
49
51
51
51%
51% 52%
51%
50%
51% 52
64
62
60
65%
*62%
6334
63%
63%
*62% 65
22%
32
50
25%
22%
30%
*49%
24%
22%
25%
38
74
19%
16%
32%
15%
76
*37
73%
19
*15%
31%
15%
76%
*85
24%
59"
5%
58%
33%
31
31%
50
49%
31%
49%
22%
25%
,
24%
127
Jan
49
Jan 22
6
127
110
3284
Aug
Jan
47% Feb
48% Dec
Standard Oil of Kansas
31
31% Jan 11
25
Mar
31
69%
36,300
69% Jan 14
*28
33%
69%
31%
68%
*37
37%
37
37
*28
15%
*73%
124
I684
*73
124
123
I684
7484
123
58%
59%
5
534
41%
5%
584
31%
23%
16%
1484
1634
36%
20%
41
36
36%
19
16%
56
56%
8%
13%
52%
56
56
8%
12%
13%
51s4
62%
51%
40
4034
14%
15%
12%
1384
5184
884
39%
15%
13%
Jan
23
4
38% Jan 22
20% Jan 20
27% Jan 22
3234 Jan 22
2334 Jan 20
15
Nov
6
17% Jan 21
12%
Jan 22
1584 Jan 8
56% Jan 13
8% Jan 12
Noy
330
1,100
21,400
49,100
Talcott Inc (James)....
5M%
37% Jan
4
32%
Jan
2
13
Jan
8
14
9
55% Jan 15
11% Jan 2
5038 Jan 18
7% Jan 15
2
43
4
16% Jan 22
4
15
Jan 21
Jan 18
49
Jan
8
Jan
884
9
41
40%
41
10,300
16%
15%
16%
62,400
Texas Pacific Coal 4 Oil... 10
15
118,300
Texas Pacific Land Trust.-.1
3834 Jan
13% Jan
11% Jan
46%
48
200
Texas 4 Pacific Ry Co
46
38
40
14%
37%
*63%
*11%
37%
12%
92
*90
92
8
12%
51%
9
9%
15
*63%
12%
*91%
10%
92
10%
*91%
10%
11%
11%
12%
12%
12%
*7%
13%
*27%
7%
7%
13%
27%
8
7%
1284
7%
7%
7%
784
1284
27
27
8%
35%
7%
1284
26%
734
35%
37
37
21%
20%
21
20%
14%
*45%
40%
*63%
12
12
1,400
92
92
92
160
12%
12%
11%
12%
87,600
7%
7%
*7%
7«4
2,100
2,200
*90
13
13
13
13
13
26%
26%
2634
28%
2734
8
8%
38%
20%
2634
8%
37
37%
20%
20%
9
106% 106%
2484
24%
7134
72
7134
72%
16
16%
16
16%
20%
26%
IO84
1934 20%
20%
1984 20
19%
20%
23% 25%
23%
2284
22% 24%
24
10%
10%
10%
10%
IO84
10%
10%
109% *108% 109% *108% 109%
109% *108
10
10
9%
10
10%
934
10%
*21
23%
23% 24
22% 23
23
37
38%
36% 37%
36% 37%
37%
46
46
46% 47
44% 44%
47%
16
17
16% 16%
16%
16%
16%
94
93
95
92% 93
96% *92
5
5%
5%
5%
5%
5%
5%
95
96
95
95
96
95%
97%
66
65
66
66
66
66%
66%
3,100
......
12
II84
13
106% IO684
248s 25%
41%
110.600
19%
25
8%
36
13%
28%
9% 103,300
39
20%
20%
106% 106%
24%
24%
71% 72%
16%
16%
20%
19%
27%
2584
12,800
11,300
11,200
9,500
5,700
31,500
15,000
27,300
20,300
....
Thatcher Mfg
$3.60 conv pref
100
Preferred
Thermoid Co
Preferred
...100
Tlmken Detroit Axle
37%
47%
38%
47%
37
37%
700
16
46%
16%
4634
16
17%
11,400
92
92
93
94
5%
5%
93
95
65%
67
5%
91%
z66
19,800
140
93
9,200
3,800
66%
5,500
5%
1
56
2
11
1334 Jan
4
85
5
94
5
Jan 13
20th Cen Fox Film
Preferred
CorpNo
par
No par
Twin City Rap Trans..No par
Preferred
.100
Ulen 4 Co
No par
Under Elliott Fisher Co No par
Union Bag 4 Pap Corp No par
8% Jan 11
22
Jan
5
34% Jan 4
4234 Jan 13
Jan
4% Jan 2
91% Jan 22
64% Jan 4
Jan
Jan 11
1478
Jan 22
10% May
Jan 15
7%
Jan
Jan 20
Jan 21
318s
Apr
Jan 22
884
65%
27g
74%
38%
May
Jan
June
June
May
8
Jan 11
Dec
Deo
Jan
Deo
15% Feb
14% Mar
July
48% Nov
49
63%
Oct
16
Nov
110
Feb
12% Mar
9% Feb
13% Nov
3234 July
8%
3934
21s4
106%
2778
74%
18%
27%
22%
110
47g Jan
7% Apr
22% June
100% Jan
9%
13
Dec
Oct
NOV
Nov
Jan
55% Dec
8% Deo
4484 Nov
Jan
93
Jan 20
42%
37%
13%
26%
35%
20%
15%
12
Jan 21
Jan 21
684 Mat
Jan
Jan 16
5% Jan 22
68
Jan
Jan
Apr
Apr
Apr
2
18% Jan
Jan
Jan
Jan
Jan
17%
22%
27%
10%
109%
10%
24%
38%
47%
17%
6
10
Jan 13
Jan
1484
100%
12%
73% Jan
Jan
Truscon Steel
108
6
4
Jan 16
108
1,200
26
Jan 22
Oct
8% May
3%
8%
24%
478
21% Jan
Mar
884 June
85
70% Jan
16
Jan
59
4
25% Jan 14
4
24
*23
28
4
Jan
No par
Jan
Jan
22
9
No par
24%
Jan
1984
6% preferred
Nov
7% Jan
9% June
39
6% Jan
20% Jan 16
105% Jan 4
Tri-Contlnental Corp..No pai
Truax Traer Coal
300
6
33
28% Jan 22
9% Jan 22
Transue 4 Williams St'l No par
6,200
684 May
5% Apr
28% Jan
33% Apr
Jan 13
12% Jan 18
8% Jan 13
13% Jan 16
Jan
Jan
64
12% Jan 20
32
9% July
6% Jan
20% Apr
28% Apr
41% Jan 22
4
Jan
25
Timken Roller Bearing.No par
Transamerlca Corp
No par
10%
6
93% Jan
6% Jan
10
Transcont 4 West'n Air Inc. 6
Jan 12
8
12
No par
..10
9% Jan 20
10% Jan
100
$3.60 cum pref
4
Jan 13
14% Jan 12
55% Jan 13
Jan
91
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson-Starrett Co .No par
Tidewater Assoc Oil
2
11% Jan 11
1
Third Avenue
10
10
64
No par
100
108% 109% *108
9%
23%
37% Jan
...No par
No par
The Fair
1034
109%
10%
10%
6,600
5
r..50
preferred
1584
14%
46%
12
16%
3
5
40%
12%
16
Dec
6% Jan 22
42% Jan 8
60%
16
12
71%
Nov
125
2
41
52%
9%
47%
16%
Mar
Jan 21
Jan
Telautograph Corp
...5
Tennessee Corp
5
Texas Corp (The)
....26
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
*45
72
8%
4,300
30% Dec
15% Oct
91
4
14
Jan
60
25,300
14%
Jan
125
1834 Jan
14% Jan
14%
Dec
9%
Jan
25% Jan
14%
56%
8%
13%
70
Jan
313s Jan
14%
14%
77% Jan 11
4% Jan
.....
Jan
16% Apr
Dec
70% Deo
40S4 Oct
78% Nov
24% Apr
27
26
14%
65
Jan
118
Symington-Gould Corp ww..l
Without warrants
Jan 13
20% Jan 14
17% Jan 20
Deo
8
8wlft Internat Ltd....No par
Swift 4 Co
55% Jan
2484 May
384
4
43,400
36%
Jan 11
62
Jan
23%
40
*18
27% Deo
72% Deo
Jan
Superior OH
l
Superior Steel
..100
Sutherland Paper Co
..10
Sweets Co of Amer (The)...50
Preferred
2
Jan
Apr
Apr
33% Jan 9
1634 Jan 20
4
6% 123,600
40%
12,200
38%
6,600
19
3,600
27%
19,700
2,900
3234
5%
17%
14%
52
7438 Jan
No par
54
17
50%
28% Jan
13% Jan
Sun Oil
7
74
8
123
17%
8%
12%
17% Jan
15% Jan
.....100
17
56
71% Jan
Stukely Bros 4 Co Inc
1
Stone 4 Webster ......No par
t Etudebaker Corp (The)...l
Superheater Co (The).-No par
17%
8%
13%
52%
8%
..10
......6
Stewart-Warner
80
1634
5534
Sterling Products Inc
Jan 12
Apr
38
7,400
27%
32%
2284
8
Jan 11
6734 Jan
34% Jan
60
27%
32%
12%
400
10
Standard Oil of New Jersey .25
Starrett Co (The) L S..No par
124
2334
5584
40,700
prior pref
59
3i84
8%
13%
500
cum
124
23%
26%
200
16% 174,500
7484
2384
57
26%
3934
*18
30%
*73
32
13
16%
76
68%
22%
16%
14%
For footnotes see page 566.
6884
57%
31%
16
65
35
17%
26%
3184
2234
7134
Jan
Feb
1384 Mar
9% Feb
Jan 14
4584
31%
24%
72%
Jan
14% Jan 18
31% Jan 12
48% Jan
48
30%
2384
834 Jan
46%
48%
31%
106% 107
X Stand Gas 4 El Co...No par
18% Nov
46% Jan
4584
48
2934
107% 107%
24%
24%
12% Jan 22
4334 Nov
129
Standard Oil of Indiana...25
45%
15%
8%
10% Jan
Jan
July
15,900
4584
48
76
*92
1
Stand Comm Tobacco
120%
9%
6%
9%
2484
2684
48%
31%
45%
15
92
Jan 12
Feb
75%
*36%
*63%
11%
128
Jan
2
15%
76%
38%
126
Jan 11
32%
"l2%
Preferred
Apr
4
1,900
*63%
109% Nov
148s
3% Jan
43% Jan
4,300
4612
38%
Mai
21«4 Apr
Stand Investing Corp..No par
Standard Oil of Calif...No par
3%
12,600
*45
99
lPfr
Jan o^r
Ton 2
45% Jan 11
16% Jan 20
2,900
27,000
3%
19%
46
25%
112
3%
3%
17%
31%
46
No par
No par
147
Nov
72% Jan
73%
12%
Standard Brands
Jan
41% Jan
15% Jan
..No par
37
Jan
17
12%
47%
38
6384 Mar
Jan
24% Aug
67
18%
12%
Jan
67%
73
8%
44
26
17%
15%
13%
Jan 11
No par
19%
8%
40%
Jan 16
50
No par
No par
74
15
32
23«4 Jan 12
%7
19%
7%
40%
-10oTrl06
6H% preferred
Square D Co
Oct
Oct
Jan
$6 cum prior pref
17%
15%
28% Jan 4
4834 Jan 5
22% Jan 14
27
92%
36>4
73% June
2934 May
15% Apr
13% Jan
2
Prefeired
73%
40%
Jan
1,300
19%
17%
16%
14%
Jan
Jan 20
36
6,000
73%
5%
6%
26
Oct
25,900
16%
5
9% Mar
69%
72%
1884
5%
Apr
62
16%
59
II484 Nov
684
104% Jan 7
9% Jan 20
11% Nov
82
2934
68%
3%
45%
19
124
63% June
101% Mar
60
73%
5734
S perry Corp (The) vtc
1
Spicer Mfg Co
...No par
Conv preferred A
No par
Spiegel Inc
.......2
Oct
684 July
4
28%
73%
18%
16%
29%
124
69
Jan 11
69%
73%
19%
16%
60
26% Deo
54% Dec
Jan
62
69
37
15%
16%
i2684 127
270
2,500
46,400
68%
31%
Jan
1
111% 112
44%
44%
16
16%
37
40%
16
40,600
19
34
29%
26%
72
24%
Jan 11
8
Jan
Mar
32% July
47% Oct
Jan 20
33% Jan 13
20% Jan 4
23
160
61%
26
24%
72%
1,800
420
37%
3184
23%
7%
29,100
31%
37
22%
35%
20%
23%
49%
5
July
7% Feb
35% Aug
2834
6734
39%
36
127
300
Jan
114
27%
35%
20%
21
106% 107%
127
1,100
95
33%
74
Jan 20
72 « Jan
30% Dec
i7% Nov
*60%
18%
*36%
24%
33%
22%
31%
49%
23%
Feb
23% Jan
1284 Apr
Jan
Nov
13%
40
*63%
23%
31%
49%
*85
7% Jan
Jan
25
Jan 21
Apr
85
118% Deo
13
3634
8
95
33%
9% Jan 4
72% Jan 5
102% Jan 18
:
150
Jan 13
132
13%
18
8%
25%
33%
22%
31%
49%
24%
12%
28%
61%
68%
*3%
36
*55%
22%
*85
90
65,800
2
32%
6034
2784
53%
65%
10%
Dec
Nov
28% Dec
127% Nov
14% Jan
48% Oct
684 Jan
47% Dec
13%
39
66
24
.1.100
Mar
3% July
Apr
26
64
45
12%
18%
26%
97%
...100
Spalding (A G) & Bros-No par
1st preferred
100
Spang Chalfant <fc Co Inc pf 100
Sparks Withlngton
No par
Spear 4 Co
1
$5.60 preferred
No par
Spencer Kellogg 4 Sons No par
110
32% Dec
104% Deo
11% Dec
14,700
44,500
41%
8%
10
Jan 12
Sept
12% May
Dec
Nov
Nov
12%
36%
13%
53%
10
5
155
Southern Railway
55% Jan
5
42% Jan 12
Jan
Mobile & Ohio stk tr ctfslOO
Jan
17% Jan 22
112% Jan 13
Dec
7% Nov
Nov
101%
l»t6
31%
1984
11%
17%
5
155
Jan 13
Deo
8% Deo
11%
36
36%
*45%
16%
*91%
21
IOO84 Jan 20
2%
44
11%
40%
22%
40% June
Jan
557s Nov
101% Mar
4% Feb
20% Feb
II84
18%
26%
10
54% Jan 11
29
34
114% Mar
17% Nov
11%
41%
37
L08
4
Jan 12
42% Jan
37%
5
25%
31%
10
10934 10984 *109% 111%
4334 43%
4384 45
16
16%
16%
15%
18
31%
23%
16%
14%
57
95
33%
22%
40%
36%
19%
Jan
16% Jan 15
111% Jan 22
4% Jan 4
29% Jan
48%
33%
69%
*124
*124%
10%
Jan
*3% June
138
26
130
10
10
Jan
Dec
8% July
1984
115% Jan 15
...100
3,100
984
4% Jan 18
47
102
7
39,600
11,700
73
-
Jan 20
2
Southern Pacific Co
10
10
Jan 22
7
Southern Calif Edison
73
73
73
73%
73% 73%
73%
*101
103
103
*101
103
102% 102% *102
9
9%
884
8%
8%
884
9%
8%
25
*24%
25% 26
2584 26
2484 24%
10
73%
Jan 21
li,6 Dec
16% Jan
11% Jan
2084 Jan
89
July
484 Jan
43% Jan
30% Apr
1484 Apr
Jan
12,600
Preferred
Jan 18
Jan
53,900
73%
102% 102%
9
8%
24% 25%
10
73%
*109
111%
111% 109% 110
44%
44% 44% *4334 44%
1534
16%
15%
16%
15%
*126% 127% *126% 127% *126% 127
12
11%
11%
11%
12%
11%
12% 13
13%
13% <14%
12%
27% 28%
29% 30
29% 30%
62
62
6234
60% 61%
61%
67
69
68
70
70
69%
3%
3%
3%
3%
3%
3%
46
45% 46
45% 46
45%
47% 48
4784 47%
47% 48
*28
33%
33% *28
33% *28
69
68% 69%
68% 69
68%
23%
10%
.....100
700
Jan 13
Jan 22
50
So Porto Rico Sugar...No par
I referred
100
31%
47%
Jan 14
2634
South Am Gold «fe Platinum .1
7,600
Jan 21
Apr
85% Jan
99
Socony Vacuum Oil Co Inc. 15
Solvay Am Invt Tr pref..-100
484
is Jan
30% Aug
3% July
59% Jan
111
Smith (A O) Corp.........10
Snider Packing Corp...No par
17
27%
16%
28%
1634
7% preferred
5
7% June
19% Jan
97% Dec
64
Sept
65% Jan
.-100
17
44%
15%
24%
Preferred
27%
*109
36
4,000
3% Jan
43% Jan 15
53
Dec
1% May
2
Jan
Jan 22
15% Jan 12
12% Jan 19
44% Jan 4
Sloss-Sheff Steel & Iron... 100
260
53
4984
37%
1,030
52
30%
*46
135
115
*27%
16%
31
7%
133
115
28
50
52
100
53
95
*8
Conv preferred
Silver King Coalition Mlnes.5
Simmons Co
..No par
June
37% July
93
Jan
42% Jan
2934 Jan
10434 Jan 22
27% Jan
102% Jan
11
49% Nov
Jan 14
Jan 21
61% Jan
40% Jan
par
134
37%
Jan 22
65
par
No par
*114% 118
4%
Nov
108
110% Sept
Jan 14
10
39
114
6
4
13
Jan
1584 Jan
25
434
Aug
Jan
Jan
Jan
Skelly Oil Co
38
Dec
Jan
Simms Petroleum
111% 111%
99
Jan
2
Jan
132
111% 111%
4%
434
37% 38%
Dec
29
7% Jan
Jan
81
Shell Union Oil
Oot
96
102
Seagrave Corp
No par
Sears. Roebuck & Co..No par
par
Oot
Jan 21
par
Jan 15
10%
37
July
par
Jan 22
28
684 Deo
15
27
98
7
1
3% Mar
■
Jan 13
17% Jan 12
4584 Jan 21
41
par
Jan
Jan
Dec
10% Feb
60% Deo
Jan
112
100
..No
No
$5 conv pre!.......-No
Sharpe & Dohme
A 0
Conv preferred ser A.No
Sheaffer (W A) Pen Co.No
7584 Deo
119
Jan
2%
8%
46%
11%
87%
1716
3134
17%
3234
103%
.....
1%
2%
7%
113
Seaboard Oil Co of Del-No par
....
Jan
7484 Apr
5% June
22
July
18
45%
Shattuck (F G)
Sharon Steel Corp.
32
Feb
Jan
Mar
8
9
Servel Inc
35
Jan
Jan 21
Preferred
Feb
100
Jan
1% Jan
19%
share
46
43% Jan
9484 Jan
2
65%
13%
31%
Jan 11
6,800
6,500
1,200
4,000
17% 141,600
8
17
115
52% 53%
54%
27% 27%
28%
17
16%
16%
16%
111% 111% *111% 112%
4%
4%
434
4%
37% 38%
38% 39%
Jan
8% Jan 22
15% Jan 22
*38
46
45%
IOO84 100s4
132
4
2
100
115
34
13%
4
Jan 12
5
10934 Jan
111% Jan
14% Jan
Co
130
*33%
22%
14%
*55%
4
2
No par
t Seaboard Air Line...No par
Preferred......
Scott Paper
115
*85
31%
21%
16%
104% 10484
13%
1334
51% 52%
13% 1384
52%
51%
4%
4%
45% 46%
100% 10034
Jan
Jan 18
8% Jan
41% Jan
97% Jan
1
130
95
26
104
8,600
3,100
13,000
29,300
123%
234 Jan 22
19% Jan 18
Schulte Retail Stores..
130
3484
6
28%
3
4
6% Jan 4
13% Jan 12
28% Jan 4
—
115% *112
*33%
55%
140
Jan
Jan 92
77% Jan 13
Jan
Jan 12
45% Jan
...
137
*85
76
600
42
7%
Safeway Stores...
No par
5% preferred
100
6% preferred
...100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp... .6
5J^% preferred..
100
115
34%
73%
19%
64%
41
72
117
par
100
.
26
24% Jan
100
St Joseph Lead
—.10
X St Louis-San Fran els 00.. 100
ist preferred
...100
t St Louis Southwestern... 100
Preferred
per
58% Sept
884 Nov
Rutland RR 7% pref
135
95
*15%
31%
15%
64%
41
4%
45%
4%
*33%
22%
38
65
41
50
46
*85
25
22,700
65
41
28%
104%
$ per share
Rhine Westphalia El & Pow
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
Ruber'dCo(The)capstkAro
Highest
Lowest
$ per share
;
*102% 103
9%
8%
24% 25%
31%
49%
500
65
103% 104%
13% 13%
13%
50%
46
15,300
28
41
49%
31%
io284 io284
12%
12%
40%
*64
65
41
38%
159% *155
32
*59%
31
32%
3184
10234 *102% io284
12% 13
12% 12%
3184
10284 *102
Highest
$ per share
Par
Rights
29%
16%
100-Share Lots
Reynolds (R J) Tob class A. 10
13%
42
42%
42%
42%
42%
99
100
99%
99% 100
*111
112
112
11234 *111
15%
4384
i
*75%
123
46%
7%
46%
3%
7%
26
8%
On Basis of
Week
Shares
*13%
13%
25%
76% 76%
123
123
8%
46%
3%
43
Jan. 22
67
Range for Previous
Year 1936
EXCHANGE
$ per share
*65
67
*13%
25%
25
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
Jan. 21
Monday
Sales
for
LOW
Saturday
Jan. 23, 1937
Mar
Feb
Dec
Mar
Dec
Nov
Nov
Apr
Deo
Feb
Oct
9% Nov
28
Dec
38% Nov
4784 Nov
17%
109
8%
Dec
Dec
Jan
102% Deo
70
De0
Volume
AND
SALE PRICES—PER
HIGH
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
EXCHANGE
Monday
Jan. 18
Tuesday
Wednesday
Thursday
Friday
Jan. 19
Jan. 20
Jan. 21
Jan. 22
$ per share
$ per share
$ per share
$ per share
$ ;per share
Shares
Lowest
2584
130
25%
131
*99%
28%
29%
23
99%
28%
30%
23%
2784
*25
29%
103% 105%
2534
26%
104% 105%
25% 25%
131% 132%
99
99%
28% 28s4
30
31%
22% 23%
27% 27%
29% 29%
103% 10484
2938
131
85"
85
31
31
7%
4584
M84
85%
31%
8%
46%
22%
*97
734
4884
81%
82%
80%
16%
16%
16%
*98
9884
*3
3%
19
19
18%
32% 32%
*120% 123%
17%
*54
17%
*54%
38%
31
29%
23
22%
26
26
29%
117
85%
8534
31%
31%
7%
4534
15%
24%
32
7%
7%
45%
15%
46%
15%
24%
*9634 101
8%
7%
15%
23
16%
19
*98%
*2%
99
19
19
3%
20%
31% 32%
122% 124
55
£55
69%
1734
51%
68%
69
17%
50%
17%
50%
17%
17%
96%
97
96
91
89
75%
83%
8
8%
16%
18%
51%
52%
55%
97%
98%
*74
75%
85%
82%
89%
75%
8384
132
132
168
168
168
*162
8
8
81
♦161% 164
102
102
2%
2%
144% 14434
mm
m —
9
8%
7%
7%
82%
4%
2%
3084
4034
46%
*87
*90%
*82
8
16%
16%
38%
3 884
*115
13%
48
1984
*43
48%
20
91
*90%
8%
8%
8%
59
5884
58%
57%
114%
114% 114% *114
10%
11%
590
31
32
350
118
*115
*115
118
14%
15%
14%
15%
4734
15%
4834
48
48
48%
19%
19%
1934
1934
45%
7%
*42
*94
7%
118
7%
45%
7%
*1984
*42%
7%
96
*94
19%
46
7%
96
16%
17%
66%
66%
66%
65%
65%
66
1%
1%
66%
1%
99%
*121%
—
mm
115
—
115
10
10
*18
19%
3
3
8
8%
7934
7834
4934
50%
153% 154%
*157
159%
28%
41
40
3634
36
*37%
8%
834
4M
1%
48
4834
116
*114
81%
49%
2434
33%
*71
90
90
90
*113
120
114
114
17
5
5
9%
934
41%
81
81
434
9%
81%
61%
6134
6134
41%
42
4134
93%
94
93
*84%
85
*119
*73%
41
42
26%
16%
5%
41%
4%
9%
80%
62%
4%
41
124
123% *120
74
73%
73%
119
84%
95
85
28%
27
135
136%
45%
77
110
*110
36
35
9%
86
119
74
54
54
28%
138%
46%
*46%
79%
79%
2634
134
2784
13534
46
44%
44%
79%
7634
7784
112
*110
3434
35%
8%
For foot notes *ee
9
oa«r
8%
566.
20%
284
7%
82%
50%
*31%
111
35%
8%
*120
*73%
5434
2734
136
*43%
77%
112
,
115
934
1984
234
7%
81%
49%
8%
51%
1%
50
,
51%
240
99% 100
630
122% 122%
110
8
81%
117
9%
19
3
8%
83%
157
16034
50%
49%
159% 167%
161
2834
161
168
50%
Jan
100
Nov
2
Jao
5
Jan
4
10
Apr
Jan 13
Jan
170
30
Jan
6
4
126
Jan
5
109
Jan 16
Corp...5
pref.—
50
17
Jan
4
19% Jan 21
53% Jan 11
37% Jan 7
59% Jan 22
41% Jan 21
8
4
69% Jan 16
Jan
4
44% Jan
92% Jan
83% Jan
4
19% Jan 12
55% Jan 20
16%
Jan
5
99% Jan 21
47
Jan
101
6
92% Jan 14
103'4 Nov
50
75
Jan
2
100
75
Jan
4
75% Jan 18
88% Jan 22
72% July
68% Jan
46% Jan
139% Jan
Jan
Apr
15434 Nov
144
July
....100
50
US Steel Corp
Preferred
—100
6% Jan
2
13%
Jan
4
89
Jan
4
100
Corp of Am. No par
f
Van Raalte Co Inc
7% 1st pref
100
Vlck Chemical Co
5
Vlcks Shr A Pao Ry
Co comlOO
pref
100
non-cum
Chem
No par
6% preferred
Jan
115%
5
169
Jan
5
160
Oct
9% Jan 21
7% Jan 13
84% Jan 11
5
Apr
7% Jan 15
6% Jan 4
81% Jan 13
Walgreen Co
102
Nov
86
Jan 21
Apr
92
Nov
Jan 19
153
Mar
165
100
Jan
2
108
Jan 18
50
Jan
115
Aug
Apr
4% Jan 13
3% Jan
1% Jan
48
2% Jan 20
58% Jan 20
32% Jan 9
44% Jan 20
Jan
28% Jan
39% Jan
114
Jan 18
42% Jan 5
a86% Jan 19
a91
Jan 19
7% Jan
4
Jan
4
Jan
2
54%
113
114
Jan 18
46% Jan 15
a86% Jan 19
a91
Jan 19
9% Jan 22
61% Jan 22
67% May
57%
3%
1
July
30
June
16% Apr
40
Jan
Feb
Apr
72
May
84
Sept
28%
*110%
4% Jan
28% Aug
114% Jan 16
12% Jan 7
109
4
Apr
May
127% Jan 19
130
Jan
9
*114%
76
Jan
5
70
119% Jan 15
3% Jan 5
122% Jan 11
4% Jan 21
12% Jan 21
120
71
Jan 18
Jan
4
7% Jan
5
9
—-100
5
pref-—-No par
Warner Bros Pictures
16
Jan 12
11% Jan 4
45% Jan 14
12
Jan 21
17% Jan 22
39% Jan 21
115% Jan 8
Jan
5
4
44
6
19% Jan
Jan
6
46% Jan 13
7
6
65%
7% Jan
8
8
No par
1% Jan
5
1% Jan 21
Warren Bros
No par
10% Jan
4
12% Jan 15
35% Jan 16
41% Jan 11
pref...-Ao par
Fdy A Pipe
100
1
Co
33
Jan 14
4
35% Jan 19
'""1%
Jan
"~2% "Jan ~9
May
85
Aug
234
52%
8334
110
Apr
102
Sept
Jan
Jan
124% Sept
8% Apr
Apr
1% Nov
12% Feb
23% Sept
-.100
8
17%
2% Jan
2
7% Jan 13
77% Jan 4
48% Jan 14
122% Jan 21
115% Jan
8
10%. Jan 20
20% Jan 20
3
Jan
8
8% Jan 2
83% Jan 22
145
Jan
4
50% Jan 8
167% Jan 22
151
Jan
4
170
26
Jan
5
30% Jan 22
36% Jan
23% Jan
7
37% Jan
6
2
26
Jan 22
5% Aug
72% May
3434 Jan
94%
123%
Jan
Jan
22% June
35% Oct
1984 June
31% Nov
Jan
8
34%
Jan
7
*90
98
90
Jan 18
34
117% *114
f20
*114
120
200
5H% oonv preferred—100
114
Jan 18
115
Jan 19
99
Wheeling Steel Corp.—No par
38
Jan
43% Jan 21
100
50
103
Jan
107% Jan 21
87
6
6
6
41
41
41
5%
9%
83%
63%
4334
96%
87%
534
8334
83
64%
45
63%
44%
47
97%
97%
99%
87%
88
90
75
75
55
55
78%
112
35%
3584
8%
8%
28%
124%
29
140
*44
46
78
80
112
114
£35
8%
1
1)
121
139
5%
5%
10%
75
46
1,900
1,500
30,800
92,500
1,400
24,300
16%
534
5434
29%
17%
White Rk Min Spr ctf—No par
40%
122
136
White Motor..
10,000
35%
884
%
83%
64
120% 120%
74%
74%
56
56
700
9,900
2,050
2,100
270
500
1,500
28
28% 122,100
400
138% 140
1,200
44%
44%
78%
114
34%
80%
18,200
114
900
35
3,200
8%
13,600
Preferred
White Sewing Mach—No par
Conv preferred
No par
33% Jan 15
28%
23% Jan
15% Jan
Jan 13
18% Jan 22
6% Jan
5% Jan
4
84
Jan
Wrigley (Wm) Jr (Del) .No pa
25
Yellow Truck A Catch cl B..1
Yale A Towne Mfg
Preferred
Co
...
100
50
Apr
Jan 22
47
Jan
62%
Jan
Dec
8684
8O84
Dec
Oct
140»4 Sept
73
Jan
70
Jan
56
Jan 22
33%
Aug
Apr
29%
Jan 20
884
Jan
23%
Dec
83%
Jan
42% July
41% Jan
163%
Deo
Apr
20%
128
108%
Zonite Products Corp
3684
49% Jan
100
No par
126% Jan 11
Jan
Jan
42%
5H% preferred
90
5% Mar
118
Young Spring A Wire.-No par
Youngstown S A T
No par
Zenith Radio Corp
Nov
Jan 22
65%
Wright Aeronautical...No par
July
Jan
47
4
Jan
77%
Oct
39% Dec
109% Feb
28% Nov
17% Nov
684 Nov
Nov
70
Jan 20
100
Oct
71
Jan 21
Preferred B
July
35%
87
83%
81
32
June
5
Jan 14
34% Jan
Jan
4484 Apr
23% Apr
79% Jan
61%
Jan
39
11
100
10
Oct
3384
43
10% Jan 21
IOC
160
Nov
3% Apr
16
2
100
Feb
Apr
4
7
8% Jan
Preferred A
Feb
9%
284 Jan
6% June
Jan
5% Jan
46%
No par
Worthington P A M
4
96% Nov
*50% Dec
153% Oct
Jan 22
40% Jan 21
4% Jan 4
Wilson A Co Inc
Woolworth (F W) Co
Dec
July *120
18% Feb
I.384 July
6
preferred
II084
91
Jan
21% July
Wilcox Oil & Gas
$6
Feb
15
Jan 18
22,400
Jan
Dec
Dec
Sept
116%
111%
2
18%
June
107
Jan
27
Deo
Deo
Feb
Jan
Jan 14
20%
Dec
Jan
90
18
Feb
Dec
Feb
91%
Westvaco Chlor Prod.-No par
27%
Jan
87
9
78
Wheeling A L Erie Ry Co.. 100
26%
Deo
33% June
160
107% 10734
Dec
1
Nov
96
8% Jan
23,300
18%
69
Jan 19
114
42
39%
103% 107
Jan
Apr
Apr
39%
11%
2,000
1,800
43%
Nov
7% Nov
Apr
21
98
42%
Nov
52
19% Apr
6% June
15%
*90
92
20
Jan 22
100
30
4984 Nov
Jan
100
5% preferred
Jan
Deo
2%
1284
38%
37%
33%
33%
Deo
12%
105
% June
4% Jan
10
25
Nov
108
6
No par
19
39%
118
102
Jan
Class A
Feb
80
4
120
Weston EJec instrum't.No par
131% Aug
137% June
4% Feb
10% Mar
7*4 Mar
4
6 *100%
Telegraph 100
Westingh'se Air Brake.No par
Westinghouse El A Mfg
50
1st preferred
50
Deo
Dec
114% May
1384 Dec
41% Dec
Jan
Jan
Western Union
Sept
104% Jan
95
100
100
84
8%
8884
Jan 21
98
preferred.......
48% July
80
Aug
84
6% preferred
—100
West Penn Power pref
100
Preferred
7
Aug
116
4
preferred....-No par
Western Paciflo—
Jan
Apr
30% Deo
493g Nov
Jan
Jan
2,100
6,700
23,500
20,100
Apr
Apr
Dec
57
51%
81
0% preferred—
Maryland
8
4
Jan 14
100
Jan
9% Jan 22
48
Preferred.—
38
6
Snowdrift No par
West Penn El class A ..No par
Jan
6% Mar
2% Oct
83
J Warner Qulnlan
Convertible
Dec
18
8
Jan
Jan 19
Apr
67% Jan
Jan 18
6% Jan
Jan
30
Jan
48%
Jan
114
98
Jan 18
19%
16% Jan 19
5
4% June
9% Jan
5%
26%
17%
10%
2%
47%
9%
15%
42
96
Jan
Aug
Aug
2% Aug
17,000
29%
37%
24%
Mar
14
9% Jan 15
30
37%
*37%
24%
33%
Jan
5
—No par
Class B
July
834 Nov
164
Jan
..No par
Preferred.
168
Jan 13
37
t Walworth Co
No par
Walk (H) Good A W Ltd No par
Deo
Jan 15
Jan 14
100
t Wabash
Apr
79%
82
100
Preferred
Nov
75%
161%
100
100
Virginia Ry Co pref
Vulcan Detlnnlng
2d
Jan
7% Apr
131
Jan
Preferred
71
21%
Jan 22
167
100
Aug
31% Aug
4% Oct
10
Aug
Jan 22
131
No par
No par
Jan 21
49
133
No par
Preferred
Jan 21
Jan
150
.....100
Preferred
9
17% Jan 21
104
8%
4
Jan 20
U S Tobacco..
Wells Fargo A
125% Nov
169% Feb
No par
1st preferred
$3.85 conv
2384 Nov
39% Jan
17
U S Smelting Ref A Min
Preferred
Conv
May
Nov
19% Jan
113% July
60% Jan
100
20
U S Realty A Impt
U S Rubber
Wesson Oil A
160
87
No par
No par
v t c
Prior preferred vto
U S Pipe A Foundry
Western
170
34%
24% June
80% May
8% Deo
50% Nov
20% NOV
02% Nov
59
Apr
9% Jan
18% Jan
104
Sept
03% Deo
19% Deo
49% Nov
U S Industrial Alcohol-No par
U S Leather v t c.....No par
10,500
2,000
23,100
113% Jan 14
Jan
Preferred
6,000
240
2%
91
7,800
800
19
Jan 22
3% Jan 9
20% Jan 19
7% Jan
84
8%
83%
Feb
100
4
Jan 21
35% Jan
102
3
20
96% Jan 21
No par
5
84
1934
Apr
No par
\
9%
13
Webster Eisenlohr
107% 108
*114
Jan 22
Waukesha Motor Co.—
102
10
Jan 22
20
Warren
84
122%
Jan
12%
6
Jan
4,500
2,000
107%
115
109
4
17
5
110
100
111% Jan
6% Jan
Jan
Preferred
June
14% Nov
5
"i% """240
July
16% Feb
29% Aug
105
Jan 14
37% Jan
*81-
"2"
4
30
Ward Baking class A—No par
36%
9%
Jan
Jan 12
114% Jan
600
Jan
9% Feb
48% Aug
17
100
15,500
15
93
167
6H% preferred
11%
33%
40%
Jan 21
30%
42
87
8%
*81
*134
49%
11%
33%
Apr
85
100
97%
16% 176,200
900
67%
13,600
1%
10%
29%
*37%
24%
33%
43%
105% *10734 109
2734
26%
26%
16%
*16%
16%
6
*6
6%
42
41%
42%
4%
4%
5%
10
9%
9%
82
82%
8134
64%
65%
63%
42S4
42S4 43%
96
97
96%
*73%
54
54
10%
33%
*90
105%
115
33%
*114
9%
81%
62%
28%
9
49%
24%
90
42
54
35%
2
37%
2434
37%
115
4234
5334
110
8%
tmrnmrn
153% 15834
159% 161
28
29%
90
42%
9634
85%
137
20
115
■
105% 105%
26% 27%
1634
1634
6
6%
42
115
79% 81%
50
49%
152% 15334
*157
160
158%
28
28%
28%
*37%
37%
37%
25
25
24%
34
33% 34
234
7%
8
79% 80%
50%
49%
152% 15434
37%
6%
44%
10
7%
19
3
25
6
116
7%
9%
19%
33%
*43
48%
*134
48%
*83%
2%
*18%
234
734
25
*16%
*81
184
934
19%
234
33%
3934
4238
*105% 109
2734
27%
834
*81
—
2"
9%
28%
1%
3684
8%
9%
*37%
67%
40%
1134
84
84
84
84
*83%
*83%
*100
102
102
*99% 110
10134 102
107
107%
107%
106% 10634 £106% 107
99
£100
100%
99% 100
9934100
122
122
*122%
122%
*122%
29%
07%
1%
11%
34%
4134
8%
160
15%
1634
36%
*134
*114
*94
97%
Jan 19
4
No par
No par
"4,866
Jan 14
Jan 14
4
3,300
1,900
7%
35% Nov
14% Jan
....—100
500
96% Nov
32%
June
66% Jan
Preferred B__
46
7%
7%
35%
8%
48%
99%
*44
4034
35%
84
19%
19%
46
Jan
Jan
49% Jan 19
Preferred A..
4,400
117
Oct
68
22% Jan
5% Apr
40% Apr
7
Waldorf System
93",200
16% Apr
24% Mar
Feb
Feb
25% Sept
37% Nov
33% Nov
Jan 21
122
U 8 Hoffman Mach
5J4% oonv
Jan
June
31%
32%
Jan 19
20
7% preferred
13
28% Feb
149% Aug
100
4
490
47%
19%
4012
36%
40
37
107
47%
34
4034
102
48
11%
34
7,800
24,800
15
33%
36%
107
1534
67%
1%
11%
14%
11
40%
102
*94
10
116
15%
*31
41%
49
7%
>115
11%
*81
*48%
*83%
14%
47%
*1934
*43%
116
35%
1%
1%
11%
*32
*115
130
1%
11%
37
8%
170
86%
32%
8%
46%
15%
25%
20% Apr
105% Nov
111
Jan 11
100
...No par
U S Gypsum..
11,600
114
117
Jan
Jan
Jan
7% Jan
46% Jan
80% Jan
18
—.100
Va El A Pow $6 pref-.-No par
Virginia Iron Coal A Coke. 100
5% preferred..
.100
11
17%
"l~34
114
4
31%
24% Jan 12
27% Jan 8
30% Jan 11
71% Jan
20% Aug
108%
90%
22%
99% Jan 15
8% Jan 18
100
U S Freight-
5%
4
97% Jan 20
3
Va-Carolina
32
*128
100
Preferred
Vanadium
Jan 11
29% Jan
No par
Corp
40,500
9%
61%
10%
16%
1%
8%
59%
31%
17%
8%
60
*90%
9%
59
61%
113% 113%
8%
1034
96
41%
90
*86
••«.
32%
16%
*6534
*3634
10
1,100
10
*94
12%
35%
7,900
31%
1734
138
30,800
31%
43%
43%
'114
115%
45%
*44%
IO84
98
1%
11%
35%
350
58
31%
129
..No par
Universal Picture** 1st pref. 100
10
129
United Fruit
Utilities Pow A Light A
1
Vadsco Sales
...No par
31%
127% 128
United Elect lie Coal..-No par
United Eng & Fdy
.1
550
31
*90%
8%
17%
*94
*56
2
4
22,700
44,500
103% 103%
4%
4%
2%
2%
79
Jan
18% Jan
100
Preferred class A
~i",666
Jan
28% Jan 20
115
4
Universal Leaf Tob
87
164
25
Jan 12
4
7%
82%
*86
29% Jan 12
6% Jan
7%
*82
26% Jan
27% Jan
20% Jan
43% Jan
14% Jan
5
10
United Stockyards Corp
1
United Stores class A. .No par
•161
Jan 13
No par
United Dyewood Corp
Preferred
Class A
Jan
98
No par
Corp
Preferred
United Drug Ino
10
86
9
United
29.400
11,400
164
a91
— mm —
No par
Unlted-Carr Fast Corp.No par
9
86
•
United Carbon
168
*161
♦86
100
8%
87
*42%
7%
700
132% 133
'162
9%
7%
82%
80
48
7%
5,700
150
800
14%
1934
147
128% 128%
14%
46
40%
75
75
75
72
72
*71%
*71%
*71%
135
>118
135
*118
*11834 135
119% 119% *119% 125
4%
4%
4%
384
334
3%
3%
3%
3%
3%
10
12%
11%
12%
10%
11%
11%
10%
10%
10%
12
10
11%
10
11%
10%
7%
8%
7%
*7%
17
16
17%
16
16%
16%
16%
16%
16%
16%
39
38%
39%
3834
3884 3884 *38% 3834
38% 38%
*115
118
39
164
*86
*126% 128% ♦126% 127%
71
75
71%
71%
3%
32
*85
86%
No pai
Preferred
Preferred
*161
a86%
mm-m
No par
United Biscuit
U S Dlstrib
1,070
7,000
1,100
290,
14,200
1,400
17,900
10,900
168
59
108
*104
103% 105
*103% 108
4%
4%
4%
4%
4%
4%
4%
2%
2%
2%
2%
2%
2%
2%
58
57
56
55
58%
57%
54%
31
32
32%
32%
31%
30% 31%
43% 44%
43% 44%
43%
43% 44%
♦114
114
115%
115% *114
115% *114
45
45
*45
45%
4434
46%
40%
..6
Corp.._6
United Amer Bosch
500
19%
59%
108
59
61%
61%
114% ♦114% 115
11%
1134
11%
11%
32
31% 32
32%
10%
31%
168
148
*82
Un Air Lines Transp
400
19
19%
168
No par
t United Paperboardnew—10
USA Foreign Secur...No par
5834
41%
8%
7%
Union Tank Car
United Aircraft Corp
900
*124% 125%
13134 132
♦162
100
54,800
5,500
9
9
8%
18,000
17»4
1784
17%
16%
103
3,800
*100
IO284 104
12,700
67%
66%
68%
6634
18
18% 38,800
18%
1734
54
52,100
54%
53%
53%
11,100
98%
99%
98%
98%
89
88
6,600
89%
88%
900
*74
75%
75%
*74%
8834 209,000
86%
88%
85%
146
Preferred
12%
3%
Jan 18
26% Jan 19
20
10)
105 %
132% Jan 18
19%
3%
1834
5
25% Jan
12
100
101% Jan
Highest
$ per share $ per share
126% Jan
United Gas Improve...No par
Preferred
No par
161% 164
59%
*6
*82
3,100
$ per share
Union Pacific-...—.....100
56,000
1934
19%
57%
39%
8%
27,400
2,600
49%
83%
84
84
114
3%
10%
168
7%
82%
8%
*118% 1C5
*162
7%
114
*90%
145% 146
131
13184
7%
*81
82%
82
83%
*161% 163%
7%
115%
mm — —
87
9
40
*87
75%
884
*114
46%
84
8%
*50
*4584
*73
89%
8%
54%
323s
403s
31%
168
87%
8%
102
434
4%
*50
19
97
88
132
7%
67%
17%
96
8
80
60%
50%
*162
*81
834
17%
99% 102%
52%
♦132
7%
82%
16%
57
4034
97%
8934
144S4 145%
*130% 132
144% 14484
38%
8%
19%
4n
Union Carbide & Carb.No par
% per share
Lowest
Highest
Union Oil California..—...25
16%
112%
112
168%
38%
68
84%
125
168
55
97% 100
67% 68%
80
124
168
18
15%
83
15%
122
18
17%
784
48%
84
122
33,200
10,200
15%
25%
97%
7%
97%
16%
113
112% 112% *112
11
11%
12%
10%
19%
1934
19%
19%
9984
*98%
9934
9934
3
3
3%
*2%
19%
1934
18%
1834
3234
32%
32% 33
37%
1734
54%
39%
8%
8%
168
*168
16%
97%
82%
15%
81%
15%
97
*75%
16%
81
97
•
15%
81%
16%
19
9734
15%
25
15%
2584
97%
7%
49%
15%
25
82%
9734
7%
49%
112% 113
10%
9%
15%
25%
25%
97%
7%
49%
83%
49%
8%
49%
7%
40
104% 105% 20,800
36,200
25%
20
25%
4,000
130
129% 13 %
130%
1,900
99%
99%
99%
99%
3,300
28%
28%
29%
28%
30%
31% 61,700
31%
30%
24
19,400
23% 23%
23%
400
26
*26
26%
26%
29
2,800
29
29%
29%
50
*116
*116
116%
116%
86
85
*85
2,200
85%
32
1,800
32
3234
3234
7% 114,300
7%
7%
7%
46
11,000
46%
46%
45%
104% 105%
49%
82%
49
101
16
91
29
80%
97
8%
16%
26
116
31
54%
393s
8%
17%
38%
7%
26
28%
110
30%
23%
8584
32% 33%
12334 12434
17%
29
31
*168
169
109
2 884
29
11334 11334
9%
984
19
19%
9884 99
3%
3%
♦113% II384
984
9%
19
19%
29%
130% 131%
29%
22%
23
734
48%
99
2 884
8%
46%
7%
4734
99
117
2238
*9684 101
99
86"
734
4534
1484
15%
22%
132
99
*116
*110
104% 105
20
£25%
;
Par
Year 1936
100-SAare Lots
On Basis of
Week
^
$ per share
Range for Previous
Range Since Jan. 1
Sales
for
LOW
Saturday
Jan. 10
575
New York Stock Record—Concluded—Page 10
144
Jan
Jan
140
Jan 21
Jan
46
Jan 15
80% Jan
75% Jan
Jan 11
Jan
2
7% Jan
2
33
7
114
8
Jan 21
36% Jan 12
9%
63
105
Jan
11% Jan
584 July
79
Feb
51
Nov
55
8784
122
Oct
Aug
42% Nov
9%
Jan
Complete
Bond
Brokerage Service
RICHARD WHITNEY & CO.
Mambiri
15
New
York
Stock
Members
New
York
Curb
BROAD
Telepeono BOwllng-Green
Exchange
Exchange
STREET,
NEW YORK
9-4600
A. T. & T.
Teletype TWX, N. Y. 1-1793
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
576
On Jan. 1, 1909 the Exchange method of quoting bonds was
changed and prices are 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 yean
.
Friday
N.
Y.
STOCK
EXCHANGE
Week Ended
U.
S.
Week's
Last
BONDS
Range or
Sale
Jan. 22
so,
Price
Government
Treasury 4%s—Oct
Treasury 3%S— .Oct
Treasury 4s
Dec
Treasury 3%S— -Mar
Treasury 3%S— June
Treasury 3s
Sept
June
Treasury 3s
Treasury 3%s„_June
Treasury 3%S—-Mar
Treasury 3%8—June
Treasury 31*8
Dec
Treasury 3%s
Treasury 3%8—Apr
Treasury 2%s_—Mar
Treasury 2%s—Sept
Treasury 2%s...Sept
Treasury 2%s.._fc
Friday's
Bid
A
Low
High
No.
120.19 120.16
120.30
63
120.16 121.14
108.28 108.28
109.5
57
108.19 109.26
15 1944 1954 J
D
114.24 114.18
114.25
63
114.18 115.20
15 1946-1956 M
S
113.19 113.19
113.29
16
113.19 114.9
15 1943-1947 J
D
109.21
Mar
109.30
13
Low
High
109.18 110.18
106.26
88
106.14 106.28
107.29
70
107.15 107.30
Copenhagen (City) 5s
15 1940-1943
107.10 107.8
107.13
31
106.31 107.28
15 1941-1943
108.8
108.11
67
107.31 108.24
108.12 108.11
108.18
100
108.11 108.10
108.15
87
108.9
108.7
108.24
108.18
A
26%
D
99%
25-year gold 4%s
1953 M N
Cordoba (Prov) Argentina 7s. -1942 J
J
Costa Rica (Republic of)—
97%
108.7
77
107.29 108.24
108.29 108.26
109.4
77
108.19 109.25
External 5s of 1914
104.14 104.10
104.21
16 1945-1947 M S
105.20 105.20
External loan 4%s__
1949
Sinking fund 5%s._.Jan 15 1953
♦Public wks 5%s—.June 30 1945
15 1948-1951 M S 104.9
1951-1954 J D 103.9
350
104.10 104.26
105.28
110
105.20 106.16
104.7
104.15
62
104.5
104.15
103.6
103.13
126
103.4
103.16
103.8
150
102.26 103.9
15 1944-1964 M
May 15 1944-1949
Mar
S
M N
15 1942-1947 J
1 1942-1947 M
101.21
454
101.7
106.10
11
105.16
162
1 1939-1949
106.1
105.10 105.8
101.20
105.25 106.10
105.6
105.17
J
105.10 105.8
105.15
93
105.8
105.23
S
103.30 103.30
104.2
77
103.30 104.10
A
104.29 104.25
105
127
104.22 105.3
102.25 102.25
103
110
102.22 103.2
102.24 102.22
F
1942-1944
102.30
120
Agricultural Mtge Bank (Colombia)
F A
♦Sink furd 6s Apr coup on.-1948 A O
Akershus (Dept) Ext 5s
.-1963 M N
♦Antloqula (Dept) coll 7s A
1945 J
J
♦External
s
f 7s series B
.1945 J
8
f 7s series C
1945 J
J
♦External
s
f 7a series D
1945 J
J
♦External
8
f 7s 1st series
1957
♦External
♦External
15%
J
♦External
.
-
.
"15%
-----
A
O
sec 8
t 7s 2d series. 1957 A
O
13 x
sec s
f 7s 3d series-1957 A
O
1334
Antwerp (City) external 5s
1958 J
D a98%
Argentine Govt Pub Wks 6s.--I960 A O
102 %
Argentine 6s of June 1925._--.1959 J D al02%
External s f 6s of Oct 1925—-1959 A O
10234
External 8 f 6s series A
1957.M S
10234
External 6s series B
Extlsf 6s of May 1926
1958 J
D
1960'M
N
f 6s (State Ry)— -I960
M S
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927—.1961 M N
Public Works extl 5%s
1962 F
1955'J
Australia 30-year 5s
External 5s of 1927
10134
10234
10234
10234
10234
1534
1534
1334
1234
1334
9834
10234
alOl 34
2634
8
25 %
2634
27
25%
9834
1634
14
98 %
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
1945
F
1955 J
f ♦Stamped extd to Sept 1 1935... M S
Dominican Rep Cust Ad 5%8—1942 M S
1st ser 5%s of 1926
1940 A O
13
1434
15
12 X
13
27%
27%
98%
1534
7
9934
6
10234
20
102
101X 102
101% 103
101% 102%
101% 102
10134
39
10234
103
46
102
10234
64
33
10134
10134
10234
103
102
10234
126
10234
10234
10234
43
10234
62
75
1
A
J
19
10934
10634
98%
102
102%
103
101% 102%
102
102%
102
102%
101% 103
109% 110%
108% 110
101% 102%
99% 101%
D
D
""5234
O
A
A
O
A
1961 J
1954 J
♦Farm Loan
s
f 6s
29
105
101
33
100% 101%
100%
44
99% 100%
*50%
105%
73
80
23
23
74
External 7s stamped
19%
2134
18
52
54
75
19%
50%
100%
21%
21%
59%
106%
19%
1
67%
75
98
2
98
98
107
10
74
<
106% 107%
220
10
18
124%
122
*17%
128% 2128%
D
.123%
1949
♦Sink fund secured 6s
1968 F
24%
21%
30%
21
122
120
128%
123%
""2
284
20
124%
119% 119%
128% 128%
s
Italy (Kingdom of) extl 7s.
—
.1951 J
A
D
32%
♦78 with all unmat coup
♦Leipzig (Germany)
47
103
10234
10434
10234
5
10434
4
104% 105%
2834
5
10134
5
26%
28%
100% 101%
20%
31
97
25%
20
27%
24%
24
10
23%
36
17
33
36
30%
33
87
27%
33
96%
99
97%
36
99
18
105%
18%
105% 106
106
23
23
22
22%
*22
24
21%
21%
*22
25
86
24%
25%
21%
24%
50%
21
21%
48%
87%
112
"85%
87%
"80%
87%
71%
96%
80%
76%
99%
34
50
*113
"87""
25%
25
15%
*22
50%
24%
21%
31
25
18
21%
18%
29%
30%
24
24
13
17
50%
..
*99>32
"87%
86
87%
75%
75%
76
16
96%
99%
60
"81%
80%
82%
14
1957 A
O
1947 F
A
24
24
D
*93
13
15
85%
104
*30
Lower Austria
10234
123% 123%
29
*20
S
1947,M S
1
24%
21%
23%
34%
1960 M N
f 5s
22%
25%
Haiti (Republic) s f 6s »er A
1952 A Ol
♦Hamburg (State) 6s
1946 A O
♦Heidelberg (German) extl 7%s '50 J J
Helslngfors (City) ext6%s
I960,* O
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on.-.1945'J
J
♦7s unmatured coupon on.-.1946 J
J
♦Hungarian Land M Inst 7%s.l961 M N
Sinking fund 7%s ser B
1961 M N
♦Hungary (Kingdom of) 7%S—1944 F A
47
101
18
100
100% 101%
♦4s of 1904
100
8734
8
85
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
"8134
262
85%
77%
101
87%
81%
8134
8334
9
83
8434
44
64
6434
9
2234
2334
29
21%
24%
24
25
31
22
25
83
78%
78%
81%
83%
84%
60
64%
10934
11034
65
11434
11434
31
10034
10134
10134
111
10234
82
55
36
"~8
2834
30
16
29
3
3234
3234
2
2034
2234
67
21
2034
2034
2134
2134
235
21
93
21
7%
'33
J
I
assent (large)
Geraes
♦Sec extl
9
f
(State)—
6%s
1958 M
♦Sec extl s f 6 %s
♦Montevideo (City) 7s
26
20
114
20
24
37
17
20
D
1734
17
1734
1934
1934
32
O
734
1734
110
1734
1634
1834
41
1634
20
24
73%
73%
"74""
37
31%
29%
33%
144
29%
105
17
104%
104%
al06% al06%
107
106%
100%
100%
103%
103%
101%
101%
*102%
J
F
1953 M
Extl deb 5 %s
1963 M N
25
102
~18%
6
76%
75
34
99%
100
102
18%
80%
72%
*106
14
...
"§5~"
76
28%
29%
22%
26%
22%
46
81
76%
99% 100
105% 106
823% 85
73%
76
21%
29%
O
21%
O
"77%
60
23%
36
25%
20%
21%
22%
368
18%
21%
22%
177
19
22%
22%
60
D
J
101
80
S
O
72
72%
74%
1947 A
100% 102
102% 104%
77
85
1950 J
106% 109
71
41
74%
1959 M S
-
64
17
"23%
76
vNat Loan extlsf 6s 1st ser„1960 J
♦Nat Loan extl s f 6s 2d ser.-1961 A
♦Poland (Rep of) gold 6s
1940 A
8
107%
107%
101%
103%
85
♦Peru (Rep of) external 7s
f 7s
♦External sink fund g 8s
105
67
104% 105
104% 105
106% 107%
77
D
20
s
*20
O
1953 J
20
19%
S
1955 A
17
19%
A
1958 M N
Oslo (City) s f 4%s
Panama (Rep) extl 5%s
♦Extl s f 5s ser A
♦Stabilization loan
74
33%
33
61%
16%
18%
70%
27
27%
66%
1947 M
53%
13
1
1943 F
1944 F
9
12%
New So Wales (State) extl 5s.. 1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s—
20-year external 6s-.
9%
13%
10
19%
15
7%
13
51
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon olf
53%
137
12%
8
9%
67
Oriental Devel guar 6s
1934
40
64
24
2134
2134
11
8%
7%
33
24
24
22
67
20
24
9%
8%
8%
64
20
19%
11%
7
D
1952 J
Municipal Bank extl s f 5s...1970
♦Nuremburg (City) extl 6s
1952
20
7%
7%
*6
1959 M S
25
63
8%
n%
10%
S
1963 M
143
7%
'10"
O
1956 M
1965 A
32%
5
—.1959 M N
♦6s series A
External sink fund 5s
29
47
J
External sink fund 4%s
External s f 4%s
2134
"2134
8%
30
1734
*19
D
36
2134
*51
1954 J
Milan (City, Italy) extl 6%s.__ 1952 A
Minas
7%
10%
10%
8%
*6%
35
1734
1634
D
26%
26%
30%
20%
21
18
♦§Treas 6s of '13
♦JSmall
.1954 J
51
D
21
—
50%
2034
21
109% 110%
114% 114%
100% 101%
101% 103%
"10%
7%
*10%
10%
*7%
11
2
5
102
13%
♦Assenting 5s large
♦Assenting 5s small
2
64
2334
2434
11034
11434
10134
♦Medellin (Colombia) 6%s
1954 J D
♦Mexican Irrig assenting 4 %s.. 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q
J
102
87
7934
b f 7s
(Province of)—
7%s June 1 1935 coup on.—1950 J
10034
elOl
2034
2034
2034
2034
S
...1949 J
7s unstamped
41% 47%
102% 103
102% 102%
♦External sinkirg fund 6s.-.1963 M N
♦Cologne (City) Germany 6% 8.1950 M
74
98
a20%
124%
Italian Public Utility extl 7s—1952 J
J
Japanese Govt 30-yr s f 6%s._1954 F A
Extl sinking fund 5%s
1965 M N
Jugoslavia State Mtge Bank—
99
28
♦Chilean Cons Munic 7s.----.1960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
J
115% 116%
1
9
35
.1962 M N
1967
♦Frankfort (City of) s f 6%s_._ 1953 M N
French Republic 7%s stamped.1941 J D
7%s unstamped
1941
41
J
s f 6s
Jan 1961 J
♦Extl sinking fund 6s..Sept 1961 M S
♦External sinking fund 6s
1962 M S
..1961 A
J
106%
41
Oct 15 1960 A
1957 J
1961 J
1948
1945 M S
110
30
♦Ry ref extl
63%
79%
23%
9
2134
*50
♦Farm Loan 6s ser A Apr 15 1938 A
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s—1960 A O
♦Extl sinking fund 6s
Feb 1961 F A
581.
105% 105%
79
385
10134
f 6s__July 15 1960 J
see page
4
79
213
1950 M
a
—_
105%
105%
58%
2d series sink fund 5%8
1940 A O
♦Dresden (City) external 7s.-.1945 M N
Italian Cred Consortium 7s A.-1937 M
External sec s f ser B
84
J
1952 M N
♦Farm Loan
6s
105% 105%
45
108% 109%
105% 106%
6
*8734
1976
♦Chile Mtge Bank 6%s
♦Sink fund 6%s of 1926
♦Guar 8 f 6s
9
81
80%
20
8134
8234
8334
Aug 15 1945 F
For footnotes
22
of)—
10-year 2 %s
25-year 3348
s f
19
10034
87
1975
1984 J
♦Carlsbad (City) s f 8s
♦CeDt Agrlc Bank (Ger) 7s
105 %
72
4534
rl0434
♦Sink fund 7s July coup off. .1967 J
J
♦Sink fund 7%s May coup off 1968 M N
♦Guar
10934
10634
11634
36
20
102
1976
1960
104*"
105%
105%
74%
4534
1961
Canada (Dom of) 30-yr 4s
5s
103"
403
45
4534
1961
(Kingdom
10534
11534
10034
10034
1977
Bulgaria
1
62%
79
44 34
1960
f $ bonds
5
60%
80%
2834
10034
♦Buenos Aires (Prov) extl 6s.-.1961
s
27
29%
104% 105%
101% 101%
78
4434
4434
10234
BueDos Aires (City) 6%s B-2-.1955
External s f 6s ser C-2
1960
3% external
104
2
30
98%
98%
79
'10434
A
1958
f 4%s-4%s
10834
22
20
J
J
Budapest (City of)—
♦6s July 1 1935 coupon on—.1962
s
104
27%
104%
101%
100
79
♦78 unstamped
1949
German Prov <fc Communal Bks
♦(Cons Agrlc Loan) 6%s
1958 J D
♦Greek Government s f ser 78—1964 M N
13
72
S
Refunding
28%
104%
101%
a97%
11
33%
33%
26
27%
27%
80%
16%
15
10134
1950
Extl re-adj 4%s-4%s
Extlsf 4%s-4%s
97%
99%
♦5%s of 1930 stamped
1965 J D
♦5%s unstamped.
1965
♦German Rep extl 7s stamped-1949 AO
10134
1957 M
4H»4«S-.
23%
23%
99
97
105
20%
17%
16%
8
102
"10234
J
Brisbane (City) s f 5s
f
Hioh
German Govt International—
15
45
s
1
31
23%
15
100%
20
89
11634
♦6%s stamped
....
40
99%
20%
56
""2134
Extl
26%
26%
26%
99%
98
105%
20
10234
4434
4434
♦6s 8tamped
113
3/3
29%
29%
98%
100%
15%
14%
10934
10234
O
f 6s ser C-3
Low
97%
1952
14%
110
D
s
121
33
99
1955
External g 4%s
Apr 15 1962
Deutsche Bk Am part ctf 6s... 1932
14 %
102
1952 J
External
1942
5
10834
♦7s (Central Ry)
Sinking fund gold 5s
20-year s f 6s
105%
105%
6
10934
1950 A O
♦External sinking fund 6s...1958
♦Brazil (U S of) external 8s
1941
♦External s f 6 %s of 1926
1957
♦External s f 6%s of 1927—1957
62
7
102
1955 J D
1960 M S
Bergen (Norway) ext s f 5s
♦Berlin (Germany) s f 6%s
101%
'164"
1534
1634
10934
1949 M S
f 6s
External 30-year s f 7s
High. No.
30%
30%
*25%
26%
26%
97
S
A
1951
Denmark 20-year extl 6s
External gold 5%s
Irish Free State extl
♦Bavaria (Free State) 6 %s
Belgium 25 yr extl 6%s
1949 F
ser A
17
J
1956 M N
1957 J
2634
2534
9834
1534
1534
A
1957 iM S
External g 4 %s of 1928
Austrlan (Govt) sf7s
Jan. 1
102.18 102.31
Foreign Govt. & Municipals—
♦Sink fund 6s Feb coupon on. 1947
Since
Asked
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
Finland (Republic) ext 6s
Home Owners' Mtge Corp—
3b series A
May
1 1944-1952 M N
2%s series B—Aug
2Ha series G
106.7
A
a97%
♦7b Nov 1, 1938 coupon on—1951
Cuba (Republic) 5b of 1904
1944 M
108.7
108.4
"26%
1947 F
Aug 16 1941
JaD
s
J
31%
31%
1952 J
♦Sir king fund 7s of 1927
15 1944-1946
15 1955-1960
3s
External
O
♦Colombia Mtge Bank 6%s._ 1947 A O
♦Sinking fund 7s of 1926
1946 M N
106.19
15 1949-1952
Range
Friday's
Bid
Low
Foreign Govt. & Mun. (Concl.)
(Republic of)
♦6s Apr 1 1935 coup on.-Oct 1961 A
♦6s July 1 1935 coup on Jan 1961 J
107.15 107.15
15 1946-1949
Range or
Colombia
106*20
D
Sale
Price
Jan. 22
Week's
Friday 1
Last
EXCHANGE
15 1951-1955 M S
2%s
s
STOCK
Week Ended
15 1946-1948 J
3a
External
N. Y.
Jan. 1
O
Treasury 2%S—Sept 15 1956-1959 M S 103.4
103.1
Treasury 2%s.. -Dec 15 1949-1953 J D 101.15 101.11
Federal Farm Mortgage Corp—
3%s
Since
Asked
15 1943-1945 A O
15 1947-1952 A
1
*
BONDS
Range
61
23
58
61
77
77%
31
76%
71
57%
77%
60%
59%
23%
Volume
New York Bond Record—Continued—Page 2
144
BONDS
N.
Y.
STOCK
Sale
Price
Bjeo
High
No.
32%
16
30%
96
21%
21%
29
113%
24
112
21
113%
113
2
112
113
O
113%
20 H
113
A
113
112
Low
17
92
17%
24%
23%
24%
8
23%
33
33
33%
5
28%
A
31%
30
32%
237
26
O
Home (City) extl 6%a
1962
A
O
Rotterdam (City) extl 0i
1964 M N
Roumanla (Kingdom of) Monopolies
♦7s August coupon off......1959 F
♦Saarbruecken (City) 6s......1953 J
Sao Paulo (City of Brasll)—
♦8a May coupon off
^
♦Kxtl 6%» May
36%
28%
29 %
40
65
30%
33
328
24
33
32%
108
26
29 H
32%
34
26%
32%
75%
74 H
75%
31
72%
75%
39
107
107
30 %
*22
A
J
107
3
32
99
107
25%
21%
30
,
108
32
21%
*30
1952 IVI N
off..1957 M N
l*8s July coupon off
1936
♦External 8s July coupod off .1950
♦External 7s Sept coupon off 1956
♦External fts July coupon off. 1968
J
J
J J
M S
J
J
Secured sf 7s
1940 A
♦Saxon State Mtge Inst 7s
1946 J
♦Sinking fund g 0%s
.1946 J
Serbs Croats A Slovenes
(Kingdom)
O
30 H
33%
30
34%
34%
74
34
26%
34%
43%
43%
40
43%
60
34Hi
33
34%
20
33 H
30 X
96 %
33%
65
34%
28%
27%
43%
34%
33%
98
95
98
24
24
22
97 X
98%
"59"
J
J
83%
J
Baldwin Loco Works lat 5s
P L E A W Va 8ys ref 4s
1941
106%
D
O
93
94
115%
102%
104%
105%
98%
92%
77%
92%
115%
110%
114%
115%
102%
Southwest Dlv 1st 3%-5s
1950 J
Tol A Cln Dlv 1st ret 4« A...1959
J
106
Ref A gen 5s aeries D
Conv 4%s
2000
1960
78%
1990
93%
ser
F
'93
Bangor A Aroostook 1st 5s
Con
27%
30%
115%
...
Bell Telep of P» fis series B
ffe 1st A ref fis series C
25
1943
ref 4s
...1951
4s stamped
1951
Battle Creek A Stur 1st gu 3a.. 1989 J
Beech Creek ext 1st g 3%s
1941 A
lie"
D
76
77
O
No.
Low
""5
120%
\
130%
.1960
Belvldere Delaware cons 3%a.-1943 J
♦Berlin City Elec Co
deb6%s_.1951 I
♦Deb sinking fuDd
6%s
21
49
104% 105%
178
70
64
15
4
7
1
A
90%
91
90%
92
74%
104%
74%
104%
76%
75%
'74%
*74%
74%
30%
24
30%
23
"42
76%
102
68%
70
*42
68
69
44
68%
12
67%
30%
104
*100%
68
104%
73%
76%
67%
6S%
78
72%
100% 101%
68
70
67%
67%
70
69%
*77%
1968 F
A
48%
48%
1961 J
D
80%
80%
91%
46
81%
92%
92%
49%
77%
92%
49%
...1952 M N
82%
1
106% 106%
7
48
83
105% 106%
107% 108%
94%
89%
115
121%
100% 103%
105
39
104
106%
61
105% 107%
99
240
39
27
93%
103
79
320
93%
197
21
98%
99
*112
1956 IV» N
88%
A
O
83%
F
A
A
O
Bklyn Manhat Transit 4%s.. 1966
Bklyn Qu Co A Sub con gtd 68.1941
1st 5s stamped..
105%
"88%
^♦Boeton A N Y Air Line 1st 4a 1955
If ♦Botany Cons Mills 0%s
1934
♦Certificates of deposit
Brooklyn City RR lat fis
1941
Bklyn Edison eons mtge 3% a. .1966
68
77%
11
88%
88%
"22%
243
105
105%
84 ,
105
105
95
105%
105
103%
103% 103%
92%
*ioB~
1947 J
D
10-year deb 4%s
1946 F
A
1962 A
O
85
..1943 J
D
1943 J
D
109%
96%
98%
103%
♦Albany Perfor Wrap Pap 6a.. 1948 A O
*76
*
1948
assented
Alb A Suaq 1st guar 3 His
1946 A O
106 %
Alleghany Corp coll tr 5s
1944 F
A
100 H
1949 J
D
1950 A
O
Col! A
conv
♦Coll A
5a..
conv 5a
♦5s stamped
......1950
Allegb 4 West 1st gu 4s
1998 A O
Allegh Val gen guar g4a
1942 IVI S
Allied Storea Corp deb 4%s
1950 A O
♦Alpine Montan Steel 7s
1955 Ml
2030 IVI
S
"~62
American Ice
a f
deb fis
...1953 J
Amer I G Chem conv 5%s
Am Interrat
18%
22%
21%
21
20
21
21
21%
20%
21%
106
155
99%
113%
252
89
105%
Corp
fi%8._1949 J
80
106%
74%
106%
100%
100%
94
96%
86%
112%
112
101%
10
6
27
100
100%
94
96%
89
66%
85%
62
102%
'109*
93%
99%
85%
90%
87%
641
91%
109%
49
87
126
108
30
105
108%
106 %
105%
106%
111%
111%
112
111%
112%
102%
102%
112% 112%
100% 101%
*93%
86
J
conv
I
64%
102%
112%
20-year sinking fund 5%s._.1943 M N
Am
106% 107
196
109
10
102%
112%
62
85
108% 109%
109%
80%
94
87%
91%
109%
106%
Teiep 4 Teleg—
Convertible debenture 4 %s.. 1939 J
3%s
debentures
3%s
debentures
♦Am Type Founders
J
'l01%
288
29
463
101% 102%
1966 J
D
101%
101%
102
313
101% 102%
J
182
172
185
43
169
110
110%
24
109% 110%
69%
83
A
O
Amer Water Works 4 Electric—
Deb g 6s series A
1976 M N
101%
98
79%
27
19
26%
29
"37"
36
38%
34
39
36
38
33%
38%
229
53
M N
M N
3
104%
130
101%
104% 104%
103%
80
101%
104%
104
104
147
103% 104
83
22
80
*85
J
132%
132%
105
106
35
108%
108%
108%
13
105%
105%
f*Am Writing Paper 1st
J
O
106
105%
J
39
37%
39
108
70
72
3
g 6S..1947 J
♦Certificates ot deposit
s t deb 4 Ha 1950 A
♦Anglo Chilean Nitrate—
ncome
deb
1967 J
f*Ann Arbor 1st g 4s
1995
Ark 4 Mem Bridge 4 Term 6a. 1964
Armour 4 Co (111) lst4%s
1939
1st M a (4a aer B (Del)
1956
Armstrong Cork deb 4s
1950
AtchTopASFe—Gen g 48-... 1996
Adjustment gold 4s
1995
Stamped
4a
80
Q
J
M
8
103%
A
100
O
'l09%
D
..1955 J
D
1960 J
D
..194k j
Conv g 4a Issue of 1910
Cor* deb 4 Ha
D
Rocky Mtn Dlv 1st 4s
1965 J
Trans-Con Short L 1st 4s... 1958 J
Cal-Arlz 1st A ret 4%s A
1962 M
J
see page
581.
1960 F
Brurs A West 1st gu
g 4a
193b J
Buffalo Gen Elec 4%s ser B...1981 F
Buff Roch A Pitts
gen g 5s
83
298
82
62
106%
104%
103%
99%
100
108
104%
75
5
30
225
70
185
i:*Burl
♦Certificates of deposit
l*Buah Terminal 1st 4a
1952
♦Consol 58
..1955
♦Bush Term Bldgs fis gu tax ex. 1960
By-Prod Coke 1st 5%s A
1945
Cal G A E Corp unU A ref 5s...1937
Ca! Pack
conv deb
cons gu
5s A
Canadian Nat guar 4%a
Guaranteed gold 6s
'110%
1957 J
July 1969 J
gold
82
28
30}
30}
2
85
87
74
83
44
61%
68%
102%
12
103%
6
104%
"35"
102%
103%
103%
105
25
35
37%
42
35
119%
7
119
115
26
114% 116
117%
119%
118%
15
119%
24
117% 118%
119% 121
A
*119%
120%
D
117%
117%
115%
115%
116
35
lllli
116%
115
114%
126%
98%
115%
55
114%
116
127%
8
99%
189
1970 F
126%
99
104
8
78
103%
103%
115%
115%
J
D
109%
109%
110
24
i960 J
J
105%
104%
105%
44
1949 J
J
Caro Clinch A O 1st 6s
1938 J
1st A cons g 6a ser A.Dec 15 J 952 J
D
i05%
D
110%
105%
109%
N
106
106
trust gold
5s
Dec 1
^♦Car Cent 1st
guar g
4a
1954
42
119%
114%
Guaranteed gold 4%a
1956 F A
Guaranteed gold 4%s..Sept 1951 M S
Canadian Northern deb 6 %s
J
1946 J
Canadian Pao Ry 4% deb atk per pet J
J
Coll trust 4 %a
1946 M S
5s eaulp trust ctfs
J
1944 J
Coll
102% 102%
103% 103%
104% 105
119
z
8
*75
106"" ""26
110%
120% 121
118%
126% 128%
99%
98%
102% 104
115
115%
109% 110
104% 105%
72%
72%
32
105% 106
109% 111
17
105
105% 107
36%
70
39
72%
104% 104%
103% 104%
99% 100
Carriers A Gen Corp deb 5s w w 1950 M
Cart A Ad lstgug4a
..1981 J
♦Cent Branch U P 1st g 4s
1948 J
^♦Central of Ga lstg 5«..Nov 1945 F
♦Consol gold 5s
...1945 M
♦Ref A gen 5%s series B
♦Ref A gen 5s series C
1959 A
D
D
33%
"93
32
34%
20%
24
20
20
107%
110% 111
113*
114
113
113
81
32
♦Mid Ga A Atl Dlv pur m 5s. 1947
♦Mobile Dlv 1st g fis..
1946
111%
93
40
78%
81
20
109% 112
107% 107%
H3"
106%
91%
36
20%
18
*107%
*78%
39%
4
61
"32%
111
109
38
93
N
109%
107
"39%
106%
O
1959 A O
♦Chatt Dlv pur money g 4a_. 1951 I D
J
♦Mac A Nor Dlv 1st g5s
.1946 J
107%
93
A
116
*113
27
31
43
J
108
8
921
31
30%
87
J
109% 110%
""57
90
30%
83
O
114
111
162
68
June 15 1955 J
4%e
92%
80
4
Oct 1969
109% 109%
109%
65
O
106
110%
106
66
J
O
1
113
105
108% 109
105% 106%
29%
29%
30
M N
M N
15
J
121% 122%
131% 132%
103
87
115
14
83
81%
O
A
.1902
Guaranteed gold 5a
Guaranteed gold 5a..
Guar
A
115%
109
80
113% 115%
"91%
92%
A*
J
1940 J
1942 A
5s
♦Camaguey Sugar 7s ctla
Canada Sou
109%
t
109%
*105
"l9
100
103
A
1937 M
114
1
115
A
1957 IVI N
C R A Nor 1st A coll 5a 1934 A O
20%
95
20
38%
38%
2
29%
38%
28
31
4
24
31
22%
20
"31"
22%
22%
23
13
19%
23%
34
34
2
30
136
172
242%
56
107
125
J
J
I
J
"34"
M
S
225
204%
242%
Gen mortgage 5s
1941 M S
Cent Hud G A E 1st A ref 3 %s. 1965 M F
Cent Illinois Light 3%s
1966 F A
Cent 111 Elec A Gas 1st 5s
.1951 A O
J
^♦Cert New Engl 1st gu 4s
1961 J
121
115%
125
109
109
108%
103%
108%
11
108% 108%
104%
104%
35
103% 104%
Central Foundry mtge 6s...... 194]
Central N J gen g 5s
General 4s
For footnotes
1957 IVI N
107%
107%
114
Nov
1955 J
D
109%
J
A
72
106%
D
F
J
72%
104%
J
1995 Ml N
Conv gold 4a of 1909
Conv 4s of 1905
80%
J
89%
100%
'l04%
121%
Collateral trust 4 %s
Anaconda Cop Mir
S f
111% 112
111% 113
deb. 1950 J
1961
conv
84%
47
84%
105
f deb 3%a
89
89%
132%
s
99%
112
83%
26%
"IlS""
Brown Shoe
98%
112
"l23
93%
115%
121%
;..1950
105% 106%
83%
85%
J
Conaol 4%s
100%
102 %
D
1949 IVI N
79
85
86%
95
S
Am 4 Foreign Pow deb fie
93%
79
75%
93%
89%
115% 115%
110% 110%
113% 116%
76
77%
106
*114%
warr
89%
21
1st Hen A ret 6s series A.....194'' Ml N
Coll trust 4s of 1907
♦6s with
,
99
36%
1
MN
1941 J
1st lien A ref 5s series B
1st cods 4s aeries B
105
97
120% 121%
130% 131
121%
21%
105%
1907 M S
1961
1
116%
130%
20%
20%
...1944 J
lat M 5s series II
1st g 4%s series JJ_
2
110%
130%
"22%
♦Berlin Elec El A Undergr 0
%s 195* A
Beth Steel cons M 4%s -er D..1960 J
Cons mtge 3%sser E
I960 A
Big Sandy 1st 4a.
Boston A Maine 1st 5s A C
115%
Debenture gold 6s...
INDUSTRIAL
COMPANIES
Adriatic Elec Co extl 7s
Ala Ot 8ou 1st cons A 5s
99%<
108%
94%
116%
103%
Bklyn Union El 1st j 5a
1950 F A
Bklyn Un Gas 1st cons g 5s..-.1945 IVI N
♦*tAbltibl Pow A Paper 1st 5s.l953 J D
Adams Express coll tr g 4a
1948 IVI S
99%
98
106%
120%
1955 A
.1964 (W N
AND
98%
105% 106%
58
60%
52%
54
83
83%
1013,32l02
83%
84%
107% 107%
*104
1959 F
♦Debenture 0s
Venetian Prov Mtge Bank 7a.. 1952 A
RAILROAD
High
111% 111%
114% 115%
*102%
1948 J
53 J
68%
Warsaw (City) external 7s
Yokohama (City) extl 6s
106%
106%
107%
104%
33%
.1960 M N
Vienna (City of)—
6s Nov coupon on...
Jan. 1
84%
108%
D
52
1957 M N
♦Uruguay (RepubUc) extl 8i._1946 F A
6a
105%
99%
99%
83%
*107%
106%
O
M N
30
_
High
105%
100%
59
58%
52%
52%
32%
83%
IOP'32 IOP'32
1940 IVI N
58 assented
1940
Bait A Ohio 1st g 4s
July 1948 A
Refund A gen 5s series A
1995 J
1st gold 5s
July 1948 A
Ref A gen 6s series C
..1995 J
53
J
8 f
99
J
33%
1971 J
;.
111%
115%
99
J
62%
1952 M S
♦External
1948
33%
Tokyo City 6a loan of 19 2
Externa! s t 5%s guar
TrondbJem (City) 1st 6%s
f 6a
J
30
A
s
194b
33%
1956 F
1961 A
111%
114%
104%
99
IVI N
29%
29%
f 5%«—
Taiwan Elee Pow s i 5 He
a
♦External
May 1 1945
Since
Asked
24
43 %
*21%
Silesia (Prov of) extl 7s
1958 J D
♦Stlesian Landowners Awn 6s_.1947 F A
Styrla (Province of)—
♦7s Feb coupon off.........1946 F
41H
38%
37
42
D
♦8f Nov 1 1936 coupon on...1962 IVI N
♦7s Nov 1 1930 coupon on... 1962 IVI N
A
*119
Ref A gen M 5s
coupon
San Paolo (State of)—
Sydney (City)
Oct 1952
MN
Atl Gulf A W I 83 coll tr 5s
195k
Atlantic Refining deb 5a
1937
Auburn Auto conv deb
4%s_._1939
Austin A N W 1st gu g 5s
1941
32%
31 %
104%
Range
Friday's
Bid
40
31H
31%
111%
Atl A Dan 1st g 4s
2d 4a
32
♦6s June coupon off
D
.1968
♦7s May coupon off........1966 M N
♦7s June coupon off
1967 J D
J
10-yr coll tr 6s
33
♦6 %s Aug coupon off
1953 F
Rio Grande do Sul (State of)—
♦8s April coupon off
1946
D
1944
LAN col! gold 4s
24%
O
Rio de Janeiro (City of)—
♦8s April coupon off
1946
1st 30-year 6a series B
J
1944
Atl Coast Line 1st cons 4a July 1962 M S
General unified 4%a A
1964 J D
21
..1946 A
♦Hblne-MalD-Danube 7§ A....1950 M S
Sale
Price
Low
Atl Knox A Nor 1st g 5s
I 1st 4%a A
96
18
16%
STOCK EXCHANGE
Week Ended Jan. 22
Atl A Charl A
32%
30%
19
Range or
Last
Y.
High
27%
26%
Week's
Friday
BONDS
N.
Since
Jan. 1
19%
J
1952 M N
♦Prussia ^Free State) extl 0%s.l951 M S S 21H
♦External ■ f 6s
20 H
....1952 A O
Quee' Bland (State) extl ■ f 7s.. 1941 A
26-yeai external 6s
...1947 F
A eked
92
D
-1966 J
♦7%s July ooupor off
Prague (Greater City) 7%s
A
Low
J
1961
11
Friday's
Bid
31%
29H
Foreign Govl. &Munic. (Concl.)
Porto Alegre (City of)—
♦8a June coupon off
Range
Ranae or
Last
EXCHANGE
Week Ended Jan. 22
577
2
Week's
Friday
...1987 J
J
...1987 J
J
70
87%
1
67
70
114
87%
88
56
78
78%
4
34
108% 109
63
70
85%
88%
75
78%
Jan. 23, 1937
New York Bond Record-Continued-Page 3
578
w
BONDS
N.
Y.
"<3
Week's
Friday
Range or
Last
Friday's
Sale
STOCK EXCHANGE
Price
Week Ended Jan. 22
Asked
104%
104%
104%
*112%
105%
78
104%
105%
104
Low
Columbia G A E deb 5s—May 1952 IVI N
A
1961 J
1948 A
J
Apr
15 1952
Debenture 5s
Jan
15
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
4%s..-1951
1951
Stamped guar 4%s
s
No.
1
*114
107%
108
85
100
100
104%
100%
105%
97
78
*105
J
*110%
101%
J
1961 F
f 3%s A
High
104%
Commercial Invest Tr deb 3%s 1951 J
Conn A Passum Rlv 1st 4s
1943 A
Conn Ry A L 1st A ref
"105%
O
1955 F A
Columbus Ry Pow A Lt 4s.
1965 MN
Commercial Credit deb 3%s...l951 A O
Conn River Pow
105%
O
Debenture 5s
is
A
Bid
107%
Consol Edison (N Y) deb 3%s_1946 A
3 Ms debentures
1956 A
105%
105%
105%
105%
106%
105%
*17%
106%
105%
107%
107%
106%
106%
1
1
88
56
♦Consolidated Hydro-Elec Works
Week's
Friday
BONDS
Last
Range
N. Y. STOCK EXCHANGE
Sale
Fridays
Week Ended Jan. 22
Price
Bid
A
Low
F
A
Through Short L 1st gu 4s_.1954 A
111 %
O
Cent Pac 1st ref gu g
4s
1949
Guaranteed g 5s
1960 F A
Cent RR & Bkg of Ga coll 5S..1937 M N
Central Steel 1st g s f 8s
1941 M N
Certain-teed Prod 5%s A
1948 M
Champion Pap & Fibre deb 4%sl950 M
Chesap Corp conv 5s
1947 M
10-year conv coll 5s
1944 J
Ches & Ohio 1st
5s
1939
General gold 4%s__.
.>1992
Ref & impt mtge 3Ms ser D..1996
Ref & lmpt M3Ha ser E—1996
Craig Valley 1st 5s
May 1940
con
g
Potts Creek Branch 1st 4s
111%
103%
94
125%
125%
107M
150%
150%
D
133M
108%
126%
133
135
108%
126%
101M
.01*
109
S
S
A
93%
107 M
101%
101M
J
120
J
8
56
56
3
127%
102%
102%
26
150% 154
137
133
41
108% 109
31
126% 128%
111
101% 102%
81
101% 102%
111
1
111% 111%
13
116
116
116
118%
119
100
100
1971
39 M
39 M
♦Certificates of deposit
37
1982 (VI N
124
1956 J
J
1969 J
11
3
41%
38%
42
42
4
24
22%
23%
107%
25%
107%
*110%
64%
107%
18
18
J
-.1936 M N
..May 1 2037 J D
♦1st ref g 5s
♦1st & ref 4%s stpd.May 1 2037 J D
♦1st & ref 4Mb ser C.May 1 2037 J
D
♦Conv 4%s series A__
.1949 M N
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
{♦Chic R I & P Ry gen 4s
1988
46
55
56%
69
69%
54%
68
70
31%
32
32%
18%
.1960 M N
3 Ms
June 15 1951 J
Memphis Dlv 1st g 4s
1951 J
1960 J
18%
5
83
83
40
1
41%
22%
23
291
19%
43%
42%
23%
20
18
20%
21%
19%
20%
23%
20%
125
22%
126
20
22%
30
18%
12
12
12%
271
10%
20%
12%
Dec 1 1960 M
113% 113%
*94%
"98%
*98
D
98
98%
D
98%
98%
99
98%'
99
S
89
88
89
86%
89
"v
Chicago Union Station—
1944 J
1st mtge 4s series D
1963 J
1st mtge 3%s series E_.
1963 J
3%s guaranteed.
1951 M
con
110%
107%
106%
105%
4s... 1952 J
1st A ref M 4^s ser D.._.. 1962 M
Childs Co deb 5s
1943 A
O
93
{♦Choc Okla A Gulf cons 5s... 1952 IVI N
Cincinnati Gas A Elec
3%s
4s...
1966 F
A
105%
111%
110%
107%
106%
106
107%
25
108
46
105
105%
93%
80
93
*35
103~"
103
1942 M N
108%
109%
*107%
111
8
27
126
63
40
104%
105% 106
111% 113
110% 111%
107% 108%
106% 108%
105
105%
94
92%
38
"93
103
38
104%
*108%
Cln Un Term 1st gu 5s ser C.. 1957 IVI N
1st mtge guar 3 Ms series D.. 1971 IVI N
112%
CIn Leb A Nor 1st
con gu
Clearfield A Mah 1st gu 4s
1943 J
Cleve Cln Chi A St L gen 4s... 1993
General 5s ser B
1993
J
D
1941
J
Ref A lmpt 5s ser D
Ref A lmpt 4 Ms ser E
Cairo Dlv 1st gold 4s
1963
1977
J
J
Spr A Col Dlv 1st
g
4s
W W Val Dlv 1st g
4s......1940
Cleve-Cllffs Iron 1st mtge 4% s_ 1950
Cleve Elec Ilium 1st M 3%s.__1965
Cleve A Pgh gen gu 4%s ser B.1942
Series B 3Ms guar..
1942
Series A 4 Ms guar
1942
Series C 3Ms guar......
1948
Series D 3Ms guar—
.1950
Gen 4Ms ser A
1977
Gen A ref mtge 4Ms ser B...1981
Cleve Short Line lstgu 4 Ms
1961
Cleve Union Term gu 5 Ms
1972
1st s f 5s series B guar
1st
8
J
1990 M N
1940 M S
J
106
"l05%
104
98%
105%
103%
106%
105%
104%
98
110%
10
106
107%
26
332
105% 105%
103% 105
97
105%
102%
105%
103%
1
loin
98%
105% 106%
7
102
104
104
104%
21
*108
*103
105%
*107%
110%
110%
M N
J
J
A
O
A
O
J
*113
M N
F
F
A
111%
*105%
111% 111%
109
*110
O
116
116%
112%
113
14
112
91
110
111%
105
105%
110% 112%
112%
5
115% 116%
113
o
110
o
105
1945
D
112%
110%
105%
112%
107
107
ik
92
34
89%
92%
77%
49
75
77%
A
1970
O
Colo A South 4 Ms ser A
1980 IVI N
581.
92
76%
110
105
-89%
75%
107
106%
101%
109
106
62
15
15
129
3
20
2
48
15
15
4
63%
68%
33
68%
70
62
♦Certificates of deposit
Dayton Pow A Lt 1st A ref 3 %s 1960 AO
Del A Hudson 1st A ref 4s
1943 IVI N
*66
3
5
69%
70
1936 J
Gold 5 %s
1937 IVI N
Del Power A Light 1st 4%s___ 1971 J
1st A ref 4%s
1969 J
95
1011,6
J
1969 J
107%
J
1st mortgage 4%s
Den Gas A El 1st A ref
Stamped
as to
s
cons
g
"l02%
107
1951 IVI N
f 5s
1936 J
4s
J
J
1936 J
{♦Consol gold 4 Ms
{♦Den A R G West gen 5s. Aug 1955 F A
♦Assented (subj to plan)..
♦Ref A lmpt 5s ser B.__Apr 1978 AO
♦1st 4s assented
♦Second gold 4s...
1995
♦2d 4s assented
35
36%
37
21%
20%
22%
21%
302
31%
31%
32%
147
13
*49%
115%
8%
66%
115%
116
8
J
1941 IVI N
1951 J D
1946 J
D
1965 A
O
1965
Erie A Pitts g gu 3 Ms ser B
Series C 3 Ms
1940
1940
J
1996
J
J
1996
J
-.1951
108%
10
85
65
117%
45
118%
102%
4
102%
64%
67%
32
109
109%
65
111
65%
109
111
115%
105%
*139%
113%
113%
104%
104%
169%
*111%
*108%
*106%
*106%
106%
91%
91%
O
"94"
"94%
94%
Ref A impt 5s of 1927
Ref A impt 5s of 1930
Erie A Jersey 1st s f 63
93%
116%
5
*50
2
105%
1
113%
104%
172%
""5
12
12
107%
106%
92%
56
295
1967 IVI N
1975 A
O
1955 J
94%
93%
"§8%
88
89
194
87%
87%
*118%
*116%
89
162
J
Genessee River 1st
J
s f 6s
1957 J
N Y A Erie RR ext 1st 4s...1947 IVI N
3d mtge 4%s
1938 IVI S
1942 IVI
1942 IVI
s
1942 IVI
1942 IVI
s
5s International series
f 5s stamped
1st lien 6s stamped
30-year deb 6s series B
Flat deb s f g 7s
1954 J
D
70
70
104%
104%
*103%
*101%
1
I63""
104%
"l03~"
33
103
103%
103%
104
7
D
103%
104
9
90
5
J
1943
J
90
90
East Coast 1st 4%s_.1959 J D
♦1st A ref 5s series A
1974 M S
7
*80
{♦Florida
♦Certificates of deposit..
Fonda Johns A Glov 4%s
119
117%
s
1946
{♦Fla Cent A Penin 5s
7
*102
S
1956 J
7
*114%
1954 FA
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
"94% *"l3
92%
O
1953
2-4s
23
A
4s series D
cons
21
111
*41
O
s
108%
*50
....1953
1st lies
8
108
108%
Series B._. .............1953
conv
74
*41
Erie RR 1st
Gen
30
110%
108%
Yd
J
Duquesne Light 1st M 3%s... 1965 J
{♦East Cuba Sug 15-yr s f 7 %s. 1937 M S
East Ry Minn Nor Dlv 1st 4s_. ,1948 A O
1st consol gen lien g 4s
Penn coll trust gold 4s
Conv 4s series A
*524
35%
*50
1937 J
4s prior
4
3
35%
1995
g
48
21%
20%
Detroit Term A Tunnel 4%s.. 1961 M N
Dul A Iron Range 1st 5s
1937 A O
cons
23
695
167*" ""5
35
1995
♦Dul Sou Shore A Atl g 5s
107%
95%
101',«
105%
102%
*106%
1951 IVI N
Penna tax
{♦Den A R G 1st
J
107%
94%
101'jz
105%
102%
*105%
83%
"17"
17
16%
"83% """I
18%
18%
225
62
1952
owner.
MN
9%
9%
9%
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
Fort St U D Co 1st g 4 Ms.
1941 J
Framerican Ind Dev 20-yr 7%s 1942 J
4%
4%
107%
*108%
J
J
Francisco Sugar coll trust 6s...1956 IVI N
Galv Hous A Hend 1st 5%s A..1938 A O
85
85
99%
99%
5
7
4%
10
107%
110%
86%
"~28
Gas A El of Berg Co cons g 5s..1949 J D
Gen Amer Investors deb 5s A..1952 F A
Gen Cable 1st s f 5 Ms A
J
1947 J
♦Gen Elec
*122%
401%
105%
105%
39%
100
1
22
(Germany) 7s Jan 15 1945 J J
♦Sinking fund deb 6%3
1940 J D
♦20-year s f deb 6s
1948 IVI N
123%
4
102%
105%
39%
19
107
A
1951
A
103%
J
Gen Steel Cast 5 Ms with warr. 1949
{♦Ga A Ala Ry 1st cons 5s
1945
J
J
43%
ext 6S..1934
J
49%
49%
♦Good Hope Steel A Ir sec 7S..1945
Goodrich (B F) conv deb 6s
1945
O
26
26
1st mtge
4%s
1956
Gouv A Oswegatchie 1st 5s
Gr R A I ext lstgu g 4Ms
"97""
26
105%
D
101
D
.1941 J
J
39%
104%
103%
*
D
1942 J
1
40" ""*3
.1939
Goodyear Tire A Rub 1st 5s...1957 IM N
Gotham Silk Hosiery deb 5s w wl946 IVI S
4
*39
39%
104%
§{*Ga Caro A Nor 1st
111%
J
O
67%
108%
107%
106%
104%
102%
100%
102%
20
15-year 3%s deb
Gen Pub Serv deb 5%s
113%
*110%
A
2
64
Gen Motors Accept Corp deb 3sl946 F
107% 107%
110% 111%
*106%
J
14
103
103% 104%
*113
1Q43
109
1973
1977
f 4 Ms series C
see page
111
....
J
Coal River Ry 1st gu 4s
Colo Fuel A Ir Co gen s f 5s
♦5 income mtge
1
For footnotes
108
43
25
299
"38% ""7
*65
(Amended) 1st
106
J
1939
Cln Wabash A M Dlv 1st 4s. 1991 J
"'2
106%
106%
38%
38%
D
{{♦Proof of claim filed by
D
Ref A impt 6s ser C
St L Dlv 1st coll tr g 4s
108%
110
94.
70
Ernesto Breda 7s
Guaranteed 4s
Chic & West Indiana
63%
El Paso A S W 1st 5s
5s stamped
224
D
Gold
Chic T H & So East 1st 5s
J
D
♦Certificates of deposit
{♦1st lien A ref 6s ser B
El Paso Nat Gas 4%s ser A
Conv deb 4%s
1
'105%
Cuba RR 1st 6s g_........... 1952 J
1936 J
{♦1st ref 7 Ms series A
35%
34%
32%
31%
31%
16%
43%
42%
•
106%
105%
101%
61%
'"62%
34%
18% 1083
all2
J
Elgin Joilet A East 1st g 5s
51
102
S
D
61
41
"162"
1942 J
55%
52
all2
Crown Willamette Paper 6s—.1951 J
Crown Zellerbach deb 6s w W..1940 IVI
Cuba Nor Ry 1st 5%s
56
20%
1952 M S
A
1950 M N
51
83
-
1951 F
Crane Co s f deb 3 Ms
Crown Cork A Seal s f 4s
75
41%
42%
22
•
D
East T Va A Ga Div 1st 5s
1956 MN
Ed El III Bklyn 1st cons 4s....1939 J
J
Ed Elec (N Y) 1st cons g 5s
J
1995 J
49%
83
v
J
50%
45
49
~59% ~~38
34%
33%
33%
warr
17
10
15
....
31%
17%
32%
102%
15-year deb 5s with
Copenhagen Telep 5s.Feb 15 1954
36%
12%
49%
52%
49%
54%
58%
32%
31%
59
D
5s
51%
52%
52%
I
1951 J
gu
68
*37
m
41%
1934 AO
Ch St L & New Orleans 5s
Inc
66%
32
52%
53%
mm.
52
*39
52%
m
48%'
49%
49%
fm.mm.rn.
105%
1946 M N
1943 J D
Container Corp 1st 6s
Gen A ref mtge 3Ms ser G.. 1966 M S
♦Detroit A Mac 1st lien g 4s... 1995 J D
20
♦Certificates of deposit
{♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 4%s series A._
♦Certificates of deposit
♦Conv g 4Mb
11
M N
1987 M N
♦4%s stamped
{♦Secured g 6%s
69%
33%
34%
11%
66%
107%
106%
105%
104%
101%
100%
66%
s f 5s
Consumers Power 3%s.May 1 1965 J
1st mtge 3 Ms
May 1 1965 M N
1st mtge 3Ms
..1970 IVI N
{♦Des M A Ft Dodge 4s ctfs... .1935 J
6
29
♦Consolidation Coal
38
38
1956 A
1960 J
♦Debenture 4s
{♦Des Plains Val 1st gu 4%s_. .1947 IVI
Detroit Edison Co 4 Ms ser D_. 1961 F A
Gen A ref 5s ser E
1952 A O
Gen A ref M 4s ser F..
1965 A O
64%
55%
38%
*37%
38%
62
9
69%
7
69%
749
35%
11% 1250
1955 J
1955 J
♦Debenture 4s
43
104
69
non-conv
38
26
26%
107%
55
{♦Consol Ry
1956
1951 J
1951 J
deb 4s.. 1954 J
deb 3%s
37%
106
68
conv
22%
22%
1
68%
55%
♦Gen 4%s stpd Fed lnc tax..1987 M N
♦Gen 5s stpd Fed lnc tax....1987 M N
124
111%
63%
"l5
69
1987 M N
41%
39%
102%
47%
50%
42
44%
42%
38%
69%
♦Stpd 4s non-p Fed inc tax 1987 M N
35%
102
962
♦Geng 3Ms ser B__May 1 1989 J
♦Gen4Ms series C..May 1 1989 J
♦Gen4Ms series E..May 1 1989 J
♦General 4s
118% 119
100
100
34
64%
A
112% 113
115% 117%
114% 116
122
42
38
J
F
120%
56
58%
109% 109
172
♦Chic M A St P gen 4s ser A. .1989 J
♦Gen 4 %s series F
May 1 1989
{♦Chic Mllw St P & Pac 5s A.. 1975
♦Conv adj 5s
Jan 1 2000
{♦Chic & No West gen g 3Ms—1987
119
11
50%
*40
D
632
102
"48%
49M
10
29
2
124
*
J
1947 J
J
1947 J
J
1947 J
1966 IVI N
Chic L S & East 1st 4%s
111
2
111%
120%
117
1966 J
95
107% 108
38
1958
♦1st & gen 6s series B.May
Chic Ind & Sou 50-year 4s
94
21
47
1977
Ch G L & Coke 1st gu g 5s
J
1937 J
{♦Chicago Great West 1st 4s._1959 M S
High
111% 112%
108% 108%
103% 104%
74
58%
1st & ref 4%s ser B
1st <fc ref 5s ser A
M N
Low
125% 125%
93%
94%
109%
113%
117%
General 4s
♦Refunding g 5s ser B
♦Refunding 4s ser C
♦1st & gen 5s series A
"ll9
109M
113%
116%
109%
113M
{♦Chic Ind & Loulsv ref 6s
No.
Consol Oil
♦Debenture 4s
*115%
*110%
1949
Chicago & Erie 1st gold 5s
Jan. 1
46
111
111M
120
CQCQ
17
95
94 %
Since
76
S
Chic & Alton RR ref g 3s
1949
Chic Burl & Q—111 Dlv 3%S...1949
{{♦Chicago & East 111 1st 6s.. 1934
{♦CAE 111 Ry (new Co) gen 5s. 1951
108%
104%
*
103%
J
4s...-.1989
1989
Warm Spring V 1st g 5s
1941 M
Illinois Division 4s
High
112
J
1946
R & A Dlv 1st con g
2d consol gold 4s
Asked
N
M N
F
Range
IS
125%
94%
107%
153%
IV1 N
M
or
J
of Upper Wuertemberg 7s
Consol Gas (N Y) deb 4 Ms
104%
106%
104%
103%
96
116
103
~96~
105%
101
103%
106%
*103%
*111
97%
*131
4
105%
101%
104%
107
1
8
34
348
63
24
Volume
Friday
STOCK EXCHANGE
Y.
Week Ended Jan. 22
8$
Week's
Last
£
BONDS
N.
Range or
Sale
Friday's
Price
gu
High
86%
22
115%
4
117%
118%
46
115%
'108%
108 %
115%
108%
32
107%
107%
107%
125
122
121%
124
461
109 %
109
109%
167
"l'l8%
General 4%s series D
General 4%s series E
General mtge 4s series G
Gen mtge 4s series H
1940
Gulf Mob & Nor 1st 5%s B...1950
"iz%
M N
A
101%
102%
*89
4%s
1961
C
1966
104%
10-year deb 4%s
Hackensack Water 1st 4s
1946
♦Harpen Mining 6s
Hocking Val 1st cons
{♦Housatonlc Ry cons g 5s
H & T C 1st g 5s int guar
1949
1999
1944
1937
1937
J
1937 J
29
1951 J
A
8
125%
88%
125%
89%
84%
102%
101%
102%
102 M
124
126%
60
84
11
80
89%
84%
5
102»% 102%
5
101% 101%
25
143
36%
192
43
110
106%
"16
4
107
80%
32%
85%
36%
108% 110
Week Ended Jan. 22
92%
95
95%
98
92%
General
16
88%
90%
89%
103%
103%
9
78%
78%
79%
145
"~89M
1955 M N
J
L
k
117
90
*108
90
87%
103% 104%
78
80
109
109
50-yr 5s gu
Liggett & Myers Tobacco 7s
1951
89
89%
13
1951
92
92
12
90
Loews Inc
98%
15
98
20-year
*100%
101%
3%s___1951
1951
"~~3
6
97%
91%
86
1963
107%
Ind Bloom & West 1st ext 4s. .1940
Ind III & Iowa 1st g 4s
1950
{♦Ind & Louisville lstgu 4s
Ind Union Ry 5s series B
39
1932 A
{♦10-year 6s...
107
conv 7% notes
♦Certificates of deposit
1932
105%
07%
107
41%
88
235
105%
107
108
94%
97
93%
95%
48
56
147
52
7
46
52%
90
89
90
163
89
91%
89
90
21
89
91
36%
12%
34%
95%
101%
101%
146%
35%
12%
34%
102%
101%
149%
37%
12%
46
35
A
102%
79%
72
78
51
101
325
129
93
102%
100%
102%
101%
102%
98% 101%
93
92%
102
60
103
99% 101%
74%
73%
75
196
70
75
87%
89
190
82%
89
78
79%
136
75
79%
3%
S
100%
105%
4
11
99%
105%
101
44
106
77
"65%
63
93%
109%
103
99% 102%
106
108
1st & ref 3%s series E
Paducah & Mem Div 4s
St Louis Div 2d gold 3s
100
140
109%
109%
/
41
103%
7
100
98
103%
103
♦Lake Erie & West 1st g 5s
2d gold 5s
97%
96
'
96%
25
98%
98%
103%
102 % 103 %
115%
115% 115%
1956 J
Michigan Central Detroit <fc Bay
City Air Line 4s
1940 J
Jack Lans & Sug 3%s
1st gold 3 %s
1951
M
99%
*90%
105%
103%
104%
82%
84%
83%
104
"83%
109%
110%
34
109% 111%
46%
99%
46%
46%
20
99%
70
69%
100%
70%
44% 46%
98% 100%
118
1942
1954
1954
1965 A O
Lehigh & N Y 1st gu g 4s—..1945 M S
Lehigh Val Coal 1st & ref s f 5s. 1944 F A
Lehigh & New Eng RR 4s A
Is & ref s f 5s
1954
1st & ref s f 5s
1964
1974
Secured 6% gold notes
1938
Leh Val Harbor Term gu 5s
1954
65
65
70%
70%
63%
68%
68
68
100% 102%
1937
1941
39%
106
38%
38%
105%
104%
*104
93%
109
10
40
114
39%
36
106%
104%
12
77%
74%
71%
99%
105
109%
37%
39%
37
40
-
5
"21
104% 104%
94
92%
105%
94
108
104% 106%
104
104%
99% 100%
*99%
*77%
"7
74%
72%
8
100
105%
21
4
19
105%
5
104%
41
105%
3
84%
35
105% 106
103% 104%
104% 105%
81
84%
90
57%
50
90%
57%
53
50
53
*30%
*92%
*82%
85%
5
38%
30%
33%
"87%
82%
82%
77
77%
98
6
99
19
77
40
*70
41
97%
98
98
99
102
"10
102%
105% 106%
1
4%
29
J
104%
'
104%
104%
5%
7
110
110'
107%
8
107
108
90
104%
105
5
12
104% 105
90
97
91%
9
45%
33
J
*56
.1934 M N
14
44%
44
....
95*"
"15
97"
86
91%
41%
46%
57
73
14%
90%
104% 105
91%
S
89%
109
97
1962 Q
14%
110
*80
91%
S
3%
109%
*105%
*95%
J
S
M
14
"28""
1971
57
11%
15
5
5%
6
5
5
4%
F
1949
14%
4
{{♦Milw&No 1st ext4%s(1880)1934
1st ext 4%s
1939
Con ext 4%s
1939
{♦Mil Spar & N W 1st gu 4s...1947
M St P & SS M
4%
3
3%
29
35
10
28%
32
47
38
41%
8
26
30
27
28%
7
35
4%
30
38
39%
J
27%
28
S
27
27
2
95
38
93%
95
~52~~ "28
48"
52"
J
36
1938 J
J
31%
J
39%
cons
4s Int gu_1938
5s__
1949 IVI
1978 J
25-year 5%s
1st ref 5 %s series B
77%
78
74
77
71%
75
99% 100
105
105%
37%
36%
31%
J
con g
J
94%
*95%
1941 M N
1959 J
J
51%
51
1990 J
D
42
95
96%
96%
96
1962 J
J
86
86
88
199
83%
88
1962 J
40-year 4s series B
J
74%
73%
75
121
70%
75
J
J
78%
77
A
O
72
72
74%
96
F
A
48%
48%
212
M~S
"17%
46%
44%
16%
Prior lien 4%s series D
197*
♦Cum adjust 5s ser A
Jan 1967
{♦Mo Pac 1st & ret 5s ser A
1965
♦1st & ref 5s series G
S
79
45
78
4
796
74
79
69
74%
42%
44%
48%
45
18%
756
48%
46%
47
44%
46%
47
16%
42%
49
108
42
47
237
,1
42%
41%
45%
48%
1978 M N
48%
44%
45%
8
1949 M N
14%
13%
14%
566
13
14%
1980 A
♦Conv gold 5%s
♦1st & ref g 5s series H
48%
46%
44%
48%
296
42%
48%
46%
42
42
46%
O
♦Certificates of deposit
♦1st & ref 5s series I....
46%
1981
F
A
♦Certificates of deposit
g
♦Ref & impt 4 %s
♦Secured 5 % notes
46%
44%
*99%
48%
47
♦Mo Pac 3d 7s ext at 4% July 1938 MN
{♦Mobile & Ohio gen gold 4s... 1938 M S
♦Montgomery Div 1st
*106
108%
99% 100%
114% 115
83%
D
♦Certificates of deposit
100
109%
2
"30
"93
52
55
J
1961
1977 IVI
100
60
100%
98
'88
83%
54%
89%
120
37
96%
111%
95%
5
110
1975
70
34
13
107
♦1st & ref 5s series F
66%
10
55
"83%
1940
♦Certificates of deposit
♦General 4s..
107% 10S%
68
111%
96%
85
1979 J
Mid of N J 1st ext 5s
Mllw El Ry & Lt 1st 5s B
1st Mtge 5s
116%
68
86
*114%
1952 IVI N
*114%
69
102% 103%
97%
*115%
100%
1977 M S
J
63%
107% 108%
53
106
A
70
109% 111
46
103
102% 102%
1942
18
107%
103%
98%
*102%
108% 108%
164
89
110
O
102%
1954
102%
101%
108% 109%
98
108%
♦Certificates of deposit
For footnotes see page 581
107%
102%
97%
111%
132% 135
123% 124%
48
D
102%
*162%
107%
1960
♦Lautaro Nitrate Co Ltd 6s
1st & ref s f 5s
107%
1977 M S
Mo-K-T RR pr lien 5s ser A
1997
Cons sink fund 4%s ser C
108%
♦Certificates of deposit
Lake Sh & Mich So g 3 Mb
Lehigh C & Nav s f 4Mb A
108%
109%
1943 J
1st
102
108%
109%
3
*40
♦4s (Sept 1914 coupon)
Miag Mill Mach 1st s f 7s
109% 109%
*119%
*100%
112%
101
J
♦Mex Internat 1st 4s asstd
100% 101%
J
111
1
1941 J
Marlon Steam Shovel s f 6s
1947 A
Market St Ry 7s ser A...April 1940 Q
1st
30
{♦Kreuger & Toll secured 6s
Coll tr 6s series B
{♦Man G B & N W 1st 3%s
Mfrs Tr Co ctfs of partlc in
A I Namm & Son 1st 6s
107% 107%
D
2
101
cons 5s gu as to Int...—1938 J
1st & ref 6s series A
1946 J
103%
43
107%
100%
111
101
♦Second 4s
2013 J D
Manila Elec RR & Lt 8 f 5s... 1953 IVI
Manila RR (South Lines) 4s... 1939 M N
1st ext 4s
1959 IVI N
*106%
102%
98
111
A
{{♦Manati Sugar 1stsf7%s...1942 A O
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s.l990 A O
♦Certificates of deposit
*109%
108%
J
15
98
A
McCrory Stores Corp s f deb 5s 1951 IVI N
McKesson & Robbins deb 5 %s. 1950 M N
Maine Central RR 4s ser A...1945 J
D
Gen mtge 4 %s ser A
1960 J D
J
J
133%
123%
1955 M N
♦Lower Austria Hydro El 6%s_1944 F
J
102%
115%
*100%
O
Coll & ref 4Mb series D
Coll tr 6q series A
4%s
South Ry Joint Monon 4s
Atl Knoxv & Cin Div 4s
1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
Mo Kan & Tex ist gold 4s
J
108
1011,6 101%
105% 106
109% 1093%
25
J
O
S
1945 M S
1952 J
J
93%
93%
99%
69
25
Uniform ctfs of deposit
-.1959
Laclede Gas Light ref & ext 6s. 1939
Coll & ref 5J4s series C.^
1953
3
46
100%
1980 M
♦1st & refunding gold 4s
♦Ref & ext 50-yr 5s ser A
.
25
1948 M S
g
1946 F
95
94
97%
Mob & Montg 1st
O
2003 A O
{♦Minn & St Louis 5s ctfs
30
98%
2003 A
O
2003 A
64
26
s
2003 A
59%
30
First and refers
1954 J
Kinney (G R) 5%sext to
1941 J
Kresge Foundation coll tr 4s__1945 J
106
78
100
"ioi"
13
64
30
1954 J
69%
106% 106%
103% 103%
132%
123%
A
1945 M S
1937 M N
1940 J
J
{♦Mllw & State Line 1st 3%s„ 1941
*25
Kings Co Lighting 1st 5s
100% 101%
108
ioi'%
105%
100%
66%
stmp (par $925)-.1943
Kings
14
25
104
101',6
J
A... 1969 J
62%
63
*40
ser
Ref & impt 4 %s series C
4%
105
stmp (par $645)..1943
O
106%
*106
105%
O
"66% "60
64%
103
3
108
*108
1997 A
County Elev 1st g 4s... 1949 F
106%
*103%
109
88%
79%
1937 A
161" "81
78
74
136
108
103% 104%
w
..1961
108
100%
1937 M N
135%
125% 126%
5
w w
Purchase money 6s
19
3
w
4Mb unguaranteed
78
S
"l6
109
♦Ctfs
Kings County El L & P 5s
101
D
1944 A
1951 F
126%
*108
A
1949 M
135%
108% 109
128% 129%
104
♦Ctfs
1961
1944 A
1
109
J
♦Karstadt (Rudolph) 1st 6s... 1943 M N
Plain
130%
103%
14%
J
1950
Kentucky Central gold 4s
1987 J
Kentucky & Ind Term 4%s.__1961
Stamped
1961
108%
"14%
36%
89%
39
102%
101%
93
1990
(par $925). .1943
.1946 IVI
84
108%
Metrop Ed 1st 4%s ser D
1968 M S
Metrop Wat Sew & D 5%s
1950'A O
{{♦Met West Side El (Chic) 4S.1938 F A
78
1955 F
{♦Iowa Central Ry 1st & ref 4s_1951 M
warr
80%
13%
36%
87%
101%
♦Ctfs with
14
12
85%
A
Keith (B F) Corp 1st 6s
Kendall Co 5%s
84
103%
105%
34
1st lien & ref 6%s
1947 F
Int Telep & Teleg deb g 4%s._1952 J
Conv deb 4 J^s
.1939 J
1960
Kansas Gas & Electric 4%s.__1980
69%
75%
83
66%
105%
34
100
Kansas City Term 1st 4s
73
102
Mead Corp 1st 6s with warr__1945 IVI N
3
101%
{{♦K C Ft S & M Ry ref g 4s.1936
♦Certificates of deposit.....
Kan City Sou 1st gold 3s
1950
56
38
11
Ref s f 6s series A
1955 IVI S
Int Rys Cent Amer 1st 5s B...1972 M N
1st coll trust 6% g notes
1941 IVI N
James Frank & Clear 1st 4s...1959 J D
Jones & Laughlln Steel
4%s A. .1961 IVI S
182
75%
34%
35
101%
Apr
1
47
101% 102%
101% 101%
145% 149%
35
102*
Kan AM 1st gu g 4s
63
75%
"86"
1944 A
..1941 A
Debenture 5s
38
34
1956 J
...1956 J
A & B...1947 J
impt 4s
37%
105"
56
A..July 1952 A
Internat Hydro El deb 6s
Int Merc Marine s f 6s
Ref &
16
39
37%
97
148%
ser
167"
107"
53%
51%
M~S
64
69
*128%
135%
135%
125%
O
1
High
103
1941 A
O
1965 A O
Low
67%
73
73%
83%
1950 A O
1938 J D
1949 M S
p m deb 5s
High
Since
Jan.
87%
95%
94%
Int Agric Corp 5s stamped 1942
IVI N
Internat Cement conv deb 4s_.1945 M N
J
{♦Int-Grt Nor 1st 6s ser A
1952 J
Internat Paper 5s
84%
107% 107%
55
102%
ser
11
96
1951 M N
Interlake Iron 1st 5s B
♦1st g 5s series C_.
53
91%
J
51%
{♦10-year
♦Adjustment 6s
87%
107%
89
O
♦Certificates of deposit
♦1st 5s series B
91%
90
85%
107%
155
89%
{Interboro Rap Tran 1st 5s___1966 J
♦Certificates of deposit
Range
§1
102%
102%
1st & ref 5s series B
1st & ref 4%s series C
1st & ref 4s series D
.
*105%
105%
1965
Ref & imp mtge 3%s ser B..1986 IVI S
Inland Steel 3%s series D
1951 F A
No.
1952 J
Louis & Jeff Bdge Co gu 5 4s
Louisville & Nashville 5s
Unified gold 4s
97%
100% 101%
101%
*106%
1956
05 &5
Price
1946 F
3%s_
Louisiana & Ark 1st 5s
101% 102
88
89%
111 Cent and Chic St L & N O—
1940
f deb
Guar ref gold 4s
98%
1951
1st & ref 4%s series C
Illinois Steel deb 4%s
s
Lombard Elec 7s ser A
Long Dock Co 3%s ext to
Long Island gen gold 4s
Unified gold 4s
92
97%
102
101%
1953
1963
Friday's
Bid
&
Asked
J
5s
1951 F A
Little Miami gen 4s series A...1962 M N
109
Omaha Div 1st gold 3s
St Louis Div & Term g 3s
Gold 3 Ms
97%
1951
Joint 1st ref 5s series A
5s
5s
1950
g
cons
Lorillard (P) Co deb 7s
Cairo Bridge gold 4s
Litchfield Div 1st gold 3s
Loulsv Div & Term g 3%s
Western Lines lstg 4s
Si
1940 J
Leh Val Term Ry 1st gu g 5s
Lex & East 1st
96
103%
1953 M N
Springfield Div 1st
Range or
Sole
2003 IVI N
2003 IVI N
2003 M N
4 %s
Lehigh Val (Pa) cons g 4s
General cons 4%s......
106% 107%
107
107%
"94% "~33
95%
90%
Refunding 5s
40-year 4%s
1966
"85%
89%
1952 J
1
124
93%
95%
1955 M N
Aug
Week's
Last
*93
93 %
Purchased lines 3 Ms
Collateral trust gold 4s
A
102% 103%
50% 57%
124
107
Refunding 4s
F
Friday
BONDS
N. Y. STOCK EXCHANGE
Leh Val NY lstgu g
21
89
56
108%
*110%
106%
O
1951
1951 M S
1952 A O
A. T. & T. Tele. N. Y. 1-1698
108
102%
53%
56
J
NEW YORK
104% 105%
105
102%
101%
J
/
Exchange
St.
Low
24
83
108%
Wall
Telephone Whitehall 4-2900
90~"
105%
M N
O
DEALERS
102%
104%
104%
*107%
*122%
1949
83%
A "*85~"
ser A.1957 F
35M
34%
A O
♦Adjustment income 5s_Feb 1957
Collateral trust gold 4s
100
"90"
M N
1st gold 3%s
Extended 1st gold 3%s
1st gold 3s sterling
14%
30
Illinois Bell Telep 3%s ser B...1970 A
Illinois Central 1st gold 4s
1951 J
Members New York Stock
63
99%
99%
104% 105%
89%
Houston Oil sink fund 5%s A. .1940 IV1 N
Hudson Coal 1st s f 5s ser A.>.1962 J D
Hudson Co Gas 1st g 5s
Hudson & Manhat 1st 5s
12
96
J
4Mb
♦Hoe (R) & Co 1st mtge
AND
D. H. SlLBERBERG Si Co.
107
108%
118% 124
108% 109%
99%
J
Houston Belt & Term 1st 5s
g
1952
BANKS
86%
99%
99 M
ser
94
86
115% 116%
116% 118%
114% 115%
108% 109%
....
"96"
90
Gulf States Utll 4s
IN
FOR
91
BONDS
BROKERS
104% 106%
106%
.
Gulf States Steel s f
1
High
....
105%
102
15
14% ""65
13%
*108%
O
1st mtge 5s series C
__1950
Gulf & S I 1st ref & ter 5s Feb 1952
;
Low
75
*68
Feb
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
94~~ *~13
92 %
86
1973
1976
1977
1946
__1946
♦Green Bay & West deb ctfs A
No.
115%
86 %
_ .
General 5s series C
Since
*99
5s._.1947
Gt Cons El Pow (Japan) 7s
1944
1st & gen s'f 6%s
1950
Great Northern 4%s series A..1961
General 5 %s series B
1952
Grays Point Term 1st
Range
Jan.
Asked
&
Bid
Low
Stamped
579
New York Bond Record—Continued—Page 4
144
49% 1002
42%
49%
42
47
100
100
100
93
*
97
97
47
69
A
~46~~
47
13
46
49%
.1977 M S
1938 M.S
34%
35%
32
30%
36
34%
97%
35%
80
31
98%
47
97
98%
111%
10
111
111%
108%
25
110%
1021*32
23
107% 108%
108
110%
5s__1947 F
Mohawk & Malone 1st gu g 4s. 1991 M S
Monongahela Ry 1st M 4s ser A '60 IVI N
97%
111
36%
Monongahela West Penn Pub Serv
1st mtge 4%s
6s debentures
Mont Cent 1st guar 6s..:
1st guar gold 5s
1960
108
1965
...1937
108
109%
102,332
1937
102
IOD'32
102
18
8
102i332 102%
1013i32102
New York Bond Record—Continued—Page 5
580
V
bondsi
'CJ
Last
N. Y. STOCK EXCHANGE
s?
n a,
Price
Range
Sale
Week Ended Jan. 22
&
LOW
Gen & ref
s
Gen & ref
s
1955 a
Gen & ref
s
O
104 %
84
1955 a
f 5s series B
j
O
*83
f 4 Ms series C._.1955 a
I 5s series D
1955 a
Morris & Essex 1st gu 3 Ms
Constr M 5s series A
2000 J
104 m
OI-—
1951 j
96%
101%
95%
U8%
95 %
118%
*110%
98%
101%
a
J
98
101%
62
Nat Acme 4Ms extend to
D
1946 J
Nat Dairy Prod deb 3^sw w—1951 ivi N
Nat Distillers Prod deb 4Ms—-1945 M N
Nat Ry of Mex pr Hen 4 Ms
1957
62
93
96
118K
118mi119
113
111
88%
96
101 %
63
111
98 %
101% 102%
62
107"
106%
107"
105
106
105
106
J|
^♦4Ms July 1914
coup off
1957
j
;
*3%
*3%
*2%
5%
*3%
*2%
6%
5%
o|
o
No 5 on '77
Nat RR of Mex prior lien 4 Ms—
± ♦Assert warr & rets No 4 on. 1926
Bid.
m
Nor Ry of Calif guar g 5s
Nor States Pow 5s ser A—
6M
4%
6%
T%
6%
o
o
Ref mtge 5s
1964 M n
Northwestern Teleg 4 Ms ext—1944 j
J
103"
1957 M n
1948 J
J
1943 M
Ohio Edison 1st mtge 4s
1965 MN
Ohio Indiana & West 5s.-Apr 1 1938 Q
Ohio Public Service 7 Ms A
1946 A O
gu g
1947 f
*3%
*3
Oregon RR & Nav
^♦Assent
warr & rets No 4 on '51
Nat'Steel 1st coll
4s
s f
t*Naugatuck RR 1st
Newark Consol Gas
5%
1965 J
D
5%
106%
106M
-1954 M N
g 4s
1948 J
^♦New England RR guar 5s—1945 J
^-♦Consol guar 4s
---——1946 J
New England Tel & Tel 5s A—1952 J
*83
9
J
Ovist
cons
5s
*122M
J
78
g 4Ms series B
N J Junction RR
guar 1st 4s—-1986
N J Pow & Light 1st 4
Ms
1960
f A
AO
-----
inc 5s„1935 A
76
16
125m
22
*104M
96%
82%
70
103 M
102%
103
102%
99%
45M
103
62
99% 103%
99% 103
100 h
46
31
99 %
100m
6
44m
47 m
21
48 m
52
83%
100M
50
*
51
27
44
27
94 m
82 m
97)
_
84%
49
--
cons g 5s
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
Oslo Gas & El Wks extl 5s
Otis Steel 1st mtge 6s ser A
1st M
s
52 %
A3
36
52
54%
51%
Pat & Passaic G & E
109M
h2m
105M
103M
95%
102%
104%
108%
95%
97%
106
96
2013 A
Ref & impt 5s series C
2013
N Y Cent & Hud River M 3
%B. 1997
Debenture 4s_
1942
Ref & impt 4%b ser A
2013
51%
113
109M
A
102 M
J
104 M
J
720
85
101
103m
96%
201
103
417
105
113
12
113
109m 112m
104m
103%
94%
100m
103m
108 %
94%
96%
97
96
97 m
17
102
102 %
104
104%
68
103% 104%
95%
100%
505
104%
108%
51
Refunding 5%a series A
1974 a
Ref 4MsseriesC
—i——-1978 M
3-year 6s
104M
94 M
99 %
104%
108%
Oct 1 1938 A
4s collateral trust
1946 F
N Y Connect 1st gu 4
Mis A—.1953 F
1st guar 5s series B
1953 F
N Y Dock 1st gold 4s
1951 F
Serial 5% notes
1938 a
N Y Edison 3 Ms ser D
.1965 A
1st lien & ref 3Ms ser E
1966 a
N Y & Erie—See Erie RR
N Y Gas El Lt H & Pow
g 5s—1948
Purchase moDey gold 4s
a|"72M
94%
99%
104
107 %
29
14
70
10
70%
70 %
65
93
95m
~72% "62
72
65
104
104
105m
101
104%
104M
105m
76
67m
63%
2000
N Y Lack & West 4s
ser A
1973 ivi N
4 Ms series B
1973 ivi N
N Y L E & W Coal & RR
5M3-1942 ivi N
N Y L E & W Dock &
♦Non-conv debenture 3Ms—1947 ivi
♦Non-conv debenture 3 Ms.-1954 a
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
1956
♦Conv debenture 3Ms.'——1956
45
102m 105m
109m 109 m
*102
J| 106M
Impt 53.1943
N Y & Long Branch
gen 4s
1941 M s|
t*N Y & N Eng (Bost Term) 4s 1939
O
t»N Y.N H & H n-c deb 43—1947 ivi s
106m
106m 106m
108% 108M
106m
si
38
ol
38
41m
42
42
42
38m
49 m
52
49 %
63
63
13
16
74
25%
28
228
45%
48
♦Harlem R & Pt Ches 1st 4s. 1954 ivi N
98
97%
98
51
95
67
44
46 M
17
39 m
42%
45
June 1992 MS
1955 j
J*N Y Rys Corp inc 6s
Jan 1965 Apr
Prior lien 6s series A stamped 1958 j
J
1951 ivi N
N Y & Richm Gas 1st 6s A
N Y Steam 6s series A
1st mortgage 5s
1st mortgage 5s
44
40 M
D
t*N Y Providence & Boston 4s 1942 a O
N Y & Putnam 1st con gu 4s.-.1993 A o
N Y Queens El Lt«& Pow 3 Ms--1965 M n
40%
*102
94M
94%
109
—
65
105M
1947 ivi n
1951 ivi n
59%
105%
*106%
*107%
*106%
1956 M n
♦N Y Susq & West 1st ref 5s.—1937 j
2d gold 4 Ms
1937 f
General gold 5s
1940 F
Terminal 1st gold 5s
1943 ivi
N Y Telep 1st & gen s f 4Ms.—1939 M
N Y Trap Rock 1st 6s
1946 J
6s stamped..
Peop Gas L & C 1st
♦Income 4s..
108m
108m
91
1957 M
Aug 15 1963 F
A
91m
17 m
17%
108 %
108%
*106%
30
"m%
105%
S
a
Deb 5s series C
Nov 15 1969 M n
North Cent gen & ref 5s
1974 ivi S
Gen & ref 4 Ms series A.1974 ivi s
106 m
.
105%
*126M
*118M
28
154
75
~40
62
32 m
297
31
123
79m
86%
92 M
91
68
20
104
m
29 %
79%
121%
105%
103 %
103%
106M
M
106
109
%
107%
103%
28
105 M
107
87
16
91m
94m
103
103m
31
108M
103
"l03
65M
106
106
n
95
109 M
57%
105
68
d
M
M
106M 108
106M 107
106
86%
93%
109
1
122
16
106 %
22
103%
104%
106%
9
69 M
106%
108 % 109 M
90
91M
91M 97 M
16% 20
108 % 109 M
106M 107
103
103M
102M 106
23 M
32 M
23
69
37
31
80
20
121M
105 M
103 M
103 M
122
62
105 % 106%
106M
105M
106 M
102
100
39M
73M
122
45M
77%
122M
85
106 %
86
106M 106M
107
M 107 M
110
109
M no
105M
106 %
105M 106 %
*113M
116
116
116
102M
113M
121M
102%
124M
113M
121M
106 M
106
109 %
109 M
109 M
109 M
124%
1943 A
121%
116
1940 A
O
April 1990 Apr
1974 F A
98 M
98M
20
19M
101
99% 101
105 M 105M
104
104 %
105
106
I65M loe"
116M
116M
"l2
lie"
103 M
123
106
114M
124M
114M
122M
106 M
110M
110M
121M
116M
98 M
20%
2
11
35
44
82
108
51
1
23
15
127
1
116
116%
116M
102M
124 %
113M
121M
105M
109M
109M
121M
103 M
113
113
126
115M
123
106 M
HIM
HIM
121M
116
117M
98M
99
17M
20 M
113
113
105M
105 M
52
100
100 M
22
S
105M
100 M
103 M
103M
82
102 % 103M
1943 M N
113M
113M
12
113M H3M
1956 J
1956 J
J
1980 IVI
1st g 4 Ms series C
Phila B alt & Wash 1st g 4s
General 5s series B
J
1974 F
General g 4 Ms series C
General 4 Ms series D_
1971 F
J
S
Phillippine Ry 1st s f 4s
.1937 J
J
Pillsbury Flour Mills 20-yr6s._ 1943 A O
Pirelli Co (Italy) conv 7s
1952 IVI N
Pitts C C & St L 4 Ms A
Series B 4 Ms guar
1940 A
1942 A
99 M
101
128M
106 M
113M
113M
128M
1
128
129
119
2
119
119
U6M
105 M
117
8
116
117
|*105M
A
1973 J
104 M 106
119
A
1949 IVI
106 %
81
105 M 106 M
105 % 105%
"44
102M 103M
44 M
48 M
22 M
26
18 %
28
105M
102 M
46
25%
23%
106 M
103
47 M
152
23 M
46
26
293
23%
106
94
O
25 %
60
106 M
4
97
8
O
113M
1942 M N
85 M
107
97
122 %
113% 113%
113% 113%
*113M
1945 M N
106
122 M
*111%
Series D 4s guar
Series E 3 Ms guar gold
Series F 4s guar gold
*113M
1949 F
A
1953
-
D
.1957 M N
Series H
cons guar 4s
Series I cons 4 Ms—
Series J cons guar 4 Ms
1960 F
-—-1963 F
General M 5s series A
General mtge 5s series B
General 4 Ms series C
Pitts Va & Char 1st 4s guar
Pitts & W Va 1st 4Ms ser A
1st M 4Ms series B
1st M 4Ms series C
H3M
112%
"14
123
123 M
14
112M
112M
.....
*114M
A
*114M
A
*125M
*122M
I
1970 J
D
123
1975 A
O
123M
122 M
123 M
23
106 M
106M
107 M
113
12
113
95
95 %
94%
94 M
94%
95
1977 J
1943 M N
1958 J
-J.-1958
O
94M
...I960
Pitts Y & Ash 1st 4s ser A
1st gen 5s series B
1948 J
1962
1st gen 5s series C
1st 4 Ms series D
D
*112M
D
95
96
8
94
94 M
92 M
95
*123 M
*117
1953
*104»S16 106
*104«16
F
1953 F
Port Gen Elec 1st 4 Ms ser C—1960 M
1st 5s 1935 extended to 1950
Porto Rican Am Tob conv 6s..1942
^♦Postal Teleg & Cable coll 5s 1953
Potomac Elec Pow 1st M 3Ms 1966 J
Pressed Steel Car deb 5s
1951 J
Pure Oil Cosf
105
73 M
75 M
145
"87
*107 M
82 M
"88"
"25
45 M
105M
969
40
14
105
98 M
62
96 M
98 M
21
12
20
21
43%
43
105
"98%
97 M
20 M
*87
72%
106
80%
85 M
88 M
1950 J
126%
123
127
468
1950 J
104M
104 M
105
21
1948
100
100 M
42
99
47
116
_
105 %
74
t♦Providence Sec guar deb 4s—1957 IVI N
^♦Providence Term 1st 4s___
1956 IVI
4Ms w w
4Ms without warrants
Purity Bakeries s f deb 5s_..._
11
52
---■
1977 J
Port Arthur Can & Dk 6s A
1st mtge 6s series B
15
125 M
124M
124
123M
106 M 107 %
112% 113
125M
124M
122 %
122M
*123
F
1974 J
111M H2M
*112
1964 IVI N
99 M
120
75M
106 %
88
45M
106
86
127 M
104% 105
100^
{♦Radio-Kelth-Orph pt pd ctfs
122%
for deb 6s & com stk
(65% pd)._.
{♦Debenture gold 6s
For footnote* nee page 581
58
76 %
107 M
1984 J
4s
45M
73M
75
100% 100M
109 %
1981 A
cons
20
102
116
6s
125
"86
1947 M
cons
16
M
65
108m
107m
*50
—
A
13
57 %
Series C 4 Ms guar
107
a
86M
"94%
f
'33
332
58
46 M
1970 A
Series G 4s guar
105 m
n
§ ^Norfolk South 1st & ref 5S-1961 f A
♦Certificates of deposit
§t*Norfolk & South 1st g 5s.„ 1941 ivi n
N & W Ry 1st cons g 4s
1996 O A
1961
95
109m
65m
*50
Nlag Lock & O Pow 1st 5s A—1955 a O
Niagara Share (Mo) deb 5Ms—1950 ivi n
Nord Ry ext sink fund 6 Ms
1950 A o
-
45 m
42%
103%
A
J
t+N Y Westch & B 1st ser 14Msl946 J ~j
Niagara Falls Power 3Ms
1966 M s
North Amer Co deb 5s
106
27m
106m
87m
84%
1946
ser
1981 A
1948 M
Phila & Reading C & I ref 5s
Conv deb 6s
;
48
51%
37
109M
1943 IVI
39%
46
"14
99%
*105M
*104M
*108M
105 M
105 M
46
M
100M 102M
104M 105%
55
-
37
39M
42
_---.
86
1967 M N
43
alOl
100 M
105
79M
54
100 %
Phila Elec Co 1st & ref 4 Ms
1st & ref 4s
50 M
76M
109M HI
106 % 107%
101% 102 M
106
42 M
39 M
37%
46%
61%
80
107 %
*107%
D
27
O
102
110M
*106%
1967 J
47
1940 a
77
123
106M 107 M
102M
101M 102M
107M
*101M
106 %
J
♦Debenture 4s.—————1957 ivi N
♦1st & ref 4Ms ser of 1927-—1967
d
♦Collateral trust 6s
j
.
75
D
37m
47%
61%
25%
1948
122
102
"86
1981 J
38
37
41M
122K
*122
41m
40%
38
37
122 M
100
76 M
1977 J
41
*38
115
113M 114
18
113M 114
121M 122M
"45
Phila Co sec 5s series A
*108 %
*96
*4
♦Conv debenture 6s.
No Am Edison deb 5s
Deb 5 Ms series B
Pennsylvania P & L 1st 4 Ms
Pennsylvania RR cons g 4s
Consol gold 4s
Pere Marquette 1st ser A 5s
1st 4s series B
29
114
114M
114M
73 M
1942 J
Debenture g 4 Ms
General 4Ms series D
Gen mtge 4Ms series E
106% 106m
105%
109m
112M
100%
40%
75%
Peoria & Pekin Un 1st 5 Ms
ivi N
112
112
100 %
75
Pa Ohio &Det lst&ref 4 Ms A-1977 A
4 Ms series B
1981 J
100m 101m
101 %
112
112M
100 %
Penn-Dlxie Cement 1st 6s A
1941 M
Penn-Glass Sand 1st M 4Ms--*.1960 J
13
117m
112
51
55
28-year 4s................1963
19
116M
101 %
105% 106%
51M
"54"
1952 ivi n
Peoria & Eastern 1st
100m
*106m
104M
104m
109m
116M
1946 ivi N
100 M
104 M
*107 M
104%
—1944 J
E trust ctts
125m
116m 117m
10
1949
N Y Greenwood L gu
g 5s
NY & Harlem gold 3
Ms..
N Y O & W ref g 4s
General 4s
ser
125
125m
109 M
106 M
alOl
O
1942 ivi
72m
72
105m
104m 105 %
*78%
1937 M
1941 f
109
100m
103 % 104%
107% 109
104
D
1949 ivi
Refunding gold 5s
125
33 M
m
102M
4s sterl stpd dollar May 1 1948 IVI
Gen mtge 3Ms ser C
1970 A
Consol sinking fund 4 Ms
1960 F
General 4 Ms series A
1965 J
General 5s series B__
1968 J
98 m
109
*108%
106M
1968 ivi
Guar 3Mstrust ctfsD
102
98
—
102
Penn Co gu 3 Ms coll tr A
Guar 3 Ms coll trust ser B
Guar 3 Ms trust ctfs C
Guar 48
1998 f
1998 f
N Y Chic & St L 1st g 4s
249
mim
10§"
106 %
102
♦Paulista Ry 1st ref s f 7s
103%
96%
103
105
108%
96%
98%
108m
96%
98%
97%
102%
"96"
A
":m
101H
1938 J
5s
cons
106%
1937 A
Lake Shore coll gold 3 %s
Mich Cent coll gold
3%a
105M
1953 J
-1944 a
52%
A| 105%
103%
122 %
1961 J
^♦Park-Lexington 6 Ms ctfs
1954 a
f
28
30M
1941 ivi
1955 j
^♦lst 5%b series A
|v
♦Certificates of
1946 a
105M
107% 108M
102 M
103
1963 M
Parmelee Trans deb 6s
1998
103M 103M
103M 103M
105 M
mmmmm
114
122 % 122 M
Paramount Pictures deb 6s
Paris-Orleans RR ext 5 Ms
52"
conv 6s
108M 109M
102
1946 J
Broadway Corp—
f g 3s loan ctfs
1955 f
49%
10-year 3Ms sec s f
Ref & impt 4 %b series A
110
Paramount
47%
Consl 4s series A
5
114M
*113M
113M
D
J
1955 J
§t*Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit
48 %
N|Y Cent RR
108M
106
109
,
1966 a
81
52 m
50
112
♦2d extended gold 5s
Pacific Tel & Tel 3Ms ser B
Paducah & 111 1st s f g 4 Ms
"25
*
5
105 M
112
109M
48 m
*112M
HIM 112
103 %
*100M
106 %
47 M
J|
81%
♦104M
112"
1964 J
51
1945 J
1944 M N
81M
110% 112%
80%
82%
105
8
20
106
1946 J
48 M
deposit
81M
64
36
*109
106"
1961 J
1938 F
1956 f
Nj|&CBdgegenguar4Ms
.
33
103M
29M
29 M
Ist&ref mtge 3Ms 8er H
Pac RR of Mo 1st ext g 4s
1956 F
51
174
109 M
103
Pacific Coast Co 1st g 5s
Pacific Gas & El 4s series G
♦1st 5s series C
♦1st 4 Ms series D
~49M
1
High
79
68 m
125% 127 m
124 m 125m
107 % 107%
107% 107-
107m
97m
84%
103%
O
♦Certificates of deposit
106 % 107%
77
84
78
1946 J
1946 J
4s
com g
Ore Short Line 1st
122m 122m
22
107 %
6
90
70
96%
4
124
124 M
o
1954 a
n-c
♦1st 5s series B
54
127
107 M
NewOrlGreatNor5sA_.
1983 J
J
NO & N E 1st ref &
imp 4 Ms A1952 J
J
New Orl Pub Serv 1st 5s ser A-.1952 A O
First & ref 5s series B
1955 J D
New Orleans Term 1st
gu 4s—.1953 J
J
t§*N O Tex & Mex
107%
138
68M
126M
127
124%
D
1961 M N
6
7%
110
*106M
A
1951
5%
4
40
81M
105 M
111M
108
108 M
1951
7%
81%
111
105 M
103M
105M
coupon on
^4s April 1914
Low
80
80
108 M
1941
1st & ref 7s series B
Since
Jan.
83%
103M
103M
Ohio River RR gen g 5s
..1937 a O
Ontario Power N F 1st g——1943 f A
Ontario Transmission 1st 5s
1945 M N
7
High No.
105 %
111%
109%
103 M
4s
Ohio Connecting Ry 1st 4s
4M
81
II
o
o
-.1961
ser B
81M
110M
110%
81%
105%
111M
Range
Askea]
80
1938
1941
B
ser
4Ms
Og & L Cham 1st
6M
&
*81
♦4s April 1914 coupon off
^
Range or
Friday's
Sale
^Northern Ohio Ry 1st guar 5s—
♦April 1 1934 & sub coupons.1945
♦Oct 1935 and sub coupons. .1945
♦Stpd as to sale of April 1 '33 to
April 1 1935 lncl coupons--1945
North Pacific prior lien 4s
1997
Gen lien ry & id g 3s Jan
2047
Ref & impt 4Ms series A
2047
Ref & impt 6s series B
2047
Ref & impt 5s series C——2047
Ref & impt 5s series D
2047
1st & ref 6s
63
106%
j
warr & rets
96
Last
Price
Norweg Hydro-El Nit 5Ms
1957
1957
"'♦Assent
84
95m 97m
100M 101 %
106
coup on
warr & rets No 4 on'57
fcj*4s April 1914 coupon on...1977
|J*4s April 1914 coupon off
1977
"96%
101M
107
♦4 Ms Jan 1914 coup on
(♦Assent
84
86%
Week's
Friday
LOW
Ref mtge
♦4Ms July 1914
fej
83
STOCK EXCHANGE
Week Ended Jan. 22
82%
96M
101M
A
N. Y.
Since
Jan. 1
High No. xLow
High
2
104%
103% 104m
84
«13
bonds
Range
IS
84
d
Constr M 4 Ms series B
1955 M n
Mutual Fuel Gas 1st gu g 5s . . .1947 M n
Mut Un Tel gtd 6s ext at 5%--1941 M N
Nassau Elec gu g 4s stpd
Asked]
o
-.1955 M n
Namm (A I) & Son&See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978 f
Nash Flo & S 1st gu g 5s
1937 F
or
Friday's
Bid
1941 J
Montreal Tram 1st & ref 5s
Gen & ref s f 5s series A
Jan. 23, 1937
Week's
\Friday
1941
280
123M
122M
124
125
,
Volume
New York Bond Record—Concluded—Page 6
144
Friday
STOCK
Week Ended Jan. 22
Range or
Range
Sale
EXCHANGE
Week's
Last
BONDS
N. Y.
Friday's
Since
Price
Bid
Asked
ll
High
No.
104%
107%
106%
112%
Low
O
103%
102%
J
J
107%
107
FjGen
J
& ref 4 %s series B
1997 J
Remington Rand deb 4%s w w.1956 M S
Rensselaer & Saratoga 6s gu—1941 M N
Republic Steel Corp 4 %s ser A-1950 M S
iJGen mtge 4%s series B
1961 F A
*|Purch money 1st M conv 5 Mis '54 M N
HiGen
mtge 4%s series C
1956 MN
Revere Cop & Br 1st mtge 4 % s. 1956 J
J
J
♦Rheinelbe Union s f 7s
1946 J
106%
111%
99%
109
99
135%
99
108%
99
105%
98% 100
105% 106
Toronto Ham & Buff 1st g
Trenton G & El 1st g 5s
Tol W V & Ohio 4s
ser
26%
52%
66
♦Guar
1952 F
f 7s
sec s
*103%
103% 103%
58
*55
91%
91%
3
91%
91%
81%
83
22
51%
51%
52%
81
81%
48%
84
52%
122
*121
108%
22
1948 A
... .
108%
24
22
104
1
108% 108%
19% 24
22% 22%
22%
32
22%
30
1949 J
1941 J
4%sl966 A
31
15
30
31
32%
47
30
104%
112%
1012932
42
103% 104%
1
112% 112%
100%1012932
104%
104%
112%
"161%
101%
J
1937 M N
J
1996 J
*100
O
5
102%
102%
*102
32%
34%
103% 103%
St .Louis Iron Mt & Southern—
g
IVI N
87%
86%
45%
58
s
O
s
St L Rocky Mt & P 5s stpd— 1955 J
{♦St L-San Fran
J
1950
j"i
A
United
s
IVI
s
Drug Co
(Del)
5s
U N J RR & Can gen 4s.
ser
31%
35%
32%
31
"62%
1990 J
J
50%
J
1943 J
J
1937 J
J
1943 J
J
1952 J
J
1946 J
s
1946 A
O
♦Stamped
102%
111%
159
158
161
10
J
106%
106%
107
45
D
22%
J
D
J
J
J
D
:
F
A
64
Vanadium Corp of Am conv 5s.:
Vandalia cons g 4s series A
:
Cons s f 4s series B
:
A
O
101
F
A
m,
31
329
29
32
♦Vertientes Sugar 7s ctfs
29%
256
27%
29%
Virginia El & Pow 4s
43
99
13
69%
70%
62%
63%
37
62%
50
51%
95
50
{♦Vera Cruz & P 1st
{♦July coupon off
ser
:
A
D
*2%
35%
109%
66%
64%
A
O
54
Virginian Ry 3%s series A
IVI
S
105%
IVI N
103%
109%
33
1
3
26%
127
103%
103%
32
101*32
6
108
31%
109%
34
107
123%
123
23
26%
103% 103%
101*32 101%
106% 106%
123
102%
103
111%
73
111%
102
124
103
111% 112%
109% 110%
*114%
40
42
41
2
40
39%
41
8
39%
42
42
1
39%
*120%
41
11
"n
41%
42%
42%
39% 42%
120% 121
31
34%
31% 34%
10%
12%
41
10%
11%
21
17
18%
181
16%
17%
57
m"s
20
19%
21
16%
19%
19%
19%
20%
43
18%
{♦Alt & Blrm 1st g 4s
1933 M S
{♦Seaboard All Fla 6s A cts.„ 1935 A O
37
37
37%
15
36
17%
21%
20%
38%
12%
12
13%
100
12
A
12%
12%
deb 4%s___1951 IVI N
*111%
100%
100%
81%
81%
113%
♦2d gold 5s
F
1945
♦Certificates of deposit.
1935 F
J
1951 IVI
S
1952 J
D
1935 J
J
31%
31%
33%
32%
99
405
101
84%
12>{
J
""53"
21
J
Omaha Dlv 1st g 3%s
A
232
9
81%
IVI
1
53
3
50%
21
1
21
55
4
5%
37%
109%
66%
54
35
41%
...
61
109% 109%
3
65%
66%
26
100" ioi%
106%
100
105% 107%
103%
98%
103%
98%
34
103% 103%
96%
98%
1
68
102%
33
102
57
106% 107%
102%
106%
*129%
f 53.1941
107%
100
108" "~23
106%
99%
109
99%
100%
275
1
99
38
m
41%
188
39
42
24
37%
39%
64
37%
...1980 A
O
40%
37
♦Certificates of deposit.
Walker (Hiram) G&W deb 4%s 1945
>
40%
1
37
108%
52
O
87%
86
88%
99
107%
39
39%
41%
37
"41% "95
A
107%
37%
106% 108%
83%
96%
A
O
98
97
98
IVI
S
99%
99
99%
195
99
IVI
s
53%
53%
55%
134
51%
IVI
s
74
74
76
72%
♦Deposit receipts.
F
A
72%
*77%
Q IVI
A
F
A
110%
*112%
*108%
)J
D
LJ
127%
S
J
............
J
5J
88%
98
99%
55%
7
72
76
23
70
76%
81
-
m
-
-
7
110%
110% 110%
108% 108%
«.
„
_
«'•»
-
127
109%
127%
3
122
J
M
14
76%
*102%
F
41
35
*37
122
2
107
107%
108%
109%
105%
105%
158
126% 127%
122
123%
107
108%
108% 109%
105% 106%
A
O
105%
J
rj
105%
107%
A
0
42
105% 107%
110%
38%
37%
103%
111%
39%
3
M
S
"38%
38%
♦5s assented.
104%
27
111
111%
106%
109%
110% 111%
37% 40%
39%
36%
103% 104%
111
111%
J
IVI N
J
M
S
J
J
J
J
J
103%
-
..
D
J
.
-
»
31
108% 109%
22%
11
100%
79
103%
94%
J
102%
107%
101%
106%
102%
304
-
18
47
108
226
40
*103
106%
~
M S
97%
101
—
-
»
106
37
39
77
16
106
8
107%
6
20% 22%
97% 100%
94% 96
106% 106%
112% 113
103%
186
102% 103%
104%
12
103% 104%
67
16
96
113
J
J
71%
39%
40%
M N
320
1955 J
39%
39%
39%
103% 103%
97%
1937 J
69%
97%
40%
A
265
96%
So Pac RR
-
40%
F
97%
97%
So Pac Coast 1st gu g 4s
«.
103
40%
S
96%
96%
98
97%
1981 M N
1937 MN
-
5
M
98
1969 IVI N
O
-
39%
102%
106% 109%
1968
1950 A
----
42
106%
108%
22%
21%
99%
99%
96
94%
*106%
112%
102%
102%
Gold 4%s
J
73
99%
41
A
100
Gold 4 Ms
Gold 4%s
1946
86
O
J
107%
106%
98%
100%
85
102% 102%
1978 A
107% 108"
105% 106%
^
106%
1947
*70
♦Certificates of deposit.
♦Ref & gen 4%s series C
♦Certificates of deposit.
68%
102%
107
1
83
.1976 F
♦Ref & gen 5s series B
♦Ref & gen 5s series D
3
102%
*99%
"41%
14
86
21%
68%
21
"i02%
g 5s..
_
5%
39
53
1951
lst4%s (Oregon Lines) A.-.1977
con gu
98% 101
161%
102%
*77%
s
98%
99%
99% 100%
98
94%
94% 97%
So Pac of Cal 1st
67
13
101
85
S
IVI
5 %s A.
♦
Certificates of deposit...
gen
84%
100
1950
5S..1963
1st 4s
69
100%
105%
85
O
Toledo & Chic Dlv g 4s
{♦Wabash Ry ref &
112% 113%
100% 102
53
68%*
So Pac coll 4s (Cent Pac coll). 1949
San Fran Term
60
58
*112
—
J
U
Det & Chic Ext 1st 5s
Des Moines Div 1st g 4s.
14%
14%
100
1951 M S
1946 F A
1941
XJlO-year secured 3%s
„
J
)J
s
»
A
1st lien g term 4s
18%
16%
South & North Ala RR gu
109%
J
11
South Bell Tel & Tel 1st
"35%
MN
:
64%
5
J
83
177
67
*113%
*113%
J
4%s._
J
J
gu
S
16%
Southern Colo Power 6s A
«.-•
M N
J
J
17%
Socony-Vacuum Oil 3 Ma
100
IVI
O
f 6%s
♦Silesia Elec.Corp 6%s
Silesian-Am Corp coll tr 7s
Skelly Oil deb 4s
65%
62%
66
.
Va Iron Coal & Coke 1st g 5s..
Va & Southwest 1st gu 4s
!
1st cons 5s
:
100
A
s
23
:
F
^Debenture
24
22
15
{Util Power & Light 5%s
A
Shinyetsu El Pow 1st 6%s
♦{Siemens & Halske s f 7s
22
----
23
87%
31%
•s
«■*>•••.«■
48
"33%
Shell Union Oil deb 3%s
23
147% 161
106% 107
83%
O
conv
*22
"23
8
23%
45
O
Sharon Steel
22
103%
114% 114%
35% 36%
15
105% 106%
A
♦Series B certificates
102
«.
J
9
*109%
40%
6s series A
—
103% 105
A
cons
-
36%
J
85
36%
33%
35%
33%
101*32
1989 M N
{{♦Seaboard Air Line 1st g 4s. 1950
{♦Gold 4s stamped
1950
♦Adjustment 5s_.
Oct 1949
{♦Refunding 4s
1959
♦Certificates of deposit.♦1st &
115
m
37
70
*106%
*123
39%
f 6 Mis series B
103%
98
100
99%
25
103%
J
♦Stamped
♦Guar
28%
33
J
1972 J
Scioto V & N E 1st gu 4s
102
*113%
35%
100
A..:
32
34%
109%
D
(large)— 1940 J
6%s
guar
107% 107%
106%
J
San Diego Consol G & E 4s.. 1965 IVI N
Santa Fe Pres & Phen 1st 5s.. 1942 M S
{♦Schulco Co
101%
100% 101%
4
J
con g 4s.> 1968 J
D
{♦St Paul E Gr Trk 1st 4%s... 1947 J
J
{♦St Paul & K C Sh L gu 4%s. 1941 F A
S A & Ar Pass 1st gu g 4s
San Antonio Pub Serv 1st 6s.
70
Corp 6%s A.:
♦Sec s f 6%s series C
:
♦Sink fund deb 6%s ser A...:
♦Un Steel Works
{Wabash RR 1st gold 5s
J
1937 J
♦Pacific ext gu 4s
71
101
107%
105
84
70
St Paul & Duluth 1st
*
100%
100%
100
104%
34%
30%
34%
90
J
jfc'tSt Paul City Cablejcons 5s. 1937
St Paul Un Dep 5s guar..
35%
g
U S Pipe & Fdy conv
U S Rubber 1st & ref 5s
109
7
106
135
35
1952 J
^uMont ext 1st gold 4s
102%
J
J
4s...
deb 3%s.l946 M N
{{♦United Rys St L 1st
114% 116%
109%
113% 114%
28
107%
O
IVI
60
104%
82%
33
28%
99%
St>Paul Minn & Man 5s
100%
113%
— m
106%
8
31%
1989 J
♦Gen & ref g 5s series A
"100%
A
109
109
mm
22
121%
102% 108%
O
21
34%
35
'*s,
*Ctf8 of deposit stamped.
1989 MN
tSt L SW 1st 4s bond ctfs
'Guaranteed 5s
O
IVI N
34-year 3 %s deb
35-year 3%s debenture
s
20
121
463
A
20
*35%
"31%
1978
_
115
s
IVI
1
13
22
121%
104%
115%
109%
113%
F
46
83%
36%
M~S
.♦1st terminal & unifying 5s.
J
22
121%
102%
114%
85% 90%
105% 106%
105% 106
1
9
•
A
45%
31%
lien 4s A._ 1950 J
♦Certificates of deposit
*2d g 4s inc bond ctfs—Nov
103%
United Biscuit of Am deb 5s..
106
90
95
Utah Power & Light 1st 5s—
88
87%
82%
J
^
121%
IVI
June
Debenture 6s
J
♦Certificates of deposit
♦Con M 4^s series A
A
J
Union Pac RR 1st & Id gr 4s__
1st lien & ref 4s.
June
1st lien & ref 5s
O
F
deb
6
88%
105%
106
"22
A
IVI N
Union Oil of Calif 6s series A_.
conv
87
....
90
90%
105%
J
102% 103
95
88
86
-
5s— 1948 J
B
90
*90%
107%
12i" 121%
Utah Lt & Trac 1st & ref 5s___:
4s. —1933
♦Certificates of deposit--
r
1
f 7s....1945 IVI
12-year 4s
83
A
1996 A
pr
4
90
107
A
Union Elec Lt & Pr (Mo) 5s.. 1957 A
J
Un E L & P (111) 1st g 5%s A..
Ujlgawa Elec Power
{{♦Union Elev Ry (Chic) 5s..
\
St Joe & Grand Island 1st 4s__1947 J
J; ♦Prior lien 5s series
107
107"
103
66
25%
72%
42
101%
74% 77%
106% 108%
102% 103
102%
69%
.59%
High
6
16
5
20
Roch G & E 4%s series D
1977 M
Ib.Gen mtge 5s series E
1962 M
{{♦R I Ark & Louis 1st 4%s._1934 IVI
gu
94
101
10
6
5s._1939 J
2d gold 6s
76%
106%
102%
121"
20
4s A-.>1949
„
74%
106%
102%
*110%
67%
38%
9
107%
19
♦Rio Grande West 1st gold 4s. 1939 J
f 6s
101%
♦Tyrol Hydro-Elec Pow 7%s._1955 IVI N
96
120
121
24%
24%
24%
76
jow
110
*122
24
1955 F
{♦S L Peor & N W 1st
IVI
.1949
23
24%
63%
63%
72%
42
S
4s. .1946
18
63
Since
Jan. 1
High No.
101%
1942 M S
J D
C
20
■■
^♦{Rlv & G DIv 1st
102%
22
1952 J
s f 7s
m
74%
106%
O
17
"•
Term Ry 1st gen 5s
StjJos Ry Lt Ht & Pr 1st 5s.
St.Lawr & Adlr 1st g 5s._
D
21
(♦ Certificates of deposit
Saguenay Power Ltd 1st
D
1950 A
Tol StL& W 1st 4s
23
59%
Rut-Canadian 1st gu g 4s
Rutland RR 1st con 4%s
1953 J
Tol & Ohio Cent ref & imp 3%s 1960 J
98% 100
108% 110
24%
24%
24%
4
146%
24
24%
s
20
127
23
63%
♦Ruhr Chemical
80
178
Asked
Tokyo Elec Light Co Ltd—
J
22%
21%
(VI N
gu
109%
99%
105%
26%
127
&
71%
40%
41%
1937 J
Third Ave RR 1st g 5s
20
O
con & coll trust
109% 112%
72
O
A
♦Adj inc 5s tax-ex N Y_.Jan 1960
23
24%
'{♦Richfield OH of Calif 63—1944 IVI N
{♦Rio Grande June 1st
146%
99%
Bid
Price
J
Range
Bonds Sold
Friday's
Low
1960 J
Third Ave Ry 1st ref 4s
24
D *00113 M 6s of 1930 with warr'55 A
{^.♦lst
89
"571
Range or
Sale
High
102% 104%
106% 108%
106% 108
J
M N
1952
*21%
.21%
V*
5
Low
1950 M N
25%
A
♦Rima Steel 1st
25
Week Ended Jan. 22
Jan. 1
Week's
Last
Inter st Period
STOCK EXCHANGE
1st 6s dollar series
145
1953 F
Rfchm
42
BONDS
N. Y.
J
Tri-Cont Corp 5s conv deb A..1953 J
Truax-Traer Coal conv 6%s..l943 M N
♦Rhine-Ruhr Water series 6s._1953 J
♦Rhine-Westphalia El Pr 7s
^.♦Direct mtge 6s
I ♦Cons mtge 6s of 1928
i
Friday
&
A
Reading Co Jersey Cent coll 4s.l951
fcGen & ref 4 %s series A
1997
581
1st ref guar 4s
1st 48 stamped
107%
1955
Southern Ry 1st cons g 5s
1994 J
1956 A
Devel & gen Is series A
112
Devel & gen 6 Ma
1956 A
1956 A
81%
102%
104%
Mem Div 1st g 5s
1996 J
104%
Devel & gen 6s
St Louis Dlv 1st g 4s
1951 J
East Tenn reor lien g 5s..—1938 M S
Mobile & Ohio coll tr 4s
1938 M S
S'western Bell Tel 3Ms ser B..1964 J
D
S'western Gas & Elec 4s ser D.1960 M N
{♦Spokane Internat 1st g 5s... 1955 J
staley (A E) Mfg 1st M 4s
1946 F
A
Standard Oil N J deb 3s
1961 J
D
1943 J
D
♦Studebaker Corp conv deb 6s. 1945 J
J
Staten Island Ry 1st 4%s
*>■
80%
82
82
107% 108%
w w
Without warrants
or
287
""94"
103
80
103%
105
100
101% 105
)J
104%
102%
10
104% 105
)J
A
24
102
105
5
94
50
93
109%
53
106
16
108%
105%
34%
"106% 106%
100%
100%
♦104%
125
35
10
4
106%
101%
164
136"
184
98% 103
104% 105
92
94
108% 109%
105% 106%
33
106%
107
47
195
47
157
195
141%
105%
130
143
58
121
143
105%
125%
105%
50
126
21
104% 105%
125% 126
105
105
2
1947
104 % 105
s
4
.
102%
103%
-
-
102%
*113
115
31
32%
23
"23%
24%
A
IVI N
w
«.
34%
35
39
59%
62
102% 103%
115
.
79
8
115
31
35%
30%
42
23
32%
25%
1
22
24
23
*15%
29%
128
126%
130%
195
126
131
104%
104%
105
107
104
105
J
F
1st mtge s f 4s ser C
34
•
31
32%
23
}J
39%
105%
M
M
103
"102%
104" "66
al08% al08%
5
101% 104
108% 109%
118% 118%
118%
118%
3
110%
110%
15
110% 111%
107%
108
17
104
104
104%
107% 108%
105%
106% 106%
126% 128%
105% 106
106% 108
107% 108%
108% 109%
1943
159
*106%
~13
Texas & Pac 1st gold 5s.._
'<*. Gen & ref 5s series B
2000
1977
105%
105%
106
Qf Gen & ref 5s series C
1979
106%
108
10
Gen & ref 5s series D
1980
107%
106%
107%
108
23
108%
109
3
Tex Pac Mo Pac Ter 5%s A..1964
126%
128%
18
e
Cash sales transacted during the current week and not
104
Included in the yearly
range:
Buenos
r
Aires
(Prov.)
6s 1961, Jan. 22
at
104%.
Cash sale; only transaction during current week,
transaction
during current week,
n
a Deferred delivery sale; only
Under-the-rule sale; only transaction during
current week.
107%
155
61
112% 136
106% 107%
174
110%
gold 5s
J
IVI N
37
106% 106%
100% 102
'118%
con
39
59%
*105%
30%
{♦Sup & Dul div & term 1st
{♦Certificates of deposit.
{♦Wor & Conn East 1st 4 %s_
Youngstown Sheet & Tube—
1944
1953
Tex & N O
35
♦Certificates of deposit..
Texarkana & Ft S gu 5%s Ai_1950
Texas Corp deb 3 Ms
1951
gold 5s
P Gen refund s f g 4s
)J
104
193
Term Assn of St L 1st g 4%s..l939
•L ist cons
39
J
105%
"l35~~
39%
J
104%
102%
106%
Tennessee Corp deb 6s ser C..1944 IVI
ser
D
101
109
Tenn Coal Iron & RR gen 5s.. 1951 J
Tenn Cop & Chem deb 6s B...1944 IVI
Tenn Elec Pow 1st 6s
5J
35
D
104%
102%
39%
J
J
111% 112%
78% 82
1956 F
1947 A
B
J
♦Ctf dep Chase Nat Bank
MN
"99
1956 F
inc
conv
Tenn Cent 1st 6s A
J
112
107%
105%
112%
1950 IVI
Swift & Co 1st M 3Ms
Symington-Gould
"l07%
{ Negotiability impaired by maturity,
at exchange rate of $4.8484.
f Accrued interest payable
t Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
♦
z
Friday's
bid
and
asked
price.
No
sales
transacted
during
current
week.
Bonds selling flat.
Deferred delivery sales
transacted during the current week and not included
In the yearly range:
Can. Nat. 5s Oct. 1969, Jan. 18 at
Frankfort 6%s
119%.
1953, Jan. 22 at 20%.
French Rep. 7s 1949 stmp., Jan. 22 at 125%.
<
New York Curb
582
Jan, 23, 1937
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sale3 are disregarded In the week'* range, unless they are the only transactions of the week, and when
In the
week
following extensive list we furnish
beginning
from the
a
complete record of the transactions
dealings occurred during the week covered:
Sales
Friday
Last
Par
Acme Wire v t o com...20
Week's Range
for
Sale
STOCKS
of Prices
Price
Low
High
Aero Supply Mfg cl
Class B
pf 100
A
*
*
5%
Agfa Ansoo Corp com
Alnsworth Mfg com
1
6
'26""
Shares
50%
56%
6,175
22%
5%
100
Air Investors com
*
5%
Conv preferred
*
*
$6 preferred
"§5%
1
Ala Power $7 pref
17%
20%
5%
33%
1%
78
2 5%
77
4%
1%
76%
83%
73%
23%
4%
Alles A Fisher Inc com...*
2,800
200
87
77
25%
4%
2,400
2,500
400
3,900
275
630
180
1,800
600
.*
Alliance Invest com
Low
$3 conv pref
2
100
*
*
Aluminum Co common
100
Aluminum Goods Mfg...*
6% preference
45%
110%
Jan
Jan
21
Jan
116
22% 22%
157% 169
115% 116
17%
17%
~i"i%
10
Aluminum Ltd com
105%
98% 110%
..100
6% preferred
American Airlines Inc
10
Par
5
Jan
56%
111
Jan
Jan
22%
5%
Jan
Jan
125
29%
13
123
125
28%
30
3%
S3 preferred
$6.50 prior pref
3
3%
8%
1%
*
•
Jan
Jan
Jan
78
Jan
87
Jan
Jan
77
Jan
23
Jan
25%
4%
Jan
5%
Jan
Jan
Jan
4
Jan
2
Jan
Jan
115
Jan
1%
38%
400
9
1%
1,600
38%
100
41%
25
45 %
7
45%
46%
1,000
7%
33%
4,300
34%
15,200
warr
1
Amer Dlst Tel N J pref 100
"34"
136
1
com
Amer Foreign Pow warr...
Amer Fork A Hoe Co com*
Amer Gas A Elec com
'""4 %
22 %
♦
46%
*
Preferred..
111%
Corp 10c
11
$2 preferred
16,500
12,300
2,100
2%
6%
53%
Jan
Jan
4%
Jan
7% preferred
10
Jan
10%
65%
10%
Jan
Jan
200
30
50
30
Jan
30
Jan
Registered
24%
25%
24%
Jan
Jan
25%
23%
Jan
Am
32%
Jan
33
Jan
2%
Jan
2%
37%
2%
37%
Jan
2%
38%
Jan
Jan
100
58
64
2,750
44
Jan
64
Jan
Brown Fence A Wire oom.l
15
14%
15
5,100
13
Jan
15
Jan
11%
12%
5,000
47%
48
Class A pref
Brown Forman Distillery. 1
Bruce (E
Jan
Jan
Buckeye Pipe Line
50
Buff Nlag A East Pr pref25
$5 1st preferred
♦
Jan
Jan
13
Jan
Jan
124
Jan
Jan
125
Jan
121
6% pref
Jan
9%
100
2%
37%
Jan
17%
500
33
60
Am dep rets ord reg.-lOs
British Col Pow cl A....
Jan
98%
32%
dep rets ord bearer £1
24
116%
17%
28%
Jan
2%
Jan
8
l't6
36%
Jan
Jan
Jan
Jan
25
3%
Bunker H1U A Sullivan..10
Burco Inc com
*
24%
25%
25%
5
/
1
105
1,950
5
400
4%
37
Jan
48
Jan
24%
350
116
Jan
24
Jan
Jan
9%
2,100
105
12%
Jan
46
100
110
114""
Jan
24
11%
*
9
Amer Laundry Mach
20
Amer Lt & Tr com.....26
6% preferred
26
100
1
Amer Meter Co...
7
33%
33%
134
Jan
116
Jan
4
50
106%
Jan
Jan
5
Jan
37
36%
Jan
%
100
4
4%
700
4*
Jan
7%
7%
7%
500
7
Jan
Cable Elec Prod
1%
1%
1%
6,100
1
Jan
1%
1%
100
5is
%
1,500
*
37
%
Warrants
v t
c..__.*
Am dep rets A ord sh.£l
Am dep rets B ord shs.£l
%
com *
*
Angostura Wupperman.
Apex Elec Mfg Co com...*
Appalachian El Pow prof
Arcturus Radio Tube
1
Common class A
*
Preferred
10
Amer deposit rets
Assoc Gas A Elec—
Jan
200
6,300
600
Jan
Jan
Jan
%
Jan
Jan
Jan
Jan
4%
Jan
Canadian Marconi..
Jan
22%
48%
112%
11%
35%
Jan
Capital City Products...*
Carlb Syndicate.
,26c
110%
10%
33%
Jan
Jan
Jan
Jan
»Jan
Jan
Jan
%
4%
7%
1%
Jan
Jan
Jan
Jan
1%
%
Jan
31%
22%
31%
Jan
Jan
33
Jan
"25%
24%
26
Jan
24%
24%
21%
27%
Jan
24%
25%
26%
Jan
26%
Jan
Jan
34
35
33
Jan
28%
37%
Jan
35
Jan
Casco Products
Castle (A M) A Co
Jan
2%
Jan
Catailn Corp of Amer
Jan
Celanese Corp of America
7% 1st partic pref—.100
Celluloid Corp com
15
2%
1%
"42"
38
1%
9%
"2%
50
2%
2% 111,400
58
1,200
2%
2,300
53
42
55
38
450
10%
3
98
52%
58%
"5% '"T
5%
36
5%
34%
110
"2%
1,300
73,300
100
"5%
6
2,500
9%
10%.
9%
10%
~4~306
1,000
1%
1%
9%
2%
Jan
Jan
Jan
Jan
59
2%
Jan
42
Jan
10%
Jan
Jan
3
Jna
95
Jan
98
Jan
47%
4%
Jan
59%
Jan
Jan
4%
5%
6%
Jan
5
Jan
5%
Jan
Jan
Jan
8
7%
52
Atlas Plywood Corp
Austin Silver Mines
*
2%
10%
..1
2%
Automatic Products
6
Automatic-Voting Mach
5
17%
1
Bell Tel of Pa 0 %% pf-100
Benson A Hedges pref
*
Berkey A Gay Furniture. 1
Purchase warrants
•
com
$2.60 conv pref
14%
6%
3%
1%
15%
Bliss (E W) A Co com
Blue Ridge Corp com
•
1
$3 opt conv pref
Blumentbal (S) A Co
*
*
8%
4
26%
3
3%
7% 1st preferred
100
Borne Scrymser Co
26
Botany Consol Mills Co. *
Bower Roller Bearing
6
Bowman-Btltmore
*
30%
2%
com...
100
2d
preferred..
..100
Brazilian Tr Lt A Pow ..*
Bridgeport Gas Light Co. *
28
6%
22
5%
28%
2%
28
Jan
32 %
Jan
1,900
1,600
10%
Jan
11%
Jan
35
Jan
38
450
54
Jan
61
Jan
Jan
10%
Jan
110%
13%
Jan
Jan
36%
57
61
10%
*36%
61
Jan
13,900
30,900
19,200
2,700
8,700
11,200
9,600
8%
2,300
Jan
10%
Jan
Jan
96
Jan
13%
6%
Jan
14%
Jan
Jan
8%
Jan
12%
Jan
12%
36,800
8%
100
108%
Jan
1,900
10%
Jan
75
39%
Jan
45
Jan
Jan
9%
43
45
*
94
94
40
94
Jan
96%
•
18
18
300
17%
Jan
19
1
1st preferred
Cent Hud G A E com..
Cent Ohio Steel Prod
18%
18%
87%
6%
2%
500
17%
Jan
19
Jan
525
85
Jan
89
Jan
Jan
6%
2%
27 %
51%
33%
26%
Jan
Cent P A L 7 % pref
100
Cent A South West Utll—l
Cent States Elec com
1
Chief Consol
Chllds Co pref
Cities Service com
2
Jan
3
Jan
3%
Jan
5%
Jan
33%
316
%
%
Jan
Jan
Jan
39%
732
Jan
%
Jan
Jan
%
Jan
50%
10%
Jan
53%
Jan
Jan
12
Jan
47
Jan
50
Jan
16%
Jan
17%
Jan
50%
3%
Jan
52%
Jan
19
Jan
Jan
2%
7%
Jan
7
Jan
Jan
4
43
530
2,450
Jan
Jan
128
86%
6%
2%
25%
85
5%
2%
Cleveland Elec Ilium
*
Cleveland Tractor com... •
8H
Jan
Jan
40
121%
Jan
Jan
preferred—100
95%
94
10%
Conv 5%
18
Jan
Commonwealths
4
Jan
Jan
iH
Jan
900
14%
Jan
15%
Jan
100
36
Jan
37
Jan
Community P a L $6 pref *
Community Pub Service 25
Community Water Serv.. l
Compo Shoe Mach vtc-1
Jan
24%
Jan
Jan
4%
Jan
Jan
Jan
35%
9%
50%
Jan
48%
43%
Jan
10%
Jan
Jan
28
200
28
6%
20%
22
36
36%
6%
2;%
Jan
New
v
63%
33%
10 ext to 1946
Consol G E L P Bait com.*
88%
17
6% Pref A
....100
Consol Min A Smelt Ltd..5
Consol Retail Stores
£
30%
Jan
Jan
2%
Jan
Jan
32%
Jan
600
6%
Jan
8
Jan
1,800
18%
Jan
22
Jan
50
34%
Jan
3< %
Jan
100
10
Cont G A E 7 % prior pf 100
Continental Oil of Mex... 1
Cont Roll A Steel Fdry...*
Jan
Jan
Jan
Jan
Jan
Jan
58
Jan
77
66%
12%
4%
Jan
70%
Jan
Jan
14%
Jan
Jan
4%
Jan
%
Jan
Jan
Jan
Jan
1,300
46%
Jan
5,900
10
Jan
2%
8%
48%
12%
Jan
1%
Jan
300
9,200
48%
12%
83^666
2
1,400
100
6%
4%
16
Jan
10%
8%
78
114%
2%
'""2%
24%
Continental Secur Corp..5
Jan
Jan
5
Jan
2%
Jan
16
Jan
3%
100
Jan
Jan
6%
4%
Jan
4%
68,800
21
62
2,900
13,000
2,500
3%
Jan
4%
Jan
Jan
18
Jan
21
Jan
58%
Jan
67
Jan
Jan
139
2,600
716
2%
31,600
1,200
S16
1%
Jan
63%
33%
1%
175
400
59%
31%
1%
400
16
Jan
600
37,800
15%
22%
4,900
9%
2%
62%
32
10%
17
17
27%
11
3,325
35,700
1,500
8
87%
8%
88%
76%
78%
8%
10%
114% 115
3
2%
101% 102%
1%
2%
22
25%
24,300
2,200
400
2,500
70
1,000
..»■ 100
13,300
17,800
11%
""21%
Jan
"
4
....
8% preferred
Consol Royalty Oil
5%
Jan
Jan
90%
7%
35%
118%
16%
16%
23%
9%
Jan
Jan
6
16%
74%
54
75
1%
Jan
Jan
Jan
39
16%
53
Jan
2%
101
9%
1%
Jan
%
6%
5%
%
Dlstrlb.l
"26%
Jan
60
Jan
134
Consolidated Aircraft
1
Consol Biscuit Co
.1
Consol Cigar warrants
Consol Copper Mines....6
Jan
Jan
Jan
38
%
Jan
18%
3%
20%
Warrants
Jan
Jan
Jan
Jan
Jan
33%
1%
80%
5%
4%
20
16
Columbia Oil A Gas
1
Columbia Pictures com—*
Commonwealth Edison 100
Commonwealth A Southern
1%
44
1%
16
61
2%
4,500
1,300
2
4%
4%
3%
18%
58%
50
30%
2%
11%
Jan
7%
123%
5%
11%
156
15%
15M
47
Jan
Jan
14%
47
*"3%
103
Jan
Jan
Jan
Jan
Jan
Jan
5
70
13
,SI6
"6%
Jan
63
Jan
Jan
8%
54
70
14%
Development—.1 sb
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Jan
55
.....
5% income stock A...£1
6% conv pref
£1
Colorado Fuel A Iron warr.
Jan
Jan
Jan
115
76
675
80%
5% 203,600
3,800
58%
300
5%
100
*
Jan
Jan
75
Colon
3%
5%
18%
4%
54
Jan
Jan
76%
55
5%
Jan
Jan
700
80
43
Jan
1,300
1%
Jan
12%
5%
%
6%
1%
Cockshutt Plow Co com..*
7,000
125
1%
1,100
1,100
Preferred B__
»
Preferred BB
Cities Serv P A L $7
pref.*
$6 preferred
*
Jan
Jan
17,600
10,400
1,800
3,600
33%
Jan
110%
52%
27%
1%
4,700
Jan
5%
15%
71%
700
Jan
Jan
20
5,500
29%
Jan
20
75
63
4%
City Auto Stamping...
»
City A Suburban Homes. 10
Claude Neon Lights Inc
1
Clayton A Lambert Mfg..*
6
Jan
Jan
42%
24%
2,075
56
55%
108,100
85,400
31
3%
1%
62,900
32,200
62%
32%
»
4
1%
5%
16%
*
Jan
92
18
100
Preferred
18
20
10,800
1
Clinchfield Coal Corp
Club Alum Utensil Co
50
17%
Mining
Jan
Jan
2,500
23,700
100
26%
2%
•3%
17%
3%
5%
7
39%
warr
Centrifugal Pipe
—.*
Charts Corporation.
10
Cherry-Burred Corp
*
Chesebrough Mfg
25
Chloago Flexible Shaft Co 5
Chicago Rivet a Mach...*
Jan
Jan
10%
109% 110%
11% 13%
10%
16%
Jan
Jan
*
Cook Paint A Vara com.
$4 preferred
587.
30
5%
15%
17
%
5%
Jan
5,900
31
9%
650
16
*
$7 dlv preferred
97%
30%
26%
330
.
1
Jan
25
53
3%
41%
Bourjols Inc
*
10
96
97%
31%
11%
37
125
52
22
31%
1
....
30
96
25
15%
36%
24%
4%
48%
43%
10%
41%
"52%
*
18
46
Bohack (H C) Co com....*
Carrier Corp
Carter (J W) Co com
102%
Cony preferred
100
Conv pref opser *29—100
Jan
Jan
Jan
Jan
10%
10%
35
100
Jan
Jan
Jan
Jan
60
1%
7%
7%
800
15%
7%
32%
100
200
16,100
17,900
7%
103
46'
7%
35
102
150
10
"22%
7%
51%
156
36
*
Jan
Jan
100
27
17%
52%
2%
1%
14%
7%
Jan
Jan
35
com
24%
17%
51%
18
Jan
Jan
Jan
2%
28,900
49
"i4% ""900
122% 123%
"l8"
3%
17%
2%
100
20
6%
Jan
15
100
7% preferred
50
14
Jan
1%
12,900
6% pref without
3,500
95
100
Jan
6%
Jan
"""650
3%
4%
17%
82%
7%
Jan
Jan
11
145
Jan
36%
11
40%
Jan
6*
6
110%
33
Axton-Flsher Tobacco—
40%
152%
3%
73
Jan
Jan
400
Jan
10% 131,700
10%
9,800
"52
3%
24%
2%
7%
8%
150
Jan
900
Jan
50
11%
Jan
108%
1,400
95
"14"
2%
22%
28%
125
80
36%
110
1%
9%
51%
3%
26%
com..
Class B
Jan
8,700
2%
17%
350
*
33
60
com
Convertible class A
100
1,200
82%
7%
6%
2%
17%
2%
6%
Jan
Carman A Co—
33
"17%
Barlow A Seellg Mfg A...6
Baumann (L) A Co com..*
"2%
33
5
Baldwin Locomotive warr
"2%
7%
300
Barium Stainless Steel...1
.....
22%
31%
6
162"
%
*
1
22%
29%
79
7%
*
*
3,800
44,700
2,700
Babcock A Wilcox Co
non-voting
Carnation Co
2%
4%
36%
732
10
B
Jan
Carolina P A L $7 pref...*
$6 preferred
—*
Assoc Laundries of Amer
common
6% preferred
100
Canadian Indus Aloohol A*
5%
30%
Jan
2%
4%
33%
3'6
916
Warrants
35%
136
Canadian Car A Fdy pfd 25
Canadian Hydro Elec—
Jan
Option warrants
6% preferred..
Jan
Jan
32
2%
4%
34%
Atlas Corp common
Jan
8
33%
31
Calamba Sugar Estate. .20
Camden Fire Insur Assn. .5
40
125
.1
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..60
Jan
39
12,600
250
V t c common
...»
Associates Investment Co *
Jan
20%
12%
*
134
400
12%
$5 preferred
47
Jan
Jan
61,000
12%
Class A
Jan
33%
33%
Jan
£1
Common
44%
6%
Jan
Jan
Arkansas P A L $7 pref...*
Art Metal Works com
6
Ashland Oil a Ref Co...
Associated Elec Industries
41%
Jan
9%
Arkansas Nat Gas com..
Jan
4%
2%
6
Anchor Post Fence
100
40
39%
55%
American Thread pref
50
175
4%
4%
22
22%
45% 47%
110% 111%
11
11%
34% 35%
39% 40
98
1st preferred
Preferred.
500
24
American Seal-Kap com.. 2
For footnotes see page
Jan
Cables A Wireless Ltd—
Jan
$3 convertible pref
1,250
Amer Pneumatic Service.*
Amer Potash A Chemical. *
136
4%
3%
.57%
7% 1st preferred
Jan
Jan
4
Jan
32
31%
Amer Invest of 111 com...*
Amer Mfg Co com
Amer Maracalbo Co
25%
105
100%
Burma Corp Am dep rets
Jan
Jan
1%
38%
Jan
*
L) Co..
Jan
32%
63
Jan
Am dep rets ord reg..£l
British Celanese Ltd—
22 %
173
200
...
Jan
Jan
Amer Tobacco-
26
..1
$2.60 preferred.......1
Amer Hard Rubber com.50
4%
10%
65%
10%
British Amer OH Coupon.*
Jan
Jan
40
Class B
Bickfords Inc
2%
6%
53%
23%
Jan
28%
1316
72%
81%
71%
5%
34%
1%
Jan
40
Amer Cyan amid class A. 10
Class B n-v
...10
Bellanca Aircraft
Jan
4%
9%
Jan
22
26
7% 1st pref
Bell Aircraft Corp
21%
Amer dep rets pref she £1
Class A
Class A
Jan
62%
3%
Am Cities Pow & Lt—
Superpower Corp
17%
Brlllo Mfg Co com
Class A
62
-10c
_10c
Common class B
American General
11,600
»
Jan
Jan
146
100
American CapitalClass A com
Equities Co
21%
..100
18
Jan
High
19%
30
*
20%
British
Low
Shares
100
Jan
Jan
Range Since Jan. 1,1937
High
10
Preferred
Brill Corp class B
Class A
Jan
300
600
Low
20%
Bridgeport Machine
19
3,200
1,000
3,400
2,100
1,100
4,900
1,100
Price
Burry Biscuit Corp.. 12%c
American Beverage com. .1
American Book Co
Clas A with
Week
15%
21%
22 %
167%
Aluminum Industries com *
•
for
of Prices
Brown Co
*
Allied Products cl A com 26
Week's Range
Sale
High
Allied Internet Investment
Common
Last
3%
""i%
Alabama Qt Southern...60
Allen Industries com
19
33
*
-
Warrants
5%
16
stocks
(Continued)
Range Since Jan. 1,1937
22%
52%
Sales
Friday
Week
Adams MlUls 7% 1st
Am
It is compiled entirely
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any
Amer
the New York Curb Exchange for the
on
Saturday last (Jan. 16, 1937) and ending the present Friday (Jan. 22, 1937).
on
selling outside of the
No account Is taken of such sales In computing the range for the year.
regular weekly range are shown In a footnote In the week In which they occur.
12%
100
19%
21%
3,400
8
Jan
Jan
Jan
39
Jan
Jan
139
Jan
Jan
64
Jan
Jan
34
Jan
Jan
1%
Jan
Jan
17
Jan
Jan
17
Jan
Jan
27%
Jan
Jan
11
Jan
Jan
%
9%
89%
Jan
Jan
Jan
81%
Jan
10%
Jan
Jan
87%
Jan
76%
Jan
8%
104%
10%
Jan
Jan
Jan
115
Jan
2%
98%
Jan
3
Jan
Jan
102%
1%
Jan
17%
11%
18%
Jan
2%
25%
12%
21%
Jan
Jan
Jan
Jan
Jan
114
Jan
Jan
Volume
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
$3 preferred A
Shares
44
145*
7,900
315*
44
155*
*
*
6
295*
44
155*
*
$3 prior preference
Cord Corp
High
29 5*
Jan
32
Jan
5
55*
400
Jan
Jan
125*
Jan
645*
52 5*
185*
Jan
44
1,200
8,400
55*
45*
Jan
55*
Jan
Jan
Jan
Corroon A Reynolds—
1
Common
4,400
75*
75*
1
com
35*
...100
46,500
1,600
45*
345*
35*
32
33
Jan
Corp
400
15*
100
15*
15*
5
365*
195*
345*
37
165*
20
Creole Petroleum
Crocker Wheeler Elec...
15,K
1
Croft Brewing Co
93
35*
Jan
45*
Jan
Jan
385*
145*
Jan
Jan
Jan
11,700
18,400
27,900
IS
'16
15*
345*
145*
5*
Jan
Jan
,5is
10
Jan
"45*
25
235*
15,400
45*
235*
45*
235*
50
♦
Crystal Oil Ref com
1075*
100
6
5*
175*
Cusl Mexican Mlning__60c
Amer deposit rets
61
Jan
900
15
Jan
16
Jan
73
110
70
Jan
73
Jan
55*
765*
155*
175*
Jan
135*
85*
52%
2,600
75*
'
50
84
17
185*
155*
95*
195*
900
155*
105*
56 5*
4,300
55
2,300
10~
105*
""366
600
1,100
7%
Jan
4 % % prior
6%
Eastern
Jan
Jan
19%
Jan
Jan
16
Jan
105*
Jan
Heller
Jan
58
Jan
29
Jan
Heyden
Jan
105*
Jan
Hires (C E) Co cl A
*
97 preferred series A.._*
96 preferred series B__
Easy Washing Mach "B"
Economy Grocery Stores
Holt
145*
900
12
Jan
Jan
Horder's Inc
Hormel (Geo A) A
Jan
Jan
Horn A
(Henry) A Co part
85*
96
Jan
Jan
_
2,600
35*
Jan
4
Jan
Jan
70
785*
Jan
Jan
Jan
15%
Jan
22
30
3,700
30
Jan
105*
Jan
205*
Jan
245*
Jan
20,900
65*
Jan
10%
Jan
Illinois P A L $6 pref..
695*
Jan
80
Jan
2,300
61
Jan
70
Jan
100
245*
Jan
26
Jan
4,800
55*
Jan
65*
Jan
Jan
Jan
825*
825*
Jan
72
U.
Jan
135*
Jan
855*
845*
87
3,000
*79
105*
10
11
300
10
Jan
225*
60
600
20
Jan
23
Jan
400
585*
Jan
62
Jan
45*
11,900
35*
Jan
45*
Jan
5%
46%
67%
*
Registered...
"21%
21%
Imperial Tob of Can."He
Imperial Tobacco of Great
14%
Britain
and
Indiana Pipe Line
10
Indiana Service
6% pref 100
7%
preferred
95*
100
28%
Jan
Jan
795*
Jan
Jan
875*
Jan
Non-voting class A.
115*
Jan
18
95*
industrial
2,700
8
78
200
70
Jan
80
Jan
125*
300
12
Jan
14
Jan
18/
1%
900
100
20
55*
45%
55*
46%
1%
17%
Jan
Jan
9,000
Jan
Jan
1%
205*
"16"
55*
100
Jan
47
Jan
685*
700
68
"21% "21%
21%
14%
8%
Jan
68
215*
14%
60
*57566
Jan
600
Jan
21%
21%
800
Jan
14%
Jan
9%
36
Jan
39%
Jan
V t
45*
18
36
39%
105
4%
4%
45*
4%
Finance—""
15*
2
400
74
74
1%
19%
745*
25%
24%
25%
2%
3%
395*
1%
385*
1%
Jan
17
41
1%
175*
4,900
1,100
17
100
Jan
18
35%
35
35%
5,000
Jan
36
c
7%
common......
1
17
IIoo
preferred
3.200
Jan
7%
Jan
International Cigar Mach *
400
97
Jan
985*
Jan
Internal
100
15 5*
Jan
15%
Jan
Electrographlc Corp com.]
Elgin Nat Watch Co
15
375*
Empire District El 6%. 100
Empire Gas A Fuel Co—
165*
375*
17
900
165*
Jan
175*
Jan
39
326
375*
Jan
39
Jan
60
50
565*
Jan
60
Jan
175
67
Jan
70
Jan
675*
Jan
70
Jan
68
Jan
72%
Jan
250
725*
Jan
77
Jan
250
67
100
705*
69
70
100
70
705*
755*
72 5*
400
77
25
Petroleum"*
Registered
International
31
30
Jan
31
Jan
185*
1,700
175*
Jan
18%
Jan
25*
25*
465*
25*
26,100
2%
Jan
Jan
475*
Jan
Old
Internat'1 Utility—
Class A
18%
B
..III
warrants..IIIIIII.
25*
International Vitamin...
2
Jan
Interstate Hos MUls.
♦
Interstate Power $7 pref.*
215*
Jan
32%
225*
245*
25
15*
Jan
Jan
185*
Jan
Jan
800
65*
Jan
7%
Jan
Iron Fireman Mfg v t
10
2,400
8
Jan
10%
Jan
Jan
Italian
125*
Jan
500
305*
Jan
235*
13%
33%
Jan
400
405*
3,600
7,000
385*
Jan
40%
Jan
5*
815*
1
(Phila)_10
800
13
335*
39
"335*
Corp com.. *
235*
13
32
825*
1
225*
5*
Jan
50
81
Jan
360
113
Jan
1
Jan
Jan
Jan
825*
Jan
First National Stores—
113
100
114
Jan
15*
'is
Jan
%
300
Jan
6%
36%
22%
6%
3,900
2,100
516
6%
195*
2%
3ie
716
34%
195*
Jan
2
Jan
916
Jan
25%
Jan
1
10,300
2,100
A...I*
..Hi
13%
.II"*
12
11
15*
316
145*
13%
Jersey Central Pow A Lt—
5%% preferred
100
6% preferred
...100
85%
86%
93
93
93
98
98
Jan
7%
Jonas A
~~8%
Jones A
102
preferred
100
2,200
75*
225*
255*
Jan
7%
Jan
Kansas City Pub Servloe—
Common vt 0
»
Jan
285*
Jan
Jan
31
Jan
300
25*
Jan
105*
Jan
55*
10%
Jan
300
Jan
95*
Jan
Kingsbury Breweries..... 1
Kingston Products
II
Klrby Petroleum
"1
13%
Jan
14%
Jan
Klein (D
700
18
Jan
19
Jan
50
75
Jan
75
Jan
Kleinert (I B) Rubber... 10
Knott Corp common
1
13,900
3
Jan
305*
31
720
American dep rets 100 foe
55*
45*
105*
55*
105*
95*
1,200
135*
2,300
18
185*
75
75
39,800
A."II
V t c preferred
Kansas G A E
5
Corp coml
"95*
9
9
Jan
1
135*
15
Gamewell Co 96 cum pf._*
General Alloys Co
...*
45*
35*
45*
4%
Jan
16
7% pref.100
Klrkld Lake Q M Co
Froedtert Grain A Malt-
Emil) Co
Koppers Co 6%
Ltdll
23%
3%
195*
225*
195*
20
100
225*
Jan
225*
Jan
1,600
225*
ord reg__£l
*
Gen Fireprooflng com
195*
Jan
205*
Jan
Gen Gas A Electrlo—
15*
15*
15*
Warrants.............
85
*
*
95
83
86
15*
"22"
93 convertible pref
*
General Tire A Rubber...6
100
587.
16
945*
Gen Outdoor Adv 6% pflOO
Telephone com.20
5*
5*
245*
215*
225*
103
15*
18
224*1
255*
105
316
Jan
75
925*
Jan
96%
Jan
Langendorf Un Bak cl B_*
140
825*
15*
Jim
86
Jan
Lehigh Coal A Nav
Jan
Jan
Leonard Oil Develop
21
Jan
1%
22%
Jan
Lion
Jan
51%
Jan
Lit Brothers
185*
Jan
25 5*
Jan
105
Jan
900
600
1,700
250
19
Jan
25*
6%
Jan
55*
1%
205*
105*
Jan
13%
106
I
19%
20
1%
205*
Jan
13%
Jan
175*
107%
12%
21%
%
Jan
11%
17%
Jan
%
76%
Jan
10
Jan
78
56%
Jan
58%
400
2,900
16,400
Jan
400
3%
Jan
3%
135*
100
12%
1%
18%
125*
135*
15*
19%
63,200
9%
Jan
25
*
72,400
'516
Jan
8,300
16%
Jan
*
55*
55*
400
5%
Jan
6
45*
20
3%
18%
6%
Jan
18
3%
1%
8%
Jan
Jan
3%
•
18
Jan
Jan
Jan
Jan
3%
1155*
35*
5*
100
Jan
1,100
1,200
20
%
Jan
45*
45*
22,000
Jan
Jan
45*
com
%
3%
114%
6
Lefcourt Realty com
85*
30
6,300
Jan
89
965*
100
500
800
4,900
85%
Refining
30
575*
6%
Jan
OH
105
Jan
78
6%
2,300
Jan
78
1
600
Jan
100
Lakey Foundry A Mach..i
Preferred
75*
90%
6,400
4,000
700
"is
l
Jan
1%
Jan
*
Jan
98
205*
135*
16
175*
107
107%
*11%
12%
17%
185*
%
%
15*
.
Jan
93
15*
205*
125*
Jan
Lake Shore Mines Ltd
85
10
10
1%
J..I66
Jan
125
8%
15*
10,300
62
14
65*
56%
6%
Jan
56
Jan
8%
"565*
150
62
10
4,400
1,600
11,800
19,900
51
*
Gen Rayon Co A stock..
%
3%
3%
114% 114%
23% 255*
3%
2%
855*
61
1
Gen Pub Serv 96 pref
1
"
85*
105%
316
14%
7%
pref__IlOO
Kreuger Brewing
Rights
Lackawanna RR N
in
Jan
13'it
7
Kress (S H) A Co pref...10
Gen Electric Co Ltd—
Jan
Jan
5,100
7
*
com
7%
102
*
Ken-Rad Tube A Lamp A*
Ford Motor of France—
%
30
3,6
316
Jan
28
Fox (Peter) Brew Co
"l5*
Warrants
Jacobs (FL) Co
Jeannette Glass Co
64
•
Class B
716
16
Jan
75*
285*
7
38%
24%
235*
Naumburg._.2.50
Laughlin Steel. 100
Julian A Kokenge com
*
75*
255*
Jan
650
Jan
75*
Jan
400
14
Superpower
420
1,600
Jan
275*
38%
235*
916
Jan
17%
13%
Am dep rets ord reg..£l
For footnotes see page
16%
25
88%
Ford Motor of Can cl A._*
96 preferred..
1,200
16,400
%
Jan
63
96 preferred
15*
19
2%
18%
17
Jan
605*
Gen Investment oom
Jan
24%
105*
605*
Conv preferred
15*
%
725*
605*
135*
885*
Florida P A L 97 pref....*
Ford Motor Co Ltd—
37
23
l
1,280
1,050
115*
755*
135*
1
100
6%
1
26,600
87
Flsk Rubber
114
8
100
2,200
"""266
245*
Irving Air Chute
225*
Jan
Jan
6%
7%
cIIlO
Investors Royalty
7
95*
235*
1%
1
10,900
65*
*
*
Jan
36,600
1,500
7
]
Metallurgical
Common
6%
100
•
1
295*
]
Fedders Mfg Co com
Jan
225*
3
..1
Fansteel
7.s
5*
27
15*
__.10C
Fanny Farmer Candy
7,000
28
Evans Wallower Lead....*
Brewing
1
42%
"Ik "15*
7%
New warrants
*16
15*
Jan
16
Class
100
25*
465*
Jan
475*
1
2,800
2,200
*
ProductsI.I*
preferred
100
Internat Safety Razor B
*
185*
19%
74%
26%
3%
47,
1,05
6%
31
European Electric Corp—
Option warrants
Corp
preferred
.A stk purch warr.......
Intl Metal Indus A
*
185*
Eureka Pipe Line com..50
7% 1st preferred
Holding A Inv. *
Internal Hydro-Eleo—
Pref $3.50 series
60
International
7% preferred
100
8% preferred
100
Empire Power Part 8tk._*
Emsco Derrick A Equip..5
Equity Corp com
10c
Ex-cell-O Air A Tool
55*
60
165*
Jan
Jan
'
6,600
61
4%
*
75*
65*
Jan
83
300
Jan
Indian Ter Ilium Oil—
155*
preferred A
'4,900
6%%pfl00
985*
6%
83
Jan
Class B
Jan
Jan
P A L
65*
975*
General
10,700
37
.155*
Am dep rets
355*
35
155*
Franklin Rayon
160
Jan
975*
96
1115*
Ireland..£1
•
Fldello Brewery
Fire Association
Jan
Jan
pref..*
96 conv pref ww.
Ferro Enamel
Jan
18%
21%
41%
1115*
355*
Insurance Co of N Amer. 10
Option warrants
Electrlo Shareholding—
Common
Falstaff
40
63%
68
♦
Jan
70
*
Falrchlld Aviation
9%
Jan
.
Jan
215*
715*
12
Elec P A L 2d pref A
preferred
38%
Jan
200
1,025
9%
19
6% preferred
loo
Illuminating Shares cl A
*
Imperial OI1 (Can) coup..*
500
70
25
...
7%
8%
1%
105*
Elec Power Assoc com..,
6%
preferred
6%% preferred
Jan
405*
395*
7% pref stamped..11166
7% pref unstamped..100
Hydro Electric Securities.*
Hygrade Food Prod..
6
Hygrade Sylvania Corp..*
65*
77
Elec Shovel Coal 94
285*
3,400
18
5,400
41,600
9J*
200
Huylers of Delaware Inc—
Jan
80
85*
Jan
Jan
27%
111
Hussmann-Ligonier"Col 11
42
775*
85*
Jan
1%
105*
815*
*17%
Jan
275* 199,800
79
1,100
1
20 %
825*
Jan
26
*
7,000
2,200
♦
30
1595*
775*
45*
1%
33%
90
600
1
19%
Jan
"34%
60
3,200
"585*
18%
1%
Jan
17
*
Jan
135*
Edison Bros Stores com..*
700
'""l"66
"IIH00
135
125
65*
165*
Jan
16%
39%
*
2,100
66
55*
14%
Jan
14%
Colli I*
Hardart
Jan
245*
"65*
12
Jan
14%
9%
245*
22
4
5,900
2,000
*
3,100
105*
2
4
Jan
70
28
aI*
Hud Bay Mln A Smelt
Humble Oil A Ref
Jan
155*
*
Jan
35*
200
10
Jan
825*
Class A
Chemical
435*
145*
125*
225*
585*
35*
255*
preferred
18%
1%
w__.III"25
29%
80
preferred
w
Jan
125*
96
Preferred
24
1,400
2
Jan
80
95
Co
295*
375*
76
Jan
Jan
"37% "37%
Hecla Mining Co
1.25c
Helena Rubensteln..
*
Jan
1
com
100
925*
Jan
2
27%
Jan
17
800
42
,
70
15*
3%
16
35*
14%
405*
1595*
765*
"685*
Iron.25
Eastern States Corp
Eisler Electrlo Corp
Elec Bond A Share com.
Hat Corp of Am cl B
Hazeltlne Corp
1%
88
Jan
600
68
69
Common
100
Malleable
Hartford Electric Light .25
Hartman Tobacco Co
*
Harvard Brewing Co
1
Jan
33
4,900
Jan
8%
Jan
108
6%
235*
Handley Page Ltd—
Am dep rets pt pref 8s
295*
90
preferred. 100
preferred
65*
•22%
235*
Jan
95*
69%
*
I.IIs
Hollinger Consol G M
5
Holophane Co com......*
355*
95*
12,700
Jan
Jan
155*
245*
Jan
6%
70
*
5*
Hall Lamp Co
Haloid Co
East Gas A Fuel Assoo—
Common
Jan
Jan
15
10
Eagle Plcher Lead
4%
15%
Jan
95*
1,400
1,500
Jan
32
"16"
5%
15*
61%
145*
6
22%
Jan
•
Jan
Gypsum Lime A Alabast."
100
Duval Texas Suplhur
85*
Jan
31
35*
Jan
9,900
%
50
75
Jan
12%
5%
12%
Jan
315*
35*
Jan
44
5*
Jan
Dubllier Condenser Cotp.l
Duke Power Co
100
127
Jan
38
19,900
255*
"42"
Jan
Jan
950
88
Jan
*
44
Jan
Corp of Penna.25
5% preferred..
*
preferred
44
33
10
117%
Jan
100
Douglas (W L) Shoe Co—
7% preferred
100
Driver Harris Co
Jan
88
195*
153
Jan
113
575*
6J4% pref
Draper Corp
7% 1st preferred.... 100
Gt Northern Paper
25
180
Gulf States UtU $5.50 pf."
$6 preferred
*
11,800
158
22%
Gulf Oil
Dominion Tar A Chem com •
Dow Chemical
Jan
Jan
Jan
255*
Dominion Steel & Coal B 25
Jan
155*
Jan
225*
295*
395*
135*
45*
Jan
Jan
Jan
405*
Jan
126%
117
114
♦
stook
108
*
Jan
35*
125*
18%
155*
Jan
£1
275*
505*
29
Doehler Die Casting
Jan
1075*
155*
"105*
Jan
24%
Jan
Jan
Diamond Shoe Corp com
Distilled Liquors Corp...6
Distillers Co Ltd—
375*
Jan
18 5*
56
Jan
Jan
Jan
165*
Detroit 8teel Products..
5*
7%
Jan
Jan
14%
Jan
195*
Jan
%
55*
33%
1065*
15
315*
20
105
z48
83
6% pref ww
com
18%
1
Jan
Jan
Detroit Gray Iron Fdy_..6
Detroit Paper Prod..
Non-vot
35*
13%
4
15
1%
25*
15
Preferred
Jan
1,400
26%
45* 116,300
2,900
155*
1,500
195*
24%
245*
4%
Jan
16
Detroit Gasket A Mfg coml
105
50
100
1075* 1075*
145*
145*
5*
5*
185*
165*
65*
Jau
140
400
5%
Jan
600
65*
33
16,100
115*
235*
7,500
70
Jan
5*
Greenfield Tap A Die
*
Grocery Sts Prod com..25c
Guardian Investors
1
Jan
155*
'l5%
Jan
28
75*
40%
10%
Jan
245*
Dejay Stores...
Dennlson Mfg 7% pref.100
Derby Oil A Ref Corp com*
Jan
1,700
316
Jan
5
15
35
Class A
Jan
155*
Darby Petroleum com...5
Davenport Hosery Mills.*
Dayton Rubber Mfg com. *
15
485*
50
900
148
z48
*
Inc
preferred
Curtis Mfg Co of Mo
Jan
Jan
Jan
15*
62%
14
125*
m.
435*
13%
Great Atl A Pao Tea—
Jan
125*
com...25c
Jan
415*
6%
Gray Telep Pay Station. 10
Jan
Preferred
Jan
10
650
75*
Grand National Films Inc 1
Grand Rapids Varnish..."
25*
500
A
*
Jan
135*
20,000
Jan
4,900
_♦
Jan
Jan
25*
135*
25*
13
$3 preferred
Gorham Mfg Co—
V
""5*
Goldfleld Consol Mines.. 1
Gorham Inc cl A
•
20
125*
45*
235*
25*
25*
105
♦
Jan
Crown Cent Petroleum... 1
Crown Cork Internat A_.»
105
preferred
955*
Jan
30
Jan
Jan
7%
40%
28
V t c agreement extended
Jan
Press
20
295*
Jan
2
6%%
Jan
43%
13%
445*
15*
375*
Jan
Jan
Cuneo
v$%
135*
17
10
Cuban Tobacco com
600
445*
Class B
Crowley, Milner A Co....*
Crown Drug Co
8%
*
High
300
*
Preferred
Glen Alden Coal
Low
92
94%
92
93
Range Since Jan. 1 1937
for
Week
Shares
9%
435*
14%
45%
Jan
Cramp (Wm) A Sons Ship
& Eng Bldg
Georgia Power $6 pref...«
$5 preferred
*
Gilbert (A C) com..
*
Jan
7%
315*
14
...£1
Courtaulds Ltd
Jan
65*
90
*
96 preferred A
.
of Prices
High
Prices Low
Par
Godchaux S mars class A.*
Copper Range Co
Preferred
Week's Range
Sale
0Continued:)
Low
615*
295*
Cooper Bessemer com...
Last
STOCKS
Range Since Jan. 1 1937
STOCKS
Sales
Friday
Sales
(Continued)
Cosden OH
583
New York Curb Exchange—Continued—Page 2
144
1%
19%
6%
Jan
Jan
Jan
New York Curb Exchange—Continued—fyge 3
584
Friday
Sales
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Loblaw Groceterias A
Price
Low
High
16*
11*
*
14
14*
11*
13*
*
5*
90*
5*
90*
78*
78*
80
Aircraft.
Lone Star Gas Corp..
.
Shares
Low
Long Island Ltg—
Common
...
100
.100
7%
preferred
6% pref class B
Loudon Packing
16*
x!3X
Jan
9*
Jan
8,300
11*
Jan
6*
17,900
110
5*
89*
76*
Jan
91*
475
6*
*
Lucky Tiger Comblnat'n 10
6
1
Mangel Stores
1
$5 conv preferred
*
Mapes Consol Mfg Co—*
6*
6*
2,100
13*
1*
39*
4*
14*
26.500
Lynch Corp common
Majestic Radio A Tel
Jar
13,800
14,100
14*
1*
Louisiana Land A Explor
...
10*
2*
3.300
42
10*
21*
1*
1,300
2,600
2,300
100
4*
8
6
13*
39
3*
16
1
......
Massey-Harris common
*
1
mmmmrnm
12*
*
Mead Johnson A Co
•
30*
......
Memphis Nat Gas com..5
12*
14*
6*
91*
Jan
80
J&n
Jan
Jan
Jan
Jan
Jan
2*
4*
Jan
--*
Michigan Bumper Corp__l
Michigan Gas A Oil
1
33*
33X
Jan
45
35X
45X
700
"45*
175
43 X
Jan
Jan
16
Jan
Jan
Ohio Oil 6% pref
Jan
9*
3,700
Jan
Ohio Power 6% pref...
Ohio P S 7% 1st pref..
Jan
Oklahoma Nat Gas com. 16
"l4
-.50
32
31*
5
5*
12*
30* 33*
115* 115*
Jan
55
Jan
Jan
12*
Jan
Oldetyme Distillers
1
30
2,800
3,000
100
Jan
Jan
10*
1,000
Jan
33*
*
Jan
Jan
Overseas Securities
118
Jan
Pacific G A E 6% 1st pf-25
Jan
7
Jan
Jan
44
Jan
5*% 1st preferred.-.25
Pacific Ltg $6 pref
*
Pacific P A L 7% pref. 100
4°
Jan
Pacific Public Service—
Jan
preferred...
Pacific Tin spec stock...
Pan Amer Airways.....10
Pantepec Oil of Venez..—1
-
400
6
Jan
6*
31*
Jan
6*
Jan
Jan
5*
9,700
40,300
2*
2*
Jan
6*
Jan
1,200
15*
Jan
16*
1*
1*
800
8
8
600
'
*
6
*
1*
9*
5*
IX
8*
800
6*
1*
1,700
9*
250
Jan
Jan
1*
Jan
IX
Jan
Jan
8
Jan
Jan
Jan
Jan
6*
1*
10
"84*
4*
*
......
Minnesota Mining A Mfg. *
......
Pa Gas A Elec class A
Jan
Pa Pr A Lt $7 pref
Jan
85
570
71
Jan
85
Jan
Pepperell Mfg Co..—100
1,800
115
mm
115
125
mmmmmm
40
116
3*
Jan
3*
Jan
41
Jan
14*
100
2d preferred
*
Molybdenum Corp—...1
Monroe Loan Society A..*
117
13* 14*
99* 102*
114
10*
9*
10*
98
115
152*
mm mm m.
7*
10
6*
Mountain Sts Tel A Tel 100
152
Mueller Brass Co com
1
46
N achman-Sprlngf illed
*
......
National Baking Co com.l
3*
104
Jan
conv pref ser A..—.10
Pierce Governor com...—*
Jan
123*
Jan
Pines Winterfront
Jan
Pioneer Gold Mines Ltd..l
14*
10
Jan
Jan
4
Jan
53
......
19
......
3*
'316
Nat Leather common—10
2*
Jan
3*
6
10 X
44*
National P A L $6 pref—*
90*
National Refining Co—25
*
15*
149*
Jan
5,500
41*
Jan
48*
Jan
Co.l
Plough Inc
......*
Potrero Sugar com
—6
18
Jan
20
Jan
Powdrell A Alexander
Jan
37
Jan
Power Corp of Can
17*
500
64*
4,400
3*
516
S16
preferred—*
5
26*
11*
Nat Union Radio Corp—1
Neptune Meter class A—*
Nestle-Le Mur Co cl A—*
2
......
39*
......
14*
......
......
100
Nev Calif Elec com
5
New Eng Tel A Tel Co. 100
New Haven Clock Co
*
25
Zinc
6
.
21
81
New Mex A Ariz Land—1
Newmont Mining Corp. 10
N Y Auction Co com..—*
*
pref—100
*
Jan
Jan
Premier Gold Mining
1
4X
13*
Jan
Pressed Metals of Amer..*
Jan
19*
Jan
Producers
Jan
67*
Jan
Propper McCalium Hos'y *
3*
Jan
Prosperity Co class B
Jan
Providence
Jan
Prudentla 1 Investors
95
*
Jan
Jan
10
Jan
2,400
1,850
33*
Jan
Jan
87
Jan
44*
91*
8
Jan
*
2*
8*
16*
Jan
Jan
Jan
4*
128
......
44*
......
104*
11*
N Y Steam Corp com....*
19*
5
117*
......
62
Jan
Jan
28
Jan
Jan
9*
Jan
Jan
11*
Jan
Jan
2*
2*
39*
Jan
3,300
100
900
75
400
2,400
10
1*
1*
32
110*
14
16*
Jan
Jan
Jan
Jan
Jan
114
15*
19*
Jan
Jan
Jan
Jan
Jan
Noma Electric
Pyle National Co com—5
Quaker Oats com...
*
Jan
*
1
Jan
Jan
25
88*
4*
136*
Jan
23*
89*
145
Jan
Jan
Jan
Jan
33
Jan
34
Jan
15X
Jan
20
Jan
Jan
115
Jan
8
"V.OOO
25,300
12X
6
Jan
Jan
13*
8
Jan
Jan
Jan
37*
Jan
19X
Jan
Jan
6*
9,200
26*
3*
6*
9*
6,400
8
Jan
25
42
Jan
18*
Jan
88 X
Jan
600
3
Jan
5X
Jan
Jan
Jan
8*
42
9*
Jan
23
25*
92
92*
129
142
30,700
500
4,300
2*
200
17*
300
4
3,700
2,500
125
Jan
IX
16X
3X
Jan
Jan
Jan
3*
10*
11
28*
125
10 X
26 X
35*
37*
1,000
34*
4*
6,300
34*
500
Jan
Jan
Jan
42
Jan
25*
Jan
92*
Jan
142
2*
17*
4*
11*
28*
Jan
Jan
Jan
Jan
Jan
4*
X
X
i4x
lix
12X
13,900
400
Jan
32*
X
X
Jan
Jan
Jan
37*
4*
34*
*
*
Jan
Jan
Jan
Jan
Jan
Jan
nx
1,800
14
Jan
16
Jan
11X
600
11
Jan
11*
Jan
13X
3,900
12*
Jan
13*
Jan
Jan
103
240
66X
34 X
68X
37X
330
98
100
64*
33*
86*
90*
Jan
Jan
Jan
Jan
68*
37*
Jan
98
Jan
Jan
90*
Jan
Jan
I19"
*166
150
4X
55X
86 X
53 X
88 X
220
59 X
2,275
8X
87
4X
8X
1,000
22
121X
Jan
119
Jan
Jan
103
U8*
118
100*
118X
Jan
101*
106*
4*
Jan
Jan
3*
Jan
Jan
Jan
Jan
90*
46*
8*
Jan
60*
Jan
8*
22
Jan
220
121
Jan
124*
Jan
20
121X 124X
86
75
23
Jan
6
Jan
Jan
136*
Jan
148
*
Class A
22
Jan
Jan
85*
Jan
Rath Packing Co
3,600
4
Jan
5
Jan
148
Jan
150.
Jan
23
Jan
Jan
Jan
126*
Jan
135
Jan
200
5*
29*
Jan
Jan
400
43
Jan
113
70
113
Jan
104* 105
40
104
Jan
6*
32*
44*
114*
105*
Jan
100
22 X
26
26
IX
X
23
350
22*
Jan
26*
475
22*
Jan
Jan
IX
IX
3,100
*
X
X
2,300
32*
Jan
25*
28*
1*
1*
*
Jan
Jan
Jan
Jan
Raymond Concrete Pile—
2,000
149
1*
*
Jan
82*
4*
4
127
133
6
6*
31*
44*
43
113
iox!
12*
18*
19*
117* 118
mmmmm
14*
13*
*
Class B
-10
Common
*
■
.
.
.
.
.
2,500
1,100
175
Jan
Red Bank Oil Co
Jan
Reed Roller Bit Co....—*
Jan
Reeves
(Daniel)
—.*
com
......
380
62
Jan
Jan
5*
62
Jan
Jan
Richmond
Rad
17*
*
2*
32,100
7,300
16*
Jan
18*
Jan
516
Jan
*
Jan
15
2*
Jan
3,200
2*
Jan
12,500
13*
Jan
25
15
Jan
Jan
97
97
97
Jan
97
50*
2,200
44*
Jan
50*
Jan
....6
3*
10
3
3*
10*
10,000
2*
Jan
3*
Jan
Jan
11*
Jan
10
4,600
10
10
Jan
11*
Jan
33X
35X
3,900
33
Jan
35*
Jan
Jan
Jan
*
5*
Jan
7*
"is
Jan
5*
Jan
2*
10*
5*
2*
Jan
2*
12*
6*
2*
Jan
*
2X
3.000
"iox
2X
10X
UX
1,600
6X
13,400
Rice Stlx Dry Goods..
5*
2,100
800
Jan
52
10
5X
Reynolds Investing
com
1
*
..1
Roosevelt Field Inc......6
$1.20 conv pref
1
—20
Jan
7*
10X
35X
5*
Jan
31*
45*
Jan
6X
19*
Jan
4
125
......1
Jan
Jan
1,675
2,000
17*
32
2,300
X
Reybarn Co Inc
Jan
Jan
6
10 X
4X
X
Jan
24*
41*
Jan
31X
44X
44
X
12*
118
28
*
Jan
Jan
"fx
$3 conv preferred
Raytheon Mfg v t C
8*
115
30 X
*
60c
Jan
46
For footnotes see page 587.
Jan
90*
Rainbow Luminous Prod—
2*
Jan
"SO*
....—1
36 X
100
Jan
19*
*
preferred......—-*
6% preferred
Quebec Power Co—
1*
50
10
$5
$6 preferred
*
Pyrene Manufacturing..10
Ry A Light Secur com
Ry A Util Invest cl A
200
300
100
6% preferred
80
2*
_
Jan
Jan
Puget Sound P A L—
2,500
Niagara Share—
Class A pref
13*
98
67X
6% prior lien pref—100
7% prior lien pref... 100
Pub Util Secur $7 pt pf—*
Jan
20
*
Class B common......6
170
Jan
Pub Service of Okla—
Jan
*
5
1,900
16*
716
Class B opt warr
100
1,700
—60
Common
1,500
52*
17*
136
103
Pub Serv of Nor 111 com..*
Root Petroleum Co...
Class A opt warr
_
*
*
$7 prior pref....
$6 preferred
57*
1,800
89* 89*
6
5*
136* 136*
20* 21*
20
.*
Jan
Jan
Jan
Niagara Hudson Power—
—16
.*
preferred
*
3*
52*
25*
27
31*
—1
pref 100
nx
13 x
10,800
25*
21
89*
112
Jan
162
113
Jan
Public Service of Indiana—
Relter-Foster Oil
6* % pref—100
"15X
Jan
150
2
"Ts
*
Jan
900
1*
17*
Jan
36 J*
34
—*
Gas
11*
N Y Shipbuilding Corp—
New York Transit Co
$6
—1
Corp
17,900
5
1*
1*
38* 39*
112* 112*
14*
14*
18*
19*
2*
2*
700
Jan
100
54
1*
55
11*
144 X
34
100
4,200
28
com..*
6% 1st pref
37X
8*
4*
10*
Jan
400
17*
*
Jan
Jan
3,400
X2
Pratt A Lambert Co
3,400
2,000
100
8
80*
N Y A Honduras Rosarlo 10
N Y Merchandise Co
91*
16*
*
21
100
preferred
New Bradford OIL.
7*
3*
Jan
52*
National Steel Car Ltd—*
*
»
NelsnerBros 7% pref-.100
Nelson (Herman) Corp.
Jan
23 X
92
142
Jan
Jan
8*
5
37*
42
Pleasant Valley Wine
9*
Nat Service common
Nebel (Oscar) Co com
44*
8
152
700
*
2*
15*
—
1
Jan
3.600
10
34*
89*
7*
4*
6*
......—50
Common
6
3*
1316
2*
8*
10
National Oil Products-
Nlplssing Mines
8*
Pittsburgh Forglngs
67*
18*
66*
3*
Nat Mfg A Stores com...*
.
*
Meter
Pittsburgh Plate Glass..25
Jan
Jan
Jan
Jan
Pltney-Bowes Postage
Pittsburgh A Lake Erie. 60
Jan
41*
5X
Pitts BessemerAL Erie RR
Jan
12*
Jan
Jan
26*
3*
6*
Jan
51*
41X
Jan
37
6*
Jan
100
30*
Jan
25
3
42
500
138
3
Jan
12*
19*
Jan
115
Jan
95
Warrants
Niles-Bemeut-Pond...
141 *
Jan
54
12*
7
Jan
4X
16X
uox
109X
200
6*
Jan
Jan
5
100
90
89X
36*
Jan
150
50
150
7
7
Jan
17,200
170
5,000
2*
100
168
Jan
32*
7
110
37
100
Jan
112
Jan
1,000
Jan
37*
110
34*
72,900
7
50
Jan
16 X
16%
111X 112
300
$5.60 preferred
Common
1
70
3*
30
Jan
ni~X
6*
Jan
37
Jan
36 X
200
110
12*
17
2*
52*
25
48
5
7*
37*
25*
154
36
Jan
Jan
20
7X
13*
Jan
7
Nat Bellas Hess com
%
Jan
Jan
Jan
Jan
250
41X
*
Jan
100
Jan
Jan
30
7X
.....1
Jan
20
24*
44*
75*
9*
Phoenix Securities—
15
20
Jan
300
4X
Phillips Packing Co
149
48*
Jan
89
5
41X
4*
Jan
100
46
8*
59 X
Jan
410
149* 152
Jan
Jan
41X
98
Jan
5,300
Jan
Jan
Jan
Jan
9X
116
300
"fx "fx
107*
Jan
7X
23 X
sx
18X
4
7*
Jan
Jan
84
650
34
17
7*
32*
29*
3,500
97,200
4*
mm
9*
Jan
73X
*
13*
Mtge Bk of Col Am shs
60
Jan
Jan
42 X
*
99*
113*
9*
Jan
100
800
9
8X
4X
*
Jan
3*
8X
6
31X
28*
104 X
69*
Perfect Circle Co
15
149* 152*
36
36*
38* 42
8
Philadelphia Co com
Phlla Elec Co $5 pref
4
......
Montgomery Ward A....*
Montreal Lt Ht A Pow...*
9X
106 X 106X
88
89
Jan
Jan
Jan
28X
Jan
625
20,500
29*
200
9X
32
41X
*
300
875
120
Jan
Jan
4*
4*
43
Common
2.60
5X
32 X
3,100
1,000
1,200
6
69*
*
*
*
60
preferred
75
......
Moh A Hud Pow 1st pref.*
N Y Water ServO %
$6
Pa Water A Power Co
Mock, Jud., Voehringer Co
N Y Telep
1
Jan
6,700
89
1
23
4*
*
9*
32 X
29*
106 X
*
$2.80 preferred
Penn Mex Fuel Co..
Jan
4*
41*
Jan
30X
22*
3*
Jan
32*
100
Preferred
200
3*
14*
Jan
Peninsular Telep com—
23
41
Jan
30 X
108
Penn Central Lt A Pow Co
22*
Mid-West Abrasive com&Oc
Founders shares
Class B
Penn Salt Mfg Co
*
12X
800
1st
Jan
Midland Steel Products—
*
110
4~ 400
32*
7
7*
5*
1*
8*
Jan
'~13* ~14~X
8*
Pennroad Corp vtc
*
Jan
....-*
Jan
3*
16*
1*
Jan
112
50
Jan
4*
3*
6*
8
Jan
111*
Jan
37X
Jan
3*
110
Jan
36X
3*
3
Jan
48
2,000
Jan
Jan
109 X
28
v
Jan
mx
10
Jan
OU74
35*
46*
80
Parker Pen Co
104*
Jan
Jan
'""520
Patchogue-Ply mouthMllls *
Pender (D) Grocery A.—*
Jan
Jan
$1.30
39*
5*
28*
uox 111X
111* mx
Ton
ttU
104*
16
111*
Jan
10
25
5*
10
4
Jan
Jan
35! U.
32
'HI*
Paramount Motors Corp.l
115*
6*
39*
3,700
preferred
S3
100
100
100
Jan
200
7
Jan
Jan
107X
8*
18*
3*
3,200
Ohio Edison $6 pref..—.
20*
17*
3*
9*
20*
55
20
12
3*
•
200
Middle States Petrol—
N Y Pr A Lt 7%
$6 preferred
Corp
1,400
4
......
Nehl Corp common
Jan
Ohio Brass Co cl B com..
Jan
104* 104*
3*
4*
4
National Tea 5* % pref. 10
National Transit
12.50
Jan
3
9*
600
National Sugar Refining..*
36
21*
10
9
35! U
Nat Rubber Mach
Jan
Jan
3*
19*
5
National Gypsum cl A—6
National Investors com_.l
Jan
8
25 X
5*
Metal Texrlle Corp com..*
Part preferred
*
Metropolitan Edison pref.*
—1
108
600
Jan
National Fuel Gas
Jan
2,000
1*
Natl Container com
Jan
5*
1,000
Jan
Jan
Jan
27 X
Jan
Nat Bond A Share Corp._
7X
3
716
Nat Auto Fibre A v t c___*
92
107
26
60,400
New Jersey
38 X
70
25
600
36 *
1*
1*
7%
7*
36*
5*
69*
1
Conv pftrt
7*
26 *
Engineering.
Jan
*
95*
100*'
Nor Texas Elec 6% pref 100
Ton
Jan
Mountain Producers
108
7*
Jan
Jan
Jan
6*
Jan
Jan
Northwest
Jan
Jan
Moody Investors pref
*
Moore (Tom) Distillery..1
Jan
X
Jan
Jan
Montana Dakota Util—10
5*
Vull
*
Common
Jan
Jan
91X
98 *
108
Jan
10*
61*
Minn P A L 7% pref—100
Miss River Pow pref. .100
"108
4
82
300
Mining Corp of Can
Jan
Jan
325
$2 non-cum dlv sh*
Mid vale Co
Jan
44*
44*
49*
4*
50
95*
Jan
77
Jan
Jan
17,300
1*
69*
t c—
97
100
preferred
7*
Jan
X 136,400
X
94*
Jan
63
jar
7*
9*
1*
69*
9*
.......
t c
5*
94*
Jan
6*
6*% A preferred... 100
v
7%
Northern Pipe Line.....10
Nor Sts Pow com cl A.. 100
31*
9*
1*
v
3X
100
Nor N Y UtU 7% 1st pf 100
100
Class A
5*
Jan
31*
Class B
High
35 X
35
49 X
5
Jan
31*
8*
1*
64*
*
Midland OH conv pref
Low
500
Nor Cent Texas Oil
Participating preferred.*
Merrltt Chapman A Scott *
Preferred
2,400
4%
4
17
39*
Michigan Steel Tube..2.50
Michigan Sugar Co
*
39*
Nor European Oil com—1
Nor Ind Pub Ser 6% pf-100
6*
Mexico-Ohio Oil
44*
6,500
6% Prior preferred.-.50
No Am Utility Securities. ~
Jan
6*
Mesabl Iron Co
76
44*
44*
Jan
Merchants A Mfg cl A—1
Warrants
72
39 *
Jan
42
24,700
2,150
7
73
44
preferred
6*
Jan
5*
6*
...
*
$6
14*
100
preferred
Common
North Amer Rayon cl A..*
Class B com
*
Jan
Jan
Range Since Jan. 1 1937
Shares
Nor Amer Lt A Pow—
Jan
Jan
Price
21*
.....
7
Mercantile Stores com—*
7%
Par
900
3*
9*
......
McWllllam8 Dredging
Week
20*
16*
19*
16
Mass Util Assoo v t c
Master Electric Co
for
of Prices
Low
High
Novadel-Agene
10
9*
"26*
May Hosiery Mills pref—*
McCord Rad A Mfg B—*
Week's Range
Sale
79
21*
£1
Amer dep rights
23*
16*
Jan
Marconi internat Marine—
Margay Oil Corp
*
Marlon Steam Shovel..—*
fast
High
14*
12
STOCKS
(Continued)
23*
1
Lockheed
Range Since Jan. 11937
*
Locke Steel Chain...-..-5
Sales
Friday
Week
Par
Jan. 23, 1937
6X
2X
11*
5X
Jan
Jan
Jan
Jan
6
Jan
Jan
Jan
Jan
Jan
Jan
2X
300
11
13X
5,050
11
Jan
13*
Jan
17
17X
300
17
Jan
18
Jan
2X
Volume
New York Curb Exchange—Continued—Page 4
144
Friday
Sales
STOCKS
Last
Week's Ranoe
for
(Continued)
Sale
of Prices
Low
High
Price
Rossla International....
1516
Royal Typewriter..
103
%
98
105
34
35
Rustless Iron A Steel....*
16%
17%
6%
6%
Ryan
Consol Petrol
*
6%
Ryerson & Haynes com_.l
5%
Safety Car Heat & Lt.-lOO
conv
S16
50
pref A
27 X
St RegiB Paper com......5
7%
preferred
Sanford Mills
10 %
..100
.......6
4
Schlff Co common.......*
38 %
Sohulte Real Estate
Scovllle
Jan
Jan
Tri-Continental warrants..
17 %
Jan
Jan
Triplex Safety Glass Co—
Am dep rets for ord reg..
Jan
Trunz Pork Stores
Jan
21%
67%
11
*
8%
11%
19%
18%
20
7%% pref...25
7%
6%
5%
3%
5%
5%
700
3%
4%
6,000
18%
2,000
113%
16%
Jan
17%
125
69,600
100
150
250
25
3,000
38%
600
"l6
»t6
200
4%
Jan
5%
Jan
6
Jan
117
114
%
9%
27%
6%
Jan
*16
Jan
Jan
11%
28%
Jan
Tung-Sol Lamp Works.
Jan
Jan
50
3%
Selberllng Rubber
*
8
3%
7%
78%
5
50%
4
8%
25
800
600
38,400
7,600
8elby Shoe Co
65
3%
38
Jan
Ulen & Co
65
Jan
Jan
4%
39%
Jan
Jan
%
50
Jan
Jan
75
Jan
10%
1
Jan
Jan
52%
Jan
4
Warrants..'.
24
United Chemicals com...*
10%
Jan
1%
12%
6%
Jan
Jan
Jan
8%
Jan
$3 cum A part pref
*
United Corp warrants.....
United Gas Corp com
1
Jan
1st $7 pref non-voting .*
30
Jan
4
Jan
3,300
94%
Jan
100
Jan
98% 100
2,600
96
Jan
100
Jan
1
»16
11
11
6%
21%
5%
19%
30%
32
com..25
133 %
133
1
U%
6%
21%
32
136%
3,500
25%
1%
Jan
"16
Jan
1
Jan
300
10
23,800
23,500
1,200
18
29%
2,650
110% 112
"25%
Jan
90
25%
250
Jan
11 %
Jan
Jan
6%
21%
Jan
Jan
Jan
33 %
Jan
133
Jan
138%
Jan
110%
24%
Jan
113
Jan
4%
Jan
Jan
United G A E 7% pref. 100
United Lt A Pow com A..*
%
Conv pref
*
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg..£l
800
%
31
31
360
...
364
6%
100
20
6%
300
Sioux City G & E 7% pflOO
Smith (L C) A Corona
7i6
31
360
Jan
5%
33%
2%
31%
33*
20%
*
1
20%
2
2%
Jan
Jan
~27~%
Southern Colo Pow cl A.25
6%
159
%
31
370
6%
100
Jan
Jan
11
Jan
16%
Jan
6%
Jan
7%
Jan
5
Jan
3%
Jan
5%
4%
Jan
3
2%
16
«
Jan
29
Jan
Universal Insurance
28
Jan
Universal Pictures
6%
400
5%
Jan
Jan
50c
Universal Products
44
Jan
47
Jan
38
Jan
42
Jan
%
Jan
%
9%
Jan
2,200
Jan
10
1,850
36%
Jan
42
%
1,300
%
9%
39%
*16
9%
41
4%
200
'*16
700
500
4
Jan
%
Jan
63 J*
250
19%
20%
3,700
105%
1
6%
6%
"35% "36% "2",200
104% 105%
6%
7
5%
6%
150
37,100
1
*
"21%
65%
21%
*
Priority stock
*
Utility A Ind Corp com.. 5
Conv preferred
7
9
"9%
7% preferred
100
Jan
Jan
23%
716
31%
7%
Jan
Jan
>16
27,700
400
9%
9,200
Stein (A) A Co common..*
Jan
Jan
9is
35
9%
18
.._*
....20
Sterling Brewers Inc....
Sterling Ino
~~6%
Stetson (J B) Co com....*
Stinnes (Hugo) Corp.....5
._*
.
*
5%
23%
2%
U%
37
12%
6%
5%
23%
2%
26%
12%
38%
13
7,100
4%
100
Taggart Corp common...*
Tampa Electric Co com..*
Tastyeast Ino class A
1
Taylor Distilling Co
1
1%
24%
8
14%
9%
Jan
Wayne Pump common...1
Jan
Wellington Oil Co—....1
Wentworth Mfg Co
5
Western Air Express
1
Western Auto Supply A—*
West. Cartridge 6% pf_100
Jan
Western Grocery Co
Jan
38%
11%
26
10%
9%
Jan
12%
Jan
West Va Coal & Coke
*
Jan
39%
Jan
99
29%
300
10
Jan
13
Jan
Wil-low Cafeterias Inc
"~4%
Jan
6
Jan
575
20%
Jan
26
Jan
2%
800
Jan
Jan
Wilson Products
30%
49
19%
14%
105
16%
39
Jan
3%
4%
Jan
3%
5%
Jan
5%
78%
1,650
103
10
6
2,100
66 %
102
4%
86%
1%
4%
Jan
6,100
26,000
1%
Jan
Jan
3,800
20
Jan
27%
Jan
Jan
19
Jan
Wolverine Tube com
2
16%
Jan
Woodley Petroleum
Woolworth (F W) Ltd—
1
Jan
Amer dep rets (new).—5
Wrlght-Hargreaves Ltd..*
Youngstown Steel Door..*
Yukon Gold Co
49
21 %
Jan
Jan
14%
Jan
400
98
Jan
11%
37%
1%
Jan
16%
Jan
Jan
41
15,600
'
32,100
600
Jan
110
*
2%
4%
21%
4%
21%
23%
15,000
20%
Jan
23%
Jan
1
5%
5%
5%
3,300
Jan
Abbott's Dairy 6s
25
5%
77%
Jan
77% 77%
111% 111%
7%
6%
5%
73%
Jan
20
110%
Jan
4,300
6%
Jan
TexasP&L7% pref...100
iu%
3,700
1,000
2
7
Thew Shovel Coal Co...
Tllo Roofing Inc
...1
46
45
47
650
14%
14%
15
1,500
6%
Tobacco Prod Exports...*
9
3%
10
3%
700
3%
Tobacco Securities Trust
4
Jan
Jan
Jan
2%
"2",700
Am dep rets ord reg—.£1
5
5
800
19
Jan
21
10%
100
10%
Jan
11%
Jan
2%
35%
11%
3%
5,600
2%
Jan
38%
12%
25% 26%
9%
10%
80% 82%
102% 102%
19,500
112
40
110% 110%
98% 101
29% 30%
95
4%
4%
"0"
Jan
8%
Ji
Jan
3%
Ji
200
1%
94%
14%
Jan
15%
Jan
2,000
6%
Jan
9%
Jan
3.600
1,000
5,400
1,750
25
11%
21%
21%
7%
7%
21%
8%
72%
2%
100
2
34
Jan
10%
25%
Jan
3%
38%
12%
Jan
28%
8%
Jan
11
71
102%
Jan
Jan
Jt
Ji
Jan
Jan
Jan
Jan
Jan
Jan
Jan
82%
102%
Jan
Jan
98
Jan
101
Jan
29%
Jan
31
Jan
60
90%
Jan
95
30
3,700
Jan
4
Jan
4%
Jan
Jan
8
Jan
9%
Jan
10%
1%
Jan
1%
Jan
1,400
7%
Jan
8%
1,100
45%
Jan
48%
Jan
Jan
15
Jan
15%
Jan
6
Jan
10
Jan
Jan
95
Jan
5%
13,100
13%
Jan
Jan
6,400
8%
Jan
600
21%
7%
Jan
68
2%
74
65
Jan
2%
11,000
5,400
5,400
{102% 104%
Jan
6%
Jan
16%
Jan
12%
Jan
2%
23
Jan
Jan
47
Jan
1st A ref 5s
1956
Jan
15%
Jan
1st & ref 5s
1968
9
"99%
Jan
10%
Jan
Jan
66
Jan
1st & ref 4%s
1967
Aluminum Co s f deb 5s '62
93%
106%
JaD
4
Jan
Aluminium Ltd deb 5s 1948
Jan
12%
3%
10
%
%
%
7%
1%
1%
1,800
18%
Jan
Amer G A El deb 5s...2028
51
Jan
54
Jan
Amer Radiator 4%s__1947
Am Roll Mill deb 5S„ 1948
"lW
Jan
111%
Jan
1%
%
Jan
1%
Jan
Jan
Jan
103%
Corp deb 6s '57
Jan
5,400
1%
Jan
8%
74
2%
Jan
Jan
Jan
102
Jan
108% $39,000
103% 104%
53,000
108
Jan
103%
Jan
105
Jan
104% 104%
7,000
99% 99% 136,000
94
94% 194,000
106
18.000
106%
106% 107
4,000
33
3.000
33%
106% 107% 79,000
104%
97%
92%
Jan
105%
99%
Jan
104
Jan
108%
Jan
Ik
1951
1st & ref 5s
45
Jan
108
1946
Amer Seating 6sstp._.1946
Appalachian El Pr 5s_1956
Appalachian Powr. 6s. 1941
2024
107%
106%
105
103%
25"000
104%
104%
108
117%
104%
104%
{105
105%
Ark-Louisiana Gas 4s 1951
102
104%
33
22,000
104
104
'118"
106%
106% 346.000
3,000
104
165"
106
106%
101%
103%
104
Arkansas Pr A Lt 5s..1956
Jan
500
""6% "3",200
16%
12%
1942
1st & ref 5s
Debenture 6s
For footnotes see page 587,
Jj
7%
BONDS-
Jan
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.
Jan
Jan
Jan
Jan
Am Pow A Lt deb 6s..2016
54
25
19
Jan
Jan
k<
18%
52%
6%
1%
3%
Jan
Jan
Am El Pow
Am dep rets def reg
£1
Todd Shipyards Corp....*
Jan
9%
20%
14%
10%
66
Tlshman Realty A Const.*
Tobacco and Allied Stocks *
Jan
6
89%
1%
15%
3,400
2,500
57,500
Jan
Jan
103
14%
7%
8%
3%
Alabama Power Co—
Tenn El Pow 7% 1st pf.100
5
Jan
78%
Jan
Jan
400
2%
Jan
95
24
Jan
Jan
5%
25
100
1,700
Jan
Jan
1%
5%
1%
10
27%
13
Jan
Jan
175
10
24%
45%
19%
Jan
89%
*
Winnipeg Electic cl B
Jan
Wise Pr & Lt 7% pref..100
Wolverine Portl Cement-10
2
Jan
6,600
20,000
200
2%
400
Jan
Jan
3%
15%
Jan
49
-1 %
5%
15
Jan
20%
14%
105
109%
16%
14%
38% 39%
Jan
Jan
Jan
1%
2,200
1%
8
48%
2%
i!H
Jan
70%
10%
18%
1%
8%
48%
*
25%
4%
Jan
Jan
Jan
1%
7%
45%
Conv preferred
3,700
6,700
Jan
9%
Jan
400
2%
4
Jan
Jan
'*16
140
10%
2%
27,300
31%
6
1%
10
1
Wilson-Jones Co
4%
Jan
8
2%
30%
4%
47%
Jan
Jan
1,900
15
—1
Jan
8,800
6%
4%
65
5%
24%
2
3
23%
7%
2%
93
Williams (R C) & Co
*
Williams Oil-O-Mat Ht._
1,200
Jan
Jan
*
*
Western Tab & Sta
Jan
Jan
4,200
66%
7%
7js
92
Jan
20
7% 1st preferred—100
36
6
1
13,600
8
Western Maryland Ry—
Jan
18%
30%
2%
26%
Sunray Oil
50
"5%
5%
88%
1%
5%
89%
2%
75
1
Sunshine Mining Co... 10c
Swan Finch Oil Corp
15
"5%
West Texas Utll $6 pref—*
12%
38%
10%
500
Class B
Walker Mining Co
100
..50
75%
103
20%
Jan
Jan
3,800
Jan
Jan
2
*
20%
12%
20
35
78%
3%
Jan
800
3
90%
2%
31%
Jan
10%
10
19%
11%
23
1,300
Jan
18%
2%
Jan
20%
Waltt & Bond class A
Jan
92
Class B
Wagner Baking v t c
Wahl (The) Co common..
Jan
%
33%
8%
%
1%
.
Va Pub Serv 7% pref—100
Vogt Manufacturing.....*
65%
2,600
95%
45%
3
.
Jan
250
2%
Jan
Jan
Venezuelan Petrol
Jan
10,600
Jan
41%
15%
2%
Jan
Jan
Jan
18%
89
1%
Venezuela Mex Oil Co
Jan
590
79,800
Jan
Jan
1,650
4
Jan
Jan
95%
46%
Jan
Jan
5
4
19
Jan
67
1,400
Jan
29
%
4%
'*16
7%
7%
09%
66%
Jan
22%
%
losH
Jan
Jan
Jan
Jan
17%
Jan
75%
Jan
Jan
Jan
Jan
Jan
11%
63%
Jan
60
25%
Jan
5%
6,600
300
Jan
104;
75%
2,900
%
18
*
Jan
19
Jan
Jan
8
29
57
35
Jan
14
Utility Equities Corp
800
Jan
8
27%
3%
Jan
300
Jan
16
3%
Jan
25
100
,5t6
Utlca Gas & Elec 7% pf 100
10
Jan
29
Jan
Jan
Jan
93
1
Jan
Jan
Jan
Jan
61,600
1,400
8
6%
9
13%
121%
3%
..*
5
Utah Pow & Lt $7 pref...*
2
Jan
Jan
10
com
4%
15%
20%
8%
4%
63
"36
"16""
3%
600
2
Jan
118%
2%
11%
11%
70
5
41%
%
67
3%
1,800
Jan
93%
11%
11%
"~8% ""6" """900
Jan
Jan
4
"~8%
1
160
1%
9%
Jan
14
Jan
10%
Jan
Jan
1
Jan
Jan
Jan
Jan
4
14
5
24%
Jan
*
159
Jan
2%
*
60
700
19%
9%
21,600
$7 conv 1st pref
200
10%
1,200
3%
United Stores vtc
Jan
160
Jan
Jan
United Verde Exten
6%
113%
18%
Jan
1%
Jan
2%
Jan
6%
Jan
Jan
Jan
Jan
Jan
20%
1%
Jan
Jan
33%
%
10
Texon Oil & Land Co
Jan
70%
9 %
11%
20%
Jan
1%
Jan
......
common.
Jan
8%
5%
Jan
Utll Pow & Lt common
Conv preferred
.*
Standard Invest $5% pref *
Teck-Hughes Mines
Jan
60
500
.*
Waco Aircraft Co
Sunray Drug Co
21%
400
27%
Jan
42
9%
39%
10%
68%
92
U S Rubber Reclaiming..*
U S Stores Corp com
*
40
46%
9%
20%
11,500
24
1%
2
4,900
11%
13% 105,300
118% 121%
3,400
3
•
3%
13,400
20
93%
93%
*
Playing Card
10
U S Radiator Corp com..*
7% preferred
100
28%
27%
""%
Sullivan Machinery
7%
U S
700
38
Standard Brewing Co
Stroock (8) & Co...
Stutz Motor Car
Jan
1%
1st pref with warr
U S Lines pref
100
9%
9%
900
Standard Dredging CoCommon
Standard Silver Lead
Jan
15%
6%
2%
500
46%
£1
Spencer Chain Stores
*
Square D class A pref...
Stahl-Meyer Inc com....*
Standard Steel Spring com*
Starrett (The) Corp vt o.l
42
1%
U S and Int'l Securities..*
27%
3%
23%
3%
94%
42%
16%
2%
90%
25
29
9%
Am dep rets ord reg
1
1,100
10,000
2,600
Jan
1%
Jan
Preferred
41%
Spanish A Gen Corp—
Am dep rets ord bear..£l
Standard Products Co
11%
5,825
5%
3%
9%
47
So West Pa Pipe Line...50
Common class B_.
Preferred
2,500
Jan
42
6%
*
United Shipyards com B..1
United Shoe Mach com__25
27%
6%
5%
Southland Royalty Co..
South Penn Oil.
25
Standard P & L
8%
Jan
10
United Wall Paper
Universal Consol Oil
159
Southern Pipe Line..... 10
Southern Union Gas
._*
conv pref
Am dep rets ord reg
United Profit Sharing
Preferred
Utah Apex Mining Co
South New Engl Tel...100
Standard Oil (Ohio) com 25
69%
8%
4%
3
United Molasses Co—
1
100
Standard Oil (Ky)
Standard Oil (Neb)
67%
10,100
1,400
*
40%
41
25
7% preferred
21%
Jan
Jan
*
$3 preferred
28%
5% original preferred.25
6% preferred B
25
70
Jan
Jan
Jan
100
v t c com ...»
5% % pref series C
United Milk Products
US Foil Co class B
25
Sonotone Corp
Southern Calif Edison—
20
100
4%
2%
66%
*
*
"10%
95%
46%
17%
Jan
Slmmons-Broadman Pub—
Smith (H) Paper Mill
Common class B
121%
3%
Jan
25%
8hreveport El Dorado Pipe
Line stamped.
42
m
Jan
3%
5% oum pref ser AAA 100
Technicolor Inc
*
4
7,400
1
Sherwin-Williams of Can
7,500
3,960
100
5%
1%
com
Swiss Am Eleo pref
7% preferred
Union Gas of Canada
50%
Jan
3%
4
9854: 100
£1
1
6
Shawlnigan Wat dc Pow__*
6%%
2
$6 1st pref
Seversky Aircraft Corp
1st preferred
2d preferred
6% preferred
Unexcelled Mfg Co
10
Union Elec Light & Pow—
Jan
2%
100
Shattuck Denn Mining
Sterchl Bros Stores
....*
Jan
Selfrldge Prov Stores—
dep rec
Sentry Safety Control
4%
3
42
78%
100
15.50 prior stock
25
Allotment certificates.
6%% Pref
1
.
Option warrants
....
Amer
2%
Jan
3%
49
30
5% preferred....
.
Twin Coach Co
117
Selected Industries Inc—
Ty pewriter
80c div pref
Jan
Jan
Jan
4%
3
*
Tublze Chatlllon Corp.—1
Class A
1
.
4%
United Aircraft Transport
1
Sherwin-Williams
1
Jan
8%
113%
800
52 %
Segal Lock A H'ware
Seton Leather
Common
Jan
36
4%
78%
4%
High
105
62 %
Seeman Bros Inc
Common
Low
Trans Lux Plct Screen-
Jan
,S16
com
1
Range Since Jan. 1 1937
Shares
Jan
52 %
Manufacturing.25
Scranton-Sprlng BrookWater Serv 16 pref.....*
Securities Corp general
*
Jan
Price
Jan
500
,
65
38,
Par
High
12
13,660
117
4
Week
32%
1,700
65
com
Savoy Oil Co
10
for
of Prices
Low
High
90
*16
10%
28%
115
Week's Range
Sale
700
10%
10%
%
Last
400
27.300
115% 117
St Anthony Gold Mines.
St Lawrence Corp Ltd...*
$2
5%
5%
Low
2,000
Ruesekfl Fifth Ave.......*
STOCKS
(Concluded)
Range Since Jan. 1 1937
Shares
1
Sales
Friday
Week
Par
585
104% 105%
{108
108%
117% 1)8%
28;66O
102
53,000
102%
104% 104% 103,000
Jan
Jan
95
Jan
Jan
Jan
106%
Jan
107
Jan
Jan
35
Jan
Jan
Jan
Jan
Jan
107%
106%
Jan
104%
Jan
Jan
Jan
Jan
104%
105%
105%
Jan
108
Jan
Jan
119%
Jan
102
Jan
104
Jan
102%
104%
Jan
Jan
Jan
Jan
Jan
Jan
Last
Sale
(Continued)
Price
Associated Elec 4%b__ 1953
Week's Range
for
of Prices
Low
High
0—1948
1949
Conv aeb 4rsis
Conv deb
4%s
1950
--1968
Conv deb 5s
Debenture 6s
5s registered.
_ -
Conv deb 5%s
Assoc Eayon 58
-
-1968
1977
1950
5%s A *55
Atlanta Gas Lt 4%s..l955
Assoc T & T deb
65 %
64%
80
61%
58%
61%
60%
60%
58%
62%
62%
61%
59%
64
63%
60%
66
67
100% 100%
87 :v
87 %
Low
$
64%
87%
105
105%
158
Jan
Jan
82
Jan
56
Jan
62%
Jan
56
Jan
61
Jan
Georgia Power ref 5s..1967
Georgia Pow A Lt 5s.. 1978
Gesfurel 6s
....1953
Glen Alden Coal 4s... 1965
61
Jan
65%
60%
Jan
65%
Jan
Jan
Gobel (Adolf) 4%s...l941
Grand Trunk West 4s. 1950
60%
Jan
69
Jan
stpd..l950
Grocery Store Prod 6s. 1946
Guantanamo A West 6s '58
Guardian Investors 5s. 1948
Haokensaok Water 5s. 1938
60%
Jan
66
Jan
100%
100%
Jan
86%
Jan
105%
Jan
166
Jan
104%
Jan
8,000
158
Jan
158
20,000
88
Jan
Jan
164
stamped w w__1938
158
6s
stamped x w.. .1938
1st M 5s series B—1957
-I960
5s series C__
Isom
Broad River Pow 5s
__
1954
150
143
150
5,000
114,000
166
Jan
146%
Jan
143
155%
155%
Jan
Jan
Jan
25,000
114
Jan
Houston Gulf Gas 6s..1943
120%
123%
Jan
115 %
124
Jan
7,000
13,000
19,000
Jan
Jan
125
Jan
6%s with warrants. 1943
Hygrade Food 6s A...1949
144
Jan
145
Jan
105%
Jan
105%
114%
120% 121%
123% 125
145
$105% 106%
98%
87%
87%
101%
..1956
101
99
88%
101%
tl06% 108
$105% 108
103% 104
Canada Northern Pr 5s '53
104
Canadian Pac Ry 6s.. 1942
Carolina Pr & Lt 5s...1956
113
113%
105%
105
112
112
105%
112%
Cedar Rapids MAP 5s.'53
Cent Ariz Lt A Pr 5s.1960
Jan
114
99
Buffalo Gen Elec 5s...1939
Gen & ref 5s
6,000
144
114%
120%
123%
Bethlehem Steel 6s... 1998
Blnghamton L H A P 5s '46
Birmingham Elec 4%s 1968
Birmingham Gas 5s
1959
158
149
6s without warrants 1938
158
113
1381666
98
Jan
85%
98%
Jan
1.06%
22,000
31,000
87,000
10,000
105
Jan
112
Jan
,
99
1st A ref
ser
5s series G
4%s series H
F. 1967
1968
1981
...
104%
103%
102%
104%
103%
103%
102%
103%
~92
1948
5%b ex-warrants
1954
Cent States PAL 5%s '63
Chic Dlst Eleo Gen 4%s '70
1961
6s series B
104%
104%
103%
103%
104
92
92%
98
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s
99
70%
72%
72%
70%
73%
75%
75%
$105% 106
$104% 106%
70%
71%
Illinois Central RR 6s. 1937
107%
101%
Jan
III Northern Util 5s... 1957
Jan
Jan
111 Pow A L 1st 6s ser A '53
Jan
107%
Jan
1st A ref 5%s ser B.1954
1st A ref 5s ser C... 1956
Jan
104
Jan
S f deb
113
Jan
114%
105%
112%
Jan
6%s series B
Conv deb 5s
1950
105
Jan
105
Jan
67,000
103%
Jan
Jan
42,000
103%
102%
103%
89%
Jan
Jan
104%
104%
103%
Jan
104
Jan
1st lien A ref 5s..._1963
8,000
8,000
16,000
185,000
51,000
123,000
32,000
Jan
Jan
82%
101%
Line 6s
5%s_
1949
Commerz A Prlvat 5%s '37
"98%
1957
5s
Indiana Service 5s
1950
76%
76
1st M 5s series A... 1953
110%
1st M 5s series B...1954
1st 4%s series O
1956
1st 4%s series D
1967
1st M 4s series F...1981
3%s series H......1966
Com'wealth Subsld 6%s '48
Community Pr A Lt 5s '57
Community P S 5s
106
77%
80%
Ind'polis P L 5s ser A. 1957
106%
13%
68%
Jan
72%
Jan
Intercontinents Pow 6s '48
69%
Jan
Jan
73%
Jan
Jan
Jan
Jan
1,000
71,000
26,000
102%
Jan
104
Jan
80%
100%
103%
Jan
9,000
80
80
1962
79
79
29,000
81% 216,000
102%
27,000
84
Jan
Jan
101%
Jan
Jan
105%
Jan
82
Jan
Connecticut Light A Power
7 s series A
1951
Consol Gas (Bait City)—
Jan
78%
Jan
83
Jan
Iowa Pow A Lt
Jan
103
Jan
Iowa Pub Serv 5s
Jan
Jan
103
52
53%
110%
110%
110%
110%
105%
110%
110%
Jan
Jan
Jan
1st mtge 5s ser H..1961
Jan
6%s series D.
5%s series F
Jan.
12,000
7,000
1,000
20,000
67,000
106
89%
16,000
32,000
75,000
10,000
110%
110%
Jan
105%
Jan
105%
Jan
102%
85%
100%
Jan
104
Jan
Jan
Jan
98
42%
Empire Dlst El 5s....1952
Empire Oil A Ref 5%s. 1942
47
$107
'102%
106%
106
108
102% 102%
106% 107
105% 106
101
Jan
Jan
130
Jan
Jan
109%
Jan
Jan
125%
Jan
12%
12%
13%
$10%
3%
101%
95
108%
96%
I6§%
"92
66
68%
106
Jan
47
Jan
Louisiana Pow A Lt 5s '57
98%
Jan
Jan
103%
Jan
Jan
Jan
MoCallum Hosiery 6%s '41
MoCord Rad A Mfg 6s '43
Memphis P A L 6s A..1948
Metropolitan Ed 4s E.1971
Middle States Pet 6%S '45
Midland VaUey 5s
1943
Mllw Gas Light 4%s..l967
Minn PAL 4%s
1978
Jan
Jan
108%
Jan
Jan
Jan
103%
Jan
105%
105%
General Bronze 6s
101%"
Jan
102%"
Jan
6,000
106%
105%
Jan
107
Jan
20,000
Jan
106
Jan
6%s A.1956
99
General Rayon 6s A. .1948
Gen Vending 0<>rp 6s. 1937
72
23
Certificates of deposit...
For footnotes see page 587.
-
23
23
$23
25
102%
Jan
102%
101%
78%
104%
Jan
Jan
104
Jan
22,000
7,000
31,000
109%
109%
103%
Jan
103
,
Jan
Jan
103%
103%
93%
91%
63
Jan
Jan
105%
Jan
68 %
106%
Jan
101%
104
Jan
4%s.l981
101%
105%
95%
2,000
3,000
32,000
14,000
11,000
22,000
43,000
41,000
6s series A
Jan
105
Jan
Jan
106%
Jan
Jan
99
Jan
105%
Jan
106%
Jan
110%
76%
76%
Jan
Jan
Jan
110%
79%
Jan
78
80%
Jan
82%
Jan
Jan
106%
13%
Jan
105
12%
Jan
70
Jan
80
74
Jan
Jan
77
80
80
Conv deb 5s
Conv deb 5s_.
1948
1950
Jan
Jan
New Eng Pow Assn 5s. 1948
Debenture 5%s
1954
100
Jan
Jan
107%
Jan
100%
Jan
102
Jan
72
Jan
76%
67%
Jan
69%
Jan
91
Jan
95
Jan
Jan
88%
Jan
104
103
Jan
104
Jan
3,000
19,000
28,000
105%
105%
Jan
105%
105%
Jan
Jan
Jan
Jan
N Y Central Eleo
100%
Jan
104%
102%
Jan
Jan
Jan
Jan
Jan
74%
Jan
1.000
Jan
76%
Jan
206,000
55
Jan
67
Jan
54
Jan
55%
Jan
Jan
105%
Jan
Jan
Jan
103%
Jan
9,000
104
Jan
105
2,000
105%
Jan
106
Jan
51.000
105%
Jan
106%
Jan
Jan
105
Jan
107% 107%
102% 103
99
97%
104
104%
101
165"
106%
104% 104%
104% 105
105% 105%
106
106%
101% 105
,$20
103%
$40
103% 103%
103% 103%
107% 107%
99
94%
106
102%
26
99
93%
94%
105% 106
102% 102%
83,000
13,000
4,000
22,000
7,000
3,000
26,000
97%
49
108%
"84%
85
84%
100%
101%
48
51
108%
126% 126%
108
108
109
99% 99%
121% 121%
81% 84%
82%
81%
85
Jan
95
Jan
99
Jan
Jan
72
Jan
23
Jan
23
Jan
5%s '50
4%s stamped.-195C
109%
Jan
Jan
Jan
101%
Jan
103%
Jan
103%
105%
98%
Jan
104
Jan
Jau
Jan
92%
Jan
107%
99%
94%
15,000
105%
Jan
108%
Jan
44,000
102
Jan
102%
Jan
104%
Jan
108
Jan
94%
97%
105%
107%
78%
Jan
99
Jan
5.000
2,000
49,000
7,000
32,000
6,000
33,000
99,000
81,000
7,000
3,000
6,000
80,000
4,000
226,000
41.000
84% 108,000
20,000
95%
131,000
89%
92
2,000
102% 102%
94%
109%
Jan
Jan
28,000
100% 101 % 138,000
100% 101% 170,000
109
Jan
Jan
io"665
105
7,000
99
104,000
97%
99% 100% 124,000
2.000
105% 105%
108
6,000
108
15,000
82
83%
99% 100
13%
11%
106
106%
105% 107
97%
96%
Jan
7,000
105
82
98
Jan
Jan
Jan
Jan
100%
105%
Jan
108
17,000
Jan
Jan
Jan
Jan
Jan
Jan
83%
Jan
100%
Jan
14%
Jan
99%
Jan
11%
105%
Jan
Jan
107
Jan
102%
92%
Jan
107
Jan
Jan
97%
47%
Jan
51
107%
Jan
108%
Jan
125
Jan
126%
Jan
108%
Jan
110
Jan
Jan
99%
121%
Jan
Jan
Jan
84%
Jan
Jan
85
Jan
96%
120%
78%
78%
78%
100%
100%
91
Jan
Jan
Jan
Jan
Jan
84%
101%
102%
Jan
95%
Jan
Jan
Jan
Jan
Jan
87%
102%
Jan
92
Jan
Jan
103
Jan
109
Jan
109%
Jan
New York Penn A Ohio—
70%
Jan
66
72
Jan
98%
110% 111%
104% 104%
104%
92
101%
Jan
103%
Jan
110%
103%
104
111
Income 6s series A..1949
Jan
103
33,000
2,000
1,000
Jan
86%
103%
Jan
95
100%
"1I666
Jan
100
..1942
Ext
Jan
Jan
20,000
New Orleans Pub Serv—
101%
101%
104%
Jan
107%
43,000
8,000
100
99%
96
Jan
Jan
Jan
86% 88%
103% 104
103% 104
100
166"
105
Jan
Jan
Jan
Jau
New Amsterdam Gas 5s '48
Jan
100
Jan
104%
101%
111%
104%
104%
-.2022
Jan
100
Jan
Jan
Neisner Bros Realty 6s '48
94
100%
Jan
104
167"
Deb 5s series B....2030
Jan
99%
Jan
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A
2026
Nat Pub Serv 5s otfs.1978
93%""jan
Jan
96
Jan
99
12%
Jan
Jan
106%
104%
Jan
Jan
103
99%
Jan
Jan
Jan
103%
107%
.........1944
..
Nebraska Power
Jan
105
Jan
6~%S ct"fS_.1937
5%S.
Munson S3
Jan
231666 "65%" Jan
Montana Dakota Power
Jan
Jan
Jan
Jan
Jan
103
Jan
95%
Jan
106
105%
Jan
107%
Missouri Pub Serv 5s. 1947
109
Jan
106%
106%
Jan
Jan
Jan
»96%
101%
Jan
99%
Jan
Jan
99%
1957
Jan
101%
Jan
Jan
Jan
Miss River Pow 1st 5s. 1951
Jan
109
98%
107%
101%
97%
Mississippi Rlv Fuel 6s '44
93%
Jan
52,000
17,000
6,000
Miss Pow A Lt 5s
93%
107
993%
99
Jan
108%
83%
104%
Jan
102
84
Jan
105%
121%
Jan
Jan
Jan
79
Jan
12%
4%
4%
Jan
Jan
103% 103%
99
97%
72
70%
Jan
Jan
Jan
Jan
Jan
100%
"slooo
102
Jan
100
103%
1955
101%
103%
103%
$101%
.1940
21%
3,000
Mississippi Pow 5s
3%
"1,000
15,000
85,000
30,000
55,000
Jan
24,000
2,000
Jan
Jan
101%
104%
102%
101%
Jan
20%
13,000
38,000
5,000
19,000
57,000
105% 105%
121% 121%
104% 104%
13%
91%
100%
103%
101%
101%
Jan
26
103%
105%
120%
1955
5s stamped.
100%
103%
102%
Jan
100
Jan
8,000
Jan
1,000
5,000
3,000
96
96
2,000
100% 100% 213,000
166%
106
Jan
104%
104
Nevada-Calif Eleo 5s. 1956
93%
Jan
98%
23
21,000
"97%
10%
9%
3%
46,000
101% 101%
103% 103%
103% 104
103%
103%
General Pub Serv 5s..1953
Jan
N E Gas A El Assn 5s. 1947
First Bohemian Glass 7s '67
Deb gold 6s. June 151941
Deb 6s series B
1941
80
78%
107%
105 T
221606
92
93
104
Jan
54%
7s without warrants. 1941
99
slooo
6,000
1,000
elooo
59
70
54%
Manitoba Power 5%s.l951
Mansfield Min A Smelt—
Jan
Jan
76%
Long IsHnd Ltg 68—1945
...
Gatlneau Power 1st 5s. 1956
1942
Jan
"
95% 215,000
48,000
108% 109
94
96% 288,000
$109% 113
103% 103% "1I660
103
18,000
103%
59,000
91% 93
$30
Gary Electrlo A Gas—
5s ex-warr stamped. 1944
Lexington Utilities 5s. 1962
Libby MoN A Libby 5s '42
Jan
4
3%
106
Florida Power A Lt 5s. 1954
Kimberly-Clark 6s... 1943
Lake Sup Dlst Pow3%sl966
Lehigh Pow Seour 6s .2026
98%
97
93%
67
1969
5s series I
32%
12
$3%
...1953
1967
Firestone Tire A Rub 5s '42
1948
1955
Jan
102%
Jan
Jan
59%
1947
97%
1,000
4,000
Jan
76,000
4,000
Kentucky Utilities Co—
Jan
106%
76%
1961
Jan
6s
Farmers Nat Mtge 7s. 1963
Banks 6s-5s stpd_..1961
Firestone Cot Mills 5s. 1948
4%s series C...
Jan
109%
Ercole Marelll Eleo Mfg-
Federal Water Serv 5%s '54
Finland Residential Mtge
Jersey Central Pow A Lt—
5s series B
.1947
Kansas Power 5s
Jan
Jan
Jan
66%
Kansas Gas A Elec 68.2022
125
102%
Elmlra Wat Lt A RR 5s '56
1950
Stamped
Jan
130
98
6%s._1937
El Paso Eleo 5s A
90%
Jan
88
105
106%
88%
54%
Jan
Detroit Internat Bridge—
Edison El Ill(Bost)3%s '65
Eleo Power A Light 5s.2030
1957
Italian Superpower 6s. 1963
Jacksonville Gas 5s...1942
Lone Star Gas Be
Denver Gas A Elec 5s. 1949
Eastern Gas A Fuel 4s 1956
4%s..l958
Jan
110%
110%
110%
111%
106%
106 %
95
Jan
Jan
Jan
3,000
31,000
100% 102
74%
76% 133,000
18,000
67%
69
93
"89% ".Jan
86
104
105% 105%
105% 105%
73
74%
Isarco Hydro Eleo 7s. 1952
Isotta Frasohlnl 7s..—1942
102
Jan
110%
95
88%
103%
.1961
80
98% 283,000
22,000
102% 103
99
13,000
Cuban Telephone 7%s 1941
98%
98%
80
2,000
Cuban Tobacco 6s
79% 80
1944
Dallas Pow A Lt 6s A. 1949
107% 108%
18,000
107%
5s series C
...1952
$105% 106
104
Delaware El Pow 5%s_1969 "l04"
I2I600
104%
.Aug 1 1952
Certificates of deposit.
Deb 7s
Aug 1 1952
Certificates of deposit.
5s series B
79%
Conv deb 6%s w w.1943
Cont'l Gas A El 6s
1958
6%s
1958
Jan
A..1943
Det City Gas 6s ser A. 1947
5s 1st series B
1950
1956
Jan
$109
111
$126% 127%
1010
Derby Gas A Eleo 5s..1946
6s series D
4%s series F
Iowa-Neb LAP 5S...1957
75%
110%
110%
110%
74%
68
Jan
Jan
107% 107%
101%
Jan
Jan
Jan
Jan
Interstate Public Service—
_
4%s_I_..1954
1940
...1952
102%
75%
$128% 132
Gen mtge
Consol Gas Util Co.—
Crucible Steel 6s
Debenture 6s
12,000
102% 102%
76%
78% 142,000
76
78% 102,000
52% 53%
13,000
100% 101
1960
5a
International See 5s..1947
"86%"
88
62
16,000
1,000
1955
...1957
105%
Jan
75%
8,000
7s series E
6%s series C
Jan
S6%
109%
77
75
77%
80
102% 102%
13
81
106%
13%
7s series F
Jan
Jan
"89%
80%
106
96%
Jan
International Power Sec—
105%
72%
75%
105%
99% 100%
105% 106%
110% 110%
Jan
Jan
5,000
83%
32,000
107
107%
101% 101% 27,000
7,000
106% 106%
52,000
105% 106
105
29,000
105%
166,000
103% 104
52,000
99%
98%
103% 105
105% 106%
98% 99
93%
104%
109%
15,000
23,000
"
80
78%
Indianapolis Gas 5s A. 1952
110
105%
84
76%
Jan
Jan
106%
80
76%
Jan
Jan
102
20% 21%
100% 102%
104
104%
101% 101%
77
99
99%
78%
26
76%
92%
109%
82
82%
100% 101%
105% 105%
$109% 110
104% 106
100
99%
$107%
"99%
Jan
Commonwealth Edison—
Gen Pub Util
104%
Jan
13,000
79
1943
Cities Serv PAL 5%s_1952
6%s series A
99
95%
10,000
79%
5%s '42
Gas
Pipe
Erie Lighting 5s
Indiana Hydro-Eler 5s '58
Indiana A Mich Eleo 5s '65
Interstate Power 5s...1957
Cities Service Gas
Dixie Gulf Gas
1951
6s series C
Jan
99%
99%
1966
Cities Service 5s
ser
...1953
Jan
109% 110
103% 103%
5%s.l942
Chic Rys 5s ctfS
1927
Cincinnati St Ry 5%s A '52
6s series B
1955
1st A coll 6s
1947
6s series A
Jan
104
5,000
75
Indiana Electric Corp—
Jan
100
Midland Ry 4%s A1956
Service
5%s—May 1957
105%
105%
103%
International Salt 5s..1951
Ohio Jot Ry A Union Stock
Yards 5s
.1940
Cities
84
Idaho Power 5s......1947
Chicago A Illinois
Chic Pneu Tools
104%
101%
Indiana Gen Serv 5S..1948
Cent Ohio Lt A Pr 58.1950
Cent Power 5s ser D—1967
102%
"31I666
62
73%
23
Jan
105
1966
4%s
100
93%
59
•
Jan
88%
101%
91
61%
83%
Central 111 Publlo Service—
5s series E
"92%
....1949
6s series B
103"""
29,000
7,000
$106% 109
High
Low
10,000
96%
156.000
104% 105
12,000
87%
86%
33
$24
88% 89% 1251666
28,000
86% 87
104
10,000
104%
86%
104%
...1977
stpd....l947
Hamburg Eleo 7s
1935
Hamburg EI Underground
A 8t Ry 5%S
1938
Heller (W E) 4s w w-1946
Hall Print 6s
96
104%
86%
Gt Nor Pow 5s
6s series A
1938
Bell Telep of Canada—
1st M 5s series A
1955
Gen Wat Wks A El 5s. 1943
78%
5,000
2,000
101,000
77,000
136,000
1,000
3,000
7,000
29,000
165
67%
Baldwin Locom Works—
6s with warrants...
of Prices
Price1 Low
High
96
Range Since Jan. 1 1937
Week
Sale
High
Jan
for
Week's Range
Last
BONDS
(Contir. Jted)
66% 148,000
79
100%
.1
Range Since Jan. 1 1937
Week
Associated Gas & El Go—
Conv deb 5%s
1938
Sales
Friday
Sales
Friday
BONDS
6s
Jan. 23, 1937
New York Curb Exchange—Continued—Page 5
586
Volume
New York Curb
144
Sales
Friday
BONDS
Last
(Continued)
Sale
ie
N Y PAL
Corp 1st 45*s '67
N Y State E A Q 45*8.1980
1st 55*8
1962
Low
Hie ih
N Y A Westch'r Ltg 4s 2004
Debenture fis
Low
$
1055*
1025*
Jai
1065*
Jan
Jai
1035*
Jan
2.00C
1065*
Jai
1065*
Jan
1025*
Jai
1035*
2.00C
865*
Jai
865*
Jan
5*
69
685*
38,00C
18.00C
955*
Jai
1005*
Jan
66
Jai
Jan
Jan
4
7.00C>
1075*
Jai
105
No Indiana O A E 6s. 1962
695*
1075*
4
5.00C
105
Jai
107
17,00c
36.00C
6.00C
105
Jai
1055*
Jan
1035*
Jar
103
Jar
1045*
1035*
Jan
Jar
105
Jan
1.00C
1045*
875*
Jar
16.00C
1*
1075*
6e series D
105
5*
1970
104>*
104
4
1940
103
103
4
1969
.
45*s series E
55*s
N'western Elec 6u stmpl946
N*western Powei 6s A. 1960
Ohio Edison 1st lie
Jan
19.00C
1045*
1035*
Jai
1055*
Jan
Jar
1045*
Jan
109
Jar
109
Jan
1035*
Jai
1055*
Jan
105
Jar
1055*
1035*
Jan
4
4.00C
1035*
Jar
4
68,000
99 5*
Jar
6s conv debs
1946
Okla Power A Water 6s '48
1075*
Oswego Falls 6s.
1025*
99
1941
Pacific Coast Power 6s '40
Pacifio Gas A El Co—
107
101
A. 1948
1025*
Jan
945*
Jan
100
Jan
Jan
1025*
Jan
1055*
Jan
1075*
Jan
1185*
Jan
119
Jan
1025*
Jan
Un Lt A Rys
(Del)
Jan
*
101
*
24,000
17,000
101
Jar
,Jan
117
117
119
92
933 *
11025* 103
244",000
Jan
87
Jan
935*
Jan
1025*
Jan
38,666
105
Jan
1025*
105 5*
Jan
1053 *
2,000
24,000
1045*
Jan
1055*
Jan
102
Jan
103
Jan
105
102
1023 *
_
Jan
1959
.
1055*
1055*
*
*
*
111
111
*
1106
4Kb series B
1968
Peoples Gas L A Coke—
1055*
Jan
1055*
1055*
Jan
Jan
Jan
10,000
Jan
Jan
106
*
1045*
106
Jan
1065*
1065*
1105*
1065*
Jan
1115*
1981
99
1979
Phlla Electric Co 5s—1966
Phlla Elec Pow 65*s._1972
29
1065*
Jan
"no5*
97
*
67,000
985*
* 142,000
17,000
265*
Jan
1105*
Jan
111
Jan
1095*
Jan
1115*
Jan
Jan
975*
Jan
1105* 1113 *
97
97
Pomeranian Elec fls.,1953
Portland Gas A Coke 5s '40
Potomac Edison 5s E. 1956
84
106 5*
43^s series F
1961
Potrero Bug 7s (.tpd—1947
1085*
78
Corp(Can>45*8 B '59
7^5*
108
1055*
1085*
775*
5,000
1055*
74
31,000
4,000
625*
1065*
1055*
205*
22,000
22
17,000
85
138,000
Prussian Electric 6s—1954
Public Service of N J—
6% perpetual certificate-
1435*
143
Jan
305*
Jan
Jan
106
Jan
Jan
74
Jan
Jan
108
Jan
Jan
53*8 '52
965*
*
100
Jan
1015*
1005*
Jan
1015*
205*
1st A ref 5s
1956
5s series C
1966
45*s series D
45*s series E
1st A ref 45*s
4J*s series I
1978
103
i
1980
1035*
(
ser F. 1981
1035*
1105* 112
I960
Pub Serv of Oklahoma—
i
..1966
105
Puget Sound PAL 55*s '49
965*
1st A ref 5s series C. 1950
955*
1st A ref 45*s ser D. 1950
Jan
143
Jan
147
Jan
1105*
Jan
112
Jan
1,000
15,000
7,000
1045*
Jan
105 5*
Jan
103
Jan
1035*
Jan
103
Jan
1035*
103
Jan
1035*
Jan
12,000
105
Jan
1055*
Jan
1045*
Jan
1055*
985*
Jan
4,000
973
255,000
96
181,000
95
Jan
915*
Jan
117,000
885*
Jan
2,000
1968
1035*
Jan
Jan
96
Jan
925*
Jan
104
106
1952
107
Reliance Manag't 58..1954
Rochester Cent Pow fie '63
Ruhr Gas Corp 05*s__1953
1045* 1043
Ruhr Housing 0.4 s
1958
Safe Harbor Water 45*8 '79
119
87
3,000
105
1,000
1045*
33,000
3,000
Jan
107
Jan
1045*
Jan
Jan
87
Jan
90
Jan
225*
Jan
255*
Jan
12,000
1055*
Jan
107
Jan
35,000
12,000
175*
Jan
18
Jan
1055*
Jan
107
Jan
1132 5* 1333
11085* 110
52
23
1937
23
"7',000 ""23""" Jan ""23~5*~ Jan
Schulte Real Estate—
0s with warrants... 1936
37
37
1936
35
Scrlpp (E W) Co 65*8.1943
102
103
102
102
Second Int'l Sec 5s... 1948
1948
375
1045*
Jan
Jan
39
40
1035*
Jan
Jan
Jan
Debenture 354,8
1946
Ref M 35*s_May 1 1900
1095*
Standard Investg 55*s 1936
Standard Pow A Lt 6s. 1957
i055*
92,000
4,000
88 5*
15,000
915*
Jan
11*3)
Jan
85
Jan
Jan
965*
Jan
115
Jan
Jan
895*
Jan
1015*
Jan
103
Jan
101
Jan
102
Jan
1045*
Jan
1045*
Jan
99
Jan
100
Jan
26,000
102
Jan
104 5*
Jan
1005*
985*
Jan
1025*
Jan
Jan
101
40
Jan
Jan
445*
Jan
2,000
1015*
Jan
1015*
Jan
9,000
106 5*
106 5*
105
Jan
108
Jan
Jan
1065*
Jan
Jan
106
Jan
3,000
2,000
1055*
Jan
1055*
Jan
2,000
5,000
112 5*
Jan
114 5*
975*
Jan
995*
Jan
19,000
73
Jan
Jan
West United G A E 53*s '65
Wheeling Elec Co fis..1941
1055*
1055* 1055*
1065* 1065*
25,000
1065*
1,000
1135* 1135*
1065*
1015*
1065*
995*
1015*
"995*
1,000
Jan
105
Jan
765*
1055*
106 J*
1055*
1015*
1065*
995*
Jan
107 H
Jan
Jan
1065*
Jan
Jan
Agricultural Mtge Bk (Col)
20-year 7s
1946
20-year 7s
{255*
{195*
1951
Buenos Aires (Provlnce)7s stamped
1952
75*s stamped
1947
Cauca Valley 7s
1948
Cent Bk of German State A
Prov Banks 6s B
1951
6s series A
Jan
Jan
Jan
Jan
108
Jan
108
Jan
Jan
1005*
Jan
3,000
17
35,000
265*
255*
IS 5*
Jan
285*
Jan
Jan
285*
Jan
Jan
185*
Jan
Jan
865*
865*
Jan
87 5*
89
Jan
15
Jan
175*
Jan
Jan
25
Jan
23
Jan
995*
Jan
1025*
Jan
985*
2,000
ib'bob
Jan
985*
Jan
275*
24
Jan
Jan
63
7,000
615*
Jan
63
Jan
20
20
1,000
1,000
17
Jan
20
Jan
10
17
Jan
20
Jan
21
215*
8,000
19
Jan
215*
205*
215*
3,000
215*
Jan
215*
215*
Jan
21
9,000
18
Jan
215*
Jan
{305*
345*
245*
18 5*
915*
Jan
295*
Jan
Jan
20
Jan
Jan
92
Jan
615*
21
Jan
185*
"9",000
92
20,000
245*
245*
1,000
23 5*
Jan
25 5*
Jan
245*
245*
Jan
25 5*
Jan
18
1,000
5,000
235*
175*
15 5*
Jan
185*
Jan
{195*
Issue of May 1927
Issue of Oct 1927
Mtge Bk of Chile 6s...193'
6s stamped
1931
Mtge Bk of Denmark fis '72
195*
915*
185*
Mendoza 4s stamped. .1951
Mtge Bk of Bogota 7s. 1947
25
99
Jan
995*
Jan
995*
995*
13,000
5,000
32
63*s..1959
Russian Govt 05*8
1919
05*8 certificates
1919
65*8
1921
53*s certificates
.1921
325*
8anta Fe 7s stamped..1945
Santiago 7s
1949
66
34
325*
1958
345*
5,000
15*
15*
15*
23,000
1
1
15*
30,000
15*
Jan
34
30
Jan
35 5*
Jan
15*
Jan
15*
Jan
1
Jan
1H
Jan
1.
Jan
15*
6,000
15*
Jan
15*
24,000
1H
Jan
625*
Jan
66
Jan
17
7,000
5,000
16
Jan
205*
Jan
175*
9,000
16
Jan
205*
Jan
15*
15*
255*
15*
64
66
16
16
15*
Jan
15*
Jan
Jan
1105*
1055*
1035*
1025*
1075*
Jan
20
63
Lima (City) Peru 03*s.1958
Maranhao 7s
1958
Medellln 7s series E..1951
Jan
1095*
89
275*
275*
{23
26
995* 1005*
{99
101
Hanover (City) 7b
1939
Hanover (Prov) 03*s__ 1949
71
1005*
Jan
Jan
Danzig Port A Waterways
Jan
Jan
6,000
875*
16
1952
External 63*s
1952
German Cons Munlc 7s '47
Secured 6s
1947
Jan
Jan
22
865*
1953
105
100
5,000
87
875*
"I<T"
1955
6s
275*
255*
255*
1947
Baden 7s
Jan
1075*
2,000
38,000
100
FOREIGN GOVERNMENT
104
695*
53,000
102
1075*
AND MUNICIPALITIES—
Rio de Janeiro
Jan
Jan
6,000
103
1035*
1035* 1045*
1055* 106
885*
905*
905*
91
90
91
895*
89
905*
885*
Jan
107
Jan
94,000
Jan
1065*
1075*
1095*
"895*
885*
90
"89"
895*
94%
Jan
755*
1045*
Jan
106
89
1966
Jan
106
995*
Parana (State) 7s
10,000
18,000
1025* 1025*
Debenture 6sDec 1
855*
915*
12,000
985*
Jan
76,000
103
90
Jan
Jan
745*
104
29,000
1025*
Certificates of deposit
Debenture 6s
1951
225*
22 5*
895* 202,000
18,000
Jan
Jan
Jan
Jan
755*
Jan
1065*
1075*
1095*
103
895*
72
22
22
"995*
Jan
114,000
S'weetern Assoc Tel fie. 1961
1055*
Jan
West Texas Util 6s A. 1957
West Newspaper Un 6s '44
1025*
1065*
1085*
103
1945
1015*
1065*
Wash Water Power fis. 1960
West Penn Elec fis
2030
West Penn Traction 5s *00
1045*
11,000
27,000
S' western Lt A Pr 5s—1957
Certificates of deposit.
Convertible 6s
.1936
Jan
1175*
5,000
48,000
Jan
71
855*
Stand Gas A Elec 0s.. 1936
Jan
1065*
Jan
3,000
42 5*
405*
1015* 1015*
1065* 1075*
1065* 1065*
105J* 106
1055* 1055*
Jan
11,000
1025* 103
So'west Pow A Lt 6s..2022
1055*
Jan
72
15,000
Jan
105
105
Sou Counties Gas 4Hs.l968
1951
Southern Nat Gas 6s..1944
Sou Indiana Ry 4s
14,000
Jan
1055*
1165*
675*
225*
21,000
102
106J* 107
1065*
1075*
105
2,000
3,000
1025*
104
-
Sou Calif Edison Ltd—
Ref M 3Hb B.July 1 '60
1st A ref mtge 4s
1960
Sou Calif Gas Co 45*8- 1961
Jan
1005*
1065*
5,000
1005*
1095*
Jan
35
70
2026
37
102
104
1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
1065*
100
1,000
1045*
1968
1,000
18,000
20,000
M
104
Jan
102
60,000
U065*
8hawlnlgan WAP 45*s "07
Jan
1065*
100
1946
Danish 53*8
24
1055* 106
..1956
__
253
1055* 1053
18
175*
St Louis Gas A Coke 6s '47
San Antonio P S ,5s B__ 1958
San Joaquin L A P 0s B
90
24
52 5*
1025*
Jan
Queens Boro Gas A Elec—
55*8 series A
103
Ward Baking 6s
1937
Wash Gas Light 5s... 1958
Wash Ry A Elec 4s..1951
Jan
105'
915*
965*
945*
Jan
Jan
205*
26,000
59,000
*
475*
Jan
12,000
1445*
(
Jan
75,000
Jan
5,000
Jan
945*
1st ref 5s series B ..i960
Wise Pow A Lt 4s
1906
Yadkin Rlv Pow fis... 1941
York Rys Co 5s
1937
6,000
1075*
Jan
6e-
Jan
Jan
Jan
92
Waldorf-Astoria Corp—
1085*
Jan
1065*
{1065* 1095*
1995* 100
11025*
1025* 1035*
Wlso-Mlnn Lt A Pow fis '44
Pub Serv of Nor Illinois—
Quebec Power 5s
Valvollne Oil 7s
1937
Vamma Water Pow 65*8 '57
Va Public Serv
53*s A. 1940
Jan
80
Jan
Jan
225*
87
1025*
1952
Jan
107
Jan
106
tl045* 106
85
109
1055*
1045*
20,000
Utica Gas A Elec fis D. i960
22
Jan
Jan
7,000
107
Jan
105
1015* 102
Jan
Jan
25,000
—.1944
Jan
76
Jan
13,000
Jan
Jan
Jan
39
Jan
1145* 115
1973
785*
1055*
3,000
11,000
26,000
*
78
1005* 101
1015* 1013 *
1205* 25
1949
97
108
1055* 106
215*
815*
37,000
4,000
1055* 1053 *
Piedm't Hydro-El 05*8 *60 "72"
Pittsburgh Coal 6S- —1949
Pittsburgh Steel 6s_. 1948
100
985*
106
1025* 103
Jan
29
1105* 111
Phila Rapid Transit 6s 1962
Phil Sub Co G A E 45* '67
S'west Pub Serv 6s
1065*
Utah Pow A Lt 0s A..2022
Jan
Jan
Jan
715*
Jan
Jan
Jan
93 5*
945*
1065* 1065*
955*
965*
935*
7s with warrants... 1954
Peoples LtAPrfis
Power Securities 6s
1,000
*
Penn Water A Pow 5e. 1940
4s series B
6,000
26,000
Jan
39
1025*
505*
88
89
1959
43* 8
66
1055*
71
1974
6s series A
29,000
225*
225*
United Industrial 65*s 1941
1st 8 f 6s
1945
United Lt A Pow 6s...1975
65*s
55*8
Jan
Jan
103
1055* 1055*
1165* 117
United Lt A Rys (Me)—
0sserie8 A
1952
1083 4
Penn Pub Serv 6s C„ 1947
6s series D
1954
Southeast PAL 6s
1967
1035*
107
{1065* 108
{1055*
45*8.
1957
United Elec N J 4s... 1949
United El Serv 7s ex-w 1950
6s aeries E
1950
4^8 series B
1st 45*s series D
475*
1015*
Penn Ohio Edison—
Servel Inofis
505*
30,000
6,000
1055* 1053 *
105
1971
68 ex-warrants
6s 3d stamped
1944
Union Eleo Lt A Power—
93,000
1117
"925*
1979
Sanda Falls 6s
92
5s series B
Jan
29,000
1075*
935* 121,000
107
935*
108
1185*
45*8.1977
Saxon Pub Wks 0s
107"
975* 100
1015* 102 3 *
1108
—1941
Pacific Ltg A Pow 66—1942
Pacific Pow A Ltg 56—1955
Palmer Corp 6s
1938
4s series A
1902
5J*s '52
Jan
Jan
Jan
109
*1125* 1165*
190,000
1025* 106
_
1005*
1085*
1055*
Jan
3,000
1035*
100
1951
1055*
Jan
107
76,000
39
1035* 1045*
29
{20
1940
Jan
2,000
"io'666
1055* 1055*
Jan
1950
Jan
Jan
1055* 1055*
1954
Jan
505*
Jan
105 5*
Ssseries A
Jan
49
Jan
Jar
4,00C
54
Jan
985*
105
Toledo Edison 5s
Twin City Rap Tr
Ulen Co—
Jan
855*
14.00C
27,00C
Jan
53
1075*
105
4
45
455*
1045*
1045*
Jan
105
1045* 105
Jan
Jan
39
2022
55
805*
104
08
Jan
955*
1045*
m
Jan
53
5,000
Tide Water Power 6s..1979
Tleta (Leonard) 75*8.1946
Jan
445*
63,000
Thermold Co 6s stpd.1937
935*
Jan
47,000
1095*
^*
x-w
715*
1055*
05*s..l953
Texas Elec Service 5s. 1960
Texas Gas Util 6s
1945
Texas Power A Lt 5s..1956
High
40
985*
855*
715*
975*
845*
695*
Jan
*
Power
975*
85
Jan
1961
Deb 55*s series B
107
1957
105
1954
6s series A
107
5s series B
Tenn Public Service 5e 1970
Ternl Hydro-El
Low
<
4,000
1115*
55*8 series E
Penn Electric 4s F
107
1045* 1055*
1045* 1045*
Jai
6s series D
5s
107
Jai
4
Penn Cent LAP
Super Power of HI 45*s '68
1st 45*s
1970
Syracuse Ltg 55*s
1954
1045*
—1953
»er
52
29.00C
4
4
6s series C
Pacifio Invest 6s
54
1045*
1045*
1st A ref 45*s ser D. 1966
1st 6s series E..
505*
54
{50
50
1940
111
2,00C
Ohio Public Service Co—
68 series A
49
1946
105
Ohio Power 1st 6s B__1952
Okla Gas A Elec 6s
*2,000
4,000
1,000
935*
1045*
1105*
1045*
1960
Okla Nat Gas 4J*s
55
105
1946
.
92,000
1045*
N'western Pub Serv 6s 1967
Ogden Gas 6s
415*
1946
Tennessee Elec Pow 5s 1956
1966
No States Pow
2d stamped 4s
405*
Range Since Jan. 1 1937
$
55
415*
High
2d stamped 4s
Jan
Northern Indiana P S—
6sseriee C
Low
7-4% stamped
No Amer Lt A Pow—
65*8 series A
1966
Nor Cont'l Util 55*s..l948
Week
7-4% stamped.....1936
4
865*
for
of Prices
Starrett Corp Ino5s..l950
Stinnes 'Hugo) Corp—
Jan
4
1112
Week's Range
Sale
Price
73.00C
36.00C
4
1964
Last
High
4
Nippon El Pow 65*8—1953
Sales
BONDS
(Concluded)
4
4
1065*
587
Friday
Range Since Jan. 1 1937
for
Week
of Prices
Price
Exchange-Concluded—Page 6
12,000
27,000
5,000
19,000
17,000
14,000
11,000
20,000
Jan
105
Jan
1025*
845*
Jan
103
Jan
Jan
107
87
Jan
78
190J
"ie""
6
Jan
Jan
Jan
Jan
Jan
1035*
1035*
103
Jan
104
Jan
995*
1045*
Jan
1045*
Jan
Jan
1025*
Jan
106
Jan
88 5*
89
Jan
92
Jan
Jan
92
Jan
895*
Jan
915*
Jan
9,000
90
Jan
915*
Jan
61,000
11,000
31,000
89
Jan
92
Jan
116,000
885*
Jan
91
Jan
1003* 1015*
6,000
90
885*
171,000
1005*
Jan
102
Jan
885*
Jan
905*
Jan
*
No par value,
the rule sales not
range,
x
a Deferred
delivery sales not inomded in year's range,
Included in year's range,
{ Friday's bid and asked price.
e
r
n
Cash sales not included In
Under
year's
Ex-dividend.
No sales were transacted during ourrent week.
Cash sales transacted during the current week and not Included In weekly or
yearly
range:
No sales.
V 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 ourrent week and
weekly
or
not
included
yearly range:
No sales.
Abbreviations Used Above—"ood,' certificates of deposit; "oons,' consolidated,
.'cum," cumulative; "conv," convertible "m," mortgage; "n-v," non-voting stook.
"v","o," voting trust certificates: "w i," when issued "w w," with warrant
"r-w." without warrants.
588
Financial
Chronicle
Jan. 23, 1937
Other Stock Exchanges
Sales
Friday
Stocks (Concluded)
Bid
Unlisted Stocks
Ask
Ask
1941
20
22%
Granada (The) 6s
.1938
Oliver Cromwellctfs-.
36
39
Park
Place Dodge
Income bonds
.60
Reece Buttonhole Mach. 10
Sbawinut Assn tr ctfs
*
66
Stone A Webster
*
15
Lincoln Bldg Corp vtc.
4)4
12
39 Bway Iuc units
7
Co. 10
39
and
Broadway
Jan
1,885
7%
43%
10
Jan
18
25
Jan
20
25%
3
Jan
14%
Jan
28%
Jan
32%
1,964
1,971
962
2
Jan
40
50
Jan
96
30c
16%
98%
Jan
Jan
Jan
Jan
89%
Jan
95%
Jan
313
40%
Jan
45
Jan
1%
1%
Jan
5%
Jan
2%
3,871
29,510
Jan
2%
Jan
1%
100
1%
7%
Jan
Jan
Jan
1%
7 %
16
Jan
17%
Jan
10%
Jan
12%
Jan
35
Jan
37
Jan
86%
Jan
87%
Jan
92
Jan
95
Jan
5
27%
28%
27
12%
13
285
10
95%
1,125
45
45
43%
5
4
1
1%
4%
1%
1%
5%
7%
17%
7%
16%
60
17%
480
*
11%
11%
12
1,394
*
37
35
37
65
86%
87%
94
94
Waldorf System Inc
Warren (S D)
mm
*
Co.
mm
mm
Jan
28%
13%
332
94%
Jan
45c
500
25
3%
Jan
141
40c
12%
94%
'Jan
Jan
96%
40c
Jan
16%
33%
Jan
96
*
Jan
Jan
3
Jan
27
mm-
Jan
50
96%
*
Venezuela Holding Corp..*
Venezuela-Mexican Oil--10
Exchanges
Stock
Baltimore
39%
2%
2
Warren Bros Co
York
New
31%
*
25%
634
3
15%
29%
25
Utah Apex Mining
Utah Metal A Tunnel
York, Pa
Louisville, Ky.
Hogerstown, Md
Members
16
Jan
Jan
180
50
Preferred
NEW YORK
BALTIMORE, MD,
3
-
Jan
43%
10%
Jan
800
United Gas Corp
1
United Shoe Mach Corp.25
Baltimore Stock Exchange
STEIN BROS. &> BOYCE
60S. Calvert Sb
-
-
IK
44%
%
39%
1%
43%
50
2d preferred
Union Cop Ld A Min
Union Twist Drill Co
Established 1853
.
Suburban Electric Secur..*
Torrlngton Co
on
mmm
High
Low
Shares
High
1%
39%
42%
8%
25%
9
16
13
Orders Executed
■mm,*
25
Quincy Mining Co
Reece Folding Mach
10
Low
*
Pacific Mills Co
12
French (F F) Investing pf.
French (F F) Oper units.61 Bway Bldg 5%s...I960
Corp—
t c
v
35
5%
551 Fifth Ave units
Fox Theatre & Office Bldg
6%s
33
Pennsylvania Bldg ctfs
—
Week
25
Pennsylvania RR
32
Dorset ctfs of deposit
for
of Prices
Price
Par
Old Dominion Co
Bid
Week's Range
Sale
Exchange
Closing bid and asked quotations, Friday, Jan. 22
Unlisted, Bonds
Range Since Jan. 1, 1937
Last
New York Real Estate Securities
Jan
Jan
Chicago Board of Trade and Commodity Exchange, Inc.
Bonds—
Eastern Mass St Ry—
Series A
Baltimore Stock Exchange
Jan. 16
to Jan.
.1948
4%s
1948
Series B 5s.
—
..."
$5,000
1,000
22, both inclusive, compiled from official sales lists
Sales
Friday
Last
Week's Range
Sale
Par
Stocks-
Low
Range Since Jan. 1, 1937
for
High
Low
Shares
SECURITIES
CHICAGO
Week
of Prices
Price
High
LUted and UnlUted
*
18%
18%
18%
1,240
18
Jan
19
Jan
Atl Coast Line (Conn)..50
Bait Transit Co com vtc.*
50%
2%
48%
50%
165
46
Jan
50%
Jan
2%
2%
98
2
Jan
3
Jan
8%
9
1,070
8%
Jan
9
Jan
38
748
33%
Jan
38
Jan
88%
275
87
Jan
89%
Jan
New York Stock Exchange
113
114%
129
113
Jan
Jan
New York Curb (Associate)
44
45%
46%
824
Arundel Corp
1st pref vtc
Black A Decker com
*
*
38
8%
34%
Consol Gas, ELAPow...*
88
87%
5% preferred
-.100
Eastern Sugar Assn com..l
45
1
Prpfprrftrt
Fidelity &
113%
45
Deposit" 11"20
2d preferred
Mar Tex Oil
345
163
225
Jan
48
133
Jan
12%
Jan
48%
Jan
13
Jan
3
Jan
3
Jan
10
55
Jan
55%
Jan
21%
23
vt...
23%
5,795
20%
Jan
23%
Jan
1%
70
1%
Jan
1%
Jan
Jan
12%
2%
Jan
4%
Jan
1
'm'm
-
4
mm m
41
Merch & Miners Transp.. *
Monon W Penn P S 7 %pf25
2%
2%
mmmmmm
123
12
12
pref--.25
25
4%
124
300
41
39%
489
343
27%
26%
27%
70
70
71
12
Jan
2%
4
Jan
100
New Amsterdam Casualty5
15%
Owings Mills Distillery ___1
^mmmmm
88%
Phillips Packing Co pref 100
55
16%
1%
11
Price
Par
Stocks—
41
26%
27%
Jan
72
Jan
High
Abbott Laboratories—
70
Low
Shares
Jan
Jan
High
ow
Range Since J
for
Week
of Prices
Sale
Jan
15%
Jan
88%
Jan
Jan
Advance Alum Castings..t
Jan
800
50%
Jan
51)4
Jan
110
15%
6%
Jan
17
Jan
650
Jan
7
Jan
8%
1,800
8%
Jan
m
Jan
19%
20%
1,050
18
Jan
20%
Jan
Jan
50%
16%
Adams (JD) Mfgcom—*
Adams Royalty Co com.
90
Jan
50%
*
17%
1%
Jan
1%
40
7eek's Range
Last
Jan
850
90
Sales
Friday
39%
1,989
50%
16%
Allied Products Corp—
50
101%
Jan
101%
Jan
3,388
27%
Jan
29%
Jan
36
Jan
37
Jan
101% 101%
mm-mm'm
both inclusive, compiled from official sales lists
Common (new)
15%
1%
Penna Water A Pow com
Chicago Stock Exchange
Jan. 16 to Jan. 22,
Jan
MtVer-Woodb MillsPreferred
CHICAGO
Jan
44%
500
3
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle St.,
Jan
Jan
122
55%
3
mmmmrn'—
*
100
com
1,005
55%
*
Houston Oil pref
Mfrs Finance 1st
48%
Members;
Jan
*50%
1%
Guilford Realty com
Preferred
Mfrs Finance
43%
127% 133
48%
47%
13
12%
130
Fidelity A Guar Fire.. -.10
Finance Co of Am class A.*
Jan
43%
43%
115
Pa a J R Davis &@<x
7
8%
8%
—10
Common
6%
19 %
28%
28
29%
36
2
Western National Bank.20
36
36
137
25
22)4
22%
23%
650
22
Jan
23%
100
82)4
80
84%
370
70%
Armour & Co common—5
U S Fidelity A Guar
9)4
8%
10%
83,550
4
3%
52
16
Class A
Amer Pub 8erv Co pref.
40%
47
47
13,000
2,000
Week's Range
Sale
Par
of Prices
High
Price
Low
1%
50
.50
5%
Amer Tel A Tel
100
183%
Boston A Albany
100
146
100
66%
Boston Herald Traveler..*
29%
3,150
13%
Jan
17
Jan
850
7%
Jan
8
Jan
pref *
Barber Co (W H) com—1
Barlow A Seellg Mfg A—
5)4
5%
5%
500
3%
Jan
18)4
18%
18%
150
18%
17%
18%
150
Athey Truss Wheel cap...4
official sales lists
5%
565
2%
6
130
28%
28%
181% 185%
144% 146%
66%
66%
29%
29%
16
1%
Jan
6
Jan
28
Jan
:
2%
Jan
6%
Jan
Jan
30
1,894
181%
Jan
187%
Jan
241
144%
Jan
147
Jan
715
66
Jan
67%
Jan
764
29%
Jan
30%
8%
100
100
100
"40%
Class B 1st pref stpd. 100
ci c 1st pref stpd... 100
""18"
"20"
133
m
m
5
18%
9%
77
100
lOu
1st preferred
100
100
2%
...
"l4"
mm-mmm
11
*
Economy Grocery Stores. *
Edison Elec Ilium
100
32%
Jan
35%
Jan
78%
80%
400
73
Jan
80%
Jan
1,450
13
Jan
15
Jan
14%
14%
*
Common
15
27 X
27%
28
250
27
Jan
28
Jan
*
24
24
24%
950
24%
Jan
14
13%
14%
Jan
14%
Jan
30
30
29%
30%
6,050
1,250
22%
13%
29%
Jan
10
Jan
30%
Jan
2%
51%
Jan
3%
Jan
Jan
62
15
Jan
16
....
Class A
Bruce Co (E L) com
Butler Brothers
5%
conv
preferred
Jan
14
Jan
Jan
19
Jan
Cent 111 Pub Serv
Jan
16%
Jan
Central S W
Jan
17
Jan
Common
1
6)4
Jan
23
Jan
Prior lien preferred
Preferred,.
*
107 X
*
23
240
9%
50
17
Jan
18%
Jan
50
17
Jan
18
Jan
150
Jan
Common
18%
16
Conv preferred
62
1,450
16
50
Jan
19
Jan
Jan
77%
Jan
Jan
6%
Jan
Jan
107%
Jan
6%
39,000
106
\
05%
18%
20%
65
65%
76
76
90
61%
Jan
71
Jan
140
15
Jan
Jan
60
65
Jan
20%
68%
150
70)4
71
3%
98%
720
107%
65
Jan
5%
Jan
Chain Belt Co
Jan
20%
Jan
Cherry Burrell Corp com.*
Chic City A Con Rys pref *
17%- Jan
15%
70%
5%
18%
Preferred
Jan
Jan
Jan
450
1,450
16%
77%
15%
77
2%
72
Jan
76
Jan
2
Jan
Jan
Jan
Central States Pr A Lt—
4
12%
Jan
Jan
2,800
—
149
15%
Jan
/
1%
2%
74%
*
pref...*
1,729
2,319
3,965
54
2
.......
146
5%
50
'
Jan
20
149
3
16
60)4
Jan
10%
14%
4%
16%
3
*
17%
,
Jan
Brown Fence A Wire—
41%
140
10%
9
67%
2%
415
Jan
10%
Jan
81
286
69
Jan
81
Jan
69
205
60
Jan
69
Jan
com
-
"1%
%
%
%
%
5%
*
Jan
%
%
Jan
5%
1,500
7,750
33,400
Jan
4%
Jan
%
5%
47%
650
44%
Jan
47%
20%
Jan
20%
53
Jan
62%
Jan
4%
Jan
2
6%
Jan
mrnrnm
m
m
*
20)4
20%
20%
10
62)4
55
62%
1,900
4%
4
4%
650
3%
Jan
%
%
X
30
220
%
X
%
Jan
210
32
120
27%
Jan
32
Jan
103% 106
220
100
Jan
106
Jan
350
25
*
common
Preferred....
...
Chicago Elec Mfg A
Chicago A N W Ry
Chicago Rys—
100
3
Jan
75
2%
Jan
47%
Jan
51
Jan
75
14
Jan
15%
Jan
Part ctfs 2
.100
6%
10%
Jan
7
Jan
Part ctfs 3
100
Jan
12
Jan
Part ctfs 4
100
19%
Jan
22%
Jan
Chic Rivet A Mach cap..
160
Jan
14%
6%
100
11
400
22%
100
157%
594
10%
22%
47
Chicago Corp
2%
51
6%
*
5%
46%
276
14
com
%
X
X
29
*
24
23%
24
289
22%
Jan
24
Jan
Chicago Towel conv pref.*
Chicago Yellow Cab Co.
*
45%
45
45%
14%
18%
749
43%
Jan
45%
Jan
Cltles Service Co
465
13%
Jan
14%
Jan
Jan
18%
Jan
575
15%
1%
Jan
2
Jan
Coleman Lp A Stove com.
Commonwealth Edison. 100
2%
1,025
1%
Jan
2%
Jan
5%
6%
106
Club Aluminum Uten Co.
1,573
157%
155
14%
Hathaway Bakeries cl B.„*
mmmmmm
..100
1,620
4%
Jan
Jan
19
19
112
18%
Jan
19
Jan
450
11
Jan
13%
Jan
Common
3%
36%
100
36%
Jan
38%
Jan
6% prior pref A
3%
3%
895
Jan
3%
Jan
Jan
55%
Jan
7% cum. pre!
Cord Corp cap 9tock
53%
53%
163
54
3
53%
Crane Co
7%
7
NYNHAHRR (The) 100
6
North
*
1
100
26
6%
Jan
Jan
7%
Jan
%
%
2,300
%
Jan
503
Jan
385
137%
5%
Jar
6%
Jan
1.25
20,311
68c
Jan
1%
Jan
22%
Jan
29%
Jan
%
138"
For footnotes see page 592
7%
3,290
137% 139%
5%
6%
Natl Service Co tr ctfs-.^l
New England Tel A Tel 100
26%
4)4
133%
4%
27
5%
Jan
Jan
Jan
Jan
A
Jan
Jan
27%
Jan
Jan
5%
Jan
1%
34%
50
Jan
4%
24,250
Jan
2
Jan
Jan
35
Jan
Jan
139
Jan
1%
1%
35
34%
133% 139
1,800
45%
550
44%
Jan
47%
Jan
11
Jan
44%
60
119
Consumers Co—
13%
4%
Narragansett Racing Ass'n
100
*
com
36%
5
19
100
Linotype..*
Jan
12
Isle Royal Copper Co...25
*
2
150
Compressed Ind Gases cap*
Consolidated Biscuit com .1
2
1
Loews Theatres (Boston)2fi
5,400
Jan
17
16%
1%
Old Colony RR
35%
Jan
16%
14%
Butte
32%
35
11
14%
18
Inc
Jan
36
14
*
Mergenthaler
9%
1,890
113
*
6% cum pref
340
Central 111 Sec—
12
Gillette Safety Razor
Mass Utilities v t c._
10%
5%
70
Gilchrist Co
com
Jan
10
1
1,529
47%
100
Preferred B
Adjustment
Maine Central
Jan
13%
13%
10%
Castle (A M) common.. 10
Central Cold Stor com..20
455
76%
68%
100
Helvetia Oil Co
Jan
28
Jan
Jan
r:
Eastern Mass St Ry—
Employers Group
20%
Jan
11%
Chicago Flex Shaft com-.5
*
General Capital Corp
Jan
25
4,500
Common
Common
com
19
1,350
13%
Jan
19
14
15
26
4%% prior pref
6% cum pref
Eastern SS Lines
4,050
28
8
East Gas A Fuel Assn—
Common
20
13%
9%
14
17
Jan
19
Jan
18
18%
Jan
27
Jan
40%
17%
17
18%
27 X
8%
15
39%
149
*
25
Copper Range.
212
8
18%
'mm'mm
Boston A Providence. .100
Brown-Durrell Co
9%
13%
14%
Class C 1st pref
..100
CI D 1st pref stpd.. 100
CI D 1st preferred... 100
Boston Personal Prop Tr *
8%
12
15%
Jan
Jan
7
100
17%
20
com...
Binks Mfg Co cap
Bliss A Laughlln Inc cap.5
High
Low
Boston A Maine—
Preferred stamped.__ 100
Jan
Jan
Bendlx Aviation
Berghoff Brewing Co
Week
Shares
5
Common
:
5%
19
Bastlan-Bleasing Co com.*
Range Since Jan. 1,1937
for
oonv
Canal Constr conv pref
Calumet A Hecla
Jan
Jan
8
Jan
Borg Warner Corp com. 10
25
CI A 1st pref
54
17
48
Amer Pneumatic Servioe—
Prior preferred
Jan
14%
7%
Jan
-
Last
Class A 1st pref stpd.
51
Jan
7%
47
Sales
Friday
Common
Jan
550
Jan
Jan. 16 to Jan. 22, both inclusive, compiled from
Boston Elevated
4
54
41%
Boston Stock Exchange
6% non-cum pref
1st preferred
Jan
52
Jan
Automatic Wash
Common
3%
Automatic Products com
40
(flat) '75
1975
Stocks—
10%
9,750
38%
Bonds—
A 5s (flat)
84%
Jan
4
Mfg Co com--.l
Associates Invest Co com.*
Asbestos
Bait Transit Co 4s
Jan
7
99c
26
27
255
140
'
Jan
common
Preferred
2,900
9%
Jan
%
%
10,950
%
Jan
%
Jan
100
8%
8%
140
7
Jan
8%
Jan
..100
4%
5
120
4%
Jan
Jan
5%
4%
5%
8,750
4%
Jan
5%
5%
53%
49%
54%
1,800
Jan
54%
Jan
25
100
Curtis Lighting Inc com..
Dayton Rubber Mfg com.
35
9%
11
6
Cudahy Packing Co pref 100
Cungham Drug Stores-2)4
Cum class A pref
44%
%
120
107%
119
120
107% 107%
22
7
24%
11
22%
8%
22%
25
31%
31%
,
48
Jan
110
118%
Jan
120
Jan
90
107%
Jan
108
Jan
1,250
21%
Jan
140
2,100
50
5
Jan
22%
Jan
8%
Jan
19%
Jan
25
Jan
31
Jan
31%
Jan
Volume
144
Financial
Chronicle
589
»
Friday
Sales
Last
Stocks (Continued)
Par
for
of Prices
11
"40 %
..»
Eddy Paper Corp (The).. *
26
Elec Household Utll cap.5
12
High
10%
U
Range Since Jan. 1,1937
Low
600
31
17%
22%
40%
25%
23%
40%
10%
300
500
Jan
16%
20
Jan
31
170
Jan
11%
Jan
Utah Radio Products
Jan
Convertible pref
Jan
Common
Wahl Co com
for
of Prices
Low
High
Week
Price
Range Since Jan. 1 1937
Shares
Low
High
Viking Pump Co-
Jan
Par
Utll A Ind Corp
Jan
20%
Jan
32%
17%
23%
39
Jan
40%
22 34
x
Stocks (Concluded)
High
Week's Range
Sale
Shares
16%
Sales
Last
com
*
3
3
3%
...5
1%
1%
1%
7
5%
5%
5%
3,300
6,300
3,000
*
24%
23
24%
330
21%
21
iox
10
.
27
510
Jan
27
Jan
11%
12
4,350
10%
Jan
Walgreen Co
39%
1,150
Jan
Jan
16%
50
37%
15%
12%
39%
Jan
37%
16%
Elgin National Watch.-.15
Son(DAD)com*
Fitz Sim A
Gardner Denver Co—
Common
Low
31
"l7~"
com....*
Class A
Friday
Week
Price
Decker (Alf) A Cobn comlO
Deep Rock Oil conv pre!-*
Dexter Co (The) com
5
Dlxle-Vortex Co
Week's Range
Sale
Jan
16%
Jan
Wieboldt Stores lno com.*
Wllllams-Oll-O-Matlc com*
i»
Wisconsin Banksbares com*
*
common
4%
*
....
38%
-
*
59
58%
59
70
58%
Jan
59
Jan
Woodall Indust
$3 cum conv pref
20
General Candy Corp A...5
General Finance Corp coml
66
64
66
300
58%
Jan
66
Jan
50
16%
Jan
17
2,150
4%s
Jan
5
Jan
16,100
8%
Jan
1034
Jan
48
Jan
Jan
Jan
23
6
24%
Jan
Jan
Jan
4%
37%
Jan
5
Jan
Jan
Jan
900
9%
Jan
39%
21%
10 %
Jan
Jan
8
Jan
Jan
13%
13%
8,100
2,050
13
Jan
14 %
34%
36
2,400
32%
Jan
36 k
Jan
Jan
Jan
81%
81%
$2,000
81%
Jan
81%
Jan
9%
9%
Jan
33 %
Jan
20 %
Jan
43
Jan
3%
1%
650
Jan
4%
200
Jan
200
39%
21%
10%
8%
Zenith Radio Corp. com..*
16%
5
2%
1%
4%
"4%
16%
4%
9%
8%
Gen Household Utll—
Common
Godchaux Sugar class A..*
Class B
*
Goldblatt Bros Inc com..*
44
Great Lakes D&D com..*
Hall Printing Co com...10
26
44
10
45%
29%
29%
500
29%
39%
Jan
Jan
41
23%
14%
14%
Jan
2634
16
Jan
15%
Jan
1,850
10
Jan
11%
Jan
110
45
Jan
45
Jan
19%
100
20
Jan
100
Indep Pneu Tool vtc...*
26%
1,600
15%
14%
11%
200
45
22
10
40
25%
15%
14%
10%
45
11%
Houdallle-Hershey clB._*
22
27
25%
16%
19%
109
109%
600
80
Jan
Jan
22
600 > 23%
Jan
15%
Jan
27%
19%
5,200
Members
Jan
BALLINGER
Jan
109
Jan
110
85
Jan
22
UNION
Jan
Jan
preferred
81
970
81
10
22
Jan
*
22
22
24
24
1
Jeflerson Electric com.... *
Kalamazoo Stove com
*
23
Katz Drug Co—
Common
24%
24%
800
24
Jan
23
2,450
21
Jan
2534
24%
45
450
41
Jan
45
Jan
45
45%
150
44%
Jan
4534
15
15%
9%
25%
3,050
5,900
19
43%
88%
260
38
Jan
Cincinnati Stock Exchange
Jan. 16
9%
Ken-Rad T A Lamp com A*
23%
9%
23%
Ky Utll Jr cum pref
6% preferred
Kingsbury Brew cap
42%
42
88 34
85
15
30
8
650
14
11,200
9%
Jan
12
11%
12%
♦
45
44
45
Lion Oil Refining Co com. *
Loudon Packing com....*
Lynch Corp com
u.5
18%
Manhatt-Dearborn
com
~2~l"
Mer A Mfrs Sec cl A coro.l
Prior preferred
Jan
Jan
Jan
4%
300
4
Jan
4%
19%
2,150
2,100
3,900
Jan
Jan
19%
Jan
6
Jan
6%
Jan
350
39
Jan
42
Jan
48
120
41%
Jan
48
Jan
42%
500
41%
Jan
42%
Jan
52
Jan
53
Jan
6%
53
3%
4%
22%
20%
22
6%
6%
30%
31
70
16%
2%
Jan
%
Jan
80
21%
Jan
22%
Jan
19
Jan
22
Jar
5,150
2,350
160
4
6H
Jan
6%
Jan
30%
Jan
31 %
Jan
Mlckelberry's Food ProdCommon.
1
5
Middle West Corp cap.-.5
Stock purchase warrants
15
3%
5
Jan
7%
6%
7%
13,700
3%
12%
5%
Jan
7%
Jan
1%
1%
29,300
%
Jan
10
12%
9%
Jan
Midland Utll 7% prllenlOO
6% prior lien
100
8%
8
3,100
1%
12%
Jan
*
1%
10%
930
6%
Jan
.
14
15%
Midland United Co-
Common
*
Conv preferred A
9
18,350
34,250
5
Jan
Jan
15%
Jan
9
Jan
Jan
7
8
400
6%
Jan
8
Jan
100
4
4%
250
4%
Jan
100
8
8%
8%
42%
410
2%
3%
7%
Jan
6% preferred A
Jan
8%
J an
Jan
8%
46%
Jan
Miller A Hart conv pref..*
7%
._*
41
7%
40
310
950
40
Jan
Monroe Chemical Co—
Common
•
9%
Preferred
*
48%
9
48%
150
23%
23%
19
20
66%
19
10
67
2%
15
11
2%
14%
10%
Capital stock..
10
National Union Radio coml
30
2934
com..
National Pressure Cooker 2
5
"52%
North A mer Car com ...20
Northwest Bancorpcom..»
15%
com.
9%
49
151
Nat Rep Inv Tr conv pfd.»
Natl Standard Co—
7%
700
40
240
250
65
4,150
Jan
7
700
7%
16
9,400
27
250
41%
71%
20%
44%
73
180
7% prior lien pref
100
Ontario Mfg Co common.*
21%
Oshkosh Overall conv pf. *
29
*
Jan
23%
20%
Jan
67
Common
44%
10
com
Peabody Coal Co B
29%
5
2%
com..
Penn Gas & Elec A com.. *
Pictorial Pap Pkge com..5
Pines Wlnterfront com
1
Potter Co (The) com
•
Carthage Mills A1
Champion Paper A Fibre.*
Preferred
....*
Jan
preferred
2%
Jan
Common
Jan
6%
12%
25%
2%
54
20%
106)4
Standard Dredge com
*
Convertible preferred- .*
Stein & Co (A) com
*
4%
18%
Storkline Furn Corp com 10
Swift International
Swift A Co
16
"~32
7%
16%
27
44%
40
20%
Jan
21%
29
Jan
30
Jan
15
26
Jan
29%
34)*
104
33
Jan
34%
Jan
25
324
20
Jan
25
Jan
33
34
34%
318
52
Jan
34%
8)4
Jan
60
8
Jan
2
Jan
49
131
45
Jan
27%
Jan
A
_.*
Jaeger
45%
27%
27 34
22
*
30
30
30
*
23J4
24
121
.*
Leonard
Magnavox.
6%
6%
50
3%
3%
5%
1,439
2.50
3%
v
2
Jan
Jan
Jan
49%
27%
Jan
Jan
30
Jan
31
22)*
6%
Jan
24
Jan
6%
Jan
Jan
3%
Jan
Jan
5
Jan
Jan
National
14
16
165
2%
4%
10%
16
Jan
*
65
6334
65 3*
128
55%
Jan
65%
Jan
*
Moores Coney A
P &
47 k
*
Julian A Kokenge
Jan
33 %
23
50
Hobart
Jan
23
23
23
22
Jan
23%
Jan
*
Pumps.
_.*
G
Randall A
B
4%
'11"
*
10k
11
34
31
32)*
...*
U S Playing Card
US Printing.
...*
10
Preferred..
50
1134
*
Rapid
690
3
"32"
West Bank..
32
4%
50
20
9%
460
Jan
Jan
11%
Jan
60
31
Jan
34
Jan
3
100
3
Jan
3
Jan
34
42
5
40
934
934
9334
8
34
Jan
Jan
434
20
10
93%
Jan
6
Jan
Jan
3134
96
20
9%
21
Jan
Jan
934
Jan
Jan
934
Wurlitzer preferred.
92
93%
Jan
CILLI Sir jrWOODco
Jan
Union Trust BuildinSf Cleveland
Telephone GHerry 5050
A. T, A T. GLEV
2 %
17 %
Jan
Jan
6%
Jan
2,000
2%
Jan
3 %
Jan
800
3%.
1%
Jan
4%
Jan
Friday
Jan
3%
Jan
Last
Week's Range
for
3
Jan
4 %
Jan
Sale
of Pr ices
Low
High
666 A 666
Week
2%
4
3%
4%
3%
4%
5,800
70C
119
119%
110
10
Jan
Cleveland Stock Exchange
Jan.
16 to Jan. 22,
99 %
99
121
125%
148% 150
33
31
both inclusive, compiled from official sales lists
Par
Airway Elec Appl pref. .100
25
12%
120
Jan
Akron Brass
Jan
122
Jan
Apex Electric Mfg
City Ice & Fuel.
1,150
121
Jau
Jan
Clark
130
144
JaD
125 %
150
Jan
Cleve Builders Realty
Jan
Cleve Cliff Iron pref
*
Cleve Elec 111 $4.50 pf--*
Jan
32%
33
Sales
Range Since Jan. 1, 1937
Shares
Low
High
Jan
Jan
150
Price
Jan
118%
119%
*
—
*
Controller
1
35
*
8,500
4
Jan
5%
Jan
1,900
2
Jan
950
31
Jan
2%
36%
Jan
20
16
Jan
19
Jan
Cliffs Corp vtc.
Certif of deposit
100
100
17%
32%
18%
72
70
Jan
26%
85%
27%
1,750
26%
Jan
72 %
27%
550
Jan
87
Jan
25%
27
800
83%
16%
Jan
27
Jan
Faultless Rubber
33
70
31
Jar.
33
Jan
Foote-Burt.
24
60
23%
Jan
24
Jan
Jan
20%
Jan
106 %
93
Jan
Halle
Jan
Harbauer
Jan
Interlake Steamship
Jan
Jaeger Machine
Jan
Kelley Isl Lime & Trans
_62~"
Fostorla Pressed Steel...*
Jan
80
13
390
36%
19%
34%
20
35
30
11
512
5
66
88%
90%
111% 111%
63%
63%
62
63%
754
22
Jan
25
Jan
1234
Jan
Jan
14%
36%
Jau
35
Jan
19%
Jan
20
Jau
32
Jan
35
Jan
4%
86%
Jan
Jan
6
111
Jan
20
62
Jan
246
60
Jan
5
90%
112
63%
63%
Jan
Jan
Jan
Jan
Jan
Jan
8654
25
5
89%
Cleve & Buffalo Transit..*
Jan
Cleveland Ry...
22%
12%
35
*
5%
2%
19%
550
20%
2.00C
105% 106%
120
93
30
82
82%
30
4%
16
5
450
19%
104%
.
92%
81%
4%
Jan
83%
5%
17%
Jan
Jan
Jan
*
Commercial Bookbinding. *
*
Greif Bros Cooperage A._*
Jan
Jan
"60~
32
160
30
Jan
33%
72
92
69
Jan
72
28%
17%
28%
25
28%
Jan
30
Jan
18
74
17%
Jan
19%
Jan
7
18
30
71
7
15
7
Jan
7
Jan
Jan
10
60
Jan
69
Jan
28%
Jan
3034
Jan
17
14
Jan
15
Jan
60
60
60
165
60
Jan
61
Jan
29%
26%
25%
12%
29%
26%
404
24
Jan
2934
Jan
78
26
Jan
27
Jan
14
260
9
Jan
14
Jan
20
27
1,776
19
Jan
27
Jan
43
43%
65
42
Jan
Jan
45
45%
265
40
Jan
8
8
250
8
Jan
4334
4534
8%
12
15
148
9%
Jan
15
Jan
-*
11%
700
11
Jan
12
Jan
Lei and
31%
32%
31%
Jan
32%
Jan
Jan
Jan
Jan
27 %
25 %
McKee (A G) class B
*
Medusa Portland Cement *
Jan
Metro Paving Brick
Jan
13%
Jan
Miller Wholesale Drug...*
12
37
65
Lamson & Sessions
700
Jan
29
14%
Jan
13%
33%
60
18%
12%
8,732
Jan
14
Jan
13
37
1
28%
18
Thompson (J R)
34 %
Jan
60
150
Electric.
57
*
15%
700
30
1
5
Bros
Jan
%
"36%
_*
350
18
1
Elec Controller & Mfg.__*
16%
18%
25%
24%
Jan
8%
24
23
834
Jan
25%
§92
Jan
2
Jan
14 %
27%
page
684
Jan
834
Jan
50
50
25%
see
16
Jan
8%
2034
Jan
25
footnotes
Jan
28
Jan
25
For
Jan
2
Jan
73
27%
25
24
Jan
Jan
22
Jan
Jan
Jan
Sundstrand Maoh ToolCo*
com
23
8
5
75
8%
1054
100
Jan
Jan
Jan
Jan
1,500
5,100
25
16
28
8%
Jan
Jan
Jan
m%.
15%
*
11
16
16
28
8%
8%
97
13%
Jan
39
93
82
140
*
23%
So Bend Lathe Wks cap..5
305
Goldsmith....
33
Southw G & E 7% pref. 100
Southw Lt & Pow pref...*
St Louis Nat Stkyds cap.*
1,921
Hatfield
70
*
10%
99)4
21
Jan
32%
com.
834
Jan
Reliance Mfg Co com
10
Rollins Hoplery Mills pf..*
Sangamo Electric Co
*
Schwltzer-Cummins cap. 1
Slvyer Steel Casrings
Jan
6%
4%
"27"
412
2%
16%
33
30
Jan
10
100
2%
Preferred
405
405
Jan
Jan
70%
80
119% 119%
Slgnode Steel Strap com.
Jan
Jan
73
Members Cleveland Stock Exchange
Jan
Jan
26%
6
108
133
Jan
Jan
*
Jan
Jan
230
1%
39%
83
.
12%
5%
107%
13%
Jan
Ohio Listed and Unlisted Securities
85
com
Jan
350
2%
Roebuck
111
850
5%
Sears
Jan
10
Jan
100
17%
110
11034 110 J4
2%
50c
v t
Jan
17%
6%
C.....5
v t c
52
Jan
Raytheon Mfg—
6% preferred
Jan
30%
300
....
Jan
35%
Jan
97
..100
Rath Packing Co com...10
95
29%
98
121%
Jan
Jan
95
*
95
Jan
96
Common
8
15
Quaker Oats Co—
Preferred
Jan
Jan
2%
17%
6%
4%
119
25%
734
98
——*
Stocks-
100
700
Jan
55
2034
—10
Early & Daniel
52
Jan
238
1,100
3
..100
8%
._*
Formica Insulation......*
Gibson Art
*
47
405
*
*
10
13
....*
Drug
Eagle-Picher Lead
95
13
12%
*
...
7% preferred
50
8
Jan
534
5%
10734 108
50
Cin Union Stock Yard
Cohen (Dan)..
25
High
9%
24)4
Jan
60
Common
6%
*
24%
Low
894
95
49%
110%
13
7%
24%
Cincinnati Ball Crank pf.*
Cln Gas A Elec pref
100
C N O & T P
100
Cincinnati Street Ry
Cincinnati Telephone
Range Since Jan. 1, 1937
Shares
Jan
Public Service of Nor 111—
Common
100
High
9%
100
Crossley Radio
Low
29%
4%
3%
4%
Corp common...*
15
Price
28
3
1
com
30
15
*
Week
*
Amer Laundry Mach'y__20
Baldwin.
8
Northwest Utii—
100
for
of Prices
Jan
1,770
7,200
2,750
Jan
Jan
Jan
14%
1,150
,
'
Jan
1%
300
15%
-
49
151
300
12
10
Jan
Jan
Jan
30)4
2
54
1%
47%
Jan
7%
48%
150
22 J4
19
50
26%
Northwest Eng Co com..
7% preferred
Industries
United Milk A
Montgm Ward A Co clA.*
Muskegon Nat Spec A...*
Nachman Fprlngfllled com*
Nat Gypsum A n-v com..5
Noblitt-8parks Ind
Aluminum
Par
Kroger
7% preferred A
Modine Mfg com
Stocks—«
Week's Range
Sale
Dow
10,100
Sates
Last
Churngold....
12%
41%
6%
*
14
45
22
Marshall Field common..*
Jan
Jan
42
"~4%
.
8%
Jan
52
Mapes Cons Mfg capital.*
Jan
10%
45
*
Jan
42
41
42%
2%
50
180
6%
6%
McCord Rad A Mfg A...*
McGraw Electric com. .5
M cQuay-Norris M fg com.
4%
18%
Jan
Jan
40%
7%
*
4%
3%
Jan
50%
10
88 %
Jan
Jan
Jan
2,580
45
13% preferred
Lindsay Light com
43%
Jan
2%
Lincoln Printing Co—
Common
Jan
2%
1%
3%
13%
Jan
5,700
2%
2
Llbby McNeil A Llbby_.l<5
25 %
Jan
3%
7%
12%
Jan
83%
2%
Process
22, both inclusive, compiled from official sales lists
Jan
10%
Jan
■
15%
160
1
Lawbeck 6% cum pref. 100
Leatn A Co com
*
Jan
Jan
9%
650
La Salle Ext Unlv com...5
Prima Co
to Jan.
Friday
15%
50
100
CO.
Jan
Kellogg Switchboard com.*
Parker Pen
&
CINCINNATI
Phone Cherry 6711—First Boston Wire—Bell
Sys. Tel. Cln. 291
Jan
44%
.1
National Leather
TRUST BLDG.
Jan
81
*
Exchange
Trading Markets In
Cincinnati and Ohio Listed and Unlisted Securities
Jan
340
Cincinnati Stock
Active
Interstate Pow—
$7
35
Bonds—
Jan
Jan
200
40
Harnlschfeger Corp com. 10
Helleman Brew Co G cap. 1
Hlbbard Spen Bart com 25
Hormel A Co com A
*
Iron Fireman Mfg vtc
Jarvis (W B) Co cap
2—43%
Chic City Rys 5s ctfs.,1927
*
Illinois Brick Co cap
111 North Utll pref
com
_
.*
*
"l3%
27
"45"
:
Jan
Jan
590
Financial
Week's Range
Sale
Stocks (Concluded)
28
Murray Ohio Mfg
National ^Refining
National
National
7%
Tool
50
cum pref
7%
7%
2%
100
Nestle Le Mur
11
Jan
402
7%
7%
1%
Jan
Jan
875
25
12
11
Jan
11%
800
8%
100
Jan
Goodyear Tire & Rubber.*
34
34
34
200
34
Jan
34
Jan
12
Jan
Hancock Oil A
common.,*
23
23
23
600
21
Jan
23%
Jan
2
Jan
1
45%
Jan
Jade Oil Co
16
Jan
18
Jan
65c
27
30
520
26%
Jan
30
Jan
Kinner Airpl & Mot Corp. 1
Lincoln Petroleum Corp. 1
Peerless Corp
ltiehman
4%
53 %
7%
4A
54%
700
3%
Jan
11%
53%
Jan
Jan
Jan
Corp-.l
436
4%
56%
1,117
6%
Jan
59%
50
59%
456
39
Jan
59%
Jan
18
18
18
105
18
Jan
19
Jan
% pf. -100
L A Industries Inc
2
L A Investment Co
10
Mascot Oil Co
-1
18
15%
18
130
15%
Jan
18
Jan
Menasco Mfg
4%
3
...»
54
*
100
1
_
8
Selberling Rubber
8% cum pref
SM A Corp
Union Metal Mfg
.
*
9
9
Upson Walton
Tool—
*
Warren Refining
2
Weinberger Drug Inc
*
5%
17%
y
9%
L A Gas & Elec 6
1
Mng & Dev 1
Co—--
Jan
Jan
Mt Diablo Oil
Jan
10
Jan
15%
5%
18%
Jan
Nordon
Jan
Occidental Pet Corp
Jan
—
National Funding
Jan
Oceanic Oil Co
120
14
5%
410
5%
17%
71
Jan
Lockheed Aircraft
9%
963
18
8
.
9
865
9%
10
14%
9%
14%
5%
17%
9%
;__*
Van Dorn Iron
8
Jan
-
Jan
—1
Olinda Land Co
—1
Pacific Clay Products
*
Pacific Finance Corp
10
Exchange
Weeks Range
Last
Sale
of Prices
High
Low
Price
official sales lists
Sales
Friday
Bohn Alum & Brass com_ _5
1%
11%
44%
Burroughs Add Mach
34
35
11
*
Capital City Prod com-.-*
Detroit Edison
16%
16%
3%
3%
2%
2%
%
%
145% 145%
7%
8%
9%
10
1
2%
%
100
com
"m
Detroit-Mich Stove com..l
Detroit Paper Prod com._l
Eureka Vacuum com
5
Range Since Jan. 1, 1937
for
Low
1
com.
Hall Lamp com
Jan
35
Jan
390
15
Jan
500
1,915
38
7%
4%
12
6%
*
6%
18
Hoover Ball & Bear com. 10
6%
18
20%
27%
6%
Hudson Motor Car com..*
4
23%
18%
__5
10
11
11%
43%
*
0%
4%
6%
37%
5
5
6%
37%
109
TJmken-Det Axle pref.. 100
Tivoll Brewing com
1
*
"7%
*
7%
1%
6%
com
21
28%
6%
com
80c
Jan
90c
Jan
4%
4%
4%
3,600
3,200
3%
Jan
4%
Jan
70c
Jan
70c
70c
21c
16
15
16%
90c
95c
19c
19c
19c
14
13
14
30%
6%
37%
9%
10%
9%
7%
to
7h
Los
Last
Sale
Price
Jan
Jan
Jan
24
24
11%
10
11%
—
common.*
6% preferred ann
10
S JL&P7% pr pref. -100
Security Co units ben int.*
Security-First Nat Bank.20
Sierra Trading Corp..-25c
Signal Oil & Gas A com..*
16%
3%
2%
%
145%
8%
25
25
25
preferred..
preferred
5%%
pf.100
Jan
8%
Jau
2%
2%
2%
1,400
Jan
82%
82%
82%
15
2%
82%
9%
2%
Jan
82 %
3%
600
3
Jan
4
110
Jan
110
3%
3%
110
54
42
60c
58
3c
292
3c
45%
53%
Jan
48
1,900
Jan
58%
3c
2,000
3c
Jan
3c
Jan
40
43%
900
36
Jan
43%
Jan
13
13
200
13
Jan
14%
Jan
31%
28%
31%
32%
700
32%
28%
100
29%
28%
Jan
28%
Jan
29%
Jan
Jan
27%
27%
28
400
27%
107%
Jan
28
Jan
108
108
65
107% 108
45%
43%
45%
700
43%
Jan
45%
Jan
800
43%
Jan
44
Jan
4%
4%
1,700
4%
21%
Jan
Jan
Superior Oil new
Jan
Sun Ray Oil
Jan
Jan
Taylor Milling Corp...--*
21%
21%
21%
200
Jan
23
Jan
Transamerica
16
16
16%
10.800
16
Jan
17%
Jan
150
150
40
150
Jan
—
Jan
Jan
44
150
4,100
25%
Jan
26%
Jan
Universal Cons Oil Co..10
12%
12%
12%
11%
Jan
Wellington Oil Co
11%
11%
11%
1,800
3,200
10%
Jan
13%
11%
Jan
Jan
Jan
Jan
Jan
Alaska Juneau Gold M
14%
414%
14%
100
14%
Jan
15%
125
Jan
15
Jan
Black Mammoth Cons. 10c
22c
20c
23c
22,000
20c
Jan
25c
Jan
3,842
60%.
Jan
Calumet Gold Mines.. 10c
2%c
2c
3c
38,000
2c
Jan
3c
Jan
6,287
6%
Jan
Jan
Jan
1
25c
67 %c
67 %c
70c
3,100
67 %c
Jan
70c
Jan
4%c
2c
5c 316,400
l%c
Jan
Oatman Rainbow Gold. 10c
l%c
l%c
14,894
,
7%
l'A8
4%
Jan
£
_
Jan
.
.
10
Cardinal Gold Mining Co.
Imperial Devel Co
1
Jan
Am Rad & Standard San..
26%
182%
54%
8%
773
6
Jan
17
Jan
i!*
18%
27%
6%
Jan
21
Jan
Jan
Jan
Zenda Gold Mining Co
657
2,345
Jan
Jan
&
Tel
100
Jan
Jan
20
Jan
Commonwealth & Southern
Jan
Jan
Cord Corp..
474
42%
Jan
11%
43%
7%
Jan
Curtiss-Wright Corp
900
6,775
132
Jan
5
3,256
Jan
Jan
10
109
Jan
4,567
1,450
8
Jan
9
Jan
Jan
325
OX8
1,235
Jan
Jan
6%
37%
109
9%
10%
9%
7%
7%
1%
Jan
ii
300
Jan
1%
5%
9,505
Jan
7
3,050
5
Jan
4%
5%
37%
16
13
Jan
7
%
16%
Jan
2c
Jan
14c
Jan
15o
Jan
700
Jan
Jan
13c
10
1,345
2,505
375
lc
11c
Unlisted—
1%
4%
23%
Jan
Jan
3,000
5,600
Jan
1%
3%
21%
17%
10%
240
8,170
5c
2c
25% 26%
182% 184%
54% 54%
8%
8%
13c
450
1,848
Minim* Stocks—
Jan
Commercial
10
9%
Jan
100
8%
Jan
10%
Jan
4%
18%
Jan
5%
Jan
20%
200
Jan
20%
Jan
3%
300
3%
Jan
5
200
5
Jan
4%
5%
Jan
7%
8
2,800
Jan
8
Jan
Jan
27
Jan
Jan
Jan
Jan
13%
57%
17%
Jan
12%
Jan
7%
26%
26%
26%
300
13%
13%
300
57%
57%
100
Nor Amer Aviation Inc..
17
15%
Jan
Radio
12
12%
11%
8% Y 9%
43%
43%
Corp of America
Radlo-Keith-Orpheum...
9%
43%
Seaboard Oil of Del
Standard Brands, Inc
17%
2,100
1,300
11
Jan
Jan
Jan
Jan
200
8%
Jan
9%
Jan
100
Jan
43%
Jan
15%
16
200
41%
15%
Jan
16
Jan
51%
51%
51%
400
51%
Jan
51%
Jan
20%
15%
20%
20%
100
20%
Jan
21
Jan
16
Jan
17%
Jan
15%
17%
2,100
Jan
Jan
Jan
Established 1874
& Townsend
Members
New
York Stock Exchange
Philadelphia Stock Exchange
YORK
NEW
PHILADELPHIA
Chicago Board of Trade
80 Broad Street
1518 Walnut Street
Angeles
Teletype L.A. 290
Philadelphia Stock Exchange
both inclusive, compiled from official sales lists
of Prices
High
Low
Par
42
55c
42
60c
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Week
Price
American Stores
Week
Shares
Low
26%
100
American Tel & Tel
High
8
6,800
7%
26%
42
45c
Jan
Jan
Jan
Jan
9%
27%
42
70c
Jan
Bankers Securities
Jan
Barber Co
*
183%
Jan
Jan
Budd (E
-*
123%
13%
.5
pref. -100
G) Mfg Co-----*
2%
Jan
Jan
1.20
Jan
1%
Jan
Chrysler Corp
1,400
7%
Jan
7%
Jan
10%
Curtis Pub Co common. _*
106
29
10
10
10
1,000
44
44
44
50
104
Jan
3%
106
Jan
10
Jan
10
Jan
43%
Jan
44%
Electric Storage Battery 100
43%
23%
959
10%
325
38%
37%
121% 123%
14%
13%
382
11%
961
182%
8%
35%
35%
121%
12%
9%
120% 124%
20%
18%
44%
42%
571
400
10%
70
39
70
910
809
*
com.*
Hard (NY) com. .*
103
29
Jan
33
Jan
250
36%
Jan
39%
Jan
Horn &
11
900
10%
Jan
10%
Jan
Consolidated Oil Corp..
*
16%
16%
1,300
Lehigh Coal & Navigation *
5%
16,900
Jan
17%
5%
Jan
*
16%
3%
Jan
Consolidated Steel
16%
4%
20%
Jan
19
Jan
2-1
.50
Mitten Bank Sec Corp. .25
Preferred
!
25
Natl Power & Light......*
Pennroad Corp vtc
1
Pennsylvania RR
50
Penna Salt Manufac
50
Phlla Elec of Pa $5 pref
*
5%
18%
62 %c
65%
14%
21
6%
5%
19
65e
300
4,300
401
1,100
1,900
26 %
Jan
187%
10%
Jan
Jan
Jan
Jan
40
40
Jan
Jan
Jan
Jan
Jan
Jan
123%
14%
Jan
Jan
11%
Jan
110%
Jan
18%
42%
Jan
124%
20%
Jan
44%
Jan
Jan
Jan
Jan
Jan
69
3,467
60%
Jan
69
22%
Jan
22%
Jan
Jan
138%
Jan
40%
Jan
Jan
37%
6
High
Jan
138%
65%
22%
10
General Motors
491
39
.....10
Low
26%
25%
182% 184%
9%
10
pref. .50
Bell Tel Co of Pa
18,300
105
Shares
Range Since Jan. 1, 1937
for
Range Since Jan. 1, 1937
Last
Sales
Week's Range
Sales
Friday
official sales lists
30
6%
23%
12%
56%
13%
16
Texas Corp...
__25
Tide Water Assoc Oil
Warner Bros Pict Inc....5
61,500
17
Jan
3%
Jan
5
10%
...
Jan
5
13%
57%
Jan
Jan
3%
20%
Electric Bond & Share
Jan
6%
5
Solvents
Int Tel & Tel Corp
Montgomery Ward & Co.
Jan
56%
2,600
Jan
Jan
Jan
25%
182
5%
Jan
Jan
26%
187%
54%
400
10
Jan
Jan
Jan
100
174
4%
19%
4%
37%
see
Jan
26%
30
For footnotes
150
Jan
25%
1%
60c
4%
25%
7%
65%
Jan
45%
43%
4%
10%
.
Jan
*
Standard Oil of Calif
3%
General Motors Corp.. .10
General Paint common.
Jan
48%
7%
18%
Jan
43%
Jan
2%
Emsco Der & Equip Co ..5
Exeter Oil A.
Jan
45
1.20
6%
5%
Jan
Jan
Jan
400
7%
5%
20%
3%
48%
Budd Wheel Co
105
48
53%
48
110
47
100
Jan
48%
30
_
Jan
Jan
32c
8%
48%
37%
.25
J an
Jan
300
1,900
8,000
Southern Pacific Co—100
*
District Bond Co..
11 %
32c
9
32c
9%
So Counties Gas 6%
Citizens Nat T & S Bk_ .20
*
Jan
Jan
Claude Neon Elec Prod
Preferred
26
32c
32c
'
22%
50
Horn & Hard (Phlla)
Creameries of America.
Jan
Jan
Glmbel Bros common
com.
24
13
1%
100
'V'
8%
Publications
3%
Central Investment
Jan
12
100
.25
200
24
8%
Jan
2,700
California Bank
Jan
10%
8%
7%
Broadway Dept St pref. 100
Buckeye Union Oil pref ..1
Jan
23
27%
•
13%
Jan
7%
.10
Jan
Jan
27%
Bolsa Chica Oil A
Jan
12
Jan
7%
Berkey & Gay..
Warrants..
20c
7
27%
100
Jan
8%
14
19%
8%
*
Cons ..1
18c
310
Co. ..1
Preferred
Barnhart-Morrow
95c
100
Baldwin Locomotive
Bandini Petroleum
Jan
San Francisco Stock Exch.
Friday
Barker Bros Corp
Jan
70c
8%
Jan
14
Jan. 22, both inclusive, compiled from
Par
57%
8%
Angeles Stock Exchange
Stocks—
Jan
Jan
45
8%
Jan. 16 to Jan. 22,
Jan. 16
Jan
34c
Jan
10
Jan
5,815
16%
Exchange
Angeles Stock Exch.
Los
2,300
1,200
1,000
Jan
12%
18c
31 %
MEMBERS
523 W. 6th St.
5,700
3,400
70c
Jan
Jan
12
32%
WM.CAS»her&CO.
New York Stock
400
29,900
92 %c
DeHaven
Los
1,000
34c
55
50
50
70c
12%
12
34c
Jan
Jan
Jan
8
920
1%
5%
ii
*
1%
4%
23%
19%
11%
43%
7
5 ;
7
1
Wolverine Tube
90c
Jan
Jan
U5K
Jan
109
8%
9%
8%
7%
10%
_*
Wolverine Brew
80c
31%
Cities Service Co
1
Jan
80c
29
Jan
Warner Aircraft com..
7%
100
Jan
1%
1%
4%
Wayne Screw Prod com..4
Jan
700
Baldwin Locomotive
B
7%
31%
Jan
Walker & Co units
100
32
17
Universal Cooler A
7%
30%
Jan
*
7%
32
16
com
7%
30%
600
United Shirt Dlst
5
32
17
Sutherland Paper com—10
Jan
Jan
16
com
4%
Jan
Miph Steel Tube com_2.50
Michigan Sugar com
*
Reo Motor
1,800
11%
Anaconda Copper Min__50
Aviation Corp (Del)
5
Rickel (H W) com..
2
River Raisin Paper com..*
4%
14%
Amer Tel
com
Jan
4%
32
Jan
Parke-Davis
Jan
4%
Jan
Jan
com
110
Jan
29%
6%
4%
Murray Corp com
Jan
109
Jan
Jan
Motor Wheel
510
14
4
Packard Motor Car com__*
Jan
109%
109
109
11%
120
Mid-West Abrasive com50c
12%
30%
4
McAleer Mfg com
Jan
100
4
28%
6%
10
com
Lakey Fdry & Mach com.l
9%
100
*
Kresge (SS) Co
500
11%
Corp
Union Bank & Tr Co.-.50
Union Oil of Calif
25
Jan
7%
270
68%
7%
4%
Jan
2,035
2,525
1,122
65%
7%
3%
Jan
2%
2%
1,700
10
12
1
Graham-Paige
1,247
33
585
23
8%
Jan
Jan
2,842
242
8%
Jan
1%
9%
43%
Jan
10
*
Goebel Brewing com
Jan
11%
11%
14
So Calif Edison Co
High
1%
11%
44%
21%
"22%
10
com
875
14
Federal Screw Works com*
Gemmer Mfg B
General Motors
42c
31%
Santiago Drug Stores
Week
Shares
14
Federal Mogul com
*
Federal Motor Truck com*
Jan
14
6%
1%
10%
44%
1%
1
Jan
27c
11%
Roberts
Randolph 5530
Detroit Stock
Det & Cleve Nav com—10
!
30%
Republic Petroleum Co._l
Rice Ranch Oil Co
1
DETROIT
Jan. 3L6 to «Ian« 22, both inclusive, compiled from
Detroit-Cripple Creek
38c
11%
Samson Corp B
.
Jan
62 %c
14
Ryan Aero National
com.
Jan
9c
Jan
Chicago Stock Exchange
Telephone
Continental Motors
1.20
Jan
10
_
pf.25
Co.-.10
Pacific Public Service
*
Pacific Western Oil---—-*
New York Curb Aseociata
Building
Auto City Brew com
1
Baldwin Rubber com....1
Jan
8c
Pacific Indemnity
Detroit Stock Exchange
Par
85c
45c
10
.
Preferred
Members
Stocks-
3,300
1.05
Pacific G & E 6% 1st
Watling, Lerchen 8l Hayes
Buhl
,
12
5
-1
Corp
Preferred^ _.,——
New York Stock Exchange
8c
Jan
9c
8c
5,000
47c 67 %c 127,900
42c
23,600
38c
95c
Jan
Holly Development Co—1
10c
1
44
30
Patterson-Sargent
Jan
8%
10%
7%
7%
73
Jan
11%
Jan
10%
Jan
Jan
613
1%
Jan
7%
18%
18
100
Jan
10%
500
45%
2
23
23
17
2
„——*
High
Jan
21
45
*
Packer Corp
Low
Shares
23
Jan
Jan
590
Range Since Jan. 1, 1937
for
Week
Gladding McBean & Co..*
Globe Gr & Mill Co
25
Golden State Co..
*
30
17 %
cl A._*
cum
Ohio Brass B
Vlcheck
27%
High
Low
Par rPrice
(Concluded)
Stocks
Hihg
476
8%
8%
2%
2
Low
Shares
29
28
8
25
*
|Tlle
Week
of Prices
High
Low
Price
Par
Lastjt Week's Range
Sale
of Prices
Range Since Jan. 1 1937
for
1937
23,
Sales
Friday
Sales
Friday
Last
Jan.
Chronicle
5%
5%
18
60c
Jan
Jan
6%
Jan
Jan
5
Jan
Jan
19
Jan
Jan
72 %c
Jan
69
200
65
Jan
69
Jan
17
1,000
14
Jan
17
Jan
Preferred
—100
85
39% 40%
110% 112
13%
12%
112
2,092
19%
408
18%
Lehigh Valley.
165
7
39
110%
,10
18%
2%
Jan
Jan
Jan
13%
Jan
Jan
19%
Jan
Jan
3%
3%
3%
3%
4%
1,057
13%
13%
14%
2,570
11%
Jan
4%
5%
4,247
2,604
4%
Jan
3
112
Jan
Jan
4
4%
14%
Jan
Jan
Jan
42
43%
115% 116%
—
page 592
I
172
'39%
Jan
164%
"42%
5%
43%
Jan
170%
Jan
Jan
Jan
114%
Jan
117
Jan
Volume
Financial
144
Friday
Sales
Last
Week
25
34 %
Range Since Jan. 1 1937
16 %
1
Sun Oil Co
*
Tacony-Palmyra Bridge. *
Tonopah-Belmont Devel. 1
Tonopah Mining
1
30%
3ts
1%
5%
_
Union Traction
%
1®16
5%
50
United Corp common
Preferred
*
7%
46 %
7%
Key Co
Knapp Monarch
Jan
4%
Jan
14%
7%
Jan
Jan
20
Jan
7%
18%
5
Jan
12%
14 %
6H
16 %
75%
*
Reo Motor Car Co..
Salt Dome Oil Corp
Jan
45
266
Jan
Jan
16
1,087
35%
6%
13%
2%
Jan
of Prices
Price
*
com
.__*
com.
com
*
Laclede-Chr Clay Pr com.*
Laclede Steel com..
20
74%
30%
Jan
76%
Jan
Landls Machine
com
Jan
32%
Jan
McQuay-Norrls
com
*
%
Jan
Jan
Mor Portland Cem com.25
360
1%
Jan
SJ6
1%
Jan
1,832
2,087
4%
Jan
Jan
Jan
14,041
6%
43%
14%
5%
8%
Natl Bear Metals
Natl Candy com
Jan
342
111%
Jan
13%
24
16%
13%
23%
19%
19
26%
25
78
76%
30%
%
1%
5%
8%
Jan
*
1st preferred
2d preferred
*
112
45 J*
16
*
15%
112
225
46%
16%
113%
Jan
46
Jan
17%
114%
■Jan
Jan
Bonds—
Elec & Peoples tr ctfs 4s '45
Phlla Elec (Pa) 1st 5s.1966
13%
14
$17,000
109% 109%
100
Jan
Jan
11%
109%
Jan
14
110%
Jan
H. S. EDWARDS & CO.
/ Pittsburgh Stock Exchange
j New York Curb Exchange (Associate)
Mnmhrtri
Members
10%
UNION
BANK BLDG.t
Tel
Oourfc-6800
ISO
PITTSBURGH,
PA.
Wagner Electric
Jan
Jan
23%
14%
Jan
450
24
Jan
18%
Jan
18%
26%
18%
Jan
Jan
Jan
Jan
53
Jan
12
6
18%
Jan
55
17%
Jan
21%
50
Jan
51
Jan
Jan
13
Jan
Jan
119
Jan
Jan
100%
50
35
13
55
119
10
12%
118%
100%
1%
15
100
70
1,513
245
Jan
Jan
Jan
Jan
1%
29
110
1%
27%
Jan
29
Jan
11
1%
28%
10%
325
10%
Jan
Jan
12%
5%
Jan
Jan
Jan
12
5
5%
15%
5
980
530
16
60c
70c
3%
4
11%
Jan
25c
Jan
70c
Jan
3
130
Jan
4
Jan
Jan
1,850
17
1,260
Jan
17
92
93
15
90
Jan
95
Jan
19
22
3,401
21
Jan
23%
Jan
110%
Jan
Jan
14
17
"21%
11
42%
110%
13%
41
42%
830
33
33
Jan
11
Jan
125%
13%
42%
122%
12%
93
A. T. & T. Tel. Pltb-391
Jan
39
157
12%
Jan
11
48
11
124% 125%
125%
13%
12%
20
110% 110%
.10
com
14
23%
318
322
53
5
15
com.
19%
26%
21%
*
Southwstn Bell Tel pref 100
Jan
75
13%
24
100
1%
28%
Stix Baer & Fuller
Jan
119
166%
Scruggs-V-B D G com...25
Jan
17%
12%
"12%
100
1st preferred.
..100
Scullin Steel pref
*
Securities Invest pref-.100
Sieloff Packing com
*
49%
Jan
50
Nich Beazley Airpl com..5
National Oats com
*
Preferred A
Jan
17%
18%
100
com
*
St Louis Bk Bldg Eq com.*
St Louis Car com
__10
St Louis Pub Serv com...*
48
50
57
53
21%
*
com
7
17
18%
"53
1 1937
High
Low
Shares
315
49
7
25
6
1,300
48%
Range Since Jan.
for
Week
High
49
Rice-Stix Dry Gds
*
United Gas Impr com.
Preferred
Low
*
312
231
12%
2%
Week's Range
*
Johnson S-S Shoe
855
6%
12%
2%
12%
Phil & Rd Coal & Iron
International Shoe com
Johansen Shoe com
Jan
Jan
885
6%
12%
Philadelphia Traction,..50
Jan
Jan
34%
5%
12%
2%
35%
6%
50
35%
Stocks (Concluded)—Par
High
Low
Sahres
Last
Sale
50
7% preferred
Sales
Friday
for
of Prices
Low
High
Price
Par
Phila Elec Pow pref
Phila Rapid Transit
Week's Range
Sale
Stocks (Concluded)
591
Chronicle
Jan
Jan
Jan
Jan
Bonds—
BROADWAY, NEW YORK
City & Suburban 5s c-ds...
1941
t United Rys 4s
Jan
33%
Jan
91
91
4,000
88
Jan
91
Jan
91
88
91
32,000
88
Jan
96
Jan
36%
36%
Jan
36 %
34%
2,000
7,000
35
34
t Scullin Steel 6s
33
90
St Louis Car 6s extd
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
33%
Jan
34%
Jan
Jan
33
1934
4s cash delivery...
$2,000
Pittsburgh Stock Exchange
Jan. 16
Jan. 22, both
to
inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
Par
Arkansas Nat Gas
Corp.
Preferred
Week's Range
for
Sale
of Prices
Low
High
Week
Price
*
.
10
..100
10%
60%
25%
2%
6%
18%
18%
20%
Armstrong Cork Co
Blaw-Knox Co
*
Carnegie Metals Co
1
Clark (D S) Candy Co...*
Columbia Gas & Elec
*
Devonian Oil
10
Duquesne Brewing Co...5
Electric Products
Follansbee
Bros
Fort Pitt Brewing
22
*
Harb-Walker Refrac
10%
10%
61%
26%
3%
6%
20%
18%
IK
*
JeannetGlass pref
96
Koppers Gas & Coke pf 100
Lone Star Gas Co
McKlnney MfgCo
*
Mesta Machine Co
108
*
Supply Co.
Natl Fireproffing Corp
*
Jan
200
Jan
19
Jan
18
Jan
22
Jan
601
13%
2%
13%
2%
60%
10%
7%
"Io%
10%
10%
62%
26%
3%
6%
20%
Jan
Jan
Jan
Jan
Jan
Jan
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago Board ofTrade
Jan
NewYork Curb Exchange
Jan
Jan
San Francisco
Jan
Oakland
Jan
(AssoJ, SanFrancisco Curb Exchange, Honolulu Stock Exchange
Seattle
Sacramento
Tacoma
25c
com
10
Jan
10%
Jan
Jan
39
Jan
1%
51%
Jan
1%
54%
Jan
91
Jan
97
Jan
Friday
Jan
108
Jan
Last
Weeks Range
for
Jan
Sale
of Prices
50
335
14%
2%
63%
12
106%
11%
1%
58%
7%
7%
5,421
5,843
1,552
4,090
129
Jan
Jan
14%
2%
63%
12%
8%
Jan
Jan
Jan
San
Jan. 16
15c
Francisco Stock Exchange
Par
Stocks-
Jan
Price
20c
Jan
Jan
Alaska Juneau Gd MIn__10
Jan
Anglo Calif Bat Bk S F..20
24
10
6
5
7c
Jan
25c
Jan
Atlas Imp Diesel Rng
500
9c
Jan
50c
Jan
Bank of California N A..80
1,373
3%
Jan
5%
Jan
Bishop Oil Co
40
916
1
24
25%
610
Pittsburgh Plate Glass..25
134
Preferred
*
Pitt Forging Co
Pitt Screw & Bolt
Corp
*
*
Pittsburgh Steel Fdy
Preferred
100
Plymouth Oil Co
RennerCo
92
*
5
92
176
1%
2%
*
Standard Steel Spring
United Engine & Fdy
Byron Jackson Co
Jan
25%
Jan
Calamba Sugar com
135
Jan
20
Jan
Jan
Calaveras Cem Co com..
17%
26%
Jan
Jan
California-Engels Mining. 1
Jan
Calif Cotton Mills
com.
100
90
Jan
92
Jan
Calif Ink Co A com
Jan
California Packing Corp
Jan
26%
2%
Jan
7,545
24%
1%
Jan
Calif Water Service pref 100
145
18%
Jan
19
Jan
Claude Neon Elec Prods.
2c
Jan
Jan
Clorox Chemical Co
6%
Jan
19
*
_
.
*
*
4c
32
34
245
28
Jan
34
Jan
Cons Aircraft Corp
1
47%
3%
49%
312
47%
2%
Jan
49%
Jan
Cons Chem Indust a
*
Jan
Jan
Creameries of Amer Inc..*
95c
1.00
740
95c
Jan
1.00
Jan
Crown Willamette pref—*
3%
3%
49%
50%
153% 160%
100
3
Jan
Jan
Crown Zellerbach vtc—*
Jan
Jan
Preferred A
*
222
48%
147%
3%
50%
Jan
160%
Jan
Preferred B
-*
121
4%
Jan
5%
Jan
"7%
7
United States Glass Co..25
"95c"
WestinghouseElec&Mfg. 50
7%
4
230
1,027
4c
7%
4
10
Cst Cos G & E 6 % 1st pf 100
Jan
Di Giorgio Fruit com—10
Unlisted—
100
$3 preferred
Pennroas Corp vtc
*
4%
5%
14%
23%
6
21%
200
7%
29
3c
*
Victor Brewing Co
1
Waverly Oil class A
*
Westinghouse Air Brake.. *
Jan
28,100
2,225
2%
19
40
20
10
25
1
Shamrock Oil <fe Gas
2,383
1,131
5
Jan
18%
125%
13%
145
17%
25
24%
5
Ruud MfgCo
San Toy Mining Co
135
15%
24%
35
Low
15
30c
4,200
Sales
High
Range Since Jan. 1, 1937
Eldorado Oil Works
*
30%
9%
%
39%
50
44%
104%
10%
43%
104%
29%
36%
xi?*
iS*
114
10%
.
15
410
24
693
6%
21%
890
21%
199% 201
7%
8%
29%
29%
30%
30%
9%
9%
%
1%
37
40
50
50
43%
44%
104% 104%
10%
11
43%
43%
104% 104%
24%
24%
35%
36%
6%
6%
110% 111%
19%
24%
113% 115
113% 115
10%
10%
45
45
46
22%
22%
22
1,556
340
3,509
669
401
180
550
178
40
135
5
130
New
York
Chicago
Curb
(Associate)
of
Trade
418
Board
315 North Fourth St., St. Louis, Mo.
Telephone Central 3350
11
Jan
46
Jan
Jan
21%
58%
Jan
Jan
22%
23%
60%
39
Jan
39
Jan
92%
Jan
96%
Jan
7
33
Jan
33
372
49
Jan
55
Jan
575
4
Jan
5%
19%
Jan
Jan
39
Jan
Jan
68
Jan
Jan
17
Jan
Jan
38
Jan
Jan
Jan
50%
37
37
39
66%
17%
65%
14%
36%
67%
17%
25%
7%
21
26%
8%
*
21
19
21
*
23
23
23
5
50
50
36
35%
53%
36%
1,220
1,756
3%
7%
2,396
Preferred
10
:
3%
7%
both inclusive, compiled from official sales lists
Sales
Friday
Last
Sale
Stocks—
Par
American Invest com
Price
*
Brown Shoe
*
com
Burkart Mfg com
*
Range Since Jan. 1, 1937
Leslie-Calif Salt Co
Week
*
LeTourneau (R G) Inc—1
Shares
Low
High
Libby McN & Libby com.*
Lockheed Aircraft
1
48%
33%
35
735
31 %
Jan
37
Jan
80
80
20
80
Jan
80
Jan
Magnavox Co Ltd
113
115
293
113
Jan
115
Jan
Magnin (I) & Co com
5
Jan
Marchant Cal Mach com.5
Jan
Market St Ry pr pref..
4%
7%
Chic & Sou Airlines pref. 10
1st preferred
2d preferred
*
B
31%
48%
Coca-Cola Bottling com__l
Columbia Brew com
5
Dr Pepper com
of Prices
High
Low
for
15%
4%
38%
35%
13%
11%
80
100
Ely & Walk D Gds com.25
Week's Range
24
33
(new)_.l
Century Electric Co
Hutchinson Sugar Plant. 15
Langendorf Utd Bak A___*
Jan. 16 to Jan. 22,
34%
25%
26%
25%
33
"166"
Griesedieck-West Br com.*
33%
40
47%
Jan
Jan
330
4%
Jan
200
7%
Jan
25%
82
120
100
100
106
100
Emerson Electric pref.. 100
Falstaff Brew com
1
30%
4%
7%
34%
120
..100
54
106
792
10
25
Jan
34%
48%
7%
34%
28%
27%
118%
Jan
120
Jan
Jan
Los Ang G & E Corp pf. 100
Jan
Lyons-Magnus Inc A
*
*
B
2%
23%
98
98
13%
30%
24%
9%
17%
16%
37%
Pacific Lighting Corp com*
14%
30%
25%
9%
17%
16%
37%
32%
51%
.*
106%
NatomasCo
North Amer Inv com..100
—*
Jan
100
Jan
Jan
110
Jan
North Amer Oil Cons—10
8
Jan
10%
Jan
Occidental Insur Co
329
32
Jan
34
Jan
Oliver United Filters A—*
360
3%
Jan
17
18
310
16%
Jan
18
Jan
Paauhau Sugar
*
50
50%
65
50
Jan
Jan
Pacific Can Co
Huttig (S & D) com
*
Hydraulic Prd Brk com 100
13
13
20
13
Jan
Jan
Pacific G & E
Preferred
3%
3%
13% 1 3%
100
Hyde Park Brew com._.10
18
For footnotes see page 592
18
18
6% preferred
Jan
40
3%
Jan
148
13%
Jan
14
18
Jan
18
Jan
70
Jan
6%
j
10
*
B
Jan
100
com
1st preferred
6% preferred
-.15
*
25
25
85
50
45
1,549
3,825
686
6,205
12
32
10%
17%
36%
61%
14%
36%
18%
Jan
Jan
Jan
Jan
Jan
Jan
5,666
7
Jan
26%
8%
513
19
Jan
21
Jan
250
23
Jan
Jan
48%
34%
Jan
Jan
Jan
Jan
Jan
Jan
551
7
Jan
23%
53%
36%
3%
7%
110
22
Jan
24
Jan
Jan
Jan
15%
4%
39%
Jan
Jan
6,049
13%
3%
38%
33%
Jan
36
2,525
10
Jan
13%
Jan
Jan
12
Jan
2,220
898
757
2,350
30
130
12%
23%
Natl Automotive Fibres. _*
Jan
22%
23%
38%
1,464
838
36
Jan
Jan
50%
13%
3%
4
38%
37
12%
23%
98%
14%
100
Preferred.
7%
2%
38%
35%
100
103
Hussmann-Llgonler com.. *
13%
11%
109%
24
86
4%
36
23
*
50
"18"
15%
4%
38%
4%
22%
810
Hamlltn-Brwn Shoe com.*
109
24
3%
22%
9% .10%
33
33%
4%
4%
"io"
109
3%
7%
23%
13%
3%
38%
34%
12%
11%
Jan
Jan
50%
4%
19%
10
5%
Jan
50%
4%
19%
Hunt Bros Acorn.
St. Louis Stock Exchange
Jan
Jan
Jan
42
33
Hale Bros Stores Inc
24%
36%
Jan
22
33
7%
Jan
Jan
65
33
Golden State Co Ltd..—*
Jan
Jan
11
43%
104%
212
96%
Gladding McBean & Co..*
Jan
Jan
105
Jan
Hawaiian Pineapple
New York Stock Exchange
St. Louis Stock Exchange
Jan
Jan
92%
38
Jan
115
92%
38
Jan
46%
115
5
*
50
Jan
Jan
110
Preferred
Jan
Jan
Jan
Jan
Jan
Hancock Oil Co
MEMBERS
40
Jan
Jan
Jan
Jan
109
39
10
Jan
Jan
201
60
General Paint Corp com..*
Jan
Jan
Jan
258
39
General Motors com
Jan
8%
29%
31%
9%
1%
Jan
35
201
Jan
Jan
Honolulu Oil Corp Ltd...*
all
Mid-Western and Southern Securities
Jan
6%
111%
24%
60
19%
Jan
JaD
Jan
Jan
Galland Merc Laundry...*
Business Established 1874
Jan
Jan
22
5
Jan
6%
21%
17%
109%
39
Food Mach Corp
24
110
com—10
Foster & Kleiser com—2%
A preferred
25
I. M. SIMON &CO.
Jan
Jan
Jan
,
400
60
*
15%
10
43%
102%
23%
2,615
16,114
First NatCorpof Portld .
on
High
Jan
104
895
20
_
49%
43%
674
Fireman's Fund Insur—25
ST. LOUIS MARKETS
35*
1,066
Fireman's Fund Indem__10
Ewa Plantation Co
14%
23%
5%
•19%
194%
6%
27%
30%
7%
1.235
22%
22%
Emporium Capwell Corp *
Enquiries Incited
Low
Shares
Jan
5%
5%
39%
Long Beach
Jan. 22, both inclusivz, compiled from official sales lists
to
Jan
30c
1
Los Angeles
Pasadena
Week
168
8%
Honolulu
Beverly Hills
31
4%
39%
Preferred
Pittsburgh Brewing Co... *
Fresno
200
Assoc Insur Fund Inc
Phoenix Oil
NewYork
Portland
Stockton
765
1,745
108
5
Mountain Fuel
Jan
2%
5%
18%
18%
97
107
23
35
1%
54%
54
Jan
450
10%
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
7b
10%
60%
13,388
1,070
39
Co.
High
757
37)
1)
39
200
243
22
10
pref. .100
1
Low
&
Dean Witter
Range Since Jan. 1, 1937
Shares
10,455
100
3
9%
108
6%
1%
2%
22%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
109%
7)
2?
45
Jan
Jan
Jan
Jan
Jan
Jan
Jan
23
Jan
Jan
5,225
23
Jan
200
37
Jan
24%
38%
1,986
3,617
34%
Jan
37
Jan
12
Jan
12%
Jan
75
23%
Jan
25
Jan
95
Jan
98
Jan
98%
14%
Jan
125
13%
30%
Jan
31
Jan
32
Jan
25%
9%
17%
16%
463
24
Jan
Jan
Jan
26%
10%
Jan
18
Jan
Jan
17%
Jan
Jan
38
Jan
Jan
32%
53%
Jan
38
32%
53%
51%
106% 107
1,635
1,151
65
350
1,294
2,988
2.236
155
9%
17%
16%
35%
31%
51%
105%
Jan
Jan
107
Jan
Jan
Jan
Jan
Financial
592
Sdhres
__
Jan
18%
6%
272
16%
Jan
120
87
Jan
1
Roos Bros
1
Jan
11%
27%
100
Shell Union Oil
15%
*
Preferred
-----100
104%
40
43
Signal Oil & Gas A_
Soundvlew Pulp Co
129%
47%
1%
150
5
49%
1%
100
Southern Pacific Co
Sou Pac Fold en Gate A__*
104*
150
1%
50
107%
Jan
15
44
Jan
Jan
16%
80
16%
Jan
Jan
Stearman Ham Air
2.15
Jan
Texas Consol Oil
1.75
3,795
1,300
2.15
Jan
2.10
Jan
10
72%
Jan
370
8%
Jan
1.80
11,870
1.85
Jan
87%
100
87%
7%
Jan
5%
18%
99%
Jan
pref
United Corp
Jan
11%
Jan
United States Pete
Jan
27%
Jan
United States Steel
1%
15%
AVYj,
29%
104%
Jan
Jan
7
16
5
Warner Bros Pictures
Jan
Western Air Express
2,211
930
16
Jan
15%
Victor Equipment
z Preferred
Jan
Jan
44
3,435
3,257
2,296
1,617
Jan
Standard Brands
Jan
25
Jan
29%
76
Jan
62%
15
Jan
28
701
Jan
66
500
32%
315
31%
81
Jan
9
High
Low
Shares
150
Jan
211
104%
High
pref..
So Pac Gold Gate 6% pf 100
51
1
15%
28%
com
Preferred
%
15%
Low
Price
So Counties Gas 6%
46
27%
1937
Week
25
6% pref
Title Guaranty Co
146
1
for
of Prices
25
25
5%% pref
Jan
z
Schleslnger&Sons (BF) com *
Par
South Calif Edison
Jan
680
60
Republic Petroleum
8%
24
152%
3,961
6,570
64%
*
com
Jan
Jan
89
Ry Equip & Rlty com
B
Jan
Jan
5
65
5
*
*
100
Rainer Pulp & Paper com. *
Pig'n Whistle pref
Jan
147%
75%
60
456
81
*
150
30
147%
100
8%
23%
1,413
1,343
161
Stocks (Concluded)
High
Low
Week's Range
Sale
Week
m
23%
Non-voting preferred-.*
Pacific Tel & Tel com
100
6% preferred
for
of Prices
Low
High
Price
Par
Parafflne Co's com
Week 8 Range
Sale
Range Since Jan. 1,
Last
Range Since Jan. 1,1937
Last
Stocks (Concluded)
Sales
Friday
Sales
Friday
Pacific P S non-vot com.-*
Jan. 23, 1937
Chronicle
985
17%
20%
Jan
10
Jan
75
West Coast Life Ins.-.--.5
"16"
1
7
Jan
Jan
150
Jan
50%
1%
Jan
Jan
*
1
1
1
184
1
Jan
Spring Valley Water Co..*
10
10
10
20
10
45%
18%
No
par
value,
Cash sale,
c
e
National Standard Co. spilt up'Its old no par
$10 par on a 2- or-1 basis.
capital stock for new capital stock of
g
1, 1936.
Stock dividend of 100% paid Sept.
Jan
45%
*
B
45%
18%
20%
106%
16%
Standard Oil Co of Calif..*
Super Mold Corp of Calif 10
Tide Water Ass'd Oil com. *
-.100
6% preferred
Transam erica Corp
18
2,461
21
28%
1,323
16
25
Union Sugar Co com
25
22
22
United Air Lines Trans.-.S
,23
23
11%
73%
26%
Waialua Agricultural Co 20
23%
23%
2,646
13%
Jan
Jan
110
75
Jan
25
75
330
Jan
35%
62%
Co. 10
Yellow Checker Cab A. .50
2d
34%
35%
930
36%
Jan
62
63
215
64
Jan
57
57
50
59
Jan
STRASSBURGER & CO.
SAN
Ei-rights
v
1 1956
Columbia—
12 1949
100
July
5s
Oot
1 1953
Province of Manitoba—
4%s
Aug
1 1941
5s
June 16 1954
6s
Dec
2 1959
Prov of New Brunswick—
4%B
15 1960
15 1961
Apr
Apr
Province of Nova
Sept
15 1952
5s
Mar
1
1960
Sept
6s
65
5s
June
4%s
117%
Jan
118
121
1 1959
1 1962
May
4s
112% 113
1 1942
15 1943
Oot
Ask
Bid
Ontario—
5s
125
107% 108
114% 116%
98
101%
99%
93
95%
4%s
Mar
2 1950
113
94
97
4s
Feb
1 1958
109
96
99
4%s
May
1 1961
113
114
116
15 1965
Province of Quebeo—
114%
110%
114%
Prov of Saskatchewan—
91
58
June
15 1943
88
5%S
110% 112
Nov
Oct
15 1946
1 1951
89
91
86%
88
4%8
8ootia—
4%s
of
Province
66
f63
f63
Oot.
4%8
Prov of British
Ask
Bid
1 1948
Jan
5s
4%s
FRANCISCO
Municipal Issues
Provincial and
of Alberta—
Province
4%s
STREET
MONTGOMERY
133
Ex-dividend
Jan
57
Western Pipe & Steel
*
Jan
330
325
330
Wells-Fargo Bk & U T.100
year.
t Company in bankruptcy, receivership or reorganization
Jan
1,132
12%
12%
73%
for
range
Jan
4,102
23
10
in
tin default
Listed,
Jan
17%
462
Union Oil Co of Calif
26
Universal Consol Oil
Jan
Jan
44,957
16%
26%
22%
25%
107
250
107
106
45%
18%
21%
2,521
•
Included
sale—Not
rCash
111
112%
117
118%
(Since 1880)
York Stock Exchange—San Francisco Stock
Members: New
Curb
Francisco
Exchange—San
Exchange—Chicago
Canadian
Curb Exchange (Associate)
Board of Trade—New York
MBMBEM
Direct Prints Wir®
San Francisco Curb
Jan. 16 to Jan. 22, both
Sale
Par
Alaska-Mexican
Price
of Pr ices
High
Low
Range Since Jan, 1, 1937
for
14 Wall St
Week
Shares
High
Low
15c
16c
500
10c
Jan
17c
25
70c
900
45c.
Jan
70c
Jan
Inc.
Jan
60c
Co
&
New York
5
i
Alaska-Tread well
Gundy
Sales
Week's Range
Last
Bonds
Exchange
inclusive, compiled from official sales lists
Friday
Stocks—
Wood,
;.5
14c
15c
600
6c
Jan
20c
11%
15%
26%
11%
15%
26%
184%
40
11%
15%
26%
Jan
11%
Jan
16
Jan
494
85c
12,500
23%
11%
10%
17%
51%
9%
13%
797
Private vires to Toronto and Montreal
Jan
American A Foreign Pow. *
Alaska-United Gold
American Pow & Light
100
26%
183%
1
85c
S
Amer Radiator A Std
American Tel & Tel
American Toll Brtdge
22%
11
5
;
10%
9%
17%
51%
8%
9%
17%
Arkansas Nat Gas A
Atlas Construction
Preferred
Aviation Corp
3
Baldwin Locomotive
10
Bunker Hill-Sullivan
z
6%
1927
695
545
323
78
895
22,703
135
21%
295
24%
250
4
93%
93%
93
1,093
50
Jan
26%
186%
Jan
Jan
68c
Jan
91c
Jan
22%
10%
7%
16%
51%
6%
>9%
Jan
23%
11%
10%
17%
51%
9%
13%
Jan
182
102
19%
4
Jan
Jan
Jan
Jan
Jan
Jan
Jari
Jan
Jan
Jan
93%
Jan
93
Jan
114
24%
4
Jan
Jan
Jan
Jan
Claude Neon Lights. ....1
Jan
Jan
94%
93%
Jan
Jan
72c
8,700
5,248
67c
Jan
75c
Jan
51c
40c
Jan
51c
Jan
42c
300
40c
Jan
45c
Jan
4%
5%
2%
10,240
4%
Jan
5%
2%
Jan
41,135
70c
Jan
Jan
1.25
Coen Cos A
Consolidated Edison
Consolidated Oil
120
Crown-Will 2d pref
1
Curtiss-Wright Corp
7%
1.25
200
1.15
Jan
1.25
10
Electric Bond & Share
45%
16%
5,000
45%
15%
Jan
45%
17%
120
205
8
1,456
113
6%
Jan
120
8
50
Jan
54
5s
Dec
1
1954
109% 110%
4%s
July
1 1960
104% 105%
Guaranteed Bonds
Canadian
National
Sept
June
4%s
4%s
Bid
Ask
Bid
Canadian
Ry—
1
16
1
1
1951
1955
1956
1957
114% 115
1
1
100
1
Jan
1
July
1 1946
35
Jan
28%
5s
July
1 1969
118
5s
Oct
1
1969
Grand Trunk Paoifio Ry—
119% 120%
5s
Feb
1 1970
119% 120%
4s-
Jan
1 1962
3s
118%
Jan
1
1962
64
Jan
24
605
24
45
Jan
75
Government
Jan
22%
10
22
Jan
22%
97
97
10
97
Jan
97
25%
64
125
Municipal
•
•
Jan
41c
240
35c
Jan
41c
Corporation
Montreal and Toronto
95c
1.15
80c
Jan
1.25
Jan
6%
Jan
7%
Jan
1.60
Jan
13%
Jan
New York •
NY 1-208
•
Jan
1.10
6%
6%
6%
1.35
1.60
3,400
1,605
9,606
1.05
Royal Securities Corporation
ETAnover 2-63G3
30 Broad Street
Jan
1.55
1
Private wire connection beOveen New York,
Jan
35c
International Cinema
12
Bell System Tele.
Jan
13%
13%
270
1
53c
55c
60c
53c
Jan
65c
4.50
4.40
4.60
4.35
Jan
4.75
Jan
.1
67c
48c
68c
37,140
45c
Jan
68c
Jan
22c
Jan
Industrial and Public
Jan
1
2,436
7,776
Italo Petroleum
Utility Bonds
Kinner Air & Motor
bio
10
Kleiber Motors.
22c
60
Keramer Copper
1
M J & M & M Oil.
51c
.
45c
29%
9%
Bancorporatlon.
...
Mfg Co..
4.50
1
3
Monolith Ptld Cement
3
12
Nash-Kelvinator
North American Co
Oahu Sugar
20
29c
Jan
Beauharnois Pr Corp 5s '73
60%
Jan
Bell Tel Co of Can 5e. 1955
59%
M4% 115
Jan
60c
Jan
Brit Coi Power
5%s_.1960
105%
125
29%
Jan
30
Jan
Mar 1 1960
105%
Massey-Harrls Co 5s..1947
McColl Frontenac Oil 6s *49
104
Jan
10%
Jan
Burns A Co
Minn A Ont Paper
/71%
Jan
4 80
Jan
Calgary Power Co 6s..I960
Jan
Canada Bread 6s
30
9:.
375
4.80
950
25
3
3
Jan
3
1941
57%
58%
2.55
1,100
Jan
2.55
Jan
12%
20%
477
11
Jan
Jan
Canadian Inter Pap 6s '49
Canadian Lt & Pow 5sl949
115
19%
Jan
Jan
Canadian Vlckers Co 6s '47
32
32
Jan
Jan
13%
Jan
13%
20%
34%
17%
Cedar Rapids M & P 5s '53
Consol Pap Corp 5%s. 1961
40
Jan
44
10
930
17%
40
52c
25
Jan
Dom Gas A Elec
21
Jan
17%
Jan
Donnaconna Paper
3 s 1956
240
Jan
14
Jan
East Kootenay Pow 7s 1942
32
6.68
Jan
4.15
Jan
Eastern Dairies 6s
6%
Jan
6
FraserCo6s..-Jan
Montreal Tramway 5s
101% 102%
New Brunswick Pr 5s. 1937
93'
100% 101
112
112%
Northwestern Pow 6s. 1960
93%
value) 3s
104
105
'
/85%
95%
96%
87
6%s. 1945
Co—
89
Certificates of deposit—
93%
Nova Scotia LAP 5s. 1958
104%
5%s. 1955
Ottawa Valley Pow 5%s '70
Power Corp of Can 4%s'59
5s
Deo
1 1957
102
Provincial Pap Ltd
86
102% 104
Quebec Power 5s
103% 104
104
104%
87%
---
89
100% 101%
103%
24%
85
>24
Jan
Jan
General Steelwares 6s. 1952
103
104%
103%
11%
240
10
Jan
Jan
Gt Lakes Pap Co 1st 5a *55
t9 4%
95%
Southern Can Pow 5s. 1955
104
105
300
4%
10%
Jan
Jan
Steel of Canada Ltd 6s '40
113
Jan
Int Pr A Pap of Nfld 5h '68
Lake St John Pr A Pap Co
103%
Jan
25%
11%
5%
12%
103% 104
104
104%
United Grain Grow 5s. 1948
97
99
17
Jan
18
Jan
80%
81%
105%
—
24
11
4%
11%
12%
17
18
5
.
1,135
370
5%
Jan
4.00
216
3.25
Jan
4.00
Jan
18
18
35
18
Jan
40
41%
142
40
Jan
19%
41%
5%s
5%s
1949
1
1951
1961
100
86%
*
Jan
No par <a!ue
87%
100% 101%
84
Jan
40
3.25
par
102% 103%
11
Schumacher Wall Board.
'
50%
1950
24%
Riverside Cement A
57c
1939
1941
/50
103% 104
101% 102
Gatineau Power 6«.--1956
57
5
Jan
71%
Montreal L H A P ($50
Jan
18
6
55%
12
43c
104%
99%
57
4.15
1
97%
88
105
Jan
14
3.75
.
96%
109% 110%
68.1945
Montreal Island Pr 5%s '57
97%
54
13%
4.05
Park Utah Mines
83
86%
30
14
Pacific Coast Aggregates
...
82
2%s to '38—5%s to "49
5%s '47
1968
Saguenay Power 4%s.l966
Shawinigan W A P 4%» '67
Smith H Pa Mills 4%s '51
Pacific Clay Products.___.
Pacific Western..
-
Ottawa Traction
Jan
Olaa Sugar
"57
Jan
CanadaNorthPow 5s.-1953
Jan
225
.100
1.90
14%
12%
50
16
Cement-.,.100
54%
Jan
19
1,800
21
.
-
Jan
15%
16
3.83
5%s-3%s. 1948
2.25
20%
hasta Water
8
5s
11%
40
20
*k
Maple Leaf Milling— /
Jan
60
Jan
50c
i
97%
98%
104% 105
43 c
250
70
57%
5%s.l951
110
40
Occidental Pete
Preferred
Manitoba Power
43,675
O'Connor-Moffatt
Radio Corp (Del)
MacLaren-Que Pr 5%s '61
98
55c
17%
North Amer Aviation
Packard Motors
95
96%
r58%
32
2.30
Warrants
Mountain City Copper...
z
f9 4%
Alberta Pac Grain 6s. .1946
19%
57%
Montgomery Ward
Preferred-
Ask
60%
22c
22c
60
Bid
Abltibl P A Pap ctfs 6s '53
Preferred
Pacific Ptld
101
Jan
74
22%
International Tel & Tel..
2
100
Jan
73%
25%
60%
23
"64"
Holly Development
Mensaco
109% 110%
SECURITIES
CANADIAN
Jan
Jan
20
Idaho-M ary land
2
126% 127%
117% 117%
115% 115%
114% 114%
4%s
Jan
20
McBryde Sugar
Ask
Northern Ry—
6%s
Feb
July
4%s
Jan
1
Hobbs Battery B
Marine
103%
116
115
Dominion Government
Jan
210
Guggenheim Copper
2
103
Jan
Jan
54
General Metals
Preferred
I 1946
Jan
Jan
25%
54%
22%
73%
General Electric
Great West El-Chem
Ask
Ry—
Sept
Jan
280
50
5
1 1944
Ju'y
Paoifio
4%s
Jan
45%
15%
119%
7%
50
Dominguez Oil Fields
Dumbarton Bridge
5s
Jan
70c
95c
Canadian
Ry—
Paoifio
99%
98%
perpetual debentures
68
Sept 15 1942 /112% 114
102%
4%s
Dee
15 1944 102
4s
Jan
41c
92c
Bid
Ask
Bid
Canadian
Jan
70c
4%
Railway Bonds
Jan
42c
Cities Service
2
50
51c
1
Cardinal Gold
Preferred
2
100
114
93%
.100
100
Central Eureka Mining—
2
41%
112
4
B
Cal-Ore Pow 6% pref.
2
12%
113%
24%
Calif Art Tile A
2
78c
22%
Anglo National Corp..
Argonaut Mining
182
/ Flat price
85
5%s '52
WInnlpge Elec 6s_Oct 2 '54
United Secure Ltd
104
-vai&i
members
Telephone
HAnover
52
BUILDING
dealers
NEW
PRIVATE
AND
WILLIAM
MONTREAL
Volume
security
UTILITY
CANADIAN
IN
york
Bell System Teletype
2-0980
SPECIALIZING
ALDRED
new
WIRES
NY
association
1-395
Cable Address
INDUSTRIAL
STOCKS
STREET
BONDS
AND
ROYAL
YORK
Hartwal
BANK
BUILDING
TORONTO
CONNECT
OFFICES
144
593
Canadian Markets
LISTED
For
AND
UNLISTED
Stock Exchange—Mining Curb Section
For miscellaneous Canadian tables, usu¬
ally found in this section, see page 592.
see
Toronto
Montreal Stock Exchange
559.
page
Sales
Friday
Range Since Jan. 1, 1937
Last
Stocks (Concluded!)
Montreal Stock Exchange
Last
Sales
Sale
Par
Stocks—
Price
Week's Range
of Prices
High
Low
•.1
Range Since Jan. l. 1937
for
Week
Price
Wpj>¥
YY ovm*
Low
Preferred.
65* % preferred
18c
100
Agnew-Surpass Shoe
18c
93
lie
*
Preferred
Alberta Pacific Grain A..*
Preferred
19
Jan
20
10
104
Jan
105
Jan
_.♦
29
29
5
29
Jan
29
Jan
195*
Rolland Paper voting trust
28 5*
♦
Associated
42 %
Bell Telephone
Brazilian Tr. Lt A Pr
Jan
7
Simon (H) A Sons-..
13
580
11
Jan
13
Jan
205*
5%
il7%
3%
Jan
20%
Jan
4%
Jan
26%
Jan
36
Jan
Saguenay Pow pref
Jan
161
Jan
Tooke Brothers
161
*
36
160% 161
21H
38 5*
20%
37%
11
*
64
Canada Cement
*
16
100
106 5*
Canada Forglngs class A
*
Canada Iron Foundries 100
-
7,249
235
705
28
H
"Th
*
58 %
Canadian Car A Foundry. *
Preferred
25
205*
305*
Canadian Celanese
265*
245*
2
16
3,220
Jan
16
101
53
100
Jan
101
Jan
104
3
102
Jan
104
Jan
2,187
14
Jan
17
*
83
81
83
756
805*
Jan
85
Jan
77
77
60
745*
Jan
77
Jan
243
99?*
Jan
33*
Jan
25
1005*
100
*
16 5*
1005*
35*
16
35*
Jan
56%
Jan
166
Jan
7,276
1,771
915%
Jan
.100
50
Jan
*16%
106%
Jan
Jan
Wabasso Cotton
25
125
17%
JaD
19%
Jan
Western Groc Ltd pref. 100
Windsor Hotel
*
120
120
5
1
28%
3%
7%
58%
18%
28%
29
275
130
Jan
Jan
130
29%
Jan
Jan
3%
520
8%
61%
21%
2,146
I 28
\2%
J 7
Jan
10
Jan
620
158 %
Jan
61%
Jan
17,752
9,032
18%
Jan
21%
31%
26%
Jan
4,146
Jan
28
Jan
24%
Jan
J
Jan
25
.100
United Steel Corp
Vlau Biscuit
23
16
35
16
60
7
Jan
50
Jan
50
Jan
25
Jan
27
Jan
120
Jan
4
Jan
8
Jan
140
14
Jan
23
Jan
497
345*
Jan
42
Jan
10,060
55*
5%
Jan
105*
Jan
Jan
10
Jan
80
Jan
82 5*
Jan
50
61
25
30
5
120
8
1,156
23
42
75*
105*
10
4,331
80
45
59
Jan
Banks-
125
Jan
Canada
*
Canadian Converters -.100
21
21
32
21
Jan
21
Jan
Canadlenne
29
29
26
29
Jan
32
Jan
Commerce
101
101
5
101
Jan
101
Jan
58
235
58
Jan
151
1535*
117
143
Jan
1535*
Jan
205
205
211
324
183
Jan
211
Jan
Montreal
100
236
233
236
171
219
Jan
236
Jan
100
330
330
35
314
Jan
330
Jan
225
221
225
358
221
Jan
225
Jan
50
28
29%
293
27
Jan
295*
Jan
"77"
2,813
72%
Jan
81%
Jan
*
Royal..
7%
7
81%
7%
8,252
6%
Jan
7%
*
7
6
7
2,180
6
Jan
7
Jan
20
17
Jan
Class B
Canadian Locomotive
19
20
395
Jan
20
Canadian-Pacific Ry
Cockshutt Plow
25
155*
16 H
155*
155*
16
15,058
145*
Jan
16
*
17
2,960
145*
Jan
17
Jan
Con Mln A Smelt new
25
77%
75%
79
75%
Jan
81%
Jan
22
18
22
2,760
2,070
18
Jan
22
265*
26%
27%
1,845
26%
Jan
28%
Jan
94 %
94
94%
75
94
Jan
94%
*H)
Jan
Jan
Crown Cork A Seal Co...*
Corp Seagrams
Preferred
Dominion Bridge
*
Dominion Coal pref--..100
56
153"
Dominion Glass pref
100
Dominion Steel A Coal B 25
Dominion Textile
145*
79 %
15%
•
Dry den Paper
Jan
HANSON BROS
•
East Kootenay Power....*
Eastern Dairies
•
Electrolux Corp
23
57%
3,685
54%
Jan
21
3,125
20
Jan
21
Jan
115
145
110
Jan
115
Jan
150
153
12
150
Jan
153
Jan
10,201
13
Jan
14%
Jan
882
73
Jan
80
Jan
135*
Jan
15}*
Jan
2
Jan
6%
Jan
25*
Jan
5
Jan
Jan
24
Jan
Friday
Jan
8
Jan
Last
Week's Range
for
Sale
of Prices
Week
54;
13%
14%
79%
14%
80
15%
2,255
173
4
6%
4%
23
23%
1,300
57%
Jan
8
1,437
3,980
23
English Electric B
6%
15%
16
30
14
Jan
16%
Famous Players C Corp..*
34
35
216
24
Jan
35
Jan
255 St. James St., Montreal
51 Sparks St
Ottawa
8
Voting trust
34
•
General Steel Wares
28
34
265*
*
15
12
28%
15%
Goodyear T pf inc 1927 100
57
56
57
Gurd, Charles
Gypsum. Lime A Alabast
115*
Montreal Curb Market
Jan. 16 to Jan. 22,
both inclusive, compiled from official sales lists
27,645
45
Jan
6% cum pref
100
54
50
56
15,157
57
Jan
Pref ctfs of dep
100
53
50
55
1,615
12%
17%
16%
Jan
Jan
Jan
145*
16%
1,395
12%
Jan
215*
102
80
15
15
15
15
155*
19%
101
21%
102
Imperial Tobacco of Can.6
14 %
14
14 J*
64 %
63
64 %
Industrial Acceptance
35%
35%
4,095
7,830
236
4,162
12,907
6%
35%
6%
3,391
*
100
96%
96%
60
10
12%
2,597
International Power
100
96
100
41%
Lake of the Woods pref -100
Lindsay (C W)
15%
Jan
7%
Int Nickel of Canada
Preferred
Jan
56
14%
155*
Howard Smltb Paper
*
Howard Smltb Paper pf 100
Int Paper & Power C
Jan
41%
150
»
98
42%
151
10
667
Jan
Jan
Jan
Jan
13%
Jan
18}*
Jan
Jan
Brewing Corp of Can
Jan
S3 cum pref
Brit Amer OU Co Ltd
100
Jan
155*
21%
102
13%
Jan
14%
Jan
62%
Jan
64%
Jan
38
38
38
30
38
Jan
40
Jan
106
106
40
105
Jan
106
Jan
*36"
Montreal Tramways
National Breweries
*
40 %
25
"56%
44%
new
Noranda Mines Ltd
*
Ogllvle Flour Mills
*
Preferred
76%
*
95
405*
41%
41%
9,876
34%
Jan
36}*
Jan
17
28
Jan
28
Jan
212
58
Jan
60%
Jan
72
4,925
10
10
Jan
10
685*
355*
68 V*
45
68
Jan
685*
Jan
365*
365*
156
34
Jan
365*
Jan
109
Jan
110 V*
25
*
91%
Jan
95
Jan
40
Jan
41%
Jan
cum
pref.
Canadian Vickers Ltd
Cum pref-.
25*
75*
"l8%
Ottawa L Heat A PowerlOO
Ottawa Traction
100
25
Jan
10
20
Jan
20
Jan
115
2
115
Jan
115
Jan
120
44 V*
Jan
130
3
Jan
5
45
93
Jan
93
25*
3
3,440
1.85
Jan
35*
Jan
7
75*
1,543
55*
Jan
7%
275*
Jan
•
26
-
-
-
«.
-
145*
15V*
65
145*
65
35*
85*
•155
35*
65
8 V*
99
239
Jan
43
Jan
53
Jan
57%
Jan
5% cum preferred
15
City Gas a Elec Corp Ltd *
1.75
1.65
1.75
179
1,175
44
Jan
45
Jan
Claude Neon Gen Adv Ltd*
70c
60c
80c
21,075
Commerical Alcohols Ltd *
3 5*
35*
35*
1,745
Commonwealth Pet Ltd.. *
44c
33c
44c
2,300
205*
205*
145*
135*
11
79
5,443
Jan
79
Jan
265
270
199
245
Jan
270
Jan
166
10
166
Jan
695
15
Jan
185*
Jan
Consolidated Paper
Jan
99
Jan
Dom Eng Works Ltd
*
65
Corp.*
-
«,
-
11V*
Jan
Jan
Jan
64
65
350
62
Jan
65
10
Jan
115*
Jan
15%
Jan
185*
Jan
Jan
115V*
Jan
Jan
20
Jan
Dominion Stores Ltd
*
11
105*
115*
63}*
Jan
Dom Tar A Chemical Ltd *
17
165*
18
*
23
225*
235*
1,189
22%
Jan
255*
Jan
♦No par value.
115
Jan
15
Jan
of 1(1(1
Jan
Jan
62
em
Jan
1.80
105*
20
Dom TarAfhem
115*
80c
51,521
90
Jan
Jan
Jan
Jan
15
40
29
Jan
Jan
10
Jan
Jan
Jan
635*
Jan
1.25
Jan
35*
21
20
26%
11
40c
Jan
Jan
635*
1,847
35*
85*
Jan
20%
20
285*
65
65
95
28
16
Jan
4
53
28
Jan
44c
99
*
Jan
135*
59
Jan
Jan
18%
Power Corp of Canada
Quebec Power
20
Jan
Jan
16%
*
230
465*
26c
99
~2o"
105
1,360
6,445
Jan
Jan
44
5
42
166
Jan
93
445*
57
Penmans
43
45
*
Jan
126
25
26
*
Catelll Food Products B__*
Consol Bakeries of Can
Jan
20
44%
76%
73%
Jan
110
53
41%
Jan
5
pf*
Ltd..*
95*
Jan
93
445*
100
Canadian Wineries
10
Jan
Jan
115
115
*
Cndn PAP Inv 5% cm
6,130
2,665
25
1
Cndn Pow A P Invest
35*
215*
20
100
Cndn Marconi Co
35*
110
*
166
270
__100
Ontario Steel Products
28
60%
95
100
Preferred
365*
28
60%
National Steel Car Corp..*
Niagara Wire
355*
Jan
Jan
Can Nor Pow Ltd pref.100
Canada Starch Co Ltd. 100
Canada Vinegars Ltd.
5%
Jan
3.75
Can Dredge A Dock Ltd..*
Cndn Int Inv Trust Ltd..*
Jan
Jan
8
19
Jan
14
95*
Jan
Jan
Jan
Jan
Jan
Jan
Jan
13%
65*
168
Jan
95*
1,973
Jan
7,573
3.00
15
13%
85*
00
8
18
75%
13%
75*
65*
600
Jan
*
1,645
Jan
1,656
Jan
McColl-Frontenac Oil
8%
Jan
00
8,091
Jan
8%
70
Jan
JaD
3.35
CanWlre & C 6% cm pf 100
11
112
185*
Jan
6,022
Jan
25 V*
Jan
9%
14
103
3.32
98
Jan
1,775
18
43%
151
109
5%
5%
3.32
Can & Dom Sugar Co
Jan
Jan
185*
35*
20
Canada Malting Co Ltd..*
Jan
Jan
5%
75*
Can Bud Breweries Ltd..*
Jan
5 5*
60
255*
Jan
39
Jan
100
•
Jan
15
Montreal L H A Pr Cons
B C Packers Ltd
Jan
90
Jan
56
3%
21%
25%
Jan
150
57
Jan
175*
245*
6%
96%
12%
10
Jan
41
8
♦
36
Jan
Jan
415*
5%
65*
_*
Jan
5
105*
7%
25*
145*
225*
Jan
75%
Montreal Loan A Mtge__25
Montreal Telegraph
40
High
Jan
7
5%
103
*
6
Jan
66,668
*
.
34
96%
95*
5%
8
Calgary A Edmonton Ltd. *
8%
-.100
105
Beauharnols Power Corp.*
Brewers & Dist of Vane..
13
Preferred..
5%
Asbestos Corp voting tr._*
Bathurst Pr A Paper cl B_ *
15
85*
55*
5
84
75%
100
6% cum pref
Jan
8%
Montreal Cottons
95*
Acadia Sugar Refining..£1
Jan
2,280
821
Co._*
Jan
*
100
Abitibl Pow A Paper
15
63%
Massey-H arris
Preferred
Low
Jan
16 J*
6
Range Since Jan. 1, 1937
Shares
34
6,243
100
High
28%
2,620
Hlllcrest Collieries pref 100
Low
Jan
17
5
Price
Jan
12%
80
Par
34
16
9%
Stocks—
Sales
24%
8%
16
•
Holhnger Gold Mines
67
3,060
5%
Industrial Bonds
330 Bay St., Tiraiti
Jan
Enamel A Heating Prod.
Foundation Co of Can
Municipal
Public Utility and
20
6
45*
Canadian Government
INCORPORATED
110
20
....100
Lake of the Woods
59
Jan
*
100
Nov>< Scotia
77
Canadian Ind Alcohol
Preferred
Jan
58
.100
100
Hamilton Bridge
Preferred
Jan
Jan
Jan
Dominion Glass
Jan
Jan
163
80
Jan
5
7
75*
100
Jan
16
Jaq?
95*
Woods Mfg pref
Jan
157
95*
2,215
95*
B
5
25
Jan
Jan
40
42
Winnipeg Electrle pref.100
Winnipeg Electric A
•
Jan
7%
8%
18
100
1025*
Jan
14
65*
6
Jan
Jan
21
1555*
7%
_*
Preferred
140
25
1555* 1555*
8
Preferred.
123
Diet
Jan
165*
10
104
14
165*
Jan
485
Jan
Jan
15
Jan
-
128
101
11%
8
Jan
104
Jan
410
127
*
Preferred..
152
Can Hydro-Elec pref
15
128
128
Tuckett Tobacco pref..100
Twin City
*
125
101
Jan
176
Jan
123
Canadian Falrbks pref-100
Candlan Foreign Invest..*
265*
255*
-.100
Preferred
100
Rights
Jan
Jan
245*
Jan
18%
37%
10%
1,400
31%
26%
Jan
765*
32 5*
295*
39
30
26
73
Jan
68
9,506
22%
10
15%
16%
105% 106%
19
17%
t
Jan
Jan
72
2.701
Jan
540
30
Can North Power Gorp
*
Canadian Steamship
*
Canada Steamship pref.100
160
Jan
Jan
17,742
65
8%
63
22%
38%
11%
16,219
Jan
285*
Jan
32
16
Steel Co of Canada
Jan
4%
11
Jan
76 3*
101
Southern Can Power
Jan
255*
73
*
Preferred
Simpsons pref
42%
Jan
85*
10,390
71
100
Jan
100
Building Products A
Preferred 7%——
Jan
Jan
18%
-
Jan
128%
6
10
Canadian Bronze..
»' 4%
350
305*
25,470
31
100
Jan
34
-
3,880
Preferred
5
195*
45*
•
Preferred
110
107
175
11
73
Williams of Can.*
25
36
Silk Mills
Sberwln
5
-100
British Col Power Corp A
B
Brack
Jan
Jan
12 5*
-.*
Bawlf (N) Grain
-----
12
Jan
29
275*
753*
313*
255*
Shawinigan W A Power. .*
Jan
25
Jan
285*
28
St Lawrence Paper pref-100
Jan
7
42%
5
Bath urn Pow & Paper A
Preferred
Jan
110
39
*
Breweries.
18%
93
95*
105*
50
Jan
8%
Jan
150
Jan
240
95*
20
16
10
6
-.100
-
11c
10%c
High
Jan
104
-93
475
93
110
Amal Electric Corp -
18%c
Low
9
.975
104
25
St Lawrence Flour MillslOO
Acme Glove Works Ltd--*
93*
Shares
100
St Lawrence Corp
A preferred.
High
9
9%
Rolland Paper pref
Rolland Paper
Shares
for
of Prices
Low
High
Regent Knitting
Jan. 16 to Jan. 22, both inclusive, compiled fromlofficiallsales lists
Friday
Par
Week's Range
Sale
115
115 V*
350
2,500
487
35*
110
Jan
Financial
594
Jan. 23. 1937
Chronicle
Canadian Markets —Listed and Unlisted
Montreal
Market
Curb
Range Since Jan. 1, 1937
Last
Donnacona Paper
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Shares
Price
Par
*
A
;l 15
163*
Week
163*
14 %
8,223
STOCK BROKERS
High
Low
Jan
*
15
14
16
1,015
14
Jan
16)*
28
33
175
28
Jan
33
Eastn Dairies 7
Jan
253*
28
>
Jan
30
Jan
25 3*
% cm pf 100
5
*
Fairchlld Aircraft Ltd
Ford Motor Co of Can A_
Fraser Cos Ltd
13
11,120
Jan
14,678
22%
Jan
28
560
1.25
Jan
31)*
Jan
9
New York Curb (Associate)
15
Jan
13
28
253*
1.25
2.00
*
230
2.00
11
113*
28
_
Foreign Pow Sec Corp
Jan
*
32
32
34 3*
313*
34
5,561
31%
Jan
34)*
34 %
Jan
32
48
48
48
10
48
Jan
49
Jan
933*
88
943*
2,039
76
Jan
98?*
Jan
Hydro-Electric Sec Corp.*
103*
10
105*
300
Jan
10?*
Jan
Imperial Oil Ltd
*
Inter-City Baking Co. .100
Int Paints (Can) LtdA
*
213*
213*
213*
6,603
21
Jan
21 J*
Jan
38
38
20
38
Jan
39)*
Jan
Jan
10?*
Jan
93*
936
355*
Inter Utll Corp class
w
183*
19
23*
23*
A
*
Inter Util Corp class B—1
MacLaren Pow & Paper..*
Massey-Harris5% cm pflOO
McColl-F Oil 6% cm pf 100
„
„
_
^
_
19
Jan
20
Jan
33 J*
16 %
Jan
36
Jan
Jan
19
Jan
9,470
20
35
«
1.65
Jan
2?*
Jan
170
4,724
23*
3,848
1,135
33
Jan
37J*
Jan
52 %
Jan
64?*
Jan
993* 100
53
99%
Jan
12?*
Jan
35
33
37
643*
603*
645*
100
Jan
14
Jan
14
2,180
Mitchell & Co (Robt) Ltd *
28
26
43*
293*
7,386
Page-Hershey Tubes Ltd.*
100
100
1013*
85
20
20
15 j' 20
Jan
20
Jan
38
35
39
Jan
40
Jan
118
127
10,870
1,890
25
98
Jan
127)*
Jan
50
104
Jan
105)*
Jan
Melchers Dlst Ltd A
14
*
*
B
133*
43*
43*
Paton
Mfg Co
*
Price Bros & Co Ltd.-.100
63*% cum pref
1263*
100
Power of Can cum pref
1053* 1053*
43*
43*
133*
133*
100
Quebec T & Pow Corp A.
_
43*
*
Reliance Grain Co Ltd
*
Royalite Oil Co Ltd
*
"49
Sarnia Bridge Co A
*
21
*
14
P pref.. 100
106
B
..
„
43
Jan
99
Jan
Jan
4?*
30
Jan
Jan
101)*
Jan
4)*
Jan
12 %
Jan
13)*
Jan
3,095
43
Jan
13
Jan
49?*
21)*
Jan
1,020
678
8
Jan
15
Jan
65
104
Jan
15
14
4%
5
493*
213*
10
21 J*
120
163*
15
93*
1043* 106
Standard Clay Prod Ltd 100
Jan
4
217
-78
Jan
106)*
14
Jan
Jan
Jan
Thrift Stores Ltd—
6 3* % cum 1st pref
United Amusement A
73*
25
25
25
*
Walkervllle Brewery
Ltd
*
Jan
1.05
Jan
15
3
45
493*
193*
173*
7)*
25
c
1.15
25
Jan
Jan
Jan
Jan
Jan
3%
Jan
45
Jan
Jan
49)*
19?*
Jan
19 H
17%
68
173*
50
Weston Limited George. _*
Jan
25
Jan
17?*
Jan
2J*
716
193*
173*
47
"
>
1,640
.....
Walker-Gooderb & Worts *
Walker-Good A Worts pf
23*
3
•
23?*
25
25
United Securities Ltd..100
Jan
50
1.05
73*
10
25
1.05
United Distillers of Can..*
60
73*
Toronto Stock Exchange
Jan
205
20
-
6%
1,113
103*
Intl Paints 5 % cum pref-20 kk'-.
Int Petroleum Co Ltd
*
353*
-
8%
Jan
Mines—
1.60
Jan
*
1.60
1.60
1.80
21,800
1
33*c
33*c
43*c
30,900
3?*c
Jan
Arno Mines.
*
63*c
6c
63*c
16,500
4,800
20,675
4%c
85c
7,650
22,350
...
Arntfield Gold..
1
89c
89c
89C
Beaufor Gold
1
50c
49c
50c
Big Missouri Mines Corp.l
65c
61c
65c
Bouscadillao Gold Mines. 1
49c
483*c
52c
Brazil Gold & Diamond Ml
«
Bulolo
•
«.
10 %c
(1936)...1
Gold Dredging Ltd 5
Cndn Malartic Gold
-
-
Brownlee Mines
28
10c
*
2.00
1.85
2.00
34c
39c
1
4.40
4.25
4.40
*
73*c
73*c
83*c
Consol Chibougamau
1
2.26
2.25
2.55
Dalnousie Oil Co...
*
2.65
1.70
2.67
Dome Mines Ltd
*
mi'm
East Malartic
«.
50
'
1.45
1
7c
1.45
Jan
53c
Jan
Jan
69c
Jan
Jan
61c
Jan
Jan
15c
Jan
Jan
13c
Jan
Jan
1.85
Jan
29
Jan
2.14
Jan
34c
Jan
47 )*c
Jan
4 25
Jan
4.50
Jan
9c
Jan
1.98
Jan
2.67
Jan
1.37
Jan
2.67
Jan
47?*
5?*c
Jan
50)*
Jan
50,300
Jan
7c
Jan
14,675
1.20
Jan
6?*c
100
63*c
Jan
Jan
50
63*c
91c
273*
12,900
15,625
60,650
Duparquet Mining Co...l
Jan
9%c
730
Clericy Consol Mines
Jan
9?*c
63,500
Central Patricia Gold
6)*c
48 3* c
9,100
35c
Jan
61c
9J*c 123*c 186,600
28
2,167
273*
Cartier-Malartic G M Ltd 1
Jan
Jan
49c
600
10c
1.85
4)*c
1.57
1.60
Jan
Eldorado Gold Mines Ltd 1
2.48
2.48
2.60
12,200
2.35
Jan
2.67
Jan
Falconbridge Nickel M_.»
113*
113*
113*
11%
Jan
12%
Jan
Francoeur Gold Mines Ltd*
1.30
1.25
1.40
1.15
Jan
1.50
Jan
18c
21c
36c
46c
2,510
20,850
2,700
44,400
Grabam-Bousquet Gold_.l
«,
mii
Greene Stabell Mines Ltd. J
_
39c
Home Oil
*
3.69
2.90
Homestead Oil & Gas
1
75
75
85
343*
343*
35
44c
45c
Kirkland Lake Gold
1
1.27
1.21
1.28
1
573*
573*
57 3*
Lamaque Contact G M__*
15c
15c
18c
22c
23c
Lebel- Oro Mines
Jan
35?*
Jan
Jan
51c
Jan
1.14
Jan
1.35
Jan
Jan
19,500
15c
Jan
20c
Jan
18c
Jan 23?*c
Jan
7 )*c
Jan
7c
Macassa Mines
1
7.90
7.80
8.00
M clntyre-Por cupine
5
~~TO5
Jan
59
63*c
McWatters Gold...
85c
Jan
63*c
41
Jan
57
__]
Lee Gold Mines Ltd
Jan
43c
3,233
16,800
1
Jan
32?*
1,000
44c
3.70
57c
18,300
1,450
Lake Shore Mines
46c
2.75
900
Hudson Bay Min & Smelt *
J-M Consol G M Ltd
1
23)*c Jan
Jan
Jan
18c
52,635
3,600
3.70
Jan
36c
1.10
7.80
Jan
8.15
Jan
260
1.03
Jan
2,200
41
6c
393*
Jan
42)*
Jan
9lc
Jan
1.19
Jan
2,100
Jan
3.80
Jan
*
3.80
3.80
150
Moffatt-Hall Mines
1
33*c
4c
9,200
Montague
1
30c
30c
1,100
Newbec Mines Ltd
*
63* c
8c
1,600
5c
Jan
8c
Jan
9.00
10.25
21,585
8.50
Jan
13)*
Jar.
3.80
4.00
420
3.80
Jan
4.05
Jan
Mining Corp of Can Ltd
_.
O'Brien Gold Mines Ltd..]
Pamour Porcupine M Ltd*
Parkhill Gold Mines Ltd._l
Pioneer
3 3*c
Jan
7?*c
Jan
25c
Jan
30c
Jan
"~22c
213*c
23c
Jan
2.42
2.15
2.51
16,700
21,525
21?*c
1
2.15
Jan
1
Perron Gold Mines Ltd
Pickle-Crow
~~9~60
3.80
1
8.55
24c
Jan
2.51
Jan
Quebec Gold Mining
8.50
8.60
650
8.05
Jan
8.70
Jan
_.]
Gold
Gold
6.35
6.35
100
6.35
Jan
6.70
Jan
1
75c
75c
200
75c
Jan
75c
Jan
5.00
Jan
5.85
Jan
Jan
9c
Jan
Jan
2.38
Jan
Read-Authler Mine Ltd__l
~~5~70
5.55
5.85
3,925
73*c
8c
4,000
«N>'~
2.38
2.38
100
1
82c
81c
83c
1
3.20
3.10
3.35
Slscoe Gold Mines Ltd._.l
Sladen Mai.
1
6.35
6.20
6.65
11,200
33,900
35,225
2 05
1.93
2.10
Stadacona-Rouyn
*
1.30
Sullivan Cons Mines Ltd.l
2.15
Ritchie Gold
1
San Antonio Gold
1
Shawkey
Sherritt-Gordon.
_.
Sylvanite Gold
7)*c
2.35
76c
Jan
2.90
Jan
5.10
1.90
94c
Jan
3.60
Jan
Jan
6.65
Jan
Jan
2.22
Jan
94c
Jan
1.31
Jan
2.12
2.25
44,740
2.00
Jan
2.25
Jan
4.15
__l
1.04
18,150
1.31 204,425
4.15
375
3.90
Jan
4.20
Jan
Teck-Hughes G M Ltd._.l
5.60
5.55
5.60
1,360
5.30
Jan
.5.60
Jan
Thompson Cad....
1
Towagamac Exploration. 1
1.80
1.38
1.30
Jan
2.15
Jan
1.49
1.49
2.02 214,366
1.58
2,450
1.31
Jan
1.62
Jan
Ventures Ltd
*
2.95
2.95
3.15
2,550
3.00
Jan
3.15
Jan
White Eagle Silver..
*
43* c
43* c
1,000
4%c
Jan
4%c
Jan
W rlght-H argreaves
»
7.95
8.10
2,725
7.60
Jan
8.20
Jan
......
-
-
•
8.00
Par
Stocks (Continued)
compiled from official sales lists
Last
Sale
Stocks-
Par
Price
Week's
Range
of Prices
High
Low
Range Since Jan. 1, 1937
for
*
6% preferred
100
Alberta Grain
*
Alberta Grain pref
Bathurst Power A
B
6%
100
41%
193*
»
*
Beatty Brothers
Preferred
9%
53
*
8%
50 %
6
38
183*
8
19
183*
9?-*
56
High
Low
63*
433*
63*
33,863
1,845
1,520
42
640
28
7,270
18
203*
83*
225
19
375
43*
73*
18
Price
Bell Telephone
Blue Ribbon
Blue Ribbon pref
->100
106
*
"_6 %
100
160 %
*
50
-
6 3*
160
53*
363*
106
83*
60
2,385
1603*
221
53*
17
40
45
104
63*
159
43*
35
3%
17%
24%
Jan
37%
5
37%
Jan
39
Jan
10%
Jan
11%
Jan
285
m
■
7
■
25
—
*
Canada Cement.
16)*
100
Preferred
Canada Paokers
106
V
86
__
62
Canada Wire & Cable B
25
*
"67
100
Preferred
Cdn Canners 1st pref
..
755
Jan
44%
8%
105
51%
Jan
55%
Jan
2,255
15%
Jan
16%
Jan
106%
Jan
150
103
Jan
87
390
86
Jan
87
Jan
4
145
2%
Jan
4
Jan
6%
Jan
9H
Jan
Jan
62
Jan
28
83
19
Jan
29
Jan
6
75
5
Jan
6
Jan
70
35
67
Jan
70
Jan
9
845
8
V. Jan
9
Jan
99
80
99
Jan
100
10J*
Jan
99
12
11%
20
*
20%
28%
44)*
Dredge
18%
31
Preferred
44)*
2,210
8%
12,970
Jan
31%
Jan
44
Jan
46%
7?*
Jan
7%
260
19
16
17?*
285
15%
3%
16%
15,748
3%
104)* 104)*
17
15%
15H
_*
Canadian Wineries
Carnation Co pref..... 100
Cockshutt
Consumers
16%
*
Consolidated Bakeries..
Consolidated
...
20%
20%
75%
Jan
Jan
19
Jan
14%
Jan
16%
Jan
2%
Jan
4
Jan
20
103H
Jan
104%
Jan
14%
Jan
17
Jan
20%
Jan
21%
Jan
75%
Jan
81%
2,200
1,195
1,495
80
77%
204%
*
26%
26%
27
26%
26%
27?*
20%
14%
20%
13%
21
11
10%
11H
23
22
23
1,245
109
109
5
109
_
Distillers-Seagrams
Dominion Coal pref...
_
I25
Dominion Steel & Coal B 25
*
Dominion Stores
♦
Eastern Steel Products.
Preferred.
100
_
~~8%
Easy Washing.
"*
6%
203
Jan
220
26
Jan
27%
Jan
26?*
Jan
28%
Jan
20
Jan
21%
Jan
12%
Jan
14%
Jan
10%
Jan
11%
Jan
19
Jan
24
Jan
Jan
109
Jan
5,375
805
5,645
14%
,
975
5,615
9%
25
Equitable Life
Famous Players
6%
9%
Jan
36?*
Jan
16%
Jan
Fanny Farmer
31
100
Jan
7
68
14%
5%
28%
22%
22%
Jan
6%
28%
8
23%
27%
*
A
265
16
23%
*
Ford
36
Jan
28%
22%
25%
28
2,470
34,943
9
150
■• a. —
_
_
„
207
Jan
4%
36
B
Jan
Jan
66
204%
16
English Electric A
Jan
14
*
Cosmos
Jan
7H
20
540
21
204
,
Jan
100
Gas
Jan
6
17%
15
".25
Smelters.
Jan
6%
5,460
6%
.25
Jan
28
375
6%
18%
Canadian Pacific Ry
21%
3,966
7%
"17"
Jan
Jan
31%
45%
7%
7%
*
Jan
V 12%
Jan
20%
18%
590
*
Canadian Locomotive..
Jan
20
2,975
12%
20%
21%
Cndn industrial Alcohol A»
B
Jan
56
20
Canadian
8
95
Cdn Canners lstpref new20
Car..
~
62
*
Canadian
615
8%
55%
16%
15?*
105% 106%
8%
100
2nd preferred
Jan
44%
55
67
*
Canadian Canners
Jan
8
Jan
3%
7%
60%
24%
8%
Can Wire & Cable A...
Bakeries
66
Jan
5%
Canada Steamships pf.100
Canadian
Jan
7
43
Jan
86
4
Canada Steamships
57
590
7%
8
8%
50
pref
Jan
43
"43%
*
Burt (FN)
Canada Bread
B
'■
■.
Jan
Jan
Jan
7
28%
23%
Jan
Jan
'
Jan
28
Jan
8
Jan
11
Jan
Jan
Frost
♦
General Steel Wares
«
15 t
12%
15%
10,035
8
15%
Jan
*
86
85
87
285
85
Jan
89%
Jan
50
57
56
57
250
56
Jan
57
Jan
3
Goodyear Tire.
.y Preferred
Great Western Sad
9
9
2%
Gypsum L. & A...
16%
Hamilton Cottons pref.30.
Hamilton Un Theatres. .25
Hamilton Un Theat preflOO
Harding Carpets
Hlnde A Dauch
14
Jan
17%
Jan
35
193
30
Jan
35
Jan
350
2%
65%
5%
Jan
3?*
Jan
680
20
Jan
21%
Jan
21%
21
21%
14%
7%
13,194
21
Jan
22
Jan
1,045
13%
Jan
14%
20
Jan
7%
103% 104
63
64%
290
7%
102%
8,113
62%
Jan
64%
Jan
7,176
14
7%
35?*
35
35%
18
18
19
*
•
2%
2%
Jan
104
Jan
Jan
Jan
36
18%
17?*
74
72
23%
23%
22
21%
%
2%
22
6%
11
2 5*
Jan
30%
Jan
39
15%
Jan
19
Jan
72
Jan
77
Jan
23%
Jan
24%
Jan
21
Jan
22
24%
♦
Jan
74
*
Jan
1?*
1,045
18%
Jan
19?*
39
*
36
Jan
840
37%
Jan
15?*
8,335
2?*
34
705
Jan
(John;
Lang Co.)
Laura Secord..
Groc
Jan
7
21
64)*
Loblaw
Jan
69
Jan
20
Internatl Petroleum...
Sons Ltd.
3%
Jan
35
Internatl Utilities A....11*
Lang A
Jan
4,933
Intl Milling pref..
10U
*
Internatl Nickel com...
Kelvlnator
Jan
17
9,660
.£1
Internatl Utilities B.
2%
7
68
6%
..5
Preferred
55
2%
20%
*
Imperial Tobacco
2%
15%
34%
3%
68
----~
*
Imperial Oil Ltd
"~3%
*
A
B.
*
Maple Leaf Gardens..
*"l0
Preferred
»
Maple Leaf Milling
"lok
Maple Leaf Milling pf.100
12%
* v:
9
Massey-Harris com
"loo
Preferred....
M cColl-Frontenao
63
*
.
13?*
"100
Preferred
Monarch Knit pref
.100
m -
m
11
8%
60%
13%
100
100
m
-
-
83%
95
776
1,065
Jan
Jan
%
25
%
Jan
2%
25
2%
6%
Jan
Jan
11
Jan
9%
Jan
12%
Jan
9%
15,520
H
2%
Jan
12%
9%
2,810
4,260
63
2,285
8%
52%
Jan
Jan
65
Jan
14
885
13%
Jan
14%
Jan
99
Jan
100?*
Jan
83%
43%
Jan
100?*
205
83%
10
44%
945
Jan
Jan
86
Jan
44%
Jan
44
44
A
180
180
182
73
180
Jan
183
Jan
B
265
264
265
20
265
Jan
265
Jan
9
9
Moore
Corp
common..
_
.
.
V
National Grocers
Preferred
138
100
"2lk
Ontario Steel Products
Orange Crush
Page-Hersey
mm+
.11*
M
M
W
—
-
Jan
18
165
15
Jan
18
Jan
3
2
Jan
3
Jan
101%
Jan
8,020
8%
Jan
9%
Jan
23%
9%
26%
615
23%
Jan
26%
Jan
28
27%
28%
1,125
27
Jan
29
Jan
33%
33
34%
550
33
Jan
34%
Jan
25%
2,625
25%
Jan
32
Jan
Jan
Sterling Coal
Jan
.100
~~28~~
♦
Jan
*
No par value.
70
31%
Jan
30
56
Jan
110% 110%
5
110
5
100%
106
14%
25
«.
-.
«•
—
-
16%
100
Jan
600
28
Jan
16
855
11%
Jan
16
Jan
670
99%
Jan
108
Jan
10
13%
Jan
15%
Jan
25
46
Jan
48
Jan
525
80
Jan
85%
Jan
35
73
Jan
79
Jan
3%
Jan
4
Jan
15%
Jan
10%
Jan
48
80
83?*
79
3%
15%
10%
MM
Jan
101%
28
76
~~82%
m
Jan
Jan
Jan
23
103% 108
14%
14%
48
100
■;
56%
110%
13
15
.100
Tip Top Tailors
Preferred
Jan
32
56%
100)* 100%
56%
110%
Tamblyns Lts
Jan
22
32
56
25%
*
.100
»
:
Jan
"i-i
Remington-Rand
.10
99%
*
Russell Motor...
-
445
Pressed
Metals
/
99)* 101%
*
Preferred
Jan
18
26%
Jan
Jan
21%
*
83*
213*
138
Jan
8%
Jan
Jan
20
8%
Steel of Canada
137
345
::ii
Jan
10
138
9%
21%
101%
203*
Jan
8?*
21
*
Jan
1.180
9%
3
National Sewer Pipe.
Standard Steel pref
Jan
22%
25%
11%
Jan
40
25%
Jan
65
63*
433*
Jan
21
64
*
Building Products A...
60c
Burry Biscuit new
Jan
63*
Jan
.
325
25
Standard Chemical
1603*
Jan
14%
21
11
Jan
Jan
3%
♦
B
Simpsons B
Simpsons Ltd pref
Jan
Jan
37%
Jan
10
2%
+
Jan
106
Jan
13,650
2,720
11,025
British American Oil
10
Jan
8%
B C Power A
Saguenay Power pref...100
...*
Simpsons A..
Jan
Jan
Jan
23,026
♦
57
Jan
22%
7%
22%
8%
3%
"
.
Beauharnois
Jan
Jan
536
26%
20%
Jan
Jan
26%
20%
7%
'
Preferred
Jan
Jan
Jan
26%
"~3%
High
26%
18%
125
21%
of Canada..
Brewing Corp
Low
Shares
26%
*
Brazllian
...
Abltibi
Week
Brewers & Distillers new-5
Preferred
Week
Shares
for
of Prices
Low
High
Brantford Cordage pref. .25
Riverside A
Sales
Friday
Week's Range
Sale
Photo Engravers
Power Corp
Toronto Stock Exchange
Range Since Jan. 1, 1937
Last
Pan tepee Oil
Jan. 16 to Jan. 22, both inclusive,
Sales
Friday
Canadian Oil
Aldermac Copper Corp
Alexandria Gold Mines
WA. 3401-8
King Street West, Toronto.
Jan
2.00
Voting trust ctfs
*
Frelman Ltd 6% cum pflOO
GenSteelWares7 % cmpf 100
Southern Can
Inc
Canadian Commodity Exchange,
Jan
33
Toronto Stock Exchange
Members
Jan
7 17
% cm pf 100
B
East Koot Pw 7
Duncanson, White & Co.
Sales
Friday
M
108
,
3%
50
16%
3,349
11%
190
108
15
20
106
Jan
Jan
16%
Jan
11%
Jan
108
Jan
Volume
Canadian Markets
•Toronto Stock
United Steel
Walker
♦
Wee tons (Geo) common. _*
Winnipeg Electrlo A.. ...»
9%
.100
41%
Winnipeg Elec pref.
Wood (Alex &
.
320
8H
10
Jan
Bunker Hill..
Jan
Jan
Calgary & Edmonton....
Jan
Calmont Oils
Jan
Canadlan-Malartlo.
13c
45%
Jan
19%
Jan
11%
Jan
9%
48%
19%
12%
Jan
Cariboo Gold--
80
Jan
90
Jan
Castle Trethewey.
Central-Patricia
8
1.99
il.65
1.43.0
35c
33c
36c
4%
Jan
10
Jan
Chemical Research
1.29
1.25
1.40
4%
Jan
10
Jan
Chromium Mining
1.34
1.30
1.40
Jan
44
Jan
Clerioy Consolidated
►
8c
7%c
8c
Jan
Commonweath Petroleum
|48c
35o
49c
20
31
53
Jan
60
...
3.50
...
206
210
106
183
Jan
210
Jan
243
240
250
115
234
Jan
250
Jan
Dome Mines.
Imperial
.100
246
245
250
121
235
Jan
251%
Jan
Dominion Explorers.....
Montreal—:
.100
239
236
239
55
231
Jan
239
Jan
Dorval-Sl8coe—....
Nova Scotia
.100
330
330
339%
116
312
Jan
339%
Jan
Eastern Malartio Gold M.
Jan
Eldorado
Jan
Falconbrldge
53
58%
57%
Jan
60
Jan
224
226
66
200
Jan
226
270
270
35
260
Jan
270
2.14
2.50
2.61
*50 H
8%c
|52c
.100
Erie
8%c
42c
12c
55c
1.45
1.58
2.50
2.65
1154
11.52
[2.45
43c
26c
46c
J |1.39
1.23
1.40
26c
149
73%
152
35
146
Jan
152
Jan
Glenora Gold
25c
24 %c
74
------
-
75
73
73
Jan
75
Jan
God's Lake
.....
93c
90%c 98 %c
12%
95
12
Jan
12%
Jan
Golconda Lead........
13%o
10c
15c
210
Jan
Goldale
46c
42c
46c
15c
15c
20c
|13c
Q|21c
11c
13c
18c
23c
100
210
10
208
Jan
—50
110
110
10
106
Jan
110
Jan
Gold Bolt
Toronto General Trust .100
1C4
110
61
104
Jan
110
Jan
Goodflsh
National Trust.
Ontario Loan
210
50c
Graham-Bo usquet
Granada Gold
Toronto Stock Exchange—Curb Section
Jan. 16 to Jan. 22. both inclusive,
Par
Stocks—
for
of Prices
Week
Low
Price
High
•
Canada Bud
Shares
Low
High
4c
3.00
22c
129c
30 %c
15%c
16c
23c
20c
35c 1780365
...
...
Disher Steel pref
10
Jan
Jan
37
Jan
Homestead Oil
Jan
21
Jan
23
Jan
Jan
Howey Gold
Intl Mining ctfs
47
47
"
90%
1.75
1.75
91
2%
Dominion Bridge
Jan
J M Consolidated
44c
43o
45c
Jan
1.99
1.95
2.10
7
47
Jan
60
Jan
Kirk Hudson Bay
Klrkland-Lake
1.27
1.20
1.31
92
40
89
Jan
92
Jan
Laguna Gold Min
91c
91c
91c
1.75
25
Jan
Lake Shore
1.75
Jan
2%
17
Jan
Jan
16%
15%
16%
60
15%
Jan
16%
56%
55
57%
845
55
Jan
57%
20
90
Jan
390
16
Jan
255
109
Jan
120
17%
116
6He
7c
Jan
Little Long Lac
8.00
7.30
8.15
65c
52c
65c
7.80
7.75
8.10
M acLeo d-Cockshutt
4.05
4.00
4.30
Manitoba & Eastern
10%c
10c 13 He
Jan
Jan
16%
Jan
Jan
85
Jan
950
Jan
32
Jan
17%
535
16
Jan
110
95
Jan
Langieys pref.
Mercury Mills pref
65
65
20
55
25
250
23
Jan
ioo
100
Lee Gold Mines
Jan
98
17
Jan
21%c
6%c
Jan
12%
50
32
Montreal Lt Ht A Pow eons
36
35%
26%
36%
National Steel Car...—*
56
52%
32 %
Jan
18%
Jan
McMillan Gold
McVlttle-Graham
Jan
37 %
57%
3%
Jan
Jan
2%
4%
4%
50
4%
Jan
4%
Jan
-*
8
32
100
3
3
rnm'mmm
54
Preferred
Stop & Shop
Super Petroleum ord
—*
*
*
....
Thayers common
Toronto Elevators...
Toronto Elevators
United Fuel pref
Walkervllle Brew
+
7%
31
54
pref.100
100
Jan
Jan
120
1%
33%
1%
Jan
37
Jan
245
160
145
62%
2%
3%
3%
*
6
991
113
58
Jan
43
38%
110
*
Waterloo Mfg
Jan
2%
37
59%
Jan
118%
8%
Jan
320
2%
2
110
3%
Jan
7%
29%
1,670
8%
36
35
*
Jan
118
620
56
2
2%
......
V 3
5
3,414
8%
32
7%
8%
Jan
25
3%
118
118
m
Jan
110
Jan
Jan
Jan
Jan
3,385
51%
3
370
2%
Jan
3%
460
3%
Jan
33
8%
56
3%
36
2%
40
118
62%
3%
4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
McKinley Mines
17%c
11 KING ST. W.
23c 102,800
3.95
22c
60c
62c
1.70
75c
68c
75c
6%c
6Hc
7Hc
77c
Newbec Mines..........
50o
1.60
76o
83c
6o
8c
6c
New Golden Rose.......
1.26
1.26
1.45
Nipissing..
3.20
2.95
3.25
76 %
79
Norgold Mines Ltd......
76%
12%c
1054c
14c
Northern Canada Mining.
75c
72 Ho
76c
9.70
8.90
10.25
10c
9Hc
12c
88c
86c
1.02
.....
Noranda
....
O'Brien Gold
Olga Oil A Gas New.....
Omega Gold
19c
13c 30 54c
3.75
3.95
3.75
32c
32c
40c
Paymaster Consolidated..
1.24
1.17
1.38
Perron Gold
2.40
2.17
2.50
Peterson-Cobalt
GRAIN
WAverley 7881
20c
27c
1.65
...
2%c
2Hc
3Hc
68c
68c
~~8~60
8.40
8.70
6.40
6.25
6.50
Petrol Oil & Gas.........
TORONTO
Pickle Crow
OFFICES
Pioneer Gold
Powell-Rouyn Gold
1.64
1.61
1.72
Noranda
The Toronto Stock Exchange
Premier Gold...........
4.20
4.25
4.40
Ottawa
Sudbury
Winnipeg Grain Exchange
Preston (new)
1.43
1.32
1.47
Hamilton
Kirkland Lake
Montreal Curb Market
Prospectors Airways
1.30
1.30
1.40
Sarnla
North Bay
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Quebec Gold
Quemont Mining
Toronto
MEMBERS
Cobalt
Montreal
Owen Sound
,
Bourlamaque
....
75cJ
80c
30cJ
mmmm— —
48c
~~5~75
5.60
5.75
Red Lake-Gold Shore
1.28
1.25
1.37
Reno Gold
1.20
1.20
1.23
Read-Authier
Tlmmins
Toronto Stock
Last
Sale
Sales
Stocks—
:
Par
Acme Gas A Oil—
*
Alton Gold
1
AJax Oil A Gas
Price
Week's
Range
Low
High Shares
15%o
14o
16c
8c
6 He
6Hc
46c
50c
3
He
3%c
4%c
*
7%c
5c
7%c
*
Algoma Mining
Anglo Huronian
7.00
65.0
7.00
*
1.18
1.25
Arntfleld
89c
86C
90c
Ashley Gold
Astorla-Rouyn..
10c
27,300
26,200
8,300
26,500
144,000
10,303
9%c
Argosy Gold Mines.
1.20
15c
...
♦
Bagamao Rouyn. .
Bankfleld Cons Ltd.
.
Jan
Jan
8c
Jan
Jan
54c
Jan
Jan
4%c
Jan
6%c
7c
1.58
1.50
1.63
*
28c
27c
30c
Beattie Gold Mines.
1.43
1.40
1.45
Bldgooe Kirk
1
1.60
1.50
1.64
Big Missouri
1
65c
62c
65c
Bobjo Mines
1
20c
23c
Bralorne Mines
*
22 %c
8.90
8.10
8.95
9c
9c
9%o
11%
11H
5%o
11%
6%o
68,738
62,300
34,601
40,650
21,325
36,031
22,199
36,000
9,095
81o
Jan
Jan
8Hc
Jan
Jan
49c
Jan
Jan
3.45
Jan
Jan
2.14
Jan
Jan
2.65
Jan
Jan
2.95
Jan
Jan
50%
Jan
Jan
15c
Jan
Jan
55o
Jan
Jan
1.65
Jan
Jan
2.69
Jan
Jan
Jan
12H
46c
Jan
Jan
1.49
Jan
Jan
30c
Jan
Jan
Jan
1.02
Jan
Jan
15c
Jan
Jan
47c
Jan
Jan
200
Jan
Jan
14c
Jan
Jan
23o
Jan
Jan
38Hc
Jan
18c
Jan
Jan
45o
Jan
Jan
17Hc
Jan
Jan
1.25
Jan
Jan
Jan
5o
Jan
Jan
3 44
Jan
Jan
16c
Jan
35o
Jan
Jan 30Hc
Jan
Jan
Jan
15% o
Jan
Jan
87c
Jan
Jan
72c
Jan
Jan
19Hc
Jan
Jan
50c
Jan
Jan
2.25
Jan
1.35
Jan
Jan
Jan
94c
Jan
Jan
59%
Jan
Jan
19o
Jan
Jan
94o
Jan
23Hc
Jan
7 He
Jan
Jan
Jan
8.15
Jan
Jan
Jan
60o
Jan
8.60
4.85
Jan
Jan
16c
Jan
Jan
44c
Jan
Jan
Jan
Jan
Jan 42Hc
Jan
Jan
2.03
Jan
Jan
75c
80c
83o
85c
1.50
12c
Jan
Jan
Jan
26o
Jan
1.18
2.00
23c
Jan
Jan
Jan
3.25
17,811
20c
14,550
45o
11,700
1.60
31,570
64o
58,350
218,950 4 He
65c
28,700
4o
127,300
1.25
10,975
2.68
11,240
7,164
73H
9c
92.96G
13,900 72Hc
8.75
43,720
6c
316,916
72c
151,810
13o
175,800
3.70
13,080
30c
33,25C
1.07
786,350
2.10
51,315
109,600 2Hc
Jan
68o
Jan
68o
Jan
8.00
19,680
6.00
2,890
1.58
27,350
4.00
18,285
1.29
85,775
1.30
1,300
70c
5,600
15e
10,400
5.00
11,640
1.25
45,475
1.20
23,550
36o
307,670
3,100 43 Ho
2.25
14,360
76c
4,235
Jan
8.80
Jan
Jan
6.75
Jan
600
3.95
Jan
Jan
25o
Jan
62c
Jan
Jan
1.77
75c
Jan
Jan
8c
Jan
Jan
88c
Jan
Jan
8Ho*
Jan
Jan
Jan
Jan
Jan
1.49
Jan
3.25
Jan
79%
Jan
Jan
14o
Jan
Jan
90c
Jan
Jan
13.25
Jan
Jan
12o
Jan
Jan
1.05
Jan
Jan
19c
Jan
Jan
4.00
Jan
Jan
40c
Jan
Jan
Jan
Jan
1.38
Jan
Jan
2.50
Jan
Jan
3%c
Jan
Jan
1.82
Jan
Jan
4.50
Jan
Jan
1.47
Jan
Jan
1.55
Jan
Jan
80e
Jan
Jan
48o
Jan
Jan
5.85
Jan
Jan
1.60
Jan
Jan
1.35
Jan
Jan 45 Ho
Jan
49 He
Jan
Jah
2.40
Jan
Jan
94c
Jan
80o
Jan
67c
70c
70c
7,600
70c
Jan
Sherrltt-Gordon
3.20
3.10
3.35
118,730
2.92
Jan
3.60
Jan
6.30
6.15
5.00
Jan
6.65
Jan
2.06
1.92
6.65 102,658
2.15
66,345
1.90
Jan
2.24
Jan
6c
3Hc
5c
3Hc
Jan
80o
80c
80c
62o
Jan
4Ho Jan
Jan
80c
.....
6.50
Jan
1.13
Jan
1.57
6%c
1.50
....
Southwest Petroleum
Stadaoona-Rouyn.
.
.
....
7%c Jan
7.00
1.27
Jan
Jan
Jan
Jan
Jan
Jan
1.83
7%c
1.66
Jan
Jan
Jan
Jan
1.27
Jan
33o
Jan
1.30
Jan
1.50
Jan
1.50
Jan
1.70
Jan
60c
Jan
70c
Jan
19c
Jan
25c
Jan
7.90
Jan
9c
2,600
2,270 11%
5c
92,600
Jan
Jan
Jan
8.95
10%c
12
6%c
Jan
Jan
24c
30c
Sudbury Basin
Sudbury Contact........
5.90
5.90
6.20
39c
45c
40c
Sullivan Consolidated....
2.16
2.12
2.23
Sylvanlte Gold..—.....
4.20
4.05
4.25
88,296
13,300
197,675 90 He
21c
151,300
5.90
5,566
35c
41,900
1.99
63,895
3.75
27,015
17o
132,502
5.35
ll,81u
2.00
32,125
4.05
4,645
1.30
47,700
Jan
1.31
Jan
31c
Jan
6.25
Jan
Jan
Jan
Jan
40Ho
2.23
4.25
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
20c
17c
21c
Teck-Hughes Gold
Texas-Canadian
5.65
5.55
5.65
2.10
2.00
2.25
Toburn Gold
4.20
4.15
4.35
Towagamao Exploration.
Teadwell-Yukon
1.48
1.47
1.60
75o
75c
500
650
Ventures...............
2.93
2.90
3.10
2.90
Wayside Consolidated -60
White Eagle
Wiltsey-Coghlan
6c
5Hc
3Hc
7c
20,205
48,200
127,350
6o
Jan
7HC
Jan
Jan
3Ho
5Hc Jan
5c
Jan
Tashota
Gcldflelds......
Wood-Cadlllao
Wright-Hargreaves
Ymir Yankee Girl
Jan
Jan
1.31
29%c
...
25c
1.05
St. Anthony Gold.......
...
Jan
16 %o Jan
Jan
He
1
42C
3%c
5%c
17%c
90c
6%C
6c
6%c
Jan
Jan
*
Buffalo Canadian..
14c
Jan
1.79
*
Shawkey Gold..........
Sheep Creek
50
Sladen Malartio.
85c
1.57
—...1
High
9%c
9%c
Base Metals
Buffalo Ankerlte
Low
15,750
4,200
1.60
BRX Gold Mines- ...50c
San Antonio
Jan
Slscoe Gold
Range Since Jan. 1, 1937
lOo 1 6,400
9c 16Hc 1062200
1
Aldermac
2.25
44c 49 He
2.40
2.25
South Tiblemont
1
Alexandria Gold—
for
Week
of Prices
39c 44Hc
49%c
...
Royallte Oil.
Jan. 16 to Jan. 22, both inclusive, compiled from official sales lists
Friday
43c
.......
Roche-Long Lac
Exchange—Mining Section
1.47
300
3.60
Morris-Kirkland
Jan
Jan
Jan
1.10
3.70
Murphy Mines
Naybob Gold
1.43
2.00
15c
20c
Jan
Jan
1.85
......
43c
Jan
1.02
....
Jan
Jan 19 He
21c
Min to Gold
Jan
4.50
ian
Jan
1.02
Moneta-Poroupine
Jan
1.66
Jan
17c
2.00
Model Oil
75c
1.75
Jan
15o
McWatters
........
200
Jan
77,350
31,575
Mentor Explor
Merland Oil..
Mining Corp
15c
15o
64,500
7,577 13Ho
55c
134,375
60c
35,150
2,090 16% o
43c
19,000
1.00
5,730
1.06
138,780
91o
6,200
56 H
5,848
14c
103,300
80o
8,095
129.882 18Hc
6c
44,900
7.05
16,390
37c
23,000
7.75
14,955
4.00
4,968
10c
363,750
25c
110,600
38o
2,851
1.78
82,825
Jan
14% C
17Ho 19Hc 180,750
Pamour-Porcupine
Paulore Gold Mines..
CO.
BONDS
75o
20c
Pacalta
STOCKS
2.03
24c
.......
F. O'HEARN
1.84
75c
Jan
52%
100
Robt Simpson pref
4054c 41Hc
1.93
Jan
80
Rogers Majestio Corp Ltd.
Shawinigan
*
Standard Paving
*
Prairie Cities Oil
40 %c
McKenzie Red Lake.....
65
1,249
2,375
22c 23 He
25c 32 He
27M
3
90c
30c
Jan
57
83c
May Spiers Gold Mines..
Mclntyre Porcupine
Jan
5
Preferred
Maoassa Mines.
Jan
3
34
88c
Lowery Petroleum
100
*
North Star
56 He 5754c
14c
18c
Lebel Oro
60c
17
32
32
116
57c
Jan
63
1,545
60c
95
*
*
18%
........
14%c
200
16%
80
Int Metal Indust pref..100
Int Metal Indust....
120
es
Lamaque-Contaot
Lava Cap Gold
140
14%
77
Humberstone
116 %c
3%
70
60c
16Hc
17c
13%
Jan
114
64c
Jan
Jan
16%
87c
60c
Jan
16
16%
115%
16%
70c
60c
1.60
67
*
15c 15Hc
73c
.....
12%
5
Dom Tar A Chemical
18c 30 He
175
30
115
►
1.20
13,995
17
119
Hamilton Bridge
...*
Hamilton Bridge pref.. 100
Honey Dew
*
25
70
*
100
50
16
Foundry & Steel
Preferred
395
70
16
"
*
*
....
HIghwood Sarcee
Hohlnger Cons..........
Jan
*
.100
Preferred
Jan
18%
♦
DeHavlland.
8%
10
34
2%
100
Crown Dominion Oil.
Jan
935
Consolidated Sand pref 100
Corrugated Box pref
7%
505
1
Jan
1.13
19%
24%
2%
13%
*
17c
Jan
74 He
2.14
2.85
37
24%
16Ho
.......
3.60
Jan
3%c
13%
Canadian Wire Box A....*
Consolidated Press
1,420
9%
45c
Jan
Jan
2.98
18%
23%
9%
390
High
2.60
58,200
420
35,620
1.84
27,895
1.60
1,630
1.46
16,960
4.25
16,695
49,050 31Hc
1.20
9,560
1.28
19,470
23,200 6Ho
24o
16,100
3.30
1,200
1.80
43,299
1.85
50,185
2.52
15,380
48
1,983
•fc
120,450
40c
125,750
1.20
100,035
2.32
29,505
6,040
11H
1557520 20Hc
1.15
57,405
24Hc
52.80C
87c
30,609
10c
7,500
41c
38.30C
10c
25,200
11c
38,050
18c
60,050
140,976 23 Ho
7o
109,000
35o
126,200
12c
9,000
1.05
28,670
26,200 3Hc
2.85
31,990
16c
1,400
4%c
35%
9%
18c
Low
Jan
'"TIB
19
*
*
Canadian Marconi
10
8%c
39c
Hargal Oils
Range Since Jan. 1, 1937
10,175 12 Ho
Haloro w-Sway ze
37
*
Canada Malting
Canada Vinegars
8%
9%
14c
Greene Stabell
Harker Gold...
Bruok Silk
28o 38 %c
Shares
Hard Rook
Range Since Jan. 1, 1937
Week's Range
Sale
38 %c
.......
Grull-Wlhkane
Gunnar Gold
Sales
Last
...
Grandoro
compiled from official sales lists
Friday
Dom
2.75
50
12%
.100
Huron
A
2.55
49
11H 1U%
Francoeur Gold Mines Ltd
Canada Permanent
20%
3.50
1.82
2.25
Federal-Klrkland
Loan and Trust—
3.45
2.07
2.27
...
206
265
1.63
4.45
Central Porcupine
.100
.100
1.70
1.46
4.25
Jau
Dominion........... .100
Royal
1.62
2.03
18%
Cons Chlbougamau
Dark water Mines Ltd
Toronto
1.80
\ 1.46
Conlaurum
Commerce
3.60
58c 74%c
738
60
57%
2.95
106%
Conlagas
58
13o 14%c
Jan
Bank*—
Canada..
3.50
74%c
High
Jan
15
489
60
Jas) pref. 100
19
Pricel Low
17%
105%
1,935
44
40
Jan
for
Week
2,144
18 %
10
7%
18%
Par
of Prices
Jan
105 % 106
10
7%
9%
»
.
17%
17%
.100
B
12%
88
12
Western Can Flour pt. .100
New preferred
19%
48%
8
19%
*
Western Can Flour
47%
19%
11%
88
*
Preferred
12,980
5,010
4,257
1,343
17%
47%
*
com
(Hiram) com..
19
18H
8H
...
Stocks (Concluded)
High
Low
Week's Range
Sale
High Shares
Low
Sales
Last
Week
Price
Exchange—Mining Section
Friday
for
of Prices
»
Gas
Toronto Stock
Range Since Jan. 1 1937
Week's Range
Sale
Union
Listed and Unlisted
Sales
Last
Par
-
Exchange
Friday
Stocks (Concluded)
595
Chronicle
Financial
144
»
No par value.
-4%o
14c
53c
7.90
36c
5c
llHcl6Hc 204,675
49c
55c
64,050
7.80
8.10
18,072
37c
36c
4,900
45c
24H0
Jan
5.65
Jan
2.35
Jan
Jan
4.60
Jan
Jan
1.65
Jan
Jan
75o
Jan
Jan
3.19
Jan
Jan
Jan
16Ho Jan
57o
Jan
7.65
Jan
8.10
Jan
34c
Jan
37o
Jan
Financial
596
New York
Jan. 23. 1937
Chronicle
New York Trust Companies
City Bonds
Par
Bid
Ask
Bid
106
July 11975.
May 11954.
107%
109% 110%
Nov
11954.
109%
Mar
11960.
109% 110%
109% 111
113% 115
Jau 151976.
11975.
May 11957.
July
115% 117
116
117%
116
117%
119% 121
120% 122
11958
Nov
May lioor
May 11077.
11080.
Oct
111
Mar
11062.
119% 121
120
121%
Mar
11064.
a4%8
04%s
<*4%s
a4%a
Apr 11966
Apr 151972
June 11974........
Feb 151976
a4%s Jan
11977
«4%s Nov 161978
a4%s Mar 11981
a4%s May 1 A Nov 1 1957
a4%sMar 11963
a4%s June 11965........
a4%s July 11967........
af%s Dec 151971
a4%sDeo 11979
121
123
As*
122%
124%
124
125%
124% 126%
124% 126%
125% 127
126% 128%
122%
123%
124%
125%
124
125%
126
105
115
Empire
-10
Bk of New York A Tr..l00
490
493
Fulton
.100
Guaranty
Ask
31%
30%
252
262
354
359
10
74%
76%
20
....7
100
10
12
Irving
10%
11%
Kings County
143
148
Lawyers
20
134
137
Manufacturers
Chemical Bank A Trust. 10
Clinton Trust
.50
70
72
95
99
New York
16
18
Title Guarantee A Tr. -20
18%
69%
19%
Underwriters........
95
70%
United States........
1985
Bankers.
Bank of
.........
Slcllly
Bronx County..
Brooklyn.
Central Hanover
Colonial Trust
126%
128%
129% 131%
127
Bid
Par
Ask
Bid
Banca Comm Italiana. 100
..25
Continental BcnkATr.10
.....
18%
17%
1735
.100 1690
51
-25
66
56
20
Preferred—
55
64
-25
.......
58
144% 147%
16
15
105
2035
120% 122
Sept 11060.
20
Corn Exoh Bk A Tr
Chicago Bank Stocks
Par
New York State Bonds
Bid
Bid
Ask
62.40
—1 %
3s 1981...
62.50
—1%
Canal A Highway—
5s Jan A Mar 1946 to '71
62.70
A
3s 1974
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
Can A Imp High 4%s 1965
-
-
-
-
•"
-
-
136
-
-
-
As*
War Bonus—
4%s April 1940 to 1949.
Highway Improvement—
4s Mar A Sept 1958 to '67
136
133%
World
Canal Imp 4s JAJ'60 to '67
Barge O T 4s Jan '42 to '46
Barge C T 4%s Jan 11945
Par
Ask
Bid
Bid
Ask
100
315
320
Harris Trust A Savings. 100
420
440
Northern Trust Co
820
860
First National
American National Bank A
—100
Continental Illinois Bank A
270
33 1-3
206
210
154
158
Trust
Trust
61.90
ex-Stock dividend
mmm
100
128%
128%
114
Hartford Insurance Stocks
117%
BOUGHT
—
SOLD
—
QUOTED
Port of New York Authority Bonds
Bid
Ask
Bid
108 % 109
Bayonne Bridge 4s series O
1939-53
JAJ 3
8%s '65
105
Gen A ref 3d ser 8%s '76
Gen A ref 4th ser 38.1976
105%
105%
Inland Terminal
105
1937-1941
MAS
102%
1942-1960.-
MAS
Pert of New York—
Gen A ref 4s Mar 11975.
Gen A ref 2d ser
....
Holland Tunnel
George Washington Bridge
4%s ser B 1940-53.MAN
4%s
4%s
1942-1960
114%
ser
-
PUTNAM & CO.
Ask
Members
107
6
D
60.70
2.00%
110% 112
Tel.
York Stock Exchange
New
HARTFORD
CENTRAL ROW
A. T. T. Teletype
5-0151
—
Hartford 35
E
..MAS
MAS
1937-1941..
113
ser
106
60.50
114
1.75%
115%
Insurance
Companies
■
'7
United States Insular Bonds
Phllllpplne Government—
Bid
108% 110%
U S Panama 3s June 11961
120
108% 110%
1959
4%s July 1952
5s
April 1955
5%8 Aug
103
4%s July 1958
d3.75
111
114
5s July 1948
112
113% 115%
1941—
Hawaii 4%s Oct 1956
U 8 conversion 3s 1946
3.50
113%
111% 113
Conversion 3s 1947
117% 119%
3.00
122
101
1952
Feb
101%
111
Par
Ask
Home
115
5
....
Home Fire Security
Homestead Fire
.10
Aetna Life.
28
48%
29%
Agricultural......... -25
87%
90
Importers A Exporters...5
American Alliance
Ask
Govt of Puerto Rico—
4%s Oct
58
Bid
Ask
d3.50
100
Bid
Par
Aetna Casualty A Surety 10
Aetna Fire
—10
Honolulu 5s
4s 1946
;V'/
23%
38%
24%
Ins Co of North Amer—10
41
Knickerbocker....—..—5
12%
Lincoln Fire
13
13%
14%
86%
89%
32
34
American of Newark.. -2%
American
112% 113%
—10
American Equitable.. ...5
American Home
..10
Re-Insurance. 10
46%
—10
—.—.5
Maryland Casualty .....1
Mass Bonding A Ins..12%
American Surety
Automobile
8s 1955 opt 1945
3s 1056 opt 1946
JAJ
JAJ
MAN
8s 1956 opt 1946
8%s 1955 opt 1945..MAN
48.1946 opt 1944
JAJ
Bid
Ask
Bid
103% 103%
103% 103%
103% 103%
104% 105%
111% 112%
48 1957 opt
1937....MAN
48 1958 opt 1938
MAN
4%S 1957 opt. 1937 MAN
4%S 1958 opt 1938..MAN
102%
103%
1013is
105%
Ask
59
61
—10
30%
32%
National Casualty
Baltimore Amer
Federal Land Bank Bonds
-25
Meroh Fire Assur com.2%
Merch A Mfrs Fire New'k5
-2%
9
10
National Fire
Bankers A Shippers.. —25
Boston
.100
109
112%
National Liberty
693
705
National Union Fire
American Reserve..
10
.
102%
104%
Camden Fire
22%
Carolina
29
101%
City of New York I..
106
Connecticut Gen Life. -10
10
Continental Casualty. —.5
Eagle Fire..
-2%
Employers Re-Insurance 10
Excess...
Joint Stock Land
Bid
Atlanta 5s
100
California 5s
mm
n
...
-
86
Denver 5s
Lincoln 5s
95%
-
-
88%
Louisville 5s...
Mississippi-Tennessee 5s..
100
New York 5s
mmm
mmm
North Carolina 5s
99% 100%
Ohio-Pennsylvania 5s...
Oregon-Washington 5s..—
64
99% 101
92
96
Paclfic Coast of Portland 5s
First of Fort Wayne 4%s._
First of Montgomery 5s.._
99
101
93
First of New Orleans 5s.
96
98
Pac Coast of San Fran 5s..
100
First Texas of Houston 5s.
98% 100
•mmm
mmm
99% 101
Pennsylvania 5s
100
Phoenix 5s.
Potomac 5s
100
80
Fremont 5s
111
109
100% 102
Greenbrier 5s
100
Greensboro 5s.
100
85
St Louis 5s
—
«
-
-
.....
-
/27%
San Antonio 5s.
100
Southwest 5s
Illinois Midwest 5s
84
86
Southern Minnesota 5s
83%
/20%
99
101
Tennessee 5s
100
97
100
Union of Detroit 5s
100
97
...
100
.
30
36
New Hampshire Fire...10
New Jersey
20
30%
5%
Northern
New York Fire..—.
15%
36%
43
52%
145
17
38%
44%
54
2
24
27
12.50
100
104
North River...
2.50
27%
29%
Northwestern
Natlonal.25
134
137
Pacific Fire—
25
138
141%
Phoenix
Preferred Accident
93%
21%
97%
23%
14%
Pro vldenoe-Washington. 10
38
40
92
95
Reinsurance Corp (N Y)_2
33%
35%
Republic (Dallas)..——10
10%
25%
27
General Reinsurance Corp5
45
47
Rossla
12
......10
5
..5
11%
13%
211% 217
28
30
St Paul Fire A Marine..25
50%
Seaboard Fire A Marine..5
11%
23%
Seaboard Surety
33
35
80
Security New Haven...10
Southern Fire
10
34%
36%
Great Amer Indemnity -.1
Halifax
Fire
-10
48%
21%
76%
87%
28%
8%
22%
Hanover Fire
—10
36
-10
30%
Hartford Fire
-10
Hartford Steam Boiler -10
71
71%
Georgia Home
Glens Falls Fire
Globe A Republic
—5
—.5
—
15
-15
...5
90%
29%
.10
15
30
32
129
132
10
Springfield Fire A Mar. .25
Stuyvesant
.5
24
Sun Life Assurance
100
975
1025
38
Travelers
.....100
487
497
32%
U S Fidelity A Guar Co..2
US Fire
—4
28
73
55%
57%
73%
U S Guarantee
10
61
64
35%
37%
Westchester Fire
85%
21%
2.50
8%
9%
29%
••
100
Surety Guaranteed Mortgage Bonds and Debentures
100
99% 101
Bid
Allied Mtge Cos Ino—
All series 2-5s..r...1953
Joint Stock Land
15%
20%
66%
11%
82
29%
•
99
Virginia-Carolina 5s
Virginian 5s
65
13%
18%
64%
10
New Brunswick Fire..—10
8%
72%
62
140
2
19%
5%
- ...
--
Illinois of Montlcello 4%s.
Iowa of Sioux City 4%s...
Kentucky of Lexington 5s_
La Fayette 5s
69%
75
12%
Great American..
mmm
1
First Trust of Chicago 4%s
Fletcher 3s
7%
7
24%
8%
80
2d preferred
99% 101
100
73%
17%
4%
2
New Amsterdam Gas
51
6
20
24%
30%
7%
8%
47% 50%
128% 132%
22%
At*
42%
Firemen's of Newark.. —5
Fidelity A Dep of Md. -.20
Fire Assn of PhlladelphlalO
Globe A Rutgers Fire.
69
100
90
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s..
49
6
Harmonla..
100
99
First Carollnas 5s
_.
97
100
—10
4%
10
40%
Fireman's Fd of San Fran25
Franklin Fire....
-.5
Ask
100
Mary land-Virginia 5s...
^v:8r: V
100
Dallas 5s
—
......
100
Chicago 5s
Bid
80
65
Burlington 5s
Bonds
Ask
100
Atlantic 5s
Bank
Federal..
28%
34%
28%
10
Bid
Bank Stocks
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Bid
Ask
81
...
81
...
Nat Union Mtge Corp—
Series A 2-6s
1954
Series B 2-5S
Bond
Potomac
55
45
North Carolina
—.100
30
Associated Mtge Cos Ino—
Debenture 2-6s
1953
Cont'l Inv Bd Corp 2-5s '53
Dallas..
100
75
80
Pennsylvania
—.100
16
20
Contl InvDeb Corp 2-6s'53
47%
49%
Denver.......
100
10
14
Potomac
42
46
..100
73
78
San Antonio
55
60
Empire Properties Corp...
2-3s.....
1945
48
51
.100
3
8
40
1954
Corp
58%
81
ASk
mmm
mm —
(all
78
43
Par
Atlanta...
Bid
100
Atlantic
Des Moines
First Carolines....
Fremont.
35
100
:
40
.100
2
Ask
40
4
Par
Lincoln..........
Virginia
Virginia-Carolina
Bid
27
%
.
....100
Ask
8
5
46
1
52
Federal I ntermediate Credit Bank Debentures
Interstate Deb Corp 2~5s'55
Mortgage Bond Co of Md
Inc 2-5s
...1953
Nat Bondholders part otfs
(Central Funding series)
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-6S.1953
issues) 2-5s—
52%
79
54%
1953
1953
2-6s
Potomac Deb
Corp 2-6s '53
F I O
1%8
Feb 15 1937
1937
1937
FIClHs—May 15 1937
FIC l%s.—June 15 1937
FIO l%s_..Mar 15
F I C l%s
Apr 15
Ask
Bid
5 .35%
6.40%
6.45%
1953
2-6s
FIC l%s_._Deo
Par
ture Corp 2-Gs
80
1953
Atlantic
70%
...
Debenture Corp 2-6s '53
47%
49%
Potomac
/36%
78
47%
38%
-
-
-
49%
Realty
Realty Bond
A Mortgage
deb 2-6s
1953
Par
Bid
Ask
Par
Bid
36
36
Merchants Bank......100
100
62
68
65
National Bronx Bank...50
National Safety Bank. 12%
Ask
50
Bensonhurst
Chase
City (National)......12%
Commercial National.. 100
51%
5§"%
46
48
214
220
Fifth Avenue
990
100
First National of N Y..100 2225
Flatbush National. ....100
37
Klngsboro National... 100
65
115
18
20
10
15
17
Peoples National.......50
74
Penn Exchange...
Publio National.
Bid
Par
Ask
Am Dlst Teleg (N J) com. *
Preferred.
.100
Bell Telep of Canada.. 100
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
National..50
.13.55
49%
47%
49%
41
43
Bid
Ask
Telephone and Telegraph Stocks
15 1937 6.75%
New York Bank Stocks
v.
47%
Potomac Maryland Deben¬
Ask
FIC l%s....Oct 15 1937 6.65%
FIC 1%8—Nov 15 1937 6.70%
6.50%
49%
49%
FIC l%s
July 15 1937 6.50%
FIC i%s.__Sept 15 1937 6.60%
6 .45%
47%
47%
Potomac Franklin Deb Co
Unified Deben Corp 5s '55
Bid
mmm
Potomac Cons Deb Corp—
mmm
127
129
New York Mutual Tel. 100
134
135%
N'west Bell Tel pf
158
161
Pac A Atl
Bell Telep of Pa pref—100
Clncin A Sub Bell Telep.50
Cuban Telep 7% pref—100
122% 123%
Emp A Bay State Tel—100
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph... 100
Lincoln Tel A Telegraph.*
51
53
Mtn States Tel A Tel..100
1015
Sterling Nat Bank A Tr.25
45%
47%
New England Tel A TellOO
2265
Trade Bank
25
98
50
65
page
Preferred A...
..100
25
28
105% 106%
20
22
29%
110%
112
112
116
30%
m9mtm
mmm
Rooh Telep $6.501st pf 100
47
99
101
So A Atl Telegraph.....25
96
101
Sou New
22%
24
S'western Bell Tel pref. 100
151% 153%
137% 139%
42
For Footnote see
Telegraph—25
Peninsular Telephone com*
43
35
..25
12%
100
6% % 100
599.
159
161%
123% 124%
Wisconsin Telep 7% pf.100
114
Engl Telep...100
116
Volume
Financial
144
597
Chronicle
Quotations on Over-the-Counter Securities—Friday Jan. 22—Continued
RAILRO AD BONDS.
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
QUOTED
.
Monthly
Earnings and Special Studies
3o$«pb Walkers Sons
Msmbtn Njrw York
Members New
Tel. REctor
41 Broad St., N.
GUARANTEED
NEW YORK
e. sloane & co.
john
Slock Excbang*
Dealer* in
120 Broadway
Y.
Bulletin
Request
on
-
York
Security Dealers Association
HAnover 2-2455
-
Bell Syst. Teletype NY 1-624
2-6600
STOCKS
nee 1855
\
Railroad
Bonds
Guaranteed Railroad Stocks
Asked
Bid
(Guarantor
n
Parenthesis)
Dividend
/
■
V.">.
'-7,
V
Par
Asked
Bid
102
105
183
Boston A Albany 1st
6.00
no
113
2.00
42
44
....
4Hb. April 1, 1943
Prior Hen 4s, 1942.
8.75
145
150
8.50
149
154
2.85
102
6.00
103 H
98
3.50
90
92
50
2.00
51
63
90
95
105 H
104
58
4.00
.
87
90
4Hs, 1944
Buffalo Creek 1st ref 5s. 1961
,100
.
72
85
Convertible 5s, 1940-45
4%„ -100
—
109
88 H
..100
100
stamped
Chicago Cleve Clnn A St Louis pref (N Y Central) 100
50
Cleveland A Pittsburgh (Pennsylvania)
—
103
...
Prior lien
-100
(New Haven)
.
101
Boston A Maine 3s, 1950
10.50
50
100
'
106
Birmingham Terminal 1st 4s, 1957
100
76
98
70
6.00
175
76
74
6s, 1945
Augusta Union Station 1st 4s, 1953.
-100
Central)—
Albany A Susquehana (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Alabama A Vlcksburg (Illinois
Boston A Providence
in Dollars
74
Akron Canton A Youngstown 6)48.1945
Canada Southern (New York Central)
Carolina Clinchfleld A Ohio (L A N-A C L)
Common 5%
Betterman stock
,
5.00
_____
Cincinnati Indianapolis
25
2.00
47H
50
-100
5.50
91
Central)
Georgia RR A Banking (L A N-A C L)
197
203
10.00
__
79
-100
4.00
76
100
Lackawanna RR of N J (Del Lack A Western)
60.00
950
Michigan Central (New York Central)
_____
3.875
65
08
New York Lackawanna A Western (D L A W)_. -100
5.00
97
100
...50
4.00
103
4.00
62
67
60
4.60
70
74
Morris A Essex (Del Lack A
Northern
50
Western)
(Pennsylvania)
Central
1952
A Western 1st 5s. 1965
Cleveland Terminal A Valley 1st 4s, 1995
Northern RR of N J (Erie)
Oswego A Syracuse (Del Lack A Western)
98 H
72 H
71
Georgia Southern A Florida 1st 5s, 1945
Goshen A Deckertown 1st 5 His, 1978
98 H
101H
106
94
96
Kanawha & West Virginia 1st 5s, 1955
102
104
Kansas Oklahoma A Gulf 1st 5s,
103H
/31
105H
104%
105
107 %
Hoboken Ferry 1st 5s, 1946
—
1978
Little Rock. A Hot Springs Western 1st 4s, 1939
Long Island refunding mtge. 4s, 1949
Macon Terminal 1st 5s, 1905
Pittsburgh Bessemer A Lake Erie (U S Steel)
3.00
84
172
178
192
101H
57
60
99
101
76
*82"
98 H
100
88
7.00
81H
99 %
Montgomery A Erie 1st 5s, 1956
43
1.50
50
,
—
Pittsburgh Fort Wayne A Chicago (Pennsylvania) -100
33
106 %
79
Maryland <fc Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Preferred
103 H
100 H
102
95
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y
60
Choctaw A Memphis 1st 5s,
_____
93 H
62
91
Chateaugay Ore A Iron 1st ref 4s, 1942
100
7.00
190
Hudson)....
St. Louis Bridge 1st pref (Terminal RR)
Second preferred
0.82
107
HO
6.00
148
_____
3.00
74
Tunnel RR St Louis (Terminal RR)
6.00
148
(Pennsylvania).. -100
10.00
255
259
100
(DL&W)
-100
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (Illinois Central). ..100
0.00
91
95
5.00
98
5.00
87
90
6 00
91
94
t
A St Louis 4s, 1946
New York A Hoboken Ferry general 5s, 1940
Piedmont and Northern Ry. 1st mtge. 3%s, 1966...
Portland RR 1st 3Hs. 1951
New York Chicago
Preferred
.
—
Rensselaer A Saratoga (Delaware A
United New Jersey RR A Canal
Utloa Chenango A Susquehanna
,
Preferred
_____
73 H
94 H
Rock Island Frisco Terminal 4Hb. 1957
97 H
98 %
St Clair Madison A St Louis 1st 4s, 1951
96 H
Shreveport Bridge A Terminal 1st 6s, 1955
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951...
90
Consolidated 5s, 1945
3.50
...50
(Pennsylvania)
49
53
Toledo Terminal RR 4Hb, 1957
3.00
Warren RR of N J (Del Lack A Western)
West Jersey A Sea Shore
77
_____
93
72
67
69
Toronto Hamilton A Buffalo 4Hs,
74
97
95
114
.........
1906
98
......
72
115H
103
99 H
...
Washington County Ry 1st 3Hs. 1954
67
05
...
EQUIPMENT TRUST CERTIFICATES
UTAH POWER A LIGHT COMPANY
Quotation*-Appraieal* Upon Requeat
$7 CUMULATIVE
Stroud & Company Inc.
Private Wires to
Bmtell Brothers
Philadelphia, Pa.
New York
EST.
members
n. y.
ONE WALL ST., N. Y.
exchange
Teletype N.Y. M146
Equipment Bonds
Bid
Coast
5s
Bid
lit
61.50
1.00
62.60
2.00
62.25
Line 4Hs.
Baltimore A Ohio 4%b
Atlantlo
1.75
3.00
5s
63.00
2.00
BHb
63.00
2.00
New Orl Tex A Mex 4Hs—
2.50
New York Central 4Hb.
1936-1944..
63.00
2.25
National 4HB-.
62.60
2.00
62.60
6fl
2.00
62.50
2.00
6s
3.00
62.40
2.25
63.25
63.75
2.00
62.40
63.25
3 He Deo. 1
Canadian
2.00
62.50
2.00
62.50
N Y Chlo A St. L 4Hs
6s
2.00
63.75
N Y N H & Qartf 4 Hb
Bat
3.00
63.75
3.00
Cent RR New Jer 4 Hs—
61.70
1.25
Northern Pacific 4Hs
61.50
1.00
Chesapeake A Ohio 6Hs-
61.00
0.50
Pennsylvania RR 4Hs
61.35
1.00
61.00
0.60
5s
41.25
0.75
1.25
4s series E due
62.50
2.C0
Canadian
Paelflo 4 Ha
6Hs_
4%B
a
68
Chicago A Nor West 4 Hb..
6s
Chic Milw A St Paul 4 Hb..
62.20
61.75
3.00
63.75
Jan A July 1930-49
1.00
63.75
3.00
64.75
2Kb series G
non
4.00
Pere
4.00
Reading Co 4 Hb
Marquette 4Hb
62.25
1.90
62 50
call Dec. 1 1936-50
64.76
84
84
Chicago Rid Pao 4Hs—.
6s
87
2.00
87
63.75
2.75
6s
63.75
2.75
5Hs
63.75
2.75
61.60
1.00
61.50
1.00
Denver A R G West 4H>8.
Erie RR 6Hs
6s
62.30
1.80
61.50
0.75
/98
/98H
99H
4Hs
68
100
58
/99
101
6s
—
St. Louis-San Fran 4s
5s
Southern Ry 4Hb
2.25
2.00
62.20
1.75
62.20
BHb
Southern Paelflo 4Hb
63.00
62.75
St Louis Southwestern 6s__
1.75
62.50
2.00
4HS
62.50
1.75
5s
62.25
1.76
5a
62.50
2.00
61.50
1.00
5Hs
61.25
0.75
62.00
1.00
62.00
1.00
62.00
1.00
Great Northern 4 Hb
6s
Hocking VallejvSa
61.50
1.00
61.25
0.75
Texas Paelflo 4s
4Hs
5s
62.30
1.75
6s
61.75
1.00
6Hs
61.50
1.00
Internat Great Nor 4Hs.
63.76
2.50
Long Island 4Hs
62.40
HJnols Central 4Hs
6s
Loulsv A Nash 4 Hb
58
Maine Central 5s
.
BHb
Minn St P A 88 M 4s
Union Paelflo 4 Ha
5s
68
61.25
0.75
102
102 H
103
61.20
0.75
6a
100
101H
63.10
2.50
5a
Western Pacific 5s
preferred
units—*
Bergen__100
Foreign Lt A Pow
Gas A Elec of
100
2.50
37 cum
preferred
0.50
100 H
101
2.75
36.50 cum
0.75
BHb
63.10
pref-.100
Columbus Ry Pr A Lt—
1st 36 preferred A...100
30.50 preferred B
100
Consol Elec &lGas $6 pref.
Consol Traction (N J) -100
Consumers Pow 35 pref-.*
0% preferred
100
6.00% preferred
100
Continental Gas A El—
7% preferred
100
Dallas Pr & Lt 7 % pref 100
Derby Gas A El 37 pref..*
Essex-Hudson Gas
100
Federal Water Serv Corp—
30 cum preferred
—
Cent Pr & Lt 7 %
0.50
5s
63.75
pref--.25
pref—*
6% preferred
*
Cent Maine Pow 0% pf 100
37 preferred
...100
$6 preferred
—100
Buff Niag A E pr
Carolina Pr & Lt 37
61.25
1.50
Western Maryland 4H8—-
pref—*
Arkansas Pr & Lt 17 pref.*
Assoc Gas A Elec orig pref *
30.50 preferred
*
37 preferred
*
Atlantlo City El 36 pref..*
BangorHydro-El 7 % pf 100
Birmingham Elec 37 pref. *
Alabama Power $7
61.10
0.75
Wabash Ry 4Hb
Par
61.10
61.20
For footnotes see page 599.
_
Virginian Ry 4Hs
BHb
A
:
62.25
1.75
Public
A$k
63.75
Missouri Pacific 4Hs-—
5s
Boston A Maine 4Hs
Tel. DIgby 4-2800
1908
stock exchange
and n. y. curb
Railroad
PREFERRED
62.10
1.75
62.10
1.75
63.75
2.75
63.75
2.75
Gas...100
Idaho Power 30 pref
*
7% preferred
100
Illinois Pr & Lt 1st pref—*
Interstate Natural Gas—*
Interstate Power 37 pref--*
Jamaica Water Sup pref-50
Jer Cent P A L 7% pf—100
Kan Gas & El 7% pref. 100
Kings Co Ltg7% pref—100
Long Island Ltg 6% pf-100
7% preferred
100
Memphis Pr A Lt 37 pref »
Par
10
17
Mississippi Power 36 pref—
37 preferred
Mississippi P A L 36 pf...*
32
33 H
Miss Riv Pow
33
35
Mo Pub Serv 37 pref
85 H
93 X
87 H
94%
114 H
...
137
...
84 %
24 %
6% pref.100
100
Mountain States Pr com..»
Bid
72 X
Ask
80 X
77%
84%
81H
83
114 H 110
1BH
17H
8
6H
54
57
46 H
48
25 H
100
Nassau A Suff Ltg pref-100
Nebraska Pow 7 % pref .100
111% 114
Newark Consol Gas
86 H
7%
preferred
97 Hi
96
98 H
wix
vox
92H
87
89
100
123
New Eng G A E 5H% pf-*
54
55
N E Pow Assn 6%
104
102
86%
87%
69 H
70 H
73
New
37
New
N Y
109 H 112
107 H 110
28 H
25 H
65 H
62 H
104 X
104
pref. 100
Eng Pub Serv Co—
prior lien pref
*
Orl Pub Serv 37 pf-.*
Pow A Lt 36 cum pf
115
98
101
Ohio Edison 36 pref.
107 % 108H
37
*
113
preferred
100% 102 H
Okla G A E 7%
7%
75 H
195
104 H 105%
113
105 H 106 X
111 H
72
...
7% cum preferred
100
Nor States Pr 37 pref. .100
Ohio Power 0% pref
100
Ohio Pub Serv 6% pf__100
105 H 106 X
preferred
..100
pref...100
114H
111* 112H
104 H 106 H
111 H
110
114H U7H
...
79
...
57
58 X
58%
60 X
Pacific Pow A Lt 7% pf 100
Penn Pow A Lt 57 pref...*
Philadelphia Co 35 pref—*
Pub Serv of Colo 7% pf 100
88
90
111 % 112H
95
92 H
108 H no
59 H
61H
95
...
122
...
H
X
Hamilton Gas Co v t o
Hudson County
Utility Stocks
Ask
Bid
Queens Borough G A E—
6% preferred..
100
Republic Natural Gas
1
6% preferred C
195
100
108H 110
Sioux City G A E 37 pf-100
109 X
Sou Calif Edison
...
891
91H
8H
7%
Rochester Gas A Elec—
pref B.25
105H 100 H
99 H
___
28 H
29H
'
69
South Jersey Gas A El. 100
32 H
34
Tenn Elec Pow 6%
22 H
24 H
67
54
97 H
113
...
99
...
pref 100
..100
Texas Pow & Lt 7% pf-100
Toledo Edison 7 % pf A 100
United G A E(Conn)7% pf
7%
preferred
193
...
71%
72 H
78
79
110
112
110
111 H
93 H
95 H
75
81
Utah Pow A Lt 37 pref..
-77%
78
79 H
Utica Gas & El 7 %
101H 103%
90
91H
Virginia
81
83 H
Ry
pf—100
100
160
78%
165
Financial
598
Quotations
Chronicle
Jan.
1937
23,
Over-the-Counter Securities—Friday Jan. 22-Continued
on
1
Securities of the
;
Associated Gas & Electric
ISO BROADWAY, NEW
OFFERINGS
American Water Works & Electric
CO.
Consumers Water Co.
Exchange
H. M. PAYSON & CO.
HANcock 8920
Direct Private
Telephone between New York and Boston
Bell System Teletype—N .Y. 1-1074
Bid
92 m
Ask
Bid
94 m
Federated Utll 5 His.
..
1957
Green Mountain Pow 5s '48
Houston Lt & Pow 3%s 66
Iowa Sou Utll 5His... 1950
97
95
Kan City Pub Serv 38.1951
70
71
Kansas Elec Pow 3 %s. 1966
53
56
Kan Pow & Lt 1st 4
93
Est. 1854
His '65
Keystone Telep 5 His. 1955
Assoc Gas & Eleo Corp—
43 m
46 m
Specialists in —
Ask
87
90
Water Works Securities
103 m
105
105%
'
mm
mm
mm
Complete Statistical InformaUoM--Inquirie8 Invited
101m 103 m
49
,■
52
SmRT.BRENT&Co.
100 m 100 m
109% 109%
INCORPORATED
103 % 105
44 m
45%
47%
53
48 m
54
86
-
..
91
-
95
-
_
53
—
—
-mm
62
—
mm
-
.
-
mm
mm
66
Angeles G & E 4s 1970
Louisville Gas A El 3 %s '66
Metrop Edison 4s ser G '65
Missouri Pow A Lt 3%s 66
Mtn States Pow 1st 6s 1938
.
105
58
40 EXCHANGE
Los
Montana Power 3%s_1966
.
54 m
—
—
---
59%
-
-
-
62%
-
-
«.
66 m
mmmL
102 m 103 m
105% 105%
104 m 104 m
107 m 108%
101m 102
99 %
99%
99
HAnover 2-0510
Tel.
Water Bonds
105m 105 m
Newport N A Ham 5s. 1944
New Engl Pow 3%s. -1961
N. Y. State E A G Corp.
106
1965
4s
Northern N Y Utll 6s. 1955
Ohio Edison
3%s
1972
102
102.
102 X
104
101m 102%
80
81m
1966
3%s C '66
Parr Shoals Power 5s. 1952
101m
84
85
86
87
-
Public Serv of Colo 6S.1961
107
85
106
Sioux City Gas A El 4s 1966
Sou Calif Gas 1st 4s... 1965
107
1966
108
108 m
Sou Cities Utll 5s A...1958
1966
3%s A.1961
104
104 m
Consol E & G 6s A...1962
72
74
66 m
69
67
6% secured notes.. 1937
Sinking fund 4%s.-1951
Consumers Pow 3%s.l966
Cumberl'd Co PAL 3%s'66
102
93
Ore-Wash Wat Serv 5s 1957
Penna State Water—
...
1st coll trust
103
60
62
Federal Pub Serv 1st 6s *47
/66m
---
96 m
105% 105%
1st mtge 4s
...1961
81m
105% 106
83%
84 m
194
86
100
Connellsville Water 58.193
105
Davenport Water Co 5s '61
97%
:
—
E St L A Interurb Water—
5s series A
Real
Estate Securities
1942
kt—''
—
O Orfcto
6s series B
102
104
102
1952
103%
BAKER & CO.
INCORPORATED
BArclay 7
1 Systen
1954
Bid
Alden 1st 6s
Jan 11941
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 6S.1941
B'way A 41st Street—
1st leasehold 6%s..l944
Broadway Motors Bldg6s stamped
..1948
Chanln Bldg Ino 4s...1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6S..1948
/49m
/53
/37
Ask
39"'
1st 68
Apr 28 1940
(The) 1st 6s...1941
6s................1947
/40%
Metropol Playhouses
/72m
75
69 m
70 m
72
500 Fifth Avenue—
6 His unstamped
S f deb 5s
1946
Munson Bldg 1st 6 Ms. 1939
N Y Athletic dub-
104 m
Joplin WW Co 5a
104%
104%
82 m
99 m
102""
1957
104% 106
94
96
Middlesex Wat Co 5 Ms '57
105 m
100M
ioIm
102
1949
103
104
Union Water Serv 5 Ms *51
101m 103
100
101% 102 M
N Y
Water Co—
6s series B..
I960
99m
-.1951
1950
101H
99 m
102
106
99
84 m
103
1960
Haute Water 6s B '56
106"
104
101
102
5s series C
1960
6s series A
1949
104m
103 m
103 m 105 m
80 M
79
101
54 m
39
/13m
91m
14 m
5 Ms series C-2
93 h
5Ms series F-l
5Ms series Q
N Y Title A Mtge Co—
5 Ms series BK
BURR & COMPANY INC.
/35M
Chicago
NEW YORK
-
-
Boston
57 WiHiam St.
/60%
/51%
/60
/52
63
53 m
62
86
89
/54
56
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
/33
Oliver Cromwell (The)—
1st 6s
.Nov 15 1939
/14
Chain
16
Store Securities $
35
46
......
/50
53
Film Center Bldg 1st 6s '43
/52
2nd mtge 6s
1951
103 E 57th St 1st 6s... 1941
40 Wall St Corp 6s
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
78
79%
165 Bway Bldg 1st 5Ms'51
Prudence Co
m
55
Chain Store Stocks
1 Park Avenue—
79
1st 8 Ms stamped... 1948
Fox Theatre A Off Bldg—
/42
1st 6 Ms
Oct 1 1941
Fuller Bldg deb 6s
1944
6 Ms unstamped
1949
/19m
45
5Ms double stpd... 1961
Realty Assoo Sec Corp—
5s Income
21m
84
81
/52
85
m
67
89 m
/68
59%
87 m
69 m
70m
61
84%
70
73
1943
84
86
1st fee A l'hold 6 Ms.1940
1945
6s
99%
62 M
65
Borland Shoe Stores.
59M
61
73 M
73 M
7% preferred
B/G Foods Inc com.
69
67
/53%
/57
Blckfords Inc
.
1st 5 MS
Flshman (M H) Stores...*
33
.
Preferred....
50
40
......
5%
16%
37
9%
51
Par
Kress (S H)
6% pref
11%
12%
20
23
6%% preferred
100
Murphy (G C) (5 pref.100
Neisner Bros pref
.100
107
Reeves
108
104
54
111
59
—
mm
mm
112%
10%
53
(Daniel) pref.. 100
preferred.
.100
6% pf .100
6% pref otfs
Schlff Co
104
22%
Ask
Bid
*
Miller (D Sons com.
.
.
24%
...
...
U S Stores preferred...100
107%
"
m mm
m'-mm
14
17
16%
11%
16%
15
109
19%
22%
100
84
91
Par
Bid
72
98
67
/29
31
Sugar Stocks
i
69
Eastern
Sugar Assoc
Preferred
Haytlan Corp Amer
/76M
18%
4%
14%
105
57
96
1st fee A leasehold 4s '48
Ask
36
100
7% preferred
59
1939
Oct 19 1938
16%
Kats Drug preferred.....*
Kobacker stores.:
..*
40
Bldg 1st 4s 1941
Walbrldge Bldg (Buffalo)—
1st 6 MS
Bid
105
United Cigar Sts
32%
Sherry Netherland Hotel—
1st 5Ms—.May 15 1948
/38
(Newark) 6s '37
48
616 Madison Av 1st 6Ms'381/38 M
61 Bway Bldg 1st 5 Ms 1950
/57
Syracuse Hotel (Syracuse)
1st 6 MS
Oct 23 1940 /70
Textile Bldg 1st 6s.
.1958
55
Trinity Bldgs Corp—
♦
_...*
Bohaek (H C) common..*
7% preferred
100
Diamond Shoe pref
.100
59
/31
/31
*
100
(2.50 conv pref
55
60 Park PI
2 Park Ave
59 M
Par
Roxy Theatre—
Savoy Plaza Corp—
Realty ext 1st 5 Ms. 1945
.
/51m
92
Westlnghouse Bldg—
102%
103
1st mtge 5s
1st mtge 5 Ms
Lexington Wat Co 5 Ms '40
Long Island Wat 5 Ms. 1955
N Y Eve Journal 6 Ms.1937
/52m
/36m
62d A Madison Off Bldg6s
....Nov 1947
1942
1936
102
99
103
37M
37
Ludwlg Bauman—
1st 6s (Bklyn)
IstS Ms (L I)
102 m 104
105
95
Kokomo W W Co 5S..1958
/36
44
1st 6s
.1947
London Terrace Apts 6s '40
103 m 105
1960
Western
1958
100
103% 104 M
5s series A
104m 106
Interstate Water 6s A.1940
43 M
/35
Llnooln Bldg Bio 5MS.1963
Loew's Theatre Realt Corp
Pittsburgh Wat 5s '55
98
101m 103
105 m
exarkana Wat 1st 58.1958
104
102 m 104%
37M
/42 %
1949
1st 4-5s extended to 1948
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 1937
'47
108
105
ino—
602 Park Ave 1st 6s...1941
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s...1950
Kelth-Albee Bldg (New
Rochelle) 1st 6s
1936
Lefcourt Manhattan Bldg
Sou
6s series A
Ask
/35M
let mtge 2s stmp Areg'55
1st A gen 6s
1946
99
East Ambassador Hotels—
1st Aref 5%s
1947
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 Legended..
60 Bway Bldg lBt 3s lno '46
1948
6s
1967
106 m 107 m
100
102
103
Metropolitan Corp (Can)—
Court A Remsen St Off Bid
Dorset
Bid
Majestlo Apts 1st 6S..1948
Metropolitan Chain Prop—
Scran ton Spring Brook
Water Serv 5s... 1961
erre
Jamaica Water Sup 5 Ms '55
5s
Certificates
St Joseph Wat 4s ser 19A'66
Scran ton Gas A Water Co
4 Ms..—1958
Spgfleld City Wat 4s A1956
102%
Indianapolis Water—
1st mtge 3 Ms
1966
Indianapolis W W Secure—
NY 1-588
Real Estate Bonds and Title Co. Mortgage
109
5s
1962
Illinois Water Serv 5s A '52
I
150 Broadway, N. Y.
2360
102
6s
1950
102 m
103 m
5s series B
103 m
Huntington Water 5s B '54
AMOTT,
Pinellas Water Co 5Ms '59
Pittsburgh Sub Wat 5s '58
Plaintleld Union Wat 5s '61
Richmond WW Co 58.1957
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
Hackensack Wat Co 5s '77
5 Ms series B
1977
Public Utilities—I ndustrlala—Railroads
101
Sedalla Water Co 5 Ms
«
Greenwich Water A C
5s series A...
1952
Reports-—Markets
100
1948
1st A ref 5s A
1942
5s series D
101
1948
Roch A L Ont Wat 58.1938
95 m
100
195
/, 6s series B
100
105
1st consol 4s
Roanoke W W 5s
Consol Water of Utlca—
Ms
98
101M 103
1950
Prior lien 5s
...1948
Phlla Suburb Wat 4s. .1965
103
4
101m 103%
1st consol 5s.
...
105
95
109
1st A ref 5s
HM O O
6s serlea A
1940
93
94
Peoria Water Works Co—
Commonwealth Wat (N J)
104 m 105
4%s_.1966
Penna Water Co 5s
.1941
126 m 127%
104 m 104 m
103% 103 h
101m 101%
1971
99
90
Ohio Valley Water 5S.1954
Ohio Water Servloe 5s.1958
102
Citizens Water Co (Wash)
5s_
.1951
100 m 101
89
90 m
104% 104 m
Cons. G E L A P
(Bait.) 3%s_
Newport Water Co 5s 1963
Ohio Cities Water 5 Ms '53
103 m 104%
107 m
69
107% 108
1962
6s series B
100 m
104 m 106
5s.
Southn Nat Gas Pipe Line
3 His series F
3 His scries G
Conn River Pr
99
105%
101m 102
104% 105%
92m
87
/10m
102 M 104%
New York Wat Serv 5a '51
105% 106 m
Pub Serv of N H 3 Ho D '60
Pub Utll Cons 5%s_._ 1948
106
12m
106 m 107
Central Public Utllity-
102 M
104 m
105 m
105
103
—
Pennsylvania Eleo 5s 1962
105% 106%
Pehn Telep Corp 1st 4s '65 106 m 107%
Peoples LAP 5 Ms...1941 /100
102%
Ask
100M 102
New Rochelle Wat 5s B '51
6 Ms
1951
106
104
101m 103%
102 m 102 m
-
Muncle Water Works 6s '65
New Jersey Water 5s. 1950
v.'.'1'"1;-'
104 m 104%
101m
Bid
Monmouth Consol W 5s '56
Monongahela Valley Water
5 Ms
1950
Morgantown Water 5s 1965
103 m
102 m 102 m
102 m 103 %
3%s series I
104%
105
102 m
103 %
Okla Gas A Elec 3%s_1966
Debenture 4s
1946
Ask
Bid
103% 103 m
Old Dom Pr 6s May 15 *51
Pacific Tel A Tel
PLACE, NEW YORK
Teletype: New York 1-1073
101
Narragansett Eleo 3 Ms '66
Pacific Gas A Elec Co
103 m 104 m
110
100
Tel. 2-3761
PORTLAND, MAINE
Utility Bonds
102 m 104
90
92
95
Co., Inc.
(Maine)
75 FEDERAL ST., BOSTON
YORK
COrtlandt 7-1868
Public
WANTED
Bonds of Subsidiaries
First Mortgage
System
S. A. O'BRIEN &
Members New York Curb
•'
1
1
*
44%
44%
1
78M
For
footnotes see
page
599,
Ask
45%
45%
1%
Par
Savannah Sug Ret com
West Indies Sugar Corp.-l
Bid
37%
7%
Ask
39%
8%
Volume
Financial
144
Quotations
599
Chronicle
Over-the-Counter Securities—Friday Jan. 22- Continued
on
Investing Companies
Merck & Co., Inc.
Molybdenum Co.
Administered Fund
Ask
12.26
*
28%
30%
Insurance Group Shares
1
1.30
1.43
Invest Co of Amer com. 10
Amer & Continental Corp.
Amer General Equities Inc
12%
13%
1.14
1.27
Am Insurance Stock Corp *
Assoc Stand Oil Shares..2
5X
6
Major Shares Corp
*
3%
7X
Maryland Fund Inc com..
10.50
11.58
Bankers Nat Invest Corp *
Basic Industry Shares
*
4
8%
4%
Trust.. 1
29.95
31.78
1
17.83
19.49
68"
Nation Wide Securities..1
4.92
5.02
38.72
Voting trust certificates.
2.17
2.33
Bank
1.96
Group Shares
Investors Fund C
2.12
1.78
1.92
48
46
16.48
Keystone Cust Fd Ino B-3_
16.82
24.22
26.59
'
Bought—Sold—Quoted
British Type Invest A
Bristol & Willett
1
N Y Bank Trust Shares
No Amer Bond Trust ctfs
4.70
5.10
48
53
2.91
Ml
-
4%
64%
No Amer Tr Shares 1953—
25
23%
Canadian Inv Fund Ltd. 1
Central Nat Corp cl A
*
1920
Investors
Mutual Invest Fund
36.20
Bullock Fund Ltd
Mass
5.49
48
1
Broad St Invest Co Ino
Members New
Bid
21.34
11.28
Amerex Holding Corp
Amer Business Shares
(N. J.) Com. & Pfd.
Established
Par
-
.
Institutional Securities Ltd
20.06
*
Affiliated Fund Inc
Interstate Natural Gas Co.
Amer. Dist. Tel.
Ask
Bid
Par
Climax
-
69
"
'
mm
—
—
—
—
—
WM
'
_*
6X
9%
Series 1955
3.82
Century Trust Shares...*
27.40
29.47
Series 1956
3.75
Consol. Funds Corp cl A.
Continental Shares pref
10%
12
18
19
Corporate Trust Shares
3.14
Class B
York Security Dealers
Association
'
115
Tel. BArclay 7-0700
Broadway, N. Y.
Bell System
Teletype NY 1-1493
Series AA
Par
American Arch
55 %
63%
Amer Box Board com
0%
18X
40%
41X
*
34%
36 X
National Casket
18%
Nat Paper & Type com...*
American Mfg 5% pref_100
83
American Republics com.*
17 H
Andlan National Corp
*
Art Metal Construction. 10
Beneficial Indus Loan pf_*
Bowman-BUtmore Hotels
1st preferred
*
100
34
105
91
5%
7%
Ohio
Yeast
100
88
Pharmacal
Norwich
53 X
51%
preferred
6
42
X
44%
*
22 X
25X
Leather
*
28
30
—*
43
44 X
Pathe Film 7%
25
27%
Petroleum
Preferred
100
124
pref
Climax Molybdenum....*
Columbia Baking com...*
40%
42 X
14
24
Crowell Pub Co
48
Scovill Mfg
22
14
2X
50
5%
4%
51X
25
Singer Manufacturing.. 100
350
147 X 155
100
51%
52 X
Standard Screw
50 %
52 X
20X
56 X
58 X
42X
.100
97 preferred
108 %
20 X
20 X
*
41X
64"
*
60%
64 X
100
119%
.
Preferred
.
Steel
com
Dixon (Jos) Crucible... 100
77
80%
Trico Products Corp
Tubize Ch«#llon cum
Douglas Shoe preferred. 100
Draper Corp
«
28%
32
88
91
United Piece Dye Works.*
»
7A
Foundation Co. For Bhs__*
American shares
*
3%
Galr (Robert) Co com
Preferred
8X
40 X
41X
22 %
*
11%
21X
24
1.10
19.12
20.94
15.28
15.78
5.15
17.40
11.27
Selected Industries conv pf
—
«. m
5.88
Selected Income Shares
---
—
4.30
Selected Cumulative Shs..
—-
-
•
5.45
75c
15.97
.
Selected American Shares.
2-64
3.77
4%
55c
Selected Amer Shs new
-
27%
m
-mm
29
12%
/
Spencer Trask Fund
*
23.28
24.00
5.40
Standard Am Trust Shares
4.50
4.75
8.05
8.90
Standard Utilities Inc...*
1.18
1.27
2.19
37.94
* 108.27
4.33
Super Corp of Am Tr Shs A
2.87
AA
....
44%
31.34
Fixed Trust Shares A
14.07
*
.
11.65
B
—
State Street Inv Corp
B
5.45
Fundamental Investors Ino
27.43
Fundamental Tr Shares A.
6.69
7.38
6.10
B
_
m
—
8.27
15.03
Supervised Shares
D
3.25
...
Trustee Standard Oil Sh-
---
8.02
\
mmrn
7.64
B
Group Securities-
'mmm
16.34
3.34
Trustee Standard Invest C
—
mmm
8.27
D
7.93
7.29
2.87
C
5.75
25.97
4.53
BB
tm
mm-
Foundation Trust Shares A
mmm
Agricultural shares
42 X
37 X
1.06
1.52
1.65
Trusteed Industry Shares.
1.59
1.76
2.32
2.51
U S El Lt & Pr Shares A..
1.73
1.88
B
3.44
3.54
1.07
1.17
Voting trust ctfs
1.26
1.34
1.81
1.96
Un N Y Bank Trust C3..
1.49
1.62
Un N Y Tr Shs ser F
Mining Shares
1.78
1.93
Wellington Fund
Petroleum
1.49
shares
Golden Cycle Corp..
Good Humor Corp.;
10
Graton A Knight com
*
100
63
66
Great Lakes SS Co com..*
40
42
100
42
45
Wilcox-Gibbs common..50
27
2%
3
Willys Overland Motors. .1
4%
3
...10
10X
23.50
1.62
1.88
Investm't
2.03
Bancamerlca-Blalr Corp..
12%
13%
Tobacco shares
1.20
1.31
First Boston Corp
48%
50
1
25
1.10
Incorporated Investors..*
Banking Corps
Schoelkopf, Hutton A
Pomeroy Ino com
1%
23
Huron Holding Corp
5X
2%
4%
2%
21.45
8
7
1.40
26.88
100
Great Northern Paper. .25
Klldun Mining Corp
1
3%
1%
1.87
Preferred
39 X
21%
1.73
Guardian Inv Trust com.*
106X 108X
21
RR Equipment shares
Steel shares
105
100
.96
Investing shares
46
31
Trusteed Amer Bank Shs B
Food shares
3X
2.08
Building shares...
24 X
1.92
Automobile shares
22%
2X
*
Welch Grape Juice com..5
7% preferred
100
West Va Pulp A Pap com. *
Preferred
.99
Merchandise shares
23 X
100
93 conv preferred
105
—
41%
103
pf. 10
Preferred
—
3%
Royalties Management
29.09
Warren North am—
8%
10 X
.*
Gen Fire Extinguisher...*
Gen Flreproofing 97 pf.100
IX
4
18
*
Chemical shares..
United Merch A Mfg com *
Flour Mills of America
-
35.31
21X
43 X
61
Dictaphone Corp
-
-
38%
25c
General Investors Trust.
17
*
Quarterly Ino Shares *nep.
Representative Trust Shs.
Republic Investors Fund. 5
Eqult Inv Corp (Mass).-5
Equity Corp conv pref
1
Fidelity Fund Inc
.__*
22
*
Dentists' Supply Co of N Y
-
2.04
43 X
com
—
3.56
D
21X
*
Stromberg-Carlson Tel Mfg
Sylvanla Indus Corp
*
Taylor Milling Corp
♦
Taylor Wharton Iron A
\
'
Dividend Shares
52 X
362
-
6.83
I
A.
Diversified Trustee Shs B.
C
101
2%
*
*
Remington Arms com
12
91 cum preferred
*
Columbia Broadcasting A *
Class B
*
98
1
Conversion
Publication Corp com
127
12X
*
Ohio Match Co
100
Canadian Celanese com..*
ser
45
Class A
-
—
34
112
i
Deposited Insur Shs A
Deposited Insur Sh ser B_
36
95
Northwestern
24 X
6
Deposited Bank Shs
New Haven Clock pf_._100
50
22%
Indust Serv cl A*
*
Preferred
48
"
22%
49 X
52 X
110X 113X
nx
10X
Muskegon Piston Ring
10
-
-
117%
36%
100
Common B shares
-
-
32
10
com
8% preferred
7% preferred
.100
Cumulative Trust Shares
20%
25
Bur dines Inc com
97
100
Preferred
110
100
Amer Maize Products
Bankers
114
preferred
3.83
Crura & Foreter Ins
IX
31
Mock Judson A Voehringer
American Hard Rubber—
8% cum preferred
American Hardware
100
IX
Merck & Co Inc com
18
l
29
Maytag warrants
58 X
Ask
Bid
1
Ask
»
-.100
American Book
Par
42
Blass B
3.83
Series ACC mod
Bid
77
Securities
Plymouth Fund Ino A.lOo
3.01
Series AA mod
mmm
100
Pacific Southern Inv pref.*
r*m-
3.01
Accumulative series
Industrial Stocks
3.52
Series 1958
Northern
10 X
42
45%
8X
Preferred
Lawyers Mortgage Co..20
Lawrence Portl Cement 100
Lord A Taylor com
1st 6% preferred
93
40
cum
33
*
preferred
21X
White (S S) Dental Mfg.20
White Rock Min Spring—
10
•
97 1st preferred
6% preferred
42
6
4%
West Dairies Inc com vtc 1
9X
8
30
WJR The Goodwill Station
35X
23 X
30 X
32
100
Worcester Salt
100
61
67
110
Young (J S) Co com...100
112
116
100
Macfadden Publics'n
260
100
2d 8% preferred
120
preferred.......100
126
7%
*
10 X
♦
com
Preferred
Submarine Signal Company
68 X
ROBINSON, MILLER & CO.
INO.
11X
71X
SYLVANIA INDUSTRIAL CORP.
Miscellaneous Bonds
Bought, Sold & Quoted
Bid
Ask
Bid
100
103"
99
99%
99%
Armour A Co 4s
NEW YORK
STREET
112
Am Wire Fabrics 7a..1942
Members New York Curb Exchange
1957
Associates Invest 3s.. 1946
98%
l%s
Aug
15
1937
2s—
Aug
15
1938
1%3
June
1 1939
6%s 1937
Kelsey Hayes Wheel Co—
Journal of Comm
Bear Mountain-Hudson
River Bridge 7s....1953
Telephone HAnover 2-9030
104
1948
Conv deb 6a
Chicago Stock Yds 5s. 1961
Comm Credit
Cudahy Pack conv 4s. 1950
1st
E.
TLTarr.H^
& CO.
x.fNew York Security Dealers Association
Members
61
UNTERBERG
103
mm —
1951
mmm
l0ommodity Exchanget Inc.
3%s
1955
102.4
100
91%
101%
103% 104
222% 230
70%
/68%
1937
Deep Rock Oil 7s
Nat Radiator 6s.——1946
N Y
Shipbuilding 58—1946
97
103% 104%
Reynolds Investing 5s 1948
Scovill Mfg 6%s
1945
106
108
Std Tex Prod 1st
6%s as'42
Struth Wells Titus 6%s '43
f26
27
Tide Wat Assoc Oil 3 %s
'52
Union Oil of Calif 3 %s 1952
101
/36
38
1952 /124
126
94
/92
Federal Farm Mtge Corp—
l%s
Sept 1 1939
Haytlan Corp 8s.....1938
100.25 100%
/28%
30%
Woodward Iron 5s
*
No par
value,
interchangeable,
a
Coupon,
e Ex-rights.
/Flat price,
selling on New York Curb Exchange,
Dainty Maid Slippers
Electrol, Inc;
Paper, New
88%
100% 102%
105%
d
Am. Writ.
102
100.25 100.28
105
BQwllng Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
Kopper Co 4s ser A...1951
Martin (Glenn L)
conv 68
1939
100.23 100.27
Witherbee Sherman 6s '44
CLIMAX MOLYBDENUM COMPANY
C.
3%s
Cont'l Roll & Steel Fdy
1st conv s f 6s
1940
Ask
Home Owners' Loan Corp
American Tobacco 48.1951
QUAW & FOLEY
10 BROAD
N.?eT-9oI
HAnovTTma 52 William Street, N.Y.
b Basis price,
c
101
95%
95
101%
112% 112%
Registered coupon (serial)
y Now
When Issued. % ex-dlvidend.
Now selling ex-coupona.
w. i
s
93
t Now listed on New York Stock Exchange.
t Quotations per 100 gold rouble bond equivalent to
United Cigar Stores Com.& Pref.
77.4234 grams of pure gold.
Inquiries Invited
C U RRENT
NOTICES
M. S. Wien 8a Co.
—Link, Gorman & Co., Inc. announce an expansion in
Established 1919
to
Members of the New York Security Dealers Assn.
25 BROAD ST., N.
broaden
Illinois, Wisconsin, Michigan
Y.
Tel. HAnover 2-8780
Teletype N Y 1-1397
Sweeney
office;
GAIR
FEDERAL BAKE
PETROLEUM CONVERSION
DENNISON
the New England
PFD.
MFG.
MIDWEST
LANCASTER
A
E.
OIL
& NORVIN GREENE
HAnover
2-0077
BROAD
-
Rollins
plans now being formulated for enlarged activities in
with it
field, the underwriting and investment banking house of
&
Sons,
Inc., has announced that William J. Anderson,
Presidentfc'of Anderson and Cromwell, Inc., has become associated
as
Vice-President and General Manager at the firm's Boston office
at 200 Devonshire
St.
tsmM
John W. Harding,
STREET
Bell
H.
formerly
Incorporated
30
with headquarters in Grand
—In furtherance of
CORP.
GENERAL ALLOYS
Leonard A. Perry, Arthur F.
Hansen and Frank H. Van Handel have joined the
Bay, Wisconsin office and
Michigan,
SHOPS
ALLENDALE
and Indiana.
Lytle have become associated with their Chicago
A.
and W.
Harold (Ty)
their sales staff
securities in the States of
H. E. Light will represent the firm in
Rapids.
The addition of these
representatives increases the firm's field organization to 20 men.
Green
ROBERT
their scope in the distribution of
Tele.
N. Y.
1-1786
Vice-President, who has been connected with Rollins
for many years, will
henceforth devote his attention to the firm's buying
activities.
600
Financial
Chronicle
Ian. 23, 1937
Bonds—
Quotations
Over-the-Counter Securities
Friday Jan. 22—Concluded
on
:■
:
.
Stocks
10 Nashua Manufacturing
5 Hill Manufacturing Co
Foreign Unlisted Dollar Bonds
Bid
1946
Antioquia 8%
Argentine 4 %s
1946
1971
Ask
100
Bid
20
m
/29
Ask
Hungarian Discount A Ex¬
32
100%
change Bank 7s
llseder Steel 6s
1936
1948
/3l
fl7X
Bank of Colombia 7
/21
24
Jugoslavia 5s Funding 1956
45
47
Bank of
/21
/20
/19
24
Jugoslavia 2d
42
Barranquilla 8s'35-40-46-48
Bavaria 6%s to..
Bavarian
1946
Nov 1935 to Nov 1936
Cit 7% to
1945
Bogota (Colombia} 6%s '47
/12
/21
J20
mx
mx
m
/14
/17%
84%
/93
1945
3S
Bolivia" (Republic)" 8s" 1947
1958
7s
7s
1969
_
1940
6s
Brandenburg Elec 6s. -1963
Brazil funding 5%-1931-51
Brazil funding gorlp
Bremen (Germany) 7s 1935
6s.
7%s
Koholyt 0%s
Hungarian Bank
1962
22%
Land M Bk Warsaw 8s *41
Leipzig Oiand Pr 0%s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light &
12%
12%
12%
15%
Water
Munich 7s to
...
Municipal Gas & Elec Corp
Recklinghausen 7s. .1947
Nassau Landbank 0%a '38
Natl Bank Panama 6%%
/35
(A&B)
Ceara (Brazil) 8%
1947
Chile Govt 6s assented
(C & D)
1948-1949
Nat Central Savings Bk of
20
1968
Hungary
City Savings Bank. Buda
1953
pest, 7s
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
-
1947
Oberpfals Eleo 7%.-.1946
Oldenburg-Free State 7%
1945
Panama 5% scrip
Porto Alegre 7%
Protestant
84"
/58
/33
1948
North German Lloyd 6s *47
to
73
/81
1949
1962
4s
'"'W»ia.
/33
/68
/60
/34
/25
7Ms
Mtge 7%
19
/71
1968
Church
many) 7s
1946
Prov Bk Westphalia 6s '33
61
*'
Prov Bk Westphalia 6s '36
Rhine Westph Elec 7% '36
61
36
Rio de Janeiro 6%
28
Rom Cath Church
1933
0%s '46
36
R C Church Welfare 7s *46
/16%
17%
Royal Dutch 4s
/19
22
Duesseldorf 7s to
/17
f!7
6%8__1959
1945
Dulsburg 7 % to
1945
East Prussian Pow 6S-1953
fl8H
/18%
•
\mm
m
1945
Saarbruecken M Bk 6s '47
Salvador 7%
1957
6 %s '50
6%S1953
European Mortgage & In
vestment 7%s
1966
7s
7s ctfs of dep
119
Gelsenkircben Mln 6s. 1934
1937
6s
123
bank 6 H%
/20
1948
July to Dec 1934...
July to Dec 1935...
1936
71
/27
29
Dec 1 *34 stamped
June 1 '35 to Dec. 1 '36-
(Austria) 8s
/6%
f8
mx
flOH
/12%
fl7H
/18
/18
/35
/27
29
State
78
47
42
44
.1960-1990
6%
1957
46
49
1956
42
45
Haiti 6%
1953
Hansa SS 6s stamped. 1939
6s unstamped
.-.1939
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
97
27,000
1,191
1,640
/15
1951
98
99 X
55
769
860
811
840
840
755
Courrleres
274
267
257
263
262
Credit Commercial de France.Credit Lyonnalse
700
679
675
687
694
1,770
1,720
1,750
1,680
1,720
1,600
1,750
1,670
1,730
1,660
440
430
425
430
427
<
Coty 8 A
180
Energle Electrique du Nord
Energle Electrique du Littoral-.
700
Kuhlmann
714
703
690
1,750
1,650
705
790
783
770
788
786
1,520
1,490
1,470
1,510
1,510
Lyon (P L M)
762
769
761
762
765
Nord Ry
805
7301
803
807
365
362
361 i
365
241
24
25
Pechiney
2,165
2,090
2,052
361
25
"365
28
2,130
1,510
2,125
Rentes, Pepetual 3%
75.90
75.80
75.201
75.25
75.30
75.90
75.20
75.40
74.80
75.30
75.40
75.70
74.40
74.50
74.00
74.30
74.40
74.80
79.20
4%s, 1932 A
4%%, 1932 B
79.00
78.50
78.50
78.50
78.80
79.50
79.40
78.90
78.90
78.90
79.10
98.90
98.40
97.80
97.80
97.80
98.00
4,870
2,160
1,545
4,840
2.070
4,770
2,040
4,860
2,200
4,900
2,260
4,870
1,500
1,475
Saint Gobaln C & C
Schneider & Cie
1,502
1,461
109
123
114
110
171
172
173
174
171
1,774
1,685
1,602
1,675
1,670
520
524
525
525
526
....
*
115
196
190
187
193
535
525
540
544
99
103
103
103
121
197
571
Wagon-Llts
103
89
16
1943 t86.55
/50
United
Steamship 6s. 1937
100
/60
Unterelbe Electric 68.1953
Vesten Eleo Ry 7s....1947
Wurtemberg
91.15
/17X
THE BERLIN STOCK EXCHANGE
_
Closing prices of representative stocks
each day of the past week:
Jan.
/19
/17
7s to...1945
63
55
786
99 H
98
7% gold ruble
1,580
48
742
Tubize Artificial Silk, pref...—
Union d'Electricltle..
1950
100
357
26,800
1,194
1,600
769
48
Soclete Lyonnaise.^
1947
1946
355
26,900
1,580
Soclete Marseillaise
1955
1946
354
27,000
1,219
1,600
800
Cle Generale d'Electricltle
Cie Generale Transatlantique.—
Soclete Generale Fonolere
Union of Soviet Soc Repub
/17H
/31
346
26,800
1,170
1,590
Soclete Francalse Ford
Tucuman City 7s
Tucuman Prov 7a
/17
351
27,000
1,225
8,400
Royal Dutch
1956
Toho Electric 7s
Tollma 7s
111% 112%
/—.
621
Canal de Suez cap
Cie Distr. d'Electricltle
Rentes
Mtge Bk Jugoslavia
7s unstamped
Certificates 4s
99
4s
625
Rentes
/59
/51
/59
/51
/87
13%
Hanover Harz Water Wks
621
Rentes 6%, 1920
/36
Stinnes 7s unstamped-1936
Certificates 4s
1936
129
621
355
1,514
Rentes 4%, 1917
Rentes 4%, 1918
/52 62
11X
128
620
Pacific..
Orleans Ry 6%
Pathe Capital
45
17 X
m
Francs
8,200
1,520
8,620
1,483
Francs
Eaux Lyonnaise cap
14%
/52 62
/37
Stettin Pub Util 7s...1946
/17
1954
Francs
8,100
Comptoir Natlonale d'Escompte
/40
Oct 1932 to April 1935
Oct 1935 to Oct 1936.
9
Francs
8,300
1,508
—
148'
142
/17
1956
2d series 5s
6%
Jan. 22
Francs
8,300
1,544
Citroen B
/19
fl8H
1956
5s
by cable
Jan. 21
Francs
I-
Canadian
as received
Jan. 18 Jan. 19 Jan. 20
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parlslenne—
Siem A Halske deb 6S.2930 /200
7s
1940
/98
Gt Brit & Ireland 5%s '37
Guatemala 8s 1948
Jan. 16
Bank of France
Coupons—
Apr 15 '35 to Oct 15 *36.
German Young Coupons
Graz
/17
/69
23
/21
German Dawes Coupons
Dec 1934 stamped
THE PARIS BOURSE
Quotations of representative stocks
each day of the past week:
f20H
fl7H
/21
Nov 1932 to May 1935
Nov 1935 to Nov 1936
18
-
Co.,common...24%
47
fl7H
29 X
2d series 5s
/25
/24
/23
/22
Jan to June 1936..
July to Deo
German scrip
/97
/43
Coupons—
Jan to June 1935
10
50
$50-----
/31
/28
22 %
81
--112%
—————
$10
par
L'Air Llquide
/55
/35
Jan to June 1934
Co.,
10 John B. Stetson
/31
16 H
Serbian 5s
German defaulted coupons
July to Dec 1933—.
20 Blauner's, Inc., pref
3 Land Title Building Corp., par
85
6%s
1951
Saxon State Mtge 6s. 1947
/24%
German Building & Land-
.———
91
/15%
Saxon Pub Works 7s. 1945
43%
129%
222
J., par $50
15 Glrard Trust Co., Par $10-
/75
/75
Scrip
% per Share
35
,
50 Integrity Trust
(Brazil)
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6s. 1943
/70
/51
German Atl Cable 7S--1945
■.
93
29
/17%
120
35%
10 Philadelphia National Bank, par $20
5 Tradesmen's National Bank & Trust Co., par $100
5 First National Bank & Trust Co., Woodbury, N.
/28
1948
Catharina
8%
/31
1945
Stocks
1947
1948
8s ctfs of dep
Santa
French Govt 5%s
1937
French Nat Mall S3 6s '52
Shares
38
1957
4s scrip
8s
12%
10 Jenkintown Bank & Trust Co., Pa., par $10
27 Central-Penn National Bank, par $10
/17
/21%
/87
/86
75%, 75
By Barnes & Lofland, Philadelphia:
84
/36%
/IIH
/65
/55
a. a»
20 H
20 H
/30%
1967
Frankfurt 7s to
27 H
Santa Fe 7s stamped. 1942
a.
fl7
Electric Pr (Germ)
/19
/20
/82
f\7H
/17
75X
8
(Ger¬
Dortmund Mun Util 6s '48
Cundinamarca
62
/36
/20
/50
/20%
/17
24%
138
1
par $5; 32 The Moxle Co., class B common, v. t. c.; 1 Assoc. Gas & Electric
Co., class A; 1 The Pennroad Corp., v. t. c. common; 5 American Founders
Corp., common, par $1; 10 Home Bleach & Dye Works, common; 5 The
South Carolina Gas & Elec. Co., 2d pref., par $100; % The South Carolina
Gas Elec. Co., common, par $100; 3 Cities Service Refining
Co., pref.,
par $100; IX Cities Service Refining Co., common; 8 The Jessup & Moore
Paper Co., 1st pref., par $100; 25 Seaboard Public Service Co., $6 pref.,
ctfs. of dep.; 20 National Electric Power Co., 7% pref., par $100; 20 Century
Steel Co. of America, Inc., par $10; 2 Mass Power & Light Assts, common.$166 lot
National Hungarian & Ind
16%
16%
/14%
/14%
7s assented
1946-1947
70"~
/6
...
1945
Munlc Bk Hessen 7s to '45
/15
/15
m
5s
1948
Merldionale Elec 7S..1957
85%
6%s
1953
/24%
Buenos .Aires scrip
/66
BurmeiSter & Wain 6s. 1940 /114
Caldas (Colombia) 7%s 46
/19
Chilean Nitrate 5s
7%
Mannheim & Palat 7s.1941
19
Brown Coal Ind Corp—
Call (Colombia) 7%-.1947
Callao (Peru) 7%%—1944
Cauca Valley 7%S----1946
1943
22
/18%
/16
1940
British
1956
Nov 1932 to May 1935 /52
Cons
Palatinate
ser 5s
•
par $100
1 10-50 Foote Bros. Gear & Machine, par $5; 20-30 BB & R
Knight Corp.,
v. t. c. common; 100 Marconi Wireless Tel. Co. of
America, stamped.,
Coupons—
*»«.*»
Co., pref.,
$ per Share
.
,
15 Nashua Manufacturing Co., pref., par $100
71 Rockland Light & Power, ex-div., par $10125 Western Mass Cos
44
% 1947
Colombia 7 % 1948
120X A lht.
ex
By Crockett & Co., Boston:
Shares
33 Farr Alpaca Co., par $50
8 Ludlow Manufacturing Associates...
Anhalt 7b to
Per Cent
,
$2,000 Commonwealth of Massachusetts, 4s, Jan., 1956, reg. tax
v-.: 'v.
Jan.
10
101X
18
as
received
Jan.
Jan.
/31
Jan.
20
19
■Per Cent
Allgemelne Elektrizltaets-Gesellschaft...— 39
Berliner Handels-Gesellschaft
(6%)—..._126
by cable
21
Jan.
22
of Par
39
39
39
39
39
see
page
126
126
126
The
of
the
following securities
current
were
Wednesday
on
week:
166
160
166
110
111
111
.........112
113
114
115
115
115
114
114
114
114
115
148
147
148
148
Deutsche Relohsbahn (German Rys) pf
7% 126
Dresdner Bank...
——.—...—108
125
125
125
126
126
108
108
108
107
107
167
167
167
168
168
147
146
147
146
146
Hamburg Elektrlzltaetswerke..
Hapag
......
sold at auction
166
111
Farbenlndustrle I G (7%).....—........168
Gesfuerel (6%)
.............147
AUCTION SALES
127
165
Deutsche Bank und Disconto-Gesellsohaft.114
Deutsche Erdoel (4%)...
...149
599.
127
Berliner Kraft u. Lioht (8%)
—————165
Commerz'und Privat-Bank A. G————111
Deasauer Gas
For footnotes
...151
151
150
151
151
151
17
17
17
17
18
17
Mannesmann Roehren
.....120
Norddeutscher Lloyd........
.........
17
Relchsbank (8%)
.—..—..189
119
118
119
119
118
17
17
17
18
18
Rhelnlscbe Braunkohle (8%)
(7%)
......
...
By R. L. Day & Co., Boston:
Shares
....
Stocks
$ per Share
20c
100 Rights Webster & Atlas National Bank, Boston
12 United States Trust Co., Boston, par $10
30 Melrose Trust Co., Melrose, par $10
18%
15%
50 American Felt, common
28
81 Apponaug Co
5 Swampscott Bank
28H
Building Trust; 10 Sagamore Realty Trust; 10 Woodbury
([Building Trust; 100 Hinson Car Coupler Co., par $5; 4 Swampscott Masonic
Building Associates, Inc., par $25; 10 Sagamore Bank Building Trust
100 lot
15 Associated Mfg., Inc., $7 pref.; 15 Associated
Mfg., Inc., common; $2,000
Joliette Telephone Corp., 6s, Aug. 1949, ser. A; 10 Warrants Walworth
Co.; 675 Shares Westbury Co.; 850 Westbury Company Syndicate,
par $1;
[3 Wauregan-Quinnebaug Mills, common; 2 P. B. Corp.; 100 Oswall Dome
Syndicate, par $1; 10 Municipal Service Corp., Ltd., common; 30 Metro¬
politan Chain Store, 7% pref.; 150 Ideal Demountable Wheel Co., Ltd.,
15, 1939; 20 Page & Shaw, pref., par $100; 6 North¬
Co., pref., par $100; 2 Northwestern Realty Co., common,
par $100; 7 Northeastern Realty Co., pref., par $100; 3 Northeastern
Realty
Co., common, par $100; 30 Boston Chamber of Commerce'Realty Trust,
western Realty
pref., par $100; 30 Boston Chamber of Commerce Realty Trust, 1st
pref., par $100; 50 Atlantic Securities Co., Boston, class A; 50 Eastern
Equity Corp., stamped, par $5
$405 lot
.
Co.Apref
82X
88 i* Warrants
Consolidated
Investment
.401
...
124X
Trust;
34
Shares
Northern
Texas
Electric, $6 pref., par $100; 132 American Star Mining
Co., par $1; 848
Thomas G. Plant, common; 416 Thomas G.
Plant, $3, 2d pref.; $306 North¬
ern Texas Electric
Co., pref. scrip.
$605 lot
2 Saco Lowell Shops, 1st
pref., par $100
120X
3 Units Reed Prentice Corp
25
189
189
188
187
223
222
222
220
220
176
176
175
175
..........198
198
198
199
200
CURRENT
198
NOTICES
magnitude and importance of the United States Steel
Jand rehabilitation program, Soucy, Swartswelter &
Co., members of the/New York Stock Exchange, conclude a current
study
of the ^corporation's Affairs with the comment that "we are
of the very
definite feeling Jthat'Jearnings resulting from this
concentration of effort and
money
jwilljaccruejto
to eventual
the ^common stock at a very satisfactory rate pointing
resumption'of common dividends."
^Thejentirejstudy, which Is published in the form of a 12-page booklet,
^believed (to constitute the most complete analysis of the United States
Steel*iOorp. fmade favailable by any investment house in recent years.
FollowingJa'discussion^of the steel industry in general, the booklet reviews
In detailithe history faf the corporation with
especial emphasis on the im¬
is
2d
Athenaeum, par$300
20 Collateral Loan Co., par $100
Siemens
^—Stressing ""the
Theatre Fund, 6s, Dec.,
1 Boston
189
223
...176
Salzdetfurth
(7%%)
& Halske (7%)....
148
Corp.'s reorganization
par $1; 106 H. D. Foss, Inc., class B; 5 Boston Chamber of Commerce
Realty Trust, 2d pref., par $100; 64 Galveston Houston Co., common;
$1,000 Eastern States Refrigerator Co., 7s, June, 1952
$1,050 lot
$100 Jewett Repertory Theatre Fund, 5s, Jan., 1940; $2,000 Jewett
Repertory
50 Fuller Hammond
....
111
property improvements accomplished during
withstanding the sharp reduction in funded debt.
portant
—Greene & Go.,
recent
years
not¬
37 Wall St., New York, members New York Security
Dealers Association, has issued for free distribution a
booklet containing
over-the-counter quotations on Industrial, public
utility, real estate, foreign
dollar^and investment^trust bonds and industrial, public utility and brewery
common
and preferred stocks.
Volume
Financial
144
General
601
Corporation and Investment News
RAILROAD—PUBLIC
We
Chronicle
offer, subject to prior sale, all
or
UTILITY—INDUSTRIAL—MISCELLANEOUS
part of:
RIGHTS—SCRIP
1,000 Shares
Specialists since 1917
ABERCROMBIE & FITCH COMPANY
$6 Cumulative Preferred Stock (Par $75)
Dividends January and
McDonnell &fo.
July 1
Price 90
Members
New York Stock
Current Yield
6.67%
120
Exchange
Telephone REctor 2-7815-30
Bell Teletype
Circular upon request
NY 1 1640
Company acquired by purhcase in the open market during the year atfa
substantial discount from its net asset value 75,147.75 shares of its common
Adams & Peck
stock, thereby reducing the common stock outstanding in the hands of the
public as of Dec. 31,1936 to 1,639,600 shares.
The average cost of the stock
purchased
so
63 Wall
New York Curb Exchange
Broadway, New York
Street, New York
$12.66 per share.
was
—*—
Consolidated Income Account Years Ended Dec. 31
BOwling Green 9-8120
Revenue—
1936
;
1935
1934
1933
$12,688
1,527,801
2,425
$21,999
957,231
461
$39,349
779,872
18,119
$52,871
608,214
3,118
$1,542,913
$979,691
$837,340
$664,204
380,974
90,422
10,482
233,504
390,840
390,840
390,843
173,390
164.052
199,234
$827,530
$282,448
285,468
$74,127
297,602
$3,020
3,775,559
$223,475
3,685,464
1,714,748
1,714,748
Interest
Bell
System Teletype N Y 1-724
PHILADELPHIA
HARTFORD
BOSTON
on securities and
bank balances
Divs.
on sees,
owned
Miscellaneous income
Total
Abercrombie
&
Fitch
Adams & Peck, New York, are
Co.—Offering,
Expenses—
&c.—
offering 1,000 shares of $6 cum. preferred
stock (par $75) at 90 to yield 6.67%.
The bankers state that they recommend
this stock because in their
opinion "it affords an opportunity to acquire an interest in an unusual
store, which fared quite well throughout the depression years."
The stock now being offered is part of a cumulative preferred stock issued
under a recapitalization plan (dated Nov. 12, 1936, clearing up unpaid
accumulated dividends), which was approved by the stockholders Dec. 8,
1936.
Int.
on
bonds
on
coll. notes..
10-yr. 4K% debs
Sals., exps. and taxes
on
Net income.
Pref. divs. (5%)-..
was
established in 1895, and the company was incorporated
744,393
in New York in 1904.
In 1928, company acquired Von Lengerke & Detmold,
Inc. of New York and Von Lengerke & Antoine of Chicago, and in
1930,
bought Griffen & Howe (New York).
Company and subsidiaries market a large variety of goods for outdoor
life, including equipment used in shooting, fishing, camping, exploration,
hunting, polo, golf, tennis, skating, and in general all outdoor sports,
including outdoor clothing and boots and shoes for men and women. The
company also sells indoors games, pocket cutlery, cameras, &c., and main¬
tains golf and shooting schools.
Capitalization
Authorized
sur$83,137
3,841,829
Balance, deficit
Profit & loss surplus
Shs.
x
1,714.748
$0.09
Dec.31
Deficit during
1935
1933
$3,685,464
$7,183,607
V
$3,758,691
year
1934
$3,775,559
1936
Earned surplus previous
(as
sur83,137
17,506
3,020
223,475
$3,841,828
$3,758,053
$3,682,444
$6,960,132
(See below)
(See below) prof92,884
3,296,929
above) after divs
Total
realized
losses
on
sales of securities
Fed. tax refund, adjust,
of reserve for taxes &
discounts on owp bonds
Cr639
Cr230
Cr22,261
$3,758,691
$3,775,559
$3,685,464
or
on
Forma
Condensed
Consolidated
[After giving effect
July
Balance Sheet
31,
1936
proposed plan of recapitalization]
to
Liabilities—
$382,393
352,688
Earned surp. Dec. 31.
Salaries & wages accrued
._
Accts. recelv.—customers
Sundry accts. receivable
$148,847
21,325
2,534
Fed. & State taxes, &c., accr._
45,428
Res. for unclaimed credits
2,769
$6 preferred stock.
1,572,638
MIscell. accounts payable
.
61,412
Deferred charges
Common stock
18,789
Furn., flxts. & eqpt. (net)
Common Stock and Capital
a
.
164,640
pref.
$2,038,967
Arising from reduction
common capital stocks.
a
Surplus Dec. 31
1935
1934
stock
pref. stock at date
of redemption._•
Cost
of
*
Net
of
shares
common
48,435
_
120,553
33,453
own
stock
realized
951,860
loss
on
prof56,400
Capital surplus & com.
stock Dec. 31
$39,658,511
in par and stated values of preference and
x
(1) Issuance of 20,968H shares of a new preferred $6 cum. sinking fund
capital stock (par $75), and 8,986H shares of new common stock (par $1)
in exchange for outstanding preference 7% cum. capital stock (par $100) on
the basis of 1 1-6 new preferred shares and one-half new common share
for each old preference share; also issuance of 71,800 shares of new common
stock, for outstanding common stock, (stated value $5 per share).
(2) Writing off book value of goodwill of subsidiary company, Von
Lengerke & Antoine, $150,000.
(3) Writing off deficit at July 31, 1936, against capital surplus created
through recapitalization.
The plan provided for a cash payment by the parent company in January,
1937, of a dividend aggregating $271,033 on the old preference stock, which
is at the rate of $15.08 per share on 17,973 shares outstanding.
No effect has been given in above statement to the declaration or payment
of this dividend because the plan contemplates that it will be paid out of
earnings subsequent to July 31, 1'936.
This payment is to be in full satis¬
faction for all arrearages of dividends on the old preference capital stock
stock to and including Dec. 31,1936.—V. 143, p. 3302.
279,101
$40,587,424 $40,818,090 $40,697,537
Effective Jan. 1,1935, realized profits and losses on securities have been
credited and debited to capital surplus, whereas previously such profits and
losses were credited and debited to earned surplus.
Comparative Consolidated Balance Sheet Dec. 31
1936
3,891,783
Accrd. int. & divs.
98,633
Cash
Amount
secur.
due
sold,
1935
$
$
Assets—
2,324,204
74,265
$
Interstate
Southern
Commerce
common
on
stock..
on
33,944
Invest, at cost..53,845,768 57,459,920
...—
Property & equip.
(less deprec'n)..
10,870
11,699
tingencies, &c..
Coll. trust 4% bds.
467,140
due June 1, 1947 4,714,500
Coll. tr. 4% bds.
5,100,000
due Mar. 1,1948
due Aug. 1, 1946
Collat. notes, due
Based
on
market values as of Dec. 31, 1936,
4,671,000
663,000
4,000,000
(par
b5,017,900
Common stock and
capital surplus d39,658,511 c40,587,423
Earned surplus— 3,841,828
3,758,691
57,880,998 59,870,0911
Total-.--
Total—
57,880,998 59,870,091
1936, $47,800,689; and Dec. 31, 1935, $35,b All of the outstanding preferred stock was redeemed on Deb. 18,
1936.
c Represented by 1,714,747M
no par shares,
d Represented by
1,639,600 no par shares.
Market value Dec. 31,
484,799.
the net assets of company
applicable to its outstanding securities were $51,226,261 and the common
stockihad a net asset value of $22.84 per share, which compares with $13.04
per share as of Dec. 31, 1935.
The number of securities owned by the company was further reduced
with the result that 70 companies were represented in the investment
»
Changes in Collateral—
^
portfolio as of Dec. 31, 1936, as compared with 82 at the end of 1935.
The
assets of company consist largely or common stocks and cash.
During the year $385,500 collateral trust 4% bonds due in 1947 and
$277,500 of collateral trust 4% bonds due in 1948 were acquired by the
company in exchange for an equal amount of new 10-year 4}i% debentures
pursuant to an exchange offer made to the holders of the collateral trust
bonds outstanding in the hands of the public.
Company redeemed as
of Feb. 18, 1936, all of its outstanding 5% cumulative preferred stock.
In connection therewith, arrangements were made with banks for a $4,000,000 loan evidenced by notes repayable in equal annual instalments of
$800,000 each over a period of five years and bearing interest at the average
rate of 2.98%, which resulted in a reduction in charges senior to the common
tock,
stock
$100)
Jan. 9 issued a certificate
Express Co.—Annual Report—
4,393,500
10-year 4 }£% debs
a
Adams
113,278
496,380
Pref.
permitting the company to abandon (a) its line of railroad extending in
a southeasterly direction from
Hamlin to Anson, 17.41 miles, and (b)
operation, under trackage rights, over the Abilene & Northern Ry. between
Anson and Abilene, 24.62 miles, all in Jones and Taylor -Counties, Tex.
—V. 131, p. 1415.
$
171,455
96,480
Res. for taxes, con¬
not
Ry.—Abandonment—
Commission
1935
payable
Accrued interest..
for
delivered
a
1936
Liabilities—
Divs.
1937-1941
&
241,919
$2,038,967
Total
Recapitalization—The plan provided for:
Abilene
1933
$40,818,090 $40,697,537 $40,455,618
on
80,787
Capital surplus
of
ment
purchased at discount.
Accumulated divs. paid '
securities
Total
$3,841,828
1936
Dec. 31 capital surplus &
common stock. J$40,587,424
Increase due to retire.
Accounts payable—trade
3,176
Merchandise inventories
1,192,953
Due from officers & employees
2,849
Value of life Insurance
24,706
Cash and in banks
The
Nil
Nil
Consolidated Earned Surplus Dec. 31
fiscal year ending in 1938.
Pro
1,639,600
$0.51
Before charging net realized losses on securities.
J
Preferred Stock—Is preferred as to assets and cumulative dividends of $6
before the 120th day after the close of the corporation's
Fund equal to 12)4% of the consolidated net
earnings after deducting therefrom an amount equal to the full cumulative
preferred dividend for such year.
$17,506
3,758,691
stk. outstand¬
ing (no par)
Net
No mortgages or bank loans are outstanding.
per annum, payable semi-annually Jan. and July 1. In voluntary liquidatoin
entitled to $106.50; in involuntary liquidation, $100 a share.
Redeemable
as a whole or in part on any dividend date at $106.50.
Sinking fund in
operation
com.
Earns, per sh.on cap .stk.
Outstanding
21,000 shs. 20,968^ shs.
100,000 shs. 80,786
shs.
pref. stock ($75 par)
Common stock ($1 par)
cum.
$415,461
261,512
171,455
Common dividends
x
The business
$6
Interest
Interest
has notified the New York Stock Exchange that the coll.
deposit as of Dec. 31, 1936, under the deeds of trust securing the com¬
pany's coll. trust 4% bonds, due 1947, and 1948, respectively, was as
The company
on
fpllOWS!
Collateral held by Guaranty Trust Co. of New York as trustee under
deed of trust
dated June 17, 1907, securing coll. trust 4% distribution bonds
1, 1947:
of 1907, due June
Chicago & North Western Ry. Co., common stock
Delaware Lackawanna & Western RR. Co. capital stock
New York Central RR. Co. capital stock
7,075 shares
14,700 shares
3,888 shares
Reading Co. common stock—
5,513 shares
Southern Pacific Co. common stock
,
15,900 shares
In addition, there were held by the trustee $16,954,000 principal amount
of Adams Express Co.'s coll. trust 4% distribution bonds or 1907, due
602
June
Financial
1, 1947, which have been
trust/00
deposited
over
■
,
Collateral held by Bankers Trust Co.
period of time with the
a
*
(
(New York)
*
trustee under deed
as
of trust dated Feb. 9, 1898 securing collateral trust 50-year 4% bonds, due
March 1, 1948.
Delaware & Hudson Co. capital stock
5,691 shs.
Atchison, Topeka & Santa Fe Ry. Co. common
100 shs.
Reading Co., common stock
6,487 shs.
N. Y. Central RR. Co. 3% % secured notes, 1946
$100,000
Southern Pacific Co. 3%% secured notes, 1946
200,000
♦Southern Express Co. 4% demand notes
1,000,000
The Adams Express Co. collateral trust 4% distribution bonds
of 1907, due June, 1947
2,331,500
♦Secured by 11,325 shares of Chicago & North Western Ry. Co. common
Chronicle
stock.
In addition, there were held by the trustee $7,329,000 principal amount
of Adams Express Co.'s collateral trust 50-year
4% bonds due March 1,
6 Mos. End. Dec. 31
1936
1935
1934
1933
Gross profit from oper'ns
Gen. operating and ad¬
$974,132
$668,364
$586,179
$373,968
ministrative expense—
on time
sales on shipm'ts made
381,060
382,775
374,067
362,818
Provision for loss
over
a
of plants and
depletion of mines
Res. for self-insurance—
Prov. for Fed. inc. taxes
period of time with the trustee.
Years Ended Nov. 30—
$105,504
to per-share amounts charged to
surplus by payor corporations)
4,250
Net profit from sales or securities
—all5,716
Expenses
_
on
debentures
.
on
debentures
.$147,290
47,487
Undivided profits, Jan. 1, 1936
$194,777
125,253
Undivided profits, Dec, 31,1936
$69,524
Federal normal income tax and surtax
on
of Distribution Account for the Year Ended Dec. 31, 1936
credits, $15,861)
Transfers of funds not available, Jan. 1,1936
Net income
$43,234
a20,114
147,290
27,733
-
Equalization credits
j
$238,371
154,260
Distributions
Balance, Dec. 31,1936 (incl. equalization credits, $14,587)
W
available by amendment to the certificate of incorporation,
6, 1936.
p* Notes—Equalization credits referred to above represent portion of con¬
sideration received for capital stockisubscribed (less comparable amounts
paid on reacquisitions) allocatedltoithe(distribution accountito equalize
the per-share amounts thereof at dateslof subscription or reacquisition.
► Theldistributions shown abovelcomprise undivided profits $125,253 and
paid-in surplus (equalization credits) $29,007.
Balance Sheet, Dec. 31, 1936
Assets—
Liabilities—
Investments—at cost--
Cash^on special deposit for
of int.
on
Deprec.
on
equip., &c
10,545
38,077
9,502
~3~, 65o
$36,985
16,134
$50,531
8,411
$16,900
7,672
loss$34,149
7,122
$ 53,119
exps.
mach.
$58,942
117,219
$24,572
94,841
loss$27,027
127,198
$119,413
2,194
$100,347
5,506
$117,219
134,460
$0.18
$94,841
134,460
_
$2,382,383
145,030
Int. accrued
on
21,263
Dividends receivable—3,050
Unamortized disc, on debens..
37,468
$21,263
49,698
Accts. payable & accrued taxes
Dlstrib. payable Jan. 15,1937-
Paid-in surplus
$2,589,193
12,621
29,970
850,500
5% 10-yr. secured conv. debs.
Capital stock (par $1.25)
249,750
1,305,869
69,524
Undivided profits
Total
Other income.
Total
Net profit for period-Previous surplus
Adj. of add'l tax res
150,419
$2,589,193
$203,539
6,636
26,883
$176,161
25,299
Balance, Nov. 30——"
com. stk. (par $1)
Earnings per share
—V. 142, p. 2143.
$170,020
135,760
$0.19
$150,419
135,460
$0.43
surplus
—
Year End.
Nov. 28,
1936
Period—
Gross
less
sales,
Associates, Inc. (& Subs.)—Earnings—
cost
of
sales
and
1935
1934
$70,379
$50,622
$35,874
expenses,
of securities, interest, &c__
7,530
4,421
$58,151
7,344
$40,296
2,901
11,200
1,981
6,700
2,355
5,550
$67,001
177,545
$42,127
141,446
$32,390
111,396
11,803
profit
Experimental development costs
Prov. for doubtful accts..
Federal
1*capital stock taxes, &c
$82,182
1,079
-
Previous surplus
Excessive accrual for empl's' bonuses
I*at Sept. 30, 1933
Excessive accrual for Federal tax at
......
416
$364,326
3,915
$351,409
5,385
$376,352
9,675
Other deductions
Provision for Federal income taxes
$368,241
1,832
50,400
$356,794
6,347
50,000
$386,027
30,243
54,100
$316,009
$300,447
$301,683
Sept. 30, 1934
Cash
Liabilities—
hand
on
and
demand
deposits
Accounts payable--
$315,727
U. S. Govt, securities—at cost
plus accrued interest
Cash surrender value of
insurance
accounts
$244,546
2,000
$183,994
2,000
$144,203
2,000
Glendale, Calif., division organization
exps.incurred prior to Oct. 1,1933Preferred
758
of
personal injury claim
awarded in prior years
Adv.
costs
written
2~057
"8",912
dividend
Settlement
62,319
6,383
deferred at Sept. 30, 1934,
off
—V. 144, p. 269.
Paid-in
a182,203
2,393
$177,545
$141,445
Alleghany Corp.—Changes in Collateral—
The company has notified the New York Stock Exchange of changes of
corporation's outstanding collateral trust indenture
dated Feb. 1, 1929, occurring during the week ended Jan, 11, 1937, as fol¬
lows: Transferred from dividends received on pledged stock to deposited
144,
p.
442.
Allen Industries, Inc.—Wins
2,942
Goodwill, patents, &c
Prepaid and deferred expenses
11,211
Miscell. investments—at cost.
Miscell. doubtful claims (less
companyfto withdraw from listing and registration on the Detroit and
OlevelandfStock Exchanges its 246,000 shares of common stock ($1 par).
The! Commission's order said the application for withdrawal would be
effectivelat the close of trading on next Tuesday (Jan. 26).
Ipltlwaslstated in the announcement that the reason for the company's
applicationfwas that trading in its stock on the Detroit and Cleveland
Exchanges was inactive.—V. 143, p. 3303.
v
:
Mills, Inc. (& Subs.)—Earnings—
V
NetJincome2after,;taxes, interest, depreciation, &c._
Earnings per-share on 886,888 shares no par capital
stock
x
1936
1935
$2,555,239 $2,126,891
$2.88
$2.40
After estimated undistributed profits taxes.—-Y. 143, p. 95.
Allied
for losses
$11,246)
222
—
Total
After
1
1,920
$2,138,217
reserve
Total
$2,138,217
r-
for discounts and losses of $7,543.
b After
reserve
for
depreciation of $498,539.—V. 144, p. 95.
American-Canadian Properties Corp.—Liquidating Div,
The directors have declared a
liquidating dividend of 25 cents per share
payable Feb. 15 to holders of record Feb. 1.-—V. 128, p. 3687.
American Crystal Sugar Co.—$1,500,000 Bank Loans—
after
the
date
1 Yi% per annum on notes
maturing
on
or
on
Oct.
1,
serially from one to five
bearing interest rates graduated from
maturing on or before one year to 3H% on notes
thereof
and
before five years.
This amount was determined when the
company decided to redeem all
°f the $1,238,400 10-year
6% convertible sinking fund debentures and to
pay off and retire note obligations owing from the Minnesota Sugar
Corp.
At the time of the redemption and
payment, the
and to pay off the $350,000 unpaid
principal of the notes and the $1,500,000
International
American Home Products CorpAcquisition—
This company through its
subsidiary A. S. Boyle Co., bought the ThreeIn-One Oil Co. from Sterling
Products, Inc., in 1936 for $1,000,000.
A
cash payment of
notes of $250,000
$250,000 was made with the balance covered by three
each, bearing interest at 2%, made by A. S. Boyle Co.
by American Home Products Corp., with all the stock of
A. S. Boyle Co. as security.
The note maturing Jan. 2, 1937, has been
paid. The others mature Jan. 2, 1938 and 1939.—V. 143, p. 3831.
and endorsed
American International
Delisting Plea—
The Securities and Exchange Commission has granted the application of
12 Mos. End. Dec. 31—
b999,948
was placed in the
treasury to partially replace the money so used.
(Wall Street Journal)—Y. 143, p. 1862.
collateral under the
Allied
1,880
553,461
Fixed assets
borrowed
Co.—Obituary—
Reuben Alexander Mitchell, 84, Senior Vice-President of the company,
died on Jan. 10.—V. 143, p. 4143.
cash, $450,000.—V.
surplus
Earned surplus
receivable—
statement says, the company had in its
treasury cash sufficient to accom¬
plish this purpose, it was apparent that the cash so used must be replenished
prior to the time when the company would commence its 1937
factory
operations.
The cash in the treasury was used to redeem these debentures
!
Alabama Power
Dividends payable
7% cum. pref. stock (par $10)
Common stock (par $1)
$56,891
55,204
56,524
71,229
1,139,660
125,363
119,320
514,026
company's registration
5,500
$228,135
Accrued liabilities-Reserve for Federal Inc. taxes
life
Customers' accounts and notes
receivable
years
Total surplus
Provision for contingencies
1.425,573
253,597
57,603
Balance Sheet, Nov. 28,1936
Assets—
The company borrowed an
aggregate of $1,500,000 in cash
last from 12 banks on 60
promissory notes payable
422
1934
Other income.
Selling and administrative expenses.
Provision for depreciation
a
Federal income tax (estimated).....
Net profit
r
Year End.
Dec. 29,
$2,113,125
reserve
Total
Dec. 30 to
Nov. 30, '35
$1,977,121
1,322,172
237,230
66,310
Construction work in progress.
deducting
oper.
incl. allowance for depreciation
Discount on purchases, profit on sale
Period From
$2,467,896
1,707,970
316,631
78,969
Inventories
1936
Nil
discounts
returns,
officers and employees
Air
444
American Box Board Co.- -Earnings—
Other
—V. 144, p. 442.
Years Ended Sept. 30—
Net profit for year, after
$763,200
489,249
135,572
146,002
26,526
176
~
Total
Miscell. deductions
Divs. paid on pref
Net profit—
debs., payable
Jan. 1, 1937
Due to brokers
pay-
debenture
$1,369,590
955,859
192,067
166,426
35,337
&
Res. for Fed. inc. tax
$84,111
a!Made
Nov.
Cashjon deposit with trustee.
1933
39,095
Delivery expenses
Selling and admin,
Shs.
Balance available for distribution, Jan. 1, 1936 (incl. equalization!
BP1Total
1934
$1,798,475
1,325,361
156,687
201,386
16,932
.
Total
Undivided profits incl. in distributions
Statement
Subs.)—Earnings—
1935
53,244,159
2,659,229
179,748
287,848
30,707
Profit
Less $9,046 provision for
undistributed profits.
61,612
.
Net income
a
56,529
266,357
1936
Income from sales
Cost of sales
Deductions from income
.$225,469
40,284
34,338
3,557
-
Amortization of discount
45,485
255,704
36,156
American Beverage Corp. (&
Earnings for the Year Ended Dec. 31, 1936
Income: Cash dividends
Stock dividends (equivalent
Total income
41,955
317,533
23,818
Net profit$161,695 loss$97,717 loss$125,233 loss$373,349
xNo provision for surtax on undistributed profits.—V. 143, p. 3831.
Affiliated Fund, Inc.—Earni)
Interest
45,878
290,253
15,246
x80,000
during period-
Deprec.
,
1948, which have been deposited
Y. 144, p. 442,
1937
23,
Aiperican Agricultural Chemical Co. (Del.) (& Subs.)
—
-
Jan.
Aug. 1 and Feb. 1, 1935, this latter b6ing the first dividend paid on the
prer. stock since Aug. 1, 1931, when 50 cents was distributed; similar
payments were made in the two preceding quarters, prior to which regular
quarterly dividends of 75 cents per share were disbursed.—V. 143, p. 573.
Inventing Corp.—Accum. Div.—
Corp.—Earnings—
Harry A. Arthur, President, states:
During 1936, corporation retired $3,821,000
debentures at an
aggregate cost of $4,012,040, leaving $10,000,000 outstanding.
Treasury
cash, together with funds derived from a $2,000,000 bank loan maturing
March 31, 1937, with annual Interest at the rate of
1H%, were used to
effect this retirement.
Corporation also acquired 7,973 shares of common
stock in the open market at an aggregate cost of $91,677,
leaving 1,000,000
shares outstanding.
Based on market quotations, or, in their absence, on valuations estab¬
lished by directors, the net assets of corporation as of Dec.
31, 1936,
applicable to corporation's outstanding indebtedness and capital stock,
were $31,065,111
(after capital retirements) compared with $25,961,313
as of Dec. 31,
1935.
The coverage per $1,000 principal amount of out¬
standing indebtedness (incl. note payable to bank at Dec. 31, 1936), was
Dec. 31. 1936
$2,588.76
Dec. 31, 1935
1,878.39
On the foregoing basis the asset value per share of common stock was
Dec. 31, 1936
4—.
$19.06
Dec. 31, 193512.04
-
The directors have declared a dividend of 50 cents per share on account
of accumulationsionlthe $3 cum. conv. pref. stock, no
par value, payable
Feb. 1 to holders]of record Jan. 25.
A dividend of 45 cents per share was
A dividend of 40c. per share was
paid on Dec. 19,1936, totaling $400,000.
This substantially offsets any liability for Federal surtax on undistributed
paid onjAug. lland Feb. 1, 1936, and compares with 35 cents paid
profits for the year 1936, the estimated amount of which is $1,545.
on
—
Volume
144
Financial
Chronicle
Directors have decided to reduce the valuation of corporation's interest
In the preferred and common stocks of Ulen & Co. to
$1 from the aggregate
valuation of $200,000 a year ago.
During 1936 the Polish Government
Issued exchange regulations which
interrupted dollar service on $8,134,000
face amount of National Economic Bank of Poland
bonds, the principal
asset of Ulen & Co.
Directors have increased the valuation of the investment in Sociedade
603
OUTBOARD & MARINE MFG.
'
Bought—Sold—Quoted
Anonyma Marvin, from $40,000 to $100,000 in view of continued improved
operations and has estimated the value of the investment in Allied Ma¬
chinery Co. of America to be $178,814 at Dec. 31, 1936.
Income Accounts
Calendar Years—
Interest revenue
Phon* Daly $392
Teletype Milw. 488
for Calendar Years
1936
1935
$60,427
1934
1933
$129,516
813,631
24,400
$138,415
822,621
13,416
$375,159
693,739
33,261
$1,041,746
163,439
41,169
637,010
$967,547
171,427
22,064
$974,451
172,345
20,033
760,155
$1,102,160
210,029
24,816
773,232
$200,128
$13,901
$21,918
$94,082
1,000,000
1,007,973
$0.01
1,007,973
1,007,973
$0.09
_.
Dividends..
Miscellaneous income
975,051
6,268
Total
Deduct—Expenses.
.
i
Taxes
Interest
Net
Shs.
earnings
common
760,155
Purchases—
Earned
surplus—Balance, Jan. 1, 1936
H
Jan. 1, 1933)
Operating income for the year, as above
realized
$0.02
in
excess
(accumulated
,6% gold debentures, series A, due 2022
Appalachian Elec. Pow. Co., $7 series,
Columbia Gas & El. Corp., ser. A, 6%,
cum. pref_.
cum. pref—
Georgia Power Co, $6 cum. pref
Mohawk-Hudson Power Corp., 1st pref, $7 cum..
New York Pow. & Lt. Co., 7%, cum.
pref..
Ohio Edison Co, $6 series, cum. pref
Tennessee Electric Power Co., 7%, cum. pref
The United Corp., $3 cumulative preference
U. S. Treasury Notes, 1 % % due Dec. 15,1939
from
J
of book
$2,723,542
200,128
values, on sales of
securities
Reduction of reserve for adjustment of book values of—
a4,335,833
Allied
Machinery Co. of America—Wholly owned
Sociedade Anonyma Marvin.
4
12,089
60,000
Dividend paid
Excess of cost over face amount of corporation's debs, acquired
during the year 1936
Excess of cost over stated value of 7,973 shares of corporation's
$5,036,672.47
Amount
Gas
&
Electric
Tennessee
Electric
Earned surplus, Dec. 31, 1936 (accum. from Jan. 1,
1933)-.. $6,655,303
Capital surplus at beginning and end of year
2,531,185
Power
1936
$9,186,489
average
1936
Cash..
1935
$
....
__
1936
$
1,886,054
Liabilities—
2,179,880
Investm't in Allied
Mach'y
Amer
Co.
of
Accrued
178,814
167,429
70,395
177,463
Divs. received and
accrued
interest
Receivable for
of
813
95,935
Invest, in Sociedade
x
on
int.
$
1,000,000
,157.598 shs.
14,000 shs.
Corp.
During the year 1936, 38,216 shares of first preferred stock of the corpo¬
were purchased and retired.
Of this amount, 1,100 shares were
acquired by the corporation and 37,116 shares by Bankers Trust Co.
operating under the agreement of Nov. 22, 1935.
The stock of the corporation is widely held, there being
5,856 first pre¬
ferred, 2,332 preference, and 50,343 common stockholders of record, at
the close of business on Dec. 31, 1936
380,078
49,792
25,722
Capital surplus... 2,531,186
5,600
2,723,542
2,531,186
Income Account Years Ended Dec. 31
Mar¬
vin
100,000
Securities owned20,295,906
40,000
1936
17,834,395
Cash divs. and interest..
Loss
Total
preferred stock
Superpower Corp.
At Dec. 31, 1936, there remained unsold
323,000 shares of common stock of Commonwealth & South¬
ern
ration
275,000
20,701
Accounts payable-
22,531,982 20,495,1011
Total
$29,174,528; 1935, $23,712,007.
in 1935) no par shares.
y
incl.
Net loss
American Public Service Co.—To Cut Par Value—
a
58,771
6,020
71,550
4,099
79,658
28,780
72,047
98,949
136,849
y$863,243
1,328,466
y$460,233
1,853,213
$346,235
1,359,990
$624,330
1,938,138
$465,223
$1,392,980
$1,013,755
$1,3137807
taxes
on
sale of
sec—
'
After deducting net profit of $60,462 on sales from the loss of
$441,180
resulting from the expiration of Niagara Hudson Power Corp. C warrants,
y Losses of $4,740,053 ($1,791,474 in 1935) on the sales of securities were
charged to the reserve for decrease in market value of securities.
The income statement for 1934 and 1933 does not reflect additions to
capital surplus during these two years of $1,875,498 In 1934, and $808,917
in 1933, which is the difference between the capital represented by
43,409
and 22,172 shares of 1st preferred stock at $100 a share, acquired
during
the years 1934 and 1933 and retired, and the cost of such shares to the'eor-
poration.
Statement
of Capital Surplus for the Year 1936
Balance, Dec. 31, 1935
Excess capital value over cost of 1st pref. stock acq. and retired
Pay 100% Stock Div.—
The directors have recommended that stockholders take action at the
annual meeting to be held on March 11 on a proposal to increase the
capital
stock of the company from $1,000,000, represented by 100,000
shares, to
$2,000,000, represented by 200,000 shares, each of the par value of $10.
Resolutions have been adopted
Balance, Dec. 31, 1936
$58,726,480
on sale of Italian Superpower Corp. class B
com. stock and ctfs. of reversionary int. in Italian
Superpower Corp. cl. A common stock
$57,086,358
Co.—Listing—
-
1,382,115
Iron & Steel Corp. (Del.), making the total amount of common
stock ap¬
plied for 2,870,880 shares.
^
The directors on Dec. 28, 1936 authorized the
acquisition by the com¬
pany from Charles S. Payson, 120 Wall Street, New York, of 225,000 shares
Total
31,
1936.—Y.
for decrease in mkt. val. of sees., Dec. 31,1936x
Comparative Balance Sheet
Dec. 31, 1936
As per Books
Appraisal
143,
Assets—
Cash
American Stores Co.—Sales—
March
April
May
June
b July
August
September
c
d October
November
December
31.
e
Four weeks
ended Nov. 28.—V. 144, p. 96.
American Superpower Corp.—Annual
Report—
Alfred L. Loomis, President, says in
part:
The changes made in holdings of securities
during the year were as follows:
1935
Corporate bonds
—
168,561
4,799,297
U. S. Government securities
$2",167,728
168,561
Preferred stocks
4,816,641
2,227,048
2,561,063
33,666,731
$4,214,872
119,699
6,559,524
820,740
743,536
24,383,357
1,090,541
4,233,531
1,748,088
1,885,831
Common stocks and!options warrants 24,237,498
Bankers Trust Co. agreement re pur¬
670,111
chase of 1st preferred stock
Total
$35,677,115 $46,698,312 $41,075,259
Liabilities—
Dividend
declared
on
$st
preferred
stock, payable Jan. 2, 1937.
Reserve for taxes, expenses, &c
x
1st preferred stock,
Preferred stock, $6
x
Common stock
x
b Four and two-thirds weeks ended Aug. 1.
d Four weeks ended Oct.
Dec. 31,
$2,167,728
Int. and dividends receivable
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
10.859,293
10,565,336
9,978,001
9,387,792
a Five weeks ended Oct. 3.
Five weeks ended May 2.
$58,468,473
$27,647,448 and capital surplus with $37,352,552.
The company now owns 178,700 shares of the common stock of
Rustless,
and upon the acquisition of the 225,000 additional shares will own
403,700
shares out of 815,437 shares outstanding as of Dec.
4143.
res.
x This represents the balance of a reserve of $65,000,000 to
provide for
the decrease in the market value of common stocks and option warrants
owned by the corporation, created in 1934 by charging earned surplus with
of common stock of Rustless in consideration of the issuance to
Mr. Payson
of 65,700 shares of common stock of the company.
a
1,640,122
Balance, Dec. 31, 1935, of the amount allocated as
a reserve for decrease in value of the corporation's
interest in the Bankers Trust Co. agreement of
Nov. 22, 1935
$4,482,046
Loss on sales in 1936, of 964,400 shs. of com. stock
of the Commonwealth & Southern Corp. under
said Bankers Trust Co. agreement
3,099,931
The New York Stock Exchange has authorized the
listing of 65,700 addi¬
tional shares of common stock (par $25) on official notice of issuance
upon
the acquisition of 225,000 shares of the common stock
(no par) of Rustless
of—
$2,622,814
—
Loss
by the Board providing that, upon authori¬
by the stockholders of such increase in the capital stock of the com¬
and the same becoming effective pursuant to law, all the shares of
represented thereby shall be distributed to the stockholders as a
100%
dividend; the stockholders who will be entitled to receive such dividend
those of record at 3 p. m. on March 15,1937.—V. 142, p. 2655.
January
February
$2,466,031
156,783
Reserve for Decrease in Market Value if Securities
Balance, Dec. 31, 1935
zation
c
68,339
5,547
x
special meeting of stockholders for Feb. 5, for
the purpose of voting on a proposition to reduce the
par value of the com¬
mon stock from $100 per share to $80 per share and to reduce the
capital
represented by the common stock as recorded on the company's books to
an amount equal to $80 per share.
This will create a capital surplus to be
used primarily to absorb the deficit of approximately
$1,750,000 created
by the recognition on the books of this company of the losses and capital
adjustments of the company and those or its subsidiary, West Texas
Utilities Co., recorded in and subsequent to the year 1933.
Only stock¬
holders of record on Jan. 25, will be entitled to vote at the
meeting.—
V. 143, p. 3304.
•
60,613
6,681
for
reserve
Balance, deficit
Month
$836,829
Bal. applic. to divs—
Divs. on 1st preferred..
Chairman.—V. 144, p. 443.
p.
$509,978
rights, legal exp., &c.
income
American Rolling Mill
$606,166
All other expenses
Official Resigns—
being
$1,196,448
359,618
$1,038,975
D. G. Millar has resigned as an officer and director of this
company to
devote his entire time to the Greenfield Tap & Die
Corp., of which he is
stock
1933
$890,695
x380,717
See y
transfer of stocks and
Represented by 1,000,000 (1,007,973
American Re-Insurance Co.—To
1934
$606,166
See y
Expenses in reissue ani
Taxes,
Directors have called
1935
$1,038,975
sales and com'ns
on
22,531,982 20,495,101
x Securities owned have been carried on the books
since Dec. 31, 1932 at
market values established as of that date plus additions at
cost, less the
Market value Dec. 31,
average book values of securities sold.
1936;
pany
stock
1,575,980.00
210,000.00
in this account
10,000,000 13,821,000
Notes pay. to bank 2,000,000
Earned surplus... 6,655,303
133,958.30
11,900.00
—.. .
$4,864,333.93 $6,533,235.76
of American
1,007,973
pay.
debentures..
161,662.01
1,255,500.00
3,304,023.75
provided for the sale over a period of years of 1,500,000 shares of common
stock of Commonwealth & Southern Corp. and the
application of the pro¬
ceeds to the purchase for retirement of shares of the first
gold
Accrued taxes
sees.
sold, &c._
Anonyma
eonv.
170,022.50
1,216,312.50
3,298,220.63
Bankers Trust Co., under the agreement of Nov. 22, 1935, sold
during
964,400 shares of common stock of Commonwealth & Southern
Corp. for $3,026,279.
The loss of $3,099,931 was charged to reserve for
decreasein market value of securities.
The agreement of Nov. 22, 1935
1935
$
Common stock..
debentures
.-Wholly
owned—
y
20-year
2,250 shs.
$1,200,000
3,256,000
.
the year
General Balance Sheet Dec. 31
Assets—
$26,070.00
Total
a On Dec.
31, 1932, the book values of securities on hand were written
down to market values established as of that date.
Subsequent acquisi¬
tions of securities have been recorded at cost, and profits or losses on
securities sold since Dec. 31, 1932, have been based
upon the
such book values.
$33,920.00
Co,
Common B._
Total surplus, Dec. 31,
Cost
$32,000
7%, cumulative preferred
United States Treasury Notes:
3H%, due Aug. 1, 1936
2%%, due Dec. 15, 1936
Italian Superpower Corp.:
tevisionary certificates.
Proceeds
Co.
gold deb, 5% series, due 2028-
83,704
1,545
49,036.25
108,684.14
194,662.50
88,722.78
180,997.38
108,807.01
500 shs.
53,098.52
2,000 shs.
150,187.01
9,100 shs.
418,797.50
$2,750,000 2,779,296.88
51,000
1,000 shs.
2,000 shs.
1,000 shs.
2,000 shs.
1,000 shs.
...
Sales—
American
191,040
undistributed net income
on
Total cost
„•
$7,331,592
400,000
capital stock acquired during the year 1936
Federal surtax
Cost
—
$0.20
Statement of Surplus for Year Ended Dec. 31, 1936
amount
Amount
American & Foreign Pow. Co., Inc. 5% golddebenbonds, due 2030
$400,000 $317,455.00
American Power & Light Co., gold debenture
bonds,
American 6% series, due 2016
349,000
336,342.50
Penn-Ohio Edison Co., 6% gold debs, ser. A, due'50
132,327.50
127,000
5gold debentures, series B, due 1959.
30,000
30,530.00
Southeastern Power & Light Co.:
6% gold debentures, series A, due 2025
85,000
87,727.50
Southwestern Power & Light Co.: r
stock out-
Earned per share
Net
MILWAUKEE, WIS.
'
Capital surplus
Earned surplus
Total
$6 (no par)
(no par)
...
$314,819
71,146
20,887,900
$314,819
71,146
20,887,900
235,207 x25,424,447
y5,272,379
2,622,814
6,272,850
$1,606,117
64,735
24.709,500
235,207
y5,272,378
2,466,031
6,721,290
$35,677,115 $46,698,312 $41,075,259
x The foregoing balance sheet indicates no appraisal value of
the'eommon
stock, as the priorities of the first preferred and preference stocks are greater
Financial
604
Jan. 23. 1937
Chronicle
Consolidated Balance Sheet Nov. 30
a
Cash
Trading Market in:
Accts. rec.,
ARNOLD PRINT WORKS
$324,850
469,384
1,760
728,069
reserve..
-
Inventories
Deposits
DEPARTMENT
A. T. & T. Teletype
620,235
652.772
5,167
5,174
N. Y. 1-752
x
After reserve for losses,
.
Assets—
'
V
>•:
'>1;' ; V.i\? :■
Life insurance
Co. of New York—-New Secretary—
elected Secretary of the company at the annual
meeting of the Board of Trustees held Jan. 19, succeeding S. O. Hemstreet
who had requested to be relieved of his duties as Secretary because of ill
Investments
Fixed assets
\
$1,534,124 $21,251,645 $14,347,062
10. 1936.—V. 143, p.
& Electric Co.—Weekly
Jan. 2.
Jan. 9
1934
1935
1936
Output
*
*
*
43,260,000
36,191,000 30,818,000
44,401,000 37,637,000 32.519,000
comparable week (revision of previous report).
47,122,000
48,763,000
Jan. 16-----49,494,000
♦No
%>. December
Output—
The power output of the
Works & Electric Co. for the
electric subsidiaries of the
1933
*
28,479,000
28,844,000
-;V
American Water
1936, totaled 202,794,374
192,962,970 kilowatt-hours for the corresponding
month of December,
kilowatt-hours, against
month of 1935, an increase of 5%.
For the 12 months ended Dec. 31,
539,508 kilowatt-hours, as against
same period last year, an increase of
Amoskeag Mfg.
.
,
.
„
1936, power output totaled 2,385,2,068,152,905 kilowatt-hours for the
15%.—V. 144, p. 443.
Co.—Bondholders Get Final Payment—
their final liquidating checks Jan. 4, clearing
indebtedness to these creditors.
The sums distributed
represented the interest due for the period beginning in Dec., 1935, to the
The bondholders received
the books of all
present.
Bondholders now have received the par value of the bonds and
The remainder of the company's assets will go to the
all accrued interest.
stockholders, who already have
—V. 144, p. 96.
Armour & Co. of
received a liquidation dividend
of $2 a share.
Del.—Listing—
has authorized the listing of $20,000,000
20-year 4% sinking fund bonds, series C, due Jan. 1, 1957.
4144.
The New York Stock Exchange
first mortgage
—V. 143, p.
Associated
Apparel Industries,
Inc.—Annual Report—
Proposes to Change Name, &c.—
Stirton, President, says in part:
In a report to the stockholders covering the operations for fiscal year
ended Nov. 30, 1935, it is stated:
"It is contemplated that action may be
taken at an early date to rearrange the company's capital structure to
reflect its present net worth, and to enable it to be in a position to resume
R.
C.
justify."
the 1936 Revenue
bill, it was necessary for us to wait until the close of this fiscal year before
offering our recommendations in this connection to our stockholders, for
the payment of dividends when its earnings and finances
In order to take the fullest advantage of the benefits of
their approval.
In furtherance of this program,
sidiary,
has
been liquidated and
,
.
H. W. Gossard Co., the principal
all assets transferred to and
sub¬
and trade associa¬
tions are now conducted entirely in the name of H. W. Gossard Co., directors
and the management recommend that this company's corporate name be
changed to H. W. Gossard Co., believing that it will be to the advantage
of all interested, if the Gossard name is used in the company's activities
throughout.
■
'
.
Directors have approved, and recommend to the stockholders for their
approval, that the name of the Associated Apparel Industries, Inc., be
changed to H. W. Gossard Co.; that we continue the present no par stock:
that the stated value be reduced to $5 per share; that the freed capital
resulting from such reduction be applied to eliminate the deficit and any
excess be used to create a capital surplus; and that no change be made in
the
number
outstanding.
stock will be on a share for
of shares
The exchange of
Consolidated
Earnings for
Gross profit from
sales
Selling, advertising and
on
share basis.
30 Unci. Subsidiaries)
12 Months Ended Nov.
$1,857,477
—
administrative expenses, incl.
discounts
sales
Operating profit
Income credits (discount on purchases, interest
on foreign exchange, and miscellaneous)
earned, profit
charges (provision for uncoil,
organization and leasehold expense,
payroll tax, &c.)
Income
83,398
accounts, amort, of
provision for Federal
Interest
30,583
Provision for income taxes on current
+
earnings
7,047
69,702
$355,155
$52,297
67,610
69,702
8,999
24,000
Deferred liability.
Reserve
for
fluctuation
in
foreign exchange
Common stock (216,811 shs.).
Paid in surplus..
26,232
1,084,055
1,185,222
Total
....$2,518,117
i
&
Co.—To
Telegraph
Pay.
.y
their meeting held Jan. 15,
cents per share on
Atlanta & St. Andrews Bay Ry —Securities A uthorized—
Interstate Commerce Commission on Jan. 14 authorized the com¬
issue not exceeding (1) $300,000 common stock (par $100) to be
delivered at par to the St. Andrews Bay Holding Co. in payment of ad¬
vances made for capital purposes, and (2) $1,100,000 first mortgage sinking
fund bonds, 5% series due 1966, to be sold at not less than 90% and interest,
and the proceeds applied to the retirement of outstanding indebtednes.
The report of the Commission says in part:
The applicant had outstanding on Oct. 31, 1936, unmatured funded
debt in the amount of $850,000 and non-negotiable debt to affiliated com¬
panies in the amount of $1,691,795.
The funded debt consists of $425,000
first mortgage 6s, maturing on Oct. 1, 1938, and $425,000 second mortgage
refunding 6s, which will mature on Jan. 1, 1940.
The non-negotiable debt
represents open account indebtedness to the to the St. Andrews Bay Hold¬
ing Co., which owns all the applicant's capital stock, except directors'
qualifying shares.
As the proposed refinancing contemplates the elimination of all the
applicant's existing long-term debt, both funded and unfunded, aggre¬
gating $2,541,795, and a revision of its entire capital structure, consideration
will be given to its investments as a whole.
The investment in road and
equipment as of Oct. 31, 1936, is $1,873,666, and deducting therefrom
accrued depreciation—equipment in the amount of $39,037, leaves $1,834,628.
The applicant also had, as of Oct. 31, 1936, investments of
$39,519 in miscellaneous physical property and $11,500 in stock of the St
Andrews Bay Transportation Co., a wnolly-controlled subsidiary which
owns and operates a truck and bus line between Dothan, Ala., and
Pensa •
cola, Fla., $10,500 in other investments, $151,732 in cash, and $71,853 in
material and supplies.
The sum of the foregoing amounts is $2,119,733.
After the proposed issues there will be outstanding $600,000 of stock and
$1,100,000 of funded debt, a totai capitalization of $1,700,000.
The applicant proposes to sell the bonds to a group or syndicate to be
formed by A. R. Titus & Co., of N. Y. City, and while no definite contract
has been made, negotiations have been under way with that company and
The
pany to
'
it has tentatively agreed, upon our approval of the proposed bonds, and,
subject to market conditions, to purchchase them at not less than 90%
and interest.
It is stated that the annual cost to the applicant on this
basis will be approximately 5.89%.—V. 143, p. 3991.
Atlantic City
Bonds—.
/,■
(N. J.) Electric Co.—Registers $18,000,000
;;
•
The company on Jan. 16 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2796, Form A-2) under the Securi¬
ties
Act
of
1933
covering
$18,000,000 general
mortgage
bonds,
3
series, due 1964.
The registration statement states that the proceeds to be received from
the sale of the bonds will be used to the extent of $17,799,851.25 for the
following purposes:
To purchase from
American Gas & Electric Co. for cancelation—
(a) $15,000 Atlantic City Electric Co., 1st & ref. 5% gold
bonds, due March 1,1938, at a cost, exclusive of accrued
interest of
$15,220.00
(b) $9,176,000 of Atlantic City Electric Co., 1st & ref. mtge.
gold bonds 5% series, due April 1, 1956, at a cost, ex¬
clusive of accrued interest of
7,799,600.00
(c) $834,500 of Electric Co. of New Jersey, 5% 1st mtge.
gold bonds, due March 1, 1947, at a cost, exclusive of
accrued interest of
-
834,398.75
with the respective trustees, in trust, cash equal to
the principal and premium required for the redemption of—
(a) The remaining $3,738,000 or Atlantic City Electric Co.,
1st & ref. mtge. gold bonds, 5% series, due April 1,1956
(to be called for redemption April 1, 1937, at a premium
of 4%)
3,887,520.00
(b) The remaining $1,224,500 of Electric Co. of New Jersey,
5% 1st mtge. gold bonds, due March 1, 1947 (to be
called for redemption Sept. 1, 1937, at a premium of
2H%)
1,255,112.50
To deposit with the trustee of the mortgage securing the bonds
to be offered, in trust, cash equal to the remaining $1,808,000 of Atlantic City Electric Co., 1st & ref. mortgage
5% gold bonds, due March 1, 1938
1,808,000.00
Payment of open account debt due to American Gas & Electric
Co. (incurred in connection with the call and redemption on
Nov. 1, 1935, of $3,500,000 of the company's 5j^% bonds)
totaling, exclusive of accrued interest
2,200,000.00
To deposit
,
proceeds will be used to reimburse the company's
portion of the amount used in connection with the call
redemption on Nov. 1, 1935, of the $3,500,000 of the company's
5H % bonds referred to above.
The offering price of the bonds, the names of the principal underwriters,
and the underwriting discounts or commissions are to be supplied by
amendment to the registration statement.
The bonds are to be redeemable at the option of the company as a
whole, or in an aggregate principal amount of $1,000,000 or more,
?t
The remainder of the net
cash funds for a
and
43,508
Depreciation
$422,597
$505,994
Total
Net profit for period
1,434,880
)-
.
143, p. 3619.
liabilities
assumed by Associated Apparel Industries, Inc.
In view of the fact that all of our business operations
$2,518,117 $2,541,019
Total
authorized dividend pay¬
the 7% 1st pref. stock and 42 cents per
stock. The dividends will be paid on Feb. 15 to
holders of record Jan. 25.
Dividends of 28 cents and 24 cents per share
respectively were paid on Dec. 15, last and the company paid dividends
of 49 and 42 cents per share on the respective issues on Aug. 10, last.
The previous dividend paid on these shares was on April 1, 1932.—V.
Output of electric energy
1937
19,452
Telephone
The directors, at
ments of 49
Works & Electric Co. for the
V.
4,692,580 *4,692,590
2,423,303
2,803,802
Deficit
share on the $6 1st pref.
4143.
of the electric properties of American Water
week ended Jan. 16, 1937, totaled 49,494,000
kilowatt hours, an increase of 12.5% over the output of 44,401,000 kilowatt
hours for the corresponding period of 1936.
Comparative table of weekly output of electric energy for the last five
years follows:
v
Week End.
1936
1935
1934
1933
1932
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
33,294
foreign
Liabilities—
Preferred Dividends—
have declared a
American Water Works
on
Common stock..
5,167
Associated
Bottle Co.—25-Cent Dividend—
dividend of 25 cents per share on the
common stock, no par value, payable Feb. 1 to holders of record Jan. 20.
Similar payments were made in previous quarters.
In addition a dividend
of $1 was paid on Dec. 24, last and an extra dividend of $1 was paid on
Oct.
26,232
10,288
Associated Gas & Electric Co.—Weekly Output—
For the week ended Jan. 15, Associated Gas & Electric System reports
net electric output of 90,468,447 units (kwh).
This is an increase of 12.024,158 units or 15.3% above the comparable figure a year ago.
Gross output including sales to other utilities amounted to 95,286,157
units.—Y. 144, p. 444..
:•
American Thermos
directors
tion
z
$2,518,117
Total
—Y. 144, p. 443.
The
32,000
Reserve for fluctua¬
v
129,406
620,234
........
(net)
Trade-marks—
& Telegraph Co.—Earnings—
1936—Month—1935
1936—11 Mos.-—1935
$8,989,816 $8,102,271 $97,409,168 $86,249,032
27,993
45,945
329,163
475,062
6,162,286
6,039,846 68,039,559 65,922,538
156,404
482,356
7,788,801
5,504,370
$2,643,133
Net oper. income
24,000
trade discounts and advertising allowances,
68,706
charges
American Telephone
Operating expenses
Operating taxes_
(net)
receiv.—less reserves..
Deposits in closed banks, &c..
Prepaid values and deferred
American Surety
Uncollectible oper.rev_>
210,900
$326,213 Accounts payable trade
560,125 Acer, wages, comm., taxes, &c
1,760 Accrued Federal and foreign
Income taxes (net)
728,068
58.983 Mortgages payable—current-
-
Inventories
Charles Henry Hall was
Operating revenues
69,702
8,999
1936 and $99,931 in 1935.
y After reserve for depreciation
1936 and $300,518 in 1935.
z Represented by 216,811 no
(216,812 in 1935) no par shares.
Pro Forma Consolidated Balance Sheet, Nov. 30, 1936
Accounts receivable
Period End. Nov. 30—
and
of $106,761 in
Notes
health.—V. 143, p. 3990.
250,000
Fed.
of $334,110 in
that
corporation's holdings of securities at marekt prices on
Represented by 8,293,005 no par shares.—V. 143, p. 418.
<4
51,661
(partly se¬
foreign inc. taxes
Mtges. pay. (curr.)
Mtge. pay. 1938-
.$2,518,117 $2,541,019
1863.
—V. 143, p
(
cured)
exchange
Cash..
of valuing the
bank
134,677
charges
Total
y
78,285
68,706
129,406
Trade-marks..—
of the corporation. The
first preferred stock has priority to the extent of $100 per share and accrued
dividends.
The preference stock, following the first preferred stock has
priority to the extent of $100 per share and accrued dividends remaining
unpaid on such preference stock.
At Dec. 31, 1936, the total accrued
dividends on the preference stock from April 1, 1932, amounted to $6,703,399 or $28.50 per share.
The net assets which would be applicable to this
date,
8,950
Land, buildings
and equipment.
deferred
y
New York
67,610
1940
Investments.
the market value of the assets
In amount than
1
19,452
-
Prepaid values and
STOCK EXCHANGE
15 Broad Street
in closed
banks, &c
Eastman, Dillon 6 Co.
MEMBERS NEW YORK
54,382
58,983
value, life insur.
TRADING
com., taxes, &o.
Notes pay., bank
Accrued
surrender
Cash
$64,087
2,643
809,899
Notes receiv., less
6^8 February 1941
1935
$52,297
Accts.
$326,213
560,125
trade
1936
pay., trade
Acer, wages, com.,
Liabilities—
I
hand and
in banks
x
First S. F.
on
1935
1936
Assets—
We maintain
Volume
time
any
144
Financial
prior to maturity,
Chronicle
in
an aggregate principal amount less than
$1,000,000 on any interest date prior to maturity on at least 30 days'
published notice. The redemption prices are to be supplied "by amendment
to the registration statement.
American Gas and Electric Co. of New York, owns
100% of the voting
"wer in Atlantic City Electric Co.—V. 143, p. 3619.
or
Associates Investment
605
Baltimore Transit
Co.—Earnings—
(And Baltimore Coach Co.)
(Intercompany Items Eliminated)
.
Operating
Operating
1936—Month—1935
1936—12 Mos.—1935
$1,083,562
$1,016,117 $11,820,950 $11,175,059
846,505
861,686
9,834,537
9,663,348
123,318
86,136
1,187,284
979,955
revenues
expenses——
Taxes
Co.—Listing—
The New York Stock
Exchange has authorized the listing of 60,000 shares
of 5% cumulative preferred stock ($100 par) with and without common stock
warrants attached, all of which are issued and outstanding; and 404,836
shares of common stock (no par), all of which are issued and outstanding;
and 58,139 shares of common stock, upon official notice of issuance thereof
upon exercise of the common stock warrants attached to and ifesued in con¬
nection with the shares of preferred stock, making the total amount applied
for 60,000 shares of 5% cum. pref. stock and 462,975 shares of common
stock.—V. 143, p. 4144, 3990.
f;
Atlas
.
<
•
Per. Ended Dec. 31—
Operating income
Nonoperating income
$113,737
1,374
$68,294
1,820
$799,127
20,276
$531,755
22,696
Fixed charges.
$115,112
11,051
$70,114
11,638
$819,404
122,888
$554,452
Net income
—V. 143, p. 3991.
$104,060
$58,476
$696,515
$433,139
121,313
Bangor & Aroostook RR.—Bond Application—
Corp —Listing of Preferred and Common—
The New York Stock Exchange has authorized the listing of 539,525
shares of 6% preferred stock ($50 par), consisting of 469,253.15 shares
of the respective corporations parties to the
agreement of consolidation forming the corporation and 70,272 such shares
issued and issuable for shares
The company has applied to the Interstate
Commerce Commission tot
authority to sell $404,000 of convertible consolidated
4% bonds of 1951,
in connection with a
plan to refinance a similar amount of 5% extension
oo^ds maturing Aug. 1, 1939.
The maturing bonds consist of $234,000
of St. John River extension first
5s and $170,000 of Washburn extension
issued in conversion of shares of common stock of the corporation in accord¬
ance with the provisions of article fourth of agreement
of consolidation;
first 5s.
928 additional shares of 6% preferred stock, on official notice of issuance,
being the maximum additional number of shaers which may be issued to
holders of common stock who have elected to convert the same into 6%
and
preferred stock; 4,176,025 shares of common stock ($5 par) consisting of
4,414,950.74 such shares issued and issuable for shares of the respective
to the company or not less than
corporations parties to the agreement of consolidation less 238,924.80 such
shares converted into shares of 6% preferred stock: 1,951,073 additional
shares of common stock, on official notice of issuance upon the exercise of
outstanding option warrants to purchase 1,951,072 8-60 shares of common
stock as follows: (a) option warrants to purchase 1,681,072 8-60 shares of
common stock of Atlas Corp. (a predecessor corporation) and which have
been assumed by the corporation, so that each holder of an outstanding
option warrant to purchase, without limit as to time, one share of common
stock of Atlas Corp., is entitled, subject to the terms thereof, to purchase,
without limit as to time, one share of common stock of the corporation at
the price of $25 per share, and (b) option warrants issued by the corporation
representing the right to purchase, without limit as to time, 270,000 shares
of common stock of the corporation at the price of $25 per share, making
the total number of shares applied for: 540,453 shares of 6% preferred stock
and 6,127,098 shares of common stock.
Consolidated Statement of
Financial Condition at Oct. 31, 1936
[After the filing on Oct. 31, 1936 with the Secretary of State of the State
of Delaware of the agreement of consolidation, dated Sept. 28, 1936, be¬
predecessor corporations, viz: Atlas Corp., Pacific Eastern Corp.,
Corp. and Sterling Securities Corp., and after giving effect
liquidation of Atlas Corp.'s interest in its Canadian subsidiary. Atlas
Utilities & Investors Co., Ltd., and the issuance to that company or option
warrants to purchase, at any time, 270,000 shares of common stock of
Atlas Corp. at $25 per share, which transactions were consummated in
Nov., 1936.]
tween
Shenandoah
to the
Assets—
Cash
—
....
$7,076,340
Dividends receivable and interest accrued—
Due from brokers and other accounts receivable (incl. $980,887
due from Utilities Power & Light Corp., Ltd.)
417,623
.
—.
Preferred stocks
—.......
—
Common stocks
Notes receivable and purchased unsecured claim
Notes receivable from affiliates of Utilities Power & Light Corp.
Undistributed equities reflected by statements of condition of
predecessor's (Atlas Corp.) former subsidiary companies in
process of liquidation, including $485,230 based on appraisal
of investments by board of directors as of Oct. 31,1936
Investments in & receivables from non-consol. controlled cos__
in
and receivable from
17,690,682
9,168,152
65,341,076
x525,292
x2,601,6l8
Depreciation
charges
Div. on pref. stock
Fixed
Div.
on com.
Standard
stock
18,101
14,481
$19,054
Balance
Barker Bros.
Total
—.$113,325,702
-
J
^
Corp.—Listing—
Consolidated Income Statement 9 Months Ended
Sept. 30, 1936
Net
sales, including $190,150 carrying charges
sales contracts
Cost of merchandise sold
.
Provision for extimated expenses of consolidation
Amount applicable to minority stockholders in American co—
6% preferred stock (issuable to stockholders of predecessor cdr-
$500,000
77,406
325.836
1,177,075
3,951,440
500,000
215,355
porations 469,253 shares)
23,462,658
Common (par $5) issuable to stockholders of predecessor corp'ns 22,074,754
Proportionate part of div. cum. on issuable pref. stock for the
quar. ended Dec. 1, 1936 which relates to the period prior to
effective date of consolidation
234,627
Capital surplus
60,806,553
Total
x
-
$113,325,702
-
Represents amounts at which appraised by board of directors
as
of
Oct. 31, 1936.
:
from
operation
A suit naming as
defendants the Atlas Corp., National Securities Invest¬
Capital Corp., was instituted Jan. 8 in New
Myrtle Mankovitch, holder of 31 shares of
stock In Federated Capital,
The plaintiff, who said that National Securities
and Federated Capital were dissolved in 1935, asked for an accounting.
*-\The plaintiff charged that Atlas assumed the management of Federated
Capital by an agreement made in 1931 for an "excessive" management fee
of % of 1% of the gross income of Federated.
She charged that the de¬
fendants conspired to ruin Federated through an exchange of stock, declaring
that Atlas obtained voting control of Federated and the latter corporation
received speculative securities thereafter.—V. 143, p. 3991.
Atlas Tack
directors
Auburn Automobile Co.
Years End. Nov. 30—
Net
1936
1934
sub
$3,642,499
Undistributed
$2,307,973
Ohio
RR.—Authorized
The company,
Construction
of
Liabilities—
$623,573
of*2,000
covered wagon top box cars, of 50-ton capacity and 42K feet
in length, in the company's shops.
'
It is understood that the Bethlehem Steel Corp. was the low
bidder
for the 2,000 gondola cars.
'
i
The construction of the 2,000 box cars in the company's shops will give
employment to a large number of the company's employees throughout
the remainder of the year.
t
The total estimated cost of this
equipment
is
.
...
approximately $10,000,000,
the financing of which it is expected will be arranged through an equipment
trust.—V. 144, p. 445.
$614,927
400,495
22,958
(net) 3,645,134 Acer, taxes, payroll, &c., exps.
1,864,192 Sunland Inv. Co., accr'd rentProperty and equipment (net). 1,001,081 Reserve for Federal
income tax
Investment in controlled
eo_
..
Other investments
Company capital stocksDeferred charges
Goodwill—
866,035
86,653
27,589
172,072
1
$8,286,332
68,866
llChOOO
Deferred liability
6H%
conv. preferred stock.2,820,000
Common stock (150,000 sh. no
par.)
*3 295 444
Capital
1111111*2,297,250
surplus
Deficit
Total
1,343,609
—
Total
$8,286,332
—V. 144, p. 98.
Belding-Corticelli, Ltd.— ■Earnings—
Years End. Nov. 30—
1936
$5.57
3,118
7,117
advertising
Net profits
Preferred divs.
$11,789
495,194
3l",410
.....
Directors' remuneration.
Interest ,on debentures..
Res. lor
$102,340
60,571
29,980
$16,219
511,413
Prov. for employees' ins.
Executive remuneration
1933
z$276.335
138,699
$106,770
60,571
29,980
Prov. for income tax
1934
a$352,964
147,898
30,000
10,000
29,010
2,795
6,180
3,155
21,586
z$286,756
132,828
9,500
20,000
reserve...
1935
a$367,907
169,492
30,000
$6.18
Profits.,
Depreciation
x
(7%)...
Com. dividends (7%)
Balance, surplus
Profit and loss surplus..
Earns,
9,085
36,980
36.980
5,000
$98,363
60,571
29,980
$95,656
60.571
29,980
$7,812
483,405
~
per sh. on 7,495
shares com. stock (par
$5,105
475.592
$5.04
$4.69
and administration expenses.
,598 in 1934 and $25,719 in 1933.
investments of $5,166 ($11,800 in
1935) and profit
of $5,954 ($20,433 in
1935).
Balance Sheet Nov. 30
After deducting all manufacturin
_
z
Includes interest
on
a
Includes interest
on
on
sale of investments
Assefs—
investments.
1936
1935
Liabilities—
Prop. account._$l,372,390 $1,369,326
&
trade¬
Call loan secured.
.
Inventories
Deferred charges..
pref. stock...
Com. stk.,par $100
1
133,217
81,827
25,000
425,504
459,320
10,800
229,581
res.
107,926
Accrued
395,511
382,061
11,211
1936
7%
1
Cash...
Accts.
pay.,
Bell
Com. divs. pay...
Em pi., &c., Ins. res
Adv. reserve
172,595
170,023
43,179
40,006
15,143
15,143
7,495
123,434
20,000
reserve
Total
1936
$865,300
749,500
incl.
wages, &c
Pref. divs. payable
After depreciation of $1,402,531 in
142, p. 942.
x
V.
.$2,508,059 $2,495,616
1935
749,500
charges,
Profit & loss surp.
Total.
$865,300
for Govt, tax
Contlng.
at its regular monthly board of directors meeting held
,
Accounts payable, trade
accts. receivable
20 authorized the purchase of 2,000 gondola cars of 70-ton capacity
(1 450 of 52 H feet and 550 of 65H feet length), and also the construction
.
65i716
on
$401,266
Equipment Costing $10,000,000—
Jan
$466 982
—IIIIIIII
earnings
Cash
Accts. & bills rec.
&
roq
33A58
Consolidated Balance Sheet Sept.
30,1936
marks
V. 143, P. 2826.
Baltimore
77,577
«4qo
Ill I III III III IIH
_
Net operating profit before
providing for Federal surtax
Investments
$2,697,852
73 686
Operating profit
Goodwill
after deprec.,
minority int. &
pref.divs.-—$1,522,844
374,285
_IIIIIIIIIIII
Provision for Federal normal income tax
x
1 933
loss
int..
'
_
$100)
on
(& Subs.)—Earnings—
1 935
Investment"Co.",
Depreciation and amortization..
x
dividend of 25 cents per share
the
capital stock, no par value, payable Feb. 15 to holders of record Feb. 3.
Similar payments were made on Nov. 16, July 15 and on April 15 last,
this latter being the first dividend paid since November, 1920, when a
regular quarterly distribution of 75 cents per share was made.
a
$959 072
paid to controlled company, Sunland
to the period for cost of that co.'s
bonds applied on rent at face amount
(corresponding proporHon of face amount of bonds so
applied was $63,749)
Other rents (net)
Corp.—25-Cent Dividend—
have declared
2,491,426
—
including $27,731 applicable
Legal fees
Defendant in Suit—
ment Co. and the Federated
York Supreme Court by R.
The
(except rents
expenses
„
_
Made
$8,629,813
5,179 315
Operating, general and administrative
and depreciation and
amortization)
Profit
"""*
Instalment
on
.
Inventories
Due to brokers for securities purchased
Accounts payable and accrued expenses
Provision for current year Federal and State taxes
Provision for prior years' taxes and for contingencies
$68,167
6&% cumultive
preferred stock, all in accordance with the
plan of recapitalization, making
^be total amount to be listed 65,800 shares of 5H% cum. pref. stock and
178,200 shares of common stock.
Notes
,
$136,369
The New York Stock
Exchange has authorized the listing of 65,800
shares 5H% cumulative preferred stock
(par $50) upon official notice of
issuance to the holders of shares of
convertible 6H% cumulative preferred
stock; and 28,200 additional shares common stock
(no par), upon official
notice of issuance to the holders of shares of
convertible
Assets—
Liabilities—
1936—12 Mos—1935
$2,144,985
$2,092,871
728,330
739,144
250,900
281,450
154,269
150,515
377,447
366,785
305,794
305,794
191,874
181,013
$26,170
—V. 143, p. 3833.
...
Liabilities of predecessor corporations assumed and of sub. cos.:
Notes payable to banks, secured (paid Nov. 6, 1936)
.
_
Taxes accrued
Miscellaneous income
528,886
x4,264,052
after Feb. 1
of meeting the
110 and interest.—V. 144, p. 445.
1936—MonJh—1935
$184,747
$195,622
64,044
51,961
18,400
8,500
15,624
36,626
24,039
32,400
25,482
25,482
Balance
Equities Corp.
(48.95% of outstanding capital stock and $1,575,000 notes
receivable)
xl ,337,000
Miscellaneous investments and other assets
x3.054,700
Deferred charges
....—....—...
28,050
Investment
Per. End. Dec. 31—
Gross earnings
Operating expenses
Rents
priced at Oct. 31, 1936 market quotations:
on or
purpose
sell at private sale or on the
of convertible 4s at a net price
now
Bangor Hydro-Electric Co.—Earnings—
1,292,228
Portfolio holdings for which market quotations are available,
Bonds
The carrier desires
authority to sell the convertible 4s
place the proceeds in special deposit for the
maturities.
The road believes that it can
New York Stock
Exchange the $404,000
511,413
7,495
130,107
21,586
1,263
495,194
$2,508,059 $2,495,616
and
$1,273,611 in 1935.—
Telephone Co. of Pa.—New Vice-President—
Directors have accepted resignation of William
H. Harrison
Operating
Vice-President, who will succeed K. W.
Watterson, Assistant Vice-Presi¬
dent of the American Telephone &
Telegraph Co. at New York
G. Thomas Carrier, now Vice-President and
General Manager of this
company s eastern area, is to succeed Mr. Harrison.
Carl R. Freehafer
Financial
606
will succeed Mr.
144, p. 445.
traffic Manager,
General
effective Feb. 1.—V.
Bell Aircraft
Appointments
Cartier.
1936, this latter being the
Corp,—Admitted to Listing and Registration
Curb Exchange has admitted the common
to listing and registration.—V. 143, p. 3992.
Bendix
on
stock, $1 par,
Corp.—Forms New Radio Company to
Aviation
four radio and aviation
attention
navigational purposes for the aircraft industry, with particular
blind flying and safety in landing under adverse weather conditions.
and
kind in the world
due to the widespread resources of the parent Bendix Corp. which now a
'within its fold parallel interests in radio instruments, engine and other
accessories and a large staff of technical personnel skilled in all branches of
aeronautics. The new company will be staffed with more than 100 engineers
and technicians and will have plants and laboratories in Chicago, Dayton,
Washington and Oakland, with field experts operating in every part of the
dividend of $1.50 per share on
payable Jan. 26 to holders of record Jan. 14.
A regular
paid on Dec. 1, last, and on Sept. 1, last;
prior thereto quarterly dividends or 25 cents were distributed.
In addition,
an extra dividend of 50 cents was paid on Dec. 16, 1935.—V. 143, p. 2992.
The
have declared an extra
directors
the common stock,
dividend of 75 cents per share was
it is said, be the largest of its
The new concern will,
4146,
Bullock's, Inc.—Extra Dividend—
of a new corporation, absorbing
equipment companies, was announced Jan. 21, by Vincent Bendix.
The
new
organization will specialize in radio equipment for communications
to
share was disbursed.—V. 143, p.
Buffalo Ankerite Gold Mines, Ltd.—Div. Increased—
The directors have declared a dividend of 12)4 cents per share on the
common stock, payable Feb. 15 to holders of record Feb. 1.
Previously
dividends of five cents per share were distributed.—V. 143, p. 1552.
Aviation Weather Hazards—
The formation
Nov. 2, 1936 and 25 cents paid on Aug. 1,
first dividend paid since Nov. 1, 1932 when 25
dividend of 50 cents paid on
cents per
The New York
Work
are
1937
23,
Jan.
Chronicle
Co.—Earnings—
Bush Terminal Buildings
1936—12 Mos.—1935
1936—Month—1935
Period End. Dec. 31—
Loss after exps., deprec.,
charges,
but before Fed. taxesother
&
int.
$119,764
$136,517
$16,479
$8,544
—V. 144, p. 99.
Nation.
The Bendix
Radio Corp., as the new unit will be called, will be headed by
and other men who have held executive positions
Bush Terminal
Mr. Bendix as President
which have been absorbed to provide the foundation
for the latest enterprise.
One of the essential purposes of the corporation,
Mr. Bendix said, will be to continue on a wide and liberally financed scale
the efforts of science to guide and provide security for aircraft operations
in fog and other extreme weather conditions and over difficult terrain and
water distances.
Mr. Bendix indicated the work of the new corporation
would have the cooperation of interested government departments, American
air transport and the manufacturing interests of this country, plus the
with the four companies
abroad.
The companies which have been brought together to form the new
organization include the Radio Research Co., Inc. of Washington, D. C.,
the Radio Products Co. of Dayton, O., the W. P. Hilliard Co. and Jenkins
& Adair, both of Chicago.
Besides Mr. Bendix, the new corporation's officers will include L. A.
T.
J.
Specialize
Corp.—New Unit Formed—To
Communications and Navigation.—See Bendix
Bendix
in
Radio
Aviation
Corp. above.
Biltmore Hats,
Ltd.—Stock Split-Up Voted—
before
Federal taxes
xloss$79,105
$21,037
y$50,750
$149,505
x After deducting $83,604 of disbursements as
compensation in connec¬
tion with reorganization proceedings,
y After
deducting $104,214jnof
and
Boston
Holding Co.—Dividends—
Railroad
p.
1221.
Period End. Dec. 31—
after
ordinary
taxes & int., but before
amort. & Fed. inc. tax.
Hotels Corp.—Earnings—
1936—Month—1935
1936—12 Mos.—1935
Consolidated Income Account
$12,836
loss$l,088
$127,483 loss$139,259
143, p. 3992.
reports as of
Co., Inc.—Net Assets
Dec. 31, 1936 net assets
Value—
equal to $35.25 a
stock outstanding.
Dividends declared during the year
amounted to $2.25 a share, and the gain in assets, including these dividends,
was approximately 33% as compared with the liquidating value of $28.12
a share on Dec. 31, 1935.
The latter figure is before deducting aD amount
equivalent to $1.53 a share then provided for estimated taxes on unrealized
appreciation of investments.
The report states that, since the corporation is a mutual investment
company as defined by the Federal Revenue Act of 1936, and during 1936
complied with all the provisions pertaining to such companies, no provision
is now necessary for normal Federal income tax on unrealized appreciation
of investments.—V. 143, p. 3992.
$2,919,137
Co.]
1934
$3,162,834
Sept. 30—
10*?*}
3,623,381
2,336,141
2,452,499
$1,935,340
1,501,292
$1,037,893
32,575
$582,996
6,211
$710,334
35,714
$434,048
60,894
$1,070,468
652,909
507,541
Amortization of patents90,909
Special charges
11,096
Idle plant exp. (net)
92,178
$589,207
602,329
505,234
$746,048
657,889
504,659
90,909
15,532
167,493
$494,942
657,897
504,482
90,905
15,925
174,989
Sales (net)
Cost of sales
Gross mfg.
profit
Other income
Total income
Adm., gen. & sell. exp_-
&c—-
Prov. for deprec.,
90,909
20,640
185,847
Orient Coal & Coke Co
46,628
53,793
83,314
94,796
$330,793
$869,545
$773,748
$1,044,056
184,418
$330,793
charges
Net loss
Preferred dividends
def786,081
$869,545
51,415
$773,748
803,734
$1,228,474
2,047,406
Prop, of cap. surp. (aris¬
ing fr. reval. or prop.)
realized during year--
36,683
36,683
36,683
36,683
Refund of Fed. inc. taxes
20,159
Deficit
Previous surplus
-
40~432
b Transfer of bal. in res,
on
$781,447
$1,060,032
Total deficit
Loss
sales of teas.stk.
-
sur$107,101 sur$855,615
20,943
51,881
mantlement of Orient
units._
accrual for
stk. tax for
Profit & loss deficit—
$1,108,407
or
cap.
24,000
prior year
Broadway-Continental Building—Sale—
Broadway-Continental Building, 1450 Broadway at 41st St.,
been sold to James McKiernan for $3,600,000.
The sale
cash, $2,600,000 first mortgage and $300,000 second
The 42-story
made for $700,000
mTh^acontract
Jan. 13, when
was
made in December, but
Supreme Court
Brooklyn & Queens Transit System—Earnings—
1936—Month—1935
1936—6 Mos.—1935
$1,803,262 $10,434,554 $10,142,532
Operating revenues.-.— $1,868,505
1,399,380
8,422,068
8,085,046
Operating expenses—
1,502,450
856,770
1,034,705
145,008
Current inc.
$258,874
14,334
$977,781
$222,480
128,965
Consolidated Balance Sheet Sept. 30
1936
$273,208
125,731
$1,094,100
756,166
116,319
$1,200,716
92,465
$1,293,181
744,016
carried to
$93,515
$147,477
$337,934
$549,165
4146.
Brooklyn-Manhattan Transit
(And Brooklyn & Queens
31—
Operating revenues..--Operating expenses
Taxes on oper. props---
System—Earnings—
Transit System)
1936—Month—1935
1936—6 Mos.—-1935
$4,570,014 $4,538,540 $25,890,902 $25,762,675
2,955,834
2,831,953 16,968,802 16,668,236
481,448
425,800
2,891,409
2,423,789
88,910
$1,280,787
46,701
$6,030,691
579,150
$6,670,650
347,061
$1,221,642
$1,327,488
657,580
768,442
$6,609,841
3,930,830
$7,017,711
4,606,553
$1,132,732
Non-oper. incomeGross income
deductions
1,721,566
Inventories
from
a—
carried
surplus *
.♦ Accruing to minority
int. of B. & Q. T. Corp
to
Bal. to B.-M. T.
Sys.
$564,062
$559,046
$2,679,011
$2,411,158
43,124
67,051
155,834
reval.
2,666,350
of
1,171,734
capital assets— 1,135,051
1,841
9,052
9,001
and employees..
15,751
243,138
424,457
Cash in banksj Ac.
209,367
295,454
Patents
32,740
Deferred charges—
129,674
53,416
182,423
31,620
85,266
17,951
197,028
1,108,407
Accounts
244,252
payable.
and
Acer. gen. tax
expenses
281,573 Wages payable—
386,363
32,562
Reserves
Deficit
786,081
9,070,730
9,070,730
Treasury stock... Dr776,192 Z>r776,192
Paid-in surplus...
17,835,578
Total
18,054,7251
17,835,578 18,054,72
Total
depreciation and depletion of $3,762,923
in 1936 and $3,259,783 in 1935.
y Represented by 266,635 share of no
par value, including treasury stock.—V. 144, p. 446.
x
After deducting reserve for
Canada Vinegars,
Years End. Nov. 30—
Ltd. (& Subs.)—Earnings—
1933
1934
1935*
1936
Net
profit for year after
deducting all costs
Prov. for depreciation
Directors' fees
Reserve for taxes
$203,712
62,812
2,300
24,399
$210,778
66,845
1,900
27,336
divs. pay. on
not owned
$249,494
58,051
$243,548
61,075
2,100
28,223
30,207
Ltd.,
pref. shs.
1,750
1,750
$112,948
110,400
29,816
$112,449
147,200
$149,416
147,200
$27,268
184,769
$34,751
219,520
sur$2,216
217,304
sur$12,344
204,960
$157,501
$184,769
$219,520
$217,304
$1.23
$1.22
$1.62
$1.73
a985
Net income
Dividends paid
Adj. applic. to prior yrs.
Balance, deficit
Previous surplus
Total surplus
Earns, per sh. on 92,000
shs. cap. stk. (no par)
in excess of book value of common
Vinegars, Ltd., purchased during year.
Consolidated Balance Sheet Nov. 30
a
Amount paid
1936
Assets—
Cash
Inventories
Good-will
$520,938
$2,523,177
.
$159,544
147,200
shares of Western
1936
Liabilities—
1935
1935
Capital stock...$1,322,503 $1,322,503
184,769
157,501
428,970
Res. for deprec...
495,225
x
Land, bldgs., plant
& equipment
1,691
1,750
$1,810,299 $1,725,118
16,877
76,509
303,362
24,001
34,169
60,523
262,163
1
253,242
$491,995
$2,157,916
Surplus
Mtges. pay. & ac¬
crued
2,641
interest.-
Western
Vinegars,
25,000
25,000
74,000
78,627
45",838
28,692
20,253
22,500
27,000
27,500
24,500
Bal. owing in con¬
nect. with assets
purchased
payable
Accounts
Liab.
of leasehold investm't
53,000
50,834
318.000
305,000
cust.
.
for
Prov. for containers
returned
Buckeye Steel Casting
Co.—Extra Dividend—
per share in
the common
of record Jan. 20.
dividend of 50 cents paid on Dec. 22, last, a
The directors have declared an extra dividend of 25 cents
addition to a regular quarterly dividend of $1.50 per share on
stock, no par value, both payable Feb. 1 to holders
with an extra
to
cont. returned..
273.
from
1,478,006
Ltd., stock
under Contract No. 4-
'This compares
6,307,300
6,307,300
y Common stock. 2,666.350
Cap. surp. arising
Includes res. for amort,
—V. 144, p.
$
$
Liabilities—
7%pref.stock
officers
Accts. receivable..
Current income
$
xLand, bldgs., machin'y & equip..15,141,150 15,608,277
Goodwill
1
l
Due
1935
1936
1935
$
Assets—
Other deductions
surplus
Per. End. Dec.
Coal & Coke Co. to surplus on account of
b For contingencies of Orient
Western Vinegars,
Income deductions
—V. 143, p.
185,121
$180,934
41,546
Operating income
Non-oper. income
1933, $36,961.
depletion, 1936, $30,574; 1935, $31,948; 1934, $35,716;
approved the sale
Period End. Dec. 31—
sur$51,415 sur$803,734
discontinuance of mining operations.
did not become known until
Justice Richard P. Lydon
Department, which held the building as one of the
chief assets of the closed Bank of United States.
The $2,600,000 first
mortgage on the building is held by the Metropolitan Life Insurance Co.
by the State Banking
Taxes on oper. props
$786,081
(excluding depreciation and depletion) 1936,
$16,053; 1935, $21,845; 1934, $47,599; 1933, $57,835; and depreciation an<i
Idle plant expenses, net
Accts. & notes rec.
N. Y. City, has
34,742
4,634
24,374
C. & C. prop,
Adjust,
Investments
a
1935
$4,661,274
Years End.
a
Broad Street Investing
The company
share of capital
Income
1936
[Including Orient Coal & Coke
Pa.
Profit
was
4146.
Subs.)—Earnings-
Adjust, in respect to dis¬
Bowman-Biltmore
—V.
but
(A, M.) Byers Co. (&
.
cumulative preferred stock of Boston Railroad Holding
Co. recently authorized by U. S. District Court at New Haven, will be
paid immediately to stockholders of record Jan. 11.
Two of the payments
cover semi-annual dividends of 2% due Jan. 10 and July 10, 1936, and a
third the semi-annual payment due Jan. 10, 1937.
Dividends on the preferred stock of Boston Railroad Holding Co., vehicle
through which the New Haven RR. holds its large investment in the
Boston & Maine RR. were guaranteed by the New Haven.—V. 143,
Dividends of 4%
int.,
extraordinary expenses.—V. 143, p.
a
Approval of a split in shares creating four new no par value common
shares for each of the former 20,000 authorized and outstanding no par
common shares was given by shareholders at the recent annual meeting.
—V. 144, p. 272.
1936—12 Mos.—1935
1936—Month—1935
Profit after exps., deprec.
Bendix affiliates
Hyland of the Radio Research Co. as Vice-Pres. and General Mgr.; Roy
Hurley, Fred Hooven and W. P. Hilliard as Vice-Presidents; Walter
Buettner, Treas.; Henry Gossner, Sec., and W. H. Houghton, Compt.
Directors are: Mr. Bendix, Charles Marcus, Mr. Hyland, Mr. Buettner
and Mr. Gossner.—V. 144, p. 272.
Co.—Earnings—
Period End. Dec. 31—
Res. for income tax
Total
$2,231,048 $2,081,974
xRepresented by 92,000 no par
Total
$2,231,048 $2,081,974
shares.—V. 142, p. 619.
Volume
Financial
144
Chronicle
Canada Cement Co., Ltd.—Earnings—
in
Years End. Nov. 30—
yl936
vl935
1934
Total profits
z$2,940,180 x$2,193,151 x$2,094,114
Prem. on N. Y. funds..
Bond interest
929,435
1,038,913
1,002,194
,
Mortgage interest
Depreciation written
Legal expense
Legal & other bond
version
1,000,000
67,230
$1,486,740
48,979
1,028,136
659
1,000,000
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Central
54.666
expenses
146,000
"9,870
Net income
"9",690
82",7II
holders
11,755
$55,165
$37,693
$663,242
of accumulations
$76,914
Balance
Consolidated
1936
Sheet
Nov.
1936
$
$
Bond int. accrued-
purchase of co.'s
shares
6,302
8,001
1,616
13,686
Compen. Com..
record
the
53,438
20,500
Jan.
21.
247,255
The directors have called
for Domin.,
Provincial
and
Prov.
other taxes
5,000
5,000
998,216
1,570,516
929,161
1,154,540
75,685
Ry. oper.
d793,957
Net rev. from ry. oper..
Net ry. oper. income
Reserves
1,533,600
66,129
55,900
1,384,600
Earned surplus—
1,715,027
1,035,647
Pref.stk.red. acct.
Invest, in co.'s bds
371,000
81,803
1,652,155
60,035
Investments
55,900
After deducting depreciation,
Fixed
47,771,646 46,464,897
Total
b Represented by 600,000 shares (no
c
Canada Steamship
Interest
1937
1936
$3,249,123
$3,032,701
$216,422
—V. 144, p. 446.
Ry.—Earnings—
1936
$2,328,000
$2,037,000
$6,380
324
$6,704
1,092
$2,932
$5,612
245
$5,897
5,050
1936
$846
Balance Sheet Dec. 31,1936
Assets—
Liabilities—
$6,169
receivable
value
payable
Reserve for accrued
$992
expenses..
11,387
Earned
3,608
Capital (represented by 4,378
shares)
86,711
$112,368)
on
Dividend
267
Accts. rec., for shares sold....
Investments at cost
(market
bond invest
100,063
surplus
846
38
registration exp.
1
939
$105,509
Total
$105,509
-V. 143, p. 4147.
Carolina Insurance Co.—Dividend Increased—
(J, W.) Carter Co.—Admitted
to
Listing and Registration—
The New York Curb Exchange has admitted the common
stock, $1 par,
listing and registration.—V. 143, p. 3992.
Casco Products Corp.—To Increase Stock—
Stockholders will hold a special meeting Jan. 26 for the pin-pose of vot¬
ing on a proposal to increase the authorized capital stock to 170,500 shares,
from 155,000, following which it is proposed to offer stockholders the
additional shares at $25 a share on the basis of one share for each 10 shares
held.
Funds to be raised from sale of stock will be used for plant expansion
and for increased working capital, and at the same time permit
payment
in dividends of a substantial portion of earnings for the year to end Feb. 28.
Rights—
exercisable at $25 a share.
,
Carlton M. Higbie Corp., underwriter, has agreed
topurchase rights to
subscribe to 8,500 shares of common stock from Joseph H. Cohen, holder of
104,886 shares on Jan. 12.
There is no underwriting agreement for the
remaining 7,000 shares.
Proceeds are to be used as working capital.
For the nine months ended Nov. 30, 1936, company had a net income of
$370,400 after all charges and taxes, but before any provision for Federal
surtax on undistributed net income.—V.
144, p. 100.
Celotex Corp.—Stock Increase Voted—
■T,At the annual meeting of stockholders held
144,
common
p.
stock
from
19 the proposal to
500,000 to 750,000 shares
on
Jan.
446.
Nov,. 1, last; 50
made since May 1,
1931, when 3734 cents per share was paid; previous
thereto the company
regular quarterly distributions of 6234 cents
per share.
In addition
extra dividend of 1234 cents was
paid on Nov. 1, 1935.—V.
144, p. 447.
Chicago Corporation—Annual Report—
In the latter part of 1936
corporation joined with other interests in
the
formation of the Hawkeye Corp. which
corporation was formed for the
purpose of acquiring a controlling interest in the Des
Moines Joint Stock
Land Bank.
Until certain advances are
repaid Chicago Corp. will own the
majority of the stock of the Hawkeye Corp.
In December corporation
purchased, together with certain other invest¬
ment companies ,a
controlling interest in the Parkersburg
Rig & Reel Co,,
of Parkersburg, W. Va.
This company is engaged in the
manufacture and
sale of oil well equipment.
Classification of Assets Dec. 31, 1936
%of
Total
Cash
-
-
Bonds and stocks at quoted market
prices:
Bonds
Preferred stocks
——
Common stocks
—
$2,355,619
2,374,808
39,347,934
_
Other investments at ledger values:
Investments in and advances to
Jan.
13 denied
petition of the
company to merge with the Central Greyhound Lines, Inc., of Del.
The Commission decided that it was "not in the
public interest" for a
merger of a New York transportation corporation into one doing business
a
7.00
*
ll,Q7St361
88.35
$2,447,257
113,137
2,560,394
5.13
.47
■vfVWfUl/*
Accrued interest and declared dividends
Deduct:
$3,495,959
other
corporations
Notes and claims receivable, &c—
233,553
$50,368,267
Liabilities
100.95
.95
475,444
Net asset
$49,892,823
Net asset value:
Per share on 629,541 shs. of
outstanding conv. preference stock.
Per share on 3,303,341.5 shs. of
outstanding comm stock (after
deducting preference stock at $50 per share)
100.00
$79.25
_
5.57
....
Income Account for
1936
Interest
rec.
& accrued.
& declar.
Calendar
1935
Years
1934
$209,413
1,639,321
12,171
$240,350
1,077,528
$283,048
977,093
33,435
$1^860^05
$1,351,313
155,579
$1,292,641
130,955
125,260
51,645
x82,000
38,274
62,000
66,498
36,688
securities)
$1,571,681
on conv. pref.
yl ,264,419
$1,120,084
$1,064,195
1,127,969
1.007,411
1933
32,500
Cash divs.
_
rec.
Miscellaneous
Total.
Gen. & admin, expenses.
Registrar and transfer
agents'fees
Taxes
'
$398,259
600,471
$998,729
136.785
•
61.092
80,919
inc.
from int. &
divs. (excl. of profits
or on
on
paid
an
Divs. paid
Commission
cents
made
Central Greyhound Lines, Inc. of N. Y.—Commission
S.
record
on
3734 cents paid on Nov. 1, 1935;
25 cents in each of the three preceding
quarters, and 15 cents paid on Nov. 1
and Aug. 1, 1934.
This latter payment was the first
Net
Blocks Merger—
The New York P.
a
quarterly dividend of 75 cents per share
value, payable Feb. 1 to holders
of
Jan. 25. This compares with
6234 cents paid
in each of the three preceding
quarters;
Total
The company has filed a registration statement with the Securities and
Exchange Commission covering 15,500 shares (no par) common stock and
rights to subscribe to the common stock.
It is planned to offer present stockholders rights to subscribe to the
common on the basis of 1-10 of a share for each share held.
Rights are
authorized
The directors have declared
the common stock, no par
on
„
The directors have declared a dividend of 65 cents per share on the capital
stock, par $10, payable Feb. 1 to holders of record, Jan. 21.
This com¬
pares with 60 cents paid on Aug. 1 and on Feb. 1, 1936, and dividends of
50 cents per share previously distributed each six months.
In addition,
extra dividends of 10 cents were paid on Aug. 1 and Feb. 1, 1935.—V. 142,
p. 945.
the
Months
78
Cherry-Burrell Corp.—Dividend Increased—
Capital Administration Co., Ltd.—Asset Value—
increase
12
$3,202
$291,000
Company reports as of Dec. 31, 1936, net assets of $7,848,209 before
deducting a bank loan of $1,865,000. After deducting the bank loan, this
represents asset coverage equal to $137.86 a share of preferred stock and
asset values of $24.61 a share of class A stock and $1.18 a share of class B
stock outstanding, after provision for normal Federal income tax. According
to the-management, these net assets represent a gain of approximately 25.2%
over those at the end of the preceding year, taking into account capital
changes and interest and dividends paid. As of Dec. 31, 1935, net assets.
After provision for debentures then outstanding, were equivalent to a
coverage of $106.73 a share of preferred stock and $17.16 a share of class A
stock outstanding.—V. 143, p. 913, 2669.
,was approved.—V.
$789,656
-Earnings—
ZMonths
Balance of earned surplus, Dec.
31,
Total
Increase
$1,460,272
40
Defd exps.-
1937
To Issue
to
347
Accr'd int.
Earnings of System for Week Ended Jan. 14
now
1
since
per share was
$3,280
Dividends
Increase
$21,706
income
Cash
Earnings of System for Week Ended Jan. 14
to
account
Total
Dividend paid.
-
Rys.—Earnings—
$32,467
Net income to earned surplus.
Balance of earned surplus, Jan. 1, 1936.
Tax reserve canceled
extra dividend of
Gross earnings
—V. 144. p. 446.
on
made
1936^-1? mos.—1935
$5,905,576
$5,421,722
353,619
642,005
def194,268
453,304
def166,857
542,651
1,293,415
1,332,306
Expense.
2H cents per share in
addition to a quarterly dividend of 3H cents per share on the special stock,
par $1, both payable Feb. 1 to holders of record Jan. 15.
A dividend of
four cents was paid on Nov. 2, last, and previously regular quarterly
dividends of 3H cents per share were distributed.
In addition, an extra
dividend of half cent was paid on Aug. 1, last, and an extra of one cent per
share was distributed on Feb. 1, 1936.—Y. 143, p. 2517.
Canadian Pacific
payment
Total.
Canadian Investment Fund, Ltd,—Extra Dividend—
Gross earnings
first
Inc.—Earnings—
Period Ended Dec. 31,1936—
Dividends income
5% debentures now outstanding and the exchange of $17,500,000 of 6%
first and general mortgage bonds for new bonds, preferred stock and
common stock.—V. 143, p. 3622.
Canadian National
the
Chain Store Investors Trust
Lines, Ltd.—Plan Approved—
an
be
—V. 143, p. 3993.
Holders of bonds and of preferred and common shares of this company,
on Jan. 21, approved the reorganization plan proposed early in December.
The reorganization calls for the redemption on Aug. 17 of $2,513,476 of
The directors have declared
charges
Balance, deficit
Includes all subsidiaries with exception of St. Lawrence Land Co.,
which owns Canada Cement Bldg.
d Includes $733,922 investments and
advances to St. Lawrence Land Co.—V. 143, p. 446.
par).
will
1936—Month—1935
$581,350
$461,416
125,939
82,342
70,945
89,063
74,323
90,984
106,790
112,690
revenues
Inc. avail, for fixed chgs.
a
dividend of 75 cents per share
a
Central Vermont Ry.,
Period End. Dec. 31—
47,771,646 46,464,897 |
Total
a
This
special meeting of stockholders for Feb. 5
for the purpose of
voting on a proposition to reduce the par value of
the
shares of common stock to 50 cents
per share and to reduce the
capital
represented by the share of common stock, as shown
by the books of the
company, to $1,686,368.
This will create a capital
surplus to be used
primarily to absorb the deficit of approximately
$22,000,000 created by
the recognition on the books of this
company of the losses and capital ad¬
justments of this company and those of its
subsidiary companies recorded
in and subsequent to the
year 1933.
Only stockholders or record on Jan.
25 will be entitled to vote at the
meeting.—V. 143, p. 3309.
78,187
Mtge. int. accrued
and
exps.
Corp.—Accumulation Dividend—
$3 cumulative class A stock, payable Feb.
Central & South West Utilities Co.—To
Cut Par Value
<fec.42,092,384 40,766,456
Inventories
1,562,039
1,373,438 1st mtge. bonds..16,500,000 17,059,000
Accts. receivable..
375,552
340,003 Mtge. on Canada
Loans to empl'ees
Cement Bldg...
820,000
for
Accounts payable.
purpose
of
294,628
335,121
Deposits on tenders
Deps. underwork.
of
on
directors have declared a dividend of 25 cents
per share on the
stock, par $1, payable Feb. 1 to holders of record Jan.
20.
An
dividend of 25 cents and a regular dividend of
35 cents was paid
on Nov. 1,
last; and a dividend of 25 cents was paid on
Aug. 1, last, this
latter being the initial dividend on the
$1 par stock.—V. 143, p. 3142.
el935
$
Liabilities—
equipment,
Bond refdg.
the
extra
Preference stock..20,086,900 20,086,900
b Common stock.. 6,403,905
6,403,905
Def. chgs. to oper.
be
common
30
t-1935
S
Assets—
Land, buildings,
Cash
would
The
,
bonds
corporation
Central Ohio Steel Products Co.—To
Pay 25-Cent Div.
on the company's holdings in its own
Consolidated income account
z Includes $82,953 income from
investments and $26,320 profit on sale of investments.
other securities-
Delaware
July 1, 1930 when a regular quarterly dividend of 75 cents
distributed.—V. 142, p. 776.
Including interest, and interest
y
National
The directors have declared
19,470
25", 666
Directors' fees
Govt,
the
con¬
Reserves
a
that
having once divested itself of authority and control over this New
York corporation by
allowing it to be merged into the Delaware corporation
will continue to have
power by its orders to compel such Delaware cor¬
poration to keep its books and records in the State of New
York and to
obey the orders of the Commission in relating to its operation of
intra¬
state traffic therein."
250,000
20,759
65,162
1,463
_
__
x
said
mission
1,027.829
Provis'n for Dominion &
Provincial inc. taxes
bonds,
It
Commissioner George R. Van Namee wrote the
prevailing opinion, in
which Chairman Milo R. Maltbie and Commissioner
Maurice Burritt
concurred.
Commissioner George R. Limn recommended approval of
the
proposed merger under certain conditions.
/
"To my mind," Van Namee
said, "it is doubtful whether this Com¬
off
Executive remuneration
607
state.
parent organization.
*£33
41,250
property accounts
Prem. paid on bonds pur¬
chased for redemp'n..
another
stock
x
$719,932
727,053
Includes $34,000 estimated Federal
income tax applicable to net incnmn
from interest and
surplus.
dividends,
y
Less
K5.987.130portionlhSJSd
to
&M&!
Financial
608
Summaries of Undistributed
Dec.
31,
1936
Balance at Dec. 31,1935
Net income for thejrear
Balance Sheet Dec. 31
$92,282
1,571,681
.
—
Balance at Dec. 31,1936
$299,544
...
Capital Surplus—
Balance at Dec. 31, 1935
$9,241,367
Net profit on disposition of investments
7,111,156
Recovery of cost of in v. previously written down to nom. value..
132,353
Special distributions considered profit on investments ($106,719
in securities and $16,266 in cash)
122,986
346,000
$7,020,495
which 2,000 shares o fcommon treasury stock
wereirecorded as compensation of officers (at market value)
over the par value thereof__......._.......w..^^w«.^^i^
$16,269,362
■
Portion of dividends declared on convertible preference stock
(see above summary of undistributed net income)
...
Balance at Dec.
11,664
$
Assets-
int.
!■
11,654
72,973
Conv. pref. stk—15,738,525 15,752,275
b Common stock.. 3,303,342
3,301,341
Capital surplus--.12,270,568
9,241,367
Undistributed inc.
299,544
92,282
-c28,357,910 26,081,234
and
233,554
182,870
value
Accrued
Total-
—
..
.--12^959,029 $2,893^912
Commerce Commission to make a ruling on it
Wilkerson on Jan. 20 continued until March 22 a
Judge Wilkerson also continued until March 22 a motion of the Recon¬
injunction under which it is
struction Finance Corporation to dissolve an
restrained from selling securities which it holds as collateral for a loan to
the
road.—V. 144, p. 101.
Chilton Co.—Pays
Initial Dividend—
The directors have declared an initial dividend of 10 cents per share on the
common
stock, payable Jan. 15 to holders of record Jan. 5.—-v. 142, p. 2662.
Cincinnati Street Ry.—Earnings1936—12 Afos.—1935
1936—■Month—1935
deprec., Federal inc.
taxes, &c
Earns, per share on 475,239
snares
$212,512
$367,470
$44,512
$78,381
capital stk.
,
(par $50)
a
declared dlvs—
stock.
Treasury
shares
Period End. Dec. 31—
income after int.,
9,750
2,673
14,612
458,159
Dividends payable
Res. for other taxes
Investm'ts at book
$
a
Net
1935
;
$
■
Accounts payable-
996,019
Short-term notes.-
v;'.
Liabilities—
$
'
1,221,519
3,495,959
Cash
1936
1935
'
'
23,846
105,000
Dr45,004
Federal taxes
hearing on the plan of reorganization for the road.
The Commission is
scheduled to start its hearing on the plan on Feb. 2 in Washington.
Balance Sheet Dec. 31
1936
17,108
Chicago Rock Island & Pacific Ry.—Hearing Continued
.-.$12,270,568
31.1936.............—..—
b350,713
35,527
132,500
7>r45,004
To permit the Interstate
Excess of cost over
ence
376,649
accrued expenses
Federal Judge James H.
3,987,130
stated.value of 550 shares of company's prefstock retired.-—...—
....
........
Surplus
Accts. payable and
54,852
179,681
8,501
preferred "stock,
b Includes $107000 appropriated~for
employer's liability loss, c Before deducting amounts applied in acquisition
of treasury stock.
x Represented
by 80,000 shares of no par value,
y Represented by
17,939 shares of no par value, z After depreciation of $612,765 in 1936 and
$597,935 in 1935.—V. 142, p. 620.
Excess of amount at
7,500
c
152,520
$2,959,029 $2,893,912
"T*~485
$7,366,495
Federal income tax (incl. $80,000 for prior years)
profit on investments
Less, estimated
applicable to
800,000
1,888,191
.
Total
800,000
254,484
53,579
129,430
Inventories
Notes receivable.
Common stock..
1,888,191
■.
receivable.
5,351,549
_
charged to capital surplus
1935
1936
stock...$1,659,358 $1,659,358
x
tracts & goodw.
Accts.
3,987,130
Dividends declared on convertible pref. stock ($8.50 per share)
Lees, portion tberof
Preferred
Service equip, con¬
Cash
$1,663,963
Liabilities—
1935
$610,165
$616,236
zProp., plant, eqp
1936
'
1936
Assets—
.
Undistributed Net Income from Interest and Dividends—
1937
23,
Jan.
Net Income and Capital Surplus Accounts for
Year Ended
the
Chronicle
~.
$0.44
$0.77
......
Larger Dividend—
The
directors
declared
have
dividend of 15 cents
a
share on the
per
capital stock, par $50, payable Feb. 1 to holders of record Jan. 25.
This
with 10 cents paid in each quarter of 1936, prior to which no
were paid since Feb. 1,
1933 when a divided of 25 cents per
share was distributed.
In addition an extra dividend of 10 cents was
compares
32,087,423 28,481,642
Total
32,087,423 28.481,642
Total
a
Represented by 629,541 no par shares in 1936 and 630,091 in 1935.
b Shares of $1 par value,
c Bonds (quoted market price $2,355,619),
$1,475,311; stocks (quoted market price $41,722,742), $24,322,205; other
investments (values not readily determinable), investments in and ad¬
vances to controlled
corporation, $2,447,257; and notes and claims re¬
ceivable, &c., $113,137.—V. 144, p. 447.
Gross from railway
$8,201,947
3,665,155
2,866,028
$9,284,569
4,199,534
3,434,865
4,634,332
Net after rents
From Jan. 1—
$7,668,239
3,167,941
2,732,272
Net after rents.
Columbia Broadcasting
or
December billings were $2,433,353, an increase of 29% over those of
a year ago when billings announced were $1,885,977.—
V. 143, p. 4148.
Commercial Investment Trust
ganization Plan—
expected that revised plan, of reorganization for the company will
the Federal Court and the Interstate Commerce Commis¬
month, according to the company management,
plan is the result of protracted negotiation between the
management committee, headed by Kenneth D. Steere, chairman of the
board, and the protective committee for the general mortgage bondholders.
Carrbll M. Shanks, Vice-President of the Prudential Insurance Co. is
chairman of the latter group, and both he, and Jesse H. Jones, chairman
of the Reconstruction Finance Corporation, are said to approve the plan.
—V. 144, p. 100.
It is
Mail Order Co.—-Earnings—
:
Earnings for Fiscal Year Ended Jan. 2,
Gross sales less returns. . . . . .
- ... Cost of goods sold incl. publicity, occupancy
Gross profit-—
Maintenance and
-
Jig:1
.
1937
Number of Shares
4,620
Depreciation and
Federal taxes
Selling, general and administrative expenses
Provision for doubtful accounts.
73,500
Taxes other than
—- -——
3,092,857
10,500
—.....
Net profit for year.- ------Earned surplus at Dec. 28,1935
127,999
—--
-
$1,201,820
provision for Federal taxes
Prov. for Federal social security taxes, capital stock tax,
income tax & undistributed profits tax (none)
—
210,218
*$991,601
1,807,744
,
Total$2,799,345
435
corporation further advised that during December a maximum of
2,000 shares of common stock was allocated for sales to not over 50 employees
of subsidiaries and that during December 293 shares were taken up for
cash at $45 per share.
These latter options are not indicated in the above
ist of outstanding options of the corporation.—V. 144, p. 447.
Commonwealth Edison
The
Cash on hand and
$540,586
$451,827
U. S. Govt, bonds- 1,948,699
Paper supplies &
<
2,194,632
postage stamps-
150,113
150,854
Accts. & notes rec-
149,449
3,164,322
60,014
175,183
2,107,231
160,248
694,117
312,077
729,024
in banks..-----
Capital assets
Deferred charges.-
Jan. 2, '37 Dec. 28,'35
Liabilities—
Accounts payable.$1,039,856
Dividends payable 1
$320,116
173,090
50,000
451,039
50,000
374,781
342,761
Sec.
indebtedn's—
Due customers J
—
462,164
2,865
146,659
Capital stock...
1,730,905
2,499
185,898
1,730,905
Paid-in ^surplus.—
Earned ^surplus...
1,069,964
1,977,165
1,069,964
1,807,744
Acer, taxes & payr
Sundry ^payables—
Reserves
x
'■
*
Total
$6,930,617 $6,057,759
Represented by shares of $5 par. -V. 143,
$6,930,617 $6,057,759
Total
x
p.
3624.
Chicago Towel Co.—Earnings—
1933
1934
Calendar Years-
$3,333,706
2,455,281
$2,970,297
$2,708,307
$2,401,890
2,305,550
2,091,206
1,875,568
$878,425
1,733
$664,747
5,371
$617,101
6,807
$526,322
6,691
$880,158
44,653
132,994
$670,118
44,130
99,726
$623,908
46,048
91,636
$533,013
58,387
75,000
$702,511
122,178
560,000
$526,262
,123,359
$486,224
125,573
480,000
$399,625
125,988
240,000
Operating profit
Other income-.
Total income
—
Depreciation
Federal taxes
—
Net income
Preferred
dividends
Common dividends
Net
surplus—
v
$20,333
400,000
c
-
that
outstanding (no par).
the
letter
is substantially^fair,
274.
Connecticutj^Light
Ready—
whether
the
letter to
stockholders
&
complete and accurate."—V.
V:;:^
Power
Co.-
'Definitive
144,
Bonds
,
made on Jan. 21 that the
was
20-year 3% debenture
bonds due Sept. 1, 1956 are available in definitive form at the offices of
the Chemical Bank & Trust Co. or at the Hartford-Connecticut Trust Co.
upon surrender of
the^omi^^m^emporary deb^tim^.^V^HS, P._4150.
consolidated
W Federal Judge
Textile
Corp.—Reorganization
Delayed—
Goddard, presiding over reorganization proceedings of the
80,000
$7.25
F. K.
which
[^Consumers Power Co.—Bonds Called—
This
company,
has called for redemption
$33,637
$2,903 def$119,349
80,000
$5.03
80,000
$4.50
>
80,000
$3.42
on
March 20,
1937 at the
National City Bank of New York, 55 Wall St., New York, N. Y. all of
its
outstanding 6%, 6.6% and 7% preferred stock at 105% of the par
value of said shares plus accrued dividends to that date, which accrued
dividends are respectively $1.32, $1.45 and $1.54 per share.
On March 20,
1937 all dividends on said preferred stock shall cease to accrue.
•
Stockholders desiring to receive payment for said stock prior to the
redemption date, March 20, 1937, will upon tender of their certificates for
that purpose to said bank be paid the redemption amount due on that date
less a discount of 1M cents per share for each day intervening between the
date of payment and March 20, 1937 being a discount equivalent to 4
per annum on the par value of $100.—V. 144, p. 275.
i
--'VriilKafir^Sfr
m.
' gjfrwg
Continental Insurance Co.—Abolishes Chairmanship—
*^At^meetings^of the directors of this company, the Fidelity-Phenix Fire
Insurance Cos. and affiliated companies of the American Fore Insurance
& Indemnity group held on Jan. 21, the charter and by-laws of all companies
of the/group were amended to'abolish the office of chairman of the board
With the abolishment of the/office of chairman the duties and authority
heretofore ^delegated to the chairman are lodged in the person of the
President.
MfcWith
the^present change, Bernard M. Culver, President, becomes
in charge of all activities of the seven companies
composing the /group.
Frank A. Christensen, Vice-President, will occupy
the positiontnext to the President in executive authority.
The financial policy of "America Fore" is well defined, and there will
be no change in that policy, statement of the group says.—V. 144, p. 102.
chief executive officer
Shares of common stock
Earnings per share
was
Rupprecht. The case was adjourned until Feb. 2.
Hearings on objections to the company's original plan of reorganization,
are being conducted before Referee Peter B. Olney, were terminated
Jan. 15.
He denied a motion intended to require Edward B. Levy, an
attorney, to reveal the identity of interests that would underwrite $682,700
in mortgage bonds under another plan which Mr. Levy proposed.
Six formal objections have been made to Mr. Levy s plan, which led
Mr. Olney to suggest that all attorneys confer on it before the next hearing
before him on Feb. 1.
James F. Sandefur, attorney for the Storer bond¬
holders' committee backing the original plan, said he would not attend.
—V. 144, p. 275.
Comparative Balance Sheet
Other assets
Court said that the issue
made sufficient disclosures of the facts relating to the interchange energy
lawsuit.
On this point he said:
"The Court is of the opinion
contract
Jan. 2,1937-------—$1,977,165
346,181 shs. cap. stock (par $5)
$2.86
$2.33 per share for 1935.
with a net profit of $806,298 or
Jan. 2, '37 Dec. 28,'35
Inventories
Co.—Injunction Denied—
Judge/Niemeyer, of Cook County (111.) Superior Court has denied a
petition for an injunction against the holding of a special
shareholders'
meeting, which had been asked for by two minority stockholders.
company on Jan, 15, authorized the reemployment of Henry B. Stimson,
former secretary-treasurer of the company, as assistant to its president,
Earnings per share on
This compares
1939
31, 1941
31. 1939
31. 1941
31,1939
822,180
Dividends declared-Earned surplus at
Dec.
Dec.
Dec.
Dec.
Announcement
normal
Dec. 31, 1937
June 30,
37.50
37.50
45.00
45.00
$1,073,820
Net income before
Expiration Date
Share
35.00
The
age
Profit from operations
Other incomea.»«»*«-
per
$29,16 2-3
6,000
1,560
11,000
-——.—$27,101,896
22,755,437
$4,346,458
repairs-^.—20,980
amortization
74,802
Price
500
& buying exps
———————
--
Corp.—Options—
The company notified the New York Stock Exchange that there were
outstanding as of the close of business Dec. 31, 1936, 17 options providing
for the purchase of 24,115 shares of common stock of the corporation on
the.following basis:
sion early next
to The present
Assets—
System—Billings—
the like month
be filed with
x
record holders as of the close of
Billings on the System for 1936 set a new peak, totaling $23,168,148,
31.4% over the previous all-time high established in 1935 with billings
447.
Chicago & Eastern Illinois Ry.-—To File Revised Reor¬
:
Treasurer, announces that the interest on the 3% income
period July 1, 1936, to Dec. 31, 1936, was earned and will
of $17,637,804.
135,538,279 114,024,685 109,489,077 105,969,522
65,523,790
50,734,792 48,674,104 47,643,437
52,734,863
39,937,282
36,997,795 36,967,128
Gross from railway
Net from railway
; Chicago
Co.-—Interest—
H. F. Welch,
notes for the
_
Net from railway
—V. 144, p.
Citizens Utilities
1933
1934
1935
1936
$11,139,644
5,557,563
143, p. 2672.
paid on Nov. 2, last.—Y.
be paid at the rate of 3 % per annum to
business Feb. 1, 1937 —V. 143, p. 750.
Chesapeake & Ohio Ry.- -Earnings—
December—
dividends
■
Volume
Financial
144
Continental Oil Co.
The directors
common
stock,
have
no par
(Del.)—25-Cent Dividend—
declared a dividend of 25 cents per share on the
value, payable March 29 to holders of record March 1.
A similar payment was made on Dec. 15, last.
An extra dividend of 25 cents In addition to a
of like amount
was
Continental
609
Chronicle
The Crowell Publishing
regular quarterly dividend
paid on Oct. 31, last.—Y. 143, p. 3463.
Oil
Co.
(Me.)—-Time Proving Claims Ex¬
tended—
Charles
D.
Booth,
liquidating trustee
of the Continental Oil
Maine, on Jan. 19 notified the stockholders of that company and
the Mutual Oil Co., the Elk Basin Consolidated Petroleum Co.
Elk Basin Petroleum Co., affiliated concerns, that the Supreme
Court of Maine has extended the time for proving claims until
Co. of
those of
and the
Judicial
Jan. 1,
Publishers
Collier's Weekly
1938.—V. 141, p. 4163.
The American Magazine
Continental Steel
Corp.—Fiscal Year Changed—
Woman's Home
President D. A. Williams, on Jan. 16 sent stockholders a letter which
read, in part, as follows:
At a special meeting of the board of directors held on Dec. 29, 1936, a
resolution was adoptea changing the fiscal year of the corporation from
the year ending June 30 to the calendar year ending Dec. 31, and making
this change effective Jan. 1, 1937.
By the same resolution, the fiscal
period which commenced on July 1, 1936 was ordered ended on Dec. 31,
1936.
These changes were deemed advisable'to make fiscal year coincide
with the period for which Federal income tax returns have, heretofore
been made, namely, the calendar year.
The board at the same time called a special meeting of the stockholders
to be held March 16, 1937, to receive reports of officers; to amend the by¬
last
so as
to
An
1932
reorganization committee, formed late in 1935 with
J. S. Cosden, President of the company as Chairman, to represent both
common and preferred stockholders in bankruptcy proceedings under 77-B
in Texas has been reconstructed and will represent only preferred stock¬
holders in the future.
The committee has taken this action according to a
letter to common and preferred stockholders, because it feels that each class
of stock should be independently represented, in view of differences of
opinion indicated for formation of other common and preferred stock¬
holders' committees.
Committee Allowed to Intervene—
Alex M. Hamburg, Secretary of the protective committee of common
stockholders, announces that Garey & Garey, counsel to the committee,
have been allowed to intervene in the proceeding in the District Court,
Worth, Texas, on behalf of the committee.
The committee has been
studying the situation and contemplates filing a plan of reorganization
with the Court.
Worth have been adjourned until Jan. 29, 1937.
stockholders are required to file proofs of claim
with the trustee at Fort Worth or at the New York office of the
730 Fifth Avenue,
stamped.—V. 144,
company,
accompanied by^original certificates of stock to be
p.
448.
Crowell
The
Publishing Co.—1936 Pest in History—^
company, it is announced, during 1936 had the best year in its history
not only from an
and in profits.
operating standpoint, but also in volume of business done
Originally established in 1873 as J. S. Crowell & Co., company, one of
the largest publishing houses in the country, has been in business since 1906.
It publishes the four well-known magazines, "Collier's," "Woman's Home
Companion," "The American Magazine," and "The Country Home,"
a net paid circulation of over 9,000,000 per month.
Crowell,
through P. F. Collier & Son Corp., has the largest subscription book busines
which reach
in
the
Gross Sales
>for Calendar Years
1935
1936
$19,602,367 $22,732,687
4,318,000
5,670,000
Total
$23,920,367 $28,402,687
Every department showed substantial gains, and earnings on the common
1935 to approximately $4 in 1936.
Adver¬
tising volume increased by 16%, while the book business showed an incraese
of around 31%.
The company paid to stockholders in 1936 as large a dividend on the com¬
mon stock as has been paid in the history of the company.
During the year, the company retired all of its Orowell-Collier 6%
sinking fund gold notes which were due Jan. 1, 1939.
The Crowell's total magazine circulation has increased from a net paid of
8,679,888 in 1935 to 9,064,793 in 1936.
Crowell's circulation is the largest
combined circulation of any magazine publisher.
The advertising orders on the books at Jan. 1, 1937 for advertising to be
published during 1937 are greater than any corresponding period for the
past five years. '
stock increased from $3.12 in
P. F. Collier book sales
jumped during 1936.
Dollar volume in 1935
$4,318,000, while 1936 was $5,679,000, an increase of 31%.
was
.
Crowell Gross Advertisig Revenue
-
-
-
-
.
Bell
New York
System Teletype NY 1-1489
■
■
This company w'll henceforth be known as Eastern Footwear Corp.,
Dominick J. Caiderazzo, President, announced.
The change of corporate
name was voted at a special meeting of stockholders held on Jan. 12.—V.
143, p. 4151.
Dallas Power & Light Co.-
-Files with SEC for $16,000,-
000 Issue—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act, seeking to issue $16.000,000 of 3K% first mortgage bonds due 1967.
Proceeds from sale of
the issue will be used to retire the following:
$6,000,000 of 6% first
mortgage bonds, series A, due 19.49; $1,100,000 of 7^% first mortgage
bonds, series B, due 1949; $4,500,000 of 5% first mortgage bonds, series O,
due 1952, and $1,000,000 of
% first mortgage bonds, series D, due 1954.
All of the issues are to be redeemed July 1.
The balance of the proceeds
will be added to working capital and used for extensions and improvements.
Underwriters will include Lee Higginson & Co.; First Boston Corp., and
Coffin & Burr, Inc.
The offering price to the public, the names of other underwriters and
redemption provisions will be filed by amendment.
For the 11 months ended Nov. 30, 1936, the company reported a net
income of $1,346,008, after all charges and taxes, but before provision
"or Federal surtax on undistributed profits.—V. 143, p. 3838.
Davega Stores Corp.—Preferred Stock Sold—Public offer¬
a new issue of 75,000 shares of 5% cumulative con¬
vertible preferred stock ($25 par) was made Jan. 19 by J. A.
Sisto & Co., New York, by means of a prospectus.
The
ing of
issue has been oversubscribed.
The 5% cum. conv. pref. stock ($25 par) is convertible on or before
June 30,1942, or the 5th day prior to earlier redemption date, into common
(par $5) at the rate of 1 yi shares for each share of preferred.
Business and History—Corporation, through its subsidiaries, is
engaged
stock
country.
Gross advertising revenue
Gross books revenue
1930-
41 Broad Street
Dainty Maid Slippers, Inc.—Name Changed—
Corpi—Committee Reformed—
The stockholders'
The hearings at Fort
or before that date,
Request
Incorporated
of March if that be
Tuesday; and, if said amendment of the by-laws be adopted, then to elect
directors for a term commencing at the expiration of the term of the present
directors (Sept. 28, 1937) and continuing until the next annual meeting
(March 15, 1938) as fixed by said amendment; and to transact such other
business as may come before the meeting, including any business which
might be transacted at an annual meeting.—Y. 143, p. 2833, 1395.
On
upon
Campagnoli & Co.
change the date of the annual stockholders' meeting from the
Cosden Oil
analysis and 1937 prospects
Copies
Tuesday in September of each year to the first Tuesday after the
15th day of March in each year or on said 15th day
Companion
The Country Home
_
laws
of
.$26,017,504 1933
23,636,867 1934
16.376,687
$14,913,66411935
16,764,239 1936
$19,602,367
22,732,687
a
,
1934, $1; 1935, $1.75, and 1936, $3.
Record of the Four
Crowell Magazines
(1) "Collier's Weekly"—Gross advertising revenue, 1935, $9,207,968;
1936,$11,341,994.
Continuing its rapid advance of 1935 when it registered
a gain of $2,007,213, "Collier's" increased its revenue during 1936 by $2,134,000 over 1935, which is the largest volume in Collier history.
(2) "Woman's Home Companion"—Gross advertising revenue, 1935,
$6,670,089; 1936, $7,061,617.
During the latter half of 1936, the "Woman's
Home Companion," along with the rest of the magazines in the general
women's field, experienced a rapid advance in revenue which is reflected
in the above gross increase of nearly $400,000.
(3) "American Magazine"—Gross advertising revenue, 1935, $2,629,924;
1936, $3,088,303.
The "American Magazine" registered a 15.9% increase
in pages run in 1936 over 1935.
(4) "The Country Home"—Gross advertising revenue, 1935, $918,520;
1936, $1,240,773.
For the first time in its history, which dates back to
1877, the "Country Home's" gross advertising exceeded $1,000,000, showing
an increase of over $300,000.
Outlook—The management is looking forward in 1937 to the greatest
business in its history and present indications are that this will eventualize.
V. 143, p. 3626.
—
Crown Zellerbach
Corp.—Debentures Called—
The company called for redemption March 1, 1937, all of its remaining
10-year 6% debentures, aggregating $3,450,000 at 101 and
accrued interest.
Company will retire debentures partly with borrowed
funds and party from earnings.
Short term bank loans on April 30, 1936,
outstanding
totaled $3,800,000, which will be increased as result of bond redemption
on March 1.
Following the redemption company will have no funded debt, $20,735,442 par value of $100 par $6 preferred stock, with $4,635,000 dividends
n arrears, and 1,898,397 shares of no
par common stock, ..including 30,275
shares held by a subsidiary.—V. 143, p. 3626.
Curtiss-Wright Corp.—New Chairman—
George N. Armsby has been elected chairman of the board, to succeed
Thomas A. Morgan, who resigned last month.—V. 143, p. 3144.
Slth which it merged in 1930) and substantially all of the stock of Davega
c.
The business of Atlas Stores
Corp. went back to an electrical ap¬
pliance business established in Chicago in 1908, which by 1929 had been
expanded to include retail stores in Chicago, Cincinnati, Cleveland, and
Detroit, as well as wholesale and mail order units in Chicago.
Both City
Radio Stores, Inc., and Davega, Inc., in 1929 operated chains of radio
and sporting goods stores in New York and vicinity, City Radio
Stores,
Inc., being the development of a camera business started in 1910 and Davega
Inc., being the reincorporation of a business dating back to a private enter¬
prise founded more than 50 years ago.
Because of conditions prevailing
in the retail field in 1932, it was deemed desirable to sell the Oincinnnati
Cleveland, and Detroit subsidiaries and liquidate the Chicago retail sub¬
sidiaries and
confine
the retail
business to the New
York
Metropolitan
District.
I
consistent record of dividend payments on
both the preferred and common stock from 1907 to date, and from 1930
(after the last stock split-up) through 1936 dividends paid on the common
stock have been:
1930 and 1931, $3 per annum; 1932, $2; 1933 50 cents;
Dividends—There has been
in merchandising radio sets and accessories, sporting goods and
sports
apparel, electric refrigerators and electrical supplies, cameras, photographic
equipment and supplies, &c., and operates 30 retail stores in the New York
Metropolitan District, a wholesale business in Chicago and mail order divi¬
sions in New York and Chicago.
Corporation was incorporated in Delaware, June 12, 1928, under the
name Atlas Stores Corp., name changed to Davega Stores Corp. on Anril
27, 1932.
The present business represents, with such changes as have since taken
place, a consolidation in 1929 of the business of Davega (then Atlas) Stores
Corp., City Radio Stores, Inc., and Davega, Inc., pursuant to a plan under
which the corporation acquired all of the stock of City Radio Stores, Inc.
Later in 1932, Davega, Inc.,the principal retail
subsidiary, merged
with
City Radio Stores Corp., another subsidiary operating retail stores in the
New York territory, and took the name of Davega-City Radio, Inc.
This
enabled all of the stores in the New York Metropolitan District to obtain
the benefit of the same advertising.
During 1936 the corporation caused to be organized, and now owns half
(175,000 shares) of the outstanding stock of Majestic Radio & Television
Corp. (representing an investment of approximately $306,000), which is
now engaged in the production and sale of the new 1937
Majestic Radios
Additional funds for this purpose were obtained through a public sale
of stock by the Majestic company.
Purpose of Issue—To obtain funds for the liquidation of existing bank
loans and to provide more permanent financing for the growing
working
capital requirements of the business, including funds for the opening of
additional retail stores in nearby territories not now adequately served
by the
corporation, as favorable opportunities arise, and for the increasing volume
of deferred sales contracts and for other purposes incidental to the
expected
expansion of business.
Capitalization—At the date of the prospectus (Jan. 12, 1937) the cor¬
poration has the following capitalization:
Authorized
Preferred stock ($25 par)
Common stock ($5 par)
To Be Issued
150,000 shs.
500,000 shs.
b219,700 shs.
a75,000shs.
5% cum. conv. pref. stock,
b In addition, 93,750 shs. reserved for
conversion of 5% cum. conv. pref. stock; 30,000 shs. to be subject to options
to J. A. Sisto & Co.; 14,700 shs. subject to three-year stock purchase plan
for certain employees.
Three-Year Stock Purchase Plan—Pursuant to a three-year stock
purchase
plan, dated July 25, 1936, adopted by a committee appointed for the
purpose by the directors, certain employees of the corporation and its sub¬
sidiaries, who had either managerial responsibilities or held certain positions,
and who were specifically approved by the committee both as to the in¬
dividual and as to the amount of his participation, were permitted to
par¬
ticipate in a plan for the purchase, at $6 per share, or an aggregate of
14,700 shares of common stock, payable (with certain limitations) so far
as possible by payroll deductions over a period of
approximately three years
ending July 1, 1939.
Participation In the plan, which is now closed, was
entirely voluntary and in all instances unsolicited, and is dependent on
continued employment throughout the three-year peiiod.
Participations
are not transferable.
Underwriting—J. A. Sisto & Oo. is the principal underwriter of the 75,000 shares of preferred stock offered, with a commitment to take up and
pay
a
Financial
610
minimum
a
of
capital—Property and plant:
Utility property
...........$299,964,915 $294,395,707
2,519,682
Other property...
...
—1,898,175
4,971,771
rash
4,296,348
8,323,882
Notes and accounts receivable
8,999,342
1,750,997
Coal on hand or in transit (at cost)—
...
1,838,044
materials and other supplies
hand and in transit (at cost or less)
Prepaid accounts
Land contracts receivable
...
Loans to officers and employees......
1940.
Debt
$7,274,566
Cost of merch'dise sold.
5,461,620
Maintenance and repairs
37,164
$9,243,450
$7,885,591
7,142,652
6,049,310.
46,232
27,692
$5,050,521
3,832,014
7,912
23.379
70,444
56,940
83,482
Capital stock
$127,226,000 $127,226,000
758,038
capital stock.
.....
758,038
xl33,135
Michigan Electric Power Co. pref. stock....-—
General and refunding mortgage bonds—
20,000,000
Series C 5s, due Aug. 1, 1962
50,000.000
Series D4^s, due Feb. 1, 1961
50,000,000
15.000,000
Series E, 5s, due Oct. 1, 1952..—.........
15,000,000
49,000,000
Series F 4s, due 1965
49,000,000
Series G 3^8, due., 1966
20,000,000
320,555
Great Lakes Pow. Co. mtge. bonds 6% due '43
320.000
Michigan Electric Power Co. mtge bonds 6%,
1,615,000
due Dec. 1, 1944
-----1,475,539
Accounts payable
1,753,834
Deposits
Dy employees
towards purchase of
68,643
reacquired capital stock
53,840
3,197,765
Other current liabilities
3,260,725
1,958,263
Taxes accrued
3,098,777
2,116,422
Interest accrued
1,935,759
26,420
Miscellaneous accrued liabilities—.....—.—
75,250
31,022.059
Retirement reserve (depreciation)..
33,590,782
1,010,188
Casualty and contingency reserve..—
1,051,651
106,669
Miscellaneous reserves
126,003
83,798
Miscellaneous unadjusted credits
—
36,107
22,044,624
Profit and loss (surplus)
....—
25,027,408
31,202
23,898
23,208
12,876
1,345,274
1,500,994
1,687,713
888,542
$273,318
9,252
$189,871
15,919
$203,220
14,919
$251,266
3,413
$282,570
$205,791
$218,140
$254,679
41,045
39,295
39,086
42,417
$241,525
$166,495
$179,053
$212,262
Bonuses & exps. in con¬
ps
nection with revision
28,283
of leases
Other selling, general &
administrative exps..
"$327,162,566
Premium on
State franchise
&
6.273,822
138,932
203,019
Liabilities—
30,130
27,779
taxes)
7,052,738
144,831
186,764
& liquid'n
Capital stock reacquired for reasle to employees
$5,024,407
26,114
15,191
82,510
.
1,418,474
(to be amortized
Sept. 26 '36
(other than Fed.
inc.
expense
during the life of the bonds)
Prov. for bad debts and
Taxes
and
discount
Deferred charges, amounts in suspense
6 Mos.End.
$9,194,318
49,132
$7,829,673
55,918
1,250,937
...........
Total......
$7,225,392
49,173
4,243,765
615,317
111,476
172,982
513,725
1,509,015
4,055,062
...
Casualty and contingency (investment) fund—
Deposits in banks and trust companies closed or
under restriction (net)
Consolidated Income Account
Service & repair income -
400,463
291,708
132,789
252,419
1,549,634
$332,314,169
Bonds and other Investments.-
In the event of the sale of less than 75,000, but not less than 37,500,
be granted, but pro¬
portionately reduced.
Such options are exercisable in blocks of not less than 1,000 shares each.
shares of such preferred stock, similar options are to
repossession
Deprec. & amortization
on
Construction
31, 1938; 10,000 additional shares at $20 per share on or before Jan. 31,
1939, and 10,000 additional shares at $22 per share on or before. Jan. 31,
Gross sales, less discts.,
&c
1935
1936
Assets—
Fixed
Options—Options are to be granted to J. A. Sisto & Co. in the event
and upon the sale of the entire 75,000 shares of preferred stock to purchase
common stock as follows: 10,000 shares at $19 per share on or before July
-Fiscal Years Ended March, 311936
1935
1934
1937
23,
fan.
Chronicle
Consolidated Balance Sheet Dec. 31
37,500 of such shares within 10 days after the first
public offering, and on or before May 10, 1937.
J. A. Si8to & Oo. will become the underwriter of 30,000 shares of common
stock to be covered by the options to it, if and when such options are ex¬
ercised and the common stock covered thereby is offered by it to the public.
There is no underwriter of the 14,700 shares of common stock to be issued
to certain employees pursuant to the three-year stock purchase plan.
for
_
...
Gross profit
Miscellaneous income.
•
.......
Prov. for Fed. income &
N.
....
State franchise
Y.
taxes
Pro Forma Consolidated Balance Sheet Sept.
$1,541,993
Accounts
135,447
Accrued expenses
Ad vs. to Majestic
Prov. for est. exps.
(net)
1,108,423
Radio & Tel.
159,188
Corp
1,687,701
Merchandise
Inv. in MaJ. Rad. Tel.
306,022
280,920
64,917
Corp..
Furniture & fixtures., &c.(net)
Deferred charges & prepd. exps
Prov. for Fed. inc. & State tax.
Fed.
inc.
&
Prov.
79,070
under stock purchase plan..
Capital surplus.
Earned surplus.
income
taxes.
red. of shares.
changes
10,980
1,875,000
Written
1,098,500
560,197
545,274
Common stock.
on
on
staff
Grande
Rio
RR.—Would
$28,600
Sell
asked
1936—6 Mos.—-1935
$9,122,237
$8,195,044
6,723,548
6,022,838
416,016
430,326
$314,453
1,842
$1,982,672
13,488
$1,741,879
2,455
$385,222
148,120
$316,295
156,767
$1,996,160
908,344
$1,754,911
930,547
$237,102
Operating income
Non-oper. income
the
sur$2,242
$37,945
$30,683
1936—Month—1936
$1,788,495
$1,593,118
1,332,074
1,207,907
73,653
70,757
Taxes assign, to opers
Interstate Commerce Commission for
trustees' certificates of indebtedness
bearing a maximum of 4% interest.
A part of the proceeds will be used
to pay off $650,000 of 2% indebtedness certificates maturing April 30. The
remainder will go to the general fund.
In addition to ordinary operating expenses, the trustees stated the road
will have to meet other payments in 1937 totaling $8,518,328 as follows;
Trustees certificates of indebtedness, due April 30, with int. from Dec. 30,
1936, $654,335; cash for completion of trustees 1937 budget $4,307,091;
cash to complete improvements begun last year, $570,290; cash payment
on new equipment to be bought, $750,000; payment of equipment maturities,
$596,614; and taxes of Colorado, New Mexico and Utan, $1,640,000.
The road proposes to purchase equipment during the year costing $2,969,
357. This consists of 15 locomotives and 100 ballast cars. The trustees have
received an offer from Stone & Webster and Blodgett, Inc., and Bosworth,
Chanute, Loughridge & Co., Denver, to purchase the entire $5,000,000
issue at par and accrued interest, plus a premium of $265.
It is proposed that the certificates be dated Feb. 1, 1937, and that
$1,800,000 designated as series O mature Dec. 31, 1937, and $2,200,000,
series D, mature Feb. 1, 1939.
According to the investment companies
offer, the C certificates would bear interest at rate of 1H % a year and the
D certificates 2Ys%*
have
trustees
4,413
27,026
Rys.—Earnings—
Operating revenues
Operating expenses
$5,000,000 Trustees' Certificates—
The
To",125
3672.
Total
Western
"~~8l8
900
3,186
......
Per. End. Dec. 31—•
&
loss$19,952
surl2,069
3,000
Total loss
-V. 142, p.
—Y. 144, p. 448.
Denver
loss$6,567
sur2,242
off inventories.
Detroit Street
.$5,149,164
Total
$4,977
37,946
1933
1934
1935
30,683
447
432
Duty claims written off.
Extraordinary exp.
ex¬
Cash received from employees
Preferred stock.
for
Profit
State
taxes deferred..
1936
$2,097
30—
Net profit after all ch'ges
Previous deficit
35,500
93,803
48,892
Customers' deposits
for
Years End. Sept.
in connec¬
tion with sale of securities-_
Prov.
1936, including premium and accrued
Canada, Ltd.—Earnings—
De Havilland Aircraft of
$666,501
payable
Accounts receivable
Called for redemption on Jan. 2,
dividends.—V. 144, p. 277.
Liabilities—
Assets—
Cash
$332,314,169 $327,162,566
Total
x
26, 1936
$159,528
$1,087,815
$824,364
$382,767
,
13,032
authorization to issue $5,000,000 of
Intervention Authorized in
Gross income
Deductions
Net income
-V.
n*
of New
Dividends
A
Tunnel Improvement
of
1934
1935
$55,223,623
all operations,
maintenance... 24,586,651
$49,768,716345,294.261 $41,492,269
21,994,096
21,074,247
4,624,867
Fed'l Inc. & other taxes.
7,005,606
6,036,639
on
charged
Amt.
6,033,465
5,289,123
directors
$16,943,422 $16,319,966 $13,561,681 $12,835,196
5,944,550
6,430,280
6,450,000
.6,450,000
debt..
42,102
46,922
46,054
79,182
to
......
of
CV44.400
Cr44,280
Cr44,280
286,177
209,208
204,193
203,925
dis¬
Extraordinary approp.to
retirement res.,
to
current
approp'n..
.
1,457,383
$6,146,369
$9,677,956
$5,448,331
Dividends
7,622,585
6,345,229
5,065,777
5,047,311
Balance
$3,048,007
$3,332,728
$382,554
$1,099,058
1,272,260
$8.39
1.272,260
$7.60
1,272,260
$4.28
1,272,260
or
divs. &
Shs. cap. stock outstand¬
ing (par $100).
Earnings per share
$4.83
which certain share¬
has agreed to apply for listing of the 400,000 shares on the
Trust
Co.,
New
York,
and
Harris
as an individual proprietorship by O. A. Tilt, with
authority "to manufacture, assemble, build, construct, buy, sell, exchange,
store, repair and alter automobiles, motor vehicles, power boats,
bicycles and any and all kinds of vehicles, lx>ats and vessels, of whatsoever
motive power, and all parts, supplies and accessories for said vehicles,
boats or vessels, or incident thereto."
.
Since its organization the company has been continuously engaged in the
business of assembling motor trucks and distributing and selling motor
trucks and accessory parts and equipment.
The company's business is largely conducted on a cash basis, dealers
handling financing arrangements, ir any, with the ultimate purchasers.
The company has an arrangement with Commercial Credit Oo. whereby
owned and conducted
-
add'n
surp..$10,670,592
Bal.
Offered—An under
Trust & Savings Bank, Chicago.
Registrars: Guaranty Trust Co. of New
York, and Continental Illinois National Bank & Trust Co. of Chicago.
History and Business—Company was incorporated in Illinois, Nov. 20,
1915.
It was organized to take over the property and business theretofore
borrowed for construc¬
count on securities
Co.—Stock
4 500 sti<ires*
The company
prop,
tion purposes
Car
New York Stock Exchange.
Transfer agents: Manufacturers
accts.for int.on money
Extinguishment
Motor
the company will offerjand sell,
$17.50 a share in cash, 5,000 shares to officers, directors and employees
selected by the company.
These 5,000 shares are to be offered by the com¬
pany as follows: T. O. Huxley, Vice-President, 500 shares; to approximately
25 employees who are not now shareholders and who are not officers or
funded debt
Int. on unfunded
T
at
earnings from all
operations
Int.
the Executive Committee
Of the 45,897 of said 47,240 shares with respect to
4,031,743
Net
$2,748,330
holders have waived their preemptive rights,
19,336,208
5,418,014
res.
$3,011,731
comprising Hallgarten & Co.; Granbery,
A. G. Becker & Co., and Jackson & Curtis,
offered on Jan. 20 by means of a prospectus 154,757 shares
($2 par) common capital stock at $20 per share.
The
offering is subject to reduction by so many of 1,343 shares
as are subscribed for by three shareholders who have not
waived their preemptive rights in respect of 47,240 shares
being issued by the company.
The sale of 47,240 shares
constitutes new financing by the company and the net
proceeds will provide additional capital.
Included in the
154,757 shares being offered are 112,517 outstanding shares
which are being purchased from shareholders of the company.
$52,700,680 $47,324,002 $42,933,311 $39,213,634
1,978,161
1,786,124
1,671,402
1,654,583
370,593
362,964
370,069
380,729
174,189
295,625
319,479
243,323
6,687,944
Retir.
$2,617,998
group
Safford & Co.;
1933
(deprec'n)...
incl.,
$393,733 sur$663,401 sur$733,620
2,014,711
3,011,731
2,748,330
Dr400,000
Resigns—
Diamond
(& Subs.)—Earnings—
1936
Total
Exp.
$113,253
2,617,998
$1,733,620
1,000,000
i
earnings from all
operations:
Miscellaneous..
1,000,000
comparative balance sheet was published in V. .143, p. 449.
Chairman
Gross
Steam-
$1,663,401
600.000
writing
Detroit Edison Co.
Gas
$206,267
Ernest O. Wagner has retired as Chairman of
and director of the company.—V. 144, p. 449.
Commerce Commission has postponed from Jan. 25 to
15 further hearings on the reorganization plan.
The postponement
agreed to by the interested parties on the plea of the debtor that it
not yet ready to proceed with further testimony.—V. 144, p. 277.
Electricity
paid
1933
1934
1935
$486,747
600,000
Undivided profits Dec.
31
$2,504,745
The Interstate
Years Ended Dec. 31—
York—Earnings—
1936
Balance, deficit
Prov. undivided profits.
Reser'd for pension fund
Feb.
was
4152.
Calendar Years—
Hearing Postponed
was
p.
Net profit for year.....
Proceedings—]
Intervention in the reorganization by the Moffat
District has been authorized by the ICC on Jan. 18.
143,
lease,
Volume
1119992337086524
Financial
144
purchases instalment paper from the company's
dealers, under certain restrictions as to the terms of credit, the company
is obligated to repurchase trucks of its own make, for the unpaid balance,
where payments of such instalment paper are not met and Commercial
Credit Co. has repossessed such trucks.
The following tabulation indicates the number of motor trucks sold for
each of the calendar years from 1927 through 1936:
Dominion-Scottish
if Commercial Credit Co.
and Canada
■
2,123
3,202
4,024
3,226
3,157
2,548
4,801
6,272
7,208
11,061
_
$14,435,591 respectively.
principal plant of the company is located on the West side of
Ave., adjoining the railroad tracks of Belt
The
at 26th St. & Kilbourn
Outstanding
Authorized
400,000 shs.
500,000 shs.
Common shares ($2 par)
Chicago
Ry. Co.
giving effect
Capitalization—Capitalization as of Dec. 31, 1936, and after
to the issuance of 47,240 common shares follows:
By amendment to the articles of incorporation filed and effective
Dec. 24, 1936, the shares which the company had authority to issue were
changed and increased from 50,000 common shares of $20 par value to
500,000 common shares of $2 par; and the 35,276 outstanding common shares
of $20 par value were exchanged and reclassified into 352,760 common
x
shares of $2 par.
and the several
between the latter and the
them, each underwriter agrees
(a) to purchase from the company that percentage of 42,240 shares (which
number of shares is subject to reduction by not exceeding 1,343 shares upon
exercise by three shareholders of their prior subscription rights) set opposite
the name of such underwriter below; and (b) the same percentage of the
number of shares being sold by each shareholder selling shares to the firms
and corporation named below, which number will be 112,517 shares in tjie
(The) Dorset, N. Y. City— Sale—
of a reorganization plan approved by the New York Supreme
on April 16, 1936, the George E. Roosevelt bondholders committee,
bought the 19-story Hotel at 30 West 54th Street, Jan. 18, at a foreclosure
sale on a bid of $800,000.
The foreclosure action was brought by the Continental Bank & Trust
As part
Court
as plaintiff against the 3854 Corp., with George E. Roosevelt
as intervening defendants, and Mary A. O'Neill and others also
intervening defendants.
Thomas F. Burchill was the auctioneer.—V.
144, p. 277.
Co., trustee,
and others
as
Douglas Aircraft Co., Inc.—Acquisition—
An offer by this company to acquire the 49% minority interest of the
Northrop Corp., has been accepted by Northrop stockholders. When the
transaction is completed it will give Douglas 100% stock ownership of
Northrop.
,
The offer, which is subject to obtaining permission of the California
Corporate Commissioner and the registration of additional Douglas stock
with the Securities and Exchange Commission, is based on an exchange of
9,800 capital shares of Douglas for the minority interest. Issuance of this
stock will increase number of Douglas shares outstanding from 560,883 to
570,683 shares.
It is contemplated that as soon as possible after the exchange is com¬
pleted Northrop Corp. will be dissolved and the company's plant at Inglewood operated as the Northrop division of Douglas under the management
of John K. Northrop.
Backlog of Northrop at this time is approximately
$4,500,000—Y. 143, p. 2364.
Underwriters—In the agreement between the company
Duquesiie Brewing Co.
underwriters named below and the agreement
par
1936
1935
$916,760
Cash.
Be Purchased
Underwriters—
Hallgarten & Co., New York
37.5
...
$744,027
704,765
Granbery, Safford & Co., New York
A. B. Becker & Co., Inc., Chicago
Jackson & Curtis, Boston
15.0
inventories due to increase
of
Income Account Years Ended Dec.
1933
$5,536,237
4,452,621
$1,544,039
$1,396,579
4,008
9,095
18,183
$2,184,108
7,725
14,104
$1,548,046
4,808
13,621
$1,405,674
5,438
17,434
$1,101,798
5,952
17,444
34,958
48,290
1,205,294
13,294
43,566
973,309
7,611
42,100
909,332
9,003
36,911
763,643
20,866
—
adjustments
tax
&
tax on unjust
163,014
enrichment....
152,602
Res. for inc. taxes.
&
61,106
mach'y less depr. 1,857,849
3,000,000
Capital stock
40,001
58,951
69,328
3,000,000
317,185
600,609
1,880,158
mlscell. secure.
Deferred charges.
Real
$1,083,616
8,436
Cost of sales
267,314
—
(contra)
Res. for processing
due
20,866
(contra)
estate
-
_
Capital surplus.
Earned surplus—
and
—V. 144, p.
449.
317,185
1,070,221
$4,939,045 $4,801,156
Total
$4,939,045 $4,801,156
Total..
1934
$8,209,955
6,813,376
(contra)
due
in cust'y of court
31, 1936
1935
$9,956,672
8,412,634
1936
$14,435,591
12,259,919
Gross sales
$131,851
414,870
52,766
Social secur'y taxes
267,314
Corp.
1935
$162,391
Processing taxes
Bonds of Industrial
Bldgs.
30—
1936
Liabilities—
Accounts payable.
Accrued items
1,105,940
Social secur'y taxes
sale
350,000
245,044
increased cash to carry on company's operations--
852,501
1,229,963
_
.
(contra)
10.0
and
To provide for possible increased
in the volume of business
Inventories
i
custody of court
Application of Proceeds—Net proceeds from the issuance
..
47,240 common shares, estimated in the amount of $806,700, are to be used
to provide additional working capital for the company in the operation of
its Dusiness.
Net proceeds are to be used as follows:
$211,656
To replace cash disbursed as divs. at end of December, 1936- _
To provide
Accts. receivable..
|
Processing taxes in
37.5
22. This
1 and on
sha e pre¬
-Comparative Balance Sheet Nov,
Dwight Mfg. Co.Assets—
Percentage
of 25 cents per share on the com¬
$5, payable Feb. 1 to holders of record Jan.
compares with $2 paid on Dec. 1, last; 15 cents paid on Nov.
Aug. 1, last, and regular quarterly dividends of 12^ cents per
viously distributed.—V. 143, p. 3464.
stock,
mon
aggregate:
of Shares to
of Pittsburg—25-Cent Div.—
The directors have declared a dividend
shareholders of the company selling shares to
a
Ltd.—Plan Approved
Motor Trucks Sold
Foreign
Total
Nominal
2,123
Nominal
3,202
274
4,298
621
3,847
471
3,628
277
2,825
1,146
5,947
2,473
8,745
3,076
10,284
4,227
15,288
For the years 1933,1934,1935 and 1936, the company's total net sales of
trucks and service parts amounted to $5,536,237, $8,209,955, $9,956,672
x
Investments,
Shareholders at a recent meeting approved in full the plan to change
company's capitalization.
The plan calls for the issue of $75),000 series
A first collateral trust 15-year, 4% bonds, to be offered to holders of units
of preference and common shares on a basis of $100 principal amount for
each two preference shares held.
The balance of the bonds has been under¬
written by Cochran, Murray and Hay, Toronto.
See also V. 143, p. 3997.
Domestic
Year—
and
611
Chronicle
'
Eastern Footwear Corp.—New
Dainty Maid Slippers, Inc., above.
Name—
See
Gross
profit
Total.--.
Maintenance & repairs-.
Depreciation
Taxes (other than Fed¬
eral income)
Rents
Sell., gen. & adm. exps.
for
doubtful
V
Provision
3,617
2,551
4,218
9,844
$870,120
43,756
$496,896
31,281
$419,541
47,358
$259,003
41,645
notes and accounts
Balance
Other income.
$913,876
6,990
$528,177
10,533
$466,899
14,076
$300,648
19,730
$906,886
$517,644
$452,824
$280,918
138,097
Total income
Other deductions
71,802
56,003
39,507
$445,843
11,746
129,994
$396,820
11,746
169,325
$241,410
11,746
65,261
Net income
Prov. for
excess
Fed.
inc.
and
profits taxes
Prov. for Fed. surtax
undistributed
on
48,031
profits.
$720,759
Net income
x
Preferred dividends
6,852
y416,257
,
Common dividends
x
Preferred stock retired May 1, 1936.
paid on the $2 par stock.
a New
trucks and service
parts,
y
less
Includes dividends of $211,656
allowances,
discounts, returns,
Federal excise and State sales taxes.
Notes & accounts receiv.
tomers
676,879
9,779
1,443,392
68.758
405
Inventories
Value of life Insurance
Accrued Interest receivable...
Advs. to suppliers on
64,080
die costs
plant real
estate for improvements
Security investment
to
85,697
Property, plant & equip, (net)
...83,428,7951
Total
Includes Federal income and
distributed profits amounting to
The directors
52,677
a472,267
'
Res. for truck guaranty exp_.
Frank D.
declared
Common stock (par
82).
Earned surplus
advocated in the interests of simplicity.—V.
-
to be
reserved for issuance upon
According
to
profits, taxes and surtax on un¬
$186,128.—V. 144, p. 449.
purposes.
the public, the names of the underwriters, the underwriting
or commissions and the conversion and redemption provisions
supplied by amendment to the registration statement.—V. 143,
The price to
discounts
to be
are
p.3839.
.
RR.—Securities Delivered—
The City Bank Farmers Trust Co., as trustee under the 1st & ref. mtge.,
dated April 1, 1915, has notified the New York Stock Exchange that
authenticated and delivered to the company on Jan. 12, 1937, $4,927,000
1st & ref. mtge. 50-year 5% gold bonds, due April 1, 1965 (Nos. 11747 to
16673) in the denom. of $1,000 each, due April 1, 1937, and subsequent
coupons attached, against surrender to it as trustee, to be held under the
following securities:
$2,700,000 El Paso & Northeastern Ry., 56-year
aforesaid mortgage, of the
$100, payable Feb. 1 to holders
1936
1934
x
1936
1935
$35,118,199 $30,540,858
.1934
$32,183,445
33,563,977
120,384
30,240,439
108,992
30,773,537
116,835
32,069
33,307
65,393
$1,401,769
74,014
non-consol. subs_
y105,331
18,091
$158,120
62,527
$1,227,680
yl05,681
17,257
65,086
9,809
23,680
$1,599,204
$343,585
$1,326,256
295,061
36,083
191,738
$1,304,144
$307,502
102,529
86,823
420,051
$1,134,518
Sales
-
of mdse., selling, general
administrative expenses
Cost
and
Provision for depreciation
Interest,
paid
Gross income
received
1933
$6,939,989
$7,177,086
$6,266,957
2,484,868
2,274,830
2,123,104
Total income
2,037,809
Provision for Fed'l & State
& general
inc. taxes.
profit
preferred dividends.
dividends.
Common dividends
Net
Est. prov. Dom. & Fed,
.790,316
Dom. div.
Co.—Earnings—
Years Ended Nov. 30—
Interest
1935
590,987
973,865
paid
Outside exploration writ¬
28,558
$4,056,125
363,595
102,529
86,820
271,311
First
Second preferred
21,925
18,046
$3,930,648
350,502
ten off
523,110
66,425
tax
Other income-
$3,617,688
144,970
ing for deprec. and
Number
$4,281,151
of tons milled in
V. 143, p. 2676.
required.
$4,419,720
1936, 553.900,
$4,459,025
gold-fine
ounces,
$3,762,658
208,528.—
x
ings
Less discounts, returns
of prior years.
$382,0125
3,787,816
$4,036,013
$4,294,829
$4,879,497
Shs. com. stock outstanding (par $25)
271,311
Earns per share on common
$4.11
Earned surplus Nov. 30
Total inc. before allow¬
depletion..
Previous surplus
Reserve no longer
102,529
86,835
563,142
$843,484 def$301,901
4,036,013
4,294,829
43,084
Net surplus
$4,080,117
378,908
$372,000
April 1,
Jan. 1,
Ry.
Other income
$7,234,390
oper.
,
5% bonds, due Nov. 1
1947; 26,993 shares capital stock of El Paso & Northeastern Ry.;
Alamogordo & Sacramento Mountain Ry. 30-year 5% bonds due
1928; 8,993 shares capital stock of Alamogordo & Sacramento Mountain
Ry.; $1,855,000 El Paso & Rock Island Ry. 50-year 5% bonds, due
1951, and 24,993 shares capital stock of El Paso & Rock Island
V. 141, p. 3226.
initial dividend of $1.25 per share on
Mines, Ltd.—Earnings■—
12 Mos. End. Dec. 31-
from the
to the re¬
demption on April 1, 1937, at $110 a share, all the outstanding ($100 par)
7% cumulative preferred stock, amounting on Dec. 31, 1936, to 44,860
shares.
Accrued unpaid dividends on the stock to be redeemed will be
paid out of the general funds of the company, it is stated. A part of the
proceeds will be used to discharge unsecured current indebtedness to banks
incurred by the company since Nov. 1,1936, and the balance will be used by
the company, or advanced to subsidiaries, for cash working capital, for the
retirement of indebtedness of subsidiaries and for replacements, improve¬
ments, extensions, acquisition of additional properties or other corporate
Divs. received from
Devel.,
conversion of the debentures.
the registration statement, the net proceeds
be applied as follows: $4,934,600
sale of the debentures are to
Ely & Walker Dry Goods
the 5% cumulative preferred stock, par
of record Jan. 22.—V. 143, p. 3627.
Dome
144, p. 104.
Co.—Files With SEC—
The company, on Jan. 14, filed with the Securities and Exchange Com¬
mission, a registration statement under the Securities Act of 1933 covering
$10,000,000 of 4% debentures due Feb. 1, 1952, and convertible until
Jan. 31, 1947, and an undetermined amount of $5 par value common stock
...53,428,795
Total
excess
an
Comerford, President of this company, has petitioned the
change the firm's name to the Boston Edison
The change is
Electric Auto Lite
3,477
8,696
705,520
83,238
1,243,659
Corp.-Seagrams, Ltd.—Initial Pref. Dividend
have
Boston— To
of
Massachusetts Legislature to
Co.
4,961
Patents and trade-marks
Distillers
balances.
Accrued items
Unearned interest
1
16,580
680,732
Deferred charges
a
$157,265
701,995
Customers' deposits & credit
Capital surplus
of
owner
Trade acceptances payable
Accts. pay.: Trade creditors..
cus¬
(net)..
Accounts receivable—others..
Adv.
1936
Liabilities—
5377,528
....
Co.
Simplify Name—
El Paso & Southwestern
Balance Sheet Dec. 31,
Assets—
Cash...
Illuminating
Electric
Edison
sales of
on
used trucks
-
and allowances,
y
278,011
$0.42
125,000
281,594
$3.35
Representing in part earn-
612
Financial
Comparative Balance Sheet Nov. 30
1936
Liabilities—
$
$
1,249,677
471,407
1,206,948
540,578
1,500,000
1,500,000
Investments
Loans
for
1,500,000
9,000,000
Notes payable
2,200,000
Notes, pay., others
2,300
Accounts payable800,003
Due to employees.
b497,671
Dlvs. payable
67,828
Accrued taxes
71,358
1,500,000
9,000,000
1,700,000
8,420
329,659
219,925
90,824
17,653
138,290
16,012
16,413
purposes
Other loans & adv.
34,415
Sundry real estate
held for realiz'n.
Insur.
72,963
140,078
8,663,445
deposits.--
Inventorles.
aAccts. & notes
6%
stock
Common stock
trade
Corp'n life insur..
pref.
7,684,457
Adv. to empl., &c.
100,518
Cash
1,281,558
rec
66,581
123,181
7,646,629
6,346,203
133,226
1,209,510
Prov.
for
30,869
301,900
40,105
9,619
co
Other current and
accrued liablls—
Surplus
71,355
6,082,003
56,002
5,204,999
Treasury stock..Z>r2,305,525Dr2138,025
Total
19,788,893 17,461,574
After
a
1935.
reserve
Total
19,788,893 17,461,574
for doubtful debts of $336,882 in
b Due to officers and employees.—V.
Ebasco Services,
4153.
1936 and $298,877 in
144, p. 278.
Fire
Fidelity-Phenix
See Continental Insurance Co., above.—V. 144, p. 104.
First Boston
Corp.—Earnings—
Years Ended
Dec. 31
Period Ended—
Profits
from
on
trading in
own
;
Co., Electric Power & Light Corp. and National Power & Light Co.,
compared with the corresponding week during 1936, was as follows:
as
'35 Dec.
16 to
31 '34
acct., on
joint accts. &
as partic.
in syndicate accounts
„
$7,348,598
$7,008,050
$2,223,475
1,253,699
1,177,503
445,070
229,113
111,658
89,805
$8,831,410
$8,297,210
3,829,843
269,268
302,298
28,037
$2,758,350
1,578,700
147,543
•
126,432
15,049
Int., discount & divs. earned on sees.
held
charges
Commissions,
service
miscellaneous income
&
Total income
General expenses
Interest on bank loans
4,041,453
409,887
510,171
38,120
Federal inc. tax)--r
Deprec. offurn. & fixgures
Adjustment of book value of securs.
—
For the week ended Jan. 14, 1937 the kilowatt-hour system input of
the operating companies which are subsidiaries of American Power & Light
June
'36 Dec. 31
.
Taxes (other than
Inc.—Weekly Input—
Co.—Chairmanship
Insurance
Abolished—
sees,
income,
&c., taxes
Due to sub.
On Dec. 31,1936, securities with a book value of $3,000, 812 had a market
value of $3,910,150, giving an unrealized appreciation of $909,338.
Cash
accrued items receivable totaled $631,702 at the year-end.—V. 143,
p.
7%
stock
Second
Jan. 23, 1937
and
$
bldgs., machln'y
equipment-
1935
$
First preferred
Factory lands and
and
„•
1935
1936
Assets—
Chronicle
•
102,231
to market value at Dec. 31
29,245
30,000
861
...
Provision for contingencies
Miscellaneous charges
Prov. for Fed. inc. tax for period
x507,197
11,712
505,087
75,998
-Increase-
Operating Subsidiaries of—
American Power & Light Co
Electric Power & Light Corp—
National Power & Light Co
1936
51,704,000
82,114,000
Amount
94,900,000
41,809,000
78,262,000
1937
101,534,000
6,634,000
9,895,000
3,852,000
f.o
23.7
4.9
—V. 144, p. 449.
000.—V. 144, p. 450.
Ethyl Gasoline Corp.—New Vice-President—
J. Coard Taylor has been elected Vice-President of the corporation,
it
by President E. W. "Webb.
Mr. Taylor has been general
sales manager since 1929, when he succeeded Archibald M. Maxwell, who
resigned to become Vice-President of the Standard
Oil Co. of Ohio.
—V. 143, p. 270.
announced
Period End. Dec. 31—
Operating
$74 561
35,471
10,050
12,167
Operation
Maintenance
Taxes
Net oper. revenues
$875,807
467,246
61,224
157.446
$15,148
$184,110
$189,890
55
254
159
$16,942
5,000
1,148
$15,203
5,000
1,192
$184,365
11,820
$190,049
60,000
12,384
$10,793
Net income
p.
$872,937
453,953
80,136
154,736
,69
Balance
Retirement res. accruals
Interest charges
143,
1936—12 Mos.—1935
$74,635
42,063
5,342
12,082
$16,872
$9,011
$112,544
$117,665
Non-oper. inc., net
—V.
Co.—Earning
1936—Month—1935
revenues
60,000
4153.
Fansteel Metallurgical
Corp.—Options—
The company has notified the New York Curb Exchange that, in con¬
sideration of services rendered, it has granted to William Blair Baggaley,
a member of the Executive Committee and a director and
stockholder,
an
option to purchase 3,000 shares of common stock without par value, or
thereof, at $10 per share, on or before Dec. 31, 1937.—V. 143,
any portion
P
2837.
an
executive in the production end, has been elected
director of the company, succeeding Frank A. Woods, who resigned be¬
cause of ill health.—V. 143, p. 109.
a
Federal
Sheet
&
Light
Traction
Co.—Consolidated
1935
$
$
1936
lAqMlltles-
Properties, Includ-
y
i
Common
ing tangibles-..45,012,913 44,231,043
Invest, (incl. lnv.
in & adv. to New
fund
and
special cash dep.
Accts.
&
158,608
690,221
1,049,911
944,931
notes
receivable
-
terials & supplies.
Prepaid Insurance,
466,103
467,420
73,743
68,536
74,907
121,178
12,118
2,039,518
■">
Deferred charges-
Securities sold, not yet delivered
Miscell. accounts and accrued interest rec
Furniture and fixtures (less depreciation)
Tax stamps
Deferred charges
Total-.
Liabilities
payable
1,590,276
Accrued taxes (incl. Fed'l income & excess profits
taxes)
Miscellaneous
Reserve for unearned discount, taxes, &c
Reserve for contingencies
Capital stock (par $10)
Paid-in surplus
Earned surplus
291,771
284,892
to
46,671
44,468
1,303,634
1.051,542
232,702
245,024
cos
payable—
&
extension
line
dep.,
incl. accrued int.
496,386
cap.
455,909
13,347
6,087,671
1,691,757
6,555,378
After
Total.:.
52,244,111 51,401,485
of $52,916 in 1936 and $71,760 in 1935.
y Represented
shares.
The earnings for the year ended Sept. 30 were published in V. 144,
p. 450,
V, 143, p. 1398.
x
reserve
no par
Ferro Enamel
Corp.—To Increase Capital—
The stockholders at
special meeting Jan. 27 will vote on authorizing
an increase in company's common capital from 150,000 shares to
300,000
shares.
At the same time they will be asked to approve a change in the
stock from the present no par value to $1 par value, in addition to canceling
24,000 shares of 5% cumulative preferred stock ($5.50 par) retired on Oct. 1,
1936, and presently held in the treasury.
The present no par common
will be exchanged for the new $1 par issue on a share-for-share basis.
a
Stockholders also will be asked to waive their preemptive rights to sub¬
scribe to 7,500 shares of common in order to allow sale of shares to officers
and employees.—V. 143, p. 3315.
Fidelity & Deposit Co.—Dividend Raised—
The directors have declared a dividend of $1 per share on the capital
stock, par $20, payable Jan. 20 to holders of record Jan. 22.
This com¬
pares with 75 cents paid on Oct. 30, and on July 25, last, and regular
quarterly dividends of 50 cents per share previously distributed.
In
addition, an extra dividend of $1 was paid on Dec. 31, last, and extra of
50 cents on July 25, last and an extra of 25 cents per share on April 25,
1936.—V. 143, p. 3998.
Fidelity Fund, Inc.—Asset Value-—
The company reports for the year ended Dec. 31,
1936, net asset value
of $28.61 per share.
This compares with $24.43 per share as of Dec. 31,
1935, and is after the payment of $3.80 per share in dividends during the
year,
giving effect in both
1936.
cases
to the
175.000
-
125,000
5,000,000
4,000,000
-
5,000,000
4,000,000
3,213,307
3,885,659
i...$97,784.804 $95,815,217
Notes—The securities owned and the securities sold not yet purchased are
stated at values based, respectively, on market bid quotations and market
offered quotations at Dec. 31,1936, except as to certain investment securities
on
the market,
are stated at cost
in the amount of $225,000.
Securities having a valuation, based on market quotations, of $6,205,489
are pledged as collateral to loans
payable.
At Dec. 31, 1936, the corporation had contingent a counts as follows:
Bankers' acceptances sold with endorsement (not confirmed).
$945,260
Securities purchased on a "when issues" basis
1,889,698
-
on
Commitments
as
a
"when issued" basis
subscriber
and
as
a
formed to purchase securities
1,998,829
member
of syndicate
1,525,000
Corp.—Progress in Mutual-
warrants
states:
At the special meeting of stockholders held on Dec. 29,
1936, the first
stage of the plan of mutualization and reorganization dated Dec. 9, 1936
was approved.
The certificate of amendment to the certificate of incor¬
poration, carrying the first stage of the plan into effect, was filed and re¬
corded on Dec. 31.
By such amendment the holders of stock of this cor¬
poration became thereafter entitled to require the corporation to purchase
their shares at the "asset value." as defined in the certificate of
amendment,
less a withdrawal charge of 3% of such asset value.
(Any stockholder de¬
siring to exercise this privilege may obtain directions in respect of procedure
upon application to Bankers Trust Co., 16 Wall Street, New York, or to
the corporation.)
At the special meeting of stockholders held on Jan.
12, 1937, the carrying
out of the second stage of the
plan—namely, the sale of the assets of the
corporation to the new company provided for in the plan against the issue
of redeemable stock of the new company, the dissolution of this
corporation,
the
distribution
authorized.
100% stock dividend paid in February,
of such redeemable stock to its stockholders—was
The plan will be consummated after a registration statement
under the Securities Act of
stock of the
by 44,374
588,321
136,760
55,860
82,216
Total
and
and
acquired surp_. 1,348,514
Cons, earned surp, 8,411,263
52,244,111 51,401,4851
617,842
187,517
Fred Y. Presley, President, in a letter to the holders of stock with attached
in
Tickets outstand'g
13,934
Reserves
5,903,183
Total
$55,482,080 $55,630,077
21,700
6,060
2,030,529
1,633,244
25,793,539
25,154,208
508,722
272,379
Securities sold not yet purchased
Securs. purchased not yet received
Due customers
ization—
current
Consol.
10,729,665
2,172,894
210,140
37,751,194
332,773
105,157
7,320
20,367
$97,784,804 $95,815,217
Collateral loans payable
Deposits on securities loaned--
Fourth National Investors
Acer, int., taxes &
pref. dividends.
Customers'
34,887,072
13,405,183
2.018,452
48,180
33,162,579
341,595
119,654
11,493
38,451
Securities carried for joint accounts
Good faith deposits
2.656.440
other notes pay.
not
30,889,054
Miscellaneous bonds and stocks
$6,738,154
2,720,480
140,000
—V. 143, p. 3840.
23,267
23,749
18,563,600 18,587,600
banks
700,000
1,442,760
Notes pay.,
Accts.
materials
int.
Funded debt
affiliated
1935
$8,367,762
6,992,265
2.390,137
on
stock¬
com.
Accts.
—not current..-
Railway
1936
hand and
4,387,400
7,873,545
Pref. stock of subs.
holders'
$1.50
Balance Sheet Dec. 31
on
2.648.240
stock...
850,000
undistributed net income.
deposit
Deposits on securities borrowed
Bankers'acceptances
Trading securities:
United States government securities
Municipal bonds and notes
S
Accts. payable and
ma¬
\ interest & taxes
Accts. & notes rec.
1935
S
X
sub. company..
290,324
964,734
-
Merchandise,
2,667,912
on
Assets—
Cash
4,387,400
7.873.545
$6 pref. istock
Min.
Co., not consol.) 2,721,201
Sinking
.
in hands of pub.
Brunswick Pow.
Cash
Includes Federal surtax
Securities sold
1936
x
Balance
Sept. 30—
Assets—
$6.60
$754,521
500,000 shs. of
on
which, being closely held and not quoted
Farr Alpaca Co.—New Director—
Joseph Metcalf 2d.,
-
share
$3,350,965
stock
Pay Employees' Pension Tax
The company announced on Jan. 12 that it would pay its
employees'
1 % contribution for social security this year in addition to the equal amount
chat it must pay as employer.
The annual payroll approximates $25,000,-
Fall River Gas Works
per
$3,222,351
2,500.000
$6.44
Dividends paid
Earnings
x
Endicott-Johnson Corp.—To
was
Net income-
new
1933,
as
amended, with respect to the redeemable
company, has been filed and has become effective.
Such
now in preparation and is
expected to become
registration statement is
effective about the middle of February.
In view of the fact that the stock of this
corporation has become redeem¬
able, the shares
are
However, the shares
no
longer traded on the New York Stock Exchange.
quoted in the over-the-counter market in New
are
York.
Attention is called to the fact that it will
probably be necessary ,for tax
for this corporation to distribute a substantial dividend on its
stock, in connection with the final consummation of the plan.
Stockholders
are accordingly requested to forward
immediately their stock certificates
with attached warrants accompanied by the letter of transmittal to Bankers
Trust Co., 16 Wall Street, New York, for deposit so that warrants
may be
exchanged for stock of this corporation (0.0602 share of common stock of
this corporation for each share thereof called for by such
warrants), in order
that stockholders may participate in such dividend not
only in respect of
their present stock but also in respect of the stock issuable under the
plan
in exchange for their warrants.
Receipts will be given for the deposit
of certificates pending the issuance of the redeemable shares of the new com¬
pany, which, it is expected, will take place after the registration statement
with respect of the stock of the new company becomes effective.
Previously unassented warrants cannot be accepted for exchange for stock
of this corporation after the incorporation of the new
company, which is
expected to take place on or about Jan. 23, 1937.
Consequently, stock¬
holders who have not filed a proxy and assent or a
separate assent in respect
of their warrants, but who desire to exchange their warrants for stock under
the plan in order to participate in the final dividend to be
paid by this cor¬
poration, also in respect of stock so issuable in exchange for warrants,
should forward their present stock certificates with attached
warrants,
accompanied by letter of transmittal, to reach Bankers Trust Co. by such
date.
If stockholders do not assent to the plan, their warrants will entitle
them to purchase from the new company, after consummation of the
plan
and prior to the expiration date of the warrants, and in lieu of each share of
common stock of this corporation called for
by the warrants, and at the
warrant price per share for such common stock
applicable at the date of
reasons,
Volume
Financial
144
Jmrchase, 4.97 shares of redeemable stock of the new 144, p. 452.
uture adjustments
provided in the warrants).—V. company (subject to
as
(George A.) Fuller Co.—Earnings—
corporation at prices aggregating $35,150, which amount is in excess of
both the cost or $34,181 and the quoted prices of such stocks aggregating
Years
General Motors
[Exclusive of 1107 Fifth Avenue Corp.]
Interest received
1936
I
Other income
1935
$412,415
111,070
.1
stocks owned by the
have been written for the sale of various
contracts
$34,988 at Dec. 31,1935.—V. 143, p. 4000.
•
Consolidated Income Account Jor Calendar
Years End. Dec. 31—
Profit on bldg. contracts
613
Chronicle
$96,246
57,493
'
Corp.—Overseas Sales—
Sales of General Motors cars and trucks to dealers in
yl933
yl934
$326,740
73,080f
\
$628,909
76,502
xl46,532
during December totaled 30,045 units, representing
the volume in December of last year.
For the full year 1936, sales totaled 324,758
the overseas markets
increase of 15.6%
an
over
the volume of 284,281
over
units—an increase of 14.2%
in 1935.
•
,
American, Cana¬
dian, English and German factories sold outside of the United States and
Canada.—V. 144, p. 452.
These figures include the products of the corporation's
$523,485
$153,739
$399,820
$851,943
537,762
Total income
490,474
3,688
654,323
56,600
638,960
Gen. & corp. exps., incl
h deprec.,int. & taxes..
Loss from allied oper...prof.23,198
Net profit..
General Tire & Rubber Co
$212,983
from subsidiary operations (before depreciation
$8,921 loss$340,424 loss$311,104
x
Including net in conn
and profit on foreign exchange).
and of 1107 Fifth Avenue Corp.
Exclusive of Newplan Holding Corp.
y
Consolidated Balance Sheet Dec. 31
(& Subs.)—Earnings—
1936
1935
1934
1933
$22,887,886 $20,927,913 $19,881,023 $16,197,862
Discounts, returns and
allowances, and excise
taxes.
4,978,000
5,425,914,
5,391.651i
Cost of goods sold
yl6,401,047
11,203,668
9,017,1281
Years Ended Nov. 30—
Gross sales
,
[Exclusive of 1107 Fifth Avenue Corp.]
Assets—
1935
1936
Cash
rec.
and accrued
int.
receiv., &c. .3,649,348
Accounts payable-$2,460,469
Notes payable
206,710
$799,689
1.927,461
5,563
204,154
190,540
completed,
Int. & taxes accrd.
Cash in closed bks.
5,563
Inventories
189,148
Deferred charges—
188,5 59
Invest,
300,640
1,489,657
Reserves
Prior
pref. stock- 3,627,900
3,501,500
Common stock..
150,000
Deficit
2,709,677
x
y
2d pref. stock
z
1107
in
Fifth Ave. Corp.
64,888
Mtges. on real est.
&c., other accts.
$1,419,154
27,616
300,640
1,577,070
3,627,900
3,501,500
150,000
2,718,599
2,696,742
&c„ invest., cost 2,495,570
Construction plant)
p.
$9,092,086 $7,885,2811
shares,
2678.
$9,092,086 $7,885,281
Total
Represented by 35,015 no
Represented by 30,000 shares of no par value.—V. 143.
z
Int.
on
no
shares,
par
in
Charges
y
Hugh Stephens has been named to the board of directors, it was announced
on Jan. 22 by Walter W. Head, President.—V. 143, p. 3316.
General Elecric Co.—Sells
voting
power of Pacific Electric Manufacturing Co.
The latter company operates
on the Pacific Coast and manufactures switch, gear and other small elec¬
res.
amts.
to
Federal
Brooklyn, coffee manufacturers, by the corporation have been com¬
pleted, according to Clarence Francis, President of General Foods.
Pro¬
duction will be handled by the Maxwell House division of the corporation.—
V. 144, p. 452.
Corp.—Earnings—
Account for
Calendar
1936
Rev. fr. option contracts
Years
1935
$299,774
81,857
15,525
bds., notes & cash
on
1933
1934
allowed
15,075
$461,391
42,227
expenses..
39,234
29,156
$427,762
37,843
34,274
30,017
Taxes (other than Fed'l)
10,731
5,933
2,470
6,009
$318,035
Balance
prior
137,425
5,577
$4,931,018
172,440
'
1
•
$353,175
$312,200
Loss
on
other
8,931
sale of stock of
345,613
companies
Consolidated Balance Sheet Nov. 30
Notes & accts. rec.
Due from affil, cos.
Inventories
3,022,061
80,251
3,681,706
Accrued
pay'le,
branch propert's
344,872
352,740
loss$27,659
$8,303
$30,397
191,914
Notes & accts. rec.
income; the
of controlled re¬
on the corporation's books is solely to re¬
proportionately the book value per share of all the stock owned in
Adv. to dealers and
of other cos.,
effect of such stock dividends
duce
at
1935
1936
1934
1933
surplus—Bal.
$71,744
45,602
begin, of year—
Net inc. (as
$106,904
loss27,659
above).
$98,601
Cap.
8.302
$68,205
30,397
Due
to
$71,744
$117,346
Total
490,902
exps.
on
110,138
1.027,514
$98,601
420,609
114,190
loss36,827
surplus.__
9,888
9,743
16,867
16,912
3,097,081
1
1
83,690
88,626
Patents
118821
x
12,493,259 10,976,608
After
reserve
..12,493,259 10,976,608
Total
1,000
39,845
Cr31.933
depreciation of $239,733 ($224,003 in 1935) has
p. 4155.
• •;
* - / ■
■•.
•'. •
'
>
Stated value of common
...
stock scrip which exp'd
on Dec. 31, 1934
$6 pref. stock div
$5.50 pref. stock div
...
been deducted.—V. 143,
At the annual stockholder's meeting held Jan.
board of directors.
retired from the
$1,143,966
of
a
(earned)
$490,902
The
seven
'V'.> .:' '
Georgia & Florida RR.
562,646
1,261,312
or
217,042
212,791
book
Balance Sheet
Dec.
31
Liabilities—
1935
1936
Assets—•
c
Common stocks:
d Common stock-
..$3.539,769e$2,246,187
Railroads.--.
Invest,
cos...
Fireins.
cos..
419,688
95,725
98,953
3,152,062
Utilities
490,090
Pref. shocks
Notes-
700,714
81,613
370,648
2,602,526
619,367
162,466
1936
Preferred stock. .$2,305,258
Investments:
Industrials.
669,886
1935
$2,305,258
669,886
Convertible debs
5%, 1953—— 2,369,000
5^%, 1939
2,631,000
50,594
Taxes accrued4,925
Earned surp. (from
Jan. 1, 1932)... 1,261,312
Accounts payable-
2,369,000
2,631,000
20,379
5,272
562,646
Bonds:
Railroads.-..
275,688
757,150
299,144
418,605
Utilities.....
Cash..
Int. & accts. rec'le
Total
—First
losses on securities sold were determined on the basis of the
values.
The book values were the written-down values
established Dec. 31, 1931, and (or) subsequent costs.
Note—The unrealized net appreciation of investments at Dec. 31, 1936,
based on the market value as per investment list (after deduction for nor¬
mal Federal income tax on the taxable profit which would result from the
realization of appreciation) was $773,767 in excess of that shown at Dec.
31, 1935.
average
1.143,682
288,342
44,246
48,753
-$9,291,976 $8,563,4411
b Investments carried
on
$9,291,976 $8,563,441
books at written-down values established Dec.
31, 1931 and subsequent costs.
The aggregate of investments at quoted
market prices or estimated fair value at Dec. 31, 1936 was $9,878,195, and
at Dec. 31, 1935 was $8,460,849.
c Represented by 24,640 shares ($6
cum.) div. pref. and 280 shares $5.50 (cum.) div. pref., of no par value
(entitled in liquidation to $100 per share if involuntary, otherwise $110
per share),
d Represented by 669,886 shares of no par value,
e Option
-
■
{.Wa
Earnings—
Week of Jan.
1936
Jan.
$22,750
earnings
$17,600
1 to Dec. 31
1936
1935
$1,178,265
$1,093,531
1937
Gross
—V. 144, p. 453,
Gorham Mfg.
The directors
common
Co .—Special Dividend—
have declared a special dividend of
$1
share on the
record Jan. 15.
per
stock, no par value, payable Jan. 25 to holders of
The regular quarterly dividend of 25 cents per share was paid on Dec. 15
last.
An extra dividend of 25 cents was paid on Dec. 16, 1935.—V. 142,
p.
'•
4180.
'
-
;v;
Gray Processes Corp.—Grants Another License—
Petrol Block, S.A.R., has obtained a license from tbe Gray Processes
produced from a Dubbs
Rumania. The installation, which
operation by Creditul Minier
at its refinery in Brazi, Rumania, will have two Gray towers operated in
series. It will treat gasoline produced from a combined coking and flashing
operation on topped Rumanian crude charging stock.
Petrol Block is the third Rumanian licensee of the Gray Processes Corp.,
the others being Creditul Minier and Steaua Romana.
Steaua Romana is
now completing a new cracking plant, which will be its fourth unit to be
equipped with Gray towers.
Corp. for clay treating the cracked gasoline to be
unit at its refinery "Standard" at Ploesti,
will
be similar
to the one recently placed in
Great Lakes Paper
Total
'•' ,:
20 H. Ridgely Bullock
other directors were re¬
$114,190
at end
year
Profits
$110,138
■/>/•••/"'
■' >;
(Adolf) Gobel, Inc.—Director Resigns—
Cr842
369,600
3,850
elected.—V. 143, p. 1558.
Surplus
1935), and
1935), after
for depreciation, $1,424,739 ($1,446,418 in
branches of $1,318,813 ($1,322,411 in
includes distribution
called
Total
147,671
3,640.007
Land, bldgs., ma-
def4,631
debs.
167,718
4,758,578
officers
from
Total
securities
&
$106,904
80,924
39,067
1937.
Deferred charges.„
Security profit surplus:
Bal. at begin, of year.
a Net profit on sale of
Prem.
x
Dr7,500
prior years
49,724
repre¬
capital stock sold
(net)
chin'y, eq., &c. 3,173,316
transf. tax applic.
surp.,
Earned
and employees..
Dep. in closed bks.
Ass't for Fed. stock
109,067
taxes
senting prem. on
Notes rec., foreign,
due after Nov.
30,
inc.
of prior years...
278,267
owned stores
Surplus Statement as of Dec. 31
Income
Fed'l
investm't in co.-
Surplus (earned):
109,068
tion insurance-.
Res. for contlng.l&
tail outlets
the company in question.
37,000
2,887,600
2,178,625
Res. for compensa¬
at
cost..
as
26,000
6% preferred stock 2,799,200
Com. stk.(par $25) 2,215,500
125,000
183,827
339,859
$45,602
778,172
217,540
510,099
taxes
Mortgages
125,000
272.433
900,000
bks. 1,200,000
Acc'ts
pay,
incl.
accrued payroll.
657,372
Notes pay. to
663,167
Gen. Tire Accep¬
Net profit
$
$
Liabilities—
$
774,353
3,541,463
110,455
4,157,209
1935
1936
1935
I
Cash
Inv. in stks. & bds.
Stock dividends as and when received are not treated
--
applic.
Balance, Nov. 30
$4,758,578
$3,640,007
$3,902,697
$3,744,323
Shs.com.stk.out. (par$25)
z443,100
87,145
86,320
85,293
Earnings per share
$2.53
Nil
$5.75
$2.67
x By the deduction of losses charged to surplus and charges to reserve
the income of the company for Federal income tax purposes is computed
to be about $30,000.
y Includes selling, general and administrative expenses,
z Par $5.
$383,137
•
$3,744,323
60,306
charges
prior years
to
under deb. indenture.
a
$4,430,198
181,889
Prov. for Fed. inc. taxes
tance Corp
payable
taxes
6,677
$3,929,943
220,700
years
Total surplus
Preferred dividends
debs. & Fed. and
on
State
45.555
;
Inv. in cap. stk. of
Int.
$414,912
3,329,410
for
taxes
1936
$384,580
34,141
32,305
Other
$679,199
3.744,323
20,881
209,000
income
$267,924
193,466
$269,498
123,563
34,700
$238,346
131,159
$397,156
Salaries <fc adm. services
70.000
16,862
for deprec'n
income
Assets—
Total income
113,532
of prior years.
General Public Service
$956,320
249,955
62.920
40,000
13,035
39,446
x4,000
v
$1,291,011 loss$115.756
3,640,007
3,902,697
of prior years
Net adj. of Fed.
of
Int.
$1,055,168
252,367
27,121
charges
Miscell.
stocks..
$157,942
204,771
48,046
52,443
&
Net profit
Previous surplus
144, p. 452.
General Foods Corp.—To Buy Properties—
Negotiations for the purchase of certain properties of Arbuckle Brothers
on
$1,774,156
204,840
Pacific Coast Subsidiary—
The company in November sold its entire holdings of 51% of the
Cash divs.
$5,639,905
4,584,737
Prov. for Fed. inc. tax.,
taxes
a
$4,471,290
4,313,348
securities sold—
on
Adj. of
_
Income
$1,774,156
See y
connection
commitments
with
General American Life Insurance Co.—New Director—•
trical devices.—V.
$5,472,244)
Not
167.66U. Available
borrowed money
Miscellaneous
x$Represented by 36,279
par
Profit from operations
Depreciation
Loss
bldgs.J
Total
exps.
in closed banks
2,061,132
equipment—12,006,971
Real est. &
Gross income
Sell., gen'l & adm.
$4,298,331
172,959
adjustments to reduce
to approx. market
Prov. for loss on'deposits
Mtges, stks., bds.,
<fc
Other income
T
1
$1,508,839
265,317
Gross profit
1935
1936
Liabilities—
$556,927
Work
Co., Ltd.—Interest Deferred—
Bondholders have approved a resolution deferring the interest
due Oct. 1,
2, 1939.
1936, to July 2, 1938, and the interest due April 1, 1937, to July
Interest on the deferred interest is slated at 5%.—V. 143, p. 3632.
Great
Northern Ry.—Bonds Authorized—
15 authorized the com¬
not exceeding $50,000,000 gen. mtge. Z%% gold bonds,
sold at 95)^ and int. to date of delivery, and the proceeds.
The Interstate Commerce Commission on Jan.
pany to issue
series I, to be
614
Financial
Chronicle
together with other funds, used to retire at maturity $20,185,000 of
priorlien bonds, and to redeem an additional
$40,843,000 of such bonds out¬
standing. See offering' in Y. 144, p. 453.
Great
The
Western
directors
stock,
common
have
Electro-Chemical
Co.—SO-Ceut Div.—-
Holland-America Line—To
a dividend of 80 cents
per share on the
value, payable Feb. 15 to holders of record Feb. 5.
declared
no par
This
p.
Liquidate■—
At a special meeting of stockholders held Jan.
company's property was voted.—V. 141, p. 4016.
Gulf
Mobile
&
Northern
a dividend of 3% for 1936, the first since 1921.
The company is issuing 3,026,000 guilders shares at 106, while 3,000,000
guilders shares have been privately placed.—V. 142, p. 2162, 461.
280.
(A.) Hollander & Son, Inc.—25-Cent Dividend—-
i..8,|thelliquidation of the
The directors have declared a quarterly dividend of. 25 cents per share on
the capital stock, par $5, payable Feb. 15 to holders of record Jan. 29.
An
excra dividend of $3 was paid on Dec. 15
last, and an extra dividend of
12 Ya cents in addition to a regular quarterly dividend of 12 H cents per share
RR.—Securities Authorized—
paid
was
$800,000 Notes Sold to Bankers—
The Interstate Commerce Commission on Jan. 16 authorized
the com¬
pany (1) to issue not exceeding $800,000 of 3% secured serial
notes, to
be sold at par and int., and the proceesd,
together with treasury funds,
used to retire outstanding obligations; and
(2) to pledge with the trustee
of the indenture under which such notes are to be
issued, and as collateral
security therefor, not exceeding $1,200,000 of first mtge. 5% gold
bonds,
series C.
The report of the Commission says in part:
The applicant proposes to retire the $93,636
16 and
on
11 Mos. End.Nov.30—
Dividends
-
Co.
of N.
Co.—Earnings—
Operating income
Depreciation
Federal income tax, &c-Interest.
Netprofit
Shs.
com.
Earnings
x
stk. oustandg.
per
share
No provision was
1936—12 Mos.—1935
$615,657
195,000
x73,994
95,339
$413,066
195,000
35,473
63,243
$251,324
296,069
$0.73
$119,350
197,500
$0.43
Assete—
$66,676
27,000
$15,918
128,638
$12,381
119,913
$39,676
123,250
Dr35,000
1936
Capital assets
Investments
1935
$1,332,709 $1,325,109
and
$1,923,214
780,000]
advances-.--.-
276,750
22,504
46,453
Acc'ts receivable
-
-
Inventory
286,150
56,908
13,219
1,416
231,590
4,682
Cash
Deferred charges
-
101,286
1,471
-
Total
on
Effective
as
Operating income
1935
$900,000
3,103
10,722
784,033
87,998
Accounts payable.
$900,000
781,230
4.869
3,288
80.949
Reserve for taxes.
Res. for depred. &
depletion
Earned surplus
144,557
Total
$1,785,856 $1,914,893
depreciation
Net
income.--
Earns.per sh.on cap.stk.
$627,081
188,276
$2,049,280
805,128
$1,930,634
676,308
$900,029
96,709
Total income—
undistributed profits.
$815,357
69,361
$2,854,408
335,424
$2,606,942
265,217
$745,996 x$2,518,984
$1.58
_$5.32
$2,341,725
x$803,320
$1.70
No provision was made for Federal surtax
x
1936—12 Mos.—19o5
$3,442,816 $13,018,688 $11,618,341
2,815,734
10,969,408
9,687,707
$655,816
244,213
Miscellaneous income—
$4.94
undistributed profits.
on
Metals Sold
of the close of business Jan.
stock was changed from
11, the transfer agent for the
City Bank Farmers Trust Co. to Manu¬
facturers Trust Co.—V. 143, p. 3633.
Hale Brothers
1936
1936—3 Mos.—1935
$3,902,219
3,246,403
Operating costs
Transfer Agent—
common
Liabilities—
Capital stock
Co.—Earnings—
1,120,674
$141,269
197,500
$0,006
$127,927
502
$1,785,856 $1,914,893
Howe Sound
282,407j
$660,112
296,069
$1.75
$132,294
-V. 143, p. 2681.
$1,261,943
x200,695f
$144,557
Taxes accrued
Marketable securs.
Less
made for Federal surtax
36,000
Balance Sheet Nov. 30
Value of metals sold
1936—3 Mos.—1935
1933
$48,381
$87,998
Period End. Dec. 31—
Period End. Dec. 31—
1934
$42,918
27,000
Add'l provision for Fed'l
inc. tax, prev. years.-
as
Gulf States Steel
1935
def$2,700
90,698
Balance
Previous surplus Dec. 31
Y.
of Dec. 14, 1936, the 4% obligations which it proposes
the understanding that the applicant will purchase them
on or before March 10,
1937, paying the bank the amount
expended by it incident to the purchase of the bonds at 101
Y and the
notes at par plus accrued int. to Dec.
14, 1936; together with costs and
expenses, if any, incurred in making these purchases,
plus int. at the rate
of 2% per annum on the amount so expended from Dec.
14, 1936, to the
date of purchase by the applicant.
,
The proposed refinancing will result in
savings in interest requirements
estimated at $34,800, and giving effect to the
premium to be paid in retir¬
ing the obligations and expenses incident to the
proposed issue, the net
savings will approximate $24,000.
Subject to our approval, the proposed secured serial notes have been
sold to Kuhn, Loeb & Co. at par and accrued int.
No discounts, com¬
missions, or counsel fees are to be paid by the applicant in connection
with the issue.—V. 144, p. 280.
281.
p.
$24,300
27,000
_
Earned surp., Nov. 30
to retire, with
from the bank
Aug. 14 last.—V. 144,
1936
Net earnings
of secured notes and the
Trust
City, to pin-chase
Nov
on
Holly Development Co.—Earnings—
$736,000 of collateral-trust bonds by the issue of $800,000 of serial
notes,
and by the use of such treasury cash as
may be necessary.
The applicant has caused the Chemical Bank &
Pay 3% Dividend—
Directors have declared
compares with $1.60 paid on Dec. 24. last, and 80 cents per share
paid on Nov. 14. last, and each three months previously.—V. 144.
Grinnell Mfg. Corp.—To
Jan. 23, 1937
$175,000 of $100 par value preferred and $350,000 in $100 par value
common.
Holeproof gave one share of its $60 par value preferred and
one share of its no par value common for every two shares of
Champion
preferred and every ten shares of Champion common.—V. 144, p. 281.
Stores, Inc.—-Regular Dividend Increased
The directors have
declared a dividend of 25 cents per share on the
stock, payable March 1 to holders of record Feb. 15.
Pre¬
viously regular quarterly dividends of 15 cents per share were paid.
In
addition, an extra dividend of 25 cents per share was paid on Dec. 21, last.
—V. 144, p. 107.
Ounces
Ounces
Pounds
Pounds
Pounds
Gold
Silver
Copper
Lead
Zinc
3,662
3,114
4th quarter, 19363d quarter, 1936-
1,101,660
1,109.480
9,013,197
6,031,507
31,094,600
31,390,860
26,272,837
26,956,913
—V. 143, p. 4002.
common
Handley-Page, Ltd.—Receipts to Be Removed from Trading
Howes} Bros.^Co.—Earnings—
Calendar Years—
1936
Net earnings
Preferred divs. paid
Common divs. paid
1935
1934
$223,262
97,772
115,000
$210,164
99,821
115,000
$247,213
120,311
40,250
$4,462
1,660,219
$10.40
$10,490
1,655.757
$10.91
def$4,657
1,638.349
$9.60
$86,652
1,634,161
$11.03
The New
York Curb Exchange having received notice that the
deposit
covering the issuance of American Depositary Receipts repre¬
senting the 10% non-cum. partic. preference registered shares of HandleyPage, Ltd., will terminate on March 8, 1937, the Committee on Foreign
Balance
agreement
Securities
desires to inform members
that
the
said
American
Receipts will be removed from unlisted trading privileges
business
on
at
Co.—-Initial
on
Comparative Balance Sheet Dec. 31
Assets—
1936
Cash
Preferred
com.
Depositary
the close of
Feb. 27, 1937.—V. 142, p. 3854.
Harris-Seybold-Potter
Profit and loss surplus.-
Earned per sh.
Div.—
The directors have declared an initial dividend of
$1.25 per share on
the $5 preferred stock, no par value,
payable Jan. 10 to holders of record
$431,640
Accts.
x
y
receivable.
Merchandise
Investments
1,512,744
2,839,307
809,255
1935
$386,949
1,021,899
2,645,064
809,255
Dec. 31—V. 143, p. 2680.
Havana Electric & Utilities Co.—Accumulated Div.—
Hearn Department Stores, Inc.—Initial Common Div.—
The directors have declared
an
initial dividend of $1.65 per share on the
payable to holders of record Jan. 19.
Listing Approved—
The New York Curb Exchange has approved the
listing of 45,000 out¬
standing shares of 6% cumulative convertible preferred stock, $50 par, and
238,000 outstanding shares of common stock, $5 par.
The Exchange will
add to the list, upon official notice of issuance, 162,000 additional shares
of
common stock, $5 par.—V. 143, p. 3843.
Hibbard, Spencer, Bartlett & Co.—Reg. Div. Doubled—
The
directors
have
declared
three
monthly dividends of 20 cents per
share each on the common stock, par $25, payable Jan. 29, Feb. 26 and
March 26, respectively.
Previously regular monthly dividends of 10 cents
per share were distributed.
In addition a special dividend of 85 cents was
paid on Dec. 24, last; extra dividends of 30 cents paid on Nov. 27, Oct. 30,
Sept. 25, and July 31, last; extra of 25 cents paid on Dec. 20 and on Oct.
25,
1935; extra of 30 cents on July 26, 1935, and an extra of 15 cents per share
distributed on Dec. 28, 1934.—V. 143, p. 3319.
Hiram Walker-Gooderham &
3 Months Ended Nov. 30—
Profits from operations
Other income
Worts, Ltd.—Earnings—
1936
1935
1934
$2,534,143
$1,543,484
89,495
$2,599,846
Depreciation
160,746
Interest...
6,144
Debenture int. discount and expenses
166,850
Federal taxes
378,136
$1,632,979
145,327
57,813
$1,268,785
124,340
41,796
225,755
182,055
$1,887,971
115,205
$1,204,084
115,204
$920,594
115,204
Surplus available for common
$1,772,766
common stock outstanding—
721,533
per share
$2.45
$1,088,880
660,000
$805,390
660,000
$1.22
Netprofit
Preferred dividends
Shares
Total
x
Earnings
$1.65
Note—No provision has been made for the quarter ending Nov. 30, 1936
undistributed profits imposed by the United States
Revenue Act of 1936.
When or if dividends are paid to the parent company out of the accumu¬
lated surpluses of subsidiaries in the United States, such dividends will be
now
at time of distribution.
On the basis
in force the taxes on the distribution of the net
earnings for the quarter ending Nov. 30, 1936 would be approximately
$118,000 for which no provision has been made because these taxes
may
never be incurred.—V. 144, p. 281.
Holeproof Hosiery Co.—Acquisition—
The Champion Hosiery Mills, Marietta, Ga., has been
acquired for $525,on a stock exchange basis.
The Champion issues were divided into
000
on
1935
$1,850,000
L-C acceptances..
Accounts payable.
Total
hides and leathers,
y
290,112
412,515
600,000
1,660,219
Dr369,900
1,150,000
248,300
344,010
1,655,757
Dr384,900
$5,592,946 $4,863,167
Purchase of stock in tanneries.
142, p. 787.
Hudson Motor Car
Co.—Shipments—
Shipments of Hudson and Terraplane cars in the calendar year 1936,
totaling 123,266 cars, were the largest for any year since 1929 and 22%
above total shipments of 101,080 cars in
1935, according to W. R. Tracy,
Vice-President in charge of sales.
Shipments in the last quarter of the calendar year alone, said Mr. Tracy,
exceeded 41,000 cars, which set an
11-year record, being the largest for
any last quarter since 1925.
Shipments of 41,075 cars in the last quarter
of 1936, compare with 34,040 cars
shipped in the final quarter of 1935,
and indicate a gain of
21% over total shipments for that period.
December
shipments totaled 16,292 cars, the greatest for any December since 1925.
Sales in 1936 Biggest Since 1929
Factory sales of Hudson and Terraplane cars in the United States during
the calendar year 1936 totaled 108,230 cars the
greatest for any year since
1929, and a gain of 26% over sales of 86,128 cars in
1935, it was stated by
W. R. Tracy, Vice-President in
Charge of Sales.
Mr. Tracy stated that
Canadian and export shipments
during the year had totaled 15,036 cars.
This figure, if added to the 108,230 cars sold in the
United States, indicates
combined total of 123,266 cars.
Last quarter retail sale of Hudsons and
Terraplanes in the United States
were 23,581 cars, which was
30% greater than in the final quarter of 1935,
and the biggest last quarter since 1929.
December sales of 11,145 cars set
a
an41010rU' reCOrd' being the lar8est for any December since 1926.—V. 143,
Hudson River Day Line—Plan
The pan of
according to
Bogert Jr.
Completed—
reorganization, dated Aug. 1, 1936, has been consummated,
by the committee headed by Henry L.
The plan had previously been confirmed
by the U. S. District
an announcement made
Court for the Southern District of New York in
reorganization proceedings
under Section 77-B.
The management of the
company remains under the
direction of Alfred V. S. Olcott.
Holders of first mortgage 6% bonds and certificates of
deposit and de¬
posit receipts therefor may obtain the new securities to which
they are
upon surrender of their securities at the office of the Banker
Trust Co., New York, exchange agent; and other
creditors, except unse¬
cured claimants for less than $100 to whom checks are
being mailed, may
obtain new securities by filing a letter of instructions
with the exchange
agent.
Holders of preferred and common stock may obtain their new
securities from the company's New York office.
The members of the reorganization committee in
addition to Mr. Bogert
are Van S. Merle-Smith and B. Jermain
Savage.
Roy W. Lord, 15 Broad
St., is Secretary to the committee and Wright, Gordon, Zachry & Parlin
are Counsel—V. 143, p. 1080.
entitled
subject to the income tax laws in force
of the income tax rates
$5,592,946 $4,863,1671
Cash advanced
—V.
$1,223,640
45,145
65,703
Total income
in respect of surtax on
1936
Surplus.
Treasury stock
The directors have declared a dividend of 75 cents
per share on account
of accumulations on the 6% cum. 1st pref. stock, par
$100, payable Feb. 15
to holders of record Feb. 1.
Similar payments were made on Nov. 16 and
common stock
Liabilities—
Preferred stock... $1,850,000
stock... 1,150,000
Common
Notes payable
Aug. 15, last; Aug. 15 and May 15, 1935; Aug. 15, May 15 and Feb. 15,
1933, and on Nov. 15, 1932. The last regular quarterly payment of $1.50
per share was made on May 16, 1932.—Y. 143, p. 2841.
1933
$216,456
96,994
115,000
Hussman-Ligonier Co.- -Admitted
to
Listing and Regis-
tration—
The New York Curb
to
Exchange has admitted the
listing and registration.—V. 144, p. 107.
common
stock,
no par,
Huyler's of Delaware, Inc.—Opposition Group Formed—
A committee to represent the preferred
stockholders, in opposition to the
existing protective committee for the preferred stockholders has been formed
Volume
Financial
144
Fries and Charles J. Gregory.
with Winston Paulfas Chairman, John W.
R. S. Jones is Secretary of the committee.
The committee is planning to take steps to fix the total amount of claims
of all preferred stockholders of Huyler's of Delaware against Schulte Retail
Stores Corp., by reason of the breach of the guaranty of the Huyler's
Ereferred dividend. It boardalsodirectors.
olders
the Huyler's will
of seek representation for preferred stockon
,
L. It also plans to study "the relationship between the Schulte manage¬
ment and Huyler's in order to determine whether the best interests of the
preferred(stockholders will be served by a complete separation of Huyler's
from Schulte," and to study plans of reorganization, and "if necessary
prepare our own plan of reorganization."—Y. 143, p. 2523.
Great Britain & Ireland,
Imperial Tobacco Co. of
Ltd.—Final Dividend—
\
making total of 15%
with total dividends for
Directors have declared a final dividend of 7H%,
for 1936, plus a bonus of 10%.
This compares
1935 of 15%, plus a bonus of 9%.
and £1,183,000 was
k Company appropriated £250,000 to general reserve
carried forward.—V. 143, p. 1560.
stockholders, the company also
registered
606,500 rights to subscribe for 151,625 shares and instalment subscription
receipts for that number of shares. Any of the shares not subscribed for
by the stockholders may be offered publicly or privately, it is stated.
UNAccording to the registration statement the net proceeds from the sale
of the 151,625 shares of stock will be applied by the company to its general
funds from which it intends to defray part of the cost of a proposed plant
to be erected in Painesville, Lake County, Ohio, and the equipment of such
plant. The proceeds from the remaining shares are to be used for general
corporate purposes.
stockholders or the public,
discounts or commissions,
the registration statement.—V. 144,
)» The price at which the stock is to be offered to
the names of underwriters and the underwriting
are to
be furnished by amendment to
P.455.
Pennsylvania—Initial
Co. of the State of
Insurance
Dividend
New Stock—•
on
70 cents per share on
stock now outstanding payable Jan. 21 to
The company recently reduced the par value of its old capital stock from
$100 to $10 per share and issued 10 new shares for each old share held.
A semi-annual dividend of $5 per share was paid on the old stock on
July 15. last.—V. 143, p. 2055.
Inc.—Annual Report—
Insuranshares Certificates,
of Dec. 31, 1936 were $6,519,938,
as compared with $6,756,065 at the close of business Dec. 31, 1935.
The
liquidating value of the stock, valued at the bid side of the market for the
securities in the portfolio, was $7.70 per share at the close of 1936 as com¬
pared with $7.95 per share in 1935.
As a result of the changes made during the year, the composition of
the portfolio on Dec. 31, 1936, compared with 1935, is as follows:
1936
1935
The net assets of the corporation as
4.98%
15.79
Life companies
24.64%
74.09
Casualty-surety companies
Fire companies
Other assets
78.19
1.04
1.27
,
100.00
100.00
During the year corporation disposed of all life insurance stocks held
the portfolio, and substantially increased its investment in stocks of
leading casualty-surety companies.
.
in
Income Account
for Calendar Years
1933
$206,419
$169,183
$163,311
2,783
$206,419
21,297
2,390
$212,878
earned
1934
1935
1936
Dividends
$169,183
21,849
4,799
$166,094
23,096
9,972
2,663
Interest earned
Interest-.
$212,878
23,667
2,227
Previous balance.
$182,827
762,387
213
166
$182,518
687,941
20,000
$142,368
643,292
$890,459
$786,305
4,157
.
credits..
Total earned surplus,
Income, &c. charges
Divs. paid and accrued
$945,214
877
571
170,000
127,500
Earn. surp. at Dec. 31
$774,337
$130,363
451,299
67,499
644
$762,387
'
_
13,365
85,000.
$649,161
5,869
Cash
$8,453
c
Notes pay., bks.,
by collat.
Due to brokers lor
$190,000
63,850
61,569
purchased
13,110
1,820
850,000
1,572
850,000
4,912,131
774,337
5,143,679
762,387
6,887,616
secur.
Accrued liabilities.
Com. stk. (par $1)
Surplus paid in
earned
Surplus
Treasury
March
April
May.
June
July
August
September
October.
November
December
Note—The above figures are in net
Johns-Manville
$6,724,868 $6,957,6381
Total
b Insurance stocks
lateral for notes
at
cost
Total...
$6,893,137,
Z>rl6,530
stock..,
$6,724,868 $6,957,638
less reserve
payable.—V.. 143,
p.
issue.
Co., an Ohio company, giving in exchange
cumulative preferred stock and 4,500 shares of
common.
The value of all the stock so exchanged was $542,700, the com¬
pany says in a report to the Securities and Exchange Commission.
Inter¬
national Printing Ink Corp. also purchased all of the stock of Ghambon
Corp., North Bergen Varnish Co. and Color Coatings Co., Inc.—V. 144,
p. 455.
Ink
Printing
Corp.—Preferred Dividends—
share on tne $7
um. prior pref. stock (no par value) and a dividend of 87 Y cents per share
on the $3.50 cum. prior pref. series 1931
(no par value), both dividends
being payable Feb. 1 to holders of record Jan. 21.
For record of dividends
previously distributed see—V. 143, p. 4004, 2375; V. 144, p. 456.
Jan.
13 declared a dividend of $1.75 per
The
par
Trust Co. is transfer agent for 500,000 shares of
stock.—V. 143, p. 4185.
Investors Fund C.,
The
Co., Inc.—Transfer Agent
Manufacturers
common
First
National
Inc.—Transfer Agent—
Bank of Jersey
agent and registrar.—V. 143, p.
Investors
City has been appointed transfer
4158.
Syndicate—Activity
Field—
Increased general activity
in
Mortgage
Financing
a.
in the mortgage loan field during 1936 is re¬
condition which shows a gain of
flected in the 43d annua 1 statement of
76.2% in mortgage holdings for the year.
Gains of 9% in new business written and 24% in collections on investment
outstanding were reported as of Dec. 31. 1936.
Resources of the
contracts
be
its
building materials, home and industrial insulation, brake linings, packings
acoustical materials, diatomaceous earth and other products.
The company
through subsidiaries has an asbestos mine located in Canada and diatoma¬
ceous earth quarries located in California.
The company has outstanding 75,000 shares of 7% pref. stock ($100 par)
of an authorized issue of 100,000 shares and 750,000 shares of common stock
(no par) of an authorized issue of 1,000,000 shares.
The proposed new
issue would be a part of the presently authorized but unissued 250,000
shares of common stock.
Neither the company nor any
of its subsidiaries have any
funded inof $4.25
dividend
During 1 36 dividends in the amount
common stock, and the full
debtednesss outstanding.
per share were paid upon the company's
of $7 per share on the preferred.
If the present plan is proceeded with, application to
shares with the Securities and Exchange Commission and
New York Stock Exchange
register the new
to list them on the
will shortly be made.
Changes in Personnel—
Promotion
officials to new executive posts was
of four
Jan. 13 by Lewis H. Brown,
announced on
President, following the resignation of
E. M.
Secretary and Treasurer, in order to accept the position of
Vice-Chairman of the finance committee and a director of United States
Steel Corp.
The promotions, announced by Mr. Brown are: Charles H. Roberts from
General Auditor to Comptroller; Arthur Olsen, who joined the company on
Jan. 1, to be Treasurer; Vandiver Brown from Assistant Secretary to
Secretary; W. I. Waite has been made Secretary of the officers' board.
—V. 143, p. 3634.
Voorhees,
as
Johnson Educator Biscuit
Inc.,
to
are
Co.—Merger—
Johnson Educator Food Co. and Star Biscuits of
be merged into a new biscuit company, according
America,
to plans
approved by the directors of these companies and shown in a plan of
reorganization filed on Jan. 11.
The new company will be headed by R. L. Megowen and Ralph L.
Smith.
Mr. Megowen was one of the founders of the United Biscuit Co. of
America and is now Vice-Presdient of the Salerno-Megowen Biscuit Co. of
Chicago.
Mr. Smith is now President and General Manager of the Star
Biscuits of America, Inc.
He was formerly Vice-President, in charge of
production, of the National Biscuit Co.
~
It is expected that the consolidated assets of the new company will be
in the vicinity of $1,500,000, exclusive of goodwill, and that it will have a
satisfactory working capital position.
The financing of the new company
_
^
new company will have an authorized issue of $1,000,000 of 510% sinking fund debentures, of which approximately $850,000 are
presently to be issued, and 57,000 shares of class A stock entitled to $10
per share in liquidation and a 50-cent preferential dividend and 163,472
shares of common stock.
("Boston Transcript")—Y. 144, p. 456.
The
City Southern Ry.—Earnings—
1936—Month—1935
1936—12 Mos—1935
$1,218,824
$905,974 $13,831,777 $9,977,713
409,553
294,403
5,105,534
2,772,026
253,060
198,938
3,133,291
1,486,403
Period End. Dec. 31—
Railway oper. revenuesNet rev. from ry. opers_
Net ry. oper. income
—V. 144, p.
108.
(Julius) Kayser & Co.—Earnings—
tlncluding Affiliated Companies]
1934
1935
1936
$647,173
$581,873
49,195
38,109
$696,368
4,040
76,693
6 Mos. End. Dec. 31—
Net earnings.
Total income
Interest
Tax reserve
$619,982
3,394
49,661
$319,697
42,987 "
$362,684
3,165
24,796
1933
$243,898
77,384
$321,282
956
24,820
138,283
145,417
1 50,681
156,280
$477,353
$421,509
$184,041
$139,226
16,627
Depreciation
Net income
20,873
17,581
16,459
401,900
361,710
100,505
$54,580
$42,218
$67,077
Employees pref. divs
Common dividends
Shs. of com. stk.
outstd'g
$122,599
402,020
412,120
$1.01
$0.41
$0.29
made for taxes on undistributed profits.
491,900
401,900
$1.13
Earnings per share
Note—No provision was
5Q-Cent Dividend—
a dividend of 50 cents per share on the com¬
Feb. 15 to holders of record Feb. 1.
A like
30 and Sept. 1, last, and compares with
37H cents per share paid on May 15 and Feb. 15, 1936; 25 cents paid on
Nov. 30, 1935; 65 cents on Sept. 10, 1935 and 25 cents per share paid on
Feb. 15, 1935, Sept. 15, 1934 and on Feb. 15, 1934, this latter payment
being the first dividend paid on the $5 par stock.—V. 143, p. 2682.
The directors have
mon
Interstate Home Equipment
$1
issuance of the additional shares will
capital of the company and
subsidiaries and for the expansion of manufacturing and operating facilities.
Johns-Manville and its subsidiaries manufacture at their 11 plants,,*
Surplus
International Utilities
of
•
>"
The money to be derived from the
Other income
2374.
of its 6%
on
Shares
100,000
Corp.—To
The corporation announced Jan. 16 that it plans to issue 100,000 addi¬
tional shares of common stock (no par), such stock to be available for sub¬
scription by holders of common stock in the ratio of one new share for each
7 Yi shares held.
It is expected that the price to the stockholders will be
$100 per share thus realizing to the company $10,000,000 less expenses of
for fluctuation in
International Printing Ink Corp.—Acquisition—
This company last year acquired the assets, property and business of
Directors
tons.—V. 143, p. 3321.
Issue
Common—Offering to Stockholders—
Kansas
value of $253,134; balance (as above) $6,640,003.
c Securities having a
market value of $534,288 in 1936 ($638,075 in 1935) are pledged as col¬
Standard
410,011
431,759
300,555
264,124
323,413
380,390
340,369
308,754
362,577
459,585
422,803
446,626
1932
285,245
274,145
327,707
244,243
246.172
224,635
228,989
286,321
319,195
427,664
323,917
1933
279,116
292,116
249,143
215,856
315,919
334,352
396,209
417,208
376,352
362,803
303,864
232,460
(Not available)
1934
296,427
302,235
390,864
237,116
333,721
299,287
211,646
245,768
277,867
338,842
1935
308,920
315,007
304,426
209,199
240,111
302,566
204,491
252,712
262,091
486,126
368,986:,.
348,268
1936
January
February
$200,000
secur.
b6,640,003
1935
1936
Liabilities—
1935
$21,015
3,627 shares
2009.
Island Creek Coal Co.—Coal Output—
year
dividends
^ receivable^
Investments i
the
owned affiliate.—Y. 140, p.
is to be underwritten,
$643,292
$687,941
Balance Sheet Dec. 31
1936
Assets—
Accrued
in total resources, the report showed, were $14,826,034 in
Housing Administration insured first mortgages, bonds and securi¬
in cash on hand and in banks for
Federal Housing Administration
mortgages, it was explained, are readily marketable.
Contract collections during the year amounted to $24,022,392 or a gain
of $4,772,163 over those of 1935.
Disbursements to contract holders
totaled $8,330,380 for the same period, or a rise of $1,420,822 over 1935.
Investors Syndicate funded a total of $25,743,054 in first mortgages or
first deeds of trust during the year just closed, bringing the total to $50,966,745 in mortgage holdings.
In addition to $32,342,672 held in mort¬
gage loans funded on its own plan and $14,826,034 placed in FHA loans,
the company showed $3,789,039 in first mortgage loans and first deeds of
trust endorsed for Investors Syndicate Title & Guaranty Co., a wholly
Included
Federal
ties totaling $22,125,891 and $2,418,611
a total of $39,370,536 in liquid assets.
This company,
Expenses.
Income
$90,889,855, a
used, the announcement said, for working
The directors have declared an initial dividend of
the larger amount of capital
holders of record Jan. 18.
highest level in the history, totaling
company reached the
Sain of $17,978,156 during the past Capital, surplus and reserve gained 8%.
olders in 1936 increased 20.5%.
12 months. Disbursements to contract
Month of—
Industrial Ra^on Corp.—Registers with SEC—
The corporation, on Jan. 9 filed with the Securities and Exchange Com¬
mission, a registration statement (No. 2-2782. Form A-2) under the Se¬
curities Act of 1933 covering 247,625 shares (no par) capital stock, of
which 151,625 shares are to be offered to stockholders at the rate of one
share for four shares held.
Of the remaining 96,000 shares being registered,
6,500 shares have been sold and 89,500 are under option, it is stated.
In connection with the offer to
615
Chronicle
declared
stock, par $5, payable
distribution was made on Nov.
Keystone Steel & Wire Co.—Earnings—
inc.
all chgs.
for. Fed. inc.
taxes
TfifiTHfl
—
TIAI*
chflfA
a$335,087
$378,805
a$7l7,136
$0.20
a$0.40
$0.50
a$0.86
on pref. stock then outstanding and based on com.
outstanding.—V. 144, p. 282.
After dividends
stock presently
$153,099
nn
757,632 shs. cap. stock
a
'
after
& prov.
1936—6 Mos.—1935
1936—3 Mos.—1935
Per. End. Dec. 31—
Net
616
Financial
Chronicle
Kentucky Utilities Co.—Preferred Dividend—
The directors
Liggett & Myers Tobacco Co.—Earnings—
Jan. 11 declared a dividend of $1.25 per share on account
the 7% cumul. junior pref. stock, par
on
of accumulations
on
$50,
Calendar Years—
payable
Total income
King Oil Co.—To Pat Five-Cent Dividend—'
The directors have declared
stock
two cents was
paid
:
dividend of five cents per share on the
to holders of record Jan. 18.
A special
was
on
Interest
on
1933
$19,005,140
2,863,269
$25,654,534 $21,868,409
.
Federal income tax
Federal surtax
Feb. 1
paid on Dec. 21, last, and an initial dividend of
June 15, last.—V. 143, p. 4159
payable
dividend of 17 cents
;
bet
purch.
price&parof7% bds.
Depreciation charges
a
1934
$30,978,748 $22,013,803
Difference
x
1935
$29,482,024 $20,824,156 $22,981,421
1,496,724
1,189,647
2,673,113
Otherincome
j
M
1936
Operating profit
Feb. 20 to holders of record Feb. 1.
A similar payment was made on
Nov. 20, Aug. 20, May 20 and Feb. 27, 1936, and
compares with 87 M cents
paid on Nov. 20 and on Aug. 20, 1935, and with 50 cents paid on May 29,
1935, and 25 cents on May 29, 1934.—V. 143, p. 3635.
common
Jan. 23, 1937
bonds
33,999
1,205,746
4,161,980
38,459
1,330,932
31,978
1,212,212
2,569,853
24,264
1,172,698
3,023,913
22,596
1,103,628
2,368,497
1,343,217
1,346,969
1,642,512
Net income
.$24,207,632 $16,856,543 $20,086,690 $16,731,175
^ref. dividends (7 %)
1,461,187
1,461,187
1,515,531
1,549,307
Jom. dividends (20%)- 21,958,573
15,684,695
15,684,695
15,684,695
Kingston Products Corp.—May Increase Stock—
-
Special meeting of stockholders has been called for Jan. 28 to consider
a
proposal to increase the authorized common shares to
1,250,000 from
1,000,000. It is proposed that rights will be offered for the increased
shares,
proceeds of which will be used for the purchase of another company.—
V. 143, p. 1082.
-
.
.
Balance, surplus
$787,872
40,262,751
Previous surplus
Prem.
bonds canceled
directors have
declared
dividend
a
of 20
cents
on
$41,050,623 $40,262,751
com.
and com. B
stk. outst'g (par $25)-
share
per
3,136,939
$7.25
Dividend—Ij/jMI
a
trust
indenture.
Comparative Balance Sheet Dev. 31
Assets—
1936
1935
$
1936
est., machin'y & fixt's 11,307,778
Brands, tr.-mks,
Koppers United Co.—New Directors—
Clarence
Stanley, President of the Union Trust Co., and Lawrence N.
Murray, Vice-President of the Mellon National
Bank, both of Pittsburgh,
have been elected to the board of
directors of this company.
Koppers United is the holding company for Koppers Co. and its sub¬
sidiaries, divisions and affiliates, and of Eastern Gas & Fuel Associates.
Kresge Department Stores, Inc.—To Pay $20 Preferred
Dividend—
Jan.
11 declared
the
on
a
dividend of $20 per share on account
8% cumul. pref. stock,
7% pref. stock..
$
20,874,100 20,874,100
21,496,400
21,496,400
56,927,075
56,927,075
Common stock.
11,869,512
1935
$
Liabilities—
$
yReal
on
3,136,939
$4.84
3,136,939
$4.91
This is the difference between purchase price and par of 7 % gold bonds
of this company purchased and canceled during the
year as required by
common^ stock^since May 31, 1930, whenxa similar payment^was^made.
The directors
3,136,939
$5.92
Shs.
Earnings
dividend of 50 cents per share on the com¬
of record Jan. 15.
A dividend of $1
Dec. 21, last, this latter being the first dividend
paidfon the
of accumulations
$38,984,607
Dr400,000
Profit and loss
stpck, payable Jan. 25 to holders
paid
was
$41,871,071
per
x
Kobacker Stores, Inc.—To
Pay 50 Cent
The directors have declared
39,887,434
Drl ,318,981
leaf tobacco
on
share on the
common stock, par $5,
payable Jan. 25 to holders of record Jan. 20.
This
compares with dividends of 12
cents per share
previously distributed
each three months.
In addition, an extra dividend of
12H cents,wasipaid
on Oct. 26, last.—V. 143. p. 2524.
mon
38,984,607
Adjust, of carrying chgs.
Knickerbocker Insurance Co. (N.
Y.)—Div. Increased—
The
$2,886,464 def$502,827
def$289,339
41,871,071
pref. stock &
on
Com. stock B..
good-will, &o_
1
1 7% bonds
122,666,200/
9,895,600
tob., mfd.
5% bonds
J
\ 12,886,600
stk. & op. sup.121,200,716 113,940,867 Accr'd int. pay
439,614
441,644
Stks. In sub. cos.
Pref.
div.
439,005
439,005
pay¬
Securities
able January.
4,476,164
4,476,164
365,297
365,297
Preferred stocks
3,158,310
3,158,310 Accts. payable.
1,807,627
1,296,811
U.S.Govt. bonds 17,389,538
payable..
17,452,573 Bills
2,500,000
Cash
7,356,951
9,902,098 Accrued taxes..
5,136,465
3,379,226
Bills & accounts
Special reserves.
2,715,434
2,715,434
receivable
10,438,687
9,026,090 Profit and loss.. 41,050,623
40.262,751
Leaf
$100, payable Jan. 25
Acc'ts receivable
19. The company stated that this dividend is for
the period April 1, 1927 to Oct.
1, 1929, inclusive.
Deferred charges
to holders of record Jan.
par
Special Meeting Adjourned—
allied cos.
_
_
The special stockholders'
meeting called for Jan. 11 to vote on a proposed
plan of recapitalizing pref. stock and
arrears, has been further adjourned
until Jan. 25.
The adjournment was
agreed upon after certain stockholders
requested a complete examination of all
pref. stock proxies to prove their
validity.—V. 144, p. 456
y
48,669
163,016
_
Total
,
152,221
124,097
175,978,835 170,540,938
.175,978,835 170,540,938
Total
After deducting depreciation.—V. 143, p. 3322.
Lit
Brothers, Philadelphia—Accumulated Dividend—
The directors
have declared
a
dividend of $4 per share on account of
accumulations
(S. H.J
ts.ress & Co.—To
The
directors have declared a dividend of 40 cents
per share on the
common stock,
payable Feb. 1 to holders of record Jan. 22.
An extra
dividend of 50 cents was
paid on this issue on Dec. 12, last, and an initial
dividend of 25 cents per share in addition
to an extra of 25 cents was paid
on Nov. 2,
last; prior to this latter payment the stock had been
split-up
on a two-for-one basis.
See V. 143, p. 3635 for detailed dividend record.
—V. 144, p. 283.
-
(G.)
Kreuger Brewing Co.-—Admitted to When Issued
Dealings—
The New York Curb
rights of holders of
tional
shares
common
of
on the 6%
cumul. pref. stock, par $100, payable Jan. 25
holders of record Jan. 20.
A dividend of $2 was paid on Oct. 10, last,
this latter being the first
payment made since Jan. 2, 1933, when $1.50
per share was distributed.
The last regular quarter dividend of $1.50 per
share was paid on April 1, 1932.—V.
143, p. 2057.
to
Pay 40-Cent Dividend—
Loew's, Inc.—Bonds Called—
Dillon, Read & Co., as paying agent, announced that it has selected by
lot for redemption on Feb.
15, out of moneys in the sinking fund, $260,000
principal amount of 3H% sinking fund debentures, due Feb. 15, 1946.
Payment at the principal amount will be made at the New York office of
the paying agent.—V.
144, p. 456.
Long Island RR.—Listing—
Exchange has admitted
to when issued dealings the
stock to subscribe at $15
per share for addi¬
in the ratio of one additional
share
of
common
common
stock
stock for each four shares held.—V.
144, p. 456.
The New York Stock
Exchange lias authorized the listing of $10,268,000
additional refunding mortgage
[ng mwi/gage 4% bonds, dated as of Sept. 1, 1903, due
tyo
uuuu»,
uaouu »»
oopn.
i,
nlrltiM
tUOH flOfi
(\C\f\
March 1, 1949, making the total amount
-V
144,
~
applied for $39,936,000.
Co.—Earnings—
Years Ended Dec. 31—
Net profit after aU
charges
1936
—_
Dividends paid
Surplus
Previous surplus
Adjustment
of
prior year's income
Surplus, Dec. 31
Earnings per share
—V. 142, p. 627.
.•
_
50,000
on
com.
shs.
(par $25)..
1935
$83,880
65,400
$122,161
65,745
$18,480
801,559
53,911
_
$56,416
744,164
980
$873,950
$1.37
$801,559
$2.13
Louisville & Nashville RR.—To
Pay $2.50 Dividend—
The directors have declared
a dividend of $2.50 per share on the common
$100, payable Feb. 27 to holders of record Feb. 1.
A similar
on Aug. 24
last, and compares with $2 paid on Feb. 25,
1936; $1 on Aug. 24, 1935, and $1.50 per share paid on Feb. 25, 1935.
Aug. 25, 1934 and on Feb. 15, 1934, this latter being the first dividend
paid since Feb. 10, 1932, when $2 per share was disbursed.
On Aug. 10,
1931, $2.50 per share was paid, prior to which regular semi-annual payments
of $3.50 per share were made.
In addition, an extra dividend of $1.50 per
share was paid on Dec. 23 last.—V.
144, p. 110.
stock,
par
payment was made
McGraw-Hill Publishing Co.,
Inc.—Options Extended—
The company has notified the New York
Lane
Net profit after Fed. tax.
Earns,
held
Bryant, Inc. (& Subs.)—Earnings—:
6 Mos. End. Nov. 30—
Sales
per
sh.
on
1936
1935
$6,997,935
80,344
com.
>
after pref. dividends-.
$0.36
1934
$6,292,959
1933
35,785
$6,199,750
5,210
Nil
Nil
$0.42
1, 1937.—V. 143, p. 4006.
Madison
.
On
/
was
Nov. 5 this company sold its entire
holdings in both preferred and
stock of the Boston Garden Corp.
Prior to the sale, the Madison
Square Garden Corp. had owned 42.02% of the non-voting preferred stock
and 59.30% of the non-voting common stock of
the Boston Garden Corp.—
V. 143, p. 4159.
Manhattan Shirt Co.—Balance Sheet Nov. 30—
elected President of the company at the organiza¬
11.
Mr. LeBlond was formerly Secre¬
1936
tion meeting of directors held Jan.
tary-Treasurer
of the
company.
William Schacht, who has served as President, becomes
Vice-President.
He succeeds G. A. Schacht, who resigned as Vice-President and
Director.
Norman G. Schacht, formerly assistant
Secretary-Treasurer,
replacing
Harold
Secretary-Treasurer, becomes
R.
K. LeBlond was
LeBlond.
reelected chairman of the board.
The four officers and Carl Jacobs, E. G.
Schultz, and Charles Fox were
reelected to the board of directors at the annual
meeting of stockholders.
—V.
142,
p.
1992.
(The/ Legare Co., Ltd.—Acquires Old Company—
,
(P.-T.) Legare Co., Ltd.—New Company—
A
new
company (the Legare Co., Ltd.) has been formed
by L.-D,
and has taken over all the assets from the bondholders of the
P.-T.
Legare Co., Ltd.—V.
143,
p.
2525.
Lehigh Power Securities Corp.-—Pays 33-Cent Dividend
30, 1935;
1935; 34 cents paid on June 1 and March 1, 1935;
70 cents on Dec. 29, 1934, and 25 cents per share distributed on the first
day of March, June, September and December of 1934, 1933 and 1932.
—V. 143, p. 1404.
25 cents paid on Sept. 3,
Lerner Stores Corp.—Initial
43^% Pref. Stock Dividend—
The directors have declared a dividend of 60.41 cents
per share on the new
4H % preferred stock, payable Feb. 1 to holders of record Jan. 21.
This
covers the period from Dec. 14,1936 to Feb.
1, 1936, incl.—V. 144,
p. 283.
•
dividend
Lexington Utilities Co.—Preferred Dividend—
The
directors
have
declared
a
dividend of $2.12 K per share on the
$100, payable Feb. 10 to holders of record
$5.62H was paid on Nov. 10, last;
Dividends
of S2.12M Per share were paid on
Aug. 10, May 11 and Feb. 11, 1936, and
$1.62 Hi per share was paid on Nov. 14 and Aug. 10, 1935,
prior to which
the last dividend disbursement on the company's
preferred stock was made
Jan.
on
preferred
30.
Dec.
stock,
par
A dividend of
15, 1933.—V. 143,
.
3470.
1935
8
Land, plants, &c.
1936
$
Liabilities—
719,144
719.639
G'dwill, pats., &c. 5,000,000
5,000,000
Cash
641,075
Acer. int. recelv._
Loans
&
advs.
Mtges.
683,420
1,215
15,446
on real est.
16,303
66,850
77,600
Accounts & notes
Inventorles
1,792,496
1,395,520
2,699,859
2,638,587
Empl. stock acct.
Sundry investm'ts
230,603
13,503
deferred charges..
31,669
Total
x
Common stk.
.........11,150,588
After depreciation,
y
266,840
18,503
28,205
5,750,000
Notes payable
Divs. payable....
223,518
500,000
52,171
700,000
Tax
109,033
65,825
100,000
100,000
750,087
750,087
3,945.206
stock... Dr279,428
3,659,970
Dr279,428
Total .........11,150,588
10,907,404
Accts. payable and
liabilities-
accr
provision
Conting. res., &c.
Capital surplus
Earned
surplus...
Treasury
130,093
30,855
reserve for doubtful accounts.
comparative income statement
published in V. 144, p. 284.
Manati
$
5,750,000
10.907.4041
After
1935
■5
(par
825)
1,514
to
employees
y
-
The
The company paid a dividend of 33 cents per share on its common
stock,
no par value, on Dec. 23 to holders of record Dec.
19.
This compares with
20 cents paid on Oct. 1, June 1 and March 2, 1936 and on Dec.
6H%
Assets—
x
receivable, &c._
See P.-T. Legare Co., Ltd.
Hudon
Square Garden Corp.—Boston Holdings Sold—
common
LeBlond-Schacht Truck Co.—Personnel—
Harold R. LeBlond
Stoqk Exchange that the options
by F. Eberstadt & Co., Inc., for the purchase of shares of common
stock of the company, now
aggregating 22,000 shares, have been extended
from Dec. 31, 1936 to
April
$5,796,496
98,408
Current assets as of Nov. 30,
1936, amounted to $4,533,903 and current
liabilities were $977,602
comparing with $4,263,352 and $818,974 respect¬
ively on Nov. 30, 1935—V. 144, p. 456.
•
457.
p.
Landis Machine
Sugar Co.—Deposits
for
the
year
ended
Nov.
30
was
Urged—
The bondholders' protective committer for the 1st mtge.
20-year 7 HVo
sinking fund gold bonds, in a circular dated Jan. 18, states:
More than 75% of the outstanding bonds are now on
deposit with the
committee, but it is essential to the consummation of the reorganization
plan that many more of the bonds be deposited <
Failure on the part of some of the bondholders to
deposit their bonds
arise from a misunderstanding as to the method of procedure con¬
templated by the committee.
This is not a proceeding under Section 77-B
of the Bankruptcy Act, in which assent of two-thirds of the bonds
would
bind the remainder.
It is expected to consummate the
plan through a
foreclosure of the mortgage securing the bonds.
Holders of bonds which
are not deposited under the plan will, after the
foreclosure sale has taken
place, receive no securities of the new company but only their pro rata
part, in cash, of the proceeds of sales of the mortgaged assets and such
may
other assets as may become available to bondholders.
The U. S. District Court has approved the reorganization
plan and
declared it fair and equitable to the bondholders and to the
stockholders,
but the Court's approval does not
which
the
are
not
automatically bind holders of bonds
deposited under the plan.
It is necessary, therefore, that
bondholders
carried out.
themselves
take
affirmative
action
if
the
plan
is to be
Volume
Financial
144
bond¬
Trust
To avoid the risk involved in further delay, the committee urges
holders to send their bonds to the committee's depositary, Bankers
Mandel Brothers,
transferred
Inc.—Special Dividend—
share on the com¬
stock, payable Jan. 26 to holders of record Jan. 22.
This will be the
first payment to be made on the common stock since April 20, 1929, when a
dividend of 62cents per share was distributed.—V. 142, p. 3682.
mon
Mangel Stores Corp.—Registrar—
17,500 shares of the new
282,500 shares of common stock,
The Manufacturers Trust Co. is registrar for
5 convertible preferred stock, no par, and
1 par.—V. 144, p. 110.
Glenn L.
Martin
An expansion program
•
Co.—Expansion Program—Personnel—
which will give the company's plant at
Md. the largest assembly floor in the world for the manufacture
was announced on Jan. 20 by Glenn L. Martin, President and
Baltimore,
of aircraft
Chairman
of the Board.
and the purchase of new
equipment will cost approximately $2,000,000.
In this expenditure will be
$600,000 for the latest machinery for the advancement of efficiency in the
production of aircraft.
The improvements will double the capacity for the
Construction of additions to the present factory
plant.
As part of the addition to factory, there will be constructed an assembly
hall 300 feet wide by 500 feet long, with a net headroom clearance of 40 feet,
which will constitute the largest unobstructed airplane factory space in the
world, having the greatest unobstructed span of girders of any aircraft
factory in the world, according to Mr. Martin, President.
The building of the large assembly hall enables the company to undertake
the building of giant aircraft twice the size of the famous "China,"
"Hawaiian" and "Philippine" Clippers designed and built by that company.
The Clipper ships are now flying the Pacific Ocean regulany for Pan
American Airways.
Important additions to the officers and directors of the company also
were
announced
by Mr. Martin.
Added to the Board of Directors are
Howard W. Bruce, John W. Hanes, Gardner W. Carr, who was also
elected Vice-President and will hold the position of General Manager o
this company; Joseph T. Hartson, assistant to
elected a Vice-President and Harry P. Vollmer.
Mr. Martin, who also was
Mr. Martin continues as President and Chairman of the Board.
Other
members of the Board of nine are:
Thomas H. Jones, Cleveland, Sec¬
retary; Myron
G.
Shook, Treasurer and William A. Crenning, Assistant
Socrtitiiry
position
Director and Vice-President.
M. C. Milburn, who occupied the
has resigned as
Mr.
Martin
company
as
Assistant General Manager,
that 1936 was the best in the history of the
deliveries amounting to $6,219,986, which after
announced
which
made
&c., will
Unfilled
in the amount of $9,603,327.
write-off for experimental development, depreciation, int., taxes,
leave an amount of approximately $700,000 for operating profit.
orders
on
the books
as
of Dec. 31, 1936 are
—V. 143, p. 2848.
Massachusetts Investors
Trust—Reports Gains—
Net asset value per share at the close of 1936 was $28.87, according to
the annual report.
With allowance for the reduction brought about by
the distribution in December of $1.05 per share on account of income
derived from capital gains, this figure compares with $27.89 on Sept. 30
and $24.03 on Dec. 31, 1935.
Aggregate net asset value, of the trust on
Dec. 31, 1936, exceeded by more than $22,000,000 the total amount
which it
had received since organization from the sale
of its shares, less
the cost of shares which it has repurchased and retired.
Distributions paid out of net income received from investments
during
year were reported at
$4,311,520, or $1.07 per share.
Including
$4,526,528 paid from capital gains, total distributions to shareholders for
1936 were $8,838,048.
These disbursements compare with $2,334,148,
equal to 87 cents per share, distributed out of investment income in 1935.
Reviewing the growth of the trust during 1936, the trustees note that
the number of shares outstanding increased from 3,253,374 at the close of
1935 to 4,437,839 at the end of last year.
During this period the number
of stockholders gained from 31,352 to 40,360.
Unrealized appreciation
(excess of market value of securities owned over cost) amounted on Dec. 31
to more than $31,000,000.—V. 144, p. 285.
the
Mayflower Associates, Inc.—Liquidating Distribution—
Directors have declared the second distribution in liquidation of $5 a
share, payable Feb. 5 to holders of record Jan. 25.
First payment was made last year.
It consisted of securities and cash of a
value slightly in excess of $66 a share of Mayflower Associates' stock, taking
the securities at market quotations on Dec. 16, 1936.—V. 143, p. 4006.
Mercantile
Acceptance
Exchange Plan—
Corp.
of
Calif.—Sub.
Co.
More than 99% of the preferred stockholders of Mercantile Acceptance
Co., subsidiary have exchanged their stock for stock in the parent cor¬
poration. Under the plan holders of the 8% stock in the subsidiary, which
formerly was the San Joaquin Securities Co., received $1.50 a share in cash
and $22 in first preferred stock, 6% series of Mercantile Acceptance Corp.
A plan of exchange for the common stockholders of the company was
recently approved by the Commissioner of Corporations of California.
Under the plan the common stockholders of the subsidiary will receive 50
cents a share in cash and $21 in first preferred 5% series stock in the parent
corporation. Both preferred and common stock of the subsidiary is of $25
par.
This is one of a series of steps being taken by the corporation to
consolidate its subsidiaries in one corporation.—V. 144, p. 285.
Minneapolis Suburban Gas Co., a wholly owned subsidiary of the
prior to Nov. 29, 1935, was dissolved on that date and its assets
to the company and segregated as its suburban division.
Company assumed all of the obligations of Minneapolis Suburban Gas
Company.
Purpose—Proceeds amounting to $1,428,000 will be applied toward
payment of bank loans of the company incurred to the extent of $719,043,
in connection with calls for redemption of shares of its first pref. stock.
$7 series and $6 series during Sept. and Oct. 1936, and with purchases of
shares of such stock during 1936, for retirement, and
(or) toward the
retirement of part or all of the 8,819 shares of first preferred stock, $6
series, remaining outstanding, by purchase or redemption, provided that
upon repayment of such bank loans to the extent of $600,000 any balance
will belapplied to retirement of said stock.
The proceeds of sale of the $300,000 of first mortgage 4% bonds, series of
1950, wll be used to reimburse the company's treasury for expenditures
previously made for additions and betterments to its plant and property
Expenses paid and to be paid in connection with the sale of the above
securities and in connection with $200,000 of the 4% bonds sold privately
estimated at $13,027 for the $500,000 4% bonds, including compensation
for services in effecting their sale (estimated at $10,000) and estimated at
$60,047j for the 14,000 shares first pref. stock, $5.10 series, including com¬
pensation for services in effecting their sale (estimated at $42,000), will be
provided from the company's general funds.
J'
Capitalization—The capitalization of the company outstanding in the
hands of the public, as of Aug. 31, 1936, and as adjusted to reflect changes
to Nov. 18,1936, and the issuance of an additional $300,000 of first nitge.
4% bonds, series of 1950 and 14,000 shares of first pref. stock, $5.10
series, is as follows:
d Adjusted
Authorized
Aug. 31,1936
company
Co., 16 Wall St.. New York.—V. 144, p. 457.
The directors have declared a special dividend of $1 per
617
Chronicle
.
1st mtge. 4%
1950
bonds, series of
$11,200,000
$5.50 series
$5.10 series
$5.00
._
-
Participation units
Common stock (no par)
$11,500,000
j 8,387 shs.
-
1st pref. stock ($100 par)—
$7 series
1
$6 series
i
None
8,819 shs.
110,699 shs.
shs.
8,280 shs.
5,348 shs.
shs.
None
14,000 shs.
shs.
4,558 shs.
3,159 shs.
shs.
b
19,032.87 units 18,728.28 units
100,000 shs.
44,000 shs.
44,000 shs.
30,000
15,000
15,000
15,000
a Not
limited but subject to restrictions contained in the 1st nitge.
indenture and supplemental indenture,
b At Sept. 30, 1934, as of which
date liability of the company to issue additional units ceased, there were
issued 24,311.27 units,
c To be retired in whole or in part with proceeds
pref. stock, $5.10 series,
d To reflect changes to Nov. 18,
1936, and issuance of new securities.
The company held in its treasury as of Nov. 18,1936,147 shares of $5.50
series preferred stock and 3,550.84 participation unit certificates, which
are not included in the adjusted amounts shown above.
None of the com¬
of sale of 1st
mon stock is held in the treasury of the company or reserved for officers or
employees or reserved for options, warrants, conversions or other rights
except that the company's parent, American Gas & Power Co., has an
option dated Feb. 19, 1930, to subscribe for and purchase any additional
shares issued or offered by the company before May 1,1953, at $50 a share,
unless a higher price shall be agreed upon.
Company's outstanding
common stock, together with option, is pledged with Bankers Trust Co.,
as trustee under the debenture agreement of American Gas & Power Co.,
dated as of May 1, 1928, as amended.
Recent Changes in Preferred Stock—There are four series of first pref. stock
presently authorized, in addition to the $5.10 series, to wit:
$7 series,
$6 series, $5.50 series and $5 series.
On July 15, 1936, the company made exchange offers to the holders or
its then outstanding first pref. stock, $7 series and $6 series, whereby such
holders were given the opportunity of exchanging their shares for shares of
the $5.50 series and $5 series, respectively, on a share for share basis plus
cash payment covering dividend differential.
made at the company's office in Minneapolis.
The
a
These exchanges were
exchange offers expired
holders of 8,427
Oct. 31, 1936.
Pursuant to such exchange offers the
shares of the $7 series and 4,558 shares of the $6 series
on
exchanged their
an equal number of shares of the $5.50 series and $5 series, respec¬
tively, said number of shares of the $5.50 series and $5 series were duly
issued and the stock surrendered on the exchange has been canceled and
retired.
During the exchange period the company called for redemption
5,259 shares of the $7 series at $110 per share plus accrued dividends and
409 shares of the $6 series at $105 per share and accrued dividends. Com¬
pany has applied an amount out of its capital equal to the aggregate par
value of (a) the shares of $7 series and $6 series called for redemption and
(b) 2,094 shares of the $7 series and 1,100 shares of the $6 series heid in its
treasury, to wit, $886,200, to the retirement of such shares.
Company
has repurchased and sold a small number ot shares of the $5.50 and $5 series.
Outstanding Bonds—There are presently outstanding $11,200,000 first
mortgage 4% bonds, series of 1950.
$11,000,000 of such bonds were issued
by the company on June 1, 1936, $7,830,500 thereof having been exchanged
for an equal principal amount of the company's then outstanding $10,778,000 4%% bonds, plus a cash adjustment, and $3,169,500 thereof
having been sold to an underwriter at 102%.
The proceeds of the 4%
bonds sold were used to the extent required to redeem the unexchanged
stock for
In July and Aug. 1936, the com-
4% % bonds on July 1, 1936, at 103%.
ife
Eany Insurance Co. at 103% and interest, the proceeds being used to
sold an additional $200,000 of 4% bonds to the Connecticut Mutual
company's treasury for expenditures previously made
reimburse the
Income Statement
for the 8 Months Ended Aug. 31, 1936
Operating revenues—Gas sales
Operating expenses
-—_ —
$2,958,866
2,145,950
$812,916
Net operating revenue
Other income
95,096
._
Mercantile Stores Co.—Resumes Dividends—
The directors have declared a dividend of $3 per share on the common
stock, payable Jan. 23 to holders of record Jan. 16.
The dividend is
payable in 10 year 5% debentures dated Jan. 20, 1937.
This will be the
first dividend paid since Nov. 15, 1932 when a cash payment of 25 cents
per share was made.—V. 143, p. 434.
Mergenthaler Linotype Co.—50-Cent Common Dividend
The
directors
have
declared
dividend of 50
cents
share on the
capital stock, no par value, payable March 15 to holders of record Feb. 20.
A similar payment was made on Nov. 16, Aug. 15 and May 15, last, this
latter being the first distribution made since March 31, 1933, when a divi¬
dend of 40 cents per share was paid.
During the year 1932 the company
made the following payments: 75 cents on March 31; 40 cents on June 30;
35 cents on Sept. 30, and 40 cents per share on Dec. 31.—V. 143, p. 3152.
a
per
(I.) Miller Sons Co., Inc.—Accumulated Dividend—
The directors have declared a dividend of $10.75 per share on account of
on the 8%
cumulative preferred stock, par $50, payable
accumulations
Total
Interest
Provision for Federal income taxes (estimated)
Light Co.—Preferred Stock Offered—
History and Business—Company was in corp. Feb. 6, 1930 as Northern
Lakes Co. in Delaware as successor to a Minnesota corporation which had
supplied manufactured gas in the City of Minneapolis since 1870.
On
Feb. 19, 1930 corporate name was changed to Minneapolis Gas Light Co.
Company's business consists primarily of the manufacture, distribution
and sale of a mixture of manufactured and natural gas for domestic, com¬
mercial, industrial and space heating purposes in the City of Minneapolis
and in 11 adjacent communities.
Company also merchandises at retail
various gas consuming appliances, such as gas stoves and gas ranges,
water heaters, space heaters, industrial burners and gas-fired refrigerators,
primarily for the purpose of increasing the consumption of gas.
The company serves a territory having a population of more than
490,000 distributed through Minneapolis and 11 communities suburban
^Minneapolis.
p.
3849.
Mississippi Power & Light Co .—Accumulated Dividend—
of $1.50 per share on account of
1st pref. stock, no par value, payable Feb. 1
18.
Like payments was made on Nov. 1, Aug. 1
The directors have declared a dividend
accumulations
on
the $6
to holders of record Jan.
and May 1, last, and compares with $1 paid on Feb. 1, 1936; 50 cents paid
on Nov. 30, 1935, 75 cents paid on Nov. 1 and 50 cents paid on Aug. 1,
May 1 and Feb. 1, 1935, Dec. 15, Nov. 1, Aug. 1, May 1, Feb. 1, 1934,
Nov. 1,1933 and Aug 1,1933, prior to which the regular quarterly dividend
of $1.50 per share was paid.—V. 144, p. 111.
Mississippi Valley
Utilities
Investment Co.—Receiver
Discharged—
Federal Judge Lindley at Chicago on Jan. 12 issued a final order discharg¬
ing H. F. Mieslahn as receiver for company.
The order leaves the company
in the hands of a liquidating company.
Creditors have filed $26,000,000
in claims, of which $1,470,000 has been paid.—V. 143, p. 1406.
G. L. Ohrstrom & Co., Inc., New York, offered on Jan. 19
14,000 shares of 1st pref. stock, $5.10 series, at $102 per
share, plus accrued dividends.
143,
$908,012
312,698
47,864
4,146
22,000
$521,301
Net income
-V.
8% preferred stock takes the place of the old 6% % preferred stock
Minneapolis Gas
-
Other interest
Feb. 16 to holders of record Jan. 27.
The
funded debt
on
Amortization of debt discount and expense
of I. Miller & Sons, for which it was exchanged under the recapitalization
plan declared effective July 27, 1933.
The 8% stock was cumulative from
Dec. 1, 1933, and the current payment will leave a total of $1.25 per share
in arrears.—V. 142, p. 4025.
for
additions and betterments to its plant and property.
Montour
RR.—Earnings—
1936
December—
Gross from railway
Net from railway
Net after rents—
1935
1934
1933
$192,632
67,059
79,770
$135,044
25,025
29,825
$121,114
41,999
52,323
$99,266
14,269
28,264
2,347,041
1,009,127
976,222
1,988,370
821,922
844,898
1,862,602
728,085
774,331
1,662,916
562,558
722,516
From Jan. 1—
Gross from railway.
Net from railway
Net after rents.
—V. 143, p.
4008.
Moody's Investors Service—Preferred Dividend—
The directors have declared a dividend of $1.25 per share on the no par
$3
cum.
Feb.
1.
partic.
preference stock, payable Feb.
A similar payment was made on Nov.
15 to holders of record
16, last, and dividends
of 75 cents per share were paid in each preceding quarter since Nov.
15,
1932, this latter being the first payment made on this issue since Aug. 15,
1931, when a regular quarterly dividend of 75 cents per share was disbursed.
618
Financial Chronicle
Accumulations after the payment of the Feb. 15 dividend will amount
to $2 per share.—V. 143, p. 2686.
Jan.
Bondholders
National
Corp.—Additional
1937
23,
Cash
Distri¬
butions—
Montreal Telegraph
Co.—Earnings—
C. E. O'Neil, President, announced Jan. 15 that corporation had author¬
additional cash distributions aggregating $809,695 on 23 different
Years Ended Dec. 31—
Great North Western Telegraph Co..
Revenue from investments
$165,000
2,767
$165,000
3,080
$165,000
3,233
Total revenue
Dividends
$167,767
138,000
$168,080
140,000
20,000
5,784
$168,233
140,000
20,000
5,669
1936
...
Reserve for income tax
22,000
Administration expenses
Extra inc. tax on 1935 income
Surplus
1935
5,908
4,119
revenue.
def$2,260
ized
1934
$2,295
$2,563
Balance Sheet Dec. 31
Assets—
1936
1935
Liabilities—
Tel. lines In Can¬
1935
Shareholders' cap.$2,000,000 $2 ,000,000
ada & U. S-4_.
Exc. in val. (1882)
$1,625,890
Tel.cables In Can¬
of prop, oper.by
ada & U. S
G.
33,487
Tel. offices & eqp. $2,151,824
ol off'es In Can¬
N.
Co.
W.
Tel.
share¬
over
212,500
151,823
151,823
deduct.of inc.tax
ada &U. S
holders' cqjpital.
Div.
pay.
before
40,000
40,000
484
Que., Ottawa &
Unclaimed divs
[
Toronto
279,946 Contingent fund
Cash, inv.,
accr'd
rev., furniture—
Montreal
.
50,173
22,000
.
Res. for inc. tax..
„
^Distributions
account of principal have
on
Total
$2,264,481 $2,265,096
initial dividend of 60 cents per share on the
(Philip) Morris Consolidated, Inc.—Final Distribution
15, 1937 the holders of certificates for no par value
common stock and $10 par value common stock of this
company, in disso¬
lution, may obtain payment of the third and final distribution in liquidation
of $0.2593 per share on no par value common stock and
$0.5186 per share
on $10 par value common
stock, upon surrender of their certificates for
the corporate trust department of
Guaranty Trust Co. of
Expenses.
$1,187,873
603,901
$157,848
Other income.
$143,940
51,555
$660,250
71,427
$583,972
18,442
$195,495
16,284
19,710
$163,785
38,022
20,326
$731,677
27,451
79,092
73,540
17,632
$602,414
56,080
78,964
43,848
on
5,937
undist. profits
Net profit
x$159,501
x Before
Federal
V. 143, p. 3153.
income
$105,437
and
taxes
surtax
$533,962
$423,522
undistributed
on
profits.—
Murray Ohio Mfg. Co.—Earnings—
C
Mortgage Security
V
•
29%
ai
AA
B-Ung.
C
■
D
V.
Mich. 3
CTA
Southern Securities
A
B
AN
$290,928
$2.98
r
34%
33%
36%
34%
37%
29%
24%
21%
19%
16%
50%
45%
47%
43%
39%
Certificates of deposit or deposit receipts not as yet exchanged for par¬
ticipation certificates should be forwarded for exchange to the issuing
depositary,
Manufacturers
either
Trust Co. of Baltimore, Md.—V.
National
Investors
Trust Co. of New
143, p. 3474.
-Progress
Corp.-
Maryland
York or
in
Mutualization
Plan—
Fred Y. Presley, President, in a
letter to the stockholders dated Jan. 16,
stated:
At the special meeting of stockholders held on Dec. 29, the plan of mutu¬
alization and reorganization dated Dec. 9 was approved by the vote of the
holders of in
and
of two-thirds of each class of the outstanding preferred
excess
shares
of stock of the corporation entitled to vote thereon.
change carrying this part of the plan into effect will be
filed and such amendment will change each share of preferred stock (with¬
out affecting, however, any rights to accrued and unpaid dividends thereon
to the date of such change) and each share of common stock into new stock
common
The certificate of
indicated in the plan.
At
...
—V. 144, p. 285, 112.
Mortgage
26%
39%
28%
30%
28%
29%
14%
18%
16%
14%
11%
45%
40%
42%
36%
33%
AG
-
58'
26'
33%
AA
AB
as
Earnings for 10 Months Ended Oct. 31, 1936
Net profit after int., deprec., Fed. inc. taxes, but before surtaxes
or undistributed
profits
Earns, per share on 97,658 shares capital stock (no par)
Mutual Investment
66%
50%
21%
21%
C
H
$1,475,805
815,555
Surtax
48%
35«
74 <
71'
AC
Union
1936—12 Mos.—1935
$303,665
145,817
Other exps. & invent, adj
Deprec. & amortization.
Federal inc. taxes
41%
i?!
c
$367,783
223,843
Total income
Total
■
1936—3 Mos.—1935
_
Authorized
To Date
Authorized
D
Mortgage Guarantee
New York.—V. 142, p. 2167.
Corp.—Earnings—
_
been authorized on the follow¬
period not exceeding 10 days,
Franklin Mortgage
All
Instalment Mortgage..-A
and after Jan.
Mullins Mfg.
„
Amount
no-par capital stock of this company payable Feb. 3 to holders of record
Jan. 18.
(For detailed record of dividends paid on the common stock of the
old John Morrell & Co. see V. 142, p. 1238).—V.
144, p. 112.
Period End. Dec. 31—
Gross prof it
„
Previously
Investors Mortgage
Meline
(John) Morrell & Co. (Me. )—Initial Dividend—-
cancellation to
x_
F
$2,264,481 $2,265,096
an
.
Series
Company—
113,272
The directors have declared
.
_
,
ing series.
Transfer books will be closed for a
beginning Jan. 28, 1937.
Federal Home
112,657
-V. 142, p. 465.
On
certificate holders.
of the corporation's
The corporation, formed to liquidate the assets of 80 series of bonds
originally issued by 20 different mortgage Companies and guaranteed by
National Surety Co., has authorized distributions to date of approximately
$15,000,000, certificate holders in 79 of the 80 series having received dis¬
tributions ranging from 10% to 96% of the designated principal amount of
the specific series.
Commenting on the distributions authorized thus far, Mr. O'Neil said,
"During 1936 the corporation continued its estbalished policy of liquidating
the assets of the various series involved, in an orderly, conservative and
economical manner, and as a result of the greatly improved conditions in
real estate throughout the country, $9,400,000 had been distributed to
certificate holders during the year of 1936, compared to $4,600,000 for the
1,086
52,186
20,000
Rl. est. in Mont.,
Total
1936
of the corporation's participation
certificates.
Distributions on
specific series ranging from 5% to 15% are payable on or before Feb. 11,
1937 to holders of record Jan. 27, 1937 and will benefit approximately 6,000
series
special meetings of the stockholders of Second, Third and Fourth
Investors corporations held on Dec. 29, 1936, and on Jan. 12,
the plans of mutualization and reorganization, all dated Dec. 9,
were approved by the vote of the holders of in excess of two-thirds of
National
1937,
1936,
the outstanding shares of the respective companies.
Consummation of the
plan—namely, the sale of the assets of this corporation and of the three other
National Investors companies, to the new company provided for in the plan,
against the issue of redeemable stock of the new company, the dissolution
Fund—Earnings—
Earnings for the Year Ended Dec. 31, 1936
129
of these existing corporations and the distribution of such redeemable stock
to their stockholders—will take place after a registration statement under
Realized profits on sale of securities
Unrealized profit
161,503
xl27,330
the Securities Act of 1933, as amended, with respect to the redeemable stock
of the new company, has been filed and has become effective.
Such regis¬
Total
$351,843
22,350
Income and profits—Dividends
Interest
$62,882
Expenses
Net income.
i
$329,493
x Excess of market value of securities owned at end of
year over market
value at beginning of year or over cost if purchased during year, less net
urrealized profit at beginning of year on securities sold during year.
Balance Sheet Dec. 31, 1936
Assets—
todian
or
Accrued
recently purch. &
delivered to
custodian
distribution
standing
to be presently
Mutual
on
Accrued expenses
plan.
Investm't
$17,353
6,062
...
_._$!,920,172 Due on redemp of Mutual
Accrued dividends receivableInvestment certificaets
3,795
Due on subscrips. for Mutual
Res. for possible N. Y. State &
Investment certificates
city taxes
21,976
22,194 Res. for Federal
Def. charges (capital stock tax
Mutual
& original issue stamps)
1,142
& to
tions
cap.
Investm't
be issued
4,590
2,210
National Paper &
1,156,837
348,608
430,250
a
meeting held Jan.
an initial quarterly dividend of 25 cents per
the stock of the merged companies payable Feb. 20 to holders of
record Jan. 30.
Meeting Postponed—
Transfer Agent—
The Chase National Bank of the City of New York has been appointed
registrar for the company's capital
Mfg. Co.-
stock.—V. 144,
p.
112.
an
to Jan.
29, 1937.
3850.
order
Republic
1937,
Investment
Postponed—
by Judge Manton of the
Trust—Accumulation
'■
1
The directors have declared
a
dividend of 20 cents per share on account
of accumulations on the $3 cum. conv. preferred stock, no
par value, pay¬
able Dec. 28 to holders of record Dec. 17.
A similar payment was made
on June 5, last, this latter being the first
payment made since Nov. 2, 1931,
when
a
dividend of 25 cents per
share
was
distributed.
A dividend of 50
paid on Aug. 1, 1931, and payments of 75 cents per share were
made each three months from Nov. 1, 1929, to and including
May 1, 1931.
Accumulations after the current dividend amount to $15 55 per share.
-May Consider Capital Readjustment-
142, p. 3517.
National Surety
Corp.
-Balance
Assets—
Cash in banks & trust
cos...
Mr. Amory pointed out that there are many questions to be considered
before any plan is devised and then the plan must be approved
by 75%
of the preferred stockholders.
The company is now 24 quarterly dividends,
First mortgages on real estate
Home office real estate
$42 a share, in arrears on the 40,515 shares of $7 preferred stock.
Mr. Amory was reelected President and Treasurer of the
company.
are Paul A. Draper and S. St. John
Morgan.—V. 144,
p.
New
458.
Investments—Bonds
Stocks
tion, not
_■
course
over
$2,303,553
10,961,401
4,142,210
of collec¬
90 days due.
Accrued interest & rents
1,127,245
134,268
Reinsurance & other accounts
receivable
144,
Dec. 31,
1936—
112.
J ustment expenses
Res. for unearned premiums.
Res.
for
commissions,
ex¬
penses & taxes
Reserve for contingencies
$3,972,477
5,283,158
981,747
750,000
Surplus
2,500,000
6,273,630
Total
$19,761,011
136,600
850,000
$19,761,011
p.
Reserve for losses & loss ad-
Capital..
105,735
Total.
-Y.
Sheet
Liabilities—
Premiums in
12,
An upset price of $9,000,000 has been fixed.—V. 143,
Consideration of a change in the capital structure of the company has
been suggested by directors and executives, Robert Amory, President and
Treasurer, stated at the annual meeting of stockholders.
He said that
company officials "have considered carefully the question of a possible
recapitalization and have discussed a number of alternative plans.
It is
their opinion that a plan should be presented to the stockholders as soon
as feasible.
directors
3006.
signed Jan.
Dividend—
—Y.
New Directors—
or
p.
cents was
Registrar—
Nashua
$100, payable Feb. 15 to holders
U. S. Circuit Court of Appeals, Second Circuit, the sale of 712,411 shares
of the common stock of Jersey Central Power &
Light Co. has been adjourned
National
The Manufacturers Trust Co. is transfer agent for 4,375,600 shares of $5
par value common stock.
par
National Public Service Corp.—Sale
p.
A special meeting of stockholders has been called for Feb. 23 in Baltimore.
This meeting will be in lieu of the regular stockholders' meeting
originally
scheduled for Feb. 3, according to C. W. Nash, Chairman of the Board.
initial dividend of $1.25 per share on the
an
19, stockholders elected George R. Mueller to
Tuesday of March.—V. 143,
$1,969,279
Dividend—
The directors have declared
on
Type CoInitial Preferred Dividend—
the board of directors to succeed Matthew T.
Hickey.
Action was also taken whereby the annual meeting which fomrerly took
pice on the third Tuesday of January was to be held hereafter on the third
Pursuant to
share
.
National Pressure Cooker Co.—New Director—
At
subscrip¬
received—115,683.7
Total...
Nash-Kelvinator Corp.—Initial
•
5% non-cumulative preferred stock,
of record Feb. 1.—V.
143, p. 3640.
ctfs. issued
on
Earned surplus
...$1,969,279
■'
The directors have declared
3,370
stk. tax.
shs. of $10 par value
Paid-in surplus
Total
become effective
Holders of record of the old preferred stock at the close of business on
Dec. 30, 1936 will be paid before final consummation of the plan the full
amount of the accumulated arrears on such preferred stock to and including
the date of reclassification.
at market value
Cash in hands of custodian
in preparation and is expected to
Stockholders will be notified after the registration statement has become
so that they
may then surrender their present stock certificates
against delivery to them of certificates for redeemable stock of the new
company.—V. 144, p. 458.
out¬
certificates
(cost $1,429,637)
now
the midule of February.
The shares of this corporation will continue to be traded ion the New York
Curb Exchange, it is expected, until about the time of consummation of the
effective
Liabilities—
Securs. owned & held by cus¬
tration statement is
about
Volume
Financial
144
National Standard Co.—To
Pay 40-Cent Dividend—
The directors have declared
a
quarterly dividend of 40 cents per share on
stock, payable April 1 to holders of record March 15. The
old stock was recently split-up on a two-for-one basis. A regular quarterly
dividend of 75 cents per share was paid on the old stock on Jan. 2, last.
See V. 143, p. 1565 for detailed record of dividend payments on old stock.—
V. 143, p. 4161.
the
new common
National Tea Co.—Sales—
The
consolidated
sales
619
Chronicle
equipment trust certificates, series A, $854,000 thereof to be in modified
definitive form; $794,000 of definitive certificates to be exchanged for a
like amount of equipment trust certificates, series A, in temporary form,
now outstanding, and $60,000 thereof to be sold, at par and dividends,
in connection with the procurement of 25 automobile cars.—V. 144, p. 287.
North American Utility Securities
Calendar Years—
Gross earnings—Interest"
Dividends
Total
Miscell. exps. & interesti
Taxes..
Net income
Divs. paid on 2d pf. stk.
Surplus
Naumkeag Steam Cotton Co.—Earnings—
Years End. Nov. 30—
Net profit after deprec..
Dividends
1936
1933
1934
1935
$151,909
187,251
$19,067
155,023
$2.53
y$434,854 x$l,136,323
49,259
49,259
$7.24
$0.32
Nil
After deducting $105,998 provision for State and Federal taxes
accrued.—V. 144, p. 286.
v
x
New
y
The company asked a reduction to $11,045,900.
The Newark Board of
Assessment and Revision had valued the property at $24,000,000.
This
reduced
to
$22,265,000 by the Essex County Tax Board.—V.
142,
P.3006.
New
Niquero Sugar Co.—Annual Report—
be allotted to
us
$254,318
4,909
5,001
$239,323
7,139
6,973
$289,055
$271,274
z27p,000
315,000
$244,407
210,000
$225,211
210,000
def$43,726
$34,407
$15,211
arrears
$7,500 Federal
Or the divs.
in accumulated dividends to $14 per share.
rom
Statement of
The balance was: declared
Capital Surplus Dec. 31
Net
1935
1934
$2,903,303
Balance, Jan. 1
$2,158,764
$2,061,844
293,245
551,630
87,078
822,214
192,909
9.84
adj. book val. realized
upon sales during the year of sec.
pur. prior to Dec. 31, 1932
Net profit realized upon sales during
the year of securs. purchased since
Dec. 31, 1932
Transfer of excess reserve from reserve
excess over
conting. losses
foreign loans—
325 pounds net weight each and 2,055,363 gallons of molasses.
The final
yield of sugar calculated at 96 degrees tests was 12.77% of cane ground.
The company owns 68,000 acres of land and also controls additional
acreage by virtue of cane contracts, the stand of growing cane being suffi¬
as may
$285,315
5,010
9,030
Jlaid $570,000 was declared from capital surplus
undistributed income.
;
James H. Post, President, says in part:
of sugar
$332,430
7,027
y36,348
Includes $1,502 received in preferred stock.y Includes
for
Under continued Governmental regulation, grinding of the crop was com¬
menced on Jan. 20, 1936, the
date,, fixed by Decree-Law No. 522, and
resulted in the production of our full quota of 110,108 bags of sugar of
cient to make each quota
$101,496
137.827
1936
Jersey Bell Telephone Co.—Valuation Upheld—
The New Jersey State Board of Tax Appeals affirmed on Jan. 21 assess¬
ment of personal property of the company in Newark at $22,265,000.
was
$63,494
190,825
normal income tax excluding tax on profits arising from security transactions
and $8,500 Federal surtax on undistributed profits,
z During 1936 divi¬
dends aggregating $840,000 or $14 per share, were paid on the pref. stock
reducing
Earnings per share on
60,000 shs. cap. stockLoss,
x
■
1933
1934
$54,738
230,577
$19,055
of the
company for the three weeks and four
days ended Dec. 31, 1936 amounted to $4,884,163 as compared with
$5,340,570, for the four weeks and two days ended Dec. 31,1935, a decrease
of 8.55%.
Total sales for the year ended Dec. 31,1936, amounted to $62,480,912 as
compared with $61,609,668 for the year 1935, an increase of 1.41%.
At Dec. 31, 1936, 1,221 stores were operated, three stores less than on the
same date last year.—V. 143, p. 4010.
Corp.—Earnings—
1935
1936
$31,132
x301,299
on
partic.
in
12,021
Total
$4,030,783
Prov. for Fed. income tax with respect
to security transact ions
Dividends on 2d pref. stock
Balance. Dec. 31-
by the Cuban
x
$2,903,303
$2,158,764
$2,903,303
$2,158,764
113,500
x570,000
$3,347,283
Portion declared from capital surplus.
Government.
Income Account
Statement of Undistributed
Years Ended July 31
Interest and discounts received..
Miscellaneous income (net)..,
Producing & mfg. costs & selling & gen'l expenses..
Provision for depreciation..
Amortization
or
gold bonds extended..
sinking fund gold bonds
Interest on bills, drafts and loans payable
Loss on sale of sugar stabilization bonds
Interest
1935
$667,270
5,034
26,948
$884,850
766,404
44,043
880
20,046
44,365
$699,253
667,218
22,384
879
20,195
50,197
11,992
expense on
on
2d
$9,113
21,072
loss$73,612
$30,185
642,467
def$51,815
590,651
$612,282
$642,467
Balance carried to surplus account
Previous deficit
21,797
Comparative Balance Sheet July 31
Assets—
Land
1935
1936
$1,614,545
2,627,269
114,556
Pasture fields
46,634
Planted and growing cane...
36,697
Advance to colonos and contractors (less reserve)
333,270
Materials, supplies & mdse. in stores and in transit
161,613
Sugar on hand (less reserve)
270,449
Accounts receivable (less reserve)
47,485
Recoverable tax on local consumption of sugar
(Cuba)
Sugar stabiliz'n 5H % bds. of Rep. of Cuba, at par
Cash in banks and on hand
122,358
Deferred charges
22,728
aBldgs., mach'y, railroad, rolling stock, &c
Work animals, livestock and equipment
$1,614,545
2,655,962
110,260
47,451
28,347
392,208
189,857
160,065
146,108
Total
$5,397,605
$5,438,467
$4,500,000
551,000
37,238
852,158
59,442
$4,500,000
551,000
41,536
908,230
58,515
Liabilities—
Bills payable
Accounts
Unclaimed wages
Accrued interest, rent, taxes and insurance
Deficit
120
Total...
a
After
in 1935.
23
9,930
21,629
642,467
612.282
...
$5,397,605
reserve
for
$5,438,467
depreciation of $2,674,762 in 1936 and $2,645,301
b Represented by 45,000 shares, $100 par.—Y. 142, p. 631.
New York
Susquehanna & Western RR.—Deposits
C. E. Denney, President of Erie RR. which controls the Susquehanna in
urging the holders of the^lst ref. 5s and 2d mtge. 4J^s, due January and
February, 1937, to deposit their bonds under the plan of extension, says
that the only alternative to receiving the deposits would be for the road
to apply for reorganization under Section 77 of the Federal
Bankruptcy
Act.
The extension plan, which has received Interstate Commerce Com¬
mission approval, would extend the maturity of the bonds until 1941
with interest but not principal, guaranteedflby the Erie RR.—V. 144, p. 113.
New York
Telephone Co.—Wage Increases—
The company announced on Jan. 20 that discussions which have been
in progress between representatives of the management and the employees
have resulted in wage increases which will become effective Feb. 1.
Under the company's wage policies at present in effect the normal pay¬
roll increases
during 1937 would have-added about $3,000,000 to the annual
payroll.The new plans will further add about $2,400,000 in 1937.
In general, the maximum rates of pay for the various plant, operating
and similar forces will be increased and during the next 12 months the
scheduled increases in the pay of employees at present earning less than
maximum wages will be accelerated.
The present payroll for the company's nearly 45,000 employees is at
an annual rate of around $85,000,000.—V. 144,
p. 459.
New
York
Westchester
&
Boston
Ry.—Bondholders'
Meeting—
A
meeting of all bondholders of the road has been called for Jan. 25
the Guaranty Trust Co. by the protective committee, headed by Irving
A. Sartorius.
Details of plan of reorganization for the Westchester filed
at
by the committee with the Federal Court in New Haven will be explained
at the meeting and suggestions for changes invited.
A hearing will be held before the court in New Haven Jan. 29 on the issue
of whether the Sartorius plan was properly filed and on recommendation of
Trustee O. L. Bardo with respect to affirmance or disaffirance of West¬
chester
leases.
Since Dec. 22 the Sartorius committtee has received acceptances approv¬
ing the plan, filed by it from holders of more than $2,500,000 bonds. Further
acceptances are solicited with the statement that unless they are given,
liquidation of the Westchester will probably result.—V. 144, p. 459.
Norfolk Southern RR.—Receivers'
Equipments—
The Interstate Commerce Commission on Jan. 9 authorized the company
to
assume
obligation and liability in respect of not exceeding $960,000
$259,618
210,000
$5,893
$49,618
Balance Sheet Dec. 31
Assets—
a
b
1935
1936
Stocks & bonds-$4,880,804
Capital stock
$1,500,000 $1,500,000
payable—
11,536
Divs. unclaimed..
304
304
c
Accts.
7,596
Int. & divs. receiv. t
49,957
90,310
56,734
292,803
....$5,021,071
$4,413,230
Cash..
Total
1935
1936
Liabilities—
$4,056,097
Participation in
Taxes accrued
137,000
Capital surplus—- 3,347,283
Undiv. profits
24,948
Total..
3,729
2,903,303
5,893
..$5,021,071 $4,413,230
$6,846,213 ($6,121,842 in 1935).
b After reserve for
contingent losses of $311,154.
c Represented by 60,000 shares no par $7
cum. div. 2d pref. stock and 466,548 no par shares common stock.—V. 143.
p. 1240.
>
Market value,
North River Insurance Co.—Dividend Increased—
a dividend of 25 cents per share on the com¬
stock, par $2.50, payable March 10 to holders of record Feb. 26.
Previously regular quarterly dividends of 20 cents per share were distri¬
buted.
In addition the following exta and special dividends were paid;
20 cents oh Jan. 12, last; 5 cents on March 10, 1936, and on Dec. 10,
Sept. 10 and June 10,1935; 10 cents on March 11,1935; 5 cents on Dec. 10,
Sept. 10 and June 11, 1934 and 10 cents on March 10, 1934.—V. 144,
p. 287.
The directors have declared
mon
10,926
2,860
54,746
25,129
-f
b Common stock...
First mortgage 7% sinking fund gold bonds
Cuban censos
$320,893
315,000
Balance, Dec. 31
a
Deficit at July 31
$15,210
244,407
$24,948
preferred stock
foreign loans._.
Net profit
Profit on sugar of prior crop, &c
$49,618
271,274
$294,948
270,000
Total.
on
1934
1935
$5,893
289,055
Balance, Jan. 1
Net inc. for yr. end. Dec. 31 (as above)
Dividends
Total income.
Income Dec. 31
1936
1936
$850,530
6,476
27,843
Sugar and molasses produced
Northern Securities
Co.—Earnings-
Total receipts..
Taxes
$92,471
23,022
8,635
$189,610
Administrative expenses
Int. on cap. stock paym't
15,374
7,508
1933
1934
1935
1936
Calendar Years—
$74,315
9,238
7,458
$185,972
9,220
7,635
409
78
""5,413
$60,327
(2)79,078
$169,117
$48,717
(5)197,695 (4^)177.925
Interest and exchange..
rev. tax..
3,488
U. S. internal
$166,729
Dividends..........(4%) 158,156
Net income
sur$8,573
Deficit
Earns, per sh. on 39,540
shs. stock (par $100).
$18,751
$1.52
$129,208
$28,578
$4.21
$4.28
$1.23
Comparative Balance Sheet Dec. 31
1936
Assets—
Cost of charter-..
$85,048
Cash...
356,563
C..B.& Q. stock. 2,858,810
Crow's
Nest
3,373,745
97
1,169
$3,954,000 $3,954,000
Divs. unclaimod &
unpaid
1,174
1,158
304
divs
1,153
scrip..
97
$6,572,880 $6,563,987
Total..
Caqltal stock
1935
1936
U. S. tax withheld
3,271,191
Suspense acct., &c
—Y. 143, p.
1935
$85,048
245,133
2,858,810
Pass
Coal Co. stock..
Fractional
Liabilities—
on
Balance, surplus.. 2,617,402
Total.
2,608,829
J,572,880 $6,563,987
114.
Northern
States
Power
Co.
(Minn.)—To Issue $75,-
000,000 334% Bonds and 275,000 Shares of $5 Pref. Stock—
The company,
a
registered holding company, has filed
a
declaration
(43-26) under the Public Utility Holding Company Act of 1935 covering the
$75,000,000 1st & ref. mtge. bonds, 3H% series, due 1967, and
275,000 shares (no par) cumulative preferred stock, $5 series.
The declarant stated both of these issues will be registered under the
Securities Act of 1933 and a copy of the registration statement was filed
as an exhibit with the declaration.
It is expected they will also be registered
under the Securities Exchange Act of 1934.
The bonds and preferred stock are to be issued solely for the purpose of
refunding and discharging outstanding securities of the declarant and a
predecessor company, St. Paul Gas Light Co.
The declarant stated the proposed new securities, together with a re¬
classification of outstanding common and preferred stocks, will materially
issuance of
simplify the company's capital structure, resulting in interest savings on
funded debt of $2,179,255 annually, and, after deducting $1,375,000 annual
dividend requirement on the new preferred stock, net savings of $804,255.
In addition, the presently outstanding capitalization of the declarant,
consisting of 11 bond, note and stock issues, will be reduced to four.
The declarant further contemplates that concurrently with,
or
shortly
thereafter, the issuance of the new securities, it will dissolve the following
subsidiary companies:
Citizens Light, Heat & Power Co.; Northern
States Securities Corp.; Red River Power Co.; St. Cloud Public Service
Co.; St. Cloud Water Power Co., and Union Light, Heat & Power Co.
The declarant proposes to reclassify into 4,000,000 shares
(no par)
stock with a stated capital of $90,000,000, the following presently
outstanding securities: 391,077 shares of 7 % ($100 par) cumulative preferred
stock; 291,099 shares 6% ($100 par) cum. pref. stock; 341,551 shares
($100 par) class A common, and 729,166 1-3 shares ($10 par) class B
common stock.
The total par value of these stocks is $119,664,363, which
compares with the new stated value of $90,000,000 for the proposed re¬
classified no par common stock.
common
620
Financial
The securities outstanding in the hands of the public to be redeemed
and the redemption date and price are:
$26,546,500 series A, 5%, and
$7,490,500 series B, 6%, 1st & ref. 25-year gold bonds, due April 1, 1941,
April 1,1937 at 102H %; $45,000,000 rer. mtge. gold bonds.
to be redeemed
fold notes, due Co. 30-year 6%, series A, gen. &at 10134%;gold bonds, due
$1,500,000 St.
'aul Gas Light Dec. 1, 1940, on June 1, 1937 ref. mtge.
Jan. 1, 1952, on July 1, 1937 at 110%.
In addition the following securities held in the treasury of the declarant
or pledged for obligations of the declarant outstanding with the public are
proposed to be retired concurrently with the issuance of the bonds and the
preferred stock: 1st & ref. mtge. 25-year, gold bonds, due April 1, 1941,
series A, 5%, $10,000,000; series B, 6%, $11,826,000; series O, 5J ""
$7,060,000; and series D, 434%, $26,114,000; and $1,000 St. Paul Was
Light Co. 5% gen. mtge. gold bonds, due March 1, 1944.
The company and its subsidiaries serve the following communities of
over 5,000 population:
Minneapolis, St. Paul, St. Cloud, Mankato, Fari¬
bault, Brainerd, South St. Paul, Moorhead, Stillwater, Columbia Heights,
and Hastings, Minn.; Grand Forks, Fargo, and Minot, N. Dak., and Sioux
Falls, S. Dak.
In addition, it serves numerous smaller communities in
Illinois, Wisconsin, Iowa and in the States above-mentioned,
4^1 r^UjQ^y '°r ear*ns in ttd8 matter will be given on Feb. 2.—-V. 143*
p
Northwestern
National
Insurance
Life
Co.—Loans
Reduced—
Total repayments made in 1936 by policyholders on loans against their
insurance policies were 15% greater than in 1935, reducing policy
loans of company from $9,336,478 a year ago to $9,203,906 as of Dec. 31,
life
1936, according to the company's current report.
Borrowers repaid a total of
$546,549 in 1936, compared with $474,802
in 1935, the report shows.
Meanwhile first-year renewals made a further
improvement over their ratio a year ago.
The total number of individual policy loans on the company's books
Dec. 31, 1936, stood at 29,297, as compared with 29,701 the preceding
year.
Size of the average individual loan was $314.15, practically the
same as on Dec. 31,
1935, when the figure was $314.35, but an increase
from Sept. 30, 1936, when the size of the average policyholder's loan
reached a low of $304.-^-V. 142, p. 306; V. 144, p. 287.
O'Brien Gold Mines,
Ltd.—Earnings—
Earnings for the Period Oct. 5, 1935 to Oct. 3, 1936
Production of bullion, sold and on hand
Production of concentrates not yet treated.
Metal in process, at estimated net value
Interest
investments
on
$466,013
-
7,394
—
14,593
17,426
2,044
.
and deposits
Miscellaneous
„
„
„
„
Total
$507,469
Operating, incl. devel., mining, milling & gen. & office expenses.
Legal and directors' fees, stock transfers, registration, interest
251,058
Net
.......................
profit for the period.....
Balance
$174,182
Sheet
Oct.
'jA.ssctSm~~m
$111,561
In
Investment
Dominion
of
Canada bonds, at cost.:
Interest accrued on bonds
Other investments, at cost
Bullion at est. net value
Sundry accounts receivable.._
Concentrates
metal
and
process, at est. net
taken
at
over
30,000
3,000,000
165,407
129,566
48,887
140,686
reserve
Co:—Ruling—-j
Jan. 13 issued the following:
securities, debenture subscription certificates and stock subscription certif¬
icates which holders of record at the close of business on Jan. 12, of certif¬
of 'deposit, first mortgage 15-year convertible 6% sinking fund gold
bonds, due 1940, were to receive on Jan. 23, pursuant to an order dated
Dec. 23, 1936, of the U. S. District Court, Southern District of California,
Central Division, may not be issued until the time to appeal from the order
dated Dec. 23, confirming the plan of reorganization has expired and any
appeal taken therefrom has been disposed of:
The Committee on Securities rules that beginning Jan. 14 transactions
icates
in certificates of
deposit for first mortgage 15-year convertible 6% sinking
1940, shall not be ex-rights and that until further
delivered in settlement of transactions made
beginning Jan. 14, must be accompanied by due-bills for said debenture
subscription certificates and stock subscription certificates, in form pre¬
scribed by the committee.—V. 144, p. 460.
fund gold bonds, due
notice all certificates of deposit
Cos., Inc. (& Subs.)—Earnings1936—6 Mos.—1935
1936—3 Mos.—1935
Period End. Dec. 31—
Net profit after deprec.,
Before Federal surtax on
Pennroad
$537,430 x$l,244,197
$1,138,490
476,009
476,062
476.009
$1.13
$2.51
$2.39
undistributed profits.—V. 143, p. 3329-
x$528,989
476,062
$1.06
int.. Fed. taxes, &c_.
Shs. cap. stk. outst'g—
Earnings per share
Corp.—Earnings—
The estimated net income for the year 1936, after taxes, is $2,384,000,
a share on 9,090,000 shares, out of which a dividend
which is about 26 cents
a share was paid on Dec. 1, 1936.
The net income for the year
1935 was $1,713,000.
Consequent upon the removal of the business office of the corporation
to Wilmington, Del., the personnel of the voting trustees has been changed
by the resignation of Joseph Wayne Jr., William M. Potts and Mark
Willcox, and the election of John K. Garrigues, Wilmer Stradley and Elwyn
Evans, all of whom are residents of the State.of Delaware.—V. 143, p. 2531.
of 25 cents
,
Petroleum & Trading
.
Corp.—Annual Report—
of Dec. 31, 1936,
quotations of securities held was equivalent to $25.82
per share after payment of dividends of $1.25 per share during the year
(without deducting contingent Federal taxes on unrealized appreciation of
securities).
Compared with net asset value of $20.48 per share at the close
of 1935, this was a gain for the year of 26.07%.
The net asset value of the class A stock outstanding as
based
market
on
Income Account Years Ended Dec. 31
Total
$3,287,266
for depreciation of $59,290.—V. 140, p. 151.
&
Co.,
San
"
Francisco—Plan
$123,769
a
$59,783
967
1oss62,427
$124,736
z124,736
loss$2,643
Net profit from sales of securities
Approved—
Stockholders at
x$70,959
6,415
4,760
$137,090
6,724
6,596
Income from dividends and interest
General and administrative expenses
Federal and State taxes—
Income before losses from sales of securities
Moffatt
O'Connor,
1935
1936
.$3,287,2661
Total..—.
Petroleum
Information having been received that pursuant to the terms of a permit
by the Division of Corporations, State of California, for the issuance of
lncep-
tlon of the company
431,220
Mining property, at cost
1,383,910
Plant, bldgs. & equip., at cost. a355,305
Cline Lake Gold Mines, Ltd.
(no personal liability):
Inv. in, advs. to & expend.
on account of this co_.
22,575
Exploration on outside prop's.
18,946
Organization expenses
4,414
After
Pan American
The New York Stock Exchange on
$76,492
15,367
in
values._
Development
a
,
x
Accts. pay. & accrued charges.
Salaries and wages payable...
$1.50 Dividend—
on Jan. 19 declared a dividend of $1.50 per share on the
stock, par $25, payable Feb. 15 to holders of record Jan. 30.
This compares with $2,25 paid on Nov. 15, last; dividends of $1.26 per share
distributed in each of the three preceding quarters; $1 per share paid in
each three months from Nov. 15, 1934 to and incl. Nov: 15, 1935; $75
cents paid on Aug. 15, May 15, and Feb. 15, 1934, and 50 cents per share
paid each quarter from May 19, 1931 to and incl. Nov. 15, 1933
In
addition an extra dividend of 25 cents per share was paid on Nov. 15,
and Aug. 15, 1933.
B. H. Barnard, Vice-President, was appointed General Manager of the
Glass Container Division.
This Division consists of the glass container,
corrugated and wood package, and closure business of the parent company.
Mr. Frank T. Nesbitt, General Factories Manager of the Glass Container
Division, was elected a Vice-President of the company.
President Wm. E. Levis reported that net earnings of Owens-Illmois
Glass Co. and subsidiaries for the year 1936, subject to final determination
by the company's auditors, were estimated at $10,020,000 as compared
with $7,883,496 for the year 1935.
In arriving at these earnings, deduc¬
tions have been made for depreciation, depletion, repairs, Federal taxes,
including tax on undistributed earnings and bad accounts.
Depreciation
and depletion have been charged against both operating and non-operating
plants at the same rates as used in prior years.
New lines of business con¬
tributed substantially to the increase in earnings over last year.
For the year 1936 estimated earnings, before audit, are equivalent to
approximately $7.53 per share, as compared with $6.57 per share earned
during 1935.
These earnings are figured on 1,330,602 common shares out¬
standing on Dec. 31, 1936, as compared with 1,200,000 shares on Dec. 31,
1935.
(Actually there were outstanding at the close of business Dec. 31.
1935, 1.225,630 shares, 25,630 shares having been issued on that day.)
—V. 143, p. 2692.
1936
562,653 Provision for taxes
7,230 Capital stock (par $1).
5,539 Surplus
59,969
4,807
General stores..
Balance
3,
Owens-Illinois Glass Co.—To Pay
The directors
Liabilities—
Cash In banks
•
8,365
41,725
32,139
1937
23,
Jan.
common
Paraffine
and discount, taxes on capital and miscellaneous
Beserved for depreciation of plant, buildings and equipment
Outside exploration written off
Chronicle
special meeting Dec. 29 voted approval of the recapital¬
10.
62,271
ization plan proposed by the directors on Dec.
In announcing the result of the meeting, Bichard W. Oostello, President,
said the directors expect to declare a cash dividend of $1.20 on the new
AA stock in January, the disbursement being equivalent of the $1.50 divi¬
which would be payable on the A, as provided in the plan of re¬
dend
capitalization.
The plan provides exchange of the present A stock for the
new
AA stock,
Deficit.
mm
Jan. 25.—V.
137,
p.
Old Colony Investment Trust—To Pay 35-Cent Div.~~
The
directors
have
1935
1936
5510,092
5187,208
d 1,466
curities, at cost- 2,321,320
a
declared
dividend
a
of 35
cents
per
share on the
2,554,577
Marketable
stock, payable Jan. 20 to holders of record Jan. 11.
This will
made since May 15, 1931 when 40 cents per share
M70.125
*
on
undistributed profits
Earnings per share on 496,100 shares capital stock (par $1)
143, p. 3852.
596,080
Class B
c
based
on
$108,526
$0.22
7.500
2,575,335
Total.....
Co.—Exchange Time Extended—
The company has notified the New York Stock Exchange that the time
within
which the prior preference stock may be exchanged for common
stock and conv. 1st pref. stock under the
company's plan of recapitalization
Jan. 30,1937.—V. 144, p. 288.
Mfg. Co.—Initial Common Dividend
The directors have declared an initial dividend of 30 cents
per share on
the common stock, payable Feb. 10 to holders of record Jan. 25.—V.
144,
115.
The directors
Securities
have declared
dividend of 30 cents per share on
the
stock, no par value, payable Jan. 27 to holders of record Jan. 22.
This compares with 25 cents paid on Aug. 5 and on Jan.
27, 1936, this
latter being the first dividend paid since
Aug. 15. 1929 when $1 per share
common
was
distributed.—V. 142, p. 467.
284,485
52,834,976 $2,913,924
,
1936—Monto—1935
$48,949
$44,256
34,869
33,056
28,496
30,378
Oper. expenses & taxes..
Net deficit.
Deficit
—V. 143, p. 3854.
$14,416
$19,178
1936—12 Mos.—1935
$511,140
394,014
345,724
$470,890
408,997
360,559
$228,599
$298,665
2,297
$14,416
1,178
2,579
$230,896
$301,244
Pickering Lumber Co.-—Plan to Be Submitted-—
The U. S. District Court for the Western Division of the Western
District of Missouri has signed an order directing that the reorganization
plan be submitted to security holders for their approva'
The
Court has fixed Feb. 19 as the
See details of plan in V. 144, p. 462.
Pie
date for
or
disapproval.
confirmation
of the plan.
Bakeries, Inc.—Name Changed—
The company has notified the New York Curb Exchange that by amend¬
ment to its certificate of Incorporation It has changed its name to Wagner
Co.—Dividend Increased—
a
.
market
Inc. approp. for invest,
in physical prop., def.
Overseas
614,075
7,500
Philippine Ry.—Earnings—
Period End. Oct. 31—
Gross oper. revenue
$1.75 paid on Nov. 16 and on Aug. 15 last, and $1 per share paid on Aug. 1,
1935, this latter being the first payment made since Aug. 15, 1932, when a
regular quarterly dividend of $1.75 per share was distributed.—V. 143,
p. 3008.
P.
»
common
stock..
52,913,9241
-52,834,976
Valuation
Deductions
Outboard Marine &
-
quotations Dec. 31, 1936, $2,583,888,
b Fair value approved by board of directors,
$27,000.
c Bepresented by
10,000 no par shares,
d Includes accrued
interest receivable.—V. 143, p. 3645.
a
The directors have declared a dividend of $3.75 per share on account
on the 7% cum. pref. stock, par $100, payable Feb. 15
to holders of record Jan. 30.
This compares with $2 paid on Dec. 18 last,
on
-
Capital surplus-.. 2,496,607
284,485
Total-.
Co., Ltd.—Accumulated Div.—
has been extended to the close of business
•
51.25 class A partic.
pref. stock (par
1,625
2,097
of accumulations
Otis Steel
$1,500
«
Dec. 31, 1935, $2,300,820.
—V.
Ontario Steel Products
16,476
Operating deficit.
Earnings for 9 Months Ended Sept. 30,1936
Net profit after interest, Federal income, taxes, &c., but before
surtax
52,799
$5)
franchise
tax
distributed.—V. 143, p. 3329.
Oldetyme Distillers Corp. (& Subs.)—Earnings—
1935
1936
and
ceived-—
Prepaid New York
State
Fed.
State taxes
Sec. bought not re¬
se¬
be the first payment
was
Liabilities—•
Accrued
388
cost-..
common
$64,914
mm
Balance Sheet Dec. 31
Assefs—
Other securities, at
883.
wm
surplus.
Dividends receiv..
The directors have declared an initial dividend of $1.20 per share on the
class A A stock, no par value, payable Jan. 26 to holders of record
mm
x Includes
$242 proceeds of sale of securities received as dividends,
Total dividends charged to capital surplus during 1934, 1935 and 1936,
$151,058.
z After deducting $25,341 portion thereof charged to capital
Cash..
new
mm
y
with the same rights and privileges as the A, in the proportion of five shares
of AA for four shares of A stock.
Initial Class A Dividend—
mm
Baking Corp.—-V. 143, p. 4164.
Pierce Petroleum Corp.—To Reduce
With
a
shares of
Capital—
view to distributing to stockholders a substantial part of 645,834
stock of Consolidated Oil Corp. held by Pierce Petroleum
common
Financial
Volume 144
Corp., the directors of the latter have called
special meeting of stock¬
$625,000 repre¬
a
holders for Feb. 15.
A proposal to reduce the capital to
sented by 2,500,000 shares of 25 cents, from $19,134,519
represented by
2,500,000 shares of no par value, will be acted on.
In a letter to stockholders, J. J. O'Brien, Secretary of the corporation,
stated that "based on recommendations of special counsel for the respec¬
tive companies, the claims as between Pierce Oil Corp. and Pierce Petroleum
Corp., arising out of the settlement of the tax situation of Pierce Oil Corp.
for the years 1918, 1919 and 1920* were settled on Dec. 30, 1935, by pay¬
ment of $1,030,226 by Pierce Petroleum Corp. to Pierce Oil Corp.
"On Dec. 31, 1936 Pierce Oil Corp. paid to Pierce Petroleum Corp.
$1,000,000 of the principal amount of its $2,000,000 note payable to the
order of Pierce Petroleum Corp. and all interest on the note to Dec. 31,
1936, thereby reducing the principal amount of the note to $1,000,000.
Pierce Petroleum Corp. is, in turn, indebted on a bank loan in the amount
of $1,000,000."
In so far as directors are concerned, Mr. O'Brien stated that this settle¬
ment leaves only two matters
of importance undetermined:
"(a) the
liability of Pierce Petroleum Corp., under the agreement between the two
companies dated May 6, 1924, to pay to Pierce Oil Corp. the expenses
to enable it to maintain its corporate existence, so long as it is in existence;
and (b) the liability of Pierce Petroleum Corp. for alleged deficiencies in
United States income taxes for the years 1927 to 1930, inclusive, and
interest and penalties thereon.
"The matter above-mentioned under (a) is now the subject of negotia¬
tion between special counsel for the respective companies; and the matter
above-mentioned under (b) is the subject of negotiation between counsel
for Pierce Petroleum Corp. and the United States Bureau of Internal
Revenue," states Mr. O'Brien.
The directors have in mind advising the dissolution of the corporation
as soon as
the liabilities under (a) and (b) have been compromised or
determined.—V. 144, p. 289.
Pittsburgh & Lake Erie RR.—Larger Dividend—
The directors have declared a dividend of $2.25 per share on the capital
stock, par $50, payable Feb. 1 to holders of record Jan. 18.
A dividend of
$1.50 was paid on Dec. 23, last, and the regular semi-annual dividend of
$1.25 per share was paid on Aug. 1, last.
An extra dividend of $1 per share
was paid on Feb. 1, 1936.—V. 144, p. 463.
Pleasant
on
Prudential
Investors, Inc.—Annual Report—
The net assets, taking investments at market quotations as of Dec. 31,
1936, after deducting all liabilities as shown on the balance sheet, and, in
addition, after allowing for Federal normal income tax of $485,316 com¬
puted upon unrealized appreciation, amounted to $13,180,905 which was
equivalent to $284.71 per share on 46,296 shares of $6 cumulative preferred
stock outstanding.
After deducting $100 per share for the $6 cumulative
preferred stock, the balance remaining for the 504,000 shares of common
stock outstanding was $16.97 per share.
If no allowance were made for
Federal normal income tax with respect to unrealized appreciation, the
asset value at Dec. 31,1936, pertaining to the preferred stock and common
stock would have been $295.19 and $17.93, per share respectively, repre¬
senting a gain of 30.35% in net assets since Dec. 31, 1935.
The distribution of assets based on market values as of Dec. 31, 1936,
expressed in percentage is
as
follows:
Cash and receivables.
0.39%
_...
Bonds
5.26%
Preferred stocks
2.53%
91.82%
-
Valley Wine Co.—Dividends Resumed—
stock,
declared a dividend of five cents per share on the
$1, payable Feb. 1 to holders of record Jan. 20.
This
have
par
will be the first payment made since Dec. 30, 1934 when a dividend of
cents per share was distributed.
Dividends of 15 cents were paid on Sept.
and
coupons for interest maturing on and after Aug. 1, 1932) at any of the
places at which such bonds are payable according to their terms, to wit:—
Bank of Montreal, 119 St. James St. West, Montreal.
Bank of Montreal, 116 St. Peter St., Quebec.
Bank of Montreal, 30 Yonge St., Toronto.
Agency of the Bank of Montreal, 64 Wall St., New York.
Agency of the Bank of Montreal, 37 Threadneedle St., London.
Against such surrender the bondholders will receive, in respect of each
$100 principal amount of bonds surrendered, the sum of $141.30 made
up as follows:
$100 principal amount; $29.81 int. at 6% per annum from
Feb. 1, 1932 to Jan. 19, 1937; $3.99 int. at 6% per annum on all semi¬
annual instalments of interest which fell due on and after Aug. 1, 1932,
from the respective dates on which such instalments of interest fell due to
Jan. 19, 1937; $7.50 for premium of 7H% on the principal amount.
Payment of the above sums will be made in lawful money of the Dominion
of Canada for bonds surrendered in the cities of Montreal, Quebec or
Toronto, in lawful money of the United States of America for
bonds
surrendered in New York, or in English sterling (at the fixed rate of ex¬
change of $4.86 2-3 lawful money of the Dominion of Canada for each
£1 sterling) for bonds surrendered in London, Engl.—V. 144, p.- 117.
Common stocks
The directors
common
621
Chronicle
June 1, 1934, the latter being the initial disbursement on
1
the issue.
—V. 144, p. 289.
100.00%
Total
Income Account for
dividend
of 1
share in
addition to a regular quarterly dividend of 1
cents per share on the class A
stock.
The regular dividend will be paid on March 1 to holders of record
Feb. 15 and the special dividend on March 31 to holders of record March 15.
Dividends amounting to 11 cents per share were paid during the year
1936.—V. 143, p. 3330.
an
extra
Pond Creek Pocahontas Co.—Coal
cent
per
$104,080
287,161
3,312
290,820
4,708
$588,344
65,153
19,517
$394,554
50,935
22,678
$373,576
44,462
22,161
$343,549
40,582
9,997
$503,674
277,776
253,000
$320,939
277,776
$306,951
277,776
$292,969
300,000
def$27,102
$43,163
$29,175
def$7,031
April
May
June
1935
Net income
Preferred dividends
Common dividends
116,772
110,812
141,264
88.374
122,320
104,331
149,099
131,655
109,743
Balance of inc. avail¬
1934
140,532
122,975
118,586
112,663
March
General expenses..
Taxes paid and accrued.
Output-
1936
156,017
158,677
100,721
97,035
January...
February..
July
149,142
148,077
August....
156,388
September.
October
168,221
188,250
November.
164,703
138.335
120,547
138,916
120,674
able for
com.
stock-
Balance Sheet Dec. 31
Asse/s—
1936
mand deposits.
x
Oth.
Bank loans—secur.
Pref.
616,238
319,343
Reserve for taxes-
69,444
19,495
Accrued int. pay'le
2,225
stock
dend
investm'ts:
stocks
1,357,506
123,588
6,322,537
132,743
162,486
143,816
Accts. receivable-.
Due fro securs.sold
7,855
5,062
170,474
121,717
Accrued int.
5,896
$69,444
19,369
1
1,552,345
payable...
22,263
1
1,770,338
1,563,084
Common stocks.10,394,014
900
rec..
Furn. and fixtures
V. 143, p. 3330.
Total
Port Huron
$700,000
divi¬
$43,110 $1,353,365
-
Bonds
Preferred
1935
1936
Liabilities—
1935
Cash in banks, de¬
102,720
170,461
163,473
143,096
December.
Total
$80,603
262,945
$78,048
$64,520
522.362
1,463
Cash dividends.
Miscellaneous..
have declared
1933
1934
1935
1936
Interest
Plymouth Fund, Inc.—Extra Dividend—
The directors
Calendar Years
Sulphite & Paper Co.-
■Common Dividends
Resumed—
$11,386,456 $9,185,222
6,000,000
Capital stock... 6,000,000
421,448
394,346
Operating surplus.
Capital surplus... 4,200,946 a2,674,962
y
Total-..- —-.$11,386,456 $9,185,222
Increased $1,394,670 during 1935 being excess of
sold over book value (net).
a
sale price of securities
on
$14,400,524, against $9,191,556
on
Dec. 31, 1935.
y Represented by 46,296 shares $6 pref. stock and
504,000 (510,540 in 1935) shares common stock, all of no par value.—V.
on
144, p. 289.
x
The company paid a dividend of 10 cents per share on its common stock
Dec. 15 to holders of record Dec. 10.
This was the first payment made
the common stock since Nov. 1, 1931, when a dividend of 15 cents per
share was distributed.—V. 140, p. 2875.
Portland Gas & Coke Co.—To Pay
The directors have declared
cumulative
preferred stock,
par
a
Preferred Dividends—
dividend of $1.25 per share on the 7%
$100, and
a
dividend of $1.07
per
share
on
the 6% cumulative preferred stock, par $100, both payable Feb. 1 to holders
of record Jan. 22.
These will be the first dividends paid on the above issues
since Feb. 1,1934, when a dividend of 87 cents was paid on the 7% stock and
a dividend of 75
cents per share was distributed on the 6% stock.—V.
(& Subs.)—Earnings-
Years End. Oct. 31—
1936
Public Service Corp. of New Jersey
1934
1933
784,049
$638,398
494,658
$473,720
373,364
exps..
54,849
31,741
28,473
34,298
Oper. profit for period
$240,228
2,783
$374,350
3,098
$115,267
3,952
$66,058
3,753
$243,010
$377,448
$119,219
$69,811
Cost of goods sold
1935
Net inc. from oper—.
administrative
Other income credits
Total profit
int.
(net),
exchange, &c
Bank
2,355,595
11,173
re,281
37,264
63,563
122,100
67,276
128,565
9,165
71,639
128,078
1,993
19,581
1st mtge. 7s
Depreciation
Loss on prop. & in v. sold
Exps. in connection with
obtaining
assent
of
bond holders to plan..
80,400
7,051.
70,893
129,249
9,515
■2,028
15,176
"¥,866
(export)
tax
9,045
Cr3,196
Credits to prof. & loss
$31,458
The stockholders
at
a meeting held
Jan. 13, authorized the reduction
from 11 to five and they elected Ellsworth
Wise, W. Henry Gray, Felix Benet and Edward J.
Gould as directors for the ensuing year.
Mr. Bunker, who was elected Chairman, said that the new Board had
adopted a policy of strict economy and no salaries are being paid to the
officers of the company, except to the Secretary, who is Manager of the
number
of
directors
Bunker, Henry M.
New York office.
Mexico to make
an
He said that three of the directors would leave
soon for
exhaustive survey of the company's properties there and
closer relationship between the Mexican operating company and
the parent organization.—V. 143, p.
Price Brothers &
768.
Co., Ltd.—To Buy Bonds and Coupons
Montreal Trust Co., trustee, in a notice to the holders of the 1st mtge.
series A states:
Defaults having occurred under the trust deed the trustee has declared
bonds
the principal of the bonds and premium thereon to be due and payable.
Company has provided for payment of all the bonds and coupons now
outstanding by depositing with the trustee the entire amount due thereon
for^rincipal, premium, interest and interest upon interest to Jan. 19,
By
in
reason
the trust
a quarterly dividend of 65 cents per
value, payable March 31 to holders of
1.
Previously regular quarterly dividends of 60 cents per
distributed.
In addition an extra dividend of 20 cents was paid
record March
share were
Dec. 19, last.—V. 144, p. 289.
Quebec Power Co.—Directorate Decreased—
Stockholders at
a
special meeting held Jan. 13 approved a by-law reducing
the number of directors to 14 from 17.—V. 143, p. 4014.
Quincy
Market
Cold
Storage
&
Warehouse
Co.—
a dividend of $2.75 per share on account of
cumulative preferred stock, par $100, payable
Dividends of 75 cents per share were
The directors have declared
accumulations
on
the 5%
Feb. 1 to holders of record Jan. 21.
paid in each of the twelve preceding quarters.
In addition, a special divi¬
dend of $1.25 per share was paid on May 1,1934.
A distribution of 25 cents
made on Feb. 1, 1933 and 50 cents per share was disbursed in the three
preceding quarters, prior to which regular quarterly dividends of $1.25
per share were paid.
Effective with the current payment accruals will amount to $10.25 per
share.—V. 143, p. 2693.
Radio-Keith-Orpheum Corp.—Court Confirms Report—
$139,956 loss$139,335 loss$227,296
Directorate Reduced—
to foster
Increased—
19 declared
the common stock, no par
At
Net profit
the
on
was
Prov. for Mex. inc. tax_.
in
share
Accumulated Dividend—
disct.,
Prov. for doubtful accts.
absentee
$4,333,656 $38,489,702 $38,564,133
2,768,578
24,612,933
23,773.509
$4,295,559
Bal. for divs. and surplus
on
Shipping, selling, gen. &
(& Subs.)—Earns
1936—Month—1935
1936—12 Mos.—1935
.$11,043,443 $10,334,501 $122843,047 $119226,428
Op. exps., maint., taxes,
and depreciation
6,747,885
6,000,845
84,353,346
80,662,295
Period End. Dec. 31—
The directors on Jan.
$1,149,852
743,761
$1,079,126
Mex.
of Dec. 31, 1936, sas
Common Dividend
Potrero Sugar Co,
on
as
Gross earnings
143, p. 4164.
Int.
Market value
of such deposit the bonds are deemed to be paid as provided
deed, and interest on the bonds has ceased to accrue from
and after Jan.
19,
1937.
The bondholders are required, on and after Jan. 19, 1937, to surrender
their bonds for payment (accompanied in the case of coupon bonds by all
a hearing, Jan. 18,
in the reorganization proceedings Federal Judge
D. Thacher,
special master, on last June 12, reducing the claim of Fort Worth Properties
Corp. from $507,500 to $17,139 and the claim of the Hippodrome Building
Corp. from $888,666 to $88,666 and ordered both amounts to be paid the
receiver, Irving Trust Co.
William Bondy confirmed the report submitted by Thomas
Hearing Adjourned—
Federal Judge William Bondy on Jan. 14 declined to permit Edward J.
Hickey of Washington, D. C., a minority stockholder, to argue a motion
attacking the plan of reorganization of the corporation.
Judge Bondy ad¬
journed a hearing on the plan until Feb. 18.
Judge Bondy also adjourned argument on a motion made by Isidor J.
Kresel, counsel for stockholders of the Orpheum Theatres Circuit, Inc.,
which was absorbed in 1928 by RKO, for permission to intervene in the
proceedings.
Mr. Kresel's clients charged that the proposed plan was unfair to them
and that officials of RKO, through mismanagement, dissipated $20,000,000
of Orpheum's assets and in 1933 transferred the assets of Orpheum to
Stadium Theatres, Inc., a transaction they wish rescinded.-—V. 144, p. 464.
Railway & Light Securities Co.—Annual Report—
Based
on
market quotations as of Dec. 31
(after allowance for possible
normal Federal income tax if the indicated appreciation were
realized), the
aggregate of assets available for each class of security of the company out¬
standing was as follows:
Per $100 of collateral trust bonds
Per share of preferred stock
Per share of common stock
$287.37
1
*$252.35
354.59
288.33
32.98
24 40
622
Financial
Income Account for Calendar Years
1936
Interest received & accr-
on
$444,522
$445,666
$471,090
64,917
206,003
58,160
202,928
69,939
210,211
$354,781
Total profit—
$173,602
$184,578
Iron & Steel Corp.—Amreican Rolling Mill
Acquires Additional Stock—See latter company above.—
V. 143, p. 4166.
$190,940
a310,456
72,202
37,535
Haynes,
Ryerson &
Registration—•
$484,058
126,541
40,781
$670,888
$316,736
$130,267
$102,097
$6.18
$2.19
$0.80
$0.63
$1.39
$0.29
$0.35
$228,475
126,378
to
Listing
$1
and
par,
and registration.—V. 144, p. 118.
Safe Harbor Water Power
Corp.—Bonds Called—
mortgage sinking fund gold bonds 4H%
due 1979 have been called for redemption on
Payment will be made at the New
142, p. 1134.
$0.39
$256,780
126,513
Inc.—Admitted
The New York Curb Exchange has admitted the common stock,
to listing
A total of $25,000 first
$1,009,620
126,650
212,082
dividends
Common dividends
23,
Co.
sale of secure,
after Federal taxes.__
Preferred
$231,444
239,646
a654,839
Operating profit
$243,938
201,727
80,241
176,000
_
Int. & amort, charges.__
b Profit
1933
$234,258
210,264
$611,022
_
Expenses & taxes (other
tnan Fed. tax on profit
on sales of securities)
Jan.
Rustless
1934
$216,645
394,377
Cash dividends
Total income.
1935
Chronicle
series
Feb. 13 at 104 and interest.
York Trust Co., New York City.—V.
St. Lawrence Flour Mills
Co., Ltd.—Dividend Increased
the com¬
stock, par $100, payable Feb. 1 to holders of record Jan. 20.
Pre¬
viously regular quarterly dividends of 50 cents per share had been paid on
this issue.
In addition, an extra dividend of $1 was paid on Sept. 1,1936.—
V. 144, p. 118.
The directors have declared a dividend of 75 cents per share on
Balance, surplus.
—
_
Earns,
per sh. on com.,
including profit on sale
of securities
Earns,
per
not incl.
sh. on com.,
profit on sale
St. Louis Screw & Bolt Co.—Accumulated Dividend—•
of securities
See net profit on sale of securities in special surplus account below,
included in company's income statement but included in special
a
b Not
surplus account.
Statement
mon
of Earned Surplus for
1936
(.Accumulated Since Jan.
Earned surplus, Jan. 1, 1936
Balance from income statement
1,
1932)
$227,550
354,781
—
$1.75 per share on account of
pref. stock, par $100, payable Feb. 1 to
A like payment was made on Nov. 1, Aug. 1,
The directors have declared a dividend of
accumulations
on
the 7%
holders of record Jan. 25.
cum.
May 22, and Feb. 29, 1936, and on Nov. 30, 1935
Accumulations after
the current payment will amount to $24.50 per share.—V. 143, p. 2693.
Savoy-Plaza Corp.—Plan Completed—
Richard G. Babbage, President of the Savoy-Plaza, Inc., announced on
19 that the plan of reorganization for the Savoy-Plaze Corp., as
amended on Aug. 6, 1936, had been completed.
The new income bonds
and voting trust certificates, he said, are ready to be exchanged for the old
Jan.
Total....
——
....$582,331
126,650
212,082
-
Preferred dividends.
Common dividends
Earned surplus, Dec. 31, 1936-----
Statement of
securities at the Commercial National Bank & Turst Co.—V. 144, p. 118.
(B. F.) Schlesinger & Sons, Inc.—To Reorganize—
$243,599
—
Special Surplus for 1936
(Net results of capital transactions arising out of the fund of assets held
Feb. 10, 1932.)
Special surplus, Jan. 1, 1936.
$12,082
Net profit from sale of securities (based on book amounts at time of
sale after related Federal income tax of $3,943)
654,839
Restoration of balance of $60,000 investment reserve (appropriated
from special surplus Dec. 28, 1934, for unrealized depreciation
of
specific securities) after $45,000 reduction in book amount of
$200,000 face amt. Beaumont Traction Co. 5% bonds due 1943--
15,000
Stockholders on Jan. 19 approved a plan of reorganization which con¬
templates liquidation of the present company and the formation of a new
company to take over its assets.
The new company will be known as the
B. F. Schlesinger Co. and will be capitalized by 58,042 shares of 7%
cumulative ($25 par) preferred stock and 48,789 shares (no par) common.
The plan provides for an exchange whereby present stockholders will
receive for each preferred share two shares of 7 % cumulative preferred and
two-thirds of a share of common stock of the new corporation.
Five shares
of the present class A common will be exchangeable for one share of new
common, and 12H shares of present class B common will receive one share
of new common.
The plan of
$681,921
Special surplus, Dec. 31, 1936
1936
Assets—
Cashi—
w
Accounts recelv'ie.
Accr'd int. receiv.
.
483,146
63,916
52,774
2,905
42,500
9,852
31,704
32,321
42,500
par) 163,140 shs. 2,146,447
2,146,447
Accounts payable-
494,707
14,369
Coupon int. accr'd
66,051
Res've for divs...
Tax
liability
3,657
72,419
Common stock (no
Unamortized bond
discount & exp.
Coli. trust bonds..! 54,000,000 §4,000,000
Pid. stk.($100 par) 2,113,600
2,113,600
299,884
Accept, notes rec.
1935
1936
Lldbilities-r-
1935
Bonds and notes..$3 ,206,609 S3,888,771
Stocks
5 ,353,585
3,828,294
112,500
118,500
681,921
60,000
12,082
243,599
Special surplus.
Jan. 1,
Total..
..§9,272,529
Note—The aggregate
&8,710,576
(since
1932)
—
.§9,272,529 S8,710,576
Total.-
Dec. 31, 1936, priced at
($1,652,911 in 1935) greater than their
of securities owned on
market quotations was $2,421,637
book amount.—Y. 144, p. 289.
Reliance Mfg. Co. of
Co.—25-Cent Dividend—
quarterly dividend of 25 cents per share
of record
since the
payment of the 100% stock dividend on Jan. 11 last.
See V. 143, p. 3647,
for detailed record of dividends paid on smaller amount of common stock
previously outstanding.—V. 144. p. 291.
the common stock, no par value, payable March 15 to holders
Feb. 27.
This is the first dividend declared by the company
Scullin Steel Co.—Plan Filed—
The Company, in a reorganization plan filed in Federal Court, St. Louis,
Jan. 15, under the amended Bankruptcy Act, proposes a 15-year extension
of a $3,062,500 1st mtge. bond issue and reduction of fixed interest from 6
to
3%.
The plan provided for organization of a new company, Scullin Steel, Inc.,
which would issue
14,970 shares of 5% ($100 par) preferred stock and
174,880 shares (no par) common stock.
The present stock issues consist
111.—Extra Dividend—•
share in
15 cents per share on the
The directors have declared an extra dividend of 10 cents per
addition
to
common
stock, both payable Feb. 1 to holders
the regular
Scott Paper
The directors have declared a
on
227,550
Investment reserve
Earned sur.
reorganization has been evolved to simplify the stock structure
continutiy of the present management in order to satisfy
exclusive of interest
accruing from June 1 last, amounts to $2,682,229.
The creditors extended
claims once and have agreed to grant another extension for a period of two
years from March 1 next and a reduction in interest if the reorganization is
effectuated.—V. 141, p. 286.
and secure the
certain bank and landlord creditors in a sum which,
Comparative Balance Sheet Dec. 31
quarterly dividend of
of record Jan. 22.
Similar
In addition a special
143, p. 4166.
payments were made on Nov. 2 and on Aug. 1, last.
dividend of $2 per share was paid on Dec. 23, last.—V.
of 100,000 shares of preferred and 30,000 shares of common, both no par.
Holders of $1,497,000 in debenture bonds would receive an equivalent
in
the
new
preferred stock.
Old preferred stock would be exchanged for
share for share, and old common for the new on a two-for-one
new common,
basis.
District Judge Charles
March 15.—V.
Remington Rand, Inc.—Earnings—
1936—9 Mos.—1935
1936—3 Mos.—1935
Period End. Dec. 31—
1,769,931
$1,869,466
$1,057,243
$985,419
1,424,000
1,378,684
1,424,000
1,378,684
.71
$0.66
share.
$0.59
$0.48
Net income in Dec., 1936, $530,095, after all deductions, and compares
with $416,012 earned in Dec., 1935 —V. 144, p. 118.
Net inc. after all charges
Shs. com. stk. outstdg-.
Earnings
per
-
Richfield
Oil Co.
of
,
California—Ruling—
The New York Stock Exchange on Jan. 13, issued the following:
Information having been received that pursuant to the terms of a
permit
by the Division of Corporations, State of California, for the issuance of
securities, debenture subscription certificates and stock subscription cer¬
tificates which holders of record at the close of business on Jan. 12, 1937,
of certificates of deposit for Richfield Oil Co. of Calif, first mortgage and
collateral trust gold bonds, series A, 6% convertible, due 1944, were to
receive on Jan. 23, pursuant to an order dated Dec. 23, 1936, or the U.S.
District Court, Southern District of Claifornia, Central Division, may
not be issued until the time to appeal from the Order dated Dec. 23, 1936,
confirming the plan of reorganization has expired and any appeal taken
therefrom has been disposed of.
The Committee on Securities rules that beginning Jan. 14, 1937, trans¬
actions in certificates of deposit for first mortgage and collateral trust gold
bonds, series A, 6% convertible, due 1944, shall not be ex-rights and that
until further notice all certificates of deposit delivered in settlement of
transactions made beginning Jan. 14, must be accompanied by due-bills
for debenture subscription certificates and stock subscription certificates,
in form prescribed by the committee.—V. 144, P. 290, 465.
„
.
.
Rich's, Inc.—Extra Dividend—The directors have declared an extra dividend of $1 per
share in addition
regular quarterly dividend of 50 cents per share on the common stock,
25 to holders of record Jan. 15. A similar
An extra of 50 cents was paid on Dec. 14,
1935 and an extra of 80 cents per share was distributed on Dec. 15, 1934.—
V. 143,p. 3331.
to the
par value, both payable Jan.
extra was paid on Dec. 14, last.
no
B. Davis has ordered
1892.
hearing on the plan for
Sears, Roebuck & Co.—Subscriptions to Stock—
subscribed
of
or
by stockholders under the company's ofrer to them of approximately
488,655 shares, in the ratio of one new share for each 10 shares held of
record at the close of business on Dec. 26, 1936.
The offering to stock¬
holders expired on Jan. 15, 1937.
It is also announced that there was an oversubscription for the 100,000
shares of capital stock offered by the company on Dec. 22,1936, ot employees
of the company and its subsidiaries.—V. 144, p. 291.
Second National
Investors Corp.-
-Progress in Mutual-
ization—
Fred Y. Presley, President in a letter to the stockholders, dated Jan. 16
says:
At the special meeting of stockholders held on Dec. 29, the first stage of
plan of mutualization and reorganization, dated Dec. 9, 1936, was
approved. The certificate of amendment to the certificate of incorporation
carrying the first stage of the plan into effect was filed and recorded on
Dec. 31.
Such amendment changed by reclassification (a) each share of
preferred stock (without affecting however, any rights to accrued and
unpaid dividends thereon to the date of such reclassification) into 8.258547
shares of new capital stock (par $1 per share) and, (b) each share of common
stock into 0.55 share of such new capital stock. Also by such amendment
the holders of stock of this corporation thereafter became entitled to require
the corporation to purchase their shares at the "asset value," as defined in
the certificate of amendment, less a withdrawal charge of 3% of such asset
value.
(Any stockholder desiring to exercise this privilege may obtain
directions in respect to procedure upon application to Bankers Trust Co., 16
Wall St., New York, or to the corporation.)
At the special meeting of stockholders held on Jan. 12,1937, the carrying
out of the second stage of the plan—namely, the sale of the assets of the
corporation to the new company provided for in the plan against the issue of
redeemable stock of the new company, the dissolution of this corporation,
the
the
distribution
The
of
such
redeemable
stock to
plan will be consummated after
a
its
stockholders—was
registration statement
under the Securities Act of 1933, as amended, with respect to the redeem¬
able stock of the new company has been filed and has become effective.
Such registration statement is now in preparation and is
effective about the middle of February.
In view of the fact that the
The bondholders committee has promulgated a plan of reorganization.
Hearing on the plan will be held before Judge Francis G. Gaffey in U. S.
District Court in New York on Jan. 29.—V. 143, p. 3647.
a
Notice has been received by Goldman, Sachs & Co., as representative
authorized.
Roxy Theatres Corp.-—Reorganization Plan—
p.
the underwriters, that 479,412 shares of capital stock were
and
Roxborough Knitting Mills, Inc.—Sales—
Preliminary report of sales for the 11 months ended Nov. 30, 1936 shows
total sales of $3,228,345.77, compared with $2,457,400.92 forthe same
period in 1935, an increase of $770,944 or more than 31 %.—V. 143, p. 2693.
143,
expect'ed to become
stock of this corporation has become redeem¬
able, the shares are no longer traded on the New York Stock Exchange.
However, the shares are quoted in the over-the-counter market in New
York.
Holders of record of the old preferred stock at the close of business on
.
65,000 New
Stockholders—Split-Up Proposed—Offering Under¬
Russeks
Shares
to
Fifth
Avenue,
Inc.—To
Offer
written—
Max Weinstein, President, announced Jan. 18 that the company had
entered into an agreement with F. Eberstadt & Co., Inc., for the under¬
writing of an offering to stockholders of approximately 65,000 shares
of new capital stock.
Subject to stockholders' approval, it is the intention
of the company to split its present stock two for one and a special stockhold¬
ers'meeting is to be called shortly for that purpose.
The present stock is listed on the New York Curb Exchange and it is
expected that the company will apply for listing of its new stock on that
Exchange.
'
The proceeds of the financing are to be used to enlarge the company s
present store facilities, to defray the cost of equipping and opening its new
store at the corner of Fulton and Bridge streets in Brooklyn, and for addi¬
tional working capital.—V. 143, p. 4014.
....
Dec. 30, 1936 will be paid on Jan. 23, 1937, $16.60 per share, the full
amount of the accumulated arrears on such preferred stock to and including
Dec. 31, 1936, the date of reclassification.—Y. 144, p. 465.
Selected Industries Inc.—Net Asset Value—
Company
as
of Dec. 31, 1936 reports net assets of $49,272,276, indicat¬
ing
a coverage of $144.17 a share of $5.50 prior stock and $35.58 a share
of $1.50 convertible stock after provision for normal Federal income tax.
According to the management, these net assets represent a gain of 27.8%
over those at the end of the preceding
year, taking into account capital
changes and interest and dividends paid.
As of Dec. 31, 1935, net assets
were equivalent to a coverage of $113.91 a share of $5.50 prior stock and
$11.09 a share of $1.50 convertible stock outstanding.
During the year the corporation purchased 13,306 shares of its prior
stock and 23,944 units of its allotment certificates.
Bank loans on Dec. 31,
1936, totaled $4,884,440, including $2,000,000 borrowed during the last
six months, in connection with the purchases of prior stock and allotment
Volume
Financial
144
certificates
at rates substantially lower than the dividend rate on the
prior stock.
During the year the corporation realized net profits on sales of invest¬
ments
or $3,858,777
after taxes.
Investments held on Dec. 31, which
carried at $37,071,792, had a market or fair value of $53,050,097,
$15,978,304 in excess of that amount, after deducting $1,895,000 for
normal Federal income tax on the unrealized appreciation of investments.
Income for the year from interest, cash dividends and commissions on
underwritings was $2,385,092, and such income, after expenses, interest
and taxes (excluding taxes applicable to security transactions) was $1,899,687. Dividends on the prior stock, including arrears of $1.50 a share,
were
$2,517,885 and dividends aggregating $2 a share on account of
arrears on the convertible stock amounted to $846,081.
After payment of
dividends there remained taxalbe earnings for ohe purpose of the undis¬
tributed profits tax of $57,000, on which liability for that tax amounted
to approximately $4,000.—V. 143, p. 3857.
were
623
Chronicle
Southern California Gas Co.—Listing—
listing of $12,500,000
1961 and $15,000,000
1st mtge. and refunding bonds, 4% series due 1965.
The New York Stock Exchange has authorized the
1st mtge. and refunding gold bonds, 4}4% series due
Earnings for Stated Periods
or
Serrick
Corp., Defiance, Ohio—Stock Offered—An issue
of 60,000 shares of the class B common stock was offered to
the public Jan. 21 by a group headed by Harrison, O'Gara
& Co. and including Sills, Troxell & Minton, Inc.; Polk-
Calendar Years
:— 9 Mos. End
1933
1934
1935
Sept. 30 '36
Operating revenues
$14,471,997 $14,237,259 $16,836,394 $12,576,480
Operating expenses
7,275,654
7,738,462
8,727,773
6,603,261
Taxes, incl. Fed. income
1,731,634
1,663,222
1,781,020
1,522,972
Provision for retirements
1,930,000
1,770,000
1,770,000
1,327,500
Of the
60,000 shares
being offered, 28,300 shares are
being
obtained
from individuals who will receive the stock in connection with the acquisi¬
tion by the Serrick Corp. of the assets of the John Lees Co. of Indianapolis;
25,000 shares of stock is being acquired from a voting trust, and 6,700
shares is new stock being purchased direct from the company.
As a result of the acquisition of the John Lees Co. and of the present
financing, the
company
The corporation
manufactures automatic screw machine parts and
like products which are distributed through its own sales organization to
leading automotive manufacturers.
It is also one of the largest inde¬
pendent producers of spark-plug shells in the country.—V. 144, p. 120.
Simpson's, Ltd.—Accumulation Dividend—
The directors have declared a dividend of $1 per share on account of
on the 6]Hi%
cum. pref. stock, par $100, payable Feb. 1
to holders of record Jan. 25.
Similar distributions were made in each of
the nine preceding quarters and on Aug. 1, 1934, this latter being the
accumulations
first payment to be made on this issue since Feb.
1, 1932, when a regular
quartertly dividend of $1.62^ Per share was paid.—V. 143, p. 2536.
Sioux City Stock Yards Co.—To Increase Directorate—
at their annual
$4,543,125
$3,132,156
meeting on Jan. 26 will vote on increasing
the board of directors from 9 to 11 members.—V. 143, p. 3857.
-
1,396,536
1,470,533
1,048,171
$2,224,903
Net income.
$1,693,221
$3,072,592
$2,083,984
f
-V. 143, p. 3648.
Southern
Canada
Period End. Dec. 31—
Power
Co., Ltd.—Earnings—
1936
3 Mos—1935^
1936—Month—1935
$193,196
$181,695
77,437
70,014
113,502
111,230
Gross earnings
Operating expenses
Int., deprec. and divs..
$577,627
236,830
331,537
$551,110
217,653
327,643
$451
$9,260
>,814
Surplus
$2,257
-V. 144, p. 291.
Southern Indiana Gas & Electric Co.—Initial
The directors have declared an initial quarterly dividend
on the 4.8% preferred stock, par $100, payable Feb. 1 to
Jan. 26.—V. 144, p. 120.
Feb. 24 to act on the plan.
If the plan is approved, the new pref. stock will be entitled to a special
a share for the first quarter of 1937.
The company
dividend of $11.21
stated that the
the old
special dividend is equivalent to the amount
pref. in previous
per
share earned
and unpaid.
years
The plan has been approved by a committee representing certain holders
of the 7 % pref., as well as by holders of substantial amounts of pref. and
stock not represented by the committee, it is stated.
The new pref. will be entitled to cumul. dividends at the rate of $6
annually, beginning Jan. 1, 1937, and will bo callable at $112 a share, plus
accrued dividends, also being entitled to the call price on voluntary dissolu¬
tion.
In voluntary dissolution it will receive $100 plus accrued dividends.
In order to comply with the New Jersey corporation laws in the payment of
the special dividend, the new pref. will be of no-par value.
The company takes the position that the new pref. will tend to improve
market stability of the issue and will clearly define the dividend rights of the
stock, thus avoiding such legal and practical imcertainties as inhere in the
non-cumul. stock.
The common holders also should be benefitted, it is
said, as rights and conditions under which funds will be available for com¬
mon dividends will be defined with greater
certainty.
The management's action would appear to be in line with demands of a
Richmond, Va., pref. stockholders group which has criticized accounting
practices and ambiguities surrounding the pref. issue's status.
This
group, headed by John Stewart Bryan and George S. Kemp, had demanded
access to the company's books during 1936 and had claimed
irregularities
in the company's accounting.—V. 143, p. 4167.
common
_
(L. C.) Smith & Corona Typewriters, Inc.—Listing—
The New York Stock Exchange has authorized the listing of voting trust
for 341,401 shares of common stock as follows: V. t. c. for
163,342 presently issued and outstanding shares of common stock which
heretofore have been deposited under the voting trust agreement therefor;
v. t. c. for 2,144 presently issued and outstanding shares of common stock
which have not been deposited under the voting trust agreement; v. t. c.
for 145,915 shares of common stock reserved for conversion of preferred
stock upon official notice of issuance and deposit under the voting trust
agreement; and v. t. c. for 30,000 shares of common stock reserved for
exercise of option warrants upon official noace of issuance and deposit
under the voting trust agreement.
certificates
Consolidated Income Account Three Months Ended Sept. 30,
Sales
Cost of sales
Selling, general and administrative expenses
Provision for depreciation, depletion and amortization
_
_
1936
Judgment to Anglo-Continentale in
Southern Pacific Purchase—
Delcaring that the sale of bond coupons to a foreigner by an
receive payment in gold or in foreign currency was an attempt
13,975
Total income
$316,389
$44,392
62,241
Other deductions
Provision for Federal income taxes
Net income
Net income per share on common stock
Note—Sales
include service
Dec. 31 denied a motion of the Anglo-Continentale A. G., a
the Principality of Lichtenstein, for a summary judgment to
thern Pacific Co. to pay in Holland
the Southern Pacific's bonds.
In ordering the case tried,
equipment, the costs of which
trative
$209,755
$0.99
_
are
Justice Valente stated, "It is my opinion that
Consolidated Balance Sheet Sept. 30, 1936
Assess—
______
Accts. and notes receivable
$551,172
2,341,455
Inventories
2,906,491
Cash, receivables & inventories
less payables foreign subs..
97,183
Cash not subj ect to withdrawal
3,441
Non-current receivables, &c_.
131,065
Prepaid exps. and def. charges
348.551
Plant and equip, (lessreserves) 1,437,907
Goodwill, patents, &c
1,009,529
Cash deposited with trustees.
■
■
^
forbidden by the joint resolution, ev en
domestic to an alien holder occurred after the
abroad in foreign currency was not
through the transfer from
a
passagh of the legislation.
.
...
,
,
decision of the Appellate Division was aimed
if a domestic holder, by retaining the bonds and
selling the coupons a few days before the due date, could gamble and make
a profit on currency changes to the detriment of another domestic corpo¬
ration," the Court objected.
"To permit the foreign transferee to sue
"The
evil
would still
which
at
be
the
present
would amount to a complete nullification of the effect of the opinion of the
Appellate Division."
Justice Valente conceded that the Southern Pacific Co. s bonds and cou¬
pons called for payment in gold coin of the United States, or at the option of
the holder, in specific alien currencies.
But, the Court, the answer of the Southern Pacific alleged that the bonds
were owned by a New Vork corporation and that the coupons were sold a
few days before the date of their maturity to the present foreign plaintif
to avoid the effects of Congressional action.
(Herald Tribune).
,
-
111
91,376
books & inspec'n contracts..
10-year serial debentures,dated
July 1, 1936
Mortgages payable
for
unrealized
of System
1936—Month—1935
1936—12 Mos.—1935_
Railway oper. revs
a$22,459,954 $13,980,689 a$204338,550 $163359,610
Railway oper. expenses_al3,757,110
10,661,846 al48,233,849 123,989,147
Railway tax accruals
b777,024
686,919 bl2,092,092
12,035,942
Equipment rents
895,307
566,404
9,262,127
7,325,546
Joint facility rents
61,024
11,277
663,800
175,507
Period End. Dec. 31—
._
Net
railway oper. inc.:
After depreciation.
Before depreciation.
__
_
$2,054,241 $34,086,680 $19,833,467
2,710,150
41,890,318
27,539,830
$6,969,487
7,616,823
operating revenues and expenses aggregating
approximately. $1,900,000 for charges against Pacific Fruit Express Co.
for services rendered .by Southern Pacific Co.
Substantially all of this
increase however will be offest by decrease in December 1936, non-operat¬
a
Includes
credits
to
ing income.
...
b Includes credit of $116,380 for month and $814,664 for period due to
reversing in months June to December 1936, accruals to May 31, 1936,
under Railroad
Retirement Taxing Act, declared unconstitutional.—V,
144, p. 291.
Ry.- -Earnings—
—Fourth Week of Dec.—
1936
1935
Period—
Gross earnings (est.).
I
$3,47.9,496
Earnings for
——Jan. 1 to Dec. 31
1936
1935
$2,815,689 $127,216,389 $108,367,945
Week Ended Jan.
11
1937
Gross earnings
(est.)
—
—Second
$2,139,229
$255,512
Jan. 1 to Jan. 14
Week of Jan.—
1937
earnings (est.)... $2,529,775
1936
1937
1936
$2,224,175
$4,924,516
$4,363,404
Period—
Gross
Increase
1936
$2,394,741
Spencer Trask Fund, Inc.—Earnings—
Income Account
for 9 Months Ended Dec. 31, 1936
$252,022
Income cash dividends
54,388
j
Total
.
100
14,758
78,491
2,096,086
631,878
1,129,908
.....$8,826,90
-V. 144, p. 466.
March 31, 1936
$103,269
521,500
1,194,500
Balance Sheet, Dec. 31, 1936
Lied) littles—
Assets-
Cash in bank—demand deposit
$772,155
20,290
Dividends receivable
Prepaid New York State fran¬
2,883
chise tax
Due
on
Total
$0.49
145.076
securities (approximate):
Appreciation as at beginning of period....
Appreciation as at end of period
agency
sales
of cor¬
45,419
securities
owned,
5,613,328
at cost
$96,200
the period (computed on
Unrealized appreciation of corporation's
Marketable
Earnings for Nine Months Ended Sept. 30, 1936
Net profit after int., deprec. and Federal income taxes, but
Net profit on securities sold during
identified costs) amounted to
poration's stock
Mfg. Co.—Earnings—
before provision for surtax on undistributed profits
Earns, per share on 195,000 shares common stock (par $1)..__
—V. 144, p. 466.
$197,633
154,485
$43,148
56,121
4,000
Surplus
Undistributed balance of income at March 31, 1936
Undistributed balance of income at end of period
2,040,197
Capital surplus
$8,826,905
— —
143,085
profit
foreign exchange
Earned surplus.
,
—V. 144, p. 120.
Excess of tax accrual for fiscal year ended
4,010
Commonstock..
...
601,880
1,750,000
Reserve for redemp. of pref .stk
Res. for branch office f1 re ins..
on
,,
$245,132
Accrued taxes, &c. expenses..
Reserve for liability on coupon
Reserve
.
........
.
Earnings
,
,
.
Dividends paid during the period..
Accounts payable (trade)
Accounts payable (other)
Preferred stock..
Soss
..
Net income for the period
Liabilities—
Total....
•
Justice Valente pointed out that if a domestic holder were to present cou¬
payment in a foreign currency, it would be a violation of the
resolution, in the intepretation of the Appellate Division, despite a contrary
decision made by a California Federal District Court.
That Court declared that the demands of an alien holder for paymen t
pons abroad for
Operating expenses
expenses.
Cash
corporation of
force the Sou¬
gold Dutch guilders on the coupons of
the defendant is entitled to a trial of the issue of whether the transfer of
the coupons to this plaintiff was bona fide or with intent to evade the effects
sales and rentals of
typewriters and other
included in selling, general and adminis¬
American to
to evade the
joint reolution of Congress, Supreme Court Justice Louis A. Valente on
$302,413
;
Coupon Sale
Alien Evasion—Denies
Southern
$2,796,136
1,269,987
1,173,235
50,499
Net profit from operations
Other income
Preferred
of $1.20 per share
holders of record
Southern Pacific Co .—Justice Valente Calls
to
of the joint reolution of Congress."
Sloss-Sheffield Steel & Iron Co.—Plan Approved—
Directors have approved a plan for changing the company's outstanding
7% non-cumul. prer. stock into a "modern type" 6% cumul. redeemable
pref. stock, and have authorized a special meeting of stockholders for
on
9,409
Dividend—
Net proceeds of the sale of the 6,700 shares of new stock being purchased
direct from the company will be added to working capital.
Stockholders
$3,122,746
1,390,650
disct. & expense (net).
will have outstanding 135,000 shares of class B
A stock already outstanding
common
stock and 45,000 shares of class
and unaffected by the present financing.
$4,557,600
url4,474
$3,089,757
80,845
Remainder
$3,615,553
Int. and amortiz. of bond
Peterson
Corp. of Des Moines, Iowa, and Festus J. Wade
Jr. & Co. of St. Louis, at a price of $12.50 a share.
$3,065,574
24,182
Net operating revenue $3,534,708
Other income (net)
-
$6,454,0751
Accounts payable..
$411,154
11,865
322,487
5,460,223
Undistributed balance of inc..
103,269
Net profit on securities sold—
9 months ended Dec. 31,
1936
145,076
Accrued taxes
Capital stock (par $1)
Balance of paid-in surplus
-
Total...
-
$6,454,075
Note—No provision has been made in the accompanying statements for
income tax in respect of unrealized appreciation of securities
Federal
owned, or the result of
operations for the period, due to the fact that the
Financial
624
board of directors believes that this corporaion qualifies as a mutual invest¬
ment company as defined in the Federal Revenue Act of 1936; however, in
arriving at the net asset value of the corporation's shares there has been
an
allowance made for New York State franchise tax computed upon
realized net profits and net income
for the period.—V
Chronicle
in
1937
23,
Jan.
Nields
Appeals Court\Remands\Suit—Case Returned to Judge
Wilmington—
A
Delevan
by the
petition
Corp.
Graham, minority
and Emma A.
sue H. M. Byllesby & Co. and other former officers and
for $110,000,000, was dismissed by the U. S. Circuit Court of
Appeals at Philadelphia, Jan. 21.
The Court, however, sent the entire matter back to Judge John P.
Neilds of the U. S. District Court at Wilmington, Del., who has been
having a private investigation made of charges against
the former
managers. '
•1'-.V/V'v*v<,V','.Yr• ■ ■ .Y-y1Av.v..Y Y'• Y Y YYY
Dismissal of the stockholders' petition was announced by the Appeals
Court after three judges had heard from William II. Button, New York
attorney, and William G. Mahaffy, a Wilmington lawyer, who were
appointed special counsel by Judge Neilds, that they expect to have a
report ready for the latter in about three weeks.
Judge Davis said the
Court felt that Judge Nields was in a better position to pass upon the
matter, and he observed that it was seven years after the alleged manipu¬
lations by the Byllesby company that the stockholders endeavored to
take any action.
stockholders to
143, p. 3648.
managers
Standard Gas & Electric Co.—1937 Budget
Estimate, &c.
Bernard W. Lynch, President, says in part:
With marked increases in electric and gas output, the operating companies
in the Standard Gas & Electric Co. system are faced with a need for ad¬
generating capacities and extensions to lines.
The preliminary
budget for 1937 for operating companies in the system will
$33,470,000.
This amount includes expenditures of $6,784,000 to
complete construction work on projects in progress as of Jan. 1, 1937.
Of
the total proposed budget of $33,470,000, the actual amount estimated to
be expended during 1937 is $28,932,000, this indicating that $4,538,000 of
the proposed budget for 1937 will be used for projects which will not be
completed during the coming year but which will continue on into 1938.
IHlTne total proposed budget provides for expenditures in the electric de¬
partment amounting to $23,055,000, and in the gas, transportation, tele¬
phone, heating and other departments of $10,415,000.
These amounts are
subject to final approval by the boards of directors of the respective public
utility operating companies.
Public utility operating companies in the Standard Gas & Electric Co.
system reported electric output for the 12 months ended Nov. 30, 1936,
amounting to 5,112,600,068 kilowatt hours, an increase of 582,904,837, or
12.87% over the output for 12 months ended Dec. 31, 1935; while gas
output for the 12 months ended Nov. 30, 1936, amounted to 45,272,209,000 cubic feet, an increase of 15.87% over the gas output for the 12
months ended Dec. 31, 1935.
Sales of gas and electric appliances by
public utility companies in the system totaled $6,022,448 for the 12 months
ended Nov. 30, 1936, as compared with $5,277,477 for the 12 months
ended Dec. 31,1935, an increase of 14.12 %.
ditional
construction
total
Consolidated Income {Company and Subsidiaries)
Statement of
[Exclusive of Deep Rock Oil Corp., Debtor under Section 77B of the
Federal Bankruptcy Act, as amended, and The Beaver Valley
Traction Co.
(subsidiary of Philadelphia Co.), in receivership, and the subsidiaries of
such
companies].
3,828,667
4,317,207
income.
retir.
and
951,999
1,110,719
depletion reserves
Amort,
$3,938,026 $46,552,189 $43,674,872
& other
.......
for
45,668,825
$3,913,944 $46,307,911 $43,393,880
244,278
280,992
24,082
$4,231,713
Other income—net
Net oper. rev.
50,335.750
$4,213,306
18,407
12,315.805
11,711,685
contractual
of
3,083
capital expenditures
$3,117,911
Rents for lease of proper¬
ties.
3,083
37,000
37,000
$2,982,944 $34,199,384 $31,926,187
102,276
1,012,093
102,488
1,084,656
1,229,140
12,646,430
1,229,024
13,642,900
1,333,947
17,198
91,305
10,213
1,048,064
240,540
5,766
41,667
5,766
41.667
and
expense
Other interest
137,770
on
pref. capital
stock guar, by sub...
Approp. for special res
Federal and State tax
int.
on
fund. debt....
Int. charged to constr
33,698
378,828
388
43,316
03,593
35,593
4,681
08,722
$1,787,526
062,305
.
$1,616,356 $17,923,066 $14,881,710
capital stocks
on
767,030
714,647
8,893,876
8,540,627
92,079
held by public
ints. in undistri¬
86,188
751,075
383,858
buted net income
would be
Gas & Elec. Co
Income
$928,417
$815,521
$8,278,115
$5,957,225
of
non-utility
subs, applic. to Stand.
659.516
Gas & Electric Co
»
<•
y.
in its discretion to deter¬
plan should be adopted and, in any event, does not pro¬
pose to approve of its adoption unless in its opinion a sufficient amount of
stock is offered for exchange to assure the success of the plan.
Should stockholders indicate approval it is proposed to have one class of
was
&
Gas
Co.:
Elec.
from
25,355
302,144
301,538
34,682
of affiliates
ness
25,355
35,692
427,446
420,341
1,444
indebted¬
on
Other interest..*......
110
$988,454
Expenses
and
Gas &
Stand.
$876,678
$9,007,705
$7,340,064
2#,417
27,726
276,027
224,832
taxes of
El. Co.
net
income
before deduction of
.
inc. charges of Stan-
Inc.
charges
-
$848,952
$8,731,678
$7,115,232
368,247
10,185
4,418,970
86,759
4,418,970
123,642
4,829
5,730
59,319
58,081
17,806
of
$965,037
368,247
030,155
dard Gas & El. Co.
17,849
213,397
161,536
$604,310
$446,941
$3,953,233
be exchanged.
It is planned to have an
capital of 500,000 shares of class B stock of $1 par, of which
343,864 shares would be issued for the two classes of stock now outstanding.
—Y. 144, p. 120.
authorized
Standard Products Co.—Earnings—
Period End. Dec. 31—
Net inc. after all charges
funded debt
on
Other interest
Fed. and State tax
per
$271,866
x$326,896
1337.137
$0.90
$1.09
$1.12
undistributed profits.—V. 143, p. 4169.
x$207,971
$0.69
Income taxes
Earnings
share
Before provision for surtax on
Steel
Standard
Co.—•Admitted to Listing and
Spring
Registration—
,
York Curb Exchange has admitted the common stock, no
to listing and registration.—V. 144, p. 466.
The
New
State Street Investment
Corp.—Earnings—
and expense
Consol. net in come..
transfer stamps.
120,000
247,507
28",729
18", 035
24,694
$1,802,502
10,138,490
$743,878
794,269
$486,606
620,300
$221,072
396,987
5,404
_
Interest paid.
expenses
Net income
dividends declare i
Includes $114,211 securities
Statement of
received as dividends.
quotations over liabilities and
_
ferred in 1931.
b Including amortization of expenses in connection with
proposed extension of notes due Oct. 1, 1935.
Statement
Period End. Nov. 30Income from divs. and
Prov.
,•
of Income {Company Only)
1936—12 Mos.—1935
1936—Month—1935
_
.
$615,941
debi
liabilities
.$25,176,210
•iliation
Reconciliation of Surplus of Assets Priced at Market Quotations over Liabilities
and Capital Stock with Surplus Account as per Books as of Dec. 31, 1936
Surplus of assets priced at market quotations over liabilities
and capital stock.
$25,176,210
Excess
of securities
amounts
priced at
market
$606,964
$6,133,601
—17,959,102
Surplus account as per books
...
—..——*...x$7,217,107
Composition of surplus as per books at Dec. 31, 1936—
Balance of capital surplus..
...........
$5,560,162
Balance of earned surplus.*.*.• .*..—«.*«*-*•.*.****.*-.
1,656,945
$7,217,107
Comparative Balance Sheet Dec. 31
$
$
Assets—
1936
1935
1936
3.426,361
3,661,138
Sub. to cap. stock. 1,163,729
Securs. (mkt. val.)47,602,730 41,238,521
Accts.
receivable73,723
418,876
Cash..
r$
Liabilities—
Accts. pay. & ac
97,644
crued expenses.
1,500,000
Demand note
Management fee
62,821
payable
S
531,446
•
53,231
25,355
302,144
10,885
34,682
13,750
35,692
146,571
427,446
State
436,120
1,444
28,125
337,110
1,725,856
238,458
on
Divs. declared pay.
Capital stock...25 ,017,758 23,982,922
Surplus
25 ,176,210 18,310,390
z
52,266,543 45,318,535
Total
secur.
affiliate
taxes
unreal, profits—
165,000
110
476,233
Res. for Federal &
301,538
bank balances._
of
1935
75,000
State taxes...
$5,702,844
25,355
indebt. of affil..
on
an
quotations over ledger
(cost).
of
on
by
1,594,637
of treasury stock......*****.*.**..***...***,***»..*....
720,484
affiliate
red.
10,439
$36,909,337
Cash dividends declared on stock of this corporation
10,138,490
Net charge during the period resulting from purchases and sales
Res. for Federal &
management affiliate.
Dividends from others..
on
1,726,725
—
Total
Divs. from engineer, and
Int.
Int.
6.818,942
... -
at the begin¬
ning of the period restored to surplus...*.
Adjustments of prior period tax provisions
interest, &c:
Profit
of
appreciation
unrealized
*
for est. taxes on unrealized appreciation as
—
Divs. from public utility
affiliates ..*_**_„_..
funded
$18,300,229
1,802,502
8,250,500
gain from sales of securities. _
Increase
during
the period
in
Including $16,666 for the month of November 1935, $16,674 for the
on
1936
Surplus for the 12 Months Ended Dec. 31,
Surplus of assets priced at market
capital stock
Net income for period
12 months ended Nov. 30, 1936, and $183,326 for the 12 months ended
Nov. 30, 1935, for amortization of extraordinary operating expenses de¬
Int.
$349,470
34,404
69,300
1,125
48,280
Management services.__
Other
1933
1934
$666,125
26,706
127,041
7,736
$999,933
48,236
173,685
receiv.x$2,219,414
Prov. for State taxes—
Stock
Ended Dec. 31
1935
1936
Dividends & int.
on
int. on funded debt
b Amort,
of debt disc,
a
1936—6 Mos.—1935
1936—3 Mos.—1935
incl. prov. for Federal
$2,353,003
Stand.
Gas & Elec. Co.:
Int.
presently outstanding class B of no par
stock of $1 par value into which
value and class A of no par value
Surplus of assets priced at market quotations over
and capital stock
Consol.
„
stated that the board reserves the right
mine whether the
securities
non-affil.
companies...
Interest
.>•*»..••••
>.■
Net
Other income of Stand.
Divs.
simplified and strengthened through the
class A stock
x
pub. util. cos.
applicable to Stand.
the company's capitaliza¬
elimination of the
plan at the annual meeting March 2, feeling that
tion
of
sub.
voted to give directors
capital stock.—V. 144, p. 466.
meeting
Square D Co.—To Recapitalize—-
Cash
of income
annual
recent
The company sent a letter to its stockholders suggesting the exchange of
all the present outstanding class A no par preferred stock share for share for
class B of no par value.
The directors contemplate recommending such a
Min.
Balance
their
at
Income Account 12 Months
400,696
4,898
049,170
Increased—*
Spencer Chain Stores, Inc.—Stock
Stockholders
on
Other income deduct's
Divs.
69,192
458,333
69,192
500,000
the Standard
totaled 109,compared with the correspond¬
authority to issue 20,000 additional shares of
par,
Divs.
|
610,461 kilowatt-hours, an increase of 18.1 %
ing week last year.—V. 144, p. 466.
x
119,833
Int. of funded debt
Amort, of debt discount
;
Electric output of the public utility operating companies in
Electric Co. system for the week ended Jan. 16, 1937
It
Period End. Nov. 30—
1936—Month—1935
1936—12 Mos.—1935
Sub. Pub. Utility Co.:
$8,530,513
$7,742,611 $96,643,661 $89,062,705
Operating revenues
a Oper. exps., maint. &
Approp.
Weekly Output—
Gas &
z
52,266,543 45,318,535
Total
1936 (476,915 in 1935).—
Represented by 472,711 no par shares in
V. 144, p. 466.
Total......
23,417
...... .
.
$681,871
27,726
$7,037,887
276,027
$7,327,430
224,832
$663,446
368,247
030,155
$654,145
368,247
10,185
56.761,860
4,418,970
86,759
$7,102,598
4,418,970
$686,863
Expenses and taxes
Sterchi Brothers Stores, Inc.—Sales—
Period End. Dec. 31—
Gross
Interest
income
on
funded debt
Other interest
Federal
int.
a
&
on
State
—V. 143, p.
4,829
5,730
59,319
58,081
17,806
17,849
213,397
161,536
$302,719
$252,134
$1,983,415
$2,340,369
funded debt..
amortization
of notes
due
Oct.
of
1,
expenses
1935.
in
connection
with
proposed
stock,
no
par
"
a dividend of 25 cents per share on the com¬
value, payable Jan. 25 to holders of record Jan. 15.
Similar dividends were paid on Nov. 2 and May 16, last,
Dec. 16, 1935 and
1935, this latter being the first payment made since March 1,
per share was paid.
During 1931 quarterly dividends
of 25 cents per share were paid and previous to then dividends of 37 H cents
on
Including
1936—12 Mos -41935
$5,460,900
$4,665,500
-
The directors have declared
mon
expense
a
$575,800
Stix, Baer & Fuller Co.-—25-Cent Dividend—
Amort, of debt disc. &
extension
3858.
123,642
tax on
Net income..
1936—Month—1935
$644,500
Net sales.
June 30,
1932 when
per
l2j^ cents
share were distributed each three months.—Y. 143, p.
2697.
Volume
Financial
144
Sterling,
Chronicle
Inc.—•Earnings—
625
Symington-Gould Corp.—Bonds Called—
6 Months Ended Nov. 30—
Sales (less discounts, returns and allowances)...
Cost of goods sold
The Marine Midland Trust Co. of New York has called for redemption
March 22, 1937, $24,300 principal amount of first mortgage convertible
1935
1936
$1,298,444
493,378
$958,892
345,491
Provision for depreciation.
Provision for bad debts
$805,067
516,463
8,619
12,898
$613,401
423,333
8,181
11,015
Operating profit
Other income
$267,086
18,598
$170,872
17,729
$285,685
2,293
16,447
$188,601
1,665
11,000
$266,944
on
$175,936
.
income
bonds
of the
Gould Coupler Corp.
'
Symington-Gould Corp. and
—V. 144. p. 121.
Operating
expenses
Total income
Income deductions
Provision for Federal normal income taxes
Tampax Inc.—Stock Offered—
$4
Founders Fiscal Corp., Toronto, offered 62,500 shares of capital stock at
per share in October last.
Company was organized in Delaware on March 7, 1936.
Company is
engaged in the manufacture and sale of Tampax, a catamenial device used
for feminine
hygienic purposes.
Company has been in business on a small
On May 8, 1936 it acquired from Tampax Sales
Corp. a small manufacturing unit located in Denver, Colo.
As of July 1,
1936, the company leased from the Armstrong Cork Co. premises at the
latter's plant at New Brunswick, N. J., aggregating approximately 18,828
scale since June 1, 1936.
square feet, under a short-term lease.
Net income
The company s sales have steadily increased, as shown by the following
table:
Reconciliation of Surplus—Nov. 30,
1936
1
H
Balance—May 31, 1936
$717,346
Net profit for the period June 1, 1936 to Nov. 30, 1936
266,944
$984,290
1,267
27,000
40,000
•
Common dividends
Earned surplus—Nov. 30, 1936
.
Balance—Nov. 30,
...
$916,023
425,407
.
1936
$1,341,431
Balance Sheet
Assets—
Nov.
30'36 May 31 '36
Casb In hand <fc bks
$157,164
Accts. receivable.. 2,488,986
Mdse. Inventories.
279,729
Other assets
27,271
Fixed assets
255,797
Ins. prems. unexp..
6,404
Prepaid expenses.
6,628
Organisation exp_
14,766
$152,586
1,521,919
190,703
34,393
214,697
5,802
2,601
12,766
Liabilities—■
Nov. 30*36
May HI '36
Accounts payable.
Notes pavable....
$105,915
400,000
$67,171
Accrued liabilities.
48,582
40" 643
Other
23,520
9,708
850
600
curr.
liab
Deferred credits..
Res. for Fed.
nor¬
mal taxes......
$1.50
cum.
16,447
conv.
pref. stock
Com. stk. ($1 par)
1
900,000
...$3,236,745 $2,135,469
Total
900,000
400,000
400,000
1,341,431
Surplus
Total
717,346
$3,236,745 $2,135,469
—V. 143, p. 4016.
operation.
Interest
Depreciation
Loss
x
1936
1935
1934
1933
$8,144,592
778,490
18,772
220,884
$6,873,212
533,739
14,544
218,091
$6,287,204
588,691
20,900
215,585
9,973
$5 ,453,353
125,484
retirement equip.
Federal and State in¬
_
come taxes
219",325
$342,232 loss$93,841
$301,104
(2) The remaining 150,000 shares have been or are to be sold for cash at
$2 per share, the net proceeds to be used for purchase of properties, repay
bank loan, and general purposes working capital.—V. 143, p. 2386.
Texas Corp.—To Issue 1,557,000 Shares
corporation on Jan. 16 filed with the Securities and Exchange Com-,
a registration statement (No. 2-2795, Form A-2) under the Securities
Act of 1933 covering 1,557,000 shares ($25 par) capital stock, capital stock
subscription warrants covering rights to subscribe to the shares, and stock
subscription instalment receipts covering subscriptions made by holders of
the warrants who elect to pay in instalments.
According to the registration statement, the corporation proposes to issue
to stockholders of record Feb. 15, 1937, the subscription warrants evidencing
the right to subscribe to the stock covered by the registration statement
in the ratio of
The registration statement estimates that the corporation will receive
$61,991,127 as net proceeds from the sale of the shares.
This amount is to
be used
$0.74
■
Nil
$0.91
1936
§
(2)
.
319,737
371,583
1,368,713
2,444,699
52,041
197,288
51,527
74,622
Land, bldgs., ma¬
chinery & equip. 5,494,469
Dies, stamps, pat.
5,589,009
rights. &c
Deferred
500,000
312,613
State Inc. taxes.
53,500
8% preferred stock 1,500,000
(par $25)
1,500,000
for
Fed.
and
Common stock.
Surplus
6,079,700
3,249,794
*_
6,079,700
3,164,459
Total
11,877,393
11,156,772
After reserve for doubtful accounts,
y Represented by 243,188 shares
z After re verve of $100,000.—V.
144, p. 292.
CorpEarnings—
Comparative Income Account
11 Mos.End.
Period Ended—
Nov. 30/36
Gross profit
x$346,580
Sell. adm. and gen. exp.
215,338
Sundry deductions (net)
28,136
Nov. 30,'35
Nov. 30,*34
$243,837
209,320
8,436
$184,986
m
212,562
1,023
Depreciation
Federal tax.
16,500
Net profit
$86,606
Nov. 30/33
$240,886
203,775
32,121
1,323
4,200
$21,882
x After
deducting cost of sales
sales amounting to $26,656.
loss$28,599
1936
$124,090
178,041
27,126
Accounts receiv.
Cash val. life Ins..
_
Investments
1935
Liabilities—
$113,921
122,126
21,683
10,519
*
201,944
686,834
904,909
20,231
charges.
23,128
'IIHHJ
1935
$38,737
.
$30,349
Rent pay. Jer. City
Accruals
194~459
4,166
29,059
16,234
credit
balances &
sun¬
1,175
unemploym't
taxes
4,897
Reserve
for
Fed.
income taxes
x
16,500
4 200
Preferred stock...
Common stock
yl 000,000
Profit and loss surp'
158,322
Total
x300,000
$1,251,682 $1,377,3281
Total-
Represented by 60,000 no.par shares,
y
$1,251,682
Par $10.—V. 142,
875,000
150,369
SI,377,328
p.
4040.
Strawbridge & Clothier—Accumulated Dividend—
The directors have delcared
accumulations
Jan.
28 to
were
paid
on
the
holders
on
a
dividend of $1.50 per share
7% cumulative preferred stock,
of record
Jan.
18.
Dividends
par
of 75
on account
$100.
cents
of
payable
per
share
Dec. 31, Oct. 1, July 1 and April 1, 1936.—V.
144, p. 120.
Studebaker
Corp.—Sales—
Paul G. Hoffman, President of the
company, reports sales of 1,717 passen¬
ger cars and trucks
in the
during the first 10 days of 1937, compared with 1,311
corresponding period of 1936—an increase of 31 %.—V. 144, p. 466.
Sun Oil Co.—Debentures Called-—
JM
The company has called for redemption at
100K%
Feb. 15 all its five-
yf/r3J,%iin.king fund debentures due Sept. 1, 1939, in
of
$5,964,000 issued and outstanding.—V. 143,
p.
3336.
principal amount
1
Sun Pipe Line Co.—Debentures Called—■
The company has called for redemption Feb. 25 all its
3H % serial deben¬
principal amount of $3,400,000, of which $400,000 matures Sept. 1,
tures in
1937,
$400,000 Sept. 1,, 1938, $300,000 Sept. 1, 1939, and $2,300,000
Sept. 1, 1940, all issued and outstanding.
Debentures maturing Sept. 1,
1937, will be redeemed at 101% and debentures maturing after that date
or
private sale
any
offer for
shares not subscribed for by holders of the war¬
Third
National
Investors
Corp.—Progress in
Mutual-
ization—
16
' i't.
1936, the first
stage of the plan of mutualization and reorganization, dated Dec. 9, 1936,
was approved.
The certificate of amendment to the certificate of incorpora¬
tion of the corporation carrying the first stage of the plan into effect was
filed and recorded on Dec. 31, 1936.
By such amendment the holders of
stock of this corporation became thereafter entitled to require the cor¬
poration to purchase their shares at the "asset value," as defined in the
certificate of amendment, less a withdrawal charge of 3% of such asset
value.
(Any stockholder desiring to exercise this privilege may obtain
directions in respect to procedure upon application to Bankers Trust Co.,
16 Wall St., New York, or to the corporation.)
At the special meeting of stockholders held on Jan. 12, 1937, the carry¬
ing out of the second stage of the plan—namely, the sale of the assets of
the corporation to the new company provided for in the plan against the
issue of redeemable stock of the new company, the dissolution of this
corporation and the distribution of such redeemable stock to its stockholders
—was authorized.
The plan will be consummated after a registration state¬
ment under the Securities Act of 1933, as amended, with respect to the
redeemable stock of the new company has been filed and has become
effective.
Such registration statement is now in preparation and is expected
to become effective about the middle of February.
In view of the fact that the stock of this corporation has become redeem¬
able, the shares are no longer traded on the New York Stock Exchage.
However, the share are quoted in the over-the-counter market in New York.
—V. 144, p. 467.
■
;■
At the special meeting of stockholders held on Dec. 29,
.
,
Tide Water Associated Oil Co.—$40,000,000
dry liabilities-..
Fed.
on
1936
Accounts payable
Customers
Inventories
Fixed assets
Deferred
$3,667
amounting to $1,190,429 and discount
Comparative Balance Sheet Nov. 30
Assets—
4,200,000
explora¬
the U.S.
Fred Y. Presley, President, in a letter to the stockholders dated Jan.
■
1 •. ■
*;
of no par value,
Storkline Furniture
Nederlandsche Pacific Petroleum Maatschappij
states*
.11,877,393 11,156.772
Cash.
3,000,000
For funds used to retire funded debt and bank loans dur¬
ing 1936 and pay expenses and premiums aggregating.
10,700,000
For cash expenditures and advances in connection with
the acquisition of stock of South American Gulf Oil
Co., California Arabian Standard Oil Go. and N. V.
rants.—V. 143, p. 4170.
lx
$22,500,000
obligations
The issue is not to be underwritten, and the corporation may
public
58,816
charges.
the balance payable to banks on notes of
and foreign countries and additional investments in companies in which the corporation has a substantial investment 21,591,127
100,000
494,399
Res.
1,000,000
55,501
$
Notes pay., banks
Accounts payable-
y
1,000,000
Total...
pay
To finance expansion of plant facilities of subsidiaries,
tion for and development of producing properties in
1935
Liabilities—
1,487,498
_z3,151,■488
Mutual ins. deposit
40,012
Adv. to sub
277,161
Other assets
follows:
To reinburse the treasury of the corporation:
>.»■
1935
$
Accts. receivable
as
anticipate and
years.
Inventories
at the
1937.
Balance Sheet Oct. 31
x
share of new stock for each six shares then held,
one
per share (subject to amendment).
The warrants
will become void if not exercised before March 19,1937, and the
subscription
subscription price of $40
_
1936
Cash
of Capital Stock—
The
mission
1935 and in 1934 is not stated separately in income
Assets—
amount of
properties.
(1)
$1.50
accounts for those
Sales
$24,377
33,368
issued and outstanding.
the corporation's subsidiary, Texas Co
To anticipate and pay certain miscellaneous purchase
and long-term debt, aggregating approximately
$485,334
common stock
Amount paid in
Month (1936)—
Sales
.$8,042 August
15,322 September
common (par $1)
300,000 shares, of which 237,500 are
The 237,500 shares now outstanding are fully
paid.
The company s total capital stock and paid-in surplus is $325,000
resulting from the issue of 150,000 shares for property valued by the com¬
pany at $150,000, and the sale of 87,500 shares at $2 per share.
Purpose—Net proceeds received and to be received by the company from
the issue and sale of the 300,000 shares consist of:
(1) In respect of 150,000 shares already issued, the company has received
whicn is authorized in the
now
To
53,500
Net profit
Earns, per share on 243,188 no par shares of
x
l
July..
price is payable in full at the time of subscription or, at the subscriber's
election, in two instalments, 50% at the time of subscription (in which
case an assignable instalment receipt will be issued) and 50% before May 14,
(John B.) Stetson Co.—Earnings—
Years End. Oct. 31—
Sales
....J......
Profit from
(1936)—
June
Capitalization—The only authorized class of stock is
Total
Prior p eriod ad j ustment
Preferred dividends
Capital surplus
Month
Debentures
Offered—500,000 Shares of $4.50 Preferred Stock Underwritten
and Exchange Offered 6% Preference Stockholders—Rights to
Common Stockholders—Public offering of $40,000,000 15-year
%lA% sinking fund debentures dated Jan. 1, 1937, and due
Jan. 1, 1952, and underwriting of 500,000 shares of $4.50
cum. conv. pref. stock
(no par) was effected Jan. 19 by a
banking group headed by Kuhn, Loeb & Co. and Lehman
Brothers.
The offering group for the debentures includes
Brown Harriman & Co., Inc.; Blyth & Co., Inc.; The First
Boston Corp.; Hayden, Stone & Co.; Baneamerica-Blair
Corp., and Dean Witter & Co.
The debentures were priced
at 101% and accrued interest.
The company is offering to holders of its outstanding
626,221 shares of 6% pref. stock the right to exchange each
share of 6% pref. stock for one share of the new $4.50
pref. stock plus $2 in cash, subject to allotment, this offer
to remain open until Feb. 8, 1937.
The company proposes
on Jan. 30,
1937, to call for redemption on April 1, 1937,
any 6% pref. stock not so exchanged.
The company is also
offering to holders of its common stock of record on Jan. 29>
1937, the right to subscribe, subject to allotment, at $103
per share plus accrued dividends, for such shares of the
$4.50 pref. stock as are not issued under the above described
exchange offer.
Rights to subscribe expire Feb. 8.
The
shares of $4.50 pref. stock not taken in
exchange or sub-
.
Financial
626
scribed for
as
described above have been underwritten
the above-mentioned banking group.
Listing—Company has agreed to apply for the listing
the $4.50 preferred stock and the common
by
I*
of the debentures,
stock reserved for .conversion
preferred stock, on the New York Stock Exchange.
15-Year 3K% Sinking Fund Debentures—Dated Jan.
1, 1937; due
Jan. 1, 1952.
First National Bank, New York, trustee.
Principal and
int. (J. & J.) payable in N. Y. City.
Penna. personal property taxes,
or capital stock tax, up to five mills for each dollar of assessed value,
reimbursable to residents of Pennsylvania and Pennsylvania corporations,
respectively; California taxes assessed or measured on income from interest,
not exceeding 6% of such interest, reimbursable to residents of California.
Semi-annual sinking fund payments from May 20, 1937 to Nov. 20, 1951,
inclusive, sufficient to retire semi-annually $750,000 of debentures at
sinking fund redemption price of principal amount plus accrued int., plus a
the $4.50
cumulative reductions of \i% effective prior to Jan. 1,
fjremium of 2^% if called for redemption Jan. 1, 1943, and1942; 2}4%,
each Jan. 1
ess
thereafter, if called for redemption on or after Jan. 1, 1942, and prior to
Jan. 1, 1951; and thereafter without premium.
Payments may be made,
at the company's option, in cash or in debentures, or partly in cash and
partly in debentures, at the sinking fund redemption price on the next suc¬
ceeding interest date.
Redeemable, other than through sinking fund, at
the company's option, in whole at any time on at least 60 days' published
notice, or in part on any int. date in amounts of not less than $4,000,000
on at least 30 days' published notice, at principal amount plus accrued int.
plus a premium of 5% if called for redemption prior to Jan. 1, 1942; 4H %.
less cumulative reductions of ^ % effective Jan. 1, 1943, and each Jan. 1
thereafter, if called for redemption on or after Jan. 1, 1942, and prior to
Jan. 1, 1951; and thereafter without premium.
$4.50 Cumulative Convertible Preferred Stock—Dividends payable Q.-J.
in preference to the common stock at the rate of $4.50 per share per annum,
and no more, cumulative from Jan. 1,1937.
Redeemable at any time after
Jan. 1, 1939, in whole or in part in amounts of not less than 50,000 shares,
on not less than 45 days' notice at the following prices plus accrued dividends:
$107 per share if red. after Jan. 1, 1939, and on or before Jan. 1, 1942; and
at $105 per share if red. after Jan. 1, 1942.
Entitled in preference to the
common stock to $100 per share on involuntary liquidation and to $105
per share on voluntary liquidation, in each case plus
accrued dividends.
Each share is entitled to one vote, and, if certain dividend arrearages exist,
to two or three votes at meetings for election of directors.
Company may
not take certain action without the consent of at least two-thirds of, or
over the objection in writing or by vote of more than one-third of, the
outstanding $4.50 preferred stock.
Convertible at the option of the holder on or before Jan. 1, 1947 (or,
In the case of earlier redemption, on or before the 10th day prior to the
redemption date) into common stock at the following conversion prices
on or before Jan. 1,1942, $30 (or 3 1-3 shares of common
1 share of pref.); thereafter and on or before July 1, 1944, $35 (or 2
.
Subsequent to July 31. 1936 and prior to Nov. 30, 1936, the company
issued (i) 230,000 shares of common stock in exchange for all the issued and
outstanding capital stock of Terrabella Investment Co. (Calif.) (since
dissolved), and (ii) an aggregate of 31.961 shares of common stock under
its management stock plan.
'y
!<*/''■
*K(a)
(b)
mon
sold, from time to time, prior to Nov. 30, 1936, to
mon stock under its management stock plan.
plan (31,961 shares of original issue and 3,314 shares from treasury stock),
reducing the number of shares subscribed for under said plan and not de¬
livered. as of Nov. 30, 1936, to 195,512 shares.
On or about Nov. 30,
1936, the New York and San Francisco Stock Exchanges authorized the
listing of 195,512 shares of the common stock on official notice of issuance
and payment thereof pursuant to said management stock plan.
By reso¬
lution adopted Nov. 19, 1936, the directors amended said plan to provide
that, from and after the consummation of the merger of Tide Water Oil
Co. and Associated Oil Co. with the company, its stock, the subject of
said plan, should
Water Oil Co. and 2M shares of such common stock of the company or
each such share of such capital stock of Associated Oil Co.
Thereupon the
of capital stock of the company outstanding was 626,221 shares
amount
of 6%
of
At July 31, 1936 the company had no funded debt; however, on Aug. 24,
1936, Tide Water Oil Co. (Del.) borrowed an aggregate of $17,000,000
such indebtedness being represented by
unsecured promissory notes bearing that date and bearing interest and
maturing as follows:
from certain banking institutions,
Int. Rate
Amount
$2,000,000
2,000,000
2,000,000
11,000,000
2
%
2H%
.
3
%
3M%
Maturity
Aug. 15,
Aug. 15,
Aug. 15,
Aug. 15,
Date
1937
1938
1939
1940
Upon the merger of Tide Water Oil Co. (Del.) with company on Nov. 30,
1936, the obligations of Tide Water Oil Co. under the bank loan agreement
and the obligations have been
acknowledged and confirmed by an agreement dated Dec. 14, 1936, be¬
tween the company and the banking institutions.
and upon the notes attached to the company,
cumulative preferred stock, par $100 each, and 6,281,796H shares
stock, par $10 each.
common
In connection with the merger the holders of an aggregate of 4,947
shares of the capital stock of Associated Oil Co. and of 1,024 shares of the
common stock of the company demanded, and are entitled to receive in
cash, the value of their shares, unaffected by appreciation or depreciation
in consequence of the merger, in the manner provided in the laws of the
respective States in which the respective companies were incorporated.
(f)
be paid by
by certain
July 31, 1936
30,1936
15, 1936, which be¬
(Del.) and Associated
Oil
Under the amended
certificate of incorporation of the company, as amended prior to, and as
changed by, the agreement of merger, the authorized capital stock is 626,221
shares of 6% cumulative preferred stock (par $100), 873,779 shares of pre¬
ferred stock (no par), and 10,000,000 shares of common stock (par $10).
Upon such filing and recording of the agreement of merger, (1) 10,000
shares of the 6% cumulative preferred stock (par $100), held by a subsidi¬
ary, were canceled, (ii) 128,787 shares of common stock (no par) held by
subsidiaries were canceled, and the remaining 6,132,104 shares of such
stock outstanding were converted, share for share, into common stock
(par $10), and (iii) 19,110 shares of capital stock (par $1) of Tide Water
Oil Co. and 41,050 shares of capital stock (par $25) of Associated Oil Co.
outstanding in the hands of the public were converted into 149.692H
shares of the common stock (par $10) at the rate of three shares of such
common stock of the company for each such share of capital stock of Tide
effective Nov. 30, 1936, Tide Water Oil Co.
Co. (Calif.) were merged into the company.
Changes Subsequent to Nov. 30, 1936
Subsequent to Nov. 30, 1936, and to and incl. Jan. 9, 1937, the com¬
has issued 6,758 shares of common stock (par $10) in respect of sub¬
scriptions under its management stock plan.
(g)
pany
(h) Under the agreement of merger, certificates
of the company's common stock (par $10) were not
for fractions of shares
issuable upon the con¬
capital stock of Associated Oil Co., non-dividendbearing and non-voting scrip expiring on Nov. 30, 1941, being issuable in
respect of such fractions.
From Nov. 30, 1936 to and incl. Jan. 9, 1937,
company purchased scrip representing in the aggregate 56 shares of such
common stock, which have been held in treasury.
During the same period
the company purchased six additional shares of such common stock.
version of shares of the
....
Funded Debt and Capitalization as at
pre share.
Pursuant to an agreement of merger dated Oct.
(e)
follows:
and the Philippine Islands.
i
Treating the activities of the company and its present subsidiaries as a
whole, the general character of the business done and presently intended to
be done by the company and its subsidiaries is (1) the acquisition and de¬
velopment of prospective and proven oil and gas lands and leases; (2) the
production, purchase and sale of crude oil, natural and casinghead gas and
natural gasoline; (3) the transportation of crude oil and gasoline by pipe
lines and the transportation of crude oil and refined products by tank ships,
tank cars and automotive equipment; (4) the refining of crude oil into gaso¬
line, kerosene, fuel oil, lubricating oils, greases and other petroleum
products; (5) the distribution of petroleum products through or to whole¬
sale and retail outlets, in a majority of the States of the United States,
in the Territory of Hawaii, the Philippine Islands and in certain foreign
countries.
A substantial proportion of the wholesale, and a large majority
of the retail, outlets for such products are owned and operated largely
under contractual arrangements with the company, by others.
Approximately 90% of the gross volume of business of the company and
its consolidated subsidiaries for the year 1935 was derived from operations
jn the United States.
$i0
came
for
of Hawaii
be its common stock of the par value of
Changes upon Consummation of Merger at Close of Business on Nov.
6-7
banking institutions First National Bank, New York; Guaranty Trust Co.,
New York; National City Bank, New York; Chase National Bank, New
York; New York Trust Co., Central Hanover Bank & Trust Co., Bankers
Trust Co. and Chemical Bank & Trust Co. , which indebtedness was con¬
tracted on Aug. 24, 1936 by Tide Water Oil Co. (Del.)
(since merged)
to provide funds to pay off to that extent its then indebtedness to Tide
Water Oil Co. (N. J.), since dissolved.
(2) $1,800,000 to prepay a promissory note (accrued int. to be paid by
the company out of treasury funds) held by First National Bank, New
York, which promissory note was issued by the company to the bank on
Dec. 18, 1936 in exchange for a promissory note in like amount of the com¬
pany's former wholly-owned subsidiary, Tide Water Associated Transport
Corp., all the assets of which had been acquired by the company on Dec.
15, 1936, subject to its liabilities, and which had been dissolved on Dec.
17, 1936.
(3) The balance to reimburse the company for cash payments made pur¬
suant to such exchange offer; to redeem on April 1, 1937, at $105 per share
(accrued divs. to be paid by the company out of treasury funds) such of the
626,221 shares of the 6% cumulative preferred stock of the company as
shall then remain outstanding: and to increase working capital.
History and Business—Company, with its subsidiaries, is engaged in
practically all branches of the oil business.
As a result of the company's
taking over the properties and operations of its former principal subsidi¬
aries, Tide Water Oil Co. (Del.) and Associated Oil Co. (Calif.) on Nov. 30,
1936, company, which prior thereto was purely a holding company, is now
primarily an operating company.
Prior to Nov. 30, 1936, Tide Water
Oil Co. and Associated Oil Co. were each engaged in substantially all
branches of the oil business, Tide Water Oil Co. carrying on production
activities in the Mid-Continent and Gulf Coast areas and in Illinois and
Pennsylvania, and marketing petroleum products in the Mid-Continent
area and in the New England, Middle Atlantic and certain South Atlantic
States, as well as in certain foreign countries, and Associated Oil Co. having
its production activities centered in California and Texas and carrying on
other activities in Pacific Coast and other Western States, the Territory
Subsequent to July 31, 1936 and prior to Nov. 30, 1936, 35,275
under management stock
(d)
shares of common stock were sold to subscribers
underwriters, being $470,235.
as
The remaining 3,314
of July 31, 1936 were
subscribers for such com¬
(c) On Sept. 18,1936, Associated Oil Co., then a consolidated subsidiary,
132,328 shares of common stock of the company, owned
by Associated Oil Co., for $2,249,576.
The company intends to apply the net proceeds of the debentures and
the $4.50 preferred stock not taken in exchange pursuant to such exchange
(1) $17,000,000 to prepay promissory notes (accrued int. to
the company out of treasury funds) held, in varying amounts,
44,143 shares of com¬
sold privately
thereafter and on or before
1 share of pref.).
Application of Proceeds—The estimated net proceeds to the company
of tne debentures and the shares of $4.50 preferred stock will consist of
(1) $39,600,000 (exclusive of accrued interest on the debentures to date
of delivery) to be received by the company from the debenture underwriters
from the issuance and sale of the debentures, plus (2) shares of 6% cumu¬
lative preferred stock of the company exchanged pursuant to the exchange
offer, plus (3) such amount as shall be received (exclusive of accrued divi¬
dends to date of delivery) for any unexchanged $4.50 preferred stock which
shall be sold to holders of common stock for cash pursuant to the subscrip¬
tion offer, or to the preferred stock underwriters pursuant to the preferred
stock underwriting contract, less (a) $2 per share, payable to exchanging
shareholders for each share of 6% cumulative preferred stock exchanged,
(6) the commissions payable to the preferred stock underwriters, and
(c) the estimated expenses payable by the company in connection with
the issue of the debentures such exchange and subscription offers to stock¬
holders and the sale of unexchanged and unsubscribed stock to the preferred
offer
On Sept. 18, 1936 the company sold privately
stock held in its treasury for $750,431 in cash.
held in the treasury as
shares of such common stock
shares of common for 1 share of pref.); and
Jan. 1, 1947, $40 (or 2 M shares of common for
stock
of the sale of the
July 31, 1936, the company's authorized capital stock consisted of
1,500,000 shares of 6% cumulative preferred stock (par $100), of which
636,221 shares were outstanding (including 10,000 shares owned by a sub¬
sidiary), and 10,000,000 shares of common stock (no par), having a stated
value of $10 per share, of which 5,951,473 shares were outstanding (exclu¬
sive of 47,457 shares held in the treasury but including 261,115 shares owned
by subsidiaries).
h«At said date there were outstanding subscriptions under the company's
management stock plan for an aggregate of 230,787 shares of common
stock and there were authorized to be listed on the New York and San
Francisco Stock Exchanges 166,044: shares of stock on official notice of
issuance and payment thereof pursuant to said plan.
l*%The following changes in the company's capitalization have occurred
since July 31, 1936:
Changes Prior to Nov. 30. 1936
Ser share (taking the $4.503preferred stock at $100 per share): On of pref.);
uly 1, 1939, $27.50 (or
7-11 shares of common for 1 share or before
thereafter and
These"frotes will be prepaid out of the net cash proceeds
securities offered.
At
.
.
1937
23.
Jan.
Chronicle
(i) All the outstanding shares, constituting all the authorized shares, of
6% cumulative preferred stock (par $100) will be retired, either by exchange
•
pursuant to the exchange offer, or by redemption on April
1,1937.
For the
redemption, the company will use a portion of the net
the securities offered, accrued dividends being paid froM
treasury funds.
Shares of preferred stock (par $100) redeemed, purchased
or otherwise acquired may not be reissued.
The net effect as at Jan. 9, 1937, of the changes referred to above,»is as
purpose of such
cash proceeds of
follows:
Outstanding
Authorized
626,221 shs.
873,779 shs.
10,000,000 shs.
6% cum. pref. stock (par $100)
Preferred stock (no par)
Common stock (par $10)
—
626,221 shs.
None*
6,288,492M shs.
Capitalization Giving Effect to Financing
Authorized
Outstanding
$40,000,000
$40,000,000
873,779 shs.1
500,000 shs.
$4.50 cum. con v. preferred
a500,000 shs.J
c Common stock (par $10)*..........blO,000,000 shs.
6.288.492M shs.
15-year 3K% sinking fund debentures
Preferred stock (no par)
,
...
The amended certificate of
incorporation authorizes the directors to
of preferred stock in one or more series, and, in connec¬
fix certain of the terms thereof.
The initial series ot such preferred stock consists of these 500,000 shares.
a
issue 873,779 shares
tion with the creation of each such series, to
b 1,818,182
authorized but unissued shares of common stock will be
issue solely upon conversion of shares of the
reserved by the company for
$4.50 preferred stock.
c
Upon the issue of common stock in conversion of $4.50 preferred stock,
equal to $100 per share of the $4.50 preferred stock so converted
preferred stock capital account to common stock
an amount
will be transferred from
capital
account.
Consolidated Income
Dec. 31 '33
Statement
Ended
Year
•
Dec. 31 *34
7 Mos. End.
Dec. 31 *35
July 31 '36
Sales and other operating
revenue
Income
$88,745,000 $97,103,000$107.750,000 $67,815,000
(net)
before int.,
de-
prec'n. Fed. inc. taxes
aDd other deductions. 23,383,000
'
21,091,000
23,182,000
15,028,000
Int., other charges on
debt, minority inter.
ests,&c
1,958,000
Prov. for deple., deprec.,
amort. & cancellation
of undevel. leaseholds 13,780,000
1,629,000
1,351,000
584,000
13,115,000
13,915,000
7,503,000
income
before
Federal income taxes. $7,645,000
$6,941,000
,
Net
Provision for est. normal
Federal tax on income
Net
income
$6,347,000
$7,916,000
721,000
459,000
710,000
648,000
$6,924,000
$5,888,000
$7,206,000
$6,293,000
The annual interest charge on
the debentures outstanding before sink¬
ing fund retirements will be $1,400,000.
The annual dividend requirement on
be $2,250,000.
-
the
$4.50
preferred stock
will
Volume
Financial
144
'
627
Chronicle
obligation with respect to their shares of the issue.- -V. 128, p.
2086; V. 136, p. 3155.
to assume
Underwriters
m
_
% of $4.50
Pref. Stock
Underwritten Underwritten
Amount of
Debentures
Name—
Kuhn, Loeb & Co., New York
Lehman Brothers, New York
Brown Harriman & Co., Inc., New York__
Blyth & Co., Inc., New York
The First Boston Corp., New York
.....
Hayden, Stone & Co., New York
Bancamerica-Blair Corp ..New Y ork
Dean Witter & Co., San Francisco
Bonbright & Co., Inc., New York
Goldman, Sachs & Co., New York
Hallgarten & Co., New York
Kidder, Peabody & Co., New York
Lazard Freres & Co., Inc., New York..
Lee Higginson Corp., New York
J. & W. beligman & Co., New York
White, Weld & Co., New York
Glore, Forgan & Co.,New York
—
Hemphill, Noyes & Co., New York
Ladenburg, Thalmann & Co., New York
Schwabacher & Co., San Francisco
Shields & Co., New York
Speyer & Co., New York
Chas. D. Barney & Co., New York...
A. G. Becker & Co., Inc., New York......
Cassatt & Co., New York
.....
Clark, Dodge & Co., New York
...........
E. W. Clark & Co., Philadelphia
Estabrook & Co., New York
W. E. Hutton & Co., New York
Paine, Webber & Co., New York
E. H. Rollins & Sons, Inc., New York
Lawrence Stern & Co., Chicago
Stone & Webster and Blodget, Idc., New York
G. M.-P. Murphy & Co., New York
F. S. Moseley & Co., New York
Dominick & Dominick, New York
Hornblower & Weeks, New York
Graham, Parsons & Co., New York
Hayden, Miller & Co., Cleveland..
Otis & Co., Cleveland
William R. Staats Co., Los Angeles
Spencer Trask& Co., New York
Alex. Brown & Sons, Baltimore
Mitchum, Tully & Co., San Francisco
Schoeilkopf, Hutton & Pomeroy, Inc., New York.
becurities Co. of Milwaukee, Inc., Milwaukee.
H. M. Byllesby & Co., Inc., Chicago
Carl H. Pforzheimer & Co., New York
G. H. Walker & Co., New York
Wells-Dickey Co., Minneapolis
Laurence M. Marks & Co., New York
A. C. Allyn & Co., Chicago
Central Republic Co., Chicago
Eastman Dillon & Co., New York
,
Singer, Deane & Scribner, Pittsburgh
Battson, Barnes & Lester, Inc., Los Angeles
Wm. Cavalier & Co., San Francisco
Bankamerica Co., San Francisco
Janney & Co., Philadelphia.
Kalman & Co., St. Paul
Moore, Leonard & Lynch, Pittsburgh
W. J. Woliman & Co., New York
L. F. Rothschild & Co., New York
The Illinois Co. of Chicago, Chicago
Bacon, Whipple & Co., Chicago
Battles & Co., Inc., Philadelphia
First of Michigan Corp., Detroit
Ruer & Co., New York
Whiting, Weeks & Knowles, Boston
Carstairs & Co., Philadelphia
Blake Brothers & Co., New York
Elworthy & Co., San Francisco
Pacific Capital Corp., Los Angeles
Dillon, Read & Co., New York
—V. 144, p. 467.
-
...
...
......
.....
—
........
....
...
....
-
Union Oil Co. of Calif.—Listing—
5.25%
S%
The New York Stock Exchange has authorized the listing of $10,000,000
15-year 3K% debentures due Jan. 1, 1952, and 300,000 additional shares
of capital stock (par $25), on official notice of the issuance upon conversion
of the debentures, making the total amount now applied for 5,136,070
3.75%
sh&ros
2.2%
2.2%
2.2%
Guaranty Trust Co. of New York has been appointed registrar, con¬
agent, and agent for the exchange of temporary for definitive
debentures, in New York, for an authorized issue of $10,000,000 principal
amount of this company 15-year 3H% debentures due Jan. 1, 1952.-—
V. 144, p. 294.
11%
$5,250,000
5,250,000
2,100,000
2,000,000
1,500,000
900,000
900,000
900,000
11%^
750,000
2r
750,000
750,000
750,000
750,000
750,000
750,000
500,000
2l
2i
2*
2'
2'
2%
500,000
1.259,
500,000
500,000
500,000
500,000
500,000
3001000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
1.259!
1.2591
1.2595
1.259!
1.25%
1'
United Air Lines—Stock Allotments—
mined that 50,000 shares of capital stock be set aside for sale for
time to time to officers and employees of the corporation and its
upon such terms and conditions as directors might determine,
less than $11 per share.
1937.
The plan of allotment provided for the offering of shares to employees
from 2 shares to 125 shares, depending on
seniority and compensation.
Stock has been offered to 1,741 employees in
accordance with this plan but only 130 employees and officers have been
offered 100 shares or more.
Of the total number of shares offered, 72%
has been offered to employees who have served the corporation and its
predecessors five years or more and 28% has been offered to persons em¬
and officers in quantities ranging
V
V
V
1'
1'
1'
1'
ployed less than rive
less than
0.8%
0.6%
0.6%
0.5%
0.6%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.4%
0.5%
0.4%
0.4%
0.4%
150,000
150,000
150,000
100,000
150,000
150,000
150,000
150,000
150,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
0.4%
0.5%
0.35%
0.3%
0.3%
0.3%
0.3%
0.4%
0.3%
0.25%
0.2%
0.2%
0.2%
0.2%
0.2%
0.3%
0.2%
0.2%
0.2%
3,000,000
6%
and
62% has been offered to employees earning
38% has been offered to persons earning $4,000
United Artists Theatre Circuit,
Plan—
'
Inc.—Recapitalization
.
A plan of recapitalization
designed to clear up accrued dividends on the
preferred stock, is proposed in a letter to stockholders signed by Joseph M.
Schenck President
. ■
Under the plan holders of the 30,000 shares of 7% preferred outstanding,
which accruals total $35 a share, will be offered $15 a share in cash
on
and
3 1-3 shares of common stock,
shares for new $5 preferred.
After
and asked to exchange their present
the plan
has been declared effective, directors expect to resume
quarterly dividend payments on the preferred at the annual rate of $5,
accruing from March 15, 1937.
There are now 500,000 shares of common
outstanding, which will be increased to 600,000 shares upon completion
oi the plan.—V. 144, p. 295.
United
Corp.—Recommendation
of Amendment
At
a meeting of the board of directors held Dec. 15, 1936, a resolution
adopted declaring advisable and directing the submission to the stock¬
Feb. 2,
1937, an amendment of the certificate of incorporation of the corporation
to decrease the authorized capital stock of the corporation from 30.000 000
shares, all without nominal or par value, of which 1,000,000 shares are
first preferred stock, 5 000,000 shares are preference stock and 24,000,000
shares are common stock, to 29,000,000 shares, all without nominal or par
value, of which 5,000,000 shares shall be preference stock and 24,000,000
shares shall be common stock, so as to eliminate from Article Fourth of
the certificate the provisions authorizing and relating to 1,000,000 shares
of first preferred stock (said class of first preferred stock comprising only
authorized but unissued shares).—V. 144, p. 467.
holders for their consideration at the annual meeting to be held on
United Distillers of
Canada, Ltd. (& Sub.)—Earnings
Year End. 13 Mos.End.
Period—
Sept. 30'36
Sept. 30.'35
$373,591
$367,712
9,851
60,981
Gross profit on sales
Miscellaneous income
Gross profit and income
Executive
$383,443
30,750
salaries
Allowances and loss
Office salaries and expenses
000
$1,485,-
Feb. 23, 1937 at 103 and accrued interest to that date.
The railroad has authorized the Central Hanover Bank & Trust
Co., as
trustee, to pay to holders upon surrender of their bonds starting Jan. 22,
principal, premium of 3% and accrued interest to Feb. 23, 1937.—V.
144,
on
p.
Directors fees.
Selling expenses
and
Federal
...
income
According to the manazment these
net
gain of 32.1% over those at the end of the previous year,
taking into account capital changes and interest and dividends paid.
The changes in asset coverage of the corporation's securities as
compared
with the coverage at the end of the preceding
year reflect not only a sub¬
stantial increase in the value of the portfolio, but also
important changes in
capital structure during the year.
On April 1 the corporation redeemed
$2,291,600 of Investors Equity Co., Inc., 5%
debentures
previously
assumed.
On Oct. 1 it redeemed 90,000 shares of its $6
preferred stock and
borrowed $10,000,000 on loans having in effect a
five-year maturity at
interest rates substantially lower than the dividend rate on the
preferred.
The corporation also purchased during the year
18,492 shares of its pref.
stock, of which 17,292 shares have been retired. As of Dec. 31, 1935, net
assets were equivalent to $10,413.02 for each
$1,000 of debentures, $171.50
a share of preferred stock, and $7.67 a share of common
stock outstanding.
Dining the year the corporation realized net profits on sales of invest¬
ments of $2,387,376 after taxes.
Investments held on Dec. 31, which were
carried at cost of $42,327,132, had a market or fair value of
$56,878,592,
or $14,551,459
in excess of cost, after deducting $2,165,000 for normal
Federal income tax on the unrealized appreciation of investments.
Income of the corporation from interest, cash dividends, fees for invest¬
ment service and commissions on
underwritings was $3,186,063, and net
Income after expenses, interest and taxes (excluding taxes
applicable to
security transactions) was $2,312,819. Fees received for investment service
were $500,054.
Preferred dividends for the year were $1,364,226, and
tax.
the
common stock amounted to
$1,214,659. After payment of
dividends there remained taxable earnings for the purpose of the
undistributed profits tax of approximately $238,000, on which the
liability
for that tax amounted to
on
these
approximately $17,000.—Y. 143,
Union
Terminal
Co.
of
Dallas.—Seeks
to
p.
3651.
Refund 5%
Bonds—
The company filed with the Interstate Commerce Commission formal
application for authority to issue $5,000,000 of new first mortgage
3%%
bonds to refund
sell the
106.15.
104,179
17,612
36,683
29,453
39,099
27,849
Depreciation
Interest
4,557
11,489
2,075
$143,595
$41,280
Provision for Dominion and Provincial inc. taxes.
Loss
a like amount of
outstanding 5% bonds.
It is proposed to
issue/to an investment syndicate headed by Lazard Freres & Co. at
Other bankers in the group include Blyth &
Co., Inc., Ladenburg
Thalman & Co., and Bancamerica-Blair Corp.
At the same time, six of the proprietary companies which use the terminal
asked authority to guarantee their
proportionate shares
of principal and
interest of the issue.
The two other roads which use the
terminal, the St. Louis Southwestern
of Texas, and the Chicago Rock Island & Gulf
already have asked authority
1936
Land
x
1935
$40,963
Assets—
as
funded
assets represent a
dividends
182,956
227,684
84,713
2,552
9,408.
2,699
Consolidated Balance Sheet Sept. 30
of Dec. 31, 1936, net assets, before deducting
debt, of $59,009,253, indicating a coverage of
$4,735.89 for each $1,000 of bank loans and debentures, $305.64 a share of
preferred stock, and $12.89 a share of common stock after provision for
ioans
investments.
on
Materials and supplies—amount written off
Bad debts.
Tri-Continental Corp.—Net Asset Value—
normal
136,200
467.
Corporation reports
bank
$428,694
46,425
625
Legal fees
The company on Jan. 22 called for redemption all of its first
mortgage
series A 6% bonds, due Jan. 1, 1952, outstanding in the amount of
Cer-
was
Lombard St., London, E.C. 3, England.—V. 143, p. 446.
Toledo Peoria & Western RR—Bonds Called—
of
tificate of Incorporation—
f. 7% gold bonds, series A, due March 15, 1955, at 100 and
int.
Payment will be made at the Guaranty Trust Co., 140 Broadway
N. Y. City, or at the option of the bearer, at the
Guaranty Trust Co., 32
s.
is consistent
with the existing cooperative relationship between the employees and the
management of this corporation.—V. 143, p. 4018.
Toho Electric Power Co., Ltd.—Bonds Called—
The company on March 15 next will redeem $275,000 of its
mtge. (Kansai
division)
years.
per year
year.
The ofering of stock in accordance with this allotment plan
A
19&
150,000
$4,000
or more per
195>
0.8%
1%
cash from
subsidiaries
but at not
At a meeting of the board held Oct. 23, 1936 a plan of allotment was
adopted under which 47,179 shares of capital stock were offered for sale
on Jan. 2, 1937 to officers and employees of the corporation and subsidiaries
(excluding directors who are not officers and excluding also W. A. Patter¬
son, President), at $11 per share to be paid in cash on or prior to Feb. 1,
1'
1'
1*
300,000
>'1
■
President W. A. Patterson, on Jan. 13 in a letter to stockholders, stated:
At the special meeting of stockholders held Sept. 23, 1936 it was deter¬
1.4%
300,000
300,000
250,000
300,000
200,000
200,000
250,000
250,000
250,000
250,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
150,000
'
The
version
$40,963
331,711
$1,930,099 $1,930,627
386,118
15,882
Def. liability
152,913
Due to foreign sub.
49,028
340,312
1
1
584,799
680,336
Trade marks
450
x
52,624
22,214
1935.
y
reserve
for
$2,245,4591
depreciation
14,923
$1,918,177 $2,245,459
Total
of $516,766 in
Represented by 754,986 (755,686 in 1935)
loan only.—-v.
72,784
14,017
other taxes
1,093,721
$1,918,177
After
243,007
28,239
37,500
938,041
Cash.
Other assets.—.Total
Z130.000
Res. for Income &
investments
cost
at
draft
(secured).
Sundry creditors
owned
foreign subs
Other
Capital stock
Bank loan & over¬
Invests, in and adv.
to wholly
1935
1936
Liabilities—
y
Deficit
Buildings,
ma¬
chinery, &c
142,
United Gas
p.
1936
no par
and
$490,450
shares,
z
in
Bank
972.
Improvement Co.—Weekly Output—
Week Ended—
Jan. 16,'37 Jan.
Electric output of system (kwh.)
94,044,999
9,
37 Jan. 18, 36
94,122,773
83,492,669
144, p. 468.
—V.
United States Fire Insurance Co., N.
The
directors
have
declared
dividend
of
50
Y.—Larger Div.—
cents
per share on the
Pre¬
viously quarterly dividends of 45 cents per share were paid.
A special
dividend of 50 cents per share was paid on Jan. 12 last.
For detailed dividend record, see v. 144, p. 295; V. 142, p. 2521.
common
a
stock, par $4, payable Feb. 1 to holders of record Jan. 23.
United States Pipe &
The directors
on
Jan.
21
Foundry Co.—Dividend Doubled—
declared four dividends of 75 cents per share
each on the common stock, par $20, payable March 20, June 19, Sept. 20,
and Dec. 20 to holders of record Feb. 27, May 31, Aug. 31, and Nov. 30,
respectively.
This compared with dividends of 37H cents per share paid
on Dec. 21, Oct. 20, July 20, and April 20,
1936, and dividends of 12^
cents per share paid in each of the 12 preceding quarters.
From Dec. 15,
1928, to and including Jan. 20, 1933, the company paid quarterly divi¬
dends of 50 cents per share on the common stock.—V. 143, p. 2070.
United
States
Radiator
Corp.—Reorganization Plan—-
A prospectus dated Jan. 8, 1937 issued in connection with the filing with
Securities and Exchange Commission of $2,331,000 5% convertible
the
(dated Aug. 1, 1936 and due Aug. 1, 1946) 42,096 shares of
preferred stock and 211,076 shares of common stock, affords the
debentures
6%
following:
Under the plan
present
1938,
of reorganization, dated June 1, 1936, the holders of
outstanding 5% sinking fund gold debentures, series A, due Feb. 1,
asked to agree to extend the maturity of the indebtedness repre-
were
'/
Financial
628
certain modifications in the
Under the plan the holders
of the company's said outstanding debentures were to exchange them on a
par for par basis for new debentures of the company dated Aug. 1, 1936
and due Aug. 1, 1946, which new debentures, to be known as the company s
6% convertible debentures, are being offered under this prospectus in
accordance with the plan of reorganization.
On Dec. 15, 1936, the date of
filing the registration statement, out of $2,331,000 of debentures outstanding
there had been deposited under the deposit agreement dated June 1, 1936,
sented thereby to Aug. 1, 1946, and to agree to
indenture of trust under which they were issued.
protective committee, a total of $1,806,500 of
debentures, leaving undeposited as of that date a total of $524,500.
Nondepositing debenture holders have a right to be paid accruing interest upon
the debentures and the right to be paid the principal of such debentures
with the debenture holders
the maturity thereof, Feb. 1, 1938.
The premium required to be
paid upon call is 1%.
Company does not expect to redeem through the
trustee any unexchanged debentuers except through the operation of the
sinking fund. V'.~
Under the plan of reorganization the holders of the present outstanding
7% cumulative preferred stock ($100 par) were asked to agree to exchange
each share thereof, together with the total accrued cumulative dividends
thereon from April 1, 1931, to date of exchange (amounting on Sept. 30,
1936, to $38.50 per share, or a total of $1,620,696). for one share of new
6% preferred stock (cumulative from and after Aug. 1, 1938) $50 par value,
plus
shares of the company's new common stock, $1 par value.
Under plan of reorganization the holders of the present outstanding
common stock, without par value (stated value, $1 per share) were asked to
exchange the same for the new $1 par value common stock of the company
on the basis of two shares of the old common for one share of the new
upon
■
■■'
;
stock.
.
,
The actual and final exchange of both debentures and shares of stock
common
the requisite action by the share holders of the
corporation (taken at a meeting convened on Sept. 16, 1936) and upon the
plan of reorganization being declared effective by action of the board of
directors of the company.
The plan cannot be declared effective later than
April 1, 1937, nor prior to a date 30 days after the mailing of this prospectus
upon the new securities.
The company reserved the right to abandon the
plan at any time prior to its being declared effective, but expects to declare
the plan effective immediately upon the expiration of 30 days after prospec¬
tuses have been prepared and mailed as required.
made dependent upon
were
Consolidated Income Statement
$1,254,872
209,031
$1,099,618
224,715
$773,309
$994,421
830,227
4,260
$1,045,840
1,183,401
7,721
$874,902
1,096,529
8,646
$561,108
1,046,360
10,935
$834,487
$1,191,123
Gross profit
Sell., gen. & adm. exps
Prov. for depreciation--
i
_
Net loss--After
239,730
b$496,188
263,263
$399,243
4,347
$470,004
5,523
$759,451
5,942
$394,896
132,618
$464,481
$753,509
134,546
$109,528
Loss
before
special
charges & income.
Special charges
Prov .for Fed. inc. tax (est.)
$1,057,296
b$230,273
$212
96,315
13,000
Balance loss..
Other income.
$1,105,176
b$145.282
253,961
$4,429
4,215
Income deductions
a
$527,514
$464,481
$888,055
deducting cost of goods sold,
other expenses,
b loss.
including
212,201
$159,934
164,362
Operating profit
not
but
including depreciation,
Consolidated Balance Sheet Sept. 30, 1936
Liabilities—
Assets—
Cash
on
hand & demand dep.
Notes & accts.
rec.
(net)
Inventories
Investments & other assets.
_
Property, plant & equipment
$164,991 Loans payable
945,075 Accounts payable
1,657,260 Accrued liabilities
161,123
3,148,211
.....
Prov. for Fed. inc. tax. (est.)
Prov. forreorganiz.exp. (est.)
Intagible assets
41,089
Mortgage payable
Prepaid & deferred charges.,
67,651
5% sinking fund gold debs..
7% cum. pref. stock
Common stock
$822,375
364,786
76,291
13,000
107,152
1,170
(211,672 shs.)
Profit & loss deficit
1937
23,
,
bankruptcy, until the current year when the committees representing the
outstanding bondholders of Savoy-Plaza Corp. petitioned the corporation
out of bankruptcy and into reorganization under Section 77-B of the Bank¬
ruptcy Act. 'Such reorganization was completed during the current year.
Under the reorganization plan, the assets of Savoy-Plaza Corp. were trans¬
ferred to a new corporation known as Savoy-Plaza, Inc., having an author¬
ized capital stock of 82,050 shares of class A common stock and 27,350
shares of class B common stock (par $1).
Class A and class B common
alike, in all respects except that the
are
two-thirds of the board of
class A stock is entitled to
directors of the corporation and class B
A mortgage of $2,800,000 was
stock one-third of the board of directors.
1934
$1,131,166
136,745
Gross prof, from sales,
a
Prov. for depreciation.,
,
elect
1936
'36
Jan.
$37,608 represented expense in connection with the reorganiza¬
tion of G. A. F. Realty Corp.
The balance at the end of the year amounted
to
$2,127,308.
B
During the year mortgages on the companies' real 6state were reduced in
the aggregate principal sum of $119,500, the principal of the debentures of
G. A. F. Kealty Corp. guaranteed by this company and of the debentures
issued by this company in exchange therefor under the plan of reorganiza¬
tion were reduced in the aggregate by $88,000, and the principal of the out¬
standing 6% debenture notes of the company due Feb. 1, 1938, were re¬
duced in the amount of $2,000, making a reduction of funded liabilities
during the year of $209,500.
During the year, the company sold 1,927 shares of 2d pref. stock of
George A. Fuller Co. and now owns 11,678 shares of prior pref. and 30,000
shares of common stock of George A. Fuller Co. carried on the balance sheet
at quoted market value of the prior pref. stock.
Plaza Operating Co.—The accounts of Plaza Operating Co. are excluded
from the consolidated statement.
However a marked improvement in the
business of the Plaza Hotel during the year and an opportunity to refund
the mortgage indebtedness on the hotel and adjust the unpaid interest
thereon on favorable terms, made it seem advisable to the directors to make
a loan of $550,000 to Plaza Operating Co. to enable that company to take
advantage of the refunding of the mortgage and adjustment of interest
thereon, as a result of which Plaza Operating Co. was able to earn in excess
of interest, taxes and operating charges (before depreciation) during the year
as appears from its statement submitted herewith.*
$75,000 of said loan was
repaid during the year.
To obtain the $550,000 to loan to Plaza Operating
Co., notes payat^e were increased by that amount, on which $75,000 prin¬
cipal was paid during the year, and the balance unpaid at the end of the
year amounted to $475,000.
■
Suvou-Plaza Corp. was placed in bankruptcy in the latter part of 1932, and
its business was carried on thereafter by Irving Trust Co., as trustee in
of which
stock
:
•Years Ended Jan. 311935
8 Mos. End.
Sept. 30,
Chronicle
2.331.000
4,209,600
211,672
1,951,645
and the proceeds used for the acquiring of the fee
of the property from the Gerry Estates, Inc., for re¬
and for working capital.
The outstanding bond
issues were reduced by 50% and the new company has a funded indebtedness
of a 1st mtge. of $2,800,000, and a 2d mtge. of $7,000,000 securing the in¬
come bind issue.
The equity is represented by the above-mentioned class A
and class B stock.
Both classes of stock are represented by voting trust
certificates.
This company received voting trust certificates representing
the entire issue of class B stock for its unsecured claims against Savoy-Plaza
Corp. andin addition received for its holdings of outstanding bonds $699,001
of the 2d mtge. income bonds and voting trust certificates representing
8,388 shares of class A common stock.
"The reorganization of G. A. F. Realty Corp. was consummated on
Jan. 31, 1936.
The assets of G. A. F. Realty Corp. were transferred to a
new corporation known as Fuller Building Crop, with an issued capital stock
of 9,424 shares of class A stock and 8,576 shares of class B stock.
This
company received, subject to its possible surrender in the eventuality of a.
lack of certain earnings by Fuller Building Corp., the entire issue of class B
stock which has equal rights with the class A stock, except that the class A
stock elects three-fifths of the board of directors and class B stock elects
two-fifths of the board of directors.
As a part of the pain this company
confirmed its guarantees of the outstanding debentures of G. A. F. Realty
Corp. and created a new debenture issue similar in terms so that the holders
of the debentures of the G. A. F. Realty Corp. might exchange same par
for par.
The stock received by this company, represented by voting trust
certificates, is pledged as security for said debentures of G. A. F. Realty
Corp. and the new debentures of this company, and is carried on the books
at $1.
^ - "
obtained
on
the property
of the leasehold part
organization
expense
Results of Plaza Operating Co.—The earnings before depreciation of Plaza
Operating Co. were $172,972 for the year as compared with a loss before
depreciation of $244,053 for the previous year.
The net loss, after deducting
depreciation, amounted to $134,546 for the year as compared with $561,785
for the previous year.
These results reflect, respectively, the reduction in
interest rate on the mortgages in 1936, and the loss amounting to $10,568
1935, of 25 West 58th St.
during the year.
As a result
in
Corp. (Plaza Annex), which was dissolved
of the more favorable interest rate of the
covering the Plaza Hotel and 22 West 59th St., interest charges
included in the figures for the current year amounted to $216,720, as com¬
pared with $411,940 included In the figures of the previous year.
mortgage
$6,185,400
Total............
Total........$6,185,400
-V. 144, p. 122.
Consolidated Income Account Years Ended Dec. 31
United States Steel Corp .—Stockholders—
3,602,811 shares.
Of the common stock
or
23.92%,
shares
1936.
over
outstanding
on
Dec. 31, 1936
,
2,082,159 shares,
were in brokers' names, representing an increase of 35,634
the 2,046,525 shares, or 23.51%, held by brokers on Sept. 30,
11.58%, so held on Sept. 30.
Investors' holdings of preferred
amounted to 3,194,997 shares, or 88.68% of the outstanding issue on Dec.
31, as compared with 3,185,663 shares, or 88.42%, held by them on Sept. 30.
New York State brokers' holdings of common stock as of Dec. 31 were
1.795,735 shares, or 20.63%, as against 1,756,945, or 20.19%, on Sept. 30.
On the preferred stock their holdings were 367,933 shares, or 10.21%, on
Dec. 31, compared with 377,907, or 10.49%, on Sept. 30.
New York State investors' holdings of common stock on Dec. 31 were
1,313,361, or 15.09%, as compared with 1,304,486, or 14.99%, on Sept. 30.
On the preferred stock their holdings on Dec. 31 were 1,317,570 shares, or
36.57%, as against 1,307,910 shares, or 36.30%, on Sept. 30.
Foreign holdings of Steel common on Dec. 31 amounted to 604,587
shares, or 6.95% of the issue, as compared with 592,858 shares, or 6.81%,
so held on Sept. 30, 1936.
Of the preferred stock, 74,539 shares, or 2.07%,
were owned abroad on Dec. 31, as against 75,385 shares, or 2.09%, so held
Sept. 30 last.—V. 144, p. 469.
shares,
$2,518,406
1,179,094
Operating expenses.
Real estate taxes
as
-
office & hotel bldgs.,
provided by company----------
Deprec.
Investors' common stock holdings on Dec. 31 were 6,621,093 shares,
76.08%, as compared with 6,656,727 shares, or 76.49%, on Sept. 30.
Of the preferred stock outstanding, 407,814 shares, or 11.32%, were in
brokers' names on Dec. 31, a decrease of 9,334 shares from the 417,148
bl934
$2,354,550
1.043,003
'
-Pr°!'-
°^e„rub§ul
or
bl935
$2,328,390
.
Common stock of the United States Steel Corp. outstanding as of Dec. 31,
1936 amounted to 8,703,252 shares, while preferred stock amounted to
on
from real estate &
Net oper. inc.
hotel
al936
630,834
635,964
327,520
608,137
327,520
_
327,520
■
_,Q
—-—---
$213,639
$353,192
$595,218
&c
26,751
12,899
12,813
Total income--——————
$240,390
$366,091
$608,032
173,847
140,9/ 4
135,340
426,037
152,267
d437,356
166,413
©288,689
—
23.872
34,904
sub--
-----
operations
Other income—interest on securs.,
or
United Verde Extension
2.175.272
2,403,732
1935
1,790.046
1,701,020
2,021,016
432,760
2,182,090
1934
2,690,000
2,826,578
2,803,708
2,755,874
1,206,538
1,900,424
2,222,200
2,441,058
y
2,289,138
y
835,942
206,724
1,989,458
2,409,334
1,923,626
2,574,468
2,640,900
2,499,782
x
x
March
April
May
Mining Co.—Output-
1936
Copper (Pounds)—
January
February
2,095,366
—— —
-
Juue
JulyAugust
September
743,612
October.
1,650,616
1,562,624
1,658,716
November
December
1,016,620
743,060
2,055,428
1933
3,014,232
2.710,020
3,013,188
2,977,420
3,006,300
2,673,788
2,745.556
2,610,580
2,682,440
2,536,902
2,586,920
2,736,448
x March production was the first in 1936, the smelter being closed down
during January and February,
y No production.—V. 143, p. 3166.
United
States
Realty
&
Improvement
Co.—Annual
Report—
Edwin J. Beinecke, President, says in part:
The net loss for the year, before deducting depreciation, amounted to
$206,360 as compared with a net loss of $84,075 for the previous year,
before depreciation.
The net loss for the year, after deducting deprecia¬
tion, amounted to $535,633 as compared with a net loss of $413,555 for the
previous year.
>
The balance in reserve for possible losses on investments amounted to
$1,621,797 at the beginning of the year.
During the year $544,739 was
added to the reserve.
Of this addition, $513,134 represents the amount
by which certain security investments were written up to their quoted
market values as at Dec. 31, 1936.
These investments were written down
in 1934 and adjusted on Dec. 31, 1935.
The balance, $31,605, represents
miscellaneous items including savings in purchase of 6% debentures due
Jan. 1, 1944.
Charges to reserve during the year amounted to $39,228,
c
Gen. & corp.
exps.
subsidiaries
of parent co. &
:
Interest charges—
000
Mortgages and debentures
Note pay. secured by interco. mtge.
Bank loans, &c
State
franchise
&
Federal capital
stock taxes
Prov. for Federal income tax of
e0n
183,051
.0
42,455
,
20,000
$535,633
$413,555
$61,503
------
—---
4U/,9oo
$535,633
$413,555
$459,353
Dec. 31
$1,032,829
$623,550
535,633
413,555
Net loss
Net loss of G. A. F. Realty
$713,925
459,353
$1,037,105
$1,273,278
Corp., int.
charges of $166,500 on debs, guarenteed by parent company—
Less
int.
accrd.
on
obligations of
G. A. F. Realty Corp. held by the
■
lU.Uoo
parent company
Net loss
-
-----
-
—
Summary of Deficit Account
Consolidated deficit, Dec.
31
Net loss, as above
Prov. for losses & exps. in
with pending litigation
to
prior
connection
applicable
iuu,uuu
years—
$1,568,463
Total loss.--
Adjusts,
with
(net)
made
elimination
in
connection
of Plaza Oper¬
& sub. and G. A. F.
;
Realty Corp. from consolidate—
Plaza Operating Co. & sub
G. A. F. Realty Corp
Profit on bonds and notes retired—
——
& debs
------
ating Co.
G. A. F. Realty Corp. bonds
Other bonds and notes
Consolidated deficit, Dec. 31
520,oto
-----
15,000
4,276
8,310
$1,032,829
$623,550
_
146
:
$1,568,316
s'fVo
a Exclusive of George A. Fuller Co. and subsidiaries and of Plaza Oper¬
ating Co. b Exclusive of George A. Fuller Co. and subsidiaries; of Plaza
Operating Co. and subsidiaries, and of Savoy-Plaza Corp., a subsidiary in
bankruptcy.
The accounts of G. A. F. Realty Corp. have not been in¬
cluded for the year 1935 but operating results for 1934 are included,
c In¬
cludes depreciation on office furniture and fixtures of $1,753 in 1936, $1,960
in 1935 and $2,139 in 1934.
d Including $158,878 interest on G. A. F.
Realty Corp. debentures guaranteed by parent company,
e Exclusive of
interest on G. A. F. Realty Corp. debentures, guaranteed by parent com¬
pany.
.
Volume
Financial
144
Consolidated Balance Sheet Dec. 31
bl936
Assets—
Cash
Inventories
Sinking fund deposit
693,971
62,501
1
324,105
-
-
_
Savoy-Plaza Corp. (in bankruptcy)
Mtges. rec., invest, in & advances to other real
estate cos., & invests, in other stocks & bonds—
y Real estate, buildings & equipment
Office furniture & fixtures
expenses,
807,351
Selling
expense
Administrative expense
~
Profit
Other income
214,793
13,126
—
14,802
Total
58,742
48,706
-
42,150
19,341
Interest
Loss
on
income-,
>,;■
.
;•
.
Accounts payable
Accrued taxes, int. & wages (Federal income taxes
subject to final review by United States Treasury
Department)
Reserve for pending litigation
Mtge. payments due within one
151,278
35,000
20,000
Payments due within
one year
—
-
year.
207,228
35,000
Total
150,000
8,148
Rents receiv. in advance
dividends.
Federal and State income taxes paid applicable to the year 1935
-
Surplus at Oct. 31, 1936
1,416
3,000,000
325,000
371,500
1,373,500
2,609,500
1,148,000
--—-
3,710,500
$362,285
Note—Because of the suspension of operations, company has not charged
depreciation on machinery and equipment for the strike period which would
have amounted^ to $19,665 under normal operating conditions.
Depreciation charged during the current year and included in cost of
sales amounted to $96,181.
3,000,000
369,500
3,810,000
Consolidated Balance Sheet Oct. 31,1936
Assets—
Liabilities—
Cash in banks &
on
hand
680,000
Deficit
Inventories.—
Land, bldgs., mach., &o
Corp. ins.—cash surr. value.
700,000
2,142,738
18,000,000
1,568,316
Capital stock
1,638,067
18,000,000
1,032,829
Notes payable—bank
Accounts payable—trade. -
$49,171
a293,438
125
3,064
780,565
bl,542,793
Accts. rec.—customers (net).
Accts. rec.—sundry
Trade acceptances
Reserves
Total
400
$418,980
55,083
1,612
-
-
Preferred
20,000
account of principal
Notes payable (secured by pledge of inter-co. mtge.
z
4,607
$15,290
403,290
f
of note
$4,000,000 on Whitehall Bldg.)
Note payable
6%deb. notes, due Feb. 1, 1938 of United States
Realty &<imp. Co
15-yr. sink: fund 6% gold debs, of G. A. F. Realty
Corp., dated Jan. 1, 1929 (guar, by parent co. as
to prin. at maturity, int. & sink, fund payments)
6% sink, fund debs, due Jan. 1, 1944 of U. S.
Realty & Improv. Co
1st mtge. 20-yr. 53^% gold loan of Trinity Blgds.
Corp. of N. Y.f dated June 1 1919 (guar, by
parent co. as to prin., int. & sink, fund paym'ts
6% 1st mtge. of Lawyers Bldg. Corp., due $10,000
semi-annually to Sept. 1 1938
expense
Surplus at Oct. 31, 1935
Adjustment of reserve for Canadian exchange
1
_—
of
-
Net income-.
$71,112
$95,368
-
capital assets
Provision for State and Federal income tax
$29,640,716 $29,430,994
i
$82,070
19,620
$101,690
6,705
418
74,670
-
—
sale of
Non-recurring
Total
Liabilities'"-"'
$1,924,651
1,451,211
301,996
89,374
Cost of sales, exclusive of expenses in strike period
26,723,978 > 27,051,498
&c
Deferred cost of building alterations
$2,134,838
210,187
Returns & allowances, freight Cash discount & excise tax,
Net sales
George A. Fuller Co
Prepaid
:
Sales
Invests, in & advances to subs, not consolidated:
Plaza Operating Co
G. A. F. Realty Corp.
Subs.)—Earnings—
Consolidated Income Account Year Ended Oct. 31, 1936
$894,826
76,338
10,968
25,700
c817,460
d537,501
Accounts, notes & accrued int. receivable
x
Walker Mfg. Co. (&
al935
$549,245
67,451
17,041
116
_
629
Chronicle
Patents—^et book value
-
-
Accrued commissions
Accrued
real
estate
sonal property
34,100
9,176
Deferred charges
-
-
Accounts payable—other
Accrued payroll
$50,000
103,927
11,943
79,945
20,984
&» per¬
taxes-1
21,554
Unemployment compensation
payable
Reserve for State & Federal
8,481
2,846
5,441
4,667
income & cap. stock taxes—
Acer. int. on notes payable..
$29,640,716 $29,430,994
13,771
Preferred dividend declared__
x After reserve for doubtful accounts of $90,612 in 1936 and $167,296 in
1935.
y After reserve for depreciation of $2,425,537 in 1936 and $2,098,017
foayable
Notes
Julyjj 1939.
in 1935.
z Represented by 900,000 no par shares,
a Exclusive of George
A. Fuller Co. and subsidiaries: of Plaza Operating Co. and subsidiary; of
G. A. F. Realty Corp., and of Savoy-Plaza Corp., a subsidiary in bank¬
to bank—due
400,000
-
Preferred stock (par $50)
Common stock
918,050
c725,500
Surplus
b Exclusive of George A. Fuller Co. and subsidiaries and of
Plaza Operating Co.
c Including 11,000 shares prior preferred stock having
a book value of $770,000 deposited as collateral to note payable of $475,000.
d Including 4% note of Plaza Operating Co. for $475,000 due April 30,
1939, deposited as collateral to note payable of $475,000 and including
$62,500 mortgage on 26 West 58th Street.—V. 143, p. 2699.
362,285
Total
$2,720,913
ruptcy.
Total
a
on
the
no-par
a
Feb. 15 to holders of record Jan. 28.
all dividends will have been paid up
exps.
& franch. tax
Excess of income
Profits
or
1934
$460,226
66,788
$393,438
x255,607
losses
on
$7,550,670
a4.921.645
$7,182,676
b3.931,094
1,297,760
1,203,915
1,429,451
1,207,993
1,809,104
1,320,583
66,219
property
& discount
ated companies
79,472
85,066
31,032
40,000
375,000
227",043
160.665
18,566
$1,948,980
99,192
$914,729 loss$199,451
119,459
56,464
$37476*
$2,048,172
$1,034,188 loss$142,987
Dr2,872
Dr764
$99,792
Cr5,960
$1.031.316 loss$143,751
$105,752
Nil
Nil 4
Prov. for contingenciesFederal taxes
Profit
Other income
Profit
Minority
Net
..
a
Dr236
interest
profit
Earns, per sh. on
—$2,047,936
com._
$0.52
Includes depreciation of studio
$0.25
62,616
b Excludes depreciation
properties,
of studio properties.
Common Issue
$469,304
loss515,985
Reported—Would Provide Additional Working
Capital—
The company, it is reported, is planning an offering of new common
to stockholders to provide additional working capital.
The present
it is said, is to offer about 925,000
new share for each four held at a
stock
idea,
shares of new common in ratio of one
price expected to be around $12.50 a
share.
securities sold
*56,649
are
determined
on
The present plan, arrangements for which have not been finally closed,
replaces original proposals for refunding the $31,491,000 6% debentures
at a lower interest rate.
Refunding probably will be done later.
The pro¬
posed offering, it is reported, will provide funds for increased filn production
and for other corporate purposes.
It is expected that Hayden, Stone &
Co. will be one of the chief underwriters.'—V. 143, p. 3487.
the basis of the
average book values.
The* book values are the written down values estab¬
lished Dec. 31, 1931 and (or) subsequent costs.
Note—Investments priced at market quotations as at Dec. 31, 1936,
were approximately $3,629,310 more than the book value thereof as com¬
pared with an excess of $2,145,000 over book value at Dec. 31, 1935.—
v.
$8,602,147
a4,873,634
1,225,602
1,159,088
film costs
Interest
$542,963
73,659
$367,534
$11,034,254
a6,206,112
Prov. for invest. In affili¬
$481,358
61,605
$431,068
63,535
or
Inc. (& Subs.)—Earnings—
28 *36 Nov. 30 '35 Nov. 24 '34 Nov. 25 '33
Nov.
Amort. & deprec. on all
1933
$417,980
42,246
Weeks Ended—
Amort,
over
expenses.
Net profit on sale of sec.
x
1935
$393,273
37,795
$563,944
x413,838
Total income
Oper.
1936
$617,628
22,751
$640,378
76,434
earned
c
Warner Bros. Pictures,
During 1936 dividends were declared payable as follows: $1.75 per share
June 1, $3.75 per share on Dec. 1 and $1.50 per share on Dec. 24 on
the priority stock, aggregating $7 per share, or $644,000, leaving $4.50
per share, or $414,000, unpaid and accumulated as at Dec. 1, 1936.
On
Jan. 14, 1937 a further dividend of $4.50 was declared, payable Feb. 15,
1937 to holders of record Jan. 28, 1937, leaving no accumulated unpaid
dividend as of Dec. 1, 1936.
Based on the market prices of Dec. 31, 1936, the net asset value of the
corporation was $11,874,761, or the equivalent of $129.07 per share of
priority stock, and after allowing for $100 per share plus accumulated divi¬
dends on the priority stock, the equivalent of $3.91 per share of common
stock, as compared with net asset value of $10,245,568 at Dec. 31, 1935, or
the equivalent of $108.60 per share of priority stock and $0.36 per share of
common stock.
In making comparison of the net asset value at Dec. 31,
1936 with that of Dec. 31, 1935, recognition should be given to the 2,340
shares of priority stock which were repurchased for cancellation and retire¬
ment at a cost of $188,970.
Interest
accounts of $1,361.
b After reserve for
Represented by 50,400 no par shares. —V. 143
doubtful
Operating profit—
priority stock, payable
After giving effect to this payment,
on this stock as of Dec. 1, 1936.
cumulative
on
Years Ended Dec. 31—
Dividend income
for
reserve
.
13
dividend of $4.50 per share on account of
$5.50
After
depreciation of $818,778.
2230.
p.
Utility Equities Corp.—Clears Up Div. Accumulations—
The directors have declared
accumulations
$2,720,91
Warner
Quinlan Co.—Hearing Adjourned—
The reorganization hearing held Jan. 21 was adjourned by
143, p. 4019.
Hulbert in Federal District Court until Jan. 27.—V.
Virginian Ry.—40% of Stock Purchased by Koppers Co.
and Eastern Gas—
144,
Judge Murray
296.
p.
Wayne Knitting Mills—Registrar—
A block of 236,000 common shares of the company, representing
approxi¬
mately 40% of the total capital stock of the road, has been sold to a group
closely affiliated with the Mellon interests.
The transaction involved slightly more than $31,000,000, or about $131
per share. The purchasing group is headed by the Koppers Co. and Eastern
Gas & Fuel Associates, both prominent among the Mellon companies, and
by First of Boston Corp. The stock represents part of the holdings of the
estate of H. H. Rogers and other stockholders.
"The sale involves no change in the management of the road or in the
personnel of its officers and directorate," Adrian H. Larkin, chairman
declared.
The sellers retain holdings of both preferred and common stock,
he said.
I
'
The Virginian has outstanding 279,550 6% cumulative ($100 par) pref.
stock, with voting power, and 312,715 shares of common stock.
The
block acquired by the Mellon group thus represents 73% of the outstand
ing common stock but only about 40% of the voting power.—V. 144, p. 123.
The Manufacturers Trust Co. is registrar for
stock, $5 par.—V. 144,
(N.P.L.)
x$7,377
707
in transit-4,555
$38,296
Ore
Sundry debtors
3,433
Equipment
209,489
Property account- 2,121,532
Deferred expenses168,627
x
---$2,515,720 $2,267,432
Includes
Plans
$38
cash
at
2,500,000
2,250,000
2.256
-
531
Dominion inc. tax
3,608
2,928
139,255
1,924,720
158,624
.
Inventories
1935
$12,659
1,986
Open accounts
Pavroll
Open accts
'
1936
$12,908
2,813
Liabilities—
1935
1936
Assess-—
Cash in bank
,
•Balance
31—
See Pie Bakeries, Inc., above.
Walgreen Co.—Listing—
150,000 shares of common
469.
Wayside Consol. Gold Mines, Ltd.
Sheet Aug.
Total
Wagner Baking Corp.—New Name—
p.
Capital stock
Surplus account--
Total..
$2,515,720 $2,267,432
camp.
Changes in Capital Stock—
The stockholders will vote Jan.
27
on
reducing the authorized capital
The New York Stock Exchange has authorized the listing of 35,000 addi¬
tional shares of common stock (no par) on official notice or issuance to em¬
stock from $2,500,000 (par 50 cents) to 500,000 (par 50 cents) by cancel¬
ing four out of five present shares.
It is proposed then to increase the
ployees, making the total amount applied for 893,409 shares.
The 35,000 shares are to be sold and issued to employees, pursuant to
adopted at the annual meeting of the stockholders held on Dec. 9,
1936.
Under this resolution the President is
authorized to cause to be
capital to $1,000,000 by the creation of 1,000,000 additional shares
cents par).—V. 142, p. 475,—V. 140, p. 329.
issued and sold not to exceed in the aggregate 35,000 shares of stock to
such employees, in such amounts and on such terms and conditions as he
At a meeting of the directors on Dec. 29, Arthur J. Cohen was elected
director, succeeding Ralph B. Evans, deceased.—Y. 143, p. 3015.
(50
resolution
may
deem advisable.
Approximately 32,000 shares have been allotted to
employees at $33 per share.
All proceeds, without any deduction for commission or expenses, will be
received and used by the company for additional working capital.—
V. 144, p. 296.
Watertown Light & Power Co.—Tenders—
The Empire Trust Co., as trustee, is inviting tenders of first mortgage
5% 50-year gold bonds, dated Jan. 1, 1909, at a price not exceeding 105 and
accrued interest, in an amount sufficient to exhaust the sum of $16,569.43
available in the sinking fund. Tenders will be received until 3:00 p. m. on
Jan. 29, 1937.—V. 142, p. 1838.
Webster Eisenlobr, Inc.—New Director—
a
Westchester Fire Insurance Co.—-Extra and Larger Div.
The directors
have declared an extra dividend of 10 cents per share
a quarterly dividend of 30 cents per share on the common
stock, par $10, both payable Feb. 1 to holders of record Jan. 21.
Extra
dividends of 10 cents and regular dividends of 25 cents per share were paid
In addition to
in each of the
12 preceding
quarters.—V. 143,
p.
2702.
Westchester Service Corp.—Time for
Filing Claims—
At the Jan. 18, court hearing, Judge Alfred C. Coxe signed an order
extending to Jan. 30, the time for filing proof of claim by deposit of bonds
with the New York Trust Co.
Financial
630
r
the Van Suetendael bondholder committee,
York, from which the required filing
secured.—V. 144, p. 123.
sales
Inc.—Earnings.
& Snowdrift Go.,
Wesson Oil
-
Cost of sales
—
1934
1935
1936
3 Mos. End. Nov. 30—
Net
196,926
$1,572,999
Operating profit
$1,066,828
7,423,411
171,611
50,110
45,875
$1,112,703
4,697
196,373
$887,676 loss$154,089
$1,321,701
$911,633
$729,954 loss$l 66,824
295,655
Total income
Interest
Federal taxes
Net profit
Preferred tividends
365,884
$660,162
$1.75
295,655
292,707
$323,271
L.05
Earns, per sh. on 585,414
shs. com. stk. (no par)
Total.
295,655
76,573
$141,592 def$539,051
Invest. & advances
z
9,904,366
148,101
150,442
Loans & advances.
Deposits in banks
in
liquidation.
300,241
__
148,806
held for employ.
27,460,718
3,244,988
Cash
4,189,782
Miscell. invest...
477,217
Inventories
Accts. & bills rec—
Loans
237,751
$198,943
2,490,000
295,655
292,707
1,748,567
758,767
998,269
3,200,000
—49,093,370 45,272,891
Total
depreciation,
y Represented by 300,000 no par shares
preferred and 600,000 no par shares of common stock,
z
14,586 shares at ctjfet.—V.
of $4
4,645
143/-p. 4172.
and expense
14,342
65,000
20,644
90,000
83,591
—
1
Prov. for inventory
price
31,655
$354,048
$368,302
$366,459
134,854
$1.72
—
Net income—
118,041
$467,152
declines
118,110
$1.00
118,110
$1.12
118,110
$1.09
1935
1936
Liabilities—
1935
1936
$225,869
75,780
56,581
75,706
$302,982
1,419,203 i Funded debt. ... .
57,590 7% cum. pref. stk.
5% cum. pref. stk. 3,365,300
2,733,618 y Common stock-- 1,666,459
632,750
72,991 Surplus
443,500
3,463,200
Pref. treas. stock.-
Dr97,900
SI,032,953 SI,638,503 Accounts payable516,330 Dividends payable
& accts. rec—
538,672
Accrd.bondint.,&c
116,471
1,714,632
33,017
Inventory.
Other assets
x
Land, bl'dgs., ma¬
chinery, &c—.
2,597,948
Deferred assets—
64,752
Income taxes.-
94,839
—
118,110
31,000
68,071
1,651,365
552,747
Auto
heretofore Secretary and Comptroller, has been named
Vice-President and Treasurer; D. F. Cook, formerly Assistant Secretary,
has been appointed Secretary, and P. E. Connor Assistant Secretary.—
V. 144, p. 296
Western
Electric
Co.,
Inc.—Anti-Trust Suits Against
Company and American Tel. & Tel. Co.
Dismissed—
x
suits
Radio
provisions in the early contracts between Electrical Research Products,
Inc., and motion picture producers and theatre owners.
One of these
provisions was the so-called "equality clause," by which E. R. P. I.'s pro¬
ducer licensees agreed to release their sound pictures only to the theatre
two
equipments which would perform with volume and quality equal to that
produced on E. R. P. I. equipment. The second was a clause in the early
of theatre equipments by which the exhibitors agreed to obtain
solely from E. R. P. I. renewal and replacement parts required for theatre
equipments. These clauses, Judge Nields held, were reasonable and proper
during the research and promotional periods of the art. He held that when
the art had reached full commercial development, the clauses were to be
regarded as unlawful.
But he pointed out that under the liberal policy
pursued by E. R. P. I. the equality clause had not in fact operated to
prevent theatre owners having other than E. R. P. I. equipment from
freely obtaining recordings by producers who were E. R. P. I. licensees,
and he found that the so-called renewal and replacement parts clause had
been abandoned by E. R. P. I. long prior to the trial.
Specifically the renewal and replacement clauses were eliminated from
E. R. P. I.'s theatre agreements in November, 1933, and the equality
clause which was not enforced was dropped from its new license agreements
made with Paramount effective March 4, 1933, and with Warner Brothers
effective January, 1934, at which time the same contracts were offered to
E. R. P. I.'s other producer licensees.
For these reasons, the injunction
sought by the plaintiffs against the alleged operation of these clauses was
leases
After
y Represented
143, p. 4172.
depreciation,
through the period of early promotion.
Judge Nields' decision in these cases is of additional interest because it
was upon these same charges that a group of 22 so-called treble damage
suits against the three Bell System companies were brought between July,
1933 and September, 1935, in which alleged damages aggregating $175,000,000 were claimed.
Another interesting development occurred Jan. 18, when Federal Judge
John O. Knox granted the motion of attorneys for American Telephone &
Telegraph Co., Western Electric & Electrical Research Products, Inc., for
comprehensive and detailed bills of particulars in five of these 22 treble
damage suits.
The cases were those of Stillwell Theatres, of Milton C.
Weisman, receiver of Fox Theatres Corp., the William Fox Isis Investment
Co., Harrison Amusement Corp., and the Winchester Amusement Co.,
Inc., whose claims aggregated about $3,000,000. At the time of the appli¬
cation for these bills of particulars, the motions were vigorously opposed by
counsel for the plaintiffs in the five actions.—V. 144, p. 123.
on
—Fourth Week of Dec.—
1936
1935
Period—
Gross earnings (esc.)
$465,888
Jan. 1 to Dec. 21
1936
1935
$394,507 $16,306,409 $14,791,403
Earnings for Week Ended Jan. 7
Period—
earnings (estimated)
—V. 144, p. 296.
Gross
1937
$303,312
1936
$277,854
Increase
$25,458
134,854
$6,098,444 86,533,075
(118,110 in 1935)
Telegraph Co., Inc.—Earnings—
1936—Month—1935
1936—11 Mos.—1935
$7,883,942 $7,280,583 $88,789,939 $81,585,169
6,491.797
6,018,206 72,382,738 67,145.724
39,420
50,964
538,495
571,096
329,577
283,334
3,630,958
3,116,667
Western Union
Period End. Nov. 30—
Taxes assign
to oper
$1,018,867 $13,555,228 $12,065,837
698,253
7,260,632
7,613,825
$1,113,211
615,372
Gross income
Deductions-..
$6,294,576
$320,614
$497,839
Net income
$2,237,747 $10,751,682
1,317,481
1,314,155
$928,079
90,787
Operating income
$1,023,149
Non-operating income-90,062
$4,452,013
4020. 3861.
—V. 143, p.
Westvaco Chlorine Products Corp.—Listing—
authorized the listing of 54,400 addi¬
(no par) upon official notice of issuance,
in exchange for the assets of the California Chemical Co., making the total
amount of common stock authorized to be listed 550,562 shares.
The 54,400 additional shares of common stock will be capitalized at the
value of the net assets of the California Chemical Co. to be acquired, viz.,
$1,484,315.
,
The purpose of the issue is to exchange the 54,400 shares of stock for
the entire net assets of the California Chemical Co. (Del.) engaged in the
mining and processing of magnesite and the manufacture of chemicals.
The New York Stock Exchange has
tional shares of common stock
,
Periods
Consolidated Income Statement for Stated
——Calendar
1934
Gross
sales,
less returns,
$1,421,883
31,950'
30,802
$1,559,400
58,506
$1,258,565
58,679
61,114
88.369
553,874
94,618
84,573
56,415
86,367
493,297
75,677
68,922
$595,997
$618,343
$419,205
153,622
153,622
113",984
113",984
115,216
48,000
142,481
$1.55
-
$1.63
$0.98
55,247
53,683
50,593
493,659
126,566
78,085
funded debt
Other int., discounts
allowed, &c
Laboratory and research
Depreciation
Federal
$1,227,762
33,979
184,224*
earnings
on
$1,525,421
$1,453,834
profit--—
Operating
$5,123,081
3,688,734
206,584
3,899,648
Other income
Interest
Oct. 2 1936
56,121,077
4,361,605
234,050
$5,505,756
Selling, general & administrative exps.
Total
9 Mos. End.
Years1935
allowances
and freight
Cost of sales
taxes
Other taxes
Net income
Dividends—Cash:
7 % cumulative preferred stock
5 % convertible preferred stock
Common stock
Earns, per sh. on
mon
284,962 shs. of com¬
stock
Consolidated
Dec. 28 '35
245,436
Liabilities—
898,241
Accts. pay.,
trade.
Dividend payable.
67,908
rec.
Inventories
67,808
520,385
739,523
ties— at cost
645,799
661,149
846
455
Deferred charges..
Other assets
129,679
69,118
168,708
Fixed assets (net).
6,834,359
112,363
8,477,697
70,227
Other curr. assets
Dec. 31 '35
Oct. 2 '36
Marketable securiAccts. & notes
Sheet
Balance
$
$
Assets—
Cash
.
67,179
Acer,
Res.
State &
2
'36
435,334
48,000
65,038
liabilities..for
Oct.
$
8
29,732
38,405
Federal,
property
taxes—108,058
Note payable
133,398
382,137
debt
1,250,000
Funded
7% cum. pref. stk. 2,194,600
5% cumul. conv.
preferred stock.
Com. stk. (284,962
5,760,000
2,436,359
Capitai surplus—
192,229
Earned surplus
2,088.100
Intangible assets
2,436,359
153,178
2,025,959
8,719,621
11,057,267
shares)
Total
V.
Maryland Ry.—Earnings—
by
Teleg. & cable oper. rev.
Teleg.& cableoper.exps.
denied.
Judge Nields' opinion, which comprised 34 pages of typewritten manu¬
script, is an exhaustive analysis of the history of the introduction of sound
into the motion pictures as a result of research in Bell Telephone Laboratories
Total
$6,098,444 $6,533,075
Total.
(no par) shares.—V.
Uncoil, oper. rev
brought by General Talking Pictures Corp. and
Corp. against American Telephone & Telegraph Co.,
Western Electric Co. and Electrical Research Products Inc., were dis¬
missed as against the two former by Federal Judge Nields, in the U. S.
District Court at Wilmington, Del., on Jan. 16, 1937.
At the same time,
Judge Nields denied the injunctions which the plaintiffs attempted to obtain
against Electrical Research Products, Inc.
The claims of the plaintiffs in these two suits, broadly stated, were that
from the beginning of the effort to introduce and establish commercial
talking pictures, Western Electric Co. and Electrical Research Products
Inc., through alleged restrictive contracts with motion picture producers
and exhibitors and owners of music copyrights, and in other ways, attempted
to monopolize the manufacture and sales of the sound equipment required
for talking motion pictures, including the recording apparatus for studios
and the reproducing apparatus for theatres.
These claims of the plaintiffs
were emphatically rejected by the Court.
In Judge Nields' opinion he dwelt upon the difficulties attending the
early attempts to introduce commercial talking pictures, and he pointed
to the necessity of the precautions which Western Electric and E. R. P. I.
took to insure recordings and performances of sound pictures of a quality
which would merit public esteem and acceptance.
The Court pointed out
that in this effort to establish commercial talking pictures, the Western
Electric Co. and Electrical Research Products, Inc., succeeded where many
others had attempted and failed.
Particular criticism was directed by the plaintiffs in these suits toward
anti-trust
Western
95,750
30,000
Balance Sheet Oct. 31
Lester Hutchings,
The
.
$572,854
88,962
Amort, of bond discount
Cash
Supply Cd.—New Chairman, (fee.—
Don A. Davis, former President, has been elected Chairman of the Board,
and W. W. Humphrey, formerly Vice-President, has been named President.
Duovac
8,870
79,390
redeemed
Prem. on bds.
1933
$536,606
$639,948
54,267
Cash surr. value of
a
1934
22,915
Shs. com. stk. out. (no par)
1,060,642
4.345 in 1935) shares at cost,
$90,526 loss$57,289
profits in the amount of
1935
1936
Earnings per share
cumulative
Western
undistributed
$609,983
Assets—
49,093,370 45,272,891
After
$188,243
for surtax on
Net earnings
Interest.
life insurance---
Total
xl0,700
Tablet & Stationery Corp.- —Earnings—
Western
Bills
Adv. for purch. of
raw material.—
65,000
—
Years End. Oct. 31—
5,886,868
6,371,592
293,494
life insurance
Union
on
(est.)
ginners
&c
7.421
$1,120—V. 144, p. 469.
Cash surrender val.
x
paid
Statutory liability
Trust Co. stock
Prov. for Fed. income tax
Federal tax
conting.
reserve
Union
on
964,758
321,483
1935
306,098
166,254
expenses.
to
&
1,001,900
24,577,608 Paid in surplus— 3,200,000
6,237,466
3,598,410 Capital surplus..
3,666,643 Revenue surplus-- 7,820,402
148,805
1,038,071
Prepaid
Pref. divs. payable
Insur.
aCos.own com.stk.
$7,710
on'Union Trust
sale of claim against
Trust Co
S
Liabilities—
$
Capital stock.—20,571,786 20,571,786
2,658,680
Accts. accrued, &c 3,031,848
4,095,000
295,655
365,884
994,415 Com. divs. payable
Federal tax reserve 1,724,586
748,843
301,564 Res. for oil millexp
202,374
226,435,
269,212
preferred stock.
$97,947
26,050
143,771
sale of securities
Co. stock)
y
Bank loans
Invest, in cos.own
$147,094
100,485
28,174
lossl 0,724
Net profit
x Includes provision
1936
S
S
$152,551
97,515
28,543
71,453
NU
).74
1935
1936
Assets—
Plant, equip., <fcc 9,967,582
27,821
$165,918
84,695
-
Profit (excl. of loss
Loss
Consolidated Balance Sheet Nov. 30
x
26,253
Expenses
on
$119,273
$126,298
-----—-—29,245
Interest on bonds
Profit
1934
1935
1936
$136,673
Dividends-
Interest on debentures
5,222
7.512
17,188
140,534
295,655
292,707
dividends
Surplus
Investing Corp.— Earnings—
Western Reserve
Years Ended Dec. 31—
$847,559 loss$192,777
40,117
38,688
$1,623,109
12,855
288,553
Other income
Common
1933
$7,402,245
171,403
186,494
Depreciation
Co. of America was high bidder for $2,320,000
certificates when tenders were opened Jan. 15.
144, p. 469.
The Prudential Insurance
of 3% equipment trust
Thei bid was 100.34.—V.
Did
„
$15,395,802 $18,522,866 $14,169,194
13,625,877
17,269,544
13,150,232
RR.—Equipment Bids—
Western Pacific
Prompt action is urged by
15 North Broadway, Yonkers, New
form may be
1937
Jan. 23,
Chronicle
8,719,621
11,057,267 I
Total
144, p. 296.
Wickwire
Spencer Steel Co.—Holders of
Urged to Deposit Certificates to Preserve Rights—
V.
T.
C.
Holders of voting trust certificates have been notified by the reorganiza¬
tion committee that, in accordance with an order of the court, they must
deposit their certificates with Chase National Bank, New York, depositary,
on or before Jan. 25 in order to retain their right to subscribe for stock or
the reorganized company in accordance with the terms of the plan of
Volume
Forms of letters of transmittal may be obtained from the
reorganization.
—Creede Wilson,
Bond
^hile'the
December earnings have not yet been made public, it is ex¬
pected that the operations for the six months' period July 1 to Dec. 31,
1936, will show earnings, after depreciation and interest on the proposed
indebtedness of the reorganized company, at the rate of over $2 per share
per annum on the stock of the reorganized company.
Certificate holders who deposit their stock will nave the right to sub¬
scribe at any time within 60 days after the consummation of the plan.
These rights have been selling at from 20c. to 40c. per share and in view
of the earnings of the company and the anticipated increased earnings
which will result from the reorganization, in the opinion of the committee,
it would seem as though these rights should have a very substantial value
when the
offices at
50
Franklin H. Thomas, Frank J. Davis and Paterson
—Adams, Dunne & Co., 231 S. La Salle St., Chicago, announce that
Frederic H. Bradshaw and Carl W. Tabke, both formerly of Hammons &
Mr. Bradshaw will manage
Co., have become associated with their firm.
the firm's statistical department and Mr. Tabke will
—Bartlett-Baxter & Co.,
that
Winsted Hosiery
Both
new
Dividend—
the
to
York City, have issued
circular
—W.
the Alabama
on
&
Vicksburg Railway Co. 6%
S.
Putnam,
bank and
insurance
stock statistician
vice-president.
as
Mr.
Bartling
formerly associated with the
was
National City Company and Porter Fox & Co., and until recently was a
member of the Chicago Stock Exchange.
—Campagnoli & Co., Inc., 41 Broad St., New York, has prepared
review
building
on
construction,
printing, automobile trucks,
few companies in each
electrical
and motion picture theatres covering
sugar
—Richard S. Hawes Jr.
announces
the opening of his office at 315 North
Mr. Hawes will specialize in reorganizations,
£5,298,404
1,112,445
£4,879,949
1,007,671
£4,525,383
1,117,435
formerly with Bristol &
£4,185,959
£3,802,278
232,500
2,906,250
232,500
2,325,000
£3,407,948
225,000
2,250,000
£916,315
100,000
100,000
£1,047,209
100,000
20,000
£1,244,778
50,000
£716,315
£927,209
—Hetfield
1,256,127
—
5,614,453
that
announce
the opening of a
Larkin
and
circular on the State of Arkansas refunding bonds
a
with comparative figures on
10,000
£1,184,778
£872,948
Tullahoma,
the highway fund revenues for the
—James
3,556,727
Talcott, Inc. has been appointed factor for Owens Mfg. Co.
Tenn.,
Woolen
manufacturers
Mills,
of bedspreads
and draperies and for
Inc., Lebanon, Tenn., manufacturers of woolen
current "Review" in which the firm surveys
—J.
a
Roy Prosser & Co., 52 William St., New York,
and public utility
are
now:
with the Barrett Company, has resigned and is
Howard A. Ives,
now
associated with
—Burt Foss Nichols, formerly with Hoit, Rose & Troster, announce the
opening of offices at Sixty Broad Street, New York, to transact
investment securities business under his
—Hoppin Bros.
announce
Zenith Radio Corp.—To Pay
50-Cent Dividend—
share on the com¬
mon stock, payable Jan. 30 to holders of record Jan. 22.
This will be the
first payment made since Nov. 1, 1929 when a similar amount was dis¬
bursed.
In letter to stockholders advising them of the current action, E. F.
McDonald Jr., President, stated: "Our fiscal year cioses April 30, 1937,
and before that date your directors will again meet to vote further dividends
out of the
earnings of this present fiscal year."
Mr. McDonald added that sales for this fiscal
they are successors to Eckert, Degen, Palmer & Co. and that
H. B. Crane, certified public accountant of the State of New Jersey and
—An analysis
of the position of National Printing Appliance Corp. in
publishing field has been prepared by Whittaker Brothers
Co., Inc., 120 Broadway, New York City.
—Hanson &
Hanson, 25 Broadway, New York City, have prepared in
circular form an
are now
—Amott,
Schultz
announce
that Robert W. Ebling and James D.
in their retail sales department and Daniel C. Dillon is in
Messer certified public
ac¬
York has recently become a member of their
Baker
&
~
Inc.,
Co.,
New York,
Buffalo
and
Philadelphia
investment firm, has opened an office in Boston at 49 Federal St., in
charge
of James P. Rohrbach.
—A. E. Ames & Co., Ltd.,
circular
the
on
revenues
120 Broadway, New York, have prepared
a
of the Dominion of Canada for the nine months
ended Dec. 31, 1936.
accounting staff.
—Distributors Group, Inc., 63 Wall St., New York City, have prepared
—James G. Phillips, well known La Salle St. statician, has opened his
investment counselor firm in the Bankers Building,
105 West Adams
a
statistical study of General
—Adams & Peck,
Mr. Phillips was, for the past nine years,
exchange firms in Chicago
as manager
associated with several stock
form
of their statistical departments, and
in the brokerage business in New York City.
—The business of Stein Bros. & Boyce will
be carried on under the
Surviving partners include O. Prevost Boyce, Henry O. Evans, William
Kidd, Milton S. Trost, Loring A.
with the Commodity Department of
.
Scott Grover who
brief
that John H. Stewart has been elected
York, has prepared
a
—Edward W. Ewen and Irving J. Piken have been appointed assistant
O.
Sheridan,
member New York Curb Exchange,
admitted to general partnership in
Berdell Brothers.
has
been
|
—Newfield & Co., 650 South Spring Street, Los Angeles, have prepared
Post & Flagg, has resigned to take
He will be assisted by
will head the Commodity Research Department.
—Cassatt & Co., Inc. announce
a
secretaries of the Trust Company of North America.
a
brief
resume on
—Brown
and other exchanges.
Vice-President of the corporation.
Inc., 57 William St., New York, has prepared
—Homer & Co., Inc., 40 Exchange Place, New
—Lewis
12 years has been associated
charge of the Commodity Department of Whitehouse & Co., members of
New York Stock Exchange
Co.,
special circular on the high-grade railroad bond market.
J. Dodson and Robert S. Lansburgh.
—Harold W. Murphy, who for the past
63 Wall St., New York, are distributing in circular
analysis of Abercrombie & Fitch Co. $6 cumulative preferred stock.
—Burr &
same
by the surviving partners, in accordance with arrangements pre¬
Cover Jr., Fitzhugh
an
analysis of the Bullard Co., manufacturers of automatic machinery tools.
viously made, it has been announced following the death of Julian S. Stein.
T. Ohilds, William S. Wilson, O. Newton
American Investors Corp. covering the period
1930-1936 inclusive.
St., Chicago.
was
analysis of Tennessee Central Railway Co. with special
stock.
reference to the common
registered municipal accountant of New Jersey and C. G. O'Brein have
countant of the State of New
of New York will supervise the
the trading department.
—Eckert, Degen, Crane & Co., First National Bank Bldg., Easton, Pa.,
H.
Trust Co.
the printing and
—Harrison &
NO TIC E S
Donald
Richardson, Gerald J.
549,000 coupon bonds of the City of Newark, N. J.
Gorrie
partnership.
Co., members of the New York Stock Exchange,
the association with their firm of Andrew
—The Continental Bank &
&
year have continued at
100% greater than last year which was the company's
He also stated that initial orders for the new line of automobile
radios just presented to distributors are greatly in excess of total business
in that division in the entire preceding year.—Y, 143, p. 3488.
to
general
preparation and certify to the genuineness of signatures and seal of $2,-
over
record year.
CURRENT
&
a
own name.
Doolittle, Ward B. Rulon and William R. Speck.
The directors have declared a dividend of 50 cents per
name
Officers
—Washington Dodge, formerly financial editor of "Time" and In recent
years
$100, payable Feb. 15 to holders of record Feb. 6.
This payment will clear
up all accruals on the issue.
See Y. 143, p. 3337 for detailed record
of
dividend payments.—V. 143, p. 3£88.
prior to that
Inc.
President: John D. Eldredge, Treasurer; Wendell P. Harper, Secretary.
Biggs, Mohrman & Co., members of the New York Stock Exchange.
The directors have declared a dividend of $9.62 K per share on account
of accumulations on the 5H% cumulative preferred stock, series A, par
own
stocks and public utility, real estate and industrial bonds.
by Ives, Harper & Eldredge,
24,000 shares
$100 par share will receive four $25
Wiped Out—
admitted
distributing
—Raymond-Eldredge Co., Inc. of St. Paul, Minn, has been succeeded
Youngstown Sheet & Tube Co.—Dividend Arrearages
been
are
their current offering list of bank and trust company, insurance, industrial
that the present authorized capital amounting to $2,400,000 par
Each holder of
shares.—V. 139, p. 2378.
distributing their
are
the economic situation in this
country from the standpoint of the position in the long term recovery trend.
Change Par Value—
value will consist of 96,000 shares of $25 par value instead of
1935
blankets.
Stockholders voted, subject to approval of Massachusetts Department of
Public Utilities, to change the par value of the capital stock from $100 to
of $100 par value.
years
and 1936.
carried to
Worcester Electric Light Co.—To
Reilly
Tenenbaum & Harris, Inc., Boatmen's Bank Building, St.
—Peltason,
Louis, has prepared
£3,507,978
Amount
Joseph R.
municipal bond department under the management of
£932,949
50,000
10,000
4,429,675
Felix E.
Willett have become associated with them and
A. C. Huff Jr.
Lebanon
6,541,663
res've b3,750,000
Co.
—Spencer Trask & Co., 25 Broad St., New York,
announce
a
of additional properties.
reserve
the rate of
brief
capital structures, mergers, consolidations, new financing and acquisition
£6,541,663
£5,614,453
£4,429,675
general reserve and capitalized
by issue of 15,000,000 ordinary shares,
c Includes cash bonus of 6d. per
share, less tax, amounting to £571,875.—V. 143, p. 3488.
par
a
advertising and
equipment,
field.
1933
Balance..—
Bal. brought for'd from
so
&
—Herbert W. Bartling has become associated with Geo. T. Leach & Co.,
Inc.
1934
Stafffund
$25
Bond
of
City bank stocks reflecting the progress made during the
fourth quarter and full year 1936 by those institutions.
£4,576,315
228,750
c3,431,250
b
common
guaranteed by the Illinois Central Railroad Co.
are
1935
Prov. for taxation to date
taxes,
stock and the
14 New York
dividend of 40 cents per share on the capital
1936
deprec.,
mgrs.' re¬
muneration, &c
£5,832,442
Before
a
Goodwin, Inc., 63 Wall St., New York, has prepared a memorandum on
after
Bal. carried forward—
as¬
the company's plan of reorganization is consummated.
company if
stock, which
directors' &
Amt. car'd to gen.
become
preferred stockholders of the American Writing Paper Co.
Seventh St., St. Louis, Mo.
year
have
associated with Abbott,
Vicksburg, Shreveport & Pacific Railway Co. 5% pref. and 5%
(F. W.) Woolworth & Co., Ltd.—Earnings—
preceding
was
—Joseph Walker & Sons, 120 Broadway, New York City have issued
stock, par $5, payable Jan. 30 to holders of record Jan. 20.
An extra
dividend of 75 cents was paid on Dec. 19, last and a regular quarterly pay¬
ment of 37M cents per share was made on Oct. 30, last.—V. 143, p. 3861.
Balance—.
Wadden Jr.
formerly with F. A. Brewer &
describing the difference in market value of their holdings in the old and
WJR, the Goodwill Station—Larger Dividend—
Net profit.
were
—Gearhart & Lichtenstein, 99 Wall St., New
letter
share each
dividends of $1.50 per share on the
capital stock.
The dividends will be paid on the first day of February,
May, August and November to holders of record Jan. 19, April 15, July 15
and Oct. 15, respectively.
Similar payments were made during 1936.—
V. 142, p. 640.
Preference dividends
Common dividends
men
Proctor & Paine.
Co.—Extra Dividends—
a
135 S. La Salle St., Chicago, announce
Inc.,
Heter and William M.
B.
Co., Inc., and prior to that time Mr. Wadden
addition to the regular quarterly
The directors have declared
Rubolph
sociated with their firm.
The directors have declared four extra dividends of 50 cents per
a
be in charge of the
municipal securities department.
The directors have declared an extra dividend of 40 cents per share on
the common stock, no par value, payable Jan. 28 to holders of record
Jan. 23.
An extra dividend of 35 cents in addition to a regular quarterly
dividend of 25 cents per share was paid on Dec. 29 last.
An extra dividend
of 25 cents was paid on Dec. 30, 1935—V. 143, p. 3653.
Building
James G. Graham
Jr. will be in charge of the trading department.
a
Profit
Co. with
New York, to deal in investment bonds and to
Broad St.,
advisory service to out-of-town institutions.
an
plan is consummated and the stock available for subscription.
Wieboldt Stores, Inc.—Extra
a
of the firm of Creede Wilson &
the formation
announce
provide
Any certificate holders who desire to preserve their rights should at once
deposit their stock with the depositary.
VJThere are outstanding voting trust certificates representing over 950,000
shares of the stock of the company.
Since these certificates are, widely
held and the transfer books for the certificates have been closed for some
time, it is probable that many of them are held by owners who are not
the holders of record and who, therefore, may not have received notices
of the necessity of depositing their certificates by Jan. 25 in order to pre¬
serve their rights to subscribe.
The reorganization committee is anxious
that the certificates be deposited promptly as this should help in carry¬
ing out the plan at an early date.
By depositing their certificates the
holders will not become obligated to subscribe to the new stock but will
preserve their rights to subscribe and may exercise these rights as above
stated or may sell them.—V. 143, p. 3862.
in
631
Financial Chronicle
144
circular
on
the New Richfield Oil Corporation.
Young & Co.,
Inc., 70 Pine St., this city has prepared
Interstate Home Equipment Co.,
—Outwater & Wells, 15 Exchange Place,
a
a
list of New Jersey municipal
a
Inc.
Jersey City, N. J„ have issued
and county bonds.
632
for
COMMERCIAL EPITOME
Friday Night, Jan. 22,
Coffee—On the 16th inst. futures
up
1937.
closed 10 to 12 points
for the Santos contract, with sale3 of 39 contracts.
The
Rio contract closed 9 to 8 points up, with sales of 39
new
The old Rio contract
contracts.
sale
of
one
closed 10 points up, with
100 reis
Rio futures were 75 reis off to
lot.
The Rio spot quotation was 200reis lower at 18.800.
gained 1.75 to 0.25 francs.
The open market
dollar rate was unchanged from Friday at 16.180 milreis to
the dollar, as quoted by the Bank of Brazil, and by others
at 16.100 milreis to the dollar.
On the 18th inst. futures
higher.
Havre futures
points down for the Santos contract with
sales of 89 lots.
The new Rio contract was 6 to 5 points
closed
13
to
5
The old Rio contract was
points lower, with sales of 6 lots.
Rio futures were 275
to 300 reis higher at 19.000 milreis for January and 18.300
for March.
The Rio spot quotation was 200 reis up at
19.200.
The Bank of Brazil quoted the exchange rate un¬
changed at 16.180 milreis to the dollar, while the rate quoted
by others was 60 reis weaker than on Saturday at 16.160.
Havre futures were 5.50 to 4.50 francs higher.
On the
19th inst. futures closed 10 to 16 points down for Santos
lower, with sales of 26 contracts.
6
of 131 lots.
The new Rio contract
points off, with sales of 53 lots.
The old
Rio contract closed 19 points lower, with sales of 14 lots.
Rio futures were 15 to 150 reis off at 18.925 milreis in January
contracts, with sales
closed at 13 to 8
and
18.150
in March.
The
Rio spot
quotation was
un¬
changed at 19.000 milreis.
The open market dollar rate
remained unchanged at 16.160 milreis to the dollar, while
the Bank of Brazil continued to quote 16.180 milreis to the
dollar.
Havre futures were 3.75 to 4.50 francs lower.
On
the 20th inst. futures closed 2 to 5 points up for Santos
contracts, with sales of 115 lots.
New Rio contracts closed
points lower, with sales of 67 lots.
Old Rio contracts
closed 11 points up, with sales of 7 lots.
Yesterday was a
holiday in Rio de Janeiro.
Havre futures closed 4.50 to
1 to 5
5.25 francs lower.
t
On the 21st inst. futures closed 10 to
v
i
6 points higher for
with sales of 127 lots.
The new Rio
points up, with sales of 32 lots. The
closed 9 points up, with sales of '16 lots.
200 to 175 reis higher at 19.125 milreis in
the Santos contract,
contract closed 9 to 4
old Rio contract
Rio futures
were
January and 18.325 in March. The open market dollar rate
held steady at 16.160 milreis to the dollar, with the Bank
of Brazil still quoting 16.180 milreis to the dollar.
Havre
futures were 7.50 to 10.000 francs better.
TodaJ* futures
11 to 8 points down for the Santos contract, with
totaling 39 contracts. The new Rio contract closed 11
to 8 points down, with sales of 36 contracts.
Foreign
markets were mixed, Havre reporting losses of from 1% .to
2% francs, with sales of 40,000 bags, while Rio de Janeiro
futures were from 25 to 100 reis higher.
J;;
closed
sales
Rio coffee
prices closed as follows:
7.531 July
-7.30 September
December
March
Santos coffee
7.45
7.49
7.381
May
prices closed as follows:
10.441 December
March,
May
10.51 September
10.53
10.55
July....................^...10.53)
Cocoa—On the 16th inst. futures
closed 13 to 22 points
Transactions totaled only 286 lots, or 3,832 tons.
This was quite a substantial recovery from the sharp re¬
action of the previous session. London came in unchanged for
actuals and unchanged to 9d. lower on the Terminal cocoa
market, with 860 tons selling there.
Local closing: Jan.,
12.70; May, 12.83; July, 12.89; Sept., 12.88; Oct., 12.85;
Dec., 12.62. On the 18th inst. futures closed 32 to 23 points
down. I These levels were 40 to 50 points under tops reached
in the early trading. After trading at well over 13c. for the
later deliveries, cocoa contracts sagged sharply, yielding
ground rapidly under persistent profit taking. Transactions
totaled 748 lots, or 10,023 tons.
London came in firm,
outside prices showing gains of 6d. over Saturday and
quotations on the Terminal Cocoa market ranging 3d. to
7Kd. firmer, with 2,700 tons transacted on the latter. Local
closing: Jan., 12.38; May, 12.55; July, 12.63; Oct., 12.62;
Dec., 12.39. • On the 19th inst. futures closed 13 to 9 points
lower. The low prices for the day registered 14 to 24 points
down from previous close.
London was weak, actuals
breaking Is. 3d. and futures on the Terminal cocoa market
ranging Is. 6d. to Is. 9d. weaker, with 2,130 tons of the
higher.
latter traded.
Sales in the local market totaled 8,911 tons.
Profit taking was
again the main factor in the declines. As
however, a large volume of sup¬
the market worked lower,
port developed.
Local closing:
Jan., 12.25; May, 12.45;
July, 12.53; Oct., 12.51; Dec., 12.29.
On the 20th inst.
futures closed 15 to 19 points up. Transactions totaled 463
lots, or 6,204 tons. Strength in the London market accounted
a
good bit of the support that developed here. Actuals
6d., while futures recovered 10%d.
in that center rose 3 to
to
Is.
Id., with transactions totaling 1,470 tons.
In the
substantial volume of new buying
local market there was a
together
with
heavy
covering by recent shorts
Local
Jan., 12.41; May, 12.60; July, 12.69; Oct., 12.68;
Dec., 12.48.
On the 21st inst. futures closed 21 to 19 points lower.
Transactions totaled 461 lots, or 6,177 tons.
London was
closing:
3d. higher on the outside and 9d. to 4%d. easier on the
exchange, with only 620 tons trading on the Terminal Cocoa
Market.
Local closing: Jan. 12.20; May 12.40; Sept. 12.53;
Oct. 12.49; Dec.
12.29.
Today futures closed 45 to 34 points
Frequent rallies have taken place in this market,
but their failure to hold has done much to discourage weak
lower.
holders, and this is reflected in the heavy
liquidation that
from time to time.
Local closing: March 11.87;
May 11.98; July 12.07; Sept. 12.08; Oct. 12.04; Dec. 11.95.
appears
Sugar—Op the 16th inst. futures closed unchanged to
points lower.
Transactions totaled only 143 lots, or
7,100 tons. The market for the week, adversely influenced
by the Secretary Wallace statement that he would propose
a processing tax of
3^c. to lc. per pound in this session of
Congress, ended 13 to 21 points below the previous week's
levels.
In the market for raws it was confirmed on Satur¬
2
day that late in the previous session a cargo of 3,000 tons
Cuba's for second half February shipment was sold
to Arbuckle at 2.90c., cost and freight.
Other sales effected
in that session, not previously reported, were 5,000 bags of
Cubas for February shipment to Henderson by sea train at
2.88c. and 1,000 bags of Louisiana raws at 3.78c. delivered,
to Colonial.
The world sugar market reflected a quiet
session, with sales of 266 lots, or 13,300 tons. Prices ended
1 to 3 points lower, except for March, which was unchanged.
The London term market on Saturday was quiet and ir¬
regular, prices closing %d. lower, with sales of 15,000 tons.
On the 18th inst. futures closed 3 points down except for
the March and May deliveries.
The market appears to be
still under the effects of Secretary Wallace's announcement
that he would propose a processing tax of }/<$,< to lc. per
pound on sugar.
Closing prices were at the lows on the
current downswing and about 20 to 27 points away from
the tops established at the start of the year.
Transactions
totaled 14,400 tons. In the market for raws it was confirmed
yesterday that Godchaux bought Cubas at 3.75c. delivered
(2.85c. e. and f.), but the quantity and position were not
learned.
New York refiners for nearby positions, it was
reported, would pay 3.75c., but generally they were show¬
ing no interest. In the world sugar contract market prices
dropped 2 to 4k£ points from the previous close. Transac¬
tions totaled 28,450 tons.
The London market was quiet
but steady, with raws unchanged.
Terme prices closed
Id. higher to Md. lower.
On the 19th inst. futures closedi
1 point higher to 1 point lower.
The market was quiet,
with sales of 211 lots, or 10,550 tons.
The price move¬
ment was extremely narrow, March, July and September
moving only a point and other months selling at one price.
In the market for raws a rumor of business at 2.85c., c. and f.,
equal to 3.75c. delivered, was current yesterday, but it was
not confirmed.
Sellers were asking 3.80c. for a fair line of
sugar, and while not definitely offered, interest in one
quarter was solicited at 3.78 cents.
The world contract
market for sugar closed 5 to 8 points down.
Trading was
active, sales totaling 32,150 tons. On the 20th inst. futures
closed 1 point higher to 1 point lower.
Transactions totaled
12,050 tons.
Trading was relatively small, with fluctua¬
tions within an extremely narrow range.
The market
appears to be marking time pending further developments
on a processing tax.
In the market for actual raws National
bought 3,000 tons of Philippines for February-March ship¬
ment at 3.75c. delivered yesterday, unchanged from the
last quotation established on a previously unreported sale
effected on Monday, of 25,000 bags of Cubas for secondhalf February shipment to Ar buckle.
The world sugar con¬
tract market closed 2 to 4^ points higher, with transac¬
tions totaling 18,900 tons.
A resale in London, according
to a private cable, was effected at 5s. 9}£d., equal to 1.02c.
f.o.b. with freight at 22s., and the refined price was
of
reduced
3d.
On the 21st inst. futures closed 1
4,-v
point higher to 1 point
lower.
The January delivery, however, was an exception,
that month expiring on this date, and with the appearance
of 7 notices that
option ended 3 points lower at 2.88c. Total
were 233 lo ts, or 11,650 tons.
Trading
generally quiet, with prices ruling within a very narrow
range.
In the market for actual raws American bought
2,000 tons of Philippines at 3.75c. for February-March ship¬
ment and 10,000 bags of Cubas for February shipment at
the equivalent basis of 2.85c., ex-duty.
The buying was
inaugurated by McCahan who got 1,000 tons of Philippines
transactions in futures
was
Volume
144
Financial
for
March-April shipment at 3.75c.
At the same price an
operator purchased 2,000 tons in the same position. Whether
a new
spot price of 3.75c.
was
established
on
the sale of Cubas
Chronicle
The heaviness of lard was due
largely to the continuance of
heavy hog receipts and steady accumulation of large lard
stocks.
to the
American, was not determined. World sugar contract
prices ruled irregular, finally closing unchanged to 1 34 points
down.
Total sales were 240 lots. Today futures closed 2 to
4 points up for the domestic
contract, with sales of 167 con¬
tracts.
in
vance
No. 3 domestic sugar contracts
responded to an ad¬
c. & f.
prices made when the market was cleared of
offerings at the 3.80-cent level after additional sales late
yesterday at 3.75c. to operators.
Offerings were limited
and prices advanced to 3.85c. and
3.90c., with refiners
reluctant to follow the operators' lead.
tracts
were
No. 4 world
234 points lower, with transactions totaling
257 contracts.
London futures closed 34d. to Id. higher. A
cable today revealed that 79 Cuban centrals are now
grinding
the new crop, an increase of 15 since
Wednesday.
Prices
follows:
were as
July
2.851 May
2.891 December
September
2.88
2.86
2.851
Sugar
Consumption in 13 European Countries In¬
4.2% During First 11 Months of 1936
Consumption of sugar in the 13 principal European coun¬
tries during the first 11 months of
1936, January through
November, totaled 6,975,089 long tons, raw sugar value,
creased
contrasted with 6,695,922 tons consumed
as
during the sim¬
period of 1935, an increase of 279,167 tous, or approxi¬
mately 4.2%, according to Lamborn & Co., who further
ilar
said:
The 13 countries
included in the survey are Austria,
Belgium, Bulgaria,
Czechoslovakia, France, Germany, Holland, Hungary, Irish Free State,
Italy, Poland, Sweden, and the United Kingdom.
Sugar stocks
4,814,000 tons
crease
of
hand for these countries
on
as
against 4,870,000 tons
56,000 tons,
or
on
on
Dec.
the
1936, amounted to
1,
same
date in
1935,
a
rent season which started
O. Licht, the
long tons,
raw
Lard—On the
on
as
cur¬
Sept. 1, 1936, according to advices received
European
sugar,
season, an increase of
de¬
approximately 1.1%.
Production of sugar for the 13
principal European countries for the
from F.
sugar
authority, is forecast at 5,897,000
compared with
298,000 tons,
or
5,599,000 tons in the previous
5.3%.
16th
Inst, futures closed unchanged to 5
The lows for the day were 10 to 17 points
under the previous close.
The continued slow cash demand
points lower.
for
lard, together with
in the past month and
the heavy accumulation of stocks
half have been the
a
principal factors
operating against values.
The demand for hogs was re¬
ported slow at Chicago on Saturday, with prices mostly
10c. lower than
Friday's average.
Receipts for the Western
run totaled
18,800 head, against 19,200 for the same day
last year.
Liverpool closed 2s. lower for the spot month
and January delivery, and Is. 6d. lower on the
May delivery.
On
Short
the
18th
inst.
covering and
fu
ures
closed
5 to
12
points higher
stronger corn market were the in
fluences contributing to the firmness of
today's lard market.
Price at one time advanced 10 to 15
points over the previous
close.
Hog prices were depressed, due to the fairly heavy
receipts at the leading Western markets.
Chicago prices
a
at the close
were 5 to 15c.
lower, the top price registering
$10.55, with most of the sales reported ranging from $10.10
to $10.20.
The Western run registered
88,300 head, against
64,100 for the same day a year ago.
Liverpool closed 6d.
higher to unchanged.
Over the week-end it was reported
that 40,580 pounds of lard cleared from
the Port of New
York for London and Bristol.
On the 19th inst. futures
closed 7 to 15 points down.
There was no special feature
to the trading, it being
largely scattered selling induced by
large stocks of lard.
November lard production was
the largest in 1936,
according to trade reports, and totaled
103,020,000 pounds, while lard consumption and
exports
for the same month totaled
90,663,000 pounds, which meant
an
addition of nearly 13,000,000
pounds to stocks.
The
Western hog run was 80,500
head, against exactly the same
the
amount
on
the
same
day a year ago.
Hog prices were
unchanged to 10c. down.
The top price at
Chicago was
$10.25, with the bulk of sales reported ranging from $10.05
to
$10.25.
Lard exports
reported yesterday
destined
for
were
Liverpool.
from the Port of New York
as
light and totaled 40,600 pounds
Liverpool lard prices were un¬
changed to 6d. higher.
On the 20th inst. futures closed
2 to 10 points down.
The market is now regarded as
being
in a strong technical position, the recent decline
of approxi¬
mately 100 points serving as grounds for that statement.
However, as long as stocks of lard keep piling up and hog
receipts continue large, traders do not appear inclined to
become aggressive on the
upward side of the market.
At
Chicago hog prices were 5 to 10c. higher, with the top price
$10.35 and most of the sales ranging from $10.15 to $10.30.
The Western
for the
the
same
Port
run
totaled 58,100 head,
against
day last
of New
year.
York
were
75,800 head
Export clearances of lard from
117,600 pounds, destined for
London and Marseilles.
Liverpool closed 6d. to Is. lower.
points higher. The
principal support appeared to come from short covering.
There was nothing particularly
stimulating in the news, with
hog marketings liberal, totaling 44,800 head against 26,900
for the same day last year.
Closing hog prices were 10c. to
15c. higher, with the bulk of sales
ranging from $10.25 to
$10.40 and the top price for the day $10.45.
No export
clearances of lard were reported.
Liverpool closed unchanged
to 9d. higher.
Today futures closed 3 to 8 points down.
On the 21st inst. futures closed 7 to 15
DAILY CLOSING PRICES
Sat.
OF
LARD
Mon.
January.
13.40
March.
13.45
13.75
13.82
13.92
14.05
May
July
FUTURES
Tues.
13.45
13.60
IN
Wed.
13.37
CHICAGO
Thurs.
13.32
13.40
Fri.
13.65
13.67
13.92
13.67
13.85
13.45
13.40
13.50
13.75
13.37
13.97
13.92
13.42
Cottonseed Oil, sales, including switches, 126 contracts.
Crude, S. E., 1034c.
Prices closed as follows:
February
11.40
11.39
March
June
11.45(
11.MH
11.50<
11.46(
11.40 July
August...
11.46@ IIII September.,
Agril
ay
.
11.45@
con¬
2 to
March
633
Pork—Mess, $32.00
per barrel; family, $31.00 nominal,
barrel; fat backs, $26.00 to $28.00 per barrel.
Beef:
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. 1334c.;
6 to 8 lbs., 1334c.; 8 to 10
lbs., 1334c.
Skinned, Loose,
c. a. f.: 14 to 16
lbs., 2134c.; 18 to 20 lbs., 19^c.; 22 to 24
lbs., 1734c. Bellies, Clear, f. o. b., New York: 6 to 8 lbs.,
1934c.; 8 to 10 lbs., 1934c.; 10 to 12 lbs., 1934c. Bellies,
Clear, Dry Salted, Boxed, N. Y.: 16 to 18 lbs., 1734c.; 18 to
20 lbs., 1734c.; 20 to 25
lbs., 1734c.; 25 to 30 lbs., 1734c.
Butter: Creamery, Firsts to
Higher than Extra and Premium
Marks: 3014 to 33V2g. Cheese: State, Held
1936,21 to 2234c.
Eggs: Mixed Colors, Checks to Special Packs: 18c. to 2434c.
per
Oils—Linseed oil market at Buenos Aires is
being watched
closely, as its action under the heavy movement of seea is
expected to influence local linseed prices. Quotations: China
Wood: Tanks,
January-February 14c.; March-April 1334c.;
M-J for'd 13.1 to 13.2c.; Drums
spot, 1434c.
Cocoanut:
Manila, tanks, Coast, April for'd, 834c.; J-F 934c.; Spot
10c.
Corn: Crude, tanks, outside, 1034c. Olive:
Denatured,
Nearby, Spanish, $1.55 to $1.65; Shipment, $1.45 to $1.55.
Soy Bean: Tanks, mills, futures, 10 to 1034c.; C. L. Drums,
11c.; L. C. L., 11.5c. Edible: 76 degrees, 16c. Lard: Prime,
15c.; Extra strained winter, 14c.
Cod: Crude, Japanese,
49c. nominal; Norwegian Yellow,
light, filtered, 2734c. Tur¬
pentine 45 to 5234c. Rosins: $10.50 to $14.35.
Petroleum—The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our
department of "Business Indications,"
in the
article entitled
Rubber—On
the
"Petroleum and
16th
inst.
Its
Products."
futures closed 3 to 14
points
Transactions totaled only 430 tons.
Closing quota¬
were
unchanged at 22c. for stand¬
nearby positions.
London and Singapore
closed quiet and
steady respectively, prices declining l-32d.
to 34d.
Local closing: Jan., 21.95; Mar., 22.02; May, 21.91;
July, 21.77; Sept., 21.70.
On the
18th
inst. futures
closed
50 to 55
points.
A substantial advance in the
price of tires failed to restrain the drastic decline in the
up.
tions in the outside market
ard sheets in the
crude rubber market.
Crude rubber sales
were
rather
re¬
stricted, however, sales totaling 1,730 tons.
The outside
market remained
quiet.
However, outside prices were
reduced to 2134c. for standard sheets in
nearby positions,
but these prices were
hardly more than nominal.
The
London market closed steady at
slightly lower prices.
Singapore closed quiet.
Local closing: Jan., 21.40; March,
21.50; May, 21.40; July, 21.27; Sept., 21.17; Dec., 21.10.
On the 19th inst. futures closed 53 to 75
points down.
Ap¬
prehension appears to be increasing over the automobile
strike situation.
Futures opened 22 to 35 points lower and
continued to decline during the
day.
Transactions totaled
4,330 tons.
Outside prices finally were quoted on a spot
basis of 2034c. for standard sheets, but
again were hardly
more
than nominal.
houses
Certificated stocks of rubber in
ware¬
licensed
by the Exchange increased by 220 tons to
a total of 6,840 tons in store.
'London closed quiet at 34d.
decline, while Singapore closed ll-32d. down.
Local clos¬
ing: Jan., 20.68; March, 20.75; May, 20.70; July, 20.61;
Sept., 20.60; Oct., 20.59.
On the 21th inst. futures closed
38 to 47 points higher.
The quick rebound of prices was
due to short covering and speculative
buying, with factories
remaining on the sidelines and only a small amount of ship¬
ment
business
done.
Transactions
totaled
2,110 tons.
Outside prices were advanced to a
spot basis of 2134c. for
standard sheets, but again were
only nominal quotations.
London and Singapore closed
steady, with only minor price
changes.
Local closing: Jan., 21.13; March, 21.23; May,
21.41; July, 21.08; Sept., 21.00: Oct., 21.00.
On the 21st inst. futures closed 26 to 17
points down.
Prices again suffered another severe
setback, due to the
continued upsettling effect of the automobile strike situation.
Sales totaled 1,100 tons.
Quotations in the outside market
were reduced to 21c. to
2134c. for standard sheets in nearby
positions, but again were merely nominal, since factories
remained on the sidelines,
awaiting clarification of the
automobile strike situation and the next
meeting of the
International Rubber Regulation
Committee, scheduled for
next Tuesday, January 26th.
No shipment business of
consequence was reported yesterday.
London closed l-16d
to 34d lower, while
Singapore closed 3-16d up. Local closing:
Jan. 20.87; Mar. 20.97; May 20.96;
July 20.88; Sept. 20.85;
Dec. 20.78.
Today futures closed 29 to 34 points lower.
Transactions totaled 179 contracts.
this commodity is due almost
of
developments in the automobile
pointing to a prolonged deadlock.
The extreme weakness
entirely to the adverse
strike, indications now
Financial
634
10 points
Stocks of
certificated hides in warehouses licensed by the exchange
remained unchanged at 741,956 hides.
The domestic spot
hide market has been fairly active of late, and last sales
reported included 20,450 hides, with butt brands selling
at 163^c. a pound.
In the Argentine market for frigorifico
hides there were 4,000 frigorifico steers sold at 16^c. and
2,000 light steers at 15 ll-16c.
In the Uruguay market
there were 5,500 frigorifico steers sold at 17 l-16c.
Local
closing: March, 15.62; June, 15.94; Sept., 16.20; Dec., 16.41.
On the 18th inst. futures closed 6 to 13 points lower. Trans¬
actions totaled 2,120,000 pounds.
Stocks of certificated
hides in warehouses licensed by the Exchange remained
unchanged at 741,956 hides.
Nothing new was reported
from the Argentine spot hide markets during the course of
the day.
Local closing: March, 15.52; June, 15.81; Sept.,
16.10; Dec., 16.35. On the 19th inst. futures closed 28 to 35
points lower.
Transactions totaled 4,680,000 pounds.
Hides—On the
down.
Stocks
16th inst. futures closed 5 to
Transactions totaled 2,320,000
of certificated hides
pounds.
in warehouses licensed by the
Exchange remained unchanged at 741,956 hides. Sales in the
domestic spot
market were reported of 6,900 hides, with
selling at 14J^c. a pound, or unchanged
from the last previous sale.
Local closing: March, 15.23;
June, 15.53; Sept., 15.78; Dec., 16.00.
On the 20th inst.
futures closed 16 to 21 points higher.
Transactions totaled
3,960,000 pounds. Stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 741,956
hides.
No news from the domstic or Argentine spot markets.
Local closing:
March 15.42; June, 15.74; Sept., 15.95;
Dec., 16.16.
On the 21st inst. futures closed 5 to 9 points down. Trans¬
actions were 2,240,000 pounds. Stocks of certificated hides
in warehouses licensed by the Exchange remained unchanged
at 741,956 hides.
In the domestic spot hide market sales
were reported of 10,000 hides, with December-January light
native cow hides selling at 14^c. a pound. In the Argentine
market for frigorifico hides, sales were reported of 2,000
frigorifico extremes at 16}£c. and 500 cows at 15c. In the
Uruguay market there were 3,000 frigorifico steer hides
reported sold at 17.316c. a pound.
Local closing: Mar.
15.34; June 15.65; Sept. 15.89; Dec. 16.11. To-day futures
closed 25 to 21 points down.
Transactions totaled 95 con¬
tracts.
Up to the writing of this report no sales had been
reported from the domestic or Argentine spot markets.
There was considerable pressure in the local futures market,
with no appreciable support.
Local closing: Mar. 15.09;
June 15.41; Sept. 15.68.
light native
cows
Ocean Freights—Latest advices report rates as holding
It seems evident the demand for space has been much
firm.
greater than supposed.
Charters included:
Scrap metal: First half Feb., 5,000 tons, range
Genoa Savona, $7.
April-May range, Japan, 29s.
North Atlantic,
Feb., 29s, to Japan.
Coal: Feb., Hampton Roads, Rio 13s, Santos, 14s.
Sugar: Cuba, March, United Kingdom-Continent, 22s.
Trips: Prompt,
redelivery United Kingdom-Continent, $3.25.
Grain booked: This in¬
cluded five loads, New York, Sweden, Feb., 17c., and Vancouver, berth
to
was
active.
Coal—According to latest advices retail coal stocks,
bituminous
and
anthracite, are declining, but slowly.
Weather over the larger consuming markets is variable.
On
average it is more favorable to the coal trade.
Movements
on industrial contracts are substantial.
Prices are nominally
unchanged, but actually the domestic price list has loosened
up somewhat, edt adrift from the industrial, and retail yards
want and get concessions.
Bituminous dumpings at New
York on Monday were about 575 cars.
The Bureau of
Mines claims anthracite output in 1936 was 54,760,000 tons,
a one year's gain of 2,601,000 tons.
If correct, it follows
that almost 8,000,000 tons of anthracite went into con¬
sumption by means other than the rail haul, which for the
nine anthracite carriers was 46,979,000 tons.
Copper—The drastic slump and quick recovery of copper
prices on the London Metal Exchange were the outstanding
developments of the week.
The rapid rebound of prices
reflected the inherently strong copper situation.
These
violent reactions are expected by the trade generally, in
view of the large speculative interest operating in the metal,
especially abroad.
The belief is firmly held that demand
for the red metal will keep pace with any increases in produc¬
tion effected or planned.
The statistical position of copper,
especially from the domestic standpoint, is considered
stronger than for many years.
With business showing
steady expansion, especially in the heavy industries, the
potential demand for the red metal is becoming larger.
An
early settlement of the automotive strike would mean a
great quickening in many lines, especially the metals.
Tin—The current week in tin brought no new outstanding
developments, trading being more or less routine.
Exports
of tin by five principal members of the International Tin
Committee during December were 15,159 tons as against
11,977 tons in November and 13,639 tons in October. Total
exports during 1936 were 144,586 tons or 8,062 tons under
#
allowable
arrears
is 9,734 tons.
Atlantic ports,
of Bolivia.
Tin afloat to the United States
far this month have been:
3,990 tons; Pacific ports, 55 tons.
Ware¬
house stocks here are .approximately 755 tons of Straits tin.
Although prices have ruled within a narrow range recently,
The arrivals
so
the market's undertone has been firm.
JfcLead—During the early part of the week a severe drop in
lead prices on the London Metal Exchange slowed up the
Chronicle
American
Jan• 23> 1332
demand
Subsequently, however,
considerably.
back with a sharp rebound; in fact the strength
manifested was so marked that it helped the tone of the
American market considerably, though apparently didUiot
increase demand.
It is estimated that consumers have'covprices
ered
came
90% of their January needs and 50% of their February
The Bureau of Mines has reported in an advance
needs.
summary of the lead industry for 1936 that* total primary
production of refined lead last year increased 21% over 1935.
Considerable improvement over recent years was registered,
the bureau said.
Output of refined lead from domestic'ores
increased 23%, while that from foreign ores declined 12%.
Consumption of primary lead is indicated to have increased
about 20%.
Zinc—The sharp break in the London Metals Exchange
during the early part of the week had a disturbing effect on
the zinc trade here, the belief being rather general that prices
here would slump in sympathy.
The sharp rebound in prices
at London the following day reassured traders on this side.
According to word received here, the European zinc industry
being made available.
Producers are still failing to get together to renew the old
zinc cartel.
Total sales of slab zinc last week came to 8,919
is in confusion because no statistics are
tons, including 1,555 tons of brass special, thus
tons for prime Western sales.
Total unfilled
end of the week were
leavingl7,364
orders at the
87,142 tons, of which 5,254 tons
were
special, 710 tons select grades and 81,178 tons prime
Western, i Total shipments were 7,002 tons, indicating ship¬
ments of prime Western of 7,900 tons.
brass
Steel—The
outlook
for
steel
the
industry
continues
exceptionally promising, the future being marred only by
possible labor disturbance. There have been many develop¬
ments indicating a steady expansion in this great field.
The
decision of leading companies to expend millions of dollars
this year for plant expansion and equipment shows that
steel men expect sustained demand for a long period.
The
"Iron Age" points out that one of the outstanding develop¬
ments of the week in
buyers
on a more
iron and steel markets is the return of
liberal scale for steel-consuming industries,
which have been backward
buyers for some time, notably
companies and public utilities. The publication estimates
steel ingot production for the current .week at 81 per cent of
capacity, a new high since 1930. It is pointed out that the
continuation of the automobile strikes is the only unfavorable
factor in the steel situation.
This however, is more than
countered by the increasingly heavy demand by miscellaneous
buyers and heavy export demand. Further railroad equip-.
ment buying is in immediate prospect. An acute problem is
developing as concerns sufficient supplies of pig iron and
scrap.
High scrap prices are forcing steel plants to resort to
greater use of pig iron where possible, and the situation is
further complicated by renewed demand for scrap, principally
from Japan, England and Italy.
These countries are now
raising their bids to a point above domestic mills. Exporters
are paying $17 to $17.50, Philadelphia, and $15.50 Boston,
for No. 1 heavy melting steel.
The "Iron Age" composite
price for steel scrap has advanced to $18.42, the highest
since February 10, 1925.
oil
^
Pig
Iron—-Nothing
spectacular
metal the current week.
_
of
a
routine nature.
York district
has
happened
in
this
Business is reported to be largely
It is estimated that sales in the New
running about 2,000 tons per week, or
and seller. In most
districts pig iron shipments are brisker than new sales, but
by the first of next month it is believed that consumers will
be buying iron in bulk fashion again. Foundry melt of iron
is estimated to be about 75 to 80 per cent of capacity. There
is a strong feeling of optimism in certain quarters, due
largely to the excellent state and highly promising outlook
for the steel trade despite the automotive labor disturbance.
It is stated that high scrap prices are forcing steel plants to
resort to greater use of pig iron where possible, and the
situation is further complicated by renewed demand for
scrap, principally from Japan, England and Italy.
It is
stated that steel companies are again faced with an acute
problem in getting sufficient supplies of pig iron and scrap.
This doesn't sound bad for pig iron.
are
from about 200 to 500 tons per agent
Wool—Underlying conditions continue to favor wool, and
a continued upward trend.
Advances are
very gradual, not at all sharp.
Willingness of the wool con¬
sumers to follow the market up is held to indicate an
urgency
this is reflected in
in the need for domestic wool.
the
Bullish influences dominate
Particularly noticeable is this in fleece
wools where several grades are about 2c. per grease pound
higher than a week ago. Late sales have been at the top of
the market, with original bag territory, Montana type,
mostly staple length, bringing $1.10 to $1.12 and quarterblood fleeces of the Ohio type 53c. in the grease. Contracting
for new clip is proceeding cautiously.
So far as may be
ascertained prices paid to the growers of Texas and choice
northwestern clips are on the basis of approximately $1.05.
spot market.
Earlier
contracts
made months
ago,
were
at much lower
rates, but most of these contracts have long been taken
over
by manufacturers and topmakers. About 20% of the 1937
clip has, it is believed, been contracted.
There appears to
be an urgent need for wool in all parts of the world, this need
being based primarily on improved economic conditions,
accentuated by military preparedness among the foreign
nations.
y
Volume
Financial
144
Silk—On the
18th inst. futures closed 5H to 7c.
Transactions totaled
down.
Cables came in rather
featureless.
Grade D lost 2H yen at Yokohama, the price
registering 932^ yen, while at Kobe grade D dropped 5 yen
to 935 yen.
Bourse quotations at Yokohama were 3 to 12
yen lower, while at Kobe they were 9 to 15 yen lower.
Sales of actual silk at both centers totaled 625 bales, while
4,760 bales.
transactions in futures totaled 9,350 bales.
Local closing:
Jan., 2.03; Mar., 2.03; May, 2.03 H; July, 2.02H; Aug., 2.01.
On the 19th inst. futures closed He. lower to lc. higher.
Transactions totaled 3,720 bales.
After an opening break of
3He., excellent suppjort developed, which brought about a
substantial recovery;
Japanese cables came in weak. Grade
D lost 10 to 20 yen, Yokohama falling to 922 H and Kobe to
915 yen.
Bourse quotations at Yokohama were 17 to 24 yen
lower, while at Kobe they were 8 to 15 yen lower.
Sales of
actual silk were 875 bales on these markets, with transactions
in futures totaling 1,850 bales.
Local closing: Jan., 2.03;
Mar., 2.04; May, 2.03H; July, 2.04; Aug., 2.02.
On the
20th inst. futures closed 2 to 3He. up.
Transactions totaled
1,770 bales.
Cables from Japan reported grade D weaker
by 2 H yeu at Yokohama, with the price quoted 920 yen.
At Kobe grade D gained 5 yen to 920 yen.
Bourse quota¬
tions on these markets showed respective gains of 8 to 16
yen, and 2 to 9 yen.
Sales of actual silk for both markets
totaled 625 bales, while transactions in futures totaled
6,150 bales.
Local closing: Jan., 2.05; Mar., 2.07; May,
2.07; July, 2.06V2.
On the 21st inst. futures closed 3H to 6c. down.
Owing to
the
highly unsettled state of Japanese yen exchange, extreme
nervousness prevailed among traders resulting in consider¬
able liquidation and losses. Japanese interests were especially
conspicuous on the selling side, the pressure being accentu¬
ated by short selling.
Sales totaled 3,870 bales. Cables from
Japan reported Grade D 12 H yen higher in Yokohama and
10 yen higher at Kobe, making the price 932H and 930 yen.
Bourse quotations on the other hand, finished 2 to 10 yen
lower at Yokohama and unchanged to 9 yen off at Kobe.
Sales of actual silk for both centers totaled 625 bales, while
transactions in futures totaled 8,650 bales.
The yen eased
He. to
go
to 28He.
Today futures closed 1 to 3He. lower.
The continued weakness
Transactions totaled 348 contracts.
in this market is attributed to
large extent to the highly
a
The uncertainty as
unsettled state of Japanese exchange.
to what the eventual outcome will be
the
as concerns
yen,
possibility of grave internal developments in
Japan, many silk traders were inclined to be relieved of
committments.
Local closing: Jan. 1.99; March 1.98;H
May 1.98H; July 1.98H; Aug. 1.973^.
and
635
Chronicle
with the
Receipts at—
Galveston.
1936-37
1935-36
14.719
7,688
...
Houston
New OrleansMobile
2,662
1,124
941
Brunswick
"
1,694
"1,675
"2",459
"""335
186
907
1,471
460
50
289
203
2,082
Norfolk
754
829
973
Newport News
"
All others
"2",889
1,229
"l",974
"5", 279
15"723
"17,826
Total this wk_
82,643
103,103
52,473
114,611
198,981
280,442
Since Aug. 1.. 5,200,655 5,648,250 3,424,195 5,826,209 6,505,029 7,332,553
The exports for the week
ending this evening reach a total
81,330 bales, of which 10,576 were to Great Britain,
6,316 to France, 9,682 to Germany, 9,942 to Italy, 31,145
to Japan, 2,336 to China, and 11,333 to other destinations.
In the corresponding week last year total exports were
86,622 bales.
For the season to date aggregate exports
have been 3,250,031 bales, against 3,895,818 bales in the
same period of the previous season.
Below are the exports
of
for the week:
•
Week Ended
Exported to—
Jan. 22, 1937
Exports from—
Great
Ger¬
Britain
France
537
Houston
4,040
6,536
New Orleans..
Lake Charles
For the week
from the South tonight, is given below.
ending this evening the total receipts have reached 82,643
bales, against 61,240 bales last week and 96,101 bales the
previous week, making the total receipts since Aug. 1, 1936,
5,200,655 bales, against 5,648,250 bales for the same period
of 1935-36, showing a decrease since Aug. 1,1936,
bales.
of 447,595
China
Other
23,008
Total
2,800
4,469
4,554
1,860
1,928
408
4,892
34,901
18,556
16,823
835
"499
"445
Mobile
445
759
Charleston
'166
859
5,538
Savannah
14
5,552
"l6§
48
10,576
6,316
9,682
9,942
31,145
2,336
11,333
81,330
Total 1936.
25.502
14,700
Total 1935.
9,945
3,336
13,951
6,715
6,102
19,145
16,185
1,850
13,324
14,134
86,622
58,267
Norfolk
Total
From
Oct. 2,
Exported to-
Exports from—
Ger-
Great
Britain
Galveston
Houston
Beaumont
Orleans..
Lake Charles..
Mobile
Jacksonville—
Pensacola,
France
126,358 147,838
131,722 101,655
50,970 43,876
Q1 ^
9,290
202,270 194,069
9,128 19,150
57,964 26,265
1,419
39,455
1,494
40,116
1,791
52,622
1,200
254
1,476
Corpus Christi*
New
&c.
Savannah
Charleston
Wilmington
Norfolk.
2^225
372
7,362
2,516
18,000
2*222
166
60
955
391
1,584
"192
"54
4
283
.
2~ 560
3,831
487
50
100
58,407
15,464
1,466
1,147
4,755
2,460
1,169
2,677
78,708
80,834
113,291
1,200
10,329
2,878
3,063
1,788
1,397
5,038
71,886
•
18,722
731,527 541,806
Total 1935-36.
1934-35.
446,185193,902
889,771
16,511 430,3293250,031
912,267 522,818
461,573243,536
Total.
*
5*845
2*850
102", 780
100
4,528
1,552
Los Angeles
Total
14,270 142.354 1026,092
1,206 105,393 677,595
355 22,132
199,098
50
12,619
"580 108,780 747,766
11,852
43,618
13,889 151,432
6*377
"222
Francisco
Other
China
417,268
203,705
65,080
-
482
2,170
Japan
Italy
many
111,413 66,591
76,482 57,432
8,640
8,045
2,366
91,931 47" 356
129
3,359
40,302
7,167
1,258
4" 751
27,933
655
30,538
40,153
133
Gulf port
Total
151
1936, to
Jan. 22, 1937
San
grams
Japan
336
4,959
1,448
3,535
2,800
5,714
_
indicated by our tele¬
as
Italy
many
Galveston
Baltimore..-.
Friday Night, Jan. 22, 1937
Crop,
89,021
61,874
85,657
17,611
5,679
444
Philadelphia..
Movement of the
36,255
66,575
65,816
.8,476
1,941
""l",902
Wilmington..
Boston
The
42,885
31,495
28,195
1,727
2,403
"""858
Charleston
New York
COTTON
1931-32
1932-33
1933-34
15,037
10,711
18,529
2,762
1,427
36.011
47,398
2,161
50,177
Savannah
1934-35
22,725
536,653 216,7031071,584
241,823258,0211094,583
21,580614,2133895,818
57,943427,368 2784,847
Includes exports from Brownsville.
NOTE—Exports to Canada—It has never been our practice to Include In the
above table reports of cotton shipments to .Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and
returns concerning the same from week to
it is Impossible to give
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 we are receiving regarding the. matter, we will
that for the month of December the exports to the Dominion the present season
have been 45,482 bales.
In the corresponding month of the preceding season the
say
Mon.
Sat.
Receipts at—
3,182
1,364
Galveston
Houston.
Beaumont-
1,124
291
mm
mm
mm
«k
.
-
mm
4,195
10,688
364
Savannah
242
53
314
Lake Charles
mm mm
Wilmington
25
Norfolk
90
Total
1,551
3,161
14,719
7,688
291
....
1,266
7,592
6,723
418
344
109
86
58
_
'
«•
—
*
••
—
-
mm
_
-
-
mm
m mm
350
20
444
105
1,312
158
156
910
Baltimore
145,808 bales exported, as against 100,359 bales for the five months of 1935.
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
,
On
17,458
82,643
Leaving
Great
The
9,462
16,677
12,027
16,402
10,617
following table shows the week's total receipts, the
1, 1936 and the stocks tonight, compared
Stock
1935-36
1936-37
Since Aug
Week
1, 1936
14,719 1,554,136
7~,688
Corpus Christi—
Beaumont—
New Orleans.....
Mobile
Pensacola, &c
Jacksonville
Savannah
This
Week
1, 1935
22,725 1,349,143
43,803
36,001 1,476,250
454
257,242
146,179
53,883
18,333
27,715
1*902
196", 113
45",682
106
460
55,422
18,432
29,469
18,658
21,553
34,536
43,922
23,845
23,497
34,355
"""418
"4", 64 5
20,628
289
14,877
2,958
1,125
1,575
82,643 5.200,655 103,103 5,648,250 2.438,419
2,569,514
"858
20
444
37~,498
2,161
2,082
186
Newport News...
New York
....
....
50
742,397
12,690
643.894
46,208
23,716
601.443
152,115
19,291
3,847
191,928
344
8
941
Wilmington
Baltimore
1,312
146
Philadelphia.....
Totals
be made with other years,
give below the totals at leading ports for six seasons:
In order that comparison may
we
11,400
1,480
11,711
2*519
12,468
25,044
18,743
27,110
10,915
18,178
7,354 118,152
15,047
52,196
5,006
52,124
276
2,478
70,000
39,165
7,570
6,000
1*417
4,600
489
98,600
43,402
25,293
4*278
674,985
460,853
656,768
156,141
45,682
103,750
34,536
134,131
6,489 171,573 2,266,846
3,067 106,269 2,463,245
1,804 95,855 2,740,730
1936
1937
773,585
504,255
54,075
26,332
682,061
108,028
6,584
2,378
156,141
Lake Charles....
Boston
6,600
1,992
3,534
Total
Charleston
Mobile
Total 1935
31,162
1,419,242
334.856
136,570
3,655
283,004
1,169,354
291
280,833
1,266
13,137
50,177 1,527.045
2,662
189,808
86,477
3,607
109,520
1,124
Charleston
...
_
Total 1937.-
Since Aug
Brunswick....—
Norfolk
Orleans.
Savannah-
Total 1936
Texas City
Houston
wise
Stock
Coast¬
Foreign
Other ports—
This
Galveston
Other
many
Norfolk
Receipts to
Jan. 22
France
"342
Houston
New
total since Aug.
with last year:
Ger¬
Britain
Galveston
Totals this week.
Shipboard Not Cleared for—
Jan. 22 at—
2,082
1,312
564
For the five months ended Dec. 31, 1936, there were
exports were 43,708 bales.
858
20
—
70
204
88
143
1,266
50,177
2,662
1,124
9,993
180
307
171
~
mm
78
916
mm
94
13
2,929
mm
mm
Fri.
Thurs.
1,522
10,986
1,303
251
Charleston
mm
mm
—
Mobile
New Orleans
1,750
1,045
3,785
Corpus Christi--
Wed.
Tues.
Speculation in cotton for future delivery
interesting,
with
volume
very narrow range.
loan
cotton
appears
light and
was
fluctuations
far from
within a
The forthcoming release of government
to be the principal restraining influ¬
though another adverse factor developer recently in
of highly unsettled Japanese exchange, which
caused no little apprehension among those having Japanese
commitments, which are estimated to toe quite substantial.
ence,
the
form
On the 16th inst. prices
closed 1 to 3 points up.
Trading
quiet, with values fluctuating within a narrow range.
Business consisted largely of trade price fixing
by spot houses
and cooperative interests in near positions and commission
house and foreign buying of later months, with the selling
largely liquidation.
New outside interest was lacking, with
traders apparently awaiting the forthcoming sale of Govern¬
ment loan cotton.
At one time March was within 3 points
of the theoretical ceiling of 12He.
There are. many inithe
trade who have the conviction that prices cannot break
was
Financial
636
through that level as long as the loan-cotton keeps hanging
the market.
over
On the other hand there
not
are
a
few
deal of importance to the continued
activity in domestic textile markets, which is providing
active domestic mill consumption.
Southern spot markets,
as officially reported,
were unchanged to 3 points higher.
Average price of middling in the 10 designated spot markets
attach
who
was
great
a
Chronicle
Staple
1 Inch &
lncb
longer
relative
to
the
of
terms
the
to the eventual effect
as
cotton. ( Demand
for
textiles
was
.71
.38
71
.38
.71
Strict Middling
.37
.69
Middling
.32
.62
Strict Low Middling..
.22
46
Strlot Middling
69
65
.25
45
.25
prices closed 4 to 10 points down.
In¬
However, on the
was steadily ab¬
sorbed by the mills and the trade.
There were a number of
influences operating against cotton values during this session,
chief of which were the uncertainty regarding pending Government loan cotton releases, the maritime and automobile
strikes, the critical monetary situation in Japan and the re¬
actionary tendency of outside markets.
Together with
these factors was the steady resistance which the market
has experienced now for a long period around the 12.50c.
level for the near positions.
Despite the most favorable
type of support, the market has been unable to work through
this level.
Some very substantial quantities of cotton
changed hands during the session, but the operations did not
have any marked effect on prices one way or the other.
Buying orders came chiefly from trade sources.
Domestic
mills were reported as still running at a high rate, and buying
cotton cautiously on the scale down.
Average price of
middling in the 10 designated spot markets was 13 points
,
T
down
about quite
brought
or
was
at the
a
setback.
was
a
was
not
Jan.
do
do
do
2.51
do
1
do
do
14 off
1
..
do
do
.
68
do
do
2 31
do
.Gray
do
.
.80
do
do
1.17
do
future contract
,
^
Sat.
Mon.
Tues.
13.07
16 to Jan. 22—
New York
1937
12.97c.
13.08
13.04
Wed. Thurs.
Fri.
12.98
12.97
12.95
11.95c.
1928
1935 ——12.65c.
1934 —11.50c.
1927
1926
1925
Quotations for 32 Years
1929
1936
6.30c.
6.70c.
10.55c.
17.45c.
1933
1932
1931
1930
20.40c.
19.05c.
—
1924
1923
1922
1921 —_16.15c.
1913
1920
1919
1918
39.10c.
27.25c.
31.95c.
1912
13.65c.
20.85c.
24.00c.
33.25c.
28.15c.
18.05c.
1917
1916
16.75c.
12.35c.
1915
—
14.90c.
14.70c.
10.00c.
12.10c.
1910
1909
1908
8.70c.
1914
13.00c.
9.50c.
1911
1907
13.00c.
1906
10.90c.
12.25c.
Market and Sales at New York
Futures
Spot Market
SALES
Market
Closed
Closed
Conlr'ct
Total
"625
Steady
300
300
Total week.
925
52,647
3,700
4,625
72,900 125,547
.
...
...
_
_
Friday
Steady, 3 pts. adv..
Steady, 1 pt. adv
Steady, 4 pts. dec..
Quiet, 6 pts. dec
Steady, 3 pts. dec..
Steady, 2 pts. adv..
Spot
Steady
Steady
Steady
Steady
Steady
Saturday..
Monday
Tuesday
Wednesday.
Thursday
Futures—The
highest,
New York for the past
"300
"300
2,200
2,200
100
lowest
and
week have been
100
1,100
1,725
closing
as
prices
follows:
at
Saturday,
21st
are
Monday,
Tuesday,
Wednesday,
Thursday,
Friday,
Jan. 16
Jan. 18
Jan. 19
Jan. 20
Jan. 21
Jan. 22
Feb.(1937)
Range..
12.25-12.25
Closing. 12.45ft
12.46ft
12.37ft
Range..
Closing. 12.4 in
12.41ft
12.37n
12.35ft
12.37ft
12.47
Range.. 12.33-12.36 12.29-12.35 12.25-12.34 12.20-12.30 12.29-12.33 12.29-12.33
12.27 — 12.29
12.34-12.35 12.29
Closing. 12.35
12.31-12.32
June—
Range..
Closing. 12.31ft
12.31ft
12.24ft
12.24n
12.24ft
12.25n
July—
Range.. 12.25-12.28 12.20-12.28 12.14-12.28 12.14-12.22 12.19-12.23 12.19-12.22
12.19-12.20 12.20
Closing. 12.27-12.28 12.28
12.19-12.20 12.19-12.20
Aug.—
prices closed
Closing. 12.41n
Sept.—
Range..
12.16ft
Closing.
Average price
of middling at
the
10 designated
spot markets was 12.79c.
Today prices closed 2 points up to unchanged.
The
steady during most of the session.
Trading
ket held
mar¬
these
offerings appeared to be well absorbed by trade buy¬
ing.
Other dealings were small and scattered, with some
Southern selling and a moderate amount of commission
buying.
Dealers
appeared
indisposed
tc make new commitments because of the approach of the
loan cotton release on Feb. 1, and further details of the
release plan are still awaited.
Fears of floods in the central
portion of the belt are still troubling some traders, while
12,06ft
12.06ft
12.01»
12.04ft
11.93ft
11.92ft
11.93tt
11.92ft
Oct.—
Range.. 11.88-11.91 11.84-11.92 11.81-11.90 11.75-11.81 11.80-11.83 11.79-11.82
Closing. 11.89-11.90 11.91-11.92 11.81-11.82 11.79
11.80-11.81
11.81
11.80ft
11.80ft
Nov.—
Range..
Closing
_
11.93-11.93
11.90ft
11.91ft
11.84n
11.79ft
Dec.—
Range.. 11.89-11.93 11.85-11.91 11.81-11.88 11.75-11.80 11.80-11.83 11.79-11.82
11.81
11.91
11.78ft
Closing. 11.91
11.80-11.81 11.80ft
Jan.(1938)
n
11.84-11.85 11.84-11.84 11.78-11.78 11.79-11.82 11.78-11.79
11.79ft
11.88ft
11.76ft
11.79
11.79ft
Nominal.
Range for future prices at New York for week ending
Jan. 22, 1937, and since trading began on each option:
showing a good amount of interest in the tex¬
tile agreement between this country and Japan limiting ex¬
ports of Japanese goods to the United States.
Option for—
Jan.
Feb.
Range for Week
Range Since Beginning of Option
19371937-
9.76 Jan.
Mar. 1937- 12.36 Jan.
Apr. 1937..
20 12.48 Jan.
May 1937.. 12.20 Jan.
20 12.36 Jan.
#
June 1937-
July
1937- 12 J4
9 1936 12.78 July
9.94 Feb. 25 1936 12.76 July
18 11.52 Nov. 12 1936 12.54 Dec.
10.20 Mar. 27 1936 12.78JJuly
16 11.51 Nov. 12 1936 12.46 Dec.
1 1936 12.78 July
10.48 June
Jan?" 19 12^28 "janl'ie
Aug. 1937..
10 1936
10 1936
28 1936
10 1936
28 1936
10 1936
11.41 Nov. 12 1936 12.40 Dec. 28 1936
11.50 Aug. 29 1936 12 65 July 27 1936
11.62 Nov. 4 1936 11.92 Jan. 22 1937
11.05 Nov. 12 1936 12.09 Deo. 28 1936
11.93 Jan. 19 1937 11.93 Jan. 19 1937
Sept. 1937- 11.92 Jan.
Oct. 1937- 11.75 Jan.
Nov. 1937- 11.93 Jan.
20 11.92 Jan.
Dec. 1937- 11.75 Jan.
20 11.93 Jan.
11.66 Deo. 17 1936 12.13 Deo. 28 1936
1938- 11.78 Jan.
20 11.85 Jan.
11.78 Jan.
Jan.
were
12.06ft
was
and without special feature.
There
substantial selling in the March delivery, but
quiet
foreign
12.06ft
11.92-11.92
Closing.
and
12.35n
M ay—
Range..
some
12.32n
Range.. 12.43-12.47 12.40-12.48 J2.40-12.47 12.36-12.44 12.44-12.48 12.45-12.48
12.48
12.44-12.45 12.43-12.44 12.45-12.46 12.47
Closing. 12.47
April—
Range..
inst.
said to have extended into the third quarter of
comparatively
12.41ft
March—
Southern spot mar¬
others
do
1 27
do
.
.
Middling
Middling upland
kets, as officially reported, were 3 points lower to 10 points
house
.58
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
.,i..
the year, stimulated trade price-fixing.
was
do
do
Since Aug. 1
price of 12.69c.
3 points up to 1 point
down.
Trading was relatively quiet, with prices still rul¬
ing within a very narrow range.
Interest wras again cen¬
tered in March.
Buying by trade interests and cooperatives
sent the price at one time to within 2 points of the theo¬
retical ceiling of 12^c., but this rise was met by liquida¬
tion, and prices closed at about the lows of the day. Active
domestic consumption, as a result of large sales of goods
higher.
do
narrow
the
which
on
do
do
39 off
.Yellow Stained
Strict Middling
Not deliverable
do
2.03
do
•Middling
*
12.78 cents.
On
.....
do
68 off
34
1
do
noticeable that cotton
prices closed 1 point up to 3 points down.
very
active.
Fluctuations continued
range.
Active months varied from 5 to 9
points down at the lows to 3 points up to 1 off at the highs.
At the opening a sale of February cotton, not an active
month, was made 16 points down from the previous nominal
closing price, while March dropped 8 points to 12.36c. on
the call, and May, 9 points to 12.20c.
These were the lows
of the day.
There was nothing stimulating in the news.
Uncertainty concerning Government loan cotton and un¬
certainty over foreign exchange markets, the strikes and re¬
actions in commodity markets generally, were hardly con¬
ducive to bullish sentiment.
However, as the cotton mar¬
ket declined, good trade buying was generally in evidence.
Brokers with Far Eastern connections were buyers, and the
Continent also took contracts.
Southern spot markets,
as officially reported,
were unchanged to 5 points lower.
Average price of middling at the 10 designated spot markets
within
47
Good
OS off
do
.
Good Middling
47
do
do
.
♦Middling
On the 20th inst.
Trading
do
.
♦Strict Middling
.27
2.49
.Tinged
Strict Middling
45
27
do
do
.
♦Middling
25
1.91
.
♦Low Middling
do
1.23
.
♦Strict Low Middling..
do
do
do
.
48
53 off
do
do
Spotted
.
Good Middling
do
do
do
Middling
48
do
on
even
do
.
.
Strict Middling
do
35
do
do
_
♦Low Middling
.25
54
do
do
.
♦Strict Low Middling..
active,
creased long liquidation, particularly in the May position,
with some also in March and with other pressure on new
down it
♦Good Ordinary
Good Middling
do
92
do
do
.
Low Middling—:...
65
.35
sale.
prices were steadily maintained.
Mills are in a strong
position so far as the backlog of unfilled orders are con¬
cerned.
Southern spot markets as officially reported were
1 point lower to 2 points higher.
Average price of middling
at the ten designated spot markets was 12.82c.
scale
1
Strict Low Middling..
♦Strict Good Ordinary.
.35
1 25
1
Mid.
do
.
Middling
.62
but
On the 19th inst.
do
do
Good Middling
.71
do
do
54 off
.Extra White
.71
.38
do
BasiB
do
.
.38
.46
35
do
.
do
54
do
.
Low Middling
of Govern¬
less
do
..
.
.37
.22
.63
.....
.
Good Middling
♦Good Ordinary
.32
Mid.
.White.
Middling Fair
do
Strlot Good Middling.
♦Strict Good Ordinary
Underlying conditions favor the upward side, but traders
appear disinclined to operate in a large way until a definitely
clear idea is obtained
.71
.38
announcement
contract to Jan. 21,
on
.38
prices closed 1 point off to 2 points up.
The March delivery again got within 2 points of the theo¬
retical ceiling of 123^c., but as before, it brought out con¬
siderable
selling which effectively checked any further
advance.
Leading trade houses continued to buy near
positions, while liquidation came largely from foreign houses
representing the Continent and Liverpool.
However, there
was some good buying of October by houses with foreign
connections.
There were no new developments in con¬
nection with the proposed sale of Government loan cotton,
and the market assumed a waiting position pending a more
crops,
grades established
1937
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
14,1937
15-16
12.82c.
ment-loan
Differences between
for deliveries
for deliveries on
Jan.
23,
7
Premiums
of average of
six markets quoting
60%
On the 18th inst.
definite
fan.
The Visible
22 11.92 Jan.
19 11.93 Jan.
20 1937 11.85 Jan.
Supply of Cotton tonight,
cable and telegraph, is as follows.
as
18 1937
made up by
as well
Foreign stocks
Volume
Financial
144
Chronicle
Overland Movement for the Week and Since Aug. 1
this week's returns, and consequently all foreign
brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
afloat
as
figures
are
are
Jan. 22—
1934
1935
1936
1937
bales,
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
630,000
98,000
835,000
74,000
728,000
276,000
204,000
18,000
909,000
313,000
170,000
27,000
82,000
43,000
20,000
8,000
Stock at Barcelona
Stock at Genoa.
68,000
76,000
11,000
23,000
8,000
5,000
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
5,000
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for
Europe
U. S. ports stock
U. S. Interior stock
U. S. exports today
.
322,000
70,000
216,000
188,000
129,000
315,000
60,000
157,000
242,000
28,000
301,000
bales,
follows:
476,000
52,000
245,000
47,000
/260,000
142,000
101,000 1,055,000
215,000
364,000
298,000
2,438,419 2,569,514 2,836,585 3,733,475
—2,090,671 2.285,388 1,801,024 2,084,406
11,507
13,247
6,463
44,109
Total American
.
Other Continental stock
Indian afloat for
Europe
Egypt, Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
26,730
670,276
20,628
7,274
260,238
289
14,945
5,304
140,338
328
..
288,140
6,766
160,587
18,964
509,b89
3,826
-
Including movement by rail to Canada.
this^
the
foregoing shows the week's net overland movement
3,826 bales, against 18,964 bales for
year has been
week
last
year,
and that for the
exhibits a gain
aggregate net overland
Total visible supply
Middling uplands, Liverpool—.
Middling uplands. New "York
12.97c.
11.85c.
12.65c.
11.35c.
11.34d.
5.91d.
8.64d.
5.88d.
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No. 1 staple,s'fine.Liv
9.93d.
5.46d.
9.40d.
6.01d.
8.52d.
4.67d.
——
------
--
i
Continental imports for past week have
The above figures for 1936 show a
been 95,000 bales.
decrease from last
1,806 bales, a gain of 188,448 over 1935, an
of 313,525 bales over 1934, and a decrease of
to date the
ago
of
1935-36
1936-37
;
Since
Spinners'
Week
Takings
,
Receipts at ports to Jan. 22
Neo overiand to Jan. 22
over
216,469
*51,941
takings •
consumption to Jan. 1
103,103
18,964
100,000
5,648,250
509,689
2,505,000
8,944,873
906,616
'Total marketed
Interior stocks in excess
Excess of Southern mill
Came Into sight during week
Total in sight Jan. 22
222,067
*25,899
8,662,939
1,161,050
613,955
1,056,143
196,168
164,528^
10,437",944
10,907",632
-
-
North, spinn's' takings to Jan. 22-
Aug. 1
5,200,655
529,218
3,215.000
82,643
.l.
Since
Week
Aug. 1
C.
3,826
Southern consumption to Jan. 22.130,000
16,146
1,114,568
42,906
679,508
Decrease.
Movement into sight in
Week—
7,896,597 7,708,149 7,583,072 9,900,990
7.16d.
6.17d.
7.08d.
6.07d.
season
over a year
19,529 bales.
47,000
87,000
133,000
123,000
434,000
850,000
247
6,320
529,218
The
previous
years:
Since Aug. 1—
Bales
1935—Jan. 25—
1934—Jan. 26
1933—Jan. 27
Bales
6,917,956
9,791,214
10,312,187
130,435 1934
165,271 1933
278,005 1932
Quotations for Middling Cotton at Other Markets
2,253,000 1,617,000 1,929,000 2.092,000
5,643,597 6,091,149 5,654,072 7,808,990
Total East India, &c
Total American..
increase
817,358
1,312
-
Leaving total net overland *
*
Manchester stock
of
-20,785
20,785
385
Total to be deducted—.......16,959
-16,959
418,000
590,000
27,000
53,000
28,000
79,000
106,000
107,000
314,000
625,000
308,000
28,000
62,000
16,000
47,000
161,000
120,000
334,000
541,000
507,000
34,000
55,000
36,000
24,000
194,000
131,000
406,000
866,000
—
Havre stock
week
8,327
105,431
392,336
-15,319
East Indian, Brazil, &c.—
Bremen stock
"252
3,787
14,404
-
—5,643,597 6,091,149 5,654,072 7,808,990
Liverpool stock
116,608
47,189
Aug. 1
Shipments—
In Sight and
Of the above, totals of American and other descriptions are as
American—
5,657
1,630
82
Overiand to N. Y„ Boston, i
Between interior towns
*
Liverpool stock.
205,067
108,642
3,371
6,648
112,110
381,520
-
Total gross overland
Deduct
1,458,000 1,386,000 1,502,000 2,135,000
194,000
161,000
106,000
133,000
American cotton afloat for Europe
301,000
298,000
215,000
364,000
Egypt, Brazil,&c.,afrt for Europe
131,000
120.000
107,000
123,000
Stock in Alexandria, Egypt
406,000
334,000
314,000
434,000
Stock in Bombay, India
866,000
541,000
625,000
850,000
Stock in U. S. ports
2,438,419 2,569,514 2,836,585 3,733,475
Stock in U. S. interior towns
2,090,671 2,285,388 1,801,024 2,084,406
U. S. exports today
11,507
13,247
6,463
44,109
7.896,597 7,708.149 7,583,072 9,900,990
8,333
1,675
-
Via other routes, &c
Total European stocks
India cotton afloat for Europe
Total visible supply
Week
Via Louisville
Via Virginia points.--
663,000 1,142,000
658,000
542,000
Aug. 1
4,695
6,000
Via St. Louis
Via Mounds, &c
Via Rock Island---
993,000
586,000
306,000
22,000
89,000
124,000
5,000
10,000
Since
Week
Shipped—
894,000
99,000
1935-36-
1936-37
Since
Jan. 22—
^
822,000
94,000
916,000
212,000
278,000
16,000
Stock at Liverpool
Stock at Manchester
637
Closing Quotations for Middling Cotton onWeek Ended
Monday
Tuesday
12.56
12.56
12.51
13.01
13.03
12.67
Jan. 22
12.68
Saturday
Galveston
Wed'day Thursday
12.46
12.48
12.98
12.98
13.00
12.63
12.65
Friday
13.28
12.64
HOL.
Norfolk
13.15
13.15
HOL.
13.15
13.15
Montgomery..
Augusta
Memphis
12.75
12.75
12.75
12.75
12.75
12.50
13.00
12.67
13.27
13.15
12.75
13.32
13.33
13.29
13.28
12.75
12.70
New Orleans
.
Mobile
Savannah
13.27
13.23
13.25
12.60
12.60
12.60
12.60
13.30
12.70
12.65
12.65
12.58
12.55
12.57
12.47
12.48
12.45
12.43
12.45
12.62
12.40
12.39
12.39
12.34
12.32
12.29
12 31
12.34
12.32
12.29
12.31
Houston
Little Rock...
Dallas
Port Worth...
12.40
12.57
2,004,393 bales from 1933.
New Orleans Contract Market—The
At
Interior
the
movement—that
the
Towns
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
for
the
closing quotations
leading contracts in the New Orleans cotton market for
past week have been as follows:
corresponding period of the previous year—is set out in
detail below:
Movement to Jan.
Season
366
138
63,173
8,603
42,707
53,111
419
166,618
16
10",341
31,634
57,695
53,658
18,802
172,241
27,263
121,954
43.309
13,181
25,810
241,719
3,217
160.565
500
12,425
36,555
20,573
99,188
149,997
Ala.,Birming'm
131
Eufaula
1,919
Montgomery.
Selma
Ark., Blythville
City..
349
Helena
50
Hope
Jonesboro
Little Rock..
"715
Newport
Pine Bluff...
1,537
Walnut Ridge
Ga., Albany
153
1
109
Athens
Augusta
Columbus
Macon
.
290
Rome
110
La., Shreveport
100
Mlss.Clarksdale
1,177
54
Columbus
Greenwood-.
37,612
248,826
58,306
15,687
38,226
51,176
204,818
7,484
1,365
JacKson
263
Natchez
"260
Vicksburg
Yazoo Clty__
77
Mo., St. Louis.
N.C.,Gr'nsboro
8,333
359
22
Season
Week
1,405 48,801
246 10,057
962 60,750
1,389 65,153
2,766 83,855
543 11,729
1,397 21,686
913 15,063
110 10,644
6,858 106,351
408 14,867
5,607 61,639
472 16,017
272 18,913
28,272
8",430 227,392
4,407 120,597
300 36,700
1,043 40,103
200 32,157
1,000 20,289
3,736 33,037
435 33,467
9,365 63,797
1,017 21,996
2,811
9,886
1,879
851 13,885
1,629
8,333
67
3,857
Jan.
24
147
57,774
355
38,583
103
14,923
412
11,711
79
1,064
898
77,765
84,078
106,419
183
26,549
70,622
66,552
95,924
21,227
*
362
252
45,790
30,122
9,279
383
79
150,646
29,299
4,506
1,245
1,402
103,589
33,185
503
12
24,093
33
65,590
242,178
157,078
12,139
1,288
1,200
28,739
49.040
14,646
800
60
71,173
109,180
36
645
275
39,492
952
162,690
161
52,898
8,694
28,516
37,560
116,570
4,218
12
171
42
5,648
74
1,294
3,727
1,340
1,533
1,121
256
19,113
20,001
1,105
7,200 106,880
1,791 20,103
1,602 66,944
1,904 18,392
340 17,957
641 67,871
7,349 190,481
2,654 145,462
500 24,750
800 44,621
150 26,184
1,233 28,984
2,091 33,727
433 26,577
3,492 52,722
2,045 25,473
840
3,659
1,479 10,775
284 21,940
195
5,657
76
3,889
Oklahoma—
15 towns *—
635
S.C., Greenville
Tenn..Memphis
Texas, Abilene-
50,660
96,846
79
68,705
978
1,046
2,171
10,288
7,135
13,697
8,583
34,512
77,100
31
430
2
733
89
9,338
3,226
173
113
9
Brenham
Dallas
Paris--
■
Robstown
San Antonio
_
98
Texarkana
147
Waco
Total, 56 towns
83,530
64,833636,351
497
4,177
5
13
631
"488
1,699
88,652 4,960,087140,593 2090671
Includes the combined totals of 15 towns in
The
9,558
3,323
54,657
1,166
"402
4,160
Austin
*
3,277
3,730
170,398
138,962
2,029,054
37,985
15,885
5,980
76.310
above
totals
show
that
59
142
1,110
308
320
347.511
102,910
,502,554
51.041
17,748
11,379
45,901
32,843
10,518
4,798
23,704
77,651
14,035 182,403
3,030
61,346
55,063 693,986
2,800
1,818
2
21
3,183
4,417
13,574
13,435
1,655
38
731
132
13,630
506
10,804
221
1,352
723
104,705 4,200,331130,6042285388
Oklahoma.
the
interior
,
stocks
have
during the week 51,941 bales and are tonight
194,717 bales less than at the same period last year.
The
receipts of all the towns have been 16,053 bales less than
decreased
the
same
week last year.
Monday,
Jan. 18
Tuesday,
Jan.
19
Wednesday,
Thursday,
Jan. 20
Jan. 21
Friday,
Jan. 22
12.41
12.43-12.44 12.38
12.38-12.39 12.39-12.40 12.41
12.30
123261233a 12.23
12.25
12.22
March
Stocks
Week
Jan.
Week
Receipts
16
Feb.(1937)
24, 1936
Ship¬
ments
Stocks
ments
Week
Atlanta
Jan.
Movement to Jan.
22, 1937
Ship¬
Receipts
Towns
Forest
Saturday,
"
12.24
April
May
12.26
12.27
June
July
121461215a 12.15
12.14-12.15 12.15
August—
September
118461185a 118761188a 11.79
October
11.78
11.78
11.78
November
118461187a 11.85
December. 119361195a 11.95
—
11.83
—
11.84
—
Tone—
Spot
Options..
Steady.
.
Steady.
Steady.
Very
stdy.
Steady.
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
jfe Cancellation of Cotton Tax Ends Boycott by Chinese
and Foreign Traders of Cotton Inspection Bureau—
The following United Press advices from Tiensin, China,
Jan. 18, appeared in the New York "Journal of Commerce"
of Jan. 19:
The
Hopei-Chahar Political Council tonight canceled its "inspection
on cotton, ending a 14 days' boycott of the Cotton Inspection Bureau
Chinese and foreign traders.
Normal movement of cotton will be
resumed tomorrow.
Traders said the inspection tax was exorbitant.
tax"
by
Activity in the Cotton Spinning Industry for De¬
cember, 1936—The Bureau of the Census announced on
Jan. 19 that, according to preliminary figures, 27,700,194
spindles were in place in the United States on Dec. 31,
1936, of which 24,090,204 were operated at some time during
the month, compared with 23,805,520 for November, 23,638,270 for October, 23,514,270 for September, 23,433,658
for August, 23,251,764 for July, and 23,399,344 for De¬
cember, 1935.
The hours of employment and of productive
machinery are affected generally by organized short time.
However, in order that the statistics may be comparable
with those for earlier months and years, the same method
cotton
computing the percentage of activity has been used.
Computed on this basis the cotton spindles in the United
States were operated during December, 1936, at 134.5%
capacity.
This percentage compares with 129.9 for No¬
vember, 123.3 for October, 125.8 for September, 115.8 for
August, 119.8 for July, and 103.8 for December, 1935.
The average number of active spindle hours per spindle in
place for the month was 313.
The total number of cotton
spinning spindles in place, the number active, the number
of active spindle hours, and the average hours per spindle
in place, by States, are shown in the following statement; ,
of
Financial
638
Jan. 23, 1937
Chronicle
Active Spindle Hours
Week and Season
Average per
Active Dur¬
supply Jan. 15
..
Visible supply Aug.
1
American in sight to Jan. 22-Bombay receipts to Jan. 21
Other India ship'ts to Jan. 21.
Alexandria receipts to Jan. 20
Other supply to Jan. 20
Dec. 31
ing December
24,090,204
8,679,119,464
19,019,960
7,700,810
979,424
17,549,224
5,804,446
6,620,280,370
1,855,506,967
203,332,127
241
1,886,584
662,994
3,327,843
716,640
4,201,764
206,164
935,748
508,628
6,073,320
1,085,152
5,708,190
639,950
255,042
652,304
839,872
1,736,128
619,374
3,055,036
653,276
3,176,280
669,541,196
355
172,464,383
260
Deduct—
1,184,152,042
245,157,628
356
Visible supply
965,844,462
230
64,761,071
135,035,748
91,685,410
1,981,433,241
306,352,186
2,159,103,391
231,478,662
85,150,619
183,555,448
203,403,977
314
Total takings to Jan, 22_a.
Of which American
144
Of which other
Spindle in Place
313
4,899~258
164",528
Cotton growing States
New England StatesAll other States----Alabama
Connecticut
Georgia
Maine—i—-
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
-(
Texas
-
Virginia.....
All other States
736,534
179,640
451,466
302,804
5,587,340
831,154
5,472,306
562,938
210,464
556,868
695,130
348
208
180
Aniarillo
Austin
Abilene
0.02
0.07
0.67
days
0.08
day
0.06
days
0.12
days
0.04
drydays
0.64
days
0.61
days
2.37
days
0.15
days
0.54
day
0.94
days
8.82
days
1.40
days
1.33
3
Brownsville
Corpus Christi
1
Dallas
3
3
Del Rio
El Paso
6
5
3
5
Houston
Palestine
Port Arthur
San Antonio
Oklahoma—Oklahoma City.-3
Arkansas—Fort Smith
1
Little Rock
4
2
Louisiana—New Orleans
___6
3 days
3 days
Shreveport
Mississippi—Meridian
Vicksburg
t
Rainfall
1.18 in.
5
5
Birmingham
Montgomery
Florida—Jacksonville
4
3
Miami
Pensacola
Tampa
Georgia—Savannah
4
in.
in.
in.
in.
in.
in..
in.
in.
in,
4.34 in.
1.72 in.
0.65
days
2.72
days
0.92
dry
days
0.53
days
0.56
dry
days
0.08
4 days
Alabama—Mobile
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
Atlanta
5 days
1.92 in.
Augusta
6 days
0.39
0.82
0.59
1.86
1.25
5 days
South Carolina—Charleston_4 days
North Carolina—Asheville
5 days
Charlotte
5 days
Macon
6
6
6
4
Raleigh
Wilmington
Tennessee—-Memphis
Chattanooga
days
days
days
days
5 days
Nashville
1.15
0.97
7.46
1.38
in.
in.
in.
in.
in.
in.
in.
in.
in.
6.08 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
72
60
74
62
78
80
64
70
64
74
72
72
80
52
62
56
82
75
80
78
75
76
80
84
80
74
84
81
64
76
76
77
70
72
76
76
71
70
74
362
334
281
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
Jan. 22, 1937
Feel
mean
60
33
50
43
68
64
43
50
46
57
50
59
55
31
42
43
mean
68
mean
57
60
59
62
57
mean
48
mean
22
30
mean
mean
mean
mean
mean
mean
mean
40
28
46
30
10
22
30
54
39
40
40
48
38
44
60
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
62
mean
72
76
63
74
68
51
62
61
65
52
54
57
64
47
54
50
72
mean
52
64
56
38
48
46
53
34
36
38
52
29
38
26
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
Jan. 24, 1936
Feet
Cotton Movement from All
Above zero of gauge-
Memphis
Above zero of gauge-
36.3
Above zero of gauge-
50.3
14.3
Above zero of gaugeAbove zero of gauge.
21.4
5.5
35.9
25.5
from
the
Week
Week
Aug. 1
924,000
Plantations—The following table
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the out ports.
Britain
ment
China
16,000
14,000
28,000
Total
1936-37-.
1935-36.-
8,000
1934-35
3,000
Other India-
6,000^ 30,000
29,000
39,000
21,000
—
32,000
18,000
119,000
—
113,000
..
8,000
65,000
236,000
91,000
68,000
47,000
138,000
384,000
142,000
348,000
86,000
1936
1934
1935
368,000
249,000
208,000
8,000
1935-36..
809,000
568,000
681,000
655,000
399,000
516,000
135,000;
140,000i
144,000
19,000
59,000
50,000
18,000
3,000
1936-37.1934-35
43,000
380,000
29,000
..
321,000
301,000
Total all—
1936-37.-
3,000
8,000
45,000
32,000
43,000
1935-36-.
1934-35-.
3,000
14,000
30,000'
28,000
355,0001,177,000
399,000
889,000
516,000
982,000
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
weekly
a
1936-37
1935-36
1934-35
310,000
7,181,283
210,000
6,512,316
165,000
5,159,596
Alexandria, Egypt,
Jan. 20
Receipts (cantars)—
This week
Since Aug. 1
This
Week
Exports (bales)—
To
This
Since
Aug.
This
Since
Week
1
Since
Week
1
Aug.
Aug.
1
9,000 138,171
8,000 92,358
16,000 394,794
2,000 21,601
81,033
8",66O 78,573
13,000 382,058
3,000 20,221
35,000 646,924
24,000 561,885
115.911
To Manchester, &c_
9",66O 115,078
To Continent and India.
32,000 357,927
To America
—J.w-i.
3,000 21,115
Liverpool
-
44,000 610,031
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm.
Demand for both yarn and cloth is
good.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
1935
Receipts from Planatlons
1936
|
1935
32? Cop
1934
ings, Common
M iddl'g
to Finest
8>* Lbs. Shirt¬
Cotton
32s Cop
ing,>, Common
Middl'g
Twist
to Finest
Upl'ds
Cotton
Twist
1934
Total
China
nent
Britain
8% Lbs. Shirt¬
1935
Japan <fe
Conti-
Great
Jap'n&
Bombay—
Upl'ds
Ended
1936
856,000
Since August 1
For the Week
Conti-
Great
from—
1936
Stocks at Interior Towns
92,000
Egyptian bales weigh about 750 lbs.
This statement; shows that the receipts for the week ended Jan. 20 were
310,000 cantars and the foreign shipments 44,000 bales.
The
Receipts at Ports
Aug. 1
Exports
Total exports
Southern
Week
Week
Aug. 1
84900
145,000 1,257,000
Bombay
Since
Since
Since
Note—A cantar is 99 lbs.
indicates the actual movement each week from the planta¬
tions.
1934-35
1935-36
1936-37
Jan. 21
21.1
Nashville
Receipts
Ports—The receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
6.8
11.5
New Orleans-.-,
Shreveport
Vicksburg
Smyrna, West Indies, &c.
estimated consumption by
of Indian cotton at
Receipts—
48
6
26
24
58
28
248,259
107,000
b Estimated.
242
has also been received by tele¬
graph, showing the height of rivers at the points named at
the dates given:
?_
1936-37 and 2,505,000 bales in 1935-36—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 8,042,493 bales in 1936-37 and 7,298,654 Dales in
1935-36, of which 5,140,293 bales and 4,629,054 bales American.
378
The following statement
8 a./m. on
9,803,654
7.134,054
2,669,600
Southern mills, 3,215,000 bales in
Th ermometer
—
7,708,149
355,259
a
282
India
Rain
7,708,149
421,334 11,257,493
8,355,293
278,334
2,902,200
143,000
Jan. 22
♦Embraces receipts in Europe from Brazil,
This totai embraces since Aug. 1 tht total
326
Telegraph—Reports to us by tele¬
graph this evening denote that too much rain is still falling
in the cotton belt, except in the extreme northwestern part.
Temperatures are unseasonably high in most of the belt,
but little farm work of any kind is being done and the season
is backward as regards winter plowing.
3 days
2 days
4 days
3 days
8,063,408 17,511,803
7,896,597
7,896,597
342
Weather Reports by
Texas—Galveston
84,000
18,000
42,000
11,000
8,317,931 19,154,090
Total supply
4,295,259
10,437,944
924,000
321,000
1,293,600
240,000
196", 168
10,907,632
1,257,000
367,000
1,438,200
284,000
145,000
32,000
62,000
16,000
_-
b
Tennessee.
7,712,240
7,898,403
Visible
Total
27,700,194
United States
Season
Week
Season
Week
State
In Place
1935-36
1936-37
Cotton Takings,
for December
Spinning Spindles
Oct.
16-,
23.
30_
370,72 3 372 ,945 208,963 2,098,7332,132,34 51 ,735,60 9 498,120514,566 300,444
378,68 3 405 ,164 232,05 9 2 ,179,5632,220,751 1,829,198 483,163 493,570 325,648
,919404,498 254,957
385,111 372,149 201,932 2,266,371 2,253,100 1,882,22:3471,
259,641 363,686 148,501 2,301,78 42 ,287,554 1,922,254 295,054398,140 188,532
s.
11
16
d.
d.
s.
10 3
d
d
s.
@10 5
d.
d.
s.
d,
6.99
10
@11**
9
5
@97
6.40
@11%
@11**
9
6
@10 0
6.47
9
6
@10 0
6.45
10 0
@10 2
6.47
@12**
10J*@12
30
10
2
@10 4
6.96
10
10J*@12
23
Nov.
6..
d.
Oct.—
10
6
@11 0
6.81
10
10 5
@10 7
6.92
10
@110
@10 4
13.. 264,096 330,485 134,427 2,342,886 2,316,783 1,963,293 305,198359,714 175,466
20.. 251,440 271,993 133,52 52 ,373,75 72 ,321,538 1,983,174 282,311276,748 153,406
Nov.—
6
11
@12
27-. 217,563 222,432 119,755 2,397,188 2,350,425 1,973,968 240,994251,319 110,549
13
11
@12>* 10 6
@12M 10 2
@12K 10 6
I
Dec.
2,366,617 2,358,279
177,455 109,945 2,327,953 2,369,180
188,143105,029 2,290,467 2,371,801
158,812 84,550 2,253,715 1,911,138
99,705 62,371 2,250,247 2,361,505
4.. 211,898 258,950 104,014
il¬ 133,018
ls.. 143,595
24.. 119,319
31-. 117,505
20— U
1,960,556 181,327266,804
1,934,215 94,354188,356
1,915,166 106,109190,764
2,188,745 82,567169,268
1,883,029 112,749, 78,953
90,602
27
83,604
85,980
80,522
34,262
Jan.
8-
16-
1937
1935
1936
1937
1935
96,101 98,804 55,462 2,180,501 2,337,209 1,851,022
61,240 92,756 65,9082,142, 6122 ,311,287 1,825,437
82,643 103,103 52,4732,090, 6712 ,285,388 1,801,024
1937
1936
10 0
@10 2
6.77
6.76
10 >*@12
10
1
@10 2
6.77
@11 0
6.72
10>*@12
10 3
@10 5
6.59
@11 0
6.81
10>*@12
10 3
@10 5
6.67
6.50
Dec.—
U
4
UH@12 H
il¬ 11H@12%
ls
11% @12%
24
11%@12%
10 6
10 6
@10 3
6.93
1Q%@11% 10 2
@10 4
10 4
@10 6
6.88
@10 2
6.38
@10 6
7.01
1Q%@11% 10
10>*@11** 10
0
10 4
0
11>*@12>* 10 4
31
1936
6.71
@11**
10>*@11J*
@10 6
7.10
10>*@11J*
9
6
@10 2
@10 0
6 44
6.41
1935
26,355
74,508
23,455
23,35ll
66,834
77,204
28,060
40,323
19 36
19 37
Jan.
The above statement shows:.
30,702
95
(1) That the total receipts
plantations since Aug. 1, 1936, are 6,095,987 bales;
6,781,010 bales and in 1934-35 were 4,065,709
bales.
(2) That, although the receipts at the outports the
past week were 82,643 bales, the actual movement from
plantations was 30,702 bales,
stock at interior towns
having decreased 51,941 bales during the week.
8
11%@12%
9 4
@96
7.11
10
15
22..
11J4 @12%
12
@12%
9 4
@96
7.20
9
@11**
>*@11**
9
4
@96
6.13
@10 0
7.16
10
@11>*
9
4
@96
6.17
22
9
6
@
97
6.07
from the
in 1935-36 were
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
World's Supply and Takings
for the last two
seasons
from all
sources
obtainable; also the takings or
sight for the like period:
•
•are
from which statistics
amounts gone out of
Shipping
News—As
shown
on
a
previous
page,
the
exports of cotton from the United States the past week have
reached
up
81,330 bales.
The shipments in detail, as made
from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Trieste—Jan. 15—Clara, 1,102
To Venice—Jan. 15—Clara, 1,185--To Gdynia—Jan.
15—Alshund,
1,708---Jan.
1,923; Ivar, 224
1,102
1,185
16—Tabor,
3,731
Jan. 18—Cranford, 100
To Copenhagen—Jan. 16—Tabor, 194
To Gothenburg—Jan. 16—Tabor, 320
To Japan—Jan. 16—Dryden, 8,783; Tirpitz,
-
To China—Jan. 16—Dryden, 1,928
To Bremen—Jan. 18—Cranford, 537
To Genoa—Jan. 19—Quistconck, 2,672
—
-
194
320
23,008
14,225
1,928
537
2,672
Bfeft
BBS*!
Volume
Financial
144
Bales
HOUSTON—To Liverpool—Jan. 20—West Cobalt, 2,582
To Manchester—Jan. 20—West Cobalt, 1,458
Advices
2,582
1,458
To Ghent—Jan.
20—Gind, 563
Jan. 15—Winnipeg, 664
Jan. 18—Wisconsin, 756
To Havre—Jan.
20—Gind, 814
Jan. 15—Winnipeg, 2,015
—Jan. 18—Wisconsin, 1,682
To Bremen—Jan. 20—Luebeck, 1,383
Jan. 16—Cranford,
1,983
4,511
•>761
2,144
654
1,448
556
2,800
To Hamburg—Jan. 20—Luebeck, 656
To Genoa—Jan. 20—Quistconck, 1,448
To Antwerp—Jan. 15—Winnipeg, 556
To Japan—Jan. 21—Katsuragi Maru, 2,800
To Dunkirk—Jan. 15—Winnipeg, 990
Jan. 18—Wisconsin,
213
1 203
...
To China—.Tan. 21—Katsuragi Maru, 408
To Abo—Jan. 16—Cranford, 250
To Copenhagen—Jan. 18—Ivar, 350; Tabor, 406
To Gdynia—Jan. 18—Ivar, 226; Tabor, 577
408
250
756
803
47
159
86
329
170
250
6,536
50
;
To Oslo—Jan.
18—Tabor, 47
To Gothenburg—Jan. 18—Tabor, 159
LAKE CHARLES—To Ghent—Jan. 15—Waban, 86
To Havre—Jan. 15—Waban. 329
To Dunkirk—Jan. 15—Waban, 170
To Rotterdam—Jan. 15—Waban, 250
r
-
NEW ORLEANS—To Liveropol—Jan. 15—Meanticut, 6,536
To Bombay—Jan. 20—Ericksson, 50-To Japan—Jan. 18—Katsuragi Maru,
Jan. 19—Tir-
2,314
4,892
3,535
100
250
900
160
400
pitz, 2,578
To Genoa—Jan. 18—Montello, 3,535
To Gdynia—Jan. 14—Ivar, 100---
-
To Antwerp—Jan. 19—Edam, 250
To Rotterdam—Jan. 19—Edam, 900
To Havana—Jan. 9—Sixaola, 160
To Lapaz—Jan. 9—Sixaola, 400
±
MOBILE—To Japan—Jan. 9—Tirpitz, 445
SAVANNAH—To Bremen—Jan. 18—Nordick, 759
I
To Rotterdam—Jan. 18—Nordick, 100
445
759
100
5,503
35
14
103
48
CHARLESTON—To Bremen—Jan.
16—Nordick, 5,503
To Hamburg—Jan. 16—Nordick, 35
To Rotterdam—Jan. 16—Nordick, 14
NORFOLK—To Havre—Jan. 22—City of Newport News, 103—
To Hamburg—Jan. 22—City of Newport News
Total.
81,330
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
Stani-
High
ard
Density
Stand-
High
.32c,
Manchester.32c.
.47o.
Trieste
d.45c.
.60c.
Piraeus
.85c.
ard
1.00
.47c.
Flume
d.45c.
.60c.
Salonlca
,85c.
1.00
Antwerp
.32c.
Havre
Liverpool
ard
Densliy
Barcelona
.47c.
.600.
Bombay x
d.45c.
Oslo
.48c.
Stockholm
.44c.
*
Hamburg
.47c.
.32c.
Bremen
.69c.
x
.65c.
.32c.
.63c.
Rate Is open.
,50c.
d.45c.
.60c.
Cope nhag'n.40c.
Naples
d.45c,
Leghorn
d.45c.
Gothenb'g .44c.
Shanghai
Genoa
Venice
Japan
.47c.
Density
*
*
.470.
.32c.
Rotterdam .32c.
.550.
.60o.
.60c.
.47c.
.59c.
d Direct steamer.
Only small lots.
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Dec. 31
ForwardedTotal stocks
Jan. 8
55,000
811,000
286,000
84,000
-
Of which American
Total imports
Of which American
30,000
226,000
113,000
;
Amount afloat
uf which American-
Jan. 22
Jan. 15
66,000
811,000
291,000
79,000
28,000
241,000
132,000
75,000
823,000
307,000
83,000
50,000
211,000
117,000
639
from
Winnipeg told of good buying from export
and houses with seaboard connections.
sources
59,000
822,000
315,000
52,000
34,000
200,000
95,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Saturday
Monday
12:15
Good
business
Moderate
P.M.
demand.
doing.
demand.
Wednesday
Tuesday
Thursday
Moderate
Quiet.
7.18d.
Steady, un¬
Quiet but
changed to steady,
opened
2
2
Market,
un¬
dec. changed
pts.
pts.
P.M.
7.22d.
7,16d.
7.22d.
7.16d.
Quiet,
Quiet,
un¬
Steady,
Steady;
to 3 to 4 pts. 2 to 4 pts. unch. to 1
1 pt. adv.
decline.
advance.
pt. decline.
changed
20th inst.
to
Jan.16
Sat.
pts.
are
dec.
given below:
Tues.
Mon.
Wed.
Thurs.
Fri.
to
New Contract
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
d.
d
d.
d.
d.
d.
d.
d.
January (1937)..
6.94
6.91
6.93
6.95
6.93
6.89
6.91
6.95
6.94
6.94
6.94
March
6.93
6.90
6.93
6.94
6.92
6.87
6.88
6.92
6.91
6.91
6.92
May
6.90
6.87
6.89
6.91
6.89
6.84
6.85
6.89
6.88
6.88
6.89
July
6.82
6.79
6.81
6.83
6.82
6.76
6.78
6.81
6.80
6.80
6.49
6.51
6.53
6.52
6.46
6.48
6.50
6.49
6.49
6.52
6.47
6.46
«.
—
'
favor
the
of
market.
Predictions
6.46
6.47
6.45
6.46
-
~
—
6.44
-
6.44
_
6.43
-
mm*
6.43
6.45
On the 21st inst. prices closed
good
the
undertone,
strong rallies
day's session.
wheat
was
a
Improved
the effect that
1937.
Flour—The old complaint still prevails, a lack of appre¬
ciable demand
on the part of consumers in this area.
Only
being worked in most cases, with an occasional
is
still
to
structions against contract balances.
in¬
Bakery patents, fam¬
ily
showed
grades,
semolina
and
necessary
rye
flour
get shipping
little
or
no
change in price recently.
Wheat—On the
16th inst. prices closed l^c. off to %c.
Bullish weather reports did much to firm the market
in the early session, rather disquieting reports coming in
on the domestic winter crop conditions in the
Southwest.
Later, reports were current that Argentine and Australian
wheat was underselling Canadian wheat abroad.
Consider¬
able selling developed which caused prices to drop in some
cases as much as a cent a bushel.
However, good buying
power was in evidence as the market dipped.
Some of this
buying came from domestic milling sources, it was reported.
up.
cold
weather
^c. off to *4c. up.
Heavy
reflecting
this
fact during
export demand for Canadian
sleet crusted
wide
over
areas
was
crop
was
caus¬
pool market, although due *4 to l%c. lower, closed at 1 to
l%c. higher.
Enlargement of Canadian wheat export busi¬
to
Great
total
a
chases
for
of fully 600,000 bushels today included pur¬
European continental
/
countries
well
as
as
for
Britain.
Today prices closed 1%
a
a
to 2%c. down.
This grain had
setback today, prices declining sharply 3c.
bushel, which plunged the market down to a level 10c.
further sharp
the
season's
top prices.
Huge
shipments of wheat
a severe price
break at Liverpool, brought about stop-loss selling here.
Argentina this week exported almost 20 times as much
wheat as a year ago, and Australian shipments were about
quadrupled. Announcement that Canada's official crop esti¬
from the
Southern Hemisphere,
resulting in
mate was the lowest since 1919 was
in
interest
wheat
virtually ignored.
108,376,000 bushels.
was
DAILY CLOSING PRICES
OF
WHEAT
Mon.
Sat.
153
No. 2 red
CLOSING
Season's
Pressure
severe
stimulus, and so, too, were reports of
Ohio Valley floods.
More bullish news
PRICES
151%
OF
WHEAT
IN
Tues.
149
May
July
September
High and
13714
12114
117%
132%
Tues.
130%
Open
NEW YORK
Wed.
Thurs.
14834
FUTURES
Mon.
132%
11534
112
May...
July
September
Friday Night, Jan. 22,
lot.
of
6.44
BREADSTUFFS
round
the
selling pressure, especially from the East, depressed prices
considerably at times, but the market appeared to have a
Sat.
are
on
been much rain.
The strength of the securities market
following the President's inaugural address also had a whole¬
some influence on grain prices towards the close.
Further¬
more,
definite announcement was made that Italy had
bought three additional cargoes of Argentine wheat over
night.
May wheat in Chicago, an old crop month, suffered
a temporary maximum loss
of 2^gC., falling to $1,291^ a
bushel, or 8c. under the season's top level reached several
weeks ago.
The Canadian Government Wheat Board was
credited with selling May wheat at Winnipeg.
DAILY
job lots
whoesome effect
caused misgivings about the safety of the domestic winter
wheat crop, especially in areas where recently there has
6.50
October...
December
a
Subsequently prices brokb 2%c.
a bushel from the earlier
gains, only to be followed in the
late trading by a sharp rally.
The news generally was in
6.81
January (1938)..
had
stock
Chicago wheat market.
under
Liverpool for each day
r
Jan.22
visible
prices closed %c. off to }^c. up.
The favorable
advancing ll^c. when a
action of the Liverpool market in
was looked for had
setback of 2c.
dec.
3
Prices of futures at
States
as to crops in Northern
Illinois, Northern Missouri and most of Iowa.
The Liver¬
demand.
Steady, un¬ Very stdy., Quiet, 1 pt.
Steady,
Quiet but
Steady;
changed to unch'ged to dec. to 1 pt 2 to 4 pts, steady, un¬ unch. to 1
1 pt. dec.
1 pt. dec.
advance.
decline.
changed to pt. advance
4
United
bushels to a total of 52,531,000, against 66,604,000 a year ago.
There was a flurry
of wheat selling at the start, influenced
by Liverpool price
declines, but the market subsequently recovered, influenced
by the strong action of corn.
Chicago new crop deliveries
of, wheat, July and September, rose at times to well above
Saturday's finish.
On the 19th inst. prices closed 2 to
2 3^c. lower.
The chief factor operating against wheat values
during this session was the report of the Argentine export
movement of grain on a large scale and the
consequent
tumbling of European markets.
The fall of wheat values in
Chicago followed breaks of 2c. to 3 %c. at Liverpool and
Rotterdam.
Liverpool reported general liquidating sales
of wheat futures, the March delivery in particular being
influenced by a flood of Argentine cheap offerings.
Canadian
wheat export business today was estimated as again of very
light volume, totaling only a few scattered loads.
Word
that good-sized Italian purchases of wheat from Argentine
were
continuing had little or no effect on values.
On the
ness
Futures.
Market
the
week 2,370,000
ing much apprehension, especially
Quiet.
'
7.22d.
Mid.Upl'ds
that
announcement
diminished last
to
Friday
A fair
Market,
was
purchasing of foreign wheat by Italy, 500,000
bushels today (Saturday).
On the 18th inst. prices closed
unchanged to %q. higher.
Trading was relatively inactive,
due in no small measure to the activity and strength in the
corn market, trade attention
apparently being focussed in
this direction.
Decreasing supplies of wheat in this country
tended to check selling operations,
especially after the
damage from
Spot
There
continued
-
„
Chronicle
IN
Wed.
Fri.
14834
14614
CHICAGO
Thurs.
130Ys
Fri.
13034
12714
1151| 113% 114
112%
109%
11314 11214
11034 110
10814
When Made
Season's Low and
May
Dec. 28, 1936 " ~
10514
Dec. 28, 1936 July
9614
Dec. 31, 1936 September
10814
When
Sept.
Oct.
Jail.
Made
2, 1936
2, 1936
22, 1937
UAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat.
May
July
October,^—--
-
Mon.
12514
12014
12414
12014
Tues.
12214
11834
Wed. Thurs. Fri.
122
122% 121
11814 11814 117
.....11014 110% 10814 108
10814 10814
closed J^c. decline to 3^e.
up.
Trading in this grain was very quiet, with no special
feature to the news.
On the 18th inst. prices closed %c. to
lVsG. up.
The strength displayed in this market was due
primarily to indications that sub-zero weather would prevail
in the winter wheat section very shortly and would cover
the corn belt very completely.
The cold wave was expected
to last two days and bring about increased use of farm reserve
stocks of grain, as well as further curtail the quantities
coming to terminal markets.
Tuesday is the last day in
which fresh transactions in old style corn contracts can be
made, and this circumstance added to the volume of today's
Corn—On the 16th inst. prices
Financial
640
May and July commitments after the close
be permitted only in contracts
as
lately
standardized.
Business in old style contracts for these
months will be then limited to settlement of uncompleted
trading.
corn
will
tomorrow
Offerings of corn for immediate use were scarce
and demand was keen.
Cash corn showed more of an up¬
ward trend even than did future deliveries, and was in some
dealings.
On the 19th inst. prices closed 1 to
down.
This drop in corn values was largely influenced by
the heavy declines in wheat.
The recent severe cold in the
wheat and corn belt failed to maintain yesterday's upward
\lAo.
cases
up.
prices.
On the 20th inst. prices closed %c. to %e.
down.
Trading was relatively quiet in this grain, the
declines being influenced largely by the reaction of the
other grains, especially oats.
On the 21st inst. prices closed %c. off to %c. advance.
trend of
May corn at Chicago was attributed
to hedging against purchases of Argentine corn.
Shipments
of corn from Argentina this week totaled 9,600,000 bushels,
including 2,300,000 bushels destined for North America.
To¬
day prices closed 1% to l%c. down.
This -break was influ¬
enced largely by the weakness of wheat and the threat of
large shipments of corn from the Argentine, especially with
the shipping strike soon settled.
Open interest in corn was
38,383,000 bushels.
Selling
pressure
Jan. 23, 1937
Chronicle
119%
112
103%
OF RYE
CLOSING PRICES
DAILY
Mon.
Sat.
Fri.
Thurs.
Wed.
BARLEY FUTURES IN CHICAGO
Sat-. Mon.
Tues.
Wed. Thurs. Fri.
DAILY CLOSING PRICES OF
OF BARLEY FUTURES IN
Mon.
Sat.
82%
72%
May
July...
Tues.
WINNIPEG
Thurs.
Wed.
81%
71%
82%
72%
84
85
85
88%
88%
88%
May
CLOSING PRICES
Tues.
102% 101% 100% 101% 101%
99%
97%
96%
97% 97%
102
98%
May
July....
DAILY
When Made
Aug. 11,1936
Oct. 3, 1936
Jan. 22, 1937
FUTURES IN WINNIPEG
When Made
I
Season's Low and
Dec. 28, 1936JMay_.
75%
Dec. 28, 1936[July
71
Dec. 29, 19361 September
90%
Season's High and
May
July
September
79%
70
81%
71%
80%
71%
Fri.
Closing quotations were as follows:
'^S}:'AA£-
GRAIN
Oats, New York—
Wheat, New York—•
No. 2 red, c.i.f., domestic—146%
Manitoba No. 1, f.o.b. N.Y.135
Rye, No. 2, f.o.b. bond N. Y..117%
Barley, New York—•
47% lbs. malting
105%
Chicago, cash
.100-142
on
Corn, New York—
No. 2 yellow, all rail
62%
No. 2 white
125
FLOUR
6.40._6.30<
Spring oats, high protein_7.85@8.15 Rye flour patents
Spring patents
7.45@7.75 Seminola,bbl., Nos.l-3.ll.70c
3.25
Clears, first spring..
6.60@7.00 Oats, good
3.15
Soft winter straights
5.85@6.25 Cornflour
Hard winter straights—.6.70@7.05 Barley goods—
Hard winter clears..
4.40
Coarse
6.90@7.20
6.40@6.70
Hard winter patents
Fancy pearl,Nos.2,4&7 5.75 @6.25.
,
NEW YORK
DAILY CLOSING PRICES OF CORN IN
Sat. Mon.
Tues.
..108%
104
...Ill
106%
102%
Season's
May
High and
110
108
107% 107
105%
103% 103
102% 101.
110% 110% 109% 108%
105% 105% 105% 103%
103% 101% 101% 101%
94%
When Made
Season's Low and
Jan. 14. 1937 May
85%
When Made
July 29, 1936
July
85
Oct.
1, 1936
May (new)... 89%
Nov. 2, 1936
July (new)... 86%
Nov. 2,1936
Sept. (new)... 99%
Dec. 30, 1936
Jan. 14, 1937
Jan. 14, 1937
Jan. 14, 1937
Jan. 14, 1937
July
105%
May (new)...113%
July (new)...108%
Sept. (new)...104%
Oats—On the
109
104%
112
107%
16th inst. prices closed
All the statements below
Fri.
126% 126% 125
OF CORN FUTURES IN CHICAGO
Sat.
Mon. Tues.
Wed. Thurs. Fri.
DAILY CLOSING PRICES
May
July
May (new)
July (new)
September (new)
Thurs.
Wed.
127% 128% 127%
No. 2 yellow
A to %c. down.
Trading dull, with the market's tone anything but firm.
On the 18th inst. prices closed unchanged to Me. higher.
There was very little to this market, trading being more or
less rountine, with market's steadiness attributed to firmer
corn and wheat markets.
On the 19th inst. prices closed
regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce Exchange.
First
we
give the receipts at Western lake and river ports
for the week ended last
Saturday and since Aug. 1 for each
of the last three years:
Oats
Corn
Wheat
Flour
Receipts at—
Barley
Rye
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs.
583,000
Minneapolis.
236,000!
21,000
155,000'
12,000:
1,164,000
64,000
79,000
224,000
Chicago
69,000
51,000
5,000
214,000
2,000!
49,000
Duluth
128", 000
14*666
Milwaukee..
33~66O
Toledo..
7,000!
102,000:
18,000:
108,000
182,000
47,000
18,000
Detroit
5,000
230,656
270,000
734.000
Indianapolls.
138,000
St. Louis...
32,000;
327,000
Peoria
49,000
27,000
Kansas City.
11,000
487,000
361,000
84,000
16",000
17,000
5,000
92,066
1,000
37,000
79,000-
20,000:
470,000
47,000
28.000-
268,000
3,000
164,000
39,000
Omaha
16,000
St. Joseph..
Wichita
6,000
118,000
4,000'
% to l^c. down.
The weakness of grain markets both
here and abroad naturally affected oats, inducing considerable
Sioux City...
40.000
93,000
16,000
Buffalo
85,000
126,000
154,000,
On the 20th inst. prices closed z/\ to YiO. down.
attributed to heavy selling
of a stop-loss character which caused May oats to break
2k£c. a bushel from the highs of the day.
There appeared
to be no adequate support when this pressure was launched
against the market.
On the 21st inst. prices closed unchanged to %c. lower.
There was very little of interest to this grain, trading
being very light.
Today prices closed 1% to 2c. off.
This
heaviness of oats was largely in sympathy with the extreme
Total week,'37
436,000
1,894,000
3,797,000
1,092,000
209,000
871,000
Same week,'36
Same week,'35
373,000
3,283,000
5,581,000
1,809,000,
453,000
1.942,000
384,000
1,507,000
1,926,000
611,000!
68,000'
659,000
10,920.000153,335,000
9,076,000245,911,000
79,604,000
liquidation.
The weakness of this market was
OF
Sat.
53%
46%
44%
May
July
September
Season's High and
54%
48
45%
May
July
September
When
Jan.
Jan.
Jan.
67%
Mon.
53%
47
44%
66%
Tues.
52%
46
42%
65
64%
Mon.
55%
55%
52%
May
July..
52%
Tues.
54%
52%
51%
45
42
51%
45%
42
OATS FUTURES IN
Sat.
Thurs.
Wed.
When
Season's Low and
I
Made
40%
14, 1937 May
July
37%
14, 1937
40%
14, 1937 September
DAILY CLOSING PRICES OF
Fri.
49%
43%
40%
Made
July 29, 1936
Oct.
1, 1936
Jan. 22, 1937
WINNIPEG
Wed.
Thurs.
54%
51%
54
51%
52%
50%
September delivery, which showed a net gain of over a
bushel.
On the 18th inst. prices closed A to lAo.
the
The strength in this grain was to some extent due
upward action of wheat and corn, but in a larger
demand, an appreciation of the
relative cheapness of this grain as compared with wheat
apparently becoming more widespread.
On the 19th inst.
prices closed 1 A to 1 k£c. down.
There were many times in
the recent past when this grain showed a decided inde¬
pendence to the trends of the other grains, but lately it has
been more or less dominated by the action of wheat, which
has been decidedly reactionary.
On the 20th inst. prices
closed kg to Ac. down.
With all other grains on the down¬
ward trend, it was only natural that rye should follow,
there being nothing in the news of an especially stimulating
measure
to
better
spot
prices closed Vs to %c. up. The firmness
attributed to the bullish crop and weather
news, and to the strong rallying tendency of the wheat
market.
Today prices closed IV2 to 2%c. down.
The slump
On the 21st inst.
of this grain was
to be expected in view of the sharp
wheat and the bearish news from the Argentine
rye was
break in
and Aus¬
157,000
155,000
630,000
11,000
30,000
17,000
23,000
266,000
14,000
2,000
8,000
16,000
6,000
6,000
New Orleans *
17,000
208,000
10,000
DAILY
CLOSING
PRICES
OF
RYE
Sat.
FUTURES IN
Mon.
Tues.
110
110% 109%
101% 101% 100%
...
92%
94
92%
Wed.
CHICAGO
Thurs.
Fri.
108% 108% 107
100
100% 99%
92% 92% 90%
1,000
24,000
Galveston....
St. John, West
Boston
27~66o
Halifax
87",660
21,000
414,000
"4",066
16,000
"2",606
Total week,*37
285,000
616,000
Since Jan.1'37
586,000
1,452,000
Week 1936.
241,000
Slnce Jan.1'36
720,000
1,125,000
2,105,000
80,000
146,000
44,000
155,000
116,000
1,427,000
3,109,000
*
on
251,000
16,000
59,000
9,000'
47,000
113,000
39,000
Receipts do not include grain passing through New Orleans for
50,00Q,
foreign ports
through bills of lading.
from the several seaboard ports for the week
Saturday, Jan. 16, 1937, are shown in the annexed
The exports
ended
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from
Bushels
Barrels
Bushels
Bushels
Bushels
New York
33,885
633,000
Philadelphia
132,000
"1*666
Baltimore.
1,000
New Orleans
414", 000
21,000
St. John, West
Halifax
Total week, 1937._
2,183,000
37,000
2,000
83,885
78,080
39,000
22,000
27,000
1,179,000
Same week 1936
"2",000
The destination of these exports
July 1, 1936, is
33,000>
for the week and since
below:
as
Corn
Wheat
Flour
Exports for Week
Since
Week
Since
July 1
and Since
Week
Since
Week
July 1 to
Jan. 16
Julv 1
Jan. 16
July I
Jan. 16
1937
1936
1937
1936
1937
1936
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United
38,210
1,437,840
312,000
6,655
Kingdom.
Continent
443,508
858,000
11,000
373,500
5,000
47,096,000
32,459,000
267,000
So. <fe Cent. Amer.
West Indies
26,000
20
713,500
13,000
85,683
4,000
3,067,031
2,031,846
1,179,000
2,183,000
81,930,000
51,840,000
1,000
1,000
2,093",666
83,885
78,080
Brit .No. Am. Cols
Other countries..
Total 1937
Total 1936
tralia.
May
July
September
Barley
Rye
Baltimore
Philadelphia
character affecting rye.
in
Oats
Corn
Wheat
Flour
a
higher.
to
receipts of flour apd grain at the seaboard ports for
Saturday,' Jan. 16, 1937, follow:
Receipts at—
Fri.
Rye—On the 16th inst. prices closed
lower to lk£c.
higher.
This market showed better than any of the other
grains.
There was considerable switching from the near
deliveries into the distant months, especially into the dis¬
lc.
Total
47,930,00011,100,000 59,654,000'
90,641,00014,675.000 56,008,000
31,455,000' 9,013,00041,857,00Q.
the week ended
New York
Fri.
62%
OATS FUTURES IN CHICAGO
67%
CLOSING PRICES
94,273,000
8,817,000 142.491,000 120,310,000
1934..
bbls. 196lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.5Qlbs. bushA8lbs.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon.
Tues.
Wed. Thurs.
No. 2 white
tant
1935
of the other grains.
weakness
DAILY
Since Aug. 1—
1936
15,000
The
visible
2,000
15,000
supply of grain,
2,000
comprising the stocks in
at principal points of accumulation at
'seaboard ports Saturday, Jan. 16, were as follows:
granary
2,000
47,000
lake and
Volume
144
Financial
GRAIN STOCKS
Wheal
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
Boston..
New York
55,000
...
324,000
335,000
afloat
„
m
m
m
924,666
302,000
305,000
112,000
2,970.000
769,000
266,000
2,000
28,000
New Orleans.
Galveston
Fort Worth
...
Wichita...
Hutchinson
23,000
-
-
1,211,000
...
11,448,000
...
Omaha
Sioux City
St. Louis
373,000
2,782,000
...
Indianapolis
Peoria
...
1,000
-
237,000
966,000
1,814,000
...
5,672,000
2,188,000
...
6,185,000
Detroit
84,000
Buffalo
"
afloat
-
11,000
-
......
14,000
5,000
8,000
787,000
6,000
4,067,000
4,996,000
1,495,000
1,511,000
150,000
■
6,000
1,623,000
238,000
174,000
On Canal
390,000
898,000
209,000
184,000
Total Jan.
16, 1937.. 52,531,000
9, 1937.. 54,901,000
18. 1936.. 66,604,000
Total Jan.
Total Jan.
------
13,587,000 32,476.000
13,361,000 33,692,000
6,433,000 40,858,000
Baltimore—Also has 178,000 bushels Argentine
has 56,000 bushels Argentine corn in bond,
97,000 bushels of feed wheat.
a
corn
Also
c
4,647,000 13,887,000
4,843,000 14,539,000
8,532,000 15,545,000
In
bond,
Duluth
b Chicago—
Wheat—Includes
grain not included above:
Barley—Buffalo, 499,000 bushels;
afloat, 364,000; Duluth, 2,713,000; Duluth afloat, 572,000; Milwaukee
afloat, 1,047,000; Chicago afloat, 360,000: total 5,555,000
bushels, against 21,000
bushels in 1936.
Wheat—New York, 7,945,000 bushels; New York
afloat, 316,000;
Philadelphia, 2,000; Buffalo, 4,120,000; Buffalo afloat, 3,485,000;
Duluth, 3,324,000;
Erie, 100,000; Albany, 3,048,000; Chicago, 260,000;
Canal, 1,924,000; total, 24,524,000 bushels, against 31,113,000 bushels in 1936.
Wheat
Corn
Bushels
Canadian—
Bushels
Oats
9,176,000
water
points
Total
Jan.
Rye
Bushels
Bushels
1,772,000
Other Canadian and other
Barley
861,000
Bushels
2,657,000
34,058,000
3,106,000
225,000
1,497,000
1937.. 43,234,000
1937.. 44,879,000
4,878,000
5,126,000
5,769,000
1,086,000
1,082,000
4,154,000
4,277,000
3,854,000
Total Jan.
16,
9,
Total Jan.
18, 1936.-122,387.000
......
3.545,000
Summary—
American
52.531,000
Canadian
43,234,000
13,587,000 32,476,000
4,878.000
4,647,000
1,086,000
.
13,887,000
4,154,000
Total Jan. 16, 1937—
Total
95,765,000
13,587,000 37,354,000
5,733,000 18,041,000
9, 1937.. 99,780,000 13,361,000 38,818,000
5,925,000 18,816,000
18, 1936.-188,991,000
6.433.000 46,627,000 12,077,000 19,399,000
Jan.
Total Jan.
The world's shipment of wheat and
corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended Jan. 15, and since July 1,
shown in the
1936, and July 1, 1935,
are
following:
Wheat
Exports
Week
Jan.
Corn
Since
15
Since
Week
Since
Since
July 1
July 1
|
July 1
Jan.15
1936
!
July 1
1937
1935
1937
1936
1935
Bushels
Bushels
Bushels
Bushels
Sea..
1,400,000
Argentina-..
5,711,000
Australia.
1,712.000
6,992,000
256,000
704",000
14,696,000
19,625,000
Amer.
Black
2,287,000
..
India
Oth. countr'p
Total
87,008,000
32.202,000
53,177,000
50,339,000
11.814,000 277,040,000 242,607,000
2,000
1,000
638",000 13,498,000
5,303,000
8,918,000 226,605,000 176,580,000
—V
-
-
349,G(pO
13,897,000
30,422,666
9,905,000254,722,00()'212,306,000
Weather Report for the Week Ended Jan.
20—The
general summary of the weather bulletin issued
by the
Department of Agriculture, indicating the influence of the
weather for the week ended Jan.
20, follows:
Temperature conditions of the week ending Jan.
19, were very similar
preceding week.
Abnormally high temperatures persisted
of the Mississippi Kiver, and
severely cold weather in most of the
West and Northwest, though there was some
moderation in temperatures
in the southern Great Plains and in the
Southwest.
The southern limit of freezing weather was
almost exactly the same as
for the preceding week.
In the East it did not extend farther south
than
Washington, D. C., southwestern Virginia, and central
Tennessee, while
west of the Mississippi temperatures were
continuously above
to those for the
east
far
north
as
temperatures
degrees to
as
southern
freezing
Arkansas
as
and north-central Texas.
The lowest
reported in the Southeastern States
ranged from about 55
high as 70 degrees.
Subzero weather was
reported from the
Northeast, and in the Midwest as far south as ex¬
southern Nebraska.
The lowest temperature
reported from a firstorder station was 30 degrees below zero at
Devils Lake, N. Dak, on Jan. 19
though Price Albert, Sask., had a low of 54 degrees below zero.
The weekly mean temperatures in the
Atlantic area ranged from 12
degrees to 16 degrees above normal, while in the Lake
region and the Ohio
and lower Mississippi Valleys the
Interior of the extreme
treme
averages
degrees above.
On
Pacific
coast
were
the other
mostly 6 degrees to
10
hand, from the upper Mississippi
Valley
6 degrees to 17 degrees colder than
normal, except
sections.
westward the week
in
was
Rainfall was again heavy over a wide belt
extending from the southern
half of the Mississippi Valley northeastward
to the eastern Lake
region,
the Middle Atlantic States, and the
Northeast.
In most of this extensive
area the weekly totals
ranged from more than an inch to as much as
5
inches.
The Southeastern States had
very little rain, while the
weekly
totals were inappreciable in the
Southwest and central and northern Great
Plains.
Substantial precipitation occurred in most
of the Pacific States,
including a considerable area in the far Northwest.
Except
in
the
southeastern districts, persistent rains since
the
first of the year have
waterlogged much land east of the Mississippi
River,
and the soil is rather generally too wet in
all sections.
In the Ohio
more
Valley
work
many grain fields are inundated and, because of wet
sol1, seasonal farm
is mostly at a standstill over the
eastern half of the country.
Also, con¬
large southeastern section has become
decidedly
unfavorable in prematurely
forcing vegetation, which later may be damaged
by freezing weather.
Development of fruit trees and the like are fully a
month ahead of normal in the
Southeastern States, with buds
swelling as
far north as New Jersey, and some
shrubbery showing bloom north to Ten¬
tinued
warm
trade
Night,
Jan.
22,
1937.
turned
quite spotty during the last week.
Adverse weather conditions in most
parts of the country
seriously interfered with consumer buying, particularly in
the seasonal apparel and
sporting goods lines, ana total de¬
partment store sales for the week
the
comparative figure of last
were
estimated to be below
A further retarding
was exerted in certain sections of the
country by
prolonged strike in the automotive and related industries.
Although actual effects of the latter so far were said to be
negligible, fears were expressed that an extended delay in
settling the controversy would cause a substantial decline
year.
influence
the
For the first half of
ment store sales in the
January, depart¬
metropolitan area were estimated by
the Federal Reserve Bank of New York to have
exceeded
last year's volume by 5.7%, with New York and
Brooklyn
stores
registering
increase of 5.6 %, and the gain by stores
Jersey amounting to 6.3%.
Trading in the wholesale dry goods markets reflected to
some
extent the less favorable
showing of retail business.
Commitments on Spring goods continued to run into con¬
siderable volume, partly due to the earlier date of
Easter,
but re-orders on Winter
apparel and seasonal goods slackened
materially, as most retailers were still amply supplied with
such goods.
Wholesalers continued' to cover freely against
their Fall requirements, and a substantial amount of
orders
was placed in brown
goods, percales, etc., as further price
advances were predicted.
Business in silks was fairly active,
with crepe de chine leading in
demand, and with the bulk
of orders calling for spot or
nearby delivery.
Prices extended
their advance, in sympathy with
higher raw silk quotations.
Active trading in rayon yarns continued unabated.
With
many mills switching from silk to rayon fabrics, due to
steadily advancing raw silk quotations, the demand continued
to exceed production by a
large margin.
While producers
are
making efforts to step up production through plant ex¬
pansion, for the time being, it appears impossible to satisfy
the demand, and allotment of
supplies to users continues to
be resorted to by most producers.
an
in Northern New
Bushels
Bushels
127,188,000
43,496,000
44,914,000
39.754,000
North
Retail
in the sales volume.
Note—Bonded
Buffalo
Ft. William & Pt. Arthur
DRY GOODS TRADE
Friday
------
6,000
1.357,000
THE
V*'':
568,000
-
protection in the wheat
the principal grain fields
southwestern portion of
the Great Plains, Including western
Kansas, eastern Colorado, and western
Oklahoma, the soil continues dry and subject to drifting with high winds.
In other parts of Oklahoma and in Texas
progress of winter grains con¬
tinues fair to good.
77,000
1,395,000
-
a
fairly good snow cover and there is ample snow
sections of the Pacific Northwest.
In Washington
are covered with 6 to
14 inches of snow.
In the
27,000
115,000
1,251,000
132,000
89,000
286,000 13,352,000
25,000
3,747,000
4,000
2,000
-
northern
20,000
1,432,000
-
in
65,000
6,304,000
—
1,486,000
...
-
------
271,000
165,000
...
c
-
119,000
1,141,000
5,354,000
-
Milwaukee.,.
Minneapolis
-
------
127,000
420,000
6,619,000
...
afloat
2,000
•
378,000
45,000
951,000
1,270,000
9,000
Chicago b
4,000
2,000
-
-
------
St. Joseph
Kansas City
......
407,000
295,000
•
-
there is much standing water,
damage.
There is also continued
Illinois, northern Missouri, and most of Iowa
the result of a persistent ice
blanket, but in the eastern half of Kansas
it is not thought that the cover of sleet has been
materially harmful.
The
apprehension
Plains States from central Nebraska northward
and northwestward have
32,000
a
......
1,000
38,000
646,000
Baltimore
/
------
72,000
641
have waterlogged many wheat fields and
which probably will result in some
as to
69,000
582,000
Philadelphia
Duluth
------
■
„
Chronicle
weather in
a
nessee.
On the other hand, the continued cold in
much of the "West,
especially
the Northwest, has been
very unfavorable for livestock.
Heavy feeding
has been necessary and some further
losses
are
reported, especially to
lambs in northern California.
Some additional loss to fruit and truck is
far Southwest, but not
nearly so serious as during the
freeze of last week;
heavy replanting of truck is necessary in southern
California.
In Gulf sections winter truck made
good growth, but has
become tender, because of continued
warmth, which will be a disadvantage
in case there is cold weather later.
There was considerable additional
snow in the western
mountains, especially in central and northern dis¬
tricts.
The greatest depth of snow on the
ground so far reported is slightly
more than 11 feet at Paradise
Inn, "Wash.
reported in the
Small Grains.—In the Ohio
Valley States, while the condition of winter
wheat remains mostly fair to
good, continued frequent and heavy rains
Domestic
Cotton
Goods—Trading in the gray cloth
only moderately active.
With the delivery
nearby goods growing tighter, mills appeared
not particularly anxious to book orders
beyond July or
August shipment.
A fair portion of the second and third
quarter output has been sold, and it is felt that there will
be no difficulty later on in
disposing of the remainder, at
possibly higher prices.
During the latter part of the week,
inquiries for goods at prices slightly below current levels
increased materially, but in the
majority of cases mills de¬
clined to grant the lower price demands of
buyers.
Business
in fine goods quieted down. Several smaller lots of
nearby
goods changed hands, adding up to a fair total, but few orders
for later delivery were received.
Mills, on the other hand,
were
equally reluctant in pressing goods on the market,
being confident that prices will show further improvement.
Closing prices in print cloths were as follows: 39-inch 80s,
9% to 11c., 39-inch 72-76s, 9Y2 to 10^c., 39-inch 68-72s,
8% to 8Kc., 383/2-inch 64-60s, 8H to 7%c., 38^-inch
60-48s, 6M to 6Mc.
markets
was
situation in
Woolen
Goods—Trading in men's
down still further.
quarter production,
their
Mills
wear
fabrics
quieted
sold up on their entire first
and have not as yet formally opened
are
Fall lines.
Overcoatings and topcoatings, however,
again moved in large volume.
Prices continued their ad¬
vancing trend, as the shortage in the supply of raw wool
became more accentuated.
Clothing manufacturers were
less
active, as the sale of goods at retail was curtailed by
unseasonally
mild temperatures.
Business
in
women's
wear goods continued to
give a satisfactory account.
Orders
on coatings and
fleecy sport materials, specifying 'delivery
before Easter, were placed in large
volume, and many mills
had to withdraw their lines, due to an oversold
condition.
Garment manufacturers continued
busy with deliveries of
cloaks and suits before Easter,
although the flow of goods
in distributive channels was retarded
conditions.
by adverse weather
Foreign Dry Goods—Trading in linens proceeded at
active pace.
an
The demand for dress linens remained satis¬
factory, and the call for damasks, cambrics and sheers
showed further expansion.
Owing to the rising costs of
the raw material, prices continued their
advancing trend.
Business in burlap was negligible.
Users were reported to
be well covered against
nearby requirements, and only a
few small orders on spot and afloat
goods were received.
Prices receded
cables.
slightly, in sympathy with easier Calcutta
Domestically lightweights were quoted at 3.85c.,
heavies at 5.50c.
Financial
642
State and
1937
23,
Jan.
Chronicle
City Department
In reply the State Mortgage Commission contended the six
fairness of the plan" of reorganization in question and
to the
from urging in this court
never
objected
"are precluded
that the plan is unfair."
r
Proposing $25,000,000
$25,000,000 bond issue
with the proceeds going for the improvement of rural roads in
the State has been introduced in the Senate, according to
Raleigh advices.
The measure is reported to set forth that
in recent years the State has devoted itself primarily to
building primary roads and has neglected rural highways.
North
Carolina—Bill Introduced
Road Bond Issue—A bill
proposing
a
stated, since much of
A rate fixed by
maturities would be as follows:
The issue would not burden the State, the measure
the State's indebtedness has been retired in recent years.
the bidder not to exceed 4% is provided and
1940, $300,000; 1941, $600,000: 1942, $1,000,000; 1943, $1,200,000; 1944,
$1,500,000; 1945, $1,500,000; 1946, $1,800,000; 1947, $2,000,000; 1948,
$2,800,000; 1949, $4,000,000; 1950, $5,500,000; 1951, $2,800,000.
/
State Treasurer would be authorized to sell the bonds at one time or from
time to time and preference would be given North Carolina bidders.
The
full faith and credit of the State would be pledged and the issuance of bond
anticipation notes would be authorized.
The measure was sent to the
finance committee.
The $1,980,000 issue for permanent improvement recommended to the
Legislature by the Advisory Budget Commission would carry an interest
4% and would mature as follows:
1943, $100,000;
1944, $100,000; 1945, $100,000; 1946, $700,000; and 1948, $980,000.
The
measure providing for the above issue has been sent to the finance committee
rate of not more than
that the proceeds from the above issue be used
The Commission proposed
as
follows:
$404,000 for improvements and additions
to,Chapel Hill unit
of the University of North Carolina; $312,000 for chemistry building and
other structures for North Carolina State College.
Remainder would be
used to aid other institutions to get new
United States—Tax Limitation
News Items
New
1st
3Kb 1965.
Hampshire,
mtge.,
series
F 3)£s 1966
Tax
Limitation—A
booklet of
143
entitled "The Indiana Dollar and One-half Tax Levy
Limit Law and Its Effect on the Cost of Municipal Credit,"
has been prepared by the City Securities Corp., Circle
Tower, Indianapolis.
The text matter in the booklet is
said to be a reprint from the "Indiana Law Journal" of
December, 1936, of the article written by Harry T. Ice of
Matson, Ross, McCord & Clifford, municipal bond attorneys
of Indianapolis, and Mayburn F. Landgraf, statistician of the
said City Securities Corp.
pages,
Cost of Government—Charles P.
the New Jersey State Planning
Board, recently presented to Governor Harold G. Hoffman
a copy
of its report upon the cost of government in the
State.
The report is contained in a booklet of 42 pages,
giving more recent and more comprhensive figures on public
finance, also general findings and conclusions.
The main
object of the survey is to indicate where and for what
purpose public funds have been spent.
The price of the
booklet is 50 cents and is worthy of attention by investors
in bonds of New Jersey municipalities.
New Jersey—Report
Messick, Chairman of
on
$15,000,000 Bonds for
bill was introduced in the State Legislature
at Albany on Jan. 18 with the sponsorship of Mayor F. H.
La Guardia to authorize a bond issue of $15,000,000 for the
construction and equipment of new buildings to replace the
New York Criminal Court Building and its adjoining city
New
York City—Mayor Requests
Court Building—A
prison, the Tombs, according to news reports.
It is said
that the measure provides for the amortization in 30 years
of the $15,000,000 bonds.
Action
by Transit Units Against Public Utility Tax Upheld—
Court on Jan. 19 denied
New York to dismiss complaints of
Justice Aaron Steuer of the Supreme
a
motion of the City of
York Rapid
Queens Transit Corp.
paid to the city under
of their gross incomes.
the transit companies
the New
sufficient
cause
Transit Corp. and the Brooklyn &
in their suits to recover $2,165,577
local laws taxing public utilities 3%
The court is said to have ruled that
in their complaints had set forth a
for action that the tax of 3 % on gross income
resulted in burdensome and arbitrary inequalities of taxation
applicable to other public utilities, because transit com¬
panies with a fixed rate of fare are essentially different from
other public utilities.
New York State—U. S. Supreme Coiitt Upholds Mortgage
Commission Act—An Associated Press dispatch from Wash¬
not
ington, D. C., on Jan. 18 had the following to say in regard
to a decision of the United States Supreme Court, affirming
the constitutionality of the 1935 State Mortgage Commission
Act:
►
Six New York residents
oh the
failed today in the Supreme Court in their attack
constitutionality of the 1935 State
viding plans for reorganization of
affirmed a judgment by the New
Mortgage Cominission Act pro¬
mortgage indebtedness.
The tribunal
York Court of Appeals upholding the
legislation.
The attack was by William Lauro, Martin Schwartz, Jennie Schwartz,
Frieda Henicke, John H. Ropke and Annie Ropke.
As holders of mortgage
certificates, they were interested in the reorganization of a $100,000 mort¬
gage property in the Bronx.
They contended the law authorized readjust¬
ment ana reorganization of a mortgage issue "without a single expressed
assent by a holder of a share, without, in certain circumstances, the oppor¬
tunity to dissent, and without any provision whatever for those who do
dissent."
of various States, calling for the pas¬
of real property tax limitation measures at the sessions
sage
in action:
now
Taxing real estate on its productivity or income has been coupled with
demanding tax limitation now before the Legislatures of
States.
many
are
have
Deduction
on
Major
before the Legislatures
land
Chicago, 111.
Indiana—Booklet
as
the legislation
Additions
Co. of
Consumers Power Co., 1st mtge
Measures Seen
Many States—The New York "Herald Tribune"
of Jan. 17 carried the following article on the proposals now
Issues in
Connecticut—Changes in List of Legal Investments—The
following bulletin (No. 4), giving a few changes in the list
of investments considered legal for savings banks in this
State, was issued by the Bank Commissioner on Jan. 15:
Public Service
facilities.
Demands for limitation and levy on income such as in
being pressed in every section, and, according to
from various States, success is certain.
Nine
come
Eng¬
reports which
States already
have passed limitation legislation.
At the election in November, Nevada
joined the list.
The National Taxation Committee of the National Association of Real
Estate Boards said yesterday that Legislatures in 15 other States were
faced with tax relief legislation backed in every instance by a vast number
of property owners, whose wishes cannot be dismissed because of the tre¬
mendous vote these organizations control.
In New York State tax limitation will be again introduced.
A meeting
has been called for Jan. 27, at which representatives from every real
estate organization in the metropolitan district will come to discuss plans
for the fight which is to be made before the session of the New York LegislditUTC
i
Gaining Ground
Limitation
generally declared yesterday that tax limitation and taxation
based on income were winning ground rapidly and the list of nine States
which have won relief would be greatly increased before the year had ended.
Nevada adopted at the November election a constitutional amendment
which limits the total tax which may be levied against rela estate for all
It
was
5% of the true valuation.
The amendment was adopted by
popular referendum.
Pennsylvania's resolution to place before the electorate a constitutional
amendment for over-all limitation has been approved by both Houses of the
Legislature and will go on the next State ballot.
The real estate groups
of the State led the movement for the amendment.
In Washington, where the people by a 4-to-l majority at the November
election reenacted the statutory limitation, endorsing it for the third
time in successive biennial periods, a bill is being drafted that would write
the limitation into the Constitution.
New York's Legislature, as well as
that of Massachusetts, is expected to have a limitation bill, supported by
purposes to
a
wide number of
tax-paying groups.
committee of the State real estate
In Connecticut the taxation
association
preparing a bill for presentation at the next session of the Legislature
for a constitutional amendment that will combine a limitation of the total
tax rate on real estate with a provision that valuation of real estate for tax
purposes shall be established through the warranted annual productivity,
income or utility of the real estate.
is
Minnesota
Realty
Takes Hand
opening a campaign for action at the
coming Legislature for limitation of the total tax rate on real estate.
In
New Jersey, Maryland, Illinois, Wisconsin, Texas, Florida and Utah a
strong movement is on for a limitation law.
States where a limitation
measure is under discussion include Iowa, Kansas, North Dakota and Ari¬
In Minnesota real estate groups are
I.:
zona.
the total real
lower the 2H% limi¬
basis of warranted
productivity.
Ohio, which limits its real estate tax rate to 1 %, is studying
a proposed amendment of its assessment laws to require valuation on the
basis of warranted productivity.
Oklahoma is discussing possible reword¬
ing of its limitation law to strengthen the measure, and to this end is con¬
sidering bringing in the principle that in valuation for tax purposes the in¬
Rhode Island, the earliest
State of place a limitation on
estate rate, has before the Legislature a proposal to
tation and to include a provision for assessment on the
consideration.
planning to eliminate the "emergency" loophole in its limitation
and is emphasizing enforcement of the law,
which makes the earning power of real estate or its use value one of the
three considerations which shall be used in establishing value for tax pur¬
come
value should be a major
Indiana is
of the total real estate rate,
poses.
Wisconsin—Court
Rules
Inheritance
Tax Illegal—While
declaring the 1935 emergency inheritance tax unconstitutional
the State Supreme Court upheld the emergency relief tax on
dividends of Wisconsin corporations, in decisions handed
down on Jan. 12.
The ruling on the inheritance tax is said
to have been
unanimous, upholding an
opinion by County
Judge John C. Karel of Milwaukee that the tax was con¬
fiscatory, arbitrary and capricious.
In passing the tax in
1935, the Legislature sought to make it retroactive and applic¬
able to estates that came into being in 1934.
This tax was
declared illegal because it affected only such
been transferred but not closed within the year
estates as had
prior to enact¬
law, and the tax was inoperative for three
from Jan. 1 to March 14, 1935, the court held.
ment of the
months
Supreme Court, however, handed down a 4 to 3
upholding the emergency tax on dividends paid in
1933 by Wisconsin corporations.
The tax was part of the
The
decision
in 1935 to raise $5,000,000 for-relief.
1 to 3% and was assessed on the theory
that 1933 dividends had escaped aU forms of taxation and
emergency program
The tax ranged from
Volume
Financial
144
should be taxed retroactively to pay
relief
643
Chronicle
share of the 1935
a
costs.
MUNICIPAL
BONDS
Dealer Markets
WANTED
OFFERINGS
Arkansas—Illinois—Missouri—Oklahoma
WM. J. MERICKA &
MUNICIPAL BONDS
CO.
INCORPORATED
Francis, Bro. & Co.
ESTABLISHED
Union Trust Bids.
On* Wall Street
135 S. LaSelleSt.
CLEVELAND
NEW YORK
CHICAGO
1877
Investment Securities
ST.
TULSA
LOUIS
CONTRA COSTA COUNTY (P. O. Martinez), Calif.—BOND SALE
Swett Union High School District bonds offered on
—The $85,000 John
Jan. 21—V. 144, p.
311—were awarded to R. H. Moulton & Co. of San
Of the issue, $17,000, maturing Jan. 1, 1938, will bear interest
2% and the balance at 1M %.
Dated Jan. 1, 1937.
Due in from one to
Francisco.
at
Bond
Proposals and Negotiations
five years.
DINUBA. Calif.—BONDS EXCHANGED—It is stated by the City
Clerk that the $107,000 paving refunding bonds approved by the voters at
held on Nov. 17, have been exchanged for defaulted street
assessment bonds with the bondholders' protective association.
the election
MOBILE COUNTY, ALABAMA
General
due
fund
1941
FRESNO, Calif.—BOND ELECTION— It is stated by H. S. Foster,
4J^% bond
to
City Clerk, that
1966
on
price to yield 3.25 to 4.30%
STREET
NEW
JEFFERSON COUNTY (P. O. Birmingham) Ala.—WARRANT SALE
$260,000 issue of refunding warrants was offered for sale at public
on Jan. 22 and was awarded to King, Mohr & Co., Inc., of Mobile,
as 3s, at a price of 99.61, a basis of about 3.07%.
Dated Feb. 1, 1937. Due
as follows:
$22,000, 1940 to 1947, and $21,000, 1948 to 1951. Prin. and
int. payable at the County Treasurer's office or at a banking house in
New York City.
—A
auction
3s, submitted by the Equit¬
BONDS
Largest Retail Distributors
WALTON, SULLIVAN & CO.
ROCK, ARK.
ARKANSAS BONDS
County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH
State
of—PRICE
$26,000
Works
Calif.—BIDS RECEIVED—It was announced on
Department of Water and Power that the interest cost
the three bids submitted for the $47,000,000 bonds offered for
sale <?n Jan. 19, as noted here previously, were as follows: Brown Harriman
& Co., Inc. group bid a figure of 3.5101%; Lehman Bros, and associates
named one figure of 3.5283% and an alternate bid amounting to 3.5217%.
(not $21,000), 4%'semi-ann.
Administration, at
on
Report
A
banking
on
Sale and Reoffering
headed by Brown Harriman & Co., Inc. was the suc¬
a new issue of $47,000,000 electric plant revenue
bonds, issue of 1937, of the Department of Water and Power of the City of
Los Angeles, and announced the release of the bonds for offering as of the
commencement of business on Jan. 20.
The issue consists of $23,500,000
series A 33^% bonds due serially Jan. 15, 1938 to 1977, incl. and $23,500,000, series B 33^% bonds due Jan. 15, 1977.
The series A bonds are
priced to yield from about 1.00 to about 3.40%, according to maturity, and
the series B bonds at 102 to yield about 8.41%.
The Department or Water and Power is a department of the City of Los
Angeles, comprising two bureaus, the operations of which are carried on
separately—the Bureau of Power and Light and the Bureau of Water
'orks and Supply. The properties of the electric system, which are owned
in fee by the city, are operated by the department through the Bureau of
Power and Light.
Under the provisions of the city's charter, all moneys
received in connection with the operation of the electric works are required
to be deposited in a fund known as the power revenue fund, kept separate
and apart from other moneys of the city.
The $47,000,000 series A and series B bonds are being issued to
acquire
the electric generating, transmission and distribution facilities of Los
Angeles Gas & Electric Corp. at a purchase price of $46,340,000 and for
the further purpose of meeting certain immediate dosts of
consolidating
these facilities with the electric system of the Bureau of Power and Light.
Upon acquisition of the corporation's properties, the Bureau will serve all
the retail electric customers within the present limits of the city, with the
exception of those in certain territory since July 1, 1919, the business in
which amounts to less than 10% of the total service within the
city.
Included in the banking group are: Blyth & Co., Inc.; Edward B. Smith
& Co.; R. H. Moulton & Co., Inc.; Kidder, Peabody & Co.; White, Weld
& Co.; A. C. Allyn & Co., Inc.; Stifel, Nicolaus & Co.,
Inc.; Bankamerica
Co.; Weeden & Co., Inc.; Dean Witter & Co.; R. W. Pressprich & Go. and
group
cessful bidder
on
Jan. 19 for
department,
on July 15, 1938, or any interest payment date thereafter,
30 days' notice: at 106 if redeemed on or prior to July 15, 1942; at
on or prior to July 15, 1946; at 104 thereafter on or
prior to
July 15, 1951; at 103 thereafter on or prior to July 15, 1956; at 102 there¬
after on or prior to July 15, 1961; at 101 thereafter on or
prior to July 15,
1966; and at 100 on or after Jan. 15, 1967; in each case plus accrued interest.
Series A bonds may be redeemed only in inverse order of their numbers.
Series B bonds are to be retired, by purchase or
redemption, annually,
commencing in 1943, in amounts, calculated on a cumulative basis, suf¬
upon
PAID—It
BENTON, Ark.—BOND SALE DETAILS— In
Public
ANGELES,
20 by the
The bonds will be payable, both as to principal and interest, solely out of
power revenue fund.
Interest will be exempt, in the opinion of counsel,
from all Federal income taxes under existing laws.
Both the series A and
series B bonds are to be redeemable in whole or in part, at the
option of the
is now stated that the
$800,000 3M% semi-annual State construction refunding bonds purchased
by A, C. Allyn & Co. of New York, as noted in these columns recently—•
V. 144, p. 311—were sold at par, the purchaser paying the cost of printing
the bonds and the approving opinion.
Dated Feb. 1, 1937.
Due from
Aug. 1, 1937 to 1942 incl.
of the
LOS
figures
several associates.
BUILDING, ST. LOUIS, MO.
ARKANSAS
ARKANSAS,
Calif .—ADDITIONAL
JACKSON, Calif.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $45,000 sewer bonds purchased by Shaw, Glover &
Co. of Los Angeles, as 2%s, at a price of 100.77, as noted in these columns
last October, are in the denomination of $1,000, are dated Nov. 1, 1936 and
mature on Nov. 1 as follows: $1,000,1939; $2,000,1940 to 1946, and
$3,000,
1947 to 1956, giving a basis of about 2.68%.
Jan.
with the city.
Markets in all State,
Independence),
on Jan. 5, when all bids were rejected, as noted here—Y. 144,
311—will be sold at private sale, provided the district obtains a Public
Works Administration grant on the project.
Denom. $1,000.
Due as
follows: $3,000/, 1938 to 1941, and $1,000 in 1942.
approximately $3,000,000 outstanding bonds have approved the plan to
refinance the debt over a 30-year period at a reduction in interest.
It is
said that the plan will be made operative if accepted by 75% of the bond¬
holders.
It has the approval of a protective committee which negotiated
LITTLE
Due in not to exceed 40 years.
O.
now
p.
ALABAMA
ARKANSAS
are
success
FLORENCE, Ala.—REPORT ON PROGRESS OF REFUNDING PLAN—
It is reported by W. H. Mitchell, City Attorney, that 60.4% of holders of
on
(P.
informed by Catherine Bonham, Clerk of
the Board of Trustees, that the $13,000 not to exceed 5% semi-annual
Lone Pine Union High School District bonds offered for sale without
YORK
CHARLESTON, S. C.
The second best bid was a tender of 99.60
able Securities Corp. of Nashville, Tenn.
COUNTY
INFORMATION—We
Telephone WHitehall 4-6765
GREENVILLE, S. C.
Corp. purchase bonds.
INYO
McALISTER, SMITH & PATE, Inc.
67 BROAD
an election will be held on Feb. 25, to have the voters pass
the issuance of $2,990,000 in not to exceed 4San Joaquin
Light
Power
connection with the sale
water system
bonds to
the
stated
by the
$500,1938 to
105 thereafter
ficient to retire all series B bonds by maturity.
A pro forma condensed balance sheet of the Bureau
as at Nov. 30, 1936,
giving effect to the acquisition of the electric properties of the corporation
the issuance of these bonds, subject to the notations made in the
offering circular, shows total assets of $171,795,870.
The value of plant
and equipment, including construction funds, fund for
interconnection,
&c., is stated as $161,828,858 and of current and working assets as $5,136,873.
Funded debt is shown as $99,796,000; accrued interest and other
current
liabilities, $2,102,430; depreciation reserve,
$16,146,670; and
and
HOT SPRINGS, Ark.—BONDS VOTED—At the election held on Jan. 14
143, p. 3873—the voters approved the issuance of the $175,000 in
municipal auditorium bonds by a wide margin. The bonds will be offered
for sale soon, provided a Public Works Administration grant on the project
itf approved, according to report.
—V.
MONETTE. Ark.—BONDS SOLD—It is stated by the Town Recorder
4% semi-ann. water works bonds have been purchased at par
by the Public Works Administration. Due from Dec. 1, 1938 to 1962.
that $27,000
NORMAN, Ark .—BONDS SOLD— It is stated by L. O. Baker, Town
Recorder, that $12,000 4% semi-annual water works revenue bonds have
by the Public Works Administration.
Due from
been purchased at par
Nov. 1, 1938 to 1967.
WALDRON, Ark.—BONDS TO BE SOLD—It is stated by I. K. Leming*
Town Recorder, that $18,000 4% semi-ann. sewer system bonds will be
purchased at par by the Public Works Administration. Dated Dec. 1,1936.
California
Municipals
earned surplus, $51,414,054.
A combined summary of the income statements of the Bureau and
the
electric system of the corporation
after elimination of
non-operating
and certain taxes of the corporation shows
gross earnings for the
ended June 30, 1934 of $22,494,327; for the year ended June 30, 1935
of $23,734,503; for the year ended June 30, 1936 of
$24,372,273; and for the
12 months ended Nov. 30, 1936 of $24,425,332.
Net income after depre¬
ciation before interest for these periods has been,
respectively, $8,839,283.
$9,422,649, $9,685,508 and $9,350,604.
The net income before depre¬
ciation and interest for the 12 months ended Nov. 30,1936 was
$13,416,966.
Total funded and intra-departmental indebtedness of the Bureau as
at
Nov. 30, adjusted to give effect to this
financing, amounts to $101,523,420.
revenues
year
The department has agreed to place in the reserve fund
established for
bonds of this issue, out of the power revenue
funds, sums such that at any
least the minimum amount
time at
DONNELLAN & CO.
111 Sutter St.
San Franclseo, Calif.
Telephone Exbrook 7067
Teletype-S F 396
CALIFORNIA
CALIFORNIA,State of— WARRANT SALE DETAILS—We are Informed
by Harry B. Riley, State Comptroller, that the $3,078,541.16 registered
revolving fund reimbursement warrants sold on Jan. 12 to a syndicate
headed by the American Trust Co. of San Francisco, at 1M% Plus a pre¬
mium of $2,672.79, as noted in these columns—V. 144, p. 484—are to be
called, probably about Aug. 10,1937, although they may be redeemed any¬
time before that date.
They are issued in various denominations and
nterest is payable at date of call.
required to meet all service on the
bonds, falling due within 60 days thereafter, shall be so set apart.
The city charter requires the Board to
fix, and the City Council to ap¬
prove, rates for electric energy such as to provide revenues sufficient to
pay,
as due, the
principal and interest on these bonds, in addition to paying, as
due, the necessary expenses of operating and maintaining the electric
works, and all other obligations payable out of the power revenue fund.
Under the charter, no bonds or evidence of
indebtedness payable out of
the power revenue fund shall be issued
having any priority over these bonds
with respect to payment of
principal or interest out of the fund.
The Board
has covenanted, in connection with the
issuance of these bonds, that no
additional indebtedness payable out of the
power revenue fund shall be
incurred unless certain ratios between net income and
interest charges, on
the one hand, and earned
surplus and total liabilities, on the other, are
maintained.
*TT<vTll*e^fi<rial advertisement of the above
VII of this issue.)
—The
$12,000
public offering
appears on page
COUNTY (P. O. San Jose), Calif.—BOND
SALE
issue of 5% semi-ann. Cambrian
School District bonds
Financial
644
offered for sale
on
Jan. 18—V.
COUNTY
O.
(P.
San
Diego)
Calif.—BOND
SALE—
The $500,000 issue of County Special District refunding bonds offered for
on Jan. 18—V. 144, p. 484—was awarded to Dean Witter & Co. of
sale
2s, offering a premium of $3,577.00, equal to 100.7154,
a basis of about 1.87%.
Dated Oct. 1, 1936. Due $180,000 in five years.
$260,000 in six years and $60,000 in seven years.
The second highest bid was a tender of $300 premium on 2s, tendered by
Halsey, Stuart & Co., Inc.
The Anglo-California National Bank of San
Francisco, and the Harris Trust & Savings Bank of Chicago, offered $3,857
premium for 2Ms.
'
San
Francisco,
as
Calif.—REVENUE BOND ELECTION SCHE¬
DULED—It is now reported by J. S. Dunnigan, Clerk of the Board of
Supervisors, that the election will be held on March 2, (not Feb. 16), to
submit to the voters the proposed charter amendment providing for the
SAN
Uncollected
FRANCISCO,
plant
mentioned in
these
columns
recently—V.
-
$141,002.00
204,623.00
263.881.00
Taxes due May 15; delinquent June 16.
Note—Subway bonds, issued for construction of underground wire con¬
duits, are general obligations of the City of New Britain and are payable,
both as to principal and interest, from the revenues of the Subway Depart¬
ment.
By authority of Section 470, of the General Statutes, they are
deductible in figuring net bonded debt.
DELAWARE
MlDDLETOWN, Del.—OTHER BIDS—The $50,000 3% sewer system
bonds awarded on Dec. 30 to Granbery, Safford & Co. and Battles & Co.,
both of Philadelphia, jointly, at par plus a premium of $3,545, equa. to
107.081, a basis of about 2.39%—V. 144, p. 311—were also bid for as
follows:
issuance of revenue bonds up to $50,000,000, to finance the purchase of the
municipal distributing
144, p. ,134.
Jan. 2, 1937
Levy
$2,655,370.00
2,644,595.00
2,742,149.00
Year—
1934----
1935
1936--
according to report.
DIEGO
1937
23.
Jan.
144, p. 311—was purchased by the First
.National Bank of San Jose, according to the Deputy County Clerk.
The bonds are to bear interest at 2M%. the award being made at par,
SAN
Chronicle
:■)'}'
Premium
Bidder—
Laird,
Laird
&
$3,050.00
Meeds.
&
Bissell
2,815.00
Co.
YUBA CITY, Calif.—BOND SALE—The $50,000 issue of general
improvement fund bonds offered for sale on Jan. 18—V. 144, p. 484—was
awarded to Dean Witter & Co. of San Francisco, as 2Ms, paying a premium
Dougherty. Corkran & Co
2,455.00
Francis I. DuPont & Co
of $128, equal to 100.256, according to the City Clerk.
E. W. Clark & Co.
2,390.00
1,840.00
1,191.35
570.00
525.00
258.00
W. H. Newbold's Son & Co
E.
H.
Rollins
Delaware
&
Trust
Sons
Co
Cassatt & Co
-
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONl ANA
NEW
MEXICO
—
DONALD F. BROWN & COMPANY
Clyde C. Pierce Corporation
DENVER
Telephone: Keystone 2395
—
BONDS
FLORIDA
WYOMING
Barnett National Bank
Teletype: Dnvr 580
JACKSONVILLE
Building
FLORIDA
-
Branch Office:
First National Bank Building
TAMPA
T. S. Pierce, Resident Manager
COLORADO
ADAMS COUNTY SCHOOL DISTRICT NO. 7 (P. O. Derby), Colo.
—BOND
SALE
with the sale of the $10,800
DETAILS—In connection
(not $10,000) school bonds to Gray B. Gray, Inc., of Denver, notice of
appeared here in December—V. 143, p. 3668—it is stated that the
bonds were sold as 4s at par, and are divided as follows:
Florida
which
$5,300 building bonds.
Dated July 1, 1936. Due from Oct. 1, 1940 to
1960, callable on Oct. 1, 1951.
5,500 refunding bonds.
Dated Feb. 15,1936.
Due from Oct. 1, 1941 to
1961, callable on Oct. 1, 1951.
Municipals
LEEDY. WHEELER & CO
Jacksonville, Fla.
Orlando, Fla,
DISTRICT NO. 53 (P. O. Brighton),
election on Jan. 15 the
district has sold $10,000 3% refunding bonds to Oswald F. Benwell of
Denver.
Due $1,000 yearly on Dec. 15 from 1939 to 1948, incl.
ADAMS COUNTY SCHOOL
Bell
Colo.—BOND SALE—Subject to being voted at an
Orlando
System
10
Colo.—BOND ELECTION—An election will be held on
the issuance of $25,000 in not to exceed 3% bridge con¬
Denom. $1,000.' Dated May 1, 1937. Due on May 1 as
$2,000, 1939 to 1950 and $1,000 in 1951.
Teletype
Jacksonville
No.
96
BOULDER,
>
Feb. 9 to vote
on
struction bonds.
follows:
COLORADO
SPRINGS.
Colo.—BOND OFFERING—E.
L.
Mosley,
City Manager, will receive bids until 1 p. m. Jan. 25 for the purchase at
not less than par of $200,000 general obligation refunding bonds.
Interest
is not to exceed 3%.
Dated March 1, 1937.
Cert, check for 2%,
required.
rate
DENVER, Colo.—TAX VALUATION FOR 1937 HIGHER—The valua¬
for 1937 is $363,132,370, against
35.4 mills for taxes amounting to more than
$12,500,000.
The 1937 valuation is $10,776,630 higher than for 1936.
If collections amount to 100%, the city and county would receive $6,282,190,
the school district $5,483,298 and the State $1,089,397.
It is expected,
however, that the collections will amount to 90%.
FLORIDA
BARTOW, Fla.—BONDS SOLD—It is stated by Geo. J. McNamee,
City Auditor and Clerk, that an $85,000 issue of 4% semi-ann. light and
water
improvement bonds has been purchased at par by the Public Works
Due as follows:
$4,000, 1937 and 1938; $5,000, 1939 to
1941; $6,000. 1942 to 1944; $7,000, 1945 to 1948, and $8,000 in 1949 and
1950.
Payable at the. office of the City Treasurer.
Administration.
m
tion of Denver real and personal property
which there will be a levy of
GLENWOOD SPRINGS, Colo.—BONDS SOLD—It is stated by
Lucy
M
Horan, City Clerk, that a $17,000 issue of 4% semi-annual sewage
disposal plant bonds was purchased at par by the Public Works Administra¬
tion.
Dated Feb. 1, 1937.
Due on Feb. 1 as follows: $500, 1940 to 1949,
and $1,000,
OURAY
1950 to 1961.
HIGH
COUNTY
SCHOOL
Colo.—BONDS VOTED—The $40,000 3M
DISTRICT
(P. O. Ouray),,
& school building bonds sold in
Loughri ge & Co. of Denver subject to
approval of the voters, were authorized at an election held on Jan. 15.
Denom. $500.
Dated Dec. 15, 1936.
Principal and semi-annual interest
(June 15 and Dec. 15) payable at the County Treasurer's office in Ouray.
Due $2,500 yearly on Dec. 15 from 1938 to 1953, incl.
December to Bosworth, Chanute,
FORT
MYERS, Fla.—BOND VALIDATION SOUGHT—City Attorney
Clements is said to have petitioned the Circuit Court to validate $3,010,591
in
refunding bonds with the approval of the city's creditors.
The plan is
reported to extend the maturity of all bonds 30 years and allows a reduced
rate of interest for the first 10 years.
It is said that as soon as the bonds
are validated they will be exchanged for old bonds amounting to $2,465,000,
on which interest has accrued amounting to $273,310'.
JACKSONVILLE, Fla.—COURT TO PASS ON BOND PLAN— It is
reported that the Duval County Circuit Court will shortly pass on the
city's plan to issue $1,250,000 in 6% revenue certificates, to be used for
modernizing the electric plant.
Due as follows:
$100,000, 1938 to 1948,
and $150,000 in 1949.
LAKE WORTH DRAINAGE DISTRICT (P. O. West Palm Beach),
Fla.—BRIDGE BONDS VALIDATED—A decree is said to have been
_
CONNECTICUT
handed down in the Circuit Court
on Jan. 7, validating the $398,750 bridge
bonds approved by the voters last September.
It is understood that the
Public Works Administration will not require a Supreme Court ruling on
this matter and its loan of $399,000 and grant of $326,455 will be allowed
to stand.
LEVY COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 (P. O.
Bronson), Fla.—BONDS SOLD—The $9,500 6% school bonds which were
3185—have been disposed of
1MFAIRFIELD COUNTY
offered unsuccessfully on Nov. 6—V. 143, p.
to local investors at par.
Due from Jan. 1,
struction bonds appears on page
issue of coupon refunding road, series D bonds offered for sale on Jan. 19
—V. 144, p. 312—was awarded jointly to D. F. McRae & Co. of Jackson¬
(P. O. Bridgeport), Conn.—BOND OFFER¬
ING—Formal announcement of an offering by the county of $8,520,000
1 %% coupon, registerable as to principal, series B Merritt Parkway con¬
III.
According to Nelson 8. Hurlbutt,
County Treasurer, sealed bids for the purchase of the bonds will be received
by che County Commissioners until noon on Feb. 1.
The present offering
is the balance to be issued of a total authorization of $15,000,000, the other
$6,480,000 bonds, designated series A, having been issued as of Dec. 1,
1935.
The $8,520,000 bonds now to be sold will be dated Jan. 1, 1937.
Denom. $1,000.
Due $568,000 each Jan. 1 from 1938 to 1952, incl.
Principal and interest (J. & J. 1) payable at the First National Bank &
Trust Co., Bridgeport, or the Bridgeport-City Trust Co., Bridgeport
or at the Guaranty Trust Co. in N. Y. City.
The bonds will be certified
by the two Bridgeport institutions.
They will be issued pursuant to Chap¬
ter 254, Public Acts of 1935 (1935 Cumulative Supplement to the General
Statutes of the State of Connecticut, Section 537-C).
The bonds, as estab¬
lished in the Act, shall be secured by the full faith and credit of the county,
and the agreements of the State of Connecticut to provide funds for the
payment of annual instalments of both principal and interest on the princi¬
pal amount outstanding.
In accordance with this provision, the State and
the State Highway Commission in each year beginning July 1, 1936, must
pay to the county an amount sufficient to amortize l-15th of each separate
issue of bonds issued under the Act and also must provide, beginning with
1936 and each six months thereafter, the funds required to pay
interest charges on the bonds.
A certified check for $50,000,
County Treasurer, must accompany each pro¬
posal
The legal opinion of Pullman & Comley of Bridgeport will be fur¬
nished free of charge to the successful bidder.
Any other opinion must be
secured at bidder's cost.
Successful bidder to pay accrued interest on the
bonds from Jan. 1, 1937 to date of delivery.
Payment for and delivery of
the bonds to be made on or about Feb. 8, 1937, at the First National Bank
& Trust Co., Bridgeport, or at the Bridgeport-City Trust Co., Bridgeport,
or at the Guaranty Trust Co., New York, as the County Commissioners
Jan
MARION COUNTY (P. O. Ocala),
1939 to 1964.
Fla.—BOND SALE—The $83,000
ville, and the Robinson-Humphrey Co. of Atlanta, paying a premium of
$725.83, equal to 100.874, according to report.
Dated Feb. 1, 1937.
Due
Feb. 1, 1954.
on
MONROE
COUNTY-OVERSEAS
COMMISSION
(P.
O.
ROAD
AND
TOLL
BRIDGE
Key West), Fla,—BONDS TO BE SOLD—It is
stated by B. M. Duncan, General Manager, that the $3,600,000 highway
bonds held valid by the State Supreme Court on Oct. 16, as noted in these
columns at the time, will be purchased by the Public Works Administration.
MOORE
HAVEN,
VOLUSIA
Fla.-
COUNTY
SPECIAL TAX
SCHOOL
DISTRICT NO.
38
(P« O. Deland), Fla.—BONDS SOLD-—The $13,000 issue of school bonds
on Jan. 15—V. 144, p. 312—was purchased by the Public
Works Administration, as 4s at par.
Dated April 1, 1929.
Due $1,000
from April 1, 1938 to 1950, incl.
offered for sale
1,
semi-annual
GEORGIA
payable to the order of the
and County Treasurer may
decide.
Bonded debt limit (5%)
completed grand list)
1937
—$119,249,020.00
5,962,451.00
6,358,000.00
1,265,000.00
—
403,000.00
including this issue
Water bonds, included in total debt.
Subway boDds, included in total debt
Net bonded debt (3.68%)
Sinking fund, not including water or subway sinking funds _ .
Population, census 1930
—68,128
Total uncollected taxes for all years prior to 1934
Total bonded debt, not
(P.
O.
Dublin),
Ga.—CORRECTION—It
is
was
erroneous.
IDAHO
BEAR LAKE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1,
CLASS A (P. O.
Montpelier), Idaho—BONDS SOLD—It is stated by
the District Clerk that one
by che voters
on
$88,000 4% semi-annual school bonds approved
July 21, as noced here at that time, were sold to the State
of Idaho.
GRAND VIEW IRRIGATION DISTRICT (P.
O. Grand View),
Idaho—BOND SALE NOT CONTEMPLATED—In connection with tne
of 101.139.
Assessed valuation (last
COUNTY
>
BRITAIN.
Conn.—BOND SALE—The $55,000 2% coupon
sewer fund bonds offered on Jan. 20 were
awarded to Copley & Co. of
Hartford at 102.239, a basis of about .97%.
Dated Jan. 1, 1937.
Due
$5,000 yearly on July 1 from 1938 to 1948, incl.
Coffin & Burr and Good¬
win & Beach, both of Hartford, joined in submitting the second high bid
hr NEW
Debt Statement, Jan. 2,
LAURENS
stated by Walter Daniell, Secretary of the Board of County Commissioners,
that our recent report to the effect that an issue of $160,000 deficiency
bonds had been approved by the County Supervisors—V. 144, p. 484—
reports that the district intended to offer for sale in the
issue of
refunding bonds, we
that funds
were
are
near future a $60,000
informed by Clara M. Jenkins, Secretary,
obtained from the Reconstruction Finance
Corporation
on
these bonds and they will not be offered for public sale.
„
ILLINOIS
4,393,680.27
296,319.73
$220,160.00
BENTON,
bonds
was
III.—BOND SALE—An
sold
on
issue
of
$80,000
Dec. 30 to Lansford & Co. of Chicago.
5% refunding
Lewis, Pickett
Volume
Financial
144
645
Chronicle
each six months from July 1, 1938 to July
ILLINOIS
INDIANA
WISCONSIN
IOWA
MICHIGAN
MARION COUNTY (P. O. Indianapolis), Ind.—BOND OFFERING—
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a. m.
Bought— Sold— Quoted
<iP
Feb. 10 for the purchase of $44,600 not to exceed 4% interest refunding
bonds.
Dated March 1, 1937.
One bond for $600, others $1,000 each.
Due June 1 as follows:
$9,000 from 1938 to 1941 incl. and $8,600 in 1942.
Bidder to name a single interest rate on all of the bonds, expressed in a
on
c{omn/itztu^ <$ne.
multiple of Y of 1%.
Principal and semi-annual interest payable at
County Treasurer's office. A certified check for 3% of the bonds bid
payable to the order of the Board of County Commissioners, must
company each proposal.
No conditional bid will be accepted and
opinion as to the validity of the bonds to be furnished by the bidder,
bids are made subject to the legality of the loan.
MUNICIPAL BOND DEALERS
135 So. La Salle St., Chicago
f
State 0540
Teletype CGO. 437
ILLINOIS
k
&ICo. of Chicago, which recently purchased $150,000 5% coupon water
works revenue bonds, paid a price of par for the obligations.
BRIGHTON
COMMUNITY
HIGH
DISTRICT
SCHOOL
NO.
192.
111.—BOND SALE—The Municipal Bond Corp. of Chicago has purchased
issue of $29,000 4% school bonds.
Due Jan. 1 as follows: $1,000, 1939
1942, incl.; $2,000, 1943; $1,000, 1944 to 1947, incl.; $2,000, 1948;
$1,000 in 1949, and $2,000 from 1950 to 1957, inclusive.
an
to
CANTON,
111.—BOND SALE
CANCELED—Failure of the city to
receive a Federal grant toward cost of the project, necessitated cancelation
of the sale announced last October of $200,000 4% water works bonds to
John Nuveen & Co. and O. W. McNear & Co., Inc., both of Chicago.
f
CROOKED
CREEK
TOWNSHIP
(P. O.
Hidalgo), 111.—BOND
SALE—In anticipation of approval of the project by the Works Progress
Administration, the township has sold an issue of $25,000 road bonds to
the Midland Securities Corp. of Chicago.
EAST ST.
LOUIS, 111.—BRIDGE BOND SALE APPROVED—Contract
Chicago for construction of the proposed new highway bridge across the
Mississippi River from Missouri Ave. in East St. Louis to Franklin Ave. in
St. Louis has been approved by the East St. Louis City Council.
Under the agreement the bond firm will employ traffic engineers within
60 days to make a survey to determine finally whether the bridge is needed.
If the finding is negative the contract will be void.
The bond purchaser
will not be required to take up the bonds until construction actually begins.
The bonds, to mature in 25 years, will be issued in denominations of $500
and $1,000 at 4
% interest.
Beginning five years after issue and for five
years thereafter, $200,000 in bonds will be redeemed annually by the city
at par plus interest and 5% premium.
The rest will be redeemable during
the remainder of the amortization period, with a 3% premium payable from
the tenth t > the fourteenth year, 1% from the fifteenth to nineteenth and
no premium thereafter.
Funds to retire the bonds and maintain the bridge
are to be raised by tolls.
MOUNT VERNON TOWNSHIP (P. O. Mount Vernon), 111.—BONDS
OFFERED FOR INVESTMENT—Ballman & Main of Chicago are offering
$48,000 3H% coupon, registerabie
as to
principal,
road bonds at prices to yield from 1.25% to 2.50%, according to maturity.
Denom. $1,000.
Dated Dec. 15, 1936.
Principal and semi-annual interest
ac¬
the
and
MARION COUNTY (P. O. Indianapolis), Ind.—PROPOSED BOND
FINANCING—The Board of Commissioners will meet on Jan. 27 to
Center Township
Lawrence Township
Warren Township
Wayne Township
$578,000
3,500
10,800
Perry Township
$9,500
93,000
VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND OFFER¬
ING—The County Auditor will receive bids until 10 a. m. Feb. 4 tor the
purchase of $100,000 jail and annex improvement bonds.
VINCENNES,
Ind.—BOND
SALE—The issue of $17,500
refunding
bonds offered on Jan. 15—V. 144, p. 134—was awarded to the Fletcher
Trust Co. of Indianapolis, as 2^s, at par plus a premium of $55.25 .equal
to 100.315.
They bear date of Jan. 15, 1937, and mature Jan. 15, 1954.
Denom. $500.
Coupon bonds, with interest payable J. & J. 15.
VINCENNES, Ind.—WARRANT SALE—The issue of $50,000 direct
obligation loan warrants offered on Jan. 20—V. 144, p. 312—was awarded
to Jackson-Ewert, Inc. of Indianapolis, as follows:
$25,000, due July 31,1937, at 0.50% interest, at par plus a premium of $17.
$25,000, due Dec. 31,1937, at 2% interest, at par plus a premium of $17.
WASHINGTON
SCHOOL
TOWNSHIP
O.
(P.
Marshall),
Ind.—
BOND OFFERING—Ray F. Cummings, Trustee, will receive sealed bids
until 10. am. m. on Feb. 11 for the purchase of $25,900 not to exceed 5%
interest school building bonds.
Dated Jan. 15, 1937.
Due as follows:
$960, July 15, 1938; $960, Jan. 15 and July 15 from 1939 to 1950, incl.;
$960, Jan. 15 and $940, July 15, 1951.
Bidder to name one rate of interest
on the issue, expressed in a multiple of M of 1%.
Interest payable J. & J.
15.
The bonds are direct obligations of the school township, payable out
of ad
valorem
be levied
to
taxes
on
all
its
taxable property
within
the
limits prescribed by law.
No conditional bids will be considered and the
approving opinion of Matson, Ross, McCord & Clifford of Indianapolis,
will be
on
file
the
on
date of the sale and will be furnished the successful
bidder, at_the optionof the township.
(June 15 and Dec. 15) payable at the American National Bank & Trust Co.
of Chicago.
Due on Dec. 15 as follows: $3,000, 1938 and 1939; $4,000,
1940 and 1941; $5,000, 1942, 1943 and 1944; $6,000, 1945 and 1946, and
$7,000, 1947
Iowa
OLNEY, HI.—BOND SALE DETAILS—The Mississippi Valley Trust
■■
IT Mi
m
'
ffj
Municipals
Polk-Peterson Corporation
Co. of St.
Louis, which purchased on Jan. 5 an issue of $46,000 general
obligation sewage disposal plant bonds, as previously reported—V. 144,
p. 312, paid a price of 107.25 for 3Hs.
Dated Feb. 15, 1937 and due in
1957.
Denom. $1,000.
Interest payable (J, & J.).
Das Moines
DES
Waterloo
ORANGEVILLE SCHOOL DISTRICT NO. 203,
III.—BONDS SOLD
Freeport purchased in the previous year an
Issue of $15,000 3H % school bonds at a price of par.
Due $1,000 annually
on July 1 from 1938 to 1952, inclusive.
Building
MOINES
Ottumwa
Cedar Rapids
—The First National Bank of
T.
Sioux
Davenport
Iowa
A.
T.
City
Sioux Falls, S. D.
City
Teletype: DESM 31
111.—BOND SALE—The American National Bank of Pekin
PEKIN,
has purchased
an
IOWA
issue of $45,000 5% street improvement bonds, dated
Jan. 2, 1937.
R1VOLI
TOWNSHIP
(P.
O.
New
Windsor),
111.—BOND SALE—
An issue of $40,000 3Y % road bonds has been sold to the White-Phillips
Corp. of Davenport.
111.—BOND SALE—Financing by the city in 1936 in¬
cluded the sale of $14,000 3% refunding bonds to the Central National
Bank of Sterling at a price of 100.53, a 2.92% bans.
Due $2,000 each
1 from 1940 to 1946, inclusive.
SCHOOL
SULLIVAN
DAVENPORT, Iowa—BONDS SOLD—It is reported that the $65,000
2Y% semi-annual fire, street and sewer bonds approved by the voters at
the
election
Vieth,
STERLING,
Oct.
the
for,
consider legislation for the purpose of issuing bonds to cover the cost of
relief expenditures by townships up to June 30, 1937.
The townships and
the amount of funds required in each instance are as follows:
for sale of approximately $4,500,000 in bonds to Morris Mather & Co. of
to investors an issue of
1, 1942; and $5,000 Jan. 1, 1943.
Certified check for 2H %, payable to the city, required.
(The date originally announced was Jan. 25).
Municipal Bonds of
DISTRICT,
III.—BOND
SALE—The H. O.
Speer & Sons Co. of Chicago has purchased an issue of $30,000 3% school
bonds at par.
Due serially from 1941 to 1951, incl.
SUMMIT, 111.—PRICE PAID—H. B. LaRocca & Co. of Chicago paid a
price of 101.50, a 4.21% cost basis, for the $62,000 5% funding bonds
purchased by them recently—V. 144, p. 485.
Dated Nov. 1, 1936. Due
Nov. 1, 1956; optional beginning Nov. 1, 1938.
held
Duncan,
Nov.
on
Worley
&
27—V.
143, p. 3502—have been purchased by
Dated Nov. 1, 1936.
Wood of Davenport.
Due from 1941 to 1945.
DES
MOINES, Iowa—CITY BORROWS FOR PAYROLL—The city has
sold $59,000
5% warrants to the Carleton D. Beh Co. of Des Moines to
By April 1 the city will
raise funds to meet the current payroll of the city.
issue another $140,000 warrants to the Beh Co.
DUBUQUE, Iowa—BONDS AUTHORIZED—The City Council has
passed a resolution authorizing the issuance of $30,000 bonds to finance the
purchase of a river dredge.
EDDYVILLE
ELECTION—At
INDEPENDENT SCHOOL DISTRICT, Iowa—BOND
election to be held on Jan. 28 the voters will pass on a
an
proposal to issue $15,000 school building bonds.
'
KEOTA, Iowa—BOND OFFERING—W. C. Richardson, Town Clerk,
7:30 p. m. Jan. 25 for the purchase of $19,335.19
INDIANA
will receive bids until
street
BATESVILLE
SCHOOL
CITY,
Ind.—BONDS NOT SOLD—TO BE
RE-OFFERED—The issue of $26,950 3% school building bonds offered on
Jan. 7—V. 143, p. 4190—was not sold.
They will be re-offered.
Dated
Jan. 1. 1937, and due in 15 years.
BETHEL TOWNSHIP SCHOOL TOWNSHIP (P. O. Griffin), Ind.—
BOND SALE—The issue of $11,950 4^ % bonds offered on Jan. 11, award
was deferred to Jan. 19, was sold to McNurlen & Huncilman of
Indianapolis, at par plus a premium of $721.75, equal to 106.039, a basis
of which
of about 3.53%.
Dated Dec. 1, 1936 and due as follows: $500, July 1,1938;
$500, Jan. 1 and July 1 from 1939 to 1949 incl.; $200 Jan. 1, 1950 and $250,
July 1, 1950.
COMPROMISE
TOWNSHIP
(P.
O.
Gifford),
111.—BOND
ISSUE
DETAILS—The $70,000 3Y% road bonds sold last year to Vieth, Duncan
Worley & Wood of Davenport mature in 1946.
EAST
CHICAGO,
Ind.—BOND SALE—The $6,600 East Chicago
15—V. 144, p. 135—were awarded to
Park District bonds offered on Jan.
Jackson-Ewert,
Inc. of Indianapolis,
as
3J^s, at par plus
J37, 1 from to 100.56, a basis of about 3.44%.
equal 1939 to 1960, inclusive.
an.
GIBSON
a
premium of
Due $300 annually on
COUNTY
(P. O. Princeton), Ind.—BONDS SOLD—The
$6,400 6% Toelle Ditch Drainage District bonds for which no bids were
received
at
the
Nov. 14
election, were later sold
to
Fred Morgan.
Dated Oct. 7, 1936 and due $640 on Nov. 15 from 1937 to 1946, inclusive,
HARRISON
SCHbOL
TOWNSHIP
(P. O. Monroe City), Ind.—
BOND OFFERING—Ray O. Evans, Trustee, will receive sealed bids until
1 p. m. on Feb. 8 for the purchase of $32,200 4% school building construc¬
tion bonds.
Dated Jan. 1, 1937.
Denoms. $1,000 and $300.
Due $2,300
annually on Jan. 1 from 1939 to 1952, incl.
Interest payable semi-aDnaully.
The bonds are direct obligations of the school township, payable out of ad
valorem taxes on all its taxable property within the limits prescribed by
law.
The approving opinion of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the successful bidder.
No conditional bids
will be considered.
Delivery of bonds will be made 10 days after the sale.
HOWARD
COUNTY
(P.
O.
Kokomo),
Ind.—NOTE SALE—The
issue of $135,000 tax anticipation notes offered on Jan. 18—V. 144, p. 485
—was awarded to the Wabash Valley Trust Co. of Peru, at 1% interest,
at par
plus
a
premium of $51.
INDIANAPOLIS,
Due in four months.
Ind.—LOAN OFFERING—Sealed bids will be re¬
11 a. m. on Jan. 25
Bidder is required to
ceived by Walter Boetcher, City Comptroller, until
for the purchase of $650,000 temporary loan notes.
name an interest rate of not more than 6%.
INDIANAPOLIS,
Ind.—BOND OFFERING—Walter
C.
Boetcher,
11 a. m. Jan. 27, for the purchase
bonds. Bidders are to name rate
to exceed 5%.
Denom. $1,000.
Jan. 1 and July 1.
Due $10,000
City Comptroller, "will receive bids until
of $95,000 hospital
of interest, in a multiple of M%. not
Dated Jan. 25, 1937.
Interest payable
at not less than par
4
improvement bonds, $5,500 improvement fund bonds
grading bonds.
KNOXVILLE, Iowa—BONDS VOTED—On Jan. 5 the
and
$2,500
voters gave their
approval to a proposal to issue $14,500 municipal swimming pool bonds
by a vote of 880 "for" to 197 "against."
MAQUOKETA,
Iowa—MATURITY—It
is
now
reported
by
the
City Manager that the $25,000 water revenue bonds purchased by the
Carleton D. Beh Co. of Des Moines, as 2Hs at a price of 100.16, as noted
in these columns recently—V. 144, p. 485—are due $2,500 from Jan.
1,
1938 to 1947; bonds maturing from 1944 to 1947 shall be redeemable at the
of the City Treasurer on Jan. 1, 1938, or any interest payment
office
date thereafter.
MUSCATINE COUNTY (P. O. Muscatine),
Iowa—BOND SALE
DETAILS—It is reported b y the County Treasurer that the $18,000
poor
relief funding bonds purchased by the Carleton D. Beh Co. of Des Moines
as noted here recently—V. 144, p. 485—were sold as 1 ^s at
par.
Denom.
$1,000.
Dated Jan. 1, 1937.
payable J. & D.
MUSCATINE
Due from Dec. 1, 1942 to 1944.
INDEPENDENT
SCHOOL
DISTRICT
(P.
Interest
O.
Muicatine), Iowa—BOND ELECTION CONTEMPLATED—It is stated by
Geibel, Clerk of the Board of Education, that an election will be
held on or about March 8, to votd on $280,000 in school bonds.
Paul
OSKALOOSA
INDEPENDENT SCHOOL
DISTRICT (P.
O. Oska-
loosa), Iowa—BOND OFFERING—It is reported by Elizabeth C. Hawkins
District Secretary, that she will receive sealed and oral bids until 8
p. m
on Feb. 1, for the purchase of a $60,000 issue of
refunding bonds. Dated
May 1, 1937.
Due $15,000 from May 1, 1946 to 1949, incl.
opinion to be furnished by the purchaser.
Bonds and
the legal
(These
are
the bonds
scheduled for sale
$»POLK
on
COUNTY
mentioned in these columns recently,
Feb. 2—V. 144, p. 485.)
(P.
O. Des Moines),
as
being
Iowa —BOND OFFERING—
The County Supervisors on Feb. 9 will offer for sale an issue of
$24,000
bonds to finance the building of a levee in Walnut
Drainage District.
SENECA SCHOOL DISTRICT, Iowa—BOND SALE—The district re¬
cently sold $16,000 refunding bonds to the Carleton D, Beh Co. of Des
Moines.
SHELBY
COUNTY
(P.
O.
Harlan), Iowa—BOND SALE—The
$30,000 issue of funding bonds offered for sale on Jan. 18—V. 144, p. 485—
was purchased by the Carleton D. Beh Co. of Des
Moines, as 2s. paying a
premium of $137, equal to 100.456.
The $30,000 issue of Secondary Road Construction Fund certificates
offered for sale at the same time, as previously noted—V. 144,
p. 485—
were purchased by the above named company as 1
^s, at par.
TROY MILLS CONSOLIDATED
SCHOOL DISTRICT,
Iowa—
BOND ELECTION—An election is scheduled for March 8 at which a
proposal to issue $29,101 school building bonds will be submitted to a vote.
Financial
646
WESTFIELD CONSOLIDATED SCHOOL DISTRICT (P. O. Westfield), la.—BOND SALE—The $24,000 school building bonds offered on
144, p. 485—were awarded to Jackley & Co. of Des Moines,
as 3s, at par, plus a premium of $260, equal to 101.083.
The White-Phillips
Corp. of Davenport offered a premium of $255 for 3s.
Jan. 21—V.
(P. O. Sioux City), Iowa—BOND OFFER¬
W. Haumerstrom, County Treasurer, that he
bids at 2 p. m. on Feb. 8, for the purchase
of an issue of $100,000 funding bonds.
Bidders to name the rate if interest
Dated Jan. 2, 1937.
Due $25,000 from Jan. 1, 1947 to 1950 incl.
Prin.
and interest payable at the County Treasurer's office.
The county will
furnish the approving opinion of Chapman & Cutler of Chicago.
A certified
check for 2% must accompany the bid.
WOODBURY COUNTY
ING—It is stated by Van
will receive sealed and auction
KANSAS
ATCHISON SCHOOL DISTRICT
(P.
LEXINGTON, Ky.—bond offering—City Manager Will White will
receive bids until 2.30 p. m. Feb. 16 for the purchase of an issue of $180,000
junior high school construction bonds.
LOUISVILLE,
The bonds were purchased jointly by
Wichita,
as
PADUCAH, Ky.—report on proposed bond sale—In connec¬
in these columns last October, that W. L. Lyons
Co. of Louisville, had purchased $180,000 of 3h% school bonds, it is
stated by the Superintendent of Schools that no bonds have been sold as
yet and the city has a contract to sell the bonds to the said firm in the
event that a grant is received from the Public Works Administration.
&
O. Atchison), Kan.—bond
Offerings Wanted:
LOUISIANA & MISSISSIPPI
Estes, Payne & Co. of Topeka,
l^s, 2s, 2Hs and 2%s, at par
Kan.—bond sale—An issue of $35,000 2h%
creation center bonds has been sold to the Republic
MUNICIPALS
Bond
WHITNEY
re¬
Kan —bonds sold—It
Bell Teletype
is stated
City
by the
1939 to 1947, inclusive.
CONCORDIA, Kan.—bonds sold—It is reported by F. V. Hughes,
City Clerk, that $17,125.78 bonds approved by the voters last August,
were purchased by the State
School Fund Commission.
The bonds are
divided as follows: $12,000 park and $5,127.78 school bonds.
DIGHTON, Kan.—BONDS AUTHORIZED—An ordinance has been
passed authorizing the issuance of $30,000 electric light improvement bonds.
Kan.—bond sale—An issue of $64,000 3H% bonds was
recently to the Brown-Crummer Investment Co. of Wichita, at a price
ELLIS,
of 97.995.
ELLSWORTH, Kan.—BOND ELECTION—A special election is to be
proposed $29,000 bond issue
held on Jan. 22, for the purpose of voting on a
for construction of a city building.
ELMDALE
HIGH
SCHOOL
DISTRICT
(P.
O. Elmdale),
Kan—
sale—An issue of $31,000 2% high school addition construction
bond
bonds has been sold to the Peoples Exchange
Bank of Elmdale at
Kan —bonds authorized—'The City Council re¬
an ordinance authorizing the issuance of $27,000 refunding
GOODLAND, Kan.—BOND ELECTION—An election will be held on
a proposal to issue $200,000 water works bonds will be
Feb. 9 at which
upon.
KENSINGTON SCHOOL DISTRICT
(P. O. Kensington), Kan—
bond sale—The $20,000 issue of school bonds offered for sale on
Jan. 4—V. 144, p. 136—-was purchased by the Vernon H. Branch Co. of
Wichita, paying a premium of $110.00, equal to 100.55, on the bonds
divided as follows:
$12,000 as 2j^s, and $8,000 as 3s.
The purchaser is
required to pay the cost of printing the bonds.
Due $2,000 each year for
10 years.
LEONARDVILLE, Kan.—bond sale—At the offering
2}4% semi-annual water works improvement bonds,
Jan. 18,
noted here
recently—V. 144, p. 486—the Farmers & Merchants State Bank of Leonardville pin-chased a block of $16,000.
on
of the
LORRAINE, Kan.—BOND ELECTION—An election is scheduled for
29, at which a proposal to issue $16,000 waterworks system bonds
Jan.
will be voted upon.
Mcpherson
school
district
no.
20,
Kan.—bond elec¬
tion—A proposal to issue $239,000 school building bonds will be placed
an election to be held on Feb. 2.
|
before the voters at
MOUNDRIDGE, Kan.—BONDS VOTED—The voters on Dec. 28
approved a proposal to issue $35,000 municipal gas distribution system
bonds.
MT. HOPE, Kan.—bonds authorized—Issuance of $25,000 water
works bonds is authorized in a recently enacted ordinance.
OSKALOOSA, Kan.—bond offering—Sealed bids will be received
J. Blevins, City Clerk, for the purchase of
$4,500 issue of 2}4% coupon refunding bonds.
Denom. $500.
Dated
Feb. 1, 1937.
Due $500 from Feb. 1, 1938 to 1946 incl.
Interest payable
Feb. and Nov. 1.
Bonds to be sold subject to the approving legal opinion
of Dean & Dean, of Topeka.
A certified check for 2 % of the bid is required.
until 7.30 p. m. on Jan. 26, by
a
PITTSBURGH, Kan.—bond sale details—It is now reported
by the City Clerk that the $50,000 water works revenue bonds purchased by
Stern Bros. & Co. of Kansas City, as noted in these columns in October,
were sold as 4s at par, and mature from Oct. 1, 1941 to 1950.
SALINA,
Kan.—bonds
authorized—An
ordinance
has
been
passed authorizing the issuance of $70,000 refunding bonds.
SALINA SCHOOL DISTRICT (P. O. Salina), Kan.—bond sale
Clerk of the Board of Educa¬
tion, that the $32,500 (not $39,000) refunding bonds sold recently as noted
in these columns—V. i44, p. 313—were purchased by the Small-Milburn
Co. of Wichita, as 2s, at a price of 100.165.
Coupon bonds, dated Jan. 1,
1937.
Denom. $1,000, one for $500.
Due serially in 10 years.
Interest
details—It is stated by F. L. Reynolds,
payable J. & J.
SPEARVILLE SCHOOL DISTRICT NO. 3 (P. O. Spearville) Kan—
by George Heskamp, School Director, that the
$17,000 school bonds offered for sale without success on Oct. 5, as noted in
these columns—V. 143, p. 3032—have been sold to the State School Fund,
as 2
at par.
Due from Jan. 1, 1938 to July 1, 1947.
bonds sold—It is stated
TOPEKA
SCHOOL
DISTRICT,
Kan.—BOND ELECTION—On
April 6 the voters will ballot on the question of issuing $87,725 school
building bonds.
Kan.—BOND OFFERING— C. C. Ellis, City Clerk, will
7.30 p. m.f Feb. 1 for the purchase of $202,000 2%
internal improvement refunding bonds.
Denom. $1,000.
Dated
Feb.
1, 1937.
Interest payable semi-annually.
Due in approximately
equal instalments over a 10-year period.
Certified check for 2% of amount
of bid, required.
Bids are to be made on blanks obtained from the City
WICHITA,
receive
jury already has passed the ordinances
shortly for legal approval.
that the police
up
and the plan will be
NO. 16 (P. O. Arcadia).
La.—bond offering—J. A. Shelby .Secretary of the Parish School
Board, will receive bids until 11 a. m. Feb. 2 for the purchase of $20,000
5H% school bonds. Denom. $500.
Dated Jan. 1, 1937. Interest payable
Jan. 1 and July 1.
Due on Jan. 1 as follows: $1,500, 1939, 1940 and 1941;
$2,000, 1942 to 1945; and $2,500, 1946, 1947 and 1948.
Cert, eheck for
$1,000, payable to the President of the Parish School Board, required.
Approving opinion of Charles & Trauernicht of St. Louis will be furnished
by the district.
|
BIENVILLE PARISH SCHOOL DISTRICT
DISTRICTS (P. O. Ville Platte),
V. Launey, Secretly
La.—bond sale postponed—It is stated by F.
of the Parish School Board, that
the sale of the School Districts Nos. 1 and
bonds, aggregating $105,000, as described in detail in these columns
recently—V. 144, p. 486—has been postponed from Feb. 11 to Feb. 18.
HAMMOND,
La.—bond issuance approved—Governor Leche
approved the issuance of $185,000 in refunding
and the State Tax Board
bonds,
according
to report.
LIVINGSTON PARISH (P. O. Springville), La .—bond offering
contemplated—It is reported that the $100,000 court house and jail
bonds approved by the voters on Jan. 5, as noted here—V. 144, p.
will be offered for sale in the near future.
The proposal carried by a
486—
count
496 to 127 in the balloting.
LIVINGSTON
PARISH
(P.
O.
Springville),
La .—certificate
12, by the Secretary of
$75,000 issue of certificate
offering— Sealed bids will be received until Feb.
School Board, for the purchase of a
of indebtedness.
the Parish
LOUISIANA, State of—bond sale—The two issues of highway bonds
aggregating $12,000,000, offered for sale on Jan. 20—V. 144, p. 4191—were
awarded to a comprehensive syndicate headed by Blyth & Co., Inc., of
New York, at a price of 100.13, a net interest cost of about 3.61%, on the
bonds divided as follows:
$6,500,000 Series R bonds as 3^s.
Due on Jan. 1 as follows:$11.000, 1941
to 1945; $12,000,
1946 to 1948; $5,000, 1949; $75,000, 1950;
$203,000, 1951; $184,000, 1952 and 1953; $155,000, 1954 and
1955; $509,000, 1956; $833,000, 1957; $1,317,000, 1958; $1,363,000, 1959, and $1,426,000 in 1960.
5,500,000 Series Q bonds as 3%s.
Due on Jan. 1 as follows: $17,000, 1941
to 1949; $10,000, 1950; $17,000, 1951 to 1956; $24,000, 1957 and
$1,737,000 in 1958 to 1960.
Denom. $1,000.
Dated Jan. 1, 1937.
The principal and interest are
payable at the fiscal agency of the State in New York, or at the State
Treasurer's office.
bonds offered for investment—'The successful bidders offered
subscription, the series Q bonds to
yield from 2.00% to 3.40%, according to maturity ;while the series R bonds
are priced to yield from 2.25% to 3.50% for maturities up to 1957 and at a
price of 99.00 for the last three maturities.
(The official advertisement of
this offering appears on page VI of this issue.)
Associated with Blyth & Co., Inc., in the offering are Chemical Bank &
Trust Co., Graham, Parsons & Co., Lehman Bros., the Hibermia National
Bank, Whitney National Bank, National Bank of Commerce, American
Bank & Trust Co., Stone & Webster and Blodgett, Inc., Stranahan, Harris
& Co., Inc., Phelps, Fenn & Co., Kean, Taylor & Co., Hemphill, Noyes &
Co., Eastman, Dillon & Co., Equitable Securities Corp., Eldredge & Co.,
Inc., Reynolds & Co., Hannahs, Ballin & Lee, the Robinson-Hemphrey
Co., Wells-Dickey Co., Fenner & Beane, Eli T. Watson & Co., Inc., Braun,
Bosworth
& Co., Mason-Hagan,
Inc., Schwabacher ££ Co., Bigelow,
Webb & Co., Inc., White-Phillips Corp., Ward, Sterne & Co., Frederick E.
Nolting, Inc., Kirchofer & Arnold, Inc., Fox, Einhorn & Co., Inc., Marx
& Co., Newman, Harris & Co., Scharff & Jones, Inc., Nusloch, Baudean &
Smith, Inc., W. Edward Brown & Co., Inc., Edward Jones & Co., Inc.,
Woolfolk, Huggins & Shober, Lamar, Kingston & LaBouisse, Dane &
Weil, Inc., and T. J. Feibleman.
ju>
The only other bid was submitted by Lazard Freres & Co., Inc., and
associates, a tender of 100.319 for series R as 3^s, and series Q as 4s. \
In the Lazard Freres & Co. sroup were Halsey, Stuart & Co., Bancamerica-Blair Corp., E. H. Rollins & Sons, Goldman, Sachs & Co., B. J.
Van Ingen & Co., Darby & Co., Burr & Co., Field, Richards & Shepard,
Inc., Weil & Co., Schoellkopf, Hutton & Pomeroy, Otis & Co., Morse
Bros., Commerce Trust Co., Wheelock & Cummins, Shields & Co., Edward
Lowber Stokes & Co., Schlater, Noyes & Gardiner, Inc., Mississippi Valley
Trust Co., R. S. Dickson & Co.
Also James H. Causey & Co., McAlister, Smith & Pate, William R.
Compton & Co., W. H. Newbold Son & Co., Piper, Jaffray & Hopwood,
Anagnostic & Walker, Barrow, Leary & Co., Mahan, Dittmar & Co., Blair,
Bonner & Co., Merchants National Bank, C. Edgar Honnold, Trust Co.
of Georgia and Allen & Co.
>
the above bonds on Jan. 21 for public
bids until
coupon
Clerk.
KENTUCKY
ALLEN COUNTY
(p. O. Scottsville), Ky.—BONDS SOLD—In con¬
nection with the report that the $80,000 3H % semi-annual funding bonds
were offered for sale without success on Jan. 5, as noted in these columns
—V. 144, p. 486—it is now reported by the County Clerk that the bonds
were purchased locally.
Due serially over a period of 20 years.
F"
LOUISIANA
3
bonds.
voted
J:
BEAUREGARD PARISH (P. O. De Ridder), La .—road bond
refunding proposed—The parish will go ahead with refunding its
extensive road bonds, according to information received by the A. M.
Smith Investment Co. of New Orleans.
It is said that several hundred
thousands of dollars in securities are involved.
The holders of all of the
district bonds and $186,000 in parish wide bonds will be asked to accept
new bonds with the maturities spread over a long term.
It is understood
EVANGELINE PARISH SCHOOL
ordinance has been
authority for the issuance of $27,318.44 refunding
EUDORA,
Kan.—bonds authorized—the City Council has
passed an ordinance authorizing the issuance of $31,000 water works bonds.
GARNETT,
cently adopted
Raymond 5409
par.
Kan.—bonds authorized—an
EMPORIA,
enacted which provides
bonds.
LA.
N. O, 182
Clerk
that $30,025 3h% semi-ann. sewer bonds approved by the voters at an
election held on Nov. 27, have been sold.
Denom. $1,000, one for $1,025.
Dated Jan. 1, 1937.
Due on Aug. 1 as follows: $3,025 in 1938 and $3,000,
sold
Department
NATIONAL BANK
NEW ORLEANS,
Mutual Fire Insurance
Co,f and the First National Bank of Belleville.
BURRTON,
reduction—The
bears the full rate.
plus a premium.
Coupon bonds, dated Jan. 15 1937.
Due $4,000 in 1938
and $5,000 each year thereafter to maturity.
Optional beginning in 1948.
Interest payable J. & J.
BELLEVILLE,
tax rate shows
tion with the report given
$99,000 was sold at that time, the remaining $19,000 to be sold at a later
and the Brown-Crummer Co. of
Ky.—1937
city's tax rate for 1937 will be $2.25 per $100 of valuation, three cents
1936 rate, but the yield is expected to be about $400,000
higher because the assessed property values jumped from $403,o5o,zdi to
$410,279,000.
It is said that only $385,000,000 of the total assessment
less than the
sale details—We are informed by Augusta Wienman, Clerk of the
Board of Education, that of the $118,000 school building bonds reported
to have been sold on Dec. 21, as noted here—V. 144, p. 312—a block of
date.
Jan. 23, 1937
Chronicle
CYNTHIANA, Ky.—BONDS TO BE SOLD—It is reported that $30,000
water works bonds will be purchased by Walter, Woody & Heimerdinger
of Cincinnati, for a premium of $47.50, equal to 100.158.
P
LEITCHFIELD, Ky.--BONDS SOLD—A $28,000 issue of 4 %lemLann.
school building bonds was purchased at par by the Public Works Adminis¬
tration, according to the City Clerk.
MINDEN, La.—bond offering contemplated—It is now re¬
ported that the $120,000 light and water plant construction bonds approved
by the voters recently by a count of 42 to 1—V. 144, p. 486—will be ad¬
vertised for sale shortly.
1
NATCHITOCHES PARISH SCHOOL DISTRICTS (P. O. Natchi¬
toches), La.—maturities—It is now reported by E. A. Lee, Superin¬
tendent of Schools, that the $30,000 5% semi-annual School District No. 1
bonds purchased by the Ernest M. Leob Co. of New Orleans, at 102.506,
as noted here recently—V.
144, p. 313—are due on Sept. 1 as follows:
$2,000, 1937 to 1942, and $3,000, 1943 to 1948, giving a basis of about
4.56%.'
He also stated that the
$15,000 5% semi-annual School District No. 5
bonds purchased by the same company at a price of 102.50, also reported
here—V. 144, p. 313—mature on Sept. 1 as follows: $1,000, 1937 and 1938;
$1,500, 1939 to 1944, and $2,000 in 1945 and 1946, giving a basis of about
4.49 %.
ORLEANS LEVEE DISTRICT (P. O. New Orleans), La,—bond
sale injunction suit denied—It is stated by Charles J. Donner,
Secretary of the Board of Levee Commissioners, that suit to enjoin the
Volume
19354
Financial
144
issuance and sale of the $3,387,000 reparations refunding bonds, scheduled
for Jan. 28, as noted in these columns recently—V. 144, p. 486—was dis¬
missed by a lower court and on appeal to the State
decision was affirmed on Jan. 13, thereby removing
the issuance of the said bonds.
Supreme Court, the
all legal obstacles to
O.
Amite),
La.—BOND OFFERING—Sealed bids will be received until
10 a. m. on Feb. 9, by O. C. Pittman, Secretary of the Parish School
Board, for the purchase of an issue of $125,000 school bonds.
Interest rate
is not to exceed 6%, payable F. & A.
Denom. $1,000.
Dated Feb. 1,
1937.
Due serially over a period of 20 years.
These bonds were ap¬
proved by the voters at the election on Dec. 8, as noted in these columns at
that time—V. 143, p. 4038.
Bonds will not be sold at less than par and
accrued interest.
A certified check for 2 H % of the amount bid is required.
TANGIPAHOA
WEST
MONROE,
NO.
DISTRICT
SCHOOL
PARISH
(P.
102
Year—
Assessld vauation
Less water debt
1.00
1935-.-
$36,328.40
1934.
.99
1.08
$644,243.15
$49,253.20
1933—
$67,447.38
$2,501,000.00
369,024.30
2,131,975.70
Total bonded debt (not incl. current issue)
Sinking funds (in banks)
Total net debt
Total Revenues from All Sources **
1935-36—.$960,785.16
1934-35—-$816,728.12
1935-36-.-
875,549.10
1934-35-- 772,016.80
June 30/36 391,435.42
June 30,'35 306,199.35
1933-34— 752,210.78
June30,*34 261,488.03
Stirplus Balances**
Total Interest Payments**
.
value,
and
Bonds
■
floating indebtedness. 'All funds are in banks and
deposits are secured either by collateral securities or by depository bonds.
There are no county founds in closed or restricted banks.
There is no legal limit for bonded debt.
The county has no authority to issue bonds except by Act of the Mary¬
land Legislature.
The county has never defaulted in payment of principal, interest or
The
These
has no water debt.
Some incorporated towns and the
Sanitary District have debts for streets, water, and sewer.
earnings or by assessment on abutting property.
COUNTY
of Jan. 15, 1937
$3,000
3,000
145,000
-
$151,000
^
Plymouth),
Mass.—NOTE SALE—
Award was made on Jan. 20 of $250,000 revenue notes, due Nov. 10, 1937,
as follows:
$230,000 to the Rockland Trust Co. of Rockland at 0.40% dis¬
count, plus a premium of $2.10, and $20,000 to the Whitman National Bank
tP.
O.
of Whitman, at 0.25%.
We
Buy for Our Own Account
MICHIGAN
county
MUNICIPALS
funded by
are
Cray, McFawn & Company
MASSACHUSETTS
DETROIT
Telephone CHerr? 6828
BEVERLY, Mass.—NOTE SALE—The $300,000 revenue anticipation
temporary loan notes offered on Jan. 20—V. 144, p. 486—were awarded
to the Boston Safe Deposit & Trust Co. of Boston on a 0.37% discount
basis, plus a premium of $7.
The New England Trust Co. of Boston bid
0.38% discount plus a premium of $5.
Dated Jan. 20, 1937.
Due
Nov. 5,1937.
BRISTOL
COUNTY
(P.
O.
Taunton),
Mass.—NOTE SALE—The
issue of $300,000 tax anticipation temporary loan notes offered on Jan. 19
was awarded to the New England Trust Co. of Boston on a .445% discount
The Shawmut National Bank of Boston bid .46% discount.
dated Jan. 20, 1937 apd payable Nov. 17, 1937.
basis.
are
as
.
current debts.
Suburban
Outstanding
bonds
—
PLYMOUTH
** period from July 1 to
June 30.
The county has no
extension
Total
_
real
-
-
This issue
1935-36. -$106,377.50
1934-35- .$105,274.82
1933-34. .$101,204.82
Population of county: 1920, 43,500; 1930, 60,095; 1937 (est.), 78,0001
of
Uncollected
-
Butler Point water extension bonds
886,796.22
1934-35— 901,398.79
1933-34— 867,840.79
Collections on 1936 levy as of Jan. 1, 1937-----771,919.17
80%
Financial Statement
1928 water
1935-36.--
♦Approximately
Town
Tax Levy
Jan. 15,1937
$105,435.08
$722.78
112,253.20
6,119.39
111,268.25
17,236.05
Assessed valuation 1936, $5,239,528; tax rate, 1936, $21.
Population,
1,867. Tax titles, Jan. 15,1937, $1,206.42; borrowed against tax titles, none.
1933-34.-.$763,604.40
Cash Balances**
-
Taylor,
Year—
Total Expenditures**
a
II.
of Boston or, at holder's option, at
a
1933—
OFFERING—Sidney
Principal and semi-annual interest payable at the Merchants National Bank
the National Bank of Wareham.
Due
$10,000 yearly on Jan. 15 from 1938 to 1951; and $5,000, Jan. 15, 1952.
These bonds will be prepared under the supervision of and certified as to
their genuineness by the Merchants National Bank of Boston, and their
legality approved by Storey, Thorndike, Palmer & Dodge, of Boston,
whose opinion will be furnished the purchaser.
Delivery will be made at
the Merchants National Bank of Boston for Boston funds.
Legal papers incident to the issue will be filed with the Merchants National
Bank of Boston where they may be inspected.
1933- -$61,658,386.00
1933
Mass.—BOND
Treasurer, will receive bids until 3 p.m., Jan. 25 for the purchase at not less
Taxes Uncollected
1934-.
Financial Statement Jan. 1, 1937
MARION,
$608,585.14
-
$2,999,873
86,785
than par of $145,000 coupon schoolhouse bonds.
Bidders are to name rate
of interest, in a multiple of lA%.
Denom. $1,000.
Dated Jan. 15, 1937.
$100
1934-..
$655,762.40
-
-
date, $165,471.27.
1935—Levy, $779,978.76; uncollected to date, $2,872.06.
Tax titles, $79,083.35.
Tax title loans, $14,052.23.
1936 tax notes
outstanding, $200,000.
$65,195,832.00
1.28
Tax Collections 1936
1935—-
—
Year 1936—Levy, $822,273.28; uncollected to
Assessed Valuation*
1935
__$3,397,873
398,000
-
LEOMINSTER, Mass.—NOTE OFFERING—Charles D. Harnden, City
Treasurer, will receive sealed bids until 11a.m. on Jan. 26 for the purchase
at discount of $500,000 revenue anticipation notes of 1937.
Dated Jan.
26, 1937.
Denoms.
$25,000, $10,000 and $5,000.
Due as follows:
$100,000, Oct. 20; $200,000, Nov. 3, and $200,000 on Nov.22, all in 1937,
Notes are payable at maturity at the First National Bank of Boston, in
Boston, or at the Central Hanover Bank & Trust Co., in N. Y. City, and
will be ready for delivery on or about Wednesday, Jan. 27, 1937, at either
of said offices.
Notes will be authenticated as to genuineness and validity
by the First National Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins, Boston, and all legal papers incident to this issue will be
filed with said bank, where they may be inspected.
Financial Statement
1934- -$61,949,901.00
$104,758.
Population, 1935
will receive sealed bids until noon on Jan. 25 for the purchase of $50,000
2% coupon school building bonds, issued pursuant to Chapter 84, Acts of
General Assembly, First Session, 1936.
Proceeds will be used to match
a Federal grant of $52,000 for school purposes.
The bonds will be dated
Feb. 1, 1937.
Denom. $1,000.
Due Feb. 1 qs follows: $10,000 from
1938 to 1942, incl.
Prin. and int. (F. &A.) payable at the First National
Bank of Southern Maryland, in Upper Marlboro.
A certified check for
$1,000 must accompany each proposal.
Legality of authorization for
current issue has been approved by Ogle Mar bury, Attorney.
Additional
legal advice to be paid for by the successful bidder.
The bonds are exempt
from all State, county and municipal taxation in Maryland.
Assessed valuation, 1936*
Tax rate on $100, 1936 levy
tax title loans (net),
-
Net debt
Canal
Casco
MARYLAND
on
-
Tax titles held, $208,755
Total bonded debt
$325,000—City Manager Harry
$325,000 tax anticipation notes of
The notes were apportioned among
Tax Rate
levy.
1934
1935
$98,010,250 $98,788,725 $98,412,750
$37.60
$37.60
$39.60
3,735,275
3,736,059
3,968,109
728,589
54,826
1,350
Uncollected taxes.
PRINCE GEORGE'S COUNTY (P. O. Upper Marlboro), Md.—BOND
OFFERING—James S. Heal, Clerk of the Board of County Commissioners,
-$64,070,303.00
193456Tax
13, 1937
1936
.
Tax rate
Bank & Trust Co., $100,000.
-
53,205
Mass.—NOTE SALE—The issue
Financial Information, Jan.
three Portland banks, which named the joint low rate, as follows:
National Bank, $125,000; National Bank of Commerce, $100,000;
1935.
119,217.24
i
of $750,000 revenue
anticipation notes offered on Jan. 21 was awarded to the Second National
Bank and the Merchants National Bank, both of Boston, jointly, at 0.499%
discount.
Dated Jan. 21,1937 and due $500,000 Nov. 4,1937 and $250,000
on Nov.
10, 1937.
One other bid was submitted, this by Faxon, Gade
& Co. of Boston, which named a rate of 0.67%, plus a premium of $3.
LAWRENCE,
SOUTH PORTLAND, Me.—BORROWS
of 0.50%.
$2,068,750
41,083,190
$31.20
-
1936 assessed valuation
1937
435.05
5,111.72
9,813.85
300,897.99
Borrowed against tax titles
La.—BOND SALE—The $52,000 refunding bonds
rate
Bonded debt
Tax: titles Jan. 1,
A. Brinkerhoff has announced the sale of
discount
—
Population, 24,204.
SANFORD, Me.—BOND ISSUE DETAILS—The town received a
price of par for the issue of $75,000 funding (not refunding) bonds sold
recently to Lyons & Co. of Boston.
The bonds bear 1K% interest, are
dated Dec. 16, 1936, and mature $25,000 each on Aug. 16 from 1937 to
1939, incl.
Denom. $1,000.
Interest payable F. & A. 16.
a
Uncollected
Jan. 13, 1937
Tax Levy
$1,287,242.73
1,295,675.98
1,284,644.39
1,284,666.30
Tax rate 1936_
MAINE
at
Financial Statement
1936.
offered without success on Dec. 8—V. 143, p. 3876—have been sold to
Sutherlin & Scranton, Inc., of New Orleans at a price of par for 4J£s.
Dated Nov. 18, 1936.
Due from Nov. 18, 1939 to 1966.
1937
647
Chronicle
Financial Statement
as
Notes
of Jan. 15, 1937
Assessed valuation 1934
Assessed valuation 1935
$452,275,827.00
396,211,656.00
396,211,656.00
Assessed valuation 1936
Tax Levy
1934
$466,955.00
1935
$481,848.00
'
;
■
1936
$502,025.00
Uncollected
None
None
None
$83,000.00
Net bonded debt
EASTHAMPTON, Mass —NOTE SALE—'The issue of $30,000 revenue
19 was awarded to R. L. Day & Co. of Boston, at
0.47% discount. Due Nov. 26, 1937. Other bids were as follows:
notes offered on Jan.
Discount
Bidder—
Merchants National Bank of Boston
Jackson & Curtis
-
Worcester Five Cents Savings Bank
New England Trust Co
Second National Bank
—
Tyler & Co., Inc
0.48%
0.55%
0.55%
0.59%
0.625%
0.635%
GLOUCESTER,
Mass.—NOTE SALE—The $600,000 revenue an¬
ticipation notes offered on Jan. 19 were awarded to the Cape Ann National
Bank of Gloucester, at 0.41% discount. Due $300,000 each on Nov. 16 and
Dec. 15, 1937. Other bids were as follows:
Bidder—
Discount
'
Jackson & Curtis
E. II. Rollins & Sons
-
Gloucester National Bank
Leavitt & Co
Gloucester Safe Deposit & Trust Co
Whiting, Weeks & Knowles
Day Trust Co. (plus $1 premium)
0.42%
0.44%
0.474%
0.513%
0.52%
0.52%
0.53%
\. T.
T. Tel. DET347
MICHIGAN
EAST GRAND
RAPIDS, Mich.—REFUNDING BONDS CALLED FOR
PAYMENT—Louis F. Battjes, City Clerk, announced that the following
described bonds have been called for redemption on May 1, 1937, at a price
of par.
Bonds should be presented for payment at the City Treasurer's
office and interest thereon will cease to accrue after the call date:
Refimding bonds dated May 1, 1934, Nos. 2 to 8 incl.
Refunding bonds dated May 1, 1935, Nos. 1 to 9 incl.
Refunding bonds dated Nov. 1, 1934, Nos. 1 to 7 incl.
Special assessment refunding bonds dated May 1, 1934, Nos.
Special assessment refunding bonds dated May 1, 1935, Nos.
Special assessment refunding bonds dated Nov. 1, 1933, Nos.
Special assessment refimding bonds dated Nov. 1, 1934, Nos.
7 to 23 incl.
1 to 24 incl.
8 to 52 incl.
1 to 51 incl.
ECORSE, Mich.—BOND SALE—The $999,990 series A refunding bonds
on Jan. 5 were awarded to an account composed of Martin, Smith &
Co., H. V. Sattley & Co., both of Detroit, and Siler, Carpenter & Roose of
Toledo, at par plus a premium of $1 as follows:
offered
$610,990 bonds sold as'4s, to mature Jan. 1 as follows: $15,990, 1940;
$15,000, 1941 to 1944, incl.; $20,000, 1945; $25,000 in 1946 and
1947; $30,000 in 1948 and 1949; $35,000, 1950; $40,000, 1951 to
1954, incl.; $45,000, 1955 and 1956; $60,000 in 1957 and 1958.
389,000 bonds sold as 3%s, to mature Jan. 1 as follows: $60,000 from
1959 to 1961, incl.; $70,000 in 1962 and 1963, and $69,000 in 1964.
The bonds are dated Jan. 1, 1937.
In a previous report on the result
an offer by
Braun, Bosworth & Co. of Toledo and associates to purchase the bonds
as 4s, at a premium of $1,608.
of the offering, it was stated that only one bid was received,
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Ecorse),
Mich.—BOND OFFERING—Roy W. Seavitt, Secretary of the Board of
will receive sealed bids until 7:30 p. m. on Jan. 28 for the
Education,
Surchase of $240,000 non-callable coupon refunding follows: 1937. Dated
bonds of $40,000 from
'eb. 15, 1937.
Denom. $1,000.
Due Feb. 15
as
1938 to
1941
incl., and $20,000 from 1942 to 1945 incl.
Principal and
payable at the Ecorse Savings Bank, Ecorse, or at
a successor paying agent which shall be a responsible bank or trust company
in the City of Detroit.
A certified check for 2% of the bonds bid for,
payable to the order of the District Treasurer, must accompany each
proposal.
The award will be made on the basis of the lowest net interest
cost to the district.
The school district will furnish at its expense, printed
bonds and coupons and the opinion of Claude H. Stevens of Berry &
semi-annual interest
Financial
648
Stevens, Detroit, approving the legality of the bonds as being unlimited
obligations.
tax
DISTRICT NO. 3, Mich.—BOND
CALL—Guy E. Pooley, District Treasurer, has issued a call for redemption,
at par and accrued interest, on the dates indicated, of various outstanding
bonds, as follows:
March 1, 1937:
6% series A refunding bonds of 1936, numbers 1 to 243
incl., dated March 1, 1936, and due March 1, 1966.
March 16, 1937:
5M% series B refunding bonds of 1936, numbers 1 to
12 incl., dated March 16, 1936, and due on March 16, 1966.
Bonds should be presented for payment on the dates indicated at the
Detroit Trust Oo., Detroit, paying agent.
Interest on the bonds will
ECORSE TOWNSHIP
SCHOOL
after the call date.
cease to accrue
MACOMB COUNTY
(P. O. Mount Clemens), Mich.—BONDS AND
INTEREST CERTIFICATES CALLED—The following refunding bonds
and interest refunding certificates, payable at the Detroit Bank, Detroit,
are in
accordance with the refunding schedule, called for payment on
Feb. 15,1937:
Series A refunding bonds, Nos. 1 to 395 incl.
Series B refunding bonds, Nos. 4, 15, 27, 34, 42, 47, 57, 61, 69, 79, 85,
89, 97, 99, 109, 113, 121, 128, 134, 136.
Chronicle
fan.
the State, as noted here
and mature on July 1 as
1937
23,
recently—V. 144, p. 488—were sold as 3s at par,
follows: $3,000, 1942 to 1945, and $4,500 in 1946.
POLK fCOUNTY
(P. O. Crookston) Minn.—BOND SALE CON¬
TEMPLATED—It is reported that the County Commissioners intend to
offer for sale a $90,000 issue of bridge construction bonds.
.
.
ROCHESTER, Minn.—BOND SALE—The $10,000 issue of 3% semi¬
annual permanent improvement revolving fund bonds offered for sale on
Jan. 18—V. 144, p. 314—was awarded to the Sinking Fund Commissioners,
paying a premium of $332.10, equal to 103.32.
Dated Jan. 2, 1937.
Due $1,000 each six months from Juiy 1, 1938, to Jan. 1, 1942, inclusive.
WHEATON, Minn.—BONDS VOTED—The voters are said to have
approved recently the issuance of $44,000 in water system bonds to be used
in connection with a Public Works Administration grant.
MISSISSIPPI
COLUMBIA MUNICIPAL SEPARATE SCHOOL DISTRICT (P. O.
Columbia) Miss.—BOND LEGALITY APPROVED—An $80,000 issue of
3 M % school bonds is said to habe been approved as to legality by Charles
& Trauernicht, of St. Louis.
Dated Jan. 1, 1937.
...
Series C refunding bonds, Nos. 1 to 253 incl.
Interest refunding certificates, Nos. 5, 17, 29, 37, 43, 51, 54, 69, 74.
No further interest will be l>aid on these bonds other than the Feb. 15,
1937 coupon.
Interest coupons must accompany the bonds when presenting
for payment.
same
COUNTY
MONTCALM
(P. O. Stanton), Mich.—BOND SALE—
The issue of 851,000 refunding bonds offered on Jan. 9—Y. 144, p. 314—
was awarded to Guy G. Wedtnoff & Co. of Detroit, as 1 Ms, at par plus a
?remium of $71.40, equal 1to 100.14,andbasis of about'1.68%. Dated Jan.
a 1939.
1937 and due on July
in 1938
,
OAK
ROYAL
DRAINAGE
DISTRICT,
Mich.—BONDHOLDERS
WIN SUIT—Right of holders of about $3,775,000 drainage district bonds
compel payment of the securities, which were defaulted in 1931, was
sustained recently in a decision by the Sixth District Appeals Court at
Cincinnati, which affirmed a previous
ruling by the Eastern Michigan
District Federal Court. Royal Oak Drainage District, it is said, contended
that the indebtedness was illegally incurred, on the ground that the im¬
provement financed was a sewer rather than a drain.
Effort of Oakland
County to disclaim liability for the defaulted issues was dismissed by the
Appeals Court because of a technicality, the Court adding that the merits
of the county's case had been determined in its ruling in the Drainage
to
District suit.
•
UTICA, Mich.—BOND
OFFERING—Alger Weier, Village Clerk, will
receive sealed bids until 8
p. m. on Jan. 25 for the purchase of $34,500
exceed 5% interest bonds, divided as follows:
$22,500 general obligation sewage disposal system bonds, bearing the full
not to
faith and credit of the village.
for $500, others $1,000 each.
Dated Jan. 15, 1937.
One bond
Due Jan. 15, as follows:
$500 in
1938, and $1,000 from 1939 to 1960, incl.
12,000 sewage disposal plant and sewage disposal system revenue bonds.
L.
Dated Feb. 1, 1937.
Denom. $1,000 and $500.
Due Feb. 1
as follows:
$500 from 1940 to 1945 incl., and $1,000 from 1946
to
1954 incl.
A certified check for $1,000, payable to the order of the Village Treasurer,
must accompany
WAYNE
each proposal.
COUNTY
(P. O. Detroit), Mich.—BOND OFFERING—
Benjamin B. Pelham, Clerk to the Board of Auditors, will receive bids until
10 a. m. Jan. 25 for the purchase at not less than par of $802,000 4%
coupon, registerable as to principal, garbage disposal system revenue bonds.
Denom. $1,000.
Dated Jan. 1, 1937.
Principal and interest payable at
the County Treasurer's office, or at holder's option, at the National City
Bank of New York.
Due as follows: $68,000, 1940; $70,000, 1941; $74,000,
1942 and 1943; $82,000, 1944 and 1945; $87,000, 1946; $89,000, 1947, 1948
and 1949.
Cert, check for 2% of amount of bonds, payable to the County,
required.
These bonds are not a general obligation or indebtedness of the County
of Wayne.
The principal and interest of these bonds will be paid from
revenues
of the garbage disposal system.
The County of Wayne has
entered into a service contract with the City of Detroit for a term of 10
?rears whereby the Cityand Detroit will deliver garbage and rubbishCounty
bur incinerator plants
of for incineration service shall pay to the to the
of Wayne the amounts
necessary to meet principal and interest require¬
ments of this issue of bonds and in addition thereto the amounts necessary
to maintain and operate the four incinerator plants and garbage disposal
system.
WEST BRANCH SCHOOL DISTRICT, Mich.—BONDS SOLD—The
district sold in 1936 as 4s, at par, $37,000 school construction bonds as
follows:
$18,400 to the State Savings Bank of West Branch, and $18,600
to the Commercial
Bank of West Branch.
Love & Co. of Jackson,
EDWARDS, Miss.—BOND OFFERING—R. R. Chichester, Town Clerk,
Feb. 2 for the purchase of $13,500 refunding
bonds, which are to bear interest at no more than 6%.
Denom. $500.
Dated May 1, 1937.
Interest payable semi-annually.
Due $500 yearly
on May 1 from 1938 to 1942, and $1,000 yearly on May 1 from 1943 to 1953.
Cert, check for 10% of amount of bonds bid for, required.
' ,
•
will receive bids until 7.30 p. m.
ELLISvlLLE,
HAZLEHURST, Miss.—NOTE OFFERING CONTEMPLATED—It is
advertising $8,000 in short-term notes to be sold early
proceeds of the notes will be used to pay teacher's
salaries.
The notes will be payable when the tax collections are made,
said that the city is
in February.
The
19354
it is reported.
Originally, the sales tax was proposed to offset losses in general property
Despite its satisfactory returns, there is no indication that the
taxation.
sales tax will
replace property tax.
reduced its general property levy from eight to five
reduced to four mills.
For 1936, however,
the original eight-mill levy has been restored.
The legislature has granted
exemption up to $2,500 on homesteads.
In 1934, the State
mills and in 1935 it was further
OXFORD.
14
(P.
O.
Austin),
DEFERRED—It
is
stated by Henry Robinson, Village Clerk, that all bids received for the
seven issues
of certificates of indebtedness aggregating $42,700, offered
on
Jan. 18—V. 144, p. 487—were laid over until Jan. 26.
HIBBING
INDEPENDENT
SCHOOL
DISTRICT
NO.
27
(P.
O.
Hibbing), Minn.—BOND ELECTION CANCELED—The Board of Educa¬
tion is
said
to
have
canceled
the
election
scheduled
by
H.""ArMoore,
PIKE^COUNTY
SCHOcSl
DISTRICT
(P. O. Magnolia), Miss.—
DETAILS—Invtfcnnection with the report given in these
December, that $38,000 4% Southwest Mississippi Agri¬
cultural Junior College notes had been purchased jointly by Kenneth G.
Price & Co. of McComb, Miss., and the First National Bank of Memphis,
Tenn., at par and accrued interest—V. 143, p. 4040—it is stated that the
notes are dated Dec. 1, 1936.
Denoms. $100 and $500.
Due from Dec. 1
1937 to 1961, incl.
Principal and interest (J. & D.) payable at the First
National Bank of McComb.
Legality to be approved by Charles &
Trauernicht, of St. Louis, Mo.
These bonds have been validated by the
Chancery Court.
BOND SALE
columns
last
________
_
Financial Statement {as of
DecT30,
_
1936)
$9,053,675
Assessed valuation, 1936
Total bonded debt
323,000
7,204
—
$330,204
b25,553
Sinking fund (cash)
$304,651
-
Includes 1935 assesinent of public utilities.
This figure doas not include the debts of
other political subdivisions
power
3.36%
Population (1930 census), 32,201.
county-wide bonds mature serially 1938-62, with no more than
$38,500 maturing in any one year.
Total road and school district debt
within the county is placed at $729,000.
All
OFFERING—J. K. Magee, District Clerk, will receive
bids until 2 p. m., Jan. 29 for the purchase of $2,000 school building bonds.
AWARD
is stated
to levy taxes within the county.
as of Oct. 1, 1936, $171,042.15.
Ratio of net debt to assessed valuation
Minn.—BOND
Minn .—CERTIFICATE
OFFERING—It
Miss.—BOND
City Tax Collector, that he will receive sealed bids until Feb. 23, for the
purchase of a $55,000 issue of electric light bonds.
These bonds were
approved by the voters at the election held on Jan. 12—V. 143, p. 4193.
b Total in all funds
MINNESOTA
BIWABIK,
_
having
ALBERT
LEA
SCHOOL
DISTRICT, Minn.—
An
issue of $45,000 refunding bonds has been sold to the Northwestern National
Bank & Trust Co. of Minneapolis.
NO.
'■
better methods of collection.
a
Teletype—Mpls287
DISTRICT
:
":
MISSISSIPPI, State of—REPORT ON SALES TAX RECEIPTS—
Adopted in 1932 as the first retail sales tax in the United States, the Mis¬
sissippi sales tax from May 1, 1932, to Jan. 1 produced $17,130,000, and
each year has shown an increase in revenue over the preceding year.
The
rate remaining unchanged, the increase reflects improved business and
*
SCHOOL
■ ■ '
Net debt
WELLS-DICKEY COMPANY
COMMON
'
_
LAUREL, Miss^MATURITY—It is stated by the City Clerk that the
$45,000 2M% semi-annual auditorium and National Guard Armory
bonds purchased by J. S. Love & Co. of Jackson, at a price of 100.022,
as noted here recently—V.
144, p. 488—are due on Dec. 1 as follows:
$10,000, 1937: $15,000, 1938 and 1939, and $5,000 in 1940, giving a basis
of about 2.49%.
Less:
Oregon, Washington
AUSTIN
Miss.—BOND OFFERING— Sealed bids will be received
by the Mayor, for the purchase of a $5,500 issue of 4% semi¬
revenue
bonds.
Denom. $500.
Due $500 from 1937 to
1947, incl.
(A loan of $4,500 for a like purpose was approved by the
Public Works Administration.)
until Jan. 26,
annual water
Floating debt
Minnesota, North and South Dakota, Montana,
Telephone—Minneapolis Atlantic 4201
reported in these columns recently—V. 144, p. 488—
that they were sold for a premium
1 as
$210., equal to 100.47, a basis of about 3.70%.
Due on Dec.
follows:
$1,000, 1937 to 1940, and $2,000, 1941 to 1960.
of
a
Municipals
$44,000 3% % semi-ann. notes to J. S.
it is stated by the District Secretary
*
Northwestern
HIGH SCHOOL-JUNIOR
Miss.—NOTE SALE DETAILS
AGRICULTURAL
COPIAH-LINCOLN
COLLEGE DISTRICT (P. O. Wesson),
—In connection with the saie of the
for
Jan.
13
on
the
Debt Reduction
During the
which is
an
years
amount
1929-36, the county paid in cash $102,500 of bonds,
equivalent to 30% of the present debt.
Tax Collections
Percentage
Collected
Year—
Total Levy
1932
1933-.—.
$204,739.04
207,174.43
224,798.92
311.841.24
.
Collected
$187,241.46
"
183,550.47
220,820.74
285,022.91
{Approx.)
91
89
98
91
Total taxes levied for 1936 will be higher than for 1935.
ROSEDALE, Miss.—BOND SALE DETAILS—In connection with the
3M% semi-ann. refunding bonds at par to Saunders &
Anderson, of Memphis, noted in these columns recently—V. 144, p. 488—
it is now stated that they mature $1,000 from May 1, 1938 to 1960 incl.
Prin. and int. payable at the Central Hanover Bank & Trust Co., New
proposed issuance of the $600,000 in school construction bonds, mentioned
m these columns recently—V. 143, p. 4193.
sale of the $23,000
LAKE CRYSTAL, Minn.—BONDS VOTED—At an election held on
Jan. 12, the voters are said to have approved the issuance of $45,000 in
light plant gonds.
York.
P
MINNEAPOLIS, Minn.—BOND OFFERING—Geo. M. Link, Secretary
of the Board of Estimate and Taxation, will receive bids until 10 a. m.
Feb. 2 for the purchase of the following coupon, fully registerable, bonds:
$750,000 public relief bonds.
75,000 permanent improvement (work relief) bonds.
Dated Feb. 1, 1937.
Bidders are to name rate of interest, in a multiple
of ]4. or 1-10%, but not to exceed 6%.
Due annually in approximately
equal instalments, from 1938 to 1947.
In addition to the purchase price,
purchasers will be required to pay to the Board of Estimate and Taxation
$1.30 per bond to apply on the expense of the Board in issuing and transport¬
ing the bonds to the place of delivery.
Delivery will be made in Minneapolis, Chicago or New York City, at a
national bank acceptable to the purchaser, any charge made by such bank
for delivery service to be paid by the pin-chaser.
Bids offering an amount
less than par cannot be accepted,
Each proposal is to be accompanied by a certified check (or bank cashier's
check) payable to H. C. Brown, City Treasurer, for an amount equal to
2% of the amount of the obligations bid for.
The bonds will be accompanied by the opinion of Thomson, Wood &
Hoffman of New York City, that the bonds are valid and binding obligations
of the City of Minneapolis.
PINE CITY, Minn.—BOND SALE DETAILS— It is reported by the
Village Clerk that the $16,500 sewage disposal plant bonds purchased by
SUNFLOWER
LEGE
AGRICULTURAL
DISTRICT
(P.
HIGH
SCHOOL-JUNIOR
COL¬
O. Moorhead), Miss.—BOND LEGALITY AP¬
PROVED—A $55,000 issue of' 3)4% school bonds is said to have been ap-
£roved as to legality by Charles & Trauernicht of St. Louis, Mo.
)ec. 1,1936.
Dated
TUNICA, Miss.—BOND SALE—The $4,000 issue of paving bonds offered
for sale
Tunica,
Jan. 5—V. 143, p.
on
as
4193—was purchased by the Planters Bank of
4s, according to the Town Clerk.^Due from 1937 to 1940.
MISSOURI
BISMARCK,
held
on
Mo,—BOND
ELECTION—At a special election to be
Feb. 2 the voters will pass on a proposal to issue $10,000 sewer
system bonds.
CAPE
GIRARDEAU,
^
Mo.—BOND
OFFERING—Sealed bids will be
Attorney, for the
received until Jan. 25, it is stated by R. P. Smith, City
purchase of $55,000 3 % semi-annual park bonds.
March 1, 1937.
Denom. $1,000.
Dated
Due serially in from two to 12 years.
These bonds were
approved by the voters on Jan. 5, as noted in these columns—V. 144, p. 488.
Legal approval to be furnished by Charles & Trauernicht, of St. Louis, or
attorneys designated by the purchaser.
A certified check for 5% must
accompany the bid.
Financial
Volume 144
CHARLESTON, Mo.—BOND SALE—The First National Bank of Cape
Girardeau has purchased an issue of $11,000 park and sewer system im¬
provement bonds.
DONIPHAN
SCHOOL
of the district
voters
DISTRICT,
Dec. 28 gave their
on
Mo.—BONDS VOTED—The
approval to the issuance of
$12,000 school improvement bonds.
JOPLIN, Mo.—BOND ELECTION—It is said that
held
on
Feb. 2 in order
to
vote
on
the
an
issuance of the
electionlwill be
649
Chronicle
GRAFTON COUNTY (P. O. Plymouth),? }N//H.—NOTE SALE—
The $200,000 tax anticipation notes offered on Jan 119—V. 144, p. 488—
were awarded to the National Shawmut Bank of Boston, at 0.47% discount.
Dated Jan. 25, 1937 and due as follows:
$50,000 Nov. 29, 1937, $100,000
Dec. 20, 1937, and $50,000 on Jan. 25, 1938.
Other bids were as follows:
Discount I
Bidder—
Lincoln R. Young & Co
Leavitt & Co
Discount
Bidder—
0.49% Day Trust Co
0.77% 1
0.79%
following!bonds:
$45,000 fire equipment, and $5,000 police radio system bonds.
P UNION, Mo.—BONDS VOTED—A proposed bond issue of $40,000 for
construction of a memorial auditorium was approved by the voters at a
election.
recent
Company
H. L. All
;
'
MONTANA
New Jersey
BOZEMAN, Mont.—BOND ELECTION—An election is scheduled for
Jan. 26 at which the voters will pass on proposals to issue $17,000 recrea¬
tion facilities bonds and $20,000 municipal swimming pool bonds.
A.T.&T.
ipal Bonds
tor 2-7333
Telepho:
N.Y. 1-528
New York
100 Broadway
FERGUS COUNTY SCHOOL DISTRICT NO. 1 (P. O. Lewistown),
Mont.—BOND SALE—The $28,000 refunding bonds offered on Jan. 15—
V. 144, p. 137—were awarded to the Montana State Land Board on a bid
of par for 3M% bonds.
Due on the amortization plan.
The National
Bank of Lewistown also bid par for 3%s.
MUNICIPAL BONDS
FERGUS COUNTY SCHOOL DISTRICT NO. 84 (P. O. Denton),
Mont.—BOND OFFERING•—Percy Reese, District Clerk, will receive bids
New Jersey and General
Market Issues
3 p. m. Feb. 24 for the purchase at not less than par of $8,000 refunding
bonds.
Amortization bonds will be given the first choice and serial bonds
unti
will be given the second choice of the school board.
are
issued, the entire issue may be put into
several bonds
as
one
B. J. Van Ingen &
If amortization bonds
single bond
or
divided into
the board of trustees may determine upon at the time of
sale, both principal and interest to be payable in semi-annual instalments
during a period of 10 years from date of issue.
If serial bonds are issued
they will be in the amount of $800.00 each. The sum of $800 will be payable
on Jan. 1, 1938, and a like amount on the same date each
year thereafter
until all of such bonds are paid.
P0
The bonds, whether amortization or serial bonds, will bear date of Jan. 1,
1937, and will bear interest at a rate not exceeding 6%, payable semi¬
annually on Jan. 1 and July 1 and will be redeemable in full on any interest
payment date from and after five years from the date of issue.
All bids other than by or on behalf of the State Board of Land Commis¬
sioners must be accompanied by a certified check in the sum of $250,
pay¬
able to the order of the clerk.
•T
WILLIAM
A.
T.
8c.
STREET. N. Y.
Y
T.: N.
Co. Inc.
Telephon
:
John 4-8364
Newark Tel.: Market 3-3124
1-730
$25,000 City of Paterson, N._J.
68, due October, 1945-47
To Yield 3.40%
Colyer, Robinson $ Company
,
INCORPORATED
NEBRASKA
MUNICIPAL
1180
BONDS
New York Wire:
19345
OTHER
NEBRASKA
OF
NEW
OMAHA
Bldg-
& T. Teletype
NWRK
24
.
ISSUES
The National company
Flrat National Bank
A. T.
REctor 3-2050
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
MArket 3-1718
Raymond Blvd., Newark
A. T. 8c T. Teletype OMA 81
NEBRASKA
JERSEY
P BAYONNE, N. J.—IN AGREEMENT ON PORT PROJECT—The city
and the Public Works Administration are reported to be in complete agree¬
ment with regard to the proposed Ocean Terminal project which is to be
financed with a Federal loan and grant amounting to $5,250,000.
The
agreement is understood to involve complete assurance by the city that it
will retain full title to the land used in the huge project, even though the
Central Railroad of New Jersey receives sole trackage construction and
operation rights.
AUBURN
SCHOOL DISTRICT
(P. O. Auburn),
Nib.—BOND
ELECTION—It is stated by the Secretary of the Board of Education that
election will be held
on Feb. 5 in order to vote on the issuance of
$65,000
3% school bonds.
(This report supersedes the election
notice given here recently—V. 144, p. 488.)
an
in not
exceed
to
DAY
COUNTY
O. Webster) Neb.—BOND ISSUANCE CON¬
reported that the
County Commissioners have
decided to issue $110,000 refunding bonds to care for
6% outstanding
warrants, which are being discounted when cashed.
TEMPLATED—It
(P.
is
JERSEY
CITY,
J .—ARRANGES
N.
were as
follows:
Bidder—
L.
Rate Bid
Putnam
Brown
&
Harriman
Co_.
103.626
Co.
&
102.56
National Shawmut Bank.
102 25
Chace, Whiteside & Co
$3,500,000
AT
New York City and Jersey City banking institutions covering commitments
them to the city for current budget financing on tax anticipation
from
The
HAMPSHIRE
BORROW
TO
RECORD LOW RATE—Arthur Potterton, Director of Revenue and Finance
of Jersey City, announced Jan. 16 that he had received bids from various
notes of 1937 in the amount of
NEW
|1 BERLIN, N. H.—BOND SALE—The $45,000 3M% coupon public
improvement bonds offered on Jan. 22 were awarded to Ballou, Adams &
Whittemore of Boston at a price of 104.113, a basis of about 2.92
%.
Dated
Feb. 1, 1937 and due $3,000 on Feb. 1 from 1938 to 1952, incl.
Other bids
F.
BORDENTOWN, N. J .—BOND SALE—An issue of $35,000 4% school
Due as follows: $2,000 from
bonds has been sold to the sinking fund at par.
1937 to 1953 incl. and $1,000 in 1954.
First
National
Bank
$3,500,000.
City was the lowest bidder,
of Jersey
com¬
mitting itself to an interest rate of 1 j^% per annum, moneys to be bor¬
rowed when, as and if needed throughout the year 1937, in amounts so
determined by the City of Jersey City. The tax anticipation notes will be
dated variously in 1937 and will all mature Dec. 18, 1937.
The next lowest bid was that which was submitted by the Chase National
Bank, First National Bank of New York, and Bank of the Manhattan Co.,
bidding as a group, offering an interest rate of 1%% per annum.
Commissioner Potterton stated that this is the lowest bid ever received
on this type of financing in the history of Jersey City, and is a clear indi¬
cation of the sound financial condition of the city, which has been operating
with a cash surplus over all expenditures for the past two years.
101.53
MATAWAN TOWNSHIP (P. O. Matawan), N.J.—BONDS
Financial Statement, Dec. 31, 1936
$1,222,300.00
572,000.00
650,300.00
Net bonded debt.
Less amount paid on bonds during 1936
Balance
_
62,000.00
588,300.00
.
Sinking funds
None
Years—
1934
Assessed valuations
1935
19^6
$18,441,920.00 $18,418,767.00 $18,329,560.00
33.50
33.50
37.50
637,476.32
711,983.50
708,216.65
3,394.73
4,527.65
273,093.58
Tax rate
Tax levy...
Uncollected
Uncollected years 1931-1933
Tax titles held
2,460.75
296.90
—
Tax anticipation notes outstanding
250,000.00
due and payable Dec. 1, and interest is charged thereon at the
rate of 10% after Dec. 1.
Fiscal year Feb. 1 to Jan. 31.
Taxes
PUBLICLY
OFFERED—H. B. Boland & Co. of New York recently purchased and are
Total bonded debt (including this issue)
Less water debt
making public offering of $67,000 4% coupon or registered refunding
bonds.
Dated Dec. 1, 1936.
Denom. $1,000.
Due Dec. 1 as follows:
$2,000, 1937 to 1941, incl.; $3,000, 1942 to 1946, incl.; $4,000 from 1947 to
1954, incl., and $5,000 in 1955 and 1956.
Prin. and int. (J. & D.) payable
at the Township Treasurer's office.
The bonds are direct general obliga¬
tions of the township, payable from unlimited ad valorem taxes on all its
taxable property.
Legality approved by Caldwell & Raymond of N. Y. C.
now
MIDDLESEX, N. J.—NEW ISSUE OFFERING—The $301,000 3%%
bonds awarded to
a
group
composed of H. L. Allen & Co.; Colyer, Robinson
&
Co., and MacBride,
Miller & Co., on their bid of 100.70, are being
reoffered by the bankers at prices to yield from 1.75% to 3.50%.
The
bonds are legal investment for savings banks and trust funds in the State
of New Jersey.
to 1967 incl.
Dated Jan. 1, 1937 and due serially
on
Jan. 1 from 1938
are
MIDDLESEX, N. J.—BOND SALE—A
group composed of H. L. Allen
MacBride, Miller & Co. and Colyer, Robinson & Co.,
bonds as 3%b, at 100.70, a
basis of about 3.68%, was the successful bidder at the offering on Jan. 15
of $303,000 bonds.
The bonds sold are described as follows:
$201,000 local improvement bonds.
Due Jan. 1 as follows: $5,000, 1938
to 1940 incl.; $6,000 in 1941; $7,000 from 1942 to
1966 incl. and
& Co., New York,
CONCORD, N. H.—NOTE OFFERING—Carl H. Foster, City Treasurer,
will receive bids at the First National Bank of Concord until 1 p. m. Jan. 28
for the purchase at discount of $300,000 revenue anticipation
temporary
loan notes, dated Feb. 1, 1937 and payable $100,000 Dec. 2, 1937,
$100,000
Dec. 7, 1937 and $100,000 Dec. 10, 1937, at The National Shawmut Bank
of Boston, in Boston.
Notes will be ready for delivery on or about Feb. 1,
1937, at said bank and will be in denominations to suit the purchaser.
They will be authenticated as to genuineness and validity by The National
Shawmut Bank of Boston, under advice of Storey, Thorndike, Palmer &
Dodge, and all legal papers incident to this issue will be filed with said bank,
where they may be inspected.
1936
Tax levy
1935
$1,245,352.87 $1,193,828.43
$276,126.79
$10,002.46
Uncollected taxes
Gross debt Jan. 19, 1937-
Net debt Jan. 19,
Assessed valuation
1937
of April 1, 1936
as
1934
$981,805.51
$7,552.61
$1,142,000.00
924,000.00
$32,039,851.00
KEENE, N. H.—NOTE SOLD—The $300,000 revenue anticipation
temporary loan notes offered on Jan. 20 were awarded to the Merchants
National Bank of Boston on a 0.53% discount basis.
Washburn & Co. of
Boston bid 0.55% discount.
Dated Jan. 27, 1937 and payable $150,000
on each of the dates Dec. 10, 1937 and Jan. 27, 1938.
'
Finan cia I Sta temen t
-
—
—
1936 assessed valuation
Bonded debt (water bonds)
Bonded debt (other bonds)
Tax rate 1936 (per
$100)
Tax Levy
Jan. 1,1937
$491,153.50
$8,408.86
525,809.14
21,659.13
570,331.56
105,957.85
$17,914,218
187,500
126,000
$3.07
—
None
Tax titles
Population, 13,794.
Union School District Indebtedness
Bonded debt
—
$5,000 in 1967.
100,000 local improvement assessment
from 1938 to 1947 incl.
Each issue is dated Jan. 1, 1937.
bonds.
Other bids
Due $10,000
Bidder—
on
Jan.
1
follows:
were as
Int. Rate
Rate Bid
Schlater, Noyes & Gardner, Inc.; C. P. Dunning & Co.,
and C. A. Preim & Co._
B. J. Van Ingen & Co., Inc
Minsch, Monell & Co.; Dougherty, Corkran & Co.; Van
Deventer, Spear & Co., and J. S. Rippel & Co
3H%
4%
100.67
100.69
4%
100.41
NEW
MILFORD, N. J .—BOND SALE—The Peoples Trust Co. of
Bergen County of Hackensack, paying a price of 100.12, was awarded the
$35,000
316.
coupon
or registered sewer bonds offered on
Dated Feb.
1, 1937 and due Feb.
1
as
Jan.
19.—V. 144, P.
follows; $3,000 from 1938 to
1948 incl. and $2,000 in 1949.
PILES GROVE TOWNSHIP SCHOOL DISTRICT (P. O. Woodstown), N. J.—OTHER BIDS—The following is a list of the bids submitted
offering on Jan. 13 of $160,000 school bonds, which were awarded
to Van Alstyne, Noel & Co. of New York:
•
Bidder—
Bonds Bid For
Int. Rate
Rate Bid
Van Alstyne, Noel & Co
159
3%
100.66
E. W. Clark & Co_
160
3$%
100.111
C. C. Collings & Co
160
3J^%
100.31
RIDGEFIELD
PARK, N. J .—BOND ISSLE DETAILS—'The $16,000
refunding bonds sold recently to the Sinking Fund Commission of the
Board of Education bear 2)4% interest.—V. 144, p. 489.
ROSELLE, N. J.—BOND OFFERING—J. F. Ostrander, Borough Clerk,
of $25,000
4% interest coupon or registered public library bonds. Dated
will receive sealed bids until 8 p.m. on Jan. 28 for the purchase
$55,000
not to exceed
Feb. 1, 1937.
Denom. $1,000.
Due $1,000
Bidder to name one rate of interest
Coolidge Lot note, in favor of City of Keene, dated Oct. 2,
1911 due Oct. 1, 1961, interest at 3H%, payable April 1
and Oct. 1
ijoth of Newark, bidding for $301,000
at the
Uncollected
1936-
Inc.,
incl.
19,500
multiple of
of 1%.
on
on
Feb. 1 from 1938 to ±962
issue, expressed in a
may be sold cannot
the
The price for which the bonds
Financial
650
exceed
$26,000.
Principal and interest
(F. & A.)
payable at the First
National Bank of Roselle.
A certified check for $500,
of the borough, must accompany each proposal.
order
payable to the
The approving
opinion of Reed, Hoyt & Washburn of New York City will be
the successful bidder.
furnished
1937
23,
Jail.
Chronicle
1,000,000 3% series H emergency relief bonds.
Due Feb. 1 as
«400,000 in 1946 and $600,000 in 1947.
%
Due Feb. 1 as
500,000 2 >$% series A public works bonds.
,000 from 1939 to 1945, incl. and $30,000 from
$20,0(
1957, incl.
follows:
-
follows:
1946 to
„
^
series B public general hospital bonds.
Due Feb. 1 as
$14,000, 1938 to 1943, incl.; $15,000 in 1944 and
$21,000 from 1945 to 1950, incl.
200,000 3% series A general county bonds.
Due Feb. 1 as follows:
$16,000 from 1938 to 1942, incl. and $24,000 from 1943 to
1947, incl.
75,000 3% series E tuberculosis hospital bonds.
Due Feb. 1 as
follows: $12,000 in 1938 and 1939; $15,000 in 1940, and $18,000
225,000 3%
BOTTOM-BEACH ARLINGTON, N. J.—BONDS NOT SOLD
—The issue of $124,000 not to exceed 5% coupon or registered general
refunding bonds offered on Jan. 16—V. 144, p. 316—was not sold, as no
bids were received.
Bonds are dated Feb. 1, 1937 and mature yearly on
Feb. 1 as follows: $7,000, 1938, 1939 and 1940; $9,000, 1941 and 1942;
$12,000, 1943 and 1944; $15,000, 1945, 1946 and 1947; and $16,000, 1948.
SHIP
BOTTOM-BEACH ARLINGTON, N. J .—BOND EXCHANGES
the $124,000 general refund¬
as not to exceed 5s on Jan. 16, plans to exchange the
bulk of the issue for outstanding obligations held by local banks.
About
$40,000 bonds will be available for private sale.
follows:
SHIP
—The borough, which failed to receive a bid for
ing bonds offered
SOMERVILLE, N. J .—BOND OFFERING—Edith A. Varley, Borough
Clerk, will receive sealed bids until 8 p. m. on Feb. 1 for the purchase of
$123,000 not to exceed 6% interest coupon or registered sewage disposal
plant bonds.
Dated Jan. 15, 1937.
Denom. $1,000.
Due Jan. 15 as fol¬
lows: $4,000 from 1938 to 1949 incl.; $6,000 from 1950 to 1961 incl. and
$3,000 in 1962.
Rate of interest to be expressed in a multiple of X of 1%.
Principal and interest (J. & J.) payable at the Second National Bank,
Somerville, or, at holder's option, at the Chase National Bank, New York
City.
A certified check for 2% must accompany each proposal.
The
approving opinion of Hawkins, Delafield & Longfellow of New York City
will be furnished the successful bidder.
(Mention of this offering was made
in a previous issue, the sale date having originally been announced as Jan.
NEW
MEXICO
ARTESIA, N. Mex.—BONDS AUTHORIZED—An ordinance is said to
have been passed providing for the issuance of $30,000 in not
to exceed
4% municipal hospital bonds, approved by the voters at an election on
April 6, 1936.
SANTA
ROSA
MUNICIPAL
SCHOOL
DISTRICT
NO.
8
(P.
O.
Santa Rosa), N. M.—BOND SALE—The $20,000 school bonds offered on
144, p. 138—were awarded to E. F. Hutton & Co. of Albu¬
Jan. 20—Y.
of 100.251, a basis of about 2.97%.
The State
3Xs.
Dated Jan. 1, 1937.
Due on July 1 as
$1,500, 1941 to 1952, inclusive.
querque, as 3s at a price
Treasurer bid 100.25 for
follows: $1,000, 1939 and 1940, and
UNION
COUNTY
SCHOOL
DISTRICT
UNION
COUNTY
SCHOOL
DISTRICT
NO.
4
(P. O. Clayton),
N. Mex.—BOND OFFERING CHANGE—It is reported by Sybel Clagett,
County Treasurer, that the date of the $18,000 school bonds, scheduled
for sale on Feb. 18, as noted in detail in these columns recently—V. 144,
p. 489—has been changed from June 4 to Jan. 4.
NO.
31
(P.
O.
Clayton),
N. Mex.—BOND OFFERING—Sealed bids will be received until 2 p. m.
Feb.
18, by Sybel Clagett, County Treasurer, for the purchase of a
$4,000 issue or school bonds.
Interest rate is not to exceed 5%, payable
J. & D.
Denom. $500.
Dated Jan. 14, 1937.
Due $500 from June 1,
1938 to 1945, incl.
Prin. and int. payable at the State Treasurer's office,
or at such bank as the bidder may elect.
A certified check for 5% of the
amount bid, payable to the County Treasurer, is required.
The bonds
will not be sold at less than par and accrued interest to date of delivery,
nor wil any discount or commission be allowed or paid on the sale of the
on
bonds.
VALENCIA COUNTY
(P. O. Los Lunas)
N. Mex.—BOND SALE—
The $12,000 issue of Belen Municipal School District coupon bonds offered
on Jan. 19—V. 143, p. 4042—was purchased by the First National
for sale
Bank of Belen, according to the County Treasurer.
Due $1,000 from Jan. 1939 to 1950 incl.
NEW
Dated Jan. 1, 1937.
YORK
BALLSTON
SPA, N. Y.—NO FINANCING PLANNED—Ralph E.
Dunton, Village Clerk, informs us that the village does not contemplate
selling any bonds in the immediate future.
CATTARAUGUS
COUNTY
(P.
O.
Salamanca), N.
Y .—BOND
OFFERING—R. L. Farnham, County Treasurer, will receive bids until
2 p. m. Feb. 2 for the purchase at not less than par of $175,000 coupon,
fully registerable, general obligation, unlimited tax, highway refunding
bonds.
Bidders are to name rate of interest, in a multiple of X % or 1-10%,
but not to exceed 5%.
enom. $1,000.
Dated Feb. 15, 1937.
Prin.
and semi-ann. int. (Feb. 15 and Aug. 15) payable at the Salamanca Trust
Co., Salamanca.
Due on Feb. 15 as follows: $5,000, 1938 to 1947; $25,000,
1948, 1949 and 1950, and $50,000, 1951.
Cert, check for $3,500, payable
to the County, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be furnished by the county.
FULTON, N. Y.—BOND OFFERING—H, A. Fielding, City Chamber¬
lain, will receive sealed bids until 3:30 p. m. on Feb. 3 for the purchase of
$60,000 not to exceed 5% interest coupon or registered refunding bonds.
Dated Feb. 15, 1037.
Denom. $1,000.
Due $6,000 on Jan. 15 from 1938
to 1947, incl.
Bidder to name a single interest rate on the bonds, expressed
in a multiple of X or 1-10th of 1%.
Prin. and int. (F. & A. 15) payable at
the Continental Bank & Trust Co., N. Y. City.
This institution will super¬
vise the preparation of the bonds and will certify as to the genuineness of
the signatures of municipal officials and the seal impressed thereon.
The
bonds to be refunded mature in 1937 and the new bonds will be general
obligations of the city, payable from unlimited ad valorem taxes on all its
taxable property.
A certified check for $1,200, payable to the order of the
City Chamberlain, must accompany each proposal.
The approving opin¬
ion of Caldwell & Raymond of N. Y. City will be furnished the successful
bidder.
HASTINGS ON HUDSON, N. Y.—CERTIFICATE SALE—The First
Bank of Hastings on Hudson recently purchased an issue of
$50,000 certificates of indebtedness at 1% interest, at par, to mature in
six months, according to John C. White, Village Clerk-Treasurer.
National
ILION, N. Y.—BOND SALE—The $35,000
works sewage treatment
coupon or registered public
plant and incinerator bonds offered on Jan. 21
—V. 144, p. 490—were awarded to Granberry & Co. of New York, as 2s,
at par,
Dated
plus
Jan.
premium of $63, equal to 100.18, a basis of about 1.97%.
15, 1937.
Due on July 15 as follows: $3,000 in 1938: and
a
$4,000, 1939 to 1946, inc.
LARCHMONT, N. Y.—NOTE SALE—The Marine Midland Trust Co.
of New York purchased on Jan. 18 an issue of $30,000 0.55% tax anticipa¬
tion notes.
Dated Jan. 27,1937.
Due $20,000 on March 27 and $10,000
on
June 27,
New York.
1937.
Payable at the Central Hanover Bank & Trust Co.,
Legality approved by Clay, Dillon & Vandewater of New York
City.
W MOUNT VERNON, N. Y.—BOND SALE—The $165,000 coupon or
registered school library bonds offered on Jan. 20—V. 144, p. 316—were
awarded to Rutter & Co. of New York as 2.80s at a price of 100.41, a
basis of about 2.77%.
Dated Feb. 1, 1937 and due Feb. 1 as follows:
$1,000, 1938 to 1940, incl.; $8,000 from 1941 to 1948, incl., and $7,000 from
1949 to 1962, incl.
A. C. Allyn & Co., Inc., and E. H. Rollins & Sons,
both of New York, jointly, also bidding for 2.80s, offered to pay 100.13.
NASSAU COUNTY tP. O. Mineola), N. Y.—BOND SALE—The $3,500,000 coupon or registered bonds offered on Jan. 21—V. 144, p. 490—
were awarded to a syndicate headed by Lehman Bros, of New York and
including Laden burg, Thalmann & Co., the Bancamerica-Blair Corp.,
Phelps, Fenn & Co., Kean, Taylor & Co., Geo. B. Gibbons & Co., R. H.
Moulton & Co., Hemphill, Noyes & Co., Adams, McEntee & Co., Darby
& Co., Wertheim & Co., Granbery, Safford &
Co., Lobdell & Co., all of
New York; the Manufacturers & Traders Trust Co., of Buffalo, and the
South Shore Trust Co. of Rockville Centre.
The bid was 100.079 for a
combination of $2,000,000 2Xs maturing from 1938 to 1957 and $1,500,000
3s maturing from 1938 to 1950, the net int. cost to the county being(2.669%.
The syndicate is reoffering the bonds to investors at prices to yield from
1% to 2.60% on the 3s and from 1% to 2.70% on the 2Xs.
The bonds are
divided into six issues as follows:
$1,500,000 2X% series G land purchase bonds.
Due Feb. 1 as follows:
$60,000 from 1938 to 1947, incl., and $90,000 from 1948 to
1957, incl.
_
_
in
Each
and 1942.
dated Feb. 1,
1941
issue is
.
„
,
,
1937.
Denom.,
$1,000.
.
Prin./and int.
(F. & A.) payable at the County Treasurer's office.
The bonds
from unlimited ad valorem taxes on all the county's taxable
are payable
property.
Reoffering is being made by the bankers as follows: The offering consists
of $1,500,000 3% bonds, priced to yield from 1.00 to 2.60% for maturities
ranging from 1938 to 1950; and $2,000,000 2X% bonds, priced to yield from
1.00 to 2.70% for maturities which range from 1938 to 1957.
The bonds are issued for land purchase, emergency rt lief, public works,
hospital and other purposes.
They are legal investments,
of the bankers, for savings banks and trust funds in New
in the opinion
York.
NEW YORK, N. Y.—DEBT INCURRING POWER—Comptroller Frank
18 presented a statement to the Board of Estimate and
Apportionment showing that the city's unencumbered and unreserved
margin of debt-incurring power within the constitutional debt limit is
$235,886,533 as of Jan. 1, 1937.
This compares with the unreserved
margin as of Sept. 1, 1936 of $201,328,537—an increase of $34,557,996.
This expansion has< been brought about largely by the amount of ap¬
propriations included in the 1937 tax budget for the redemption and amorti¬
zation of debt, which appropriations became available Jan. 1, 1937, solely
J. Taylor on Jan.
$50,339,702.
for this purpose, and which amounted to
The city's debt between Sept. 1 and Dec.
31, 1936, was added to by
liability and sundry other net adjustments,
all of which between Sept. 1, 1936, and Dec. 31, 1936, amounted to $15,781,706; resulting in the net expansion, as stated above, of $34,557,996.
The present margin of the city's debt limit would not be affected in the
least by the issue of bonds by the Comptroller to liquidate present contract
or land liabilities, which, as may be noted by the statement submitted by
the Comptroller to the Board of Estimate and Apportionment, aggregate
the net increase of land contract
193456
$63 524 644.
As authorizations and reserves now aggregating
time to time resolved into contract liabilities the
$97,461,370 are from
unencumbered margin
gradually decreases, and the absolute constitutional debt margin of $333,347,902 would likewise correspondingly decrease.
It may be noted, and should be borne in mind, that issuing a bond does
not necessarily add to the city's debt.
The city's debt is added to when a
contract or other absolute liability is entered into.
The Comptroller's statement shows the total amount of the funded debt
in the city at $2,354,197,896, of which amount $713,461,544 is exempted
from the constitutional debt-incurring power of the city, making the debt
within this limitation
This debt is further decreased by
$1,640,736,352.
amortization
aggregating
the sinking fund holdings and the budgetary appropriation for
and debt redemption of the city's non-exempted funded debt,
$369,732,544 and therefore the net funded debt within the constitutional
debt limit is $1,271,003,808.
It is required by law to add the land and
contract liability and the estimated cost of the extension of the West Side
Highway—Riverside Drive to the Henry Hudson Parkway—which ag¬
gregates a total sum of $63,542,644.
Therefore, the total amount of debt
within the constitutional debt limit is $1,334,528,452.
The city's debt-incurring power is restricted to 10% of the assessed value
of taxable realty of $16,678,763,548, or $1,667,876,354, thus making the
debt limit margin $333,347,902.63.
However, in figuring out the unencumbered and unreserved margin within
this debt limit, the Comptroller has deducted a total of $97,461,370 for
various contract obligations which may be chargeable against the margin of
debt, making the unencumbered and unreserved margin $235,886,532.
.
PELHAM MANOR, N. Y.—FINANCIAL STATEMENT—The follow
ing is given in connection with the offering on Jan. 25 of $17,000 series
No. 55 not to exceed 6% interest refunding bonds, details of which were
given in
a
previous issue:
Financial Statement
$25,617,840
Assessed valuation, 1936 assessment
Population of Village of Pelham Manor,
1930 census, 4.922.
Feb. 28,'35
Feb. 28, '36
Dec. 31/36
$980,760
$928,930
None
$923,100
923,100
1937
Total bonded debt incl. this issue
Less deductible items
None
Resulting net debt
980,760
1935
None
928,930
1936
Fiscal Year Ended Feb. 28—
^
assessed valuation of real
estate, including special franchises,$25,584,610
Operating budget
304,843
Gross budget
304,843
Tax rate per $1,000
10
Taxable
The bonded debt above
subdivision having power
$25,571,125 $25,617,840
303,699
298,282
303,699
298,282
10
10
set;forth does not include the debt of any other
to levy taxes upon any or all of the property
subject to the taxing power of the issuer.
Tax collection record of issuer.
Fiscal year beginning
General
Uncollected at
Property Tax
$258,052.75
255,846.10
255,711.25
256,178.40
Year—
The Village is
and these bonds
for
the
purpose
March 1.
Uncollected
Dec. 31, 1936
End of Fiscal Year
$40,194.40
27,661.50
25,898.50
Not ended
$1,862.00
1,251.50
5,364.00
22,914.55
governed by the Village Law of the State of New York,
are issued under the authority of Section 129 of said law
of refunding bonds issued prior to May 21, 1923, and
maturing in the current fiscal year.
PLEASANTVILLE,
N.
Y.—BOND
OFFERING—William
T.
Guion,
Village Clerk, will receive bids until 10 a. m. Jan. 26 for the purchase at
not less than par of $5,000 coupon, registerable, general obligation, un¬
limited tax, public works bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at the
First National Bank of Pleasantville, with New York exchange.
Due
on Feb. 1 in each of the years from 1938 to 1942.
Bidders are to
of interest, in a multiple of X% or 1-10%, but not to exceed
Certified check for $100, payable to the village, required.
Approving
opinion of Clay, Dillon & Vandewater of New York will be furnished by
$1,000
name
rate
4%.
the village.
N. Y.—BOND SALE— The $100,000 coupon or regis¬
Jan. 22—V. 144, p. 491—were awarded to the Banc¬
& Co., both of New York, jointly,
price of 100.335, a basis of about 3.065%.
The sale consisted
PORT JERVIS,
tered bonds offered
on
america-Blair Corp. and Goldman, Sachs
3.10s, at a
as
of:
$50,000 refunding bonds of 1937.
Due $2,000 each Feb. 1 from 1938 to
1962, inclusive.
30,000 series A relief bonds of 1937.
Due $15,000 on Feb. 1 in 1946 & '47.
20,000 series B relief bonds of 1937.
Due $2,000 on Feb. 1 from 1938
to 1947, inclusive.
All of the bonds are dated Feb. 1, 1937.
A bid of 100.27 for 3Xs was
made by A. C. Allyn & Co., Inc., and E.
York, in joint account.
PUTMAN
AND
H. Rollins & Sons, both of New
TICONDEROGA CENTRAL
SCHOOL DISTRICT
1 (P. O. Putnam), N. Y.—BOND OFFERING—Harry D.
District, Clerk, will receive sealed bids until 2 p. m. on Jan. 27
NO.
Moore,
for the
purchase of $25,000 not to exceed 6% interest coupon or registered audi¬
torium-gymnasium bonds.
Dated Jan. 1, 1937.
Denom. $500.
Due
Jan. 1 as follows: $1,000 from 1938 to 1944 incl., and $1,500 from 1945
to 1956, incl.
Bidder to name a single interest rate on the issue, expressed
in a multiple of X or l-10th of 1 %.
Principal and interest (J. & J.) payable
at the Ticonderoga National Bank, Ticonderoga, or at the Marine Mid¬
land Trust Co., New York City.
All of the district's taxable property
will be subject to the levy of unlimited ad valorem taxes in order to provide
for the payment of the issue.
A certified check for 2 %, payable to the order
of the district, must accompany each proposal.
Approving opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
RYE, N. Y.—BOND SALE—The issue of $15,000 coupon or registered
sewer
bonds offered on Jan. 20—V.
144, p. 491—was awarded to the Rye
Volume 144
Financial
National Bank of Rye as 2 He., at a price of 100.18, a basis of about 2.23 %.
Dated Jan. 1, 1937 and due $1,500 annually on Jan. 1 from 1938 to 1947,
Inclusive.
SYRACUSE, N. Y.—CERTIFICATE
of $2,-
TAX SALE—The issue
Chronicle
651
WELLS COUNTY (P. O. Fessenden),
N. Dak.—CERTIFICATE
OFFERING—Otto G. Krueger, County Auditor, will receive bids until
3 p. m. Feb. 3 for the purchase of $50,000 certificates of indebtedness.
Certified check for 2% required.
000,000
was
tax anticipation certificates of indebtedness offered on Jan. 21
awarded to the National City Bank of New York, at 0.67% int., at
Dated Jan. 22,
par.
1937 and due Oct. 22,
Other bids were as
1937.
follows:
Bidder—
jnt.
Salomon Bros. & Hutzler
Rate
Halsey, Stuart & Co., Inc
Manufacturers & Traders Trust Co
Chase National Bank
OHIO
Premium,
$7.00
10.00
130.00
41.00
0.72%
0.74%
0.75%
0.81%
MITCHELL, HERRICK & CO.
700 CUYAHOGA BUILDING,
THREE TOWN FIRE DISTRICT NO. 1 (P. O. Moravia), N. Y.—
BOND OFFERING—Claude Parsons, Secretary of the Board of Fire Com¬
missioners, will receive bids until 3 p. m. Jan. 27 for the purchase at not
|ODO
*
'patent bonds.
Denom. $500.
—'-x—J
MUNICIPALS
CANTON
AKRON
CLEVELAND
COLUMBUS
CINCINNATI
SPRINGFIELD
"s
OHIO
WEBSTER, N. Y.—OTHER BIDS—The $112,000
on
water bonds awarded
Jan. 14 to E. H. Rollins & Sons, Inc., and A. C. Allyn & Co., Inc.,
of New York,
100.38,
were
jointly,
as
also bid for
2.80s, at
par
plus a
both
premium of $426, equal to
follows:
as
Bidder—
Int. Rate
Union Trust Co. of Rochester
....
...
Sage, Rutty & Co., Inc., Rochester
Rate Bid
3.10%
3.10%
100.54
100.026
WEST SENECA (P. O. Ebenezer), N. Y.—BOND OFFERING—Frank
A. Slade, Town Supervisor, will receive bids until 3 p. m. Jan. 25 for the
purchase at not less than
as
par
of $14,372.59 coupon, fully registerable, bonds,
follows:
»
$10,522.59 Water
District No. 2 bonds.
Denom. 1 for $522.59, 8 for
$500 and 10 for $600.
Due on Feb. 1 as follows: $522.59,1938;
$500, 1939 to 1946, and $600, 1947 to 1956.
3,850.00 highway bonds.
Denom. $770.
Due $770 yearly on April 1
from 1938 to 1942.
Bidders
are to name
rate of interest, in a multiple of H% or 1-10%, but
Dated Feb. 1, 1937.
Principal and semi-annual in¬
terest (April 1 and Oct. 1) payable at the Ebenezer State Bank, Ebenezer.
The bonds are general obligations of the town, and are payable from un¬
limited taxes.
Certified check for $300, payable to the town, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
furnished by the town.
not
to
exceed 6%.
COLUMBUS,
OFFERING—Helen T. Howard,
City
Clerk, will receive bids until noon Feb. 11 for the purchase at not less than
of $738,950 4% coupon, registerable, refunding bonds.
Denom. $1,000,
except one for $950.
Dated March 1, 1937.
Principal and semi-annual
interest (March 1 and Sept. 1) payable at the city's agency in New York.
Due yearly on Sept. 1 as follows: $52,950, 1938; $52,000, 1939, 1940 and
1941, and $53,000, 1942 to 1951.
Certified check for 1% of amount of
bonds bid for, payable to the City Treasurer, required.
Approving opinion
of Squire, Sanders & Dempsey of Cleveland will be furnished to the pur¬
chaser.
Bids must be made on bidding forms furnished by the city.
par
EUCLID,
Ohio—BOND AWARD DEFERRED—City Council was
scheduled to meet Jan. 20 to consider the one bid which was submitted for
the $612,079.50 refunding bonds offered on Jan. 18.
This offer, made by
Fox, Einhorn & Co. of Cincinnati and associates, provided for a premium
$534 for the larger loan as 4 H&, and a bonus of $80 on the smaller issue as
The offering consisted of:
of
4)^s.
$534,803.50 special assessment refunding bonds.
Denom. $1,000, except
one for $803.50.
Due on Oct. 1 as follows: $53,803.50, 1942;
$542,000 in each of the years 1943, 1945, 1947 and 1949, and
$53,000 in each of the years 1944, 1946, 1948,1950 and 1951.
77,276.00 general refunding bonds.
Denom. $1,000, except one for
$276.
Due on Oct. 1 as follows: $7,276, 1942; $8,000 in each
of the years 1943, 1944, 1946, 1947, 1949, 1950 and 1951, and
$7,000 in 1945 and 1948.
Dated Oct. 1, 1936.
BID
noon
STATESVILLE, N. C. Waterworks 4s
Due
Nov.
1, 1937-58
© 1.60%-3.75% basis
F. W. CRAIGIE & COMPANY
on
new notice
a
Feb. 15.
\
FRAZEYBURG
SCHOOL
Ohio—BOND
DISTRICT,
SALE—The
$1,100 4H% school bonds offered on Jan. 4—V. 143, p. 4045—were sold
Frazeyburg, at par. ~ Dated Jan. 1,1937, and due
serially on Jan. 1 from 1939 to 1947, incl.
to the Ohio State Bank of
HOPEDALE SCHOOL
—As already
Richmond, Va.
Phone $.9137
rejected and
was
to
report,
the
issued for bids to be opened at
REOFFERED—According
REJECTED—BONDS
above bid
$41,000.00
Ohio—BOND
on
A. T. T. Tel. Rich. Va. 8$
DISTRICT, Ohio—BOND SALE CANCELED
the District is making an offering
These are the bonds which were
to the State Teachers Retirement System as 3.HBt
noted in these columns,
Feb. 5 of $15,000 3H % school bonds.
reported sold last year
at par.
This sale was not completed.
NEW VIENNA, Ohio—BOND SALE—The $2,080 4% coupon refunding
offered on Dec. 30—V. 143, p. 4196—were awarded to local in¬
Dated Dec. 1, 1936.
Due $580, Dec. 1, 1938, and $500
bonds
vestors at par.
MARKETS APPRAISALS INFORMATION N3«7H CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
KIRCHOFER
&
ARNOLD
INCORPORATED
RALEIGH. N. O.
A
NORTH
.T.
T. TELETYPE
RLGH
80
CAROLINA
CANDOR, N. C.—BOND OFFERING—W. E. Easterling, Secretary of
Local Government Commission, will receive bids until 11 a. m. Jan. 19,
Raleigh, for the purchase at not less than par of $4,000 coupon, general
obligation, unlimited tax, sewer bonds.
Bidders are to name rate of
interest, not to exceed 4%.
Denom. $100.
Dated April 1,1936. Principal
and semi-annual interest (April 1 and Oct. 1) payable at the Town Treas¬
urer's office.
Due on April 1 as follows: $100, 1939 to 1948, and $300,
1949 to 1958.
Certified check for $80, payable to the State Treasurer,
required.
at
GUILFORD COUNTY (P. O. Greensboro), N. C.—NOTE ISSU¬
AUTHORIZED—The County Commissioners are said to have
passed a resolution providing for a loan of $75,000, predicated upon revenue
anticipation notes, to meet debt service obligations maturing in the current
fiscal year.
Dated Feb. 1, 1937.
Due on Aug. 1, 1937.
yearly
on
Dec. 1 from 1939
to 1942.
PERRY TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Fayette-
ville), Ohio—BOND OFFERING—S. F. O'Connor, Clerk of the Board of
Education, will receive bids until noon Feb. 5 for the purchase at not less
than par of $47,000 4% coupon, registerable, general obligation, unlimited
tax, school building bonds.
Denom. $500 and $1,000.
Dated March 1,
1937.
Interest payable June 1 and Dec. 1.
Due on Dec. 1 as follows:
$2,000, 1938 to 1953, and $2,500, 1954 to 1959.
Certified check for $470,
payable to the Clerk-Treasurer of the Board of Education, required.
Legal
opinion of J. Louis Warm, of Divers & Warm, Cincinnati, will be furnished
by the district.
Present bonded debt, none; tax valuation, $1,233,130;
population in 1930, 1,916.
TOLEDO,
Ohio—BOND
OFFERING CANCELED—The offering an¬
Ohio University refunding bonds has
nounced for Jan. 26 of $200,000 3%
been canceled—V. 144, p. 492.
WILLOUGHBY, Ohio—ADDITIONAL SALE DETAILS—The issue
4 was sold as 3fis, at par, in
equal amounts to the State Industrial Commission and the Village Board of
Public Affairs.
The latter agency was originally credited with having pur¬
chased the entire loan.
Only one other offer was made for the bonds, the
First Cleveland Corp. naming a premium of $576 for 4>£s..
of $50,000 refunding bonds offered on Jan,
$33,000
ANCE
HARNETT COUNTY
TAILS—It is
purchased
now
by the
Creek
County, Oklahoma Funding 6%
due June 11,
1944
@
3.00 basis
(P. O. Lillington), N. C.—NOTE SALE DE¬
R. J. EDWARDS, Inc.
reported by the County Auditor that the $8,000 notes
First-Citizens Bank of Dunn, as noted here recently
—V. 144, p. 317—are dated Dec. 30,
were sold at 4H%.
1936, mature
on
Established
June 30, 1937, and
OKLAHOMA
MECKLENBURG COUNTY (P. O. Charlotte), N. C.—BOND SALE
$1,073,000 coupon or registered school building bonds offered on
AT&T OK CY
1892
CITY, OKLAHOMA
Long Distance 158
19
—The
Jan. 19—V. 144, p. 491—were awarded to a syndicate headed by Lehman
Bros, of New York and including Stone & Webster and Blodget, and R. S.
Pressprich & Co. of New York, R. 3. Dickson & Co., and the Interstate
Securities Corp. of Charlotte, and Johnson, Lane, Space & Co. of Savannah.
The successful bid was 100.20 for $443,000 3% bonds maturing rom 1938
to 1953 and $630,000 2%% bonds coming due from 1954 to 1957, giving
a net interest cost of about 3.81%.
The bankers are reoffering the bonds
to investors at prices to yield from 1 to 2.80%, according to maturity.
Dated Feb. 1, 1937.
Due on Aug. 1 as follows:
$23,000, 1938: $25,000,
1939 to 1943; $30,000, 1944 and 1945; $20,000, 1946 to 1950, and $45,000,
The interest cost basis to the county on the sale was 2.805%.
NORTH
CAROLINA, State of—FINANCIAL STUDY COMPILED—
study and maturity calendar of the State has been prepared
by the Equitable Securities Corp., Nashville and New York City, as of
Dec. 15, 1936.
Copies of this leaflet may be obtained on request.
(A
the State of Tennessee.)
similar study had been drawn up previously on
ROCKY MOUNT, N. C.—BOND SALE—The $43,000 general refunding
bonds offered on Jan. 19—V. 144, p. 492—were awarded to McAlister,
Smith & Pate of Greenville at par, plus a
premium of $68.80, equal to 100.16,
the first maturing $24,000 to bear interest at 3% and the remainder of the
issue at 2%%, giving a net interest cost of about 2.82%.
Dated Jan. 1,
1937.
Due on April 1 as follows:
$2,000, 1938 to 1954, and $3,000,
1955 to 1957.
Kirchofer & Arnold of Raleigh offered a premium of $38.27
for $34,000 3s and $9,000 2Hs.
SPINDALE, N. C.—BOND ELECTION—Joe Wylie, City Clerk, states
that
an
sewer
election will be held on Feb. 2 to vote on the issuance of $35,000 in
bonds.
NORTH
DAKOTA
JAMESTOWN, N. Dak.—BOND SALE—It is stated by A. R. Thomp¬
son, City Auditor, that $12,135 4^% semi-annual special improvement
warrants were purchased on Jan. 4 by McElroy & Co. of Jamestown.
Due
in 10 years.
bonds have been sold.
DEWEY
SCHOOL
DISTRICT
,
KATHRYN, N. Dak.—BOND SALE—The $4,200 issue of fire protection
bonds offered for sale on Jan. 12—V. 144, p. 318—was purchased by a local
investor, the only bid received.
Due rom 1937 to 1950.
Okla.—BOND SALE
Jan. 20
accord¬
Due $1,000 from 1940 to 1951, and $1,500 in
(P.
O. Dwey),
—A $13,500 issue of school building bonds was offered for sale on
and was awarded to R. J. Edwards, Inc. of Oklahoma City, as 3s,
ing to the District Clerk.
1952.
1951 to 1967.
A financial
OKLAHOMA
CHATTANOOGA SCHOOL DISTRICT (P. O. Chattanooga), Okla.
—BONDS SOLD—J. B. Shelton, District Clerk, reports that $4,500 school
MARLOW, Okla.—BOND OFFERING—W. C. Moore, Executive City
m. Jan. 29 for the purchase at not elss than
Clerk, will receive bids until 3 p.
par of $10,000 waterworks extension and improvement bonds to bear inter¬
est at rate determined upon at time of saie.
Due $1,000 yearly beginning
three years after date or issue.
Certified check
or
2% of amount of bid
required,
NOWATA
SCHOOL
DISTRICT
(P.
O.
Nowata),
Okla.—BONDS
is stated by A. F. Snodgrass, District Clerk, that the
$33,000 issue of coupon auditorium-gymnasium bonds offered on Jan. 18
—V. 144, p. 493—was not sold.
NOT SOLD—It
BONDS RE-OFFERED—The said
District
Clerk will receive
Jan. 28, for the purchase of the above bonds.
Bidders to name
Due $1,500 from 1940 to 1961.
A certificed check
interest.
bids
until
the rate of
for 2% of
the bid is required.
TEXOLA SCHOOL DISTRICT (P. O. Texola), Okla.—BOND SALE
—The,$10,500 issue of school building bonds offered for sale on Jan. 18—
V. 144, p. 493—was awarded to the Taylor-Stuart Co. of Oklahoma City,
according to the District Clerk.
Due $1,000 from 1937 to 1945, and
$1,500 in 1946.
,
OREGON
COQUILLE SCHOOL DISTRICT
(P. O. CoquiUe), Ore.—BONDS
held on Dec. 29—V. 143, p. 4196—the voters
of the $22,500 gymnasium building bonds by a
count of 66 to 25.
The bonds will probably mature $5,500 in 1941 and
$8,500 in 1942 and 1943.
The date of sale has not been fixed as yet.
VOTED—At
approved the
the election
issuance
652
Financial
DOUGLAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 11
(P. O. Reedsport), Ore.—PRICE PAID—It is reported by the District
Clerk that the $8,400 4% serai-ann. school bonds purchased
by Tripp &
McCleary, of Portland, as noted here recently—V. 144, p. 493—were sold
for a premium of $102.15, equal to 101.192, a basis of about
3.84%.
Due
from Jan. 15, 1938 to 1954, inclusive.
KLAMATH
COUNTY-COUNTY
SCHOOL
DISTRICT
(P.
O.
Klamath Falls), Ore.—BONDS VOTED—It is reported that the voters
approved recently the issuance of $75,000 in school bonds to be used in
connection
with
Public Works Administration
a
program.
MALIN, Ore.—BONDS SOLD—lb is reported that $6,000
sewer
system
bonds approved by the voters on Dec. 9, have been sold
locally.
PRAIRIE
CITY, Ore.—BONDS NOT SOLD—In connection with the
report given in these columns recently that $5,000 5% water system exten¬
sion bonds would be offered for sale on Jan. 12—V. 144,
p. 140—it is stated
by Elizabeth Knight, City Recorder, that the bonds are not as yer ready
for sale as details have not been completed.
REEDSPORT UNION
HIGH SCHOOL DISTRICT NO. 11, Ore.—
BOND SALE—An issue of $8,400 school bonds has been sold to
Tripp &
McCleary of Portland at a price of 102.15.
due
December
16,
Price: 115.366 & Interest to Net
1980-50
Locust Street
(P. O.
OFFERING—J. K. Albig, District Secretary,
Feb. 5 for the purchase of $90,000 coupon
bonds, which are to bear interest at 2%, 234%. 234%, 224%. 3% or 334%•
Denom. $1,000.
Interest payable semi-annually.
Due as follows: $7,000,
1938; $8,000, 1939 and 1940; $9,000, 1941, 1942, and 1943; $7,000, 1944;
$6,000, 1945: $5,000, 1946; $6,000, 1947; $4,000, 1948, 1949, 1950 and 1951;
and $1,000, 1952.
Cert, eheck for 1%, required.
HUNTINGDON TOWNSHIP SCHOOL DISTRICT
SOUTH
West Newton), Pa.—BOND
will receive bids until 8 p. m.
any
SPRING CITY, Pa.—OTHER BIDS—The
1986/1956
@
@
follows:
as
1980/1950
@
,
1979/1949
@
—
2.90%
were sold at a price of par.
ally from 1947 to 1955 incl.
DISTRICT, Pa .—BOND OFFERING—E.
Dated Jan. 1, 1937 and due $1,000 annu¬
RHODE
T
District Secretary, will receive sealed bids until 8:45 p. m. on
Feb. 8 for the purchase of $120,000 not to exceed
3% interest coupon school
bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
JDue Feb. 1 as follows:
$20,000 in
1938 and 1939, and $10,000 from 1940 to11947. incl.
Bidder
to name one rate of interest on the bonds,
expressed in a multiple of 34 of
1 %.
A certified check for $1,000, payable to the order of J. R. Armington,
District Treasurer, must accompany each proposal.
The bonds will be
issued subject to approval of proceedings by the Pennsylvania Department
of Internal Affairs.
Successful bidder will be furnished with the approving
legal opinion of Reed, Smith, Shaw & McClay of Pittsburgh.
The bonds
will be free of all taxes levied pursuant to any
present or future law of the
Commonwealth of Pennsylvania, except succession or inheritance.
These are the bonds for which all bids were rejected at the initial
offering
on Jan. 11.
In offering the issue on that occasion, the district specified
that the obligations would be subject to income as well as succession or
inheritance taxes.
Bidders objected to the income tax feature and the
tenders submitted for the issue reflected their disapproval.
L.
Farrell,
Borough Sec¬
retary, will receive bids until 8 p. m. Feb. 1, for the purchase of $25,000
4% bonds.
Denom. $1,000.
Dated Dec. 15, 1936.
Interest payable
semi-annually.
Due yearly on Dec. 15.
Certified check for $500, payable
to the Borough Treasurer,
required.
BALLY, Pa.—BOND SALE—The $14,000
and
funding bonds offered
Jan.
on
coupon street improvement
144, p. 318—were awarded to
14—V.
the National Bank & Trust Co. of Boyerstown, as
224s, at a price of 101,
a basis of about 2.62%.
Dated Feb. 1, 1937 and due $1,000 annually on
Feb. 1 from 1939 to 1952 incl.
Other bids were submitted by Leach Bros.,
Inc. and Mackey, Dunn & Co., Inc. of New York.
CARBON
The
COUNTY
County
annex
(P.
O.
Commissioners
on
Mauch
Chunk),
Pa.—BOND SALE—
Jan. 15 sold $50,000 334% courthouse
bonds to the Mauch Chunk National Bank at a price of 100.25.
GOLDSBORO, Pa.—BOND OFFERING—J. R. Shuler, Jr., Borough
Treasurer, will receive sealed bids until 7:30 p. m. on Feb. 5 for the pur¬
chase of $2,400
3% coupon, registerable as to principal, town hall bonds.
Dated Dec. 15, 1936.
Denom. $100.
Due $300 on Dec. 15 from 1937 to
1944, incl.
Callable in whole or in part on any interest date at par.
Prin¬
cipal and semi-annual interest payable at the Borough Treasurer's office.
A certified check for 5%, payable to the order of the
Treasurer, must ac¬
company each proposal.
The bonds are being offered subject to the
approval of the Department of Internal Affairs.
HUNTINGTON
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING
DETAILS—The $25,000 3% coupon school bonds being offered for sale on
Feb. 1, as noted in a previous issue—V. 144,
p. 493—will be dated Feb. 1,
1937.
Denom. $1,000.
Due $1,000 on Feb. 1 from 1940 to 1964, incl.
A certified check for 2% of the bonds bid for,
payable to the order of the
District Treasurer, must accompany each
proposal.
KITTANNING, Pa .—BOND OFFERING—J. E. Wolfe, Borough Sec¬
retary, will receive bids until 8 p. m. Feb. 8, for the purchase at not less
than par of $23,000 3% coupon, registerable as to
principal, fire house
bonds.
Denom. $1,000.
Dated Dec. 1, 1936.
Interast payable June 1
and Dec. 1.
Due $1,000 yearly on Dec. 1 from 1937 to 1956, incl.,
except
that in the years 1943, 1950 and 1956 $2,000 will come due.
Certified
check for $700, payable to the Borough
Treasurer, required.
MIDDLE
SMITHFIELD
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Frutchy), Pa.—BOND OFFERING—T. B. Courtright, District Secretary,
will receive bids until 8 p. m.,
bonds, to bear interest at 2%,
as
on
Feb. 10 for the purchase of $20,000 school
234%, 2K%, 224%, 3%, 334% or 334%,
determined by the bidding.
Dated Nov. 1, 1936.
Due $1,000 yearly
Nov. 1 from 1937 to 1956, incl.
MIFFLINBURG,
Pa.—TAXLESS
AGAIN—'The
Council
19 to levy no taxes during 1937, following the precedent of the
last four years.
Municipal expenses are covered by revenue from the
municipal water and electric systems.
MORTON, Pa.—BOND SALE—An issue of $10,000
has been sold to the Borough Sinking Fund at par.
NORRISTOWN
SCHOOL
DISTRICT,
sewer system bonds
Dated Jan. 15,1937.
Pa.—BOND
SALE— Harold
R. Kratz, Secretary of the School Board, informs us of the sale on Dec.
18
of $75,000 34 % coupon refunding bonds to the sinking fund at
price of par.
Dated Feb. 1, 1937 and due Feb. 1 as follows: $5,000 in 1938, and
$10,000
from 1939 to 1945 incl.
Denom. $1,000.
Interest payable F. & A.
~
(The original report of the sale
W
NORTHUMBERLAND
gave
the amount
as
$175,000).
COUNTY
(P. O. Sunbury),
Pa.—BOND
County Commissioners have directed
advertising for bids early in February on an issue of $273,000 tax refunding,
bond refunding and debt
funding bonds.
OFFERING
_
AUTHORIZED—The
SCHUYLKILL TOWNSHIP SCHOOL DISTRICT (P. O. Tuscarora)
Pa-—BOND OFFERING—John J. Kramer, District Secretary, will receive
bids until 5 p. m. Feb. 8 for the purchase of
$54,000 coupon funding and
refunding bonds.
Bidders are to name rate of interest, making choice from
2%, 234%, 234%, 224%, 3%,- 334%, 334%, 324% and 4%.
Interest
SMITHFIELD
EAST
WATER
ISLAND
DISTRICT,
I
R.
SALE—
The $150,000 coupon water bonds offered on Jan. 18—V. 144, p. 494—
were awarded to Brown, Lisle & Marshall of Providence on a bid of 101.599
for
324s, a basis of about 3.59%.
Dated Sept. 1, 1936.
Due $6,000
yearly on Sept. 1 from 1942 to 1966.
Brown, Harriman & Co. of Boston
submitted the second high bid, 100.27 for 324s.
PROVIDENCE, R. I.—LIST OF BIDS—The following is
of the bids submitted at the offering on Jan.
relief bonds,
which
an
were
official list
15 of $3,000,000 highway and
to the account
Dick & Merle-Smith of New York, as noted in V. 144, p. 494.
emergency
awarded
Bidder—
headed by
Int. Rate
>
Premium
Dick & Merle-Smith; Roosevelt & Weigold, Inc.; Bacon,
Stevenson & Co.; Spencer, Trask & Co.; Schoellkopf,
Pomeroy; Gregory & Son, Inc.; Equitable
Corp., and Robinson Miller & Co., Inc
City Bank; Bankers Trust Co.; The First
Boston Corp.; Whiting, Weeks & Knowles, Inc., and
Lee Higginson Corp
Brown, Harriman & Co. Inc.; Phelps, Fenn & Co.; Mer¬
cantile-Commerce Bank & Trust Co.; Boatmen's Na¬
tional Bank, and C. D. Barney & Co
Lazard Freres & Co., Inc.; Goldman, Sachs & Co; Bank
of the Manhattan Co.; Laden burg, Thalman & Co.;
Hornblower & Weeks; Lobdell & Co.; James S. Causey
& Co., Inc., and Starkweather & Co., Inc
Arthur Perry & Co.; R. W. Pressprich & Co.; First
National
Bank of New York; Salomon Brothers &
Hutzler; E. H. Rollins & Sons, Inc., and Rutter & Co..
Blyth & Co., Inc.; Paine, Webber & Co.; Washburn &
Co., Inc.; Cassatt & Co., Inc.; Charles H. Newton &
Co.; Francis I. duPont & Co; Granbery, Safford & Co.;
Field, Richards & Shepard, Inc., and Dougherty, CorkHutton
&
Securities
234%
$39,300
234%
27,900
234 %
18,597
234%
18,570
234%
16,770
ran & Co.
1
234%
Halsey, Stuart & Co.; Bancamerica-Blair Corp.; Adams,
McEntee & Co., Inc.; B. J. Van lngen & Co., Inc.;
G. M.-P. Murphy & Co., and Jackson & Curtis_
234%
Lehman Brothers; F. S. Moseley & Co.; Kidder, Peabody
& Co., and Eastman, Dillon & Co
234%
9,720
The National
—
SOUTH
GAFFNEY,
1,950
43,800
CAROLINA
S.
CHESTER
_
COUNTY
C —BOND SALE DETAILS—In connection withlthe
sale of the $15,000 334% semi-annual incinerator bonds to Thomas L.
Lewis & Co., of Greenville, noted in these columns recently—V. 144, p. 494
—it is stated by the Town Clerk that the bonds are dated Jan. 1, 1937, are
in denominations of $1,000, and mature $1,000 from 1938 to 1952 incl.®
(P.
O.
Chester), S. C.—BOND SALE—A
unlimited tax highway bonds was offered for sale
to a syndicate composed of the Equitable
Securities Corp.; Eldredge & Co. of New York,; Herman P. Hamilton|&
Co. of Chester, S. C.: the First National Bank & Trust Co., Minneapolis,
and the First National Bank of St. Paul, as 3s, at a price of 101.654, a
basis of about 2.84%.
Dated Feb. 1, 1937.
Due $56,000 from 1945 to
1954, inclusive.
M
The second highest bid, a tender of 101.26 for 3s, was submitted by a
syndicate headed by R. S. Dickson & Co. of Charlotte, N. C.
$560,000 issue of
on
Jan.
21
BONDS
and
coupon
was
awarded
OFFERED
FOR
INVESTMENT—The
offered
successful
the above bonds for public subscription at prices to
2.40% to 2.90%. according to maturity.
bidders
yield from
ORANGEBURG,
Borough
voted Jan.
P*
DISTRICT (P. O. Upper
Schiedel, District Secretary,
11 for the purchase of $800,000
TOWNSHIP SCHOOL DISTRICT (P. O. Robertsdale), Pa.
Larson,
OFFERING—Patrick
100.35
—BONDSALE DETAILS—The $9,000 coupon school bonds sold on Jan. 11
to Glover & MacGregor of Pittsburgh—V. 144, p. 494, bear 3 Mi % interest,
and
Pa.—BOND
SCHOOL
DARBY TOWNSHIP
Pa.—BOND OFFERING—John J.
L*WOOD
Philadelphia
PENNSYLVANIA
AVOCA.
101.66
$25,000, 1938 to 1952 incl.; $30,000 from 1953 to 1965 incl. and $35,000 in
1966.
Bidder to name a single interest rate on the issue and all bids must
Interest payable M. & S.
A certified check for $16,000,
payable to the order of the District Treasurer,, must accompany each pro¬
posal.
The bonds will be issued subject to approval of the Department of
Internal Affairs, and the approving legal opinion of Lutz, Ervin, Reeser &
Fronefield of Media, and Morgan, Lewis & Bockius of Philadelphia.
Legal
opinions will be furnished the successful bidder.
A. T. & T. Teletype—Phila. 22
1528 Walnut St.
SCHOOL
101.325
3%
3%
;
be unconditional.
YARN ALL & CO.
AMBRIDGE
.
101.177
100.814
£34 %
2^ %
2^4 %
2, 234, 234, 224 or 3% coupon, registerable as to principal only, school
bonds.
Dated March 1, 1937.
Denom. $1,000.
Due March 1 as follows:
2.90%
4H%
bid for
_
InL Rate Rale Bid
Bidder—
Darby),
2.76%
434%
New York, as 234s, at a
price of 101.02, a basis of about 2.18%—V. 144, p. 319—were also
will receive sealed bids until 8 p. m. on Feb.
2.75%
1976/1946
$35,000 coupon sewer bonds
awarded on Jan. 5 to Granbery, Safford & Co. of
UPPER
CITY OF PHILADELPHIA BONDS
434%
Due
15.
All bonds numbered from 41 to 90 are callable on
interest date prior to maturity.
annually on Feb.
Pa.—BOND SALE—The issue of $28,000 school bonds offered on Jan.
Philadelphia
334%
Addi¬
They will be coupon in form, registerable as to principal only.
are as follows: Dated Feb. 15, 1937.
Denom. $1,0D0.
tional details
SUSQUEHANNA TOWNSHIP SCHOOL DISTRICT (P.O. Progress),
16
—V. 144, p. 141—was awarded to the Capital Bank & Trust Co. of Harrisburg, as 3s, at par plus a premium of $134.50, equal to 100.47, a basis of
about 2.94%.
Dated Feb. 1, 1937 and due $2,000 on Feb. 1 from 1939
to 1952 incl.
The Palmyra Bank & Trust Co. of Palmyra, bid a premium
of,$ll, while Singer, Deane & Scribner, Inc. of Pittsburgh made a condi¬
tional offer of par plus a bonus of $182.
An offer of par and a premium
of $192 for 334s was submitted by Leach Bros., Inc. of Philadelphia.
2.90%
Moncure Biddle & Co.
1520
1937
23,
Jan.
payable semi-annually, on Feb. 1 and Aug. 1.
Due $4,000, Feb. 1, 1939,
and $5,000 yearly on Feb. 1 from 1940 to 1949, incl.
Cert, check for 2%,
required.
(It was previously announced that an issue of $55,000 funding
and refunding bonds would be sold on Feb. 1).
Mackey, Dunn & Co., Inc
Dougherty, Corkran & Co
George E. Synder & Co., Inc
W. H. Newbold's Son & Co
Leach Bros., Inc
City of Philadelphia
Bonds
Chronicle
S. C.—BOND OFFERING—Sealed bids will be re¬
noon on Jan. 22, by L. F. Theiling, City Clerk &
Treasurer,
purchase of the following two issues of 3 % revenue bonds aggregating
$100,000:
ceived until
for the
$56,000 electric light plan bonds.
$2,000, 1942; $3,000, 1943
1951; $2,000, 1952; $3,000,
44,000 water works plant bonds.
$3,000, 1942; $2,000, 1943
1951; $3,000, 1952; $2,000,
Denom. $1,000.
at
Due as follows: $3,000, 1938 to 1941
1946; $2,000, 1947; $3,000, 1948 to
1953 to 1956, and $2,000 in 1957.
Due as follows: $2,000, 1938 to 1941;
to 1946; $3,000, 1947; $2,000, 1948 to
1953 to 1956, and $3,000 in 1957.
1
to
The two issues will be sold
as a
single unit of $100,000,
not less than par and accrued interest, and no bid for less than all of
will be entertained.
The bonds are not a general obliga¬
the bonds offered
tion of the city, but
are payable as to each
issue from the revenue of the
Principal and int. (J. & J.) payable at the City Treas¬
Central Hanover Bank & Trust Co., New York.
The approving opinion of Nathans& Sinkler, of Charleston, will be furnished.
Bids to be on a blank form to be furnished by the said City Clerk.
A
$2,000 certified check is required with the bid.
respective system.
urer's
office
or
at
the
ORANGEBURG, S. C.—BOND SALE—The $100,000 3 % revenue bonds
on Jan. 22, were awarded to three local
banks, the Edisto National Bank, the Planters Bank and the Southern
described below, which wer6 offered
Bank
&
Trust
Co.
'
Volume
Financial
144
$56,000 electric light plant bonds.
$2,000, 1942; $3,000, 1943
1951; $2,000, 1952; $3,000,
44,000 water works plant, bonds.
$3,000, 1942; $2,000, 1943
•
Due as follows: $3,000, 1938 to 1941;
to 1946; $2,000, 1947; $3,000, 1948 to
1953 to 1956, and $2,000 in 1957.
Due as follows: $2,000, 1938 to 1941;
to 1946; $3,000, 1947; $2,000, 1948 to
1951; $3,000, 1952; $2,000,1953 to 1956, and $3,000 in 1957.
^
Denom. $1,000.
The bonds are not a general obligation of the city but
payable as to each issue from the revenue of the respective systems.
Principal and interest (J. & J.) payable at the City Treasurer's office or
at the Central Hanover Bank & Trust
Co., New York.
are
of Schools reports that the $40,000
as noted here
recently—V. 144, p.
serially in 40
SOUTH
S.
from 1938 to 1967 inclusive.
PORT
ARTHUR
INDEPENDENT SCHOOL DISTRICT
(P. O.
Arthur), Tex.—BOND SALE—It is said that sealed bids will be
Feb. 9, by the Secretary of the Board of Education, for the
received until
DAKOTA
purchase of
EGAN CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. O. Egan),
Dak.—BOND
OFFERING—Charles
P.
Pagel, Clerk of the Board of
Education, will receive bids until 2 p. m., Jan. 28 for the purchase of an
issue of $120,000 4%% refunding bonds.
EUREKA INDEPENDENT SCHOOL DISTRICT
„
school bonds purchased by the State,
495—bear interest at 4% and mature
years.
NEW HOPE SCHOOL DISTRICT (P. O. Quitman), Tex.—BOND
SALE DETAILS—It is stated by the Superintendent of Schools that the
$15,000 school bonds purchased by the State Board of Education, as noted
here recently—V. 144, p. 320—were sold as 4s at par, and mature $500
Port
„
653
Chronicle
(P.
O.
Eureka)
an
issue of $171,000 refunding bonds.
WICHITA
FALLS, Tex.—REPORT ON PROGRESS OF REFUNDING
Wichita Falls, Tex.,
$3,389,500 outstanding bonds had consented to the proposed refunding plan,
according to W. A. Simonton, Chairman of the bondholders' protective
committee.
This is approximately 71 of the necessary 75% commitments
PLAN— Up to Jan. 2,1937, holders of $2,398 000 of the
make
S. Dak.—INTEREST RATE—The District Clerk reports that the $25,000
school bonds purchased by the Eureka State Bank, at par, as noted here
amendment of the city charter to allow
recently—V. 144,
service for all purposes rather than that amount for
p.
494—were sold
as
Due from Dec. 1, 1939 to 1956
4s.
the
plan operative.
On Feb. 9 the taxpayers will vote on an
the levying of a tax of $1.10 for debt
debt service on specific
purpose issues.
Such a change is necessary to allow the servicing of re¬
funding bonds which will fund 35 individual issues.
incl.
FALL
„
to
RIVER COUNTY
(P.
Hot
O.
Spring®),
S.
Dak.—BOND
OFFERING—J. P. Riordan, County Auditor, will receive bids until 5
Feb. 1 for the purchase of $110,000 4M % funding bonds.
p. m.,
OFFERINGS
■
MOBRIDGE, S. Dak.—BONDS VOTED—A proposition
auditorium bonds
was
to issue $12,000
WANTED
UTAH—IDAHO—NEVADA—MONTANA- -WYOMING
approved by the voters at an election held on Jan. 5.
SISSETON, S. Dak.—BOND OFFERING—It is stated by G. B. Reid,
City Auditor, that he will receive sealed bids until 2 p. m. on Feb. 1, for
purchase of a $44,000 issue of 4% coupon semi-ann. water system
bonds.
Denom. $1,000.
Dated Jan. 1, 1937.
Due as follows: $2,000,
1938 to 1950 and $3,000, 1951 to 1956.
These bonds were approved by
the voters on Dec. 29, as noted in these columns—V. 144, p. 494.
A
certified check for 2% must accompany the bid.
MUNICIPALS
the
FIRST SECURITY TRUST CO.
SALT
TENNESSEE
CHATTANOOGA, Tenn.—BOND OFFERING—Sealed bids will be re¬
a. m. on Feb. 3, by F. K. Rosamond, City Auditor, for the
purchase of two issues of bonds aggregating $75,000, divided as follows:
425,000 local
improvement
bonds.
Due
on
Feb.
UTAH
DISTRICT (P. O. Salt Lake City),
AUTHORIZED—The Board of Education
is said to have authorized recently the refunding of $219,000 of a $2,040,000
school bond issue, due in 1939.
1
as
follows:
$1,000»
1
as
follows:
Utah—BOND REFUNDING
$4,000,
VERMONT
1938 to 1952, and $2,000, 1953 to 1957.'
„
50,000 local
improvement bonds.
Due on Feb.
1938 to 1942, and $2,000, 1943 to 1957.
Vt.—BIDS RECEIVED—The $25,500 coupon refunding
GRAFTON,
bonds awarded
Interest rate is not to exceed 6%, payable F. & A.
Dated Feb. 1, 1937.
Principal and interest payable in lawful money at the National City Bank
New York.
The approving opinion of Caldwell & Raymond of New
York will be furnished.
No bid will be received at less than par and
In
accrued interest.
These bonds are issued under authority of Chapter 727,
Private Acts of Tennessee for 1931.
A certified check for 2% of the face
value of the bonds, payable to Alvin Shipp, City
Treasurer, must accompany
Bell Teletype: SL K-372
LAKE CITY SCHOOL
SALT
ceived until 11
LAKE CITY
Phone Wasatch 3221
WHITE LAKE SCHOOL DISTRICT, S. Dak .—BONDS DEFEATED
-—At an election held on Jan. 9 a
proposition to issue $30,000 school build¬
ing bonds was defeated by the voters.
on
Jan. 14 to the First Boston Corp. were bid for as follows:
Int. Rate
Bidder—
First Boston Corp., Boston
2%%
Vermont Savings
Price or Premium
100.13
2%%
Corp
$10.00
101.665
101.33
101.17
100.03
3%
3%
3%
3%
Ballou, Adams & Whittemore, Boston
Vermont Securities, Inc., Brattleboro
E. II. Rollins & Sons, Boston
Coffin & Burr, Boston.
the bid.
CHATTANOOGA.
Tenn.—BOND
TENDERS
INVITED—T.
R.
Preston, Chairman or the Sinking Fund Commissioners, will receive sealed
tenders of refunding bonds of the city, series A, B and O, and funding bonds
of the city, all dated May 1, 1935, and maturing May 1, 1950, until 10 a. m.
on Feb. 1.
The Sinking Fund Commissioners have in the sinking fund for
the purpose of purchasing said bonds the sum of $67,000.
Tenders or
bidders shall specify the interest rates and number of bonds to be tendered.
Bidders may stipulate, if they so desire, that their tenders are for the
pur¬
chase of all or none of the bonds tendered, and shall state the time and
place
said bonds will be delivered, if tenders are accepted.
Tenders shall be
accompanied by a certified check upon any incorporated bank or trust
company for 1% of the face amount of the bonds tendered or purchased,
payable to the Sinking Fund Commissioners.
JACKSON,
Tenn.—BOND
ELECTION
POSTPONED—It
is
now
stated that the election
previously scheduled for March 4. to vote on the
issuance of $364,000 in electrical power distribution, and $20,000 stadium
bonds, noted in these columns recently—V. 143, p. 4047—has been post¬
poned to March 18.
McMINN COUNTY (P. O. Athena), Tenn .—BOND SALE DETAILS—
It is stated by the Clerk of the County Court that the $100,000
4% semi¬
refunding bonds purchased jointly by C. II. Little & Co., and
the Cumberland Securities Co., both of Knoxville, as noted in these columns
annual
recently—V. 144, p. 495—mature serially over a period of 25
were sold for a premium of $1,000,
equal to 101.
years
and
p. 495—
as 4Hs at par,
follows: $6,000, 1938 and 1939, and $7,000 in 1940.
it is stated by the County Clerk that the bonds were sold
OBION
on
July 1
as
COUNTY
(P.
O.
Union
City), Tenn.—BOND SALE—An
issue of $20,000 2H% refunding bonds was sold recently to C. H. Little &
Due serially in 10 years, beginning Jan. 1, 1938.
Co. of Jackson.
OVERTON COUNTY (P. O. Livingston), Tenn.—BOND VALIDA¬
TION SOUGHT—It is said that bills were inrtoduced in the
Legislature to
validate
an
issue of $155,000 funding bonds.
ROANE COUNTY
(P. O. Rockwood), Tenn.—BOND VALIDATION
BILL PASSED—A bill validating the issuance of $245,000 in
county fund¬
ing bonds is said to have been forwarded to the Governor from the Legisla¬
ture for his signature.
This measure will permit the county to fund all
outstanding warrants and floating indebtedness.
TENNESSEE,
State
of—FINANCIAL
STUDY
COMPILED—A
the State has been prepared by the
Equitable Securities Corp., Nashville and New York City, the data being
arranged as of Aug. 15, 1936.
Copies are said to be available.
(A similar
study has been made on the State of North Carolina.)
financial study and maturity calendar of
TEXAS
ANAHUAC INDEPENDENT SCHOOL DISTRICT (P. O.
Anahuac),
OFFERING DETAILS—In connection with the offering
scheduled for 2 p. m. on Jan. 26, of the $110,000 school bonds mentioned in
Tex.—BOND
these columns recently—V. 144, p. 320—it is stated by Grover C. Willcox,
President of the School Board, that the bonds are in the denomination of
$1,000 each.
Dated June 1, 1936.
Due on June 1 as follows:
$25,000.
1937 to 1939, and $35,000 in 1940.
Prin. and int. J. & D. payable at the
State Treasurer's office
or at
the office of the District Treasurer.
A New
York bank will be added or substituted if preferred by the purchaser.
Bids
be considered on bonds bearing interest at 2}4, 2% or 3%, or on a
combination of any two of these rates.
It is the intention of the Board to
sell these bonds at the lowest interest cost that will bring a price of approxi¬
will
mately, but not less than, par and accrued interest.
Legal approval by
Chapman & Cutler of Chicago, will be furnished.
Delivery of the bonds
will be made to the bank designated by the purchaser, without cost to him.
A certified check for $2,200, payable to the President of the School Board,
must accompany the bid.
ELLIS COUNTY
It
is
sa.d that
an
(P. O. Waxahachie)
election will be held
on
issuance of $50,000 in road and bridge
Texas—BOND ELECTION—
Feb. 6 to have the voters pass on the
bonds,
JEFFERSON
COUNTY (P. O. Beaumont), Tex.—BOND SALE—
reported that the $500,000 road improvement bonds approved by
the voters at the election on Jan. 9, as noted here—Y. 144, p. 49&—have
been purchased by the Brown-Crummer Co. of Dallas, on a bid of 100.12
for the 1938 to 1945 maturities as 2Ms and the 1945 to 1967 maturities as 3s.
The 1945 maturity was split on the award.
It
is
Other firms associated with the above concern in the purchase of the
said
bonds
were:
Trust Co., and
Duquette, White & Co. of Houston, the Dallas Union
I?alias Bank & Trust Co., both of Dallas.
LUBBOCK COUNTY
(P.
O.
RURAL
HIGH
SCHOOL
DISTRICT
purchase of a $523,000
building revenue bonds.
Interest rate is not to
F. & A.
Rate to be expressed in multiples of
of
1%.
Denom. $1,000.
Dated Feb. 1, 1937.
Due as follows:
$6,000,
Aug. 1, 1938 and Feb. and Aug. 1, 1939 to Feb. 1, 1943; $8,000, Aug. 1,
1943 and Feb. and Aug. 1, 1944 to Feb. 1, 1949; $9,000, Aug. 1, 1949 and
Feb. and Aug. 1, 1950 to 1955, and $10,000 Feb. and Aug. 1, 1956 to
Feb. 1, 1968.
It is stated that these bonds are authorized pursuant to
of coupon library
exceed 4%, payable
Chapter 49 of the Acts of the Extra Session of 1933, of the General Assembly
of Virginia, as amended, and by virtue of a resolution of the Board of
Visitors adopted Jan. 16, 1937, to which Act and resolution prospective
bidders are hereby referred.
The proceeds of said bonds, together with a
proposed grant by the Federal Emergency Administration of Public Works,
estimated at approximately $427,909, will be applied to financing the cost
of the construction and equipment of a new library building (hereinafter
referred to as the project), to house the general library of the University.
Said bonds will be valid and legally binding limited obligations of the
Rector and Visitors of the University of Virginia, payable solely from the
of the project after providing for the cost of operation and mainte¬
thereof, and the University will covenant to deposit out of such
in a bond and interest sinking fund account which will be pledged
to the payment of the principal and interest of said bonds, on or before
each semi-annual maturity date up to and incl. Feb. 1, 1942, 110% and
on or before each semi-annual maturity date thereafter until the funds in
said account are sufficient to provide for all principal and interest payable
on the outstanding bonds, 100% of the principal and interest payable on
each such maturity date.
The opinion of Hawkins, Delafield & Long¬
fellow of New York City to this effect will be furnished to the successful
revenues
nance
bidder.
The
University does not pledge its general credit in any way for the
payment of the principal and interest of
any
way
a
1
the bonds, nor are the bonds in
debt or obligation of the Commonwealth of Virginia, either
legal, moral or otherwise.
In the opinion of Counsel, the interest on said
bonds will be exempt from all Federal income tax under the Constitution
of the United States of America now in force.
Said bonds will not be
exempt from the income tax of the State of Vir¬
Virginia, providing that
lieu of a specific property
tax on property defined by said section, was amended by the extra session
of the Virginia General Assembly of 1936 so as to include therein all bonds
thereafter issued by State educational institutions under the provisions
of Chapter 49 of the Acts of Assembly of 1933, as amended.
Both prin¬
cipal and interest of said bonds will be payable at the office of the Trea¬
surer of the Commonwealth of Virginia,
in Richmond, Va.
The bonds
will be coupon bonds with the privilege of registration as to principal only.
The sum required to be obtained at'the sale of said bonds is not less
than $523,000.
Each bidder must state in his proposal the rate of interest
which the bonds are to bear, naming a single rate.
Comparison of proposals
will be made by ascertaining the amount of interest to be paid by the
Institution throughout the life of the issue at the proposed rate, and
deducting therefrom the amount of premium bid, if any, thus determining
However, Section 72 or the Tax Code of
incomes, franchises and licenses shall be in
ginia.
taxes on
the lowest net interest cost to the Institution for the whole issue.
CLEAR FORK SCHOOL DISTRICT (P. O. Tazewell), Va .—BONDS
on Jan. 5—V. 143, p. 3882—the voters are
VOTED—At the election held
said to have
approved the issuance of the $65,000 in school bonds.
HAMPTON, Va.—BOND SALE DETAILS—In connection with the sale
and armory building bonds to the
City Sinking Fund, noted in these columns recently—V. 144, p. 495—it is
stated by J. R. Vaughan, City Clerk, that the bonds were purchased as 4^s
at par, and mature in 1946.
of the $40,000 paving note retirement
LANCASTER COUNTY
(P. O. Lancaster), Va .—BOND SALE DE¬
the sale of the $21,000 court house bonds
Fredericksburg, noted in these
columns recently—V. 144, p. 495—the County Clerk states that the bonds
were sold as 4s, for a premium of $1,231.50, equal to 105.89, and mature
$1,000 from Nov. 2, 1937 to 1957, giving a basis of about 3.33%.
TAILS—In Connection
with
to the Farmers & Merchants State Bank of
MIDDLEBURG,
Va .—BOND AWARD
POSTPONED—In
connection
with the offering on Jan. 15 of the $22,000 not to exceed 4% coupon semi¬
annual sewer bonds, reported in these columns recently—V. 144, p. 142—
we are informed by Norris
Royston, Town Treasurer, that the sale has
the evening of Jan. 20.
It
tender submitted by D. T.
Sept. 1, 1936.
Due from Sept. 1,
been postponed until the regular meeting on
said said that the only bid received was a
is
Moore
&
Co.
of New
York.
Dated
1938 to 1969.
NEW
MARKET, Va.—DEOISION ON BONDS NOT REACHED—In
response to our
NO.
Lubbock), Tex.—BOND SALE DETAILS—The Superintendent
by E. I. Carruthers, Secretary of the board, for the
issue
revenues,
MONROE COUNTY (P. O. Madisonville), Tenn.—BOND SALE
DETAILS—In connection with the sale of the $19,000 sewer bonds to the
Bank of Madisonville, noted in these columns recently—V. 144,
and mature
VIRGINIA
OF VISITORS OF THE RECTORS AND VISITORS OF
THE UNIVERSITY OF VIRGINIA (P. O.
Charlottesville), Va.—
BOND OFFERING—Sealed bids will be received until 11 a. m. on Jan. 29,
BOARD
inquiry regarding the decision of the State Supreme Court
refunding bond issue,
28, as noted in these
of Appeals as to the constitutionality of a proposed
which question was placed before the Court on Dec.
i
Financial
654
columns—V. 144, p. 320—we are informed by J. K. Wickes,
Council, that
no
decision has been given
as
Olerk of the
1937
23,
Jan.
$80,000 school bonds mentioned in these columns recentlyrefinanced on Feb. 1.
-V. 144, p. 496—
rere
yet.
SALE AUTHORIZED—1The General As¬
sembly is said to have passed a bill authorizing the city to issue $57,000
RADFORD,
Chronicle
Va.—NOTE
In notes.
a
WOODRUFF, Wis.—BONDS VOTED—At an election held on Jan.
proposition to issue $12,000 town hall bonds was approved by a vote
64 to 49.
ROANOKE, Va .—BONDS TO BE SOLD—It is stated by H. R. Yates,
City Auditor, that the $48,000 3% semi-annual park purchase bonds ap¬
proved by the voters at the election held on Jan. 9, as noted in these columns
—V. 144, p. 495—will be purchased by the City Sinking Fund.
SOUTH
BOSTON,
Va .—BOND
BILL PASSED—A bill authorizing
the issuance of $50,000 school bonds is reported to have been approved
by the Legislature.
VIRGINIA,
State of—BONDS OFFERED FOR INVESTMENT—
McEntee & Co., Inc., New York, on Jan. 19 offered $275,000
2)4.% bonds, maturing from July 1, 1954 to 1957 inch, at prices to
yield 1.80%. Issued for refunding purposes, the bonds are legal investment
for savings banks and trust funds in New York, Massachusetts and ConAdams,
coupon
necticut.
,
2
of
/
WYOMING
DISTRICT NO. 24 (P. O. Shoshoni),
$60,000 school building bonds offered on
FREMONT COUNTY SCHOOL
SALE—The
Wyo.—BOND
320—were awarded to the American National Bank of
Cheyenne and Geo. W. Vallery & Co. of Denver on a bid of 101.75 for
3 M % bonds, a basis of about 3.09%. The Stock Growers National Bank of
Cheyenne was second high bidder, offering 101.64 for 3 Ms« I^ue annually
in approximately equal amounts, in from 2 to 25 years.
Jan. 18—V.
144,
p.
SUBLETTE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Pinedale),
Wyo.—BOND SALE—The $28,000 coupon general obligation school bonds
offered on Jan.
16—V. 143, p. 4198—were awarded to the American
National Bank of Cheyenne at 2M % interest. Payable on the amortization
plan in about 26 years.
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Canadian Municipals
Montana
Information and Markets
Ferris & Hardgrove
SPOKANE
SEATTLE
Teletype—SPO 176
BRAWLEY, CATHERS & CO.
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
25
KING ST. WEST,
ELGIN
TORONTO
6438
WASHINGTON
BREMERTON,
Wash.—BONDS
CALLED—Homer R. Jones, City
Treasurer, is said to have called for payment the following bonds:
On Jan. 15—Nos. 29 to 37, of Local Improvement District No. 124.
On Jan. 24—Nos. 11 to 23, of Local Improvement District No. 129.
Nos. 13 to 28, of Local Improvement District No. 130. Nos. 12 to 17, of
Local Improvement District No. 131.
CANADA
BRANTFORD, Ont .—CUTS DEBT BY $100,353—The city reduced its
debenture debt by $100,353 in 1936.
During the year the city met ma¬
turities totaling $315,353 and issued new debentures amounting to $215,000.
OPERATE^f^DEFfciT—Reports
Alta.—UTILITIES
CALGARY,
MARYSVILLE, Wash.—INTEREST BATE—It is stated by H. F.
Pfromm, Town Clerk, that the $20,000 coupon town hall bonds purchased
by the State of Washington, at par, as noted here recently—V. 144, p. 496—
were sold as 4s.
Due over a 20-year period.
show
TACOMA, Wash .—BONDS CALLED—It is reported that C. V. Fawcett, City Treasurer, has called for payment the following bonds:
On Dec. 30, 1936—
responding period of 1935 the utilities had a deficit of
Nos. 127 to 137, of Local Imp't. Dist. No. 4082.
Nos. 28 to 35, of Local Imp't. Dist. No. 5144.
4347.
ing is the text of an Associated Press dispatch from Olympua on Jan. 8:
Washington probably is among the first five States in the Union, insofar
as
its financial condition is concerned, State Treasurer Otto Case said
recently in making public his biennial report.
The bonded indebtedness of the State on Sept. 30, last, was $14,588,000,
compared with $16,250,000 on that date two years ago.
The veterans'
bonus bonds accounted for $1,600,000 capitol building bonds $3,750,000
and emergency relief bonds $9,238,000.
Mr. Case said several hundred thousand dollars had been saved the
State and political subdivisions, through the reduction in yearly interest,
by the purchase by the State of warrants of the subdivisions.
He said
this practice also saved public employees large salary discounts.
As an illustration of the "tremendous saving" that has been made by
that method, he cited King County, which he said saved, $146,000, or
"enough to pay the State Treasurer's salary for more than 36 years."
VIRGINIA
W. Va .—BOND ELECTION
—The report given in these columns recently to the effect that an election
will be held on Jan. 26 to have the voters pass on the proposed issuance of
$600,000in 3 % school bonds—V. 144, p. 496—is confirmed by the Secretary
of the Board of Education.
Due $200,000 in from one to three years.
DUNBAR, W. Va .—BONDS AUTHORIZED—The issuance of $50,000
In civic building bonds is reported to have been approved recently by the
city.
_
WISCONSIN
De
PERE,
Wis.—BOND SALE—The $175,000 issue of
sewer system
mortgaged revenue bonds offered for sale on Dec. 31—V. 144, p. 142—was
purchased by T. E. Joiner & Co. of Chicago, as 3 Ms, according to the City
Clerk. Dated Dec. 1, 1936. Due from Dec. 1, 1939 to 1964 incl.
EAU CLAIRE COUNTY (P. O. Eau Claire), Wis.—BOND OFFERING
a. m. on Feb. 2 by John H. Nygaard,
County Clerk, for the purchase of an issue of $125,000 county building
improvement bonds.
Bidders to name the rate of interest in multiples
of M or l-10th of 1%.
Denom. $500.
Dated Dec. 1, 1936.
Due on
Dec. 1 as follows: $8,000,1937 to 1946, and $9,000,1947 to 1951.
Principal
and interest payable at the office of the County Treasurer.
The bonds
—Sealed bids will be received until 10
will
not be sold for less than par and accrued interest.
Bidders shall
own expense.
A certified check for 2%, payable to
County Treasurer, must accompany the bid.
(These are the bonds that were originally scheduled for sale on Jan. 19,
noted here recently—V. 144, p. 496—but the sale was postponed.)
furnish bonds at their
KIMBERLY SCHOOL DISTRICT NO.
6
(P. O. Kimberly)
Wis.—
BOND SALE—The $30,000 3 % school equipment bonds offered on Jan. 15—
V. 144, p. 320—were awarded to T. E. Joiner & Co. of Chicago at par, plus
premium of $25, equl to 100.083, a basis of about 2.99%.
A. S. Huyck
Chicago, the only other bidder, offered a premium of $17. Dated
March 15,1937. Due on March 15 as follows: $2,000,1940 to 1944; $3,000,
1945 to 1947; $6,000, 1948; and $5,000,1949.
a
& Co. of
LAFAYETTE
COUNTY
(P.
O.
Darlington),
Wis.—BONDS AU¬
THORIZED—The County Supervisors have passed a resolution authorizing
the issuance of $280,000
highway improvement bonds.
MANAWA UNION FREE HIGH SCHOOL DISTRICT (P.O. Manawa)
Wis.—BONDS SOLD—It is stated by the District Secretary that $11,000
high school bonds have been purchased by the Farmers State Bank of
Manawa
JOINT SCHOOL
DISTRICT
NO.
1
(P. O. Mauston),
Wis.—BOND SALE CONTEMPLATED—C. F. Altonburg, District Clerk,
$50,000 not to exceed 3% school building bonds approved
states that the
by the voters on Sept. 4,1936, are to be offered for sale as soon as & Public
Works Administration grant is received.
Dated Feb. 1, 1937.
Due on
Feb. 1
to
$2,500, 1938 to 1941; $3,000, 1942 to 1945; $3,500, 1946
1948; $4,000, 1949, and $4,500 in 1952.
as
follows:
NEW LONDON, Wis.—BOND OFFERING—It s stated by Mrs. J. C.
Freeman, City Clerk, that she will receive sealed and auction bids until
8 p. m on Feb. 2, for the purchase of a $220,000 issue of refunding bonds.
Interest rate is not to exceed 2M%, payable F. & A.
Rates of interest
should be in multiples of M of 1 % and must be the same for all of the bonds.
Denom. $1,000. Dated Feb. 15, 1937. Due $11,000 from Aug. 15, 1937 to
1956 incl. Prin. and int. payable at the City Treasurer's office. The bonds
are to be issued subject to the favorable opinion of Chapman & Cutler of
Chicago, and the cost of such opinion, and the cost of printing the bonds
are to be paid by the successful bidder, and all bids shall be so conditioned.
A certified check for 2% of the bonds, payable to the City Treasurer, must
accompany the bid.
OCONOMOWOC SCHOOL DISTRICT (P. O. Oconomowoc), Wis.—
REFINANCED—R. T. Jones, District Clerk, states that the
BONDS
PLAN
$21,925.
DRAFTED
BY
BOND¬
bondholders
up the difference.
The plan calls for issuance of new 25-year debentures to
replace present debentures in the hands of the public, completely retiring
the city debt by 1962.
Holders of securities totaling $17,463,148 would be
asked to exchange them for new debentures, dated Jan. 1, 1937, at a rate of
4M%.
New debentures would be retired by an annual instalment of ap¬
proximately $1,195,000.
Calgary bonds totaling $6,630,927, held % the sinking fund trustees,
would be canceled, while other securities held by the sinking fund, valued
at $3,115,000, would be sold, as near par as possible, the proceeds to be used
in buying or calling in new debentures.
A saving of $672,991 for the year
1937 is forecast if the plan is approved.
Debt charges for city, public
and separate schools at present are $1,917,460.
Under the proposed plan
they would be $1,244,439.
^
of
CANADA (Dominion of)—NEW ISSUE OFFERING—The first offering
Dominion Government bonds to be made in this country since the
$48,000,000 flotation in the same month in 1936, was made on Jan. 21,
when a syndicate headed by Morgan Stanley & Co., Inc. of New York made
formal offering of $85,000,000 refunding bonds.
Of the issue, $30,000,000
2Ms, due Jan. 15, 1944, were priced at 99.50 and accrued intrest, and
$55,000,000 3s, maturing Jan. 15, 1967, were offered at 98 and accrued
interest.
Proceeds of the financing will be used by the Dominion, together
with other funds in its treasury, to redeem $89,787,000 5% war loan bonds
which mature on March 1, 1937.
Allowing for underwriting discounts or
commissions, the price paid to the Dominion for the bonds will be 98.25
for the 7-year 2Ms and 96 for the 30-year 3s, exclusive of accrued interest
in each instance.
The entire $85,000,000 bonds will be dated Jan. 15, 1937
and payable as to both principal and semi-annual interest J. & J. 15 at the
agency of the Bank of Montreal in N. Y. City, in such coin or currency of
the United States as at the time of payment is legal tender for public and
private debts.
Coupon bonds in $1,000 denoms., registerable as to prin¬
cipal.
Registered bonds in denoms. of $100,000, $10,000, $5,000 and
$1,000.
Coupon bonds and registered bonds, and the several denoms. of
registered bonds, are interchangeable.
Bonds will be issued subject to
approval of Davis, Polk, Ward well, Gardiner & Reed, and MacDougall,
Macfarlane, Scott & Hudessen, counsel for the underwriters, and W. Stuart
Edwards, Deputy Minister of Justice of the Dominion.
The underwriting syndicate, in addition to Morgan Stanley & Co., Inc.,
includes among others the following:
The First Boston Corp.; Edward B.
Smith & Co.; Brown Harriman & Co., Inc.; Wood, Gundy & Co., Inc.;
Dominion Securities Corp.; A. E. Ames & Co., Inc.: McLood, Young,
Weier & Co., Ltd., and the Royal Securities Corp.
All of the members
were listed previously in these columns.—V. 144, p. 496.
(The new issue offering by the bankers appears as an advertisement on
paee VIII).
DRUMHELLER, Alta.—NO BONDS FOR SALE— Although the city
a series of improvements to the water works system in 1937,
will undertake
provide the required
accumulated in a water works
the work will not necessitate the issuance of bonds to
funds,
as
a
amount has been
during the past six years.
sufficient
reserve account
ONTARIO
HYDRO-ELECTRIC
POWER
BILLS DRAFTED—Three
Electric
Commission
and
POWER
bills
COMMISSION,
Ont.—
designed to protect the Hydrojudicial rsetraint have
Government from
the
headed by Premier Mitchell
Hepburn, to uphold its recent general power policies.
The first bill would prohibit suits against the Government, its officials
and the Hydro Commission without permission from the Crown.
The second provides that moneys already deposited by the Commssion
in the courts in connection with current litigation concerning the validity
of the Quebec contracts are to be restored immediately to the Hydro Treas¬
been drafted by the Liberal party, which is
urer.
_
place the Ontario Government
position to void any decision which the Privy Council might render in
pending litigation relative to canceled contracts.
This bill declares the House's faith in the cancellation legislation passed
The third bill is said to be so drastic as to
in
MAUSTON
Alta.—REFUNDING
CALGARY,
the
as
public utility departments
The electric light
department had a profit of $57,311, but this was offset by deficits in other
departments.
The street railway deficit totaled $47,929; waterworks
deficit, $11,073; and the paving department deficit, $796.
In the cor¬
Calgary indicates practically a complete refinancing of the bonded debt
of the city, according to a summary presented by Mayor Andrew Davison
to a meeting of civic administrators on Jan. 14.
Under the plan brought by
J. E. Fortin of Toronto, representing the bondholders, there would be a
reduction in interest rates on all debenture bearing 5)4 % and 6% to 4M %.
Holders of such securities would be reimbursed by cash payments to make
WASHINGTON, State of—BONDED DEBT REDUCED—The follow¬
WEST
the cotnbined results of city's four
deficit of $2,488 for the first 11 months of 1936.
to
Nos. 15 to 20, of Local Imp't. Dist. No. 4350.
CABELL COUNTY (P. O. Huntington),
a
HOLDERS' COMAIITTEE—A "new deal" offered by Eastern
On Dec. 31, 1936—
Nos. 61 to 66, of Local Imp't. Dist. No. 4271.
Nos. 77 to 84, of Local Imp't. Dist. No. 4280.
On Jan. 2, 1937—
No. 14, of Local Imp't. Dist. No; 1390.
Nos. 47 to 60, of Local Imp't. Dist. No.
that
show
a
in the 1935 session.
SWANSEA, Ont .—PLANS BOND ISSUE— The ratepayers recently
approved the issuance of $65,000 bonds for hydro-electric purposes.
VERNON,
B.
C.—BOND SALE—Local investors have purchased an
4% bonds at a price of par. Dated Jan. 2, 1937 and due in
20 years.
The bid of par was accepted although, as shown below, several
other bidders offered to pay a higher price:
issue of $25,000
Bidder—
A. E. Ames & Co
McDermid, Miller & McDermid, Ltd
Dominion Securities Corp
Wood, Gundy & Co
Odium, Brown & Co
Bird & Tailing, Ltd.
-
Rate Bid
100.38
100.02
99.07
98.75
98.37
92.70
VICTORIAVILLE, Que.—BOND OFFERING—W. Fortier, Secretary23 for the purchase of
$21,500 4% bonds, dated Jan. 1, 1937 and due serially in from 1 to 20 years.
Payable at Victoriaville, Montreal and Quebec.
Treasurer, will receive sealed bids until 8 p. m. on Jan.
@FedFRASER